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SUMMARY 


[M : " 


general 


BUSINESS 


French and Belgian Union 


ation at 


Meat 

supply 

running 

short 


Britain's meat supply is run- 
ning short. Beef, lamb and 
pork prices are rising; steeply 
and meat traders Tear that 
consumers will stop buying 
unless the Government inter- 
venes. 

The National Federation of 
Meat Traders has called for a 
clampdown on export.*' of beef 
calves. Big sale* ~io French 
bidders have poshed up prices, 
leaving only' poorer quality 
calves for UK farmers. 

Butehctk also demand that 
some of the Common Market’s 
:*50.000 tonne stockpile of beef 
be released on to the British 
market. Last year. Britain spent 
more than £lbn on meal imports 
and farm animals. Back Page. 

Airport guarded 

More than H.000 riot police 
guarded Tokyo's ICarita airport 
las! night on the eve of its much- 
delayed opening. After years of 
hlnodj clashes by protesters, 
there were fears oT renewed 
\ iolencc. Page 2. 

Moro charge 

Italian police last night took the 
first >iep towards charging a sus- 
IHvt.-d urban guerrilla with the 
kidnapping and murder of ex- 
premier Alrto Moro. Enrico 
Triaca was one of ten arrested 
when police discovered two Red 
Brigades hideouts in Rome. 

Ban lifted 

An injunction forbidding the 
1 buly Express to carry pictures 
rind stories i*r **»e\ in chares*’ 
■;irl Joyce McKinney has been 
luted by Appeal Court judges. 

Amoco account 

The chief engineer of the Amoco 
Ta.1i:-. which foundered on the 
Tru-iitjiiy cost. spitting us cmde 
■ i-iirv’u. ycj-terday told a 
t. :: • run inquiry m events h-ad- 
«i; ( : the Liriurc ** if«o tanker’s 

■•ivcroi^ c - .,«* ' i’:; • •• 3 

Repels attacked 

Th«P 1 • ilmn Front 

• • j "i forces were 

.. v * * • :es west of 

Ap . . n .-.it . ’I’tupt to break 
» no . • i here. Attacks 
i, r. \ 1 1, .i :*:i !.-■ >■ been going on 


Equities troops in Zaire : 

fall 10.3, . . , j. _ , 

Gats 44 bodies found 

nervous 


• EQUITIES bad their worst 
session for several weeks. The 
FT 30-share index fell 10.3 to 


BY OUR FOREIGN STAFF 

A major Western effort to evacuate hundreds of Europeans in the war-torn 
southern Zaire copper-mining town of Kolwezi was under way yesterday as a 
French para troop force of about 400 men landed at the airport and in the town 
centre. 


HUtTWEMCH 

5*Kf 

mun 


— HouarfiomuEms 1 - 

tat) BASS CUSE 1 

. _ MAY1978| _ I Vj 

470 1 ■ 1 * • 

15 16 17 18 19 

470.0 amid credit curb and infla- 
tion fears for a decline of 17.7! 
on the week. 

m GILTS feU 0.52 to 70.45. the 
lowest since August. Nervous 
selling was blamed on money 
supply concern. 

• STERLING closed LOS cents 
lower at SL8070 under the pres- 
sure of demand for the dollar. 
The trade-weighted index 
slipped to 6L5 (6L6) per cent. 
The dollar’s trade-weighted de- 
preciation narrowed to 4.89 
(5.05) per cent 

• GOLD rose $1 to $1782 in 
moderately active trading. The 
New York Cmnex May settlement 
pritg was 91ffl.lt (&78.50). 

• WALL STREET Stored 4.07 
lower a t 840.85. 


Belgian paratroopers followed 
the French into Kolwezi to help 
evacuate the Europeans stranded 
there by fighting between the 
Zairean Army and rebel forces. 

Underlining Western fears for 
the safety of an estimated 3,000 
Europeans in Kolwezi and 
surrounding areas, President 
Giscard d’Estaing of France said 
last night that the operation had 
been decided upon after it bad 
become clear that the foreign 
community was in great danger. 

The French Defence Ministry 
said that the bodies of 44 Euro- 
peans were found by French 
paratroopers in Kolwezi. 

The Zaire news agency said 


PORT T 

ftFRANOlUf ft 

Z A I R_ _E J g 

& 

\ S h a ■ b a & 
MlrrSHATSHA 1 1 

'--to^s.KOUIVEZl ) 


ZAHB I ’A 
LUSAKA— 


carrying Landrovers. medical 
equipment and 4u soldiers. The! 
purpose, says the Foreign Office, 
is entirely humanitarian. 

U.S., Belgian and French 
spokesmen have also emphasised 
the humanitarian nature of the 
operation. 

Despite official denials in 
Paris differences seem to hare 
arisen between the French and 
Belgian Governments over the 
best way of conducting the 
operation. 

Effectively confirming the dif- 
ferences. Mr. Leo Tin demans, 
the Belgian Prime Minister, said 
last night: “We were convinced 
on- Thursday that the four I 


the Europeans, whose identities mounted in Africa, or in any nations had co-ordinated their; 

were not immediately known oth e r area outside Vietnam, in policy. “Speaking in a BBC 

were shot yesterday morning by recent past. radio interview', he made it clear' 

rebels, who occupied the town Involved in it are the 1,000- the timing of the French 
last week. strong Second Parachute Regi- intervention had come as a sur- 

lt added tha! it had inter- ment of the French Foreign P™*- . , 

eepied a message from the Legion and some 1.000 Belgian Mr. T,ndemans emphasised, 

rebel leader Nathaniel M’Bnmba paratroopers, with support of . U *-P>te the Tact that : 

ordering the killing of the whites 18 U -S- and four British trans- no *' had nearl 5' twice 

a " d 3 retreat “ t0 Angola, from P° rt J,rcr « ft - W- Shabi ' PrelSS, ““the Fmck 


where the invasion of Shaba The British aircraft left Brize 


nucit Uiu UJva9»i/u wi A utr Dliusu dUUdlL ICIi rtnflr*i1 : nn ic ftf mvitn * 

Province was launched last week. Norton. Oson.. yesterday for ope ^ . 5 of quite 3 dlfferent 
The international evacuation Lusaka, capital of Zaire's Continued on Back Page 
operation Is probably the biggest southern neighbour Zambia, Details, Page 2 

Effect of S. Africa trade 
embargo under study 


i, r. \ II..,: :! ! . - v ' ■ been going on 
7 • ..u c.i; • 

3hutto appeal 

■ m.,-; -i -r I ill* :i (tempi by 

* ; . * ; i . :: ; i:r.v rvuime 10 rid 

• ;t'< ..ir All Bhutto 
f V- :<* •; r;. r former premier 

::i the Supreme 
, . , is death sentence. 


Manhunt starts 

nM. • -.■•■ops have launched 

'n , ■*??:'• m.inhunt in tiic 
■■■.'iiii!.;::: .-lonq Mic nortii- 

.j.yJ!,'. .. : cr with Mozambique 
• : R' «d \Jti.uulist guerrillas 
■ , two Swiss Inter- 

- tuin o i *1 Cross workers and 

[ A:r « ■ ' -iwwtanl. 


^Colonel B ruling: 

f-tt.,.., ....... Fence News and the 

I r\r! .. .I»d the National Union 
, r I,,’, i lists' paper the Joum.i- 

h’,; i- -.-.-•I the intention of (he 
, .air- ■' I'lihli'diing the name of 
.' ,, witness Colonel B.. 

Mie" 1 b la»ttrt roll'd yesterday. 
ji h . !-:-m two were each Sncd 

• Sim :.?i i tlie JournaluL i‘200. 

Briefly - - - 

Hairs h.Mi .Northern Ireland 
- at Wrexham last night and 
ve Scotland in the home 
.-. i n.it.onal championship table. 

, , w . :.,-ujJle were killed yestor- 

• . r Memphis Tennotsee. 
•V ie-.- two light aircraft collided 

id air. 

5m „ Simtapoiv policemen who 
. ,.,■<( each ui her along a busy 

• in-el ill patrol cars were lined 
_-.ni sen amt iMiinetl lor a year. 

t u i- nC' -four ["-onle were taken 
after an *'«1 tanker 
... m nut Of control i:i till- ctultv 
Barnsley. Yorkshire anu 
.; :i;.-!ieil into a bus. 


$200m issue 

• NAT WEST is raising $200m 
on tin- international bond mar- 
kets to help finance its expanding 
foreign business. The- majority 
ul the issue takes the form of a 
12-year floating rale note. The 
bank says the move is not con- 
nected with its proposed 5300m 
purchase of National Bank of 
North America. Back page 

• AUSTIN REED, the meoswear 
retailer, announced a £750,000 
deal to buy Uie main plant of 
Chester Barrie, the suit maker 
which was placed in the hands 
of the Receiver three months 
ago. It will take slocks of doth 
and garments at value. Page 16 

• FRAUD SQUAD police are in- 
vestigating irregularities at 
Schrader Mitchell and Weir, the 
Scutlish hide dealing subsidiary 
of P.arrnw Hepburn. Page 3 

©SANYO, the Japanese con- 
sumer electronics manufacturer, 
will soon consider a plan to build 
a £500.000-£lm plant in Wales or 
Scotland. Page 3 

• PORTUGAL’S application to 
join the Common Market was 
given official blessing by the 
EEC Commission, which recom- 
mended that the Council of 
Ministers approve the opening 
of negotiations as soon as 
possible. Page 2 

• TRADE UNIONS would 
defend themselves with all the 
democratic resources they Muld 
command if forced to fight a 
Cf nservnt i ve government, said 
Mr. Len Murray. TUC general 
secretary. Page 4 

COMPANIES 

9 EVERY READY pre-tax profits 
fell i'3.65m to £25.39m m the 
52 weeks to February 25. Page 
16 and Lex 

• VOLKSWAGEN increased its 
net profit by 24 per cent to 
Dm 164m in the farst quarter 
compared with the same period 
last vear. Turnover rose 14 per 
cent.* to DM 6-Sbn. * >a 6 e - 1 

• TOY'OTA MOTOR SALES had 
current profits S.l 

lower at Y45.5’-bn d 'j*P |t e 
record sales of ' 
t million million) The dedine 
wj-i attributed to *•? rise in the 
yen. Page 21 


BV IAN HARGREAVES AND BRIDGET BLOOM 


MaNY oi Britain's uiggest com- 
panies have been asked' by 
Government departments to 
describe the effects on their 
business of a cessation or inter- 
ruption of trade with Sooth 
Africa. 

Confirmation of the inquiry 
came yesterday from companies 
in the engineering, chemical and 
shipping sectors. The Depart- 
ment - of Industry said it had 
discussed "the economic pros- 
pects for South Africa which are 
a cause for concern at this time 
with a sample or industrial com- 
panies but that this was part of 
its normal sponsorship role. 

Imperial Chemical Industries 
said it bad been approached, in- 
formally an the subject during 
routine discussions with the 
department. GKN said: “We have 
talked about this to Department 
of Industry representatives." 

Other Government departments 
have also been involved in 
questioning industries for which 


they take responsibility. Ship- 
owners. for example, have been 
asked for information by the 
Department of Trade. 

The Foreign Office drew atten- 
tion to a speech by Dr. David 
Owen, the Foreign Secretary, on 
March 17 this year in which he 
spoke of the dangers of Britain's 
heavy economic dependence on 
South Africa. “In view of our 
general policy it is not surpris- 
ing that we might be trying to 
find out more specifically what 
our economic commitments are," 
it said. 

Several companies have ex- 
pressed extreme disquiet about 
the terms and timing of the 
inquiry which has been going on 
over the past few weeks. They 
take it to indicate the likelihood 
of a policy review an trade rela- 
tion with South Africa. 

Whitehall officials last night 
stressed chat such a review is not 
necessarily in band. The most 
recent comment in the Commons 


from Mr. Edmund Dell, the 
Trade Secretary, was in April, 
when he gave an assurance that 
South Africa would continue to 
benefit from normal UK export 
credits. 

Senior ministers last night said ! 
there bad been no discussion of 
(he matter in Cabinet and one 
described ihe idea of such an 
inquiry in the present tense 
situation as “sheer lunacy." 

Any imminent policy move is 
thought to be unlikely, although 
almost a year ago, the Prime 
Minister warned on the anniver- 
sary of the Soweto riots that 
Britain would ultimately have to 
take very difficult decisions on 
South Africa. 

A more critical approach to 
western relations with South 
Africa has also been apparent 
since the. Carter Administration 
began - to change U.S. policy- 

Another important factor is the i 
growing demand from Nigeria I 

Continued on Back Page [ 


Debenhams to sell £40m. debts 


BY JAMES BARTHOLOMEW 

. Debenhams, the department 
store group, has arranged an 
unusual facility to sell trade 
debts of up to £45m to Lloyds 
Bank. 

The facility was announced 
yesterday along with pre-tax 
profits of £2 8.2m (£20.4m). 

including £14.5m profit on 
property sales, for the year to 
January 28. 1978. 

Debenhams has so far utilised 
only £12.3m of the facility, but 
Mr. R. C. Thornton, the deputy 
chairman and chief executive, 
said yesterday that he expected 
about £40m of the facility to be 
used by September or October. 

Mr. Thornton emphasised that 
the terms were entirely com- 
parable' with prime overdraft 
borrowing facility. The interest 
rate on cash received would be 
1$ per cent over minimum lend- 
ing rate, a competitive margin 
when it was negotiated several 
months ago. Tbere had been no 
pressure from bankers to 
rearrange Debenhams' finance. 

The reason for tbe facility is, 
said Mr. Thornton, "merely 
cosmetic in my view." Tbe over- 


draft will be reduced, but effec- 
tively Debenhams will still be 
borrowing and still have to bear 
interest charges. The amounted 
to nearly a third of trading profit 

The need for the “cosmetics" is 
the criticism Debenhams has re- 
ceived over the extent of its bor- 
rowings. In Mr. Thornton’s view 
tbis criticism has been unwar- 
ranted. The new facility will 
demonstrate what good current 
assets the company has. he said. 

Tbe balance sheet has already 
benefited from some treatment 
Before tbe year end, £12.3m of 
debts bad been sold. £l9.5m had 
been obtained from sales and 
leasebacks of properties, and a 
rights is/ue last June raised 
another £22m_ 

Short-term debt bas thus been 
reduced from £50.5m to £24£m 
and total borrowings at the 
balance sheet date were £55.2m. 
about 32 per cent of share- 
holders’ funds. Moreover a re- 
valuation of properties showed a 
£B3m surplus over the £124ni 
book value. 

Stockbrokers said yesterday 
that Debenhams’ problem in 


recent years has been that pro- 
fitability has been insufficient to 
cover fast-growing working capi- 
tal and capital investment 

One reason for the jumps in 
wirking capital was Debenhams’ 
willingness to sell more on credit 
terms than comparable com- 
panies. But Mr. Thornton de- 
fended this policy yesterday, say- 
ing that the interest received 

from customers covered the 
finance cost of giving credit last 
year. 

The capital investment has in- 
cluded a certain amount of 
diversification which has not 
always proved successful. Mr. 
Thornton likewise defended the 
diversification, saying that tbe 
expertise brought into the group 
through buying specialists such 
iis Ham leys, the toy shop, was 
very valuable. But the current 
expansion programme is aimed 
at the basic business of stores. 

Shares oF Debenhams went up 
nn the results until dealers real- 
ised that property sales accoun- 
ted for half the profit. The shares 
ended 7p down at 92p. 

Li-x Back Page. Results Page 16 


CHIEF PRICE CHANGES YESTERDAY 


CONTENTS OF TO-DAY’S ISSUE 


,1 .ccs m r ° a 

« 1SI> 1W + 9 

Alt rseerronic * j. * 

i hiiilenxc J‘-u 4- 5 

I'lvsby Houm* Jii + 7 

luml. •• j4 

sharin' tW.Vl I V- l s 

1 :i» tnt Man! , j. • 

-Hid ( ^„ t , 

. ••• r - J. 2-J 

K mill‘d .*i»4 -l- <i 

-■I'l • '• 5 

... i 

~ 10 

V. 1l ■!’•' LSrt'N 

FALLS - , 

. £002 “ ? 

h,l« 


Brown (J.) 
Commercial Union 

Debenhams 

Ever Kuudy 

GEC 

Gievcs Grp 

liUS A 

GKN 

Hawker SuWeh-y 

101 

Lloyds Bunk 

Lucas I mi s. 

Midland Bank 
Ocean Transport 
Reardon Smith 
Nuinsbury i-Lt 

8lenhnu.se 

Thomson t'ru. 

Tr hi. ‘i m «n* 
Turner and Newan 


\V IK’SMIC 
Ultramar 


Home news— general ... 3-4-19 

— labour 4 

Mining 6 


Sweet success retains to 

the big screen 14 

The rich oasis on the edge 
of the Namib 15 


Arts page m... 


Foreign Exchanges nr.. 

... 20 

Leader page 


IniL Companies 

... 21 

U.K. Companies ... 

16-17 

Farming, raw materials 

... 21 

wall street 


UL stock market 

.... 24 


Observer lowest level 

workers in five years 


By Christian Tyler, Labour Editor 

TWENTY-FIVE print workers 
who stopped publication of the 
Observer last Sunday were 
told by their union last night 
they would get no more work 
in Fleet Stret if they did not 
obey an instruction to work 
normally. 

This tough ultimatum from 
the National Graphical Asso- 
ciation was in response to a 
threat by the Observer to 
shut unless uninterrupted pro- 
duction was assured. 

The union promised to pro- 
vide other staff if the 25 
machine minders did not give 
their pledge, and to take the 
same action on any future 
occasions. 

Its ultima turn was also 
directed at 21 members at the 
weekly Reveille) owned by 
Mirror Group Newsnapers, 
which has been hit by two 
stoppages and loss of copies. 

It was expected that as a 
result oF the NGA's decision, 
publication of the Observer, 
perhaps with a smaller num- 
ber of pages, would be assured 
tonight. 


Statement 


Last night. Mr. Roger 
Harrison, joint managing 
director, issued a statement 
which said the paper wel- 
comed the decision, which met 
the conditions for resuming 
publication. The paper was 
now awaiting implementation 
of the decision. 

The NGA’s London region 
official was expected to meet 
tbe machine minders last 
night. 

Mr. Joe Wade, NGA general 
secretary, said that although 
Fleet Street had often “cried 
wolf" In Ihe past, Ihe onion 
believed that Atlantic Rich- 
field. the U.S. oil company 
which owns the Observer, 
meant what if said about shut- 
ting Ihe paper. 

The rebels had behaved in 
a “selfish, arrogant and irre- 
sponsible manner." jeopardis- 
ing the jobs of hundreds of 
other trade unionists, he 
declared. 

Failure to give assurances 
would mean that the men 
would get no work at all. Jobs 
in Fleet Street, including 
casual work for Sunday news- 
papers, are allocated to NGA 
men through the anion. 

The Observer did not print 
last Sunday because the 25 
machine minders went on 
strike after the management 
refused to take on an extra 
five workers. The walk-out was 
In defiance of an NGA Instruc- 
tion. 


BY DAVID FREUD 


INFLATION has fallen to its 
lowest level for five years, bring- 
ing the U.K into line with the 
average for the Western world. 

The Department of Employ- 
ment sard yesterday that retail 
pricey rose 7.9 per cent In the 
year to mid-April, the smallest 
annual increase since February. 
1973. 

The official retail price index 
now stands at 194.6 (January, 
1974=100). The new annual 
rate is a large drop from the 9.1 
per cent recorded in the year to 
mid-March. 

The fall brings the UK’s annual 
rate of infiatinn to within a whis- 
ker of the average for member 
countries of the Organisation for 
Economic Co-operation and 
Development, in the year to 
March— tbe latest period for 
which figures are available — 
their average was 7B per cent. 

Mr. Roy Hattersley, Prices Sec- 
retary, said yesterday: "We are 
approaching the figure of some 
of our competitors. Tbe U.S., 
France and Japan are likely to 
pass us on the way up while we 
are on the way down." 

He added that there would still 
be some further downward move- 
ment in the rate and said 
moderation in wage claims was 
almost certain to continue be- 
cause of the improvement 

In the next two months the 
annual rate of inflation is likely 
to fall to near tbe 7 per cent 
foreshadowed by the Chancellor 
in his Budget speech. However, 
there are considerable doubts 
over whether it will remain at 
this level for tbe rest of the year 
—as the Chancellor predicted. 

The fail in the value of the 
pound has led to an increase in 
raw material costs for manufac- 
turers of 2 per cent in each of 
the last two months. 

These rises normally take be- 
tween six and nine months to 
work through into the shops, so 
they are likely to hegin to be 
reflected in the retail price index 
from October. 

Mi-s. Solly Oppenbeim, Opposi- 
tion spokesman on prices, des- 
cribed the 7.9 per cent figure as 
“a mirage." 

She said: “Tbe upward trend 
is already dearly establishing 
itself again in the underlying 
rate of inflation — a trend that is 
going to accelerate again by the 
end of this year as a result of 
the falling pound, higher raw- 
material prices, his'ncr interest 
rates and the increase in the 
money supply." 

Any projection nf the course 
of inflation next year depends on 
the level of settlements in the ■ 
next wage round. 

Mr. Hattersley’s hopes Df wage 
moderation were underlined by 
Mr. Albert Booth. Employment 
Secretary, who said that history ■ 
had provided a “bitter lesson 
which we must not forset this 
time. We must now make sure 


RETJUL PRICE INDEX 

(EHZPT SB3MU HJ6B5I 


mna agw w 

nmniiM 

AML MU 


VTi 1978 1977 Wi 


that past sacrifices were not for 
nothing.” 

The sharp drop in the annual 
inflation rate is due to the 
monthly increase this April 
being much smaller than the 
same month a year earlier. 

Prices in April. 1977, jumped 
2.6 per cent, largely as a result 
of the Budget measures. This 
increase has now worked out of 
the index and is replaced by the 
1.5 per cent rise of April, 1978. 
when the Budget had no impact 
on prices. 

The 1.5 per cent increase in 
April is considerably higher than 
the rises of recent months, 
which have run at about 0.5 to 
0.6 per cent. 

This does not seem to indicate 
a sbarp upwards underlying 
movement in the inflation rate, 
however, because April — as the 
beginning of the financial year 
— is always a month of larger 
increases than normal. 

Rises affecting the April index 
for this reason this year — in- 
cluding increases in rates, rents 
and water charges — represent 
a third of the total. On a direct 
comparison, the rise in April is 
very little greater than in March 
or February and without real 
statistical significance. 

There are no major price in- 
creases in the pipe-line, so the 
rise next month is likely to be 
below the OR per cent recorded 
in May 1977. brinping the annual 
rate down further. Losing the 
June 1977 figure of 1 per cent 
will probably reduce the rate 
still more in two months’ time. 

In the past year food prices 
increased by only 6.3 per cent, 
the smallest rise for eight years. 
Seasonal foods are now I6B per 
cent cheaper than a year ago. 

The anual rate has fallen 
steadily for the past ten months 
from the 17.7 per cent, recorded 
in June. 

Editorial Comment, Page 14 
£ in New York 


I SI. 2130-3200 , 

I nntnih C.47-0.41 ili* 1 O.SOO.M ,li« ! 
S mnntli* 1.45-L32 «!«• [ l.ii^lSlHi, ‘ 
l?mni,ili«' 5.75-b.SO ill*- . .i.efl b.40 


•y® 







a 

■ a 


i 

J 

? 



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In recent weeks share prices on 
Wall Street have 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 cash awaiting 
invest merit, and the fear of missing 
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U.S. Growth Fund was launched ini 864 and 
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You should remembsrthe price of units and 
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bs a long-term one. 

Howto invest 

Please complete and return the coupon below 
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ftGreat St, Helen*. London EC3P3EP.Tel:P1-S54 8899 

Pleasa hue mo with United States Growth Fund units to 

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ruOng on receipt of this application. (Minimum initial 
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1 973 the offer price of units was 82Ap, giving an 
estimated gross starting yield of £0.84% pa. 

General information 

Units may normally be bought and sold on any 
working day. However, in exceptional 
circumstances the Managers reserve the rightto 
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units from registered holders, free of commission, 
at no; less than the bid price calculated on the day 

your instructions are received.Tbey may also ba 
sold through an authorised agent who is entitled 
to charge commission. 

Thetrust is a'wjder-range' investment 
a utno rised by the Secretary of State forTrade. 
TheTrusteeis the Bank of Scotland. 

Tne offer priceincludes an initial charge not 
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exceedingtha lower of 1^5p or1%. Commission 
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Distributions of net income are made on 
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Registered In England N 0.7887 2$, 


i declare that I am over IS and an not reddant outside the 
U< or trJier Scheduled Teirtwrias and that 1 am net 
acquiring tha shove units as the nominee of any person 
resident outside these Territories. (If you are unable to 
make this residential declaration you should apply through 
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Signature . ■ - 


■mis offer is net evzilaMe to Repo bite of Ireland residents 
If you would Eke dembmions of income io be reinvested 
pfease lick hew O 



SAVE & PROSPER GROUP 










— ~*T' 


Financial Times Saturday May 20 - 197s 


OVERSEAS NEWS 


Invaders ‘ate 
Cuban-trained’ i 


Zaire invasion still shrouded in mystery 


BY BRIDGET BLOOM, AFRICA CORRESPONDENT 


BY DAVID BELL 


WASHINGTON, May 19. 


THE STATE Department said Mr. Jody Powell, the Presi- 
to night that the United States has dent's press secretary, said that 
evidence that the rebels ' who none of the aircraft would land 
invaded Zaire's copper-rich at Ivolwezi. 

Shaba province “have recently He said the aircraft — princip- 
been trained by Cuban forces in ally C-141s — would be carrying 
Angola." Belgian-made ammunition, 

, . French communications equip- 

The spokesman declined to and vehicles and iet fuel 

comment on a report in todav’s w J? of ,7 ,£1’ 

New York Times that President Neither Mr. Powell nor the 


DESPITE the confirmation that garrisons stationed in holvezi Minister yesterday said that at Foreign Legion paratroopers left the evacuation. _ , n n 
French paratroopers were last fled soon after the invasion least 12 Europeans had beeen their base in Corsica. They re- Times have ; , it,. " ,, ' d 

night dropped on the contested began. FNLC claims to have “massacred.* Other reports spoke fuelled in Gabon, a fortner African meinuruv - ,rt »«*>*. 

southern Zaire mining town of burned at least six Zaire trims- of the rebels going on a “ram- French colony with close rela- an evacuation 1,1 

Kolwezi and that Belgian para- port aircraft jon the Kolwezi page.” Belgian reports dis- tions with France, whose Presi- apparently n*'"' 1 

troops were on their way to the airstrip. The rebels apnear to counted this. FNLC com- dent is also this year's President underscores African 


chanced. 


Frenchdeny 
rift with 
Belgium 


“ * am- * imuJ i-uiuiry Liuac dll WiV - - 

reports dis- tions with France, whose Presi- apparently n*i«. u ! Mli ^ . ^ f) VGF rPQPllP 

r NLC com- dent is also this years President underscores African* w eak ness T V-X X LdWllC 

iterated that of the Organisation of AFrican in the face of w ^v‘V! '“ r By Robert Mauthoer 

idge against Unity. It was reported that BOO other! power. " n . , PARTS \*av in 

ley intended of the French, troops had been African states "" fil [l ' JtSilM fS^'CE. wl "ch hum* nearly 


Bur he confirmed that Mr « i™. i« •« n™ im territory simply as the quickest 30 km from kolwezi town was £ olwezl earlier this week, ± ra n sport aircrait, witn a cargo M„b u tu government now widely Foreign Minister, said t"d« v lll ‘* 

Castro and the African head of bwa ^TwfTA^L^ route of getting into Shaba from j n doubt. 1 French-speaking European troops of Land-Rovers, medical supplies acknowledged as inefficient cor- Dnly difference between Fr.mc«- 

SSi SK-Kw OUMHS mStJSm 9Si&m S5SSSSS SSFSS- 


mission in Havana have met Reuter adds from Havana: 
recently and his carefully worded Cuba today denied its troops 
comment about Cuban involve- were involved in the fighting in 
ment seemed designed Zaire. 

deliberately to refute Dr. Castro's Authorised Cuban sources had 
asertion that his country was not been asked to comment on 
involved in the fighting. reports from the official Zaire 


r «rv. « reports irum ineoracjai .oaire industry mainlv Belgians h»t snmp ground mtensi *e i-onsultations the exercise must be set in its use of Moroccan troops Belgian colleague. M. Henri 

The White House announced news agency AZAP that Cuban ownedcoppermuung ‘ nCu stry. p * b -.1^’ JJjJ . between the French. Belgian, historical perspective. In 1964. The trouble from the Western simoneL Each turn- M Sim.mrr 

today that the United States is forces were in Kolwezi until this AwjJjJ to FVLC com- £" n 0 c ^ e ^ e n aHonfl?^ h 3Dd British and American Govern- rebels took over Stanleyville, in point of view is that Zaire, with hid awured hVm he m 

sending IS transport aircraft to morning. l w InSl L u merits took place. This resulted eastern Congo. A Belgian para- its eight land borders with igreemem “nh the action that 

Zaire m response to French and The sources said the Shaba been l ““ ed tbe 113 , ^eethat m the in an apparently co-ordinated troop operation was mounted, southern, western and eastern France was preparin'-. 

Belgian requests for assistance fighting was an internal affair press agency in Rome appar- early fighting, four Europeans — plan for the evacuation of the and Europeans were rescued, African stales as well us ils Moreover Pres id mil Gim-.uiI 

in shipping arms and equipment and Cuba bad not trained those ently directly in touen wire “f ee “d an Italian — European nationals in Kolwezi. but not before manv had been mineral resources is considered d’Esrain" who h ul a 10 imiiuii* 

to Zaire. taking part in the rebellion. Kolwezi), the Zaire army were killed. The French Foreign On Thursday. L200 French killed by rebels in reprisal for critical to the Tuture of Africa. . "eJfpbonp mnveksatu.n this 

— — ■ — — ; morning with M. Lm Tindemuns. 


EEC backs Lisbon membership NATO warning system move 


Foreigners’ 
stake in 


the Belgian Prime Minister, had 
been given similar assurances by 
the bead of the Belgian Govern- 
ment. 1 

BY GUY DE JONQU1ERE5 BRUSSELS, May 19. BY REGINALD DALE BRUSSELS. May 19. ! stake m | had beetr-x'lecidcd ini at o re- 

ITHE EUROPEAN Commission Portugal would be likely to economic performance of its AFTER THREE years of difficult principal difficulties has been to would not form part of the initial ^ _ stricted Cabi^&fcL mwnni: y esier- 

today gave its official blessing enter the Community would members. negotiations the NATO countries secure the support of West cost of constructing the aircraft T T C nroc da >'* been lau8fi l ‘ hed nr,i f °, n , 

to Portugal’s application to join therefore be at the beginning of The EEC must be prepared to are at last almost ready to give Germany, whose contribution, at but might enable more sopbisti- kJ •kJ* ilijvd with the full agreaii! ,,t ' 11 [ . l,lc 

the Common Market and recom- 19S3. help Portugal both before and the go-ahead for the deployment S600m toSTOOm, would be almost cated electronic equipment to be _ Belgian Government^J/ lMt ,n . ro " 

mended that the EEC Council of The Commission report after its admission by aiding its of a $2bn. airborne early warn- the same as that of the U S installed. B * Day,d L* 508 ' 1 ” operation with the ILSh^'’ * h 

Ministers should approve the emphasises that the principal economic development and ing system in Western Europe Bonn has now negotiated a The other allies, it is pointed NEW YORK, May 19. had provided transport .!• 

opening of membership negotia- arguments in favour of admit- balance of payments. Its case (AW ACS) to reduce the chances package deal under which the out here, could hardly refuse to FOREIGNERS led by the and affer consultations wfh h 

tions as soon as possible. ting Portugal are political, should be supported in the Inter- of a surprise attack by the main base for the aircraft would give France warning of an im- Rritich h ive vastly increased otber European Governments^ 

The Commission's formal Since the establishment of national Monetary Fund, and the Warsaw Pact be in West Germany. Contracts pending attack — nor would nureh^es iTf U S Treasury n , otabl y the British, M. d* 

opinion on the Portuguese democracy it had displayed a Community should consider ways The scheme would be operated for West German companies France want not to be warned. sinr«» th» becinnine of ^uirlngaud said. 


■« piewcmeu mis diieiuuuu u> “ **--*•■*■ — ure, ns uiej louic cu “‘•‘iwiy. e4m11un.11,. mure Ot me CUUHITV S COOIT1DU- AVVAUa WOUlO alSO act US an mpnt cppiirir market J uucriiuon 10 CVUCU- 

Sig. Lorenzo Natali, the Com- would have grave consequences. There was a risk that working in dose liaison with the tiun. integrated allied command and Th ic irom a rconrt aUf uJ| 111036 foreigners who 

missioner responsible for EEC But it leaves no doubt about Portugal’s balance of payments separate 11-strong Nimrod force l n addition Mr. Harold Brown, control system in the event of «,i“* 5 hv panted to leave Kolwezi. M. dc 

enlargement. He said that he the extent of the practical position would deteriorate in the planned by the UK. Maintenance the U.S. Defence Secretary, today hostilities. ^ . Guir J n Saud a!so said that Briiam 

honi»d that the ne?otiatinns obstacles to be Surmounted, immertiate aFtermath nf EEC costs are evoecterl nltimatolv c-.M had tsrouieri», ipe VV.ill otreil invest- h ad nirernfr ctnnHin^. I... 


needed for parliamentary ratifi- 
cation of the accession treaty. 
The earliest date at which 


BY JIMMY BURNS 


the already wide disparities b * nefit from hI ? ber EEC , prices General said that for the first orders of West German telephone bases for the aircraft is likely to of aU V S comniereial banksabd about the sllua , tioD of Gie Euro- 

lon treaty the already wide aiaparioes and access tQ a blgger market ume be was very confident tnat equipment for the U.S. forces be in Turkey. JwL 1 S thJ SrS rise^e “ pean P“P«tatton. Conditions 

at which between the wealth and The opinion reasserts the Com- the system would be installed would depend on the price asked Turkey, severely hit by the thos e of the f e ‘ J ‘- ral rLS6 P re - were constantly deteriorating 

mission view that Portugal must The only remaining obstacle and needed further negotiations. U.S. arms embargo, has been one H * awy purcnaso j continued m and it had been learnt from 

start to align itself with EEC appears to be approval by the he said. of the few countries unable to ^e first quarter of this j oar, the reliable sources that about 12 

industrial policy well before participating countries' parlia- Further sensitive negotiations give a commitment to increase *«Pon says, wun foreign noiatngs Europeans had already boon 

entry and avoid encouraging monts. most notably the powerful also remain to be completed with defence spending by 3 per cent JP custodial accminw ai ine jvew massacred over the past few 

excess production in troubled Bundestag Defence Committee, the French, who have now agreed next vear during the talks here. Y< ”! k . * ed , rl3in S 10 w-ibn, days 

sectors like steel and textiles. In The UK went ahead with its to subscribe to AWACS. even With the exception of Portugal. r a oiocu l,re f e ' France has intervened in 

return, the EEC should avoid Nimrod system last year, after though they are not fully inte- all the other countries are now aeQled increase or bi-^on tor Zaire in line with ils ofi-pro- 

„„„ . — . applying restrictive policies months of deadlocked negoiia- grated into the Alliance's-, likely to reach or come near lo JUS J lbree mu,ltr Vj- . claimed policy of helping 

AT. O U . f ™,i, 1 *.i, 00 Tn,ncinnnfrt n m«ctiP towards Portuguese exports in tions aimed at setting up a single military structure. The French the 3 per cent target, set by . batomons ai in outes tms inflow African countries to defend their 
PORTUGAL S balance of pay. reduce t Jv^e the meantime. NATO-wide system. One of the contribution, it is understood, DefenceMinisters a year ago. “ l «, l JS«°rll r . 0 ^ frontie « and independence. Last 

— *- — 1 — J »*r»>aii aim nnrrnwma ov me ^ ° world marl cis last year. Central year, the French provided trans- 


Cut in payments deficit 
promised in IMF letter 


LISBON, May 19. 



: -Mi' 

I. Jk V;* :f 


sum 


iT-'-'f-iaH’:-' iH 'M --p 










meats deficit will be reduced cre l 4 1 . 1 and borrowing by Ae 
from $I.5bn. to Slbn. by March dunng ** next 

19<9 through a stabilisation These measures have included 
programme based on tight a g per cent increase in the 
control of the money supply, Bank of Portugal’s lending rate, 
stiff budgetary discipline, a firm a 6.5 per cent devaluation of the 
wages and prices policy, and a escudo against a basket of the 
gadual loosening of trade world's 14 major currencies, and 
restrictions. This is the target sharp increases in direct and 
set by the Portuguese govern- inidrect taxation announced in 
meat in its Letter of Intent to the Government's budget in 
the IMF requesting u $50m. April. Wage increases will be 
stand-by loan. held to 20 per cent as already 

According to the Letter, agreed by the Government and 
published here in its entirety unions. 

at midnight last night, the mone- Portuguese import quotas, 
tary and fiscal measures already which the IMF had argued were 
adopted by the Portuguese gov- against international trade rules, 
ernment will be sufficient to will be lifted by 1979. 

Soviet court sentences 
two Georgian dissidents 

BY DAVID SATTER MOSCOW, May 19. 

TWO MEMBERS nf the Georgian Mr. Gamsakburdia suggested the 
Helsinki Agreement monitoring court take into consideration his 
group were today found guilty “repentance and open hearted 
of anti-Soviet agitation and confession” but Dr. Andrei 
sentenced to three years’ hard Sakharov, the Nobel peace prize 
labour and two years' exile, winner, said that be was reliably 
family sources said by phone informed that Mr. Gamsakburdia 
from Tbilisi. only acknowledged he bad 

The prosecutor in the case of violated Soviet law but insisted 
Zviad Gamsakhurdia, a writer, that be considered himself 

and Merab Kostava. a musicolo- “morally innocent.'' By DO uglas RAMSEY IN TOKYO - 

held incorn mun toado* for^ve^a GamsakhurSa ^ am^Mr °Kostava »« H °^ Dl ? - Narita hap ^ n :” 1,,oaies wil be a strict •The Narita Airport Emergency, and successful. It kept the air- 

vear. had demanded that thr> raea an ® ” r ' , Mr. Edwm Reiscbauer mused in minimum. A first illpht io tn Law nnssefl bv the Diet late last Port closed with only limited 

be sentenced to four years jm- Helsinki Agreement nion staring 
mi° n ?I. enl '* nd lbree years group members convicted of anti- 
exile, the sources said. Soviet agitation. 

said the prosecutor in the case of R ® bert Manlbner writes from Kennedy administration existing Haneda airport which So Far, police have banned the mg is postponed indefinitely. 

—Paris: The French Government answered his own question in will be reserved exclusively for use of two towers built by the Thus a threat of violence still 

A has roundly condemned the the same breath: “ Even the domestic flights. radicals as “ unsafe," and have hangs heavily over the airport. 

Soviet Union for its attitude Japanese make mistakes." And Few observers expect a further threatened to tear down the Today, as the airport opens 

towards Dr. Yuri Orlov, the what a mistake Tokyo's new postponement of Narita's open- buildings if they are re-occupied officially, tbe alliance claims that, 

Soviet dissident scientist sen- international airport at Nartta, ing. Precautions have been taken by. Narita opponents. 20.000 supporters will demon- 

tenced to seven years' bard some 66 km from the city centre, against the same sort of incident While tbe Transport Ministry, strate at nearby San rizuka before 

labour and five years’ exile in hs been — conceived in 1966. com- a s the ransacking of fbe control police and Tokyo International bolding a protest march along the 

H ■ _ _H _ ■ Moscow yesterday. pleted in 1972 and at long last tower which forced the earlier Airport Authority (TIAA) have airport perimeter. 

It is the first time that France be °P ened today. delay: been busy improving security On the eve of the airport's 

HlWlH whieh normally adonLs a neutral - The ,P on »P scheduled for the • a small airport security police arrangements at Narita airport, opening, however, all inter- 

■ M B m WL wftjcn normally aaopis a neutral airpt>rt - s official opening on force will be responsible for the radicals have not sat still, national airlines serving Tokyo 

■ official stand on numan rights March 30 was put off by the security inside the airport area, Tbe Sanrizuka-Shibayama Anti- appeared ready to start flights in 

^».JK problems in the Soviet Union destruction of Narita’s control augmented by 13.000 or so riot airport Alliance, led by Mr. and out of Narita early next 

mWLSr and other Eastern European tower by radicals opposed to the police in and around Narita. Issaku Tomura, remains stead- week. Early indications that 

■ ■■ countries so as not to be accused airport's opening. Today, after Special protection will be given fastly opposed to the airport on British Airways might boycott 

Jvl of interference in the internal * JSSEISS 'V* ai T p ° rt have P roved W 00 ?- 


banks in Europe and Japan were port aircraft to fly Moroccan 
forced to protect their currencies troops to Zaire following Presi- 
by buying dollars which they dent Mobutu’s first appeal for 
™ US. Government help. They are currently engage I 
stcCrtQes, the bank says. in other military operations tn 

The inflow was headed by help the Chad and Mauretani in 
British investors who bought Governments in their fiqhi 
Sllbn worth of Govern ment against rebels, 
securities, by far the largest This policy, however, came 
amount of any country, reversing under heavy attack yesterday in 
tbe net liquidations of the three the National Assembly, where 
| previous years. The UK is the Socialist ar.d Communist Uppn- 
second largest holder of market- sitinn spokesmen' •jc.'ipd the 

nPFr a ^n?riPc b0DdS afler 016 GoV6n »» 6 Qt having 7?gfded 
° n.J C0U S - • 'O'? on "act of w a ,-" j r ,g?tire 

participation j without previous consult m TO; of 


n ® ut „ t Participation without previous coisuhmWoV 

SS£ S ^.i? f ir Ve r la f^ red0ff,ot ? e Parliament; which thevci.^d 
first quarter of this year, the was unconstitutional ‘ 

^iSTrf; _ .Whether by coincidence % 


Opposition to Tokyo’s Narita airport reached a peak last M arch when hundreds of extremists attacked the new airport. 

Japan prepares for airport opening 


n„ hT-V 5 u- U!Ul . a ana the training of Zaire 

But the bank warns this may be tary personnel by France c m A 

n! Lrt. hiatus” up for ratification bv hr# 

ruih SLSS" ■ tPpS t0 F u 0rei?n Affalrs Commitiee oil 

prSucti^? 011 and ““P”" 6 ^ e v . N3ti0nal ^“hiy yester^ 


Some of the worst 
wounds. . . 


A 

Hotel 


is 


ot ‘y* u .. precautions and a minor crack- • Elaborate (.heckooinLs will be mers were forced by government .... s ‘ 

affairs of other nations, has dowil on a i|j a nce of farmers set up to keep out anyone not to sell their land for the airport and yJ^ anSa L . con- 

adopted such a critical public and former student radicals working at Narita or carrying The havoc wrought by > .the« Tae “ this week that its flights 
— opposing Narita. official cere- an aeroplane • oiiiaT.^ in March was well-timed will start landins nn Th«h .- 


position. 


alliance in March was well-timed will start landing on Tuesday. 


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nght in ihe centre of 
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Or call your local 
Supranational office. 


Bhutto appeal brings case to final stage 


BY A SPECIAL CORRESPONDENT 


THE FINAL si age on the 
attempt of Pakistan’s military 
regime to rid itself of the 
former Prime Minister. Zulflkar 
ALi Bhutto, starts tomorrow 
with Hr. Bhutto's Supreme 
Court appeal against his death 
sentence. Mr. Bhutto was 
brought on Wednesday to 
Rawalpindi district jail along 
with four former paramilitary 
policemen also found guilty of 
the murder of the father or a 
political opponent in 1974 
during an attempt to kill the 
politician himself. 

Although General Zia ul-Haq, 
the military ruler, has always 
said he originally intended to 
bold elections within 90 days 
or taking over In .a. bloodless 
coup JuJy. several 

unimpeachable sources now 
say “Operation Fairplay” was 
merely a cover to bring Hr. 
Bhutto to justice through the 


normal processes of law. 

Mr. Bhutto had been detained 
for a month afler the July 
takeover along with other 
politicians before being 
released and allowed to cam- 
paign for intended general 
elections ln October. He was 
detained on the murder charge 
at the start of September and 
elections were postponed 
Indefinitely four weeks later. 
The sources say that the 
military had a plan to kill Hr. 
Bbutto on the day of tbe take- 
over hut General Zia refused to 
sanction the operation. 

General Zia has said pre- 
viously the appeal is expected 
to take between three and six 
weeks. When fixing the date 
for the start of the proceedings 
ifae Supreme Court justices had 
shown their desire to deal with 
the matter before the summer 
recess begins on July 18. IT 


the verdict and sentence is 
upheld and clemency is refused 
only a week is expected to 
elapse before Hr. Bbutto Is 
hanged. Clemency can be 
shown by tbe bead of state. 
President Fazal Elhl Cbaudhry. 
on the recommendation of 
General Zia. 

Meanwhile plans by tbe 
General to establish some 
political life remain deadlocked 
because of lack of agreement 
by former opposition parties to 
join the military in a national 
Government- Several groups 
refuse to accept tbe idea unless 
tbe military gives a definite 
date for elections. 

Adding a potential dauger to 
national unity the National 
Democratic Party which is 
strong in the minority pro- 
vinces of Baluchistan and 
North West Frontier gavs that 
if elections are promised Utcre 


is no need lo form an interim 
Government. 

In Mr. Bhutto's absence in 
jail leadership of his People’s 
Party has been taken over by 
a minority group led by the 
former Minister. Hanlana 
Kauser Niazi. wbo supports the 
military Government. Bui like 
many other politicians Mau- 
lana Nlazi's future depends on 
whether he Is cleared In the 
military's campaign of prose- 
cuting politicians suspected or 
corruption. Tbe campaign 
covers even former opposition 

members. 

Considerable distortions have 
been introduced Into political 
life because of ihe complete 
ban on polities and severe con- 
straints on reporting in the 
Press. Earlier Mr. Bhutto's 
wife and daughter hart been 
keeping alive his cause but 
both now are under house 


ISLAMABAD, May 19. 

arrest. A similar bard lim- 
against opposition has enu- 
tlnued with the proseriin,,,, 
and whipping or JoumaliMs 
and newspaper workers who 
have protested against Gm rm- 
meat interference with th<- 
rapdia. 41,1 

Observers coiiMder - lTr 
Bbutto j, rate largely «|... ' £ 
on the attitude of the 
J* w foreign ap , 

for clemenc; n*n»ei> r . iin— 
the coup in Afehanisl.-,,, ‘ 
hardening or alliimW -. 
reported In u PPer cirriel .tr „‘ S 

administration, who nSw ' 
Pakistan as a hasiinr, n ° W 
Soviet expansion in me^rea* 

a^ir h ^ S S n t r rw -- 

Middle Mas! J,m the "m ,he 

Western „ a . ioils t,,;..... 311 Jl 

what they consider;! ;*■ " f 

Press coverage. ld H rs,. 



I; „ ^ tp eitled dicll-shock- Now WC know more. We know that there 
are |'i m it 3 ikinsW tl,cln,,nilnmind - 

SnLliers sil® s;,nd -^ nnen risk mental breakdown from over-<.-r:pnsvirr 
i.» .1 . 3 rii ajri violence whilst in die sen.h-e of our Countrj*. Service... in 
t W j ling the peace no less than in making war. 

NS". duvoreour edarts solely tx> the welfare of these men anti women from -ilT 

ih ■ Services. Afen and wouicn who have tried to give more than they 

s .i ne am odT & * fcw *** ““riy 90 >‘ ears ot a S e - 

\V ■ h „ Jnt j- 3 aat borne a*ul in liospiml. We run our own Conr 4 l«\si-i-iit 1 l.„„e 
l'..r ,.„nc « provide work ill a fllichoml industry, so ili.ic they , a„ | r „. 
i| || ,|," j^^forudters. a \eteran-, 1 ionic when: they i.m w .;a 

TiL I> .I , ’Sd women love given -their minds tn their Count n -. if ... .. ir ,, 
IS owed hytf “*• 

PThey^re given more than they could — 
please give as much as you can". 

eCSCMJICe 

meFfUU- ui€LFfl eg soaery 

37 Thurloe Street, London SV/7 ILL. jj-Jo-i & iSa 












IS.-!, 


sm t 


Financial Times Saturday May 20 1978 


home news 

Detectives probe Scottish 
hide-dealing subsidiary 

BY CHRISTINE MOW 

detectives have been agemeot will find this difficult to terira dividend for 1978 might be parties, supported by the 
"seriotiR i v ® « *" e “ a °dle.” adjusted to make up for “some Attorney-General, claim that the 

covered >n u „ u “' i T * e irregularities came to light of the dividend lost in 1977." Enterprise Board has exceeded 

Weir ihp 0 filf r vi l C ! 1 E l- ^ Schrader, which had a staff One problem for the company its statutory duties in this joint 
subsidinrv Xr°i> b hide-doalmg of 11, only when Barrow began is that its insurance cover in the venture, which they say is 
Prof pm, °i 5 ar . r ? w Hepburn, an internal investigation before UK for such contingencies is damaging to the domestic leather 
said V«? h Smith, chairman, dosing the hide-dealing business, only £150,000. industry. 

i_ , . erda J'- Barrow immediately appointed “The bulk of our insurance is “We have deliberately kept a 

, lIlu meantime the threat of whinney Murray as independent on our overseas subsidiaries," low profile over the NEB ease," 
err , .. “ vc «y substantially accountants, and provided for Professor Smith said, “sadly, we Prof. Smith said, “and left it to 

E rt - 7 a thaQ ***• £lm losses of ^945,000 in the 1977 have obviously trusted our UK the rest of the industry to dis- 

i\iuea for has cost share- accounts. managers rather more than our cuss.” He gave a guarantee to 

; o_r Lrs their final dividend for Whinney Murray's report will overseas managers.” shareholders that the Enterprise 

p ■ . not be complete until the lust Shareholders were told that Board would not be given Board 

Smith told shareholders week in’ June or the first in July. Barrow was actively seeking to representation on Barrow. 

. “® annual meeting that he Until then Professor Smith re- recover part of the losses through In any case, the company has 
. j surprised that people who fuses to quantify the flpal losses, “claims against third parties,” decided to move away from its 
a been with the firm for many though yesterday be did not re- and the company was confident traditional leather interests and 
; ■ ars would have got involved vise his earlier statement that that these moves would reduce is actively assessing potential 
such matters.” they would be “very substanti- the final losses. expansion in its engineering. 

° ^ x P laine ^ t * ie length of ally greater” than £Im. Prof. Smith made no reference chemical and consumer busi- 

1 n&fore the company un- As a result, no final dividend to the court case being brought nesses, each of which were 
covered the irregularities by will be paid for 1977. However, against the National Enterprise “ snund and hlghlv profitable," 
sjy ing that “when an individual I97S should see a return to the Board for its involvement with according to Prof. Smith, 
goes out of Ihe way to under- normal pattern of dividends, Barrow in setting up British Within six months the com- 
‘ sophisticated manipulations, Professor Smith said, and there Tanners Products. pany expects to unveil a “pur- 

even the most aggressive man- was every chance that the in- About 16 other tanning com- poseful change of direction.” 


— 


tanker 



> may set up 
in Britain 


Channel oil 
drilling will 
start soon 


No end to steel recession 


BY ROY HODSON 


By Kevin Done NO REAL UPTURN in the home ridge. In the long run the the immediate steel crisis. 

ETpt mtATinw r«»rTTTwr °jarket for steel is expected in availability of steel at fair prices Stockholding companies are 
hPf-in J!? i tlje near future by National would be seen to have justified backing their executive's policy 

..j 5 ,-m# Channel Association of Steel Stock- -the short-term interference. of supporting the Da vignon Plan, 

fn i hi ^*^y eSt ^ ApP TC- a , C CS holers. No one with experience In Mr. Ernest Barrett, the associa- 

M-.vLrf n ®-“y eai i Dickson The forecast was made yester- world markets would want to be tion's president, was not cbal- 
nersy Muuster r sald day by Mr. John Wooldridge, wholly dependent upon specula- lenged when he explained the 
* •Th« !«».♦ „„„ „ r + executive director of the associ- tive marginal supplies of steel in reasons during a closed session 

nil hnt r ,S 1 S t at the annual conference the long term. of the conference yesterday. He 

i»s' ihnuM Eastbourne. Demand ■ had But he added a warning of emphasised that the plan was 

coupler, bhould c £ anged very tittle recently m dangers if the Davignon Plan necessaxv at least for the rest 

During visiS "o Piymuuth, Fal- ^ ‘■ome markMM.e Trade measures were extended beyond of this year to restore stability. 

mouth and Southampton, Dr. Members* sales overall had risen — 1 "■ ■■ ■ — 

Mahon said that Devon and Com- bv only 2 per cent in the last mi , • 

wall and other southern coun- y e ar . I 1/ Af'Al VAr 

lies would have considerable stockholders are expecting lUCT IVCtClVCl iCIil Ca 

opportunities if oil reserves were steel imports to continue to put 

found in commercial quantities heavy pressure on British home MR. JAMES TYE, the Official the activities of debtors” he 
L" ! , he Channel and ad3acent producers in both the public and Receiver, retired yesterday. The said. 

The all industry wax starting SUSSl ““ ° f ' ■»,“ in-toSJ VtSe 

rfevnteH tn the North Sea. and _ Referring ^ to the speculative . .. , A _ini u, inkn cinn^ ^ debt is concerned, the! 


By Paul Taylor, Industrial Staff 

THE CHIEF ENGINEER of 
the Amoco raiti« yesterday 
gave the first eye-witness 
account to the official Liberian 
Board of Inquiry being held in 
London. He described the 
failure of the vessel's steering 
gear which led to the accident. 

r Sig. .Sa I va toe Melito, chief 
engineer on the Amoco Cadiz 
for six months prior to Uic 
accident, gave a detailed and 
vivid account of the events of 
March IS, the day before the 
vessel floundered on the Brit- 
tany coast spilling its 220,000 
tons of rrude oil into the sea. 

He told the board that he 
was called into the steering 
room when alarms sounded at 
9.45 a.m. that morning and 
found the hydraulic oil fluid 
coming out in a shower 

After an honr Sig. Melito 
saw smoke coming from the 
steering system and then a 
hydraulic pipe exploded. The 
captain was told that there was 
no hope of mending the system 

At about 5 pjn. the vessels 
engines were turned on again, 
half astern. Asked if it would 
have helped secure the tiller 
and rudder if the ship had 
been going forward 5 nr. Melito 
said: “ Yes, hut we were too 
close to the coast to stop." 


FINANCIAL TIMES REPORTER 

SANYO, the Japanese consumer 
electronics manufacturer, is 
shortly to consider a plan to 
set up a factory in the UJC. to 
make music centres and other 
audio equipment. 

A feasibility study is being 
prepared by the company’s UK 
distributor, the Marubeni 
Corporation. 

Marubeni has looked at pos- 
sible sites in Scotland and Wales. 
It is considering a relatively 

modest investment of perhaps 
£500,000 to £lm. for an assembly 
plant which would employ be- 
tween 130 and 150 people. 

All the units would be made 
to Japanese designs, but it is 
expected that between 50 and 
60 per cent of the components 
would be obtained from the UK. 

The plan bas yet to be con- 
sidered in detail by Sanyo, which 
has so far expressed interest 
only in a feasibility study. 
Marubeni is not expecting an 
early decision on the project 

Sanyo, in common with 
several other Japanese con- 
sumer electronics companies, 
bas been looking for a Euro- 
pean manufacturing base for 
some time. 

Last year, Hitachi was forced 
to withdraw from a plan to set 
up a television assembly plant 
in County Durham because of 
concerted opposition from tbe 
setmakers already established 
in the U.K. 

They said that since they 
already had a large amount of 
spare capacity, no good case 


could be made for adding an- 
other plant. 

Opposition to a plan to estab- 
lish a Japanese audio products 
factory is likely to be much 
more muted, however. The main 
reason is that Japanese manu- 
facturers have already captured 
a large slice of the UK market 
for music centres and other 
audio products. 

UK manufacturers are anxious 
to increase their market share 
in this sector, but would find it 
difficult to argue against a plan 
by a Japanese manufacturer to 
substitute UK-produced audio 
equipment for products which 
are already imported. 


After the debacle over 
Hitachi’s plans, the British 
Government bas been anxious to 
explore the possibility of joint 
ventures between Japanese and 
British companies in the con- 
sumer electronics industry. 

It was thought at one stage 
tbat a joint venture between 
Sanyo and one of the U.K. com- 
panies. perhaps Thorn, could be 
negotiated. This now seems 
unlikely. 

Toshiba and Rank are still 
discussing a joint arrangement 
whereby Rank would produce 
Toshiba-desigDcd audio equip- 
ment and monochrome tele- 
vision sets at its Plymouth 
factory. 


Import trends are not 
encouraging-Minister 


BY CHRISTOPHER DUNN 

RECENT IMPORT trends were 
not encouraging, Mr. Leslie Huck-* 
field, Under-Secretary, industry, 
said yesterday. 

He told the Institute of Pur- 
chasing and Supply in London 
tbat rising imports threatened 
Britain's 3 per cent growth target 
for 1978, and he urged companies 
to buy more British-made goods. 

Imports of manufactured goods 
bad risen by 20 per cent in the 
last two years, despite slow 
growth in home demand. Imports 
of motor vehicles had shot up 
by 60 per cent; plastics by 54 


per cent; and non-metallic 
mineral manufactures by 30 per 
cenL 

The public sector set a good 
example, and bought British- 
made goods whenever possible, 
Excluding certain categories. 
Government departments only 
obtained about 5 per cent of 
their requirements from over- 
seas, while nationalised indus- 
tries only imported 3.5 per cent 
of their supplies. 

The public sector was looking 
for ways of cutting its imports 
bill still further. 


tics would have considerable ^ stockholders are expecting The Receiver retires Tax cuts urged 

opportunities if oil reserves were steel imports to continue to put a • . 

found in commercial quantities heavy pressure on British home MR. JAMES TYE. tbe Official the activities of debtors,” he TO 3SSISI 
m the Channel and adjacent producers in both the public and Receiver retired vesterdav The said. , * . 

; r Tp on indurtry ™ starting SSS-'SSl V™ - -es he ™ eX P 0rt dnVC 

.S' nHUTK anS \,nT a £ £ SSTSA tSd Ti "“ 

was ginning to iodk cularly in the general steels and house, singer Kathy Kirby and fewer remedies. Bankruptcy is COMPANIES should be allowed 

P mLn “nnitA stri P min products markets, Mr. comedian Max Wall. the only one of substance." to keep free of ail taxation a 

,»b5ian P tlT^lSSa. JKoldm SSSSto " wt.hS Af,er 30 in "»<»«“>■ “ r ' ™ >”» a 

5"wm”.fiSS«Co™mE w* Tye. aged 60. believe* ?i I To U L" d . l 2M-?™ a ™id P r e”?|; SSiX haa beef. old bl 

Sr C ™ pkted first »on-s Davignon Plan for pro- that too much la done to help J,” Xf e Xd R^e c""ge closing indu.tr>- ! mpEJeno- 

HP rv,„iH„rT ♦»,« onm tectmg European steelmakers, bankrupts and criminals, and Rpathw-itp in the Lake lives. 

pany ^wnrd jofnlTv "bv Member companies have been far loo little for the people who District ^ “ Mr. Harry Wadsworth, retiring 

and Gulf has awarded a *3m askt?d t0 hold their prices at EEC lose by their conduct. He has ^ken uo the violin. As chairman of the Clothing Manu- 

rnntrad for civil works on" its lorcls and to buy maximum “i have always thought that Mr. David Graham, QC. said in facturers' Federation, said at 
£2 90m refiner.- development at tonnages from thenL not enough attention is paid to a tribute at London Bankruptcy Gieneagles, Scotland, that such a 

Milford Haven', to Norwest Holst Stability in the market was an creditors who lose everything Court yesterday; "Mr. Tye has scheme would cost the country 

Western of Cardiff for offsite advantage to consumers as well and, in some cases, almost go himself finally learned how to much less than the grants and 

civil works. as to producers, said' Mr. Wo oltl- bankrupt themselves because of fiddle." hand-outs of receot years. 

■*. - ! 


Bank case bookmaker cleared 


MR. WILLIAM AMBROSE, a 
Soho bookmaker and company 
director, was acquitted by an 
Old Bailey jury yesterday of 
being concerned in a multi-mil- 
lion pounds international bank 
drafts fraud, said by tbe Crown 
to have been so vast that it could 
have undennined the world's 
banking system. 

After a four-month trial 
Ambrose, aged 47. of Even 
Shades, Sandown Road, Esher, 
Surrey, was found not guilty of 
conspiring to defraud banks, com- 
panies and businesses by forged, 
stolen or false bank documents 
and identity documents between 
January 1972 and August 1976. 

He was also found not guilty 


of conspiring with others during 
the same period to use, for the 
purposes of the Immigration Act, 
1971, passports and other docu- 
ments which they knew to be 
false. 

On the direction or tbe judge, 
tfie jury also gave verdicts of not 
guilty on four other conspiracy 
charges. 

These alleged a plot between 
January 1972 and August 1976, 
with intent to defraud, to forge 
bankers' drafts, cheques and 
other valuable securities; a plot 
during the same period to utter 
forged documents purporting to 
be bankers’ drafts, cheques and 
other valuable securities know- 
ing them to be forged; a plot to 
forge passports with intent to 


defraud; and a plot to utter 
forged documents purporting to 
he passports and documents of 
identity, knowing they were 
forged. 

Judge Gerald Hines said that, 
on the basis of*the jury's verdicts 
on the first two counts, the cor- 
rect course was for him to direct 
that they should return verdicts 
of not guilty on the remaining 
four charges. 

“Those other counts plainly 
could not stand if the facts are 
not established on the counts 
which you have been deliberat- 
ing.” 

Judge Hines will resume his 
summing-up to the jury In the 
case of tbe two other accused on 
Monday. 







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It's a welHcnown social custom in Qatatto spend an evening 
picnicking on one of the lovely beaches on the oa^produring 
west coast. 'What makes it Slightly different from similar 
excursions is that you cm see by the light of the flares rather 
than the silvery moon. Yet it is this reserve of trnasso dated 
ms - now partly being burned off ia a free pyrotechnic 
display dailv - that will help provide Qatar’s bread, and 
butter for the future when the Government intends that Only 
1 5 or 20 per cent of Qatar's revenue should coins from sales 

of crude oil. . . , . . 

Putting both associated and the huge reserves of • 

unassociated gas to good use to provide. the vital spark for 
heavy and light industry lias been the theme for the advent- 
urous plan evolved over the last few years. One of Qatar’s 
latest hopes was realized on 26 April this year when HH 
The Emir, Sheikh Khalifa bin Hamad atXfaani opened the 
Qatar Steel Company's plant (QASCO). This plant was 
constructed in a bare 26 months and its modem technology 
. . ■ t nil tiiik more lemaricaihlft wpioTipri ftwinKfr 


the diiucuiui» jjvbcu vj 7 — „ T T r 

cite previously occupied by -sea, sand and seaguHs 5 to quote 
the chiinnan of QASCO, Mohammed Said ai-MisTwl, in the 
new industrial complex of Umm Said, 35 ton south of Doha 

the cast coast. . 

There QASCO will join projects already established like 

th- fertilizer plant (one in operation, another under 
construction), the NGL plant and the petrochemical plant 
under construction. 


HH The Emir, Sheikh KhaBfa bin Hamad (d-Thani turns on 
the power at ihe official inauguration ceremony of the Qatar 
Steel Company 's new plant. 

QASCO was established in 15*74 as a joint venture 
between the Government of Qatar (70 per cent shareholding) 
and two Japanese companies, Kobe Steel and Tokyo Boeki 
(20 per cent and 10 per cent shareholding respectively), to 
produce steel reinforcingbars for construction work. Kobe 
Steel undertook the supervision of the construction and 
procurement for the plant and has an eight year management 
contract. Tokyo Boeki has a 10 year marketing contract. The 
Tsisei Corporation of Japan was responsible for the construc- 
tion itself and the plant costin the region of US $ 338,000,000 
which was partly raised by two syndicated loans of US$ 
100,000,000. The authorized capital is QR 200,000,000. 

It is hoped that the annual output of steel — almost all 
in bar form — will be just over 400,000 tons. To achieve this, 
the technical processes require 600,000 tons of raw material 
in the form of iron ore each year and arrangements have been 
made to import this in pellet form from Brazil and Sweden. 
These pellets mil be fed into the direct reduction unit to 
produce sponge iron. The reducing agent in this particular 
process is natural gas. During the process this natural gas will 
be converted into hydrogen and carbon monoxide gases 
resulting in the removal of oxysc-u from the iron ore. To 
make steel, the sponge iron at this stage has to be mixed with 


some scrap steel 1 and small amounts of ferro-manganese, 
fe no-silicon, lime and clinker. The lime incidentally comes 
from Qatar’s own cement factory at Umm Bab on the west 
coast south of the oil-producing town of Dukhan'. This 
mixture is fed into two electric furnaces of vast capacity 
from which it emerges as molten steel. This, in turn, is passed 
through - two continuous casting machines to produce steel 
billets, which are then cooled and cut. Finally, the billets are 
fed through the rolling -mill to produce bars. Thirty per cent 
o f the final product will be sold in Qatar and the remaind er 
to local Gulf states. 

One thousand men -will be employed at QASCO — of 
these, 100 Qataris have already been trained for technical and 
management posts with more to follow. Employees will all 
eventually live at Umm Said which will offer housing and 
social facilities. 

The plant is the first of its kind in the area and the third 
only of its type in the world based on the direct use of 
natural gas for the reduction of iron ore into sponge iron. So 
Qataris have the satisfaction of knowing that the kindling of 
the east coast's industry has tome from their own west coast 
flares. 


— a a 

\ aaefim 


| For farther details contact: Press and Publications Department - , 
I Ministry of Information, P.O. Box 5 147, Doha, Qatar, 
r Telephone: 321540/4 (5 lines) Telex; 4552 QPKESS DH 






HOME; -NEWS 


Financial Times Saturday May 20 1978 

labour news 


Co F a s? SUITS loans may have been ! f bb * Valc 

chief’s . ! , n : ai * s Its 

new post misclassified, says Fraser g . 


BY KENNETH GOODING 

THE top management shake-up 
at Courage, the brewing sub- 
sidiary- of the Imperial Group, is 
to go a stage further next month 
when Mr. Geoffrey Kent, chair- 
man. will also become chief 
executive. 

Air. Kent made the change 
from John Player, another 
Imperial offshoot where he was 
chairman and managing director, 
only in January and succeeded 
Mr. Oliver Steel, who has left 
the group. j 

Air. Martin Bunting, Courage'.-; 
present managing director, is to 
become chairman and managing 
director of Courage Brewing, the 
company's beer division. 

Imperial acquired Courage in 
the autumn of 1972. since when 
the brewers' financial per- 
formance has been far from 
impressive. I 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


SIR HUGH FRASER told a court 
yesterday that two loans previous 
to the £4Jm lent to the Amalga- 
mated Caledonian company could 
have been misclassified in the 
accounts of Scottish and 
Universal Investments (SUITS). 

In evidence at his trial in 
Glasgow Sir Hugh said that one 
reason the inisclasstficatlon might 
have been missed by himself and 
other directors was that two other 
loans of £250,000 and £50,000 had 
been treated similarly in tbe 
past. 

Failed to notice 

Sir Hugh and one present and 
four former SUITS directors are 
accused or nut giving a true and 
fair view of the affairs of the 
company as required by the Com- 
panies' Act. 

Tbe f«L2m loan was shown in 
the 1975 accounts as “cash in 
band or at bank.’’ 

Sir Hugh, chairman of SUITS 


at the time and now deputy chair- 
man, was asked by Mr, John 
Skeen, prosecuting, asked how it 
was that tbe entire Board had 
failed to notice tbe misclassifica- 
tton when they saw the final 
accounts. 

Sir Hugh replied: "l think I 
know the answer. In the past, 
when he bad previous loans, they 
were wrongly classified, and one 
had accepted the classification in 
previous accounts. 

" The loans were put in as cash 
instead of being short- and 
medium-term loans." 

He added later that this was 
only an assumption, and that he 
had learned about the other rais- 
c I ass i factions only in the part 
fortnight. In 1875 he had been 
unaware that tbe £4.2ra bad been 
misclassified. 

Sir Hugh said that with hind- 
sight he realised his responsibili- 
ties as a director of a public 
company were greater than he 


had thought at the time. He 
believed then it was sufficient to 
appoint competent people to 
carry out the necessary duties 
and functions of the company. 

Tbe first time be became really 
aware of his full responsibilities 
3s a dirtcor was in 1976, when he 
was appointed to the Board of an 
American company. . 

Later, questrbned about tbe 
minutes of a Board meeting on 
August HI, 29/a. when tbe loan 
to Amalgamated Caledonian was 
discussed, he agreed with Sheriff 
J. Irvine Sraith;tbat the minute 
said it had been decided that 
it was valid to show the loan in 
the accounts as an asset. 

This was incorrect, but had 
never been corrected. 

Sir Hugh said Amalgamated 
Caledonian, a company still very 
much in being, bad been formed 
jointly by SUITS and Amal- 
gamated Investment Properties 


to take part in redevelopment of! 
the Army and Navy Stores in} 
Victoria Street. ■ 

When he agreed to the loan he j 
tried to arrange far interest at r 
2 per cent over base rate, to be 
paid quarterly. 

Cash from site 

Amalgamated Caledonian was 
to raise this money against one 
of the subsidiary buildings 
around the site, but was unable 
to do so because Electricity 
Supply Nominees, tbe electricity 
industry pension fund, which was 
funding 90 per cent of the re- 
development. would not release 
securities in time. ' 

Sir Hugh added that when hei 
bad said he believed the toanj 
to be serure he meant that he; 
was confident that with thet 
development of the site and the j 
subsidiary properties the loan 
was well covered. I 

The case continues on Monday. 


Building orders up City’s plan to join property 
f 179m. in March deal breaks with tradition 

BY MICHAEL CASSELL, BUILDING CORRESPONDENT 

AN UPTURN in new construe- the previous month, while indus- BY JOHN BRENNAN ’ PROPERTY CORRESPONDENT 

lion orders across the board was trial business grew in value to 

recorded in March, according to £126m from £100m in February. THE CITY of London's Court of develop a 127,000 sq ft office sell its share of the joint com- 
provisional statistic* from the Public sector contracts, exclud- Common Council made history scheme on a joint City and Trade pany. Very conservative estim- 
Departmem of the Environment ing housing work, rose from yesterday by voting in favour baok-owned site in Lower ates of the City's profit on its 
The Department says that the £221ui to £237m. of plans for the creation of a Thames Street, EC3, land holding, after repayment 

total value of contracts gained in On a quarterly basis public- joint property development com- City officials are to create a of development costs and other 
ihe month was £SUm. against sector housing orders in the first* party with the Swiss-controlled joint development company, finance costs, run to more than 

£432in in February and £68Sm three months of this year were S 1 Trade Development Bank. Vitaglade. which will carry out £l-25m. In fact th? City's share 

in the same month last year. per cent down on the preceding The Corporation has been in- the building works at an of the scheme, which is likely toj 
Taking the firrt three months d ua rier hut 7 per cent up on a'volved in a number of major estimated cost of £S.25m. Both have an investment value’ on; 
of i his "vear together, the con- - ear ear,,er - Private housing] property development schemes in partners will contribute to the completion of around £2Dm. is 
slant price value of new orders orders in January-March were 4. recent years. But this is the Erst costs in Ihc proportion of their likely to be very considerably 
showed a 1 per cent rise in the per cenl Iower tfaan in the pre-Jtimc that its participation is seen existing site ownership with the more than the estimates used at 
last quarter of last vear but a vlQUS quarter and 24 per cent i as property dealing, rather than City's share loaned by the bank, yesterday's meeting. 

12 per cent increase over the up on die first ^ uart er of last (a property investment proposi- The City holds 43 per cent of When complete rather lessi 
same period a vear before * ear - lion. the land and the Trade bank, than half of the new office space ] 

Acrorriiri" in'ih* nnn-,Hmont Public-works contracts were 121 At yesterday's meeting the through its subsidiary Heter sett will he used by Trade bank as 
thr ininrnrompni in npwhiisi per cem tjeIow lhc prc vious l Mayor and aldermen of tbe City’s Investments, owns the balance its new London headquarters, 
ness levels was achieved^in ever!" garter an< * * P®* cent down on Council voted in favour of a joint When the bonding is com- The rest of the space will be 
ma%r secto? ?n March The l . hc CQt »P arabl e Period of laSt scheme with the Swiss bank to pleted. in 1980-81. the City will sub-let. 

/ a ^ e k -f«il OUS ^ 3 L^ ODrra . C ^c.^ se ^Private industrial work showed : 

from £216m in February to £273m a ->i n „ r PM ,. -irp nn the. it«i ^ .. _ _ 

bsc plant si Home insulation aid 

Private commercial orders earlier, while private commercial ^ vAUV/ UlUlUililUU CUU. 


»■<<!> both private aSd public KM R<sC rflont’c 

sectors showing increases. crease of 21 per cent on a year 
Private commercial orders earlier, while private commercial 
taken by contractors In March orders were up 36 and 29 per w* 

rose to £Ii4m against £95m in cent, respectively. Ot/TT oU.3 / 1(1 


Explanation ‘doubt’ stage " m w uulllcu 

# ~ ^ 1 j BY IVOR OWEN, PARLIAMENTARY STAFF 

in £lra plot case on stream - HQUSEH0LDERS lbInklns of . be tlckled as . 10 , Mr pro , 

.UR. DAVID TUDOR PRICE. "It was a foolproof scheme if! R „ , nk ^ T i^ri ■ ■ - installing double glazing or gramme 

prosecuting in the i'lm. dollar- the conspirators could find a dis- 1 oy J - . ya cavity wall filling would be According to Government i 

premium plot case at the Old honest authorised depository and j . _ . . . unwise to hold back in the hope estimates, the insulation of 

Bailey, told the jury yesterday a dishonest helper at the Bank!” rURnibK sta^e in British ' of obtaining assistance under the 400.000 to 500.000 private homes 

that individual matters which of England, as everybody would j Steel Corporation's £57m scheme! Homes Insulation Bill, which was a year would produce an annual 

seemed to implicate Air. John assume that people at the Bank! to double output from the!S iv en an unopposed Second saving equivalent to up 1m; 

Marlin Wales, a suspended Bank of England were honest. j Lackenby basic o.wsen steelmak-! ? eadin S m the Commons yester- tonnes of ol! and valued at up to 


Home insulation aid 
will be limited 


j of steel 

! By : Robin Reeves, 

{ Webh Correspondent 

I 

OVER 100 YEARS of steel- 
making came to an end at 
Ebbw Vale yesterday with the 
tapping of the last steel from 
tbe one remaining open-hearth 
furnace at the British Steel 
works. 

A large number of steel 
workers at the works, which 
has dominated the life or 
Ebbw Vale for generations. 

I gathered to watch 120-tons oF 
| white-hot molten steel pour 
j out of the furnace, 
j Tbe tap .was carried out by 
[ Mr. Eiwyn Andrews, the works 
1 manager, and Mr. Ron Evans, 
a steel worker in the melting 
shop Tor many years. 

Mr. Andrews is also consti- 
tuency agent to Mr. Michael 
Foot, Leader of the Commons 
and Member of Parliament for 
Ebbw Vale. 

Employment 

Termination of sfeel- 
maidng at Ebbw Vale was 
negotiated with the steel 
unions last month. 

Last month, too. the Steel 
Corporation's East Moors 
works at Cardiff was closed 
with the loss or about JMW® 
jobs. 

Yesterday, about 1.400 
workers were due to leave 
Ebbw Vale- although they will 
not receive the special redund- 
ancy payment — 26 weeks' pay 
— for another month. Average 
payments are expected to total 
abont £6.500. 

Another -100 workers will 
follow in two or three months, 
leaving 4.218 still employed on 
the finishing end or the works, 
involved mainly in tinplate 
production. 

The closure is bound in the 
short-term to add greatly to 
local unemployment, which is 
already running at 10.6 per 
cent in Ihc area. 

The Government has 
announced a £l2m crash pro- 
gramme of advanced factory 
building to attract new 
industry to Ebbw Vale. 


By John Lloyd 


BY IVOR OWEN, PARLIAMENTARY STAFF 

HOUSEHOLDERS thinking of. be tackled as 
installing double glazing or gramme, 
cavity wail filling would be According I 


10-year pro- i 
Government i 


‘■“"‘J uum*; nuuiu ue .-vwcuruuig iu ijuvtrrumem 

unwise to hold back in the hope estimates, the insulation of 


seemed to implicate Air. John assume that people at the Bank) to double output from the 
Murim Wales, a suspended Bank of England were honest. (Lackenby basic oxygen steelmak 


£70ra after 10 years. 


of Encland official, in it were “But the scheme came to line plant. Teesslde came on day ‘ £70m after 10 vears. 

capable of "an innocent explana- nothing alter one of Ihe defend- stream vesierriiv ’ This w *s made dear by Afr. 

non ’ if taken one by one. ants double-crossed his associ- ‘ , , Reginald Freesou. Minister for T\i-, rkrt . 4 . 

But the Crown believed that ates and gave information to the T ^ e ^ree steehnaking vessels. Housing and Construction, when JL/ir6Ct DiUlD£ 

if they were all taken together a police about it." each of 260-tonne capacity, which he reaffirmed that only loft * ° 

different picture emerged of Mr. j^r. Tudor Price agreed that are the heart of the plant, are insulation and the lagging of hot lOF WSlGF 

Unles s role in the conspiracy. part 0 f the case against Mr. now ready for production. a °d cold water tanks and loft 

He said in his final speech to Wales rested on the evidence of tomi ovnpnrfitiir* nn imnmu P* pes qualify for grants CTlPPflC pQCrl 
he jury in the six-week tnal: tyo nicn who had lbe m selves T > r Z “ P ° UDder the B111 - L4MI 

Something seems to have gone be en jailed after admitting guilty ins ^ackenbys facilities now It is not 0UJ . inteQti0I1 at CASH collected by Thames 
wrong with everything Mr. Wales involvement in it stands, at £I00ra, bringing the present to Introduce furtkec Water ln A P ri ‘l virtually tripled 

touched in connection with the So , t W o U id be safer if the amount spent by BSC on its schemes,” he said. - • . t0 £16.1m following the intro- 

Mr” Wales of Hunt Meade * ury ,aoked at vario-js outside Lackenby and Redcar plants to The grants provided under thfe S^ e ^ d ^i Ct 5i n Kl e 

Close Chlslehuwt Kent and fiv? aspects 33 we J' in reachin S their £50Om - Bill will covert per cent of »e SSff at beginning of the 

niYicr men denv conspiring to ?el ^ sio1 ’ Mr ' Wales ' s aUeEe<l TS. <>»* onygen plant will “^^ la “„° d Vll ie ^ ^ G ™an<t- Thames 

H^s £,. ■*** .Sid .h, m.i h . are ■ a “ nual “P™* of SmA %i SuSS.K.'flf™ »•»•* dincur of finance, has 


-S- •“ ^ „ ib.' «. ««« P>a=« Will SMS fi S T Eric Gilliland. Thames' 

dishonestly from Mr Tudor Price ^aid the trial haVe an aBnUal of Sl aut^rities-^OwMr Water’s director of finance, has 

™v' 1 b.?w,en‘" Ana'Sit’"'"' ha?be^^ ^loSSfitae,™ SS al ” aa ’ 5m tonnes from early ^pfti^nSSSro^tSSS 

1975 and \pril 30 1976 conflict of evidence between two next > ear - Previous output was will be able to apply. improvement j 

Air. J Tudiir P Price suggested to defendants, Mr. Leonard Ash and rated at 2 Jim. tonnes. Mr. Freesou appealed for JSoS ^itch m'dlKS 

tin; jury: “There was clearly a ^ r - l A, 1 [ red ^ Tailor, who had Half the steel produced by the co-operation to ensure that the hii]i n « would boost cash flow 

«l»>h;.nest plan to obtain money P werece r taS™™Ti y tlhe'FXnt p,ant Wil1 be Casl mt0 ingot piSlif !® d ? h pa . S! *? ge 0l ^ UEh ^ cut the borrowing require- 
*’> deception. and were ceriainii m the first molilds bl , ... . Parliameni so that the scheme, men t 

“Bill II i-j not clear perhaps Division of all the people contj ' ous | v st jnt , b expected to lead to the insulation Until April 1 some water 

"bother this was iu he done involved- continuously tas t into slabs. Qf gQQOQO {vale hQUS h C-?re charged on Se 

i» .1.- : Mr Ash had out no a defence Rnlh nrnrfiiftc u.#1 ih.sn hn sun. ^ .me 


;'n.|.n>cd premium scheme would 1,1 rtU ■‘“n* 1 

lii cm selves he tricked. tion from the true position. 

“If ihc scheme was merely in Defence speeches will occupy 
‘rip off' nuiside investors there the trial most of next week. It 
wjk nu need to set up two diN will then be adjourned until 
fi-rcnt authorised depositories early June for tbe judge's 
for foreign securities. summing-up to start. 

Pleasure boat builders 
uncertain about future 


j flat products. 


insulation, and the task would bill. 


Expanded Metal invents safer 
liquid petroleum gas storage 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 


BY STUART ALEXANDER 

BRITAIN'S pleasure boat 
builders have moved back into a 
period of uncertainty as export 
orders have dried up, because of 
the relative strength of the 
pound, and the home market has 
failed to pick up in the way 
expected when tax cuts were 
announced in the winter. 

Compared with six months ago. 
i.nlv 22 per cent, are more 
.■p[imi>lic about the next six 
months, whereas in October 4S 
pei cent were mure opumi-ylic. 
according to figures given j ester- 
day by liie Ship and Enat 
Builders’ National Federation. 

The export market had become 


worse in the past six months, said 
55 per cent, and this was reflected 
in a worsening export order book 
reported by 36 per cent. 

In April last year 42 per cent 
blamed shortage of labour as tbe 
chief obstacle to increased pro- 
duction. and only 27 per cent a 
lack of orders, hut this year the 
lack of orders accounted for 66 
per cent- 

The industry expected prices 
to rise, with 77 per cent forecast- 
ing increases in the next six 
months, particularly as 3S per 
cent have fallen behind profit 
forecasts, compared with only J3 
per cent six months ago. 


Home loans for 205, 


A TOTAL of 205,000 mortgages 
for house purchase were com- 
pleted in the UK during tbe first 
quarter of 1B7S, according to 
figures from the Department of 
the Environment. 

The Department says that 48 
per cent, of the loans went to 
lirst-linie buyers, who paid an 
average of just over £11.000 for 
their homes and borrowed SI per 
cent of ihe purchaser: price. 
Former owner occupiers .paid an 
average o{ £17.100, of which they 
burrowed 59 per cent on average. 

In the first quarter borrowers 
bought homes with an average 
price representing 2.6 limes ihetr 
average recorded income and 
obtained advance*: on average of 
1.7 limes their income. Seven 


per cent of all loans were for 
properties valued at less than 
£7,000 and 15 per cent went on 
homes priced at more than 
£ 20 , 000 . 

Jumbos resume 
Gulf route 

MIDDLE EAST AIRLINES yes- 
tyrday reintroduced its jumbo-jet 
service between London. Beirut 
and the "Gtrif: It will Operate 
twice weekly.- 

A Boeing 74 1 . tn new- MEA 
livery, left Heathrow for Beirut. 
Dubai and Muscat. The airline 
is also reintroducing its Beirut- 
Abu Dhabi-Muscat 747 service 
next week. 


A POSSIBLE breakthrough in 
the storage and transportation of 
liquid petroleum gas to make dis- 
tribution much safer, was claimed 
yesterday by the Expanded 
Metal group. 

Liquid petroleum gas, propane 
and butane, is transported and 
stored under pressure, which 
turns the gas to liquid.- By sub- 
jecting it to pressure equal to 
I about 30 times ihe earth's atma- 
j sphere about 270 gallons of gas 
can be reduced to one gallon 
of liquid. 

Under normal conditions this 
procedure is quite svfe. However, 
if the storage vessel is exposed to 
fire or subject to an accident that 
results in a leak, the escaping 
gas can ignite. This can cause 
an extremely dangerous explo- 
sion — in effect, an enormous 
expanding fireball of gas. 

The danger of such explosions 
has' been used by protest groups 
in Fife. Scotland, as part of 
tbelr campaign to prevent tbe 
building by Shell and Esso oF 
a natural gas liquids separation 
plant at Mossmorran. with a 
marine distribution terminal at 
Braefoot Bay on the Firth of 
Forth. 

Aluminium foil 

Provisional planning permis- 
sion has been granted by Mr. 
Bruce ATillan. the Scottish Sec- 
retary. But local protest groups 
:arc ..still fighting the plan and 
will be able to use as backing 
for their case a recent explosion 
in the U.S. 

A tram nf liquid petroleum 


gas tanker trucks was derailed 
near a town in Tennessee and 
the resulting explosion 
devastated much of the surround- 
ing area. 

Expanded Metal claimed yes- 
terday that its research had 
produced a method of storage 
which was " at the best an effec- 
tive preventative, at the worst 
a valuable retardant - of 
explosions. 

Tbe technique, which uses a 
special aluminium foil lining for 


the storage vessels, has been 
tested to date only on a very 
small scale- Further research 
and development is in progress, 
but could take up to 18 months 
or more. Applications have been 
made for patents. 

Expanded Metal, which last 
year bad a turnover of- about 
£23.1tn. said that the potential 
market for the process was con- 
siderable. Testing continues at 
the Royal Armament testing 
grounds. Shoeburyness. 


Another 
65 hew 
i factories 
for Wales 

By Robin Reeves, 

Welsh Correspondent 

A FURTHER 65 advance fac- 
tories are to be built by the 
Welsh Development Agency 
throughout Wales at a cost of 
£8.5m. It is to meet what the 
agency describes as an upsurge 
in demand for industrial premises 
and to meet special job needs 
In the Rhondda, Briton Ferry 
and do Deeside. 

The agency’s latest programme 
of advance factory construction 
is id addition' to a factory build- 
ing drive which it is mounting in 
Cardiff and Blaenau (Gwent) to 
help to provide jobs for cx- 
steelworkers from East Moors 
and Ebbw Vale. 

The factories will support an 
estimated 700 jobs ioitially, 
rising to double that number 
over three years. The total 
amount of extra manufacturing 
space is 389.000 sq ft at 2i 
locations in North and South 
Wales. 

The agency’s factory slock 
totals 14.9m sq ft. Space avail- 
able for letting is just over im 
sq ft or 6.9 per cent of the loial. 
Ln the last financial year a total 
of 810,000 sq ft of factory space 
was reserved for prospective 
tenants. 


Walker mav 


Victorian pictures fetch 
record £424,245 


CHRISTIE’S auction of Victorian 
pictures yesterday established a 
record total for such a sale— 
£424,245 — and set saleroom 


SALEROOM 

ANTONY THORNCROFT 


records for five artists — Albert 
Moor, Alfred Stannard, Frederick 
Sandy*. William Me l by and 
Edward Cooke- 

Top price was the £28.000. plus 
10 per cent buyer's premium, 
paid anonymously for Albert 
Moore’s Apples. 

The artist painted three ver- 


sions of the scene, showing two 
girls asleep in a classical 
landscape, all with different 
titles- The previous auction 
record for a work by Moore was 
set in 1074. at £6^00. 

The Challenge in the Wilder, 
ness, an example of Burne-Jones’ 
last, and most abstract style, 
painted in 1S94-98, sold for 
£27.000. 

Another high price was the 
£ 22,000 for James-JacquesTis&afs 
Waiting far the Ferry, one of a 
number of similar pictures de- 
picting Tissot and bis mistress in 
Thames-side settings. 

.4 Coastal Scene by Stannard 
went for £10,000. \'apolcon's 
Peril nt Briennc'lc-Ckateau, by 
Robert Hillingford, sold for 
£9.500. 


rejoin 
Tory fold 

Jmr. PETER WALKER, dropped 
\ from the Shadow Cabinet when 
Mrs. Thatcher became Conserva- 
tive Leader. Iasi night praised 
Mrs. Thatcher as a person of 
"courage, energy and tenacitv." 

After a speech strongly sup- 
porting the present Conservative 
leadership, there was speculation 
that the clamour from some 
parts of the Tory Party to bring 
him back into the Shadow- 
Cabinet would be renewed. 

Mrs. Thatcher, chief guest at 
the centenary dinner of the 
Worcester Conservative Associa- 
tion. heard Mr. Walker say: 

Our Conservative Government 
will need to seek the middle 
way between efficiency and 
compassion. 

“ We welcome you as the next 
Pnine Minister — one who will be 
confronted with greater problems 
than nave confronted anv or 
your predecessors. 

*' °V r lask . ii5 10 s*-'* that we 
appeal to what is best in nur 
nation. Your task as our leader 
is to lead us in that appeal." 


ruMiMiej jj.i- .. 

djn ana fiuiidoT'i, u.4. ,uhurVn»:2.. P. 

•?» treishi a VHrfi.ntl |;{ir iS^i|! P S - W "-«U 

Saond can po», a| :e phU ai Srw WrCv? - 


We will resist 
any Tory 

attack— Murray 

BY ALAN PIKE, LABOUR CORRESPONDENT 

thf thaop union movement Good government depended on 
itself '‘with all the a continuing process of conaul- 

would defend ” w , c3n r.jtion with represcutame 

democratic lesouM- ■ inicresl crimps, and none wa% 

command . f,° r ^ ed conservative mure representative or more 
Government. Mr. Lett Murray, powerful than tbe trade union 
TUC general secretary, said yes- movement, 
terdav “We arc not making any 

Members of the public had a threats. We are not striking 
right to know H new legislation ilt umdes. it is much, more our 
was being “quietly cooked up ' by nature to strike bargains— not tn 
people aspiring tn political for a fight, but t» show our 

power, he told the Boilerniarkers willingness to find a formula." 
Amalgamation conference Bul lt ou „ ht lc , Jlt . tnowu that 

change of Government. Wo hear itself. 

ambiguous phrases about the ^j,._ Murray gaie a renewed 
need to restore traditional ways warning tn his speech that nn 
of doing things.” said Mr. Mur- f ur iher unions slum id attempt 
ray. to enter the engineering and 

There was a danger to derape- shipbuilding industries, which 
racy iF the leader of a mayor j, c sa -, d j, ad enough unions 
political party, “whether wit- a j reat |v. 

tinaly or because oE lack oF wit, ' _ 

created an impression of hostility' The boilermakei? aud other 
to a trade union movement which affiliates of the c ® nf S5UiSrinI 
nearly I2in. people had joined. Shipbuilding and Ln 0 in coring 
It was a danger because it ran Unions are campaigning to pre^ 
counter to ihe trade union more- vent Mr. John Lyons Engineers 
ment tradition of trying in come and Managers Association, whirh 
to a working understanding with is in the TUC but not part of the 
whatever Government the elec- confederation, gaining rccogm- 
torate chose. tion. 

We’re your friends, 
says Thatcher 

BY RUPERT CORNWELL 

MRS. MARGARET THATCHER arena, and concentrate on 
proclaimed last night that the bargaining to improve the lot 
Conservatives were tbe uue of their members. The Tones 
friends oE unions and workers, as would always fight any encroach- 
the only party which could ment un Parliamentary 
deliver higher output, more jobs detuucracy. 
and a sustained improvement in The rest nf her speech 
the standard of living. pointed to common areas of 

Tn a nntahlv cnneiliatorv sneech interes t between party and trade 
♦hn finS J ! unions — keeping cumpamcs 

? profitable, and constructing a 

nr n n^ e r^irorr,mmf^ tS 'm f h/ininl system rewarding the skilled 
Tory Governments m helping d fir ,( er o r i s inc 

the Labour movement, and 2? Mr Barnett Chief Hoc 
denounced the “ myth that trades ^ the TrSii stepped 

USdSiSH 1 ia *n 1 il e hpfi5l'^ erva&ve ap the Government's counter- 
traditions and beliefs. attack last night against this 

Mrs. Thatcher was speaking to month’s Tory-inspired income 
Worcester Conservative Associa- tax cuts by saying that they 
tion, in response to a welcoming would lead to a clash with the 
address by Mr. Peter Walker, MP trade unions, 
for Worcester and the former Mr. Ramett, the Cabinet Minis- 
Cabioet Minister add spokesman ter directly responsible for 
of the party's liberal wing, who Government spending, told a 
has in tbe past harshly criticised union conference in Blackpool 
the “ free market ” approach that the bitterness created by 
identified with her- * lavishing extra money on the 

Mir-Walker emphasised again better?paid would produce a 
the .need for the Tor^s to show rush ' of union demands for 
“compassion as as effi- similar treatment, and consc- 

ciency.’*' • quently a wage explosion. 

But the debate in policy within Co-operation with the trade 
Tory ranks had been natural and union movement would un- 
cood- tempered. 3nd the party was doubredly be destroyed, he told' 
now totally united to defeat the Ceramic and Allied Trades 
Labour “and end the divisive- delegates, 
ness created by collectivist He appealed to unions to mod- 
socialism." erate their demands in Phase 

Mrs. Thatcher repealed her Four, implying that the aiterna- 
waming that union leaders tive could he the return of a 
should stay o ut of the political Tory Govemment t 

Painters’ strike causes 
2,000 Rover lay-offs 

BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 
MORE THAN 2,000 workers will took place, but the painters wan* 
be laid off at Rover, Solihull, tougher action, 
from Monday as a result of the The management Is not 
walk-out by painters protesting optmistic about a quick settle- 
at the alleged use of canteen ment. Production of Rovers is 
women to check time-keeping. likely to be halted early next 
T . ^ week at a time of high demand. 

• The strike of 3.000 lransmis- 
rejected 3 pG3C6 formula D6go- workers at thp Ford nhnt 
timed with union representatives, r «»£nn?i iffiK 

and voted to remain on strike, sorted on ^TiursS! ove?\hE 
They claim two canteen women °J f a cofiea eue w-hn 

r^n e f?rS!Z ly ^ Sinf0maU011 allegedly hit a foreman. endJd 
lu two foremen. yesterday. Normal working will 

The company offered to keep start on Monday. The dismissed 
the foremen away from tbe paint man has been reinstated and 
shop area while an investigation given a four-day suspension. 

Museums agreement 

BY OUR LABOUR STAFF 

THE TUC said yesterday that it said that it did not intend to 
bad been formally agreed that, recruit in any grades for which 
at Goverment-sponsored and the Civil Service Union had a 
trustee museums and galleries, recognition agreeuiant at the 
the Civil .Service Union was the Tate- 

appropriate union for museum — — — 

warders, technicians and other Rt*!fQ wni/» 
non-industrial grades for which Ol itailillL 
It held negotiating rights. A LIST of insurance companies 

The statement came after a included in a Financial Times 
meeting between officials of the report this week about a National 
union and the Transport and Union of Bank Emplovees' 
General Workers’ Union, both of recruitment drive should have 
which had been involved in an referred to the Britannic insur- 
argunient over union member- ance company and not the 
ship at the Tate Gallery. Britannia, which is a building 

The Transport Workers’ Union society. 


Britannic 


A LIST of insurance companies 
included in a Financial Times 
report this week about a National 
Union of Bank Emplovees' 
recruitment drive should have 
referred to the Britannic insur- 
ance company and not the 
Britannia, which is a building 
society. 


Health staff win 9.5% 


by our labour staff 


MOIje THAN 100,000 adminlstra- “Jl'ver on to n salary scale of 
live and clerical staff in the i -.- la 7-t!2.WS4 ;tn«l .1 senior ail- 
National Health Service are to 11,1 "istra tor 10 l'S.OTS-t'y.757. 
have a pay rise of 9.5 per cent cn 'nn ' 1 ^ 0 settlement for about 
after consolidation of previous hiJ.UOO workers in the rood mamt- 
incomes policy supplements back- ractur j n S industry had been 
dated to April 1. -icrcea within the Governments 

hrrn- a £ een ? eQt . yest " da >' "ill lndSstrS nt cS!IJien lll fu r lh 5ic 1 “IS 

bring the lowest-paid clerical dus try said. 

Herald Tribune stopped 

RV /vin 1 . nm ID AT * 


BY OUR LABOUR EDITOR 

INDUSTRIAL action yesterday 
stopped production in London of 
■h*-; International Herald 
Tribune. 

Uther titles affected by the 
action by National Graphical 
Association members at Kino 
and Hutchings, of Uxbridge, 
Middlesex. Include the Jewish 
‘-hroniclc and the Arab language 
P*l»r A1 Arab. 

The NGA men Mere refusing 


to ernss picket lines set up by 
journalists on .strike at the Ac tun 
Gazette over pay and hour*. The 
Gazelle and seven uther Ntirlli- 
\v osi London weekly or bj-wccklv 
newspapers are pan L ,f ihe 

Middlesex County Press, owned 

h>' King and lltitelnn*^ 

Tlu- Acton journalists* action 
has been joined by others in 
MtJcr papers, but printers who 
are not NGA luciubcra are still 
reporting for wurh. 


[jr- 


o’* 




f 



financial Times Saturday May 20 197-S 



THE WEEK IN THE .-MARKET'S. 


Gilts fear credit curbs 


. . l : irko1 *wmn lo be 
uin. ,■ t,|C fpar Oiat some 
ol curbs are iinrni- 

‘ • l,,, *‘ , wm K the shuck April 
««urw. A growth 
_ un " ihe month of 21 per 
u !" ' u Sterling M3 was con* 
Mu*.r;ibly worse than expected. 

n .111 juinunl rate it overshot 
growth target by 
piMvontage points. The 
< •uvcrniiKMit was quick to ex- 
i |r, ->..s us determination to keep 
Mcrimg M:t within the 8 to 
- per cent target for the year 
mil1 'pril 1979 but the in- 
-t mu ions have clearly lost 
,, "' lr appetite for gilts. 

So aii,.,. sim-iing the week in 
f.urly buoyant fashion, bolstered 
I" i he u n ex pec Led l.v good trade 
lie n res. ;:ilt.s were looking very 
depressed laic yesterday. Falls 
:n >be longer end of the market 
"•*rc -ibnut ? k point and prices 
v, ti - drifting lower in late deal- 
1,1 -' s Equities followed suit 
wuh ihc FT index some 10.3 
points lower at 470.6. 

F ts S hits Shell 

Hie results for the first 
quarter uf - Royal Dutch Shell 
focused attention on two areas 
of topical interest. First, the 
(Iranian.* collapse in reported 
profit showed how subjective 


the profit of a multi-national 
company becomes when exposed 
to rapidly fluctuating exchange 
rates. Second, the chairman's 

hints that conditions in the 

international chemical industry 
were improving reinforced a 
general suspicion to this effect. 
They had a tonic impact on 
the share price of Imperial 
Chemical Industries, which is 
itself due to announce first 
quarter results next week. 

For two years now Shell has 
been adopting U.S. accounting 
standard FAS 8 to deal in its 


U.K. INDICES 


Average 
week to 


May 

19 


May 

12 


May 

5 


FINANCIAL TIMES 
Govr. Secs. 7143 71.11 71.45 
Fixed Int erest 72.30 7X32 73 .51 

Indust. Ord. 479.7 47S.9 474.4 


Gold Mines 151.1 146.8 


Dealings mkd. 5,516 
FT ACTUARIES 


5,391 


143.1 

5,323 


Capital Gd s. 213.84 21242 208.99 
Consumer 

( Durable ) 197.10 196.90 194.72 

Cons. (Non- 

Durabte ) 204.93 205.30 202.97 

Ind. Gro up 21139 210.07 2 0736 
500-Share 235.16 233.70 229 .99 
Financial Gp. 168.04 167.73 164.86 
All-Share " 

58.44 


Red. Debs. 57 JO 


217.24 215.84 212.49 
57.74 


LONDON 

ONLOOKER 


accounts with the effect of cur- 
rency movements. In the first 
quarter the pattern of currency 
movements was such as to make 
FAS 8 have a particularly 
damaging impact on Shell's pro- 
fits. The problem was a sharp 
deterioration in sterling at the 
end of the quarter which 
increased the sterling equivalent 
of Shell's overseas liabilities by 
£I00m in one week. Normally 
such losses would be offset by 
the increasing sterling value of 
stocks bought abroad — but 
unfortunately, under FAS 8. 
such assets remain valued at 
the exchange rate ruling at the 
time of their acquisition. 

The result was that Shell's 
first quarter profits were re- 
duced by a currency loss of 
£2S0m and that its earnings for 
the quarter were down from 
£416m to just £6m. 

While Shell’s share price suf- 
fered a little, that of ICI rose 
on Thursday by I4p to 376p 
before sliding back to 370p in 
the general market malaise on 
Friday. The muted optimism 
of the Shell chairman about 
the chemical sector com- 
pounded some rather bullish re- 
appraisals of ICrs first quarter 
prospects. The general guess 
in the City is that ICI will 
announce pre-tax profits next 
Thursday of about £90m com- 
pared with £I48m in the com- 
parable quarter of last year. 


But these figures do not include 
those confusing currency gains/ 
losses. 

Retail trends 

Indications that a consumer 
boom is developing at last 
came early this week with the 
publication of the April retail 
sales statistics. In the three 
months to the end of April sales 
volumes were about li per cent 
up on the previous three-month 
period and were nearly 4 per 
cent ahead of the corresponding 
period last year. 

Front the High Street how- 
ever, the week brought mixed 
news. Boots failed to live up 
to expectations and reported 
full-year pre-tax profits for 
1977-78 only 8 per cent better 
(after adjusting for last year's 
pension provision) at £l07m. It 
■seems that severe competition 
has developed in its product 
areas as the food price war 
forces other retailers to stock 
more non-food lines. At least 
Boots is doing a little better 
than holding its own. In the 
first quarter of the year it 
reports volume growth of 
around 8 per cent, and gains 
are now said lo be running at 
12 per cent annually. 

But things do not look so 
encouraging at Woolworth, 
where trading profit for the 
first quarter came out £lm 
lower at £7.8m. Woolworth 
cautions against any extrapola- 
tion of these figures, but there 
is nothing to get excited about 
with no improvement showing 
through in saJes returns for the 
past few weeks. 

Unilever shocks 

First quarter figures from 
Unilever, the Anglo-Dutch food 
and detergents giant, confirmed 
the worse fears of the market. 
Profits for the three months 
ended last March fell by 11 per 
cent to £110.6m. Some analysts 
had been thinking in terms of 
£130m and so the shares quickly 
slipped back to dose the day 
(Tuesday') ZOp lower at 512p. 

In a nutshell the trading 
background is one of a de 
pressed European market for 



The recovery continues 


! F M • A- M>. J J • A • S O N •:-D ; ;J ' F .. 'M' A' ./M 


both consumer and industrial 
products. In Norlh America 
profits were close to the compar- 
able period but the only real 
bright spots were provided by 
the markets in developing 
countries. Overall volume fell 
by 2 per cent. 

In the light of these figures 
most analysts are writing down 
their full year forecasts, and 
the range for the year is now 
around £575m to £600m com- 
pared with earlier estimates of 
roughly unchanged profits of 
£630m. 

Unit sales 

Evidence that the private 
investor is alive and kicking 
came this week from the Unit 
Trust Association. whose 
members achieved their highest- 
cver sales in April. It was. 
of course, the prospect of mak- 
ing money in America which 
had investors hurrying to put 
their money into the trust — 
well over half of gross sales 
of just over £70m were uf units 
in the specialised American 
funds. But the high income 
funds have also been selling 
well. The improvement so far 
this year has done morale in 
the industry a great deal of 
good — and it would not have 
done the management com- 
panies' finances any harm, 
either, though they are continu- 


ing to negotiate with the 
Department of Trade for higher 
charges. 

Insurance brokers 

One of the marvels in the 
stock market is the insurance 
broking sector. For even while 
controversies bubble in the in- 
surance community, particularly 
at Lloyd's, the sector forges on 
regardless as our chart shows. 

And unless another •‘Savonita” 
row. emerges this strong trend 
is likely to continue. Insurance 
brokers are attractive for a 
variety of reasons. Their 
profits benefit from any infla- 
tion. They have low working 
capital needs while during 
times of sterling weakness they 
are supported by the exchange 
benefits of their business, much 
of which is overseas. 

In addition there is a sbeable 
interest income from what is 
after all a cash business. Much 
of their business is renewed 
year after year. 

But those shares that are 
likely to attract interest within 
the sector are the pure brokers, 
such as C. E. Heath who 
declared good results this week* 
rather than those where the 
good quality broking earnings 
might be diluted by more prob- 
lematical industrial interests, 
such .as at Stenhouse Holdings 
or Matthews Wrightson. 


despite economic news 


' ,C J’ * 


SOMEONE REMARKED the 
other day that it will take the 
explosion of an H-bomb over 
Wall Street to restrain the pre- 
sent stock market rally. Pre- 
sumably something less horrific 
will suffice but the market's 
ability to take comfort from 
economic developments which 
nine months ago brought on 
increasingly severe attacks of 
the vapours has proved extra- 
ordinary. It should not be 
forgotten that the buying surge 
which has recovered all of the 
ground lost by the Dow Jones 
Industrial Average since mid- 
September has occurred during 
a period in which the Ml 
measure of money supply has 
been growing at a rate far 
beyund the Federal Reserve 
Board’s targets and that as a 
result short term interest rates 
have been dragged upwards by 
increases in the Fed's funds 
rate. 

Moreover, statistics have 
indicated that the April price 
index rose at an annual rate 
of more than 15 per cent, and 


NEW YORK 

JOHN WYLES 


that money flows into savings 
institutions which finance house 
mortgages have been falling. 
Technical analysts say that such 
“negative aspects” have been 
discounted by investors which 
may only be partially true. Just 
as likely is the fact that foreign 
investors, who had long been 
aware that U.S. stocks were 
severely undervalued, used the 
firming of the dollar in mid- 


fvoo\ 


1.000F- 



500 


197-4 


1975 


1976 


1977 1978 


April as the springboard for a 
dive into U.S. equities. Foreign 
buying has given this market 
a lot of its momentum and each 
tightening of the credit tap by 
the Fed. has tended to 
strengthen the dollar and as 
a result maintain foreign 
interest. On the domestic side, 
institutions have been forced 
into heavy trading out of fear 
of missing the boat and have 
been able to take comfort from 
the fact that the Fed’s actions 
and President Carters moves 
to cut the budget deficit in 1979 
promise a tighter hold on the 
inflation rate. 

They may also have some 
impact on the economic growth 
rate and although real GNP 
may leap by about S per cent in 
the second quarter, it is not 
inconceivable that the economy 
may not achieve the 4.5 to 5 per 
cent growth rate the Adminis- 
tration wants. Wall Street 
would like to see slower growth 
or even a short lived, growth 
recession because of its puta- 


tive impact on the inflation 
rate so thaL hitherto *’ bad ” 
economic news may well prove 
good for equities. 

Stocks which would particu- 
larly benefit would be those 
glamour companies which have 
been seriously underpriced 
over the past IS months and 
whose activities are not spe- 
cially vulnerable tn an economic 
downturn. Thus Boeing is cur- 
rently trading at about double 
the S23J which was its market 
bottom in the past year and 
is still only seven or eight 
limes its estimated earnings 
for this year. Other companies 
in the same category being 
mentioned by analysts include 
Avon Products. Revlon and 
National Cash Register. 



Close 

Change 

Monday 

846.76 

“6.06 

Tuesday 

854J0 

-r-7.54 

Wednesday 

85837 

-i-4D7 

Thursday 

850.92 

-7.45 

Friday 

84635 

-4.07 


MARKET HIGHLIGHTS OF THE WEEK 

Price Change on 1978 1978 

Y*day Week High Low 

F.T. ind. Ord. Index 

470.6 

-17.7 

4973 

433.4 

Leaders hil by money trends 

F.T. Govt. See*. Index 

70.45 

- 057 

7838 

70.45 

Grim money supply figures 

Adda International 

41 

+ 5} 

41 

- 311 

Stake changes hands 

B H South 

98 

-r 17 

98 

-: « 

Closure of Queensland Phosphate 

Boot* 

197 

-28 

231 

184 

Disappointing annual results 

Brown (J.) 

356 

-i-25 * 

364 

v’ 231 

Investment & speculative demand 

Burmah Oil 

65 

+ 7 

65 

42. 

Another U3. contract 

Coats Patons 

75 

- 8} 

84 

67 ’ 

Profits warning 

Crosby House 

170 

+ 40 

170 

125 

Large stake changes hands 

Dr ben hams 

92 

-12 

no ■ 

89 

*. Ahead of and after results 

General Accident 

212 

-18 

250 

200 

Disappointing 1st quarter figures 

K.uris & Sheldon 

59 

-124 

61 

43 

Bid approach 

Mow.ird & Wyndham 

251 

- 5 

251 

181 

Success oF publishing subsidiary 

Kitchen R. Taylor 

78 

•: 15 

SO 

44 

RKT Textiles minority purchase 

M 1 M Hldgs. 

204 

: 23 

204 

125 

Buoyant Australian markets 

Exploration 

26 

-11 

26 

10 

Speculative buying 

*: Wjre 

108 

-19 

109 

69 

Speculative demand 

Silvermines 

57 

+ 13 

60 

29 

Irish demand 

Sr.ikis (Rco.) 

44 

61 

44 

30 

Satisfactory interim statement 

VA-itern Mining 

134 

4 78 

136 

84 

Base metal find in Victoria 



Going Ahead 


Sooth African 
I Stock Market I 


• b.i: 


•it 


V 


he 

\fr 


VI11LE LONDON has been 
[,11-Miu-riMHl by the surge in 
LVcil! Street, the South African 
mliistrial market has been pul- 
ing up a tine showing. The 
land Daily Matl 100 index has 
■iscri hy nearly 15 per cent 
,m.v the Budget in March and 
ctili ihc average industrial 
on just 4J limes 
mi*'.- .uid yield ms 9.1 per 
there .'till scents plenty 
. .. r 

i ,*, ; i* investors though, 
[tv Lii-uly been by-passed by 
improvement in Smith 

<1,1 industrial equities. 

ivi-r the same period. Securi- 
ics Rand, the currency in which 
nre ignore buy South African 
qiniscs. has doc! mod by 11 per 
ent. The weakness in the 
,1*1*11 rities Rand market is a 
met result of the changes 
,3. h- in the budget to the rules 
■■voniitig invest men L« in Souih 
.•ric.in fixed interest stocks, 
i in- ,v previously Securities 
.ind .mild be used for purchas- 
, : .. ill* and semi-gilts ami if 
II*'.. sitiiks were held for a 
<• in mu nt period of five years. 
»• proceeds wen* retnitlable 
i tin- normal exchange rate of 
S.n.v in tin- Rand. Turning 
v*S n.Tceut discount on seeun- 
'rand iiiiu free rands was 
1 1 ravine enough over * five* 
r.*r period for the foreign 
iv.KMr tu take the currency 
m. The budget outlawed this 
ived me -ill avenue. The 
-'till. tut slump in demand for 
-curdle*! Rand has seen the 
,..-,111:11 open from 2S per cent 
, 37 per rent over the past two 

ion! its. . . ., 

With ihc •mftentng tn the 
, unties Rami market has 
• off tin* pressure of 
j, M.*II:ng uf equities, the 
industrial share market 
l-tvn allowed to advance on 
ni.tim-niul internal factors 
i . fleet the supply demand 
;>*:! f!»r equities. The ftTlS 
, fa.-inrs behind the rise 
. ;••*: ihiwitward revision in 
rve*»i rale and inflationary 
H •nations. 

V bull market is ravins ui 


long dated fixed inLerest stocks 
which is forcing long terra 
semi-gilt rates up against the 
long terra government stock rate. 
And short-term rates are also 
being kept artificially high by 
Reserve Bank interven lions as 
the foreign exchange reserves 
cannot stand a widescate switch- 
ing of trade finance from 
foreign to duntc-'iic sourcek 
Although the prime semi-gilt 
borrower, ESCOM. has only 
managed tn trim its rate from 
11.65 per cent to 11.2 per cent 
since the beginning of the year, 
all other fixed interest stocks 
arc converting behind ESCOM. 



f Securities 

: Rand Discount 

■ a si .... I ■ ■ 

m "‘W 1 * "" 


in 


■.i I 


SOUTH AFRICA 

RICHARD STUART 


The equity market, consequently 
has adjusted not only to the 
apparent decline in the cost of 
long term capital hut also in 
the expectation ««f this -cost 
declining further. 

Capita) markets are also 
adjusting tu the prospect of 
sinclofigurc inflation. After 
years of being faced with infla- 
tion running in double digit 
numbers, cronoraists are now 
broadly looking for inflation to 
bo running at no more than 10 
per cent, by the end of the year 
with the more optimistic talking, 
about a rate of $ per cent. 

This has coincided with the 
expectation of a gradual revival, 
in economic growth this year 
with the prospect of growth 
speeding up in 1979. In equity, 
terms this revival is even more 
marked- The greater proportion 
of institutions’ equity exposure 
is concentrated in the very 
highest class equities which are 
emerging from the recession 
with greatly strengthened mar- 
ket shares in their own areas of 
operation. Besides having elimi- 
nated much of tl»e opposition, 
these market leaders generally 


have much sounder balance 
sheets today. Over-capacity in 
almost all sectors has diminished 
the incentive to invest in plant 
and equipment and tighter con- 
trol over working assets has also 
released cash. As a result, there 
is a recessionary cash accumula- 
tion in the leading industrial 
countries. 

It is no surprise that these 
market loaders have lead the 
advance. The RDM 100 Indus- 
trial Index, which includes most 
of the marketable stocks, has 
advanced on 29 of the last 33 
trading sessions. Institutions, 
which arc flush with cash and 
have had their discretionary 
cash flows restored after two 
years of being forced to commit 
very high percentages of their 
cash flow into fixed interest 
stocks, are now discovering that 
the availability of scrip is acute. 

Throughout the prolonged 
bear market. London has pro- 
tided a tap. Now that source of 
scrip is drying up and supply is 
tightening. 

Technical analysts have also 
gained considerable heart from 
the recent rise in industrial 
equities. For the first time since 
the 1969 peak in the industrial 
index, the seemingh* imoervinuR 
downtrend line which has 
repulsed all previous advances, 
has been decisively broken. 
While this might only be a 
Ssnmprom rather than a funda- 
mental cause, many investors 
now believe that the dawn of a 
newbull market in equities has 
finally broken. 



AVERAGE ESTIMATED CURRENT GROSS YIELD - 


with Arbuthnot 3 in 1 Offer 

These are the 3 Top Performing Arbuthnot Funds in which yonr money will be invested in pari, . 


31*2% 


ARBUTHNOT 
EXTRA INCOME 
FUND 

(Formerly ziic Iordan Income Fund) 

• One of the highest incomes available from an 
authorised unit trust. 

• Portfolio is well balanced with 58% in equities 
(high yield and growth prospects), 40°; in 
preference shares (high yield and stability), and 
2!'., in loan stocks (income). Through increased 
funds invested and capital growth, this fund 
has increased from £350,000 on 21st March 
1977 10 currently over £3 \ million. 


ARBUTHNOT 
PREFERENCE 
SHARE FUND 


12-1 


9*K 


• The current gross yield is very competitive 
with fixed interest investments. 

• The aim of the fund is to maintain high stable 
income. 

« The stability of the portfolio is achieved by a 
wide spread of investments which inherently 
bear a reduced risk compared to ordinary 
shares. The fund’s 200 holdings are spread 
over 90% industrial and commercials; 6°„ 
investment trusts; 4% waterboards. Funds 
now exceed £6 million. 

e Estimated Current Cross Yield 


ARBUTHNOT 
HIGH INCOME 
FUND 

“The track record in both income 
and capital is excellent.”* 

• The objective is initial high income and capital 
growth in the longer term. 

• Over Sj% of rhe portfolio is invested in 

. equities for growth prospects and 15 1 ; () is 
invested in preference shares to provide 
stabilirv of income. 


• This Fund now exceeds £10 million. 

^Fumncial Times, 3 rd September it 377. 

Share exchange -you can acquire units marc advantageously through share exchange scheme . Tick box in coupon for details. 


Regular Income to 
Meet Regular Pay meats 


Those hills keep rolling in ana wish 
consi-int rise in she cost of living j ou r* 
a reguiar income that wit] grew. So v.e 
Cr5igjn.\i j unique r-ckcr.ic, the Arbu'.h 
; in : Offer. These :'und» offer jws :> 

: t a rune ksjos?-.- : s Lx divitienii p.y.~cr.t'. 
iv.h > eir in Fcrcuarv, March, J ur.e. 
Augi&*- ScjSivfsr.heror.d Dccensbis an-' 
jmnpxs of growth of bath ncorr.c ar.J 
capital in 2 he ior.g ;ltcl 

in ■.'errors are refunded that die 
s=^:-. ar.d the iscoisi: irixn their, ir—j go 
dun is well ov up. 

An invesLuent in s. unit trust should ce 


he 

have 

not 


of 


r-.gardca as long sms. 

P 


Invest Now for 
all these advantages 


■Sfc Triple spread reduces risk 
■5^ Guaranteed Regular Income 
High Initial Income 
Potential Growth of Income 
Long Term Growth Potential 


You can also invest 
in the individual funds 


Should you wish ro purchase units in any of 
the individual funds please apply to the 


managers, we would point out that the 
minimum holding in each fund is £750. 
Fixed price offers for the income units in 
each fund uadi 5pm May 26, 1978 arc as 
follows Extra Income Fund j 14. ip xd 
(yield 11.2%)- Prefer cnee Share Fund 
27-IP (yield I2.i"„;»-High Income Fund 

44-6p (yield 9.l"o) or the daily prices if 
lower. 

Fixed price offers for 3 in 1 until 5pm 
May 26 1978 (or the daily price if low er... 

GENER AL INFORMATION 
The Managers reserve the right to dose 
offers if unit values rise by more than 2 
Applications will be acknowledged, and 
taut certificates will be issued within 35 
days. The offerprice includes an ini ml 

charge of 5%. The annual charge is -f 


\ AT . Distribution?, net o! basic rate tax, 
are made half yearly on each ;und with a 
minimum ol one distribution per quarter. 
Alter the elo^e of these offers unit:, nw* - btf 
purchased at the prices show n in the 
national pres: . 

L nits can aj-.o be «oij" back. Pavmerc 
will be made within 14 day; of the denting 
JjiL* and on receipt ol your certificate duly 
renounced. Thu price and yields appear in 
mi* -l leading newspapers. A commission of 
j ; . will be paid 10 recognised agents. This 
Hirer b not open to residents of TTre 
Kepu Mic ol I rel and. Trustee* The Rovai 
Bank of Scotland Lid. Managers : 
.Arbuthnot Securities Ltd. ..Keg in. 
Edinburgh 4669.J . Member- ol the Unit 
Trust Association. 


I 

I 

I 

I 

I 

I 

1 


To: Arbuthnot Securities Ltd., 37 Queen Street, London EC 4 R 1 BY. Telephone: 01-236 52 SI. 

^*.-r" r: ^ N *^iA»L\.s«HCEVKnT;iA;:\Kra;./Lnaiiic>at,|.’ A.itCARifl;nc»icnijqrKKi;,CA.iiP.ftL'TOsin«E R . ii .j ir i ls . T* 
p 9 nT,>il ( 11 m L VCe Wish inivw »k.. f / — ■> .Ll_ t ■ TU. . 


I 


Capital Sum I We wish to invest the sum of £ (min. 

:n the . ut bn ot 3 in one offer and endow a 
cheque rc. JC:- is* Arbuthnot Securities Ltd. 




.*JliL|-MliiR.fC.V 


Shire Ejwh-r.gc b-'heme - tick box for detaiL ~ 


Monthly Saving Plan ] Wc wish lo invest ihc sum n! C 'min. 

£60) per month in the Arbuthnot 3 in 1 Offer and enclose a cheque 
payable to Arbuthnot Securities Ltd as the initial payment. A bankers 
order fomt will be sent to you by the managers following receipt of thi*: 
— order. TiiisordcrisrevocablcJtanj time by one month's notice in writing 

Signature s * Joint applicants, all must sign. Mr Mrs .Miss or Titles and Forenames. 

Fu*; Name :• — Addr»s(cs.i . -•** * 


I 


''nr* 
-i i*l r* 


t- , 


ARBUTHNOT 

3 IN ONE OFFER tmmm m 


Es»tuNished 1S3S. 


FTTO 20.5 









6 


$ 


FINANCE AND THE FAN 


Z \ fm . 


F £na iK fc a T5nres Saturday Tfifay 1378 



over a farm 


BY' OUR LEGAL STAFF 


1 am considering In order to terpart in Scotland of the pro- years and before I bought the 
avoid capital transfer tax. 
making over a tenanted farm 
to my son by instalments of 

£2,000 per aminm. flan you 

tish Trust. 


'AT THIS time of the year the 
cross Channel car ferries are 
carrying increasing numbers of 
British motorists taking thejr 
cars or other mechanised trans- 
port abroad for holidays, and comply with the laws related 
probably by the end of the to compulsory insurance of 
summer some im vehicles will motor vehicles in any country 
have made the journey out and which ^ a member of the Euro- 

sume insurance binders *«■“ Economic Community and 

T - «“«* “ tel1 T whTcb “STcSnS 


European motor cover 


INSURANCE 

JOHN PHILIP 


visions relating to Trust Cor- place. Could you let me know 
poratioxis and in Scotland there my legal position? 

iS r "P ° b il Cti0n 10 «° y number » t^re is no document by: „ . „ .. hafnrp TOU vl w„..u woe 

W SfH 0nS » aC ?“ fi 3S c C ?" which a grant (or contract -to you o£ 11,0 European Economic of damage to property, and 

trustees -with a bank in a Scot- grant ) an easement to your Mj* aad r m3 tL cert rfI l , 1 Jf Motor Community is satisfied that injury to passengers, as well as 

SS (cS arrangements have been made injury to other road users. 

Insurance Certificate (Green _ mpet ^ requirements of It is because this clause prp- 


suggest how this can be done? 

Could I use a formula such as 
“ part of my farm ... to the 
value of . . ? Would it be 

desirable to form a company ? 

Would the tenant need to be 
informed ? 

Wc think a separate deed ices •=> proving ouncuii uie soakawav was in 
t which must be under seal) is majority trustees can nonethe- when th ‘ c ^ parcels of land 


, . . _ neighbour was effected, there 

Ag3in, m Scotland the anIy [j e a j egal r i g h C i 0 use 
majority of acting trustees have yoUT land for s oakaway if 
the power to bind a minority m either . (a) the soa kaway has 
their administration of the been uscd for than 2 0 

Trust funds and accordingly if years or (b) the two properties 
one oF the existing three trus- were j n on? ownership and the 
deed tees is proving difficult the B „ Bfcawnv existence 


abbreviated form down the side 
of the card and should be 
checked -on receipt, like other 
typed information on the card, 
of accidents abroad are higher, against the possibility of clerical 
you will have to pay for this error. Second comes an endorse- 
extra protection. Probably the ment which extends the totality 
cost will be In the region of £6 of the cover, or so much of it 
or so for a fortnight's holiday, as insurers are prepared to 
with the family saloon car, but provide, for the duration of 
it will he rather more for a your trip. 

longer trip or a higher perform- Oddly enough nowadays. It is 
ance car. this latter document, the 

Insurers may also want to endorsement, which is probably 
impose restrictions on" the cover the more important for most of 


Card) and any other necessary dtoc- vidL^such limited cove? 70,1 nonnaUy *01°* h ®T® in us — particularly those going 

documents before you leave. ?£f le ' {2 > ° L*® *^5 to enable: yon to’lSS Brltaln: for “““P 1 * ^ J™ only into the EEC or the eight 

in- * teenage son or daughter countries who have special 

expen- insurance arrangements with 


the formula “part of my farm 
... to the value of . . .” Either 

a specified area of land must be taining the sanction of the 
given or a trust for sale created Court for the removal of a non- 
and the gift be of an appro- co-operating trustee, 
priate proportion of the equit- 
able interest. Thus a trust for . . - _ 

sale of a £20,000 property may /fVOtu£lflC& Of 
divide the equitable interest J 

into 100 or 200 shares and an n/gtnv fft v 
appropriate number of shares *■•*■*' 


afield. 

True 


medical expenses and so on. Because the risk of accident 


green cards for motorists from 


uses it for his animals as a 
pen for sbeep shearing. Can 
he claim a right of way ? 


True „ur motor Po.icy Moreover jmu rtou.d render ar Britt,* SLStftdXXX 

already provides some conU- that the clause is of itself of motorist driving on the right 5” J!L nt - First comes the abandoned. So long as you do 
Iiental cover. If you read care- limited effect— it provides only ide of ^ road) is hi gher documents. First comes the aDanaonea « 

fully through the so-called “the minimum indemnity" ^continent than here* be- card which 18 evidence not go ^yond their Iron tiers. 


fuuy mruugn me sw-auai uunuuum JUUCUU..S7 on continent man nere, De- TZZ . +v « „ n i™ nnn arhiallv have an 

••third party" section you vnll by , ^ m,p “? or ^ cause certain liability compen- * Compulsorily required by accident or get into trouble with 

? n ,? n a i l2S docs n” nSssarilv afford laws are more stringent S law iHie^ns Urri- the traffic police, your green 

Insurers'*" will 'provide the^mini- abroad the full third party raver than our own. because the costs; tones for which the. card is «u-fl will igotabljr n* un ’ 
mum indemnity required to that you have at home in respect of handling claims arising out valid: these are indicated m wanted in your wallet 


These reminders are pertin- u ab ui t ies arising from the use on the right side of the law in “ S-Seax driving 
ent whether you are intending 0 f motor vehicles." the EEC countries and a few vm . T |,* on u, Wl?r . a, 

to travel only witiiin the you should note particularly others — that you need to tell hare ^ burde a of driving you Slovakia. Finland. East Ger- 
fronliers of the seven con- this clause appears only in your insurers of your Intention **? to accwt^'S man Sm sar^ ^NorwS 

necessary on eacF occasion of ^''efiectiFely “ca'^y “on" m'e ™ Tepa^'etf^If °neifh"er ! Ses^to tTznv o?heJ Srl?men? to preride «Stally increased accidental Sweden and Switzerland. This 

gift It is not suitable to use trust administration^ . Tains y^^n require yS“! toto say Austria 6r Sweden or ^HonTof^h^pScy. ^uch L pretoSon 5 yoT ^, « Z becau - se K , withl ° E f C 

. formula part of my farm Again there are provisions in neighbour to stop using the 1 some other immediately adja- covering damage to the damage, medical expenses, the at . the eight cou ! lt f ies , ft ? ntier 

E, ' h - er SPK,al “- rc “ ,s,an “ S for .* j ««;•„ -«*. - “ *• ^ P^°Ll acJdent ««. lot. ^rSS^ 1 

Grant of 
right of way 

A right of way in a lane 
alongside my house Ls granted 
to a farmer who has ceased 

£ P X W in A “““S' 

company may be used as you ? he 0 '*™-^l UCh i 
suggest, but this might have an Sain 5j, at J ea S 

impact on income tax, and so wo ^ attract . 

would require careful examina- rste of tax. If the present farmer is a 

tion. The tenant must be j n - £n riew of the amendments tenant, he can only claim the 
formed of anv change in his to capital gains tax. would It right of way if his landlord has 
landlord, so that girts which be possible to arrange a granted it to him. The free- 

arc not behind a trust will method of sale to ensure holder will undoubtedly still be 

require to be notified to the that she does not realise more entitled to the benefit of the 

tenaot. than £5,000 of gains in a tax right of way. and can grant it 

year? to any tenaot of his. 

This would be extreme 1 7 

difficult to achieve. A system of !•**%*** a 

using a trust for sale coupled i3 Hi CwKlt 
with the transfer of part only of _ . 

the equitable interest in two or Qfl fOVUltlCS 
mnre successive years has been ^ 

mooted in these columns (and Win »“y income received by 
elsewhere) in connection with a iesatee from royalties 
caiptal transfer tax. However, a received on performing rights 
purchaser at arms length will subject to tax as unearned 
normally want the whole income? 
property at once, and thus pre- Yes, the royalties will be sub- 


TAXATION 


DAVID WAINMAN 


Trustee in 
Scotland 

I live in Scotland and am 
trustee of a family trust along 
with a bank and another 
person, not a member of the 
family. The latter refuses to 
retire, but all parties are 
agreeable to another member 
or the family becoming a 
trustee. However, I am advised 
that under the Trustee Act ot 
1925, because a bank Is 
involved, it is regarded as a 


adopt such a course you could income which fa) does not 

divide the property’ and sell part qualify as earned income, as 

trust corporation and is thereby with an option to purchase the defined in section 530 of the 

limited to three trustees. Can remainder after, say, 18 months' Income and Corporation Taxes 


interval. 


you tell me just what the 
position is ? 

We have assumed as you live Tlpflifl fynrn 
in Scotland that the trust to Mjruin J'Vm 
which you refer is a trust which n * n njr nUfn %i 
is governed by the provisions of M 
the law of Scotland. In that Recently I discovered that the 
event the Trustee Act 1925 has soakaway from my neighbour's 
no application as this extends septic tank drains onto my 
to only England and Wales. suri it appears this has 

There is no equivalent court- been happening for some 15 


is withheld from those who fall had not given any warning of were to pay tax- at a reduced Turning now to the holders 
short an intention suddenly to dis- rate on their gains. The share- position, he gets a credit against 

In what follows "trusts" com- courage the small investor bo] de r was then to pay tax on his own capital gains tax liabil- 

prise only approved investment whom they had previously own gains at the normal ity at a percentage supposedly 
trusts and authorised unit encouraged into these trusts. but could get a credit related to the tar rate which the 

trusts: "holders are share- The original method written »»{«.» w,s liahilitv fnr tar trust suffered on its sain. In fact 

holders in the former and unit j nt0 1 965 legislation to solve deemed to have been paid by the current rate of credit is 17 
CAPITAL CAINS tax has JjJS* “ tha? Stoves* 1)16 P roblem of ..“ ,e d ° ubIc the trust. The impurities for per cent., this haring been 
always shown even- sign of ? pnf t!SS ^ is onto tooVe charge was an , abi ? ty ? f ^ which the system is so heavily brought in from 6th April 1977 
haring been drafted by a man Ha«es of shares entitled to oar- trusts t0 frank on ^ eir °wn criticised by some taxpayers by the Finance Act of that year, 
with a mathematical bent. He t^ffe in V«n5!i «.rnin«Tnn gains - Each ycar ’ the trasts arise out o£ this “deeming" Assuming once again that the 
! mav perhaps be the devisor of ™ VinliPd were required to give to holders provision. We will come back to Finance Bill survives, the credit 

! ll-plus questions: he is * 11 1< 5“* S ™i«, MiSSnt a wrtificate quantifying the this in a moment, but it is rale will be reduced to 10 per 
; undoubtedly the per.M.n for SJe law ha- Xav rern^Pri gains on wbich ^ trurt *** appropriate first to look at cent from 6th April 1979. Mathe- 
‘ whom Bayer has had iis latest. fta , mathematically °there paid tex - . h ° lder ™ th 18 trusts’ position. Trusts matically inclined holders will 

lateral-thinking, advertisement , v0 ,.r d u- a dou M ma ’ Q r the entitled t0 in . cre ase the acquisi- currently pay capital gains tax wonder whether the gains made 
designed. charge to tax were the trust tion cost which would take a t io per cent, or rattier they this year by the trust and taxed 

Both the mathematics anti the to pay tax on its own capital int0 accoun ! °" h . is v 0, J?. eve T n_ will do so on the assumption, at only 10 per cent, can be fully 
bent are brilliantly displayed in ^ains and then the trust’s net tual diS P osal of hls holding. In that Clause 15(1) of the Finance reflected in their share or unit 

* ° ’ this way his own gam was Bill survives intact to Royal " 

appropriately reduced. Assent. This rate is to be 

No one ever pretended that effective from. April .1, 1977. 

trusts. The preferential treat- holder. * ~ this was a cost effective method The previous Tate was 174 per However, those holders should 

ment applies only for invest- it is hardly necessary to point of giving the holders a tax cent, operative! from April 1, bear in mind that the credit 
ment trusts which meet the out that there are innumerable reduction. For holders and 1975. . they get is not necessarily 17 

"approval" requirements set out other instances in which the tax their accountants it involved One of -the very significant ad- per cent (or 10 per cent) of 
in Section 359 Taxes Act 1970. charge is doubled, but for which trying to discover whether vantages from the trusts' point the whole gain they may make 
This is a detailed and onerous our mathematical draftsman did purchases and sales were of view in the reduction in their on selling their holdings, 
section, but we can safely n ot see any necessity to bend “ cum-” or “ ex-certificate," as own rate is that -they become Losses; whether on other invest- 
assume for present purposes the rules. Perhaps one factor well as cum- and ex-div. In- less unattractive as investment ment or unit trusts or on assets 
that all quoted investment trusts which weighed in the trusts’ Revenue offices it must have media for those investors who of any other sort must be set 
[qualify, whereas it is extremely favour was that it would have been even more chaotic. The may pay no capital gains tax., off against gains on their hold- 
No legal responsibility can yntikely that private, family, been monstrously unfair to the mathematical 'purity of the The individual with gains of ings. And the losses to be set 
accepted by the Financial Times investment companies could do existing holders in 1965 if the original system was abandoned £1,900 or lexs in a year is one off -in this way are not only 
for the answers given in these [ s ?’., ^ or un| l trusts a broadly introduction of the new tax bad in 1972 in favour of a different class who is exempt, but far those for the" year concerned. 


Act 1970. and (b) is not speci- 
fically excluded from the de- 
finition of investment income 
in section 32(3) of the Finance 
Act 1971. 


columns. 

answered 

possible. 


All 

by 


inquiries 
post as 


will 

soon 


he similar set of criteria are laid penalised them far more heavily system, but one which can also more significant in relation to but also those which may be 

0i Jr ? ' j .5 ,P epartni . ent of than any other class of investor, be defended as haring semi- the volume of investmentare the available for carry-forward from 

; Trade, and “authorised statu s Governments up to that time logical foundation. The trusts pension funds. an earlier year. 


Memories of a distant boom 


.TUST A hint of the buoyant 
boom days of 1969-70 has been 
apparent on the Australian 
exchanges. Of course the 
recollections of those times — 
the age of Poseidon — are hazy 
now, viewed over the years of 
the energy crisis and inter- 
national recession. But there is 
a similarity and it rests on the 
fact that the punters are back. 

Their attention has been 
drawn to the smaller stocks— 
Ocean Resources, Northern 
Mining, Central Pacific, Ather- 
ton Antimony, all of which have 
shown substantial rises over the 
week, helping the mining sector 
Ki hold up the rest of the 
Australian market. 

Sydney and Melbourne have 
provided a lead for London, 
where the Australian section of 
the mining market has outshone 
the others. Gold mining Stares 
have been quiet with the Gold 
Mines Index yesterday at 153.2 
showing a rise over the week 
of 3.0. 

The gold shares consistently 
respond to the level of U.S. in- 
vestment interest, but lately this 
has been more evident in the 
Australian sector. But possibly 
the most significant factor has 
been the revival of Australian 
institutional investment 

The institutions are said lo 
have a good deal of liquidity, 
built up between last November 
and February when their buy- 
ing was at a low ebb. Lately 
they have been switching out of 
fixed interest stocks. And, once 
a buving trend has been estab- 
lished by a few. the rest have 
followed. 

Thev have given the greater 
part of their attention to the 
established companies— Peko- 
WalJsend and MIM for example 
— thus providing a contrast to 
the punters. So between the 
two, the institutions and the 
punters, there has been a twin 
thrust on to the market- 

The timing of this thrust re- 
lates to the number of bullish 
factors which have emerged in 
recent weeks. In Australia itself 
confidence in the future growth 
of the economy has increased 
with the slackening in inflation 
and the lower trend in interest 

- rates. 

:ai=tf3E*4he same time the Austra- 

■^3iifB=£;owarnraent has expressed 
nation -ter ^proceed 
with "uranium development* In : 
a practical way. The setting- 9k 
conditions for Pancontinental to 
build an important access road 
to its Jabiluka deposit in the 
Northern Territory is seen as 
the thin edge of the wedge. 


It is hardly likely, the argu- nickel, where the situation is when base metal mining is in 
ment runs, that the Government seen as being similar to cupper, recession, 
would SO to these length, only Despite heavy world stocks. , n th8 nine mo „ lhs t0 )ast 
to refuse mining permission at a some pricing stability has n ec * n ,her (the aroiio is chan«- 
later date Of course the permis- returned. ins financial^ yea? end) the 

sion could be long delayed, but This view was borne out by pyli paid off wjtil net rofits 
this has not stopped a rise in Mr D. J. Phillips, the president of f 9 . 6m . and tMaJ divid end S of 
Pancontinentai shares which of Into Metals, the leader of the 14 -l huf . fhi - vear -vn-ptc 
closed in London yesterday at international industry. Tester- A * p ’ DUC 1/115 * ear 11 cxpeTO 
£12.75 for a rise of 125 over day in Toronto he said that 
the week. Inco was booking orders at 

The Australian markets have P rices hi = her than last >’ Mr - 
also drawn some encouragement However. Mr. J. Edwin 

from the movement io metal Carter, president of the Inco 
prices. Granted that the zinc group, said that world nickel 
market remains depressed, the demand will grow this year less 

levels SlX Per C ° 0t - fr ° m 1977 StaTC'SS.” cou- 
‘ . .. tinue. Further, expenditure will 

Certain London Metal Exchange i n fact, the Australian b(? , ID rnflprfjn" interest pay- 

pnees bear tins ° ut - in thtir assessment of me nis on higher borrowings, 

the cash price has been settl- bullish features, can be said tn 
ing around £710 a tonne c»m- )j e grasping at straws in the 
pared with £620 at the w j n d. There are many mining 
beginning of February. companies prepared to be more rapper-zinc-smer 

In this connection it is worth cautious than the markets. Teutonic Bore 
noting that Roan Consolidated, Among them is Selection Trust. 


difficulty in maintaining tills 
“ rather exceptional perform- 
ance." 

The UK industrial interests 
will maintain their earnings, it 
is thought, but there will be less 
revenue from the craneship 


Selection Trust is delayiQg a 
production decision on its 
orehody at 
in Western 
Australia, precisely because of 


'EXECUTIVES/DIRECTORS. 



tax-free -to your retirement 


W pensi 
JL-Jdoesr 


one of the two major Zambian the London mining and indus- ^ hc s ‘ ale oF the market. 


MINING 

PAUL CHEESERIGHT 


trial group. 

But the nature of their busi- 
ness means they have to see 
metal price movements in a 
long perspective, based un the 
assumption that the demand for diversified out of mining to 


but 

because an open pit operation 
cnuld be developed relatively 
quickly it should still be able to 
catch an upturn. 

While Selection Trust has 


minerals will increase as the 
world's population grows. 

We have pursued a policy 


sume extent. British Petroleum 
is diversifying into it. About 18 
months :;gn BP Minerals was 
established and this week it an- 
nounced its first success. 

A joint venture with Western 
Mining, which holds 51 percent, 
in the north east of the Austra- 
lian state of Victoria, has struck 


producers, made a profit on 

sales in the March quarter of f ,f exploration for new mineral 
K3.69m (£2.4mi after losses in deposits and our company has 
the two preceding quarters, the financial strength to con- 
despite problems with ship- jjnue exploration activities cm 
ments. an undiminished scale. We have 

But there is another point, no intention of being diverted 
The fighting in the Shaba pro- from this strategy for wc know what might be an important 

vince of Zaire has given, this that present metal prices may ba*e metals deposit. In one drill 

week, copper prices a boost At have little relevance to a find hole, grade; >.f 4 0 per cent 

the same time the uncertainty which will take several years copper. 7.3 per cent zinc and 

in central Africa emphasises by to turn into a producing mine." 3? gramme? of silver a tonne 
contrast the stability of atmos- said Mr. A. Chester Beatty, in were found, 
phere in which the' Australian his annual statement. Bu * aro oar5j . days . as 

copper mines operate. The con- Selection Trust is lonking to the joint venturers pointed out. 
elusion drawn is that, if prices mining to secure its major long One drill h>.-ie doe* not establish 
move up. the Australian mines term growth. The expansion of a deposit, and there are another 
are a good investment. it s industrial interests last year two years «, f drilling to be done 

Another metal on which the by the acquisition uf the Klee- before it will be knnwn whether 
Australian markets have been man group is intended tn create anything of ‘.■lmirscrcial signifii- 
prepared to look more kindly is cash Bow, tu provide a cushion cance has been round. 


if you do have a company 
pension, ifs almost certain that it 
[doesn’t take full advantage of what 
vou are entitled to. 

Yet these entitlements come with 
so many tax advantages, it’s well worth 
looking at the benefits of "toppingup” 
your pension plan. Here are the details. 

Your entitlements. 

These, subject to sufficient rears service with 
the employer, include: A pension r»t 2A" of final 
salary i tlic peiisiun can i nclude annual 
increases) . Part of this pen>ii >n mav be ojm- 


pensionidansfDrftiekeyejtecutives. 


LBofli the employers co u t ri but i u p s and the 
employee’s (if indeed he contributes) arefuUy 

d eductib leas exp eases lor tax purpose&That ~ .. Tt . __ 

tneanstirom the employee's pointof 1 vfevethathe trmia'OT tax situati o ns. 

is effecti vely obtaining tax reliefs! tbeTiigfaest ' LunousthCru^iitmigto seenx gt fire ft e 

ratetsj of income tax h'eis paying exduding only essent,aI 


the im'estrnent income surcharge. 

The eheettrum the employers pcant of view 
depends obviously on the circumstances-- if for ' 
instance the employer is a company it might 
normally obtain tax relief at thecorporationtax • 
rate on its contiibu tiuns, whereas if the rarployo 1 
was an individual the benefitwouldbeatthe 
highest rate of income tax exdoding'onlythe 


essential prerequisite of effective capital 
transfer tax planning is almost ways pension 
planning. Itanaes because without effective 
pension planning aniadividualmaywell depend 
fo r income iitiater years on capital assets in one 

form or anothtr-for i os fcance the retention of 
fufl control of the private company which is the 
firmly business oc to dte anouier case, the need 
lo retainararapleteportfolio of equities, gilts etc. 
"Anyone m that position is obviously severely 


'muted to a cash sum of up ti.» l 1 .■ times final salon: „ _^ hnenJ:uloonie . surcharge.. restricted intheuseffiatcanbeniadeof the ^ 

A widows pension of 3 3 of ihe personal ZZ - ne l^'^on^ con tnbutions that are made will exenqjtions from capital transfer taxin order to 

ne inves ted in a fund which is entirely free <rf all 
tax on its income, and of capital grins tax: •• 

Obviously that freedom from taxis reflected in 
the size of benefits ultimately paid to the 
a i lployee or d ependauts. 


prusiiMi.A large cash sum. plus widows 
pcn>iun. if deatii occurs iiisttvice. 


pass on assets to the nextgeneration free of 
thetax. 


40-Pence- 


SELECTION TRUST 


-£114-12 


EARNINGS 



NET 


ATTRIBUTABLE 
PROFIT 


□I VI DfEIMOS PER 
„SHARE 


1969 *70 *71 

iWDOBtllUW 


*9 Months Ending Dec. 


*72 *73 '74 75 T6 


' 77 ^f 


1969 '70 71 

<im rwMe »«»(v 


7Z 73 '74 '75 '76 77 


t-9 


'77 


What is an individual pension plan? 

It is u plan arranged by an employer for one 
particular empli >yee to lake-advantage of these 
eiitiiieiuent&'I lioplauis> often known as a lop 
hat scheme. 

Who is eligible? 

Apveoipluyveuf whatever status is likely to be 
eligible He may be a diri.i.-tor a senior executive 
or any oilier n a rmbvr of slafl. 

I f an * -mpli i vee has two or more employee, 
hei -i eligible lor «nn individual pension plan fmm 
each i ii iployer Tlial uiigl it apply: lor instance, tu 
au individual who isa di rector ofseveral 
comp,tnie-. 

Ild*H*s not matter wlieliipr I hr indiriduai is 
a iiF , iiibi > r of a si oup pension scheme bring 
* ■per.iti.'d by a different empinypr Nor is it 
n imam it lie i> alxi >eif-empl« *yi ti and making 
I»-n-i**n iirovi-imi l *.irliim>rif in dial capacity. 

lor* ■* nvc if 1 1 ie « u i ipl« >yee is a n lember of a 
SET* ’Up i H-n-ii.m schei uc being run by the one 
employer lor w.(nnu Jj,.- works, it i« often possible 

>■' >>.*t up an individu.il pension plun.lliaiis 
Ijtvau-e iliegn *np sv licnie may not be designed 
[•ipr*i\-id*'tfi.rthatindiridualj ihernaxinium 
beneijis lliai would be appro vable by die 
inland kevenm-. 

Weslinuldalso make it clear thatitdoes not 
niatier in i lie slightest wiiothra the employer is 
an invJK-iritial on his own. several indlhiduals in 
partiiursliip.ora company 

Who fundsthepremium? 

The cnipk»yirinusto.iritribulr*. and normally 
pay- all or must of ih« : pr*7iniuiu Sometimes Uie 
vinpl* «ycr ii i-iv pay u iiicin.r premium than hij 
w, mid nth* -rw i-«-be prepared to. because die 
empl* ivi.v mak**- a salary «icrifice-that is 
explained in more detail Interim. 

Si im<l in I*-* til,- (•mp|«iyec makes a contri- 
bute >u out* ‘l iii.-.siLiry 

Tiie tax adi anbiccs 
« >1 *-. ,i tr-.-- :m .-iup|. .y. rinav makepenson 
pr»vr-ii*ii i»ir:in teiiijd, ■>-• viu anyway that Jj,» 
•'I' 1 *".'' s.! *ui (hi-ifMi.mh concern-, individual 
lieii-i* »n plan- which are capable of approval 
oiid- r she l luance Acl IH7U. 

"tilmt :s -especial ubouLh:i\inir;j pension 
amt ngjmv -nt . -i [ipmvi-fj? The answer to tltuL 
rcaL’y lies in flic luxitu-ition: 


It’s worth pointing out that in a 
recent survey by Planned Savings 
(January- 2978) of actual results from 
the types of individual pension plans 
issued in 1957 and 1967, The Equitable 
Life's pensions led the field. 

One of the reasons The Equitable 
does so well is that it pays no - 
commission to intermediaries. 

Accordingly, to learn more about 
the advantages of an Equitable Life 

pension plan, we advise contacting 
the Society directly. Either by- 
telephone on 01-606 6611, or by post 
at the address shown below: 


3.The benefits wh^n Ihey finally emerge at 
reuremen t may do so partly as a cashsum which, 
wenUiyfyfrreoi texand partly as a pension 

which is regarded as earned xncomeand so not • 
subject to Oiei rives tnientinrame surcharge. 

hi me event of death in service, any lump 
sum benefit is arranged so that itis paid free of . 
capital transfer tax. 

SOME USES OF PENSIONPLANNING 
Retirement planning for key executives. 

An employer may sometimes want tbprovide 
hctterpenbion benefitsfora fewvahiedexecu- 
tn es.He maydo so i bj- arranginga group pension 
stneineiorall employees, and then oatop of that 
byarrancingindivldu;il pension plans for those 
lor whom itis required to do somethingmore; 


' The close company situation. 
Thevasto«jorityoftiie650.000orsocx>mpame3 
in the United Khijgdom are close companies 
Svi thin the definition of .section 282 of theincome 
and Corpora tionTaxes Act 1970. Adose 
compaiqrjaces particular difficulties in respect 
ofitsprofits.Itib not simply a question of having 
to iay corporation taxon them.If a dosetradiiig 
company does not disfiabutehalf of its profits 
(after genuine d evriopm en f requiremen ts) — 
which distribution xnaywdlresultinlhe 
recipi ent3 having to pay income tax at up to 
9ffl o^the participators m the company are taxed 
at those rates asthough a distribution hadbeen . 
made even if in fectithas not: that is the ? 

apport ionment under Schedule 16 to the Finance 
Actl972. 

So il'a dose company’s profitsof£109may 
in fact only be worth under £2 in the Irands of a 
partidpatoj-whafcan it do instead? Wdl.ir can 
certainly pay an employee the extra £100 and 
avoid a profit, butif the employee is taxed at£3% 
that extra£l(K) may only be^ wcnth£17. A further 
al terra five, and often the inns t attractive one, is 
to putthe£100intoa pena'on arrange m enLand 
there thewhole£100 may be effectively- 
invested. 

Salary sacrifice. 

An empitqree may fed that his top rateof income 


on 


and hardlynoficeLIewouldaskthe employer to 
applythe amount to pension provieioiiPor 
instance, if the employee is paying tax at 70%. 
e^Udinganyinvestorathuiorne surcharge, 
£L00 of premium could be applied fora reduct 
in the employeebnet income of£30 only 
There maybe circumstances in which a 
salary sacrifice should notbeunderlakea,so 
expert advice is required. ' 




Clinic 


Addust 



FTI78A 


.Bratcode. 


_ • fOUDDcdirffi 

XI* Equitable Life 


Hoine — = — — — - Theoldest mu tual lifeoffice is theworid. 


y 



Ml 

i 

jv 


urn c 1 *-! :*t‘ 


Financial Times Saturday May 20 1978 


YOUR SAVINGS AND INVESXMENIS 


Certificates’ 
life extended 


AFTER REPLACEMENT of the 
Mlh is»sui* n£ National Savings 
Certificates with a new, lower 
eoujxm 17th issue was 
announced in the budget, I said 

INVESTMENT 

ADRIENNE GLEE50N 


in wait a while before subscrib- 
lo the issue to be withdrawn, 
in ease rising interest rates 
threw up better bargains else- 
where. Well, interest rates 
have risen all right, to the point 
lhai tiro Chancellor himself has 
decided that Ihe 17th issue — 
which would have yielded just 


over 10 per cent to a basic-rate 
taxpayer— would have few 
takers: and in consequence 
introduction of the new issue 
has been postponed, and you 
may continue to buy the 14th 
at your friendly neighbourhood 
post office (or clearing bank or 
TSBI. But arc there better 
bargains to be had elsewhere? 
I regret to say that there are 
not. 

This is because: while short 
term interest rates bave shot 
up — minimum lending rate has 
increased from 7i to 9 per cent 
— the qhange in medium and 
longer term rates has been very 
much less dramatic. And since 
you have to hold your National 
Savings Certificates for four 
years to get the full benefit of 


the returns they provide, it’s 
with medium-term money rather 
than the return available on, 1 
say, a bank deposit account or 
an ordinary deposit with a 
building society, that you need 
to make your comparisons. At 
the moment four year deposits' 
elsewhere— with Finance fori 
Industry, with the local authori- 
ties, on term shares with a 
building society — are still yield- 
ing less than the grossed-up 11.3 
per cent available, on the 14th 
issue, to a basic rate taxpayer. 

However, that doesn’t 
necessarily mean that you 
should rush to put more money 
into the 14th issue (the maxi- 
mum deposit has, incidentally, 
been increased from £ 1,000 to 
£3,000). Although a declining 
Inflation rate suggests that 
longer-term interest rates won't 
rise by much, whatever happens 
at the shorter end, there’s 
enough of a possibility that the 
rates on building society term 
shares, in particular, will rise, 
to make it worth waiting a few 
weeks. 


A lady learns 
the hard way 


b. 


«£ Vd $ % 
- 


Institution/ 

fund 

Currency 

Listing 

Valuation 

Minimum 
purchase 
on issue 

Initial 

charge 

% 

Annual 

charge 


Hill Samuel Investment Management International 

Channel 

Islands Fund 

£ 

_ 

Weekly 

100 units 

5 

1 


Hill Samuel 
Overseas 

Fund SA 

US.S 

Luxembg. 

Daily 

$5,000* 


** 


Crouhov/ 

Sw.Fr. 

Berne 

Daily 

Sw.FrA.0QQ 

At 

t* 


CSF 

Sw.Fr. 

Berne 

Daily 

Sw.FrA t 00Q 


** 


ITF 

U.S.S 

— 

Daily 

UJ» -$2,000 


*4 


Negit 

U.S.S 

Luxembg. 

Monthly 

U 5.52,000 

4t 

*• 


' No formal minimum, but no commission paid on lower amounts 
t Or lower, depending on size of investment 

v " Lump sum charged to fund, plus investment advisory fees approximately 1 per cent. 


HAVE YOU ever been on the 
receiving end of the patter of 
a high-pressure life assurance 
salesman? This week I came 
across a young lady who had 
received the attentions of such 
a person, about 18 months ago. 
Now the results of his sales- 
manship are becoming apparent 
Her experience may well help 
others to avoid being per- 
suaded into buying something 
they do not really need. 

From out of the blue the 
young lady received a tele- 
phone call from the salesman, 
seeking an interview. He was 
polite but persistent, and she 
eventually agreed to see him. 

Once be had obtained his 
interview, he told her insis- 
tently that she ought to make 
regular savings through a 
iinked-life assurance contract. 
He told her the type of con- 
tract she needed, and the 
length of term, and presented 
her with a plan issued by a 
particular life company. When 


she asked for time to think it 
over, she says he suggested that 
she wrote out a cheque for the 


ASSURANCE 

ERIC SHORT 


first month's payment of £10, 
and signed the policy’ forms. He 
said.he would hold everything 
until she gave him approval to 
proceed. She did no more about 
the matter: but a few weeks 
later she found out that not 
only had the cheque been put 
through, but among the docu- 
ments she had signed was a 
standing oTder for the 
premiums. 

The lady in question says that 
at the time she was under con- 
siderable pressure at work, and 
since the salesman was per- 
sistent she signed the docu- 





ments to get rid of him. She 
now finds herself with a 30- 
year contract, an investment 
period far too long for her 
needs. She distinctly remem- 
bers asking the salesman 
whether she would bave any 
difficulty in getting her invest- 
ment cashed in at any time, and 
that he said the investment 
period did not matter. That cer- 
tainly was not true, as she has 
now discovered. (Incidentally, 
the salesman gets more commis- 
sion from a 30-year plan than 
from a 15-year con track) 


‘4>. *E*"V . 

wef tosses, the 

tract, or whether she can 
change it to a 15-year plan. She 
wants to .change t|»(Undoriyin£ 
investment from ’property to 
managed fund units, as jwell. 
since she has no real knowledge 
of investment 

The lessons to be learnt are 
as follows. First, high- 
pressure salesmanship is rarely 
aggressive. It is subtle and 
persistent 

Secondly, ait the answers 
received on questions concern- 
ing the contract should he 
verified frcoi the life company 
itself. The young lady eventu- 
ally received figures from the 
company, in its literature, 
which were far less optimistic 
After paying 17 months pre- than those given by the sales- 
miums, she asked the life com- man. To start with he had 
pany what the cash-in value of ignored the policy fee of 50p 
her investment was, and dis- pe r month. You should insist 
covered that the first 16 months’ on having quotations from at 
premiums was absorbed by ]?ast three companies, 
front-end loading. Prior to this, . ... _ ... 

she says, she had not been en- Thirdly, do not part with any 
tirely satisfied with the con- mo . n ^ “" ul - vou are ihoroujshly 
tract, and had written on several satisfied that you need tins plan, 
occasions to both the salesman The sooner a statutory eool- 
and the life company, seeking ing-off period is introduced, the 
information and clarification, better. Then the investor will 
All she seems to have had is have 10 days, free of outside 
evasive, delayed answers. She pressure, to change his mind 
is now wondering whether to without any financial loss. 


Hard currency funds offshore 


THIS WEEK’S selection of off- 
.0 ui re funds, from the Hill 
Samuel stable, is a fine old 
hotch-potch: hardly surprising, 
really, given that several of 
them are recent acquisitions 
which the international end of 
thi> British merchant bank is 
nmv in process of sorting out. 
You might think, then, that the 
best policy would be to stand 
aside and let the process con- 
tinue. deferring any investment 
derision until there is more 
evidence of what the outcome 
will he. That is, however, to 
ignore the fact that the selec- 
tion as U stands lias certain 
advantages, a delay in taking 
advantage of which you might 
have cause to regret. 

Most notably, two of the new 
acquisitions are denominated in 



one of the hardest currencies 
in the world, the Swiss Franc. 
Crossbow is a growth fund, with 
an emphasis on investment in 
companies operating in the 
Pacific Basin: CSF, in contrast, 
aims to produce income, and is 
substantially invested in Euro- 
bonds. For those whose invest- 
ment fancies run to other parts 
of the world. Hill Samuel Over- 
seas Fund SA is very largely 
invested in North-' 'American 
equities. Negit SA In Europe. 
1 MS 



School 



The £1 .000 school term 1 g not far off. At current rales of 
fee increase, only about Jour years away. In terms ol gross 
Income, U is hero already. Arc you prepared tor costs on that 
scale? If not. it could be your child's education that pays the final 
pneo. 

The effect of these increases can be cushioned 
substantially fi capital or Income Is set aside now by grandparents, 
parents or god parents. 

Towry Law will advise how best this may bo done. Let 
US assume tecs ol£?50 a term lorflvo years Increasing bylO?‘» 


j Veers Beloic 

Total Fee* 

Capital Cost 

Total Saving 


«Nr*iri 

H3.ar6 

£23.5J5 



£13.380 




£12,922 

£11.414 

„ . u 

| ' e.ir 

ti.VW 

ET2.231 

£1.503 


and there enn also be capital transfer tax advantages. . 

Tmvrv Law arc one ol Britain's leading independent 
C3r.suU.mts on all aspects ol personal financial planning. 

For free impartial advice on this or any other aspect of 
saving Investment or tax , nil in iWs coupon today. 

„Ask . 

T<m it Law 

0 gg g0 gg t' Independent Financial Advice 

i would like to know more about School Fee schemes ^ 

Please send me details oJ the Towry Law Advice Service □ 


Name. 

Addicts. 


ary Law & Co. Ltd. 

*i House. S4«2 Now Broad St.. London EC2M mH 

plume: 9SSAM4 or 07535 66244 Glasgow. 

in Windsor (Head Ofltco), Leeds. Edinburgh an® G ass 

raod Dealers Insecurities. ' 

Dora of British fiwuraruro Brokers Association 


ftsjsm 


and ITF specialises in inter- 
national resource and tech 
nology companies. The Channel 
Islands fund is for overseas 
investors w/.o want to put their 
money into UK equities without 
paying UK tax on the proceeds. 

In the case of one or two of 
these funds you are, however, 
going to find it difficult to fol- 
low the performance of your 
investment We quote prices for 
Negit and the Hill Samuel Over- 
seas Fund in the back pages, 
but to find out what’s happening 
to the value of Crossbow, CSF 
and ITF you need access either 
to a list of prices on the market 
in Berne, or a copy of the 
Herald Tribune (look under 
Bank von Ernst). As for the 
Channel Islands Fund, you'll 
have to make do with the six 
monthly report. 

Learning 
security 

‘fighting a WAY through the 

I welter of British bureaucracy is 
I a wearisome business at the 
best of times: and at no time 
I more wearisome than when the 
bureaucracy in question is that 
connected with social security 
legislation. To those unfortunate 
enough to be obliged to turn 
their minds to its mysteries, the 
latest Accountants Digest" 
should be received with much 
rejoicing. 

Mccoautanfs Digest A ro. 61: 
“A Practical Guide lo Social 
Security Contributions /’ by 
J. P. Hardman and P. Essex, 
price £2.30. Copies from ihe 
\ Publications Department, Insti- 
tute of Chartered Accountants 
in England and Wales, PO Box 
433, Chartered Accountatits' 
Hall, Moorgate Place, London 
EC2P 2BJ. 

Guaranteed 
income 

WHEN INTEREST rates are 
rising, it's a good moment to 
look at various means of boost- 
ing income. Last week, we dis- 
cussed the opportunities offered 
by annuities. But many in- 
vestors want to obtain a high 
level of income, without using 
up their capital, and the answer 
to their problem could be to 
invest in a guaranteed income 
bond. These provide a 
guaranteed level return over a 
fixed investment period, and the 
capital is returned at the end of 
the period, or at death. 

The latest guaranteed income 
bond comes from Trident Life, 
and offers investors eight per 
cent, net of basic rate tax, 
guaranteed for five years. Fori 
higher rate taxpayers the yield 
is slightly lower. This rate is 
one of the highest available, but 
investors should consider 
whether interest rates are likely 
to rise further, in which case it 
would pay to wait a little: once 
invested you could be locked in, 
because of surrender penalties. 

Cast down 
by Crown 

APOLOGIES arc due to the 
various people who took up! 
with entbusiasm the idea of the 
cut price holiday in Gibraltar] 
which Crown House used to pro- : 
vide lo its shareholders. “Used,’ 
because the concession applied 
only in 1977, and has now been 
withdrawn. Apologies, too, to 
Crown House, which says it is 
embarrassed by the enquiries. 


WHEN YOU take out a life 
assurance contract through an 
insurance broker, or pay the 
premium on your house or car 
insurance through an inter- 
mediary, what happens to the 
; money between the time when 
you pay and the time when the 
insurance company receives it? 
Does the broker speculate with 
it on the Stock Exchange, or 
the race track? Or does he just 
leave it in his current account? 

If he adopts the first course, 
then he is definitely in breach 
of his professional responsi- 
bilities. IF he adopts the 
second- he is playing absolutely 


Safety first for clients 9 cash 


safe with your money. But he 
may .be missing an opportunity 
to boost his income, if there is 
a considerable period between 
his receiving your money and 
paying it over to the insurance 
company. For he is allowed to 
invest it in certain lypes of 
securities. 

Under the new Regulations 
for the registration of insurance 
brokers, diems* accounts must 
be kept separate and profes- 
sional responsibility must be 


maintained towards clients. The 
broker bas to do this already 
if he is a member of the Bri- 
tish Insurance Brokers Associa- 
tion. But it is not considered 
unethical for the broker to in- 
vest clients money solely for his 
own benefit providing he does 
not jeopardise the security of 
the money entrusted to him. 

Interest rates are still high 
enough for the broker to make 
a useful return over a few 
weeks or even a few days. It is 


normal business practice to 
send out renewal notices some 
weeks before the dne date, and 
if payment is prompt the broker 
can use that money. But BIBA 
insist that it must be invested 
in very short-dated, fixed-in- 
terest stocks, wbose security is 
considered sound. Treasury 
Bills and local authority bonds, 
for example. The registration 
committee is in course of draw- 
ing up a list of acceptable in- 
vestments for approval. 


Until recently, one would 
bave regarded building societies 
as ideal vehicles Tor the smJLer 
provincial broker. Jflfcey give a 
good rate of re;-urn and are 
troubie free. But the recent 
difficulties of two societies have 
caused some doubt on this score. 

Why? Because the money has 
to be immediately available at 
all times. Therefore it was 
interesting to sec that brokers 
can take out insurance for the 
protection of clients' deposits 
with building societies. Credit 
and Guarantee Insurance Com- 
pany offer a “Deposit Guaran- 
tee ’* insurance, for the very 
prudent depositor. 


Should’nt You Have 

Extra Income? 

Britannia Extra Income Trust offers not only 
a high initial income (£9131 but also the prospect 
of a steady increase in that income. 


A recent survey that we undertook indicated veiy 
strongly that mam’ people have investments, whether 
equity or fixed interest, that no longer meet their current 

investment needs: for in stance, people who originally 

invested mainly for capital growth but who now find that 

due to the inflationary pressures of the J 970’s they need a 

high and growing income. In addition, many people who 

originally invested entirely in fixed interest investments 

now very much feel the need to achieve regular growth 

in their income. 

We believe that Britannia Extra Income Trust 
would prove to be the right investment for you. Its income 

is carefully monitored to try and ensure that unitholders 

receive an annual increase of at least 10%. In fact in 1977 
unitholders received an increase of 1S J 2 % compared 

with the previous year, although this should be regarded 

as exceptional. 

With regard to growth in capital. value, figures 
produced by the indqjendent magazine Planned Savings 

show that over the 1 ,3,5,7 and 10 year periods ending 

May 1st. 1978. Britannia Extra Income Trust has been 

consistently amongst the best performing unit trusts. 


The Trust is invested mainly in the ordinary shares 
of leading companies which are currently providing an 

above average yield and which have good prospects of 

increasing their dividends. The remainder is invested 
in good quality preference shares. 

To invest in this Trust please use the application 
form or telephone your order to our dealers on 
(03 ) 638 0478/9. If you have a professional adviser you 
should consult him or her about this offer. 

The minimum initial investment is £500. 
Thereafter additional purchases can be made fornot less 
than £25. 

Units will be allocated at the offer price ruling on 
the day your application is received by the Managers. 

For your guidance, the offer price of Extra Income Trust. 

units on 19 May, 1978 was 42. 5p and the estimated 
current annual gross yield was £9.31% . 

You should regard your investment as long term. 

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

♦ Estimated current annual gross yield as at 19 May, 1978. 


Professional Advisers 
For details of the full range of 
our services, telephone your 
nearest Area Manager: 

London: 

K. A.CrowIey (01 ) 588 2777 
Midlands: 

M . Cave. Womboume (09077) 2201 
North East: 

N. G.Inskeep. Leeds (0532) 65SGS9 
South East: 

T. A. Brown, PoJcgate (03212) 6200 
SoathWest: 

TLA. Ward, Stroud (04336) 3170 

GDOttHKIlilllUICBdie^tiahaarM 
gc aa i a HyjtstilM in d.TiiJiny, :«m. 

tndnaadtdH ■ fe n' , i— rn* Doiigjcctl 
197 T.^ a ■Stately fie SeCT%r>rfS*rIi»Traifc. 

on 1 b Oodta 

«fepn™o*jBia.Tnailn*aj*=i»i£r*«eJ S'*. 

«=!<***?» VlUBr»VC?e* itruicilb- 

M-Cmeawo! 

Ifcyrint.'bim.^.'wgcalattlnht.M eica 
cat ta tilaa Cg sdns-.rc — '.uri "«.afaraalj 

■nweSly !ie ftreaswn ^ rsiaj ca nsrs- rf 

««r nttto Pant*= be - c!u 

MoArltaR I to p M U 4 'fc^nc! fir Cts 

tr*o »i injnii^ wg ni u n»ngM jt nt 

MriMiMiM.dihVniiinun 

E.J rinses.* t* 

r, N hjocz«lJB£a?..S 4 CktisjiLH.LUl.P.i;.! 

ai ^gLnjJ j_.nu- fl -Tla, 

ail it W«ai—rWcn£B=n« 111 ijwiyf a-.- 1 — - 


r* 


. This offer Is not available to reBdeacsoFTlie Republic of Intend 

BRITANNIA EXTRA INCOMETRUST 

To: Britannia Trust Management Ltd., 3 London Wall .Buildings, London Wall, London EC2M 5QL. 


I/We wish to invest £.. — in Britannia Extra Income Trust units 

(The minimum initial investment is £500. Additional unit purchases must 
be (or not less than £25.) at the offer price ruling on the day this application 
is received by the Managers. 

1/We enclose a remittance, payable to Britannia Trust Management T- fti 
Please tick box(es) 02 applicable if you: 

□ Want maximum growth by auto- 0 Already own shares and want to 

teatievre-investment of net income. know how they can be exchanged 

O Want to buy units on a monthly for units. 

baas through the Britannia Plan. □ Already hold units in this Tmsf. 


Pltj-j* vfud ; oitr rcmillanw l. itfi tin* coupon, Applialic’ii v-ifl nw he 
StkniA fn1.vd.bin eenij rale UiU be iem viifcm J icccipi of jour 

Cumptoed jppilca'M«i and rotnlLmce. 

■ K; uJ hjieapiJewisralBitiisc-. ptaa: round: him or her about 
tills offer 


£anumx- 


FmnasxCs) is ML, 


Address. 


;fiMa. dl«B u f«p i rntdauak miamf ad 


fll* FT2005 


Britannia Trust Management 















Hawk homes are masterfully designed, crafted. «nH sur- 
rounded by the natural beauty of Vermont, yet is the hub of 
Northern New England- Tust across the river are the four 
seasons activities and cultural offerings of Dartmouth College. 
Hawk's commitment to quality is reflected in every detail, 
creating a look rich in simplicity. And living that is luxurious 
beyond measure. 

Hawk's Property and Rental Management program provides 
complete home maintenance. And If you choose. Hawk will 
make your home available to discriminating guests when you 
are not in residence. 

Write I nr details on our homes and complete property man- 
agement and rental program. 

Or call us in London at 01-351-3656. 

HAWK 

BOX 81-B, ROUTE 100. PnTSRELQ, VERMONT 05762 



Shropshire 



Chartered Surveyors 
Formerly 

Humbert Flint. 
Rawlenca & Square/ 


614 Acres 

BrMf north 14 miles; Shrewsbury 19 mile* 

Wo’verhamoton 25 miles; Birmingham 35 miles 

EXCELLENT RESIDENTIAL AND AGRICULTURAL 
ESTATE IN AREA OF OUTSTANDING NATURAL 
BEAUTY 

Comfortable minor house in pirfciilce jetting. 5 bedrooms. 2 bath- 
rooms, 1 reception, wu.l offices ind ourf>uHdinsi. Firmhouie. 
Lodge aid 4 Coctixes. Excellent firm buildings to include modern 
tittle yard ind on- Boor gram store. 

FOR 5ALE BY AUCTION AS A WHOLE OR IN 7 LOTS ON 
70 JUNE 1978 funless previously soldi. 

Details: a Rollesoane Street. Salisbury (07221 17274 

Hertfordshire 188 Acres 

Hear Heme! Henprtecd. With m easy reach of London 

A COMPACT FREEHOLD AGRICULTURAL UNIT 

For So/e by Private Treoty 

single storey Farmhouse, traditional end modern buildings Including 
Cram Score and Dutch Barn The land is mainly arable with some 
jselu 1 woodland and parkland. 

Detnjla: 6 Homeland. St Albans 10727) 61226 


Hampshire/ 
Surrey borders 


490 Acres 


H <en 

L. 


EXCELLENT COMMERCIAL AGRICULTURAL UNIT 
IN BEAUTIFUL COUNTRYSIDE 

jret within one hour of the centre oF London. 

First dais arable and stock Farm wrih 4 superb cottages, two of 
which recently constructed to very high standard. Modern livestock 
buildings, ample storage facilities. Compact unit of land on ring 
fence. Good access roads and water supplies. 

Far Sale by Private Treaty. 

Details: 8 Rollertonc Street. Salisbury (0722) 27274 



LONDON EDINBURGH CANTERBURY ■ CHELMSFORD CHESHIRE ■ GRANTHAM 
H AflROG AT £ • IPSWICH ■ Live E S • SALISBURY • SOU YM E NO 


MID-SUSSEX 

IN BEAUTIFUL ELEVATED RURAL POSITION 
Haywards Heath 6 miles ( Victoria 45 minutes) - Horsham 9 miles 

AN OUTSTANDING RESIDENTIAL AGRICULTURAL 
AND WOODLAND ESTATE 

Principal House with 5 Reception Rooms. 12 Bedrooms. 6 Bathrooms. 
Good Domestic Offices. Staff Wing. Flatlet and Self-contained Flat. Hard 
Tennis i_ourt. bOlt. Swimming Pool. Magnificent gardens and grounds. 
Stable Block with Cottage and Flat. 2 Lodges and 6 further Cottages. 
DairyfArablc Farm with modern Farmhouse. Parkland, Farmland & Woodland. 

ABOUT 388 ACRES (157ha) 

AUCTION THURSDAY 27TH JULY. I97B AS A WHOLE OR IN LOTS 
(unless previously said) 

Vacant Possession subject to 1 let cottage and service occupancies 
Lewes Office, Rwm Agency Department 
201 High Street, Tel. 07916 5471 (Ref. 6AC1328) 


London Office: 13 Hill Slreel wix SDL Tel: 01-629 7282 


SHEARMANS 


RESIDENTIAL HOUSING 
DEPARTMENT 


WULMERSLEYE 

( U'omtTsJey ) 

NEAR DONCASTER, YORKSHIRE 

A L'niquc -lacnhcan R curie nee. Grade 11 Listed, and aineuily 
grounds extending to lucre more ur less 

Will he offered for sale hy 
PUBLIC AUCTION 
at Wen I bridge House Hotel, Wenlbriilge, 

Near Pontefract Yorkshire 
on Wednesday 2 1st June 1978 at 7-30 p.m. 

Hir*h*T mfc-miaiiun friiiif 

Shearmans. IV uu h<-sr«T Huusiv 6,-nt Lane, Dcnojitr DNI 1KB. 
T.-l- ii uu 4C&. ». 

M^-Mr.. Smith Curt?. V1I.ni llf.ii..,-. \i. kuoiluni. York YII3 *T‘.Z Tel: OTM .ViSM. 
Tlii- -'"Ikiihr. Ufnf.. ['■Ijsl.i.-ii Gill & LunAhamd. D, Staple Inn, Londoo, 
Wl'I V 7KU. T»:l . 01-2*1 SSUifl. 




MILLS 


NORTH ESSEX 990 ACRES 

The Halstead Estate 

Froeliolcl Agricultural Investment 
comprising 3 farms and other land totalling 901 
acres and good commercial woodland yielding 
£14.000 per annum. 

Rent Reviews at Michaelmas 197S 

For sale by private treaty as a whole or in 2 lots 

SAVILLS. > VV i'M MucVuokl OiR-hfSUT. Tri.: 'OIWii 4TMI. and 

riti Lor.dnn Buad. Cli..-!m>i.ird. T> 1 ■ *MCa,-|. S9J1I. Solicitors Farrar & Co.. 
ilo Lincoln S Urn l-lcllfe. Loudon IVCUA C-L.H. T«S.: Ul-lui S4i'J. 


By direction of Stock on-on- rocs Borough Cooncll 

ELM TREE FARM, STOCKTON-ON-TEES, CLEVELAND COUNTY 
FIVE AREAS OF VALUABLE BUILDING LAND 

With Outline Planning Permission (or Residential Development 
To be altered for Sale by Public Auction bv 

RALPH APPLETON & HALL, 

Chartered Surveyor* 

at the Swallow Hotel. Stockton-on-Tees, 
on Thursday, 29th june 1978, at 3 p.m. 

a* lofiONS: 

LOT 1 AREA — 4.171 acres U.68B hectares I 
- » ' LOT 2 AREA— 5.34 0 acres iUS4 hectare*/ 

LOT 3 AREA — 6.433 acres i2.6©3 hectamtl 
lot 4 AREA — 7.189 acres i2.909 declare*) 

• LOT S AREA — 0.466 acres «S.82T hectaceftl 
Thru irnnortanl parcels ol Duildln a land are ready for Un mediate development; 
ii,,, ... t.iuaird in an a'lraci'vc .uta cen-cment arc a cm the Wesrcrn outskirts 
a , t— lawn Thev arc in iho neighbourhood *re4 Ol wHjefi part has atresdv 
ae-dloDod wlf/i marked success. A II services available lagcthcr witn 

access n’r-riiure Tnd^ PIjns oolainoplc rrom the AucttaiKCTj Olhces:— 

Si HIGH STREET, STOCK TON -ON- TECS IT*. 0642-65SS5.fi) 
c-i.w To,n Clerk £ Chief Evecutlve. Sloekton-on-Tees Borough Council. 
MuMClMl Build'"*. Cl-urel. Clcclind Countv. TS1B ILO. 


> Mitre APARTMENTS. The Ivor* House. 

'CiMh SKSSS 

448 2400- 




CAM SCR LEY. SURREV. Four-ocaroamefl 
modern ddathed home, lounge dining- 
room. h'Khen. cloakroom, batnroom. 
Can CH. Large double garage, wooded 
gardens, tas* atclu MS. £35.500. — 
(0276) ZSOTB. 


rtKrfnc^’ Times Siiiiftiiy tfay SBJdfg.. 


PROPERTY 


Spanish attraction 


BY JOE RENNISON 


MONTPELIER International tJie highest specification^- The Built in 1967, the house Is 
Properties are selling two architectural style . is l7th/lSth- approached through gates which 
superb country properties on century Spanish, and roofs are are operated through an inter- 
the Costa del Sol. antique tiled and the entrance com system linked diTectly to 

Cortiio Reinos— is an estate courtyard, surrounded by stone the kitchen, staff apartment and 

2 km from Estepona and 14 ™ alls - is stone and master bedroom, 

km from San Pedro. On the ^8® enough for 15 cars. In the entrance hall is the 

estate js a large AndaJuz-style The main house, which is air- *'^ n i er dining room which, with 
country house built in the form conditioned and has a tele- ,ts / ountains stained glass 
of a U. It is on two stories, phone, comprises four reception r °°‘* a summery atmos- 

On the ground floor the accom- rooms, two bedrooms ensuite P“®re. From here you can see. 
modation comprises' three with bathrooms, hall, fully across the swimming pool and 
reception rooms, kitchen, five equipped kitchen, pantry, laun- through the pavilion, the view 
bedrooms en suite with their dry room and staff quarters of the whoie-Bay of Canoes and 
own bathrooms and a storeroom, three bedrooms and one bath- Esteral Mountains. This 
On the first floor is the room. There is one covered Ionian tented pavilion is per- 
luxurious master bedroom with and two open patios fect * Qr receptions seating over 

balconies overlooking the sea. Another V ihe-covered — 30 people - The entrance ha,f 
a large terrace with views of Ieads ttl the SUest hou ^ 



Cortizo Ki'inti 1 ! — Costa del Sol. 


Another vine-covered patio leads to a j dTav .i n g room 



As work nn a £3.6m housing for the hi»u.w* have yet to be in Ihe Kiieyform timber pfat- 


purifying system. 
Nearby is a 
which there are 
bathroom, Kitchen 


cupboards made of hard pine, ’ . raer dining room. Over the 

walnut or teak and all windows The property is built *>n a dining table is an electric 

and nlass doors have wrought st^P gradient leaving a vast wrought iron chandelier with - - ----- - , . ,, , „ . , . 

iron grilles There is a tele- space underneath. Part of this is candles. A huge 300 year estaie iOT U P lo iBOW Plymouth nominated by the Housing form frame method, designed 

phone with six extensions— has been converted to provide old steeple clock is built in to people nears completion, keys Departmenr. by housing consultants James 

quite a plus in Spain. a self-contained flat of two bed- the wall facing the terrace. to two of the new homes are to Tho housing scheme Known ft,| ey . ani j Associates and built 

wtw- ♦», tt (llQ rooms. living room, bathroom. Throughout the property is a officially handed over to as Estover IV. is the final stage bj . L a i u .^ under licence. 

a wed haJI ani ltitehCT « « hi-fi sjsKm and tore is an Plymouth City council « a “f . 276-homc % l|vanla „ r , of ,„ c Riiej-form 

\£SZm £ ” r _ undeifloor heaun s gjW «remony on Tuesday. 

10 a ? errace ^closed by the giving umfonn heat throughout May 23. £w ar ^ struct) on arc that homes can be 

staff lodge in walls of ! he main house, staff the house. A touch of class is it will mark the start of the i^ ^L^m= Tenant7 for the built up i« 30 per cent quicker; 

f r/nmo"o d n t 8u ^n,^T Tt s % 

laundry. There teVung lor ™* * StVlJr! ttSSU Su ’al£. 0 “n"h,de inutlng «,nd,rd, are hista, 

IS horses, three storage rooms. . flo( f dUt 3 ground floor is the master St i ' a't vt i n ^ cctare) tenants transferring from other than normal, with reduced heat 

a tack room, a groom's bedroom, 18 J™™ 1 - . , . f bedroom ensuite with a S’ £ Ml ‘ ?r Wa > - Estover, a esta tes. Estover IV comprises loss* The scheme has been 

a wine cellar, kennels and a Floodlighting .also is a feature bathroom has ttle bath deve,op ?l ent ^’ a t0 the north - 317 three- or four-bedroom designed by John Laing Design 

well. Near the main house is S In S?SddI? Giw doors lead ^ ° f P1 >' m “ ulh ' . houses. 6y onc-bedruom bunga- Associates. Bristol, except for 

a corral, a large cage with a tre . e l ®. t ^E ra £ e ^ , Tf1 t fT e td a balcony and an iSth centurv Director uf the Laing South lows ami 16 one-bedroom flats superstructures, which arc by 
pond for exotic birds, garaging a * awn but luckily c -tiand.elier hangs from the Vest Region, Brian Hill, will for eldeilv couples and five two- James Riley and Associates of 

and facilities for three cars and tnere also is an automatic eiec- ceiI j ng Equallv sumptuous is hand over lhe kp >' s 10 16 anfl 17 bedroom bungalows for disabled London, wiih supervision by the 

a parking area for ten cars. w*tenng system with a tJjc bedroo ’ fh? ro J m has a Patterdale Close. Estover— both people. City Architect ut Plymouth. 

M.LP. are selling the house ' ceiling which pyramids up to a ^ ree '^ e dri)niii houses^ * — to ' The five bungalows for the E. H. Survey. Dip.Arch.ARlBA. 

and gardens and orchards nf M-IP. are expecting a height of 12 metres. There is a P J >' n | i outh .City Council's Hous- disabled are of traditional brick Quantity surveying is under the 

1S.000 square metres for Prtce of L.S.$95fl,000 (£500.000 balcony one side and a terrace chairman. Coun- cavity wall construction. The supervision of Chief Quantity 

U.S.S575.0Q0. More orchards approx.) for this property. the other. The guest suite is c ‘^ or Derek Mitchell. Tenants remaining 402 homes are built Surveyor, Maurice Kill. R1CS. 

of 12.445 square metres are _ almost identical except that the 


available for U.S.$5n,(>00 and a /pcc/iif 

cultivated field with trans- r r ^ n ^ n 


bath is against a glass garden 
wall. The pyramid effect is 
former, well and water deposit ONE OF the most stylish and continued in the kitchen -which 
of 27.630 square metres is avail- luxuriously designed properties is equipped with the latest 
able for U.S.Sl 15,000. on the Cote d'Azure has come American appliances. All of 

The total price asked ( s on t0 ^ market through Mont- which can be serviced in Cannes. 
U.S.S740.111, or about £370,000, P e,ier International Properties. Below at garden level is the 
but each lot can be bought Jardil * des Arbres- built in 1067 second bedroom suite. The 
separately. on a wooded hillside just behind theme is a bamboo grove even 


State of 
the market 


on,- u ■„ ,, . Cannes is set • in 2,150 square echoed 


The residential market so far The industrial market is 
this year has been extremely extremely popular at present, 
buoyant but they feel lhat the although the expected upturn 
current wave uf enthusiasm in demand for new units has 
should be tempered with n °t materialised. Confidence has 
reason. Booming house prices r ^ tlir / , ed lo this sector and some 
cannot continue for ever in an nc '^ building in now in progress 


the four-poster BERNARD THORPE are pro- economy which is fighting in- ““ in fact > more ncw buildins 



nr i. ^ and high c,ass T be bathroom, wine 

chances “■« ^at its privacy « ill storage room. 


remain intact as building per- 


and operate. notvr bearing this out What country. There is still over- 

& tt..- . u . In one form or an °f her . happens today in the area sur- supply in many centre*. 

; ra „ nac Je ccSiSJJI? ■ l Frarn f ° rab ° u t cover the whole country and rounding ihe capital often although a good deal of “slack” 

The bouse itself was com tamable SarrfX ah 7h? 0 '?,° n 0 , bejn “ ^ ke ?. /° r f re ab, e to give attention to serves as a firm indicator as to has been taken up because 

JL 'L_ was . 1°™: ! mpOS ! lb ! e -, i ard ?r ?«Arbrw fhis unusual Property. M-LP. local market conditions as well what might happen elsewhere there has been so little new 

are at s. Milner street, SW3. as to national conditions. in the cu untry tomorciw. building since 1973. 


and beyond that is forest and 
farmland with citrus groves. 


pleted only three years ago to is protected on all sides. 


PROPERTY 


ESTATES AND FARMS: INVESTMENTS: SHOOTING 
COUNTRY PROPERTY: OVERSEAS PROPERTY: 


ATTRACTIVE INVESTMENT OPPORTUNITY 
INTERNATIONAL TAX HAVEN Co. 

(Wide power 5. registered Panama) 

Offers MODERN ANDALUCIAN VILLA 300 sq. m. built around 
central patio with marble fountain, all on one level. Extensive 
living room, four/five bedrooms, bathrooms, en suite, kitchen, 
etc., marble floors, cavity walls, telephone, solar heated domestic 
water supply, 10 m. x 4 m. tried swimming pool, auto-filtration. 
Standing on c. 2 ha. with citrus, olives, vines etc., abundant 
irrigation water, 

POTENTIAL Country Club. Restaurant. luxury villa sites. 
Panoramic views Mediterranean and Africa, altitude 500 m„ 
Malaga Airport 20 km. Near skiing, sailing, riding, tennis, golf 
and Casino. Sale by transfer of Bearer Shanes, nominal costs, 
absaluce discretion. Swiss Bank A/c included. No liabilities. 
Price DM700,000 or equivalent, negotiable. 

Banker's reference essential with initial enquiry. No Agents. 
Available now. 

Write Bov F.1009, Financial Time*. 10. Cannon Street. EC4P 4BY. 


E SAVILLS 3 


R.H.&R.W. GLUTTON 


VALUABLE AGRICULTURAL 
INVESTMENT 
EAST 5US5EX 
UPPER PARROCK FARM 
2S5 Acres 

A Productive Dairy Farm with 
Farmhouse, Cottage, Buildings 
and some Woodland. 
Producing £4.400 per annum. 
Ref: S.T./E.22 


EAST GRINSTEAD 

SUSSEX 

DETACHED CHARACTER 
RESIDENCE AT PRESENT 
USED AS MANUFACTURING 
CHEMISTS AND OFFICES 
One Acre Site 

Prime Central Redevelopment 
Area 

For Sale By Auction 

iUHcm Previously Soln/ 
on 14 th June 1978 

Auctioneers 
TAYLOR 8> TE5TER 

3 KING STREET EAST GRINSTEAD 
Tel.: East Grlnstcad 2447S 


EAST LINCOLNSHIRE 
OLD LEAKE. 

(near Boston) 

165 ACRE FARM 

(in two lots) 

WITH VACANT POSSESSION 
LOT 1: 156 ACRE MIXED FARM 
with superior modernised Farmhouse 
and Cottage, together with Farm 
buildings. . 

LOT 2: ff.6 ACRES af ARABLE LAND. 
(adjoining Lot I). 

All the land has recently bson under- 
drained and is suitable for the grow- 
ing of vegetables. 

FOR SALE BY AUCTION— 14th JUNE 

Auctioneer!: 

JOHN WILLSON AND SONS, 
Burgh, Sltegneis. Lines, 

(TeL Burgh 075 483 477) 


Oxfordshire 

Sussex 

Kent 

Yorkshire 

Buckinghamshire 

Berwickshire 


PHEASANT SHOOTING 

SEASON 1978/79 

1 DAY f between 1 5th & 24th November) 250 pheasants 

1 DAY (before ISth December) 300 pheasants 

2 DAYS (10th & 11th November I 250 pheasants 

4 DAYS (2nd November & 2nd December) 200 pheasants 

2 separate DAYS in November 160 pheasants 

5 DAYS (25th November-2nd December) 800 pheasants 


Sguns 
8 guns 

7 guns 

8 guns 
S guns 
7 guns 


Caithness 

Sutherland 


GROUSE SHOOTING 

SEASON 1978/79 ' 

Grouse (Dogging) 4th-9th September 2-3 guns 

Grouse (Dogging) 20th-26th August • 2-4 guns 


£1.800 

£2,000+ VAT 

£ 2,000 

£1,500+ VAT 

£1,100 

£1,500 per gun 
(inclusive 
accommodation 
and fuJl board) 


£300+ VAT 
£550+ VAT 


SAVILLS, 20 Grosveuor Hill, Berkeley Square, London WIX OHQ. Tel: OX-499-8644 


. SALCOMBE 
S.W. DEVON COAST 

LOT I BATSON HALL Farmbauxo. 
cottage outbuildings t - S 
ACRES close to head of entk. 

LOT 2 15 ACRES land over looking 
picturesque creek adjoining 
Lot I. 

LOT 3 4 ACRES land in elevated 
position with lovely views, 
adjacent lot 2. 

LOT 4 VICTORIA COTTAGE. an 
Miracn* property within a 
lew paces of the w ice-front 
2_ ret.. 3/4 bedrmi., badtrtn.. 
kitchen etc. Sheltered gardens. 

AUCTION 22/6/78— Details from: 

PAGE * CHANT, F.S.V.A,, 


reference; |) 


SALCOMBE (054-884 2578/2241) 


RESIDEHHA! PROPERTY ADVERTISING 

Only £2.00 per line (minimnm three lines ) 

Return this coupon with details of your property 
:ogether with your cheque and publication will 
ake place next Saturday. 


CLASSIFIED ADVERTISING DEPARTMENT 
FINANCIAL TIMES 
10 CANNON STREET, EC4P 4BY 
or telephone 01-248 S00Q, ext. 390 




SOUTH DEVON 

3 Important Parcels of 
Building Land 

TORQUAY— Superb elevated position 
with excellent sea views. I ! ac/a 
site with outline planning permission 
for 36 flats. 

TORQUAY— In prime residential area 
commanding extensive views— approxi- 
mately 7) acres, comprising outline 
planning permission for 12 building 
sices— detailed planning permission lor 
32 Aacs/maisancCtes— just ever 2 acres 
with outline planning permission for 
raiidential development. For sale as 
whole or In separate lots. 

U MILS EAST OF EXETER — West 
Hill. In very sought-after semi-rural 
area. Approximately A acres of land 
with detailed planning permission tor 
l! unin. 

OFFERS INVITED 
VACANT POSSESSION 
FREEHOLD REF: CM 
22 Cathedral Yard, 

Exeter. 

Tef! (0392) 57571 


DESIRABLB CHARACTER PROPERTY 
Within easy reach ol aU parts o< Corn- 
d ®tac f ied In its own 
Grounds with over sere nf |i«n and 
o S * para,c Chalets and lamS 

av M u,l " fv 

Walton-en-Thames — 

. °!* n e/'Biiwf 4 5 bod. house 

29900 4C,<! - «*t-O0O. Vfaltod 

KENT. Nr. BRENCHLEY E78 OOO Free- 

JPlf ■ J-harlnB Cross 45 mins. I mores- j 
^ armh0u5c -. In unspoilt J 
selling with gocn views. Fully mtorm l 

pi.fiiiiwsi.^.rf as; 13s 

SsSoE SS £"* * Co Cntrat 

Tai'Wswfiiissffi 

fisrsfa-.trtsr && 



BUCKINGHAMSHIRE 

High Wycombe 2 miles, M40 4 miles, London 31 miles 

THE BRANDS HOUSE ESTATE 

A Fine Rcsiclrnthil and Agricultural Estate comprising: 

£s«! exant House with 5 Reception and 7 Principal Bedrooms. 

HuLUirooms. Swimming pool. Most Attractive Grounds and Parkland 
secondary House with 4 Bedrooms. Two Bedroomed Cottage 

Tradi i lima I Farm buildings suitable lor conversion 
F.irkland, Farmland and Woodland — in all about 

IOO ACRES 

For S3I0 as n Whole or in 10 Lots hy Auction (unless 
sold privately) on 29th .Tune 197S 

SUFFOLK 

I‘ ramlingham 1 mile, Ipswich 20 miles 

GREAT LODGE FARMS LTD. 

A Valuable Farming Company: 

ACRES d Productive Land 
Spp h- li Af tractive Principal Residence 

WeTwaintained Math! E ™ llen * Pis and Grain ^WtnaS 

nea Mdchmery. Approximately 170 Sows and Progeny 

e onarcs of (he Com pany are lor Sale Privately 

A Cr0!rr »!Hor sireei, Loudon. 1VI - Tel: 0i-4«»i 276S 


' ■> 







Financial Times Saturday May 20 1978 


motoring 


h -i v 




THE SUCCESS Of PGA tour's 
controversial campaign here to 
speed up play by levying a 
series of fines and suspensions 
was immediate. The first round 


Getting a move 


Now the professionals ^n.ih? 
'- ...tour her are all. timed ir<rm:r!*. 
the nine-hole turn.* while in"; •- 
viduals in the ft&£sn»ap *.he 
day or any ihat- suhsirgiteh; !:■ 




Beware of temptation 


of the Houston Open last month, five and a half hours, and Who campaign is the incredibly in question’s turn to play, lose their position are ' 

during which the scheme of could blame him? During visible effect it has had on the Average times recorded for a to spot timing checks. Any 

things was seen to be in evi- Thursday's first round on a worst culprits, although there second shot were 27.12 seconds, group finishing out of position 

dence for the first time, was course sodden by recent con- are a very few who remain chip and bunker shots 30.39 are compulsorily interviewed, 

completed by the entire field in sistent heavy rain, which forced unrepentant, who may well be seconds, first putts 37.87 as happened here on Thursday 

less than four hours. If this the PGA tour to play preferred hounded out of the game. A seconds and second putts 14.32. when an angry scene ensued 

still appears rather slow In lies for, believe it or not, the third offence in one season will Fifteen thousand strokes were between two of the best-known 

Britain remember the players seventh time so far in 1978, the bring a $1,000 fine and auto- thus timed. and liked figures in the game. 

are usually sent out in threes first group on the course took matice suspension from three ^ , h wmne auite one renowned for his speed, 

here from both first and tenth four hours and 12 minutes to tournaments. But what has apDarent is that when a JL-., the other for his irritating 

tees, and the last trio on the complete their well above par been so dramatically effective nn PR a fiddling and snail's pace uf plav. 

course had been accustomed to scores. is that the Individual times slow , h a ' “J “I All warnings have been 

remaining there for a minimum But what is far more slgnifi- recorded of 266 players in f^./**** * eliminated. 


remaining there for a minimum But what is far more signifi- 
©f five hours. cant, is that the last trio started 

Before the first tournament at 1.48 pra and were off the mud 
was over, the first two $200 fines heap at three minutes after six 
had been publicly levied against o'clock. To those unfamiliar 
Jack Renner, a very successful with one of the finest and most 


BY STUART MARSHALL T , „ _ , . fc 

Jack Renner, a very successful with one of the finest and most 

AS FORD discovered with their ultra-fast and the gear ratios non-independent, coil sprung rookie and John Schroeder. who testing lay-outs on this conti- 

Capn m the late 1960s. a lot of well chosen. Third and founh back axle. The ride achieves a J ? ng5ltIy °° t{mous 35 £ measures 7,101 yards, 

people want a sporty looking car will do for town driving and good compromise between com- * hre f s ? owest c ° m P et,tors But what is far more important 

but insist on being surrounded firth » .ermine nverdri™ iriv. 7~-» _„.i _i in the business. Both men is that the distances to be 

complained bitterly about walked between greens and tees 
what they regarded as the has been measured by pedo- 
me. _ ‘ '” " on v “ I injustice of it all, Schroeder meter at 1 mile and 80 yds. This 

The latest car to cater for » almost^ 30 rapg at ^runienlalion clearly visible [ maintaining that he had serious design fault in evidence 


cue wiibl is iar more sigma- recureieu ui -w “ habit, a fact which one hones eliminated, 

cant, is that the last trio started nine tournaments, the last j s j ost 0Q ^j.s Golf At dinner on Thursday even- 
at 1.48 pra and were off the mud Association and the Royal and 5n « HaJ e Irwin and Ed Sneed, 

heap at three minutes after six _ Ancient Golf Club of Sr bolh Pla>' e r directors of the 


GOLF 

SEN WRIGHT 
Columbus, Ohio. 


thi^iJHf 'SJSnST' S r 8 constant 75 mph, 3T5 5S S ihe' "stcerinT *3 

Colt Sapporo, a two-litre, two- SJJH? one stage of the 


Andrews, not to speak of the Tournament Policy Bo? id. told 
European Tournament Players’ me the - v , had not consciously 
division, who all now clearly filtered their own placing pro- 
have a duty to put their own messes, but that the groups they 
houses in order for the general bad be * n ,n lor *be past month 
good of the oame had a!i moved perceptibly 

^ . faster. By common consent the 

Over here the chief damage most i mproV e t i player is Jim 
appears to occur at college Simons, and by fur the most 
level, where the respective pleasing aspect of his reform is 


because at both here and in Toronto at the four of 1977 and first five coaches to whom results are as that his results have not sur- 
round Renner NicWaus-designed Glen Abbey in 1978 for second shots, important as they are to a pro- fered — rather the reverse. Ami 


door coup^ that will carry four s ' mu,ated “ rbafl motonng. engineers took a long and h a a lost a ball. Australian Bob course, which is the new perma- chip and bunker shots and fessional football club's manager his eonquerer in the final of 
people at a pinch (and two in * Sapp °™ s deaj ?; , , JWn>ving look at the CX shearer, the third member of nent venue of the Canadian first and second putts have in Britain fuss over their the 1P71 amateur championship 
great comfort) and has a wide * ba P? 4 . m, J st h « ve qU £- L° ut . roBn . because it also has the trio, m8 not fined, however. Open, is caused because the been circulated to every player, charges on the golf course like a t Carnoustie, Steve Mclnvk. 
but shallow boot do with these figures, I no high- only a single spoke. last year here during the an&itect is obsessed by his and all fines and suspensions brooding hens. But the amateur also a notorious sIowcuuL-h, is 

In appearance, the Sannoro h Interior trim is a nice com- Memorial tournament now again intention to make every hole levied are publicly announced, bodies have been ar fault for eurrentlv enjontig the moat ime- 

looks like one of the better 3 w )&ht foot . ea ®!! y bmauon of cloth and vinyl. The in progress John Schlee, to played downhill— and therefore So now the worst offenders of decades by not instituting the cessful period" of his until now 

American hard tops with a ™ nsun JP£°° * rear seats “* smaller than the whom such things are meat and folly visible. At Glen Abbey the past are well known, if they two-stroke penalty allowed for disappointing career as a pro- 


uuirtuixr, so caiieu pecause tivnlv : ■ r — . r 

hidin' Power steering i, , standard '"he ' So Km 

S C 'I‘ Inder fitting. Apart from a trace of Jj! ?” Z 


block. These rotate in opposite t™di5onrf Jananese slackness inside the car; the wondows are 
directions and the the on 1 is l!.ey a 4>und the J middle fhcsU af tJDted “ lass: a push : 

counteract the tendency of a * is pleasantiv button radl ° wth COTCealed 

large four-c.vUnder engine to precise a^d pfrking is is part ©f the package. So 

feoi a bit rough at times. L* RnnrfhniS.ne and handtin« ls a delightful little digital 


average-height adults. j village course he was forced to What is so impressive about timing for each stroke starting none in events conducted by and most unrepentant offenders 

The boot can be opened from j remain on the course for over the PGA tour's praiseworthy when it was dearly the golfer the USGA. " will eventually see the light, 

inside the car; the wondows are 


icc-i a oit rougn at umas. les , Roadhofding and handling ” * u ? STS™ ■ T5 Sf 1 " «« V • • V 

The idea works, because the inspires confidence too e cpe- tlotk w,Lh ,Huminated fi S ur « C jf 1 _ ^ ^ 

Sapporo is a notably smooth eiJlv in bad weather * condi- bl . ,dt int0 the ™ of - ^ fTt ft M § SI PV P P ft —— thl ff lflPtlK 

though vigorous performer. Top -j 0nj : Storm crouds seem to with a map readlQ S spotlight KJ MM IJV* M'fcJ 

speed is just on 10S mph and it follow me wherever I go. Driv- 1hat d0t;S not dislurb ^ 

ins the Sa PP ort> on nri „ A ^ ihp THE DAY may not be far off CATV (Community Antenna TV), tion to the network and local tional. Both are spending 

ail noisily on the aulubjlin at Europe I encountered the kind tm-ine-road prue of the when Americans need never cable systems began in the late channels picked up off the air. millions on communications 

' ** m P h * representing just 0 j ram vuU ee t in a monsnnn. W1 t« only tax and leave their homes— except for 1940s in rural communities un- Some dual channel systems have satellite time to feed films and 

fi (10(1 rnm ‘ . _ inuiir<>noa In non ic fnr »k, U .V> l.,..* i.. .hln m rmt ^ _ ■ 




are spending 
communications 


5,000 rpm. 


Sapporo’s 


...t- Japanese m ^ urance 1° Pay. is £5.320 for the unfortunate who have to go able to receive TV signals the capacity to offer as many as special events directly to cable 

It will also do so on the speed Brid-Mtnm* <teei belted tvre* the •manual. £5.600 for the auto- to work. This prospect is opened because transmitters were too far 60 channels. systems across the country, 

restricted Italian autostrada and m/ matic. An attractive higher per- up by the marriage of cable tele- or the terrain unfavourable. During the 1960s the potential The ability of Qubc viewers to 

French autornute. where it is «r Tonnance version is also being vision and computers, achieved Cable signals are carried to of cable TV as the basis for all communicate with a central cora- 

equally lemptin- to put vour deppife se ? en] J m,m r raetre 4, nf offered ¥ by Warner Cable. With its new homes mostly through under- future electronic communica- puter and its pay-as-you-view 

tor iln J .iJS J r water on the road surface. They P"™- _ Qube system in Columbus. billing system set it apt 

d f -” na J 3 !:.i he . to11 rickets rQ( j e sn ftly over humps and T J 1S has an engine modified 0hio other cable systems. In 

arc stamped with your time as aru nib!ed nnlv slichtlv when bv Janspeed, the tuning specia- >j> 0 that the attention of dual cable system, oi 

the entire entertainment industry While Britain awaits full Scale trials of the brings the television pict 

elapsed time shows you have e V cei len : T My wife ^a nd I have bhp - It is an admirable conver- dual cable pay TV system now GPQ S Viewdata system, elsewhere in the world tal signals from a bom 

seriously been overdoing it. the ;■ '' ’ V hut sion because there are great installed in the homes of more Other innovations are making their presence button console in the 

mil booth attendant will invite L,J nf Muatlv com- gains in I^rfonnance without than 13.000 Ohioans would be f e j t NanCV Dunne renortS from Colombns SSS, * 

you to explain to the friendly i>0lh of US V Me e ^ uaT1J com a nv undesirable side-effer+s an exaggeration. But those with 1 / f*V i, „ c<y UIUU1G reporib iroin COIomDUS, consol has IS buttons 


!■ o ir* 0 fj 

3 Ci • P 5 * :■ “?-?a of?? o Fi? 

Ip. ~ n 

! _ L * F;' r.'i 

o-i!* 

O ^ 

r . . . -A 

|o ft rsf prf fl 

1 6 Q , , 


•rite tehrBMS'fiSr wifr Win. in performance without than 13.000 Ohioans would be 
ndlv 1,0111 of us uere e< [ uaT,} con ? anv undesirable side-effects an exaggeration. But those with 
SJ* fortaolo. beacuse the seat is an ;. J® 1 1 foresight know that radical 
. three-way adjustable and !he changes may be in the making. 


While Britain awaits full scale trials of the 
GPO's Viewdata system, elsewhere in the world 
other innovations are making their presence 
felt. Nancy Dunne reports from Colombns, 
Ohio, U.S. 


billing system set it apart from 
other cable systems. In Qube's 
dual cable system, one line 
brings the television picture into 
the home, the other carries digi- 
tal signals from a home push- 
button console in the viewer's 
hands to a computer centre. The' 
consol has 18 buttons and 30 
windows, one of the latter for 
each channel. 

There are five “ response " but- 
tons, which allow subscribers to 


.£■ -SL. 


© v&ZSTl 

J UMin 


r & . .- .sS ... 

Qube: future view. 


results of an interview with a 


r P !Lu in and 11 P- mp ~J D between SlOm. and S20m. allows ground wired circuits which gives tions was much discussed. But ^ coach’s tactics durin- 4meric-n 

fourth without exceeding 6.000 its subscribers to “talk back" better reception than normal development was stymied by football and basketball "'ames on 

rpm at which the engine staj-ed to their receivers— to order goods, broadcasUng and vastly increases jurisdictional disputes with the * * ' X LSSfTn? the sports channel is -I JSnulav 


rheels u ‘ iT A 1 , 11-7 J bwu»u« suow uui -uuui scaJe r3n ei n g from 0-100 Der 10 3Ia >’ coaen v.itn the re- 

his in •-> nth had ' MitsnhiNhlV called con temporary European, (though st'ril with the" same 70 if-ihii/a? wSn a ° d 6ducaD0QaJ °lJ^*L a ^?,° ntl f ! 1 S ' nt SfJI e cent ' Viewers are ,0,d 10 P ress s ? on ,f\ buttons - A * Ibe team is 

xri'l'mi fivc-snecd •»earbnv with McPherson struts tenm- «eries riTcs) and a vinvl roof babas as welL For an installation fee of $20 than 13m. homes almost one button number one if they like about to resume the game, the 

I v_ " V pu !' , v a _ h ,,_V fibi , f" a a . in -‘ ™ ofi The sysmm is the latest de- and an average monthly charge in five of those with TV act and button number two resulting viewers’ opinions is 

b';«Sb jm a ill •'malic is avail- bined ce:l spring and shock ab. adds £oR6 to -the pnee. making velopment in the remarkable 0 f 36. typical cable sj-stem offers receivers. “they want it off the air The Aashec on tie screen 

lilt*. The chan-’c was lishf and <»rber iml.ht at the front and a v n total £n.906, grtmtu of cable television. Called ten broadcast channels in add i- Of these about Ira. have sca ie is flashed on the screen Qube *ives its viewers, who 

“ optional “pay" channels which, every 10-15 seconds as the act without “cable get on!v fuur 

. far 30 eatra monthly fee, allow goes on and the viewers vote. If channel! access to 30 channel*. 

’ three-year qualifying cycle to done well in previous world viewers to see new films, sports, more than 50 per cent, of the Ten are lonununity oriented; ten 

decide the world championship championship cycles. and an d cultural events unavailable viewers push button two the act are noma] TV of one kind nr 
CHESS challenger that one important Romanishin (26). the most on commercial and public is dismissed. Recently when another: ind ten are " premium - 

eliminator for the 1981 title impressive of all Russia’s young television. The primary sup- asked to vote on it. the audience channels which cost tfl-S3 50 

Leonard Mftnni match is already complete. ■ The grandmasters next to Karpov, pliers of pay channel entertain- rejected an entire (rock music! per programme Viewers are 

USSR zonal tournament last Smyslov finished equal seventh ment are Home Box Office a show. billed monthly "for what they 

month qualified four Soviet and Geller, sadly for a great Time subsidiary, and Showtime. A facility enabling the aud- watched plus any ^oods thev mav 

grandmasiers into next year’s player, was a bad last with only a subsidiary of Viacom Interna- ience to try to predict the ^ave ordered after seeing "then 

interzonal in which players from 3J out of 14. on the screen. The premium 

TWO MONTHS from now. the all over the world participate. Who will represent Western channels show new films, operas. 

world title match starts at . “ 2S been lncr ®a5! n S*y clear Europe against these formidable battels, cabaret shows, sports 

Baguio City in the Philippines, in the ... f t w cyc,es of , t,t 1 ] e talents? — — _______ __ specials, or *’ adult “ (soft porno) 

with a priw fund of over one competition that some of the It appears that organisers and spade was led. East ruffed. South films. 

million Swiss francs. 2a-e o" befn^iSioiMconSdew S L teS ^ ye i 1° be . ,ou j? d - for RPIlUiF overruffed. and was able to get Warner is experimentin'; with 

The protagonists. Karpov and ^ ^ ^ f n Vthe the zonals. and there is a distinct DKIUUE back to dummy by ruffing a two types of commercial applica- 

H°S Cb Z 0 j- , are n ,? w . P re P ar_ Karpov, the USSn’s lead over ^Si t t*« k UIi S* 0x iS e p r rn-rnro diamond to enjoy the rest of tion, surely the forerunners of 


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01-248 5115 





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• ■nniTio 

1-97 A ROLLS-ROlCt SILVER SHADOW: 
Finis bed In Gold *•!« mfl.il he Br 0 i«e 
■tjdi. Be'QC hictr ■-»sr mih Mjgnqila 
nc«l lining. Fiarrc nnfd arrho. 
while wall Ivret. ruled •' ,,h .5' r “»5 
control, picnic i.ihW Under 19.000 
recorded m«Ies Scr.'Ce historr Ollered 
ter «ic Him vprt 1 1 1 regniratian 
number 

L23950 Or leasina «r U8O.07 per 
month- 

T«rr DAIMLER VAN DEN PLAS 4.2 
AUTOMATIC F.n.ihr-1 .n AepClfl BriJV 
w,l \ i m .T.zn 1 iwiwf 15.000 

rMurdcc files. SMPf'h C0I, > , 5? l iw- 

Ci I * i 30 

1970 DAIMLER VAN DEN FLAS 4.2 
AUTOMATIC- rin.^%rd Aegean Blue. 
Com oleic with imijl 1 

U.895 or leadin'! - S121S-AA P*r 
me>n;h* 

IITh DAIA1LCR SOVEREIGN 4.2 
AUTOMATIC Finished Dark Blue 
w.lh Elm- If 41 her sr-m Air LOndmon- 
inq imred Dl«is tm one elated wheels, 
rwrtio Mured iirewc *«MHl 9 
sides bluCL r.nvi roer. eacellaat 
condition. 

C7.405 or leasing - E1B1-52 per 
IWnltl- 

1976 JAGUAR XJ-S AUTOMATIC: 
Finished in Dark Blue wi* h 

irim. it 000 recorded mi'es. tIBjaap 
1-977 iS Rrv I JAGUAR XJ ^ 2 COUPE 
AUTOMATIC: F.mshri in Dork Bine 
with Blue Blue trim A;r contf'timint 
dinmuum Dialed white wall 

mb, radio 'stereo. 9 jDO recorded 
miles. Suoolied bv Pus Company..^ 
£9.750 

1977 JAGUAR XJ 4 - COUPE AUTp. 
MATIC: Finished H Snuaflron Blue 

with Blue leather trim Ra l!i®«SiS2*!f- 
oiaver Superb conUmon tnrpvBhout. 
Under 10.000 recorded miles 
1976 JAGUAR XJ J 7 COUP |Li UT J* 
MATIC Finished n Kc-ieiKv R« with 
Biscuit trim. 17.000 rrcorded »ucs. 

- *7.250 

107C JAGUAR XJ J C COUPE AUTO- 
MATIC F.lirthed in SO ■; ad. on Blue wlHj 
Blue trim. Radio. — BOO recorded 
miles. „ “-W5 

1976 JAGUAR XJ ' t 4 ° ® F ^Sfi*S 
in veu.te with R*« seie» r ,r,n !- Tinted 
PMS5. radio ,-as>et:e s ■ >»cr l wnrer. 
Supplied L* m.s Cr'ii?-''’- , _L.Ci .? 
iVTib RANGE ROVfir: 

VulotJ DllSI with pj-emniO trim. PA5 

“ Lonhaid Irnln: is inik.iJiiai 1 * slrucl.rei let 
Caflipaalei and Padmu thill*- l.r nuiumuhia* 
Iih anlaen. tsawili ■■ hunin! arr Ini nuuLmi* 
only but air based at. i-,. mi: an i"H»4l depasil 
lotlDwrdbr 23 unnthl) irnlai' J"* 1 * 
luikxn inniai. Fleur itlrrkuw ler piuloaiMal 
Kaviq; adrlee pn all jdi rrtiseil < ars. 
roaRBOuniBrw. 

BHQfOBl BJEttl IEL oiUiTW-'OlieSW. 

mms-.i umm shIMWWR 
opposriiWLOHaDsano* ju.-9*ue5» 


CHESS 

LEONARD BARDEN 


Korchnoi, are now prepar- k " 0 "the USSnllMd ^ pro fllP that „ “ tera0 “? 1 

S* t^selrcs physically , (it ffiSJi iountnefin ie inSri- hv^ he World ^ 

will be surprising if there is a dual world chamaionsbiD would ed . by World Chess 
decision before at least 20 £ or. chosen on. the 


E. P. C. COTTER 


JS, oMbe fSX ?a ^'° f fl-ir iDLernati0DaJ THE SAFETY play, almost an ^clarers fall by the wayside! 

rival player’s yaines and by ^cle- " wouid ibe f veterans If confirmed, this will be a set- outcast “ Pajrs events because The second example like the featured an interview with an 

homework on new ideas in the Sinvsiov and Geller now well back to British hopes. Our three of tiie match point scoring, pr f^ 10us - ® ccurr ^ d m a author and viewers were asked to 

openings. ^ }m ^ tijwr gf^ es b' e ' z ^) e t0 ho j d players for the zona-ls would comes into its own at rubber niooer of high standard: order his book by pressing the 


on the screen. Tlie premium 
— — channels show new films, operas. 

battels, cabaret shows, sports 
specials, or “adult" (soft porno) 
spade was led. East ruffed. South films. 

overruffed. and was able To get Warner is experimentin'; with 
back to dummy by ruffing a two types of commercial a p plica- 
diamond to enjoy the rest of ii°n. surely the forerunners of 
the spades. “any more. One called 

I must put this hand into a Qubits f UI] s for about two 
duplicate game, and watch the a " d a cooimunica- 

iImW fan D . c,n between viewers and aovur- 


Part of Korchnoi’s pre-match off their less experienced but m,3St hhely be Miles, Stean, and Bridge and team play. Here are 
training is taking place in Eng- much younger rivals? f,ne Hartston, Keene and two examples which the declarer 


mve an open -it. -a II simultaneous Balashov, who won with 9 out contenders, 
display ai Brighton Polytechnic. 0 f an d Vahaniaa, runner-uD Put under a selection system 
2)5 r^j 1 ‘h' 11 "" spoosored by w ; lh are un der 30: ha=ed on published ratings, even 

f at ?i r °,f£f r a " d dt?ta,l . s a .™ while the remaining two inters Mis* 8 would not be completely 
available from .1. Simpole, o4 ztJ naI places will he settled fey sure ot an ioterzona! place 
JJjke itoaa. Brighton. a play-off among Kuzmin (32) against the claims of the oCher w 

Such is the complexity of the and Cheskovsky (34 1, who have two leading grandmasters in 

Western Europe, Tim man of * ' 


N 

♦ KQ 10 9 54 
?A 10 6 5 
0 — 

+ A 10 7 
E 


a J 102 
T’ A 7 5 
•: K -0 4 3 
* J32 


POSITION No. 216 



r 

■ 


i i >-.i r. 

M 

mm 

. 

■ 

■ 



H 



■ 

■ 

fiiDHI 

mu 

■ul 

■ 

■■ 


n 





mu 

■ 


■■■ 

J 

■■ 

sa 


PKOBLEH No. 216 


BLACK (4 men) 


rook and knight. How should Youngs). 
White (to inuve) counter this 



Holland and Hubner of West ® 

Germany. In practice, I believe K Q J 6 3 O J 
Miles will be included, but there *QJ9652 *J 
is little hope of selection for our S 

other- grandmasters. • A J 8 

The game Balashov-Miles from O K 9 S 7 2 

Bugojno, published a few weeks O 10 8 7.4 

ago in this column, demonstrated 4 3 

the USSR, zonal winner’s style . ■ ■ — ■ — — 


4 63 
J43 
4 A-9 5 2 
+ K84 


— appropriate response buttons. 

N The "infomercials” are len 

■♦S76 53 minute ads, integrated with pro- 

c?KQ3 gramme content, which also allow 

0 6° viewers to ask questions or to 

*A43 respond. 

\V e Qube subscribers can have 

« K a J10 2 stereo music playing 24 ootirs a 

': - .T10 9 82 A 7 5* day wired directly into their 

r - 1‘ home stereo receivers. Some 

I. ,- lQ -,c - to - i lime tb's summer they will he 

*^ s<5 . able to have fire anu burglar 

5 alarms installed which connect 

• AQ94 with the TV cables, sound an 

*3 64 alarm, and send message to tiie 

OAQ98 central computer system. The 

+ K 10 6 computer will have a programme 

- — set of instructions, can contact 

South bid one spade — he is relatiTes ^ a dolors or notify 

good enough to rehid two no P°bce or fire fighters, 
trumps over a resoonse of two The Qobe system may just bo 
■hearts — North raised to three tbe forerunner of conmiumcu- 

ssl-s ^ went ,o r/e ^ 


W E 

♦ K A 

1 : • .r 30 9 8 2 r r- 

c- J 7 5 •: 

+ Q975 * 

S 

* A Q 9 4 
<364 
O A Q 9 8 
+ K 1 O 0 


WHITE (3 men) 


WRAP THE COOL CAR COMFORT OF 


sS which combines a formidable North opened the bidding four spades those foreseen by George Orwell. 

ft knowledge of opening theory with one ^pade. and South West led thp irna-A nf hearts stores could been me cihf.>- 

-r- Ir- A _ - « ■ — p «*«- Fi». replied with two hj-p. Wea wh '^ a '*«**%£ ^ 

% 2 • f! This Week's game is on the decided asainst bidding in Q„een aod Ace. and Ea« ee- 

jT — ^ ehooses ao mnaui li Wo no trumps 1 because , hear( .„ e Kins, privacy legislation the 

; lag ■ “ fnrmatloi^ SJofich of the vulnerability, and passed. Examining the trump suit, the day when central computers hold 

/\ TiE" If* rr-infeid iw« and part and North rebjd four diamonds, declarer at once rev-'nised the credit records on every shopper 

- JL-, .Ml M a b j d Showed a diamond cIassic r f ,V' a £afor> . or government department Am 

@3 acifeve^^SualiS Slack’s 1°'*^ W Sl ? po "’ P la - V - ^ correct play was to “ Ute,r « a 

— js. manoeuvre of N-QR4-B5 on ^” uth now said four spades to cash the trump Ace fir^r in order hora - s - 

* S moves 17-19 is normal in similar J™ hls . ***' t0 «*oid th e unneressary l r 'ss The possibilities of what nay 

Kuzmin v. Smyslov, USSR L wunT/a'JL.t^' ’ ^ positions, but works out badly b,d fivecubs - and South settled Q f trump tricks if the King £,° me {r . 01 *! ar f eneiess. 

zonal 197S. Black has just played l»Ml t IB IBM) here; probably he should prefer for six hearts. happened to be sirrle in West’s Cba ° neI s devoted strictly to stock 

P-R5, hoping to exchange the re* I*— P-QR3 with the idea of The diamond King was led hand * market news already in existence 

maining pawns and reach a White mates in two moves, QQ^ 4 -. As played, the Black and ruffed on the table. Every- But there was more to it i e i r,I !l cow ! 

drawn ending, or rook against a;a :nst any defence (by F. C. queen is stranded on the king’s thing seemed set fair, but that instead 0 f taeklin* triimps at tv FtarminSPhiSbfnn lh ,;i"3 h 
rook and knight. How should Youngs). side while the white forces pour j s the very time to look out for S , - 2 , 55™ JS ^ Electronic banking, already 

White t to move) counter this down the queen's file. A well- possible Snags and the exnert »? eC ] a i? r le 5 ? l3 a T '.? d Practiced «n the J.S. , may 

plan? Solutions Page 12 timed central break <18 P-K4 ? a « fro “ the table and finessed fhe ^ c ? me . raore Widespread. 

and 19 p^ 5 ) fc a feature of l eC J a J e L ? r ^ y 2 n f ,0 "f °l Queen in hand, men this held Cashier’s windows could be 
— — - - — — white strategy in many openings J“ at fac !; H ? ssvr tha ? a 4— ^ the trick, he then cashed the brought into apartment houses 

where Black has a 2-1 queen’s ^ ru ?. p the only trump Ace. dropping West's and bonies by television, 

side pawn majority but fc behind s o at tmk two he led King, conceded a trump and a The technology is available to 

in development dummy s sec of hearts, ran it club, and claimed the remainder produce printouts of news agency 

White; Y. Balashov. Black: when East followed with the 0 f the tricks. wires directly from TV s-as. 

J- Dorman. Opening: English three, and West discarded. So Now whv did South take the Newspapers hawked on street 

(USSR zonal 1978). far. so good, but great rare was diamond finesse ber<r>* laeklins corners coulo become a quaint 

1 P-QB4, N-KB 3 ; 2 N-OB3. still needed. South cashed one the trumps'* Because the way he custom, of the past. , 

? ore round ? truil, P s the Piays the trumps must depend • For the ■ ■ Entertainment 


Solutions Page 12 


Enjoy to* )y *unr Ol ^ ^ eans nc he *' 

ROTtG6TWriON.DEHU««Dtri&J5gJWro Sd5J?m&"t*ror.uDimer.]«: '' 

fMdflr*ln BuloJir-condltlomnfi. Sand now for col ° , 


Engine capacily_ 


ESo*. b SL}w I S , S t 5!J*ii , «? ,4 4 ^ ee ’ 81115 . tl ' en played Ace - 0D the result of the diamond industry, the implications cou-u 
Sv?* PvSr' J ’ n , SiLo 1 'SUf 1 ?2 Knave, and Queen of spades, finesse. If th P finesse loses, the be enormous. Arthur D. Little, 
\.b r ' B-B4- 13 vvV SS: }: East ™ ffin e third ^ad. declarer. must olar to lose no a world wide m-masement. 
h-r*?' ksri.icbo! But declarer was in full con- trump trick that ‘is tn sav he t esearc b and engineering consu 1 - 

ihwwiwu. I Qv3. F-KSi 17 KR-Oi is ®roI. If East led a trump, the must assume that East has King «thi« P- ^dieted that 

/sianda am lh TODm™. P-K4. Q-KR4; 19 pLQg’ n*B 5; 20 clab Ace was ^ intact on the and another trump cross to The sett/s (Sj!«5 

AlpmUr LttJ^ 1 74 Huo*Ypi3t Luncteo. Sliwcce. UjLlx. HA7 1 EQ. ItwP XirU- Oi fahld as PUtTV far the nunduc l«Klc - a ZL.. (V QJCb MCOrO and reatSV 

( Qntf ww OwwwiB u y lo*doa Unovstauai aatawl 

T* W a»illMMWM TeJjac UI3M 


_TA V 

V ea r. 

Vuto/Msmal tranamisslo n 







■ ^ncia, Times Saturday May 3pgfi£ 


The tqg&rCeremony 

sssarsans &rs issr-ss 

Sente 8X6 a ?P r °P r “* t ® often in rela- but green in summer. The 

25S, were . * ot w . hQli y tionship to bmidings. trees differed somewhat in 

related nor without significance However, a drawback of the habit and two of them, one 
8*“*“* gardeners. At Lombardy poplar is that, copper, the other golden, were 
Wisley. the Queen and Pnnce although its branches do not selected and have since been 
Philip planted the first two trees spread outwards, its roots do,- increased by grafting so that 
in what is to be an entirely new often for a very considerable there have been no variations, 
feature of the Royal Horticul- distance. They are also very They have been named respec- 
tural Society’s garden, an ambi- hungry and thirsty- roots, so tively Dawyck Purple and 
tious ?? acre arboretum on the poplars can impoverish the soil Dawyck Gold and it was two of 
southern slopes beyond the trial and. in some types of clay, cause the former, propagated at Mr. 
ground and fruit garden and soil movement with, consequent HUll er»s nursery at Ampfield, 
much of it in full view from the damage to the foundations of that were planted by the Queen 
busy Portsmouth Road which, at buildings. Because of these and Prince Philip at Wisley. 
this point, skirts the eastern faults one might suppose that Since they are now indicated by i 
boundary of the garden.- landscape ax chitect 5 would large name plates and will on-L. 

Tbe following day at Mr. * “f r *. y J ^ d use trees doubtedly attract a great deal 
Harold Hillier’s home, Jenayns, *? at had “*® g00d qualities of 0 f attention. I hope that Hil- 
Ampfield. near Romsey, the 1116 P°P Iar „ without jiers are busily engaged in 

Queen Mother planted a tree to fPT Strangely working up and distributing 

commemorate the acceptance as fias not P rQved to be the stock. For garden lovers, few 


a gift by Hampshire County case 
Council of a splendid semi- 
mature arboretum over 100 acres 
in extent, made by Mr. Hiliier 
during the past 25 years. 

Trees are therefore very much 
In the news but what particu- 
larly interested me at both 
events was the nature - of the 
trees chosen for ceremonial 


GARDENING 

ARTHUR HELLYER 


things are more frustrating than 
.to see good plants and be 
unable to acquire them — or will 
•Dawyck Purple and Dawyck 
Gold be received with the same 
Indifference as the . original 
green leaved Dawyck Beech? 

There is also a fine fastigate 
form of the common oak, some- 


___ fir ^ fastigate beech times called the Cypress Oak 

planting. They were not, as seems to have been observed in because of its columnar habit, 
some might have expected. Peebleshire forests more an( j a^o a glower growing 
rare or exceptionally beautiful than a century ago when it was purple leaved variety of it, but 
exotics but unusual forms of removed to the Nasmyth garden neither has been very much 
native trees with a high orna- at Dawyck but it was not until used in landscape planting, 
mental potential for gardens of this property was sold, at the indeed the purple leaved form 
quite modest size. turn of the ^“tury, to F. R. S. unknown to most gardeners. 

At Wisley both trees were Balfo “ r 5^ useful and n 0 doubt landscape gardeners 
Identical; young specimens of a ' wU1 r ? t0 1 f t that ****£ do ? ot 

variety of our native beech jJLS,® any of these trees because they 

which is not only ' almost good qualltIes of nonnal beech, rannnt buv them and nurserv- 


columnar in habit but bas an .f men wiU retort that they do not 

purple leaves. It is not unusual lears^ts 'diameter if nH grow tbcm because there °° 

for trees of normally spreading demand. It is a vidous circle 

habit to produce variations. t a Tlove U and m f J e] f ™ foo comnmn in the miKety 

known as mutants or sports, do 7u Ise X hSw tried it wor,d * 

^ ter yec 3t reraains a restively scarce Of course Mr. Hiliier grows 

they can be very useful Jor tn%0 , iM . lo If#(W , htT hath the green and purple 

)ak since he 
has an especial lilting for all 
oaks- and probably has the 


Ughterweight materials can produce both business and leisure effects. The suit on the left hangs superbly 
and h extremely comfortable to wear. It is available from Washington Tremlett, 41 Conduit St. London 
WJ at £209. Much more casual is the Complice suit from Harvey Nichols, Knightsbridge, selling at 

£90 for the jacket and £38 the trousers. 

Suddenly it’s Spring 

sSssSS stxwwps 

SMS SSUSS •SSS.rzr ££ 


iney can oe very rer tree use( j by professional both the green an< 

many !andscai« purposes. _ The landscape designers, still Jess forms of Cypress Oak 


best known is the Lombardy 
poplar, an erect (or fastigiate) 


by private gardeners. 

However, there have been 



stamped 
shape 

more extensively on the French 


highly distinctive shape far beech, is a Dutch amateur, Tomped off Into- extremeties ful not to err too much into narrowness they would never 

J. R. P. Van Hoey Smith, who ano * er rar ® variety of the which would leave most of tis conservatism In any new suit accept a Windsor knot, will be 

common oak with pendant groaning nervously tpuf doping purchase over the next few 

branches. for some sympath^c . aid from months. Beware of the retailer If you really want to 'be ahead 

The weeping oak is slow * friendly tailor, ^etween the who tries to sell you any (single of the game at the moment, try 


countryside than on our own, owns a world famous arboretum, JSShlL ’ pendaot [ groaning nerv ously ,^ 1 ^, -hop t ng purchase over the next few swamping the market ‘soon, 

yet even here it is impassible named Trompenburg, 

to travel far without, seeing Holland. — r __ 0 — _ . __ „ * , — — ^ 

groups and lines of this spire- It had been widely assumed growing and beautiful, never ideas men and rewtyffes; now- brested) jacket with lapels looking at the clothes of de- 

like tree, which can be so that the Dawyeck beech was likely to become a nuisance com- ever * rea * much wider than 3-3 i inches, signer Giorgio Armani at 

arresting to the eye that some sterileand set no seed, but in pletely hardy, and just the thing commercial lire. .Tbe-result ,s Ties too have slimmed, with 3i Brown’s in London’s South 
people actually resent its 1968 a hundred viable nuts were to make your tree-minded ttat ov ? r the next few. weeks 
intrusion into our normally collected at Trompenburg, and neighbour ask envious ques- (soniewnat delayed by our 
rather billowiy. undramatic tree the following year it was dis- tions, if- you had a well estab- squelchy . .first half -year) a 
landscape. Yet it would be covered that four of the lished specimen in your garden, rather muted version Of what 
difficult now to imagine Britain resultant seedlings had inheri- But please da not ask me where 1116 fashion world -Would have 
without Lombardy poplars ted the upright habit of the you ' can buy one. Maybe wearing will - actually be 
which are especially useful in Dawyck beech plus copper Hilllers of Winchester have the hanging on the racks. . .; 

confined areas where there is coloured leaves and a further answer- but I fancy it is likely What has- been mostly talk 

little room for tall trees of eight had erect stems and leaves to be a fairly expensive one. 


Cue at Austin Reed has a wide and constantly changing range of 
Spring and summer suits and a remarkable array of leisure wear. 
This Italian nude suit is in beige and sells for £125 although Cue 
has some excellent light weight suits at £69— perhaps a more 
Spring-like price. 

Country style 


FASHION 

ARTHUR SANDIES & 
IAIN RNLAYSON 


Moulton Street — although you 
may have to part with £250 for 
one of bis suits. Otherwise cast 
a glance over the Complice 
range in Harvey Nichols. If you 
are in the mood to buy British 
then Tommy Nutter’s range at 
Rigour French and Stan bury 


The men’s fragrance mar- 
ket might be thought a little 
over-crowded at the moment 
Is as extremely volatile busi- 
ness . names come and - go. 
with, expensive campaigns 
hacking expensive scents 
which never actually capture 
the public imagination'— we 


A SJSVSS on * o W 


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Also cruising Durban. Mauritius. Seychelles. Durban 
Fare Souchampcon/Capetown from £530 each way 
Complete S3 day round voyage from £1,685 
Currently cruising until November 1978 
from Venice/Genoa to Greece. Greek Islands. North Africa. 
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For full details contact 
your local Travel Agent 
or ring 01-836 8216 

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I during the . winter .months is iHBBHHi 

now bursting into broad snec- , . • . , . — 

tram reality in menswear S lnches ag«n being- towards the alSb pul you! .firmly tin the .front 

somehow the new softer 'lines end breadth ^ : ’ 

are much more appealing in For those of us who might 

summer weight materials than ^ l ! prefer err Qn of 

they were in the winter. V ^ thou ^ 3 rnany a mainstream fashion rather than 

, • - . West End fashion buff would nrnvnr ^ v ^ *7: 

After a period of nervonsness nof h _ in -,,-* 1 . 111 ^ P ro7DcatIve . trendiness the 

about what the market at large Lfllm d d anythin g names to look for this spring 
would accept, many of the bet- ” pra ' are Washington Tremlett, Cue 

ter retailers are casting out item clothing which shops at. Austin Reed branches. 

their padding and reinforcement is seeing .the greatest immediate Jaeger (meanswear’s - tittle ^ 

I and leaving fabric to do its own impact is the shirt. Shirt collars secret at the moment impres- one of the success stories of 

I work. It's not quite what was are shortening and narrowing at • sive quality at. surprisingly men's toiletries, a business 

shown in the autumn designer's a remarkable rate, and shirt modest prices)' and C. & A. which is littered with the 

I shows, but the influence is there shapes are changing. If you are Among the boutique chains bodies of such one-time 

to be seen. ... tempted to buy a long collared Take Six rakes some beating, household names as Hal 

Lapels are only down to 3-21 tailored shirt in some summer particularly for leisure' wear. Karate. 


‘Spteie or Givenchy. \ 

. That another new rahge 
should be launched fti* 
month Is hardly riveting 
news but for two facts. This 
new line comes from Anunis 
(the Estee Lauder men’s 
fragrance off-sboot) and ff 
nothing else it is certainly' 
different. Aramis itself is 


Mow the company has pro* 
duccd the Devin range, 
accenting its marketing cam- 
paign on a horsey country life 
imago. To my insensitive 
nose Devin is a bit like a mix 
of pine and Vermouth, take 
a Martini in your sauna and. 
yon’ll get the smell immedi- 
ately. Fellow males I've tried 
it on seem confused; while 
women -either love it or hate 
it. In these days when other 
brand names are plunging 
into sweet smelling, almost 
feminine, ammas for men. 
Devin is off on a track of its 
own. 

It’s worth a free sniff if you 
can find a local stockist Hat- 
reds have it and other 
sources can be tracked 
through Estee Lauder, 71 
Grosvcnor Street, London 
Wi. There are colognes, 
alter shaves, shaving cream 
soap and deoderant. 



ACTIVITY HOLIDAYS 


times 

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Villas in the Algarcc with or without 
pools and staff. Some discounted 
Brices avail, in June, to include villa, 
car bme and flights, avail, from Cat- 
wide. Manchester- and Heathrow, on 
Ttuirsdars. 

PALMER « PARKER HOLIDAYS 
10003} VUUm ATOL USB 


TRAVEL 

SYLVIE NICKELS 


SCOTLAND — Highland Lodge sofeoclldlv 
situated among hills 20 miles Fort. 
WtMiam. Sleeps B. Ideal base touring, j 


as a national holiday serves to each setting. Thus in Prague postela to the very distinctive 
show that a full-blooded festi- where the International Spring Pardons held throughout 
walking weekends. May ro October. | v&I is hot the instant creation Music Festival is about to begin, Brittany, of which the best 
SSL^B^SeSS? » !&-«? «* a piece of- legislation. Nor Mozart — who wrote Don known is at. Ste-Anne-d’Auray 
Hooe’ vaHev’ 0453 T 0262 . Full board (can we entirely blame the Giovanni here — is strongly on July 26. Some of these are 

weather. In parts of Germany featured. as much secular as religious 

and Scandinavia, they have Spring and autumn axe popu- nowadays, but they still pro- 
been celebrating May Day and Iar season for music festivals, duce a fine display of Breton 
especially May Day Eve as well as being times when you costumes and much festive 
(vapunaatto to the Finns, and can see many cities at their atmosphere. When it comes to 
WalpurgU Night to everyone best. Vienna’s International pre- and mid-Lent carnivals, 
else) for a very long time Festival of Music begins today -Belgium has an amazing selee- 
po £i>n?}5& X iSnSSdiaM 1 mmw. p 7<£| indeed and there is little you for nearly a month; Bergen’s is tfob of which the six .weeks of 
pectus-. Kurverdo ch — 7SQ< Pontresina. | caQ guarantee about Nordic from May 2§ to June 8, coincid- . festivities culminating .-on 

weather on that particular date, ihg with the riot of blossom Shrove Tuesday In the-. Great 
The point is that, while the along Norway’s fjords. Other GiUes Carnival at Binche is one 
workers still regard it as their parts of Scandinavia prefer of the finest and. strangest 
celebration and the students their culture in the early Other celebrations are closely 
claim it as theirs, so does .autumn (Helsinki Festival, linked to the rhythm of the 
everyone else, for its purpose August 24 to September 7), as season. Wine festivals are 
was to welcome the return of does Switzerland with Lucerne's obvious, examples, from the 
spring or guarantee protection International Festival of Music lavish two-week spectacle of the 
against witchcraft long before from August 16 to September 7 Swiss Winegrowers^ Festival 

and Montreux-Vevey’s - 33rd every quarter of a century at 

- . -■ • Festival of Music from August Vevey (held last year) to tittle 
31 to October 7. 1 one^day efforts in obscure vil- 

■ History is • a subject which lages Where a merry time is had 
provides a generous number by alL ‘Most of these are in 
of excuses for pomp and September or October, to mark 
• pageantry, though some of the. the, end of. the harvest Late 
HBOSBBBp ■ incidents commemorated are so spring and early summer are 

.. obscure that most of the on- great times in Alpine areas for 
any trade (or students) union- lookers may not be very clear processions of cattle to their 
was ever dreamt of. So .the as to what it is all about. Italy summer pastures with much 
streets of Helsinki are full of has some particularly exotic ex- attendant festivity. i n those 
balloons and candy floss, and amples, such as the Palio of the areas, hardly a day passes with- 
everyone dances the night away, Contrade in Siena on- July 2 and oat some kind of yodellin° 
and there are more than a. few August 16, a kind of bareback brass band, al pen born -blowing 
thick heads the next morning, horse race in costume through or cow-fighting contest ~ * 

Midsummer is another occasion the. city, with Its origins in the well-tried human custom 
when the Scandinavians really Middle Ages or Venice’s His- ting married is another 
go to town. . : tocical Regatta on. the first Sun- of many a colourful occasion 

1 The European calendar fif so day in September, which must again especially in mountain 
full of events of^every imagin- he ‘one of the .most glamorous areas where old traditions die 
able kind — and many unirdagin-. rowing competitions in ' the- hardest. Some attract crowds 
able ’ones, too— that you .'could ‘.world. far and wide, like the weddin° 

spend, several years roaming- Often history combines vritb-; '^wttvities at Galicknik in Yuu<v 
from one to another without, religion, as iq -the case of the slavia's Macedonia, and the 

duplication. In character, Cbey curious Dancing Procession '.of- Maidens’ Fair on Mount Gains SA *>LY SWITZERLAND is 

range from occasions of mkgni- Echternach in the little Duchy ‘Romania, both in July. ' not the cheapest holiday dcs- 

ficent pomp and ceremony. 'of of Luxembourg. Here, on Whxt - The best general source of in tinatlou for British tourists 

the type we are so good at fb Tuesday, religious and civic dig- formation is the national tourist in thc 19708 but thc ever- 

sTJJiSs'S SSd I small happenings of virtually no nitaries and many' others be- °®ce for each country or. nn inve *rt*v* Swiss have one 

— — — “-'significance but enormous sides dance fire steps forward' ™® s P°t local tourist offices irrp sistiMe money-saving Idea 

SNten i en joymenL Mostly the success- and three backwards round the ■ our operators featuring some helps alleviate the 

SS5ri.wl*SSte«£ e sS‘r«* sm7 I 5hS;|^ ones have either grown attractive town and through the 0{ 0** major music festivals in ache ,n the wallet. It is the 

effortlessly out of a long ttadi- church is .honour of St Willi. ««« Heritage Travel. 22 Hans Swiss Holiday Card, ohtaln- 
EDUCATinNAI | tion or are associated with some brord (a 7th-century British Place. London SWlX OEP af, * e for varying periods, pro- 

auuoHiiunHL I particular events or personal!* missionary from Northumber- Serenissima Travel. 140 Sioane vidi,, 5 onllmited travel by 

■all. on boats and postal 
eoachcs. 

It also offers fare reductions 
nn certain funiculars and 
mountain railways. The card’s 


Available Weeks beginning ,, — ... 

24. July 1. 8. Sent. 9. 23. r 30 and 


Jjme 


Ocr- Henu £60-£i 20 p.w. AnPlv BELL- 
INCRAM. DUBN. ISLA ROAO. PERTH. 
Tel. orse 111 21 t24br. answer, ser.i. 


HOME AND 
GARDEN 


BUCKINGHAM 


SWIMMING POOLS LTD. 
QLASSFIBRE POOLS 
CONCRETE POOLS 
SWIRL. POOLS 
PRIORY ROAD, 
KENILWORTH, 
WARKS. 

0926 5235t 




Munich: Famed festivals 

Swiss hit 


APPEALS 


LpTgTT^AM ,m ^hy of the major muric landV for reasons which are' not Street. London SWix 9 av 

iproctim-inaum MAWRi 2 Ki inteot(«e l fcstivEls are cases in nnlnt’fnr. comoletelv rleir ' - — 

ttey may have bt ^ ad * - Region- itself provides in- s” 1 ?” S*. 

■St ( ened m scope over the yean* - fustible themes, fnim the ^ 


derisive attraction for 
Britishers Is that it can be 
paid for in sterling and 
bought In Britain. 

The runccpt is ideal for fho 
lone traveller or for enter- 
prising families who like to 
make Instant derisions and go 
where the fancy— or the first 
av *ji[ a blr train — takes them. 

'Inc price of an elght^V 
card is Ol, lj^day £43.70. and 
one-month £60.60. Children 
six to 16. half-price (those 
under six travel free). 

KEVIN HENBIQDES 


'V 








Financial Times Saturday May 20 1978 






' « 






HOW TO SPEND IT 




The Rode Jazz class warming-up at the Dance Centre 


You can alway s tell when it's spring 
around this office because instead of talk 
of daffodils or wallpapering, which , 
according to popular mythology, are the 
main events each spring, here the talk 
is all of calories and carbohydrates, of 
waistlines and scales. Readers may 
remember that last year three members 
of the FT stajf tried different irmys of 
slimming and I'm sorry to report that 
come this spring all three were still 
finding their waistbands a little tight, 
and all three were thinking of the easiest 
v. ays and means of dealing with the 
battle of the bulge. 

Suzette fie Vi liters, irho. readers 
may remember, was our most successful 


slimmer last year, became so enamoured 
of health farms that she opted for a 
week at Champneys (" not just to lose 
weight , but because of the incomparable 
feeling of having a luxury holiday at the 
same time 

Sue Cameron, who doesn't have 
much to lose but finds that last little bit 
very difficult to deal with, has joined 
in the office sweepstake race but is 
lagging badly at the moment . Peter 
Riddell has gone off to the States on 
holiday . mercifully far from my 
scrutiny. 

Max Wilkinson, organiser of the 
sweepstake, is either very determined , 
very disciplined or very poor — he's 
winning outright. 


easily bearable as you are always 
kept busy and active — wbat with 
ifie massage, the heat treatment, 
the exercises, yoga, relaxation 
and the lectures there was 
hardly time to notice how little 
we ate. 

“The atmosphere is very 
friendly and relaxed — a Jewish 
girl could be seen deep in con- 
versation with an Arab banker, 
a successful business tycoon 
cheek by jowl with a small shop 
owner. It’s a perfect place for 
the single person to go on 
holiday, for married women to 
have break from home or for 
the shy to come out of their 
shells. (In case husbands worry 
about sending their wives off 
alone. I’ve been assured by one 
of the staff that the libido of 
tbe male species diminishes on 
a fast . . .) 

. . . .. “Everybody always says that 

m\o trie pool and won back in , u health-farms seem very expen- 

proportion to the amount of SUZETTE DE VILLIERS went to between their eyebrows and sive. At Champueys prices start 

weight they'd Inst. Champneys at Tringr Herts, fingers drumming table tops. By at £154 a week but remember 

"Then 1 went and bought tbe “Wh^n I told friends where l' was midweek the metamorphosis bad that for that money you get a 
cheapest and simplest guide tn group I got the sort or reaction begun. They were all visibly week in a beautiful, old bouse 
xliraming. Jane Colin's Pocket you'd get if you said you were perkier, pink of cheek and walk- (first mentioned in history in 
Calorie Guide, published by thinking of taking a packaged ing with bouncy gaits. 1307 and once owned by the 

Arlington Books. 30p lour to outer Siberia. They “We started— as if eit masse Rothschilds) surrounded by over 

“This told me what 1 really behaved as if I'd voluntarily 'we’d been given a large shot of 170 acres of gardens and wood- 

knew— that the only way to lose signed on for a week of mild adrenalin— to do energtic things land. You needn't, if you don't 
weight is to eat Jess and purlieu- torture. They couldn't under- like ride bikes and- join in all want to. spend another penny — 
larlv less of the obvious foods stand that 1 knew, because I'd the exercise classes. no rounds of drinks, snacks or 

like' sugar, carbohydrates fats been to a health farm before. “Though I went hoping to fares. On the other hand, there 
and farinaceous foods. Tim aver- that I'd have a marvellous holiday lose weight the emphasis at are a lot of other treatments 
at*e office worker ii.e. me) re- as well. Champneys is on health not like beauty care. Slendertone, 

quires just over 1'. 000 calories a “When I arrived at Champ- slimming. The old 'fat-farm' solarium, osteopathy, physio-' 
dav normally. To lose weight you neys 1 saw that a departing image needs correcting. What therapy and the like which die 
must eat less — I aimed at be- guest bad written a simple com- Champneys asms to do is to re- extra if you want and need 
tween 1.000 and 1.200 calories, went in the visitors’ book: ‘I educate eating habits, combat them. 

“A typical day’s meals would feel like a bird-' That's exactly stress and leave you feeling “it compares favourably in 

co like this. Grapefruit juice, an how l felt one week later when healthier, more relaxed and price with a packaged holiday 

eye and black coffee for break- 1 * flew ' back to work. fitter. abroad with the extra bonus 

fast. Plain meat either a steak "This feeling of euphoria was "Jf you go on the diet (1,000 that you come- home feeling 
ir mil to Uincb, or cold meat and almost universal among the 80 calories. 400 or ISO) you will, of ‘ like a bird.' I'd not only lost 
lots of salad for lunch. Plain or so guests at Champneys. lake course, lose weight. I lost weight. I'd gained energy." 
meat or fish, no sauces, and lots me. tbey had arrived at the 6} lb on 400 calories and though PS. Suzette is keeping up the 

of salad, in particular raw cab- beginning of tbe week feeling 400 calories sounds very little I good work and has since lost 

bage. for dinner. tired and withdrawn, frowns found that at Champueys it was another 7 lb. 


Slimmer 

MAX WILKINSON seemed to 
find the whole business of losing 
weight so easy be makes mere 
mortals like me, who've tried 
almost every diet in the book 
and never yet managed to be as 
thin as I'd like, feel very 
feeble. “ It's very easy," he says. 
" You just have to eat less.” 

He decided to lose weight be- 
cause. ** I was tOD fat. My dinner 
jacket and my shirts didn't fit 
and anyway f thought both Sue 
Cameron and my secretary 
needed to lose weight and I 
wanted to encourage them. 

“ We put up a chart with 
everybodj's starting weight and 
marked their goal weights. We 
devised a complicated formula 
so that everybody put money 


“To begin with I ate loo little, 
about 60U or 700 calories and I 
began to feel dizzy and sick so 
now I make sure to have at least 
1.000 calories a day. I gave up 
drink almost completely, drinking 
large amounts of PLJ and Slim- 
line tonic water instead. Li 40 
days I’ve lost 19 lbs and my wife 
now says I should stop. 

“ I think competition is a good 
thine and a public declaration 
means that you become too proud 
to give up. I also believe in 
absolutes— for people like me no 
bread is easier than a little. It's 
also good to find substitutes 
For instance I found PLJ a good 
substitute for whisky and by 
drinkine fizzy water, if the com- 
pany’s pood, you don’t notice that 
you're- not drinking wine.” 



by Lucia van tier Post 





Trrru Kirk 

For those wishing to embark on a nciv vigorous, activity- 
filled life, some relevant clothing will need to be bought. 
Much the nicest and liveliest collection of such garments 
that I've seen is that on sale at the Dance Centre, Floral 
Street London, WC2. They have leotards in 23 colours 
and many different styles (hoatneck with three-quarter 
sleeves, sleeveless, polo-necked, etc) at prices starting at 
£2.51). Matching ballet tights (l.e- in all 23 colours) are 
AUK). Our model in the photograph, above. Is wearing one 
o^ .their towelling track suits — these, too, come in all 23 
colours and this one is a marvellous, cheerful red. They 
are £15.00 each. There are very elegant, 100 per cent wool, 
knitted catsuits for £16.50 — these only come in seven different 
colours but look lovely in them all. Tbe Dance Centre runs a 
mail order service and you can send for the list of everything 
they do. You need to add 50p p + p per order. 


frlrtirner 


WE ALL know jhat strictly 
speakinc it lakes an awful lot 
of exercise tn lu>o a pound of 
fat. It is scientifically proven 
and l am sure tjuiie irrefutable. 
However, everybody who starts 
to slim and comh'incs it with 
some form of exercise finds that 
they lose weight faster than if 
they just cut down their food 
intake. Something to do with 
the metabolic rate being speeded 
up, 1 am told. 

For the leisured, the posh way 
to exercise is to join a club 
which has abundant facilities, 
helpful advisers and which pro- 
vides the right kind of balance 
between friendliness and disci- 
pline. These are usually very 
expensive if you don't use the 
facilities properly — annual fees 
are usually ai least £100— but 
remarkably gnod value if ynu 
use them a ^reai deal. The 
secret is to find nne which is 
either very near it very easy to 
cot to — if you si.ir: with a long 
nr tirina journey jour enthu- 
siasm will wane long before you 
even get there. 

To find the rinht sort of club 
you will need in look in your 
local yellow page,. In London, 
for instance, then- Is the West- 
side Health f'linit-. “(U -7, Ken- 
sington High Street, WS. which 
has a very friendly atmosphere, 
is full of regular attrnders who 
mostly seemed in such excellent 
shape I wondered why they'd 
come 

Gym and Tonic ut 4. Welbeck 
Street. London. l\\i. is nearer 
for those w hn hvc more cen- 
trally or in the North London 
area — they, loo. niTer B gym and 
a wide variety of apparatus plus 
advice on how jn become fitior 
and how in ln«e inches off the 
right bulges. 

Some people hale ritual exer- 


cising and would prefer thetr. 
esercise to be marc like fan l£ 
that's you. then dancing could 
be the answer. The Dance Centre 
at 11*14. Flora Street, London. 
WC2 lays on The most useful and 
the best system (in my view) Tor 
those who can get to the plare 
(it's less than a minute from 
Covent Garden tube station i 

Almost continuously from 

9.00 a.m. in the morning until 

10.00 p.m. in the evening. 
Monday to Friday, some classes 
are being held. Anybody can 
just turn up and join in. You 
don't need to be a member, or 
attend regularly, you jits.t choose 
your class, go along m the studio 

and start. The cost of the class 
varies from between Snp and 
£1.20 per class (reductions if you 
buy tickets in group>) and thp 
range nf dancing taught goes 
from classical ballet fnr profes- 
sionals or beginners right 
through to rock j.t:v tthe must 
popular) disco dancing and 
African primitive. 

DancercUe sounds a siurvei- 
Inus idea but is nnlv nf use tn 
those readers who can ger them- 
selves to nne of their three 
studios — in the Richmond 
Athletic Ground Pnviliun. The 
Castle. Richmond, or the poly- 
technic of North London. XW3. 

Dancercise aims to teach 
dancing in a new. refreshing way 
to people who want {<> enjoy it 
and keep reasonably fit. There 
is none of (he ritual drilling nf 
the old- rash ioned dance studio 
but lots nf lively movements 
from the beginning. You need 
to join for a term and one class 
weekly for 14 weeks is £19 84. 
two classes weekly is £29 76. 

If you want more detail* write 
tn: Dancercise. The Barge 

Durban. Lion Wharf. Old Isle- 
worth, Middlesex. 


Wiser 


No slimmer need be short of 
advice. Judging from the book- 
shops there are as almost as 
many guides to slimming as 
tbere are cookery books. 

For the serious slimmer the 
best book on ihe subject that 
I've come across is about to be 
published on Monday. Called 
the Which? Way to Slim it is. 
as it sounds, a product of the 
Consumers' Association and it 
can be found in good bookshops 
or bought direct from them for 
£3.95 (including p + p) from the 
CA. Caxlon Hill. Hertford. 
SG13 7LZ. 

The Which? approach is. as 
you might imagine, very 
thorough but it is also, thank- 
fully, laced with lots of humour 
and immense common sense. 
They know tbe pitfalls that lie 
along (be slimmers path, they 
know that there is no perfect 
method for all people and so 
they discuss the various ways 
in which those, wishing to lose 
weight might approach the prob- 
fem. They explain the calorie- 
counting method, the low-carbo- 
hydrates system, list ail the 
calorie and carbohydrate values, 
they discuss group methods 
(Weight Watchers and others). 
If you want to know about 
appetite reducers, low-calorie 
drinks, sugar substitutes, low-fat 
soreads and all ihe other off- 
shoots of the slimming business, 
then they'll tell you all about 
those too. 

They’ve interviewed hundreds 
of slimmers, all of whom have 
been more or less successful, and 
from them they’ve gleaned what 
slimming is all about. They 
know about craves and binges 
and all the other temptations 
that loo much flesh is heir to 
and they talk about it in help- 
ful. realistic terms. 

I liked, too. their section 
on eating out and cooking 


at home — after all. normal 
life goes on and its impor- 
tant it should, sn some advice 
on how to select from a 
menu (and very detailed advice 
it is. too) is very useful. Their 
“Posh Entertaining " section ha? 
some splendid recipes from some 
of the most impeccable gastro- 
nomic centres in the connin' — 
all are calorie-counted, all sound 
delicious. How about mushrooms 
a la greque. followed by baked 
trout with wine and herbs and 
some peaches in red wine in 
follow? It sounds all right and 
if you follow their instructions 
it only adds up to 670 calories 
for the entire meal. 

There's only nne difficulty 
about the book — it's too easy to 
make reading all about it a sub- 
stitute for doing something about 
it. By the time I'd finished 
browsing through it I felt thinner 
already. 

Champneys have produced 
their own manual for those who 
can't afford to visit the place 
itself or who want advice and 
encouragement once they've gone 
home. Their approach is slightly 
more medical — they call u Living 
Well and subtitle it The People 
Maintenance Manual. Published 
by Mitchell Beazley it has the 
Mitchell Beazley touch — every- 
thing conceivable is illustrated, 
and very well-illustrated, too. It 
isn't quite so geared to slimming 
as to eating well — for nourish- 
ment, for health, for the well- 
proportioned. well maintained 
body. The book will guide 
you Ihrougb almost every 
aspect of achieving Ihe healthy 
body — sleep, exercise. lun. sex. 

It's a large, easy to read, very 
comprehensive encyclopaedia on 
ail you need to know. You can 
buy it by sending £5.95 to 
Champneys Health Resort. Far* 
field House. Chesbam Road, 
Wjggintoo, Nr. Tring. Herts. 


Pots to perk up the patio 


V. Is 
* 

"3 


it 




M 

’Vjy 


IRONSWARE is 3 small shop at 
46. Parkway. Camden Town, 
London NAVI 7 AH. which always 
seems lo have an exceptionally 
attractive collection of the sort 
of inexpensive bric-a-bac that 
ofirn gives great character lo 
a house or a room. They are 
exceptionally strong on china — 
often having amazing selections 
of seconds at very reasonable 
prices. 

They seem lo be pretty strong 
on gardens, too. and I particu- 
larly liked this collection of clay 
pots which should give a little 
colour to even the dingiest of 
urban patios. 

The attractively-shaped pot 
above left, is designed for grow- 
ing strawberries in — you are 
meant, of course, to have straw- 
berries everywhere, dripping 
over (he sides and from the 
specially made outlets in the 
sides itself. In my experience 
this kind nf gardening is not 
quito as easy :ts the illustrations 
would lead one lb believe but 





the pot is so attractive I think 
it is worth a try. This particular 
pot is 17 ins high, is made of 
clay and costs £L0.S0. 

In the middle drawing, above, 
is a small parsley pot il have 
tried growing parsley in one of. 
these and without much success 


but I think most other people 
have greener fingers than I). 
They, too, are exceptionally 
pretty and I have been longing 
to see mine awash with pretty 
green clumps — alas parsley only 
grows out of (he top or mine. 
But at £2.85 it is cheap, enough 


The idiot-proof camera 


IF tbe tourists already he ginning 
to flock into London are anything 
hi go by the shares to buy would 
seem to be those in (he com- 
panies making blue jeans and 
selling cameras. The blue jeans 
will probably give them every 
cause for satisfaction but, accord- 
ing to one camera-producing com- 
pany. almost all those amateur 
photographers arc going to be 
sadly disappointed with tbe 
results when they get back home. 
One iu every six of their photo- 
graphs will be out of focus. What 
most or them need is ihe fool- 
proof camera and needless to say 
an enterprising firm. KonJ- 
shtroku. has produced one- 
Being an amateur photo- 
grapher myself l*m not in the 
best position In judge one so I 
nsk-id an expert photographer for 
his opinion. He says quite 
frankly he can't find anything 
wrong with it— except its price- 
He thinks it looks mther like a 
cheap child's camera and a* 
£129.99 this look doesn't compare 


very favourably with, for 
instance, the highly technical, 
polished look of some similarly- 
priced single lens reflex 
cameras. 

Un the other hand, he says, 
that as a camera it is marvellous. 
It is beautifully devised and 
thought-out. Though fairly bulky 
it js very light so cao be easily 
packed in a briefcase or over- 
coat pocket. It has a good 
range of filters and close-up lens 
attachments which can be 
bought as extras. However its 
really major advantages can be 
listed quite simply. 

J. It has totally automatic 
focusing. You point the camera 
at the subject and “? e , 

subject ie> in the .“ e 

square box outlined in the view- 
finder then the picture will be in 

„ses 35 millimetre film 
which gives much heller quahty 
than the film used w most other 
cameras for amateurs. . 

3. has automatic exposure 


control — you don’t do anything 
about exposure, you just fire it 

4. There is a built-in flash. If 
you need flash, a little red light 
appears in the view-finder and 
you then put the flash on and it 
is operated automatically. 

fi. It has a wider-angle lens 
than most amateur cameras — 
a 38 millimetre instead of a 50 
millimetre. This means the user 
can take photographs to within 
a distance of about 4 ft, unusual 
with an amateur camera. 

8. Amateurs. are prone lo take 
photographs with tbe lens cap 
still o a— this one has a lens-cap 
bo designed that it covers the 
view-finder as well so that even 
tile dimmest user sees at once 
that the lens is covered. 

The camera will be going into 
most camera shops next week 
but If in the meantime you want 
a leaflet on it and details of 
stockists in your area write to: 
Konisblroku, UK. Konishiroku 
House, 51. High Street; Feltham, 
Middlesex, 


Jan Wheeler 

to give it a try and mine still 
looks good. Tbe pot is eight 
inches high. 

Finally, on the right, above, 
is a large plant pot— "again ideal 
for growing some greenery or 
even something more ambitious 
to cheer up a patio. Ten inches 
high, this pot is £5.04. 

Alas, the pots are really loo 
heavy and breakahlc to post so 
Ironware have lo limit them 
lo personal shoppers only. 


Looking to the East 


MOST people normally associate 
Rosenthal, the German pottery 
firm, with only the finest of 
modem china and glassware. 
Over the last 20 or 30 years tbey 
have built and developed their 
own collection of designs from 
most of the world's distinguished 
designers — people like Tapio 
Wirrkala, Sarpaneva and the like 
— so it seems an unusual move 
for them to sell side by side with 
these sophisticated modern 
designs what at first sight seem 
tike unsophisticated examples of 
Far Eastern craftsmanship. 

However, though they have 
certainly started selling a varied 
selection of examples of Far 
Eastern craftsmanship at the 
London Rosenthal Studiobouse. 
closer inspection shows that some 
of the things have a fineness and 
a sophistication which is subtle 
but nonetheless very real. 

Lord Queensbury, who is a pro- 
fessor of the Royal College of 
Art, is also a consultant to 
Rosenthal and during a visit last 
vear to China and the Far East 
he selected this collection. 

The selection is immensely 
varied — in materials used, in size 
of objects and. of course, in price. 

While the simplest items may 
cost as tittle as £3.00 some of the 


most expensive. “ one nf a kind ” 
pieces may be as much as £950. 
The only criterion used in the 
i-eiectinn is that they should have 
the kind of quality that Rosenthal 
has always stood for. 

Almost ail tbe pieces chosen 
have been made using centuries- 
old techniques and traditions and 
ail show the high level of skill 
and craftsmanship that still 
exists in many areas of the Far 
East. All the items are hand- 
made by local craftsmen, who 
often work in family com- 
munities. and nearly all tbe items 
are of the sort that are still used 
in everyday life by the local 
inhabitants. 

The range of techniques and 
materials to be seen is immense. 
There are ceramics, for which 
Asia is renowned, and two special 
glazing techniques, a Batik tech- 
nique wilh a decoration of orna- 
mental characters and a black 
brushed Naraaka glazing, will be 
of special interest. Tiny Sake 
bottles arc about £3.00 each but 
they also have for sal? the last 
pois made bv the great Japanese 
potter, Ham'ada, before he died 
recently. It is his very special 
pieces that will be from £775 to 
£950 in price. 

There are lacquered pieces. 

like boxes and trays starting at 



£7.75. and marble vases all cut 
out in one piece of marble. Cast- 
iron teapots from the Far East 
start at £14.50 — they are 
enamelled inside to prevent rust- 
ing and to avoid (aimin'.: the 
taste of the lea. There is a selec- 
tion oF band-made brass dishes. 



cedar wood box<?& and a marvel- 
lous collection of bam bon and 
rice and wicker objects. In the 
photographs is a group of boxes 
in bamboo-mosaic. Prices start 
at £1.75. Rosenthal Studio- 
house is to be found at 102, 
Brampton Road, London. SW3. 


Strip at 


speed 




JUST LY case some of your 
thoughts do turn to less weighty 
matters in spring— that is. to re- 
decorating— you might like to 
know that Speed strip makes the 
boring, laborious business of set- 
ting emulsion-covered wallpaper 
off the wall considerably easier 
Speedstrip should be put'diV'ttflh' 
a brush, left until. Aha .paint, .fi lm 
seems soft and then ■ (ho. whole; 
emulsion painted .wallpaper can 
be removed in large strips. Take 
care not lo work in an enclosed 
room (keep the windows open), 
wear protective gloves if vou 
have sensitive skins and if anv 
of the remover should fall on 
woodwork, or carpets wipe it off 
immediately. Available now 
from good DIY centres, a 1.5-litre 
pat] costs £3.25 and will strip 20 
square metres of paper. 






financial' Times Saturday May 20 1973 


ARTS 




ANTHONY CURTIS 


' w 

J : 1 bocllive-todio' Mr. Toad, poor Joyd fell a vic- 

polished wood perched on the tim to the hubris be bad 
nj ante I piece in the boys’ com- expounded so brilliantly on the 
inon room where I and several program me. He was copped 
of my friends, and even a masteT travel lin 2 by train without a 
sometimes, would gather to ticket and Sued £2.00 with 25 
Brains Trust I can guineas costs. So far as the BBC 
St i*r hear its appalling crackle was concerned his role as a 
■which distorted the voices of public moralist was over. It was 
Joad. Huxley and CampbelL Tbe a stiff dose of hemlock for him 
combination of the set’s own per- to swallow and after a decent 
petual atmospherics and what interval he made a high-level 
passed on tbe Brains Trust for attempt to Ret reinstated as a 
laughter (.comparable to hyenas broadcaster, but all he achieved 
exulting over a fresh lump of ira* one or two Infrequent 
meat! was a strange cacophony aonearanws among the lowliest 
indeed. of the low. book reviews on the 

It all came back as if it were Overseas Service, 
yesterday in The Braivs Trust. Edward A! bee is the content- 
Fib; (Radio 4, Hay 17) by Barry porarv playwright who pays the 
Carman, a veritable madeleine greatest attention to the nuances 
of a programme for some of us. Q f dialogue In this respect he 
in wnica the voices and giggles mar* pernickety even than 
of the un heavenly trio were Harold Pinfer. as can be seen bv 
heard again grappling with the reai j’ !T ,» the primed texts of 
fly on the ceiling, the nature of .* I bee's plays where speech- 
happiness. Tbe instant opinion directions to the actor occupy 
industry really got off tbe ground m uch 0 f the space and certain 
in the 1940s: radio was the first worfs iD the dialogue are partly 
of the media to show how tnougbt italicised or capitalised to in- 
dicate inflection or emphasis. The 
“ loaded sneev'nes he writes have 

sreat rad in potential, as emerged 
in John Tydeman's production 
of A Delicate Balance in Drama 
"Sow (Radio 3. May 14). 

The presence in the cast of 
Irene Worth and Elaine Stritcb 
ensured that the American 
accents would sound authentic 

could be packaged and sold to a f‘ ut °!*} er , T not ^ 
mass public. At its peak in that born, like Harry Towb and Sheila 
early period or rh«? war The Allen, mad-’* some very con- 
Brains Trust commanded an vincing n r, -*“ 3 in recreating the 
audience of between 10m and uneasy ambience of an American 
12m. about the same as Match rouple living out the husband’s 
of the Day now: the possibility of retirement in an atmosphere of 
sudden death content rated mind-blowing tension for which 
people’s minds wonderfully. 'here is no discernible cause. 

To judge bv jhe riipi enmntied ^he only thing that prevents 
by Mr. Carman from the archive. th * m f / om *JlPPtag into the 
most of it would sound in- abyss of lorai despair Is a vague 
credibly phoney if it were heard s* nse of community with their 
again now. but then I suspect fnendv it is this which comes 
that in 35 years time no one will under threat when (heir two best 
even bother vo tist-n to the friends decide to test the relation- 
tapes of today’s chat shows by asking if they will see 
unless it he an American social them through their own equally 
historian with a masochistic mysterious emotional crisis by 
sense of duty. The real farcin a- having them to stay. It threatens 
tioti of this programme lay not 10 upset the balance of the house- 
in the sound hut in (he written hold and for ^ one ghastly 
archive, the mountain of memos night the family’s harmaay is 
passed down from on high to destroyed. This production 
nervous BBC oifl* ials. alleging scrupulously realised the author’s 
political bi.is. intrusion into ham-owing intentions. . 
religious fa'th. and o'her vinla- The week before in this same 
tians o£ sensitive area? of that slot we hoard The Gtunstein 
touchy time. There were cep rariittion (Radio 3. May ID an 
demurs on srounfi* r> f good East tlerman prize-winning Tadio 
taste. N'n le« an auih'-riiv than plav hv Wolfgang Knhlhaase. 
Brendon Bracken rhe then translated by Robert Bryce, and 
Minister of Inform a t*on. found set among political prisoners in 
himself having to rcMy to a a French jail before the second 
“Disgusted. Tun bride? Wells” war. It is an interesting. deeply- 
question from a La boor back- felt piece wish existential echoes 
bencher, who renca'c^i .iouH’s of early Sartre. The hero is a 
supposed quotation frnm Con- Jewish butcher From Poland 
fucius: “What economy is it to (Cyril Shapst who becomes a dab 
go to bed in order to save hand at chess while in captivity, 
candlelight, if the result be securing bis release in 1939. What 
twins? ’’ happens to him after that we are 

At tbe end of the war (he left to guess. The clanging of tin 
audience fell away as -Hidden ly mugs on steel bars resounded 
as it had arisen, and in IMS !lke hauntingly through Bernard i 
bis near-namesake, intelligent Kri chef ski's clear-cut production.! 


Barishnikov’ s 6 Don Quixote 


9 


Almost four years after his 
defection from the USSR, 
Mikhail Barishnikov has once 
again startled tbe dance world 
with the announcement that he 
will shortly leave the American 
Ballet Theatre, his adopted com- 
pany and join George Balan- 
chine's New York City Ballet. 
How long such a move had been 
premeditated we are not in- 
formed. hut that the actual 
arrangements were recently 
concluded is suggested by the 
fact that in the programme of the 
City Ballet, which recently 
opened its spring season. Balan- 
chine is quoted in an interview 
as asking “ What would [ Barish- 
nikov J do in our company, we 
have nothing for him, and no 
partner: they're all too tall.” 

Elsewhere, Barishnikov has 
already danced Apollo and The 
Prodigal Son. to say nothing of 
Theme and Variations. Just 
revived by ABT, and it is easy 
to understand why he would 
want to dance other works, and 
to have new ones created for 


BALLET 

DAVID VAUGHAN 



Kids at work j 

It is alarming to see i n the Michael > their words l**? ^casil/^jJJJ 

ays at the Royal Court’s Young is from St. V «ncen( but who , ni|w|l . |an< change 

Festival ^ impression born m England 13 ^ | noli , sl lhat every Cherkassk 

ic young have of their portrays bis upon.'™"! *55d|ret:tial « •* iu-w.adbeiu,,t*_ 4n ; 


plays 
I Writers' 

I that the 
elders* behaviour. 


Perhaps the leaver Errol a* - H t- 

, most alarming of the current victim of carcunistanccsL ne 
i four is Artificial Living by idle at school.. *“ f ° h . no 
: Stephen Rowe, a 17-year-old from quarrels with his f ^ 
Hillingdon. pad's arbitrary one offers him insur- 

any- 
is his 

iUijiU>uv 

sense. In Dad’s case his obstinacy motto- . . hi , 

U fatal, for he declines to move In contrast, we nave nw maie 
away from a neighbourhood Lester, who becomes a clerk in 
where the kids throw, bricks the very office that turns catoi 
through the window and the away. Mr. McMillan has dowsed 
telephone serves only anonymous a useful plot on whicn to nang 
callers, until one night he goes his acute obsen’atio n of ^ speech 
out to buy some take-away food and behaviour — behaviour, aias 
from the Chinese restaurant and almost as inevitably ant -Mjciai 
is mugged on' his way home, as the world of tne *«evnej. 
Young Des. the teenage son, is There is a considerable taieni 
equally determined, but his reso- here. . 

lutions are of the. kind more The fourth play is »y Anna 
sympathetic to teenage sons, like Wheatley, a itf-year-ola whose 
having his room decorated matt own life is more full of incident 
black. - than that of her characters, for 

Joanne Caffcll. who is only she has been a squatter, works 
ten, observes actions but not for the students union and is 

"involved with the womens 

Movement." Vet her pl3y 
Covehithe. which deals with a 
seaside romance in the country 
around Soul h« old. is the most 
conventional of the four, a 
simple case of shall I stay or 
fih^fi r go. The girl concerned 
is only 15. but then Juliet was 
13 and Miranda 14, so this can 


THEATRE 


8. A. YOUNG 


wfttftitffciffc, 


Mikhail Barishnikov and Geisey Kirkland 


him. by Balanchine. After all, 
bis stated motive for his original 
move to the West was a desire to 
dance a more extended reper- 
tory. and even though such 
American choreographers as 
Twyla Tharp, Jerome Robbins, 

? Mters °* more recent tim e-i s who Plisetskaya and. one would 
made ballets for him. Bansbni- have presumed to “ improve ' on imagine. Pavlova — have made 

£h J S Bue * 10 SJSTJS iS£ 3 Pelipa ’ s ori « inal 5- ■ something of it by sheer force 

JJ? Eifc °Sirh SSS n ?! 0071 Q uuote is not - inner of personality. Technically. 

S S.iuSi te wtS words ’ a maswr Piece that should Gelsey Kirkland is dazzling; -she 
n,*f fr nr, ^ be tam P ered as little as nos- has mastered tne Soviet trick -if 
their opportumties for pyrotech- sible. Uke The Sleeping Be,::,:n. kicking the back of her head f n 
n1 ^*' .... . Barishnikov. like Nureyev ir. ni» grands iet^s. and does It a few 

« ' - t ir ® n,c ' ,“ eD ’ . “ at version for the Australian Bai.i t too many times during the even- 
Banshrukov hu climaxed his in 1966. has simplified the rh'i ina. Her characierisaiion is one- 
sojourn with ABT by staging a and streamlined the dance dimensional. Cvmhia Gregnrv, 
new production, based on his action. The eponymous Don hj> partnered by John Meehan, late 
memories of the Kjt' ov version, little to do but wander in from nf the Australian Bailer made a 
of Petipa is Don Quixote, tite time to time looking bemused, little more sense of tbe part and 
most mindless of the surviving The Prologue no longer show- her equilibres in the classic 
I9th century spectacles. It is, him setting out on his quest out variation in the Vision scene 
m fact, precisely the kind of simply serves to introduce the- were exquisitelv musical, 
•decadent” ballet Fokin had in principal characters in 2 rerie* TL , , . . ' . . ’ 

mind when he proposed his of static tableaux. The battle Tb '' des, 5ner. Santo Loquas.o. 

reforms: if today's audiences with the windmills is cursor:!'. seve . r “‘ , L, ?‘ e ? J he 

can accept such a piece it is indeed elumsllv treated, arid the e ' em ^ nt2 --' mistake of dressing 
because their primary appetite episode of the puppet-show is ,n “ l0 “ I ' s tiial rae {* e 

is for the physical act of danc- omitted. The ballet has become } v ‘‘ n . 111036 # °‘. 1116 scenery, but 
ing. and they have little concern essentially a series of dance , “*®^ ir tain, an enlargement 
for such considerations as numbers held together by the 9 ' v ai l,i' ^ c ’ enlurj . an dfi P ,CIIn S 
coherence of plot or consistency most slender of pretexts, pro- 3 3151 - 2iu £C2ne - 15 v ' er - v Pretty, 

of style. Choreographed origin- vided by the antics of Kitri. the On the whole, this Don 

ally for Moscow in 1869, the innkeeper's daughter, and her Qutxote is a less distinguished, 

ballet was restaged in St Peters- lover Basil.' a barber. The eff-i-c* and in the er.d probably less 

burg by its creator two years is relentless, and finally useful, addition to the’ ABT 

later and revised to suit the wearisome. ' repertory than Banshnikov's 

more refined taste of that city. Barishnikov danced . supcrMy. A'utcraekcr, his first choreo- 

However. tbe version that has of course, and showed a nice graphic effort It seems certain 
come down to us derives from sense of comedy, but Don Quixote that be, at least, is ready to 
those done first in Moscow in is really the ballerina's ballet leave this kind of thing behind 
1900 and again In St Petersburg One could hardly claim, that ;!ie and 30 on to write another 
in 1902 by Aleksandr Gorsky, the role of Kitri has much depth, chapter in the history of 
prototype of the meddling ballet but some dancers — nouMy contemporary ballet. 


j motives. Her three sisters. he cm ‘ rUod 3 noveU . y ’ . 

' Gertie. Lizzy and Flossie,, make The Royal Court has mounted 
1 Food out of wood and wool, fish these plays generously, giving 
inside their pyjamas for an the young writers all vne neip 
electric eel when the power is possible. There are -0 actors, 
cut. buy a goat for twopence at with some notably co-operative 
h farm, have their hair done by playing by Trevor Laird, 
a woodpecker, and so on. What Veronica Quillican. Stephen 
they do is always a bizarre Petcber, Jane Wood and others, 
distortion of everyday activity, and direction by Gerald Chap- 
translated into a kind of film- man, Tim F> well and John Dale, 
cartoon world. I must say she It is fascinating to see bow the 
. is remarkably- imaginative, and challenge of play-writing brings 
I John Dale has given her a highly tbe imagination into flower. The 
colourful production. Court's Young People’s Theatre 

Yet as alarming as the obser- Scheme and the Observer must 
ration of parents is tbe original carry on with the scheme as 
thought of their children, energetically as they can. 


that what snakes the adventure 
so exvittnu l* its willingness to 
explore new terrain quite dif- 
ferent from yesterday’s, or the 
days’ before. Each., one. is a 
unique and freshly -made event: 
a report on work in progress, 
always with its own particular 
preoccupations. interest and 
focus — the latest diary page, in 
sound, of a tireless, inquisitive, 
obsessive, chameleon musical 
mind. 

The preoccupation in the first 
half of his recital on Thursday- 
evening was with dramatic 
momentum and cohesion. Tempi 
in Bach’s Italian Concerto jnd 
Mussorgsky’s Pirturea were fas- 
ter than usual: there were fewer 
expressive lincerings: prime 
Cherkasskian plums were paved 
over lightly. Instead, ihc empha- 
sis was on the larger contours, 
the broader washes aS colour. 


MUSIC 

DOMINIC GILL 


THEATRES THIS WEEK 
. . . AND NEXT 

SOHO POLY— Girl Talk. Mono- WESTMINSTER — Sentenced to 
iogue for an aggressive Liver- Life. Some not very convine- 
pool punk girL Lunchtime, ing argument about euthanasia. 
Reviewed Tuesday. Reviewed Thursday /Friday. 

WATFORD PALACE — The Lady GREENWICH — The Achurch 
frmn the Sea Rare Ibsen worth utters ShawVj siege of Janet 
collecting, though a little short k,. 

of magic. Reviewed Wednesday, ^church nicely Caught by Julian 
HAMPSTEAD — The Tribodes. Curry and Sara Kesielman. Re- 
Strong cait in a fantasy of viewed Friday. 

Strindberg's maTried life. Re- Jean Marais and Lila Kedrove 
viewed Wednesday/Thursday. start the Old Vic's foreign festi- 
ALMOST FREE — Distant En - val with Cocteau's Les Parents 
counters. Three entertaining Terribles on Monday. Also Mon- 
snippets by Brian Aldiss. Lunch- day, the long-delayed opening 
time. Reviewed Thursday. of Dario Fo’s We Cor.’t Pay. We 
NOTTINGHAM PLAYHOUSE — Won't Pay at the Half Moon in 
Vtaix Carre. Some new but Alie Street. El. Two more fes- 
fs miliar jottings from Tennessee tlvals on Tuesday: Malvern 
Williams’s notebook produce begins with Shaw’s Pygmalion, 
-nrut scenes. Reviewed Chichester continues with John 
Bowen's version of Marivaux. . 


some good 
Thursday. 


grander contrasts and conver- 
sations. 

There was much fine fleiaii ton 
— The presfo of the Bach, full of 
little miracles of vyice-leading; 
cunning alternation m the open- 
ing allegro of four different 
types of sonority, hard and >nfi 
with tbe soft-pedal, and hard and 
soft without But the promenade 
through Mussorgsky’s i-xhilirtinn 
was insistent unrelenting: .1 
fleet-footed dash through the 
Tiiileries: (he Oid Castle's nar- 
rative held in a misty grip of 
iron: the Catacomb* dark and 
fierce: the finale grandly orches- 
tral. but un indulgent, utmost ilur 
Chcrkas-skian lichlsl .nicere. 

Cherkassky reserved his indul- 
gence for his second half: I he 
four Chopin Scher/i. served up 
with a massive dose uf wilful 
seasoning — was it impaticncr. nr 
merely naughtiness that 
prompted him to deliver the C 
sharp minor Scherzo like a skit- 
tish divertissement, or the B flat 
minor like a piece of fantastic 
night-music, heavily perfumed, 
loud with the cries of exolie 
birds? Naughty, lovable per- 
formances all: hut CherRas<ky 
was now clearly in the mood for 
party-pieces, and began his 
encores — a ravishing period- 
piece of his own composing, 
ghostly breeze of Rakhtnuninov; 
a wickedly poker-faced transcrip- 
tion of a Paganini moto per- 
pettto. brilliantly thrown to the 
wind: a Chopin mazurka: and 
with perfect salon manners, a 
final bonne bouche of liodowsky's 
famous arrangement of The 
Stean. 



t Indicates programme in 
black and white 

BBC 1 

8.05-8.30 a.ni. Upen University. 

9.05 Piayboard. 9-0 The Flash- 
ing Blade. 9.45 Calling Young 
Film-makers. 10.00 ArJoit and 
Trueman on Cricket 10.25 "The 
Birds and the Bees." starring 
Jeanette MacDonald and Jose 
Jiurbi. J2.J5 p.m. Daffy Duck. 
12.28 Weather. 

12 JO Grandstand: Football Focus 
irj.35>: Motor Sport il.W5> 
The Welsh Rally: Pro-L'cle- 
briiy Squash tl.:li)i The Rank 
Xerox Challenge Final; 
Racing from Newbury (1.50. 
l-0i: 2. in .\ look forward to 
this afternoon’s unemotional; 
Football outs 1 final match of 
the Ifl'S Home International 
Championship: Scotland v. 
England: Rugby League 

Premiership Final tur the 
Premiership Trophy 5.20 
Final Score including inter- 
tie«s with tin? players from 
1 he Home International. 

5.30 The Mickey Mouse Club. 

3-5(1 News. 

8.00 Sport/ Regional News. 

6.05 Fish. 

6.30 Rolf on Saturday — OK? 

7.00 Saturday Night at the 
Movies: *’.M1 The Brothers 
Were Valiant.” starring 
Robert T ay lor. 

SJJ0 The Val Dooniean Music 
Music Sbou . 

9.15 Kojak. 

10.05 News. 

10.13 International Match of the 
Day. 


1LI5 Saturday Night at tbe Mill. 
AH Regions as BBC 1 except at 
the following times:— 

Wales — 8.55-9. J0 a.m. Piayboard. 
9.10 The Flashing Blade. 9.35 
10.00 Teliffant. 12.05 a-m. News 
and Weather for Wales. 

Scotland — 10.15-11.15 p.m. Inter- 
national Sportscene. Scotland v. 
England (highlightsl. 12.05 ami. 
News and Weather for Scotland. 

Northern Ireland— 6.00-6.05 p.m. 
(Northern Ireland News and Sport. 
12.03 a.m. News and Weather for 
Northern Ireland. 

BBC 2 

7.40 a.tn.-2.45 pjn. Open Univer- 
sity. 

fS.OO Saturday Cinema: “The 


of 


England from Hampden Park, 
Glasgow, 4Jj5 Results Service. 
5.05 News from ITN. 

5.15 Happy Days. 

5.45 The Life and Times 
Grizzly Adams. 

6.45 Revolver. 

7.30 Saturday Showtime: “ I'm 
Dickie— That’s Showbusi- 

ness.” 

820 Sale of the Century. 

9.00 Scorpion Tales. 

10.00 News. 

10.15 The South Bank Show. 

1L15 Executive Suite. 

12J5 ajn. Stars on Ice. 

12.45 Close — A poem by Rick 
Ferreira read by Rudolph 
Walker. 

All IBA Regions 


HTV 


«S=. 5JX RahSio V.acu'Q: mill houl and 
,nc a _ Bulw Vnn . <Usco aicsiL iS>. bxa la concen iS-. 

1.Q5 a-m. BuUd Your Ova bwii. 1JS yjo-ioz »jn. As Radio 

1^5 00m and \HF 
SjOQ a.m. ycw.s summary. S.Q 2 tom 
EJwar-ii -S' u:ih TD-: Earli Show. 


Tlwa*. 1 DJ 0 Wcmtrar. 19. « Tis»as. 

7J0 PJH. Land Of Mist And «r.-. n.15 R AHIO 2 
, m D,Ck '^ Tk3[ ' 5 SOQ a.m. Sew 

snowousmess. r E-Jw^r-Ja -S' u:in TH-: Ejft Show. 

JL tatludui IU. 8 j. 1 rs Bullcun. 8 JK ,\s 


KaU.O 1. 30.02 Tony Brandon <Si. 12.02 
p.m. Two's B'.-sl -Si. IJS2 1'unch Urn.'. 
U30-5S5 S?nrt ns - Korrv In:--manonal 
Soccer Spcoal • 1.30. 2.3.1 3 >W. .1.33* Scot- 


as London 


Adventures of Huckleberry exce P l the following times:— 


Finn." starring Mickey 
Rooney, 

6—5 The Money Programme. 
7.10 Open Door. 

7.40 News and Sport. 

8.00 Don't Quote Ale. 

8.30 Dance Month presents “The 
Taming of tbe Shrew.” 
9.55 Network. 

10— » Scottish PlaybilL 
10.53 M“A°S*H. 

1IJ50 News on 2. 

til-5 Midnight Movie: “Flesh 
And Blood,” starring 
Richard Todd. 


ANGUA 


Service except: 5J5-5.45 p.m. Sian A Sian. 

SCOTTISH 

E < a ,e Ji 0 soewr sproal 1 1.29. 2.35. 3 no. a.35» SCOl- 
^riT' ,and v - ErJbnd. Racing lrc,a New-burr 
' 1135 Late C,4li ' U - Z0 TSc i L30. 2.(K'. :.;'3 plus results Irom other 

1 cnirmrnv ««-'HTiSs -nil a ckuKtal cb?ck at 3.t0>: 

SOLTHERN « n<k« ii.». 205. 3 -cu. 5401 

Bj* a-m. Sesame Slrw 10.15 Solo t-eason and Hedses Cup twws ot all the 
One. 1 1 -25 Weekend followed by Regional '■Uwr inatch-*. plus nms of sol/ and 
Weather Forecast. U35 Happy Days, aisnor racin’. 4.03 Ctvss-ChanBel Moior- 
5J5 p.m. Cuckoo tvaJcr. 11 JS fLchie ins InfondJUgn. bJM Pop Over Europe. 
Urodtehnan Pnvsu: Eye. U15 a-«. 72Q Windsor Davies Prosenis ... 7 JO 

Sporu Desk. TJ3 Radio 2 Top Tunes iS>. 
T\’IMP TP PC US P*tor Marun a; the p:ano «Si. B30 

1 live lew Seouen-.e Time at the Radio 2 Ballroom 

3-0* Survival. * JO Action Adventure 9J0 Saturday Sight With Th* BBC 
Film: - How To Steal the World." sat- Radio Orchestra (S-. 11.02 Soon* Desk. 
rln« David McCalium and Robert Vjuboo. u. 05 IVier Wheeler with Toe Late Show 
1UBI Run. JOe Ruu. UJO Return 10 IS 


Action: Jimmy Raid chooses records tS'. 
335 Marne at the Master*, by Mozart. 
Hindemith. Grieg iS». 5.W Jazz Record 
R'Huesta »S». 5 AS CriUcs’ Forum. 4JB 

Songs by Glinka <S>. 450 Islam In The 
Modem World. 755 Sounds lautrMStUtg 
IS'. BJO BBC Symphony Orchestra In 
Lausanne, part 1: Schoenbers iS». 9.00 
The Turn of the Screw italic by R. W. 
BiirchflcM'. 9 JO BBC SO m Lausanne, 
pan 2: Ravel iSi. 10 JS Th..- Hermit Of 
Meudon- self-riortralr of the French 
nnv^liM Celine, pen-name of Dr. Louis 
Ferdinand Dostouches tS». 11J5 News. 
U.0&-11JS Tonicht s Schubert Song fS>. 

Radio 3 VHF Hily— 44KLSD0 *.m. Open 
L'n ire ratty. 

RADIO 4 

434m. 330m. 285m and VHF 
4J0 ajn. News. 6J2 Farmln*: Today. 
4 JO Yours Faichftillr. 455 Weather: pn»- 
Kfatmne news. 7.00 News. 7J0 On Your 


Farm.. 7M Today's Papers. 7M5 Yours 
VatUdntiy, 731 It s u Eareatn. 755 
Weal her; prugramme news. 850 'Netrj. 
8J0 Soon ml US Ycttcttlij in p^eluv 
rnptiU 9-00 Noii*s. 9415 Imi'fi m liomi 
AssiRtunenL 9J0 The Week In Wou- 
mnsicr. 955 K.-ui stand. 10JS Daily 
MirvKte. 10 JB Pick of the Week. 11J0 
rime for Verao. 1U0 Science Now. 1240 
5V" S - *2X2 p.m. Away From n .UL 

12J7 Thrice Round tlt-» Horne, u.w 
!*. 4 r aU,er - proeraa,mt Dclrs - L00 News. 
IJS Any Questions': 2J» War and Peace. 
I ” Docs lie Take Stuar? 

3JS BliKtc of the ktaswre. 5.00 Kaleldo- 
scope Encore. 5L30 Week Ending , . , 
I s ™ 5_S DromamniK news. 

4.00 News, 6J5 Desert Island Discs. 450 
Srnp [lie Week with Benny Green. 7.3a 
ptese You Have Loved (S'. L30 

Saiurday-Nlshr Theatre »s». 958 Weather. 

The Age of Operetta: 

,c, i?^ S T.5? ron ^ bT Jollann Strauss 
iS'. U.00 Ugbtcn Onr Darkness, bji 

a ews. 


BBC Radio London 

206m and 94.9 VHF 

5.00 ajn. As Radio Z. 7J2 Good Vishuig. 
■JO News: weaih.r. tratlic. .'•hui'Piuc 
sports news. BJS The Londuii tUcth ncr. 
*J0 Dand Kremcr with SarunLtr k. «ru- 
11J0 The Rotibk- Vincent Saturday Shew. 
2.00 p.m. Eub Pow.,1 wirti London Counie^ 
0J0 Marjorie Biibow wlih Clave Vp. s3o 
Rail. 4.00 Close: As Radio 2. 

Capital Radio 

194m and 95.S VHF 

6.00 a.m. Kerry Jtiby's Breakfast Shew 
fS). 9JW Capital Countdown with P-i.-r 
Young iS». 1250 K.-nny Er-n'lt «Si. 
2.00 p.m. Ahrmoon CH-Ueht with Ditnean 
Johnson is*. 5.00 Ji>an Shenti'n ;. Yersun 
to Person iS». 4.90 Crest Edwards’s Soul 
Spectrum «Si. 9.88 Nicky Horne’s 
Mammy’s Chart IS> 11.00 Pel.-r Young's 
American Dn-axn (S' 12.00 peter Younn’-t 
Backseni Booeie tS>. 24W n.m. Ian DjviJ. 
son's Night Flight «Si. 


9J0 Undersea World of Cantaln the Planet of the Apes. 5.15 Larerno N cttS Summary 
Nemo. 9 JO TIswas. 1OJ0 The_ Amazing and Shlriej. JU5 Thi.-. Tvocsele (-ounor 

Fair. 12JS a.m. Epilogue. 

ULSTER 


Chan and the Chan Clan. 1BA5 TIswas 
UJ5 p.m- Richie Brockehnan. Private 
Eye. 12J5 aan. At Tbe End of the Day. 

ATV _ 

945 a-m. Musket. Fife and Drum. 9 JO Beachcombers. 1L00 Sesame Sir.vu 5J5 


RADIO 3 464m. Stereo 4 VHF 

tT55 a.m. Weather. EJB News. S.0S 


1M8 a.m. The Secret Lives of Waldo Aubadu tSu "Al News. 9JI5 Record 
Wily. W JS Tree Top Tales 1*JS ’S’- 18 Stereo Release tS> 


TIswas. 5J5 p.m. Sis Million Dollar Man. p.m. Beverly- fiinbllllis 


4J5 Revolver. 74» Saturday ShowOrae: 
I’m Dickie— Thai’s Shawbusincsa. 8. DO 
Streets of San Frana'aco. UJ5 Rich Man. 
Poor Man. 

BORDER 

945 a-m. Bolld Your Own Boat. 9J9 


Results. UJ5 Police woman. 


1155 Cic of Birintnahani Symphony 

958 "snorts Orehesirj. cart I: Rachmaninov. Proko- 
fiev .Si. U.05 In Shari iuik by Peter 
Dodd >. 1155 CBSO Goacen. part 2: Shos- 
takovich <Si. 1ZS p.m. News. 1.00 
pajmin^s la Close-Up. US .Mozart and 
ZAS Mas ol 


LONDON 


9AS 


8.30 a.m. Sesame Street. 

Half Our Show. 10.15 The Trmh 
Monkecs. IO-4S Our Show (part 
two). 11-30 The Fantastic Four. 


WESTWARD 

9J» The BeaU». 9.20 Children'* „ . . . _ 

Feature Film: ■■ MUMtcr no Home.” ■»™dMi»n concert »5>. 
U5B Gus Honey Iran's BinJ)djy> 1L05 

J.srvt?£3^^“ T0I “ C - “ SSL"rlS!!“--- n, 1 ^” 

Btarrtots Stewart Grasper and Donna Reed. 

12j 90 a-m. FaJth For Life. 

YORKSHIRE 

950 


CHANNEL 

1L4B ajn. Puffin's Phiiicc. tlU5 pan. 
The Mystery Thriller: ” The Whole 


CHESS SOLITIONS 
Solutions to Position No. 216 
J N-E4! PxP? 2 K-N4! Resigns 
because of 3 R-Q6 mate. Better 
Early Musical Instrument*, for Black is 1...K-B4 but then 


GRAMPIAN 8 ’ZJSnzz ■LJISrtSSLS z™ «; BT I 3 ^ 2 - *' 

,4 •Wr.rl* nt c nA -» - SJ0 a.m. Socoe On Saturday Including “The Spanish Main.” starring Paul LBP Will Win. 1 P\P should WlO, 

iz.uu wo no or Sport: 12.05 p.n». Birthday GreeUngs and The Woody Wood- Heoreld and Maureen O’Hara. BJO more slowly, but less convincing 

international Sports Special pecker Show. 9JS Sptderman. 950 The Extraordinary. UJ5 p.m. The Adventurer, fc 1 P v p R.KB7 

( 1 ) Professional Ice-hockey* C,UI? Club. iaos Island of Adventure. U-dS The Entertainers. ’ " 

1220 On the tin II- 1 00 News u *“ > space u99 ’ p * m ' ftclue RADIO I 247“ Solution to Problem No. 216 

from ITN: 1.03 The ITV Six-- “■ fS) stereophonic hreadcas. I B-N8. If I...N-B4; 2 B-N2. or 

1.15, 1.45 and 2.15 from OK AN AD A S5» ».m. a* Radio. 3. s.04 Ed Stewart if N(Q3) elsewhere; 2 N-N3, or 

Thirsk* 130 ” no and *Mn ,J0 ajn - Tl«*«e l Deluding lojo Dyno- »S» with Junior Choice, indudmg U2 jf N-KB5’ 2 N-N3. or if N (04) 

*a- 1 * “U 1 ’’ Ylie Dog Wonder. J0.« Tiswas CrwrM3iannel Motorirs Informatinn. UMta “ ‘ V R.vV> „ r i km. 

from Newmarket. Inter- iconunuedi. s.15 p.«a. The nisisxones. Adrian Jnste. 12410 Paul Gamhacdnl. ®™f v * T “ ere » “ or ^ K-K4, 

national Football: Scotland V. UJS House ot Horrors. m pan. Rock On tSi. 2J0 Alan Freeman 2 QxB. 



WEEKEND CHOICE 


Kate Bush: ITV to-night 


SATURDAY : Signs of move- 
ment at last in the stagnant 
depths of television rock pro- 
grammes: nVs Revolver today 
is the first of three novel pro- 
grammes this week. Don't 
expect too much though; it has 
Peter Cook as a jokey 
’ manager" yearning for the 
days of Lita Roza. (The other 
programmes axe Curriculee 
Curricula, a BBC2 rock musical 
with Radio 4 stereo sound on 
Monday, and Wednesday's 
A rena on BBC2 about Tbe 
Tubes) . Immediately after 
Revolver one of the great 
troupers of showbusiness, Dickie 
Henderson, stars in ITVs Satur- 
day Showtime. If you're not 


already hooked on BBCTs 
Dance Month (which may yet 
save the sanity of those of us 
not mad about football) fry 
tonight’s repeat of " The 
Taming Of The Shrew." 
Between them the much 
mourned John Cranko and the 
brilliant Marcia Haydee made 
it very funny. 

SUNDAY : " Secrets On Tbe 
Wing” in BBCJ’s World About 
Us should satisfy those who 
revelled in “The Making Of A 
Natural History Film," and on 
BBCl’s Cross Question Nicolas 
Walter gets a rare chance tu 
put the humanist viewpoint on 
television in a discussion with 
Norman St John Stevas about 
religion in schools.—C.D. 


ENTERTA5ME2ENT 

GUIDE 

CC— ' Tfirsc irtejircs a v ccp? ccrtJ'n cr?a.- 
cards tel<y»non* ci me b dx ottK.o' 

OPERA & BALLET 

COLISEUM. Crrai: Cjra, 01-3JO S2Sd 
Rifiervjuons 01-936 3lb|. 
CNQM5H NATIONAL OVtBt 
Ton 1 . Mon. and Tnur. n?,t 7.10- 
t urvanthc, Tuv. anfl Fre. ne*t 7.30: The 
7?? Wed ’ 7 - 1 0 Count Or/. 

104 bilconr jrjare jirfflys ^/.i.luolc dAr 
oj a otnOrawiKt London 5ww>n £rd» 

COVENT GARDE N. CC lZd~ 10 66? 

<&ar<j«nctv>rs<: c, CI )i-. c.iroi 6903 1 

. . THE ROT AL OPERA 
Ton i ans iv«). ne»: 7 30 Piooi.»no; 
Mon. ana Frl. revr 7 jo Peter Criin-»s. 
Tnur. nr.*- fi.oo Trnun ana Isolde. 
t>5 Amaji scats avail, rr;m to j.m. 

on Oav ol oert. 


AMBASSADORS. Cl -836 1171. 

Nightly *t 8.00. Mat*. Weds- 2.45. 
S4U. 5.00 and 8 00 
PATRICK CARGILL and TONY AN HOLT 
,n SLEUTH 

me world-Umous Th ruler 
by ANTHON I SHAFFER 
" Seems the p*ar aaam is In fact an 
utter and u»a/ toy. ' Punch. Seat Prices 
C2.QO Id C4.40. Dinner and Too Price 
Seat £7.50. 


SADLER’S WELLS THEATRE. RaieOer, 
A*e. EC1. a,. !STI. Until 27 Ma>. 
KATHAKALt 

Dancers from Kerala. India. Ergs a: 7 30 
Toiu<jnt The MihaMitiiu. Mon. Tue. 
A Wed. ne»s. The Sons of Pandu. ’• En- 
ormously Theatrical and tun.” Gon, 


THEATRES 

ADELPHI THEATRE. CC. OI-S3E 76»l. 
E/ps. 7-30. Mats. Tburs. 3.0. Sals. 4.0. 
IRENE 

THE BEST MUSICAL 
dt 1 976. ?977 and J97B ! 

IRENE 

“LONDON’S BEST NIGHT OUT." 
Sundiv Peoole. 

ALREADY SEEN 3Y OVER ONE 
MILLION HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS 336 7611. 


ALBERT. 836 3878. Party Rales. Cr-di- 
card okas. 836 1971-2 Hrom 9 am. 

to 6 B m.-. Mon. Tues . Wed »t>d fn. 
7.45 o m Tnurs. ana Sa;. 4.30 and 3 OO 
■■A THOUSAND TIMES WELCOME IS 
- ’ . LIONEL BART’S 
’’ MIRACULOUS MUSICAL ” Fin. T.mes. 
OLIVER 

witn ROY HUQO aro JOAN TURNER 
’■ CONSIDER T OUfilSLF LUCKY TO BE 
■ A BLE TO SE E IT A GAI N.” Cl-.- M.rrj r. 
ALDWTCH. 336 E40d. Info 336 333:. 
ROYAL SHAKESPEARE COMPANY In 
reoertolre. Today 2 00 HENRY VI. par: X. 
7.30 HENRY V| Part 3. ■’Reachma a: 
aold and kndine ■: ’* Guard'an. w.m: 
HENRY v rlas; 2 oert Sl Men Tlps i 
RSC also it THE WAREHOUSE imc under 
Wi and at Piccadilly Theatre m Peter 
Nichols- PRIVATES ON PARADE, and 
KRigr. 8.00 at tne YOUNG VIC. one 
pert. only. HAMLET ON ICE. 


ALMOST FREE, 48 5 5224. ’’ Distant 

Encounters.'’ by Brian W. Aldflf. Tucs.- 
S«v t.ts n.m Suns. 3.00 aod S. 00 p.m. 
No ahOw Monday*. 


APOLLO. R 1 -637 2663 Evenings B’.OO. 
Mats. Thup- 3-QD- SaL 5.00 and B.OO. 
DONALD SINOEN 
Actor at ttie Ycar. Ey. Stand. 

“ IS SUPERB.’ 1 N.o.W. 

SHUT YOUR EVES AND 
THINK OF ENGLAND 
“WICKEDLY FUNNY.” Times. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 
■ Hilarious • - - sse it. 11 Sunday Times. 
Monday to Tlwreoav 3.30. l-riday and 
Saturday •> 7.D and 9.15. 


ASTORIA THEATRE. Charing X Rd. (with 
fully licensed Restaurant!. 01-7 34 4J9I. 
Nearest tune Tottennam C». Rd. Man. - 
Tnun. B.OO . P.m- . * r >. and Sal. 6.00 

and 8.45. l"M8« v g«JB , t card ooottno. 

Infectious, appeal ing. tooi-stomping and 
neart-thumpinfl.^ Observer. 

Scat PfKc* ET-40-f 5.50. Dinner-Tup 
piles seal W.M- Half-hour betore.-snow 
any ayallaftM I'ckett £ 2 . SO. 

"-aar a® r - 

EVENING STANDARD AWARO. 


CAMBRIDGE. "936 6056. Man, to Thurs. 

..TOTA^^-^nd 

BouadnS; S. Mirror. 

THIRD GREAT YEAR 
Dinner ami tPP-PCKe seat Eg-75 incl. 


CHICHESTER. _ 0243 81312 

T-”r and «« ».« ^OO. May 20 

A WOMAN Of NO IMPORTANCE 


01-930 23 78- 

"E^n.ras MO^nyr- *flOa, Sat 5 SO. a.30. 


COMEDY. 

MOIRA 'lTS 7*R. TONY “BRITTON. 
Muuret COUP TE NAY. Derrapt WALSH 


.asMi CQUNIPrtM*. Licmiqi W 

THE HIT COMEDY THRILLER 
MURDER AMONG FRIENDS 
- Blackmail- armed rabperr double (Huff 

and ’AJE" dMl "* 


rniTERION. credit Card*. 930 3216. 
C E»enlhOSB-0- Sats 5 30. p.SO. Thin. 3.0. 
E NOW IN ITS SECOND T EAR I 
LeSLIE PHILLIPS 
In SIX OF ONE 
•• VERY FJ/.NNY/’ Sun. Tel. 
ttriWP HILARIOUS YEAR l 1 


DRURY” LAWK 01 -H 16 91 C8. Every 
n»W ^ ***• i t>a - 

-A rare- devastating joyous, jwontjnlng 

Stunner.” Sunday Timet. 


OUCHE5SL S36 8243. Man. to Tnuri 
Erg*. B.OO. Frl- Sat. 6.15 and 9.00. 
OH ! CALCUTTA ! 

The Nudity U stuniHna " DaRr Tel. 
8ih Senunaoal Year. 


DUKE OF YORK’S. 01-016 5122 

£ves. 8. Mat. Wed- SaL at 3.00. 
JOHN GIELGUD 
In Julian Mitchell’s 
HALF-LIFE 

A NATIONAL THEATRE -PRODUCTION 
’’ Brilliantly wittv ... no one should 
miss IL’’ Harold Hobson rDrama). Instant 
credit card reservations- Dinner and 
top- price seat £7.00. 


FORTUNE. 836 2238. Evas. 8.0. Thur. 3. 

. Sat. 5.00 and 8. DO- 

Munel Pa Wow as MISS MARPLE tn 
AGATHA CHRISTIE’S 
MURDER AT THE VICARAGE 
Third Great Year 


GARRICK THEATRE. 01-836 4601. 

Eygis- 8 0. Mat. Wed. 3.0. Sat. 5.30. 8.30. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN ’ 

In HAROLD PINTER’S 
THE HOMECOMING 

’’BRILLIANT A TAUT AND EXCEL- 

LENTLY ACTED PRODUCTION.” O. Tel. 
“AN INEXHAUSTIBLY RICH WORK.” 
Gdn. “ NOT TO BE MISSED." Times. 


GLOBE THEATRE. 01-437 1S92. 

£<*». 8.15. Wed- 3.0. SaL 6.0. 8.40. 
PAUL EDOtNGTON. JULIA MCKENZIE 
BENJAMIN WHITROW In 
ALAN AYCKBOURN’S New Comedy 
TEN TIMES TABLE 
Tins must be t*ir haopiest laugh ter- 
malcer In London." D. Tel. " An Irresist- 
ibly enjoyable evening.” Sunday rimes- 


GREENWICH THEATRE. 058 7755- 

Evenings 7.30. 

MaL Sats. 2.30. 
the ACHURCH LETTERS 
A plly &y Don TavlOr 


Hampstead. 722 S3ci. Eve*, a. sat*. 
5 ll *_8. Georgina HALE. Susan NAMP. 
SHIRE Richard MOOSE. Peter WOOD- 
THORPE In THE TRIBADGS. by Per 
□ lov EnduiK. 


HAYMARKZT. 01-930 9832. £*09. 8.00. 
Mats. Wed. 2 30. Sat. <10 .-nd 8-00. 

INGRID BERGMAN 
n( WEN Dr HILLER 

-RISC'S .. DORIS FRA NCE5 
GODFREY HARE CUKA 

.. _ WATERS Of" THE MOON 
CorgraiulatioiH on compiere capacity 
and record making show. Must untor- 
limatdy ttnlsh on July T St awing to 
commitments ot Mim Bergman and Dame 
Wendy Hiller." 


KING'S ROAD THEATRE. 352 7488. 
Mott, to Tbun 9.0. Frl- Sal. 7.30. ®.30. 

Th e , P°£i tv horror show 

NOR IN ITS Sin ROCKING TEAR 
THE GREAT ROCK ’N* ROIL MUSICAL 


HER MAJESTY'S. CC. 01-930 6606. 
evenings BJX>. Mats. Wed. & Sal. 3.00. 
BRUCE FORSYTH 
In LESLIE BRICUSSe and 
ANTHONY NEWLEY’S 
TRAVELLING MUSIC SHOW 
wire Derek Gr. tutus 
Directed by BURT SHEVELOVE 
■' It Is packed to bursting point with 
th* oertonalttv and imw entroy ol Baucc 
Forsyth ’’ Sun. Esoress. ■- Thu audience 
cheered.’’ Sunday Telegraph. -• 


LONDON PALLADIUM. CC. 01-437 7373. 
Opening Thursday neat a: 7.0 lor the 
Summer Sr«=on fro August 19 only’. 
Subs. Mon,, Toe*.. Tnuri. and Frl. at .8. 
Weds, and S ati; it 6.10 and B.50. 
THE TWO RONNIES 
In a spectacular 
COMEDY STAGE REVUE 
ALL SEATS BOO* ABLE NOW 
£4.50. £3.75. £3 00. *2.50. £1.50. 
Special Boolring Hotline. 01-437 I OSS- 


LYRIC THEATRE- CC. 01-437 3666. Eve- 
8.00. MaL Thurs. Z □. Sat. 5.0 ana 8.30. 
JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES In * 
FILUMCNA 

by EDUARDO FILIPPO 
Directed by FRANCO 2EFFERB.LI 
■’TOTAL TRIUMPH.” D. Mlrrol. 
“MAY IT FILL THE LYRIC FOR A 
HUNDRED YEARS.” Sunday rimes 


MAY FAIR. CC. B29.3036- 

Mon. to Frl. 8.0. Sal. 5.30 and 3.45. 
GORDON CHAttlt " arllluet ” EJ»- « 
THE ELOCUTION OF 
BENJAMIN FRANKLIN 
by Steve J. Spears 

”A comoaMionate. tunny, hercely rioouent 
play.” Gdn. "Hltartoiis.” E Std. "Wickedly 
amusing." E. New*. ’’ Soellblnd|»g. M Cbs. 


OLD VIC. 929 7616. 

PROSPECT AT THE OLD VIC 
Last mo» Ol current season. 

Eileen Atkins as SAINT JOan. Today 
2.30 A 7.30 last oertarmaner: INTER- 
NATIONAL SEASON AT THE OLD VIC 
MAY 22-JUNE 3 Lila Keorova. Jean 
Marais In LES PARENTS TEtlRIBLCS 
May 22-27: THE TURKISH CLOGS Mav 
29-Juno 3. La Barca restaurant oenosttc 
The Old Vic open before or alter tne 
show. 


OPEN AIR. Repent's Pare. 436 2431. 

A MIDSUMMER NIGHT’S DREAM from 
. 28th May . Bernard Shaw’s THE MAN 
OF DESTINY and The DARK LADY OF 
TNE SONNETS loins repertoire July 17- 


PHOENIX. 01-836 2294. Evenings 8. IS 
. _ Friday and Saturday 6.0 and 8.40. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh.'' □. Mall, in 
THE UNVARNISHED TRUTH 
The H.t Comm, by ROYCE RY70N. 
"LAUGH. WHY » THOUGHT I WOULD 
HAVE DIED." Sun. Times. " SHEER 

DELIGHT,” 6. Stand " CLDRIOUS 
CONTINUOUS LAUGHTER," Times. 


REGENT THEATRE. 637 9B63. 

Mr-ns. -Thurs 9.30. Frl. 6.0 & 8.45 

Eiegatn. flood humoured, engaging." Gdn 
THE CUUfi 
.A new musical 
_ *— audit and Comic.” Times. 

.... _ Sh £? « or « ln songs.” D Tel. 
Ll .?75,T f i or '?2 - ■ • a revelation," Times. 
WILCOME TO THE CLUB." E.N. 


ROYAL COURT. 7 3Q 17<5 . 

Evemnos 8. SaL at 8.30. 
hi e „ T S, E . CLAD HAND 
b ?. l n ?° Wilson. World Premiere. 
Brilliant comic writing." Inis. 


PICCADILLY 437 4506. Credit Card b»Cs. 

836 1971-3 trom 9 o.m.-s p.m. Eves. 3. 
SaL 4.4 S and 8.15. Wed. mat. 3. 
Royal Shakespeare Comoany in 
AN OUTRAGEOUS ADULT COMEDY 
_ by Peter NKhols 
_ PRIVATES ON PARADE 
■■ Rinroarmo tflemoti." s. Express. 
BEST COMEDY OF THE YEAR 
Ey. Std. Award and S.W E.T Award. 
RSC also at the Aldwvrts and Warehouse 
Theatres. 


MERMAID. 248 7656 Restaurant 248 
2835. Wed. to Sat. 3.30 Mats. Wed- 
Frl ana Sat. at 5 45 
TOM CONTI. JANE ASHER 
WHOSE LIFE IS IT ANYWAY 7 
Every Mon. and Tuc«. at 8.15 a-* 1 
Alec Me Co wen s 
ST. MARK’S GOSPEL 

{Suns, at 7.30 pm. all seats so*d3 
Prey. June 13. Opens June 14. 
Subs. 7.30 and 5.15. 

EVERY GOOD BOY DESERVES FAVOUR 
A Piece lor Actors and Orchestra 
ay TOM STOPPARD and AJVORE PREVIN 


NAflUrtAL THEATRE. 92B 2ZSZ. 
OLIVIER (open stage}. Today 2 Jib Si 
7.30 Mon. 7.30 THE CHERnt ORcaiA«" 
bv Cne*.ho» trans ey Michael Frsvn. 
LYTTELTON (proscenium stauei. wed. 
7.45. Thurs. 3 & 7.45 irCd, PT, 

PLUNDER BY Ben Travers. 
CCTTE5LQE Ismail authtenum). Tom. S. 
Mon. a LOST WORLDS by Wilson John 
Hair*. 

Many oitcellent cneao seats all three 
•jwja day nr oert. Car part. Restaar- 

ant B2B 20>3. Credit card bkfl. 928 3032 


PRINCE or WALES. CC. 01-930 8681. 
01-437 6877. Red. price crcvs jSne 
12. 13 and 20. 8.0. June 17 5. Jo and 
8.30 Dpeni June 21. 

EVITA 


PRINCE O FWALE5- CC. Ot-qja 8661 
Moral, ts Frldjr 8 o.m 
S * 1 ’ .8-45. M4t Thor. 3 00. 

LONDON 4NO BROADWAY’S 

“uARIOUSi-'rbe Sin. 
’■a^AVt^c/^an 

CREDIT CARD BOOK INC 5^*930 0846. 


< ?i? l 5. n S 4TRi ’ CC 01 -734 I 1 66. 
EtOA SO. Ha*. 4 0 Sa*. S.0 and 8 3D. 

AWiHONV QUA i’l£ 

FAITH BROOK. MICHAEL ALDRIDGE 
RAwHEL KEMPSON 
{“-AN BENNETT’S 
OLD COUM7PY 

~ „ ® E _ ST 0 ? 1 - AY OF THE YEAR 

Critlrs Award 

°'rc -ed_br i-LIFFORO WILLIAMS 


Credit Cards. 01-405 8004 
Monear-Thureda, Evenings 6.00. Friday 
S JO and 8.45. Saturdays 3-00 and d oo! 
London cnUcs vote 
BILLY OANIELS In 
BUBBLING BROWN SUGAR 
_ Best Musical ol 1-977 

J CC *i! ,eo Ma ' or credit cards. 
Special reduced rites ter matinees tor 
a limited ucriad only. 


TALK OF THE TOWN. CC. 734 5051 . 
8.00 Dining. Dancing, fi.30 Super Revue 
iBara open at 7.15 o.mJ 
RAZZLE DAZZLE 
and at 1*1 o.m. 

FRANKIE STEVENS 


THEATRE UPSTAIRS. 730 2554. 

Evenings 730 n.m. 

197* YOUNG WRITERS FESTIVAL 


VAUDEVILLE. 836 0988. CC. Ergs, at 8.00 
Mat. Toes. 2.45. Sat. 3 and 8. 

,, Dinah 5HERIOAN. Qulcle GRAY 
Eleanor SUMMERFIELD. James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
bV AGATHA CHRISTIE 
’ Re-enter Agatha with another who- 
dunnit hit. Agatha Christie is stalking the 
Vfini End vet again with .another of her 
nonduhlv Ingenious murder n • viler las." 
Fell* Barter. Evening News. 


vu S’ S 3 A 8388. Evenings a .0 0 
Mat. W*--d. 3 DO. Sal. 5.30 6 30 

Mich«! WEI "'CHAROSON 

gL« er»«? M ? ON ’ JAYSTON 

•A JOLLY GDOt? £ EVEW?NG OUT.- F.T. 


SHAFTE53URY. C C a,* 

ahaltesbuy a« W CJ -High HPlSom e* dl 6 ’ 

JOHN REARDON^ and JOAN dYeN eV^ 

cwcf^Sas'Kfi 1 *- HAS 

t-Htcir r^ARQ boon. IMG. 836 SS97. 


c,^" a . ld w es»er*5 Clastic 
5l>N -tirs me heart. ■ D Tel 
Low Prices. Easy carving. ’ 


Victoria PALACE. 

BaoL Now. 828 4735-6. 834 1*317 

STRATFORD JOHNS 
SHEILA ^HANCOCK 

Clin. 7.30. Mats. Wed. and Sal. 2.4S. 


Warehouse, pocunar Theatre. Convent 
Garden 836 6808. Royal Stufcetaeare 
company- Ton'! 8.00 Paul ThorngHm’s 
JHE LORENZACClO STORY (Hrid outl? 
_ A d*. BaaWngi Aldwvch. 


REVUEEAR. CC. a 1-734 1593. 

PAUL 9 *S'?ur.L , n ; S “ n * 

rAUL RA*MOF.D cre>**\tt 

THE FESTIVAL OF 
c . . EROTICA 

F ' ,V 70U may di Ink 

Jnd -m&KB in ;ha auOr:or'um. 


COOP SEATS E4.00-C1.2a. 


STRATFORO-UPON-AVON D.,.,i .. 

sonare Thralrn ioVK " ' 2 17 1 ,* 1 |, h ?» ,e - 

=V*“ S ’ , ’^ i: JL^ 

TSMFCST. May"25 1 ''nu'r , 6 ’ i, 8 ’ , THE 


Westminster. _ oi-aaa oras. 

SENTENCED TO LIFE 
bv Malcolm Muggeridge 4 Alan Thornhill 
. Evenings 7.45. 

Mat,nee* Wed. 3.0. Sal. 4 30. "I wj< 
*hare| v moved bv the Performance or 
John Ovron.” J. C. Trewln. 

WHITEhALU _ . . 01-930 6C92 776S. 

I*' 1 * 3 30 Frl. and Sat. C -tS ana 9.00 
i*aui Raymond Preionts Ihe :en*ai,enai 
>cv Revue Ol the Centurv 
- DEEP THROAT 

to oyarwhelm Ing public 
Season cvicnded. 


CINEMAS 


^ **w ; 


C T«Se^ N 4a P s LA ?fa* (0 w P ’ Camden 7ow 
I-V.*. 2443. Br.gure Fauey 

usof 1 "9.«. i ,roo“ r- iAa - 3 os - ° 


demand 


Windmill theatre. CC oi-jjt bsiz 

Twice Nighllv 3.00 and :0.00 
Ooen Sunday* 6.00 and S 00 
PAUL RAYMOND Present. 

RIP OFF 

THE EROTIC EXPERKNCC OF THE 
.. _ , MODERN ERA 

- s l .° unoreeeddnted limit* hmi 
OC tmi*s,ble on bur stage.* E.o News 
tou may arln* and smoke in iho 
__ Auditorium 

WnrNDHAM’S. 01 -BM~302S Credl«~7.^ a I 
5«L 4 ’A 36 10712 Irom 9 a.n»r l” * e m 
Mon.-Ttnirs. $. Frl. jnC Sit. S.IS. J M 
u ’’ ENORMOUSLY R| C H S 

V£ n V FUN NT Evernag News 

Mary O M alley's smash-hit Comedy 
.. - „ ONCE A CATHOLIC 
auorrmr comedy g n sty am} rol.glon.* 
Dally TelenraDh. 

“MOKES YOU SHAKE WITH 
LAUGHTER.’ 1 Guardan. 


^M^iinam 'Cpurt^'na!' tu^sVe aft 

a ’’iM. 5, V. 5 ’ ta, v .huw II 15 p , 

SWEENEY T ^a °S nn: S Walvrm, 
CoS .rn 2 1 D^’ CHARIOTS OF TE 
GODS iUi. Pi om. ; JO J S3 7 5 
Late show loss pm. * 3 

115 jVr'Vr HEROES < \A.i. Pro, I 

P.m' i J0 6 3 3<J * l* 11 '’ *"<>•• 10.; 

tao's^o'nM 90 ? * i*» p«rt 

._.’:® . a * ls Lai.- .how ii.iQ ,, . 
CUKZON. Curson Sl'wt w. 1 j«q , 7 
f^RBON MON AFFAIRE ..X. t'.;U 

?.* *9 .4«d a SO. l_j;1 w.'-r. 

U^WTHihlK 030 525 
Btiretnn(k^* J » rc ’ ^ n,w ' Oamreii. M Llu 

JSSSlSVVaA 157TL JS-wV" ,'S 

ayit’TiA’u 4 ' “ i * *• 

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Forifij. V^nfvg Rt-'dfjr.ive In a 
F red Nii.npnjann f\im 

S«a Pr<vj>. «■. j-, qi 

&"“« O'* .5*4 5 f* on. 9 00 law >l>* 

M , 0 0 WO, » ’.•amm. l t.45 p n. fej!u i 

A,( v ’ Jt » b**W-_ai rhi-jire 
L^JCES-IEfTsaijAUir 

°T THE TMIK 
?'-Ir D a f ti 5 r f, pr ‘” J '* oiv Court u.-v 

IrS J 1 a. - 4S. Ft’,, i v 

bejSooL^.’' M 15 pn> A " 

°?HE ’ ■ — f;V.-o7l • 

I =0 a je Y \, K ,\ V* p nr *‘ , «- Nlun.-sa 

^ .WpV?; 7 ;j; x 

-±M! lc .* ’ 30 perl Mon -Sal 

CHARLES. Le v Si. 4 37 SJ Jl' 

uUVrSb 4*?* V y'?j 

nSn&ifiSi™.;?'” *** oicS 

NjMJI ANXIETY -AJ. Oov On, re Nfi 

*45" < 447Q' ,Mr ' , ' ,er Sau 4 r v’ >V\ai near J 

ALMIVr EVERYTHING YO 

SElT^K? WANT to TO KNOW A SOU 
.AAI *. ,. U 0> J|i; OANAN* 

4 ill iq’as '*■—'• 740 tJW fr 

C.r,u» 437 -35 

■ rHIGCNIA k 12.41. T *n i, a <i 

Late snow j, -t , , 0 y 3 ‘°* *' -5- 







Financial Times Saturday May 20 197S 


13 


arts/c ollecting 

Dorati’s 
Beethoven 

Anial Dorati and the Royal 
"hilharmonic are offering a . 
fiood deal of Beethoven this j 
month— for those who can find 
their way into the Festival Hall. 

Most of ihe usual ways are 
closed off. and the foyers are 
hedged about with steel fences; 

1 supposed there must be a bomb 
scare, but one of the guards said 
"Skateboarders!" in a tone that 
'»ould have done Tor ■’Martians!’ 1 
Since the vision of young per- 
sons attempting to slip upstairs 
into a Beethoven concert with 
skateboards concealed in their , 
shirts is hard U> take seriously, j 
'his seems 10 be a case of 
extravagant and rather disagree- 
able overkill. 

On Thursday night Dorati; •' 

began with the Leonora Overture v . •• • 

• No -• tensely held in and sus- 
penseful at ihe start, and then 
released into a comfortable- 
Irundie: not what one had hoped 
for. though in any case it Is bard 
,n banish the more powerful No. 

3 from one’s mind. The Triple 



MUSIC 


DAVID MURRAY 


Concerto is another work which 
ts apt to turn itself off the boil, 
even with soloists as distin- 
guished as Thursday's trio — Peter 


Tm-nr Humvhnva 

The Royal Academy Summer Exhibition opens to the public to-day. This year well over 1.400 works are 
on show, more than in recent years, plus 50 or so architectural exhibits which are reviewed below. A 
fullrepart of the show by William Packer will appear in Tuesday's Financial Times. The exhibition 


continues until August 13 and for the first nine weeks of its run visitors can vote for what they consider 
to be the most appealing picture. A prize of £1,000 goes to the winning artist. 

/ 

Low profile at the Academy 

Fran,,. Gyorgy Pauk and «« | l/i'S “oom ‘ ^ ‘SaKViSi $ vSSkSTiwR 
Kirshbann. Kirshbaum is a lyri-jture has been allocated recently ’Peter Grimes’ would sound." . w - co ° nectl nfi 

ral cellist par excellence, and his J at the Royal Academy Summer For \he rest, there are good ler “ mals b * movioR platforms 
gently ruminative tone was too i Exhibition la gallery to itself examples of group work from Issuln K from a central passenger 
easily swallowed by the orchestra this time) the general quality of local authorities such as Hamp- axl ®-P D, nt. is given great strength 
for his bravura passages to make! the works is disappointing. This shire's sixth-form college at derisn and strong colour 

much effect, in a concerto which; is hardly surprising-considering Gosport (1437/S) and the GLC's < charc,,s u and red): this comes 

the poor situation in' which archi- Roan Chariton School (1483) ‘. r ° I " office of Sir Frederick 
tects find themselves today, both low-range compositions in u,ot,ertI KA and Partners. 
About a third concern houses, ijjp current but welcome mode. Frishman and Rogers show a 

conversions, and larger schemes bold but most acceptable piece 

of whimsy in their alterations 
and extensions in Floral Street. 
Coven t Garden (1453). This is a 
tall and narrow facade arranged 
in three main storeys with the 
vertical window strips divided by 
strong brick piers, each rising 
„ _ through the three storeys like 

able influence. There is more A , tart j| n «i y Eood and auite giant columns and arched over 

humanity and thus more atten- frank ^medieva? ess£ is to ,n g00d 0,d warehouse style. In 
Don to environment. j/ e found TZsmrt cLt!e are shops but 

My own preference for the G yrn by Chapman Taylor and P s j n f c ° f the build ' 

“ " ers 0462). where the J? 


needs continual injections of 
bravura. The grave nobility with 
which the trio invested the Largo 

made one regret yet again that 

Beethoven developed it so little; j D the domestic field. The ten- 
the Polonaise finale was tamed denev to produce low-profile dc- 
hy an excess of civilised signs (literally not metaphoric- ARCHITECTURE 
restraint. I ally) continues, and this is ail to ■ fc - w ■ 


j German Shelter 

! A .-decade ago. when German Kosmidis: the German premiere 
' playwrights could he numbered brought more than just the local 
j on one hand, the theatrical desen press and Barrie Keeffe was on 
iin Germany was sprinkled with hand to give his blessine. Little 
[rain from the English Channel, was apparently changed from the 
Edward Bond. Christopher original production, but one 
Hampton and Howard Bren ton element in the play made it a 
were adopted as native sons — hit — the middle section in the 
Indeed, they all journeyed across trilogy was about hchools and 
the Continent to pay visits to fits the German scene to a tee. 

In ten dan ten when the occasion This section in Gimme is sub- 
required it Fringe groups from titled Gotcha, fitting in between 
London and New York looked to Gem and Getaway (a i-onjuga* 
Hamburg and Bochum like the tional tease if there ever was 
undernourished to blood-doners one). In the Diisseldorf version 

—then Pip Simmons bit the hand the cricket-match episodes en- 

thaffed him by daring an origi- closing it, featuring a young irio 
nal ■ "First" Saader-Meinhof dropping revolutionary slogans 
Play in Bochum, which uncan- for company complacency on a 
□ily predicted much that was to Bank Holiday outing, fade into 
happen in the Stuttgart-Slain m- the distance although attractive 
he im prison and the fearfulcon- in a realistic but conventional 
sequences of terror and hysteria setting. The meat is in the put- 
beemning unpleasant bed- down of the big comprehensive 
bedfellows. school — the Gesamtschule. as it’s 

A dry-spell set in when British known here— that all too often 

dr amat ists gave way to the bursts the boundaries of 

Austrians Thomas Bernhard. Ihe pedagogical propriety by 
Eafl- Germans Hcinar Muller. reducing faces to anonymity, 
and Bavarians Fran- Xaver This isolated sketch, in which 
KroeDi and Martin S perr. among a d jgtraut youth on the last day 

si-hool 


THEATRE 

RONALD HOLLOWAY 


of si-hool threatens in the 
school’s science stockroom to 
blow his tormenting teachers and 
himself to kingdom come, has an 
unsettling ring of truth in both 
the credibility of the situation 
and the breadth of the concept. 
Keeffe may not have meant the 
fi? ,e 3 r S - _.® U u eVery n0 j an i? £ e P same in England, but in West 
cha ? ge ?- and a Germany the once enthusiastic- 

'f ater n 1 s agam } Q - v0 5Pn ‘ ally supported Gesanotschule by 

happened recently in DOsseldorf Social Dera0C rats in par- 
in the case of Barrie Keeffe. 


licular — the idea being to mix 


As always Dorati's accompani- the good in ridding us of the 
nient was eareful and self- more brash examples. of the past 
effacing. It was left to the • °n which public interest (or dis- 
Seventh Symphony to illustrate [ Jnterwt) has exerted consider 
his own solid, middle-of-the road' 
virtues. No tricks, no great 
surprises (though he excluded 
portentousness ■ front the 
Allegretto by his unusually 
swift tempo, arguably just what 
Beethoven meant); honest music- 
making which achieved duly 
inspiriting results. The clamor- 
ous exuberance which marks 
the quick movements was kept 
within polite limits, and the 
chief delights of the perform- 
ance were less overt — the 
delicately poised Introduction to i 


H. A. N. BROCKMAN 


most interesting of all the partners 71462). where" The .** aD „ astonishing group of 
exhibits goes to -the smallest: mas0 nry is beautifully handled. JSfc^tore vc *32 

The Memorial at Aldeburgb to Among the simpler perfections Morejs, an original design 
Beniamin Britten. (1473). by are a studio at White Lodge in f ™*^ f ed n ° H U ^ n £™ ct C °“‘ 

H- 5T. Cadbury-Brown, RA. as yet Hampshire by Bowerbank Brett U"“ e *® thFrilhV^lESS!* JH 
only a proposal hut a wholly TO d Lacev (1457) and the really on 5 as tbe ngBt materia, s are 
simple and striking?? imagina- splendid ' direct statement of ased - 

tive symbol. It takes the form William Whitfield’s New Chapter The best of the larger works 


Gimme Suiter arrived here M te „ ls of stllden ts in one 

ttt\ini£rcA % P the ^^d^thoThtfTn^ 5 whether 
Rpplftz ° f AnrionbiT whn rnakes duidren in such catch-all basins 
regular ^i^rttiiages^t^L^don are . sufficiently challenged to 
(and brought □ Brenton play to maximum capacity or jus the 
Darmstadt when he supervised opposite. The debate is still con- 
that house). Beeiitz. for the ttnumg. and H^joes tcithoiri 
record, is also a Slavophile and H °P e adds to the forum 

readily cross-pollinates via cul- al J ust tbe y.'Sht time, 
rural exchanges whenever the Fnter Cleslinski as the student 
climate is favourable. He has a with a pain in his head 
feeling for a play's relevance, carries the play with effortless 
rechristening Keeffe's play to ease - Bls playground for 
Helden ohne Hoffnung (Heroes momentarily numbing an entire 
without Hope). The production administration is a bunker-tike, 
was fitted to the intimate dimen- stifling, claustropbic basement, 
sions of the Kleincs Haus in The title in English is chillingly 
Diisseldorf and directed by Paris appropriate. 

Provincial 
Pirandello 

In everv Italian town of any almost contradictory hlend of 
size there is likely to be at least astuteness and resignation, hitter- 
one handsome 19th century ness and humour, servility and 
theatre, testifying to the im- pride that are the components of 
mensely active theatrical life of Ciampa's elusive, terribly human 
the past, when the country’s character. Also as producer, 
roads were widely travelled by Ferro found the right tone. The 
touring companies and even story is tragjc. ironic, but it is 


S King Street, 

S rj antes s 
London 

SWlYfiQT 



K 1 ■ __ 


Tel:0HW*& 

Tcle*9lf><29.'\k 

Telegrams 

CHRISTIART 


EXPERIENCE AND EXPERTISE ... 341 



Ijiuis Xl\' BouJIc Hu ram Mazurin 
to be sold uu T)i n rstlau. June I 
al Christie'* Sale on ihe prcwi isos 
hetd at Wateringburij Place. Maidstone. Kent 

Funiiture inlaid with decipherable arnmrials is a> rare 
it is interesting. The arms nn ibis ornate desk (or bureau 
Mazarin). distinguished by a crown of a Prince of Ihe Holy 
Roman Empire and the Golden Fleece, have been identified 
as those of ihe Milanese diplomat and courtier Giovanni 
Ferdinando di Porcia ( 1605-1672 1 whose distinguished 
career included an Embassy tn ihe Sereins. si ma. Governor- 
ship or Curinlhia and Chamberlain la the Archiduke 
Leopold, lalcr Emperor Leopold I. In 1662 di Porcia 
acquired the County of Oricnburg arnnnu other territories 
and was granted the extraordinary privilege of issuing his 
own coinage, a survival of which, familiar to numismatists, 
is the cecc/iiuo Portia, named after him. 

The desk was presumably made shortly after 1662. the year 
of his elevation to Prince of the Empire and Knight of the 
Golden Fleece, probably by the French royal cabinet maker 
Andre-Chnrles Boulie whose clientele stretched across the 
courts of Europe and whose work would have been known 
to di Porcia from his diplomatic and court life. 

For further information on this sale, please contact 
Hugh Roberts at the address above. 


of. a '60- ft tail columh .of. .dark House for St. Aiban's Cathedral is Arup Associates CEGB SW Small cities had regular seasons, also funny. Pirandello, after all. 
timber rising from the "edge af (1475). Here the Roman Region Headquarters (1474). go I both of spoken plays and operas, considered himself a humourist. 


the sea 


the Vivace, a glowing pianissimo j against sea 

for the repeat of the Scherzo, the ! head of the column the letters imoressivo way in walling which roofs projt 

Finale seemingly taken In one ; bB will be deeply incised af\id reflects the appearance dT the typical of the~ controlled and 

long spring without ihe apolicn- ; a t ihe lop two holes pierce the leng flat Roman riles used in even classical work of this prac 

tion of whip or spurs. Credit- ; column. Through these holes,-. such uuantiiv elsewhere. tice. 

a hie playing by the Royal Phil 
harmonic, soft-edged but unfail 
ingly responsive. 


Keith Tippett at 
the Round House 

Pianist / composer Keith 
Tippett has a concert next Sun- 
day, May 21. at the Round 
House, NWL in which he will be 
heard in three different settings. 
It is his first major London show, 
case for some years and the 
three contrasting groups range 
from duo to 22 piece. 

First is The Ark in which 
each instrument works in pairs, 
in the tradition of Old Testa- 
ment. The personnel includes 
Mark Charig and Dick Pearse 
(trumpets). Nick Evans. Dave 
Amis (trombones). Elton Dean, 
Trevor Watts (altos) Larry Stab- 
bins, Brian Smith (tenors). 
Keith Tippett. Stan Tracey 
(piano). Harry Miller, Peter 
Kowald (basses), Louis Moholo. 
Frank Perry (percussion). 
Maggie Nichols. Julie Tippetts 
(voice), and four violins plus 
two cellos. The concert will in- 
clude °ew, specially written 
material. 

TNT is the piano duo of 
Tippett and Stan Tracey and the 
third group of the evening will 
be Ovarv Lodge, a quartet com- 
pleted by Julie Tippetts. Harry 
Miller and Frank Perry. 

Tickets for tiie concert start- 
ing at 7.30 pm. are on sale from 
the Round House. 


column. Through these holes, such quantity elsewhere. 

Delicate sensibilities 

It is hard to talk about The handling is loose, even imagery but also enjojing the 
Women's Art as a distinct.entity perfunctory, the image teased out natural qualities of the material; 
without sounding to some extent of the paint more by suggestion the imagery has moved decidedly 
patronising; and so sensitive is and association than by clear towards representation, refer 
the sisterhood these days that it description, a method that draws ring, albeit with great simplicity', 
is also rather risky — I have no us deeper into the work as. by to still life laid out on the table- 
wish to bring that regime it degrees, our attention is en- top; and the image, removed 
buzzing around my ears. But gaged. The pleasures of seduc- from its ground, is now a free, 
the more we look at the work tion are as exquisite as ever, the eccentric object against the wall, 
women have produced in. this more so for being so delicately These are thoughtful and in- 
country in modern times, the put. These are very odd and triguing works, and beautifully 


ART 


carried through obviously in- 
fluenced in their simplicity and 
directness by the late papiers 
codes of Matisse, but softened, 
by an authentic personal delicacy 
and discretion. 


WILLIAM PACKER 


New U.S.post 
for Marriner 


functions as a garage), or they an d melancholy message. Ferro 
have simply been destroyed. rind his actors got laughs, but 
Bui just "in the past few years there was also a feeling of shock 
there have been signs' of change, and horror, at the end. when the 
Touring companies — including emplo>er's wife, equally be- 

somc young, experimental groups trayed, is officially declared in- 
— are on the move again; and as sane, to save everyone's face, 
the crisis of the Italian cinema except her own. 
shows no signs of abating, theatre j n this part— the only other 
owners are rolling up their p ar t j n play, really — Ida 
screens and replacing their foot- Carrara was convincingly dis- 
lights. A typical case is j^ezzo's traught, edgy, a woman so out- 
Cinema-Teatro terarca. It still raged that her private satisfaction 
shows films most days of the takes precedence over any public 
week, but it has also become a consideration. In the end, her 
■ ■ desperation could, truly, have 

become insanity. The minor 
TK9F characters, a typical Pirandellian 

I riL/URCi chorus of family, servant town 

figures, were all sharply drawn. 

WILLIAM WEAVER The veteran Neapolitan actor 

Giacomo Furia was particularly 
good as the exasperated magis-l 
trate, and Maria Tolu was a [ 
recuIaT stop on the circuit of the splendid old maidservant, who 
ETI (Ente Teatro Itaiiano, a has been with the family so long 

kind of official organisation of that she can sit down in her ash barn now open. Spring Exhibition 

various companies). So the mistress's presence and scold her fnci “i/Ii tn ®’oin3Sar“ “'{’c'Sini "opS* 
Theatre-lovers of Arezzo and its frankly for her behaviour. fjf' 1 / ‘‘S;,®-. ,*“"?■!? 2 - 6 . emeu Mon. 

province have an opportunity to Obviously, there are many ncia.' HVmpsn”r r 7* ^07 30 3662 
see plays several times a month, ways to stase Pirandello. Romolo blond fine art. - ss. saci.iiip sT 
1 They seize the opportunity with Valli and Rossella Falk present blo ^ d— 

| encouraging enthusiasm: the him with rare elegance {in some Man-fit. _ 

house is usually packed. cases, as in the problematical wggw * damy. isi.' corf si .7 w.i 



SpLi'uiliM-* in Hie Silo liv Auction 11 I' l om*».uul A leJ.it 

7 Blenheim Street, New Band StreetWIY9LD Telephone 01-493 2445 

Wednesday. 24ih May, at 1 p.m. 

A collection of 

BYZANTINE GOLD, SILVER & BRuNZE COINS 
together with other related 
MEDIAEVAL COINS 

also ANCIENT GREEK & ROMAN COINS 

in gold, silver and bronze. 

(Illustrated Catalogue (5 Plates l— -Price 50p) 

Wednesday. 7th June, at 10 a.tn. 

ENGLISH & FOREIGN COINS 
in gold, silver and bronze. 

(Illustrated Catalogue (3 Plates) — Price 50p) 

Wednesday, 2Sth June, at 1(K30 a.m. 

ENGLISH & FOREIGN COIN'S 
in gold, silver and bronze. 

(Catalogue — Price 40p» 


Wednesday. 5th July, al 1 p.m. 

NAVAL & MILITARY DECORATIONS & MEDALS 
(Catalogue (now in course of preparation) — Price -tflp) 


Wednesday, 12th July. 1978 
ANCIENT. ENGLISH & FOREIGN COINS 
in gold, silver and bronze. 

(Catalogue now in course of preparation) 

Catalogues for Sales of Coins and Medals to be held in 
the Autumn are note in course of preparation. Collectors 
desirous of selling should contact Giendining & Co. 
promptly. 

Commission to Vendors — 10% 

NO PREMIUM is charged to Buucrs 


clearer it becomes that certain beautiful paintings, 
distinctive characteristics are 
shared and shared between 
artists of markedly differing 
persuasions. This is not to say, 
of course, that different stan- 
dards must therefore apply, that 
we must make allowances. 

But what is it that might be ; 

thought to link Gwen John’s nHHHmnBI 
quietism to Mary Kelly’s post ■■ 

par turn documentaries?, Cer- - Stephanie Bergman tat 
tainiy it is hardly the subject- Anthony Stokes until June 3) is 
matter. Two current exhibitions much younger, a painter whose 
offer perhaps a clue or two. Mary work by contrast appears 
Potter (at the New Art Centre brighter by far. and more direct, 
until May 27) has followed a Her 
long career in comparative idiosyncratic 
obscurity, the object of dis- attention 
tinguisbed local admiration, but of canvas 

.small reputation at large. Her image contrived not by .... , ... - . ... 

j paintings are modest, reticent but by the patchwork and stitch- harmonic, Boston Symphony, and In addition to producing the freshly, winninglv, Maurizio 

'and deceptive, full of subtlety, ing. Earlier works were Orchestra National de France. pip«.. Ferro also starred, playing Monteveade has designed suit- 
taking for their subjects still-life, stretched in the orthodox but severely reduce bis other) the difficult, but rewarding part able costumes and an effective 

fragments of landscape, the bare; manner, gaining thereby a sur- guest conducting commitments. I of Ciampa. the humble, set which, though it is ohviously 

almost casual evocation of bird face crispness and elegance that He resigned as music director j bedraggled, philosophising clerk, adapted to travel, gives an 


ART GALLERIES 


W! UJENSTEJN. 4 Ellilbilion of 

TWENTY masterpieces, FROM THE 
NATAL E LABIA COLLECTION. WnL 
days 10-5.30 Saturdays 10-1Z.30. Until 
25th Mav. Admm ion 30p in aid ol th<* 
City o* Birmingham Appeal Fund. 147, 
New Bond Street. W 1 . 


It was packed, indeed, last L’amica delle mooli, the elegance J ^D.oo- l ^ 2 . 3 o^ ,0, '"^ ,, ■ io oo- 5 . 3 ' 0 . 


CLUBS 


Neville Marriner has 


j week for the pnpular Sicilian of the 
been • actor Turi Ferro, now touring the swamped 


production 
the lext). 


aJmOSl ( OMELL GALLERIES. Fine Br.tnh ana: 

Other.) EfJSfL Regent .Street _T 34 0557 A U 



and flower, made, is it were, in could hardly fail to please, of the Los Angeles Chamber 
passing. Her colour is pale and Several things have happened Orchestra last year, but will con- 
chalky. a dose range of picks, since: the canvas now hangs tinue bis directorship of the 
ochres, greens and blues, all tend- simply From the wall, spread Academy of SL Martin in the 
ing to the condition of grey. sufficiently to expose the Fields, London. 


whose wife is being unfaithful impression of solidity, of an 
to him with his employer. oppressive, gloomy, provincial 

Ferro, a seasoned and resource- house, suitable for shutting up a 
ful interpreter, strikes just the betrayed wife and driving her to 
right note, suggesting the curious, (or over) the brink of madness. 


Li THOSE ugly, far-off 
id skirmishes on which 
:e and prosperity of Vic- 
Empire depended, the 
1st was a fisure of new 
standing significance. It 
ough his eyes tiiat the 
of the illustrated news- 
hat rose and flourished 
c innovation or Herbert 
i Illustrated London 
earned what war really 
like, and perhaps dis- 
in themselves the sen- 
of a patrotic, militaristic 
>erialist breed. 

[Singly it is only now 
oper tribute has been 
the men who made the 
i Pat Hodgson’s recent 
ir Illustrators and not- 
Peter Johnson's newly 
d Front Line Artists 
, £6.951. 

were a hardy lot, and 
e to withstand the mul- 
zards of battle and of 
e. A resentful comman- 
it call them “drones who 
rations of fighting men 
10 work at all” but their 
generally show them 
pistols and knives 
ith drawing raaienals- 
the great Victorian 
artists, or ‘specials,” 


Multiple hazards for artists at war 


Frank Vizetelly. vanished with 
Hicks Pasha’s army in’ 'the 
Sudan. Legend later identified 
him with a European kept by 
the Mahdi confined in a tiny 
barred box; but the truth was 
never known. 

Vizetelly was "a hale, bluff, 
tall and buriy-looking man, with 
short dark hair, blue eyes and 
a big moustache.” William 
Simpson, whose masterpiece 
was the eighty lithographed 
plates of The Seat of the War 
in the East was a bearded Scots 
giant. Frederic Remington, 
America’s best loved recorder 
of the West, expanded to a mas- 
sive 300 pounds by the time of 
his early death and. to his bitter 
regret, could no longer find a 
horse to support him- 

Some were dashing figures 
like Alfred Waud. Harper’s En- 
glish-born artist of the -Civil 
War. described by George 
Augustus Sala as he ‘-galloped 
furiously by us, backwards and 
forwards . . • a tall man. moun- 
ted on a taller horse. Blue-eyed, 
fair-bearded, strapping and stal- 
wart, full of loud, cheery laughs 


and comic songs, armed to the 
teeth, jack-booted, gauntieted, 
slouch hatted, yet clad in the 
shooting-jacket of a civilian. 
He was, added Sala in proud 
afterthought, “indeed an En- 
glishman — English to the back- 
bone.” 

Not all cut such romantic 
figures. Melton Prior, who saw 
and drew' action from Sir 
Garnet Wolseley's campaign in 
the Ashanti in 1S73 to the 
Russo-Japanese war of 1904-5, 
was a portly little man, barely 
more than 54 ft tall. On account 
of his high-pitched voice and 
bald head he was unkindly 


COLLECTING 

JANET MARSH 


known among his colleagues as 
“the screeching billiard ball.” 
and in South Africa was once 
angrily ordered to cover his 
head since, it was said, Its re- 
flections were drawing the 


enemy's fire. 

Paradoxically the greatest 
period of these front-line artists 
coincided with the first great 
era of photography. While 
Simpson was sketching in the 
Crimea Tor his Scats of War 
and artists as distinguished as 
Dore and Guys were providing 
pictures for the Illustrated 
London News. Roger Fenton 
was compiling his great albums 
of photographs. But in those 
days photographic equipment 
was cumbersome and processes 
elaborate; and Fenton's pictures 
■seem static Alongside the drama- 
tic and vigorous sketches of the 
artists. 

The artists occasionally found 
it necessary to ingratiate them- 
selves with the military estab- 
lishment. William Simpson had 
several tries at his picture of 
the Charge of tbe Light Brigade 
before he came up with a ver- 
sion that won the approval of 
Lord Cardigan. “In the last 
sketch I had taken - greater care 
than in the first two to make 
his lordship conspicuous in 
front of the brigade.” The 


picture, when it appeared in 
Colnaghi’s album, no doubt con- 
tributed to the national acclaim 
Cardigan received as the hero 
of the Charge. 

In the Sudan Melton Prior 
happened to witness Sir Gamel 
Woiseley ignominiously fall 
from his camel. In response to 
a hard look from the General, 
Prior politely informed him: 
“I did not see you fall. Sit”; 
and proceeded to draw him con- 
fidently seated upon the animaL 

At the same time the artists 
were important propagandists, 
and it paid the military estab- 
lishment to keep in their good 
favours. Vizetelly, irked by the 
lack of co-operation from the 
northern military In the Ameri- 
can Civil War, removed his per- 
son and hi® loyalties to the 
South, which considerably 
affected the view of events re- 
ceived by the mass readership 
of the Illustrated London News. 
In 1S/0, too, the Prussian image 
benefited from better handling 
of public relations than that of 
the French enemy. 

Collectibles left by the front 


line artists are comparatively 
few, if you except the incom- 
parable pages of the Illustrated 
London News (whose prices 
have escalated considerably 
since I used to buy it at half a 
crown a volume thirty - years 
ago) and the costly folios of 
Simpson and Fenton. The 
original sketches of the 
illustrated London News artists 
arc rare: often they were < done 
on tracing paper which was then 
gummed directly on to the box- 
wood blocks by the engraver. 
Sometimes the artists even drew 
directly on the wood. Paintings 
by Frederie Remington of the 
old American frontiers are of 
course beyond any but the most 
ambitious collector; hilt occa- 
sionally the salerooms turn up 
forgotten items, like the 17 un- 
known Simpson originals that 
came up in Phillips a few years 
ago, or pictures by the official 
war artists of two World Wars 
— painters like Nevinson, the 
Nash brothers. Orpen, Stanley 
Spencer and Wyndham Lewis. 
By this time, however, war 
artists had acquired somewhat 
more prestige than id the days 
of Simpson, who was told by 
one commander; “If a shell hits 
me. I'll be a hero. If it hits you. 
you'll be called a fool.*' 


"iuuwn p)in:in_ . . 

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Edited by Denys Sutton 


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33 ■ 

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Financial Times Saturday May 20 3978 


BRACKEN HO USE, -'CANNON' STREET. LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Teles: 886341/2, 883897 
Telephone: 01-348 8000 

' V ; V. Saturday May 20 1978 


Money supply «•*"» 

• rp HIS WEEKEND sees the 

I gathering oE the film 

ff VrJi. JL 1 family in Cannes. It is 

an extraordinary event, a mix- 
ture of razzamatazz and hard- 

AFTER standing up well to last By the time that the April nosed business. The beach 

week's crop of bad news, the index of retail prices was pub- loveliefi are «.«’« but not as 

Silt-edged market seemed ready lished yesterday, the markets j "A* “flf* h . " 

to move forward in response to had already become so gloomy m8J ? y 83 tiie # c 

the better news expected this about the monetary outlook as ^ believe, and tbe weather Is 
week. The monetary authori- to take little interest. The !? rely ** 2 

ties apparently assumed that figures were expected to be good wou,d 

this .would happen, since they —Ministers, indeed, had weak- doubtless hke it to be. 
gave official ratification to a ened their impact in advance by Administratively the event j- 
Minimum Lending Rate of 9 predicting as much— and the will be as rfiaotic as ever and ^ 
per cent by issuing a new year-on-year comparison turns 81111 the stars and tourists wi I J | 
tranche of short-dated stock, out to have dropped from an Je that strange assortment of * 

But things did not turn out as inflation rate of 9.1 to one of film carapfollowevs-includms , 
they expected. The week began 7.9 per cent. But this improve- aspiring French film producers | 
on a sour note, when the ment is partly due to the sharp who for some reason msist on J- 
Government Broker refused to rise in April of last year and wearing Stetsons and peering y 
lower his price for the long- may not continue for many out at the May 
dated tap stock, disappointing months longer. Markets look through dark Woolworth s sun 
market expectations that he forward: the rise in raw S' 8 ^ 868 * ... . 

would be anxious to sell as material prices and in the The business is done in 
much as possible before the end money supply had more effect tfle quiet restaurants and nid- 
of the banking month. Good on them than news of what had den villas of the Riviera. The 
trade figures failed to bring in already happened. sharp-eyed might spot Lord 

the buyers, while the money Grade occasionally this year but ^ 

supply figures turned out to be Over the top ® ost ? £ his negotiating will be 

even worse than supposed. Yes- T *«. rf done in 8 71,18 som * miies from 

terdav rlfcoiip m-w nf a was ^ e ? r a *. e the centre of Cannes. His 

fail in the rate of inflation silt- the Budget th® 1 th e growth of younger brother. Lord Delfont, 
ed-'ed were flat and the 30 the raoney su - pply d V 1 ] ng head of EM Ts film and enter- 
-“hare index went tumbling o 7°^13 division U more fre- 

down. 1,6 £aster “ 3ajl “ 1 ® tai ?? r quently seen but this year once 

tho *, i„ « u v P” cent - hut the Chancellor ag^ be - IS staying not in a 

The trade figures have been then thought that it would be hotel bu£ ^ his 

nnctuaiing violently m recent only slightly faster. It became home SQme mi]es froin ^ Croi . Two prizes from the einema's mixed bag of box offic 

months from deficit to surplus clear last week that he had sette Star wtchets tm* 

3 — ui u aga,n - In March the been optimistic, since not only tb e famous at such discreet local at 1,18 1}0X offices and the with its low key sexploitation 
visible balance moved from a did the banking figures suggest M the Moulin de studio doors. Film company and discotheque theme; 

co-n S of “ S2 “ - . t0 a defic,t of unusually fast growth in the jjougins or displaying them- shares have become glamour Sweeney 2, the UK television 

— ,Um: ln April it swung back last month of the year but the s(k i ves more obvimislv on the investments and the companies spin-off;’ another drama. Julia: 


The sweet smell of success 
returns to the Big Screen 


BY ARTHUR SANDLES 



Two prizes from the cinema's mixed bag of box office hits: Star Wars (left) and Saturday Night Fever. 


and* S—rt 1 ^ to underestimate growth over fllind0I11 at Cannes ms yeari part of its 5(or War, revenue Most of these films are making 

and aircraft. North Sea instal- the first eleven months by about and ^at . that everyone is on the purchase of a whole ski money which a year ago would 

wi Trti n L Pre v C 0US * S I°4J es r 1 ^ cenL ? y the f nd of 11 st looking much happier. Many of reSOrt \ Colorado, aud have caused the distributors to 

now 1 senaS * " frn J r ?h! "***1 ? ere ? re ’ *• “ arket the major companies are fat 11 seems - 15 talk in terms of having a block 

now separates out from the m looking ; for growth during with ^ two of the most teguming. buster. Slor War, has, of course. 

19u-i8 of Io-16 per cent. remarkable years that films taken well over $200m at the 

turned out this week to be have ever seen. As the movie nimrciiorlnnmfl international bos office, indud- 

£*.iLL//nunui ^ p er ce nt, 3 i per cent above business entered the seventies v/ VCIolldllU vVclI ing the U.S„ and will make a 

When these are left out of the top of the range, with the there were plenty of com- . great deal more. The big ques- 

the reckoning, the difference sharp jump in April due partly mentators ready to see the the scene tion now is why has it all hap- 
between the March and April to a burst of public expenditure writing on the wall. Cinema pened and more importantly 

results appears to have been before the end of the financial audiences in many parts of the some ways it is a pity that perhaps, will it last ? 
mainly due to a fall in imports: year. A Treasury Minister world, and notably the UK, were st ^ r War * ha s overshadowed the To this the film industry has 

it may be that imports, both of pointed to the effect of capital declining rapidly. Film com- whole film scene at the moment. a variety of answers. Mr. Ed 

raw materials and finished inflows, which he suggested panies were in varying stages It ** almost as if the general Chilton, who heads Hank’s film 
goods, were bought on a large might have little effect on the of distress and the bankers were revival were provoked by that activities, talks of there being 

scale for stock while the real economy or inflation, and taking places behind the desks impressive film. In fact Star “ a great deal of good products 

exchange rate was higher, stressed the Government’s of Hollywood, hoping to rescue Wars would seem to be a symp- about*' and of the film habit 

Whatever the explanation, how- determination to stick this year something from the ashes. tom rather than a cause. A being re-established. EMI gives 

ever, the official statisticians to its revised target of S-12 per But now, as they say at the close look at the main films much of the credit to the fact 
arc clearly not altogether happy cent. Yesterday's market reae- movies, the scene has changed, achieving success at the box that it, and other companies, 

with ihei’r own figures. They tion suggests doubt on both Last year some 107m tickets office in the UK and the U.S. have poured funds into the 

describe the March figures as these points. The main difficulty were bought at British box shows that they are a pretty twinning and trippling of 

"erratic" and the April lies in the fact that the actual offices. This year Rank in the UK mixed bag. not just spin-offs cinema auditoriums in order 

figures as “ exceptional:** they outcome for the year just ended is talking about a rise of as from Star Wars. It is true that to give customers a choice of 

suagest that the volume of forms the target base for growth much as 40 per cent and EMI another science fiction film, films if they should decide 

imports is almost certain! v still in the current year. Either the is equally optimistic. British Close Encounters of the Third simply "to go to the pictures." 

tending to rise and that of Government leaves things as film studios, long under a com- Kind (a Colombia picture with The American film makers say 
exports to rise only slightly— they are and allows money to mercial cloud, are once again some EMI money now being that not only is there a large 
a conclusion in line with the he created on a scale sufficient tolerably busy. That taker of shown on the Rank circuit: film quantity of good film material 
latest survey of export pros- to finance a much faster growth the UK film pulse, Screen Inter- making is an incestuous busi- available at the moment, but 
peels by the Confederation of of prices, or it tries to rectify national, found at its last count ness) is in the lead at the also that it is "broad spectrum" 
British Industry. When the the mistakes of the past — which, that there were 15 films in pro- moment appealing to many different 

statisticians themselves are on our present methods of duction in the UK involving a But running it very dose are sorts of people. Two years ago 

sceptical, it is not surprising financing public expenditure, total investment of some £26m. Saturday Night Fever, a film if you were not interested in 

that the market, should be so. may mean yet another rise in A year ago there were 11 films based on discotheque music; The morbid stories of the super- 

The general feeling was that interest rates. Neither prospect with an investment of £20m. Goodbye Girl, a delightful . natural such as The Exorcist 

the latest returns were simply is immediately encouraging for So we have that unusual posi- dramatic comedy: the Turning and Rosemary's Baby the choices 
Ion good to lu* true. gilts. tion where there are queues Point, high drama; The Stud, were pretty sni3lL Before that 


it was the disaster pictures, 
with infernoes towering and air- 
craft sinking into the sea com- 
plete with passengers. Now, 
although a fair number of the 
films involved continue to carry 
X certificates, the material 
tends to have a wide appeal. 

This means that former film- 
goers are once again being 
encouraged into the habit. 

AH this is very good news 
indeed to Lord Grade and his 
A TV film subsidiary FTC. Lord 
Grade arrived in Cannes on 
Thursday evening with a huge 
programme of films to offer the 
distributors and exhibitors who 
also pack the resort over the 
festival's run looking for 
products. 

Lord Grade is said to have more 
money tied up in films than any- 
one else, although judging the 
amount of money in these cir- 
cumstances is more complicated 
than it at first appears^ A S20m 
film tall film talk is in U.S. 
dollars) might well be secured 
against pre-sales distributors in 
various countries and the money 
to make the picture is raised 
from banks perhaps in the 
country of its making. Tims a 
film maker may be "exposed" 
for only a small amount of the 
money that is proclaimed as 
the total budget for the film. 
The amount of exposure a film's 
backer takes is the gamble of 
the game. When Brent Walker 
raised the money, reputedly 
from Middle East sources, to 
back The Stud to be made by 
Joan Collins and her husband 
Ron Kass, it was produced with 


no guarantees of distribution 
abroad. This means that if it 
succeeds abroad as well as it 
has succeec^d in Brirain the 
returns could be enormous. 

A shrewd film maker will get 
sufficient pre-sale? to keep him- 
self secure should the film flop, 
but leave himself with enough 
uncommitted territory to make 
a killing if the film is a great 
success. The problems come if 
you have a series of flops. Then 
no-one is interested in taking 
you up on your pro-sales offer. 
Lord Grade’s big test comes 
during the next year. Perhaps 
four of his new films will open 
in London in ibe next few 
months and he has promised an- 
other every two months for 
some -time after that— a remaik- 
able programme. IF the first 
four or five do not include’ a 
couple of \\ inners he could nin 
into problems in setting up a 
similarly broad 1979-8H. 
schedule. 

On paper the Grade collec- 
tion looks as good as any and 
a great deal better than most. 
At Cannes he will be offering 
such films as Capricorn One, 
The Boys from Brazil, The Big 
Steep and The Medusa Touch. 
There is already considerable 
interest in them, even though 
the earlier ventures of 
JTC in the film world have not 
really produced many good 
profits'. 

Lord Delfont’s reputation 
rests to a large extent on the 
huge EMr commitment to the 
film Coni'og, very much the 
brainchild of Delfont recruits 


Mike DeeJey and Barry Sprit mgs 
and made at considerable 
expense in the southern states 
of Hie U.S. 

i With these British-financed 
films on the way. and a whole 
new crop of American products 
due a« a result of last year’s 
money bcina reinvest rih there 
are good reason* to hope for 
a continued success for films, for 
the moment at le.i>t. Among the 
goodies we can expect later this 
vear are a new version of 
SufuTiHfle wliu-li. in spite of 
some malicious rumours to the 
contrary, apparently has the 
makings of success lit ought 
to: ii is reputedly the most 
expensive film ever made), 
Death on the t Vile. EMI's follow- 
up to the other Agatha Chriafi* 
film which produced so much 
cash for them. Murder on the 
Gricri r Express, and Thirty Nine 
Step*, a welcome return to the 
deep end of film-making by the 
Bank Organisation. 

There is one disadvantage to 
all the success, at least for some 
of the smaller film makers and 
distributors. It i* that the pic- 
tures of the big groups are so 
successful at the moment that 
less spectacular productions are 
finding considerable difficulty in 
getting screen time. It Star War* 
runs for six weeks it takes a 
great deal to persuade the 
cinema to remove it in order to 
run an unknown production — 
no matter how much it has beta 
acclaimed by the critics. 

Minor grey 
cloud 

But that is only a minor .srey 
cloud In an otherwise blue sky. 
All of this might be very in- 
formative to Sir Harold Wilson. 
Lady FaUtcndcr and their col- 
leagues on the Interim Action 
Committee which is looking into 
the British film industry and 
the ways in which it might be 
revived. Some committee 
members will be in Cannes 
doing some more research, 
presumably to finalise recom- 
mendations fur the emer- 
gency action which was sug- 
gested might be necessary a 
couple of years ago. They will he 
told that the success of the film 
industry seems to rely on its 
ability to make films which the 
public is eager to see. For the 
past year it has clearly managed 
to carry out that task. 

For the nest couple of weeks 
the film-makers will enjoy a 
brief respite from their worries 
about the technological explo- 
sion which is going to bring 
films into serious confrontation 
with the TV screen as more 
and more video eassettee players 
are sold and more multi-chan- 
nel television systems are in- 
troduced. The world is chang- 
ing, but Cannes for the moment 
can afford to lift its champagne 
glass, and smile. 


Letters to the Editor 

The point I tried to make clear 
OlinSetllttg and which the postal people do 

rro.it Mr. K. .1. AWlum. n8t seem to have grasped, was 

Sir.— In response to the call of that l could not, and still cannot, 
ihe jobs Column of May 17. may understand why, if you post a 
I. as an occupational psycho lo- letter _ to Manchester or even 
gist giving career counselling, sometimes Glasgow— and use the 
:.ui forward an idea? firs * class rate - tbe , lelter usually 

Counselling, not the old advice- arrives the following morning, 
giving. ’’ nmv-iook-here if I were- ' £! 8 tetter to Brossels or Pans, 
j mi - i'll - become ■ a - doctor" is roughly the same 

approach, h a powerful and distance, and certainly the same 
effective mol. in ihc right hands. tune.’ invariably takes three 
in assist With career decision- toftveda>s. 

Iiiakins. It .> a Skill, which may . Perhaps the GPO can exp am it 
take years lo develop in a person. but U P V> "® w ,?«!„ hav * . n ? d ° ne 
Ii involves linen ing. relied ing. ? o — aijeast tomysatJSfactioiL 
-i mi in arising, and a lol of J™uld ^dj^tjodging from 
L-itimithr the tetters l have received on this 

There are im, many people subject, other companies have 
Ji-mind Willing lo give their often n ad * sl ?i|?v experlences - 
i H-.one idered advice. This advice ii * 

will, of i-imrsc. be based on per- 4ba ' Bl O h street ' Surrey. 

sonal experience, and uiay well 

push the advised " in an unsuii- r , . . , 

able direction. Counselling V Otltlg VtgtllS 
works he<« in the hands of some- ar _ j nmdru Omft 

SSS at ^«So[K 

vnlue Sl ;>itcm l o h f the 'counsel^ 

lubricating the wheels or the polUicaHy tbl strident call is 
decision-making process, so that - ane m a i one vote “ but in 

and r'or companies the rule is -one share, 

made by the . ounsellee. and for one vot0 .. rather thaQ „ one 

I he qounsellee- investor, one vote." 

order . a j"m« W Grafton 

approach .o in-'Mn, career c/o V ':fe« no Aparttiotel, 
decisions, we nm learn to drop RamseiJ Isle 0 j jUfln _ 
our traditional British inhibitions 

M seek "help." while at the 

< a , n e lime remembering Ihc Attendances 

words »f Samuel Stmles: " The Frofn Wr John Coales. 

saint of octf-help £ the root f Sir> __ With reference to Mr. M. 


were to meet these expenses then wards by an agreed amount of Radio Merseyside has in fact interests make them alive to this 
maybe more shareholders would say 2 per cent per annum and: also broadcast the type of "long- truth in a way aoassisted 
turn up. America tailored her monetary running serial" which Mr. idealism might not do. 

John Coales. policies to conform to this Curtis advocates. Several Doing the right thing for the 

The Mount. arrangement, the way would be "pilot” programmes have been wrong motives may not be the 

Parsonage Hill. paved for a return to sound compiled with a view to network highest type of involvement in 

Somerton, Somerset. money, economic sanity and true ventilation. public affairs; hut it is an im- 

prosperity. But, alas, we will Over the Pennines Radio Leeds mense advance on the confused 

7 » »• no doubt have to endure another broke new ground by forming and indiscriminate destruction 

IMna policy nineteen-thirties type slump to its own travelling theatre group of the good with the bad that 

From Mr. John L. Blake eradicate the inflationary ex- “The Laifcers" which is at this Rogaly's article defends. “He 

Sir— On May 12 you reported * essas Df th e past 20 years, a la moment touring the West Riding, that sets his home on fire be- 

that/in a recent article in "Town ^ on<lra f, l fX: before an y BUCh r «* M *“y stations have their own cause hvs fingers are frost-bitten 
and Country Planning," I bad i? r ?? X m ,. wen - short ® tor y competitions (Man- can never be a fit instructor in 

advocated that local authorities’ “*• L- Keyneil. cheater’s last two have attracted the method of providing our habi- 

powere under the Community if' l f e crescent. a total of 700 entries) while this tations with a cheerful and salu- 

Land Act should be vested in HoT8,wm ' Sussex. year Radio Manchester will be tary wannth” (Burkel. 

new regional land authorities. n .. . broadcasting 12 poets considered D. J- Kidd, 

and that this " would be the DellVefieS b - v Nortl1 West Art® to be among 42. Whxrtmgton Rood, N22. 

ideal solution ” t ^ ie * iest * n l * e r ®gion. 

the W ^'J^ raad ^Stem § 

nuestian made the follow inc t^ay 17) that the Post Office is being unable to receive all the From, tfie Director, 
suggestion- “The Government considering i restoring Sunday col- BBC stations but he can rest The Chartered Institute of Public 
should issue a firm warning to tectmns. But is this really assured that most have been pro- Finance and Accountancy. 
all local authorities, both necessary? gressing for some time now on Sir,— May f welcome Mr. 

individually and to their repre- , n , ay ¥ ler 2,°?. n 1 Posted the lines he suggests. I suspect Roland Freeman's article on 

sen tativ e * associations that this e ^ e nJr»-«o D «° n -u^'^» t0 catch from the references in his article rates (May 17i. This is not 
is their last chance. If they con- f ne collection on Monday morn- that he has spent most of Wa because the Chartered Institute 
Unue to Ignore the Act or to iin- l° E ■* 9 , 0 r c,0ck : . In fact it time tuned in to the commercial of Public Finance and 
pleraeut it only half-heartedly. nSal Accountancy agrees with Mr. 

then the Government should ft 1 taB i222L.-*-« Freeman s proposals— it does not. 

state its intention of removing P? straarked 10 - 45 a iQl as will n o doubt become apparent 

Community Land Act powers 0D pon-orde ’arrive* in Npw Vm* 0j ^ OTtl Road, when be speaks at our annual 

from local authorities, entrust- V™" Manchester. conference in _June. But we do 

ing them instead to new regional “jjjj?, ‘A ”!* h« , a°Slri£lL d S2r'^ u/ welcome Mr. Freeman’s willing- 

land authorities, as in Wales. , c ' e j Jjj p 0 ^°offi?p 3 r s ^ Wrong reasons ness t0 ? ut forward novel and 

This would not be an ideal solu- Hueh LeegatL From Mr. D J. Kidd . cn ^tru C Uve suggestions The 

lion. There are obvious ad van- M Sir. — If joe Repair really roting system provides the only 

tages in keeping planning and 30 St. James s Street SIVi. Gratae tbe^ iSSToT Jofitl- *** authorities' 

land acquisition in the hands of cal controversy be mi*ht beein F ontro1 - and »ta continuation is 

the same authorities. But if all LOCdt rOdtO gi important to the maintenance of 

else fails, no alternative will From the Manager, tr ,- c k D f impugning the cbarac- a parous local government A 

remain. The Land Authority for Radio Manchester. ter instead oF the argument of debate about it is 

Wales Has shown that resiona! Sir.— — I read Anthnnv Pm-tic'c ki. needed. ! 



• ■ ■ , •= m v'- i 


•• /.■ .• ..-v 

#. -> -4 

\;/v‘vV 7 

: A‘\ » -r. A ■ rJ 

. P-.k- :b- 

r l 

~.JL 



From Mr. D J. Kidd 
Sir . — If Joe Rogaiy 


all genuine grow in «* 
individual." 

R. A. Nathan. 

Secretary. . . 

Bri(i>h Association rnr 

Counsel lin?-a t-Wnrk Division. 
J6. Ferry Road. S.W -13. 


Batley's letter in today's issue 
(May IS) I venture to suggest 
there are other reasons for non- 
aUeadance by shareholders at 
AGMs 

From the Week's Financial 
Diary I see that 30 meetings this 
week are to be held in London 
(including suburbs i. five in 
Birmingham, four in Manchester 
and one in Liverpool: others are 
to be held in such scattered 


Wales bas shown that regional Sir,— X read Anthony Curtis's his opponents (“Weapons of 2£f °' j 

land agencies can succeed, and article " Deniua Airwaves” on status" references— May 18). 7*1? L 

their success stands both as a local radio (May 13) with coo- This kind of ploy can always be 2 * Bu ^ ki ngham Place, S.W.i. 

rebuke to local government's siderable interest. He suggests returned in kind— and socialists 

past record and as a challenge to that local stations should not are particularly vulnerable If for RnrPatrv do 
its future performance, rely on the safe formula of no olher reason than that the «c cauage 

JL ®teke. “ music *n’ chat " but sbould also renunciation of inequalities they From Sir Geoffrey de Freitas. ■ 


Belgian post and one in Liverpool: others are 

,,, Managing Director, to be held in such scattered 

rft u Label Machine Company. places as Luton. Sevenoaks. 
hellr/Woet n js quite SlQke . on . Trent. Blackburn. 

■' ,r ’r^rr-*«rmir-lMav 13 1 that Leicester. Nottingham. Bradford. 
l T rre Vo-S > nS£ter of the Aylesbury, Sheffield. Oldham. 

- Office B ram hope (wherever this may 
RedhtlI-^nd--K*««; t(r mv U.;». Norwich. Cheltenham, 
replied very pro P u > ilh fhe gtockton-on-Tees, Bristol. Epsom, 
complaint de*! und Windsor axKTMbre tonha m pstead 

■*a lays in P«» 1 s **r n ” Jed e- Unless one is A substantial 

^nh^'lSwldidPOint out that (icstitutioaaL?). shareholder, the 
his letter, i nm m arammt of ones dividend is un- 

ca ?"°Jit b ha S bcVn going on likely to exceed costa of travel 
, kes since it has necn s t. and accommo datioa just to 

•• years, add not io e 35 attend the meeting: if companies 
Mjntbs. 


Last year in the North West for the sake of the discussion that April 19 ; 


?■ .Sudbury HUl .Close, allow local playwrights to make on behalf of others Is. as Sir —Mr. Rost. MP. Mr. Jordan 

nembley, Middlesex. express the " fascinating material Jack Jones has pointed out. (May B; and Mr. Stibbe (Mav 

of local life.’ The idea is worth rarely demonstrated in their own may b e interested in the 

Money reform analysis, but. Mr. Curtis, it is lives. answer I received to u question 

,, . y . ' .. hardly original. Let it be accepted, however, m the House of Commons on 

J- ram Mr. M. C. f teynelL Last year in the North West for the sake of the discussion that April 19 : 

Sir. — Mr. K. T. H. Graves in three stations (Manchester, all Tories deploy political Ideas “Sir Geoffrey tie Freira*; 
his letter of May 17. concenung Merseyside and Blackburn) did as “weapons of status.” What (Kettering) to ask the Secretary 
reform of the international precisely that'. A playwriting follows? The- central point still of State for Prices and Con. 
monetary system, made the in- competition attracted more than remains as to whether they have sumer Protection what com.' 

teres fins point that the gnld 200 entries and the best six plays chosen the right weapons with plaints he has received frnm 

standard or at least the gold- were broadcast on the three which to protect their status. It tourists or tourist oreanisifinrJ 
3 r * el J irn . 10 i he e °,L d ^ tlons P. rofe «ion a i actor s. would be rash to assume troth about the high comriisstaSs 
standards Of at least the gold- The project is being repeated cannot be as serviceable as false- charged by money chan^ino 
dollar standard, could not this this year in the autumn. AH the hood; and if it is true that offices.— Mr. Robert MieC* 
be overcome by fixing a modest plays were written by local precious constitutional and cul- None." maciennan : 

annual increase in the official people and were lucal in content lural traditions are being extlr- Geoffrey de Freitas 
S°;r .. , , . Similarly , my BBC colleagues pated by socialists. It is an im- Chairman, All Parly 

0 * c,a11 - revalued in the Midlands have reflected measurable benefit to the country Parliamentary Tourism 
at S300 per ounce tomorrow, its the fascination of local life" that there exists a substantial Committee. 


price subsequently adjusted up- through this kind of competition, body of men whose position and House of Commons, SWl t 


DOW FEEL 

WRE A MEMBER OF THE 
BEIRAYED CLASS? 

The superricli havo their own wuys of fijrhiintf inflation. 
Anil ilu’ people at the other end of the scale seem to get 
ivgiiiHr wage rises- ^ 

Eu t the people In them icldle are feeling the full fore© 
of inflation. 

We know how you feeUVhats more we. aim to help you 
• I- * something about it- the same way ire Ve been helping 
people like you lor forty yea??? non: * ** 

U'ith aaexceUent hinge of schemes and hinds to help 
you r money fight back. r 

Over the years we've had a great deal of success in 
helping over 08.000 unit trust holders. 

And perhaps we have exau-Uy the rigid scheme for you. 

But wed rather you iu-st sougiu. liieinipaitial and 
expert advice of your professional adviser. 

1 f he tliinks were the rigid unit trust group then 

®AliIED HAMBRO 

.V^ “VVETRE CN 1DUR SIDE’’ 

f.M. nuMnu.n.An.ujji «■ fftHn rVki HT.- I ' ■ tA . 










Htianci'al Times Saturday Kay 20 1978 


' Ah) . 

uA 





■ * Nr 

: i **' 




on 



edge 





J5*!f AY •Jone the Atlantic 
wasthne of Namibia lies the 
German-speaking seasiUe 
. ° f Swakopmuod. With its 
small hotels, sandy beaches and 
a simple iron pier that was 
brought all ihe way from 
Bremen just before the turn of 
the century, Swakopmund has 
oeen for years little more than 
au oasis on the edge of the 
ft a nub Desert. 

Today it houses the senior 
employees of the world’s largest 
and very controversial, uranium 
mine, Rio Tinto-Zinc group's 
JG.5 per cent-owned Rossing 
Uranium property, some 75 km 
to. the northeast. The radioactive 
mineralisation which lurks in 
fhe hot and dusty desert has 
been known since 1928 when 
tests were carried out by 
Captain Peter Louw. 

In the mid-1950s Anglo 
American Corporation of South 
Africa made investigations but 
decided that the low uranium 
content of 4he ore did not 
warrant further work. RTZ 
arrived on the scene some 10 
years later and came to the con- 
clusion that if the deposit was 
worked as a large-scale open- 
Pit operation, similar to the 
group’s very successful Palabora 
copper mine in South Africa, it 
would pay. 

Construction started in 1973 
and, encouraged by the reviving 
market for uranium, RTZ 
doubled the proposed plant 
capacity to 5,000 tonnes of 
uranium oxide a year. The first 
uranium-rich "yellowcake" was 
produced in mid-1976. But 
trouble was in store, both from 
the technical and labour stand- 
points. 

The abrasive quality of the 
ore proved to have been under- 
estimated and it created havoc 
in wear on plant equipment, par- 
ticularly in the tailings (waste) 
disposal pipes. There also were 
weaknesses in plant design 


BY KENNETH MARSTON, Mining Editor, recently at Bossing 


which resulted in a low recovery 
of uranium from the ore. Above 
all, there was the problem of 
an insufficiently skilled labour 
force. 

South African security regula- 
tions forbid the disclosure of a 
uranium mine's ore gTade. It is 
known, however, that Rossing's 
grade is very low, certainly less 
than the 2.5 pounds or uu of 
uranium oxide per tonne of ore 
of the Canadian Elliot Lake 
mines, and far below the rich 
grades existing at the great and, 
as yet. unmined deposits in 
Australia. 


20 years 


The Namibian deposit is 
large. The present mining plan 
is for 20 years’ operation in an 
open-pit measuring 3 km long 
and 1 km wide with mining 
going down to a depth of about 
300 metres. There is no doubt, 
however, that much more 
mineral exists, and in one area 
underground operations have 
been carried out in better 
grade ore. 

The percentage of uranium 
oxide that can be recovered 
from the ore is a highly critical 
factor in the economics of a 
low grade mine. So, too, is the 
level of costs, which can only 
be held down by large-scale 
working. Rossing was- losing ou 
both counts and there was the 
fear that in time the desert 
would claim the huge amount 
of money and effort that had 
been expended. 

A drastic re-organisation 
programme was needed. It was 
put in hand at a cost which 
substantially raised the total 
capital investment to R300m. 
By August of this year the 
plant modifications should be 
completed. 2t is no mean 
achievement that such major 
work has been accomplished ai 





Early exploration at Rossing — the world's biggest uranium 

mine. 


the same time as production has 
been increased.. The company 
therefore took that opportunity 
to show the operation to a 
group of journalist*. 

We saw that the major 
re-design of the plant is work- 
ing and were told that the mine 
is making a small operating 
profit. Last year's output of 
3,000 tonnes of uranium oxide is 
expected tu be substantially 
improved upon in 1978. But 
Mr. Ronnie Walker, the chair- 
man of Rossiag, will go no 


further at this stage than to say 
that the full annual rate of 
5.000 tonnes will be reached 
“some time next year.” 

Rossing is not a notably low- 
cost operation. Its big 
mechanical shovels. for 
instance, cost RJ.7m each. They 
load the 20 Wabco and two 
Euclid haulage trucks which 
carry a payload uf 140 tonnes 
and which are driven by 1,600 
hp diesel engines. The tyres 
alone for these monsters cost 
R11.000 each while the total 


cost of the trucks, which have a ment say. is one of judging 
working life of not much more people on merit. However, toe 
than eight years, js about lack of education among the 
R800.000 each. African workers who come from 

As part of the secrecy which the Ovarabo. Damara and Hereto 
tends to surround all uranium tribes means that they predom- 
operstions, Rossing s produc* inate in the lower grade jobs, 
tion cost per pound of uranium and thus they are grouped in 
oxide has not been generally the lower grade housing areas, 
known until now. But Mr. i t amounts to a form of 
Walker has disclosed that it is segregation in living areas, but 
currently running at US$20 per at least the mine does 
pound. World uranium prices encourage fa mily living by pro- 
for “one-off" sales have now vidlng bousing for all emplov- 
climhed to over $40 but new ees. At present the labour 
long-term contracts in the force comprises 830 staff mem- 
industry' are in the region of bers who are nearly ail white 
$25 to $30. and 2,100 daily paid employees 

who are predominantly 
O ai.aa Coloured (mixed race) or black. 

Secrecy There are three main housing 

areas, Swakopmund. its suburb 
But just as the heavy sea fog of Tamariskia and, closer to the 
swirls in over Swakopmund at mine, the township of Arandis. 
this time of year, uranium pro- These house< respectively. th e 
tlocers maintain a shroud of managerial and skilled employ- 
secrecy over the prices of their eeSi th e semi-skilled, and the 
various contracts. All that Mr. unbilled. The qua nty of the 
Walker could be pressed to say housing descends accordingly, 
about those of Rossing was that so ,j 0 t jj e nominal monthiv 
••some contract prices are below rentals that are charged. Top 
production cost while others rents at Swakopmund are R15 
are above. a month, while the charge at 

The mine's projected uranium Tamariskia is R7.50 and that at 
production has been sold for- Arandis is R5. Rents include a 
ward to customers throughout sizeable free allowance of water 
the world. An important con- — a relatively expensive item in 
tract is that with British this arid region — and electricity. 
Nuclear Fuels. It is generally At Arandis these benefits would 
believed that the price basis for be worth around R15 per month, 
this contract must be well be- 
low. Rossing’s production costs. _ _ _ 

An important element of iNGW HOUSGS 
capita] costs is the company's 

spending of some R30m on hous- Arandis was origin ally 



L ■'"Tun™ 



Arandis 


origin all v 





Trusting 

nature 


Like the sun on the river out- 
side his office at Three Quays. 
Mr. Edgar Palamountain was in 
glittering form on Thursday 
afternoon. A man not noted for 
his muted reactions, he had 
most excellent cause on this 
occasion for the enthusiasm 
with which he approached the 
business of the day. For the 
Unit Trust Association, of which 
he is now President, had just 
announced the highest monthly 
sales which the industry has 
ever achieved. 

The record comes within a 
year uf a bleak period for the 
industry: several months during 
which the exodus of disgruntled 
unil-holders reached such pro- 
portions that some commen- 
tators had the business written 
off. Like his colleagues and 
competitors. Mr. Palamountain 
revels in their discomfiture. 
But he has not allowed the 
euphoria induced by sales so far 
this year to blind him to the 
industry's problems. 

They are of two kinds. First, 
the fact that the industry can- 
not make money out of the 
annual charges it is presently 
allowed under the strict regula- 
tions of the Department of 
Trade. Mr. Palamountain shook 
the industry and the Depart- 
ment alike, a month back, with 
a most vigorous denunciation of 
the latter’s response to negotia- 
tions for an increase in the 
annual charges. But the door 
which, to all appearances, was 
then so resoundingly shut in the 
industry’s face is now. it seems, 
being much more quietly eased 
open again. , , 

The second problem — linked 
in that the difficulty in making 
trusts pay without high sales or 
dealing profits is partly related 
to their size— is that there are 
far loo many trusts competing 
for the attentions of the 
investor. It isn’t that Mr. Pala- 
mountain sees the private 
investor as a dying breed-on 
the contrary, be believes that 
the individual who makes a 
conscious, personal decision to 
invest his money can, should 
and will be nurtured by govern- 
ment. Bur he does believe that 
Hie 38U-odri trusts which com- 
prise the industry should be 
reduced to around 200 within 
lhe next five years. Will 
M & G, of which Mr. Palaraoun- 
tain is chairman, have half the 
number of funds within five 
vears that baS t0{ ! ay? Cer ; 
iatnJy noi. be sayS * WJt ^ a s nn * 

W |U have the same number of 
funds and twice Lhe amount of 
money under management 

His philosophical commit- 
ment to equity investment by 
the individual has recently led 
Mr Palamountain into a crisp 
attack on the building societies 

which he says are tending to 

monopolise the long-term funds 
ihat should go into equities; 
but it has also led him into 
vigorous* support for the Wider 
Share Ownership Council ana 
ror the idea of worker pamci- 
patinn. Far all lliat he ,1s a 
pillar of tin* Cily establishment 
_a leading light on the Institu- 
tional Shareholders' Committee, 
a strong proponent of the City's > 


tradition of self-regulation — the 
crusty reserve of his con tern 
poraries is not for Mr, Pala- 
mountain. He is a populist, in 
every sense of the word. 

Leisurely 
style 

Even close friends; shook their 
heads when international res 
taurateur Alan da Costa told 
them, eight years ago, that he 
intended to open, “five-star 
coffee-houses" in Loixhrn. Those 
who were old enough to re 
member Gunters and .. Maison 
Barbellion knew what h$ meant, . 
but -felt that such establishments -;4?, 
belonged to a past age; harfily 
any remained in the Unit^ 

Kingdom. 

One of the survivors was 
Richoux. founded in Baker 
Street in Edwardian days. After 
M. and Mme. Richoux retired 
ill the 1950s. their select 
patisserie faded into obscurity 
until Alan da Costa bought the 
goodwill and re-opened it on a 
site in South Audley Street The 
venture proved popular and was 
soon contributing to the profits 
of da Costa's company. Empire 

catering. Peking 

Other London branches fol- ** 

lowed and last November da liiplr 
Costa, backed by Citibank, took 

the idea lo New York (it’s said Keng Hsiao Mei, a Peking high 
he is the first British caterer school student, was so infuri- 
to invade New York for a ated by the slack counter ser- 
quarter-century). The round- vice at a confectionary marker 
the-dock Richoux in Citibank’s that he did what people all over 
new tower block is now gross- the world might do. He wrote 
ing £300,000 a week and on May a letter to the paper. 

15 its originator flew to Chicago The people’s Daily published 
to complete plans for opening Keng .,. i eHer> lhus maMng 
there. San Francisco. Washing- official the fact u, at Chinese 
ton and Los AngeJes are next shoppers share the frustrations 
on the expansion list. of customers everywhere. “I 

In London, the new-gene ration was just an onlooker," wrote 
Richoux seems to be just as at- Keng, “ but I would like to 
tractive to the young as it is fo speak out for the broad mass 
the older age-groups who might of customers." He went on to 
remember its predecessor or describe how three shop assis- 
da Costa's other inspiration, tahts chatted with each other 
Rumpelmeyer’s in Paris. The as a customer tried vainly to 
phenomenon seems to have buy a jar of jam. Eventually 
more to do with a reaction they acknowledged him but sent 
against the “fast food” trend him to another counter saying 
than with nostalgia; Richoux “we don't serve jam here.” 
copies the leisurely style of the The cus t Q mer joined another 

old places rather than their queue, reached its head and 

d&or- asked for his jam only to be 

Because the Richoux menu told he was in the wrong place 
consists mainly of light raeals^ and should go back to the first 
it is possible to eat there for counter. There he tried again 
under £2: women, especially, and was finally served, grumb- 

are happy to pay 95p for a ling as he left the shop, “a two- 

Welsh rarebit or £1-05 for minute job that took ten 
Quiche Lorraine when the main minutes.” 
attraction is not the size of the Keng's letter to the editor 
meal but the cosseting Richoux ■complained “it is not only a 
ambience. This way. da Costa question of service but also one 
is picking up the customers of ideology whether workers 
whom traditional stylish res- will do their jobs whole- 
taurants, with their cover heartedly and give proper 
charges, and insistence on sub- attention to every customer. If 
stantial main courses, deter, the shop workers chatted less 

Commercially, the venture the customers would have more 
has not been without its prob- time for the realisation of the 
Iems. Prime sites are essen- four modernisations." China’s 
tial and are hard to find at general guidelines for develop- 
rents that are economic {the ment. 

Grosvenor Estate went out of The young comrade’s iudigna* 
their way to be helpful when tion brought a quick response, 
the South Audley Street lease The People's Daily demanded an 
came up for renewal last year), explanation from the market 
A branch in Golders Green and received penitent admission 
failed because the locals would that there was room for im- 
not pay West End prices and provemeut in customer relations, 
da Costa refused to lower the The market's Communist Party 
Richoux standard. '• branch said in a published 

A branch at the former -apology “We have taken 
Caprice premises in Mayfair. al« measures to raise the quality 
though in the black, did badly of service. We are ■ deter- 
in the evenings because of Its mined to do a good Job in re- 
cul-de-sac position, so da Costa inforcing discipline and in- 
has converted it into Empire's creasing work efficiency so as to 
oew flagship restaurant, the treasure the precious time of 
Arlington. On the other hand, the customers and to do our bit 
there are often queues at South, in accelerating the national 
Audley Street and the Richoux economy." 
opposite Harrods. While clearly believing that a 



ing and associated infrastrue- administered by the territory’s 
ture for it? big African work- Bantu authorities. Now it is 
force. The more obvious aspects run by Rossing Uranium and 
of Apartheid have been largely the housing is being improved, 
dismantled in Namibia gener- At the same time new houses 
ally over the past six to nine costing R17.000 each are being 
months, which is not to say that built. They have a floor area 
all the white employees fully of 120 square metres, plus 
accept the situation. But Ros- garage, three or four bedrooms 
sing's philosophy, the manage- and solar heating. 


SUNDAY— Mr. Denis Healey. 
Chancellor of the Exchequer, at 
Union of Post Office Workers pre- 
conference rally. Blackpool. 
National Savings' monthly pro- 
gress report (April). 

MONDAY— Labour Party— TUC 
liaison committee meeting. House 
of Commons. EEC Finance Minis- 
ters meet, Brussels. House of 
Commons Opposition censure de- 
bate on Forces Pay. Dr. Conor 
Cruise O’Brien, editor-in-chief. 
Observer, at Advertising Associa- 
tion annual luncheon. Savoy Hotel, 
W.CJ2. Department or Industry 
statement on first Business Statis- 
tics Office report. Yorkshire 
miners’ executive meets. TUC 
Finance and Genera! Purposes 
committee meeting. Mr. William 
Whilelaw. Conservative P;.rty 


At present there is a salaried 
staff pay structure ant! a 
separate .structure for the daily- 
paid employees, but a single 
wage scale is to he adopted. 
Management say-, the rate is 
paid for the job, irrespective 
or a man's eulour. Here* again, 
however. Hie low edu eat tun 
standards of the blaek workers 
means that they are mostly in 
the lower-paid jobs. 

Pay rates range from RMU 
to R540 a month. Staff rates 
go from R2SU to R1.-10U in lhe 
case of senior engineers below 
the superintendent level. Wages 
are generally higher than in 
South Africa. An African driver 
of one or the Wabco trucks, for 
example, would be on a ha>vc 
wage equivalent to about R2r>0 
while the highest paid African 
worker is getting R540. 

Til ere are a few eases where 
African workers earn more than 
some whites, hut there are no 
instances where a black worker 
is in a supervisory position over 
a white. The management says 
it feds that eventually this will 
happen, ‘although not in the 
near future." A pilot scheme 
has been started whereby young 
“cadets" of all races with a 


matricuiatiun n->-iifi*>.t.- 
given a year’s iiuni.ir.- 
mme and then inure- to t::r 
year university ur ttvm»!«ri- 
course, or are taken ihi'uugh the 
various production lewis to 
junior management grade. 

Tlie big quest tun lt:i::g*::q 
over the whole opera! ion :• what 
will happen when Namibia 
reaches independence ;d tin* end 
of this year, a faclm- which 
plains the shortage or white 
skilled workers who ntos-ily 
cuing from Smith Africa. The 
Russing manage i uen i say.-* tt inis 
had no real eon i act with 
SWAPO. the South Wot 
African People’s « ‘rgantsalion of 
Namibia. Nor Imre- lhe \.m:ib:un 
mining companies which in- 
clude Consolidate.! Diamond 
Mines. Tsumch ami South 
West Africa Company made 
any joint approach ur 
joint plan. Both Mder. *it .ifi'.l 
wan. 


No reward 


The mining c»mpaiiics b.-ne 
that unless the iu-w rule:- nf 
Namibia are* strongly Marx.?t. 
there shmild In* room :«*r 
negotiation and co-opc ration. 

RTZ has been i-mu-i-crl tor 
operating in Namibia w’nlo 
South Africa remain? m r-.<:vr.»! 
ti T the territory m tin- face nf 
United Nat ion $ objection* Bid 
Kos-dng rejects • -narco* of 
" raping" the country’s rime real 
resources, pointing out tli.it .-«• 
far there has been no tina-ie-.'! 
reward for the huge «*f 

money and effort ime-vd 
during the mine's shun op. -rat- 
ing life. It takes the ”.v ilia! 
it has made an important con- 
tribution to the emerging coun- 
try by providing employment, 
training and Imu-ine ami that 
most of all it has created a l-ng- 
term source of wealth for 
Namibia. 


Economic Diary 

deputy leader, speaks at Inter- 
national Association of Airport 
and Seaport Police conference. 
Tower Hotel. E.1. Turnover of the 
motor trades list quarter). 
TUESDAY — Pro\ isicmal unemploy- 
ment figures (May). New vehicle 
registrations t April). First of 
series of monthly gold auctions by 
U.S. Administration. United 
Nations disarmament conference 
opens. New York. NUT statement 
on response lo Taylor report on 
school management. Prison 
Officers Association conference 
opens. Southport. Mr. Peter Shore. 
Environment Secretary, at Foreign 
Press Association luncheon. 11. 
Carlton House Terrace. >W1. Mrs. 


Shirley Will to ms. Education N-cr**- 
tary. at by-elect ion meeting. 
Hamilton. 

WEDNESDAY— Mrs. Ma rgn ret 
Thatcher. Opposition I i-inler. 
addresses Conservative Women* 
conference. i:e-ilr.il Hall. West- 
minster. Labour Party national 
executive meets. Meeting of 1 1C 
general council. (’Iwiuvllnr of 
the Exchequer at iiumilum by- 
election meeting. National Rus 
Company annual report. 
THURSDAY— Quarterly review nf 
National Institute of ’icunonuc 
and Social Research. Department 
iff Employment ria/.oUe i-sued. 
Energy Trends publication. Bucks 
and cement production (April). 
FRIDAY— Sales anil orders m the 
engineering industries t February i. 


Edgar Palamountain: growth factor. ■. 


public kick in the pants is a 
great incentive for improved 
performance, the Pelting media 
are not blind to the equal bene- 
fits of showing up’ good ex- 
amples. The New China News 
Agency this week published an 
account of an assistant at an- 
other Peking confectionery 
counter who is so obliging that 
he has been raised almost to the 
status of a national hero. 

Chang Ping Kuei, 60, has 
been in the lolly trade for more 
than 40 years, the past 20 of 
them at Peking's biggest depart- 
ment store. Customers have so 
often praised his service that 
Chang is now taken as an 
exemplar for all commercial 
workers. The store has 
launched an official “learn from 
Chang Ping Kuei ” campaign. 
Chang certainly takes his job 
seriously and has devoted years 
to the finer arts of keeping cus- 
tomers happy. 

One way, he decided, was to 
memorise the prices of the 80 
varieties of confectionery at his 
counter. Another was to train 
himself in rapid mental arith- 
metic, bypassing the abacus 
when totalling customers’ bills, 
and in accurate weight estima- 
tion. Now he can scoop up 
the exact weight of. sweets re- 
quired at one try. 


Camera 

tricks 

Mr. Jerry Nims’ three-dimen- 
sional photographs look so 
good that he bas persuaded 
British institutions to put £3m 
into his new company, Nimslo. 
The new venture will make and 
market the equipment needed 
to take and process 3-D photo- 
graphs. In about 18 months it 
will offer the public a compact 
little 110 or 35mm camera that 
w-ili reduce 3-D photography to 
the simplicity of an "Insta- 
malic.” 

The process Is still shrouded 
in some secrecy. It’ is hedged 
around with patents and Mr. 
Nims tends to talk about It in 
rather obscure terms. The 
probable reason is that Nimslo 
will be offering no technological 
breakthrough but a product, as 
Mr. Nims puts it. of "10 per 
cent inspiration and 90 per cent 
perspiration." The process 
appears to be a clever develop- 
ment of the same effect that 


makes possible those rather 
dreadful 3-D postcards. 

The 3-D postcard presents a 
different picture to each eye — 
the essence of stereoscopy. The 
two pictures are printed in 
alternating strips on the post- 
card. A sheet of very fine 
plastic prisms is glued on top 
which projects each strip to the 
apprupriate eye. The trouble is 
that the perspective is fixed: a 
small movement of the head 
does not cause the foreground 
of the picture to move relative 
to the background. Indeed the 
viewer gets confused as his left 
eye begins to see what his right 
eye had been seeing before — 
and vice versa. 

Mr. Nims and bis team have 
perfected a photograph holding 
four images on interlaced strips, 
together with a prism sheet 
that delivers four reconstructed 
images to the eyes — in effect, 
two 3-D photos on one sfreeL So 
the eyes see a steroscopic image 
and this image changes, to a 
limited extent, as the bead 
moves. In this way the Nimslo 
photograph gives a little of the 
shift in perspective which one 
can see in a hologram— but o! 
course the brightness and colour 
are very much better. 

Ninislo has developed the 
equipment needed to process 
3-D pictures and two different 
systems to take them. .For the 
professional there is a gradu- 
ated bar on which a norma! 
camera with a normal film is 
mounted. According to the 
distances involved, and the lens 
being used, this bar shows how 
the camera should be moved 
between shots. The photo- 
grapher takes four photographs 
of bis subject and sends them 
to Nimslo for amalgamation 
into a single print Obvi- 
ously this system can be used 
only for static subjects— product 
displays for instance. 

Fur the amateur the company 
is developing a small camera 
with four lenses which will 
achieve the same result tit one 
g°- 

Contributors: 

Adrienne Gleeson, 
Philip Barron, 

John Hoffmann 
and Nicholas 
Colchester. 


MAG SPECIALTRUST FUND 

^Suddenly Sraal Business has become very big. 
Now everyone is bucking the small business 
erase. Support lor it is written into lhe pro- 
grammes of all pofitical parties .. ,” 

Management Today. February 1978 
The part that smaller companies play in the economy 
is recognised increasingly by both the Government 
and the public- Smaller companies often retain the 


s S’ ...and the outstanding management group 

was (wait for it) M&G. which had _ 
Vw two in the top 10 and no less than MQB 
five in the top 25 trusts last year y J 

V cuMDAY TELEGRAPH M .8 ^ 


UJ uuui UIC Buvcuauwu I TUIA YlfKVCTA lUtfcrr _ 

and the puttie. Smaller companies often retain the f TWO WAT j TO INVEST I 

defeated management of the original owner or entre- ■ To- M&G GROUP LTD. THREE QUAYS. TflWER KILL. LONDON EC3R 6BQ _ 
preneui; which can be vety beneficial, and the per- g TELEPHONE: 0J-6?6 458S This section to be completed by ail applicants. I 
fonnance of their shares m a rising market can be ” lir IKY 11 r,ltl ~ - - | _ 

exceptional. MiG Special is designed to provide capital | ^ M '~- 1 i I 

growth by investing in smaller companies and his a _ surname _ _ _ 1 ■ 

portfolio of about 70 holdings. I IimII-admifu ' | 

An investment of £1,000 at lhe Fundi launch in ■ — “ - - : I 

Septembffl967wouldhavegrowntof3 f 370,exdudii5 9 ' ■ 

income cEstribu&ons, at the buying price of 168-5p a . | 

on 17th May, 1978. This represents an increase of ■ ’ : 

237%, conjored with a rise in fhe F.T. Industrial | • c I 

Ordinary Index of 29*8%. The current estimated gross K i postcode > y 5 530518 " 

yield is 418%, and the distributed income has m- | ^ I 
creased mevBry year since lhe bench. Special is one _Bril|d , H*Eo[ftT|!iI Compile Uw mkIkhi io make a Capital ■ 
of the smaiter KSfi Funds and is currency valued at g.MI 1 1 11 A investment (mromum H.QQfl Qonoi | 

under £10 mason. I “SSr.'::™ 1 I 

f PHASE INVEST 1X^3^] in ACCUMULATION INCOME unis ! 


■ PLEASE INVEST K ] in ACCUMULATION INCOME unis . 

The price of units and the income trom Ihem may go | (delete as applicable or Accumulation units willhe issued) ol the MSG ■ 
do rMw l ^ a5 -^ 1 -- - ■ Special Trust Fund allhe price ruling on receipt of Ihis application. I 

• r an{ ^ ln ^ ^ A h ™ l ,a l chatgv g 1 declare U mi 1 am onl TCidcnl oulsde IHu United (tupriom ire- Channel uuiau. 9 
included in the price, an annuo lenarge 01 ?”;> Ihcfsleof Man or GibMltar. 3nd i am not acquiring thr umts tti>: nnminoc v>r ^nv I 

•. plus WTisdeduCtedtrom lhe Fund 3 gross income Dislri- | person resnlpni Hjb-Kje ihosl- Temiones i» you jrounabi .- ip 1 

; notions lor Income units are made onjOth Stplemher and " ilLtlaMlmnjm/iiitiiiitljOC'ly inrouBluhanhur sinchtupker .' 


POST COOL 


■ send any money 


IJ 90 J1 __ Y5 530518 

3 Compile tins section lo make a Capital 
investment (ranunum £!.QQQ| Do not 

i-.-l !«■ i nt lo .t.i( ur •••. ;i . .i 

R'U I >h •(! Ill ■ . l 


•,3l5l Match net ol basic tale lax and are reinvested ter 
Accumulation units to increase the value of the unis. The 
. next distribution dale for new investors mil be 301 h 3ep- 
temhtt. 1978, provided you invest before 7lh August. 
' .1978. \bu can buy or sw umls on any business dav 
■ Contracts lor pumhasesorsaleswllbedueforselllemem 
2or3weeks/aler. !«"% commission ie payablelo accredited 
agents. Trustee Barclays Bank Trust Company Limited 
The Fund is a wider- range security and is authiuiseb by 
-• lhe Secrelaryol Stale lor Trade 

M&G o a member oflhe Unit Tiusl Association 

TWO WATS TO INVEST 

As an alternative or m addition (a investing a capital 
sum you can start a Regular Monthly Saving Plan 
through a life assurance policy for as tithe as 02 a 
montft.feu are namely entitled to daca tax relief at 
curail rrtes of £37 lor each £100 paid. 

’ On a £20 Plan, fax letiel at present rates can bring down 
.your net monthly costlo only £16 ffl. with which you buy 
units usually worth considerably more. Regular invest me nr 


SIGNATURE 


imshtosakeK 


Complete this section it you wish to make a Regular 
Monthly Saving (itHihmuni £12 a month). 

■z j each month m the M&G Special Trust 

1 Fund. 


m I enclose my cheque for the first monthly payment, made payable So 
g M&G ihist (Assurance) limited. 

I I uralwitjrHl Mu) Jto oafrncnl 11 ontj owvishiHj' jm> 110 th:> a-mcjiti .uK n,i| 
Jiiumc rrjl u'iJ't lumwl noHir.ilinn <jt aucpLjnci 1 l.e. turn issued. 

| OCCUPATION _ Sf BIPTH 

■ NAME AW* AMm OF USUAL DOCTOR (to wtiom relcrenu: bmv be m.ifJc). 


sum you can start a Reguar Monthly Saving Flan ■ name and addr£ of usual doctor (to ntium reicr««* mv t* nu<*). I 

through a Bfe assurance poficy foras tittle as D2a 8 ■ 

month, tou are namtafiy entitled to daim tax refief at ■ fl ! 

cuitert tides of D7 for each £100 paid. 9 r~— — ; — — * 

’ On a £20 Plan, fax letiel at present rates can bring down ■ tt n , y ^ W&C ^ 7 ^ flr fl 

.your net monthly costlo orty £16 ffl. with which you buy 1 Qnnal ‘■v' n Part 1 01 lhe Q^ralwr Ww dofo.- .f m-ii Pan ii ■ 
units usually worth considerably more. Rogularinvestment ■ HST rata, ?^* RT U l 111 ' l*'' 1 f” laiiMnr.-tfibiwfm .im 1 d 

of tins type also means (hat you can laKeadwnlaeeol lhe I i5?i , . 0 J rn d,sea “ Uul i talJ A"y ^iwos tiness or nuin uoeni,™. nui 1 

iiMrilahl^flivdiuHnns m hP rnrT nnrt^r.v^Tpni nrt * 1 "> Iwaiduui ^pcols or puisuil'., Uy( I iIq nul owp*- in _ 

‘ V U!!S f ” r “5C . I aw9,| W' wcerl ai J lan-payim; passrnnT on wueniseri n. u Us. a nj uwi uo E 

Cost Averaging, which pv£S you a P0Jhve arithmetical g proposal On my lilc Ims evci l*en adyenety tnutai >.m must deckisi: all tad-. * 

advantage because your regular investment buys more _ whctiaiciilidyforMiliieiKelliedSai&sinciilofthNpioposal ilvruiiroinamib! R 

units when foe price IS low and fewer when il is high, fou g **'0 tee relevance ol any particular inlumulion.you duulti Jrc lusr u. ji 9 

also gel Me cover of at (east 180 times your monthly pay- _ l4llum ,0 fl0 t Si cnc, l s “Whis . B 

unrac An element 0l me covens also provided for higher - lAuuianccILid ami teal I Kill ucoipl tear ciKipimiviDimt-lDoluy t.iw<«*!r. 

ages, up to /b. I Pf0v«Je any lurtftetinruniHiivfl Hie company may require • 

if you cash in or step your payments durii^ the tint ( A speamen ol rhe pokv form is awiiabte on inques; ) hmmt jg gw y 

four yearn there is a penally, and the tax authorities re- 

outre uslo make a deduction, so vou should not conater 

the Plan for lass than five years, arti to 94% (depending g date '•* 

on your starting 3^) is invested, except in the iirst two * - — - ■ w«WhBSm 

years when an additional 20 per ami is retained to meet ■ s ^ 5| ered in Eneiqn tf.h^JMSaW Ra«^)ii Bi-atJtiir/t. B V IraDBiQaH 
setiing-up expenses. 

M&G is a member of the life Offices' Association 
This oner s not naUHelo resident o( the Republicof tiebnd 








— y — 



Ever Ready down £3.65m. to £25.39m. 


Whessoe now sees 
profit fall 


PRE-TAX profits of Ever Ready 

Company (Holdings) for the M TV* inrnr\mc 

weeks to February 25. 1978. fell W Y lUtnJLrj 

from £29 .04 m to £2.V3»m on " 

externa] sales of £I94.U3m against rurrent 

£172.27m after a mid-term profit virent 

littJe changed at £10.82m com- Bell way Hldgs. int 1.4 

pared with £LQ.M9m. Exports Uebenhanis _. 55 B2 

frnm_ the UK expanded from Ever Ready 2nd int. 32L 

£4 1.bim to £53.52ni. I'aabioo and General inv. 3 

Sales, and pre-tax profits were ^ Goldberg o.gp 

split as to: overseas £1 L7.3Sm Edward Ue Bas oVl 

(£105. 64m) and £l.Wlm (£l7.04mi: Leeds & Wist. Dyere '. ".int! o!j3 

domestic £”fi.(15m (£6G.ri3m) and m.AM int L9S 

£9.02m t£ 10.58ml and associated Spooner Inds. JinL 1 

companies profits £1.1 6m Yiners nil 

(£1.42m). Whessoe .’. int. 1.97 


DIVIDENDS ANNOUNCED 


3.74Q6p lo 4.U47P net 
final of 2.9947p. 


Date Corre- Total 

nf spending for 

payment div. year 

July 10 1.3 — 

Sept- 20 5.1 1 S.‘>3 

July 13 2.S7 4Jis 

June 22 2.66 4.94 

— 2.M 4.1 L 

— 0.81 1 Si 

July 3 0.3 - * — 

July 17 1.93 — 

July 11 (J.57 — 


Total Turnon r rxVAT ; 

last Rank I.-U.. imorvst 

....... Di.pn-o.iuon 

' Equip lease. rental 

— .01 pre-ux profit 

7.3 Tax _ 

3.SS The current year hi 
4 42 well say the directors 1 
3.74 over at a satisfactory It 
I-®* last year, and their 
1.31* development should, s 
5.«l reasonable economic c 


Ue REPORTING T.VX.VBLE prolit inc for such a downturn. Con- 

down from £1^143.(100 to fl.I2S.000 seque fitly the interim figures. 

170 net "«ih a *K. mo " ,h ? 10 u March 3l : Rowing a 56 per cent slump in 

p nei 19. S, Lord Errol!, the chairman or heavy engineering profits left 

Whessoe, the engineering group, the shares lOp lower at Slip. 

£>"> says earlier expectations of some Thanks to the jump of 52 per 

increase in the full year total are cent in Aiion‘ s profits the overall 

^ no longer justified and the figure pre-tax fisure Is only down by 
>i- '.sc is now expected 10 fall short of a tenth after currency adjust- IN 


Financial Times Saturday May 20 1978 

BIDS AND PEALS 

Austin Reed rescues 
Chester Barrie & 


BY RHYS l 

A RE VI 


DAVID. TEXTILES CORRESPONDENT 

1. worth rr.-ifi.iWH. ’I ailur-i .inti 


if « la mien! Workers u 
mg 10 employ about 3AB 


1 capilal 
disparity. 


The group manufactures 

machinery for plastics, textile, 
paper, bakery and other 
industries. 

. SIX llli.lllll- 

i9;:-rs utb-it 


i.>.oi**hi cunmiK J-i.oiui « Cross throughout 

i£2.49mi with a second interim » oros ' tnrc,u S ni >m - 

of 3.2067p. The directors say .in 
additional dividend will be paid 

for the year, if ACT is reduced, O __ „ _ M The group 

whereby the gruss dividend fur |lf| fj machinery for p 

the year would be maintained. paper, bakery 

There was an extraordinary ■* • ■ .i industries, 

credit or OMn (£17.(H10i which I if Tip 

included the profit, after tax. of 1IIHV 

13 07 m on the sale of the group’s - -» Turnover ..... 

25 per cent interest in the Mallory Q no Off Tradlna profit 

group of companies. LlIulI2i«VU lmcrc.i payable 

Deferred tax charge has been ... S* . . . . *£■** he,are tax 

based on ED 19 and comparative . Difficulties m the bokin^ T * 

figures have been restated, the industry have affected the trading |n ’’ feM 

directors state. The tax charge Position of -pooner Industries. Bxl 4 )u1B0 j,,,„ 

for the year £3..wm t£I 0.53m) is who . se directors report pre-tax AimbuMble 

marie un of Ilk' l-ir fiOiim profits only JUSt ahead from interim dividend 

£»S SS” B7M4. » .D7MM to th. -X — 

(£4 61m) months <0 March 31. 1978 on turn- 


MAM over 
£lm at 
halfway 


PRE-TAX profits for 
months to January 31 


-- .. iigm cngmcerrng -uviiu iracis coupiea witn nelly redun- chief executive of -\usun F.cen, y(W cinpi")™ ■“ "“““'i. 

*■ 11 “ m cn ‘ lu . ro 3 continuation of > his t £2,471) and £3S0 c£5isi and Aiton dancy costs. Possibly Dock Point announced yesterday that his com- AuMin Reeil has also promised 

— .'iff U ' J ri l years growth. £a.S69 (£6280) and £1^3S t£S12>. (offshore equipment) might sec pany will he purchasing Cluster ciismmei- thai ’hr company' s 

— . iv, , . After lax of £563.000 (£640.0001 some pick-up in the second half -Barrie’s 100 000 sq ft main plant delivery perform-mcr — one of (he 

m ■-»'—» r.et profit dropped from £609.000 bur Stockton, with much longer on a nine acre site at Crewe, in- mam problem* behind the cash 

lo £o6a,0Q0- First-half earnings are lead times, will remain gloomy. Ke ther with certain stocks of ,].,«■ difTit-ullies which led to the 

given as fiJlp f6.7p) per 25p share. Light engineering’s profits are doth and garments at valuation mm in intent of a Receiver— will 

white the interim dividend- is lower by just over a quarter re- vviUl eirccl rrotn July 1. be impn»*cd. 

^ LS ^J. 0 ol T .- 3 /P < 1 S , l pl .- 1 C0S J‘ ?' C T« P J?, te , The deal with the Receiver. Mr. rhe ni . w nmipany. which is 

in j.ln.3l4(£I61^SSl— last years fortankers Traditionally tankers phi|, p Livescy of Coopers and |, eirv . renamed Chester Barrie 
total was 4.604p. of lh 5 J-T^rand. ones not involve Cheater t ’| n ,hcx will have as Us rxccuiive 

rldlLh Pl ^^ ri ihvH hU k«£5 S V« n ? Barrie 's other main unit at Wrox- ^ ;iirn , : i n Mr Sidney Cramer, 

wa *(M* hit U Wn l BSIfiil u. n ^i.lt!y?^ ham u-here (he cum pany lias been mjm; ...j n .. director of (he Austin 

c ■■* '** >3.911 ,, t. b rr • V.^n T ^ producing its cheaper David Locke and founder nf 

SSVSfi & JK Ssf'i “SL ^SSLJSsst .»—» irSJSr™o«'n1i 


Tnrao\-?r 
TraCiCi: orafii 
cix Dvprocianor. 
iKiews: Mid 


W» *0iM 
M.ldfl 19.911 
1 .991 2.17* 

597 k’.*9 

>7 2§ri 

1028 1.249 


month* to January 31. luTS at bcf 'g^ ^ ^2*, ' rca,, T. pusninst ahead. ■ The purchase will give Austin at nresi 

lPfy" r ManagemeDt Agency and Music okihk rax i 3a 2rt Aiustralia and. surprisingly. R ^ much bigger stake in Chester 

E3SSS*~= Iris ‘SK rron, £0.4m in £lJ*n « v K. » « C^» c 0 „m,»e m tag* SSUL,' who!" S [: 


Exchange losses of £I.I6m for 


months lo March 31, 1978 on turn- 
over, excluding inlcr-company 


ro'C from £0A3m to £l.n4m on ik. . , he jw T J men swear manufacturing where ^ nn aging director. 

?K5 turnover of £7^8m compared with ' 'projTrei? %^ JSSalSSm J? ***""* mwn ** ““ ° f TATT* FS 

iy*I>49 Lord Errol! repons that Alton to cushion the profits shortfall Honortilt trousers. -Stephen-. C 4 I I Lr. 5* 

' t.127 After tax of £541.123 i £4^2.0:54) again markedly increased trading un ^) (jK nuclear plant ordering Bros - shirts and Harry Ilatl Fur itiU.OOu cash. Cattles (llnld- 
i 7 ..tn earnings are shown at >!.S3p profit For the half-year and con- works: through to heavy end nee r Nding wear. A- witli these com- | n g.s) ha.s coin pie led the purrhase 
'.m c«.09pi per lOp share ar.J the tinues to do so both in the U.K. ing— bul this is some time off P^ics Austin Reed will pursue a 0 f the capital of Whitfield Brothers 

tio 924 inicrim dividend is lifted from and in Australia and Canada. The shares could still be vtiluer- Policy of selling Chester Barrie and Co. which trades as credit 

1.93p to 1.9Sp net. Last year'.- total Trading profit from light a bie even though the yield is 9B products widely lo other top retailers in Huddersfield and 

was 5.61p and pre-tax profits engineering though not up to last p er cent and the prospective p/e retailers. The group pointed out district. 


the period (£2.film profit) arising .hl/t'IiUnt S12 

on the consolidation of overseas- sec °|l d 

half results to show some un- 


subsidiary and associated com- nim .2; “ n u ww . "" 

!’ an '”.'; a ': e h “" debile ‘ 1 dire « S!mcu“™!fhi 5 SfJ 


to reserves. ‘ ‘ , 

as r s: 

B?rec Group W,th nf ?* n ! 10 forei|!n exc hange 

The group is an international disnai 

battery manufacturing and A J , A L i m S 
engineering concern. div denrt b mm 


totalled £2.29m. years figure held up much better no more than 6. 

a- vjuiuucig No in 

1 1 j even after changes in contraciural J?own. At Dock Point. Intense i. N Vf All 

nhpQfl TTk relationship w^lth the croup? [ or «'? n and L.K. competition led « - 

alivdll major artists the results for the fll Vlflf 

a ^ full year should not be mi: nf * s £5Si^ IXIVIlJIv 

£1 68lll " i,h lh0S ' aCi " EVCd ^ 19 :!, ?"di.n2^ cils Zl under , .r. 

lb January, MAM announced recoverv j n the early part of the flV V 11 
TURNOVER FOR the 52 weeks that in return for a further il-.ree- year. 1/ J Y AJ 


T?. rodiiee disnarl rv rhe interim IO Fehruao' IS. 1978. of A. Gold- year contract (from in:d-i:»79) At Stockton works, continuing 
hi reuur'. aispanty tne mienm , , c . wit>i cin-.or*: Tnm .-nH i. i i 


No final 
dividend 
by Viners 


ing and dividend is increased f 
1977 -ts jpvij-77 t0 ,r * nct ,,er 23 P share 


.yesterday that its manufacturing The business will be continucrt 
division was run independently of , n j ls present form and will he 
its retail imprests and that less augmented by rhe integration of 
than 20 per will, of goods martu- Cattle’s own’ branch office pre- 
.factured in ils own factories were sently trading in Huddersfield 
sold through il> own shops, under the name of Shopacheck 
Austin Reed hi< «ard also that ii (Yorkshire) and » further acqiu- 
will maintain Chenier Barrie’s top sition completed recently was (hr 
standards. Premier Supply (Jo. of Barrow-m- 

The new owner expects Chester Furness. 

Barrie (0 have a turnover of abuut c-c-y-vr-i a t-i- nr < i s? 

£6m for (lie Chester Barrie AooUUA 1 1 LH'.ALd 

Group as a whole including iis On May IS. Sheppards and 


Fxiemal «alc-s 

Profil before lax 

TdX 

Ilcr Bren 

To minomiL-s . . .. 
Exiraordinary L-rorln 
Aliributablc 

See Lex 


Ohm mod present dividend restraint is f r ° ra 
ish.ici i7i.2« relaxed, the directors would ,I \ C 

2S.3W 24.041 intend to raise the total for the ™ va 

ix'wi J' ear by more than fhe 10 per 3f ** r 
l!su j’lis cent, currently permissible. Last ha,r - 

" no - i" UAn e'.' Imil rtovmant «••*!&! O nAfln V*ii 


Tr year's final payment was 2.Q0&P Full-year earnings are 


.ii.a.-i saio u considered ins: ine " V"'"; ^ proms or wi.uih comparen wiin vestnrdav that a Her consultations Crnsfirlri fnr disrrel 

resulting earnings shortfnll over Exchange fluctuat.ons during the £448.091. Turnover was £10.41 m. S lh / Na ionat Union Sf S X > 
shown the next two years would lie made Penod also reduced the Profit against £ 10 j7m. v *' jnonal L 01011 « meni ciienlK 


nb ui able i7.iij i«.39S paid from record profits of at 6.2p (5p) per 25p share and up. or exceeded, by the take dur- contribution from alt of the With rav nkin« f 9 790 (£222 479) 

See Lex £825,432. the dividend total is lifted from ing the following three. group's overseas activities. . m i n o r jt, es ”£11322 i£!4’39$i 

These factors taken together had n arn j nc ,c 3n > aii-on as 0 - , n~r'! 49nl 
a serious effea on profits of heavy th 2L 

Debenhams ^unsatisfactory’ capital return aa!»r^ 

profit outlook for the current year, .^be directors say that trade in 


ALTHOUGH pre-tax profit of to clear excess stocks and high holders of £26,297.984 siock have final payment of 5 per cent. ihe roun’T ii licloVr 'nrosneers n'ro the UK was Tar below expectations finance house, lias been forging rationalised 1 
Debenhams improved Trom expenses associated with the exchanged their holdings for new The directors state thal result* nnvv ” muc h‘ fi , rmer thau-h thev will a* the year end. There was a ahead with reducing its South JoucOmatic. 

In rac -ICm lr, lV,n ..A-- ..r n, nrnrnmnni ch-,ri» (nr iho ,n>„ i. ... hnui^l muu uiiiiei mi.* n III . ... . , ^ _ c 1 # J «• . . . .. 


UDT sells more South 
African interests 

United Dominions Trust the mation’s product range K to he 
nance house, has been forging rationalised and integrated with 


iJ04-im to £2S.2fim in the year integration or the Greens business, preference shares. for the previous year were boosted hxve no si'miDcani effect on nrofit significant under-utilisation of .African commitments. Yesterday DDAOrc 

lo January 28. 197S. this included The fashion multiple division , Included m this total are the hy substantial exchange gains, figures for some time 10 come manufacturing capacity in Shef- it announced the completion of 

oilier items of £ll.3fim compared had a good year, achievin'* its Holdings of £2h.l6i»..18 or Barclays which were not repeated in 1977 ” ** 1 K lu field resulting in a loss by the the sale 10 Standard Bank Invest- The following mergers arc not 

with £2. 13m and the directors dr» budget profit of £3J!m a-ainsi Bank antl Prudential Assurance Also, it was necessary to make • Comment UK company. ment Corporation or its 50 per to be referred to the Monopolies 

not consider results satisfactory £2.2m. Company. Dealings in the new certain provisions for previous There was no hint in the last Overseas companies achieved a cent holding in UDC Bank. As Commission: Letrascl International 


mder-utilisation of .African commitments. Yesterday 
g capacity in Shef- it announced the completion nf 
i in a loss by the the sale io Standard Bank Invcsi- 


NO PROBES 

The following mergers arc not 


in relation to the capital employed Basic earnings per 23p share preference shares expected lo years' transactions, 
in the business and its growth in are slated at 20 3p fl6 8p) and commence on May 24. Pre-tax profit wa 

recent years. on a nil distribution basis at 23.4p _ __ - h i^ e £„ depre S iatior 

Other items included property tl9-3p). In view of the present ( rOCQlPV rwlflCTC .1 . . pr . was 

sales which realised £14.5m during uncertainty over -the future rate DiUgdi SSi2.39ra (bS1^06n3) after tax 

the year. of income tax. the final dividend bS9j2ra fb|I6.1Sni). 

At midway profits totalled >s 5.nifit4p gross and will be paid IOrCCaSllllS Minority interests and pre- 

£3. 19m f£2.G4m) but the directors after the rate of tax is known. ® a ^°' s i tl0n P™? 15 SS0.Mm 

warned that these should not be As rorecast at the time of ihe OVPF T 1 HI credit) and after extra- 

regarded as indicating profits for rights issue last year this raises V**-* ordinary credits or S3-^3«ni 

thr hill year. the total payment from 7J29638p Sir Rupert Speir. the chairman (S$0.T2m debits), which include 

One of the major factors to 8.92602P. of Crossley Building Products, profits arising on sale of part of 


adversely affecting the full-time 


forecasting 
over flm 


years’ transactions. account nf Uliessoe the heavy similar level of prolit to that of expected the deal is by way of J- and L. Randall: Bank of 

Pre-tax profit was struck after engineering division was bead- the previous year. 3-arn -SBIC sit. ires. UDT will Ireland and British credit Trust, 

higher depreciation of SS12J135 retain the final dividend from criipr CT4i/i:c 

iSS6^20) and net profil was Ute bank for ll>78. an.AKt 3IAKL3 

SSl2.59m (HSla/Wrvi) after tax p _ _ J KAAreitAHir ^Anrl In addition L'DT is getting rid t Cent re way— George U'hitchousc 

bS9uj2m f.s$16.18m). ItOOU FCCOVCrV trCIlQ ° r one of its two other main h as acquired a further 20.000 

Minority interests and pre- ^ * J * assets— its 50 per cent holding in shares at average of 230p bring- 

acquisition profits took SSO.'J&m r» ) ii lUetboard an investment trust. In " total interest to 173.500 

(S50JJfim credit) and alter extra- CniSirflV KPllW51V The sale price is apparently (^-7 Per cent), 

ordinary credits of S83.37ni OV ldi ” J JLMX^MjL tT iXJ £700,000 iRl.lra). Llden Holdings — Prudential 


1077-7S iVTS-77 forecasts that pre-tax profits for the company's 
- woo row the current year will be in excess ray Credit Corp 

.W ’IB .-.r ri_ * l — 4rir I lid gllrihilfihlp 


Another sc I hack was a short- 1# - 1 ^ ,7 - 1 ^ 

rah. in the results or the food ’ . ” £ f? 

division and the photographic interim urd j.t-j* i.m 

retailing business of £4.9m Final urd iSil S.JJK 

against plan and £3.9m compared hviaincd _ n.973 i;.3i9 

with the nmvimu vo-.r Or Repreients an aniuiml paid in rhe 

S Pir. r Ttusiee, nr the Debenhams h M . Fund, 

pearly flm. was attributable to ba«*d <m actuarial jtfvtcv, in con«ldora- 
thc rood Side. IIuD nr iheir asvDnnm: a-- fn»m .lannan' 

Here competition in the High M - ,977 - rhc funtre liability fnr « S ratl» 
Street was intense, and although 52S2SI 1 l ' 4 “ pl ” yws ; Th ^ 

it continues the directors say that f h c 


19.’|n 9 t7 tvm current months. 

ss s* He added that indications were 
< « ,hal demand for group products 

islt --i* would increase substantially as 


writing off 
capital 


Current Trading continues to be concluded for the replacement 
satisfactory and recent restric- part of the remaining snort- to 
tmns in mortgage lending imposed indebtedness by a total of L 
by the Government have not so of 10-year bank loans, 
far markedly affected the level A rnmmont 


raucs to be ™ ocl “r ,h 2 L ininc short-term The r,nal °uicome of ail this Downs Surgical — Electro bp I 
it restric- P*Jj K ®£ l , *l, e „ ir ^?. a J 1 of l £jm manoeuvring will not be certain Jmcieie Anonym*. Btussels. is 

g imposed indebtedness b>. a total 0t um unlM SB1C determines its final beneficial owner ofl. 221. fiPP nrrti- 


; continues me directors say mat , hc year ewlod January -sT isS. was 
steps taken to improve the posi- lasa.oM MKT. rats.ono. 
lion have already met with success. See Lex 

However, they add that Food . _ 


I’H would increase substantially as LdUHdl by the Government have not so of m-year nann loan. . dividend for I97S tupon which nary shares formerly held hy 

11 973 irsit the year progressed, thus further far markedly affected the level A comment UDTs final dividend rights from Soriete Nouvelle Dpsclee F'reres 

paid m inc confirming the profit forecast he of P rivate house sa y ^ w «i v, P a L ! DC hank depend since tliese are S.A. Brussels (S.2 percent). 

'. Its.inn Fund, made in his annual review. Vr d direeluw. 7 nli^hP squired to equal whatever SBIC British Electric Traction — 

— i „ Finff-half Profit was struck after one 'jjjlj is paying on 3.5m .shares) and London and Manchester .Assur- 

ET* iSE Inph^gnp • '"r.ji® Sf2f in ^ nn of »•«» t£42S.OOO). but ywr end M>n» Ah>M »dl Show un|j| shareholders have given ance now holds 150.000 B per .-ent 

.>•«*>. Th>* llicnca.pc cclltn^ 20p of every -jp share, and subject to tax of £565.000 whether IT is b® ,n r , fil ?° ,y l .' ro f- their consent. participating Preference shares 

DC1I-40IW fnr tx 1 J * to cancel the share premrmn t X495,000). After extraordinary but meanwhile the interim figures lrtri/VMljr . Tgr , (21.04 per rent), 

i. 1973. was KprhQri capita. At present the issued credUs of £5.000 ( £io,000) do suggest that the company is JOUCOMATIC Land Securities Invest ment 

capital is £1412,(1.^6. anributable profit emerged up on the righ t pat h. The pnj-lax in- The British subsidiary of Trust — Legal and General Assur- 

n profits of Inchcape They explain that their policy from £67,000 to £488,000. crease reflects not only the j ouv *n®I et Cordier. the French ance now has interest in 10.072.924 


(livisinn nriilit* Tor rh» timp h»irm ^ " Tuaiea earnings are i.»p (u^jpi pneumatic equipment and valves urnma 

« ill f 7*fc .2 s TOWN AND TITV Sidiary of Inchcape and Company, finances is near completion. per 25p share and the interim operations but also rent reviews qroup> Joucomatic Controls or Scoll 

wlmemahy be affected by the I v/ v T i ahu LII I rell from SS31J24m to 8*22.11 m The directors will vote m £ri d £ml is stenoed un from Up on the commercial properties, and R™dlnc has made itasevenu! Mr p 

cut-pnce pol'cie.s or competttors. Resolutions proposed at meet- for 1977 on turnover up by favour of the capital proposals in u> tAp net. with capital holdere —wore important— a real upturn UK aretthsiUon. It has bought sold 2 

rr7^Hn-l°rirtp n ..-!c (f rt, Ph ^ otosraphic ings of the members and holders SS143.06m to SS758m. respect of 19.24 per cent of the receiving 0.1 p (same) in cash and in housing Beilway sold 600 houses Aj r Automation of Wolverhamp- tween 

UC D I”k T ^ ^ ^ , S ii> “ n ' 5 ecu r ed loan The dividend is down rrorn capital as will Confederation Life an allotment at the rate of 21.45 in fhe first half, double the level t 0J1 through its parent company reducii 

r "1?-, 8ubstaf ! tia J stock 1994/99 of Tow-n and City 121 per cent lo 10 per cent for Insurance Co. in respect of 11-35 (2S.T) Mr 1WH) cardial shares of the comparable period, and ex- Temple ^EtnSientsT -A? Au!2 Jharei 

reductions in margins required Properties were passed and lit the year costing S99.3ra. with a percent held. Thedirectorsimend topS peers to build L200 this year-ior P ^smimems. Air auw snares. 

a 1.471 p final, making the maxi- which jt says it has excess de- 

m a u mum Permitted total of 2.871p mand. This is still only half peak f 1 ■ 

IR©SU«VS due next W 66 k duced. J t hey tend^to at i ncrease last P year and into the bargain UNIT TRUSTS 


reducing interest 


1.337.062 


a 1.47ip final, making the maxi- which it says it has excess de- 

mw BAB a m mum Permitted total or 2JB71p mand. This is still only half peak 

IrACIllTC fill A VtAVr umnl/ (2.6Ip) and ir the tax rate is rc- output but it is 50 per cent, up on 

■ wVJJIII *3 Ullv I ■ %+ VV. L duced. they intend to increase last year and into the bargain 

the total accordingly. margins have improved_by at least 

A diverse spread of companies or sterling is unlikely to have too lower" results for the first quar- puter concern, ICL at the halfway J£* directors state that the f " SjJ*® ..J J 3 P" 

arc due in report results to Ihe serious an effect on Gcechani's \ er . the market is not expecting stage ithe figures are due on complications inherent in _the Lac-king further ahead, next year 

Siock Exchange next week-mil- second-hair profits. The strength any fireworks when interim pro- Thursday) most are more united fis “' n^rhfTenin^ro Nn^^n 

-'car Profits arc due rrorn Cnur- of sterling has been most marked fits are announced on Thursday, o nwbat the full year’s results are fbanges since its Inception, no £1 <.>.000. on the letung to Northern 

laulds and Beerham. with interims against the dollar and North Brewing. Shichmreoumed for 76 likely to be: £36m £37m is ton = er ! ,ts continuance Enginering and there is likely to 

[rom Russ CharringUm. MtPC America accounts Tor only about per cent, o group pr^mterest sSsted FoVihe flrj'sb months either in the interesU of the com- be a £lm. . extra-ordinary tax 
ICL and Associated Engineering one-sixth of total profits, against profits last vear^ will havT to^ bear Current roar n«SSSan! pany or memt *n a s a whole, credit following the closures in 

and first quarter accounts rrorn important markets in Japan and the effects nf th? ei "ht-weck un- betSST H5m and S?S. A «ordinpJy. they have decided France In addition, the lengthened 

in I.” ine cnecis oi ine ei»niweei» un- range oeiween tiom. and (a ,„ <f - nc rprrn jn 3 i» th e borrowines structure should nrn. 


«.i. nnn .-ivsuciau-a engineering onc-sixtn oi lOlal profits, against profits last year will have to bear a/ the current vear ectimares p * ,Vf ar raeinwra ^ * wnoic. utoji u ‘\_ 

and first quarter accounts rrorn important markets in Japan and the effects of th? ei "ht-week un- ?Lte beS^ST £15m and S?S. Accordingly, they have decided France In addition, the lengthened 

IO. Germany, where stertinc has it ,1'f sa JSS* SI »o take steps to terminate this borrowings structure should pro- 


! UNIT TRUSTS 

Sorting out your own 
investment needs 


Since Cnur laulds forecast at shown little or no strength. and distribution problems in figures might not be' changed on 
mid-year thal its full-year results Boccham was on larger with Scotland and London, fn contrast, the £i"m. for the comparable 
duo on Thursday would be lower profits of nu.Rm in the first six however, wine sales will show period ^ 

than iy7(»-<< s pre-tax jirofit of months (£jfl.4nii and analysts arc some improvement, as will the Further pro»ress is expected at 
1.80.9m., ihe market has scaled looking for between £14<m and hotel interests. Overall, analysts MEPC after last year's recovers-, 
down ii< expeei.il Ions <ic- IW" *hcn rull-profits are are forecasting pre-tax profits of Analyst are corns for Siwrim 
nilicanlly. This i- mainly due lo ? I 1 " rt °R "^1,° ? J P h Ursd ay ' aaainsl or E14m. for the first 28 pre -tL profitsf due on \vSnes- 

the lower than expccied famines iasi time. weeks, which compares with day, of between £4 am and £5m-. 

from the textiles rliiteinn. the Analysts lilted I lieir forecasts £.15 Jim. in the comparable period. a -»ainst iust under «ni ThLs mav 


n in canny, mis i- mamiy mie jo 2 ' 4 or for first 28 pre -tax profits, due on Wednes- „ ryx ll for those funds alone. ' 

the lower than .-xpccicd rarnincs il2««m last time weeks, which compares with day. of between £4.5m. and £3m.. PH 8 Ml PTfll- W^II very well in one way— $ 

from the textiles riitteinn. the Analysts Hired (heir forecasts £33JSm. in the comparable period, against just under £4m This mav Allvvi 1U» »» vu courses, and so on — but i 

•-•roup’s largest single profits con- of Id’s first -quarter prnlll.s fol- Meanwhile. Associated Eng in- rt nt appear dramatic at first but ti can be dangerous, 

rribuior. Analysts nulo thai the lowing the release of Shell’s first- coring is due to report interim «he sale of Canadian assots last M iho first flush of enthu< 

hoped-ror revival in consumer quarter figure last Thursday, Shell profits on Thursday. The outlook September has stripped out ‘a DOiSCQ IOF 2T0 Will died at? too easy' 

spending in the UK did not suggested that conditions in the for the first half is not encourag- significant contribution to earn- r VWVU AVA b A V T 111 the money invested in 

maiermiise hsl year while (he chemicals ana relarcd industries ing. mainly because of the effects mgs. Below the line however net reurmc r™m inva.tn.am f ram tvhirh It should b 

European markets renamed were not quite as bad in the fi rat of the eight-week strike at the revenue shiuTd show a Jharo inTbe profi?abm^ 5f Frt *£ for wam of the timc a 

depressed Moreover, rhe stronger quarter as had been anticipated Glacier bearings factory in Kil- increase with allowances for adds b s> on, i e cndirman takes to move it. 

pound niay have made export Ins The « e " e ”L” fl n e f cl ^ , | ? n marn o>*- A/so. there has been depreciation on overseas proper- b^mamtalned^in the future U This iswhy Brltamifl’i 

more difficult, i-ourtaulds pnint is now a figure nf approximately an easing-off in the demand for ties now considerably reduced 1° Z It ICCIir Urine tn no 7 imjAitnrs to sit a 

business may also have s-uffered £93m. It Ifl -still well down on original equipment in the woke and mSori ”fn SSff y 0U t of Se ^ ISSUE NEWS abouf tiSTthS 5a J* h 

from a slowdown. indtistrinl last year’s first-quarter figure of 0 r lower tractor sales and — he- way. man. who adds that the company awnt wnai iney warn n 

problems added to its dinicullies £l4lm. but it is up on the last cause the pipeline is well stocked Other results lo note are: ! s P 0lsed to take advantage ofan E'n rnHlPriTl BrifanSs answer — il 

- *■- -■'cond hair, and final quarter of 1977 Thar period _ a sluggish situation in overseas Muirhead (interim Tuesday). K nproven Jent m economic condi- X^UI UIIICI 111 Britannia s answer ti 

iow range from £55 in possibly understated ihe actual replacement components markets. London and Northern Grouo t,ons now affectin s ,ts markets. n|lAfwinn>c 

-the full year against trading position as there was Overall, analysts are looking for (final. AVedncsdav) Parley Members are told the company s aliUlUlcUl) 


prouiviiia juucu n> umnuiiica “i- tause me pipeline is »cii siov^eu inner results to nnfp are: - £ ' ' . — 

in the second hair, and final quarter of 19. Thar period — a sluggish situation in overseas Muirhead (interim Tuesday). H n P roveraent In .economic condi- 
cstimates now range from £55m possibly understated ihe actual renbeement comnonents markets. lAnHnn and Vnni,... c^nn tlons now affecting its markets. 


estimates now range from £55 in possibly understated the actual repbeement components markets. London and Northern Grouo 
in ffiom for the full year against trading posiiion as there was Overall, analysts are looking for (final. .Wednesday), parley 


Members are told the company’s 


able for the specialised funds, and arrangement, the High Income 
for those funds alone. This is all Fund. The Arbuthnot three-m- 
very well in one way — horses Tor one arrangement does, however, 
courses, and so on — but in another have an extra advantage for 
n can be dangerous. For once income seekers, in that disirihu- 
thc first flush of enthusiasm has non* are made six times a year, 
died, it’s all too easy to leave These two apart, the fund* .in 
the money invested in a sector offer this week are .Strict! v i^ir 
from which It should be moved, those witn income enough 

for want of the time and atten- already, who are looking for 
lion it takes to move it. capital growth. Not that the 

This is why Britannia's attempt yield on M and G's Smaller Com- 
to get investors to sit and think panies fund is negligible, but iho 
about what they want from their attraction to this one (minimum 
investments is to be welcomed, investment £1.000. or £12 a month 
Britannia's answer — this week, through the life-assurance linked 
at any rate — is that they might savings plan) is its mana«ere 
want extra income: and that if reputation for achievin'- con. 


FINAL DIVIDENDS 

•VUlIH-t- |jMO<)n.-« . .. Tlh-sJ.»Jf 

Al'i'l Ix'Klh.-r I nd.lRi <-!••« .... . . W.-di/cjMS 

Anibruso lnv«&»m-ni Tn«« Twsdny 

A<h Spinni-is rrtftip*ii>v .... .... ThursrtJf 

>yr«h'r.. Moi.il Pro.lu.-is . .. Thur»di«r 

r.--otuim Group Thursday 

nrittoh SyiAon tnrtusirirs WrdncadJ 

r.runnintt Group Wodno<PJ 

■ '•■uriauidc .... Thursday 

riwoK Croup . . W'.-dnrsda 

Cjsiom Produv UloldniP** W.-rtnoadl 

Coorc*- Euor and Co. . . . Friday 

F.\chJocr T.-locraph Company .Roldtnesi Thursday 

Fio.- AM rovWopmnnl* Tuesday 

Rnoinran Tnisi Wvdnrona 

W J. CI0KU.P Wndneso* 

Kaiwr Bon.lor Thursday 

Philip Hill Invnsjnu-Iii Trust . ttndnrsua 

iiol.-pifi Trust Ucdocsoa 

Uuniiou AssuniHv Industries Tuesday 

liu.-mallimil Paml Thurso 3 ’ - 

Ki'w-n HlUtiarm HoldiOKS W.-dnowl» 

I jiimnt •Hold.nJ* Tmir^day 

i.. -M.re -Or ii van Parks .. .. . 

London Vlonile tnv<sum^m Tnjsi 

I. on. ton and Nnnhi-m C.nmn • .2U52SJS? 

Minsivr Anscis -r! njW 

Monks Inv.-saniem Tnisi ... . 

.Vow Throsmnrmn Trusi Ttiu™M* 

Mmwivll fnivsinten* Trust 

Poh mirtr Iniem.ilinnal ThniMas 

William Pmms and Son 

Pni.-hsNl Services 

FrTnctS^omnc* -Holding. 

Wuuhmor iBwnmrat Trust wonoay 


AnnimiHV- 

liitidi-nd < 



Announce. 


ni.ni 

I..V*r 

71 ir Thi** ▼••ar 

CoRipany 

moni 

l-i si 


due. . 

Ini. 

1 ' Inal 

till. 

INTERIM DIVIDENDS 

due 

Ini. 

Filial 

Tih-sd.ijr 


I.VU 

93 

Axfeiitati-d Eiiuinei-Tlnic 

Thnrsrtajr 

1.27 


W.duc.-klay 


2 -.'l 

1 -KI 

Assoc la u-d Spnivcrs 

I- riddj- 



Turadny 


2 7 ’ 

t> 

As on Rubber Company 

iv.-dnrsiijjr 

4 0 




3 s:s 

t.i» 3 r 

Boss Charnncion 

Thurolar 

l.KT> 


Thunulay 


3 nr. 

LIUS'. 

ROC Internal lonal 

W<-dn--sday 

1 34 


Thursday 


3 TH 

S. 3 S 

Thomas Eorlhwlck and Sons 

Tni-sriay 



Wrdocyday 


0 794 

LO 

Caravans In mar tonal 

Thursday 

2.0 


Wednesday 


2 . 2 T 5 

1 

John «Zarr iDoncasi..-r> 

Wednesday 

O.r, 


Thursday 

= I 3 S 

4 319 

2 . 47 h, 

Crysialsre iHoldincs> 

M'jndjy 




— 

— 

— 

Jam.?s II. Dennis and Co 

Wednesday 




— 


1 32 

Fluidnve Encmrenoa Company .. . . 

Thursday 




— 

i ing 

— 

Enalon piasiics 

l rlday 

1 .1 


Thursday 

1 Ml 

.1 

i sat 

Ccrarac Hnljloc^ 

Thur'rtay 

n ssr 




O.Kjl 

0.8 

Homfray and Co 

Thursdnv 

1-311 



■ 

1 . 9 a 

— 

ICL 

ThursiJas 



Wednesday 

l.set 

2 . 13.1 

1 . 16 C 1 

Jonhs and Caitrll 

Thursday 




— 

1.74 

— 

K Shoos . . 

Toe-al.ry 

n .77 



7 . 1 S 

IV 

3.5 

Krysiooc Invostmonr Comnans 

Thorvdav 









Marhy 

Thurs. 1 a>- 





1 3 B 

1.33 

MEPC .. 

Wednesday 




ir.st, 

I-.IH 

O fti 

Men and and Co .......... - . .... .... _ 

Thursday 




— 

II. 1 

0.325 

Muirhead ... 

Tuesday 




— 

o r 

— 

Ptoorolx A>*uranc«- Company 

Thursday 




3 lil 

.1 199 

2 . M 2 

Plasion's iSoarhorouch • 

TiK-vlay 





1 23 

1 . 2.1 

Proprietors of !!*>'« Wn.irf 

Th'irwljir 


9 291 

Wednesday 

Li’. 


«.* 

Ransume Honmann Pnllanl 

W*>*tn-s*J-jy 



l.ii 

1 7 TIS 3 

I . 1231 

fled leant National Class 

Til, -VI iv 




n B 3 

u.« 

Scomsh Inv'.-simcm Trusi 

Thursday 




n .7 

n;m: 

S-onish National Trom 

fui-vljv 




:b 3 ii. 

JLSi 

05 

S'oehholrt.-rs in*esrmen: Tni'l 

Alofhlnc 


1 

Thnrsdas 

Thursday 

1 J 1 S 75 

1 . 23 B 5 

0373 

13 HK 

B .4 

Sn-nr-T riari- M.-< *i lndf|-titui> .... 

INTERIM FIGURES ONLY 

Thursday 

9.96 

1.43 


ThLs year 
IdL 


tinliin" in exnlnrc the onoortuni- “***"*"•»- «»»»->; «i'«im appn- requiremems. iw* n long- inai me four mwcimIim \nwiu-in 

ISes'^r^uJriffismg 1 V*W«S5. SXdSSj 10 £ " 45m ' M' n . ^.“*1 


from the company, 
assets. 

As reported on Maj 
profit rose from 1 
£321,000 for 15)77, on 
continuing operations 


company's properly 


which really needs a turn nut. rent rated. Tarncl -\nu-rieun 

Applications Tor 201) to 3.000 As it happens. Briiannia isn't (minimum investinem TMinV 
shares— we fhtf.l hflUnI r«r 'Un lV. n nlferintt 4-. imeMintni S-WM 


nil mill uni recent performance record Snve 


Amal^onialcd McUl Cvrpuralloh 

ICI 

London Iniop-nniin.-mal Trusi 


Mondar 4 

Thurad.iyf 

Mnuday 


On its chemical manufacturing Returned cheques documents nr to pw In with an estimated ins „ r-.Xl * « nnmmum mve.M- 

side. the company made heavy title will be despatched to appli- per “ en i But the figures can’, he •» n <'.W*Lu n d«« 

investments m physical plant and cants next Tuesday and dealings taken simply at (heir face vat , e ?'*” , " l * p S?! wn »l (minimum 
machinery during the year and commence the Following day. For ' the question to be aLked lent f’’ 010 are Actively 

also, m the development of a Robert Fleming was the issuing is no t simply do you want extro thl » ,nU ? tho Interestingly, 

strong market. n S function, par- house. - income, but riso do vou want ‘ . J ‘^ ler have vOmpleicly 

Fish e r >V esfphuns 13 ^* t* the TURNER & NEWALL S 5 S: 00 &£gJi 

f^ eD ?iJks" S invoh^ e ^fi^ ,h Turner and NewaM enounces from which a stead? ^sTTn for 

SSS ^ ™ « -I ssM 

i, S oversea n»rk«in S arn,n=e- sh a r„ , ake „ ILlS. Sfff.« S-i!g!! e- m „ r . 

“"nf disposal of three builder's SllraJ fSTmu m" r ‘‘ i om|,llc 7 1 ,Kl ' bu ' "“v™ " ilnl »""«■ 

company^. SSS-.'SK «2f SS'SK ^ 


‘ Dirldcnls Dio-.v n nci nunc, per share .ind adjuMrd lor any ini^rv.-nirw wrtD 
l««lc. Includes fnmpciujrm; ifnlrlcnrf rl<K lo . hunzt- m lay rale - includes 

a KujM dnid.yBd' , on , |y 591P ' 1 l,, " rnm m l,cu <* 3 First qiunrr fipircS. 


5!>e life. 


cJf&\ 


l jZfi 


I 




Financial Times Saturday May 20 1978 


SUMMARY OF THE WEEK’S COMPANY NEWS 

Take-over bids and mercers turer Duceni ^ now hew by dba. on® of the u.s. Bcnaix pkumenary results 

® Pm I in nf nnniniiMixn 4f> I..:-.. <■ 1 — ..uiuJ >rti n 


laive-over Dias and mergers turer Ducelller now held by DBA. one of the U.S. Bcndix 

group of companies, is being fiercely opposed. The opposition 
i ^ rora Mold ings now has control of its Sheffield neighbour iS comins from SEV-MarehaJ. made up of a group of small 
Samuei Osborn. Having launched its bid on Friday morning corapQnent makers and 70 per cent owned by Ferodo of France 

had o** 29 5 PCr Cent ° f the equity - Aurora announced that it and 30 per cent by fte West Germ *n company Bosch, 
that a ^ C ® ptances from per cent of the. shares and Shareholders in Mansion House Finance and Taurus Vehicle 

61 ad gone unconditional. Leasing, which control the British School of Motoring, are 

Harrisons and. Crosfield have wasted no timp in bringing at * vised to take no action on the bid document from Dorada 
out the offer document for Harrisons Mgiqy pi qn Estates. The Pending further advice; Mr. D. A. Jacobs, who heads 

estimated profits for mn?. \ n year to March 3L 1978 are b ° th MHF 404 ' rwi ‘ Boards « *» “ the final stages of formulating 
£24.9m and the fixed assets have been revalued at £L19m. This ^ 0Wn ° ffer ‘ 

S ° et 45881 ndue P«r HME share of 89p, com- " Value of Prirc v*S£ KST 

tu the 95p currently offered by H and CL Company bid per Market before of b>d Acc’t'ce 

The parent company of London Weekend Television, LWT bidfo^ share** price** bid Urn's)" Bidder date 

“ 8<e ® “ Sh bid * £3 ‘ 9m> for Hutchinson, an *r«, ^ ***** wioml 

oiii-cstabiished publishing company. Shareholders are being /- ... , _ 

Offered 35ftn ntoh no*. f _ * M ^ 6 Carlton Inds. 1G5* 189 170 22.7 Hwkr. Siddelcy — 

?^ te ^ 85pjMtlChTperCeilt tarElMl r #l,its 26* 23 87 2.58 Spey Invests. - 

cumulative preference share. Customagic 20 -22 191 us Mb3oy.i.^ - 

A. Mendez and Co. (UK)-UK subsidiary of Mendez Inter- 93 95 90 113 78 qS&S - 

national is offering 4p cash for each Aajawella Produce share Jhnsn.-Riehards 1271 §§ 133 usi 30.02 Hepworth 

not already owned. (H. AIL) Tiles Ceramic 25/5 

. KCA IntL 29* 26J 28 7.7 Mr. T. Ward — 

mootoya Investments has emerged as the suitor for Custo- Ringside inv. 60| 56$ 56} 5.44 jovelnv. — 

magic Manufactnring. the stretch covers company. The terms Loud. AusL Invs. 150* 133 123 1L24 Colonial Mutual 

or 1?" "r,”" ^, r h ° S "‘"S* reJeCted ^ “ “ Sb 11. 22 19 0.52 

or new partly convertible unsecured loan stock. Mooloya, bow- Trust w.&a.sazh K — 

ever has already entered into agreements with c»r t a}n Custo- Marier Estates 25* 29} 21 0.88 Blade Invs. — 

magic shareholders, particularly members and friends of the IS** 1 ® 3 !*” w 193 363 423 HiUesbogAB - 

l77r aK>rOXlmateiy 2 ' 3m * haTf *' PorkFaLs S 668 457 S NU^Foods _ 

total shareholding up to about 47 per cent. Randan (J.&L.) no no 69 31.78 Letraset 25/5 

Walter Duncan and Goodrlcke has bought 7,505 ordinary RKTTextfle * *•* 92 ra tt 7864 _ 

shares, 5,378 A preference shares and 2,105 B preference shares Walker Sons & 92 87 34 0.41 Angfo-lndoaesian 

in Longa! Valley Tea Company at £1 a share and is making Plants — 

a general offer at the same level to fulfil the requirements of £5* S° u ff 22/3 

the City Code. Young House — 

Sehlesinger, the insurance; investment and finance group, , ^ tern ^ ve - bld - 5For ca P ito! 

K t - __ i H not already held. ? Combined market capitalisation . ]| Date on which 

nas broken off merger talks with an unnamed American insur- scheme is expected to become operative. •« Based on is/5/78. 
ance company. ' " tfAt suspension. & Estimated. §§ Shares and cash. ?U Based on 

Chad Valley has been bought by General Mins (UK) for 19/5/78 - 
more than £lm in cash. General Ming (UK), a wholly-owned 
subsidiary of General Mills of the U.S., has acquired Chad Valley 
from Mr. Davoud Alliance who bought the company from Mr. Qfflhfe I qq lip 
John Bentley’s Barclay Securities group in 1972. IliyiltO loOUO 

The attempt by Lucas France to buy, for £14.4sz, the 51 Central Manufacturing and Trading: Two-for-five at 20p. “ 

per cent stake in French motor electrical component manufac- Hestair: One-for-foor at 84p each. 


Company 


Year to 


Alpine Holdings Jan. 31 930 (4B4) 4.3 

Amos Hinton Mar. 4 1,733 (1,211) 13J 

Anglo-Swiss Dee. 31 243L (85)L Nil 

James Beattie Jan. 31 2.540 (2.060) 10.5 
Blockleys Dec. 31 440 (355) 15.1 

Boots Mar 31 107.000(91400) 14_l 

British Vending Dec. 31 721 (409) 38 

Brit. Arrow Hldgs. Dec. 31 3.720L fd,190)L — 

Bunzl Pulp Dec. 31 12,250 (13.150) 16.7 

Bulmer&Luntb Apr.2 2,188 (1,438) 1 22 

Cakebread Robey Dec. 31 52S (406) 3.9 

Cater .Ryder Apr. 30 1,732c (1,330) 442 

Chamberlin & UiU Mar. 30 619 (604) 13.9 

Coats Patous Dec. 31 83.233 (76.428) 15.4 

Did ton Forshnw Dec. 31 2,400 (3^10) 13.0 

D unbee- Combes Dec. SI 6.433 ( 5,912) 24.5 

Duport Jan. 31 8,016(11,446) 13.2 

R. A. Dyson Mar. 31 41 (S»> 22 

Enerxv Services Dec. 31 865 (5S3) 1.8 


Duport 
R. A. Dyson 
Energy Services 
Fidelity Radio 
Folkes Hefo 
Foster Bros. 
French Her 
Furness Withy 
Goodkind 
Luis Gordon 
Hartwells 
Head! am Sims 
C E. Heath 
Hield Bros. 


Jan. 31 8.016(11,446) 13.2 
Mar. 31 41 (Sy> 22 

Dec. 31 865 (5S3) 1.8 

Mar. 31 1.310 (1.750) 12 

Dec. 31 3,063 ( 4,157 > 5.9 

Feb. 28 5,370 (4.100) 11.6 
Dec. 31 6,010 ( 3.080 ) 6.3 

Dec 31 20,720 <22,6401 46.8 
Dec. 31 19 (35) L 12 

Dec. 31 8 (444)L 0.1 

Feb. 2S 2.108 (1^32) 34^ 
Jan. 31 320 (213) 12B 

Mar. 31 14.661 (11.271 » 27.5 


lndustLA General Mar. 31 8^3U (7,820) 


KwlkOt 
Lee Cooper 
London Trust 
N Wide Leisure Dec. 31 174 (241) 1.5 

Nichols (Vlmto) Mar. 31 782 (509) 26.77 

Old Swan Mar. 31 96 (55) 2.7 

P. Panto . Dec. 23 302 <260> 33 

Peerage Dec. 31 552 ( 410 ) 8.0 

Pork Farms Feb. 25 3,010 (1.950) 612 

Pyramid Publisbrs. Dec. 31 237 (220) 53 

Read lent In InL Mar. 31 7.556 (7319) 43 

Walter Run ci man Dec. 31 2,620 (2,510) 17.1 
Sphere Investment Msr. 31 2270 (1390) 3.6 

Seecombe MrshlL Apr. 30 304} (473)5 21.7 

S. Sherman Dec. 31 244Lf (96)14 Nil 

Stonehifl Apr.2 1,010 (1,216) 8.64 

Stnrb Holdings Jan. 1 97L (816)L Nil 

United Eng ineerg. Jan. 31 L00S (579) 6.1 

Whitbread Invest. Mar. 31 2,790 (2,440) 4.1 

Whitbread Feb. 25 43,518 (41,897) 14.76 


Feb. 28 947 ( 514 ) 5.7 
Dec. 31 3,700i 1 2.500) J 29.5 
Mar. 31 3,094 ( 2.459) S.4 

Dec. 31 174 (241) 1.5 

Mar. 31 782 (509) 26.77 

Mar. 31 96 (55) 2.7 

Dec. 23 302 (260) 33 

Dec. 31 552 ( 410 ) 8.0 


Rights Issue 


Centra! Manufacturing and Trading: Two-for-five at 20p. 
Hestain One-for-foor at 84p each. 


3045 (473)5 21.7 
244LQ (96)14 Nil 
1,010 (1316) 8.64 
97L (816)L Nil 
LOOS (579) 6.1 


(1.5) 
(11-4) 
(Nil) 
(83) 

(10.5) 

(11.9) 
( 2 . 1 ) 
l~~) 

(29.4) 
(S.0) 
(3.7) 

(33.6) 

(13.0) 

(13.9) 
( 11 . 8 ) 

(17.1) 

(19.9) 

14.1) 

(0.95) 

(9.9) 

(8.6) 
(S.4) 
1 1.6) 

(55.7) 
(Nil) 
(— ) 

(20.1 ) 

(5.6) 

(21.9) 
( 0 . 1 ) 
(1^) 
( 22 ) 

(35 J!) 

(7.7) 

(1.9) 
(132S) 

( 2 . 1 ) 

1.32) 

(5.9) 

(41.5) 
(5.0) 

(4.8) 

(17.6) 
(32) 

(33.8) 
(Nil) 
(9JIS) 
(Nil) 

(4.9) 
(3.6) 

(12.67) 


■ • ‘ /-^ ?? A 

INTERIM STAXBMeNT&^ 


! rlLi £0i 


Pre-tax profit Earnings* Dhidends* 
(£000) per share ( p) per share (p) 


Company 

Associated Paper 
Baggerfdge Brick 


Half-year 

to 

Apr. 1 
Mar. 31 


4_R ?• 9 
Pre-lav j 


2t iL IrKcnsidHi.imCs* 


2.475 (L625) 
2^S8 (2.605) 

Nil (Nil) 

2284 (2.073) 
3£6 (3.453) 
2.996 (2.709) 
0.514 (0.46) 
Nil (Nil) 
4.876 (4494) 
3.108 (2B07) 
1.65 (1.5) 

19426(17.499) 
2.75 (2.44) 

3258 (2<W5> 
2505 (2J4) 
5.585 ( 5,0i i ) 
4.494 (4.06) 
2.103 (2.8S7) 
02 (0.1) 
5.1S5 (4.643) 


8.171 (7.382) 


4.392 (3J76) 
1J23 (1.1)8) 

7.318 16.667) 
0.745 (0.745) 
1.75 (1.43) 

0.99 (0.7) 

2.475 ( 2.43S) 
8.25 (7.0) 

0275 (0.875) 
525 (4.75) 

0297 (0293) 
1.54 (1.54) 

1.017 (1.46) 

25.0 (8.361) 

2.45 (2.176) 

I2S6 (1.42) 
8.16 (7.42) 

32 (2.9) 

1324202.033) 
Nil (Nil) 

6.0 (6.0) 
Nil (Nil) 
2221 (1.9S9) 
4.043 (3.61) 
3236 (3.564) 


Barton Transport Mar. U T07L (53 ) — i — » 

Brockhouse Mar. 31 1,212 (1,035) l.S 1 1.6) 

Central Mannftng, Jan. 3 L 1,580 (1,750) 1.5 

Concentric Apr. 1 614 (1.190) 1.0 (»S.j| 

Davenports Brwy. Mar. 31 657 (656) OSS iO.S» 

General Acddent Mar. 31 ll^OOa (10,700) — i <— i 

M. J. Gleeson Dec. 31 679 ( 656) 0.751 (0.6S3) 

Jessups Feb. 28 32S (20fi) 05 1 0.5 f 

AleaLawrie Mar. 31 463 ( 355) Nil t— j 

Matthew Brown Apr. 1 1J332 (1.1 »8j 1.1 1 1.0 • 

N. Midland Const. Feb. 28 64 (3G|L 0.45 (0.43 » 

Nthrn. American May i 726 (707) 3 0 i].(V» 

NSS Newsagents Apr.2 1,930 (1,610 1 U.S ( tl.7> 

Ranks (Ireland) Mar. 4 STL (S29) j.;; cJ Oi 

RHM Mar. 4 15,990 (2O,8S0> 1.452 1122) 

Redman Heenan Mar. 31 920 (L070) l.OOP iP.ijm) 

ReoStakis Apr.2 1.000 (460) O.lfil (0272) 

Royal Dutch/Shell Mar. 31 6,000b (416.00U) — i — i 

Stag Line Apr. 30 357L (.1371 Nil < » 

Stenfaouse Hldgs. Mar. 31 4,020 ( 4.35m Nil iliiSi 

Trafalgar House Mar. 31 29.490 fJI.UlOi 2 S3 i2..vl( 

F. W. Woolworlh Apr. 30 5,522a (5.784) — i — i 

(Figures in parentheses arc for corresponding period i 
Dividends Mhown net unless otherwise simcii 
* Adjusted lor any intervening scrip issue, t Fur nine mnn:h«. 
fFor one year. $ Net. {For 13 months, a First qu.irier. b first 
quarter net income figures. cNef profits. I. Li».s. 

Offers for sale, placings and introductions 

Eurotherm International: Offer for sale of 2.85m. ordinary' I op 
shares at lOOp. 

Essex Water: Offer for sale by tender of £5im. of 7 per cent, 
preference stock redeemable 1983 at £97 J per cenl. 


Scrip Issues 


Cater Ryder: One-for-seven. 

Kwikfit (Tyres and Exhausts) Holdings: One-for-five. 

Lee Cooper Group: One-for-three. 

NSS Newsagents: One preference for 10 ordinary. 

Old Swan Hotel (Harrowgale): Two-f or- three. 

Reo Stakis: One-for-two. 

Smith SL Aubjn (Holdings): One preference for ei^ht ordinary. 


Souih 


1 1 nil 


CHARTISTS TURN 
BULLISH 

SEVERAL of London's leading chartists have recently turned bullish. 
Good news, perhaps. But INVESTORS REVIEW, the City’s fort- 
nightly magazine, will stick to its policy of tipping only second and 
third line stocks, the sort of shares that have put up consistently 
strong performances whatever the FT Index has been doing. IR’s 
Trading Portfolio continues to run along at its peak for the year, 
and other recent tips in the paper have done well too: stocks like 
George Sturla— up from 12p to !7^p since January — and Tern- 
Consulate, up from 35p to 55p in a month! 

This is the kind of performance readers of INVESTORS REVIEW 
and the weekly IR MARKET LETTER (for whom Barker and Dobson 
have doubled in eight months, Sharna Ware has put on 150% in a 
year, and Sirdar has risen by 75% since last July) have come to 
expect. 

All in all, a joint subscription to. both magazine and letter — costing,- 
just £2D a year is the kind of value that's hard to beat. 

INVESTORS REVIEW 

ESTABLISHED 1892 

ORDER FORM. Please send me Combined subscription I year 
Investors Review for I year £20 post paid. . . . 

£9 post paid. . . . Overseas rates available on 

IR Market Letter £15 post demand, 

paid. . . . 


Better second half for 
Edward Le Bas 


Leeds Dyers midway slip 


Name 

Address 


To INVESTORS REVIEW. 100, Fleet Street. London. E.C.4. 


TURNOVER for the 53 weeks to 
end 1977 of Edward Le Bas came 
to £18.56m, against £13.64m for 
the previous 51 weeks, and profits 
rose from £364286 to £408,628, 
before a share of associated com- 
panies losses of £8224 . (£24,116) 
and tax on the ED19 basis of 
£183.210 (£194.917). 

After outside interests, attribut- 
able profits were ahead from 
£118,001 to 090,179 and earnings 
are shown at 7.51p (4.49p) per 25p 
share. Extraordinary items absorb 
£115,004 (£26,024 credits). 

In August, reporting first half 
pre-tax profits down from £421,000 
to £212,000. the directors said that 
despite the difficulties, full year 
attributable profits were expected 
so' show an improvement over 
1*76. 

They now say that results were 
affected by the depressed state 
of the economy and the conse- 
quent difficult trading conditions. 
In view of continuing losses in 
the Dutch subsidiary, the decision 
was made and steps taken 
towards the end of 1877 to close 
down the company in Holland 
together with its subsidiaries in 
Belgium and Germany. 

The Josses have been taken into 
account in the fun year figures 
and the estimated costs of closing 
the operations have been charged 
as the extraordinary item. 


They add that although trading 
conditions show considerable 
retuclance to improve it is 
expected that results for 1978 
should show some improvement 
over those for 1977. 

The group iaterats include the 
manufacture of foundation and 
construction equipment, safety 
relief valves and foundry 
supplies: agricultural engineering, 
and system building. 


Brighter 
prospects 
at Shiloh 


Mr. Edmund T. Gartside, the 
chairman of Shiloh Spinners tells 
shareholders that the group now 
has three spinning mills employ- 
ing some 750 people supplying a 
wide variety of yarns in cotton, 
acrylic and man-made Rbre blends 
and is in a strong position to take 
immediate advantage of any up- 
turn in trade when it comes. 

While the industry is still feel- 
ing the effects of the long reces- 
sion and activity remains at a low 
level there are now some signs 
that trade is improving, says Mr. 
Gartside, and be adds that pro- 


spects for the coming year are 
brighter. 

In addition to the re-equipment 
and reorganisation carried out, 
profits from subsidiaries and the 
rental of mill premises surplus to 
the group's requirements are 
expected to increase so that there 
will be Jess dependence on the 
traditional sector of the textile 
industry in the future for group' 
profits than has been in the past. 

As . reported pre-tax profits 
amounted to £144.794 in the year 
ended April I, 197S compared with 
£138802 last year, and the dividend 
is maintained at ).636p net per 
share. 

The prospects for the continuing 
growth of the subsidiaries. WM 
Supplies fUJC) and Amberguard, 
which are engaged in (he manu- 
facturing and mercha tiling of dis- 
posables. non-wovens. and protec- 
tive clothing and equipment, are 
good, the chairman says, and they 
should make an increasing con- 
tribution to group profits in the 
future. 

Following the closure of Sandy 
Mill, considerable reorganisation 
bas taken place at the other mills 
and as a result Mr. Gartside says 
they .are now better equipped and 
in better shape than at any time 
in recent years. 

Meeting, Roytoti, June 14 at 
11.30 a-in. 


ON TURNOVER of £3.95m against 
£3.72m., profits of Leeds and 
District Dyers and Finishers 
stripped from £>09,625 to I5QL513 
for the half-year to March 31, 
1978, subject to tax of £265,000 
compared with £270.000. 

The major fire at the Scott and 
Rhodes branch substantially 
affected the half-year’s results, say 
the directors, but the company 


was fuff)' covered for loss of profit 
insurance there and they have 
taken “ a realistic view of the 
situation " in presenting the 
interim report. 

Volume sales in the piece sec- 
tion have .inevitably been reduced 
and trading conditions have not 
been easy in ocher sectors, the 
borne market m particular con- 
tinuing to be depressed. The com- 


pany. however, is welt equipped 
to meet the iiidu‘iry‘x require- 
ments and the directors are hope- 
ful of a satisfactory result for the 
full year. 

The interim dividend i- effec- 
tively raised from 0.5p to 0.35p net 
per 25p share. La-t year's total 
was equal to 1.5125p after the one- 
for-one scrip issue and full )ear 
profits were a record Il.Olm. 


5^0*® 


Before 
t.you 
\ invest 


***** 


little time with us. 

We run a professional investment management 
service for private clients, trusts and pension 
funds. A few minutes spent reading our booklet may 
prove a sound investment Let us send you a copy. 

■PORTFOLIO MANAGEMENT LIMITED 

14 Charterhouse Square, London EC1 M 6JU. 01 -261 0544 

Licensed dealer in securities 

SHOULD I SELL 
MY SHARES NOW? 

£ «bT3ert. Buying tomorrow’s favourites at today's pnc«- 
of coVrse, remembering when m sell them. Before the 
■•1074" That’s why the FLEET STREET LETTER. Bntmn-s 
35£t newsletter, emphasises the importance of knowing when 

to kIL 

Tfc, n „iw wav to he sure the FLEET STREET LETTER « 
for you Is to study a copy and judge for youradf. So. just complete 
* return the attached coupon, and we will send yo« a 
rOPY Plus a list of all our company analysis recommendations 
S2r the li? year. Plus a detailed analysis of F S L's bcestidoj- 
S i cSiSSi which most other Investors have 

insight into why we are recommending the sale of most 

leading equities NOW. 

And ail that without _any_ further^ obligation^ whatsoever^ 

Pto: "fLEET STREET LETTER. 80 Fleet Street, London EC4T lJH. | 


Highlighting the best performing unit trusts in the various specialist 
sub-sections in 1977 the Investors Chronicle 14th April, 1878 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%, 

1nJuly1977weannbuncedfounitholders shall continue to use our discretion in this 


In July1977 we announced to unitholders 
our intention to increase the American 
content but we held off because of the 
weakness of Wall Street and the dollar. 
The correctness of this decision is reflect- 
ed in the performance compared with 
funds invested wholly or substantially in 
America over the past year. 

During 1978 we have increased the U.S. 
content from 48% to75%,taking advant- 
age of the lower share prices and also 
' because we felt that the period of relative 
Strength of the pound against the dollar 
wasatan end. It is ourintention to increase 
■ the U.S. content still further but timing 
remains of the utmost importance and we 


respect 

The aim of the Fund is to achieve longer 
term capital appreciation and we believe 
that the case for investing a part of your 
capital in North America with such an aim 
in mind is now very strong. Share prices, 
In terms of the established yardsticks are 
historically cheap. U.S. inflation rates are 
lowin global terms and America is after all 
the largest and most advanced economy 
in the world. 

Remember the price of units and the in- 
comefromthem can go down as well as up. 

Your investment should be regarded as 
longterm. 



THE MANAGERS ttKiW 'hcrigt]! I<s dem Ult 
More Ihe data stated bate*. H the ofler 
prico n’lt&Sy mens man 2} Alter (he clow 

rt DiroDeromuolUDCMitatilaBl tnedaily 
?<**• 

INCOME less la»nMha basic rata will i/e 
dtarAuMonSIsl Ail* each year. An annual 
cnaioa ol iX&lhvaluvolHit Fund plus 
V.A.T. is doductod trim Uie qibss ifteeme- 
of tlx? fund. 

TRUSTEE: Qydadri* San* Limited 


MANAGERS: T an* I Trust Uanaoen 

(SeotieniliL^.tAfnciniJwolUie Urn t TnU 

Association' 

Olrtti*..-. --P.^Sjinan, J.o k F.CA., 
(riuir-n.il'. C B. G.C lowest M.0.EI 
A. W. Fu 1 ^-. S.- 8- K.McCcofi, 

I. G.SddP'-* J- 6 ' 

J. T*»le >. M.A.. C. A„ 

J. YVhillt". I*-*- B-Cdnv, 
lelcDhorn: • W 'ifl 0 *533. 


( OFFER OF UNITS AT 30-1 p EACH UNTIL 26th MAY 1978 

current estimated gross annuel yield 1-26 'fc 

TARGET TRUST MANAGERS (SCOTIANS) LTD.®***. T.Ol),^ TARGET HOUSE. GATEHOUSE ROAD. AYLESBURY. BUCKS NP19 3EB 

1 I)Wb wish In Taqjal Anwriean Logie Fprtd unite VWe dedal* that I am/*e aie nol rmldr-nt outslda the SeWpIpd 

I to invest £ , maa-ip par win (minimum mUtaJ Terntenea and I amjvta ato noi nc amrinq Ihf unite ailhe i wu na e fr) 

— holding £300] and cutdose a cheque o! any ps>mii(s) resident outside these Ifftitonea. Thto oflef la not 

mad* payable to Target Trust Managers (Scotland) LsL anadaMa to rMtaant. at ts* R»u W'c s' Ireland. This oner 


VWe declaia that I ant/we ate ncl resldrni outside the Scheduled 
Terrdenea end 1 amjma ato nor ncauirirq Ihe unite ai Ihe i tdm lnet^) 
o! any paruni(a) resident outside these ferfrwnea. ' Thm ofler la not 
aeadaMa » reeidenB o\ the Republic ot Ireland. This oiler motes 
ontheEBuHae.ms. 


Stanawmfa) — 

Named) In hill (Mr, Mrs, ten 


— ~ Date ^JcIntappBcank ntpjf »fnandadacf’ *r«f*Mteasa separafcfy. 

P!£aS£ tmn u suoi unno-ns asiraun hull s f««u6d run tw fdhm. pj g 


Address 


Please mo a L^wlthort ob/fpttion- 


M Pawe tetntetaya dataRs of Target's manHily aaWnga kImims □ Share Exchange Schame 2 Do iw l 10 ' 11 Target 

| Eagle units? YE$)NO. Rrtfatared in England Ho.mtOxl/9 Breania Building;. London EC4A 1EU. 



The 

Edinburgh 
Investment Trust 
Limited 


Results for the year ended 31 March 1978 

Gross Revenue £4.1 million +14% 

Earnings per deferred stock unit (£1) 7.08p +23% 

Dividend per deferred stock unit (£1) 6.75p +22% 

Net assets (total assets less current 

Babifflfes) • _ £85^ million +6% 

Asset value deducting prior charges at . 

YkkM value per deferred stock unit (£1) 266.7p +10% 

SUMMARY OF STATEMENT BY THE CHAIRMAN, Mr. I. R. GUILD 

•Your Board would hop© to be able again to recommend an increase in the dividend in the 
current year but the size of this will depend on whether dividend restraint is reimposed on the UK. 
companies in our portfolio. 

•55% of the company's stock is owned by individuals. The median holding in this category is 
750 deferred stock units which indicates that the company js still serving its original purpose of 
satisfying (he needs of the small investoc 

•Over the iastsix months the rate of inflation in the U.K. has slowed down so that politicians can 
proudly proclaim that it is in single figures. The stock exchange has shown lhat it does not wholly 
believe the Chancellor's arithmetic in his recent budget Your board is happy to hare more than 
25% of the company’s funds overseas and is prepared to increase that percentage if it considers 
that the British economy is being reflated prematurely. 

The Annual General Meeting will be held on Monday, 12 June 1978. 

Copiaa ot th» Annual Report and Ac c ount s maybe obtained from Me Cotin Peters, 

3 Charlotte Square, Edinburgh EH2 4DS. 


Scottish Northern Investment 
Trust Limited 


SUMMARY OF RESULTS 


Investments at Valuation* 

Total .Vucis less Current Liabilities 
Ordinary 25p Shares in Issue 
Afiflul Yal uc per Share 

Ri>v**nui* available far Ordinary SlB rthaUM 
Fumed p»T Orrimarv Share 
Ordinary Dividend Rate (Net) 

* Heritable properties included at co^t. 


Period ended 
31 March. 1978 
■ £55.640227 
£52,915.587 
35,lB1w£19 
IZO^Sp 
£l^S7A6l 
3.8Bp 
3.6Bp 


liMrln 
5 Fnbni.uv, -j<>77 
£44,771. , 7 
£45.&4r.7L , 4 
35.16 1.2 1 <1 
riH.ru I|» 
£I,W7.).74 

2.bUp 


EXTRA CTS FHOM CHAJUMAN’S STATEMENT 

The Annu J General hrleeling will be held on 14 June 197B and xvanaols in respect of die Final 
Dividend for the period of 2^6p per share, if approved, tin]] be posted on 14 June. 

The results reflect a satisfactory outcome to the policies pursued during the period. Over a 
year ago funds were repatriated to the United Kingdom and the commitment to North American 
markets was reduced. The effect on both Capital and Revenue Accounts has lawn bminficial. 

Earn ings per share over the period have increased from 2.9Bp to 3.86p, while net asset value 
has improved tram 98.50p to lZ0.58p. 

9 I ^ j ? 0ry Dividend contains two components. For the year to 5 February 1078 tho 
Final Dividend is 2.1 6p which represents an increase over the previous year's dividend or 20 
per cent For the broken period from 6 February' to 31 March the Dividend is 0.30p making the 
total Final Payment of 2.46p. 

Against a background of fears of continuing inflation in the USA. it is difficult lo judge 
whether the present market recovery there is sustainable. We are therefore maintaining our 
present commitment to the dollar area but have not, at this point, increased il. 

Some of otir oil related unquoted investments are now beginning to hear fruit in the futm. I 
of dividend payment, foraxample Lyle Offshore Group Limited and Sea^rlli Maritime 
unuicCu 

Our forecasts for the current year indicata that it onght to he possible lo Continue our recent 
policj,’ at providing shareholders with progressive increases in Incfr. dividend iiayihenls. 

. DIRECTORS ‘ 

R. I.C. Fleming [Chairman') 

Calam A. MacLeod • • Iain Tennant 

Kenneth Walton J. A. Yeoman. 

Registered Office: Investment House, 6 Onion Row, Aberdeen, AB9 SDQ 


wr 




Financial- Times Saturday May- 20- W78- 


SCHOOL FEES 


SCHOOL FEES 


Private education in inflation squeeze 


If you think 
you cam afford them, 
we’ll show you how 
you can. 

The Equitable Life offers two ways to make paying 
school fees much easier. 

The first is by spreading payments over a period starling 
before the fees are required - and then using the lax relief on 
premiums and the return on savings to reduce the total 
outlay considerably. 

With The Equitable such a plan can produce fees after 
as short a period as 4 yew's -ant! still pr«*\idetax relief. 

The underlying policies written by The Equitable for 
this plan are market leaders. < In a recent survey of life 
assurances by The Economist, The Equitable Life did best 
overall.) 

The second way is fnr you. or a generous relative, to pay 
the fees out of capital.Here. for instance. l«-es starling 
immediately of £1.500pa far 5 years can be defrayed 

in return fora payment of only I'liJi 75.41 *. 

1 he terms offered by Tile Equitable are so advantageous 
that it is worth obtaining a quotation before you make any 
decisions. 

Please contact the Society directly, as it has never paid 
commission to intermedia rips since its foundation in 1762 
as the world's first mutual life office. 

Telephone us on 01-HUti 66U,or post this coupon 
FREEPQST-it needs no stamp. 

j "l «c 1 ho HqitiLibli.- Lilc As-ur.iiuv buddy. FKK F.FfJisT, I 

. London KC -11 L'JT- Tel: drill. 

I I’d welrmni* furtlirr di-Mil* un your M-hn<*l h-i-~ |il.m -.and in I 

I partii. ular financing ilium □ from inoiiiic; □ from Lai. . 

Inlpndcd School * .. . I 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


.PiNloid* 1 . 


'IditnitKvj 

. if - ml 


“I HAVE yet to meet a bright, 
successful executive who is not 
deeply depressed about tbe com- 
prehensive school experiment” 
said Mr. Philip Egerton, head 
of a management recruiting con- 
sultancy. the other day. 

“Some have accepted execu- 
tive positions below their com- 
petence in order to remain in 
one of the few areas where their 
children may attend a school 
with a sound reputation. X also 
know of four instances over the 
past six months where engineers, 
surveyors and architects have 
gone to the Gulf to ensure that 
their children — in one case 
gifted and in another below 
average — could attend boarding 
schools which offer the right 
environment for the child.” 

Mr. Egerton is far from the 
only recruiter to report the 
growing appeal of the overseas 
job’s perk of providing fees for 
sons and daughters at indepen- 
dent schools. These reports are 
supported by the latest census 
of 1.034 fee-charging schools 
conducted in January by the 
Independent Schools Information 
Service. 

The census reflects only the 
most prominent two-fifths or so 
of this country’s 2.000-plus in- 
dependent secondary and pre- 
paratory schools. So the figures 
are by no means a definitive 
indicator, of movements in the 
private school sector as a whole. 

But the 1977-78 rise shown by 
the schools surveyed in pupils 
whose British parents work 
abroad is surely enough to en- 
dorse Philip Egerton and Asso- 
ciates’ observations on the 
executive-exporting incentive of 
the school fees perk. The rise 


was nearly 10 per cent — from 
16.785 to 18,435 pupils. 

Moreover, the attraction of 
private schooling seems to be 
spreading apace to the richer 
natives of foreign countries. The 
number of pupils with foreign 
parents showed a census increase 
of over 24 per cent to 14,443. 
The biggest individual rises 
were in children from Middle 
East and African families, up 
by 35 per cent apiece, with 
those from other European 
countries up by 30 per cent. 

Over a single year, therefore, 
“overseas participation” — from 
both expatriate and foreign 
families — increased to one 
pupil in every nine or so of 
the census schools’ total popu- 
lation of 305,334, compared with 
only one in every 10 or so of a 
slightly lower population in 
January, 1977. 

This boost from abroad prob- 
ably accounted for increases of 
2 per cent in both boy and girl 
boarders, and may well cause the 
survey to underemphasise the 
switch by British-domiciled 
parents from boarding to day 
schooling. Even so, boys attend- 
ing on a daily basis showed a 4 
per cent increase to 119,851. 

One has not to look far for 
the reason. Although rises in 
independents fees have 
generally been confined to an 
inflation-compensating 13 per 
cent, the differences between 
boarding and day education are 
striking. 

For the top boys’ boarding 
schools in the census the 
January fees averaged £2.029 a 
year and for the second rank 
£1.847. The girls’ boarding 
scbools averaged £1,679. Pre- 


paratory schools for younger 
boarders averaged £1,421. For 
the day schools in the survey 
the average was £937. 

If British domiciled parents 
are switching to day-schooling 
for economic reasons, however, 
they may well be Infringing tbe 
equal opportunities for sex legis- 
lation in the process. The 4 per 
cent Increase In boy day-pupils 
was accompanied by a decrease 
of 4 per cent to 75.350 in girls 
attending the private day schools 
surveyed. 

It is not the fee-paying 
parents who are daft. Boys will 
continue to be more career- 
dependent than girls and career 
prospects will depend increas- 
ingly on higher education. A 
good way to encourage children 
to study hard for university 
entrance is to put them in 
schools where examination suc- 
cess is expected as a matter of 
course from everybody. This is 
much more the case in indepen- 
dent schools than in co m pre- 
hens ives where achievement of 
university entrance is the 
exception rather than the rule. 
A major reason for the increase 
in foreign pupils is no doubt 
their parents’ wish to have 
them qualify for still heavily 
subsidised British degree 
courses. 

On the other hand the Gov- 
ernment’s humbling comprehen- 
sive reorganisation seems to be 
providing the poor British 
populace with relatively re- 
duced prospects for their 
children at an increasing cost in 
taxes, for the growing benefit 
of richer people who live else- 
where. 






Boys at Westminster School (annual fees for boarrlers : £2.130 
the classrooms in Ashburnliam House, Little Dean's 


a year) outside 
Yard. 


I mjk The Equitable Life i 

^ I h»* cildj^t mutual lilc ullkv in the world, pr p tba| 


Commitment involves a very heavy outlay 


rschool 

ICvb ...plan now! 

■W e can offer the widest range of schemes for reducing the 
cost of independent education. 

They can be tailored to meet the needs of those with 
capital or those making provision out of income. 

The earlier you start planning, the better— although it is 
seldom too late to effect some saving. 

Our free book makes the best starting point. 

School Fees Insurance Agency Ltd. 

A me mb' pi for Bn;isk huumna Broker* Aswncucn 

10 Queen Street, Maidenhead SL6 1] A I 

Phone 10628; 34291 


For fra book post r uuiainpcd to SFJA Lid., 
Freepost, Maidcnl:e>jd SL6 OBY 
Name 
Address 


BY ERIC SHORT 

THE INDEPENDENT schools 
sector offers parents an 
alternative to the State 
system for the education of 
their children. But what 
is the price of the option? It is, 
I am afriad, extremely expen- 
sive. Just how expensive is 
shown by the following figures 
issued by ISIS — the Independent 
Schools Information Service. 
Tliis body makes a survey once 
a year comparing annual fees 
applicable in the term commenc- 
ing in January with those of 
the previous year. 

These show that for major 
hoarding schools in the Head- 
masters Conference, fees in 
January 1978 had increased on 
average by 13.61 per cent ever 
the previous year and now aver- 
age £2,029 a year. For smaller 
boarding schools in the Con- 
ference, the increase was 
slightly lower — 12.60 per cent, 
on average — to a mean level of 
1.847 a year. 

Fees for girl pupils are some- 
what lower, the average for 


schools in the Girls School Asso- 
ciation amounting to £1,679 a 
year, a rise of 12.09 per cent on 
the year. For preparatory 
schools the average fee level for 
members of the Incorporate 
Association of - Preparatory- 
Schools is £1,421 a year, which 
is 12.39 per cent higher. 

All these costs relate to 
boarders, the traditional method 
of private education is to board 
out the pupil at the school. But 
much more emphasis is now 
being placed on day pupils as a 
means of keeping educational 
costs down. The average fees 
overall for day boys is £937 a 
year, which is 10.36 per cent, 
higher on the year. It is easy to 
see why parents seeking private 
education for their children are 
now sending those children as 
day pupils to the nearest school 
rather than choosing a school 
irrespective of its location. 

Early indications for in- 
creases among those schools 
which put up their fees in Sep- 
tember are that annual rises in 


excess of 10 per cent, are being 
made. The only good news is 
that since inflation has come 
down from the heights of 1974 
and 1975, schools are only lift- 
ing fees yearly instead of at 
each term. 

Increases of this size should 
not really come as a surprise. 
Education is very much a 
labour-intensive industry and 
so costs are likely to rise in line 
with national earnings levels. 
Again, the schools have to main- 
tain a high level of educational 
standards and equipment and 
new books are expensive Items. 
These costs cannot be offset by 
increased productivity — one 


reason for using independent 
scbools is the smaller size of 
class vis-a-vis tbe State school. 

A parent about to send his 
child to a public school must 
accept as inevitable that fees 
will continually rise in line with 
salary inflation. Those parents 
who have had children at school 
during the 1970s will under- 
stand this point A 10 per cent 
per annum rise seems much 
more bearable now alter going 
through a period of 30 per cent 
increases. 

But how does a parent pay 
for these fees? The first choice 
is to pay out of income. In 
theory, if the paient can meet 


the burden at outset then his company can pay directly for 
salary should rise over the years educational costs of any 
to meet the increased level of children of the employee and 
fees. In practice it is a different many employees do go overseas 
story. Fees have to be paid out in order to have their children 
of taxed income and for middle educated privately with the 
and top management, who aro employer bearing the costs, 
more likely to require private But employers can help in- 
education for their children, directly. One method used in 
after-tax salaries have by no the past was by providing cheap 
means kept pace with fee loans but tin's has been curtailed 
increases. • by legislation. Another method 

Much more attention is now now receiving mure attention is 
being placed on fringe benefits the provision of educational 
in the overall remuneration by the company. Under 

package of an employee. It - su ch a scheme the trust is 
would be. more beneficial if the financed by the company for the 
employer could pay the fees, purpose of providing scholar- 
This docs happen for employees ships f° r children or employees, 
sent overseas, in which case the To bo bona-fide operations they 

niu.\l be available io children 
of all employees, not just the 
lop executives. And the child 
® • * concerned must have reached a 

f dlf' M "W certain level of academic 

^ WBV Mg . standard. 

j n practice the Common 
Entrance examination is usually 
taken. This is by no means a 
simple examination, but one 
which most entrants to public 

who have operated primarily schools have to pass. Manual 

... . , , workers would probably not 

through the schools themselves think of applying anyway, so 

in arranging pre-payment only executives and* senior 

schemes. management are likely to do so. 


Ways of meeting it 



SCHOOL FEES 
AHEAD? 

Through the Save & Prosper School Fees Capital Plan you. can 
significantly reduce the cost of school fees by means of a lump-sum 
contribution of £1.006 or more. The Plan, which is particularly attractive 
to higher-rate tax payers, provides payments each term while the 
child is at the fee-paying school. As you can see from the table 
below, the earlier the Plan is taken out the greater will be 

Examples. Sum required to secure school leepay/nentsJo^ve^rearelslartingaM^^^WyjgiKff 
Cl 000 (or the first year and increasing annually iherealler by 7“.., pa. compound. 


No. oi complete 
years before 
schooling begins 


Tola! fees secured 
Capital outlay 


Amount saved 


£2,316 


£2,841 


£4,039 


Tta f « effect ieefrom 2».\f Sfayjs;s 


Exchanging shares for a School Fees Capital Plan 

If you hold shores you can exchange them for a School Fees Capital 
Plan through our Share Exchange Scheme — often, on advantageous 
terras. Where we can accept your shares as part of one of our portfolios 
we will five you tbe stock market offer price for them- usually 2%-3% 
higher than you would get by selling them yourself. 

Furthermore . under current Budget proposals, you. will have no 
liability to capital gains tax on such, a disposal if your total net gains in 
any one year do not exceed £1.000. 

For further details please consult your professional adviser or 
complete and return the coupon below. 

To: Save& Prosper Group, 4 Great St . Helens, 

I London EC3P 3EP. Telephone : 01-554 8899, 

please send me details of your School Fees Capital Plan □ 

| share Exchange Scheme □ (Please tick box(es; ) 









BY ERIC SHORT 

The article above indicates the 
level of school fees currently 
applicable. Parents wishing to 
have their children educated 
privately, whatever the reason, 
have to face the fact that it is 
going to be very expensive and 
that financial sacrifices will need 
to be made. This means plan- 
ning well in advance how to 
meet those fees, and most of 
us are very lazy when it comes 
to forward planning. It also 
means utilising any capital 
resources available in the most 
tax-efficient manner. 

The burden of meeting those 
fees can be cushioned by saving 
well in advance to meet them. 
If parents start early enough — 
at least 10 years before the fees 
are due — then they can use life 
assurance contracts and thereby 
get tax relief on their outlay. 
This feature has become increas- 
ingly important, since tax relief 
on loans was virtually abolished. 

The basic plan is to take out 
a series of life assurance poli- 
cies which mature or can be 
cashed in at the time when each 
year's fees are likely to become 
payable. This is known as 
echelonning. For instance, if 
fees are due to start in ten 
years' time, then the plan would 
involve taking out five separate 
contracts for terms of 10 to 14 
years inclusive to coincide with 
the fees-paying period. 

Inflation is an ever-present 
factor in any calculation of what 
level to provide for. One 
possible plan is to effect a series 
of with-profit contracts for the 
sum assured equal to the 
present fee level — say £2,000. 
The bonus additions to this 
sum will provide a partial hedge 
against inflationary increases. 
Parents, in general, should re- 
gard savings as not providing a 
complete means of paying fees, 
but of paying a large portion, 
which will need topping up from 
current income when the fees 
actually fail due. 

"Us? is made of unit-linked 
contracts as providing a better 
long-term yield on the invest- 
ment This is usually the case 
provided the investor can time 
his cash-in. With school fees 
this flexibility is not available. 

Therefore if anyone is offered 
a plan using linked life con- 
tracts, he must be sure he fully 


understands the implications 
regarding the rise and fail in 
value of units and the need to 
get the timing correct for cash- 
ing-in the contract. If the in- 
vestor does not fully understand 
and appreciate this feature, he 
would be well advised to stick 
with with-profits endowments. 

There are quite a few ways 
of using capital to offset future 
fees. Many schools themselves 
will accept lump sums as pre- 
payment of fees or part of those 
fees. Other school fee specialists 
and certain life companies offer 
plans that accept lump sum pay- 
ments for annuity payments in 
the future over a limited period. 

The school where they have 
charitable status Can invest the 
money in annuities and reclaim 
the tax payable on the interest 
portion. The trusts operated by 
certain specialists are also on a 
charitable basis so that annuity 
payments are free of tax. Some 
schools retain the tax reclaimed 
for general purposes, others 
give the parent some direct 
credit. It is a moot point as to 
how the tax benefit is used. 

But with a variety of schemes 
available, parents and grand- 
parents should check which pro- 
vides the best return on their 
capital. 

There could be a, problem 
with Capital Transfer Tax. A.v 
far as parents are concerned, 
the authorities have accepted 
that a parent has a responsi- 
bility for 4he education of his 
children and therefore all 
reasonable transfers of capital 
t0 be from 

CTr. But in at least one 
quarter of cases the grand-, 
parents or other relatives assist 
in payment oF fees. Here the 
CTT position is complex. The I 
specialists have set out their 1 
interpretation of the position 
and have designed the schemes | 
to minimise the Impact But it 1 
is a point that needs to be 
cheeked carefully. 

Meeting school fees is a finan- 
cial planning exercise where 
professional guidance is essen- 
tial. C. Howard and Partners 
and School Fees Insurance 
Agency have been in ihic field 
for many years. Now Tuwry 
Law and Leslie and Godwin 
are becoming active in it. Holm- 
woods Back and Manson 
(Schools), are insurance brokers 


HOLMWOODS 

& SACK & MANSON (SCHOOLS) LIMITED 

We have specialised in the provision and protec- 
tion of School Fees for over 50 years with parti- 
cular emphasis on CAPITAL PLANS involving 
payment direct to the School or an Educational 
Trust. An allowance is built in to help offset 
inflation. 

For full, details and quotations complete and return the 
coupon below or telephone us on Haywards Heath (0444) 58144. 


To: Holmwouds & Back & Mauson (Schools* Ltd., 

Norlands House, lta > wards Heath, 

West Sussex, Kllld iT.\. 

Telephone: Haywards Heath ."SI 44 , 

Please send me a quotation for a Selim. 1 Fees O.ipitnl Pdinirpt 
Plan. 


Address 


Current/Prospective SchooKs) 


Fees required and period is) 


A MEMBER OK THE BROVV.N SHIPLEY ,; RO lfP 





Financial Times Saturday .May 20 1973 

appointments 


19 


Board post at Tate and Lyle 


^inted Hi S£Sor E ha o£ e KA«S SSm^Sb^ masSf 

croup. SffSS, SpShS^S SSS’^^^ n of “■ ™n JPSff^nSgpg; 

Board of TATE AND LYLE a* a ** * Investments Group. succeeds Mr. Cyril Chariton. Mr. 
non-executive director. „ _ * *• Rose has been appointed senior 

* Mr. E. R. Brookes has been vice-president and Mr. J. M. 

Mr. Howard E. Kilroy has heen e I ected President for 1978-79 of uiraon, junior vice-president 
made chief operation* director of ^ASSOCIATION OF NATURAL * 

JJ 1 *. JBuVeRSON SMURFITT INDUSTRIES in succes- Mr. L. D. Costello has been 

GROtTP, having been financial 2™ ?° ? r iJ* Hopkms. Mr. H. H. appojnted sales director of NON 
director. A senior finan^.i office/- Brooke 15 the new vice-president FERROUS and STAINLESS 


w to be appointed. 

* 


Mr. S. C. 
general 


* - ; STOCKHOLDERS, and Mr. A. S. 

Keppie, assistant Viaeent has become production 


Oil industry 
education 
‘does not 
meet needs’ 


iw r. u rr„ ... ■ . general manager (finance) of director. 

eWmnn t0 Income STANDARD LIFE ASSURANCE 

FRrmw ex«irtive of ■ COMPANY, is to retire on July 15. 

TtO^s 1 In S ^ LT ? R £°NSTRUC- He will be succeeded by Mr. G. D. 

Rr*m^F.°!L,J Urie 1- **• Fa* 11 Gwilt who will be replaced as 

/iiran?.Z- r res i^ la 88 chairman and assistant general manager and 
Director on that date. pensions manager by Mr. A. V. 

M _ j.. . * Lybnrn. Mr. Cv P. Clover will 

iw. Kowiand Eseombe has been “w become assistant general 
appointed to the newly created manager (life). 

Post of head of group marketing * 

T PENINSULAR and Mr. Peter Brighton has been 
STEAM NAV3GA- appointed assistant managing 
TION COMPANY. * director of COSSOR ELEC- 

* TRONTCS with responsibility for 

Mr. Bryan J. White has been co-ordi nation of management 

appointed company secretary of within .the aviation, surface and ctrcnroAT »_«*■ ■ ... 

SLEEPEEZEE aSrid its subsSSrie™ instrumentation.. universities 

He was previously with Lovell and * ' have set up 

Christmas. Mr. Ernest Gleg horn, chairman ?°u”es related to the oil 

* or MURRAY AND SONS, a industry to enhance their own 
Mr. Henry C. Cottrell will retire division of Carreras Rothmans stat us r ather than to meet the 

on May 31 from the partnership tJK - hasrretired. Industry’s training needs, accord- 

of PHTLLTPS AND DREW stock- * ,n 3 t0 tiie Institute of Petroleum, 

brokers, and will be succeeded Mr - K - G. Baylfs has been The report calls for a thorough 
&s senior partner by Mr. E. Paul appointed a director of HOGG rationalisation of all first degree 
Baaalgette. Mr. Tlmothv f. Brown ROBINSON AND GARDNER and post-graduate courses being 
and !\lr. Philip J. Williams will MOUNTAIN INTERNATIONAL. offered on oil-related subjects 
be -admitted to the partnership „ * and 8 ays that there is a total 

from June 1. Mr. John Danny, chairman and lack of communication between 

* managing, director of Groyewood the offshore oil industry and 1 the 
Mr, Assem Allan has been Securities, has been appointed a educational institutions which 

appointed finance and safes deputy chairman of EAGLE STAR provide its graduate manpower, 
director of TEMPEST DIESELS. INSURANCE COMPANY, the An institute working party, 
a charterhouse Group company, parent concern. which included representatives 

Mr _* mpwh* «. k v from Ik* Petroleum Industry 

Mr. James Tree has joined Mr - E- H M Oirflerbuck has Training Board, the UK Offshore 
the London office of BANQUE ® een elected chairman of the Operators' Association. Im Derial 

fSZdng^s aeSo SPStSSS? %gL£ m *J5.?V & 

Banking Corporation. of Mr. A. L Mackenzie, who SSSST and 4 edJ?atJor 3 

institutions. 

It discovered that although I 




I; r'-f-Sfr- -• 

KX» h 




The recent rise in the U.S. stock market, 
accompanied by record volume, suggests the 
sort of buying opportunity seen in the ILK. early 
in 1975. This rise has featured dramatic 
increases in the share prices of “Blue Chips”. 

Trident American Growth Fund 

This authorised unii trust, managed by 
Schlesingers, is effectively 100? ' invested in 
leading U.S. companies. Whilst second-liners 
have proved specially resilient over the last year, 
the recent sharp market rise has featured the 
share" of leading Companies. 

The fund's "Bine Chip" portfolio is still on a 
low valuation base with the shares looking very 
attractive relative to smaller issues. 

The case for investing in the USA. 

1. Note the fundamental values 



Standard & Pmirs 5|iD index 

J 9*>Jk5 


20 Y car A\crat;e 

7 957.197 b 

1^77 

797X 

Estimated earning* 
Prospective PE Ratio 

75.5x 

<111.4$ 

*J.lx 

ill. 95 
R.Jx 

Estimated Dividends 
Prospective Yield 

35“[. 

54.WI 
4.0" „ 

55.25 


"fy— . 

•* -.Vi» .• 

v ail 

i-' JJuiiiipti:ci 


director 

of World Banking Corporation. 

k is now deputy chairman. 

Mr. Leo S. Wright has been * 

appointed president of TOMATIN Sir. Derek C. Edwards has been 
DISTILLERS. made managing doctor of 

* INTERNATIONAL WATTS ing ? n ? man P°wer needs fiurly 
Mr. D. W. Parish has been FINCHAM following the appoint- ”“fS5S* ^ereitie* and 

appointed a director ol KEYSER ment of Mr. j. E. Huband as Potential graduates were unaware 
ULLMAN. deputy chairman requirements. 

* * The report recommends that a 

Mr. John Pitt has been Mr. Francis Woodcock has been conference be held to decide on 

appointed a vice-president of appointed technical executive for a national plan for training at 
MODULAR COMPUTER SYSTEMS the mechanical and electrical graduate level. It also recom- 
INC. and continues as vice- group of TARMAC NATIONAL ra ®nda * system of accreditation 
president European operations in CONSTRUCTION. for. courses which would set out 

the LiK. Mr. Peter Coorteny is * the syllabuses and standards 

now sales manager. Mr. William Smith, chairman acceptable for professional 

* and managing director of Ashley recognition. Training should be 
Mr. John Mackenzie and Mr. and Dumville, has become concentrated in a small number 

of centres. 

The supply and demand of pro- 
fessional personnel should be I 
monitored unless urgent reme- 
dial action was taken — particu- 
larly over the financial priority 
given to oil- related university 
courses — there could be a decline 
in the manpower the industry 
needed. 



MANAGEMENT 
AGENCY AND 
MUSIC LIMITED 


INTERIM STATEMENT 

The profits of the Group before taxation as shown by the 
unaudited accounts for the six months ended 31« January, 1978 
amounted to £1.040,625, compared with £926,989 for the compara- 
tive six months last year. 

At a meeting held today the Board dedared an interim 'dividend 
of 1.98 pence per share which, together with the related tax credit, 
amounts to 3 pence per share (1977 — 1.95 pence and 3 pence 
per share respectively). 

The interim dividend. will be paid on 17th July, 1978 to shareholders 
registered at the dose of business on 16th June. 1978. 

Six months to 


Turnover 

Pre-tax Profits 

Corporation Tax at 52 !: 

Interim Dividend 


31 January 
1978 

31 Januaiy 
1977 

£7,578.967 

£6,278,547 

1,040,625 

926.9B9 

541.125 

482.034 

499.500 

444,955 

144,708 

14L516 

054,792 

002,439 


Earnings per Ordinary share 


6.83p 


6.09p 


The improved interim profits now reported to you are as your 
Board would have anticipated at this stage. The figures confirm 
your Board's opinion, expressed in the circular to Shareholders 
dated 13th January, 1978, that even aFter the changes in our 
contractual relationship with our major artists the results for the 
full year should not be out of line with those achieved in 1977. 


Brokers asked 
for documents 
on cars claim 


rways gs 
switch to pinstripes 

Dodie McQue, station assistant at Victoria air terminal. 
London, models a pin-striped uniform to be issued to British 
Airways girls from July 3. The uniform, which replaces 
the Hardy .Amies light blue suit, will be worn by 6.S00 girls 
throughout the world. British Airways expects to complete 
the change-over by ihe end of the year and will issue 250 
wardrobes a week. Changes include a lighter and less bulky 
coat and a summer dress. There will be a choice of colours 
and of natural or man-made fibres. A new uniform is also 
being designed for male staff. Prototypes will be ready 
next month. 

CONTRACTS 

Post Office places 
orders worth £9m. 


Al current levels. L : .S. stock? are »cNiii£ at 
roughly hair the 20 \ ear average price earnings 
ratio and yielding over 5U)' 
more. 

2. Geographical , 

diversification 1 

Thk chart shows the 
size of I he live largest 
stock, markets u< a 
percentage of the tola! 
free world's <:oc!» nui l.cis. 

Note the U.S. domination. 

Avoiding the dollar premium 

Recent press comment i haw draw n attention 
to the problems of the dollar premium. The 
Trident American Grow ih Fund makes hcu\ v u<c 

n 



of back-to-back Joan facilities, largely to a\oid 
the problems of the dollar premium. However, 
Sehlesingers are constantly nmniiorini: ihe 
fluctuations of (he dollar premium and wi!{ 
channel a greater proportion via the premium 
when it is at low levels. 

Schlesingers’ reconi mendat ion 

For several months Sch loungers have been 
strongly recommending that every private 
portfolio should include 15-25“., in Amcricua 
securities, concentrating on the mnjor “blue 
chip" companies. 

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

Trident American Grow th Fund i- aimed at 
capital gre-vv th through iuvotnwnt in bivudly- 
based quality port (oho of leading U.S. -barer-. 

The estimated gio- ^ ;Ju on the current oiler 
price of 30.6p is 1.72’ 

PIMS— A unie^e Service 

Minimum invest niciu m the fund is £5<X*. 
Investors of £2.500 or more will receive 
Schlcsingers' Personal Investment Management 
Service (1*1 MS), including p.-ni'o!in reports sin J 
valuation^, im nations to meeting- and advice on 
personal financial planning if required. ^ ou 
should regard ynur investment .is long-term. 

Remember that the price ol unit', and the 
income from them, myv eo do ., n a a ueil as up. 

General Informal inn 

Tutpx'l. u\r i hr ■.-■■up.'il pro- 1 ,:.,! m.J n i.v. n ,i; jlt.icjieJ iSs 
rulluw -‘A n., >i-» .4 ,.ivi ,li, 4 a<*. » j> cm -- 

i.'iim. Th* l nn I’rlr* .nj t n-l J : ■■■•I, I., j *.. m k-jjuK 
iu-.pjr.l-. T-Srliunn- , Im, '. , -nr ,-■■■. .!.• ry 

cii J.. r-r J .m Hie rj.-k. I'ji-nH-nl t. ■■■•mu ,ii, m,jr <• • .( „ . ... ,..j- 

irirliln, ihc reouun.'rU cenllil.iir i ■imM<,uin. ||j- . ,.,T I-. p, J ■ * 
I-'-nEhlknl Charcr-i -Vn iii.li il O, .rfc ,>l , ir.luJ.J -llll'c 

Oilcrmhr. A clMir* JUn.inim.il r. ■..■.! . ..pi,.. \ .Ti.-iHil --.us 
t-l i he Ivina L'. UcJiulr J 1 r.'m v,«* m. ..-i.r l.iu 

c inch'd. Trailer,; MiJlonJ lljnk t m .1 1 ,.ni|-ji , I id. VuiIimii: 
KrM.MjiHhk. Mu., hi-ll A « Vl.iiuj.rrc.S.nk-nurr I ,„.i 
Mjnaiicf-Lld, ivlljniiici -•ii'.'i. . l...nJ..|i \V I i:*^. i.-r.Jin 
£n, -Unii, N11 ■' Minulirrc.ii ihr 1 nit Inhi VcuciaiM-n. I hi..*^cr 

11 nt>t JtJlijMc I.I IC.I.:, nil .*1 li'. ■' :,-uMu .•! l.tUU. 



To: Schlesingcr Trust Managers Ltd., 
140 South Street, Dorking. Surrey. 


I wish to invest 

(mini mum £300) 

in the Trident American Growth Fund at the price 
ruling on receipt of my cheque. 

I would like further information, including I I 
details of Share Exchange ( [ 

A cheque is enclosed in remittance, made payable to 
Midland Bank Limited. 


I declare that I am not rmdciu ui: :Jr ttieScncduieJ 
Territories and that I am n.-i jkijuiriii^ thr uni:, a j lu-iiiinee 
ol'anj person mnJem iiji-ide lh; Tc/rur rie-. 1 Fi , ru j re 
unable U> nuke thr. dccl.irjunn. ii • r.<- uM be d.'icted jnJ :nia 
application lorm-huuld Ibcn re ledyed ihrouch >ou: ’J.n.. 
b jrL. lU.'ckbrol cru: J'li.'i.'." 1 . ""..i ,'r .cjr.i;,-. be rr^i.lered, 
but accounu deN^iuicd mill their iniiui-. hl( he accepied. 



Surname . 
First no m 


■ tntOvJC LETtUti PLEASE) 
(la !uiy 


Address . 


. Date. 


Signature 

tin ihe cue of a joint application all must sign.) 


FT .70; 5 


EQUIPMENT WORTH over 13m. being , built on the Knowsiey In- 
has been ordered by the telecom- dustriaJ Park. Merseyside. \ aluc 
muni cations division of the Post of the" contract is about £60.000. 
____ w „, l . Office. and the generators form an off- 

, PLESSEY w to supply 430,000 site facibty supplying the two 

TWO Lloyd s brokers Involved in telephones; 48,000 loud ringing chemical plants in the complex 

the controversial Savonita claims bells for outdoor and high ambient with inert gas for blanketing pur- 

dlspute, WilMs Faber and noise applications: 5.200 relay poses.. 

Pearson Webb Springhett have units for intercoms; and 22.400 
been asked by the internal hey and lamp units for desk 
Lloyd’s inquiry committee to switchboards of 10 to 20 lines — 

.produce all documents relating tills equipment will be made at 
ho the dispute for inspection by Beeston, Nottingham. At the com- 
June j piny’s Lamberhead. Wigan. 

The inquiry was set up after 2“*°"* ° v ® r 5“-0OO telephone 
.iwlrinr,; v.oj h».„ dials will be made for replace- 

twCSS JflSnc ments, and to supply other manu- 

the House of Commons by Mr. f actureTSw Tota i value of these 
Jonathen Aitken oo the settle- orders is over £5m. 

«£ ® I “ ms on 301 Flat cars From PYE TMC the PO has 
which had been reinsured on the ordered press-button telephones 
London market (no dial) worth £2. 5m, These 

'Pearson Webb, which was will be made at the .Airdrie 

handling the claim for fire and factory. 

damage to the cars op board the For the Datel 200 service, MAR- 
cargo ship Savonita, decided not CONf COMMUNICATION SYS- 
to press the claim after a loss TEMS is to supply around £2m 
adjuster's report and legal worth of data modems. These 

advice. Pearson then was dis- moduiators/demodulators will be 
missed by Fiat and replaced by u “ d J° «P an *L th * ? ate ! s ^ c f- 

S, Fi toke), 1 “5Sch rm j£- f SfNSrtSSn'dlLlnS 

ASH 'm'iwUS tlpphone n'h-'ork for computer 
underwriters to settle. A ®PPUcauons. 



the 

fraud squad investigation is in 
progress on the claims. 



now with Tyndall 


A stake in the world’s richest 
• economy. 

■Sfc An opportunity to invest when 
. US shares are stin cheap. 

Many yhnwd investors see the good smse of 
having a part of their investment in the US now. 

Tyndall believe that the economic fects 
justify a higher level of prices for US shares, 
which today stand at attractively low prices, 
and th3t a change of : mood could produce 
subs tan dal gains for investors. 

Economic Strength . . ; 

On such fundamentals as profits, dividends and 
assets, American shares are still cheaper than 
they have been fora long rime. Yet the US 
economic indicators are strongly favourable, 
with an inflation, rare of 6.7% last year and a 
rise in GNP of 5% in real terms. Corporate 
profits too continue to grow at a sustained pace. 
This is why Tyndall believe that now could 
be a good rime for investors to put some of their 
money into America. 

Benefit from Tyndall experience 
For the first time investors can benefit from a 
unit trust managed by Tyndall, the London 
Wall International Fund, which is now 
invested exclusively in American shares. The 
Tvndall Group have extensive experience in 
American investment fiom their substantial 
overseas involvement over .the past 10 years. 

The portfolio of investments concentrates on 
those leading US shares which Tyndall believe 
are now especially undervalued, and is invested 
through the premium currency pool 

For vour information the estimated gross 
commencing yield on 18th May 1978 was 
2.13% and the offer price 34. 3p. 

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

You should regard your investment as 
long term. 

Mow to invest . 

You can invest from £500 upwards in the- 
London Wall International Fund by 
completing the coupon below and sending 
jr with your cbetjue. 


Important Details 

Units, which arc dealt in dally, yo^ 

■win be allocated at the offer AH unit hriden receive their 

jnicc prevailing wben your dmra m ions net of arc the basic 

completed application is Metwijaayearon btMiymdJ* 

received. Unit price* and 

yields are quotedin most i«»re[neirnm aairicunon lu 

national dtiIy B « Ws . Tta 

ntioi mum investment is £500. Is inducted in tte buying ' 

To Invest, fill in the coupon' price of tbe rail*. A hair pady 

or talk to your financial ' darfic on/J b of I % (ph« V.A.TJ 

adviser without delay. ■ 

acknowiecigecl and your SccnmrvrfStwctoTralowilihe 

certificate sent Within 35 days. tm 2 t ne’a “iririer' 

. . in ceWDoa undo: die Ttuan; 

IfiouvidirasefljmuQoit^ InresuncntsAct 1 WJ. 

thfMJnaem trill PTO*«e them u n^RQydBmkofSctdmd 

tfK bsl pmx. cn any d cafag ihy. ibeThcaeeand holdasD 

pjrmou wrU menwifr bemad* the IM cash and mramnusai 

viiluo wvnjdayeofthensoptQf ih. >»jgir 


application for units 


r 

I AppIicantais should be sent toe 
The Ti-ndaM Groqp, 

IS CanyngcRoad, Bristol B$99 7UA, . 

(topdaredNo. ? VS18,S^lmi) 

i enclose nr 


fiw investment in Londcm 

Wall Imgrtwlii^ ml T nwvtj 


attbeo^fwrqhnffraithcdayyou receive this 
applies uan. Minimmn Investment i500. 

should be made payable to The Tyndall Group. 
Co mrnis . ’ami of is payable to lMc ogiiiseriag fnht. 


(Mr, Mrs, Minot Bfly 
rhrfatpnNnna 


llntUD 

ymaddfW 


- 1 d.rhn’j hal fwci ffft . mdam »v nsidim "trade titt l IK# 
SJtrdulM lerriwna and itm [isawa azpamg tiu sons as Ike mm 


■ 

I 


Steonae 


FTaw.TaLwi 


I * /J vcm w wtdtu makitte jaiertaa,, & d**dd bt , 

I H,^Umttr,grulidItr. I 

orcfntxawMjeWnaMnttorEia. 

I LondonWkll 
I International Fun 

| A TyndaH Group Unit Triost 

s ■ Member of the Unit Tnd Association 


il 


HADEN YOUNG (member of the 
Haden Carrier Group) has been 
awarded a £l£m contract to pro- 
vide mechanical and public health 
services at tbe new London Hos- 
pital clinical building. White 
chapel. These include heating, air 
conditioning, ventilation, refrigera 
tion. medical and natural gases 
special temperature rooms, and 
heat reclaim system. 

* 

BALFOUR BEATTY Construction 
(Scotland), a BIOC company, has 
a contract vaftued at £260,000 for 
permanent and temporary works 
to provide a reinforced concrete 
shipbuilding berth at Scots toon, 
Glasgow, for Scots toun Marine 
Work has started and should be 
completed, by September. 

* 

GROUP 4 Totai Security has 
placed an initial order worth 
£124,000 for 75 Chrysler Dodge 
1100- vans. Eventually, the entire 
fleet of Group 4 beat patrol 
vehicles waH he replaced by Dodge 
vans, 

★ 

Tour companies In the George 
Kent Group have received from 
Brown Boveri and Co., Baden 
Switzerland, two orders totalling 
over £130.000 for the supply of 
instruments to a power station 
and a sewage plant. The power 
station is in Se tubal, near the 
west coast of Portugal, about 15 
miles south of Lisbon. The sewage 
plant is in central Iran. 

* 

WELLMAN INCANDESCENT is to 
supply an inert gas senator com- 
plex to Talres Development (mem- 
ber of the Tate and Lyle group) 
far the speciality chemical plant 


Wales wins £3m 
oil contract 

A SOUTH WALES company has 
won orders worth about £3m. for 
work on the big oil cracker pro- 
ject being undertaken by Texaco, 
and Gulf Oil near Pembroke. 

The main contractor, Snarn 
Progetti. of Italy, has awarded 
the civil works sub-contracts Ao 
Norwest Holst Western Ltd., of 
Cardiff. 

Work will start within three 
weeks on excavation and con- 
structing embankments, roads, 
tank foundations and environ- 
mental screen walls. The sub- 
contracts also include civil 
engineering work associated 
with the waste water treatment 
plant, tank, p ump in g stations 
and reservoirs. 


Do you travel abroad on business? 

Are you responsible for foreign travel budgets ? 

Do you approve foreign travel advances or expenses? 
If so you need... 


LIVING COSTS 0V 
A guide for business 





If you are involved in business travel, 
in any way, you should have a a copy. 
The price is £30/U.S.$60. 


The 1 978 edition of this detailed study 
covers the expenses most fikely to be 
incurred by travelling businessmen in 61 
major business centres in the worid. 

Tables for each city show, at a glance : 
Luxury Hotel Rates/Tourist Hotel Rates/ 
Prices of Restaurant and Hotel meals/ 

Prices of Drinks in bars. Hotels and 
Restaurants/Rentals and Extras for Furnished 
Flats/Food prices in Shops/Telephone and 
Cable charges. 

Charges for consulting a doctor, secretarial 
services, car hire, taxis, publications, 
cigarettes, and even the laundering of a 
shirt, are priced in the local currency. To 
complete the picture there is a run down 
on local customs and taboos which have 
business or social significance and a list of 
public holidays. 


ORDER 

LIVING COSTS OVERSEAS 
| A Guide for Businessmen, 1973 Edition 

J please send me copy! copies of the 1 978 

| Guide at £30/ U.S. $60 per copy. My remittance 
for £U.S .$ — is enclosed 

Mail this orderto: 

Financial Times Limited, Business Publishing Division, 
Minstjr Hoiise,, Arthur Street. London EC4P, 9AX. 

Tel : 01 -623 1 21 1 . Telex : 881 4734 BUSPUB G 


Mr./Mrs./Misa_ 
Position 


Company. 

Address_ 


Signed. 


.Date_ 


financial Times Limited, Reg . Office: Bracken House, 10 Cannon Street, London EC4P4BY. Registered in England No. 227590. ^ 



ft 


Financial Times Saturday May 20 TB7% 


iWALL STREET + OVERSEAS MARKETS + CLOSING PRICES 


-taking: off 4.07 


OVERSEAS SHARE INFORMATION 

NEW YORK I ,** | \ I I M S V J * 


Inv. S Prem. S 2.«0 to £H 2 i«& (U 2 J%j 
Effective rate 11 . 80 * 0 ) ■*«!% t«J%) 


BY 8Q£flfAUL STREET CORRESPONDENT 


NEW YORK, Jlay 19 - 


• | Alay | May 
Stock ! IS 1 18 

Abbott Uba | 62 »* 65 J* 

Ad-lressezraph ' 221 z I 233 ft 
Aetna LrieiltaS! 40 )* 40 ^ 

Air Prod uc ta.— _j 28 Ag . 881 * 


FURTHER PROFIT TAKING they said that it is still possible slightly. Domestic and Foreign Bonds ur^t>ducter__) 28^ ! sat, 

sent prices mildly lower on Wall that the target is 7 J per cent. International Oils eased Golds marginally lower in quiet trading. Aixw ! -so ' 50 

Street today, although firmness in Whichever it is, the stock market gained. Coppers weak. Dollar stocks and Dutch shares AtaMAiuminiun, i» i ass* 

the dollar and a report that House was disheartened by the rise in TOKYO — Mixed in moderately eased, Germans mixed. r~: 1 7 r? 

Energy Conferees reached a short-term Interest rates on active trading. Volume 320 m JOHANNESBURG— Gold shares iuwhecy Fowl? i 7 s| i 173J 

tentative accord to phase out Friday. _ . i 2 a 0 ml shares. steady at higher levels. anted Chratai-,' 4 t : 8 I 4 iT a 

"Natural Gas prices spurred a The U.S. Commerce Depart- Constructions, Road and Hous- Mining Financials mostly *u««* 8 tores — . Z*** . | 5 i* 

brieF rally attempt about midday, merits report later that New ing issues lost further ground, higher. AlUa ChAUnerm-.. 32 , 32 ja 

The Dow Jones Industrial Aver- Durable Goods orders climbed 0.4 Electronics. Photographic Film Platinums fell mai-nnaUv on — : fftj \ «u 

age shed another A 0 ? to S 46 J 35 . per cent inApnl apparently had and Drag stocks lower; Breweries lightpro^todDe < is 

reducing its rise on the week to little l ^, ael ,.?° t 5 ! ,c S r , a . rke t » ?° d Trading Houses weakened, industrials mixed in modest taSSEl 50 * ; so 

6 . 15 . The NYSE .All Common Genera Motors lost JH to but Motors. Sugars. Paper-Pulps, dealings. \mer. si ■ so*. 

Index, at S 54 . 95 . lost 25 cents on S 6 ?i- whije IBM shed $ 2 | to S 262 i Metals, and Steels firmed. Vmer. Can 4 C«a I 4 tW* 

the day but was still up 10 cents ^' t „ r l urchased about 23xn - of lts AUSTRAUA— Generally firmer „ kI - aDf>DC ii* * ii£ 

° n we ?!L Losses Jed gams a vteRICAN «sE Market with activit ^ concentrated in SINGAPOR E ,vo». him^J Z 8 h ; 38 sS 

by 80 S to oT 3 . while the trading THE v taucAN =E Market u raT jiu m s and Mining and Oil „ .. j « i . HMr.HpotPwrt 39 i 3 » M* 

volume fell 732 m shares to ^alue Index added 0.31 at 144 . 66 , spacu [ a tjves. Pancontinental M * yl9 I 8 I May l& 8 -i«r. u«bcmi_.. : as 


Huy Dig 
S tock a 18* 

Caniqt Glia — i 841, 645* 

CPC lnfulkHIBl] 4912 497 a 

Cmb. _.i S 0 l a 29 Is 

U rocker Nrt 1 ks 7 SB a»* 

Crown KeUertacht 33 i 8 53 Sg 


Crown Zeltertachl 33 i e 
Cumin In r- KoKlnrl 403 , 
Curt i" Wnglif-..| I 7 "a 


34 maxing j me oi i.u» on me w 

Analysts attributed early and 

late selling pressure largely to atui t-q wa a nt/rTr 
fears of Federal Reserve credit OTHER MARKETS 


making a rise of 2.09 on the week. % ^40 i~ 

hopes of a sooner than expected H»ri-.. 1 

OTHER MARKETS mine. t0 its Jabiluka uranium 


FRIDAY’S ACTIVE STOCKS 


Fed. Nat UUE. . 
SohlftJ Br 

K Man 

Caesars U'ld 

Baxter Tra. 
WvstinRbougo EL 
n..-n«*ra] Motors . 

T-aaco 

SltllM, Rest. 
Polaroid 


Bounced Bbd, 


031 /Strait iTrad'a 
132 '.time* Pub. 
2 J 3 ss Berta-i 
3 JE*»[U. Engineer* 
13.30 jU.OrV BL-. 


S'O <*5 

Closing 

on 

traded 

Price 

day 

426.000 

17 ^ 

+ 4 

. US. MO 

IG I 

=a: 

31 U.S 00 

252 

-1 

soo.iue 

is; 

+u 

305.100 

12 ) 


257 100 

Col 

-1 


01 

-I 

277.^00 


-i 

271.000 

20 

+: 

ItC.lOO 

367 

+1: 


r HONG KONG — Generally | 1 A 30 ju.ov 

CANADA- Prices further im- higher in brisk trading. Index hg*r *. 6 * Wwro 

String u? e a “I c s7 p to i“ 1 b™; 15, ““-'I il 

tad^rese^Tto 9 ?Si w c 5S^^ c £iJ , mBS SSteri £&&& 

to 1 , 325 . 7 . Oil and Gas 3.6 to f? c ? ver L ^ gained DM 4 JZQ UBI> yC«ni 1 12.70 iDtoi-d 


Humelnd... ( 1.66 jCbmkai 

Inches pe | 2.03 Wtllm Jack,. 

JorJtne. ' 2.75nl Enibera 

llalny B mij 5.15 jBiroLlmui; 


Papers 0.20 to 116 . 40 . . ruo,,c J™"™; U«.B>.din^ 2 . 74 *, 

PARIS— Lower partly in re- L ow 2 t. ^e&ulating ^Authorities uv*uhio.Bfc 7 ^fcSxins 

smnsE to situation In 7 aire and ^*^ 6 ^ stock worth DM 38 m. Mark P»u Biearic. 123 j A usual. Vm. 

ahead of next week's French Foreign Lo&ns also easier. Koifamo j 

Cabinet meeting which is ex- SWITZERLAND — Steady in ^*1 ~J. zjbm SSlZT. 


, ssfijzjsijgr s® * a bs= ^ 

Public Authority Bonds again 


Cabinet meeting which is ex- SWITZERLAND — Steady 


tightening. Some analysts noted pected to discuss Capital Gains moderate trading. 


Uoointmfl 

Koifamio , 

m sbeii 


that Friday's Fed activity, in Tax. 


5 1 me 2J9»*.'lCucimi — 


Banks finished narrowly mixed, Ooiusioa*e.j 2_50 iLnwerpemi. 


did two repurchase Metals. Engineering and Elec- Financials little changed, Insur- 2 J 7 sb;peMiineTio. 

r : ■ 1 : I .... ~tr > l 1 ; SIWJto lUBe*. — ■ sunrenu- I'n. 


aereements for a customer, jndi- tricals most affected. 


ances gained slightly, small gains )(„ 


rates that the new target for Fed American shares fell. Germans predominated in leading Indus- 
funds is 7 t per cent, although resistant, Canadians advanced trials. 


; supreme l p. 


Indices 


K.Y.S.B. ALL COMBOS 


Rises and Falls 


KEW YORK -DOW JONES 


ai.r 

llsv 

1 

.Uar r 

19 

18 1 

!7' j 

W 1 


Mivi >l«i- ; 

is : n 1 


InUmiriai... ?46.Bb B 50 . 32 BBa.S 7 6M.30 1 8SB.78 340.70 850.57 
- - « 17/51 

H’n.e B‘n- 1 -*- 83.471 08.53; 08.55 83.59 88.64 B 8 . 8 I 1 -u.ib 

: I 1 .-it. 

Tnui»|xm.... 229.lt 150.81 IS 125 219.05' K7 .94 227 .75 1 251.25 
1 I 1 (17-01 

l' Mime- 144.25 104.09 104.08 104.09 104.42' 104.50- ilO.-M 

11 . J I id'll 

Tr«.'lin»; vnl„ 1 1 ‘ ! 

W. * 54.360 49.270 45.490 49.160 ( 24.900' 45.600, - 


*Rb,-K..| lii-le.v lutli^t - 1 I nun liiani'l II* 


I nil. ilit-. rieht 1 


64.95 65.20 56.88. 55.53 55.68 
: I I 1 17/til 


MONTREAL 


\ 

M*j- 1 J Mac!: 

Mac 17 

Issue. u»ied ' 

1.907 ! 1.901 

1.902 

Rise. 1 

679 | 570 

790 

Fxll* I 

898 | 959 

690 

Gncbmzified 

430 372 

422 

New Hii;he..._...| 

- ! 138 

207 

New Lows...... „.i 

— « 35 

40 


.Vmer- Kspre-n—i 381? j 3fl5g 

V mer-HocotProri 39ij 1 29 Sg 

Vmer. Medics/ 23±a [ 28 

VniK Mot on ' 5 I 4J* 

Amer. Nit. Gu.. 4W( ' 415| 
liner, standard. 45 45Sq 

iirnr. Sl-rre« 52 >b 33l« 

.Vmer. Tel.iTeij 629« ; 6213 

Am-etek 34 . 44ig 

AMP. J37 8 ! J8»< 

— - VHP 33 ’ 33H 

4-50i3 Ampex I43j 15 

— Inrim r Hoclima. 30U : 30 

Vnbeic-er Buseb. 24Tg 34 7g 
VnncvBteel - 30>« Slit 

LIZ vj}^v, 30 19 "a 

■t44 .V%amera Oi . li)« | U>2 

a2xb .Viarcn- 17 17 

Ashland Oh 2 B: b 1 30 

AU. Rtcoriebl. 01 : 51S* 

iJ6 Atao Data Pro.... 30 7g • 315s 

_ AVC 10 • 10U 

— Avco 2QU 25Hl 

* Aroa Prudth-ta 1 54 I 54 

_ Halt Gas Ela-t__ 241 a 24T d 

HanL Amerbu 25 | 25! 9 

fi- Hankers Tr. S.V. 37J 9 , 38 1 8 

Barber Oil 29 ■ 29 

1 73 BasterTnirenoL. 4Zij 1 43 

— — destrtje Fool. 1 24 Sb 1 24 1 a 

dectonUi. kensan 3Bi« 1 387a 

Bell.* Howell ; 2Q( a 20i s 

Uenda- • 39 >s . 39 1« 

Beosuet Cons ’S' 3^« 33 j 

Uethwbem Steer- 241; ; 249s 

Blade & Deuler _ 20 ig I 19 7 j 

Uodmt 475s 47i 2 

Uui9eCa»^de.. M . 2&St . "2»l* 

dor* Warner. 31 j 313* 

H tanin lot 13is : 13i z 

Unaan ‘A 1 .. 147 3 1 15 

Bristol livers. 35 U ; 355g 

Jrii. Pet. AillL.. 15 7 fl i .I57j 


Cuttle Wrif^it..^ 177 B J lai* 

Dana— - 273* . 28 L, 

Dart lurtu«n«_ 425* 1 435* 

Owe — 297a ; 30l B 

tie! Monte 265a | 261g 

D«*ona 132s 13 

Dentsply lnrer._ 187a 183« 

Uirrou Jut iwm isi* iba. 

UiarDcn.itihamrL 28 28 t 8 

liwtat<twne 16** 161 a 

UUIta K-imp™.... 47l« 47aa 

Ulaney (Walt). — 39>e 393a 

Oikw Lorjai 44 1« 456a 

l*i* Cbrmfcatl... 26 7 g H61a 

Uiwro. 23? a 283* 

UroMer. 433s 481* 

Ou Pont 1143s 115 

oymp Inilustno 273s 265a 

Kauie Pktirr 21Sa 215* 

hut Alrlinn 101* JOJa 

Lanman Ko-tak,. 537a S3sa 

Katoo 39 >8 593s 

K.U.1G _| 26 281s 

81 Paso Xnt. Gu 17 la 17U 

Ultra — — .m* ] 341s 34fit 

BmottMm Klectrtd 36 u 37 

KmoyAlrFrlcbt! 46 465* 

km ban ! 37l 8 37is 

K-B.l... [ 23, 27, 

tnicethard [ 251a 261, 

8fc mark _l 283a 28 U 

Kihyi 2us* 21 

Kxano 471* 47fis 

Fatrebikt Carons - 36 ~ 36ia 

Fed. Oetit. tjtcHies 401* 405, 

Firestone Tire — 143s 143, 

Fit. Nat. UnufunJ 29>, 29 lj 

Pleat Van ( 223s 23 1, 

FUailutte Stot, 2bfis 

Florida Power.... 1 297, 297a 

Fluor. ! 385, 38s, 

PJ4.C ' 245 , • 245b 

Font Motor. J 49t« I 50>, 

| Poremnsi Mck > 21 | 21>a 

Poaburo 35 ?a ( 363s 

Prank I in Mini — 1 95a 1 96* 


John, UatraVtie... 331, 33>* 

Johnson Joboron 763, 77 ip 

Jahostw Control. 325, 325s 

JoyAUnutacturV 581, 34 as 

K. 51atiUjrp...._ 25 is 257s 

KataerAiumbti’m 5319 337 ; 


hataer.Vi um hti’m 
Kaiser Industrie* 

AanerHteet 

bay 

Ketmecvu. 

Kbit BcGccm,,,. 

Kidde trailer 

Kimberly Clew _ 
hupfjen 

h»«lt 

hroger Uo — 

“ta*ew«y 

nmuisa 


m 3312 
es IT, 
_ 836 a 

... 13 

233 a 
.. 4 fi 

- 32 

- 49 
231 , 

- 467, 

_ 335, 

1. 343, 

- 3fiae 


L*bby 0 «.y UCT( _.| 271 , 

Lilli- |E1<).„.^„.| 48 
Lrlliiu Incliirt.-..! lfll, 
U>cblit«ilAuiT*Hi 255, 
Loop Star Imta... 2 U 3 , 
Uhik liiaod. Ltd. i87a 
LouMana Lau>i.. 241* 

lAjhnn-i 307, 

l-ucky StnrcTi 15>8 

L’ke Y*una*l’irn 71e 

Uar-Miltan^ 12 

Jlaen H.H 433, 

-lire. Hanwr... 383, 

tiaptu 365* 

UamiiKU Oil 407, 

lUriiH.. llblbiDil. 157, 
Msndwll Field 25 is 


May Uot*. Mons] 24 Be 1 243 , 

MCA. I 503 , 493 * 

McUermnrt J 283 , | 28 a, 

Motioundl DuusJ 314 , > 33 i a 
MiCim Hill — 1 233 , [ 231 * 

Metntua 463 s 47 1 a 

Mwrk — Sri* I S 7 i* 

iinrin Lvnch_J 203 , j 20 >9 
Mesa Patroiwtm .4 374 , o67 S 

HGAI J. 313 s ! 34 

Mlnu MtnjiA Mid 547 , j 55 

Mobil Cosp. j 54 64 

Munaaaui. 54 64 1, 

IbtfpuiJ.P. I 485 * ’ 49 h 

UvMcrols _.j 46V, 471, 

MiKpbvOii J 4 vj 3 j ! 411 , 

Xilrtsci*. J 491 * | 493 , 


39 U . 391 , 


tlrt fiff j g si--,--- 


742.12 1051.70) 41.22 

(i5-./2» 1 11/1/73) (2(7/32) 
68.47 - - 

( 15 / 0 ) 

laa.il 279.88 15.23 


■» “*/ 1 “i? 


I nit u, trial 
Comhlne-i 


182.68 182 . 45 s 1 B 2 . 2 b| 188.871 I 82 J 3 ( 19 / 5 ) 
j 191.72 180 ^ 5 | 185 . 93 / 188 . 5 a 181.72 (MA; 


( 9 / 1 ) ( 7 /Hrte) ( 8 / 7/321 TORONTO LuniiataU**- 1128.5 1 123.51 1119 . 9 ) IHDAf 112 B. 6 ( 19 «) 

102.84 155.32 I 10.64 „ j I 1 1 

( 22 / 2 i ( 20 ( 4 (tui! ( 2 H/ 4 / 42 ) JOHANlTESBirRO ; 

Gom I 205.2, 202.5' 201.6 202.5 218.7(1,2) 

- — In.lumrtsl* ! * 2 2 , 3 - 223 .JI 2253 ) | 222.8 I 223.3 ( 1 S/S) 


152.7(1 i!d 2) 


H 3 .ii net- * 
194.= i‘li'3) 


Jnl. Pet. ADR — 15 7 fli . 157 , 

Urockwsv >rlss- .. 34 ) 34 

Unta-wfc-k 157 a ' 153 * 

Uurrvrur Erie- | 183 * j 1 &>* 

timid. 337 s 3 3 /, 

dll i«v* Watch 6*2 ! 6*9 

ifiirtiDgioa Nlba 407 , 411 , 

i)urrou«h> 7 Qig ! 715 , 
-ampte/i South../ 35 ls . 35 
'’saadtan Pscuic 175 , , 171 , 


Ycarm-io (einiiux.) 


• Hav 1 Pre- > 107: 1 Wifi 
j 19 ! ridb < Hljjh 1 Low 

Australia*! » 93.94 491.49 494.49 441.19 
: H 8 /M . ii/ji 


(Haas i Hicb 


STANDARD AND POORS 


)li|- ' Mhv - Mn) 

19 • 13 ; 17 

■Max- ! 
16 [ 

M«v j 

“J 

r< 

Mat I i 

12 | Hi»;h 

BE 

Low 

;*mc*f Cm 

■ Hu-li 

Hj-i/NED 

la,l» 

iln-luiimiv 108.52 109.11 11D.il' 

10 S. 38 i 

109.311 

108.44 110.51 


1 I 34 .b 4 

SS 2 

1 1 
JCwmiwiie l 38.12 9 B.E 2 , 00 . 60 ' 

1 


( 17 /M 

<«/ii 

k 11 , 1 / 73 ) ( 30 / 6 / 32 , 

99 . 36 . 

98 . 76 , 

1 

98 . 07 / 99-60 

8 a . -0 

125.35 | 

4.40 

lit; 


I . 17 / 0 ) 

( 6 / 3 / 

klt/l/ 73 i| tl»/ 42 ) 


Belgiam ‘Hi 98.74 9 B^o 
Denmark: r* 95.0 94.94 

France «tti 65 R 1 16.7 
Germanytit) 789.4 j 7 B 4 j 3 
Holland o>) 81.0 ; 80.7 


, 101 . 1 b. 98.74 
BP) > ii 9 ^>) 

| 9 d.Lt 94/0 
; O/l) : 18/3 
*.7 I 47.o 
( 26 . 4 ) 1 (Alt) 
- 012.7 ' 759.4 
| ( 10 / 2 ) [ . 174 k 
j 82.1 : tb.v 


Spain ( 4 i! 104 . 16 1 IU 3 . 7 B 1 110.it: :?.ec 
law) ill. 3 . 

Sweden Iril 373.73 1 37A8S 397.95 iZz.H •- hue Manhattan. 325, I 325, 

(3ib, i}.[/ -.’hemirai Bk.Mi 40»« I 411, 

Bwilzerl'dtfl 293.6 28L2 2B6 j? ?<9.u Oberthnh Vwn J 255* ) 25 U 

I I (I6'5> (2h4. thea-ie»y'tem...; 33 | 331* 

^ Lhh.auo UrHU-e-.' 541, • 541, 


L'anai Kan-liiit4>_ 10 lg 

Ja mat ion ... 2812 

Carrier A General; 12>* 
'.arter Hawie.l... 205 ft 
Jaterpiuar Tract ► 68 1 « 

54 

Edaneae L'orj-n 425 , 
.'etiumi A S.1T.... lot* 

Vrtaitneed ■ 241 ft 

iMH Airwnit.„i 317 , 
hue Manhattan. 323 , 
bemsai Uk..\VI 403 * 


107 a . ii 
2812 ! 387 , 
12 >« ; laift 
205 ft I 20>2 
581 , I b 74 * 


Fttrerorni Mck ' 21 i 21 >a 

Foaburo 35 /, I 365, 

Franklin Mini—..' 95, 1 96, 

Freevtrrt Mineral: 2112 { 2l3s 

fruefaaul 311, J 315, 

Paqimfnrls i 1H: I 115* 

UJiJt, I 131, J3g, 

(iannett 427, 44 

Uen.Amer.lnl... 10 ID),- 

G_A.T_V. 295s 301* 

Gen. Cable. 17 17 

Gen. Dyrmmtca... &6 67 

Gen. Eleclrlc* 63 631, 

General Pnuta-. . 3uig 30 

Geoetai Mills-... 31i, 3I«* 

(nnerai Motors— 60lg 62 

Gen. Puli. Util.... 184 182, 

(ran. Signal 283* 285, 

Oc-u. TH. Sleet... 28<g 287, 

Gen. Tyre— 261* 26 

Gene-cu. 7U 74 

(iroreia Paid hi-... 26 T, I 267g 

‘■cm Oil .) 169 1 1704 

(ill Idle. ! 2830 287, 

liisnm-b B. K i 22 1 8 224 

Uo-»lyem Tire.—' 174 1?4 

Giail.l ! 297, 293, 

Gra.fW.lt... > 284 28 

(it. Allan Pa -Teal 8 fl 

lirr 1‘Mh I. I ?*»-. n-X 


Aalcp Cbcm 

National Can ^ 


171 , | 171 , 


Indices and base dates (an base values 
100 except NYSE AD Common - 30 
Standards and Poors — 10 and Toronto 
300-1.000. (ha last named based on 1973' 


'--hromalkiy I 

Chtyater— : 

Cinerama— _ ....... ; 

emu.. Mnacran 


SMfM'ra-igfitg S E 


namea naseu on IM' 1 1 , 

tExdndlng bonds. 14U industrials | ^, t | es J, ^ r ™ 


653 , , 524 


Yearaan (approx.i 


(III 62.65 62.42 ‘ 6 o. 3 b ) bb. 4 b 

_ 1 . : (b/i) . (10/1) 


(||l Beitf an SE 31 / 12 / 63 . (—) Co^-nbwo 
SE 1 / 1 / 73 . <tt) Paris Bourse 1061 . 


Imi. iliv. yield % 

ln- 1 . P.-li Umiih 

l*ir • Dm i . u-.ii-i \ ■•-■•I 


■ 5.04 

5.02 

| 9-16 

9.18 


408.48 406.42 j 4 i 6 .il jsMjw Ji?*' °°™!S 22 SSf? ?£ir “Si.*! 8 *' 


Colgate Hum— .! 
Uollin* A'k man..) 
(‘•itumhia Gti ■ 


Singapore 315.23 514.59 • JI 5 262 jO 
«*» I • 119 / 5 ) I ( 1 / 60 ) 


dam. Industrial 1970 . (ft) Bang Set* , -"’ un|, »™ — ■ 

Bank 31 / 7 / 84 . ((ffl) Milan 2 / 1 / 73 . mi TOkro Lnlumliia Pki..«: 181 * 
New SE 4 / 1 ' 18 . (b) Straits Times 1968 . V.-m-InsOiwaAm 1 BL, 
(el Oosed. (di Madrid SE ^I'lS'ri Cnnhustma tiu-.j 404 
i ci Stockholm Industrial Iri ' 58 . t/i Swiss "»•- l67 « 

Bank Corp. (hi Unavailable. t ra w ih fc-li— >nl 274 


F.T. CROSSWORD PUZZLE No. 3,672 

A prize Oj £5 will be giceti to each of the senders of the first 
three vwrect solution* opened Solutions must be received by 
next Thursday, marked Crnssirord in the top left-hand comer of 
the envelope, and addressed to the Financial Times. JO. Cannon 
Street. Lomiiin. LC 4 P 4 BY Winners and solution will be gioen 
Tiexi Saiurduy. 

Name 

Address 


RACING 


BY DOMINIC WIGAN 



Jellaby should win 
£25,000 Lockinge 


CraVib kii-.n| 274 
(-.enVtb Oil R*i 21 , 
■.-mm.'raiaUilv.J 45 s, 
■.W/mput-. nrcieove 114 
G-mn. Lit*- ln»— . c 6 lj 

•-■'nra.: , 23 a, 

l.jn. feplmai N.Y. 224 

^•-n*i-l Fin»!» 1 2 *i, 

.'-maul Nll.Gta.J 39S, 
»-nsu«tier Kraei’ blig 
..MKlIHrntariiqG 305# 
>.-litlrui]U!Oil-.. 304 
LVuitlnennl Iric. 164 

•.-nirui Uala. 323ft 

.‘••vj-rr l»el»‘— .J SS3, 


GERMANY ♦ 


Gra-eW. k. < 284 1 28 

(it. Allan Pa -Teat 8 j 8 
Grt. North Irno..; 227 , 1 23 

Greybnun-l 14 ( 141 , 

Gull A Wert era..! 144 1 144 

Gun On... i 2358 I 235 ft 

Hniiburtmi I bU« I 634 

U-uin* llinlnt-.-.J 351* 36 

H*raii«- lue^er 1 lb!* I 167 , 

H-im* Curpn [ 564 : 575 , 

Heinz H. J 38 I 37 >c 

HeuWeln I 29 I 284 

Hewlett I’ackarrl.l 794 I 784 

Uolhtay Inn- 17 S, 101 , 

Hi>mt*b>ke.„ 36 ! 554 

U-.ineyweii 57 63 571 , 

Hoover 124 * I 125 * 

Hoj|-Corp„Vroei . 324 | 52 >a 
Hounluii.NBi.Un- 274 27 

HunllPbJVjGKm llSft 114 

Huiron (K.K.).. M . 173 g 17 S, 

I.C. lndu%U1e-- ... 254 2 S 1 /I 

INA — 41 413 ft 

Initrrw.-li Kami.... 62 61 

Inland Steel....— 394 4 Uia 

ln>ito>.. 154 154 

Inleieoni bneno 7*0 7 h 

HIM 262.12 2641 s 

Inti. Vlav-ana.... *34 24 

lull. HHi-voiei... 34 337 ft 

Inti. MinAO/c-ii) 403 , 4 lift 

■ nil. Mitinr-iHta.. 26 24 Sa 

IBSe 184 I 

lnu. Pa|« i 43 43 Ss 

I PU 34 S, *43, 1 

Ini. UecIMki—. 131 , 127 , 

Inl. lel. i I II.... 311 , 313 , 

Ui»«ii 1 ', Hi 

37 >a 37 Sft 

1 C InienwciKinij 114 115 * 

■Lm Waiivr.... 323 * 334 


Nat. UiaHl'er*. 1 228, 223 * 

Xu. Service ln-U 156 , 15 >* 

'Natnmftl steel ; n24 32 !g 

Nalumaa 1 414 40 r 3 

.YUL_ 1 644 64 t>g 

Neytuoe Imp. isi 2 101, 

New Hug land KiJ 211, 214 

New Hnaland Tel’ 34 335 * 

Xukk* Mufavwhl V 3 T, 14 
Ntacam Share. -.1 104 10 >s 

N. L. In-'usineH J 19 187ft 

■NurtijiliS Western- 26 2 o 4 

North Nat. Gl../ 406 ft 401 ; 

Mini bum Pn n 244 ! 241* 
Mhweu Alrtinee 284 I 281 * 

Nthweu Baxt.'<ri> 27 27 S* 

■Norton Simon. ...I 204 : 2i»i* 
D.-vlrienui PrtroH 254 j 25 '* 
Did Ivy Mather ...1 615* 1 52 

Ohio Bit non. 173* I 175fi 

DMn_ J 163a I 164* 


Uceneublupa.... 27 i s 28 

Owens Coming J 526 , 52 1 ; 

Owutn illinots.. J 211* 217 , 

Pavilk Gas 254 23 i a 

Pa.-tlh: Li/chtinjr 187 , -19 

Pa . Pwr. A U— 2 tMe 2 U 3 , 
PanAmWori-.AIr 6 «ft 7 la 

Parker Hannllin. 27 lq 27 v* 

Pni«>)v Ini -244 243 .-; 

Pen. Pir.Ala 211* 214 

Peony 4 . V 37 ' 374 

PennzoU 293 , 29 

Peoples Dm, 97 * g:. 

Peoples Gas 34*8 34 4 

FepikO—.— 31 > 8 ') 31 

Perkin HJtner 23 la 23 3 b 

Pet 427 8 42 

Pfizer 315 a 324 

ITnHps IHXsc..... 241 , 233 * 

Pbils-ielphta hie. 181 , 18 i B 

PbilipUnrri, b 63 ft 68 

PhillipsPetrol'ni. 34 a 4 Sft 

Pilkbnry 373 , a 7 v a 

Pitney Bowes. 244 24 i« 

PilWon 22 l* 25 

l* 1 eme>- Lr -1 AD R| 171 , i 17 

I ‘-I aim- 1 J 361 , I 351 , 
IVu-ioMi- Klee..../ 15 | 14 J* 

PPG In- 1 in trie*.. 30 *e ' 50 
PnH-ier (ismliie.J 85 r B j 66 4 
I'uUeerre Knvi.J 223 , 1 223 * 

Piillnimi. 31 , 303 ft 

I'nli-ii.... 171 * | llit 

Gistker . 25 25 

l.spi-i Amencnii 1 93 * 93 * 

Kajfikea....... • I 437 , 454 

III A ! 28 28 la 

liepillill-' nle- 1... 1 261 * 263 * 


I lee ' ijj! 

lir-yihiliiz Meiaie.j || p 0 , 

IC.-V-B-l.iw «. ■/ 59-S w - 

nn-li'-in Merrvll.. 464 - • 

Mm-kacli Inter... | 33.*/i | || - 
K-ihm A Hsu : 4 

li-.*sl Hutch— r 57 5^U 

u.i:l> 16 1 * . loh 

Hum Uv> ' 7- J* .,77? 

Uy-'er Synnrt....; 31 s I “ Jj 
■wieway Store*— 1 4 * - | 

5l. J«w Minerals.! 3 ; xS,. 
St. Kooif Paper... 29 2 | 

.-Nuns Fe In-lv I 56;'. , 574 

Saul Invert 1 54 , ® 

snsun I mis, 1 i 8 

, -schlicr Urewnu;.. 1 I** 3 * | i? 

hriilun.luiter.-J | ]|, 4 

rSisdl' fNiV-Or!^--'-) 153p i 164 

.vniil Mrs 2 lie ■il’* 

Sender Duo Pin 1 

■hn L-Hllainrri.— ! 32 1 ! I **. 

■wearara I 23 '= 1 if* 

141s ' ***1® 

nenn- Kuehu-.A. — .1 34tft j 44, 

e-bell On 34!) 

*littll , lm| l s|urt..J 397 b 40 

rihtnhi ! ; 44 444 

rugiule Oort- 343. 554 

.'•uuplaiiy PMI....I 14 ] 1| -’ll 

ainaer 227, !io 

aiuith Kune..— ..I €84 69 4 

5oiitron- I 3*3 ! 54 

SMitlHltnvn —... 1 32 ! 324 

5ouUwru Cat. till S3*, ' 
Southern L'o...— J 15 Sfl J 16*3 
5tbo. Nat. 381s I 3*4 

XMithern Pa>-i5- .1 34 I 35 (ft 
5-utlmniRatiwny| 49 I 494 

swuthiau-i....-....: 274 j 271; 
a'w’t Uonrbare». 284 26 

apert? Hutch.—' 19 •, Z0 >h 

3|v*Ty Kan-1 4l7g j 424 

■xjulb I 281a | 28.', 

jUihluil 8rau-l>J £64 267* 

3tn.(JiiCahian)ia! 431c ! 434 
jU.Uii IuIsm .. 1 503e ' 60s» 

3W. Oil Uhm 643* 643, 

sttuB Cbemirti .) 443, | 45 1, 

-ted mu Uni* ' isi* ' 15 &b 

*tu><ebaker ; 65s, 64 N/ 

Sun Co. 427 b 427, 

5 im- 1 -I ran. I ! 45 47i* 

states 1 273, 271, 

ircumcixor ; IH3 Uh 

leitnmu: I 413, 42', 

ieu*i\Tie 977 b 973# 

1>:m | 5s B 

Ccdwo 32ia j 33 

rUeoro Petrotemn' 11 105, 

l««v 247, 24 -.g 

(VMhHutt 2113# 2G>; 

IVsas lnst.ro 80 79ia 

re»HOilAUaaJ 531, 52 

touu Ulllitien.J 193, lg&a 

rime inc. 4413 473* 

run™ Mirror— .... I 29 1 B 29 4 

Fim ken I hi 4 b|s B 

Trane 573, 39 

t'raiismeriea^ I 153, i0i B 

k'nuiacn — ! 183, 183* 

Irani- Cniun j 3bl* 374 

Iran-wa> Intr'i" 25!* 25''s 

I'oiii* iv.hi.i An ; 21 21 

rrarelieni I 35i- 354 

Tn 0-nil mental I 20 19&a 


12 : 

131, 

4.70 ; 

4.70 

32 '9 . 

31i* 

SO 

SO 

138 - 

JBt, 

20i = , 

20 

i»3J| - 

233, 

5-a . 

6>, 

o7vi : 

67--* 

28 -a • 

SB 


4.49 4.45 

91.’ ! a -s 


15 | 14J, 

303e • 5u 

857 ft i H64 

223, 223, 

41 30lft 

171* 1 ns, 

25 I 25 


l.K.W r Sqsq ; 40 

AAb century e..»l 307 a 1 314 

C.A.L. • 2768 I a 73 , 

L1AUU1I I 261 , 264 

Util - | 2 H, 213 a 

CUP...- 201*. J 2ul* 

onnevei ; 36 i* 36 >« 

u III level N l | 511 , ] 51 

Cniun uaiuirp... 15 1 147 , 

lumiii 403 , ! 41 

um«n CanuniciMl • 8 i 8 

L11umO1-U1.il ..( 51 I & 13 a 
Union PaclHe..„,r 481 , I 494 

L-run-yal— 77 , 77 , 

uiiiied bnuuli- 9 9 

uv Italic- -rt> 343 , 343 , 

(•» 0 » U“um 25 s, 26 

L 0 SU.T....-..— .. 27 Is 277 a 

*. S raw 295 * 297 a 

L . Tectuuxuglo . 43 1* 435 * 

- V liuliistriM... ; 21 214 

■ iiuinLi tUvi 141 , 13 S# 

IVnlei 1**11- ( 231 s 214 

11 -irner Com 414 - 41 ig 

llumi i -IjiiiiN ii 301 |- 301 b 

U'si-lv-UaiMiii-ol! 231 , 234 

lV*-i n»h'BiM I 277 ft I 203 ft 

llmtcin Itaii-i-p 361 , j 361 , 

vVcsiPin N. Iim,., ! 28 1 J8lft 

Ue-lei-n l 111.H1.. ' 161 * - 164 

SV-mi|ii,|i>* fc.e--.[ 21 | 213 ft 

We.va.-o \ 27 271 , 

li eli-rbam-ei ... I'll) 267 ft 

I 23 !* £ 3 i a 

\l line Con. In i . | 233 * 23 1 , 

W- -.air 1- I 197 ft ' 197 ft 

Wisconsin Klo<-r..l 277 8 I 27 m 


Mat 1 (Hat 


riuo-'r.-nh 203, , 20*. 

I Hih S I 31, 

: \i-n-t— S34 . 52s,, 

; /'iinls I&I, J 16>. 

I ."oniiti KaHi " 15 1 lSu 

l".>. 1 rm 41 IW TfW.X 794 1 * 
fS.Tnw«« I?.?-** 37 (80. , • («j :i 
| LT.n. -IP Hat Mil-. 6.3d?;! 6.3i> 


CANADA 

.Vl.ililil T'l*'.. •• 

A*uiV tail-- ‘ 



\l::orra» five'. .. - - 

AalHTl**" '■ 

Uankol M1-11I *— a - . 

Hank >■■«*•> ■■»'« i 
tta-i-- K«— -nr e*.. 
(U-'l 1 Vi«t!— n- ■ • I - 
Km In-I.- • 

HI* (.aiis-'B I 

linurou 1 j 

Brims- | "* 

(.a'^an P* -*»«-' ■ 

l *inrt.-H M — •» ... I 
< anaila l’--iu> -»l 1 

1. minus NW l"u..j j 

fanlnil- lhik'N-u. i 
I nim-ts lialuM... 1 1 

L.an Pseilii- i 1 

Can. P* ll'i- In* • ■! 

I an. Nji,a-» • h . S 
tariiiSB O’K-s-le.. M 

L/uailr .V*--l-~ • r 

1 liieilaiii ' 1 

Coiuinw ' 2 

Lous laillmrat... 3 
uoiisumei lias-— 1 
L.-sCkn Kt-*niM>*»- 

Lintain Hh-li I 

Ita.Hl Itet -ml .... 
Urnin-'H Mine- . 1 t> 

lAini Mine* | 0 

Home Pel 1 -Men 111 t? 
Lhiniiiib*i> I'ri-lc* 2 

D-miloi 1 

l».i|.iiil 1 

rn 'uon'ti e .% ifk -r 2 
Ft-nl M--tr*r Van. 7 


iii-ILsIai H ' 9 ' 271s 

-.■.am SePn-kinle (124 12.ta 

Li mi Oi, l alia in . 36-'* , 26;, 

!Iii»Ii-i>ii.i.ui. 71, 1 7>, 

334 ; (33 

ll.-nif O'l -.V 4Q I 41 

rlu.iMHi rtai 'In; 173* 1 l7l? 

ilii.i-a-li 1-at 193.1 [ 19^, 

Hii-Im-m Oil k im- 424 . 42), 

I.A.C 1»4 | 18 

imiv 34', 1 35 

I'lifs-ruil ' 'll 19'c • 191; 

lius. UOlft 1 20's 

lii-la 117, 1 1 J 

ifiisil 1 .Vsl ti-i'. lUJfi I lU-B 
llll’l'.lTll - Lin- . 144 j 14-'* 
ha I VI H«s— lU. i-r 14eu ■ 143, 

l.inri k in < 94 | 94 

L.4-1/1" 1 • ni.'l*' 4.4U j 4.30 

II 'an;i'i- i-lorc* 19 -d 19.1* 

ilas«ev For* 154 1 134 

'l.liii — 243, 22^| 

llisils- V uti. li 564 : 36 

Ni-rnn-la Mini-.. 263* '■ 26 l i 
ViHWI bln-rjt . ln>S t 16', 
Vibii. lems-nt. . 3l 3 1 u 

■Viinni- on A tin-' 533* I 34 if 
-.UIhuii pM*'ni ■ 5.85 3.90 

I'st-illr Un-l-er M Z.tO | 2.05 

I'neiHePei n-K-um, 56sB | 563, 
»Vu». Can. Pet'n-.- 35 ' 32<- 

iViliiii..., ' l67r. I |153| 

Peupiea Uej-t.j*.. 1 4.10 4.06 

Pi-use 1‘aii A On.. I 0.95- U.93 


2 . 7 b | £.65 


• .-j/. s:- ; t. 



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ACROSS 

1 Cuiii|<l.iin( j!)i>ul ivcurd thal 
slui duwn tn-; yh;in> (7. 4) 

7 Horse ih:»t used ils l*>:if <3t 
9 AdvjnlagL* i*r a Social 1 st 
leader, jnininy pariy (5> 

10 Aiislakc finished with vision 
i9» 

LI Horses measure this plant 
19) 

12 A step lalen quickly (5) 

13 Drunk outside on this even- 
ing (7> 

15 Confess to being all right in 
a frenzy (4) 

IS Bird in the third line of 
seats (4) 

20 Struggle For promotion for 
artist lo outline (3. 4) 

23 Animal left twice by a master 
(5) 

24 Flavour Ireland is on point 
of giving to fruit (9) 

26 Vehicle protection formally 
executed (91 

27 How in stop motion by the 
way (5) 

28 Cough requiring attention at 
border (3) 

29 Computer with feet, we hear, 
is false f 11 1 

DOWN 

1 Mark goes to town during 
famine (81 

2 Lacking respect in one and 
only part of Bible (Si 

3 Pies father set up (5) 

4 Doctor with work away from 
home may disappear (4. 3) 


SOLUTION AND WINNERS OF 
PUZZLE No. 3,666 

.Following .arc winners of Iasi 
Saturday's prize puzzle : , 

Mr. K. Dos Passes. 94 Waver-, 
ley Road, Stoneleigh, Epsom,' 
Surrey. 

Miss A. M. Dingle, 1 
Berkeley Road, London. N.8. 

Mrs. L. By ford. 5 Mont Have 
Let. George Road. St. Peter 
Port, Guernsey. 


5 La/.ine>s'.' Mi) lie 1 earn il (7) 

B Louk ail u'.'-i for way to throw 
fight |4. 5) 

7 Part o( machine is able to 
upset drink (G> 

8 Go in last hut one at Lords 
and grou fai (6) 

14 Queen Elizabeth 1 in tragic 
disorder nf the old (9) 

16 Without publicity seaborne 
soldier gets in a pickle (8) 

17 Venerate the biblical book 
and be submissive (S) 

19 Painter given bit of power 
over foreign water t7) 

20 Wagner in miniature could 
make one’s hair curl (7) 

21 Swamp runs into southern 
lake (6) 

22 Arm don breaks by chance (6) 

25 Fiery particle coming at end 

of three months (5) 

Solution to Puzzle No. 3.671 


paaBBgHZEHQBannB 
^ 0 H E3i 

'i n H n i 

inHEE 

I HU u U I D □ 

&] n i B g °i G g n g Q 


senna 


a Q e E 

i&rjgHPPEia BGQnnn 

00 BHEB IBQ aSSHQn 
Cl O f?! E - fl 'FI E 
HEESEBEiE QOS 53 Ein 

n H C5 B - H rj n 
asoa- saHEEG 
@ H‘B m E 

■ & h □ 
0 USGSSnng 0 Ei- 

EEC 
■ BHEHaPiraQ 
re re- re e 
0 snns 0 srenncErea 
e n a 

BrnGHEB 


NEWBURY STAGES its most 
valuable race to date this atter- 
noon with another running of 
that always fascinating mile 
event, the Lockinge, which this 
year carries £25,000 in added 
prize money. 

As expected, this Group Two 
event over the straight mile has 
attracted Captain Ryan Price's 
Jeliaby. Sheik Essa A1 Khalifa’s 
roan colt is certain to command 
a great deal of support from 
many of those who saw him run 
so well in this eveat a year ago. 

In last year’s race Jellaby 
failed to contain the subsequent 

NEWBURY 

2.00— Doctor Wall* 

2.30 — Jellaby*** 

3.00 — Aon chat** 

3.30 — Leading Counsel 

4.00 — Demetrius 

4.30 — Sparking 

NEWMARKET 

1.30— Chanukah 

2.00 — Jubilant 

2.30 — Lady Peg 

3.00 — Double Form 


Benson and Hedges Gold Cup 
hero. Relkino by only balf a 
length. Reiinko was arguably 
the top mile and a quarter horse 
in Europe last summer. 

Jellaby went on to prove that 
there was no semblance of a 
fluke about that effort with fine 
winning runs in Sandown’s 
Brigadier Gerard Stakes, the 
Queen Anne Stakes at the Royal 
meeting and. finally, Saint- 
Cloud’s Prix Perth, and he seems 
sure to take a good deal of 
beating. 

Two others who are bound to 


have their supporters are the 
Seven Barrows pair. Formidable 
and Camden Town. Both proved 
a shade disappointing in the 
2.000 Guineas at Newmarket. 

Pat Eddery, the stable jockey, 
cannot do the weight on Camden 
Town — a fair way in front of 
Formidable on the Rowley Mile 
course. Willie Carson comes in 
for the mount which I feel sure 1 
Eddery would have opted for 
had he been able to get down 
to within a pound or two of the 
7 st 12 lbs. 

In an absorbing race in which 
chances can be given to all ten 
runners, I expect Camden Town, 
rated some way jn front of 
Formidable by Eddery, provide 
the chief threat to Jellaby.- 

No trainer has a better record 
at Newbury than Dick Hem. 
The highly respected master of 
West Ilsley could achieve his 
50th winner here since the start 
of the 1973 season. 1 particularly 
like the look of his. Great 
Nephew gelding. Mon ChaL 
araong the runners for the 
London Gold Cup. 

This reformed character was 
gelded- after a disappointing 
two year old campaign in which 
a good deal was expected, of him. 
He is reported well forward for 
bis seasonal debut. He will 
surely give an extremely good 
account of bimself under 
7 st 13 lb. 

At Newmarket, local trainer 
Mick Ryan saddles three Dutch 
bred debutantes — Boxberger 
Alive, Boxberger Bloem and 
Boxberger Queen in the George 
Lambton Stakes for owner Mr. 
W. Nuy. I shall be disappointed 
if Piggott fails to win the Great 
Eastern Handicap with Double 
Form. 


9 



Price + or 
fr*- | — 

llkJVl.1. . 

Fra. j 'o J9 

Auat. $ 

i + -* 

Max I 

9 

-*T 
1 ’ 


AU-.— 81.5;+ 1 

I'-isn* lei-MCh... 1 462 t .1 18 

BMTV 1 226.5-1 29.08 

BASF ( 136.7) + 1.4 ta./tf 

Haven—. — i 159 +0.3 16 

Hava . H rp-'— — *77 • + 1 18 

Buyer. \ <-rem.-l-k.j2B9.5i0j +1 18 

1'ihilnt.Ve-i.wrtM 180 j - 

C-Mnwnhiiik. I 217.2+2.7 17 

CMC Cumini_ 74.5' +0.5 — 

Lta/roler Uem 295 1+1.5 2S.12 

lie* i is* 1 243x1 + 0.8 17 

LVang j 1811+3 14 

Itauhvbe ttajjfc... ■ 281*0-5 2S.1? 

OnMb« Banfc„J243.9*B:+3.7 28. 1 2 

I'veLeriii-irZetmj 145jDi 4 

(JutelKtfnun* 193.51 + 3.5 12 

Ha)*:! Lioyd ...~J 115 +1 12 

Haqxner., 282.5 + 2.5 9 

H.-wh-i 156.4+0.8 16 

H?ie>tfb 46.7 + 1.4 4 

Horten * 120 +Q-3 10 

Kali uiiil >Mir. 135 . + 3 9 

KjtrMB-u 298 : + 2 2u , 

K* oil i-l 2u6.5 +4 .5 , 11.72 : 

Ki-.-bnerDMIOO.. 93 : + 2 

KHD._ 173.6 +0.2 ■ 12 

Krupp 94.9—0.5; — 

Lii.ne 231*d +2J 16 

Lini-nt/mii let)..., 1.475 nl „.! 25 

IaiIiImhsu. 112.7+0.7) 

UA.\ — 180 >.5 it 

Miuiiie umao...— 164 +2.2 14 - 

MelRil*e- 19H , + 2 lO 1 

Mum.-hener Kin.4. 522 —11 18 

■'erkeruimui 118 +1 — 

I'wivii; llM VjUJ 108.7 - 

Kiiein1Ve>i .bieui 4 184 +1.5 26 i 
>-i-erniB 256.6 *1.8 28.121 ! 

Meiuen-.. 276^*2.2 I 11 

Zu-.-ki-r...— ... 240 +4 2656' ! 

Tiiy-fo A.li 118.3x1 -ai 17.18- 1 

' xru 166.5 +1 . 1+ { • 

' KB.\ 104.8 +0.3 i 12 ! 

I OHD4 \\ e-t Bk 285*0 : 18 j 

l-ik-ui^en 200 1 + 4.2- 25 I 


BRUS5ELS/LUXEMBOURG 


731 -6 
392.3 -18.2 


440 R — 0.8 
472 . 1 — 2.9 
676 !— 9 


1.122 -18 


-Jx->*ues Ik *v I 


ilioen.. 

F.-L-tam 

itadi-- TnHiah|iie. 

KiMnule 

ItKi-OC- r-xilMic .. 
3 i. ijutnln 

->kl'i l.-'-WM.TK-l .... 

5ur.- 

i’ei era o.-Hi il- { uc— . 
I Ii-'IIim-ii l ri.li . 
k ‘illi-r 

STOCKHOLM 


16.77' 9.1 
15.97 '-.i 
3*.7» 2.1 
39.9' 4.3 
32.55 2.a 
12.6 2.7 


161. II— 2.9 
156 I — 2.8119.95 12.8 
7.5 o.B 


17.25 4.B 
184 —2 - - 

433 5 27 6.2 

55 j '—12 27 4.9 

88.8—0.2 9 10.2 

145 -1 14.55 !U.u 

1.495 -65 39 2 5 

2/4.5-2.5 1 2o.5 9.3 
730 •‘S.aJ 95.5 3.5 
1B6.8-2.2 15.15 8.1 
23.8 — U.25- - . - 



SPAIN V 

Mn 19 

^ 5 L 3 IXl . — 

Kan-ro Bilbao ...... 

Banco Ailjmlco '13»0i 

t'.nnro G-niral 

F-an-.o En.-rlor . .. . 
Ilanvo Gcnrral 
Banco Granada (l.OOQi 
I'.anco Hispjno ... . 
tun-o Ind. Ca'. iLODDi 
B. Ind. M--4iiorraneo .. 

8an-:o Papular 

Banco Santander (SSOi 
Banco UrquUo (1.0001 
Banco Vlxcara 
Banco Zaranozaiio 

Cankunran 

Bonus Andalncta ... .... 

Babcock Wilcox 

CIC - 

Dracadas . 

inmobanlf 

E. I. Aroxonesxs 

h^spanola Zinc 

ETxplo. Rio Tima 

Fccsn i i.ooo > — 

Ki-nosn il.OOO' 

■-.bL Preclados 

j runo Vdazquea 1 400' 
Illdrola 


Per cent 
US 
314 
260 



Ib-Tduera 

8L50 

+ 1 


Olarre 

124 

+ 1 


PapeJeres R cun Idas 

73 

+ 3 

- 1 

Pnlrnliber 

13d 

—a 


P-.-troleos 

198 25 

- 1.75 

+ a 

Sarrio Papslcra 

59.25 

- US 


Snlace 

« 

+ 1 


S-jn-.-flsa 

125 



T--le(onlca 

89 J5 

+ 6-75 


Torras Horiencb 

89 

— 


Tuhacex 

1U 

— ISO 


Union Elec 

81 

- X23 


BRAZIL 




320 x 1 + 1 

ioom -20 
62 :+ 1 
249 +4 
70 . 5—1 
148 x 1 + 1 
71 xl —4 
52 •+ 1.5 


USB + a jo 

ua — 

100-25 - 0.75 
71.75 — 030 
75 — 

00 +1 

105 — 

BL2S - 130 


l*n.-r _ |+"ar'|Uj*.lYld. 
-Uai 19 Cr-rK | — | Cru^ % 

AiT-.ua ”0.99 J— a.Dlffl.W 12.12 

lianm <ir, Un-El-.. 2 . Bo I+0.C4W.17 7.7! 

Bbdi-uIIaj 1.22 +O. 05 W. 1 & I B.T 1 

Uei*M Minxi-a OI- 2^S J5.23 8.07 

l*ijw Am---. OI*.. a.15 +0 flolkSu 635 

IVlrobo* 1*P 3.88 — O 01|0. 10 3.47 

VlnHIl .... 1.70 0.16 9.41 

s*-u-« B.81 _J.ffBja.23 4.16 

'-■"‘pFl 8 .3* +0.43)30 2.58 

1.1| l.-i- U. . i *l 1.50 [ — l.pjjjlS te.6 7 
V01. Cr.S3.8m. Shares 443m. 
Sfldire: Rio de Janeiro SB. 




'Sin. Lxn. P«'ni.; 33 ' 32'* 

t Till III-.... ■ l67r. I 115-1 

Cci^jiDk Upi<<. 6.. > 4.10 4.0b 

I’l-iirv 1 4n X t in.. I 0.95 - 0.93 
I’lMcerUi-i-rii.i mi- 23 'b 1 23M 
i , "-w(B-Ui-rj« -ini 'ii- 161, 1 161* 

I'rtae • 14 la j 14'- 

-/uebo- Miirue--ii, 1.20 1 1.24 

i.'nu^er Oil : 33if J 33 

uee*l ->uui 10 ; U-ta 

Kin Alj,-- ip 30 1" 1 30 

K/iyal Uk.-u (.mil 313, j 30'n 

ilov-11 fru*i | 18aft I 18 ta 

-o/pwi K'-rBin.*-' BJft ; 7. a 

-cxXtouiK^ ! 28>-j , 28 'q 

-1'i-u 1 '«ivkI> 141* | 14 1 a 

'•hemu U.M1111-! 5.7a , 5.6*4 

•n-tieiM U. II I 271* ! E6ta 

•iiii}m-iit I a Jn ! d*h 

+ee> ui Uumiia... 255s ; 265s 
•reep kUvk lion 2.76 | 2.65 
luxaci- LatuiU ... 377ft 1 37 1, 
r-saHib- ikmi.Us 19ip ' 19', 

I- naTLajil'ip,- Li 15 I 15'« 

("rain- U-Hini I ),*• 1 91, 1 9u 

l"«T- ’ TI2 'j 1 t!2', 

! -. ill-*. <•*.. J 10a* . XOta 

II- l. *'MTM*\i III*- _ 8', I 8>* 

W*iiii-i Hiram... i 33lft 1 35-* 
W.a.1 ' .•»! Iras.] lllfl Uta 
'Vru-.nl/i-r- | 16,, I 17 

• l orotim ortceor Montreal once* 
nm available, r Bill I Asfcod. 
( Trertart ' New stoefc 


14 2.1 
12 * 1.3 
26 - 2.2 
.. 20 2.9 
IB 1 1.7 
I 15 ■ 1.4 
; 12 ; 2.5 
..* 18 1.6 
..: 35 1 1.5 
, 12 I 2.7 

I SO I 1.2 

! i 3 ! lo 

!!| 10 1 4.5 
J 18 i 2.7 
j la I 2.7 
35 | 0.5 
! 20 1.4 
.1 10 i 1.8 
j J2 1 4.5 
13 : 1.6 
i 14 , 2.1 
I BO 1.9 
18 i 0.6 

12 : 0.9 

1 16 ! 1.0 

: 48 I 1.4 
j 1 2 I 2.5 
* 30 ( 1.7 
Xu I 0.9 
, 4u 1 1.1 
, 11 ‘ 2.3 
I 15 2.3 
! . u 8 


Vialu Ula» • 338 

L’aiinn 464 

Casio ; 567 

1-liin.n 350 

Itai Nik-ii Knni) 541 

Fuji FIu-i.- - 548 

Hils-.-bi 241 

H--r«ta M-Muni j 570 

rtinire Frt-i ! 1,130 

ir-.-h i 221 

lii-Yr-kmi- *1.300 

• s- i-e .................I 662 

■t.A.I 2,660 

hoiY»»i Hie-. t. H» .il.120 

(m-iiibItii „„j 335 

huhuin. 1 278 

avaXivi eranuc ... 3.40 j 
kUiM.-iiiin l/i.i... 735 
U ii*ut>i-)ii Pans.. 279 
■III -ni-i^ln Han-' 134 
iIii-iiI<i»)ii mn .. 421 

'Iron' 4. (.»> 426 

-lilKiiK-T/n 837 

M|-[on l U-nni...... 1 1,330 

-Sliin|au..j 661 
M—an M>e»r-v....| 792 

Pioneer <1.730 

nn.vu kln-lni 244 

reki-nl I'/T-rah I 872 

Illl-Cili- I.O60 

>■»' 1.760 

l-n-linM/riiir - X38 

lske-ln i.'iii-ii/i/iiI I 336 


1 1.98 J 


i*Uh 

■ eijlii 

i.+it. tLii'iu',,,,,, 

I --Kill L US -1 l*i i%\ '| 

Ii*'- 

i'i-k\-.*liii«iir>i... 


Source Nit-'Jco Sucuntlea. Tokyo 

VIENNA 


1^5 

1-3 J 

10 

491 

... 1 

Ll 

.05J 

!+"lTi 

8 

duO 

(-1 1 

12 

144 

J J 

148 

;+4 "1 

1-J 

949 

• ■* 5 1 



73 1 1- ia 


68 |+ 11 * 



NOTES: ureftnu Drlce* ndude S p rem ium. Hrunm dividends are after 
withhold im: laa. 

♦ DM90 deoum. unlew oiliervnte mated. « PiasJOO denom. umess odwrvtte 
Dialed. 4 Kr 100 denoixi uriess otherwise snted. 4 Hrsuson aeaxra- 
ufherwise Sated. S Yen SO denom. unless otherwise stated. 5 price at time of 
+18 pension a Florins, h Schillings, c Cents, d Dlndend afier uendfag rlgbi* 
ind-or scrip unra. e Per share. 1 Francs. 0 Grass dtv. h AmoTi ned dtrldend 
jfwr «rl: and/or rights i<sw. k After local tasw. me, £ 

■ndudftiB UnlLic* atv. p Norn q Share split, a Dtv. and rfeld ezdode special 
owraeni. 1 Induaied dlv uUnofBrtai trading, r Minority holitere mb 1 Maraer 
pendtas. * A*ed. * Bid. 9 Traded. 1 Seller, e 5 b* 

dnndead. sc Ex scrip I ssu e . uEz aiL alnmrtm since 


2.3 
2.9 
1.8 

2.4 

3.7 
a.6 
2.9 
a.7 
0.7 

0. 7 

1. a 
1.6 

2.8 

3.8 
15.3 

6.5 
26 I 1.7 , 
36 l 2.7 
12 4.1 








1 



i 



JOHANNESBURG 

MINES 

May t» 

Anglo American Coroo . 

Charter Consolidated ... 

Eaw Onefoou-in 

I'l-dinrs 

Mannoi\y ... .... .. 

J^| nT ?w »:<k) 

Klout ,, ,^1 

Knsi.-nbnrR Platinum l.iis 

Il ll- l- nj 1 13 Oil 

sonihvaal 

8>et.t* SA ’ Cl no 

' Cnrr«»r.'iion .... A +1 

• *• fl.*, r*: IM.Tr.d n ns 

B<y\oonilisirhi 3 

I-.-im II UK) >•/> . * ; 3 

}/•*•• Sl.'lc C. -rlulO .. . ;:;0(l 

1 r -sid.-ni Brand U -.3 

» r. sirt.*ni Su-yn l« 7 wi 

stii/.iiit.-m , (w, 

w.ww« 

W-«ii tirn+miioin -jt ig 

Wosicrn H-MiUmicn .. ,>3,, 

wern- rn P,*--p m j* 

INDUSTRIALS 

.vpcr ., C5 

Aneln-Ami-r. Indusirial 9 -*\ 

l.-irlow Rjiid ... 3 70 

-* N-\ im---.iMii.ni-. " ... :i w 

,4, 1 r, in'io 

- . B-wan. '-•■'im* i-tai.-ri inv 1 m 

aa.?s 8.7 t.lK.ira Sior-i ' . J vj 

19 I 7.8 I----l.-r.il. X'l-ll/eb 1 .-*JlnBi _ i S3 

• ; r,-ji,Tiiiji L .. si wr ,... . r* 13 

n!I£» IJ " «S\' 1 


mm-Aini r. inniisirlal g - - 7 
riOW Rj||d ... 3 70 

■ A invi-si 111,-nK ... 7IM 

■ a-rj imin.iTi.il . in'jo 

••■.ar:. '■•i<iM>llit*i..ri jnv. 1 nn 
l«-ir» Slur--: . ... w 

-1-T-i l<- VnlL-cb l.-*clnu 1 Sfl 
. vji.-riiuiL*. sivn-. .. r; 13 
|.n j ,r.^ J , , ...ra,,,-.* «Sv ^ 

lta 

'••<115 ml: 

" K Bn’.i.ir? ,s -j 

Fn-nncr Millim: 3 *5 

J s'-'nn.i f.-nii-nr , . ,-t jo 

■rai.-a ■” V ’« 

Pro:i.*r:;.-x .. 1 -n 

Crimp in 

. ' . 1 ... I nn 

C,,,,rt ' Sl 'Knr ... " fi.os 

-p, . Rr --n - p i,*«t 1 as 

, ' ; r - , * Jls Jn '« Natl Mis. 840 
.... 1 . 1)7 

Securities Ruud XJ.S.SO.' 
(Discount of 37.17%) 




iAjs- 































: .Financial Times Saturday May 20 1978 




INTERNATIONAL financial and com ran y news 



B * JONATHAN CARR 


sharply ahead in first quarter 




BONN, .May 19. 


* E”* 1 to,i ", led 41Bn: "» began produelinn hat month. DM 135m. 

. , tl “ Per ™‘ l ° *»"- ** quarter figures turnover s 


show 


The higher rale of 
_rowih against sales 
roup production higher growth is explained not only by 


! ' T ^' **3urc.s ,n some style, sa ^* . > ear by 4.9 per cent lu 625.000 vehicles price increases but by an -increas- 

ii >t mo'* rile ,»f 14 per cent.. , ®* ,n ® I ?° I0!IJor change in —comprising a rise of :*.i per ins trend to purchase o£ more ex- 
group net profit a for Uie opening _ r c ., sa * es growth panern cent at home and 12,4 per cent pensive models in the company's 

:nu, Ulis of 1978 arc a full . y esl Gennan motor abroad. Sales rose overall by 7.5 range, for example, the Audio-100. 

-I PIT ivsil. higher Jt DM lfrirn, jctlicie industry as a whole. But per cent to 615,000 vehicles, Mary Campbell writes: Volks- 
i»i Sb'-ni. jn the longer run a slackening of based on an increase of S.6 per wagen is curently in the process 


I i»it cmipany warns 


tlw growth 

against 



rate must be ex- cent at home and 6.7 per -cent of raising Siam, from the Euro- 
a broad. inveslnient bounded bond market. German banking 

.sources report- The financing, 
which takes the form of a private 
placement, is for 'seven years 

_ .. - . -. , j (although arrangements for rc- 

.u*;n. tuivu-wr 'hit ihVnvmr»m. i ■ Y olkswa Sf^ n0led « —alone show turnover up by 16 deeming - some of the bonds 

■*. w ,• j [ on Ili r wav lo tir'JIIShIt e rei< lJ.v decreased its vulner- per cent to DM 5.8bn. sales by earlier bring down the average 

2 21? s g nw. ^ cSjsav fi svr 

Higher yen curbs Toyota motor sales 


BY YOKO SHIP AT A 
Ti.» VUT.X MtJTOR SALES. 


TOKYO. May 19. 


into-rtt^H . during the year, the company up 309 per cent! and Saudi ever, the company restricted its 

-IV...,, increased exports by 17.6 per Arabia (120.000 vehicles, up 24.4 exchange loss lo Y3bn bv raising 

nr xY ? uHcred a pent to 1.46m vehicles, account- percent). mark-ups tsix times in 'the 'ease 

A."™ SSHi i in ? for 529 P er cent of overall The brisk exports contrast of the US.) and by hedging, i a 

the back- sales, compared with 4*.i per with a slump in domestic sales, the forward exchange market. 

fell 790,000 vehicles to Toyota attributed the gain in 
net profits tn a decrease in the 

, — - 7 -.- Toyota's exports in value corporate tax burden. 

M LPO *- though not in Australia, where accounted for 49.5 oer cent, of In reaction to overseas crili- 


cruund uf the rise in the yen. cent, in the previous year. The which 
itc>|ii(c record sales of Y2.64 company achieved sales records 1.3m. 
trillion (million million), up 9.7 in almost all overseas markets. Tovc 


Reduced 
loss from 
Estel 

AMSTERDAM, May 19. 

By Michael van Os 
ESTEL, the Dutch-German steel 
group, reports an improvement 
in first quarier results- The 
operating loss fell to FI 42.1m 
from FI 102.3m in the proceeding 
quarter,. „ .The operating loss in 
the first quarter .jf last year was 
FI 50.9m. 

The board said in a short com- 
ment ..that although the order 
inflow is still “hesitant," it 
expected the second quarter loss 
to be.“significantly lower" 

The statement gives no - net 
figure for. the first quarter as it 
is nob-yel clear what can be 
expected in icons of fiscal tlaxi 
loss compensation this year. The 
proceeding three months had 
shown a net loss of FIs 153.5m 
and the first 1977 quarter had 
shown a net loss of FIs 77 An. 
The -pajsi quarter’s turnover was 
about-- unchanged at nearly 
FIs2.5Sbn. 




Kockums’ auditors 

r. $ -i 

decline approval 


by William dullforce 


STOCKHOLM. May 19. 


THE AOD1TOBS of Kockums, exhaust Kockums* current equity, 
owners of the last big Swedish they add. 

shipyard in private control, have The Kockums’ Board argues 
declined to approve its 1977 \ ba * super- 

accounis. They are leaving it U* tankers are not true 

the annual meeting on May 29 lt» kS’I?’ n£ “ 

decide wbelher the evaluation actually takin, plaie. 
oT Ihe assets and the provisions . Kockums fate is now entirely 
for losses in the shre’nolders* if* the hands of the Swedish 
report are realistic or not. Government, which has already 
■ . , , ... asked Parliament v» authorise a 

The company has dL 'ci(icd five . vear SK r 340, n j wan to the 
neither to write down Kr 2.4hn * , 

tS5I0m) in outstanding claims ■ rel^-mt i* the new 

A « t^wEr * s-s 

make provision beyond planned ° U Vh^s 

depreciation for the its part the Ministry of industry. This 
shares in 14 vessels built at its etirbruces Kockums as well as thL 
vard. Most of these ships arc state yards and is expected to 
nnu.- iniri tm result in a recommendation lo 

now laid UP. - v lose down ..ne or two uf the 

To conform lo current market five m!l jrtr y ar ds still operating, 
prices, ihe damns would have 10 Kockums" 


(S3 

.• iff & 


Haw 
l^uts group 14 
net losses va 


By Our Financial Staff 

HAW PAR Brothers Inter- 
national cut its group net loss 
sharply in 1977, to S$3.13m 
(U.S.S1.3iii i. front SS4S.2m in 
1976, in spite of heavier losses 
iu the marine division, amount- 
ing tu S$11.2m, compared with 
S$5.2m. 

A major factor in the improved 
net figure was a swing in extra- 
ordinary items from a loss of 
S£35.64m in 1976 lo a gam of 
SS2.I9ni. The pre-tax loss was 
SS‘2.34m, against S*9.77m. 

The company reports a 
recovery in its trading, textiles 
and pharmaceuticals activities, 
and says that steps taken iu the 
marine division are beginning to 
reduce the rale id loss there. 

The loss [Mr ihe full \ear conies 


be written down bv about kockums 197 » accounts eon- fler lhe t . l(mpan y_ { he f on „ er 

' trust , starkly wnh tW of : Slater Walker associate, has 
tan. the umbrella 1 made a return to profit in the 
for the _ state yards^ j firsi half, with profits after extra- 

tax and minority 
following two 


Kr 800m and the part shares by 
snme Kr 300m. The company is - n5K *» 




exchange I Group Ijorruw'mys were re- 
I duced to SS: 16.2m. 

SKr 61m ! 


Messina sees second half recovery 


BY RICHARD.- ROLFE 


JOHANNESBURG, May 19. 


change loss generated by the 
yen appreciation and increased 
transportation costs associated 
with higher exports. It is usual 
in -lapan for companies to be 
assessed by investors on their 
current profit figares. which in- 
clude ii on-operating items, but 
nut special non-recurring items _ . 

UuWcvnr. Toyota reported record FOLLOWING the decision in at 14.000 tons and profits fell ing results, however. were 

nr*t profits of. Y25.l72m January to pass its..interim divi- from R7m to R2m. But the latter achieved on the industrial side. 

dend. the copper mining and figure, was struck after a change which embraces molor manu- 

whicb facturing, containers and tnech- 
increasing anical handling equipment, 

some Profit from industry, after 

period, depreciation, fell from R4.2m. to 

..... „ hoard anticipates however that Without the change in the ac- Rl-5m., bul losses were incurred 

“ ' n ’ group “will show a profit counting bases, the copper, side by sleelmonile, the container 

for the year. . . • would have operated at break * ,_ 

I Copper production largely even. 

[centred in Rhodesia, was lower The most disappointing trad 




Commodity OFFER 38.2 
Trust BID 36.3 

Double OFFER 84.0 
Option Trust BID 79.D 


Commodity & Genual 
Management Co Lid 
3 Si George's Street 
Douglas Isle ot Man 
Tel: H670 IDS: 



IHE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your free copy now or telephone 01-248 781 1 
for a talk with one of our dealing staff. 

Toe Cometco Commodities Limned. Bridge House. 181 Queen 
Victoria Street. London EC 4 A 4AD I would like to receive your 
monthly invest mem bulletin The Outlook for Commodrty futures'* 

Mr Wn Was— - . . FT 5/2 

Address — . . 


Postcode 


COMETCO 

The Commodity Brokers 


manufacturing subsidiary and 
premier metal. In addition, the 
group interest' in Concorde Bank 
was written off during the period, 
resulting in extraordinary josses 
of R3.2m. 

. Total trading profit fell from 
RllJm to R3.5m. But after 
debiting interest charges, up 
from R3.6m. to R5.2m. and much 
reduced prospecting expenditure, 
against last year's pre-tax profit 
of R8.7m. there was a loss nf 
R2m. Adjustments for minority 
interests raised the loss to 
R2.5m. 


quarter. The results In. lhej covcr b ^ dln « costs. un d including a 

trading division also showed an According to tbe auditors. 11 it ] 01iS ; es 

But results in the { is assumed that the shipowners Kockums shows a SKr 61m i Last month, as reported in the 
processing" and) could not meet their debts to pre-tax loss on SKr 2bn turnover; Financial Times, the company 
deteriorated.' | Kockums and that the company on , he consolidated account andj tt ’ on vuurt approval to write-off 
would also have to dispose or its a „ rofit of SK| . 70m on sa |,. s 0 fiSR9R.Mm of accumulaled deficits 
parts in tbe ships, 'the balance SKr 1Sbll for 1hc ^jiivard. its through the writing down of its 
sheet and profit and loss account ship pj nR operation lost Skr 118m. -' har e premium account, 
could not be ratified. At Ihe end of the year. The eompanv's Haw Par (Lon- 

tr the maximum risk were Kockums total debts-— long und don ) subsidiary increased its pre- 

avsumed. tbe asset write-down short terms — came to SKr5bn. jax profit to £247 395 from 
and loss provisions required Current assets amounted to 


The. statement showed that the 
company's pre-tax ' loss was 
Flsl21.4m in tho first quarter of 
tWs year. compared __ with 
Flsl742sra in the 'greceding 
quarter and a pre-tax loss - of, 
Fls97jin in the same 1977 


period. 


Paribas for Hong Kong 


WARDGATi CO/AMODjrr 
FUND . 

at 28 ch Apr, l IV78 £9.V9.£ 10.40 
WCT MANAGSO LIMITED 
P.O. Box 73 
Sr. Jeriey 

053^ J0S91/3 

Ne»: dulinp 3 1 it May 1978 


• BY OUR FINANCIAL STAFF 

PARIBAS, the major French its eyes on investment opportuni- 
banklng institution which is ties among large Southeast Asian 
buying a large minority stake in companies controlled by Overseas 
Hong Kong's largest broking Chinese, is also considering open- 
company. is 3 iso taking steps to ing a Singapore office, 
open, .a branch in tbe Colony. — 7 

It has applied .tor a full bank- p * r _ l _i. f nPmp J 
ing licence, thereby hoping to DaflK rOrmed 

take .advantage of the^ easing of SEOUL. May 19. 

Hong Kong’s- long moratorium SOUTH KOREA and Egypt 
on new permits. The French have established a joint venture 
bank also bought S.4ra of Sun commercial bank in Cairo. 
Hung'Kai Securities' shares on capitalised at SlOm. 
the market this week, thus ending The new bank, called Cairo. 
|tlro.:first stage of its move to Far East Bank, will begin bank- 
acquite up. in a quarter of- tbe ing operations in the second half 
broker's capital. of t hj S year. 

,\ P nder l , he e rm s of the agree- The Egyptian side controls 51 
| ment reached earlier this month, per cent, of the stock, with 
■ Paribas was to buy these shares Banque de Cairo putting u p 
atf lJKSlTo; a further 14.99m S3.05m. A1 Chark insurance 
will.be issued by Sun Hung Kai an d others S50.000. 
at .HKS1 85 each. Once com- Of the 49 per cent share held 
pleted. the deal will give Paribas by South Korea. S3.05m comes 
nearly 1 2 per cent of the Hong from ihe slate-run Korea Ex- 
Kong company's capital a) a cost change Bank and $l.S5m from 
of just over $9m. five city banks. 

Panb3s. which apparently has AP-DJ 


would be so large that it would SKr 3.Sbn. During the year, the 
— company increased ■ its net bor- 
rowing by some SKr 500m. Un- 
taxed reserves totalled SKr 415m 
and cash in hand and at the 
hank had fallen lo SKr 57m. 


£99.072. AM Haw Par (London) 
outstanding 4{ per cent con- 
vertible redeemable guaranteed 
preference shares will be re- 
classified as cumulative pre- 
ference shares after June, and 
redeemed in December, it said. 


Investing with a Future' 

A new introduction to Commodity Trading bv 

■*4IVA V 

Inter Commodities 

Limited 

O i/wwr tditv Brokers providing a complete sen ice in 
the Commodity Markets. 

Tn: lnii*r ('nmniudiin-s 1.1(1 | 

3 Liindt piiiii 1 . | nndnn LI TIN 4I>K ■ 

Ti-l«*ph«mi*: in-Wt tint | 

Ptt-ast- vnrt in>-...(upirs ■•( 'Inn-siinq i» ilh a f-uturc" prirn S-i-lifl | 


Niinii- _ 
•\rtdn*ss 




COMMODITIES/ Review of the week 

Shortage fears boost platinum 


BY OUR COMMODITIES STAFF 


lAI'IM'M STOLE the limp- 
■hi in the commodity markets 
i;> wi-t-k. Tim free market 
•ire Miami lo a record slerl- 
g 1 < rice of CKW.10 he tore losing 
■Viiiml slightlj yesterday to 
^*.ii0 an nunce. £14.05 up on 
1 week. 

Vlie d'dlar price jumped over 
:.'it) t:ir the first time since 
17 1 and is nuu far above the 
•ndnrer price or 8220 at which 
bulk of platinum is sold by 
v - Sou h African mines. 

The vii rw tn prices was 
1 rihuii’il to a shurtasc of 
nucdi.itcl) iuailahle supplies. 
.1 ro-Miir uf til** Soviet Union 
mimmng to hold nff the 
arkei. Indeed, there were 
nviiiirmed riiinuiirs (hat >he 
u^iaiis were buying platinum 
"ltrirli. 

In lb** base metal markets, 
ippcr tirivtfs? advanced strongly 
illuwing Hie ‘‘invasion" of 
:irc. .ililioiiBh it is far from 
i. a r how badly production has 
■cm affected Market senti- 
ent n.is -dsn boosted by a 
■ i'iy i :i 1 1 in warehouse stocks 
i,( Ti.r.wasts of another decline 

The Vise in tin prices, however, 
is h.ihcd by news that the 
med xervii-fs siih-comintftfe 
Vun-.n-ss had approved a Bill 
irtiurisiiv: the release or IW-ODO 
n- of mi rj 1 lus tin front the U.S. 

rukiulc. . 

It «.i.t linked in lh** Adnnnis- 
,,t nan proposal tor the release 
n.nrni ions I.f stockpile tin as 
. contribution 10 the Inter- 


Bft-PwKe per K*Io- 


55 h 


50h 



n 

I 

Bi 

IBE 

!EB 

m 

f 111 ESS 




40 5SS 



Ju Fbb Mar Apr May 


national Tin Council buffer 
stock and it was felt this would 
speed up the passage of the Bill 
through Congress. 

Later in the week the bank- 
ing sub-committee approved a 
proposal to authorise sales- of 
more stockpile tin. But it was 
emphasised in both cases that 
sales would be rosuJaled to 
avoid creating undue fluctua- 
tions in the world tin market. 

Natural rubber prices on the 
London physical market rose 
sharply this week with the No. 1 
RSS sqntt Price ending l.TBp 
higher at 54.75p a kilo — the 
highest level since la^'t October..- 

The rise was mainly due to 
a proposal that the U.S. General 
Services Administration should 


buy 5.000 tonnes of natural rub- 
ber each month, beginning -in 
October, to boost ihe country's 
strategic stockpile. 

The stronger tone may also 
have been encouraged by a fore- 
cast that a serious shortage of 
natural rubber could develop by 
1980. An International Rubber 
Research and Development 
Board symposium was told this 
week that demand could rise to 
6in tonnes a year bv then, while 
world output was not expected 
to exceed 3.6m tonnes a year. 

Speculative buying boosted 
coffee prices and the July post 
Hon on the London futures mar- 
ket gained £112 on the week to 
£1 .568.5 a tonne. 

Dealers said the speculators' 
interest tended to outweigh 
olher factors such as the ending 
of the Brazilian drought and a 
boycott bv some U.S. manufac- 
turers oF Ugandan coffee for 
humanitarian reasons. 

A • U.S. Department of Agri- 
culture estimate putting the 
J977-7S Colombian crop at a 
record 9.Sm bags (60 kilos each) 
was also seneralfv ignored. 

Cocoa prices lost ground as 
producers relumed to the mar- 
ket after being withdrawn for 
several weeks Prices eased as 
the first producer ‘•ales were 
rennrted and then fell substan- 
ttiallv as the producers followed 
the market down. By last night's 
close July delivery cocoa was 
minted at £1.797 75 a lorme. down 
£55.75 on the week. 


WEEKLY PRICE CHANCES 


Lm 'I 

Cl " v Ch*KC 

vntmw ■*» «' ,H, 

IJjlJl* - »H*t !»«■' 

tlilnl 


l!»ic 


Klgl> ton 


Mi 


Mil 


1 .- Mi 
fiipHCl- 
, .. • \\ ■ 

, ...Hi- I 

. 

1 ■ .-I .1" 

. • • »c- 

\ 1. ■ • 

I M«-l 

r >■ ii.». •-• 

i-.. .I- 
«■. ---••• 


l.rs 
1 .1-! 

■ • I!, 

I Hi 


1 £Rx» I'Ht'.l • LfftVi 

. 1 • siftM -to - J-LOO& 1 SWi* 

.-j . -(.-. £f..l?0 iT.9» ! ill us-- 1 ' 

Mr- . V •>(.-, .Abv.1 KijWUiV fuisjy 8SJ3» 


£"-V '.- ijl’.li* 

■* -Y.a 

i'tlA • 2»iS 
Ci.-t.j.- 1 --&JJ 
s IT;. li; - -.- - LU ■ 

C'-ia.:- « 

Sj'J.L'h .s SO '• 


■1 j«" ■' 


sl.ttC.0-i — 
Cl.ito 
t I.Sr.h 

sL’i .sir 
; s 1 

LV.-t.iO 
Hr jtra.ii 


H.Oo 


♦ p.i 
poJ 1 I 
irJ.0 | 


itrio 

tfiS.la 

CiOi.Tb ■ 

t|4i,Jib 

UW.Jb ' 

ejioJo . 

JUL1&? 

KJ.0i-.19. 

iMi 

C9P.I 

iU'.ifO 


JCMB* 1 

giffLSi 
£7C.'.a 
»1 J.i-J 

U5fifi.7o 

zmna 

KJ3 

V11U.J 

Klifi.l 

SliLt 1 
JSsJUttf • 

ii.47f.r- 


15a 
ifil'j 

•.‘GIN.?.-’ 

am:* 

Xbl4.7a 

Slfin.lii 

CMJ tg 

12) R 
£9S.4 

Etxl- 

3&Mc 

SaWSi' 

1S.JI7.? 


s !.<•> .•!■ 
Il-.H.-I* 


- c.e 1 
.n-7r- 


S 1 1 w<l M7J.:> 

•3St.7b X.-LS.9 Cs» .is 

CtAi.il s -C-l-.fi.' iiiii.ia 

sit* 1 : Stva 1 


A'iXi 


Xll*La 




- i 43f.76 


££f.7t . i:iJ.«)b 
; ciuhib ; isfiji 


i tJMVI : 

: urti-ri I’ll K« Vmr !■ 
ivr IlHIIlL- "U mm ! 

tlllk-Ki. » lt-L . Hlyl 

MAIOl 


Wii, 


Wheat 

,v.. I urn apnas.; jc*.£ 
.... M>»l 


Am. M*nl 

It lulisr..;. 


♦ 1.2 IS4.2:i 1 £S3.?j - Xita.r 


♦T&A0 


M lUUff.,,. 

Km:. JI iflmjs «*» ro»iH'Xlt£» 

Spices 

w l ; isJjOO 

IVl-jy. Wh*«.„. 5a,lW 

Bbi+ - SSjXM 

Oils - 

tWi.cn* 1 IlnllpfiW PK30 i33.fl 

( j nHin .lniu i!7<4 ; - . 

Ijii-ii'*. '‘rtHlf. - si6 r-p.i) 

I'rtli.i Maluku I S610 -726.0 ‘ 

Seeds [ 

twnut >hl,, rt ,|Mf> - *•» *l».0 

iV.-S.l_. SLS3JSJ 

Olher .... - f I 

Conun oditiei I 

Cm w -liicnieMl" -. JUjiif -St.o 

K'i- iii* 1 - Cl.itri.7b>-y\7c. 

t.dTM.- Fm '*nsi 4«‘y £LsAl6 +IUL .1 

(.'•■ii’ii IipIvs 71.*, . ,+u.b 

IN-u iWisiui.^ J3»a . — ! 

■Inn- IJAMW Cinlft" ft 

Kii!4wt LH S4.75fi 

niisv )**•■■*' , rwi 

smi .'■•• > L .- ; 

9uifarU>"l — — 199 

Taimi-a N». 1 ,- C!78 

lea iifiuiiit.vi ktln . Lla|> 
ipialui kiln E2p 

Wwluip h4b Wunu: Sbp-Kt u 


X9)3.2o 


52.700 

ft2.«oa 


rfii7 

1435 

ffiSS 


si« 


1*31.5 

£1(S 


1*91.7 

£*ii 


MARKET REPORTS 

BASE METALS 

COPPER— Firmer uu 15 1- tendon ItfUi 
t*Liwii6i-. Knraard mttai uoi-ik-iI h-gitr 
Jl on ihv orr-marfcvi .'irlivxlin^ ih> 

L-ar.-em i,:ujiiuJi w 4a:re. .. Th'i pro 
ilu.il i-a!.cd lu il"S in anLH-iMiiDn ui n 
lontr rban upci-ted lalt m aarehuuv- 
siuch-. l:i ibv ilK-rawn 3 iiroRg ulirn- 
injj on Comet mw forward muat nsi- 
io it43 bore U-ion.- it m J a/resti m 
civs>.- at 17-10 t<n tbe bte. Airb. leaving 
pruvs abou: aJ 7 hishk-r orer rtu- tno.Ii 
Tnrw«it cd.'Tjo loiiTJw 

Aiuaisaniau-d SivtaJ TraduC- riBo^Ld 
that in ibe munsiru eaiti ». irubjrs ir»d*tl 1 
at £717.5. Is. ibr<.v axmtbt i737.o. Si. 
*.*.:.. 37. 37.3. "5. 77j. Caibaa-.-i, Oitn 
mofiltn i.J4. Kerbs: Win-bars, iftrev. 
niumJis £T3> 39. U3.5. -t'j, 4H.j. 

Alit-moon- U : rebars ihree months {747. 
C j. C. ri 3. -U. «J. «. Catliodcs. 
ibrw uiunibs £753 Kerb: tVir.-bars. 
cam 17J0 I Sire*- mooAs £740, 39.3. 39. 
39.5 


d.initaatioa- I. united (wrehaws were 
ivpnf*«ii« i it Middle Ea-lrrn -tries bur 
N»r h an .1 South American aruwths made 
bnrer pm^re-v 


SILVER 


Si!' ?r was r«ed 3 ^n an w higher 
tor .soul ddivi-ry in ihe London bullion 
marti-i j-csii-rrtjy ai rs:. 2 p. US. ei-m 
(.-QUivak- uls or the fitinu levels were: apoi 
320 »• uu 3. St : ibr-r-momh 52S 4e. up 
fi/Je. s/x-mpmb 537 m. up fi. 2 c: and 
12-mn::tb 3M.4P. ' UP 9.4c The DK-lal 
opin-d ai 2 S|Jt> 7 . 2 p .'••-’OOSTIci and 
iloscd 2SC.3-2a7Jp ijlv519;o. 


>ll.V Kit uu-ivti + 

I**' fivin-j , — 

i I'M "i. I’ni-inj • 


L.M.I.. 

■!*OM- ! — 


BH.4WW3II. Man.il 3C.0IV92.70. Sales: <T 
VdM Barley: May St 0P-«.63. Sept 79.SO- 
79 05. N«v. S2.50-SC.25. Jan. 8tJO-M.SU). 
Starch S7 45-87 2o Sales- w; Juis. 

IMPORTED— Wheat: CWRS Nn. 1. 

73; per Cent. May OijO Tilburj- U S. 
Dark Northern Sprinu. Nn. 2- U n*-r 
mil. May jus7 3u. .lone- and July iNfc.75 
iranJiinineni Easi Coast 
Maliet U.S. * french May niWSu. June 
Ilpii.uii. Jul> £106.25 tran-hlnmeni Ra-t 
Ciu-i. S. African While JuiK-.luly ISO. 23 
(7 La SB" v. s. Mr I can YeJIuw June- July ISO 

libMJIK. 

Barley, Sorghum, Oats: AU undiluted. 
HCCA — E-c-fann -imii pricus for May 18. 
Feed wimt: Kent £94 NO. Feed barley: 
Kent £80.08. Lam-ashirc £82.40 
The L*K ‘ mnneiary cncfficli-ni for ihe 
week Irnm May ■£.* will decrease to 1.3S4. 


uUPi'Ki: 

«.»u +»r 

,,ili--:a- — 

”’l .«• ' ” 

LoeiCula 


WirebaxA 

C S 

C 

.. C ' 

1 1VI1 

717 8 -3.75 

720 1 

-S.25 

1 fumain-.. 

i 37.3-8 -9 

740 .5 

-8 

•eii -ii*'n: 
Jachodes- 

716 9 

— 


I . .. 

709 10-9 

712.5-3.5 

-. 10.2 

IVHlt-l-.. 

729 .5 -9 

731.5-2 

+ 9' 


287 2,. -5.2 1 286.35,1 + 2.9 

- rtvniitx.. 293. Bp -3.4 293.Z5j. t2.B 

- Hum ho.. 301.Sp »5.S - 

i- -••^—i li . 418,4ji +S.5 .... 

lme— ' nimuv..r 1 TI nf.ii' loir nr low 
a:- Mormnii-. Thn-C -mcmlhs JS.i.b. 3 8. 
94 *"• 0. Kerb: Tbrev months J94. 9’ 9. 
Af.vrnuon: Tnrei monihs 29:i.s. -.j n. 
*: 3 2. 8.I.-W. 3 2. 3 3. 3 2 Kerb: 

Thr.-.- months 2yj«. 3.3. B3. »2J. 2 3. 


RUBBER 


wlfar. busim-s*:. i ales': Micron Contract: 
May 337.5. r».5. ssuviasu. a: July 34»S. 
.7411.9. 341. 6-348. S. 14; Ou. 745.8. 745 5. 
:n.i 0. h. Dvc 348fi r.nn ijo l-.ifi 4 
7: March -457.0. 357.J, 357.0-156 9. 22: May 
:mia. -wi.n. ifiaji-3SUD. j;: July 3-n j. 
3*4.0. -»«. 7-381.3. 16: till. .UMJ 367.0. 
788 6.703.0, S. Toial sales: U* 
DUNDEE JUTE— Quiet, pruvs c ami 
I UK lor MayOuoL- sbipim-iu- HWIJ CSO 
SU'D E8?. Tossa: BTE £303. BTC t292. 
UTD X3S4 Calcuira koous gUici qnoia- 
nons i. and I UK for May shipment 10-oc 
40 ms EB.Ti. "l-oz K 67 i»-i IWN YUdS. 
June £9 85. £7.81. July 19.77. i7.4» B 
twills 126 67. 126.78. CSA*. I.ir the ri-spec- 
H re sbipmvDt periods. Yarn and cloth 
ten lirm. 

MEAT/VECETABLES 


HIGHER opi-ninK on the London physi- 
cal market. Little inicrcsi throughout 
lbs d.iv. closing quiet I) steady. Lewis and 
Peal r.-pomd that the Malaysian Rodown 
price was 2164 i2Ui cents a kilo ‘buyer. 
June*. 

N...I ' tM'nliM ’> I'rrCimt- j Hn-tne— 


Metals ease 
as dollar 
firms again 

NEW YORK. May 19. 
CQVMT GARDEN— Prills in si crime [ precIUUS mwals cased sltahtly on 
imnkni5 t k n ^Tim.lri Clf|>! n i uommlsnoii House selling as Ihe U.S. 

Vafonna Ufo? kUo^^V^tT j dol,ar firnu ' d on ,cala,,vt a «rccmcnt to 
k.to ?0D--!M ? “aa7- Vafouei. » I pha * c oul na,ural *" P^eutR. Collie 

4 40- Eeyniian- ■■ 3V I c,0 *-' d wlllt continued speculate 

Te,«. sSft llJSSSS? JmK.W: cfli. dlsiUPt deltt-ri«. Coco., 


U.S. Markets 


ron>un : 3.M-4.H: s .4 in can Navels 

3.80-4 00 Ortanlqoes — Jamaica it* 550-6.311 
Lcmoor—lialtan: 100,'12<K 3 6U3 80. nctr 
cron 4-70-5.00: Spanla: Small trays 25 Sr* 
BO: S African- Mi 19.i 3.00 TO 


closed barely loner with most activity In 
lb.- czplritiu May deliver]. Sm:ar was 
steady on sPceulaiiVe short covering. 
Cocoa— May I4t.4s it 41. mu. July isr.w 
ITS >3,. Sept. 174.30. Dee. 139.S5. Marrii 


COCOA 

dSZXZz S3S2S ^5 

Ii-I-Uw b7.90 57.»; 58.tob8.&; 08 3 v5785 


, Jilin- 66.SO-9I.OO 55.60-56.0ti *-5 65 

,,nB ' J.„.» 55 4,58.50,56.40 56.98 56.50-56. 10 


Grapefruit— Cypriot: 13 kilos 2 00-3 00: [ 128.65. May 124 40. July li; la. Sept. nil. 

2fl kilos 3.20-4 00: S Mm an: 40 4*s | Sales: 323. 

3.00.- JaUa- tD kilos 7 00-3 9L7. Coffee— " C " Conimn- May 177.00 

Enslfoh produce;. poo:nes— Per 36-lh. I M73.H0>. July 163.811 I163.ini. Sept. 134.23. 
Whuc Hi'd -MO-2JO. Lettuce— Per 1.1 I SO- 1 D-C 143.30. March 13r.0O-13S.tl8. 31av 


■Bti’ni lit 
i .>..-1111.. 


7X0 -9 


Ml 


fad 


7 •— Irfbii t or 
.. Close — 


Ull-.UK — 
III ilia- 


TIN— Barely changed. Alter opr.nmR 
al £6.4111 forward au'enaJ IcJI io itiSTj. 
reflect Ins tlK Iohct Proios pn«- and 
cxp^ciauons U a n*c a waruhousc 
slocks over Ihe Wee I'. Tht- price Iben 
raUi-.-d to ii>..lS3 on week-end bunk- 
sau-jnns. Hedse scfhns in tbe after- 
noun lowered values z fresh with lom-ard 
meial iinaUy £6^72 on tbe late kerb. 
Turnover 1.013 tonnes. 

Momma- 5'anctrd. cash fa.390. S3, 
three months £6.390 93. M. «. 79. LO. 
63. ffisb Grade: Cash. £6.4W. Kerb 
Standard, tbrvc raonihs EE-770 63. 7-t. 

83. 03. Afteranoo: Standard, three months 
SMC. 82. SO. 53. Kerb Standard, rtrut 
ntontfaii 16 i*»3. 70. B.eh Grade, early 
July £6.415. 

s.in. + •>! ;..n«. 't-f-in 

11N Uffi’-ta 1 — 1 1 nofTe-ia — 


N- inir'i 

M.i. 1855.9-42.0 

Jniv 1/97 j 98.U 

1786.0-57.0 

tv- 1726JI.M.D 

»«•!• -i 1688.0- 1/0! 

1670.0-80.0 

Jn't lu5Q.U-58.0 


- 11.5 1880.0 25.0 
-r 0.25 U 19.0- 1765 
-1.0 1776.D-51.B 
-2.0 1740.0-13.0 
+ 7.0 1 705 Jk 1665 
+ 2.5 l68U.0-6B.li 

- 3.5 1 655.0- 45.0 


.1 <ii. tlr. 88 90 -59 8c 69.20-59.25 59 60 68 . 8 1 
Ai'i-Jne 55.93-60.00 6O.0J 6d.l3 60 50 SO 00 
I \ S |,. 6i.. 5 61.10 BI.4J-6I.50> 61.65-51. 15 
'*-1 U+. .bS 25 82.60 e2.70-t2.00 b2.70-62.20 
V6.65t3.S0- 13.80-13.85- t3 5'J 
Sales. 14 il.'u lots ot a tonnes anil 39S 
1 1 .051 ■ lots Of 13 tonnes. 

Physical vIosidk prices ' buyers > were: 
Spot 34.7,-rp ‘54.3.: June 54p isatnec July 
54.23 d r same i. 

SOYABEAN MEAL 

The market opened U hiabiT relli-crme 
ih. ovemaht cri-nd In Cblrjao. nen.-wed 


I Ml. Cos ■£ OU-2 20 Bcciroai— F'l-r 3V]h 
Carrots— Per bac 8 Sft 1.48 Par- 
snips— Per IS- lb LQM. 10. Onions— Per 
•ui-lh 2 68^.78 ‘ftbwtes— Pi-r 2>-lh 8 GD 
o.,o Rhubarb — Per lb. .uiidour it 03. 

Cucumbers — per trsy 12 24s 2.00-7 n(j. 
Mushrooms— Per lb 8.38-0.10 Apples— 
P--r lb hramleys i)U-o.ir Pcam— P.-r 

lh ‘lonfcrenw 043-0.15. Tomatoes— Per lb 
KiKlish e^'3-0.23. Grecos— p,-r irate. Ki-ni 


1 . 13 . 311 . July lUMJj-rW.Si, Sept. 124. OD hid. 
Sales: 423. 

Copper— Mat Mi. SO 1 60.90 1 . June ril.DU 
I«l.l0t. July 61 . 00 . Sept. 02 . bft. Dec. 64.20. 
Jan. W. 7U. March fia.SO. May 66 Ml. July 
87 Ml. S*-p|. 68201 . Dm. 71) 40. Jan. Tft.Ml, 
March 72.00. Sales: 4.300. 

Cotton — Nu. 3. July 61 tSS-Bl.TlI iB2.27i. 
OcL 63.69-67 65 . 64-77 1 . Dec. 64.MWJ4.9H. 


J*."*---- 2.945 1.1.314/ PN t>f 5 (on DCs 

InirmaUoual Cocoa Organisation -L.S. 
eon:- per pound >— Dailj- price May IS: 

:t 9.>.9 ’147.50). Indicaiur price* Mar IS: , , 

13-jv average 14392 iJ16.02j; 22-daj hur,nc «fron- pnecs further up. where 
ui.-.’-c 147.GD 1 146 0S>. 'b' 1 mart ei remained for most oi ihe 

SL-94I0B. SXW Coirunudlues reported. 


COFFEE 


A(+lpnlH\ + 

. t_:ir~- • - 


UUNllO 

!h*HH 


ffiBb Grade- ( •’ v r 

'Jan- &400- IO-I17 5425-55- •+ 10 

- 6365 70 -SO S365-S5 -7 A 

-vttleri'l . 64l0 -US’ — 

Standard 

sOrli 6400 10- H£ 6425 35 +16 

’ iipsiIi- .' e360-5 —75 5332-5 -6.5 

-rti.nii'l. 6410 — IVO — • 

-Irsu- K.. :S1643i» — IS' — 

l'liri - — ... mmt .. 

LEAD — Slightly hipur r^fleelms ih-.‘ 
r«c in enpprr. After liardetuas aiiially 
uu Hit- pn-tnarfcci. forward bilUiI drp&/d 
in the mnruina rie» fuilawulg further 
suitcU:ia: :n:o tmt. fit ihe aJttnuoi 
Yuno-MT. n rallwd to ciusi a; £im.j 
ua ihr iatv i.prn rdflecum short rover- 

Iii5. Tumutti: Si.78 •QE.li.-v. 

Mn.iu:w TThrei Bonds tm. 2, I. 1.3. 
Kert.- Thri-i monihi CTtil j Atlvrnotti- 
Three momUs Irani. 7 4.3. 4. . K-.-rb" 
Three mufilhs £503.3. 3 ’.'.i 

n.m. +.! M.. 

LF. \ V Him — I'lp-ilu-in — 


rOBUSTAS Pure brut thruuatoul ihe 

and any downward iuipnu> wui 

ihw.ir:«J by eood trade suppnri buyinu , 7iT.!.“!ll , i - „ „ „ 

j.-r n .:ci r Ik IL540 level, basts .tidy. Dr eye I J"“« 129.50 5D.0 -rO.75 130.00 29.00 

hurr-'mn Lambert reported On the cln-c Auuu-i 132.50-62.5 + 1.70 153 .00- oil. 80 


:hi- narpet iradt-fl up to the hUhs as 'Mrfei ... 

Iul-jI J'iDhers Covered their slwn pu-irinn--. 

Dejl-.-t aw that ihfl da V‘s sircncrh srj« Fn-runn .. 

at a recnntVrmBtlfin nt the butt A|«i 

trend a, irr the mukir rcver-als nf Jinn- 

trciir- itfai- and Thursday. ' 


Vrtfnlgy'- 

«. lil-CKt • L *>*•«' +w. 

— — ■ — — — INiflf 

. . .- X |ier iiuuie 


Sates: 


1 50.43-60. 7 + 1.95 160.90-29.50 
126,S>-k6.fl +0 95 127.00 56.00 
126.5 J-28.0 +0.65 - 

126.50-28.5 +0.25 — 

127.00-23.0 - 

iso ii73> tots pf ion tonnes. 


SUGAR 


£U«I 

S2.«-| SLOT . 1 

S72.’ ; *£*.- 
xltu trffi 
i £3C5 ; 12^ 
beSa M36 


-t-rs 

fwO? 


MTi,- 


,+I.Tj 


!-o.O 
1 — Sju 


K2.761.5 

csjasA 

*2-«u 

LloO 

-4.VJ 

49.75(1 

iVJS 

MTV 

UEi 

el-J4 

250,. 

ISOp 

2aep kii- 


J2.1=6 CLalt 

titWSLS fl.LiU 
''5to“5Lt CLaQs 
7t.46.-.« /-l.M, 
L.sv » 
v i+ s4s; 

54.751- 4=+-| 
nuu tir, 
MSj M2)- 
£1 14 OI 
rlHi ; ci 1/ 
IftOfi > l2Tj- 
SEp fc^u 

2£0p 1> Iln'bSTflh' In 


4 Uitouoted. “ Nominal, o M+dasascar. 


a-h 2912. 5 -3~2a 294-5 -2.5 

iito/ti I.— .. 301.5 - 3 j 504.5 +3 

■’ctC'-iii'ni -3.5 — 

. ... 6133 

/lltC— Cained nnniBd. Switchnii Irum 
Irud :r .'0 rnv .msiil a tire, trend 
m inital deuhoas ti:b .•.onr&i meiid 
touch. ng £24 5 in the mortsas J.crb 
In the -An«n ftp price r.as Slt.itl" 
Jrour ..1 £JJ3 before caj.ns off to ticse 
at JSJl 5 un the taie kerb. Ttmip. i-r 
lOJJt. imni.i. 

\3brtnnK; "Cafis'CIH. * 4 :-. isrew gioeths 
KM-. -- 243. ?4 24j. Kerti: Tbrt-c 

morBis £224.9/ 23. Aii-.runon Tiri-e 
nwntbs trjiJi. ji. 24 3 . ^ 4 . r.f.-t: Three 

nwwta £124 £2. 22 22. 1\ 7. 

«.u.. + r ,.. 1 ^.. 14 ./ 

».l\r Oflit-i* — L->e>^p-.« — 


LONDON DAILY PRICE Taw susar. 
pjp .00 oimci a tonne el I for Uay-Juue 

Mi .: Ifc97 lt99 +41.0 1699 1565 ‘ ,a, ‘ V Pr ' rt ' *” 

^ 40 + 29.5 15701540 SM l™rtaa*e ar Uu- npen- 

^ 1475 1477 + M.U 1485- 453 Jn>! 3t|t] Huouailnns aca.n o.niimiHj 

. ... 1433.1435 + 19.0 1442 [4-2 within very narrow luniis with ihe market 

*. + 2J.0 1^52 1334 day's Indian lender. Rumours ahoimrird 

' l "' 1315 1320 + 12.5 1321 *310 bll | , jr ., rt . p , jr | S indicate llkal Imlla m.W 

1 10.000 -.f while -ucar lo npcraiors 

-:,j. • »:-K . 3 , 24 ; ■ fats id j- li-riii.-- "" prlollt urr,i • 'he LonrtnR rtt.ll> 

JlRABlCAS stuS; LU ,n Very nr.re for «h„e s ucar . C . Crarurtnw 
-. '-idirams Drcsel Burnham Lamherl rt'P" n ™- 

r^p...--:-o. ' 

l-.i £ ln orrter buyer, seder, ibant'.. I'r+i. Yesientai'n l“rr » imijf ■ Uiikiih-v- 

blisl.-* June jrajO-190 00, — 1 0*1. OP- l liea- 1 lime | IVme 

:ru.vd. Ana. 178.JO.l79.go. -1.7a. 179 HI- r.aui. 1 ' 

i)... jj'.-!. 169 88- 170.08. -i.ou. untrad-i: 

D •••. ‘ ".TS-loh.Tj. —0.50, untradedr 5"b. 

73>: iir.-:J6 80. +2.00. Btnradnd: April 
:a,.....i 4 P nfl. -1.30. uniradvd: June 141 m*- 
:v-.. ■: LM. mi traded. Salts: C <21 1 
| 0 ;» ,.J 17.730 bitos. 

ICO Indlcatur prices tor May 3S US. 

°cr pound 1 : Colombian Mild 

ArjV.JS 191.56 isame 
Arah:.'*' 134.S 


OWWI.SO Caulinowers— Pit 1 - I m^iln 1 :kl > March Co.W43.70. May a6.ID4C.J0. July 
Kenl 1.50-2.20. Celery-Pcr 12 15 3 2 iL " “ l ' ,J 
l.bO. 

MEAT COMMISSION— Av.-rapc faieiock 
p I l '-" va icprcwnaUw mark-r* on Miv 
IP: «B earth- 70 50 per k w 1 « - + 1 W-. 

sheep 15S.5- p+r ku. -st. dew ’t5.9> 

GB plv 64.3 per ku. l.w • ■< ft.S> England 
and Wales— Cattle nombers u,« 1 4 per 
rent, average- price 70.98 ■ -M Sh-cp 
up . J « P<-r cent, av.-rase price 136 9 
1 -a. 61 . Pitt up 4.7 per ei-m. aivrait.* 
price fiJ 3 i+OCi Scotland— 1 ’jIMl- nuiu 
"Jf™ ,,p ,!i - 9 Per ei-ni. j-.erjJ-- pri'.i- 
60 88 1 +0 63i. Sheep up 8 3 pir wnl. 
average price M3 1 i-i%.7-. 

★ 

GRIMSBY EISH— Supply moderate, 
demand good. Prices dl ship’s side 
J.“ , ' 5 ro, - c '*wd 1 per atone: 51 ,- 1 , iud Ethp- 
£4 20. ext/mss £2.50-13.50: larae haddock 
£4..nM.kU. fneduun U.7d-I4.3ft. small £2 no 
£3.2o: raria- plain- £4,10- £4. 28. uu-riiuni 
n so-M no. beM small tli.no ti no: litre 
skinned d'lRUili r7.3J. ruflmni 14.5l<: 
la rue Icniua soles WOO. medium 13.00: 

13 ilh.- II UO-lTJtl. 

■k 

LIVERPOOL COTTON— 5:»'l and -.hip 
mum wli“« tu Liverpimj amAiuni'. 1 ^ It* 
i"nncN. bnruslrik- Jhc im^l l>-r th*:- week 
fo 814 uuines. asain-y 1.717 i-.nne-!. K. V 
Tatiersali reported Bn-me.;- «a- *.n r. 
br-ader Male wiih hi^lh-r print nr,- 

H0NC KONG— CoUnn Futurar. Klnut-r 

price 1 rend imh the prcmiuiu iuf I'ct-m- 
ncr over .inly f.-onmmih- 
Kriday'y Cosine priu-s 


66.50 bid. Oct. S3. GO bid. Sales: 375.000 
bale*. 

•Cold— May 17a. 10 ilW..'KI'. June 17A so 
• 179.001 July 179.70. Auiiusl 1S100. Oil 
1x3.30. Dee. 1S8.10. Feb. 1S?.7B. April 
191.40. June 15M.1I). Auausl 19S.MI. Del. 
199.60. Dee. 202.48. Feb. 205.20. Sales: 
S.730 tots. 

t Maize— May 2K|;-2<i2? ijnsj*. July 2.17- 
257] >23711. Sc Pi. 255i-255!, Dec. J57-2-i>I. 
March 2841. Mar 2E61-2E7]. 

SPIaUDum— July Mft.MVHB.iM fjSJ.TUi. 
Oul. 247.00-249.Uli >249 70*. Jan. 249.50. 

Ann! 346JU-J3U fto. July -.>52.40-232.H). 'let. 
234.40-234.60. Jan. 258.40-256.60. Sales: 
3.3J6 lot*. 

tLard— Chieauo loos- not available. 
New York prime steam not available 
>24.006 traded >. 

'Silver— May 513.30 >513 m*. Jure .>16."-0 
1 519.50'. July 519 SO Sepl . a-'G.NO. flee. 
S’U.ID. Jan. 542.1 U. March 530 IU. May 
55x.2&. July 566.90. Sept. 575.40. Dee. 3v> .70. 
Jan. 593.08. March 602 20 Sales: 7.W0 lorn. 

Soyabean*— May 72S-7M ,7J8‘*. July 712- 
706 ,7171 1. AUKUSL 700-*8i>. SfW. 6S4-66.'>. 
Nov. teg-ft-H, Jan. 6JS:-W75. Mareb MJJ, 
May 645. 

Soyabean Oil-May 2S.E0-27.93 
July 26.9U--JD.yi 1 27222 1 Aucust 25.9.V25M. 
Sept. 25 00-24^0. Ucl. 242I3--24JO. p*u. 
.*7.31-23 GO. Jan. K-’J-LLJO. Atari h 2S.«3. 
May 22.73-22.s0. 

Soyabean Meal— May 179.00 >K7.7«i. 


iun- ip. r .-a<.- Julr 1SU.00-179 NO ilxS.UO.. \uaitst lhi,.2«- 
teenlj. per Pound.: I ^-M Si-pi. I76.O0. O.l. 170 2,1-170 00 l Dec 
fi.M4-B.V23. March '-Mito-W .70. Ja«. l».l>W«.aU. March 


July 58.BF58 5fl. ti«. 

Kt.DQ-63.jO. Week's hlah-lii'r. July up Ju- i I7I.00-I71.SU. May 1 72.60-1 72.au. 
Die. 61S0-GU90. Turnni.-r foi 2C'. i 

lots. 

Sugar Futures. . Price* h-15 in liuhl 
traditK Friday's ».-!osjns pr>c>* >i--nls 


Sugar — Nu. II Jul, 7.A2-7.a.7 >7 2G-7.-,'7>. 
Sa-pi. 7.3* > 7.53 > Oel. 7.u*-7.7U. Jan 7.00- 
S.I3. March x.46. May S.nh. July j-si-sm. 
Sepl. 9.04. Oil. 9.10-9.13. Sales 2.835 lois. 

08 


-»■ 3K .6 -S.S iK j +5.» 

iu.hiiii-..' S3A-S -3.7a 524 .5 

• men:.. .. 314.6 -8 - 

■•tii K7~.r - . ... : *r 

• t>ui» ar gourd - 1 On sreviMi 
pmnal close. ■ : ill Btr nicuL 


LONDON RabUMI— CI ikuib: At ay ’Miuu 
jjp.lKt. Juic .7d>0b-J3g 00 . Jilj on- 

Sai.fii. A ns. .mu.V3G.ao. Sepr. Jufi.ou- 

S»X9. 0 =J. - 29a.90-ao.W. Sen. - 2 M.M- 

313.00. Dec. 2s8.O0-3lD.oe, J an. usnuoi<-J. 
Sales: ail 


1 ' |ad*l.«,le 

.\>w 103.6a-DS.70 163.45-U3.30 104. ID-08.70 

Ui I I06.40-t6.4j IM. 50-4,6. 40 Ui6.73iKi.f6 

lits- 1 hS56lt£S : Wft.ib 05.45 1W.75 08.04 

Unp-li 11 7.60- 17. 7o' 117.8a- \7. 0 1 lb. 05- 17.00 
Miv.... 120.60 21. ODIISO-M) 20.75 121. blt-20.26 

upward A "; 123.85-24.01 12S.6 b-23.75> - 

nrliT mdd ^ 125.75 26.34,121.60-27.75126.25 

Ara£-:.' 8 a ISO.fHT ttH9K>. Robwias !12 5u Sales: 2.141 « 1, HJi )>il . of 50 mnws. 
>«aaif'- Daibr* averace 131.25 fI5I.C7>- Tali 1 and Lyle i-s-rcfincry price (»r 
‘ granulated bams white susur wa>. £242.40 

fiKAl I\S * -a me i a lunue for home trade and 

uiiriiMkj na.ou .same, for export. 

L0HDO" FUTURES rq tFTAi — T'ld iBteraallona! Sugar Agreement — U.S. 

c.-.-P ’wrier - aV a umdl shlnprr resell* r teal- per pound F,ib and s-iQWCd Caribbean 
,njr*<--i -'"d value* etoMi) 45 pmni? Vr**.T p.m prices for May 19: Dally 7.17 ,7.32/: 
a'u-r :nrt ta! s^ltis or 28 pnim-. nld cr»*p 13-day avuraac 7-77 ,7.29,. 
v*><- a ' " maim'd neKlecied ant) dosed J 1 * 

2 >>;:i'« :»«'er. New crup: saw »>»/d j>’bh< r 
*iu:-;p- 111 early trartiris hut heda,«K 
pr-.s-iit- iflcrea-ed durtnc the sev-ina and 
raf'tv beturei-n unrhan^ed to 23 

pstn* • 5 , wwp. Adi reported. 



May 9.73. Turnovi-r: ?>, >.-»> loii. 


WOOL FUTURES 

* Pence per KHo> 


V.istmiinii .Ymen,'vft+ on 
1 1 ,ra«v tVml] l'li>sr — 


BllsllitHa 


. l> teuu*r 


BARLEY 

t n AiloilM' 


-0*0-82.85 
•h-:". — 79.70 

'•••• S?S°-.- a -T5 88.25 

t <n. BO M u.iS ^d.QO 

Mhi. 92.70 3B 8*7.85 

• T.usipe -s donp-Whe^: ' May. SS.'SMS.OO 
ScuL 5u*-SSJ0. No*,- 07.S0-S7.S1. Jan. 


» May 

. _ -lii-V,---- 

* M . 4m . . . 

— 0 45 l*w.-e">l*ai 

J 15 Hutu 

— D.80 U V 

—0.10 -*wtv 

— J 2b l*rt>4>*i .. 

Sales mi iunci Jois of 1*00 kilns. 
-STbHEY GREASY— I In order buyer: 



financial times 

M*\ 19 31*1 lei il, mil, * -|J tt*r nc>- 

247. AO ■2A8.2S J 239.95 ■'71.95 

(Base:' jnlF Vl932=IW> 

REUTER'S 

M-\ I? Uai'l8.Uiniiii'«ip Vimi «a>> 


1475.9 1470.2 1457.6 1672.7 

iBase: Sepir'BH»r“lS.']*n=JShi 

DOW JONES 

ll.uilll Van. 


1 * IK 

Jmie 


)ln. 

19 


31 it' 
IS 


■*!■*... a6l.Z4 Aftl 70 ' 

r>— *I?r_ l 5 - 5 9 AA QJ-SS- 

^24>?»16-- i«ti 

MOODY'S 

Vi -ii •iK.iiiii*2-»- 

is : 




19 


•*l»‘e t >i wun‘ t 921.9 925.5 89*.9 46.5 
(December 31. “ 1921=100." 


I 1 

sini-uo. Mar -3»i. 

WINNIPEG. Mar 16. tIRye— Mar 104.80 
I <}05.un bMi. July 104 00 asked ,]nj.M 
i *xked>. Oct. ioe.30 asked. Nor. 107.50 
1 asknd. Dl-c. 187 JH) asked. 

ttOais— Mar 07.50 uf7.4fi, July 91.70 
lasted 1 5140 hid>. 0 4 |, 79.J0 asked. Dec. 
| 76.00 asked, Starch 78.38 nom. 

TiBarley— May wj. 06 ,si)Jto>. July $0.00 
! i Ml 20 asked). Oel. 79.50 bid, Dec. 73.30 
asked March 79.10 asked. 

rSFlMSMd-Moy 256 00 hid ,237.70 hid:, 
July 259.0a asked n'SS.nni. oei. 23900 , 
Nov. 237.00 asked Dec. 257 .m. 

"Wheal— sewns 11 5 in-r ivur jtEniein 
conu-ni «f St. Lawrence 1 43.21 ,163.4'J.. 

All cents per pound’ " 1 e*. warehouse 
unli-SE oth.-rwiw, stated. . - a irny 
uuni-i-svjoutMinee foia'L'^'i.lilradu Idiup 
55 Wf.UPf^hs-Di-pif Ufe pre. 

) vjous day. Pnnie s,ejm fob.' VY bulk 
ir.Udf curv -. O.-nts pvr 06 lb bushel >>s- 
1 wareboust-'. 3.000 bushel lots, fi Ks per 
iroy ounce for SO 02 units of 99.9 per 
n-nt partly delivered NY. ■ onis m-r 
iroy ounce ex-warehouse. >' Ntrw ■■ a " 
'» a short tun for bulk lotfi 
oi 160 shnn inns delivered f.o.b. care 
I oledQ - ®- Lco.-s -and Alton! 
Gems bit 69 th hushei in npre 
’ wj -* buchi-l. rrtfonrs bt 

% lb hSr , i ”*; warelrou *'- it Cents per 
^ ® Mii'i ox-warcfaouM* i ihm 
ift«. rr.se per n£i. ' busW 




22 

BRITISH FUNDS (flST) 

2 ;PC Anns. 20',® 

3 Si«.- I974M8 fill 
i *.-» -li :* i:.- fcs • , . - r. 

Mk ;, i, '*» 'Jk.JO.NMfl*,.. 

-trt..-COni»^|na--j3 • ,-w -.... 

i :peCc aversion In. 34 v •• ■ 

JiS h ' : Sv’ !r ,n - 1 9%-7.a ;ajwl' ,, ri» 

•ilL =-15 ,lhe0Wr t**- ’??“ T.Oif| l® ’t >> ; o.-oc ,23 5 75.100 

^ E i PI'P4lie r ML. IMt S61j "i* I Variably 10-5&25pe (4iVfltr mni., nCiCi 

Mcneowr s, K . 1963 *1 >,* wjSfii 10.3sc a l.s&Fl 0| & iis.-jj! 

«h. 1981 94<:o/„ I <; : • PUBLIC BOARDS (33) 

8.0C EvchiMu-r sth. iffaj 92 ’iQi 71 c R «e p,V c>,.,r 


2>e mu w « «:n 

71*0C , 3'1-73> SS 4 i»' 5|, Or 
7'*DC 'JO,' (79) SB'* 

6 ' ,K '!?.} 22 v 9*>» nasi - ■ 

6'ips *?8 V'79| bbijj 1 . 

Sk . 1* 2 791 gg 
B'xbc * 1 * 31791 39 ® - 
7 .DC .21 3791 SB mi. 

,fl,, - S47 2 10.1.869 



f -PC Ewhcauer US. 198Z A 94'* 

S'.pc Funding In. 1978-eO 94J. ‘i 
S^mc^Funamg in. 1907-91 bb>i® '*B 4's 

6w Funding In. 199s fi2V® l«mft :» S 

2 .• 

6 :3£ Funding In 1985-87 78\ 9>il 8'; 
i 9 

l'-o« Funding «s 1999-2004 i«eg.i 

1, '.A >« >i 

5 ;3C Fundmg SIS 1932-84 B4 >• 

5 .oe Treasure In. 1995-99 61 .8 '* ■ : -*. 

7 . pc Treasury In. 1965-88 83".0 


7 ' ip; Treasure In 2012-15 68'v® '< B 'a 
BPC Treasury In. 20U2-06 fig-in® 9 B‘i 
S'.p.: Treasure In 1987-90 79<a !« g I. 

3 .«. Tnjamri In. 19BO-82 Sl’i-® .«» 

•.» • 'i.. 2 J'. 

8 :nc Treasury In. 1984-36 91",® l|» i- 
S-.nc Treasury In. T997 76 ■ imO 


Metropolitan Water 3 bc A 28 
28 'j 90- 5 .pc 88-1 MS/5) 

NortJiem Ireland Electricity fi':pc 80 2'; 

Port ol London 3pc A 22 '« 3 (TfilS). 

a l ;PC 3 a 

Southampton Harbour 6 ‘jDC 56'* 

COMMONWEALTH GOVTS. (7) 

REGISTERED AND INSCRIBED STOCKS 
Australia iComwlth. of} Si-KRn. 1975-78 
f ? {1 6 JU A'*.. 1 976.71 mV <1 


This week’s SE dealings 


Friday. May 19 

Thursday, May 18 - 


5,846 

4,795 


Wednesday. May 17 
Tuesday* May I* 


5207 

5.885 


Monday. May IS 
Friday, May 12 


Financial Times Saturday May 20 197? 

• 4 5-,. ioi6.pt. . jssss^^i , 4D ;"- ■ 18 *> 


40< : ® 38 5 6 7 B 

8Si 11511 , , 

Mxrlry .JSDI 0P.^-.> . 
Martins |ndt. 


IOC’ '•? 



i lln> 19 !•* IT 14; 14 

.19 5* l-s-Db '»?e. 


5,546 

5,039 


The im ImIdw records all veaterdas’s markings and a/*o the latest markings during the week of any share out dealt Mi yanenfay. Tha Utter can be riWtanfcliefl by 
me date (in pareaiheses). 


The number or dealings marked in each section follam the name or im 
section, unless otherwise donated shares are □ fully poM and stock nw fully 
paid- Slack Earchanso seeorlHa* are u no ted In pounds and fractions of pounds 
or in pence and fractions or peace. 

The (1st below gives the prices Qt which bargains done by members of 
The Stock ' Enduing* have been recorded in The Stock Exchange Dally 
Official List- Members are not obliged to mark bargains, except In special 
I Bargains al Special Prim’s. A Bargains done tilth or belu'euo non-muHlh-TF- 


cases, aiuf Uw fist cannot, therefore, be regarded as a complete record of 
prices at which business has been done. Bargains are recorded In the Official 
List u p to 205 pjb. only, but later tranoactMns am be Included In the follow mg 
day's Official List. No indication Is available as to whether a bargain roe resents 
a sale w purchase by members af the public. Markings are not necessarily 
in order of execution, and only one bargain in any one security at any one 
price is recorded. 


between non-memb-Ts- Bantams finaj smniB day. J Bain sins done wuh members of a recognised Stock 
Elxidianau A Bargains done for delai->.-d d, ■liven - ur " no huynis-tii." i a— BA nstralias; SB— sBjhnm-.m.- sc— sGanadiaiu IHK— SHooa Kong; SJ— SJamaJcan 1 . sus— 
SUala?an: SMe— Sdlnxlcan: 5.VZ— Mew Zealand; IS— SSmgaoore: *US— St.'nrcrt fla'*ci MVf— Stfesr Indian. 


! MMiTiAiMni I .aw* - 

\ Martln-BIJik 1? ,«sV. Jb'.? 

SK2L- .^.•SSTSStt- fsop 9 ^ 


Martonalr l»tnl. . '0° 

MaMer.FerousO" ®90 ■ »» 

Maroiews ^n '.16 ’ i 

May Nauru il£r’ J? ‘JJ i , 

Mean BrO-.JJhb' --.•-T-f'yy 

Meat Trade Shop' 

Mecca TncliiDo- ;.i 

MeOoitt MldO'. •»»' ' " 

Mclllns >60’ 5 ul .13 ‘.I 

Meladv M.IJJ '.. , s 
Memmare M" . irSP 1 5 65. 

Men sics 'Je-J-' 1 . H, ‘ ’ 

PI. 103® •*? j;*. .J 4 JO -OCL.'. 
fetal Bax 407® b ■ 0 ,u 

• 2Sp. 90 2 3 


T*4U.t 


loixtii 

p;.Do yi - 1 n.-a, 

'• ti.l', •10 5, 


SIS). 

_ 14’ 

30 90 1* (16(5). 6 pc 


li? a I 9 T2°tdl^ -M- Wtia 


9c; TrcJIur. In. 1994 79<tt,® 8 I. 

Sac Treasury |n 1992-96 78'x i. ■» •,» 

9 ,pc Treasure In. 1999 82 .0 3 i,, 2', 

I2pc Treasury In. 1983 102;® j ■„ 

1 2 :PC Treasury In. 1993 104® 3-'a® -‘a 

12 id' Treasury in. 1993 105 j® 'i-O 4*. 
12'iPi Treasury In 1995 IWJ.'j I. ■, 100 
11'aCC Treasury In. 1997 107'.® !«ffl ?« 8 
• 3 oc Treasury in 1993 TOS’c® 6 S\ 
*4^^ Treasury In 1994 114'.® ;® s* 

.DC Treasury In. 199& 1 16'<i«® 


1931-83 80-4 <16/51 

Jamaica 6 >-pc 91 i, 1 1 7/53. 7'jpcLn. TOO 

Malaysia 'Govt, oil 7>-pc 85*4 
New Zealand 3>»c 76® 5'- H8/5J. 4pe 
97 (16/5). Sl.pc 81 >4 117151. 6pc 93. 
■ 7 'jPC 70'- 70 <1715). 7l;pe B1*a 
* I Northern Rhodesu 6 Pc 197S-B1 89 i1Si5) 
u 1 Nvasaland 6 DC 1978-81 8B I18I5J 
' ; Southern Rhodesia 2<.-pc 55 116151. 3 DC 

S3 112(51. S«;pc 1967-69 51®. 3':uc 

1 930-85 56® (18151. 4>:PC 1977-82 

03® ilBlSI- 4laxi 1987-92 480 H8l5>- 

I Gee 197G-79 810 I - 

. 1 80(1815’ 


Devemsh |JAI c25pi 165i® 70® 3 
Distillers 15001 184<,® 3 SO 1 2 . 4 5. 

5L'PCCns.Un&-Ln. 40': 5- 7’aPtUns.Ln. 

63 t a. 10.5pc.Uns Ln. 831a i!7l5l 
Grcenal Whitley i2Soi 1170 16 3oc 

PI. 93 

Greene King <250> 247 >18.51 
Guinness (Arthur/ >25p1 185® 4 2. 7 ape 
Ln. 62 "r >16 5/. lOoCLn. 61 1, >18 51 __ 
Hardys Hansons <25PI 163 6Dc2ndPt. 

44 *« > a 1 17-5* . , 

Hlonland Distilleries >20 pJ 1390 5 6 8 
Hall 'Joseph! <25o) 263® 

Insergordon Distillers <2So> 100 
Marsion Thompson >2SpJ 66 -6 
Rudel's Gravesend 6pcPf. 47'- 8 •' 5 5 


5Z 116 5> 


8 -25b- 


<18 5! 


8 PM HIOOS. 1 25?' 

61 >16 51 
BSG Inlerntl. flOpi 431 ^ Z'« 

IZ’jBCUnscd.Ln 105® 4 51 
BSR . IOpi 113® 10® 7 8 6 . 5 ;o:LJnscd 

62 lip. 51 
BTR >29 p> 2560 

255 

Hancock Wilcox -:sp; 130 < 29 
Bailey 1 C.H .1 (IOPI 6>« 

Baird rWllllami 175® 

Baker Perkins Hldos. fSOoi 95 
Bakers Household 5lpres 'Leeds 
■IB 51 

Bailie Mercantile Shioninc 
’ 'pel stDb. 33 >18 51 


M- «25o: 


■3 S* 


Scottish Nr-wtlstle <20pl 70';® 66 6 7‘: 1 Bamheiseis I25p< *9 

Stipcl stDb. 77'a (18 51 SecIslDo. 67. Bamlord# >20p> 45 3 11s 5 
51 Dh 82'. >16 51. 6‘<KlstDb. . Berne Bridge Go. i5p. 31. 


<1Bf5>. 6 DC 1 978-81 


16 


17' 


15. -DC Treasury In 1938 IZOJi® 'a 20 
2 ; nc Treasury stk. (Reg.i an or alier 
14 75 20 

2ac Treasury sik. 24 >b 

3oc Treasury stk. 1979 94' „ 5 >: 

4 

Sec Treasury slk 1982 84',n® '• "u. »i» 
J :nc Treasury stk. T 977-80 >Re9-> 93A 
stk 1979-81 (Reg.i 89':® 


3 ac Tieasur 
• \ 9 

5 oc Treasure stk 
5-. 


1936-69 (Reg.i 65N 6 
2003-12 1 Reg.i 49'; 


. DC Treasury Stk. 
a'.A 9 3 - 
o'.oc Treasury s:k. 1982 91- ln ® 

9: id-: Treasury stk. 198 3 96> ; :® 6® S‘« 

1 S'- 5>-i« S'* 6 

*> :o-; Treasure stk. 19E0 99 'j No >>i. 

9'.o: Treasury stk. 1981 9BJ|«® 8 
10oc Treasury Stk. 1992 SS>i»® 8 71- S'. 

I0*oc Treasury Stk 1978 100.28 
10 ;p: Treasure slk. 1979 lOHiy® 1® 

100 \ •■'ii. 

IO-.-dc Treasury stv. 1999 84-- •, 

M ;nc Treasury slk. 1979 102® 1 >0 Ills 
li ': pc Treasury slk. 1931 101-I- la ■'1 
1 1 '.pc Treasury «(k. 199i 9 <"i.:aI 100® 
99 r "if. i>. 4'-: 

12pc Treasury *:» 199S 99 'a® 'a® 9' 

100'H 

1 7dc Treasury sik. 1990 109 1,® 8 'a® 

J-Q 8'. 3 

14c.; Treasury slk. 1932 1 09 ’i„© 9® 

90L Treasure Cnr stk 1980 9S"i<.® *1. 

•. s< 

Var.aele Rate Treasury sik. 1981 (7.67E9 
ocl 95 55'34ths 

Variable Rare Treasury stk 1932 (6.4933 
oc 95'- (16 51 

I'. pc War loan 31 ’« "m * 1 
British Eiectr.citv 3:;pcGtd.»k. 1976-79 
95 -® 1*® 1 > u. ® "l.. '*|5 •; *a fa. 4 Upc 

Gld.slk. 1974 79 95-- -j 
G r nsn Gas 3otGtd.stk 1990-95 4SJ, 4 

fieri h at Scotland Hydro- Elec. Brd. N 
Scotland Electricity 4ocGtd Stk. 1973-78 
99 ' i» 

3oc Reden' Oti on stk. 197t-96 43‘a® 

CORPORATIONS (S2) 

FREE OF STAMP DUTY 
London Lwuiiiv op< a:^ 4pc a /•; 

75. S ;0C 1977-61 35. "« S. 

Is: 2- 34 79 Do. 19d5-n.' 6b-*. 

9S. i -cc b9>> 1 17 5i 
Cnn. London 6 -PC I uTS-78 99*a. 

1 960-b2 33',. 7 ;oc 9 i/'*HB5i. ' 

19d4-35 93 H5i. I3'rpc 105 1 5 5/ 

Cm r London Shoe 64. 7 UPC 90*. 9'agc 


FOREIGN STOCKS (15) 

COUPONS RATABLE IN LONDON 
Cn.ncsc 4>;ocGoldBds. 8 116 5>. SpcRedrg. 
Gold Ln. 1913 (London issue) Drawn Bds. 
9 fl7 5>- SpCReorg. Gold Ln. 1913 
• German Issues B O 515 1. Oo. Drawn Bds. 
B H5 5). Spc Hukuarto Rlvs. Gold Ln. 
12® 13® <18 5). imp.Chln.Rly. 5ocStlg. 
Bds. 9‘; >18 51 

Greek 7pcRetuBetLn. 1924 £53 H7 5i 
Hungarian 77aPCStlg.BdSv 470 
Ireland IReo. <di 9*4Pc5Ui. 79*^ 

Japan apcSdg.Ln. 1910 tEntacedi 353 
1 18'Si 

EMI Finance BV gupcGtd.Bds. 98 "ia® 
Fisons Inti. Finance NV B-'UKGtd.Bdi. 
92 J i*® '*0 

Midland inti- Financial S or Vices BV Bf*oc 
Gtd Bds- 881. J» (16 5i 
Norsk Hydro 9'*pcBds. 1995 1021- b 
<16 Si 

Ottawa-Carietdn 9'mcDbs. 103);® "w® 
Reed Ind. SpcBds. 19B7 94ii„ >4 (1615) 

Rio Tint a- zinc Finance NV 6'*pcLn. SUS90 

ns 51 

Western Minmq Con. 9 pc Bos. 96 "t«® ’a® 

STERLLNG FOREIGN 
CURRENCY BONDS 

Sears ttnl. finance NV lO'apcSHg.Bds. 90® 

L : K AND COMMONWEALTH 
RAILWAYS 

Canadian Pacific iSCSI £14 
Fishguard Rass-are S’jPCPf. 31'; 

Quebec Central 4pcT*IDb. 31 1; >.15IS) 

BANKS (212) 

Alexanders Discount 244 
Allen Harvey ftess 270:, 1 S ',16 S’. New 
Oro. 2301 


5 DC 
Do. 
bpc 

Do. 


95 9-BC 95 


Ay 


16. Si. 11 ; ne 1982 


:«2 .ia5J_ Do. 1983 104'*® 4 


5). 


9'*PC 

>3pc 


. b .-pc 97® 6-. .18 5i 
Bulb II '.pc 97', 1 16 S) 

Berkshire 7i*pc 98'i« 

Birmingham 7 50c 86'. 

35;® 

Birmingham O.st. Cnd. 12';oc 99 
iai • 16 Si 
Bootle 7 : ipc 96 •* 

Biadiord J':PC S0>- '16 51 
Brignlo" P'jOc 97 117 5) 

Br.stel Cpn 7*»oc 90 »16 51 
Camden 6'.-pc 97'«® 

Cardin City Hoe 94- ; ;ia,S> 

Cardifl Con. 7oc 8SU 
Croydon 6 ‘me 87® 'IS Si 
Dudley 9':PC 94.', • 7 7 5 1 
Our.&anon 9 '.dc 94‘, ilr Si 
Efl.nnurgh 6';fie 97 i17 si 
Glasgow 9'ioc 92'. *17 5) 

Gloucestershire 5',oc 91', (19 51 
Gramp.an lOLoc 94'* >18 5) 

Greenwich 6 ,pc 99(|^ >15 5/ 

• £50 oo-* 4B'« 

Hertlijrdsnire S'rDC 90 ‘,® ;. 5i;tK 77 • 

C'ipc 76 'i |ir-5i 

HimtirsdO" Peterborough 9 :Pt 9S® 118 51 
Isiiremn lOoc 94 ;iB.5i 
Kensingion Chelsea 1 1 '.oc 97 *, 
L.-narkVnre 5 -acRCd. 96': *15 Si 
Leeds Cp". 7';ocRed 99', • 1 8 Si 
Lirerpueii •£•■¥• 13 ‘.'DC IQ4 'i 
L iverpool Con S';pc 27*.®. ! : OCRed 

• tJO' & 'ip.-Rcd. 9S ,® '18 5'. 9,ocRed. 
92 2 ilb/5. 

Manchester Con 1891 SpcRed 21 'j 116 5' 
Mddlcs«> S'jpcRcd. 92® 
Newcastle-upon-Tyne Con. 9'*ocRca. 96'* 

• 13 S' 

Nonnamoton Con. BacRed. 97 V® *18 5< 
Nirthumherland Counlv TocRcd. 93'* 
•18 5' 

No! "Ingham CDn. 3pc 20'*. 6',Red. 99‘» 
.16 S'. Sorted. 95- IB S' 

Pvislev Con. 9'iPc 9 Of* '17 5* 

Si Helens H'.cxRed 96’- H7 S' 

SMtard CP". $' : pcRed. 63'- ilB Ss 
Slough Co". B',pcRed. 94'- 
Sjutnamotah Con. S3® <18 SI 
sauthend-oh.Sca 9',PCRed. 94 
Southwark Con. 6 ',ocRrd. 76® 1 1 'jpcRed. 

96® 1:®. ISoCRed. 1071; «17lSi 

Sunderland ’2'aOCRed. 99!, 

Sumev County 6ocRed 92U '1715' 
Tames.de lO'-pcRed. 9J** 

Taunton Con. 7ocRod. 94', *16 5' 

T*rc. Wear County i2ocRed. 97"». 1 2oc 
Red <lss at EBB'aPC £10 Dd 1 9U» S'» 
Walsall 9 1P1. 99 -. 1I6 5' 

West Bromwich Con 5'iocRed. 94 : (15 5i 
FREE OF STAMP DUTY 
SHORT DATED BONDS 
g'lDC 124 5<78. 1 00 7-64(hS 100.123 

100.126 100 1 1 B 5' 

*>'. ok ■21.6 , 78' 100 1-64111 
»0pc -5 7 78' IDO'*; *T7 5' 
lOoe *19 7 781 1 00-' 1: US Si 


Allied Irish Banks f25oi 182 
Arbuihnat Latham Holdings 162 t16'S> 
Australia and New Zealand Banking Group 
(SAll 291® Z 

Bank ol Ireland 375 B 'TB‘51. Stk. irk8. 
for d'V. trem 1 4 78) 370® IQ 67®- 
7pcLn. 63- tlS'5). lOpcLn. 168';* 
Bank ot Montreal (SC2> 14V -i„ 

Bank 01 New South Wales ilondon Regik- 
lert iSA2i 533® 2 

Bank ol Scotland (Governor) 295® 85 95 
Bartiavs Bank 351® 3® 48 7 5 40 4 37 
42 38 42 ‘ 3 52 38:. Bi.pcin &•* 
Barclays Back lotnl. 7>:ncLn. 68 
Brown Shipiev Holdings 217: 

Can . Imperial Bank at Commerce iSC2> 
20 1*® :-0 '*. Sub. Warrants lor i»ch 
of 1 new 44 

Cater Ryder 290® 300 ilBiSJ 

Chase Manhattan Corporatior Shs. ot Cam 
Slk. (SU512 50i 27>n, 6 H6'5< 

Clive Discount Holdings iZOpi 750 

ol Ainiralla Ord. .... 
5A1 Pd ) 1SAI1 1 39 


6', PCI . 

69 1* 115 5) 

South African Breweries 'R0.20J 74 7 PC 

Pf. (HI 1 40 ri8f5< 

T*wnatl<* 0*«*U*“rs i25at 106'- 5 I 
Vauu (2Spl 119': 20. 7ocPr. 54. 4 ..pc 
A Pi. 55'.- 

Watney Mann Truman 4 *ocDh 1978-83 
77'* (1615). 4',pcDb. 49 1 16 S'. »‘«ne 

Db. 66 '18 51. 5'rPtLn. 40':;®. B':PC 
L n. 5fi-A 

Whitbread A '25oi 95:® 9»- 9 
“ 100'j. 4';ocTstPf. 34 Cl 7 a'. 

7oc3rdPf. 57 


■ ( B'5i. 


Banro Ccnsd. Indus. (20*p> 59c 
New (20pi 611 117 5> 

Berest (J5W Z6'r (18151 
Barker Dobson >1 Do) 13 ® jj 
B arlow Rand IRQ.IOI 213® 

Barr IA. G.i i25p, 61 . 

Bajr Wallace Arnc-d 7w.‘ '25 p 
r2Spi 94 

Barra It Dvlpis 'IOpi 102® 3® 3 

Henbum Go. (2Spi 30. '2PCLr 

Barton Sons I2SP) 66 

2Sol 129-7 


Cdsa-t iZSp SB r] 7 Si 
Contain R.chartfi t25ai 2CS® 6 8 
C DU hire side Properties 1501 *0 (15 51 
CourUiddS '25ai 123 2 5 4. 15: 21 20 
20;. TpcDb. 72» 3«i 2 k ■: 3'. 

7 *P:Db. 67‘, -IS si, 6 :UCLn. 540 
■ 1| Si. 7 I*PcLn. SB'*®. 7-<DCLn. 60® 

' CouruuUs Kn.twear 7 ;pcP(. 55 (15 5f 

' Courrtrev. Pcoe Hides-' ’S0p< T9 
. Ctairis^ 'Furnishers, nor- v a *25ri 102 

10 I Ca«ia Oc Groat >1(10' 59 >16 5> 

Ccw.e iT. 1 iSsi 42 IB.Si 
Evcnance i £ r « : N-ChoiSOn .l(h>' 77 >16 Si 

■ Crpaa InscrnatianaJ .IO01 43® ': 50 49 

: Croca O'eacnenncAis Group TpcPt 53® 

' Crusbv House Grgup 165 B 
; CrdssVre Bu.Id.rg Products iZ5pi 65, 7 8 

! Craven ■ Derek* (Contractors! 12001 89 

"ft S' 

j Crojcn G-eup >25p'i 70 -15 5. 

.Crown House 25»i 57 US. 

■ Lh«i«! iHidgs.i rgpi 28';® 9 •, i* 
Crnlng Horn 2001 110 9. A (20pi 105 

Guard Br.djre Hldgs. >25pi IB'; 


95. 


5r 

, Curres i2Sdi 206® 20D 
Customagic Mnfu. tlOo- 23 2 


6nc3rdPf. 4B'r (16 5) JpeSrdPi. 57 Bassott iGeo i Hiio, , 


International 11 Op) 135 


»■ H>r-*an tny (S'n’ °h 8“ 
Wolverhainotoit Dudley >25 d) 205. 6c 
47 1: (17 5, 

Young A 1 SOD) 170 1 18 5* 

CANALS AND DOCKS (5) 
Bristol Channel >'fOpi 6': *17 5j 
Manchester Ship Z17~. _'1B 5 



COMMERCIAL (3543) 

A — B 

AAH i25pi 105® 4 

AB Elec. Prod. Grp. (25P< 1 11® 16 20 
AECI 5'tPcPt. iR2) 31 t17,5i 
AGB Research (IOpi 91 tl5 S 
AFV Hides ~ 

168':® 9 

Aaronson Bros. 

Aberdeen coiutn 
AbertAaw Bristol 
141 *1 Bf5i 
Abwood Mi 
A crow Nan 
Adams Glbl 
Adda Intril 
"i.t 39 
Adwest 
African 
Alrltx 


Dale Efeerlc 

'IS 5) 

_ -.---.T — J Danish Bacon A Ord. TI2 

"'=**“ .Johnl Assoc- Cos. (20p* 66 -17 Si • Dartmouth Inresments SpI 19® 

i07;"^^MW«A.'?iay 20°?isis 0 » 

,4atcr (C- H.i CTO®, 54 ,l S S . “lo ” 9^ Nwn, « H '«*' ,Z5B) ,30 « 

'10PI 70® 1I8S) 1 Davis iGoefrer’ >2£p) 53'.- 

1 SSr'VS- 957® 64* 4:e .O*VT Interr.atsostal a5P) 246® 7 

; 7HA S ^®7 Ga », 60 . 3 57 S 65. 6 pCLii. ; Dawson inter. (ZSo) liSo 6 7 8 S. Da 

I- IS*® 1 8 7 - 8';pcLn. 7o:*. SpcLi Z50®« A Ord. N.-V. 131® 28 St 4 

Se Roe Co <25ni 327 B 5 32 

°1S9o e: 62 H .?B 5) and Rcs:jljri,,ts ,=SBl 

1 Deanson < Hlnas.1 ilnsi -tom im-n 

Hen lord Com 
Benlou Hldgs. 

Ben tails 
BeiRjma 

, Ekn-islond 
l Berwick . 

j Best May „ 

Sestobell liSoi 165(18 5 
Bett Bros. (20p) 65 HZ 5 




Ills al SA1 75 
■ 15 51 

Commerzbank AktiengeseilschaK (DM50I 
82':® 

»,’*-> Anshar’i**'- flOdi 1 1 *, •* 

Gerrard and National Discount (25pi 170® 
49 71 2 

Gibbs 1 Anthony' Holdings t25p< 39 (IBIS' 
Gillett 'Bros. Discount 202® 

Grind lavs Holdings (Z5 p< 1009 99® 7 IG1 
Guinness Peat Group (2 Sdi 231® 3® 30 3 
Hambros (2 Spi 186 

Hill Samuel Group '25pi 90® 88. 

Warrants 4', U7(5>. 8pcLn. 65',® 

(1B>S< 

Honnkona and Shanghai Banking Corp 
>SHK2.50i 263® 3 2 6 
Kevser Uf/man Holdings (25 pi 45 
King and Shaxson (20pi 59':t® 60:® 

Kleinwort Benson Lonsdale '25p) 99 104 
3 (1615). SpcPf. 58': f 16 51 
Uoyds Bank 282 1 75 10 77 5: J 3. 
7'*PcLn. 92 :® 3J 2 1 '* 1 90'. 
Mercury Securities i25pi 117 
Midland Bank 373® 4® 6® 67 5 8 73 
63 73 64 70 63t 74 587. 10)*pcLn. 

85® 3'. 7'.*PCLn. 68 6'j 

M. niter Assets (250) 61';® 

.Morgan (j.p.i (sus2 so> aou na/si 
11 .nr 1 National and Commercial Banking Group 
" * BC 12501 76® ';® 3 4>* 4, 5';PCW. *3 

(16 S). 11 pc PI. 85 (15 5- 

Naiional Bank of Australasia (Lon- Reg.i 
(Ail) 225: 


98 


National Westminster Bank 288® 4t® 70 
S 3 8 85 71 80. Wrnts. 102® 100 99 
101. 7 PC PI. 61 601. 8 ‘ipcLn. 95 

117 61. 9ptLn. 77': 

Rea Bros. (25 bi S3® (13 5) 

Royal dank of Canada <C!Z> 21 '» il7>5* 
Schraders 400* 

Smith. St. Aubyn (Htdos.i iZSpi 82® 
’16 51 

Standard Chartered Bank 414® 13 10 17 
□ f- 11 2:. 13',-PCLn 104® 

Union Discount of London 3159 

BREWERIES (I7X) 

Allied Brews. >25p' 90': 89 87 92 89'.- 
S'^ICPf. 4S i17/5). SpcRd.Db. 46';® 
lloul. 4 -pcRa.un (19/9-a4t 72 *j. 
S'.pcRd.OO. 74':. 6i.pc.Rd.Db. (1984-89) 
68'- (16 5). S'-DCLn. 39<-« (IBS) 

Amila. Dfst Prods, tlopi 45® 3's 4. 

9pcCnv.Uns.LP. 90 KB/S, 

Bass Chart-. (ZSpj 168® 7® 3:® 4 3 6. 
3i-BcDb. t77-79' 93'.. 3'iPcDb. i19B7- 
921 4S<« [17/51. BidKDb. 98. B',ocDb. 
f 1 987-92) 71- 4: ; pcUns.Ln. 45': fl7.'5i 
Bass Charr. Brews. EpcUns.Lr. 60 '17(5) 
Bclhaven Brwy. Grp. >2 Spi 44 ( 18/51 
Bell (Ai Sons rsOpi 258 
Boddinotons Brews. '2Sp> 166 iiSf5l 
Border Brews. iWrehm., -250) 73 
Brown tM) '25c 1 120 16 
H Ulmer IHP) Hldgs. i25P> 15a®. 9 : .-pcPt. 

107 (1E.'5I 

? urtonwood Brlwy. t2Sp> 148® 
ity Undo. Brwy. In,. Trsi. Old. iZSpi 61® 
Clark IM) Sons (25oi 130 
Courage 3Jjpctrrd.Db. 26 >16'S). 6W 
2ndDb- 684, 1 IBIS'. 7pc2ndDb. 66 

' 16/5i. PApcUns.Ln. 52 I17f5i 7 Inc 
Uns.Ln. 57’ j <18/5'. 1 0'.-PcUns.Ln. 85 
5 ij H6/5) 

Davenports' Brewy. i25ai 86 


Albright 
Alcan f... .... 

9pc&lv.Uns Ln. 152'*® 3'it - 
Alexanders Hldgs. '5c 10'* tlS'S) 
Alginate Indi. i25di 285 75 «I5/Si 
All da Packaging Grp. ilOP) 91 '17,5) 
Allebone Sons tlOo) 171® '18/Si 
Allen 1 El Ballour >25P) 65® 

Allen 1W.G.1 iTiPtoni i25P> 56 
Allied Colloids Grp. (TOpi 74 
Allied Insulators >25pi 74. New <25 di 
74 

Allied Retailers MOdi Zd5® 

Allied Suppliers 6pcLn. 63': *17 5'. 6-'»pc 
Ln. S3 'a® 118.5' 

Allied Tevnic *25o> 145'-® *16 5* 

Alpine Hldgs. :5 pi 59® ':« 60 59 1* 9 
Alpine Soft Drinks 'IOpi 124 I1B 5' 
Amalgamalrd Metal Con. 315 MS'S) 
Amalgamated Power Eng. i25oi 133 M6 5, 
Amatil >'A1i 205 ilS'51 
Amber Day Hldgs. '10 p> 38 ,17'Si 
Anchor Chemical >2 £di 72 i15>Si 
Anderson StrathcJvde '25 d> 56 5 <1B>5> 
Anglia Television Grp. i25h> 7B 1 IB 5> 
Anglo-American Asphalt <25pi 51 M6i5i 
Anglo-Swiss Hldgs <25 pi 37 
Aoolevard Grp. (25P> 98® 

Aeuascutum and Associated *5o> 36®. A 
■ Spi 36 >18 5i 

Areolectr/c (Hldgs 1 (5a> 16': 

Arenson ' A.i tHipgs.* mOp> 51® 

Arlington Mater Hldg:. i2Sai 127 MS'Si 
Armltagc iGeorgei 10t;pcPf. 110 (16 5 
Armirage Shanks Grp <Z5p' 60)® I'* 1 21 
i|«:Si. lOpcLn. 759 i18'5< 

Armstrong Eau Dhienf ifOpi E3'<® 4 <18 Si 
Ash Lacy (2Sp» 126® 

Aspro-Nl-*i-l.*s 5 *"tPt 45 1 : *’815’ 

Asscd. Biscuit Mur. >20p) 81® 3 2 1 

•13 5). 3.65pcP 1. 42'; (15 5'. 60c Dh. 

SI f ) 7'5). lO'iocLn. 83:- .'TB 51. 6 joe 
Ln. 85': (IB.'Si 

4sicd. Book Publishers >20 di 133* 2 
1B-'51. 7' : pcPt. 52-. 1I6 3) 

Assoc. Brit. Foods 'Spi 6S><9 'is® 1® 40 
■1 3. B'-ncDb. 741. (17 Si. S'sBCLn. 22 
.'18iS:. 7 ;pcLn. 29 (18 51. 7 ;pcCn«.Ln. 

1 76 

Asscd. Dairies r2SD' 235® 7 iia>5i 
Asscd. Electrical Inds. fipcDto. 80 i17'S'. 

6'rPcDb. 66® * .13 5' 

Asscd. Engineering '25 pi 124 Si; 

Assca. Fisheries (25oi 60® 60. 7'*ocLn. 

Asscd. Leisure :5n> 56® 5>.-. 7)*pcLn. 
59-'. 6 • -16 Si 

Asscd. Newspapers Group (25pi 156 4 
3 ‘iPCLn. 70 t17 S' 

Aiscd. Paper mds. '24pi 58 :®. New 
571; OB'S). 9':pcLn. 109® 8 10 
Asscd. Portland Cement 15’<a 2 50 3!. 
S'.ocDb. 47'* (IS 5-. 7»cDb. 65 9oc 

? U. 74**® 4. lOUPCDb. 81), - ,17.5'. 

•ocLn. 45 '16 Si 
4»s:d. TV (2 Sdi 113® 14 
Assocd Sprayers flOpi 32 M6:5» 

Asscd. Tooling Intis. '25oi 34® IB Si 
Asiburr Madelcv iHidgs.i (5p> 45® 76 
Asira industrial Group modi 19 U6.5i 
Audio Fidelity C10»' 27';t i18 51 
Au-tltronic Hldgs. «10oi 35 
Ault Wlborg Group <25pr 34 •: 

Aurora Hldgs. i25pi> 91 
Austin 1 E. 1 Sons 'London! *25pl BO (15 5> 
Automated Security 1 Hid os-' (IOdi 85 
aocPf. 203 _ 

Autometive Products <25 oi 136'- 5 - . 

Avana Group f 5 d> 36 V® ";® 7® 6A1 . '* 

7 6'f. 7ocP1. 52 *18' 51 
Avecys '25ol 162® 3'* 5 
Avon Rubber 21 B« 17* 19 15 
Ayrshire Metal Products '25 p* 4fl (18 5 


B.A.T. lades. (ZSD) 344® 5 3 4 7. Did 
293 4: 3*. 2: 2 4 5 9U; 90 
BBA Gp. r2Soi 51 1 16/51 „ „ 

BICC 1 SOP) 1150 10® 8 7 10 119:; 12 
6';pcDb. 78'; I16I5I- TpcDb. 71 «17'5) 
BOC Inter mi. i25pl 76'; 5 6 5':. Shoe 
Db. .7S.*a f17 51 6J*ocDb 69 *15 5). 
SpcTonnMeDb 1990 81®. Il'epcDb 
90.'; (1815) 

I BBB Indus. (SOpi 233. lO'.pcDb. BI’< 
'll 5- 


Bodvcote inter natl. (25 d 1 60- 
Bollon Textile Mill <5g> 10 
Band Srreel Fabrics (IOpi 34:> 3 ■ US 5 
• '.pcCan*. Unset. Ln. 53® MB'S** 
Bonser Engng. <20pl 32® 3 1 MSS- 
Booker McConnell rSOpi 2530 1 
Booth ftntnl. Hldgs.) (250)^1 1 IE Si 
Beats — • 


““"^3?",. 'Dan.* 1 -. SccDb 71 117,51. 
Corada Holdings i2Sp. 77® fi 
Doulton B'ipcLr. 63 W * 

Dow Chemical 'SUS2.S01 22 
BOwdjng and Mills (5pi 25 '«® 4:-® 
Dtwynlebrae Holdings (IO01 32® l™® 


icats i25gi 214® si.® 1. , 0 .. a So * SjwwBB-'G. H.i *50bi 207 B (17!5> 
13® 12® 16® 17* 14® 3i*« ^250 10S1 KT"" 1 * SfrekuJ (IOPI 37 UB'5I 

9 ,; ?94 6 ®7 * =02 ! °?SF.£ T ? m lSOpi 197 6 - 7 » e *-n 2l 

81. 7>«pcUnsc^Ln. ’m: 6BCUn!ec L " j Drikeihd Scull Holdings (Z5pl 22 
orthwick Thomas) (SOdi 66 4 Dreamland Electrical Appliances ildoi ! 

085) HamnBSWWth <***' 6 )Dub, , |»r 5, , S p» 17'* 

B gf«E Cprnn. 191 SO 11. 2 3 37 g I CuKIW Steefs /25ol 120® 08/51 
f.'iPI”- 45 7 »®'5 , . m 3f*pc1«Dh. 55'.* i ° U '»T Bltamastic _MOo, SO OB.'Si. 

• 7ocConv.Unsec.Ln. 90 80; MOo, 30 >18 51 

l'b-51 1 nunhiv.rnmK.b.M.n n A— i , 


Bowrhorpe Hldgs 
Braby Leslie MOpi 


Dunbee-Combev-Marx riOo' 130'. MB'S 
, Duncan (W.i Goodricke 4 20 «17/Sl 
Oundonian >20p) 48 ME/5'. 8 '*dcDO. 70: 


5r??T_ In f 1 ? - (25 h’ 62 (_17i5i. A 125(1. 62 j Dunlop Holdings ( 50D i - 77 =: 0* i!® “iT 5 *6 


Bra ham Millar Go. (IOpi 3B 
Braid Go- /5 p) 43® da.S' 

BraiihwaKe Engs. 135 (17/Si 
Hra miner (H.i (2Qpi 136 HBSi 
Bra sway (IOpi 36® B 

B 06 !< n n 6'b , ! (l CJo,l,, 8111 t -* n,e Works (25p> 
Brrmner (25p< 48 (1 B'5) 

Brent Chemicals ■ ‘ 


6 ; ;. S'*orP(. 441;. 4:-9CDh 1972-H2 
8j ;. 6'jpcOb. 65. 7n<Dh. 63>* (17151. 
• -ecDb 69-h W» (’« 51 
Duple International (5 p> ’4i*® 

Duoon ’2Spl 70® 69: 6® ;ffl 70 69 
Durapipe International >25p, 106 M7 5i 
Dutton- Fori haw Grave T25PI 49 
Hwek Group i10p> 9 


New LV a> 180 :,B 51 ' Dvlc,?s tJ (Hold I nasi i'25p> 31 M8-'5i 

Brent Wafker '?5pi V ! Dv * en ,J ‘ J ' NV A l2So1 60 * ’-* 

Brirkho use Dudley (IOpi 371,* • 


c ^MnAink Industrial Hldps. MOpi 67 4'- 

Grecntield Mntetts 1IO0) 52’: 3 
grew* economiser Grp. «5w 66® 5 4 
Gnopen-Ods Hldos. (IOpi 43 4(15 51 

SSl^r'Sfp- «R> 2« ‘ BI 43 cia ^ 

-tol D< ? , „3 n ^ NCHIrtaWl 274® 69® 

vt.as 3 4 70 gs 6 - 6, *« 

G SS l ,?£",? NoHIMolds rU.K.) eUpcDb 
Db!' 8BO t 6 10°5° S “ t,aS,/1 “‘ :PC 

H.A.T. Grp. nop) 321. 4 
H.T.v. Grp. (2501 130® : : ® 1. 

Hiden Carrier t25p) 97'; 6: iia s) 

HUBU (John I (IOpi 98 (16 Si 

• Ham River S'jpeDb. 70 (17 51 

H Sgtt gy 1 " rsOpi 94® (IB Si 

Hail 1 Matthew [iSni 220 [is 51 

7pCPrf 4S°4‘ f ,0BI 2 S'; /16/Sl. 

fe^o^K-^Vi 565 ’ 1 * (,a 51 

S!SSiVte?iS , ?, , y ,a * 1 ,7, *° 

Hanger Inv. (1 Oal 3B!;« 7'^ B 
Hanlmcx Corp. ISA0.25I 92 (18 Si. 

M6 5»I LmaVT™ 1 * CZ501 1S0 ® '■ 48 9 - 
Hardy (FiinHSherii <25pi 34 (is 5i 
Hargreaves Grp. (20pi 57® 

SR^an Grp. (2So) 57 61 60 59 
Harris (Philip) (HldDS.1 (200' 6B 116 5' 
Himsort I25P) 62 
Harrison (T. C-i i25pi 113 07/5' 

HarriSOJI. CrosSOd £4V® 4?B>;® 71;® £4f» 

Hartwells Grp. C25 p) »01* 2';* ij 2 1 
« 14 

^rs^Val r?s. , ai LMI,e ,50 '” 70 
Hawtin (Spi 11 
Hay /Nprmani (IOpi 4S 
Headlam. Sims. Cpggkis [Spi 38 
Helene o« London 11 Op’ 171.® 118*5) 
Henderson (P. C.l Grout (IOpi 73 (155). 

Do. a (IOpi 75® MB 5) ‘ 31 

Henderspn-Kenton I20 d) 81* 1 
Hentv* (20®’ 126': 

Hcnahall (W.i (10P> 23 (18,5) 

Henstwr iFum.i tlOp) 24. fipcPf. 36 
Hepworth Coramlc f2Bo) 78); 80 
Hepwprtn O.) Son flOnl 61'-* 1 2 
Henman Smith MOpi >0® <18'5i 
Hcran^MotOr [25pi 102® 4. lOpcLn. 152 

Hesuir iZSoi too: <*:e 1 

M«m*M Wlllur, (50-1 102 J (!5i5) 

Hewdcn- Stuart Plant MOpi 62 1. 

"•reino P*rt«*co« /SO"’ S3* 

Hickson Welch >50o) 210 
H-eld Bros. (Spi 1 1 1- 
Higas Hitt *2Sol 81 
Hiahams (2Sal 54 

Highaate Optical Indi. nor’ 32 1I6 5 
Highland Elretranlcs i 20 d) 27® 

Hill Smith rzsni 554 7m 1* 

HIH iH. J.i MOni 17 ri7'5i 
Hillards MOP* 228® 35m 
Hiltons Footwear >20 p! 90 
Hinton (Amos 1 MOp) 86® 6 'IBS) 

Hirst Ma Hinson (20 pi 33 <16 5) 

Hnechcf AG 1DMS01 52* 

Hoechst Financ* lOPCLn. (with Rts.i 122® 
HofFnung >5 .) (25p) 80 
u oiden 'krtlniri r25n- 64 
Hollas <50> 5*><h 8 1 18.-5) 

Hollis Bros. i25p) p: 

Holt Llovd flOpi 140 
Homn Charm (IOdI 150 ilB 5> 

Home Counties News. (25p) 72 3 1 •: 

Hamirey i?5o) 43); H7 S» 

Hoover i25p> 320 MS 5>. A >2So) 300.“ 

*' rS0D) 101 3 (18 5). 7dcP<. 
48-- i18'5> 

Horizon Midlands iSDI 97'; 9 *18'5I. New 
■so) 28® >*: 7».-s . 

Hor.kins. Mnrfon *20pi 170 
Knuse nr Fraser <25oi ’41 :m 2 3 39'* 40. 
4i;orPf. 34 1 17-51. 7l;prP#. 56 M55i. 
60c Ln. 52 ‘7 H7 5'. SiaorL". Rs '.® <j 5 
House o< Lcrose '25 p> 51® MB.'Si 
Hoverlngham Grp. Rem. Vafina '29DI 6**® 
Howard. Wvndham <70p) 25'*. A iZOpi 
231; S. IBocLn. 1061.- (16/5’ 

Howard Ma'hinere (25 di 33® 4 
Hnwsrd Shuttering iHldas.1 M0o> 24 
MB'S' 

Howard Tenens Seryl'ev t25p' 29'*# 

Mowflon- Grp. <25 di 60'- 
Munson's Bay Idii* 

Hunilnn A>wc1at<*d Ind. <25o' 228 M5.5' 
Huntleigh Gra <10 p' 103® 6 
Hyman <5pl 37';® I, 8 


• Zfih) "1 

Ri.-n 1 

JjTrfi.; 

h|i..U< Li . - -0 S'., , 

P .,.1 <«*■• ■ I-—' '• -"• ('•’O 

JS, I M «.<■ K. (.■•’ J5r* J2 «ia-g< 

I Rel.jnl w. T-r L. *»vf ■ .0' .- * 

P 3 Y-- 5. 2j(J- “7 .lu ft' 

lif-i.-'.' 1340 i « .- *p<L'*. ail, 

18 


:>li 


Metal Boa 
• 16 Si 

Metal Ctasur. 

StiaSi 45 6 3 M6 5' 

Mutalra* (Hid?: • -■ 

McKay <250’ 91 ; (17 5 

Merer iMonl.iuu' L .' 

» %£'• U “j: .ij s» 


r ;,, uJ i 11 i c;-v ,1??* 

rr iiv® .1 Ci»". iaS?' 4?- IT- !l' 

*iv .f-o- ■.'■I- • • b;»* 114 
■ ertot'.l.'* •.5l" 94 

e..to, ii..n .■ .r:>p' «*_-• ^ . 

' p ‘i’.tii, 1, ’'w.iihnh'*’.- '"■*'*•» .latoi- -qs® 

:>?■ zV V- >. . 

li . n.u n-. L— ■*■«••'• - - ii' 1 '•!»* 4* 
n-* « i-.i.e- v »<r-r-ia"t - •■‘■n- • 3 
(to.. |. , ,1 IJ ^ ■ NlP-T- .100- l'» 

! R'» -w , is 

Roly*'- *0" * uo(*s I-T-P* 

R<|I*.|- >T'.U|1».)- ' .4 l!)' 

nutoivi’i- .»;.p* 


1 .*40 



Monsanto sacL 
131® 28 ... 

Montlort itl 1 ’'” 1 q ,n«i *i 
Monument W - ' t '*” " 


Mill*] i23p' 


^ .;* *10 5. . .,,* 

tSara^n Eow.'.'O . C^' ^ * . I9 j S « S - : S r JV . ' V, " '' 6 5 ‘ 

u£S"l hwfwiH P «'* r ' A iNon-VM : s.| Jlc r»1 ■ Saali'.. -Ifl.*' 1)1 


Morris BIlLO) 

•MW 5 .\in- > ? Wl* W r* 4 . 
MOSS Bros i20o‘ 

Moss Engineer 


.... 16® 21 17 
.;:.0i_69* .13 5 1 
MOSS (Robert' ■ ,0 riy 3 i p 

SJSSTffirwre *">*•• ' 

'j!® '*:’* . 

Mo, Ucc (10*» 

MOWlem -Jqh'- 


*n™i to..! haoih T ii.be/ iIl*.>- 

’0o1 *18; , :0l ,. 1 j.J.;. 


| nycSimrnrs 

j . ("■ S' 5' 


'j.ltli'Otirk .r^n< * 

1 Db -1^ :«■ 
s.i'1% rp. 

-® I ba-nuyl i2'.p* .”’1 


24 


MOWicrn -JO'!- IL'e. 

Molrhead 125**- '"o , 

Mrddletan Hbtc 
Warrants 10 
Myson fiOo' 


3S .t: 


iftQpl 

... 1 16 

b9® 8-. MB. 5! 


2 30 (1L*5' 


Bridgend Processes (5p> 11 
Brjdoo (Z5p, 9h. I0l*PCDb. 80 (17 31 
tlohn) Gp (25PI 33 2 B (16'5' 
Iri^ray Go. (Sn* 101, 10 9), mb 51 

BrtfiS i’',*" 1 ?* Po “ (25p> 121 
British Aluminum 540® (1B'5i 


E— F 

E C. Cases (lQo> 15'*® 

EMI i50pi 143 4 5. SpcLn. 28® (IB.'Sl. 
7pcLn. 60'. 1 18,5'. r.hpcLn. SB. B';pc 
69 MS'5). 8;pcCnv.Ln. 97; 

ERF 1 Holdings' (2Sp) HO® 


f25Dl 58 


Uns.Ln 77u£ m ® : {JS ' S Easl Midland Allied Press A (25 

1 Eastwn Produce *Holdlngs. (50p. 109® 
ConyUniecL^'sVo"^^ 84 '* 9 . 7 ° 8 ® 7 jt®. •** * 7 it 6 ,Wrrt». 4S 

Br'dsh f L p , Bi M SSSiVV 


Clamp on crime pledged 
by Tory policy architect 

BY RUPERT CQRNWELL 

A VHJi'tKOUS clampdou-n on He SHid thal the first essential 
crime ami ynulh vandalism was would be to set ihe police up lo 
I’fmmsvd laRt nislu by Sir Keith strength. The cost could be 
.fnseph. the Conservutivc's policy covered easily by cuts in waste- 
arciiik’d. li would involve re- ful goveniment spending, 
lnfiiid-d (leieiTunls such as short Sir Keith attached the 
.sharp penahics. -stiff er fines and “fashionable alibis" fostered by 
ilelil>er:iU* " lonu and incon- Ibc Labour Party, which bad 
lenient periuds of confinement" taken juvenile crime out of the 
ai weekends. hands of lawyers and magis- 

u- .in. irates and inin the bands of 

,'J.h u '-iiiJhrif?.)./' riSSSJii’ soclal worfcprs '” F ar too much 
>MLth ar \\ .idebrid.L. lotdujII. confluence had been placed in 

challenged much of tnda> s con- unproven social work, 
ventinnal wisdom on the reasons *. Wc have l0 re .a Ss er[ that 
fin crime and attributed the C n me an d violence are acts of 
.-icjdy ri>c m violence and dis- free wi „. Some teachers have 
nrdi-r dircclly 10 Socialism. washed their hands of instilling 

His outburst un ihu emotive decent standards of behaviour 
“law and order" issue which and a sense of righL and wrong, 
will figure prominently in the There seems to be more sym- 
Tory general election campaign, palhy among intellectual Socia- 
ls l>uund lo be seized on by many lists for the criminal than the 
Labour politicians as proof of victim- Self restraint has been 
llu* extreme attitudes of the Con- discouraged and self expression 
servalives tn office. sanctified.” 


Thatcher ^ould squander 
rewards of sacrifice’ 

THE CONSERVATIVES would years of sacrifice . . . when we 
squander the rewards of three are putting Britain on the road 
jears uf economic sacrifice if to economic recovery, what folly 
they won the next election Mr. it would be if we were now to 
Ron Hayward, the Labour Party's stand aside and say • over to you 
general secretary, said yesterday. Mrs. Thatcher — squander the 

harvest which we have sown,’" 


Mr. Hayward urged party mem- 
bers tn make an aii-out effort to 
ensure that Labour returned to 
■ •nice at the next General Elec- 

llon ' against unions. 

He told the annual meeting of against council 
the party's Welsh regional coun- against young, black against 
cii- tti— S wansea: "After three white,” he said- 


A Tory society was one in 
which- the “weakest go to the 
wall, a society which set workers 
against the unemployed, bosses 
home-owners 
tenants, old 


Rank Xerox wins appeal 

RANK XEROX has won its Court "The. Court or Appeal, Lord 
r»f Appeal battle against the Jiuttice Bridge presiding, ruled 

Inland fen** over . £49.1, , ux «* i^KSj'TBSSK ^ 


to 


assessment for the year ended chargeable gain of £8.4ra was 
June 30. 1970. The company was exempted from Capital Gains Tax 
appealing against a High Court by the 1965 Finance Act. Leave 
decision last year that the assess- to appeal lo the Lords was 
ment should stand. granted. 


Caithness 
check move 
on A-waste 
burial 

By Janies McDonald 
THE ATOMIC ENERGY 
AUTHORITY bas a plied to the 
Scottish Highland Regional Coun- 
cil for permission to drill bore- 
holes in hard rock near Altna- 
breac. Caithness, in a programme 
to determine the best type of 
geological strata for isolating 
vitrified radioactive waste under- 
ground. 

The operations will be among 
a number of field research in- 
vestigations. saifi the authority 
yesterday. and do not involve 
any disposal of radioactive 
waste.” . 

The Scottish application is for 
privately owned land. Sait and 
clay formations are being studied 
by the authority and there are 
other programmes to investigate 
feasibility of depositing atomic 
waste on or under the seabed. 

The -authority says drilling of 
bore-hole* is a vital part of the 
Authority's programme to inves- 
tigate structure of rock form- 
ations at depths to 1.000 feet. 

** Comparatively modest quan- 
tities ” of highly active waste 
produced by electricity from 
nuclear power stations for more 
than 21 years were stored in 
liquid form in a few tanks in 
vaults. 

The objective was to isolate 
the waste, in glassified form, 
from "the environment" by 
burying it hundreds of feet in 
the sediment of deep ocean, or 
on lanjJ. The present stage of 
the “ hard rock ’’ research pro- 
gramme is expected to take 
Three years. The results will be 
shared with other EEC countries 
doing similar research. 

** A further period of research 
and testing will be needed 
before a site for experimental 
disposal operations can be 
selected, for which planning per- 
missions will be required,” said 
the authority. 

The method adopted will 
require complete assurance of 
safety and approval in detail by 
the appropriate Government 
inspectorate and Departments. 


Car Auction MOpi 47 
»p|ch C-I>pn- 9JP-- 118:51 

S r !} i-sh Dredging .2Spl S3 4' 

S != i. EI 5 el . . 7rac (25p) 108 9 7 

Sr'(!*K f* ,lia,0n 14 13'. . : ElEituef :s«. tSs® '-n*:® 

B 7 l -® h S® D 5 e fi S , l0 9 ,i , :25o > 198® ' Eltiff (SD> IS:* »-.?» 

British Lfviini I Eleco Hold.nas IOPI 4f;9 

British Lreiinrt 2 r‘ 2 , Electrical ana tnduurial Securities U5pi 

M UIU n. Mo ? P ^ or P" 6 2 c Un »«-n- | «7's (18 5) 

* .* yaM, 1 !,-- 19 *' -92 57® EicclrocomDOnents (IOpi 401® 5 6 

ySk* 1 !? 8 ^ 03 52 -* 1 3. • Electronic Machine *25p) 20': MB S' 

7 uPcUns.Ln. 1982-87 SO: . Electronic Rentals Group *iapl 121 IBS 

British Mohair Spinners i25p- 48 M 2 si 1 EHiost *B.' i25o> 100 C17 5i 
British Northrop t&wo. Bfi IBS) l '"- *'——•* *« 

d 4z'<1fi S) t " ,B Cpn- <25BI 5SJ - 4 - 2,,cM - 

V'V .fta.'ia.ftn, ”■ ' 7 - 0 " 

B r 'l's , i Steam Specialties .’On) 87 9 
Sr 1 *?*? T* r HOP- 59 117 5) 

25'5 !ll l UQ * r Coda- CSOp) 117 

Br«tsh Syphon Industries UOn'. E8’-« 

zx wsurtBT asr.as w 

a ^ a, S? iS^i afl,J 9 7 - 

Brockhause (25p) 67-:® 6';. 4.2 pcM. 

Brocks Grp iIOp) 71 2 
Broken Hill i«A2) 6109 IB 
Bramsgrave Casting (5pi 29 MS 5) 

Bronx Eng. MOp) 28 9 8'; >16 5/ 

Brooke Bond Liebig *250) 40:*® 75® 

_»•* . 6- 5’*pcDb. 74’;® )« (18.5) 

tool Eng. i25ai 35 MS Si ' • 

Brotherhood (Peter) (SOol 148 
Brown Jackson >20P) 86® 

Brown Taws* i25d) 99 E 
Brown Borer. Kent *2So) S3 
p , d -» 56 116,51. New 
’ 70 *3 

Brown Brothers 'TDol 22'.- 
Brown ijohnj 361 GO 58 6 q 
Brownlee ,25p> 57'. M3 5’ 

B-unnlnn Grp. i25d) 70 *17 5' 

Bream Hldos. I2pl 47® 54® 2 
■■W-.'A. F.) A Non-Vof.) 

Bulmer Lumb i2api 51® 3® 5 
Buml Pulp Paper i25d) 97® 7 MB. 5) 

Burro Dean i25p) Bat l;S 
Burgess Pradurts '25 dI 38 >16 51. A 
Nan-Vat. 1 ZSp) 36 >16 5 • 

Burr-dene Invest. >5n) 16 rig 31 
Burnett Hm!<*m-.hii.to I25ni 176 M7-5’. A 
Non-Vot. I25PI 175® 

Burns Andersen ilOol 38 7 'IB 5). 1 1pc 
Ln. 87 1 17 S' 

Burrell '5pl 11': MB'S' 
burroughs Marhtees Si;pcLn. 1D5 ri7.-S1 
Burton Grp. <50P! 122. A Non-Vot. *500 
Ln* 68)* | 15 '- , 3oetn - 5B '* ' 17 S). SUpc 
Ratlin's Spc 2nd Dh. 68 1 1 3 Sj 
B utterfield Hirvev i2Spi 59 

c— » 

CG5B Hldgs. (1 Op) 23 
CH Industrials HOP) 34* 

Cabletarm iSp) 72® 1 :_»* <i 
Cadbury Scnwepoes i25p. 51'; 2 IIS 2>; 

Cattyns '50»i 130 >1E/5i 
Cake bread Robev MOpi 25 Mb 5) 

Camtord Eraliwcrlng MOpi 67': 

Campari I2(ipi 122® 4 
Camre* (20pi 68 70 69 
Canning <25 p) 61 
Cantors A NV IZOpi 34 1 16' 5) 

Cape Industries '2 Spi 1Z6 5 9 30 117 5, 

Capital County laundries *1 Dp. si's l16,5) 

Caplap Proftle (IOpi U8 
Capper-Neill MOp; 72';® 1 
Caoseals «5pf 40® 40 
Caravans International t20pi 35 3<> 

Cardo Engineering *25pi 69® HA'S' 

Carless Cape, Leonard MOpi 34 
Cardan Industrlns t25pi 189 ... 

Carpets Inter. I50pi 52®. S'ipeLn. 520 
IlBiSJ 

Carr.no ton Vlyella (ZSpl 40 do 40 Id 39*1. 

SpcPf. 631* 60': ll 5. 51 
Carran i25p> 5S® MB'S' 

Cartwright New HOP' 64® iig.Si 
Casket (IOpi 41 (16/5/ 


6. New 
25p) 21® 


.9 3 4 
■SPI 22 


Castings MOp) 46® 

Catallh <25p< 4& H6'5i 
catUe'a (IOpi 350-4® 

Cavenham 4';pcPf. 29. 6i-pcP(- 41. 
7pcPf. 47® MOISi. 1DPCPI. 95 4': 90. 
TOpcLn. 72 (15'5i 
Cawdaw Industrial >25p) 31 
Caw cods i2Sp. 1*1 2 MB 51 
CelesUon Industries I5pi 35 ■; 

Celtic Haven i5pi 19 20'* ns 51 
Centra Sheerwood <5n> ss 5 1. 

Central Manudg. Trading MOpi 71® 3® 1 
Centreway 1500 266 . 

Chamberlain t25p> 46 <13,51 .. 

Chamberlain PhiPos MOpi 4 3 iia-si 
Chamberlin Hill iZ5pi 40 <15- Si 
Change Wares MOpi 24';®. JZocW. flOo) 

Channel Tunnef Investments iSoi SO (15/5) 
Charrtngtons 6p(Ln 51 >16'5i 
Chamring (Spi 68 M6;Si 
Chloride I25pi 10B« 6® 7 6 
Christies Inter. (IOpi 102 Ida 
Chnstie-Tyler MOpi 71 
Christy Bros. iZSd) 45 H5iS>. Spcpl- 30 
Chrysler U.K. SdoeDo. 67 (15 I) 

Chubb Son (20o) 139 8 40 

Church (25p) 166 (1B/5I ' 

City Hotels [20 b) 122 <ifi/S> 

Clarke. Nlckolls Coombs (ZSpl 69 '(1515) 
Oar (Richard) (25p) 61/16,5) N« 

J«PJ Oi© 

Clayton, Son (SOP) 72 (18'5) 

Clifford. Snell <5p) 191* m (1715) 
CllllOrd'S Dairies (ZSp) 45. a 12501 35 
Coal, Ur Chemical Prods, (isp) 75 4 
Coates Bros. (250/ 62® 

Coats Patonrs iZsp> 76'*® 5 4:. 51- 27 4. 
6ApcLn. S3 (16/Sl. 7’*DtLii Glkg 1- 
Coie (R. H.) (25p) 10.9 (I8ISI 

c2£$n jsssrsff- PMr “ n ° oj 56 
(16,6) 

Collins (William) Sons 

Combo ml Op) 30 


Edhro I Holdings! (2501 luO M7.'5 
Edinburgh Ice Rink. i25p\ 17* (15 5) 
Edward* C.l Sons (Manchester/ «5 pi 

El.Eibier :5 p. iss® -n.:® 


, Ellis and Everarfl I25p* 80 
Ell'S and Gjldstein (Hldgs ISp' 21'.® 3 

E'son and Robbins *25 pi 8^0 
Elswlcb- Hopper (Spi 22';® 2 3 2ij 
Empire Stares (Braatordi (2Spi 172# 
Empress ^S|r*ices Holdings HOP' ll*fi>.:® 

Enaion Piasl.cs (I5p) S4 (17 5' 

Energy Service* and Electronics C10P> 12'; 

England *J E.> and Sons ( Wellington 1 (Spi 
3C 

English and Overseas Investments M0u> 32 
English Card Clothing (2 SB' 84'; (IS, 'SI 
English China Clays r2Spi 82# 1 'rift BOH* 

English' Electric S'tpcDb. BZl- (18/5). 
SUucDD. 66 (IS'Si. TpcDb. to (18/51 
Epicure Holdings (5 p> 15';® 

Erith i25bi £54 |17.5) 

Esmark Inc. «SUS1) 24' 4 S'* M3 51 
Esoeransa Trade and Transport (12 ':p» >43 
Eucalyptus Pulp Mills f2SDi 70 (17,'5i 
Eorapean Femes (ZSpi 120 
Eva Industries (ZSpi 87 8 (17'5< 

Ever Ready 'H(dgA) IZSpi 147® 5 6 7 
40 2 38 9 

Evered Holdings i25p 15';# 

EvOde Holdings (20pi 37® (18/5 
Ewer (George, (IOpi 30 
£.. ,'lbur Jewellery (Sol 17. ll.SPCPf 
113 

Exrhange Telegraph (Hldgs.' (25Pi 97 
Executev Clothes *20a' 24# 

Expanded Metal (25a) 710 70); 1<i 

FMC <25p: 68® 

FPA Const. Grp. <2 Spi 14 ■/ 

Fairbalrn Lawson (2Spi 59)/ 

Fairriougn Const. Grp. [25pi 72: (18. Si 
FairdaJe Textiles i5P' 17'-. A Non -via. i5> 

Falrvlew Eits. HOP) 113 t1B'5l 
Farm Feed Hldgs. '25p, 41® *18.5) 
FarneH Electronics <20p) 268® 

Fashion Gen. Inv. <5 pi 125 <l8.'5i 
Federated Land Building (25P, 45® >i 
Feedcx MOpi 29 

Fenner U- H.i iHIOps.i (25P) 133 * 
Ferguson IndsU. Hldps. *25pi 102 <16,5 
Fertlman jB.i Sons l 20 bi 32 MB'S) 
Fidelity Radio MOp) 80 
Findlay (Andrew R.i Grp. (25d) 29 MB'S) 

F ne Art DcvpL <5p> 49® i.® SO® 48'a 
Fin las Hiaos iSOa M2 dt.5 
Finlay (Jams (50p; 235 118)1 


Finlay (James 1 ;5ppi 335 (1B'5i 
Fisher (Albert) Grp. (Spi 10® (18.5’ 
Frions 3B0® 65® 73. 6pc2ndDeb. 8S-'*#. 
-S'BPcUnscc.Ln -I4U 2 ‘, ( I BrSi 
Fyr'’ Loveir *20p) 62 1 3. 7<ipcUnsec.Ln. 

Fl Until ton i25p> 45 6 
TllphJ^Rofueltlng (Hldgs. 1 rzsni 126® 0 g 

Ftuldrhre Eng. t20p> 64 (16,5) 

Fodens (5Pp, 57 (16(5) 

* " ‘ ’ 2 Spi 195® A. IDijocPt. 10B 


113 


(25p) 14S 2 
Combined English Stores (12--D) 91® 2® 
74" B (15(5. 7, * W ’ P ' - 9?5 pLK 

Comsl ^ Radlovision 5»cs. (5p> 1 28® S® 

Comp Air (250) 98® 7® , 6 

Compton (J.). Sons Webb (20o) 33's 

Concentric 11 Oo: 39 
Construction Hfdgs >20n> 99 j, MB'S) 
Cowe iFrMerteki '.Hldas.i MOp, 

* 1 8 5’ 

Coopt* Industries MOpi 19® 20:0 19‘2 
Cope Allman International (So) 58';. 7': 

ncLn 7 4 ’* 

Cooson (F 1 'Spi 14:® (IB 51 
Coavdex nOp> 29 s • 

Corah i25di 3b" 

COTB1 MS'Wg Group MOpi »12 9 10 11 
*3 7 l . Q 

Cornell Dresses -50' 14 
Cory 1 Horace 1 (Sp, 20 (1615) 


Fogarty v 
I17»5l 

Folbes rjohnl Hefo (Spi 23 M7iSi. Non- 
»t9. I5pi 2.1 r i® (18<Si 
Footwear 1 nasty, Inv. )25pl 57® 

C ? B - C P2- Bpdn. 9T* gO'j 

p M 5 »kx7J!ff. Ln /.w ,10,3 A ti8'S» . 

F 2B d (ir-li <T0BI 271 -’®- N<w UOpH 
Ford Motor (5US2) 40* M5/5I 
F nTVi d ™ ,nol °R v '"Ss- (SOdi 
F aseco Minscp (25pi I59i a 
FO«er Bros. Clothing t25b> )1B® 19® ia 

E???* r 'John, Son iZSpi 341* MaiSi 
Pol herg IT I Harvey ,2Sp> 931, ?, 3 
L na f- ‘ 25p, 66 3 (IS'SI 

’=0 M8-5). 7'JPC 

Freemans .London SW9) (Z5p) 319I-® ig® 
FrLw*(> 5*5 Hldgs. (2Sp) 32';® 3® 2 9 

Friw * w. ^“(Topflo a5p ' 88 

G — H 

G 7?‘,® ,l M t V 5l‘ ,O,nJ,l0n 6l to'*«O b - 1 98 1.86 
GF < Hldgs.) >50 bj 498 I1&-5) 

Gallliard Brmdicy (5p) S7 
Garnar Scotblalr i25nl 95 Hfi SI 
Gartun Eng. llOn) M 1. (15/5) 

Gaskell (Bacupi <20p) 110® 

Gates Ifrank G.I U5 pJ So'; (18.5) 

Geers Gross. MOpi 43 (18.5) 

Qeller (A. J.i lZOb' 39® 9 

f'®®-. (USS2.50J USS 54',® £451.. 

* ' *8 SI 


. _ . 7LAr 

V"-J» 67, ‘ F,,B ' Bat8 NS. TOO 9 ,® 

Gen. Elec. Overseas Cap. Cpn. S'ipeLn. 99 

• J ® S i 

Gen. Eng. iRaddlffe) <10p) ibi- 
Gen. Motors <uss 1}) USJ 62 1 
G«4leiTier g Hldsd A A (25p) 195. Do. Cap. 

Gibbons Dudley' (25p) 61 H8fS» 

Gibbons iSlanlcv) intnl. f23ol 171® 70 
Gibbs Dandy tlOo) 30S® UB.-5). N-rtgjb 
’10b) 29 

Gleve* Grp. <25p) 920 1® 87 S"i B 9 
Girt Duffus Grp. (T25pl 261® 57 B 
Gil (sour MOD) 571- 
Glasgow Pavilion (SOP) 145'i 6 115'S) 
Glass Metal Hldgs. (ion) 73 1 ri7tS) 
Glass Glover Grp. i5p) 24 <15151 
Glaxo Grp. 6AoeLn. 28 OS’S). -7'jpcLn. 
<50 b) 31 (165, 

Glaxo Hldgs. 1 50b) 587® 5t® 80® 5 3 2 
80: 80. 7':PCLn. 123® 20:® 3b S 1: 
Gleetan iM. J.) 'Cons.) HOal 45® 7* 
rie si 

G'ynwed (2So) 111 10’; 12. !0),i>eLn 

82': 5 tlCS). SbcUi- 69 
Gncme Photographic Prods flOo) 4]® 
Goldberg (A.i Sons (2 So) 63 6 
r-omiT*? H trigs. (ZSP) <5 BO 78 (17-5) 
Goadman Bros, and Stockman (So) 11 'a 
(17 Si 

.Gordon >LuU) Grp. MOp) 22 
190, Gough Cooper (20oj 76'; B (16-Si 

Grampian Hldgs. I2SP> 55. 7 dcP(. 54® 
Granada Grp. A (2Sp) 98® 64) 8 
Grand MM. iSOp) 114ij 16‘; 13 14 12',* 
17 12. Do, v*-arranis 11'-. SpcPf. 40'1 
61x06 SO:. D’zPcLn 95b. 9'«aeLn. 99^® 
(IBS). 1 OpCLn. 79 
Grant (James) lEastl 7 ;ocistDb. 58® 
Grattan Warohousn tZSoi 12H:® 20 19 
G »- ,H5'Jf lr “L Stores (2Sp> 2B7J 8 4 IS. 
A f25pl 287® I 80 79 & 8 82 74 84 6, 
S'sBCLn. 41 (17 5>. 8i,pcLn. 60 <17'5) 


I-^I — K 

ICL 294S® 1® 8® 7® 300 299 4 8 6. 
6',pcDb. 89-'* (17.-5) 

IOC Grp. (ZQpi 114: <18.S’ 

IM1 (25pi 59*:® 60>:9 1 GO 59: t* 60)< 
99. SijocLn. 451,-. 7 UpcLn. 65 '18 5' 
IbStOCk Johnsen i25n< 167 9 HBfS) 
Illlnqworth Morris (20p) 32 116 5). A 
Ord. IZOpi 51 2 i16'5> 

Knasco A 24i>: 

Imperial Chemical ind. Ord. 372:® 65i® 
9 72 70 68 72i 1 69J 73 66; 7; 9 
74 67 9 75. 5':PCt»L 44t® 6',® 51. 8. 
5'rpcLn. 93®. 7l,DeLn. 6S'4 ® 5 42,5. 
Bpc Ln. 7Di.® 70 70:. lOboc. 87: 
Imneriat Grp. >2Sb> 79': BO 79‘:: 9 80': 
78 *. 4pcLn. 89'* MB'S). 5A.i*Ln. 7 S'* 
<17 5.. 6.9ocLn. 51'?:®. lO.SncLn. 820 
80',® •* SPcLn. 72:® 2's 

two A 14 *,® i- 1* IS'.o 'a 15 
Indall Inds. MOpi 23! 

Ingcrsoll-Rand BucLn. 74*. MSS) 
inoram .Harold' 'lOo' 38 *17.51 
In.t.al Services (25P) 73® 70®. B'.-pcPI. 
64.. f15’5) 

Inrer.C'tv Invest. Grp. (20 pi 11': 

IBM Shs. tSUSS) 21 IJ* 

Inti. Paint (2&B' 73 MB'S) 

Inti. Stores 7'*pctn. 59‘* 

, l , '« T f15 5 r CBn " ,25,M 122 ® 7 ‘ ' ,0BeL ' 1 ' 

ms's”’ 5 5 4,i 4 3,; 3 - 

JB Hldgs. i5p> 69® B«*« 

Jacks 'William 1 (2Sp) 28 H7.5» 

Jackson (j. and H. 8.1 (5pi 26'- 117 5'. 
IObcPI. 109 117/51 

Jacksons Bourne End (25oi 68 (IBIS' 
Jamaica Sugar Ills. /25 d> 17'; 117,5) 
James (John) Grp. (25 pi 46® 

James (Maurirei fnds. (20pi 14',® 

Jarvis (J.) c25d» 178 
J antique Hldgs. (2 Sp) 25® 

Jerome iS.) (Hldgs.) f25p' 55 t16’5l 
Jessups (Hldos. 1 (IOpi 44 
Johnson and Firth Brawn r25p) 66 7 
) 1 f;S). ll.OSpcPf. 142. lOpcLn. 94 
•18 Si. 1 IpcLn. 82 (ISIS) 

Johnson Grp. Cleaners 125 m 104® 3ij 3 

Johnson Matthev 430 MB'5). S'dkDO. 
57 1 ,® f1S r 5) 

JohTHin-Rkhards (H. ana R.) tiles <25o) 

Jones (A. A.) Shipman (25o) 12B (18/5) 

Jan~: (Edward) CIBo) 12 

Jourdan (Thdmasl (I OP) 38® (18,5) 

K Shoes (25 d) 61 

Kalamazoo (IOpi 30 

Kavser Bondar (23p) 27 (16,5) 

K fo4 Y [16,5) l25P> 103 117 51 ‘ 1 °P cPf - 
K fms? S Motor r25p) 71. BbcLn. 94 

Kent (M. P.) (10p) 40® 

Kitchen (Robert! Tavlor (lOp) 79® 

Knott Mill (10D) 16 

Kode Intnl. (2Sn) 121® 2® 6 5 4 3 2 

£“ r »4l (M£0-25) 100 (16/5) 

Kw.k-Flt (10o) 511; -21* 2 
Kwik Save Discount .(lOp) SO 

L — M 

hC-F- H |d »i (2SpJ 92® (18,5) 
f-5_ tnduxtriri (25p) 39 (1G/5) 

'•ffiFftiTnlff* 5 4 3 7 =• W4r ™ is 

P,-|de N P W I20PI 48 50 4 9 B'- 

L ?lsl tJo, ' n, 50,1 t2s,,, 165 ® - a t2Snl 

Uk? E!l^ 0) (2Spf52® 8PtLn ' 3Zh * 2 
Lambert Howarth (2QpJ 41 (iai5) 

Laurt.^ l ^ott Z< ?25D? , ^ > 22® 2 19 
^JJW„<25P' 57 ty® , 18,5) 

L 53 d 2" d *il7?« UP ,90W 153 ls ' 7ocPI - 

Bas' (25o. 40® (ia<5). 7'.;pcPr. 52 


N — O — P 

NCR Co'P , JS ' * ,, b ? 31 . 


NSS Newsj.je-’l 
Nash 
SpcPf. 

Nari oral 
Neepscnd 
Ncgretll and 


.100) US® 

•2SP) 10T 


bu. PI. -i‘* <1 2 ■.-■ 

I L.»iV.I',m iJSji r*.H ■- -l» '■ 

' h.li.der^on h'Hlv.‘ r 1 L»a 
. Sann-.-.son M,n,t fcld- « il*0^ 

- Sj.I'3'.-t »IOp- 3 3 - Iff L* 
t sxna.*r-. *25r« "0 

. Lui.li- Go. .ion .11).. 

h.odv HC tel A I 8>)J> 72 

~S H i-.pi . 11 -. *’•*(■ 

I S-iiu '--.p* riSJ 1 Du N.;w 97 ® 

! .rirto-L” Il-J 

[ >cl.lL-nib.-.'.er isL) i '' Liij'.® 

I Si 01 cr i>- i.-CPl 71 'l'j *• 1 
; *>iOtl RohrrtiOn r23n* 43'.- 4 
1 Siu.li.)' U-).v In*. ..‘5p> >l*i ).1 II ’. 
| Sto.nl I ; .,I Engi.-.n Lu'Ci). lev 1 20a 1 S: 
, 117 &' 

' blot:.*!* Hrnu*,,*- T. ,-^n. 58 1 16 S- 
scotTisn Tcievifc.p.i n v a .ion' vJth ?■ 


New 4 
. 18 s. 


ij.F 1 irtunlir; .'*•*' ’V- *» 

Ia( ‘"c.’roonij'n'i i'Op' 4p'-® 

md tSz\ f JS r- 3 tV il B .Us* 

N^?| rl SaefikCi 1 H'dl, •t0£’ 103 - 1,9 5,1 ! S-loti-;' Rmii-jrjg. .12- ni tio' 1 1 v 3* 

Neill uames* '2Sb>9o • j V'.in Hl*lg-- ■-I.nl 72-. 2. ?n I 2. 

NelMn David 'rr -9 ,T'*|.eun *3 » 117 5" 


Nelson . ■ 

Newarth.il i5j sO _ 

Newbold Burton H,dg> t-50 1 as - 
Newcv S3 M 

Newman hid* •- iJ ’ * 3 • 

Ncwman-Tonk' -t’Y-n 1 ?’- S. 

Ncwmark .Ltfui;' '3»S? '•? **' J 

aau^’w. r^u-y;. 79 

Normand tloC"*' 1 ' T 0 f2 s ^? 

North Br*:*»h 1 c, * 50- 

North im.F ' ‘ ' B ** 

North Midland ConMruct.*u CIO01 
15 5) 


(i-iuriiB. <25p> IOS 'IS J- 

; 107 

| Security herv.Les 
; *25 m- t 10 1 
j Sever'. iiitrmMi MOr>- 27 
I WMrvovil ,5b I 2-1' -7 1 r",p.;in 
[Senior Eng'g MOp- 24® .IS r.) 

-5 : >drr* 2fto. 3-3‘.® '13 ?• 

Sh.lkeS|*«.Mr<* IJO$epli| ■ M«i ?- 

j siiarnu Wire ;20 p- td 7 ':® 

| 5'm'lv r,.lh:r .25r' Si) . I“ b* 

Sn.irp-.- W N 1 2Sp’ IbU 
? N-V .2bP> I/O 
rz 1 Slew Caruuts iIOji J'.t-S 
I ShLi-phrihoe ti*tg (7ic, 7 / 


A N V (25p, 

IB 5' 


i)u 


r n a t rn-r nn tnhuVru-* '2Sn' 1 14 1 S.rtlaw Ind'.. .500) 31® T'.ncLn. SO 
Northern Eng.rc s , £ , s .PCLn. 69 I S.oLe Gorr.un .;&3. * B 1 

rin g’ .' S.em".en H*-nt..*r •. IOpi to lib 5> 

Narthern Foods '23o» 89 92 1 b.2S*)C ; 5.q. IO di- T,^ L n 172 . 15 j' 

7 __ . 5iien»ni'jht .10p' 9^ 

Nrtahl Grouo MOpi 1 33® f • 0'5' . Si/houetIC >Lond ) .JOa' -17 A '20c. JJ 
W L toHolptonqs;, ’ A** 35':® *, S.IVpIrne Lubr.ujMs 'lOp* 68 i)7^* 

.ecunce-- ,‘ioo* -I* „ J SHvcrtlwrn^- .tcpi >7 

Hnlst l-Sp) ‘10 (lb 5-. . PCLn. I i mI on Inp g (2hP' dlb® M MOS* 


■IS 5, 


Northern Food 
Ln. 107 
Norton Wr 
Norton (Vi 
Norv'C Svcur 

Norwnt I* ' 

Nottingham 1 BnO IS??’ 250 
Nova Ijorsevl ) '»» '.-(JB* JS'- _ 
Nottingham M«w<-- '-£D' ' 

Nurdin Peace-. L -10e' 84 3 H B 51 
Nu-Swift Induslr-d-- <5ol -J-- 5'r 

O.K. Bazaar-. .1929’ •RO.50! 360 
Ocean Wilsons (Holpinqs. .2001 93 89 
Ore-Van Der Gnu ten Finance 9 pcmIb. 
Guilder On; Un-. Sth. 90': 

Office Electronic Machines iZSP' 

Ofre* S Grouo .20.*. 1*8® ’6 >5 
Olives Paper M'l/s <20P) ,0 -7,„ , 

Ormt Devcloomop)' ■ t Oo 1 >1 sp . 
Oebon* *Samue l < - c ' 98 1 - slS 5' 

Owen Owen .J5P- S3 
Owen c. Illinois Inc. 5>h- 

Qxleir Printing Group '25ot Sa '17 5) 
Panto Ip) MOD) 24 (16 5’ 

Paradise 'B.* mop 21 *)5?i» 

Carter Knoll a Non V (25 p 

pS/a/n’d Test. Id iHoIdmesi A Ord .25n 
76’*® 

Paterson (R.) So..-, >2SP) 43': 

Paterson. Zochotvs <10o. 190. A Nan-V 
(IOpi 155® 80 >19 S' 

Pauls Whites .JSe’ 1 25® 7* 6® S 
PawSCH* 'W. L 1 Sun >SD) 40 
Peak Investments MOp’ S'* MS ft) 

Pearce iC. H.< *26p* 1 50® >16 5 
Pearson 


02 


IVJS3 126> If ,r ) 


S.nipson iS.) 12SP' 09 i 111 5-. A 
98 i to S' SpcP,. 37(f> 

S roar iZSol 7 j® ?: 3 J 2 
f.vJU Gioup >25d> B1 i)Q S. 

Sketchlc- (25p. IDS® 6 

Sm.ilIsliAW (R . . 10P> 39® 

Smart IJ ’ lOp* SS'- 6 S '1~ 5- 
smith Nephew Assocd . 10p> 67® S'.ili T 
6‘; 7' *: f BpcLn ’26: '18 $. 

Sm*tn iD. 5 I ’HldAs .< ./On' 638 
Smith <W. M i .Hldgs 1 A >503' 152 49 51 
B 1 1 Op' 26. BocDb 74 8 5',p*L.i 

36 nyn 

Smith Wh.two* Ih <5p) 9 8 MS,*..' 

Smiths ludUSlri.-L 'SOpi 164 6 ?• p. Ln. 

91 

Sm.irht <J.’ i?5p. 797. MS S' 

' Sobr.in'c iHldg;.. (IOdi ?? .17 5' 

• SplitilO'S" Law S'jMnrrv i20.*: 67. 
Solhchy Park.' B*.-> '.r-r .JLpl 27fl 5 4. 
Sou.*. Diffusion <£□’ 4ft'i8 .’SS. 

■ Soiithitorn Censlructian iNl.t'f, ) .Sot 6. 
1098 | Mb'S. 

Sparrow 'G. W I ? n.Ln 283 *1?.5* 
Soarraw Hjr.l ■*,:.!■ 41 - <16 51 
Spe.ir Jackson fntn, iTsp; 123 U • I him 
S pri.icer Car,: Me!..' .20m iw 
Spencer Gems .Hldgs > .ftp: .11 M"7>' 

5p**ucer iG.) i2Se. 42 • .17 51 
So.'lors iZSpi 26 • £-5 
Splrav-S.l* CP Em.nerrma .JSnl 291 . 30 



Philips F nance S'mcLn. S3 . 

Philips' Limps MldB. iFi.10. S6 Sp MBS' 
Phillips Patents Hldps i '2 Sdi 14 
Phoenik Timber '25c 177® MB 5> 

Pkklcs WIIlijm' 5 DCPI 39'; '16 S' 
P.lco ^H'ags, .2opi 93 16 Si. A (20c 90 

Plllcngton Brothers 48S® 77 
Pane* Bowes 5'*p«Ln. 72® .jdS' 
Pltur^ Group )2 Sbi 52-. 9 .ptPI 97'-; t» 

Plesscv i SOD' 9fl4 8 7 9 
Plvsu lion. 77 *18 Si 
Poch.n-s .aspi 127 

Polvmark Imemational HOP* 54 .16 5» 

. Porv Farms *10P» 668 
Portals Hldgs .ZSpi 212 
F Drier Cnadbum >20p' 109 
PowMl-Duffryn .SOdi 176 
P £?I it a FnB.neer.ng Cerebration .25 B . 
oofli -l&Si 

Preedy (Allred' '25pi 894 
Press rWm.i Son .5p) 20';® i; 20 19'- 
BocLn. 61® 

Pressac Hldgs. (10n> S9« 

Prestige : Grp. (2 Sdi 158 M 6 5’ 

PHesi .Benjamin, ions (Hldgs.' 77® ,13 31 
Primrose Ino. Hldgs. iRO.IO) 75 MS 5' 
Mail'd Serr,ces c * ^, ■ 33 ‘:® 4 1,® 

Props. Hay's Wharf 1S1 50 *16 5) 

Prov. Laundries (5n) g. 4 U6 5l 

Pve Hldgs '25c*9 105 

Pve Cambridge *1‘; l)7 5> 

Q—R— S 

Queens Moat Houses (Sp* 38® (18.'5> 
Quick (H. J.i Gra. <5o) 55® 

RCF Hldgs. l2Sp) 40® 27® (13 5i 
RFD GrP. (10a) 64 .17. Si 
RKT Textiles nop) 90 <18.51 
Ratal Elccs. (25n> 239® 6 2 
Radiev Fashions Textiles i2Sn’ 50 
Raine EPS. Inds. IlOol 14.. .17 5) 

Rakuscn Grp. MOp* 19 
Ramar Textiles .5pi b 5 New <5o) 6 
I16'5) 

Randall >J. L.) .TOP' 110 <16 5> 

Rank Org. r25pl 263® 57 60 60 62. 

6 '.pc PI. 50';. S'rPi'Ln. 47', 16:5* 6 dc 
L n 50': 'IB.Sfr lO'.pcLn. TB'; '* 3 
Ranks Havis McDougail <25n) 54'; 4 3': 
6 dcBP(. 49 *17, -SI. 6>;ocLn. Bb 1 ; :17'5i. 
BSncLn. 63k®. G'tocLr. SB - (IT'S.. 
T'rt^LU. 72’* (15, 'S'. 9':DcLn. 66 : 

16-3". B"«icLn. 69)*: 72 
Ransom William 11 Op) 185 >15 5) 
Ransome Hoffmann Pollard (25oi S7'r 9 
'18 5). BocLn, 78 
Ransomcs Sims Jefferies 158 
Ratcl.ffe tF. S.I Inds. .25o. 65 (16 5- 
Ratcliffs <Gt. Bridge) *2Spi 36. SpcPI 
52-'.' (IB’S) 

Ratners 'Jewellerst (10o) 74 *17-5* 
Ravbeck iIOpi 75® 4': 

HeadICUt Intnl. (5o) 361; S'*. B 'jpcLn, 71'-, 
Ready Mixed Concrete '25p' 126 i*. S'.-oc 1 
Ln. no«j l’5tlr 

Retk.lt Colman .BCD' 478® 9® 80® 80 75. 
5pc B l. 39® 

Reco.d Rldgwav I2 Sd> 76 *15-5) 

Red team National Glass >2 Sdi 283 BO I 

' 1 7‘5, 


-reetlev .2 Sc' 192 7n-:Ln 1’2 MSS) 
sre.ul'crn MOn' 17- MBS' 

Sfr-nhouse li'.-oUn S” .15 3' 
f :e«linri intUMr.vs *2 .d: 3E.® 24 
vtewan plan.', i25m ur 
blirlinff Knitting Group i'20o' 22 * ■I'l'ftS 
5*odfjrd 'Holhingy '7Si*. 29' * 1 7'S) 

A NV t;5ni 29 IIB'S' 

Vonehil) Hoidin-s 'Zip. nr® 'ij!,. 
S'oi'C-PI.111 Inriu-toirie' . ;*.ni T23-- J 
S'rectors a" God4l>ri"*h ''-Oo' ’ l 
Strong anp Flshi*> ■Hoidinn'.' 'T:...* 6'® I 

Sfrou) | Ril'.tov Drummond ,26o 3;-® 

Siur.a H'rt.ng 1 0n. iff ,15-5* 
c :»lo Shru-s /25o. 56® ■. 

Sumner fF.' (Kol<ii>ia-< MCr* 1: o • 
Su.nrle Clothes 1 2Co‘ JS - 1 
sup. a Group MOp. 55® 1®. New 1 1 0p) 
53® 1® 

surer Electrical .So' 20 .’5ft* 

Swan Hunter Group 14 3 4 4; 5 

T— V — V 

race MOpi 28i- . 18 5* 

Tribe* Group iSp, 22-.-0 2 1 ■ ». 2’* 

Tarmac 'Sow 160® 58® 3: 3 7 9. a'-oc 

LfU 60r 

Tate and Lvle 174 5 69 72 1 70: 4r 70. 

(j -DCPf. 54 ; (IT'S). 4 jOtoiDh 9o*. 

i»5I5i. 7',ocDb. 6S', <18, St.. 7 ;pcLn. 
57';. IjCCLp. 101 
T.ite at Lee-’ '25p' 5' ’1 
Tavener Rulleriae f7rin< 99 • 1 5 5. 

Taylor Wc-crtrgw <25 p’ S?R® 9® 80® 
T»hhi|) Gro»n MOu. 12 .I6i5« 

T Aral, mil iJSn) 132 

Telr-lus,'-.'* (Sdi 35 (>6'5.. A NV .5o* 
34 '13 S> 

TNenhone Renlals |250 > Z3 

Tnrn-Cpns.il.’ le '25 p> 54 .17.5' 

Tesco -Sides I Holding'.. JSm 43® 2';® 
I'-O 2': I': 2 )1 2-.1 2i 3 
Tnv Ahras.ve-, MOD. 67 ' 1 U 5 ’ 

Te'turcd Jersey MOp* 24' 2 MS'S- 

Thcnfon On (2="' ’TSO 3® 2 MB Sr. 

4730*0. 40:. ,16:5, 

Th-'m'nn T-Line Caravans l25p> -19 

.I 6 ' 5 . 

Thnrn Eler.r.cal Indus. .2 Sd. 334 2 1* 
6', 4t 30 6 29 20 5ncLn. 103 ■ 
Thurair Bxrde* i ,Qp< 13® 

T'ihurv CnnC-artinp Grp. 273 
Tifl'ng (Thom *sl (20n> 121 ; 20 13 -.9: 
20'. IB': »?>• ff';PCLn 69 (17.5) 
T.n.e P-oduCls MOn. <46 'Iff 5, 

Tomkins (F. H. ■ So. 23 .® 

Tnmvlnsor; Carpels i25p. S3® 

Too'.al ,25Pi SCI- 1. T'.ocDb 70':. 
7 *.p: Ln f 1 8 5* 

Towles IIOp’ 40 (16 5*. Do a 'I0i>> 40 
1 16 S' SncP,. (S0 d> iff; M6 5>. 6 dcPI. 
50d> 30 •' 1 6 5. 

To.e i2En> 49 (13 5' 

Toser Kems'ev Mil.rouin Hlda; > .ZOni 
57. 2. SncLn. 91 17 5i 

Trafalgar House ;20n. 129- 30 27. 

7pL-Dh 51 116 5'. BecLn. GOT® . 18 5'. 
TQ'iPCln 73 'i® 

Transnarem Paper (25o. 65' 5 
Transport Devoid omen! Gro (25o. 70 

-o: 

Travis Arnold (2£o. .33 .10 5) 

Tr..:ov>lle ,lOp) 7: ii6.5i 


1 1 ijpeUns.Ln. 94 

t -*hog <5-1 'FoOeO (lOp) 51 M7I51 
Lee Refrigeration r25p) 76® 

Lee fAJ Sons II 2hOl i* 

Group (2S0, 147 ,17/5) 
Leeds District Dvers Finishers .zap) s* 
Leigh Interests (5p> 158 ilB/Si 
}-?* l, I£_ c 2. ra ” n JHfks tiopj lis (ia/5i 
Lennons Group (IDp) 33 
Leo Group Hop) 240® 

Lesnev Prods. (5ol 77 6 (18/5) 

Lei reset Inti. (IOpi 133® 1® 1: 30 
Ureex ISp) I4i^a 

Lew.s tj.’ Partnership 50cPf. 40 ’/ (18'51 
Lewis s Inv. Ts». 6L-PCDD 64-’* M5-5» 

Lax Sendee Group i25p) 86 5. 2nd 5cr. 
Warrants id sub. 29® 

Layla nd Paint Wallpaper iZSol 65 
Ley's Foundries Eng. I25 p) 68 
Liberty Non- yto. Ord. 25-'4 
Uden iHidgs.i MOB) 19 (19,5) 
uilev IF C.) I25pl 751;® 4’.-® 5 
Uncraft K.lqour Groun flOol Sff 7 t17'Sl 
Ljndcav Williams >2Sa) 43® 3 
Lindusmes i2Sdl 138® 7® 9 UBfSJ. 6 pc 
Pfd. 46 «17/5l 
Lmfood Hldgs. .2501 133 
L.rter >25 d) 46 

Livprnonl Dx'lv Post Frho 'SOD) 131 
Llovd 'FH . Hldgs. >25p) 69':. 7',pcUns. 


Ln. 62 

Locker 'T.i / N-V r5n) IB'- 
Locfrwoads Foods '25DJ 113 MS'S. 

Lndn. Midlnd. Inds >25p) 37'-® 4 6» 3 . 
, 9'jDCCnv.Uns.Ln. 107 6 8 >18.5) 

Lndn. Nthn. Grp. (ZSp) 37 B 
Lndn. Pro*. Poster Grp. >50 p) 195 (18 5* 
8':pcU"«.Ln. 73'*® nsiS) 

Lndn. Bride <25p> 68'*® 70® 69’- 8'- 71- 
8. 1 4 oc Cnv.Uns.Ln. t3H 9 .TfitBi 

Longton Transport Hides. /2 Sd’ 59'- * 17-51 

L “9B?-b| S 64 69 71 70- 8BcCn *- u, «-I-'>. 

Lonsdale UniverMl c25d) 85® 5 (18/5) 
Lookers J25p. 65 «16IS> 

Lovell * Y1 . Z5 p) 87 (18/51 
Low 1 Bonar Grp. <50pi 173> ? (is 5'. 12.- 

. DCCnv^ns.Ln. 107 B M6IS1 
Low (W1 1 2 Op) 97 4 .16/5) 

Lucas Inds. 309 7t 8S 4 2 6. 

Uns.Ln. 121 

Lvles iS) (20 d| 6*0 (18/51 
Lvon Lvan .250) 75 <18t5) 

1 3 - War. 25 K16/5). 
IStMt-Db. SB. E'jpcUns.Ln. 591*. 
Cnv.Uns.Ln. B3 (16,5) 


€>2PcCnv. 


Spc 

7i,pc 


EUROPEAN OPTIONS EXCHANGE 


MFI f»r». Centres (10p) 74 2.- 11. 

MK EldC. Hlogs. <25p) 1 850 ' ' 

ML moa? .430' 116 117.5. 

MY Dart (lOp. 58 
Macarthvs Pnarm. (2dpi 96 H: 

McBride «R) .250) 4301 
Mecieere L Amle MOPI 14';® .18'SI 

McCorouodale 262® 3i,pc1sLDb. 55'-® 

Maetarlatre (25o. 64 '* iiB'Si 
MackBV .H) I25PI 43 
15 ' i i «" Bro* .260) 90 (1551 
Mack, neon Scot. >25o> 40® (18/5) 

McNeill Grp. .25p) 59 1 

MlCPherson ID) Grp. i25p) 61 >, 1*7.51 
Magnet Srhns. i25oi 198 5 

‘JJLfapor Mills (25o) ?g g fl7 . Sl 
Malllhson-Denny i2Sp) 52 3 1. MB, 5/ 
cakabreao Rnbev 'Up/ 25 M&isi 1 

Manchester Garages MOM 33 

Manners •H^gs.i .25 P j 874 

Manganote Bror*w >25o» 84'-® 

M I tg&JZW • ,0o, 18 


Marks and Soeneer /25gj 1 38® 


lau 


38® 7® 45® 


Opium 

Price 

Cl.'— 

\..l- 

E. Ki-lnk 

S40 

14U 


E. Kudab 

S45 

9 

¥ 

E. K.Mak- 

S50 

5 ig 


E. Kodak 

560 

1 

40 

n.u 

S60 

I2'2 


c;u 

S60 

4'« 


(ill 

S70 



ib\r 

S240 

271- 


TOW 

5260 

111* 


IU)I 

5280 

3.^ 


■Vl*;eiiiene 

F330 

=5.50 


•MsilllflB 

T340 

17.30 


\ luclIil/UU 

K350 

9. SO 


tinn. 

F70 

7.30 


Aim.. 

K75 

3.50 


I.r.ln 

h-00 

1.70 



I'lire V.il. 


'al >«*i\ 

.'hi \ l ,I 

I’lill.Je 

I'lllllf.S 

I'l.lll,** 

is. i». hi..*n 

II. I). r<l'rll 
It. II. .-ilseti 
I i.tlcrpr 
I ..He. er 
V nlL-ver 


III* 

ni* 

Hi’ 

1 ■ hi.’ 

i-Kl: 

GKO 

liliC 

HI 

If! 

It I 
ILI 


V100 
! rno 

F23.50 
F25.00 
ira7.5Q 
■ 1-120 
: KJ30 
FWO 
! KUO 

I K120 , oi70 
1 P130. O.-M) 


12.80 
4.50 
2.ZQ 
0 80 
0.30 

6.40 

1.40 
0.30 
4.70 


25 

35 


14)* 

10 

61* 

2* 

15 

5 

• « 

2® 

I51-. 

27 

19 

13 

8 

3.50 
2.20 

I A . bn 
7.10 
2.60 

1.50 

0 uo 

9.3u 
2 an 
1 

5 60 

1 70 
0 70 


14.*. 

100, 


131* 
5 ‘1 


l.,.ir.( 1 
,-l.--i. 


■'53 As 


56 (ig 


5:i 

u 


10 


700|. 
750,*( 
BOOj. ! 
20O|-i 
. 226,. | 
I 250,.; 
1 =75,.: 
30O|. 1 
32S|*j 
350|* I 
375|.; 


Mai 


3'J 

5=63.'* 

18-, 


’J’* 

- 


1 SSI. SO 

J.i 

_ 

16 

8.70 

1 "76 10 

J.p'J 

5 

14.40 

KIM 30 

7 jI» . 


3 50 

1-4.10 

2 ill 

19 

l 20 

A 4 

M HU 

—4 t 12’. JO 

4 

S-) 

A. 


7 iU 

10 H1 1.20 

‘.'Cl 

13 

I.3U 





8*8|* 




1 


— - 


A6W). 


— . ! 


• " s 


FINANCE FOR INDUSTRY TERM ni i’OSIl S 

»,v- : 

received not laivr ihim f ' ' UM ‘" t lor ‘ k ‘« ,,,s,ta 

Terms (years > ;i 
lmcresi *>n H>} i,»; , j 

Hales for larger ann.iini< 



Financial Times Saturday May 20 1978 



77, i . 76 7 ?- 2 S.S«Ln 
* -MM. bCi. (1B'5>. 6I.-OI 


Sti’Kiwm Piavne «j 

SfflLflW* p *? a W s ‘’OP) 33 2 rtSSl 
'Thpmuil i25p) AS 

•S5u-. E, * c i r,e Too *l INWfllJ l2Sp) ISA 
WoUgn-HiWlmi <2 Sd] 195 

ri5-5J P F * un,lr,r Englnwlnp HOW 22 

Wood Hill Truit (25pl 90 


23 



Jurnpr M^nuUnj, f’,p, i|t 

Wr (W. jnri E i ilOpi jj)-. 

PC. Nr* Ortl. ,10c i 2JI ,l S £. ' J * 

Tisoni iLOnu iriort) ilOn, 25 t h f!5 Si 


lIRM Grp. (’r.ni •» , 

WPS lire. C 2 C. 

Dh 

l'ft 


ikpi. 5?® 


h VliRi. &fl 91 9BI;. 41, 

UsMr 1 1 11,1 58 1,6 55 

J.!'"’ 1 - 1DI UNriU 



. 4D i B % r 2 a j ,85 >- 

!" ,,r *rr |N.v l {fUzj 24 4* S 1 Hi ts 
’’V'-*'- HBSS. 7kPI. 54 
VJn.t.vf, UDoi 120'? I 19 20 
B ■* “I* 1 "!? ‘ M ‘*« s 1 '21 -b> TfiO 71-® 

V, £ a “n 9 - N «" t?Snl 77* BO B 7i! 

Hi- I'Oa* fiJ J 

in 1l»p?*?&"Ty iW.-! 1 Z “■ 

“J2- W inns. 4' UbV* 

sS 86 

Wd 296 *3 

'■ i * 3* P ,,, ° and s,co1 GrD - 11 Dpi 27 
iWwcmr Inti.) Hop, Hr® (IS 51 

St? (‘ft??. ***• 5: ® 6 A. SUpcP, 

S3® 


Go 120 b) 126 5 4.9«pf. S 3 
X;iI K Sloiif Gb. 1 1 Dpi 26 (17 S,, 

X /"*• Billiton Gb. flop' 141 s* 

>!£■». V, 5 ® yj<i. SocW.lNCl 


*7ft CL*? to'“3o'pT " ’m >7'"? 1 7*s); 


5'DCPf 1I5T 

urcUnirc Ln. go i. 

p ro duels tWallicnd, 


Vteicw 

'15 5 

«1»Pi 2 9 116 5< 
wl !* n 9? f -0»> 109 
Voipcr ( 2 Spj 1 56 (IB'ii 


(2Spi 120 


\Y— Y— Z 

wc?‘??is? rssst ‘ 10d ' 7a,; n6s ‘ 

Wbco Gb. iZOpi 42 (IS'S* 

WjdinWon i John i <25 d> 21b 14 MS/5i 
W r, dC ,.?°"" l «L =7i:- T New .1 op. 

«yAJ 1S « 5 • lOpePf. 1D1 (IS 5; 

M5 Si ° e,,arlnicnl Stores A (2Do> 46 
Wadham Stringer (topi 41 ij 
Wddkm 1 50ol 115 (ItifSi 

I n S”i Hlds.t (25W 124 (I7.-51 
wjibw and Homer (5oi 13'-® 

JEffr an , d sun HldDk (5o I 23 MB -5 1 

S' smith i2bp* 

..34®. Non V. (25 p' 82® 

c 0n S < u ■ ,c - , »S ill®) 

W.illis Fashion Gp (lOpi PS 

vu ir 2 Hi HG^dWone (25pi 94 (16. Si 


Ward HI das. MOpi 35 4 (16 5i 
Waid f Tli os. W.i (25P' 70 69'-. 
.Cfl'W Unyt.Ln^ 69'.- (17(51 


IAJ.) iHIdDS) 1 5a) 25 


Wrlphioo IF .1 iAsmie. Comparlen (1n B ) 27 
Wnau (Woodrow) HI das. i5o> 12 <TS.S) 

Xrrax Caron. nU51) 4D"w (1515) 

T 1 Pa i , * r Hldai. (IDS) 69': : 15.51 
Vauonal Carpels (Hides.) (25 p> 3A H7.‘5.l 

Snierj i5d) 5 ? B 

ELECTRIC UGHT <1) 

Brascan A m.o.r.i m 

t^UUa EIcc.^Supp. Con. 71® llB'S). 6pC 

FINANCIAL TRUSTS fW) 

Aurora Smlthcr & (2Spl ZZ3® 

AnaioConilnenut S'.-wDb. BG I15.s> 

Armour Tsl. ilOpi lO. 

Australian AprK. (A0.50I 83 (1615) 
Bishopsaate Prop. Gen. tnf. 7N 
Bou st pad 1 1 I>P> 351; (16.51 
BrJJonma Arrow Hldos. i25w 17-V6 19® 
<8 I7»i U 17 

Challenge Con. (SNZ1) 126 (TK5J 
ChariornouvGe. l25pl 62 A 3. 5.7 *pc 

2ndPr. 60 IIS’S) 

t50W 280 ' ,5 ' 5J - 
4ssptpf - 56,1 

pSSJ^J3^!U a lt^ 

Elcttra Inv TH. i2Spi 110 (IBfSi 
19' i"?? 8*1 . Bcle09ln 9 s T *‘- Ptcon.CIS. 
Enione House Inv. i2<ipi 436 * i-i 

Eaplptation (5pi 24 1 4 ; 5( 

FC Finance I25 p* 70 (15.'5i 

»» d Industrv T*. HOW 17 (15. Si 

K.. Nal1 - Fln - Con - (IDO) 21*. 9:. p e 

19h^ 2Q d lt7.5» 99M7 1 ' Do ’ 

Fltzrby In*. i25pi 15U 

Durrani Murray Gp. «5p> 25 1 16.51 
Tst - I25p) 62 H8 5i 
Hld< &- 120PI 20 il6.5i 
Hampion Tst. iSpi ID 

'nrtejoe 443® M® 43 31 2 5 3D ZB 
36 17. 12i.peLn. 94i. 
ind. Comni. Fin. Con. SJ-’OCDb. 52 '1 .lo-SI. 
i>“CAp b 1989-32 6^ (17.5). lO'.-ecLn 
96'j (18.51. ll.'apcLn. 97);® 

Investment <25p) 17 H5.-5I 
Kwahu MOdi I9ij® 1 

Lloyds ScottlTh " 


Ashdown 'w. Tit, 12 Bp) iza:® 40 31 - 

Solllniore Chicago Regional (lOn) 

A^m^Aswa a 50) 941 ;® 2 b 1 . Spc 

*S."is, c b. < ts /. 3 5 ? 5 i s7 ^- '“«■ 

W. lt 3 l sia® ,W . Tst aSR) 5311 tl5 lS>' 4la,c 

Berry T»t. (25p) SB 116)5) 

Blsneot gatc Tst. iZSo) 158 1 IBIS) 

B f(g» } s»"- siaekhwn. <5Qp) 2BO*iO S 

British American Gen. GUp) 38 

British Assets U5P) 77'-® 6'r 8 7 6 Bh. 

4';ocPt. 36 > a ®. SucAPt. AOU®. 50CCnv. 
_Ln. 1431; 

Brltlsn Empire Sacs. Gen. I5p) 10 ij HB.'Si 
BrilUh induiL Gen. Dfd. (25p) 98': (1715) 
British Inv. Tst. '25p| 160 
Broadsinne Inv, Tst. (20o) 146® 

Brunner In*. Tst. i25p> 93 t1B(5) 

CLRP Invest. Warrants 15*a U5.S) 
Caledonian Trust l25oi 76 
Cambrian General (2Sp) BS 
Canadian Farelon CZ5W 107': OS S) 

Capital National Trust <25 p) 122 ■ 1 0-5) 
Cardinal Invest. 5pcP1. 40-j i16f£). Did. 

<25d1 107® B® 1 IB /51 
Carliol Invest. (25p> 111® 

Cedar Invest. EpcDb. 94 (1615) 

Channel Islands 129 k iisaj. Caottal 
520 1 1 8 5 1 

Charter Trust (25pl 5SI«® 

City Cml. Income (Z5D) 27% 

Cltv Foreign Invest. (25P) 89® 8 
City Int. Trust (25D) 97 MBS) 
city or oxford (25p) 64 
Claverhoute Invest. (50p) 79<2 OttS) 
Clifton Invest. (lOp) 71a 
civdesdale Inven. i2Sd) 7S B HSfS). 

(25o) 72 (15/5). 4S.i>cPf. 30>.® 
Continental Industrial (2Go) 202 
Continental Union TruK I25D) 107® 6 
Crescent Japan Invest. CSOpl 162 tlBu'5). 
Warrants 70 

Crossfrlars Trust >25 d) 67® 

Cumulus Invest. <25 d) 2S’i 
D ebenture Corp. [25W 551® 630. 3-%PC 
Dp. 70 'IB'S' 

Delta Invest. UBIJ 127 30 117 5) 

Drayton Commercial I25p) 1201®. Ape 
m. 32<: (161 Sl. 6'jocl.n. 97® 

Drayton COnaoalldated Trust (25p) 145®. 
4i!orDefa. 63V (1615' _ __ 

Dravron Far Eastern Trust (25oi 37 V 6 
Dri7ton„ Premier Investmunt .Trust (25D> 


ALn 


(IB '51. 3.5PCPI. 38': (16/5). 
1903 114® 


7i;ue 


'flfSarJSP <?S.5 l 7 & 61; (18/51. 
VK?* ,2S r 27*» (15 51 . 10i.-pcConv.pt. 
, BntConr Unset. L b. so 115 5' 
Wnrdlr- (Bernard' MOdi 19Ij 

U8°5. * nd G,,l °" 1 «5 d) 93® 5 

Wdr 75 ? Wright and Rowland ( 10 o> 480 
•gjr ( C|mniunUatlons Inc. 5hs. (SUS1) 
^Holidays (loot 39':® 40'.* (ISfSi. 
Warnr-r. Lambert ' (%US1) 25' a ® 

Warwick End 'Peering Invest. [20 d> 28® 
WitArferit Glass iSpi 47 H7i5< 
Walmouphs 'HldPF.i (25 di 87 H6'5i 
S%rtl.on Philip (1 Do, S3 £17-5, 

W.itspn ;R Kelvbii ilDn) G6 ,'17 51 
wans Bt*Ve Dearnn (2501 171 HB'SI 
Wrarrp Group (10 d> 26 1- S'. £ir'5i 
Wearwn)/ . 5pi 20 .155' 

Wrbstrrs Publications i5ol 33i- *15 51 

WodawMKJ T5 di 224 

Weeks Assoc laics MQni 31® ij (IS^i 

We-r Group (25o! 113 

W^llco Hlogs. l5pi 25';. New '5ol 4 :.® 

Wellman Enoineerlng <25oi 4 Bin S 
•V?*l Srimwirh Spring MOpi 23';: »ia:. 

H.SccPt. 116 MB'S' 

Wesrorifh Products t25oi 37 r16'5) 
Wr^tirqhouse Brake Signal *2501 SOb 1 1 - 

Wi^t.'ind A-rcralt (25PI 47® 6*j. 6PcDb. 
f.7'j 16‘5i. 7J a pcLn. 63 (16(5i 

Weston- Evans Group 20pi 96 117'5' 
Westward Television C nen-vig, nOpi 25'- 
Wet tern Bros ,2Soi 57 MB'S) 

Whatman Reeve Angel |25ai 24S 117 5< 
When- sheet Distribution Trading C25oi 
• 91® 

Wftcclnr's Restaurants HOP) 315® 
wh-^voe -20t" 83 4 9 

Whce-jv Watvn (HldOS.i 5ei 16® l s ® 
Wh.:.- Chi'd Bi-ncv (2 Sdi 84 
“ 186 (18/5). 


SltPCPI. 


Wl'itecrolt iSOpI 
42® 2 

Ivn-teiDuse iGceroci 'Tnginecrmgi (SDo) 

W'.ltev riniclhv’ 3UPCDD. 31 ' 4 £15.5t. 

6 .Kin, 6b': .18 51. BmLn. 7 3! .IBS) 

Whining ham >Wm.» iHiags.) '12 i-di 34 
Wftcl.-V.tlr Fif.-i.-Hj'. 1 2Do. 129 ,17 5' 

IT gfeli .M«-nrv. Son '2Sp‘ 196® 

Wing. ns Ce»slru.l 1 IO 01 23': '58 51 
Wing. ns Team- a-stcDh. 84 £18 Si, 6'iDC 
D.t -1 H 51 

Will es fjjme-.i iJSpi '1*,M 
Willi ins Mll.'lrll ,25m 40 • 17. ai 
WiVirspn Maun lTb. lOoiLn. 97 6 
1 1 n 5 . 

Williams Janes . Engineer" '25o’ 84® 3 
Wi'iiems Hudson Group iJOP' 25 lll»'5' 

B rstn (-0 ''111.51 . 

IVi'I'lms -Jtlml ,'| 2ai.1*K l25pl 51® 490 Ariiliinit Cap tin iSOol 16BV17151 
"•'.'b r O‘ , 0 , J*1 Mm .Hloas) .250) 60 2 , Ambrose Invl Tst^ Income SM^iSap) 58 

’ Ams-ricjn Tsl. IZ5PJ 44'.-®. B (250) 44^iO 
, S' ® 3t 4 «1B’5) , ' ,-r ■' 

Anglo American SevV Cpn. i39Pl 
4r.BePf. 36 6 US'S). AncOb. 66 


Lloyds Scottish 1 2 Dp) 940 

London Asscd. Inv. Tst MOP) 6’: M6 *sj 

t Ln° C 67 £ “ row \* n Gr P' HOP) 201;. 10l:PC 

London Scottish Flo. Con. nflol 41 (lssi 
Manson Flo. Tst. t20ol 46 
Martin ,R. p.) i5p) 53 (17/5) 

Merill Lvnch ■USX 1.33W £17 118-51 
Mills AMen Intnl. £50pl 173® 5® S. 

Do. Wrnt. 17®. Cum.RcLlStPf. (SDp) 68'; 

Parambe nop) 12u 

Park Place Inv}. <10p) Z7 (la’s) 

Prov. Fin. Grp. (25p) 98 118 5) 
RoschMigr, (25p) 182 H6/5) 

S<me Darhv Hldgs. -10p) 162® 1. IOpc 
U ns.Ln. 'London Reg.) 226® 7 
Smith Bros (25P) SB 9 
Sterling Guarantee Trust 74 (15 5i 
Stock Exchange £4.25 Red- Ans. rReg.) 

49 7 'iPcMto.Db. 616 (ISIS) 

Third Mile Inveument (2&p) 20® 

Uniscc ' R0.2) 64 (1715) 

United Dominions Truit r25p) 410 39 40. 

1 BpcUns.Ln. 131 <16(5) 

Wjnen Finance -2591 44® 

Welt ^ of England Trust (25p) S3':® ij 

n'e«t»rn Selection Development (20 d) 24 
MB'S) 

Vorkgreen investments POP) 1 S«s <I5/Si 
Tule Catto (IDpI 74 6 UB/Si 

GAS (5) 

Imperial Continental Gas 382 80. 7pcLn. 
166® 

INSURANCE <1631 

Bowring iC. T.) (25 p) 1081 7. lOpcLn. 
152® 50 

krentnall Beard (HldosJ £10P> 43 
Britannic Aturante £5p) 172 1 
Commercial Union AauraKe (25 p) 156:® 
G.«_1 50 49 7 8 51 54 2 3 504 43: 6';; 

Eagle Star (25 di 145® 3® 40 1 2 
Equity and Law Life (5f» 170® 660 
General Acddent Fire and Life £2 So) 213 
10 14. 7'?pcLn 66 U® 

Guardian Royal Ejcchange (25p) 228 6 30. 
7p:Lft 65Hp. La 5 

Hamfrro Life (25 p) 323® 5® SO 26 33 

Heath C. E.) (2 Dp) 290 
Hoe Rrblnion Grp £25o) 193® 

Hewden (Almr.l Grp. (10P) 179 
Legal and General >5p) 160® 59 
Leslie Godwin > Hldgs.) tlOo] 100 

'ttXrtssr ,Sdj ,m ^ 6 - Ncw 

London United Invests. i5d) 175® 2 
Malt hews Wrlghtson Hldgs. -ZOo) 197 
MlnM Hldgs. i20d) 204 2 3 
D eari '5p) 240 
“hppnl* <2So1 258 
Prundcntlaf t5p1 1S5 A 3 
Rerune i5p| 143 ® 40 

5SS^ s EJ^£’5,S. : !,a 5 . s .7. is 
i7raV*lT.«5?* lja * 


Dualvest Cap. Shs. 196 
Dundee London Inv.l itLd.Ord. (25P> 196. 
SocPt. 40'.. rvsi5) 

Edinburgh American Assets Trust i25pi 
124 r. socDeb. 96:. (15(5) 

Edinburg Invest. Trust Dfd. 51k. 224® 

Electric General Invest. ( 2 Sol 71 
English International Trust (25pi 89 (16(5) 
English New York Trust C25P1 73':. 4> ; pc 
Ln 1 0B (I 61 S 1 

English Scottish Investors '2S->> 70 (15 5) 
Equity Consort investment Trust Did. (50 p> 
MB 20 1 1 7/5) 

Equity Income Trust (SOol 190 «16/5J . 
External Investment Trust 156 A (17'S) 
F. C, Eurotrust (2Sp) 47w (18/51 _ ^ 

Family investment Trust I25p) 87 9 ItBlSl 
First Scottish American Trust (ZSpi 91 
,ri6'5l. SocLn. 83k. 

Foreign Colonial Invest. Trust 
w 5. 5DCPf. 39h® (18/5). 

553*0 (IBIS) 


(25d) 156 
4>*0CDeb. 


Fimdlnvest Income Shs. (25p) 37 (17'S). 

(Up Shs. £25 P) .591: <16‘5) . _ 

G T. Japan Investment Trust (25 d- IJj® 
General Commercial Invest. Trust <250 
(1525). 
rai Com 
(1815) 
ral Funt 


Scottish Western (25p) 84® 2W 2. 

Second Alliance (Z5p) 187® tl8/5) 

Second Great Northern i2£c) as 
Securities Trust of Scotland i23P) 182 
sizewefl European tlDp) 69 0615) 

Sphere (25p) ids': «15.'S) 

SterilrjB (25 p) 169 70 (18/5). SpcH. 59® 

Stockholders >25p) 92'-: 

Tcchnefonv £25 d) 93 (17,'S) 

Temple Bar (25g) 93'; 

ThtoamgRon Secured Growth asp) 221* 
•17/5). Capital Ln. 97 
Throe monon (25p) 70 (18/5). Bi;p<Ln, 
1 07^? 1 3 a/5) 

Tor invest, income i25p) 77 <16/S>. 

Capital (25D) 106 (15 5) 

Triplevttst Income (50p) 59i, flftiSl, Cap. 

141® l(8/5i. 7-'lPC0b. 70'} £15/5) 

Trustees Carp. £2Spi 123® Zfe 2 (IBIS) 
Tyneside Invest. C25 di 107 
United BrWon Secv [25pi 125 h* (18/51. 
SpcPf. 390 

US and General Corp. i2Sp> 184 (1815). 

SpcPf. 411*® 

US Deb. (250) 95 •: 

Viking Resources (2Bpi 91 2 
Wnt Coast and Tent Rag. HOP' 84):®. 
WrrtS. 38 LlH/5) 

Winterbmtom Trust l25p) 191. SpcPf. 
40 £15.'5' 

Wiran Invest. (25p) 67 5)1 S'jpcPf. 

ifl.k®. BDcDb. 68^6 118/51 
Yeoman Invest, (zsoi (IBS) 

UNIT TRUSTS (12) 

M and G Amer. Gen- Income 54.30. Do. 
Accumulation 53.1® 55.10 53'<® 5S.1 
M and G Dividend Income 128. Do. 
Accumujaticn £22.80 iT8’Si 

-a Yield Income 88 h 


_T40 (15-8). 4 PC Deb. 29 <1&>S) 

General Consolidated Invest, r-ust (25ei 
85 (18/5) 

General Funds Inv. i25p) 1*8® 50® (18'5) 
Genanl Investors (25pi 103® 

General Stockholders i12':p> 108 (17/5). 
S'jpcPf. 44® 

Glasgow stockholders' (Z5 d> 96 117f5i 
Giondevon Inv. <25p) 94 t1B!5i. War. to 
sub. B'iX (18/5) 

Glonmurrav l25pi 67 h. DO- 8 66 «j II 6/5 1 
Globe «25p« 108 ApcDb. 89 <1BI5i 
Govett European (25pi 661: (IS.'Si 
Great Northern i25p) 101. 44<pcPf. 37'rf. 

5pePt. 39';® 

Greenfriar CbP) 80 

Group Investors <25pj 62 (17/51 

Guardian i25p 1 77 

HT (25p) 94 (17/51 

Kambros (25p) 901} >18/51 

Harcros n on) 35® 

Hill <25p) 183'.-® 80. 4>}PCDb. 76 <17'3) 
Hume A I25PI 76i- 5 t18.5>. ' 6pcPI. 65® 
Industrial General i25p< 51 5D>* i*. Ai>pc 
Rf. 35 h® £1815). SUpcDb. 47® I1B15J. 
dkPcDb. 101 is 

IMematlpnai i2Sp) 72J-. 6<*pcDb. 52 
International Jersey 175® 
investing in Success i25p) 126® i.IBjSi 
I nvestment Trust Corp. I25P> 213. SpcLn. 
1079 Iia/S) 

Investors CaplUI (2Sp> Bit;® 3 2. 5UpePt. 

41 I^l2l 14) 

Jirdlne Japan t25pi 12S (1B|5> 

Jersey External tip) 156 117/Si 
Jos <25p) 47 (16(5) 

Jove Capital £2ni Si* il8(5i 
K/ngside (25P) 55'i 
Lake View i2Sp< 87 6. SocPf. 


Vui LIM'SocletViSp) 104* 3 4 
Willis Faber asp) 270® 417 14 

INVESTMENT TRUSTS (219) 

Aberdeen Invs. (25p) 49 
Aberdeen Tst I25«» 136® 

. Tst. aSp| 104h. 


Aita Inv 
>15/51 

Alliance Inv. iJSpl 92'. 2 06)5) 

Alliance Tst. i25P> 221. AUocPf. 33® 
63 " 6 ®- 


Law Debenture <25 p) 99>z ri7/5 ) 3 
Leda Invest. Tst. Inc (20 p) 33 h (15/S). 
Cap. -Sp) 24'* >1615) 

M651 Gartn,ore Invest- TSL tSOp) 60 

London Holyroed Tst. (25g) lit (17'S) 
London Lennox Invest. Tst. (25 d> 76>i 
L ondon Montrose Invest. Tst. < 2 So) 181® 
London Provincial TsL £25p) 1061}. Sue 
PI 1 50o) 181* (163) 

London St Lawrence Inv. ISO' lUj *15/5) 
London Merchant securities i25o) 96 
Cap. <25 d> 97 (18/S) 

Condon Prudential Invost. T«. f25p) 71 
London Tst. Df. (2Sp) 196 >18/5). 6 pc 
Uns.Ln. T02ij® (18/5) 

M G Dual Tst. cap. (ion) in tl&S) 
Mff'PMHc invest Tsr. 25o) 18(5 •* 

•!•»*)■ spew. 42 ® na-s). 4':pcm>. 

79';® 7«j B': 

M^rCh-ntS Trt (2Sp) 71*;® 701: 1 1. 4'ri* 
r». 37® 

Metropolitan Tsl. 3>:pcDb. 60 
Midland Tst. < 2 S») 76 >16 Si 
Monks Invest. Tit. >250) 47">« 

Montagu Boston Invest. Tst. >10p) 68 ® 
8 !® US® Warrants to sub. 41 £1515) 
Moclcva Invest. 60 (I 6.51 
SpcPf. 39 i Moorside Tst. '2501 92 >17*51 

' New Throgmenon Tst. Inc. i2So) 19 '* 
MB51 

N-W York Gartmore Inmt. Tst. *2 Sp) az® 


3® 


VV '«w..p,.-e4c- Htua;. • >2 bp: 

iOn r< *q :ih SJ 
V\ 1 '.n .7 Jn) 4(1 >1b(S) 

W'l-ar .Cenmliy 1 Hides >2501 1*5® 
WiKtf- w "tm Engtreerinn >i(lpi 74 
newt <Cii*?inr* SOi'l 78® * '■ 

Y.'.nn lr.nu-.tr. vs 120c* J 3 • 19)51 


.BCP1. 36': 6 US'S). AucDb. 
(18/5) 

Anglo- International Asset Shs. t2Sp) 1 
15 5* 


1 

Nineteen Twenty-Eight Invest. Tst. >2sp) 
214 HR'S) 

Nippon Fund Sinrllno MQo] 315 ft 6/5 > 
Norm Atlantic Securities .‘25 pi 89/' 
Nnrlharn American Tst. i25ui 97'^. 31PC 
Ft. 40 1155* _ 

CML Assoc. Inv. Tst. (25oi 59i«:. 6',pcLn. 
(2501 31 : 

, Outwlch Inv. Tst. OSpi 51 «l6-'5l 
I Pent land Inv. >25n> 117) 19 


M and G Extra 

M and G High Income Fund Income 107.9 
M and G Magnum Accumulation 262.9 

.WffG Midland Gen. income 153.1® 

M and G Recovery Income 81.7 '16'5i 
M and G . Second Gen. Income 1681* 

G 5 pedal Trust Income 158 (165) 

MIXES 

Australian (9) 

Hampton Gold Mng. Areas. iSp.i 136 £18 5) 
MIM Hldgs. iASO-50) 203® 

Now Guinea Goldhelos 'AM. 35) 14 (17 5) 
North Broken Hill Hldgs. ASO-SD' 110 
North Kalgurit Mines (AS0.30) 1 1 12'g 

Piringa Mng. Exolrit. i5p) 25': 5 
Western Mng. Cpn. iASO.50) 132 * 5 

Miscellaneous (75) 

AMAX russ. 1) 30 v '» >17 5) 

Aver Hllam Tin Drdg. Malaysia Berhad 
■ Mat 1) 350 (IB S! 

Berate Tin Wolfram >25=' SB';® 9 
Burma Mines 'I7':p) 16 £18/51 
Charter Cemd. tReg.) (25gi t34 7. s uc 
Ln. BB 

Co run. Gold Fields £25n) 177® 3 9 6 7 
4. S'tPCLn. 58 '* (16 5). 7>.«Ln. 50 

59'; il5 5). 8 LpcLr*. 68'i (18 5) 

El Oro Mng. Exoim. MOpi S7 
Geevor rm <25p) 144 rie.5) 

Gooeng Coiud. i25p) 875 '18 51 
Malayan Tin Drdg. Berhad (Mas 1) 360 
>17 5) 

Rhodesian (8) 

Rio Tinto-ZInc Cpn. (Reg.' (25 n) 21 Sup 
16 15 17 19 14 18. Ord. 'Br.i £25 p> 
224 itB'Si. Actum. Ord. (25pi 212® 
(18/Si. B-'iPCLn. 50 '] 11615) 

5alnt Plran i2Sp) 54 3 6 
Selection Tsl >25t» 394® 6 402 5 
SWvermmes £2 ';di 55 9 60 1 54 6 
South Croltv ilOp' 57 
Southern Kina Consd. Berhad (5M0.501 
190® 

T ehid< Minerals MOP' 47 'IS 5> 

Tronoh Mines Berhad (SMI) 207 
MTD (Mangulai >25P) 38 
Tanganyika Concession >50 d) 152 3 
'Vankie CoHlerv i50p> 35 
Zambia Conner Invests. iS.BD0.24i 14'; 

South African (36) 

American Coai Corn. (RO.SO) 515 

Anglo American Corp. Of 5 Africa (R0.1C) 
292® SO 5 6 

Anglo American Gold Investment (R1 
1650 117/S' 

Angio-Transvnai Consolidated Inv. CROJSO) 
725 

Bishoosgatc Platinum (RO.IO) 85 (17‘5l 
BIvvoorulEziCht Gold Mining (R0J!5i 326 
( 1 7 >S i 

Bracken Mines (R0.90> 64 (T5'5) 
Muttelitontein Gold Mining >RU 8950 
Consolidated Murchison iRO.lOi 240® 
(18/5) 

coronation Syndicate CR025* 63 
Deelkml Gold Mining (ROJO) 78 gu 
ri6(5> 

Doomfontein Gold Mining (Rl> 292 (1B*5i 
Durban Roodenoort Deep £R1> 218 iia/5) 
East Dagoafonteln Mines (Rl) SU5Q.34® 
0 8/51 

East Orlefontein (R1) 680® 

East Rand Cons. (10p1 17); (18'5) 

East Rand Gold and Uranium (R0.50) 
SUS4.50 

East Rand.. Proprietary Mines (R1) 


Tomi atfjfinomui 12 111 . 12 U. 

flocLn, 79 07 5). 8-14 BCLn. 84 

Tralfflrt Park Estates »25 p> 99 (I8.'5i 

•gsapfs^aSia*- {25p * iak "**>• 

Warnfexd Invests. i20ni 267: i18/Si 

Webb (JontPhi . t5pi 16'j d6'5i 
Wesimnsler Prop. Group (20p) 17®. 

6 iri>cDt>. 66 

Wiimoo Earns >25 p: 33)4 mb s> 
RUBBER (41) 

Afteriovie WanB. (flol 6 •* £18-51 
Brad wad (F-M.S-) OOp) 50 i*65) 
CasHeoeid fKiangj nopi 280 MfrSi 
cnenmn^A «F M-5.) Ena. ( 100 I 79 
Consd. Wants. OOP) 28® Do. Wants. 

Dunlop Plants. 6 peP». 45 US'S) 

Grand Central Imrst Hid as. nop) 9<i 
Guthrie Cpn. 303® 299# 300 
Harrisons Malaysian Esu. (I0p> 93 ® 4 2 

Highlands and Lowlands (SMa.O.SO) 103 
Inch •*“ ’ ““ 


SUS3.B5 11 7 '5 1 
!Ubur9 Gei 


d Mining (R1 1 100 5 (17'5> 

. Corp. 


1 LOCAL AUTHORSTY BOND TABLE 1 


Annunl 



1 

Authority 

cross 

Interest 

Minimum Life of 11 

f/clrphrinr number in 

ini crest 

payable 

sum 

bond 

jax-rmthext-xj 






% 


£ 

Year 

Rtirklnc (ni-5fl2 4S00) 

Juj 

3-year 

1,000 

4-6 

llarkinc (Ul-59'2 4500) 

in 

1-year 

5.000 

4-6 

B.irnxlcy Metro. (0226 203232) 

10} 

3-year 

250 

4-7 

Kunwxley i051 5486355) 

n 

i-year 

1.000 

5-7 

Oxford (0S«5 49811) 

10J 

i-year 

5,000 

5-7 

Poole 1 02013 5151) 

10J 

3-year 

300 

5 ■ 

Poole (02013 5151) 

105 

5-year 

500 

6-7 

K i'i| bridge 1 01 -178 3020) 

101 

‘■year 

200 

5-7 

Sunt he mi (0702 49431) 

10 

3-year 

250 

3 

Thlimvk (0575 31 v ‘') 

11 

2 -year 

::no 

4 . 

Thurrock (0375 5122) 

in 

i-year 

sou 

5-8 - 

Wrckin i(i952 505051) 

n 

yearly 

1.000 

5 


Aiyglo- Scottish tnv. Ts t. >25 p) 43'.«® *18!^ ^PieS^civ l »" l 'cf*.vi"i«. |nv. Tit. (SOp) 73 

7rewlnr1a1 Cities Tst. '25 p' 24 
■Raeburn Inv. Tst >25 bi 125 (18 5) 

*n brook Inv, Tst. i25nl 40 (18 5i 
direr and Mercantile Tst. (25 p< 167 6 
River Plate. Gen. Inv. Tst. SpcDI. (J5p) 

Robeco 'll 50' 680':. Sub. Shs. (Reg. In 
Net. Prov. Bank! ifl.Si 598® (T0'5» 
Rollnco Ord. Sub. Shs. (Reg. In Nat. Pro*. 

IBa-k) 'FI. 5) 44 E 7 (16'5) 

Rnmnev Tsl (25 pi 95 4 M7 5>. 5oePf. 
39® 

RDieHlmond in*. Tst. Cap. (25 pi 75 
•18 51 

RorttscMId In*. Tst. (50p) 189. 3.5ocPf 
■ 50oi S3 115(5'. 6':prLn. HO (17-Si 
St. Andrew Tit. £25o> 120 (16‘5». SUdcM. 
«W 

Save Prosper Inc. (IOpi 151 M7I5L Cap. 
noai 61 ® 

Scottish American ISOpi 69':® B'ri# 7': 8 
't 7 

Scottish. Continental Inv. (2Soi 72*: S. 


Wrmts to Sup. 
Scottish ClUes Inv. 
158 


Tst. tlSp) 159. A 1250) 

Scottish Eastern Inv. Tst. i25pi 136)* 6:. 
4>:ptPf. 35U® 

Scottish European Inv. >25pi 38 
cottish Invest. Trust i25p) 961 5'* 
eotLteh Mortsaoc I25P) llO 1 ;. 5ncPf. 

A0<>® 400. 5L.PCPI. 42 116/5) 
cottish National i25p 1 14 V, 116ISJ. 
6pcPf. 51 1 * 1 16151 

Scottish Northern (25p» IDO (18 5l. 4-'.PC 
, PI. 38'- >1615) 

Scoxtun united (25p> 73 *•> 


Elsburg 

Free State Development and Invest 
lRQ.50) 74 
Free State Geduld (R0.50) SU519': (17-5) 
General Minina and Finance Corp. >R2 1 
615*i {17'S) 

Gold Fields Prop. (R04)2>*i 62® 

Grootvtel Prw. Mines (R02S> BO (18>5) 
Harmony Gold Mng. CRO SOi 301 (17 S) 
HirttbtcstlMItln Gold Mng. (R1> pllSB® 
Johannesburg Cons Id. Invest. (R2) £11^4 
Kloof Goio Mag. iRI ) 50 5 
Leslie Gold Mines (R0-B5i 40 
’.U>an on Gold (RU psoo® 

Loralne Gold CRIl 82 MS 51 
Lvdenburg Plat. (R0.12I;I 78 69 (18-5) 
Marlevale Consld. (RO-50> 89 
Messina aransvaaU Dev. (RQ^0> 76 
118-5) 

President Brand Gold (RO-59) suSIO'k® 
10 1 -hr 

Rand Mines Props. iRU 1030 MBS) 
Rugtenburp^Plet. Hldgs- CR0.10> 87® 90 

St. Helena Gold £R1t a76S 11 6 5 . 

Se (’trust Beoevk IRO.lOi 202 f*6 51 
Stlfontem Gold ,'RO 50) 226 '17<5> 

Trans- Nia> con Coro. IRO .501 148 (IS 5> 
Transvaal Cans. Land aid Exploration CR1* 
at 300 ;i6 5j 
U C. in*. (R1> 2D4 
Union Com. IR6V o26* 

Vaal Reef* Evpioration and Miamg (R0.5O) 
SUS14-V P1200: 

Vlakworlem Gold 'RIl 44> -Ip 5l 


Kenneth Kajang (10p) 98 
Jllra OOP) 68 £16/5) P ' 
fcuaU Lwnpur Kepong Berhad (SMa.1) BB 
London Sumatra (lop) 142 

Maietfe CUhr) ?; ( 15 S , 

Muar Rim OOo/ 531 - n8 - 5) 

"•«> 

Sogomana Grp OOp) 17 ? fis/S) 
bungel-BUiTU Rubber (loo) 63 (1S/5) 
*»?£*.* “ Ncw l,0pJ 79® 

(10771 

TEA (1) 

A*sam-Op0ari Hides. 20 a 'a (18.5. 
Assam Invests. 116 fiBISi 

esae 

Jokni Tea Hldgs. 390 ci6 5) 

SSfflTRjans. 300 

Surmah Valley Tea (25 d> 120® 

Worn* Plantations Hldgs. £25pi 224 

Western Dooars Tea Hldgs. ISO (165) 

TRAMWAYS & OMNIBUS 

A 4 n g 0- 3r r dDb! in & tSD ’ 13 ‘ ,S - Sl - 

Barton Transport (IGOpi lot 

SHIPPING (42) 

H ?17l« OS ' S, '* mihln A® Ort. N.V. 30 
Hunting .Gibson 140® tia-si 

(M 0 A Non - vrord. iVsiTj 112 

Owm Transport Trading I25a> 121 20 

5bSCDet). 87' j (17/5) ' ~ ** 4 2 - 

R No?,°V. S tSOm 56 r rS0B} >0 *»'S) A 
Rundman (Waftert r2Spi 107 ria>5) 

WATERWORKS (6) 

VSTnSgr S - 5pc 35 116 »• «« 
LT% r a %r 71 . . 

59 C 64■’ } ? M 10 , ptDb. 8 V ,8,S, • D °- 19 ^ ; 

M 9'S(s* 1»»« 5B * W ’ 36 ,,8;s *- 4 '025ocPt 

MldS outhorn 4. 2 pc PI. 71 (1B/S> 

a 4 -2P«Pl. 93 «1S!5l 

s - 7 | t> * 0My,,r e 3.5nt 36 >15/51. SlapcDb, 

l521^ r1 |S4il l !. , ? red - 5 4 BBe 5:s (17'5) 

West Hampshire 4 9pc 440 f>G'S> 

West Kent 3.15pcPi. uo, 4.025pcPi. 64 

- SPECIAL LIST 

Business done in securities quoted 
in tile Monthly Supplement. 
MAY 19 

MAY 18 
MAY 17 
May 16 


Ratu Kawxn £5 

beach Pets. 4b 

Purr® Phlfp 2U4 

Lentral Pafc Mlnorati 510 

Ciba Gcigv bupulnv. t94 s i*. 

Dunlop Rubber- Australia 127 3 

FaicMi bridge Nickel £13.-4 

Goodyear (ire £ 14-4 

Hardle Janw*) Asbestos 360 

Haw Par 36 ® 

Kulun Malaysia 44':® 6 7 4 
Lo Riche Stores 520 
Matheson (nv. 7 .'rocCnv. £102 1 ^ 

Moet Hcnnosiy FFr 65® 

Magnet Metal ia 

Natal Conv. Invs. S'rpcPf. 410 

Nctnork Finance 5b 

Nicholas firlnl. 75® 

Northern Mln>ng 64® 72 3 
Otter E». 22 
Pahang cons. 64® 

Panconi mental £12.78! 1Z.E4; iz^a 
Peko Wallsend 464® 

PMIIIps Pets. USs 36(4 
Procter- ann Gamble USS B6>;® 

Reef 011 10'?® 

Scon Paper £13 

Gpargo Er. 20 

Sid. OH California £36 u 

Super Vatu Stores USS 35?t 

Swire Preps. 54 ': 

Trans Canada Pipeline £10 «ib® 

Union Carbine £35 
U.S. Steel £25>4 
Utd. Technology £377® 

WectfaUan bands BO 15 

MAY 17 

Aetna Life SUS41 U® 

Bounty Trust 106 

Clba Gelgv 7>4pcConv. £93 

E^. Industries 198 

Eastman Kodak UI5569 

Gold Mines of Kaigoerlie 51;® tit® 

Hong Kong Land 137 
Houston Natural Gas £22“ i« 

Jardlne S«. 1174 
x. Man su«6Jj:® 

Kiddle (Walter) Ser. B Conv. SU532Ht«. 

eSr. B Cum.Coav.Pt. SUS45® 

MCA corpn. sussi -ro 
Mctramar 3 

Mid East Minerals 36® 30 
Ocean Resources 20® 

Searle <G. D-i £11'; 

Sears Roebuck tlS uffl 
South African Manganese 158 
VuMan Minerals 10>i 
Wheriock Mjrden A 43>z 
Yukon Cons. 166 


MAY 16 

Coles «G. J.) USS 2.20® 
Com.nto £19';® 

E'tra Cpn. £27® 

Florida Gas £24<4:® 

LTV CPU. Ubk 

Lauler Business Prods. £22*1 
Mm Dent Stores. USS 25 'a® 
McCarthy Gru. 45 
Milton (Roy) £11 '1 
Nederland BP. (5. A.) 140® 
North Flinders 15 
Oil and Mineral Ex. 28 
Oudemeesicr 27 
RLC Con. USS 12i<»« 
Rembrandt Grp. 207® 

Sthrn. Pk. Props, B-V> 

Tasminex 80 
Thyssen iDM 501 £40® 

Tooth 160® 

Trans Union £29la: 

Watte Management £!9(;0 


MAY 15 

Alliance Oil Developments 13N 
Atlantic Richfield £41 -VO 


Australian Foundation Bt 
B eech Pets. 42 
Bethlehem Steel £iBJi»o 
Combustion Equipment £13i>® 

bs as.. , ! a 2 8 7.; us »^ f -e. , 

Geo Metals 9i.>® . ... . . . >ci 

Gold Copper E« 8 • - 

Gould int. U5s30i«® p < -j ; . r 1 -. . 
Hawker Slddeicv Canada A cW'i’iV 
Hudson's Bay Oil a nd Gas £29>;V ' 
Klmberlev Clarke U 5.5481*® 

Norgcs 8':P£,1992 U.S3BGif»® 7® 
Palabora 450 . . 

Petrofioa £104: 

Stan rod B'apc 19SB U,5.Sa9IuDi <«® 
Selangor Coconuts 74 
Shannandoah Oil £31 -s® 

Smith iC. G.) 338 
South African Pulp Paper 109 
Texaco 4';pc 1988 U-5.S82® JitO 
Umoev 49® 9 V |t0 

Unilever N.V. IFI 20> 11 e ren ac® 

Weeks Natural Resources 199 BO 
Wooiwortn 1 Austral >ai 14 am 
Woalworth Hldgs. A 194 ® 

RULE 163 (2) (a) 

Applications granted (or specific 
bargains In securities not listed 

on any Stock Exchange. 

May ia 

Arbour Court invs. 9u 
Aston Villa FC £16'- 

B MfcDd “tlS* Uwa “ Tramways 5 pc Ext. 

B Sfte?M",.D£[”£3 L '' rM<f 3 « 1M 

Cedar Hi dps. 10 

Canister Tst. 1 35 

EJdndge Poor A 177 178 

Ferranti 310 303 

Grampian TV 37 

Lc Riches Stores 520 

Mining. fnves:mcni cpn. 29 28>i 28 23 U 

New Court Natural Resources 3 

North Sea Assets rqo 

Oldham Estates 125 

Or/ent FC 25- 

U Pried Friendly Insurance B 72 71 
Ltodown Inn. BscDb. 1984-69 £64* 

MAY 18 

Carolina Tea Company Q l Cevlon 5.6PcCum. 
Ceylon 'and Indian Planters Hldgs. 4S>; 

Channel Hotels ana Props. 18': 

Chesterfield Brewery dpcIn-d.Db. £35 

ClaxmiKe 35 

Clyde Petroleum 134 132 

Ecclesiastical Insurance 4pcCum.Pf. 290 

Eldridge Pone, a 175 

GRA Prod. Trust 12‘4 12?) 12'; 12U 12 

Oldham Brewery 70 E6 

Southern Newspapers 223 230 218 

SM's United Kingdom 4.3pcCum.Pf. 56 

Tokyo Trust 5.A. £2?r» 

TwMock 12nclins.Ln. 1 976-99 £74^: £73 
Viking 011 116 

Wesiev Water Authority Spc £42 £41 '• 
Wessex Water Authurily 5)>iic £41 >2 £42 

MAY 17 

All England Lawn Tennis Ground £50 Dbs. 

£4 .000 £3 .500 
Arden and Cobde 
21 1 * 20*i 

Cambridge Instruments 0 BS 0^47 
Cedar 5ocRed.Conv.Pt. 26 


Hotels 6'5pcCum.Pf. 


Central Scotland Ice Rink 125 
Church Army Housing Soooty 2<:pc£n. 
£8 £8 

Deikeitfi (Cevtanl 9p 
Drilling Tools North sea 8 400 
■ Eastbourne Waterworks 920 
Grcndon Trust UpeSub.Uns.Ln. £50* 
Kagera Irriests. SUS0.70.- v 

Portsmouth Water 4pcPcra.-t)b- £26 
Rjngers r ,FC.8O0'- - ' 

Stylo Basrau £goes 7pcCujjiJ , .r. >4Z 
TPG invests. S.- . ,i ".. . 

MAY 16 

Ann Street Brewery 510 
Aran Tnergt tOS 
Cnfla* Hldgs. 10 

□drum Fund 1 Ain iso 

Dcrioswell* Hldgs- 28 
Fuller Smnn: and Turner A .220 ■ 

Hartley Baird 1 ? 1 

Tncentrol wrnts. 1972-76^-1251. Cl 
Whillcy Bay Entertainments 103 .107 it 

MAY 15 

Celtic Basin Oil Exploration 50 
Fuller Turner A 278 275 
Home Brewery S 254 
Norton Villiers 3 
Ovuan Hlghtields SO 
Queen Street Warehouse 3<; S 
Wynns tay Props. 325 

AMENDMENT 

The follow i no appeared on the list dated 
Friday. May 12. 1978: 

Home Brewery S 250 248. This was 
Incorrect and should have read Home 
Brewery 5 250. Home Brewery 248. 

RULE 163 (3) 

Bargains marked for approved 
companies engaged solely in 
mineral exploration. 

MAY 18 

CCP North Sea Associates 862 -. 

Siebens Oil and Gas >U.K.) 3B6 

3B5 382 3 BO 378 277 376 3 
370 365 365 364 

MAY 17 

Siebens Otl ana Gas 1 U.K .1 366 364 362 
360 353 364 352 350 356 361 

MAY 16 

CCP North Sea Associates 875 
Gas and Oil Acreage 113 104 
Siebens OH and Gas (UK) 34 8 344 

MAY IS 

Clull Oil 310 

Siebens Oil and Gas (U.K.) 350 348 346 
345 544 342 

MAY 13 

Cliff Oil 575 

Siebens Oil Gas (UK) 346 344 340 

ERRATA 

jardine Matheson 231;® 1® should have 
been 223=® 10 ■ 1 5 S3 
iBu permission a I the Stack Exchange 
Council' 


3M 
75 374 


RULE 163 (1) (e) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 

MAY 19 

Allied Mills 95® 

Amtwl Pets. 74 
Anglo Utd. ISO® 1 
Argo Invs. )37® 9 
Avon Cosmet.cs £44 1 , 

BH SOdth 1 05® 

Beaver Oil 7 
Boeing £39%,® 
iv.ile C< 


Volelwuisbu'i Metal Hldgs. 

45.’ (18 5‘ 

We<kom Gold 'R.OSOi 265 52 CI'S'i 
Wesi Driefontein Gold (Rli of 900 31)524'. 
West Rand Consolidated 'Rli SUS1.63 
(16 ■Si 

Western Areas Gold (R1> 168 115 3) 
Western HlOgv TRO 50) SUS20-1® 
wmkelhaak 'Rt> 625 Z 
Wriwitersrand Gold ;RO-02<:> 40: 
Wttwatersrand Nigel 'R0.25' 40fc® 
Zandoan Gold n*n 190 'IB'S! 


BftW2PHo2i» 14 

Central Pac Minerals 525 
Condnc Rm Tlnto Aust. 230 
Dena Con. U51 27»«® 

Dvmo Inds. USi 27's® 

1 : 

Hutchison Whampoa SO 
Jardine Matwewn 235® 29® 
Johnson Johnson £64 < 2 ® 

Metal Eh- 26*.'® S'; 6 1 . 

Mnt. Lvell 30 t 
New Metal 4»® 

Northern Mng 71® 80 
Oakbridge 5ecs. 153® 8 
nil Search IT'- 12*; 

1 Pee. Conner 4s 

a ni .i 1 P’sheif Concrete U51 1.75! 
R.02 :l. Rodins £15*: 

Scuddir Dvovest 705 
Sricasl 38# 

Siemens Cl 04 ;® _ 

Sthrn. Pac. PC'S. 200 
Swire Pac. A 1131 
Tongaer Grp. 162 .. _ 

TrI continental USS 19-S £13 
Voile iwapcn £75 b® 

Welker iHram) A £24-i 
Whim Creek 50® 

Wood sloe Pets. 749 


15 


BUILDING SOCIETY RATES 


Ahbcr National 

Alliance 

Ansli.i 

r.imimuham 

liradiord and Blnglcy 

llrihiol and West 

Brisu'l Kfonomitf — 

Drilannia 5.25% 

PurnliM" 

CartlnT 

Catholic 

Cliclsra 

c'helii'tihatn and Clouco-slor 

Citizens Regency 

Liiiv of London 

Cot entry Economic 

(.love ut ry Pimnk'nl 

IVrbjhliirt* 

fi.iiciv;i.v 

Cuardi.in 

li.ttil.Ti: 

)l.istiii-/> and Thu m* l * 

Hv:iij »i England 

Il».ir!n '•! Mule & bitfield ■ 

lli-iiii>»n 

Hinidi i-iifld ISnidfOl’il ... 

i.cbMiiiVL-ton Sp.i - 

1 vrri<. i’crmancni 

Iritl'MiT 

Livcrpiml 

] o 1 iilfm GoHUwwk 

Mellon Mowbray 

Mubhires 

MurnnWton 

N;aional counties 

\.il 10:1 wide 

Ncwra-silc I’crmancnt 

Xrw Cro.w 


Deposit 

Share 

Sub'pn 

Rate 

Accnfs. 

Shares 

5.25% 

5.50% 

6.75% 

5.25% 

5.50% 

6.75% 

5.25% 

5.50% 

6.75% 

5^3% 

5.50% 

6.75% 

5 25% 

5.30% 

6.75% 

533% 

5.50% 

6.75% 

5.25% 

5.50% 

6.75% 

535% 

3.50% 

6.75% 

5.25% 

5.50% 

6.75% 

5.75% 

6010% 

7.30% 

5.00% 

•5.60% 

6.75% 

5.25% 

5.50% 

6.75% 

525% 

5.50% 

6.75% 

325% 

5^0% 

7.30% 

5 50% 

5.80% 

6.75% 

5.25% 

5.30% 

0.75% 

535% 

5.50% 

7.r»o% 

535% 

3.50% 

6.73"p 

535% 

3.50% 

G.75% 

5 23% 

5.73% 

6.00% 

5 23% 

5.30% 

0.75",*, 

525% 


6.73% 

.5.23% 

5.50% 

6.75% 

3.25% 

5.75 ", 1 

7.23% 

5.50% 

G.on% 

— 

5.25% 

5.50% 

6.75% 

5.25 % 

o.C0% 

7.36% 

5.25% 

5^0% 

0.75% 

5.25% 

5^0% 

6.75% 

335% 

550% 

ii.05% 

5^3% 

5"5% 

7.00% 

5.35% 

5.60% 

6.75% 

535% 

5.30% 

G.Tj'-u 

5-20% 

fi-20?5 

— 

550% 

5S0% 

680% 

ai!5% 

5.50% 

6.75% 

5.00% 

5.30% 

6.50% 

6.50% 

6.75% 

— 

5.25% 

5.50% 

6.75?o 

5.23% 

MB* 

7.00% 

3 25% 

3^0% 

G.75“u 


•Term Shares 
6.50% 3 yra, 6% 2 yrs. 

3 yrt, 6.00% 2 yrs., 5.75% 1 yr. 
6^0% 3 yrs., 8.00% 2 yrs^ 5.75% I yr. 
6.50% 3 yrsL, 6.00% 2 3TS„ 5.75% 1 J^. 
6-50% 3 yrs., 6.00% 2 yrs., min. £500 

5.75% 3 months' notice 

6-50% 3 yrsL, 6.00% 2 yrs., min. £500 

6-50% 3 yrs^ 600% 2 yrs. 

— • 550% over £5,000 

6-25% 6 monihs' notice, minimum £500 

6-50% 3 yrsL, 600% 2 yrs. 1 £500 -£l 3.000) 

7.05% 3 yrSw over £5,000 

6.72% 3 yrs., min. £500 

6:50% 3 yrs., 6% lyr. min. 3 mths. notice 

6-75%. 3 yra. 

— Up to 6% 3 months’ notice 
G-aO%. 3 yrs.. 6% 2 yrs., mm. £500-£15.000 
*-45% 3 mths.' notice, minimum £1.000 
6i0% S yrs., 6.00% 2 yrs. 

6-50% 3 yrs, 8.00% 1$ yrs.. EdaQ-floJHK) 
*50% 3 yrsL. 6% 3 Tnonths" notice 
6 -m 5% 3 yrs.. 650% 2 yrs- 625% 1 yr. 
650% 8 months' notice, minimum £2.000 
650%, 3 yrs., 600% 2 yrs.. £100-113.000 
8-35% 2 yrs. 

650% 3 yrs- 8.00% 2 yrs., min. £1.000 
8.50% _ 3 yrs., 6% 2yrs. t min. £100-£15.000 
0-00% 3 yr6,tl0% 2 yrs., min. £1,000 

63S% 2 yra, min. £ 2.000 

650% 3 yra, 600% 2 ) ,rs - min. £250 

625% 3 months 

650% 3-4 yra., min. £500, 600% 2 yrs. 
680% 3 yrs- 6.50% 2 yrs. 


650% S yrs- 600% 2 yra. min. £100 
6-23% 2 yra, minimum £500 
0-50% 3 yra, 600% 2 yrs. min. £500 


.Nurthcni Kock 

Yiirw ich 

r.n.'.lrv 

|V(-kh;iiti Mil Uinl 



\*J.VilVfSlVl* 

i'lTipcrfy Uuners 

rrowncial 

M-.ii'i'tn 

Su-.-ri-t .Mutual 

Tpim suid Country 

M'noliwi'h 

* Kates normally variable in line with changes in ordinary share rates. 


5 50% 
523% 
3.-m% 
B.l.25% 
525% 
5.25% 
633% 
323% 
5.25% 


600% 

630% 

5.61% 

600% 

5.50% 

j.aO'Vi 

S.S0% 


6.75"o 

G.75% 

7-5% 

li.73% 

11.75% 

7.05% 


,1.50% +16W>% 
5.5(1% 675% 


6-30% 3 yrs.. 600% 2 jts- 5.75% S mths.. 
663% 3yrs-C.4%2>'rs-613%3mths.not. 
640% 3 mths. not 14.50% lo limitd. cos. 
6S0% 3*4 yrs., 600% 2 yrs. 

650% 3 yrs.. 600% 2 yra. 

6-85% 3 yrs- 655% 2 yra- 625% 1 yr. 
6-50% 3 >TS- 6.00% 2 yrs. +Max £250 
600% 2 yrs., 6.50% 3 )TS. 


MINES WEST AFRICAN 

Amalgamated Tin of Nigeria fHUgs-i (10m 
26=; '.IS 5. 

Gold and Base Metal (12J=P) 9 (16/S) 
Janter 112'iO) 10': (18 S) 

Diamond (12) 

De Beers Consd. 40ocPf. Ilf.i fRSi - ’ lit* 
:iB 5). Do. Dfd. (Rrg.) (RO.OSi 3510 
39 S 

OIL (238) 

Attock Pet. 'ZOpt 80 (tBifi) 

Brltisit-Borpeo Pet Synd. (10p) 156® 9 
British Pe£ 8830 5!® J» 8» 90S ® 4® 
HO 78 82 74 S 50: 84. BpcIatPf 699 
(16,51. SPOstDb. 97 85. 6pcDo. SB': 

Bur man 640 3 4 5 38 7 J':', 6 48 2 'j 
fipclttPf. 39- 7i<PCPf. 47 6*s >1SS» 
BpcP. 515 ilB'51. 7>DcUmcd.Ln. 65. 

6 '.-pcUnscd—n. 80>: U7 Si. B'^cUmcd 
Ln • 60 

Century 0>ls Gp. <10p) 57'j 
C harter hall >5 p> 23'-:® J: < 5 
Conoco 7':PtUnsci:o.Ld. §3-’>® 4® (18 5) 
Emo Pet. S'vPClttDb. 99'* S-:pc 

1st DO. (1979-831 78'.;® (18/Sl 
KCA intemtl. >25 p) 259 10pc2RdP. 

(2^pi IJ. '« '15 5) 

London Scottish Marina (25a) 1 690 7. 
Oil Prod- Sin Units >10a) 360® 11815'. 

14otUrucd-Ln. 103® 

Oil Eapln. ( H'dgs. • tlDp) 232 8 
Premier Consd. >5p> 15> 17 
Royal Dutch Petroleum 'HiOi 44.:, 

Shell Transport and Trading (25p> 5540 
610 52':® 2® 7:e 60 S 60 53 2 2: 
4 8 9. Ord Br. 25pJ 5&A:. 5'iPClStPI. 
45 >15 51 7pc2ndPf. 61 »- 
Stenua Romana ' British) i25ol 14 (15 5i 
Texaco ms. Cap. ISUS6.25) 21 •* 18-5' 
Teuco Intefnatipm Financial Corporation 
4'tPcLn 630 2 

TricHrirot G5p» 186® 80 Z. Ord. C£5n.' 

182.-.^g >19 51. 7scLA 194-5 (17 5l 
Ultramar OSdi 2B7® 4 1 3 7 5 2. 7pc 
Pf. 1 57 >; 

PROPERTY a 58) 

Alliance HldMU 9'-_SJcDb. 77:* 

Allied London OOp) 53 1? 

A/lnatt London liip) 1» 

Amalgamated Stores (Spl 91* I1BI5) 

AquH Securities (So) I8t (15i5] 
wS&df^v'nes lO'jpcdb. 72 t16/5>. 
Avenue Ctese^iZOp) 6J- <16/3) 

Bamoton hubs. 8(*pcDp. B6>j tisiS) 
Baak ConuMrtuat Hide, flop) S'- i'7)5) 

ilB/w” ‘ M,,, 83 ,,8 ' a, ‘ 8,1CL0 - 61 

Bellway Hlogt. U5pJ 63 > 

Berkeley Hariioro >2Sp) 990 8 
Billon >P.) 05o) 159 60 11713). Accurala- 
tion She. Ssp) 136 11515) 

Brltah Land i25p) 32 30 29:. 30':. 

l5pcDb. 106 (17/5). l2pcLn. 1M (17/5) 
Brixlon Estate (25p) IbT* 3 

^SSLnf^O^f* WSP ’ 4711 1,8 «■ 

Carding iSp) 190 ■■•«. 9':PcLn. 74 HE/ 3) 
Carrington 1 0 rests. (500) 90 115/5) 
Central and District 6-‘*pcLa. 80 
C to ir ovine wl Estates >20 d) BB’; 6 9 US'S) 
Chylwood Alliance Hldgs. 7:®cLn. (SOo) 

Chesterfield I25pl 290 H5-'S) 

Chown Secuntlo I25p> 12 :0 
Church bur— Estates -25 p> 2350 
City Ofllces (25 p) 50':O- ^ 1 tlt'S) 
Control Sec (too) W- 
Corn Exchange MOpi 171® 

Gauntry New Town (TOP) 220 2 (16 5) 
County District 'I Op) SS >17 5l 

D*eian Him*. «I5B) S4'^3 a 
Dorrrngten invs:. MOp) so . i £;5) 

English Proa. Cos. 'SOnj 39® 7-« 8 6’- 9. 

6':KLn. B2®. 120CLR. 85® 3:a ' 

Estates Age—cv Hiagv i25ni 44 (IG'S) 
Estates Gen. lavs. i20p) To 
Estates Prep, Inv. U3o) E5 '? 7 :tb 5' 
Eusion Centre I0.4pcl 82’* >;6.5I 
Evans of Leeds '25oi 95Q <18 S) 

Great Pcrriand (id. >500) 238 
Grircn IR., i»Oal 40’; 

Grfvixcjt (5 p) 7’rri 8® 

H-m^rsan Prep. tnv. Tst A <2Sp> S7o 

HasiemwV Eft*. DOB) 231 
imry Prep. HlOas. O5o) 302® »18*51 
Interifuropean Prap, Hldgs. ilOm so 
Kennlngs E*«. S-oePf. 40 IIS'S) 

Land Investors (25c 40>* 

Lana See*. Trua tSOp) 2 OS. B'issLb. 6fi. 
SMda 1570. GUccLft. 1380. lOoeLn. 

Law Land (20 n) 3*'^. 7 orDb. 60 t* 
riB'Bt. 7t:PCDb 70'-® i*6(5i 
Lmvu (John) dpcDb. 73V® 4*®. 10PS 
Db. 93 15 5) 

London Pm*t, Shop MOp' PS 
Lsodpn Ccnonr Flteid 3-iPcDb. 64'* <i 5 5) 
B'-ocDb El H7-5) 

London .Shop ft'-ocLn. BS r 18'5» 

Lvwnn HUfsf, f?Qp) J 12 
MFPC (25") 120" 2 1. 4kO» SO 401*1 
•IBS). PpcL*» 60'-, SprLft 91 ® 

Uwhr E"*c t75o’ 2 *N MRS) 

^tTsi RIV ‘ Sur0llK Land 6 ^KDb 62 
VWhiirtt White 

M or kiew < A. J.i ;2Snj 1140 14* 15i 

Nnltnn | 2 C -1 40 lift®)* 

“rnhrv r7Sol BQ’-O 79'- 81 77-- 
P (t 8 * 5 i r ® FY,frl ' enflrY ,R *. A (250) 287® 
P r operty Hldg. Inv. Trust OSoi 203 

Prawertv Partnerships >25p) BE iiv 5 * 
■reMrtv See. lovegf. --Mo; 136 (16 5i 
Paglet Praoe-tv i5o» 5><® 5 
ReoalLan P-ppx. :25oi 11 17 5> 

Rea-gaat Prsos. -25a; B9 (165). A 
■25si 53 

Penis Psop. HldPi. S'/orL.t. 60> I15 5) 
Rush Tomekios Greuo <25P< 138^0 20 8 
Skinuci Praps- '2 Sp> SO))® S3 1 
SeottiWi Meera Prop. (20p- J06 nfi s, 
Mwond C'tr Prrxn nop' 37 
Sloagn Lratri :2Sp> IT 70 T3:» 15 5*Ss. 
lOPCLd. 1560 

Steel t C«p>. inv. >-25pl 23S fi . 

Sorter *gern«r5i tovesi- rZSm 198 


MAY 18 

Aluminium Co. of America USS 481*0 
£40'* 39’* 

American Can £34 'j 3U|r. 

American Telegraph.. and Telephone £52 
Ban: Resource* 445 
Australian Oil and Gas 40 


GOLD MARKET 


I May 19 


3lnr 18 


GnW Bullion.' 1 

ia fine uunevi 1 I 

i ,S17Bl«-179 >177»4-178 

riiynins: s 17815-179 U.S 176)2- 177U 

Morning fix's 5178.65 5176.75 

>I£98.66D) l i£S7.49Q) 

Afieru'n 62-68178.80 If 177.90 
(£08.523) '(£97.828* 

G*.:.l foiii-.... ( 

d»T*e*l iitelly.; , 

h'rucernuul.. .5 18312 1851; S182U-184U 
t£lDll-102i) i£10Di-lQli) 
X'v vn'xni.. 5643j .56k SS5-57 

(£30U-31U> 'i£30U-31Uj 
OI ds-jv*rgna. 655U-5714 '£65-57 

(£50)2-3X12) .'(£3014-51)0 


G.*M Cuius i : 

llliternafllj)- 

Emccrrand.. 818312-185(2 S1B2U-184U 
(£ioi;-i 02 ;i i£ioo* ioui 
Ne» Sn-'igna S54i* -563« S55-57 

(£30U-31U) (£30U-31U) 
OH s.'-v-rena S56U-57U S55-57 

|£3012-3He) i£ 30U-31 U) 
S2D EajtlM— ,8275^78 ,8274-377 


CURRENCY RATES 


Special 

jjiAwmcr 


Uni: oi 
Ac conn' 


May 19 I JJ*i> 19 


SierlinB— . 0.670311 

Cb rt.-ller U21467 

UaDBiiiMn 1.3506G 

Aiulra vrti — 18.4387 

Bektwn none 40.1114 

Oani-h Is tone 6.94488 

Deni -hrnrrif 8.56478 

L'ut»-ii eU'Mer 8.74576 

rrenc*. I me. 6.658:4 

(in l ir ii lira.... i 1057.45 

lafnncMt.ven. | 876.357 
V#.tw I, >- kn.ne i 6,61995 
9B.5352 
liMi-l'ki'W ' 6.65089 
n I;. :teDi>-. I 2,38890 


0.672233 
1.81762 
1-35 543 
18.4868 
40.2089 
6.96132 
i 2.S72S9 
t 2.75306 
5.67396 
I 1060.51 
' 277.255 
I 6.63622 
98.7B12 
. 5.66681 
2.39088 


MONEY + EXCHANGES 


Bill rate eases 


Bank of England Minimum 
Lending Rate 9 per cent 
(since May 12, 1978) 


all bills offered were allotted. Next there was the customary Friday 
week £5Q0m will be on offer re- increase in the note circulation, 
placing maturities of £300m. Discount houses paid around 71 

THo Kill «»o Fail h* Initial official projections per cent for secured call loans 

_ J* “® Treasury bill rate fell by pointed towards a surplus of day- at the start and dosing balances 
0.0107 per cent at yesterdays to-day credit and conditions were taken between 6| and 7* 
tender to 8.4524 per cent, and tended to be patchy with the per cent. In the interbank 
Bank of England tytmimtim lend- Bank of England eventually buy- market, overnight loans opened 
ina rate was unchanged at » ner in * a 311311 amount of Treasury at 8J-8J Per cent and eased on 
Z S5 bills from some discount houses official projections to 71-7J per 

, *0 alienate the shortage. cent. However, rates then firmed 

was £97.88} compared with £97.89 Banks brought forward balances to 7}-S per cent before easing to 
and bids at that level were met above target and Government dis- 6-64 per cent and closing in the 
as to about S per cent. The bursements also exceeded region of 7 per cent. 

£350m bills tendered and allotted revenue transfers to the Rates In the table below are 
attracted bids of £886 .87m and Exchequer. On the other hand, nominal in some cases. 


Uay 19 


Hay 1 
197E 


Sterling 
Ceniflinte 
of dp|x*)ts 


Overnight......: 

i day* not Ice.. I 
7 day* ur 
7 day* nolle/. 
One month. .. 
r«™ Riomhu.. 
Tlinw- months 
■itx mom he... 
Nine months. 

Uue yao 

r»« yrarv 


Interbank 


Local {Local Autli.i Finance 


Antlinrify neRotiafile 
deposits 1 Ninda 


Hoose 

Deposits 


87 3 -858 

9A-B78 

9*8-914 

9i.*.-9ft 

S'.r.-Ssa 

10-95* 


5-8*4 


81. -81b 

815-9 

914-938 

9li-9l 8 

958-970 

958-10 

954-101). 


a is 

B&s-Bia 

85.-9 

87g-9 

•<r>i9 

95fl-97a 

X01--105. 


91.-878 

Bu-aij 

9l 8 ^fi6 

9lg-85a 

9 12-9 

95.-91. 


B-9 

9-91. 

9l»-01s 

9*8-95. 

95a-10i« 

10i. 

1048 


I Discount | I Eligible I 

Company) market 'Treafiny Bank |FineTtarte 
Deposits 1 deposit ! Bill*® I Bills® [ Bills® 


8 


9 

91. 

9*8 


7-73, | - 


'. 7i.-7ia 
j 71j-8 
! Bi? 
Big 




B3a 

Bis 


058-8 ri 

83. -ey 

a« 

fl™ -9*3 




it 


« 9, « 

95« 

94. 


Local anthoriucs and finance hr>nses seven day*’ noUce. others seven days’ fixed. Lons-tertn local auihorify raortsape rale 
nominally ihree year* HMD per cent; four years 113*111 per u-nl; five years 12-12i per cent. ® bank Dill rates in (able are 
buying rales hir prime paper. Buying raws for (vur-mumh bank bills 94ft-8; per ccni: (our-monih trade bills 91 per cent. 

Apprimmate selling rates (or one-montti Treasury bills Si per cent: two-tnanili 83\t per cent® and three-month Si-8 u i 
per cent. Approximate seliJrw rale for one-nnmih bank bills 3/ per cem: and iwu-momh SI-S'i® ner cenl: and three-month 
S u i» per cent, OrK-muniii trade bills Si per cenl: two-mnoth 9 per cem: and also ihrec-ninmh Pi per ccni. 

Finance Hsnsc Base Rata ipubUshcd by the Finance Houses A*sociationi TS per cent front May 1. I STS. Clearing Bank 
Deposit Raits ifnr small sums ai seven days’ noUcei 6 per ctou Gearing Baidu Base Rata for lending 9 per ccni. Treasury 
Bills: Average tender rates of discount 8.4524. 


EXCHANGES AND BULLION 

Conditions in yesterday’s slipped to 6L5 from 61.6, having 
foreign exchange market showed stood at 61.4 for the rest of the 
a much steadier tendency ahead da /' ..j.. , 

of the weekend and most 


FOREIGN EXCHANGES 




Marked Main 

May 19 

Male 

OP 

Lay's 

Spread 

Ck»e 

S«w York.. 

7 

1.8060- 1 JI17D, 1.8055-1.8078 

Aliintreal — 

Hij 

2.0080-2.0225 2.0886-2.0086 

Aniatentam 

4 

4.08-4.1 l 

4.M3-4JHJ 

BruraelFt-.. 

5ia 

63.60-69.80 

53.60-58.70 

Cupenbaneni 9 

10.33-10.41 

10.33-18.24 

Franlrfnrt... 

3 

fi.8U-3.04 

3.B2J-3.B3J; 

Lisbon 

18 

B2.Sfl-B3.Dfl 

82.45-82.95 

Ma.lrid 

8 

I4630-147.BG 

148.80-146.78 

Milan 

Ilia 

7.573-1.S80 

1.8734-1.674* 

Oslu 

7 

8.064-9.90 

9.8&i-fl.B6/ 

Fart- 

Bia 

8.41-8.46 

8.414-8.42* 

XuL-khuldl.. 

/ 

8.40-8.45 

8.40*8.41* 

Tukyu 

SI* 

4 70-4 IB 

411-418 

' lenna 

bis 

27,40-27-66 

27.48-27.65 

Zuivrli 

1 

3.66-5-684 

L 66 U-S .5714 


dollar during the afternoon The dollar gained at the expense 

pushed the rate back to S1.8060- of the West German mark lo .*«.« 

1.8070. There did not seem to be DM 2J.170 from DM 2.10771 whUe Vlkiv.... "i L I m-tia 5 

any intervention by the Bank of the Swiss franc also lost ground to Vienna..’.’....! si 2 [ 27.40.27j1 

England as any easing in the SwFr 1.9745 against SwFr 187. On BunHi 1 1 I 3.66-SJ8, 

pound merely reflected the dollar Bank or England figures the “ Ra t«~i iv^ftTSSiwiibinssS: 
movement. In fact sterling closed dollar s index Improved to BO.o Pm and at francs 50.70-3fi.90. 
slightly off the bottom at S1.S065- from 90.4. 

.8O10, showing a loss of 1.05c. Gold closed $1 an ounce firmer 
Using Bank of England figures, at 8178i-179 in moderately active 
the pound's trade weighted index trading. 


EXCHANGE CROSS-RATES 


J A lav 19 'Frauimirt.'Aew York 
l 1 : 

Pari* 

bru -«*■/, 

Lxnrton lAniri’-rm *Cunrti 

Fra ui flirt 
Stir Yurii 

Mari- 

Hruswla-.. 
Lomiim.. . 
A mat lain.. 
Zurich^.... 

- 1 2.1146-60 

47.10-14 1 - 

220J7-S7 W.6e26J t 64fi 
b.riL-6 32.97 33.02 
5.821>3i' l.rOS.75 
KK.9B2.0S5 2^692 1617 
43.182734? t.a71^3 

46JCL40 
81J4 3B 

7.07-1Q 

8.4 1 4-4 2 a 
4bJ>26J>75 
1227363391 

6.401 -4 U 
31/2-326 
14.103-137 

59.60-70 

6^476-aMSj 

b^82-987ff 

i.B2it33 

1J/08&-105 

0.43-41) 

68.87-82 

4.0825-75 

3j6724-74 

HS.4 V3 1 ir*7.0& J5 
44.0-Iu 60.60 70 

2D6A>.45- 3s5.(U-:4 
14. 38 J- 3 I 1 -.71-77 
4j)Bj M* 1 J.WJ-67* 

- 114.665 715 

47.0198 214 — 


OTHER MARKETS 

■ Xmea Hate* 

Argentina.' I.405-1.40B .Argentina. 13HM5W 
Australia.. !.605l-1.GISIAui>lrut .... 1 27-281 

Braiil ■ 50.83-5 1.B8 Bdgiuni ...- bfii-EI 

Finland... 7.7GIS-7.7G74.Brarjl / 25-58 

Gireei-e 67J!20.88.BBE i Csus>lm -2JDI-2.05 

Zurich Hong K«m£; 8.43F-S.482 [Uenn®rfc.J 70-55-85 
Iran 125-131 'traui-e '8.40-8.55 


UjS. S in ToranLo t/-S. = 1 11,14-1 11.1B UsnscUsn cent- 
UB awU a n S la New York =50.06 OS amt-. U.S. S in Milan 870.7Ci-.S71. 
Sterling in ililMi 1679.06-35. 


EURO-CURRENCY INTEREST RATES* 


Luxemli'n: 58.60-59.70 Yi reeve 88-72 

MbU.vmh-.- 1 4.56-4.57 flialy '1560-18211 

A- Zealand 1.7817-1. BD95- Japan.. | 406-4264 

3»*-o>r JMurti Arab' 6.21-0.51 ;XeIbcrrndi4.0W.2fl I 
6S5 715 Siine»f«re-I 4JS4.2B JXwrwsr ....'8.85-18.05 
«». AIricB...;1^ffi6-1.5910.'Pi>rtiigiil...i 75.86 

t'- s I p|«tin 1145-148 

C'siib-Is iSiritz' lan>j' 5 J8-3.65 

CS1 iL'ji '1.81-1 J2* 

U.9. cento.. 89.81-89.94 ,3'iiaoalsvia: 54-58 
Rales given for AntePUna Is a tree rate. 


FORWARD RATES 


May 19 1 Siennas 

! 

tajutman 

Dollar 

U-3. Dollar 

I'utvu 

Uutkiera 

3t> Uu -it. Ucmuui 

kmc : ("ark 

1 Sl»n tem>...| O^-lOU 

J ila.rs nonce lU-lOig 

Month 1 LOJg-lOfit 

Three month*.; 10 fa- 11 

Jh moatha....l 

line Year '113 b-121 3 

6ig-7i a 

6i s .7)a 

(l 2 -77B 

u-aig 

714-713 

7»« 71j 
77„ gig 
VS* -8 
aia-«iJa 
su-ais 

43a-8aa 

4I 2 JW« 

«*-s 

5.5(4 

I4-S8 ; a's-JiB 

78 1 J 31:-3ig 

iu-isb j 

JA-Iri fi'-p** 

179-2 3,4-Hfc 


| One xnnrnti 1 Tbree months' 

New Y>>ric.0.604).40c.pfD lo.47-0.37 i-.un 
5l*.intreal . 0.55-0.45e.[im |l.45- 1.3S»^pnt 
Atnrt'rtnm SSa-X^a c.pm ’7ig-6ig c. pra 
Brusvel*... -30-20 e.pnt -80-70 c. pm 
Cop'nbgn. 2ij-45* ore ilia !7-9 uie di* 

Fra unfurl 2Tj-i: a pf |in> '74* -64] pf pm 
LisNm 28-85 c.dn, I12D520 u-dts 


Euro-French deposit rates: two-day PS-34 per cent: seven-day Sl-a, per cent) Sladrld... . '25-100 c. ills '125-195 c. dis 

one-mouih fij-B per cent; ihn-e-momh 95-fiJ per cenn an-m mwh Bi-lW per cem: ^lilan 3-6 lire dis 9-13 lire ilia 

-year IOUm-IUis percent. 0*lo ....... 1 < 2 - 31 b ore di* 5-7 ore dis 

Long-term Eurodollar di-poslis. two years S7»-59|6 Per cent: three sears Rina ....... 2-1 c. pin 3I<-2U L -. )>m 

Si-bl Dvr erne four years 8Un>-Si5i$ per wnt: flve yearn (yti per ccnL slt\-Llwliu l«re pm-loseJit 3)*-Ji* pic pio J 

The (oDowinE nominal rates were quoted for London dollar certifies ics uf deposit: ’ ieniui..- 13-3 pru pm |32-22 pm pm 

one-month T.55-T.SS per wnt; thre^-month «.>5-iJSi per vem; ox-monili S.OS-S.15 Zurich StftU c . t wn .9 -8 >-. nm 

per eenc nne-yi-ar 8j3-8Jj per cenr 

Shon-Ieno rales arc call for sterling, U^i. dollars and Canadian dollars: two Sot-momO forward dollar 2.7S-2.fise pm. 
days' notice for Builders and Swui, iraneS. 12-month j.73-3 JGc pm. 


UJC. CONVERTIBLE STOCKS 19/5/28 


Sntiiries provided by 
data STREAM International 


^ame and description 





Con- 



Size 

Current 


version 

Flat 

Red. 

(to.) 

1 price 

Terms* 

dates 

yield 

yield 


Premium f 

Income 

Iaieap(+) 

toearC-JO- 

jenrrent 

Range* 


Conr.5 


Current 


Alcan Aluminium Spc Cv. 89-94 


9.05 152,00 ZO0.O 76-80 


6.1 


3.6 


Associated Paper 9Jpc Cv. 85-90 1.40 108.00 20a0 76-79 


02 


9-0 -10.2 -10 to 1 8.6' 9.1 


0.4 +10.6 


Bank of Irelaad IOpc Cv. 91-96 


8J22 188.00 47.6 77-79 


6.0 


- 4.4 -12 to -2 17JS 9^ - 4.8 - 0.4 


British Land 12 pc Cv. 2002 


7.71 129.00 333.3 80-07 


9J1 


9.1 


20.9 


10 to 30 0.0 01.5 85.8 + 64^ 


English Property 6 * pc Cv. 38-03 


8£4 82.00 234.0 76-79 


S.0 


82 - 9.0 -U to XI 8^ 3.1 — 5.7 + 3.3 


English Property 12pe Cv. 00-05 


Hanson Trust 6ipe Cv. 88-93 


15.31 86.00 1S0.0 7&84 14A 14.1 48il 45 to 102 30A 48.0 31.0 - 17 ^ 


4.51 87.00 57.1 76-80 


8.1 


OB 


Hewden-Sluart 7 ^ c v _ jpgj 


1 to 10 115 8 J —22 - 3.0 


0.07 270.00 470.4 75-79 


- 7.4 —17 to -7 9.1 6.7 - OB +1 


Peniui- 15pc Cv. 1985 


1.06 138.00 16B.7 76-82 11-3 


Slough Estates IOpc Cv. 87-yo 


5-50 157.00 125.0 7S-87 


b-5 


Tozcr. Keiusley Spc Cv. 1981 


7J33 92.00 153J 7+79 


8.7 


9.0 - 02 - 3 to 36 42.1 49,0 

5 to jft^5t^57.3 


32 


7.4 


.0 




11,0 




12B 


Wilkinson Match iflpc Cv. S3 >98 


,11; to 3S ; .7.1 7.4 


0.3 


-12^ 


11.10 96.00 


40.0 


rs-83 


105 


1-1-0 '34iS : 20 to 40 27 2 41.3 20.1 -14.7 


* NurnbiT uT UMmary aharea 
cost of ttw etimty uj Ui 
This ,-ncame. taasregsed 


ary shares into w&ch 1100 muninsi ol enawnMe «wck Is convertible, t Tto esira cm ol invoamtD* in eonrenible expressed as ner cei)L of th. 
« U«e convent sic : Thnw-nionJ) ransc- 1 Income uo number of Ordinary shares wio urtaeh r>00 nominal or convcnibL- Is 8 

-- In Pena-, Is smnmcd from present time until income on Ordinary shan.-s is araaier than inaame on HOD nominal oi uuiv-rJih!,r ®“*enlWc. 

S«*j?ibte c ? rUfr ^ »s ussnmed 10 s row al in per cent. Per Abnum and is uraant vSoud «1J per i®nL wr nn^nn^ 

oo 3Tj -fr~/ c - *^ome is stanMed ttmH esmrendon and present valued at 12 per cem. per annum. ?i This it (nmni» af (h» converUble leas topoinp «( °f 

of of the underlying cmiky. C The mMvmtenrnw^vmSSSi %S^En£: dtf^S air^d t^t 

undurtrine cwtr. + dm laticaiKm of retutve cheapness, - » au htdlcadoa of relative dtarpoa. a M Kr ««- of value of 




-1 


24 - 


~ ^ ■ 


Fin 


ta.ncii.l- Time* Syntax- M«v 


STOCK EXCHANGE REPORT 


Credit curb and inflationary fears undermine markets 

GUts at lowest since August— Share index off 10.3 at 470.6 


Aeconni Dealing Dates measured the overall fall with a closing 7 down on the day at 5 to ISSp, while Tate amt We meat that a brae shareholding Small sales in an unwilling mar- 
Option loss' of 0.3- to 70.45, its lowest 92 p. Gussies A lost 14 to 274p and touched a 197S low of I70p before has changed hands. .llacfarlane ket clipped several pence from 

•First Dp clara- Last Account since August -b of last year. British Home relinquished S to closing 3 cheaper on balance at found support at 65p. up fi, and Investment Trusts. Atlantic Assets. 

Dealings tlon.« Dealings Day Traded Options had a subdued I92 p- while -Motbercare shed G l71p. J. B. Eastwood eased 3 to E. Fogarty closed 5 harder at l#>p. a firm market of bite in sympathy 

May 2 Mavil May 12 Mav23 day with the underlying securities to l*Jp and Burton A 5 to H3p. sop on the prospect of -reduced Motors and Distributors had with Oil Exploration in which it 

Alav IS Afav 25 Mav 26 Jusa 7 showing all-round losses. Volume Marks and Spencer touched a egg prices, while Associated Bis- contrasting features in Turner has a substantial stake, reacted 4 

AlavSO inn R tan *i Jnn"*>o was well down on recent levels J975 * low of 134p before dosing 3 cuit, a firm market of late on trad- Manufacturing, g higher at 117p, to 9Dp. Similar losses occurred 

with contracts totalling 425: this down on balance at 135p. Else- ing news, reacted 4 to Sffp. In and Lucas Industries, 10 cheaper in Rothschild Investment. I90p. 

From "jb HMbMtaejB^aw earihf/ compares with 716 on Thursday where. Freemans lost 6 to 3H5p Supermarkets. William Morrison, at 3Q2p. and Investment Trust Corporation. 

Reoiioripp to ran >n« and an average of more than 800 but A. Goldberg rose 3 to 67p tn at 222p, held the previous da v' 5 nse Newspapers had contrasting 21 Op, while Dualvest Capital were 

economic anri mnnetnrv inrfioa in the ,irst three days of the response to the higher annual of 7 which followed the chairman's features in Thomson, which lowered 7 to l»7p. London and 

tiems evanarated Swisi *nd week. ICI was the busiest of the earnings. statement at the annual meeting, eased 13 to 2tklp on general Lennox eased 3 to 72p and Foreign 

stock markets had* their worn day with H5 trades, but the July Ever Ready featured Electricals. market uncertainties, and W. N. and Colonial 3 to 156a Against 

session for some weeks Lead in- GOO position of SheU attracted 57 losing 1 Oro J39p on the profits Mist* leaders fall Sharpe which firmed S to 175p. the trend. Brycourt and Argo In- 

0 deals. setback. Thom Electrical reacted 

The investment currency mar- similarly to 330p. while losses of Reflecting fears that fresh curbs 

ket was less lively than on Thurs- around S were sustained by t!EC nn '’■redii may soon be introduced 


equities gave up IDp and occa- 
sionally more, while the majority 
of secondary stocks, main con- 
tributors to recent underlying 
firmness, also reacted and British 
Funds sustained falls extending 
to J in more animated tradin'-:. 

Further criticism of 
authorities' apparent lack of 
concern about monnv .stock 
urviuih and future runtime un- 
settled the funds which, having 
to contend with increased selling. 

fell rather quickly. Tilts accel- „ , 

mod the downturn in the Rf C v"‘ n ^i L ttat - the 
industrial sectors where blue- *,?\ re, W se * he 

chip issues were particularly ™ r * et c °"* ro J 5 ank Iend ' nii 
vulnerable. and perhap* enforce other 


day, but turnover was reasonable 
and picked up in the later busi- 
ness. The premium trade between 
the extremes of nil per cent 
Vhe and U-? per cent before closing 
J down on balance at 1 i2i per 
cem. The conversion factor was 
O.UTijO (0.6736). 

Banks dull 


Sppcuintinn mounted about 


excess 



bo ■ 
ao- 

40 


30 


after lSap. on demand in a thin vestment put on 4 apiece at Tfip 
market and vague takeover and !42p respectively. In Firan- 
rumours. fn generally dull cia Is. Fashion and fieneraL at I25p. 

held an earlier rise of 3 following 
the results. Challenge Corpora- 
tion reflected Oversens advices 
with an improvement of 7 to 134p. 
bui S. Pearson met with profit- 
13 kin 2 following recent strength 
and closed 7 down at 2(M)p. 

Reardon Smith became promi- 
nent in Shippings. Hie Ordinary 
falling 16 10 (19p and the 4 to 
35p as dealers attempted to find 
a trading basis. 

Textiles had an easier bias 


FX- Actuaries Alt-Share Index [}?_ 
Adjusted tar Inflation 



^ measures 10 overcome 

pending credit curbs either bv . fu r tbe *l V n " 

the imposition of enrset controls .^ e ? 3 i or .^ ea £ ,n ® ® a 5]? s - 

on the clearing banks or higher Midland ended 13 off at 362p. 
interest rates, while the announce- after 3b0jT and Lloyds closed 11 
mem of nst month's retail prims easier at -ijp. after 272p. Barclays 
index finally proved too heavy a * l "' sbed J®-, . < 2J n ' a £ ^40p, after 
burden on market sentiment. 338p, and INatWest 9 off at 275p 
Although these indicated a after -lip- Bank of Scotland 
yenr-nn-year inflation rate only w,th a loSB 01 ” at 290p. 

j-liuhily above expecrai ions, the The prospect or a credit squeeze 
April increase was the biggest also left Hire Purchases easier 
since April of last vear. Conse- throughoui the list with Llo.vds 
miently. rallies were short-lived ami Scottish cheapening 3 to 92p 
:md Hie F.T. 30-share index closed and Wagon Finance 2 to 44p. 
near rhe day's lowest at 470.6: the With the exception of Harabro 
mM fall of 10.3. the heaviest since Life, which hardened 5 to 33Qp 
March 2. brought the fall over in response to press mention, 
the first leg or the Account to Insurances contributed 10 the dull 
17.7 The FT-Acruaries All-share trend. Commercial Union lost 5 _ 

index, at a 1978 peak on Monday to 147 p and London United gave . „ 

illu-'iraieil the general weakness up 5 tu 17ip. Further consider*- ?T P ' - T*** A Industrial tenders Paper- Printing Trident eased 

with a loss of ' 1.0 per cent to .-m-i — «*.»h * ' ic- — 

214.58. 

Gilts weak 


L SHARE PRICE MOVEMENTS 
IN REAL TERMS 


M 


IMS 1063 1964 BGS 1S66 1967 1968 1968 WS 1971 B72 1973 WH VPS 1976 1977 WTO 


tiuii of the lower interim profits International contrasted with a turned distinctly lower yesterday. t° "*Sp on small selling. 

y"H«2 J.— ““ ot 4 “ ■* rsr dJm2’ °;r. ed r: PH- — tnm ** « « Properties easier 


: in 
falls 


ait 

of 

by 


Properties gave ground on 
revival of dearer credit fears. 


Australian gains 

Australians ended a very goad 
week on a firm note as overnight 
Sydney and Melbourne markets 
registered further strong gains. 

Once again, all sections of the 
market came in fDr persistent 
buying and. although sporadic 
profit-taking was reported, prices 
generally held at the day's best. 

There was sufficient interest to 
enable rhe majority of stocks to 
attain new 197S highs. The con- 
stituents of the Ashton joint 
venture continued tn move ahead 
strongly with Northern mining 
closing 14 higher at SHp — h week's 
improvement of around 23. Con- 
zinr Rlolinto were actively .traded 
and hardened to 22Sp before eas- 
ing back to close unchanged on 
balance at 223p. The London- 
registered Tanganyika Conces- 
sions put on 3 more to a 197S high 
or 153p — a rise on rhe week of 12. 

The recent firmness of hase- 
meral prices on ihe London Metal 


affected by Thur-, the leaders Uni tartta a nd 

inual figures «<nd MEPC shed 4 to ..Pop and J20p ence of heavy speculative buying 


Sfnnifnusp ' ^K ve demand. Having opened 

BnSerie? took a turn for the hi S |,er at n6 P following overnight persistent small sellm 

worse CHiinmrss decUned 4 10 su PH° rl - A-B- Electronic improved unwilling market and 

Worries over the Government’s is .. p i*hile Scottish and Newcastle arresl1 dosed « to the good at around 7 were commonplace 
attitude to money supply, reflected ij 0 b a t 07ip and Allied 119p - Ihe close. SU1I 

in sterlings trend, were neld 2 1 . cheaper nt 89p. \Vhitbread A, a Engineering leaders succumbed days poor annual „ ... ... - c.. lc •*, * 

responsible for nervous selling of fi?ni mar , ;et of late on tradin y l0 the general malaise. John awompanying bearish state- ?5f HsIl c ^ r ‘t: s »"' base-metal producers sharply 

GiJr-edged securities yesterday. npw _ shed 0 tD oon Elsewhere Brawn. which had moved ment 80015 ,os! s more 10 ly, P- Save up 2 to 3blp. Stock higher 

T^st of the business occurred in ?^is coSon hardened II more smarS^ fonvard throughout the “®P- «» k taw a fa ” ,° n !h . e and Haslemere. Fur(her consideration or Ihe 

the first hour or so and prices t0 2o p on further consideration of week on persistent investment of . The chairmans ST *K;e ap,ece i. ' vh> e closure or the loss-making 

were lowered defensively as »u e results. and speculative buying in front ^uttous remarks about current PortlaDd, 2S6p, cheapened 6. Ouecnslnnd Pho^nhate oneration 

dealers tried to find a trading Buildings drifted lower on lack of forthcoming results, met profit- a V*\ e antlua | i? fl DeS fi t ite R*ii i ™ pr 2 V r?i ha ^ fi oF helped BH South add another 3 

level but. with so many' current of j ntereS ( an( i the occasional taking and closed S off at 356p, 8 ? wate * ? lower at l86p, after profits, Bell way Holdings eased 3 j to a 1973 high of 9Sp. making a 
imponderables, the institutional smaI1 sc „ er- alter 352p; the shares sUD l^P-. simlar losses were to 63p week’s gain of 17. while OTM 

sources were not tempted, waned in chemicals recorded a gain of 23 on the sustained by Glaxo, 5S0p. Turner Oih passed a quiet session In Holdines were well sunoorted 

Resistance to the decline flared on where IC , eased 6 to 370p for a wee |r. C KN lost 12 to 261p and Newall. I77p, and 1 Ptlkingwn. whmh British Febnleum eased 6 throughout the week and finished 
occasions but faded after ne , rise of fl on week; the fira , fa ]| s of s were seen in Hawker, *76p- Bewham ended 5 dow n to S7Bp m early dealings on Wall fi up yesterday at a high of 204n 
announcement of the latest retail q Uart er statement is due on Thurs- 2l0p. and Tubes. 370p. Vickers ft after 6o8p. Elsewhere, htreet advices and remained at its —a rise of 23 on the longer period 

prices and the tone m dealings 2 ay Fisons cheapened 5 to 3?0p. closed 4 lower at 171p despite an Vluere were a late casualty, fall- lower level throughout. In con- South African Go]ds and 

afler the official close was still investment recommendation. Else- ,n B to 2Slp foliowing the poor trast. Bunnah firmed 2 to bop on Financials were subdued but the 

soft, he new short tap Exchequer npWihams dtamnflint where Whessoe lost 10 to 80p in prehminary results. Gieves lost American buying. Shell, initially of bullion nrice 

9J per cent J9S2 A made a very weDenflamb UlbdppoiIU reaclion t0 the lowr 6 to 85p and Hays Wharf 4 to 142p: steady at 558p, eventually dosed a SS finaUv S hnfJT u 

uninspiring debut and closed at a disappointing set of annual profits and the accompanying the latter's results are due next couple of pence lower at 536p after $j7s.62g for a week's rise of 54 



FT Government Securities index further to 9Ip on them before quiet trading. J. Sainsbury .fell now follow ]pie recent announce- the good at ISOp, 


after a 197S high of 60p. 



FINANCIAL TIMES STOCK INDICES 


Iiiut.- 1 

illilllil’ini 1 1- 1 

I.u'.il Mifi." 

01.1, Hu . x 

fumiiii;..! 

E K Ital ■ 
Di.nl! 11 inn- 

Kl|llt!\ I.llll-.l- 

Bq iiilr l >ar^«i» 

I' 1 



V e 

*1 .• 


“Tit 








,%A 

•«K-> ‘ 

'1.1 AS 

’ . V-I" 

/! 1 / 

. 

r; 4 

71 . 9 2 



s.- 

;; i.i 

- 2 4 i 

71 :. Jj 


7 C,^- 

4 .V rt 

Ji.j fi 

4 ii»' .'• 

i v 

4 J >7 1 * 

t 3 i»i 

46 J J 

m 3 J 

(SI 

l Si* «• 

:: : ■■ 

; 4 'j.j 

140 .^. 

mo* 



:■ 1 

: 

/ !!.’ 

5 

00 a 


li . t -8 

lr- .'A 

lr- .'•■ 

Jrt rtH 

Ih 6 !< 

IS -.40 


0 02 

y ci: 

7 go 

fa' 

H IS 

*.35; 


4. 796 

/-.Ti'T 

i- Util- 


S.Q 39 

7 . 048 . 


88 

73 r.u 

U 7 .U 0 



MtM. 


15 .U 45 

le.it* 1 

7 936 


trt AjM 

a i.ow 


j.:.i 4;: 


Bjo- 1“" 
Mine: U' ?/•'' 


.t .Wlll'l! 


• > m. 47 '.- U ■■ 

; I7' , .‘ l ' i 1 ’u. *■*'■ I 

Latcvt imt- - * 01-25* BJCfc. 

■ i-» i 1 .-nt . i 1 <:,■ ir.ni ■ i- 
"l . I.) !‘i\. u in: 

Jul'.-Div 


h»ghs and lows 


1 ; s» cpti. 


S.E. ACTIVITY 


— 

• 


'•••- 1 >' 

iNl.Ult 1 t* II 

'in 

. Uni 


Mm*. 


ll'Sl- 

I." 



ti-n 1. '•*">•■■ 

,’rf 68 

70.4 S 

127 4 

g 1 . 

r ....•> 

4*1 !3 

*•' ’ i •’ *r<r. . 

J 47 4 
.'.'P 4 

1 w.e 
171 / 

Fl*i-I llrl. . 

e 1.2 7 


\? 4 > •* 

e., r... . *.. . 

> . . 1 . - 

irt.-g 
i JO S 

s 7 O 
1 UB.J 

lnd. l»nl.. . 

■** / a 

433 4 

OJH.^ 

1 - * ■* 

.If V. -a. 

4^.4 ■ { 

t-ltf 7 

a 

140 d 
19*6 

iii-M 'll Ur- . 

168 6 

1 30 6 

44 S S 

-,* >•>• 

vl h 
',.'5 1 

41 4 


NEW HIGHS AND LOWS FOR 1978 


Snai* Ifil.'.nii..' . '7' f r 

attained new Hkjh* .m«» Lows io»- I9» 

NEW mens (TIT) 

AMERICANS »2» 
CANADIANS >9> 

BANKS 1=) 

BEERS I3> 

BUILDINGS <S> 
CHEMICALS i4> 
CINEMAS i2> 

DRAPERY A STORES i4t 
ELECTRICALS 
ENGINEERING IlSl 
FOODS 13 > 

HOTELS <11 
INDUSTRIALS l2tl 
INSURANCE '1 • 

MOTORS <11 
NEWSPAPERS <2> 

PAPER & PRINTING ill 
PROPERTY ,1» 
SHIPPING ill 
TEXTILES >21 
TRUSTS i*H 
OILS >4> 

OVERSEA* TRADERS iW 
RUBBERS >2) 

TEAS It! 

MINES HSi 

NFW LOWS (.Ifi) 

BRITISH FUNDS i3Dl 
Treat. Iii.jic ig“9 ,9B - 

Trca*. lO' W l*»?f Fi.oH.no S o- a. 

Excnar. tXdl 1980 


Tit-1% 

1 1 *1 

ir»8i 

1 nlf'e 1 

f>J 

(1- 0. Bi-IT 

Tn-.iv. 

?l 'itfl 

I-/BI 

1 1 p.1% 


re lagr. 81 

Ixil.ai 

»..i>* 198' 

• J) 

. 0 

■•Pi 'MB.' TO 

l ».nnr 

-i 11 c 191*1 

\ 1> "*A> ■ 

‘•J 

»'.■-» 1 

ti;hr 

. 

!«»’ 

fy :Ji 

*:<l 

not 19-i4 - 

III nor 

IJ 

icn 1981 

»«.r« 1 


I9TO H5 

Tcj-s 

8 i>* 

S0-B2 

r.vtf 



Trw,. 

IJpi 

1*782 

i II till • 


t u* 'aa-tH 

Trrji 

0 , 0 * 

1482 

1 

LK'.tn ^ iv 

E iv-lKir 


*. 1902 

TfL'Jl 

iiM.- 

L,.i.a> 

8 -» 

j, I93L 

c p.vun 

PI 

I'Wl 

UK 

1°3J 

Irrjv 

■ - 

Pi. 


Trejj S' k '84-86 


CORPORA TION <5> 

oi.i.r, «v, r <. oo-b; Ki.i.ii- 1 'a^ , t.so 
ice S .•< '7-81 12 k I960 

Og & o-. US 67 

BANKS -•>< 

GufidJa*^ _ 

BUILDINGS >.'i 

f Pi Ci-n.t w*i.U'.i»n 

STORES •!> 

M.ir»> 4 br-ntur 

ENGINEERING i4» 

Pu'.lriibc'd lUner V>k«....s 

Grn E'ia Ro.iei.n-> 

FOODS <2* 

EdworJi 1L. C J Tolr 4 L«>« 

INDUSTRIALS <6> 

O'-t.-h C-ru ... Pgili 1 '. 

Norm S.-ei -..ikjrtnornp 

P >iQt.i v London- V.ae.% 

PAPERS >2* 

IrHnbP.>i.-l*t Poor. Irirt.ml Gm.il- 

PROPEKTY iJI 

acwl Prsn^. P.ns A Hr. A 

SHIPPING >11 

HMrdgn Sm.|l> 


RISES AND FALLS 


SriUsli Funds ■ ■ ■ ■ 

Corpus. Dominion and Farelqa Band* 

ImlusiHUIs 

Financial and Prop .. • 

01k • 

plantations 

Hines 

Recent Issues 


Totals 


Vest cr day 

Oil 

(he 

wwh 

Up 

Down Same 

Uo 

Down 

Same 

1 

73 

1 

7J 

205 

102 

n 

16 

45 

48 

61) 

217 

38 

40B 

EM 

1,448 

1.322 

4,470 

55 

251 

2U 

797 

506 

1.29? 

1 

12 

14 

55 

35 

M 

5 

7 

21 

40 

29 

9k 

56 

16 

50 

250 

n 

272 

5 

6 

15 

3 

22 

U 

342 

860 

"ua 

3.234 

2.267 

6.612 


OPTIONS 


DEALING DATES were William Press, >lli]hiir»t 

_ . , _ , Whites, Burmali Oil. Britannia 

Rrst Last Lasl For ^ rP0Wt Talbcx. Rascill. Limlish 

Deal- Deal- Dcclara- Settle- property, Phoenix Timber. P & 
Ings fn S > iion ment 0 p efcm . d) j. Bibby, Staflex In- 

Hay 10 May >1 Aug. ■* Aug. 15 lemalipnal. Oliirr Rix. Ewr 

May 23 Jun. ti Aug. 17 Aug. 30 Ready. J. Brown. Belhvay, Warm- 

Juiu 7 Jun. 20 Aug. 31 Sep. 14 Wright and Croita luleruatuiual. 

ev™. —i , A put was dune in Rurmah Oil. 

F <0 mre , / while doubles were arranged in 
Share information Service r<Jrls . CoW |? ieWs aniJ Brilasmia 

Stocks favoured for tlte call Arrow. 


ACTIVE STOCKS 

YESTERDAY— 


Denomina- 

No. 

of 

Closing 

Change 

1978 

1078 

Stock 

tion 

marks 

price (p) 

on day 

high 

low 

ICI 

£L 

13 

370 

- 6 

376 

32s 

Boots 

2ap 

14 

197 

- 8 

231 

184 

Commercial Union 

2op 

13 

147 

- 6 

159 

138 

Barclays Bank ... 

n 

12 

340 

-10 

3.38 

296 

Midland Bank ... 

£1 

11 

362 

-13 

390 

330 

Burma)] Oil 

£1 

10 

65 

+ 2 

65 

42 

RATs Defd 

2jp 

9 

295 

- 1 

296 

227 

UebHnhams 

23p 

S 

92 

- 7 

110 

89 

GEC 

23 P 

n 

253 

- S 

278 

233 

tSUS A 

25p 

9 

274 

-14 

312 

256 

GK.V 

£1 

9 

261 

-12 

2S6 

255 

Thorn ElecL 

2jp 

p 

330 

-10 

392 

330 

fouriaulds 

23p 

s 

122 

- 3 

131 

109 

Harks & Spencer 

2-»p 

s 

133 

- 3 

IfiO 

135 

Shell Transport ... 

•23 p 

8 

556 

- 2 

5S6 

484 


The ut>oce list nf art ire stocks is based on the number of bargains 
rtv.iPT/.vt ycsicMau in tlic Official List and under Rule 163(1 J (e) and 
reprint need to-daij in Slock Exchange dealings . 


ON THE WEEK- 


no. 


Stuck 

ICI 

l-P 

Shell Transport... 
Barclays Bank ... 

l.neap Inds 

Mark> & Spencer 




Mi. Hand Bank- .. 
•Jr.intl Mclropol. 

Thorn Elecl 

Unilever 

GUS A 


inmina- 

of 

Closing 

Change 

1973 

1978 

turn 

marks price (p) 

on week 

high 

low 

£1 

SO 

370 

+ 9 

376 

32S 

£1 

73 

STS 

+ 14 

S'.rj 

720 

-op 

Ii2 

55# 

-IS 

5Sti 

4S4 

n 

54 

340 

- 12 

358 

296 

11 

40 

31)2 

-12 

31S 

240 

®P 

47 

133 

-13 

lrto 

135 

Sop 

46 

293 

+ 2 

206 

227 

25(1 

46 

660 

— 2 

67S 

5K3 

25p 

45 

253 

- I 

27S 

233 

£1 

43 

362 

-16 

390 

330 

5flp 

39 

113 

- 3 

116 

S7 

25p 

39 

330 

-18 

392 

330 

25p 

.19 

512 

-12 

548 

476 

23 p 

38 

274 

-20 

312 

250 

£1 

37 

65 

+ 7 

65 

42 


BASE LENDING RATES 

A.B.X. Bank 9 Ti ■ Hill Samuel 5 9 % 

Allied Irish Banks Ltd. 9 % C. Hoare & Co f 9 

American Express Bk. 9 Julian S. Hodj;e 10 <5, 

Amro Bank 9 % Hongkong & Shanghai 9 

A P Bank Ltd 9 Industrial Bk. of Scot. 71% 

Henry Anshachcr 9 *7, Keyser Ullmann 9’% 

Banco de Bilbao fi «r. Knowsley 4 Cu. Lid. ... 11407* 

Bank nf Credit & Cmce. 9 % Lloyds Bank 9 

Bank nf Cyprus 9 "fi London Mercantile .. 9 oft 

Bank nf M.SAV 9 'T. Edward Mansoo & Co. 

Banquc Relcc Lid 9 'T, Midland Bank 9‘«r ( 

F.amiue du Rhone 9J‘7. ■ Samuel Mnnlasu 9 

Barclays Bank 9 <7, B Morgan Grenfell ...... 9 % 

Barnett Christie Ltd.... fllhr. National Westminster 9 % 

Rivmar Holdings Lid. 10 Norwich General Trust 9 Tfi 

Bril. Bank of Mid. East 9 °Ti P. S. Refson & Co. ... 9 

B Brown Shipley 9 Ross rains ter Acceot'cs 9 "S 

Canada Perm't. Trust 9 % Royal Bk. Canada Trust 9 

Capitol C C Fin. Ltd. 9 "T, Schlesinger Limited ... 9 % 

Cayjzer Lid 9 'T, E. S. Schwab 10J% 

Cedar Hnldings fli% Security Trust Co. Ltd. 10 <T, 

I Charterhouse Japhct ... 9% shenley Trust 

Chotilarlnns 9 Rfi Standard Chartered ... 9 «?; 

C. E. Coates 10 Trade Dev. Bank .... 9 

Consolidaicd Credits... Trustee Savings Bank 9 % 

Cn-operativL* Bank ** 9 % Twentieth Century Bk. 10 % 

Corinthian Securities... 9 'T, United Bank or Kuwait 9 % 

Credit Lyonnais 9 °i\ Whiteaway Lairilaw ... 9tn* 

The Cyprus Popular Bk. 9 ‘7, WiUjpms & Glvn's 9 V, 

Duncan. .Lawrie " 9 % Yorkshire Bank 9'% 

E.lgil Triist 9 'Vi h Members Of the Acwpnrw Donscn 

English Trunscnnt. ... 9 °Ti commiuoc. 

Firs.1 London Secs S '7i » T^t.iy O^ocall* Ff. 5 -month deposits 

First Nat. Fin. Curpn. 10 61"'- 

Kirst Nat. Secs. Ltd. ... 91% f r-day on su^ »t no.nno 

I \ n>r,nv I’thlw o'l** an<1 under G , . up 10 EJ3.000 fil’L 

Aniony i.idu> a ,, and ovpr cn.nno * 7 *,. 

i.rey hound fiuaranty... 9 ^ 1 ijjjj deno-ntn over ci.duq 

Grindbys Bank J 9 % >■ nemarwi deposits #;>>. 

Guinness Mahon 9 % I Ran? also applli's in Sterling lnd. 

Hambrns Bank 9 % secs. 


LONDON TRADED OPTIONS 


July 


lieu <1*1 


Jamjar* 


Kx'reisfr CkMiaji{ 
Oftflrm : |ine> ! nffm- > Vid. 


I Owin-ji 
I »(T»>r > V«r 


I Olaainc 
■ >JTw 


Vot. 


Bquitv 

i-Inw 


HP 
UP 
UP 
UP 

I ni»n! 
1»>II. tlll»D 
I HUM. t«ul,| 
e-ms. *i»|.| 

Loimaul.lH 

Counaulita 
C»urt8u.il>> 
■.'••u run Ida 
(I EC 
«KU 
GKC 

i>mnd SI el. 
t.iranil Met. 
Grand Met. 
IL'I ' 

H'l 
ICI 

Land Sees. 
Uiii'l 8eu>. 
Land SWI... 
Marta A' 3|i, 
Marks Jc >?p. 
Shell 
Shell 
Snell 
liJUi] 


750 

■ 

143 

4 

154 


175 

1 

5 j 

800 

9S 



no 



131 


850 

55 

1 

76 

— 

96 

- l 

900 

25 

2 

46 



72 

1 ! 

i| too 

16 

12 

20 1 2 

— 

23 

3 

/ 160 

51* 

3 

II 

— 

1312 

j 

160 

21>3 

6 

29 1? 

— 

34 i s 

— f 

180 

8i* 

— 

171, 

3 

23 

- i 

100 

25 

— 

24 

24 

25 


110 

14 

4 

1512 

— 

17lj 


iao 

71* 

20 

10 

— 

12 in 

5 ( 

130 

4 

1 


24 

10 

1 . 

1 220 

43 

1 

48 

— 

54 

— I 

| B40 

Z6 

6 

341* 

— 

41 


1 260 

13 

— 

23 >2 

— 

31 


1 100 

18 

10 

20 

5 

241J 

1 

, 110 

10 

— 

131* 

2 

IB 

a 

120 

-? 1 * 

2 

8 

l 

12‘S . 

— . 


8 7Bjj 


- r i75|. 


254p 


. I 


350 
360 > 
390 i 
160 
200 ' 
220 : 
140 ; 
160 : 
500 | 
550 I 
600 I 


49 

24 

71* 

30 

63 

4J« 

6>z 

2*4 


SO 

37 

7 

2 

IB 

5 

5 


> 32 
! 18 

1 33 

19 

' 10 
I 11 


3 

IS 

7 


14 


74 

1 

1 * — 

98 

3 

106 

36 


56 1 

— 

63 

13 

i « 

! 318 

| 22 

2 

130 

34 


56 
37 

241b : 
36 I 
23 I 
1418 j 
15i- 
8 


5 

3 

23 

16 

2 


112p 


368p 


J 206p 

I 

1 135p 
I 55Gp 


Volume fi cures nut avalahle. 


RECENT ISSUES 


EQUITIES 


1 

N-u. j5#d- li 

7Tj* £ 

Cite 

auKk 

1 

a 
c * 

If 

+ -r 

I*1Y. )*.iH 

1 Ainniiiii 

! Hinta 


lua J y.f. IJu.4 

i 1 

1 ID lla 


138 

+ 1 

6.75 

i(t»h UtiititAyp j 



b>* 


7.4 


Si 


9.3 


FIXED INTEREST STOCKS 



Sitoch 


ft u. 


FT-ACTU ARIES SHARE INDICES 

These indices are the joint compilation of the Financial limes, the Institute of Actuaries and the Faculty of Actuaries 


-Uki 

100 | 

C99 


F.f. 
F.P. 
>.P. 

E50 
r.I*. 
f.P. 
r.P. 
100! - 


LI OO 
£98 


y.e. 

• \u 
no 
v.v. 


2u>b 


J5.8 

<da«. 
iU -i 

23:6 

«>5 

26.6 

1.9 


iflW dl|4Arrm<- lu>i». lU.e-j Elui. Prl 

jl aay^-j.' Vtnir. Espre-* lui Wo. Vnruu»e 

1 Idr. : liWr \rn>itBa>e its., 10124 jwi Cura. Pr«_ 

1(X*|I mOp junKOJUr Y'a Cuiiv. Cuiu. I£nl. 2mJ Prt»>. .. 

t ;>'•_' 2T l laiieL Malac. It?* l*t. Ui.>rt_ ■-.'-v 

I AVU' 47Je'iirwuHli-li (Luu. Uorvs oh UiS; llwl. 1'iU' 

lu*|J luln'JMika* CatteK lO^C'uni. Prt?r. 

• Kin; Cum. t’ivU 

Iujmi lot I.ltiil-au-wx H'lMvr l^llul. Prt. I MS 

j 100|> I aflriPIruini a*- Cum. Prt 

1% , *7 h'idue* IU cn». Uns- Ui. 

I li»u Igiiui letA>it Uri Cnv. Una. Lu.lSSA 

10 . 61-jl'ine A Wear lied. I9bS 


— Uoii-r Wliiffal* ft’ttwir' UJS Pw. 


•j 97*pl _... 

J599»al 

.. io9 P : 

, lospr — 1 

a 7 1 

47taH '* 

: 102i.J+l 

•t04 4 p 

■ lol j ... . 
•97l sl i 
97 J 

‘‘SPIM ...... 

8«e— Sa 
101 < ...... 


“RIGHTS" OFFERS 


HP1 

Laiert 



MV 


UenuD'. 

1 1 

tfr».>ck 


mm 

Lhtlc I 

« ' 

1 1 

Hi^ii | Ij .i* | 

m 


80p j Nil 

3b 1 Nii 

SO ; V-V. 
*.•24' Nil 
ISOuta. >!■ 
72 t Ml 
44S : Ni. 

; F.P. 

152 l F.P. ! 
20(i . Nil ' 


— — 1 l6S:(ri u lo6|ini Brent Cliemiualji 

23/5 iJi/b'dJli-Tn, l^pin fan m o laivnn KeaL„.... 

a>3> al-s| j Ilf Ibuiiouati 

— — Mpiii j AiSpin fCauwllaa Imperial Uuk 

— ' — '■ 2pm r Nil Jllee'iiraa Uoul Mmlnu. 

Z6'5 23t6 sii)iin; 2S)i«i Hmtmn Untl«n>l‘ 

31.5. 23*o 5£[mi,ll^pui lloimlrw Uavkinin&U .. 

l3.a SlB' M -Ylll-H 

16.5, L3;6 LEE I lt5i Viirttei A. Nemall 

— — • bj|>nif Aipni Mi'lliu 


162pim + 2 

-..-12uia iunl — .. 

■— I 138 | + 2 
— -I 44pm +4 
•••• mi ! 

• ••■i 28um- 

SOnui — S 

52 

180 V-fi 
5pm ' — *2 

I 


HeiiuuciJiiin> date usually raar »la> >ui rteallnu tree nl aiamu iinry. u figured 
t»*su' on ortttiK.'L'fu> esumaio. a AsBumen flw«ieu/i rnvi m«in u hnryLd-.r rfi»irie»wi 
■raver tiiwn an urenniih veara euminaa * Dieirtend anrt viain assert «« omssectiu 
oUn.-r alHciai mumale- lor iu?l» « i »-'iiture» rf«ainii->i [ i Inver 
iur canrersun m shares not now rankiru! Ivr mviflerut or ranklnu only lor restricieH 
liTideiirts • Pl.it in. un« 10 iiUOhc. 111 t-varv uuiec. uih»?p*idi; mnii-jK-rt \ tsam-a 
hv lender, n oir«-rflrt 10 holder* 01 Ordluarv shares .»« « - ri s his - ' x |^ >ulr | 
waj. of capii.'flihalion. »t Minimurn render once M R-inimriucrt m iwuen 
uouno:tiun «-uh rioraanrsauan mereer or rapwraer i|j| fnunnucunn 1 lw>H 
Iomw>r Prvferenw* haldPta. ■ Miaimem taiiers iQr fuily-Durd). m Pransioaal 
pinio-DJid aUoiiUeni letters. * With warrants. 



EQUITY 
GROUPS . 

Fri., May 19, 1978 

Thors 

May 

18 

i 

Tues. 

Hay 

1* 

Mon. 

May 

15 

Year 

ago 

USfno. 



Highs and 

FU 

IT 

and 

SUB-SECTIONS 

ui«« lu pmflitjti Nwir 
umber of ffocfci per saetioa. 

lodes 

NO. 

Day'll 

Esl 

Eirnte* 

mix 
max. 
Corp. 
Tn EX 

Gross 

Div. 

mix 

(ACT 
a an 

ESL 

P/E 

Ratio 

(Net) 

Corp. 

TnSX 

Index 

No. 

lodes 

No. 

Index 

No. 

Index 

No. 

Index 

No. 

1978 

High J Low 



21L50 

—16 

17.67 

5.64 

738 

214.92 

213.89 

213.93 

214.97 


214.97 

05/5) 

188.95 

(2/3) 



19034 

-13 

17.96 

5.71 

7.9E 

19234 

19146 

19252 

19457 

15659 

197-86 

(6/1) 

16630 

(3/3) 



341.46 

441.00 

-0.7 

-2.4 

1939 

1531 

3.96 

432 

739 

934 

343.90 

45172 

343.95 

44635 

344.03 

447.09 

347.58 

448.87 

250.68 

35005 

350.75 

46454 

(6/1) 

(Wl) 

28935 

404.47 

(6/3) 

(2/3) 



318.93 

-13 

17.85 

63? 

739 

323.76 

322.85 

3a95 


24738 

32376 

085) 

270.95 

(6/31 



17031 

-13 

18.97 

635 

7.16 

17261 

172.41 

17136 

17L65 

16685 

17251 

C IB/S) 

14967 

■ (2/3) 


istt! 'i.rrr?g 

166.09 

-10 

17.07 

8.49 

7.88 

16835 

167.98 

168.77 

169.68 

15694 

17155 

02/5) 

154.22 

(27/2) 

11 


194.17 

-2.0 

17.42 


830 

19806 

196.99 

19751 

198.78 

16556 

19R78 

0515) 

17363 

(3/3) 

13 


225.78 

-23 

1538 


9.20 

23156 

23008 

23050 

23280 

184.49 

235.96 

(6/1) 

209.01 

(3/3) 

13 


17633 

-02 

1634 


8.41 

17633 

17638 

17655 

176.85 

163.95 

18433 

Wl) 

16054 

(6 IT) 

14 


124.86 

-16 

2036 

6.25 

7.06 

326B6 

12622 

12668 

127.05 

11128 

12755 

'(15/3) 

104.68 

(2/3) 

21 

22 


20L45 

236A3 

-18 

-17 

16.03 

1426 

532 

5.68 

8.45 

10.08 

20539 

240.45 

20539 

24057 

20559 

239.60 

207.15 

24LQ9 

170.44 

17694 

207.45 

24157 

02/5) 

(8/5) 

179.46 

204.04 

(2/3) 

(27/2) 

23 

^ » 7 \ fl l > ) 

257.08 

— 2 j 0 

15.73 


9.64 

26237 

26237 

26215 

26555 

198.45 

26530 

(5/5) 

22965 

(2/3) 

24 


258.46 

-19 

13.64 

6.60 

10.60 

26140 

26273 

26205 

26395 

21077 

269.17 

(60) 

21962 

(2/3) 

25 

26 


19L85 

198.73 

-0.9 

-14 

2031 

14.28 

5.79 

4.71 

631 

966 

19368 

20157 

19269 

198.98 

19352 

19957 

19459 

19897 

174.90 

17155 

20338 

2Z322 

(6/1) 

(6/1) 

17537 

17653 

(27/2) 

(3/3) 

32 


37830 

-3.1 

10.28 

3.28 

14.02 


39143 

390.07 

39033 

29554 

39143 

07/5) 

26959 

(2/3) 

33 

34 

35 

36 


328.11 
177.66 
18237 
260 96 

I 

2037 

1169 

2037 

2125 

20.21 

937 

437 

739 

739 

5.96 

6.95 

1239 

5.93 

539 

6.47 

13029 

183.02 

18436 

26138 

10552 

13038 

18630 

18328 

258.70 

10538 

13031 

186.70 
18428 

258.70 
10453 

13127 

18834 

189.43 

26039 

105.94 

122.46 

144.99 

169.72 

Z3127 

9644 

135.99 
197.95 
19190 
- 26118 
105.94 

(6/1) 

(60) 

(12/5) 

08® 

(15/5) 

119.11 

16537 

160.85 

21468 

93.79 

own 

(20) 

(2/3) 

(15/2) 

(Z7/2) 

37 


104.69 

41 

42 

fff irfi't WB 

195.75 

271.62 

-15 

-13 

3637 

1830 

5.79 

638 

8.05 

735 


195.74 

26752 

195.75 

267.48 

196J3 

26B25 

18355 

25054 

19868 

27524 

08/5) 

08/5) 

173.08 

23869 

(3/3) 

(2/3) 

43 


259.73 

-0.9 

1114 

3.93 

113 


26008 

259.66 

26065 

050 

262.96 

(6/1) 

228.41 

(3/3) 

44 

SfSjEZj'Cij 'iloMIl 

13530 

-12 

18.03 

4.77 

637 


13535 

33557 

13453 

10953 

13734 

OBIS) 

117.48 

(3/3) 

45 


424.26 

-2.4 

18.69 

7.42 

638 



43437 

44157 

53056 

483.01 

(6/1) 

39854 

07/4) 

46 


204.93 

-19 

16.70 

638 

832 



20738 

207.64 


20936 

(60) 

138.47 

(331 

Cj 


FvTXl 

EH 

EU53 

ED 

HH3I 


^f l7 | 

EZE3, 

EEEJi 


21276 


18662 

WrM 1 

f-)6 



rail 

ECE3 1 



W'\l 



P7X*\' 



r»w«i 

4)7% 


T-j. 

1. 

fcs-ji 

BS 

E33i 

8~I.l 

■231 


-!+/i 

E53I 

EE2I 



05/5) 

205.42 

(23) 

61 


164.79 

-2.0 

— 

561 

| 

M:Wi 


tT'Tni 



178.% 

(6/1) 

15365 

(27 rzi 

62 


191.68 

-32 

24.69 

5.62 

633 

i-.-ikiU 

19926 

Uv-atll 


158-40 

20436 

(23/D 

17158 

(27/2) 

63 

64 


20156 

147.43 

+12 

-32 

1337 

8.46 

536 


few 

19934 

14932 

19837 

150.46 

197.05 

15L46 

17L99 

129-96 

22833 

17055 

(4/1) 

02/D 

18520 

13652 

03/4) 

07/4) 

65 


139.04 

-13 

— 

635 

— 

14086 

14071 

140.74 

14L81 

UL6S 

.15139 

(6/D 

124.97 

07/4) 

06 


125.73 

-19 

— 

6.78 

- 

12837 1 

127.93 

12956 


11666 

143.46 

(6/D 

320.25 

(24/2) 

67 


347.61 

-12 

1338 

433 

irairtj 


35047 

348.44 

34722 

294.40 

'35181 

08/5) 


(6>2) 

68 

6B 


80.07 

226.97 

-0.9 

-16 

3.02 




8065 

229.42 

8051 

23085 

8108 

23135 

6950 

19424 

852Z 

25559- 

(6/D 

(20/1) 


mm 

04/4) 

70 

ji'-.-Rrt " 1:1* iJIWBi 

10738 

-18 

2438 


EtZu 


E£3 




■ttttb 

(9/1) 

99.61 

(27/2) 

71 


20622 

-14 

330 

4.72T 

3123T 

209.00 

20935 

20759 


FTTCTII 

my r yi» 

07/5) 

176.48 

(63) 

81 


9736 

-0.7 

1733 

LLJI 


9738 

97.06 

9625 

9635 

96.72 f 

9758 

08/5) 

8539 


91 

•ai uJB 

313.93 

-14 

1539 

638 

an 

31836 

31830 

319.45 

31937 

Ml 

319.45 

EE1 

26226 

(23> 

99] 

ALLSHAKE INDBXW3) -J 

21438 

-16 


5.49 

~ 


217.47 

217.63 

21852 

m 


05/51 | 

19135 

(231 


. Since , 

Compilation • Is 
High I Low 


228.03 (M/9/77) 
Z33-B4 a I5PZI 
38933 (19/5/72) 
«3l» (2VM/77) 
33Z22 03/9/77) 
167.45 04/9/77) 
177.41 (27/4/72) 

227.78 (21/4/72) 
26172 (21/10/77) 
263.22 (4/5/72) 
170.59 05/1/69)' 


226.08 06/8/72) 
28151 (2801/72) 
26530 (5/5/78) 
329.99 (12/12/72) 
214/0 (21/30/77) 
244.41 (27/10/77) 
39L43 07/5/78) 
144.21 <14/9/77) 
20439(16/8/72) 

235.72 07/1/67) 
33936 (2/8/72) 

135.72 (16/3/70) 
213.70 04/9/77) 
295 JO 04/9/77) 
262.96 (6/1/78) 
246.06 0/9/72) 
53938 (18/5/77) 
25833 (2J5JT2) 


22212 aum 7 


54330 (15/9/77) 


24832 04/9/77) 


50.71 03/12/74) 
4427 (U/12/74) 
7L48 (2/12/74) 

84.71 (S/6/62) 
6439 (2/1/75) 
45.43 (6/1/75) 
49.65 (6/1/75) 

3839 (6/1/75) 
4235 (13/12/74)- 
63.92 07/12/74) 
19.91 (6/1/75) 


6141 

69.47 

7838 

5433 

5937 

5435 

55.0S 

43.46 

52.63 

62.66 

9434 

20.92 

5833 

7130 

122841 

4534 

9030 

6039 


03/12/74) 
0302/74). 
(13/12/74) 
(9/1/75) 
01/12/74) 
01/12/74) 
(6/1/75) 
.(6/1/75) 
(60/75) . 
0102/74) 
(13/6/62) 
(60/75) 
(60/75) 
002/74) 
(3/3/78) 
(20/75) 
(29/6/62) 
16/7/75) 


59.01 (1302/741 


87.23 C29/5J62) 


241.41 (11/4/72) 
28832(20/7/72) 
29333 (2/5/72) 
433.74 (4/5/72) 
194.46 05/3/72) 
16172(600/77) 
37133 05/9/77) 
27837 0/5/72) 
357.40 (901/73) 
30318 (18(51721 


245.79 (25/4/72) 
175.90 (28/4/69) 
319.45 06/5/781 


22818 (1/5/72) 


63.49 03/12/74 
5533 (13/12/74 
62.44 (1202/74 
8140 0002/74 
3883 0102/74 
44.B8 (20/75) 
43.96 0302/74 
6586 0602/74 
31.21 (7/1,75' 
5681 (20/4/65' 
33.29 0702/74 


71.63.(1302/74) 
6631 (30l9i74» 
9737 (60/751 


FIXED INTEREST FHICE INDICES 


British Government 

Fri. 

■5F 

Day's 

change 

xd adj. 
Today 

xd adj. 

1073 
to date 

1 





163 

2 

5-15 years — 

115.82 

m 


244 

3 

Over 15 yean 

119.96 




4 

Irredeemables 

127.60 

J 

' .* ’B 


S 

All stocks 

11299 





6L92 11302(74) 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Bed. 


I ajw 5 years.. 

Coupons 15 years.. 

35 years.. 


Medium 

Coupons 


5 yean.. 
15 years.., 
25 yean.., 


High 

Coupons 


5 years.., 
15 years.., 
25 years.., 


Irredeemables . 


Fri. 
May ' 
ID 


883 

run 

1137 


1115 

1221 

1238 


1142 

12.73 

1335 


11.44 


Thure. 

May 

18 


833 

10.88 

1146 


10.97 

1288 

3227 


1125 

1280 

1384 


1135 


Year 

ago 

(approx.) 


7.23 

1057 

1166 


936 

1140 

1289 


2032 

1230 

1274 


1181 


urs 


High* 


I/D»J 


863 (19/S) 
1101 09/5) 
1157 (19)5) 


1U5 09/5) 
1221 09/5) 
1238 09/5) 


1142 09/51 
1273 09>5) 
13.15 09)5) 


1144 OV5) 


705 130) 
9.12 (30l 
9.74 (3/1) 


930 (30) 
30J8 (30i 
1034 30> 


9.67 i30i 
1113 (30) 
1126 (30) 


980 30) 


,20-yr. Bed. g«b. & Loans iloi 
lb 'Liramnent Iron Frets. (15) 

17 Com), and Xadi. Preie. (20) 


. Pci. 5U.V W ; i i ; 

; TI — ' TFnir,. ITwL ' TTrMr*. 1 Al-m. Kri. 
1 lyu : ) , .')•«> 3l»i • IIhi- I )in 1 M -v 

; N». t ! ID 1 l? ! IW it; . 1 -S 


Tlinr. 

.'Ini 

>1 


. 5t.ra 1 12.SE &7.B7 B7.SJ al.tj? 6J./S a / h» 
'Jf-BB I 52 .J 5 ISC.!? ( 52.17 > 62 . 1 1 >G 2 l 1 % 


Writ. 

Jlny 

)li 


l «r [ 
^t|i|irtixi 


lifid 


Hvh 


"•him- 

1 '■•lii|iiial< 


l»>« - 


Section or Group 

Sue Date 


PharmarcuncaJ Produce 

30/12/7T 

2U.77 

Otter Groups 

31.12/TO 

63.75 

Overseas Traders 

JI. '12/70 


Engineering Ceatranors 

31 12*71 

153-84 

Hechantcaf Eflgrnccring 

31.* 12/71 


Wines and Spirits 

18/1-TB 

144.76 

Toys and Games 



Office Equipment 

16/1,10 

128 JO 


Scetlan or Group 
(ndueti-ui Gnup 
MIseellanMus Financial 
Faatf Mamdauairing 
Pfiotf Rcialllna 
■ nuranen Brokers 
Minina Finance 
All oilier 

t Redemption yield. A 


B>-7D -&6.J5 

M.2b a2.M bS.Ol 
; 0.22 7D,£5 .71.47 


oa.or ii> i 
&7.7I .II I 
78.80 t ll * 


1 1 m 11.. 


OV.OU iiu ax 
62. lb nr..-« 
70.30 .lr. 3 . 


(r.'W . 


Base Date 
31 '12.- 70 
31-12/70 

2*1)2 67 
29 ■ 12 '67 
2912.67 
» 12 '67 

10/4/62 


Base Value 
12SJ0 
I-N-06 
11403 
UU3 
46.67 
UXLOQ 
180-00 


"*'** fi* 1 or Hu: constituents 


1 H- i *o i l-'ioi AT. 67 ... 




































































































Financial Times Snturffny Slav 2D 1978 




Abbey Lifr AKRuraiiLv Co. e. w 
jJ* K1 r»ul'-.OiUivli}nr;l. t i» 
it? 


E>|iit:v I'uihE .... 
Euuirv W> 
Tmpartj I ’j. 
Property 4.v 

NcIrvtWf 1 ‘iimj 

*vn»ertil.is- I'umi 

VMwwy Kund 

lVw lTvi-rrty 
JVm .Virint. 
Pens Srfs ur;li _ 
Fern Mcnsynri 
Fens. Esnlrv 
Wtvqi h.i -; 
•Win 1 I s<- 


l«a 

r>oi 

l:4u.6 

iw; 

luvp 

UW7 

1V1A 

IW.-J 

a* 9 

.11^6.5 

JIM* 


r-v *4:. ' i^sr.X^J- = 

j«. i.,„j!„, l1Wi |. T||Wi ■. A b Sufw.rt-rf £7870 - 


MI. 

1W-II 

ZM7 

iff? 

%: 

i-w e .. 

7B5 e> 

U-7 > . 
133 4 . 

3- -a 


l £ r r, ss£LS£y£st. c jss s^sr *sasr it 

■ ! — ViWlfnilo Fund I 13Z.D I I ;W. l IraCTc huTch jC8P3»W. 01*2 

finiclm capital .. Ui 7 n d ; _ «*»naE«l Fund — 146 1 1XL3 4 

. ... 81 1 lVic« May 3. Next dealing June I 

Gresham Life Ass. Soc. Lid. 

" innrv m n u ier. rj_, K'mooth. tdc 76T655 ^ ftr Zealand Ins. Co. (T.K.) Ltd.V 


: }.. Cash Fund o 

uL Bcuitv Fund. . 11950 
i,.l_i:il( Fun>1 . flioa 
«•}■ l-unJ....Jjao8 
C L. I*p;> Fund 0 

Growth & Sec. ure Ass. Soc. Ltd.* 

" ,,;f ''ink. K Pat -on-THome*. Berks. MB&cvum fiikEdeed Kd hoi9 

’ _ v«>n.PepouiFiL._. “ 


1 

111 . 

126 

U7.; 

101.1 


Maitland House. Southend SSI IDS 071C828SS 
Kiwi Kj* in v. Plan 
Sniall Co :■ Fd..... 

Trchnotae* Vn_ Z 

Srfra Inc Kd. 

■Unteu Fd. _ 

K or Ear( Fd 


1375 

14U 


‘ 

Allied in 

651 


1017 
104 4 

1073 

1105 

-0.1 

— 

Bril. Inds Fund. 

'irth.£ Inr 

622 

358 

66 6ed - J4 

»30 -P5 

1013 

2866 

-0: 

' 

EIwl i Ind Dev. 

329 

35JS -OS 

111.9 

317.8 

-1 7 

__ 

Allied Capital 

Hambro Fund 

706 • 

7551 -LI 

KK.9 

U8.4 

+L9 


105.2 

212 (J -1 J 

102.9 

iWi 

108 3 

^(U 


Hambro Acc. Fd._. 

Income Funds 

11*1 

226.4 -2-3 


Albany Li?r Asv-.trc.uce l'o. l.:d. GuardLaa Royal Exchange 
■ i * r [ ,( li:(anl.l . W i. I(« , yal Exchange. E.f.3. 


127 4| 


VV'.suU- : .! A-w !»7I> O 
OUtoi l:i- . iov . 

^\.lu Veil, i i .■ V t 
V lnUHanKc iai J.v i 
evw vfcd.tr.' hr:* 

JM-pTo “JlSr-f 

£? a, W.C * ,J »«■ !■' 3 

Inwi IVii.^.- . j|~;j 
J.lrt Mnn IVh \.c f |tP7 0 
InH Mo Pub I’irifi 

Fr«lP *’-!!. Af- - 

K pwlitv IVn 

ARIEV Uie A^suracce Ltd.V 


1196 


ICfr-: 






270 T 


iris 




U J i 




:e5.o 

.... 


.1 


Norwich Union Insurance Group 

PO Bo* 4. Nom tch XU 1 3MG. 000322200 

hlaiutipd Fund I2B7.9 218M —1 H — 

OIJM-IIT- Sg “*gj uml - -.337 7 ■ 355.4 -3 4 

01— tu . 107 grapMy Fund _ 125.2 331.7 1 

Fncd InL Fund - ,. 1483 156.1 -Ui 

Deposit Fund 1053 niu . 

.. , , Nor. UnJi Hay 15. 20&S 

Oi.l ] 'ark l4uw, l4>ndOD. W1 01-40BU031 

Phoenix Assurance Co. Lid. 

4-5. Kins William SUEC4P4HR. Oi -4200875 

JVotthAss. 111? 5 J18 

Eh r. Ph. Am> I 74i 

Ehr.Fh£i|.E. [715 


Fr«p<Tt>- Bonds — p744 ( — 

Itr^sbro Life Assurance Limited V 


fTrpcrs . . 

Managed Csp 

Kana-icii Arc — 

•.I'crstiai 

•Silt lllcnj 

Ameticna Arc 

K.IJJcp.Ccf. 

Pen K.l D.'p 


' :,naHjl - RflCUte. TU'SCMC 4010L £?? 2?**- 1 >P - ’■ 



I ~ 


01-74B91U 


1 Ms. Pc Cp For. .1283 54 5t I _ 

Mh.p;d riu |. t 7© o Mill : . 1 “ 

n. M C - » H Kq (1184 1 Z2.U .. . . 

i.Mb j Fd -F.l .‘U4.4 liajj .1 _ 



ANEV LlDr.ni* | 

AMKVItoS-F ; 

•'KEV K.oiv- l 4.. 

AKfc'V cUuir.'f-d 

AMP' 1 F1--O.I ir.z. 

A 5iK\ hTop fil 

AlgVKwi Pit vj 

a W£l' tea n 
FlanpUiD „j®3 

Arrow l.ife Assurance 
SO.l'-.brldccRona P'll 

Sol MtFdCr t : nr., 

Ten. 

I'm 

Starclays Life Assur. Co. Ltd. 

SSRomtord rtd_. (.7. 

Rcmlaybomi «. . lia.5 

EculQ'.. JU5 b 

Cflt-odppd ho?’ 

— iMz.fr 

S^ue^od — ho7.a 

M.ucjf .Rsi 

Man. iVn#. Arc jar . Ra 7 

r*ft Initial _l«.7 

C.Llt bdaFoiu Act ..KK 9 

IV> In.Sd! I5J.7 

Jtones- Frrss Arc. _ feii • 

Do. Initial. _ .,|573 .... 

‘funrn! 11 ail vohic Hay 17. 

Beehire Life Ass or. Co. UdV 

71. ldMcbardSL.Eca. 014C31SS3 

Bit Horse Hay 2.... | 17314 \ _...J _ 

Canada Life Arsttraace Co. 

2-0 Kish SL. Focen Bcr. Herts. F Bar J1U2 
Euty.Gth FifSare..! 3£3 I I __ 

ITA 1 | ,J _ 

Cannon A&enrasce Lid.9 
1.Oly»pipWi-..W'ejiaic>-HAC0NB 01902B87S 
Squ‘.t>- mill' ._ 

FroperO' Unrj. 

Equit. iknui Siec .1 

y~cp BoikL'Sxm . .K 1210 
B*l Rd.rOm.'L'nil.ldljOI 

Drpdtll Bond 1104 

Enui^ A count jl?7 

Property- Accum.. _(dZ43 

Mduu. Arfuj 11.521 

S=dRjuIty gJ.O 

2nd TToperty hn 0 

2nd Kona^fd &.? 

2SwlI>»0»ll R5S 

2nd Gill 1.739 

2ml Eq. Pnr ACT..(®5C 
CndTPD.IVR.'.Apc \1SS5Z 
a»d Med Pen Ai-cPS.9 
2nd Do? Te nc >77 5 

2nd Gilt Krnr IwWl 

LfcESJ K l33il 

LOhSJ.F.2- . .. UCO 

iTurr.-ni iuluc M»> jJ. 

Capital Life Assurance^ 

ConJMoa Kvum;. rbs pej fc.il; Wum 
Key Invest. J^. . .1 10272 I 
racemakerlnr.Fc' ; iss.id | 


rm. Prv.p ,»«T 

Pen Mi.il cap 

Fen. Man. „ 

Pon ’jilt Edit. Cop.. 
lvn.GdtBdi: Acc.. 

P«.R.iL Cnp 

Ftti T 3 .'^r. . _ 

IletL S».A F. Cep. 

rcn. DAF. Acc 


(124.7 

1315 




1766 

1B5< 


_ 

1609 

169.4 



139.6 

147.1 



172 2 

IM 1 




119.9 




122.9 

129 < 




1B3.9 

TfMp jl 


__ 

1Z7.2 

133.5 



1475 




2023 





2595 

272.1 

a— *1 



2065 

217.1 




264.4 




1215 

127< 



1275 

133-7 


- 

1234 

3295 




139.B 

1465 

f 



1012 

.. 



I 1021 


— 


Hearts of Oak Benefit Society 


Property Fund (A>- 
. Agricultural Fund. 

Ajjric. Fund (Al 

Abbey Nat. Fund _ 

- - .. Tavlitoeh Place. WCIU BSM 01-387 3020 FUiid Jj 

Hearts of Oak — 06J 3*4} J _ InCI^^FU^T, 

■*“ Sa ®«'> Assur. Ltd.* IS ;; 

'T'vrr . A^dlsoorahc* FUL,Croy. 01-4B643SS Mocey Fuad 


rimamauti.vuiK. ui-ftaiwi 

9.E. [715 75jJ J _ 

Prop. Equity Sc Life Ass. Co.* 

1 IS. Crawford Stroet. WlH HAS. 01-4SS 08E7 

H Silk Prop. Bd. .—I 178S j J — 

Do EouilyEd. 72S [ | 

Fie* Money Bd J 1483 | ...Tlj ' 

Properly Growth Assur. Co. Ltd.* 
Leon House. dordon.CR9 ILU oiesoofioe 
Property Fund 


^Property Vniu 

FYoiw--ty .Vnec A - 


J15L0 

neo.o 


„, rrAM ataMKodlliuLi 1660 

OI ' 5 i Wjj44 f“«*K«IScoe*A_ 910 

■533 •'-■-I — - 9bO 

Hoacy Vniu U9.7 

HLaanr ?ecPH> A. 96.8 

rued in Ser.A_. 921 
Pna. Maiuitcd Cap_ 1385 
Pas. Managed Acc.. M8J 

Fna-Gteedr Cap IM.9 

PaL.Gt«eii. Arc. unz 

Prris. Equity Cap... ?i.O 
Fens. Equay Are... 95.0 

PnsJ'xd.lnLCap 95.0 

PnjLFXilJnt-icc 95.0 

Fens. Prop. Cap..-- 55.0 
Feat Prop Act — (4 p 0 


-Ow 


UM 
1053 
1747 
■1B3S 
1DU -0 

IXf ____ 

UL9 

975 .... 
M5J .... 
15S.3 .... 

1105 

1365 .... 

mu 

loot .... 

U4.0 

IIUlC 

uxu .:... 

3081 -.. 


Money Fund (AJ... 

Actuarial Fuaa— 

Gill-edged Fund 

Gill-Edged Fd. (AJ- 

bBcttto Annuity 

0 loaned. Acnty 

Prep. Growth tad 
Al) (Tiber Ac tits. 
W All Weather Cap. . 
fliu-.Fd. Ut*-3- 

Feneion Fd. Uts. 

Corrc Pens. Fd. _ 


Mjul Pens. Cap. UL 

Prop. Pen*. Fi 

PrettPens.Cap.Uw., 
Bdgg- Soc. Pen. ptJ 
Bldg, Soc. Cmp.Ut— 


37*1 

1767 

— • 

7469 

•a — - 

7411 

15ZJ 

— - 

35*1 


6*0 

*05 

£7* 

*05 

3694 

-tu 

1684 

-0J 

1391 

+85 

33*4 

1312 

+CU 

1205 

—03 

7205 
3392 . 

-0.1 

1435 



& AmdUes Ufi. 

§2BB 

1325 
1285 
IMS 
1315 
142.7 
2323 
1445 
13Z4 
1299 
U9A 


AUTHORISED UNIT TRUSTS 


Abbey Unit TsU Mgrs. Ltd. fal . Gartraorc Ihmd Managers * iaiig> Perpetual Unit Trust Mngmf.* ia» 


72-80. GJichouM? Hd . Arlcsbnrv. 

341 
411 
57 < 

48 j 


Allied Hambro Group* fa) fg) 

Hamhrn'i ll.-d- Hulloo Rrrninivjd tvfser. 

01-Sffi 2SS1 or Brcnlaood iuZTTi 211458 

Balanced Funds 


1ES6SWI 2, Si, Miry A*e, ECa'jfRr*. 

C;).Vmcric»n Tal. — ’ 

nmishT«.iArc.'.. 
cocuaoduyhMre"-.-, - 

.z.Farta*t,Triw-.|314 
Hieh JncomeTiL- 

Income Fund— — 

In» Agencies — 
lull. F-tcmpt Fd. — . 
i!'InlLTSLtAscJr-|sa 9 


291 

33 3 

-0.7 

545 

5*6 

-6.8 

1563. 

16S 0 

314 . 
5*1 

33.8 
62 5 

+04 

711? 

76 5 

-0.5 

1388 

14 70 

-0.19 

85 i 

930 

-1 » 

329 

354 


0 1 -2S1 1 £lU 48 Han Sl_ llenley ok Thames 


On 

351 


P'pelu jlGp >jlh 1 40 0 


04912 5C6a} 
43.01 | 351 


282 Piccadilly Unit T. !Hgrs. Ui* (aifbi 
0 88 v.’ardilc Hie . 50a London Wall E«."2 flS80K'l 


Eclrc Income... 

Si? Small Cos FA 

ft? r jpiLal Fuad-.... _ 


no 

414 

.462 

Ini Ere* & A9CCU..M7 J 


Prime Fund . 


Gibbs lAstony) Unit Tst. Wgs. Ltd. Accumltr. Fund ..— 

M.nion.f,eldSLEraM7NL 01.588am 

?rl 


h 3sssa-- 

(av\.G.FarEa.«‘ 




. 37.9 
’fil 6 
[58.1 
261 
'a.o 


6L2 
280 
77 bj 


50.| 

b?i -Del 


-IS 


i8ii 

—0.4, 


920 

«08 

342 

2.41 

292 

3.28 

400 

1G0 

170 



-Oil Z48 
-0-4 L% 


High ^leld Fd 

Hieh Incoroe 

AfLEq-lnc 

lawraauonal Faada 

Inlemaucwial 

See*. d( America.... 

Pacific Fund — 

Sprcialin Funds 
Smaller Co.'s Fd _I34 8 
2nd Smlr. <'«'* FU..M2 4 

Rcvcn-t-ry Sits MM 

Met. Mi n. & C diy. ._ U9.8 
fivcryewEarninrs.B8 2 
ExpLSmlr.Co S..5P13.4 

Anderson Unit Trust Managers Ltd. 

238 Fenehurcb SL EC3M 6AA 6=39231 

AndmonU.T. 147.7 5L3| J 450 

Ansbacher Unit Mgmt. Co. Ltd. 

J Noble St. EC2V 7J.V Dl«3 6376. 

Inc. Monthly Fund. U62.0 372JJ { seo 

Arbuthnot Securities Ltd. <aUc) 

37. Queen SL London EC4R 1BY 01-36 rest 

Extra Income Fd.. 


,139.5 42.5/ 4 80 

. s_ . I»» • 24 w 050 Practical Invest. Co. Ltd.* lyHrl 

DraJuiS Tuec. tfVird. 44,Bloonnd>niyS<l.WCTA2RA Dl«3 8fl93 

Govett I John!* Pmrucal May 17—11433. 157 Jl ......I 436 

r?.lx*nddc ffaU.E.C2. 01-588 50 Accuro-Uniis RQ9.7 2225/ [ 4.16 

gb | d r .M V |R_j-Cg.4 M5.g^4 5} 18* Provinciai Ufe Inv. Co. Ltd.* 

^ 332. Biahop>a»le. KCZ._ 012476533; 

Grievrson Management Co. Ltd. Htgbi^iiiSm S ~n^8 :> 9 H67nf 7^ 


6S Gretbam SL.EC2P 



+0Jj 2.43 3amafftonMayl7- 
(Acccrm. l/oili'.j— 
B'lM.H.rciiflU. 

I Arcum. Units 1 . 

Endcar.MWlS— 
lAceum. L'nin*— •— 


2076 
2349 
177.2 
203 7 
2765 
183.7 


0HD64433 



PrudL Portfolio ltfngn. Ltd.* (aKbKc) 

4 5 Holbom Bars, B.'IN 3N1I 01-405RS2, 

7M Prudential ■— [m.5 132.04 -2.5| 4.40 

1 75 Quitter Management Co. Lt«L* 

1 75 The SUt. Exchange, EC2N 1HP. 01 <00 4177 

|72 Quod rant Gen. Fd .p64.7 2D8.Wj | 423 

|72 QoadraDi Income— [123.2 127 l| — .] 7.91 


0055 

High Inc. Fund 4L2 

ftAccum. I'nlu* — 555 
IfiijN WdrwI.Uta.1 555 

Preference Fund 25.4 

lAreum. DniSi__ 375 
Capital Fund 135 

rn mmnrii [l filed _ 565 

■ Aceum.UniVK' 81 4 

110% Wdmrl L'.l — 49.6 

FmXProp.Fd 17Z 

Ctanta Fund - - . 40 4 

'Arcum. Units; 467 

CrowthFund. *4i 

i Arcum. Units) 40 2 

Smaller Co's Pd. 272 

Eastern ft Inti. Fd. 243 
i«% V 'dnvl.Uia.l~ 192 

Foreign Kd. C9 

N. Amrr. t ZnL Fd. 3L0 



Grr.thKr. 5W U — U®.0 
•AccuttL UnU* 1 — -E?L0 
1 j, t B nli liar 17 ..1702 

lAceum. L’nlit) i 728 755/ 2.89 Reliance Unit Mrts. Ltd.* 

Guardian Boyal Ex. Unit Mgrs. Ltd. RellanceKw.TunbrWeeWell6.KL Obk? an 

Roval EubaVge, EC3P30N. m ^588011 O pjprtun JlyFil 1 636 22 Jl - ^ - 1 5B7 

Hendersau -Admin isralive (a) (cl (g) z M * n r uM j.j 

Premier UT Admin. 5 Rayleigh Road. Huttoa. ^ 

Brentwood. Bases. 07 m- 217 238 WBo^e4^3840. Kennedy SL. Manchester 

*sc5 n*l in Ridgefield lnLlT.|49 0 
^3 3 g Ridgefield Income i96 0 ' 

342] — oJf 627 Rothschild Asset Management fg) 


VJL Fn nflt 

rap. Growth Inc — 1452 
Cap. Growth Arc — HS b 
Income* Asset*.— Ittl 
High Income FUnda 

High Income 59 5 

Cabot Extra ISO. — 157.0 

FinarclaJ & TTU — (229 

Oil* KaL ReS ftb 7 

Internal loaal 
»7ahot 

In (eras: loaal 
World Wide May 
Overseas Fuads 


European — 

Far East 

Ncrtb American — 

Ar Gras. Mar I#.-- 

L~nbotAmer.5m.Co. 


10601 
103 5/ 


242 

8.S8 


£3£rf-nil not 72-80. Gatehouse Rd- Aylesbury. 0286 MM I 

MW "a«S5a?feiifii ^a--Sra is 


254M/-D.3 4 51 


J? C. Income Fund- (247.1 
N C. lnlL Fd. nnr.i*9j5 


—Ml 

far 19^55 


I36 4ri_lrt 
995 -Otf 
99.5 -DB} 
36—3 -O 


£62 

269 

159 

416 


732 

354 

-03 

376 

40.0* 

+02 

686 

733 

+□.« 

40.5 

43J 

-05 

124.8 

133 0b 

+5 4 

513 

540 

—0.5 


va jl . r. Tl i ui l . iniL r a. nr.rwj 

2*-4i^0.R L98 N C.lnO.Fd. i Arc.#35 
Nj 7. SmUr Coys Fd/1525 

BotliocUJd & Lowndes Mgmt. fa) 

SL Swithlns Lane. Un. BC4. 01-8284356 
NewrcrtExempl-.Jel229 129.0/ . ...J 361 
Price on May IS. Next dealing June 15 

369 Rowan Unit Trait Must. Ltd.*iai 
CitrCaieRse .Finsbury Sq.JETZ. 014062066 


151 

194 

050 


American May 18—1695 


Securities May IB.. 


1680 


Imperizi life Asa. Co. of Canada 

SS^S'SS 71 » -3 c ". “4- 

Pen*. FcL 34a «■ 19- -jb£3 7Zl] rlJj — - 222. Blabopagate. E.C2. 

Prov. Manamd Fd Hi: 

15 



Coll LJnked Portfolio 

KacagedFcod (941 «9Lfl i — 

KScdTnt Ft! -fl5A 10MI J — 

Secure Cop Fd- — fei SoM-Aul — 

Equity Fund (95.7 URR ..Z) — 

Ws’u life Assurance Co. lid. 

II. Ptnsbury Square. EC2. 

KIw Chip Mey 1B_ .1725 
MasacecfFticd- — R199 
Prop. Mod Mays.. Apib 
Prop. Mod. Gib.. „ [193.1 

King £; Sbnzson Lid. 

52, Cornhill. EC3. 

Road Fd Exempt. -110656 107721 [ — 

Next d eaRnr dale June 7. 

Govt bee. Bd. lilSJO 32160| 4 — 

Langham Life Assurance Co. lid. 

Ltavftnm tfa, 2foimbrDckDr.NW4 01-2035211 

Laryluua'A’PUn .164^ 6741 I - 

CPr.T Bond HW0.9 M«3 .._.. — 

WUp (SPt Mae Fd [75b 79Aj 4 - 

Legal & General (Ualt Assur. j Ltd. 


Archway Unit Tst. Mgs. lid.* (axel 'hi British Trust — 

317. High Holboru.WCTVTNL. 01-8316233. !S! vS!m 

Archway Fond __U3.8 S92f | 5.75 K T%ZI! 

Prices at May IdNmt sub. day May 25. Jg| tflSSiiBSST 

Barclays Unicorn Ltd. (aXgHPic) '*>1 Income — 

Unicom Ho. 252 Romford Hd. £77. 

Unicorn America— [34.8 37 

. Do. AusL Aee. 69.8 7 

01-M7S533 1 Do. AuM. Inc 5S.4 59. 

Do. Cap! Lai- — > 66 0 71 

Do. Exempt Tst. — 109.7 1145 
Do. Extra Income _ 27 9 38 

Do. Financial. 105 (_ 

Prudential Pensions Limited^ | Do.500 — 7L9 77 


£do Hill Samnrl Unit Tst. Mgre.t <a) Higb^leid i4iyi£.|54 2 

45 Beecta SL.EC2P2LX nixmann tAceum. Linitai 76 0 


SSrgSBRl™- 

Gilt Fuad 


HolbcrnBnra.EClN2.NH. 01-405 (022 1 Gro KthAraCZH |ffl 


014288233 Eqntt.Fd.May 17 ... 

440 Fxd firt- May 17 


0SSS 22271 

- 


1465 

mi 

79S 
295 
906 

MS 

i b > SecunW Trust _. 52.1 

01*045544 ibjoiSh YimTil .|n.9 

-a 3f L07 InteL* (aKgl 




73.0 

176 C 

572C 

305c 

U3 

992 ...» 


0 

4 _ 
7.63 
7 65 
3 71 
371 


156.741-27 545 * who *•■>'. r< — • 

4Q_£ _ q ; 3 ig lAceu m Units) 

"jL9 lol IS Royal Tst. Can. Fd. Mgrs. Ltd. 

97.0 —19 4 69 54. Jenayn Street S.W.l. 01-62S82S2 

23 4a -cm 7.64 Capital Fd [69 1 72.91 ...... | 3 58 

558 —0.9 516 Income Fd [742 7M 72D 

32.0 -02 759 Prices at May )&. Next dealing Hay 3L 


4.40 Prop. P- May 17_..)£2545 »l<| j _ 

Reliance Mutual 
Tunbridge Wells. Kent. 

01A33iA33 R*l. Prop Bda. [ 19£9 

Rothschild Asset Management 

SLSwtthluc Lane, London. EC4. 01-6304358 88 LcadenhsJI Sl, F.P 3 

N.C. Prop 3 tor 3 1_.(U43 12lM I — StnUtonTsl [166 0 

Next Sab. Daar Jum 30 Do. Accmn. — 12084 

_ _ „ Next cub. day May 34. 

Royal Insurance Group 
New Hall Place. LlvcrpooL 



Save & Prosper Group 

15. Christopher Street. E CO. 01-2477243 4. Great SL Helen*. London EC3P 3EP 

laid. Inv. Fund — [88.2 95 D[ -1.0/ 6 40 6S-73 Queen St- Edinburgh EH2 INI 


659 Key Fund Managers Ltd. (al(g> 


Dealings to: 01-S54 I 


or 031 238 7351 


CS.HUbSL.BravUE. 


33 

_ 43 

Do. Income Tst te 5 90 

Do. Prf.AHs.Ta_/EiO 141 

Prices at April SB Next cub. dav Mar 31 

Do. Recovery VC.7 45.11 -OJj 5.66 

Do. Trustee Fund- Q12.4 12LB -15| 5.10 

Do. Vndwlde Trustn? 53 9 -0 4 1_56 

Btarjn.Fd.lflC K25 65 lm —1 0{ <84 

Do.Aecum._- [7L5 7451 -1.2) 4.84 


Key Energy ln.Fd— 


♦Key fixemjafd- 
Key IneomeFund-. 
Key Fixed hiLFd. . 


p9 

144 9 


Key Small Cob Fd . [92.8 


u=u 


010087070. Save So Prosper Securities Ltd.* 


15411 
85 £ 
63.7 
9671 


-0.7 


-02^ 


351 

455 

648 


InleraatUoa! Fond* 

Capital 

frxj. 


12. S3 
£42 



Royal Shield Fd._.|132.4 1401] J — 


Unix. Growth. 
Increasing la 

Klein wart Benson Unit Managers* 2S"i22Si 

20.FenchmrhSUE.C3. 01-6238000 Hlch Return 

K B . UoitFd. Inc — 84.9 9121 1 417 Income 

OK-fl. UaitFd. Ac — [105 9 11531 J 4 97 

KB.Fd.lnr.Tris . [S25 57 j] ] 438 

L & C Unit Trust Management Ltd.* 6«SiIi 

016G82630 The Stock Xebange. BCSN 1 HP. 01-588 2800 Europe 

175^1 J 415 LAC Inc. Pd. [1361 140.« +2.5} 7.90 

a?5( 415 LtcC Tail A Gen Fd .|9t 5 9951 +251 204 

Lawson Secs. Ltd. *la)lc» ' 

051 2274422 1 Bishopogate Progrestive Mgmt. Co.* 63 Georg* St- Edinb^gh EH32JG. 031-2383BI1 Energy. 


—06.4 3911 -DJI 

.^=Sl 


2.99 

395 

204 


• 57.51-051 7.09 


7081 -D_3| 
463 -0^ 


791 

£4S 


Baring Brothers & Co. Ltd.* fails) 


}428 


46 Of -L0] 5.09 


Do. .Vyun 56.7 

Equity Initial ,..R19.< 

n>»2 X|| DO. AlvKOL 121? 

I rlteii luiual U48 

I — Do Ac rum - nfcx 

■ — loti. IttinaJ B8A 

. Dci.Ac.-um. 198.4 

WsncfedlnltinL 116.6 

SC 1 81 Up A rcum 118.4 

_ FrepcrvlaiUfll.. . 7? 5 

_ TM-Accum 58.9 

— Dcfsi f> Gum! ItaU. 
— Exempt Cash inii. . [958 

— Do Acvum. .. 96.9 

acirti: Eqty IniL- 1125 

City o! l/VealBss%ur Ansur. Co. Ltd. SwwrUd SSLw.i 

r-lncrieM N«i«. 0 t.-jiLdicric Road. LM.iNc.ian - ...pC72 

t'wtUcnCNC-ii.A. 

Tfrjcpjv^ Fsi-.d [M« 6*.7| 

T-arjjedF.'ert.. G7i. 7 375 J 

_ — ‘ -- nviS-e-S — 


SiiTr^KTTO Ktae iKS B 2 &£& S*'* * Pn ^ r Gniup* 

Cardi ImUol _. .. [953 * 


Charter haa r .c Krr-ca Sg.* 

18. Chscurr.* . 1 hlrridgc UM ‘ Vl£ 
Cb*tK'wE»rr.<y 4 3? 4! . . 

tTrihso. Mmi) , ? 30 W . . 

t'hriftsr ilorvipd ;>'l 45.0/ . 

Clulh.-x.FA-u.ly !5!.a 355 

MaTnnKlit N-w.. | IK 6 

Unyr.-i r,inao : riv. ; Xlli 



VI 404 NDt. exempt Mngd liut UZ5 

Co. Accmn. — — ... 1138 

Etcsrp: Prop. Hut. . 158 

jto. Accnc. . 


...10 

IVaa. WngtlCaj* (UJ5 

l-r. Vine! !ili3 

rciui Vmtm Pb;*. ...I4s d 
ivtwi. Manrr Arc. .Lc.q 
IVn* h'-yuttj t>;- . (531 
l V“> -■-TU' Ac: |i52 

:• rtf.-re- I !•■. 




4. GuSt-Helen'i, Lodn.. EC3P 3EP. 01-554 8808 

Bal Inv. Fd. — D2£a 133.41 

Property F±* R494 15«J 

Gill Fd hlRO 3243 -0. 

DnpoaUFdT TO5 1291 

Comp Pens. Fd.T [203.4 ?11 C .._.. 

" ao 1913 -29| 

01 22L1 _ 

5 961 -02) 

.7 1023 


EqunjrP* os. Fd__« 

Prop.{Vns5'd.« 

Gilt Pens Fd. 

Depoi Jens. Fd T 

Prices on May IQ. 
twcckly dealings. 

Schroder life Group* 

Enterprise House. Portsmouth. 070527733 

Equity May 16 I 2272 

Equity 2Moy IB— ...gO.6 2293) 

Equity 3 May 16— .UU IS 3 

Fixed InL May 10.-/135.3 242S 

Fixed 1st. Mao> 16 (1453 


9. Buhopsfale. EC2. 015886280 

B'galcPr. **May 9.1U64 198 61 1 3 78 

Acc. Uts "May 0—1220.1 2345 370 

B’gal* Int. May 18.077 3 188.7! 136 

tAcnim.134*l'IB._ Il95.6 208.1 . J — 

Next sub. day 'Stay 3L ••May 23. 

! Bridge Fund ManagersftaMci 

King William SL ET4R BAR 01-8234551 


426) 9-0.61 
47 .£ +0.61 
60.4 .... 
650 .._. 

40.f 

263 

Z73 

520 

721 


630 
630 
3 45 
3.45 
3.80 


Financial Sees [726 

High-Minimum FUnda 

Select Internal. _|2S0 8 

Select Income |53 4 



American & Gen 4 

Income" 

Capital In e.t 

Do Acc.t 


! Exeaptt 

InleraU. Inc.t 

Do. Ace.f . 

Dealing ■Tues. fWed 


IS 4 

^03 

353 

U&9 

0370 

055 

171 


54 6ri( “I 

14frfl ... . 

“if 


1.41 

6S6 

3.26 

336 

553 

3.68 

368 


A Raw. Materials— p92 
jtiAccnnL-Unlts'.-— M4 0 
•Growth Find - — 555 
•(Aceom. Units'... [605 
rrGdl and Warrant 07 7 

•American Fd, [24.7 

h Arcum Pnlt»i— [257 

-High Yield 1*73 

■•lAceum. Units 1 |673 

Deal. *Moa. 'Ti.cs. ttWed JThurt — Frt 

Legal & General Tyndaa Fond* 

38. Canyngr Road, Brisioi. 027232241 

lAccuSuSw"- _L pi tail “::| £17 SchleaHger Trust Mngra. Ud. taKxl 

Next sub. day May 14 (Incorporating Trident Trusts) 


g-M Scot bits Secoritieg Ltd.* 

Seotbits (39 0 4L11-051 3K 

ScMyield S0.< 54.1} -o3 7JL 

Scotsbaies — p£9 6lH -D5| 431 

Scot.Ex.Gth** Z3SS 24£7a S ..... L9! 

ScotEx.-iTd.-*.....[l602 167^ } 7T. 

Prices at May 10 Next sub. day May 24. 


1061 

10.61 


IntUTItoia 0367 

K £ S GlUMay 16. — f 


clusvd !(* Mu ipirCacn:. 

I’P 7 | . . - » 

ivv of Rcr.tnuu::rr Amor. See. UL 

* "tCfluK* C.W *EV 
r r« ITUs . li’.a* L7IS .. j — 

i-roiwrtv : m:. . ib«i 57,d . I — 

4'flmarrcii! Union Group 

M llr.rr s. i. '. n-.V.hilfl. T.'Z. 01 32577410 

Vrir »:■ A.-Ul Vq«Lr« J i' I - 3 J - 

lx- VinuKtLb. -! l’lfi I . I - 

'-uofederatioc Lit:* ioiairixcc '-‘a. 

*■> V IlDRcrr" 1 JI-C. lift. ill 3’d2iUS 

e Fumi - jir-7 2 is? ;i 

t-dsnnard HuvJ. [S.iS 1TL9/ 

•tval' 


Legal Ci Geocral Prop. Fd. Vgn. Ltd 

~ 1 1 - Gtwcn 3:^01^ St . EC4N 4TP 01-2488878 May 16 „ 

_ . L&GR"p Fd. Ms?' — tKOJ) 10L7J „....[ — — 

“ Life Assur. Co. of Penasylraua propertyB^ria — 1525 

~ rM2N*wnondSt.Wi?0RQ. 0M938S85 J5<L2 .„- 

- l.iyor fnlfr. |1C63 10SH _ Sfe^WSf IM 

Lloyds Ck. Lull Tu. Magrs. Ud. Un.Pn.Gp. May i£.:g99A 2095/ 


oi4aou» 


MnJto-Asa. May 1IL.(2355 247.91 


aw 


iThura. Prices May 

18-17.18 

— j Britannia Trust Management (a) <gt 

— 1 3 London Wall Buildings, London Wail 


Leonine Admiulstratioo Ltd. 


lOJI ......1 fc^Sscotosh wUm' Group 


►o Box 8Q2. Edinburgh EH1B5HU. 031-6558000 

l&'.Pri-Swtcs] U065 1*63 +L4I If^rosi, 

tey Hy. Senes 2. —Mo 6 105.* +I3l 
Inv+CashKay 19 — WJ 1C25) +41lJ 
Ea.tl.Tr. May 17 _. U39 6 145N -53 
MgtLPen. Ma.v 18- p67 1 26x3 *7 Of 


London EC2M3QL 

Assets 7L1 

Capita] Arc 50.9 

Commilnd 555 

Commodity — 756 

Domealc 372 

Exempt — _. 10 52 

EiEra£cowe 394 

Far East — . — 18.9 

Financial Secs...-_ 642 
Gold £ General — 836 

Growth 705 

lnc.fc Growth 73.1 

I nil Growth 59 0 

I nxeet-Trl. Shares _ 455 

Minerals 33 9 

NnL High lac 775 

Nraline __J353 

Nonh American. 


140. South Street. Dorking. 

2. Duke SL. London Wl>: al P. OM865BB1 ASSSBffmrB* 

Leo Dish - [73 4 77 3d —0.71 532 Exempt High YId 255 

Leo Are™ 180 9 853-0.71 4 65 S3 

Lloyds Bk. Unit Tst. Mngra. Ltd.* <» fSSSS&S^ mb 


01-8380478.0470 Registrar*! Dept- Coring- by -Sea. 


«1 isai 

Property Snare* _ 12 5 

Shield 453 

Status Change 30 2 

Uaiv Energy p28 



Worthing. West Susset. 

First (Bala cd.i |«9 5 

Do.lAccnntl 68.1 

Second (Cap j 5L9 

Do.fAccurrU ..... 64.6 

Third rtocome) 816 

Do. ( Actum. | 1116 

Fourth (Exloc.) 53.6 

Do. (Accom.) [663 


locotne DIsl- 

Inc. 10% WdrwL..— 


60.4 


01-883 1280 Intel Growth. [48.9 

532ri-Lll 4.45 Inv.TK. Units 255 

733-1 . 445 Market Leaders 28 6 

553/ — 04| 335 'Nil Yield' 27.0 

Pref.*GUt Trust— 210 
Property Share* — 25-4 

Special Sit To 265 

ICE. Grth. Actum. 213 
UJC.Grth.DtsL 18.8 


87 7 J 

120 j 3 -l.a 

63 M -0.4 
713-0^ 


3.15 

631 

621 

797 

7.97 


■0306)85441 
23 6| -0-3 158 
30 4 -OS 
T1J* -0.1 
265c -05 
30 7a ...... 

428 -0.3 
335 -... 

526 -05 
27.4 -0J 
30 8a -1.1 
30J -0J 
253 

273 —02 
285 -0.2 
229a -03 
202x1 -0J 


173 

836 

427 

968 

957 

957 

256 

4J9 

453 


1LM 

232 

264 

5.48 

540 


Lloyd's Ufe Unit Tst. Mngra. Ltd. j. Henry Schroder Wagg & Co. Ltd.* 
72-80, Gatehouse Rd.. Aylesbury. 0206 5941 U0. Cheapside, ECi 


fV-.ully Ten I'uoJ 
< V • 


if-; 

Ini Per. 1-,| | }i«A 

Manaf eri r-rn l'-i j 173- 

*V,a»rt»ivn.F‘ 130 0 

TiT.'U-rsod In. iVl | 357.o 

i.'«r?:Ii:U 'KFuranca Co. 23d. 

T »•. -T m cm Min 

••'-F feb 'in li li3T0 — I ■‘7 51 — 

i.Sr-n-. Uac'lfr -tT-14* — +4q — 

y.i*»p>ii_Apr:9 [lii 5 IJC5/ ... I — 

Credit A Ccairectv*" F**Mirance 

'V 1 . V,f f.n '. M , 'JCV'.O-'frir.U'.l 0IA397BI COLft VipporlP tU'J 


TlLamb-Ti.si-ECa 

Ex-rmcc- (96 8 

E.loyeiR Ufe Assn ranee 
•JO. Clift.-s St.. DAV 4MX 
9ilGthM-y£ I 129295 

ir^LbPrj- 6hl> 1&.I12J 1 129 

Opt5Fj.-> Ki<\ 18. .11335 137 1 

; ift. Hv U.v . S»5 16L 

Of. r. Ian Kay IB 1471 is*' 

ort;- , jpLVA} is.[i2u 12751 •• ■■ 1 — Solar Life Assurance Limited , _ 1; - _ 

Limtal IndoEUrt)' & Gal. Ins. Co. Ltd. J«i2E]y Place London EC.IN <7TT. 0 DM2 3905 aLBriSSh^™?**?* *' 525 

:a A>. The ForbiUT. -Tiding 5S3S II. Solar Managed S —1127.1 133Jj -0.9j — I 8LBnJanc«l* p65 497) . J 53 

z i&Kt s rSSi »-*3 “ Kass--t=.-»»«L -.Hi 

FiwM l merest . -P4 1 3fri/ - J.l| - - g*® 

Th? Lender: £; Manchester Ass. Gp.* solar lute s ~ 192.2 mm *ojj 

B63 lH3 -0.S 


Equity AremiL ._.|1567 16551. | 35Z 

MiG Group* lyKcKrl 
Thro* Cros s, Tbwer Hill, EC3R BBl). 01623 4588 
Sea also Stock Exchange Dealings 
— * 54.61 -Q.4T 126 


Cjpiial May lfi 

lAccumJ — 


I The British Ufe Office Ltd.* la) 


T.ie Leu. FolkeMonc, Rent. 
Cap Grourto Fund, 
cnioicpt fic* r-i 
er.ienut Pftjy. Fd. 
ijfcpL In*. TaL I'd. 
FIC’dblefMnC ., .' 
sav.lrits Fluid. ... 
Pn-pertyltud- - 
M & G Group* 


22*9 

+2.J 

1312 


391 

+ 11 

1485 

+0( 

1310 

+*; 

1334 


<33 

I0.4 


033357333 Site Managed P— 


__ Solar Property P.._ lio.l 

_ Solar Equity P 1605 

— Solar Fed. IolP — U35 

_ Solar Caab P » 5 

_ Solar Inti P 1002 




1093 
120 Jl 
185.9 


1151 

ui3 

US.T 




+04 — 


BL Be! anted*. 

j BL Dividend’.. _. . , . . 

•Price* May 17. Nest dealing May 34. 

Brown Shipley & Co. Ltd.* 

Mngra; Fousdera Cu ECS 
BSD nits May' 8-_ 12212 
Do.tArc-.MayR — P75.6 


Throe Gnajr. Tower Kill DC3B 8BQ 01 era 4388 JS’^4KlW sr10 ' 
Here F«Ftan— ..-.C272 — J -3 « — “■a®-**” 


i-ifftnajl Fd.. . |122 3 132.C1 . 1 — 

i'ros'a l.ife An-uraneri Co. Ud.* 
i'Tc.,vn IjV Hw . Wo ii In*; 1 GIT I I XT.' <V|S2XB3 


• 7I7.S Arc [99 J i:< jj -0 fj 
:.>r' .1 Frt , mrai Ml 1M 4-0 9) 
-u.liuM V.t lull . l r .?D wa-li) 
r.|u:iy hrt. ,'.rr. . .•*- 133 

l'.l !n>H' W O 1FI.SI 

tvcuilr Ki. Idi>. . . i-fSIi 1625 

it .-ch *:> 1 '••- '.••>■ [Ti 1 1M: 

JT.'i,c.T> I.irro r. : If- 1 -! 

F7*i;.wrr.- t'd Ir-rt. yi - Il!;.l 

tu- vat Fll Nrr .. . tv. .1 102 2 -0.4* 

: Tv IM |rjc«...(r;i W2 7 -03 

Ju Tat VJ Jo t |*J1 
fciieillnl Pd Arc [9» 2 94 5 ~<J7[ 

Fill Vni.Fd InesL »».2 9^.1 -0.< 

Inair'l l’.l 4rr [95 3 M0 £ 

ll.lrr’l Id iiirnx.. «0 1C0J 

V.a.-xFd.Are... ^3 
•— -n-y I «*- inrin M3 1C0J 

;'-nt pi! Idcid.. ..[^9 135 J) - 0 -9 

f.-jr.-ii nri. in» ‘.V.. 

i rur.sdrr tr.siircnce Co. Lid. 


5.91 


E<tul<> 393d** — [154.4 

Fjai&:7iNW" U5u6 
Family m«3«* . ._UEi3 
rtiirlk'rd— -R05.4 
lnlvrr^tnl. EaDd**. 003.5 
li'Aliag.rd Sd ■**. — [1755 

l*roaer»Be*» {1534 

Ea. Yield PU.Bd *-BLl 
Rcrarcry Fi B-i • [613 
A men ran Fd. Bd * [54 1 
JuixinPd IkL* . j»2 


MlJ 


HD. 6 t03| 

105.6 . 

•4UJ *3J/ 
1*12 
651 
M2 
57: . 

_ . , . 5391 - . „ 

haw in ‘May !v. "Hay JS. —May lR 

Kerchanl Investors Assurance 


— Sun Alliance Fond MangmL lid. 
SnnAUtnnce Rouse. Bonham. 040304141 

(04*90 1S650| .-J — . 


-I O30B | 

&ra Alliance linked Life Int. Ltd. [ Rocorerj— 

Son Alliance Hoiran. Horsham 040384141 £*ni|»l. April 10 — 


| Oceanic Tin os <aj <p 

Finanoal p4J 

General I IE 7 

Growth Acc um. 

Growth Income 

High Income 29.1 

LTU 2C.4 

lode* 24 4 

Oversee* 196 

Performance 157 J. 



r Fund— [1129 

ImermcFd. ._ 1022 

Property Fund 107.7 

Internationa] Pil . 107 1 

DvroaliFund 963 

Managed Pond 1D£7 



— [Canada life Unit TW. Mngra. Ltd.* 


2d High S:. Poems Bar. Hcrtx 

Can Gen Dirt. [37.9 39. 

Do CetLAcrum — 46 0 485) -0. 

Do Inc. Die. 333 35 lrf -0 

Do.JacAccum [435 459) -0.7| 


American. . 1513 

fArc-.m. UtiiLv-_ 52 3 

Aasiralasiar 535 

. Aerjm. 1525 

Com modi tv [74 1 

1. Arcum. UniLa 1 , 799 

Con: pound Oroi-Ji 3M7 
Cur.'.eraior. Grou-rfa 59 6 

Con/ermon Inc. .622 

Dindend. 120.4 

(AtvUia. 223. 1 

European. 47.7 

(Ac rum. I'm bi> 483 

Extra Yield 544 

1 Ac mm L'niU'— 112.9 
Far Ecstern 52.0 

f .Arena 57.8 

. Fucd of Ini T«la — 60.6 

486 vAcrum. I. mui ... 74 0 

General . 1688 

• AccJte. tuLi 2576 

Hirb laconic 192.9 

f.^cc li at. L n i isi __ U7 4 

Jspau (neorre 1442 

(Accra. Uhi:s- 1455 

Magnum 200 fl 

lAceum. I'lUUi 2535 

Midlarc 1658 

lAreum. Umiai— o. Z730 

Recover? — 79 0 

1 Accra L'.i. is j 79.8 

Second Gen 170.0 

'Accum Unity. ..., - 2542 

Special 1595 

P. BarSI 122 lAreum Laibii- -uj2*0.7 
— 0£J 437 SpeelaUard Funds 

Truslee . [146 9 

(Accra. I'ntsi (2827 


018008E20 
SgS — I 486 
290. 





Sun. life of Cmrada IU.K.) Lid. 

2,a.4.a>cfaparK..sH'iYsBH 01-8303400] Capel (James) MngL Ltd.* 


CuarlbordMuy 18..I llflii 
Ms> 10 Q458 


_ 123, Hli Ji ftrcet.CTOyrfon. 


1236 


6TS 

822 


Property. . 
Property Fen* . -- 

Lqulty.. 

Equity Pens. 

Money Market 

Money Mht IVas.— 

Deposit 

rropo*ii Pen*. 

Managed. - 


Tower PI.. U=> HI 8031 Inti Managed. 


' sm ui i !!■ . . 

G'.'i IVtq-. We' S . M 4 7t»3ut . .. I — 

In^lc Star Sr surf Midland At*. 

hrra'lnre»rl*'-'i Fu'2. OI-09BI212 

rji'aie Ml.! 17..U - IS*. 0 5T.9) -0 J| 5 95 

•- unily £ *ju* LISp Asa. Soc. Li d.* 

.1 wnlitia ”< vh'.. i lii.1- V}Kab! MFiSMSS Ncle* vllliinc Cnp..|474 
U-.u-B :127 5 11941 -17J — V-lMirJ.Fd.Csp_(«.7 

( •-•jM-.ty F.l . 1:2*: I 
» ..J.i!n:rn-il i 
■ Ji-I fV|»«ll F.l 
Vlx.sl H.| J«3 


1515 
1577 
574 
163 7 
339 4 
1795 
12X9 
1387 
1036 
134b 
1051 
3838 

NEL Pensions Ltd. 
Milton Court, Dorking, Surrey. 

NolexEq Cap.. F 7 4. 

Nrtci hi Accum. - 135 4 
Kelex Monty Cop.- Ml 
Xelex Mon v: 64 1 
NdexGtblncAcc- C 4 


Mowed tas. — 
Inti Equity, 


4J 4888171 
*011 


Maple Lg. Grth-— 1 

MarfoLLMangd.... 



M4j 

»4) 

50^ 


-d.il 

-0‘ 

-ltf 

-0.7 

-LOj 

402j 

-Ofr 

-0.T 

* 1.0 

t0* 


* 0.1 


_ PersnlPn.Fi 


200-1 

1310 

128.5 

2015 


+i.a — 


lOOOld Broad SUEC2N lBtf 01-5880010 

Capital. »A6 90iJ J <11 

I larame [79 0 8U| — [ 7.16 

. -Vert ceaJi&g June T. 



Income Mbv ]B_„. 
(Accum. Units 

General May 17 

< Accum L’tuts) 

1 7ft Europe May 18 

199 .Accum Units) 

199 -Pen*CbarFUAp2S 
4 05 S-Spec.Ex. May ll„ . 
4.05 *Recorery»lay 12. .pUD.n 


1886 
2745 
942 
103 7 

29.7 

32.8 
1639 
2362 


354 

289 


106. _ 

195 « 

284* 

87 M 

. 343 IT 

168.* 

. 243 H 

W2 


•For tax exempt funds only 


013493434 
' 230 
230 
£61 
661 
3.42 
342 
232 
232 
422 
371 
5J4 


Sehag Cepital Fd. _|333 
Sehag Income Fd. _ 1 302 


3X.il -0 3| 


587 

£19 


861 Scottish Equitable Fad. Mgra. Ltd.* 
7.77 28 SL Andrew* Sq.. Edinburgh 031-5580101 

7.77 income Units 1502 5341 | 5 00 

3-jg Accum UnlLs [572 60.9| ..._.| 500 

3« Dealing do* Wednesday. 

82fi Sehag Unit Tst. Managers Ltd.* <a> 
PO Bor 511. BcUbrv. Rse, E.C.4. 01 2385000 

442 

5iJ Security Selection Ltd. 

!Jc 15-10, Lincoln's Ins Fields, WCl 01-831 

■55 Unel Gth Tst Arc —{23 5 25 ^ 1 3.70 

128 UnvlcthTst Inr — R0.9 223| .] 3.78 

Stewart Unit Tst. Managers Ltd. la) 
351 45. Chariot le Sq.. Edinburgh. 001-2283871 
fStcwsrt American Fund 

Standard Units [66 9 7L4| .[ 337 

Accum Units [72 1 76 9j [ — 

Withdrawal Uniis .[5B4 57 Bj | — 

•Stewart British Capita] Fond 

417 Standard — [1342 14<7| | 335 

4.17 Accum Unit* -11532. 1652J „....( 335 

Dealing TfTi. ‘Wed. 

630 Sun Alliance Fund Mngt. Lid. 

SunAlliaoceHse.HoKham 040364141 

Exp.J^ TM May ID. [E2042 215.0) ... .[ <40 

fTne Family |955 10J-5[ -1 1| 356 

Target TsL Mngrs. Ltd.* (aHg) 

Dealing*: 0506 5W1 



. : :j, ^>1 

Arbnthnot Securities I.C.I.i Limited King & Stuusun Mgrs. J'* 'f ■'1 
P u. Box a«. Al Helir.'acriey; OSM 721.77 1 Uharing Crow. St. He her. Jersey. iOS94i 73791 
Caw. Tsl Ueroeyi . ..fll5 0. moui I 420 p * W:r Pprt - t«8l > 24T08 


119 | 

Next deal Ini’ dale Mai- 22. 
EastliIliU.TuCri-im.0_ U9 0I \ 


325 


lllioina* Sikh. D<roi^ax.LO-U v 


Next *ul>- May 2d 
Australian Selection Fund NT 
Market uppertannUro. no Irish \wung t 
Outhwaite. 127. Kent Su Ssrlaoy 
1331 Shares-*. — I SUSL53 [ | — 

Bask of America Intenutional SA. 

36 Boulevard Kayo I. Luxemtoun: UD. 
Wldinveflt Income- 1» SU3Q3 1UJCI-0.«7| £56 
Price*, at May 16. >>cn snh. ujy May 34. 

Bnk. of Lndn. £ S. America Ltd. 

4&S£Qneep Victoria >«. EC4. 01-9003913 

Alexander Fund —Bl’sJCi — | | — 

Net asset value Muy 17, 


Ullt Fund iJotwy) ..{924 
r.:ll Tru.rt • !.o ’L> . [107 1 
Gil: Frod ktwcrgsrA&Jift 
Inti. Guil SKt TsL 

Fira Sicilia* tt622 

First Inti [18362 


10874:4858 


9.261 [ 12.00 

09fl .„.. 1200 

970^5,.;..] 3220 


l£29i 

18420| 




Klein wort Benson Limited 

V>. FcnchurcnKL.EC3 01- 


Surinvort. Lux. F. 

Guernsey Inc 

Do.. Aren m. 


KS Far East Fd. — 

KB) niL Fund 

KB Japan Fund .. . 
K-R-L-.S-Gwin Fd- 

Snfnrt Bermuda 

•UntondblDMu. 


M 1,036 
5 
.2 

511510.62 
SUS1L66 
5U53O04 
SUSU.40* 
SL'S4.97 
1790 lflOol 


62.0 — 
632 —J 


^29 

*023 


338 

4.17 

427 

132 

1.46 

053 

079 

UI 

8.99 


Bmique Bruxelles Lambert 

2, Rue Do la Regencc B Itoo Brussel* 

Renin Fund LF...-IL84S 1.9QE] -3| 724 

Barclays Unicorn lot ;Ch. Is.l Ltd. 

1, Charing Crou. Sz Heller, Jny 053473741 
Oversea* Income n M88 514| -rO.41 1084 

umdoDar Trust — ta.isuR ilm| | 420* Lloyds International Mgmnt. S.A. 

S- iJ-J " 00 " «*« Rhone. PO. Box 17B. 121 1 Genera U. 

*S»-b^ct to fee and witebolding taxes SF346J0 371 00 + |?F34kJP jJlW I m 

Barclays Unicom Iql tl. <3. Maul 13d. Uoydsint income Unaw 32asq ( £20 

I ThomoaSL. Douglas. l.oJU. 00244BS0 j o, c 

U nlocm AUSL Ext Ivn - «u- T, i i ra l» * ** V.VOUP 


'KB act as London paying agents only. 

Lloyds Bk. IC.1.1 U/T Mgrs. 

p.a Box 195. Sl Hclier. Jersey. 0094 279M 

UoysUTsLli-^eav. |555 5&4{ 4 220 

Next dealing date Juno 35 


f:- 

51.7 
271 


+0-91 


1.70 

1.B0 

320 

R50 

1.40 


Three Qaay*. Tower Kdl BC3R 8B4. 01 


Do.Auat.MltL 130 4 

Do Grtr. Pociflc jfel.O 

Do. Inti. Income. -.-[343 

Da L of Man Tst. WC0 

Do. Manx Mu tael — 1255 

Bishopsgate Commodity Ser. Ltd. 

P.O.BOX42. Douglas. I.O.M. 08Z4030IX Samuel Montagu I-rln. AgtS. 


Atlantic Mjv id — 
AusL Ex. Kay 17— 

Gold Ex. May 17 

island 

lAccumUclui 



231 


AR MAC -May 3 — 

cANRHo-Skvs-.kuxs :x« 

COUNT* -May 2 tf2J37 247* 

Originally issued at "5 10 tad *‘£1.UCL 
Bridge Management lad. 

P.O. Box 5C8, Grand Cayman. Careuw Is. 

N-baafaiMnyS 1 ~kT5543 1 | — 

GJ>.0. Box 590. Hong Kong 
Nippon Kd. May^ .gUStt q ^ 1L2J J 0.77 

Brilannia Tst. Mngcir. (Cii lid. 

30 Both St— SL Heller. Jersey. 0534 73114 

Sterling D nwmiul rd fds. 

Cm cThlnvest IE-5 

InaLFd. 1735 



251, 

lSJ^ 

2JJ 


. _ TSL .[X4L6 
UnlvsL STaL sre.... B227 
High lM-5HE .TSLV.q20 
I’JL Dtlla* Draemlmtctl Fou 

UnivsLST*— Bl'SSJJ 5.V] -HUM — 

IntRighlOLTsL-^BuSLOO - | .TTTj 9.00 


] 14. Old Broad SI . E Oi 
Apollo Fd. Mov 10 .. |SF48-75 
Jtpfest Apnl 31.. -.pfODli 

S 17 Grp. May 3 mSUjJ 

i 17 Jersey slay 3. . fta.98 
1 17 JrsyO'S Apr 28 .[£11.95 

Sfarrsi'. Johnstone (Inr. Adviser I 
UE1. Hope St- Glasgow. C” 041-221 5321 

- Hope SL Fd 1 Sl,' £32-07 I .1 _ 

-Murray Fund I 5L'S1P 38 | J — 

•NAV Uay 13. ' * 

Negit S-L ■ . 

Ida Boulevard Royal. Luxembourg 
NAV May 12 1 SUS10.06 | J — 

V.1 1220 

~ ' Bank of Bermuda Bldg*., Hamilton, Braid a. 



NAV May 12. 


-R4J5 


— / 1 - 


VbJito Mayio. Ncini>saJinc"M."u' nSS I»^rnationaI 

— *'-- ■■ ■* — PO Box 77. SL Peter Port, Guernsey. 

Inter-Dollar Fund- (235 254( 4 — 


offer closes May 21. 1177B. 

Brown Shipley Tst. Co. (Jersey) lid. 

P.O. Box 583. sl Holier, Jersey 053474444 Property Growth Overseas Lid. 

SierltegBondW-RlOOt 10*3} I 12.75 ™ n ^ T Ln.Gib«l.^^ ^ib)6108 

Satterfield Kanagemcs: Co. Ltd- u.s. DoUsr Fund_| suss? .99 
P.O. Box 1S«. Hamilton. Berouda. Sterluu: Fund 1224.05 


Bnttraas Eauity — P 33 

Buttress Income.- .[2 23 


l:d = 




7j3 Richmond life Ass. Ltd. 


Price* at May B. Next sub day Juno 22. 

Capital Intenuiional S.A. 

37 rue Notre- Dame, Luxerebcurg. 

Capital lot Fund — 1 5US16 93 | 4 — 

Charterhouse Jsphet 

I, Paternoaier Row.EC4. 

iMuoja 
Db'ajo 
MD3J4 
IHCUS 


Emperor Fund cTSKl 

Klopano jsTMia 


48. Alhoi Street. Douglas, LDJ4. 06342301* 
iz.TbeSGverTHuLlUNC 112.0) -fLU — 
Richmond Bond 97 tlH2B 192_S -03 30.72 

Do PJalinum Bd [1305 1370 -*5.3 — . 

Do. Gold Bd Iu3.fr 109il +Lll — 

Du.EmBTOCJBd— fl649 1736/ -L4/ 125d 

01 ^ 48 *"? Rothschild Asset Management (C.I.) 

532 P.O.Box SB. SL Julians CL Guernsey. 0481 2833L 


O.CEq JV. Apr. 28..1SL1 5451 3.81 

OCJn^Fd Usyl-a508 160.4 b 730 

O.CintlFdt klJ4 131 13* 

OCSmCoFdAprta 1348 142.1 35* 

Of. Commodity* |UL6 140.fi — .. 4 61 

O.C. Dlr-Comdty.t-- 1525.38 27.00^ . ... — 

•Price on May 12. Next dwUlng May 31 
T Price on May £ Nest •*** ling May 22. 


a rtJ3« 625 
-oSS 5 JO 

1C8 

Clive Investments (Jersey] Ltd. 

P.O. Box 32U SL Hal ter. Jersey. 05342738L 

CU*eGUtFd.fC.l.i.|937 9.S» f 1X03 

Clive Gib Fd. Usy.i I9.S5 SU| < U30 

Cornhill Ins. (Guera.se>' i Ui 

P.O. Box 157. Sl Peler Part. Guernsey ' 

Intel. Man. Fd. [1675 1£25[ | — ’ 

Delta Group 

P.O. Box 3012. Nassau, nahac-t 
Delta In*. May 18_. [5X79 158} *001/ — , 

Deatscher Cnvestaent-Trcst 

Protfach 2888 Blebergasse 0-10 8000 Frankfort. 

Ooncemrn IDHM98 aua+alffl — 

IBL Renlentondf. — [ dWJO 7I»|-OX0| — 

Dreyfus Lntercontiseatai luv. Fd. 

P.O. Boot N3712, Nassau. RjKnmn< 

NAV Kay 16 |IDSU4 1524/ — _ 

Emm & Dudley Tst.KgtJWF.Ud. SS'SKIllml 

P.O. Box 73. 5t Heller. Jersey. 053420501 Cocaaod. il=yI8,._ U2I4 

EDICT. [U73 22S.fl 4 3.00 SL_Fad.Mayl8-.-lm3 


Royal Trust (CT) Fd. Mgt Ltd. 

PO- Boa 104. Royal T*L Hot, Jersey. 0934 27441 

E.T. IntTFd IRTflUD 95M J 3.08 

R.T. lnt‘LUsy.1 Fd. .(91 95^ .. ..3 331 

Prices at SSey 15. Next dealing June 15. 

Save & Prosper International 
Dealtsg ux 

37 Brood SL.SL Heller. Jersey 0534-205BI 

UR. DaUso-dencnrinoictl FUnda 


DLrFxdInt~MaylO. 
inleznaL Gr.*t 

Far Eastern** 

North American "t . 
Sepre“»._ 



69S 


Bwllnedninimtd *■■«* 
Channel Capite!«_|Z 


+D5J X62 
_ . .-03| 4 96 
137.1 

U7i! .....J 1133 


Schlesinger International Mngt. Ltd. 

41. LaMotteSL.SL Heller, Jersey. 058473588. 

SAJJ [84 89] ] B.1S 

S.A.O.I 5038 • 0.934 1 4M 

Gilt Fd 2Z.9 SJj -0i( 1X90 

Irol Fi Jeraey„„. 106 US -l| 331 

* anfcrg.— S20.61 LL2ri-0J«| - 

und — »* 99J ._J 34 


F. & C. Mg at Ltd. lev. Advisers 

l-X Geurence Pountncy Hill. SCAR OBA- 

01433 4880 

CeoL FcLMaylO — | SUS5J6 | J — 

FideUty Mgnrt. & Res. (Bda.) Ltd. 

P.O. Bos CTO, Hamilton. Beremda. 

Fidelity Am Axs — I SU52535 
Fidelity TnL Fund.. 5USZX13 +0 
Fidelity Pae. Fd— .1 SUS4435 

Fidelity ■WrJdPa._| SUSKC 

Fidelity Mgmt. Research (Jersey) Ltd. - hrr -_ . .. rrnm 
WBMrioo fisc.. DoqSl.SL Holier. Jersey. hehmaer Life Group 

0554 27501 

Series A (Intel.).. .1 £3.74 
Series BfPacifici— €757 
Series D iAmAt».H 437X9 

First Yihing Commodity Trusts 
8. SL George's Sl. Dougins. 1*3 
OfiK 4082. Ldn. Agio. Dusbar t Co , I’d - 
S3. Poll Moll, London SW17SJK. 01-CM7 

SvtD^pTsiltwo 84^ Im J. Kenry Schroder Wagg it Co. Ltd. 


j*0J2j — 


lnteLFdXxznhric. 

-For East Fund 

•Next sub. day May 


Enierprise House. Portsmouth. 
Intern ckro-J Fund* 

£5qulty .[U£0 


30 


070527733 


fWissssr. 

SFlxed Interest 1 

£luo*ged 

SManaged 


122.7 
156.1 
1355 

1 2 8 . 7 

113.7 



Target life Assurance Co. Ud. 

T ag . Same. Gstebouae Rd.. Aylesbury. 


Prices on May 1 

iCarlioI Unit Fd. Mgrs. Ltd.* <*Kc) 


_ M»n.FuadIac 10X9 

_■ Mon. Food Are 12£7 

— Prep .Fd.Inc 1062 112J 

— . Prop. fo. Are. „ 1360 

nap.FUJav. 187.0 

Fixed InL Fd. Ire 1055 
Don. Fd. Are. tec — W.4 
' M. PUa Ac. IVn. . 7X9 
8811 ^ 


BeLPtaaMuLAce.. 127 J 
_ ReLF1on3InnjCap_ U7.7 

r- 


<n*r l * tuburn Uou8r - Newi*ile.qpoii-Tyufi 
Ayiesbteyl03aft5041l CarJlo , (MJ “ 

1D7M -.-..j — | Do. Accum. Units —H3 0 85 

12351 ] — I Po. High Yield— —M 6 .441 

Do.Accnm.Uniu_[518 54 
Next dealing date Hay 


12X5 

21 

134-7 

1245 

137a 

1301 


Chcrifd. Ms* 

f Accum l miai 080.7 

Pens. Es May :5_|UJ4 

Manulife Managesnent Ltd. 31. Gresham Sl. ext. 

Sl George's War.Sterenage. 043858101 Target Ojmmodity.p53 

Growth Vous 1525 553J +051 3.69 Target PinanciaJ-.. 595 

Mayflower Management Co. Ltd. ^jWai'rai: 2 bs B 6 

21185 14,18 Gre: ham SL. EC2V 7AU. 01-800 BOW * Do. ACC. Um is. 7793 

lacemeMzy IP (XK2 11071 1 BTC Target all Fund— U5.0 

1 52 General May 10 — >693 729/ . — | 519 

850 Mercnri - Fund HBm agent Ltd. Doftoi*r.i<sit*-.nJ 

30. Gresham 5L.EC2P2EB. 01.6D04555 Target Inv P04 


—0.4 

-01 


Net Msd. Fd. Acc. - -K7.9 . . 

Next Sub Day May 2D 
Far New Dot Pnuulj *ee nnder 
RaUwchUd Aatet Management 


“ - TnuuiBCenutioaa] Life Ins. Co. Ltd. 

— 2 Bream Bldgs- EC41N V. 01-4030487 

— TUHp Invert. Fd — -DAO 6 148.01 — .1 - 

•Bpfttffl .fid: 

2 S§SlS:SS::ffi-. S|Ei = 

Trident life Assurance Co. Ltd.* 

Hern! nde House, GloueeKer 045238541 

&SS==z = 


The LusMina 2nd Civil Enginering page 
i *. pubi i.-: h vd in fhe Fin uncial Times every 
Mcrdny ;is:d carries nows items relating to 
ivniTiwls V;uv.i important riovelopmtals in 

liii- i Vii-'fisirtion Industry. 

••\»r dolailN of the advertising space 
.ivnii-d/o on the page each week, and costs, 
you arc invited to telephone 

ni-*J4S SOilU. Ext. 360 
or w rilu In The Advertisement Director 
Financial Times 
30. Cannon Street, London 
EC2P4BV. 



Charterhouse Japhet* . 

1. Patera otter Row. EC4. 

CJ Internotl 1»0 21 ^ 

Arcum. Units OS 2 3ao/_— 

C J- Income. . R2 Mi" 

CJ Enro Fir [26 0 Z7.-, 

Acrum. Cub {30 Z 322\ - 

UJ.Fd.Inv.Tsi ©0 2881 

Accmn. Units 1310 ' 33 01. , 

Price Slay J7. Next d«bng May it 

dueftain Trust SEaaagara Ltd.*<aKf) 
II New St EC2M4TP. 01-2832832 

American Ut03£ 2S4l -0J* 158 

High Income.- HB9 445rf -01 939 

Imereatracuil Tst — hr 1245 261} -vBli 3.2? 
Basie Resrre. Trt [766 28.6} -02} <37 


Mere. Gre. JLw J7 
Arc. L't* Mac j7_.H35i 
0 1-248 3990 Merc. lot. Vac I, —1621 
. 1 Tu ArrelL v^riT-Br 

MercXxL .^pr57— B03.4 
Accmn U-'- Apr27.[2€£8 

Mi dlan d Bank Group 
Unit Trust Managers Ltd.* (a) 
Con n wood h'onse. Silver Street. Head. 


254 

2J4 

*32 

431 

451 

365 

3.65 


192.7 

2503 

662 «... 
7X0 — 
21X4 . — 
252.9 


Pr. May I7-U05 


37 7} *0 
6<7 -0.9 
39J 

213 1« -0.4 
2894 -43 
120 ' + 0.1 
3D.t -D5 
331 -02 
339 -03 
5270 - 0.2 

168.9m 

nic —0.4 

152M 

20.4 -0.4 


3.E3 

454 

5.75 

5.95 

£.95 

300 

4.46 

159 

159 

356 

420 

*34 

1X54 

454 


ShenielJ 3'. 3RD. 
Commoditr - Cen. .164 0 

Do. Accum 73 7 

Growth. —38 2 

Do. Areun «5 

Capital 2*2 

Da Accum 38J 

lactnse. — pl2 


S8%Sl._ 

|j| CoyreCroinh Fd. ”^9.0 
f Z| Target TsL Mgrs. (Scotian dj (a)(bl 
. 18. Aibol Crescent Edi o. 3. 031-2208821 J2 

Target AmerEagle[28 0 30.31 ... J 126 

Target Thistle 50.1 43.13-07^ 573 

Extra Income FtL_[59.7 6<ti -0 l( 3020 



Confederation Funds MgL Ltd.* (a) 


Cosmopolitan Fond Managers. ' 

3a Pori Street loo dOnSWlSSEJ. 01-35853. 
Cosmopoln.GULFd.tl7A ' 19.8c( ] 4 81 


TeL OTttTSOtt Trades Union Unit TsL Managers? 


6B.9ri -0.5 
79 3 -0 7| 
414 -0.71 
'439 -Old 
30.3 -&3 
324 -02} 
548 -o!a 
624 -04 


52 W —03! 
56 01 -o5j 
640-DjJ 
6*3 -051 
18£? 
.10641 


564 

564 

528 

328 


100. Wood. Street EC2. 
TT'ITT May 2 1«9 0 


oidsam 
522 b( | 5.42 

3^ Transatlantic and Gen. Secs. Co.* 

3J8 Bl -99 New London Rd. ChelnriPnl CC45SI65] 


1242 

grow th Are. 127A. 

Prox.Bngd.Cap — 113.0 
Penning. Are.— 1X71 . 
PoexGtdTJepC^p 10X5 
Peca.Gte.Dep Are. WSJ! 

Pens.PpQr. Cap .... 112.9 

PwfcPiy.Aee 1169 

Bond_— 353 

TrOLGlBood — (99.0. 

"Cash value for £100 pramiunL 


Do. AreunL . — i — 5gj 

Zmerpaiionat - m.9 

Do. ACC lul. 511 

50C3um»3 LpraWC2AlHE 01-3480282 Hjch 3^elfl - MJ 

Growth Fond |4X2 Uf [ <41 E^^-pr ~ 009 

Do. Accra. - — — BHJ.9 , 

Pne« a: iprU 2* Next-dealing May 3L 

Minster Fund Managers Ltd. .T ZELir tiLiti. — 167a 

MiniiM Hi* . ArthurSL, E.C4. 01^31050 Marlboro May 16_ 517 

Crescent Unit TsL Mgrs. Ltd. (aXgl ■ MutaerMoj- 3*« — j 5«7 . Accum. 59.0 

< MrlrtHc i~m Edinburgh 3. DS!^S84fi3I Exempt Apn. 28 _. (87.1 fLil I 552 \ aaGwlh.MayJ8.. 505 

Cmeeot Growth. 071 29.11-631 452 KA Unit Trust MgenmL Ltd. nl 

Cres-lDternall ]Bi9 _ 6XO| -02] 035 Old Que< n f ^ceLSWlHBJG. 01-0307333. Voog-tVeSav 17 ~ 44 9 

MIA Units -P9A . 4X6/ [ 433 fAccaoL L'aiB.1 — 455 


b34 Barbican May 18 — 77 4 
£54 lAreum. Uintsi — 11£7 
745 Barb.ExpLApr.a6.. 855 

1*5 Burton May 18 82.0 

|J2 (Accum. Units' 99.8 

B 42 CcHemo Stay 10 127 0 

554 1 Accum. UdjIsi 1532 

554 OunteMay 17 5L9 

i Accum. Unlli.' — _ 5£9 
.Glen. May 18 [528 


Cres. High. Dirt. — 0-9 
I Gre* Resen es H03 


460d -0J 
43.BJ -fl.i 


*97 


4J6 Mutual Unit Trust Managers* Wgi JSSESSiSciZ^' 9 


723 

0IdO848O3 WickDIv lUnyW- 668 
If. Accum. . 7£5 


Tyndall Assurance/Pensious* 
1£ Guqmge Rond. Bnstel. 


[&•; ?!’J^ — ui fe 41 lip. Altjui .(76.5 B 

! si^-oibT S.7 • 21 Ita Tyndall Managera Ud.* 

1 Kief. '.Id- p55 595|+0.ll *74 1* Coarogr Road. Bnrtol 


Income Mar 17 

(Arcum Uni tsi — . 


la 

■ Mr. 

nT&Uy 18... 
ie. May 18. 

?«!' 

uuHoad- 

Du. Prep, Mays — 


1232 
IMA 
164 4 
1043 
1268 
14£Z 

73.6 

1666 

2532 

3742 

SS4 


Vanhrugh LUe Assurance 

_«-t35UddOTSt.lda.WLR»LA. 

EQtnry Fd 

ImnL Fund 

fUed Inters Fd 



FUnd - 


JMSlO 

1229.01 

100.9 



Discretionary Unit Fond Managers is.coyhal! -.ve.ECSRTBU. 

22.BhjfflTieldSl,EC2M7AL 01^*4485 Mitoalii.-; ?!«— 

Disc Income J1605 1712>4 I 526 S 4 -" 113 ! 

* McniaJ 

E F- Winchester Fund XngL Lid. Mutual 
oidJewrv. Ed 014083187 XgtIonsJ and Gosunercial 

0272 33341 1 fiml Wliirhewer . a*< 

GL Winch' cr 0"»e4*!l9.7 __ _ 

Emson & Dudley TsL MfigmaL Ud. Co^Sa^.:"' "—^2 130.M I 337 iAroukl/njU^ 

mSES^IM JM M.7I !!TS l x JSSaTKirtS lav. LUL* 

Egniliea^LUd. (a) W ft) ?TS iSESWiS 

ssssss^ • nvsnrs SB# |f ' 

Equity & Law Un. Tr. -U* nsS? 

01^48231^.^ National Wes traiM t i fm 

3$ “ 


E.W 
1235 
8*2 
362 

1B50 ... , 
133.7 +05] 
16X3/ +0.4] 
55 <9 
60.6 
5£Xb 
720 
54J 
6X7 
52.8 
648 
75.4 
47.7 
4*5 
M3 
76 5 
70 On +oa 
8021+0.91 


523 

523 

3.98 

452 

452 

569 

5.69 

685 

5^ 

534 

267 

267 

352 

352 

3.49 

6.43 

643 

530 

530 

*37 

£37 


E^Vtluwr (664 HJI-LIJ «, ^ ^ewee. EC2V8RU. **». 

Framliagtoo Unit MgL Ltd, <*) 

57. Ireland Yard, EC 6B SDH. 01-£«fi97l Fleas rial— — 

American.,. 1486 5XW I 100 Gra(rtkl=( — — — 

capital Tst arrn 1252^-3.4 txt iu«uet. ... - - — — g.| 

Income TSL. —to. 6 22*2=1 -38( 595 Portfolio lrtj. Fd.— 1695 

InL Growth Fd. J1126 U95J +6H 272 Unt'eraai !■ lfi ‘~ 

11* ^ -0 — - 


Accum. Unilii. 
Scot Inc. May 17 — 
1 — dna Wall Crony 

Cap! isl Groirth 

Do. Accum. 

Extra Inc. Growth— 
Do. Accum. 


70.73! -«.« 474 financial Pririy — 

703uS -CO 7.71 Dp-Accmm--..- — 

8 -06 503 High Inc. Priority- 

— X5 4.94 Itucraononal — . — 

-0J 651 Speci al Sits.- 

IoS 2J7 TSB Ualt Trusts iy) 

XEL ITU a .uasagers Ud.* (aKg) COfclUj' Way. Andorer, Haute. 


PZ78 

iVantough Pensions United 

■11-0 Maddox 5C, Ldn. WIB SLA 01-4884023 ha Accum. J.i —llSM 

JSS-ul - Friends- PwdL L'alt Tr. Mgra.* g**"" 

rhnlTi Vf 1 *"* 1 “ Plxtam End. Dorkins- 32385055 Ncii'reKicn Inc -^.0 _1J 797 

l^repa* hu 7«L1| I — . FnendaPror.t’U .gfi 444eS-0.7l 433 p± V esr C«UtFhnd Jtonreerc ' ~\lA 

CaarenMCd m Ins. Bow Rates* table. 150 Acrunl — -3£ i 953 srcSblhsrilM tottft^^m 

G.T. Unit Managers Ltd.* Norwich Union Insurance Group (bl 

>. m ■ H- Flnshcyv Cinrns EC25I7DD 01^288121 P O. Box 6 .Norwich. NR I 083322200 
_ JGT.Cap lor B&7 .£V-05J 3« Group TiL Fd .-—tSM-9 3M.9J-36J 496 



Fleming Japan Fond SJL 
37. roe Notre-Dame. Iusouteoure 
riniXMay Id 1 4US4554 J [ _ 

Free World Fond Ltd. 

Buuerlield Bldg., Hamilton, Bermuda. . 
NAV April 28 i SUS17J.89 | .... [ — 

-T. Mnnsgement Ud. 

Pork Hoe- 18 Ftcshurr Cttrus. London CC2. 
Tel: Q1-G28 8i31. TLX: 888100 
London Agents for: 

Anchor "B 1 Unta. — " 

AncborGUt Edge — 

Anchor InL Po 

Anchor In. Jay. Tst . 

Borry Pac Frt 
Berry Par Strig_..„ 

iXT. Ana Fd. 

G.T. Asia Starting— 

G T. Bond Fund — 

G.T. Dollar Fd. 

G.TJncUicFd. . — 


130. 1'hsopslde, E CJL 


ChnaoSMayll 
Trafdcar April 30- 

.As:a3 Pi May 15_„ 

Darling Fnd .. 

Japan Fi' 


■susna 

SU 311456 
SnSK9« 111 

gALM X95i 

d.Mcyl8_.&'S*15 *6 


0I-5BB4000 


£28 

855 



Sentry Assurance International Ltd. 
P.O. Box 328, HaiaUtcn 5, Bermuda 
Managed Fuad [Wai» 1J3»| — 

Singer & FYiedlander Ldn. Agent* . 

3>. Cannes SL.BC 4. 01-2480048 

Defcofopds 124.48 2580l+<L20| ' £51 

Tokyo Tri. Apr.28—| 5VS35JS0 I .~J X77 


^20 Strenghola Management Limited 

X7B P.O. Box 315, SL Holier. Jemv. 0034-71400 

Commodity Trust _ [9020 9195/+0.06/ — ■ 

92 SariBvest (Jersey! Ud. (it! 

r-rh™-, Cuee»s Hse. Don. Bd.SL Heller, J«y.0S84 27348 

Gartmore Invest. Ltd. Lda. A&s. Aman cmlnd- Tg ISL60 g7 

X Sl Mary Axe. London, BC8. 01-3633531 Cop per Trust Sl-17 

GarOnrer Fund N«l fFar Ecui Ud Jap- IndexTsL _ — 11X26 

U03 Kutehlsoo Hae. IQ HoTCO UT t Rd. HJioc^ . „ _ _ , 

HK&Pre U. Tst go-3* 3M».041 X60 TS3 Unit Trust Managers IC.L1 Ltd. 

Japan Fd — --8®?! ljyq ....] 0.700 Bagatelle Bd, St. Stelocr, Jeraef. 053473404 


N. .American Tft _.. 

ML Bond Fund . - .1 
Gartmore lnw iaiu t Knot. Lid 
P.O Box 32. Douglas. loM. 
International loc. -I2X1 22.4 

Do. Growth. [6L8 65. 


Jersey Fund |4£6 

* ' ted W&.6 


<J6W 22311 
1X2 
460 


Guernsey Fund _J«._6 49.1/ :. ...] 489' 

Prices on May 17. Next sub. day Stay 34- 


49X1 j 


*- 

Hambro Pacific Pond Mgmt. Ltd. 
2110. Conaau&ht Centre. Hoag Kong 
Far E*a May 3. — ISEEUA liad . I — 

Japan Fund — |lt'S£7l 710j-0^ — 

Hambrot iGaernseyl LtdJ 
Hambro Food Mgrs. iC.I.i Ltd. 

P.O. Box 08. tiuersaey 0481-28521 


CJ.Pund 
I nfill Bond 
InL Equity 
InL 5rg9. * 


InL Svgfc -S' SUStLW 


W if 


SL'Sl 
A’ SI'S] 


Prices on Hay 1 




3 TO 
853 
250 
853 
250 


Tokyo Pacific Holdings N.V. 

latinos Management Co. N.V_ Curacao. 

NAV per shore May 15. SUS4&S9. 

Tokyo Pacific Bldgs. (Seaboard! N.V. 

InDiniS Management Co. N.V„ Curacao. 

NAV per shore May 15. SUS35.4X 

TyndsU Group 

P.O. Box I2SJ RkuIHou 5, Bermuda, 22700 
Overseas May 17 __in.'S114 

l KrcJXO. Cnilsi Bl'StM 

3-way Jk. Apr. 20 f 


Next dealing May 24 


2 New ftL. SL Delia-. Jeney 
TOFSL May 18 XI 30 

Henderson Baring Fond Mgrs. Ud. JiSSSSaBSIndlff* 

P.O Box N47S, Naoaau. Bahamas lAceum sbaresi 

Japan Fd. BDSUS E3?| J — 

Prices on May 24. Next dealing dale June I. 

Bill -Sam oei & Co. 1 Guernsey) Ltd. 

8 LePebvre Sl, P«er Port Guerntry. .1 
GoenneyTsL 11465 1567s«-2.7| 3.60 

Hill Samuel Overseas Fund S-A. 

217, Rue Notre-Dame, Luxemhoorg 

wsan bhi-gui — 



JereyFd Stay 17.__[1914 
iNii’O-J. AreULa t... [273.4 
Gilt Fuad May 17 „ 006.4 

. Arcus. Share^i pJ7.6 

Victory Benia. Douclxx. lair af Man. 08S4 3 
Managed May 18 [2298 13S5J — 

Ltd. intnL Mcgarnt. (C.I.l Ltd. 

i< Mulcaster Street- SL Helinr. Jeraey. 


International Pacific Inv. MngL Ltd. L ' J -^ - p “od |sc»»K «£« — J *14 


PO Box R237. 66. Pitt Sl, Sydney. AusL 

Javelin Equity TtL, [S2.07 -- 2X7]^) C?| — 

J.E.T. Managers (Jersey) LltL 

PO Box ]»). Roval TXL-Hro., Jerw-»CS34 27441 
Jersey ExtrnL T»L P6S.0 X70JU i — 
As at April 2* Next sub. dey Mo:’ 31. 
Jar dine Fleming & Co. Ltd. 

48th Floor. Connaught Centre, Hong Kon* 


United States TsL IntL Adv. Co. ■ ■ 

1< Rue -Udrlnger. Luxembourg. 

L'JS. Tsl lav. Fed — | S1'S10.73 |-0J2> *93 
Net asset May 1A. ■ 

S. G. Warburg & Co. Ltd. 

M. Gresham Street, EC2. 0140045U 

Cnv Bd.Fd. Stay 17. | S1'S9£3 

Energy InL May 17. SUS17J0 

•Jr5LSFd. AprJO I SU5£85 

MrSir . 54ay 17 fcrafl* 


:.S«<3S 


JardineEstn.Trt._l 5HK34*99 I .. .1 530 
JardmeJ'pn ?£•-( SFn£S2X15 I ..... I 097 

Jardine S. E-A. -} SHKU 52 ) .. 2J0 

Jqrd lap FletiLlnL _ | SHK946 

NAV April S * 'Equivalent S' 

Next sun. May IS 

Kryselex Mngt.. Jersey Ltd. 

PO Box 88. SL Helicr. Jersey, . 'Ear. 01 707'. » XeaCTsLApnl 30. _ C1X44 

Fottselex ItalOS U£n I 193 TMTKwII.. Hl’SBlt 

BoodteJex lrrJ2L5t lSS ! Z TMTLsd. Jiav 1 1 __ [CJ0J7 

Keyselex lat'l IffrSl 73S — 

Keyte'lex Europe — SJE 42*. .1 33 

Japan cm Fund ...®S£.7l HCt I — 

Key selc 1 Japan — 1013 76 U7a-3'.;l — 

Cent Assets Cap | £232*7 . - • 


Warburg Invest. Mngt, Jrsy. Ud. 
j. Chan eg Crass. Sl Helirr, Jsr.Cl 053473742 
CIST Ud. April 27_ ILL'SZ^I 
CM LltL April 27_l£U3o 


World Wide Growth Managements 

JCa. Boulevard Roval. Luxembourg. 
Worlowido Gib Fd| SUS14.40 |-£lt/ 


N0TES 


ITicea 4v out i-nriude l premium, crropi a here Indicated ■>. and ore In pence u»l>« othenrin 

imlceled. Xtlds < (slwwn in l=si loiiisnn; rflpn- for =11 buying expenses, a OBoed yil t is 
include all npewes. b To-day's price . c : mid bawd on of ter price d Esdmnlod. g To^bv’s 
opening pneo. h Dismbnccn See of UJi t?=es ? Perioaic proJUlnm uworace* plans. b Single 

premium inrortore x Offered price includes al! expenses excel* ogentV < ‘ 

Wf™ price Includes all expeaM.- d bough: tiuwugr. managers. 1 Previous 1 


Dealings 


Welfare Insurance Co. Ltd.* 

Tin? Lose. Folkestone. Kent CIRC 57333 

«wesniakWM._| 1025 1 +1.2J - iafArf 

ror other XimhJb, pi ease refer 10 Tho London 


Whretcr Croup. 


Windsor life Assur. Co. Ltd. 
* “lsb5creef. Windsor. 


yi» Inv . Plans. 16*0 

Pmnr aAmdGttufn. 
rwsreAxsdGlhlbi 
HoLAste.Pens.— 


Ties. inv. Growth _p0<8 13«j 


39.8 

410- 

'C21U 


TLfc 


^460 

G.T. Japan O Gen _ 2682 
. «■- PK»£LFd._.S3 9 
Windsor 68144 u T. Ini I. Fucd 5396 


JS2.7 CV-05J 3 U GroapT^L FO tMX9 

-- -? -j !« Pearl Trait Managers 

1555^ idi 2 00 232 High Ho:bo™.WUlV7EB 


Ltd. (aKgKzi 


SBtt DiiTSBGeoerai J45.0 

424 fbiDo. Acc ant.. — . 57 1 
- - I bl 7SB income — 599 

(bi Do. Arcum frz.fr 

TSB 5eoUish— — E2.7 

(bi Da A pram [885 

Ulster Bank* (al 
W'anuz Street. Belfast 
(bjnster Growth ._ (37.4 


to 0284 83432-3 


0264 821881 


bll 

«W 

>££ 


88 0a -05 


94J 


-0.7, 


-05^ 


357 
357 
7.33 „ 
7 JIB 
257 
Zil 


023235231 
40 21 -0.5/ 527 


_ | tLT, FOdT Vdt?d — 53.9 


♦’..9; 3 00 

133 :“i -» 

W3 5iS 


DL4Q3B44I UBit Tra5t & KgknL. Ud. 


232 High }5o:boro.W01V7EB 
Pearl G.-o'^-fc T±—VBUt » tod -0.3J 
A -cun L .-.I> — (27 j _0.l! 

Peari Ire -- . S-5 33 9el -D " 

Pear- Vs ill T*: W* 38.fi H? 

G. & A. Trust taugHti Peliraa Vnits Admin. LttL tgKxV^” jL^wiSTsLECg^Mi 

57U*lnghHiLBm:?ro«l n gm s sS M f M Pous*al« «n-236S«5 St 

C.£5 po.9 3UH-35I 455 Peiemciuw PB.4S 885M -o JsST tSuZZSu 


King William Si- EC4K OAR 

Ftinrc Hh- Fund... [I49.Q 

WMcrGith. IM-ISt 

Du. Accum.. 


014234951 

31. « I 055 

35.9j 4JS 


i. , „ . . 7- expeabt.- d bougre temugr. managers, s nevioux day's prlcw. 

f ,\et « lax on realised capital gains unle:r indicated by*, a Guernsey gross, * Snspendod. 
* Yield beJore Jersey la*, r Ex- subdivision. 


l.G. Index Limited 0KS1 :«6S. Three months Copper 737-743 
29 LamoiU Roatt, London. SlVlO OHS. 

1. Tax-free trading oh vommodity futures 

2. The commodity Juinres marV.ei for ihe smaller investor 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Aw., London ECSV 3LL‘. Tel.: 01-283 1101= , 
Index Guide a s at !»tr. ?Iay. 19«S tBase 1UQ al 14.1. T^j - . 

Clive Fixed Interest Capital 

Clive Fixed Interval Income ...... .AUSd..' '"! 


CORAL tNUCX: U w e 470473 


B^SU RAFiffE BASE RATES . 

Property Gnjwir. 9i% 


i»v!r. 

f Vjnhrugh fiii.sr:»niced 




T Addrvw atn.nn ism r iii'iif-mcc snj FTop. ny F-on3 Table, 
















































































































































































FINANCE, LAND-Continued 





£13 nt 
112 a 
112 

■r g* 

u> 

* U7 

«ri 

127 

¥ 


ICT7M 


rtenitnn«-A 

ira»k>5fljal5w 


ffigb Lon 


R654 13 

Its? 2.0 

SIM 


Q54c L 


75 {Regional tap 
89 


29i 
,09 
87 
00 85 

66 62 
82 764 

I 


& I ** 


61 

63 I Do. Capital El 
55 


BnmLSpnihlOb. 


1 I 14 I # 7^( # 


Garages and Distributors 

p 1 -* 



I 



nti 



|...iw}.-n)-.l..:K*hq T(4;iit h-’ri :| / 
I'lrj-.FMnil uu- j FUEL rout. 


MINES— Continued 

CENTRAL AFRICAN 

1 I + «1 Dh. 

| Stock ] Price | — | Net 


rid 

Cit Gr's 


Falcon RIlSOc 


l~l 


S'Udri.tfijp 


104 95 

S 3 13 

63 47 

" 36 




FX1 


t 

430 ) 4. 
L23 6 

4.90 * 

227 I 1 
317 
230 
L37 
277 
thl.92 
t424 | 2 
1.72 * 

hUil 1 




X 


t294 3 j 
fL24 6.: 
14.92 1. 
258 * 


d240 7. 
t.53J3 3. 
a4.0J 6 
327 * 

dl2 2 
331 3 

t4 26 1 
dli5 2 
77.25 2 
3.86 
236 


92 67 

92 85 

74 55 


mi 


♦101 f 21 
522 1.1 

3.75 I 11 
4.7 

I 12J 

3 3 £„ 

24 11 



S\ 15 1 10 





AUSTRALIAN 


EuiipiiDnlkMToea 
BH south 50c. 
CoDziricRuitnnoJOc 
GUKalsoorijeSL. 






ftMnju 





39 294 
131 109 
£a03 4 ff72 

37 31 

130 99 

12S 98 

74 55 

35 29 

36 25 

ft 

13 10* 2 

55 45 

64 53 

56 40 

34 27 

32 26 

40 28 

58 46 

60 38 

21 15 

1S* 2 13 
46* 34 
64 55 

49 42 

45' 21 
92 73 

49 36 

127 102 

38 24 

78 58 

15*2 12 

51 41 

83 69 

43 36 

25 19 

63 48 

45 25 

30 18 

29 20 

22 20 

9? 24 

72 50 



Hta,. 99 
IS ip- S3 
.5p — 12 

55 

5p — 58 

42 

33 



i 






/' 4 

242 198 

?! «• 

% ft , 

58 47 [BeawiC.H.1 

69>j 47ij 
117 81 

lffi 151 
234 200 
1512 15*2 
.39 W 
145 118 
116 89 

53 45* 2 

a} i Sk 

94 88 

91 64 

*» « 

320 272 
14>2 10 
270 233 
64 47lj 
93 52 

J S ! 

27 21 

91 75 

88 60 
19 
60 


ijv»; 


53*2 

196 

198* -2' 3l 

f-T°g 
H 

55 
63 
97 
159- 



218 

V 

130 . 

1M 1 
47 
1 I 

■* b. 
a (:::: 

2 


30 
33 
55 

etfrdJrsy.H)p.| 24 
51 

S’ 2 

30 
66ri 

41 

42 
33 


74 
175 
128 
8Jd 
210 
122 
119. 
156 
245b! 
47 
46 
5V 

Ee«stopelpT.50p-| 134 

87xd 
42 
100 

mv 

34 
'24 
29 

Cft 
58*2 
iaP 
62 
110 
72 
22 
70 
179 
107 

Unl P rudential. I 71*2 


OVERSEAS TRADERS 


pi 


x\ 


4.4 I19JM 2.1 
25 


IEI 





;rr 


tothncnclZSsL- 



£ 

9 * 

40 
205 
057 
037 
037 
38*2 
243 

l^aPrjvSeplOPl B&d! 

59 
HO 
120 

S* 

185 

,55 -1 132 
125d +2 thi22 
46 ... J 20 
8W -1 12.00 





LSTtostFscd 


is vea 
1221 




NOTES 


Gbmi Bhenw lnflwMi, prion and net divide n d s ate In 
pence and dentnlaaOons are SSp. Em boated price/earnlnga 
nriai and coveraore based oa Meat anneal report* and accounts 
md, where poetOde, we updated on half-yearly fieures.TfBi*te 
calrnlssed ee (be haste of set distribution; bnctaM figures 
»— « l — U per <nt or more fl fltm w tf rslrnlwed on “nO" 
dfatribatton. Coren are hosed an tnfBDB* darihaln. 
Yirtfa are haaed on middle price*. are grow. e J jn et ed ta ACT ef 
M per cent, and alien for nine of derived dlatribotlasa and 
rl|W. feui-lLea frith rtrnmnl nations ether then sterling are 
qnocod l a e t nal i re d the Investment dollar penmim. 

A Sterile* denominated securities which Include investment 
dollar p T * m iitf7i 

* 'Tap" Stock. 

* Highs and Lem marked thus have been adjusted to allow 
for rights issues lor cash. 

t Interim since Increased or resumed. 
t Interim since (educed, passed or deferred. 
tt Tax-free to non-residents «m application. 

* Figures or report awaited, 
tt Unlisted security. 

* Price at time of suspension. 

f Indicated dividend after pending scrip and/or rights issue: 

cover relates to previous dividend or forecast. 

** Free of Stomp Duty. 

* Merger bid or reorganisation in pro g ress. 

4 See comparable. 

* Same interim: reduced final and/or reduced earnings 
indicated. 

( Foreca si dividend: cover on earning 1 ; updated by latest 
interim statement. 

; Cover allows for conversion of shares not now ranking for 
dividends or ranking only lor restricted dividend, 
ft Cover does not allow for shares which may also rank for 
dividend at a future date. No P/E ratio usually provided. 
V Excluding a final dividend declaration. 

? Rogiounl price. 

II No par vulue. 

a Tax free, b Figures based on prospectus or other official 
evtimote. r Cents. A Dividend rate paid or payable on part 
of capital; rover based on dividend on full capita].* 
e Redemption yirid. I Flat yield, g Assumed dividend and 
yield b Assumed dividend and yield alter scrip issue, 
j Payment from capital sources, k Kenya, m Interim higher 
than previous totaL a Rights issue p e ndi ng q Earnings 
based on preUmituuy figures, r Australian currency, 
a Dividend and yield pxcliiriw a s peci al p ay m eet- t Indicated 
dividend: cover relates to previous dividend. P/E ratio based 
os latest annual ea rn bi gs u Forecast dividend: cover based 
on previous year's namings, v Tax tree up to 30p In the £. 
w Yield allows for currency clausa y Dividend and yield 
based cn merger terms, x Dividend and yield include a 
special payment: Caver does not apply to special payment. 
A Nat dividend and yteJdL a Preference dividend passed or 
deferred. C Canadian. D Cover and P/Erctio exclude profits 
of V K- aerospace subsidiaries. E Issue price. F Dividend 
and ylold based on prospectus or other official real macs for 
1877-78. G Assumed dividend and yield after pending scrip 
and.'or rights issue B Dividend and yield based on 
prospectus or other official esti minus for 1876-77. % Figures 
based on prospectus or other official esti m a te s for 1978. 
H Dividend and yield bared on prospectus or other official 
estimates fer 1S777L N Dividend and yield based on pmspeetna 
or other official e s ti m ates for 1979. P Dividend and yield 
based on prospectus or other official es tln uite s ter 1BTJ. 

Q Gross. T Figures assumed. I* No aigoifleant Corporation 
Tax payable. Z Pindeud total to dole, ff Yield based on' 
nunuoFfoOD Treasury BID Rate stays u whanged uuUl maturity 
of stock. 

Abbreviation: n!er. dividend; n ez scrip issue: v ex rights; aex 
all; £ ex capital dlnn bull on. 


“ Recent Issues " and “ Slights " Page 24 


This service is available to every Company dealt in on 
Slacfc Enrhanses (hroaghent the VaUed Kingdom for a 
fee of £488 per an man for each security 


HEGI0NA3L MAKKETS 


are as quoted oa the Irish osehange. 


Albany Inv.20p 23 
Ash Spinning _ « 

Bertam- 22 

Bdg'wtr EsL top 272 - 
Clover Croft — 22 

Craig* Bore £1 42D 
Dyson iH- 4-1 A . 34 


Eilist McHdy_ 
Evans FFkJJJp. 
Erered 


'57p 

Uni [+1 


Shaft Rofrshmt.i 
Sudan (WblJ — ] 


Conv. 946 *80182. £W> -H 

Alliance Gas — 68m 

Arnon 345 +35 

Carroll fPJ.j 88 


Fife Forge . .. » Om riaiMn ~ W -f 

' 14 Q 2 Concrete Prod*.. 032 

GraigSh:p.s.l— 1 . Hrtlon mMon 0 D 


GraigShip.il— im 
Higwns Brew- 82n . 
IC.K-Sun.£l._. 143 
HolllJ3*'2Sp- 262 i 
N'thu. Goldsmith 55 

Pearce <C. H i 15fW . 

Peel Mills 20 . 

Sheffield Brick 46m . 


!5L, Heitoa (Bldgs.) 40 

-Vi- Irish Rapes 120M 

Jacob 63 -1 

§L, Sunbeam 34 

S- Unidare 92 -3 


242 

«J 2 

25 
18 

134 1 
66 
£13 
261 
35*2 

29 ~ 
53 =2 

43 4) 

IS 12 

26 22 
1 S3 I?? 


£5 

. _ 

1 33 25 

20 16 
120 SO 
SO £ 
22 16 


BritonmaAno®. 


VP* ^2 

23 73 1 

ii4 iM isitaaitj^; 


i 


6 MrfcL&SBucH 10 
15 (sffdlasd Bash] 23 















































































































































































28 



L 









FINANCIALTIMES 


TIO PEPE 


name ror 


Saturday May 20 1978 


SHERRY 


i n.raiu»:r f.iM.- 


otuiutJ n. 


MAN OF THE WEEK 


Victim 

turned 

victor 


Meat prices rise as 
supplies run short 


BY DAVID SATTER 

“FATHER, you are the victor 
in this trial." shouted Dr? Yuri 
Orlov's son Dmitri, as Dr. Orlov 
walked intD court on Thursday 
to receive his maximum sentence 
of seven years imprisonment and 
five years exile for anti-Soviet 
agitation. Dr. Orlov smiled from 
time to time during the trial's 
last day at the members of his 
family and his life attests to the 
fact that despite the prospect of 
a long separation from them, he 
almost certainly shared his son’s 
assessment. 

Had Dr. Orlov not been a man 
to place principle over personal 
or material gain his life would 

have taken an entirely different 
course. A respected scientist, 
he would have been a member of 
one of the most priveleged 
stratum in the country he never 
sought to leave but rather to 
change. 

Shortly before his arrest 15 
months ago, the short, stocky, red 
haired Dr. Orlov said that the 
situation in Russia to-day was 
like the situation in France 
before the French Revolution. 
“ People can express themselves 
in the privacy of their homes, 
he said. What he sought to do 
was to expand the area and the 
ways in which people could 
express themselves and his found- 
ing of the dissident committee 
to monitor Soviet observance of 
the Helsinki Accords — the act 


BY CHRISTOPHER PARKES 

BRITAIN IS running short of 
meat. Prices of beef, lamb and 
pork are climbing rapidly and 
butchws fear consumers' will 
stop buying if nothing Is done. 

They plan to call on the 
minister of Agriculture for 
help. 

The National Federation of 
Meat Traders wants a damp- 
down on exports of beef calves 
— French bidders bave been 
buying large numbers; push- 
ing up prices, and leaving only 
the poorer quality beasts for 
UK farmers to fatten up. 

Butchers also demand that 
some °f (be Common Market’s 
350,000-tonne stockpile of 

surplus” beef be released on 
to the British market. 

A meeting of the council of 
the federation this week 
decided to prepare a formal 
appeal and press for an urgent 
meeting with Mr. John Silkin, 
Agriculture Minister. 

Mr. Len Moss, federation 
spokesman, warned that meat* 
sales were dropping because 
prices were too high. 

British fanners were shying 
away from buying beef calves 
because they were too expen- 


sive and this imperilled future 
beef supplies. 

Last year, Britain spent 
more than film on imports of 
meat and farm animals. But 
one major supplier, Ireland, 
will not have the same amount 
of beef to, send this season. 

Of the 2584)00 tonnes of beef 
Imported last year, almost half 
came from the Irish Republic. 

Supplies of ail meats— beef, 
lamb and pork — were in 
“ absolute jeopardy” Mr. Boy 
Taylor, federation president, 
said. 

Mr. George Middlemiss, last 
year's president, who is also 
a farmer, commented: “ I 
think we’ve got a disaster on 
the horizon.” 

Mr. Moss added that if the 
rise in prices was not slowed, 
the pnblie would simply stop 
buying butchers’ meat as they 
did in 1973 and m id-1976. 

The shortage of home- 
produced ldznb had pushed 
prices up 8p-10p a pound in 
one week. Although there 
were plentiful supplies of New 
Zealand lamb, the surge In 
British prices had dragged up 
those of NZ imports. 


“We never have anything 
good to say about the interven- 
tion system," Mr. Moss added. 

“But since we have it we 
should start making proper 
use of it. It is time to release 
some of the beef stocks on the 
market.” 

• British egg packers have 
asked farmers to start killing 
off their hens in ah attempt to 
limit the surplus of eggs now 
depressing the market. 

The National Egg packers 
Association, whose members 
handle 60 per cent of the eggs 
sold in the UK, made this 
appeal to the Eggs Authority 
yesterday, asking it lo offer 
payments to producers willing 
to reduce their flocks of laying 
hens. 

Shop prices of the most 
popular sizes of eggs are to fall 
5p a dozen next week and may 
fall even further. 

“Unless flocks are reduced 
considerably in the immediate 
future, many egg producers 
will face banlo’uptcy as their 
eggs move into the market at 
prices less than the cost of 
feed,” the association said. 


National the lex column 

savings Gilt-edged shadow 

issue ^ 

deferred 


over equities 


BY ADRIENNE GLEESON 


tradim;. llemf The arrange* 


Canada plans to relax 
curb on foreign banks 


BY ROBERT GIB BENS 


MONTREAL, May 19- 


. . . . . . . . . . .THE CANADIAN Government At present that would add up unless they both lend and accept 

*h« on £ I has tabled legislation allowing to about $?bn, although the figure deposits; but If they do not 

tne latest step in a life-long revolt J affili ate*; of foreign banks to would rise in line with the become banks, they will no 

incorporate as banks. At present growth of Canadian banks. longer be permitted to borrow 

they may function only as pro- A forelgn-owned bank is with toeir P aren ' s ‘ guarantee. In 


THE rfcevt rise in interest This was the week when at .... ... 

, rates haT^seT the GoveS hrt equities failed to brush T jodev f e ]j 103 to 470.6 
j ment's plans for replacing the aside the weakness of gilts. inacx ic h debts IO Lh*d> Bank, 

current issue of National Savings Despite a brief rally around the , 

Certificates with a new and time of Monday’s bumper, but — ■ Ever Ready 

lower-coupon issue. exceptional looking, trade 

In an unprecedentedmove Mr. figures, gilt-edged revetted to 
Denis Healey, the Chancellor, „_ rV , oc tV ,_ ___ 

announced in a Parliamentary downward path as the mar- 
answer yesterday that the intro- 1161 Pandered on some dreadful 
duction of the 17th issue, mone y supply figures. So yes- 
scheduled for the middle of terday the FT Government Secu- 

June, has been deferred. Pro- rities index reached its lowest . , u . „ 

posals to introduce the issue — for nearly nine months and the assuming uwl it would do at 

least as wcH tins year. £>o a 
£3.tim drop to caught 

investors by surprise and left 
the shares lOp lower at 139p. 

At the halfway stage profits 


for nearly nine months and the 
and to withdraw the present FT 30-share index weakened 

armounced j? sharply, to lose 17.7 points on 
toe Budget just over a month ^ ~ cek _ Leading shares. 

Since then minimum leading toougb. ^ a J[ e been easier than 
rate has been increased by 1J the second liners and on Monday 
points to 9 per cent. Over four the All-Share Index touched a 
years toe 14to issue of National new high for the year of 21&52. 
Savings Certificates yields 7.59 which was actually within 4 
per cent a year tax free, while pe r cent of the peak last 
the proposed 17th issue would autumn. Over the same period 

Tb. IIe rSictfon P on r T= *= S*™ 
amount which any one in- “ P®* cen “ 
vestor may put " into the 
current issue 

been increased 

£3,000, the highest limit ever. (rate 



The sparkle ce nattily .seems to 
have gone out of Ever Ready's 
profits growth, in toe previous 
two years pre-tax profits had 
jumped from £l'J.4ni to £29,Om 
and the stuck market had been 


were virtually unchanged, but 
in the second six months they 
have fallen by close In a fiftli 
even though turnover ruse by 


around a tenth. Jn the first part 

.. _ . . of the year it was the overseas 

ordinary provision. Other stores si(Je ^ ^ hoIdln „ the sreiip 

v put into tne lt is 311 Poking a bit lae S^chS-ced such back but in rhe * ccond balf !,,e 

ie of certificates has 1972. the last time the money “Jrinn tnn-nn* problem seems to have been 

ised from £1,000 to supply started growing at the P ?h ? * mTrfcet centred in the UK. profits are 

tt.uw, tne highest limit ever, rate it has been in recent Unimpressed. toe market . b% . mit th , 

P f e j™ 11 onthe 17th issue, now months ( around 20 per cent at £J shed ** shares * dowa 4p to sales are 13 percent hi-her fee 

deferred, bad been set at £ 2,000. an annualised .rate). Then, »2p. p„w Commi^onV curb in 

issu? maturS^fram fl 1 ? equities held up right through The real problems, appar- Ev(Jr Re advs pace increases 

onwiid? L?to bi tended ti the year against a deteriorating ently, lie outside the depart- ^ bviojls , y d ,-“ d nn , P heIp . Cum bincd 

take account of toe deferment S* 1 fudged market and steadily meat stores— where profits wilh th g fact tIiat demand was 

of introduction of the 17th issue, rising interest r ^es- ^It xs too an rmpro v era^t dcspijc virt U all>- static. In Europe. 




vincialiy incorporated institu- defined as one in which a . . 

tions in Canada and must not foPei g n bank holds more than 10 rates a S ainst thorn. 
describe themselves as banks. p^* cen t 0 f toe voting stock. The Bill does, however, allow 

ability, 0 the iaftTok Art will *n *P*» of the existing ban on ^ing^Sa^toose^rtrea^ 60 " 6 

half^e 1 tjro^js biggest ‘ 

on hanks closely held by Cana- banks operate in Canada, mainly None of this will directly affect 
dians) They 'will be allowed 1x1 Toronto, among them many the so-called suitcase bankers 
five branches at most And their British banks - wb ° °P£ at f i? Canada largely 

assets will be limited to 20 times ^ ° n b ? half V-S. banks without 

authorised capital which, initially Exemptions beaoAX of mcorporatioo 

at least, may not exceed S25m , nnr registered office. 

(£14m ). rr e fln P Jn Tbe Proposals are largely in 

Aggregate assets of all foreign- Tin® with those of a While Paper 

I owned banks will be limited to of 1976 and are supposed to bring 

15 per cent of total bank com- 4“ a n b uL if- J^ bo Iesale an additional element of com- 
mercial lending in Canada, bankul g In all but name. petition and innovation into 

defined as the aggregate of agri- The aggregate assets of these Canadian banking without open- 
cultural, industrial, and coramer- foreign “ near-banks,” as they are ing the door too wide, 
cial lending in Canadian cur- called, were about S3.2bn at the Given the complications and 
rency, foreign currency loans to end of 1977, compared with low political priority of such 
against the intellectual limits his ' Canadian residents, residential aggregate assets of the Canadian legislation, it seems probable 

country has tried to impose. mortgages on multiple dwellings, chartered banks of about S150bn. that the Bill will not be passed 

Born m 1924. Dr. Orlov floating rate debenture bonds and The foreign banks will not before Parliament is dissolved, 
graduated from Moscow Univer- issued preferred shares. have to incorporate as banks in 1979 at the latest 


a fine market that would swing 


:n 


or 


i: A 

Yuri Orlov 


sity in 1952 with a diploma in 
physics. Until 1956 he worked 
at toe Institute of Theoretical 
and Experimental Physics in 
Moscow and, at the time, was a I 
member of the Communist , 
Party. 

In a fateful step which was I 


City group launches inquiries 


BY MARGARET REID 


ivestiga- 

policies. 


to be repeated in different forms CONDUCT OF investment ad- Mr. John Craven, chief execu- carrying out necessary in 
from that point on. Dr. Orlov risers 'and disclosure of com- tlve of Credit Suisse White Weld, tions and initiating new policies, 
and some of his colleagues missions are among several sub- was named as the representative n, e coun^ sa ^ it had 
presented a programme for jects to be examined by sub- on the council of the foreign established sub-committees to 
democratic reform at a party committees set up by the City’s banks London. examine forthwith a nnmber of 

meeting in the institute. Dr. new self-regulatory body, the Sir Jasper Hollom. Deputy topics. These are new issue 
Orlov tvas then expelled from the Council for the Securities Indus- Governor of the Bank practice, the conduct of invest- 

pariy and fired from his job try, at its first meeting yester- England, who played a key part meB t advisers, insider dealing 

Dr. Orlov lived in Armenia for da >- and Erectors* interests, dis- 

Ihe next 15 years, receiving a As the council was assembling. °\t inr* *hiuT closure of commissions, and 

Doctorate of Sciences and the the names were announced of thp r-in^ licensed dealers and other bnsi- 

title uf professor and gaining the three lay members who bave ®™“* “"JgJ Ju,Sh tS ness * s d ® aU “* irK securities 

election as a corresponding been invited by Mr. Gordon SL., w m wo Ki Dse E “ outside tbe Stock Exchange, 

e Armenian Richardson, the Governor of the C °^ l, C ounrtL wbtoh deludes 


member of the 


■ _ , . „ , J - 1BB kuuhku. woivu muuuw Mr. Neill or the deputy chair- 

Academy or Sciences. In 1972 he Bank to sit as 0 f t h e city’s most pro- man, Sir Alexander Johaston, is 

returned from out-of-the-way reP« s entatn.es or tbe individual mia * at pers0 nalities, met for likely to take toe chair on tbe 

It erevan to Moscow where he got investors and the wider public one - and -three -quarter hours sub-committees, some of which 

a job in the Soviet Academy of interest. under its chairman. Mr. Patrick may produce reports by the next 

sciences institute or terrestial They arc Dame Elizabeth Neill, QC, a leading barrister meeting in July, 

magnetism and propagation of Ackroyd. a former director of who is also Warden of All Souls ■ The commissions referred to 

radio waves. the Consumer Council, Lord College. Oxford. are not those of the Stock Ex- 

This job lasted little more Thomson of Mnnifleth, who was It made clear in a statement change but could include certain 
than a year. Dr, Orlov was a Minister in the 1964-70 Labour afterwards that it means to set types of commission on insur- 
dismissed' Following his sending Government and afterwards an actively about its task of enxur- auce policies. The question Of a 
of a Fetter to Mr Lennid EE ^ Commissioner, and Sir ing the highest ethical standards code, or registration, is likely to 
Brezhnev, the Soviet President Edward Singleton, a former in the securities Industry, be relevant to th» study of in- 
stressing the need for demo^ President of the Law Society. monitoring development in it. vestment advisers’ conduct 
cratic reforms and connect- 
ing the issue with the campaign. 

then going on against Acadcmi- J Continued from Page 1 

cian Andrei V. Sakharov. 1 


Principles 

Dr. Orlov never again worked 
at a regular job although bis 
past savings and the money he| eharacter from ours, 
earned from private lessons 
allowed him ro survive. He had lK . ^ 
joined the new Soviet branch ofl* fren ' :n 

, I.lwn.linn.l I Pfl fTl CPI 


French paratroops in Zaire 


This gave French President said, since throagh appeals to the Inter- 
rise to suggestions that the there was a risk that white national Red Cross, Dr. Kurt 

mtripn me new anviet oranen nr French paratroopers were people In the city would helium- Waldheim, UN Secretary- 

Amrfest >” I n Tern aiion al SKltS engaged in a doable exercise of id <* gri^n nnit? 6 ^ 0 ^ °f 

the Soviet Union signed the 1975 evacuation and military support Galrangaud. “ren^ F^rei^n ^riqTof “S!n ”fo? evacuation 

Helsinki Agreement which f or the Zaire Army in Kolwezi. Minister, said that 12 whites purposes. XOr evacaano 

He also said that a number of were massacred by the rebels. The invasion of Shaba by a 
tion of human rights organised" whites had been captured by Resident said that of the force apparently owing allegi- 

{he dissideSf "SK m rebels in Shaba province and ?.000 Europeans to Kolwea ance to toe exiled opposition 

me aissiaeni nciwn* [ group . , Zambi _ 1.790 were Belgian. 400 French movement, the Congo National 

cen res and i! J , , ' } be res * British and Liberation Front, began a week 

centres ana The Belgian troops were yester- Greek. — 


which produced 
regional Soviet 
which the Soviet 


authorities 


ago. 


. . , . ■ _ „ ... , day at Kumina airbase, some 125 M. Giscard gave an undertak- According to its communiaues 

have done everythin., possible lo miles from Kolwezi A Belgian ing that as soon as the security the rebels held the town and 

suppress- oiHeial •azil they would not move Q f the foreign population was airport until a paratroop force 

Like other dissidents. Dr. Orlov until the situation clarified. Both assured French troops would be of "several hundreds of French- 

saw Russia’s pressing need to be French and Belgian troops are withdrawn. speaking European soldiers" 

the creation of rights and he in Zaire at the invitation of tne Belgian authorities are trying, landed on Wednesday 
hoped that the existance of the Zairean Government. 

Helsinki Agreement would be a nj e Zaire operation followed 
source of pressure on tbe Soviet intense consultations between 

authorities to live up to their the four Governments involved. Continued from Page 1 
commitments. In order for this NATO Ministers in the last day & 

to happen, however, there had to D f tbeir planning meeting in 
be a source of information for Brussels also discussed the 
the Western Helsinki signatories situation yesterday, 
about the numerous instances in M Haro « d Brewm 

wjjirt^-the agreement was not American Defence SeSetary, said ^nd toe African countries for Since 1975, the value of British 
bcrff5"i)bserved. buch was the f . u s WQUld t sen d tirooos. Britain to take a tougher line exports to South Africa has fallen 
topic behind the formation of the ys ai ' rcraCl have Q aw , n f,f e i with the Vorster Government by 14 per cent, but this has not 

- — t0 Nigeria last prevented some substantial items 

in^ were almost of investment, 
figure for South Shipping sen- ices between 
. . ... . - . . - Africa. South Africa and Europo h a ^ e 

Amnestv International who is f „ In. spite of this fall-off in trade, been containerised in this period, 

now living in toe West, wrote That pwwk 1 Br ‘ tlsh companies still invested involving capital cosls to Euro- 
lbat Dr Orlov’s fundamental £153“ to South Africa in 1975, pean shipowners of ' almost 


Embargo effects studied 


.Helsinki committee. arid supplies to the Belgians at Brilisb exports tt 

After - DT”. pTlov s ,'««n?slp..Ur i Kamina. yeaT s , at °J er flbn 

Valentin Turehin, l»> former) speakiTIB nn WJ_ e ** fi * Ur 


head of the Soviet branch of 


character trait is “a serene and ‘of’ toe^owm.’ the - fnr - wbJc ^ ^ Mm -. British shipowners put 

profound awarness own Jg, “ “JV** V 


worth and a no less deep respect 
for toe worth of others-” 


available. At toe end of 1975, the value of their South African 
tbe book value of British assets freights ar between £50m and 
Speed had been necessary, the their was put at £3.4bn. £70m .a year. 


free, a year. 

Investment, Page 7 


NatWest 
in $200m. 


f«o Fe ? - at 7,55 per cent '' 1331 1 Gordon Pepper, the monetarist growth from 23 per cent in the ( *< >WD - 


gtiru of W. Greenwell, this fira half to 14 per cent in the With the Price commission 
week described recent mones second, with a drop in trading hovering in the background it 
tary data as “very disturbing.” profits of a sixth in the latter might be painting an unduly 
What the City is now nervously period. One sector where the bleak picture hut nevertheless 
awaiting is some evidence that group ran into trouble was food there are a number of shadows 
the Government will take steps — with a loss of £lm. as Caters overhanging the shares which 
to reassert monetary control; came up against the super- even after yesterday's fall are 
this could hurt in the short run, market war at the same time only yielding 4.7 per cent. In 
but would boost confidence as it encountered a dispute at the short term there is the 
about the longer term. its central warehouse, which threat or further Price Com- 

flinrl ^ has now been closed. The other ission interference with Ever 

JL I 41MI1H DebenhamS black spot was the camera busi- Ready’s pricing policies. Further 

" A disappointing stores sector n ess. losing £1.5tn. and likely down the line there is the 
By Mary Campbell Tesults season was brought to 1° stay unprofitable this year, question uf the group’s longer 

THE NATIONAL WEST- a ^ ar * rom rousing conclusion toough on an improving trend; term strategy. 

MINSTER Bank is raising S200m yesterday by Debenhams. which food losses, on the other hand. It is still heavily committed 
from toe international bond limped to trading profits of should be eliminated this time, to the slow growing conven- 

markets to help finance its £I6.7m against £18.3m. The For 1978-79 Debenhams has tiwnal zinc carbon battei>- 

expandina international business, benefit of lower interest rates, trimmed its budgeted rise in market and the price commission 

^ ba ™j s ®ys toe issue is not an( j 0 f the cash raised in the overheads to II per cent, and hinted that the group had been 


S rights issue a year ago— which says it is not relying on any tQ o slow in moving into the 

of North America 1 1 must bave saved f 110 or 50 in conn,ner boom (though sates newer and faster growing 

The majoritv of toe funds borrowing costs— has not been have picked up in the last few specialist battery markets. Now 
being raised. 5125m, rake the enough to counter a deteriora- weeks). The yield of 9.1 per that it has pulled out of Mai- 
form' of a 12-year floating rate tion in operating returns. The cent, however, . reflects the tory's European battery opera- 
note issue. inclusion of big profits on markers great uncertainty over tion it has a free hand. But 

■Hie re m ai n ing S75m will be property disposals, leading to a the group's earnings prospects, as tbe Price Commission noted 
eight-year fixed-rate notes on pre .tax figure of £28.3m against It also reflects the underlying it seems to be moving from a 
9 nSr ?pn r" hsfhi-r i n f S 20 - 4 ™. failed to distract the cash constraints: for all its sales situation “ where risk has been 
Final terms will be fixed on market 's attention— and oddly, of well over £450m, with conse- minimised to one where the 
wa y 3i. while these are treated as quent requirements for heavy reverse is likely to be true." ir 

Like other British clearing exceptional items going above fixed capital spending and in- only Ever Ready had made a 
banks. NatWest bas used tbe the line, a £5m extra pension creased working capital, Deben- bid for the whole of P. R. Mat- 
Eurobond market to raise foreign contribution has been taken bams only generates something lory a couple of years ago it 
currency capital to finance its below the line as an extra- like £llm in net cash flow from might not be so vulnerable now. 
international lending activities 


on several occasions in tbe past. 

Last year it raised S120ra in 
the form of floating-rate notes. 

A floating rate of interest is 
attractive to banks because the 
interest rates they receive on 
toe loans they make are also 
floating. 

The interest rate on toe new 
issue will be a quarter of a 
point over Eurodollar inter-bank ,, 

rates, or 51 per cent, whichever spells developing, 
is tbe higher. <64F1. 

The arrangements for the new S.W. England, S. Wales 
issues are handled by County Sunny spells. Isolated showers 
Bank (NafWest's merchant- Max. 18C (64F). 

banking subsidiary): Credit 


Weather 


UK TODAY 

SUNNY SPELLS: mostly dry. 
London, Cent 5. England, Mid 
lands, Channel Is. 

Occasional drizzle. Sunny 
Max. ISC 


Suisse; White Weld; and Orion j 
Bank. 


Higher U.S. 
interest 
rates likely 

By John Wyles 

NEW YORK, May 19 
INDICATIONS that toe Federal 


N. Wales, N.W. and Cent. N. 
England, Lakes, L of Man 
Dry, sunny spells. Max. 17C 
(63F). 

E. and NJ6. England 
Dull and misty. Max. 17C 
f63F). 

Scotland, N. Ireland 
Dry, sunny spells. Max. 17 C 
f63F). 

Outlook: Sunny spells, warm. 


BUSINESS CENTRES 


Y’dajr 

mW-daj 


the rate of increase to toe U.S. Amstram. 
money supply by substantially 
raising short-tettn interest rates it^tona 
for the third time to a month Beinn 
were reinforced today. 

Money market traders and 
analysts went home last night Birmshm. 
aware that toe Fed was pushing bhbioi 
rates upwards, but were uncer- 
tain what tbe new target was for r Aires 
the Fed Funds Rate— the charge 
on money wbicb banks lend each 
other. However, today's dealing coiojoip 
pointed to a new target of 7i per copnhaei 
cent which is about a quarter of gftjhlsji I 
a per cent higher than the pre- FrankfSi c 
via us target and three quarters Geneva 
of a per cent above the target a hISES? 
month ago. h! Kong 

The Fed's action depressed the JoTiurs 
bond market further today and 
the Dow Jones Industrial Aver- 
age also registered a decline. 

Generally, toe Fed's actions will 
increase anxieties about the 
economic outlook with interest 
rates at present levels and cast 
doubt on whether the Carter 
Administration’s 4.5 per cent Maim 
growth target for this year can l! 3 *!" 2 , 

be aciheved. SSSS5S 

The Feds move followed a Boulogne 
monthly meeting on Tuesday of Ca*abinc«. F m in 
its open market committee c«fti Twn ‘ " ~ ” 
which decides the strategy for Dabnwmtc 
managing the money supply. 

Economists are now certain that 
toe committee decided to 
tighten credit still further 
because money supply growth 
for the April-May period seems 
likely to be well above tbe Fed’s 
target range. 


Y’das 


“C 

*F 



“C 

55 

77 

Luzembrg. X 

11 

19 

K 

Madrid 

S 

21 

U 

75 

Uandtstr- 

S 

11 

» 

91 

MeRmarne R 

13 

2D 

68 

LOIan 

R 

14 

•a 

73 

Montreal 

S 

19 

l-i 

57 

Masco ht 

S 

22 

SJ 

73 

Munich 

c 

IS 

21 

70 

Newcastle 

c 

11 

13 

55 

New York 

s 

19 

13 

55 

OS]0 

R 

M 

SO 

69 

Paris 

C 

l.T 

IS 

66 

Perth 

R 

15 

19 

66 

Prasne 

C 

12 

54 

sn 

Reykjavik 

R 

7 

14 

37 

Rio de J'o 

S 

U 

2-i 

13 

Rome 

C 

20 

13 

53 

Singapore 

S 

2S 

15 

59 

Stockholm 

F 

14 

U 

55 

Sirasbre. 

C 

20 

13 

M 

Sydney 

C 

IS 

15 

59 

Tehran 

s 

30 

14 

57 

Tel Avlr 

s 


17 

63 

Tokyo 

c 

20 

24 

73 

Toramo 

s 

211 

tv* 

SI 

Vienna 

c 

16 

is 

77 

Warsaw 

s 

ia 

IS 

13 

64 

55 

Zurich 

c 

u 


HOUDAY RESORTS 


Funchal 

Clhraliar 

Guernsey 

InnsbrutJt 

lowness 

1. or Man 
Istanbul 


YMay 
mid-day 
•C »P 
F 19 66 

Jersey 

S 

22 

72 

Uis Pbno. 

C 

17 

63 

Locarno 

S 

14 

57 

Luxor 

V 

17 

63, 

Majorca 

C 

12 

54' 

[Malaga 

F 

20 

ift 

Mai La 

R 

17 

S3 

Nairobi 

s 

23 

73 

■Vaplts 

F 

21 

70 

Nice 

S 

21 

TO 

1 Opono 

F 

17 

K 

Rhodii* 

S 

23 

73 

SalSburg 

c 

11 

52 

Taiuuer 

c 

IB 

66 

Tenerife 

c 

10 

SO 

Tunis 

s 

U 

32 

Valencia 

6 

19 

Ml Ventre 


Y*day 
mid-day 
«C 'F 

C LI 55 
C zi m 
n is 55 
S 41 109 
V C3 <7 
S U 
s ::i 73 
s N 75 
t. - 1 ri 
E w 

F tl til 

S 79 

t 2u es 
F av ss 
y la w 
^ 75 

F il 70 

R U 5! 


S-Sunny. Majr. C-Ctoudy. R-fiam. 
T— Thunder. 



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* ? Ho4tetl «*“"»■ sinvi. I.LHiJnn, tsefl* dliVil’V 

tile tiiundai Tiuiea Md., V-