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L Austin-Crowe 

J 0604 34734 



No. 27.55S 

Saturday May 13 1978 









on arms 
embargo . 

off bad 






FI Industrial 
L Ordinary Index 

EQUITIES were undaunted 
by adverse economic factors 
Turkey will dismantle all U.S. the FT 30-share index 
bases on its territory and end closed *•* higher at 4885 £or 
its *• special relationship" If a ? ain of t».S 0“ the week and 
America maintains its embargo on account. The 4 per 
on supplying arms to Turkey, a 
senior Turkish rabtaet minister 
said yesterday. 

The U.S. Senate fnreisn rela- 
tions committee lias voted against 
ending the embargo. Supplies 
were cut nfT three years ago after 
Turkey invaded Cyprus. The 
U.S. decision has been welcomed 
by (he Cypriot and Creek govern- 

In West Germany. Chancellor 
Helmut Schmidt has promised 
more military and economic aid 
to Turkey fill the gap left by 
the embargo. Back Page and 
Page 2 

Lending rate rise 
puts pressure on 
building societies 


The building societies are under mounting pressure to adjust interest rates 
and more expensive mortgages may be only a few weeks off. 

405 «1978 

West Bank row L — § — 2 10 l 1 1 L 

The political row over the cent, increase In AUnihutm Lend- 
Israeli Chief of Staff's declare- ing Rate to 9 per cent, was 
tion that the West Bank is a regarded as too small to worry 
necessary part of the country s - h „ n , 
defensible borders will be dis- w * 

cussed by the Knesset Cabinet • GILTS were encouraged bv 
10-111 or row. page 2 the announcement of a new 

. short tap stock. The Govern- 

Knodesia talks ment Secaritics index gained 
The United African National °-°5 to dose at 71.02. 

t.ounctl will decide at an emer* ^ ctfbi tivr i>inu>rt in nntnie 
«n«y meeling to-mcrrow * S™IULING ctecd 10 points 

whether or not tn pull out of “ g . h " « « 1 ; 8 - 00 * Its 
Rhodesia's transition Govern- ^ e ‘5 h * ed umpnived to 

ment. The Rev. Sithole and a ^ 0IB &1-5- Th® dollars 
representative of Bishop Muzo- depreciation narrowed lo 5.12 
rewa art- in London for private per cent, from 5.24 per cent, 
vi.-ils. Page 2 

• GOLD fell s; to $174$. The 
New York Comes May settle* 

...... . . men! price closed 1ft cents 

NNo*t tivramn police have charged i nu( . r Rft 

Si.'Ijii Wisniewski with belong- r al 

in;i it, an illegal organisation. m H ALL STREET gained (j 

W.mewskt. who was arrested at cjn 711 far n nf 11m nn «h» 


The Bank of England's mini- 
mum Lending Rale rose yester- 
day by 4 per cent, to 9 per cent., 
leaving it 2} per cent higher 
than in mid-January, when the 
societies last brought their rates 
down. The mortgage rate stands 
at Si per cent. 

Tbe increase , in MLR will not 
in itself prove decisive in chang- 
ing the societies' rate structure 
but they have become increas- 
ingly less competitive as the 
general level of interest rates 
has risen. 

A number of factors seem set 
to ensure that the movement's 
net receipts continue to fall for 
the next few months and that 
societies will have to act if they 
wish to attract sufficient funds 



1 1976 1977 


as an adjustment after the sharp 
jump last week from 7 1 per cenL 
to 8J per cent. 

This .was gene ratty regarded 
as an unsatisfactory level by the 
markets, which prefer to see up- 
ward moves in the rate in round 
figures. Earlier this week, there 
had been persistent speculation 
on the possibility of a further 
rise in MLR to a higher figure. 

The feeling that the markets 
now could settle down at the 
new level was supported by the 
Bank of England’s decision to 
announce a new issue of £S00m. 
or short-dated Government stock. 

The new stock is a replace* 
ment for. the previous short tap. 
which ran out just over three 
weeks ago. With terms pitched 
in line with the market, the 

from the investing public to 
maintain mortgage lending face a highly competitive June - issue was seen as confirming the 
levels. Investors' and borrowers' issue of National Savings certifi- new level of short-term interest 
rates could rise by about 1 per cates and a seasonal withdrawal rates. 

cent., unless the Government of money to finance holiday ex- The gilt-edged market im- 
intervenes to prevent more ex- penditure. ’ proved in late trading, with the 

pensive mortgages. The societies already are draw- Financial Times Government 

Figures published yesterday ing heavily on liquid funds — Securities Index ending 0.05 up 
showed that net receipts last £100m. last month — to maintain at 7L02. 

month reached £335m. against even the lower levels of mort- The new stock is a further 

£3 OS ra. in March. The April ira- gage commitments imposed on tranche of £S00m. of 9i per cent, 

provement. however, is against them by the Government in its Exchequer stock. 1082. payable 

the current trend and net attempt to keep house prices in full an application, ft is being 

monthly receipts could soon fall down. Mr. Norman Griggs, issued at a price of £94.75 per 

to under £200m. The October secretary-general of the Building cent, to give a flat yield of 9.76 
1977 peak saw receipts reach Societies’ Association, said last per cent, and » return of 10.79 
£590m. night that the societies would per cent, to redemption. 

In addition to growing compe* review interest rates oh June 9. Editorial comment Paer 14 

tion from the banks, particularly The small rise yesterday in IMUlona ' comment rage i* 

for large amounts, the societies MLR was seen in City markets Lex Back Page 

Schleyer suspect 


Government may sue 


kirinappiiiR and murder or Hanns- SL ra * , " t ' d wi,h 36fi 3ra. on 
•VI. 1 run Schleyer. 

Tyre security 

United Nations troops yesterday 
began introducing new security 
measures around the Lebanese 
port of Tyre after completing a 
redeployment in the region. 

Kremlin apology 


Howe urges 
spendings cuts 

TAX’ CUTS made by Parlia-, West Midlands. 

LEGAL ACTION may be taken mended. repair of Midlands motorways 

by the Transport Department Seventy miles of the MS and would be suspended in October, 
against motorway contractors for M6 would have to he dug-up and during the Motor Show, 
the structural failure or vital rebuilt because of failure of the The sections worst affected 
bridge bearings and expansion base* material, tbe Department have been on the M5 and MB. 
joints on the M5 and M6 in the said. This was no reflection on Stretches of the M5 damaged are 

any contractor or designer, but front Junction Eight south of 

ment should he met by cuts in 
puhlic spending. Sir Geoffrey 

__ B _ _ Howe, the Shadow Chancellor, 

hm-. 1 i;„ M.i” Ani i v •> said. He criticised Mr. Callaghan 

? bt _ f « r misrepresenting the effect on 

h h iT^hint the ec0nnm >' of Government’s 

nSaX boX fnd woSd Finance Bill defeats. Page 3 
M*veral Chinese peasants. • MR. DENIS HEALEY, the 

__ . _ . . Chancellor, invited trade union 

’Copter Cl eat ns leaders lo propose means of 

A Rriiixh Army Scout helicopter a G 0 n ^ in ?,L U fi% 

i-r i shed near the West German accommodation on pay. ineLivii 
f: 1 ! u4no vesterdav kill- an ^ Public Services Association 

and another was seriously q BRITISH AIRWAYS expects to 
injured when a Navy Phantom speni j nearly £2bn. on aircraft, 
jot crashed. plant and buildings in the next 

_ „ __ five years. British Aerospace will 

Briefly ■ - - be required to make a profit 

. . ... . equivalent io £62m. this year. 

European Space Agency s orbital page 4 
lecj .cjiiptliti* was launched from • 
t’ape Canaveral yesterday. • A DAIRY industry review will 

Paul is to attend state ** launched by the EEC Com- 
r„- a idn Mnro hui the uusston in September tn an 

""Sr ffir at 

are to hoyintl the ccromunj . R th / annual price rcv ieW which 
.sheila Buckley, former s ecre tary yesterday with an average 

viV John Stonehouse, was granted p r j ce r i 5e farmers of 2.25 per 
an immediate discharge from — ihc lowest since Britain 

u.inknipicy if she pays off £12145 joined the Community. Back 
of her £27.7S4 debts. Page 

Russian dissident Yuri Orlov is • TEXTILE trade concessions to 
it, he tried on Monday on charges Portugal proposed by the EEC 
ut J n U -Soviet agitation. Commission are causing alarm 

. n-irmreiV divorce poti- the U.K. The EEC secured 

I nneexs 3 ‘^ a ■ Somerser a tough line on textile imports 

i U » I JJ is 8 exDwted to from lhird countries in the recent and is expected to De peneral agreement on tariffs and 

heard within a fortnight. ^de multi-fibre negotiations. 

I h- cl si on tn allow return of Rack Page 

ft,n^ • STOCK EXCTLVNGE’X operat- 

li-rt-umg protests. Page 2 mg surplus increased fourfold to 

Cliiliirci. 16 arc ,o became las ' *>' k P « e 

I'iigibtc for student crams as • s\WTZERL\ND'S current 

l»:,ri it i a scheme intended to account surplus reached a record 

aitrari almut 50.000 more 16-ls- sw.Krs.S.Sbn. last year. Page 2 

• t SCh0 ° 1 ' • UNION loaders decided they 
" . . . could do no more to improve 

Smith African decision in rpQjupdiuicv terms at Ley land 5 

appoint l wit men to monitor Speke plant, which will close in 

ircdtuicnt «*f dctainecfc came a fortnight. Page 4 
“alMiiit :i0 deaths tori late, said 
Helm Sui’inan. Opposition Mr. COMPANIES 

Finn's; children w.U aulomatu. OlS^ tt 

ally take Sefosborn the special steel 

under a proposed new law. Jn.eroup. Back Page 

S5p been p^raSadcd by feminist • YAUX S^WERI^irt creased 

ZS lh b a e l 18 from 

women. £l.Sem. Pag_e 16 


London Merch. Secs. 


Treasury J2pc I'JSJ XIOJ.'.J 
Treasury 101 PC 19911 
Vi’uii RllblKl' ........ 2Ud 

IdiOth 2i> 

Rratiicr] loot! ( l*-> -•• Hj 
P.mwn (John) 

Riireu Dean 

Currys 206 

Du La Rue 


European Ferries ...1-4} 

Hall (Matt hcw» 22:j 

tbstnek John-scn 

fn JWJ 

+ .V 
+ i 
+ o 
4- 7 
+ 3 
+ 9 
• b 5 








Lucas Inds. 

Marks & Spencer 
Morris & Blakcy ■* 

Perry - (H.) 


Tarmac - 

Trafalgar House .. 
Tunnel Holdings® 
Turner & Ncwall 



HU South - 


Paringa “h 

Silvcrminos j* 

Yaal Reefs<. fai * 


















Across Britain, a bis motortav “*de necessary by unexpectedly Worcester to the M5 and M6 
re^r programme 0 costing at hl ^ , lraffic * especially heavy interchange. On M6. the- whole 

least £100m. over the next five ve 5* c 'f5’ and pvcesS i V . section from Junction One at 

years ts now under way after ^“ pl i a .v d e SJSESmw h» C ? ve e t , r ^’ t0 i une “ M . 16 - ° orth 

the discoverv of thousands of ^ c . ar carnage ways nas 0 f stoke-on-Trent, has been 

faults on motorway viaducts and bfl^Sr th?West Vidfuds Sn f eCl ^ b}1 l repairs ? ave - lrea ^ 

SES surfac * and b ^ e ?obSwe^n nlm^nd^ ^ n 1 d 5 0ne between JUnctions 13 

. More than 1S.500 bridge bear- aftweenOm^nd' surfaces **!£&* smiriures 

spen t T $ the Transport Depart- fo ,* loW!i a0 unpredfeted^ii S 
on the MS and M6 are affected. ment this year. heavy road traffic. In the 1960s. 

The Transport Department In the Commons this week, the Transport Department fore- 
said last night that there had Mr. William Rodgers, Transport cast 4 per cent, annual growth, 
been “ inadequate ratnming-in of Secretary, said many miles of The actual rate is now 6 pet 
dry jointine material on the motorway surface were reaching cent, or more, while there has 
expansion joints which allow the end of their serviceable been a rise of 10 per cum. in 
movement of the viaducts and lives. the “ damage power" of hcavv 

there may have been inadequate Major repairs would be under- lorries as a result of vehicle’s 
standards of inspection of taken this year on 84 of the travelling more fully loaded than 
bridge bearings." 1.441 miles of motorway across the Department had expected. 

It was “not inconceivable that Britain, at a cost of £20m. Work The interchange between the 
legal action may be taken against y ' as . likely to continue at a M5 and M6, opened in 1970. was 
contractors who worked on these similar rate for the next .five expected to cope with a 
projects.” The original design years. maximum of 72,00 vehicles a day- 

had been in accordance with “Some interference with traffic by 1986. But by 1975 the roads 
good practice at the time but flow is part of the unavoidable were handling more than 75,000 
was now -no longer recom- cost of this work,” he said. But vehicles a day. 

Lonrho bid to be investigated 


LONRHO IS to continue its fight- Mr. Roy Hattersley. the Prices of Charterhouse Japhet. the 
to take over Scottish and Secretary announced the investi- merchant bank advisers of the 
Universal Investments, even gation in a brief statement yes- three SUITS directors who have 
though. the bid has been referred terday just 24 hours after he bad opposed the bid, said yesterday 
to the Monopolies and Mergers seen representatives from both that the bank would begin pre- 
Comission for investigation. sides of this strongly contested paring its case to the Monopolies 
The bid valued SUITS at £4ftm. bid. Commission next week, 

at Lonrho's closing price of 70p Shortly afterwards • Lonrho He said . « Mv onl _ is 

tup lp) last night. On news of announced its intention to con- that Mr HattersIevV 
the Monopolies probe SUITS fell tinue the battle and said that it ment ^waa no^nSite 9 lateral f it 
further yesterday, -down 2p to did not intend to part with any r i f Ji 

U2p. of its existing holdings in 5U1TJJ 

If the bid is given the go-ahead or the House, of Fraser. h® 6 ? V? d,s ?! os ^ 'H 

bv the Monopolies Commission A Lonrho spokesman said 0W eve of 

Lonrho says it will launch a that the group hoped it would “23*; an rLj_ „„ 

fresh offer. The Commission must succeed in persuading the Com- ..T/i'L » U -^ 

make its report within six mission that the acquisition ™ ^ /■! 

months. . would be in the public interest “I 1 "" ' 0 !? ? t ,d “ot contam 

Lonrho said that terms of a Lonrho 'S stake in SUITS now f ca * b clement it now remains 

new offer would depend on pre- reverts to 28.24 per cent. It also !£„ f, eC ”hr^„ii!f r Lf,nr J 10 

vailing -condition's in the mar- has a 19.38 per cenL stake in 

keL It has already bid 11 o! its the House of Fraser retailing L“® Monopolies Commission— will 
shares for every six SUITS shares group in which SUITS also has r. e P*£P are d lo raise ihe terms of 
but this offer has now lapsed as a 10 per cent, holding. ,ts offer - 

a result of the Monopolies. probe. Mr. Bruce Fireman, a director Feature Page 14 


Overseas news 2 

Home news— general 34 

—labour 4 

Arts page 12-13 

Leader page - 14 

UJL companies 16-17 

Mining 5 

International companies ... 19 

Wall Street 18 

Foreign exchanges 18 

Commodities lft 

UJC. stock market 22 

Week in the markets 5 

Lonrho and Government: 
Wheel turns full circle 14 


Cut-grass competition In the 
gardening industry 15 

Egyptian economy: 
Problems for Sadat 


.Base Rates — — 




Crasnrard euzzla ... 
economic Diary ... 


ememhunen Catdc 
European Opt*. .... 

Finance & Family ... 


FT-Adoartc* Indites 









Hew to Spend tt _ 






Letter* — 






Man Of the Week ... 



Money & Eatchanns 




. 9 


Racing u 

Safer Dam 13 

SE Week’s OcalZngc awi 

Shore InSnnBaststt 

Trawl 10 

TV and Radis ... 12 

UnH Trusts . 23 

Wen»h*r 30 

Wee»44d Wef 15 

Yonr Savinas M, lav. 7 

Cloves Craiw .. 17 

Scbloslsser 2 h 

MAC j; 

Tsfso* - 7 

ArhidJinot 1 

Save * Pawner 7 

Laws an j7 

Henderson “ 5 

Piccadilly c 

Barclays Uoleant ... 9 

buys U.S 
bank for 


BANK, one of the big four 
UJK. clearing banks, bas agreed 
to pay ahout S30ftm. (1165m.) 
I to buy control of the New 
York-based National Bank of 
North America. 

It is ■ the biggest purchase 
or a U.S- bank by a British 
banking group, and the most 
important step undertaken by 
NatWest since the merger of 
its own two constituent banks 
lu 1968. 

The deal will provide the 
hank for the first lime with a 
major retail banking base in 
Lhe U.S. It rollows a long 
search by NaiWest which 
made it clear some time ago 
thal it wanted 10 buy a bank 
in New York. 

It is the second big U.S. 
acquisition by a foreign bank 
to be announced recently. The 
first was last month's mow by 
Hongkong and Shanghai Bank- 
ing Corporation to merge with 
Marine Midland Bank. 

The move could be followed 
by further investments from 
abroad, with a number of 
foreign banks b^Jieved to be 
interested in acqMring a bank- 
ing base in New York. 

Mr. Robin Leigh-Pemberton, 
tbe chairman of NaiWest, said 
yesterday (hat the deal would 
provide the bank with an 
indigenous dollar deposit base 
which would help the develop- 
ment of its business not only 
Id (he U.S. bui also In (be 
whole of ibe western 

At present, NatWesl’s opera- 
tions in the U.S, are confined 
to wholesale hanking business 
with large corporations, 
through branches in New 
York. Chicago and San 
Francisco and offices in Los 
Angeles and Houston. 

News of the deal brought a 
rise in the NaiWest shares on 
the stock market by 4p to 292p. 

National Bank or North 
.America is a nationally char- 
tered bank operating through 
141 offices in New York Slate 
and with gross assets exceed? 
ing &L8hn. At the end of 1977, 
Lhe bank was ranked lllh In 
New York state and 40 lb in 
the U.S. in terms of assets. 

For tbe financial year. 1977, 
lhe profit of the New' York 
bank amounted to S II. 26m, 
after all charges and tax adjust' 

Historically. NatWest said 
yesterday, the UJS. bank had 
a chived one of the highest 
rates of return on total assets 
in the New York markeL It 
suffered along with other 
banks from problems in 1975 
and 1976 hut profitability was 
now “again on a firmly upward 

Continued on Back Page 
Background to takeover Page 2 
Lex, Back Page 

Carter thinks 

again on size 
of tax cuts 



PRESIDENT CARTER, in a clearly the right approach, he 
significant shift in economic contended. 

policy brought on by mounting Inflation, however, had wor- 
fears of inflation, has agreed ti» sened. particularly nn the food 
accept a smaller tax cut package side, white the markets 
than he had originally wanted had tightened and interest rates 
and to see its implementation risen, it was therefore deemed 
delayed by throe months until desirable that the budget deficit 
I the start of next year. .should be reduced. A “ new con- 

1 , sensus " had emerged, he said. 

\ T he .. overall size of the tax made a tighter fiscal policy 
i reduction and reform pro- am j a consequently more re- 
gramme will be trimmed from a laxed monetary policy desirable, 
net b_4.5bn. to the S19.4bn. level -phis is exactly the point that 
proposed in the House of Mr . Miller has been making. 
Representatives budget resolu- Whi j c . , he Fcd has recently been 
tion, though there may be some pushing up interest rates — with 
slight change in^ this latter the discount rate being raised 
figure. In lhe 19»9 fiscal year, vesterduv from 6’- lu 7 tier cent, 
beginning in October, the cuts. has simultaneously been 

which would only he in effect grappling with u surge in lhe 
for nine months of the year, mimcy supply. Mr. Miller made 
would be worth about Sl5bn. clear onlv yesterday that the 

The result of the change would Fed could not shoulder alone 
be to trim next year's Federal the burden of the battle again it 
budget deficit by about S4bn. to inflation. 

approximately S53bn. Both the j n contrast. w -jth the handling 
de L a - V .J n «"*™ du * 1 23 i h . e ta ,x cuts pf lhe $50 lax reba i 0 is *.ur last 
and the $53 bn. deficit level have y ear the Administration appears 
been recommended as eepnonti- t0 haw dom? a hotter jub »n 
caMy necessary hy Mr. G. William this 0Ct . asinn uf preparing 

”iL ler ', ,h ^ r,eW '^ ,r T n ^l he , Congress for its action. The 
Federal Reserve Board, who has fl na j decision was taken jester- 

Ihon e ?in b e n f ‘mifrtr dj >' aI a nieeiing between the 

tb ™ J*,? pv'r f n wlih r Pr^ident and Congressional 

po,,cy for, - e m Wash ’ leaders, following a’ .session 
between the chief ceonnmt; 
policy makers and another 

between Mr. Milk-r ami 

President Carter. 

NoneLheless the charges of 
voile face are bound lo fly m 



Administration officials. led by 

ttr. Charles Schultze. chairman 

of the Council of Economic the weeks ahead, as Congress 
Advisers, and Mr. Jody Powell, tries to sort out the fine print 
the Press Secretary, strenuously 0 f t j, e tax cuts. Mr. Schultze 
rejected the inevitable compari- „iade it clear to-day that while 
sion between to-day's action and changing the overall numbers, 
the dropping of the $50 tax there was no shift in the 
rebate in the spring of last year. Administration's position on the 
Mr. Schultze. who only last composition of the cuts, which 
week had delivered a vigorous had been weighted in favour 
speech defending the size and private individuals over corpora- 
tiining of the original tax pro- lions, 
posats. contended that the shift 
had been brought on by a chance KPCOVPrV 
in economic circumstances in uvvvivij 

recent weeks and that Admirus- \ x would be unconventional, to 
tration officials would have been put it m ildly. for a Congress 
*’ idiots if policies had not been facing mid-term elections tn 
amended to reflect this. allow" the business tax cuts to 

This wasjirt appreciation, how- slay w hiie substantially reducing 
ever which apparently had not huped-fur individual tax redu«> 
percolated down to all members ^ons. However, both Mr. Milter 
of the Cabinet, one of whom. ani j 01 }, er Administration officials 
Mre Juanita hreps, the Secretary have argued that the investment 
of Commerce, delivered a speech t iimate must be unproved if the 
in North Carolina this morning economic recoverv is in oe sus- 
which bore a marked resemb- (ained over the next couple of 
lance to that of Mr. Schultze last years. Some hard bargaining, 
_ . „ therefore, still lies ahead. 

They key changes. Mr. Schultze The economic ease aside, to- 
argued this afternoon was Uiat jay's action is bound to renew 
it was now clear that the nrsr debate ahout President 

quarter decline in gross national carter's constancy- i n policy 
product was an aberration making. 

brought on by the coal strike and 

a bad winter and did not reflect 

the true underlying strength of i in New York 

the economy. Unemployment in ( — 

particular, he noted, had come 
down far faster than had been 
anticipated at the start of the 
year. While doubts persisted 
about output and unemployment 
the bigger tax cut package was 

M.iy 12 

!''»■« Him 

1 II mill ti 
?, n mu I li* 
12 iiuiiiI li» 

o.j.vO. 5*; ,ii. 
l.on-l.'flO ,ii. 
S.Ub fi.S? .||- 


0. 5j -0.&S ,ii. 

1. r.'- t.ds ■ 1 1 h 
7.1'O-liAS .ii- 




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

£ ^ Much smaller, bin no less successful , has been the Arbuthnot North 
wW American Unit Trust , doubling in size to £2 \ million in the last fcio 
weeks. It also proudly stands at the head of the one-year performance table, 
with a rise of some 12.5 the 12 months to last. ’Friday, which compares 
with a fall of 8.6 p.c. in the Dow Jones in the same period 

Darid CulUiis,Suwc!a 7 TeIciirarli.-'Pri* 1978 - J J 

Since lhe relaunch of ihh fund on i« September 1076 ihc fund ha* increased in value bv io.6'. ul 
curnpared la a fail of f 5 . 1 V„ in the Dote j one? Index v-ver lhe ' arric perivd. 

Now -The Right Time to Invest - The 
US stock market is beginning to recover from a 
depressed level similar 10 that in the UK market 
Three years ago. We believe the US market still 
has room for considerable growth which is the 
aim 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 not heid back by overseas - 
interests operating in less favourable conditions 
or by falling exchange rates. 

Arbuthnot cany out much in-depth 
research and constant monitoring, as well as 
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point the areas and industries that show the 
greatest: potential for growth. 

Investment of this 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 as 
long term. 

Fixed price offer for North American & 
International Fund (estimated current 
gross yield 1.0 "„) until 5 pm May 19th, 197S 
at 33.XP xd tor the daily price if lower}. 

The .M.HMCvr- re^-T. c ihc right iol'I.kv .-llv-r*- if unit 
Valin:-, ri-u- fry more liun — 2 "... 

Applicji it*iu. will he kd^L-J, anJ unit 

ceniiicattf? n iil be i-.vuvd w ilhJn jj days, i'he urttff pnuJ 
include* an initi-J ch.irjzc J" . The annual charge i’ ^ ’« 

• • VA'J . All ncl income jccumutilcd u-iihin lhe I'unii. 

After iheclu-c ■'! ihc-« inTcz& unii-. may be purchas'd ar 
vhc w«k|v • ThiirsJ.i> i dealing date, when umir- wan at},i 
Sold Kick. 

Payment “ill be made within 14 d .11 s uf che dealing 
date and vn receipt id jvur cvrtiticaie duly renounced, l’he 
Weekly price and yield appear m niir.t leading newspapers. 
A ctirmniwi'n uf 1 1 ‘ .. «ul be pjid li< rccucnjicd auenii. 
Thu. ulfer « nui -ipcn i.i fHidenu of The Republic uf 
Ireland. Tnnirti; The Kin-al Rank vi Scotland Lid. 
.tianacerf- : ArbUthmii Securities Lid, - R«b.. in Edinburgh 
46654 1 . -Member* of ihc timiT rust AsMicHrinn. 

^ To: Arbuthnot Securities Ltd., 37 Queen Street, LondcSljRrtri'. Tckphm«ro ^ 

■ jmih., .iwo >MA,inu l .ii - ...... - 

I uu.l-Vi i»k.. ..wan tuuctnu 

Capital Sum I TK"c wish to mvesi the sum vi £ 
imnj j£7SSi in the Arbuthnot North American and 
International fund and eadsc > cheque payable 10 
Arbuthnot Securities Lid. 

Share Exchange Scheme - lick bos for deuih 

ifnr.'ic nL«noM:eu-fi'-:iifcfmjj * inai, .-.v.n rt..., ,ne,. 
Monthly Saving Phm 1 Wo wish 10 invent the <um of 
£ .Qiin £*'■ per mi-nlh in the Arbuihnnt North 

American and InTcfiutionjl }-und end eneliisc j cheque 
paj-ahle in Arbuihn.n Secunncr Ltd as ihc initial 
paymem. A tvjnfcerr order lorm mil K- y.iu bv ihc, 
nurugers fnll>m ing receipt ,if this order. This order i-. 
revocable si any umi by unc rr.< nih'i notice m wntinji 




^ wl rMllllrT,, r * u,i - 1 f*c «h< scheduled tc nil. -nii. nor am I wcacquinne the above 
bt '-fia “fT u ' " : ' 1 ^ cnl ootndc these lemlvnej. II you are unable to make thi:. should be deleted and the form lodged rhmoph your Bank.Si.vdibr^ir..rSoh v -ilv.r;n lhe Uniicd Kinsdom.) 

Si fgutura v 

Full Namcisi 

.Joint applicants, all must Jrgn, .Mr -Mrj/.Miss or Titles and Forenames. 


‘Financial Tiines Saturday Ma>~ 


UANC decides on Sunday 
on Salisbury pact pull-out 

Turkey arms vote a blow to Carter 


1 ^ / 
f > -f 




African National Council will 
dveide ::i ju emergency meeting 
uf >‘s national executive on 
Sunday whether nr not to pull 
n;i: or Saiisbur>'s transitional 


Poiiiiral observers here believe 
the issue to he finely balanced 
with erais rtmls supporters of 
the Bishop strongly favouring a 
v iliidiawal over the Hove affair 
::iul i.ner the failure of the 
transitional Government to make in securing a ceasefire 

and removing racial diacrimina- 
i iun. 

But stniur political officials 
are m«»re cautious arguing that 
if lie quils i lie Bishop runs the 
risk .if ending up in political 


There is even speculation that 
LTV XXC withdrawal could 
encourage 51r. Nkomo to return 
in Salisbury on bis own terms. 

?.i r. Ian Snilili in a TV inter- 
view nwijy expressed pessimism 
uboiit the ceasefire initiative 

saying that he did not see it 
succeeding without the partici- 
pation of Mr. Nkomo and Mr. 

This is the strongest statement 
lo date that Mr. Smith has made 
on wanting Patriotic Front parti- 
cipation and coming at this 
juncture reflects the Prime 
Minister's growing irritation 
with the Bishops inability lo 
make up his mind and stick to it. 

Given the Byzantine nature of 
nationalist politics in Rhodesia, it 
would he foolhardy to oven guess 
at the outcome of Sunday's meet- 
ing. However, it is being sug- 
gested here that the Bishop will 
withdraw and conduct talks with 
Mr. Robert Mugabe— leader of 
the external wing of Zanu and 

co-leuder with Mr! Nkomo cf the 
Patriotic Front. At the sjme 
time, llie Bishop’s party would 
contest the planned December 
elections from outside the tran- 
sitional Government and there- 
fore not be tarnisned with 
association with Mr. Smith and 

the two other nationalist leaders. 

This is an attractive scenario 
for the Bishop who hates lo have 
to make decisions and is philo- 
sophically better inclined to 
being an opposition politician 
than in Government. 

The trouble is there are too 
many pitfalls. The obvious one 
is that any attempt to link up 
with Mr. Mugabe on the basis of 
d strictly Shoua (the country's 
largest tribal group) party would 
be bound to induce a sharp re- 
action from Mr. Nkomo, who 
might decide that the Salisbury 
agreement is not so bad after all- 

Quentin Peel adds from 
Johannesburg: The joint Minis- 
ters of Finance in the Salisbury 
transitional Government Mr. 
David Smith and Mr. Ernest 
Bulle, held talks in Cape Town 
to-day with their South African 
counterparts, leading to specu- 
lation that they were discussing 
Increased South African aid for 
the Rhodesian economy. 

u ■ <v/id\^. ■ 

Lt.-Gcn. Rafael Eiian 

Remarks by 
army chief 
cause row 
in Israel 

THE U.S. Senate Foreign ReSa- 
i tions Committee vole not to 

■ repeal the embargo on U.S. arms 
supplies to Turkey is a setback 
for the Carter Administration. 

I but cot necessarily a fatal one. 

The Committee voted eight to 
I four to continue the embargo 
: which was imposed in 1975 after 
S Turkey used U.S.-supplied 

■ weapons in its invasion of 
I Cyprus. This vote followed one 
i earlier in the House Inter- 
: national Relations Committee 
| which decided by one vote to end 

the embargo. Both Houses of 
: Congress must vote to lift i( 

: before it can be withdrawn, 
i What happens Qow depends on 
: a series of intricate parliamen- 
tary manouvres being considered 
by the Administration. One of 
these would enable the Adminis- 
tration to add the embargo repeal 
i to the military aid Bill when it 
soes before the full Senate in the 
hope that the Senate would pass 
it all. A second option will be 
(o hope that the House upholds 
its International Relations Com- 
mittee wheo it votes oo the same 

If it does, the House version 
of the Bill will have to be recon- 
ciled with a Senate version. If 
the Senate Bill does not include 

the repeal of the. embargo there 
might be room for & compromise 

might be room for a compromise 
at that stage. 

All of this, of course, reckons 
without the angry reaction of the 
Turkish Government. Last night's 
vote was largely the result of 
some highly effective lobbying on 
behalf of the Greek cause by sen 
Paul Sarbanes. This lobby argues 
that until the Turks make more 
concessions over Cyprus there 
are no grounds for removing the 

But tbe Administration argues 
that the embargo has in fact been 
counter-productive. Officials say 
that there are no signs that it has 
made any material difference to 
tbe Turkish position on Cypres, 
or will. Meanwhile they 
say the steady deterioration in 
Turkish-U.S. relations is weaken- 
ing the southern flank of NATO 
which is already a cause for pro- 
found concern within the State 
and Defence Departments. 

The embargo itself is not as all- 
embracing as it was originally 
meant to be and has been 
modified to permit Turkish arms 
purchases of up to $175m. a year. 
But the Turks have taken strong 
exception even to the existence 
of the embargo and the .State 
Department fears that a definitive 

no vote in the U.S. Congress is 
bound to lead the Ecevit Govern- 
ment to close the U.S. taJ»M 
the country that have not already 

^uch' therefore depends on the 
Administrations abilitj to 
manoeuvre in Congress. One 
factor that may assist it is that 
four senators were absent last 
night during the Turkish vote and 
three of them were believed to be 
in favour of lifting the embargo. 
Had they voted, the margin would 
have been less lopsided in favour 
of continuing it. Observers noted 
that this may suggest that opinion 
in the Senate is more evenly 
divided than the Greek lobb> 

Cl Fnfn, Nicosia, Andreas Had- 
jlpapas, writes: The Cyprus 
Government to-day welcomed the 
US decision over continuing 
the arms embargo. But at tbe 
same time it expressed concern 
over West Germany’s readiness 
to provide such arms to Turkey. 

A Government spokesman said 
the Senate Committee's decision 
was “ fair and correct.’* He said 
the embargo should be main- 
tained “since the reasons for 
which it was imposed — tbe 
Turkish aggression against 
Cyprus, the occupation of pari 

of its territory by Turkish troops 
equipped with American arms 
and the violation- of human 
rights— continues 10 exist’* 

At the same time. Mr. Nicos 
Rolandis. the Foreign Minister, 
summoned The ■ West German 
ambassador. Dr. Gottfried Pagen- 
steri and asked him to convey 
to Bonn the Cyprus Govern- 
ment’s “ concern " over state- 
meats bv the German Chancellor 
Herr Helmut Schmidt that West 
Germany would provide more 
arms lo Turkey. 

Reuter adds: Earlier this week. 
President Spyros Kyprianou Said 
in a speech That if the embargo 
were lifted not only would what 
he termed Turkish intransigence 
increase, but it might, be turned 
into aggressiveness. 

In Athens: the Right-wing 
opposition Greek newspaper. 
Estio, to-dav hailed us a victory 
for law and justice yesterday's 
vote lo retain the U.S. arms ban 
on Turkey. . , . 

It said the overwhelming vole 
had smashed President Carter’s 
efforts to circumvent U.S. laws. 
“The result or the vole is a 
triumphant victory for the 
political powers which defend 
the laws and respect justice,** it 

Africa may tighten trial rules 

By David Lennon 



MR. JIMMY KRUGER, the South 
African Minister uf Police and 
■liisiice. hinted to-day that curbs 
might be introduced to prevent 
f»ireigii iiiouc v being used in fin- 
ance legal trusts in political, and to prevent liberal 
l.ivr.ers iroin appearing fre- 
quently in such cases. 

Such practices, he said, were 
undermining South Africa's legal 
s-sieni. Abuses of the court 
system and legal procedures had 
fi*.-c*ine so serious they could no 
longer in* ignored. 

Speaking in Parliament Mr. 
Kruger revealed that 6ti cases in- 
volving terrorism were currently 

being heard in court. Last year, 
there had been 31 cases of sabo- 
tage. in which six people had 
died and 41 had been injured. 

He said 91 “ trained terrorists ’* 
had been arrested and another 
594 “ untrained terrorists-" There 
were ItiS people being held under 
the indefinite detention section 
of the Terrorism Act. 

He said he could not be 
expected to listen to ** essays on 
human rights " while bombs 
were exploding in South African 

Mr. Kruger said ways had to 
be round to proven L practices 
which undermined the legal 

system, such as delayiog tactics 
in security cases, demonstrations 
in and near courts, the intimida- 
tion of witnesses, the ** frequent 
appearance " of certain lawyers 
in security proceedings, and the 
'* enormous amounts of money " 
available to defendants in these 

Referring to legal aid. he said 
this should only be available to 
people with “ good cases.’’ 

“ I don’t wish to see legal aid 
as it exists in other countries 
where it is available to every- 
one." he said. “We are not a 
Socialist state. But if you have 
a good case, then you must be 

TEL AVIV, May 12. 
THE political' row which 
ernpted over the new Chief uf 
Staff’s controversial declara- 
tion that Israel is indefensible 
without the occupied West 
Bank and Golan Height?, will 
spread lo the cabinet on Sun- 
day when it is raised by Pro- 
fessor Yfgal Yadin, Uie deputy 
Prime Minister. 

Schmidt promises aid to Ankara IATA backs 


BONN. May 12. 

The opposition parties have 
accused the Chief of Staff. LL- 
Gen. Rahal El fan. of overstep- 
ping the bounds of his 
authority by making a political 
statement? They have called 
for a parliamentary debate on 
tbe issue. 

Get In U.S. budget deficit sought 

But Hr. Ezer Weizman. the 
Minister of Defence, rejected 
Ihe accusation. Mr. Weizman 
said that the Chief of Staff 
was speaking only ahoul (he 
military aspect of the subject. 

LL-Gen. Eiian said in a 
special Independence Day TV 
interview Iasi night that the 
army may not be able to 
defend Israel without ihe West 
hank and Golan Heights. It 

BY JOHN WYLES HOT SPRINGS. Virginia, May 12. ^ Golan Hei^s I. 

LEADERS OF some of Americas were nevertheless firm in their “We have agreed to a ‘role a,so applies la conditions or 

lar:e-i U.S. multinational <pr- prai>e uf Mr. Carter's overall of reason* approach with the p *2£ e ' . . 

ni»iaiion> are pressing President economic programme. Administration, which means we The future of occupied Sinai 

('alter to cut the projected Their remarks contrasted must give economic justification de Pends on the kind of agree- 

SUSfiOhn. Federal Government sharply with the American for raising our prices," said Mr. ment reached with Egyptians, 

budget deficit to help the battle Federation of Labour-Congress Shapiro. hnt “there is still plenty to 

!'» reduce inflation. of Industrial Organisations which At the same time, however. ‘ a,k h* sa, d- 

TIin (-merged last night at the offered only qualified support on both Mr. Shapiro and Mr. Jones Jewish settlements in Ihe 
.-lari uf i he spring meeting here Wednesday and refused to stressed that the President’s anti- occupied territories play a 

uf ihe Business Council, whose promise lo restrain wage bargain- inflation programme could not be "tal role ,n the defence of the 

numbers are Ihe chairmen and ing as the President had hoped, successful unless the federal country. Because the? anny is 

president* of mure than 100 top The businessmen have formally Government reduced the no1 ‘ ar Se enough to. Ain all 
V S. eni jKiratiuns. committed themselves to a slow- SU.S.59.flbn. projected budget ,he borders, every new settle- 

talk about,” he said. 

Jewish settlements in Ihe 
occupied territories play a 

! WEST GERMANY has promised 
I Turkey more military and 
I economic aid and will urge 
j further .such assistance from 
other nations. But the Ankara 
I Government 1ms bluntly been 
J asked to do more to put its own 
; house in order, not least through 
further steps to encourage 
foreign investment. 

This is the broud result of the 
official visit here ending to-day 
| of Mr. Bulent Ecevit, the Turkish 
Prime Minister. He had lengthy 
lalk* with Chancellor Helmut 
! Schmidt and other Ministers as 
well us with German indus- 

Bonn's attitude on military aid 
to Turkey is conditioned by two 
jmain factors One is tbe U.S. 
embargo on arms deliveries to 
[ Ankara maintained by Congress 
lagaist the wishes of President 
Carter and deplored by the Ger- 

The other is the need for Bonn 
to maintain a balance in its pro- 
vision of defence aid to the 
south-east flank at NATO: that 
is to ensure that further bilateral 
assistance to Turkey does not 
upset West German relations 
with Greece. 

Officially. Bonn disclaims tbe 
role of mediator between Greece 

and Turkey over the Cyprus 
problem. But it does not deny 
that its excellent ties with both 
States place it singularly well 
to help in the search for a solu- 

Accordingly, West Germany is 
ready to step up its own provi- 
si cm of defence aid to Turkey— 
currently worth about DM70m. 
annually. But it will also urge 
its other NATO partners to do 
ail they can to close the gap left 
bvrthe U.S. embargo. - 

Herr Schmidt paid tribute to 
the Turkish contribution to tbe 
Western alliance, describing it 
as indispensable. Mr. Ecevit 
declared that Turkey would not 
leave NATO unless forced to. 
But its contrlbufitra to the alli- 
ance had exceeded its economic 
strength. The point bad been 
reached where “radical deci- 
sions” were required. 

The military argument b as 
clearly been an important factor 
in persuading the Germans to do 
more to help Turkey economic- 
ally — while helping West German 
industry as far as possible at the 
same time. 

Bonn therefore to-day promised 
Turkey an immediate credit of 
DMIOOra. — a sum which will, 
however, be covered in a supple- 

mentary budget yet to be 
approved by parliament. It is 
expected tiiat the credit will 
chiefly be earmarked for pur- 
chase of German goods. 

Earlier this week Boon also 
granted Turkey a capital aid sum 
of DMlSOm. to help flnance pro- 
jects including cement factories 
and an electric power line 
between Bursa and Izmir. More 
vital to Ankara. Bonn is pre- 
pared to support international 
action to help consolidate 
Turkish indebtedness. 



By Douglas Ramsey 

But both government, and 
industry have told the Tuiks 
that their desire for more foreign 
investment depends in the first 
place on action by Ankara itself. 
The Germans want to see official 
action both to promote invest- 
ment in Turkish development 
prospects and to cut bureaucratic 

It is noted that West German 
capital investment in Turkey 
last year stagnated at around 
DM139m.— against a total of 
DM322oi. invested in Greece. 
West German-Turkish trade fell 
last year against 1976, exports 
prom DM2.7bn. to DMSJJbn. and 
imports from Turkey from 
DM910m. to DMS70m. 

the borders, every new settle- 

Thi.-ir spokesmen, principally down in. price increases, in deficit for the fiscal year starting menl contributes lo Israel’s 
Mr. In ina Shapiru. chairman of responses to the President's “jaw- ibis October. security. LL-Gen. Ehan said. 

Local poll test for Italian Administration 

Ihipunl. and Mr. Reg Jones, boning" of General Electric, inflation. 


This demand fbr action on the The basic aim of (he Arabs 

deficit is in line with a similar remains the destruction of 


ROME, May 12. 

call issued yesterday by Mr. G. I Israel, even I here are some 

‘Interference’ by embassy 

William Miller, chairman of' the who are now Hying to achieve 

Federal Reserve Board. 

it by non-military means. Uie 

In its “jaw-boning" sessions Chief of Staff said. “Until 


they declare they no louger 



appears that business will be seek the liquidation of Israel, 

looking for something in return 

we must treat them as if they 

THF. SOUTH AFRICAN Embassy Committee on Africa and subse- lor its «"[ concessions. Mr. *** ****"* *“•" he sp- 
here h. 1 - i*i M ile under suspicion quently arranging for disspmina- Jones, who is one of the Coun- . succeeded 

h niicniplinc i n interfere in the tiun of confidential discussions, ell’s leading political strategists, (’"J 

iv-clc u.m campaign of Senator Wntnr Clark’- otnro «,IH ihu ,uade n .° secret ** fact las * ' * 1"““ *P* ' thad £« 

D-d- Clark rrnm luwa. the lead- , n orninn there was some mvsterv ni ? ht 11131 companies might be '?*'”'*'** "T," 

:nu African expert un Capitol J irense circumsUnces S ahle 10 negotiate changes in the Staff who generally fights 

Mil! and persistent critic of tho offlcia^s vKti Vo l££a He w?s regulatory burden on business in ?»«y of the media, wuu d be less 

S..„fh .\fn„. undeStSd to In £ been proiSS exchange for prices restraint inclined to make political stale- 

■n„ Slate neper, men, b, :rStaS.!T" K ^ -11' A* T *>■>**» 

a- Ken the eiiibasv> K- explain tra de, but had apparently been ! c ™ / >f f * h .Si«ILS ' 

roiliiiieni- printed in Iowan j nvited by u Republican slate ^ C0 t 00 ”JL? a P “’ost It reieased . T — — 

newspaper* and attributed in its senator and, as far as could be ,ast "’p™ a report from its _ . . 

E,.;ineinu> Minister appearing to ascertained, did not engage in economic consultants which saw a j. aL 

'.ii-.-yi-i Inal Senator Clark talk*, on trade. a 4 to 4i per cent real growth IIJC fiCdXl 

V. be belter off cun centra ting R„ u ter adds from Cane Town- ral ® *? 1978 - a re ^ increase in 

-.!! ihe affairs v r Iowa than S nutii Africa iTSv slmraS capital ®P endin S of U P t0 6 per 

Ain -a. The ..ifi.-ial 1 - ,«lso re- ^ ™ eent - and a consumer price 

;i<iri:-d tu have charged that the , :harg " d -Xffaires 'to discuss 'nerease°f6.4 per cent, this PREDICTING THE decline and 

St uator warned Ui companies -JJ accusation is that a :\ ear ‘i be , Administration says fal , of President Anwar Sadat 

■ ■I iiiill ..III of b-ulh Africa. ' AfriSn dSlomai mai! ^ underlying rate of inflation has bec0 me an annual event in 

I. (-present. it nr forelsn have interfere*.! in L'.S. domestic *? er Ce ^’ ,he Egyptian political calendar. 

'“ tiiiic-nU are spec! Sea lly Mr. Pik Botha, the The economic report sees real g ac h year since he succeeded 

i ■ hited (retii passing public j,- ore j„ n Minister said here economic growth next year or president Nasser in 1970 his 
.--cni.icnl inlL-rnal i-leetiiral ,r ' -tr. sam ncre. 3.6 per cent and Mr. Shapiro criticc ,nri (ti«. 

expected that Ihe new Chief 
of Staff, who generally fights 
shy of the media, would be less 
inclined to make political state- 
ments than his voluble pre- 
decessor. . 

[THE RESULTS of local elections 
i in Italy this week-eDd are likely 
I to be analysed carefully by the 
political parties as a barometer 
; of public opinion on two con^ 
Itroversial issues — the Christian 
Democrats acceptance of the 
Communists in an informal 
governing alliance, and the 
Administration's handling of the 
Moro affair. 

There are also Tears in tbe 
Christian Democrat and Com- 
munist ranks tiiat a shift of 
electoral opinion to the centre- 
right, possibly from what might 

be termed a "Moro sympathy 
vote," could undermine the pre- 
sent delicate Parliamentary 

Four million voters, or roughly 
one in 10 of the national total, 
are entitled to cast their ballots 
in geographically wide-ranging 
local elections. These elections 
have already been postponed by 
all-party agreement from the end 
of last year. But the main 
parties considered it impossible 
to agree on a further postpone- 
ment, despite the assassination oi 
Sig. Aldo Moro. 

The right-of-centre elements 
within the Christian Democrats 
will seek to exploit any increased 
Christian Democrat vote this 
weekend, especially if it Is at 
the main expense of the Com- 
munists. They would use such 
an outcome to pressurise the 
party leadership, to break with 
the Communists. 

Equally, any setback to the 
Communists would be seen by 
the pro-Moscow remnants, of the 
party as the price to be paid 
for the party’s collaboration 
“with capitalist forces.”-. - - 

TOKYO, May 12. 
Transport Association (L\TA) 
has given Japan's Narita inter- 
national airport a clean bill of 
health, according to Mr. Knul 
Hammers kjole. IATA secretary 
gen era L 

Speaking to Ihe Press at the 
end of a ** thorough ” investiga- 
tion of new security arrange- 
ments at Narita airport since 
the forred postponement of lis 
opening last March, Mr. 
Ham mersk jolt* said -the 
“Government has alken full 
responsibility for the safe 
operation ” of the airport. 

Precautions Include the con- 
tinued use of 13.004 riot police- 
men in and around the airport, 
as well as a ban on entry Into 
the airport’s premises of any- 
one (besides staff) not carrying 
an airline ticket. 

Tbe IATA hea dconfirmed 
the official opening of the air- 
port will take place on May 
20. and flights will start the 
following day. 

However, radicals living on 
farms on the airport perimeter 
have sworn, to disrupt the air- 
port’s operation as they did 
before the scheduled March 30 

According to the IATA 
secretary-general. elaborate 
' measures have been taken 
since then to guarantee 
Narita’s safety. Mr. Hammer- 
s kjole mentioned the passage 
of a Bill in Japan’s Diet to-day 
aimed at “extending** the 
exercise of police powers 

The secretary-general was 
reluctant to discuss testimony 
given lu the Japanese Diet 
recently by Japanese pilots 
who surveyed the airport, some 
of whom fear there may be a 
rise in the number or near-miss 
incidents because of the 
proximity of an air force base 
just north of Narita. 

At the heart 

PREDICTING THE decline and 

of any debate about Anwar Sadat, reports Roger Matthews, is his 
‘open door’ economic policy 

I •!*<•)■ -bncd from passing public Minister said here economic growth next year of President Nasser in ‘ 1970 his 

.-.cni.icnl ■ i-lectnral 1 SJ,U n -3.b per cent and Mr. Shapiro critics and snnienniP* mnr#» dis-- 

.ii j’ left. Eh Her ihiv year, the The Foreign Minister, in turn said last night that this could interested observers have found’ 
S-iuih Alncan ■•uihavy was accused Senator Clark of probably be achieved without the a compelling series of reasons 

iifi! n»' i n til i rating closed Interfering in South Africa's $25bn. tax cut which the Presi- wh v° Ur^ilis f " w m m Vi, " lie 

■u-etiiii: »f the House Sub- domestic policies dent is proposing. foreed to relinqmsh pow^ 

This year's lisi was impressive 

-p T YCTR a a • -w -m even before the Cabinet row over 

New York attracts foreign banks =; S' 

Deputy premier in charge of 

BY STEWART FLEMING NEW YORK. .May 12. financial and economic -affairs. 

The effect of Dr.' Kaissouny's 

VVrit'XAL WESTMINSTER'S State are a round $»bn. earned profits of only SI 1.3m. departure has been to raise' the 

'ii"' i- i" :i.-*uiire 75 |wr cent, of There are fit authorised ' n 1577. these earnings have been ^nnomy to -the level of 

»■’- Bank North ti-reign 1. ranches and 51 agencies depressed by real estate loan ar D a 

AiiKTica umlorlince ih v enlhus- _ thv tigufc increased by 23 losses nn 1973 the bank earned 


NEW YORK. May 12. 

"f f-re'en bank.*, tn secure- 3lllce [he beginning of last yea*r. moreover id the last 

■i •r.-nilic.uii. Mate in ihe New federal reserve statistics -u-- ,wo quarters, there have been ,n 2 e ’ a b3dly divided Arab 

Rioters set fire to bases in Cairo food riots. 

ii fnliims month’s third or the commercial and in- ,. Ttms 10 L lhe fi ^ st Huarter of MriiTmen^and'a^caDita^which 

..nnoujiccm-ni Ihji Hongkong du>lnal lending market in New fcjj"* '?! daily seeois to edge closer to 

:.mi Siimviiai Bank was seeking York. S3.6Sm. against SlJm. a year j J 

l" — ^r.- a 51 ,.er cent, interest But the aUrjcilon nf the New “ J****}?* Sf’E 


B o t K tht ' . a “ rjcI, °" nf ^’ ew rising interest income and declin- . At l |l c h ? arl of the debate has 

York base is as much a reflection 

ing loan loss provisions. 

been President Sadat's “ open- 

Chill draughts through 
Egypt’s ‘open door’ 

f.-.r f-ivign ii;.nking activity in While it is truiMhat the price on its earnings and which ised ' heav ' !v ''Uroaucratic, and 
V-v >nrk i> giV«*n In ihe fact NalVVest is offering represents because of bank holding laws! proI ? cted s - vs,em erected 

:h:;l iiv.* U' "f foreign a high multiple on earnings, has prevented it from developing I l “ e ' ale Presi denl Nasser into 
i-r.-nthes and agencies m ihe National Bank of North America its other businesses * *i 3 l,u>dern markei-oriented ecun- 

ininv Di.-it hrinqe it ills 

French pay talks to start 


PARIS, May 12. 

Swiss current 
surplus rises 

omy Dial brings with it ihe ills 
as well the the benefits of 
developed Western nations. 

One of the ills, from the Egyp- 
tian point of view, is the stric- 
tures of international creditors 
whose money is needed for the 
strategy to succeed. Ir. Irving 
to accelerate development since 
1974 successive governments 
have seen Uie balance of pay- 
ments dive into alarming dencit 

THE FIRST nnMtive reaction the traditional collective bar-! 'Ill JJ1U3 11M.J to accelerate development sine® 

»'r.r:n thr. French trade unions lo gaining procedure uf guarantee-' R . 1974 successive governments 

iloxcrnnicnl's determination ins a mini muni advance in pur-' By ^ ohn W ' c i^, rru . - have seen Uie balance Of pay- 

inifi-sv a rurther year of chasing power and a reform of «ViSc * > y J1 * meats d,ve }n, ° alarming d(»hrit 

..•v. rc wage restraint will come the grading system. . sftUAr.KL.AiMJ & surplus on that brought in turn f*n ever 

m tlw nvM four day* when an The CFDT is demanding thc' Curre " t 1 3 ^ counl reached a new mounting pile uf foreign debus. 

:.:ipor;:im •n ics nf pay talks minimum w age be raised from j re?°. r! “ a5 F year, according to an ; Wilile exports climbed from 

hvcsn-. -.nvering a nu in her of Frs.2.050 to Frs.2.500 a month: an I omctal estimate published by the -Slbn. in 1972 to £l.6bn. m lOTti. 
puh!:. .icrim vnicrprises. adjustment of the principle 0 f 'Suiss National Bank. The figure imports mure than trebled to 

gby-o.i pay agi'.-.-ment and ihe round: and the reform nf the rise in Gross National Froducr deficit un current account of 

•tcvcftunen* imposed periodic “distorted and archaic’’ salaries seems to be below that originally around $2bn. is expected until 

im reuses in line with the cost scale. anticipated. In February, the the end of the decade. 

.-£■ living increases. To-day. preliminary talks on real-term economic growth for Perhaps Dr. Kaissouny’s most 

The Government i** doing its wages at the State-owned coal last year bad been put at 4.S noted achievement was to rc- 

V-’ ; I.- ’>re pare the discussions industry rake place and a week ' per cent., while the National schedule the resulting debt. 
1 > "-’iVl!. The niuderjle Force later U will be tfit turn of the iBank says it was "over 4 per easing the burden of servicing 
fire; ic re* seeking a return to State railways. 1 cenL" aod repaying it, thus to gain 

the time for further major further crises and offer tbe hope 
reforms that would facilitate the of more significant reforms. Dr. 
"open door” policy. The latest Kaissouny was held in high in- 
available figures show that at ternatioca] regard for his ability 
the end of last year the country’s as an economist and tor his 
total medium- and long-term apparent determination to take a 
debt excluding military items. ?np on the inefficient Egyptian 
was just over S8bn. Much of the bureaucracy. He resigned 
i-.lbn. in 12 months represents because of apparently irrecon- 
tho shift into ten-year or longer ciable differences with Mr. 
loans, away from burdensome Mamdouh Salem, Prime Minister, 
six-month hank credits that had The fact that in the subsequent 
caused such severe liquidity Government reshuffle he was not 
problems. Credit drawn from the replaced indicates the extent of 
commercial banks has fallen to the dilemma of Mr. SadaL 
about SI. 3 bn., a drop of nearly The serious riots of January 
Slbn. during 1977. last year revealed all too clearly 

Due to its excessive reliance the political dangers of tamper- 
f ‘ n costly short-term borrowing ing with a paternalistic economic 
during 1976 and the first half of system that had sheltered most 
1977, Egypt fell further behind of tbe population from world m- 
in payments and was only bailed Hatton while denying it most 
nut by urgent cash loans amount- opportunities for financial self- 
mg io more than Slbn. from improvement. Egyptians were 
the Gulf Organisation for the poor — gross national income per 
Development of Egypt (CODE') capita is still only a little over 
(composed of Saudi Arabia, 8300— but at .least it seemed 
Kuwait, the United Arab Emi- almost uniform poverty and 
rates, and Qatar). prices were stable. 

GuDE will be watching very so when tbe Government tried 
closely now. as will all other to raise the prices Of staple corn- 
ered i tor nations and organisa— modi ties by removing the sub- 
tions. to st-e whether Egypt si’dies which had maintained 
foUow*s policies that will avoid them at an artificially low level 

there was a bloody and vicious 
outburst of resenttnenL How- 
ever. subsidies over a wide range 
of activities had to be cbecked, 
having soared from nearly SSOOm. 
in 1973, 5 per cent, of the Gross 
Domestic Product, to nearly 
SlJbn. or 10 per cent, of GDP 
in 197G. 

Dr. Kaissouny’s opponents 
charged that, spurred on again 
by the . International Monetary 
Fund, he was leading the 
country into political chaos. 
Though the Government recanted 
its plan to cut subsidies in 
January J977, prices none the 
less continued to rise. The best 
estimate is that inflation to-day 
is running at an annual rate of 
between 20 and 25 per cent. Mr 
Salem is believed to be deter- 
mined to pusb through a substan- 
tial. and certainly needed, in- 
crease of public sector salaries, 
without making any noticeable 
change to the subsidies system. 
People close to Dr. Kaissouny eay 
that such a decision could not be 
taken in isolation, had to be ac- 
companied by further measures 
to liberalise the economy, and 
threatened a worsening budget 

However, not only is Mr. Sadat 
mindful of last year's riots; but 
he is also well aware of the 
criticism that has resulted from 
the initial effects of the “open 
door ** policy. So far it has pro- 
duced little in the way of private 
foreign investment in long-term 
industrial projects. But it has 
attracted the sort of venture that 
emphasises the plight of the 
impoverished masses: luxury 
hotels, foreign banks, and a flood 
of motor cars. Linked to this 
there have been more vocal accu- 
sations of corruption among 
officials, and even friends of the 
President, some oF which have 
reached the newspapers. Local 
private investment at best very 
limited, has also tended to 
p’avitate towards the most 
immediately profitable ventures 
such as property development 
ana real estate* where subsUm* 
tial fortunes have been and are 
continuing to be made. 

While there are already some 
clear benefits from tbe “ open 
door” policy, such as foreiga- 
aided attempts to halt the 
decline of infrastructure, it has 
also provided a fertile ground 
for critics. There is now a strong 
feeling among sections of the 
international business com- 
munity that Egyptian policy is 
at the cross-roads. Either it 
can be pushed forward more 
vigorously by forcing decisions 
Uirough the bureaucracy and edg- 
mg the population out of tbe 
womb of Nasserism*' into ihe 
harshness of a competitive 
economy, or it can slip back inio 
the sort of lethargy that existed 
before 19 <3. Going forward 
means political risks, going bitch 
means problems with inter- 
national bankers and probably, 
eventually, an even more major 
political upheaval. 

reason to doubt 
tnat, Egypt can for a while stay 
EOod terms with. 
Ihe IAIF. Its Arab creditors and 
western nations. Egypt is the 
35®“* ? ,n Sje recipient of US. 
auj which wiU conliuc to sustain 
Ihe country for political and 
strategic reasons. But without 
sound economic management aid 
is a limited factor. The day when 
Mr. Sadat has to step down 
decisively into the political arena 
appears to be drawing closer. . 

si v,' L i. ’Y.'.'JT-'- mnkum turn cxcem »«■ 
«lr Sir.- U N Mrt-ertpilmi *»«.*»;• 

nlr ,l, nsuU PH- annum- 
dm nonage {w|j „ Xwl York. N-'. 



\ I 11 . 

' 1 v »2ri 

i i'i'ijjifL- 

Financial Times Saturday M ay 13 1978 

home news 

Upper Docks 
will lose £7m. 
says PLA 


TH E PORT of London Authority, 
■mxious to justify its position 
that the Upper Docks have no 
commercial future, yesterday 
published accounts which fore- 
cast a £7.1 m. -loss for that section 
tins year. 

Mr. John Cncfcney, chairman, 
promised separate accounts for 
the Upper Docks after sugges- 
tions by MPs that the authority 
had exaggerated losses. 

In the recently published in- 
formation paper “Your Port of 
London — The Challenge for the 
Flturc," the authority made it 
clear that only -a large injection 
of Government funds, coupled 
with an agreement /rom the 
workforce to close down or tlras- 
trically reduce the Upper Docks 
complex in London's East End. 
could save the port. 

The financial results reveal 
that over the past three years the 
losses on Upper Docks, compris- 
ing the Royals. India and Mill- 
wall. have dropped from £5.5ui. 
in 1975 to £4.1m. in 1977. These 
figures exclude any allocation of 
cos is For general support ser- 
vices and central administration, 
bur estimates predict a 73 per 
cent, increase in losses this year 
over 1977. 

Total income from Upper 

Docks has risen by 18 per cenL 
since 1975 to £23.2m. in 1977, with 
about 58 per cent of thw income 
coming from the India Docks. 
Income for 1978 is predicted to 
rise by only £100.000. with the 
India Docks actually falling back 
from an Income of £13.4in. in 
1977 to £12.7m. in 1978. 

Expenditure totalled £25.2m. 
in 1975 rising to £27.3m. in 1977 
and a predicted £30.4m. in 1A7S. 

Although payroll costs fell by 
£300,000' last year to £19.3m. the 
figures show a 12-5 per cent, 
increase f£2.4m.) in the 197S 
estimates. Therefore, while there 
has been little increase in total 
income coining into Upper Docks, 
costs and in particular wage 
costs, after showing a drop in 
1976 over 1975. are expected to 
show a sharp increase. 

This is the first time the 
authority has produced detailed 
figures for the Upper Docks and 
the publication is part of Mr. 
Cuckney’s “open government” 
approach to resolving problems. 

He has resisted suggestions I 
from members of the joint dock- 
lands committee that tbe port 
should analyse its future in 
secret. A series of meetings 
between the authority and unions 
will start on Tuesday. 

Reinsurance group makes 
300-page defence 


underwriter of the suspended 
Lloyd's syndicate number 762, 
has abandoned a summary judg- 
ment action against the Brazilian 
reinsurance group, Instituto de 
Resseguros do Brasil. 

His lawyers decided not to 
proceed with the action after the 
Brazil ians produced an affidavit 
of defence running to some 300 

However, Mr. Sasse is still pro- 
ceeding with his claim against 
Ihe Brazilian group, who have 
refused to pay up on 1,300 rein- 
surance contracts on properties 
in America, mainly in the poorer 
parts of New York. The claims 
against the group now stand at 
•around SI 3m. 

The summary judgment move 
was designed to discover why 

the group disputed the claims. It 
is understood that the IRB affi- 
davit refers to the conduct of 
the insurance business by Austen 
and Balcon (agents of IRB), 
Brcntnall Beard (the Lloyd’s 
broker which placed the business 
at Lloyd's!, Intraglobal Re- 
insurance Facilities (another 
agent), and Den-Har Under- 
writers (the Sasse syndicate's i 
Florida underwriting agents). 

At yesterday’s 45-mlnute hear- 
ing in the commercial court. Mr. 
Justice Donaldson, in chambers, 
said that it would he premature 
to fix a trial date, as IRB has 
insisted that full details of the 
contracts must be provided by 
Mr. Sasse's lawyers. These must 
be produced within 14 days, after 
which IRB has 2S days to prepare 
its defence. 

advice on 

By Lome Barling 


made to the Government by a 
select committee on overseas 
development have been rejected 
or shelved, a White Paper pub- 
lished to-day discloses. 

The proposals, mainly concern 
the relationship between 
ministerial departments and 
British activities in foreign 

“Inevitably, changes in the, 
global pattern of industrialisa- j 
tion will involve a degree of I 
industrial adjustment in the 
U.K. The Government accepts 
the need for adjustment but this 
must be done in a socially accept- 
able way,” says the 'White Paper. 

In response to a recommenda- 
tion that strong action be taken 
against middle-income countries 
which pursue illiberal trade 
policies, the report admits that 
little has been achieved to solve 
this problem and pins any bope 
of improvement on the multi- 
lateral trade talks in Geneva- 
On the need for diplomatic 
representatives with- experience 
in industry, trade and inter-' 
national finance, the report says 
that this is being improved by 
greater interchange of personnel 
A suggestion that exchange 
controls sbouid be eased is dis- 
couraged on the grounds thar it 
would be unwise to finance 
longer-term investment abroad 
From inflows into sterling in the 
form of deposits -'hicb might be 
withdrawn at short noticed 
The select committee is. pro- 
vided by the Foreign and Com- 
monwealth Office, the Depart- 
ment of Trade and the Ministry 
of Overseas Development 

loan to be 
repaid early 

said yesterday it will repay this 
year a DM200m. t£52m.) Euro- 
credit taken out in 1969 with 
redemption due 1975 to I9R4. 
This is part of the Government’s 
policy of rephasine its repay- 
ment of overseas debt. 

Dresdner Bank were lead 
managers, and discussions are 
taking place on the date for 
repayment of the 7 1 per cent 
fixed interest credit. 

The decision will re.hice by 
$60m. the nearly S20bn. of 
foreign debt the U.K. has matur- 
ing in the peak repayment years 
of 1979 to 19S4. 

Spilt oil has not hit holiday bookings 


WHEN THE wrecked Elenl V 
tanker first began t oleak oil on 
East Anglia’s beaches fears 
were expressed about the 
effects of pollution on the 
tourist industry. Now, hoteliers 
and council offidals say the 
incident has had UtUe or no 
effect on bookings. 

During the past week the 
wrecked Greek tanker has shed 
abont 2,000 tons of heavy fuel 
oil into the North Sea within 
sight of the holiday beaches-^ 
and some of this oil has found 
its way ashore. 

However, hoteliers In Great 

Yarmouth and Lowestoft report 
few inquiries and no cancella- 
tions as a result of the pollu- 
tion- Indeed, there are indica- 
tions that the publicity sur- 
rounding the incident actually 
may have boosted bank holiday 

Council officials in Great 
Yarmouth, which ' generates 
£40m- In holiday money from 
2m. tourists a year, report a 
single-figure number . of 
inquiries about the effects of 
the oil on the city’s beaches, 
which include the famous 
Golden Mile. 

Much of the beach pollution 

has been cleared by the 
authority and, barring another 
major oil spill, the beaches 
should be dear by the middle 
of nest week. 

British Rail, which runs 
Golden Rail holidays to the 
resort, report 300 bank holiday 
bookings, up by abont 15 per 
cent, on last year. It has had 
two inquiries about the pollu- 
tion and in both cases the 
customer was satisfied with 

In Lowestoft, further down 
the coast and only three miles 
from where the tanker is 
anchored, the picture is simi- 

lar. Mr. Brian Soloraan. re- 
creation and amenities officer, 
said he had received several 
holiday inquiries Irum people 
. who have hern made aware of 

the resort's attractions by the 

Some of the worst pollution 
has hit Lowestoft's north beach 
and while clean-np operations 
have been focused on (he more 
popular south beach the local 
authority is fairly confident 
both beaches will be clear in 
time Tor the holiday rush. 

The Lowesioti fishing indus- 
try seems to have been little 
affected by the pollution. The 

mid-distance trawlers fish off 

Norway so have not been 
affected at all and, while the 
inshore fishermen have had to 
dodgr (lie odd oil slick, dock 
officials say they seem more 
concerned about the effects on 
fish of the anli-pollntion deter- 
gents than the oil itself. 

Work on the wreck was de- 
layed yesterday by poor 
weather and the second 
shackle, needed herore the bow- 
section can be lowed out to 
sea, still has not been fixed. 
Efforts centre around attach- 
ing more air lines to the hall 
to maintain bnoyancy. 

Lib-Lab pact hit 
further over tax 


Howe renews call for cut 
in Government spending 

SIGNS OF AN increasingly 
bitter atmospbere between the 
Government and Liberal MBs 
over this week's Finance Bill 
defeats erupted yesterday with 
an attack from Mr. John Pardoe 
on Mr. Denis Healey. Chancellor 
of the Exchequer. 

The Liberal economic spokes- 
man stressed that the Govern- 
ment had no one but the 
Chancellor to blame for the 
defeats because of his flat refusal 
to negotiate an accepted agree- 
ment over income tax. 

“Like some fiscal Pope, he 
believed that be and be alone 
was divinely appointed to decide 
tbe level of Income tax. Instead 
of sensible and serious dis- 
cussion. he offered what he 
seemed to think was the poli- 
tical equivalent of excommunica- 
tion — threats of a general 
election." Mr. Pardoe declared. 

The attack, which has tbe full 
endorsement of Mr. David Steel, 
party leader, leaves Lib-Lab re- 
lations at their lowest ebb since 
the pact began over a year ago. 

Tbe Finance Bill reverses 
made possible by the support of 
the Liberals and other minority 
parties for Conservative amend- 
ments, makes more probable the 
formal end of the pact in July, 
so that the Liberals can try to 
develop an independent political 
identity before a possible 
autumn election. 

Liberal leaders intend to 
accuse Ministers of failing to 
enter into the full spirit of the 
Lib-Lab pact by refusing discus- 
sion on income tax concessions, 
and by then threatening a 
General Election. 

Mr. Pardoe, speaking in his 
North Cornwall constituency, 
argued that it would have been 
perfectly possible for Mr. Healey 

to have negotiated an acceptable 
agreement with the 13 Liberal 
MPs, and the Government would 
have saved a great deal of em- 

“ The incident served to prove 
only that the Chancellor was 
more concerned to nurture his 
reputation than to arrive at any 

“Yet he knew perfectly well 
what the consequences would be. 
This week both he and his 
Government have suffered those 
consequences. Where now is the 
Healey threat of a General 
Election.” Mr. Pardoe asked. 

Following the revised money 
supply figures the Conservatives 
yesterday called on the Chan- 
cellor to slop dithering and 
announce public expenditure 
cuts or increases in indirect tax 
necessary to make good the 
reduction in income-tax agreed 
by Parliament this week. 

The demand came from Mr. 
Nigei Lawson, and Opposition 
Treasury spokesman, who de- 
clared that if a sharp increase 
In inflation was to be averted 
the Government must take far 
more effective steps to bring the 
money supply under control. 

He argued that the latest 
revised figures made it clear that 
the Government’s target increase 
in the money supply of 9 to 13 
per cent, during 1977-78 had been 
exceeded by a dangerously large 

For the most recent three 
months for which figures were 
available— tbe period to March 
this year— sterling M3 had been 
growing at an annual rate of 
24 per cent- roughly twice the 
target rate and substantially 
greater than the comparable 
rate when the present Govern- 
ment took office. 


Shadow Chancellor. pressed 
home his attack on the Govern- 
ment's Budget strategy yester- 
day. demanding that tax cuts 
made by Parliament should be 
met by cuts in public spending. 

Speaking at the Scottish Con- 
servative Party conference in 
Perth, he strongly criticised Mr. 
Callaghan for misrepresenting 
the effect that the Government’s 
defeats this week would have on 
the economy. 

“He knows in his heart that 
cutting tax was the right ihinu 
to do. A man who is prepared 
so swiftly, as w p e approach an 
election, to indulge in such 
shameless, irresponsible hypo- 
crisy is unfitted to be Prime 
Minister of this country.” 

Sir Geoffrey said that the 
Conservative "front bench had 
made it absolutely clear to tbe 
Government that tax cuts had 
to be matched by corresponding 
reductions in the planned in- 
crease in public spending. 

“They propose this year to 
increase public expenditure by 
no less than £4.000m— a figure 
eight times larger than tbe tax 
reductions we have imposed this 
week. So there is plenty of room 
to cut 

“The real irresponsibility 
would be for Mr. .Healey to 
neglect his duty to the nation by 
failing to prune his spending pro- 
gramme so as to take account of 
the win of Parliament expressed 
this week." 

The conference endorsed a call 
for a reform of the tax system by 
a future Tory Government. Sir 
Geoffrey added that tbe changes 
in tax rates made so far were 
only a taste of tbe transforma- 

tion which his parly planned. 

Tbe Shadow Chancellor dis- 
missed the findings of an opinion 
poll published in the Glasgow 
Herald which put the Labour 
Party 23 per cent, ahead in Scot- 
land. but the results have clearly 
worried Conservative leaders in 

The poll gave Labour 47 per 
cent, support against 24 per cent, 
each for the Tories and the Scot- 
tish National Parly. 

Although the dramatic Irap in 
support for Labour, which had 

only a 9 per cent, lead over the 
Tories last month, could have 
been distorted by the publicity 
given to recent successes, tbe 
poor showing of the Conserva- 
tives must throw dnuht on its 
ability to win back seals at ihe 
next General Election. 

By a large majority I he con- 
ference approved a motion call- 
ing fur a vigorous campaign 
against the Government's devo- 
lution proposals in the Scottish 

More support Welsh 
assembly— BBC poD 


there is little or no support for 
a devolved assembly in Wales is 
confounded in a BBC-commis- 
sioned opinion poll, published 
last night in Cardiff. 

The poll shows an even split 
berween those in favour of a 
Welsh asembly and those against, 
a marked improvement for toe 
pro-devolution lobby on a year 
ago when a similar poll showed 
only one-third of Welsh voter-; in 
favour of the Government's 

Of LOOO people questioned at 
40 sampling points all over 
Wales. 67 per cent said they 
would definitely vote in tb„- pro- 
posed referendum. Of those who 
intended to vote. 41 per cent, 
said they would support the 

assembly and 41 per cent, said 
they would oppose it. More Than 
IS per cent, .said they would be 
voting bur they had not decided 
which side they would take. 

The poll still indicates sup- 
port for the assembly falling 
well short of the 40 per cent, of 
a' 1 voters threshold set for the 
Wales Rill to be enacted auto- 
matically. Bui. in answer to 
further questions, the results 
suggested that only 39 per cent, 
of the people of Wales want to 
leave the present system of Gov- 
ernment untouched. About one- 
third want the executive 
assembly being proposed, 12 per 
cent, vvant a more powerful law- 
making assembly, and 15.5 per 
cent, want Wales to have com- 
plete freedom in run its affairs. 



for the discer 






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» ■'AV '• 

m w wwj Wgwwif 



Financial Times Saturday May 13 1978 

labour news 

five-year plan 


BRITISH AIRWAYS expects to 1980.* and beyond. another £2m. on new computer 

spend nearly £2bn. over the next But he does stress that buy- terminals in the U.S. and Austra- 
five years, of which about SO ing a new short-haul fleet for the lia alone. And there are some 
per cent., or £l.6bn., will be for 1980s represents “the biggest very big. items that I have not 
aircraft and the rest for plant, single Jo vestment decision ahead even mentioned, 
ground equipment, buildings and of os." “All this means that over the 

other items. Apart from this, he says that next five years or so, we are 

Mr. Ross Stainton. deputy ‘9 the current financial year planning to invest the equivalent 

chairman and chief executive, a l°ne. the airline expects to of about one-fifth of all the 

tells staff in the airline s house s P end °" J!5 revenue we expect to earn in that 

journal. British Airwavs News p,ant • - x e f *® r around time." 

thai for the current year, spend- °K*5 I SS5 IllSif'nS moiS • Britlsh Airwa ** e!aims ^at 

in s or about £25$m. will include about^mw 111 O oon newmotor iL3 qua tity and reliability plan 

£l75m. on new aircraft, including a v ^ K 0 fc r [° c ™ p s f nc lS P “ew , desigaed improve the airline’s 
three more Boeing 747.s (two oE ?"l r h image w,th ,ts customers - « 

j-hich have recently been “ p IK Sr., the nonh side hi^alngly 
delivered) which will account for nf Heathrow Mr. Gerry Draper, director of 

£54 in. of that sum. The airline yinnndin" of the engineerin'* commercial operations, says that 
would have to borrow about 40 base for TriStars and other air- Percentage of complaints per 
per vent. o{ the £2bn.. or about „afl will cost £l4m., with an- thousand passengers, 2.16 per 
ihOOm. otlu , r £1 p nl nke]y cent., m .March was the lowest 

Mr. Stainton said: “We have “And so it goes on. Redevelop- since July last year “and the 
u> expand at a formidable jn „ t h c Gat wick helicopter base number of appreciative com- 
rati? between now and the 'Hid- wi 7l cost us over £2.5m. in the ments in March this year was 
IPSO.-. To help produce that leap ni . st |],rec years or so. This year more than double those of March 
in productivity, we must be ready - m d next, we expect to lay out 1977." 
t«i buy ourselves the leols to du 

" ^Vdinc h- «™„*d £ 62 m. profit target 

oxer ll Jam. for new twin-jet air- J u O 

craft and supporting equipment BRITISH AEROSPACE is re- current accounting year, which 
for iho period from now to the quirvd to make a profit of £62m. ends on December 31, 1978, to 
spring nf 19S1. under us financial duties an- seek a return of 20 per cent, on 

Th:s figure covers the propusc-d nounced yesterday by Mr. Gerald average net assets, equivalent to 
purchase nf 19 of Boeing 737 air- Kaufman. Industry Minister of a profit before interest and tax 
craft, still subject io Government Slate. of £62m. 

.qipnnal. but Mr. Stainton makes In a Commons written reply. Financial duties covering a 
o... comment on this, or the air- Mr. Kaufman said the Govern- longer period would be deter- 
line's interest m ihe new short- ment had notified British Aero- mined when the corporation's 
haul Boeing 757 for the mid- space that it had a duly in its plans were more fully developed. 

oh Wheal Jane 

A DECES1QN on whether the 
Whral Jane tin mine in Corn- 
wall can be kept in uperaliou 
is unlikely to he made before 
the end of next week. 

The ouner. Consolidated 
Gold Fields, has given the 
Government an assurance that 
no equipment which is critical 
to Ihe mine's continue:! opera- 
tion it ill he remoied. 

C onfirmation thal the Gov- 
ernment is ready io plat a suh- 
Manlial role in ensuring a 
future for Ihe Wheal Jane 
mine — xx hose closure would de- 
prive 400 workers- of their johs 
and significantly worsen the 
area's serious unemployment 

More and 
this year 

By James Bartholomew 

— was gheii in the Commons 
yesterday by Mr. Alan Wil- 
liams. Minister of State for 

Hoxvex cr, in replving to a . 
dehate initialed by Mr. David j TAKEOVERS and mergers con- 
Peuiialigon. Liberal HP for ; tinued to increase in number 

and size during the first quarter 
of 197S, according to Department 
of Industry figures published in 
Trade and Industry. 

A total of 13S industrial and 

Truro, he stressed thal for the 
mine t» qualify for assistance 
under the Industry Aet (be 
Government would have to be 
satisfied thal it had a viable 

Confidential discussions be- 
tween a number of companies 
were in progress and, while be 
did not wish to hold onl false 
hopes, there were some 
grounds for optimism. 



commercial companies were 
acquired for £231m.. about a 
tenth up on the previous quarter 
ia both number and value. 
Comparisons with tbe equivalent 
period last year show a rise of 
38 per cent, in tbe number and 
77 per cent, in tbe value. 

The disproportionately heavy 
rise in tbe value of acquisitions 
refiects the fact that big take- 
overs were growing in number 
, faster than small ones. There 
i were ten acquisitions worth be- 
tween £5m, and £25m. in the 

Lloyds settles claims 

V CLAIM for £tidU.0U0 against safety deposit vaults. 

I !.■} (V i Bank I iy safeix deposit The raiders got away 

holder* who h*M valuables about £3.500.000. Almost naiij Rpct n , nntTls T970 

when ill** bank’, Baker Street the deposit boxe* were emptied. J* *™ inihisame oeriod 
branch wa* raided ha- liven some nf the money ami jewellery I*?*!}-- four in lhe sau,e penod 
filled mil t»r court. L'ovds said being recovered later. i° xlwli.. «>kt«h 

H-u-nta;-. The hank. bccniK .he property ' ln ™ « rh2 

Tit cre were t:59 claim* lodged was in safety depu-it boxes. had ! , n „ 
again *1 Lloyds The roblxpry hop- no record of the property or lts rith° C fnr 

ivned m 1071 xchcn raiders tun- worth. Among the claims lodged • oration. Cash fAf 

ncllod 40 feel into ihe hank's was one for £300.000. vJJ.- Jfw* 

Ttion against an average of 0J.0 

The Piccadilly Small Companies Fund is placed top of all 
nni: trusts for the last year, as published by Planned Savings*. 
The Fund aims for capital growth with an above average 
income by investing mainly in small, efficient British com- 
panies txbicli the Managers believe will expand in size of 
business and profits. The Managers will nevertheless retain 
investment Ucxibility and may invest in a limited number of 
larger companies. 

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

Yourinvcstmcnt should be regarded as longterm. 

v 1 t. *. ■ i:« r » mjti,---.. 

Share Exchange Plan. We consider that it is now the right 
time for holders of UK Shares to take advantage of the 
Piccadilly Share Exchange facilities to purchase units in this 
fund without incurring (he normal selling costs. If yon wish 
to invest by way of share exchange, please attach a list of the 
investments which you wish to exchange with the coupon, or 
;tsk for our brochure. 

Application, ami ilic-|iic. v ill In' know letlnitJ witli llic nf j rmlncl note, 
» ,11. tri ri. .- ,.<ur • rriiij.-.ilc tor ihe UUiiibrr n| Uinta .ill.- .ill- 1 within fi-ur 
rrii.«>'(erri(.l i-n>r-i['|,!itf.ii,.iii. Liiii*. uill be i-mi—I .u il«- "IW i«nr»- ruling jtt 
il.r i!-nrn(l'U'im--.n llir «|.i, |.rrce>tini; rrtripi.^ fuii,-ap|<lh'.-|li-.|i. ■'-•riuC<niuli..n 
|. , irj’.c- r, die _.-|f re pru- 1.1 Iillii. ji llir ,lu-.c iJ Wmo. ..-ii ylli Mjy i^;3 

m.l ^ 1 p. 1 lie . uuiimI lhai pnee kj. j.i j' 

In enme distribution. I !ir n.-i .if (In Iku-u. mi--, i |mv iIj!>- .mnudix- 

«'-x isxli Afini. l‘lx«: X.i- 1 ,1k Xiil»ili»ix x*ill be m-ul* mx ih»li Ainil xm:-» iii ir.jievi r.T 

lli i ap^iraii"ii. 

Valuaiipuna. - IV fur.. I ■- % ilnr- 1 il.ulv ,in,C llic current price jn.s j-H.I puMi-Ited 
i! i l" :n iln'ii ilsm-ilpre- . 

Tbr rbmrcrn. A :ilv rli.irev .'f r,"J i- JiirJuii*-.l in lli«- ..IW p,iVir ■■■ rwrr 

. r\| iti. lii-li!i>: •••iiiiiii- i- m i.l' it“. I-i ror.«(iiiw.| inul-u j-lvi - pt-. 
\i, .innn ii i !■ trx;r i>l ^ ; ■ \ A f • -.1 r!i>- imIiii- fli-: t «n-l i- -hilxicl— I ii> i.ntr 
.xnj>-riii>nii .iti.i .i.lrinrii ir ilr»n <- . 

Capiul Cain* Tax. I' '-'H .1.--- J Im-ic raw iMputr }'■<! will isriiri-'ilv incur no 

. i\ L.llix',.:v Wtvll «.x-t| -'ll UUIL . 

Hon- to txrll noits. Y.m iu.iv r.'-li-- jvxn nr ull nf v»mr iuve-.fiu^nt .ii an- ,;■«-> l.v 
• •• nine i'.*- t-n s x-i l!tc Cciiiip j|r ni.ii.. j:inj ihe nai,ilM , r - f unit, v- 1 '* »i‘li I" ell 
. ii.! rriutniu; n Ju il.i- Mjimcciv. V.iii will nnnrxuUy reteixe xuur diequc wiihin 

Manacrrx. T.'i 
I r.. f A 

i-li:l. Tnni Maiuiteiiinn IJmiled u[ liic l ml 

. K.-ki -lereil in linjiUnil no. yyj-'jH. 

Trustee. L'.ini. »1 N-iiljail.Tlie Mxnm.l. bj:nbnn:li LMi i Y/.. 

I'iixaithll'-' L'nu rrj'.r Mdiurrmnii Li*l. 

V-.i.-.' 4 ..:ri|niH-. j-i.t l^ii'lnn WjIJ. !.'<nt!i>u El'-M il'ATH ui-t>x 3 .j 3 nr 

— i -i l-> iu.->: i (iniiiiiiiiiin 4 x 10 uniL-i ill the Picradilly Small 

rcnapwiin Fond .ux'l enclnju 4 reiuiltiioce lor UiC full .imuunt payable io 
if -Msilv l mi Inw MarucrchimlLlii. 

! XXr ir- iL.i l .un.'x.r aie H..t n-iijcni ^ut>idc llic Scheduled Tcrrilarico jn J 
:i .»i I .- orr n-i acquiring xhc abeve mculiuncii luiiU d.i ific notninrefx} of any 
i Icn: •nii,ii |r i |n-e Tern lone.. 

Ji" .>l<rli,ar.l-. x.iiiih-i llir ilrt.l it slirwiM be left luuicnni. jn.l llio 
..ppW-vd-n >-■ I.iilro! i>iruiii:h -in j<iiii-jriv.-d .U-pt-.iciry iluiili, jiL-ckbiuicr 

... ..lit. t-r iiiilii: UK*. 

pi*r cent, in 1977. 

This time it was not because 
shares constituted a larger slice 
but because fixed-interest securi- 
ties, neglected since 1975. perked 
up. They accounted for 3 per 
cent, of the consideration against 
an average 1 per cent, last year. 

The largest acquisition of the 
first quarter, and the only one 
worth more than £25m . was 
Coral Leisure Group's takeover 
of Fontins for a consideration 
provisionally estimated at £53m. 

Fall in number 
of visitors 
to Britain 

By Christopher Dunn 

THE NUMBERS of foreign visi- 
tors to the ILK. fell slightly in 
January compared with the same 
month last year, according to; 
Government statistics published' 

The total, at 433.000. was 2 per 
cent, down on 1977, and follows 
an S per cent drop in foreign 
visitors in Deremhcr. 

The British Tourist Authority 
said yesterday lhat Januarv had 
started poorly and it still ex- 
peeled a sharp increase in 
for^ipn visitors in 197S. 

The figures, which exclude 
arrivals from the Commonwealth, 
showed that Common Market visi- 
tors fell by 5 per cent, to 212.000. 

Visitors from the rest of 
Europe declined by 9 per cent., 
but U.S. visitors increased by 
the same percentage, rising to 

Japanese x-isitors showed a de- 
crease for tbe first time in 10 

Plan to pay grants 
to sixth formers 


CHILDREN AGED 16 are to be benefit of £4 weekly from next 
made eligible for student grants April- 
as of right under a new plan Details of tbe new scheme 
disclosed by Mrs. Shirley to be decided in consultation 
Williams, Secretary for Educa- with the local authorities. Since 
tlon and Science, « the National legislation will he requited, it 
Association of Head Teachers’ will not be introduced until 
conference in London yesterday, autumn 1979 at the earliest 
The grants, which' will be Mrs. Williams suggested that, 
means-tested, are intended to subject to local authority views, 
attract about 60,000 more 16- to the new grants might be scaled 
18-year-olds to stay m full-time to encourage children to take 
education. courses related to work skills— 

i. . perhaps in conjunction with the 

iH P Ian t0 start studies for engi- 
5hni?i 8 .f!v?h 0 fn?rr, ar n neerin S craft apprenticeships 

or on futl - cune and City and Guilds qu&Ufica 
further education courses. tions in the schools. 

Mrs. Williams would not say Financial support is already 
now much money tbe Govern- available to poorly-off parents of 
ment had earmarked for the ]&. to 18-year-old students. In 
scheme. She admitted, though. 1974.75. however (the latest 
that It would be less than the available statistics), these educa- 
£350m.-£500m. needed to pro- tional maintenance payments 
vide an average grant equal to provided an average oF only 
the supplementary benefit of £2.30 a week for 21 per cent, of 
£11.50 a week available to uo- sixth formers in England and 
employed youngsters. let alone Wales and £2.S0 a xveek for 7 per 
the £lbn. needed \o ■ compete L -ent- of college students in the 
with tbe £19.50 weekly allowance a g fi o r0U p. 
paid by the Manpower Services under the new scheme, the 
Comm 1 ssi on s Youth Opport- grants may be paid direct to the 
unities Programme. youngsters instead of to their 

The Minister pointed out. parents. It is thought that direct 
however, that parents of 16- to payment could act as an extra 
18-year-olds in full-time educa- incentive to staying io full-time 
tion would qualify for a child education. 

Tory MPs block 
estate agents Bill 


THE GOVERNMENT is to be buyers had been looking to the 
asked to provide time . in the Commons for 90 years for pro- 
Co mmons to ensure The passage lection against misappropriation 
or a private member's Bill of their deposits, tr the BUI 
which seeks to protect failed to get through it would 
buyers from any acts of dls- be on the conscience of MPs 
honesty by estates agents- The Bill gives lhe Director 

Amid angry scenes in the Trading the power 

House vesterday the Estate *0 make an order prohibiting an 
Agents Bill was blocked by a f sta . te carrying on his 

small number of Conservative business if he has been con- 
MPs who objected that it gave of fraud or dishonesty or 

the Director Genera! or Fair « f . be practices racial or sax 
Trading sweeping powers over - dl ®® n ™ matlon - .. . 

the profession. 11 also empowers tha Director 

mu. oni „„ General to bar an agent who has 

been declared undesirable by 
a«idp n ° f n r° U n rix^t the Environment Secretary be- 
fiSLJT pr,Vate metnbers cause of acts carried out in the 
legislation. course of his work. 

However, its sponsor Mr Tw0 Left-wing private mem- 

Pj* 71 *? u fLa n 1 £ D i? e d bers * BiUs which were presented 
North) said: ! haven t lost hope , n t he wake of the Grunwick dis- 
despite this bloxv. . pule were als0 kllled off in the 

He said many MPs from all Commons yesterday, 
parries supported the measure The Bill sponsored by Mr. ian 
It also had the backing of the Mikardo (Lab. Bethnal Green 
National Association of Estate and Bowl would have given x*or- 
Agenti, the Royal Institute of kers the right to claim for nn- 
C.hartered Surveyors and the fair dismissal if they were 
Incorporated Society of Valuers sacked during union recognition 
and Auctioneers, who betxvecn disputes 

them represent -75 per cent, of The other, sponsored by Mr 
estate agents. Ted Fletcher, chairman of the 

Mr- John Fraser. Minister of Left-wing Tribune group, was in- 
state for Prices and Consumer tended to prevent a court of law 
Protection, warned the critics of overturning a ruling of ACAS 
the Bill yesterday that house on a recognition dispute. 

Medical plan 
holds its 
subs rate 

By Eric Short 

BSC policy on scrap 
annoys suppliers 


ALTHOUGH BRITAIN'S scrap must do. how much it would 
industry provides essential receive for shipments, and even 
material for steelmaking plants, how it should run its own busi- 
merchants are forced to adopt a ness. “I'm firmly convinced it 
“cap-in-hand" attitude when deal- is time this practice ceased." said 
ing with ihe British Steel Cor- Mr. Cross, a south Wales 
poration. according to Mr. Eric merchant. 

Cross, president of the British He suggested that the corpora- 
Scrap Federation. tion, which operates a two-tier 

He criticised the corporation's system of buying from scrap 
secrecy over scrap purchases and merchants, was obsessively secret 
prices and said yesterday that about its purchases, 
his Industry was BSC's only raw The industry was obviously 
material supplier that was forced prepared to accept a certain 
to adopt such an attitude. amount of obvious commercial 

Mr. Cross told tbe federation's secrecy. Yet the corporation 
annual conference in Eastbourne appeared unprepared ' to reveal 
that this prevailed even though any information 10 it, and even 
scrap was easily the cheapest refused to give warning of any 
Torm of Turnace feed for steel- price cuts, 
makers. A gesture would do much to 

The scrap industry, be said, dispel the atmosphere of distrust 
must be the only raw material existing between many in the in- 
supplier which was told wbat it dustry and the corporation. 

Sacked Claridge’s trainee 
gives his side of case 

2 -i-r.jlti:'.- . 

Si'.nVMii-: iMf. Mr . Mr 

1 .T-a •n'l--. ’• , 

.Vi-ill' • 


— I 



nfuiiiii, ini-,1 .-1--I. I Ii:-. r lT..r i- not appluMbl^ w ioiiiciu-i .jf lln- Cl - 



RICHARD ELVIDGE. the trainee ” corner" of Claridge’s kitchen, 
chef sacked by Claridge’s partly but stayed on soups for ten 
for failing to season his rata- months, 
toullle, told an industrial tribunal s , id w ,_ ftnw , rnlri 

th^dish'difrin ^ mipt when onion Peelings were on the 
I pin ° ' 11S days al caler ’ hoar and he was standing next 
1 Tt« I^Tn.1 h w .. to the bin. “ I was told to sweep 

PRIVATE PATIENTS Plan, the' JJ® tnbunal has been heanng tfae m up.. even though l had not 
second largest medical insurance ° . jear-old Mr. pur tf]em jjjerc," he said, 

agency in the U.K. is keeping its * vd *.? s a * le ^ e ° culinary dis- “When you get told off by the 
subscription rales unchanged ? s J^ rs unevenly chopped vege- jj eac j you jj 0ar ^ 

. . I tables, unemulsified mayonnaise. aC ross the kitchen because he 

herrings served with iheir tails shouted." 
on and the unseasoned rata- , , , . , . , 

touiiie Hu said he had asked for a 

Mr. Elvidge. whose dismissal fr . om . Sdu P® a ? d later sa . w 

sparked a two-week strike by m JJe fead chef about a me At 
staff at Claridge's last month, told m £h^ e e ^ r ? ln S £ 3p- 50 
the London tribunal today that ^,* ek ic Th . c Jead chef agreed to 
after a two-year catering course no ^ in 8 happened, 

at Grimsby Technical College KJ .^ 0 !* tQ an executive of 
tbe college had described him as . . 

an “ excellent, capable student in E hTI??hi! t ° othu, S va f 
showing considerable promise. 1 ' 5JI d ® the . nuahty of 

He has insisted that he was vie- citrS, nn m/iffivou 11111 !? } WaS 
timised far trvine tn recruit mnrp ■ e ' an ant ^ I *'*s 

over the 12 months and plans no 
change until 1980 in spile of the 
recent rise in pay bed charges 
in the National Health Service. 

Only on the company's Master- 
plan are rharges being raised by 
S per cent. This is the first time 
in many years that the company 
has been able to hold charge's 
steady on its subscription 

Mr. John Phillips, chairman, 
made the announcement when he 
launched tbe company's new 
group medical insurance plan — 

timised Tor trying to recruit more _ 

members at Claridqe's for the {^sakJ 8 ° fk VWy mucb ' 

the New Company Masterplan. „ , . 

He said there had been a higj g«n* ral Municipal Workers’ Earlier. Sir Hu°h Wontner 
increase in group medical msur-, ^ Elvjd sajd ^ wh hp ' J. nd fi Jjjj n ^!jJ. s ? ircctor 

went 10 work at Claridge's he l a Vt™ 

was very wary of the head chef. Jig,.} martcr nul w be - Uiken 

M. Andre Roll and. He sa id the Latin temperament 

ance schemes with a record num- 
ber being established so far this 

Tbe new plan, under which the 
employer pays all the contribu- 
tions. is designed to cover all 

'■ He shouted at a lot of people, predominated at ' X Claridge s 
- _ including me. said Mr. Elvidge. kitchens. Very oftAn it was n 

uS2H ,e f. fr0m fiV ® « m P lo ye«jJ*®J 5 “ ld h ® bad "anted to spend case ,,f the better the chef, the 
‘ ” | about • sue months in each harder they were to deal with. 

Stewards expect closure 
of Shelton steelworks 


THE BRITISH Steel Corpora- 
tion's iron and steel-making plant 
at Shelrou, Stoke-on-Trent— 
where there has been a seven- 
year campaign by workers to 
preserve production and their 
jobs— seems set to close after 
the holiday fortnight at the end 
of June. 

Although the corporation has 
yet to make a definitive state- 
ment on the plant's future. 
Shelton's shop stewards were in 
no doubt yesterday, after a meet- 
ing with local management 
representatives, that June L3 
would mark the end of the steel- 

According to BSC, they were 
told it was felt not practical to 
continue loading orders at 
Shelton beyond the holiday and 
that a guaranteed working week 
probably would have to be intro- 
duced after that date. 

The expected closure comes 
amid signs that the corporation 

soon could face its first serious 
confrontation with trade union 
leaders in lhe industry over 
closure plans for what u 
describes as “ high cost plants 
in the West Midlands. 

.Mr. Tommy Timnns, a ahelton 
action committee leader nn d 
official in the Iron and bteel 
Trades Confederation, said yes- 
terday- “Wo feel terrible about 
the news although we were not 
entirely surprised.” 

He said union representatives 
would refuse to take port in talks 
with the management on aoy 
plans for closure- 

The Shelton committee is 
backed by the TUC steel indus- 
try committee which, at a meet- 
ing with Steel Corporation’s 
management on Thursday, re- 
jected BSC proposals Tor closing 
Shelton and the BUston carbon 
steel-making plant, also in the 
West Midlands, and said it would 
seek urgent talks on the problem 

with Mr. Eric Varley. Secretary 
for Industry. Mure than 4.000 
jabs are at risk. 

Representatives or the TUG 
committee are also planning a 
visit tn Shelton an June. 5 to 
"sound out” workers' opinions at 

St eel workers at both plants 
claim profllable operations and 
a sooil record of industrial rela- 
tions in the past. They arc fur- 
ther distressed at the likely 
repercussions on their local 
communities since slcelinakinjj 
is ihe traditional and dominant 
employer in both Shelton and 

Mr. Dennis Turner, chairman 
of the local trade union liaison 
cominJliee at Bilston. said; ■■ We 
are being made to suffer fur 
BSC’s past mistakes in spile of 
our record of loyalty and hard 
work.’ Skills acquired over de- 
cades were being " thrown in 
the dustbin." 

Speke deal 
by unions 

By Alan- Pike, Labour 
NATIONAL UNION leaders have 
decided that hiey can do nothing 
more to improve the redundancy 
terms at Leyland’s Speke 
assembly plant, which will close 
in a fortnight. 

Members of the Confederation 
of Shipbuilding and Engineering 
Unions' executive accepted the 
closure at a meeting in Worthing 
and did their best to comply 
with Leyland's condition thal it 
must take place smoothly. 
Affiliated unions are being asked 
not tu hamper the company's pro- 
posal -to transfer production of 
lhe Triumph TR7 from Speke to 
Ganiev Coventry. 

Yesterday's confederation de- 
cision was inevitable after last 
week's vote to accept closure or 
the plant by the 3.000 Speke wor- 
kers who will lose their jobs. 

However, many national union 
leaders of the confederation 
executive have never relished -a 
fisht to save Speke and this Led to 
accusations at the Amalgamated 
Union of Engineering Workers' 
conference earlier this week that 
they had failed in their duty. 

Confederation leaders, alarmed 
at the scale of Merseyside's un- 
employment. are to seek an 
urgent meeting with lhe- Prime 
Minister at which they will ask 
for emergency measures for the 

New move 



Healey seeks more 
flexible pay formula 

GOVERNMENT and union 
officials have to devise the best 
way of introducing more Uoxi- 
billty into pay negotiations while 
keeping settlements at a level 
which will contain inflation, Mr. 
Denis Healey. Chancellor, said 
yesterday. . , 

In a speech io the Electrical 
and. Plumbing Trades Union at 
Scarhorouch. Mr. Healey men- 
tioned neither specific earnings 
targets nor any of the mech- 
anisms that might be considered 
by the Government in trying to 
reach general agreement with 
the TUC c*n the new pay round 
from August. 

He stressed mure than once, 
however, that anything which 
again lifted lhe inflation rate 
above S per cent— which the 
Government has as its target 
over the nexi six months— would 
have an immediate effect on 

Present unemployment was 
“ intolerably high " and reducing 

it was the Government's first 
priority, Mr. Healey said. 

Earlier, Mr. Frank Chappie, 
the electricians union’s general 
secretary, warned Mr. Healey of 
the difficulties in any govern- 
ment - attempts to offer a slightly 
shorter working week in return 
For tacit union acceptance of a 
single-figure earnings target 

Many groups of workers in his 
union, including power workers, 
were already working a 38-hour 
week and would not benefit, he 

. Our BeHast correspondent 
writes: Mr. David Busnett. TUC 
chairman, firmly ruled out any 
agreement with Mr. Callaghan's 
government on future pay policy 
when the present phase ends in 

During a visit to Belfast yes- 
terday he declared: “There will 
be no agreed Phase Four. There 
will be no agreed nonu. There 
wilt he no structured incomes 

In the last three years the 
trade union movement had made 
great sacrifices by acting respon- 
sibly on wages during the econo- 
mic depression. “ However, uur 
negotiators now need more free- 
dom to solve the problems 
created in that period." 

• The train drivers' union. 
ASLEF. la-day rejected a phase 
four pay policy "in any form 
whatever" at its conference in 
Dunblane, Scotland. Its negotia- 
tors were instructed to lodge 
claims as soon as possible with 
British Rail and London Trans- 
port for percentage increases in 
pay which would restore wages 
to the level established by the 
Tribunal award of 1974. 


Engineering Workers executive 
yesterday agreed to send to the 
Electrical and Plumbing Trades 
Union new proposals for a pos- 
sible merger. 

AUEW leaders will teH the 
EPTU that they must retain 
their existing district structure 
but are not opposed to the con- 
cept of industrial committees 
which the electricians . are 

The most difficult issue 
remains the selection of officials 
— all AUEW officials are subject 
to periodic re-election, and this 
principle is prized by members 
of the union. The AUEW is pre- 
pared to accept a transitional 
period to try to marry the sys- 
tems of the two unions. 

Merger talks, which ir success- 
ful would create an engineering 
union two-million strong, began 
last year. Mr. Frank Chappie. 
EPTU general secretary, said 
this week that the response of 
the AUEW had been positive. 

Civil Service union votes 
against any Stage Four 


Pension funds 
must change 

By Eric Short 

THE PROTECTION oF the long- 
term interests of pension scheme 
members demanded that pension 
funds accept the need for a new 
set of investment criteria, Mr. 
Led Murray said yesterday at the 
annual conference of the 
National Association of Pension 
Funds in Birmingham. 

Mr. Mnrray. general secretary 
of the TUC. said institutions 
should provide funds to com- 
panies that could give an ade- 
quate rate of return in the long 

They should support companies 
which invested in the U.K. rather 
than abroad. They should back 

of repeating its success this year 
in securing a pay deal for civil 
servants within Government 
guidelines were lessened yester- 
day by the strong opposition 
from Britain's laraest civil ser- 
vice uQion to any form nf fourth 
stage of incomes policy. 

The Stage Three 10 per cent, 
deal for nearly 600.000 civil ser- 
vants was finally settled yester- 
day. when the Civil Service 
Denartment agreed to extend the 
settlement, as usual, to staff in 
the I'ftJitroHed fri’'*’? hnd'P’* 
including the Metropolitan 
Police. the Atomic Energy 
Authority, the Social Srience 
Research Council and the Equal 
Opportunities Commission. 

The two largest civil service 
unions — the Civil and Public Ser- 
vieec Association and the Society 
of Civil and Public Servants— 
had refused to accept the deal if 
it were not automatically ex- 
tended to the fringe bodies, 
whose pay scales are related to 
those in the service. The society 
had threatened industrial action 
on the issue. 

Confrontation over pay in the 
next wage round, already likely 
because of the resentment over 
the level of the Stage Three 
settlement, is almost inevitable 
now after the decisive Leftward 
swing in the CPS A executive 
earlier this week. 

The association which has 

234,000 members mostly In the 
clerical grade, voted overwhelm- 
ingly yesterday at the close of 
its conference in Brighton against 
any Stage Four of incomes policy. 

Mr. Peter Coltman. newly. 

elected Communist vice-presi- 
dent of the union, said earlier 
that the object in tbe next wage 
round would be •• to screw every 
penny " out nf the Government. 

The association's policy of 
selective industrial action is 
likely to be followed over pay 
next vear. with tax collection 
almost certain to be the prime 
target for action. 


No delegate at the conference 
spake against the motion. Even 
Mr. Charlie Elliott, chairman of 
the moderate group in the 
union, said for the executive: 
“ We must pledge ourselves for 
the long, hard task of condition- 
ing our members for the struggle 
tbai lies ahead." 

Conference unanimously 
affirmed its commitment to the 
principle of free collective bar- 
gaining and condemned the 
Government's use of cash limits 
in the public sector as " a dis- 
guise and an unjustifiable 
means of imposing wage res- 

Mr. Alistair Graham, deputy 
general-secretary, said that cash 
limits were "a fail-back incomes 
policy." The association must 
challenge the new orthodoxy on 
cash limits which was pushing 
the public sector into retreat. 

Conference also carried a 
motion supporting a campaign 
against the introduction of fort- 
nightly signing and payment of 
social security benefit*. This was 
attacked as a way nf achieving 
staff cuts in the Departments of 
employment, and Health and 
Social Security. 

Seamen seek ‘unhealthy 
cargo’ compensation 

C; Gordon Tether hearing 
Page 20 

projects which helped to maxi 
mlse the growth rate of the U.K. 
economy and, therefore, help to 
restore full employment 

He did not see this as repre- 
senting a conflict or duties of the 
institutions to meet their lia- 
bility. The only real haven of 
security for occupational pensions 
was .a healthy economy as a 

There was a need for legisla- 
tion to ensure member partici- 
pation of at least 50 per cent of 
pension scheme trustee Boards 
through recognised indenendent 
trade unions. He also called for 
early retirement for everyone 
from aged 60. 

SHIPOWNERS will be pressed 
for compensation for seamen 
suffering injury or death working 
with "unhealthy" cargoes in a 
change or policy agreed vesterday 
by the National Union of Sea- 
men, in Aberdeen. 

Previously the union had 
sought redress through the courts 
for members killed or injured 
through alleged liability on the 
pari of employers. 

But yesterday, against the 
advice of national officials, 
delegates passed an amendment 
to the union's policy document 
insisting on compensation geared 
to the cost of living for seamen 
becoming ill from serving on 
ships carrying "dirty or un- 
healthy cargoes.’' 

They also decided that the 
dependents of crewmen who died 
should be compensated in a 
similar fashion. 

Delegates expressed concern 
about the growing number of 
chemical cargoes carried, the un- 
known effects of Ihe chemicals on 
crewmen and the fact that injury 
or disability may not occur until 
years after contact with the 

Mr. Ron Spruhah, the union's 
national secretary, said ship- 
owners would never agree to 

specific payments to cover al 
future possibilities. 

“There is no way that th« 
owners would agree with thij 
one. Some of the chemicals car 
show certain affects after 2t 
years, but do you think that tin 
owners will pay then.” 

The union was not competes 
to lay down the price for an 
individual or his next-of-km 
“ When it conies to compensation 
the only way to protect beamen 
is by backing them or thou 
relatives taking «l through all the 
courts in the land." 



ON THURSDAY we stated that 
Express Newspapers had signed 
an agreement last September 
under which all newly-joined 
journalists were required tn be 
members of the NUJ and to re- 
main in good standing thereafter. 

In fact, the existing house 
agreement was signed early. this 
year. The clause about union 
membership is not new; it was 
agreed during negotiations for 
the July 1976 house agreement. 





: J ■ *. «\ l* 

*‘ # *l 

' ' i?'>- 4 l,. 

1 - ,l »tlll2 

Financial Times Saturday May 13 1978 

Nerves hit the gilts 


Nervousness over tile monev 
sdppjy and interest rates took 
Hs inii i»n i he ”]jt market. The 
snarp increase in bank's eligible 
liabilities m ihe month to mid- 
-ApriJ compounded the fears on 
1 uebilay sending gilts at the 
longer end ol tiie market £1 
lower while the FT Industrial 
ordinary index slumped nine 
points. Speculation on. the likely 
jump in MLR continued to 
atiecl gills and the <. I overtime nt 
Securities Index fell to the 
lov.cst level .since last Sep- 
tember, while the Tyne and 
Wear Corporal ion issue was TS 
per ceni. iei’i with the under- 
writers. In the circumstances 
the modest J point rise in AiLR 
left the market feeling some- 
what relieved. 

Plantation bids 

Take-over activity in the 
plantations sector reached a 
climax this week with news 
of Harrison's and CTosfield’s 
a srecd share offer for Hamsun's 
Malaysian Estates: the bid is 
currently worth £l‘22m. 

The management of HME is 
supplied by H and C. so the 
ready acceptance of terms worth 
only m per cent, more than the 
pre-bid price looks rather cosy. 

But the terms have been recom- 
mended by HUE’S Independent 
adviser. Schroder Wagg, which 
points out that the HME share 
price has moved up very sharply 
of late. Schroder suggests that 
we should see the deal more in 

the light of a merger than a 
bid. But the incentive for it is 
all in H and C’s desire to 
consolidate control of its planta- 
tions empire. HME’s only reward 
is the lass of its theoretical 

The merger has set the rest 
of the plantations sector alight, 
with much punting in Castle- 
lield and London Sumatra, two 



other H and C companies. 
Speculators are betting on 
further rationalisation in the 
industry both by H and C and 
by other groups. Terms for the 
merger of Jokai Tea and Long- 
bourne. two companies from the 
Camellia Investments camp, 
were announced on Thursday. 

Composites patchy 

It was the U.K., rather than 
the U.S., on which attention was 
focused when the Commercial 
Union and Royal reported first 
quarter results this week. All is 
well in the U.S., with a trading 
cycle still moving upwards, and 
both groups reported underwrit- 
ing profits. But in the U.K., this 
winter's severe weather caused 
a dramatic falL The results for 
CU were cushioned by its 
extreme weather provisions — a 

form of internal re-insurance— 
but Royal suffered £5m. of 
claims above those normally ex- 
perienced from the floods on 
the east and south east coasts, 
snow-storms in Scotland and 
the south west, and high winds. 

This U.K_ loss more than can- 
celled out the U.S. improvement 
as far as Royal was concerned 
and profits were only slightly 
higher. CU. however, cut its 
underwriting losses by £8.9m. 
and its pre-tax profits moved 
ahead by £11.6m. Bate increases 
granted at the beginning of this 
year should help recovery in 
Holland during 1977 — a 
problem territory for both 

Banks look up 

For most of last year the 
banking sector was under a 
cloud. Base rates fell from 14.0 
per cent, to 6.0 per cent and 
the stock market drew its own 
conclusions about bank profits. 
Once base rates got below 7 per 
cent, it looked as if the domestic 
clearing bank operations would 
only be just about breaking 

However, the stock market has 
now woken up .to tbe fact that 
the bankers have been .painting 
too bleak a picture. Lower 
interest rates bite into profits, 
it is true, but not to the extent 
that some pessimists bad been 
predicting. Tbis week the 
National and 'Commercial bank- 

F.T. i©¥EiIMIif 

60 j 1 f 1 aa * A 1 m 1 j * J *a J 5 ’o'm'd j’f'm'a'm 

1977 1978 

ing group, which takes in tbe 
Royal Bank of Scotland and 
Williams and Glyns, reported 
that its interim profits fell by 
only 15 per cent, despite a 
halving in its average base rate 
during the period. Tbe recent 
bumper figures from Lloyds and 
Scottish and Mercantile Credit, 
two of Britain’s biggest finance 
houses, showed that they, at 
least have been having a 
bonanza because they lend 
mostly at fixed rates while their 
average cost of funds has fallen 
dramatically. With the latest 
rise in base rates boosting their 
profitability, the outlook for 
bank shares is not as gloomy as 
once feared. 

competition in British industry 
— both because there is less 
competition in the UJL than in 
most other countries, and 
because more than half of post- 
war mergers have not achieved 
the profitability expected of 

So from now on the main 
criterion will be. not whether 
a merger is against the public 
interest, but whether it signifi- 
cantly reduces competition. 
Mergers based on mere finan- 
cial expediency will be frowned 


Green Paper 


I nd. Qr d. Index 

Gove. Secs. Index 

Ayer Hitam 

Booker McConnell 


Costain (R.) 

Castlefi eld 

English P roperty 

F.P.A. Construction 

Hail (Matthew) 

Harrisons M alay. Ests. 


Nash i () : _F.) Secs. 


Pork Fa rms 

Royal Insu ranc e 
R usten burg Platinu m 

Scot, ft Universal 

Weeks Associates 

Change on 

+~ 6i 

- 031 




+ 4 



+ 7 




+ T98 
4 8 

- 6 

_gismal economic t rends ignored 
Int. rate/money stock worries 

Improved April fa outp ut 

Renewed specul a tive demand 

Block of shares An ally placed 

Ahead of full report 

Good pro fits and scrip issue 

Revived spec ul ative demand 

Investm ent demand 

Lower pr ofits/no fina l dividen d 

G ood prelimin ary figures 

H’sons & Cro sfield pr oposed merg er 

Terms of Joka i merger 

Ga iley Grp, sa le to Black & Ed g’ton 

Good annual r esults 

No rthern Foods agreed bid 

First-quarter fi gs, disap point 

Per sistent Cape buy ing 

Lonrho bid goes to Mon. Comm. 
Slowdown in current trading 

Wednesday’s Green Paper on 
mergers and monopolies has a 
long way to go before it results 
in any legislative changes. With 
the report group not due to 
complete its work before the 
turn of the year the changes 
may not even take place during 
the life of this Government 

In the meantime, Mr. Roy 
Hattersley has admitted that 
from now on mergers will begin 
to be judged on the new more 
critical attitudes expressed in 
the Green Paper. 

Briefly, the main change is 
that tbe Government is to put 
top priority on preserving 





week to 





Govt. Secs. 




Fixed Interest 7232 



Indust. Ord.- 




Gold Mines 




Dealings mkd. 5,391 5,323 


Capital Gds. 21X02 208.99 

(Durable) 196.90 194.72 
Cons. (Non- 

Durable) 20530 202.97 
Ind. Group 210.07 20756 
500-Shar e 233.70 229.99 

Financial Gp. 147. 7 3 164 .86 
All-Share 21 5.84 212.49 

Red. Debs. 57.74 58.44 

Time for 


“ THERE WOULD not have been 
so many smiling faces here a 
month ago.” observed the vice- 
president of a New York broker- 
age house this morning as he 
watched four well-known names 
oa Wall Street sprinting nimbly 
around a tennis court 
Although there were fears 
earlier this week that the month- 
lung Slock Market rally might 
have been running out of steam, 
yesterday's 12.04 gain in tbe 
Dow Jones Industrial average 
confirmed the buoyant mood here 



at the Greenbriar where the U.S. 
Securities Industry Association is 
bolding its three-day spring 

Flushed with the Commission 
revenues flowing from an 
average daily trading volume on 
the New York Stock Exchange 
of around 35m. shares in recent 
weeks, the 350 attending tbe 
meeting bas brought a zestful 
enthusiasm to their enjoyment 
of the ’total holiday concept” 
embodied by the Greenbriar. 

An 18th century mansion 
whose facilities occupy hundreds 
of acres of a green and pleasant 
valley in mountainous West 
Virginia, tbe Greenbriar is an 
appropriate setting for an in- 
dustry which has latterly fallen 
on hard times but it not yet 
ready to abandon all of its ex- 
pensive tastes. 

On Wednesday afternoon, about 
120 people were able to resist 
the attractions of swimming, 
tennis, golf, skeet shooting, 
horseback riding or whatever, to 
listen to a grim account of the 
deteriorating financial founda- 
tions of the U.S. securities 

Between 1973 and 1977 the 
number of New York Stock 
Exchange member firms dwindled 
from 476 to 364. SLA researchers 

revealed that the mergers and 
closures which accounted for this 
decline stemmed from a growing 
need for capital, a . revenue base 
that was only increasing at 3.6 
per cent, a year and a return on 
capital that was nearly 5 per 
cent, below the representative 
average for American business. 

Tbis has led to a progressive 
weakening of many brokerage 
houses which is why the current 
Stock Market rally is such a vital 
lifebelt for the industry. It is 
boosting commission income 
which has been severely 
depressed after three years of 
rate-cutting to institutions and 
is at the same time enabling 
securities firms to make tidy 
profits on tbe stocks which they 
buy and sell for tbeir own 
accounts in wbat is known as 
principal business. 

This dealing bas become an 
increasingly important part of 
tbeir activities in recent years 
and a number of firms were 
badly hurt by last year's market 
slide because' it slashed the value 
of the stocks on their shelves. 

The brokerage Industry would 
like rallies to go on for ever but 
there is a marked doubt in con- 
versations here as to whether the 
current rally will prove to be 
long-lived. Only a handful appear 
convinced that the industrial 
average is set for a steady climb 
for the rest of the year. 

Most are influenced by histori- 
cal determinism which decrees 
that In 56 years only once, in 
war-troubled 1942, has the market 
reached its bottom before short- 
term interest rates have peaked. 

Very few economise believe 
that U.S. rates has yet peaked 
and tbe Federal Reserve Board 
is generally expected to tighten 

credit over the next few months 
in an attempt to stem inflation 
and curb the money supply, 
which was revealed yesterday to 
have leaped by a hefty $4bn. in 
the most recent reporting week. 

The Fed’s move to raise short- 
term rales in recent weeks and 
tbe consequent strengthening of 
the dollar in tbe foreign 
exchange markets is part of the 
reason why the industrial aver- 
age has taken such heart since 
April 12. 

Foreign purchases of U.S. 
equities, particularly from West 
Germany and Britain, have been 
substantial. But the question 
remains as to whether the market 
can maintain its recovery in the 
face of economic developments 
which point to an inflation rate 
of above 7 per cent, and which 
In turn could damage the growth 
prospects towards the end of this 
year and early next. 

There is one other worry here. 
Many brokers believe that large 
numbers of ordinary investors 
have been attracted back into 
equities over the past few weeks 
because of the dramatic turn in 
the market. If this recovery 
proves to be ephemeral, then 
many people who have avoided 
stocks because they were burned 
in the 1974 recession, could be 
swallowing tbeir fears at exactly 
the wrong time. A stock market 
chill later in the year will do 
nothing for its long term popu- 
larity in the heartlands of 

Closing Industrial Index 

Mondav 824.58 — 4-51 

Tuesday 822.27 - 2.31 

Wednesday ... 822.16 + 0.9 

Thursday 834.20 +12.04 

Friday 840.7ft + 6.30 

_!ii ILL i . imr 

JJi 1 1 > I (M I i Mlii 



_> lU.rim i'.ti 

1974 1975 1976 1977 1978 


The space age metal 

ITS COLOUR is silver-grey It R77m. (£48.5m.) through a mining market have been quiet 

i> hard and tough with a melt- rights issue, the exact terms of There is simply very little to 
iitii point about 2000 degrees which will be announced later shout about. Certainly there 
Fahrenheit higher than that of in the month. has been no stimulus from com- 

mm. lis applications are legion The mine is expected to start P a ny results, 
and spreading. It is molyb- production in the middle of Transvaal Consolidated Land 
donum, the so-called space age 1979, and if the bullion market Exploration, the South 
luotnl. African investment and mining 

Molybdenum is one of the few ■ • ■■ — ■ * concern, which is part of the 

metals whose price has con- Barlow Rand sronp, had net 

mined to move up steadily MINING ESS 5 M7 9 m“ ,K 

through the years of recession, 7H1 JlT TfZl 

"" IP d»%on \™?' vh. 3 ll'Llr ,>AUL CHEESEB,GHT JSEd of Wff. The U.S 
production ton. the copper dividend was raised 5 cents to 

.. . . . 35 cents (22p) and the total for 

V urtiypT. deposits of it are com- the year is anticipated to be 

p;irj lively rare. remains as steady as it bas been joo cents, or 10 cents more 

Thus it is prized by the in recent days, then the omens a,an last year, 
mining groups. among them f 0 r it are encouraging. But tfte movement in profits 

I’hrlps Dodge, the U.S. copper The market bas been settling was the other way at Union 
major, whose fortunes have ^ own ^ ter the declarations of BKtaiere, the Belgian group, 
declined with the slump in the official sales from tbe U.S. and Depression on the copper and 
industry'. The group is looking India, and helped by heavy bine markets led to a 26.6 per 
fur diversification and seemed demand at the most recent cent decline in 1977 earnings, 
in have found a wide avenue international Monetary' Fund Net profits were BJhrs.601.07m. 
Jor ii when it announced earlier auction the price has been on (£i0.2m_) compared with 
(his year that it had a signifl- a gentle upward trend, closing BJrs.819.78m. in 1976. Tbe 
cant molybdenum deposit in v ester day at 174,625 an ounce dividend was lowered to 
Mill hern Utah. for a gain on the week of BJFrsJOO (£8.47) from 

i MmTratu^ el ^th B Mv 1 OII ?l Goid shares have shown the B A^d°?ronically it was poor 
1 SialcS perhaps develop same tendency hut trading has copper sales, which offset some 

to'-Sgx* SS"5£2K sr-is-JStt *£-ss qsrsrv r;« 


Molybdenum is one of the few 
metal* whose price has con- 
tinued to move up steadily 
A brooch the years of recession, 
helped, it is true, by a fall in 
production from the copper 
mines where il is a by-product. 
Further, deposits of it aTe com- 
paratively rare. 

Cabot American 
Smaller Companies 


expend ana casn. - — - a profi , of nea r]y $C3m. in the 

..“^JnSSS'SSrxfTSS B all sector, of the first three months las. yeer. 

April March 
1978 1978 
tonnes tonnes 
i 193 
% 24 

jmni venture with, and 

of. Pancnnfinenial at the huge TIN OUTPUTS COMPARED 

Juhiluka uranium deposit in the Same 

Northern Territory of Australia. Total period 

The news of the Phelps-Getty April March todale Prej*°“ 

alignment followed quickly on u22!st2L < 5SS2f > mSL 

the heels " f an announcement Ntaeria (tint 1 2.020 (12) W17 

from another mming-ml con- ° f . JidJmbite) ... % 24 217 (is) 174 

.•sun mill «,f a molybdenum dis- Nigeria (colunibUe) ... ^ ^ ^ {10) 

coven- in British Columbia. This 

involve Nraumt Mining, 'ho ^rjunmfl <“{ **** 

US group which led the con- Blsichl Janlar (tin) - . 1 2 7S 1 i 2) an 

Minium winch bough! Peabody ®^ h '/ a i^J i coIurabl e * \ J »ii (5) 405 

fro,,, kmumou Md esso J S iS «> u 

Minerals. Geevor; - ~ ka 

The no ventures, added to Gold and Base (tin) \ g{ g 

the work Amax. the industry Gold and Base (columbite) ^ ^ j,U6J 

leader, is doing 3t the Mount 14 17 66 (4) 108| 

Emmons find in Colorado and K&mttn .JJi }!{ s?ii 

i he exploration under way in Krn , ( kms) -J, iJJ* (7) 459* 

Alaska by US Borax and Cbcmi- Killiachall « jgj goojt 6581 

cal »f tin- Rio Tinto-Zinc group, JgJ® : il 23 19 (l) 25 

i». Bt iv . iBhstnmi *«rBwfcs:?rKsr.;:“ » *• » {» ,?* 

in North American molybdenum Malayan ^ ?’S| 

capacity in the next few years. Tuhang « 7 x 563 (7J no; 

But it will be a cosily process. J/nR*” 1 ** 15 133 133 695 ( 6) 513i 

Amax spent 9500m. in bringing 308 » 771 • ° 0) 

Mount Henderson in Colorado Sti PiraD —F 9 r East ,11 }}{ 

to product mn hy 1976. General sj. piran— U.K. JSnuth CroByl— JJ{ j® 

Oisis have risen since through- ^ ”7J^^“ land "J";""' 136 148 136 (1) 133 

out the whole mining industry. 22E5*5£*ii' 359 iso 1.712 (io> 1*22 

in 197.1 A. V I. American of “ 'g ™ <I>, 

South Africa estimated the cost Tanjong if f? 

of bringing the new Elandsrand Tongkah Barbour ^ aj? ^ (4 j m 

sold mine to production at 1™“ „t Ni«r^ (tm)'.V. 1 12 (9) 29 

Kl27in. Now it will need nearly {iSJ j.Slt S H 537} (8) 576 

R2ft0m. The last tranche of tra, oietal wnteoL j Figures faefade low^rade m aleriaL 3 Not 
funds £wm shareholders will be yet available. Outputs are ^ own 1x1 ““•* tonB « <;onteiltrales ' 

to dale 
2,020 (12) 
317 (12) 
1,345 (10) 
1.407 (10) 
4,975 (12) 
74| (2) 
75| (2) 
591} (5) 

982} (7) 
66 (4) 

34 (1) 

102} <D 

404 (7) 

500J (12) 
19 (1) 

323 (12) 
2,153 (10) 
1,321 (8) 

503 (7) 

695 (6) 

7712 06) 
19 (1) 

170 (1) 

84 O) 
136 «) 

L7« (10) 
1« (1) 
731 (4) 
366 (10) 

Same | 


















110 } 














Experienced Management 

Investments in Cabot American Smaller 
Companies Trust will be managed by Henderson. ' 
Administration, an investment management 
company which has been involved in direct equity 
investment in North America both on Wall Street 
and in regional markets' for the past Thirty years. 
Over this period the managers have established and 
gained benefit from a wide range of contacts with 
stockbrokers, bankers and industrial managers. 
Contacts are particularly strong in regional cities 
where many of the more exciting investment 
opportunities are emerging. 

Henderson Administration has been escablished 
in the City for 40 years and manages funds 
approaching £z6om. 

American Opportunity 

The Managers believe that market levels in the 
U.S.A. do nor reflect the underlying strength of the 
economy. Currently it is experiencing a period of 
steady and sustained expansion rather than the 
violent swings of the previous decade. Once tbe 
current uncertainties, including President Carter’s 
policies, have been resolved, we expect that the 
market will continue its upward momentum and the 
dollar return to being one of tbe world’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 few years. And 
whilst the Dow Jones Industrial Average has fallen' 
18% from its peak in September 1976 this trend is not 
reflected in ihe healthy condition of smaller U.S. 
co m panies whose share prices have been moving up 
against the trend whilst major companies operating 
in basic industries are still labouring under Jess 
favourable conditions. 

Moreover, fund managers of American 
institutions., who dominate the movements of the 
stock market are paying incrcflvfag attention to tbe 
prospects of the smaller companies at a time when, 
many of the major stocks continue to disappoint. 
Stockbrokers, also, are responding to this trend by 
sponsoring a far wider range of companies than 
hitherto. • 

Cabot American 
Smaller Companies Trust 

In the belief that real opport u nities for capital 
growth exist in smaller American companies, 
Henderson Unit T rust -Management Limited is 
offering a new unit trust with a portfolio of shares in. 
quoted American companies hating above average 
earnings growth potential from a smaller market 
capitalization base. 

The portfolio will contain a wide spread of shares 
covering many sectors of the market. It will contrast 
with the more conventional U.S. equity portfolios 
in that there wifl he a careful selection of smaller 
companies which show particularly good prospects 
in terms of earnings growth. 

Cabot American Smaller Companies Trust 
operates a dollar loan account as well as making 

♦ Wfe offer over thirty 
years of American 
investment experience. 

& At present we believe 
that American shares are 
attractively priced. 

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

3k Launched at 5 op each, 
units are now available 
at the second public 
offer price of 52 p each. 

investments with premium currency. Tn view of the 
high level of tbe premium at present the Joan 
proportion is significantly the greater. In these 
circumstances the estimated starting gross yield on 
the Trust is 0.5 0 ;.. 

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

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

To Buy Units 

Since the first public offer of nails on April 24 th 
Cabot American Smaller Companies Trust hasgmnm 
to £- .5 million. 9j:% of the fund is itrzxsicd in a spread 
of 45 shares. To invest iwa at the fixed offer price of 
5-Pt simply return the application form belo <tc together 
zvith your remittance either direct , or through your 
professional advisor . This offer closes on Wednesday, 
24th Atay or earlier at the Managers' discretion . 

Additional Information 

Unit* will be jvuiLiblc after (he 
niter dosi* A. (he aonuul * Lilly 

Unit Prices and Yield arc 
published daily in leading 

Commission of j 4 ‘ will he paid 
tn recoftniied a genu. An ininul 
charge of 5% is included in the 
offer price. An annua] charge rf 
ri- (plus VAT' of the value of 
the trust is deducted from income 
to cover Bdministruiivc cmi>. 
Distribution* will be mode on 
june 1 tr and December isi. The 
lust distribudoa on anil' 
purchased under this offer will 
be made on December 1 ,t 1 yjS. 

Omtrjct nntes will be issued 
und unit euniti-aiie&iviU be 
lc-mardui u ilhin sis weeks of 


To ,cll units, endorse y»ur 
unit certificate and said it 10 the 
.Managers. Payment mil 
normally be made within seven 
woridne days. 

Trustee; ^ illiams& Giya's 
Bank Limited. 

.Manager.: Henderson Unit 
Trust AlanacementLimiied, 

1 i^Austm l : rian, London 
EwX :£D. 1 Registered Otficc'. 
Registered No. 856263 England. 
A member of the Unit Trust 

R/ To: Henderson Unit Trust Management Limited* Dealing Dept,, j 
V 5 Rayleigh Road, Hutton, Brentwood, Essex CM13 x AA. j 

Telephone enquiries 01-588 3622. 

■ * j ; *We wish to buy units in Cabor American Smaller 

1 Companies Trust at the fixed price of 52p per unit (minimum initial 

investment i,coo units). 

y' l/’K’e enclose a remittance of £ payable to Henderson Unit 

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

Surname: Mr./Mrs./Aliss 


Christian or First Namefs): 


I'VTc dedupe d*R I jm /we are not resident outside ihe SchedulcdTemiaries- and Urn I am’we 
we mu j .'uuinne ihe units as iheooaunee(s; of any personisj revidem outside these Territories. 

Signs ture-Vj 

fliihere arc ioinr upplicmu each must sign and stisdi names and addresses sepurgidy). 





Out Sham Exchange 
Scheme provides a 
favourable opportunity 
10 switch into this Unit 
Trust. For details please 
tick box or telephone 
Geoffrey Shircorc, — , 
01-5883622. J j 

77m filer if tyi cra.i-Me u 
ttiidam <tf tiu ti* public of Inland. 



Unit Ihist Management 



Financial Times Saturday May 13 1978 


Tenancies in Scotland 



No legal rcspomibiliiY con 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will 
answered by post as soon 


I am thinking of buying a house probate or lettCTS o! administra- The 1975/76 assessment is, in T a/jcnlvnld 
for my son wbo is about to tion. This may be possible fact, the oniy one which is cor- 


to take his first job in 
Scotland. He may want at 
first to take in people to share 
running costs of the house 
but would want vacant 
possession when he moved to 
his next job. How ean this 
be accomplished? 

This matter is governed by the 
Rent i Scotland) Act. 1971. as 
amended by the Rent Act. 1974. 

Schedule 2. paragraph 2 of the 
latter Act provides that in Scot- 
land no protected tenancy shall 
arise in respect of the occupa- p*OJ)CYty 
lion of a dwellinghouse or part 

u nder a variety of statutory pro- rcct. 
visions listed in the First Assuming 

that you invest 

Schedule to the Administration only in fixed-interest gilts (that . 

,.t .c ■■ t, .i_ . v«u I am seeking to boy my house 

of Estates (Small Payments) is that you do not hold any . . ouy 

Act 1985. But if. as is likely. Variable Rato Treasury Stock). ?““■ » of fL**? „ 
no such provision applies you the practical effect of the coca- 0 J 1111 ““ ground rent oF £G 
can seek a grant using The plex rules set out in sections 1 provisions of the 

simplified process under the 119 to 121 of the Taxes Act is Reform Act Can you 

Customs and Inland Revenue simply that each year’s assess- ■. m 5 “ ow * 6311 wor *5 0lrt 

Act 1881. 

Will and English 

meat ' reflects the amount of y&at It would cost to buy the 
interest received in that same freehold and any other costs 
year— not the preceding years L_ may 113 cnr ^ 
interest The answer to your question 

In practice, if the interest is Spends on expert valuation — 
consistently rising by fairly of the present capital value, of 
small amounts year by year, tax properly, of the proportion 

Hy wifc *■ English born, inspectors often do not bother of that which is site value, and 
landlord’s interest in the nrn- Hve and expect to remain In to .assess the full amount which of the notional “ modem 
petty belongs lo a resident land- Switzerland. We have property is strictly taxable. On the other ground rent for the site, and the 
j orc [ ° in both Switzerland and hand, if the interest received in capitalisation of that value, as 

As your son intends tD En S Ja nd. Ought we to make any year is less than the well as a muliplier for the exist- 
occupv the flat himself and lwo wilIs in re * ation to our amount assessed for that year, in S ground rent It would thus 
share’ with other persons no Swiss and English property? the taxpayer has the right *3 not be appropriate for us to 
difficulty should arise. It is eminently desirable that claim the appropriate adjust- hazard a guess at the price 

However, you should caution you make a will in English form meiJ k a TOluer will do this for 

your son not to enter into any covering your English property. It is a pity that you did not you usiug the framework 
form of written agreement with While a foreign will would be S*ve any figures in your indicated above. The free- 
lus flat sharers which might given effect in England in re- inquiry; the absence of precise holder’s legal fees are payable 

prejudice liis position. 

Joint property 
and CTT 

spect of your movable property facts prevents us from giving by the tenant, but may vary 
in England if you are domiciled a rea Ry helpful answer. widely, 

in that foreign country, the un- 
certainty of ascertaining do mi- yj , /* . 

cile dictates the ^prudence^of {\gp(iyfJJ£flt Oj tdX 

making an English 

ever an English will Would only For 1976 . 77 my daughter who The taxman owes your daughter 

bad total Sosa £36.74 (plus 9 per coot. ,W 

able property (that is land) in 

According to your answer 
When Probate is Necessary 
(April 8). Joint property 
accrues to the survivor and 
does not form part of a ^0,. ■ 

deceased's estate. Would it be \jlllS ItltCVCSt 
liable to capital transfer tax? 

Joint property is liable to anri 
capital transfer tax: but in unUr 

many instances it will fall For many years it has been the 
within the exemption which practice ot the Inspector or 
applies to transfers between Taxes to take into account 
husband and wife. interest on Government 

securities (not having had tax 
deducted before payment) 
received during the year 
„ preceding the year of 

small estate assessment. For 1975/6, 


income of £379.27, made up 
of £105 loan stock interest from 
U.K. companies. £234.32 
dividends from Sonth African 
companies and £39.95 bank 
interest. The tax credit on the 
U.K. loan stock was £36.74 and 
tax deducted from Sonth 
African dividends £82. On her 
tax claims form the Tax 
Inspector recorded her personal 1959. 

raent supplement) for 1976-7 
He has got himself into 
muddle over a basically simple 

Since your daughter’s 1976-7 
statutory income (before per- 
sonal reliefs) was less than 
£350, your own child allowance 
of £365 for that year should 
not be restricted— assuming that 
she was bom before April 6, 

Winding up a 

As next of kin of a deceased interest for that year was taken 
relative who died intestate I am into account along with all 

allowance as £735, lax due as Tf you have any difficulty on 
nil and repayments of tax as this point, you should refer the 

£118.74, less foreign tax £71.89, inspector to section 516(1) of 
leaving £46.85 repayable. - the Taxes Act (in conjunction 
ho^v^^GovernmenT se'cuiiti es Could you explain these figures? with section 511, 

trying to clear up his small 
estate, which consists as to 
assets of Death grant £30, cash 
£350 and credit at banks £700, 
making £1.080. Liabilities are 
funeral £170 and various small 
debts £70, making £240. Do I 
require letters of 

other income received in that 
year. In my assessment for 
1976/7 the Inspector reverted 
to tile previous practice and 
took the Interest received in 

Can you please quote any 
regulation or Inland Revenue 
code of practice on this matter? 

You ean deal with this estate Can I insist on my 1975/6 
wit hunt letters of administra- assessment being based on the 
lion only if you are able to 1974/75 interest (which has so 
obtain the necessary payments far not been taken into account 
(that is from the bank) without at all)? 

South African dividends 

less: 15% South African tax 





U.K. tax 




U.K. interest 

Taxed at source 

Untaxed (case IQ) 






Statutory income 


U.K. tax repayable 


Testing family income cover 

LAST WEEKEND an eye- which to base such full life may be enough for one’s widow Under normal British life 

catching advertising campaign cover. to live on in 1978, the question policies family income benefits 

proclaimed: “Your wife could The 35 year old can buy full is ho * ?JL wi11 il g0 in 1988 or « fr0 . m da * e o£ 

receive £500 a month guaran- family income benefit cover for ev ® n 199S - death to the end of the chosen 

iced for the rest of her life ” his wife and children, so that Because of the problems of tenn so the life assured can 
ued for the rest of her life reccke £6000 a vear for inflation nearly all life offices designate his wife and children 

and exhorted -the male reader the y remajnder of 2 o years, on offer family income benefits » beneficiaries and ensure that 
to purchase cover under ^ death by any cause during which increase. Of course, these ™e money will continue to be 
American based New Hamp- ^at 20-year period, for eround escalating benefit policies do not ? a . ld for * he fuU ter F their 
shire's “Monthly Family Pro- £100 a year. For £180 a year give a complete hedge against and several benefit, no 

vider Accident Plan.” he can step their potential inflation because they are not L. *»?_ 

This particular insurance pro- benefit up to around £11,000. index linked, but they do afford 

vides family income type cover True the period of cover and some protection, particularly 

Not so 

the New Hampshire 
20 year cut off is im 

(of the kind sold widely by so benefit in this example is only when inflation can be calculated 
many life companies) but the 20 years, while the Family i n single figures. There are 
benefits are payable only on Provider Accident Plan allows escalators that start from the 
the accidental de3tb of the the policyholder continuation date of purchase of cover and 
policyholder. There are two U p t„ a ge 65 and pays benefit escalators that start from the 
premium / benefit scales: For tfirotigrhcut tlie wife’s life. But date of claim— obviously the 

1, ' r,t a 1,10,1 [h premium the ^ter f.| ]C duration of the full former cost a little more in . 

policyholder gels £2a0 a month 

benefit for his widow, for £15 
a month premium £500 a month 
benefit. Taking the higher 
figure. £15 a month, £180 a 
year i» a lot of money for any- 
one to spend on insurance 
acainsl accidental death, even 
if l he benefit payable is £6.000 
,i year throughout the remain- 
ing day* 




nu^nom me remain- - ■ — : , r 7 , , - V " * 

nr the life nf rhp , , . same initial cover coupled with 

r\ wffe and the fo" 1 .' 1 *' ,l,nMne Pulley to 40 years a T * per cenL compound! 
r I.._ u_.l . , . . < lf ,n fact anyone wants to con- ^.,1,... 

death, if his wife dies before 
him, or at any time during that 
20 years. 

Direct selling, via the Press, 
is an established modus 
of many American 
offices, and this example in- 
_ , . . eluded a fairly simple applica- 

Taking again our 3a year old, ton f orm requiring personal par- 
he can buy a 20-year family ticulars. 1 am DOt certain 
income policy providing £6.1)00 whether or not this is intended 
a year escalating at 5 per cent, by insurers to have more force 
compound from inception, for than a simple application 
around £130 a year, while although the questions asked in 
expenditure of an additional £b0 smack more of a proposal 
a year premium will buy the form. 

Suppose the applicant does 
not tell the whole truth — will 
escalator. insurers complain of non-dis- 

j»m ihi> cost in perspective. Su and k Jt *? a ? ains t I 1 ’ 1 ? of ^ st l closure, and seek to avoid pay- 

11 i, w..nh having a look at the .n, 1 £ K . \ ,, r “ beneht comparison the accident mem? If so. then the application 

.-■•r: of ]ireiiiii(in that leading lc : s , . h l an ' l mt on, * v beuefit -offered by New surely ousht t0 carry a war ning 

Brilish life companies require over d,,ub,e whal ,he New ‘ 

- v . Hampshire has to be considered, about materially on tlie lines 

for the provision of family in- Hampshire wants tor its limited In ,act the purchase of limited agreed last year with the Gov- 
CM'iir benefit of similar annual proiection. cover is rarely a good buy. ernraent bv the British 

f .. , . , , . . - . , ernraent by the British 

,:iii>iunt. the drawbacks of many unless the individual is as insurance Association and 

Remember first that pre- family income policies is that adequately insured as his family Lloyds, even though New Hamp- 
m nuns, for full life — death from they pay the same agreed circumstances demand, and s hire is not a member of BIA 
.my cause — cover are normally benefit each year without any unless he is using that limited and so not bound by the British 
pii-.- related, mi it is necessary account being taken of inflation, cover for temporary rather than market’s statements of insur- 
to lake a particular age on While £6.000 a year tax free permanent topping up. ance practice. 

NEXT TIME you spy a smart 
.S3 vile Row suit, don’t ask the 
i'i.-.-upani how lie bought it. That 
well -cut cloth may not be his ! 

J11.1l in c.ise you laugh, or 

think that >11 it snatching has 

suddenly become fashionable, 

ccuunter i< in fact 
possible these days, 
leasing of suits has 
become one of the 

number of perks 
winch companies t*n- 
more valuable 
pul! up their 

such an 
For the 

courage (heir 
employees to 

Leasing the clothes 
you stand up in 



socks. But you may have trouble 
in getting your neighbour to 
own up. Its one thing telling 
friends liis car is "on the firm. 


.stir in this unusual field are biting hard, and 

assumed benefit of £10 will be 
taxed at your top rate. Second- 
hand its value is only nominal, 
sav £5 or £10. So in two easy 
stages you can acquire a £100 
suit by this method for no more 
than £10 plus a marginal tax 
charge. The company, however, 
meanwhile, are considerable, will have difficulty in persuad- 
The most common scheme (run ins the Inland Revenue that 
by Hepwortba and Austin Reed, suits are a bona fide business 
for example), is for tlie com- expense — they could hardly be 
pany to buy vouchers from one described as "plant and 
of the big retailors. The dis- machinery** or qualify for the 
counts offered will depend on same tax treatment as a car. 
the total value of vouchers. An Businesses are understandably 
employee then chooses a new reluctant to admit tax avoidance 
suit, which belong.? to his or publicise perks which may, 
employer, but which he either technically, break the pay code, 
borrows free of charge, or And retailers say they must 
leases for, say. one year. At the observe confidential agreements 
end of that term, when the with clients. But Hepworth. 

hut quite another, presumably, or employees. 

:o admit that he doesn’t even There arc advantages to a 

own whal lie stands up in. company, nonetheless, ot two — ^ luv WJU , ue i 

The tax advantages to the varieties. ^Mth ^ mflatioii still market value of the suit ls a which has SPt up a 

faction of its former price, the department specifically to deal 

customers, says 
many com- 

snnkesman for the F<-' lr * iur me vaiuanie or nara- t _ • incentives and bonus 

spokesman ior me — Hhat does the taxman say payments. The Inland Revenue 

advantages as a medium of 
savings, but it has. for many 
people, one great drawback as 
well: you may have to submit 
yourself to a medical examina- 
tion. You don’t need one of 
those in order to open a building 
society account But then 
there's no cover against the risk 
of death attached to a building 
society investment If you die 
in the early years of a life 
assurance policy, the company 
has to pay out more than it has 
received by way of premiums. 

This is why life companies 
employ actuaries. The actuary 
does not know when a particu- 
lar individual is going to die, 
but his mortality tables, com- 
piled from life assurance statis- 
tics, enable him to ascertain the 
premiums required on a num- 
ber of lives, so that his company 
can operate at a profit 

In the early days of scientific 
life assurance mortality was ail 
important, and the history of 

Facing up to a 

actuaries’ attempts to measure instance _ lhen th e actuary will will generally accept proposals to know as soon as there is a 
jert Nowadays however the refuse his proposal, since death on the basis of the information hint that a medical examine 

yield in investments is much 
more important to the financial 
health of a life company. 

without an automatic medical 
examination. Now it has become 
the first company to put its non- 
medical limits up to £100.000. 
If you arc under 40. then it will 
take any policy up io this limit 
without necessarily requiring a 

But this does not mean that 
the company is lax in its under, 
writing. It will ask for a report 
from the proposer's doctor at 
lower limits— at very much 
lower limits, if the case looks 
doubtful. A standard question 
on the proposal form requires 
the necessary permission. And 
the company has the right to 
require a medical examination 
if it is considered necessary. It 
can lake action on early claims, 
too, though this rarely happens. 

You should not let your feat 
of facing a strange doctor slop 
you from taking out life assur- 
ance. You may laugh at tlie 
suggestion, but brokers and life 
companies tell me that many 
people, and particularly the 
more elderly, just do not want 


Nevertheless, the actuary in 
his calculations assumes that 
the persons taking out contracts 


contained in the proposal form, tion will be required. The 
This covers such items as height Ovcr-50s Club, recently formed, 
and weight, the history of heart, makes a great play of the bene- 
chest or other medical troubles, fit of being able to take out life 
and so on. If the answers are assurance without a medical: 
satisfactory the proposal will be but the cover that they offer is 
accepted automatically, if the expensive. If you are reason- 

... And if they accepieu duwioaiikiuij', u expensive, ai juu icjsuq- 

not then in fairness he has is shortly likely to occur and the cover is within certain limits, ably fit you can get much better 

to^hargejm extra premium for company will make a loss on known as the non-medical terms from one or the leading 

the extra risk. If the health of the deal. limits. life companies. And if you are 

an aoSJcarit is seriously im- Most of us are in reasonable Sun Life Assurance was a not. then you ought to know 

paired— if he has cancer, for health, and the life companies pioneer in accepting policies about it- 



revealed my 

WHEN he's 

& SON... 

share Sf 

IF YOU belong to the silent 
majority to whom life assurance 
is a total mystery, then there 
is a book out next week which 
you need upon your shelves. It 
is called “Safety in Numbers: 
the heavy business of Life 
Assurance made light instruc- 
tive and readable n : it is written 
by an outsider to the industry, 

Tessa Morrison, under the aegis 
of Provident Mutual; and it is 
very, very funny indeed. 

The book was put together the end result is a book that climb Everest— or down a pint Lambaesis in Algeria formed 

with a view to giving the lay- you wouldn’t at all mind finding of Scotch a day— you may find themselves a mutual club in 

maa access to an industry tradi- in your Christmas stocking. yourself excluded from the AD203, to finance the extra- 
tionaUy immu red behind its Though the approach is light- scheme”), and unit-linked ordinary expenses incurred on 
technicalities: and it succeeds hearted, the content is sound assurance ( u Are you bored with promotion, transfer or death?), 

remarkably welL As an out- enough: Provident Mutual has security?”). but it also provides a glossary 

sider Miss Morrison started off its honour at stake and saw to It discusses the different kinds of terms sufficiently comprehen- 
with one inestimable advantage: that The book describes the of cover required at different sive to be useful even to adopts 

she didn’t know the first thing nature of, for example, term stages of life, the tax advantages, in the industry, 

about life assurance. She ended assurance (“ His premiums buy and how to set about choosing The wealth of information, in 
with another: Provident Mutual him peace of mind if Fate is a life company ("Do you stick particular That glossary, makes 

did the technical vetting. In be- kind, and the live-saving cash a pin in the Yellow Pages, or it worth the £1.95 asked, but it 

tween, her text— a cheerful des- for his family if it isn’t "), take pot luck with an honest is on offer at a pre-publicatinn 
cription of the genesis of the reversionary bonuses ("all this sounding salesman? "). price of £1 to those who respond 

industry, its function (see the mouthful means is that, instead It provides some of the most to Provident Mutual’s advertise- 
cartoon) and its forms— has of getting your bonus doled esoteric pieces of useless infor- ments during the coming week, 
been complemented with some out in cash, it gets added on, mation ever seen outside the *Saiety in Numbers, by Tessa 
superbly • funny illustrations safe as houses, to your sura Official Statistics (did you know. Morrison, illustrated by Arthur 
from Arthur Robins. Extra- assured”), permanent health for example, that the officers of Robins: published by Hutchin- 
ordinary though it may sound, insurance (“if you regularly the Roman garrison at son Benham at £1.95. 






True cost 
over 2 years 












For home improvements 











Personal loan 








— — 



Personal loan 





Home development 










Personal loan 











Personal loan 





Hat West 





Personal loan ■ 



. IS 








Personal loan 










* Depending on hire purchase restrictions, t Varies with 

base rate. 

Costs rise again 



But it doesn’t pay to be too 
hasty in these matters. Anyone 
who takes out a personal loan 
takes it out for a certain length 
of time — a year at least: and 
repayments cannot be accele- 
rated. So the real comparison 

THE TABLE above shows the t0 be mde is ’ nt * ^ 

rate on personal loans now and 

the expected rate on overdrafts 

rates that the impecunious 
among us must now be pre- . 
pared .a pay for money from *£ 

onhrr dubious or non«i.|en,. -J | ^ i 7 0 S rt '^ I ,T;,*! *»'<>»«- 

tin* finance houses and clear- 1 m ^ ,-iirv ’ ,“.*? } rJ * ht Sift of it or sells the gar- suits are used bv 

b-mks have not become »" » h * i eh «P P r ° v 'J« a u * ef "» men t 10 its wearer. ° panies as incentive 

involved. A spokesman for the for the valuable or hard- ;Vhat riDe _ 

tavntan niivmiinlc In I, 

American innovation. , . 
t'e certainly wouldn’t con tom- doures. 
plate this, either for our clients Benefits 

lo the 

offset against this. Thus if you pay you more, but can’t, you 
get a suit for £100. your taxable could clearly do worse than ask 
employee benefit is £10: that is. an him for another set of clothes. 

t „ between the former and the 

the bank; but how long they expBC ted average rate on over- 
will remain in force is, for the drafts over the period of the 
moment, anybody’s guess. The loan. It’s quite possible that 
clearing banks' decision to put interest rates will rise again in 
their base rates up last Tuesday the very near future — tem- 
was only to be expected, after porarily. But it’s veiy probable 
the increase in the Bank of that they will fall away again — 
England's minimum lending as they did in autumn 1976. and 
rate at the end of the preceding autumn 1977 — immediately 
week. But until it’s plain that thereafter. The question to be 
minimum lending rate will rise asked now is about the timing 
no further, another increase in of the exercise. 

bonwers c “ not If we assume that a Govern- 
be ruled out meQt m ^ mn up tQ ^ ele ^ 

Given the narrowness of the tion can’t afford to let things 
margin now between what an —like the sale of gilt-edged 
ordinary borrower— that is, one stock, the money supply figures 
with a rating somewhat less than the rate of inflation— get too 
treble A— must expect to pay on far out of hand, then I think 
his (or her) bank overdraft, and we can expect that exercise 
the rates on personal loans, that sooner rather than later. If that 
might at first sight suggest that is the case then interest rates 
it is expedient to ask for one of might well be lower within six 
the latter. Rates on personal months than they are to-day. 
loans are. after all. fixed for the And if that is the case then an 
duration: there are no un- overdraft— at any rate on a one- 
pleasant surprises to be sprung year view— will be a cheaper 
on the unsuspecting borrower, form of borrowing. All the 
Rates on overdrafts, in contrast same, I*d put off the approach 
go up and down at the bidding to the bank manaeerforawhile, 
of the monetarist winds. if I possibly could. 

Topping up a pension 

THE new State pension scheme that they can switch into but 
does nothing for the self- not out of the building society 
employed, apart from provid- fund. This provides a flexibility 
ing them with a basic pension, of investment to compare with 
But a pension contract with a that offered by most linked 
life company provides a tax pension plans, 
efficient means for tbe self- But there has been an even 
employed to make their own bigger change in the charges — 
pension provision. This is a they have come down. One 
potentially large market for the hundred per cent of the first 
life companies, and in the past & y e years’ premiums is invested, 
couple of years it has been and 105 per cent, thereafter, 
wooed assidously. Last week There is a 5 per cent, spread 
Save and Prosper Group between bid and offer price, 
brougbt out its new version of The first two years’ contribu- 
the self-employed contract, tions are invested in capital 
based on its "Guaranteed Plus” 'units — the first 3$ per cent 
concept of return thereon being retained 

This represents a cross by the. company. After two 
between a completely unit- 7®ars investment Is made . 
linked scheme and a with- into accumulation units. These 
profits plan. The underlying are standard charges, common 
scheme provides for a guaran- most companies. But when 
teed level of pension to which the contributions are increased, 
is added a terminal bonus ^ is almost inevitable to allow 
pension when the investor f° r effects of inflation, only 
starts to draw it. Investment ?° e year's increase is invested 
is made into an internal fond. * n capital units, instead of two 
run on unitised tines, and the years. Most companies treat 
bonus depends on performance, ‘“creases as though they were 
The fund is mixed, with a fresh contracts, but Schroder 
strong fixed interest element to ^fo ‘ s giving preferential 
cover the guarantee. terras. 

The unit price will not be The effect of this increase 
published, but investors will can be seen from the following 
receive annual progress reports example. Consider a self- 
on the fund. One drawback to employed investor, aged 40 next 
the scheme Is that the investor birthday, paying £1.000 a year 
will have little idea of his i niti ally, and increasing this by 
ultimate pension. And since £l - 00 ® a year every five years, 
communications are now play- Assuming a 10 per cent, per 
ing a vital part in company “ nu[n growth in the value of 
pension sebemes, with auto- the f u “d, Schroder Life's pre- 

matic benefit statement pro- fereQtia l treatment adds about 

vided periodically. S and P £*4,000 to the final sum obtain* 
obviously needs to do some- able at 65 - 
thlng on these lines for the 
self-employed. Otherwise the 

plan incorporates much that is 
good of both the with-profits 
and the unit-linked concepts. 




TRIDENT LIFE, in refreshing 
contrast, is still going afrer the 
individual investor who wishes 
to accumulate capital through 
life assurance plans. It has this 

cr’TrarmT7r> T - week launch «l its new maxi* 

butmuDEK LIFE Assurance is mum investment plan — the Pro- 

also going for the individual fessional Investors PlaiF— based 
pensions market, and this week on its 10-plus principle. By 
it launched its new versions of writing the contract as ' a 10- 
the self-employed and executive year plan, with options to 
pension schemes— two of the extend for further 10-year 
best selling schemes on the periods, death cover is kept to 
market. The company has given the minimum necessary to 
a lot of thought to these pro- obtain lax qualification, and 
ducts, and has come up with a thus the maximum amount can 
competitive package. be invested. The other feature 

First of all. it has added to of this scheme is the facility 
the range of funds by offering to take tax free income after 
property, fixed interest and cash 10 years. The plan follows the 
funds lo go with the managed now normal procedure of 
fund and the building-society writing the policies in clusters, 
linked funds already available, to avoid a partial surrender 
Investors can now switch situation and consequent loss of 
between these funds, 'except tax relief. 

t (Wi * 

L,. ' 



n’t Vi’ -■ ■ 


IT,;., . 

{ '■ '■‘J * 
1 „ ~ 






WITH THE City in a state of 
ini-rea.nn^ despondency about 
the Btuush economy, it seems 
an appropriate moment to look 
3t some of the less happy silua- 
tmns im the equity front. As a 
glance at the accompanying 
table should suggest, the pro- 
blems of companies in this situa- 
tion are diverse, and differ in 
decree. The companies I have 
chusen are. however, alike in 
that, despite falling share prices, 
they arc still heavyweights in 
terms of capitalisation, and it is 
likely that a lot of private in- 
dividuals still hold -them in their 
pnrtfulios. Should they continue 
to dw so? 

These companies really fall 
into two groups. With one. mis- 
fortune has struck already — 
Spiliers, Lyons and Reed Inter- 
national: and the question now 
is .whether it is worth hanging 
on -in the hope of recovery, or 
•whether the shares should be 
sold, albeit at a Joss, and the 
money put into something else. 
With a second group — P and O. 
Ocean. Tate and Lyle — a down- 
turn threatens: and the ques- 
tion is whether the management 
will outface it or succumb. 

limitation /fund Currency 

Britannia T rust Manage- 

m erit (Cl) Ltd. 

Growth Investors £ 

International Fund £ 

j e rse y Ener g y ■ £ 

Universal Dollar $ 

Universal Dollar Trust 
(S terling) £ 

High Intere st Sterling £ 

High Income S 


]. Lyons 


















P & O 









26 i 



Tate A Lyle 
* Thursday's prices 




If you happen to hold any of 
the first group in your portfolio 
then I should say that you will 
certainly need a lot of patience. 
Both Lyons and Reed have re- 



covered somewhat from the 
depths into which disaster 
plunged them, and it will take 
really good news to push their 
shares much further: at the 
moment there's no reason to 
expect that, in either case. As 
for Spiliers. while there is a 
possibility that the downturn 
has been overdone, the situa- 
tion is so messy that it will 

probably take a long time for 
any improvement to work 
through: and in the meantime 
there maybe better things to be 
done with the money elsewhere. 

If you happen to hold any of 
the second group, then I should 
say that you might as well hold 
on and see whether the situa- 
tion does indeed become much 
worse. All three companies 
have been caught by the prob- 
lems of the shipping industry, 
and Tate and Lyle is also at 
risk in that a large — though 
unquantified — proportion of its 
profits conies from commodity 
trading. But in each case there 
is a healthy — and • for the 
moment 'reasonably secure 
looking-— yield to support the 
share price: and while the 
shares are not worth buying it 
would be premature to sell. 

A list of “perks” for shareholders 








on issue 

Initial . Annual Asset growth 
charge charge over 

% % 1 year S year* 

+L4 +45.4 

-03 -at) 

^4-0 NA 

-44 NA 

— Weekly 

* Minimal addition to charges on underlying fund 
t Custodians' fees an additional charge on fund 

Two new fixed interest funds offshore 

IS THIS the right moment to 
launch a gilt-edged fund? It's a 
question which must have been 
worrying them round at Britan- 
nia fund managers, through the 
interest rate gyrations of the 
past 10 days or so. But the 
deed is row done— -two new off- 
shore funds. Britannia High In- 
terest Sterling Trust, and its 
stable mate Britannia luter- 
naliimal High Interest Trust, 
were launched this week. 

It's undeniable that both have 
mure attractions fur investors 
now than they would have dune 
had the launches gone ahead as 
originally planned, a few months 
hack. This is because interest 
rales have risen tu the point ai 
which there will be no problem 
in providing returns of lii per 
con: and nine per cent, respec- 
tively. The only questiun fur 
rhe would-be investor is whether 
he wouldn't do better to waiL a 
IM Me longer in the hope that 
yields will rise still further. 

Britannia's own fund managers 
reckon that that is a possibility, 
but that there wont be .all that 
much in it: and in any case, in 
Jht- expatriate markets at which 

these two new funds are aimed, 
fine tuning the timing- of in- 
vestment decisions isn’t all that 
important. It’s geting the money 
tucked away, and getting it 
tucked away somewhere safe, 
that is the first priority. 

Of course. Britannia can't 
promise absolute security. If in- 
terest rates continue to rise 
then the value of the securities 
in which these funds are to be 
invested will fall. And the 
managers cannot afford to go 
liquid fur long, since income is 
their first priority’- However, 
with short-dated stocks yielding 
only a little less than those with 
a life of 2U years or more, at 
least there’s no reason for the 
managers of the High Income 
Sterling Trust tu court risks by 
going for the long end of the 
market. And, indeed, they in- 
tend to stick to shorts. The 

International High Income Trust 
is to be invested as to 50-60 per 
cent. in dollar-denominated 
Eurobonds, and 20-30 per cent, 
in U.K. gilts; the rest will go 
inrto hard currency securities. 

If you happen to be working 
abroad and have overseas in- 
come to deploy, it’s your view 
on currencies that should decide 
you between the two of these. 
But if it’s growth that you want, 
rather than the safety of regular 
income, you should perhaps go 
for one of the equity funds in- 
stead. Britannia Growth Inves- 
tors, with a portfolio entirely 
composed of U.K equities, has 
done well over the longer term, 
though less well over the past 
two years. Its U.S. equivalent 
is the relatively new Universal 
Dollar Trust, established a year 
ago and holding its own reason- 
ably well over a period when 
the Dow Jones has fallen. 

It's possible to invest in all 
of the Britannia offshore funds 
by way of savings plans (.mini- 
mum of £25 a month for the 
sterling denominated funds, 
$100 for those denominated in 

costs for 
house buyers 

ANYONE seeking a mortgage 
may think he has spotted a 
silver lining in an otherwise 
daunting task when his eyes 
larch on to a sub-heading. 
“ Increased Advances,” in the 
brochure from the building 

The following paragraph is 
likely to suggest that an advance 
above the normal may be made 
when suitable additional security 
is provided and the reader is 
assured that this advance may 
be arranged simply and inex- 
pensively by way of an in- 
surance indemnity policy. 

But at this point, the inevit- 
able conditions loom. It is made 
plain that the maximum advance 
obtainable by this method 
varies with the circumstances 
of the case and that further 
details will be supplied on 

What the insurance in- 
demnity covers is the difference 
between the normal advance 

DID YOU know that you can 
sail from Southampton to the 
Isle of Wight i above! com- 
pletely free, once you have 
been registered as the proud 
owner of at least 1,200 shares 
in the Southampton, Isle of 
Wight and South of England 
Packet? Did you know that you 
can obtain a discount on bills 
at a hotel in Blackpool (left), 
should you happen to bold 
shares in Town Centre 
Securities? Did you know that 
you can attend a shareholders’ 
open day — with refreshments — 
and an opportunity to purchase 
| a range of clothing at whole- 
sale prices, should you hold 500 
>3 shares in Tricoville? 

This information comes to 
you courtesy of stockbrokers 
Grieveson, Grant — yes. the 
very same stockbrokers who 
think well of the individual in- 
vestor — who maintain a run- 
ning list of shareholders’ perks: 
not exhaustive, they say, but 
certainly pretty comprehensive. 
It indicates, inter alia, that it is 
possible to obtain a discount on 
accommodation at Ladbroke 
hotels and motor inns, on 
holidays, at sports and hi-fi 
shops, and free entry to the 
Grand National, casinos and 
greyhound racing stadia as soon 
as the privilege card (right) is 
issued — on registration of a 
holding of 200 shares, 400 sub- 
scription warrants, or £600 
nominal of the eight per cent 
loan stock. It indicates that 
there are discounts on hotel 
accommodation to be obtained 


Highlighting the best performing unit trusts in the various specialist 
sub-sections in 1977 the Investors Chronicle 14th April, 1978 stated 
•*. - .Target American Eagle, very much against the trend . . . 
rose 15.5% in the North American section". 

Over the same period the Dow Jones industrial Average fell 17%. 

In July1977 we announced to unitholders shall continue to use our discretion In this 

our intention to increase the American respect 

content but we held off because of the The aim of the Fund is to achieve longer 

weakness of Wall Street and the dollar. term capital appreciation and we believe 
Thecorrectness of this decision is reflect- that the case for investing a part of your 
ed in the performance compared with capital in North America with such an aim 
funds invested wholly or substantially in - m m ind is now very strong. Share prices, 

America over the past year, ; n terms of the established yardsticks are 

• ‘ historically cheap. U.S, inflation rates are 

During 197S we have increased the U.S. j ow ; n global terms and America is afteral! 
content from to 75% .taking advanl- largest and most advanced economy 

o*. ( e of the tower share prices and also j n the world. 

because we felt that the period Remember the price of units and the in- 

streruith ot the pound against the dollar come f ro mthemcangodownasweilasup. 
was is ourintenhon to increase com e ‘ „ r . . . . w ' 

Ihe U.S. content still further but timing Your investment should be regarded as 
remains of the utmost importance and we long term. 

APj'j ;c ATirn t.imi irinj,i.-. *■(! ns! br 
., i .. ih .<• .if.*,. ah-.:* ,i!i" •* "l 

*.:«.■!<: O.I-. iw -vii • • 

'• l.'.i \’bi r«iuR ?:a 

i > nun . 

Lk 4 tir l i | >ri >l I*! I c I-*'" i-dulU ' - 1 Mi"'™ Will 
I. niP|-i wr*i- ' lint n • c I W» 

I. .-Ji-— I, f,c.ll -. Th. unit- uml 

* .•Mn-.T.w'Iw.lftlliUll.Slu Nj:wnjl 

A.': I.\n irtr. cl*?,, *•- Bvljdrtl w '&• 

1 l I • J t. ...» 1 1- M.V- -|i« Will CJtf 

.1 If % !•■» .juiliSidam-illi. 

IhE tin- ri.'M l<“ J 1 * 

M’. > n.-to,,. Ift." Jjlv Mat* J *l ,r \V_ .. .... 

W.-i- in. bean* WJf U V. Alter ;«•» 
p- RC ptltr umlu will be awlaWert 

INC C*:e Irm lax at I hi! brt.i' S* lia | 
^a.iinbulsd enllsl Julv «**•■ irC 1 * 1 
cnai il-o! jSoi um van.'* oi <f >- f ‘‘P J PJ'*?" 

% a.T.isoirtucUUViemllKO<«S ‘"“V*' 

TWjTfE: Clydesdale EunK Uir>il° d 

y AN^ERC: Tomrl Tiuj t.Vnao'r.'j 
i Seel land' Ltd- 1& member ttiu U"'.l Trust 

Directors AP.W.SImon, T.D..-F.C.A.. 
IChBimani. E.6.P.Cl»v«.M.&.£^ 

A. W.Fuisr, C.A.. 9. rL MeCosh, 

I. u.SarncKfn, J.P., 

J. Whllkm, M A.. E.Cetn.. CA 
Telcohonc : 0 >- 6 (£i TLU. 


current estimated gross annualyj^ 1 ^^ — — 

. _ , - , r , . i,.y,.,. IhJi I arn/mo me not rnHlenl nnUidc the Schrdulrd 

l,-.v. *.-,h |“ ("Tii'ni'i Aiiifi. .in t-iq ■’ [ T.’mlWMfi '' nl * 1 BcQinrinBnieunlUiasUwnomtnwtsi 

l Jnisuinq XoOO an.. . nctovH J ...roee w ol The Republic of Ireland. This oiler doses 

I, |m> awe lo Tar.ji-i T.u .1 {icr-ilonnjUd. 

_ . jou-l .molt <t n t* ’’“usl si#,’ andJihch rams andadd/cssts stporaMf. 

*'■> Kiwi inU - wuNwnaut aw « ™ lPI utfn ^ lm ,0RU - FT1.V5 


r. i ) : j'l K' ' . il> • •< 

Total Funds i!nrt,irtYianaoar<ieint inTheT-arqeoGroujj^^uQ^OOP, 

agreed by the building society 
(on valuation of the property), 
and the sum required by the 
buyer. This additional advance 
usually runs to a few hundreds 
of pounds only; if it should be 
of any considerable amount the 
society may be more wary about 
the application since it tends to 
increase the total payments 
due and to cast doubt on the 
applicant's ability to meet those 

The indemnity policy to be 
issued by an insurance company 
will be arranged by the society. 
It will guarantee that in the 
event of default on payments 
by the buyer the society will 
be able to recover its costs. 

Generally, there are three 
ways of paying off the additional 
advance. Most societies prefer 
the method under which the 
buyer pays additional in rerest 
in the first year, and repays this 
capital first. The additional in- 
terest charge varies with the 
size of the additional advance 

Second, the buyer may choose 
to make a single premium pay- 
ment for insurance on the sum ! 
until it is paid off over the 
normal term. The size of the 
premium will depend on the 1 
amount of the indemnity re- 
quired- | 

Third, the buyer may offer 
other forms of additional 
security, or someone else may 
do so on bis (or her) behalf. 
Such security might include a 
life policy which has already 
acquired a cash surrender 
value: tile deeds of other 
property; Government or. other 
trustee stocks or a personal 
guarantee supported by a cash 


A.a'.sjttT*. nc.BotJ.; 

<> v7 A "* ,j ,<3 

from Mount Charlotte, Myddie- 
ton and Vaux Breweries, in 
addition to Town Centre and 
Crown House. 

Should you happen to be 
feeling the cold draught of in- 
flation and or recession, you 
can, in addition to the discount 
on Tricoville's high fashion 
clothes, obtain a reduction on 
those from Amber Day (another 
high fashion outfit), from 
Gieves Group and. at a less 
esoteric level, from Hepworths 
and Moss Bros. You can get 
fur and sheepskin coats and 
jackets from Cope AIJman on 
the cheap, or leisurewear and 
camping goods from Greenfield 
Miilerts, or shoes from Stylo, i 
You can furnish you house on 
the cheap from A. Areason as 
well as Henderson-Kenton, and 1 
you can even drive around cm 
the cheap in a vehicle from 
Alexanders Holdings. In fact 
you can do so much on the 
cheap that one almost wonders 
at the hoo-ha over dividend 
controls. With discounts tike 
these, who needs dividends? 

rises in 

IF YOU are thinking about 
supplementing your income by 
purchasing an annuity, and 
want the best return for your 
money, you must nor only study 
the best rates published by 
magazines such as Money 
Management or Planned 
Savings, but also read the gilt- 
edged reports in the news- 
papers. You may get a better 
return by waiting a few months. 

Annuities are a good means 
of living on your capital with- 
out having' to worry about 
actual outliving the rate at 
which you use up that capital. 
The life company which grants 
the annuity accepts the death 
risk, and will pay out no matter 
bow long you live, it is the task 
of the actuary to fix the rates, 
going by bis mortality tables. 
The older you are, the higher 
the annuity rate, since your 
expectation of life is that much 
shorter. Also men get higher 
rates than women of the same 
age. because -the latter's expec- 
tation is longer. 

But the life company invests 
your capital, and part of the 
annuity payment represents 
interest on that capital. The 
average length of annuity pay- 
ments is between seven and ten 
years, so the actuary bases lus 
rates on gilt yields of this term. 
In days when yields were much 
more stable, actuaries tended to 
keep annuity rates unchanged 
for longish periods. Now the 
rates are much more sensitive 
to changes in yields, especially 
among the top companies which 
are actively seeking annuity 

The graphs show how gilt 
yields on 10-year stocks, as 
measured by the FT-Actuaries 
gilt yield matrix, have moved 
since the begi nnin g of last 
year, and show for comparison 
the return on annuities from 
Scottish Life Assurance, a com- 
pany which has consistently 
been in the top 10 for its rates. 
The high degree of collation is 
unmistakable. (For the purists, 
I have taken the 10-year rate 

as the mean between the 5 and 
15-year yields on high coupon 
stacks, since annuity funds are 
virtually grass funds.) 

Interest rates have moved up 
sharply since the Budget, revers- 
ing the previous trend down- 
wards since yields peaked in 
October, 1976. The future trend 
is not clear at present, but 
yields are not likely to fall .signi- 
ficantly in the near future. So 
for inlerested investors it may 
well pay to wait awhile. You 
will probably get a higher rate 
because yields will rise further; 
and you will definitely get a 
higher rate because you will be 
that much older. Bates tend to 
move in quarter years of age. 

The big drawback to conven- 
tional annuities is that, to get 
a high initial payment, the. 
underlying fund is based on 
fixed interest investments. So 
the payments are fixed in money 
terms. Inflation soon erodes 
their real value. An increasing 
annuity seems the obvious 
answer, but there are very few 
available. Property Growth, now 
part of the Phoenix Group, werfe 
pioneers of the investment- 
linked annuity back in 1971, and 
they have recently reissued the 
relevant brochure. The level of 
payments on these annuities de- 
pends on the price of the units 
of a special property fund. 

Share prices on Wall Street have 
recently staged a sharp recovery as 
Institutional investors have reacted to 
more favourable economic developments. 
This recovery has been given added 
impetus by the above-average amounts of 
institutional cash awaiting investment in 
equities and the fear of missing the bottom 
of the market. 

Whether this recent upturn in the market 
represents a brief rally only, or whether it 
hraalds the beginning of a sustained bull 
market is difficult to determine at this time. 
Even so, it is our firm belief that the market is 
now towards the lower end of its present cycle 
and that, however the market reacts in the 
short term, the scope for capital gains is 
substantial in the medium term. 

The reasoning behind this belief is that, 
although there are still a number of unsettling 
factors within the U.S. economy, they have 
been largely discounted in the present level of 
share prices. Despite the rise in recent days, 
shares are still selling at comparatively low 
levels in relation to companies’ underlying 
assets and earnings. We therefore believe that 
Wall Street continues to be in. a position to 
■record art impressive performance. Further- 
more, we believe that Save & Prosper United 
States Growth Fund with its current emphasis 
on the larger companies - which have led the 
recent upturn - is a particularly attractive way 
to invest in the American market. 

United States Growth Fund 

U.S. Growth Fund yras launched in 1964 - 
and is now valued at over £31 million. 

By investing in the fund you can obtain a far 
wider spread of investment than you could 
readily obtain on your own behalf, as well as 
benefiting from Save & Prosper’^ long 
experience of the U.S. market and currency 

Past performance 

Since the launch, the fund’s offer price 
has increased by 114%. This compares with a 
rise of 23% in the Standard & Poors Composite 
Index (151% when adjusted for exchange rates 
and investment currency fluctuations). As can 
be seen from these figures, changes in 
exchange rates and in the investment currency 
premium can affect the value of your invest- 
ment as much as stock market fluctuations. 

An investment in this fund should be 
regarded as a long-term one. 

Remember the price of units and the 
income from them can go down as well as up. 

About Save&Prosper 

Save & Prosper Group was founded in 
1934 and in addition to being Britain’ s 
largest unit trust group is a major force in 
the life assurance, pensions and annuities 

At 1st January 197S the group 
managed £375 milli on, on behalf of more 
than 700,000 investors. 

How to invest 

To make a lump-sum purchase, please 
complete and return the coupon below together 
with your cheque. You will be allocated units 
to the frill value of your remittance at the offer 

9th MayU978the offer price of units was 80.3p 
giving an estimated gross yield of £0.87% p.a. 

If you require any further information on 
the fund, we suggest you consult your 
professional adviser, or contact oca^Customer 
Services Department at the address given in 
the coupon below. 

Advisers requiring further details should 
contact Save & Prosper Services on 01-831 7601. 


Tru-t aim. The aim is to provide 3 portfolio in re? led • 

in tho ".hareu of US campanias. Income in not a 

consideration la mannp ing tin- fund. 

tlalw arc com to buy. Umu may normally be 

boupht and sola on any working duy. Howe tor, in 

e*crtJ!.ianaJ circumstances tho .Majui&crs riaerve the 

right to M&PODd price qowatiwu. prriAlng riu»ir 

rav ill nation. 

And to h«U. Tba Managers wifi normally hoy hack 
unit.'. Croni reeiaterwi holder*, frev of commission, ac 
not leas than the bid wits, calculated on the day roar 
lasimcu p ng ara recetari. in accordance with a 
formula approved fty the Depar tm ent of Trada. They 
nuy JtoQ be wld back through an authorised agent 
who is ent it led, to charge aaimijann- Payment is 
noimnuy made within sewn day* o£ one ncdnoi 

renounced certificate 00 . 

SareCoarda-Tbe trust is authorised by the Secretary 
of Stale ftjrirafle. and is a 'wider-rane*' investment 
uodi-r theTruHro Investments Act. ISO. The Trustee 
Is J&nk of Scotland who holds the title to the trust’s 
investments on behalf of the unitholders. 

Charges. The offer price currently Includes as Initial 
son'iw ohan;a not exceeding 5%, and a rounding 
arijii-Lmcnc not exceeding the lower of 1 °„ or 2 . 2 ap. 
Out of.tiiis. mnmuaion of l|“i tpiu* VAT where 
applicable^ W| u he paid to bantu, sloclthrohers. 
mMoo. acavnatobb* and Qualified insurance 
brokers on applications bearing thrir stamp. In 
oddltion. a palfy eurly ehjrgo. out uf which Monacan* 

wtPi'-*. si'll Ttusvces- fca, are> mot . deducted from 

the tnw.t >5 asKot&rtua choree is turremly lit/IDp per 
Xl'Xi on *V*,« Jf* VAT in payable makinc u 
deduction ot -U-tjp per £ 100 . 

Income.. Distributions of not Income etc- mado on 
1M» April ouch year. The* ran bo mnvf&led in 
furl horumw if you wish. 

Manatfcrs. Save APxosprr Securities Lunilod (a 
member or the unit Tniit Awoouiion), 4 Great Be. 

I Application fora lump-sum purchase of 


Save* Prosper Securities Limited, « Great St. Helens, London EC3P3EP. mb: 01-664 88S9. 

Reg titered in England No.TB872a. Retfstenx! office ex above, 

To purchase units ptoeso complete and intern this long, either diiccdv or through your hank. gmcLbro kcr. solicitor, accountant « 
■weliOed Insurance broken, moerher with tout remittance. We wffl ocroiowiodtm iscelpt or vnur oppUcn-jon and icmitunce end will 
nonnally despatch e certificate lor the units wfctUn 14 daw. Cheques should ba pov»*>*s to -Sane Si Praape r Seoiniies urmtefl" 

TffcallubnaiavsUMetanifcicfltsaflheHepCibBcof Inured. {Muk amunw of rsmiaartcu) 

Please haul to tMUnHad States Gmwtli Fund units a the valuoof [ £ [ calculated it Uia o I (or price 

HGno cm receipt of this appGeattaa. (Mnkaum Initial patches* fi2Sb £50 tor subsequent kikImisk J A remkaacs Is encJoMKL 

M fflSS? *a^s*mp ; 



I dadm that I am oral Band am net msItSeiif outride the UK or other Scheduled Tentmiies end that I am not eeauMng the ehore 1 

units es the nominee of any person resident oubtde these Temtones, (II you in unable lo make this ratidenttal dechnatlon It short* . 
bocMetod and the tom krtged through youtUK bank, aockbmfeer nr edlettocj j 

Signature p a w ; 

EMrtlflB United Stares Growxn Fond ikMwMm pteose tk* here. PI ftr Office Use Only 

If vou would file* dcAhhutloas of IncortM to tie rrtnvestad m further 1 — l S 8 S BS 3 Bt K 1 

units prase U» here. j ] ASD/FT/T 

II von would Ilka dw e ftr of me, Share Btchange Phn please tick hem. | ] £ S [ j 

Financial Times Saturday May 13 1978 


A rose by any other name 


Df THE Estate Agents Bill oak panelling, ceiling beams, could easily be adapted to pro- 
whieh yesterday foundered on leaded light windows and a con- vide additional acconmoda- 
the Parliamentary rocks there genial brick fireside create an For what hi fact, a 

should have been a clause on endearing sense of unity. In *!? m w 

agents’ use of the English the Dining Room 15'6 x 12'6 ^ ouse m ,N.W. London jp? 

language. The public are, of walls are finely moulded form- “ at 1S P 1 ^ 6 • 

course, protected by law from ing the background for a There is another kind of des- 
factual inaccuracies. Bur even marble fi repiece on a wood cription which seems to me to 
sq agents can still call upon block floor base. Access gar- err on the other side. Such as: 
their own peculiar muse to give den. Big family size Kitchen/ “In plan the bouse is double L- 
a certain glow to those facts. Diner 16 x 14, well timbered— shaped and is built on 2 storeys 
The art of poetic prose is not units in teak bousing oven, with attics in numerous gables 
yet dead. hob. twin stainless steel sink which have moulded springs 

Take, for instance, the fol- with waste disposer, following and finials. The exterior is 
lowing: “ £85.000—3/4 Bed- the friendly Tudor theme. 1st mainly rough-casted with free- 
rooms 2 Receptions, CH, 80' floor 3/4 Bedrooms, Principal stone dressings, the roof being 
Garden, Parking 2 cars. Re- Bedroom L shaped, 23 x 23. of pantiles. There are a number 
capturing the nostalgia and easily divisible into 2 double of tall stone chomoey stacks 
splendour of Tudor Times with bedrooms, attractive cornice- with caps, some in groups of 
an authenticity that's hard to work. 16 x 12 and ll'B x 11'6, 2 and 3. The fenestration is a 
fault from its heavily timbered each with robes. The lavish notable feature being 3 and 4- 
white panelled exterior repos- Bathroom is a little out light stone mullioned casements 
tag beneath a gabled roofline of touch with the rest of the with 4-centred sub-arches and 
to an interior brimming with house, although the walls and rectangular dripmotilds.” While 
features typical of the period, ceiling are in pine, there's a no doubt this is all entirely 
A stout ouk door takes you into massive bath in purple, with accurate it does seem to me to 
■wood block floored panelled 22' bidet, low flush suite and band be rather a complicated mouth- 
Hnli with Cloakroom. The b3sin. To the rear, a patio ful to include In details sent out 
generously proportioned Lounge takes you on to SO' lawned to potential buyers. Still better 
20 x 15 is a room you imme- colourful gardens. Freehold, this fault than the kind first 
diately feci at home in — lots of There's a massive loft that quoted. 

The Arab invasion cools 

Two estates on the market 
this week but two different 
ways of Investing- in them and 
enjoying. their benefits. The 
first is quite norm al and in- 
volves a straightforward sale- 
The Brands House Estate is 
near High Wycombe, Bucking- 
hamshire. It Is an attractive, 
small residential and agri- 
cultural estate, situated two 
miles to the north of High 
Wycombe in beautiful 

countryside over whieh it has 
excellent views. 

The estate covers just over 
100 acres and consists' of the 
following, (above left) Brands 
House —■ an elegant - period 
house with five reception 
rooms, seven bedrooms and 
four bathrooms, heated swim- 
ming pool, attractive grounds 
and parkland : secondary 
house with three reception, 
four bedrooms and two bath- 

rooms : a two-bedroomed 
cottage : three eighteenth 
century haras suitable for 
conversion : paddocks, farm- 
land and woodland. 

The estate will be auctioned 
in High Wycombe on Jane 29, 
1978, os a whole or in 10 
lots unless it is sold privately. 
The agents suggest that more 
than £250,000 will be achieved 
for the whole estate, la the 
second case the share In the 

country life literally by the 
purchase of shares. Family 
trustees are selling the shares 
in Great Lodge Fauns Ltd., 
Framlingham. Suffolk- Tbe 
principal assets of tbe com- 
pany are: Great Lodge Farm 
of 666 acres having: a first- 
class principal residence 
(above right) with three 
reception rooms, seven bed- 
rooms and four bathrooms: a 
secondary house and nine 
cottages: excellent pig and 

grain buildings: fertile arable 
land: 170 sows and their pro- 
geny: well-maintained modem 
farm machinery. The agents 
are looking for offers in tbe 
region of one million pounds 
for the shares- It is net 
purely a financial transaction, 
the estate will be vacant 
possession so you can go and 
farm there if you want. Both 
estates are on offer through 
Gluttons, 74 Grosvenor Street, 



to throw up ones arms and sequence, as these fish spawn with them it would have been my ignorance. However for 
scream for help, but to lean and replenish the stocks lost in easier. Certainly if they are those who want to know 1 can 

back so that your legs rise to the two dry summers. properly used it does seem pos- thoroughly recommend two 

the surface and then float, sup- However Z have been on the sible to get a rather longer cast books on still water fishing, 
ported by the air in your gar- river whenever conditions have than with a fixed spool. In “-Still Water Anghng. 

ments, meanwhile paddling to-' been remotely favourable for The deadliness of spinning is Bichard Walker gives us the 
wards the shallows. spinning and while I have not probably due to a variety of benefits of his experience so 

Quite easy if you can already yet caught one myself other factors. Fish prefer the sort of clearly and simply that with- it 

swim and I suppose worth prac- members of my syndicate have, baits used, although the tube in hand it should be possible 

tiring if you can't. But I can Spinning in general is said to flies used on some rivers are to fish for different coarse fish 

IT WOULD seem that the Arabs property in this country. There slump, when the only buyers 
and other Middle Eastern are still plenty of buyers, how- for property costing over 

buyers have not made their ever, and the majority of them £75,000 were from abroad, 

accustomed spring rush to buy looking for the more expensive There was a glut and a wide 
homes in London and elsewhere property are now coming from selection to chose from then, 
in Britain. Europe, North America and whereas now the choice of 

The rush to buy expensive Britain itself. property is severeiy limited, 

property in select parts of the Bernard Thorpe say that one "The Arab rush to buy has 
capital, and country estates of the main reasons for this been exceptional over the past 
around it. normally starts in change could be that most three years, but we knew it 

late March, but so far there Middle Eastern buyers have now would taper off sooner or later. ' 

have been few signs of the made the purchases they want This now appears to be hap- 
normal number fo buyers, says — bought in the slump when pening " said a spokesman. As ' . 

Bernard Thorpe and Partners, there were few British buyers the days of the rich Arab spend- IS fashionable in salmon 

Perhaps it is a reflection of our about. Now there are few bar- ing upwards of £lm. appears to fishing circles to condemn and _ „ „ — — — 

spring betas very late this year gains about as prices for flats be over, and those who are buy- lyre other than the fly an most add one warning to his advice, need less skill than fly fishing, almost indistinguishable from with a considerable degree of 

— one day it is here, the next and houses have risen substan- jng do tend to be purchasing rivers unless water conditions I was once bathing in a fast and also to be more lethal under minnows, etc. The baits are success. In the same genre 

it is gone. tiolly over the past six months, more modest property,” he ma ^ e its use impossible. These but shallow New Zealand similar conditions. I certainly certainly more easily controlled Brian Clarke in “‘The Pursuit 

Over the past three years, although now they are stabilis- added. The more common price 3 when the water is either too stream, and found it~ very don’t agTee with the first pro- than flies, can search out much of Stillwater Trout" provides 

Middle Eastern buvers have ing. bracket now is from £40,000 to or 100 clouded for the fish pleasant to float downstream position. Casting and control- wider areas of the river because a splendid example of how by 

been on a spending "spree, and The firm adds that the pound £100.000 although the odd big to see a ana11 or too deep until I collided with a rock ling a Devon minnow, spoon or of the much longer casts pos- application of observation and 
they are thought to have spent is substantially higher in value transaction above that figure ^ or the fly to be sunk where the which knocked me silly. So if other lure without getting it sible. Once a fish is hooked, skill reservoir trout fishing can 

possibly £500m. on residential than it was in the property will still take place. fi^h are believed to be lying. caught in this situation try snagged an the bottom needs a my experience is that the fixed become akin to the finesse said 

Middle East People are still This year I have a rod on a going feet first if you can. high degree of skill based on spool reel makes playing the to be confined to the art of the 

coining tcf London in ever Wye beat where fly fishing is So far this year the lower experience. So far this year I fish much simpler and more dry fly. 

increasing numbers. But now both very possible, and almost Wye has been unsuitable for have come back with more of effective than a fly reel. This For those who don’t take to 

they own a wide selection of de rigeur. Long stretches of fly fishing being too deep and other people's minnows than I I think is a good point because the water but wish to make the 

THE PRACTICE of gazumping happening. An underwriter has property in which to stay when fast running pools like the very too colonred and the fish have have lost. it reduces to a minimum the best of a small acreage for 

has been in ihe news again re- now agreed to take on this they come here: - best of Scotland and the bottom been going straight upstream. I am still rather non-U, and Ash's suffering. Once it is sport “The Amateur Keeper” 

tl although there has brand new kind of business. The Bernard Thorpe and Partners good for wading without drown- This has reduced catches in any use a fixed spool reel. The best hooked the sooner it is landed provides a good read, but the 

ce “* i e insurance covers legal fees and think that the residential ing an elderly angler like my- case while giving a bonanza to people use multiplier reels and and killed the better. author Archie Coates does 

probably been more publicity 5urveyurs costs up t0 a sum market in Britain will now be self. Incidentally for those who beats higher up which had a are apt to sniff at my tackle. I - A correspondent asked me the assume a basic knowledge 

about it than the number of j nsui ed 0 f £150 at a premium of more stable this summer, par- fear this sort of death Hugh very thin time for the last two have used these reels in the other day why I never told my among his readers which the 

gazumps warrants. However, for £26, or £250 at £42.50. The ticularly with the threat of a Falkus gave a demonstration years. I am jealous of their past, but have not found them readers how to catch fish. There other two writers don’t, 

those who are greatly afeared service is available through rise in mortgage rate before too on TV of how a sexagenarian owners, but this jealousy is too easy with endless possibili- is a simple answer in that I u£ raw |g- Rkh * rt Walker * 

of this catastrophe overtaking Seivwrigbt Young and Co. i*v- long, due to the rise in mini- can take to the water fully tempered by the fact that the ties of, overruns which are don't really know for certain ra« Purrahof wwrattr Tr*» by 

them it is nice to know that surance Brokers), 11. Forest mum lending rate from 7i to accouteredjn waders, etcu and river - ----- *-■ — ■— 

one can now insure against it Lane, E.15. 8j per cent 

Gazump insurance 


be much better undoubtedly due to my lack of and I would never set out to 
survive. The technique is not stacked in the future in con- skill. Perhaps if I had started teach others from the depths of aka* oS,sSsa. 

Bv direction of Sir Charles Clore 



Wiltshire/Berkshire Border 

Hungerford 3 miles 

An Important Residential Sporting and Agricultural Estate 

Main house, garage block, swimming pool and lake. 

Secondary house. 41 other houses and cottages. Stud farm with 22 boxes. 
Dairv and arable farm with unit to milk over 500. 

About 650 acres woodland. Exceptional pheasant shoot 

For sale bv auction at a later date ( unless previously sold) 




Knight Frank&Rutley 

20 Hanover Square London W1R OAH 
Telephone 01-629 8171 Telex 265384 



Bin lie -I miles. Hasting* -i miles 


Attractive residential stock and arable farm. Fine 
period farmhouse, oast house with planning 
permission, stock buildings and corn storage for 
200 tonnes. Vacant possession. For sale by 
private treaty or by auction at a later date. 

Joint Agents: BURTENSHAW. WALKER. High Street, 

Entile. Tel: (04262) 2237. 

SAYJLLS. Wessex House. Wim borne. Tel: (0202) 887331 




Norrhey and Four Chimneys 

428 ACRES 

Grade II Black Skirt Fen Land 
Let ft Yielding £9.100 pj. 
t Review w.e.f. 1 1.10.78) 
For Sale by Tender June 14th 

chartered surveyors 
Trumpingion Road Cambridge C 82 2 LD 
Telephone- Trumpingion 1022-021)3391 


chartered surveyors 

Trumpington Road Cambridge CB2 2LD 
Telephone: Trumpington (022-021) 3391 


In Reading - Newbury - Barinjjtofco Triangle and dote to M4 and M3 


Ideal subject for conversion in splendid uolao'ofi 
Brick and die 3-icorinr dwelling wish substantial outbuildings 
and ll Acres 

(IF not previously sold) on Thursday 22nd June 197S 
Joint Airctloneen; 

A. W. Neate & Son. 8 St. Mary's Hill. Cheap Sereer. Newbury 
Telephone: (0635) 42961 


Outstanding site adjoining and with direct access to open Forest 
Southampton 10 mllet 
The Unique Miniature Freehold Estate 


Period Minor House, 7 Bedrooms, 2 Bathrooms. Cloakroom. Dining Hall. 3 
further Reception Rooms. Sun Lounge, Excellent Domestic Offices. Full Gas e/h. 
SwlSmlnJillJS' ^ & i rag,n £ , 3 ««■ Outbuildings. Hesud 

SdJSE? M atout "‘act J?™* ^ *4 joining 

AUCTION 23rd JUNE 1978 

Fox Sons 


Tel: 0703 25T55 

King; & Chasemore 

Chartered Surveyors 



in Angmering Village, 3 Beds.. Bath, 
roo™. S' King Room. Dln ,„ B Roonii 
Mcnen. Small rear garden. 


™ ‘V Breakfast 

* ' . Glrj Z*- Garden. Plot 
with Sea Frontage 1 Planning Content 
lor I dwelling) 

Auction of both properties 
7th June 

I'loiti rated Brochure, from: 

(09 M2 3202) or 
Kintmgtofi Office (09062 73991} 

. River Plantation 

1 ,174-acre scenic farm. Colonial 
farmhouse and plantation depen- 
dencies. 4 2 mlies river frontage, 
plus 71-acre island. Outstanding 
value at S575.000. For infor- 
mation on “Highlands” or other 
fine farms and estates from 
$100,000. please write or call: 

Court Square, 
Charlottesville, VA. 22901 

Tel: 804-296 4171 

F °5SfJS C *f U 5H E -? ">««•-. Gunutno Mill 

Option with 

iroul fishma. Bedroom on sun. 4 Bed. 

* Bee.. Study, ett. 2 acres 
Auct.on 12th June. FOX A SONS 

iO«St sai-M* 7 ** 1, Fori,l "" Brld * B - Tel: 

“ Beds.. 2 bathroom 1 , showcr.tollct 
Conservatory, etc. aero prelected, 
between London and* Coast. Close to 
shoos and station. Charing X 1 hr 
Hourly service. Tel: 0622 631417. 
SEA VIEW. Christchurch Bay. Dorset 
Detached house ouoosile the Avon 
Beach. :oungc. dining room, study 
cloak., kitchen. 3;4 beds., bathroom, 
oarage, large garden. £52.995. TROTT 
& Co.. Highclllfc '04252) 4321. 



< uniecj laid prcviouily i 

1SS ACRES IN 2 LOTS (64 Ha) 

Conveniently situated on A4 
Splendid 5 bedroom House with 34 foot !oun°e 

mocT-n auildmgt v. noino over 200 head. Dutch baro’Vith Ican-u. 

state of fertility and 

E»tMsiv? moce-n auildiugs t.. name over 200 head. 

Over 14.000 IQ. !t. in all. The land it in a hi; 

the layout >» *d?ii :o- dairying. Tinker collect. or,. " No ingoing chargeable] 
TB/ Bruce Hosit accredited. Warble tree. * 

Chartered Surveyor*, Valuer* A Auctioneer*. 

Bovrrme Road. Ramsey. Isle of Man. Tel: 0624 812236 

SSRvl^C A.-AK1MCNTS. Tnc Ivory House. 
A London apartment in exclusive 
Venetian sotting. Beautifully lurnKhed 
and serviced. Available (rum 1 to 12 

vvceVj From £250 b.w. Telephone 

J6E rcoo 

Bungalow. 1 acre sue. frontage to River 
None, beautiful Situation, concrete Slip- 
way, local lor boating enthusiast. 
Further details from Spencer*. Chartered 
Survevcn. 5. High St. East. UeDlngnam. 
Le'Cf. TC> No. Uppingham 2341. 

SMALL COUNTRY HOtHfc near Newbury 
>"■171 well appointed accommodation. 
Easy access to M4 lunetion 15. 3 recep- 
tion. breakfast, luxury kiuhon. master 
bedroam witn en-suite bathroom, dress- 
ing room. 3 further bedrooms, bathroom, 
usual office*. Carden grounds and pad- 
dock. Lease box possibly available. To 
let from June 1978. minimum one vear. 
£I£L5 er ■K ec, L preweatt Watson and 
««■» Market Place. Ncwburv. 
Tfel: 46000 10635 ). 

Only £2.00 per line (minimum three lines) 

Rettirn this coupon with details or your propertv together 
Saturday f cheque and P ublicati °a vvill take place* next 

or telephone 01-’J4S 8000. ext 390 . 


Channel Islands 

June 16 1978 

The Financial Times is planning to publish a Survey on the Channel 
Islands on Friday June 16. The provisional editorial synopsis is set out 

INTRODUCTION Potential strains on the economy have arisen as a 
result of pay. settlements above those in the UJK. Can the level of 
stability be maintained in the face of this potentially inflationary 

FINANCE The Island’s role as an off-shore financial centre is expanding. 
That role is becoming increasingly international as the number of foreign 
banks increase. 

INVESTMENT There has been a big growth in the number of Islands 
based trusts, which has enabled non-U.K. residents to consider new 
investment fields. 

COMPANY LAW Professional opinion continues to be opposed to radical 
change in the proposals for a new commercial code in Jersey. Debate 
on the matter continues despite the initial adverse reaction. 

HORTICULTURE Tomatoes and flowers continue to provide the 
backbone of the export market Modernisation and rationalisation have 
helped keep the Islands economic and efficient. 

TOURISM To develop the trade the Islands are developing their 
conference facilities and sporting activities. Some lm. visitors are 
expected this year and their contribution to the economy will be highly 
important. There is some concern about the effect of dearer air fares 
on the number of arrivals. 

INDUSTRY The Islands may not be famous as an industrial centre but 
there are some small-scale activities, such as boat building, and they help 
to sustain a diversified economy. J F 

For further information please contact: 

Steve Nevitt 

Financial Times, Bracken- House, 10 Cannon Street London Fhap 

Tel: 01-248 4SS6 fDirect Line) Telex. S85033 FINTIM CL ** * 



The content and publication dates of Surveys In the Financial Times 
are subject to change at the discretion of the Editor! 83 ilmeS 


Financial Times Saturday May 13 1978 



Matra Rancho 

Spring Treble 


MAY has brought a spring 
flush of new cars. At least, 
the BMW 323 i, the Chrysler- 
Matra Ranch u and Peugeot 305 
are new to Britain, although 
they have been selling across 
the Channel for several months. 

The BMW 323i and Chrysler- 
Matra Rancho with right-hand 
drive are in British showrooms 
now: the Peugeot 305 makes its 
official U.K. debut on Monday. 
They are an interesting and 
attractive trio and seem bound 
tn make a hit with three quite 
different Kinds of buyer. 

Take the BMW. for example. 
This could be thought of as a 
sports ear for people who 
hanker after two seats but 
must, for professional or 
domestic reasons, have four. 

From the outside it looks like 
any other BMW 3-series two- 
dnnr saloon, but there are quite 
a lot of changes - underneath. 
To vupe with the extra urge 
(143 horsepower at 6.000 r.p.m. 
instead of the 320 model’s 125 
horsepower) the fuel-injected 
323i has beefed-up suspension 
anti an all-disc braking system. 

Higher gearing makes it feel 
longer- legged on the motorway 
than the other small BMWsl It 
•helps fuel consumption, too. 
BMW claim a cruising con- 
sumption of around 30 m.p.g.. 
combined with a top speed of 
120 m.p.h. and a 0-60-m.p.h. 
acceleration of nine seconds. 

During a 200-mile drive in 
ih- south of France recently 
The 3231 showed it was 
obediently controlled during 
hri^k motoring on mountain 
ro.'.'ls that were, once again. 

streaming with water. 

Basic price is £6,294, but 
BMW Concessionaires reckon a 
high proportion of buyers will 
go for extras like air-condition- 
ing, electric windows and power 
steering. They will put the 
price up to nearly £8,000, which 
is more tb3n another rival, the 
Alfa Romeo GTV Strada, but 
less than the Porsche 924 Lux. 

The contrast between BMW 
and Chrysler-Matra Rancho 
could not be greater. The 
Rancho is an inspired shuffling 
of standard Simca (that is, 
Chrysler France) parts to make 
an enormously roomy, mainly 
glass fibre panelled estate car 
which can venture on to tracks 
that would smash most cars’ 
springs and exhaust systems. 

With its massive, matt-black 
bumpers, grille-protected spot- 
lamps and wbat appear at first 
site to be solid rubber body 
protectors, the Rancho looks as 
butch as a 12 stone blonde 
wearing a leather jacket and 
thigh boots. But no matter. The 
idea was to feed fantasy, to 
make Lhe businessman fleeing 
Paris on Friday for the family 
college in the Dordogne, day- 
dream that he was about to 
cross the Kalahari Desert. 

Inside, the seats are squashy 
thrones, practically trimmed in 
washable vinyl, and the floor is 
rubber matted. To drive, the 
Rancho is like a stiffer but still 
highly shock-absorbent Chrysler 
Alpine. It sustains 70-75 mph 
qnietly enough for the radio to 
be enjoyed and will run up io 
90 mph despite its lofty, wind- 
catching body. Understandably, 
it rolls a lot on fast comers but 
it never feels less than com- 
pletely safe. 

The price of this French-built 
front-drive Range Rover sub- 
stitute (or jumbo-sized Renault 4 
if you prefer) is £5,650, which 
wilt alas, put it out of reach 
of many parents with big 
families for whom it would be 
the ideal motor car 

Perhaps Chrysler might con- 
sider a cheaper and more basic 
version without the “ Kings 
Road Commandos " staff car 
accessories. Demand would be 
enormous if they did. 

When I tried Peugeot’s admir- 
able new 305 saloon in France 
in the autumn. I guessed (this 
column, November 19 last) at 
a price range between £3,200 
and £3,900 depending on engine 
size and scale of equipment. 
In the event the 1,300-c.c. hase^ 
model GL will cost £2,999, the 
posh 1 ,500-c.C. SR Lux £3,864. 
Even Peugeot’s assembled 
dealers whistled in surprise at 
the just under £3,000 tag when 
they were told of the price in 
confidence at a Wembley jam- 
boree last week. 

How long it can be held re- 
mains to be seen, but it is a 
bargain-basement figure for a 
roomy, economical and above 
all, very refined 4/5 seat family 
saloon with a big boot The 305, 
though developed mechanically 
from the S04. has an all-new 
body shell that makes it the 
best-looking Peugeot yet 

With Peugeots. I always get 
the impression that the 
engineers tell the marketing 
men what to do. not the other 
way round. The £3,299 305GR 
I drove for a fortnight recently 
was everything a smali-to- 
medium sire family car should 
be. It was mechanically quiet 
and practically free of wind and 
tyre noise at 65-70 mph. easy 
tn park, easy to enter and leave, 
economical (33 rapg) and relax- 
ingly comfortable. This is a car 
that will add new lustre to 
Peugeot’s quality reputation. 

Work-outs at the bar 

RAY REARDON was rueful but 
certain. The man who has 
proved he is the world’s best 
snooker player had just won 
seven frames on the trot against 
Eddie Charlton, having in the 
previous day’s session lost a like 
amount. "I do not know,” he 
said. “ Before the first day's 
play I was in bed early with 
practically no booze at all. That 
helipad me to play so badly that 
I very nearly lost the match 
before it started. Then on the 
second night I went out with 
some friends, had about eight 
large gins, got to bed about 
3 a.m. and played just about as 
well as I could in the next 

Reardon won his match com- 
fortably, and set the senses 
jangling. How could he do it? 
Reardon is no playboy, within 
the real meaning of that word. 

but here was a champion. In one 
of the most delicate of all games, 
talking about large gins, late 
nights, and winning snooker. 

He would not, I am sure, 
advocate LGTs (large gins and 
tonic, as the 1971 British Lions 
used to call them) as a way of 
life. Yet there do seem to be 
times when a quick one or two 
seem to settle rather than upset. 
The world finest pistol 
shooters, in constant search 
for the steadiest band possible, 
had to be ordered off the 
alcohol in the last but one 
Olympics, while no self-respect- 
ing fast howler would dream of 
a quiet night on the slim-line 
bitter lemons, justifying instead 
eight pints of best bitter as 
being required medicinally, to 
replace the fluids lost during 
the day. Or about to be lost 
the next 

Neither would any second 

row forward or member of the 
front row forwards’ union feel 
any guilt about . the odd half 
pint One member of the last 



British Lions, at a pre-tour 
reception given by the makers 
of a famous stout, refused to 
leave until it had all gone, 
missed the team coach, and had 
to get a taxi to the airport. He 
proved to be one of the out- 
standing successes of the tour. 

That son of thing is probably 
all right in the bloodier sports, 
but I know of no golfer who 

has made a habit of hard drink- 
ing who has reached the top. 
There have been some re- 
nowned celebrators of victories, 
or even of defeats, with Ray 
Floyd and Doug Sanders per- 
haps leading the way, with 
Walter Hagen looking in wist- 
fully from on high. But in golf 
the drink generally comes after 
the fact, not before. A* Harry 
Vardon once said when asked 
to sign the pledge: “Modera- 
tion in all things is essential 
but never in my life have I 
been beaten by a tee-totaller.” 

At the club amateur level, 
things can be startlingly dif- 
ferent though different people 
are affected in different ways. 
For instance, I remember once 
being struck down by a seem- 
ingly innocent advertisement in 
the Bahamas. This bar, rather 
than offering reduced prices for 
drinks during a Happy Hour, 
was instead proclaiming that 
between 6 p.m. and 7 p.m. 
there would be an Attitude 
Adjustment Hour. 

Clearly this could not be 
resisted, and low and behold 
our attitudes were indeed well 
and truly adjusted. By 3 a.m. 
we had reached the stage where 
it didn’t seem immodest to tell 
one’s companions one could 
beat them anywhere, any time, 
for any amount of money. A 
bet was struck, and six hours 
later there lay before my rival 
and myself the lusciousness of 
Treasure Cay Golf Club. 

My opponent began by trying 
to play hds normal game, ob- 
viously not remembering fcrnw 
severely his attitudes had been 
adjusted the previous evening. 
On the other hand I was acutely 
aware of a paralysis that enabled 
the club to be merely lifted 
only briefly and dropped back 
down behind the ball. The result 
was a succession of 150-yard 
drives absolutely dead straight. 
It was more than enough. I was 
four up after six and eventually 
rbrasbed him out of sight. 

There is probably a moral in 
there somewhere. 

Beware the Buchan 

BY THE MIDDLE of May many 
garden owners, spurred on by 
displays of summer bedding 
plants in shops and garden 
centres, will be thinking about 
filling their borders, plant con- 
tainers and window boxes for 
the summer. Whether this is 
wise depends a great deal on 
where one lives and what it is 
one proposes to plant Except 
in the extreme west and south 
west and near the sea, 1 would 
not put much trust in British 
weather before tbe end of May. 

Years ago we used to talk a 
great deal about Buchan’s third 
cold period which was supposed 
to occur somewhere between 
May 12 and 16. I suppose this 
has long been discarded by 
weathermen as just another 
myth hut night frosts, due to 
the rapid loss of earth warmth 
to the sky on clear, windless 
nights, are certainly a feature 
of May weather and it does not 
t3ke much frost to damage, 
beyond salvation, really tender 
plants suc-b as begonias, scarlet 
salvias, impatiens and dahlias. 

Pelargoniums, more familiar 
as bedding geraniums, are a 
little tougher provided they 
have been well acclimatised 
before they ar e planted out, but 
that it unlikely to apply to many 
of the plants now on sale some 
of which may have come to 
market direct from comfortably 
warmed greenhouses. 

Much the same applies to 
many other popular summer 
flowers. Antirrhinums can be 

almost hardy if they have been 
grown in a cool place for 
several weeks, but it is the 
greenhouse plants that are 
likely to look most lush and 
attractive on the market stalls, 
and they are the ones most at 

Fuschias, French and African 
marigolds, petunias, ten-week 
stocks, nemesias and ann ual 
asters are other popular plants 
sold in large numbers at this 
time of year. If they can be 
purchased and housed for a fort- 
night or so in frames, even 
temporary ones covered with 
polythene sheets, well and good, 
but I would think twice about 
planting them outdoors without 
protection until it is far more 
certain that the frost danger is 

However, I would make an 
.exception for sheltered town 
gardens. The warmth emanat- 
ing from many heated buildings 
has much the same ameliorating 
effect on the local climate as 
the proximity of sea which does 
not change its temperature 
rapidly and so provides ex- 
cellent protection from short 
duration frosts. And that is 
precisely what one can expect 
this next week or so: frost 
starting, maybe, after midnight, 
reaching its peak about dawn 
and finished by the time most 
people are about It often goes 
unsuspected, the _damage it 
leaves'" behind being wrongly 
attributed to disease. 

For sheer capacity to flower 

and flower without ever stopping 
for a rest, it is impossible to 
improve upon Begonia s.emper- 
florens, but I confess to no great 
liking for it in tbe manner in 
which it is usually grown, as 
straight rows edging beds or 
slabs of colour as “ carpet " 
bedding. Yet this is a plant 
which can be used with con- 
siderable charm. 

Most notably I recollect a tiny 
town garden in which single 
plants of pink and red begonias 
bad been placed in the centre of 
little “pools” made with the 



golden leaved form of HeLrine 
solei roll i. They lit up an other- 
wise drab garden marvellously. 
Small groups of this begonia can 
be used with herbaceous plants, 
many of which only flower for a 
few weeks, so that colour con- 
tinually can become quite a. 
problem unless bedding plants 
are mixed with them. Dahlias 
and antirrhinums are even bet- 
ter for this purpose as they have 
much more character as indi- 
viduals and also a far greater 
range of colour, height and 

Marigolds are best sellers, 
presumably because they are 
such reliable plants capable of 
producing a tremendous display 
even when the weather is bad. 
I find the French varieties more 
attractive than the Africans. 

The Africans, with their im- 
mense globular .flowers that 
look as if cut out of highly 
coloured sorbo rubber. By con- 
trast many of the French 
marigolds are small and neat 
and some, like Naughty 
Marietta, have quite elegantly 
formed siagle flowers usually 
yellow, heavily splashed with 

Petunias fare badly in wet 
weather but are magnificent in 
warm, sunny summers and there 
are few better plants for win- 
dow and balcony boxes. Scarlet 
salvias are much better bad- 
weather plants but their un- 
compromising masses of colour 
can be very tiring to the eye. 
Like begonias they need to be 
used with discretion and not 
overplanted, as they usually 

Among my own favourites 
are the new varieties of 
impatiens, plants which really 
do deserve the description “im- 
proved” if one compares them 
with the old Busy Lizzie from 
■ which they have been developed. 
Colours are now much more 
varied than they used to be and 
the plants are so compact that 
they can be used as ground 
cover if desired. They are 
among the best summer bedding 
plants foT shndy-places and will 
also grow well in full sun. 

Yet when all the novelties 

have been given their due there 
is still a great deal to be said 
for the Qld-fastuoned zonal- 
leaved geraniums. 

Whether one obtains genuine 
old varieties such as Paul 
Crampel and King of Denmark 
raised from cuttings or new 
varieties, such as Carefree and 
Sprinter, raised From seed, they 
are worth consideration. Their 
flowering season rivals that of 
begonia semperflorons, they 
have far more individuality in 
leaf and flower and they can be 
used in a variety of ways. 

No wonder they are rapidly 
coming back into favour, but 
they remain expensive plants, 
even when raised from seed, 
and so it is usually economical 
to make provision to retain 
them from one year to another. 
Seedling varieties usually per- 
form even better in their second 
and subsequent years than they 
do the first summer when some 
can be a bit too leafy, with a 
tendency not to start flowering 
until late July or August. 

Ivy leaved pelargoniums 
make good companions for them 
in beds, containers and boxes, 
either allowed to spread or 
hang in their natural manner, 
or trained up canes or^irellis- 
work as colourful climbing 
plants. Pink flowered Galilee 
remains the favourite variety 
but I am delighted to see others 
creeping back into the market 
place. They never were any- 
thing like as numerous as 
“ zonal s ” but there, are plenty 
of old varieties still to be re- 
discovered. and maybe someone 
will soon start raising new ivy 
leaved pelargoniums from seed. 






Other makes also supplied 
Enquiries Tel: • 


on tbe A30 next to 
Heathrow Airport 


in V 

►'vrfvn. .ms-w, ivtjkM «*l», 


»l»w «*»**•■*• hr 

Ml Ml * i-oom. 

MmM V» MW 
MYMI 1<l*> 

r<ICE*05T '* 

NOniKQMi-j HC.7 HU 

1978 RANGE ROVER, white Power Steer- 
inB- Delivery Mileage Only. E9A3E0. 
Tel: Pewscy 106726) 25 J 5. 




Phase n of a major Residential Development Site 
having an area of 7.9 acres or thereabouts with 
Detailed Planning Consent for the erection of 107 


on Tuesday 20th June 1978 at 12.00 noon. 

Solo Agents: — 

Chartered Surveyors 
5. Hen cotes, Hexham, Northumberland 
Tel. 0434-2301. 















mcrtial and Industrial Property 4.50 

dential Property 

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; Publishers 

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For further details tcrite to: 

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Terror on TV 

WHOEVER changed the condi- 
tions of life by inventing how 
to thicken cloth mechanically 
by water-power, must have felt 
proud. Terror would now seem 
a more suitable emotion, how- 
ever, because to that 13th- 
century event can be traced the 
development of modem 
capitalism, industry and so on. 
In effect, the invention changed 
not only the conditions of life, 
but also the people living it 

Historical examples like that 
offer important lessons for our 
treatment of recent discoveries, 
and the one which comes par- 
ticularly to mind at the moment 
is television. It does so because 
of the survey report issued by 
Pye. this week that most 
children are subject to .no 
parental control over the num- 
ber of hours thej* spend watch- 
ing TV or over the kinds of 
programmes they see. 

To take the evidence that 
control is lacking as an ipso 
facto case for banning or limit- 
ing children’s telly-viewing 



would, of course, be to fly in the 
face of logic. But now that our 
techniques of psychological and 
social inquiry are rather more 
reliable than they were in the 
thirteenth century, we would 
surely be wise not to let tele- 
vision just happen to us without 
making a coherent effort to con- 
sider what the consequences are 
likely to be. 

Most readers’ attitudes to 
youngsters’ watching will, I 
suspect, be much tike zny own. 
’take for example the vivid 
showing of violence- 
Intellectually, I can appreci- 
ate the argument that if people 
act on the influence of TV 
advertising, they can hardly be 
assumed to be inert to the 
stimulus of televised violence. 
But my experience of allowing 
my own children to watch as 
they wish is that the occasional 
diet of vivid brutality has not 
made them any more violent 
than I was without any telly to 
show me the way. 

Whatever the speculative 
arguments for imposing control, 
I prefer the findings of personal 
experience against It. And 1 
sbould no doubt continue doing 
so without a qualm if tele- 
vision’s— as distinct from other 
factors — promotion of violence 
and nightmares were the only 
points at issue. But they are 

For some time there has 
been mounting evidence to sug- 
gest that increased TV- viewing 
is associated with declining 
ability among children to match 
previous educational standards. 
The latest example I have to 
hand is the report of an expert 
committee set up in the U.S. 
to inquire into falling scores 
in the Scholastic Aptitude Tests 
used in assessing youngsters’ 
suitability Tot higher education. 
In readiog-and-writing, and to a 
lesser extent in mathematics, the 
candidates' performance has 
dropped steadily 07er 14 years. 

Of course, this could mean 
merely that the previous stan- 
dards are ceasing to reflect real 
needs in a time when television, 
pocket tape-recorders and so on 
are becoming more and more 

But in discussing the reasons 
for the decline, which tbe com- 
mittee feels must be due partly 
to television taking up time 
which would previously have 
been spent in developing the 
skills measured by the tests, the 
report puts forward a disturb- 
ing theory. 

“ Reading a line of script or 
type,” it says, “ involves a 
* linear, verbal, logical func- 
tion which is performed in the 
left hemisphere of the brain, 
while watching something such 
as a television screen involves 
a * simultaneous, visual affec- 
tive ’ function — performed in 
the brain’s right hemisphere. 

** Could this much functioning 
... of one area of the brain 
alter the neural mechanisms of 
the mind?” 

The question takes us back 

to the thirteenth-century in- 
ventor. It seems highly likely 
that the process which enabled 
him to mechanise cloth-fulling, 
and his successors to develop 
modern technology and science, 
was the linear, logical function- 
ing of the left side of the brain. 
And even that side could only 
boggle at the possible effects on 
mankind of future neglect of 
those functions brought about 
by a switch to developing the 
opposite hemisphere. The risks 
are terrifying. 

True, the U.S. committee is 
only hypothesising. But now 
the suspicion has been raised, 
it is surely vital that the effects 
of television on the human mind 
should be comprehensively in- 
vestigated as far as science will 
allow. Otherwise, it is not 
beyond* possibility that future 
generations will be unable even 
to think of such a thing 

Whywithus? Because Barclays Unicom Group is 
part of the Barclays Bank Group, one of the largest 
international Banking organisations in the world, having 
a substantial presence in America. Barclays Unicom is 
thus well placed to take a view on the U.S. -its economy, 
industry andinvestment climate. 

The idea of investing in America is very attractive 
just now- Confidence in the Dollar is returning. 
Company results look better than expected, dividends 
are improving and there is still a great weight of 
American and overseas cash awaiting investment 
through Wall Street. 

So it is nottoo late to invest there, even though 
prices are well above their recent very low levels. 

If you want to makethe most of the opportunity, 
investmg in Barclays Unicom America Trust could be 
one way of doing so. There has been a steady flow of 
money into the Fund over the last few months and it is 
now valued at around £7 million- a good size for 
effective manggwrppr^ t. 

Unlike a private individual, the Fund Manager has 
been able to make use ofback-to-back loans. This helps 
avoid the complications of the Dollar Premium — 
currently 43% of the fund is invested this way, but 
the balanceis kept under constant review. 

The Trust’s aim is to obtain maximum capital 
growth through investment in the shares of companies in 
the American Continent. The policy for a number of 
months has been to buy quality stocks and this looks like 
being successful . Now should be a good time to invest 

Remember that the price of units and the income 
horn them can go down as well as up. 

You should regard your investment as long term. 


You can invest in Unicom America Trust with a 
lumpsum of £500 or more. Or, if you wish to invest on a 
regular basis with tax relief, you can make a monthly 
payment of £10.30 or more. Please fill in the 
subscription form below. 

The offer price, which can change daily was 36.1p 
per unit on 1 2th May 1978 with an estimated gross 
yield of 1.85%. 

Trices and yield appear daily in tie Financial Times and other 
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1 si January and 1 st Jtdy net of basic rate tax. The offer price includes 
tbe initial management charge of 3J c .. and there is a half-yearly 
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back units on any business day at the bid price ruling when your 
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days of receipt of the renounced certificates. 

Managers : Barclays Unicom Limited, Member of the Unit 
Trust Association. Trustee : Royal Exchange Assurance. 


To: Barclays Unicom Limited, 252 Romford Road, London E7 9JB. 

Surname (Mr* Mrs. or Mi&s) 


Address ... 

.Forenames in fuIL 

Lump Snm Investment 

I/Wewiah to invest 
(Minimum £500) 


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Financial Tunes Saturday May 13 197g 

The Survivors 

ELEPHANTS are still alive and the 60 mph sprinter who easily 
well in Tsavo Park, albeit in re- captures his prey but has de- 
duced number, I can faithfully Acuity in defending it — and its 
report Thus, on return from a cubs— from such as hyenas and 
first visit to Kenya and jackals. 

.enthusiastic, as a novice, with Tfae ot her meat on ^ hoof 
: what I had seen of its fauna, it appears t0 rec0 vered well 
rcame as something of a shock _ not lea5t zeb d 
to pick up a week-old colour ^debeest which was also de- 
supplement and see m it pleted by a* drought 
pictures of the shrivelled re- __ . . 
mains of the great mammals. The best and easiest place to 
The photographs were taken in elephants in Tsavo National 
1971 and 1975-6. both years of park 1S Salt ^ck Lodge which 
.bad drought- Mercifully, for 1® reserve’s equivalent to, 

'elephants and other animals the though far more luxurious than, 

*Iast two winter “ dry seasons ” the older established hostelries 
have been generously wet. Even built on stilts — Tree Tops, the 
.before the start of the rains this Ark and Mountain Lodge which 
ZApril Tsavo Park, 8,000 square are all in the centre of Kenya. 

Tmiles in area and the largest ft® ^ rooms, each with their 
protected wilderness in East bathrooms (unlike the 
• Africa, was luxuriant with knee- aforementioned) are housed in 
-length grass and scrub. The eight round satellites connected 
-plentiful rains of the last two by a walk-way from the central 
"years, together with the com- complex. From them, the bal- 
plete ban on hunting through- cony, the bar or the eye-level 
-out Kenya imposed in May 1977 dug-out one can watch the aqi- 
-should mean good game view- mals coming to drink at the 
Ting for the rest lateT this year, water-hole which is floodlit at 
' Rust-coloured from the mud night- Unfortunately and some- 
with which ' they spray them- what to the embarrassment of 
-selves as a protection against our hosts only the odd water 
-Insect irritants, groups of ele- and reed bucks did during our 
Tphants could be seen frequently two-night stay there. The fact 
'along the game runs of both was that there was so much sur- 
Tsavn and Amboseli looking f*ee water eLse where for the 

placid, which could be seen as animals to drink. , _ . ^ . „ „ ■ . 

a measure of the security pro- However, the viewing book SSW - ^- 0n occasion Mr. Both of them are dominated by 
vided by the sanctuaries against kept by a 24-hour watch 8 at the BlU Bu ?’ ow ®' Salt Licks man-Mount Kilimanjaro, Africa's 
the depredation of poachers if lodge shows that tlmbeatfsl have formerly ran the Jugbest mountain. Perversely, 

not the threat of starvation. An overcome the disturbance to S n ^?° S |,-^ oimt w K !l? a , ^ s f^ ng did not lift to 

•exception was the biggest herd their environment caused by the was bought last year reveal its snow-capped dome, 

-that our party saw numbering by Saudi entrepreneur Adrian Nevertheless, only a few 

Khashoggi — asked an American miles into Tsavo West, Dominic 
tourist what she thought of it Gichinga, the sharp-eyed Kikuyu 
ail. She replied, “That's Hilton- driver of our minibus, was 
hotels for you," Asked to alerted by the somewhat agitated 
elaborate, she answered — leav- behaviour of a herd of 
ing the veteran hotelier speech- Thomson's gazelle and sported 
less — “You let them out- of lW0 ^ ons w *th their heads only 
their cages." barely visible above the green 

c .. T ... . _ . , . _ vegetation. As we drove off the 

m ltS track to within about 20 yards of 

.over 50 of the beasts. Looking 
apprehensive, it was on the 
retreat from the north where, 
^game wardens said, it had been 
ravaged by ivory hunters armed 
.with autnmatic weapons. 

1 According to E. T. Monks, 
•Secretary of the World Wild- 



5ife Fund Kenya. Tsavo's ele- construction of the Lodge which 

phant population has fallen was completed in 1973. One own mini-reserve of 40 sauare It — ~ ,7 

from about 26.000 in mid-1976 last July Che visitors in- ^ but biier^^ the “: *** regardcd mXt t 

:to an estimated 8,400. Yet. cludeJ n0 than 677 ele- par^with ae elcMtfon orJhe ?. eemmg contempt and showed 

poaching apart, there is a limit &***■ ^ buffalo, 11 lions and ?S lit ! lWe ConCern stalk ? ng 

to the number of elephants with lh] nos. One particular {!" !ff m Preparation for the evening 

their prodigious appetite fan mtriguing entry for a night last Sme ind^7^ they Se H had been ^isturbed (Close 
average-sized one consumes 400 November, which caught my eye :£“ e * approach to them and the other 

lbs. of fodder daily) that an and seemed to give some in- - a _ £ew less sh y animals is made easy 

area even as big as Tsavo can sight into the gastronomic pat- Kjrt r2 SS! f ^ t , that P? 101 fumes 

accommodate While the terns of the wild, read as fol- , u . “*■ , “S* which blot out their capacity to scent 

droughts of the last decade may lows: 6 - 45 P- m - a dozen impalas, al “ if 1 . 0 "? 5 . t0 5 e sa “' e mter " bumans). Only half an hour 
have been exceptional, in a sense 6-50 three cheetahs, who evi- t ^ UL ,.} S f n hminoiw further down the road came a 

the natural cycle has restored dently at © as well as drank) ““ “ ■ beautLul setting it is bonus in the form of a cheetah 
the ecological balance as far as 8.30 P-m- a jackal. 10.30 two °“ e o£ ^ more ext,Uc §««« m lyms languorously on an ant hUl 

the elephants of Tsavo are con- civet cats. ... On a good night „£ r .? up ~ . , of huge ana gothic'proportions. 

cemed Far more acute is the Y° u ©a 0 see the ani mals killing While Salt Lick is for close- Before the lunch-time break 
anxiety about the future of the as well as drinking. U P viewing, Taita Hills is zebras, giraffes, baboons and a 

rhinocerous. especially the Only on one day in 1976 have i ltUated M £ or , e “ u ? lons int0 hos J of diff ©re“t gazelles had 

white variety, and the cheetah, the stalled “ ive "—Se Park - is made an appeaimice. That was 

- — — . . v ,■ ri T e I 7 e cut into its eastern and western just the beginning of four days 

lit rh , m0 ' the sectors by the Nairobi- in the bush, operating out of 

Spain mo, swheriand^s^^T” buffalo and the leopard— -been Mombassa road, and the Salt Lick and Taita Hills, and 

1 J 2 . swee: Thomas cook. seen more or le ss simui- Amhoseli Game Reserve beyond, punctuated by excellent and 

cheap three-course 





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Depart Capetown 18 Feb. arrive Southampton 6 March 
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Fare Southampton/Capetown from £530 each way 
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from Venice/Genoa to Greece. Greek islands. North Africa. 
Holy Land and Eastern Mediterranean, from £572 

or ring 01-836 8216 
your local travel agenv 

NglttfittO Kwagccagis Guises 

W.iinwright Bros. (Travel) Ltd, 56 JKing Street, Loudon WC2E 8JS. 


This traditional hotel 

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Villas from £28 d*y (for 4). Direct 
London flights. Airmail: for details 

Box 804. St. John's. Antigua 
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or Telex 138 JohnanJo AK 



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WALKING WEEK-ENDS. May to October. 
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I ram £35. Free broenure. 



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“The Total Approach” to French 



Next available 4.weok immersion course starts June 26, July 31 and all year. 
All ages. All levels. Lodging mid 2 meals included 
INSTITUT DE FRANCA IS — FtE-13 - 23 Ave. Gen. Ledere. 

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URGENT-— The Marie Curie Memorial 
Feondaliun Is orofoundiv gratelul to 
t fioss kind Irleno* who ha e to date 
made interest tree leans enabling us to 
Comm I* sfen our two new homes caring 
for over 100 ssrlously ill cancer 
patients. However, more loans, oravld- 
liw a wonderful dividend in ttie rtliei 
of human su fieri ng. are ursenav needed 
to finance the outstanding capital cost 
amounting to £', million. Will you 
please Help? Repayment guaranteed 
at 6. 12 or 24 months, or on 7 days 
calf. Details from the Secretary. 124. 
Sloane S»W_ London SW1 9BP. 
Tel. 01-730 9158. 


meals at 
Lodge and Nguiia 
Lodge. More or less self- 
sufficient in food, Kenya pro- 
duces excellent meat and 
cheese, with its own very palat- 
able versions of Danisb Blue 
and Stilton apart from its own 
exotic fruits. 

By the end of our four days 
on safari * our company had 
become reasonably proficient in 
distinguishing between the dif- 
ferent horns and rump mark- 
ings of . the impala, Thomson’s 
gazelle. Grant’s gazelle, Jack- 
son’s hartebeest, the .great 
eland, lesser kudu and the 
endearing, diminutive dikdik. 
We became acquainted with the 

wart-hog and rock hyrax, a 
creature about the Size of a 
large guinea pig which, im- 
probably, is classed as the 
elephant’s closest relative. We 
caught a glimpse of the bat- 
eared fox, the jackal, and 
various mongooses. 

Well worth a detour, even if 
it were not one of the main 
' game runs, are the well-pub- 
licised Mama springs where the 
hippos wallow and crocodiles 
lurk. In the recognition game 
the party did less well with the 
birds of which no fewer than 600 
different species exist in Tsavo 
alone but regretted that the 
hunting ban denied us tbe 
chance to sample on the table 
the helmeted and vultarine 
guinea fowL As for the Big 
Five we never did see a rhino 
nor a leopard, who is nocturnal 
and elusive. Only on the last 
of our four days did we sight 
tbe massive (and very dan- 
gerous) buffalo in Amhoseli on 
our return to the more conven- 
tional comforts of Nairobi. 

Tsavo and Amboseli are just 
two out of nine game reserves 
in what is a very large country. 
It would take at least three 
months and a lot of money to 
“ do ” them alL - Masai Mara 
adjoining Tanzania’s Serengeti 
National Park on the border, 
which has been closed since 
1976, is richer in animal life, 
while those around Mount 
Kenya may be more scenically 
beautiful. However, Tsavo and 
Amboseli are not only the 
largest but the “most typically 
African ” in the independent 
opinion of the aforementioned 
Mr. Monks. They are especially 
well blessed with lions, 
leopards, oryx, gerenuk and the 
Lesser Kudu. Tbe bird life be 
judges “first class.” 

Id the far more compact area 
of Nairobi National Park where 
the wardens keep a precise 
watch on the lions and other 
beasts one. can make up for any- 
thing missed in the wider open 
spaces — with the exception of 
the voracious elephant who is 

One of the most refreshing 
and best-ordered capitals of 
Black Africa — though with a 
fairly alarming record for theft 
and bag-snatching — Nairobi is a 
pleasant enough place to stay 
for a few days. The night clubs 
and discotheques throb in 
pleasant multi-racial harmony 
and make little drain on one's 
finances. Shopping there can 
afford more expensive tempta- 
tion by way of wood carvings, 
semi-precious stones like green 
garnets and batiques apart from 
the cheaper and more conven- 
tional jeejaws. For the best In 
all indigenous art of the Conti- 
nent go to African Heritage. 

Free-spending Deutschmark- 
strong Germans for tbe most 
part prefer to spend all their 
Kenyan holidays on the 
beaches, their women folk 
exultantly walking topless on 
the beaches. In terms of the 
sun and sea it is good value 
compared with the Caribbean. 
The trend for the less hedonis- 
tic British and others is to have 
a week in Nairobi and the game 
parks as well as on besportmg 
themselves on the coral strands. 
Most package holidays cater for 
both. Among specialists to get 
in touch with are Swan Tours, 
Kuoni-Houlders, Flair World 
and Rankin Khun. 

Days with the squirrels 

thatthey may come in useful disrepair. The museum will mgeompieted^^ thago* 
at a later date, during the past accept a building ! only as a last doia wUh its rgored YMeUw 
few months I have become resort when it cannot be boats. Open daily unui uctooer 
Increasin g l y aware of the debt restored on the original site. 31 m the afternoo s and on 
we owe to those dedicated Now run as a private non-profit- Sundays d “ n "S Uje ft 
squirrelers who have hoarded making organisation, it relies on admission is 50p and -Op for 
on a grand scale. Without their a -band of dedicated helpers who children, 
efforts much of our heritage also light fires in the boui*® 5 to When traction engines povv 
would bave been lost for all ward off the winter’s duH ©red threshing machines, two- 
time and our children and The Hambrook barn housw tors had not taken over from 
grandchildren would never have an excellent display of the dif- horses and thanks to many 
been able to see for themselves ferent buildings and explains breeders and societies, our 
a steam train or a fairground the various methods of construe- heavy horses are no longer 
organ. Nor would they have - 

known what sort of houses 
people lived iu centuries ago, 
what ladies wore under their 
crinolines, and what tobacco 
their grandfathers smoked. 

Many of the specialist 
museums and collections — there 



threatened. Courage's Shire 
Horse Centre at Maidenhead is 
a mecca for those interested in 
these magnificent animals, now 
mainly seen at agricultural 
shows, when, drawing immacu- 
lately turned-out drays, they are 
always the centre of attraction. 
You can visit the stables of 

are fortunately, an increasing tjrirv:. There is a charcoal burn- , ou ca0 st30ies “ 

number of them - have their £ tbTwSrts ! hese S“ tie ® me 

roots in the enthusiasm and worktog demonstrations are nearly a ton, ana 'S«ne of 
sheer hard work of farsighted S ttm primps given at the smithy. the , bre f ds , of ^bting 

individuals who have turned The museum is open on Sun- - th e brewery's logo, are m 
their hobby into a life's work November to the pet’s comer Opendaily («- 

for the benefit of future genera- gj daUy (except Mon- 

tio ns. days) for the rest of the year. Jg** 31 at 5 °P and 4( * fop 

Anthony Irving, a sqjf- Admission charges 45p and 25p encore n. .. ■ .. 

confessed eccentric— you would 'f m children, students and 11 seexns appropriate that the 
have to be. to keep 25,000 items OAP-s. ® legan L surroundings of the 

of “SmofcUma” in your house i visited both museums while Assembly Rooms at Bath should 
— is to-day the owner of the staying at the remarkable house the largest collection of 
world’s only “ Smokiana ” col- Bailiff scourt at Glimping, a costumes in the world, 
lection and his House of Pipes member 0 f Distinctive Hotels 11 y 18 started by DonsLang- 
at Bramber. near Steyning in and almost a living museum it- Moore and includes Byrons 
Sussex, is quite- amazing with self was former home of famous Albanian costume in 
exhibits from all over the world a member of the Guinness which he was painted. The din- 
on permanent display in a rela- fam n y W ho completely rebuilt P 13 ? “ *? os t imaginative, each 
tively small amt. j t m mediaeval style and fur- period items m everyday 

There are pipes of every size nished it with antiques of, the use and providing a rich and 
and shape, long-forgotten brands period. However every modem YfF* 6 ® roci®* history from the 
of cigarettes and tobacco, comfort has been incorporated 361 , oenrupf onwards, 
lighters, ashtrays, smoking caps, and all the rooms, several with th e backgrounds to the 

and many of the old advertise- four-poster beds, have private rooms or various periods were 
ments are work of art in their facilities and television at £13.30 designed and painted by Mrs. 
own right A vintage tobac- per night for bed and break- Moore’s daughter and many 
conisfs shop- has a particular fast scenes of Bath are still 

appeal to children and; if you Up in Norfolk George Cush- recognisable to-day. Open daily 
have difficulty In obtaining your ingJs great love is the traction (except Christmas Day) at 65p 
favourite brand, visit the adjoin- engine, those magnificent math- an fi 2Sp for children, 
ing shop and I am pretty certain ines he used on his own farm. The English Tourist Board 
you will find it there. Once their working days were i 185 details of many other 

The House of Pipes is open over, he kept them, rescuing specialist museums where, often 
daily (except Christmas Day) and restoring many others, and with limited means but a super 
at 20p for adults and lOp for eventually put them an public abundance of - • enthusiasm, 
children. Personally conducted display to raise money for voluntary helpers are making 
evening tours for parties "can charity. Since then it has grown an important contribution to 
also be arranged. rapidly and is now officially the preservation or our heritage. 

Not far away and in a known as the Thursford Collec- addresses. BaimseniK ’.. Hfi. 
gorgeous downland setting at Hon at Thursford Green. g5S%»fS5 ? ’SL.TumS 

Smgleton, near Chichester, the in addition to the great -racket. Haide miaui sl* 3Qd. Distinctive 
Weald and Downland Open Air gleaming traction engines and ”«*{*■ 5 “**“*■ 

Museum was the brainchild of other farm machinery, there is uS. swmr odu. 

Mr. J. R. Armstrong, MBE, Who a Splendid collection Of fair- MFC*. Vraunher. suynlns. West Sussex, 
in 1966 launched his scheme to ground, street and barrel organs C vS ,l TTiirtwd to, CQiS«K 

restore and preserve examples which still play their perforated Ttumford otu, ThwsfonJ. Nr. Feiem- 
of the smaller, everyday houses paper music rolls and a Wur- !JS2Si M ^«.k2L w SI? d a t EOfT 
and rural buildings that had litzer on which concerts are west suucjl 

Anthony Irving 



MOST TEACHING books stress, 
and most experienced chess 
players practice, swift piece 
development in the opening, but 
there is another tradition which 
lays emphasis on the use of the 

The ISth century musical com- 
poser Andre Danican Philidor in 
his “Analyse" coined the famous 
theme that the pawn is the soul 
of chess and that freedom of 
pawn action is essential for sound 
play.. Thus after 1 P-K4, P-K4 he 
preferred 2 B-B4 to 2 N-KB3, 
since he argued that the knight 
should not block the early ad- 
vance of the bishop’s pawn. 
Similarly in the defence to which 
he gave bis name Black -meets 
P-K4, P-I\4 ; 2 N-KB3 by 2... 
P-Q3 so that Black can soon 
undertake a blow against the 
centre by P-KB4. 

The few examples of Philidor’s 
own games which have been pre- 
served feature massive pawn 
advances with the pieces filling 
in the space behind the infantry 
advance, but the historical debate 
on this matter has gone against 
Philidor as his' successors such 

as Morphy showed the 
superiority of piece play in open 

Players of the Morphy school 
massacred adherents of the Phili- 
dor style just as the development 
of artillery made unsupported in- 
fantry advances a suicidal ven- 

Nevertheless, the last decade 
has seen a revival of tbe “pawns 
first” philosophy, notably by the 
Canadian Duncan Sutties who 
abhors open positions, always 
plays for long games of 
manoeuvre and was partly res- 
ponsible for the variation orthe 
“Modern Defence" 1 P-K4, P-KN3 
where Black continues B-KN2, 
N-KR3 and P-QB3 aiming for a 
hedgehog formation which hopes 
to provoke White to unjustified 

Sutties himself is no longer 
active in international chess after 
a dispute with the Canadian 
chess authorities, but dne of his 
supporters Leon Piasetski has 
been touring Europe" and using 
the style. 

In this game from the Costa 
del Sol tournament at Malaga, 
tbe Canadian comes to grief, as 
so many players before him, 
against an alert tactician who 
realises that once the pieces 
have been developed they must 
be given scope to tear holes in 
the pawn front, if necessary by 
sacrifices. After a plethora of 
pawn moves by Black the 

Spaniard gives up his bishop so 
that after 1S...PXB; 16 QXP he 
can drive the king about by 17 
Q-N6 ch. 

The offer is refused, but a 
surprise queen sacrifice to 
achieve mate by R-KS decides the 
game. Black is so shocked that 
he even fails to find the most 
stubborn defence of 18...K-N1 
when White would continue 19 
Q-B7 ch, K-R2; 20 N-B5, - R-KN1; 
21 N-K7, or If 20...B*N; 21 QxB 
ch, K-Nl; 22 QxN and the attack 
continues by B-B6 or Q-K6 cb- 

What Black missed was that 
after 18...B-B3 White could 
persist in his queen sacrifice as 
19 BxB robs his king of the Bight 
square at KN2. 

White: J. M. Sanz. Black: 
L. Piasetski. Opening: Modern 
Defence (Malaga 1978). 

1 P-K4, P-KN3; 2 P-Q-L P Q3; 
3 N-KB3, B-N2; 4 B-K2. P-QB3; 
5 P-QR4, P-QB.4; 6 W), N-QR3; 7 
B-K3, N-R3: 8 Q-Q2. N-KN5: 9 
B-KB4, P-KB4; 10 N-B 3, N-NS; 
11 KR-K1, P-K4: 12 B-KN5. Q-N3; 
13 B-QB4, P-RS; 14 B-R4. P-N4; 15 
BxP, BPXP; 16 QNxP, P-Q4; 17 
N-Q6 ch, K-Bl; IS Q-B4 ch, B-B3; 
19 BxB. Resigns. 

It would be wrong to assume 
that this extreme version of 
Philidor's theories is all that 
modern players derive from his 
ideas. It is in semi-blocked 
positions that a “ pawns first ” 
approach comes into its own. and 
here Philidor’s concepts were 

refined and developed by Steinitz 
and Nimzovitch. 

Given the right setting, the 
Philidor pawn mass can prove a 
weapon to gradually restrict the 
opponent’s game, create space 
for the pieces, and set up a 
winning position. A contrast to 
Piasetstd's eccentric play is 
Black's purposeful use of a 
Philidor pawn front in this game 
from the Aaxonson Masters. 

White: K. J. Wicker. Black: 
W. R. Hartston. 

1 P-QN3, P-QNS;,2 B-N2. B-N2; 
3 P-K3, N-KB3; 4 P-QB4, P-KN3; 

5 N-KB3. B-N2; 6 B-K2, (Ml; 7 
0-0. P-B4; 8 N-B3, P-Q3; 9 P-Q4, 
P-QR3; 10 Q-B2, QN-Q2; 11 P-Q5, 
P-QN4; 12 P-QR4, P-N5; 13 N-R2, 
P-K4; 14 N-Q2, Q-K2; 15 B-Q3, 
QR-K1: 16 P-K4, P-KE4; 17 P-B3, 
&-R3.- 18 KR-K1, P-R5; 19 N-KB1, 
N-R4; 20 N-Bl, K-N2; 21 N-K2, 
B-Bl; 22 B-Bl. BxB: 23 QxB, 
QN-B3; 24 R-R2, N-R2; 25 B-Nl, 
N-N4; 26 P-B4, PxP; 27 NxP, 
NxN; 28 QxN, P-Rfi; 29 P-N3, 
P-B4! 30 P-K5, PxP; 31 QR-K2, 
Q-B3; 32 Q-B2 P-K5, 33 R-Ql, 
P-B53 34 PxP, B-N5; 35 N-N3, 
QxP; 36 R-KB1. Q-K4; 37 Resigns. 

BLAGK (6mai) 

PROBLEM No. 215 













' A V 














. „ 







WH1TH( 7 man) 

Weinstein v. Rohde, Lone Pine 
1977. Black (to move) has to White mates in two move 
contend with Whites potential against any defence (by Tou 
outside passed pawn; can he save Hian Bwee. Indonesia), 
the game? Solutions Page 12 



IN A RECENT team -of -eight 
match the heart suit figured 
prominently in two hands 
which occurred during the 
opening session. Here is the 


♦ 10 5 2 
? 3 

O J 10 6 
+ K 10 8 6 5 3 


A Q 9 
A J 6 
A Q 7 

5 3 

* K 8 
“7 4 2 
*> K 9 

* 9 7 

8 4 2 


1' K Q 10 9 8 7 5 
0 — 

+ A Q J 2 

Sitting South at game all, I 
dealt and had to consider the 
best way of bidding my strong 
hand. My first thought was to 
open the bidding with four 
hearts, but I changed my mind 
and bid one heart West 
doubled, my partner passed, 
and East said two diamonds. 
Now I jumped to four hearts, 
hoping by this restriction of the 
opponents’ bidding space to 
steer them into the wrong con- 
tract West’s prompt penalty 
double was a blow, and the 
sight of dummy after West’s 
lead of tbe club four was not 

winning East’s nine of clubs 
with the Ace, I played the heart 
Queen, which held, and fol- 
lowed with tbe King. West 
won. and with tfae Knave not 
falling, it looked like one down. 
However, as game In diamonds 
or spades was clearly on ice for 

the opponents, I was not really 

West now attempted to cash 
the diamond Ace, but I ruffed, 
and led another trump .to bis 
Knave. Instead of switching to 
a spade, obviously the right de- 
fence, West led another 
diamond. Scarcely believing 
my eyes, I ruffed in hand, and 
claimed the rest of the tricks, 
making my contract with an 

This match Is by tradition 
played on aggregate scoring. 
We were 1,000 up at the half- 
way point As my partner and 
I had made 990 instead of 
losing 200 on this hand, it was 
clear that we were up against 
it At one table an opposing 
East had bid and made five 
diamonds, at the other two the 
contract was four hearts 
doubled, and down one. 

This model turned up four 
hands later: 


♦ Q 5 4 


O A Q 

* K 6 5 4 3 

W. E. 

• J10 3 * K 9 8 7 6 3 

9 6 V — 

OJ98542 OK763 
+ QJ2 +10 87 


♦ A 

<?QJ 10 875432 

0 10 

* A 9 

At a love score, when my 
partner dealt in the North seat 
and bid one no trump, I bad a 
real problem.- If I forced with 
three hearts and then used 
Blackwood to test the Ace posi- 
tion, I would not then be able 
to use the grand slam force to 
find out whether she had the 
two top heart honours. I de- 
cided to bid an Immediate sue 

hearts. J was clearly corn 
on one honour from North 
as she held both, she mig 
think, have raised to seven, 
X do Dot blame her. 

Nine-card suits are a 
unto themselves, and lab 
saw the correct sequence, 
first response should have I 
three hearts. North, wil 
maximum no trump, sh 
reply with four diamonds, 
bid shows the diamond Ao 
the same time accepting h( 
as the trump suit. Knowing 
my partner had three hear 
otherwise she would have r 
three no trumps— I now ii 
duce the Blackwood four 
trumps. When the respons 
five hearts shows that we I 
all the Aces, I can bid s< 
Hearts— I don't care if *he i 
not hold the King — It is be 
to drop from one defendei 
the other. 

I_ am slightly ashamed of 
seeiug this immediately! 






rfaanctal Times Saturday Ma y 13 1978 



by Lucia van der Post 



1 @ 








- JS. 



HAVING been brought up In a country 
with about three months of winter, 
eight months of summer, and one month 
of so-so-weather, I have the utmost 
difficulty adjusting to nine months of 
winter followed by three of indifferent 
summer. Therefore I feel that I can’t 
bear to waste a minute of the good 
weather. At the first hint of summer 
I’m outside, eating every possible meal, 
drinking every possible drink, in the 

great outdoors. I’m not sure if every- 
body else feels the same way but I do 
feel that when those rare, beautiful days 
and even rarer beautiful summers do 
happen, we aren’t well enough equipped 
to take full advantage of the shimmering 
days and balmy nights. So, ever- 
optimistic, here are some ideas to help 
you enjoy those rare and lovely occasions 
when the sun shines, the wind is nothing 
but a breeze and there isn’t a drop of 
rain in sight. 

Wrought from the past 

ONE OF the most practical 
ranges of garden furniture that 
1 know of is Edenlite's 
aluminium alloy collection. The 
material itself is very light but 
it is finished with a white coat- 
ing of Polyester which is fused 
to the treated aluminium alloy 
and which is very resistant to 
wind, rain and all the other 
perils that British garden furni- 
ture has to face. It doesn't rust 
or corrode and you can buy it 
from most garden centres packed 
in large containers, which you 
take away yourself by car. The 
furniture has to be assembled by 

the buyer at home but I am 
assured that this Is very easy. 

The Edenlite Viceroy range is 
another in the collection of Vic- 
torians reproductions and 
though, usually. I'm not very 
fond of 1 reproduction I think 
these designs do manage to com- 
bine the decorative dualities of 
the old Victorian furniture with 
the practical qualities of new 
materials and techniques— lovely 
though genuine cast-iron furni- 
ture is, it is really very heavy 

Shown here Is a table and two 
chairs from the Viceroy range. 

Original Abraham Darby casts 
were used. The carver chair is 
£39.69. the dining chair is £35.64 
and the pedestal table (24 inches 
in diameter, 27} inches high) is 

If you think there is going 
to be a very hot summer, Eden- 
lite produces a very similar 
table but with a central hole 
to take a garden umbrella. That 
version is known as the Sun- 
downer and costs about £48. 

If you can’t find the pieces you 
want in your local garden centre 
Edenlite, Hawksworth, Swindon, 
Wilts, will send you a brochure 
and the name of a local stockist. 

. DON'T forget the chain-stores when 
it comes to looking for picnic gear, 
inexpensive outdoor seating and all 
the appurtenances that help one to 
enjoy the outdoor life. All but the 
smallest branches of British Home 
Stores seem to have expanded their 
range of picnic equipment to include 
much more than the odd thermos bag 
or freezer bag — now you could buy 
almost everything you need from them 
and all at extremely reasonable prices. 

Above, is a collection of some of 
the latest BHS aids to summer living- 
In the background is what they call 
a tote bed and certainly almost every 
beach seems to demand one of these 
if one is to be at all comfortable. It 
is designed to rip up on either side 
so. that it becomes like a bag — the two 
handles complete the package. Foam- 
padded, it also has a waterproof lining 
and so it can also be used for carrying 
beach accessories. It comes in three 
colourways: brown, green or orange 
and costs £5.99. 

Front left, is an Ice box which is 
the son of thing I have found essen- 
tial for enjoyable picnics in very hot 
climates. If you use pre-frozen ice-packs 
as well, the contents of an ice box 
should keep cool for at least six hours 

and probably longer. The ice-box 
photographed is the 20 litre size which 
in orange or brown costs £739. There’s 
also a 25 litre size for £8.99. 

Front right, is a coolie bag which is 
foam insulated and made from very 
strong PVC and serves to keep food 
cool for a shortish period of time — 
primarily for use when shopping, it 
would certainly come in useful on 
British holidays but 1 don't think it 
would keep food cool enough in say, 
a Mediterranean sunspot. 

Right: More useful ideas From 
British Homes Stores. The cylindrical 
container on the left holds all the rest 
of the Items spread in front of it — 
the two food containers, the four 
plates, tumblers, knives and forks 
and the salt and pepper pot. Every- 
thing is made from non-toxic plastic, 
the outer container is blue or green 
and the total price £8.99. 

Far right, is a very large coolie 
bag with wheels. Again, primarily 
designed to help keep food cool while 
transporting it from freezer centre or 
shop to home, it js also a good carrier 
for a largish picnic but it won’t keep 
food cool for long periods, particularly 
in very hot weather. Made from blue 
denim, it costs £9.99. 




\l NEVER thought Td live to see 
fbe day when I could visit a 
British vineyard, taste British 
wine and even buy a bottle from 
the local care if I so wished as 
well. Happily, (the day has now 
come, though our vignerons feel 
that our own government dis- 
criminates so unfairly against 
them, in comparison with their 
EEC counterparts, that most are 
obliged to charge something for 
guided tours of the estates. 

Mr. J. L. Ward of Merrydown 
Wine Company is one of the great 
authorities on British vineyards. 
Merrydown itself owns two vine- 
yards and although both are 
small Merrydown is more than 
. . , . . . ' , „ happy to show those interested 

IF WE really do have another can be found in most large gar- round tie vineyards, give them 
very hot summer and you want den centres. For a local stockist, ^stings ,i e t them visit their 

to give the children some quick if you have trouble tracking one shop they boast of hawing 

relief there are now very in- down, write to Edenlite. Hawks- a ia r g er xange of British wines 
expensive, very easily erected worth, Swindon. Wiltshire — they on sa j e b e found a ny- 

swimraing-pools available. Eden- will also send a brochure if you where else in the country, 
litc, one of our largest producers you'd like one. They seem terribly apologetic 

of aluminium greenhouses, has For those whose children are about charging visitors the 
just launched a vast range of larger or who just want a larger princely sum of 60p but it seems 
above- the-ground swimming pool, the largest of the above- very good value to me. as it in- 
pools. There are nine different the-ground pools (all of which eludes the complete tour, the 
sizes of which the smallest is are made from corrugated steel services of a guide, -and free 
called the Fill'd Swim Splasher side walls with embossed vinyl samples of English wane.' 
and Is photographed above. It liners and are meant to be pnt Bookings in advance can be 
has a diameter of 5 feet and is up by you, the buyer) is an oval arranged by writing to the Merry- 
only 12 inches deep but It should one measuring 33 foot by IS foot down Wine Co., Honam Manor, 
help small children have some by 4S inches deep which sells Horam. Heathfield. Sussex, or by 
fun. It retails for just £8.98 and for about £950. telephone: Horam Road 2254. 

Cooling off 

READING Philippa Davenporfs 
summery suggestions for food in 
May and, in particular, coming 
upon her suggestion for 
asparagus, reminded me of 
Michael Paske's excellent service 
for sending fresh asparagus by 
mail. I know most good class 
greengrocers sell asparagus but 
I'm never quite sure how long it's 
been there. Michael Faske 
guarantees that his asparagus is 
sent by first class letter post on 
the same day as the asparagus is 
cut. It is cut on Monday, Tuesday, 
Wednesday and Thursday of each 
week. The season goes on until 

He sells asparagus in five 
different grades — the cheapest is 
known as kitchen grade and con- 
sists of thin or branched spears 
weighing a kilo for £3.00, The 
most expensive are known as 
jumbo and have 20 mm minimum 
diameter guaranteed at the mid 
point of the spear. For £4.25 
you would get between 24 and 26 
such spears. Long Green extra 
have minimum diameter measure- 
ments of 12 mm and 20 mm at the 
mid-point of the spear and they 
cost £3.85 for between 33 and 37 
spears. Then there’s Jong green 
class I with a 10 mm to 12 mm 
minimum diameter and between 
44 and 55 spears per pack at 
£3.55. Finally there is long green 
class II with a 8 mm to 10 mm 
diameter at the mid point of the 
spear and between 48 and 60 
spears per pack £325. Each pack 
weighs a kilo. 

Bunches of asparagus obvi- 
ously make a lovely present for 
a week-end hostess but make just 
as nice a present for your own 
family. If you want an order 
form with all details write to: 
Michael Paske Farms. Rarnston, 
The Spinney, Hartford. Hunting- 
don, Cambs. 

•An unusual, thick terry towel- 
ling towel in navy blue back- 
ground and scarlet from Habitat. 
75 cm by 150 cm. it is £635. Jf 
you order over £10 worth of goods 
you can bug it by mail. 

THE HABITAT group of shops 
is obviously anticipating a long,, 
happy, hot summer. Their shops 
are packed with a host of ideas 
for making the out-door life more 
comfortable, whether in your own 
garden or away on holiday. Habi- 
tat, as most people know, now 
have some 27 stores and an 
efficient mail order system so 
anybody wanting to buy any of 
the summer appurtenances should 
have no difficulty — either go to 
your nearest store or you can see 
a few of their summer things, 
like deck-chairs, hammocks, 
wicker furniture and parasols in 
their mail order catalogue. 

The Conran shop, about whose 
upholstery I wrote last week, 
at 77, Fulham Road, London, 
S.W.3, ia part of the same group 
and they have an attractive 
sheet full of their summer ideas 
— more parasols, hammocks, 
bistro tables and the like. They 
will send any of their merchan- 
dise by mail (though price 
depends on what it is and how 
far it is going) but they will send 
you their sheet of drawings free 
if you write to them at the 
address above. 

Here are just a few of the 
summer ideas on offer. 

Some of the cheapest, prettiest 
and Lightest garden furniture 

around is the French chestnut 
furniture stocked only by 
Conran. It's hand-made and I 
don't think I'd trust it to last 
for ever and a day but It is so 
inexpensive and so charming 
that I still think it a good buy 
and well worth taking a bit of 
trouble to keep it protected 
from the worst weather. 

The chairs in the drawing cost 
£12.95 each while the table (30 

inches diameter) is £19.50. 
There's also a two-seater sofa 
for £25.50. 

Show a behind the chestnut 
furniture is a garden parasol, 
one of a range stocked by 
Habitat sbops (though Conran 
have plenty as well). In natural 
proofed cotton canvas the parasol 
is trimmed with scarlet or 
French green and the support 
post is enamelled to match the 

trim. The support can he tilled 
in any direction and the height 
adjusted and it fits the centra! 
hole found in some garden 
tables. Alternatively you can 
just stick it into the ground 
or sand (.though be very careful 
about doing this in strong 
winds). With a diameter of 
167 ems, a height oF 240 ems, 
the price is £13.95. Personal 
shoppers only. 

Pine for 
the future 

• There are some particularly 
wire little »«iU clipboards and 
shelves— ideal Sot cloakrooms and 
bathrooms, or even kitchens. This 
one measures 28 inches high, 
15 indies wide and is 5i inches 
deep. Made from solid pine it lias 
brass hinges and knobs. £21.10. 

• Above; a pine cotton reel holder, which holds 
eight cotton reels, has a place at the centre for 
keeping a small pair of scissors. The base is 
5} inches m diameter and it costs £2.43. 

• Left is one of the pieces that Stuart Paisley 
hopes will be kept and used as an antique of the 
future: a miniature reproduction Victorian pine 
chest of drawers— 10 inches high by JO inches 
wide by 5 inches deep, handmade, uhth little 
brass knobs on the drawers. £14.45. 



A. fUdlo «-ipcmWcj. kjr . cwmi. glij- 
rwrs & wnlcrenew. TelMiQiw: BGM 

binat anwwncrci Biw. ™ne 

Reading i07U) 413GS9 wiyHnw. 


poll's Houses, nand-maoe S, antiauc. 
jSutlfwMy jgtaHw^inligjtarc Jggfr Sfe 
Catawmw Mo. _ Tfw Do is Haute, #& 

• 7SS3J & t is ucson Grew. London. 
N.W.1. 01-725 .141** 

WHEN Stuart Paisley found him- 
self suddenly made redundant 
from a very well-paid job he 
knew he had to do something. 
He had three children to sup- 
port and besides needing to earn 
some money he didn t like the 
idea of being idle. He thought of 
opening a restaurant or even run- 
ning a pub but when his wife 
Wendy opened a bnc-a-brac stall 
in a 1 Wells street w a rket he 
thought he'd try sellane s0 ® e _°‘ 
the sort of toys he had made for 
his children. They were a great 
success so he started making 

The toys, which be still makes, 
were simple but universally ap- 
pealing, boats and rattles. pnll- 
along horses, dolls* cots and so 
on—- all made from natural wood, 
most in pine, all finished with a 
good varnish and very reason- 
ably priced. 

From there Stuart Paisley went 
on to make miniature furnitare 
— small chests of drawers, dis- 
play shelves, mug racks, cotton 
reel holders and a host of other 
small, charming and useful 
wooden pieces, all of which 
would come in handy in most 
people’s houses. The prices seem 

to me quite astonishingly good 
and the quality of the design is 

He produces a very well-illus- 
trated loose-leaf booklet which 
shows clearly all the designs 
he does. Included are measure- 
ments, prices and all the other 
details you need to know. 

If you'd like the booklet write 
to him (enclosing a ?p stamp) at: 
Paddingham Pine, Paddingham 
House, Sidcot, Winscombe, Avon. 
In the meantime above are three 
of the illustrations from the 
booklet showing you something 
of the sort of thing he does. 


The exquisite foods coming 
into season now need the 
minimum of embellishment. 
Their flavours and textures are 
so delicate that it is ail too easy 
to overpower rather than to 
enhance them. So, forget about 
rich and elaborate sauces; 
banish all thoughts of compli- 
cated cooking methods involv- 
ing pungent spices, full-bodied 
wines, onions and other robustly 
flavoured ingredients. Let fine 
foods speak for themselves: the 
simpler the cooking method 
the better. Poaching, steaming 
and roasting (with an impec- 
cable eye to temperature and 
timing, of course) will show 
off fine foods to full advantage, 
and small bowls of subtly- 
flavoured accompanying sauces 
will complement them 

admirably. . 

ing add creamy, goes beauti- 
fully with fish, poultry and lamb 
as well as vegetables and Pm 
indebted to Margaret Costa for 
the quick and foolproof method 
she gives for making it in ber 
Four Seasons Cookbook 


Melt' 6-8 oz u a sal ted butter 
over gentle heat Remove it 
from the beat as soon as melted: 
don't let it get oily. Thoroughly 
beat 3 egg yolks in a small 
heavy-based pan. Add I table- 
spoon of lemon juice, i table- 

IF THE weather plays fair. May can bring a cornucopia of edible 
treats: the most delectable and most traditional of British fare— 
sweetly flavoured young Iamb, creamy textured salmon, trout and 
crab, succulent asparagus, globe artichokes, gooseberries and the 
first blush of strawberries. 


Potted prawns 

Poached salmon or trout 

New potatoes in their skins, braised fennel or cucumber, 
and Hollandaise sauce 

Coffee or gooseberry and elderflower ice cream 

Scandinavian pickled salmon 

Roast lamb, steamed asparagus and new potatoes with 
tarragon tomato cream 

Strawberries (rolled in sugar and sprinkled with fresh orange 
juice or champagne), with orange almond tulles 

spoon of water or diy white 
wine and a good pinch of salt 
and beat again. 

Add 4 oz cold butter, then 
set the pan over very low heat 
and cook, stirring steadily with 
a balloon whisk, till the yolks 
are creamy and beginning to 
thicken and to coat the wires 
of the whisk. 

Remove the pan from the heat 
and beat jn another i oz of 
cold butter. Then add the 
melted butter to the eggs, just 
as if you were using oil to make 
a mayonnaise — drop by drop 
at first and then, when the mix- 
ture is beginning to get really 
thick, more rapidly. Season the 
lukewarm sauce to taste and 
serve immediately or keep warm 
over a pan of hot water. It 
will keep for up to an hour. 

CREAM is an excellent 
alternative sauce which goes 
well with the same types of 
food. It Is equally good 
served hot or cold. 

Skin and seed tomatoes; then 
sieve the flesh. Blend the puree 
into thick cream (scalded if it 
is to be served hot), add a little 
chopped fresh tarragon, a 
squeeze of lemon juice, a pinch 
of caster sugar and salt and 
pepper to taste. 

served with fingera of fresh 
hot toast make an excellent first 
course. I make a prawn butter 
first by pounding together 3- lb 
freshly boiled and shelled 
prawns, 2 tablespoons coriander 
seeds (warm them first in the 
oven to bring out the full 

flavour) and 5-6 oz. softened 
butter. Season with plenty of 
lemon juice, some pepper and a 
little salt. When smooth and 
well blended, beat in 1 lb whole 
peeled prawns and adjust 
seasoning to taste. 

Pack into pots and chill but 
allow to breathe at room tent* 
perature for one hour before 

are a good way to use up left- 
over egg whites. They are re- 
markably easy to make, look 
very professional and provide 
a crunchy contrast to ices and 
Summery puddings. 

For each egg white add 2 oz 
caster sugar and beat well with 
a wooden spoon; then add 1 oz 
plain flour, { oz nibbed 
almonds, 1 oz cool melted butter 
and the finely grated zest of an 
orange. Beat again until smooth 
and spoon onto a well greased 
baking sheet 

It is Important to use tiny 
blobs of the mixture, to flatten 
them slightly and to space them 
well apart. It is unwise to 
place more than six on one 
baking sheet and a one egg 
white mixture is enough for 
20 or more biscuits. Cook at 
400 degrees F, gas mark 6, for 
six minutes or so until golden, 
and browsing at the edges. Lift 
immediately from the baking 
sheet onto a rolling pin so that 
they curl as they cooL 

RSC on the move 

ComnaS- ft -J5l?' al « Sh * jke, P® a re or times they attended. But 
ini ,v rce £ s r l° s er in mov- people weren't quile 50 keen to 

wrni'jMia! 1 Barbican, its First go to [he Barbican to pick up 
it • , London home since their tickets. Only 20 per cent, 

the n ? arly 20 «* 8 n - said they would use the Bar- 

aurfihi 03 re * ie f are almost bican box office to get tickets 
0 e - compared with 34.7 per cent, at 

At last the nightmare of wor- Aldwych. 

Tbere was even the warming 
cuities and a threat that the most assurance by a small number of 
™ffi s, v Ve art ’ 5 c 0 m P* ex in Britain people that the move to the 
SS:™ b f. «“f. short hy us spon- Barbican would increase their 
aura on the City of London Court attendance. Added to this the 
c' ,° mn ? 0n Council have faded. RSC’s belier that another poten- 
thc spiralling costs tial audience is lying jn wait — 
inch lifted the Barbican theatre the people in the City. 

a 2 s «“» ban 

£5Sm. But there are snll two ?° d restaurants. shops, a 
years to so before iudiences l ,b , r , avy ' j" 1 S a J ler >* conference 1 
begin to pour into ihe I -00 -seat ha, i- a honi ® f? r JJ** LS0 and l 
theatre. an d e“n m cranes ac,ne " la f. d the Rs ? " aDts t° ! 
manouvre between th- gigantic slfa, « ht fron l ( 

,he>,re S '™>™ .»< drill, b„,e SSSB^*S£J 5 S ’who’™*! 
— within u square mile of ihe 

Barbican who will be prime 
Tl4Ffi,TB5F* candidates Tor the RSC and at 

K rfl&J-aB nc. least 6000 people living in the 

COLLEEN TOOMEY City. Tlie Barbican flats and 

maisonettes alone house more 
■ — than 3.000. 

1 Any mistakes other arts 

relentlessly on. more money is centres have made in the past 
needed. with accommodating cars have 

The Shakespeare Theatre Trust not been made at the Barbican, 
recently launched an appeal at Three car parks are being built 
ihe Mansion House In raise £Im. for at least 300 cars and there 
To cnmpleie the two theatres ore car parks nearby for a 
(a main house and a Mnall studio further 1.700. Public transport 

■ i.iv> &' 


v:rPi J 

Vivaldi’s Griselda 

. _ hive mid rather scanty atton- 

Just how many operas Vivaldi the Daeamcro* ana in Jr nri ' ti ‘ on « (( ‘ ihe cnnlcxi. Cosianza'n 

wrote is not certain. In a letter Griselda. who allows her hus . ” ca , 0 f, r cwurk display in her 
he once said that the -total was Gualtiero, Km? of ' .. A.«ii;itu da due vend. " is 

94. There may have been an ele- inflict on her a lon D senes extravagantly striking but 
ment of Italian bravado in the miseries, is a character about as doesn't remote I v suggest '‘a 
statement and he was presum- far removed from modern sjm- losse( ] between two winds.” 
ably including single acts written pathies as one hi Ortone in love with Griselda.- 

for other men's operas and con- imagine. Vivaldi mi*ni. nan w ’ f , (Pm >ri 3 Wc outbursts 

tributions to vasticaoi by several been a true musical dramatist • Oueen- of -the -Might 

t om posers. There only survive have overcome this and otner <]uslers % l0 fiordilipi leaps. 
30 or so operas in manuscript, shortcomings of the piou x»uv ,. but nor particularly 
One of these. La Gmeldo. was while his invention is as ever .£• Thp main bndy of 

given its first modern perform- endlessly fertile on its own ic>ei arias, as Mr. Ky»»» pointed. 

• • '«te: 

? ■* ‘ 

• ^J..i "s. 



•I in?: 


main offering for the tercenten- 
ary. John Eliot Gardiner con- 
ducted the EBF Orchestra and a 
cast of gifted singers. There 
was a large audience. 

In the lectures be gave before 
Wednesday and Thursday's con- 
certs. the Vivaldi expert Peter 
Ryom stated unequivocally that 



Vivaldi's concertos. 1 ncy are, 
as a result, rather long, and the. 
middle sections arc correspond- 
ingly short: the result is not 
infrequently lopsided. The 
orchestra is confined in si rings 
and bassoon with two horns 
sparingly used. 

John Eliot Gardiner conducted 

ih Cairo £100.000 is needed now to the arts centre with three i ENO Count Ory badly: there was make of the Besch production promises a collector s item in due | founts of culture), did not su ct - written for Vivaldi's favourite to Roberto) Linda Finnic ms- 
.ind the remaining £900.000 will underground stations not too ; | rejoicin3 Jt * iLs rL . lurn . ! and of Charles Bristow's light- course . The RayCmde 0 f Anne, pest that Vivaldi, as in their dif- Anna Giro or Giraud. who was played a voice and temperament 

ho invested 10 safeguard the far away and at least two bus ; - ThurMl : v ev t nine The cast ,ns .'- ,l *5 that there is not fully _ ... . . * . formid- ferent ways Handel. Haydn and better at declamatory than which will probably lake her to 

theatres future. mutes is reckoned to be more 1 on 1 „ efcen [“i- ,ne CJ t re nj slt . re d in the action nf the . s 7 . , . ■ Rameau have done or are dome Lyrical music— the result is effec- mu <;j C of a later date than 

Even with an Arts Council sub- than adequate to pull in S was well chosen, the action bad second act that quality of dis- able - the stateliness never u '‘-r-! w . }1 „ ain become major tlve .but unheroic. Gualtiero, Vivaldi's. One is hugely grateful 
<idy of £l.3in. and with three- tbeatregoera from all parts of ■ been revived by Anthony Beseh lurbance. that sense of envelop- played, the tone smooth j lurnfnaries in the oneratic Griselda's husband, and Roberto. » D the EBF for the chance lo 

f I #T t •. VivaldS -ocal S posers, Milhaud and Martinu. put [n h ts liveliest, mnst rommum- 

f. -f h "1 '} of^.\Zo^s%So^l \>S«hen. the n,«*.c Of Gr^ cattvc 

I g lit %: mounl jaiportance m bis output, engages with the drama, ^metimesftassed hutsirKethe 

; i' JM t fa ui> ■ -xWtZr- from which we normally only such as that is. cast included two late replace- 

w*™ 1 hear the more popular concertos Most of the score would lend meats inhertoi Tor 

- ■— — r siafap Artras » M x?s 

thing as claiming that Vivaldi's do capo arias separated by long understandable. Orirun wenkei, 
operas are vastly important in stretches of recitative (in fact a good, sober contralto, kept 
§3 -Ig a -M/m> •4’ B Ji -WJB -« a themselves. And Griselda. though OTiselda has a graceful tno at ones interest olive in tne im- 

§f gagSWgg ff 8 gf g / the evening, like so many the end of Act L. and a hhorl. plausible Griselda. Jeanutc 

ygf SbfSy B Bs&j M W organised by Lina Lalandi. was jolly final chorus of reconcile- Scovotli and Maureen Lehanc 

^ one one would be sorrv to have *ion). The most musically con- performed extraordinary ’ feats in 

missed land certainly would have sistent character is the heroine, the bravura music of Lost an /a 

i\'e had all been missing the If I have any mild criticism, to delicate sense of comedy — that 2 waited in vain from the official ao doubt because the role was and Ottone. As Corradn tlirothcr 

MO Count Ory badly: there was make of ihe Besch production promises a collector’s item in due | founts of culture), did not sug- written for Vivaldi's favourite \q Roberto) Linda hinme dis- 

Count Ory 

quarters or a million people flow- London, 
inc through the 1 heat res’ doors But before 

audience \ Peter 

revived by Anthony Besch lurbance. that sense of envelop- played, the tone smooth and j luminaries in the operatic Griselda’s husband, and Roberto. to the EBF fo: 

cracking briskness, and ing darkness in a string of flowing. Memories of Patricia | heavens. who is pursuing Griselda's bear a Vivaldi 

for the chance lo 
di opera, yet the 

onl *' trickles in. money takes a front: castle and X 
JU.-I breaking oven. At least it Tim RSG's erv fnr rim u-il! , « 

will n.» haie the gigantir operat- vm d0 uli%l nat K the lasL For i Jooked , predl 

m Na , li Zh j mJ'nura.SS, V°tc °o I * e > '? 

IV. N b h lhc .V. • r L succeed it will need a good house was le 
°A e [ a L, *" eS P° nsi ' number of benevolent lenders — I of musing 1 

Theatre because the City of Lon- — ^ ‘ u" will “«ed" a good b ®u S e was less than Full, instead 
^ esponsi ' number of benevolent lenders— of musing once more on the 
01 li. lor ine art. centre. without ihal the arts centre popular misunderstanding that 

Money and construction proh- coultl struggle on without ever confers on this most perfect and 
Icms are not the only worries the fulfilling the description as “the inn cl v h«.,Mr„i r,r Rue. 

number of benevolent lenders — of musing once more on the suggests that perhaps he should happily justify the succession, 
without that the arts centre popular misunderstanding that be. ^l r Brecknock returns to wbat 

-T COnfers . tto . w? On .in nwn terms, ttmever. the «. mm is bis true denote di 

“patient Grizel ” that occurs In Elsewhere Vivaldi appears to Handel, Rameau, or Haydn. 

mms are nai tne only worries me fulfilling the description as the .nvut-rinualv hpauMfnJ f,r R,j«- *.«n inn icuna. w-mn. ----- -- 

theatre has had lu face. Audience most exciting thing we have oerfuuiui 01 nos- evcnins gives C0ntiflu0 us plea- nmern watering ground, after 

loyalty has been the subject of seen since Hie building nf St. Sln,a comedies the tine of more tenor strenuous excursions 

much debate. Mill the West End Pauls Cathedral or Tower ‘■connoisseur’s opera." with all that seem to have le-f e shadows 


theatregoer-, irek h ippily i»» the Bridge." 
i*ity How can the RSC persuade 
people in i-uniinuc mining in 
1 heir productions Do people 
•*vcn know where the Barbican A| rt ,, 
1 -? Hmw will they get there? 

“\u prolilcm." sa;. s Mr. -lames Antn 
S.irccnt. the ci*:npany\ 43-year- ni,lu 

Sridge." the slightly forbidding qualities 

the phrase may imply, let me 
rather press ihe claims of the 
. __ show as the most delightful 

A Inn Howard to pi3y operatic entertainment cur- 
a _ .r 1 rcntly in London. 

Antonv at Stratrora 

. . Count Ory is that to the utmost 



oT unease on his once uncon- 
strained highest notes fa frog 
crept in to spoil his contribution 

is no question but that the work sion in at least one critic's Pop 
went on. and some artists, Freud, canon, and to this day it remains 
Uglow and Auerbach notably, very clever indeed. Though he 
and one or two others, never has painted nothing but land- 
gave in: buc. looking back, it is scape for a decade and more, 
clear that much of it did so as almost exclusively the high views 
Painting - about - Figurative - from his studio out over Regent's 
Painting, a clever double-take Park, he preserves, at least in 

ill UlJ VUillt lljlllliill mi J , . , ft _ * IUU UUU. il WiV » v L wv^ u i»> *■ — — - —f I" ' — ■ 

lo the first half of Ihe «real uiu) » Thc ' seIf ‘ doilbls '“.A 1 * 6 face . of that allowed Ihe artist con- part, a conceptual structure lo 
. r TJ rwl American competllioo that hP all thinc< to .-ill the work that distinguishes it 

Alan Howard to play operatic entena.on.ent cur- uf the Count's bsrivilus 0100 ^ veniently to be all things to all the work ^that distingursl^ it 

. -Xn Problem." s:,.s Mr. James An[onv , u Stratford I rcn,ly in London ' SofiSE tunities he makes less than ori Sftta \nd W ^ p^vJSr^S^e con- £? 0 ?S.5Sf ' 

S M R n, i 1,1,1 n . ,in,,an - Vs ' * j Count Ory is that to the utmost b:s ’°roader touches of comedy, rested themselves in a variety of f wre J bv such conspicuous The passage of time is an 

’’ '^?h ,b h in pc!" in m VnciT.d -.n* • A o n H °o ard ... :i t0 p ? y :^ nlun> f l — a comedv in Which ihe ult of surb - The cast is strong esneci- which are now excellently ways: but for the figurative en g agemej ^ t XVIt h ideas, seductive abiding preoccupation, whether 
jiuim.i -h< RSc l ‘‘ l . ll , sh ^ d in Peter production or . c . h f U11 j er . ally cm its female side. As polished. Brief words of praise Pinter they were particularly j n d ee d in a countrv where the it is the slow turn of the year 

.mdmnco *..rvey earned out at Antony «:nd Cleopatra ulmb Nation is everywhere under - L r H arnld El:.ekhurn ithe troublesome. HlS dilemma, "LI V, J or the rather sharner turn nf 

insistently repeated 

have no effect on the number possible 

t Indicates pmgrumme 
in black and wliile 

BBC I 10.2U-11.50 Intcrnaiinnal S 

8.55 a. 111 . Play board. 9.10 The sceno. 12 40 a.m. News and W Ci 
Fishing Blade !>.35 The Record for «urihcrn li eland. 

Scotland— 5.-15 p.m. Conference 
73: report on to-day's Scottish 
Conservative Party debates. 5.53 
Fish. 6.20-6-45 Rolf on Saturday— 
OK! 10^0-11.50 Iniemalional Sport- 
scene. 12.40 a.m_ New,- and Weather 
for Scotland. 

Northern Ireland— «?.45-5.30 p.m. 
Non hern Ireland New, and Snort. 
10.2U-11.50 Internaiinnal Sport- 
sceno. 12.40 News and Weather 

ous antics or uic count ana wnoie. me oeautnui vocal needs, and the singers reap the more severe among us might example. His work was once longer obtrude their cleverness 

h ' s cavaliers in nuns apparel, way she wears her costumes, her the rewards. hike to call a compromise. There clever enough to grant it inclu- discreet and ’ practical 

Trom Newcastle; 3.10 Inter- AUionwrn-. XL3B SMtc 1999. U.1S p.m. 0*010 1 247m AuOWc 'Si. 9.00 News. 9.05 Rcconl Review l-alltirurty. uv a hjruain 7 «iw o 

national Sports Special 121 ^ ***!,«»«. Law m-Ucco W1 s. • {« sltrcophonlc brodcast .S- lOJss^o grtSi SVSS vZUL? Tho VaSr Show! 

\\ortd Lumberjack Champion- ___ GRANADA _s.oo .-m. a, Rad.o 8.» Ed swwir, Sfl!,i? Drt B SS 1i.if ?■“ PomvI «i.h Under, coumrr. 

ships from Hayward. 1 
consin plus The T 
Kahamamoku Surfing Cl; 
from Sunset Beach. 0; 
4.00 Wrestling: 4.50 Res 

5.05 News From ITM. 

5.15 Happy- Days. 

. Eduard* >5- via, Tbo EJ.-ly Sb.j-i-. -n J sjiubddh, j.uu acwb. jjo ooes Uc Takr Susar.' 

1 !ud::i£ 8.03 Racina BuIleMn. 8.06 As «i ,n , v, :‘/! n -’- ** ar f,. 1 = Barlok rSi. 3-5 Music of ihe Masrcrs fas Radio 3i. 

Breaker* - . 10.M0 Arlott and RRC 

Trueman On Cricket : '1U.25 "The _ V 

Secret Garden." .-tarring Mai'gjret a-in.-l.5o p.i 

H'Brien. +11.53 Charlie Chaplin in •' t *ty. 

•• Behind The Screen.** 122»» p.m. 3.W Saturday Ci 
leather. starring F 

12.30 Grond-Uund: Fool hall Focus : ‘ n d Marlcn 

H2.4U1 Athletics H unt The 4.40 The Slone 

A A \ and S.i nil bach Marathon lo 

Mllm report i : Racing From Million a T); 

A-.r itJ3. I 2.25 1 ; Puchv »-5 Arena: The 
T.e igue «m. Final i? 6-W Planets, 
l.^ed, v St. Helens; 4 4.', Final '-M "Pen Door. mi loilcv. f, hi; ball and ^"■ l * News ami s 

r.icri : r*- -it ll -s; cricket score- Don t Oitoli 

hood. lii^hli-.’hH of in-day's 8.10 Dance Atom 
<nnn. ' Ndccs." 

N Th - ‘-■luh. w , 

5..;., News Final: L-eri 

.i 4-» brnirl Ni'tis ihuthli'Tlus* 

3.3'-» Vidi 10.20 Network. 

0 li Rolf i»ti **.i'iii-il.iy — UK" 111. 50 Second IJilv 

6.43 S.itiir-i.i. \iglu' \i Tim 11.25 News On 2. 

Movie- ' "Kin-: R'ch.ird Anri IIJW M'A*S*II. 

BBC 2 

7.10 a.m.-1.55 p.m. Open t r ni\er- 

3.W Saturday Cinema: "Kismet.” 
starring Ronald Colman 
and Marlene Dietrich. 

iniorm^iiun. int.T. 
10 Saumlay Music, 
sn Nin. XOB a.m. 
h Williams. 

9.00 .Scorpion Tales. 

4.40 The Money Programme: 10-00 News From ITN 

What lo jo with 3100- 10*15 The South Bank Show, 

Million a Day. featuring Freddie Young. 

U5 \rena: Theatre. n -15 Executive Suite. 

6.0U Planets. 12.15 a.m. SUirs On Ice. 

7.00 upon Door. 12.45 Close — A poem read by 

7 ".ll News and <port. Maxwell Muller. 

7.40 Don't Ouolc Me All I BA Regions as London 

8.10 Dance Momh pn-vnls “Les cepi at the followinc times:— 

music by ANGLIA 

12.45 Close — A poem read by .fo '-Jrtipr torv-.-ui. u.«o c«h. ; k. 5 os p.m. 

bmv I'nuniry. S.15 p.m. Phyllis. U.IS dawRed check at 5 40<: Cncfcei iL50. 

The Am rim M.-CoruKlla. UJ5 Lite Call. --® 5 -*.30. ».«■ Benson and Helves RADIO 4 

11.40 TBe XK-eeney. Cup; Rushy League Cup Hoal il.SU. 4llm 

c-niiTiirn*r Leeds v. S;. Helena- repuris. . „ 

SOUTHERN Plus r:por,i on ihe French npeo 'Jolt .i 

8.45 a.m. S> -same Sired. 9.45 IfatT Our Championship. WCT Stngks and in,.- Koial . 

Sim-.,-. 10.15 Happy Dji%. IBM Our Show. Windsor Hors.,- Show. «.«. Europe 76. 7.K “.s'!:, 1 

UJO Weekend, fallowed by reglori ,t Windsor Danes Presents. . . 7.30 irTO ' *' w roJ 

VHP v Saiwday-.viglu Theatre 194m and 95.8 VH F 

VHP only— *4Kk8.0Q a.m. Own ,S». 93 1 Weather. 1 D.OO Nows. 10.15 The 6JW «.m. Kerry Juby’s Breakup Show 

n^STr^S*" Sn,t ^' n '-" ' s '- ’•*» Capital Countdown With Peter 
b; ILM Lighten our Dark- \oimg iS'. 12J0 Kenny Everett rS». ZM 

0 4 N J-^' T J Ar,i : n, “ n with Duncan 

434m. 320m, 285m and VHF oISL Radio London Johnson -S-. 5.00 Joan Shenton s Person 

1- News. 6J2 l-aminj Today. 206m and 94 9 YIIF lS t-‘ ^ ri 'C„ Ed ' 1 '.ird , s Soul 

1 FaiUilultv U-miW r e on , _ T. , .?“ a Sped ru Hi ■ S •. 9 JO Nicky Hurn.-"s 

Maxwell Muller Bainiau. U.15 RjehK- BroLVi-lnaii Private ■-*> Inii-nanonjl liala Concer iS< pari 

All IB 4 Re>--inns a« Lnnrinn p,- Eyc 12 - 15 a - m - Soui*i.-rii News. ) 8^0 Talk by Peter Clarion. 9.00 Con- 

J. r-H . .« as r d ex TX'IVIC Tree «•" van ia.02 Saturday Night wiui 

pt dt the follow mg limes:— IlNE I EES ih? SBC Radio Orrhe-sira .Si. H.02 sponi 

. (Vy-'l I* 9 -3l o-m- Survival. 9A0 Aenon Adveo- n.-k. U.06 P-.-i.-r Wheeler wKh The Lai« 

Tar-- Film: -The Adivmurvs el Tom Show iS>. induillng 12.00 News. 2.00-2.02 

Pius nwnj on me rrvncn upco v.oii •“■■■j- -wont hud vtir Spectrum ■$> q no m, w . 

ir T^tampionship. WCT Singles and the Koial - pro- .5.00 a.m. M Radio J. 7J2 Good Fishing. American Dn-n'n <s> vSlS-f 

Windsor Hors., show. *». Europe 76. 7.0: £ D } our 8.00 News: miter, traffic, shopp.nt BackwU" BoUo k- 5 1's . 2 J 0 i m K, n 

,1 Windsor Danes Presents. . . 7.30 F,rm ' 7 40 ToJar 1 PaI ^ rs - I-* 5 ^ aurs snorts news. 805 The' London Gardner. DaHdson'c Ntebt FUsbi 7s? 

Spons Desk. T.3J Radio 2 Top Tunes 'S . * ° ' 

T*L rj,..'i'.. , 9 - w a - m - I't'k-rsej World or Captain Sauy. r “ 11JD Run Joe. Bun. 1XM t Am a.m. Sinnoury. 

» np I\ l».T^ur l_up Nemo. 9.30 T:snas. 10.20 Funky Plianinui Th“ Greoirsl — ■ ih<- adven'ur-.-S '*1 n 4 nin 5 JKJm i<tpn>n X VHP 
Final: L-eri. V. .St. Helens Ti-«as 1105 ,S;jr Maid.-n*. uss Muhammad .Mi. 5.15 p.m. ai»J KADIU 4Wm, stereo &. \ Hr 

■ hi r *hli- T lus ' Tim*.is ll. 15 p.m. RnhK- P-nek.-inMn Sh trier. U.IS Cell Up 17 f.ono.-ri : Henrr IMcdium Wave only 

11)90 Vahi-nri- Privai.* tie. 12.15 a.m. At ihe End of Maneiiii eoikluc.5 ihe Edmonmn SympOoiV ,7 - 55 a m. W.-aiher. 8.00 News. 8215 

" ' en , ,. , ,* . ,hc Mrdfcwirj. 12.15 a.m. En:l.,gue. ; 

lf.25 Nnivs i-b, -1 ^ ATV ULSTER CHESS .SOLUTIONS 

njto ft 1 k ‘.K l,r ^' '* ia ' 00 ** ,n ' a ‘-" urUa,: Mom mg Movie: -Solulioii lo Position No. 2X5 

1143 MHW-iht Movw ” Northern UVi llT'o r s.-ilmi- ' "sirve i. L 5^* ' Bi-vt-ri'y |f l p „ -.^ and 

Pursuit. starring Lrrol 1 ‘f " 1 *. 1 roggui. u.15 Run Hiilbilli--.- 958 spons Kesuiis. » is lo J PxP. PxP: 3 K-Q4. K-KJ; 

Khun '' 0ur - ,,jn polite woman. 4 P-R5. Instead, be could win by 

I n\nn\ . BORDER WESTWARD i * or t W 

'Medium Wave only 
t75S a.m. W.-aiher. 8.08 News. 8415 

I-Vv tl.-rriMiii ;mi| \ ir- 2 ima Plirsuil." starring Errol U‘» fclwya I roggm. u.15 Ru 

M.-jo Flynn JU "' >,0ur - ,,jn 

*."•7 Tbi. \'al I ■ Mumc ■ BORDER 

Show LWIxL/Ulx 9.C5 a.m. Find Vour i*i>n 9J 

,r;» „»■« a «'- J** ^K.lm 

, , ,, Half DlirShmt. 1U.15 The M«nkce<. Til. s-.r. i oi D:.»od -.-arnug Jj..! 

I* ( — ■* I'* a | ,i | i-Ji nf rite 10.15 ilur Show, liuirl 21. ll-7» lledl-y and Pairt. i- wyniark. 

. S'f*ncer*s Pilot*. m 1 V!Vn 

II..I. \,-M .11 Till" 12.311 p.i» «orl.l i;.f Snort: I2.33 •«.« T» 

mi „ • nr, C 11 The Rail. l r ..iO Inter- Misery Thnll r : -\n Inpevior Calls 

M* ''T ..<in- .l- 1 iMvpl .U nalinnal Snuris Siv»cial (IT _ . > , nv . 

■■■ si-.: — Ie»* Hnftii'i ; i.i.t New-; from uKAMrlAA 

1215 a.m. I ailtt for Life. 


Ml Ut-vmk. :iv r.l'f i cxivpi at 

1 1--- filjlutt III-,; I'rtll-S- 

M ale.v — '9".5-HMW» a.m. TehlTanl. 
i2.4n J. 111 . Nc-“ amt VVeaMici - for 
V. ..lo- 

9.00 a.m Nou t "an r.i.ifc, n. wiiti 
iv i;ii am fluent, in. 9^5 in. Atiteiiiur-.s <ii 
i'.iiib> All. 950 Kj:urdav StN-ne 

tin for Life! should not have missed, 
ipp Solution !u Problem No. 215 

-ie i. ,.h 1 N-Q6. followed by a discov- 

i.- Adveniiir-.i oi ■seed mjle. AM the other knight 
•1 a: unlay Sene moves fail: 1 N-.\5? R-R7 nr l 

D* ? qr ,i; jh.* OlflLf. 


coliseum ..»r.- oi .: jj 5:^3 I 

Kc; - 0 1 -...'a :ibi 

E.N&L.IEH .-4A.1 15H4L Oven A 

!5' ! ’u.- A Fi* ■■.-•! ~ .’.3 c.unl Or/- I 

• ' JO ly-i Tm-r r t*. | 7 10 ; 

i-r J—J Fe-.-jr. to- 6.'!- ,nr ■■■■ale.' 

-. ..i^ oi pti lirtu in<c 1 

coven: oahomv. cc. jjo lObis. 

•"o f.-i-oii tj-ric "it, 6^*01 ■ 

To- 7.00 O-rii^ T..C". \ Fr . pc-t: 

7 00 Li: uc Are d .- F,u.i, } tt -1 p-.i 

"- 7 0 Biccl.*!-c» Tnur. i-u - " 7.J0 Peier 

(.- -'rr. . 6, A-i'Pi--- .••*!• ip,- jli 

i-citi 10 ^.-n or. ,i.i, nei> , 

EC: •"7 1^-; 1 j.| Perl 

' , jr:»T S A T 70 E-reu list os fl.l'iie ; 

r . -p l - “cur Our F mij.aup From ; 
‘•■J. <ATH AlvLl Dur.nri, Tfo"' K>ldl< l 

tTN; 120 The ITV Shyoti — . , . ( ? a , a m - ?, " u '' oa in. JtHm* w.iun ,\>lv.-nwr. • • ''yiKTs -ms;.-' a \girkn-: N-Bl nr 1 N-RS" K-NS < 

1 -ter -md nil frnm ^ ir : :i l ^v .n-1 T R-- Wowl «r w j llkh.n-l IU-:uk-. 1129,,.,,, 11 a i 7J p M - r , vr'i^-r » 

i .wr. _.1 . _ . I ,IMQ ...INI irnrn 9.25 Sl.i:,py . 953 biikL-mun Pdraor' . 1200 Run a. K nun. UJ5 I N-B-. : P-.Ni nr 1 N-Q2? R\ 

Lingliem; i.a.i. 2 . 1 ., and 2 4.i W15 Ta- ciu. rim- io.« m p.m. The outsider .. or 1 N-B2V R-NS. 



® ' V:.- - iC-'' ' ‘ 

9n *''' r - ; '• ^ i 

Olivier's Hamlet 


!TJ? 3 weekend for faces, as well as Errol Flynn's 

H "l ??.i ls i aste ? Spot To-morrow is even better 

The Actor, though some of the starting with Olivier s Hamlet on 

s* wsdsrzrw 
sssrs nj^jsssc 


nihmiv ji s oo Mar,, vvcis. 
Sj!» 5 DO J -a e oa 


ThP WO'ifl-'j.i Tlmllor . 


" SM-ni Ihr OlJ» .-JI P 1% -n im J-l . 

'irier .mo tp;.,i uv -- Pup-" 

OkPuur j nj Tcp Pr i. : S-'H C7 SO 

APOLLO. 01-JS7 :t6 7. Evenings 3.00. 
Mjli Thur- l 00 s..-. S 00 J"d 3 DO ' 

Acini 0* li- Yta E Sid 



1 Y— 1 . DUKE OF YORK'S. 01 -BiE SI 22. I 

E .91. 8 M#t. Wr" 1 S?:. at 3.00. i 

■ n Ju:'in Mi-cnea s ; 



| 9r.l(.jn|,. H.!jt . r.o one ."dulil 1 

ir'ii ■; " Hjrolo HQmon imam 

1 c'ca T card rsirrusgos D-nner and too- • 

£r. ;c i:ji_ £7 00 

FORTUNE. 3!« 2J33 Uv. C.0.‘ Thur/ J.'l 

SJ: 3 00 a»a S 00 | 

Mur. cl P.-Uon- a-. MISS MARPLE .n 



Th rc Great Year 



TS7 7A8B. | OLD VIC 

THE CLUB. A musical oivciuon 

Mon to TThi. s. 9 e. Fr Sat 7 PROSPECT AT THE OLD vie ~| k c T ,?, E . C * LA R. H ^ N ° Vvcsi Eno wl aoain wrth anoLhqr' o' h"r 

THE ROCKY HORROR SHOW New seasoa le May 20th. h# ""OO W.Hon World Premiere. fiendishly ingenious murder mysteries'" 

NOW in ITS 5:n POCKING YEAR . TWELFTH NIGHT I .TTTT7 — Fell* Barker. Evening News. 

THE GREAT POCK N ROLL MUSICAL 'On ooatanding revival." Tne Tunes. • "SVAtTK^ Credrt Card;. 01-405 B004 D.i.r r 

... . 1 Toaav 2-30 A 7 SO. I MaAdav-ThorsdaY. EaemngS 8210. Friday irAsIf: PA avf' c o. . 

ON DON PALLADIUM. CC 07-437 7373 J E.Jcen Atkins as , S 30 and 8.4S. aimrdavs J.CO and 8.00 Boofc Noi \ TB 5i^ 0 J^, 39 ,''®^ M ®3 4 1317. 

Opening Thursday Mar ’S il 7 far the .. SAINT JOAN _ London critics vote STRATFORD JOHN 5 

Summer Sdascii Id Auaus: 79 dills) ! 4 stunnina production Sunday Tele-! L L > DANIELS ,n SMEILA HA NCOCK 

Subs Mon.. Tuo, Tnurs* and Fri at B - 9raoh returns Mav 18 BUBBLING BROWN SUGAR . Ma^lSia ... c . , _ 

Weds erd Sata at b.m and fl SO Tamo>row n me Ola Vii May Id _ B «! MotlCJl o! 197. ! t * 95 " 7 - 30 - Mars. Wed, and Sat. 2.45. 

THE TV/O CONNIES T ^ 7 - 3 ° P m „ _ , SSS'-'i? 5 . Cr ^" CJr ? 5 WAREHOUSE, Donmar Tncatr^ Co7r« 

■n .1 W«:i-„l 4 r TitnAthy West. Prunella Scales m See. .a* itCiUM '»!« lor matinees «lor : Garoen BJb 680E Roval 

COMEDY STAGE REVUE Inl ® F ' Pe,, « l : Ctm"nr. T ”r Paul Th 0 ml5|S?^ 

ALL sEATa B 02 k ati t ku3W Inii-matlenar seasen LiU hcnro.a. — — LORENZACCIO STORY ■■ r.i.ih,,:!,- 

£4 53 C3 7S El 50 £2 SO £1.30. LES PAKEMrf tnriRi r« SAV |2T : WrS’^YO 83 c 3 . c in’ 1 . 1 ',.* 00 ■ musical Mqeant." Guardian. Adv. l *bkg® 

ia :oa. HOth.-o _C37 - DSS LES PA^NTS te^R^LES Mj .. ,c H ^ d 5 £ s.3° [ !l 

2 '. C n. Sai A 3 S 7 n J artd a E 3D : La *29-xJ B ^ L f* S ; Cu k rr'"BOMD M J?.n'nj ^/An"' G YS tGH?M ! | h„ 7 ? °~ W ' 

•AL COURT. 730 1745. 

E-cnino; S Sal. 5 £ 8 30. 

hr Snoo W.Hon World Premiere. 



Re-onicr Aguha nitn another wnp- , 
ouiipit hit. Agatha Christie is stalking me 
West End vel again vyith another ai h-.r 
fiendishly ingenious murder mysteries." 
Felix Barker. Evening News. 

5WECNPV a T A*r- Matem^n 

gSSImX 2 n '^ A ', „CHARIOTY OF THS 

Mi lo s's a 00 - 4Sa - , ' 35 ^ 

i ASTORIA THEATRE. Charms X Rd •R.lh 
■ fully hceukod Re-.Liiiranri 0I-T34 4291 


APELPHI THEATRE. LL 01-336 7611. ( 
S-ds. * 20 f.S.,t» Tlws 3.0 Sul AO. i 


the ccs; MU‘ii.4, i 

c! V.I76. lrt"7 .,no 197S ' 


Su-ipj. P.-pple 


eat or, cos Ll. SO- ESSO O-nne. -T lD |««- S 1 IS ■ 3.D S« 6 0 ? 40 

r i c - s «Aif £5 oo. H^ff nour bc'or* ana** . t ddi nctdn .i M;K 

„v‘ ^Il.ibie 'uo or.ce ...;ke:s '£ 250 .. *1 “it”'' , . ' ‘ T * 

,1011 -Tnurs and F,, 6 .C 0 om Oerf I ALA J iV KR "Bk| S n-v Come.v 

Nearest tuhe Tottenham Cl Fo Men ■ 
Thur-- 3.00 P m Fri and Sal 6 00 
! anr, J 4S Inviani rr.-d't sard booking 


' " IrtWt'OUS JBOeahng Ijc-.ilimtinj and . 

1 neart-thunir. n, " CbLeryer 


1 Seat Ll .50- ES 50 O-nnei -Ten , 
I arfc; ssef £8 55- Hah hour bc’or* snow . 
anv available foo-once ncfceis £2 so. ■ 

L Men -Tnurs and F,. 6.C0 O m Oerf ' 

t only 



cXmBRIDOl. a 36 60 aa Mon. to Tnurs \ 
a 00. Fri- b.ii. b 45 and a 30. i 


Eve. (mg BiJ'.M Ainia-i Muscat 
■■ The gins /r? at jutifut Bare and 

oounc-n? ' 5. Mir, or. I 

Dinner and luP-nruc seat Lo 7 S Ind. 


irJNY T-mes. e«g*. «0 Vlt. ft« 30 S2I S 30 8.30 


iharms X Rfl -nlh V.ICHAf. KITCHEN 

anti 01-734 4291 in HagMo pinye® s 


Fri and Sal 6 00 " BRILLIANT — A TAUT and EXCF.l- 
r.-d"r yard booking LSNT’.Y ACTED “PODUCTION " D Tel 

IS Cv-W "' r .GLOBE THEATRE. " Cl-437 "lS97 

j LONDON PALLADIUM. CC 01-437 7372 j 
Opening Thursday Mar 2S al 7 lor the 
Summer Seasc.i 10 Augui; »9 onl*; ! 
Subs hi on.. Tuo-. Tnun and Fri al B 
Wens erd Sals at b. I o and fl.5D. 

,n .1 ,gK:>:„f,r 
E4 53 C3 75 El 50 £2 SO £1.30. 

, SyA’r.-, H 0 C37 .-QS5 

. _ , C 2i2 on street W.i d99 '7*7 


■TaUiSRPlB?*" ! C»,s. 7. 30 . Mat3 AK ^ . and Sal. 2.45 — l!!!”: Uw ***»■ 

t-., ~~ ed - i 


- Tn s mg,- te ;h.' p-rni-es* lamjh'nr. 
m*Ler ir Lor.djn " S T/l 'An rrn' s. 
-. Blr en.r.JBir n, C r.r.d." Sunday TiMPv 

IHEAtre. CC- 01-437 J6S6 Eve 
£ Q. Mat Thus. 2 Q. Sji s.n Jrt d 0.30 



.. TO.AL TRIUMPH • o. Mirror 

Mi^uVnc'X Mb' - THE I'BIC FOR A 
HJNDREO YEARS ’ Sunday T : mcs. 

Ini. rnatlcnai seaibn Lila Kcnro.a. 
Jean Marais in 

Mat 22-27 

Ma. 29- June 3 

La Barca m-.iauranr oooesite Tne Ow 

..STORY. -• Glittering m.RNIHC POINTI A. P^gs wJT 

Guardia n. A dy . bkg , ^e 3 S hSiVi 8 i°^ t .^7.d 5 4i 7 ^ s 

J?30 273&’277~ 

IIDGE. B36 60 jo Mon. [o Tnurs . ctf ETIWICH THEATRE. eVqT HUNDRED YEARS ’ Sunday T : mcs. 

00. Ff»- bJi. b 4& jnd a ->u. i 7 ji* Mj’ t aduc AND THE • iTr^ni 1 ,"r ‘’.’r * 

^, j j’ 

he gins ar? bcjutrtui bare and I 0 .n, r n,nu :n ei:e ‘ o*-— =--~ ' ,-.7l! 0 ^. l . ll!E ,s ,T anyway T 



RmrMri-? Iriumnu. > E«rps, EV.R>THIHG, S Mirror. I — -r; — 


Ev. Std Award and S W.F.T Award. : Twice Nightly fl.og and TO 00 

RSC dho al the Aldwvch and Warehouse | SHAW THEATRE. 01-388 1394 ° Den Sundays 6 03 and a .00 I 

Theatres. ROOTS PAUL Raymond o resenu 

1 b» Arnold Winter RIP OFF 

AL 8 ERY. S 36 3378. Part. Rain. Crgdi-. Dinner and loc-brivc seat safS ind. 

.ar.- SJ36 ICJ1-Z lirom 9 a in. m I — --,t. 

i> a.ri *. Mjn,, Tues.. Wed and Fi |. j CHlCHfcSlER. ® 7" 5 A* 

■ 45 D m. Tnurs J»n Sal. J.JO and s.uO. ' Today a« - 00 * ■ °0 Mar 1 j. lo 



• MIRACULOUS MUSICAL. Fm. T.m«. , cSSm 01-930 /5-6 P.Oh HUDC .me JD 6 -N TURNER Lycnir ; 9 ,8,07. Thur. S.^p. S*l _J.40._8 .30. 

?ru8!i- lO'Tosier SauAre. into fiiiii 

BKE** ■ asst .’s j wsruwi ra !_ j THE :JT^ ,5SJ ... 

- ij s.*r ii-So."*' ,s - '*• " "if-:?/”,?:# tst . S ' i — — iffirwis.'ffi-.'ss-tsia- ?££& srs»'wa.<-gi*»w 

A WOMAN OF NO IMPORTANCE DEPcir. E p\ R |i LLEl r = p-iyr f * ■ M j ^ - M 6 WCE OF WALES. CC. 01-930 3681.1 MO SE* PLEASE— Vau dr.nk jno vnoko ' IH W *‘ 

— i u .rrld rRUNLtS .NATIONAL THCATRr 1 Mansi' In Prifbv Jt !3 n m RDlTfCU f Audi Ar um. “ — 

TSWM Su*S-vP*i*! 

night. In _M- >2 OQ mid- 


.■. ? LE_TO_SECJT AGAIN • D,.u M.rrgr I MW9-.B. ^^MEDY 




Dermcl WALSH 1 *5' 7 Bricman u;/r; s.-ie *fn«e radiate ' LYTTELTON 'Oro'cmium *ueoi- Tdday 

’TESSfiSE, f. rta . r .r" .. p^'V^Ma.I. I i 4 7,5 relTcDlU^FARCE bY A^P 

ALDWYCH. B3b l>4i:4. Ii.n -t3b J3J2 

riDYAL SHAKESPEAPfc COMPANY in! • BliikhidU. .irmvil >ObOCI> dCUDI.* OIUB H r R MAJ r 5T v 5 Cl 
f(K re Cd*ru>ie:i- friletiv cjv. I Jn d niurde.." T ; nn, ■■ a qgod aea! cl. Ei-erina. fi n-5 . 

'■u .'0 .' m. HENRY vt Pan l. DO d m | fun ■■ Evening Newt , * brucffq 

HEMRY VI Par: S . ie»u snl POO p m - -- — : I 

HENRY VI Pari 3 i-alo uul< Peach mg . CRlTCRlON. £rua« Cards. 930 u210 AkiTHaliv 

r, --i-l jna find nc .1.-- Tno Guard, an, i Erni-nji 9 0. S>t, a 30. 6 30 ,h|ir. 3.0 [ — .iilTv?.. J N 

--...-.'henry Yl Part 1 ■ r.lon > Pari 2| NOW ut ITS 2nd YEAR ' TRAVELLING Ml 


• T.iy • Pan 3 .w 14* RSC al'-u if THE I LESLIE PHILLIPS _ BWf Brihilis 

WAREHOUSE iy.< ur.ticr • and at the In SIX OF ONE D-re7fJd br BURT 5H tVELOVE 

P.<:u.m'r Th.-a;.-.. ,n p u ;cr N.chOlv ..'VEftY FUNNf.- S Tel ■! ■> "KWd 13 Burj-.n® no.nt with the 

I'KU'AfcS ON PARADE. I SJtUND HILARIOUS 1 EAR CPrSJn j|, ;v jna 5 n e er energy ol Brucr 

ALMOST FREE. -SuS 6224 " D' 4 -jnl [ DRUKT LANE. Cl -336 2108 6»err ° ^theersc.'" ^Sondsiv T(le)r«ii MlWC * 

ln««.-!<r* t. B- an W Aljldb. Tuev - n 'Fhl S.dO Matmee Wed. and Sal. 3 00. I — n * 

sa:s : IS am Sun» j.OJ jnd SOD am. A CHORUS LINE i M . AT FA,R - „ CC. 6Z9 3036. 

-Wendy Hllei* IV f ucera." Sun Mirror 
!R MAJESTY S. CC. 01.937 6606" a g 0D- Mats Wcc 4. >it l.BQ. 
m L£5L I E BRlCUSSE .md 
AraTHDNY nEv<lEy s 
yf'tn D?ret Grii-iihs 
D-recf.-d br BUST 5HEVELOVE 

■uiTin>i7r7Jr;-.'~ PRINCE OF WALES. CC. 01-930 3681. 

I THCA7RE 528 22S2. Monda , {Q Friday al 3 p.m. 

I Sv_ ,tB OD -' r vtngel. Today 2.45 a] 5a l. S 33 and S 4S. Ma». Thyr, 2.00. 


I By William Wytnorlcy COMEDY MUSICAL HIT) 

. LYTTELTON ’AroiCvnum rijgpr Today “ HILARIOUS " Thn Sun. 

4 7 45 BF.bRGDM FARCE bv Aim • LOVE MY WIFE 

. 4>-.ltaum. Man. 7 45 Plenty. "ALL JUST GOOD CLEAN 

, COTTE5LOE ijms.i audltcrlumi Ton't A _ FUN." Daily Evoruai. 

I Mon 3 LOST WORLDS ay W.luvn Jehn CREDIT CARD BOOKINGS. 930 0846. 

| HJire. I , — ■ - 



ibearc Theatre 0789 22“lj. TiL»eis 
immediately available Tor RSC In THE 
"Pj-.f. J-anc 1 i ma*. I, rut 

| Yau may drink ana smoke ' IH >hn 
AugifOriu rw. 

W'VNOHAM-S. 01-836 1028. c7*d lt C«« 
*«■«* 1 DJ 1-2 tram 9 a.m. r fo 2 g m 
Mon.-Thurs. 8 . Fri and Sat. sis lw 
VERY FUNNY." Evening Nows. 

M ' n ' !SSSlc Comm 

nuat 1-30 Derf, 

'M , £FVS , Sft“s. l 56k#- j&Tw 

SCO. P erf. niv fta. r ” AWAY X). 

Many -ycell» , .| :ciu-.,n scjij all 3 theatres I QUEEN'S thfatbf rr ri 7 *a ! .^5:?^. b °Q | »"9 »mo. -0 785 6915 

j Ev Bi . 80. « and 8.30 ^- 

TEMPEST "^P/eme m»+i « *«« and religimi. WJI I l«. Sq. 

D .,e-r"d hr miAT «hSw 5- nwp 1 *** *** 143 K B£5T *CTOR OF THE year 

- ,, T r T in 6VE| * 0V€ | ... A MIDSUMMER NIGHTS DREAM from 1 , V*t-‘«lv Club O' GB AwArfi 

'SIJ k4d ta bursting Dd.nt wilh the 28^1 Mat Bernard Shaw s THE MAN | THE OLD COUNTRY 

Kf'-'s 1 “b S Mr enerev ol Gruc. OP DESTINT and THE DARK LADY OF A New Play bv ALAN -aENNETT 

porsvM Son. Emmy. - Tne audience THE SONNETS joins rceirloire JuIt l 7 - Direc^d c. CLIFFORD WILLIAMS 

y.v.y ; is am sun, j.uo jna s DO A m. «• Lint . — - ■ -- ■ -• i-l.. orv juio. i-rioay ano Saturday 6.0 and 0 40 

ARTS ,HEAT^ * 13J 836-8243'^,^: The 

M* : *" 0U , 5 -Th 4 3Q SUn S;« T,n ind ! ■■ th. tl.,d°r C ^ UrT43 ‘ Q ° '■• «™>»o na S :r; u ^ r S S^,. c.buurm HAV^c!,^ Sun™®^ ' ^SH^ 

Sth" •ea'ia;.flna| ,n Ycar.^ Jl1 * 7e '' ^ T TN T ^US 5 LA5H^T E R,.'ffi ,OUS 

dHocnix ffl.gvK - - yyio* “ c - a7ui. r in” - BEST PLA V OF THE YEAR fl DO. O' 

■ HO F™a X , mJ Lfgrdi* fi.a P,J '* r Lon0en er,ll « 


GARDEN make ut lauon. □ Mail in RAYMOND RE VUE8AR. CC 01-734 isgj 

THE UNVARNISHED TRUTH , At 7 o m.. y p.m. 11 p.m. lf ,een Sun i THEATRE 
The Hit ComedY bv ROYCE RYTON. r PAUL RAYMOND present Today A 



DELIGHT ■■ E- S«:-«d - GLORIOUS I Fully A,r Cand>t<a«»e. >e\i m 

CONTINUOUS LAUGHTER." Time*. J dr.nk and smoke In Me auditorium. (i 

He:or«a booking ,nie. i0789 qsipi,. 
ST- MAHTIn- 5. CC- 836 1JJ3 _ E.G'- B.OO' 
Mat- Tugs ! 2.45. Sm 5 and 6. 

26 U1 YEAR 

TALK OF THE TOWN. CC. 734 S051 . 

□ally Teieqrjnh. 



434 4470. ' Sq ' fWarOOur Sl.t. 

SEX IX, 2 5Q G nn ° Q , K c NOW ABOUT 
IAAI. ,;i |- s 2 »-*S. BANANAS 

and Sat 10 5s. 7 4Q - UW.6how FrL 

W 1f 2 ' 3 - *• Oktgrd CM-CUl. 437 

shared experience 
(in tour parts m Rcaertoire] 

Tub.jj 48S 2*43. McNillc’b classic 5 * iiiom Sj* 9 1 ac 
ttcim arKC thriller THE ARMY IN the m-.i W ??5'‘ Otike *«« 

11.00. Must Eni 

A) S S 1B 5« ,H .U« R'M SLDFPFR *ealdh Ooillll* 

■Ai’Wi**' K',€? A-’ftj/iltHi..*® 


V- : 3? 


J 4 ■ T 


Financial Times Sat urday May 13 1978 

Berne’ s festival 

fj™, so^nTloc^fScfuJed 

riuest i on j hivin’' 1, ^ u L Jt /*• un ‘ 0n European festivals— they per- 
iled il>i h Aih«c. c ° f ^ . fr,end * formed at the beginning of the 

cnioyah e flSm '^/h a *? d t m °- t evenins >cd had ,ittie <*“« to 
and t nln- 3 !l . slener 3 "lake any impression). Several 
and a performer's viewpoint. have appeared at all three 

This year's, the third that the festivals. Justifying this policy 
Swiss Federal capital has held, Crandjean explains: "Berne 
accurately mirrored the catholic audiences like musicians such as 
tastes oi the young, middle-aged, "Wild Bill Davison, Jay McShann 
and, yes, some elderly, and Sammy Price. Also some of 
Bernese who welcomed the the players we invite are getting 
artists warmly and vociferously, on in years so we like to go out 
A cynic might be tempted to of our way to employ them while 
dismiss this burning enthusiasm we can." 

as lack of discrimination but this Fittingly the opening night of 
would be untrue and unjust, the festival was devoted to the 
Judging by the five concerts held happy, friendly sounds of New 
in the 1.540 capacity main ball of Orleans with a marching band 
the city's entertainment and con- from the Crescent City', complete v 
vention complex, the Kursaal, with umbrella-waving grand «■ 
and the after-hours sessions in a marshal, entering the- audi- 
smaller ball oi the same build- torium to the evocative strains 
ing, the Bernese tolerate and of “ Bourbon Street Parade." 
appreciate all jazz idioms except. Trumpeter Wallace Davenport 
perhaps, experimental and led his fellow New Orleanians 
avant-garde, both unrepresented (plus his Swedish clarinettist) t 
this year. .... . through the familiar repertoire 

indeed it is unlikely that these with much verve but meagre 
forms would ever be presented freshness. Things came to life 
because Berne's festival has eventually with the Gospel sing- 
already assumed its own sharply ing of Aline White, a fragile- 1 
defined character. This has looking lady with a defiantly ^ H,nes 

evolved partly because of the unfragile voice whose a 

known tastes of the Bernese and closer walk with Thee'’ was Waller, but no mere imitation. So. too, was that heard earlier 

also because of the musical given added poignancy bv Centrepiece of this concert was in the festival from Stan Getz, 

know-how of the seven-man com- Davenport's full -of -sadness Wild Bill Davison's United who continues to feature heavily 

mittee responsible for organising muted trumpet Europeans which included three we composition* of bis pianist 

^ J^ ent -- rr D c ™ ar,g l ? .. oI P v°* Another American singer British delegates, pianist Fred Andy Laveme. For the 
gram ming is Hans Zurbrugg. who Carrie Smith, of wide vocal Hunt trombonist Roy Williams valve-trombonist Bob Brook- 
fH° iJ v , e T*rT e * enta H res range 311(1 huge presence, and reedman Johnny Barnes. AH meyer K was a T surpns 5 and we 1- 
from the local Wolverines Jazz repeated her European habit of three new names to Berne ore- come bonus - Tt was dunng ^ s 
£“ b v S e K ls ^ pla ^f stealing the festival from even- SSly made ? maSr^Spr^- set that. one of those spontaneous 

the clubs band. The remaining one else while bluesraan Johnnv s j 0 n Leader Davison almost festivals thrive on 

two members Of this non profit- Shines silenced the sometimes the patron Mint of the’fesrfvaL occurred when Getz coaxed from 
rnak-mg septenivirate are from noisy audience with his Robert was In crackling form on cornet me audience former pianist 
iheScrneTounst Office. One Johnson-inspired singing and 4h nol 35h Corea and pereuaded him 

of them. Marcel Grandjein. who s iMe mutar playing. amazing coSdeni and tD sit ' in °° some numbers. Their 

handles all media relations for Older and more primitive ^.? ir a£ confidence and ^p^tion on the Billy 

the festival, explained how it is music came on the Bleu and Strayhorn ballad “Lush Life" 

financed. Boogie - Woopic evening from Bud Freeman, feather-toned as was masterly: melancholy, the 

For 1976. the firet year, the p} ano R ei j ( a ij as u r . Feelgood) f, ver on tenor - Peanuls lyrics almost being sung by 

culture division of the ubiquitous Hucko, a cultured clarinettist, Getz’ Jyrical tenor; a reading 

Swiss conglomerate Migros were other featured guests but almost impossible to fault i 

guaranteed the festival against a ■ ATT il was another pianist, Ralph r-*, r-u «««.;«. si— ! 

loss to a total of Sw.Frs. 12,500. JAZZ Sutton, who set the ears quiver- ur f^,o' , Vnvite t puftL-fst chilie 

"we^raade 000 KEV1N HENRI< ? UES ISl hlS daShing Stride play_ BjTd, remembered for his Jazz 

nr “ L « raade ■ a Sw.Frs. 10,000 mg. Samba ^ with Ae teQOrjst in 

p TW- aiiaxnn The concluding evening, sadly the early 1960s, and who earlier 

. oharantee not t fo e best attended, had Earl in the concert had played im- 

increased m 19/ < and there were w j, oae wild, uninhibited thump- Hines and his troupe (recently maculate acoustic guitar, 
guarantees from other organise- j Dg ant j shouting made him a seen in London) sharing the . rtrl RvrH 

Ilon * “ Berne. Actually, hard act t0 f 0 How. Genial concert with trumpeter Harry -—.S' 

recalls Urandjean “ we made a ^ nist Sammy p^e. a firm “Sweets" Edison and tenorist ffiof theatre wire n^SK’ 

loss last year but for tactical Berne favourite . didst, by com- Eddie “Lockjaw" Davis. The a iff fiieSav residemfwho as 

reasons we decided not to take ing 0 n wearing an imitation 1978 Berne Festival heroes, bass- w’il as tnnMrinp in thA 
up the guarantees. By taking this CI * wn and kingly doak as befils ist Leonard Gaskin and drummer J5J , ata? nS l at the timi 

step we were in a stronger posi- some o ne saddled with the label Oliver Jackson (what a superb oDenlaif se^Iions on tife ^vered 

turn for this years festival." -Ring of the Boogie-Woogie." timekeeper!), who merited extra X Bemtfs 

This admirable independent He and , ater Jay McShann. reward for their unflagging con- JS£52 B^enSaS. On onlv 
s and paid dividends because the offered contrast ing bat equally sistency and sheer hard work. ™ “JS* Jfd the mantatEm 
Migros group decided for the sat j sf yi n g piano styles: the plus Hines were the backing trio £ £?sf a beat- ? that w2 
first timeto contribute cash — former strongly rhythmic and for the former Count Basie side- 0ne n j 2 jjt when the featured 

Sw.Fr.s.e.OOO-with no conditions roUingi ^ {a tt er gettin? the men. In terms of sheer quality, s^ers and miicians frDiTSe 

attached With other Berne gritty m ood of those Jowdown, the music heard from these two J^ES wre”£» Se onfJ^fSJ 

organisations contnbulmg dirtj. b i ues . was well-nigh unbeatable, gj 1 ® pSudiSS, But this^ m 

various amounts plus a welcome As it happens quality pianists Edison, his mute stuck firmly in “^eptS^coSertS drt not 

deficit guarantee from the w - e re in abundance in Berne, the bell of his horn, in full dreg oS too lo™ Tr too la°e- 

Canton of Berne worth Sw.Frs. Chicago near-legend Art Hodes control, blowing exquisitely- sound system was almost 
10.000 this years festival was the who , too often it seemed, had and sweetly; his partner Davis, “Says and “veSSS? 

most ambitious so far. the unenviable task' of beginning a tenorist of full tone and especially the musicians ^enu- 

And the Berne Seven has no sessions and usually without ihe gorgeous warmth, providing the ■ , ~ n . nv - A 4 hB ir * Rorn« 
doubt about the type of bass and drums his playing startling contrast this was , - enjoy meir tserne 
musicians it wants. Inevitably needs, opened the Jazz Bond Ball timeless jazz played with experience and that in the final 

Americans form the bulk of the evening, impressing with his fast expertise and thorough convic reckoning, is what jazz — and 

invitees ithe several Swiss bands fingerwork and runs, out of Fats tion. jazz festivals — is all about 




STRICTLY speaking, Brazil 
was the fourth country to have 
adhesive postage stamps but if 
we discount the private issues 
of the New York City Dispatch 
(1$42) and the Swiss canton of 
Zurich (March 1S43) Brazil 
ranks immediately after Great 
Britain in adopting this system 
fur nationwide postal services. 

Credit for this rests mainly 
with J. D. Sturz. a Brazilian of 
tier in an descent, who spent 
some time in Europe in the 
early 1840s, mainly as Brazilian 
Consul in Berlin. On a visit to 
England in 1841 he was greatly 
impressed by the efficient work- 
ings of the Post Office and the 
use of the Penny Black and 
Twopence Blue and on his. 
rcium to Rio de Janeiro later 
that year he put forward pro- 
posals for the introduction of 
stomps in his own country. In 
this matter he was assisted by 
the British Charge d' Affaires in 
Rio and in November JS42 the 
Brazilian Government enacted 

the decree authorising the intro- 
duction of stamps. 

Quite by chance, the Brazilian 
Customs discovered an engrav- 
ing machine being imported by 
a certain Pedro Ludwig and 
promptly confiscated it. It was 
later sent to the Rio Mint and 
there used for the production of 
the dies of the first three 
1 stamps. The postal decree of 
; November 1842 authorised the 
issue of stamps in demonina- 
uons of 30, 60 and 90 reis to 
cover the basic inland rates. At 
first the idea of portraying the 
youthful Emperor Dom Pedro 
was . -mooted, following the 
example of the British stamps, 
but the director of the Rio Mint 
r regarded the obliteration of the 
imperial effigy as virtual lese- 
majeste and rejected the idea. 

In the end. a purely func- 
tional motif was selected, with 
i the figures of value on an oval 
background bereft of any in- 
scription. Their curious appear- 
ance led to the first stamps 
being nicknamed the "Bull's 
L Eyes." AH three values were 
■ printed in black on papers of 
various qualities. The earliest 
printings consisted of plates of 
54 stamps. IS of each value in 
three panes. 

The panes were supposed to 
be cut apart prior to sale, but 
mint vertical pairs of 30 and 

Oh. what a blamed uncertain 


This perky weather is! 
asserted Philander Chase John- 
son (1880-1939). American 
humorist and drama critic. You 
could say the some of slocks and 
shares, so it is rather appro- 
priate that the standard work on 
barometers, those handsome 
instruments for measuring the 
weight of the air, should be by 
the chairman of the Stock 
Exchange, Nicholas Goodison, 
senior partner of the broking 
firm Quiher Hilton Goodison and 

Mr. Goodison’s book. English 
Bn rompers lGSOJSfiy. first pub- 
lished in 1969. recently went 
into a revised and cn ’ ar f® d 
edition, lavishly produced by the 
Antique Collectors 1 Club at £ia. 
I was intrigued to know why h® 
became interested in his sub- 
ject The clue comes from Mr. 
Goodison's other study. Ormolu.- 
The Work of Matthew Boulton 
(Phaidon 1974), and the project 
he is currently working on, the 
Justin VuiHiamy family, "flat 
these two 18th century crafts- 
men had in common was tneir 
penchant for highly decorative 
ware. What particularly appeals 
to Mr. Goodison, a devotee of 
neo-classicism, is the application 
of industrial processes to 

LEFT: Tompion barometer recreated 
in detail by Gloucestershire 
craftsman Robert Mitchelu 

60r stamps side by side have 
been recorded, while a strip of 
three used stamps, comprising 
two 30r and one 60r, was 
formerly in the collection of 
Charles Lathrop Pack and 
fetched £11,500 when it was sold 
at a Stanley Gibbons auction in 
February 1969. 

Large sheets of the 60r alone 
were also produced and the late 
E. W. Mann, an authority on the 
early stamps of Brazil, proved 
by plate reconstruction that two 
plates of 60 subjects were used 
in addition to the pane of IS. 



Incredibly, Mann's theory was 
proved correct only in fairly 
recent times when a complete 
sheet of 60r stamps turned up 
after a century. It passed into 
the famous De Souza collection 
and was sold at Harmer’s in 
1966 to an anonymous 
millionaire philatelist whose 
own incomparable collection 
comes' under the hammer in 
Frankfurt next week. 

Although the 60r sheet is the 
star attraction it is believed to 
be the only known complete 
sheet of any of the world's great 

classic issues of the 1840s — the 
“ Rio " Collection comprising 
the issues from 1843 to 1866 is 
one of the finest one-country 
studies to come on the market 
and is replete with choice items 
which formerly reposed in the 
great collections of the past. 
There is, for example, a block of 
18 of the 63r nicely postmarked 
at Cidade de Nictheroy — the 
largest known multiple of this 
stamp in used condition and at 
one time In the Burrus collec- 

The original stamps were 
printed on stout paper which 
was easy to remove from letters 
and thus encouraged people to 
re-use them. New stamps on 
very thin paper were ordered in 
1844 and were known to 
collectors as Los Indinados, 
from the sloping numerals of 
value. In recent years, how- 
ever, a sobriquet on the same 
analogy as the Bull’s Eyes has 
been applied, and these stamps 
are now known as the Snake's 
Eyes, the fine pattern of engine- 
turning in the background being 
said to resemble the eye of a 

A third series, also printed 
entirely in black, appeared in 
1850 and was known as Goat's 
Eyes and a fourth, printed in 
blue from 1854 to 1866, was 
nicknamed the Car’s Eyes. Like 

their English contemporaries 
the Brazilian stamps continued 
to appear without any country 
name. In July 1866 the numeral 
stamps were replaced by a series 
portraying the Emperor Don) 
Pedro n— by now a full-bearded 
man of mature years. 

The Rio Collection has con- 
centrated on these numeral 
issues. The printing plates 
were made of copper which 
wore out rapidly, necessitating 
frequent retouches or wholesale 
re-engraving. This, together , 
with the various types and ; 
quality of paper used, has given 
rise to a formidable volume of 
varieties to delight or 
exasperate the student and 
ibese form the hulk of this 
remarkable collection. 

Considering that the majority 
of the stamps were printed in 
black the collection is enhanced 
and enlivened by the wealth of 
postmark material, the Brazilian 
post offices favouring, a wide 
range of coloured inks for this 
purpose. There are also 
numerous covers and entires, 
mainly addressed to Germany 
where Brazil had close trading 
ties, but inducting several to 
Britain. The collection, handled 
by Stanley Gibbons Merkur 
GmbH on Thursday. May 18, is 
estimated to fetch -upwards of 

TV Ratings 
W/E May 7 

II.K. TOP 20: Vlawen (mj 
L. Armchair Thriller (Toe*.) 

2. RMra Damp (Yorks.) 

3. This Is Year Life (Thames) 

i Coraaatioa St (Wed.) (Granada) 

5. Winner Takes AH (Yorks.) 

6. Ben Hur (I TV) 

7. Crossreads CFH.) (ATY) 

8. Get Somo to (Thames) 

! o. Crossroads (Taos.) (ATY) 

18. Crossroads (Wed.) CATV) 

11. Dick Emery (BBC) 

12. If* A Knockout (BBC) ..... 

Si Kolak (BBC) - 

14. ArmchaJr Thriller (Thar*.) 

1 (Thames) 

15. Crossroads (Thurs.) (ATV) 

IB. Ccfefcrlty Squares (ATV) , 

17. ROanic Corbett (BBC) 

18. Emmerdale Farm (Toes.) 


18. Dave Alien (ATV) ; 

28 . sale ot the Ceniary (Anglia) : 

U S. TOP TEN (NeSlKa nthtgs) 

1. Threes Company (comedy) (ABC) 39.7 

2. MASH (comedy) (CBS) 38.1 

3. One Day at a Time (dnuna) 

(CBS) 26.7 

4. Laveme and Shirley (comedy) 

(ABC) _... 26.7 

5. Happy Days (comedy) (ABC) ... 23.8 

6 . The Killing Stone (mm) (NBC) 23.2 

7. H Minutes (news) (CBS) 22.9 

8 . Charlies Ansels (drama) (ABC) 2LS 

9. Love Boat (comedy) (ABC) £2J 

UL Led Grant (drama) (CBS) 22.1 

A Neil sen raung is not a numerical total 


Denim airwaves 

Take the Joneses, a typical Sharp said, introducing the 
middle-class London family with speaker from the chair, “an in- 
two teenage children. Both kids ered ^s success story.” All the 
h ._. imnel«tnrc- +h*«,v present nineteen contractors are 

have tran rs, there s a radio* now fading profitably, though 

tuner With stereo speakers m the two or three still have un- 
living room; another transistor absorbed losses; Mr. Thompson 
in the kitchen and perhaps yet reckons that all of them should 
another one in the parents’ bed- be moving into true profit within 
room. There are, incidentally, 1115 next tW0 >’ ears * 
more radio sets in Britain now More significant perhaps has 
than ■ people. The Joneses are b ® eD . tbe univereai acceptance of 
thus pecuMariy well equipped to S London, 

catch anything that may be going Manchester. Glasgow. Belfast, 
on radio at any time of the day Swansea, Stockton. Ipswich. Ply- 
or night because, of course, -they mouth and elsewhere they are 
also have powerful radio equip- palpable facts of life- “ Their 
ment in their car(s) car-stickers ” Mr. Thompson 

*. ■u . j, •, declared, ** are on many a wmd- 
Whereas the whole family 8CreeQ| m eir catch-phrases now- 
watches roughly the same tele- of the language, their 
vision programmes (with perhaps jingles imitated in the nursery, 
a male bias towards Match of the their slogans accorded our usnal 
Day and Pot Black) there is a native mixture of mockery and 

c>«r, in ^ JS 

regular radio-listening. Mum ^ ve( j » 

and Dad still like Today and Up . ‘ . . . . . 

lotto Hour at breakfast and for th » 

most of the rest of their listen- been proved? In one area, yes 
Ing prefer Radios 3 and 4; Aunti — the regular broadcasting of 
Maud when she comes continues information. In a traffic jam 
to tell them how good'BBC Radio w e all turn to our nearest radio 
London is, but no one else seems 

way out of the block. And it 
is good to have stations where 
local issues are given the lion's 
DAIMA share of time. From this point 

ICAUIU of view, the smaller the station. 

Radio Orwell, say, which serves 
' ANTHONY CURTIS Ipswich area, the greater its 

usefulness in pin-pointing perti- 
nent local activities and provid- 
ing access for members of small 
communities to represent a wide 
to be able to find it on the tuner; spectrum of opinion. Even the 
it is the two children who are interminable phone-in pro- 
completely sold on Caiptal and grammes with the banalities 
LBC. They have these stations they inspire have their useful- 
on incessantly and obtrusively; ness. There are, too, some oases 
even when they are supposed to in the desert of pop music, 
be doing their homework or in Capital has currently a series 
bed asleep. They enjoy the ads on literary masterpieces with 

£& a SSJS^d2S3S? •" »" "«? - 

T . . . . _ , contributions from well-known 

Independent Local Radio has, „ 

since it started a few years ago. such tter on 

tailored the major part of its Afapor oj Casterbridge. 
programme-content to the aural But man cannot live by infor- 
appetite and life-style of this mation alone. It is in the enter- 

(1™**!“! 'S tainment ffiey offer that local 

it has done so. the richer have _ , ,. . . 

been, its financial returns, f 3 * 110 has so far been dkappomt- 
“ Denim radio or radio in jeans"’ ingly reluctant to try anything 
was how John Thompson the adventurous content to rely on 
I ud e p e nd e n t Broadcasting the safe formula of music n’chat 
Authority s Director of Radio Naturally local radio stations 

SiSIfln a lertSre Jl’g!™ m ™“ ot ^ «^e«e<l to rlval the 
Wednesday at the Royal Society ^ vas * output of 

of Arts ‘in London on “Broad- drama and documentary, or to 
casting in the Market Place." discover a new Pinter or new 
Mr. Thompson was not himself Ayckbourn but there are many 
in jeans for the lecture; he was arPa „ nf , n _ a] «: fp W hich misht 
in a discreet dark-blue suit and a £ aS 

he gave an urbaoely confident f ield fascinating, material to 
account of the progress of Inde- ^ oca ^ playwrights. Why cannot 
pendent Local Radio, ending with local radio give us one or two 
the plea that it should now be long-running serials which 
“ expanded to provide a service dramatise the problems and pre- 

!-• per 2* *k e occupations of people in the 
United Kingdom, with the finance if ♦!,<.» wr* 

coming primarily from adver- regions they serve? If they were 

tisements." Certainly what has any good they would soon be in 
been achieved in the past two demand for re-broadcasting 
and a half years is. as Baroness nationally. 



Gentleman's suit, circa 1735. 

Sale, Thursday, May 25. ai2 p.m. 

Every few years fashion produces an extravagance that 
brings on itself a reaction. Modern examples include the 
all-beaded dresses of the mid-1920's, drain-pipe trousers, 
the balloon skirts of 195S. 

In the early 18th century, when women's fashions were 
dominated by material rather than cut, it was the men 
who changed the style of their clothes most frequently. 
In about 1735, a fashionable man’s cuff's, which bad been 
growing for a generation, reached the size of a large omelet 
pan before sinking again to normality. Like most elaborate 
fashions examples are very rare. On 25lb May two 
such suits are being sold at Christie's South Kensington. 
One is of mushroom silk with blue and silver brocaded 
cuffs of gargantuan size. It belongs lo the Earl of Stair. 
Us Scottish origin is beiraycd by the extravagance 
of the cuffs rather than the coat. 

For further information on this sale of Costume. Em- 
broidery, Fans and Textiles, please contact Susan Mayor at 
Christie's South Kensington, 85 Old Brampton Road, London 
SWT 3JS. Tel: 61-581 223L 

William Holyoakv "Divining iht Future" 

Exhibited at R.0.A. 1885. To be sold an May 17tH 



The remaining contents of Abbeylands. Stackhouse, Settle, North 
Yorkshire, including good oak furniture, silver, paintings, and oriental 
works of art. On the premises. 


Georgian and iater silver, and important jewels including good 
diamond rings and brooches, a tiara; watches — Retford Salerooms. 


Georgian and later furniture and works of art; art nouveau and art 
deco including figures by Chiparus and Godard; a Lalique glass 
figure — Retford Salerooms. 


Coins, medals, stamps, postcards — Retford Salerooms. 

The Dolman Colletcion of Greek, Roman, Anglo-Saxon, Norman 
, Medieval and bter coins — Retford Salerooms. 


Toys, dolls and collectors items — Retford Salerooms. 

The remaining contents of Tiekton Grange, Near Beverley, North 
Humberside. On the premises. 

Catalogues 55p each by post f Applications must be prepaid) 


TELEPHONE; (D777 ) 7M767 (10 LINES) 

Valuation* prepared For insurance, probate and family division. 



The weathermen 

decorative art and design. In 
which both men excelled. 

Boulton (1728-1809), a hard- 
ware manufacturer, was noted 
for the high quality of his silver, 
Sheffield plate, ormolu and 
other metal work, the new fac- 
tory he built at Birmingham in 
1762 soon becoming the indus- 
trial show piece of the district. 
Justin Vuilliamy 1 1712-1797). 
was a Swiss who settled in 
London about 1730, becoming 
clockmaker to George II in 
1742. His workshop also pro- 



duced some remarkable baro- 
meters, many intricately 
decorated with ** rich carv'd 
ornaments gilt in burnish 

VuiUiamy’s instruments were 
made in collaboration with a 
first rate cabinet-maker, and 
this is another of Mr. Goodi- 
son’s interests. . He is hon. 
treasurer to the Furniture His- 
tory Society and hon. keeper 

of furniture to the Fitzwilliam 
Museum, Cambridge. 

English Barometers 1SS0-1860 
is a tour de force of research 
and scholarship, based on 
primary reference sources and 
the study of over 4,000 baro- 
meters in museums, private col- 
lections and antique shops up 
and down the country. Mr. 
Goodison's advice to collectors 
is “ always to go for quality, and 
study the market" He keeps 
track of what goes through the 
trade, and is always on the look 
out for bits added os or taken 
off. For instance, the original 
movement, that is, face, hands 
and backplate of an 18th cen- 
tury barometer may remain, but 
all the wheels could have been 
replaced in the I9th century. 
While of the opinion that no 
reproduction can ever truly 
match the original— ■“ the woods, 
gilding processes, eta, are all 
different now— but as a market- 
ing man I appreciate that if 
someone produces something 
good, which will sell, then it is 
to be commended.” 

This is rqy cue for describing 
the work of Roberr Mitchell, 
craftsman extraordinaire who is 
a great admirer of Mr. 
Goodison's expertise, and freely 
acknowledges his book as his 

Bible. Mr. Mitchell began by 
repairing barometers, and pro- 
gressed to reproducing a Quare 
after being struck by the 
quality of workmanship of one 
of the few originals in the City 
of Gloucester Museum. (Daniel 
Quare (1649-1724), was one of 
the most eminent watch and 
clockmakers of his day, who 
also made mathematical instru- 
ments and barometers). Mr. 
Mitchell takes infinite pains to 
approximate to the old materials 
—using bleached and faded 100- 
years old walnut, and does all 
his own brass 'castings. A 
Quare takes hha a month to 
make, and he has sold several 
to collectors in the U.S. 

Now that Garrard’s are mar- 
keting a 150-limited edition of 
Quare at £425 each (made by 
Elliott of London, a family 
owned clockmaking and acces- 
sory business founded in IS86), 
Mr. Mitchell has switched to 
recreating a barometer of 
Thomas Tbmpion (1638-1713), 
one of the most famous and best 
of English clockmakers. Extant 
instruments by 'Tompion are 
rare, the only known genuine 
examples being the three which 
survive in the Royal Collections. 

If you want a hand-crafted 
barometer then write to Mr. 

Mitchell, "Wintonvilla, Walls- 
wqrth Hall. Sandhurst, 
Gloucester and he will send 
details and photographs. For a 
leaflet on the Garrard limited 
edition write to D. W. Belton, 
Garrard and Co.. 112 Regent 
Street, London W.l. 

For an easy-reference pocket- 
guide, I recommend Antique 
Barometers — an illustrated 
surrey by Edwin Banfield (£2 
plus 20p postage from Wayland 
Publications, 21 Hafod Road, 
Hereford). Mr. Banfield. a Fel- 
low of tbe Institute of Bankers 
and a senior executive with one 
of the big four London Clearing 
Banks, is an avid collector. The 
book encompasses later 
Victorian pieces such as the 
Admiral Fitzroy, The admiral, 
the son of Lord Charles 
Fitzroy joined the Royal Navy 
in 1819, was MP for Durham 
in 1841 and Governor of New 
Zealand in 1843, becoming chief 
of the Meteorological depart- 
ment of the Board of Trade, 
12 years later. In 1863 he pub- 
lished his Weather Book, and 
although he was- generally 
acknowledged as an expert on 
weather conditions (he did 
forecasts for The Times), there 
was some argument over his 
predictions. In the midst of 
the controversy his mind 
became unbalanced, and at 60 
he took his own life. Moral— 
don't let the weather get you 

BLOND PINE ART, 33. 5*cfc«lllr Si . 
W.l. 01-437 1230. MAXWELL BLOND 
Palming* *nd Watercolours. Until 3 June. 
Mon.-Frl. 10-6. Sat*. iO-i. 

OMELL GALLERIES. Pine BrltisJi and 
40. Albemari eStreet, Piccadilly, w.l . 

ROY MIL.CS. 6. Duka Street. Sl leps'k 
MASTERS. Monday* to Prldar. 10 to 5. 

St. W.l, Modern Minting*, sculpture* 
and araplilc* bv interming Intpnuilonal 
artists, wide nnge ol prices. Tues- 
Fri- 1O.O0-5.OD. Sat*. 10 . 00 - 1 - 00 . 

WILDENSTEIN. A Lotn ExhlOitlon of 
days 10-5.30: Saturdays 10-12.30. Until 
25ih May. Admission SOP in aid of the 
Citv of Birmingham Appeal Fund. 147. 
New Bend Street, W.l , 




Edited fty Denys Sutton 

The world’s 
leading magazine of 
Arts and Antiques 

Published Monthly price G.0Q Annual Subscription £251X1 (inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted $56 

Apollo Mogozfne, Bracken House, tO Cannon Street 
London EC4P 4BY - Teh 01-243 8000 




Telegrams: Fluantimo. London PS4. Telex: 586341/2, 883897 
Telephone: 01-248 8000 

Saturday May 13 1978 

THERE IS sometimes much to Budget. The main factor hold- 
be said for leaving the financial ing back output is a shortage of 
• markets to adjust themselves to demand, and employment of un 
events without pushing or skilled workers is expected to 
urgent guidance from the raone- fall over the next few months: 
tary authorities. Certainly the almost the only bright spots aie 
absence of guidance can lead to the greater steadiness of costs L 
temporary uncertainty. Last which presumably antedates the 
week, when the discount market latest wholesale price indices, 
was left free to make up its and the firmness of capital in- 
own collective mind about the vestment intentions, which 
proper level of Treasury bill could still he affected by nume- 
rate and Minimum Lending tary uncertainties. It is not 
Rate rose to. only 83 per cent, surprising that the CBI has 
instead of the expected 9 per used this survey to back its 
cent., there was a widespread campaign for greater direct tax 
feeling that equilibrium had cuts offset by a general rise in 
not yet been reached. Only VAT. 
when interest rates reach a 
level from which they seem Money Supply 
more likely to fall than rise can , *. . 

the Government sell stock to changes in the Finance 

the public on the scale which "bich the opposition 

is needed to cover the public ^ ave * orced through 

sector borrowing requirement 

in a non-inflationary fashion. 

This week, from the point of 
view of the financial markets, 
the news has been almost 
entirely bad. To begin with 
what the Chancellor likes to 
describe as the “real” 
economy, we have had disturb- 
ing news about prices and a de- 
pressing survey of industrial 
trends from the Confederation 
of British Industry. The in- 

this week — Ip off the standard 
rate and a raising of the levels 
at which the higher rates of tax 
begin — are the first of the 
monetary troubles with which 
the markets have had to contend 
this week. Lower taxes are all 
very well, but until the Govern- 
ment takes some counter-action 
they can only increase a borrow- 
ing requirement which is 
already regarded as being on 
the high side. Tbat is by no 
means all. The latest bank 

dices of wholesale prices indi- S | a tistics suggest that the money 

cate several months in advance 
the likely trend of retail prices 
and themselves fall into two 

supply may have risen sharply 
in the lasL month of 1977-78, des- 
pite the outflow of foreign ex 

groups— the price at which in- change . The B ank of England 

clusiry sells its output and the 
costs it has tu pay for fuel and 
raw materials. 

has had to admit (on the day 
that officials from the Inter- 
national Monetary Fund arrived 
for their latest check on U.K. 
progress) that its seasonal 

Output costs have continued o' ‘Jo 

monetary supply figures have 

been faulty and that the rise 
over the first 11 months was a 
point higher than supposed. 
Added to this, tbe U.S. Federal 
Reserve has reacted to a sharp 
increase in U.S. money supply 

CBI gloom 

i p> 

in rise bur at a declining rale: 
the latest figures, however, 
suggest that the decline may 
have levelled nut with the rate 
still over 8 per cent a year. 

More worrying, because it is a _ 

longer-term indicator of future fi gures and j^e re cent rise in 
inflationary trends . a the fact shorMerm interest mes by in _ 

that the average price of raw cre asing its own official discount 
materials paid by industry has 

stopped falling and has recently Y ; t for ^ bad news and 

begun to rise quite fast. Much a jj ( be nimours, the markets 
of this change is due to the fall have remained r ' asonably firrn , 
in the evihange rate of sterling. and yesterday MLR rose by the 
which the Bank of England smallest amount envisaged by 
hence the sharp fall in last anyone, to 9 per cent. It must 
months official exchange be assumed that the markets 

reserves— has now braked. have already discounted the 
The Confederation of British poor money supply figures to 
Industries is probably in two be published next Thursday, 
minds about this: its members The announcement yesterday of 
are gloomy about export pros- another issue of short-dated 
pects and would like a lower stock suggests that the authori- 
exehange rate to increase their ties think the present level of 
competitiveness in foreign short-term rates about right and 
markets. But it is not only ex- that Monday's trade figures will 
ports about which Lhey are not be too bad. Once rates seem 
gloomy. The latest survey sug- to have reached a peak, more- 
gests that they have become over, the Government may again 
marginally less confident about be able to sell a good deal of 
the outlook in general since the stock on a slowly rising market. 


Financial Times Saturday May 13 1973 

Government: wheel 


T HE STORY of Lonrho’s 
relationship with the 
British Government seems 
to have come full circle. Almost 
exactly five years ago Mr. 
Edward Heath made his famous 
^comment in the House of 
Commons, when asked about the 
Boardroom row then raging 
inside the company, that it was 
M the unpleasant and unaccept- 
able face of capitalism.” A few 
days afterwards the Con- 
servative Government called for 
an inquiry into the company by 
Department of Trade inspectors. 

Yet three years later Lonrho 
was regarded as a perfectly 
acceptable partner for the 
Department of industry in 
rescuing bankrupt enterprises; 

take-over bid which seemed 
certain to be referred to the 
Monopolies Commission was 
unexpectedly cleared: and Mr. 
Tiny Rowland, chairman of tbe 
company, was having amicable 
discussions with the Foreign 
Office about Rhodesia. 

In the last few days the wheel 
has turned again. On Thursday 
it became known that Fraud 

Men in the SUITS* bid : Sir Hugh Fraser, who supports tfa e Lonrho bid (left), Mr. Tiny Rowland (centre) and Prices 
Secretary Mr. Roy Hattersley, who referred it to the Monopolies Commission. 

Squad officers had asked Lonrho Unctions' 
to produce certain documents " 

the terras of U.K. financial difficulty and the delay land’s take-over activity con- bid from Dunfnrd and Elliott, 
legislation the inherent in a Monopolies Com- tinued- In March last year Competition was not involved. 
- i - impression was of a head- mission reference might make Lonrho bought its initial 24 per since the businesses of Lonrho 
relating ro matters involving masler i v ticking-off rather than matters worse. But Dunford's cent, stake in SUITS from its and SUITS do not overlap, nor 
5anc .“ on ™3| , J a catalogue of serious misdeeds, position was hardly critical. The then chairman Sir Hugh Fraser was there any suggestion that 
thic IML-Ji B >’ an oth er coincidence. the Government’s decision not to for around £7m. cash. SUITS’? position in its various 

mit at ^ nreVispfv tie nZint P ublication of report refer the bid was widely The deal with’ Sir Hugh markets would be strengthened 

Zn hp rAw nminf was trv occurred at ^ time wh * n regarded as irrationaL It almust Fraser was criticised at the time to an unacceptable degree by 
to «!flr Lonrho was discussing with the seemed as chough Lonrho. far by some institutional share- having access to Lonrho's 
EM! Department of Industry the from being - unacceptable. - was holders w-ho felt that .the sale resources. 

£)oh 1 ro"s M bid P °for S s™tuS. iSS aod S,°? ll,le 01 being 'given socially" favourable had precluded a possible out- There was. of course, political s Ior acmcisr lana Nylons, the large textile com- treatment right bid for the group. Lonrho n rpc«airp tn rpfer the bid The 

Universal Investments < SUITS). pa ny. Lonrho already had sub- v .. - . - subsequently increased its stake jL-.*: h ln , lhv j.. sjde and ou t. 

Yesterday the Secretary for ctantial textile interests in the Further evidence of the im- in t0 29.24 ner cent In lllsltle axid ouc . 

Prices. Mr Roy Hattersley, ?K relationship between addition b J also 4 “ side the Government, supported 

announced without explanation. from Labour MPs it received a lhe Government and Lonrho, strategic 19 38 per cent holding d,ssidenl directors argu- 

that the bid was being referred, concessionary loan of wSm. aod m Particular Mr. Rowland. in ^ House ? of Fraser, thl ments about ihe In-* of Scottish 

In view of its subsequent from fte Government to assist ? ec ® me “M"™ .when Mr. Row- retai]in g g^p which 'owns' ownership. With the Hamilton 

expansion it is easy to forget w jth the rescue. land engaged^ discussions with Harrods. SUITS also holds a by-election du * shortly it 

that back in 1973 Mr. Rowland's 
control of Lonrho was very _ 
much in question. Eight of his Lonrno 
fellow directors were seeking to bu9 . ineiS by acquisitions, in a 
remove him on the grounds of different industries, 

of “ financial irresponsibility ” N ° ne of these bids had raised 
which, they said, had led to two ?bvious monopoly problems, but 
liquidity crises since 1970. But * n v,ew ® f Government s 
Mr. Rowland received an over- ^ nowo willingness to refer to 
whelming vote of confidence ^he Monopolies Commission con- 
from his shareholders and the glomerate bids which lacked 
eight dissident directors were "industrial logic,’’ there was a 

_ . ' . . . Mr. David Owen, the Foreign cf S jc» n f over 

if Wa H -V peri0d - Secretary, about the Rhodesian H^use of Fra 
mrho was building up its U.K. seltleme nL ■ w.V 

10 per cent, in se emed a pity to present the 
Fraser, so that' if Scottish Nationalists with a 
Lonrho's bid for SUITS sue- ready-made issue. But in theory 
ceeds, its holding will be in- these decisions arc supposed to 
c-reased to just below the 30 be taken on abjective criteria, 
per cent, level at which, under as set out in the Fair Trading 
Take-over Panel rules, it would Act of 1973. Was there a non- 
have to make a full bid. political case for a reference? 

The bid for SUITS has been One point was that Lonrho 
A meeting between the two acrimonious, with three of the had been growing very rapidly 
f 1 directors strongly opposing the by. acquisition. Was it in danger 

Prospects for a 

eignt dissident directors were “ which Lonrho’s case against the « L-7 L J. — , , *• « 

sacked. Even the Department fair chance that Lonrho might oilcomp^ies allegin-Son^ offer - wh,I « ^ <*»•«. indud- of over-stretching itself? Per- 
of Trade report, when it finally run up against this hurdle I Ja *™ S.r Hugh Fraser, have haps the Monopolies Commis- 

saw the light of day in 1976, sooner or later. Drosneets for a Rhodesian set- “ ■*»*••* »*«.««». aiuu aoimuu i«u\e a .iuug. u 

did little apparent damage The opportunity for such a {j ement were discusspd. ^ hc main arBUn,ent used by look at the company, too 

either to Mr. Rowland or to the reference arrived at the begin- Rn , , . . . . the three dissidents has been how 'the earlier acquisiti 

S2SSX. ~. e -Parted it with V q “ua.\-i S 7„r: 

the company. It certainly added ning of last year. Lonrho an- 
to the Lonrho folklore, descrih- nounced an agreed bid for 

a long, hard 

digested and 

Mr. Rowland said later that as tbat the price offered by Lonrho were being 

mwuuvbu ““ *«* Thomas Bingham Off was an^ is t0 ° ^ ow that the offer whether the .uiauagemcni 

ing Mr. Rowland as *‘a man Dunford and Elliott, one of the * fn n ; should have included a cash resources to handle another 

who has vision, negotiating leading Sheffield steel com- Lnctions^breakina ebarees element But they have also lar S e bil e were adequate, 
ability. determination. and panies which had been fighting gJuSt^SSrt BP ^hSi raade some pU * v of the -Another sensitive issue con- 
personality in unusual measure. uff for same months an unwel- i JnEJ ” Scottishness " of SUITS. ce roed the neu^papers which 

STiply'hb Iriems He e hS S a cwne h . offer f f°“ ils ^ e . r inquiry was set up because of «guing that it is against the SUITS cont rolled Was it in 

deterainau^n to get Ws way " ei S hbour - Johnson Fl rth. 01e; . ^ Mr . Row t and . Pubhc interest for ownership lhe , pu51ic interest that this inl- 
and it is manifest that when he Br £^ D ' e r added: “Dr. Owen was °. f a company of thi^ portant chain of Scottish news- 

decides he waite something “ for a refe « nce ^ as trying to understand the prob- 6 !“ ^ t0 P ass ^ papers should be wholly-owned 

events move at great speed.” 1I !* S a ‘- on 3 l ® , p e ' lems and he knew that I had ? lde .J £ |S on t . his b y a large, international con- 

But although the report rale ex P andl ps been able to fly Mr. Ian Smith ' ssue 4 l bat the three opposing glomerate? 

criticised several specific trans- . very ra P ld 'y- ^ ad no special j 0 Lusaka and that I was fairly directors have sought Govern- a third issue which was a p pa- 

actions in which Mr. Rowland kn e w i ed 8e of the steel business we n informed about what was ™ ent intervention, in the form realty given some weight bv the 

had been involved (including and th ere were doubts about its going on. Also most of the a reference to the Monopolies Government might be called the 

certain mining developments in nianagement structure and nationalists are dose personal Commission. .. bead offi£e „ arguioent _ Q ne 

Rhodesia, where the inspectors resources. The only respectable friends. I felt T had a part to On the face of it, the SUITS of the considerations in merger 

thought he had been “more counter-argument was that play and wanted to be helpful.” bid seemed far less vulnerable policy, laid down in Article 84 

closely involved than was consis- Dunford and Elliott was in some In the meantime Mr. Row- to a reference than the earlier of the Fair Trading Act, is the 

need to maintain a balanced 
distribution of industry em- 
ployment. It can be argued that 
tliis implies the desirability of 
maintaining, in areas like the 
North-East, the NorLh-WCst and 
especially in Scotland, strong, 
localiy-owned companies which 
have their own head offices, 
senior management and the 
ancillary services that they 
require. If too many of Scot- 
land's major companies are con- 
trolled south of the Border, this 
will advursrfy affect the social 
and economic fabric of the area. 

Finaliv there was some con- 
cern over the possible change 
of ownership in House of Fraser, 
which had been the subject of 
a Monopolies Commission refer- 
ence once before, when Boots 
tried to buy it. 

None of these four grounds 
for anxiety were crucial in them- 
selves, but it seems That, taken 
together, they inclined the 
Government towards a refer-, 
ence. Critics might say that they 
provided a respectable clothing 
for what was essentially a 
political decision. 

Mr. Rowland is understand- 
ably aggrieved at the decision 
and the unexpected revival of 
the Rhodesian sanctions-break- 
ing issue has added salt to the 

The outcome of the Fraud 
Squad inquiries is. of course, 
impossible to predict, but Mr. 
Rowland has no intention of 
giving up the fight for SUITS. 
He intends to argue the case 
before the Commission (which 
has been given six months in 
which to report) and he is confi- 
dent that the deal will be 

His confidence may not be 
misplaced. For just as the refer- 
ence itself was very much a 
borderline case, the Commission 
may well conclude that this 
deal is no more objectionable 
than other conglomerate 
mergers which it has cleared 
in the past few years. 

Much will depend on Lonrho's 
ability to demonstrate that the 
companies which have been 
acquired have benefited from 
becoming part of the Lonrho 
empire. This is not just a 
matter of direct commercial 
advantages, like the steel order 
from Volkswagen which Lonrho 
is said to have secured for 
Dunford and Elliott -(Lonrho 
owns Volkswagen (GB), the 
British distributor of Volks- 
wagen vehicles). The Commis- 
sion will be more interested in 
Lonrho's approach to the 
management of its subsidiaries 
and their financial performance 
before and after they joined the 

For Lonrho, the Commission 
investigation provides a 
splendid opportunity for achiev- 
ing general acceptability. If its 
management methods and its 
performance are given a dean 
bill of health, then this contro- 
versial company may at last 
succeed in shaking off the 
criticisms that have been thrown 
at it over the years and take its 
place as a pillar of British 

Letters to the Editor 


Fruui Mr. L. Hall 

Sir. — A lot of youngsters (and 
nianv parents) will be let down 
if i hr U.K. skateboard industry 
fails i May Si. and I agree lhat 
ihf only uaj to ensure its future 
is to provide good Lr-i lilies.. 
Whet** would spurt"* like ice- 
>kalmc be tu-dav iT rinks hadn't 
been bidil. nr dinghy sailing, 
if facilities un r-.vorvnir* all 
uver the country had nol been 

Thf .-kaleboard business in 
1977 was based mainly upon the 
>.ile of relatively cheap plastic 
boards to kids riding in the 
streets — and lliese have served 
In introduce them to the sport, 
but it i> only when they experi- 
ence riding in a purpose-built 
skateboard arena lhat lhe real 
skills and thrills ot the sport are 

However, to be able to per- 
form in such arenas, the more 
f\ pensive (but far superior) 
skateboards are essential: thou- 
sands of youngsters have already 
purchased the better-quality 
equipment as their “second 
buy.” and having dune so. are 
imiy i lili* rested m using them in 
the properly conslriicled arenas 
— lhat means howls, banks, 
moguls, verticals, half-pipes, etc.. 
;.nd most important in our 
climate — Hidoars! 

As a parent or a couple of 
suns who arc keen skateboard 
riders and who travel from Hud- 
dersfield to Halifax for about 15 
sessions per month (not per 
year). I wonder if something is 
not quite right about the Skule- 
cn;.- concept. 

Real skateboard riding is too 
good a sport to miss out on. >t 
has all the ingredienLs of 
balance, daring, skills, thrills 
and spills which youngsters need 
a; that age. It can. of course, 
be dangerous, especially when 
kids are trying tn do on the 
fired* the stunts they sec the 
experts doing in magazines: but 
practised seriously, it develops 
•• elf- con fide nee — and it lakes 
« mirage: is it significant that 
I've never seen any sign of 

hooliganism in a skatebowl? 
L. V. Hall. 

Rich mond House. 

34. Alinondbury Close, 

Belgian post . . . 

From the Director. Public Rela- 
tions. The Post Office. 

Sir, — While I am sorry about 
the delays Mr. Stollcnwerk 
« letters May Si is experiencing 
with his mail from Belgium he 
is wrong to place the blame un 
the British Post Office. 

The fact is that over the past 
few months there have been a 
series of industrial disputes en- 
tirely outside our cunirol. which 
have affected mail to and from 

For example. Mr. Stollenwerk 
mentions two letters posted on 
April 24 and 25. These items 
were undoubtedly delayed by a 
strike of ground-handling staff 
at Brussels Airport during April 
20-26 and a postal strike in 
Belgium from April 28 to May 1. 
P. H. Young. 

23. Howland St.. W.l. 

. . . and French 

From Mr. Michael C. Lelliatt. 

Sir. — May l suggest that your 

correspondents who have experi- 
enced delays with letters from 
Belgium ask the senders to go 
into France to post their letters. 

Last year l posted a letter 
some 50 miles north of Lyons, 
in a hillside village, at 12.30 p.m. 
on a Saturday. On the Monday. 
45 hours later, it was oo the desk 
of a colleague in Eastbourne. 

Had tbe letter been posted in 
Eastbourne it would still have 
been in the post box on Monday 

Michael C. Lelliott, 

‘‘Cam Mi- 
ls. Woodcraft Drive. 

Little Rattan, Eastbourne. 


From Mr. R. \V. Pitcairn. 

Sir,— A local Reigate business- 
man in a letter (May 4) ex- 
pressed his dissatisfaction for 
delay in his express letter 
deliveries to an address in 

As chairman of the Reigate, 
Redhill and District Post Office 
Advisory Committee f im- 
mediately brought his letter to 
the attention of the bead post- 
master. Redhill. who in turn 
wrote to the complainant that 

same day setting out in full the 
probable reasons for delay which 
may have arisen from postal 
strikes both in France and 
Belgium together with British 
Airways (European services 1 
strike over the period of the 
alleged delay dates. 

It is hoped that this prompt 
action by the POAC and the 
head postmaster will have satis- 
fied the complainant that the 
British Pnstal Service was in no 
way responsible for the regretted 

This correspondence does how- 
ever emphasise the points 1 made 
in my loner, some time ago to 
your newspaper, that if anybody 
whether in husiness or in private 
capacity has a complaint con- 
cerning local postal cr telephone 
services referred to the head 
postmaster or telephone manager 
it will bring immediate response. 

If the reply does not satisfy 
the complainant or if the matter 
raises wider issues concerning 
local postal/tetecommunication 
services then reference should be 
made to the POAC who can 
consider the case in depth and if 
necessary where the issue is of 
some national importance refer 
the matter 10 the Post Office 
Users National Council. 

R. W. Pitcairn. 

Copper Beeches. 

Red Lime. 


Oxted. Surreu. 

the Birkbeck at that time the 
largest or one of the largest 
societies? Size, after all, may not 
stand for everything. 

It must be true to say that 
the vast majority of the smaller 
building societies are in fact as 
sound and secure as the vast 
majority of the larger ones. 

T. Robertson. 

34 Melbury Gardens, 




From Mr. T. Robertson 
Sir, — I was somewhat dis- 
appointed, not to say perturbed, 
by part of what Michael Cassell 
had to say in his lead article 
in your survey “Building 
Societies ” last Saturday. 

Dealing with the “ Grays 
affair ’’ he goes on to say that 
many executives would like to 
see a rapid contraction in the 
number of building societies. I 
understand that many of the 
smaller societies share this view 
and. with a blameless record, 
wish to amalgamate, but natur- 
ally they wish their respected 
names to be preserved. 

There is much talk of these 
societies but if we look at the 
cnmmerciai world the name 
Rolls-Royce was long regarded as 
representing the finest quality 
in Britain and as sound as Lhe 
Bunk of England, yet look wbat 
happened to the company! , 

Is it not also true tbat one of 
the greatest building society 
failures in history was that of 

From Mr. K. McK'ennn. 

Sir. — Recently u friend of mine 
invented £7,000 in u quoted local 
authority stock. The commission 
paid lu her stockbroker was £15. 
An alternative which had been 
suggested to her was an Income 
Bond upon which his commission 
would have been £175. 

As she had retired and had a 
very low income, a tax reclaim 
was necessary so the latter sug- 
gestion was of little value to her. 

I relate these facts for two 
reasons. First, the difference in 
the commission figure illustrates 
the temptation tu mislead a 
client and thereby enable a 
broker to obtain a higher remun- 
eration From the insurance com- 
pany. Second, I wonder how the 
Stock Exchange can encourage 
professional advisers to invest 
their clients’ capita! in quoted 
securities when the incentive to 
do so is comparatively low. 

K. McKenna. 

PS. Hentcood Rond. 

Withington, Manchester. 

dramatic and costly impact bar- 
rier crash test. The regulations 
themselves, as held in this office, 
are contained in no fewer than 
six large loose-leaf volumes, plus 
some 20 to 30 lb of loose paper- 
work. In contrast, the corres- 
ponding Japanese regulations 
for imported cars consist of a 
single, compact volume of 800 

In our experience, it takes a 
minimum of nine to 12 months 
to have a new model Datsun 
tested and approved by the De- 
partment of the Environment, 
whereas the equivalent Japanese 
approval programme is often 
completed in as little as 45 days. 
At a conservative estimate, the 
cost to this company of getting 
a car through the U.K. tests is 
some £10,000. indeed, the in- 
terior noise level test alone costs 
nearly £2.000 not simply for 
each model, but for each variant 
of that model, and we have, in 
fact, just spent £2,000 on a series 
of DoE tests for speedometer 

Maxwell Boyd. 


Datsun U.K. 

Datsun House, 

Mew Road. 


upon a desire to save the tax- 
payers’ money. 

As Garrison Commander at 
Aldershot from 1969 to 1972 l 
had first-hand knowledge of the 
excellent work done by Mr. 
Chapman, and of the opposition 
he encountered from his 
superiors in Whitehall. 

R. S. If. Mans, 

Kirke House, Swan Road, 
Brockenhurst. Hants, 


From Mr. Maxwell Baud. 

Sir, — Your correspondent, Mr. 
M. C. Hooey (May 11) could 
not be further from the truth 
in assuming that Britain is a 
“soft touch” when it comes to 
imported foreign vehicles com- 
plying with British standards in 
their design and construction. 

The regulations detailing these 
standards, which now include a 
large proportion of the addi- 
tional EEC standards, are very 
extensive and strict, and must 
be complied with by all im- 
ported vehicles, while the tests 
themselves are not only compre- 
hensive to a degree, but very 
expensive as well. 

. In fact, the U.K. government 
requires homologation tests to 
be carried out on 56 different 
items on each model, ranging 
from rear reflectors- to lhe 


From Mr. IV. J, C 'ourcouf 
Sir.— It was inspiring to read 
I May 9) that a U.S. Congres- 
sional panel voted to ban the 
export of thumbscrews, leg irons 
and electric shock batons to 
countries which violate human 
rights. Would it be fair to 
assume that other countries 
could have little use for these 
implements, and to hope that 
their production — at Least in 
the U.S. — might come to an 

W. J. Courcouf. 


IV es (humble, Surrey. 


F mm Maj. General R. S. N. Mans 
Sir.— David Churchill con- 
cludes his review (May 9) of 
Leslie Chapman's book • “Your 
Disobedient Servant” by quoting 
a “Whitehall view” ’that Mr. 
Chapman’s attack was caused by 
his not getting his own way. 

It is indeed a revealing com- 
mentary on the attitude of cer- 
tain senior Civil Servants tbat. 
such an interpretation can put 


From Mr. Dnrid Arthur-. 

Sir. — Your correspondent Brian 
HiU (May S) raises some interest- 
ing issues, but one proposal he 
advocates is quite unacceptable. 
That is to assess domestic rate- 
able value on the freehold selling 
value of the property. This is un- 
acceptable for two reasons: firstly, 
because selling values are in- 
fluenced by market forces and 
irrreievant factors such as avail- 
ability of building society loans, 
and secondly — and in ray view 
more importantly — because it 
would perpetuate the absurd and 
unjust situation whereby a house- 
holder who improves his own 
property at his own expense has 
to pay more for the privilege of 
doing so. Any new rating system 
must abolish this anachronism. 
David Arthur. 

Prospective Liberal 
Parliamentary Candidate. 

Hendon North. 

10. Posture Close, 

North Wembley. Middlesex. 


From Mr. J. W. B. Gibbs. 

Sir, — When the value of the 
£ falls, the cost of importing raw 
materials rises. This leads to 
Inflation which everyone agrees 
Is a bad thing. It would be most 
helpful, therefore, if through 
your columns an explanation 
could emerge as to why over' 
recent months when the £ rose, 
there was such an outcry from a 
number of our major conglo- 
merate's. complaining ihat ex- 
ports were being badly affected 

For those whose minds turn to 
holidays rather than business at 
this time of the year, the harsh 
reality of converting sterling into 
practically any other world cur- 
rency will no doubt influence 
their view as to which value they 
would prefer. 

J. W. B. Gibbs. 

Park Place Investments. 

136-142, Bmm leu Road. 


-,V l S///YS///. j 




Every detail of the self- 
winding Patek Philippe 
movement is hand-finished. 
Even the tiniest screw 
is individually polished. 
steel case is water-resistant 
to depth of 120 metres 
(396 feet). 

The swinging ma 
winds the watch w 
wear it incorporate! 
ot 21 ct. gold (adde 
ensures optimum w 
efficiency). Amazim 
Nautilus by Patek p 
with matching steel 

fVo Bo2^sT?® 5 ie ^ e,lers Patel 
Dept. F, P.O. Box 35, Maidenhead, Berks. SL6 ; 

Financial Times Saturday May 13 1978 


ss competition in 


THERE Is an 

unique — busi ness* some ' and the Lon d °n*based Wilkin- the U.S. company Allegheny the hand tool part of it is com- possess the. same connotations 
' “■ ‘ cltirvre of garden 197^-is sit In i !atch (now * importantly, Ludluxn, in return for iocreas- paratively small and growing as it ' 

, -d to use. it sftfiSrr st =s sl ara r*j? ^ ** a «» - Q 

which manufacture 
equipment are 

does now: then, it seemed 
Qualeast at least as good a 

ISSTJST ;r «e te ^e~ sssr 8 «-!-• jssee-l- narae fDr u,e law ” - ,he 

«trk^nd Ch tl e ma i Uf fT^ .i 1 " ’"s»“ r “ d Jackson *»*>«•» “uidSr 1 tTSto ^J^USto/e of flie Itwnmoi^n was Joined, 

th/rt iL Mw“^ aS : S0 J,* r '^.“ r ‘ 1 i e . r i n s » ade ? “ d forks which. Share. s ™bol o£ the dom«.irated . 

The rotary lobby claims that 

f hrt.^v : . ... , ■ — * — . — ■ . oiiu iwbh wuilu, saare. svmhf) Ot -tile □omp^tiPa tPri »uuu» uiauuo uiat 

* 5*\ c weal ^ v To the like 19i6; a cold spring, wt- because they must be strong. Rut fnr thp UK market the male lie industrial struggles and lis machine is vastly superior 

r£ c 'S“ n a aw *Sf£3&2& wa?;jui 5 ass. a ksmss ss 

weather is by l^rns a v”n E efil t t . cedes L? wnSSSn the Tree Temper plant in Cork. J96& Until then, the mechani- 35 * De c >'V mler 

and a kindly god a destrover HcretlC c-sf in "edee''?nlMnMm’ The Cork factory has supplied «] harxknower was king, com- ™? de!i acco ^ d ' r ! 5 }° Mr. .lames 

' CUL natuSly.^ven tffSItSS Wilkinson with its spades and man ding around 90 per cent of Prison o£ Black and Decker. 

oT margins or a creator of iiamioifv, stwu me couinuiy s — — — * . 

demand. Their hopes and A possible explanation comes beginnings in swords and then forks for 501116 time: but now - e 't 111 ' 11 ® 1, ™ e resl taken by The cylinder lobby laughs this 

fears art* summed up by a from Mr. Colin Mitchelson. razor blades- that they own it. Mr. Armitage hig. cumbersome petrol or elec- last claim out of Court. It 

-simple rhyme quoted by a sales administrative manager R h ■ ... . . . . reckons that output can be trie mowers which were used by stands to reason, they say. that 

junior executive in a garden for Wolseley Webb. He is a _ _ ntv hltt Wi | Wneiin R * d . ,'f expanded and orders won away l° ca l autboriues for mowing a cylinder which actually 

tool company— heretic in the matter o£ the ?;,* 7 nt ,, ,il from Spear and others: “ We’ve P^ks and by a few big gar- -scissors” t! 

The grass will *h- 10131 marKeI suggest the 

•■liid the cash flow. 

The strongest among them 
still blanch 

rass will cut 

still blanch at the memory of ,u »i \ „ thl price (rsp): cultivators (hoes. {,f 016 market. 2>pe£ 

1976. It was the worst of years: Sr of^nrpJ m, ° rakes and hand forks): 3m units Jackson express polite di 
a bitterly cold spring followed n .^ to match hSS Vies: wonh £33m: pruners: 8I >°' 000 poiDtiDS t0 a market “ 

* J there 15 no close and constant 

no grow, nor did the relationship, though there may 
cash flow. I only mowed my be tendencies. ‘ Vou can just 

survey it 

h/ThoVd^ sis, » T r lil zzz srar Lightweight 

e e is no close and constant 505 000 un j ts worth about £3m. which showed, the company 


1968. Black 

like. Wolseley Webb, one of the 
larger power tool companies 
(a subsidiary of Wolseley 
Hughes), has retained the str- 
and vices of Mr. Percy Thrower to 

these were to encourage my 
neighbours to do the same." 
Lawnmower sales were down 

;et out their 
they're fallin 

ir tools, and find cent.; Jenks and Catteil, 8 per which cm to mind when a J It »■« ehSuy ^?, wer ' in , the ,atest Wo,sele - v 

« ^ P^ s ” -m, ^Stanley. 7 per cent. Bull- ^ t00,S cinder an" 

Lawnmower sales were down . . - do^ 7 per cent* Roicut 4 oer said “ Spear and Jackson.” Lie t uew.-cnaani.uje con t est (between cylinder and 

—to around 800,000 for the What, then, is the nature of u,, ='- 1 per ± per j . D808 Super T. is priced at £39. rntarvl T ~, p thp hi * 

whole year-and so were saSs lhe indus *>’ which seems about »nt and Ceka (a Swiss com- The future trend in the lt was immediately popular, be teen ^hn^er and roia^ 

of trimmers and clippers, rakes 10 good a year as any W>. ■ 4 per eeut The quite niarket-at present only a sel] it>g hundreds of thousands , he rilffPr jnS 

and spades, hoes and " forks. in its history*? First, there are large remaining share in the gleam in Wilkinson's eye— is L 

ls e y e IS ^ first j ew years 0 £ bein** mowers as difference 

" The raajority of people do not two parts 10 it: the hand tool market is taken by a variety of into what might be called ™ , h t market J 3rS '° between best and second best: 

go into their gardens to garden industry— hoes, rakes, spades, small firms. _ -garden systems.” As noted 

seriously" said Mr. Richard f° rks * trowels 
Armitage. deputy 

on the market. 
Qualeast which 


the choice between a lawn with 
been a fine finish and just an area if 

pruners and But one of the more dramatic above, no U-K. company makes ... - - 

rtuuua"? aeuuiv manaein- shears: and the power equip- events of the past year in the all the types of garden equip- accustomed to leading the power rough-cut grass ... for a good- 

director of Wilkinson March m *?nt— lawnmowers. cultivators industry seems likely to ensure ment: but the West German tll0 ‘ market, struck back. In lookiug lawn, give me a cylinder 

Products (U.K.). "They go out ar ) d P° were d trimmers and either that Wilkinson increases company of Wolf, which has a f969, Jt launched, as it now mower every time." 

to do an hour's gardening and cli PPers. At present, there is its dominance, or that it chai- small subsidiary in Gloucester- cheerfully admits, an exact lt js a nol j nccms jd erab [ e 
then lie back.” The mixture of , n0 U - K - which makes lenges Spear's lead — depend- shire, does, and does so success- r ®P* Ica - rne lVk ‘ 0 S ia nts of the market t0 sq Ua 55j e about. From 

cold spring and hot summer * ,oth — buI things may well i n g on which manufacturer is fully. Wilkinson is delicately lawnmower market slogged it a j ow Qf aroun( j 800.000-900,000 

means that they do not go nut ’hange. speaking. Earlier this year, exploring the possibility of out w, ^ l tflei ^ lder1 'J lca * m0d6,s sales in 19*6 tMintel. the market 

at first and then they go out The leaders in the hand tool Wilkinson concluded the pur- following suit, reasoning that umjl 1971 * ^ hen the Concorde resea rch organisation, estimates 

only to sunbathe. 

market are the Birmingham chase of True Temper, the although the total gardening was launched. 

But 1977 — though rather simi- company, Spear and Jackson, garden equipment subsidiary of market is large and expanding. 

3m., but this is probably high) 
The Concorde name did not the market recovered to around 

1.2m. in 1977 and may reach 
about 1.5m. this year. The 
value of the market in 3976 
was £42m. (at rsp): this year, 
it may be around £70 m. or more. 

Little is known on market 
share, but there is no doubt 
that Qualeast lead, with possibly 
60 per cent, pf the market, fol- 
lowed by Black and Decker, 
with Mountfield. Wolseley Webb, 
Hayfer, AS L and Flymo all quite 

Flymo has recently added a 
new dimension to the war. It 
patented its "air-cushion" 
mower 16 years ago. was bought 
by Electrolux in 196S and pro- 
duces about 150,000 machines 
of various blade widths, giving 
it something near 10 per cent, 
of the present market. 

However, the patent for the 
Flymo hover mower ran out 
in March, after 36 years. Al- 
ready (Flymo says) Black and 
Decker and Qualeast arc devel- 
oping their own “ hover- 
mowers,” and it reckons they 
will have them on the market 
hy next year. Qualeast and 
Black and Decker will not tell. 
Flymo doesn't care. ".After 16 
years in the business, if we 
can’t beat off a challenge, we 
shouldn't stay in it.” 

Powered trimmers and clip- 
pers, and cultivators, are the 

other major products in lhe 
market: the first tv.o — where 
Black and Decker is >inms: — 
show unspectacular growth on 
a relatively small market. 
Cultivators, however, have re- 
cently been more exciting. 

A powered cult 1 valor i* a 
device fur disc my up the 
ground to achieve the «mc 
result as that obtained by a fork 
or a spade. They were pre- 
viously thought to be fur the 
very big gardener, or the pro- 
fessional; but the sleep rises in 
vegetable prices last year, 
together with the fa.-himi fur 
ho in e-g row 11 produce, encour- 
aged a number of amateurs in 
invest, and also encouraged 
Qualeast and Flymo lu dive into 

Market leader is probably 
Webb, which markets lhe en- 
gagingly-named " Merry Tiller 
Norletl and Howard have uNu 
been in the market tor some 
lime, \fi-une knows, or w ill 
admil tn knowing, hmv large it 
is or how large it might beemne. 

The canny men uf garden 
equipment are reluctant in he 
drawn about the future. -A 
spade is a spade.” said one. 
unhelpfully. " What can you 
do to it except continue to make 

Bars and 


Line train, you're likely to hear 
more French and German 
spoken than English. A head- 
quarters of OzaJid. the paper 
company, dominates Debden 
along with the big Bank of 
England printing works, and an 
industrial estate at Hainauh 
flourishes a brisk walk away 
from the hornbeams. 

But you can still get lost 
among the glades, pick the 
ingredients for a whole winter's 
blackberry Pies, see a pheasant 
on the right and a deer on the 
Something stirs to unite the left, or ride a pony on sileif 
stockbroker belt of ChigweU. bridle paths only yards away 
the council tenants of from a Chinese takeaway, a cool 
Debden and all the other resi- pint at the Plume of Feathers 
dents of South-West Essex. It anjfa quick bus back to Aldgate. 
is 1U0 years since Epping 
Forest, the 6.000 acres of horn- 
beams on their doorsteps only 
14 miles from the West End was npgrj 
established as a playground ■* ocu 

" fur the people in perpetuity.” Ford and British Leyland have 

r i-LSnif ^ ereaie^lhp ^umpetufon^or^a s^zeabie^himk In term* of vehicles sales to cotton for a £100 bond, up to six announced a major change of 
S 1 ! ! ,,! on^clativclv u mapped nutor BSH alone over the next five months after the Confederacy direction in that policy. BASF. 

p a ^“ ’ ,ht S; lhe Sew driver the deal is valued at and the Federal Geverument he said, was to channel an in- 

manor 1 * The dtotite over market The field of battle is £30ui - But 1116 vehic,es would ratified any peace treaty. In creasing proportion of 
ri IdenT* takmo^ " Ion nines ” the British School of Motoring have tu be serviced, presumably 1863, cotton was at a premium, capital investment ovei 
es ^ e "£ lr Zl £ ^<k? S o^Dils Ust a t British Leyland service Its shortage through the war with the bulk going to I 

ram the trees to keep their - • JJ distributor centres and would be sold had caused a catastrophic slump America, Brazil and Japan. 

m in "52 Br SoraSr HoldiiS? revved X when they had reached the end in the Lancashire textile indus- News of BASF's policy 

?n1 in^87s1hc Chv took o^r intention^pw- slight^ more o{ their useful life. And Ley- try whose machines were geared change has been greeted with 
IL C f?rKr »n the than £3m for the ordinary l and * “ ot Dorada and Ford, to handle American cotton and g] ee jn some financial quarters 
n uarantecm e the i st t shares in the two private com- would have the inside running no other, and the City had been here and abroad, where it has 
^ k <*i 11 names that jointly control BSM. on tbat potentially lucrative new badly affected. Here, it seemed, been seen as a large and 

„ .J* 1 '! '■ , we11 . SS5K A IS driver market. «•? IM ek^tee to r^UIisethe nouris)Iins slice of tum S bIe pie 

berod in tne area, 
pubs with " Loppings 

the village hall at ... 

once a foresters’ hamlet and shareholders controlling f ve hi c lcs 

now a straggle of supermarkets and b6 « also offering slighUy « 0116 of our venicics. 
and TV rental shops, is called *n excess of £3oi. ^ n _• 

simply The Loppings Hall. BSM 1S . Britain s latest P^fjgRQg 
The list of events to mark ?™ er school, its net 

Connaught Water, Epping Forest 

the centenary of the City's 

assets are valued at approxi- 

business then sympathised. Professor Seefelder and his 

Closer reading of the text, board were among the credit- 
t hough, might have prevented able few in Western Europe to 
what emerged as a thoroughly reraain unp anicked by the dis- 
x._.|i_ unsafe investment ruption of oil supplies as a 

“T. v 2 v : matelv £3 .8m. its revenue for IBllS _ If aI war ' tbe , C . on { aderate result of the 1973/74 oil crisis 

taking over of the title deed ■“* P tn c«n,« m vlv Vn tutt ^ ^ Government conceded, the pre- Thpre were st rono ermm d* 

roads like a second Royal. *«. 1 ' fi1 Holders of £100. 1 per cent cious cotton would be delivered f 0r believing that BASF’s DoJicy 

Jubilee. It ranges from American cotton loan bonds can a < pojnts in the South within vindicafed^ the laid on by the City ^ ^ w«r redeem them .t ftar toe leD mj)es „f a railhead or JSTrtJ S 

S“^f.,nr;rr^; ^ 

ance so there has to be some ij'un-' orire But on the bond ^ „ stronger than toat of Hoechst 0; 

mcmc spot to sweetener to prompt the Ford Sr^fit-ateTfloated ^n lSfiS by That they did not is a matter Bayer, although the group’: 

feasts coach tours, rambles dhftributor to announce a bid. Sfthen govSSSent^ ^Sf theCon- of history. What they did man- shareholders did not necessarily 

and street parties. The sweetener is twofold, redeye Stat^Hf America, by ^ e ' lhough ’ was t0 ™ Se con * fare better in view of the typi- 

. But the big official e ^| w JJ Firstly there is the BSM learner London stamp and script * 5d 1 erabl ^ 1 money 011 M ^ caily German, conservative divi- 

vehicle fleet which currently dealers Stanlev Gibbons. deliverable promise which pro- dend policy, 

stands at 1.500. And then there The Confederate Cotton Loan, lon S ed ti)e war for a further Much has changed since 1976, 

e the BSM pupils. as it bas become known, was a ^vo years. Indeed, the Erlanger not least the value of the dollar, 

r .* th* According to the head «f U m Que b id bv that short-lived Loan — Pari s bankers Emile All of the West German chemi- 

roro« and DKEMe'at a garden Dorada ’ s motor group, Mr. T. G. rep 2 blic t0 fiance their efforts Erlanger and Co. contracted it cals concerns— to say nothing 

The fieht Sbi P tyn - approximately 100.000 j n t b e American Civil War —was the only foreign loan pro- of the federal republic’s in- 

!\ a Y2 fi„.r<b £ like battline for of BSM pupiJs wil1 S et lheir through the commodity and cured during the war on either dustry as a whole— have seen 
r V; 1B Pina t licences each year. “Industry money .markets of Europe — side. profit margins trimmed as a 

a l - u P rinai "U'ci. th,t «n npr ... 

Gloucester on May 23. The 
Duke is forest ranger and he ^ B c M nuDi » s 
will lunch at Loughton with P “ p,1 f, 

result of the decline of the 

dollar on the world’s foreign 


BASF has. together with its 
German competitors, watched 

__ the volume of its exports in- 

nnn "nnh S ’hut "Roman "his^ 10 dnvc " units and no-ime knows just how THE CHIEF executive's job at crease, but the levels of profits 

pop-muMc pud. The Motoring School Associa- ^ lhere wore . jf you find any of the large West German decline in line with the rise in 

The Duke will' be walking statistics show that about 60 per most particularly through 

sa BEST 232 certificates are Chemical 

TZn'^Z 0 f 7 ^Zm b„T.‘ “s ; ZEEZZfSZiz SZ change 

a s^iS in •“*“ to flOQ. *200. £500. and £1000 

rHwhisDick Turn in lj on disagrees slightly with awy in mic a dealer will chemical groups has never been the Mark’s value. 

<arti>. uispiii ‘ j fenced Shiplon's statistics. According give you about £75 for them, a bed of roses. In these difficult Arguably, there would have 
h, ^ R.irkhi,^ r’ Hill inn t0 ,hu associaUon 35 per cent regardless of denomination, and days of an appreciating been no need for BASF to have 

Jl* 1 ®' ! 1 'ri„ l £hi ir u-asMP there of ncw drivers buy a new car W n them out for £100. Deutsche Mark, coupled with changed its investment policy 

: 'J " .miirMi bv a nub wilbin ^'o years of getting a The story of the ill-fated loan world over-supply in many im- had it been free to implement 

l Unnrtford licence and about 60 per cent is a curiosity of a different order portant product groups, it is its development programme, 

iijme ana a « ■ ^ buy a second-hand car within 12 which first came to the attention more like a nettle patch. The current hysteria in West 

tlwTAn m,,r«v livM there months. of the City through an advertise- However, Professor Matthias Germany over the construction 

vnu *i feel- lf Shipton’s figures are ment in the Timers of March 20, Seefelder, who presides over of nuclear power stations 

m-JSiiThittU nf 1S78 isn’t applied to BSM then there are 1S63. BASF's empire, is well- knocked away the mainstay of 

mg tnat tne Danie oi » 1S.OOO people each year who will -SEVEN PER CENT. COT- equipped for the job. lake his the group s plan for the further 

. 11 ls k buy a car similar to the one they TON LOAN of the Confederate counterparts at Hoechst and development of Ludwigshafen 

Mgning a ca ... 0 f were tausht in. That is. similar States of America for £3,000,000 Bayer, BASF’s two rivals, he is and. on costs grounds, it has 

help to save tne Milage U1 uu. -v. dcu on - a vrith mA <, _ u ^ j _> . 

to , garden that imwmeuny LstiliTSzoable options to bond holders. 

^ ^ -n. ark ,, av a ,I- l olerest ^ be p 

research laboratories at the project, on a different site, with 
payable Ludwigshafen headquarters in a power utility. 

.Ji 1 h ”"5!2Um,. urbanised "it ^hlo to the manufacturer that half-yearly at 7 per cent, per 1951—23 years later he was With this in mind, it is 
h?? ,nd moro supplies the cars for BSM’s fleet, annum in London. Paris, appointed chairman of its scarce Ly surprising that a con- 

rSS *£« « Dorada succeeds with its Amsterdam, or Frankfurt, and executive board. cem as flexible and financially 

H^ uPll S buslness bid the BSM fleet will be Ford the bonds would be redeemable The group he took over has secure as BASF has decided to 

SSmlSiSta witaof ^ro- and Doroda would have the in- at par in 20 years through the the reputation of being the switch its investment direction, 

move out there, m spite of pro ^ runnin5 on BSM new London agents J. Henry most domestically orientated or 

perty prices whuh hatched p market. On Thursday Schroder. The main “bait," the “ big three ” when it comes r< ■ - - 

well during the slump in the British entered the though, was an unusual com- to capital investment Cur- Contributors. 

Fl Tii* iS3£2'i«i« of 1978 will Picture when BSM unveiled an modules provision. rently. only about 12 per cent Alan Forrest, 

The celebrations o5 \aTt> arrangement with British Ley- The bonds could be of its total investment is abroad Tprrv (W 

have a new flat ?■"'*, A r 2? B S5j land for the supply of vehicles exchanged at 60 days’ notice for —a far smaller figure, say, than ^ err ^ , 

three international romping ^ t five cotton a t the rate of 6d a pound Bayer’s 25 per cent, or so. Roger Beard 

2". •wSSKSSi 1 — u* —to Eive 4,000 lbs 0£ This « Prof. sSf eWer and Guy Hawtin. 

i von i — mis. ,uarg;arei inaicn- 
cr speaks at Scottish Consen'a- 
tive Party conference, Perih. 
Prime Minister attends political 
engagements. Manchester. 

SUNDAY— Prime Minister at 
National Conference of Labour 
Women, SouthporL 

MONDAY — Balance of payments 
currem account and overseas 
trade figures (April i. Retail sales 
(April-prov.j. President Kaunda 
or Zambia in talks with Prime 
Minister. Downing Street. Mr. 
Bulent Ecevlt. Turkish Prime 
Minister, in London. Statement 
by Association or British Cham- 
bers of Commerce on pay policy. 
Catering trades turnover (1st 

TUESDAY— Index of industrial 
production (March-prov.). Prime 
Minister at CB1 annual dinner, 
Dorchester Hotel. W.L Mr. 
Andrew Young. U.S. Ambassador 

Economic Diary 

to the United Nations, at United 
Nations Association annual din- 
ner. Cafe Royal. MM. Inland 
Revenue Staff Association discuss 
pay. Scarborough- President Sir 
Seretse Khama of Botswana 
arrives in U.K. for talks with 
Prime Minister. Statement by 
President Kaunda at end of visit 
to U.K. 

WEDNESDAY— Basic rates of 
wages and normal Meekly hours 
(April I. Monthly index of aver- 
age earnings (March). Monthly 
meeting of CB1 council. Mr. Hugh 
Scanlon, president of .Amalga- 
mated Union or Engineering 
Workers, at Foreign Press Asso- 
ciation luncheon. 11, Carlton 
House Terrace. S.W.1. 

and liabilities and the money 
stock i mid-April l. London dollar 
and sterling certificate* of deposit 
I mid-April). Mr. Denis Healey, 
Chancellor of the Exchequer, at 
inland Revenue Sfaff Federation 
conference. Scarborough. British 
National .Oil Corporation annual 
report. President Sir -Seretse 
Khama at City of London 
luncheon. Guildhall. Mrs. Margaret 
Thatcher addresses Israel 3CU h 
anniversary’ dinner. Hampstead 
Garden Suburb Synagogue. Build- 
ing Societies' mortgage survey. 
5 per cent, sample survey results 
(1st qtr.). Consumers' expenditure 
list qtr.— 2nd preliminary e*ti. 
mate). Cyclical indicators for the 
U.K. economy (April). 

FRIDAY— Retail prices index 
(April I. New construction orders 
(March). Labour Party Wales con- 
ference opens. Swansea. 


The M&G American & General Fund is de- 
signed to invest in a wide range of American 
securities, with maximum long-term growth 
as the mam objective. Investment is partially 
through back-to-back loan fatalities in order 
to reduce the effects of the dollar premium. 
The estimated gross current yield for Income 
units is 1*05% at the buying price of 52 *2p on 
10th May, 1978. 

Ural Trusts are a long-term investment and nol suit- 
able lor money that you may need al shod notice. 

The price of urutsandthemcomelrom them may go 
down as well as up. 

Prices and yields appear in the F.T. daily. An milial 
charge oi 3 is. included in lhe price; an annual 
charge of -1% plus VAT is deducted from the Fund's 
gross income. Distnbutions for income uruis are 
made on 20th September and 20lh March net of basic 
rate lax and are reinvested lor Accumulation units to 
increase the value of the units. The next distribution 
dalefornewinvestorswillbe^Seplember, 1978. You 
can buy or sell units on any business day. Contracts 
for purchases or sales vwll be due tor seltlemenl 2 or 3 
weeks later. L!-% commission is payable lo accredited 
agenis. Trustee: Lloyds Bank Limited. The Fund is a 
mder-range security and is authorised by the Secretary 
of Slate lor Trade. 

M&G is a member of lhe Umt Trusl Associalion. 


As an alternative, or in addition to investing a 
capital stmt, you can start a Regular Monthly 
.Saving Plan through a life assurance policy 
for as little as £12 a month. You are normally 
entitled to claim tax relief at current rates of 
£17 for each £100 paid. 

On a £20 Pbn. lax relief at presen] rates an bring 
davmyoui net monthly tosllo only t!6'60, with which 
you buy units usually worth consxteiably more Reg- 
ular investment oi this type also means that you can 
take advantage ol 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 lew and fewer when it is high You also gel life 
cover oi al least ISO times your monthly payment 
throughout the period if your age at entry is 54 or 
under. An element of life cover is also provided for 
higher ages, up to 75. 

llyou cash in or slop your payments dunng lhe first 
four years there is a penalty, and (he tax authorities 
require us to make 3 deduction, so you should no! con- 
sider the Plan for less than five years. 81% to 94% 
(depending on your starting age) is invested, excepl in 
lhe first two years when an additipnal 20 per ctnl is 
retained to meet setting-up expenses. 

M&G is a member ol the Lite Offices' Association. 
Thraoffciisnca aw4atte lo ruidenis oi the Republic o J Ireland. 



ftp PRESS 


| °0 H AG53052B 

S' S —an (American fund is the place to be if 
ttmMh xou want to see really spectacular results 

W 3,0 DAILY TtLE GRAPH ~ \ ’3 

The big potential growth sector remains 

the American market — rJDAVT , MES , 5 .7g ^7 



■ TELEPHONE - 01-626 45SS This section to be convicted by all applicants. | 

■ i. .. ...... .,*j_ wua . l_ 


J KVFWTZTJm P°™Ptaetftis section to make a Capital 
| Investment (rnmiiraim £1.000). Do not 

send any money. (ArnniM.-i nnf-- fa '.cnl in ,cu -.Miim: lm\ ifiu -ii 

B vou out) ifii- scPI'.min! -Xil»- turn uTl'IiLok- ntil luli.i,-. -.fiuill.- < 


° (delete as applicable or Accumulation units will be issued) ol the 
| M&G American & General Fund at lhe price ruling on receipt oi this 

■ application. 

■ I daclait lh jl I .im nrn I< -.itvn! i-utvil.- ifa l.lrntril hoi^dum Itir- 1, ti jiii.H I- i.,i».l-.. 

_ Ihi- Islv «.4 M^n „i -inil 1 -n> r«i \iu«inv 1h<- JIM', .<-. ihi n><imr».x cl ol'J 

■ iX'fViii n-sidcnl (Kilo’ll-.- th<>.<-' III ,..j on- ii.'hUi- i.. rai-i- ihi* 

■ rWloralKM veil ■■hOLlfl . <, Ihnirfl. . hlllk <.r Mll...r< < 


OR £12 


Complete Ihis section R you wish to make a Regular 
Monthly Saving (minimum Cl 2 a month l. 
each month in the 
M&G American & General Fund 



_ _ An- vnu jp i.'iisti'ij: MiG Wjii n (,!<!•>< 1 ie-. N(i 

B IMiw 1 jnnn| *;q;n V llt ] ) n | (h, p<-. >,i< rtrli-:- i) .nil »-pn P^ii IJ. 

B DedaralKkn PARI | <-. km- lh.«l l« ifw- fn--i ...I "iv tvlKl 1 Km in f.noil h.-Hith .i<id 

!<i«- hum iti r .«j^< |fi,(| | ft,<- not h.«) m<t * "I'ln i-i -n.l|.-i’uh> , r 4 !i«n i*i.ill 
n« nm I'lq.jjio m .in, h.i.-julun 1 . ■ jjMK --.i faMi.l'., I .In mi] ifif Jp’' in iivulK'n 
B ’ »■ <Vi ■*-. J wi*-]My»njj pK<.q> a n,'MF ,-r. i.q Pi'm-.iVt ,.i„ie*. mil |lij| mi in 1 qx —..,1 ,,r-. 

B my liU: ha r . i-*vn Iks-t. rtv BMW 

. PARI It I v <mv il-i.I.i'Klu.n m.nV< r>v m.. in . ■Vinm-I.IHI Mill] 

| ll"'> Di'.‘l>i--il jimII fa rtir hnis ill I hi- 1 rnUi jcl Munn m- .inc MUG 1ru< I 
lAi-'.iii.mi r-i l id Hhri |]i,rt I «n" *'r'ir Tfa" ■ u- li<n<ji , li’im i T lu'to , I J£i<<i' !u 
■ nj .nri*. .inv Tunfu-i^-nini m^nrn Ini - 1 -iinjvnv l"--! i. - i|u. 

f enclose my Cheque for lhe first monthly payment, made payable to 
M&G Trust (Assurance) Limited. 

I Hflib.-".l,uin irul thr. iw,«n.-nl r . I-I, ;i- - j - .<«.’ :« <• ir.- ..n' ai-I ui .1 

j-^iiuni- n-.fc jitiii li-imji ui.(ii.-<it‘<.n "I /• I'ltii-r iki-- 1» <-n i-.-.-i.-ij 


nncuPAtiON or 5 iki ir 

NAML AN0 AIiPRISS Ol usual III A II '► I.m «h*i<.iti may 1-: mulct 


(A suimhii.h ,. l ii«: p,ii, v h.ini r.<Oi>' ii'uu--, 


[DAK ^ 

ReREfcrcdm England No IWRIS9 R«c Once as atwif 

Vaux ahead f 0.53m. at halftime 

AFTER LOWER finance charges 
of I494.00Q ucainst £621.000 pre- 
tax profits of Vaui Breweries rose 
from £l.StJm. to £2.3i)m. for the 
24 weeks to March IS, 1978, on 



Date Cnrre- 
of sponding 














.inL 0.S5 

July 11 





July 6 




.int. Nil 

• — 














Int. 0A5p 





July 8 





June 22 





July 3 





July 20 




t ... 6 

July 10 




niiin, says the profit for the half- Nationwide Leisure 

year is arter setting aside £126.000 J« hn Beales 

f n r the group's profit-sharing North Midland 

scheme. Vaux Brew. 

Commenting on [he results he American Ajsoc .... 
fays: “ We have had a good 2% Chas. Hul Bristol . 
weeks, especially in England." but W- G - I?r 2J .... 

s«me nf the increased profit, he Twenty-Eight ... 

ridds. came from extra beer sales Dividends i shown pence per share net except where otherwise stated, recommence. 

„ iw. .... >i: r * Eavlivnl^ru after allflivini’ Tut »fin i«n. tOn ranilal 

ment Et Cadre Du Vie that the 
terms have been accepted and 
that he will sign the formal pro- 
tocol early next week. 

As- indicated in ihe accounts, 
the compensation amounts to 
Frs.12.4m. (£L46m_) together with 
settlement in lull of the density 
tax by the state. Payment of the 
Frs.12.4m. is expected to be re- 
ceived within sis weeks. 

Planning consents have now 
been received for the Gran Canal 
site, funding arranged and other 
legal formalities virtually com- 
pleted so that the development 
of the remainder of tbe site may 

in ihe autumn resulting from 
industrial problems at other 
breweries. Except for an over- 
time ban by some sections of the 
Scottish production Vaux escaped 
such difficult]?-;. 

Since the new year sales and 
profits hare been good in England 
but n harder than average winter 
nppc.-irs to have hit Scotrish sales, 
which are running behind last 
year, he states. 

Swalfuw Hotels traded well 

Equivalent after allowing for scrip issue, t On capital 
increased by rights and.'or acquisition issues. | For 17 months. 

for Peak 

J. Beales 
at £ 1 . 2 m. 

on application. The new stock 
will be designated 9} per cent. 

Exchequer Stock, 19S2_ "A.” 

The stock will be made a 
specked security under section 41 
of the Finance Act, 1969 [gill- 
edged securities exempt from 

capital gains tax if held for more SECOND HALF profits of John 

- than ohe year). Beales Associated Companies 

during ihe period making a much THE DIRECTORS of Peak invest- , AW* 1 hcaUons will be opened and improved from £628,977 to £665,542 
filler eontribut ion in the winter .IrSJnd from c ? s ? d °° May «■ °, f taking the total for the year 

months than ever he rare. L n3t tn°^ al,ot “ ent ,n r “P«®* of thc s * ock ended March 19. 1978 up to 

The group's investment pro- p f " P '“L pr ° fi momhs •Sl ,t ,nt0 denominations £1.217,542 compared with 

CT.immc is going well except for fo3 r"V jg“ sli .J2L 011 "® of They may be lodged for £1,164,977. 

some hold-up-L caused bv drlavs In ended November o0, 1977. on registration at any time after _. _ _ . . . ... 

getiin" pliimiin-’ permissions' and turnover of i2.52mi against receipt and not later than June 19. _® ire ? exports increased by 19 

Leal aulhSKv ‘ nSf £ E d!X- £2 - 4Bm The stock now to be issued will Per cent, to £1 19m and in 

hiir-h and GtaSo* whieh may They say that the caravan be additional to the XSOOm. Q f addition goods of the groups 

■* J chassis subsidiary incurred a sub- the stock already existing. It F^ufacture valued at £I.12m. 

Financial ’’Times Saturday Mar 13 197k - 

Wimpey’s workload 
at record level 


Co. and with uvery 

sales in the 

ment that (he trading posBToq 
will not improve. The decision 
follows the refusal of the Com- 
monwealth Government to pro- 
vide immediate financial aid and 
to agree with the 

that private. house re «; e « e - ^ imm, 

eueed'lhir 1977 1*wL Mf- Jj q u /ens4and Government on a new 
2* & hetSentSe 5 krer level of rad freight char** 

gi^p will have a K ood J*"- 

show signs 


•i.'bSKS bS7 wwte. full 

““directors do ootsn«ss=eth.t 
tM wnimion activity will rwuin 
ta tiuToeakd achieved in the early 
StS? TlSs means the present 

“ten* competition and pressure 

Chas. Hill 
down on 

intense lwimp**** — *■ ~ rh a AllbOURb Charles Bill of Bristol 

on margins wl11 “jjj®?* JJJijLi returned to profits in the second 
company is geared for the awaited haU of 1977 xviih a pre-tax batam* 
upturn in demand, ne says. Q f this fell short of the 

He stresses that it is essential directors’ expectations, 
that the Labour Party’s proposals At halfway, when a loss of 
for the establishment <“ £29.000 was shown, ihcy forecast 

National Construction Corporation ^ lhe full year’s pre-tax profit 
based on the acquisition of one j v{m]d fae at least as g00 d is , he 

or more major contractor^ tare- deprfgBed £170.169 reported for 

jected. To this end fte 1976. In the event the year's 

are participating with ithc fedora- pro fj t W as £157.535. 

tioM of Giv i Elalldinis Trades Stated earnings per £1 share 

Serein “S ot before ACT written off 
F.mninverj, an <j extraordinary - items are «i. ( p 

Mr. Reginald B. Smith, chairman of George Wlmpey— intense 
competition and pressure on margins expected, to continue. 



NEI looks for continuing 
progress in tough market 

fm sales £100m. ahead at (same). l."p fO.Sp loss) after ACT 
un sates before extraordinary items 

- Ste£d-to l S4hSm P &lim.) and and 4Up f«.2p) aft e r ACT and 

0.69O5JP to.basfflp) .pp snare allowed of 7.26,, 

a “ 

pre down flr-Sem. l£T~.o .» ^ The group carries on business 

— as 

He says that the tax allowances *[a?in\ loss due to adverse con- succeeds : 8* per cent. Exchequer & M f a S* fjj A FIRil base has been established switchgear, transformers and ■ SSmIiiSm CMttacleJ 

announced in the Budget for hotel ditions in the caravan industry Stock. 19S3. which wa s issued un SSSISfH’ *2“™* «*• IdSt at Northern Engineering Indus- motors are sufficient to ensure authorised but not contracwo. 

isuacer resulting in a reduction in turn- March 2, 1978. and subsequently =°nths export orders have proved created last that existing levels of activity k The groulh ofthe ov^rs 

over operated as a short-dat^d tap ™. ore f to obtain, but the the merger of will be maintained throughout business required add moral 

stock until official supplies were dtrectora stiU expect an increase gffrk? ChanSnn " lid SroHe the current year. borrowing and loans increased to 

exhausted on April 19. W th « year. gSS^SnS dlrectora^ok Also significant orders in the \ s %£& 


fi i -?Ifira SQk (SSlm 31 ) 15 Capital of "civil ' engineering, building. 

a&r&fcsFE SsF^a 


building will lu>lp to fund the suh- 
Muntial part or the development 
programme earmarked for ex- 
panding many of Ihe group's 
ex i -ling hotels. 

Thr inlerim dividend is stepped 
iin from 1 3n to f 489 n net per 25p 
share costing £40ii.!iT7 1066.1411. 
Fur the 17 months* period of 
1! iVtl-77 there wa-- a second inlerim 
payment oT 1.5n75p and a final of 

Tax for the 24 weeks took 
£12 5m. (Ifllffin.i leaving a net 
profii ahead at £1.1 5m. t£0.89m.). 

-4 tn-i-ks 

Tiirniivrr . .. 

Tra><. pro! II . 
I- iruuiv i-linr^es 
Pro-iu praru . 


N--I prnlil . .. 

1977.7S 1 970.77 
mau dhw 






While the electronics sub- 
sidiaries produced an overall 
profit, the shortage of key com- 
ponents caused turnover to be 
loner than anticipated with a 
corresponding effect on profits. 

The adverse trend in the 
caravan Industry has continued 
in the second half and they 
aniicipafed that the loss in the 
subsidiary company will be 
further increased by the end of 
the financial year. Second-half 
prollis in Ihe electronic sub- 
sidiaries should be better, they 
although turnover has 

Moss Eng. 
slips in 
first half 

during the current year. 

The directors say that they are forward to continuing improve- field of process plant, heavy 
awaiting the effects on imports of m ent in performance and profit, cranes and other specialist equip- mlLc totalled £S°m 

U l e i* e K »“*^ lbr e Agreement s ,, Sir Woodeson, the ment have been received by the 

which should be beneficial. Failing cba irman. mechanical engineering side »•**!, ^ 

Second half 
downturn at 
W. G. Frith 

. *;:" ‘ coairman. mecnamcai ktiriiiccihi? a.u«j H 'p 0mDarP d w -;ih nains A second half downturn from 

unforeseen surpnses during the He howe ver, warns members from Eastern Europe, India, and » g" ad ^* , C J^ P ho we ver ow £S9277 to £40232 caused taxable 

coming year the erouo should ih. Far r.«i nnrt a oraioco aorw- of » n 19 ®- However o\er- ,-? w 7r 

demand the Far East and a protocol agree- 

ittgrvijrZ’TS, SStoX *»' profi “ lncrei,scd subslan - 

,n Airr.iFA in the early weeks of nearer: - Business is as hard to USSR which is being extended to ^ 

profits of W. G. Fritli and Com- 
pany. manufacturer and converter 

-he year .Ires, if' su^tin* 3S£ » 'torn ^ ZT^TSSmi*.- 7 S 

of low Joint ventures in which the [ or ,™ e fH. 

to February 28, 1978. on turnover 

PRE-T.VX profits of 3Ioss 
Engineering Group were down by 

add. although turnover has not £30.142 to £301.972 for ihe six .... _ jm> 

■Mvii yet reached a. satisfactory level, months to February 28, 197S. on share are stated to""be"up~frfom ' "This 
Profit for the whole of thc 1976-77 turnover ahead from £4B7m. to 30.4p to 31Bp or from 29p to 30.3p financi 
year was £211.000. * 



9 comment 

Wnn many regional breweries 
reporting a dull first half. Vaux 
Breweries ha< stepped in with a 
2S.0 per cent, rise in interim 
profit.-, and impressive volume 
ri-uwih nf :irniiiid ID per cent. 

Sales in the North-East of Eng- 
land held up well in the laltor 
part of tin- period, despite the 
only temporary advantage of in- 
ilu --trial troubles at its rival Scot- 
ti.-h and Noweastlc. A provision 
of inuiMHiO for ” special repairs ” 
h.-is in any ease been made to take 
account of gains from that dis- 
pute. Vaux now has a marked 
i-i impel i live edge over local and 
national rivals and with the 
recent price increase helping >*ear-ena v 
margins, profits front beer .sales - J b 
should benefit in the second hair. 

The company, meanwhile, is ex- 

grounds for confidence in 1978-79. tf( ^ ve OI , ow J0ini ventures m which me .."r.-. - . -Hoot iHp HvHe 

■ sr* “ “ Swa «sa ==H£P'IS 3 «*«?■£ »S ““ 

Basic pre-tax earnings per 20p market overseas. manufacturers in India, the Far etudan™ on lon S term contract 

combined with the East and South America. Garden Hotel 

c -__ — , .. , . .. # -r - - x — . financial strength of the enlarged For 1977 NEI showed taxable MeeUnR ’ R > Garden Hotel, 

r *,l ,m * ■ directors expect the fully diluted. After heavier tax group, should enable it to. with- profit of £25. 16m. (£22.llm.) on 

There is no interim dividend— full year to show useful gains in basic net earnings are down from sl3n d the trade cycles affecting turnover of £387m. (£359nU and 

Iasi year a single 0.5p net was overall sales, but they say it is 2S.5p to 23.4p and from 27p to particular sectors of industry, he a net dividend of 6p is to be paid 

now probable that the group wilt 22.3p fully diluted. The dividend is ^ys. —as reported April 2S. 

t0 resume raised from 2.6 Ip to 2.88p, with a The forward order book at the Bank borrowings at year end 
hnai or l.BSp ncL _ ^grt 0 f 1978 was spread over the were higher at £l0.99m. f£8.4Sm.), 

ISfTT-TS 29<t - “ — r — 

\V_ on June 8. at noon. 

1928 Invest, 
best ever and 
proposes scrip 

have to wait lor 1979 
profit growth. 

The interim dividend is O.S5p 


BFf South, the 


Thc directors state that £25-846 
hits been debited fium the profit 
figure for a pension scheme for a 
director, and loss on sale- of plant 
After tax or £48,426. compared 
with £73.313. net profir came out 
at £46.787, against 167.743. and 
earnings per 20p share are shown 
as S.91p (I2.9p) on capital 

01 1918 was spread over me were Higher at liu.yum. .. ^ inrr«xpri hv a serin issue The 

(0.8375pt net per 23p share— last . " i ' '~'V ^“ , i. e |l an |5 e honefuWhin’ the* new i r T Md °b-!nk'baiai^ 5 and r ° s,on Production at its Queens- dividend is effectively raised from 

K5 “J? TSSS&tsssrz'VSSt'tSS iSSMTSi neI wiIh 1 a " 1 

m.025B5«J f9 - 1143 BanR and oiher lm,«st 19 s.oJ 9 HC.I39 ture wilt leaH rn an increased ( n I Of continual losses 3fld an 3SSPSS- Ot 0£21Sp. 

,, Profit before tax LU4.977 

Tbe directors comment that the Taxation 7i«-in T* ms v.orKioaa. 

Atier h W Interest cite r' e es of Jg - SiJSfl? SSSS SmZ 

business from £0.51m. to £I.23m. ceb. Rcdftnption ; I6.i>i) 

Lie momentum in this direction To casual reserve ... — 

£366,235. against £290.018. taxable 
revenue of Nineteen Twenty- 
Eight In vest men i Trust advanced 
from £ 1.37m. to a record £1.7Sni. 
in Uic year to March 31. 197S. A 

ture will lead to aa increased (£2.35m.). 

3U m 72.4A5 workload. 1 At April 12 Combustion Engin- 

1.092.37; Agreement has now been eering Inc. held 12.3 per cent of 
— s^ood reached in principle to establish the equity. 

J**® a single company to be called Exports from thc U.K. in 1977 
aJj Babcock Chapman which will totalled £9nm. and turnorer and 

scrip issue is tracls overseas. 


Gross revenue was up £0JiDm. 
at £2J24m. and nel asset value at 

is still climbing and they expect. Retained TTO.tts 933.739 integrate the UJL resources of profits or the principal overseas 

in thc short and middle-term, to A disappointing level of des- Clarke Chapman and Babcock subsidiaries were split as to 
obtain a growing number of con- patches in the final quarter con- and Wilcox in the major utility South Africa £34.6m. and £Z.61m. 

£13.2 m. and 

Earnings per share are staled 
at S.liflp I7.68P) and a net final 

prolir.s in I he first six months & - <3 P G.53pj. 
ahum An per cent, up at CMO.OftO. 
is looking for snh«tuniial growth 
hi -re. Vh.’Ut I2i» bedrooms have 
jiwt I'ome on Nireain and more 
are planned. Tin* figures also 
show the hvnolit of lower finance 
i-njirgi‘% afier a period or excep- 
tionally high interest rates. 

Borrowings at £S!m. are lower Ordinary dividend* 
than last year and much or the Bolarat ^ 
floating loan has now been fixed 
fur Ju years. There may be a 
slightly higher interest charge in 
the second six months but the The Bank of 

Cress rwnwet 
Adiimi. crimnscc 
Iniv-a-si ch.ira<-* 
Pre-ux revenue 





Home iradc 


Direct exports 


511 ”0 

Inivr-proDp sales .. 



Tradlnjt profit 



taws' meni meant*; ... 






4'i 140 


Profit before tax 



CorpnrjUon i.ix 



rt*-l profit .. . . 



tributed to an increase in year-end boiler field. NEI will hold a and Australasia 
finished goods stock of £600,000. significant minority interest. 11.22m. 

However, total borrowings were Electrical engineering orders Meeting. Newcastle upon Tyne 
S77S44" 4«G=s« sUgbUy tower despite the increase received by NEI in 1977 for on June 9 at noon. 

Six nionUi* 
1977-79 1976-: 

The company has reviewed its 
policy on deferred tax and has 
provided for the payment of 

in ED19. The tax appro- 

l.'ilri.SIS 1.014 11*2 
921. .217 9:7.120 

■I.-I.K0I 92.222 

2io ms 
1.77b. 2&3 1JM.467 
1 lNs.7» 9'!2.IU2 
1.M3 123 9ir.S2S 
is — 

t Dtvld'.-nds and ImeroM. 

On rurdlng and ovenlmh. 



rent, of pre-tax profit. In addi- 
tion. I6S5.500 has been released 
from previously accumulated 

Tunnel Hldgs. and RTZ 
in waste disposal link-up 

Assam Trading to buy 
more of McLeod Russel 


'r A - A -T. n e Tunnel Holdings and v^-ixn cunuaviive w me luuire ,t» me . rhllir hiivin- will ho limited 

'rv^i C rilirinn Interests have agreed with RTZ group embarked on its further F n d o Sr ^m o? laoitll in anv 

£- 3 ^ t3 i ". p f" d .L l Overseas Holdings to establish ;m phase of internaUonal growth. a 2 ,^. r cent * of cap,lal m any SINGLO EXPANDS 

THROUGH further share pur- satisfied by the payment 
chases Assam Trading (Holdings) £108,333 cash and by ihe issue of 
intends ot consolidate its holding 435,800 Ordinary shares. The 
in McLeod HusseL Its presAt vendors have agreed not to dis- 
35D per cent participation ih pose of any shares allotted to 
McLeod is the company’s most them without prior written 
important asset and the directors- approval of Black within two 

Leigh confidence in the future as the P°' n j ®“» thM undCP> * e City »«*«■ 


At the AGM of Greencoat 
Properties the chairman an- 
nounced that the French govern- 
ment had now agreed the com- 
England has pany’s claim for compensation 

!n T \S »i7t7 3 Uo„ H °'u° gS dev e l 0 „ w,sf 

in the current Near is rxnected • , h , 

to amount to some £400.000. U b an^ Canada ^ 

This association will provide a 
senice for the safe disposal of 
hazardous and toxic wastes by 
Yesterday’s report on the setting up a series of waste 



cm m pa ny looks set to top i<m. in announced the issue For cash by regarding ’the loss of building Falrey Company referred to the management 

the Tull year. With the shares at 
1 tup this give-. :i fully faxed pros- 
p'-ctite p v of just over U with a 
jicld of about 6. 

of the 

in appro- 
U.S. and 

the Treasury of a further tranche permit for the Gran Canal sale by the group of Britten — priate areas 
of £SQ0m. of 9', per cent, development. Norman t Bembridge). This was Canada. 

Exchequer Stock, 1982. at £94.73 The company has been informed an agency error; the company has The operating companies which 
per £100 nominal payable in full by the Mini sire De I'Envinonne- not been sold. 

£0.27m. for 

^• n £J f ,5TT1, f0 L 19 ' r 7.5p <2^943Sp). as forecasf in 

IN U.K. 

one year. 

Representing almost entirely its 

interest in McLeod taxable earn- singlo Holdings has acquired 
logs of Assam Trad mg are esti- the 5^^ and loan capital of 
mated to be up from £2.0om. to Boompark in consideration for 
£3 Mm. in the year to March 31. the of 55 0i000 Singlo 0 rdi- 

After tax of £2 .36m- (£1.49m.) 

nary shares. 

'es lilts due next week 

The main feature* un next 
wrcfc'v Stuck Exchange list in- 
elude tii si qua ncr results friun 
inn Aiiclu-Duicli giants Unilever 
anil Il.i>ul I Mill'll 'Shell. ItooLs Cn. 
anil W'iiilUrvjtl and Cu. arc due 
i«i annnuiH'o full -year results 
white Trafalgar House and Ranks 

on Tuesday allow 3 fairly wide 
margin for error in relatiun to its 
treatment of ppjfits from property 
sale*. Analysts note that Trafalgar 
confirmed m February this year 
City of London property sales 
totalling £40.4in. Wish the excep- 
tion uf the shipping division. 

will have experienced poor trad- 
ing in the autumn months. Else- 

where. analysts expect Dcben- ever, from the group's accounting 
barn's profits to be between £21m. 

and £24m. (£lS.3m.) when full- 
year results are announced on 
Friday, and a small downturn 
from £5.Sm. to around £5. 5m. is 

Based on the middle market 
1 urn d ron^» lS ThP ^^riivfHend fi uota tion on May 10 the con- 
nn° P “ l; «tannprt 'im to sideration has a value of £123,750. 

77 ?5p % U a^ forecaa? in The s ‘ ng . , °. shar T s do not nnk 

will effect these developments are against £1.46m. pre-tax profits of jujy year' * 7or “y dividend in respect of the 

the Stab] ex Corporation ta American Association were ahead There was no minority interest ye « r ended March 31, 1978. 
Delaware corporation). and from £189.524 to a peak or this time, compared with £3 000 . Boompark (incorporated on 
Stables (Canada), in each of £274.694 after £203,729 compared profit in 1976-77. but the share in May 3 - JH78) an investment 
which Tunnel. Leigh and RTZ will with £148.739 at halftime. ' the associate company’s extra- company and owns two freehold 
have an indirect beneficial Stated earnings per 25p share ordinary profits amounted to investment properties In thc West 
interest, of 42 per cent, 8 per are up at 6Bp (4.9p) and the divi- £337.000 (£8.000). Available of E ”Slan d and a portfolio of 

cent, and 50 per cent, respec- dond is increased to Sp (lp) net profit emerged at £L04m investments (SO per cent in value 

- -Vs the company is mainly engaged (£567,000). khri) are listed); the current 

‘he companies will have a j n operations outside the U.K. it McLeod, which operates tea fg&repate value of these assets is, 

policies — last year profits suffered total capital of SiOrn. subscribed i%, not subject to dividend con irols. estates in India and Rhodesia, in if the directors’ opinion some 
a riJSm. provision for currency 3 ? d *?v d m rfle above proportions Net profit was £132.351 (£94.575) April reported profit for the half £110.000. The current rental and 
losses while this time that figure ? f which $4m. will be called up af(e>r tax £142,443 (£94.949). year ahead at £8.58m. (£5.7Sm.) dividend income attributable to 
should be at least Qiru on the ln J he near future.. _ _ The Board s rales that due to subject to tax of £6.56m. (£3.9Sm.). these assets is about £11.000 per 

and _£45m.. against £42.6ra. for 
1976-ij. Complications arise, how- 

llnvis Mclioiiqall 
m'.cnin iiguro. 

U.S. account mg rules iFAS 8) 
Tji currency H1K.-1 nations arc 
chtuiling die Uujal Dutch /Shell 
group'.- profit pic line in the first 
i| »»f i:«7S. The result, which 
will be ,ui no uni-eil on Thursday. i» 
•.■vticcled in he (««>iliic but very \i»al>M.- -ugceM ligures in 
I lie area ot £5Um. If llie FAS 8 
d. -ioi'iui'1 is removed the figure 
1- e'4'vcled l" he £335111 which is 
-iill well he last year's first 
quarter uciire (ad Misled for the 
.•..oiks' gain >'f iHMin.' of £37lini. 

i'c|4irt their w hrvh is expected 1 >* -how lower anticipated For F. W. Wooiworth's 

earnings, the other .sectors of the 
group should continue to prosper. 
The newspaper and publishing 
division -hould contribute a small 
profit. The construction division 
should report higher profits on 
Ihe large new workloads .-ecu red 
bolh at home and overseas over 

first quarter profits, due out on 

Last year Ranks Tlovis 
McDougal) achieved better profits 
in the first half than In the follow- 
ing six months. This time the 
picture may be different. The 
company has already forecast 

the p:i*t iwo years and it- invest- group profit* for 197S “close to 

ment uvliviiiv- jre expected to 
show belter \ields. All in. interim 
pre-tax profits should emerge in 
the £25m. i„ pKlm. range (£21m.). 

Meanwhile, ihe retail -ocror sees 
anolher ban nf re-uli- during the 

mi margins are -li-ililly 'twtlcr week. Cm,. -rally. .mnlyMs are 
and the ~-i> diiiMnii’a results are downgrading their forecasts 

iMjeeied to he strung l.iu pcirn- rilahily roll.. wing (Ik- unexciting 

< lieiii 11. .si- .lie -III! utv depressed, performance by a number of High 
Tlie filler An-.- In- Dutch giant. Street roi-irlors recently. For 

t 11 it c\«-r. i- e\|iei-ied t.i have a Boots, llvy oxp.-.-i profits of 

71 -i first i(iiar[er. The estimated around £115nt. when result? are 
j.-i.iii 1- in 1 lie range -d £l25nt. to announced next Thursday, com- 

thoso of last year 
about £4m. in RHM’s bakery 
division now seem likely 3 1 ihe 
inlerim Mage. The bread strike 
last September obviously hit hard, 
but bad weather and fierce com- 
petition. leading up to Spiders’ 
Baking demise, has 3l>o eaten 
into earnings. Nor will ihe 
animal feed? side repeat last 
year's record showing while 

credit side. There may also be °. ve . r above the SlOm. t ^ e u.S. dollar/sterllng exchange 

an allowance of £0.75m. for capital, RTZ will procure loan r3l ^ movements there is an 
depreciation on freehold build- Funds up to a maximum of $30m unrea ij sec j i osS on translation of 
ings. Meanwhile lager growth in £252.639 (£258.048 gain) which has 

the second half ls understood to Progress of tbe operating com- 
have outstripped thc rest of the panies. 
trade by 50 per cent and beer 
production has suffered less from 
industrial problems than in the 
equivalent period last year. 

The third major U.S.-ortentatcd 
but losses of composite. General Accident, 
reports its first-quarter figures on 
Wednesday. Like CU and Royal, 
it is expected that the U.S. 

Thomas Tilling 
plans £40m. 

Mr. Robert Taylor, chairman of 

been taken to capital reserve. 

The company has interests in 
coal, coke and Umber operations 
in the U.S. 

— -WALKER (U.K.) 

Following further negotiation earnings 
the Boards of Anglo-Indonesian 
Corporation and Walker Sons and 
Company (LLK.) have reached 


The acquisition of Boompark 
follows Singlo’s declared policy of 
expanding its U.K. asset base and 


Laurence Prust and Co. and 

Rank Overseas 
raising $AI2m. 

pared with £fiy.9m. Ui- t tune. How- 
o\er. this a -Mimes ihjl iherc are 
no pensirtn fund euntribuLion* 
lES.Sm. the previous year). No 

is such provisions were made at the 

iiifenng trum the slew European interim stage when profiLs. up 26 viOUSl.V. 
r 0i-» ■ very. p er L -cnl. 10 147 ,0m.. rellccied Full-yei 

iTUliu tirc : l:i\ (£l2:{.4m.l and 
ret lie 1 ? cxpeulcd t„ be virtu- 
s,Ii> Mendy. The edible oils divi- 
mmii m.iy show .srtinc improvement 
tun. iu cent' vat. the company 

of 197 

profits in Ireland are down. Mill- 
ing. however, is doing a bit beller 
and with Wessex Finance expected 
to make up last year's loss, second 

giving a 30 
pre-tax profit 

Twoin ady 0h71 ® d ®F AlCi Exchange CounciL 
The Preference offer will not 
become or be declared uncondi- 
tional unless the Ordinary offer NO PROBE 

Mr. Roy Hattersiey, Secretary- of 
. _ State for Prices and Consumer 

existing" marfceti'and to continue issue, which jsjjeins managed by ad ^rs Hambros Bank SnS refc? C ?hp' n h r ^L^ 1 cided not 
to om-perform s the growth rate t«Sn 'SUP'Sff Sff St 

business will have improved. Thomas Tilling said at the ACM 
while thc U.K. account will have that 1973 had got off to a good 
deteriorated as a result of severe start. The group intended lo 
weather. The overall under- continue to increase its share of ? n 
writing losses could be halved 
compered with the first quarter 

Rank Overseas Holdings, under 

«.XWSSfr T "*™ 

the Eurobond market The 

s r s sjak.*"" 0 " 1 - ,n " hich “ saiu^Tsr 4 pce,orenK 

This year the group expected raising funds in Australian bolders 10 ac cepL Monopolies Commission. 

nfw nmritc f„n further to develop its interests dollars is to match the currency 

Other results to note are full- n c u..» Hs nnn ,; n9 H A n or 

.r,r r«uirc 6 nf.oKoo particularly in the U.S. but also denomination of overseas assets BLACK & EDGINGTON I FSNFY 

.J™?.. D ^ nbe r elsewhere and it was planned to with that of overseas liabilities so D |KkVBS^i l IE 

hair results should be better this Comhex-Marx (Monday). C. E. snen'd ‘sorae‘ I40m"nn canitM* in- as “to 
year. Analysts are going for Heath and Co. (Tuesday), Coats tSstmem P - 


Black and Edgington has com- 

Alarkel ■'Xp' 1 eta I ions nf Trafal- 
ujr Jiiiu-i-'- inu.-riin re-uit^ due 

interim proliL« In the order of Patons (Tuesday). 

£13m.-£17m„ against £20.9m. pre- t Wednesday!. Every Ready 

pany (Holdings) (Friday), with 

ear profit estimates for interims from Stenhouse Holdings 

and Whessoe 

Duport) v - estrnent to ihe . 'ft' “Change losses °dji e 'to exchange K^vSKas met ItVfi'S SSrehaS? Sf^Metol ^CaSSro 

ciency and proi. Lability of eaastffig rate changes. Rank has sub- cast of pre-tax profit of £275 non nnLhlil* .u„ t-V:®! 31 , Ca f“? 1 **- 

? wiTh co ^i n \ y ,n the U K ' stantial business interests in STvear to October 31 19? d!SSi. t, ** 1 £!?* V™ 0 ™* 

r). with »ph e (jhairman expressed every Australia.- i? «rtneiHa M ri A ^ j..~ » ,e **sung subsidiary of NJ* 

volume growth of 2.3 per cent, thc third largest brewer. (Thursday) 

In line with other retailer^. Boots Whitbread, range between I43m. (Friday). 

Final consideration due will be todSSrief inSS? 

Du id- -nil 




Lasl y. ar 

Tins V-ar 



Last rear 

Tins year 










Soccombe Marshall and Campion 


4 714 

5.1 1 IT 


0 il.l 

11 sl2 


Sphere Invest nielli Trust 






Sroaeblll Hold nuts 


3 75 




2 .'Lit 

1 11.. 4 

Siurla Holdings - 

Wedm sday 




I’m* •in • •■nif'.n" 


U.S a 

1 TXT 

1 n;s 

United Enjnneennc Indus! m*s . - 





• 1 ijpfu.i Xri.i.-.' ll**l.|",N J. 




Whitbn-ad and Co 


1 .1127 



l.rii*.*i W11J1112 Ir'lM-'ri.s 




II. .114 

Whitbread Invesmicni Contpanv 


1 291 



t mr.i r .nj I.iiiiiIi • U-Wtiu-S • 


1 £14 



Wiian latfUmont Company 


0 n 



1 un;t rul(* l Pj|M 


2 .'Ll j 



Yount; Companies Investment Trust ...... 





1 .i.*.fir. s*i Kim v jn<J 


0 :: 



> |:>tl r .|i*0 <‘u 



12 ;:>3 



t'luinl” r|i|«* .mil Mill 





B roe kilo use - - 




i*i- of "S'-’M lli*.;.f|iKnt Tflljl 


0 r.i 


1 0 

Matthew Brown and Co 




* ••*!- P-i'-'IIn 



1 s7s 


Central Manufacturing and Tradinu Croup 




t -.-fi. nn ini' 

F rtday 



1 591 





1 •nnfi.-t o>mlvs Marx 


1 '* 

* ^7 


Datenports Brewery fRoldinnsi 




T '*H*itr- . . 

WeduevJ jy 


2 «sr 

1 M3 

Delson and Co 


t**r.;**n 1 *.r- n.,-.» •.roiif. 



I. .19 


51 J. Cleeson 'Contrfletorsf 




I.-..-; i>* cl* »'i*iii|ijiiv illoMitus* 




1 1 19* 

Jessups iHoldlnssi 


0 5 


1 '*hi u n .*ni * :.-n rji 




Land Investors 


• *iiv tt.Hitn 



.: 4,5 

1 2 r. 

f.'nrih Amencan Trust Company 




*:m i Mi-* 



0 -S 

U 4 

NSS Ncwsaaenis 




• ••• r v.totn. t , t 



1 i-n: 


Pemiand lnvestmt-m Trust 


t> -Tr, 


1 r. i*. ]| hi*T ll.ilihlxs 



il .1 


Ranks Itovis McDousall 



! *iri., ■ tViil.r .in.* 1.11 

T is i’ll r.iv 

4 ai: 

Redman Keenan IntertuiiODal 


l, JI3 


tt..f*.l*;,- ln< -.'Hi.»ii rm,t 




I. a 

Spooner Indusirles 


* 572 


if ..-1 H* 0'.*m 


I u05 

2 975 

Bin Siafcis rireanlsa'inu - 



0 73d 

... ,.|* .in ^iiiin ,n | C«4.hfi 




TraTa'.-ar House 




• 1 li.vift *t.rt 1 •• , .......... 




I 392+ 





I , Id t rcth. r: 



Yorkshire and Lancashire Invest. Trusts 




Vi: t< |li:iti**t 31 M Soils 



i 'Vj 

;*i>m:irial tnd i.-n.-nl Tnut 




3 -.-il !ii *T«ri-s an*l l.vlunels* MoMmc* 



II. t.i 


B.eUieriilge Brief: Company 


r !*l l* I'.i*. 


0 >14 


Clydr-sdale Invesimenl Company 


\ riitr.-r Uiuufi .... 

■1. M2 

I rtvJ 


liir.|<>n .ind m 1 mi ot In tvs* tni'iii Trttur 




n fi 


' T«»»>1 t'..oiit>ju> 


m -J 

r'.iiljinc Tu.-*jii4i> 



ii il'jJ 



t - J*.i;i;o .iiiO Co . . 


0 7T 



I-. w. ivoahi'onb and Co 


I*->nl t.nmp •PMliliNln-r»i 


n -VM 

■ Dividends shown net pence per sbare and adjusted 

Imorvening scrip 

It- .hln o' Int- '•it.itmn if 




i-.aie. ■ includes ■.iinipensaiiiic nivldcnd due to change ih 

il.i i.r Kunoman ai,J Co - 




in lieu of Inial. 9 l-irst Quarter ttgun.-S. 

l Second interim of 2.(r25p already paid. 

Wall St. gathers its forces for a rise 

TO GO by tbe way that the mar- funds on offer this week, are cor- (minimum investment £500)— and ta« M *.» u 

kc*t in New York has been per- tain to ahoiv a handsome profit in then switch later to somet hing - n Slouch over 

I> .U 1.9 rplaMupIo bliArr tlmn Um.t hiwwJ ■ L.J • .. : ftiflor pr VHHV Pltnop U'lfh A . 

forming over tbe past couple of 3 relatively short Ume. Haw hand- invested, not so much In the lea £ view either, with, a 5 

. . . . some real tV ripnenris nn rho enr* : J ■ fcJIn OI 

quick profits to be ni3de. Those those 
quick profits sbould. 

a capitalisation in 
however excess of SI bn. — will rise more, 

* S& ‘SI? 

p^biHua 0; •■ws? .. ,»« . ^ 

gain: what they prove is that the panies which, in profit terms. 
Americans are now more willing might have much more rapid 
buyers than sellers. And that, as growth to eome. 
many commentators have been 

5.4 per cent, over the'lA/ 

■s isn't iiuejy to prove quite “* 

convenient; and in any case IfS , l .hree-we«k offer period : 

cost of switching from oneto p a Jv th ^i2!I?i- 0 , f U,e sma i ,tt &?'■. 
r would nrobahlv i ^Peciahsls on offer ,tblA. 

S L S^-.^ut it’s too young yet,^ 

What’s more, one 

those funds whose portfolios °con- a r-TS, e l L in i^ asls °3 ^ 
tain a fair share of companies KX n ^ , stl ? n * Th f 
n ,h.r'ih 9R 150 * exclusive. Piecuffllv fund- 

other 'than the leaders have 

That suggests that the logical fact done remarkably* "well*' over w^ 1 ® ra lho r pride fii?at“r _ 

exclusive. Piccadilly fopd- 
.tors, who rai 

selves on being small comwiCy -. 

saying for most of the past six approach Is -to go first for One of the past few weeks. Most notablv * ■ 

months, is ail ihat is necessary the trusts with a high preponder- Arbathnot, whose North AmJ‘ specialists In the U.K. • have tbelc 
to put consistent impetus behind a nee of heavyweigh shares and/or can and International still ”!«»« ^.^nsiy performinc Small CwnrV- 

\n.ira nrii'Hk uinipn ai'Pn nmu Pro ki..« _ «r_i- > — 

bhle ehif4“*ta 1ST ‘STriBlS^h; toe ^ 

by mstorical standards distinctly likes of Target’s American Eagle with a gain of !3.4 per cent e«n ?" u 
tJ1ea P- (minimum initial hnldine FHDDi ihoush around half nf t h B " tor those who 

e 5I®’ ?F ld Schlesinger is still cateri^ 

( minimum initial holding £300), though around half of the" oort- those wh0 ' vant income fi**£ 
Lawson’s American Fund l mini- folio (some 90 per ccnL invested ? rov,th second, with 
cation that thc U5. Atlminisira- mum initial holding £600), Save directly Into the Uj> marker o , ,n «»nie Trust- Units ia tne .? 
tion Is to lake a tough line on and Prosper's U-S. Growth Fund Is composed of smaller eom - lter >' ield 9 6 per cent-, aha . 

' ^ ~ ' M “ d « c®mpos«f 0 f or,ro,, ° « ***** 

expected to rise; • - 


; T' i 

i;' ( 
V 1 • 

scales, almost all al the unit trust or Barclays Unicorn America solid performer over the longer can* bc^ °* equJfies M*» rD 

, s < 



" ,J rk| 


Financial Times Saturday May 13 1978 



Take-over bids and mergers 

D.T ™.r n? n d C o ^ d has ma,ie an a 5reed bid for the 73.6 

nu n 'rV f , ns M * Ia 3'sian Estates which it does not already 
‘ Is eiSPnUall - v a defensive one for H & C. which 
l.'.n? n, Jn u bt ‘ cn Slurcessfu,1 >' Ending off unwanted bids over 
T ',, v Assurain - a successful outcome, the merged 
!' *. p b r the Uurd ,ar S esl Potation company in the 

, ’ me terms of the offer are one Harrisons and Crosfleld share 

Tor every live II ME. 

Northern Foods has made a bid for Pork Farms, the pork 
pies and sausages company. The terms are four Northern Foods 
hharcs plus 31np cash for each Pork Farms share There is a 
cash alternative of 675p per share. Directors of Pork Farms and 
UiL'ir families controlling 52.7 per cent, of the shares have irrevoc- 
a ly accepted. The uiam benefits of the merger are seen in terms 
nf management and finance as opposed to operating advantages. 

In seeking greater flexibility. Robert Klrehen Taylor, the 
Knitwear manufacturer and textile merchant, is to bid 96p cash 
per share for the remaining 24.6 per cent, of RKT Textiles it does 
not already own. 

A further move towards rationalisation in the investment 
trust world was notified by the agreed offer from Jove Invest- 
ments for King side. The latter's Board and other shareholders 
have indicated their intention to accept the offer in respect of 
their holdings, which amount to 40.95 per cent. 

Jove is -offering seven units, each compising one Income 
share and one Capital share, for every six Ringside, and Jove 
intends to arrange a backing cash offer of 57.16p per Ringside. 

Colonial Mutual Life Assurance has extended its offer for 
the London-based London Australia Investment Company to June 
13. Tiie desired level of acceptances has been reduced from 
HO per cent, to 60 per cent. 

Lonrho’s contested £40. 6m. bid for SUITS was automatically 
lapsed yesterday when the matter was referred to the Monopolies 

The foreshadowed mercer of JokaS Tea and Longbourne is 

to he effected through exchange offers m shares of a new com- 
pany, Lawrie Plantations Holdings. 

preliminary results 

bid for 

Value of 

Price Value 

- Final 

bid per Market before of bid Acc’t ce rn7n7 ,. w 

share** price** bid Urn's)** Bidder date company 

Pre-tax proGt Earnings’ Dividends* 
Year to (£000) persharelpl per share (p) 

Prices in pence unless 

Carlton Inds. 

Cray Electronics 
Cedong Idts. 

Malaysian Estates 
Jtmsn .-Richards 
(K.&K.) Tiles 
KCA Inti. 








137IS 118J 2»5 

Ringside lav. 
Load. AnsL In vs. 

Lomf. & Liverpool 

M after Estates 
Mlh» Marsters 
Osborn (S.) 

Pork Farms 
RandaU (J.&L.) 
Reynolds (W. J.) 
RKT Textiles 

Walker Sons & ' 
Co. (U.K.) 

Whes (sheaf DisL- 
Young Austen 




21 * 

200 * 
1U5 ' 




















ottronvlfc Indicated. 

170 22.7 Hv-’kr. Siddelcy — 

87 2.58 Spey Invests. — 

125 0-37 Cons. Plants. — 

90 12L87 Harrisons ' 

Crosfieid — 
Ceramic — 
28 7.7 Mr. T. Ward 

563 ‘ 5.54 Jove Inv. 

323 • 21-2 Colonial Mat a al . 

. Life 15/6 

19 NO. 52 . Aschheim Secs. & 

W. & A. SA Zug — 
21 0.88 Blade Invs. . — 

3 f>3 4J2 3 HfiJesbog AB — 

97 SJ32 Aurora — 

467 22.72 Nth rn. Foods — 

69 11.78 Letraset — 

441 3.75 Oaiulonc — 

-72ff 78.64 Robert Kitchen 

Taylor _ — * 

34 0.41 Angio-Indonestan 

Plants — 

168 3098 Unfood ' 

66 ' 3.4. - Trafalgar' 

House — 

Allied Irish 

Bank of Ireland 
Barr* WAT 
Booth InlL 

British Borneo 
British Northrop 
Brisron Estate 

Mar. 31 
Dec. 31 
Dtc. 31 
Dec. 31 
Dec. 31 
Mar. 31 
Dec. 31 
Dec. 31 

Cent. & Sbeerwood Dec. 31 

* All cash offer, t Cash alternative, $ Partial bid. 5 For capital 
not already held. D Combined market capitalisation. i| Date on which 
scheme is expected to become operative. *■* Based on 11/5- 7S, 
1 1 At suspension, ti Estimated. *5 Shares and cash. 

Scrip Issues 

Richard Costain: One-for-two. 
5. B. Holdings: One-for-ane. 

R. Costain 
Deri rend Stamps- 
A. R. Findlay 
John Foster 
FPA Construction 
Gieves Group 
Heal & Son 
J. B. Holdings 
Holt Lloyd 
P. C. Henderson 
Inter-City Invs. 
KCA Inti, 
Lesney Products 
Ldn. & European 
Matthew Hall 
Morris & Blakey 
More OVerraH 
Newman lnds. 
Queens Moat 
Sabah Timber 
Selin court 
Sheffield Brick 
Sunlight Servs. 
Turriff Corpn. 

C. & W. Walker 
Wire & Plastic 

Dec. 31 
Dec. 31 
Feb. 28 
Dec. 31 
Mar. 3 
Dec. 31 
lan. 31 
Jan. 31 
Dec. 31 
1 ; eh. 25 
Mar. 4 
Dec. 3 1 
Dec. 3 1 
Apr. 30 
Jan. 29 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Jon. 31 
Dec. 3 1 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Jan. 29 
Dec. 81 

34.456 (22.968) 36.7 (26.S) 7.5 (6.0) 

15.401(14.672) IS.8 (16.9) 551 15.201) 

42,852(32.461) G7.S (51.7) 15.0 111.25) 

1.600 ('U00| 2S.S (22.2) 3.76S 13328) 

1.050 (1.360) 15.1 (20.6) 4-392 (3-972) 

746 (768) 10.S l‘ft.0) 6.743 ( 6.099) 

501 1346) 26.6 (17.7) 6 0 (Nil) 

2.2S4f (1.955)f 3.S (3.1) 1.909 (1.71) 

4,730 (3.344) 6-3 14.S) 2.354 12.108) 

201 (252 ) 3.6 ( 3.4 ) 2.237 (2.237) 

36,212 (23,314) 45.0 1 29-1) 3.459 (3.121) 

1,790 (1.220) 26.1 (20.8) 9.97 ( 9.02) 

445 (447) 5.5 (5-5i J.S96 (1.7) 

S39 (388 ) 6.8 (3.0) 2.5 (1.625) 

270 (415) 1.9 (2.6) 0.5 CL125) 

1.246 (7S0) 15.3 00.3) 4.468 (4.0) 

H28L (25)L MU (Nil) — (— ) 

2.702 ( 2^5SI (12.9) 1.06 10.96) 

2.953 (2.1521 14.1 (1021) 7.0 - (5.0) 

1.327 (1.378) 16.3 (1921) 4.355 ( 3.938) 

320 (145 1 L 1.0) (Nil) 0.6 (0.12a) 

1.960 (3.001 )L 2.7 (Nil) 0.1 (Nil) 

U22u 1970) 23.1 (15.7) 3.39 ( 3.066) 

S.015 (10.068) 14.1 (15.7 ) 2.904 (2.6) 

353 (166)L 2.7 (Nil) 0.5 I— ) 






















(3.i ) 


















O 2 . 0 ) 
































(2.1 IS) 










< 19.0) 











Half-year Pre-tax profit 
to (1000) 

Interim dividends* 
per share <p) 

Akroyd & SmilhersMar. 51 
Bry court Invs. Mar. 51 
Burton Feb. 25 

Cap lan Profile Feb. 28 
S. Casket Dec. 31 

Hall Brother* Feb-2S 
Herman Smith Jan. 14 
Lloyds & Scottish Mar. 31 
Majedie Invs, Mar. 31 
Midland Inds. Mar. 31 
CU. Pearce Nqv. 30 

Richards Mar. 31 

TrtcovOle Jan. 19 

United Scientific Mar 31 
Warner Estates Mar. 3 1 
Westward TV Jan. 31 
Geo. White bo use Dec. 5 1 
John Williams Mar. 31 
Wood Hall Trust Dec. Si 









































( 8U3 ) 
(295 ) 









I— ) 
( 0 . 22 ) 
( 0 . 8 ) 
(— > 

(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue, t Gross. LLoss. 

Offers for sale, placings and infroductions 

Nimslo: Placing of £3m. of Ordinary shares and Loan stock. 

Tyne and Wear County Council: flOm. of 12 per cent Redeem, 
able slock 1986 at £98? per cent. 

Rights Issues 

Rowntree Mackintosh: One-for-four at 345p each. 
Wellco Holdings: Four-for-11 at 20p each. 


i -:.i 
) •. V. .1 



Group posts at Smurfit Two Sterling Cable main Board members 

Smurfit Flexible Packaeinc has been annotated first permanent . C-P 

Smurfit Flexible Packaging has 
made three directorship appoint- 
ments at JAMES BARNES; Mr. 
Peter Wells (production). Mr. 
Alan Bastablc (sales), and Mr. 
John Baggaley (financial). Mr. 
Barry Nazcr becomes general 


Mr. \V. l>. Smith, group 

person uel manager of PHOENIX 
ASSURANCE, retires on June 30 
and will he succeeded by Mr. 
R. G. Adams. 


Mr. PeteC Stride, development 
director of Greenhum Sand and 
Balias r Company. has been 
appointed a director of METRO 


Mr. T. I- Blake, deputy manag- 
ing director of F. HILLS AND 
SONS has retired as" a full lime 
executive but retains his connec- 
tion with the company. 


Sir Bryan liopktn. formeT 
economic adviser to the Treasury 
and now Professor of Economics 
at University College, Cardiff, has 

been appointed first permanent 
chairman of the MANPOWER 


Mr. George Speakman, director 
COUNCIL and ot the UNITED 
COUNCIL, retires on May 31. He 
is now succeeded by Mr. George 
Holmes from the North' Thames 
Gas Board. Mr. Speakman will 
continue as president of the 
International Milk Promotion 


Mr. Alan Sefton has been 
appointed a director of HIGH 


Mr. William PJowden has been 
appointed director-general of the 
the retirement of Mr. Raymond 
Nottage. Mr. Plowden will resign 
as an Under Secretary in the 
Department of Industry to take 
up his new position. 


J. Henry Schroder Wagg & Co. Li mited is one of 
Britan's largest and most respected Merchant Banlis. Our 
experience and stalls in world stock: markets are sucb 
that many leading companies and institutions entrust us 
with the investment of substantial sums of money on 
tlieir behalf. 

Private investors can also benefit from our expertise 
by investing in our Unit Dusts. There are lour Funds: 
investment objective -c apita l growth. 


Investment objective -income growth, 


Investment objective-to participate in the steady 
growth of well-managed European economies. 

Investment objective -a Palanced'fund seeking 
income and capital growth. 

T.' ;'jni o:ir noie.iboui having SduoderWagn tuamge v«if 
iTi7cr:cv:-rL'£. « i ifr? to. Mr M. Smith. Sch: oae-r Wagg Unit 

45S: M.iiV.uu IniUf. uitfidoivWCZN 4EJ oi lelephone- 0\-240 3454. 

Schroder Wags 


Vtcsi’i i’i TfwUniiTtun Asso>?iahon. 

!.Ol -lOs'll-vOk-! lo Fue 

Mr. S. A. H. Akers has been 
appointed technical director and 
Mr. F. C Hodgson, sales dir ector, 
on the main Board of STERLING 


Mr. Ernest Bradbury, a director 
of Inco Europe, has been elected 
president of the INSTITUTION 
sion to Professor Robert Honey- 


Mr. E. W. Lansdowne has been 
appointed managing director of 
B. A. N. Baxter has become a 
director of MARLEY BROKERS. 


appointed six new members to its 
General Advisory Council. They 
arc Mr. Douglas Owen. Super- 
intendent Susan Gospel. Lord 
McNair, Mrs. Ivy Blackwell, Mr. 
Richard BangoivJones and Dr. 
Alexander Reid. 



Mr. P. W. Barker and Mr. 
Stanley Parker have become 
directors of JAMES DAWSON 
AND SON and Mr. C. T. Alderson, 
Mr. C. J. M. Bladkie, Mr. N, J. 
Camamile. Mr. J. N. Fuller- 
Sfaapcott and Sir Francis HOI 
have resigned from the Board. 
The changes follow the successful 
offer for the company by J. H. 
Fenner and Company (Holdings). 

Rft. T. Lorigan. Mr. L. War- 
burton and Mr. C. N. B. Wodc- 
house. hare been appointed 
assistant general managers of 


Mr. John Silbermann has been 

elected national chairman of the 
for 1975-79 in succession to Mr. 
Jack Male, who has retired. Mr 
Ken Rogers has been re-elected 
a national vice-chairman of the 
RHA and Mr. Harold Russett, 
elected a national vice-chairman. 

Mr. G. C Wardaie. at present a 
deputy secretary and principal 
finance officer in the DEPART- 
has been appointed a second per- 
manent secretary in that Depart- 
ment in succession to Sir Robert 
Marshal], who is leaving the 
public service. 


Mr. William Knighton has been 
appointed a deputy secretary in 
He succeeds Mr. J. R. Steele as 
deputy secretary responsible for 
export policy, commercial rela- 
tions with individual countries 
and the department's interest in 
overseas aid. Mr. J. R. Steele has 
oecome deputy secretary 
responsible for civil aviation and 
shipping policies, and marine 
matters, replacing Mr. W. P. 
Shovel ion, who has retired from 
the Civil Service. 


Mr. Ron Williams has joined 
as marketing director. Polar, is 
part of the Bodycoie International 


Mr. John Dent has been 
appointed to the Board of GUILD 
responsibility for the integrated 
learnings systems division. 


Rear Admfral W. D. )L 
Stavriey is to be Chief of Staff to 
Commander-in-chief Fleet in 

succession to Vice Admiral 
P. E. C Berger from October. 


Mr. David Jones has been 
elected to succeed Mr. Geoffrey 
Armitage as chairman of the 
CIATION. Mr. Jones is chairman 
and managing director of the 
Sevenoaks Group. 


Mr. Basil E. Cwyu, a director of 
Associated Portland Cement 

Manufacturers, has been elected 
chairman of the NATIONAL 


succeeds Mr. Jeremy Rowe of the 
Brick Development Association. 
Mr. H. E. Pierce, BMP's president, 
becomes honorary life president. 

Dr. Giampietm Morel! i has 
been appointed secretary general 
June 1. Since June 1969 he has 
been director of the Secretariat 
of the Monetary Committee at 
the Conunbsion of the European 


Mr. John F. Harman has been 
appointed managing director of 
the Solicitors^ Law Stationery 
Society group’s international con- 
ference and seminar producing 
company. OYEZ INTER- 


Mr. Peter Mason has been 

appointed U.K. sales director of 
A1RFLK PRODUCTS in place of 
Mr. GarLh Drinkwater. who has 
resigned. Mr. Paul Trim bey has 
been made UJt. sales manager 
and Mr. David Kearns UK. 
national accounts sales manager. 

Mr. J. E. C. Wheatley (E. Pearse 
and Co.) has been elected presi- 
dent of the BRITISH SCRAP 
FEDERATION for 1978/79. Mr. 
A. P. Bird (Bird Group) becomes 
president designate. 


Mr. Richard G. Lynn has been 
appointed to a senior post with 
the international marketing 
organisation of the BELOIT 
GROUP and has been succeeded 
by Mr. Brian Barlow as sales 
director of Beloit Walmsley. 

Mr. Phil Sidey, head of the 
BBC’s Network Production Centre 
at Pebble Mill, has been elected 
chairman of the council of the 
lor 1978/79. Mr. Arthur Clifford 
programme director. Tyne Tees 
Television, becomes vice-chairman 
of the- Society. 


Sir Arthur Drew has been 
appointed chairman of the 
succession to the Earl of Rosse. 
who will be retiring on July 31 
on the expiry of his present term 
of office. 

Student fees to be paid 


Gone are the days when a “ sound portfolio ” of shares could 
just be bought and forgotten. 1974 proved that ! Today’s investor 
has to be alert. Buying tomorrow’s favourites at today's prices. 
And. of course, remembering when to sell them. Before the 
next ” 1974." That’s why the FLEET STREET LETTER. Britain’s 
oldest newsletter, emphasises the importance of knowing when 
to sell. 

The only way to be sure the' FLEET STREET LETTER is right 
for you is to study a copy and judge for yourself. So. just complete 
and return the attached coupon, and we will send you a FREE 
COPY. Plus a list of all our company analysis recommendations 
over the last year. Plus a detailed analysis of F S L’s latest ideas — 
two companies which most other investors have not yet discovered. 
Plus an insight into why we are recommending the sale of most 
leading equities NOW. 

And all that without any further obligation whatsoever. 

J To-. FLEET STREET LETTER, 80 Fleet Street, London EC4Y 1JH. I 

| Name ^ 

^ Address I 

l Please send me a FREE copy of FSL without obligation. 

FTF | 



A Record \fear 

-£ PRli-TAX PROFIT UP 58% 


Far year lo 3 hljan. 












DIVIDENDS 4.46769p 4. Op 




ftUorsMd outfitters 
Book manufacturer; 
andmnsaanc printers 

/AkcWcal binding systems' 
MAMO$- ; V: . 

-Motor dealers aid carpark 
operators ------ 

BELIEF has been announced for 
students hit by steep increases 
in tuition fees while paying their 
own way through full-time 
advanced courses in polytechnics 
and further education colleges. 

The Government said it had 
agreed that self-financing 
students whose attendance was 
threatened by the increases, 
could now have their extra fee 
charged to the “pool” funds 

shared by the local education 

For overseas students, how- 
ever, the concession would apply 
only when all normal sources of 
support had been exhausted- 

A survey by the National 
Union of Students, in March, 
found that 2,000 students were 
likely to have to leave their 
courses because they could not 
afford the higher fees. 


Annette tfw bicrnoSB cycle and there r. 
consiflerityln rtance o( gain. Wa* lot Hie 
pood tvTivs and vou wrttl m too JateatHin 
Wethmi Amenta and Cmada look ngn— 


Imesi m Lawson American fund now for 
maximum capital appreciation 
The Administration is at last (achtino the 
problem, ot inflation and me balance ot 
trad? to cnee k the fall in the dollar. 


invested to grow with me capital maitets. 
The safeguards of a Unit Trust, together 
vwrh dolf."* bono«*d agamui fl sterling 
damn make the tund an idea) mrduirfi 
for investors wrung a -Jake in me 
Amor ican economy 

■!( cours e. Itw flip mice J 
units and the income from them can qci 
down as tvdl as up. 

i -finite —Financial times f»5>7&. 

(or the daily price II lower) Accumulation Units 47.3P 
Advisers include Fahnestock & Co. New York and London. 

The Manager? reserve trie ngw to close this offer at any rime l trtw I rue price mow* bjr more 
than 2‘ :=% trom UW Seed pncc. TelWJhonw o»d«s mil he accepted up » S Qu pm paly— 
C 3 l-?C-n J°‘ ■ a wider range itu&tee «<cunh a uretirini .minrabitd By me Department o* 
Trade T*KVv»»rt,<JiSflitiuriore*emadecvi l5Ma» .ind 7 f Ni.-vemtier-torunnipuichasedOy | 
31 marc n an d 30 Septemwc rewetmety A S 1 . in .nai cnaiwn included m ina pr«e An annual 
tec Of - a crj05ductei3 from gross income. Commcsicm b part ro agents Trustee and 

AMpstrat — C r roesoaie Bank Lid unempre rf me RAciQnd Bans- Gmupt Audnors— tMimey 
Murra.- .vici So CnafereC Accouniwh; Mana«« t;«wn Seainues lw 63 Qearaa svees. 
Edmbunjh EH? 2JG. Regtsteiea mEontvireri j5t3S Directors. J fjptmes Crock rr c. f Y. 
Lawson CA.J 0 Od'SonWS 3 C Lawson Tneajrrwiteswnatedernual gross is 0.99a. 

): Lawson Securities Ltd. FREEPOST. Edinburgh, EH2 0DB. 

Tel’. 031-226 391 1 ■ (SA-Hdix AnuphoneSciv«e(_ iNoi applicable toE«e I 

i enclose a ten-.irtance payable to Lawson 
Seconfer. L’d to be mvestea m irnus of trie 

lawson Arr'ricariFiXHlKJlhevalueol 

For accuffiuiation units please mark V. □ For Share Exchange details □ 
i/we declare (hat l am-'weare not resident ouiside the scheduled lemtaries 
fior am t- acquiring these untfs as the nommeeisl of any person(s) 

resuieni oufside the territories (Those unable fomake this declaration should 
apply inrOLigh tfreir Banket; Stockbroker or Solicitor in the U.K ) 



(Allpjirf W'Canis mua sgn and attach full namc-t and addiesjesi 

Names in full. 

(Mr -Wts-Miss ‘ 


Lottery aids 
chess contest 

LONDON'S first international 
chess tournament in 40 years 
and a series of recitals by young 
musicians are two projects 
approved by the Greater London 
Council’s art committee, to be 
financed from the proceeds of 
the council’s lottery. 

The committee has recom- 
mended that £8,000 from lottery 
funds be allocated towards the 
estimated £25.000 cost of the 
chess tournament. Nearly £2,000 
will be used to sponsor a series 
of six recitals for young 
musiciaos at Ranger’s House, 
Blackheath, next spring. 

Surrey sees 
Way open 

THE SURREY section of the 
North Dowds Way, newest of the 
country's long-distance footpaths, 
is to be opened to-morrow week 
in a ceremony in the public car 
park at Newlands Corner at 3 

This 42-mile stretch, from 
Famham in the west to the Kent 
border at Tatsfield. is one section 
of a 141 -mile route which will 
extend to the sea at Dover. The 
entire route is due to be opened 
to the public at the end of 



RECENT advertisements for INVESTORS REVIEW, the City’s 
fortnightly magazine, have carried the slogan * Don’t be fooled by 
Che Index-’ The proof is chat INVESTORS REVIEW’S Trading 
Portfolio hit a new high this week (based on Thursday’s prices), 
lopping the previous peaks achieved in September and February. 
Second-, and third-line stocks continue to perform well, while 
the constituents of the FT Index itself fail to make much headway. 
This is the kind of performance readers of INVESTORS REVIEW 
and the weekly IR MARKET LETTER (which this week told readers 
to take a 100% profit on United City Merchants and one of 65?S 
on Rush & Tompkins) have come to expect: hard hitting BUT and 
SELL recommendations backed up with lively coverage of markets 
and the people who make them. 

All in all. a joint subscription to both magazine and letter— costing 
just £20 a year — is the kind of value chat’s hard to beat. 



ORDER FORM. Please send me Combined subscription I year 

Investors Review for l year £20 post paid 

£9 post paid. .. . , 

IR Market Letter £15 post ° verseas rares ava,,able on 
paid. . . . demand. 




To INVESTORS REVIEW. 100, Fleet Street. London, E.C.4. 



We, Peter Whitfield and Bob Tanner, starting with 
£75 each — have made millions in shares 
(Clubman's Club> Orme Developments, etc.). 

We are now joining forces with Peter Welham 
(Questor of The Daily Telegraph) to produce 
EQUITY RESEARCH, a fortnightly private investment 

EQUITY RESEARCH will find undervalued 
investment situations — and tell you when to buy 
and sell. It will give positive advice on bids and new 
issues and keep a keen eye on shareholders' rights. 
Its distinguished list of contributors will include 
acknowledged experts on all aspects of investment 

Ensure that you receive the first issue (Sept. 4th 
1 978) FREE by completing the coupon (below). 

To . Equity Research, 28 Mount Street, 
Mayfair, London, W1Y 5RB. 

Please guarantee that I will receive the first issue of EQUITY 
RESEARCH, dated September 4th. 1978, completely FREE. 

If I do not wish to receive further fortnightly issues, I will 
simply cancel my Banker’s Order before September 1 1th. T 978 
and I will not owe you one penny. 


To Bank Ltd. 

Address .. . . 

Please pay to Lloyds Bank Ltd. (30-96-24), 39 Old Bond 
Street, London W.l. for the account of EQUITY RESEARCH 
(01 39776) the sum of £40 on Sepiember 11th, 1 978 and 
thereafter Qn the same date each year. 


Block capitals please 



■ F.T. 

Because of higliar administrative costs, subscription Iff dieqae costs £45. 
If you prefer this method, just send us a cheque dated September 11th, 1978. 

Financial Times Saturday May 13 197S" ■ ■ 

Up another 6.5 in 46m. volume 


fnv. 5 Prem. S3.60 to £— I0SJ% (10ff%> 
Effective rate (L8200> 46}% (4ft*%) 


May ; Mmt 
12 : U 

Mm- i M»v 
11 u 


NEW YORK, May L2. 

FURTHER GAINS were scored in jump in the M2 measure. Golds lost 6.3 to 1.5062 and On AMSTEKD/ 

heavy trading on Wail Street On the negative side, the and Gas shed 0.8 to 1,402.4. Transports 

to-day following hopes for re- Government reported a 2.1 per AUSTRALIA — Generally firm Bankings up. 
Straining u.s. Inflation plus a cent, decline in U.S. Weekly led by Mines. State Loan; 

flood of foreign money into the Retail Sales. Earlier this week bh Sonth rose s cent*! tn 87 MILAN— K 
Stock Market. the market derived suooort from tna in 

AMSTERDAM— Mostly higher. 
Transports particularly fire 
an kings up. 

State Loans firm. 

12. Aiibou, bin 63Sa ' M*j 

)ddiw*«raph ?2ig §2*4 

An™ riMtlji*; 41 40k 

« r - AirPi^dorte. ; 284* 

ffTBl* Ainro..... , 50 60 

.U fMA l iimlniiiin 33*4 #8 

Alcoa.-.. «Sj 46T a 

Coming Giam— . 54ij . 53 

LHC Ini’n'iiwiMi 49sa 1 49ia 

Cnoe —■ I 3068 i 30 Ab 

Crocker Xai • 27 1 A • Z67g 

Crown XellerlMd) 32&e I 321* 

Uumraliw Krupnel 40S« l 401* 

Curt fie U'rigut...] 18 ■ [ 18 

Ihuia 26 2Sifl 

Dart Indusim*- <34 431* 

Uteri- ..... 50*a 50*g 

Dei Home 26 1 * 25 

Deltona 121* 115* 

Dentbfjly Inter... 19ftj 19so 

Detroit Edison... 1S*S 15sg 

DnnioaitSbanu'k 281* 287g 

Dictaphone.... — 16*2 15*4 

Dii{Ua Equip., — 481s 49 ig 

uiiiney ( Walt). — 59 384* 

Dover Corpn ...... 464* 464* 

Dow Chemical.... 26&a 26ig 

DraVn- — 29*4 29 

DreMwr..,..™ 42*2 41*8 

DuPont- 116*4 

Dyimi Industrie* 21 <g 20ig 

ba^lc Hither...... 194* 19 Se 

blast Airlines 9ig 10 

Enstman Kulak.. 541a 541* 

Baton 37Tg 58 

&.G.&G 26 24ij 

51 Faso iVnL nan 176a 17 

Kitra 34 34 

fcimoranti Electric) 35*4 34 (g 

KmerjAirPr'Ight 444* 46S& 

Kmliort ! 377g 38 

h'.M.F I 27 B aa 9 

Kntnjlhord.,— 26 25*g 

Eamarb..... ' 26*s 264* 

Ethyl 20*4 20*3 

KxxTib 48 48 

Fairchild Camera! 36 ?b 53"r 

Fel.Uop*.S*t*.» 39* 39 i a 

Flmtoao Tuc,...j 14is 13 Sb 

Far. \at. Boston -l 29 s* 29^* 

Ple\i Van ; 335s 23 lg 

Kliaikote I 26 ig 263* 

FJni+ln Power..-. 29*j 293a 

Fluor i 38 37 ij 

p.jI.C, 231* 24** 

Ford Victor. 50 *s 49 *a 

Foroin'wt Aick...., 211 a 21 ** 

Pustraro ] 32 14 32tb 

Frankliu ATInt...., 91| 9*8 

Freeport Minora*; 22sa 211* 

Fniduui I 30*8 29*4 

Faqua liuls.— * 11 ”* 11 J* 

i- Vat j 

!n» Krufioel 

t R h? a LriSf & rf ^ r i ier thi l y eek BH South rose S cents to 87 . MILAN— Finn <m selective buy- 35 . BS 

^9 nor “W ? 0I H cents on its cessation of unprofit- J “ active trading. SKI 43 I gte 

sJ2L. D S™ ,0 T IWsi a p ? ?«■ iva * m Us: **** able" T&BrSSB to u**r&2S3i iBS. & 

Averages advanced another 6 .ofl R etail Sales. Oueensiam? were Insurances and Banks. | am* Chalmers...] - 3 £ 7 g 

to 840.«0. making a rise of 11.81 C3T Financial climbed S3 to . Q ‘ ... , Financiils mixed. 1 AMAX .1 36ig 

on the week, while the NYSE All S35J— it agreed to sell more than _ «“* on J reports °f Bonds slightly higher in Qui 

Common Index, at S34.S5, rose 47 75 per cent, of its National Bank staled talks between Government trading, 
cents od the day and 88 cents on of North America unit to National „ ^ , ^P ri ® 1 25* *° ®t ar * SPAIN — Most shares eased. 

the week. Gains led losses by a Bank of Westminster. ***““ Petroleum advanced 10 COPENHAGEN — Mixed ui — - v— ... 

tuo-to-one majority, while the Among "Glamours,'’ Sehlum- ^ce^ts — it wlB join a moderate dealings Banks firm, Amer.cvimamw zb , | 7 a« 

trading volume jumped 9.97m. berger advanced $3i to ®77|, X|ctonan Government Cpn. to communlca^asTlnsurances and 37 *, 

* h ESJ£J** a - r , ■, aewMt ^ ckari t0 and SS? ^ “d gas m Bass shippings higher, Coramoditiw SS ! S3 

Investors were pleased with Polaroid Sli to 8361. Merck rose generally lower Industrials mi 

President Carter’s decision to trim $ 1 * to $553. GERMANY — Shares eased ’ 

his proposed S25bn. tax cut in an Tandy improved Sl{ to $39| on further in quiet trading. *«»,•. oe 

elfort to curb both inflation and a two-for-one stock split Public Authority Bonds shed up ?.GS A "ri*E 

the Federal budget deficit. THE AMERICAN SE Market to 30 pfennigs, while Regulating ‘‘ j 

The rally came in the face of Value Index gained 1.01 to 142.57. Authorities bought nominal ni*y *~ ; a May 13 [ 

yesterday’s half-point rise in the making a rise of 2.6S on the week. DM5.7m. worth of stock. Mark ladostrialf ' ! 

rederai Reserve’s discount rate to Volume rose to 5.89m. (5.54m.) Foreign Loans well maintained. Buri* o.ea smutaTrod pi ^ 

? P. er <*n*- The rate increase shares. SWITZERLAND— Prices rose in S ou *? w,- ?^ a ; tM® TtowHuh. , 

bolstered the dollar in Europe and •“ “ selectively active trading. \ 

encouraged roreign investors to OTHER MARKETS Domestic and Foreign Bonds 

buy u.S. Stocks. quietlv steady. Frwer Nqa.e w— «• i 

iMAX 36 ig 

lusher in quieter ■ : J*" 

Axner. Brands — 49*a 
Ajmer. Vtnajdqaat 60S* 
In tmor. On...—..! 40 J* 

SWITZERLAND— Prices rose in Sff 

selectively active trading. f®, 

Meanwhile, the Federal Reserve 
late yesterday reported a Mbn. 

TOKYO — Higher on active selec- 

Domestic and Foreign Bonds e»so.-..-!1‘.'I 3 .i<* 

quietly Steady. Fraser S't*,e 4^4 

Dollar stocks firmed sharply in p * r -~-l }-* 

heavy turnover. Dutch shares E.'iSliilrH 

. f ■* iciwiibu d hnvln— VrvUimn 7Vlm snares I nff h,»np 

weekly rise in the the baric MI 1,1^“ “ ( Rttle changed,. Germans declined. 

Money supply and a ?4.2bn. 


t hansc 

Slocks Uosins on 
iradud unci* day 

Polaroid *77. two as) -*-i 

Rrnvi'Dinc Forrw ... 4W.WH1 |:i + 1 

null Stain L'uis. .. :a»j.!wvj isj — 

K-Van S4i.:ido -j.;; +: 

Honda Pm n Li*m * 3 ; ^-i 

Morion Si man .. .. Jm.-IOii -ju: +! 

Knmjda Inns .. . 23ri.3lH> fi; — 

Huldi-nui Pairai . rii.joo “js; +; 

ros . ■im.TOfl 3D! +1 

niuitol Eoninno-ni ‘.'V.J.Tuo 4S> 

Exiiort - Orientated Elect riralt PARIS— Again lower but losses M*l*y Brow] to*u IBgiuLimaim: l.ffl I 

VehSeJaS^SSeras hL P %S SS 

Steels rose sharply on active prire ,n ^ises ri conUn U ^ l ^to C depress MewBs!ilaiKl |,v«« p™.^- M3e 

reicn buying. murbut Uir'aChln-Btl 

Shippings higher. Commodities \Rw&fctomei’nti 294 b 

generally lower. Industrials mixed. Amor. Haiimi—i 257 B 

Ainer. Jlotor^— . I 43 j 

, ^ Araer. A'aL. Gnx..| 434a 

SINGAPORE dmer. Standard.' 46k; 

t” : j — : — — j — .\mer. Store*.. — 31 

Stay 13 '• j - S * May 13 j S Ajnrtek-.--!!] 34^ 

Industrial* ! i 

Boria 0.28 StraltaTradpi 6.75 VI™- laS 

Boustead Co. tl^3 Ttmee Fubt , »I2S5'iiaiXViIri 

Bourtadflbd 2.44 Bcrbod 2J6 23 1! 

JS= fis 

ttSZ K SK?:r II 

Hunwlnd — 135 Cbomiiai I^jX) T*1I^T;V7 ool® 

InrfMipe. — 8.0? Willm Jaokr.l MS ^ I 5S. l 1 !i; I? 3 * 

J online 2.70 Bobbers I AtLiOchiirtl. 61, 

Uatav t6jCO bn> v AiiWltalPW-.. 30 >8 

9-64 W<int.„.. 'C.VZ 

LOfi t rad or 3 A3 

1-65 Cbemiial I 1 *jX) 

8.08 Willm Jackr.; I. IS 
2.70 Robbers I 
tbXfl B»ru Llinaiip: l.ffl 

foreicn buying. markeL 

Public Works. Plants and Moulin 

Machines also moved up. on one-f 

CANADA — Further rise in active U.S. sti 
trading, with the Toronto Gorapo- BRUSS 
site Index up 5.0 to 1.100^. lively tn 
Metals and Minerals Index URL 

firmed (1 2 to 923.1. Utilities 0.43 Germans 

markeL uv'aChinJJk 

Moulinex lost FrsB^O to 154 ES2S!£: 
on one-for-ten free issue. 

U.S. stocks firm. Golds eased. »nei* 

BRUSSELS— -Mostly higher in sicue tarty.. 
lively trading. Low storage. 

UJKL and UA stocks rose. 

Germans and French mixed, w/- uh 

to ifi9.7B. Banks 0.28 to 258.72 Dutch steady. Cold Mines little 
and Papers 0.80 to 113.23. But chanced. 

6.96 Ting 

LSI Anotral. Vm. 4^6 

2-4B Uerjuniat 8.05 

3J0 - Kampar- 3.10 

klfid Knunat....... ■ 

2.48 Kudial_ _ 

2.13 Liwer Perak. U50 
239 Petal Inj Tin. t*. 80 
— Sapremel'p. 2.49 
rrinaiuhRm 2.70 




: * i I iara" 

ilac; llaj-l ilac Mac* 

12 I 11 1 10 | 0‘ i Hwh | J 

64.86; B4.5B 1 63.79 53.8ft 64.85 l~4l 

* Scap cndecL 
Sueauip *a<u> 

Amo Products. .. 65ie • 66*4 

Balt Gas Kiel....: 24i a 29 

Bank Amerfca.... 241a - 23Sg 
Bankers Tr. .V.Il. 583b - 37*a 

Harter Oil 291a ' Z9 

Baxter Tra venal.. 40 40Ig 

Beatrice Ff*jd._.. 253* 1 256b 
U ertoaDirkrason 395g 1 39** 

Belli Howell 2lJfl 21 

Beodls 38t a 1 356* 

Benguet Com ■ B* 3lg 3Sfl ■ 
Beth letieni Steel. . 22 21*a 

BU.-ki Do-ter.. 195* . 1S*Z 

Boeina 49Sa 60*4 

Boise UiMilr.... 29U 28** 

Borden. 28*2 28U 


HI Paso Xnb. (?aa 

Mac : Mai- 

IC , II 

I thlimnal ... ■ 648.70 834.20 822- VG .82247 824.58 829.09 1 844.33 
i | I : 1 ! 1 1*) 

H'lneB’iula* . 88.81 88.80 88.74. 88.88 88.89' 88.90 90.86 

' 'll «4/l » 

9inue cunipilai'a 

Iwhu» traded 1.915 

Kisea 1,014 

Fall# 510 

Oaehart<!eil 391 

New Hlelia. 254 

XewGows 35 I 

May 12 / May 11 May 10 Wainer 314 

— — ' Branifi lnt-« 15 

1.915 1.911; 1.901 Brasran *.V._ 15 

1,014 1,004 ( 795 Brhtul Uyen.-. 36*i 

fa? 5™ ! 125 I’M- ADR-' I5j 8 

513 ^ 7 PJ 593 Brrekway Glass.. 38 

G.A.F | 13ba 

Gannett 427g 

Gen. Anier. 10 

U.A.T-l ; 29 

Gem. L'aJue^ I 17** 

Gen. Uynnml.3t.-f 58 
lien.ISlertriva,— ' 53 lg 
Genera* Krakls....) 30*c 

General Mill* j 30** 

General Motors I 627 b 


I'tiliiies : 104.68 104.47- 104.83 104.84 105.48. 106.86^ 

j . ■ . * | ! i3/ll' 

OLVN i 46.600 56.630 83.330 30.860 34.680 42.880; - 

*Bs«N ..r li'.I.'V ■■linuiiwl Irani Aiuni«t 24 

I ml. dlv. vield 4 

742.12 1061.79 41.22 

i2fi/2l (11/1/73;. (2/7/32) 

88.80 — — Industrial 

t9/0i Combined 

188.51 279.88 13.23 I_ 

(9/U (7/2/691 ! (8/7(353 TORONTO Comp 

182.84 1 63.32 i I0A8 " 

1 22/2) ,(2U/ 4/68i (28(4/42) JOHANNESBURG 
! Gold 

Tnnwp.rt— 227.76 224.68 222.00 221.51 223.41 224. 78l 227.23 186.81 I 279.08 13.23 ! J U. 

! I ! I (I3'5l (9/Ll I (7/2/691 ! (8(7(353 TORONTO Corav«tte 1100.8 1096 J)l 

riiiiiiM :iim en in* *7 in*(u in* a*l ins *a ins «*! im.aa milm ibs.sp > hum i:. ” i 

Voir bru iApprox.1 


May ! Mar ’ Jlav ; Mar 
12 . II 1 10 4 

, -Ma y i Fro- i Uf7o ■ It*(o 
12 • viouB ! Hlgt I Low 

Anatrailfl l** 464 ^9 432.40 484^9 44 LW Spain <• 
1 ll£/&i • <ij*xs 

Belgium ill 100.53 100 JW 101.16 ».73 Sweden < 
1 i (8/0) | OO/f’i 

Denmark l”, 94.48 s».u B4JX) Switserl'd 

2 f2 ^ 1 6 5 1 o3 fimilwriBk- 15 

■' 55 1 a9 29 Erie. lBVs 

Undid i 337 b 

— «— .i . , Buiov* WaU* .— . 6** 

1978 . Hurlnj^ton Xtbn 396* 

“7 Burrougba ' 71*2 

High , Lon Campbell Soup...: 34*1 

— — — — — Canadian PaaTu- 16sa 

•8T.47 (17/4) 162.90 ilb/2) H&ndoJpb.. 1 1 Je 

167.83 (17/4) 170.62(30(1) Carnation 88>« 

- "| ■■ — — — Carrier t General 12 ! c 

1190.6(12(6) 99«.2 l»jl) Carter Hawley...' 19** 

- — - 11 - CaterpillarTnijcta 1 57 

CBS.— — ! 53*s 

,8S -° Ceianeae Corpn 4o*2 

222.8 (11/6) 184.9 (to(3) CenrraJ i S, »....; 161s 

12 viona Hi»1i ; Um ibmhaUan 33 la 

l & w \ss SSSSRiu £15 

««, 384^77 3B3A-3Wd»;3ffi.74 

rii0» i (3/Ii on 


. | 1972 



High . 






181.47 (17/4)' 
107.03 (174) 

162.00 1 10/2) 
170.02 (5C;1) 


imi a\ 

1100.6 (12/6) 

S9«J ifiOjl) 



194 . 3 ! 


218.7 G/2) 

222.8 (1D6) 

183.0 (20/4) 
194.9 (lo(3) 

13 Sg | 131* 
427 a 417a 

10 10 

29 'I 29 
17** | 164* 
58 56 

53l B 521* 
30*» 297 8 

301* 29 

627b 623* 

18 is IB Is 

29** 291* 

29 29 

25T B 25/lfl 
7ifl 7 
28 277 a 

1671s 167 


Hwta | 




10B-44 > 








90.07 | 






11/1/73)1 (1/6/52) 

France (Tn 

(9/1) . (9/2) 
•3B.7 . A7.6 

Chlraftii Bridfie... 

293.1 amo W « MO cliromaltoy 20 ! 19?« 

289.0 2HjSJ 279.0 t -|nyaler»' 1U» ! H'fl 

• 114.4) , (3)(4i cinerama.- : 24e ■ 2** 

German vliJ) 765.4 767A 612 . 

■ * (10/ 
Holland <if*. 60 ^ 80.3 eS. 

(26.4) i r3/2i 
312.7 | 765.4 

, (10/2) (L2,6j 
Holland <if* 60 ^ 803 &.1 7oj) 

* ! (10A ' (4/4) 

Hone E one 450.42 448.77 ! 461.83 1 383.44 
f« i I I 1 1/9) I (13fi> 
Italv iOI) 61A9 60.83 ! 63^6 55.46 

| (1/5) (13(1) 
60.83 ! 63.56 55.45 

Mav U I 

Tear a*>n tapproxA 

— " Cine. MilBL-rou...' 303s 

IndJcus and Dase dales (all base values Citicorp 257s 

100 azeept NYSE All Common — SO C(tiea . Service— ■- 51 U 
Sumdards and Poors — 10 and Toronto City Investing;— .i 15*2 

300-1.000. [be Issr named baaed on 1973) Coca Cola.— ■ 42*4 

t EadiKUHB bonds. [400 industrials. Colgate Palm ; 21 

5 400 tods., 40 UUUUes, 40 Finance and UHlma Aiferoan- 123s 
20 TransDOrL (l)Svdno All OrtL Columbia Gas. • 27** 

a? se copumagM asms pfc m»* 

ln.(. dlv. yield" 1 5.04 | 5.02 i 5.14 | 4.40 

Tn.l. F.K l.'aiin j 9*16 \ EU8 I Sl>4 ] 10.83 

l*n- ; Nm i. It* .in I yn*M ' 8.43 8.39 8.30 7.80 


A prize of £5 trill be given to each of the senders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in tile top left-hand comer of 
the envelope, and addressed to the Financial Times, 10. Cannon 
Street. London, EC4P 4BY. Winners and solution will be given 
next Saturday. 

; ! (19/4) | (4/U dam. Industrial WO mi Hans Sena T?, 

Singapore 1 306.73 ' 307^6 i sous ' sbz'a M8M iSMUimSriSS; WlfM IV? „ 

i » ilMi i f]/eO> New SE 4/l/ea. <b) Stralto Times 1966. S m “ 2 I 4 2 1 8 !SSF owlfco<,n l psaal 

(ridoaed. fd) Madrid SE Wlim Lorn w rh ull ltei. 2Ja 2i a {UU - 42626 b 

ib) SrocahriLm Indnsmal I/V88. ffi S»d« Cronin. satellite- 41U 405s JntL Flavours-.. 44S* 
Rank riron r u * linsvallatiln ConiputerSrieuce 115a lHa 1 nil. Han rata-... | 321a 

General Uotora I 627 b 623* 

Uon. Pub. flit ’ 18*a IB Is 

Goo. Siuual — 1 291* 291* 

Gen. Tel. Elect... 29 29 

Gen. Tyro 25 Tb 25Jfl 

Geuesco 7ifl 7 

Georgia Pacific., - 28 277 a 

lieny Oil- ..... 167*2 L67 

Gillette. ■ 281* 28i s 

UtNdrk'h B. F 1 ZZJt 22ig 

Goodyear Tire....) 17 l a 16 J i 

Koulrl I 29 t b 295s 

GbwM'.K I 277 8 28 l B 

Gt. Arlan Fiu-Teaj 8*s 8ij 

Grt. North Iron- 23** 23*: 

Greyhound I 141a 137 b 

Gull A Western..! 14S® 14J* 

Gull OK 234a 231* 

Baiiburroii 64*: 62*2 

Hanna Minin*;. I 326s 331: 

Harnif.-lllet-er. ...; 1S7 b 153s 

Harna Corpn i 56 541* 

Heine H. J. 37 37 

Heubietu I 273* 27>* 

Hewlett Packard J 791s ■ 77 

Holiday lunr I 18ig ! 18 

Homevtake. 33 336* 

H.ioeyaell 54 Sb 63 j * 

Htewr 121* 12 i« 

Hcnp.Cor^i.Amer. 311* 31 

Hounurfi ZtiU.Go/ 27*s 261* 

UuntCPta.AlCfam ll*e Ills 

Hutton (E.F.) 167 a 16** 

l.C. Industrie*... 24&g 24 

INA 40ia 401* 

Incersol* Hand.... 67** 653a 

Inland Steel...— 39sj ■ 393o 

loailco — 141: j 14oa 

Interconi Enewy; 7S* 1 73* 

IBU _..„J 2626b 265 

Job lif M»nvVHw...‘ 323* ’ 3Va 
Julnivui JiHiiiwjii. 763* j 75 
Ji.l .n-* m linitrol. 3B3a 
Joy Manulari ui" 1 3S1; | 34i: 
h’. Mart IUwtv. ! B5i: | «4'8 

Kaiser A'uhilni'ni'. 33*4 *Tl a 

Kaiwx liultirtricaj _l*a _}: 4 
Kaiser st eel-—.. 21l z 8J^i 
Kay ! Wl4 

Kennce"tl j 233 b 1 

47«« «*c 

KUtle Matter — 331# »®.b 

Kimberly Clerk J 4012 - 

S3!=3a. «, 

Kroner Cu. 33J* 33>« 

Levi Straus" 361* 35 l 2 

Libby Off. Food...! 271* S”*2 

Group 341* l 341* 

Lilly (fill) 453* 44;fl 

Lit lot* lortlU-l 197 b 

U>ekhe<«lAU>v'it 26ie | 26 
Ume Star indn... 20*4 | JS?4 
L*mu 1? l»n>l Ltd. 185a 18>a 

Lmil-laiie Lanil.. 226a j 223* 

Lubrihi* — . 40 | a9J« 

Lucky Stum- — 14 i« 14«* 

L'ke V’unjp-t'wn 65s 6»j 

Mm-yillWn 12bg 12 *b 

Alaev K. H 411a 41 

Jt»>. Hanucvr... 373* 37 <d 

)l*nn 371: 37 

Miipuhnn Oil 45*: 47*a 

Marine MaUan-i. 151 b 146b 

.Mars Lull Field ... 23T C 24 

Sl«%- Uejit- Sli'rvs- 34*z 24Tj 

.MCA 48 if, 461: 

McDeimrot 30* a 303a 

McLkmuell Oinis;.' 34&a I 33 ** 

M.-Uran Hill ' 253a 253e 

Mennava 453a 1 45 

\Ut. k 53*: 541; 

Merrill Iaih-Ii ; 201; . l93g 

Ural I'etrnlcum.J 38ia 1 383* 

MG M ' 35~a : 36*; 

Minn Mlii/;A ill*;! 53 , 52** 

Mobil liHV ...I 66 eg , 65*a 

Munwnlu. 64 533a 

Aleman J. I*-...-. 1 48>a . 47>* 

Motorola i 471* 443* 

Murjiii) Oil : 40 j 4139 

Xahisce ! 49 ig 49U 

XnlitiCiienital...' 29*; . 293a 
.Naiinnnl *>■■ -, j 17 Ig ! 17 

Xhi. IK-iriliera...* 22 3$ ■ 226s 
AM, ewrvk-i' Lud.; 151* i la's 

HI tonai steel 31Sg 1 311; 

Naturuas - 431* 1 44 ig 

Xti: ! 561a i 54 

Neptime Inip. ....] 183* 103* 

\ew Kiuilaihl El* 214s 213* 

-New Lu"laud Tel! 33*i i 33*t 
Niaifara Alohank) 143e ; 143a 

Niagara SLiare.'..' 9's 10 

U Initiistriee J lSN ! 17'a 
X<molkk\YM«ni| 266g 26*i 

N'jrtb .\»U Ga»..J 40 *n ; 393* 

Ki-yneldji Mctale.' 32-ty 
Kcyit< ilits 1L J.... 60*4 

l/tL'li’win MertvU.j 23*4 
liiiekitnil Inter...: 34 1 * 
Hub w A Hants,....! 361* 

I (oval Dutch— .... 567g 

KTK. 165a 

Unis laapi..., 121* 

lljilrr sj-stein.... 20% 
riafeway Sltitvs... 59 'a 
6i,Joe Minerals. 257a 
Bt. Kept" Paper... 293* 
f«uia Felrala—- - 36Tg 
aaul iavnt— .. 6 

Saxon laris. 63 b 

Bi-hlttz HretriOft.. 127g 

seblumberjter— , 773g 

nCSl I9SB 

awlt Paiyrr.-A—i IS 1 * 

Seevll Mrc 213* 

■Sraslr* Hunt Verij 8*4 

iv.uiwmo 301b; iMk* 

Wjiy...— 5 ’ #i* 

\er*K - i 30i£| 4fl (* 

At)«U. — : 15t B ibig 

ZraiHi KsdlP-...,.' 16*a 16 Ir 

H. 5.Trrif*4*I9»Ci 1943* 194os 

I. S.Trva«»iJ7b/Wl t80?| t807a 
U.S. 90 U»T biU*. 6.«a! 6.321 

Sw Coniainen— , 36 19 

Seagram ' 25 

>.nno«G.I>.i i 147a 

Sear- Kuriaa-k. | £5ls 

*>KDLO - 563a 

SMI Oil— 355* 

anonTrauspurt... i 41 *ji 

^U{1MI 403* 

Si/ftusleCurr— 34aa 

simplicity iwt....; 14 

Singer ! 23 

Sniitli Knne 69 

Sutirua 59* 

Shjl In town SU* 

36ls 347s HI* Canada-. IB 143, 

ill* 144? “«***» lB5 « 1B7 « 

- * 4.80 

Hi! In UalBwv Vbwvt... 371* 37 

III- tamtott aiinee... 12?a I3l a 

41 U Canada CetnenG. 101* 10 14 

SSj! 4Q& Canto la NW Eao.. Il* a uij 

aSJj iS? I’luImpBakOamj S'??* 27V 

fj 18 7ii tana, la indust-J 130 tl91* 

hi Cau IWHflr. i 18>* 184* 

“ “ Can. Farftk ( nv ..l Wt* Ui* 

w“ Can. Super 1 1*!.... 1 59 58 1* 

s?u 3iu Carting O'Keefe, ■ 4.35 4,25 

^}J Owair.UwiM.J 10 10 

157* 16 Chieftain, — : 18 | 18 

35 A* : 346* Comlacn 1 89 V 27% 

52V J 323a Guns DaUuira *.... 1 50 29:* 

481* l 48 t-mMimer Uai....j 173a 173q 

Oceka KcHHirora 5V 57a 

26*3 < 261* Detain KM ! 15i- UI* 

271* | 27 Haon Devmu„. 9 ! 87* 

107* ' 173* Den uon Mlun...- 691* 63 ** 

41i* ( 41 ig tam Mines- Bit* 8 Ha 

2a I a 277a talus Petroleum 1 66*3 667* 

34 ig 24 Jg taminlon Hridni! 24*4 ( 841 * 

433* 431? Umutw. J 173* 171* 

50 49* Du/nnt ) Z3>a 133* 

&33a 631* Falcun'ge McUe. 199, 20 

451 . | 42 Port Mij w Can. ) 80 1 77l« 

15 fg 1 15V - „„ * 

61V 58V Gonsur j 27 ig • 26,* 

43 U 42V Uunl UnTokiilipl 113* ■ fl2 

46* 1 461" Gall U(l Canada . 1 27 J 367 * 

28J« ‘ 28 - Hawker Sul. Can . 1 7J* 71* 

ll3g • 113« Hutimgeff 1 32 4 j 32os 

42te i 411* Mvao Oil *A' ■ 413* 411* 

98*s 99 u Hihlson Bay Mnaj 167g 163* 

51 “ ! 5 ,: tfuriann Bay 19V »9k 

33U i 33ia Uudarai 0114 Gaa- 41Sa 41^ 

in- I ltG imaaew .1 B4V 347* 

25 24?1 ltN|ierial OH 19V 19'« 

19 t a I 19 1 I® 1 * I 18i a 

I? " 1 x?, 1 * * *"•«' J II *8 UV 

*15b 31*i inland Nav.Ua>..; 104* 10 * 

i5 l2 int’p.rFipeUine. 149s 14V 

5®, Kaiser KroounresL 14J* 3*kb 

S? 8 Vuirx Fin Curb.—. 91* 9*a 

6l7g alig Lot, law CVm.'B*.. 4.50 4.30 

3766 371* 91l-' turn'd liloerti . \9 *b 19 

f 5 Ja J ®? 9 llassay Ferenanu) 12 <s HSg 

ll,* « 4 UvXatyrt . — 21*« 21V 

36‘c 36 4 JJo, w corun 341* 327g 

S? 1 * SS! = Noramta Mine"... 25 Ig 25 ig 

|i_ |9 { r M'xeeu Bnengr-.j 159a 157a 

fSl 4 Ntliu. Telecom.— I 29V 29*a 

19^* 193* kunne Ott 4 Gat; 357 a 34 i* 

Omknoral Frt"'ni.[ 4.10 3.90 

327 * fi * 4 * J * wlMe C’oppe*-M| 2.28 2.21 

28.V 28 1« I'v.t&ePMroleimi 363* 1 33lg . 

26>a 26*" riuu Can. FW’in. 33 < 33*a 

213* 21 ij 1 ‘aUiHi 1153* H55* 

20Sa 209g I'eoptes Dept J>.. 3-90 3.90 

37 le 37*a Vlace Can k. UU„ 1.63 0.96 

5H g [ 511* ■’trtcerUevelni.mi 21 ?b 213* 

15*4 15 t\morCurpurai‘u 153* 166a 

40V 39 /g cm 14 13V 

7in 8 Quebec auirgtwn 1.20 1.20 

51 49)2 liaasnr Oil..—.... 35*4 35 

483* 48 rieedatan 10 10 1| 

_ (Hu Aigum — 29 Ig 291 q 

77b *V Unjal Blt.oi Can. 29 ob 29V 

34 V 35 "^i 8 * Trust 18V 18V 

267 q 263* sceptre K'nocrcwi 73* 7|a 

289a 283* Jeagnuna 27«a 27V 

27V 27V shell Ciannda I 14V 14V 

ora. 45 sherriu. G. Mlnesl 5.25 5.12 

Bi 21 jiebena O. G 271* 275, 

13J, ism <tinpaoa» | 51* 5V 

213 a 21 steel ot Caiuiia... 25v 25 Je 

4lJa 41 jo 'teop Him* Iron . 2.50 2-50 

29 in Z93a Cexaco Canada... 38V 39 V 

23 V 1 23s» rwrait*) Dom-Bk. lTl, 17V 

38 V I 28 V i'ranaCanPlpe Laj 143, 14V 

16V I 363a I'rana Mount Op»! JV ^#V 

S9 V 29™ ‘ PrUee— - 1SV T12V 

16 V I 16V CnkmUoa ......... 10V 10V 

19V 19 V &*• ^orwMiow, 7* 7?a 

Waiaer Hiram.... 35V 52 

B67a‘ ?7 Ig tFoii Lte»t Tra*. 11 V 11 V 

35 247g W neton Geo. 17 163* 

34 227g 

24”b 2334 • Toronto prices: Montreal prices 

20 v 20 not available- 1 Bid. t Asked. 

37 27 I Traded. » New stock. 


Atutun l*per. j 

Ajtnlcn Jwgtc 1 


.\ISon» Steel 


Bank rt Montreal 
Bank Nora ScatU 
Baric KesoiuvwJ 

Bov^slfwtai,. l | 

jua....l i 561* 
Irali. , I 30 

dcitliem Cal. Kit: 24V 24j 

SimUieniCu. 157} 16 

Stin*. Nat. lie?...J 353* '■ 346 
Niitlwni Dm-iIW 52V I 323 
Soutr^nt Railway!- 48V ! 48 

Sratlbiwnd ; 26*3 1 261 

a'tr'L Baiishiirro.. 27 V I 87 
0|ienii’ Hutch.—! 18'V ; 173 

S|icrty Kauri 1 41V I 41 1 

eqiiih 28 la 277; 

Staudaot Uraiula.; 24 V j 244 
-Ti.t.DllCaiUunUai 433* 43!; 

51,1. UilluUiaita.. 60 494 

old. Oil Ohio -...| 633a 63*i 

Mnuff CLenikui.i 43 1 g I 42 

X<molkl\Y«ai«ni| Zfiig , S6 1 ; 
N'jrtb Nat. tV».4 40 V ; 39 V 
Ntbn SiHim Fan 24V 1 24V 
Ntli west Airlines) 28&a ' 273s 
Nth wea*. Ba.iu-.jrji 27 * 26V 

Norton Stuhin. ...■ 207, \ 20 ** 
Orcirimtai Petrol! 25V 24 V 

OgUvr Mather... | 52 I 513* 

Ohio fidisoo. I 177 a ) X77e 

Olio - I 163 b I 157b 

OrenuensablpH-..| 26 V I 26 V 




Whitstead to boost 
Derby hopes 

Computertx-ieuce ll?a I 11 V 
Couii. Lite ln» — ' 3534 ! 54V 

U-Torac —! 241a • 25t» 

Ccu.KrilsoaN.yJ 21V - 217 b 
C onsul Foods..—.', 24*a ; 24 Sa 
Cunnil Nat. Gas- 40V I 39 V 
Cinuumer Power 22 22 

Cnimaenta' MrpJ 315, [ 31 
lv>nt mental Dil.J 29 V | 29 V 
t.rfirintmai Tele.j 16V I 16 *b 

Control Data 317 b 313| 

Cooper I nriira. [ 51 t 493a 

IBM — "J 262b b 265 

IntL Flavours-.. 243* 24*4 

I till. Han rater... 52 V 51*2 

IntL-Min iChem - 43 423* 

Inti. Multi food 25 233* 

Incu— 166 b 16V 

Inti, taper .425* ,41V 

IPO 34 V 33 V 

Inv Kectiller. 12 117, 

Iul. Tel. £ Tel.... 31 V 317 B 

Invent IV IV 

Inwn Beet 36 365* 

IU International. 117, 11 7a 

Jim Waiter. 326, 323a 

Owens Corning.. 623* 1 62V 

Owens 1 IIUsi»ui„.. 21 21 

PacJlji 1 Gu - 25 V 23 V 

Pa,.-iftu U^liUnc . 19 18/a 

Far. Pui.i u... 20V 20V 

PRn AmWortii Air 738 73g 

Parker Hannifin. 26V 293a 

PralsBly lot -24V 24V 

IV.-II. Pw. * U 213 b 2138 

Penny J. C 40 39 V 

I’ennznil.— 28 V 286a 

Peoples Drue 95* 9 

Peoples Gas - 33~a 34V 

PetMico— — 313* 30 V 

Perkin Elmer—. 23 ■ 22*4 

Pet. 431# 423* 

Pdrcr.. 33. 32 

Phelps Dodge. .... 217j 217 b 

Philadelphia Me. 18 18V 

PhihpUnrrjs 68 V 66 

Phillips Pemjl'mj 36V 34 Je 

MMiuiy. 4 38V 1 363* 

Pitney Boise*— . 24S B 24V 

Pirisloti I 23V , 227g 

Pleaaey Ltd ADKi 173* 1 17 V 

Pofatinkt J 36 V 

Potomac Kkk._J_* IS 
ppt-i imtusUW.?- v28 
l*n>ctei Gamble.. 84V 

I’viti ioere* Elect, i 227 a 

Pullman J 31 

I'iiiwc 17V 

(Junker tails. 2BJa 

l/apiri 9V 

ttaytbeon 45*s 

RCA - 28 

Republic 6wel— 247 b 

atcrlmc Dtu*;.... 


S>un Cu.,- ..... 

sura w ntnri— . 

ayufex ... 




rwe*. - 

Ten era 

Tenons Pctroieumi 

I'raco. ] 

Texua^ult | 

Texas loaVtn 

I'MM Otl «fc Gao.. 
Texas li iilul ro, .. 

Time Inc. - 

Times Mirror 





Tram* Unkm 

itnn-nay Inlrin 
Trane World Aw. 


Trt Cum mental . 40 

O.Xh Century K»w 327 b 
U.A.U 28V 


flil 213* 

CUP 206b 

Un)*ever 37 V 

Unnevpi >V— J 51V 
U nii ei Uatieurri-.i IS 1 * 

Cmun Carliide,.,.!. 40Jg 

(Jnmii CwuDiertfl 7ig 
Cuiotj UP Caitt 51 
Union Pkclhc | 483* 

Uniroya. 77 q 

Unilet Uratnls.... 9 

US Uansurp.- 541* 

LS(iy|iHim- 867 b 

US r hue. 28 6g 

US siftt 27V 

C . fenhnoM 4 ji«. 463* 

UV lmlualnes.... 21 
v irpinta Mi-ct— 13J* 

Walgroco...; 21ft) 

Warner- Com inn. 41ft) 
Warner^ Lambert, 29V 
WesLe-Maii’mem 23>« 

Weiis.Fhf^o 38 V I 

Western Bam-on , 363a 1 
Western N. Ametj 291* ; 
1* ewern Union... i 16 V j 
WrauimliMoKihii 195fi ; 

IVotrsnt L.. 267a' 

Weicrhaeueei ... 25 I 

*Vhlrl(«ai> 24 

White Csm.lnd... 247g 
Wii.iaiuUn.— . 20V , 
WinMonmn Klrir. 27 I 

15i b ' 153* 


I Pnra-- 1+ oriDtv. iT'hi. 

1 Dm. - • % \ i 


aj« : 81^ 1 - 0.1 - 

to-day Romp, is a half-sister to Biskrah), SSifi^dls 'il 

Reuse 4^. 

Au Liquid 

Au liquid 296 f— 3 

AqultBin®. 429.5 1 + l.t 

810 480 j— 12 

Bciuytnier 684 1+4 

« Gcrvle...-. 471 \—4 

Carref our ............ ].592«1~-Z1 


717 1—18 4V 0.6 

25? >a i + 9- a ACJUL (28 centl - 

Price l+iir | Div.llid 
Fra. - Pw. i 


>8 t-U-AS ifil.lDl O-ti A I . 

-3 ! 16.3 5.6 At , 
.5 + 1.0 i26.2t 6.1 *11 
-12 !m.M 2.7 *- 

Arrow Australia f0.81 iJaalo 600 

*t®5) ® ' Allied MuuTrW/t. luda Si t2.30 .-... Chtoon 353 

“•*■[ Anipnl Uxplunuino 11.19 -ffl.M Obj Ni|ipoa Print 555 

7® t | Ampol Petroleum TO. 80 | Put* Pontti 571 

Whitstead, a 10-1 chance for turning to the Sussex colt’s two- cifiainu\e.i.wrt^ 175 + 5 ' I — - cariefour 1 . 592 * 1 — zi I 75 ! 4.7 ' 

June 7, Calibrator, an improving lengtlis Futurity conqueror. »«nmerxhtiia — ; 225 1 17 7.6 34 a -2 i ii.s 9.1 ,'„ p 

and under-rated, repre^ntative Dactylographer. 2i 0 Sl^reish ffiSSSr’ ^ 0=01 A <7 WB 

of Nick Gaselee's small string, any further rain. uSSS.Tti^'aSS+OLa 17 ! sis wmShSU." 402 11 . 2512.8 *-«-« 

and that well-thought-of Secre- n „ ant OWg 153 14 .4.3 Credit Com Fr’w 126.0a:-0.8! 12 j 9.6 Wniiw-...^ 

tariat bay. Dactylographer. , Another event for 3 year-olds Dwun-iwBank.... 287.1 -oji ib j 3.1 cremwt Lwre. — at-o:+o.aj — - hI!*'*? * ^ I 

Rvan Price’s most burning t0 have attracted some useful Dinner Hank..... 240 .W- 0.6 28-iz; 6J — 819 ;-io 1 7 ^ 0.9 2™®"“'*' I ! •’ 

ra irtn iha narte* Dniertmff Zeuit.' 145.0-0^ 4 1.4 fr. Petrol- ;14.1C 11-3 Copter | 

ambition is to win the Derby — ia 9 .o~o.a 12 i 3.2 g™. o^-inientait ibs.u 1 S. 2&1 4.3 Hiii PmnrwiHi-* ...1 

- «-u« ...v..-u »*• — ■ " -- — - „ ' Hn iMudi j 

ii?' 0 i~ 9" 6 °- 7 'i Carlton Cnheri Urenen ... 

117 —1 — . - ^ j L - n . 

180 i—2 1B./7 9.3 CSR(Sl).... 

nno I S’? Ciilbt. GolitlieJd# Ausl I 

*®r 6 l 8 - 8 Am*!. Minerals- J 11.20 | riilai-hl — 241 

IL a’ a«c. si j ,,. 1B , SEES"™ ,,58 

58.2 5.3 Aisor. t-m. Iiulnatnm 11.76 I • luS. a 22 


1 Auitiinn leads second retreat 
(-}. 41 

5 Flowers ihe war spoiled f 67 
9 Two invitations'.’ You dun’t 

mean that (4. 4) 

10 Way an Afghan appears (d) 

31 Extended strange laic of 
stately home IS) 

12 Richly toned fruit. Goodness 
me! (6) 

14 Horrid beast might show 
muscle l5. 51 

15 Bird's place in car (ti, 4) 

22 It i lie given by mother to 

employer tfll 

23 Nutcase determined lo pay up 
(5. 3) 

24 I’m OK joining A and B 
maybe with hands on hips (6) 

25 Tcsi performance exposed 
hand uefure race (5. 3) 

26 Unqualified to make Cockney 
female weary (6) 

27 Intelligence lo dance during 
film (4, 4t 


1 Easily done by one student in 
features (6) 

2 Feel sorry at halt to National 
Trust (61 

3 Foreign currency the French 
crumple up (6) 

4 Meet an invitation from the 
other side <4, 6) 

6 Actual biography is not 
fictitious (4. -n 

OF PUZZLE No. 3.66(1 

Following are (he winners of 
Iasi Saturday's prise puzzle: 

Mr. R. Borman. 22. Queens 
Road. Mine head, Somerset 

.Mr. A. .1. Lander. 15, Rush- 
efiffe Road. Grantham. Lines. 

Mrs. V. ,J. Phillips, 45, 
Sycamore Road, Crnxley Green. 
Eii-^pUfcgfcorih. Herts \VD3 

7 Article left by radio amateur 
to female supporter of 
Spanish palace (S) 

8 Sweetheart you and I would, 
upset with sweet tobacco (5-3) 1 

13 Bet you can bear Commons 
restaurant (5, 5j 

15 Water setting into a mother’s 
beer (5. 3) 

16 Make oneself familiar with 
Bill getting old-fashioned (S) 

17 Call to mind concerning part 
of body (gi 

19 Goes wholeheartedly for fruit 
round Peterhead (01 

20 Lectures are nothing to swear 

about ( 6 i 

21 Noi being conventionally 
keyed up disturbed an alto 
< 6 > 

Solution lo Puzzle No. 3,665 

0SHEE0- -HHaHaHEra 
S 0- B E a B E n 

m -s 0 s s a an 


E D G m 0 s r 


0 a $ n 0 h 0 

EEEEiiERnnE ntor* 
B'D 0 010 0 0 



eJeohoo - anoHHHEa 
ta Cl E O ET Q B Cl 
HEoaHH eaa '9Enaa 
h s a man urn 
HHciB HsaaranBEaQ 
E S B Q B E3 . -Q 
Q9C1BE1E19. BnadBa 

am n ■ n a n 
jmmwn Bonsaas 
n b q b h o n 
aHraGHaranna 12000 
b b n a m 
'HT E Q - 0 £2 H Q 0 

aEjBQQHBB nas mmn 

ambition is to win the Derby — 
a prize whicb Giacometti at one 
time seemed sure to land h inl- 
and there is little doubt that he 
has a live prospect in Whitstead. 

This chesnut son of Arthur 
Budgett’s 25-1 Derby winner of 
1973, Mors ton. first showed bini' 
self to be a high-class colt In 
the making when running away 
with a 27-runner maiden event 
at Goodwood in September. 

Since then the Findon colt, a 
14,500 guineas yearling purchase, 
has failed narrowly to cope with 
Double Form here, run a close 
fifth in the William Hill Futurity 
and, this season defeated Shirley 
Heights by 10 lengths at 

If a strict interpretation of 
that Sandown form couid be 
relied on. Whitstead would be 

1J0 — Sweet Glow 

2.0 — Connaught Crescent 
2.30 — Arbusto*?* 

3.0 — Whitstead * * 

330 — Great Escape 

4.0 — Winged Dagger 
4^0 — Tap on Wood • 


130 — Monte Acuto 

2 . 0 — Abe rider* 

2^0— The Sandford 

3.0 — NickeUn 

330 — A Star is Born 

4.0 — Hardy Turk 

4J0 — Disc Jockey 

Hapap Lloyd J 114.5-0.5 18 

Htrpener 278.0 -0.5 9 

H oech st 133.8-0.3 16 

HoewA — 45.2-0.3 4 

Hortor 119.8 10 

Kali uud tjala-— 131,2i + 0.2 9 

Kant arit 293.5| + 1.0 20 
Kaufbol 199X1,— 0.5 12 

1.4 Fr. Pet ro*e»_ 

3.2 Gen. CtTi-blentaiej 

5 Jt 1 metal i 

3.2 Jauqnea Burel— .r 

— La(ar»e J 

4.4 L'Oraal I 

Ma> 1 2 Yw* ! - 

.-ViMb i Glass 341 i + l 

-0,01 taiwo 480 i+6 

i>»lo 600 —5 

Uiilnon 353 +3 

+0.04 Dbj Ni|ipcia Print 555 +Z 

I Fuji Finical 571 +5 

I rt Hartal 241 +2 

HooiK* Motors 587 +1 

| rluuse Fun.! 1,170 +10 

I Iinta 282 !— 2 

■ or I Div.rVlit. 

119.8.--.-. 10 4.2 tegrand - tl.780 -16 3B.75! ™ OonUtour iSl 

131.21 + 0.2 9 3.61 ILttHnnv Phran I QRn _ ,4 b « '.a. 9 - <,D “ u,, - r l 51 .'—. 


KHJ3 — 


173 f-1 
96.5' + l.C 

Limle — .... 2Z6.M 16 

Lotrenbrau 100— l,477rili+2 89 

Luithaoxa. 108.7'— 1.3 7 

3.6 llriseus Phenlx.J 960 -50 38 £ 4.2 1 

3.4 Mlcfaeim "2" / 1,414 —11 32.65 1 2.3 J. wn “ ne P‘ w,u ‘ 

6.0 Uoet Hennessy... 470 1—4 ia.6| 2.7 - 

- Moulinex 154.0'— 8.8 3 1 1.9 fSHjSE ,tuW * r (SI) 

3.4 Ptanbas 158.0-0.7 18.8b 12.6 Sf, 

— Pecblney 86.2 +0^ 7.9; 8.7 

3.6 Peramt-Ulainl _ ., 

inon 1 ji'ni -«»"«• I 382 h* 

i?-S® jr2'2? <"-V. (2,330 -20 

D,M i 6™ +e 

i*xns»i Kk«'l. Pu.jl.llO i 

}'V® Ko„isi«,i ! 347 +7 

6!62 ti:« •£«>«» 280 

tO 87 +6 08 i Vl' D * ,, 4.'en«inie 3,630 +30 

tl.S5 ! \UtauJi\ra tai-1 745 +4 

1198 -flfli iHiriibubi bulk,,' 279 
Jziw \*M H^shiHeisri 136 -2 

+2 59 1*0 04 OiOiuMihi 435 

tils .Uitaml A Co.— -.1 334 +2 

.UUsakosht 1 553 +3 

J2.28 +6.08 .vippon Deww 11.400 + 20 

1J-5I LriSi ripponSWnpan^ 669 

14 2.1 
12 L3 
25 2.1 
20 2-B 
18 1.6 

15 1.3 
12 2.5 
18 S 1.5 
35 1.6 

12 2.7 
30 1.1 

13 1.0 

| 10 

+ 7 18 

18 | 2.6 
16 i 2.7 
36 . 0.5 
20 l 1.3 
10 • 1.8 

12 ; 4.4 

13 1.9 

14 1 2.1 

UU I 1.8 

15 OJS 

-klcard „.j 253 1—6 
L-Ciiroen.. 356 t— 1 

MAN 175.51+0.6 i 12 

Manoemaun. 148.8-1.4; 14 

MeullRin. 198 j— 1 10 

MuDchenwHuck. 830 —10 | 18 

Ncwkeruuna. 116 > > — 

Proiiwau Dll WO. 109.0 —0.5 ' — 
KtaeinWoUiiect. 180.8—1.5) 25 

rioliennii 251.S— 1.5 2u 

nemen- 272.8 —0.3 I 16 

ourl Zueker 244 +1 17 

Thj— enA.G 117.0ni -0.6 I 11 

Vans..- 168.7+1.3; 14 

VBHA 104.6 —0.7 | 12 

VereuirA West 8k 28Sid +1 -18 

3.4 Radiu Tecta nlqne.i 437 j— 5 

14 4 I 7 

10 2.8 w,, ' a ! e FooVni 

661 -3 

88 . 8 — 0.2 

7 9‘ 8^7 ^liler-Srolth fH-O 

7^6 2^9 RJ6. loiiustriw.— - 12.10 

15 4 2 S 00 - Property Trust, tl.63 

__ Hauieraley - f2.10 

27 6.2 ? 1 ‘ x,kcr - 10.74 

£7 4.8 .1. Australia .12.18 

9 1 10.0 — — 

ij® m.Uebi In 144i9r— o'jl 14.56llo"o Jennliqra lodunriee I fl.30 !+QJ1 

J akin RoMicnnl — 1.605; 39 2.3 Jones (tamJu | tl_28 1+0.0B 

- 7. ,J « 274 +1 ASuJ 9.3 Lennart Oil I tO.ZA 

109.0— 0.5i — - ’iw 274 +1 

180.8— 1.5 1 25 6.9 taeniecanique.... 733 +3 I 2 Sri| 3.S Metals RxiMrtaUwu 1 

25I.S— 1.5 Hu ■ 4.0 *B9.7|— 2.8 1S.1& 8.0 1UM Huhlinus. 

272.8 -0.3 I 16 [ 3.0 U ‘ llnL>r 24.8 —0.8 | — I - Mj-er Kmiuriuni - 

244 +1 17 ! 3.6 - - Nc«a. 

17.0i(i— 0.6 1 11.4.7 CTOrrum U SWwIu lumroalkHUl 

168.7 + 1.2 1 14 4.1 — North Urukea H'rtluns < 6 Oe 

104.6'— 0.7 1 12 5.7 1 J + ,u . IVkbrid/re 

28Ssd +1 ■ 18 1 3.2 May 12 Krone I — Ki. ) {: Uil Search 

something of a racing certainty performers is the lj-mile Cos- vwTJroS m H + I 1 « i 

not only for to-day’s race but mopolitan Cup, in which the — - as — 

also in the Derby itself. For lightly-raced Arbusto will be try- RRiraricn ura*nnimr 

Shirley Heights has given the lng to concede 6 Ib to tn-form “^“/‘■u^hbourq 

form a fine boost with a short- Brother Kempinski. I have no u«v 12 i i*™. [ * !?I v ‘v.. 
head victory over Bose Bowl’s hesitation in siding with Arbusto, | p «. —';%'«■ ±’ ' 

extremely talented half-brother, who struck me as a potentially 7 — 1 !— -4 — 

He de Bourbon, at Newmarket, high-class colt when defeating SrttaT L + n« ! T. 

alfh n „-rK nnlilral.. Snniia in ^ “1- or*- Dlh.....l. □ 50 U-20 60 3.9 

ASoughmaV^Tre-a^ ta SS BJSifeaS t« l,fg SS SSS-KS 

to prove quite that simple for event at Redcar on his third andl CJJ -K-Ceruem'.!.'u!36o :+8 

Mil AVIvrriO) 209 +4 6.5 1 2.6 Pioneer 

Alfa Laval 6(Krt0j 160 1—4 5 3 3 Heeldtt 

.V5KA (Kr.DD..... 83.6ri:— 5.S 6 6.0 H-C.dl 

Atlan CopcxKKrSS 125aJi 6 /+.B ikiuthla: 

rilllei-ur|_ 79.5J — O.S 4 I 5.0 yparar* 

Baton I 120a ! 1 y4 3.3 T.«jcli(S 

L'artlo. 185xi-l — 4 10 5.4 Waltona 

tallulosa.... 226 10 4.4 WeBtorn 

Hlect'lux - B' iKoq lSlx^.— 1 8.3 4J8 Wnolw 

Kricaacai'H'dCrtOj 136 |— 1 9 4.6 

New*. 12.28 

Nlriiobu luiornalkMUl 10.84 

Nortl* Uruken H'fUuts <90u 11.12 +Qj03 . Dakbrid/re Tl.65 *0.06 

Ui. I ir Uil Starch... .... tO.09 VIENNA 

■ ■■■-- Otter fixplorat ion...... 10.19 

6.6 12.6 Pioneer Concrete- 11.54 +0.0 J 

5 3 3 Reddtt ± talmap 12.83 -fi.Bg Hay li 

6 6.0 H- C. Sleigh 10.70 +0.01 

6 I +.8 Snuthlanri Mining—— t0.20 

4 I 5.0 Spargo" Exploration 10.21 t-0.02 

y4 j 3.3 T-hIi (S) tl.80 ...... 

I M, "rr* 1 uuiuiam*. l 

1-02 viraa Rout;. 806 - 16 1.0 

Pioneer 1.860 —20 48 U 

, - 0B kaovu Kiedrie— 25Q +2 18 2.4 

p ... ^ekLaienOh — 910 -4 30 1.6 

*hl*rtJo 1.100 +10 20 0.9 

suny - LAM +10 40 1.1 

lAl-4io SJurtoc..... 240 — 11 2.3 

1-00 i*|ialg Chemical. 360 16 2.1 

prr *'DK..... J2.100 +10 30 0.7 

•rum 121 I 10 4.1 

1.00 u'k wi Marine 506 11 1.1 

.... inKiokiect PDv’n 1.060 j_ 8 Zh 

1A1 v-'Kvo -*nvfl.— 310 i — 1 - 12. . L9 

UI Liikyo^hilunra... 146 ;+l lu 3.4 

L03 turar 147 1—1 lu 3.4 

— i.’vntw M.iicn - 975 ! + 10 2' 1.0 

Scarce Ntbha Securities. Tokyo 

5.4 I IValutna- - .1 t0.86 

Uellukaa I 226 | 10 4.4 Western Mining (60 cent: 

Hlect’lus'H' (KoOj 151x^— 1 6.3 4J8 M'oolvrurtha 

Kricaacio 'B'lKrSOl 136 U-l 9 4.6 . ' 

0.01 Semperit. 

Whitstead (wbose dam, Tudor final juvenile appearance. 

^£e ril '469 V 35 I - - wtwmZ . ids r+a”” 

— .2.30081 , + 5 (177 7.7 Grangea (fwe) J 46. 6( 

.f-040 + 40 43U b.5 aSrti«ranlien...] 31Srt+l 

Fat+rqwc Nat 2,505 1 170 o.B Jlarabou J 120 «d'. 

i r B,n + n 5 ? - 3 HnOeb lXxn«tu.J 60 i + 4 i 

hS -2 85 e.4 s ik A_tt 1 255 J 

Hniimen 2.250 , + 46 I7u 7.6 6.K.P.-IP Kr... J 76 1—1 

Intcnrom 2.c60 ; + 10 142 6.B Svaml Kn.tiaV. J 140nl 

7.3 K,«eite“B" 1 

— Pagenita J 

244 f 

105 |+5 


315n£+ 1 

4 jg lVnolyurt ha . ( 11.63 





i m I- — ■! 


+ 2 







7c 3.8 
14 6.8 


Mar 12 


Banco Bilbao 

Banco Ada mica il.DOOi 

Banco Control 

Banco Exterior 

Banco General — 

Banco Granada iLHOO) 

Banco Hlspauo 

Banco Iul. Cal. (1,000) 
B. toil. Meditprraneo ... 
Banco Popular 
Banco Santander (2301 
Banco Unjulio rt.eooi 

Banco Vtscaya 

Banco Zaraaosano 


Ban tts Anftaloda .... 

Babcock Wilcox 




E. 1. Araeoaens 

Per cent. 

Ibcrducro ......... 


Pa do tray RetinJdas ... 

Pe troll her 


Sarrio Papalera 


Sogeasa - 125 

Telefonica 90 

Torras Hostencb % 

Tafiaccx 125 

Union Elec. 86.75 

82 - 3 

M3 - 7 

7W -2J 

130 — 

am - 4 

M - 4 

41 - 1 

% % 



May 12 

An/do American corpn. — 

®l«-2 AlwfcKEU# | 104.6*1+1.6 a21 t 3.4 Si nC nrSSto aled ilS 

*‘2 r’S' 8 Ab/v (P1.20) U8.6+0.1 — I- £?5L DrtoRWWIn — 1L40 

inianiuni Z.v.'6D ;+10 |142 | 6.0 Snaml Kn.kKiV.J 

nrelleUaiJk .6.700 i + IO Id6a i 3.6 ramisrik -B' KolJ 

ut KiiyxJe Bei-e... 6,010 >—40 !3wo [ 5.1 (.'tlrietanuu [ 

Hui HTOriing., 2,4a0 SUB. 3.2 Volvo (Kr. 30) ( 

Prtrolina 4.335 +55:174 +.0 

i-V- ll 3 |'S A'^in HiSkiWM) 348 ,tu'.5!A2Wl6.7 Sggj" 

f-K-P.-ll h*>.— j 76 .—I 4.o 5 .9 .\MBV IFI.IO).™! 8S.7 +0 5 1 Vn44(lS B 5 3 11110 115 

Saanl b'n.kiiria... 140*4...^.... e 5.7 Amrohank iFlJw! 77.2rt +o!a I'r^s! ols Sl!£?“ 


79*0 + 3 



6-3 Bljenkmri 1 9 j.o + X.8 23 15.1 

— B<iliiiWc*t'm(PIO) 120.3 +u.3 80 > 6.7 

_6.B UiuliiTuTrt ton«li.] 70.0 26 | 7.4 

« a i rooof • — 

5 . 2'i RtMuenbunr Platurum — 

1 I nv.. Ucn Unnqiji-.j2.n50 —10 I2u4 6.9 rnncuukreu A 

— jaoc Gen Bclir>qu^2.015 ' + 26 1140 6.9 tUPtNHA&EN <* 


auhna 3.020 L— 40 21b 7.1 

x*iray -,2,570 +10 Ai(W 7.B 

rixvikw Biect_... 2,775 —5 170 6.1 

UGU - 964 +18 — - 

Un If in. (MO) — 780 +8 50 6.4 

Vieiiie MonWjjnieJ 1,660 —20 — — 

+ ur | Div. JYH. 

~ 7. Andelatenaen 135.25 li fl.I hSKfM0?)I 

SO 6.4 Burnt t** W 42B +2 15 a.S k.W TKfflOCo i 

-- ~ 181.26 Id 9.9 

”Pn« | -{-or (Div. 

Banco du Bnuito. 6.22 

Eauanola zinc lu — « 

Exnl. Rio Ttnto 10ZJ - o.Z5 

F>.VSa il.DOOi 73 Js — 3.75 

Feniwa 11.000* 73 JS — 

Cal. PretiadM 83 — 3 

Crupo Veiazquca nofli 105 — 

B'dmia 84.75 - 1.73 

Petrobu PP I 


wiam Onus OP.... 

Vale Kin |K> + (*V 


May 12 Cru* — L'my i ' . + or 

1 May 12 Fra. — 

A^viiia 1.00 -0.92 12.0 

Banco Ju Bnuito. 6.22 -0JM.17 7.49 

B<ui«> I tan.—..,.,. 1.20 ISJ: Aluminium. .1.195m +40; 

Bet/soMlneiraOP 1.95 +C.oii/.lk 6.67 '1.6A0 +60 1 

V-m.- Araf. DP.. 3.11 — OjOl + S.43 Cita Gel*ty(Pr.i0ftl,26O +80 I 

Petrobu PP 2.92 - SO.IO I8.d2 {*»• (-<«- MO +50 

Pirelli 1.74 .16 iJID Ua K§{.. [ 632 + 16 , Unix OP.... a_Ha i«7 Liolll Sulrae 2.210 +3U 1 

Si. Helens .... . 
Sautbvaal ... ., 

ubjwijb Hank...... 121.25 Id 9.9 Muller tlx... IBQ.Dst 12 17.S Nurtffl tFI lto " 

wo, 50 :? 25 H I 1 ?-? NacArtL'inib! 

1.74 +J.i4( .iBlaJM 

a^O I '§ u 7 Lieilli buiwe 2.210 

8.02 j""™' 2 [j.50 Elect* nwatt.. 1.630 

Finan^bonken 130.50 +0.26 13 

— - — Pot. Bvcjpiner.- . 341 +J 12 

Div. YIiI. If.*. Ap, r . 75.6 8 

i HnJiri Intbank 123.50 12 

U.JCth'nH.cKrSJ/ 262.0+0.5 12 

N».nl Kaiiel... 243.60*4 12 

b 2.6 (Jlurfalirik....„„... 77.00 +0.26 12 

1U | 2.9 Pnraiuonit.., 130.50 — 

22 t 1.0 Provtirtmnk 135.25 11 

jdH j ZA Soph. Bcrenlwn. 381 +1 11 

2a j d.5 ,upertte 190.75 +0.M IB 

lb ! o.b 1 

Klacnar VlPl.20). 269jid, + 2.5 1 27ri 2.0 Gola piclris SA !!™.?-"! 2M3 

huniBX.l Jlramr 144.7;— 1.3 37.6 3.2 union Corporation 4.40 

K, | nrt.on.T,lFcW bd«|.. B4.9 5.4 Do BreraWTemHl Jl- S.B3 

* * l 7 '° Blrroaniicdcm 5.M 

% % UeinckeaiPl^Si..] 102.8+0.9 14 d.4 EllSf Rsild Pty 15.00 

7T Hmbovmu. (FI.SW 32.6(+0.9 — — Free Slate Gffluld 29.00 

** 0, I HunierD.(Fi.lOO)l 2&.li+u.i 12 4.6 President Brand TlS.M 

Ti f S -K.L.11. (P(.100)...i 146.21+1.0 - - President Stem ttl.65 

lul_ Muller iiaj)..* 46.5; -0 A 18 7.9 SHUotUQta 4.00 

Nannlen (Fl.lQt... 33.5ri + 0.3 12.5 3 7 WeHcom 4.40 

Nat. Neil liu.(Piloj 111^+ us aa 4.3 W,!S, Drieftmtela 32.55 

NedCmi BlcrPi.M 63-83-0.2 Bi 7 9 Western Holdings ,127.00 

NedlUdUkiFIJniil 189., -2 22 b!s Wesrem Deep^.^^.^W.0* 

Oce\FI. 20).^ 148+1 J 36 1 4.B AECI 2.0 

Ian urammra..., 125 +7.5 18 6.4 ftiwlo-Ampr. Industrial — 8.2S 
Pabbued (Ki. S)j. 39.B +0.B — - Bartow Rand S.« 

..... 33.5nJ+0.3 12.5 3.7 WeHcom — _ 

T °-? Nau.NBilns.iKiloi 111^3+ 1;5 48 4.3 w,?s, Driehmtela 

l E rof KedCrad BkiPl.M 53 . 84 ! -0.2 BI 7.9 Western Holdings — 

12 8.9 189*i —2 22 5.8 WMTem 

13 4il Dw jFI. 20). n 148 +1 136 4.8 AECI 

12 5.0 'an Ummcntn.... 125 +7.5 18 6.4 ftlWlo-Ampr. Ind(istria 

12 - Pabbued (Ki. 2W). 39.8 +0.8 — — Barlow Rand 

— 8.5 Philips (FI. 10).... 24.9*0' ! 1? 6.B CNA Invest me nle 

. 148 +1 
125 +7.5 

39.8 +0.8 

"ta + pil T.51 T*- riWL f.i rher 'Gewjwili ^675 1+15 j ^ } 1? 

— — — J — HufTojau PtCert*.. 80,600j+ IS6o! *Au j j .7 MILAN 

VoL Cr.SlLSm. Shares 43.Sm. Lfcu i»niali)...J8 > 075 r+34>0 56,06 ““ — Fn^TTTP 

Source: Kin de Janeiro SE. lnten.wi 11. -L , 3.750 LZ!. a3 ' It Mav 12 U? I 

-■elnroli (Fr. I0U* . 1.470 nr + 40 ! 31 j 1.4 - - ‘ I 

— SmlBlFr. IQI*) ... 3.430 j+ 100 2.5 A.VIC— 98 1 + 3.26' 

D°- l<e S- -2.250 + BO ;« 36.1! 3.0 Ua»irun 434.75+16.75, 

„ . . (b-niiMiiu it' t! c»Kn 1 ic. I, ‘ Ji n 

m * KjrtehVoiFl.lln 

$ - c J{.il>eHi(FI 50) 

8.3 ««u»» (FI. fcO)...( 
l(urentu(KI. 50)... 


82 Ut | — - Currie Finance CL«7 

166 1+1 ,\2S6 7.7 De Beers Industrial . .. 9.9S 

126 !+l I — — Rdjtars Consolidated Inv. ti.M 

ldl.B—u.B I 14 5.3 Krtoam Stores SS.30 

— U-vrBilmtdiifliJji 120.1+0.6 151.76! 8.4 EvprRcady SA 

aixvmrtjritj; ( 249.5m +0-1 J 19 i 7.6 1 Fedrrale Volksbelec&inssL.. 

r ui [lilt-, V 

Mere! t 

.itevin Grj.rF(J»! 130 • I 27i; 4.2 

Tnlcy».Rie. UliLkSi 109.0 m +0.5) 30 U.7 

l. ulivver (Kl. 201. 114.6 +0"6 42.8 J 74 hJi 

Gredlornians Stores 

GiKirduut Assurance (SA) 

[ ViBln^Ke".riilSlj 39.8+0.3 

1.2 J-MeCarttiy Rodway 

... Ud.U TW.M AU I A. A Vnrtrtnnh 

''tallwi'tlu.Uonk 3B5.0 b1-O.S- 33 42 o^eSiare 

M inK« : ,a^ ers<!as ” esclude 5 prwnium - BcUtUa dWdnKls m aricr BSliSpIBMi"® bi 8 

stated, 4KT.1M deoom. udess othervase stated- 4 . ProSM denam. unless ^ ta. Part* Leri* 
mherulsc stated, f Yen 50 detrain, unless otlwrwtse stated, ff Price at Umc ot ^‘ndle^taPliXi 
xus pension, a Harms, b Schillings, c Cans, d Divtdend alter pendlaa rich is artwrCts (F,U»i 
and or scrip itaue. e Per share. I Francs, 0 Gross dlv. %. h Asaumed dlridend (Fr. 

■ n * r *? cnp PBdlW Issue, h After local taxes. la* fi+t, a Francs. Sw iaa Bank(F.lD0 

IS 116.3 Kut 1.946 

lo j S.5 Du. Prtv. 1,887 

1501 7.7 
160. 8.9 

♦ DSI50 detrom. unless othenlse stated. 99 PtasjOO denonL unless I ^“P'tasilFr. ^au>..|g,80fl«i I I 26! 1.7 Flnxider "!!!"!!” ' 77 |+1.7a r- ! — 1 TftwvT 

464>di. ........ j ub 2.8 tialccroeat. 10.675 1 — 24 AJOl l. 

285 .+ S 12 4.2 lULtder.™........ 150 +2^5 -{- 

38CW: + 36 14 3.8 Modiobuicn 32.550 1,20013 

§l§*l !+ 10 10 4.3 MoatMlncHi 138 +2 — ! — 

, iEM + i2 lu 2 6 Uiirectl Pnv.„ — 930 +5Q.S — - 

'■590 +50 40 2.2 Pirelli A Ox. ?2,105 +15 130 6 . 

!j gO*d |f «_ 80 3.4 PireiliSpa. 974 -1 80 8 . 

.0,768™+ 18S 44 2.2 Sai* Vlaco«a...„„. 609.5+20.5 — _ 

1.200 3.7 Berffen taub 

— , — Borrewiani 

— — CretUttaBk.. 

130| 6.2 Kohiho,. 

60 8.2 k'reditluuMen 

— — .VoraliHvdroUr.a) 

rftfcv | +w ; ■ur 

Kroner J — ^ 

9a "1^1 9 

64,01-2.5 4 

106.51 +0.6 11 
255biL-3 20 

_J Premier MUUOs 5.03 

Pretoria Crmcnt 5.10 

Protea HoUUnuti ij$ 

TvTyui. Rand uinas Properties 150 

* « Rembrandt Group 045 

- _ . Same Boldinas tL45 

a 9.7 SAPPI - LOO 

% 6.2 Sorec 10 JJ 1 

1 09 SA Bcewerkra UI 

3 7^8 'Pkwr Oats and NatL Hie. 9 J 5 

1D6.5|— 0.5 j 1 1 10^1 VbU ^.:7" 

a-mrebom.1 | 96.351 + 3.76, 

Securities Band $U50.73 
(Discount of 3&53%> 

Financial Times Saturday May 13 197g 


22% rise in 
from Bank 
of NSW 

.By James Forth 

SYDNEY, May 12. 
B.ANK of New South Wale'S— 
Australia's largest private trad- 
ing bank — turned in a solid per- 
formance in the March half year, 
lifting group earnings 22.1 per 
from to $A33.0m. 

The directors said that subject 
to any Changes which may occur 
m tho level of interest rates, they 
expected profits to be maintained 
at much the same level in the 
second half. This would indi- 
cate a profit for the full year of 
$ Attain., compared with the 
$A53m. turned in for 1976-77. 
Interim dividend is iiFted from 
14 cents a share to 15 cents. Last 
year's total was 30 ccut& 

The bank's earnings improve- 
ment came as no surprise as the 
53.5 Per cent, owned Australian 
Guarantee Corporation — the 
country's largest finance com- 
pany— recently reported a 28 per 
cent, boost in profits for the 
March half to SA25L4m. 

The earnings increase com- 
pared with a 17.1 per cent rise 
m group income, from $A294m, 
jo PA344m. Banking profits 
increased 23.2 per cent, to 
$A2iin. wlulc Af.JC's nmtribu- 
lions rose 20 per cent, to 

The Bank of NSW has out- 
performed the National Bank of 
Australia which -earlier this week 
reported a profit increase of 522 
per cent., to $A2L7in. for the 
March hair. 

The major reason for the 
National's sluggish performance 
was that its finance offshoot, 
C us tome Credjt Corporation 
made very little progress. 

; . s - 

Australia opens way 
to uranium mining 


OMoedHh7^ LI ^i? t ? 0V ® rflm . eDt lh e acceptance of an Envlron- 
221“ way i? ^ ? ewlop - Impact Statement “ on 

ment of the vast uranium re- the extension of the Arnhem 

Hi S^ay the Gove*4men?ifpS 

mSSvJT 1 1 l l s t t i 0Ut ** pared t0 al,ow Paocaatinental 
conditions under which it would to construct the extension of the 
be prepared to allow Pancopti- bigfawa£“ extension or tne 

"5?J_ al M, ° m build a vital The extension would give Pan- 
access road to its project- continental’s Jabiluka deposit, 

This is the first tangible evi- the largest in the region, access 
dence that the Government's t0 “ e port of Darwin in the east 
uranium development policy. and ' 1Dk ^e deposit to the 
forged out of bitter political continental highway system, 
debate, is taking a practical • The letter also said that there 
shape, and is therefore of high D .° . lc S aI requirement for 
significance if Australian uran- A “Original consent to the pro- 
ium is to be available on the P nsod work. This is seen as 
international markets by the lm P° na ut in view of Aboriginal 
early 1980s concern about having anv uran- 

mines in the Northern 
The Government move follows Territory 
complaints by companies with It is expected that Panconti- 
uramuin interests in the area nental will be able to meet the 
inat unless quick Government environmental qualifications 
decisions were taken, there could rapidly. This would suggest a 
pe no start to mine construction start to the road’s construction 
in the coming dry season and within the next few weeks 
that a further year would be lost. It is not thought likely that 
. ,^ a ^continental has received a the Government would allow 
letter from Mr. Doug Anthony, road construction and then for- 
the Australian Deputy Prime hid mine development after- 
Mmister slating that subject to wards. 

Higher Krupp steel loss 


*u Krupp , H'lettenwerke it hopes that the European Com- 
trixHi. the steel-making arm of mission’s measures may bring an 
* it£K5SL C0IM ? rr1 ’ made a ,oss * m Provement in the steel market 
of DM3P.9m. ($20 dt.) last year wiihin the Nine, against that 
against DM37.9m. in 1976— a must be set the enfeebled con- 
result which would have been dition of the international steel 
worse but fur extraordinary market as a whole, 
earnings and a profitable per- FKH turnover fell by 5 per 
formance from the company's cent against 1976 to DM4.5bn 
special steeis sector. and crude steel production! 

FKH. of course, shares the dropped by 8.3 per cent to 4.Bm. 
sales problems of virtually all tonnes. No dividend has been 
its European competitors. While paid since 1974 



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Address* „ — • 

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Commodity OFFER 37.7 
Trust BID 35.8 

DouMs OFFER 84.0 
Option Trust BID 80.0 

Cooimadity & General 
Management Co Ltd 
8 St George's Sheet 
Douglas Isle of Man 
Tel: 0624 4682 


it 28th April 1978 £9.99-£l0.40 
P.O. Bo* 73 
Si. Hclier. Jtrwjr 

Nest dealing 3I« M.ty 1*78 

French unit 
files for 

By Sue Cameron 

SUSTAINED trading losses have 
forced Berglas-Kiener, a French 
subsidiary of the Courtaulds 
group, to file its balance sheet, 
which is the French equivalent 
of calling in the liquidator. 

Courtaulds bought an Si per 
cent, interest in Berglas-Kiener, 
a wool weaving and spinning 
concern, in 1975 when the com 
pany was already in serious 
difficulties. Courtaulds bought it 
with the intention of entering 
the high quality wool cloth field 
which it had not been in pre- 
viously. But despite “consider- 
able investment,” including the 
buying up of debts, the 
Courtaulds rescue operation 

Last year Berglas-Kiener made 
loss of Frs.6m. (S1.3m.) and 
losses for the first quaner of 
this year were Frs.3m. Yester- 
day Courtaulds said it had 
realised last year that it could 
not turn Berglas-Kiener into a 
viable operation and in January 
this year negotiations began on a 
deal to sell the concern to La 
La in ere de Roubaix, a major 
French textile group. 

The deal fell through but it 
is understood that the possi- 
bility of La Lainere de Boubaix 
making an approach in the 
future has not been ruled out. 

Under French law, Berglas- 
Kiener will be able to continue 
operating for a provisional period 
while a solution to its current 
difficulties is found. In practice 
this means that cither a buyer 
will have to be found or else it 
will have to shut down. 
Courtaulds, which launched its 
rescue operation of Berglas- 
Kiener directed from the U.K. 
and not through one of its French 
subsidiaries, says it is hopeful 
that the ailing concern will be 
integrated into a wool specialist 

Berglas -‘Klener currently 
employs about 500 people, all of 
them French. 

Sandvik order 
intake up 

By William Dullforce 

SANDVIK’S ORDER intake dur- 
ing the first quarter of 1978 was 
26 per cent, higher than in the 
corresponding period of last year, 
managing director Arne Wester- 
berg told the annual general 
meeting to-day. The Swedish 
cemented carbide and steel group 
now expects 1978 sales to reach 
Kr. 5.4bn. (Sl.lTbn.l or some 
Kr. 100m. higher than the target 
set only a month ago. 

Earnings are still forecast to 
stay at last year’s Kr. 470m. 

Kaufhof looks for marked recovery 


KAUFHOF, West Germany’s 
second largest department store 
chain, is heading for markedly 
improved sales and profits in 
1978 after a somewhat disappoint- 
ing performance last year. It is 
also adapting its strategy in the 
face of increasing competition 
both from the mail order 
business and specialist shops. 

In the first four mouths of this 
year turnover of the Kaufhof con- 
cern (that is 84 Kaufhof and 99 
Kaufhalle stores, without travel 
business sales!, rose by 5.5 per 
cent, against the same period last 
year to DM2.2bn. Wilh inflation 
running at about 3 per cent., 
this means a clear sales rise in 
real terms. 

Precise profit figures were not 
revealed but were described as 
“much better than last year— as 
they ought to be.” No exact fore- 
cast was made for the year -as 
a whole— but Uie development of 
business is mentioned in the 
same breath with that of 1974 
and 1975, when Kaufhof achieved 
net profits of -DMSlm. and 
DM90.5m. respectively. 

Last year net profit totalled 
DM50. 7m. after DM63.2m. in 
1976. Turnover rose by only 2.2 
per cent, to DM7.1bn. 

Despite big success in the 
travel sector. Herr Friedrich 
Roesch, a board member, 
squarely faced the question 

whether the “golden days" of 
the big stores might be passing 
in tbe face of increased com- 

He believed that, in the long 
run. competitors relying chiefly 
on cut prices to attract sales 
would have to modify their 
strategy. The German consumer 
was becoming choosey about 
better sales advice and after- 
sales service- Kaufhof was 
accordingly boosting its efforts 
in both sectors. 

Further a whole new growth 
branch was emerging through 
increased leisure-sport, hobbies, 
holidays and the “renaissance of 
books and records." Kaufbofs 
fashion department topped the 

BONN. May 12. 

sales growth la year with 20 per 
cent. and was doing even better 
this year. 

Tbe disappointing perform- 
ance Of the stores industry was 
further confirmed when Karstadt 
announced that its net profit 
dropped to D 1170m. from 
DMl22m. in 1976 on turnover 

totalling DM7.4bn. A cut in 
dividend to 15 per cent from 20 
per cent, is proposed. 

Karstadl's position bos been 
complicated, not only by the 
relatively small increase in 
demand last year but also by its 
progressive takeover of the ail- 
ing Neckermann concern — a pro- 
cess involving big investment 

PUE in chemical reshuffle 


TWO OF France's leading 
chemicals concerns have decided 
on a reorganisation of their 
activities in the area of inter- 
mediate products for PVC and 
Eor painL They have decided 
that the world market is simply 
not strong enough to justify 
their both continuing to operate 
In both fields. 

Consequently, Produits Chiml- 
ques Ugine Kultimann, the 
chemicals arm of the PUK 
metals concern is effectively 
withdrawing from the manufac- 
ture of resins for paint and its 
clientele in tills field will be 
taken over by CdF Chiraie, which 
is pan of the State-owned coal 
mining concern Charbonnaces de 

CdF Chimie in its turn is leav- 
ing the field clear for PCUK in 
the sector of intermediates for 

To level up the benefits 
PCUK will pay an undisclosed 
sum to CdF Chimie. 

In detail the agreement means 
that in the synthetic resins area 
PCUK takes over the customers 
formerly served by the phtalates 
production at CdF Chfmie's plant 
at Vendin, and CdF Chimie lakes 
over supplies to PCUK customers 
of alkyde resins currently made 
at PCUKs Viilers SL Paul 

The accord also extends to 
oxo-alcohol and acryionitril. 
PCUK is to acquire from CdF 
Chimie the latter's 50 per cent, 
stake in the company Courrieros 
Kuhlmaun while the CDF 
Cbimie's subsidiary Norsolor, 
France's acryionitril producer 
will supply all former PCUK 
customers with this product. 

The plans are expected to be 

PARIS, May 12. 

implemented between the end of 
June and early August of this 

year. PCUK commented that 
the moves were part of its 
scheme to trim production to 
the needs of the market and 
concentrate its -activities in a 
smaller number o( sectors where 
it could enjoy a stronger 

The agreement would mean 
the reinforcement of its position 
in oxo-alcohols and phtalates in 
return of the abandoning of its 
alkyde resins and acryionitril 

PCUK ended 1977 with a 
Fr.tiora. group loss after 
Frs.226m. of amortisation. CDF 
Chimie parent companies had a 
net loss of Frs.46in. and a nega- 
tive cash flow of Frs.24m. while 
at group level tbe loss was 
Fr.71ra. but the cash flow was 
positive at Frs. 62m. 

Woolworth ends 
Rockower talks 

F. W. WOOLWORTH Company 
and -Rockower' Brotbenr have 
ended .negotiations for the 
S 30.2m. takeover of Rockower 
by Woolworth, the two com- 
panies announced. 

Rockower's principal business 
is the operation of licensed men's 
and boys’ wear department in 
Wool worth's Woolco stores, in 
1977 it had sales of Sll5.6m. 

Kulim (Malaysia) 

LOSSES at the Minister Bay arm 
of the hotels division of Kulim 
Malaysia Berhad were 2.816 ring- 
gits'in 1977 and not the 2.8m. 
ringgits reported yesterday. The 
losses are effectively caretaker 
costs for the Minister Bay de- 
velopment which consists of B4 
acres of as yet undeveloped land.- 
The Johore State Economic 
Development Corporation has a 
44.7 per cenL shareholding in 

Tonga at-Primrose plan 


TONGAAT is moving quickly to 
entrench its control over Prim- 
rose Industrial Holdings, the 
Transvaal brick group in which it 
achieved control in a market 
operation last month. 

Tongaat is now actively con- 
sidering terms for reversing its 
wholly-owned brick subsidiary. 
Coronation Industrial, into 

’ Tongaat currently owns 33 per 
cent of Primrose's issued shares 
and has proxies, over sufficient 
other shares to give it 50 per 
cent, plus voting control. 

But these proxies arc only valid 
until the next general meeting. 
Although Tongaat has not yet 
finalised relative values for Prim- 
rose and Coronation, the deal will 
be implemenled by an issue of 
new Primrose shares to 

The relative capacities of the 


two groups, suggest that Prim- 
rose's issued share capital could 
be nearly doubled, leaving 
Tongaat wilh two-thirds control. 

While Primrose enjoys a vir- 
tual monopoly of the face brick- 
industry' in the Transvaal, Coro- 
nation is in the same dominant 
position in the Natal and Orange 
Free State market. Only in the 
Western Cape do the two groups 
compete. Although a merger of 
Coronation and Primrose will 
create a monopoly over the face 
brick market and give it well 
over 50 per cent, of total brick 
production, Tongaat does not ex- 
pect any problems from the 

Tongaat's case is bated on tbe 
argument that geographical 
monopolies already exist and 
that customers are protected by 
price control on bricks. 

Barlow Rand 
sales and 
profits rise 

By Our Own Correspondent 

BARLOW RAND. South Africa's 
largest industrial group, has re- 
ported an eight per cent, itd- 
proi’t’iiu'iil in attributable taxed 
pro fils from R335m. to R36.4ra. 
($42.2m.) in the six months to 
the end n[ March. The interim 
dividend has been raised two 
cents tu nine cents, in order to 
reduce the disparity between 
the interim and final dividend, 
and 28 cents is forecast for the 
full year, against 26 cents in 

Sale.- - in Liu* first half are 23 
per cent, higher al R696m. 
ItsSOTm.j primarily as a result of 
the first time consolidation of 
tin* electronics company C J. 
Fuchs, and uf Pretoria Portland 

Barlow hand's chief executive, 
Mr. Mike Rosfuil*. says that the 
past six months were heller than 
expected at the end of the last 
financial year. Middelhurg Steel 
and Alloys had suffered a signi- 
ficant drop in profi's. as a result 
of snfi export markets for its 
chrome alloys, and Federated 
Timbers, the building materials 
and hardware division, continued 
to produce unsatisfactory results. 

But there vierc higher profits 
Trom coal exports in the Trans- 
vaal Consolidated Land group 
and good profit increases m Hie 
Caterpillar Tractor. C. J. Fuchs 
and Plaseon Evans Paints sub- 

Although Mr. Rosholt says 
that it is very difficult under 
current trading conditions lo 
forecast trends for the next six 
months, he expects the year’s 
earnings to be an improvement 
over 1977. The. second half will 
also benefit from the acquisition 
of 50 per cent, of General Elec- 
tric Company's South African 
subsidiary which cost Barlow 
Rand R27.5m. and will be con- 
solidated by virtue of Barlow 
Rand’s board control as from 
April 1. 

COMMODITIES/ Review of the week 

Sharp setback in tin Market 


TIN PRICES fell sharply jester- 
day following news that U.S. 
Congress sub-committee hearings 
on possible stockpile releases had 
been resumed. 

The Penang market, which had 
moved up strongly during the 
week, collapsed oir Thursday 
night losing all the previous 
gains. This triggered off a similar 
fall in London. 

The -standard grade cash price 
lost £122.3 to £6.380 a tonne, after 
reaching the highest level since 
December of 16,603 earlier in tbe 

London traders felt that The 
recent surge in prices, which rose 
liy over £600 in the past month, 
had probably been overdone. 
Hence the strong reaction ro even 
a him that stockpile releases were 
again being considered by 

However, a firm undertone is 
being provided by tbe shortage 
of immediately available supplies 
in Europe, as a result of a steady 
decline in stocks held in the 
Landun Metal Exchange ware- 

The weakness of sterling has 
also encouraged buying interests, 
an well as a report yesterday 
that Taiwan had bought 2.000 
tonnes of tin at a buying tender. 

Claims that Taiwan was also 
planning to buy 40.000 tonnes of 
copper, despite rejecting earlier 
offers, helped boost tbe copner 
market, especially as a hefty 
decline in warehouse stocks is 
beinc forecast. 

The resumption of stockpile 
hearings has also revived hopes 
of stockpile purchases of copper 
being agreed. 

£ iwt tonne 


Dec Jan Feb Mar Apr MayJ 

Taiwan is said to have 
accepted an offer of 26,600 
tonnes of zinc, but postponed 
its original plan to buy 15,000 
tonnes of lead. If true, this is 
very much in line with the trend 
in the lead and zinc markets in 
London this week. 

Discouraged by the cut in the 
UB. producer price, speculators 
are reported to have been switch- 
ing out of lead into zinc, where 
producers have been announcing 
price increases and production 

As a result cash lead ended 
the week £8.125 lower at £293.75 
a tonne, after falling to £288 at 
one stage, while cash zinc eained 
£3.75 on the week to £302.5 a 

London cocoa prices fell 
sharply this week despite con- 
firmation that Ghana is heading 
for its lowest crop for 20 years. 

Dealers said tbe 263.214 main 
crop total announced by the 
Ghanaian ’Marketing Board was 
in line with trade forecasts and 
in the absence of other funda- 
mental news speculators began 
to liquidate their “long 

By last night's close" July 
cocoa was quoted at El .853.5 a 
tonne, down £113 on tbe week. 

With the “mid-crop” expected 
to add about 15.000 tonnes to the 
Ghana production total output Is 
now expected to reach about 
27S.000 tonnes this year. This 
would be the lowest total since 
1958 and less than half 1964/65*s 
peak of 566.000 tonnes. 

An early “frost" scare in 
Brazil and news that tbe fvory 
Coast was withdrawn from the 
market were “ shrugged-off " by 
professional coffee traders this 

But the speculative element 
seemed quite impressed by these 
factors and prices rose on the 
futures market. Tbe July posi- 
tion ended the week £R7.5 higher 
at £1.456.5 a tonne. Fears of a 
“ squeeze ” on the prompt May 
position was a background factor 
in the market 

India’s rejection oF bids at a 
selling tender early in the week 
boosted sugar values briefly. 
But another high EEC export 
allotment and news that Tunisia 
bad bought sugar quite cheaply 
encouraged an easier tone and 
the London daily price ended 
£1.5 lower on the week at £99 a 


I LaloHt I | 

! |H1M» jUl-Rtf 
[|n-rtnni|*| .ui j Jew 
| unto*, 

! hl*l«*l ! ! 




Metals ! 

LVeO Mai ■ 

£GNI { 
SMb-lWd — 








An Lin mu v I’l.'Cfc T r ■ 

Kr&; Sliirttril9 s a^) 1 , S2.S75. , 4fit | ‘+6f.6 :S2.fOO-90OI $2.4 


ViitlVYire 1 km. 

£(545.76 +8.5 
£711.7S -rfiJi 
tfOWfi +7.0 
£295. Vb 
£&e.25 i-7-O 

5 nitli- Wii. Ui j 

Lksh Cnlh-idpt 

5 tnrmi tj Du 

ffwLl jim 

Ifi.l Cub!] * 

5 fntmih* ( 

■Ni'iei ; : ; — 

Wii’ 1 Off, — 

Phf inimi pn ij...... jrlLu.a j — 

Pfi+! JInrkrt (« ic.j JM22.&5 # 2 . 1 S 
Qinililiirr fVnh*.|, 

MWw v*r •>.- J 

5 tu-uMit f«i «*r... 

Tin i-osh 

5 louniiu 

JGTC7 £709.55. £ 6 t'J 
££47.5 £724£bl*l £fi!4.7b 

£SIS.75 £899 I JfliOio 
£858.15 I £7N.» 1 3*14.75 
E148.12SI SLUH& Sl&USa 

W,*imw (22.0UU. 

Ziii- mh 

3 niMilli* 



nrii-V Mil" i 

Hnrn*. Fill urM I CH'-lfi -0. u i> 


Fne-neli >\i. A Yell* ■«* 1 

lAanrkwIl 1 lilWsS -4L2S 

Uf- p 

— 1.1 
~i.» ! 
1-75 0 

I - 

XAK.5 +5.76 
£wlU.ia +4.0 







2S3. 1 

£3$ 4.7a 

£ 1.4.30 







SI*. 5 

C&.7T7.0 f'.tuo I 

£6.860 . .E6.477.5j £5.717.5 


I 5W-.5 si .'7.6 
£570.5 £51,4.5 BSkvtiJ 

JiitOj £51c.2fi 
$7*,. j bi»50 

£&’■'. S 





Wheat. . . 

Xu. I Red opnuK, 

Peinm - . Wli»t«— 


OUs . , 

Linked I. Cntile--— 
IWni Miilnyan 



•HlVrtKul*' i L- .>•>•— 

Other .. . 

L.ow aliii-meaii... 

FV -ii I |i-P 

(.'•►fTw Futni*-** July 

l\41i4V llhlC* 

LV*. l_ IV. mill - 

Jiue I.J.VlWt.iinit'l 

simjij 1 ’*“ al l 

sisii >**. 5 U 


TapHT-« Xi>. i— ■■■• 

Tin i,jualii Vl MIv... 

inlniirt HU* 

11 oohup* 64 t. w '*rjJ. 

1 Luton 

1' prices 
per lunno 












£67 J> 


crop) £102 





























+ 10.0 




— 2^ 










£2. Itw 


— iijj:** a& 




12, Ifi7.a 



7£L65e. * 


TaShc. 1 




i .’bu 


S «CE3 



*4 61 - 

W i* 





























2S0|. kill- 


2h'6,, kilo 


267 P kiln 



COPPER — Marginally easier on balance 
on lhc London Mt+al Ezcbanse. After 
opennu: firmer at £714 owing to ulk 
at d substantial tall m warehouse stocks 
and news of a tentative Senate approval 
lo [be GSA siockplle punJiases. forward 
caned bacK lo £7U.5 no Uw late kerb 
under linbi bouidadori. whn-b left prices 
around IT hlKber over the u-eck. Turnover 
39.430 tonnes. 


79.80. Nov. 82.&8S.40. Jan. 85.10-84.95. account per UW kilos ipreviaos to 
March S7. 50-87.50. Sales: 79 lots. brackets!: White dcoacured and noo- 

HCCA— Location ex-farm spot prices: denatured 26.S1 f 28-51 J. Raw denatured 

a^ BI0n,nE “ ay 15 w,n reo,,iD "■ WOOL FUTURES 

IMPORTED— Wheat CWRS No. one 731 . - Mn - W 

per cent.. May JM.» Tflbory. U.S. I>art “ nch * n,tw 10 3 Mnte 

Northern . Sprrnu No. Two 14 per rent.. *"**. Ba che reports 

May 186.05, June and July 185.95 tranship- ... ’rcnce per Rlioi 

menl East Coast Anitnluui Veuenl'j t-f or; Uumnesa 

Malxo— U.S./Preoch May JDDfiJM. June UreesvWooh Close 







- 1 - or 






- 1.1 



5 inooiiis.. 


- 1 . 2 b 



v mourlis.. 

294. Ip 

- 1.0 












+ 3 J 5 693 . 5-4 
+L& 7115 
+ 3 . - 

| Jt | £ . £ 

Wire bars 

Uub - 694-5 

’ tntHiui'.,' 7L2-5 
Seu-i'm'iit 695 

UoJi- 834-5 +2.75 685-6 

> uoutn-.-} 702.5-3 +2 708-5 

6B5 +2 — 

l : .S.Mnt«. — _ JM ... 64 

Amalgam a led Metal Trading reported 
that m the morning cash wi rebars traded 
at KSs. three nuunbs ITU. 12J. 13. 
Cathodes, cash £885. three months £703. 
Kerb: Win-bare, three months £712.5. 13. 
12.5. Anemoon: Wtrcbars, three months 

Sooth African White Jone/Juh? JS»15 

G las cow. South African Yellow June/ July May [227 .0-25.0 0.3] 

£80.00 Glasgow. July ^p50-0-£H.a 1.0[ 

Barley. Sorghum. Oats— AU unchanged. October 259.0-58.0 

LHE— Turnover 183 ( 115 ) lots of 10.000 

ounoa. Morstag: Three inonihs 288. 85 J. EEC IMPORT LEVIE5 and preranmw Uewroher...(2«.WBi Uu 5 ( 

RjA 5.7. 8.9. 86.1, 8 . Kerbs: three months effective May is io order current levy pins Jimcb 248.0-45.0 

2 SE. 8 S.B. ts.l. Afternoon: Three months juj y and Ang. premloms. with pre- u* v 24B B-45.0 

2S4.5, 4.7, 4.8. 4J. Kerbs: Three months vlous In brackets, an In units of account j u |‘ v ...._ J48.D-4B.H 

per tonne. Conitnon wheat— 88 JU. 0 . 68 . October,..-. 250.8-47.0 
0 66 . nil <8.92. 0 . 66 . 0.66. nfli: Onram - 

wheat— 130.47. nil. nil. 0J3 flW.47, nfl. Sales: ml t!> Jots of 1,500 kilos, 
oil. o.asi: Rye— 83.5!.' rest nil f64.18. rest SYDNEY GREASY— (In order buyer. 
The market traded tn a narrow range nil'; Bartay— 76.07. rest nil <78.07. rest seller, business, sales). Micron Contract— 

I — 1 -25 an day with bale Interest from consumers nil): Oats— 78.52. rest nU <78.92. rest nil': May 330.0-339.9, 330.5-333-5, 23: July 338.0- 

or Srsr hand sellers, reports GUI and Main (Mher than hybrid for seeding)— 338 0 . 340 3-389 0 , 15; on. 344 0 - 345 . 0 . 

t-^5 381.6. 








NtuU’cnu-'t . .!. 

May 1910.0-14.0 .—9.6 

ii». miernuou. wire oars, uuce montns j-ii 1B53.IM4J -jn 1 1875.0-45 J 

rrS - it Wl^el,an, ■ momilS Dec..— 1750-58 J -4.0 j1775.IWO 

£773. II. ID. Man , h iJiO.MO -5.D ] 1736.0-24.0 

TIN — Sharp ty aasto- alLbouBh above the ^mboIbi^ 

day's vrorst levels. The heavy Tall tn the July lBfiO.0-81.0 — 14-Z 

Penang price saw forward metal drop to c a ian. iiuii In, nr <: ramvn 

I8J30 on the pre-market before shore International Coma Organisation ru.S. « n, s a Win ibnyer. Jnnei. 

Sales: 33 (9) lots of 5 tonnes 3% >475> 




covering lifted the price to £fi J 00 cm the nnniKli— Daily ortreMav 11 - 

71.23. 032. 0.82. 1-32 m. 88 . 0 33. 0X3. 1.13': 345.IKJ44.5. 31; Dec. 345^349.5. nil. nil: 
Buckwheat— all nil: Millet— 81.68. rest nil March 356.3-338.4. 356.5-356.0. 26: May 
180.07. 0J3 0 33. Dili: Crain snrqhum— 359.0-359.6. 358.5-359.0, 14; July 362.0-362-3, 

80.4ft. Test ml <81.73. 0.38. 0 JQ. nilV. 36S.1KS62.5. 10 : Oct. 364.04W4.S. 36o.tWK5.fl. 

F.aur Levins: Wheat nr mired wheat and 0. Total sales* 124. 
rye — 136.56 H3fi.SU: Rye— 129 80 tia.BSi. 


KUDotK MEAT COMMISSION— Average fatstock 

STEADIER opening on the London Ppres^ai represenianvo markets on May 
physical market. Fair Interest through- Iri, GS— Cattle^ per kg.lAv. t-OJTi: 

oui i&e iiay r dosing qtueily steady. UK— Sheep I54.^p per Rg.wLd.c.w. 

Lewis and Peat reported that the ' + J5« 4 - Pig* &7b .ter k*.lw. 

Malaysian god own price was 212 t 209> c— 2.9 ». England and Wales— Caitle num 

here down per cenL, averake prl« 

at £6.345 on the law kerb with values *rera« TttSO 

around ira down on the weet Turner: ^ M n^f. 

lots of 15 tonnes 

fl«£3>: 22-day 

1JU0 tons 


u-m. | 

|+ ori p.m. 


OVW 1 




rh Grade f 
h i &430-5 

y mi<atb» J 63 15-20' — 25 
Seuvem'lJ 6415 U-« 
Strait. K_| :51638 -75 
Xew Yorltl - i 



TWutoj 4 : 

Pre rums 


! clove 

close | 

| done 

t: I £ 

6375-80 j— ]23 0.450 

Robustas opened unchanged yesterday 
mornlna and trade selling around the 
level basis -July prevented any 


Morning: Standard, three trawthc 
£82W, sn. 85. E 8 X 1 D. 15, 211 . High Grade, 
cash £ 6 ^B). 40. Kerb; Standard, three 
months £8.315, 18. 13. Afternoon: Standard, 
three , months £ 6 JUU. 15. 20 : 15. Kerb: May 

i.39p t — 0.75>: Sheep up 14.3 per cent, 
average 154 Op t-KI.Ot: Pigs down 13.6 
per cenL. average B3.7p f-2J). Scotland 
—Cattle down 7.2 per cent., average 
G8.37p f+1.24): Sheep- down 65 J per ccni.. 
average 1 B3.8p (+22J). 

coveKT GARDEN (Prices tn dcrliug 
per package except where otherwise 
, „ _ stated). Imported Produce: Ornnsu— 

55. 40-55. TO 1 62^0-63.03. 53.90-63.00 Cypriot: Valencia Lates 28 kilos 3.40-3.80. 
54.2B-64JB 6S^US.40j 64^6-64.16 15 kilos 3.043.68: Jaffa: Valencia Laics 
3.95-4.40: Egyptian: Valencia Laten 'i.30: 
Texan: 3.00: Moroccan: 2.643J0: Cali- 
fornian; 3.80-4.40. Ortanlqaes— Jamaican: 

22? riS? ST‘ 57.15-57J0( 6B.00.S7.2G 5.SMJ0. Lemow— Italian: 100 /12W 3.60- 

ias H 72 * JlMfaS 50.15-69.20; 5a.35-58.45l - 3.88: Spanla: Small trays 25/503 1-50-1.60. 

— I n 1 Ah*- Uec! 60.i0-M.40 B9.5S-59.75j 60.4D-G0.2S Grapefrair— Cypriot: 15 Kflos 100-3.IB. 30 

Jan-Uaq B0.6W0.3q 01 JB-01.40 kilos 3.25-3^0: South African: 40/48S 3.00- 

, . -—r-— — — 3.50; Jaffa: SO kilos 3.00-5 .SO. Apple*- 

F«“ch: Go Wen Delirious 20 lbs 843 3.00. 
Spot Sft) ISLI), June 52-5 d 132JU). July jjg 3 ^ 0 : w . Australian: Granny Smiths 

SL75p < 5 3 Zj >. R .70: , osmaniari: Cox's Orange Pippins 

' r>nV 1 nri aj irrir 7M-SM. Golden Delirious 6 JO- 6 JO. 

1640-7600 tjUIAuEAIv IrltAX, Jonathans 7^0-8,60-. Italian: Rome Beauty. 

1459-1441 values opened slightly lower foBnwiog ■mKm 00 ?' 

136B-15K Chicago markeu. Prices remained tn a 

• 557.6 

— I hi gh ns hIgHpr on Mlwi|y, 

Standard, three months ££810. 20. SB. 33. July. 

W, 15. 40. September.. 

\i Wwn fmr 

LEAD — Firmer reflecting the Initial .t. nu -— 
strenglb of copper and short covering Mareh 
which look forward metal up to I3KL5 on v. .. 
the late kerb. Warehouse stocks are 

cspected to show a modest fall tn tbe 

week during which prices have declined Sales: 2.85S <3.982)' lota of 3 tonnes, 

around SI. Turnover tonnes. aa /ynieac were quethr steady with 




+ or 

£ per tonne I 



1626-1630 I 

1456-1457. + 10.5! 
1358-1360? + 19.6i 

1285-1850; + lM 

1210-1280!+ sail 

L1310 +24^1310-1275 M A? fgH* 1 

S52S «" connnoa,t, “ CMI?^: &5SS’«JB , BUdP ,T * 

1250-1 sre reports. 


1 UNWttfitL * NmalflfiL 0 wadagasca r * 


) miiflih*.,; 



+ nr 

Interest poor. 

n-m. fl+t»r 
Xnolflcia. — 

Xc»tenluy|f or 

. CWW4- j — 

Du- me»-> 

June...- — _. 
Aucuafi • — ■ 

£|+rtunnel 1 

129.00-20 J +0.2B 
120.80-29.4 +O.I5 
127.08-27.5 +a56 

127.00 -26.70 

£ I 1; 

293- 5 +S-7fii Mg M LlC TS SLa« M 

Sp; ire.o^SB.bu. , WU u~, a . au . .ipn, 

fsi £ *y3 aoa - 5J * |-H.76 +,. Mr ] MiM; Feb. 13S.00-a9.6fl, unchanged, June t2fi,60-2BJ +0.50 - 

usw.a +)thj — | njj. 1S3 69-37.00. one banged. nD: 

June I32.00-3S.1H). + 1 . 00 . nO. Sales: 7 

82^0: Aug 171.00-7UD, +127. 171.00: Oct. Fe«nauv 124.60-26.0 -rOJJS 125. 00-24 JO 

+1.25. nil: Dec. 144.0O-45.S0. April 1 125J)tt-S6i + l.Wt 126.60 


Sales: 104 M24i lots of 100 tonnes. 

Morning: Cash £ 223 . BJ. three month* ,4 ‘ hiM «f !<.«« tains. 

OOO. 090 -S- *302. Kerb: Three months ,c ° Indtettor prices ter May 11 iUX. 
£301. 3. Afternoon; Cash £294. three rents per pound): Colombian Mild 
months £301. 2 . 2.5. 3. Kerb: Three Arabic** 192-50 town*); unwashed 
months £302. 2JL Arabic** 155 00 (same); other mild 


Zealand: Cox's Orange Pipping 163/331 
7.00-8-50; Danish: Per pound. Spartans 
0 . 1 ft- fl.ll. Pears— South African: Cartons. 
Packhatn's Triumph 7.70-8.00. Beurre Bose 
6-50: Dutch: Per pound Conference D.14 
EotfllsK Produce: Pmatoen— Pw 5« lbs 
Whites -Heds 2^0-2 40. Lettuce— Per T? 
1.60. os 1.90. Beetroots— Per 3S lbs 1.80 
Carrels— Per boa OBO- 1 M. Parsnips— 
Pe- ^ lbs IJg-1.30. Onions— Per SB lbs 
2.004.W. Swedes— Per 38 lbs 

Rhubarb— Per pound, mrdnor 0 05-0 on. 
Cucum be rs - P er trav iS/Jls 1.80-2 50 
Mushrooms— Per pound 0.40-0.50. Apples 
—Per pound Brantley's 0 114 17. Pei 
Per pound Conference 0.13-0 IS.. Tomaioes 
■—Per pound English 0.23-DAS. Green 

LONDON DAILY PRICE fraw sugar) p™ 

■nr*™™ W- ■»««.#* utuET muu 2?^ -^"'urei.e s^- dLiS 1 ^ nrice^ial E" 12 Lincoln lift- i.4D ‘ Kent 1 . 60-2.20. 
Anbicas 1®» <102461. Kctastat ULM tirem tflKi ^ Ce>«r»-Per 4.40-SW, 

( 135 . 00 ). Dafly average 150^0 ( 15 L 7 S). 81 <i1l " U0 - 

KwJrt The overnight reports of a tender in 
The morning rings reflecting tbe steadj- rn 4 t»ic Peru for tonnes for shipment during 

nos in copper but thereafter the oriee (iRAIlX J October, 19T8. January. together vnih 

drifted easier to close n {JUJ an the inunnu eunmn cuoflnnst)nD of relatively cheap purehast*fi 

late kerb Stocks are ezoMted « LONDON FUTURES fGAFTA) — The by Tunisia on Thursday, produced . an 
rrawter a snSltotiiM wmSTuu Tnai ?? t °" barley easief market with losses of £1.35 

wwk tiriccs^ve ^tartawd^MSi rF sate rally recorded frem me prenons levels, before 

/.I. VC 

a.m. pf- ori 
Ofllni; I — • 


1 mnaih^J 
v’lneui ..... 1 

303.5 -JS 
312 -5 -J3 
303-.5 -.5 


302-5 i + ,B 
410-.5 1— .5 

29 r: 











* Corns oer ■ omind. 
official close t £H u?r pIcuL 
Horning: Three months £313. 11.5. Ui 
Korbs: Three months tVZS. Afternoon- 
nutH! months C 12 . 1 L 11 J. U, Kerbs: 
Uiree months £SILS. U. 10J. - 

S 3 prints hicber May wheal -changed 

ihe EEC pjtT.aA* on (arm prices lor 
the next marfetins year. Wheat Mined 

•in m 50 points higher, aJUnitgb steady £ per tmme 

profit-taking was noted and jntatf closed Atttr— .. 1 DS. 60 - 05 .B& 104 . 50-04.601 HM. 75 - 0 J . 25 

om iou»-oj .k- m ,36-ire.tiioa ^ b-oi.ot 

(Kri'sranrs 5 ?” H 1 . 00 -H. 52 , H 2 - 76 - I 2 . 8 S }1 IS- 7 B- 11.95 

points biAht-r. renon Acb, 


Mbv I2| Mm lll.UiiDth sip 


243.61 1242.72 ! 241.89 
, (Base: July 1. IBS- 


Mar 12] May" 11 .'loni i’l'as'r 




TOn prevwns £®S- ■£”£*■ ^'‘ 25 ? between 50-55 IlSl 15 - *.slas| 120 . 1 B- 2 UI l&j . 20 . 00 - IPluO 



|T«ten1ay'(| + i)r| 

X'eaertaj • ; , , v 

M'ntiij - j — | 

elow — 

Au 4 125.5<!.&-ral 126.00-0.: 

U. t ... 1 28,60- 2fl.75l 10.00-25 

. IU| 


. 76 - 26.60 



Silver was fixed l.lg on oertee lower for » : ® v " 
epoi delivery to the London boEltm 

raartrt ses-^rtlay at 2 ? 9 L&p us cent _ 

SS™*? Bbslness dune: Wheal May 98.0698 00 . datiy’ liiaT < 7 . 4 »., iSd'ay ‘ aterow'' 7^47 

doSn 4 ^ ^f M> 5 inh KSc - *j 63 - 83 . 4 + Nor._ 88 -BS- 87 . 99 . Jan. (T. 4 S 1 . 

W.«M».AL March *LOv«jo. Sales: 84 EEC IMPORT LEVIES-For white and 
a&a l^monih 546 , 8 c. dtnra ifle. The Uha. Barter: Mw SlS 54 ».fo, SepL raw sugar effective today, in oitiia of 






;+o. 4 ol 
I* 0 . 40 ! 
(+ 0 . 45 ! 






Sales: 2.573 fi.BSt' lots of 50 tonnes. 
Tale and Lyle ex.retlOM'y price lor 
i+0 66 ftranulatcd basis white sugar was £$2.41) 
> + o k < same i n tonne for home trade ond 
jTqS «».M tflBO.M) for export. 
y'S fitternatloitel Sugar Agntemrut: Inal* 
Ln'S re 10 * - W<res 'ft U-S. «nre per lb. f-o.b. 
and srowPd Caribbean Pert for May 11- 

<Base: September w, imi^iW'i" 


»ia r.-jLoiuir y«Ht 

IL ' v... ( HK . 





.... 357.96 357.77365.91417 41 
Furnif* 5 47 .48 34 6.4 ZS6 5 .46 386J9 1 
tAviraw lKW5-i6=S0Ot 



! Jlnt | llav 



■ *»plr t-t u niniv 909.9 908 .6' 904.1 9B9.B 
• December 31. T971=ioii) 

and wheat 
close higher 

NEW YORK. May 13. 
COPPER FINISHED unchanged in Quiet, 
inacure conditions, while precious metals 
held steady in mixed light activity. Sugar 
eased on Commission House and chantist 
selling on uncertainties over U.S. accept- 
ance of the ISA. Coffee finished mixed in 
very dull conditions. Soyabeans and 
wheat closed higher on Commission House 
and exporter buying, 6a cite reports. 

Cocoa— May 143.45 July 140.15 
1140.601. Sept. 137.00, Dec. 132-80- March 
LSI 05. May 130.55, July 124.25. Sales: 670. 

CofTeu— M C" Contract: May 133^5- 174.S0 
<175.25). July laS.Tj (138.831, s-.vt. ML50. 
Dec. 129.50- 130.00, March 12l.0O-223.Oft, 
May ll7.nO-llS.O0. July U4.80-115.00. Scpu 
111-50-112.00. Sales: 375, 

Copper — May M.20 t36.20>. June 3S.50 
(56.50). July 59.10. Si-pl. 60.2ft. Dec. 61.70. 
Jan. 63.2U. March K.2II. May 64.20. July 
65.20. SopL 66J0. Due. 67.70. Jan. CS^o. 
March 6BJ0. Sales: 2.100. 

Cotton— No. 2: July C0.6O-60.05 (B0.47>. 
Oct. 82.43 (62-40*. Dec. 63.70-S3.SO, March 
«.7Q. May 65410-63.43. July 65.75 bhl. Ocl. 
653 bid. Sales: 543.000 bales. 

Grid— May 173.S0 1173.00). June 174.40 
)17A40t, July 175.50. AQg. 176.0ft, Oct. 
17S-90. Dec. 1S1.3U, Feb. 183JU, April 
1S6.40, June 1E9.00, Aug. 191.70. Out. 194.-I0, 
Dec. 187 JM. Feb. 200.00. Saks; 4.600. 

tLard — Chicane loose 22-00. !5Y. prime 
steam 23 JO traded (21.00 traded). 

tMalze— May 256i (3574 1 . July 2323-2531 
f254i). Sept. 2523-2S2J. Dec. 2521-252’. 
March 2W3. May 261 
SPIatinum— July 222. 70-223.50 (220.501. 
Oct. 224-50-225.00 (222.40). Jan. 226.00- 

226.80. April 228. 10-220 Jft. July 23U.90- 
231.10. Oct. 233.50-235.00. Jan. 23120-239.00. 
Sales: 1.121. 

1i Silver — Spot 503.20 (508.70). May 501.10 
(503.201. June 505.3U (504-50). July 508^0. 
Sept. 515.70. Dec. 52fij50. Jan. 530.70, 
March 530.60, May 546.70, July 555.10, 
Sepi. 563.60, Dec. 576.40. Jan. 5M.80. 
March 539.80. Saks: 4.000. 

Soyabeans— May 732-734 fTSSSi. July 716- 
H7 1708*1. Alto. JOOi-7013. Sept. 657-738. 
Nov. 622^23. Jan. G2S. March (04%. May 

Soyabean Oil— May 26.50 (28.00). July 
27 50-27.60 (27.031, Aug. 2fi.35-26.60. Sept. 
25.60-3.50, Ocl. 24. SO- 24.42. Dec. 73.60- 
23.fi5. Jan. 3215. March 23.00-3J5. May 


IlSoyabCM MeaU-May 179.00-177.50 
• 177.30). July 179-59-179.20 flTS.lfll. AUB. 
179.0W7S.5O. Sent. 177.50. OCT. 167.50-16S.OO. 
Dec. 166.20-165. GO. Jan. 166iU. March 
l«o od-ire no May lSfi.SO-lCS.on. 

Sugar-No. II: July 722L7.3 rt.Sfii. 
Sepi. 7.5J-7.32 (T.CSi. Oct. 7.61-7.62, Jan. 
7.90-8.15. March S.42-S.44, May 8.35-0.51. 
July S.73-* 75. sept. S.84-S.95. OcL 9.08-9.09. 
Sales- 6.660. 

Tin— 53S.O055O.OO (535 00-570.00 asked). 
"Wheat— May 312-312J ia07i>. July 3C4- 
31! (308). Sept. 315. Dec. 31Si-31B, March ! 
521. Vay 22 ]. 

WINNIPEG. May 12. VfRyo— May 103.70 
bid I105.MI, July 105.10 tehed <104.70 
pnkedi, Ocl, J05.10 asked. Nov. IViaO 
flom.. Dee 1(850 nom. 

trouts— May 85.70 (66.90). July 80.10 bid 
tSl.lWi, Oct. 7S ‘ M bM, Doe. f&SO. March 
76 no nom. 

CBartey— May 60.60 180.50 bid). July 
80 70-811.90 iKft.10), Oct, SOM bid. Dec. 
79.6ft hid, March 79.20. 

f5 Flaxseed— Ma? 7503 ) bid 1264,00 biff), 
July 271 ftO bid (2C7.&0 bid). Ocf. 27L10, 
Noe. Dec. bill. 

Wheat— SCWRS is & per cent, protein 
comcm cil Si. ■Lawrence 15V-23 <100. 08), 
All CvlIU- per onunrt •-x-warriimtsft 
unl.'sv rtthvnviM* etatnd. * Ss per troy 
miners— inn mince Inis i Chlcann loose 
p»:r ini lbs— Dep). ot AS- o rices pre* 
voids Pnme steam t.o b. NY bulk 
(jnb curs, i Cents pit 50 lh bushel rt- 
uareiuri'i-, 5.(W' bunhel Iota. Ofts per 
(r«y miner tor so «. udiib nl 99.B per 
..n» pnritx dMivpT.-n 14V. V r*nls per 
ruy ounce es-wari'houso. 1| N»*w “ H ■* 
lYtnrract io te n sfiorr ton for hulk lot* 
lint short tuns deity* red f o.b. cars 
Otilcjen. Toledo St. Loots and Alton. 

■* C-nl? twr *9 J* 1 hoshel In tdore. 
fCt-nls per 24 lb bushel. 17 Cents per ' 
48 lh bushel ex-warehouse. ** Cents per 
.ir. lb huchcl "X- warehouse. 1 . 0 M boahri 
lots. V'iSC p« tottoft. 

BRITISH FUNDS (TOB) r V out BOARDS (S8T • •• • • , 

Sg£$j£i" “ IPSISPw This week’s SE dealings •' 

istoK Exac(nw‘ui. 7 i^g6 103® *“ 109% 

* ** ««>■•* ajsaafe — - kt r w «*«**> ••*.»• - — w* i n-**"* « -m* 

■fc 1961 *.»«* * * Northern lwlMa "!"** *" " — 7 «** 1 Toosday. May 9 4,010 I .-AM*. M* 5 ... 5/M1 

*$£* £“5*« Mr S*. ISM 92.9-B4ai>o Port oVjfoMon Autfty. spc a 2» 2 * ih. EiSE ■" y ~* r4ta ‘* ro * irfa * ! «*»«»•«•■ UdM nnWDH arte UiMkriw **• M dult ■• mantair. Tfcq WHr -b» b. dtemte&M tar 

10>4is Exchequer sac. ^ots aSM«® 7% u COMjHONWEAI TH rAvrc /m ‘ . . , ,7** ■£ ” w * t ® *" * rt *•&«« die name if 'the cases, rad the Hat cant, tbcnritent he ragmifed n V amphtt racard of' 

=w „ " ILAL,1M C °VTS. (7) SKUan. Unlace aihcrwim derated afaaras are a fully pgjd ad node £108 futtr prlcas at which bum ha bon dan. Bargains ora rmrSZ In thm ometai 

10>2BC Exchequer Sac. IS 97 87TO d»0 ."f®. 1 ?*"®? AND inscribed STOCKS »“• *«* H *? an ®* »■ hunted In panda and fractions StpowhS Uat bp la 2J5 punt, enly, but later breuctfea* Can be Incfofcdtln ihcfcltawte 

lapc^Jctami-r sue loon tFv mi «a% Mts^TB JgKjnmwip-. • m S%peR «. «■ VP’S. “£ ,rKli S” *■“ toy's QlBcW uTTNoWICathm b ovaitahJe 4* N WhMteVter^TOrom : 

12K &SESS5- set IMS 'fiBS^’to 1977-80 «$*' -fS* 5°- 1ST ■ hrc L the "1?* ■JSJ? 1 *«?• *»* by rnuiMif of a Ole or perdm by member* of the public. HwUftna nTnt aSSS- 

cSok’hJ OM. U Gde «qu'"^SBr *i a. k _ du? 1 wt 5» OfficJ^£». E, JM5S^s l Bre nu'oMtedla 1 mat barnahw. mu?? nutd I grira ka i um uii? 11 ^ blfB*Ib ? ** IbOlHlb 


AgifteoSturlU Malt. Cam. SluirfM, «|. 

tsst WsflSTwS 

jsi lo^'bKSIS*' 9,a,,e ®- 

EJ^K^/^Joduaby 14pcLn. iobu 

KSSKMaw* - a4 

^ ^ssist jia ey iii*,,. 

2 s T""" "’ Sfc •*•*• u 

Vine BCfttoM, Ell, .Am a. a -9?. V.'lb) 

Monday, May 0 
Friday, May 5 

9tac Ext iwq nee S«L Tpei 96*w o» _ . . 

loupe Exchequer soe. IMS as%» ?v >. COADIONWSALTH GOVTS. (7) 

10>2BC EXOwqnr sac. 1997 B7V n»D ”°' ! f rER =P AND INSCRIBED STOCKS 

12pc bKtmma> Stk. 1998 <Fy. pd.1 94', 1975-78 98^ m ™*R |, j 1 • on |^R«. 

12pe Extheouer SrV im* 1977-80 a/Sa.^ i.VU 1 " 1 - _? lB3C *>• 

12k K-heSS s£ IMS \au l %t*Q 1977-80 94?# . 5,52™- £‘ 

iai4K Exchequer Slh. 1992 100*j 99k Kenya Sue TT 03 aoH 

J2i*£S 1994 101 u . N JT«?^?i a . nd V lfK TW* 111/5), '4 DC 97. 

1Z-VK Exchequer Stic. 1981 105 »jj# U 5‘iDC 0214. 6pe 944. 7Ux: 70 (nisi. 
ISpc Eathequer Stic. 1980 10S>^4^ U M 7^PC BSJ. ca gj ^ 79 ni,B, ‘ 

5 iffs FWW B * t "‘ 197 *-®° 95%® 4% t* Swrthem Rhedcda 2hpc 5T® cl 1/51. 3 k 

race s>vc 

t 250 20. the du (in rmTnrhimf* *** *""***"'* m * ,d8 * s «d iIn the Utest naHUnga dorm the mek or ay ahnra m dealt hi yenerda. Tba latnr an be dtahatbbM by 
>C 320 14 ... 

PTC tn\ ' B ,?7 b * r ^ deafl" ^ BMrtMd In aw* MKttn fattaws tba name of 'the cases, and the Ibt cornu tbcndbnu be ragvded aa'a comp [eta racord a 

rT ®‘ ^ *®S?' U"!» nthcrartsa dentad afawai are Q f ully poM ad node £U» ftcttr Prices HU which hydneii baa been dene. Bargain bra recorded m tbt offidbl' 

9 STOCKS foU Stock Rxanttsw nauldes are quoted In panda and fractions of pound* UK up la 225 pun. mty, but later transactions can be Induded In Ibc falfoena 

S>iPcRe«. 07 "Fcaceaml. fracUon of panca. day** OIBdai Un. No Mlcsthm b avababfa as to whether 1 * bargain represents 

)“ c *>. _ nr, £j^ t >hrc 3L the **“* M _,? u y i> . b ^* h> » ®«Ht by mombaty 0» a calc or pnrcfme by member* of the public. Maridnw bra ast mn& 

t* WTJM orad«??£. E ^ ba °? C |W " £*T?; S 2 elt ExchtASG D8l«P * A ^ ntap ■* tWKnbm. and only m bugala m bay 0 M McarWy at -any. eae 

Financial IQ^^toidajr, 

jaas ,« ?»■ nT ™- , : v "' . BsWft " 

Ss.sss , ^ 0 *? n "!/s-. J 

N— O^-F siaSTSantbl-.dgd; 

« 93 104 ll 1,'SI. WW,. (2 SpI 8*T|J 
MaHian (B. and i.l «5p) S2 0 1 W V SnwellWU%i^M« 

|. man. ^|jf| fUT 

Nathra (B. and i.l (25 p) n OIW ^ Samool (H 
Naflmial cjurhofiuina non* :*7 (11 Em. mmmuii 

.nninnni c.Mrife 9 

1981-82 83? i ffl/ss 'St. *. a ?fSmS{ , r?fL “““W bnw been recanted la Th» stack Exchaam Daily i In arda- af men 

89I». SBC do. isbi’-BS Sojf° r 1977-80 0f firial Lbu Members are n« obi bed to mark bargahM, qxcapt in cpocUl | price feLrecoraod. . . . .j 

Ncw%MSSnd 7 3 i aK 75j4 n- 1 , 5 , „ eShSi? B 53 a iS or ^ ew «n noo-xBembers. * Barsaiot . done Btevtnas day. f Bantams done wUh roemUeri M * recanted Stock, 

Southern Rhodcdi 2>ipc ST4 tl 1/5) 3pc j' - 

Trinidad and Tohaoo Govt aupe94 [B 5) 'iMCAsf - ^ tSDW 2 ” 1ff ’ 1 ° I B^'nio^ifc, l \£L - Haemal ApolUnca (l Dpi I , ,'tl 

foreign Zr££*£r ^' B tzsL. 

wSSLb. 100 MB ■ ;• 

-Noedlen «*&>S jltW 
'Neenand (25P) 42i> fSi» 

Neoratxl ZP mbra 125P) B4 (1 MS) 

Nall Soancar HWBi- «OP> I® 1 

Mbu ffasJ HMb*> CWp> 102 . Hipetm. ra.fscSunl 
flTorS) . . isenobs 

I Sand rife 

fsaimr < 


imSS? David (to) TV W1SL*. 
-Now Equipment (10P» 1S*b OW*! 
^fcmrtbPl 1S4 UiJ _. - .. 

Sm UTam b» au® *® 

sgt Fnnding Ln. 19B7-9T 850 3 -u wSldod and Tmaon Govt aupc 94 (B 'S> '* V>M '‘ 5^“ "Aw^hSK, '£* 1 MM 1 D ^ ai Haemal ApolUnca dtoi 53^ ^^W^^SogjiOe) 79 ««> „ 

figK FuA Lb.Ws.n^sX % 9 5 «, c ^^JGN STOCKS bonds 5sS b 3. 7D 4il^»f. 20 7 ^u^luft |fflls2Si Oto) 120 .10(3) ^S."l»!^ U rt5^ 9 riS») 53 notsi 

I?K Fu“ffl Stt^lB^wPaS^ii l 7 Z Ab^*tSl^ROJW 98 tlOK) ^ '«_*»» ISOpl GSM W Dcmin-SSS^M^ Oto) 1314 1 30 l^b^B^AsA (&*> 63 (HNS). I 

SinMIU^AAtf> « .9/8) aSSVtedteB H^Uord.iMU.. ,, OPF 143. 8. 

) _ sarilie Sendan mdu 

5t 3. 8 pc savoy Hotel A “*■ 

lipcte. 89. sSSm2rr*e?Sisii £8 

■ . sssaSBapi 111 ^;-^ 

*i Son Roboroon l2Sp)Mb. n _ 

. • ’ Scmtlih Aorteadtsw JCoKUk 484^:' J9ba 

♦•teWSl Ln. 58V9 . 

3 »8to- Scottish Universal fnraaa, 

4. M 9. 12* JO 13 10 .14 11“^ 

Scottish. EivRUab CuronbM 

8J*K Treasury Ln. 1995-98 SIM I, b U® Aborttiaw Bristol Channel C2Spi 137 42 

7^ac^ Treasury Ln. 1985-88 8^4^ ”*'■ ^WWlV? 5^-c 

irT^Ln^i^^r ' «■ L ^^5^ 8 97 M (^oS l V ,S, . ^KlolT^a^ 2 ' 2002 73 0,,5 > oomnorpe HHm tlDp. S30 8x08 

•ift’ST’ “■ ,9 “ 7 ' 50 7 ”’- •- - STERLING FOREIGN CURRENCY Jfflfert'^gdio 7 ,! B!,s ' H!K B L«S! c V, , Sr'feL"iS,P, , 

8'ipc Treasury Ln. 198D-S2 93iiu 3| % is BONDS Streamlines IZ5P1 80 CITiWI - Brady Inducts. A QSa) so* 5EO H 

Treasury Ln. , 984-88 93-rf % 'll ™ ™ Marine 9 ^Zi, COS, ,aSBj ^ 4 ‘ BSnJffStftffMV"'* 

8%m Tr**tury la. ,997 7B«, W h u CORPORATION STOCKS- > gSln A, ^5o ,, ! 1 ’ , So ^U ■ K ■ , DS ® B * 

_h 4| w FORRTCM Alexanders Hldas. (to) 18h* 18 (11.S) 

Pf. 40'rB-5f"' " " ’■ Braid Grono C5pl 1 

Mun Aluminium (U.K.I lOtjocUi. 85* B. Brarnmer iH.) ado) 1x4 

Crvl n I CA 1 b KA Rricmebi# fT/lnl ib r- 

T,&' ,a a !tS8 , «“ ft * ' ’■ 

1 2. SVpe 
72-B2 04*. 
65 U* h 

hn a ■» 1 I U1 J/ 

Hott Lloyd Intrd. I10p> 143* 6* 36. 

Homo Charm flop) TOO (1113) ■ • >' 

Home Counth Ne«npaMn.uSp) . 7S W&L 
Homtriy i23p) 41* cfl«) --1 

Hoover f2Sp) 320 (1115). A (2Sp) 327* 
20 n 1(5) 

Hoobinsofis Mops. cso«) 1O0 . ■■ 

Horioon Midland* Mm.fiW; 

-Nofatt Lund MOP) 12 iO/57 ; 

iNbrtoU Capful G*. (5|0 12«WS^ • 

vnssiUb m i 

.S’. 0/3) _ 

XQRW IHOTfFW ■■Ifiiavw. 

SCOCTa Retworant l14j«rjttO 

Soars HU*. (MO) 71* 

PI. A 88 4. l2i*oePf. 98 
SoeDricqrGM. asot lost 


Sekm inu iim » (95) - 


pcGcLlLn. £3 SA51 Allan rerlurl IUM £3 2 Brvmnrr (2Sa) <n w 

9 PC Treaiarv Ln. 1994 7 <Pk* k i j> u , r AJIrbone Sons (10o) IB* 

‘ c .- r .^> SxGeWLn. £3 W5J Allan (Edaar) (25pl 63 2 

9ac Treasury Ln. 1992-96 78k b U *»; i'S?- ,??*■ , fMon -etec-TranUSpri-n. Alien i w. G.I (Thttom 47® s -^ „ M11 . „ 

9 8% 1 1 ^ AlUed Cdloldi Gp. (10 b) 79 1 8 grant Walker tto>. SB Yl™5) 

9>sK Treasury Ln. 1999 82% % s« rr 7 2$ j£3SS. Sm 1 90a ®3 (S.’S) Allied Insulators <2 SdI 73* 2 3. New |ridchocae Dudley (lOp) 37(1 1'3i ru , „ 

12PC Treasury Ln. 1983 103%* Vi % °in 7pcGokl. 40® iTIISi IZSpl 73 (11, '31 gridBend rrocesses C5W 11* (11.5J ^Ml tSOp) 147 

> W TO -in s P|»5*uni IQty of) 4<-pcBd5.19l3 Allied Plant Gp. HOP) 15* (11«» ,‘,i? 0 ’^®®^® * 100. BpCDb ,1 

12JUK Treasury Ln. 1993 103%Aa UA® “ (9 5) Allied Retailers riOD) 240 39 .SJJi!? Jfl &!■**', 741 

, ?, % 3% % z% IJX RAILWAYS! f9\ Ai'lrt Suppliers 6xLn. 83%. 8%PCUv to Bridport-Gimdrv iHidsaJ (200) 37TO 9* E 5?r>S. ¥ ;sAc ! 

12Jujc Troasury Ln. 1992 1 0S % - r M MUjWA *° ® - Allied Textile (25p) 141 (10W) .SSL 

’i% Bmft 1995 100,1 *• c E? lan PadBc SS!S ijBmthsi iFl|Sf tJ (^S 0 Sp) c ^ , » re,s> S£i v ^ 5 S?rt 

1 5|eK Treasury Ln/* 1 997 lOGU 7h. Malawi 3i;K&b. 40%: 3; 111/5) AiMI. Metal 312* %. 5-4DcPf. 00% friSSl iSSi™ ^SS l25 " , 122 f8,5, LaSrra p*S? * 

13%K Treasury Ln. 1993 10S%® "W® 8< M EVmPTrM '9/5) . _ 5“i“" «P) 44 <9/5 1 

12iuk Treasury Ln. 1993 103ii&® UA* “ (s 51 Allied Retailers riou) 240 39 

2H* % 3% % 2% TIE. RAITWAY* n\ Allied Suppliers GpcLn. 83%. 8%od 

124idc Troasury Ln. 1992 105 (* _ ., u “* KA * L ‘WAXS (2) _ Allied Textile (25p> 141 (10/51 

12%pc Treasury Ln. 1995 1 00 % 90% % Canadian Pacific UCS) 1 a !*,»*. 4oeOO. Atplna HldBA <5e< 57% MO/5) 

,1001s Ht % 100 % 1 Alpine Soft Drinks (10p1 121 '11/61 

T3UBC Traasury Ln. 1997 106% 7h* Malawi 3'--K0b. 40%: 3; 111/5) Anal. Metal 312* 10. S-4pcPf. 

13%0C Treasury Ln. 1993 105%® 'w® 8 <m PORRirw DinwiVB '9/51 

i*%pe Treasury Ln. 1994 113%® %® 14% rvtUSIUN RAILWAYS Amal. Power Ens. OGpi 133. tocL 

13%j>c Treasury Ln. 1996 115* 15% 16ia Antoteatta I ) Bolivia ia* m/sj W5> 

IO ADUtli (All 2070 

IS'ruc Treasury Ln. 119% % % % i) u RAMYC ri'm Amber Day Hides. «10 p» 34%* , _ _... _ .--- 

2%K Treasury Stk. 20% % % %: ISAiVbi (IrUf Amber Indus!. Hides. MOpl 26 (lO'Sl BrfcJ? T59 I r.ww TT^r%T. 

lx zszx st &% aba r--m q&Etfsu 9 faj& wis »»»b ssc ^ 4 B , 

KU,K ' no Cn>up ™ 2 ™. ^ 

3i;pc Treasury Stk. 1979-81 89%* % % B a , r | I 0, lrcUnd (”«l. lOKLn. 1G8 Appleyard Gp. <2 Sdi 93 in? 1 .* V*?V 7***- °U- OrcL i2tol 


« ha^j£>rk? 3t . sBssasaii?^,; 

Bremner (Z5p) sq ra*ni 
SfSrt SSSi?%- l «"L<109* 2321* 3» 6 
New Bri^hoose Ou^ay flOn) 1 37 * 0 1 ’3' 

asp) 55 ao/si. Da. A i 

— 7,wLn - “ no ' 5 ’ . -vswm % o/sr- ~!TA 

w D Howard WYntfwm (20 o) 19% (m-.M 

“ * (2001 19 q.’Sk IBpcUnsac.Ln. 7I$| 

HoiSwd Machinery <2to) 31 
7 ?^ n * Howard Shuttering (Htest) non) 25* 4J 
SJ, 7l *£?tS: 5 7 ?, 1 ’ , aizPdJV 69*. Howard Tenefis Servkwi (25n) 29% (IIISIS 

c S ^ 7 5,1 6laS . Hgwdoti Grp. &5p) 59% (9/51 -.'3 

ASS EKinoerino tecta. tftoMOOt* 8W" W 

£l»Vlo«i 10 1* IT. 5.375PCPT. ' 57% RktH I Kb OOltfZE (93) ' 

*O0«l. flJSPCPfv I®® ' '9131. 7 PC Ln. Sallnoourt fla» (2*5* «%* 

;4©|S, UMU. *8% (9lS 1 9%pcUH 73%*^£T1 .5) 

r»^^n foods C23d) 90 89. 8J25MU). Sana Sonar Eoupba l50nL 4* 
RW98 dSsr SraloTKS, 11 OPT 232c 

Mron tv*. E.) iHktek) fto) 38 (MS) sortit «5oi SoiMf T . 

/Hurra: Sec. (1 £h») 20 (1Ka> _ Siwraa W»rt aS| 90 _ 

Kite Holst Rtof W 9 <1115). 7pcUt. Sham FWwt SW.sJflt® 
f77sj, Shaw Careen 23!jflr (13 /S) 

(rinnham era. tfso) 76 Wl 
I. (23pi 70, 7pcPf. 76 % <9/51 
ard WrndWi <20 p) 19% <S 

Ip) 19% »■ • J 

IBpcUnsac.Ln. It 

Klfie UCS) 121*,**. 4peOb. Aiplne Hidos. <5o> 57% MO/5) Sfl2!3- t kLf S,0 W 'OSol IS (9/SI ^i y S B) 28 ^5-^ 

eOb. 40%: 3; 111/5) Alfa"'' MrtiP r, 3l'2® 1 "lO. ’ 2 S4 bcW. 60% SrisSSTlSiS 122 (8.5) SSb^'pSS^ A S ’ 

XIGN RAILWAYS *SSR Powra Eno. asp. 133. 8*0,. 43 |« 

.0.11.) Bolivia 18*: 111/5) fAn 2074 ^ I 

■nBE^W 1 ^ 7 5,1 6w ‘ 

early Mamou (lOp) 29 (8,5) 
east Lancumre Paper t25pi 50 
cast Midland A Ubpj 9u 
eastern Produce laUrti BS tll.Sl 
E.OWOOO _tspi B7o s: / g 

Howard Tenens Servkws 
. Howdra Grp, fetol 59% 
Hoyle Unsosh) ton 5oe 

Hoyle Unsooh) Son SprPf. 31 (10f5T 
Hudsons Bay She nav ljn„ t 

Kaletts Cpr. (R1) 118 Ml/51 
Hamah rias Hldas. (2 So) 13 MI'S) 
Hunrlnp Assoc. IndA (25p) 226* •. 

HuntlefDh Grp. non) 910 2 
Hmt (Chirlii (75pl 80 W5) 
Rutehlnstm lOpePf. 66 rt/5) 

Hyman (1. and J-> (5p> 35% 5 - 

I — J — K 

Sharon Ware «fi®) ,»0 „ — ' 

sham Fishw tttoj 48 nirsj 

7«u Shaw Careen 23%» (u/s) 

tocmmliam Brick '50j» 246® MIS) Shaw (Francis) 30*. 

Mringhrai Maautat (230) 125* * Shwobridge to®. 74* 3 . ., 

BSSTiJerSey) Knit O0« 37 HdUW Induttrlof OOn) B3 7 «i 

lord In. Poacock NMH 2 » *. .. Tn. 54 (BOV • - ■ ■_■ ' 

l®.Swift Indus. UD1 2* Steba Gwmi n I25pl T79 <Tn« ; 

Slaw waM on MhUt (IOo) -57' 

|JC lazaan (19291 (1HL601 34S (SfS) SUentnipM HtdBB. 88* 9 HU! 
m wwon fHJdusa (2Bp) BB 1 Slikolme Lubricants n0d) 7O 
te-Van Par GrkrtenRnawcw 95% ttlfS) Silvorthoma Gno. MOP) 18 (Ti 
Set, Etecmate MaahhMS (Zto) 105 % Simon Eng. D* 2170 16 13 
(rax Gni. >20fl) 114 _ '■ Simons 7%ocW:.4« ilOfS) 

Him- Tffiaorge) (foorwe ar i _<23g) 47% 8 s>naer Co. (11LS.10) 89* 

» i»ra. izuui i 1^ 

sffioorge) (Footwear. Ctto) 47% 
. Do. A (259) 40 H1»> 
i Paper Mills CtOnl 40. (A/St 
Develop. M°0'_**4^ - 

liXSp! , {!a ,0,,a • 

GOO Grp, (25 pV AO)»* % 

Sketrhlev f23u). 104* 43 

ROrme Develop. OOO) 40» „ , - „ SketrhltV (250) 104* 4 5 

E Osborne (Samuel) >2toi 99%t «ist *t 9 smart (JJ MDp) to* Bft S 
fvb 100 1 2: Smith Noohew 8100) 64>® 

J . H »* T 3 UW 

9>k Treasury Sth. 

90* 5 4. 

Ovnutone mv. UtO.12%) »% 'BBI- . 7hJ. 44.(1101.- 

Ohhi Owen (2to> 84 5 ttMBt.' 7%P0Ut. smith (Davfd -SD MldosJ 

Ox/ tv Priori ns Gru. OSd. .56*. 14ACO*. sm/rh Waltli tttOld 38 MQ/S) 
'215 (8/SI Smith <W. H.) Son M 

Elliott Grp of 
EJibs and Even 

™. ! p) l ?8 h ID 003 33 

BntiS Leyland'oSpi 2T® 20® 18:® 22 20 BiS'aniT &MdnSn'*M tthU 43 %x X 
■riririi LevlMd Motor Con. GpcLn. 39. i2Spi 79 (11/Si 

7.»cU». 53. BpcLn. 53. 7%ocLn. Ut IS5 ^lc Si^2HS_' s * ,, 

G S Bw (wbotledom (25g) 148* 9* 52 

British Mohair Spinners <2toi 47%* % B% _*11 3 > _ ■ _ I 

9J*pe^ Treasury Stk. 19B3 96V* TO % Bai 

9'inc Treasury Stk. 19B0 99\® TO Bai 

?>pc 19B1 98)|r* *w* 1.0 % % Bn 


Barclays Bank 3441* B* 53® 50 2 40* i 
S3 5 IS 471 8- MTS. 8%po,nf 69% 
Barclays Bank I 'national 7:.-p3ln. 11% I 
irown Shloley Holdings 213 iB 5) 

*" ImearlaJ Bank of Commerce iSC2) 
1?TO-.,Sub. Warrants for %th of l new 

■» wav -— ■ a u ■ xg -| P'w ■ \?u* ■ in % 4 i rim 1 

10«c Treasury Stk. 1992 87% % % Uw Can 

lOi-pc Treasury Stk. 1978 100.30 
10:±pc Tre>iury Stk. 1979 101% 

10-jpc Treasury Stk. 1999 84%® "is® % 
"rat 5%r 4% 

11'JK Treasury Stk. 1979 101 Hi* 3<n 

Assro-nirnoias uuncuu- oo's r m.-a# 

ASSOC. B'scult Mtrs. 12 Op) 84* S 5. 

Assoc. British Foods rsp] 610 2* 1 2. 411 C11/5I. 7%ocDk ad VlO-si 8%Dcbh. 

W^TsVWT '“ r TO* or • new 5.lPCUnsee.Ln. 21 % «1? 5) ybjaWHBC. 71* .11(51. 8^i.c 65 ia:si 

3U (11/51 Ln. 290. 7hPcCrv.Unsec.Ln. 172 British Shoe Corn/Bbmrt S2:- It Tpc 

Ch IBM Menhetun Corporation Shi. of Cam. A»*-e_ rwir%*s (25o) 235* .» 30 Db. 87 wmr. ». '*■ 

^ass^waw-au , •s t a?ss l , ess IS5, 4 L— 

<&&«.' «• « AuMr.ii. oml- ' 2W aprt,n T s * Ln ‘ s „, r ~r i22 

•PSuBasr^aii® •* ■ w ■- rss v , ;ir“ai„ , i!s i -- 2 . ^,* M . 

, '»i v o-UMMiarr, iio/ai 

Impart a) Cnemtcal Inds. 3460 3* 59 
6 3 SB 7 5 8 81 50 3 1 4X. S* 
Unsec.Ln. 45%® MS«6 ili/S). si 
Draoc-Ln. 98. 7%PCUnsecUi. 61 % 
4. dpcUnsacLn. 70%® 5 9 TO- 70% 
70 70S. 1 0AmeUnaecUt. 87® %- - 

11 ?g er,a JJgP- <25 pTT 7® 9% 80% «n 
T9- 4prtJnracLn. 881*. 3%pc0aseci 

■Partctand Train* iHUW*-> A 

g W ’™ , cm iF.i Oto) 41 titisr _ Tii'm" - — 1 

in Zochonls ClOnf ZpO, 7%scFt, sommervllle- (WroJ SonjaSp) 

... " «aHiebv Pirke Barnet Group 

Whites (2to> 1218-20 1® “9 68£ 

« <W. L.I (SOI 3*%* 8 . _«Od Dltfuslod (So) 4B ClttfS) 

AEee* inv. ilOp) 9%* IOTi. ' Southend Statflim rto) 15 

isssr.grss/^sf.ssf ,<. 

<■/»' _ 

C25PI -T5 

Smith (Davfd' -SJ MWosJ 
(10/S) -r f 

ess Efy&vSL* 9 * 

8 %PCRed.U - ~ 


Wto toa Zdchon 

apaott. Whites awmwQ 19 
Pwwion <W. L.) (SOI 3»%t.8 . 

■ Boole Inv. HOP) 9%* 19% ■ _ 

"™ / l? nrtc “ aKtro,,ta ™ ,01 * l^fc^-N^lSS? ,«*()%, ^ 

BSSMffLU' E.) and -Sons CWetlfnatonl (Sp| Jnflall Industries nop) 24 tS/5) . . 

-Sa. ,*8.5i InoersoH-Rand BpcLn. 74% , - -1. 

Enaftsb and Overseas Invests. tlOp) 31® Ingram fHaraJd) itop) an 57 ,J- 

“■•“jCk'na days (25p) H3TO 3® 1%® 1 S 5J f,ce ? as ™ 70%° 69^. Boctmu 

E 9tfS h m ,5 , , ^J T,c B** 0 *- 73 *11.51. 7pcDb. |ntw-&ty InveB. ctop) 11% HIM) ^ 

73% 111 Si International RimIwV u.;uJ/ 

R'i Gerrard National <25o) 17a® 01/5) 

13K Treasury Fit. 1*M 10ILTO % % r* Gibbs IAJ Hldgs. (25p) 40 
14 k Treasury Stt 1982 109^ 'it* Glilett Bros. 200 (10/5) 

9ne CnvJtk. 1980 DBTO ** *i* grtndloys Hldas. i25p) 100* 2 
rim " 1 * *i Guinness Peat i25p) 235® 3 S BJ 2 

Variable Rate Treasury Stk. 1981 98% Hambn» She OBn) 187. 7ucLn. 69% 

Ml Si Hill Samuel I i25p) 90® 89® 90. Warrants 

Variable Rate Treasury Stk. 1982 9S*u 4%* (11/5) 

HO 51 Hongkono Shanghai ' (SHK230) 264® 1 

31-K War Ln. 31 »k£« 2J U * 1% % "m 56 7 60 

'*.* »ih hi 2 Jessd Toynbee (25 d) 73® 

Brit. Electricity 3 (-k 1S7R-79 95'TO -'it® £evser Uiimann Hidg*. (2Sp) 44* 

'u '•«. 4I«K 1974-79 95’? *!• V. King Shudon iZOp) 61® 2® 58%»: ■>: 

Brlfl'h G>S 3K 44%« I.® % % 1- % ■% Klelnwort Benson Lonsdale l25pl 102*. 
North S'fiMmrt Hyitrn-FI—rrie Bd. 4K , Spc W. G1 % i9/S) 
on*. *11 -si 3I”*C 01 m-S) Lloyd* 286:® 92 90. 7>-KLn. 94 5 

3 pc Redrmnrian Sri:. 43%m <■ Mercury Securities aspl 121® 18 

CORPORATIONS <53) M 10 SO 82 7 ^Ln. 8 87® 7S 4! - 

eppe f%F ctam P DUTY Minster Assets 125 p) G2 

London StZ ™ ar^Vszo. 18 % 7® P> * G .fi' in 6 "’ 

(9 5i. toe (in or att. i920i 23% 2%. Z7± J’ 1 *”! "r 1 ® _ n 1L 5J . 

TUKUnseCin 75% ri l/5) Bririrt Vita (alp). 80 2. dS Nii Old. E % i ? 6pcD6 - 75 .1151. 7ocI 

Assoc. Leisure (Sp) 56% 8 Ml 51 aoi® .. . _ 

Aisoc. Newspaper* Group (2to) 149* 9 Brittains <2toi 26 o® 8 rtl.Sl BSS7*si , iH3L«. ,5p * 14 15 

52 M1I5) BrockhOuM (25P1 BO% O IIS! pf!i?JrT£! 'ifS-.. ... 

ASSOC. Piper Industs. <23p) 57 tll/S). Brocks Group of CPS. Cl Op) 71 g"**™_jf c --. w *}6D a J'_ 

New Onf <2Sp) 56® S%® 5® G (11/51. Broken H.M Propriqtary (JA2- 590® GOO iSh®6B. T « te Transport <12 1 

5‘jocPt. 3Ws. B %pcU nsK.Ln. 107® Bronx Engg. Hldas. riOoi 27T® :it S) p«Ai5IL?ii. 7S. unu — _ • 

Assoc. Portland Cement Mfrs. 254* 7 3 Brook Street Bureau ClOo) 71 (10/S) |jglyPtCIS_ Pulp. Mil* (25pi 64 _6 (8/5) 

srooKe Bond Liebig (25 d) 48® 7® % 8 7. E *'!?PfS7, inToi.'^P', 11B1 *® 21 2 '» 20 . ^ 

® Db v^jhz% s ;^”- Ln - 4T " st'aiSiBsnMw 4. » 69 - 4,2De ^ '¥ 

S BJp f,, S5p a viss t&jsstmjv w . 

Bfpwn B uteri Knot QSn) sjjl-rh l a enu Exul I bnr JrHfllpi u rcni c/^tt I0W& • ^ \ «.• 

T6’-0 IGh |xch3Ap« rHitfgs-i r25p) M . ■/?SS?? Jl <52 urT, f3c n ^ gS 5 ?^® 3 

" sSu&bl sbsb -^ V *.** 1 * rl0RD li^D^iSrt^^pcGtd istMto te “ j ^“ r 4 , ^ n) 19 17, » , 

Brown (John) 327 6 Db. 78® 6%pcGtd.1rtMtg. J BI — , r M aurtee) iZOpI 13% b OOfS) 

Brunsons IM-asarfburqn) (25p) 104* Jcnkl Cartel I »25o) 75 4 (B/5) 

Bryant Hldas. (2So) 51 (11«) FMC I23p) 65 B CS'SI. s^SncPf S4 H'dga. i25p) 25 

Bu g(n (A. F.) A Non-V. 45pl 22® ill >5) (10<5) . * . 54 Jassups (Hldos.l not)) 42* . A 

Assoc. Sprayers (10p) 32 (9 5) 
assoc. Television Coro. (25 pi a 117® 16< 
19* 18 

Assoc. Tooling Inducts. (25p) 36 (6 5) 
Astra Industs. Group <10p) 19%® TO 
Atkins Bros. (Hosiery) i2Sp) 50* (1T.5) 
Audio MdelitV (top) 27® 

Aud<otronlc Hldgs. ClOp) 33* m/S> 
Ault Wlberq Gro»p (25ui 35% 

apaaBawaa 0 ^ 

Stores 6%pcLn. 51% tliJSL 
, m5? b " r aSDj ,tat ,a * ’OpsWjaB* 
, MnS) f Grfl ’ re0n, 6a * «-aKistPfc 

^^tae-HatUnJcy (25p).172, 7ueo*. .1 
E^"?X?V“l5Kl.n. 137 (1118) 

■fiSftP UiiSS^iaSte* 8 * 3 

KSiw Hldgs. MOP) 192 nll/SJ . 

; Peter* Stem <1 Op] 42 M0I5) 

Brown W to ?ldV) ” E^de^H 

Brown and Tawse CZ5n) 95 11/5) Ewer iGeafge) fTOo 

»25a) 50':® 1® 50% Eaealibur Jewellery 
-•11/S)._ New Ord. (25p) 16%* 18% Exchange Telegraph 

Wrocun.121^) 59 l*W» ^ .i.fjL Pj 

Philips Finance 5 %kUj. ”S 6%® •« 1 »/S> WldaU < 

Ph/llps' Lamp Hldg. <Fl-io> pSBO 3 

■PMUins Patents iHIdgsJ flto) 14 IS^J2 ESl.^SK.. TO ioI1 ( *. , I- 

■ Phoenix- Timber (25 p) IBS S m < 4 .m®* 1 " 4 Hldgs. lOpcCum, 

tellteThSSA'SftiaaW •' S^tafRraJ Oroanterion tltol 

wmS-- Vj^iiop) ii‘ «». A IMP) SUPiey tA. GO fiWMk ifirijM 
• 9 8'; «1 IIS). 5 1 ; pc Pf . 39% 18/5) ftft “ DlseoBOC (iSb) jto* n 

Puco hldgs. >2 Qp) 91 • Stakeley- InduBts- 240 393 - 

Brown (John) 327 6 

‘/sis Bsw g7 - ■ "’»■ *“"■ fgsrwjrwgfl g?s. ,a4 * F «c MKPf . „ 

ist; :h ,KSoSi°?fffii !i*« 76 ,s ' s > S ! & * Vh&riSf """ iBfs— *. t = M , 5 ,, ■ 

Automated Security (Hldgs- (lOp) 72'-® " ^ f.lS 11 !.. a ." d -^“ lnh .it | te9»-) »20 p) 46® Falrbalm Lawson (2Spl 61 60 % (11/5) 

f® 6 6 2% rtl'6*. BpcPCltffl® B M1(S) %!"' «*! [ 1O0® (1 1 S. F aJrclough Construction rzspl 79 8% 8 

Automotive Prods (2Sp> 132 SocPf 7 ai- 3 urco D ?* n (26p> 75% 6 5 ilO.’S) 

MI'S) - Pfodurts (HTdesj <25u) 35 MO/5). Falrdale Textiles A (So) T7 (10 5) 

C ?97a O g9 L %' ld '6-.^980 3 ®B2 Si^m sT 

JE5 9 «f- cio-2 6 ,! mi 3 »S 3 400% 393:. 13>.DCLn. 102 

Bhw M /in Si • 92 595 Toronto Dominion i5Cl) 12%* 

Grate “onto* 6%ec S3 % (11 a.. 7%uc |Vff ‘SSjSi 1 U "* t,on 30SU * * 

jaa^WgSffltiW,® J*sw?w« ««» 

hs& (11 s. ifl| BREWERIES a«6) 

Bate 11 %k 9S>« 6 '10151 Allied Breweries (25p| 93® 3 

Bellast Citv 6' oc 09%® '•1191 3% 4 1. S'-pcPJ. 45% (liiSi. 

Birmingham Sac 1947 22 '8'5J. 3%K Z?- SUpcD*. 1987-92 62% ; 
251. 7'*oc 87% % -10 S.. 9%pc 95% 7& l £P e, fe, B . B . 1 S1 **f2 J . r l! ec - 1 

® 95 90 2. Automated Security fHIdg*. rlOp) 72 
'■7 pc PI. 59:. .-41 0 5 2% rtl'SL BpcPt. 1 ESS B (11 

124 %® 80:® Automotive Prods (2 So) 132 SocPf 7 
1) 20 TO i*M (11 >5) . spcm. 7 

J**pO® 30 Avana Group (5p) 38%®. 7pePf. 48% 
71.A • Averys (25p) 156® 4%« 5 6 7 * 

?'*? ^ Avon Rubber 202 200 

[10/51 .. . 

FPA Construction (25 p) 15 % 
Falraairn. Lawson (2Spl 51 6C 

BvrgMS Produrrs (KldqtJ (25u) 35 
A Non-V. i25p) 32* (11 '5) 
Burndtne Invests. (So) 17 

Fa-rvtew Estates MOpt 112 
Farm Feed Hldgs. i25pi 43 (8 5) 

•wii-uTw inrno. 17 rarm reeo Hiags. i25pi 43 (8 51 

BD J7Ktt and Hallam shire Hldas. '25p) 166 £"?•*■ Electronics C20 p) 263® 70® 6: 
JS'Si- . A Non-y. [2 3 d) 170® (11, -SI gf de ratad Lrad Bldg. (25 pi 44% Cl 1/5] 

Bunts Anderson (10p) 30 Feedex (10p1 33 

“ Fenner (J. H.l CHWbaI (25pI 129® 

innaw-i * • wj **4W . 

Johnson Firth Brown (25p) 88®. ll.OSdc 
”n. 8S 1 (95} 1 ' 10KLn - 91 no-5L Hue 
Johnson Gro. i25pi 97% 8 9:%: • 

Johnson Matthey 426 Ml/51 - ■■ 

Johnvon.Rlchards i25o) DIM ] 

Jonas (A. A.) Shloman (25p) 120 (WSJ r,' 

pffo) hldgs. >20n) 91 Stakeley- Indutti. 

HSmBtSTdao:® 75* M^aa jr • stead and SJmpeoi 

Pirelli General Cable 7ncDb. 65% Steel Bros. Hldas. 

.Pitney Bowes SpcLn. 70 _ r Non-Cum. 3rd. 1 

Ptttard^ <25pJ 53 Ml/S). . 9%pcPf. 98-7%: Setter (2 5p>; 187 

Plnctar'i •Scarborough) OSP) 73 (9/5) ' - Stcitoerg Grot*® (1 

Phsasurama iSp) 78 9 JB/Bj ■ ■ Sterilng I net*. Q% 

Plessev (50P) 98%® 9 7% B 9% 100% 100, Stevenson [Hboh> 
7%pcbb. 60 >8/5) . (10/5) - 

PdChin's i25p) 123 HOT) Stocklaka Hldga. l 

Polly Peck (Hldgs.) MOP) 9% 0015) Stoddard 
: Po/ymark Intnl. MOP) S3%« 3 l25p) 29®.-BocP1 

Pork Farms (lOp) 6S3 (11/S) Stone-FlMt no., 

Portals Hldgs. (25P) 216*. BpcLn. 143 _20% 2JJ . y. _ 

Porter J Chid burn (2Qp) 11T 

Soenrar dirk Metal Indosts. 
toencer £Geor9«} (2 Sp) 40 ■ 

■BBUBWrf** * ^ w 

Softer* [250)^26% • 7 __ . 

SMrak-SKce bos. (2to) 272* 
smrtrroi Hom_ U2«*a) 3* YlOia 
Staffordshire Poctorfns (HtdffsJ (25i 
■ ■ (10/5) 

Staftex intni. (25») TO II HT/5) 
Stri> T ^uroHura Hldgs, lOpcOim^f. 

Stain* (RtoJ Oraanlsattan (Kto)' 

IStuetey - InduBts. 240 39* ‘ 

Stead and Sthtraon A (25p) .-39 
Steel Bra*. Hkku. ISOa) 406 < 

; Nun -Cum. 3rd. Pf. 50%® - 
S^Ktiey (25TO 147. TKCnv.Umi®. 

Steinberg Groda (10a) 18*' 

stewtnson (ttwBn) Sons 5wlit nh 

Stocklaka Hldgs. (2SM 64 i9fS 
Stoddard <+*WwJ (25o) 30*. J 
Uto) 29*. SocPf. 35# 

Stone-PiMt tntU. . l25o) 117* 

20 % 20 i '. . . 

Sturts OGoorgM Son MDa) 1* a 1 
stylo Shoea-Tup) S3 % 

BAT Inds. (25D1 340 1 m u 1, . n,^ Anderson (lOp) 30 Fred ex (iopl 33 

>Ar) 2B9i®81 got 2-2 It *£ ■}'&*• S urre ' 1 rap) ll't Fenner U. H.) CHIdgi) (25PI 129® 

G3A *»■ pm STO Cl l',57 Burrough, Machines 3%0CCnv.Uns.Ln. 116 &*p' k-Sa WKs '382 101 ® 

! die,. (Sup) lit 19. 22 1 9. 5hnc2nnPf - ... . Fegy Pickering (1 Op) 730 

K 6^r ^- S s 1 7 ® 7 a 9 

Kilarnorms iIRai flu r«n c« - 

Birmingham Dlst. 12%pc 99. 13pc 

(11 5j 

Bootle 7 i.dc 96% 

Bradford 3 i.sjc Mh 

Bristol T'roe 91 »■** % 01)51 

Buckinghamshire 9oc 951: (9(35) 

Camden 6 %dc 97% 

Cardiff 1 1 pc 94 
Cardiff Corn. 7 PC 86% (llrSl 
Croydon 6% pc 87%® riusi 
Derby. 15%PC 105% ta-5l 
Dunbarton 9%oc 94 TO <1 1,'SI 
Dundee Corpn. Police 3%pcDb. 25 
111 Si. Water 3'?pcDt>. 25 6 (1 1.4) 
Edinburgh 6%pc 97% (B'Si 
Glasgow 9%nc 93 %® 

Gloucestershire 5%K 91 i9 5i 

Brown (Matthewi (25o) 122® nlk^- ^rvTkl ni 7 ?ii f i 1 i. 1 c ' 5) / cn..i M 62:. 9ocUns.Ln. 7\t‘ 

•Hevs i25o) 45* | (ii -fit 5*1" Perkin* Hldgs. (SOp) 95 Caffyns fSGp) 124 

■Bluer (H. p.) Htdgs. (2^pi 158 (10151. BtSS'n H |yW d , j 5 ^”, ft-?#*. ,C1 0 P> 17 Ca|rd lOunoee) 05n) 15% <9,'5) 

9%pcPf. 109%® 71 (11/51 ISS25LS'aEe-» a® 10 t,,i * Cairebread Robey A OOp] 23 

Burtonwood (Forahaws, nsa, 144 K±3!r?2S? p ik^ <11,5J 

Gloucestershire S'jpc 91 (9 5i riw^i^a. a re535 144 Bamfords (20p) 46* 4 

Grampian Regional Cncl. 10%pc 95%® C jff jA n dcn20pcPf. 144 (8,*Sl. Dfd. riSol Banro. Coni a ln«7(20p) G9 

44i " 00. 6pciHn. (ftSi BmM 41^ tA ir, rui. 

fZmra . ta.lpK CW QAL 'Q C . ft tMlffhPWl Crane fUUnr I /lews i Tern . 

Greenwich 6'dK 99> a (9 Si . * ‘Mitthewi Sons (HldgAl (25a 

a® *fap«mfc-' "» 
araastr- 5w Bdoni » 

Hull 5 'jPC 99 43-64ths _ 

iSitl’i’™. THStTSS. iSWi.^U.Ln 5 : oJTS SSS'^S; “ 0 " 

v.„bi, n, ioo"mo nr ■<. m-pai. ^2, ^, l0 ,. s ■ ' gKn^SLS, &!? « «■< 

& cm, 5-p, wr. ii > ■». r’ijFtA usr&Ksi'Mi «‘ss .“sa,*® ra:! 

■loating Rate 99 63-64ths Hardys Hansins (25m fea ib'Si Jericman (A.) MOp) 71* 70* 

i3pc 105 .9/51. i3%pc S- !* ?! “ssaastl 1 

K i Mitthewi Sons (Hldgs.) (250) 134® Barlow Rand CR0.10) 216 (11C5) 

c G^Ln 6 w?rv oii «•* ^Jssrtisn Jr - <25w 90 

(B'SI K 1?? IJpcLn. 

% 'T 7%oc ra.1 linn. - 

Lanarkshire County C 
MO SK 6oe 89.-« % M 
Lplrouer .Cityi Floating 

5«s (2501 55 cSrolo En^hSi^S 1 

,4 °® 39 40 cirT^^ira 

Liverpool (City) ,13pc 105 iBWl. 13%pc n 1 7raSbrto? 0 #Mi 
105% r9/5* ih.kJ^S 0 ^- ,hi 

Liverpool Cpn. tinr lofin Tn 0715,. in nt. i™i_uiss..Grp. • 

iuj'4 i9ia a *-i.^ •■»v-^~’^ --.Itfyjai f25p> M 

'ftSftih&rfiSrU 97, ’“ ,B5, ■ M^St^h&orM&SVill 66 :« am «»« 6° « H» Castinq, MOO, 46 B: • - G-H 

si ” “ ,9,sl 7 " I® »» i. 

N lR£ h "“ s "- T ™ '"' 5 ' “S® ""»■ «• 7 . 7 *?/ its 

Morwkti Can Sue OoVtfi flfw iwiion (Z5pi 103® so 5 G 4 *7® Ln. 70 U . ■ . w wltaher GdcLu. 1976*81 

Fa® h ^,. d g P 0% 6 lV??5. M ^ ,B ' S, Sv TT 05,0 nB ' 7BCPf ' M ,WS1 Cawdiw^ndustr/ri WdffA (25P.. 30. 28%* cffi 5 B^l^®) 56 

®^cSC**fif e n?lfe*V!?« vJ HldM ‘ 61-5 1234 4 8 3E3£ l SS!5tr,S s, ?ki,3 3 lsi 3,S5 VSJS 

St. HileMiMetrSolltraiiioJshi 11%K 5u£HS2L4* m f l 5l!., 7 K , r ,, 2 2?*- §§ Celtic Haven <Bp)...2i® 'ill/si ^sken iBacunr (2Qp) 97 i 

Beatson Clark i25b, 198* 

"tatna ijames, A Res.-vtg. <25 b) 10G* 

teauford MOp) 50 

■terieman (A.) MOol 71* 70* 

Beerham (25pl 665® 8 7 6 60 57 8 5. 
fjpcUns.Ln. 77.' 4 . 6%pcUns.Ln. 79 B%. 
5ocUns.Ln. 250 (9/5) 

•telam nop) 60 (11/51 , 

B jm A Non-vn. <2 op) 32 mis, 
In dustr ies (25p> 118 (11(5) 
in Profile Grp. i10&) as® 

er-NeiK iioTusinilT 

an* intnl. (zom 82w 

Enqlneertnq &». i25p) 68® (11/S) 
i £* r »« Capel and Leonard (1 On) 33® 
Carlton Industries CZSp) 186 (10 'Si 
I C t!R**¥. I"!"*- (50pl 51% 1 50%. 8%pcLn. 

Fenner U. H.l (HWbaI (25pI 129® Kajamaxoo MOpl 28% (10.51 .. 

Ferguson Indi. Hldgs. i2Su1 101* - ,2 So> 1 02 (RIl. 1Qpc?f. 

Ferry Plckerlna ClOp) 73® - 1031 3 . -v 

FertJeman (B.) Sons C20pi 29 Kenning Motor Group (25pl 68%* tti/S. 

FldeHTy Radio (lOp* 81* BOO 80 (George) BncLn. 64 (lO'Sl ' . - 

Fife Forge (25a1 50* 1 Kent <M. P.) (10oi 40 (115) - - •.•,»£< 

Findlay (Andrew R “1 (25ol 29% Kershaw (AJ Kpl 9% Q'5> ■. ■•¥ 

Fine Art Developments (So) 40% 8V> Klmoher BdcLu. 60% (9;5i .. > 

Finlan Uohni MOol 30®(11^SJ *“ KMvMmK.’ c? 0 " 5 65 f11<S> 

Flnay Uames, (SOp, 3280 32 25 30 Sc3eJSnl.fc 1^3 12*14 «V5) ^ 

ffilMrtft »■» ,a, » K Sht t %Tm, 3 l xh * ,, * tsi (,0rt S2 V- 1 

ue-«. di “ u « ^ 7 

VSJF 5 3 2 l — m ■' K , : • 

MWjSfc'i?^™ 8 L.C.P. Hldgs. *to> 91*. $-■: 

Fodens"(50pi 60(8/51 h£t teduSTlnv*.. (ZSpi 40 MlfSi - ’*• 

Fogarty (E.l (2Sp) 100® 2 .M* c ,ntnl - HOP) 39% (10.6) . . -ki-' 

F^Udhn) Hafo ISp. 22 (11,'S). Non-V. W 

CraipjirT ^Op.Tzia. ‘B^Ort* 716 (9TS7 9%°' B7 ' ! ‘ 10 W ’. I*{b OJ U5p) 161 MO/5) .. J’j 

SZ ZTlzST's ^ "- 17 W»io , ■ t S ? B, 26,3 ^ 2fc Group (25p) 89 90. BUpcDh. 98 

Can?S gtJSS. 8b 32 C,«, BM*r«fflWiS , Wn , »“ ' ■ LaSe Eiiktt &5pi so r\ 

Porter Chad burn (Z0P1 111 . stylo Shoe! (25p) S3 % 

'> Portsmouth Sunderland Newspapers r2to) Sumner (Francis) (MldgsJ (Ito) . 
■ 60® (11J9). 8PCPI, 55* 3TO itl/5» Sumrle Ooftra (aoo, 23 (io««* 

»- Porvalr (25 p) 3t® - -• Sunlight Sendee -Grn. tlOp) 27% 

V Pnwpll Diiflrvn (SOB) I7fi 8 Cram Rm nt.'tn 

rorviir </ UP / j >w 

Powell Du Bryn iSOn) 1 75 8 

-Pratt rp.) Engineering i25p) 70* (11(5) 
Preedy iA.) iZ5p) 59 ^ „ 

5 Dora Grp. I 

pd. i (i opt a 

pm ’ ' 

0) 51* C1T5). 
Z (11/5L . New 

rreeoy ia.j iupi «» ^ _ pm 

'PnessK Holdings ClOp) B7* |523u%a^e»iB' (K50?*1 

Prestige Group i25p) 161* (11 /B) >w«nsn mmoi. a WSOJ 1 

Pretoria Portland Cement $RZ) 182® . - „ 

Pnest (Beniamin) . Sons (Hoidingai OBp) -.- T—U— V 

73 (10151 

FormlnsteTtloSi 1S5(9'5) ' 

Forte Hldas. 6.1orDb. 66% (8/51 
Fartnum Mason 61S Cll'5) 

Forward Tech, /sop) 113 

F 5T ,C (8^| B * eP fZS °" 161 ® 60 ® Z *• 8IU,,C 

Foner Bros. fZ5oi 105® 5 4 

52% (IT/5) * au , ‘ °' 4BCtn - R.) MODI 41 Mt/S) 

Carrington viye/la (2S»l 43% 4 3/ 6 hoc F S?5 K ,^,' ,sWe » S9® M1/5). 9petm 
obis? " 4 ZpcDh - 52 " 0S} - 7BCDt( - 68 -Srh'WJkra MOpl 12-. HO/5) 

Carton ''Hldgs.) i25d) 42 BrarP^h^m i ’n ■ S,V ri? , as ,? 5 T0 * 

Carr's Mltlgra Industries (25ol 42 ' F Tji 7S, Kltr HWB *- 28* 30t % 

C-ttwr/ght (R.1 (Hldgs. 1 Nm> (Ito) 62 " ,S> 

IStings MOp) 46 8; 

! anupf. 50%: "2"^ or* 1 * 01 ®"'"" 

Latham (Jameu 112 (85, 5n 5 BnrteS p?'i 

Uurance Scott USp) 119 17 01-5) iSrLn^^Mmc 

Lawrence (Walter 1 fZSp) 94* C11,'5) naK^ hStt'iS/rt 

L S f "l^9 t48- 7pc ^ 


Lee Refrigeration M2%P‘ 71 (11*51 RluiomSi’siinsJe 

Pullman (K. j.t i5ol 85* (11|51 T S2 n * e ,sow ,S1 ® #47 8. 1 

mvrdftiS' in pTsb mi/s) *b. yg* 7 «& htt&r 

a o o Lit. 103*2 (1 1/5) 

Q It — g> Tate of L«Ms OSp) 36 5 i10l3) 

^/gtnsMoatKoosra C5o,36%® % 5% Syior r paMSto < a5p) 2 B7 > 49 ! ?57 

#?: ?SS!fra n f?8pi 6 ^' T * 59 '”«• M 29,3 3 

T 5^r (Tt^ 38 ®* - A N - wo - 

NdSimr Fashions and Textile* <2 spi 49 50 Trirahcim Rentals 050)125 9 . 

fuiJifc-EnBlneorinn Indostrles (10p) -14 T ilSS? 0t ^ L “' “V 910 ® 

«ift P> s% B New m ret TeraConsoliti (25p) 51 (11/5) ' 
Romir Textiles (5p^ 5%. New Ord. (Sp) Tesoo SMT4S (Hldgs.) (So) 42% 3 2 

Randall y.- 1_| mo*. 110* if* A * ,r “J5S.' < t22 > a*5^2? r S». 

Randalls Group (Zto) «80* Ttronwrasa. Oroo- OSoJ 260® |9. 

Rank Organisation (25p>; 24 SKI 5* 1* 46 :«? 75. 4.72pc1ttPt. 50 (8 5). 

4 5 8 7 3 3: i,; 4%: 5%t. SUocPf. PI. 59. SpclsrOb. 56*. 6L — 

L>,.-7b% - *t* - — 

Cawdaw s .nd«triri HldgA (25g. 30* 28%® 56%. 6 

Jtewoods MWbs. (25ol 132 (9f5, rJrtS^iillTT i5° 5 V s lB / 51 

Ce lection Industries (to, 35* Si? 0 ?. E 2» ,n * e, ? l !9 B-'toclo. 84 M0I5) 

Celtic Havra (5p) 2l© 111/51 Gaskcl Ii B scud) ^ M Qp )97 i8/5). 

cement- Roadstone Hidos. (Zto) 79 (10/5L S? 1 ** 5F- G - 1 (25di 58%t 
New (25pi 79 (10 5) C ^ DW MOp) 44 3% (9/5) 

Centro 1 and Sheeny ood i5p) 53%* 5t 3 M GUM 34% 19/5) 

„% 2% A Electric i25o) 253 f 4 »k Bu 

CwriMrT Manufacturing and Trading Grp. ,*■ AStHl 1 *76-81 83.'i« rn/5). 

19B3-85 73% IT1I5) - 

Galllford BrtnStey itol 56%* 6 
Garford-Ullev iSol is iO(>n 

S %sW7 0 '; 5 r« n%,OU " n 11 ^ 100% 98%. 

s Metropollta h Borough) 12%pc Invest- nsm 89 

Sunderland con. 5%oc 87% C9/5). 4%pc foTT!®*? Too 3nC Dnrt,ey i™”*- '2to, 
Funded DM. Anns. 33 30 I8/51 Younq and Co Bra— » a ran-, , 

Jurroy County Spc 91% (8 3) N-v?g, "son, 1 ssaToT A t50o> 170 3 - 

Tameslde Metropolitan Borough 10 %bc 1.' 1. 3S * a 

93 TO % . CANALS AND DOfTti /71 

Tjne and Wear 12pcStk. (1916) 97%. Do. .... y L “ (7J 

12pc 9% % 9 *» f 1 r '“2‘_£to n "«f Ship Repairers MOpl 6% 

Walsall Con. GVdc 96% (9 Sl *fi5 e ^S*!SI»S!! lB JS^ n * 1 220 - SkwT 40%*. 

SHORT DATED B0ND5 iS,'* JSlSl ^ . ... 

30 * - Loc Refrtperat'on M2%pi 71 fll'Si 

Lr*> Cooper Grp. (25PI 140 
Leeds and District Dyers and Finishers 
:23pt 56TO < 

K'fi? I'rie r «ri1j.(3p> 154 S 2 7 3 50 

Leigh Mm, i25P) 20 TO 

Leisure Caravan Parks OOP) 115 CIO'S) 

I Lennon, Grp. (lOp) 36 . 

tocl*. Lesney Products - (5 d) 7i» 8 6 7. 

Restricted Voting (to) 63* 

Letraet intnl. ClOp) 133 6 

Lovex (to) 14 JO/5) 

0/5) Lewis (Johni 7pCCiun.Pt. 53: 

Lewta. CJchni Partnership) apcCum.Pf. 40% 
L Tn*S' n ’ ,MT ' Tst 6 %pc2ndDb. 64% 
„ Lf* 'service Grp. ato) 62 3. Second 

rft/sr SsT * rr8ts ' 2I * W 67 

69;® 71% , ■ Tbunp 

i) Son. (1 Op) • IBS ill. '51 TToer 
Jh Pollard (25 p, 5BTO 9 iWSl 

RansonvHW Hilim) Son ClOo) 18 
Ransome: JHoqman Pollard (25 p* 
Raruomes Sms Jefferies 1 65® 60 
Ratctffje CP. S.f Industries r25ni 
RatcUfS (Great Bridge) 8pc2ndPt. 

""iSp^bV®** 4 " r * 1 t1aB, 72 ’ N 

Raybeck MOpl 75* .8 4% (11/51 
Payback -Warrants 37* 

Read lau Intnl. (5pi 36 5%. 8%| 

oeraex < iwpi 

Oats - and Nationt'MHinio (R1< 


Time Products JIOp) 139 
Tiaghur. Jute Factory 9% 10. (8/S, 
Tomkins (F. H.’ l3pl i3%® 4 % 

Readicui IntnL I5p) 36 5%. 8%pcLn. Bgl Toota 1^2501 S3.* 'spePf.* 39(,« 
Rce^ MtattL Concrete OSp) 12755 t6 gg (itf sF ffpclib.M " 7 
_fli»ddt. Ill . E2hta fi 

B%pddi.' Ill ' I. 62 %t® 6 

ReckRt and Coliwn (SOp) 477 8 5. . Spc Tore (25 o) 

1* 477 8 5. 5 pc Tore‘c&o) 46% MI S) 

69% (10; 5) Toxtr. Kemuey and Mlliboui.. 

OSB) 278 (20p, 50% 2,50 2S 

%. 4pcPf. 34% Trafalgar Hoc - i20p) T34* 3'-® 5 4. 

Um.Lh. St. lOLDclIm.LA- 79 
Transport Deveteoment Gno. <25p) 68 * 
pi 55% (Ufa Tranwood Grp. (5p) 4% MI'Si 
11 88* 58. BpcPf. Travis and ArwHd 12501 154 

JWRaS-WS iSguaMf»ar m 

<8/31- . ■ . 

Rodlahdtatoi 147 6 8 
Redman, Heenan Inti. (1 Op) 55% (Ufa 
Revd CAirstlpl Grp. A Q5pl 88* 58. Bp 
_59® T11/5) 

_ ,. v ™. „ Chamberlain Pfumn hod) 42% ra/„, 

■ » ten 143 8 (««» Chamberlin and. Hill C25al 408 1* 

"'rjf Efrilngton (5 Ob) 114. 9%pcUns.Ln. ff , f * So A A|. Oy» „ 

. SWSF XY^.I’.Sp 1 23 (ii/a. i2ucp 

"’•ri, A -row r«rr D ) 17 (CIS) fttol 23® Ml 5) 

■'vkwn rnnrwi •tfinl 14 Ml im £[’e ,T1 ri n a_l5p) Ba (9/5) 

T rk 7??I l i^ n * raSo1 97, r SPcUns. 2 ®i 3 2 s 4 

Ln. 113® i?i, cnrisHes intnl. fl On) 97 g 6 

’■wkwopH M-rtD- 9<ins (w'Pru.i '?5oi w. HM^J'te'TvIer MOp) 71 

- 1 *— « Nml-ta iHWns.) rsvn 717. ni/c\ SSSS, l; * 30 

■SmS 1 HW »»- «>•» 134 cIw^oteJs P Group (2001-120 (9J6) 

fZ5M « arak^e^JirJ^ai^^, 

B ?. , rfrr ,n *■ M.1 tefematlnnal *to) 12% Cjiy (Rirherai (25 pi 76® Ml 
f 11/51. 3'-DCpf. 37 (11TO Clarion Son (Hldgs.l (50p 1 64* (1115) 

■odvcolr lirtnrwMnnal (25 ei filt® Clifford (Chariesi Inds 940 

Rollon Textile Mtn (5oi 9-% aitford's Dairies (2toi 44® CH.'S), 

Bond Street Fabrics MOp 35 Non.V. '25m 350 7 (*i s« 1 1 

"on»-r £ngn. -20?) S3 CJouqn (Alfrad' ffoePf. 53® nifSi 


9%pc (24 5 78, 100 7 B4ths '«? 100.123 5%prDb. 72% M K5). 6%PCDb. 44. 3 & 
100.126 IOO 100.129 100.131 . Db. 20 ^ pc 

9'idl (14 6 78) 100 >U Mlltord Docks 71 (9'S) 

9%K (21 6 78, 100'K C11 5, 

?5E^S5Tl 7 %» , 8Sii , •■ I, • COMMERCIAL (2,909) 

8%pc i6'12-7BI 100 'm <8 5) . _ 

8%pc (13 12 78i 100 'b CB/Sl A B 

71UK (20-12.781 99%: <M 5-G4th 

7%pe (S’l 791 9 BH m AJLH. (25P) 104 111:51 

7Vpc MO 1 79) 98% <9 Si A. 8. Electronic >25p) 101 fa's, 

6 TOC (17 1 79] 98% (9 51 A.C. Cars (5 bi 360 .'11 51 

line (11(4/79) 101.947 1 01.952 101.869 A-C E. Machinery /Hldgs.) (25 b> IIO 
101 agb Research nooi 89 

midos.) (iopi 20 

1 1 JUF-Jp ast ^ 729 4 3 

Uncrott Kllgour %rp- (lOp) 51® 

JJndsav and Williams (25pi 43 h 3 ( 8l5 , 

t ^Sr m ’ aaV> 142 ’* - 5peComJPrt - 3S, 

Unfond Hplolngs <2Sj», 135 '. , 

Non. V. 25* 

fiambert-and Parous (Sp) 15C11«1 50 ' , LJndsey ■nl? < wilUams ‘(2 

ara a «!|.' , 4j,'is. „i 2 a , sites afiwafffns ^ «« , 

asaws^nagsr 9 s s§ , uriap6^« a ^« ■» 

SSSi f gs3>W8 ,! * 30 m'Rsrar^Op^ 237 ® * ‘W 01 Da,l¥ ^ aM “? 

cUTi GO Jm/S) ^25,,, 7 °* M ®‘ 7%,e , 

S£M=rQ -S&s?®* Stesjsasj. „ .waiMir 

^0/5^- ^ipcDb. 1 *1987-92 ^(Sst A fNo "- V ' i «®>*» 

«1/a. 7%pcRedll». 51 Triplex Foundries Grp. <2to> 7T 
®.SJ. 7%BCLn. S3. lOpcLn. 671 Trust Houses' Forto (z5b) 2110 1G 13 

ReedPubUshlnp-HtdOA 4%peLn. 31 3D*,S0. TsT SS^m^S. 18TO % %? 19 (1, it 2 9.1pc(lns.Lit 68 

2S&535^P fc K!i_ C2 ^?! 8 J®J? ‘!.U5! _ Tube invests. 359t® -9® 81 80 4 8. 5 

5"! “5£*i52. ltw *st® , 5; eftpi 43* (ll/n Uns-Ln. 81%. S.SpcUus.Ln. 53 U. e 

H'rtui. ''SOdVjSM" 70® 57® 73 I L No^*IB^"(5p1 l, l B 1 ' 1 tS ° > Z ° 11 7 ;5 *- A 

Kr, 72 70 4 - T%pcLn. 119® 21® 20 I [-‘’"don Midland - Industs. f25pi 77% (11/si 
IK2??. 9L J-» (Contra eta rs» (,nra ,c rPt.W °ZS*ZSJ i ?i JB 7 -- S-tpc 

Clfflord iCfurlm inds 94m Gic«u>n rM v 1 . ^25pi 2, 

ss 5 . VrA. n, a, * &SiiK , s%. , sftri ! j 

fg'V.J’lf- ,35w “■ * "”- v - ™- SBIE? iSl 'Jf», «•*««. ffiS"i7?%37«"S8' a ' 3! 

4 *v —* « 

3SS /S&L.rrJS. 25 « a sassr aB ’ w&u: , ar «r a 

j Booi^ ' hCtiConwif’raOpi 238:® TOO Gt® cJSffSc febemlca 1 9 Produc3 ® ZStrt^O 5 4 
C25P. 190 .8151 t25<,, G4 ' 4 M «- V ' «' 

Panel’s verdict misused: Tether 

THE FINANCIAL TIMES ex- mlttee decision was that the It had been written by only one 
plotted a decision of the disputes problem could not be solved man. 

Nimmittwi nF the Nau/cnanpr ncino an flrtprrol gsnnra " niri u- j: j . 

■® 17 15. lofiipc London Brick (25p) 71® 7D1- 1 2i, 
tjj 2 (11/51 ^ W. 61® Ml/Si. 14KLn. 7 37* K 

Prods. IIOpl 44 Long Hambly nooi 37 MO/S) ® 

i-on9ton Transport Hldgs. «25 di ca«n 

M 4 S? ,S| l tSSSi 86 £ , 7 fia,, ® M 9:2 a 70 ' ®». 
sp* 48 (ti/51 issss^ ^l'r^[,sir “ ,,o<ar 

c 5So■|A*™ ta,,,, CMWBJ * gI55 p i"Sw« 2a « 3 ”s4 

Calmare (2Sni 43 % . CnJSj"^ a°imS!‘ 39 

Combined English Stores Grp. M2%pi S5SS d MJS?,--A»^ 5 PJ-??9.3* 100 

(jSpl 85 (10.51 
L 108 B !9t5l ^ “ B * 7730 '**■ H2%KLn. 
H“E« i D riu«s 305 «S 296:® 301* 4* 11 

IS. Vzo 8 V 8I - 7Jj n«Ln. 72%. 6%w 

Comb'ned Enghsh Store, Grp. I ilVj® Tto, 1 3 % J Lvon .^Ss' «2Sp) "77* 8* 

Comet Radi oylsl on Services (Sp) 123® 2 1 ca-s. 7 J 4 _2 3 _6'«ePf. 31 I Lyons (J.» 93 2. SdcU 

ComoAIr (2591 9G 

T3. Option wrote. 18%® % %* 19 
9.1PCUM.LK. 68 

Tube Inrastz. 359t» -9® 81 80 4 8. 
Uns-Ln. 81%. 5. 8 pell us. Ln. 53 U. 

Uns.Ln. 90 (11'S) 

Tonne Hldgs.' (50p) 2730 9 80 
Turner and Newall 178® 80:® 4 3 
2 80: 70. . Ord. Shs. (Fy. Pd-1 
ao:* 72* 82 80. Ord. Shs. 280 
. 8 6 5 8% 9 7: 

Turner Cunrzon (Sp) 9%. 16PCUns.Ln. 

Turner Manufacturing i25p) 110 5 
Turner (W. and E.) (10p) 28%. Nc 
if Op). 28% nr rsi 
-Turriff Corp. (25pl 72. 5%pePf. 32 11 
Tyso« (Contractors) (10p) 27* 7 % 

14% 11 14 1S 

Jq^u; ^ DcLn - «***■ 

_6 ’tocPt. 51 Lyons (J., 93 2. GpcLn. 46® <11 >e, 
SUacLn. 99. 8%ncLn. 59 ig ( 5i. 7%peLn. K> (9S| S 

RHlan* Motor Gtp. (So) 7 6% Ura.Ln. 90 (11«, 

RtIvob PBWS 125PI 77. 7%p£Ln. 64 Tbanb Hldgs.' (50pl 273® 9 60 

. - • • Turner and Newall 178® 80:« 4 3 

9 en SSS>-5 rTr - tlS* 0 Ml/51 ... , 2 JO/ 78.. Ord. Shs. (Fy. PdLI 

RenWax G rp. feSoi 46 80:* 72® 82 80. Ord. Shs. 280 

Restraoc &n- (25pi 128 (11/S) . — 8.5 5 8% 9 7t 

Reverttsc Chera. Q5n) 89® 92 Turner Curaon (5p) 9%. 16PC(Jns.Ln. 

Raxnura42Sp) 64® 3® 5% (1.1/5) 

Ricartto Engi n eers (1927' iZ5p) 141 Turner Manufacturing i25p) 110 5 

Rldiards-rad Wainugton inn. nopi 83® 4* Turner nv. and E.) (10p> 28%. Nc 
RichardfiL (lOp) Z2J, (10 51 ilOpl.28% flT(S» 

RIcMnAon, Westgarth (SOpl GO. BpcLn. 83 -Turriff Corp. (25nl 72. 5%pePf. 32 Ml 
Riley (E. JD.rilWg,. (TOg) 33 . Tysons (Contractors) (10p) 27® 7 % 

Rhr- convert <5o/ 5% % * v 

Robeto Adlard (25p) 95 (10/5) UBM Grp. GESp) 70%. 7ijjKPf. 57® 

Robertson Foods i25p< 145® 8 s/OS Gp. OSp) 90. 5%pcLn. 46 11 

Rortcvnre (25ol 118 MO/51. BpcLn. 61 h- IJKO IMM. I2to) 165 (10 5, 
nollvRoyce Motor, asp) 92%S*-1%* 1* U5MC. Intnl. 9pcLn. warrants 136 i9 
3 2%. -BpcLn. Ill % (10/51 ..tocGtd.Lp. 9«> % (8.51 

Ropner A. <25 n) 41 flT'3, UJJTwiUes ClOp) 4%* 1. ri 1/51 

R online -mop/ so® . U7 SfK Tetevision a Mon-vtg. (25n, 

Rottorint com 45 . l9iS» ™ 

Rotftnrahs' Inter. B (12%pj 53%® 4% 4 .JSPtl! ,nd *' <2 - 50 ’ 100 99. lOpcLn. 
Rorortc- MOpl 11* nirs) • 

Rmran Bodan (25p) 25* 1 iJtoSL ’J-fSS 2e, B, o 39 ®^ 

Roratfree- Mackintosh (50o) 393* 5 3. “S® 7 * if® _ 56 .'?w& „, 6 'i»ri.n. 1991. 
Do. -New 480 9 6 7 8 Gt. G«Ff Uniw-, i 2 ;Si ** <® 51 
52/19151 • evlSSL 5 17® 20® 20 20 J 18 ■ 

OB' 77%:® 7 8 6 
168 7 9 Cl 1/51. , 

uuauuii AcuiCi Wiauuicu jcaiciUdy Ul uiv ucwopajicf, rrtp fg 

at a London industrial tribunal. Ur. Dukes replied: u The pur- Times 

U- Tni.,in nil).., . n( «k. P® ... .. 

7%ncLn. 77t® 
Copydex OOD> 30 

and general manager of the a commercial company produc- tribunal chairman ruled- ^ (SSTtS.T-vSlS'ML*?, 7 

Financial Times said that the ing a reputable newspaper and tribunal has heartl Mr Conwnnjft QOni 55^* 

disputes committee's task had all things that pertain to it It Zinger’s evidence as to h£ C ?o^ 5 7 o® a t?iT 6 i 10SlKPf - 

been to try to bring about a is not in the interests of the FT, opinion of the Lombard pnlnrorf ^ 3pl 296 301 

working relationship between having these objectives, to have But it £ 5 oi5 6 7 . 

Mr. Tether and Mr. Fredy Fisher, a major disagreement, and all adjuicaS on the ind? K. \% *■ 6%Sl x 1J 

the editor. But the committee the attendant publicity, with one vidual MnWbutiomP^or cSM V 

had been unanimous in saying of its senior columnists." editor's mcercise o7 hi? *,5? c^ u £‘ m 

i25ai -7% 

%. 57 ML ... 

MY Dart MOpl 58% 

i MSSSSJ’^SS. 0 "' nDo , 1 ?B* (11«) 

i *111/5^” F8ffimjB«ule*l# (20BI 99* 7 

■ taspi 14% (ti/5> 

9 81 11^? “^ 211 <9fBI - 3%pc1rtDbf 53 


Rowtqn Hotels <25 di 1 55 
RoyeL Worcetter aspl 131 01(5) 
Rovoo (2to) 38 7% 

Ruberow_a5pl 39. ■ 10%PCtn. 74* 

7^n b ; U& ' JVtVSSf ^* lf " 

f*y tFi.’au sds3o% 

Union lOtnl. GocFf. '44* 3% 

ROTO Cto) 38 7% • iV51 , J w r.Jv t / , ' 12J SUS30% 

BubErtjid O&pl 39. 1O%0CLn. 74* ' a l0l,,r - 6«Ff. 44* 3% it. 7PC 

Rugbyr Purttand Cement (25 m 75%® 80 Unlrach m nm i-<n 

t 6ocLn - {ja m 



created by this somewhat anaemic topics, 
finding and to find an excuse to “It ii 
dismiss me.” Mr. Dukes: “I put on 
reject that" the FJ 

Mr. Tether, 64, who wrote the whethe 

I •- 

JWstewi (Jameu (Hidosj Modi ia% 

®° ^PfT p S n M2?S ^Eli 704 *. 

8. Kodak 
B. Kodak 
B. Kodak 
& Kodak 
Ok •' 

&at‘ .. 
cat- .. 

6%®c Manderi l Hldg 5./ (2Bpi 87* . W ' 
__ _ Manganase Brorao Hldgs. (2So) 84% 

Cra^k eu2t* ,10p ' 46> ^ % " Hnnimti. 1 IP**) 8 SSh?* a^WS, 1 1 ,S> 

S^O’wcl'rai'cati Grp. rtcPf. 50 liAO^lil 90® 

Marlu and- Spencer (Z5p) 144%* 375 

Jte.l%»4 7 4 4 % 8. VocPT. 65*0 5 

Mariev (25p) B3i/0 4® 5 4 . 

Marling. mar. (iopi 18% % 

Marshall Cavradich nooi 54 

■r Internationa/ (20 di 162* (lirSi 
Ferguoan Hid 31. 7 %pc UBS.L11. 65 

1 (Bernard) (25 di im* 30;® 

in Australia ^ing reinstate- ™ f ^ J ” 2 jiksT* 

Incorporated m Australia ment u , ~ ^ ^ _ Currys rasg, iga* 202 1 Jjanweiu ^ tuSr9s nils) M0I5> K 4V f®" 5 * 

with limited liability Mr. Dukes told of a meeting of totSSSls ™ 1* *100) 134 5S; W t^p 5 , A ,9* T8 w 0.® 

NOTirE IS HEREBY GIVEN ^ . Mr - RObert N<J ™ thS TSf— A W Jtedt Site *° <**' 

JLffaSuSiZ Mr. Denis Healey. Chancellor, ?* fi 8C . 

the rate of 758 (IS cciris per Stoe toSinS were pSli^.‘ ^? te: 1, ^ ^^onsly' W^W"Wn»* 

share Australian Currency) for “ d - n3 ?« u y w«h approvaL” *no5^S.j 21 iVdJsi “Ste 0 ** taopi 64 2 SEPm- * QtM 6 1D „ , 

the half year ending March 31, h . 1wk j.t, there was do Mr. peter Parker, British Bail Davit 1 Godfrey 7 (25$ 87% 01,rsj dSiS!?"' Slms Cog*ina isp, 37 rs-si , 58 <«••'«- a.socpf. 32 (9?sr ' ocPi ’ 

1978 has been declared by the SSShJd^oV b *** ‘X 0 “? 13 003 of fir'ffiSiS.i 71 ' % ^ :5> KSSi 

B°*ri Of Dijtoor, u provided hLd S /o uSfe S the ^e v o , « f . m e dart; come, “ “ »». -ai'SA <i ,7 10 »■> '"«e« ces.. « KSTagPH’,' 3 "' '» . 

share Australian Currency) for 
the half year ending Mareh 31, 
1978 has been declared by the 
Board of Directors as provided 

sap* “;.l-onUon_riOBi 171* % (9 

iw frT? 17 (10(5) 

HMffttson U- W.) (Hldg i.) (25tU 

58 (10!51. 2-SocPf. 32 (9 '51 
Metal Closures i25o) 06 (11/5) 

« Metal Industries 32 (8 5) 

1U . Metalrax (Hldgs.) (5p) 49. 

1M ® Metwy (25 p) to%z 

tonV Mevor (Montague L.i OSp) 82 % 

Aztlro ' 

{fat Ned 
efauifii . 
FMlijw : •. 
Pbllipa - 
EL D. tibeU 
H. D, shell 
jld, $tm 


bp ■ y 
BP - 
■GBC - 




CKwe VoL 


- 9*4 14 

57* 38 

11* 10 
132* — 

43, ' 3 

*7* - 8 
1ZU 10 
4Xg 39. 
85 ' - 

16.50 — 

9^0 9 

K30 — 

4.00 — , 
B-fiO . - 

13^0 4 

5.50 11 

3.40 — 

UO 1 

1.50 — 

8.50 1 

1.00 30 

0-40 — 

SJO - 

0.50 11 

0.40,; — 

Oct. . . 
Clooe < VoL 

161* — " 

101* IS 

7S* 45 

3 6 

IS 1 * l 

S3* S 
11* — 

ML, - 7 

164* 28 

- Tl* 10 

8*.0d - 

18.80 — 

11JX3 — 

8^0 — 

4.50 5 - 

B.50 — 

i4jjo a 

7.60 88 

3.70 — 

L80 10 

0.90 ■ _ ' 7 

3.20 22 

1.20 fi 

3.70 - ‘ 


! Clow Vol. 

153, ~ 

111, _ 

IS lo 

'P z 

19, — 

.32 _ 

19 _ 

IZ 3 * 1 


22.00 — 

13.00 — . 

9. BO ■ — 

3.50 34 

3.50 15 . 

14.50 7 

I &.OO -H 

4.20 ' _ 

2.40 10 

1.40 72 

9-2 Q s 

3.00 ll 

1.60 10 

6^0 - 

8.50 _ 
UO _ 


IP 128. 40 

“ Fl 14.60 

London Register books will close 
for dividend purposes from 
Thursday, June 15, 1978 to 
Thursday, June 22. 1978 inclu- 

By Order of The 
Board of Directors 
R. J, White, 
Chief General Manager. 

Bank oF New South Wales, 

May 12. 1978. 

™ , lew weess since your banned Draw <zs*> *ie ’£» 

disputes procedure had arhcle of May 5. Let there be '««* 

failed to break the deadlock lig^L Let there be Tether.” M«S?Ml n , 7S i. 0 7( 

S'htri £f fl- a ° d g"- Adjourning the hearing until 

cess had been fully exhausted. June 20 wmi* Sfri Mr 5**^ ^yti- bb ° 

tsr ^nutwre TraSSTo Ort 

"ET& Jtf 3 »- ■"««■ assunsisJOTiffl «a s 

In . 5 «««. sssrjss^’sffl-i.H. 'f® BswfSr.iSr’ ” n “> 

rio«c haH aT. ZT «ujuunnns me nearing until lo^peoh. 34 % no -si 34 iiKnt«r ^TV-ir 5 ” 59®. 

cess naa been fully exhausted, jnnp. so Mr wane mTh Mr 9wLn. bb 7 h?L'i t . 8 ^' (? ts * 

Mr. Richard Kitzlnger, an Tether, had only one more wit- ra5rt 133 ‘ s* 350 * 1 ^- hSSi 1 . , ?52^ ®ro-‘ CKpf'iore 1 * 

an ^ treasurer of the ness to call. Mr. Rohiir' Corbett 8miMn ,i ii^i2S rt ^SJra«* u. n HSS!?9-.s*«!?A.niK iio», btto 

TOimiiiv juuwivi 1 rup; io UU'AJ 

Mliehffll Colts- rasul 43* 2%e TO s® 
13ueUns.Ln. 97 

Mitchell Com. Trans.' czflui 77 ill/Si* 

Mol/ns (25p) 1210 
Monk (A. | (25p) 98* 

MMMlfifi SpcLn. 125 

Monjfort (Ko'Lring MillsV -25o) S7 ( 9 / 3 ) 

I JS? ?? cles eTCI y hearing 7 ^ adjourned 8 

week. But he had been assured until June 2a - 

littw S . uupi 24 nr 

”* " n ” E ‘ 

Hinona F ootwe a r dZOc) 88 CM«J 

Mon Cnsno- Go. (25p) 77 * 

Mottienara iiop) .1 66 O' 

Mount Charlotte inv. «0rt 1C* TO % 



JJepbSits of £1.000^5,000. accepted for fixed terms nf -Lift 
years.. Interest paid gross, half-yearly Batnof!? £'■ ■ 51® 
receded not later than ibStk y ^ Rat ^ fQr deposits 

Terms, (years) 3 4 V 6 . 7 8 - fi in 

Interest % 10* 10J li . 11 * nf - Ui I2 ^ 

(Si 4 aS d & 

Chwnies payable to “Bank uf England S?-irSr£ 

: KFI Js the- holding company tor iCFft ". 



w , c „fil!!^ a l TilneS May 13 1978 

UM. C,,V MW * ha " B * 1D «” S 7 8 . 10 oc L T».,C h ,rt„l„. __ 

uJ^giar ay« 

ga rt5> 

Unocfirom* i.ifri. ( ip 0 | ij,. 

Ut,« H,d„. mu 6 §? ^ Qnl fRlj 6g 

riTs ? 24 * 1 "= 40 «» -i. *•«*. ei 

“ft" Mflfi ,S0D ' 1:2 ’* S Hft 5 .. i 9 „ 
V«rnan Fashion Group iau ,, B . 


OKUn. | CturterhOuie Grp i 75 pi sg 

dSii^mJ", M'OM- POP) 22 ®i 1 1151 
Its m Gen- Ts: - ,50 «” mb*, a 

*■"£2 ao not* 

J22E. C . r ? u *> -‘‘fto. 1 09* 9 

*11. -Si. 


- - - - - - UV 1 

Vg»CT i25di 152 

10 fl'j 

W — T — Z 

W W G,. m SSSf TOS d, 5 01 « (MSI 


to 4S*? 1 , g?r ntai siore5 N - v «a- . 

ni £ » 

M0°5. ,,,,,us ' ^a, Holdings , 2 So , n 
JRJJ*' Homer <So) 11 * oi S' 

Sffir 12 ? 

SM 76 "»*■ 

W ,*n?.JCf h ' t * Group i 25 ei 
JO .ocPI 1995-2000 163 
.•Bernard • 11 o P . ig 

Waring GHIow 

1 « 2 
73 ’i* ij 


V sa"® u| ;1? l s l rt Co,n, ** nv sn * «ust 

"u” !' 

wi ?* Bl 2fc. tarnr 1 2 So) 164 SO: ( J 1 is: 



top) 251 . 

(11 -SJ 
32 H 110 , 5 ) 

wearra Group .„ 

WearweM (So) 20A 
Wobaren Publications rsp) 

,2 »J 225 4 

w^A^, MOP) 301- 

'« » i. ■= 

£ngg. Con. i2Spl a7'~ i1v» 

BSsS , KSae.?3%, l iS- '«•' 

W S b"?:. S V& 

4EB*®2 Ssrsi.w 

TO* W C Q %on%^ „ 0 p> 

SSsWfiBSSrJa 25- 52 ws » 


TO'"’* R «1»“r*"tS . 1 0p) 375® 90* 


"f (Timothy) 3 t 4 DCl«Mi ns 

8 pcUi*ie.Lnr“* 82 


i™ NjhB7 >»' Finance Cor on. HOpi (2l*> J, 
T “- t50 ' 10,3 4T> ' 5 >- 4KLn- 92 

ll a£u?* 6 g , -?« , 5 , 7 c 2 ‘ *■•»«*• «i.». 

nTrUS'i 111 . 51 . i2i.pcLn. 93 ? 

investment Co. (2Sp) is SSi 
"»' 1 W 20 110 *l 3J 

L^f a i n S r° t,ll,h <20o) 95 2:® 
mTiSSE, European ,1 OP) 22® 2 % 
u! Trust i20d» 49 

muE Vi?‘ *■} f 5b> 51 CIO S> 

6 • • e 1 !?" J"*- ‘50p> 1 62® 73® 82 4 
6-:. 5 7. Cum.lstpt. 1994 701; 

w M? at f Mcr '»n»'l* MOP) 10 111 ) 5 ) 

gtebcTO '&'?> 15 *»» 

* 3 ® ,, ®Baf t "ii & 0 m 51 7o«pt. 
If- Assft * 1 1001 10b h 19 Si 

S 22 SS D ril!s) ® P> ™ lOott-n. 

Smlin Bros. (25 d> 55® »I1fS> 

Sterling Guarantee 7 'jDtLn. 73 
5 *«S !5 £ 4 . 2 Red. a* 

Third Mil* f25pi 19 HOIS) 

TTno^i Overseas Qlstnbutian Shs. (in) 
HSSS l rp - *"•■*« 6 s C9/5J 

United Dominions Trust i 2 Sol 37^ 8 9 
81. 3.15ocPf 34': <8.51 
Wagon Finance OSp) 43® 

Wes: ot England < 25 p) SO'; < 1-1 .S 3 
Western Selection » 20 oJ 25 ®'S) 

Yale Catto Moot 76 -V: 

GAS (3) 




Wilmot-Breeden iHIdfls.) t 2 S pj 729 
33 “ 

's [lO'sf CrlC TO °" 12SP) 134 

sss ,saaii <, „ 

TO:n M 68 J no‘ , S» 50nS (2Sp ' 58- 5<1 

Woodhouse Rmon -iHldgs.) ri 2 : :P ) 32 * 
Wdotiorth IF. W.) (2501 63® Si® 41 , 
Wtiit IWpodrowi HMgi. ( 5 D ) T] 

V M “ 106V® H ' fl0S - ( ' 00 ' 67 ’ ; »- 1°K 

vSUfSS 1 ” Chemicals I25 d1 94 3 
40 . 85 ? f>r * Woollen Sptnnors 

V ST?1*5) C “ rBets *Hldgs.) 


■yriM <250' 107® 6 7 8. SpeLn. 104 1 
2 'lO'Si lOpCln. 749* 

Bren war I Beard (I0p< 44 HllSi 
Britannic i5p) 168 

Commercial Union nsov 1561® 1® 6 S 5 

Eagle Star i25m 146® 7 6 4 3 
Ennia Finance Spcln. i2B»® 

Caulty Law <5 pi 166V® 6® 

Goneral Accident <25pi 231 30 29 8 32. 
7-'4PcLn. 65 >. 

5°?.»' Eachange < 2 So> 234 1 «® 
la B ?*65 2 U® 6 5 3 S - W. 674,1 »«.. 


Hd«B Robinson , a5pj 199 

Howden HOpI ISO 2 

h*0“t General isp) 160® S7® 60 SB 9 7 
LefJlc Godwin i ! 0 pi 97 

L ? 46 * n ? ana ' , *‘er UP* 1 *0*. Do. Ncn 
London United t5p) 155 I; 8 f ( 11/51 

Wrlghtson GOP) 193. 7i«pcUi. 

75 <10/Sj 

Mlcrn «20m 20M 1 200 
Moran <2Dpl S6<: tTO.'SI 
Peart rspi 24 a 2 1 39; 

Phoenix (25p> 266® 70 

Nv d f 2 z no, 5 * a5B * 123 (8,5J - Do- 8 
Prudential ( 5 pi iss® g e 7 6 

Conilnantaf and Indus. Tst. C25n) 194 7 
ConUnontji U|rfgn Tau tZSpi 10-7 (10:5). 
Crescent japan Iny. t«. isodi 165 m Sc 
□a. Warrants to sue. tor Ord. 74 V: 
Croastnars Tst. taSpl 71 t®'5. 

^sisr’nSSs^s)"' 1 18 ' 5 '- Oo - 

^ o^d. ‘rf/o, i 2 7 s - p ’ 62,1 '" s, ■ 

Sjjy '"*■ t»1* 129 18-5. 

H< Tst. incoms Shs. 219 <11 ’5) 
uominian and Gen. tsl i25pi 1 82 (Bisi 
Dravton Commercial In. ;25 pT 127 
*11. * 11 . 6 VocLn. 97® (n:5» 

Bray ton Consolidated (25 pI 144® * 0 . 
“'■■Pt| Uns.Ln. 11 tv*. TVOrtJnsAn 

Dravton Far Eastern- (25pi 35 
Drayton Premier i25pi 184. 7>;pcUns. 
Ln. S) 1.0*. 7';pc A Uns.Ll|. 113'; 12 

Duelled I50P* 641; nitsi. Cad 202 
Bunoce Uonoon i25pj SS<; 111-Si 
toinnurph American r25dl 116® 
Edinburgh invest. Did. 217 ® 18 
Electric General (2Sp) 70- |9 i5' 

■nnlish Inter nal Iona I |25p, «G (9-'S). 7 ps 
U 99 <9r5i 

EnollSh Hew York <2SP) 73 MI S'. 4pc 
2 ni*sii t,, Sl 4<i0cUits-Ln. :o3'i® 
English Scoitlsh (25p) 70 
“uitr Income -,50 pi :91 
|»ternai )tiv*s*ment 151 (8-5) 

F - C. Eurorrwsi /2So) 47 
Family Inrestmetn I25P) 84V (9 5) 
r’rst Guernsey 125 b 

First Scottish American (25pi B9'- flO-Sj. 
SpcUns.Ln. 62 (11/5) 

First Union General (R0.251 44<> <8iS) 
Foreign Colonial <25pi 1S7* r <j 
Fundinvest (25p) 37 tll/Si. Cad. (250) 

S T. "japan (25 p> 117 <11.51 

General Commercial [2Sp; 141 

Genl. Funds '250 146 S 

Genl. Investors (25ol 100. 3':ocOb. 64 U 

Genl. Scottish (2Sp) 86 1 ' 

Genl. Stockholders ri 2 i.pi io6v (10 Si 
Giendevon in*. f25pi 91 Warrants 7 V® 

Gienmurray Inv. i2Sp> 67 ( 1 0|5> 

Globe krv. I25PI 108 4pcDb. 88': 

(1151. SVPCLn. B8>:. BUSCLn. 1 1 1 1; 

Govett European (25pi 64 1 .-® 5 
Gt. Northern In*. (25m TOO':® 1 
Greentrlar In*. <2 Spj 79<>® 

Group Investors <2Spi 57 (11.51. Options 

Guardian |nv. (25P> 78 9 
H.T. Investments <2501 92 Cl 1 ’5) 

Hambros Inv. (25P) 88>; 

Hill IPMIlp) (25PI 177 6S. 4'JPCDb. 75b. 
4>;pcln. 92 111-51 

Hume Hldgs. A (25p) 73 <l B 71 Ml'Si 
Industrial Genl- »25P< 50': H U IIT/Si. 

4VocDn. 100 >: tll.Si 
Inti. tav. (25 Pi 72® 3 2';. Warrants 31 
• 10.5i 

Inti. Invest. Trust Jersey 174 5 (9 Sj 


Trustees Corpn. <2Sp) 128': 

Tvneslde In*. Tst. <2 Spj 107 HOIS). 5pc 
Pi. i25pi 11V r9|5i 

United British Sees- Tst. I25PJ 121 's 20V 

United States Gen. Tsl Corpn i2Sp! 179® 
united States Deb. Caron, izsdi 9c 3. 
5pcLn. 96 

Viking Resources Tst. (2SP> 88® 70 
West Coast and 7c*H Reg. Inv. T;t. ilOpl 
83 1 

West pool Inv. Tst. 5pcLn. 1989-94 86b I; 

Wltao Inv. i25p) 83 VO. B i2Sp) 79 H0.'5>. 
8 k O b. 1996-99 68 V «9 5 ) 

Yeoman In*. Tsl. <2Soi 161 

Yorkshire Lancashire Inv. Tst 310- m/5) 


Concentra Unit Tst Mutual Fund Units 
M and G American Gen. Fund Income 
51-8® 52.3. Areum. Units 526 
M and G Dividend Fund Income Units 
1190 123.3* 135 

M ano G Extra Yield Fund Income 54 *9 51 
M^Md G Gen. Tst. Fund Ac cum. 272J 

M and G high Income Fund Income IO 6.3 
1 Do 1 » 1/S) 

m and G japan Gen. Fund Income 153.6 
Midland Gen. Tst. Fund Income 

1 fO.Z® 111 ;5) 


Australian (10) 

Emperor Mines (SAO 10! IS® (11/S» 
Hamojon Gold Mining Arras ( 5 pi 117 

MmHURl (140 501 17eo 80 
North Broken Hill Hldgs. iSAQ 501 106 

Westmlnsier Prop. Grp. izgp) 151 . 

Winsian Estates i25d- 32-* 3 <1T'5j 

RUBBER (48) 

AtMrrtovIe Plantations <Bp> 6 -. 

Beradin Rubber iSp) 54 ill 5 , 

Sen am con. nopi 87 1 - e nos, 
CasUefteM (Klangl non) 20a mi 51 
Cheronese (F. M- S;» mow 73 
Consolidated Plantations M0 p) is; 54 
*^1,'5). Warranis 10 Subscribe &j® 4 

Doranakenda Ruobcr mow 58 HD'S) 
Dunlop Plantations 6 p;P|. 4 ^ ,g 5 , 

Grand Cenual lrr*est. iio D > 151 . 51 , 

Guthrie Coro. 276® 7 iq B 2 ® 8D®‘ 2 
90 2 87. 9'iocLn. 73:® 

HarrlMrs Malaysian Estates MOn 106:® 
< 1 :® 5® 3 4 SI 2 
Hldong Estate MOpi 19 V t5 5* 

Highlands Lowlands tSMa-0 50) 92® ng«|cSK 263® 

SWrn Pac. Pets. 175 
Spargo Ea. 17® 

(uniter Chcrr, £34 '4 

Tarart Pets. 12'. 

Thifris Higgs. 218 

Th;mas NallonMioe Transport 107®. 

u s. Shoe .*22 -4® 

Unldev 49* 

JIAY 11 

Allstate Ex. 6 ® 

American lcl. ana Fei. 649 ; ,0 SUS62V 
Anglo lransraal CoUienec 455 
Angta Um:ea 1 270 
Australian De*s. 50 
CP Canada Lias,. 

8k. NSW lAust. Rec.l 458 
Beatru Foods VUS23 : . 

Bor] umai Tin 2 6 SO 


94 ni)5> 

HongkDng iseiangor) Rubter itopj 180 

Iren. Kenneth iiOol 94 no 5) 
jitra Rubber *10 p> 6* 4 
K 1 1 ling Hal iRubberj HOoi 235® Ml 5) 
Klnta KHIas nopi 76 v 
Kuala Lumpur iSMa 11 60 ill. ’5) 

London Sumatra Plantations ilOrl 149 52 
48 7 

Maledle Invest. MODI 71 2 
Malakotl Berfiafl <1Ma i) sc 195 ) 

Muar River HOP) £T f 1 
Narborough IF.M5.) mod) 16 ® ill /Si 
Padang Senan* ITOpl 34 M0-5> 

Plantation Hldg*. iiOol 72 > 3 

Slnsaooro Para ‘5p) 62 
Sungel Krian tiOpi 75® 5 ®. New HDp> 
75 til -5) 


Invectors Capital Trust 81V® 1 2V. 5Vpc 
Pf. 44 1; 111 SI. 3VDCDb. 86 U S'. 4 PC 

Db. 28v (11 SJ. 7'aPcDb. 61V (8.5l 
Jardlne Jadan (25p> 123>« 1 - 
Jersey Gnl. inv. 24b Ht.-Sj 

<25 p) 



69 00,51 


Brascan A 12 

Calcutta Electric 70 i!0-5> 


Ackrovd Smilhcrs (2Spi 222® 190 IS 
Armour Tst. tlQpi 1® >. 11 
M? ,0 ^ on fi ,,w,al ®VBcbb 84 V 110)51 
B . £ n ,£ mntba * Service* SVnc2ndPl. 42V 

Bishopsgatn Property S Gen Iny. 71 , )j 
Br '' 4 7; a ,ST ro ". MWB> ‘2Sp> 19i?* 18V 
6 ®pJpi #f WirTan ' i "> * ab - ' *a»5). 

Royal t25pl 3761® 5 70 3 2 4 
Stenhousc i25p> 106 4 
Sun Alliance 540 
Sun Ute (So) 103 1 
Willis Faber t25pi 265 


Aberdeen Tst (2Spl 135 
Acorn Secs. Cap. Up) gl 
Ai/sa Tst. (25p> 101 u® 7 ilJ/S) 

T »t (25 o) 219 18. 4UPI. 34 

70 ao/s* tocDb ‘ 11 h aus '- 5ljpcDb - 

Altilun„ income tSOo) 119V UliS). Cap 

9C0I <65 

a 3SS s *s7 , C v :. 1R- ,rtCome {25B ' 5B - ca "- 
A b’ C ( 25P* 5Vr,‘f, 5 y %, 43 ' 1 4 7 ' 64 »» 

¥», A ,T?f?; a " Secs. Corn. (25pl 971]® 
.'®. V* (II S*. 4pcDb 67>j9 (11151 
Angla-Scntllsh Inv. Tst (25p) 42 V# 

A “vpctP Bl’ - TSt ZhpCPt - 27 *' (815k 
A vJJ nt ?;« Ba, U7 4ore ana Chicago Reg. Inv. 

to? Ord P 27® 2 ° 6 “*- W *' lant * W aub - 
Atlantic Assets Tst C25o1 85 V* 6 V 
'1!/5k 5 PC PI. 39 v ( 8 'Sl 1 

Alias Electric General Tst (25 pi S7i* 
Bankerj 1 Inv. Tst. /25pl 53V (1115) 
®prrv Tst 4VocLn. 83V »9.'S) 

OIMidosgate Tst <2Spl 156 

8 27S® / m,M,ern Stockholders Tat fSOw 

British American General Tst. (25oi 37® 

B 13B h (T0 ? 5‘f U TSL (25Bl 74 h: - 5pcLn - 
British Emoire Secs. (5p) 11 
■(J*'** Indus. Gen. Inv. Tst 6 VPCLn 105 

British inv. Tst (2Sp> 150 7h (1115) 
Broaostone In*. Tst. f20ol 142® 

Brycourt Inv. I50pl 73® 
c iJ- R -P. ,l ’»- Tst Warrants to Subscribe 
C.S.C 6 ’»cLn. 70 » 9 ' 5 | 

SBrffTVhflS" 7S * *•* 8 

Cambrian and Gen. See. (25 pi BOV 1 

■ft 9 * 

°vi w •riJ 4 **' T * L t25o} 1T9 ®- Do. b 

25b I 1120 

Cardinal Inv. Tst. Dfd. i25oi 104 (1l'5i 
Carllol In*. Tst. <25 p> 108 Ml.' 5 k 4 Vnc 
L<l. osO 

c K ar iAV® ^. 5 ? 5pl «-• 3 •" 

C 51oTlO I 5"° S ' ,ntrr - Tut Cad. Shs. 

‘isawfff'Kgr ,25b ’ 53,7 
^.'■cMwk fe ,2s> » 

Cl|v and Foreign hi*. ’25 b» B 1 Bgi- 3 US 
City and Internal. Tst. (25P1 94 ( 1 I 151 
Claverhouse Inv. Tsl. )50pl 79® 

Clvdesdale Inv. :25i — 


5nl 73'.-® it*. aVocPT. 

evstone Inv. ISO 01 129® m -5) 

Kings ide Inv. (25 p> S6'j 
L ake View (Z5«> 87 V 
Law Debenture I25p< 9B 7V < 1 T/5i 
London Aberdeen Inv. Tst Pld. (SW 

London Gartmore tnv. Tsl. iSOp) 62 (9/S) 
London Holyrond Tsl. )Z5pi HO '11/5) 
London Lennox Inv. Tst. (25P> 73 B 
-25p1 70 

Lohoon Liverpool Tst. MOW 22 (105) 
London Lomond Inv. Tst. >25o) 69V 
London Provincial Tst- i2So> 105V til -5) 
London Strathclyde Tst. <25 p) 42 V 
London Atlantic Inv. Tst. <2Sp) SB V (BI5) 
London Inv. Tst- tSol 3 UOiS) 

London Merchant Securities >2 SpI 93';® 
S=: s. Cap. Shs. )25pi 90 V (8 5) 
London Prudential Inv. Tst. t2Sp) ~0 

London Tst. Did. USp) 1B4 >: M0»S). 

6pcCnv.Uns.Ln. 101'.-® (115) 

M. and G. Dual Tst. Income 5ht- <1 Do) 
1 87 V Ml/5). Capital Shs. (lOe) 107 
M. and G. Second Dual Tst. Caortal Shs. 
'4 b) ia.’« 

Meldrum Inv. Tst. (25p) 43 IB-'5> 
Mercantile Inv. Tsc. i2Sp) 2Mt'«. a Voc 
Cnv.Db. 7B MO/5) 

Merchants Tst. <25p) 709 70 4VocCum. 
Pt. 369 (1 1.'5). 4pcCnv.Uns.Ln. 97 (8<5) 
Midland Tst- >2SP) 74 (10/5) 

Monks Inv. Tst. )25o) 46V |ll'5). 4'yx 
iStOb. 94 V 

Montagu Boston Inv. Tst. (IOpI 65 •; 

ill 5). Warrants to sub. for Ord 40 ■; 

■ 8/5) 

Moolova Invest. 57 5 (8-'5) 

Moorsld** Tst. <25p) 88 (B'S) 

Ncglt S.A. rReg- and Br.) (SUS11 £7\® 
New Tfirogmarton Tst. Income Shs. I2SP1 
16V® 'i. Capital Ln. 92. Warrants to 
Purchase £1 Cap. Ln. IS (10'S) 4pc 
Uns.Ln. 7DV MO/S) 

New York Gartmore Inv. TSL (25o1 41V 
40 V 

Nineteen Twenty-Eight Inv. Tst. <2Stri 210 
North Atlanllr Secs. CZSpi 88 M0/5l. 
7i-oeLn 101 ■-* 2 (11/5* 

Northern American Tst. i25p> 95® 4V® 

■ 1 1 ,5) 

Northern Industrial Improvement Tst. 65 
V (8 5* 

Northern 5ecs. Tst. SVPCPrt. 47 V (H’5 
Oh and Assoc. Invest. Tst. 12 Sp 1 57® 
ill 5l 

Dutwlch Invest. Tsl. t2Sp» 50V f9-5i 
Pentland Invest. Tst. '25oi 119* 17V 
Prooresslve Secs- Invest. Tst. (50 p) 74 

Raeburn Invest. Tst. C25ol *24 1 , 5 
•l*«r and Mercantile Tst. /2Sp) 165 
River Pia»’ — *• -n. Invest. Tst. Otd. 

■*1 137 40 <9/5* 

I FI. SO* SUS74V (9-5*. Sim.chs. 
/Ren. in »h e name of Nat. Prov. Bank) 
(FI 51 SUS7.37 

Rr'lnco Warrants 40 (115*. Suh-shs. 
'Ren. in the name ol Nat. Prov. Bank) 
■F'.S* 444 lli:51 
Romney Tst. (25 d» 90 (10/5* 

Bosedlmono Invest. TsL (25p* 51 (10:5*. 
Cvpital <25o» 72 

P Ln hS 107V ,nVWt ' ™‘ tSOB ' 6, - Bt 

5n*e and Prosper Linked Inv T«t Income 
JHjol 1 59 (11 5*. Capital (10P> SSL 

S^tt/ih American Invest. C50p* 86 V* 6 V 

Paringa Mlmng Explcu-ation I 5 pi jg .- 4 20 1 ; 
W«'®-£ Mining Coro. MAO-SO) 115® 11 

Miscellaneous (GS) 

A 3S4 H s* m T,n Dre<, 5 in ® M »' a V3ia Bernad 
Beralt Tin Wolfram (25pi 52® 

Burma Mines >i?i-p, 1 7 >. 

C sS rt f f Cons- tRe9,1 ,zs ' ,, ,32 ® 2 4 S: 

Consol 'dated Gpl rt - Fields f25pl 173® 69 
70 2 1 3 7‘iPCLn 59 •, ill <5) 

EJOro Mining and Exploration mod* 53 
Geevor Tin Mines i25p> idi: 2 ; 
cpdon^ Consolidated iZ5pi 260 55 
Idns Hydraulic Tin (lOpi 87 rtO/ 5 ' 

k r B sffiS? 67* n ( XU?"* ■ <M ' 

Tin Dredging iMl Berhad rSM 1 » 
Pengkalen MOai 50 «11'5* 

"aSibp^y'vl?' Corowanon .«en.) t25p' 
21)9 8 7 10: 10 5 6 . Ord -Br 1 r25o. 
2*5. Accumulating Ord. . 2 cti 

2 '11 S'. Option WtS. to Br 40 

Sami Piran (25pi 55 ill Si 
Selection Trait «2Sp. 392 
5e;tr^f Invests. 4.mcP«. 1954-79 99 ,8 Si 
Sllremmn «2 r ;p> 43o 1 41 .; 

South Crolty 55 

^hSffi .SMl1 y 270 m", s p^.ng «Mi 
S 20 ?| m .|*Si Mtn ®* Bemad MMa 1 > 

Tanjong jrin Orrdging 05m 9o iBSi 

Cooper rtteg.i <£ 2 i jaa 

ISOp) 272 

Er>t. Caremonvicailh Shipping 

Cate/onia r25p) 230 <*0 5i 
Common Brothers '5Q 3 , 152 t* MSI 
Fisher (jamesi Sons .2501 T40 
Furness. Wlthv. 270 2 6 1. SpcPI. 400 

Hunting Gibson 140 

Isle ol Man Steam Packet 145 <8.Si 

London Overseas Freighters I25pi 33 2>: 

Uyle 'shipping (2Sol 120 til -Si. A <25p) 
1 14® 

Ocean Transport Trading (25 pi 128® 7® 

B l- 

Pcn insular Oriental Sl«am 39 '- MO.’Sl. Dfd 
102 I 100 99. j'.-pcDb. 27® 5 'jOc 
O b. 875*® <••■11 51 

Reardon Smith <50o. 85. A (50p) 37 ■; 
(10 Si 

Rvnciman fWaltnr) i25p* 106 -ins) 
5ournamnioii. >sle o< Wight South England 

SUgUM 3 120 H0 5* 

r hart is Sulphur 
1 1 0 Si 

Tronoh Mines 
194 i&5> 

Malaysia Bemad iSMali 

<Pu2J 5US0.tB*< 

Gold Mining <i2vpi 62 

Rixodesian (8) 

Botswana RSI 
GJobe Phoenix 
M® Si 

M.T tJ. iManguiai c2Sor 40 

M,ncs e ’ KD »’“'- 

Ij 1 y 1 La Cc n* eu i o ns <sopi 141® 

Wankle CoMwrv iSOdi 3S iio.Si 

Cooper invesimercs .S6D0.24 


14 3US0 17^' 

South Africsm (S3> 
?? 0 '®* / U ,, encan Coal iRO.50) - 520 el 0 i 5 ) 
Anglo American 5. A/rlca iRd ioi 
A nglo American. Gtild Jn»4t iRl i r r? 
BjsnopSMtc Platinum (R 0 . 1 O) 81 i.® £16,3S 
,TT?| 5 ChX,Ch! Bold .R0.2i) al ib®S4. 0S ® 

Broken !R0.90) 61 <8/51 

Bufrelsiontem Gold 'RD SUSIO-'a i 9 /fil 
(RO.SO) TSB (S S, 
COroTvitlon SvncJ/cjte .RD ^Sl flfi 
g^raal Cole iRO.20) »uiffi. 9 oS ,8 ' 5, 
Roornlomem Gold .Rli 270 mi 51 

tKti ba n.SS° 2 . eooort Deo * > '*11 224 
|“1 p*B9»toi*teln 1 R -1 < 25 ,gug) 
B4« o Drielonfein Gold iRl) 675® 5US8.2S 

Eafr Uranium iR0_5D) SUS4 -»3 


&o^ eh fe^^i 0 J R 5#' M '*1/81 . 

Kloof Gold IRl) susso 
Lihanon Gala iRl) Xsz 
Lora me Gold 1 RI 1 bdi-® ili.-si 

M V 5ri2?a“l7 r p, * ci "V m --RD 12 -* 62 

* Conso/ioated 1 R 0 .SDJ >US 1 17 
555* ™ ^ransvaao ,R 0 .sof 820 2 

.ni5T' ,tv,1 “ r ' r * no Go,B lft 0.50> 101 ® 

President *> 

R^dloS E>L°^ ,feV elWA — r _ 

tTSS"!; 3 aCJni "" H, ^ s - <W10) 'air 
5* H e/ena Gold <R 1 ) 770o* 

TEA (1) 

Assam-DDcars Hides. 202 18 /Si 
Assam FrO"P«r Tea Hldgs. Ord. 300 

Assam Inv. 117 '&'5i 

Camellia Inv. >*Odi 204® M1.5i 

Oeund/ Hldps. (St> I 140 18 S* 

Jckai Tea HWgs. 272 (BiSi 
Lenuva iCevlO/i' Tea and Rubber Esc 185 

McLeod Russel 237 5 '9 5' 

Moran Tea Hides. 290 
kmnlo Hldgs. flOoi 23 i9'5i' 

Warr«n Plantations Hides. i25pi 220® 4 

Williamson Tea H'dgs. 168 i10'5' 


Anglo-American Trams i5pi 13®. 4pcDb. 
77® (11. -SI 


Bristol Waterworks 4.9cc i(mlv.7pcMax 
48 itO 5). 5.1 Spc ilmlv.4 >;pc) Pt. 94 

■ 9/51 

Last Anglian Water Co. 4 2pc</mly.6oC*Pf 
1976-80 88>:®- 7>.ocDb. 68 
Last Surra* Water RpcPi. i960 1071. 

East Worts. Wtrwls. 6.3DcMmlv.9PC) Pt 
77V®. lOUPCDb. 95 MO'Si 
Eastbourne Wtrwkc. lO'.-pcDb. 85 H0'5* 
Essex Water Co. 3.5peilmlv.5pc.* Pf. 37® 

1 QpcDb. 78' j iBISl 

Lee Valiev Water Co. 3.Spcitmlv.Spc< 36 
(8)5*. 4.S50d<mlv.6VDC> PI 78 <9/5> 

Mid Kent W4ter Co. 4.2pcfTm/v.6pO Pf 
19B5-B7 69V M*I51. 7i ; ocDb. 66 rB Si 
Newcutio Gatesheao watw Co. 9pcPf 
1 07 7 (9/Sl. 4prDb. 2B '9 51 
North Surrey Water 7oc 67 *8 51 
Portsmouth Water Co. J.l pcl(mly.3oc 
PeraPt. 22 *11/5*. BocPi. 100 '9i5> 
Rickmamnvonli U»*>rMgc Valiev Water Co. 

13ocDb, 103 V 16 5) 

S. StBPordthlra Wtrwks. Co. Ord.4 9oc 
ifmly.7pc) Class B 50 i9I5i. 3.5pcilmlv 
SPC) Ord. 36V iB 5) 

Tcndrlng Hundred WtrwLs. Co. 4^pc>lmlv. 
600 Pf. 3B5® 

West Hamp'hire Water Co. 4 S Spell ml v. 

6 Vue) PI. 76'j iB/S<. SwDb. 5Ri- I9i5> 
West Kent Water Co. 7ecPf. 102 V 
'1 1/51 

York Waterworks Co. IlncDb. 198B ilss. 
at £98 — £25 Pit.) 24 V i8.'5i 

Com InmU I Invest. (250* 70 
Mercantile Invest. A (25o> 




(tclctihcme uumber m 
{Hircnl heses) 

Dnrkinp: (01-592 4500) 

Barnsley Metro. (0226 203232) 

Kuotvsley (051 54S6555) 

Oxford (0865 49311) 

Poole (02013 5151) 

Poole (02013 3151) 

RedbndRO <01-473 3020) 

Southend <0702 49451) 

Thurrock (0375 5122) 

Thurrock i(1375 5122) 

Wrekm (0952 505051) 

gross Interest Minimum Life of 
interest payable sum bond 




10 ; 













I -year 































Sri*tish a 

Sc«t*lsh nnd 
ion 19 51 

5™*}|«h Cities Invest. Tsr. f25o» 
JJOJS'-.A I25p> 158 (10 5* 

»* 6 Eastern Invest. Tst. r25p> 137® 

«rott*cti Invest- T<r <25pi q 6 
5«»»tkh MM. and Tsl '75o. 112V 11 12 
Scottish Motional Tst r25o) 141 6acPt. 

BJjJJJJJrt Northern Invest Tst <25 p> 10O ij 

SenHkb Ontario invest. I25n* 135'* MO'SI 
United Investors nSo- 72'- 
5rottl«h Western invest. ‘7Rpi oij® i 90'- 
■ og- (250) 86 S MT.-SI. Si-pcDt*. 69 

Second Alliance T<» (25p) 1820 *?®fH'5 
_r. l '*rpf 37 (lo-si 

S 8i md Great Northern Invest. Tst (25oi 
SrairMes T«t. ot Srotland i2So) 188*. 
*9S?*' M '’ I,1,SI - TocOb. 61 U 1 
Jhlras Invest. »50p' 130 
imji Eurwan ,n *«t- Tst. MOp* 69V 9 
*"h«re invest. Tm. (2Sn» 107*- 

T ? . ,2 Sp) 167®. SpePf. 39V® 
^(11.1 1, 5 OCUns . L*». 83 MO'Si 
stockholders Invest- Tst. (2 Sdi 90® 
Tvchnoloov invest. Tst. f2So) 9* 

Temple Bar Invest. Ts». «25 d> 91 n0«) 
Thmgmorton Secured Growth Tst 7HocDb. 

Throomorfo- TsL (25oi 69. 8 VpcLji. 
105 V (9/5) 

Tor Inv. Tst. Capital i25p) 105 
Trans-Oceanlc Tsr. 12S« 161 «9»5) 
Transatlantic Mkt. Tst HP* 9'. 

Triojeveit ^’v-omo iSOpi 60 (11-3*. Cap. 

T !l«t Union (25pi 102 (11/5). 4VncPf. 
36 <9:51 

Sfmn.-s/ Beperk (Ro.tD) 202 M0 5i 

y r c«t 5 ?R d ,> ft , 0 9 1? , ( $ir 70 * '« S) 


Vaal Reels «Ro.SO) tl 25 ill -Si 

VtSSSSS r°' < ’ ,H ” ' 9A 01 S' 

.9 Sj Go ‘ d ,R,, sU -S-0-48 0 . 4 8 'a 

'f.'^e'^.roisbuli Meu / -R 0 . 02 .il 53 (i , 5 , 

,3 ' 

Deep 4 1 r !} 11 7SS } 1730 ,: ’ 51 
Western Hldss. <R 0 50. SU.S.20 110 51 
Winkelnark Mires .R 1 J 629 ( 95 , 0 1 
Witwatersrant] N.oel .Pn.25) 38-: i9.5* 

West African (6) 
Amalgamated T.n 11 Oat 2 ? S 6 
8 -S-Chi Tin iifloi 5 
Gold and Base Mtai (t 2 . ; p, gi. 
iantar >t:>.p t. i 

Diamond (17) 


Business dice in securities quoted 
in the Monthly SuonlemenL 
MAY IS (Ml) 

MAY II (Nil) 

MAY 10 (5) 

Carclo Engineering Coro. 5 95ncPt. p49 
Lowe {Robert H.) 6VpcPi. p40 
* yon and .Lyon 5 '-pcPI. *36i-0 
Williams l Ben. 1 3pcPl. p36 

MAY 9 (2) 

Lyon Lyon S'.-ocPI. p36 

MAY 8 (Nil) 

RULE 163 (1) (e) 
Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 

MAY 12 
A/goma Central Riy. £114. 

Ampol Rets. 72I-® a® 

Betnlenerr. Siccl £I8l 
Boeing £40'; 

Cassia r Asbestos 710 
Central Pac. Minerals 425* 

Comint Rio Tinto Aust. 202® 

Crane SUS29-'.* 

Eurounion £38v® 

Good Year Tire £13 "ia 
H ong Kong Land SU51.68® pi 35. Do. 
Wrnts. £38® 

Jasan Growth Fund SUS24 ';® 

Jongs ■ D»».al 117 
Kulmi Malaysia 46 
I imW R|.| P...11 r?l J. 

Canada North West Land S30 
Ciba Geigv CscCn*. £94® 

Davton Hudson SU543'. 

E««nn Con. 

Gannett £32 '. 

Gull Oil Canada £19 
Haw Par Bros. 34 1 . 
imp. 0,1 £ 13 <. 

Jardlne Marneson 224® 6 

jar mne Sees. 115 

Jonoson and Jonn&on £60'*® 

Magnet Metals 17 
Mew Metal 4% V 
N2 Forest Prods. 159® 

Nicholas Intnl. 7S 
Ntnrn. Mng. 520 
Pctrolane LZSvS 
Rembrandt Grp. 217® 

Warner Communications 4'jpwCnr. £24-' 
Westinghouse Elec. E15 : > 

Whce/ock Maroen A 440 
woods' dc Pcs. 66 

MAY 10 

American Home Prods. SUS29U 

AnemintS £35.90 

Conanc Rio Tln:o Australia 205 

Dividend Share Inc. 2140 

Eurounion SUS47 

Goodyear Tire £1 J-'- 

HamersUr Hldgs. 1 94 

Hill 5b Cold 3 

Hudson - s Bav oil Gas £29 V 

Kulim Malaysia 43 

Marne Nickkrss I62ji 

Mvers Emporium *57 

North Flinders 16:® >«;# 

Northern Mng. 55 
Peva 011 797 

Peko Wa/tseno 444 

Siemens A. G. Writts. 1972-82 £36 
Sinrn. Pac. Pets. 160 
West me » 6>.»t® '.so 
Yukon Cons. Ihl® 

SUV 9 

AtrUrandf Leases 200® 

Ampol Pets. 72 :0 2 
Bcacn Petroleum 2 3 
CUM Geigv 7'.pcCnv, £93®. 


Dlpltai Eouipment £36 '.o 
Gold and Copper £«- 21': 

Houston Natural Gas SUS26 
Hutchison Whampoa 76-: 

Metal Ex. 12 

N. Zealand 9pc 1980 3US102O (8.5) 
New Metal Mines 3'. 

□akbridge Secs. 149® 

Oil Search 9 
Pahang Cons. 7ncPI. 55 
Pac. Copper 35 
Pittston £1 8 V 
Scudoer OuDvrst 685 
Sclcasi 33 
5wiiO Pac. A 121 

Tasrmnex 85 
Tri Continental 


MAY $ 

AC mil New 12® 

Ampol Er-oltn. 125® 

Anglo l/nilcd 123 
Bank ol MW lAust Rop.i 485: 

Basic Resources 445 
Bougainville Ccoucr 105 -2 
Bow Valiev lods. £19'.: 

Bridge Oil 69 
C.S.R. 264® 60 
Eastman Kodak Uv.: 

Florida Gas £24i t : 

Hong Kong Lands *37V 
Jard'nc Marneson 733 
KuMm .Malaysia 42 :® 

Lend Lease Corpn. 241 
Lcnnard Oil 250 
Panconnnental £103%: 

Reednapak 6ocCum.Pi. SO 
Republic Steel SU&25.08 
Swire Pacmc B 24 - 
Thomas Nationwide Transcon 10B® 

RULE 163 (2) (a) 

Applications granted fur specific j 
bargains in securities not listed 
on any Slock l&chaoge. 

MAY 12 

Central Equipment B 330 
Gan.c.:n tv-cvlon) Hldgs. 9 
Eastbourne Waterworks 920 
LUridgc Hope a Isa 1 7c 17s 17o 
Estate Dunes Inv.. TsL 4 ..peDp. Ig7fi-B0 
r-bb £oS j 

General Cevlon iHlogs .1 4.- 
Heav.tree Brewerv 420 415 
Hcavitree Brnwcrv A 420 4 IS 
Home Brewery 5 250 248 
Oldnam Brewers 66 
Saivescn iChnstian) 141 14D 

Southern Counties Hotels .^C-uthamptoni 

MAY 11 

Adnams B 450 
Ail England Lawn Tennis Ground LSDDe. 

Aston V.lla FC L16 
Bristol Stadium 42CCROC.Pt 44 
Cambridge .nstrumcnl 1 0.E5 0.847 

Grendon Tsl. 11ocSub.Uns.Ln. 1976-78 
£50': £50 

Oldham Estates 123 

Oueens St- Warehouse iH/das.i 3V 

Southern Newspapers 2 20 219 218 

I Star onshore Services 1 1 4 
I Urogate ln*s. 64 

| MAY 10 


BacCnv. ;BET Omnibus Services 150 
Cedar Hldgs. SprRO.Cnv Pi. 

Clyde Petroleum 143 140 1 18 142 
Darling Funo I1AII 142 
Doloswclla Hides. 31 30 29 28 V 2 


Fuller Smith and Turorr A 263 
Granada Gro. 99 

Mew Court Natural Rcsc-urCes 6*i» 6'z 
Plumpton Racecourse 71 
Rangers FC SOB 

Twin lock 1 2pcUnS.Ln. 1976-90 £73 

MAY 9 

Arsenal FC £72 

With G*ccno Jour dam I7B 170 

Booth (Allred) 200 
Castletown Brewerv 178 
Da 'ling Fund -SAD 149 145 
Dead Sea Works 5 pc Dp. 1978-67 IE, 1 6 

Doloswclla Hldgs. 29 28 

Eldrldge Poor A 1 62 

GRA Prop. Tst. 13 )2>« 12:* 

Hanley Bairo • 

Nurlan Villlcrs 3 

Oldham Estates 120 

SI. Pancras Housing 5CCIe:v 2 .scLn. £12 ' 
Si. PancraS Hous ng Sociclv Cn-.Ln, £11 
Sneficid FC £250 
Southern Newspapers 220 219 


Ann Stret Brewery SIC 
Bllndrl's 5 -ecRcd.Cum Pi. 38 
British Uralite 7 

Cambridge msirumems 1\ H« ^ 
Cambridge Peiroleum Rotiltirs 77 . 6 TS 
Channel islands Communications 35 
Clyde Petroleum 145 1« 142 140 

DuswcMa 28 26 
Ext hem 26 25 V 

GRA Proueny Trust 13V 13 SS'a I)** 
10’- 10'. 

Gadek (Indonesia i 45 
Granada Group 95 
Jersey Gas SocACum Pf 36 
Jersey New Waterworks 7 '-pcMortDb. 

Le Pnches stores 500 

Manx ana Overseas Invests, a 11 

Oldham Brewery 65 V 

Portsmouth Water ApcPerp.Ob. £26 

Salvesen 'Christian) S.fiucPI. 62V 62V 

T.P.G. Investments 4 

Viking Oil 11B 

RULE 163 (3) 

Bargains marked for approved 
companies engaged .solely in- 
mineral cvpioraliniL 

Siebens Oil and Gas 
3.30 3.40 2.26 

MAY 12 

U.K.) 3.44 3.42 36 

Slcbcns Oil 
3.42 3.40 

MAY 11 

anp Gas iU.K.I 
3.33 3.36 

MAY 10 

CluO Oil 375 

5iebcns Oil ano Gat IU.K.I 342 340 335 
332 330 329 




Slcbens Oil and Gas IU.k. 

lU K.. 332 339 

3 22 3 20 


Furouninn at £47 Should ha»e bo^n 3US47. 
■ 1 D'5'7B< 

SieDens Oil and Gas <U.K.t 324 332 

330 32B 326 322 224 319 223 
■ Bu jk-niilaaioB ni Hn- A'li-i-k bxi'Uiiur 
r.imu-ii 1 

Minimum Lending rate 9% 

Bank of England Minimum 
Lending Rate 9 per cent, 
(since May 12, 1978) 

£350m. will replace maturities of the Exchequer and banks bnuiclit 
£3 00 m. forward balances above target. 

Day to day credit was In short Market semimem was helped 
supply in the London money mar- by Lhc fact that the J per cent. 
The Treasury Dill rate rose by ket and ^ authorities bought a increase in MLR was at the lower 
0.2406 per cenL to 8.4631 per cent. | arge number of Treasury bills end of market project ions._ Dis- 
at yesterday’s tender, and Bank direct from the houses and a count houses paid around 51 per 
ol England Minimum Lending small jiumber of local authority cent, for secured call loans at the 

Rate was increased I Der cent. bSlls - Total assistance was start and closing balances were 

Rate was increased , per corn. describe|1 ^ large aniJ was prob- taken between •>[ per cent, and 

to 9 per cent The minimum a j )(v over( j one _ 51 per cent. In the interbank 

accepted bid was £97.39 compared The mar ket was faced with a marker, overnight loans opened 

with £97.95 last week and bids at i arse t^e up of Treasury bills at 0*-®3 P^r cenL and eased to 
that level were met as to about and a sizeable increase in the SH P er c *:*nt. However rates 
t »8 per cent. The £500m. bills note circulation. These were hrracd to d-o. per cent, be run. 
tendered and allotted attracted partly ofFsel by i fairly large finishing at 4-4. per eenl. 
bids of fl.323.03Di. and all bills excess of Government disburse- Rates in the tabic below arc 
offered were allotted. Next week ments over revenue transfers to nominal ui some cases. 

May 12 





'Jjunt .\niii.: 
n.-”..l Lai. It- ] 

(»•■)> I* 

Finn nee I ' l*i--"ttl ! kj'KiHf 

k" nisi Let 1 ivn-urt- i™' 1 .) , " 

l*i'l*«i|y | Dc|m*IIi 1 Hltl-® I.illv® Hill»4< 


3*,-6i 4 


534 6)8 



i: <Ipv« n’rtwe.. 











77 8 -8 








5 6*2 



. 0.^-87e 







Cro m-’iitlrt... 


9 'j-8--. 




9 r ' 6 -8;.; 


9-9 1 8 


9 3g-98 8 



8,.: 8*2 , 

Six nx.ntliv... 

9 ; ;-9m 








Niue iiH.iitlik.' 

9, ■S-O.t 

9 It- 10 







«*ne vein 

9s 6 94t 


97e 10 

934-9 ig 




T».« yrara 


10 VI I 






b: 8 b:. 



^ I 

Local audinriues and finance houses seven days’ nonce, others seven da>-s’ fixed. L 0 K-term local BUlljoniy *?!* 

noniiiiplly 1 hive years U!-Ut per cem.: lour years 11M2 Per eenl.: five years 13-13i per corn. 4> Bant bill rates in tuble are 
buyiiK rates for nnrne paper. Bovine rates (or lour-monLh bank bills 8-91 per ceni.: four-monih trade bill 8- per imi^ 
Approximate selling rales for one-month Treasury bills 7J«,-S per cent.: lw«-monih 8f-i6 per cent, and 1 h f t-.- - 1 n 0 n 1 n b -n. oi-r 

cent. Aporoxunatc selUng rale Tor one-aionih bank bills 85|6+C per cent.: Iwo-monih h!-4. per wni.: and Ihret-monin .s. p.r 
cent. Onc-mnnih trade bills s» per eenl.: in-o-monib 9 per wot.: and also three-moiiib 91 per cu-ni. 

Finance House Base Rales (published by Die Flnatsv Houses Association i Tt per cent. Iron* Mav 1 . )»■'*. wcarvngi Bar* 
Deposit Rales 'for smalt sums ai sl-vcii days’ nonce ■ fi per ci-m. Clearing Banks Base Rales Tor lending 9 per cenu Treasury 
Bills: Average lender rales of discount S.463] per cent. 


Alurkei IJniiri 

sa 75 : 






























Bradford and Bingley .. 







Bristol Economic 










Cheltenham and Gloucester 






525 % 














Hasitngs and Thanct 

Hearts of Oak A Enfield 


Huddersfield A Bradford 


























Newcastle Permanent .... 









525 % 















Property Owners 










5 l 80% 


Town and Country 




5.50% +10.00% 
5.50% 6.75% 

•Term Shares 
6.50% 3 yrs, 6.00% 2 yrs. 

6.50% 3 yrs, 6.00% 2 yrs, 5.75% 1 yr. 
6.50% 3 yrs.. 6.00% 2 yrs- 5.75% 1 jt. 
6 j 0% 3 yrs- 6.00% 2 yrs.. 5.75% 1 yr. 
6.50% 3 yta- 8.00% 2 yrs-, rain. £500 

5.75% 3 months* notice 

6.50% 3 yrs- 6.00% 2 yrs- min. £500 

6.50% 3 yrs- 6.00% 2 yrs. 

— • 5_B0% over £5,000 

6-25% 6 months’ notice, minimum £500 
6.50% 3 yrs- 6.00% 2 yr. (£500-£15.000) 
7.05% 3 yrs- over £5,000 
6.72% 3 yrs- min. £500 
6.50% 3 yrs- 6% lyr. min. 3 mth& notice 
6.75% 3 yrs. 

— Up to 6% 3 months' notice 
6.50% 3 >ts- 6% 2 yrs., rain. £500-£15.000 
6.45% 3 mths.’ notice, minimum £1,000 
6.50% 3 yr a- 6 ^ 0 % 2 yrs. 

6.50% 3 yrs- 6.00% II yrs- £250-£15.000 
6-50% 3 yrs- 6% 3 months’ notice 
6.75% 3 yrs- 6^0% 2 yrs„ 6.25% 1 yr. 
G-50% 6 months’ notice, minimum £2.000 
0.50% 3 yrs, 6.00% 2 yrs.. £100-£1 3.000 
6.33% 2 yrs. 

6.50% 3 yrs- 6.00% 2 yrs., muuELOOO 
6.50% 3 yrs- 8% 2 yrs., min. £1 00- £15.000 
G.60% 3 yrs- 0.10% 2 yrs.. min. £1.000 

6.35% 2 yrs.. min. £2.000 

6.50% 3 yrs- 6.00% 2 yrs. min. £250 

6.25% 6 months 

6.50% 3-4 yrs- min. £500. 6.00% 2 yrs. 
6.80% 3 yrs- Gl 5D% 2 yrs. 

6.50% 3 yrs., 6.00% 2 yrs.. min. £100 
625% 2 yrs- minimum £500 
6.50% 3 yrs- 6.00% 2 yrs. min. £500 

6.50% 3 yrs., 6.00% 2 yrs- 5.75% 3 mths. 
6.65% 3 yrsJL4% 2yrs..6.15% 3m t. 
6.40% 3 mths. not B450% to Umltd. cos. 
6.50% 3-4 yrs- 6.00% 2 yra. 

6.50% 3 yrs- &D0% 2 yrs. 

625% 3 yrs.. 625% 2 yr*- &25% I yr. 
6.50% 3 yrs- 6-00% 2 yrs. * Max. 1250 
6.00% 2 yrs., G-50% 3 yrs. 

■» Rates normally variable in line with changes in ordinary share rates. 

OIL (198) 

Artock Pet. 1 2 Do 1 77 ti tlO'S' 
Britlsh-Borneti Pet. Srna. ilOpi 150 iB/Sl 
Britl&n Petroleum C 47 © 90 55® lo 6 ® 
4)® M M:® 54 BOf 50: 60 5« 64 2 

. 5 b ^ - 8 Zm £0 66 Bpct^LPI got. 

^di S 0 7 “ B , i? : ?l , ’„S, 50e,St0fc - 98i: 

Burmih Oil 59 V® 7>:D 7 8 B 7V 9. 7'jdc 

in-ltfi-U'" 5 ' 7-.PCUt.65: BitS 

5i?s, Pe, 6 r ss , l ?Dr;*8?. 5 ' s,ioc,stDb - 78t -- 

YCA Inti. iZ5si 26 
Lonosn Stels® Oi* -25p* 1630 5 
Ta j3;J Proen. Un.u .) 0 pi 300. 14 k 

O!/ Expln. tHIdps.t (lopi 2 21:® 18 
F r em«r Con*. O.r&elds .5oi Id ni;si 
noval Dutch Petroleum iR^Di 45 V 4 
S "* I J -Mpi 5731® 40 5 7 9 I I EO 
5 6. Oo. jBr.. . 2Sp. S7SO 
4« igis>. /oePi 59 .. .951 
Texaco liter: K'.pcLn. 62V (lQ'Si 

’ ,u, s , s 3 i 

u L'?n >• 'W .1" 

PROPERTY’ (115) 

f'JliJce Propeira Xolaings 9 : ocD«j. 75 
50^? I9°S. Pr0Ber > ,e * 50?. I V 

AHnan Loncon Properties (25p) ' 194 

Ama/gamaled Store* t5a< g:. 

Sevnritkrt lap) 19® "lev 19:, 
Argyle Securities IZocDeb. so-- * 1 
Alndale Prcorrtv Trust G'.pcLn. S 8 <10-S) 
B^Ln° 61 ,25B) ’® (11.5). 

Bellway Holdings <25el 61® « 1 TS) 

ir.a? 7 ^ 7 %.r? 9 r ? 4 

T 3i*Io <2 1 5O 30?. OB J| 

1«Mtg.Oeh. 106 12pcLn. 12a‘f1H5* 3e 
t 2 S»i 94® ill 151 

C 9S. , ^ J , CO 71 , i el 70 Pr ?T17 U5 °’ 471 -'° 7 

gar"pas: sfiaiwa: 6S 

Centrovintial Estates liopj 65 [loti 65 

^Ij*' , l5«ur1r,« ( S5 0 , ,, 12 

4t mo's? 50 ,9 ' s, • SVpcZndPf 

Control Securities » top* Ml- to 5 , 

T0WU1 ^ 21V. 

mss ,,op, 78 

,10 pi ’a "( 8 ‘Sl apcUuo.Ln. 

New Moral Mires 4® 3 -.o 
Oakbridge Sees. 1*9 
Pahang Con*. 55 

PanconSmental £11.06:® 11.14:0 
Sthrr. P»c- Praps. Bi- 


| May 12 J Mot 11 

GuUt Uulhun.' j 

lit line r.uii.-i-i- i '5174 >4-175 S175 1753, 

Opmilit: 5174)2- 175 m;f 1741?- 1751* 

Mr.niiufill\1..;S175.10 ;SI74.85 

,'£96.235) • 41*95.766) 
Ailem’o 1t.s’r5 174.70 F175.36 

£95.804) |>£96. 16fl> 

GnM C">lu... • ' 

l.mie-T i.-n lit . 

h ruL’enaii'l . S179-1B1 5181 183 

iX9 8*2-99)2 1 i£99>2-100It> 
XVs.nVn.„«3lr-56lt ,554-56 

£29*2 3011) i£295 3 -30Vl 
Old S.vV-it,. S54-56 ;S53 lf-55lj 

i£29!;-30J,) l(£29U-30Ui 


31 A*’ 1- ItHUi 


»).rvni 1 


Net* York... " 7 '1.BI55-1.8255 I.81B5-1.B205 

Gol.l C.Hn- ... 
i Interns) ’I It > 

IsnigerntL.I .. 5179-181 

New5uv'n-u- S54'--56l* 

OW .S»ir'r^ti» 554-66 

518D!j. 182*4 
<£99 100. 
5541, -56 1 4 
(£30-31 1 


Sterling continued to show a the West German mark eased to 
firmer tendency in yesterday's DM2.1125 from DM2.0995 while 
foreign exchange market. Open- the dollar finned to Sw-Frs.l.BS62i 
mg at SI. 8 160-1.6170, eood against Sw.Frs.1.9735. On Morgan 

demand pushed tbe rate up to Guaranty figures at noon in New 

51.S215-1.8225 although further York, the dollar's trade weighted jh.'ur^i”” bi s 'iMDfl-inseo z.oifls 2.D3D5 

strengthening in the U.S. dollar average depreciation narrowed to .^mstenum, 4 i 4.07/.-4.15; 

sa w the pound close at SI 51 95- 5.12 per cenL from 5.24 per cent. ' V : V 2 : il 8 d. w'li J w w'm'SL 

L8205. a rUe of 10 points. The On Bank of England figures the KranKimi!.. l i^utui 1 ^S.'bs-^m:* 

pound may have been helped by dollar's index improved to 90u$ Li«u.k I ib 1 az.0D-B3.lN) B2 .bb 

indications that U.K. trade figures against 90.1 on Thursday. MmiriJ | 8 | 147 . 0 - >48.Z5-i47.4B-l4B.iB 

due on Monday may prove to 
encouraging. Using Bank 
England figures, the pound 

trade weighted index improved The 12-month discount against the !?*>•■ I 3, = «5-4i2 . 4D9'.-4|ia 

to 61.6 from 61.5. having stood at dollar narrowed to 5.75c from .) 5 ls etlMoS" 

61.6 at noon and 61.4 in early 6.25c previously. /MrhU 1 ’ o.Mj-S. 62, .i.fiOJ,. U1«« 

dealings lost S} an ounce to S174J- 

The U.b. dollar also showed an 175. Initial buying interest saw 
improvement against most major the metal improve during the 
currencies although trading con- morning although this trend was 
unued ro be within a very reversed in the latter part of the 
narrow range. In dollar terms day. 

l Bales given ior convertible francs. 
Financial franc 59.90-60.10. 



12 iFrankturi |Xew Turk riim. ■ elf 

Lcih/ou UijwVpiij 2urii-li 

3lB® 6 «5 ; 85.40M lOO.Sti^a 
1. fife 820; *4.11.17 j K'.lS.a* 

Oorr.ngton In 

(IOoi SOV 1915* 

£ £9lls*, Proa. Coro. i50pi 37 V: 6 m, y K 

B^ViV-sV 1,1 SJ - linc-uiln: 

Estates Prop. Invest CZSpi 85® 

Evans of Le«Jt 12501 86 (9 5) 

F W 29**10 5)““' r2SCi 5 ' : 19 Sl - ' 7o « 
Great Portland Estates ISOp) 282 
Green <R.) Props. i10p> 35 " 

Groencoat Prw.'lSpi 6u «?- 
Hales Prop*. '25e)-5o>- '8 51 
HamiDonon Prop, and Invest. Tsl a Ord. 
<25p> 565_ 

Has le mere Esu:es (IDdi 2280 - - 
Intcreuropcan Pros. HWgs. MOpi 30 (10 5 
Ken mnes Estates 6 i«BclstMtg.Db. B 3 o 

Lane’ investors «25pi 40:0. New i25sl 3B 
0 . 5) 

Land Secs. Invest. Tsl. • sop. 2060 41® 5 
7 6. 6<jpc1sUH). 1976-83 7f:0. B'-pc 
Unset. Ln 66 V. SsacUnsec.Ln )aJ CLpc 
UMK.Ln- 132® 40 4 3. 1 0PCUnsfc.Lrr 

1 iS 4'; 5 

IL4W ) Lane )20ol 17. 7Vcds:Oa. 70 ■; 

Lewis >J.i Props 4pcOb. 70 
Lonoon anO Provincial 
■ Hlpgs. . ilOp. 02 ill.'S 
London COUHV Freekpld and 
7’jpClstDb. 69® 

London Shop ?«•«.. Tst i25pJ 60. 
Unsec-Ln. 22 jll'5 





MEPC-.2SB)’Tt5®r» 19‘;6 4K1HCB5 
SO (10 Si. g'jPslstDo 77 u. BpsUnsH. 
Ln. 60),*. 5pcU.isec.Ln 90 Hi") 1 
Midtiurn wnne hisbs HOoi *2 ill 51 
MiKklpvr iA. and J..i -2531 112 « 
Municipal Proas. iaOp> 200 *10 S> 

Peach ev Prop. Con :25p) BOO i-n an .. 

^ °^Ipi 290 f^sr* 13 " 3 " la “ e ‘ si c ° n - 
P, ns) H!de ’ ana lnrcst - T ' : ‘ ,2SW 2B » 

Prop. Partnersmps )25o) 87 .9 5) 

Proc-eri* See. Invest. T«. ’SDpi 133 m /81 
RagUn Proa. Tst. tap. 4';® 8 

Regaiian Proas 12$p) IQ 1351 
Reoianal Props. A »25 pi eov no 51 
Reliable Props L25a) 450 
Kin* ano Tompkins Gro. »25ai 1 1 1 :• 
namuci Props. (25ei 750 6 :- 7'- 
SC«|.»h Mo™. Prop izod' 1040 4 
Second Ci:v Proas. .10a* se® 7o 
Slough Esuie: IZSoi 112 . 7 -ocIstDn 

‘10 SI- 10«Ln. 1 53 tl Si, ° 6 - 
Stock Conversion ana Invest. T*l. »25o( jjg 
,Bcrn * r,n ,nvesi T «- USp. IBS 
Town anp Cu* Props iICdi 12 VS *os u». 

Town Centre Secs. (25oi S 8 111 51 

T M“° n r £ SVEr ,25o> 980 7 - 9DC, « 

United Kinscwm Prop. (25 p . Z0 13 SI 
Ur.itoo Real prop. !«. , 25 pi 245 Hi s, 
Warn.a*o Invests )=0o< 267 18 5 » 1 5 
Webb UbkbIii L5p) 16V (11 5; 

C29V303o ,C2gl v 30J,i 
Fj^lKnuk-. >276 279 ;S276-279 


1 Drawing 
■ R ights 

,\1«5 12 

Unit ot 
-Up* 12 


I'.S. rltillur.... 


Au-tns n-h ... 
Et/lgum Iran- i 
Dnnii-h trr>n>. • 
Drill si-lier.i'rk 
DuU-h ariilili-r I 
Pmu-ii nun.-. I 
Iralma lira. .. | 
Tsiwuc^e » -n. 1 
.V.irsi)' kn-iie ! 
M«l!l I ■.-Ha.. ' 
*»■»■ Iran. „ ■ 

1-367 IB 

9 B. 95 64 
















Frankfurt » - 2.I080-S6 i 6.4041 

X« Yurfc" 1 47.15- lc — 2L38-41 . 3.(>lj^Cb 

Fans n ' 22056-15 ( 4 . 6563 - 6672, 1 - 14 . 152-166 I K. 471-491 ; 206 J 0-75 • 2 »J» To 

Bniv-el*....; 15.61 J^. . 52.95-53.0 1 7.0OCA -■ 59.91-60.07 14.58-63 18.62-67 

L>®lnii.... !5.83;-f4; | UIKL2206 P.47;-4&? 59.6090 ■' - I 4.101! 1 3 60,‘-6l; 

\msl-Maia. 1 107.01-06 | 2.2527-2612' 46.465^15 6.3425-75 | 4.1115-15 | _ I 114.05-10 

Xinrbji 5 3. 764-90 4 1.8785-9805 42-436-601 e.(iOS3-t»J31'3.&996-6L47' 87.616-73? - 

Tj 4. S tr* Toronto I'js. =lllJi6-38 Leiw-lisw mils 
Oiimluii S in Xe«v Y.ek =H$Sf- -90 i-enlv. L’.tf. S iu 11 1 Ian 871^060 
siterliuR 111 31 Uaii 


| .\ise* li'nie* 

liWiilh®.- 1.408-1.412 AroHiiiivi.:1250-155<I 
An-1 lalia .. 1.6D04-J.6164 Iuumiih...! 

ll rail 1 '31.00-52.00 MHutiihi ...i S9-CD: 

Fiiibiud 7.75p-7.78; I Urn -tl | 35-38 

l>n»r.. .. E7.b62-S9.255L>na'1« , 2.03 2.D4 

H.iiy is ■•ri£*. 8.45-8.48 {Denmark ..1 10.25-0*4 

bnu 1ES-151 'Vrtix-e I 8.40-8 .50 ' 

biiuair .... 0.499-0.509 (JeniiHUj. 3.753.86 

Ln sen it. 'ey', 60.80-59.90 lirww 1 68-72 

Mnln.VM*... 4.37-4.39 .'/lull* 1550-1610 

A./.rnlHnil..l.791M.BOB9-lu|Hi< 4.08-4.18 

- s «i*li Aral.. 621-631 .Vellu-i-Ciiil 4.00-4.10 
riuiya ivire.-. 4.25-4.27 -.X.mmy... 1 8.85-8.95 
>- Ain<si.....|.565l>-].5909'r.)rriiual...| 76-85 

L.H tS).«iii I 146-148 

(.'mmiLh'lanii 3.5S-5.6g 

i 1*1 I’."* 1.82-1.65 

t .>.<n>iiiv.. B9. 67-89. 70 1'npslivia' 34) -59* 

Rjie siren for Arsi'iiiifla is a free rale. 

Mkt I£ J 

Sterling ^ 



l'.>. 1 MI«t{ 





\\ m flfllltf 
» murk 

t-Sb.-n ierm...| 

&9 1 


7)8-748 i 



1 3 ;-s. 

7 ilacv u.iih.v- 

9-io ; 


7)<-7i 8 | 



1 3,-5 

'Innili j 

113g-117 8 i 

7l4-75 8 

7ifin8ig 1 



Three m.'.nthr- 1 

llflg-1 17gj 


7 I 4-8 ! 


1 , 

Six monU/F.-.l 

1 ITS 12V 


8i*3ig ; 

4t8^T 8 


3 T ;-3,i 

(•lie 1 car 1 



8 * 4 - 8*2 ■ 



’ 3,^-5 .9 


Olie nil 

Tlirp.- m mill Ik 

-New YurL .0.43-0.33 v. v'» 1.78- 1.38 1 
.11 ran r . 0.48-0.38 .-. |«n 172.-1.62 . 


| ’ID 

\niM'.lani,24e.lA( 1.111 

HniMK>ln... ‘37-27 | ■■■■ 

L'”[.'nli™n. 3 5 Wf ill:. 

Kranlnurt j2<8-l:g pr pm 

— — . - — , ..j, p,. r „- w „ LjJvm i25-15D tli-. 

one.momh Si-SJ per com.; liree-moail) 8i-Sf por cent.: sot-oionUi 9Mo n. r co nL: il«.lro!... :i«r80.-. djv 
one-year IOMO. per cent. Milan 2-7 

^B 'erm Eurodollar deposits: . two years 37n-S9, 6 per cent.; three years Vwu urv-U* 

69|6-SUm per cent.: Tour yc*ro SU|^-sis, b per eenl.: live rears SI-*» per i-enr. it‘r kbiiliii l^-i* w'hv 
Thu loltowinc nominal rates v*re quoted for London dollar certificates 0 r d.-posii: Viennu! "' lsU'-ro i.'.n" 

nne-monih .-aD-«.B0 per ml: Jiree-momh T.73-7.S3 per cent.: sw-momh sOilf.IO /.nuH. 3i».2i ? .. 1 . 1 , ■ 

Pur rein.: otu-nar s^O-SJO per cent. 

a ssrs 5 £.“ •*" •« <=«-»■ ^ ... rXssztJss'Lv*" m 

. .-6 | -n 1 

.92-77 pn. 
fiS}-83] .-re .in 
,7i 4 -6ij pf i 'll 
IOO-SOD nil 

20-120.-. .Ii- 

‘8- 13 lire .Ilf 
3)2-51} ■■i-e.ilp 
■4i(-3'( |.ni f 
4-2 |.ni 
37-27 kt.i |.m 
9ii-8'( i-. jmr 


Statistics provided by 
data ST RE 4 M Internationa* 

Name and description 



price J 










Income . 

Dear(-)-> ' 


B angel 




Cuirent ' 

Alcan Aluminium Cv. 89-94 

H 05 152.00 





Assticiaied Paper 9ipc Cv. 85-90 







- fi.l 

- fi to 




- 0.3 

+ O.S 

Bank of Ireland 10pc Cv. 91-96 

8.22 , 






- 4.3 

-12 lo 

_ “1 



- 4.0 

- 0.6 ' 

bnlmh Land I2pc Cv. 2002 

7.71 : 







10 to 





+ 64.1 

EnglL<h Property 6] pc Cv. ‘JS4B 







- 7.4 

- 7 10 



- li.O 

+ 1.4 : 

English Properly I2pc Cv 00-05 






14. 1 


55 to 





-26.2 ; 

Hanson Trust 6Jpc Cv. 88-93 


So. 00 






1 to 




- 2,y 

- 4.7 

Hewden -Smart /pc Cv. 1095 

0.07 270.00 




- 8J> 

-17 to 



- 2.9 

+ 5.3 ; 

Hen tos 15pe ‘-V. 1085 

1.06 1X7.00 





- 2.1 

- 3 to 





+ 7.1 

Slough Csiali’s 10pe Cv. S7-90 

5.50 153.00 






5 to 





+ 5.8 

Tozer. Kemslcy Spc Cv.. IBSi 








ii 10 





-13.1 : 

Wilkinson .March 10pc- Cv. SW)S 








23 fa 


27 J2 



Financial Hines Saturday Hay 13 1978 : 

Stock exchange report 

MLR rise fails to check upsurge in equity leaders 

Index up 22.6 on Account at 488.3— New short tap issue 

financial times stock indices 

12 I II 

iuy i JUf tA svw 

S i > ■ j . pgn. 

Ow a w nieW 
Iniliuliial Ordinary... 

'TTw'toSt! 71 01 71 IS, 7 1 A3; 71.7St 70.M 
7Z26 ! 72.23- 72-17 72.30, 72.05; 7a.J|4j ^ 

488 3- 479.9! 475.0; 471.1: 480.1 481.5} 4«a. 

Account Dealing Dates stock could be attractive to liminary results due Monday and Stone-Platt. 6 dearer at 124p. 10 to 320p, while Bureo Dean, touched 270p before closing 2 

Option investors, especially by the middle dosed marginally easier at Samuel Osborn rose 3 to match which also report preliminary better on balance at - IJ P- 

•First Deelara- Last Account of nest week. The new Tyne 29ip. Elsewhere, Johnson- ihe rejected cash offer worth IOOp results soon, gained 5 lo 7Bp. A Tern-Consulate were ouisiana- 
Dealings lions Dealings Day and Wear 12 per cent., 1988. issue Richards Tiles gave up 3 of the per share from Aurora, which pood investment demand ho ped ing in Textiles with z rise of •» ™ 

May 2 Mav 11 Slav 12 May 23 made ,ls debui at the expected previous day's rise of 5 after save up 3 to 94p. Further demand European Ferries advance 6' TO 54p m response to lavouraDie 

May 13 May 23 Slav 26 Jun. 7 d ' 3 . c ®“ nl ' opening at m. in £10- further consideration of the left Reno Id 4 higher at 133p. while lM4p Pre5S . *.5 L 3 

Mav 30 Juti. 8 Jun. 9 Jun. 20 f nrai ' befor e settling at IS]. formal offer document from Edgar Alien Balfour also en- ended 3i higher at lL-ip follow- annual results prompted a gai 

• New :i me " dealings may take place ma rket in Traded Options HepworTh Ceramic. countered support and pul on 3 ,n £..* be annual report. S to 5Sp in J. Bea cs, 

horntJU a.m. two business nays earlier, was reasonably busy with con- In firm Chemicals, 1CF en- to G3p. Among smaller-priced The recent 1/-K. tar registration 0 f 3 were also Jp^ked against 

\\ith investment institutions tracts totalling 642 compared with countered occasional institutional issues, Fqlfces Hefo improved 2 to ’?r ures _ st P?P Iat 1 ed ^ 

a^:nn looking for lines of solec- the previous day's 405: Wednes- buying ahead of next week's iSn Motors. Ford dealers were parti cu- 44 p_ and Sidlaw, 90p. Tobaccos 

led industrial leaders, the lone day's total was 645. Nearly 70 trade figures to close 7 higher at “ larI ? " ood - Wlth Harold Perry were inclined firmer in quiet 

yesterday remained good and the per ccnL of yesterday’s dealings 3flip. Fjsons hardened 5 to 365p. ln Merest in the Food sector was advancing 12 to 199p and Apple- trading. 

upi urn continued in dealings after were done in four slocks. Brent Chemicals and International at a fairly low ebb. Among the yard Group 6 to Mp, the latter h AWean industrials to 

the official clow which marked Courtaulds fl86) Marks and Paint both finned 4 to 236p and occa sional firm spots. J. Satnsbiiry were also helped by the c *) air " around included Primrose, 

the start nf ihc new Account. A Spencer (130). and Shell and Top respectively following small Pnt on 4 to I92p. Bluebird gained mans encouraging statement at 7 lower at 77p .and O. K. Bazaar, 

Fhnrrage of stock was still appar- Cons. Gold both with 64. buying in thin markets. 9 to-460p in a restricted market, the annual meeting.^ cheaper at 360p. 

rtu 3 nd this more than any other The investment currency Hotels were inclined firmer. Grand Thomson eluded o oetier ai . . inrerest waned a 

" are «"« ™'™'« w. quKaln SfaWM Wanted M. ™ ? ro™e 2 to .Ujr 5 •jTjJfiTS Z nSttSaSZmfi&p* 

G.*l Mi.,-. ««; 

Vi. . 1.1 ! 6 . 49 : 3-58 

144.1; 14iJf ltl.Sj «7,0 ■ 
6.68: 6.38] 8.8K 4 .98 

Onl. Dii. Yield..... ---i , 7U l7i 2 3 : 16,94! 1ft. 83. 

Eani.Dpi.VW^bni ^ ■ ; ? ’ §1 , ' ?>77 j 7 .«0-; 7.J3- -947' 

2Ii“ h Ztai ’"*8.009: «**! S ’ 455 i 6,0l0 i *’ 74 "1 7 -® 8 - 

M.qRiMHtal-- 1 . , 72 42 1 71il3 ; 74.12! TO-fioj 167.92 • 

? U,,V _ I 1S .09ai 15.068! 15.767! 17.461- 17^»!a7.0M- 

Equiry^..^ r <*•*. s 

18 am 2 p.m. 4S3.4. JM.^5. 

Latest Iwdt W2 w. w 

• Raifd on &! cref (ML cortwrartmj »*■ **“!*?■ , tuMt' 1 

B3 ,l, 1(10 Uovt. A-CS. 13 10/as. Fard It«. “■ 0n! - 0-4 i 

MlMfi ii: 9. 53. SE Avrlvlty Juty-Occ. W«. , jj 


— - ins i^-eo 1^ | ;-3f. v j toy 

~~ - Hmb | Low HirIi I lawr I j 12 < u '' - 

455! 6,010j 3,412 5.741 7®8 I . - J 
3.42I 71.13 74.12! 98.60 107.98 | ^ 

Meal «E Ififl- 10 liaii 

buying in thin markets. 

9 to-460p in a restricted market, the annual meeting. cheaper at 360p. 

Hotels were inclined firmer. Grand Thomson closed 3 better at inrerest waned 

Metropolitan improving 2 to llfip 2^2 p, after 3 f op. following the £ u ? ftStl 

and Trasi Kmkm a nennv annua! report in which it was d s- htile in Plantations, out iuni 


Adverse economic factors, such 
as the u respected upward revi- 
sion in money stock growth. 

ami the nremium flur-timied onlv Leading Slores closed at. or and Trust Houses Forte a penny ------- , _ 

narrowly. After opening firmly near * ,he day s b f sL Britisti Home to 214p. Elsewhere. M heeler’s L ' Q c ^ d T ]!,' a Tjrn ^ newfnaper fmm Guthrie stood 

« llw . “iwspewea upwaro rev,- a[ 1W)} per cenL on ove rntght 

! !' , ™ ne y sXn 9 k ."rowth wall Street, the rate eased to 109 

f.iiLa t j low .r buyers spirits and per cent, on small offerings before 
the tendency was ruily mam lamed wall -Street’s early firmness yes- 

.’ nd ‘ c ^ ns lenlay re-established the 1031 
' f n OpHditU further n re in Mini: cent i eve j w -hich was l un 

Interest waned a 
lions, but further 
were recorded, 
out with a fresh 


78.58 j 70.97 ( 137 4 49.18 j Oil( klx«u.... 162.6 ! 138.6, 

(A/l) tllf5j j iMfJft ! Indict nm.—! 160,7 ! 186.0 

□1 07 79 17 ! 150.4 50.63 apwmUtlve...; 37.8 i 38.7 
8 i;f 7 i UoS Icarn^l Tutals..... i 114.7 I 115.2 

497.3 J 433.4 1 640^8 j 49.4 153.9 183.8 

iWl) I ©A | llWfln <aB,«|4Q) |nrt II( ,tdkb ..I 196.9 804.6 

168.6 160,3 ! 448.3 i 43,5 ; thwblfvis.ri 37.4 35.0 

mum Lending Rate. Although this on balance. Yesterday's conver- 

1 . _ - — - UK uniuuLC. 4 coLvi un f Lome 

sign.rl emphasised dearer money sjnn factor ^ a6827 (0 .6S22). 

■ rends, the increase of l per cent. 

10 be NatWest-dearer 


the Thomson family later this jump of 16 to 29Sp on buying 
year. Elsewhere in Newspapers, ahead of forthcoming annual 
East Midland Allied Press “A" results. Still reflecting the agreed 

met revived support and rose 6 merger terms from Harrisons and 
to 90p. Crosfield. Hamson? Malaysian 

Estates hardened 2 more to 10op. 

zSpt-culuive—; 37.8 j Sfl.7 . 
Totals i 114.7 j 115.2 


(llit-Erii'eU...) 153.9 163.8.. 

Si’urulMtVf'— I 37,4 

[ v6ja» i tSart’ftiiiaK'IUrth \ TUaIs 183.7 » 125.9 

to fl per cent, was thought to be 
Ion small to worry about. 

Optimism about Monday's trade 

taking Jts gafn on the week to around j were common to of 2Up, while Charter added.*: 
l 4 , = lifS JUrt,bc«t._ 1111. and »■«« Drlc- similar amoun. at IMP; ttajat- 

The major clearing Banks were 

Prnnc fit*m lota taking its gam on me weeK to 

a rCpS Hi ill late , I ^ ant j Q added 12 to 512p. of arounc 

Properties firmed late In line A{ - r respect | V e overnight gains Hartebcesl 
with markets generally, benliment ^ an j 25 following publication 'onrein. £1 
was helped by the ri.?e of only 4 of agreed merger^erms, Jokai issues, Li 

on 5 to 305p. Investment demand g,^, note. — — 

left Peachey 3 higher at Sip. Bfi South featured with a rise hum ■ p */\ iooq 

while Bradford put on 6 to 214p 0 f s to a 1978 high of Sip follow- NEW H1GH5 AND LOWS .Pw.K l“/o 

In a thin market. Hammerson A j ng t hc closure of the loss-making ^ , 0 i towinfl ucuruies qvom m the property at 

closed S higher at 56Sp. Others to Queensland Phosphate mine, while share information swi« wtodw T r!r?,S^ 

improve after houra included news that the Australian Govern- «*» ^ ” . 978 ' JoeZ'ccos% 

Brixlnn Esfal<». 4 better at I02D. menf had set the conditions for NEW HIGHS <179) T *oil5 S i*j S> 


MINES <9> 

figures making a favourable read- unmoved by the fresh } per cent. FrRjl ! their improvements. English Longbonmc, to 305p. 

mg increased in direct contrast increcise in Minimum Lending . t- P^ q Jiy ; ; li > n -- closed It higher at 38p for a two- ^ sharp upward movement In 

to" recent pessimistic forecasts of Raf* hut held on to early modest 350- 1 1 JK 33 j ; ; -L% fT'l 1±{ j , - day rise or 4! and Land Securities overnight Sydney and Melbourne 

a £l<K>in.-£150m. deficit and the sains^ NatWest ended 4 better |£ (A, J^±±p3±±±2^ j ll~ ~-izz hardened 3 to 20Sp. Great Port- mar |(et S enabled Australian min- 

3 3n p.m. announcement of a new at 292p wnth sentiment helped by P±r 1 1 , ! < j ;z\ J THTiTP''”'-' land rose 8 to 2SSp ami Imiy put ina issues to end the week on a 

short lap issuv underlined the ihe announcement _that it is to 300 ; ■ ; ‘ -. 1 \ \ ; 1 ; 7-^- rnz “ on 5 to 305p. Investment demand note. 

impression that the authorities buy control of the National Bank j iy '^ fl p pS I r ) [ 1 1 1 jf ~ ~F| ! g !~p — ^ ~rrn left Peachey 3 higher at Sip. BH South featured with a rise 

foil that the current interest rate °f North America for 8300m ^rn J - 1 ■[,' ; j 1 1 1 j 1 1 | j * 1- — — r-r- _ while Bradford put on 6 to 214p 0 f s to a 1978 high of Sip follow- 

structure was about right. Elsewhere. Bank of New Sooth j : ■— "A j-!- p-i-H-H-rr j-ri- i f i ! ! 1 c 1? I , | . 1 ■ 1 j ■ — -> In a tbin market. Hammerson A j nE the closure of the loss-making 

The F.T. nti-share index pro- 'Vales added 10 to 500p in re- 1 ! : ! ■ I a. H 1 ; 1 ■ : i +t 1 - 4 Tn I 1 - ", ' H -i-^-4-L — • closed 8 higher at 56Sp. Others to Queensland Phosphate mine, while 

pressed throughout, being only sponse to the higher interim 200 , < ■— . , : r .M L ■! ■ ■ H j ! ! | ■' .'j : ! 1 : : - improve after hours included news that the Australian Govern- 

1.1 higher at ihe first calculation profits. Discounts. however, ■ ! 1 - j r - r H it? j7 ~. 1T -‘-ffi 1 t ! ‘ i ! ■ - T i ] ! l | , ' i' i -- — Brixton Estate. 4 better at I02p, ment had set the conditions for 

and finally s.4 up at 4S8J for a closed easier In places. Hambros. ; ; ■ ■ : . , fe j ^ ; ;U- ^±i_p-Urxr — , SamueL 3i to the good 3t 79jp, Pancontinenta) later to build the 

gain of II S on the week and one ? hichi er at 193 P. continued firmly 1SU ■ ; rH4 • 1 f- -j - i -i i ■ I- rr; I I ' i -t ri T -|-i-f f H [ ; 1 +— ■ " and Bcrfcefev Hambm. 2 up at 9ap. main access highway to the min- 

of on the Account. Official ,n Merchant Banks. i i¥~' It -- , i • } ■ i ' ■ 1 jr ! ! n ! | ) ■» I l-H t S 4-H+ -Ph In contrast. United Real ing area saw the latter’s shares 

marking*, however, were again Brokers made progress among lOO ^' ' ' 1 ^ — ' "iH:' ~ ' ' ' ’ ’ U I ■ l 1 - I ' cheapened 3 to 244 p. and the pros- move ahead strongly in the late 

slrcntly lower, at O.0.19. compared Insurances. iVfat thews Wright son. 197 ^ 1977 1978 pr>ct increased mortgage rates trade to close a half-POiot higher 

vjih 3.001 the previous day and i92p, and Sedgwick Forbes, 420p. earlv next month left house- at a 197S high of £11*. 

ihe weeks dally .average of 3.391. rose 5 apiece, while Bogg finished 4 to the good at 195p as Restaurants reacted 15 more to builders Rush and Tomkins a The other major uranium pros- 

Rv-.n riled ri«es in FT-quoied in- Robinson hardened 3 to !90p. did Gussies A. at 294p, while Harks 365p on the recent denial of bid pennv easier at lllp. Grccncoat peel. Peko-VVallscnd. were quietly 

■iusirials maintained their advan- Composites were irregular and Spencer closed 3 better at rumours. were" urunoved at Oi-p following easier and finally t» off at 432p. 

Mge. by more than two-to-one, f^ndon United Investments closed I47p. Mothercare, at 170p. CTTFrc , lf the announcement of agreed com- Other base-meial producers in 

over rails. $ j 0 the good at l«4p and Sun recorded a Press-inspired improve- dUlld (Up EH(1 rally pensation Crura the French govern- the sector all ended better on 

0-7* , , J. Alliance 6 dearer at 544p. but ntent of 2 and Combined English Ouietlv firm at fhp hnnw rinse mprrf r¥."ardia* the loss of build- balance. Conzinc Riofinlo put on 

Grffs much Steadier «sewnero and to spend soma firmed a similar amount to 93p. mSeSSIeo™ tod2trm““eadIS E* pe?m*? 4 10 21 °P- Western Mining 3 to 

A calmer assessment of the R oynls reHnauJshed 5 to S70p. Debenhams edged forward a penny moved smartly further forward Oils passed 3 firm but quiet a nd North Broken HiU a 

£1SJ. Among lower-priced ter'a 1977 results are expected 
Libanon held steady at early in June. 

Elsewhere, Sllvermmcs rose 4 to 
Eepubiic's Financials were a 1978 high, of 44p in response to 
d but of the London- favourable Press mention. Tins 
■d stocks Rio Tinto-Zinc were usually a shade better 

hardened 3 to 20 Spl G mi I Port- markefs enabled AustraUan mhi- ^PPor^andctased 3 d«pite Jhejshaip faU in . the, 

land rose 8 to 2SSp and Imry put ins issues to end tbe week on a firmer at 209p, after a 1978 high Penang Lin price. 

rvn 5 t ft EflRn investment demand ■ - - 

LOANS «2> 

LOANS >1) 

BANKS (2) 

BEERS i3> 


NEW LOWS (11) 



Treasury lO'rpc 1978 EjUi. 12k 'SB £30pd. 
£xth, 9>iK IWi A War Loan 3 'M 
LCC 6k 1976-79 

LOANS 12) 

5. Rhod. 2hK '79-81 S. Rbod. Sue '78-81 

Burns Anderson 
pn ill Ids Patents 

Stock, afce 

White, v na. s. &W). 

B,ik Ca ol er EnSanTs 111 uovvaJd Although interest in Breweries to 104p: the annual results are due arter-houra"to"' close^ “aV ;hc ‘da“y’s session i '1n"“which ‘ "the" "'leaders penny to 106p. , 

revision in the growth in money al ,» nCT t Friday. Secondary issues aly best with gains ranging to 10. improved a few ponce. However, «V*\f 


Slv" snw t 'pritrih"Ftmds m SSni; l *‘ i ®hg beuer” IcveK displayed 'Gseful^ 'gains' with Morris cl«o”ended“'ihat“much beuor iack'oT'foIIow-Ihrough lVrl'sheU ^ goodday vrith ^ringa Yesterday 

Inner but <fill well qhove some t 0 *? 0 ". ,0 , c ]°* c a .Penny or so and Blakey up 8 at oSp on further at 5S0p and Turner and Newall 2 couple of pen-’e easier at 574a. another 2 up at a high of 21*n. u P d«m Same 

r.f ih*' sua-'est*>d levels of the ^ nrd( l r L mr,uded Allied. 94p, and consideration of the better-than- 6 dearer at 186p. Boots improved British Petroleum on the other a ?ain of 4j over the week, while Briu'di Fund* ..... a 3 « 

h Ihpfn l uin h ^L° Scottish and Newcastle, fiftlp. expected results. Currys moved up 7 to 225p; the annual results are nSJi rt!2d fhShir at SHa on Newmeta! continued to attract c«w.u«« a«m. >nd Foreta. mmd* j • a 

f.^inMance b era? S“ u i d ^ Vau T. he i d lf rtead ? at , ,1fip foHwr- 7 to Mfip following the chairman's due next Thursday. Ahead of S'lflwi ^influences B^ah a " d d ° wd a t JFSFZ fiSb ^ an«i " W "'.‘"Z:”™ SS ? S 

c-isier or in line Sh he nuota* m ~ , M,e half-yearly statement. encouraging annual statement and Tuesday's interim fig ores. Trafal- eksed a pennv to 58o after 57p p ® nn ? 10 '^ e s °” d at 3 U 1978 h,Rh olh ..... .. ..T^...:! M s is 

S r |I ri " In [eadin- de^nrs , Af«or .a hesitant start. Building Vernon Fashion, still drawing gar House Investments put on 4 *SL »f,if reSrti Btrfn-th 5hid 2 f 5!p i - the , shares *»E* now PIaBlaUBn u 1 g nnTiiHKili,- 1* 4 m„rf \n «»de headway in a strength from recent excellent to 137p. Scottish and Universal nt xL rlm,rL“ m the doubled , In value over the past Mines X » » 

Ilin S ^hni Snd I ?n rmialion of the 1 previous results, put on G more to 129p. Investments, however, touched "“S. ‘J”! five trading days. RetM ' taM ! 

hi-hor d V ■ Quiet l«de. .AP Cement Im- Earlier _small gains in the 107p on initial response to the nrK Among CoaK Thless^ Hold ngs T#UIS 712 3« t® 

»» other a ’ ain °* over the week, while Brin'ch Fund* «i 3 « 

Rtun nn New metal continued to attract CwwUobi o«n. and Foretan Bond* * • a 

SM SSE«. ??> 'Js-Ss SSSr-s-iiw: -.rr— ^ S 3 S 

On the week 

Up Down Sim 
49 2B2 MS. 

42 72 ZL* 

1.709 1A02 4394 . 
673 543 1,311 

51 48 71 

60 IT H 

262 U< 229 

2b 2b 62 

2,912 2409 MU 

studying disiinsal management operations: at lOlp. 

the week. Associated concern 

r;Vn r nSrS ro n u nmtlon of S e previous results, put on G more to 129p. Investments, however, touched annual rLWts'econdan' SJ£ five trading da>.s. ...f. 

h i- h^r Il hti n J day s quiet trade. AP Cement 1 m- Earlier small gains in the lU7p on initial response to the oKj, rf™iv Among Coals. Thless Holdings 712 309 1^82 2.912 2409 *M3 

?np^ J ; hjiSiTn* 1 * e f' 91 ?-r n £S' 5. roved , i 2630 in late dealin 5s. Electrical leaders were extended early announcement that Lonrho'.s iriirtnS and advanced 9 t0 ^ and Oakbridg c ^ 

K ’’ ‘ P ?^SSS Juinel B firmed 6 to 279p follow- by a few pence during the late bid is to be referred to the T^ en V™‘ b ° h oK b up 31 “ ,8p aild 4 to 150p. ' JV¥W1/X .,_ 

Ln U ihprir^ ,n " announcement or pians in dealings. EMI finished 5 higher at Monopolies Commission. but wan , in ni,„ B rf ln contraat wirh AustraUans, OPTIONS 

,V.J r, se vias less than osfa hli-h an association with i4Sp and GEC 4 to the good at rallied to close only 2 easier on ^ Investment Trusts were Inclined j ntere «t in South African Golds 

a kj" ^‘[! a,ed :., lhe market Leigh Interests to develop waste- 254p. wldle Plessey ended 3 dearer the day at 112 p for a lo«s ofll on hardep *" Places. Argo Invest- antJ Financials remained at a low DEALING DATES Mills and Allen. Racal Elec- 

Spn^'Ilr di • ,!nnsa, management operations: at 101 p. the week. Associated concern II 1 5, n £L ~ added al ,^r p . and level despite the relative stead!- Last Last For tr0n,cs » Lonrho, Laurence StOlf, 

mns. But the .TSO p m. Leigh rose 9 to 15Gp. Small buy- . , f , h Rrn . , n h , h House of Fraser eased to 140p in E-H.LT.H. - to -bSp. 1928 edged ness of the bullion price which, « ... Dea i_ Dedara- Settle- Bawson International, Grootvlei. 

JJJJ U " reSK* i J'lhf or m ing interest and a shortage of J T ‘ 3S h , 0 sympathy before closing a net forward a penny to 2L-p m although 75 cents easier yesterday .5“ ■ ^ UoQ mem Norvic. Partuga, Duple, Barr and 

n^r k ;.n? W v 10/0 E , xCh , equcr *' ock accounted for a rise of S ^ p “i* ® penny better at 145p: Lonrho response to the resulu and pro- at *174.625 per ounce, was still * ngs _ T - Wallace ‘A’ and Bnrmah OIL 

^ t0 r be wue 2 t0 I59p in Tarmac while, also in 7 -itini finished a like amount harder at P°* ed , 290 P er cen V scr, P- |SSU L e - S1.75 higher over the week. Apr. -5 May 9 A“S-1 Siebens (VJC) and Coral LeLsure 

W*. wemed tom letlon enough thin markets. Ihstock Johnsen ^ lriy modest. GKN closed 5 to - 0p Sentiment in Reed Inter Marked a penny lower at the Share prices drifted throughout May 10 May 22 Aug- 3 Aug. 15 were dealt in for the DUt. while 
tlint the authorines at least, added G to I88p and Carron 3 to th * f ood at *^ 3 P’ whde T “ bes national remained clouded by a outset following the chairman’s tbe day and modest losses were May 23 Jun. 6 Aug. 17 Ang.30 double notions were arranged in 

,^H^ S r ld - l ' lth ‘ he prese I ,t 57p - J - B Holdings firmed a ended 4 better at 366p Elsewhere, broker's adverse circular and the profits warning in the annual reflected by the 1.4 decline in the F „ indications sec end of nil sflhen?^ mi.) 

« m h h l eSt K St ?’ A m penny more 10 67 ^ in further «WI continued ro reflect sba res lost 3 more to 113p. Else- report Pi O Deferred picked up Gold Mines index to 148.6. leaving iSKJS*' Sm£* 1 SSEh iS^erfr frLn 

.1 result both the shorts and response to the higher profits and satisfaction with the annual where, buying ahead of their to finish that much dearer on it a net &7 better on tbe week. re in J ormaaon t service English Property, ConsoUdated 

1,,nc ' resumed trading after the TOO per cent, scrip Issue while results and put on 6 further to respective annual trading state- balance at 102p. Ahead of next Vaal Reefs were a lone firm ■ Money was given for_ the call Plantations .Warrants^ Racaj 

• recess on ;i slightly higher French Kicr encountered a lively 223p. Peter Brotherhood were ments helped Avon Robber put Tuesday’s annual results, recent spot among heavyweights and bf English Property, Britannia Electronics, French Kiel and 

Id ol in the belief that the new two-way trade ahead of the pre- Favoured at 149p, up 5. along with on 9 ro 206p and De f^i Rue add bid favourite Furness Withy closed i dearer at £11} but losses Arrow, Town and City Properties, CH Industrials. 

favourite Furness Withy closed i dearer at £11? but losses Arrow, Town and City Properties. CH Industrials. 








or Closing Change 
marks price (p) on day 

Shell Transport... 25 p 
European Ferries 25 p 

Rank i'rg 23p 

IS \l's DefiJ 25p 

Barclays Rank ... II 
Marks Sc Spencer 25p 

Gran»l Mci 50p 

1 'shorn IS 1 .. .. 25 p 
Allied Breweries 25 p 

Bcoi-ham 2.1p 

Pools 25p 

ril.V 25p 

Liums Iritis II 

Es'n-im; Cl>«inis; 
f'l'H'-n pin* 1 iJfer Veil. 

I CU.oint I CLi-iria, 

I offer Vnl offer ' Y„| . 




l'.nn. I’ni-'-n 
t'.im. Lnion 

I h*-' *1/101 list of acinv Stncfeff is Ltased on the number 11/ 
ri'.-.-n'er / pe.sienf'iff m ihe Odicivit list amt under Rule 163(0 
r»’Mr.v/na'd insiii u 11 : .S'locft Exchange dealings. 

ie> and 








(iniix, Mhi. 
fimii.l M«h. 

dram I Met. 



Imu>I Sn.*. 

Lnml .St*.-. .. 








linn marks 

price (p) 

on week 












K 1 




32 S 

Sir'll 1 ratispurl .. 







IUT* liofil 






f.urni.ih < til 


4 It 


+ r, 



i.MdUv i,U.U. ... 
Viirn-r /t \ewall 




+ 14 



■ Non ' 

Nil fid. 



+ ii 


1 1pm 

r*.iivl:ii' C.;ink ... 




- 3 







— ‘2 



' •‘inmcmal L nmn 



+ 2 



In uranci'- . 




- 17 



(Ir-irii) Mt'l 




4- 3 



Y’.i i'i - & Sj.cnc.'r 






' >KV 




+ l 



iv-iilK'i's .. . 



- 1 



.11^ rfc-, X "JJi. 


- 1,^11 1 


T.ii all* 

• 800 
14 U 
: 160 
| 180 
) 100 





9 I = 




191 ; 






1 143 
i 71 
, 27 
j 151 * 

• 29 

1 21 






: 126 

: 28 
! 17 
, 33 
! 221 s 

1 30 

1 22 







11 1 3 


1 15 

1 17 


1 130 






, 220 



; 45 








381 ; 


. 260 



! 21 





19 If 


I 23 ip 





111 * 


1 17 


| 19 'j 


, 120 


; ioa« 


! 15 


: hj 

40 ' 


1 45 


| 50 





1 28 


. 34 




! 33 U 



30 . 1 


: 20 

1 24 



51 4 


: 11 




14 u 



• 15 


. 181 ; 





71 ; 




, 600 



I 106 


, 109 


1 560 



. 65 


i 74 


' 600 



. 32 







These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 





_ . __ ^ Thur. Wed. Tues. Mon. Year 

Fn., May 12, 1978 iff «« «» ^ 

Highs and Lows Index 

Fleurr* in pa.-raUie*Bi »h<m 
number ol «ocki per Mellon. 





Since , 








Compilation j 













Low 1 




A.R.X. Bank 9 <V. * Hill Samuel § 9 % 

Allied Irish Banks Lid. 9 "fi C. Hoare A- Co t 9 'ft 

American Express Bk. 9 % Julian S. Hodge 10 % 

Amro Bank 9 l 7> Hongkong &- Shanghai 9 ‘V, 

Ud 9 % Industrial Bk. or Scot. 71 °Tj 

■richer 9 '?» Keyser Ullmann 9 °!i 

Bilbao 9 % Knowsley & Co. Ltd. ... 11 \ % 

dil&Ciucc. 9 '7i Lloyds Bank 9 'Vj 

pros 9 •'Vi Londun Mercantile ... 9 

S.W 9 'V, Edward ManvOO & Co. 101‘V, 

■.•e L(d 9 pTi Midland Bank 9 "o 

| Imk> i - i au».-k ' r “ ^,-r " r . “ i ' = i 1 E— .■ = 

Hnrc =- -JE — ■ IJ 2 * j! ^epS-.-ss 

I*: 1 - : Htcb L*w r 1 I -Si j 

• ' ■ ■ ’ ; 1 1 

Iu5 K.P. ,26-4 ' 143 : 118 jaem Huintay* '136 I J6.75 [8.2 (7.5 I 9.2 


A P Bank Lid 9 «Ti 

Henry Anshachor 9 'V» 

P*.»':)k'»» dc Bilbao 9 % 

Bank *if iTredil & Ciucc. 9 'Vi 

F.jnk nr i.’: plus 9 *Vi 

Bank r.f N’.S.W 9 'V, 

tt.mque Bclye L^d 9 % 

Ivinquc du Klionc 3 A l V» 

B j relay a Bunk 9 «Y, 

Barneii Christie Lid.... Si- '*T» 
Brosnnr Holding* Ud. 10 % 
Brit. Bank uf Mid. East 9 % 

\ Brown Shipley 9 *Vi 

Canada Perin'l. Trust 9 % 
Cajiiiui C & C Fin. Ltd. fl % 

<’a y,:or Lid 9 % 

Cedar Holdings 9k% 

! Chari Japhct ... 9 °f. 

I Samuel Montagu 9 % 

'.■iiaricniuuM; tiiipnci ... a :o 

Clmii la nuns 9 % 

r. E. Cnates 10 % 

CnntuluiJied Credits... 75‘V> 

Ci •■opera live Bank * 9 % 

Corinthian SecuriSics.*. 9 % 

Credit Lyonnais 9 *V, 

The Cyprus Popular Bk. 9 'V* 

Duncan Lawrie H 9 % 

Eai'il Trust 9 % 

English Transccint. ... 9 ‘Vi 

Firsl London Sees 9 

Kirsi Nat. Fin. Corpn. 10 T, 
First Nat. Secs. Ltd. ... 9}«V, 
I Antony Ciljhs 9 «V, 

Greyhound Huaramy... 9 "f, 
1.1 rid la> s Bank t 9 ^ 

I GuinnCj>s Mahon 9 % 

iHamhMt Bank 9^ 

I Morgan Grenfell 

National Westminster 
Norwich General Trust 
p. S. Refson A Co. ... 
Rossminster Accepfcs 
Royal Bk. Canada Trust 
Scblesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

S hen Icy Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whiieauay La id! aw ... 

Williams & Glyn's 

Yorkshire Bank 

- _/ 

-T - i, 

J “ 

• « 

:).(•.. — 


F.r. - 


KP. 20:5 


t-.r. — 

11 _ 


£10 25 8 

■ r'.l’ 3B + 


1 I'.l*. 9 6 


1 t.r. 2*5 7 


- 23 6 




Xii ! — 


£10 i - 


K.l'. . 8 6 

Huitu Laws |C- 

1 — 1 

%|i i Vl|>: Anini. liuiy. lULK&-£mi. I'n. 96| 

4^ . 


Ku'. fMiiiiiM. Ini Fin. \whiIih- 1-99*4! 

Ilttr. | 109|i ; Ann i[*a*3 »Li .) tu's^ iuil Cum. Fici _.| 110|) 

lu3(i! .Uniuni, C.IHV. (.11111. l:<->l. an. I Fn.-i ■ 103 fi 

2ilj. il l-jmivk M*l*.i. Il*\I« 1. M,*rt. -w I 27 

S>V ?la I’ltwirWi iLrti. ltin-. ,4) ll;i I{„|. 1*8_[ Bif 

C.YPrr.VL GOODS U70I... 
Buildi ng Materials (27» _ 
Cnurarine. Canaraecan Off! — 

Electricals 05i 

Engineerinff Contractorsi 14* 
Mechanical EngmeerinfiTl). 
MeUli and lieul f wring ( 17|_ 

1 DIHABLE) (52l 

Ll ilecirocicaRadioTVil5i 
Household Goods <I2i — 
Men c>n and Distributors |25)_ 

Breweries 1 14) 

Wines aodSpirit5<6)._ r ._ 
Enierui nmeni. Catering 1 IP.. 
Food Manufacturing l2Jl 

Food Retailing, 16) 

Newspapers. PiibtiihmglJ3i_ 
Packaging and Paper(15i_ 

Stores 1 39t 

Teslilea 125) 

Tobaccos i3‘ 

Toys and Gaines (61 

0TB EH G BOLTS (97) .... . 

Chemicals 1 19, 

Pharmamiiral Product 01 . 

Office Equipment rd, 

Shipping! 10l 

Miscellaneous i55i — .. 


Oilsi5) — 



Eanks> 6' 

Discount Houses UOl 

Hire Purchase (5) 

Insurance 1 Life) <10, 

Insurance (Composite! 17)- 
Jnsurance Brokers 1 10)— 

Merchant Banks (14, 

Property - — 

Miscellaneous iTt 

Investment Trusts (50) 

Mining Finance (4< 



+U 17.35 
+1-2 17 59 
— 19.04 
+L4 15.35 
+L9 17.72 
+1.0 18.75 
+1.1 16.43 

555 8.01 21242 
5_59 8.15 19213 
3.89 7.60 34712 
3.98 9-23 439.12 
6.37 7.36 313.68 
6.10 7.26 169.93 
817 8.19 169.68 

228.03 114 'V' 77) 
233.84 (2/5/72) 
38913 (19,5/72) 
483.69 (21/10,77) 
33222 H3/9/77) 
187.45 (14/9,77) 
177.41 (27/4/72) 

50.71 (13/1274, 
4427 (1112,74) 
7148 (21274) 

84.71 (2S. , 6’6Z) 
64.39 (2T75) 
45.43 (67.75, 
49.65 (60/75) 

+05 17.06 
-01 15.08 
+1.1 16.34 
+1J2 20.17 

4.80 8.39 197.29 195.73 195.44 197^3 168.19 

3.68 9.53 23314 23237 23218 234.99 19015 

6.40 8.41 174.09 17L94 171.48 17318 16239 

6.09 7.12 124.56 122.91 12265 32419 110.79 

227.78 (3/4.721' 
26172 (2100/77) 
263.22 (4/5/72) 

3839 (60 75) 
4285 (13/1274) 
.63.92 (17'1274) 
19.91 ,6’L75) 

+0.9 15.53 
+0.6 13.54 
+0.9 15.36 
+L0 1316 
+01 19.98 
+0.4 14.28 
+0.6 10.48 
— 1973 
+1.6 10.95 
+23 19.73 
+03 2132 
+13 20.03 
+1-3 16.30 
+1.7 18.90 
+1.0 11.10 
+0.9 18.38 
+1.8 17.66 
+1.1 16.25 
+1.0 16.26 
+03 14.80 

5.63 8.75 20558 
5.51 11 19 239.62 
5.47 9.87 261.00 
6.46 10.83 26L43 
5.66 6.62 194.40 
4.71 9 65 197.00 
3.20 13-79 385.67 
8.97 7.18 13233 
4.27 13.43 185.73 
6.96 6.18 187.67 

7.22 558 258.70 
5 .77 6.53 10434 
5.79 8.09 193.17 
6.50 7.23 26207 
3.92 1126 258.01 
4.86 6 44 13149 
6.99 6.97 44149 

6.22 834 204.72 
5.59 8 37 ZU.48 

3.96 7.331 

203.04 20657 17335 
23759 24157 183.78 

256.26 264.00 20168 
257.74 26139 21936 

192.20 19658 178.46 
195.98 19938 179.64 
376.70 385.04 299.29 
13228 13101 120.92 
183.89 18759 14836 
18320 387.08 168.67 

254.26 25630 22811 

101.77 10107 97.28 
19055 19327 184.30 
25628 26232 25281 
253.95 257.84 0.00 

13131 133.38 109.16 

434.21 43934 52194 
202.01 2D4.7D 185-59 

+0.9 16.04 




23L90 23137 





205.4 2 

+03 — 




165.69 165.85 






+0.7 23.55 




19554 194.61 






-15 — 




199.75 20221 




(4 m 


-3-4 13.12 

5.37 11.28 


144.41 14125 






-0.1 — 



140 JJ3 

137.92 138.69 






-0.3 - 




129.78 13055 






+02 14.03 

4.24 10.21 


34238 339.95 






+02 — 




79.32 73.86 






+1.2 2.97 

3.08 65.10 


22135 221.77 






+0 S 24 50 




104.76 107.15 






+0A 3.21 

4.68 31.18 


203.23 204.81 






+3^ 17.38 

7 24 



9330 92.97 

93.07 103.83 




+1.1 1521 




31149 31141 






+0.8 — 




214.02 213.75 






226.08 ,16,8/72) 
281.87 (28/1172) 
26530 (5/5/78) 
329.99 fl2’l2'72] 
214.63 .(21/10,77, 

244.41 <27'10i77) 

388.16 02,5,781 
14471 04/9/77) 

204.39 (16/8/72) 

235.72 07,1/671 

339.16 12i8'72> 

135.72 (16,1/701 
213.70 04(9/77) 
29510 (14/9, ■ 77) 
262.96 (60-78) 
24606 (1/9/72, 
539.68 (18/5,77) 
258.83 (Z'5/72) 

222.12 mm/ 77 \ 
543-20 (1S/9/7TI 
24BJ2 (14/9/77) 

241.41 (11/4/72) 
288.32 (20/7/72) 

293.13 (2/5/72) 
433.74 (4/5/72) 
194.46 (15/3/72) 
37153 05/9/77) 
27657 0/5/72). 

357.40 (9/11/731 

303.18 (18/5.72) 
245.79 (25/4.721 
175.90 (28/4/691 
31754 il2'5'7ai 

228.18 0/5(72) 

61.41 , 13/12.74) 
69.47 113^1274) 

78.88 1131274) 

54.83 ,9/1/731 
59.67 010274) 
54.25 (11/1274) 
55.08 16,175) 
43^46 (6175) 
5263 (6/L75) 
6266 (U/12741 
94J4 lT3!6'62) 
20.92 (61/75) 
5663 (61751 
7L20 (1/1274) 

228.41 (3/3,78) 
45.34 (2175) * 
■9080 (29/6^62) 
60.39 (67751 

59.01 030274) 
87,23 1 29,5,62) 
63.49 113.1274) 

55.88 113/1274) 
6244 02/1274) 
8L40 00/12,74) 

38.83 (11,12,74) 

- ,44.88 (2175). - 
, 43.% (13/1274) 
65 86 (16/1274) 
3L21 i77i75> 

56.01 (20,4/65) 
3329 (1712741 
71.63 (130274) 
6631 (30,9741 
97.37 >6,175) . 

1 61.92 0302741 

104|/ IUI|.'JeaU i Voltell i‘% Cum. Pre/] ”| lull- 

kn| 10;. 'Alen/iO'- l-f.l SJ Cum. 1'ixl ;03-i'i 

K-j| iu:, .Mirn/ie-. 1.1.1 lumi. i-rci .loa^i'i 

IUwi ( | 1411) Ubl<kMin Water 7%Bcil. ,**■(. 1^35 .1011; - 

lOUp aypJPittarl *4a Cunt. Prf. • 9Bn,- 

l<> I m TbIIhs* ll£ t'nv. I "us. I.n. T9^i5 | 97 • 

ljmi ls|«n TeWiU 15jL‘nr. Cns. r,n.l9U -isonr l - 

3*2 Sls'Tyiir* tt'ea- Itiliwl. L9S*i 9i s j 

aei-i 97 (York Meter UJi Deb. IS^Jh | 97 |- 



Br. Govt Av. Gross Red. 

British Government 


5-15 years. 

luiie. S'* 
l'riw 1 =2 
!•: <— 

High ( Li.u 

! dicing -|- nr 

Priiu 1 — 
(>■- l 

Over 15 years 120.45 

[ IMnh' K of the Aixcpiliu: IIodjcs 
C om mitt.—. 

36 I XU j 23.5, 23j6 lij, ■mT2|«n Un.nv 11 B’lieri Kerri 171? run 4 - i- 

50 I P.l*.| a.a 31.D ISC I If- Unihuzh 13 4 +4 “ 

, 3*24 ! Xil j — — '30|tm i33|eii L'anmUmt liupenal Bnk 39 |hii' + I 

I lid'i*' Xu I — — 'Split Xil -li.-eti.nijt- ij'ihl lllnuij I +1 

\ 72 ; Ml — — 30|iin i*|,n; Honjuii JUt.IUn.l-. 29 iitii 4-1 

loo )’.)'. | 5:5 19:5; icc ' I2h :Lni 'Mi y Mjih.-Ih- i.i A«-,imnnt..: 144 

345 . Xil ■ — — 51{ini a l(»wnirec liarlii nrm li i i/k 

au r.f. | 15.5 9:6 53 C24j «upa 5a 

152 In 16 5 13 6 . 29|tm ■ lint fiirnw A .XetinJl 29irm *4 




Day's I 



id ad). I 

xd adj. 


10 dale 










+0 27 










1 Low 

2 Coupons 

4 Medium 

5 Coupons 

7 High 

8 Coupons 


5 years. 

15 years........ 

25 years... .j... 

5 years— 

15 years 

25 yeats.—.. 

5 years- 

15 years 

25 years.—. 

3.97 Il0| Irredeemables ( 















8.54 (11'5> 

7.05 ,31) 




1090 (U*$V 

912 0-1' 




1L4S (12/5, 

9.74 (3D 




1086 01-3) 

938 (3/1) 




1213 (27/4, 

1028 (3,1) 




1231 (11/5) 

1034 (3D 




1126 ai‘5) 

9.67 I3/1> 




12.68 (27/4) 

1113 (31) 




13.05 ill}?. 

1126 (33) 




1132 (12 5) 

980 Chi* 

ft 1 

% Hifi 

Vrt. iliyv 12 I ; ' I ! 

, 1 Tlrnr. 1 H'plJTue. ' Unn. : Kr|. iTIiur. Wed. 

I ii.Iq .1 p i i'-iil ; 31 *|J • IIhj ' Hay I May | )U V I Alay May 

X-". 1 S | II ■ 10 I 11 I 8 I s' | 4 3 



29(111) 4-4 

* 7tla» deposits fi‘.. l-ntniiih deposits 

t i^lay dopnsiiq on sums or £lo.n<vj 
and under 1. .. uo lo C23.000 El’; 
and over l^uno 
J Call rff-BOiiis out ri.OUO 6’.- 
8 Denial id d.p(i,nc «;' a . 

; tun; aLs-j applies 10 5lcr1tni: Ind. 

20-yr- Bed- Deb. & Loans (15) 
tb .Investment Trost Prers- 115) 

17 'Coml. ana ludl- Prefs.(20) 

KelwnuMimt- -tai^ nsnaii) 1*3 1 ia» ’ih .iralliia »rrc 111 srarnu -Ini* u H.|iirn 
a^wt. nr umsuei.'tus rsiimai**. </ AKSintted dividrwt arm vieM. » Knnrcasi livuinifl: 
cnvei uaseti «n nn-vmim year's earpilBS. » Oivint-nrl aim vn-lfl hasait nn omsputne 
■■I ouwi irtticia 1 ^sninarw r*»r l*« w Gross 1 fivurt-s tsvmiMi fiiiv^i 
luc innwiTSion m shares not omc ranking for dividend or rantina nnis (nr eesrncr«i 
iimnemis « Pladoe once 10 po&Uc. pi Hence unless niheruns# inrilca'M. j (Miiem 
0.v lender. ,! offered ro rwldert ol Ordinary share* as a “ nstiis " *■ Pityir* 

by way 01 canualtsanon. r» Minimum tender nrice. 66 Raintntduced. tl issued 
in cnnncctinn a-nli reorganisation merger nr take-over III Imnrn action. ~| issued 

10 former Hrererencp holders. ■ Allotment tellers lor mlly-pald). Q Frovtslnoal 
or unlr-paid alumncm ie uers. *■ With warranto. , 

61. (is 112.87 57.70 S7.77 57.67 ;58.4J .68.41 |5B.4b 
.62. IS 15.61 ,52 JE 52.40 152.45 i5fi.?7 i54.25 W.Si ■S4.S9 
70. S2 112.99 .70.52 70.55 : 70.59 71.25 ‘71.06 71.25 171,17 

b3.« liiltLi 
37.71 > 11,11 
78.80 illili 

Sec Lion nr Group 
Pharmaceutical Prod nets 
Oltuir Groups 
Overseas TroCta-s 
Engineering Contractor* 
Mechanical Engineering 
Whirs and Spirits 
Toys and Games 
Office Equipment 

0 <k Dale 

jl tom 

16 1 1/70 

16/1 no 

Base Value 

Section or Croup 
industrial Cm» 
MtscollancDiis Plnuciai 
Fead Mannfaaunns 
Pood Retailing 
Insurance Broker* 
Mining Finance 
All Olher 

Base Dan 







8asa Value 
1 ZL 2 Q 


100 DO 

l linn. | Hitf ll* latw* , 

mi* 11 43 i2j,IO-ho) 137.01 liililt 1 ) 

55-25 02/ri' 114.41 (li/U-ttf, 134.46 |4.U74) 

Hill 70.32(11.6, 114.9b (7, 1U/W3) 147.67 (b'i.'W 

t Redemption yield, a new ll« uT ihe' coasUtie"" 1 
to available from the Publishers, The Financial r\n*A, 
Bracken Home, Cana on Sirseb London. ECO, 

L3p. Mr oest 22a. A fommiMlg record of arena ad 
subsection Indices, dhrMand yields and «amlM» «■«« 
Jlnce 1962. with manariy hlgtra and. laws *f 

to ohuinaWo from FT Borina** EMar******* 
10 Court, London. ECO. 41 p«) per eerf- 



Financial Times Saturday May 13 1978 


insurance, property 



Abbey Unit Tst„ Mgrs. Ltd. tat - Gartxnon? Fund Managers y uilgl 

Abbey Life Assurance Co Ltd r _ 


‘■"•IfolloFon.! J 112Q f |° _ JT ,,r ""flnrtrhSL. &TnP3HH. nnc34200 

PurHnlinC*pil#l.._MI 7 47 h| _ M “»c«lVi.ntl.. |14*1 131 2| .. | _ 

Grrsham Life Ass. Soc. Ltd. ' " w " 3 a,,n * Jun, = L 

2 Prince uf W«( n Hd . H muih. 0202 7B5B55 >ew Zealand Ins. Co. Il'.Kj Ltd-V 

Firully Fund , , 
Equity Apr . . 
Prept-nv Krt . . 
Property Acc. - 
rmvrrTihlp Fund 
WHonc* Fund. .. . 

Pent iVnpi'tty 

IVn* Select we. . 
Pena. Smnly . 
Pm'- Uanaitc+t .... 
Pm Kqu:iy 
♦Prop. l-ii. Srr 4. 
♦Man Fil Xci-,4 
O&qailr Ed. jiff 4 
VConv F.1 S.-r 4 . 

VHtaney Ed. ncr 4 
Prices at M«) g. 





17b 0 
135 8 
.133 0 
110 8 

154 5 
HO 9 
13* b 
185 3 
140 ( 
357 , 

'■t union nurmnily 

72 80. < .'are house Rri . Aylesbury. 
Ahhey Capital 3*i 

Ahhry Income. 095 

Ahbnrlai T4 Ed M3 
AbbcyGen Trt (45* 48.7 

*■ I.i'juh Fund .. 

« £ JHV 

„ 1] All land House. Southend SSI US 1170202855 1 Allied 1st......... — 

Allied Hasbro Group ia) ijfl 
Allied Hxmbro Group ia- (£.1 i2t Essex 

Muert Poods 

U2«5«l 2, si, Mary Axr. EC3 A 8BP. 

+01| 403 1 UAfnencaaTri...— 28.0 

BrilUliTvLiAc.-' . SSI - . _ 

Commodity Share . 153 5 1*5 1 + 17 
HiFarCu Tnift. 310 333 -or 

Hlirb Income Til 577 *2.1 -0 5 

Income ftiml _ . TB.i 761 -0 1 

Iiw Ayietieicis 13 80 M59 -J 1 

Inti Cxcmpl Kd ..Bbl 93 7a +08| 

■ zilntl. Trt -lAcc.i.—pli 3391 

Perpetual l 'nit Trust Mngml.V lat 
ftl-aO-TBl 48 Han «:i . Ilenle* ..nThamcc I4W26588 

SbI’ojI 3«fc P87 414) .. I 36* 

2 So Piccadilly l-nil T. Mars. l.ld.V laiih* 
2S Wtrdk'le IlM' .M Lonn.-n Wall Ri-2 ICHiMil 

0 5* F-imlnra. 

Kl«i Kqvlne PUn. 
Small i*o» Fd 

THCiln^Inffi Kd,. 

Ka iralac kcL. 

Growth & Sec. Ufe Ass. Soc. LttLV SSBSJwJhrr 
Weir Hint Bray-tm-Thamec. Berks. Tel. 34281 ^jlt Kdfimf Fd^_ 
Flexible Finance.. I £1053 

I .and bank Sera. .._ .1 on 


■W* n 

4.9 117. 

Albany Life Assurance Co. Ltd. 

31. Did Burlington SI,. W 1. 0IA375IM5 






ton. tifpoui Fd. hS.9 

10*1 *0J| 

iS 2 S z 

1159 -J{fl 

JK5 T °- 7 ' 


VBqnilv Fd. Arc 

Wised lnt Arc 

♦Gtd.Mnnn Ed. Ac fill * 

• Walt Man Pd. Ae m. 

fPltip Fd Aec 

f Mplr Inv. Aec. . .. 
Equity ren.Fd.Acc 

• Fixed! Peq.Are 

Gid HmJ’m.Arc . 

Inti MahiFdiuc ... 

grojrtVq Asc.VZ'Z [121 5 

■ lvPtx.AK. 














AMEV Ufe Assurance Ltd.9 

AJr °® M ■ Bet^ate. Relgnle 40101 

AME\ Managed 132.8 13991 

AJJf'.JJSd.p' 1081 USB ! 

Money Fd. ... 104 4 109.4 . 

^JJU.gBuitcFd— 1B74 1132 . 

AMEV.FIxedioU.-. »4 953 . 

a ME}. Prop. Fd. _.. 9*3 1015 . 

AME\Mct£prn F.1 972 1024 .' 97 * 102.1 . 

rlexlplan —1912 1033 . 

Landbnnk Sc< Arc ™ 

G.fc s. Super Fd. _..| C7.B70 

Guardian Royal Exchange 
Royal E«ch«ijM.Et’3 
Property Bonds ^...R7A4 101.6) | — 

Hambro Ufe Assurance limited V 

7 Old Park Lane. London. W] 01-4SB0031 

Fixed InL Dep P24 * 1312 

Equity- 173 4 102A 

ftnperty 160.8 1693 

Managed Cap 1378 1453 

Managed Arc 1*9 9 178.9 

Oceimeaa. 1199 12* J 

Gilt Edged 122* 1291 

AiuerteanAcc. 973 1025 

E*"-£-!-5*? — 127 0 133 7 

P~-F3.Dcp.Acc..-. 147.3 155.1 

Pen. Prop. Cap 2014 2120 

Pen. Prop. Acc.—_ 2Sao Z71 6 

PM. Man. Cap 2063 210.9 

Pcn.Man.Arc. 25*3 270J 

Pea. Gilt Ed g. Cap. 1204 77* a 

Pen. Gilt Ed*. Acc.. 1261 13ZJ 

Pen. Bi Cap. 123.4 1246 

Pm. B.S, Ace.—.H: I393 Mfcj 

Pen. I>A.F. Cap 1013 


Norwich Union Insurance Group 

PC* Bor 4. Norurlch NTH 3NG. 0603 32300 

Managed Fund “ 

Filed lnt Fund 

WpMlt Fund 

Nor. Mail Apr. 13.. 











• 19L2 

— . 

— Phoenix Asa n ranee Co. Ltd. 

4-S. King WlOiamSu EC4P4HR. 014Q6BB78 

BEKs^sya^ - 

Pr-op. Equity & Life Asa. Co.* 
llUCraieford Street. W1H 2AS. 01460857 1 

17*8 1 .... I _ 

& H = 

UrtL lixU Fnnd —(*4 4 
I Grth.* lac . _ 

| Elect & Ind. Dev {J3 1 

Allied Cat*) Lai. . 

Hatnhro Fund 

Hambro Acc. Fd 

Income Fonda 

High Yield Fd 

High Income 

AH Eq |ik 

laternarteaal Funds 


Sees, ol Amen cs_ 

Pacific Fund 

SpMlnUit Fnnd* 

Smaller Co.'* Fd _ 

2nd Smlr Co’s Fd. . 

Rceosery Sits 

Met. MJn. & Cdcr ... 

Overseas Earnings. 

Expt. Smlr. Co’s— 

Anderson Unit Trust Managers Ltd. 

1 .. .-nun iu»ro . 

1 apital Fund., 
lnt Emt * V'-vd.-: 
•y Pmale Fund _ 
Arrumllr. Fund ... 
TechnolotO' Fund 
Far Rad Fd . „ 


53 9 

+ P 3 


_Ui i 


3 98 

_(47 a 



uJ7 3 

50 6, 

-n / 



-0 3 

2 91 

6* b 

3 24 

(57 b 

61 SU 




27 2 






Gibbs I Antony 1 Unit T&t. Mgs. Ltd. 

SjS a.Kom4ieWfL.ECaM7Nl- 01 -bW 41)1 

5.00 ta» A.G. Income*.... .[40 8 CM I 8 20 

■a>A<: i;muihTT_ |3B2 4L0| e*0 

lai.AG. Far Eair- g3l . Wsl | 030 Practical Invest. Co. I3d.V IYKCI 

■H.BIoomsborj Sq. WfTAZHA t*l^23B883 

Praclcal May U) — 114*3 155 3| | 415 

1207.0 219i| 

Dealing *TW* tTWed. ' 
Govett (John IV 

7. London Wall. E.Ci 

STddr Ma>-S... 11342 

Do. Aceum. Unit — 16<U 

Next dealing day May |p. 

»1U I 

1*9^ 1 

01^885620 Aecum. Unit*. 


| Provincial Life inv. Co. Lld.V 

Z0 " 2=2. Blftbopagatc. E C3 01-247RN3 

200 Grievcson Managetaent Co. Ltd. »Sh W ! , m»m“ZZrB& i5*o3+oa/ Is 

SO Gresham St. BC2P2D5. 

Barrinjtwn May I0.KI17 

lAccum.Unjtai Z1A* 2284 — 

BTKn.H.YdMay it . 1743 1B26 

lAccom. Units; *00 4 209 9 ... 

Eadesv. May B 1743 1C21 ... 

'Ac cum. Units 1 UB.4 IBB* .... 

Gmchstr. May 12 — 9S 7 9B 0 — T.B, 

lAccum. Unite) 1*3 1BLD +1.9^ 

Lu-ABmli May 10.. 69.7 726 

(Accum Denial. — (723 755 

210 m PmdJ. Portfolio Mngrs. LttLV (allbMc) 

— *8 --..I 44# Hciborn Ban. DT1N 2NH 01405B22! 

7 83 Pntdenlial (1255 133 5n9 ■»Y0l 434 

Lao Quilter Management Co. Lld.V 
1 BO The Kfc. Exchange. EC2K III P. 013004177 

m m Cfuadrort Gen. Fd. .J109.7 lOSOd ..„.J 423 

Quadrant Income .-(1232 127 ij 4 7.91 

232 Reliance Unit Mgrs. LuLV 

M* (Top, Bd. 


Do. Equity (& 

-X Honq' Bd 

150 Feachurelt SL ECSM 6AA 8239231 Royal El Unit Mars. Lid. ReU«tKeHae..TuxihrldgeWeUa.Kt.Q8B222m 

AndewooUT. (477 5U| .....4 430 E^ebange. EC3P3DN. OIOSSBOU gRSKT 3 ' 1 fiT‘la?T SaSlnil cS 

Ansbacber Unit Mgmt. Co. Ltd. tn»OtmidMlTA_|jM 9M|-*si &HSdeT.i5?!i:|S7 43 J tos| 5i2 

1 NobieSt-EX3V7JA. oi4»«78. HeuderBOU Advu^gotlon (a l tc ) i «) Kidgrfield Management Ltd. 

Inc Monthly Fund .[1620 172.0) | BA0 Premier IIT Admin , 5 R ayle igh Road. Hncon. 

Arrow Life Assurance 

80. Uxbridge Road, W.12. 
SeLMk.Fd.Cn Unt..W.5 *52 
5el.Mfc.FdSi.Unt_.Bt0 10L4 

Rn. MgiLFd. ._|ua4 ’ 1221 


Fen.MiiF<l_F:i._f2146 iuj Jo.jj _ 

Barclays Ufe Assur. Co. Ltd. 

252 Romford Rd. E.T. 

Bare lay-bonds* 1123. 9 

_ lb 113* 


Managed 107.6 

Honey 900 

.Man.Pmj Accum.. 95.1 
Da Initial 9JJ 

Property Fund _ _ 
. Property Fund iAj. 
Agnculloral Fond 

HearU of Oak Benefit Society 

15-17. Tavistock Plare, WC1 H ffSM 01387 SCO 

Hearts of Oak (3*3 38.4| ) — Investment FdUU~ 

HIU Samuel Life Amur. LttLV IqUhy fuSogm”” 

NLA Twr, Addiaromhe HtL £Yoy. 0I4B84355 Honey Fund . __ 

- f«»Perty Growth Aasur. Co. LttLV Arbuthnot Securities Ltd. <aHC) 

- toon House. Croydon. OffllLD * 01-6800606 37.Qneen St. London ET4R 1BY 

I JL Funds 

.0277-217 238 

PO Bo* 418. 3840. Kennedy sl, Manchester 
Ml 230 8321 

s': Gilt EdgPens(Acc._(Ba 
*‘l DO. Inlfial 

01-534 5344 


119* +q,« , 



I :_:i - 

Money Pens.Aec._m A 

Do. Initial (972 

■Cunent unit value May 13. 

Beehive Life Assur. Co. LttLV 
7L Lombard SL, ECS. 0I-flB31288 

Bit Horae May 2— I 12BU5 | j _ 

Canada Life Assurance Co. 

20 High st_ Pottcra Bar. Berta. PJJar 51122 
Eqty Gth-Fd.UarS-| 5U 
Bctmt.Fed.Apr.8_l 116.1 

Chum Assurance Lld.V 

1, Olympic Wy. Wombley RA0ONB 01-0028878 

Eqnily Units ... .106.9* 

Property Unit,. 995 

EquityBoodJExec.. 0139 
Prop.BondiRxer — 03 M 
Bal. Bdj-Excc/llniL 12.97 

Depmit Bond 110.4 

Equity Accum. 175 

Property Accum.— 0241 

- Mngd. Arcnin. 1371 

2nd Equity ft9 

2nd Property 103 2 

2nd Managed — 96.4 

2nd Dt-posl t 963 

2nd Gill 88.8 

2nd Eq. Pena. Arc.. 944 
2nd Ftp PensiAce. - 105.7 
2nd Mgd. Pens. Arc 983 
2nd IVp PenVArc. 974 
2nd Gilt Pena' Acc 19 0 

LAES.LF. 373 

LtES.I.F.2 &3 

Current value May 1L 

Capital Life AnunnceP 

dmiston House. Chapel Aah WTtm 

• Key InvecL Ftf. l 100.72 

FaeemakerinrEd. -I 10414 

♦Property Uolu 115111 

Property Series A - 100.0 

Managed Units 1631 

Managed Series A- *6.7 
Managed Seri eaC- 940 

Money UuUa 119.6 

Monei- Seri ns A 966 

Fixed InL Ser. A — 92.9 
Pna Managed Cap.. 1383 
Pus- Managed Act. 14S5 
Pna GTeeA Cap— 1049 

Pna GTeed. acc. 110.2 

Pana Equity Cap 95 

Pens. Equity Acc_ 95 ‘ 

PnaPxxLlnLCarp 95 

PnaFxd.lnLAcc 95 

Pena Prop. Cap 95 

Pens. Prop. Arc.. 95 




*75 *03( 

673 +Q,g 

171.9 *ll 

1713 rl.a 

1390 *0N 

1383 - +0 j 


13L2 I >021 

1212 { *0.21 

179 2 

Prop Cmtk Pouriena & Ananlttes Ltd. 
All Wtber Ac. UtaJ1272 

Mono Fund ' ai 

Actuarial Fund _ 
Gill-edqed Fund.... 
Gtlx-Edgcd Fill A >- 
♦Retire Annuity __ 
♦limned. Aan'ty 

MU WeaUter CapL . 

VInv. Fd. l; m 

Pension Fd. Uli 

Conv. Pena Fd. 

Cm- Pna Cap. UL 

M«. Pens Ftf 

Mm. ProaCap. Ul 

Tor’ll fVns Ftf. 

Prop. Pena Cap Via. 
Bdpg. Soc. Pen. UL] 
Blo^ Soc. Cap. Ut_ 


Extra Income Fd 1204 7 

Xh Inc. Fund _ 48.7 
*Accxzni UnltsL .. 545 
WdneLUtal 54.0 
ProferenceFund.. 25 4 
1 Accum. tjnitai. -57.7 
Capital Fund ... 103 
Commodity Fund ... 551 

(Accum. Uoilai 79.6 

iicriWdnri U.>. . «4 

F\n AProp-Fd 17.0 

I Glanla Fund 400 

■Accum. Uni ta; 4*2 

I Growth Fund DA 

. ' Accum. Unitsi *9.5 

, Smaller Cos Fd 268 
lalnllFd. .243 

I <0% WdrwLUta.l 191 

, Foreign Fd. 829 

N. Amer. * InL Fd. 106 



33 ia 

PI-2385381 pESSESjEl, 


lllTd v02| 1130 




RldRefield ltd. UT .19*0 

Ridgefield Inroinc (96.0 . 














High income (58 9 

Cabot Extra Inc. — (5*2 
Sector Panda 

Financial 6 ITU 123 7 

Oil * Nat Ret (26 J 

Internal laval 

Cabot gU 

International B5 

World Wide May 12(73.9 
O xiuaa Fonda 
„ AuitraJlan 3 IS 

148 North American 1*2 

LC8 AcUraa May 12 119 6 

} SO CahoLAmerAmCo. (495 

103.0J | 2« 

jjg AiaijcuiiJV iniuniL' pra.w . 10S Oj BBS 

*25 Rothschild Asset Management (g) 

... TttBO.Gatehoase Rd. Aylesbury 'E965MI 
So N.C Equity Fund -11*5 4 175 9=* -OK 2 96 

N.Ct EngyRoiTst 

Mr. Income Fund. 



N.C. InU. Kd. «U»e.«t2 
NC.lnU ¥d ■ Acc Ml 2 
N.C. Smlir I'njn Fdf 


Arhiithnnl Securities (C.L1 Limited 

***\ Kr>\SW SL llelirr. Jurscv . *'*4 7! ITT 

Cap. T.4.iJ«*r>cv... IU5 0 119 Out | 4 20 

i If.i I < ii r dale line 2"l. 
Ea.-l &ln>l Tjl it’ll |lt20 1190] ... 

Next iiDk 5t* v 25. 

I 315 

Archway Unit TsL Mgs. LttLV (a Mel 

317. High Hotborn. WC1V7NL DI-831 8332 

Archway Fund |S24 07 7) j 505 

_ 10l N« ‘ 

030 American May 1 1 ... 
Hill Samuel Unit TsL Mgrs.f (a) &vwdMn/ij: 
45 Beech SLEC2P2LX 0IR288OT1 lAccum. Unltsi ! 

162 Rothschild & Lowndes Mgmt. to) 

4A5 SL S with! ns Lane. Ldn . ETA 01 «36 4356 

New Ct. Exempt 113120 1190| . I 3 77 

5.26 Price on Apnl 17. Next dealing May 15. 

J 6i Rowan Unit Trust Mngt. Lid.Vis) 

13* . •<— Sq.BCS. Ol«» 1496 

| Price* at May 

Meat sub. day UL 

Imperial life Ass. Co. of Canada 

Imperial Route. Guildford. 71255 pj_.i_.i_, rj{ _ c» T ,A 

GrowthFAM^ i i 2.|k.7 77 91 +o.7j — "wlnclaf Life Assurance Co. Ltd. 

lUniuLink^d Portialt — 

| Barclays Unicorn Ltd. (aXgWc) 

Unicorn Ho 252 Romford Rd. E7. 01^34 5544 jU'gFK&TJ 

| Ualoorn America _|33. 9 3*54+04! 103 «W ««* View 
Dn.Anat.Aac — 

• 222. Blahopcgate. E.C2. 
Frov. Managed Fd . 

Pw.Cash Fd. , 

Gilt Fund 20.-. 

Prudential Pensions Limited^ 

Hoiborn Bars. SON 2NH. 01-405022=1 

014288253 Equit. Fd. Apr. 10... 

a aO !”L Apr IS. 1 

1+dJI 440 Prop. F. Apr. 18 

196.9 I 


I - 

Managed Fund __7j94.ll 99 

Fbs*alnf Fd. hs.4 . 100. 

Secure Cap. Fd (955 

Equity Fund (95.6 

Irish Ufe Assnrance Co- Ltd. 

11. Flnsbnry Square, EC2. 

Bine Chip SI ay 12_.m_2 74 

Managed Fund (218.9 230. 

FropAfod. May 2_ [1736 J096. _ „ .. 

Prop.Mod.Gth. — [293 1 2033 J — Reliance Mutual 

King ft Sfaazson UfL Tunbridge wells. Kent 

32. CornhUL EC3. 0242354SS Rel.ftop.Bd*. 1 

Bond Fd. Exempt -110*38 107.72J I — 

Next dealing date 17. , 

-Govt Sec. Bd. |U9J0 126i| J _ 

Ijmgham Life Assurance Co. Ltd. 

LmtghamHa. HolmbrookDr. NW4. 013035211 
Vft^*Smd P ’f n li3o 9 iSH " 'i Z ‘ K®? 41 Insurance Group 

Wlap ISP! Man Fd(756 ml J.7J — New Hall Flare. UverpooL 

Legal ft General (Unit Assort lid. Fd._ 11323 13B.91 — | _ 

KJngswood House, Klngswood, Tadworlh. c. p-wn-- 
Surrey KTTOSEU. ^^Buroh Heolh 53450 aHVP * tTPSper GrOnpV 
Caab uitUL J«i ■ joO +0Jj — * CtStHelea's. Lndn. BC3P M3*. 01-554 8800 

. Uo Aust Inc_ 

m.KTMXll Do. Can „ 

5 713 

Do. General 30.9 

Do. Growth Acc. 4S0 

. _ _ 033 

_ -Do.ftLA'm Tit.. 1353 

159 OaS +1JI 


KLEc +12 

32 C 

9C7 +05 
20 9c +0o 
5*5 +03 
32.oJ +0J 

Intel.V (aitgl 
15. Cbnswpher Snwet ET3. 

Intel Iur. Fund }09 2 

ib> British TTuU 0447 

Igi Inti Trust.—- 571 

1C DoUar Trust 77 4 

l Ej Capful Trust* !99 

ibl Financial Trost 92.2 

lb i Income Trust Z7 D 

Trust. _ 523 
Tfct- 29.9 

537 Merlin May 10 





174 0 
















Royal Tst. Can. Fd. Mgrs. Ltd. 

4,1 54.Jcnnyn Street, SW.l, 014208252 

750 Capital Fd_ 1*59 *951 | 3 75 

5 09 Income Fd -.-P0.9 74 R ... J 753 

769 Prices at .Apr. 2& Next dealing May 15. 
Save ft Prosper Group 

01-2477243 4. Great St Helens. London EC3P 3EP 
96D| . ..) *50 68-73 Queen SL Edinburgh EHz 4 XX 

I _ Prtcas al April 2B Kmtt sub day May SL 

I _ DoRecowsy. 141.4 4401 +03' 538 

1 ■ Do. Trustee Fund (1130 1226+0.71 4 94 

JU 4 -°1 

70*4 +0J| 

Do. Wldtnde Trust 49.0 

BtstlnJdinc 632 

Do. Accum 723 

Baring Brothers ft Co. LULV (aHxi 


Rothschild Asset Management 

St Swi thins Lane, London, ET4. 0142643961 SonttoaTkt [1620 

N.C. Prop. Mar. 3I_.OM3 1ZLM I _ 1 

Next SobT Day June 3b 

Key Fond Managers Ltd. (angl Dealings to oi^S4 ssaa or 031-239 7351 
29, MQk sl EC2 v 8JE 010087070. Save & Prosper Secnrities LttLV 

Key Energy InFd. .175.6 80.41 +0 M 350 Interoattanal Fanda 

Key Equity* Gem.. 68 0 723 +0.7 400 Capital. 063 

J^eyBxempt Fd. _ 1363 144 9 .. .. 690 Lift IZT. K.4 

Key Income Fund. 79 8 64 9 +0.7 313 llntr.Growth fcS7 

Key Fixed tnL Fd .. 99 7 615 ... 12.05 , _ ■ 

Small Co's Fd_)t2.4 9»3 +0.a| 642 J.’ST^Sg 

Klein wort Benson Unit ManagersV SS .ammi Ftodi 
20. Fenchurcb SL EXT JL 01-6238000 nich Return 1657 

K.B Unit rd. lae. _(W 9 9121 +>* 4 97 Inrome Ka 

* UK Equity K*5 




♦EB UnitFd-Ae — 
KB. Fd. Inv.Tas 

531] +03| 7.02 





Do. Accum. (2064 217 3+2.71 435 

Next sub. day April 28. 

01-5882830 L ft C Unit Trust Management LuLV Oteroroa Fondwi 
175B +23 415 The Stock Eeheagr. EC2N I HP. 01-560 2800 Europe 

I6 7| +05] 5.01 

LAC lac. Fd. 0337 137 


WrJ »«=; 


I = 

— Chsrterbonse Magna Gp.f 

13 Chequers Sq^ Uxbridge URSINE 52181 

Chrihse Energy (57 4 

Chrtbse. Money— B9.2 
Chrthsc Managed. 00.0 


Magna Managed.-. 

City of Westminster Assur. Co. Ltd. 
Ringslead House. 6 Whi [choree Road. 


Equity Initial 
Dn Aceum 
Fixed Initial—, 
Do. Accum. .. 

120 0 





1 ml Initial. 95 2 

Do. Accum. 952 

Managed Initial 115 0 

Do. Accum. 117.6 

Property Initial 97.4 

Do. Accum. SB. 9 

Croj-d™ CRD2JA. 

Went Prop. Fund — tS9.6 
lianagedFnnd 170.7 

Baa&sc; S( 

Money Fund. 1203 

Gilt Fa id 63.7 

PULAFund 1730 

Pen*. Mngd. Cap.,.. U3.J 


10L7 , 

1245 +0^ 

126. « +53 

ml +o3 
1003 +D 5 
10OJ +05 


_ 2042 

Legal A General OjnH PrarioatfLuL 
Exempt CaahlniL..M50 100.91 

Do. Accum 96.9 1BZ0 

Exempt Eqty. InlL. 1125 1185 

Do. Accum.. 1130 US I 

Exempt Fixed IniL 10*1 111 7 

Do. Accum. ... 1072 ' 112.9 

Exempt Mngd. In if 1125 Uli 

Do. Accum. — 030 1190 

Exempt Prop. InlL . 95B 103< 

Do Accum (96.9 1620 

— Bal Inv. Fd. . 



tfl = 

jj — 

Property Fd.* 1490 

Gilt Fd. 1172 

Deposit Frft 1224 

Comp.Penr Pdt — 196.7 

Equity PenxFd 1822 

Prop PeooFd * 2102 

GIU Pena. Fd 912 

DepoLPenoFAt — J97.6 




Bisbepsgste Prograssive M^E OMJ 

:? BHHTweaa 

7 ?’S •Growth I^tnd 

ia ™9 — 1 lAcxum. Onto) — 

10 2015( U6 ttGUl and Warrant 

can Fd 

0512274422 3Bishopsetfe.EC2. 

B - gate Pr. ** May 0 _] 

lAccum.) May 

Next sub. day *Uar is. •*. 

Prices on Kay 11. 
♦Weekly dealings. 

ffija - 

1 Bridge Fund HanagersVUXc) 


I American A Gea4. (24 2 2551 

Income* 59.9 Mid _... 

Capital Inc, f_ K2 3*S) 

Da Aec t 370 403 

. Exetnpn 13*0 146N 

InternU.lDe.-r 15.4 l*4id 

Do. Acc. t 16.9 130 


±AxnrrleanftL - K7 

pAccum Uinta} (25.7 


— .1735 79.01 +071 4.17 

-Utl 73 V +0*1 101 

*61 Financial Seen p24 770) +03| 299 

JB" Bl y h- Wnlwimi Funds 

i’n Internal. 12535 

Jlz Select Income (541 

Scot bits Secnrities Ltd.V 

xa 75 Scot hit*. 

10.73 Semyjeld 

264.409 +1 4] 
570j +0JJ 




42M +02] 
551 +0.4 
*15 +03^ 

B 273I +01J 

n si 3 

0 723) 

Deal. *moo. -rue*. rtWed tTburi. Trt. 

650 Legal ft General Tyndall Fund* ^ 

3J7 16,CanyngeRoad.Brutoi. 0272322(1 Prices at May id Next sub. day May 34. 

jfL 7*5 +3^ li? Schleslnger Trust Mngrs. Ltd. isHz) 

370 Next sub. day May 14. ilnrorporaUEg Trident Trusts: 

Scot Ex. Glh-e 1^65 

l*q. — [Hi 

167 C 






Schroder LUe GroapV 

Enterprise House, Portsmouth. 

Equity May B 

Equity 2 May B. 

Equity 3 May fl 

Fixed lnt. May 9. 

Fixed InL May»— . 

Inf UT May 9 

K & SGIll May 9 


Dealing ■Tues. f»«d gTbnra. Prices May Leonine Administration Ltd. 


140. South Street. Decking. 

IVn*. Mngd Arc. _ (11 7 J 
Prnv Money Cap _|4*4 
Mw. Money Aec. _ |4SB 
Pen* Equity Cap.— 

IVn* Equity Acc.—. . 

Fund currently dosed to now 
Perform Units 1 197-7 

City of Westminster Assur. Soc. Ltd. 

Telephone 01084 0864 

First Units —11106 124Jf J — _ . 

Property Units JS4J 57.« J — BU GIh. . I^9295_ 

Commercial Union Group oS-3 eS?. May J 1 - X2*7 13s. 

St. Helen'*. 1, UnderthaA, ECS. 01-2837500 OPL H y/Ma y_U 1527 1601 

VnrAnArULMay lM 54.12 |+01« _ wSi ' }S, 

Du. AnnuityUt*_a 17.86 I .....J - OpfSDepf May 1L-P2L0 127' 

Confederation life Insurance Co. 

Legal ft General Prop. Fd. Hgra. Ltd Mngd.Fix. £y » 

lLQncn Victoria SLEC4N4TP 01-3(80818 JUnngedMayS 

L3GPTOFa..Maya.|10O0 . 10171 ..._4 

. Deposit May ft (1130 

' _ 0520 

BSPifAce. MayB_ 
Mn.PnxCp. May B_ 

0706 27733 Britannia Trnst ManagemenUaXg) 

2 Duke SL London Will BIT. 01-4863®! 



















IM7.0 207^ 

P3io 2®3j 

! 3 London Wall Buildings. London Wall 

1 London BC2M SQL 



Leo Accum. 

m 3 iftil 

513 Exempt High Yld_C 
4.65 Exempt MkL Uhrx_C 

^8 W oSron9 LlvydsEk. Unit TsL Mngrs. Ltd.VW S 


760j +05J 
_ _. ,+04 

Nest sub. day June 1. 

Life Assur. Co. of Pennsylvania • Property Mav SL. ] 

3942 New Bond SL W17 0RQ. OK4B303BS 

LACOPUnito. (VX» 1050! I — KP* 

Lloyds Bk. VnK TsL Mngrs. Ltd. 

71.LombanlSf.EC3. 01-6231288 

^""S * — * * — 1 Scottish W daws’ Groap 

“™ ce PO Box OCa. Edinburgh EH105BIT. 0310556000 

20. aiflon SL, BC2A 4MX . Inv Ply 5 cries I 11037 103 

— lm. Pfy. Series 2 — N8.Q 103 
— I nr. Cast Apr 38. —(97 1 102 
— Ex. Ut IV. May 3 .._ 0362 142. 

— Mrd.Pcn.May3 — |2S95 Z59. 

Far East — 194 

Financial Scca- 552 

GoidA General K35 

Growth 79.9 

Inc. A Growth 74.2 

loiT Growth 594 

InroatThtSharos _ 44.9 

Minerals 340. 

Nat High Inc 78A 

New Issue 352 

North American 295 

fttdeaoona] 500-2 

P ropert y Shares. _ 126 

Shield 4*0 

Statue Change 79* 
Unix Energy— [320 


89 a} 



37 7 











+ 0.6 










5 4 




9 -5 









8 . 1 * 








Registrar’s Dept, Ganog-by-Sea, 
Worthing. West Sussex. 

FtmtBalued.! 1504 54 

Do lAccum..! 69.4 7 

Second iC»p.) 515 

Do ( ArcumJ 64 1 

Third ll fx+rnu .1 |2J 

Do. iAccnm.L- L— 112.6 
Fourth iEjrlnc.l_ — 603 
Da (Aceum./ |6* B 

Inc 10% Wdrw! r 

01-6231288 Intnl Growth f 

434 Inv.TsL Uni!i_— , 
434 Unite! Leaden — 

♦17 -Nil Yield- 

317 Pref.AGUtTma, 

6.11 Property Shares 

^ «*?*■*“- 

229ri +0.4 
296 +05 
27 U +01 
271 +0.1 


428 +03 
329 +01 
513 +04 
2*9 +02 
3L6 +0.1 
29* +0.1 


2 61 .. 
28.1a +0.1 
220a +DJ 
20 In 


_ .. Cfth. Acrnm 

774 UJs.Gith.Duf 1 1*7 

Uvyd’ft Ufe Unit Tst. Mngrs. Ltd. J. Henry Schroder Wagg ft Co. Ud-V 

72-30. GatehooseRrU Aylesbury. O2B6&041 120. Cheapdde, EC2 

Equity Accum. [15L5 IM5| .._.J 3.93 Capital May0._„(lOOl 

K ft G GroupV U#cKz> rnt 

Three Qnxys. Toner H1U. EC3R 8BQ 01638 4588 lAccum. UmUi_— 269 9 

General May 10 815 

Australian Selection Fnnd N*V 
Markin npiiuriuniiie*. »■ u inji >minq * 
fniihsuilc UT. Kent Si_ Sidney 
LSSlSh+rc* j SUS152 |+0 04( _ 

Bank of America International S_L 

35 Rrulevard Royal. loxcmt-oiirc r. D. 
Wldtuiin* Inrome WsU»* 1U»H‘027| 583 
IViCCi al May 11. >c« lull, day Slay 77. 

RnL of Lndn. ft S. America Lid. 

40-W. Queen Victoria Si . IV4. U1-KW2313 

Alexander Fund— |SI S6 74 — I | — 

Net 3Fte( uiue May 10. - 

Basque Bruxelles Lambert 

2. Rue Pe la Regcac* 1 B 1000 Brussels 
Rrnla Fund LF (1.835 1.B92] +71 788 

Barclays Unlearn In* iCh. Is.! Lid. 
]. Charing Cross. SL Hclicr, Jrsy. 0504 73741 
Orrraras Income -(48 5 5X0| -0.21 10 90 

L-nidpUarTriia W'SWJS iiq ....7) 425- 

L'nJbond trust (nSWW IMU| .. ( 8.00 

•Subjecl to fee and withholding Uiw 

Barclays Unicorn InL (I. O. Moni Ltd. 
I Thomas St. Douglas. I-OAL 00C4 4856 



Bishopsgale Commodity Ser. Lid. 

P I) Rnx 42. Douglas. 1 a M. 062+13911 

ARMAC-Apr*. ...jiusav 3W . ... | _ 

t'sNR H'l—May 2 .. a 008 l.o*9| _.. . — 

fUl , NT*"Muy2 . (C2337 2.479| .. . I 2J1 

i>n>;iually issued at *51u aud “i! 0>1. 

Bridge Management Ltd. 

PO. Bo<t SOS. Grand Caiman. Cai-man la. 

\ hash/ May :«_. ( Yl 5342 | | _ 

('.J’.ij Box 5B0. Hong VC«OK 

.Nippon Fd. 31 a 1 ’ 10.jU.73 16.45} [ 0.76 

Ex-Stock Spill- . 

Britasnia Tst. MngmL (Cl) Ltd. 

King & Sharson Msra. 

li'lanilll.'lo'S.Sl IlrliT,J>'rtrv itt334l7TT4! 
Valid 11 m.-. Sl K-I.t ftri. Gmx>. .048! 1 24708 
I Thnma'. Sln.fl Ltoucia-.. 1 1 * M '0CC4< 4850 
liill Kunrt'Jemew.WD 9Z5rf .... I 12 M 

Gill Trust ' I v M. >... 107 1 109 0 1200 

(..It Fn.l i;ui*m-J-i-l£9 68 9 69| .._..( 12 00 

IntL Cot Sm, Tst. 

First Nicrllm: 11839 _ _. 

Vint lnt).. J13ST7 1H711 

18 461 — 

Klcinwort Benson limited 

20. Fenchurrh S: hX3 OldBOOtO 

KurinicsL Lux. F 

Guernsey Inc 

t*o. Arctun. 

KB Far East Fd. 


KB Japan Fund... _ 
K U. US.liwih.Fa.. 
Sicnci Bermuda 

•UnttiiiiduDM ■ 

•KB act as Load 

J585 ’'“’’aiei 

'HwS 3 

51530 42x1 
17 65 Ifl.fcOi 







20 * 





Unicorn Aun. EaL. 





30 M 

Do r.icr Pacific 


*4fl .. . . 

Do. Inti Income. . 


41M ...... 

Do. 1 of Man Tst 


soifl .... 

Do. Man\ Mutual . 


27 Oj 

Ion paying agents asfir. 

Lloyds Bk. (C.I.l ITT Mgrs. 

P.O Bar 105. Sl Heller. Jenej . 033427301 

UaydsTst.n-xcar.-l52* 55Jxf( ] 10$ 

Next dealing date May 15+ 

Lloyds International M&cmt. S+A. 

7 Rue du Rhone. P.O Rot 179. 121! Ge n e va 12 
Lloyds Idl Growth .pFJHSB 3»Mf ^-..1 160 
Uoydslnl.!iicoaic.fxF7l75l SBM] .) 6 20 

M ft G Group 

Three Quays. Tower Hill E.^R 6BQ 01-616 4588 

Atlantic May 2 BI S? 65 2 

Ausf Ex. May 10— BUMJ? 2 

Gold Ex. Slav !0 flUKT 89 10. . 

Island . Ills 2 125*4 +L0I 4349 

(Accum Unitxi (1*7.2 1773} +13| 9349 

Samuel Montagu Ldn. Agts. 

114. Old Broad St-. EC 2 01 SS8B4M 

Apollo Fd. Mar Id . K.F48 75 57001 1 334 

Japtesl April 29 — pHCJli' llffl I lib 
llTGrp May a — Itl-TUS ■ UM ...} 2 05 
U7Jeney May 3 C4 98 5471+0 W( 077 

. — .jo,- 

04! 2215521 

117 JnysJ a Apr. 36 .|OL95 

Murray. Jofanstoua llnv. Advisor) 

163. Hope Si , Gla+cau-. 1 T. 041 2215! 

Hope.Sl Fd. | SUS32 61 | I ~ 

'Murray Fund. I SUS10&5 — 

•NAV Apnl JO. 

Noglt S.A. 

30 WalhSl.SI. Holier Jersej-. BWOIM J0a HMlonTO RoyaL Luxembourg 

Growth lnrcsi _ 

Intnl. Fd. 

Jcrsor Enerry Tsf . 

Untc«l Dir. Tst 

L'otrsL 5 Tst Srg 
Value May 

34 +0.3 400 

80.0 +16 3 00 

1502 +0.1 13 

532 +0 [M — 

22Tl +0.U LOO 


K2J6 __ . 

Next drnbnc May 15, 

Butttyrfield Management Co. Ltd. 
P.O. Box 195. Hamillon, Bermuda. 

Buttress Eouity Q33 2351 — 

Buttress Income. [203 19e| ... . . 

Prices at May 8. Next sub. flay June 12. 

Capital International S.A. 

37 rue Notre-Damc, Luxembourg. 

Capua! lot Fund— | SI'S! 6.87 | 4 — 

Charterfaoose Japhet 

1. Paternoster Row. EC4. 

NAV May S.„ 

. 1 SUhlOJ* l J — 

Adiropa . 

DM29 *8 
Adi verba UHtfM 

Fonda k IrUOfib* 

Fondis IDK2L2D 

Emperor Fond lit S2 *3 



Negit Ltd. 

Bank of Bermuda Bldg.x, Hamillon. Bruida. 
NAV April 28 (£4 93 _ j . ... | ~ 

PhoenLv International 
P0 Bov 77. Sc Ivtcr Port, Gurmsev. 

Inter- Dollar Fund. .|230 248] . ..4 — 

Property Growth Overseas Ltd. 

28 Irtdi Town, Gibraltar iGibifllM 

\IS Dollar Fund ...I Sl'SB5B9 1-2381 — 
Slertinc ftnd | 024.05 J— *.75/ — 

ftichmosd Ufe Ass. Ltd. 

012403999 «. Alhol Slrcol. Douglai-. LO M 062423914 



fe-54Ut 053) 

-0 1C| 


5 83 


ixfTheSJlierTruM. 10*2 
Richmond Bond 07. 181 * 
Do PtallnuraBd... 116 3 

Do.sJoWBd. 1019 

Do. Em. 97.02 Bd... (l*48 

108 81 
107 2 . 

173 5 -09| 11*3 

-Obi - 
,10 78 
♦2 6 ( 

Clive Investments (Jerse>-I lid. 
P.O Box 320, SLHclier. Jersey. 

Rothschild Asset Management tC.I.I 

P.a Box S8 l Si . Julians • ‘L Guernsey. 0481 28331 

Clue Gift Fd.(C.l 1.1905 

CltccGil: FcLcJjy, 

Cornhill Ins. (Guernscyi lid. 

PO Boa 157. St Peter Pori. Guernsey 
Intnl. Man. Fd. (1675 102S| 

Delta Group 

P.O Box 3012 Nassau. Bahamas 
Delia Inv. May Z [51.66 174) | 

Deotscher Investment-Trust 
PosUaeh 2885 Biebcrgaaae ft-10 6000 Fran kfurL 

Uon centra. _|DI£U.7B HM-OJtf — 

InL Rentonloada — |DHW4D 7Ufi|+a.lq — 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box X3712, Nassau. Batuuna-t. 

NAV May 11 (st<514« 14 09] I — 

Emson ft Dudley TBtJUgLJnyXld. 

P.O. Box 73, St. Heller. Jersey. 

E.D1C.T. (114.0 1Z13J 

y. 053437361. G.C.Eq Fr Apr 28.I5L1 5411. 

9 891 |11.00 or.Inc.Fd May- j. 150 8 160 4^ 

9861 I 1L0O O.C Inll.Fd.T . . si 24 13L 

1 O.C StnroFdAprai 1340 1428 

O.C. Oommndiiy* . (131* 140.9+3 7 

O.C. Dlr.Comdly.T. 52*39 27 00d ! 

Price on May 12 Next dcallag May 

3 PI 
730 . 


tPnco on May 8 Next dealing May 21 

Royal Trust iCI] Fd. Mgt. Ltd. 

P.O. Bov 194. Royal TM Use- Jency. 053427441 

3 CO 

. R.T. Inll. Fd -B15906 

-.T.InO ' “ 


R.T. lnl‘1. iJlnr ■ Fd. |89 ... . . 

at April 14. Next dealing May 15. 


F. ft C. Mgmt. lid. Inv. Advisers 
1-2 Laurence Pounlney Hill. EC4R OB.V 
01-623 4800 

Cenf Fd May3_ | SUS5-I5 | | — 

FideUty MgmL ft Res. (Bdxj Ltd. 
P.a Bov 070. Hamillon. Bermuda. 


Save ft Prosper Internationa] 

Dealing io: 

37 Broad Sl. Sl Holier. Jersey 0534-23591 

US. MltrdnnBliiari Fnada 

DlrFxdlnl-Maj 10.(953 I0.1M *93 

Internal. Gr *7 K63 717) — 

FarEugiern*! _ .Q7J9 «0.4H ... — 

North Amen can't ra*9 3 99) — 

053720591 Sepro"? |r:SUB Um| — 

I — Bcmflag-denamliialed Funds 

Channel Capital*.. K9.6 24L71 +15{ 
Channel lslandae_|lV7.3 155.1] +0.71 

Com rood Kay 1 1 .... U195 125.3 1 — 

SL Fid. May 1 1 11104 USBril I 111 



Prices on *May 8 **Mav 10.’ -“May it. 
' > Deal! 




Fidelity Am, Asa — 
Fidelity Id! Fond. 

Fidelity Pac. Fid 

Fidelity WrldFd- 

*m - 

Scblesinger International Mngt. lid. 
4LLaMoaeSL.St. Heller, Jersey. 05347358* 

_ f&aiZZ'.ZZld(mM ooS+ool so* 

Glh Fd. ... C3 0 233 .. n 1L8S 

See also Stock Exchange Dealings. 
American H9.9 53. 1J +o7T 1B2 




Solar Life Assurance Limited 
London Indemnity ft GriL (ns. Co. lid. HmEbrPiaceLotidonE.c.mglT. oujcanosl 

SO. Chan eety Lane. WC2A 1HE. 

VEqu fly Fund 

♦Managed Fund 

Personal Pen Fd.... 

Equity Pen. Find ... 

Fixed Inf Pen. FA. 

Managed Pen. Fd. J 


Cornhill Insurance Co. Ltd. 

1503 1570 

1735 1819 

705 _ 7X9 






H . Mf 


Solar Managed S_^ 127.1 
Solar Property S__ 1 102 

Solar Equity S. 16L9 • 

Solar Fxd. IdlS — 114 J 

The London ft Manchester Ass. Gp.V Solar 2tf/“JH' «7 
The Loaa.ftlknlone Kent 030357333 Solar »nagedP._ (12*0 

n i. 542 0282 1*30. The Forfauiy, Reading 58351 1. 

“““ gn aiar- ^ »«•**- 

Fixed Interest-. — 

si* 0 - 81 - 

tm*oM ~ 

01-626 5410 


32 Cornhill. E C.3. 

- Cap Feb. Apr. 15_[1145 
CSSpec. Apr. 15 — W7 0 
Mn.G(ti.F*Apr20 ,.|l*L5 

Credit ft Commerce Insurance pc™. Pension' 

120. Regent SL, Loodon W1R SFE. 01-4397061 cenv.Depoi]r_ZBl72 

CAL Mngd. Fd 11220 1320} I — Equ i tr Bond- • 1333 

Crown Life Assurance Co. Ltd.V Smity 1770 

Crown Ule Hae, WoUni.GUai IXW 04882*033 Gill Bond*** — _ 105 2 
uwjr.,.ii i« Mo 4 -mail +nrt _ InWrnitoL Bond— t982 

CM. Growth Fund . 

♦EhempC Ffctfd 
♦Exempt Prop. Fd. 

♦ExpL Inr. TsL Fd. 

Flexible- FhnH 
inr.TruM Ftaod. — 

Prope rty Fhnd._-.. 

H ft G GroapV 

Three Quxyv Tower HID EC3R BBQ 01-826 4588 
•+S9I — 




+0 4 

BSC . 



♦1 3 







Solar Propun P — lift* 

Solar Equity?. 16L5 

Solar ftuUnfF__ 1142 

Solar C»*h P 990 

Solar IntLP_ 99.7 






The British Life Office Ltd .V (a) 
Reliance Hae_ Timhridge WeJlx. KL 066S Z2271 
BLBrlti&h LUe 1490 52-7ol +03| 530 

BL DjridewriHirjtt.1 . Z'.\ 

tAecum. Units/, 

Austral Btian — _ 

•Accum. Unitai 

Coinnod iLy , — .. 
lAceom. VotlAi . 

Coapoand Growth. 

GOQremon urnuih|5fi.7 


+UH - 

•ftieea May ML Next dealing Mq 17. 

I Brown Shipley ft Co. Ltd-V 
Mcgrr, Founders CL. EQ 

I BS Units MayC {220 6 

Do-iAccjllayR _..®3S2 
' Oceanic TTOata (a) n 
F inancial ...... D4-1 

General E&5 


ManR'dFund Arc.. 1JH 
Maned Fd Incra... Hi 
Mang d Fd IniL.. .. Jt* 

Equ IB Kd. Acc 95 0 

Eq -.YFl I nr in, ... 95 0 
Eq**vFd IniL _ 958 
Property Fd Acc . 95 0 
Property Fd. Ibcrl 
P roperty Fd. tail ._ 950 
lov. TiL Fd. Arc „. 9S.0 
ln» To. Fd. lacm. - 95.8 

Ibi.TV. Fd I utL 95* 

Fixed lal Fd Aec. . 94 4 
Ftd Ini Fd lacm. . 94 4 
ImerT Kd Arr go • 

laieri 7'd.Incm. . 95 0 

Money FA. Acr 950 

Mnari-Fd. tnem . . 153 

DI-4 Kd. Inrm 991 

Crown Brt. Inv 'A 1 150.3 

10431 +D.T 
1043 +0.7, „ 
1041 *0.7i — 
100 « 


99 J +021 — 
99J *02 



1003 +011 
1003 +D.1 
104 3 +0 9j 

in Managed Bd— — 132* 

Property Bd- 154 7 









Recovery FU Bd'.Koj 
American Fd. Bd.‘ .tg2 

Japan FlLBd.-* J5L4 _ 

Prices on "May ft. **May 11. **’Mny 12. 
Merchant Investors Assurance 

135. High Street. Cray doc- 01-086917 


Map}* LLGrth _| 

Marie U. Mangd-J 


Property Pena . — 


Equity Pens. 1 

Maoey Market 

Money MkL Pena. - 

DepoaK — 

Dcpoait Pcnx. 

Managed _ 

Managed Pena. 
Inll. Eqotty 

Crusader Insurance Co. Ltd. 

VidcuLi Huaie. Tower P1-.EC3 O1026W31 

GUi Prop. May 2. -_(*»4 76 3a( I - 

Eagle Star lusur/Midland Ass. 

! I ThrondacedleSi..EQ. 01-5881512 

Eagif.'Mid L'niU....|S14 53 If +00) 5.05 

Equity ft Law Ufe Ass. Soc. Ltd-V 

Amcrot-am Rood. High fffreombe 040433377 Neiex Gth lac Cap- 

Equity Fd 1114 0 120.01 +0-7 

PrnpSty Fd bos O 1103 

Fixeil lnlcroxi F. — |Ut5. JU] *03 
Gtd Deposit Fd. . . Ml 5_ 103 6 ...... 

Mix'd Fd [109 7 US.q +0.4J — 








+ L0 








+0 2 




+ 0.2 





IntL Managed 

NEL Pensioas Ltd. 

Mta 00 Coon. Darting. Surrey. 
NdexEq.Cap.__.l774 81.4 .... 
NdexEq. Accum. ..U4.0 119* +1.1^ 

NdexMooey Cap. -1600 641 

Nfllex Mon. Ace. (642 *7.4 

KeTexGth Inc Acc ..1*7.4 44 J 

NdexGlh Inc Cap- 147 9 50.4 

Nel Mxd. Fd. Cap_|47.7 502 

N«1 Mxd. FU. ACC.-.J47.9 50.1 

Next Sub. Day May 
Fur New Canrt Property m 
R othschild Aroct Management 

Sou Alliance Fond MaugtnL Ltd. 
Son Alliance Howe. Horsham. 040001141 

Exp.FU-InL May 10. 1048.90 156001 
Inf Bn. May ft f 0359 I 

Sun Alliaaee U«W life log. Lid. 
Sun Alliance Houfle. Bonham 040384141 

Equity Fond U12.9 1153+12 — 

Ftx nriln lnreaFd — 102J 107.7} +02 — 

Property Pond 107.6 113 3( .. ... — 

International Fd.-. 1D4.B 110. d +0.1 — 

Deposit Fund 96 0 10121.... — 

Managed Fund. — pn£l HIT) +0 J — 

Sun Ufe of Canada (U JU Ltd. 

2.3.4, Cocfc*purSf.SWlY5BK 01^305400 



— Target life Assurance Co. Ltd. 

“ Tarert Hooee, Gatehouse Rd., Aylesbury. 

— Boom. Aylesbury t0290) 5941 

— Man. Fund Inc 000.9 186M „.... 

_ . MmLftndAec US a 1225 

_ Prop. Fd. Inc. — 106-2 112-5 ..... 

— — .irt. 13 * 0 

Prop, m 1070 — .. ..... 

Fixed InL Fd. Inc. 104.9 110 < 

Den FcL Arc. Inr- W2 103.7 

Ret Han Ac. Pen.- 733 80.1 

5911 RaLFlanSttjSr: Uftl 135* ZZ 

— gfi?asaE5t:aM = 

— GiRftiLCap (1232 130.ll 

~ Trsnstnternational Life Ins. Co. Ltd 

— S Bream Bldgs- EC41NV. 01-4056 4B7 

_ - _. . 147 


Lf 120. 

Man.Fen.PriCapL.pi2 124. 

Man. Pen. Fd. Acc.. (1252 131.1 

[Trident Life Assurance Go. LtdV 
Krailado House, Gloucester 045238541 

D i vidend 

r Arctun Utuiai 


1 Aceum. Units)— 
Extra \1eld — 
lAcctua. Units 
01-8008520 FarEartero— 

2320 I aaa lAccum Unltsi 

Fund crfinY.Ttt*— 

— \ am (Amnn oajty, 

Gctuiril 1 1 1 

,26-2 +C.3 300 < Accum. Units 

A.K fetigh Income ] 

*8* lAccum. L'citti. 

333s +0J 428 Japan Income . 

lAccum Unitt) 1 

213 +03 350 ilBf niim 

+ 5t'? ^2 lAccum. Units 

205 +03 3 47 Midland. 

+0 4 3.J6 1. Accum L'niui 

23 0 +03 516 Recovery 

60A>q 4A0 lAoenm. Unltsi 

Second Gen. _ 

Canada Ufe Unit TsL Mngrs. Ltd.V ‘ A cc u m Unio; 

26 High St-PDOrra Bar. Hefts P Ber3ll2S 

Can. Gen Dirt. Bftl «11 +0J 435 

DO. Gen. Accuffl 1452 4861 +02} 435 

no.Inc.DiaL 341 35 M +iy 75* 

Do. lac. Accum 1440 46fl +0^ 758 

! Growth Accum. - 
! Growth Income . 

High Income — 

Index — 

Overseas 190 

Performance 564 

Recovery ZL7 

Exmpt. April 10 (5&4 

51 9| +0 7[ 

52»(-0 8i 







500 • 















(Accum. Unit* 1 — [1004 

+0.71 102 Europe Moy-l SB 

~~ 205 lAccum. Untisl._. 

2.05 *Peti*CliarFdAp2S 1*59 
3.99 S'Spcc.Ex. May 11 236.2 
399 •Pxcwen Maj E (1*3 6 
J59 "Fit tux exempt funds only 

| ll Scottish Equitable Fad. Mgrs. Ltd-V 

701 2BSLAndra*»Sq. Edinburgh 031-556 9101 

ISO. Income Units (49.5 52-7rf .... J 510 

2.97 Aceum. Units (56 4 60 M .| 500 

2.97 Deai'ng day Wednesday. 

Sri Sebag Unit Tst. Managers Lld.V (Al 

PO Bot 51 1. Bckfbry- Hte, E.C.4 01-2385000 

Sebag Capital Fd. ..B3.1 3461 -O.tJ 3.87 

Jg Sebag Income Fd.-P0.1 31^+0i| BJZ3 

J g Security Selection Ltd. 

1 5- 1 B.'Lincol n's Inn Ftrida, WC2. 01-8316836-9 

855 UnriClhTrtAcc—la* 25.41 1 3 70 

1+2 UtMGthTttlne — (20.9 223J J 3.73 

Uji Stewart Unit Tst. Managers Ltd. (a) 

302 4S. Charlotte Sq_ Edinburgh. GBl-rSSSTl 

S'S IStewxrt. American Fund 

Standard Units —1642 6851 J 1.43 

Jt? Accum. Units B%9 73 « . .3 — 

4-w withdrawal Units -|5L2 54 e) — 





SpeexaHaed Fund* 

Trustee 144 8 15281+15] 

lAccum. Cuitfi 2783 293* +10) 

Chan bond H»r 9 .... 109.9ri 

C«pel Ml Ma*l. Llif SSSt®— Bi *8B 

too Old Broad SL.EC3N1BG 01-14*6010 Peru Ex. May 8 . . 13L9 159 M 

_ j Capital 

Income |$5* 

mil :. :j 7^ MannLife Management LltL 

5+1 -Stewart British Capital Fand 

433 Standard ..Jp21 142.M .1 

433 am. Loils -. .-(1513 1*3 4( — .4 

Dealing TFrL -Wed. 

*35 Sun Alliance Fnnd Mngt. Ltd. 

Sun Alliance Hsr- Horsham 0403 64141 

777 &cpJEq Ta May I0 K204-2 215.M ... I 4.40 

7177 VTheFnmily Fd 10L5| +fl*| 3.47 

i72 Target Tst. Mngrs. Lld.V iaKgl 

31 . Gresham Sl . EC2 

Prices on May a Next dealing Msy 17. SL Gecrge's Way. Stevenage. 043856101 Target Commodity, m 4 

Dealings: 0C9B 6041 

Fidelity Mgmt. Research CJersey) Ltd. 

Waterloo Hse.. Don St, SL Heller. Jersey. 

0534 27561 

Series AttatuLi — l ' £3.62 
Series BiPbcUicl. £7.54 

Series D lAmAsi.ll £1*01 

First Viking Commodity Trusts 

8. St . George s SL.Dougla&l-O.K. * 

0824 4682. Ldn Agts. Dunbar & Co_ Ud- _ 

53. Pail Mali. London SW175JH. 01-9367657 SFlsed lntcre«__. 



I —I ~ 

Fa.Vik.Cm Tsl ...ffi.B 37.71 1 

Fa.\TO)bLOp.Trt-PB.0O 840O{ J 

Fleming Japan Fund SA 

IT. rue Noire- Dome. Luxembourg 
FI mg. May 9 ( 5US46.B6 

Free World Fond Ltd- 

Butterfield Bldg. Hamilton. Bermuda. 

NAV Apnl 28 1 SUS17309 | ( — 

G.T. Management Ltd. 

Park Hml. 16 Finsbury Circua, London EC2. 
Tel: 01-828 8131 TLX; 888100 * 

Schroder laic Group 
Enlerpnse House. Portsmouth. 
Inlernaltame] Fund* 
tEqalij — — ..U15.* 122-7] 

Mquih-.... 5a.o 128 in .... 

£FuceainterwL..— ]l35.0 143 N 

- - 5J 1120 


tManaged [1275 

managed |llZ9 


J. Henry Schrader Wagg ft Co. Ltd. 

120. Cbeopaidc. ECi 01-5884000 

C heay SMayll 5VSILSJ 

gar April 30-] Sl'S114J)o 

- TJSISM 35351 

179 190] 

Asian Fd. May 1 

Dari ins Fnd 
Japan Fd. Mar 



•Dll! 2 51 




Anchor 'B' Units 

Anchor Gil: Edge. - 

Anchor lot. Fd 

Anchor In. Jiy. Tst. 

Berry Pac Fd. 

Berry Pac Sir ig. 

G.T. Aata Fd 

G.T. AsiaSterilnn- 

GT Bond Fund 


C.T. PnetVc Fd 





• 431 




243.00 2*000 






















Sentry Assnrance International Ltd. 
PO. Box 328. Hamilton 5. Bermuda 
Managed Fund (315113*3 icon 1 — 

Singer ft Friediander Ldn. Agents 

2D, Crimea Sl. SC4. 01-2488648 

Dekxfonda IOM3U4 25701 I 6*1 

Tokyo Tst Apr. 2a..| SUS35O0 | | 177 

Stronghold Management limited ' 
P.O. Box 315. SL Reller, Jersey. 0534-71480 
Commodity Trust _|90.15 94.89] | — 

Sarin vest (Jersey) Ltd. (z) 

Gartmore Invest. Ltd. Ldn. Agts. 

1 a. Mary A*e. London, EGl 01-2833531 QtranaHm. W BASLBeUw.JtT.0»|K34p 

Gardaoro Fnnd MngL (Far Eastt Ud. 

1533 Hutchison Hse. ID HatcoutI Rd. RKonc 
HK & P5e. V. Ta— EHKLW l 

.’SULK Mi 

Crowth Units. .015 392J 3.75 TJrertFinaacMil. .. 

Mayflower Management Co. Ltd. sav 

Milfaurn House, Newcanle-upoo-Tyne 2110 14>' 18 Gresham SL.EG2V7AU. 01-6068099 4>Do Acc.UnitS... ...^771 

Caiiiol Unit Fd. Mgrs. LtdV (lie) 

Carilo! M6.4 

Do. Accum. Untta— 79* 

Do. High Yield— 

Do. Accum Units* 199 52.'. 

Next dcmlinK date May 17. 

«2fl rarg« Gilt Fund ..[115 0 
5^9 Target Gromh W. 4 

Income May 10 !U51 1007] ..._.i 

General Mar 10 — |W3 729( 4 — » T «iKWI. 1779 

Mercury Faad Managers Ltd. Do.Rein«. Uniu'.-'tso 2 

30. Graham Sl- Era 2EB. 01-8004555 Target tav - _|299 

More. Gen. May 10. 
Ace. Uta. May 10 — . 
01-2483909 tat- 

127 ' ' " 

1 7*7 


J^br the most 



ringoi'262 3134 and 

Victor Britain is the chauffeur drive service 
of Avis Rent a Car. 

Jut emotional 

Fiscal.-— (1240 

.Growth Cap- 


Pena. Mngd. Cap. _ 

Pena. Mjtra, acc— 
Penifc GUp gAcE. 

. - jPtjp. 016.9 

Txdl. Eood art 

-TrflLG.l.Boud (992 

Cash value 





1013 I 





128 6 
105 ti 








(or £100 premium. 

Tyndall Assnrance/FensioasV 

Charterhouse Japhetv 

I. Paternoster Bow, ET4. 

CJ. Uttmmmn @8 

Areum Unto.. 25 8 

CJ Inmm^i JJJ, 

CJ Euro. Fin 26 0 

Accum. Unhs.. M2 

CJ.Fd.tar T* 26.4 

Aceum UnKa D84 .... 

Price May 10. Next dealing May 

Chieftain Trust Managers LtdVfeXg) 

l»mrwSLECa*4TP. 01-78328S2 

can kzt230 24.M +04] 101 

Hlghtacome W* 437j+0jJ 9.«, 

International Trt— ktlZJJ 24.*J -DJJ 338 

Raxrcc. TfeL|2*5 283] +53 439 

_ IltfM. tllfi nnal 

Confederation Funds Mgt. LtdV U> Do. Act™. 

aOChanemyLmte. WC2A 1HE 010420)82 

Growth Fuad [400 420] ] 44* 

Acem. L'tv May 16 
MercXxf Apr27 . 

Accum. Uta. Ape X\ 12*2.8 
Midland Bank Group 
Unit Trnst Managers LtdV fa) 

4St Target Pr. May IO. 1573 

22 Tgl Inc 289 

if? Tgupref. — 13.7 

Uj; Coyne Growth Fd. _ R93 

3*7! +02| 
303 +03 
■Mt +o51 
323 -Oil 
322a ♦OJf 
















J7S Target Tat Mgrs. (Scotland) <aKb) 

19. Athol Creaceat. Edin. X 001-S386C1. , 2 

Coertwood Hcuec. Silver : 
Sheffield. Sl 3P-D 
Commodity & Gea. 164 0 

Do Accum - - - |73.7 

Growth - (38-9 

Do. Accum (411 

Capital [27* 

Do. Acc um. 

Do. Accum 


Target Amer SagleC 
Tarqrt Thistle — -k 



Equity Exempt- — 

Do. Accum.* , 

-Prices at Apnl 28 . Nest dealing llay 3L 

Kta ^ r ^ "“W “■ 

_ . ! Cecnwpolitaa Fond Managers. 

1 Crescent Unit Tst. Mgrs. Ltd (agg) 
4MeMUeCra-EdtaburEb3. 031-2264881 
Cr eo cc u t Growth --B70 2901 +021 434 

awa.Irtbenmn — B&0 6831+4.41 DlSO 

CTea. High. Din. — fc-7 459a +03 

Crex. Reoervea (404 433} +0^ 433 

S^4afcg55 £3:“ 

MLA Unit Trnst KgemnL Ltd 
Old queen street. SW1H8JG. 01-9307333. 

MLAUnits (390 4X01 — 424 

Mutual Unit Trust ManageraV laKg) 

15.CopthaD Ave . EC2R7BU. 01-800 4803 


!ft Canynge Road. BrmoL 

3-w«v M«y U ' 



DC pod Hoy -L 

3-*™rPm.Apr ao. 

O'aaulm- May 11.. 

Dp. Equity May Z_~ 


Dp. Prop. May 2. 

Vanbrugh Life Assurance 

41-43 Maddox St- ldn W1RBLA. 

0272 32241 

DhcnUnuty Unit Food Managers 

| 22.B1omBaldSL.BC2M7Al+ 014B844BS Mutual Sec PI ut- 

Disc Income (1605 17U58 +8SS S2* MTOsaltac.Trt. ; - 

Mutual Blue Chip 

E. F. Winchester Fnnd Mngt. Ud Munm! High Y»f 
old Jewry. EC2 019082187 ^**ional and Commercial 





, m _ mm 




wmwm „ 



In u>me Hm- 10 

| GremWlnehefler_B*7 10JJ J *71 31.61 Andrew Square. BdlntapSfa 03T-5860I51 A^jSi May'lu ' 

_ | GtWtoch'er 0-»cr*)13.1 

ft Is 

id Comu 

Square. Ei 
dm « , . I24L4 

I'nilii- - P47* 

2851 +04] 
n 74 +0 
*37) +04 UUS 

*a Trades l'nion Unit Tst. ManagersV 

■9-R-O-St >00. Wori j Street, EC 2. 01-6288011 

933 THIT May 2 149 0 522c| — 4 5.42 

!U Transatlantic and Gen. Secs. Co.V 
344 91-99 New London Rd Chelmsford 024551651 


S 70 
■ 43 

(Accum. Units) — 

SUiwerHie- Arthur SL.ECL4. 014231050 NUribJTroM^ft'"' 

(Accum. Units 1 . . 
Van'Hy. May 9 — 

'Accum. iratw - 




121 a 

S3 6 




- is 


101 J 








55 I** 



52 2 

55 4d 

















47 0 


47 Bj 


6 S3 







79 3 

+ 0 8| 

+031 6.43 I**, 'flcum 

+0J k» Tyndall Managers 14d.V 

HLfriiyncc Road. Briuol. 

item I'ii 

Emson ft Dudley Tst. Hngmnt. Ltd capLMi*« 

SO. Mlaitn SL, swi. 014897951 f^ecumUn . — _ 

Bmaoa Dudley ta .(Ms *9.71 _._4 jjq National Provident Inv. Mngrs. LldV 

4*GracerturohSL,EC3P3HH 01-6234200 Jw'rati' .' 

*34 lAmim.Utut 
*34 Exempt Ann 1 26 — 
3JS •Accum LlUtM ... 
335 I'artynce Mov 10 .. 

' tut*. 

, Equities Bees. Ltd. (a) (gl N.P.1 Gth.Uo.Tst- 

41 BUhopsgate.ECZ 01-5882851 lAjram. Units'* - ■ 

, Proarawlve |f*2 *97*+<j*f 4 09 NP1 Otoa. Tnut . 

I Equity ft law Un. Tr. M.V (aKhVc) 

Sect '-'jp May JO ... 

ITT 2 
347 0 
2*7 6 

Managed FU. 


Equity Fd. (236.9 

Intnl Fund— .1980 

Fixed latent Fd._ 

Cash Fund 




lAccum Uniisi** _.. 

—Prices bib prU 27 Next Smfilini llay 29 
‘Prices on Mar 3 Next dealing m*t 17. 
Amentum) Rd., High Wycombe 04M 333T7 Nati imnl WeEtminstartHa) 

Equity* Law __ 166.7 702J +03( 4.05 


[ 3.95 ■ArcumT'ntb.1 —(159 £ 
--■■■ 2 70 Scot Inc. Mqy in 1160 0 
1 2.7S 

188 0 


1*7 E 

0STZ 32NJ 
5 B0 
5 B0 



Vanbrugh Pensions Lima led 
41-43 Maddox SL. Ldn W1R8LA 01-4894823 

Managed -WJ 99. 

EqiuW 1973 102.' 

FI Aral merest ft 7 9* 

Property. |95B im. 

Guaranteed mo Ins Bam Rales' table. 

Welfare Insurance Co. UdV 

The Leas. Folkestone. Kent ■ 0303S7333 

MaacymekerFd..- 1 1013 

For other funda. pi rase refer [o Tpc London & 
Man chert cr Croup. 

Windsor life Assnr. Co. Ud 

Framlingtsa Unit MgL lid (a) 

5-7. Ireland Yard. EC4B5DU. 01-3488971 

, American M0 

Capital Tat H4* 

income Trt 2M4 

Inf Growth Fd. — 1062 

Do. Aceum ..(109* 

Friends’ PravdL Unit Tr. Mgrs.V 

Flxham End. Dorkina 0308 3005 

Friend* Prttc. Uta _WL9 curt +02) 409 

Do. Art™. BU, 573 +fl3 429 

181, Cheaprtde. Stay «tt 01-806 6000. 

Capital r Aceum. i—. 

Extra Inc — . 


Growth lev. 

i qgfrtrat _ 

POrtiOijO lur. Fd - 
Uni vernal Fdmi.. 

I Andes Walt Group 
t^pital Growth . _I68S 8641 +1 ] 

lie Accum. - .. .— . 82* 88* +1.M 

Extra Inc. tirowth- 37 2 399 +0 4 

Do. Aceum. M2 7 45 9 +0 4j 

U4 Fteanriai jvtty ._n6D 17.! 

70 ru Aceum. 195 209 

4.94 Ktqh lac ITtoniy - (62 2 6*6 +08 

4 82 Inrematlonnl - - (30 B 33J. +0ij 

*3* Special Sits .. - (305 32*} +0J] 

HI TSB Unit Trusts ivi 

21 . Chantry' Waj . A ndowr. Hants 0384 8Z188 

Japan Fd. 

N. American T«1 — 
loll. Bond Fond..„ 

Gartmotr IraUH! Mart- Lid. 

P O. Box 02. DomUaijloM- 

IntcnjationaUnr._(2D5 220x4 

Do. Growth (U.8 650) 

Hambro Pacific Fund Mgmt. Ltd 

2110. Connaught Centre. Hour Kras 

Far Ea»t War 3 lIHEUM 113*4 ... I _ 

Japan Fund.... — (SI'S* ft 7Jfi)-aD5( — 

Haxnbros (Guernsey) Ltd/ 

Hambro Fund Mgrs. (CJ.) Ltd 

P 0. Box 88. Guernsey 0481-26521 t- 

Cl. Fund JlaO* 199.7rt I 3 90 T??*? 11 

Amencan Ind.TsL_6 

Copper TroS [00.88 

Jap. Index TSB |ll33 

TSB Voit Trnst Managers (C-l.t Ltd- 

Bugaiellc Rd.. Sl Saviour, Jersey 053473m 

JcTNcy Fund (45.7 48.11 | 4.99 

Guernsey Fund ,_J*5.7 48 XJ . .. J 499 

Prices on May JO. Next sub. day May 17. 

Tokyo Pacific Holdings M.V. 

lntlmi* Management Co. N V.. Curacao. 

NAV per share May 8. SUS506I. 

Tokyo Pacific Hldgs. (Seaboard! N.V. 

J mi mis Management Ca K.V_ Curacaa 
NAV per share May 8. 5US38.B8. 

Sl'Sfmil 307. 

3 noil. Bond . 

lot Equity SU5QD51 
Ini. Sigs. 'A' Sirai.02 
InL Strs. -B- JUS)L06 





P.O. Bax 12S6 Hand I tan S. Bermnda. ZTJtO 

Prices on Mar 10. Next dealing' May l"i. 

Henderson Baring Fond Mgrs. Ltd 

P.O. Bex K4TC3. Nassau, Bsbwiau 

Japan Fd. K1517M 1778 1 _ 

Prices on May 11. Next dealing dale May 17. 

HiU-Samnel & Ca (Guernsey) Lid 

8 LeFebvre St_ Peter Port Guernsey. CJ. 

Guernsey TsL 1148.7 159.04 -t-l.lf 3.54 

Hill Samuel Overseas Fnnd SA 

37. Rue Notre- Dame. Luxembourg 

(USU51 H 331 +024} — 

Internationa] Pacific Inv. Mngt. Lid 
PO Box R237. 96. Pin SL Sydney. Ann. 
Jarelln Equity Tsl.IS2.04 23V+O05} — 
J-E.T. Managers (Jersey! Ltd 
PO Box 104. Royal Tst Hse. Jersoy0634 37441 

Jersey ExtrnL Trt _|16O0 17001 

As at April 28 Next sub. day May 3L 

jardine Fleming ft Ca (Ud 
46lh Fluor. Con naught Centre. Hook Kong 
. _ - - - ■ SHTC240.99 ] 1 3 .f 

Cn-erxeasMay 10 . ISi'slJJ 

■ Accum. UatU) Ul-5in 

3-way InL Apr 00 ...JITKja 
2 New SL.SL Heller. 


Accum Units _ ... 
American Mbs lu.... 

lAccum sheers' _ 

Fd Mav 10.. 

C- Ulsi_ 





12 05 









110 | 

136 8 





10 83 

J online Esin. TnL | 

Jardine Firm ini.. ( SHK9.4* 

NAV Apnl 28 * Equivalent SU00038 
Next suh. May IS 

Keyselex MngL, Jersey Ltd 

mg IE] ll BB£fi^=kda 

Jersey I 
iNon-J Ace- 1 

lAccum. Shares) } 

VlCtOIV Honor. Douglas, blc oi Kan. 0624 ZSO20 

Managed Apr. 20 _ |12*2 1330} ( — 

l td. intnL MngmnL (C.I.) Ud 
14. Mulcaster Street Sl Helier. Jersey. < 

U. LB. Fnnd ISL'SUIV 111 6) | Ml 

United States Tst. IntL Adv. Co. 

J4. Roe Aldringer. Laxembourc. 
Vft.TsLta4.Fiul._l SUSM58 1+0.12) 0.95 
Net asset May II. 

5. G. Warbarg & Ca Ltd " 

30. Gresham SireeL ECS. 03-000 4555 

CovBdFd. M«y HI SCS956 
Enenw InL May 11 SUS16.94 

GrfttftFd. APT0O....! 

l....^ i _SUS*0S 

it] E 



Kcrsclcx Inll 

Kej-selex Europe. - 
Japan Cth Fund.... 
Keyselex Japan . 
Ccol Asset. Cup . 





7 19 

a 3b 




m ji; 







Warbarg Invest. MngL Jrsy. Ltd 
1. Charing Croai SL Helier, Jsy. Cl 0334 73741 
CMFUd. April SV-pUSUH 12E71 . — 

Cin Lid Apri 1 27.... Hi 35 12.6*1 — 

MeslrTsLAprilaO BI*4 lira — 

TMT April 13. .. .BV5355 9CT . . .. — 

TlSTUd April 13..1S.79 9«j - 

World Wide Growth Management^ 

10a. Boulevard Royal, Lu+emhourg 
worldwide cu* Fd| si;si407 i-fi.lnf — 


4 70 

>X1. U dV 1‘Kgl 

Muum Court, __ _ 5011 tbTSB General J452 4341+021 

High Street, Windsor. 

Life Inv. Plans ..|660 

Future Aud.GUX bi 
ReL Asad. Pms_ 
Flex. tar. Growth— 

104.0 W 

Windsor 88144 
716! -. 


| G.T. Unit Managers LldV 

18. Finsbury CtreasEC2U 7DD 

G.T. Cap, tag Bll 

Do. Aec EM4 

G-T. lae. Fd Ca- Il*2 7 

GT.U.S. Jclien 60 4 

G.T. Japan & Gen. -B77.9 
«ffl. PerxEr Fd — 0334 

G.T. |ol*L Find U0.6 

GT. Four Yd*Fd__ J539 

G. ft A. Trust fa) fg) 

5, JUjImgh Rd. B r e n two od 
G.iA (3L5 

»0j +p.a 
104* +09 
1730 +17 
1524*1 +2J 

117* +2i 

Nelstar 1*1.8 UMs0.« 4» . . 

Nehaar High Inc (504 5Jq +0.^ |U ,|„ TSH Income. . 

For New Can" Managers ltd !*■’"? 

cep ftatbsebild AadHSol ' 

Norwich UniOB iKirsKe Grcmp rb) fljjj , 

O1038BU1 PO. Box*. Norwich. SRI 5NG 00022200 3 


2-1 Q 

GroupTsLFd. .-13402 3582} +L4| 49* 

Pear] Trnst Managers Ltd (aXg)fz> 

War! nq Street. Pelia>i 
• hal'lMer I ; row-ill . |37 9 

4071+0.11 5 05 

SCHigb Hoibom. ol -we *441 ^ n *^ Trust Account ft Mfimi. l,id. 

4« Kin+WillinirSl ECJItOAK' 
49* Krmr+H+V Klim) .11490 
*y« UtelerGrth Fml (28 9 
4 78 Im Amin* 1335 

4?B Wider Growth Fund 

^rteraa^oa 811^tamialnSL.ldmK|«»cr _08UB85«S SiSi'lft!]!. ^ 2%** 

3LW+ft2] 409 Pelican Units — _(8I5 B-M +0*| SJ£ Accum. l uits_ (335 

Pearl Growth Fd— 

Accum Units — 


FaariUaitTsL — Bfl 

i Aceum L'ahii n*0 . 

Pelican Units Admin. Ltd. (gXzi 

uKheoter 061-3381 1K 

_|8I5 B*d+96) SJ0 Accum. Units 1 

•*! 4234051 

1:1,1 -|«9 0 157 « ...1 4 32 

Bl J IS 



--.J 4-42 

Prices do dm include i premium, except where Indicated 4. and are in pence unless otherwise 
indicated l leids % (shown in last column I allow lor all bumuc expenses, a Offered price* 
include all expenses b To-day's prices, c Yield based on tJIr-r price, d Estimafed. k Today’s 
Opening price- n DistnbuiloD free of UJC. taxes, p Periodic premium liunnnce plans, t Sio*2d. 
Pl SS ,un, J tasurnnee « ORered price inrlpdcs all expeasn except afiem’s cmnmisaon. 
y wierod price includes all expenses U bought thrweb roan a* era x Trrriaua day's price. 
V Not of lax on realised capita! eaios unless i.ldlcaied hj *. 9 Guernsey gross. $ Suspefided. 
♦ \jeld before Jemey lax. t Ex-oubdi vision 

LG. Index Limited 01-351 3486. Oct./Dee. Rubber 55A-56.L 

29 Lament Road, London, SW10 OHS. 

1. Tax-free trading on commodity futures 

2. The commodity futures market for the smaller investor 

Royal Exchange Ave_ London EC3V 3LU. Tel.: 01-2S3 1101. 
index Guide as at 10th Kay. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 328.00 

Clive Fixed Interest Income 113.80 

CORAL INDEX: Close 4SC-491 


Property Growth 

Vanbrugh Guaranteed SS°£ 

r Addr"s.a Ehawn under Iii^urjaCT and Property Runj TaMc. 


Lei-nttl'.ir nip 

ip:-nej hwt. ap 
UlMxi Hip 


111 ' *0 

Marline ltrp 

FINANCE. LAND-Continued 

High lire 

1 » 

2 Cl S.1|U.3| 

Rtponal Prop 


Motors and Cycles 

30 { 20 jBriLLe>land50p[ 25-w ! ... .1 I _ l _ 

^ PS w k iv 

53 37 LOasCVurlOo. 48 _ _ 1 

7 5|a RriaantSftr.5p_ hi- _ _ _ 

93 biii RnUs-RmaMta . 53 .... ttcif, uy P, 

U 4 «l 7 «‘ Volvo KriO — £Mu „ . Qiy>. 5 

120 82 
63 49 

lJij 9 
77 S7L 
73 55 

. Commercial Vehicles 

EJLF(BW«5»- 107 h217 64] 31 53 

Fodepsi 50 pt--- 58 -1 3325 5.7 0 5 i 2 ji 

Peak Invests lop 9l 2 .... *05 2.9 16 ' 

Ftauaa 77 .... H33 33 6S 6 

Yorit Trailer LOp 63 . . d 21 fl 53 4.2 57 , r , 

I j 4 j 30 | Winston Eos_ 

Components | 

High Low 

55 IrJSSI 

1.27 ( 1-5 1 6 0[17.2 


75 I 69 

t4.61 1 4.71 2.7| 8.7 


.i!?» 4 1252 lBnLftCom 

Garages and Distributors 

I 79 1+3 1435 I 32 1 8.3t 5.7 

1B.42 1 4.1! 4.71 7 9 

MeneyDk. Lmtt 

kQHwrl Docis£J- 

Duttan Forshaw 


PlMicComl Hip. 

Randal! Jl. lup 



Salic Law 2Cp 

Solhcbi f‘B. 


172 1130 1Am*.Nw*. 1152 U. 1 45231 4 Jl 5.21 7.1 


Yule Otto lOp. 





High Uw 

MINES— Continued 

I I lr arj Dn. I JVM 

I $UKk [ Price 1 — I Net ICvrlGf* 

1450c ! 131:31 



45c 14 3 2 



| 7 * 


Ramson & Sons - 






. I 315 I ...:.. I 4.4 119.01 2.11 IS 

South <Yt*v lop 
Shn Malayan SVI! 
Supreme lorp SMI 













30 , 


em-Coufulaie- 1 54 ul 
erfYdJnx.lOp. 24 | 
oattt reams ...I 51 

Romney Trust. 


Grand Central lOp 



18 ij 


238 [...:. It4 2 

M 1.96 

30 1 1 


211 . 




Investment Trusts 


EstsProp Inv 
Emits Leeds 
fiumwEsfc Ife 


83 i 68 IPeacbq 



£ 4 

■f H 

4 5 

Q7c 1 9 | 22 

t l'«ifn Mtwrwtar indicated. prion and «t dividend* an id 
1 pence add dcnnnl nation* are sap. Eitunated price/rornUiiu 
i taUo* and cvrere are hoed «u blcxt Etnnol reverts Mui account* 

; and. when p— ifl rfr. are updated an half-v rarlv tlcnrea. riEa an? 

' calculated no the haala of net dt«ri button; bracketed figure* 

' Indicate 10 per c ut. nr aw difference if calnlKed an “b 11 ~ 
dfatrtJmtJMi. Oners are bued on 1 -maximum" dlBtrflKUMn. 
Yield* are based an middle price*, are grot*. adinated la ACT af 
I M per cent, and allow (or valor of declared disuUmtloa* and 
I rights. Securities with di-naml nations other than sterling am 
i quoted ladwltr of the investment dollar premium. 

A Sterling denominated securities which include investment 
dollar premium 

• ■Tap" Stock. 

* Highs and Lows marked thus have been adjusted to allow 
lor rights Issues /or cash. 

t Interim since increased or resumed 

* Interim since reduced, passed or deferred. 

Xt Tax-free to non-residents on application 

4 Figure* or report awaited 
ft Unlisted security 
6 Price at time of suspension 

9 Indicated dividend alter pending scrip and or rights issue: 

cover relates to previous dividend or forecast. 

** Free of Stamp Dufy • 

4 Merger bid nr reorganisation in progress 
4 Not comparable 

4 Same interim reduced final anrt'or reduced earning* 

4 Forecast dividend: rover on earnings updated by latest 
interim statement. 

J Cover allows for ronvervhin of shares not no* ranking lor 
dividends or ranking only lor restricted dividend 
4 Cover docs not allow, for .'.hares which may also rank for 
dividend at a future date No P.E ratio usually provided. 

V Excluding a final dividend declaration. 

♦ Regional price. 

1 No par vnluc 

a Tax tree h Figures based on prespeems or other official 
estimate c Cents d Dividend rate paid or p*> a hie on part 
of capital: cover based on dividend on full capital 
e Redemption yield, f Flat yield, g Assumed dividend and . 
yield h Assumed dividend and yield after rrnp Issue. 

) Payment tram capital source’ V Kenya, m Interim higher 
than previous total a Rights urne pending q Earnings 
haaod on preliminary figures r Australian currenej. 

■ Dividend and yield exclude a special payment t Indicated 
dividend- cover relates to previous, dividend. FE ratio based 
on latest annual earnings, o Forecast dividend, cover baaed 
on previous year * earnings v Tax tree up to 30p in tbe L 
w Yield allow* for currency danse j Dividend and yield 
baaed on merger terms 1 Dividend and yield include a 
special payment Cover does not apply 10 special payment. 

A Net dividend and yield. B Preference dividend passed or 
deferred C Canadian. D Cover and P.TS ratio exclude prof its 
of UK. aerospace subsidiaries C Issue price F Dividend 
and yield based on prospectus nr other official estimates Tor 
1977-78. G Assumed dividend and yield alter pending scrip 
andior rights issue. H Dividend and yield based on 
prospectus or other official estimates for 1CT6-7T. K Figuren 
based on prospecrus or other othrla) estimates for 1 OT 8 . 

If Dividend and yield bated on prospectus ur other official 
estimates for 197B N Dividend and yield based on prospectus 
or other official exfimalga for 1D7P P Dividend and yield 
based an prospectus or other official evumales lor 1877 
Q Gross. T Figures assumed l' No significant Corporation 
Tax payable. Z Dividend iota] to date ft Yield bated on 
assumption Treasury Bill Rale stay* unchanged until maturity 
of suck. 

Abbreviation.' dev dividend: eti scrip issue, c et nght*: a ex 
all; d e* capital distribution 

*■ Recent Issues ” and ■* Rights ** Page 22 

This service is available to every Company deait in on 
Stock Exchanges throughout the Coiled Kingdom lor a 
fee of £480 per annum for each security 


The following is a selection of London quotation* of - hare-. 
provtiniFly listed only in regional marked Prices erf Irish 
issue*, most of which are not officially listed in London, 
are as quoted on the Irish exchange. 

750 [Pres Brands* 
582 I Pres SlevnWc 
Si Helena Hi . 

Albany Inv ZOp 23 
Ash Spinning .. 45 

Bertara- ... 22 

Bdg*wtr. Est 30p 270 
Clover Croft . . 22 

Craig It Rose!! 420 
Dyson ( R. A. 1 A 41 
SllLs&McHily 62 
Evens Krkliip 57: 
Evered 15 

Fife Furge 50 

Finluy Pkg 5p 19' 
■iralgShip Cl 140 
Htgiom.hD.-A 82 
t.ri m stm £1 147 

Holt iJu!- 'i'-p 250 

X’thn I'.old.milti 55 

Fearre<i II . 150 

I'eel Mill.- . 20 

ShoffieM Knvk 43 

57 ft 

250 -8 


20 ... 


Sheff Befrvhm 
SindnUiWm. 1 .. 

1 Coni 9“» '»i B2 
Alliance Ga* .. 
Arrtctt . 

CarrolivPJ * . .. 
Clbadaikin ... 
Concreie Prod* 

HciloniHldg* 1 
Ins. Coro . . 
Irish Ropes 


Sunbeam ... 

T.M <1. . . 


Rand London 15c. 


3 -month Call Rates 

luduMrtals l.t’.i J 23 Tube Invest 30 

A Brew 6L -Imps ’ 7 Unilever . . 40 

A. p Cement . In I r.L .. 20 Utd. Drapery 7t' 

B. Sh. 9 IniwesL .. 7 Vickers, l£ 

Bahcock ... 20 KCA ... .5 Wool worths-.. 6 

hare lavs Bank 25 l^dhroke. ... ■ 17 _ 

Beecham 38 Legal Alien M Pkupeny • 

Boot* Drug. 15 Lex Sen ice.... 7 BnLLand 3 L 

irr 11 » f 1 

Button 'A' 13 Luc**ltid & 25 

Cadbury* . 5 Uunv.i 1 L3 1 

faeS”?* L Samuef^rops!. 10 

Bat 24 -Ldrsv 5 

British Oxygen 6 London Brick -5 

Brown .J a .. .. 20 Lonrho 7 JJJJJK „ 

Burton 'A' 13 Luc**lnd& 25 vrP-ir ' 

Cadburys . 5 Uunv.i 1 . 13 p««rhii.. 

Courtaulsfs . 20 'lliUE.;".. . ... 7 ^m^efL^ 
Debenbanti .... 10 Hrla-tSpner U tSSSL?1i 5^' 
UtsUUero .. 13 Midland Bank 25 i0Wn “ c W- 

Dunlop E; NJE1 20 itti. 

Ea^ie Star. 11 Nut. WgR. Bank. 22 - 
EMi..., 19 Do. Warrants 10 BnLFebtrijian 

Gen Vccdent 17 P*ODfd 10 BurmahOU 

Gen ElecLic . 18 Plemev .. 9 Chartertudl 

(Jlavo . 40 H H.M. .... - 5 M»!l 

Grand Met-..- 9 RankOrg.'A'. U Lllramar. 
GILS. •A 1 . .. 13 Reed Inti. M 

Guardian .. . 18 Splllers .... 4 

G K N ., .22 Te^eo - ... 4 Charter Cons 

Hawker Sidd M Thom... . 2? 



Ulaxo . 
Grand Met... 
'■ U-S.-.A 
Guardian .. . 

SlflBaUfSSk S Town^Cily... 

EijlN^J 20 oji. 

11 Nut. Wen. Bank. 22 „ “ 

13 J Do. Warrants 10 gnLPrtnrienn 

9 Chart erhall . | 3i ; 

5 Shell 2rf 

18 L llramar. . 22 | 

l 4 Mine* 

Hawker Sidd 

4 nran 

Charier Con*, 
g Con* (fold .. 

ItoustwiFrajer J W [Trual Housw.| 15 iRIoT.Zinc .J 

A selection of *'ttions traded is given on the 
London Slock xrfvcluuige Report pace 

I- 26 

City Offices 


01 236 7831 

Saturday May 13 1978 

Head Office: Hj^h Street Stanton 
B023 1DM Ta:07bd«tf5l” ; 
London Office 81 HWsttetotf- 
W.OT-242SM7, - 


Alarm at EEC concession 


in the 

to Portugal on textiles 

Equities ignore 


the bad news 



TOM PRENTICE. Chairman of 
Harrisons and Crosfield. this 
week announced what is probably 
the biggest merger ever in the 
plantations industry- The com 
bination of Harrisons and. Cros- 
fields and Harrisons Malaysian 
Estates will create the third 
largest plantation group in the 

It is a product forged in the 
fires of financial attack, press 
criticism and political pressure. 
The attacks have been made by 
other companies wanting to buy 
up parts of the H and C's plan- 
tation empire. The criticisms 
have been of the maze-like cross- 
holdings within the group and 
the way that H and C controls 
companies while having only 
minority slakes. And thp pres- 1 
sure, perhaps most threatening , 

A MAJOR threat to the tough 
line on. textile imports from third 
countries, secured by the EEC in 
the recent General Agreement on 
Tariffs and Trade multi-fibre 
arrangement negotiations, has 
emerged following a decision by 
the European Commission to 
recommend significant conces- 
sions to Portugal. 

The Commission, in a note to 
member states, has indicated 
its intention of accepting a 
request by Portugal for an easing 
in the limitations imposed on 
Portuguese exports to the Com- 
munity of certain products, in- 
cluding cotton yarn and cloth, 
and spun man-made fibre cloth. 

The three form part of a group 
of eight highly sensitive products 
on which the Community 
demanded and obtained absolute 
ceilings on imports growth from 
all sources in the multi-fibre 
arrangement talks last December. 

Addressing the British Textile 
Confederation in London yester- 
day Sir Peter Carey, Permanent 
Secretary at the Department of 
Industry, admitted his concern 
and said that Britain would mam- 
tain entinuus vigilance “to 
ensure delivery of What was 
promised last December." 

A complication is that Portu- 
gal as a Mediterranean associate 
was not expected to reach a 

multi-fibre bilateral agreement 
with the EEC but was asked in- 
stead to agree to an undertaking 
that would place it broadly on 
the same footing as other main 
exporters and put similar re- 
strictions on its import of sensi- 
tive products. 

The Portuguese have been 
reluctant to agree to an under- 
taking of this nature, however, 
and it is their couruer-proposal 
asking for concessions which the 
Commission has now apparently 

Apart from the three highly 
sensitive products on which the 
Portuguese want increases the 
package also includes proposals 
for extra growth in other product 
areas although this is balanced 
by the offer o£ reductions in 
other products. 

The Portuguese have argued 
for more lenient treatment 
because textiles and clothing 
represent a major proportion of 

their economy and unless 
increased access is given to 
their industry employment will 
be threatened, undermining fur- 
ther the country's still shaky 
democratic system. 

Britain's concern over the con- 
cession is all the greater as the 
U.K. has since the days of EFT A 
been by far rhe most important 
market for Portugal and would 
probably be the main target of 
any further increase. 

The U.K. textile industry has 
been warning since Lbe multi- 
fibre agreement was signed that 
the arrangements covering the 
Mediterranean associates repre- 
sents a weak link. 

This is turning out to be a _ the early 3970s and its return 

punch ball martai: however rose g.4 to 488.3 “ n “ ssel f 

hard it is hit. the market comes pares, with a figure of 0.54 per 

New bid to curb dairy surplus 

The recommendation has 
already caused considerable 
alarm in the U.K.. with fears 
that concessions to Portugal will 
almost certainly be followed bv 
requests for similar treatment 
from other countries including 
Spain. Greece and Turkey, and 
the main Far East exporters. 

The cumulative affect, the Lex- 
1 tile industry believes, could be 
to undermine the much more 
stable conditions which the Com- 
munity's tough stance in the 
multi-fibre talks was designed to 

Although the matter is 
officially only being considered 
by the U.K. Government. 
Ministers ore expected to take 
it up urgently in Brussels. 

The Commission's actioa is 
likely to be discussed at the next 
Council of Ministers meeting on 
June 6. when Britain seems likely 
to press for a reversal of the 
Commission's recommendations 
as being in breach of the Com- 
munity’s policy. 


BRUSSELS. &lay 12. 

begin a major review of the 
European dairy industry in 
Setpember in an attempt to 
curb over-production following 
the failure of the annual farm 
price review to tackle this 

The price review, which was 
finally agreed here early this 
morning, ended by awarding 
farmers their lowest average 
price rise since Britain joined 
the Community — 2.25 per cent. 

However, price rises awarded 
on products chronically in 
surplus — beef, sugar and milk 
— are llkejy to aggravate over- 
production now one Of the 
major problems in EEC 

Mr. Finn Olav Gnndelach, 
EEC Agriculture Commis- 
sioner. said to-day he was 
“extremely content" with the 
overall results of (he agree- 

The approval of a big pack- 

age of aids to Mediterranean 
producers was an “ historic 
breakthrough ” indicating an 
acceptance of the need to 
eliminate the vast economic 
disparities between different 
regions of the Community, he 

He expressed disappointment 
(hough over the lack of sup- 
port from Ministers for the 
Commission’s efforts to curb 
returns to farmers on surplus 
products- Some Ministers had 
treated the negotiations as a 
football match, proudly an- 
nouncing at the end how many 
goais they had scored and how 
they had aU won. 

“Those who would hate 
supported us appear to have 
had other things on their 
minds, such as milk marketing 
boards," he added in a 
reference to the fight pul up 
by Mr. John SUkin, the British 
Agriculture Minister. 

John CheiTington writes; As 

far as British farmers are con- 
cerned the intervention and 
other support prices will rise 
by about 10 per cent, due to the 
effect of the review and of the 
devaluation last January or the 
“ green pound ” — the exchange 
rate used to convert common 
prices into .sterling. 

These arc not fixed increases, 
being dependent to some extent 
on market conditions. The 
target milk price to producers 
is theoretically supposed to rise 
to lL56p a litre from 10.18p 
hut the milk Board expects it to 
rise to about I0.3p from 9.9p. 

Mr. Silkiu, while claiming 
the result as a great victory'’ 
admitted that there were pos- 
sible price rises on the way to 
the consumer. Butter could 
eventually cost up to 9Ip per 
pound more, cheese 4-p while 
sugar, pork, bacon and bread 
will go irp by smaller amounts 
— the last three because of 
rises in the cost of cereals. 

bouncing back for more. A 
week ago equities brushed aside 
a 14-point rise in Minimum 
Lending Rate, and though share 
prices faltered early this week, 
they soon overcame Tuesday's 
shock news of a 3.1 p« cent. 
rise in the banks' eligible liabili- 
ties, and moved .steadily ahead 
despite a further nasty surprise 
on Thursday when the Bank of 
England confessed it had been 
too optimistic in compiling its 
money supply sums. So the FT 
30-Share Index has advanced a 
further 6.S points over the week; 
and with second line stocks 
moving faster than the leaders 
the FT-Actuaries All-Share 
Index actually reached a new 
1973 high last night 


420 -Share 

4 ' 






™*“ cent, at Citicorp, for example. 
Last year the bank earned 
Sll.3m. compared with $25.Qm. 
80 in 1974 and NatWest j s 
obviously hoping that it will be 
able to benefit from the sub. 
76 stantial recovery potential. . 

In the long term the deal 
'could well make a lot of sense 
72 for NatWest but in the short 
term it is bound to accentuate 
the pressures on the balance 
sheet. NaiWest has the lowest 
68 free equity ratio of ail the dear- 
i . ing banks and the $64m. of good. 

will thrown up by the deal will 
64 - push' it still lower. The group 
plans to finance the deal through 
_ borrowings initially, but another 

moex actually reacnea a new ^ rights issue not be l00 

1973 high last night far a wav 

IT n ,itfcn.,oh tho Nat-West's 8300m. bid for a 75 Iara ' va y- 

infa v£m » f lire taE m talSt".™ 

us - Ration by a u.K bank Stock Exchange 

monetary news with some spirit tk T ■ •*.. 

The intriguing point is that long , t - p wSvest since There are four timer as- many 

yield* refuse to go above 13 overran words in this year’s . annual 

per cent., and yesterday buyers merger just over Ten years rep(jrt from the stock 

were nibbling at the long tap 

as there were four years ago. 

Tom Prcniicc 

nf all. is the Malaysian Govern- 
ment's desire io see most of the 
economy in local hands. 

Thr* purpose of the merger 
with HA1E. mming as the climax 
in a succession of other hard 
fought bids, is to plug the last 
major cap in H and C's defences. 
Early m 1977, three Malaysian 
satellites were combined, in face 
of vociferous opposition, to 
create Harrisons Malaysian 
Estates; a bid for one of the 
satellites. Golden Hope, being 
fended off in the process. Then, 
last Autumn. Maluyalam Planta- 
tions was bid for and H and C 
came in with a successful, if 
expensive, counter-bid. It fol- 
lowed by acquiring Harcros 
Investment Trust, again despite 
opposition, and most recently it 
fended off a bid for another 
associate. London Sumatra i 

It will make HME. the jewel | 
in H and C's crown, a subsidiary! 
instead of a vulnerable associate, i 

The man in charge of fighting 
these bailies has been at thei 
helm for less than a year. As, 
well a* fighting takeovers, he has j 
had in take the fundamental I 
decision to turn back the cluck i 
on H and C's diversification pro- 
gramme. Rarely can a company 
chairman have had such a 
baptism of fire. 

His, background would not 
have suggested it. He has had 
little experience of the City and 
still less of the Pres< However, 
he does know Malaysia. He 
spent UO years living in a rather 
remote part of it. 

Gilts 87% of Exchange trading! U.S. arms 


NO LESS than 37 per cenL of 
the turnover on the Stock 
Exchange last year consisted of 
trading in Government securities. 
Mr. Nicholas Goodison. the chair- 
man. said yesterday. He was pre 
renting the report and acrounls 
for the business year to March 
24. in which the Stock Exchange's 
operating surplus increased four 
fold to £4.66nt. 

Mr. Goodisun was again critical 
of the way Government debt was 
dominating the British capital 
market He pointed out that U.K. 
and Irish companies had raised 
£lbn_ through the Stock 
Exchange In 1977 but that this 
had been “swamped” by the 
£13 bn. raised by Government 

He blamed the Government 
for holding long-term interest 
rates at a level that put long- 
term borrowing out of reach of 
Industry. “Government is not 
constrained by the need to make 
a profitable return on the 

money.” he said. Long term 
rates had barely fallen below 12 
per cent, -and were now headed 
up again. 

“ People in Westminster think 
we are a casino in company 
shares: they do not believe me 
when I say that we have become 
a market in gilts," Mr. Goodison 
said yesterday. 

The Stock Exchange's annual 
report shows that, whereas gilt 
trading accounted for a tittle 
over half of exchange turnover 
at the beginning of 1974. the pro- 
portion was often 90 per cent, 
last year. Issues through the 
“ tap ” system are the main 
reason for the high Level of the 
gilts turnover figures. 

Mr. Goodison reserved particu- 
larly strong words for the plight 
of the British private investor. 

“ The saver who puts his 
money where we ail want it, in 
industry and commerce, is taxed 
most harshly. I sometimes 

wonder what has happened to 
British common sense," he wrote. 

British common sense," he wrote, 
observing that “there is now 
reason to hope that the crazy- 
inequality of tax treatment which 
the individuai investor has 
suffered over many years is 
being relaxed." 

The marked increase in overall 
turnover last year was the main 
reason for the improvement in 
the Stack Exchange's income in 
its last business year. The Ex- 
change’s revenues are directly- 
linked to the amount of business 
done by its member firms. 

The Exchange continued its 
recovery from three years of 
losses which ended two years 
ago, and raised its surplus from 
£Um. to £4.66m. This surplus 
enabled the exchange to pay off 
debts incurred in its recent burst 
of capital investment and to 
achieve a surplus of current 
assets over current liabilities for 
the first time since 1973. 

vote angers 

By Our Foreign Staff 

yesterday to the vote of the U.S. 
Senate Foreign Relations Com- 
mittee against ending the 
American embargo on arms sup- 
plies to Ankara. 

A senior Cabinet Minister said 
that Turkey would dismantle all 
the U.S. bases on its territory 
and end what he called the 
“ special relationship " with 
Washington if the embargo 
remained in force. 

In a major setback for the 
Carter Administration the com- 
mittee narrowly rejected a pro- 
posal backed by the President to 
resume supplying arms to 

Exchequer 12 per cent 1998 al- • NatWest has been known to This new and more voluble 
though the Government Broker be looking for an American Stock. Exchange has more to say 
is not yet thought to have sup- acquisition for some time to about the economy and much 
plied any stock to the jobbers, match uj/ to its international mor e to say about itself. Beyond 
The authorities’ tactics in ambitions. In fereas of size the a detailed description of the 
the gilt market appear to have National Bank of North changes " in the Exchange's 
been, first, to get all the bad America fits the bill nicely. It systems and finances, the report 
news out of the way (hence has assets of $3.Sbn. and 141 tells of the Council's efforts to 
the surprise money supply branches. When lumped to- justify the principles of the 
statement on Thursday) and gether with NatWest’s existing Stock Exchange to the outside 
secondly to drop broad hints U.S. business the combined world. It also tells us of some 
that Mondays’ trade figures group will have over S5bn. of critical self-examination, 
will be reasonable. So next assets. On this basis- it will th(? Wi , son Coramit rac, 

week the Government broker rank among the top 30 banks t |j e Trading and 

will be selling stock hard, with in America; for comparison, ^ Council for Securities 

a new short tap available from Lloyds Bank California has industry together with a 

Thursday. assets or 91.* bn. greatly increased political ex- 

A lot of institutional liquidity Size apart, the attractions of posure — have been taking up 
has been slopping around, the deal are less obvious, the Council's time, there has 
helping to sustain the equity Clearly. NatWest is being asked been a lot of work inside the 
market, and no doubt a large to pay a very high price for the Exchange on Traded Options, on 
amount can be now siphoned off privilege of securing a signi- the Talisman settlement system, 
into gilts if the authorities sue- Scant base in America. A price on disciplinary procedures, and 
cecd in creating the right con- tag of $300m. compares with an on computerised information 
ditions. But on a slightlv longer adjusted net worth of Sl83m„ systems. .It has been a hectic 
view the signs of monetary and attributable profits are just year and it is perhaps indicative 
excesses which have been SS-4ra. so NatWest is paying that no less than ten Council 
emerging this week are far something like 36 times earn- members, about one-fifth of the 
from encoura'in'* A stock bigs. It is hard to find compari- total, have decided not to seek 
marker buoyed up by an ex- sons. Standard Chartered re-election, 
cessive growth of money supply °j* ered ro “ s ]? ly _} h * valent At least the Council was free 
t sterling M3 seems to have been of net worth for Bancal Tri-state of financial worries last year, 
growing at an annual rate of last year, but this bid failed. Bumper issues of gilts and the 
near 25 per cent, so far this Back in 1974 Lloyds paid 511am. peak Q f the bull market in 
year) must be vulnerable to a i° r _ a f ar . n f equities boosted the trading 

future tightening ol credit. * 0 - 3m - f nearl ? l } 13 .» ., e volume on the exchange and 

some time before NatWest s with it the Exchange's revenues. 
NotWact «rrw>c Woct acquisition covers its financing j n the Exchange’s business year 
[Names* goes nesi costs. to March 24 the number of bar- 

The National Bank of North As it stands, National Bank of gains per day was 23,312, up 
America does not have quite North America is not parti- from 19,297 a year earlier, with 
the same cachet as the Bank of cularly profitable. It was hard the bulk of the increase taking 
America but by any ■ criterion hit by the real estate crisis of place in the equity market 

NatWest goes West 

The National Bank of North 

Aurora bids £11.4m. for Osborn 



Born and bred in Scotland. 
Turn Front icc joined Ihe Terri- 
torials in 19X9 at the age of 20. 
He served most nf the war in 
the 79th (Scottish Horscl 
Medium Regiment of the Royal 
Artillery in the European 

He sot his job with H and C 
through a newspaper advertise- 
ment. but his Scottish background 
was probably a help in an indus- 
try which has .so many of them. 

He spent the next two decades 
in ihe jungles nf Sabah, a remote 
part of Malaysia not on the 
peninsular itself. The mam busi- 
ness there was culling ■ down j 
limber and shipping it out to 
linns Knng at first and later ail I 
over the World. In the second] 

half wf his slay there he was 
in charge nf creating a new palm 
ml nlantatinn. On his return to 
head utT'ice he was given a roving 
brief and in .luty last year be 
became chairman. 

His merchant bank. Baring 
Brothers, is full of praise for 
hnu- he has adapted to ibe City 
after spending >0 much of his 
life shoving logs around Fan- 
dakan. Prentice makes a policy 
nut of adaptability, in contrast 
to most of the old planters who 
try to resist all attempts lo drag 
them into the post-war world. 

But Prentice has much of the 
stamp nf the canny old Scot 
about him. He speaks cautiously 
and works in offices of which a 
latter day Scrooge would not dis- ; 
approve. And he is utterly i 
determined. j 

tn meeting criticism of how 1 
H and C treats minority- share- 1 
holders he sometimes says. “We] 
nave nur own shareholders* to 1 
cup si dvr too." And. while keep- j 
inq to the letter nf the City Take- j 
over Code. H and G may have : 
sivrn the impression of leaving I 
tin* spirit to look after itself. I 

"We will slick tn nur last."; 
he says. A lough nul ot the old' 
sort* j 

launched a £ 11.4m. “ take-it-or- 
leave-it ” bid for Samuel Osborn, 
the special steel group. 

The Sheffield bid battle had 
been expected since Aurora 
picked up 29.5 pec cent, of 
Osborn in u series of surprise 
sorties in February. 

At 9.30 a.m. Aurora announced 
that it was uttering 103 of its own 
shares for every 100 Osborn, or. 
alternatively, 100 p in cash for 
each share. The cash alternative 
is underwritten by Rothschild 
merchant bank and sub-under- 
written by Panmure Gordon and 
a consortium of institutions in- 
cluding the National Coal Board 
pension fund, Electra Investment 
Trust. M & G group of unit trusts, 
and ITC Pension Investments. 

The offer carriers firm warn- 
ings that the terms will not be 
revised and that the cash alter- 
native will be withdrawn after 
the first closing date. 

By 5.30 p.m. Rothschild, as 
Aurora's financial advisers, 
announced that it had bought a 
further 15 per cent, of the shares 
in the market, bringing Aurora's 
bolding to over 44 per cent. 

In the meantime Osborn's 
directors, who together with 
family interests control 25 per 
cent of the company, were call- 
ing the bid ** inadequate .and un- 
acceptable " and advising share- 
holders to take no action. 

Just a week previously Osborn 
announced that it was not bold- 
ing talks with Aurora. There had 
been several discussions between 

the two sides earlier this year. 

It was the “ negative attitude " 
which Aurora met at those talks 
—during which it had outlined 
“five separate areas for co-opera- 
tion " — that “forced it to make 
a bid." Mr. Robert Atkinson, 



RATHER cold. Fine at first. 

London. S.E~ Cent. E. Cent., 
N. t N.E. England. E. Anglia, 

Showers, sunny intervals. Max. 
I2-14C <M-57F». 

Channel Isle*. .S.W., NAV. 
England, Wales 
Mostly dry. sunny periods, 


cloudy with rain later. Max. 12- 

13C (54-55 Fl. 

Isle of Man, S-W„ NAY. Scotland,] 
CenL Highlands. Argyll, N. 

Rain spreading Crum W. after 
bright start. Mas. 9-11C (4S-52F). 

chairman of Aurora, said yester- 

Last week Osborn unveiled I 
interim pre-tax profits of £Lm., 
down £300.000 on the profits of 
a year earlier. Announcing the 
figures Mr. Bernard Cotton, the 
chairman, admitted that the 
second half was unlikely to be 

On this basis, with the tax 
charge likely to be higher 
because of minimal stock profits, 
.Osborn's shareholders can look 
forward to earnings of little 
more than 5p or 6p per share 
this year. At that, Aurora's 
cash offer represents between 
17 and 20 times earnings. 

The market reacted cautiously. 
Osborn’s shares rose 3p to I00p, 
where they are just below the 1 
value of the share offer. On the ' 
basis of 94p for Aurora (down! 
3p nn the day) the. share offer! 
is worth 101.5p. I 


Supplies were cut off three 
years ago after the Turkish inva- 
sion of Cyprus. The Turks 
retaliated several months later 
by closing all but one of the 26 
U.S. bases on their territory. 

President Carter felt that with- 
out U.S. supplies. Turkey would 
not be able to maintain its com- 
mitment to NATO. There have 
been suggestions from Ankara 
that the Soviet Union would be 
prepared to supply arms instead- 

In West Germany. Chancellor 
Helmut Schmidt promised more 
military and economic aid to 
Turkey to fill the gap iert by the 
U.S. embargo. 

He told Mr. Bulent Ecevit. the 
Turkish Prime Minister, who is 
on an official visit to West Ger- 
many. that he was against the 
U.S. embargo. 

He added, however, that before 
more aid was given to Turkey, 
she would have lo put her house 
in .order financially. 

Mr. Ecevit is due to visit 
Moscow in June to sign an agree- 
ment on “friendly relations and 
co-operation." In its present 
form, the document is merely a 
reiteration of the principles of 
the Helsinki accord. 

' However, a spokesman for the 
Turkish Government said that in 
the present atmosphere the 
agreement could become a non- 
aggression treaty. 

Why all equities? 

paid quarterly 

SchIcsingcr-*’E\traTncomcTrustIsa trustee 
investment and offers one of the highest returns 
currently available from a. unit trust invented only in 
ordinary shares. 

Whilst the managerxcould obtain a still higher 
yield hy including some fixed interest investments, 
such investment-. cannot increase t heir-dividends anti 
also have less potential for eupitai growth. The all- 
equity portfolio of the Schlesinger Extra Income 
Trust, by contrast, maximises the potential for growth, 
of income and capital. 

Quarterly dividends 

The table shows the approximate level of income 
(net of 34“. basic rate taxi you would cxpcci to reech o 
'every 3 months based on ihe current estimated gross 
iyield of 9.68 on the fixed offer price of 30.7pxd. 

Payments are made on March 12, June 12. Sept 1 2 
and Dec 12. starting September 1978. for new investors. 

A current opportunity 

By careful selection of sound stocks including 
attractive recovery situations and welt-researched 
regional equities. Schiesiogers provide a particularly 
high equity-based yield. 

However the recent downward trend in interest 
rates, and the growing relative attraction of ordinary 
shares with very high yields suggest chut such yields 
may not be available 10 new investors indefinitely. 

Indeed, many investors have recognised thc- 
urgency of securi ng the current opportunity by placing 
over £8m in the fund in the twelve months since iis 
inception. Over lhis'pcriod, the unit price has risen 
22% and the FT Actuaries All-share Jndex 35 %. 

Wc therefore recommend immediate investment 

at the current, high rate of return to gnin the potential 
orcapitul appreciation. Your imcbtmcnc should be 
regarded as long-term. 

A fixed price offer 

_ Units are on offcratlhc fixed price of 30.7nxd. 
for investments received by May 24. 

The offer will close before May 24 ifthc actual 
offer price varies by more than 21% from the fixed 
price, in this event units will be available at the pries 

. Remember that the price orunils, and the 
income from them, may gu down as uclins up. 

Blow to Carter, Page 3 













B. Aires 

1 Tair*i 





l£uinb unth 
Oeni't a 


IL K 01 ib 





Y'day 1 

Mu! -day I 

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s 31 »*!. Madrid 
0 in .V Manchsir. 
K 17 61 1 Melbourne 

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* M w Montreal 
C Hi ,10 Moseow 
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F s 16 .Newcastle 
IL aj.Ncw Delhi 
I* la 341 New York 
>: Hi jfl Oslo 
I- 10 So] Paris 
s is 6*1 Penh 
S -11 S*i PraEiic 
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f 1 46 TOUyo 
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f. > sj ’ Vii>n*ia 
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Borders, Edinburgh, Dundee, 
Aberdeen. Moray Firth, N.E. 

Scotland. Orkney. Shetland 
Showers, sunny intervals, more 
general, rain later. Max. 9-12C 

Continued from Page 1 

NatWest U.S. deal 

Scblesingers’ PIMS service 

Minimum invcitnicntmihc fund is £500. 
Invertors of £2.590 or morcwill receive the Schfesmger 
Personal Investment Management Service (PlMSj 
which includes regular investment reports and 
in% imtions to meet the investment managers. 

General Information 

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Outlook: Showers with sunny 
intervals or more persistent raii 









Cap,- TO. 










Is. of Man 




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, Majorca 

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| R bodes 


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F 22 72 
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F 11 32 

As a result of the purchase 
NatWest will control gross 
assets well above $obo; in the 
UJS. The move will bring it 
more in line with the other 
UJK. banks, particularly 
Bari ays and Lloyds, who 
already have substantial retail 
banking operations In the U.S. 

The deal is subject to the 
approval or the authorities in 
the UK and the US, and could 
take several months to be com- 
pleted. it will bring NatWest 
into partnership with one of 
the leading North American 
financial services groups, CiT 
Financial Corporation. 

CIT, which is involved in 
consumer finance and a spread 
of other activities including 
manufacturing businesses, at 
present owns the National 

Bank of North America. 

Agreement has been reached 
in principle for NatWest lo 
acquire an equity stake of just 
oyer 75 per cent in the New 
York bank for a cash price of 
about S300HL. adjustable for 
any change in shareholders’ 
equity after the end of March. 

At present CIT Intends to 
retain Its remaining sharehold- 
ing though NaiWest will have 
first refusal If CIT wants to 

To: 5chI«ingrrTnirt Managers Lui, 

I South Street, Dorking. Surrey. 

Weekend mid Emins Aiuaphate Td. Horkba:^306]S€4.41 

| r wish f o invest S 

_ (minimum £ 500 / ’*“* - 

I in ihcSeblesingcrEsIralnanncTnot at Uie fixed priteoT 

_ 30 . 7 n xd. 

I declare UutI am Wtt reside nLouudde ihe Scheduled 
Territories and that I am not ociiuirine the wilts ax * nominsa 

cn any pcr«jnrc-,idcnltiul>idcihcTinTiLOTies.(lfiiMxam 

Unable 10 make Urn do. Li ration. K should he deleted anil this 
applKauonlorm should then be knlert throu*b jour U.K. 
tajrtk, stockhrohcr or wltciiorb M inorc cannot he regiilcred, 
but accounts dcsigoaUil with llicir initials will be accepted. 

I wish to have my dividends re-invested 

: irma5 fleam) 
— da fall) 

I would like further information, including I I 

details of Share Exchange | J 

NatWest intends to continue 
operating the National Bank 
of North America as an 
American bank under Ameri- 
can management But it sees 
scope for major development 
of Its business with the backing 
of the group's International 
branch network* 

A cheque in cncioMjJ in remittance, made payable to 
Midland Bank Limited. 

Signature : — 

tin (he ca'c of a joint application alt must sign. 1 ) ' * *-»'0 

Rcrixtercd ar rho Post Office. Printed hy Sl CtemcOl'c Press far and published 
by i he r Financial Times Ud., Bracken HUM, Cannon Sinter, London. EC4P AilY. 
. j Q. Tin nnanaaLTunna lick. Ufa