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FINANCIAL TIMES 


LONGINES 


No. 27,570 


Saturday May 27 1978 




% World’s 
'Ti. Most 
Honoured 
V Watch 


Util 


4 

CONTINENTAL SELLWCS PRICES; AUSTRIA Sdt.15; BafilUM Fr.25; DENMARK KrJ.5; FRANCE FrJ-O; GERMANY DMZJ; ITALY L5W; NETHERLANDS FI AD; NORWAY KrJJ; PORTUGAL fccJfl; SPAIN Wm- 40; SWEDEN KrJJS; SWITZERLAND FM-Pj 


EIRE ISp 



GENERAL 

Uitic 


BUSIRESS 

i \ Equities. 


rejects 

5p 

cards 


The Union of Post Office 
Workers has opposed plans by 
tte Post (jffice Board for a 
limited Sp ^concessionary rate 
for drisrais card deliveries 
tills year. § 

The Post /Office said it was 
disappointed by the union 
decision butjdid not say whether 
it would regard it as an effective 
veto on introduction of the 
scheme. The union’s annual con- 
ference also voted against 
resumed Sunday collections. 
Back Page 

Smith to quit 

Hr. Ian Smith says he will resign 
from active politics at the next 
Rhodesian election, due to be 
held by the end of the year. 
Page 2 

Neutron ban plea 

Andrei Gromyko. Soviet Foreign 
Minister, yesterday called for a 
total ban on the neutron bomb. 
He told the UN special session 
on disarmament: “ Neutron 
weapons must be banned once 
and for all.” Russia did not 
intend to produce them unless 
America or some other nation 
did. Page 2 

USAF refusal 

The proposal by the UJ5. Air 
Force to base 15 giant tanker 
aircraft at RAF Greenham Com- 
mon, Berks, has been called off. 
Mr. Fred Mulley, Defence Secre- 
tary, rejected the scheme be- 
cause of the risk of the aircraft 
over-dying the Aidermaston 
Atomic Energy Establishment. 
Page 3 

Tanker inquiry 

Mr. Janies Prior, Tory MP for 
Lowestoft, intends to continue to 
press for an inquiry into the 
handling of the Eleni V oii spill. 
He says he is not being " too 
critical 1 ' of the Department of 
Trade, but wants it •£> learn 
lessons for the future. Page 3 

Race report 

About a third of all babies born 
in Bradford by I9S6 will be 
coloured, according to a city 
council report published yester- 
day. The Tory-controlled council 
said that the “most distressing 
trend ” now was that 50 pet cent- 
of coloured school-leavers bad 
no jobs to go to. 

Bomb claim 

Nairobi security authorities are 
certain that a bomb was planted 
at Entebbe airport in the Piper 
Aztec which blew up. killing Mr. 
Bruce McKenzie, former Kenyan 
agriculture minister. Page 2 

Fraud trial 

Five men were convicted at the 
Old Bailey yesterday of an inter- 
national bank drafts fraud which 
the prosecution said could have 
undermined the Western bank- 
ing system. They wUI be 
sentenced on Wednesday. Page o 

Briefly - - - 

Fleet Street’s El Vino wine bar 
will continue to refuse to serve 
y^nipp at the bar. A W cstiminstBr 
county court judge said that the 
bar’s insistence that women sat 
in the back har showed 
“chivalry and courtesy.” 

Leaning Tower of Pisa was accu ' 
{Sd yesterday by 200 unem- 
ployed people demanding jobs. 
Thirteen people diedand 23 were 
injured when a bus and train 
collided near Balikesir, Turkey. 

Baade r-Mein hof suspect Marion- 
Brigitte Folkerts was arrested in 
Frankfurt. 

Ladbrokes General Election 
odds last njghL were: An election 
anytime .in October— Oct .5 
4 - 1 ; Oct. 12. 5-2: Oct. 19. 6-1. 
and Oct. 26, S-l. 

Michelle Booth, who was found 
unconscious beside the London- 
Reading railway hneiwo months 
ago. went home last nigni. 

Liverpool's Roman Catholic 

Archbishop called yesterday for 
a change in civil law after a 
woman went ahead wilhan obor- 
uZ against her husbands 

The six- v ear-old boy involved in 
SSwMinl of Mrs, We Wfc 
$ 4 . has been taken into WM 1 
authority care. 


gilts drift 
in quiet 
; trading 

•- EQUITIES were subdoed be- 
et use of the coming holiday 
an-i political uncertainty. The 
FT; ordinary index, down 4 at 


U.S. banks raise American Lonrho axes 

lT21u£ 

prime rates deficit Brentford 

to three-year high ^ ases Nylon jobs 


ALL-TIME HIGH 
S49-2 

lauigi 

HOURtf KOVBraTS 
® DAYS CUBE i 


BY JOHN WYLES 

NEW YORK, May 26. 

Major hanks across the United States to-day raised 
prime rates to the highest level since March, 1975, 
underscoring tighter credit conditions imposed by 
! the Federal Reserve Board's vigorous stand against 
increasing inflation. 


u.s. 

Prime 

Rates 


= 

. r t t ' 

— FT. Industrial 
Ordinary Index- 

IMAY 19781 

t=td 


( 22 23 24 25 26 j 

10 am., closed 1.4 down at 
476.L, making a net fall of 12.2 
on the Account 

• GILTS drifted in subdued 
trading, and the Government 
Securities index closed 0.37 
down at 70.10. 

O STERLING dosed 10 points 
down at SL8125 and its trade- 
weighted index fell to 61.4 
(6L5). The dollar’s depredation 
widened to 5.04 per cent (4.95). 

e WALL STREET closed 3.72 
down at 831.69. 

• GOLD rose $11 to $1792 in 
London, and the New York 
Comex May settlement price was 
30 points down at §179.80. 

• U.S. TREASURY bill rates 

were: threes. 6.05S per cent 
1 6.476 1 ; and sixes. 7.16; per cent 
(7.141). the highest since Decem- 
ber. 1974. \ . , 

0 PERTABDNA. Indonesia's 
Stale oil company, is planning a 
capital restructuring to enable 
it to borrow in its own right in 
the international financial mar- 
kets. Back Page 

0 SOUTH WALES area of the 
NCB is expected to show a loss 
of about £30m for the past 
financial year, double the defidt 
of the year before. Plans to 
develop one South Wales pit will 
have to be deferred. Page 4 

0 EXPRESS NEWSPAPERS and 
the Government have received 
about 45p in the pound from their 
£1.425 co secured investments in 
the workers co-operative venture, 
the Scottish Daily News, which 
collapsed in October 1976. Page 3 

0 EEC Commission is to seek 
involvement in offshore oil and 
gas exploration and will ask Com- 
mon Market energy ministers to 
approve a scheme, which .will 
certainly be opposed by Britain’s 
Energy Minister, Mr. Anthony 
Wedgwood Benn. Back Page 

O INTEREST rate on tax certi- 
ficates bought on or after May 25 
is to be increased to 10 per cent 
( 9 | per cent), and the rate on 
certificates surrendered will go 
up to S per cent (61 per cent). 
Lex, Back Page 

LABOUR 

0 STRIKE bv 160 steel workers 
at Wolstngbam steelworks in 
Durham is preventing vital sup- 
plies of castings reaching UK 
shipyards. Page 4 

0 YORKSHIRE miner’s leaders 
said that their 66.000 members 
would go ahead with their strike 
from June 5 after the breakdown 
of talks on rescue men’s pay. 
Page 4 

Q BANK OF ENGLAND has 
been unable to distribute new 
notes from its sole printing works 
for the past ten days - because 
of a dispute among note 
examiners. Page 4 

COMPANIES 

0 GEORGE EWER reports pre- 
tax profits well above forecast at 
£l.lm for the 53 weeks to 
January 7. compared with 
£563,000 in January last year. 
Page 16 

• CAPITAL AND COUNTIES 
PROPERTY maintained improve- 
ment in the second half to March 
25, leaving pretax revenues of 
£3.07m instead of a £4 JJm deficit 
the previous year- Page 16 and 
Lex 


For most banks, the 8 * per 
cent, prime rate established this 
morning is the second increase 
this month on the Joan rate 
charged to their best customers. 

Significantly, the field was led 
late yesterday by Chicago’s 
largest commercial bank. Con- 
tinental Illinois, which said that 
very strong domestic loan 
demand and higher short-term 
interest rates bad prompted the 
move. 

Loan demand at major 
regional banks has been out- 
stripping demand at the leading 
East coast banks for more than 
a year. 

Most of the main New York 
banks followed suit and raised 
their prime rates from 8 i to 8 j 
per cent, this morning. 

Only Citibank, the country’s 
second largest bank, stood its 
ground, arguing that the formula 
it used for determining its prime 
rate moves did not justify a rise 
from the current 8 } per cent 

This increase in the cost of 
borrowing is not unexpected. It 


follows the raising earlier this 
month of the Fed’s discount rate 
on loans to member banks and 
the increase last week to 7i per 
cent, of the target for the Fed’s 
funds rate — the charge which 
banks make on reserves they 
lend each other. 

The predictability of prime 
rate increases does not make 
them any more welcome to the 
Carter Administration. 

They reflect tighter credit con 
ditions making the outlook for 
sustained economic growth late 
this and early next year increas- 
ingly uncertain. 

There are now signs that the 
administration is heeding warn- 
ings from Mr. G. William Miller, 
chairman of the Fed that if it 
wants to avoid a serious credit 
squeeze which could lead to a 
recession, it must take a tighter 
grip on fiscal policy. 

In evidence to the Senate 
Banking Committee, yesterday, 
Mr. Miller set the administration 
target Budget deficits of $50bn 
(£27.5m) in fiscal 1979, S40bn in 


1 ’ 1975 1976 1977 19781 

1980. S20bn in 1981— and a 
balanced Budget by fiscal 1982. 

Within hours. President Carter 
told a Chicago Press conference 
that be would take all necessary 
steps to contain inflation— cur- 
rently running at around 7 per 
cent a year — short of wage and 
price control which be never in- 
tended to impose, “barring a 
national calamity.” 

He said he had told bis 
Cabinet to prepare for “ a very 
tight Budget” for fiscal 1980, 1 
with more severe cuts originally 
expected. 

Mr. Robert Strauss. Mr. 
Carter’s chief inflation fighter. I 
predicted during a visit to Dallas 
that tbe fiscal 1980 Budget deficit; 
would be well below §40bn. j 


Fiat to invest £350m 
in southern Italy 


BY PAUL BETTS 

FIAT. Italy’s biggest private 
enterprise, is to invest about 
L540bn (£3 50m) in the depres- 
sed South of thecountry over the 
next four years. 

The Turin-based car group’s 
investment plans were outlined 
to ■Sig. Giulio Andreottt the 
Prime Minister, and to trade 
union leaders by Sig. Giovanni 
Agnelli. Fiat chairman, today. 

They include construction of 
a new plant for the production 
of light commercial vehicles at 
Valle del Sangro in the Abrnzzi, 
and expansion of a number of 
the group's existing plants in the 
South. 

Sig. Agnelli said afterwards 
that Fiat was “ seeking a foreign 
partner" for the Valle del 
Sangro plant, which will repre- 
sent an investment of L209bn 
and employ 3.000. 

Fiat said in Turin later that 


ROME, May 26. 


it was talking with two European- 
groups for the. proposed com- 
mercial vehicles plant. The even- 
tual partner, according to tbe 
Italian company, would probably 
take a 50 per cent share in the 
plar‘_ 

Sig: Agnelli is understood to 
have asked the Government for 
firm guarantees on the granting 
of subsidised funds and the 
necessary infrastructures for the 
Valle del Sangro project. 

Fia’s proposed investments .in 
the South, welcomed by the 
union leaders today, are ex- 
pected to create about 5.800 new 
jobs in the south, where the 
level of unemployment is amoDg 
the highest in Italy. 

These investments, which Sig 
Agnelli said were mainly “ ex- 
port-orientated,” are also likely 
to improve labour relations with- 
in the Fiat group. 

In tbe past seveD years, Fiat 


has invested about L900bn in the 
South, and the company claims 
it has treated about 30.000 jobs 
then* since 1970. 

The expansion plans for Fiat’s 
existing plants in the South in- 
clude production of a range of 
buses, a new medium-sized car 
like tbe Fiat Rirmo to replace 
the small Fiat 126 now produced 
at the Cassino plant and diversi - 1 
fication of the production of Fiat 
mechanical components. 

Terry Dodsworth writes: The 
plans reaffirm Fiat’s commitment 
to joint projects in the Euro-i 
pean motor industry, a theme 
which Sig. Agnelli has heen 
pressing particularly hard 
recently. 

One possible partner could be 
the Renault subsidiary. Saviem, 
which recently linked with Fiat 
to develop a diesel engine plant 
in Sicily producing engines for 
light vans; 


again 

BY JUREK MARTIN 

WASHINGTON, May 26. 
THE UNITED STATES recorded 
another very large trade deficit 
last month. Imports exceeded 
exports by S 2 . 86 bn (£ 1 . 6 bn). 
an increase of over $l00m on 
the March deficit. 

For the year to date, the U.S. 
trade deficit amounts to about 
SI2.5bn, which is S5bn more 
than in the first four months 
of last year. 

If this trend were projected 
over a full year, the UB. would 
incur a deficit of over S37bn, 
which would be SiObu worse 
than I977*s record $26.5bn 
deficit. 

The official Administration 
view remains (hat Ibis year’s 
deficit should be of a similar 
magnitude to last year's with 
some narrowing of the short- 
fall expected towards the end 
of this year. 

This hope is based on the 
assumption that (here will be 
less difference in growth rates 
between the U.S- and its major 
trading partners as the year 
progresses and on the hope 
that the decline in the value of 
the dollar, which made imports 
more expensive, has now been 
reversed. 

Oil imports 

It is also expected that the 
U.S. Administration’s plans to 
stimulate exports will slart to 
yield results later in the year. 

But tbe evidence or the first 
fonr months is that ail these 
expectations will need to be 
realised if the U.S. is to 
succeed in containing tbe 
deficit to last year's level. 

While it is true that the 
trade figures tu date have heen 
somewhat distorted by a com- 
bination of the severe winter, 
which hampered industrial 
shipments, tbe coal strike, 
which spurred oil imports, and 
special ractors such as the in- 
creased gold price and curbs 
on sleet imports, there has 
been perilously little vidence 
of much change in underlying 
trade trends. 

A major factor in the April 
deficit was again an increase 
in purchases of foreign oil. 
which rose by about $500 dl 
compared with March to 
S3.6bn. 

Imports of cars, machinery. 
Iron and steel also went up. In 

Continued on Back Page 


LONRHO Textile Holdings, part 
of the Lonrho international trad- 
ing group, issued redundancy 
notices to 400 workers yesterday 
at tbe former Brentford Nylon 
factories at Cramlington. North- 
umberland and Felling. Gates- 
head. The bulk of tbe redundan- 
cies will be at tbe Felling plant. 

Lonrho took over the troubled 
Brentford Nylon factories only 
two years ago. after the textile 
company bad run into financial 
difficulties. 

Barclays Bunk bad called in 
Mr. Kenneth Cork and Mr. John 
Naylor as receivers. 

At the lime of the takeover. 
2.000 workers were employed at 
Cramlingtoo. 

A Lonrho statement to tbe 
workers at both factories yester- 
day said tbe company bad been 
hit by a serious shortfall in 
orders. 

For at least the past month, 
the Cram ling ton factory has 
worked a threc-day week, as 
cheap foreign textiles under- 
mined home sales of Lonrho 
household textiles. 

In its annual report for 1977, 
Lonrho said that tbe Cramling- 
ton works, the fprmer main 
factory of Brentford Nylons, had 
been “streamlined.” It planned 
to reinforce its technical man- 
agement at the plant through a 
retraining programme. 

These actions came as tbe 
company prepared for last year’s 
halving of pre-tax profits for its 
textile operations. 

In 1976. tbe newly-acquired 
Brentford Nylons textile busi- 


ness Lonrho and another subsi- 
diary, David Whiu-hcad and 
Sons (Holdings), made £n.S5;n 
from a turnover of !'42.5Stn. 

But last year, ibe first full 
year Lonrho ran the Brentford 
lactones, profits fell to £3.14!;:, 
in spile of .-» massive rise in 
turnover from textile s.i!i-> to 
161.04 m. 

This was out of a Lonrho tola 1 , 
turnover of fl.257bn last year. 
Total pre-tax profit last vear was 
£97 .73m. 

No Lonrho directors were 
available for comment bst ruriu. 

Lonrho paid £9.Sm for Eren;- 
ford Nylons in Julv 11176. with 


PUBLISHER'S NOTE 
The Financial Times will 
not he published on Rank 
Holiday Monday. May 29. 


the Industry Department, advanc- 
ing a £4.9ni loan, interest-free 
until December 31. last year. 

From January ihi* year until 
December 31, 19S0. interest 

would be charged at 10 per cent. 

The company said at the time 
that it believed that Bren; turd 
was a “recovery prospect." 

It planned to expand rather 
than contract the factories. 

But Mr. Edward du Cann Con- 
servative MP for Taunton and 
a director of Lonrho. said during 
a visit to Cramlinctnn that it was 
impossible that there would be 
no redundancies among tbe 2.000 
workers. 


Banks refuse names 
to Dunford inquiry 


£ Tn New York 

- ' 

3U.v E6 

Previous 


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1 Dwmrli ! O-at-O-'-ulis t C>. *4-0.26 ill- 
A nmitlh* j 1 . 2 S-U& His I JIM. I* i*i- 
1? mr-nllig ; 6.4&-S-.25 |||K 1 


BY MARGARET REID 

AN INQUIRY by the City Take- 
over Panel into possible insider 
trading through purchases of 
shares in Dunford and Elliott 
just before. Lonrho's successful 
bid for the company last year, 
has come up against a refusal 
by the Swiss banks which 
handled the deals to name tbe 
buyers. 

But Ihe investigation, carried 
out by the Stock Exchange at the 
panel's request, disclosed that the 
purchasers of 105,000 shares in 
tbe Dunford steel concern in just 
over 24 hours before Lonrho’s 
75p a share offer was announced 
on January 26 last year were not 
UK residents. 

The probe was launched 
because the Dunford share price 
jumped from 52p to tttp the day 
before disclosure of the Lonrho 
bid, which topped an earlier one 


of 45p from Johnson and Firth 
Brown. 

The price moved up further 
to 70p on the morning of 
January 26, before dealings were 
suspended at almost 11 am on a 
statement that bid talks were 
under way. The Lonrho offer 
was announced some hours later. 

The panel, with Lord Shaw- 
cross as chairman, said 'in a 
statement last night that “this 
case provides a particularly stark 
example of one of the problems 
encountered io the course of 
share dealing investigations." 

“ Tbe panel executive has been 
told by each of tbe banks con- 
cerned that the Swiss banking 
laws prevent them from disclos- 
ing to third parties the identity 
of_ their clients without the 
client's permission." 

A spokesman added that the 
investigation was being “reluc- 
tantly closed." 


Crisis day at The Observer 


BY PAUUNE CLARK, LABOUR STAFF 


THE OBSERVER newspaper was 
feeing a major crisis yesterday 
as leaders of tbe National 
Graphical Association struggled 
to restore control over its Fleet 
Street members. 

If replacements for machine 
minders, whose -industrial action 
over a manning dispute has dis- 
rupted production, are not found 
in time to produce tomorrow's 
editions, dismissal notices are 
expected to be issued to the 
entire staff of The Observer next 
week. 

The Observer management 
will meet general secretaries of 
all the print unions on Tuesday 
when the newspaper’s future 
will be discussed. 

They are likely to be told that 
there can be no future for the 
-newspaper in the present climate 
of unofficial industrial action. 

The newspaper is prepared 
“reluctantly" to accept a situa- 
tion similar to that of last week- 
end when 11 of the 25-man 
machine minders’ chapel obeyed 
union instructions and -worked 
normally. 


Mr. William Boor off, London 
regional secretary of the 
National Graphical Association, 
said last night that be had been 
able to find only a handful of 
replacements 

Mr. Joe Wade, general secre- 
tary of tbe union, took seriously 
a clear warning from the man- 
agement after tbe total stoppage 
of the newspaper a fortnight ago 
that The Observer would close 
down if uninterrupted produc- 
tion could not be guaranteed. 

His efforts to secure such 
guarantees from the unofficial 
strikers were helped yesterday 
when the High Court overturned 
an application by one of tbe 
strikers for an injunction which 
would have prevented the union 
banning him from further casual 
work. 

The Union’s national leaders 
need full co-operation from their 
London regional officers who 
organise the distribution of 
casual -work. The London 
regional council is to meet on 
Wednesday to hear the machine 
minders’ case and deride on dis- 
ciplinary action. 


Normally. The Observer 
machines are manned by two 
full-time employees and 23 
casuals. Fourteen defied union 
instructions last week to end 
their strike. 

Since the takeover of tbe 
newspaper by Atlantic Richfield 
in December 1976. tbe machine 
minders have asked for five 
extra hands. 

Mirror Group newspapers, 
whose Reveille magazine has 
faced similar unofficial action 
over pay claims by machine 
minders for four months, said 
yesterday that it would have to 
await events on The Observer 
before it could tell whether pro- 
duction could be resumed on 
Tuesday. Seven Observer casuals 
work on Reveille. 

• The Department of Employ- 
ment said last night that Tbe 
Observer had told it that some 
workers might be redundant 
Under the Employment Protec- 
tion Act 90 days’ notice must be 
given by a company considering 
redundancies. 


CONTENTS OF TO-DAY’S ISSUE 


Overseas sews 2 

Heme news— general 3,4 

—labour 4 

Arts — 12 & 13 


CHIEF price ghmses yesterday 


( prices in pence unless otherwise 
1 indicated) 


RISES 

Capital Cnties. Prop. 
English Property ... 

Extcl 

Hillards - 

Marling 

Milbury 

Sunlcy IW 

Turner Mmg 

Buruinh Oil ••■■■ 

conzinc Riotinio 

Mcwdna 

Metal® Exploration ... 

Mllll Holdings 

Mount Lycll _ 

Northern Mining ... 
Pacific Copper 


5SJ + Si 

48 + 7 

ira + 6 
246 + 13 
24 + 2} 
110 + 10 
212 + 14 
136 + 12 
72 + 3 
244 + 1 
90 + 4 
40 + 3 

215 + & 

32 + 5 
132 + 34 
47 + 4 


Tanganyika JJjj 

Utah Mining ■■■■ 400 

FALLS 

Treas. 13pc 1990 
Asscd. Fisheries ... 53 

Borthvrick (T.) 54 

Castings 

Dykes (J.) 

Enalon Plastics 46 

ggp" » 

Heath (C.E.) ^ 

Holden (A.) 

Johnson-RichanJs — 
Midland Bank 3 «? 

Sedgwick Forbes ... 

Shell Transport 

Castlefield 2 J| 

Whim Creek 03 


Leader page 14 

UJK. Companies 16 & 17 

Mining 5 

Inti. Companies ............... 19 


FEATURES 


Wall Street 18 

Foreign Exchanges 21 

Farming, raw ma uriaiK ... 19 
UK stock market 22 


Challenge to UK washing The week in London and 

machines and freezers ... 14 New Yotk 5 

Political football in Argen- 
tina 15 Investing in mnsical instrn 

Bogota: a city under strain 2 ments 


Fending off 
burglars .... 


domestic 


Travel through Ireland and 
eat in France 10 


tep o hMJ oeii ta 

Bridge 

Careers 

Chess 

Collecting 

Crunward Pelt.. 
Economic Diary -. 
Entertainment Guide 

Enro-opliaas 

Finance & Family .. 
FT-Adaarics Indices 
GaMn ......... 

Golf 


Hw to 

U 

Uort Tnstx 

25 

X 

Ttortalt ‘Double’ u&lt 


. 14 


IS 


L e* — , 

Man or the Week _ 
Motoring 

» 

X 
. 9 

Year Sairins* & lav. 

OFFER FOR SALE 
CMcRale Amcricaa 

7 

7 

ANNUAL STATEMENTS 
5'Hw A Cloud Hill 17 
Wna a Jackson... XT 

Rocha _ — 

Share Inf small aa. _ 
se week’s DcaCns* 

IS 

24-25 

2B-a 

is 

Lawson American... 
MAG Americas... 
MhUamf Drayton .. 
Piceatflihr Anwrian 

1 

15 

5 

Usher-Walkor 2 

Lendfm Ritai zz 

Bkildln Soc- Rates n 

TV and Radio .1 

22 

Target 

7 

OK Cvmrilbles .„ 21 


N&G AMERICAN & GENERAL FUND 

The U.S. stodi market has efirabed by more than 90 
prints; as measured by the Dow Jones index, since 
its threeyear tow on February 28th 1978. Although 
American share prices could deefcw again in the shod 
term, they continue to offer outstoKfEng ratoe, whether 
measured in terras of earrings, yield or assets, and 
this, feeretare, seems to be a good tone to lake a stake 
in the world's dominant economy. 

The MSG American & General fund is designed to 
invest in a wide range of American secunlies, with 
maximum long-term growth as the mam objective, 
investment is partially through back-to-bativ loan 
facilities in order to reduce the effects of the dollar 
premium. The estimated gross current yield for Income 
-units is 1-15% at the buying price of 5-1'lp on 24th 
May, 1978. * 

unit Trusts are a long-term investment and not suit- 
able for money that you may need at short notice. 

The price or units and the income horn them may go 
down as writ as up. 

Prices and yields appear in the FT daily. An Initial 
charge of 31% is mduded m the price; an annua! 
charge of 4% plus VAT is deducted from the Fund's 
gross income. Distributions tor Income units are 
made on 20th September and 20th March net of basic 
rale tax and are reinvested for Accumulation units lo 
increase the value of the units. Ihe next distribution 
date tor newinvestors will be ?0th September. 1978 You 
can buy or sell units on any business day. Conlracls 
tor purchases or sates mil be due lor settlement 2 or 3 
weeks later. ti% commission is payable lo acciediled 
-agents. Trustee; Lloyds Bank Limited. The Fund is a 
wider-range security and is authorised by the Secretary 
of State for Trade. 

M&G is a member of Ihe Uni! Trust Association. 

TWO WAYS TO INVEST 

As an alternative, or in attrition !o investing a cantal 
sum, you can start a Regular Monthly Saving Plan 

» : a Be assurance pokey tor as fittie as 02 a 
too are normally entitled to cUm lac refiel at 
current rates of U7 for each £100 paid. 

On a £20 Plan, tax relief at present rates can brine 
down your net monthly cost to only £16 '60, with which 
you buy units usually worth considerably more. Reg- 
ular investment of this type also means that you can 
take advantage of the inevitable fluctuations m the 
price ol units through Pound Cost Averaging, which 
gives you a positive arithmetical advantage, because 
your regular investment buys more units when Ihe 
price is low and fewer when it is high. You also gel life 
cover ot at (east 180 limes your monthly payment 
throughout the period it your age at entry is 54 or 
under. An element of life cover is also provided for 


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'% 2 


"Financial Times Sjl 


OVERSEAS NEWS 


Gromyko holds out hope 
early SALT pact 


BY OUR OWN CORRESPONDENT 


UNITED NATIONS. May 26. 


MR ANDREI GROMYKO, the 
Soviet Foreign Minister, to-day 
held out hope for an early agree* 
□lent with the United States on 
the limitation of strategic arma- 
ments. which he wilt discuss with 
President Carter in Washington 
tomorrow. 

In an address to the UN Gen- 
eral Assembly, debating the dis- 
armament question at a special 
session. Mr. Gromyko said many 
of the difficulties in the SALT 
talks had been overcome and 
•* possibilities exist for resolving 
the remaining issues as well.” 

■* Immediately after signing 
the agreement which is now be- 
ins prepared, the Soviet Union 
would he ready to enter into 
negotiations which should lead, 
with all the necessary factors 
taken into account, to a substan- 
tial reduction of the levels of 
strategic arms and to a further 
limitation of their qualitative 
improvement." Mr. Gromyko said. 

He said it seemed there were 
also grounds to expect a success- 
ful conclusion to talks between 
the Soviet Union, the U.S. and 


Britain on the complete and gen- 
eral prohibition of nuclear wea- 
pons tests- It was important that 
this accord be convincing en- 
ough to persuade others to join 
in, he said — referring to the re- 
fusal of China and France to 
take part in such discussions. 

While much of the Soviet 
Minister's statement was posi- 
tive. he did not refrain from the 
customary jibes at the West, not- 
ing that next week’s NATO sum- 
mit in Washington would coin- 
cide wit’t the UN debate. 

It was nc> secret, he said, that 
the NATO agenda dealt with a 
further build-up of military pre- 
parations. projected into the 
19SQ’s. “ One is prompted to ask 
what is basic to the policy-plan- 
ning of those states — the con- 
tinued arms race or a possibility 
of disarmament?" he said. 

Vice - President Walter 
Mondale’s attack here last 
Wednesday on the Soviet Union's 
deployment of SS-20 nuclear 
missiles, with their wide range of 
possible targets in Europe, the 
Middle East and Africa, produced 
the response from Mr. Gromyko 


today that this was more harping 
on the “ myth " of Soviet military 
threat 

What about the American 
nuclear weapons, including mis- 
siles, in Europe, he asked. Was 
their target not “easily pre- 
dictable,” and what were they 
doing in Europe at all? 

Mr. Gromyko said it was 
urgent to prevent the develop- 
ment of new types and systems 
of weapons of mass destruction, 
a problem that could well have 
been tackled years ago. 

“What is happening now in 
connection with neutron weapons 
is an indication of how i mmin ent 
such a threat has become for 
mankind,” he said. 

West German Chancellor 
Helmut Schmidt spoke for 
NATO as a group of states 
exclusively oriented to collective 
self-defence. 

“A few days from now, it will 
again demonstrate its will to 
secure balance and to maintain 
collective self-defence, but 
equally its will for detente and 
arms limitation,” he told the 
general assembly. 


Copper mine Smith not to stand at nex 

at Kolwezi 
to re-start 


BY QUENTIN PEEL 


4N 




> 0 . 


production 


Iraqi Communists executed 


BY IHSAN HIJAZI IN BEIRUT AND ANTHONY MCDERMOTT IN LONDON 


A MAJOR disagreement has 
broken out in Iraq, between the 
Baalh Party aod the Communist 
Party, as a result of which at 
least 14 Communists have been 
executed during the past month. 

Both parties are partners in 
the National Progressive Front, 
which was set up in July 1973. 
bu: which is heavily dominated 
by the Baath Party. 

This drive against the Com- 
munist Parry has obvious impli- 
cations for Iraq's international 
ties with the Soviet Union and 
the Eastern Bloc. Iraq is the 
only Arab country to have still 
in operation a treaty of friend- 
ship with the Soviet Union, 
signed in March 1972. 

The Kuwaiti daily, al Siyasa, 
said on Thursday that the Iraqi 
government had threatened to 
break off diplomatic relations 
with Moscow if the Soviet Union 
provided military aid to the 
Marxist Ethiopian government in 
its current offensive against the 
Eritreans, who are backed by 
Iran.. 


At the same time. Iraq is cur- 
rently strengthening economic 
co-operation with the West at the 
expense of its economic relations 
with the EasL 

It is likely however that the 
reports of executions of Com- 
munists reflect an internal crisis. 
A due has been given by the 
London-based weekly, al Dastour, 
which in spite of its claims to be 
politically independent regularly 
reflects the views of the Iraqi 
Baath Parry. 

In a three-page article in its 
latest issue, al Dastour attacked 
the Communist Baghdad daily 
Tariq el Shaab for its recent 
account of the Party's Central 
Committee meeting, accusing it 
of “many political and ideo- 
logical Falsehoods.” 

The article attacked the Com- 
munist Party for criticising the 
Baath Parly “on the inter- 
national, Arab and local levels, 
a stand which had been widely 
discussed and agreed upon 
before the formation of the 
National Front in 1973." 

The implication of this may be 


that the Baath Party no longer 
regards the terms of the estab- 
lishment of the National Progres- 
sive Front as being relevant 

Al Dastour claims to have 
sounded out Iraqi political 
opinion about the Communist 
Party meeting. Broadly, this 
opinion, which is inevitably 
Baathist-domlnated. accused the 
Communist Party of exploiting 
“the freedom of expression to 
raise doubts about stability in 
Iraq.” 

It suggested that “ political 
and popular losses have rele- 
gated the Party to an inferior 
position in an organisation which 
it led in the past.” It also said 
that the Communist Party “ does 
not emanate from a national 
internal attitude. It reflects an 
attitude linked with external 
forces" (clearly by implication 
the Soviet Union). 

The Communist Party was also 
accused of trying “to drive a 
wedge between the Kurdish 
people and the (Iraqi) govern- 
ment 


tax increases approved 


BY PAUL BETTS 


THE ITALIAN Cabinet intro- 
duced tonight a first “mini- 
package” of tax and public utility 
tariff increases, chiefly aimed at 
reducing the enlarged public sec- 
tor deficit to a level acceptable 
to the International Monetary 
Fund (IMF;. 

Some L740bn is to be raised 
through a number of fisal 
measures including. among 
others, the increase of the tax 
on interest on hank deposits from 

15 per cent to 20 per cent, and 
lnrvnst-s in stamp duty. 

After the Cabinet meeting, the 
inter-ministerial committe for 
economic planning announced a 

16 per cent increase in electricity 
tariffs. 

Rail fares are to increase by 20 
per cent, as from July 15. to help 
fractionally offset ihc deficit of 
the Stale railways, which totalled 
la-?t year some LlOOObn. 


ROME, May 26. 


The Government, however. Is 
expected to introduce further 
increases early next month, 
before the arrival here of an IMF 
team to review the undertakings 
Italy made in a letter of intent 
signed last year at the time of a 
further drawing from the Fund. 

These additional measures are 
exnected to be discussed by the 
Government with the trade 
unions and the other main politi- 
cal parties. 

The Government has indicated 
its intention to reduce the 
enlarged public sector deficit 
this year from an estimated 
L30,000bn to. about L24,000bn. 
At the same time it intends to 
introduce a number of measures 
to promote what it calls “ a 
recovery without inflation." 

Some of these industrial and 
financial recovery measures were 


adopted by the Cabinet today 
including the allocation of some 
L900bn spread over several 
years for extra export credits. 

A further Ll.OOObn is to be 
allocated this year to the hospital 
service, while the Cabinet also 
said today that it would intro- 
duce so far unspecified additional 
subsidies for the country’s in- 
dustrial reconversion and recon- 
struction programme. 

It also decided to apportion 
some Ll.BSObn to the troubled 
state sector groups this year for 
their investments programme. 

The trade unions reacted 
angrily tonight to the rail in- 
creases, claiming that they had 
cot been consulted. This is the 
fourth increase since 1974 in 
Italian rail fares, which none- 
theless remain among the lowest 
in Europe. 


By Mark Webster 

KOLWEZI, May 26. 
THE BIGGEST copper mine in 
the Shaba province of Zaire 

should be black in production 
within 24 hours the senior 
Zairean mine official said to- 
day. The Kamoto mine in 
Kolwezi will run at only 36 
per cent of maximum capacity 
said the official, Mr. \Vatah 
Kapilah, bnt it could be run 
without expatriate labour, he 
insisted. 

Meanwhile Colonel Pbilllpe 
Erulin, the commanding officer 
of the French Foreign Legion, 
said he had received no orders 
to withdraw his 650 troops who 
have been pursuing rebels in 
Shaba province. This conflicts 
with reports from Paris that 
the legion was to complete 
their withdrawal from Zaire 
by next Monday or Tuesday. 

The news that the legion is 
to stay should be encon raging 
to the Zairean workers who 
turned out in force to-day at 
the mines. Mr. Kapilah said 
that almost the entire local 
workforce of 13,000 tamed out 
for work today after the morn- 
ing siren bad sounded for the 
first time in the two weeks 
since the rebels invaded. 

Mr. KapUab said that no dam- 
age had been done to the heavy 
plant or the machinery in the 
mine by the rebels. When 
shots had first been heard, 
workers took the precaution of 
emptying the giant smelting 
vats in the concentrator so that 
it did not solidify. 

However, he said the one 
underground mine on the site 
had flooded during the few 
days when the electricity had 
been switched off and to repair 
that would be “a matter of 
weeks.” 

Before the copper can again 
begin to be shipped out, it will 
be necessary to repair the elec- 
tric overhead power cables 
which supply the railway to 
Kolwezi. The several kilo- 
metres of cables have been 
pulled down during fighting. 

Meanwhile, the Katangese 
rebel forces who invaded 
Shaba province have warned 
that the dispatch of a pan- 
African force to protect the 
copper mines will be “con- 
sidered an official declaration 
of war.” 

Reuter adds from Lusaka: 
President Kenneth Kaunda 
has denied any knowledge of 
the Katangese rebels crossing 
Zambian territory and has 
ordered an Investigation into 
the matter. 


‘Bomb caused’ 
Kenya crash 


By Our Foreign Staff 
THE KENYAN Government 
announced yesterday that an 
air crash on Wednesday which 
killed, Mr. Bruce McKenzie, a 
former Kenyan politician, and 
two other businessmen, was 
caused by a bomb planted in 
the aircraft at Uganda’s 
Entebbe airport. 

The Foreign Ministry said 
In a statement that a cable had 
been sent to tbe Ugandan 
Foreign Ministry asking for an 
investigation. 

It was also disclosed in 
London yesterday that one. 
dead businessman was Mr. 
Gavin White law, managing 
director of Lonrho Exports. 


MR. IAN SMITH, the Rhodesian U.S. Ambassador to the UN for in Zaire, there was , 

Prime Minister, announced in talks on the Western initiahve Rhodesia 1 their C senses;- 

Cape Town to-day that he will for a settlement in Namibia will be a l more roalistici 

step down from active politics at (South West Africa*. and will adopt fl * eat prt ,bJ d 

the next election - to be held The Rhodesian Prime Minister encWhmen?, 

by the end of the year. said that by the end of the m- COimrnm i # South vn 

“ I have no intention of stand- lerim period of the internal Smith said Jhat although . , . 

ing in the next election.” he said, secernent plan, the ingredieutt : disappointed that nuickef - m AnBU iJ 

“By then my task will have been will be there to assure white “^ocress had not been made ti»- „ rv 

completed, and I will have done Rhodesians they can warts a ceasefire in Rhodcsi 


■a tfi 

, !l «Uew»L 

""> Gnr» 

-i.-JM South 
h swwifla 
a * ! * u trees- 


completed, and I will have done Rhodesians tney can aaieiy ceasefire in Rhodcsi*;- 

ail I can to reassure the people on in Rhodesia, and ^at decent rih . c 0 ffi cia ls and hlarfk 
of Rhodesia.” standards are going to be main- w “rc in contact with 

Mr. Smith made the announce- that his with- “ certain of the terrorist leaders, 

ment at a news conference on , fC nniitics ” might have and the latest reports were •*'- 
his first visit to South Africa effect on all couraging. j. 

since be negotiated an end to fortesians. not just white • Mr. Don McHenry, deputy UA - 
minority white rule in Rhodesia r have been a to the UN an? 1 


_ It ruler adds froi 
Guerrilla-! attacked 
Chief Jereiuuh | 
uiviitlier ««F Rhode; 
racial provlSlun.il 


ll Salisbury: 

'■c bruit? iif 

«»rqii. * 
i$ia’s - multj. 
swernauan. 


■m Wednesday but- there 


mmuruy wmie ruic in Rhodesi:ms ... I have been a Ambassador to the UN _.., ft 
with internal nationalist leaders- c0Qtr0V ersial figure, let’s not principal Western negotiator i*;; 

“L b h-; a pMceI ^ 

day with" Mr. John Vorster. the On tbr 
South African Prime Minister, said he 


Defence 


«r;v IM 

Headquarter- >.nd. 

The rissi-l WON in - Salisbury at 

r/.v ftn.v and a 

Ian i.i .'.I- v.p mused. 
In-ad' . fuartew also 



Chinese 

order 

IBM 

computer 


By David Bell 

WASHINGTON, May 26. 
CHINA HAS placed its first order 


Turkey appeals for/ 
Europe industry aid 


Canada #ir 
force scraps 
nuclear i?rms 


^ _ ( Canada is scrappi "2 the nuclear 

lueaponry nf its air .force. Prime 

BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT J Minjsfep p jerrp Trurft-iu told the 

BRUSSELS. May S^SirS^SS? %£ 

TURKEY has appealed to Euro- governments [Son^^ad^alread^bccn^tS 

pean governments to help it to become .directly involved . tier drawn from Canadian warplanes 

industrialise more rapidly, and Greece jomed the in Europe ami wore being re- 

bas strongly hinted that it ex- Mr. Ecevit spokc_aHer a meei | Dj3ce( j in North American with 


Mr!Vcevit spoitc after a 

with International Business 1 pect/ L them J to "provide it "with ing with Mr. Roy conventional arms. Mr. Trudeau 

« v- “vfSS L - short-term financial aid lo president of tbe European Com- Mld; » Wq are ttie first nuclear 

Machines (IBM) and is seeking n j ^ econom i C hardships mission, at which the two sides. ■ armcU C0U nlry to haw chosen to 
to buy a medium-sized computer hv continuing U.S. agreed to try to re-establish a divest Useir of nuclear weapons.” 

to be used in an air compressor s ““hImim. regular dialogue after several ! . . 

factory in North-East China. 


The sale of the computer- 
believed to be a model 138 which 
sells for about S333.600 — is a 
major breakthrough for IBM. 
but like all sales of high tech- 
nology items, it still requires 
approval by Cocom. tbe Co- 
ordinating Committee for Ex- 
port to Communist Areas. This 
is a NATO bodv which operates 
from Paris and controls the 
transfer of potentially sensitive 
Western technology to Com- 
munist countries. 

Two years ago. President 
Ford approved the sale to China 
oF two controlled data comouters 
although the Administration 
recognised that they could be 
used for military purposes. One 
was intended for oil exploration 
and tbe other for seismic work. 
This sale was justified on 

foreign poliev grounds'* and 
amone the safeguards was one 
that allowed for the stationing of 
control data personnel in China 
for a period of years. 

This safeguard has since been 
used in the case of Japanese 
high technology exports to 
China. Last September, the 
Carter Administration followed 
up the Ford initiative with the 
decision to relax restrictions on 
the U.S export to China of 
defence-related products. 

There were reports in Japan 
that tbe IBM machine was to be 
used in the jet engine plant now 
being constructed in China by 
Rolls-Royce. But the company 
and the Pentagon said that this 
was not the case. 


discussions finish 

Japanese and U S. businessmen 
and Soviet officials ended talks 
here yesterday with agreement, lo 


Mr. Robert Bradshaw 

DUE TO a regrettable error. Mr. 
Robert Bradshaw, Premier of the 
unitary state of St. Kitts-Nevis- 
Anguilla, was described in 
yesterday's Financial Times as 
being seriously ill. In fact Mr. 
Bradshaw died in Basseterre, 
capital of SL Kitts, on Tuesday. 


e “i¥ 3 ^r n ki a s™p?^MlJ'ister. yealfs of ^5£ ult nd “uJieT | Siberian gas project 
conference* AS 

that such assistance was needed tion agreement signed in 1963. 
to underpin democracy in his A Turkish delegation is to vu.lt 

country, which had been severely Brussels within the next tvvo _ 

tested bv its current economic months to discuss how the’ work | lry l0 ^ tart deliveries of Siberian 
crisis, and to reinforce Turkev's mgs of the agreement can De : naturuf Ka!5 bv 19S5, a Japanese 

ties with the West through made more flexible. , • spokesman said. Reuter reports 

NATO and the EEC. « Rc 'S C ' , Rp£ Tv'^ Totpo. . .. 

Ha also suggested that his Mr. Ecevit, in a Belgian iv 

Government's differences with inter J‘ e ^' ^supply 

Greece could best be solved if members of NATO to suppi> 

the two countries were left to Turkey wth a™* the H? 

work out their problems to- States "did not lift the embargo 
gether. Their disputes would imposed after his country 
only be aggravated if EEC invaded Cyprus four years ago. 


from Tokyo. 

The four-day meeting discussed 
the proposed joint development 
of reserves near Yakutsk, in 
eastern Siberia, which have been 
estimated at about S30bn cubic 
metres. 


EEC and U.S. 
reject idea 
of steel cartel 


By David Buchan 

BRUSSELS. May 26. 

THE EUROPEAN Community 
and the U.S. have rejected the 
idea of a world steel cartel to 
replace their current, unilater- 
ally imposed system of protection 
against imports. 

Mr. Richard Cooper, the U.S. 
Under-Secretary for Economic 
Affairs, and Mr. Wilhelm Hafer- 
kamp. EEC External Affairs 
Commissioner, speaking to the 
Press after two days of talks, 
ru/ed out any sectoral agreement 
for steel. like that already In 
force for textiles under tbe 
multi-fibre arrangement. 

Mr Cooper said the US. 
favoured discussions with 
countries, not just with the EEC 
and Japan, on tbe world’s struc- 
tural crisis in steel. But these 
talks might he limited to data 
gathering and information ex- 
changes. and were not aimed to 
replace the U.S. trigger prices on 
imported steeh 


Nine, ACP 
sugar talks 
suspended 



Usher-Walker 

Printing inks and rollers 


Extracts from the Review by 
the Chairman, Mr. S. C. Biggs 


Profits before tax have increased from 
£478.444 in 197d to £496.125 in 1977. despite 
the difficult trading conditions. 


■jc Re-organisation within our Roller Subsidiary, 
Usher-Walker- Bingham Limited, is proving 
beneficial, and we hope that it will contribute more 
lo our profits in the future. 


We maintain a high level of Investment in 
plant and equipment and plan to extend our 
Scottish Factor/. The benefits of the expansion at 
our Heywood Factory are beginning to be seen. 

We continue to explore other possibilities of 
expansion. 


Turnover continues to improve during the 
current year, although it has been affected by the 
troubles being experienced in the Newspaper 
Industry. It would be difficult and unwise to 
■forecast confidently for 1978, but.it should be 
a satisfactory year. 



1977 

£ 

.1976 

£ 

Group T urnover 5,396,000 

4,581,000 

Trading Profit 

496.125 

478.444 

Profit after Tax 

230.282 

226,657 

Earnings per Share 

10.66p 

10.49p 

Ordinary Dividend per Share 
(gross equivalent) 

4.95p 

4.50p 


Tension is in the air in Colombia with strikes and the odd riot. 
An election campaign is making matters worse, says Stewart Dalby. 


THE SKYSCRAPERS and dual 
carriageways with American cars 
choking along them have 
radually eaten into the old 
Ipanish part of Bogatfi, the 
Colombian . capital, with its 
cobbled streets and whitewashed 
houses with ornate green 
verandas. With a youngish 
population, mostly dressed in 
blue jeans and brightly coloured 
T-shirts, one could easily imagine 
oneself in a medium-sized city in 
the U.S.. or, were It not for the 
dramatic mountainous backdrop- 
BogotS is 9.000 feet up in the 
Andes — in Britain. 

The city however is tense. The 
first riot I saw occurred the 
second day I was there. A group 
of young people were milling 
around outside a cafe where 
matrons ate cream cakes and 
buns and sombre middle-aged 
men sipped coffee. They were 
protesting vaguely about an 
increase in bus fares. Suddenly 
someone saw a policeman and 
burled something at him. For a 
couple of minutes cars screeched 
to a halt and tbe protesters ran 
back and forth across the street 
Then police reinforcements 
arrived with tear gas cannisters, 
automatic FN rifles and fibre 
glass shields, and quickly 
dispersed the crowd. 

Two days later there was a 
transport strike (a modest in- 
crease in drivers* wages had 
occasioned the increase in fares) 
and the sale of alcohol^ was 
banned for fear it might incite 
people. Three days after that, 
the public employees came out 
oq strike for higher wages. Most 
of them were standing harm- 
lessly around, but the para- 
military police were out in force 
to break them up. 

It is not hard to see why 
BogotS is tense. In the past 10 
years the City’s population has 
doubled (to around 5m), as 
people came from the country- 
side looking for work. Many of 
the arrivals live in squalid shanty 
towns like Ciudad Kennedy to 
the south of the city. 

The minimum wage for 
Bogota workers i$ put at S79 
(144), and unemployment at 10 
per cent. But the number of 


Bogota: a city 
under strain 


Indian tribes, the Ticuna, who 
have been brought into the 
modern world, with Western 
dress and electricity in their 
village, and the Yagua who 
remain relatively primitive and 
isolated. If roads are ever built 
to Leticia, the surrounding 
countryside could be opened up 
and the town become an im- 
portant entrepot. 


unemployed and underemployed 
is probably two or three times 
the official figure, and most of 
the shanty dwellers who drift 
into the city centre as hawkers 
or casual labour can earn 
nothing like 579 a month. 

* * * 


The riot season seems likely to 
last for a little longer since the 
country Is in the throes of an 
election campaign. On June 4, 
a new President is to be elected, 
for four years. Middle class 
Colombians constantly tell the 
visitor that the country is a 
genuine democracy and point to 
the fact that seven candidates 
of radically different persuasions 
are running. Only the candi- 
dates from two leading parties, 
Sr. Julio Cdsar Turbay Ayala of 
the Liberals, and Sr. Belisario 
Betancur of the Conservatives 
are given, any chance of winning, 
however. 

Ideologically there is little to 
choose between the two. Sr. 
Turbay wants to curb inflation, 
increase employment and fight 
crime. Sr. Betancur also wants 
to increase employment and 
fight crime. Sr. Turbay Is a 
slight departure for the Liberals, 
who are the natural majority 
party, in that he does not come 
from the oligarchic families who 
control industry and coffee. A 
machine politician, he is if any- 
thing, more conservative than his 
rival. Sr. Betancur, an academic, 
believes rather more in state 
Intervention in industry and 
more welfare benefits than does 
Sr. Turbay. 

One factor which makes this 
election interesting is that, at 
least in theory, it is the first in 


20 years where winner takes all. 
When the civilians took over 
again from the army in 1958 (the 
army had stepped In in 1953 after 
the breakdown of law and order 
in Bogotd) the two parties agreed 
not to run candidates against 
each other. This lasted until 1974. 
But although the present Presi- 
dent, Alfonso Ltipez Michelsen, 
beat a Conservative, he did agree 
to share out the ministries. 
Whether this will be the case 
again remains to be seen. 

There is Uttle doubt about who 
is going to win in Leticia, the 
town at the southernmost tip of 
Colombia, on the Amazon. When 
I went to the local Liberal party 
headquarters, one of the chief 
workers said “ Of course we have 
real democracy here. I can even 
tell you who is going to win."— 
“ Oh Yes ? “ Yes, we are going 

to get 3,200 votes from the 50 
districts, and the Conservatives 
will get 800 votes.” Thinking that 
surely be could not he telling me 
about vote buying, I asked him 
about this. “Of course not," he 
said. “ It is just we know our con- 
stituencies so well.” 

In some ways, Leticia is still 
a storybook Amazon town. The 
two-storey ferry boats which sit 
at tbe quay could have sprung 
from the pages of Conrad. On 
shore, the smell of fish mingles 
with that of diesel fumes. Dirt 
roads lead to the town, lined with 
tio shacks. The atmosphere is 
heavy with tropical heat Close 
up though, the town is rather 
plush. Half a dozen streets are 
asphalted and paved. There are 
four reasonable hotels and three 
discotheques, and even elec- 
tricity (nearly) round the dock. 

Up river, one can visit two 


If coffee is one key element 
in the economy, drug smuggling 
is another. Tbe Guajira coast 
on the Caribbean in the north 
is riddled with marijuana planta- 
tions. With many natural har- 
bours and illicit airstrips the 
area is impossible to police. A 
huge amount of cocaine is also 
produced. The coca leaves are 
grown in Peru and Bolivia, and 
turned into cocaine in Colom- 
bia. I was told Colombia has 
the entrepreneurs. It is now 
estimated that drug smuggling 
is now worth upwards of $lhn 
a year. The disfiguring effects 
on the economy are enormous. 
Because all dollars in theory 
must be changed into pesos, the 
Government has had extreme 
difficulty controlling the money 
supply. 

Stringent reserve requirements 
have had some effect, but there 
is little doubt that the wash of 
dollars was a major contributor 
to inflation last year. More than 
this, many Colombians are con- 
vinced that the drug smuggling 
has been partially responsible 
for the great crime wave. There 
are 50 kidnappings a month In 
Bogota, it is estimated. Sr 
Turbay, who is thought likely to 
win the elections, is said to be 
the champion of the “emerging 
classes.” He bad better hope that 
some of these— like the drug 
smugglers — do not actually 
emerge into positions of power. 
Otherwise, his avowed aims of 
curbing inflation and fighting 
crime will be immeasurably 
harder. 


By Our Own Correspondent 
BRUSSELS. May 26. 
TALKS ON the price at which 
the EEC will buy about 1.3m. 
tonnes of. cane sugar from 16 
developing countries during the 
coming year have .been 
suspended. This follows rejec- 
tion by sugar producers of the 
European Commission’s opening 
offer. 

Negotiators for African. 
Caribbean and Pacific exporters 
are seeking a 9 per cent, rise 
in the price of 297.1 units of 
account per tonne to compen- 
sate them for rising production 
costs, and losses due to Inflation. 

But -the Commission has said 
that it can offer only 2 per 
cent in line with the Increase 
granted to Common Market beet 
sugar producers at tbe recen| 
farm price negotiations. This 
would raise the price paid to 
the ACP countries to 273 UA 
per tonne. 

Tbe talks, which began last 
Wednesday, were broken off 
yesterday evening. 


OECD forecast 

THE 24-nation Organisation for 
Economic Co-operation and Deve- 
lopment (OECD) expects the US. 
to have a balance of payments 
deficit of $24 bn. this year. $6.5bn 
more than it originally forecast* 
economic sources said yesterday. 
Reuter reports from Paris, 

They said OECD experts would 
also make significant changes to 
their earlier forecasts far the 
Western world's major economics 
at an economic policy committee 
meeting here next week. 


Queen ends visit 

The Queen and the Duke of 
Edinburgh flew home Tram 
Bremen yesterday, at the end of 
a five-day slate visit lu West 
Germany that has clearly 
delighted the public here, as well 
as reassuring the two Govern- 
ments that German-Britlah friend- 
ship is now secure enough to 
survive the ups and downs of 
political differences, our Bonn 
correspondent writes. 


Dominican poll result 

Mr. Antonio Guzman 167), the 
opposition candidate, has been 
confirmed as winner of the 
Dominican Republic's elections, 
ending the 12-year rule of Presi- 
dent Joaquin Balaguer. On May 
17. the army halted the ballot 
after Mr. Guzman took the lead. 
Reuter reports from Santo 
Domingo. 


LAWSON 


Finamct iL TiirfA pabtfciicd dally catept Sun- 
>«n S3SU.IM 


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Remember, of course that rtw price ol 
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Financial Times Saturday May 27 1978 

HOME NEWS 


ur 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

TEE CONTROVERSIAL proposal The base has been on standby country and a decision on a new 
by the U.S. Air Force to base for the past 10 years and location will be taken next week 
15 giant tanker aircraft at the hundreds of houses have been at a meeting at the Ministry of 
RAF base at Green ham Common, built in the area on the assump- Defence. 

□ear Newbury. Berks., has been tion that it would not be used Possible new locations are at 
called* off, Mr. James Well- again. Local residents were Brize Norton, Oxfordshire, Fair- 
beloved. Under-Secretary of appalled at the high noise level fordL Gloucestershire. or 
State for the RAF, announced of the big jets and the wide area Waddington. Lincolnshire, 
yesterday. that would have been affected Any decision to fly the tankers 

Mr Welt beloved said Mr Fred by their stulUQW takeoff paths, from Brize Norton or Fairford 
| Mu I ley, the Secretary for is likely to lead to equally vehe- 

Defeoce. had decided against the tvuisy ment protests from local people. 


Mr. Michael McNair-WiJson (C 


H °ng u.s. air tanker base plan 

^“ & g for Berkshire rejected 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

DrSnflV THE CONTROVERSIAL proposal The base has been on standby country and a decision on a new 

by the U.S. Air Force to base for the past 10 years and location will be taken next week 
15 giant tanker aircraft at the hundreds of houses have been at a meeting at the Ministry of 
nnRP i . RAF base at Greenham Common, built in the area on the assump- Defence. 

brandy is drank near Newbury. Berks., has been tion that it wonld not be used Possible new locations are at 

in Hong Kong than anywhere called* off, Mr. James Well- again. Local residents were Brize Norton, Oxfordshire, Fair- 
eis<* on earth — apparently beloved. Under-Secretary of appalled at the high noise level fordL Gloucestershire. or 
oecaosc “c French have State for the RAF, announced of the big jets and the wide area Waddington. Linco lnshir e, 
persuaded the people there yesterday. that would have been affected Any decision to fly the tankers 

*iki pro . raotes virility and Mr Well beloved said Mr Fred by their shallow takeoff paths, from Brize Norton or Fairford 
whisky produces impotence, a M Xv 35 SeSSara for XT - is likely to lead to equally vehe- 

Mp . c j“ lmed in Defence, had decided against the Noisy ment protests from local people. 

r scheme because of the possible Mr. Michael McNair-Wilson (C Mr. Nicholas Ridley fC. Ciren- 

Hnu»i.n B -.iZ hazards from the aircraft flying Newbury), who raised the matter cester and Tewkesbury) said 

British over the nearby Atomic Energy in the Commons yesterday, pro- yesterday that 20,000 people 
& *, po - ng Establishment at Aldermaston. tested that the KC-135 was one would be affected if Fairford 

to tne colony, daring a brief Plans to re-activate the base of the world’s noisiest aircraft were chosen and his constituents 
debate before the House f or use by KC-135 tanker air- The proposal had already would consider such a move 

adjourned for the spring craft, which are used for air-to- knocked £lm off property values “catastrophic.” 

h °Hong Kong did not ask much gSiSffife widespread £ i( ? e vicinily of ^ airfleld * he Alternative 

and offered a great deal, it Two of the women protesters Mr. Wellbelved told the House Lincolnshire on the other 

was an open and straight- were to visit the United States that the Government has agreed band, is keen to have the air- 

forward market. Sir Paul next week to see President in principle that the extTa 15 craft. Lincolnshire County 

declared- Carter about the matter. tankers should be based in this Council, concerned at high un- 

“ Oar partners in the __ 

Common Market seem to do 

Low growth New jet ‘must aid 

Stressing that the market C •n a 

for Britain existed in Hong Will HO I • 1 A ^ 

Kong, Sir Paul told MPs of the HI 11UI q OmCHQ PA 1 

powerful advertising campaign * ^.CJIL JLilvlUiJ II y 

mounted by France. PflAr(X\7 7 *** V 

persuaded rei the ^nJJT*' m C CHCl g J BY OUR PARLIAMENTARY CORRESPONDENT 

K ®irilit? a whl” n whEky SLv Correspondent THE GOVERNMENT’S decision MPs discussed whether the air- 

urodices hnnotenre 7 P on the choice of a new genera- craft should be built as a 

“Thr rosiii* i- ihnt u nn<r A SENIOR director of British tion of medium-range civil air- European venture in which 
K„n. hfle the hilhpst r.«r Petroleum has said that con- craft will be based on the need Britain would participate or 
i; nn .![ timied low economic growth in to keep a healthy British aero- whether the UK should take up 
lUsaw Europe could perpetuate rather space industry in existence, Mr. either of two U.S. options. 

R»I Sir P,ni „„ than ease energy problems. Leslie Huckfleld. Under-Secre- British Airways has said it is 

reassurances from (he Govern- Countering arguments that Jary for Industry, told the interested in the Boeing 757 but 

ment Mr. Michael Meacher lower growth would ease the Commons yesterday. ■ McDonnell Douglas, the other 

Trade Under-Secretary, aid pressure on oil and gas supplies. “It is essential that we retain 

Whitehall wn* doing all it Ur - Christophor Laidiaw. a a full design and manufacturing Advanced Technological Medimn- 
could to make np for Britain's managing director of the oil capability and a viable industry." Range transport which it is pre- 
pa" neglect of SraoriT to group, said that even in a reces- be said. “British Aerospace oared to develop as part of a 
Hong Kong sionary world the continuing use must remain a thriving and European programme. 

6 _ of imported oil was “ quite profitable nationalised industry. Mr. Walker alleged that 

. formidable." “We shall therefore insist that Boeing’s motive was to destroy 

A rrhllPnS Win Each year world oil consump- any new collaborative civil air- the European aerospace industry 
^lUlUCUd n,iI tion exceeded discoveries. “The line project must make sound as an effective competitor of the 

PTiT AAA problem is dangerously disguised commercial sense. We are not A ^L erI .^ a ° s ; . . _ _ 

£23,lH)l) srant at present by the world surplus interested in a non-viable air- 

° of crude oil induced by the craft That would not be in the «Haborative project Only after 

THE ENERGY Department has rece ssion, so that people believe interests of the workers or the £?{£ sfa r*i ld i trirtf 

agreed lo grant f_5,000 to the fhat real reserves are abundant taxpayers." bility of collaboration with North 

Royal Institute of British Arehi- when in fact they are in The Minister was replying to Amenrau industry, 
tects lo assist i is programme of decline.” he told the European a debate initiated by Mr. Terry ^^f* 
ui id-career education. Petroleum and Gas Conference Walker. Labour MP for Kings- £•"> 


Multi-million dollar Dayco may 
r j , , site$10m 

fraud men to be plant 
sentenced next week in Britain 


yesterday. that would have been affected Any decision to fly the tankers 

Mr Welt beloved said Mr Fred by their sbilUQW takeoff paths, from Brize Norton or Fairford 
Mu I ley, the Secretary for ® ,ikely t0 !ead t0 equaUy vche - 

I Defence, had decided against the noii J ment protests from local people. 

| scheme because of the possible Mr. Michael McNair-Wilson (C Mr. Nicholas Ridley fC. Ciren- 
hazaxds from the aircraft flying Newbury), who raised the matter cester and Tewkesbury) said 
over the nearby Atomic Energy in the Commons yesterday, pro- yesterday that 20,000 people 
Establishment at Aldermaston. tested that the KC-135 was one would be affected if Fairford 
Plans to re-activate the base of the world’s noisiest aircraft were chosen and his constituents 
for use by KC-135 tanker air- The proposal had already would consider such a move 
craft, which are used for air-to- knocked £lm off property values “catastrophic, 
air refuelling, led to widespread in the vicinity of the airaeld. he A UAninfi^n 
protests in the- area. said. mierndUYt 

Two of the women protesters Mr. Wellbelved told the House Lincolnshire on the other 
were to visit the United States that the Government has agreed band, is keen to have the air- 
next week to see President in principle that the extTa 15 craft. Lincolnshire CouDty 
Carter about the matter. tankers should be based in this Council, concerned at high un- 

Low growth New jet fi must aid 

‘will not aerospace industry 5 
save energy 

BY OUR PARLIAMENTARY CORRESPONDENT 


employment in the county, have 
asked that it shouid be based in 
their area. 

Michael Donne, Aerospace 
Correspondent, write: Both the 
Ministry of Defence and the U.S. 
Air Force now faces a serious 
problem in finding an alternative 
base fo rthe KC-135 tanker air- 
craft, following the Government's 
decision to rule out use of Green- 
ham Common. 

RAF Waddington, in Lincoln-; 
shire, is not favoured by the 
USAF because of the cost in- 
volved- in developing its runway 
and other facilities to the 
required standards. It is likely 
however, that the USAF may 
have to opt for this location, I 
since it is virtually the only one i 
in the UK where the presence 
of tanker aircraft would be wel- 
comed by the locals. j 


Newspaper 
pays back 


BY OUR PARLIAMENTARY CORRESPONDENT 


A £ • gk spiracy chari 

43p lH i Majority 


AFTER a four-month trial at 
the Old Bailey, five men were 
convicted yesterday of an inter- 
national bank drafts fraud 
which, according to the prosecu- 
tion. could bave undermined the 
entire hanking system of tbe 
West. They will be sentenced 
on Wednesday. 

The five men were part of 
an international organisation 
operating from London, which 
forged bank drafts and used 
them with forged passports and 
identity documents to swindle 
banks, companies and indivi- 
duals of millions of dollars. 

Bank drafts are guaranteed by 
the banks for immediate cash 
payment across the counter. 

Mr. Kenneth Richardson, 
prosecuting, said that the 
forgeries were brilliant and the 
fraud vast. 

Tbe jury has been considering 
its verdicts piecemeal since 
Friday last week. The case has 
been heard before Judge Gerald 
Hines. QC. 

Yesterday the jury reached its 
Last verdict when it found Jorge 
Grunfeld, a 55-year-old antiques 
dealer, of Clarendon Road, 
Notting Hill, London, guilty on 
majority verdicts of two con- 
spiracy charges which he denied. 


£nen» Co^Mndent THE GOVERNMENT’S decision MPs discussed whether the air- 

tnergy Correspondent Qn to# Qf g new Renera . craft should be built as a 

SENIOR director of British tion of medium-range civil air- European venture in which 


brandy in the world.” 

But Sir Paul received no 
reassurances from (he Govern- 
ment. Mr. Michael Meacher. 
Trade Under-Secretary, said 
Whitehall was doing all it 
could to make np for Britain's 
past neglect of exports to 
Hong Kong. 

Architects win 
£25,000 grant 


participate 


The first programme oF 21 i D Amsterdam, 
energy courses is being held Continuing 


wood, near BristolT on the need 2S& J® 

economic for an urgent decision on the 


... —— V.UIIUUU1II£ O-UUUIU". IU1 <W U1KC11I UCU3IUU Uli uie T ~ TT_ 

between April and September, to growth would make the financin': future production programme of „ thought it was 

be followed by a second series, of new energy ventures much British Aerospace. a seoucuon joo. 

From the Conservative Front 


The institute will also use theiniore difficult. Conservation 


hour-long debate 


£25.000 lu speed (he establish- efforts would also be frustrated, eerned the new generation of Bench 


Norman Tebbit 


ment of “energy centres’’ People would have insufficient short to medium-range aircraft (Waltham Forest) said his party 
throughout the UK lo provide capital to invest in houses with to be ordered by British Airwavs was unhappy about the apparent 
the profession with information improved insulation and cars and its effect on British Aero- lack of leadership from British 


and training. 


i with lower petrol consumption. 


Aerospace. 


THE GOVERNMENT and 
Express Newspapers have 
received about 45p in the pound 
back from their secured invest- 
ments of £1.425m in the Scottish 
Daily News’ workers' co-opera- 
tive. 

Tbe payment was disclosed 
yesterday at the second 
creditors’ meeting of the news- 
paper which collapsed in 
October, 1976 after six months, 
with losses totalling £2.5m. 

The Government, which made 
a loan of £1.2m, and Express 
Newspapers, whose loan was 
£225,000 as well as a further un- 
secured sum of £520.000, have 
now been paid a total of £680.000. 

The liquidation, which so far 
has .cost almost £400.000, is 
expected to end shortly once a 
dispute is resolved between the 
liquidator. Mr. Roy Johnston, and 
Strathclyde Regional Council, 
over a £50,000 rates demand for 
the building in Albion Street 
during the year of the workers' 
sit-in after the newspaper 
collapsed. 

Mr.- Johnston said that he 
thought that as the building 
was not under the liquidator's 
complete control* during that 
; time, he should not be liable for 
the rates, which have already 
been paid. 


By 11 to one Grunfeld was 
found guilty of conspiring with 
others to defraud banks, com- 
panies and businesses by forged, 
stolen, or false banking docu- 
ments and identity documents 
between January 1972 and 
August 1976. 

By 10 to two. he was found 
guilty of conspiring to forge 
bankers’ drafts, cheques and 
other valuable securities. 


Earlier, the jury found two 
others guilty of tbe main plot to 
defraud banks, companies and 
businesses. 

They were Henry Oberlander. 
51, described as a master of dis- 
guise and man of many identi- 
ties. also of Clarendon Road. 
Notting Hil l, and Francisco 
Fiocca, 48. antiques dealer of 
West bourne Gardens, Bayswater, 
who was described as the master 
forger. 

Before the trial ended, two 
others pleaded guilty to being 
concerned in the fraudulent 
operations. They were Emile 
Fleischman. 57. of Ladbrokc 
Mews, Notting Hill, and And rtf 
Biro. 52. dealer in precious 
stones, of Bayne Close, Hamp- 
stead. 

This means that all except 
Biro were convicted of plotting 
to defraud banks, companies and 
businesses with forgeries. Biro 
pleaded guilty to uttering forged 
documents purporting to be 
bankers’ drafts, cheques and 
other valuable securities. 

All five were convicted for con- 
spiring with others to use for tbe 
purpose of tbe 1971 Immigration 
Act passports and other docu- 
ments which they knew to be 
false. 

Fiocca was also found guilty 
of plotting with others with 
intent to defraud to forge 
bankers’ drafts, cheques and 
other valuable securities. 

After tbe verdict. Judge Hines 
told the jury that he proposed to 
hear mitigation pleas on behalf 
of the convicted men on Wednes- 
day. and would then pass 
sentence. 

Tbe jurors were discharged 
from further jury service for the 
rest of their lives. 


Prior presses for inquiry 
into Eleni V oil-spill 


BY PAUL TAYLOR 

MR. JAMES PRIOR, Conserva- 
tive MP for Lowestoft, said 
yesterday that he intended to 
continue urging an inquiry into 
the handling of the Eleni V 
tanker incident 
It is three weeks to-day since 
the Greek tanker was sliced in 
two after a collision with a 
French merchant ship eight 
miles off the Norfolk coast 
The tanker’s bow section has 
leaked oil on to East Anglian 
beaches and attempts to resolve 


the problem have been dogged 
by “bad luck’’ — or “ineffici- 
ency." 

Three attempts have been 
made to beach tbe wreck. With 
each new plan, or natural mis- 
fortune, the tanker has bad to 
be towed up and down the 
coastline. 

About 3,000 tons of oil. from 
the tanker’s fractured tanks are 
believed to have seeped into the 
sea. leaving about 1.000 tons still 
on the vessel. 


By Kevin Done, Chemicals 

Correspondent 

DAYCO, THE U.S. rubber and 
plastics engineering company, is 
planning to build a $ 10 m plant 
in Western Europe. 

Mr. Richard Jacob, chairman 
and chief executive, said yester- 
day that the UK was a likely con- 
tender. Tbe company already has 
one plant at Dundee — its only 
existing manufacturing unit in 
Western Europe. 

Dayco is investing about 83m. 
at the Dundee site this year. It 
is increasing production of textile 
printing blankets and has 
installed a new production line 
for plastic vacuum cleaner bose. 

It claims some 75 per cent of 
tbe U.S. market for fan-belts used 
in new cars and 20 per cent of 
tbe market in the EEC. 

Fan belt manufacture could 
be started in the UK. Mr. Jacob 
said yesterday, either at Dundee 
or at" a new site. 

The decision by Ford to site its 
£180m engine plant at Bridgend 
in South Wales is one important 
factor that could attract Dayco 
to the UK and to a site in South 
Wales also. 

It is at present studying 
several sites in Britain as well 
as in other West European coun- 
tries. A decision is expected in 
tbe next three months. 

Dayco. which bad sales last 
year of $5T0m (15 per cent of the 
turnover from overseas mar- 
kets). makes rubber, plastic and 
textile components for many sec- 
tors. including the automotive, 
domestic appliance. textile, 
chemical, agriculture, construc- 
tion and energy industries. 

The plant at Dundee employs 
about 300 people and another 
300 will he employed at the new 
plant. 

Main competitors in the UK 
fan-belt market would be Turner 
and Newall, Goodyear. Fenner, 
and Dawsons. 

Based on exports, Dayco has 
only a small share of this mar- 
ket. but it is already supplying 
components for the Rover V8 
engine. 

Leather craft 
college opened 

PRINCE MICHAEL of Kent 
yesterday officially opened 
Western Europe’s first college 
where every aspect of leather 
technology is taught 

The £2m National Leather 
Sellers’ College at Northampton, 
which provides facilities for 120 
students, is a result of a merger 
by London’s former leather 
centre and the Nene college's 
leather department at Northamp- 
ton. 


•*••• * -V;: 


—Qatar's © Health— 

A new approach to treatment 



It T s a widely held view in the West that the moment an oil 
state resident sneezes he is bundled on to a plane to recup- 
erate in a Swiss clinic or the mild air of St. Johns Wood. It’s 
also a fallacious view as modem medical facilities in the 
Gulf are nowadays perfectly capable of dealing with most of 
the ailments of their citizens. In the State of Qatar, the 
Government believes - to quote the late Sir Winston 
Churchill - that ‘healthy citizens are the greatest asset any 
country can have’ and has always offered free medical 
treatment to anyone, Qatari or not, wi th in its borders. 

There have been two main problems along the line 
■which have forced the Ministry of Health’s hand when plan- 
ning or reappraising services. The first, shared with other 
countries subjected to an accelerated rate of growth, is that 
there is a tendency for its residents in true Parkinsonian 
fashion to require just more treatment than the state can 
comfortably provide. Before tire days of prosperity medical 
treatment was simpler. ‘Health problems weren’t so advanced 
as they are nowadays’, says Dr Omar Hassan Hashisho MD, 
the acting Director of the Qatar Ministry of Health, and a 
resident of Qatar for 19 years. ‘People had a healthy trad- 
itional way of life far away from the hazards of civilization. 
Although people in Qatar are generally healthy and the 
state itself is free from endemic disease the modem illnesses 
like high blood pressure and diabetes are on the increase 
and the scourge of the modem age, road accidents, pose by 
far the most dangerous threat to life and limb. 

The other problem is that existing facilities have been 

at general practitioner level has 
been available at the Government’s Polyclinic alongside the 
existin" general hospital, the Rumailah hospital Between 
three Md four thousand people are seal daily here and 
onenins JlOUis have had to be extended to 10 pmi. nightly. 
This to cased the pressure on the hospataTs 24-hour service 
accident and casualty unit as those suffering from minor 
agents who used to turnup at odd horns caabe separated 


from genuine emergency cases and treated appropriately. 
There are two other clinics in operation in Doha which does 
spread the load a little and a few in coastal townships. There 
are also doctors in private practice. In-patient treatment is 
provided by the Rumailah. hospital where local medical 
teams perform the functions of any general hospital capable 
of undertaking major and minor surgery and treatment 
supported by visiting specialists. Difficult cases are still 
flown abroad for specialized care although dependence on 
this scheme has lessened as facilities become available here 
and the steady flow has become a trickle. The Rumailah 
hospital has been improved and extended since its inception 
in 1957. The most recent is the current project to add a 72- 
bed extension (for medical and surgical cases), a four-bed 
intensive coronary care unit, a four-bed intermediate 
coronary care unit, a new theatre and a specialized bums 
units with 12 beds. This should be ready by the end of this 
year. Maternity and gynaecological patients are seen at the 
Women’s hospital where a new wing of 32 beds was added 
recently. A couple of small hospitals in the town cater for 
long-stay patients and those suffering from any contagious 
disease. There’s a special clinic in th® town centre open 
daily purely for vaccinations and immunisations — - an 
important part of the Ministry of Health’s child health 
programme. Qataris important new hospital, the 660-bed 
Hamad General Hospital, is due to open its doors in mid 
1980, but it is not seen as the complete solution to Qataris 
medical problems. The Ministry of Health has embarked in 
the last year or so on a campaign to take medicine at prim- 
ary care level out to the people and to implement an am- 
bitious programme of community health care hitherto 
unknown in the area. Next year, four urban health centres 
will open in Doha, another in the suburb of Rayyan and a 
sixth near a cluster of outlying villages 20 km north of Doha 
near the road to the northern towns. Three more in small 
desert villages in the centre of Qatar are almost ready and 
facilities already available in the coastal towns of Medinat 


al Shamal, A1 Khor and A1 Wakrah are to be expanded. A1 
Khor is to have a mobile clinic to cover outlying villages. 

Particularly interesting are the plans announced for 
the new industrial area of Umm Said, south of Doha. A 
well-equipped and staffed accident and emergency unit will 
be established to deal with industrial accidents and there is 
to be an industrial preventive health centre so that the 
environmental health hazards of industry will be taken care 
of in a more appropriate way basedon scientific principles. 
There is to be an effective inspection department to ensure 
that industrial safety measures are complied with. 

People are the most important thing in medicine and 
the staff to man the new clinics and health centres are being 
recruited from Arab countries and will undergo an intensive 
training programme to ensure that the teams operate as a 
cohesive unit whether they are physicians or filing clerks, 
mid-wives or social workers. 

It is hoped that this emphasis on primary care at 
doorstep level covering almost all of Qatar will reduce the 
number of patients requiring hospitalization and enable 
illnesses to be diagnosed early. . Rather in the way that 
British doctors are apt to blame their full surgeries oh cold 
November nights on central heating so the uncharitable in 
Qatar see the advent of handy air-conditioned clinics as an 
invitation to malingerers. It is a faetthough that people in 
Qatar are health conscious particularly where their child ren 
are concerned and turn up in increasing numbers for advice. 
Surely proper advice from the right quarter is much better 
than the alternative — a supermarket basketful of propriet- 
ary medicines from the amply stocked pharmacies in 
do wnto wn Doha. 


; For further details contact: Press and Publications Department, 
| Ministry of fafornwtioii,P.Q. Box5147,Doha, Qatar. 
Telephone: 321540/4(Simfis)Tekx; 4552 QPRESS DH 



Financial Times Saturday May 27 1975 


r 


HOME NEWS 


Britain to cut 
interest for 
: Soviet deals 

BY LORNE BARLING 

BRITAIN is to reduce interest into which the Soviet Union 
rates on its export credit agree- falls. 

ment with the Soviet Union. Similarly. France recently con- 
effectivelv breaking the inter- eluded an agreement which 
.national agreement on these promised around SiOOm worth of 
rates. The move will bring exports to the Soviet Union, but 
Britain into Line with France and was persuaded to offer an interest 
I talc, who have cut these interest rate believed to be 7.1 per cent. 
■pate‘s It was therefore clear that to 

• Mr. Edmund Dell Trade Score- protect _ British interests, a 
tary. said in a Commons written similar inccntii'e would have to 
reply yesterday that it had be- he offered. ButBntam bad an 
come clear that major countries additional bargaining counter as 
were applvinc to their Soviet a result of the recently intro- 
exports the preferentiai interest dueed foreign currency finance 
rates prevailing prior to the scheme which in extreme cases, 

consensus of June. 1976. allows an option of quoting in 

: " It has long been Government sterling or dollars. 

policy that British exporters The - S ? vie * JJJtnS dnifaT-^S 
should enjoy credit terms which opposed to ariepting dollars, so 
match those for our major com- an agreement concluded last 
peri tors week allows a variation in 

“The' export credits guarantee interest rates between the two 

department has therefore agreed cn rrencies. 

with the Soviet authorities that Jt. 1S understood that a 

the rales chargeable under the minimum rate of P c £.®'j" 
1975 agreement shall be modified on dollars and a slightly higher 
accordingly, and I trust this will rate for sterluig was finalljr 
pave the way towards gaining agreed. 

further substantial contracts." The ultimate advantage or 
. Last July. Mr. Dell said the disadvantage of the i wrejment 
Export Credits Guarantee depends on the movement of 
Department intended to rajse Oie t b «L LJ, 

interest rates on the remainder expected to speed up the con- 
6f the £950m Soviet credit elusion of a number or major 
negotiated in 1975— now used to contracts. 

the extent of £441m— but it sub- Although deals worth around 
scquentlv became clear that fl-Sbn are now under considera- 
France and Italy bad undercut tion, only a small proportion is 
competing supplier countries. likely to come to fruition. 

In one major deni. Italy is The danger of the arrangc- 
understood to have agreed a rate ment, which further undermines 
of 7.55 per cent. the so-called “ gentlemen s 

■Hie consensus provides for agreement" on interest rates, is 
7.25 per cent on two to five rear that other countries may now 
business and 7.75 on five years be persuaded to reduce rates 
or more, under the “inter- even further to gain a competi- 
mediate ” category of countries five edge. 


Liberals set for new 
pact, says Pardoe 


BY RICHARD EYANS, LOBBY EDITOR 


S. Wales 
coalfield 
loss may 
be £ 30 m 


THE READINESS of the He feared that if he left an emment was in no hurry to call j 
Liberals to enter into a pact announcement until July, unease a General Election and was still ; 

with either Labour or the Con- within the Party would grow to considering whether to carry on • 

serva lives after the next General destructive proportions, as fellow into next year. 

Election was underlined last MPs and party workers saw an On ITN’s News at One, Mr. 

night by Mr. John Pardoe, the autumn election getting closer. Hayward said: “ I do not see a by JOHN LLOYD 

party’s economic spokesman, Mr. Callaghan would have General Election before the end 

following formal notice that the preferred the announcement to ?/. l . he year- but if the Prime ! SO jrrH WALES area or 

present Lib-Lab pact would end be delayed, because of the Minister vyants one in October ^ * 

with this parliamentary session, danger that political uncertainly *“«?! L“ f » h = c h „, ! expected to show a loss of about 

In a day that brought p surpris- w0U ld have an unsettling effect was £3Q m for the financial year 

ing lack of reaction from senior on markets and international «f October was the date, he fore- ; This is more than twice 

politicians to the ending of the confidence cast lbat La bour would win. '*■ ... tLI.:, nF rutim 

pact, Mr. Pardoe said the But it is hoped that the Liberal He rejected reports that the: * * * ." * thfi 

Liberals recognised that agree- pledge to maintain the Govern- party was preparing . for an. „ The deficit means that b 

ment between politicians in me nt in office for the remainder autumn election by altering its 1 Margam colliery development, 
different parties was m the best 0 f this session will ensure conference arrangements, and | which was to nave gone ipr 
interests of the country. stability. said that Transport House had ..Board approval on May 31. will 

“We are prepared to use our Mr. Pardoe claimed the pact not booked a date for a confer- ‘be deferred indefinitely. Mar- 
influence to maximise that agree- bad beep of great value to the ence at Wembley in November. I gam. near Port Talbot, woul a 
ment whenever it can be country. The majority of people a month after a likely election i cost between £90m and ilOOm 

■th believed this and the -evidence date. 1 and employ 750 niineworkors. 


labour news 

Shipyards work 
threatened 
by steel strike 


created," he said in his North believed this and the -evidence date. 


Cornwall constituency. 


was all around. 


The party was sticking by its Productivity gains from the 


Crown Agents probe 
‘could take a year’ 

BY MARGARET REID 

THE C.ROOM - JOHNSON produced a small overall net 
Tribunal of Inquiry which in surplus oF £4m. 

September opens its investiga- The accounts show that only 
tion into the responsibility for some £4m is now needed to 
the Crown Agents' £224m losses complete the major Australian 
in 1967-74 could last 12 to IS property programme, which was 
months. Mr. John Cockney, the one of the agents’ most contro- 
Agenis* chairman, said in a versial developments and which 
personal estimate yesterday. will ultimately be disposed of. 

Mr. Cucknev. introducing the Th « a sents. who carry- out 
agents’ 1977 accounts which purchasing and investment ser- 
shmv a £5.3m surplus on the vices for about 100 governments - 
traditional business, did not P»« ed ^ £ }*« m through 

expect Hint the public inquiry * hcir t supplies - and recruitment 
would have any detrimental directorate in 19i«. 7S per cent 
effects on the agents’ operations, sup^rg 0115111655 gome t0 

The accounts show that the ^By^thc end of March 1978, 
realisation account, whirh holds deposits placed with the agents 
tne heavily loss-making property by their overseas clients totalled 
and banking interests from £8i0m, £56m higher on the year. 
wsicn the. agents are withdraw- The recently-formed three-men 
incurred . a - ~ l “ m . deBv,t fn Tribunal of Inquiry, under Mr. 
J9(i. after debiting interest oo Justice Croom-Joboson. is to 
unrennincrntive funds. consider whether there were 

Mr. Cuckney, who is giving up lapses from accepted standards 
the chairmanship in October of commercial or professional 
after four years, said there was conduct, or of. public administra- 
nn further net deterioration in tion, tn relation to the Agents' 
the- existing situations "own account" operations in 

dtfw WHIP'S ffi 

SES “ a- a 

4 n disposals. December, is likely to involve a 

The adding-in of the £175m of look at the role of Government 
iioi eminent grants, and the Departments and the Bank of 
crediting of reserves, finally England in relation to the affair. 


The assumption at Westminster Economically, the pact had arrangements to hold the an unal \ incentive bonus scheme have so 

is that the Liberals, after seek- re-established confidence and conference in Blackpool from!f ar £ ad jjtile effect on the 

jng to re-establish their political the fact that Britain was govern- October 2-6. dramatic deterioration of the 

independence as rapidly as pos- able, but only if the country Mrs. Margaret Thatcher. Con- are „- s financial position. South 

sible. will urge the advantages could change permanently the servative leader campaigning in the last area in brin a 

in the next General Election nature of its politics. the Hamilton by-election, said = , h incentive scheme and has 

campaign of coalition govern- “in future. Britain must be the Conservatives were ready for J = been h j t | )V industrial 
ment, with re-elected Liberal governed by politicians who are a General Election whenever it * . h ,-i er i L . a i ‘workers 
MPs exercising a restraining more concerned to co-operate came, but she thought the most 

influence on either a Labour or with each other, than by likely date was October. While most other coalfields 

Conservative minority Govern- politicians who are always seek- Asked what she would think if | have shown some productivity 
ment. mg a stand-up fight. Mr. Callaghan did not call an: gains in the last quarter of the 

The decisron to announce a “The Liberal Party will now election in October, Mrs. , year {February-Aprili, South 
withdrawal from the pact well campaign for its very independ- Thatcher replied “that he Wales’ figures were no belter 
before tbe event was taken by ent policies." would be scared to have one and than the previous year. 

Mr. David Steel. Liberal leader, Mr. Ron Hayward, General- that he did not think he would i jj r phiijn Weekes the area 
because of growing pressures Secretary of the Labour Party, win if he held iL j director, said vesrerday that he 

within the party for political joined the Prime Minister in “If he does not hold it he is expected to see improvements in 


independence. 


stressing yesterday that the Gov- now starting to dose his options 


Scots Nationalists will make 
big effort to take Hamilton 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


10 
sort 


years 


productivity over the next few 
I months. He could not recoin 
1 mend proceeding with Margam. 
however, while the area was in 
such a “critical cash How situs 
tion. The investment must now 
depend on a reversal of the 
financial position.” 

Margam was the largest of the 
j projects due to come up for 
I Board approval and the first new 
deep-mined pit In South Wales 
| for eight years. It has extensiv 
: reserves of high-quality coking 
“f coal, which, it was hoped, would 


sut — * p °« 

However, the announcement 
by the Government earlier this 
year that plans to double Port 
Talbot’s capacity were bein 


THE SCOTTISH National Party This move will swell the The next five to 
Conference yesterday dosed Nationalist troops in Hamilton offered Scotland the 
ranks behind Mrs. Margo Mac- by up to 500. 

Donald. candidate in the Mrs. MacDonald, introducing only once in every few hundred 
important Hamilton by-election the Party's economic strategy for years. 

next Wednesday, as she attacked independence, said the Govern- » Wp have behind us n cen- 
tb e Labour Government’s eco- ment hoped to float Scottish tMTV r f r ° l.,,..- JJJJ “*• jLun! 
nomic failure in Scotland. opinion off on a cloud of opti- m-^ud to us-to choose now how! 

Mrs. MacDonald received a nnsm towards an October novtinri; trapped has meant that an 

standing ovation when, in . General Election. Scotland will fare in the next KH>| eX p anded future market for 

break from canvassing, she years. icoke has disappeared. 

addressed the conference in Prices doubled - The economic programme. 

Edinburgh. ** unanimously approved, lays down 

In the constituency. Mrs. The facts were that since 1974. the broad principles on which win 
Margaret Thatcher. Leader of prices had virtually doubled and independent State of Scotland 
the Opposition, went for a walk- the inflation rate was at least would be governed, 
about yesterday, and the Labour twice that of the UK’s main in- With a reduct j on io unemploy- 
candidate announced that Mr. MlMNdun - o meat and inflation, it calls for 
Anthony Wedgwood Benn. ‘“spileof themassR-e con- iu] port substitution, revaluation 
Energy Secretary, would speak m tnbutwo °f Scottish o 1. be of * the Scots pound . and lhe re . 
his support to-day. U.K.s balance of payments stag- ne20tiat j 0n of existing inter- 

. Gloomy predictions about the-gers from surplus, to deficit /dee oatSnal treaties - ■ - '• ‘ - 

SNP’s chances of taking the a drunken sailor. ... .. inii,, 

Hamilton seat from Labour have ‘'Unemployment In btotiand Mr- Douglas Crawford. aiP for 
subdued the mood of delegates, smashes one record after another. Perth and East Perthshire, called 
But they decided yesterday to The post-war record of 203,000. for decentralised economic man- 
make a huge effort in the final achieved last February, will be agement and an end to the uncer-| 

davs of the campaign. smashed in its turn by next Feb- tainty of tiie divisive two-party j 

A suggestion that the confer- ruary. if not before. system which was a dis-mcenuve : 

ence should end early to allow . “Even more ominous, the level to investment, 

every delegate to canvass in the of new investments in the UK Mr. William Wolfe. SNP chatr- 
constHuencv was rejected. trails far behind that in almost man, said: “How can some of our 

But it was agreed that each every other European country, fellow Scots believe that a British 
delegation should send a fifth of For every £3 of new Investment party— the Royal Imperial British 
its members to help in the fight in West Germany, Scotland, is Labour Party— is genuine in its 
this afternoon. getting little more than £1.” concern for Scottish democracy? 


Exports 
of beef 
almost 
doubled 

By Christopher Parkes 


U.S. textile industry against 
any concessions on tariffs 


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BY RHYS DAYID, TEXTILES CORRESPONDENT 

AMERICA'S textile industry says In Europe there remains a deficit Tbe textile deficit is 
it will oppose any concessions by strong hope that the Americans estimated this year to exceed 

the U.S. Government on textile will produce an improved offer $3.5bn. 

tariff levels at the present GATT making it easier for developing Tbe industry believes that a 
multilateral trade negotiations. countries to sell into the U.S. big round of capital investment is 

The U.S., with a much higher market. needed to allow much higher 

range of tariffs on textiles and Tim other main U.S. trade leve] s of productivity in bulk 
clothing than the EEC, has made body involved the clothing - varn and fabric output. A period 
one offer of reduction at the manufacturers, appears to have certainty on tariffs was needed-^ 
negotiations which has been acC epted the principle of reduo ^ or Die necessary modernisation. 1 

strongly criticised in Europe as t j ons and has tried to persuade Mr Small said, 

inadequate. its Government to seek smaller T . . mdus p>’ would press for 

Mr. Edmond Dell, Secretary for cuts across the board rather rev J s,on of the agreement 
Trade, at an international coo- than selective reduction 'in areas ma “ e a * end of. last year. 
Ference on textiles in London this where import penetration is fll Mr. Y. C. Chen, chairman of 
week urged the U.S. to change its lower. Hong Kong . Cotton Spinners’ 

policy and follow a liberal one. _. ... Association, bitterly attacked the 

In Britain a sustained cam- _ l „ x * ‘7 manufacturers in textile import policy of the Euro- 

paign has been waged to say that roughly pean Community as unfair, dis- 

persuade the U.S. to reduce its !}“* A “ 1 ®“.® an workers is criminatory and imposed upon 

40 per cent duly on wool textiles. d ®P e " textiles and cloth- Hong Kong by force. The 
At the conference yesterday a . nd men ' Common Market, he told the con- 

Mr. Robert Small, president of rionslhe rise miniports 10 recent ference, ’* has demonstrated little 

the American Textile Manufac- J ears - that is normally expected of a 

turers’ Institute, said the indus- In Europe it is pointedjout that fair and reasonable trading 
try was continuing lo press total impart penetration remains partner. 

for all textile and apparel tariffs low in the U.S. compared with “ One wonders whether those 
to be exempted from the nego- Britain or West Germany. The responsible held the view that 
tiations. He claimed substantial U.S. industry claims that next to force is right, and that they bad 
support for this position in both oil, textiles is the second biggest the ability to Impose their will on 
Houses of Congress. element in lhe U.S. world trade the weaker trading partners." 


BRITISH EXPORTS of home- 
produced beef almost doubled 
in the first three months of tbe 
year. Sales abroad of pork 
and lire animals also increased 
sharply above 1977 levels. 

At the same time, while 
many British fishing boats were 
laid op, imports of frozen fish 
jumped 64 per cent,' Cod im- 
ports were 67 per cent higher, 
and haddock purchases rose 49 
per cent. 

The main suppliers of fish 
were the Icelanders and Danes- 
British boats are no longer 
allowed to fish off Iceland. 

Biggest buyers of British 
beef and livestock were the 
French, who sell much, of their 
own production to the Italians. 

The heavier exports of meat 
.have been largely blamed for 
the recent increases In meat 
prices in Britlsb . shops. 
Imports, too. have been lower 
than last year. 

In the first quarter of the 
year, foreign buyers took borne 
107,000 . head of cattle and 
eaives compared with 46,000 In 
the corresponding period last 
year. They also bought 117,000 
head of sbeep compared with 
92,000. 

Beef exports were 28,000 
tonnes compared with 16,000 
tonnes, and earned £40 m 
against £21 m. last year. 


New building 
society law 
planned 

By Michael Blanden 

NEW LEGISLATION* to control 
the building societies is planned 
by the Government in order to 
bring the UK system in line u-ilh 
Common Markei requirements. 

Mr. Denzil Davies, Minister of 
State, Treasury, said yesterday 
that substantive amendments 
would be required to tbe Build- 
ing Societies Acts, to comply 
with the requireaents of the 
first EEC directive On credit 
institutions. 

The Government intended to 
bring the necessary legislation 
forward as soon as practicable, 
having regard to the pressures 
on the Parliamentary timetable. 

Consultations on the form of 
the legislation were in progress 
with the Building Societies 
Association. But the Govern- 
ment had decided to defer the 
application of the EEC directive 
to both the building societies 
and the trustee savings bunks. 


Du Pont fears safety law 
details may aid rivals 

FINANCIAL TIMES REPORTER 

DU PONT, the U.S.-based safety, in his opinion, might be 

chemicals group, is worried that affected by it. 

ssaks ,„; M us, rie r -*,*»?. -.«■ 
“zr al “ crets t0 its s r tors ff that e 

^ __ _ ... always ask for the composition of 

Mr. Terry Wright, company our products upon the assump- 
secretary and legal adviser to Du tion, I assume, that we will con- 
Pont s UK subsidiary, said that ceal anything that might harm 
Health and Safety Executive our market or, bein 5 charitable, 
inspectors were asking for the that they know better than we 
composition of chemical pro- do 
ducts. He claimed that this ... ' • 

information could eventually find j ihe composition of our pro- 
its way to trades union members dtwts 's the lifeblood of our com- 
in rival companies and thu pany ' ™ uch o£ 11 ^ not P atent - 
in these circumstances Dii ab ! e - There is noway we are 
Pont would refuse to disrinsp disc! ose this If the next 

product formulae we know is there Is the 

“Anv inquiry from the nntifl. danger of it being made, public 
cation and data appraisal* unit* is 1° * e H wor r Wo « e a "d unions of 
almost always generated by an ? ur dire u t ? Dd . tndir ? ct cus- 
inspector from the executive" l ” n m n e v rs ' f * n mmd 

Mr. Wright toid a conference of fh p u n inni n? ni. -!I 0n S ft i[ e a » SCl 
the Royal Society for the Pre- “ e UDlons of our competitors. 


f Accidents in Harro- Mr. Wright said he was already 
7 ion , “ i , in Forma- “in dispute" with the notifiea- 

Mr. Davies was repTyiaWo a i ai avails aed’er SecMan ““ *»“ ■ B|,I \ i * al ^ nit and 

question from Mr. Giles Radice the Hcalth approached , the Chemical 

In the Commons. w^heilS^ ASSOCiatioa for SUd ' 


Burmah group 
calls again 
for disclosure 

By Margaret Reid 
INVESTORS IN Bunnah Oil are 
n?ain being urged to support 
the resolution the Burraab Share- 
holders Action Group is to pro- 
pose at the annual meeting 
demanding that the Board dis- 
close documents about the com- 
pany'.? take-over of U.S. oil 
interests in late 1973 and its 
financing. 

The action group thinks that 
particulars in the documents of 
the re-negotiation of S42Qm loans 
(originaliy worth £183ra) shortly 
before Burmab’s 1974 financial 
crisis which led to the Bank of 
England's rescue operation could 
affect Burmah's legal case against 
the Bank. 

Burmah is suing, the Bank for 
the return, at tbe original pur- 
chase price plus dividends, of the 
20 per cent shareholding in 
British Petroleum which the 
Bank took over at 1975 prices as 
part of its aid package. 

Mr. Alaslair Down, Burmah's 
chairman, has pressed share- 
holders lo resist the action 
group's resolution. He has 
promised a fuller statement at 
the annual meeting in Glasgow 
on June 9. 

The action group, in a new 
message to shareholders, rlaims 
that the circumstances before 
Burmah's crisis were so abnormal 
that considerations which might 
normally make disclosure of the 
documents inappropriate should 
not apply. 


BY OUR LABOUR STAFF 

a STRIKF over pav by 160 see no reason why the men 
manuaV workers at Wokingham should nol.ECl the full offer.” 

ing y ltal supplies of equipment {j, e un j on j 0 settle the dispute, 
for British shipyards. Wolsinghum Steel, through 

Although production at tbe Sunderland Shipbuilders, came 
plant, which closed for a week’s ‘P 10 P u ,’? 1,c ownership becauw of 
holiday “rterday. to ton \^_ of •hlKbulkl- 

maintained, pickets have been ou r Labour Correspondent 
preventing supplies from leaving writes: 

or entering the factory. An appeal to steel industry 

managers to think again about 

The strikers, members of the t j, e failure of their management 
General and Municipal Workers association to merge with the 
Union, are in dispute over a Pay j nduslr y- s biggest union was 
offer which is a fraction of 1 per yesterday by Mr. Bill Sirs, 
cent below an offer of 9. 4 5 per general secretary of the Iron and 
cent made to other manual steel Trades Confederation. The 
workers on Wearside m the move was seen by steel Industry 
British Shipbuilders group. Management Association officials 
A spokesman for Wolsingham, as the start of an attempt to 
which is also State-owned and poach their members, 
makes steel castings for ship- The association is_ seeking 
yards throughout the U.K., says affiliation to the TUC in its own 
ihe weekly difference amounts to right after the collapse of talks 
something between 15p and 25p. with the confederation. TUC 

. -sHs-T-a t°“n cia, [ 0 are coSi 

U “EKE “ Mislins 

ro British Shipbuilders' yards at orgamsauon. 

5,> pl f d iT°’ r?u a Pi rfrip r ^1'™^ industry’s managers, Mr. Sirs 
\\ ear. Mr Bill Porter, General invUes them to “consider 

and Municipal IVorkers seriously" the implications of a 

?vf? mser !* saJs . , that * on ? e . of breakdown in the merger nego- 
these yards could soon be laying tiations. “If this industry is to 
off men if the strike continues. suc cetfd. then it is more likely 
“Wo are asking for no more to be achieved under a single 
than we are entitled to." he said, united banner," he says. The 
“We are not in breach or the industry was being “torn apart 
Government's pay code, and I by fragmented representation." 


Postal union backs 
seats on board plan 


BY PHILIP BASSETT. LABOUR STAFF 

THE UNION of Post Office restoration of Sunday collection^. 
Workers yesterday gave strong One of the principal difficulties 
backing to the Post Office's five- with the industrial democracy 
month-old experiment in experiment, tbe report said, was 
industrial democracy, based on a possible conflict of loyalty 
the appointment of trade union between the interests of the Post 
members lo tbe Post Office Office and those of the unions. 
Board. A further problem was to try 

However, the two union mem- to maintain a position which 
here of thv Post Office Board did not present difficulties for 
faced sLrong criticism from the union’s negotiations with the 
delegates at the union’s con- Post Office. A balance had to be 
ference in Blackpool for giving struck by the union members of 
support to two controversial the Board between interference 
Post Office plans unacceptable and doing nothing, 
to many rank-and-file members. Mr. Rowley said that it had 

This ■«■<* the union to .T" ,£? SSTfESSf 

deeisivelv -rclected Past Office P° mt ou * *he Post Office 

SE fir "he rootoratlo? o’ SB'S? 1 ““** 

?™ ar 7eU“,« C “ 0 "yw"frd5; “iedmto Si'S "nion^ 

rejected Post Office proposals for 5^ 11 knew how 

the introduction this year of a t0 cJ!!» t iiJlMs!£Kirth*i.nl«n , « 

fofctfsln?a n S Tr l d? ary 3P 1316 Board meS? were " Steady 
for Christmas cards. out 0 f sympathy with the mem- 

Both proposals were supported hers." Others, however, weL 
by two upioii. members oo the corned the experiment and hoped 
Board — Mr. Fred Moss and Mr. unioo members of tbe Board 
Ivan Rowley — despite standing would help avoid some of the 
union policy which, opposed “stupid" decisions taken. 

Banknote output halted 
by printing workers 

BY NICK GARNETT. LABOUR STAFF 

THE BANK of England has been Since the early part of last 
prevented from distributing any week. the bank’s delivery 
new notes from its sole printing drivers have been refusing to 
works for the past 10 days des P atc ^ new notes — of which 

because of a dispute involving L he bai * nonna Hy prims between 

mpm here c ■ . ^ and 8m a day— m sympathy 

SHE, n L A V? . 5 0c ‘ ety of wlth to* examiners. Non-SO^T 
Graphical and Allied Trades. examiners have apparently been 

The dispute arose over a dosed Prepared to work normally, 
shop claim by the bank’s note A spokesman for the bank said 
examiners at the Loughton works the problem In distribution of 
m h.s sex. According to the the notes, which replace old cuv- 

BanK, half of the GOO examiners rency, would not have bad a 
belong to SOGAT. significant effect as yet. 


Dispute between unions 
threatens Scots trains 

FINANCIAL TIMES REPORTER 

RAIL SERVICES in. Scotland men. guards, porters, and other 
are threatened with, disruption semi-skilled workers 
through another dispute between While he could only identifv 
the train drivers’ union, the five men who had joined the 
Associated. Society of Locomo- railwayraen’s union. Mr Walker 
tive . Engineers and Firemen said that these pressures were 
(ASLEF) and -the National being applied at all Scottish 
Union of Railwayraen- depots, with his members being 

The society claimed yesterday threatened with possible job 
that tbe railwaymen’s union whs * oss - n0 promotion and barred 
“poaching” some of its 3.000 U’nni overtime work. 

Scottish members, and warned The 460 socleu,- members at Pol- 
that unless British Rati took ma die depot in Glasgow, who 
steps to resolve the issue, drivers 5 rcw Anglo-Scotiish services and 
would turn up for work but ocal commuter trains, meet lo- 
refuse to take trains out. morrow to discuss the issue. 

Mr. John Walker, the society’s V ,M80W 

“t‘S| a "r n 'ih“ i „ d ffld;L f0 ? 'he raifwa/men's umrSlto 
SSSSfc! V h0 „? ere British Rail vikj the disputes 

other thCret ° re - 

Y orkshire pit strike 
goes ahead on June 5 

BY OUR LABOUR CORRESPONDENT 

MINERS’ lenders announced that it would so 
decided yesterday to go ahead ahead after an unsuccessful 
T by 66>0 °0 meeting with National Coal 

kJLTi!!?™ ^ rom Ju " e ® a ricr the Board officials yesicrdav. 
men’K d S ° f lalks 0n rescUe The board sald ^ night that 
rru. , local negotiations could proceed 

? en ’^ &0 at pre " 1,0 furiher until agreement was 
bonus?« Ual, . fy rf ror 40 p - er Cent- reached with the National Union 
bonuses under ao incentive of Mineworkcrs natinniiiv 

creS , d „ en ,'r d lhilt “ is is •«- ird=Zed"thT;S? I al, i s t a. 

^v?H?«hh* 10 2,‘ Per ce JJ. L . • strike had been called for a day 
r p s . , suet’s threatened . on which a meeting would be 
Art h n Wcek Mr. taking place whicb^ould make 
Arthur Scargiil, area president, it possible to settle the iSu™. 



>ii backs 

'■•ini plan 


r r > • . ■ : • 

' : l ' i \ »i • “ 


* ; { - 



TOianciaV TTmes- Saturday Kay 27 lSTT 


THE WEEK IN THE MARKETS 


Something’s got to give 


THURSDAY should have been 
a * ,n,e °r high excitement in 
llie t.ity. The Olianceilor pub- 
his lati-sf letFcr of intent 
J»i the International Monetary 
Kiind. and the Liberals gave 
lorntal notice of their coming 
withdrawal from the Lib-Lab 
The 


LONDON 

ONLOOKER 


come, one issuing house is 
understood to be studying ways 
of avoiding charges of wrong 
pricing. A possibility is an offer 
.. . . for sale by tender, which shifts 

the company and market Ihe prit . ing decision on to 

analysts to remain only public rather than the advisers, 
cautiously optimistic about It has 5 e eri done before but it 
performances in the full year. is not popular. 

Estimates of the full year result 

Albright dilemma 

£500m before tax. This com- Tenneco's £ 100 m bid for the 


pad. The Bank or England 

abandoned its market-related raoJesl improvement in trading Paves with 1977*s actual figure shares of Albright and 'Wilson 
formula for establishing Mini- P? rrorr ”aoce in the UK and of £4S3m pre-tax. it does not already own puts 


mum Lending Rate, and went 


Western Europe helped ICI to 
achieve 


•s&rsrs a New issue activit y 


bank rale. And there wna a 

stream of profits news from ? uartcr of l978 - While down on 

major companies, led hy ICI asl . yoai * s Quarter it was the 

together with an an noun cement 30 


improvement on the 


does 

the Board of Albright in a deli- 
cate situation. The directors 
have been very happy with the 
The staggering response to existing arrangement whereby 

Eurotherm offer for sale, Tenneco behaves like a kindly 

last — 85 times oversubscribed and unc ^ e * a pd leaves Albright to 


the shares 
a 50 


at around 


manage its own affairs. Now all 


opening that could change, 

per cent premium-may ^ere is not much ^ Board 
have caught the imagination of a aD do t o resist the approach 
few companies hoping to “go since Tenneco has 9.8 per cent 
But it is unlikely to of Albright and the right to 
herald any flood of new issues, convert another 0.7 per cent. 
Earlier this year Saga Holi- The more strident the opposi- 



is about 6 — which 
makes the price too 


they 

low. 


say duces close on 50 per cent of 
profits. 

So far this year the process- 


That English Properly Corpora- ™ OI,tBS °1 ana was 

non. was m bid talks ^ urpora better than most observers had 

But the only reaction in the an ^ lpated - 
sec untie* market seemed to be in mari5e ‘ was a “We ner- 
stifled yawns and early trains. l' ous bef ° re the ^? gur J es were public. 

Equities and gilts continued to anm,unc * d Thursday but 
trade in a narrow ranee, as thev f* acl t d Wlth enthusiasm during 
have throughout a week in which S%H len,oon . t0 pu ? b 14,6 price 

the level of activity has fallen u p ’ a gain 0 p ‘ ' . " share the more difficult rela- * iiirnea in a rim loss, inis is 

off noticeably. Petrochemicals and fibres ■*»«• “ oversubscribed 12 be hetwS^the wo When Borthwicks was flo3ted not to say that the N2 opera- 

Sooner or later, someiliin 5 is reuia,aed group's major ^ n «- and Ford mam dealer if TfSmero SLrii- in 1976 P° tential shareholders ti on as a wbo ie is in the red; 

going to give. Either the Gov- a «as with last year's C - D - 2™**" « intending to m™J*™*"* 0005011 were warned that the meat onJy 50 per cent of Bonh wicks 

eminent will convince the City l,bre losses conUnuing into the * JJJJ 6 “J week *■* Yet th _„ ha _ hppn business had fluctuating for- cxport business comes from its 

that It can reconcile its spend- Cl, ™ t ?***■ Efforts are being ° f a Pacing. Others are on the /et iT “ e ™ ° ee “ tunes. The truth of this own processing the remainder 

ing Plans with its monetary ob- f 10 XL 1 b 2j5« “ » ot . 1. .Si* tSSTL 


)rr“v«. or i, will be forced to S!£ tSC aS^PSSTSSL moX JSJSJSl 


MS :a«-; 5 SK: «£■ v=S« £ s£“S 2 £ SEtrri rasS'SES 

BH£SzS SSSSSS — - 

tdr/rr/" ac T rS ° f t ss_»?2»_«2 i"iwho. p e p tor ,he iear srsnsa 

threat of higher interest rates , most oE the drop - The F0B 1 


shareholders’ in- rise this year from £354 m t° 


NZ this means that the mam 

anil Th.r'h.Vnf.'Tr -.''fiTf value of exports from the UK come - But the list of companies £40ra and that 1979 will see the 0°e of the main problems is profit centre for Bortbwlck is 

and ri viSemU n Sc wfn was ««» doSn on the compara- waiting to raise new equity is fruits of earlier capital invest- the New Zealand operation, on a chronic slide at a time 

months Loming Uye period Jast year oaly a couple of months long ment and profits in the £46m to which is a mainspring of the when the new diversifications, 

In the ciroumstanew Hip r«»v ICI*s comments about *** there "® pIent y of « a PS- £49m Tan S e - 0n this basis, and group. It accounts for 40 per such 
decided that the thin- to take improved trading conditions in Although there might be using ED19 to help the argu- cent of the net tangible assets not 

really seriously wa* "the long Euro P« are consistent with the more ■t*» 1B *- opportunities to ment the prospective 1979 p/e and 

week-end. ’ ! 


m 


as Matthews in 
producing the 

a reasonable year pro- expected of them. 


UK, are 
results 


ICI pleases 


A favourable movement 
the value of sterling and 


experience of other major 
chemical companies operating 
in the market but the twin 
problems of over capacity in 
the fibre and petrochemical 
industries and flat demand force 


MARKET HIGHUGHTS OF THE WEEK 


(J.K. INDICES 


Price 

rday 


Change on 
Week 


1978 

High 


1978 

Low 



We, Peter Whitfield and Bob Tanner, starting 

with £75 each — have made millions in shares 
(Clubman’s Club, Orme Developments, etc.). 

We are now joining forces with Peter Welham 
(Quesior of The Daily Telegraph) to produce 
Equity Research Associates NEWSLETTER, a 
fortnightly private investment newsletter. 

Equity Research Associates will seek undervalued 
•investment situations — and tell you when to buy'and 
sell. They will give positive advice on bids and new 
issues and keep a keen eye on shareholders' rights. 

Its distinguished list of contributors will include 
acknowledged experts on all aspects of investment 

Ensure that you receive the first issue (Sept. 4th 
1978) FREE by completing the coupon (below). 


To Equity Research Associates 
28 Mount Street, Mayfair, London, W1 Y 5RB. 

fV.-isc pii.irjniee lh.il I will receive the first issue of Equity 
Bc »cjicIi A&soridteb NEWSLETTER, dated September 4th, 
19TB, completely FREE. 

It I do not wish io receive lurther ion niphtly issues, I will 
simply cancel iny B. inker’s Order before September 11th, 1978 
;iui I n ill not owe you one penny. 

f lGi>. . ns riti. ; c 

Bank Ltd. 


To .... 

Adtlrc.s 


Please P.W IO Llcvds Giiiik Ltd. (30-96-241. 39 Old Bond 
jc;i,y:. London W.l. lor the account of EQUITY RESEARCH 
AWXIMtS \01 397261 Uio sum ol C40 on September 11th, 
1 y7c‘. and ilwiodttor on ihn f ante date each year. 


S'nn.iteic 

re - !. • c •rilAis p LLAiC 

N.ime - 

Add - . css 


FT2 


Urr.u-sr cf hnihw .idrnmisTuTr.e costs, sobscription by cheque coifs E45. 

M v-ia pirirr l Ins nu-ff uJ. nisi send us s cheque dated September 11th, 1378. 




home charm 


Cline Road, New Southgate, London Mil 2!\1A 


Trading profit bstore taxation 


fl. 31 8.363 


1.C1E.411 


I (in 
! 


6C:.3SI 

m.su 

eg 

j £■• i"t 

3:i.!37 

mm 


1 

i i A 

1 

s 


i lfl 

IS.’l 

19M 

197b 



197S 


1977 


^ Pre-tax profits op 29.7%: another record yes r. 

4- Dividend of 3. B24dp (maximum permitted) covered 4 times 
a* flu current assets up to €1.3 83m. including £.25m cash 
4- Current safes 40% ahead oft lest year 

Sains lor the voar increased 28% to a record £22-3m and currant 
sales are some 40% ahead of ihe corresponding period ol 1 f • , 

Earnings per share have increased from 10.0p to l 4 * 6 - "7*™ 
Board s .mention, once circumstance* permit, to °nng WOT 
dividends more into line with increases in the Groups 
Total selling space .ncreased 16% to ,n ® )lce “ 
tool Plans to open a further 5 stores toulling 40.000 sq Lrare feg c are 
well advanced, and these include new Home Charm stores which wiM 
£rrao to tlirae times larger rhon the smairer loss profitable unit* 
closed over the past two years- 

We anticipate that 1 378 wit! be another year of 
let the Group, and I took forwatd to reporting another record prom. 

Msnoy FogaE 
Chairman 


CfPil r-‘ t-a U/Actamu «r ta atitiatffraa U* Cemo»rr Seaman 



Ind. Ord. Index 


476.1 


+ S3 


4973 


433.4 Awaiting break of impasse in gilts 


Albright & Wilson 


162 


+29 


166 


86 


Bid from Tenneco 


Avon Rubber 


186 


-28 


219 


174 


Disappointing interim results 


Borthwick (Thomas) 


54 


-11 


73 


54 


Interim profits setback 


Capital & County Laundries 148 


+98 


148 


50 


Bid from Johnson Group Cleaners 


Caravans IntL 


72 


-12 


96 


72 


Chairman's profits warning 


Dobson Park 




-104 


95* 


67 


Dividend-boosting rights issue 


English P r operty 
Eurotherm 


48 


+ 11 * 


51 


27 


Takeover talks with Cont. Group 


148* 


+48 Jf 153 


142 


Highly successful debut 


ICI 


Johnson-Richards Tiles 


390 


100 


+20 


290 


328 


First-quarter figures enthuse 


-34 


134 


79 


Hep. Ceramic bid ref. Monop. Com. 


Metals Exploration 


40 


+14 


40 


10 


Speculative demand 


Messina 


99 


+22 


99 


70 


Rise in copper price 


Northern Mining 


132 


+48 


153 


Diamond exploration hopes 


Sharpe (W.N.) 


198 


23 


205 


134 


Capital reorganisation proposals 


Wettem Bros. 


97 


+40 


97 


56 


Offer from W. J. Glossop 


Whim Creek 


65 +10 

t Based on offer price. 


70 


35 


Speculative demand 


Average 

week to 

May 

26 

May 

19 

May 

12 

FINANCIAL TIMES 



Govt. Secs. 

7031 

71.03 

71.11 

Fixed Interest 

71.95 

7230 

7232 

Indust. Ord. 

473.4 

479.7 

478.9 

Gold Mines 

153.9 

151.1 

1463 

■•fe a> a • 

4,979 

ES 

5316 

5391 

FT ACTUARJ 

Capital Gds. 

211.90 

21334 

21232 

Consumer 

(Durable) 

193.79 

197.10 

196.90 

Cons. (Non- 
Durable) 

20131 

204.93 

20530 

Ind. Group 

20939 

21139 210.07 | 

[500-Share 

233.11 

235.16 

233.70 

1 Financial Gp. 

164.79 

168.04 

167.73 

All-Share 

214.87 

21734 

21534 

Red. Debs. 

57.40 

57.80 

57.74 


It’s a gamble 


THIS HAS been a week for tech- 
nical analysts and much the 
most puzzling since the market 
took flight on April 12. No 
sooner had this column noted 
last Saturday that the market 
had recently developed a 
strange appetite for bad news 
which Jast year made equities as 
popular as private enterprise 
in the Kremlin than the New 
York Stock Exchange took 
poorly. 

Deceptively the Dow Jones 
Industrial Average gained S.5 
on Monday but a dear sign that 
investors were pausing for 
thought was the trading volume 


NEW YORK 


JOHN WYLES 


that day which at 28.68m shares 
was the lowest since April 12. 
On Tuesday, Wednesday and 
Thursday the average was sliced 
by more than 20 points on trad- 
ing volume which was generally 
lower than we bave seen for 
the past month and the question 
being pondered by brokers as 
they pack for their bank holiday 
weekend is whether the 16 per 
cent gain in the industrials over 
the past six weeks is about to 
evaporate. 

Those institutions and foreign 
investors who have waded into 
the U.S. stock market recently 
can take comfort from the fact 
that few technical analysts yet 
believe so. The general explana- 
tion seems to be that some kind 
of “intermediate” correction is 
to be expected and that price 
levels, coupled with known 
potential demand, point to a 
recovery after the market has 


fallen back to, perhaps, around 
the S 00 mark. 

Goldman Sachs gave expres- 
sion to some of the thinking 
behind this analysis early in the 
week when it advised institu- 
tional clients to reduce their 
exposure on equities, pension 
funds from 70 per cent to 65 
per cent and mutual funds 
from 90 per cent to 85 per cent. 

Publication of this fact built 
on concerns which became more 
evident this week about the out- 
look for inflation and interest 
rates. Both appear to be going 
up and it is already anticipated 
that the April consumer price 
index figures to be published 
next week will be bad, not least 
because the rise in food prices, 
which climbed at an annual rate 
of 16.4 per cent in the first 
quarter, show little sign of 
levelling out. 

While glamour stocks have 
proved vulnerable during this 
week’s fall in the Dow’, one 
category of slocks has been in 
some demand. This weekend 
sees the start of the first 
legalised gambling casino out- 
side the state of Nevada. Resorts 
International hotel is expected 
to be filled with throngs of 
eager roulette players and black- 
jack enthusiasts and the poten- 
tial success of investing in 
legalised gambling at Atlantic 
City, New Jersey has made this 
a good week for so called 
gambling stocks. Caesar ‘s World', 
which operates Las Vegas 
casinos, was in strong demand 
on Monday because it plans to 
lease and then build an hotel 
and gambling casino in Atlantic 
City. 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


Close 

855.42 

84539 

837.92 

835.41 

831.69 


Change 
+ 830 
-10.13 

- 737 

- 231 

- 3.72 


L100I 


LOOof- 


9O0r 


soo: 


700 


600 


500r 



1974 


1975 


1978 


1977 1978 


Diamond fever 

THE ONLY THING that will said on May 2, “Three more 
stop the boom in Australian min- years could elapse before it is 
ing stocks will be the Sydney known whether diamonds exist 
computer breaking down, said iQ commerciaJ quantities. The 
one UK investor as he contem- ^ , 

plated the rise in the market construction of a processin 
over the last fortnight. Brokers Pl an t ^ould take a further two 
handling the business are not y ears -" 

quite so outspoken. Mr. Carnegie, at least, is hedg- 

Yes, they concede, the market ing his bets and if his time span 
is indeed very strong, but after turns out to be correct then the 
the sustained rise there is Australian market will have 
bound to be a technical reac- rime to go through another 
tion. Anyway, when the Sydney couple of boom-depression 
market closed yesterday, the cycles. 

Metals and Minerals Index was RTZ> which owns 79.6 per 
still at a lower level than in cenI 0 f CRA, is also hedging its 
May last yew. It was 221_.S4 be 15 on future deveolpment. The 
compared with -o<9.0 on May higher capital cost of mines and 
. * . . . . the likelihood of more stringent 

A large portion of the buying conditions on loans in the finan- 
has in fact come from outside cial markets has led it to ihe 
Australia. It started in the UK conclusion that it can no longer 
. take a sole dominant position in 

MiNiNr new veBt “ 

ITIlnlllTU Partners are necessary. Sir 

baiii rucKcoiruT Mar k Turner, the chairman. 

PAUL CHEESERIGHT toW u, e an^a] meeting. And 

■ the best place to find them, it 

seems, is among large oil com- 

and then drew in first the VS. pa ?f * *“*• 85 h ® pu i * 
and afterwards Europe. With substantial cash flows and 
the help of Australian instim- engineering experience, and 
tional interest and local “ Versifying into 

speculative buying, heavy 
volumes have been traded. Looking at the immediate 
Yesterday was one of the prospects, he warned the sbare- 
stronge5t day's trading in holders Vl at resu ^ ls fi * 51 


Sydney for two years. 


half would not be as good as in 


Copper and energy stocks have £rst months of 1977 
led the way, prompted by the wheD _*»« attributable ^ profits 
events in Zaire and the growing were 3ra - The ffroup s prob- 
vigour of the Australian Iems are common. 
Government’s uranium develop- Zinc prices have been 
menl policy. But what has been depressed and copper prices 
most striking has been the sharp h av ® been low, although the 
increase in the value placed on turning companies must bave 
small exploration companies. been encouraged by the recent 
Northern Mining has been ™ in «« L London Metal 
particularly noticeable. In Exchange cash copper price 
London it closed yesterday at which closed ynunAv * over 
132p for a gain on the week of jL‘ I b * «gi 5 S f lh 
48p. The attraction is the lure monUl 11 was £691 - 5 - 
of diamonds, as Northern The iron ore business has 
Mining has a 5 per cent interest also been sluggish in the face 
in the Ashton diamond venture, of recession in the steel 

„ , j • . industry. On the other hand. 

„ Ashton is dominated by Sir Mark thought results from 

Conzlnc Riotlnto of Australia— C3nzd2m the U.S. and the UK 
pan of the Ro Tinto-Zine group wou i d be as good if not better 
—with a 52.6 per cent stake. It last year He „ signs o{ 
is managing the search in the strengthening in the U.S. 
Kimberley region of Western economy which could lead to 
Australia. higher base metal prices later 

But other companies with in the year, 
leases nearby. like Otter At the annual meeting he 
Exploration and Bamboo Creek, faced strenuous questionin 
have also been struck by the from anti-apartheid groups 
market's diamond fever- - The about the Bossing Cranium 
feeling is abroad that CRA i« mine in Namibia (South-West 
on to a certainty, that Ashton Africa). RT2Ts beneficial 
will be a diamond production interest is 463 per cent, 
centre. On Wednesday night, only 

Tongues wag about CRA set- hours after Sir Mark had been 
ting up a pilot plant This is speaking, a fire broke out at 
not a pilot plant, it is a process- one 0 f two solvent extraction 
ing plant some people claim, plants at the mine. Production 
But only CRA can know. ' stopped and it will take six 
And for the record, Mr. Rod months to replace the destroyed 
Caniegie, the CRA chairman, plant. 





Invest now for capital growth 


The United States of America is one of the world's 
strongest economies. Its strength, is based on the 
country’s abundant natural resources and its com- 
mitment to free enterprise and the creation of profits 
and prosperity. 

In addition the US dollar is traditionally a stable 
currency and inflation has overall been kept lower 
than, in other Western nations. 

Piccadilly American Fond aims to achieve maxi- 
mum capital growth by investing in the shares of 
industrial and commercial companies in the USA 
and, when appropriate, in short dated government 
aad corporate bonds. 

The United States has been affected less than most 
other countries by the current world recession and, 
despite a number of areas of short term concern, the 
economy is fundamentally sound. 

Lack of investor confidence in the strength of the 
econ omy , and unsettled conditions in the securities 
industry, have held back share prices in recent 
months. However, these tears are related to essen- 
tially short term considerations and we feel that file 
American market is extremely attractive on a 3 year 
view. 

US companies are raising their dividends, high 
corporate liquidity has produced activity among 
second line stocks in anticipation of takeovers and 
there is evidence that significant institutional funds 
are now awaiting inve s tme n t. Price/eamings ratios 
axe at a historically low level. 

Piccadilly American Fund provides an opportunity 
to invest in the US stockmarket at what could prove 
to be a low print of the current eyrie and investors 
Would be wise to consider investing before the 
mazketrises. 

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

Your investment should be regarded as long term. 


AppHcaUoos csd cheques will be acknowledged with the issue of a contract 
note, end you win receive your certificate for the number of units Allocated, 
within four weeks of reoespt of yum application. Units wflj be issued at the offer 
ptice ruling at the close of business on the dsy preceding receipt of year 
application, for information purposes oaly, the offer price of units at the dose of 
business on 24th May 1078 was 27.4p. The pMimaxert gross annual yield at that 
price was 1.7%. 

Income Sfstribatiau- The income, net of tax at the basic rate, is payable 
annuall y on 28th July. The first distabuhon in respect of this application will 
be made on July 1978. 

The Charges. A once only charge of 5% is i ncl u d ed m Ihe offer price to cover 
initial expanses including commission erf li% to recognised professional advis- 
ers. An annual charge l°.& ( 4 VAT] of the value of the Fund is da d mau d to 
covor management and adracustratim exp en ses. 

Capital Gains Tax. If you are a basic rata tax payer you will generally incur no 
tax liability when you sell your units. 

Valuations. The Fund is valued daily and the cu rrent price and yield is pub- 
lished doily in die national press. 

Managers. Piccadilly Unit Trust Management Limited [Members of the Unit 
T r e a t Assotrahan). 

Directors. Alan F. Judd ACA, Albert H. Fox FGA. Bichard C. Laden, Neil H. 
Scon, DsvidF. H. Scxoggie. 

Trustee. Bank of Scotland, The Motmd, Edinburgh EH1 1YZ. 

Bow to Sell Units, You may realise pan or all of your investment at arty time 
by signing the h-r-lr of the certificate indicating the number of you wMi p 

sell and ramming it to thn Managers. Ton wul normally receive your cheque 
within 14 days. 

Share Exchange Hon. We consider Omi it is am Ihe right time for holders 
of UK Shares to mice advantage of the Piccadilly Share Bwihwige facflitles 
to imxeheae units in this fund without inctnateg the noemal seJUx^y costs. 

If you wish to Invest by way of share exch an g e, please attach a Mat of the 
investments which, yen wish fa exchange with Ste coupon, or ask for our 
bro chare. 

r To : Piccadilly Unit Trust Management Ltd. gtl 

WoidgutelfBnaa.GgA London Wall. London EC2M SUA. (Begiaiaxed Office). flS 

Tel -.01-638 0801 Begidiand -a England No. 780238 . ■ 

H I/We wish to invest £ . f minimum £230) in the Piccadilly Ef 

m American Fuad and enclose* remittance for the fuU amount made payable M 
™ ,0 Piccadilly Unit Trust Management Ltd. ■ 

1 1/we declare mat 1 am/we are not resident Data da the Scheduled Territories — 
and that I am/we axe not acquiring the above mentioned units os Ihe nominso/s) B 
ofanypexsB&Cs) resident outside those Territories. IN 

If applicants cannot make the declaration, it should be left unsignod. and the ™ 

I application ahorid be lodged through an authorised depositary (bonk, slock- m 
broker or coliaier in the Unnod Kingdom]. WL 

StCnanne Sale Q 

I Surname (Mr. Mrs Miss! , ^ 

Christian aamefs) 8 

■ Wdr * M - FTi 27105/78 ■ 

ISSSE 2 SS 2 SJ 


4 



r ■ % 




Financial Times Saturday May 27 197S 


FINANCE AND THE FAMILY 


Outside the Rent Act 


The domestic burglar at bay 


BY OUR LEGAL STAFF 


_ , . . .. . it ecarcelv or o vide the names of alarm com- renders Ihc home very vulaer- 

THIS WEEK I met a fnend stble points - Lnies in the locality, together 'able to criminal attack. All 

who has 3 list moved— a matter feasible to _ have the Kina os pan n i 

firms intuirpn: nmviriirtLi dMtiAatin 


I let off a fully famished four without delay yon will it has been done by the think it wise to obti 

bedroom house, two singles and commence proceedings against Highway Authority and I have sional assistance, 

two doubles to young men who him for delivery up of trust been advised that in these executed the lease w 

have signed separate licences and funds to which you (and your circumstances. It would be be stamped on pa 

pay me Individually. However, brother) are absolutely entitled unwise to puisne the question stamp duty, as will tl 

1 am wondering whether this beneficially- If necessary pro- of ownership of the ditch part, the latter bear! 

licence is not outside the Rent cee dings can be instituted in against them What please Is fixed duty of 25 penci 

* j l , s ’.2 s * j Cates a *° an the Chancery Division of the your view’ 

SSKiSv ffuSA the w So^i n o^tL c S F nfortunat . e,y “«■ Liability of 

house, including the bedrooms. Court < depending on the Size of mcorrect to surmise that the * J 

What, please, is your opinion? the estate). common law recognizes any 

The effect of your “ licence " r rule or principle relating to the U IruSletZ 

agreements is probably not to the once or ownership of ditches. The 


who has just movea-a matter ~ ^ ^ Qanjes o£ other firms iimirers providing dome** 

think it wise to obtain profes- hL^Tevi^hom^S acquire the sor? that is installed in shop providing 'anti-theft equipment, cow have financial ceilings and 
sional assistance. When , previ . - nome 7z„r.-5,7^» nrntect effectively whose work and equipment is district boundaries beyond 

executed the lease wfll have to J |“* or J ou f e ' “J 01 ® \ °S . . p {ew points of known tu be of satisfactory which they will not so at their 

be stamped on payment of mmlily It is rare for insurers standard rales, and beyond 

stamp duty, as will the counter- m^newlv , , nn i irp force has positively to recommend one whirh they may positively 

S&SStfSS its^crime prevenriorf officer who ?t!ff ^*^8^2 

s wra teas sasjssMS «3g£? ass s 


fixed duty of 25 pence. 


house, including the bedrooms. ' 

What, please, is your opinion? tne ’’ 

The effect of your ‘'licence'* A „ r> 

agreements is probably not to £ he DtlCC -Of 
oust the operation of the Rent -* ** 

Act 1977 entirely, and it could « * *jf 

create a true tenancy of the room (g tyCSfiOlll 
designated. However the recent * 

decision of the Court of Appeal vou ^ell roe of any formula 
in Somnia v. Hnzlehurst. The there mw he 

XKtf&n sSrr.-s «*• 

did intend to create a licence purchase of a freehold. In 
wholly outside the Rent Act. We accordance with the terms of 
still think it desirable to require the Leasehold Reform Act? 


matters which you mention. I am one of four trustees of a 
digging the ditch, throwing up club, who hold, the dub’s 

the ^nll and cleaning the ditch, £**?**&- Aj alarm installation. on the whole range oi ordinary bein , acceptable: those firms mem. saie. oursiar aiann ana 

FESmS SJsrfS*!. -£ ms x sHXvSS 

where the true boundary of your that case, could a trustee's conversation centred: I had to scre J| ^ rs and s0 on; ^ wurk t0 keep 1hcm bus -’ unless’ one is convinced that 

land lies: and questions such as personal funds be at risk and if confess that lam not very much ’ DreV ention ofiicers are The policyholder who sets out ■ demand's arc utterly 

this are often extremely diffi- so, is there any way in whleb * n favour of the installation of ^ P jcu]arlv he i p fuj on the to protect his home to a greater un reasonable Ml the time an 

subject of burglar (l™. But f«ent than hianeigh^r. after are gening up their 


crime areas,. Already some' of 
bis neighbours have been bend- 
ing his ear about frequent bur- 
glaries. and be has had an un- 
solicited approach from a local 
firm offering him a free survey 
and quotation for a burglar 


of several firms, leaving hi in to continuing cover. 

iiLieiiDAMnr gel quotations and tu make his Anyone faced with this kind 
iKSUKMnvt own choice. of demand can, of course, shop 

,OHN PHILIP Incidentally, n is unlikely around and see if a change of 

lhat any firm canvassing for insurer will avoid the substan- 

m business will in fact be a firm tial cost involved in the pur- 

" that many insurers will name as chase and installation of equip- 

on the whole range of ordinary be j n ^, acceptable: those firms ment. safe, burglar alarm and 


a transfer 


Included in my late mother's freenold reversioner) computa- T\y/» iiy # no 
estate, which is uot yet settled, tion where the rateable value ** ^***5 
were some shares held in exceeds £1,000 in Greater 

trust for my brother and me. London (£50d elsewhere). You (g leUSe 
The senior executor has would be wise to consult a 

written “ with you and your surveyor/ valuer to obtain a My mother, who is disabled, is 

brother’s permission, we can. of figure. comifig to live with my sister 

course, transfer the shares to and me, and iu order to 

you noiv.” I replied by return flwtipvchin qualify for an improvement 

and with my brother’s 17 J, “jr grant for a cottage we own, I ai 

agreement, that we wished this • told we shall have to give my 

transfer to be made, but despite q f n (fat C ft mother a lease for six years 

further requests over the past «/ ftr mnr p_ ■« i<>a«i Hnrnmpnt 


further requests over the past J 

four months, nothing has been We ^ t0 establish the 
done. How can I get a boundary of our land fronting 

shares transferred is demon- was dug and the sjoU thrown 
st rated in writing signed by him ^ ack to make a bank it was 
you can insist on the transfer, the land of the person 
You should write bv recorded digging it according to 
deliverv service stating that the common law. We usually 


comifig to live with my sister to avoid risk by resigning -- 

and me, and in order to trustee that would have to 

qualify for an improvement done before the contract 

grant for a cottage we own, I am entered into. 

told we shall have to give my ,, 

mother a lease for six years \/y tftulflif. Up a 

or more. Is a legal document o 

necessary and can l write the it ^ 

lease myself? STtlClll eStdte 

A lease is a legal document, but 

there is nothing to stop you With reference to our reply 
drawing up such a document under Winding up a s mall 
yourself. It must be a deed if «rt*te (May 13) we are 
it is for more than three years, informed that the facilities 
However there are many com- provided by section 33 of the 


. n . TT t»iace either category. and extent of protection me Earner in this article l men- ana it is a nara iaci oi me 

SJJJSl that Fortunately, I think, most in- individual requires— by on the tioned two exceptional cate- that in any dispute a new 

tou ie MntK ^trustee surers are still agreed that the spot survey if need be. and by gories of home, where more policy-holder will probably not 

££ Ml InWBT dSSiI average private house is miner- the provision of detailed ihan ordinarily valuable pro- get the same consideration as 

capacity your personal funds able in so many readily acces- specification. Insurers will also perty is kept, or whore location one of long-standing, 

could be at risk. If you wished . . --- - - - - • — -- 


to avoid risk by resigning as 
trustee that would have to be “LOT 291, a violin bow by Hiii, 
done before the contract is 60 grams . . . £450. £460, £500 . . . 
entered into. £500 . . . £520, £550 . . ■ £550? 

. _ ... going for £500 . . gone. Next 


lot " 

It might, to you. seem a 
curious quirk of human nature. 
that anyone should be prepared 
to pay £550 for a violin bow. It 
seemed a curious thing to me. on 
the Tuesday afternoon some two 
weeks back when this bow, 
along with almost 40 others, was 
auctioned in the Royal Water 
Colour Galleries at prices which 
ranged up tn £2.000. But accord- 


Sounding out the 
music makers 


delh-en service statin" that thc common law. We usually plexities and potential pitfalls Customs and Inland Revenue 
unless ‘the transfer is effected clear the ditch but on occasions in drafting a lease, and you may was InTto "sJfhe^s which^col'- 

finally repealed by the Finance ducted the auction, the market 

Tax and earnings in the U.S. SSsSSSZ -rrr 

... . . . , „ „ ... . ... effectively terminated with from private owners, and they 

Next year I will he taking up (3) Will the travelling scholar- spectors offices. If this booklet effeet from ApriI lf 196g by ^ „ n !o three da5ses of buye rs: 

a visiting professorship at an ship be subject to tax ? does not solve your problems. Finance Aet 1967. players — -whether amateur or 

T «-iii ,41 M*.. T hrin* the )'ou may care to come back to p 


Next year I will he taking up 
a visiting professorship at an 
American University. I will 
he out of the country for a 
little over a year from 
mid-August 1978. The 
provisional arrangements are 
as follows: the American 


ship be subject to tax? 

(4) May I bring any of the 
S14.000 back into the U.K. ? 

(5) How do I supply proof 
to the U.K. Inland Revenue 

of absence abroad ? (6) Would 
either myself or my wife be 


players — -whether amateur or 


University will pay me $14,060; eligible for any tax rebate 


As regards the issue of grants professional; collectors; and the - 
Meanwhile we offer the fol- of representation in England trade. The first two categories • 
1 owi n ^ answe rs • (11 No vou a3d Wales - there m no finan ' are * accardin 5 to Mr. Graham 
should be exemDl under article dal restriction s or limitations. Wells of Sotheby’s musical in- . 
In S thp ion TIQT7R donhta Application must be made to struinents department, almost 
Nation ?« it either tho Wnc i^R e^- or i„™ri,bly connected: I, is very 


An English Serpent, sold by Sothebys, datirj from the second 
quarter of the 17th Century. 


wait a month or so for a sale; 
and that there is the infiuence 
of fashion to be taken into 
account. 

Because this is a market still 
dominated by people who 
actually want to use the instru- 
ments they buy. this latter has 
been a negligible factor in 
prices so far— except in that 
music played as she is written 
is virtually de rigour these days, 
and this has caused a surge in 
demand for. say. ISth century 
woodwind of the appropriate 
period: nothing earlier or later 
will do. In one way the special- 
isation which this implies makes 
the market in musical instru- 
ments a collector's paradise: in 
another it lays him wide open to 
the occasional howler. For there 
are some 'instruments lhat it 
isn't worth buying — notably 
later 19th century pianos, which 
are numerous, mostly out- 
dated. in the worst sense of the 
word, and immensely expensive 


my university will pay me for the perio 

a small residue of my U.K. this year to v 

salary viz. about £1.060; my the U.SA. ii 

university will also give me It is not po . 

a travelling scholarship of clear-cut ans 

£<5 °- of the iimitec 

Could you please tell me find detaiJec 

(I) Will I pay any U.S. income free booklet, 
tax ? (2) Will I pay any U.K. Taxation of 
income tax on either (a) the Finance Act 

$14,000 or (b> the £1,000? obtainable fi 


eligible for any tax rebate ratified bv thp US fno doubt one district probate rare to find a collector who goes to restore. By the same token, 

for the period from April of v _ u b __ p seen r ’ e Q 0rtj . on ir s registries, in all of which spe- into instruments quite simply end of the 1960s) there was wasn't worth a proper antique any amateur in the field witti 

this year to when we go to nmgrpss in rhp^ Financial ciaI rac ii ities exist for the con- for the money. But even so. some sluggishness in prices: but dealer's lime to handle them.” a mind to buy a violin needs 

the U.SJL in August? two “ nthpnm\7 nndPr article venience of applicants acting in there are collectors with drawers the sale of the "Lady Blunt” says Mr. Wells i for a few some expert advice: there are 

It is not nossible to tnve vou XVTTT of thTiMs Convention P erson without ^ aid ** a full of violin bows: "far more Stradivari violin in 1971. for pounds i:i the early 1970s. will same beautiful 19th century in- 

dear-cut angers on Se bLTs S fa? Vo fo? reasons ev s ° Iicitor ’ ' than ^ CCluld P°«ibly use.” £84.000. established this as a fetch £700-plus in the auction struments. but there are a great 

Z,! 1 SLiy V : — 1 — r Wtat on earth do they buy them martet to be reckoned with in rooms today. many more that were virtually 


clear-cut answers on the basis (2) (a) No. for reasons e.v- 
of the limited-data, but you will plained in the booklet TR25 


find detailed guidance in a (1977), probably not (b) Yes. J*?' res # E" s !£ 


financial as well as artistic There may be some tern- production line pieces, and now 


possible 



ADRIENNE GLEESON 


60 per cent, ot his sales are tion has an impressive label, 
made to foreign buyers, mainly identifying it as a Stradivari: 
— *ince the Americans have they were often put in by the 
retreated with the weakness of original 19th century makers as 
the dollar — to the Japanese a matter of course, with no real 
I the trade) and the Germans intention to deceive. Of course 
(individual instrumentalists and the risk of forgery exists, 
collectors). particularly for those instru- 




?ilo g r J5 Id #£S ess a ■ 60 per cent, ot his sales are tion has an impressive label, 

silver mountings and their MUSICAL made to foreign buyers, mainly identifying it as a Stradivari: 

— s,nce 1110 Americans have they were often put in by the 
sticks. Thej -are. in addition. B I 23 retreated with the weakness of original 19th centurv makers as 

ADRIENNE GLEESON dol,ar — to lhe Japanese fl matter of course, with no real 

GL£ES0N I the trade) and the Germans intention to deceive. Of course 

fo f r te' also wWtE d2 P And (individual instrumentalists and the risk of forgery exists, 

they do not require ail teat collectors). particularly for those instru- 

much in the way of car° and clj o rd Ji and dulcimers, and more It shouldn’t be assumed that raents which have commanded 
attention— you can put them int P woodwind lnstru- sueh a weight of foreign money high prices (so far it’s almost 

awav in a d-awer and leave menls - wiI1 alwa VS buoy up prices. And unknown in the case of wood- 

them to it. And that is as much consequences are to be there are one nr two other wind instruments. largely 

as you can say for cigarette seen in the P rIces of individual matters that the potential because prices have been so low 

car d s instruments. French 19th cen- collector should bear in mind that it wouldn’t have been worth 

Whether they will rise in tur >’ violins, of a kind that as well. Notably, that the cost anyone’s while to try it on), 

value is. to the collectors of have fetched £120 in of dealing is high — most Of the However, many good violins, for 

musical instruments only one 1969. command some £900 today. London auctioneers (and instance, will have a certificate 
among other considerations: but More dramatically still, the London is the centre of the of authenticity from a recog- 
it has to be said that they most Price of tee pretty, square market in musical instruments) nised expert (among others 
certainly have increased in pianos built in tee late I8th charge 10 per cent, to both W. E. Hill and J. and A. Beare 
value. Not at a uniform pace, century for tee chamber music buyers and sellers ■ ( though in London, and Max Moller in 
however. At the turn of this of Mozart and his conterapor- Phillips,, which also has a Holland), which will add con- 
decade (which is as far back aries, has risen from around strong musical instruments siderably to its value. It isn’t 
as any consistent series goes. £100 to over £1,000 in the last department. charges onlyl unknown for the certificate of 
since Sothebys only appointed five years; and woodwind instru- sellers): teat, if you decide to authenticity itself to be forged 
its first head of tee musical raents that could have been do your dealing through the . . . but that can generally be 
instruments department at the picked up in a junk shop (“ it auction rooms, you may have to checked. 


As an intelligent businessman you’ve 
probably tried to provide for every 
eventuality: Fire and burglary. Bad debts and 
public liability. Fidelity bonding and 
professional indemnity. 

But what about the most vital part of your 
business? Probably the biggest contributory 



factor in your success. Human beings. Key 
personnel. Your partners and co-directors. 

If someone of immense importance to 
your business suddenly dies, you may take 
months -even years -to replace such a person. 

Could your business stand the longterm 
effects of such a loss? 

You might find that the bank wants 
to curtail the overdraft. Or you can’t meet 
all-important delivery dates. Or you lose 
major sales contracts. Meanwhile, what 
happens to the business? 

There is an answer. You can insure 
against such a loss of vital people. You can be 
helped over the financial hurdles that result 
from such losses. Our 134 years of successful 
money management can provide just the 
protection you want. 

Take steps immediately to look into 
Equity & Laws Business Assurance schemes. 
They are more than an investmentTheyare 
essential to your business. 

Talk today to your financial adviser 
Or contact us direct This is something so 
important it could prove costly to delay. 


An end to all 


FROM READING the number 
of advertisements in glossy 
magazines for collectors’ items, 
limited editions of prints and 
memorial coins one might have 
thought teat tee business of 
producing “ collectibles," as 
they are called in tee trade, 
was booming. 

But Franklin Mint of Penn- 
sylvania says no. And Franklin 
Mint should know, because it is 
one of the largest producers of 
collectables in the U.S., and it 
runs the largest private mint *n 
the world. In fact, Franklin 
Mint is so gloomy about the 
prospects that it is going to start 
producing food and women’. 1 ; 
clothes instead. 

Until a couple of years ago. 
Franklin was one of the most 
successful companies in the 
States. Starting from 1964 it 
enjoyed an unbroken rise in 
sales, reaching over $300m in 
1976. 


But lucrative markets like 
that do not go unchallenged for 
Jong. Other competitors entered 
the field, offering in many cases 
supposed Limited editions that 
ran into thousands, commemora- 
tive coins and medallions that 
were worthless, or— 4f made of 
precious metals— greatly over- 
priced. 

As a result the collectibles 
industry began to acquire a bad 
name, and in tee US as in 


COLLECTIBLES 

DAViD LASCELLES 


chief executive, Charles Andes, 
said that tee collectibles in- 
dustry had reached tee stage 
where there was only little 
growth prospect, though he also 
thought the company had made 
too many offerings at too high 
prices. Interest in the mint’s 
numismatic products had de- 
clined, he said, and people were 
not responding to promotion 
efforts the way .they used to do. 
Instead, he said, Franklin pro- 
posed to use its mail order 
expertise to go into the ”non- 
collectibie " consumer goods 


market, mainly in “feminine 
products.” including gourmet 
foods and Vomen’s fashions. He 
refused to say more at this stage 
for fear of alerting the com- 
petition, but he indicated that 
six product lines would be test- 
marketed this summer. 

This does not mean an end to 
Franklin’s serious minting 
activities, of course. But as one 
observer commented, it must be 
a sign of the times when a com- 
pany turns from striking gold 
medallions to squeezing out 
salami. 


Equity&Law 



Equity & Law Life Assurance Society Limited, 20 Lincolns Inn Reids. London WC2A 3ES. 


Apart from a good eye for 
what collectors wanted, the 
secret of Franklin's success was 
good publicity, an efficient mail 
order system, and a policy of 
offering items in a series (like 
a set of coins or a group of 
prints) which were not expen- 
sive individually, but not worth 
much, either, unless the 
collector had them all. 

The company was helped by 
the fact that there were quite 
a few historic dates to celebrate 
with special medallion issues 
(the U.S. Bicentenary, for 
example), and inflation- 
harassed investors were casting 
around for items of value to put 
their money into. 


Europe, would-be collectors 
became confused and angered. 

Franklin’s expertise and 
industrial back-up stood it in 
good stead (after all, apart from 
turning out collectibles, it 
actually mints currency for 
several foreign countries). But 
in an effort to protect its posi- 
tion it began to concentrate 
more on expensive, one-off 
collectibles, shifting away from, 
the cheaper series issues, and 
this did not go down well. 

The true extent of unhappi- 
ness about Franklin, however, 
did not become fully apparent 
until earlier this week, when tt 
held one of the stormiest annual 
meetings in its history. 

Shareholders angrily de- 
manded explanations for the 
company’s poor performance, 
and called for cuts in senior 
management salaries. Fielding 
this onslaught, the company's 




frozen pension 
was £1,600. I have 
increased this to 
£7,793 and I could do 
the same for you” 

. * says HARRY YERNEY 

r wnn 11 * W4s m y i°b "ddi * pension expectation of 

£1.600 at 65. “Not much good.” I thought. So 1 looked for ways 
of impr roving that performance. LuckHy. I knew how to apply the 
rransfer value of my frozen pension to achieve a dramatic increase 
from £1.600 pa to an estimated £7,793 p*.; | started p ension 

Advisers to achieve improvements far everyone wishing to enjoy 
the best possible res u In from their pension investment — usually 
their biggest invisible asset. 


| can also arrange an additional pension so you can retire at £0 

Sowed °fwWch r °Z ° XiSting P - enSi ? n t0 the 

allowed (which may be more than you think!) 


"l. 1 ^ ^^KtveijTi arc dnulli md example,, j 

| Pl01ie iend 7° ur lw»iurt " Prosperity After Sixty.”" ’““““"“““"j 
| NAME ) | 

! ADDRESS ! 


P , EN5, ° N ADviSERS Tft'27/s'i Ph ° ne No J 

24 Lincoln t Inn Fieidi. LoMon WC2. 01-242 2263 1 

(A division of J.-p. WARD S. CO. LTD. > I 



b 


4 


R* 


* 4 \ ,. . .. : i; “ 




fer. 







tv* • ; £ r* ?• r* 









■Financial Times Saturday -May -27 1978 


7, 



Life in the palace 


terry Kwh 


THE LONDON offices of insur- 
ance companies are usually 
either solid and Victorian, or 
massive steel and glass 
edifices. The London base of 
Ecclesiastical Insurance Office, 
however. is reFreshingly 
different. It is housed in part 
of a bishop's residence. Fulham 
Palace (above). 

The EIO. as it is known, is 
very much Ihe “church mili- 
tant" as far as life assurance 
investment is concerned. Its 
latest bonus announcement, 
made this week, puts the com- 
pany top far The performance 
of its 25 year term policies. For 
some reason the company ends 
its year on February 2S 
(February L’y on leap years). It 
is the sinailesi of the life com- 
panies ilcti do not pay commis- 
sion to intermediaries, and this 
is one reason why it can offer 
such eond returns on with profit 
c:td-jwuie:U contracts — and one 


reason why it is still small 

The most significant feature 
of the bonus declaration was 
not that the level of the rever- 
sionary bonus again set a 
record, but that the company is 
paying a special bonus again, 
to all policyholders, after 
omitting it in 1975— the year of 
the previous declaration. The 
company’s actuary feels that 
capita! appreciation should be 
given to policyholders when it 
arises, m the form of guarantees 
that cannot be altered later, 
and not in the form of terminal 
bonuses that can vary according 
to market conditions at the time 
of their policy’s maturity. 

Terminal bonuses are all very 
well, but the underlying feature 
of a with-profits contract is that 
a bonus, once declared, is 
guaranteed. However en- 
trenched the system of terminal 
payouts, this system of special 
bonuses is more equitable. 


BUILDING SOCIETY 
RATES 

Every Saturday the Financial Times publishes 
a table giving details of Building Society 
Kates on offer to the public. 


For further details please ring 
01-248 8000 Extin 266 


Competing 
interest 


FOR MANY years. It was 
accepted that building societies 
catered for short-tenn invest- 
ment and life assurance for the 
medium- and long-term require- 
ments of investors. But the aim 
of many investors has tended 
to become more short-term, and 
life companies have moved with 
this lowering of investment 
sights, so that now* they are 
coming more and more into 
direct competition for funds 
with the building societies. 

The advent of the guaranteed 
income bond has heightened the 
competition. Indeed, at the 
height of the income boom 
more than one life assurance 
manager claimed to -be after 
exactly that money that was 
going into building societies 
The 1974 Budget stopped 
massive marketing of 
guaranteed income bonds, but 
the concept is still valid today 
and some life companies are 


BONDS 

ERIC SHORT 


still marketing them. This 
week City of Westminster 
Assurance launched its own 
version of a growth and income 
bond, and compared its expected 
performance with that which a 
building society deposit might 
be expected to produce. 

The bond takes the form of a 
single premium endowment 
assurance policy with the sum 
assured equal to the outlay 
made. This effectively means 
that the investment will be re- 
turned at the end of the period 
or on earlier death. But the new 
feature of this plan, called 
the Double Plus plan, is that 
two kinds of bonuses will be de- 
clared as well. 

The first is the usual form of 
guaranteed bonus payable half- 
yearly. The company call it an 
income bonus and the rate is 
per cent per half-year. The 
company says that these bonuses 
can be cashed immediately they 
are declared, at their face value 
with no immediate tax liability 
thanks to the 5 per cent with- 
drawal rule. 

Then comes what is termed 
a capital bonus, which is an 
additional bonus added at the 
end of each policy year (exclud- 
ing the first year). These 
bonuses are not guaranteed, and 
their value will depend on mar- 
ket conditions and investment 
performance. They will be rolled 
up. but the policyholder can 
decide whether to leave them to 
do'-, so or encash them and in- 
vest elsewhere. 

The bond can he encashed at 
any time on demand with no 
surrender penalty, which is an 
unusual feature. But the com- 
pany has checked that this pro- 
cedure is acceptable to the De- 
partment of Trade. 

How do the anticipated bene- 
fits compare with putting your 
money into a building sociry? 
Very favourably, on the suras 
provided by the company. 



Hinhliohtina the best performing unit trusts in the various specialist 
sub-sections in 1977 the investors Chronicle 14th April, 1978 stated 
•• . .Target American Eagle, very much against the trend . . . 
rose 15.5% in the North American section". 

Over the same period the Dow Jones Industrial Average fell 17%. 


In July 1977 wo announced to unitholders 
our intention to increase the American 
content but we held ort because of the 
weakness ol Wall Street and the dollar. 
The correctness of this decision is reflect- 
ed in the pi-i tornvmci? compared with 
fund's invested wholly or substantially in 
America c*vn the pust venr. 

Duniui 19. ’3 we have increased the U.S. 
content from lo 75^ . taking advant- 
;,.,e ot the lowe: shaie prices and also 
because we fell that the period oi relative, 
strenorh of the pound against the dollar 
was til .m ond.H is our intention to increase 
the U.S- content sMI further but timing 
remains ot the utmost importance and we 


shall continue to use our discretion in this 
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 
capita! 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 
low in global terms and America is afterall 
the largest and most advanced economy 
in the world. 

Remember the price of units and the in- 
come f rom them can go dow n as well as up. 

Your investment should be regarded as 
long term. 


.•■I 


■rf hr 


APPllCATlON 

tklllil.4:^. .11.1-. I. ■ %+r* k- ■" 

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A’A'S'S'lf 

DiittW; i. f ' . :«nvn..T.O-. f X 
u'tusurru. .. C.- j. C*3»es, U.b.£.. 
■V V.. C.-' . B. K. UcCc--.ll. 
l.6.laTt;ri,j.l , i . 

J. Ta, tar E.I X.CA.,- 
J. .'.N:i.n.U *..fc.M,CA 
Tol.-I hrrif- ?l Aiv 7.i3A 


OFFER OF UNITS AT 29 3 p EACH UNTIL 2nd JUNE 1978 

current estimated 9 ^ ^ ^ ^ 

' So" ROAD. AYLESBURY. BUCK* HRab3EB 

_ AmoKin Engl- Fund unit* i/W< dvdarc that I emj-mv **> no! meidem ouisldo tha StiM-lctf 

. <avkiP>um miUal Te7nUnlc*iu«lliiitV«iia»mioiac^v-iimm»unusas»wBCJmnce(sj 

S’ i L Min., a cneqwc pl «**> '«««n outside ihoac tcrrtiwies. TbK ofle: <s aai 

hi-Mitu, UJM WW ■ cnwjjr Bi0ltallle w * ft, RpputtlK of Irriana. TWs alter ch»u 

an th» 2nd Ju« »». 


I, «Vi« m' 1 
Id n*i tit 


I — l rn'i-ling ktfti 

po,a6U IP T.iprl Hull UdnJlK'i iScfflUndj Lid. 


JoiHsppISealli mvtl otimarxfaJditsmi jejterairii. 


. Oatf 



Source: Citibank 


Kondratyev Wave 

\ 



1780 1800 1820 1840 I860 1880 1900 1920 1940 1960 1980 2000 

A Phoenix arising offshore 


INVESTMENTS 

Long swings 
economic 



PROVIDING FINANCIAL pro- 
tection against the risk of pre- 
mature death has been only one 
facet of the operations of UK 
life companies. . Another — and 
an important one — has been to 
provide a home for investors' 
long term savings. 

But practically all <xf their 
efforts so far have been directed 
at the U.K. investor. When it 
came to looking for funds from 
overseas most life companies 
have been laggardly; and the 
expatriate investor has been 
almost completely ignored. 

But not quite completely. For 
this week Phoenix International, 
a member of the Phoenix 
Assurance Group, celebrated its 
first anniversary. 

The investment vehicle which 
Phoenix offers to expatriates is 
its Managed Dollar Fund, and 
investors have a choice of three 
plans — one involving lump sum 
investment, and the other two 
regular savings. The lump sum 
investment plan is the usual 
single premium bond, with life 
cover based on a multiple of 
the bid value of the units which 



varies with the age of the in- 
vestor at the Outset 

The first of the regular 
savings schemes is- the 10-plus 
Plan. This is a normal, unit- 
linked, regular savings plan 
with investment in the fund. 
The death benefit is 120 times 
the monthly premium, given an 
entry age of up to 40, and 90 
times the monthly premium for 
ages of between 40 and 50. The 
amount invested in units is 62 
per cent in the first year, and 
102 per cent subsequently for 
ages under 40, with slightly 
lower percentages for higher 
ages. The minimum premium is 
$250 per annum, or $25 per 
month. 

The term of the plan is 10 
years, but investors have the 
option to continue it for as long 
as they desire. There are facili- 
ties lor obtaining income, pro- 


vided the value of the units is at 
least $2,500. 

Under the 3+ Plan, the life 
cover is three times the annual 
premium and investment is 90 
per cent of premiums in the 
first year and. 105 per cent sub- 
sequently for ages under 35. At 
the end of three years there are 
various options available. 

These plans can be taken out 
without the benefit of life cover, 
and under this arrangement a 
higher percentage will be 
invested in units. But the life 
cover, also payable in dollars, is 
an attractive feature of the 
plans, and the cost is only about 
1$ per cent of the outlay. 

The underlying fund into 
which these premiums are put 
invests in U.S. marketable 
securities: that is, common 
stocks, treasury or Government 
bonds or other fixed interest 
securities. Two new funds — a 
sterling exempt gilt fund and a 
dollar fixed interest fund — are 
to be launched in the late 
summer. Timing of the original 
launch was unfortunate but the 
unit price has now recovered to 
its launch level of $2.40. 


THE TABLE on the left shows 
what has happened to wholesale 
prices in the U.S. since the 
early 1780s. and the conclusions 
drawn therefrom by the Soviet 
economist Nicolai Kondratyev 
(also known as Kondratieff and 
Kondratiev). Kondratyev's 
theory was that there are 50 
year cycles in prices, interest 
rates and wages, and in business 
activity, with 20-odd years of 
expansion and inflation fol- 
lowed, after a decade of ups 
and downs, by 20 years of defla- 
tion and recession. If he was 


INVESTMENT 

ADRIENNE GLEES ON 


right then life Is going to 
become very grim in the 1980s. 
But was he right? 

From the time that he formu- 
lated it 50 years ago, Kon- 
dratyev's theory has come under 
attack for both the quality of 
his research and the nature of 
his conclusions. His fellow 
Soviet economists naturally took 
a dim view of any theory which 
had capitalism dying by slow 
stages, rather than by the final 
crisis which Marxist doctrine 
requires, but they also criticised 
the paucity of the evidence 
from which he derived his first 
long swing.” Later critics have 
been dubious about his treat- 
ment of the evidence from 
which be derived his second long 
wave, and indeed about the 
validity of any theory which 
rests on the assumption that 
history will repeat itself — that 
because there have been long 
swings before, there will be 
long swings again. 

All the same, there are some 
curious correlations between the 
pattern that Kondratyev pre- 
dicated and events subsequent 
to the formulation of his theory. 
Notably there was the great 


crash of 1929, in the wake of a 
decade of ups and downs and 
20 years of inflation; and the 20 
years of inflation that followed 
the Second World War (Kon- 
dratyev reckoned that the peaks 
and troughs of his “Wave” were 
always marked by wars), which 
has culminated in a decade of 
dramatic swings between infla- 
tion and recession. It's been 
pointed out, however, that what- 
ever happened to prices during 
this period, nited States gross 
domestic product has continued 
more or less steadily to rise (see 
the chart): also that there are 
factors which explain the 
behaviour of prices more satis- 
factorily than his mechanical 
rerun of history- 

For example the price rises 
of the early 1800s, the middle of 
that century, and the early 
1900s can all be traced to 
attempts to finance Die wars of 
those periods, while the slump 
of the 1930s, in particular, can 
be attributed to a mistakenly 
restrictive monetary poliev. The 
argument against another 
repeat of Kondratyev's long 
swing in the closing years of 
this century, is that such mis- 
takes will not themselves be 
repeated. 

But if Kondratyev’s Theory 
remains as controversial now as 
it was when he formulated it 50 
years ago, what are those who 
do believe that history repeats 
itself— or those who are merely 
of a pessimistic turn of mind — 
to do about the recession that 
his pattern would suggest is 
imminent? Find the safest job 
around. Cut back on commit- 
ments — refrain, in particular, 
from bumping up the mortgage. 
And, above all, get your money 
out of equities and into secure, 
high coupon, long-dated debt. 
Only don’t do it just yet. For if 
Kondratyev’s critics are right, 
that great recession isn’t going 
to happen. 


Chieftain 

AmericanTRust 


i 


An Opport unityTo Gain 
FromTheCapitalGrowth Potential 
Of The American Stock Market 


FIXED PRICE OFFER CLOSES ON 2 ND JUNE 1978 


Chieftain American Trust is a unit trust through which 
you can have your money invested in North America in 
q prof essionally managed selection of shares. 

It long-term capit al growth is your aim then we believe 
that the American economy— and with it (he Chieftain 
American Trust -represents a most attractive investment! 


A Rich And 
Resident Economy 


As many investors have been told by professional 
achisers, it is a sensible idea to invest at least part of your 
portfolio in America. 

The wisdom ot this advice quickly becomes apparent 
when one cons'ders the facts which present themselves 
about the American economy 

It has fought through the difficulties of the world 
recession, by which it was anyway less affected than some 
other countries. 

In 1977, the nations output grew by an estimated 
4.7%, and company profits by around 1 V/ 2 %. Current fore- 
casts of real growth for 1978 are. of the order of 4% with 
a further 10% rise in corporate profits. 

Furthermore, the sheer size; scope and sophistication 
of the American stock exchange provide the opportunity 
to invest in a wide range of highly marketable stocks. 

In short, the American economy is rich and resilient, 
founded as it is on the notions of free enterprise and 
unashamed creation of profits and prosperity and long- 
term prospects for its growth look encouraging: 


A Timely Investment 


Tiiere has been a sharp upturn in American share 
prices in the past two monthsThis rally has been stimulated 
by solid increases in industrial production and company 
profits. In addition there have been indications of firm 
action by the Federal Reserve Bank in the fight against 
inflation, reversing the decline in the value of die dollar: 

Nevertheless, the Dow Jones Industrial Average k 
still 9~ r i below its level in April 1977 when Chief tain 
American Trust was bunched. (The price of. Chieftain 
American units, however; has grown by- 0.8%.') 

On a historic baas, American share prices are stffl 
cheap in relation to current earnings. Economic growth in 
1978 may wdl be slow by past American standard^ but 
we believe that there are no signs whatsoever of the sort of 
receswn which alone could justify the still low level of 
todays share prices. 

However; we should like to emphasise that Chieftain 
American Trust should not be regarded as .a -short-term' 
speculative in vestment. The prices of stocks and shares 
rise and fell, and the price of Chieftain American units will 
fluctuate accordingly 

income wffl be paid annually but those who require 

prinripalfyahigb dividend yidd rather than capital groyrth 

are advised not to cocsider this Trust. — - — , 


Portfouo Strategy 

The portfolio contains about forty stocks, and will 
continue to be reasonably concentrated. The Managers 
have not confined themselves to the better known 
companies but have researched and purchased second-line 
stocks with attractive prospects. 

Currently the portfolio has a particular bias towards 
companies in the energy sector However, the emphasis 
will be shifted as conditions demand Some Canadian srocks 
have also been purchased 

AComplicated Investment 
Made Simple 

Transatlantic investment has very obvious attractions, 
hut a private individual, investing alone, would need 
formidable resourcesof capital information and investment 
currency to achieve his objectives. 

However; Chieftain American Thct takes the problem 
off the investors hands. Your capital can be simply and 
efficiently invested in shares throughout the American 
market by fuD-tane investment professionals. 

Moreover; a trust has one facility not normally open 
to die private investor; that of the back-to-back currency 
loan, an alternative to. purchasing investment currency 
through the dollar p r e miu m. At present, approximately 
60% of theTrusts portfolio is invested in this way 

Share Exchange Scheme 

lfyou wish to realise a part of your portfolio and invest 
in Chieftain American Trust, the Managers can arrange to 
sell your present shares for you, and wiD absorb all the usual 
expenses of the transact oitXhis can give you a worthwhile 
saving. The minimum purchase through the Share , 
Exchange Plan is £500.Tick the box in the coupon for full ; 
details: j 


£85 maiion-This exceptional rate of growth has owed much 
to the considerable support Chieftain has received from 
stockbrokers and investment advisers. 

The Trustee of Chieftain American Trust is Midland 
Bank Trust Company The main duties of the Trustee are 
to hold the title to the Trusts investments, and to check 
that all purchases made by the Trust are in accordance 
with theTrust deed to ensure that the income is distributed 
to the unitholders properly; and to approve advertising and 
literature. 

Tax Advantages 

■ . You can sell your units on any normal working day 

atlhepre\ , ailingbidprice.YouwTlI normally receive a cheque 
within seven working days of receipt of your renounced 
; certificate. 

The 1978 Finance Bill proposes that unit trusts will 
pay tax on capital gains at the privileged rate of only 10%. 
.. When you sellunits it is proposed that you will receive 

a tax credit of 10% against Capital Gains Tax. This means 
that on unit (rusts you should have no tax to pay on profits 
up to £3,000 on sales in any one yeai; and your maximum 
liability is limited to 20% of your gain. On sales before 5th, 
April 1979 the tax credit will be even higher if the 
proposals become law. 

Closing Date 

Until 2nd June 197S, units will be available at a fixed 
price of 25. 2p each, to give an estimated current gross yield 
of 159% p.a. ’lour application will not be acknowledged, 
but you will receive a certificate by 14ch July 1978. 

Fill in the coupon, or talk to your financial adviser 
without delay 

General Information 

The offer will close if the underlying price of units 
should differ from the fixed price by more than 2 1 . 2 %. After 
2nd June 1978 units will be available at the daily quoted 
price and yield published in most newspapers. 

Chieftain American Units were first offered on 4th 
April 1977 at 25p each. 

There is an initial management charge of 5% included 
!n die price of unitsThere is also an annual charge of 4 &% 
(plus VAT) which has been allowed for in the quoted yield. 

The Managers will pay the standard rates of 
comm ission to recognised professional advisers, who are 
minted to ring 01-2S3 3933 for further details of American. ; 
and other Chieftain Trusts. j 

Income is paid net of income tax, but this can be . 
reclaimed by non -taxpayers. j 

Distributions and a report of the fund are made^ 
annually on 1st March. J 

This offer is not applicable to Eire. ^ 

The Managers of the Trust are Chieftain Trust 
Managers Ltd, Chieftain House, 11 New Street, London* 
EC2M 4TP. Telephone: 01-283 2632. ; 

The Directors of Chieftain Trust Managers Ltd are . 
B L Potts, ALA. (Chairman); R. J. D. Eats, ALA, MBA? . 
J. D. Gillett, B5c ; L H. A HazeeI,.ECiS. ; AL.EK.Tbd; 


Yxm Reassurance 


1 



Chieftain Trust Managers Ltd was established in 
September 1976. Its four trusts, dealing in overseas as well 
as ILK. markets, have already attracted funds worth over 


CHIEFTAIN 

trust" managers limited 


Application Form 

Rfl in die coupon and send it now to: Chiefafailnst Managers LoritedL 
Chieftain Hose; It New Street, London EC2M 4TE 

1/ We would Else to buy Chieftain American Units to the value 

of£ -at 25.2 p each. 

(Miremnni initial Wdin& £250.) 

L'Mtfe enclose a reatinanc^ payable to Chieftain Inst Managers' 
Limited. 

Tidcboxx 

I I If you want ukUiiuum growth by automatic reinvestment of net 
__ income. * 

U If you want to know how to bqy-Chidtain American Units on a 
rcgJarmonrhJybnHS. 

LJ It you would Bte details of oor Share Exchange Plan. 


rT 


I. ''St declare tHc I am ’We are over IS and not resident ootaklc the 
UJC or Scheduled Territories and that I am- we are not acquiring-the 
units as nominee^) of any personfc) resident outside die LLK. or 
Scheduled Territories, (if you are unable to am this idanition it 
should be deleted and your application lodged through an authorised 
depository ) . 7 

a®NAXE(.vct vssAflS) - : ; 


HRSTNAJifiSJKHJIi. 


SOOTUKEiP- 


{If there ore joint appEonts all must sign and attach nan 
addresses separately) (Reg'd office as above. Reg'd No 


4 







"i . 


PtastieJat Tturas Saturday Stay 37 1975, 



Bungalow life 


BY JUNE FIELD 


A HOUSE or refuge of a single 
floor is one definition of the 
ubiquitous bungalow, best- 
seller of the period between the 
two world wars, and still going 
strong. Originating in Bengal, 
the bangia or bangala derived 
from the indigenous Bengali 
huts of the 17th century, but 
by the 19th century the .Indian 
bungalows were highly sophis- 
ticated dwellings, embodying 
Ionic Pillars, decorative porches, 
parapets, columns, cornices and 
barge boards. 

The patterns are perpetuated 
in Janet Pott's fascinating 
recent paperback Old Bungaloirs 
In Bangalore, South Indta (13.50 
including postage from the 
author, 56 Addison Avenue, 
W1I). The bungalows usually 
had three kitchens — “ a kitchen 
for preparing non-vegetarian 
meals, a “Saturday” kitchen for 
vegetarian days — both attached 
to the house — and a separate 
kitchen in the compound, with 
a separate cook, for the prepara- 
tion of Western meals when the 
householder enjoyed giving 
hospitality to his Western 
friends. Each kitchen was 
stocked with its own pots, pans 
and utensils.” 

The bungalow's British 
counterpart, while of sturdier 
construction to stand up to a 
severer climate, was often 
equally decorative, the first 
English designs appearing in 
Westgate-on-Sea in the 1870s, 
with other examples to be 
found in Cromer in Norfolk. 
K. Norman Shaw (1831-1912), 
was one of the first architects 
to promote the single-storey 
dwelling, his designs showing 
the variety of terms that could 
be applied to it — bungalow or 
seaside cottage, shooting box or 
small bungalow residence. 
While in 1891 R. A. Briggs in 
his Bungaloics and Country 
Residences insisted that “a 
"a cottage is a little house In the 
country, but a bungalow is a 
little country house — a homely 
cosy little place with verandahs 
and balconies.” 

Because it is easy-to-run, 
being on one floor (except 
when the addition of stairs and 
dormer windows in the roof 
convert it to a “chalet" version), 
the bungalow gradually evolved 
as the ideal retirement home. 

Bungalows and cottages are 
fairly representative of the 
type of property available in 
Dorset, say Chapman, Moore and 
Mugford, who have offices in 


Shaftesbury, Gillingham and 

Bournemouth. “Although since 
November last year, a smaller 
number of properties than usual 
have been coming on the mar- 
ket. Those that have, quickly 
find buyers at high prices." 

In their opinion prices are 
still rising in the county that 
has the tag "Hardy Country” 
because the writer was born 
there. “The demand is mainly 
from retired people who have 
sold houses in the larger towns. 
They are, however, becoming 
more discerning, and expect 
better amenities, even if they 
have to pay considerably higher 
prices for them than they 
originally intended.” 

While most of the bungalows 
currently on offer are consider- 
ably more spartan in line than 
their predecessors, the accom- 
modation in the larger detached 
bungalows is often fairly spa- 
cious. and certainly the area 
allowed for cooking and eating 
could well allow for a “ Satur- 
day kitchen.” Chapman, Moore 
and Mugford's office at New- 
bury House, Gillingham, are 
offering Yanley. a modern 
stone-built 3-bed bungalow for 
sale at £35.000 on the outskirts 
of one of Dorset's prettiest vil- 
lages, Milton-On-Stour. There 
is a dining-area in the large 
living-room, a good-sized kit- 
chen and breakfast room, a 
separate 9* x 6' utility area, 
and a large stable or workshop 
outside, which provides one 
with plenty of scope for adap- 
tation. 

The same office is offering 
Yew Lodge (which has similar 
accommodation), in Co mm on- 
mead Avenue, in the Blackanore 
Vale market town of Gilling- 
ham, wbere there is a main- 
line railway station, with a 
regular 2Hiour to Waterloo. 
The chalet bungalow was con- 
structed by a builder for his 
own use. and is described on 
the particulars as “ideal for 
retirement or suit family seek- 
ing privacy and seclusion but 
within easy reach of good town 
amenities. Price £37.500 in- 
cluding double-glazing and 
carpeting. 

C, M and M's office at 9 High 
Street. Shaftesbury has Orchard 
Lee, 21 Yeatman’s Close, a de- 
tached 3-bed bungalow for 
£17.750. in a pretty setting a 
short distance from the ancient 
Saxon hilltop town of Shaftes- 
bury. There is a good selection 



Royal occasions 






Scaibank House, Russel Avenue, Swanage, Dorset, 
built of Purbeck stone, has a living. room, sun-room, 
bedroom with balcony, bathroom and shower- room, 
plus gardens with 2 fish ponds, a fountain, summer 
house and carport. It Is flanked by bungalow 
accommodation each side: Lancaster Cottage, with 


2 bedrooms and 2 living rooms (price guide 
£22^00), and the similar York Cottage, price guide 
£28^00). The main house is expected to sell for 
about £304100. and there are two building plots and 
some land on offer through Knight Frank & Rudey, 
20 Hanover Square, London W.l, and Corfaen & Son 
of Swanage. 


of attractive thatched cottages in 
this area too. Gateways, Church 
Hill, Donhead Sl Mary, 4 miles 
from Shaftesbury, at £23,000, 
needs some redecoration and 
repair, and the big pantry and 
adjacent garden-room store is 
considered suitable for conver- 
sion to a granny-unit. Hod Cot- 
tage, Haveiins, Stourpaine, near 
Blandford, is of Tudor origin 
with inglenook and old beams, 
and has been completely moder- 
nised (£25,000), while 33 Cann 
Hill, Cann, is an old stone cot- 
tage once part of the old 
school. With three bedrooms, 
sitting-room and a bathroom, it 
could well be a snip at £13,000. 

Prowting have 3-bedroom 
detached bungalows at West 
Moors, near Bournemouth from 
£26,450, with a 2-bed s.d. version 
from £16,950. Brochure John 
Sullivan, Prowting Estates, 
Bury Street, Ruislip, Middlesex, 
while at Wareham, Crest Homes 
are promoting up-market 4-bed 
buogalows at £37,500. Details 
Crest Homes, Crest House, 39-41 
Thame's Street, Wey bridge, 
Surrey. 

Hy Duke & Son, down on the 
coast at 74 St Thomas Street, 
Weymouth, report that the 
property market in the general 
South Dorset area is “ in a very 
volatile state,” with their 
offices on the Isle of Portland 
and at Dorchester encountering 
the same situation as they are 


experiencing. There are very 
few properties coming onto the 
market in this area, and demand 
is excessive. This is resulting 
in a fairly steep increase in 
prices, although the restricted 
flow of Building Society funds 
is proving an obstacle to many 
vmuld-be purchasers. Many of 
tne Building Societies are only 
prepared to advance to first- 
time buyers who are in urgent 
need of accommodation, while 
other societies find that their 
monthly quota of funds has been 
used up within days or even 
hours of lists being opened. 

Duke and Son also point to 
the fact that Mortgage problems 
have resulted in difficulties for 
vendors trying to sell their 
properties privately, something 
which won't cause estate agents 
to shed any tears. What of the 
future? “ It is difficult to antici- 
pate future trends, although the 
signs would Indicate that the 
supply of properties is tending 
to become rather easier. How- 
ever, we do not anticipate that 
the situation will stabilize until 
the autumn, especially in the 
Weymouth district where 
August is usually a very quiet 
month as the town is full of 
holiday makers." 

Currently this agent has 
1, Wlnton Close, set Back from 
the town, a 3-bed. bungalow in 
Portland stone, £23.000, and 


17. Quibo Lane, at £15,950, a 
2-bed. bungalow bounded by 
open land, which needs about 
£1,500 to £2,000 spending on it 
to bring it up to standard. In 
the village of Chick erell is a 
semi-detached " olden cottage " 
in need of modernisation, 
£7,250, which sounds interesting 
for the brave. It is a 2-up. 
2-down little place, with a stone- 
flagged floor in the kitchen, an 
outside w.c. and wash house 
with a cold-water sink. There’s 
room for a garage, and the good- 
sized garden is laid out mainly 
to vegetables. Rates £51 a year. 

A number of developers 
round the country are promis- 
ing “further releases shortly" 
for new bungalows. In Hants, 
Smugglers Lane, Highcliffe, in 
Kent, at Sundridge Avenue. 
Bromley, and in Surrey, Tatten- 
ham Corner. Epsom, Ideal 
Supercosy Homes (they provide 
insulation levels higher than 
Building Regulations demand), 
will be releasing 2/3 bed 
bungalows; while in south-west 
Scotland Barratt's are develop- 
ing 11 two-person ” 1 -bedroom 
Esk Bungalows from £11,250, 
and at Crossfield, Ecclefeclan, 
they are marketing what they 
call their two-bed Hastings 
“one-unit” at around £18,675, 
both of which are being pro- 
moted for the elderly or first- 
time buyer. 


what WITH THE Silver 
Jubilee last year and the 
Coronation 25th Anniversary 
next month there has never 
been such a flurry of activity in 

the burgeoning royal com- 
memoratives industry. Com- 
pared with the prolific stamp 
issues from Britain and many 
Commonwealth countries, the 
numismatic contribution has 
been modest— yet it would be 
fair to say that more coins have 
been produced for the Jubilee- 
Coronation double event than 
any other theme, with the 
obvious exception of the fao 
and World Wildlife Conserva- 
tion series. 

lEore than 20 countries issued 
coins for the Jubilee but only a 
quarter of that number are 
supporting the Coronation 
Anniversary and these include 
two that missed the bandwagon 
last year. Purchasing all the 
Jubilee coins in their various 
versions of cupro-nickel, silver 
uncirculated and proof called 
for a considerable outlay but 
those who bought coins at new 
issue rates will have seen their 
investment making steady pro- 
gress. The performance of 
Jubilee coins has been patchy 
to say the least. At one extreme 
the astronomical issue of British 
crowns, and the questionable 
decision of the Royal Mint to 
continue striking silver proofs 
ad infinitum, mean that the 
British coins have little pros- 
pect. The Mint has been 
advertising the proof version up 
to now at its original retail price 
of £12.50, much to the annoy- 
ance of those who purchased 
them more than a year ago at 
that sum— and were kept wait- 
ing for months on end for 
delivery. 

At the other extreme, how- 
ever, the coins of certain 
smaller territories have done 
very well. The silver coins of the 
Virgin Islands, the Caymans, 
Fiji, Papua, Turks and Caicos 
Islands and the Isle of Man’s 
“ crown of crowns ” were 
rapidly oversubscribed and have 
since doubled or trebled in 
value. Significantly they are now 
beginning to appear in dealers’ 
buying advertisements, and with 
the additional momentum of the 
Coronation Anniversary they 
seem set for a further round of 
increases. 

First off the mark with 
Coronation Anniversary coins 
was Jamaica which launched 
silver S25 and gold 5100 pieces 
in March, The reverse shows the 




6. 


■miini.y.lB' 




THELShS 


St, Helena Coronation Ann ive nary crown 


Jamaican coat of arms while the 
obverse bears a portrait of the 
Queen in full coronation regalia 
seated on the throne. A some- 
what similar design was used by 
the Cook Islands in 1973 for a 
82 silver coin celebrating the 
20th anniversary of the 
Coronation. The gold coin is not 
available to UK residents but 
the silver version is obtainable 
from the Paramount Inter- 
national Coin Corporation, 
Grand Buildings. Trafalgar 
Square, London WC1V 5EZ. 

The Pnbjoy Mint Philatelic 
Division is currently offering a 
collection of official first-day 
covers comprising the Common- 


COINS 


JAMES MACKAY 


wealth omnibus issue for the 
Coronation Anniversary, in addi- 
tion to the collection of 21 covers 
from the Commonwealth and the 
British FDC there are two large 
medals in 22-carat gold on 
sterling silver. The theme of 
the omnibus series is the 
Queen's Beasts, both the tra- 
ditional heraldic animals which 
decorated the entrance to West- 
minster Abbey at the Corona- 
tion, and A matching series of 
local beasts appropriate to each 
country. The 20 royal boasts of 
the United Kingdom are fea- 
tured on the commemorative 
medals. 

The stamps themselves are 
arranged in triptychs, with a 
central stamp portraying the 
Queen full face, flanked by 
stamps depicting the royal aud 
local beasts. SL Helena and 
Tristan da Cunha, whose Jubilee 
coins were struck by the Royal 
Mint, are making numismatic 
and philatelic history by having 
crowns for the Coronation Anni- 


versary reproducing their re- 
spective stamp triptychs on the 
reverse. There have been 
numerous stamps reproducing 
coins, but this Is the first time 
that coins have reproduced 
stamps, the crowns being modi- 
fied by the medallic sculptor 
Leslie Lindsay from the original 
designs by Jennifer Toombs. 

SL Helena's dependency. 
Ascension Island, Is also having 
a commemorative crown — its 
first-ever coin. The reverse, 
while not reproducing the cor- 
responding stamps, follows a 
similar pattern by incorporating 
the Lion of England and a green 
turtle. AU three crowns bear 
the Queen's profile by Arnold 
Marhin on the obverse and are 
available in cupro-nickel, silver 
uncirculated and silver proof 
from the Pobjoy Mint, Sutton, 
Surrey. 

The same mint has produced 
a Coronation Anniversary crown, 
in similar cupro-nickel and 
silver versions, for the Isle of 
Man. The reverse of this coin 
features a cast or pair of falcons 
— an allusion to the charming 
medieval custom whereby the 
Earls of Derby, as Lords of Man. 
were required to present a pair 
of peregrines to the sovereign 
at his or her coronation. The 
present design is a vast improve- 
ccnt over the falcon motif that 
appeared on the original two- 
penny coins of the island. 

Surprisingly few meclallic 
issues have so far been 
announced. From the Pobjoy 
Mint comes a crown-sized medal 
in silver or silver-gilt depicting 
the crowning of the Queen by 
the Archbishop of Canterbury. 
The same design is also avail- 
able in 9-carat gold in sovereign 
and half-sovereign sizes. The 
Royal Minnt is producing medals 
in eight versions from silver to 
platinum, featuring Westminster 
Abbey and the Coronation Chair 
to raise funds for the Abbey 
Trust. The medals were de- 
signed by MichaenRlzz'erio. 


PROPERTY 


CSAVELLSS 

South West Wales 1,100 Acres 

Cardigan 3 miles, Fishguard 16 miles, M.4 41 miles 

An outstanding portfolio of three highly productive dairy 
farms with vacant possession 

Pantiron Farm 47S Acres 

Farmhouse, 4 cottages, modern buildings, including 200- 
cow dairy unit, grain store, etc. 

Upper Blctherslon Farm 343 Acres 

Farmhouse, cottage. 146-cow dairy, modern buildings 
including general purpose buildings, etc, 

Trcfisin Manor Farm 276 Acres 

Farmhouse. 2 new bungalows, modern 160-cow dairy, 200- 
sow modern pig unit, grain store, etc. 

Valuable Capital allowances totalling £281,902. 

SAV1LLS. London Office. Tel: 01-499 8644. 

J. J. MORRIS, Broyan House. Priory Street, Cardigan, 
Dyfed Tel: 10239) 2343. 


North Essex 990 Acres 

The Halstead Estate 

Freehold agricultural Investment comprising 3 farms 
and other land totalling 901 acres and good commercial 
woodland yielding £14,000 per annum. Bent Reviews at 
Michaelmas 1978. 

For sale by private treaty as a whole or in 2 lots 


SAVILLS, S West Stockwell Street, Colchester. Tel: 
102061 47041 and 136 London Road, Chelmsford. Tel: 
(0245 ) 69311. Solicitors: Farrer and Co., 66 Lincoln's 
Inn Fields, London WC2A 3LH. Tel: 01-405 6432. 


ESTATES AND FARMS: INVESTMENTS: SHOOTING 
COUNTRY PROPERTY: OVERSEAS PROPERTY: 



BEACHFRONT PROPERTY 
BARB ADOS — CARIBBEAN 

Prime hotel or apartment site — 7- acres, 1,000 
feet superb beachfrontage, all utilities, zoned 275 
resort units. Fine location. 

Contact: — 

Property Consultants Ltd. 

P.O. Box 697 C, BARBADOS, West Indies 


Hawk homes are masterfully designed, crafted, and sur- 
rounded by the natural beauty of Vermont, yet in the hub of 
Northern New Engla n d, just 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 borne maintenance. And if you choose. Hawk will 
make your hone available to discriminating guests when you 
are not in residence. 

Write for 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. PITTSFIELD, VERMONT 05762 


Bell-lngram 


For Sale by Private Treaty 

PERTHSHIRE 

A First Class Arable and Stock Rearing Farm 

extending to about 

370 ACRES 

Situated in the lovely Earn Valley near to the village of 
Dunning 

All with Vacant Possession 

Extensive Cattle Accommodation. Grain and Fodder Storage, 
ail in a traditional steading , . 

■ Dunning 3 miles Perth 9 miles 

Further details: FARM DEPARTMENT. 

7 WALKER STREET. EDINBURGH, EH3 7JY. 

Tci. No. 031 225 3271 


JOHN D. WOOD 


SUSSEX— Near Lew« 

lit ri S mf/cj (Victoria /London 60 

Hoililwm S mile %■ UcfcfieM 7 m/le*, it fcoa roe 12m lj«. 

AM ATTRACTIVE SMALL COUNTRY ESTATE ENJOYING COMfUril 

AM attk-ltJlJuon with fine south FAOMC v»w« 

Donation Had. Ckwikreom. 1 R*C*t*Kwi Boomf. STUdV. 

Kiitilen. SUB Suite o* 3 Rooms. Kilt ben f* 1 ™’ 
fiBeSwms. - Bathrooms (2 cn wttel. 3 Attg Reom«- SJ-iEfSE? 1 itJfSSlno 
S-5S2EC, lar 3 Cars- Hosted Swimming Poo'.. OurtylWW ; 
Garanin? ,or ■* „■ (.rnnnhniKi-i. Attractive Grounds, including 

many "^.S^mJaBOUT 42 ACRES FREEHOLDfORSAVE 

Hon*™»0*“ 'CJTWI 0403 6ai7«Ufi2B35J 63043 or 
AlWV Mor *^fc Blw Sara re iDCM) 01-629 9050 


WEST COUNTRY 

On the outskirts of a delightful 
and unspoilt West Country. 
City, with panoramic views over 
the Cathedral and river Wye to 
the Welsh Mountains in the 
distance, a really . superb 
detached modern residence— the 
ideal auc-of-town house— offer- 
ing genuinely luxurious accom- 
modation including Porch, 
Entrance Hall. Magnificent 
Lounge with Dining Area lead- 
ing to a large Sun Balcony, 
Kitchen, Master Bedroom with 
Bathroom en suite, 3 further 
Bedrooms & 2 Bathrooms, all 
with hand-made furniture, T.V. 
Lounge, Sun Lounge. Heated 
indoor swimming pool, inte- 
gral Double Garage. Easily- 
maintained J acre professionally- 
landscaped gardens with 'pedal 
features. Obviously suitable as 
a splendid main residence, but 
with special application to the 
, discerning purchaser seeking a 
second house of genuine quality. 
London 21- hours, Birmingham 
and -Bristol 1 hour. 

Full particular* from 

STOCKS, HILL & CO., 

23, King Street, Hereford 
Telephone: 67511 


SERVICE APARTMENTS. The Nary House. 
A special London a Dart men: in exclusive 
Venetian setting. Beautifully furn&bra 
and sorvlccd. Available from l to 12 
weeks. From USD B-w. Telephone 
4H8 2400- 

COSTA BLANCA. Luxury furnklted apart. 
Meats, tima share anntrsiilg f m m ugn. 
Details from Dept, FT*. Barden 
OnelaDmenti. 4 Wevside Close, Brffeet 
Surrey, KT14 7DF. Tel.: Brfleet 427 ti. 



K Direction of Executor al 
S. Falkaer Deceased 

EAST SUFFOLK 
BRUNDSH. 

NR. FRAMUNGHAM 

430 ACRES 

Five fine Period Fannhouies 
Gnin Drying and Storage tor UD toM 
and ocher excellent farm buildings 
By Auction July l«th 
(unless told beforehand) 

As a whole or in four las 
WITH VACANT POSSESSION 
A. E. Spear & Sons 
The James Abbott Partnership 

Tile Hill. Wickham Market. Suffolk 
0728-746321 

Market HUI. From Hug ham, Suffolk 
0728.723206 


PERIOD FARMHOUSE 

Secluded petition, { mile from sea 
with magnificent view*, tastefully 
modernised retaining original character. 
Oil C.J., cloakroom, itudy. mod. kit 
plus 3 Ige. recept rms., 4 beds., 
badi. J acre. Offers in cho region of 

£39,500 

John C. Webber & Sons 
7 Belle Vue, Elude 
Tel: Bude 3661/2 


US.— MICHIGAN 
LAKE-FRONT PROPERTY 

17.3 acres of prune Etx Coast land. 
Bordered by die Au. Sable Hirer, lake 
Huron. U.S.23 highway. All high land 
with excellent white sand beach. 
Zoned mar-in* commercial. Ideal parcel 
lor resort recreational development. 
£380.000. 

Contact C W. McGILL, Owner, 

3 1 17 Woods tea. Royal Oak, 
MICHIGAN 48073 


FLORIDA 

Wide range of residential and 
commercial properties available 
mortgage advice/assistance. Ex- 
pert impartial advice plus 
escorted property inspections by 
English FCA- registered real 
estate agent resident Miami. 
Phone (initially weekends only) 
01 373 1084 or write C. R. 
Coilinson FCA MBA, 58 Bramp- 
ton Square. Knightsbridge. 
London SW3. 


COTSWOLES, in die HeyUirop Hunt. 1 
mile Boo rton -on -the- Water, 17 Chelten- 
ham. A lovHv original 18th century 

Cotawold Mill for modernisation and 

Improvement. ' In a unique "away from 
ft af) " riverside sttiuton. wtai excel- 
lent trout fishing. Hail, sitting room, 
k-lhchemdlner. scullery. 315 bedrooms, 
adjoining mill, on 3 floors, with 
machinery la rooty Intact; numerous out- 
buildings and excellent pasture lend. In 
all about 33 acres. Auction (unless 
sold} 23nJ jane. Taylor A Fletcher. 
Stow -on-die- Wold. (Tel. 0451 -303B3.J 


CHARMING 

1BTH CENTURY CHATEAU 

With domestic qrarwn; period pan- 
ne I ling, seven! large reception rooms 
and numerous bathrooms; peaceful 
wooded surroundings; heated swimming 
pool; between Brussels and die coast, 
near Ghent; easy access to Bnmeli- 
Coslk motorway; 2.5 to 6.5 hecares 
ax required: price to be discussed. 
Address: J-F Agneesseas, Groendrecf 2 
8-9730 NAZARETH 
Tel: Ghent (Belgium) 091-85.49.75 
During the week after 7 p-in. 
Weekend at any time 


J*. !3 ,le slwle bank 
5 a lS2ILiIKL tr ^* ,t fi * h, no. together with 
4-oedroomed bungalow with services. 
51 st “. r £^ nd ’22? d '4n?S. tn all appro*. 
rjnn?M In the region 01 

£1°.°-SPP.. will. k» considered. Apply 
m u , w ' , , l,arn * * Partners. 27, Mutlev 
Plain, Plymouth PL4 GJG, Telephone 
Plymouth 2381617. icieppone 

CAR,B H EAN = B -334 so. n. site. 

U-^G OOn 1 {B ^ 3 M ‘? e L an,,c ocean front! 
U5W-ODO. T. Nielsen. c.’o Poate 
Restante. Hindhead. Surrey. 

M -y.f ,J& fu g ,Wl q*-_.*«clmrs. S roomed 

mm £ i„I° J 12J- Embassy or eom- 

6 V 286 fiiai! Jonathan David 

room S fi 7- J. 

«3S J U ) r '= e 7 lC 828 &,rfl * n - T.f. eAiJouSS 


RESIDENTIAL PROPERTY ADVERTISING 

Only £2.00 per line (minimum three lines) 

Return this coupon with details of your property 
together with your cheque and publication will 
take place next Saturday. 



CLASSIFIED ADVERTISING DEPARTMENT 
FINANCIAL TIMES 
10 CANNON STREET, EC4P 4BY 

or telephone 01-248 8000. ext 390 


A FENANCIAL TIMES SURVEY 

California 


21, 1978 


The Financial Times is planning to publish 
a Survey on California on Wednesday 21 
June 1978. The Survey will examine in 
depth the economic, political and social life 
of the State which is considered to set the 
style which other states follow. 

The main headings of the provisional 
editorial synopsis are set out below. 

INTRODUCTION California has weathered 
national recession and local drought, rains 
and mud slides with some facility and is 
once more, as it has done for much of the 
last generation, concentrating intensely on 
its own affairs. They remain the principal 
fascination — for the strong suspicion per- 
sists that as California goes so in due course 
does the rest of the nation. 

POLITICS 

THE ECONOMY 

BANKING 

AGRICULTURE 

AEROSPACE 

ENERGY AND 

THE ENVIRONMENT 

LIFESTYLE 

FILMS 

For further information of the editorial 
synopsis and advertising rates please 
contact: 

Laurance Allen 
Financial Times 
75 Rockefeller Plaza 
New York, NY 10019 
Telex: 423025 FT OL UJ 
Tel: 489 8300 
or 

Helen Lees 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4P4BY 
Tel: 01 248 8000 

Ext. 238 

FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 

an< * Publication dates of Stirvo.vs 
in tne Financial Times are subject to ebaago 
at the discretion of the Editor. 


! *< i 1 

















Financial Times Saturday May 27 1978 


motoring 


9 


■VKSfid 





w 


|** Si* 5 


r ' 

: v_: t . . 
; < v 



Through thick and thin 

BY STUART MARSHALL 

a ^r S ^p P ^n^ f0r S* leaSt T} better miles per gallon b * fu « distance which by any 
a year the cheapest in Europe, driving thoughtfully. standards is a worth-while 

become cheaper stiU in the Despite today’s petrol glut. SET worth-while 

last few weeks. Feverish price the need to 6ave energy in the a litr* ran nf rp ' 0 t vn j c 
cutting and the virtual dis- long term is as important as abmi f w!? 
appearance of Green Shield ever. One painless way of doing SjS t? h I 

stamps from the filling stations so is to change over to a very aJ^t^ nearty £1 more^hw 
has seen to that. _ thin lubricant when you car is SSL lhp L „ r St 

Jn the London area, four star next serviced. The other, of biSd " 20/30 ofls Iva^ablTS 
at between 72 and 74p is the course, is to switch to a diesel SLarket? ind motorisS 
norm. Plenty of stations go car, as I have often remarked in S hno«* 

"Clow that---like pie cash-only this column. At this moment I „y* .„ + Ua only 


pump in Beckenham with a have a Volkswagen Golf diesel ^ present. BP is 

company selling a 

■ _ — •.«— — “ ■■ WJ * W maiuyiuji — ■ — »*»»*** w** -%-aaaaaaj^ ivi 

on 


the 

LVO 


t I.5p sign. In Wolverhampton which I shall be running for company seu™g 
on Monday I filled the tank of some weeks. It has given me f r 'i" n b “* osiers are thought 
the Datsun 280C I had on test 51 “P S over nearly 400 miles. I? be ”2”* 

with two star at 69p (Barclay- primarily of open road driving. ..£ U „ e J 


cards welcome. Lt said at the big 1 hope to use it more in dense nJ? 11 *!!?? 

^ fit ss 

This week, there has been a D . , . . 

lot of fuss and bother in the Petrol marketing 


media about BP's alleged inten- economics simplv Will not 
tmn to close down 500 mainly r ~ 

permit the present 
number of filling stations , 
some of them the 
motoring equivalents of 
the little comer shop , 
to survive 


rural petrol stations. The story 
is antique. 

For years, BP has been saying 
that if motorists want to buy 
their petrol at supermarket-type 
discount prices, they will end 
up with nothing but super- 
market -type petrol stations. 

Petrol marketing economics 
simply will not permit the 
present number of filling 
stations, some of them the on *ts 
motoring equivalents of the course, 
little corner shop, to survive. changing 


performance in 


while the engine is getting up 
to running temperature. The 
more a car is cold started and 
run for short distances with a 
half-warm engine, the greater 
the potential savings from LVO 
Its use is approved by all 
major car makers except British 
Leyland. Ford engines are 
designed around it though, 
curiously. Ford's own brand oil 
is a 20/50 simply because this 
is the grade that at present 
accounts for 95 per cent of sales. 

BP has been pioneering the 
LVO market. The way of all 


due pioneers is hard. 

. .. . Many motorists still equate 

. - - ones ou is ^ thickness with an oil’s 

There is no question of 500 £?sjer than changing one s car. abmty l0 prot ect ^ eagtae . s 
BP stations being closed in the To see how a very thin lubricant movi 4 * at j^ h te £ pera _ 
immediate future. They will affects fuel consumption. I took -fb B fact istbat a LVO 

disappear slowly but inexorably my Marina 1.3 ejate to a garage ^ iqrq grade and an ordinary 
over the next five years, just °° Tuesday. A BP technohgUt 20 /M oil are indisSguisfa^ 

when hot. 


The contents of the 5-litxe-can 
one buys consist of 4 litres of 
oil and 1 litre of additives — and 
it is the ch 
ensure the engine is properly 
protected at running tempera- 
The oil’s function is to 
good 


as little grocery shops with attached an electronic flow 
counter service did when the meter to measure fuel consump- 
self-service trend began. All tion accurately and a member of 
the major oil companies are in S** 3 ? 6 staff drove the car 

exactly the same boat as BP. “.j!,® it is the chemical additives that 

None is making any profit from 8 norraa L sensible speed. The *- • 

petrol retailing at present. consumption was 3L2 mpg for 
By the mid-1980s, if the trend first * en “««. 33 m PS ° ver - ^ r es. 
continues, we could find our- *“■ A . . . . carry them: and very 

selves with perhaps 60 per cent lubricants are now being made, 

of the present 30 000 petrol the sump drataed «d fl»ed not for Mrs , with B out ^ 

retailing outlets. If we want ™ ~ n ,, S oil in them at all. 

cheap petrol — and who doesn’t? * bat fJ ®55fh? BP calculate that if all British 

-we shall have to get used ,o JW ZviJZ fi mne ran on LVO lubricants, 1m 

the idea of driving a couple of !;?%? m !es^4 5 pe? gallons of petrol would be saved 

miles to tank up at a big self- f° r tne first ten mites t*.o per - ^ . - theorv- 

service station. We won’t be better) and 3fil mpg for me in S 

able to buy two or three gallons |Je ^ whole course ( a 6.4 per cent Marina j wm rt 
at a time from old Fred s garage improvement ). 
just round the block because Finally, the 20/50 was drained 
Fred won't be selling petrol any and replaced by BP’s LVO (for 
more. light viscosity oil). The results 

With petrol so cheap and in- 34.8 mpg for the first ten miles 
comes said to he running ahead 16.8 per cent better) and S6.S 
of the cost of living again (or mpg (4.3 per cent better) for 
so une is assured though I the 15.1 mile circuit Cumulative 
haven't noticed it myself) less is improvement was 11.5 per cent 
being heard about the need to for both ten mile stages ,and the 


in 


my 

due 


course. 


Time to put the sport in order 


THE ABSENCE of Gary Player Classic at Pinehuxst as well as sponsors in being frightened last summer, Beman suggested Championship, his brain child 

from the Colgate PGA cham- in Britain and Australia, has by the possible consequences, to Foster that the PGA tour the Commissioner would love to 

pionship which started in beau- had to be content to field Kay At presen t, for instance, golfers should take over running the see achieve the status of a fifth 

tifiU weather at Royal Birkdale of its major title ^ toe us have t0 be released World Cup. There is no doubt major event Mr. Beman was 

/ eS iIS d S SSfrfq rtariPt« R f'nrS r a fh5S~' to P Ia T elsewhere by toorna- that the PGA tour has both also refused permission to have 
St ph fn™i£ *25^® !°f ?? Sij 6 *222 men t sponsors, with Beman the staff and expertise to do so very any say in the choice of foreign 

the formation of an inter- and Peter Jacobsen, and Peter 'T' arhi I er But Fosfpr WG „ inrlppr T tv,, m , pstinn golfers invited to the Masters. 


national body to sort out the Oosterhuis were also granted 


ultimate arbiter. But Foster well indeed. The question is golfers 
- Kaifpopc that in 1979 it- will whether it i^ beneficial for so Despite Beman s assertions to 

world professional circuit before releases to play here this week, o^eves “ ,ai m , ,* . tbe contrarv Lane fears that 

„ jn f aa ii„„ rtere Mn iwi be Beman alone who decides much of golf to be controlled ine contrary, une iears mac 

a mixture of ill feeling, mega- Bat-.tnere can be no arguing ^ y gQ the Commissioner's next move 


lomania and agents seeking only with the fact that this is the 
to farther their own selfish in- poorest field in the event's not- 
terests combine to destroy it able four-year history. 

Of course Player is not the David r. Foster, English 
only international class golfer chairman of the Colgate-Palm- 
missing from the line up here, Qjjye company, pleaded with the 
despite being invited for the Atlanta people and later with 


GOLF 

BEN WRIGHT 


g y vjxtue of their the Commissioner’s next move 
own weakness, too many of the logically will be to schedule 
so-called governing bodies in another big tournament to clash 
golf have let their powers be Wlth ^ Masters, 

eroded by agents and other Foster apparently infuriated 
purely commercial interests. Mr. Beman earlier in the year 
This is why there is such an by signing up Arnold Palmer 


ssxrjsEsr&'z xr n r„r yssra h tr"r ■s: 

portant absentee, ttot onty he- g** SfSS^S M ,eW " ** ^ ^ S £SS JSTAlKS 

cause of his recent tnimaphs, y^nt to play tiiere, that he would ^ . . , . , One appreciates the pressures did t , f would 

but aJso because he carries the ^er see the South African The Colgate chairman told Mr . Beman is under from those have recc3?vd permission from 
balk of Pen^ld advertismg in play in Atlanta than exercise his me yesterday afternoon that he 0 f b is members who would love Beman to appear at Palm 

Britain as this CoJgatepwned opt i 0 n not to play at all this was frankly amazed when to see u.s. circuit reserved Springs and it is now rumoured 

C °£ Pan £ S J e,1,C £ sta f. pJasrer ' week. Spain’s Seve Ballesteros, the for Americans. But if SJ5STSL ^ Jfian fares a S 

Burnq^ha^reli? Bat it is no secret that Mr. favourite here, was offered a these short-sighted isolationists suspension or both. 

staff players fir another Colgate- S's'ref^iZe^Te aS Xbf'to.f X?' "ou'nW™ wb “ B ™ a " 

ssMsss^* w u a SSSrES Swiss "r JrS R ^ 

also refused permission to play ggjg ££ refold hS relate Austtalian, Graham Marsh, was pubU ® WOlUd faeU ^ °^ V h five Foster threatened to tear 
at Royal Birkdale by the 50- d “°^ e th en tb at ^ e S forced to go through that tire- Tt « disturbing to see Mr up the contract for the lourna- 
strong group of businessmen ody the reqiS?ed min^um of some, nerve-wracking _ ordeal. Beman schedule a sponsored meot. Now Colgate has been 

who run the Atlanta classic Poster’s fear is that if tournament as he has done this deprived of a top class iield 


w“ X *nd h«d™ do « w open championship, the n,h, time-ant not a 

prestigious £50.000 Colgate vei7 we * out °* tbe U circuit - n f *k p F„ronpan WHliam F. Lane, who now runs moment too soon — for sponsors 

championship. In Foster’s opinion, Beman control of ^ European the U.S. Masters, has already to get together with golf’s 

So Colgate, which is a major is fast moving into a position cxrcu Jt- turned down Bcman’s appeal for governing bodies the world over 

benefactor of men’s professional of awesome power in world It is also no secret that when automatic qualification for to put the sport's house in order 

golf in the U-S.. where it spon- golf, and he is by no means that marvellous man-a bout-golf. Augusta for the top 20 players before it collapses like a pack 

sors the $150,000 Hall of Fame alone among major tournament Fred Corcoran, died suddenly in the Tournament Players’ of cards. 


15 American tournaments per 


year in direct opposition to the here at Southport it is obviously 


SPONSORSHIP 

BY TREVOR BAILEY 


initially, governing bodies or series: sponsorship of an championships, Wimbledon and on radio and television and 

were inclined to regard the new- Individual, club, team, or the European athletics cham- editorial in the Press. It fits 

comers with distrust, dislike and league; sponsorship for training pionships. in very well with its aggressive 

distaste. They were greedy for and coaching schemes and spon- If Scotland win the World £5m advertising and price- 

their cash, but often failed to sorship as an entertainment and Cup (!), sport will receive cutting campaign and indicates 

give the sponsor value for hospitality exercise. £100.000 and £50,000 should a major drive for a good share 

money, overlooking the fact that This week saw the launch of Ij ® ster Pi 8S° tt win the Derby or of the market before a possible 

" - a clamp down on cigarette adver- 


mn«T?nT T Q fnn/ , the majority of large companies British - American Tobacco’s ? ,® l J t S h P‘ay« capture a cl mnp down on « 

DESPITE NUMEROUS fund- ^ not philanthopists and state Express Challenge which Wimbledon title. Although the t-uins »n Britain, 

raising schemes, sport, in an era expect a return on what they j s reaily a new variation of an total contribution could theoreti- Whether sport, with its 
of largely declining gates and invest Only recently a sporting 0 i d promotional idea, awarding caJ1 - v * UU01in t to £500.000. a more emphasis on good health, should 
ever increasing costs, has never administrator was full of praise mon ey for a specific achieve^ probable sum is £180,000, 60 per actively support the planned 
bad sufficient money to go for a firm whose sponsorship ment j n an established event— rent of wh5ch £° es direct to ^ publicising of cigarettes for 
round. In recent years new was so low key that few ^ ho]e m one, goals scored Sp0rts Foundation and the money is an interesting ethical 
benefactors have arrived in the realised it existed, but that is in a season, or the fastest remaining 49 per cent to the point Cricket, tennis and horse 
shape of commercial sponsors, bardly the object of the exer- iqo governing body of the sport racing have been doing this for 

Usually in partnership with Stale Express has rarefully “Jf 1 ™ 1 - . „ years, arguing that the cash in 

television, they have come to Although there are many selected major televised events Under.slamiehly, the repre- their coffers has more than 

the rescue and, in the case of varieties of sponsorship, the from six different sports: the 5J255 ° f Sf„ Cb ?,‘, en o S .-*^ JmJ ' 'S 


first class cricket, have been a chief are as follows; sponsor- World 
salvation. ship of an event, competition. Tests, 


Cup, the Derby, the 
the world swimmin; 


BRIDGE 


E. P. C. COTTER 



MY FIRST hand 
illustrates a form of 
management which I 


dummy's four was played, and doubt delights him. We ruff the troduced Blackwood. The 
the Ace won. The declarer now heart return, draw the outstand- response of five spades was 
cashed Ace and King of trumps, ing trumps, and cash the dubs, cheering, and South bid six 
and the 3-1 break came to light, discarding a diamond from spades, 
so be turned his attention to hand. The contract is safe, and West led the diamond Queen, 
clubs, hoping that East would we try the diamond for an over- won with dummy's Ace, and the 
hold at least three cards in the trick. declarer at once ruffed 

suit Unfortunately. East ruffed My second example comes diamond high in his own hand. 
t . the third club, and the diamond, from a top-class rubber: 

/ paay switch defeated the contract 

trump 

have 


The high performance 
golf ball from... 


Let us replay the hand. We 
_ cover the heart Knave with 
described more than once, but dumm y s Queen f0 r psyrbologi- 
as it seems t 0 be a blind spot CjU rMSons _ t0 H gj ’ ve t £ e 

even. with -.ood plajers. I nuke j mpress j 0T1 that we hold another 
no applogy for giving one more heart beside5 ^ Ace ^ ls 
example, which occurred in a mi3bt causc a defender t0 


• N 

♦ 10 9 3 
<3AQ 

o A 8 7 4 

* A K 


better than average rubber: 


W 

♦ 10 
J 10 9 
O A Q 6 
* 8 7 6 3 


N 

♦ 642 
G Q 6 4 
0 8 5 3- 

* A K J 4 

E 

♦ Q J 8 

72 CK853 

O J 10 9 2 

* 10 2 


W 

*62 
10 8 6 5 2 
Q J 10 5 


A K 9 7 5 3 
A 

K 7 4 
Q 9 5 


Crossing to the table, he ruffed 
another diamond high, went 
again to dummy, and ruffed the 
last diamond. 

Now be led a low club, in 
tending to finesse dummy 
seven. This would endplay East 
and force a return that would 
yield the twelfth trick. West, 
however, was too experienced 
player to be caught like that — 
he put up his ten of clubs. 

Unperturbed, the declarer 
won with the King, and returned 
to hand with a trump. The fall 
of East’s diamond King had 
shown that the trump • on the 
table was no longer needed, as 
we can afford to lose one trick North dealt with both sides the endplay did not include the 
in the suit — without letting vulnerable- and opened the bid- ruff discard element. 

East obtain the lead. At trick ding with one no trump, to A second club was led. This 
two. therefore, we cross to which Sonth replied with three time West could only follow 
dummy's Ace of clubs, and lead spades. With three controls and with the two. and the seven 


wrong. 

When we study the position, $ 
we see that the only danger, if * 10 2 
trumps do not break, is that 
East will get in, and a diamond 
switch will defeat us if the 
Queen lies with West 

Then our whole object must 
be to draw trumps — remember 


J 7 

E 

♦ 5 

"/ K J 9 4 

O K 9 3 2 

* Q 9 8 5 

- S 

♦AKQJ874 
V 7 3 
O 6 

*643 


the two of spades. When East a maximum no trump. North was finessed. East bad to win 

produces the eight we cover might well have accepted spades and either a heart or a club. re 

^. ith t * le . n,ne » and West makes by a outbid in clubs, but he turn gave South his slam con 

South dealt at game ^ to East- his singleton ten, which no bid four spades, and South in- tract 


West and bid one spade. North 
said two clubs. South rebid 
three spades, and North raised 
to four. 

West led the Knave of hearts, 




CflTWOF 

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Obviously there is no point choosing 
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■= ASBmwwsiBWNCEGROUPCOUWir 

Sentry House, 56 1-cadcnhall Street, London EC3A 2BJ. 


CHESS 

LEONARD BARDEN 


game and try for the world title Q-KBl; 21 P-N5, PxP: 22 PxP 
in their tale forties. \’-R4: 23 Q-B3, P-N3; 24 P-K5! 

The most highly motivated BPxP; 25 PxP.PxP; 26 QxKP, 
veteran of all is Samuel Q-N2: 27 N-K7 ch. K-BJ. 
Rcshevsky. the former U.S. cham- If 27 . . . K-Rl; 28 QxP, threat- 
pion and one-time boy prodigy, ening R-Q8 cb. 

who for years believed it bis 28 Q-Q5. R-Kl; 29 NxP ch 

JHBnBaHBnBBBBBim destiny to capture the world QxN; 30 RxR ch. K-N2. 

championship. During Resbev- If 30 . , . KxR; 31 Q-QS mate. 

ALL THE attention focused on sk £*i«£Su P la > in S years in the 3 J QxBP ch: 32 K R3 

rising chess players in their teens qualified for the Resigns, 

and twenties makes any chess- t- 3n didates tournament to be 

- -* *--- — ! of 


If 32 


Q-B4 cb: 33 R-N4 ch. 
POSITION No. 217 
BLACK (14 moil 


pioyer over 30 feel sometimes beaten partly by weight 
that he is living on borrowed numbers of USSR opponents; and 
time. A tournament success actually won a short ficur- 
which, at 20. is considered as a ? an .t/ ^Jte s against Bo tvinnik in 
promising augury of a budding 3 u55K-uSA match but could not 
impact ® et a - ^tle chance outside the 


Fischer, makes little impact - a , 

when achieved by an older __ 

plaver Reshevsky is now nearing 70, 

to fact, the majority of chess i"L h t ?J*£? ns ?P le " dW £= htin i 
masters — and by implication all smingest 

tournament, and match players — !° U n ^ n ?h^.£ eCe " tl ? he 
remain close to their peak up to ?^°cpvpw »1 1 «j Lo C e 

their late forties and not far off {?c SJS nl W £ en 

•‘SSL** . urasi w5™ P 

the 0l w up H sb series takes place later this year, 
remarkable for he is sure to be there making 
their longevity. Blackbume beat ye t another attempt at a place 
Lasker, then world champion, in the interxonaL Quite possiblv 
when he was 58, and participated he still cherishes a secret belief 
■ ih credit in the great SL that he could beat Karpov in a 
Petersburg tournament of 1914 match. 1987. This is a typical attacking 

at 72. At St. Petersburg he won This week's game is typical position from a reversed King's 
in good style from Nimzovitch. Reshevsky: ao unpretentious Indian (1 N-KB3 followed by 
then a rising young grandmaster opening, but a quick understand- P-KN3. B-N2, P-Q3, P-K4 and 
and theoretician, and provoked ing of how the white queen and switching White’s pieces to the 
the comment ** Der alte ganif hat knight can combine tn attack king's side). White (to move) 
mir scschwindelt." weak squares iu his opponent’s now forced a win by a standard 

Amos Burn, by profession a _ break-through, thematic to this 

cotton broker, began his serious J*- Reshevsky (U.S-)- opening. How did the game 

ebess career in his middle Black: S. Kagan (Israel). Open- finish? 

i i_;_ < . ms: Kin? ! lniU-m h„ ■ 


s 


& 










m 



T 






1 

ft 


& 


i 


mu ■ 

J 


i 




J 



■ ’ • 




[2 



s 




i 





WHITE! 14men) 

Tompa v. Anikaev. Budapest 


PROBLEM No. 217 
BLACK (3 men) 


thirties and scored his best ***£ lnt H ; SL,? y ^"SP 05 *- 

result. first prize at Cologne 1898. ,ic J5. (Netanya 1971). 
at age 49. More recently. Sir _ J n ° v * s were 1 

George Thomas only took up r^p5w‘5SL 2 .®l\ 3 L P :^ 3 j 
international chess seriously 3 T ° 

after establishing himself as one ^‘£5?’ ,£2 ® ^ 

o! the world’s leading badminton V* e < he T c 

players: and his Greatest success. Jf 6 ’jl* 1 Q R4 , ch; 

first equal at Hastings 1934-35 ^ d Snows^SSte t SntS f?S 
ahead of Capabianca and ^1 ^uare 05.^ C ° Dlr01 ** 

Botvjnnik. came at 53. 7 0-0, Q-Bl- S R-Kl B-Rfi- 9 

Motivation is a key to a long P , K 4. BxB® io KxB P-K4- ’ll 
chess bfe. Near misses in a pxP, KN-Q2; 12 \.B3 \xP : 13 
major championship can stimu- jj-Qa. N(l)-B3- 14 K x v BvN- 
late a player’s appetite for 15 Q-Blf " ’ 

ultimate success and keep him Exchange of the dark squared 
striving for honours long after bishops enables the white oueen 
others hive lost their ambition, and knight to combine with 
The disappearance from active tactical threats against K7 and 

chess of Fischer and the decline KB6. wins* tw ana 

in fora of Spassky contrast with 15 . . -_Q-Q1; 16 P-KB4. BxB; at latest against any defence (by 
howVthe late Paul keres and now 17 Q*B. P-B3; 18 QR-Qi. R-B2; A. R. Allison, Loughton). 
Korchnoi continued to hone their 19 P-QN4, P^JR3; 20 P-QR4, 



























A 

$ 







& 

m 



s| 









* : 


i 

. ’ 


•• 

* 














WHITE ( 7 men) 

White mates in three moves 


Solutions Page 12 


delighted. After all. here is this argument applies equally 
the ideal sponsor putting up to athletics and swimming is at 
money and wanting nothing in least questionable, 
return, apart from success in It is easy to appreciate why 
events for which the competi- the officials of these two sports 
tors are completely committed, are prepared to adopt a grey 
BAT is an efficient company attitude which condemns 
which does not give away large smoking on the one hand while 
sums of money without seeking accepting money from it with 
a return. Tt hopes that this the other. Are they right, I 
sponsorship, apart from good- say to myself as I reach for 
will, will create talking points another cigarette? 


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aertime. 



SCULPTURE FOR 
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financial rimes Saturday May 27 197S 


TRAVEL 


And America is over there 


BY PAUL MARTIN 


WHEN YOU stand on Slea 
Head, Ireland's most westerly 
point, and Raze out beyond the 
now deserted Blasket Islands, 
there really is nothing between 
you and America, The sreat 
Atlantic rollers crash in at Iho 
foot of the massive cliffs, spout- 
ing and spuming up over the 
racks in ' a never ceasing 
witches' cauldron. 

Although I have visited Ire- 
land fairly frequently this was 
The first Time I had managed 
to pet out to the Dingle 
peninsula on the jagged west 
coast of that must lovely island. 
Crossing over to Cork on the 
B and I night sailing from 
Swan -“a fur the last time — iho 
!> ,,, m:nnl sn*»vos t«» Milford 
Hav->:i iii'M year — a pleasant 
ilrivo. partly following the River 
I ,e»\ brine- you m to Diw-ile 
I'vn. an attractive huddle of 
iiaiiM— ■ bir.l* an mi id the small, 
v a tc red harbour where blue 




IRELAND 



PAUL MARTIN 


Uppertake, Killamey Co. Kerry 


ti shrug boats rock gently at 
anvil .-r. 

Ding.* -, snrnmndcil «m limy 
side.* bj h: make- a voud base 
fro.ii winch bi tnur tile .uva. 
Dir i a ;uo* are nor great ami. il‘ 
y.iar :s short, you ran 

explore in- -si of it on a long 
weekend. Slay a bit longer and 
yi, ii can take advantage of i.hc 
!i-n:i:g. riding or gull and, dur- 
ing the summer, the «ntuli rocky 
ow*- and tin? superb slivieiio* 
»•.' randy beaches, always in:u‘ked 
a> -tran-As. 

I weiti lo DincU* over a 
blustery and rank-odd on Easier 
an S lee roa-inv log and peal 
lire- in the very coin fort? h!o 
am! ai tractive modern .Seeing 
1 v..ro all the more wel- 
i •■nil*. As li-e local- ai.'ii fre- 
the liar, there was link- 
tv.-.’d to look for additional 
t ilerij-.nmer.t — gel three or 
i. ur Iri'hmeR together and the 
i"'k and laughter fl<*w. So «*u 
!:i • dark stuiT arul the songs! 
There are ak-» seine -'ngmg 
the i*'wn, a sh**rt walk 
ire::: -.he hotel. 

Thy See die. w th an r.pen-mr 
h-'-'.od «v. imanng uuul and 

t>*m.« court*. i> open from 
March pi mMDe.emivr v n!i 
a w d e*n ! -pen- m u lYnni 

£62 !»:j They really do rater for 


families with generous dis- 
enunts Tor ehildren who have 
their own supper time and high 
chairs and cots are provided 
for the tuts. 

A truly spectacular road from 
Dingle Hikes you over the 
Conor Pos. with a view of ihe 
Paler muter Lakes, and then 
drops down iu the coast, skirt- 
ing Lhi* great bays of Brandun 
ami Tralee with miles of sancly 
sirandj before eonlinuing to 
Tralee, the ’Vapital" of the area. 

Tralee is a bustling, thriving 
town which provides all types 
of accommodation for holiday- 
maker.-. A charming rose 
garden and a small memorial 
in the Tmvii Hark commemorate 
William MideJiinock, the com- 
poser of Llio famous “ Rose of 
Tralee/’ who died in the town 
in ISiH. 

The south road from Tralee, 
through Castlemaine and back 
to Dingle, hugs the shore of the 
bay and dedicated riders of the 
rollers come from all over 
Ireland to Inch, where over 
Atlantic breakers pile up far 
out in the bay and then sweep 
iu in Hie sandy shore in long 
unbroken rollers. 

The western part of the 
peninsula is an archeologist's 
paradise with promontory forts, 
ogham stones and a wealth of 
clochauns or “beehive " houses. 
Thi-.se ancient inhabitants were 


masters of dry stone building 
and the best preserved 
example is St. Brendan’s oratory 
at GaUarus. difficult to find ii 
they have not cut the fuse hi a 
hedge which hides it from the 
road or if the sign has blown 
down! Even so it is worth try- 
ing to follow the voluable and 
often conflicting directions re- 
ceived en route. 

There are also still some wood 
and hide boats about, similar 
to that built and sailed by Tim 
Severin on his remarkable 
voyage to prove that the in- 
trepid sailor-monk. St. Brendan, 
could have discovered America 
long before Erik the Red or 
Christopher Columbus. 

An entire model village- 
complete with church, pub, 
school, shops and houses was 
built near Veniry. along the 
coast, for the filming of “ Ryan's 
Daughter " but it has since been 
demolished and sheep now 
graze where the never-never 
village of Kirrary once stood. 

During the summer in good 
weather, there are frequent 
boat trips from the little jetty 
at Dunquin out to the Blaskets, 
those enchanted islands im- 
mortalised by O’Sullivan in his 
book "Twenty Years Agrow- 
ing." Inquire at the Kruger 
Kavanagh bar which doubles as 
village shop and pub. The 
round trip costs about £2.50 and. 


as there are a small beach and 
a cafe-cum-pub out there, it is 
a good place for a picnic. If 
you are in luck, you may also 
see the seals. 

For those wanting . a selF- 
catering holiday, the Dun an 
Oir. the most westerly hotel in 
Ireland and tucked away in the 
shelter of Smerwick harbour, 
has a group of 10 charming, 
whitewashed cottages sleeping 
6-8 people. Fully equipped, 
they are open year-round at 
rates varying from £40 to £90 
per week according to. size and 
season. 

If you get tired of cooking, 
meals can be taken in the main 
hotel but this is open 'only from 
mid-Mav to mid-September at 
weekly half-board rates from 
£74. There are a nine-hole golf 
course, a heated swimming-pool 
and riding stables within the; 
complex and the fishing in the 
whole area is excellent 

Whether your preference is 
for surfing, riding, fishing, 
antiquities or just relaxing and 
driving through the. inspiring 
scenery, ’ with blue seas and 
mountains and the gold gorse 
and sandy beaches between 
towering, spectacular cliffs, the 
Dingle really does delight 

ADDRESSES: B+l Une. ISk Resent 
Street, London W1R -7FD:' Dnn an Olr 
Haul. Ballyfnrriter. Co. Kerry. Inland; 
Irish Tourist Board, ISO- 151 Nm Howl 
Slreot, London WIT BAO: SojUTg Haul. 
□Ingle, Co. Kerry, Ireland. 


“ITS PATS birthday bn 
Sunday week" said Peter. 
“ We'll be away " we said u but 
never mind, come to lunch with 
us in France." And they did. 
They drove to Dover, parked, 
and caught a mid-day Hover- 
craft to Boulogne. We met them 
and drove to a secret auberge 
(just that little different to a 
pub) and had a glorious French 
Sunday lunch of the type that 
ends about three-thirty. They 
caught a Hovercraft home at 
about six. 

And it is a sort of secret 
hinterland, behind Boulogne. 
The majority of UK travellers 
probably hit the town and then 
start hurtling south or to Paris 
while those coming the other 
way are making fast for a 
particular ferry. But a nice 
gentle drive up or down the 
coast or into the country for 
twenty or thirty miles with a 
long weekend or a week In view, 
especially in the spring, will 
demonstrate- that this particu- 
lar patch of France has masses 
to offer, including Boulogne 
itself. 

There is pottery at Desvres, 
there is one of the best res- 
taurants in North France at 
Wimereux, there is the walled 
town of Montreuil with its 
famous chateau and there are 
miles of beaches including 
those at Le TouqueL 
. Michelin map No. 51, a copy 
of the Michelin Red Guide and 
fearless determination to ex- 
plore what I call the white 
roads — they are white on the 
map-r-have never failed to give 
us enormous, if quieL pleasure. 
An additional aid for travellers 
is "Bon appetit on the Opal 
Coast” by Victor Wear which 
has just been published by 
Time Off. In no sense does the 
booklet set out to be definitive 
or to classify the restaurants — 
it is purely “ one adventurer's ” 
personal experiences. 

“Basically the idea of the 
book was to compile a list of 
out-of-the-way country places 
normally frequented by the 
French, within a distance - of 
some 40 kilometres east and 
south of Boulogne." The white . 
roads are fine for seeing the 
rural life which “cannot have 
changed much over the past 
100 years " but “ avoid the 
dotted or half-dotted lines un- 
less you've brought a Land 
Rover." 

Argoules is one of the out-of- 
the-way places. ;Go'wg south 
from Montreuil - on the. N1 to 
Nampont you turn left immedi- 
ately after crossing the Authie 
River on to the D182. This is 
an enchanting valley and you 
come to the pretty village in 
which stands the Gros TilleuI, 
the big lime tree in front of 
the auberge of the same name. 
(There are rooms in most of 


Secrets around Boulogne 



• The Gros TUleul, in boths senses, at Argoules. 


the inns in the area)." . is Cucq where at Chez Claudine which is delicious, light, d ®li- 

“Had the weekday FFp 34 the specialities are seafood cate and mysteriously neroed 
menu with terrine, le saucisson and guinea fowl cooked in port, and I’ve never seen a recipe 
chaud, 1’andouillette an. whisky, Etaples has an excellent market for it. 

]es tripes maison and the on Friday mornings which is Further north near wissapt 
inevitable tarte. Really smash- useful if you want to bring you are commanded by sjgns to 
ing. Washed down with carafe some cheeses and other foods “ Visitez le blockhouse. It is 
wine and a gopd coffee. Cost home with you. It also has the one of life’s rarer experiences 
was Fr 43 and you cant get Hotel du Lion d’Argent, an old to explore the old fortification 
______________________ coaching inn on the attractive which housed the big guns and 

main square. “The dining it is a shock when down below 
. room is at the rear of the hotel you enter a room in which 

rRANCt and although it looks attractive dummies are sitting around 

at night is in fact seedily dingy kitted out in a variety of unl- 
PAMELA JUDGE during the day. Don’t let this forms. 

put you off." With such richness of diet 

■■■■■■■MHMHHiilH The Valley of the Course runs and choice it is essential to 
*h an ' cpnriVp roughly from Desvres towards intersperse meals with tight 
w^ OK— I don^f romemblMoo Montreuil and is dotted with picnics and there are thousands 
L mi villages and farms (and some of nooks and crannies to be 
new buildings) and a troutery. found. One particularly good 
35 ^’ J Eo ? y 13 ^ Virtually every village has an place is the huge forest behind 

wUr dJS auberge^with a restaurant that Boulogne which, as is nearly 
of Armagnac. . Mr. wear aoes worth eating In. The always the case in France, is 

ES'ffl r;: Ws&fi •« wi,h benches “ d 

-5" A U T There 'Ton, A-Ar g „u.o,.o Z bring, 

huge, wdd and harbours heaven gmne of skittles, us to Zerables in the Course 

**“5 * ” 7 SP Reid MaShafTmmel made valley. It is signposted and 

“ Scent ic in the vallev of the chateau at Montreuil his the track leads down to a 
the nn Ihe Di 97 Monr headquarters for a time and duster of farm buildings and 

reuil to De™ ?o^d The it is just the place to visit " if the restaurant Aux Lacs 
reSaniSit SSn Debtive is have that understanding d'Amour. There is a magnifi- 
r f s |. ^ ant : . - 1 V r n it " h ank manager." The a la carte cent view of the lake and fields 
tSc butTu must boof U *cnu "is not extensive but is and for FFr 25 you get what 
S' idea Nearly lerwhero expensive. A very well you’re given - which is 
IrJuhd) since the fSd h i^ balanced menu including such absolutely no hardship wkatso- 

“ cm»ch!n«r in a law cuisine specialities as duck pate, ever. t 

mariner lobster omelette and sea bass.” if you want the British 

' Also * tucked awav is the 1111016 u no merit in soing papers a quick ^ t0 Le 
illT i. S Z, Jhp to ' the Hotel Atlantic at Touqet or Boulogne from your 

habh^d d vUlie F of Condeue Wimereux unless you are pre- hideaway provides an excuse to 
abSut ten tos soum bf P»*ed to have a Well-filled buy a local paper (to get the 
Boulogne * The' beaches at wallet considerably lightened, gossip) and a coffee before head- 
HSSt^nA Eouihen a?e duiS « * not just that it is expen- ing for lunch in the many 
near but Condette has a^ake sive— it is— it is also superb so restaurants in either town. Both 

tt 6re is no P° int in sP° ilir, S places are well documented and 
Sise^slldSlnd's^and ^ ship for aha'porih ofta. enjoyable but they are not 
climbing' frames. -Also : there’s There is a sort of fish temne seo-ets. 

a .rather exotic ruined, chateau yobt weekend e: Austria zm iwaiimi Furtuer inquines . lime u , 

—the Chateau Harffeiot" • S’-®- Fran “ sJJ, tu>iy x5«. 0™°“ 2a. Chester Close,.. Chester 

uie v^naieau naraeiot. . S6-Mi Spain xaloo. swiaenand 351, U5. u,. > -. V1 »■ •* 

. About 5 kins south of Etaples umsa. source: Thomas cook. oireei. owl 


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THB CHELSEA Flower Show, 
held this past week, has been 
an unqualified success, even the 
weather relenting and the sun 
shining warmly on the usual 
eager crowds of visitors. It was 
au interesting show, providing 
a striking contrast between the 
British and European approach 
to exhibiting. In this country 
the emphasis has always been 
on individual plants displayed 
for their beauty, or rarity or 
even sometimes, one must con- 
fess, for little more than their 
botanical interest. In Europe 
this kind of thing has never 
cut any ice and fiower shows 
have always been conceived as 
breathtaking spectacles at which 
the public was expected to gape 
in admiration but never stop 
and place an order. 

The Dutch Flower Growers 
.Association displayed the 
system to perfection, creating 
the tallest as well as one of ‘be 
largest exhibits in the show, 
with elegantly arranged stands 
of flowers towering almost to 
the ndge of the great marquee 
which was further extended 
this year to accommodate a few 
mnn? of the waiting list of 
would-be exhibitors. Here were 
some i*f the finest gorberas to 
ho found in Europe together 
with lovely lilies. super- 
iloriferous begonias, carnations 
and orchids but never a cata- 
logue ;n sight nor any attendant 
to bin* when.- any cf these 
treasures might be obtained. 

It i.i urerly different with the 
British ex'ubiis whether they 
.sri* vast and slightly bovvlderir.;: 
.‘/splay-- such as those of 
Hillicrs of Wwichcisier nr 
\ou-uits of Weodbridse or the 
much more modest and com- 
prehensible arrangements from 
.'•mall nurseries with thetr own 


specialities such as Beth Chatto 
(“Unusual Plants" is the name 
she has chosen to trade under). 
Southdown Nurseries, with their 
entree to some of the best 
Cornish collections, Ramparts 
Nurseries, better known to most 
gardeners under the name of 
its founder, a pioneer of grey 
and silver plants, Mrs. Desmond 
Underwood who sadly died a 
few weeks ago, W. E. T. 
Ingwersen, the alpine plant 


GARDENING 


ARTHUR HELLYER 


specialists, Thomas Garlile with 
hardy perennials and Fibres 
Nurseries, 

What would we do without 
them and their fascinating speci- 
alities. Fibrex have succeeded 
in amassing a collection of 
ornamental ivies which surely 
must be the most comprehen- 
sive since Shirley Hibberd 
wrote bis definitive work on the 
genus a century ago. This firm 
is also resurrecting a lot of the 
delightful hardy ferns which 
were fashionable in Shirley Hib- 
berd's day and had almost dis- 
appeared except, perhaps, from 
the private collections of mem- 
bers of the British Pleridologica! 
Society who have never ap- 
peared particularly eager to 
initiate others Into the mysteries 
of their cult. Iam delighted to 
see hardy ferns readily avail- 
able a^ain for there are no 
buiier foliage plants for shady 
places. 

If warmtb and dryness, rather 
than shade, are your problems 


the New Zealand -flaxes might 
well provide some part of the 
solution. The ordinary species, 
Phormium tenax, makes tall 
fans of stiff, sword shaped, green 
leaves which are very handsome. 
For as long as I can remem- 
ber there have been three varia- 
tions on this, one named Atro- 
purpureum, with purplish 
bronze leaves, another Variega- 
tum, in which the green leaves 
are streaked with cream, and 
the third, named Veitchii and 
always more difficult to pur- 
chase. in which the variegation 
is soft yellow. At that point 
our breeders seem to have 
rested but not the New Zealand 
nurserymen who have gone on 
raising more and more varieties, 
some of them quite short plants, 
some with almost beetroot red 
leaves or, like Sundowner, 
which won an Award of Merit 
at Chelsea with olive green 
leaves flushed with the colour of 
crushed strawberries. There are 
some lovely plants among these 
and Bressingham Nurseries are 
making something of a speciality 
of them but they are not exclu- 
sive to this firm since young 
plants can be freely imported 
by air from New Zealand and 
several nurseries are taking ad- 
vantage of this facility. 

Roses were uncommonly good 
this year, all, of course, grown 
under glass since Chelsea comes 
too early for roses to be cut 
from the open, but nonetheless 
welcome as a preview of what is 
to come. Though not exactly 
new, since it was introduced by 
Meilland Star Roses in 1975. I 
do not recollect having seen 
Charles de Gaulle before. I 
thought it a very fine rose if 
you like the blue-lilac colour in 
roses, a big almost globular 
bloom full of perfume. Another 


monster that I had previously 
overlooked is Champion, pale 
lemon and pink, very shapely 
and admirably shown by Fryers 
Nurseries, 

At the other end of the scale 
were the miniatures shown by 
C. - Gregory and Sans, among 
them a genuine novelty, Dres- 
den Doll, the first true miniature 
with the characteristics of the 
old Moss roses. It is pale pink 
and so lovely that I think it 
must become a best seller. Its 
history is fascinating for it Is 
the culmination of 30 years* 
work by a Californian rose 
grower, Ralph Moore, who set 
out to produce precisely this 
combination of qualities. Nor 
is it his only achievement and 
Gregory and Sons had another 
of his new seedlings, Stars and 
Stripes, a miniature with tiny 
flowers splashed with rose and 
white in the manner of old time 
Galliea Versicolor. Because it 
Is genuinely a seedling, not a 
sport from a red on white rose, 
it is said to be completely stable 
with no tendency to revert to 
parental colourings. 


STARTLING research reports 
appeared not long ago saying 
one in every three British child- 
ren is ** disadvantaged.” The 
same night I discussed the 
reports with a graduate teacher 
who had just cooked a fine 
dinner, her graduate Old 
Etonian teacher husband, and 
a graduate research worker. 

We discovered that, by the 
reports' criteria, we had all 
been disadvantaged children. 
“ If we were born again now," 
said the Old Etonian pouring a 
second round of brandy, " the 
State would never abandon us 
to a fate like this.” 

The incident was recalled by 
this week’s report on the 
Warnock Committee's four-year 
inquiry into the education of 
handicapped youngsters. It 
asserts that the share of the 
school-age public ill fitted for 
standard education is not one 
in every 50 as allowed for in 


CAREERS 


MICHAEL DIXON 


In what has come to be known 
as the “ Hand Painted " class of 
roses, of which Picasso was the 
precursor, Priscilla Burton now 
appears to be the most spectacu- 
lar:- Its flowers are larger than 
those of Picasso, the red colour 
deeper and more crimson 
making a striking contrast to 
the white. In 1976 it won the 
highest award of • the Royal 
National Rose Society, the Presi- 
dent’s International Trophy, and 
at Chelsea it was well shown by 
John Mattock who is intro- 
ducing it for Sam McGredy who 
raised It and many more seed- 
lings of similar type and is now 
breeding roses in New Zealand. 


the country’s special schools. 
The committee’s estimate is one 
in every five. 

So it seems that the number 
of children who must officially 
be assvned to be handicapped, 
has suddenly been multiplied by 
ten. But Mrs. Mary Warnock, 
an Oxford don, and her 24 
colleagues don't like the term 
“ handicapped." They want it 
statutorily abolished. Instead, 
all children with disabilities 
which hamper education-rang- 
ing between mental deficiency 
and emotional aversion to the 
classroom — must be designated 
“children with special educa- 
tional needs.” 

Nor should the country any 
longer approach disability by 
making provision for certain 
afflictions like business or 
epilepsy, and assigning un- 
fortunate youngsters almost as 
specimens to the facility most 
suited to their case. Instead, 
we must begin with the particu- 
lar child, subjecting It to a care- 
ful diagnosis from which to 
prescribe the appropriate treat- 
ment. This would be supplied 
in normal schols where feasible, 
but otherwise in separate institu- 
tions. 

Accordingly the report con- 
jures up an elaboration of pro- 
cedures for early detection and 
care of ‘learning problems.” 

Where these were not dis- 


Kafr;. 



covered until the child was at 
school, there would be a five- 
stage diagnostic process. If the 
difficulty could be overcome by 
the normal teachers, all well 
aod good. But if it persisted, the 
successive stages would bring 
additional specialists wi aging in 
from the medical, psychological, 
and social-work fraternities 
until, at the fifth "multi-pro- 
fessional" stage, they would all 
be perched there together like 
so many owls. 

Any parents’ dislike of their 
offspring's being subjected to 
sucb an inquisition would not be 
allowed to hamper the proceed- 
ings. Local education authori- 
ties would be empowered to 
“require the multi-professional 
assessment of children of any 
age." 

The proposed new approach 
looks attractive. But the com- 
mittee's advocacy of further 
legal transfer of parental 
prerogatives to enclaves of 
specialists must be based on far 
stronger faith than I have in 
existing behavioural science, 
and also on a certain 
nonchalance towards democratic 
principles. 

Moreover, many emotional 
and social disorders might dis- 
appear if education would offer 
a curriculum for the roughly 80 
per cent of youngsters whose 
less-con genitive intelligences and 
extrovert personalities are not 
engaged by the present over- 
whelmingly academic character 
of schooling. Perhaps the worst 
educational handicap is the 
educator's blindness to Che 
evidence that they have no pro- 
duct suitable for four out of 
every five of their impressed 
customers. 

Also, what is the practical 
point of officially abolishing the 
distinction between forms of 
disability? It is not in the mind, 
but in cold fact that there exists 
a difference between afflictions 
such as brain damage and 
hindrances such as dyslexia. 

Afflictions have consequences 
that cannot be largely overcome 
by old-fashioned guts and 
application coupled with the 
support of lay people. But 
hindrances can. To suggest that 
there is no essential difference 
is surely at once to demean the 
struggles of the severely handi- 
capped while providing the 
merely hindered with an Incen- 
tive to bewail their birth instead 
of striving to help themselves. 

So, although some sound 
suggestions are sprinkled among 
the Warnock Report’s 416 pages, 

I feel that in general it borders 
on an officious prescription for 
national hypochondria. 






Jr.#? 




§v;.- 













Financial Times S&turffay May 27 I97S 


11 


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HOW TO SPEND IT 



by Lucia van der Post 


^is© 


ABOVE: Simplicity coupled with great 
sophistication seems to me one of the 
hallmarks of all Eileen Gray's work. There 
is also about it the sort of timelessncss that is 
the mark of really great art. This chair 
exemplifies almost perfectly all these qualities 
and when one stops to remember that this 
chair was designed in 1929 it seems even 
more remarkable. This was the time when 
tubular steel was jnst beginning to appear, 
when besides Eileen Gray, people like 
Marcel Brener and Mies van der Robe were 
also experimenting with using tubular steel 
for furniture. This is the chair that 
Eileen Gray designed originally for 
Suzanne Talbot and which, towards the end 
of her life, when she and Zecv Aram were 


f . . , / : vs- v'^ > A. ' ii 

— • •• ** w V.v//.. - A, -- ■ -I • r 

working on the furniture he would make, 
she tried to track down. Though she 
advertised all over France she couldn't find a 
single extant example. Zecv Aram and she 
worked from her drawings and 
descriptions and when she finally saw the 
finished version she was almost like a 
child with a new toy — at last, her design, 
had re-emerged. 

The base i$ chromium-plated tubular steel 
while the fully upholstered seat, back and 
armrests are covered in aniline leather or 
fabric. .Alternatively, there is a very 
beautiful but less practical material — 
unbleached cotton canvas. The chair is 
29^ ins high. 31 ins deep and is 36} ins wide. 
In fabric it is £380.50. in leather £579. 


Recognition at last 
for a great designer 

If you look carefully at the Cortusier. worked closely with famous and most photographed 
furniture pictured here and try Eiteen Gray just before she died projects. She only designed 
to name the year in which it was ln 1 , r in Perfecting these and had built two bouses, both 

first designed I don’t think anv- pieceS ‘ “ e has tie Hcence *n the South of France, but 
nrst designed a° n 1 uuniv any ^ manufacture her designs and they are considered remarkable 
body, except the real experts it is probably only somebody as both for the architectural 

dedJcate d as be « to quality, quality and for the interiors 
within 10 years of the right date, finish and authenticity who could which she designed, had made 
The sofa, for instance, looks so have found the patience and the and supervised entirely herself, 
like those ample, seductively soft bravery to embark on such an Graham Sutherland now owns 
ones that the Milan furniture enterprise. one of them, 

show was so full of last year. None of the pieces are cheap. Though she spent her last 30 
The chair, in its sophisticated All are of the very highest years with very little recognition 
exploitation of tubular steel and quality and artybody who buvs outside a small circle, just 
the sure way in which the curves them will know that they have before she died Doraus (the 
of upholstery have been a piece or furniture that is now Italian interior design magazine), 
organised, looks as if it might internationally recognised as E,le magazine, and a few other 
have come off last, or even this, being quite exceptional, 
year’s top class production line. For tbose who don . t 
The small side-table may perhaps anyt hiog about Eileen Gray, it 
give the game away, for that does j s perhaps interesting that 
have the highly stylised look born in Ireland she 

Alf th?L S 0 nipTi? U w 0 e f re U! in P fSt «“• t0 StUdy at the Slade 3nd 
in P tHp^oo?i! hv^ni nf in 1902 she went to live in Paris 
designed in the 1930s by one of where she died in iqtb 
B ritain’s most neglected but most , ,n 19 ' 6 ‘ . „ 

talented designers. Eileen Gray. had a 

If vou have never beard of her ? reat * ucce: ? s 'J 1 Paris, where she proper recognition — many lesser 
it you nave never neara of her was recognised and admired by neoDle set so much more For 
don t worry unduly— neither had De0D]e Vlkf . ,> nnrh.itipr a „rf Ef? p, £ ,!?_ T.?“ ££ 



people began to pay tribute to 
her. Now the V and A are plan- 
ning an exhibition of her work 
early next year. The New York 
Museum of Modern Art have the 
small table on permanent display 
and will be having an exhibition 
of her drawings and designs. It's 
all a bit late but as Zeev Aram 
said to me. " She deserves a 


Eileen Gray in 1920, already famous and living in Paris 


manv of u* until a small oroun P t° plC U Cortmsi £ r and her it is late but better 
many or us unni a small group where she was among the first than not to do it at all” 
of cognoscenti began to take up t0 design not just 8 b * ilding but n £ e l° J ra m's LrW 
her cause about five years ago also everything that went into it “ 

Now her recognition has reached s0 ^ the total enviroarneDt 
its logical conclusion m toe re- was aU of one beautiful piece. 


RIGHT: This is the Lota sofa that Eileen Gray 
designed in 1924 and had in her own home 
In Hie rue Bonaparte in Paris where 
she lived from 1907 until her death. Fler 
version was entered in burnt orange and 
Zee i Aram has decided to offer it in 
burnt orange, beige and a pale silver grey. 
When I asked Zeev Aram what it was that he 
particularly liked about this sofa he said. 

“ first l>. it is beautiful, secondly, it is simple 
and finally it is enormously comfortable — 

1 don't 1h ink one can ask for more from 
one piece of furniture." However, he went on 
to point out that though its simplicity 
is Its immediate appeal, on closer inspection 
the design reveals great subtlety. A s a sofa 
it is very versatile. The cushions can be 
picked up and placed almost anywhere — there 
an* Tour of them, all feather-filled, light 
anil soft. The boxes at either side are on 
castors and can be detached from the sola so 
that, for instance, by removing one box 
you can sleep on the sofa, using the other end 
as a bedhead. The hack and front of the 
box are lacquered black and with the 
contrasting colour of the (op and sides 
provide a fantastic prismatic splodge of colour 
which contrasts marvellously with the 
softness of the cushions. The back 
cushions are ail finished with cross-stitching. 
Th»* sofa i.s o.v ins high. 34! ins deep and is 
94} ins long. In fabric it is £1,168 plus VAT. 


cool 

and immensely airy showrooms 
at 3, Kean Street, London. 

introduction to the market of " ~ TA ”7 JJ-C£ not only can readers see 

three of her most famous most Her out P ut - on looking back, toe furniture but there is also 
useful designs St am0US ’ m0st seems to have been small but a large back-up exhibition of her 
6 to have had a profound effect drawings 3nd plans. In parti- 

Zeev Aram, who. since be on those who could recognise its cular notice just how beautifully 
opened Aram Designs in 1964, quality. The apartment she her own rugs (these are being 
has been responsible for making designed for Suzanne Talbot, for made now by Donegal Carpets 
available to the British public which she did not only toe and can also be ordered through 
such famous modern pieces as interior design but ail the furni- Aram Designs) complement the 
those by Marcel Breuer and Le ture as well, is one of her most small table. 


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ABOVE: This small table, originally designed in 1927, was tlU) 
first of the Eileen Gray designs introduced into England. 

Zeev Aram started selling these about two years ago. 

This particular design perhaps has a slightly more dated look 
than the other two pieces but I happen to like its rather 
high-style air. Its appeal lies largely in its simplicity and in 
the quality of the finish. It i s also an eminently practical design, 
the table top being adjustable In height The frame Is of 
polished chromium-plated tubular steel, while the top is either 
of satin black stove enamelled sheet steel or of grey tinted 
polished plain glass. The diameter of the table is 20 inches, 
while the height can vary from 24 inches to 39 inches. £124. 



m*e/i 



Tn end a summer’s meal with Here are some ideas to turn fruit which is sometimes sold 
howls- of si raw berries (or rasp- to when your finances won’t run off cheaply. A liquidiser is ideal 

. or w hen for strawberries but raspberries 

of plain and redcurrents need to be 


hi*rne». rcdcurrants or other 
.soft iruin and .in accompanying 
.luc of thick. fresh cream is a 
delectable tTcal— bin an expen- 
H\c one. Served *’:iu naturel” 
\ ou need no le>s than one and a 
half pounds of top quality fruit 
ami half a pint nf cream for 
ji»ur 


ILE FLO TT ANTE A5LANDES ET FRAISES 
serves four to six 

An unusual and delicious Whisk the egg whites, add the 


Home-made ires are an excel- 
lent means uf showing off the 
fre<h tlavntirs of soft summer 
j run. and the .sculptured shape 
of a valuta makes a particu- 
larly handsome party piece. 
.xlfiioH.-.'li somewhat lime con- 
Mjimn:: to prepare and assemble, 
vassal as are, m fact, very easy 
j,. make. It is best tn make both 
Hie ice-cream and ihc water ice 
a day ahead. If you hare 


to such quantities, 
you've had your fill 

strawberries and cream. These rubbed through a fine nylon recipe well worth remembering caster sugar and wbisk again 

recipes use the same ingredients sieve to extract woody pips, when your fridge is full of egg until quite stiff Delicately fold 

Z *“««* ■» 

equally delicious — results. by toe use of citrus juice and/or ma y° naaJse or hollandaise. Its lightly greased 3 pt pudding 

In most of them, the fruit, is zest-— additions which also work excellent too made with black- basin, cover with a dome of 

reduced to a puree so you can magic in bringing oat the berries (flavoured with a pinch greased and pleated foil and 

safely use (he slightly’ uver-ripe flavour. of immature fruit. of cinnamon) later in the year, secure fi rmly Lower onto 

trivet in a pan half filled with 
boiling water, cover with a lid 
and steam for about 40 minutes 
Cool the cooked pudding 
slowly (it will have risen 
dramatically during coo kin 
and will sink as it cools — very 
dramatically if left in 

Melt the granulated sugar doughty place) then chill until 


THREE FRUIT CASSATA serves six to eight 


For the ice-cream: two egg 
yolks, i pt double cream. } lb 
strawberries. 1} oz icing: 
sugar. For the water ice: 
1 pt sieved raspberry and red- 
current puree. 1} oz sugar, 
2} fl oz water, half a lemon. 
For the cassata: 3 fl oz double 
cream. 2 oz candied orange 
peel soaked in two table- 
spoons orange juice, 1 oz 
toasted almonds or hazelnuts. 


3oz sliwered and well-toasted 
almonds, 3 oz granulated 
sugar. 6 large egg whites, 3 
tablespoons easier sugar, $ pt 
thick cream. 5 lb straw- 
berries, icing sugar, orange 
juice. 


Run a knife round the inside 


freeze for two hours or until 
quite solid. 

Line the ice-cream coated 
basin with the layer of water 
ice in exactly the same way and 

freeze again. - . 

Make the cassata mixture by vto 2 tablespoons water over ready t0 serve - 
whipping the cream very softly medium-low heat in a heavy- Run a knife : 
and sweetening jt with half a based pan. Then boil until the of the pudding basin and turn 

111611 s^ 1 * caramelizes and turns the pudding onto the c 
orange golden brown. Quickly stir in a largish serving dish Cover 
peei ^d chopped nuts. almonds, then turn the n&c- "istepd" Srtth whipped 

Press the cassata into the ture onto a lightly greased cream and carefully pour round 

first central bmlow of toe frozen baking tray. When cold and toe base toe strawberry “ sea 

pudding. Smooth and level the brittle, break into pieces and simply made by pureeing 

About two hours before start- t0 P y 1 ™ a Palette knife, cover reduce to a coarse powder using together in a liquidiser the 
Tn make toe ice-cream, make a i n j. assemble the cassata, put freeze again for at least two a mortar and pestle or placing strawberries, a squeeze of 
rich rusiaril with the egg yolks a il-pint pudding basin into the h°nrs. .... . the praline in a plastic bag and orange juice and icing sugar 

ami cream. I'm the strawberries freezer— the colder the basin the Dip toe pudding basin into a crusb ] no j t with a rollin'* Din. 

a liquidiser together with easier it will be to mould the bowl of hot water to loosen the ° ° 

the i rill” sugar land the zest scream to it. pudding from its container, then 

Turn the ice-cream in to a mix- invert onto a serving dish and 
ing bowl. Break ii up and beat «‘™ s “l a t ce a ~ ,a5S £ 

il with a wooden spoon until toe sinooih finish by stroking it with ; 

cun-sisrciKV k firm but workable 3 ho1 - dr >' palette knife and re- Delicious and delicmusly simple, remove the vanilla pods, 

ihen use n ‘m coal toe entire turning it. uncovered to toe Blackcurrants, strawberries. Drop by drop stir and blend 

Vr inside surface of toe chilled freczer for five m»°utes. loganberries and blackberries 2 tablespoons lemon juice and 

basin with an even layer. Start Transfer the cassata (o toe ran all be used instead of rasp- 4 tablespoons orange juice into 
at (he base and gradually work fridge for at least 15 minutes berries and redcurrants. And. toe vanilla cream. Add the 
the sides towards the rim before serving to soften and for a variation that delights finely grated zest of an orange 
mu Vtiwer and of the basin, moulding and mellow flavours a little. Decorate children, replace the fruit and 1 tablespoon icing sugar. 

.-'-I IN 1113M a s>rup. Ihe jco-civam with the with a few pieces of reserved P ur ^ with a hot chocolate Gently fold the mixture into the 

>V ! rJS iti " in one Uhl" spool, back of a metal spoon 10 firm fruit or dribble a few spoonfuls »ucc. 

i;’;, .i in n-e tiiqelher with the and smooth it nicely. Cover of Framboise over the top of 1 p t single cream, i pint 

jr,,,; puree. Turn lulo au icc with a double layer of foil and the cassata just before servm- 


Miflii'iem freezer space, it is 
worth making double or more tray, cover and freeze, stirring 
tfuanmies of each while you are occasionally during toe 
at 1 1 so ytui can stash some away hour or so if possible, 
ready »» enjoy another day. 


an « 1iMi1.ee if toe fruit is 
r very over- »r under-ripe) 
ami iili-ntl' r.' a pmve. Add the 
,'«ii'lnig iii-iard ami blend again. 
Turn min an ice I ray. rover and 
fr»'i*.’i\ stirring occasionally 
d::rm : Hie iir>t hour or so 
po-silib- 

•j-.i make the water ice. bull 
the sugar and water with lemon U P 


to taste. 


FROZEN RASPBERRY FAVOURITE serves eight 


STRAWBERRY MOUSSE serves four to six 

lb strawberries. 1 targe over low heat 


softly whipped double cream 
then stir in toe meringues 

daufale cream, :2 "vanilla pods! 

1 orange, 1 lemon, 

a lightly oiled 2 lb loaf tin. 


ll., 1 mired mousse 


Blend it into 
fold the 


whites, i lb vanilla sugar, 
i lb raspberries. } lb red- 
icing sugar. From- 


Use the egg whites 


Dip the mould into hot water 
and for a few seconds and turn out 


A creamy | e.\turcd^^well^ -_ uiana 2 ,^ M icing sugar, the fruit puree. 

■l-k- m ule and far from I orange, half a lemon, 2} tea- Whip the cream, 

.;imi.i> ‘"r Th,,' Jriek is 10 eke spoons gelatine powder, ; pint mixture into it and chill (occa- vanilla sugar to make some onto a serving dish. Refrigerate 

,--.ir:n. T , ' , . Ih bannna thick cream. I css white. sionally folding the mixture meringues. While they are cook- for at least 15 minutes to soften 

,.r»i -tniwiierrus . ‘ delicately to prevent separating) ing scald the single cream with texture and mellow the flavour. 

a few whole 
Sieve the rest to- 
the redcurrants. 
icing sugar, lace 

.... - ■ . mice into a small pail, apnuiuc mngemie iuiuj sex- umimca, u< iuuu uu«u:nni «h» “ of FrambOiSC or 

nilii n liquidizer together wun j « c latinc and leave to Decorate with reserved straw- and reduced by one-third. Set kirseh and serve in a jug or 

Hip Mttar. wrantse zest and an minutes then melt berries just before serving. aside until quite cold, then sauceboat 

but two ««r three of the straw- xujb- 




Country Casuals Is a good name to look ont for iT von're in 
search of clothes that manage to look as if they’ve been 'designed 
and made this year but are not so way ont that toev take a lot 
of matching up to. In (heir range you won't find the’ verv latest 
Nehru look, the Diane Keaton dressing-up box look or toe “losi- 
my-lollipop ** schoolgirl look. What you will find is eminently 
wearable, practical clothes with enough of a fashion sense for 
one to feel happy wearing them. 

This summer’s collection is full of their usual range of 
separates, all in co-ordinated eolours so that yon can alwavs find 
a shirt lo go with a skirt, a cardigan (o go with trousers and’ so on. 
Some of the colours aren't my cup or tea but I do like (heir 
khaki collection — amongst this group you will find blouson 
drawstring lops, gaucho pants, straight-legged trousers, and this 
very useful skirt anil matching waisteoaL 

The waistcoat is £14.50. the skirl £15.00. Though ifaev look 
more of an “outfit” together, they can be bought separately. 
You can buy them In selected branches of Countrv Casuals, 
including (hose in Brighton, Glasgow, Guildford. Leeds. LiverpooI, 
John Lewi 5 in London's Oxford Street, Nottingham, Oxford, etc. 

The pretty floral patierned blouse in 100 per cent viscose is 
cue of several at all branches of Wallis Shops (£7.95). Shoes 
by Ruyne, £59.90. 


Finishing 

touches 



IF YOU can't afford really 
precious jewellery or feel 
happier taking non-precious 
pieces when travelling then 
Sylvia's of 25, Beauchamp Place, 
London, SW3 has some marvel- 
lous pieces of what is termed 
costume jewellery.” In parti- 
cular she has these two “gold" 
chains which look for all the 
world just like some very, very 
well-known status symbols from 
famous houses. 

Above, is a “gold** and 
silver” twisted chain which is 
28 ins long and looks marvellous 
worn with sweaters, a good 
summer tan or those nice 
sophisticated dark Italian prints. 
£11.95 (25p fp&p). 

Below, is what is described as 
a Genoese anchor chain. This 
one is “ gold ’’ and is 34 ins long. 
£9.95 (25p p&p). 



THE LARGE bulky voluminous 
look that is currently so fashion- 
able requires a good selection of 
belts. Sylvia’s have a very 
elegant snakeskin belt which 
can be ordered in a wide range 
of colours — navy, wine, nut- 



brown, black, rov; 
green ivory red et 
which can be suj 
gilt or silver-colon 
toe buckle. Order b 
and Sylvia’s will ad 
so as to allow roc 
over something ] 
coat, as well, fig 
initial, £22.00 for X 


\ ■ 





The Two Ronnies 


Vaudeville is alive and well lag (with nifty pelvis thrusting) 
and beine rapturously received from seven black American girls 

anu U¥4Jfi T aiia Mimhina Thai! mnm 


at tbe London Palladium. Clearly called Love Machrne They more 


rr&icx: and Isolde returned Tristan's attendant, Kurwenai. is 
to Covent Garden on Thursday trustily suns by Donald McIntyre, 
with a heroine altogether new but though be provides admir- 
U this theatre— the American able support for Tristan Ip the 
soprano. Roberta Knic — and a last act. the part no longer lies 
hero who has noL sung this role very comfortably for his voice, 
there before— Jon Vickers. Miss There is a sonorous, velvety- 
Kr.ie is well-known in Germany, toned King Mark from Gwynne 
where she was a Kriinnhilde at Howell: oddly enough it is in 
Bayreuth in the Ring centenary largely static roles like this one. 
year, in Austria, ar.d in the U.S. where little action ia needed. 
Siie :> tail and handsome, she that Mr. Howell’s limited capaci- 
moves w::h grace and authority, ties as an actor, especially his 
sho looks at once imperious inhibited arm movements, are 
.«nd warmly human. As with her most exposed. Among the small 
Bayreuth Bninnhilde one feels parts Thomas Allen’s Melot and 



«he Thoroughly inside the role Paul Crook's shepherd make im- 
■iy t that the mice is not fitted mediate and vivid impact 

V d " .r e ;y, h .; a? l J^T- r ih d e ^rie The major distinctions of the 
J Uolde’s narra evening, however, come from Che 

;YorV:, l vr tri-if Of stSS. * jK 


and^often VjckcB ajdjr™ the^rtjq 



The Two Ronnies owes its exis- than anyone suffer from ampli- 
tence to Ronnie Corbett and fication that is so loud it is down- 
Ronnie Barker’s top rating tele- right cruel, at least to the front 
vision series of the same name, half of the stalls. 

Even without the ti£e there Though these acts are all 
would be no doubt about that highly competent, as one expects 
because the stage show includes Palladium, none of them 

both characters and concepts W0U ],j bring an audience to its 
which are borrowed straight from fgg^ gut then It is unmistakably 
their BBC series: for instance ^ Ronnies that everyone most 
the two hippy folk singers with wants to see and — predictable if 
suggestively rhyming songs, and sa( j — jt jg the most familiar 
one of those wonderful Corbett 

monologues in which an artfully . 

meandering script is used to turn 

a string- of conventional stand-up __ _ ___ 

gags into something very much THtATKt 

more. = 


The greatest surprise (apart CHRIS DUNKLEY 

from the fact that Corbett 
appears even more impressively •' 
small in the flesh than on the , 

bos) is that the opportunity has which is most popular. Thus a 
not been taken to break further scene from Porridge, though poor 
away from their television by the standards of the TV 
materiaL Even the jokes are of series, was greeted with 
precisely the same shade of baby euphoria, and Barker’s sermon 
blue as those used on television, in cockney rhyming slang caused 

_ . . . near hysteria; the uproarious 

Running two and a-half hours laughter from Tommy Steele in 
the stage show is obviously much t fc e g ret D igbf audience actually 
longer than one of the pro - obliged Barker to pause. 

tiSe ' Ur eS take£ up^not with^S With a strapping and energetic 
Sew^fdSreo^orn of mate^ 

from the Ronnies but with m r E 2 nd closing numbers by one 

varietv acts of those mirror aud light bulb 

variety acts. se ts ^ everyon0 has been 

These brine to mind that other using since A Chorus Line, the 
wildly popular old television whole package glitters like a pro- 
series Sunday Night At The fessionally wrapped Christmas 
London Palladium : there is present. If the Palladium were 
illusionist Omar Pasha, who not committed to Aladdin for 
seems to owe a jot to the Black Christmas there would be no 


uv l 1 t I .in o.i>nv unn nutui : — t. =■ 

( . x ‘ ;K rulos Hip orchestra, of Cdm Davis, marking a further 
:h, !.v*,: r oi ihc range is ^Bcant stage m his conquest 
.‘..v,,, of Wagner. Mr. Vickers starts 

“’ *’■’ quietly: if there were nothing 

Never mind: acceptable Isoldes else to remark on. one could stiM 
.ire not at any time »o common single out his Tristan as an ob- 
:ha; one i\in afford m underrate jeci lesson in the grading of the 
.in ar::*t who can so easily sur- three acts, or bolding back with- 
rieant The physical side of the out weakening the tension — some 

unwise and insufficiently 




■ equipped tenors are virtually 

down and out before -they have 
OE3FEPA even begun to scale the peaks of - 

Ur CKH the last act. Yet even he is, so 

RONALD CRICHTON to speak, biding his time, Mr. match the art of welding them 

Vickers invests every utterance int0 phrases of such noble and 
with latent, monumental power, searching eloquence, revealing 
with a charge of suppressed elec- Tristan's mind and limbs as 
tricity, with sudden gj earn s of flayed to the innermost fibres yet 
cru-hint: role and can sing much searching lyricism. the former still through the haze 

of it so effectively. Even when of pain and delirium clutching 

the voice i- tired. Miss lvnie, as There is about this perform- at one fixed idea — reunion with 

-nc showed in the Liebcsfod. can ance a sense of moral fervour Isolde. 


Roberta Knic and Jon Vickers 


and at Kiel 


«>. u si enei invij . tien nuui ut pain ana aeunuiu ciuicning . The.f™ r rp.~ 

the voice i' tired. Miss Knie. as There is about this perform- at one fixed idea — reunion with T * i .. . . ■ tr ?, 0 f Prague, juggling from clear reason why The Two 

-no showed in the Ltcbcsfod. can ance a sense of moral fervour Isolde. J* } 5 ™ ,™* 11 f ° r the musical side there is no of her offer to Mm o£h ^ she Victor Ponche; and Motown sing- Romues should ever close, 

make with her clear and cogent and inner conviction hard to Mr. Vickers is excellently ?^ P A r .ftJ! 0 ^ e «!£? °6 Kie n . eed for shattering orchestral : — 

phrasing convincing sense or the describe — the moral quality supported by bis conductor. to cast a work such climaxes or enormous voices. raptures of the love duet present 

titus ic. There is one conspicuous somehow continues to shine Colin Davis also starts quietly. Isolde entirely Even when Walter Gillesse a, the no problems and will grow m 

moment when the producer through even after the drinking Throughout the first act one has 1 conductor, allows his orchestra intensity; as for the Liebestod. __ _ _ _ _____ __ __ _ ________ 

t Elijah Mo.-h:nsVy. re-working of the potion and Tristan’s con- the impression of one of his i^w er nm^?nt?nrl y ?• e *Ti» ,n ii!£ p ay *^ e *^ sar tiy loud, the a . *?. • t0 .° , s ^? rt ^ THEATRES THIS WEEK 

the 1371 staging! could give her sequent enslavement. Mr sensitive but small-scale operatic new . production of Wagners singers are not drowned and their plumb its emotional depths, and ______ 

-s IlSi d TS?I Ft/ ® ” 4e * ““ ■ : ■ AND NEXT 

v,-in- a b m'ii Inti Rr-m^dne P|j ys ^ leal, are portrayed with the last one I saw, with hideous provides fuel for Isolde's rage in tive and the orchestral plaving times heavily strained, is never Marais. Reviewed Tuesday/ Well. While the play proceeds 
a fund. And br.msane. all-or-nothing ferocity of a Wolfit, viridian turf on the knoll), the k<n Kr,n.v«i • ve ' an “ Tne orcnes ‘'' a ‘ P ,a - 1U * a rf pnU -fA V«p Trie. Wednesdav onstage, the casts life proceeds 

]') hJS nU,tC 3 ° l th0U3h ■ "' t nh0 “* „ the , actor ‘ orchestral tone begins to glow: ^ ans fora the set int? a garden ,mproves m conseque . tan’s delirium ?n the third act he HALF MOON— We Can’t Pay. backstage, in song. A modest 

L manager s streak of flamboyance, in the third act the conductor’s for the second; in the third. Tr is- The British soprano Mane Hay- finds sufficient reserves of power We Won't Pay Entertaining s uc cess. Remaned Friday 

Tne role of this misguided com- Heaven forbid that younger scalpel probes deep and the ta0 ij es WO unded on the battle- ward sings Isolde for the first and stamina, though at this par- political farce by the Italian COTTESLOE — Lost Worlds. 

pin:on >«; ;ung by Jo.sephine singers lacking this artists playing is worthy of the chief men ts of bis castle Irmgard tirae - As ® n Initial attempt at ticular performance a patch of Dario Fo. Reviewed Tuesday/ Three 20-minute plays about the 

Veasvy. dependable as ever, and touch of genius should try to singer. But he hurries and weiher’s costumes 'in various tiiis endlessly rich and reward- hoarseness veiled his voice for a Wednesday. victims of civil, war. Reviewed 

m her warnings from the watch- imitate such externals as the loudens too much towards the ch-iHbc nr hin» fnr invorc mH ins role, her performance (I while Patricia MeCaffrevVt vnuth- ‘ Friday. 


■Acr ou.m? inc lo^e-ouci. pro- nores cjacuuiea in single, rouqn climax of the Liebestod: by then a dazzling silver for King Mark, beard the second) -is astonisn- fn j and a pp ea lingly-sung Bran- MALVERN FESTIVAL— The Old Vic’s - festival con- 

yemg a line oi great beaut}, gasps— unless they can also the time for merely physical together with scarlet or. yellow iogty secure and coiffidenL The gaene gf ves much satisfaction. Pygmalion. The Guildford rep tinues with a Turkish musical, 

II/r'/frtM’c- rt/r/r/ie /» /i/mi/j l»svs*1r excitement is past. floor-spreads, form the only notes, already firmly. fixed in her Manfred Sabrowski makes- King production, with Paul Daneman The — Turkish Clogs, and the 

rrlliOn S U COlrlC-DuCK With so few adequate Tristans patches of colour. voice, lie very happily on its Mark an almost equally sympa- as Higgins opens a promising Malvern Festival with Shaw's 

or Isoldes about the great work . strong middle register, and the thetie figure and varies his long festival. Reviewed Wednesday/ Yow Never Can Tell by the Abbev 

A £lm appeal has heen Since then the building has seen ( rather overshadowed during the Peter Brenner’s production layers of meaning In the music monologue with adroit changes Thursday. Theatre, with Cyril Cusack. On 


vear— tin? l-0;h anniversary of The restoration will extend to Take the chance now. and as you logue— but they evolve naturally especially successful In -the first Melot. 

iho *ir-i: \.ir>tv "bill" presented rho Music Hall’s bars and other dig deep into your pocket re- out oF the characters’ inner pre- act; she conveys the passionate 

<:> founder. John Wilton. facilities and iunrh-tinie enter- member, if it helps, that it would occupations. Because of the rela- hatred which is the reverse side 
The I'-'i norf.-rm.ime at Wil- taimnent and exhibitions of cost you a good deal more to live smallness of the theatre, of Isolde’s love for Tristan with eljZBETH FORBES 

•or-Y nW’erlr lo-v- Square. Lon- musical hall memorabilia are hear the same artists in Paris facial expressions tell as effec- real ferocipr. while at tiie same 

1 .. " Tin. . * “ . . „ ■ . __ ... n Cirni U, V nn timo nninHnn tt»rHhlp irrtnv 


manners. Reviewed Wednesday/ revival of Plunder at the Lyttel- 
Thursday. ton on Wednesday, and the RS C’s 

STRATFORD. E.15— The Charlie Coriolanus down from Stratford 
Ghoplm Show. Chaplin’s life to the Atdwych on Friday. 


ri ng, El. v..v: in August. 18S0. t-nvisagntl. 

weather for Wak-s. 



or Vienna or Bayreuth. 
Spencer’s Pilots. 


I tively as gestures. Similarly, on time pointing the terrible irony 

GRAMPIAN YORKSHIRE 


Scotland— 3.45 pm Conference 12JJ0 pm World of Sport: 12.35 ^ ^ sc^ on saturfaj incluflliu! . i°°_ Musir^l tmjmmeoB. c> * prr\ q 464m, Stereo St VHP erarnnw news. 74B f 

7S. 3.53-6.20 Rolf on Saturday— Internal lOnal b pom Special birthday creednss and The woody wood- The J Fim to Today's 

OK? 12.10 am News and Weather tl) Tee Hockey plus .Athletics; pecker Show. « opj? S jtjs an. u EHfi?’ J5JL 1 


The Laie Show <S) inrlurfiny liBWOC am 6-50 am News. *-32 Farming Today. 5.00 a.m. As Radio 2. 732'Cood Fish- 
News Summary. L50 Yours FallhTDIty. 6S5 Weather, pro- ing. 8-00 News: weather, traffic, shop- 

R A nifl *4 464m. Stereo & VHF gramme news. 7JJ0 News. 700 On Your ping, sports news. OOS The London 

, Farm. 1JO Today's Papers. 745 Yours Gardener. 3 JO Darld Kremcr with 

tHsdlmw Wsw only Faithfully. 7J0 It’s A Bargain. 7.55 Saturday Scene. 1U0 The Krtjhto 


- x jya aM for Scotland. 

v Indicate'- programme in Nnrlliem Ireland— t .13-1^0 pm 

black and while. ulmin.- G rands i.mdi Athletic-*: 

Hiir I The Newsletter lie! fast Parks 

1 ... Meeting. 3.2.V4.03 Klurinc Grand- 

..lo am ujun Lniversiiy. 9.10 Molor R.irina: Formula 


BBC 1 


rij\ hoard 9-0 The Flaslimg .\rbntir Irish Championship: Com- 

B’.-ide D.« l Jllmg \oung Film- m eniary and highlights of the 
RMKvr«. 10.00 Arlrtll and True- ivxaro Forr.rula Ford Champion- 
L.rich-!. tio.23 Lhariic <h>p. 5.J3-S..-K) Nortirrn Ireland 

l hay. in ir "_A \\ omaii IO.j.* >;,.«■<. Sport. 12.10 am News for 
V.- • tiior. to .!.* Golf .md Crn-koi: Northern Ireland 

ri.. \ Lh.mipion'jliip: RRC *> 


Doncaster: 3.00 International r-D AMATAA Jeremy Taylor Be ??‘gF „*“• minster. *J5 News Stand. 10J5 Dally niiri .. T nmlnn 

Snorts Soecial f2) Scheolbov GRANADA RADIO 1 247m Oreheara part l. “fS News. 2.00 Service. UUO Pick of the Week. 2UD BBC -RadlO London 

Soccer England V Scotland: «“ ™ <S) sterwhonie broadcast F(^« Aw^S5nt W Afl ^5 206m and 94.9 VHF 

3 35 Half Times 4J)5 The r m <0) . Qu ^' r 5? l,B ? le „ chooses records fS). 3JS Music of the The ^0”^ iSwMton “ 5.00 am Momms Music. *.00 AM: 

SSTtH-'SlIf ASiuUta “ sr”^ , - 0 ssr“!y 5 rdrs ssBr-a « sriJ? h Bsasaispttts&Ta 

- mv • 4 Results service. HTV rw^ChamwI Moiormg Inftnnanot 10.« classical Guitar fS*. 7JD "Katya New MS Does tX IS After Six. *J0 Hugh arvJ You with 

?■?! ss « . m u. qm Baa,- » a ™. srjmssi 5-k=; "s »■* SS.JZ’&S Zfises. 15 ™ =«• 


Doncaster: 3.00 International pd ana fAA 

Sports Special f2) Schoolboy GRAIN ADA 

Soccer: England v Scotland: » TT*w^ includ me 1820 
o -- TT_|f a Tho mull. The Dok Wonder. 10.15 Tiswas 

3 00 naif Time: _tne in,,,.,!, 5J5 m Th.> Fitnislanrc 


Jeremy Taylor. 

RADIO 1 

(S) Stereophonic broadcast 
'<0) Quadrophonic broadcast 


5.03 News. 


l — Th> Ib’MVk Malch: York* 

s-h.-i' v !.:mc:i-li::v 

I2.3U pm (irjndsinnd: Cricket 


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»4’.l 

k.-\ 


'll - v C 

luh 

9.211 


7.40 am Open University. 

2.43 pm Saturd.iv Cinema: 
-•Maryland.” ■jt.irring Walter 
Brennan. 


5.15 Happy Days. T ,!f 5 « an, r n B ,^ US n Y S2 r „ Own 1B ^ a VJ ,J0 «*" Wocfc QnJS u ,?JB A tan Frt ewra by Janawk. Act X «S>. 7J0 Personal bHAwn & MO Wn* Infonnarlon. iW renews in Hindustani.’ 

343 n&aLs 1 Tim “ ° f ^■"gaSftwB&.’aae !s«“Ltssrs nr- ssjrsssr js k - " w,u "" 

cS$*sSa -- SSTTOLffi 'radJo T “SSL\« . vsr 2SU? Srt3T£Z& Oi S, SivSSl wS Radi0 


PGA Champii'n'.hip and 
Yorkshire v Lancashire, 
lhe Money Programme: 
Are Diamond-. Forever? 


«■*« Celebrity Square^ Scmce except 505-545 pm Sion A Sum. 2 and VHF Edmunds.. 945 Katya Kabanova. AcTS K R^lnson Hav^ P ° 

..30 Saturuav Showtime: Leslie SCOTTISH sS a Nmi Bummary. 542 Tom J?;. jL tb- , Moder71 w ’ or "*- Lw^d «! /JU9 sJSd2^Nteta%»«fiS _ „ 394m and 95.8 VHF 

Crowthers Scrapbook. Edwards rs> with The Earty Show, in- Suundt tmeresung (S>. 11 J5 News. rsi. 9JB Wearher. mm News. 1005 *90 am Brpskasr Show iS>. 9.00 Capital 

8.30 Sale of the Century. TIwL^nrludlnK B 5is eluding BSO Barum BuJldln. 80S As 1^?^— Song i S> - The A«c of Operetta: "The Count of Countdown < Sv. 1Z00 Konny Everett (S^. 

9.00 Scorpion Tales. Phyllis, li IS Lain Call. 11.20 Oab RadJo L 10.02 Tony Brandon (S>. unlvenriiv o«ty- * ffl) II 00 am Open Unembunt " by Franz Lehar fS*. H4I0 pm P ^Hclit <S». 540 

10"?? World M Their Foot - ffi uk«**S , « , i- mhS RADIO 4 T ^ 0nr ° ariPll ~ ^ . nmvhm m™-, m .s.’’ 11.00 

itil Look SOUTHERN “£ ,«".«» ^awatandwr London Broadcasting SS^.^^‘i w ?SJ?Sr 

12.00 Stars On Ice. 


5,'j \»"A •• 

3 l.i "n. V»« 

5 SO R.-!. Satin d.i' — I'K" 

6 20 .ii:i. II ! i\ |i 

7.00 > \:-.:ht at lhe 

^ I-»*. : • “ Support Yi'Iir 

l/0>\il 1 .i-n - '. ■hitT." larnng 
.L.tiu • Giin-r 

S.:!ii 1 h. 1 \ ,.i Li. 10 n:v. in Missu- 
Shrw 

9.1.-. Hfj.ik. 
trt nj V.-A- 

10.1 r. T:.' nn:! * i'r All You 
N - u-N 

M 20 <.-,:wri!.i% Xi-:ht At The 
V.ii 

.A:I r. ::i. ,n v .r ! : HC 1 ovcepi at 


S.30 Dance Monilr The Bolshoi 
Ballet in ”Tli- Nulrrucker.” 
by Tchaik.u ijv. s.10 

10.13 To Dinner With The Preri- Nemo. 


II. la LOOK Here. l45 sesame Street 945 Hair Onr f rom Kcmpion Park 11.30, 32S. S.SS with 

12.00 Stars On Ice. t snaw. laJS^SpTain i^ a clarified chctdc ai s.«i: Crtcfcet «L30. 

12-10 am Close— A poem by show, mo Wcckuod followed by ReidonaJ "°°- ^ 3 J 
Elizabeth Jennings read by weather forecast. U40 code R. 5J5 pm L e iJ!L 

Joan Scott. Cuckoo Waltz. 1ULS Richie Brwkclmaa ^ IB 

... M , — . PnvatF KV|| 17 ]C am Cmirhom u M »« MDer K3I11P3. Viflo fUJtJ. MQ. — JJ. 3.W. 

All IB \ regions as London val ^ Nwrs - 9 . w > : colcare PGA Champtonahlo: Tennis 

except at the following times: I I Nfc TEES n.». 3 00. 2.35. 3.05. 5.«0i Italian Open 


Nicky Home's Mammv's Oan iS>. 11.00 
adcastmef American Pre.TTo (Si. 12.M Bac+aeat 

9RTtn and 17 1 Tmt7 Bo0 ®£, fS) - a «» 3rn Nleht FUght <S). 

26im and 97J3 VHF .. wr . iiqnld CB b-u C 


WEEKEND CHOSCE 


ANGLIA 


o 15 cnrvivn i 94« ,. nn . Championships: News at Bucby and 


9.10 a.m. CMS World of Cap.ata W . jlJO Joe. Run. V? . tSi 

i»mo. 9J0 Tiswas. 10.20 The Anuzuw . l ? c __ pla _ D _ c J - . lhl; ■*?“: EnorJ* Desk. 733 Radio 2 Top Tones (S>. 


d.-m- Sir Ilnih C^: -h ? n 3ndrh . i-hancian M ^ 

t . r .. n - 11.15 pm n»c*w Bro*:V-*l7nan. Pnvarc Ere. j-nn^n. rai LaOuik. ana famUj. 9 M p arn Dnrre at the Radio S 

nu At ^ of the Day "" ^ Baling .S> “"««« III “t^..i 

Ac.ldcm>. Uilli -JllOSts at ATy ULSTER '■ rhc RBC HadJ'’ Onhestra fSV 11.02 

1 r J Sports Desk. 1147 Peter Wheeler with 


Academy. %« uli -jneots ai 
rhe annual dinner marking 
die begin H :*!•: ..f the Sum- 
mer Exhiliii»-:i. 

10.13 Scot i idi ria.M.-ill. 

n.is ai*\*s*H. 

11.40 News on 2. 

tl 1-15 Midnight " Little 

Old New Veit “ >rarrlng 
Alice Faye 

LONDON 


A XV ULSTER '■ rhc r > BC Rad,n Oehnstra fSV 11.02 

4in m am .V Sports Desk. U47 Peter Wheeler with 

9.05 am Mart..-:. Fife and Drum. 9 JO „ ™-00 am .Saturday MarmnK Movie: . 

Tsu-js. 515 pm The Six Million Dollar _^5' , ° n ' l;rou T£ ° r the Forrlsn Office," CHESS SOLUTIONS 

Man 6J5 r. • iwy Squares 7.00 Saiur- Tern-.TIipinaa. PMer S-lkrs and IHM8 BUiiUHuna 

■l.iv Sh«Mkiini. L> -!i- Crwill-.r Serajbooh. J*** 11 * famni. U-30 Si-s.im>- street. Solution to Position No. 21 1 

H-C0 Sale .* the Cvnr«7. S-30 Oh No It's 5JS am Bmrtarl MMI m 9JB Sporut x N-B6. PxN; 2 BxN, PxB: 

*'*** yt0KW U.1S Ch0« story. 3 NPxP. QxQP; 4 K-N2! N-Q7; 

BORDER . WESTWARD 5 Q-RS. Resigns. If 5...R.KN1: 

9.05 am Build Your Own Boat. 9J0 940 am Survival. 9J5 The Beatles. 6 QxP ch! KxO: 7 R-Rl ch. K-N3‘ 

T»his including KantaSlIC Voyage. 79S0 LhilrJren i K-.it or* Him: "Sanders p rc ^ 

11.1S am Th.- Oursid--rs. The Hirer “ sumrw Paul Robeson. ° n-no rnaiL. 

. -vxiri “J* ii oner bun's Birthdays. ius Solution to Problem No. 217 

t- tl aAACL jsl£ttd of Adventure. tliJS pm The 1 R-B5 (wailing). B-K6: 2 BvR 


Tnuas in-.ludms Ka 
11.15 pm Th.- Outsid--rs. 



Solution to Problem No. 217 
1 R-B5 {wailing I . B-K6: 2 BxB. 


Esther Rantzem Sunday fun 


Watrv— ii.ufl am Pl.t; bo. ml 9.10 3.50 am Sesame .-I. 9.45 Uur „ „ t ri IS The MrttTrr -nESSr *’ - r f n. ‘"S-nT* 1 R ' BS (Whiting). B-K6: 2 BxB. 

Th,- Kia*h:r.; liS.l.U- 3Jl.Vlll.IHI Shw. part 1. 10.13 The Monkcev ^^ains Dn.mmnnd Darrin = wXr pK 3T 3 BJ ^ 2 mate. Of If B-N4; 

T'-i.:T.ir.: 12.10 an, New. ;.mt 10.43 Uur Show. a..rr 2. UJJ0 ifSsJSmd" x^js .m Futo, li/c. ' 2 R-B3 ch. B-K6; 3 RxB mate. 


SATURDAY: London Weekend bad patch, though it also says 
Look Here is another attempt to (rightly) that it all looks the 
put some critical analysis of same as ever. It Is a London- 
television on to the screen itself, only programme, but several 
Such an idea should not be of other ITV companies are plan: 
interest only to professional ning similar series, 
critics, as producer Rod Allen onim , w _ ’ 

obviously realises. In the second 5>UNDAY: Despite all its nudge 
baif. members of the public get nud ? e w,ok wink coyness know 
the chance to sound off, and they what 1 meaD - Esther Rantwn’s 
actually have access to pro- Di/e on BBCl compels 

gramme clips to illustrate their Mention because at least half 
points, though whether LWT will 0f il each week is so funn y- 

"f* ° ther M0NDAY: If missed Arena’s 
criticism seems ?i?‘ aecount of The Tubes last week 
flrri hLf JSS catc . h the BBC2 repeat: it’s an 


half niMa,. .. me omjj repeat: tr s an 

en_ e yc-b las ting account of an in* 


ENTERTAINMENT 

GUIDE 


ALMOST FREE. 4T5 DISTANT 

ENCOUNTERS B* Or..v. w Aldi.-. Tu*.- 
S.it. 1.15 om. Sunj 10 dPd 5.00 p.m. 
N* snow MomUH 


DISTANT -DRURY LANE. 01-S3S S10B £*erv j HER MAJESTY’S. 


■on; S 00 MaTlnee Wod ipO Sat. 3J»o. 
A CHORUS LINE 

1 A rare, dcostat.na. lo,o«»9. mtonoBIno 
stunner." Sunday Times 


MAJESTY'S. CC. 01-930 6606. i COTTESLOE iwnjll auditorium i; Ton't A I RECENT THEATRE. 
,n9i e SSi,M J ^~K2U.* »*■ 3 - 00 T*?"- 8 LOST WORLDS bv wrison John Mwl-Thimi! ejoT: 


ra n P* le'rr'.'n. .'r a: IK boa sA<r. 

OPERA & BALLET 

COLISEUM C-ri:l ..nr-- ul-IJC 5258. 
o. C’i-.*; u lifci 

ENGLISH NATIONAL OPuRA 


-ot AMBASSADORS. 


8 -°5-Q0 jh^'a'qo' 0 ’ 31 2 - 4S - DUCHESS. 636 521 

:H5'RGiLL_anr TONY ANHOLT S.oo Fn . 


-LT PATRICK CARGILL jnr TONY ANHOLT 

P’iS? K5i ’ The wASR.!? Thr-thw "The is j 

OPuRA ' bv ANTHONY SHAFFiR 8ln Sew > 

oi r. rr . ioai - Seeing the aljr ag t r ,n tact »«; 

:u>r dj. uttrr end touljov Pu<-:n Sell Pr.(e» 'DUKE OF YORK'S, 

t to 'u-.- 10 , LJ 00 to S6.40. O'C-^ fa® E«OS 8 . Mat W 


CHESS. 636 8243. Mon. to Thun, 
■cn.ngs 8.00 Fn . Sat 6-1 S and 9.00. 

OH? CALCUTTA! _ , , 

The Nudity is stunning. Dally Tel. 
8 tn Sensational Tear. 


BRUCE FORSYTH 
•n LESLIE BRICUSSE and 

ANTHONY NEWLEY'S 

TRAVELLING MUSIC SHOW 
with Derek Griffiths _ 

.. .. Erected br BURT SHEVELOVF 
•t is uaiketi to minting point with 
:he perjdnaiity and sheer ehCTBY ol Bniee 
Fonyth." s un . Damn. - The audience 
cheered.” Sunday Teleoranh. . 


Hal re. 

Mary excellent chcao seats all 3 theatres 
of oert. Car oarv. Restaurant 928 
^033. Credit Card bkgs. 926 3052. 


COVINT GARDEN. 1C I4C 1C66 

:aas?--.h--r .-i- ; >;< :>T6 b9C'3l 

T HT ROYAL OPERA 
T;- rn: rr.; 7 F'salettO 

V:- 5 7-.-. 6.00 Tr.-.I. 1 T- und 

1 1 3 J - T;r - SO Mdexma Better. 

r. S5 A-er -,cas-. a. .i.i. ter all 
,v *4 1 l "i di. t' r- it 


Ur 1CM i APOLLO. 01-437 2601 Evenings 8 . 00 . 


Ergs 8 . Mat Wed.. Sat. at 3.0Q. 
JOHN GIELGUD 
in Jul-an Mitchells 
HALF-LIFE 


0 1 636 5122. K if G ’ 5 R 0 * 13 THEATRE. 


Mon. io Thurs. 9.0. Fr>., Sat. 7jo. 9.30. 

. THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKINla YEAR 


OLD VIC. c 30 

D,rett (rom the Theatre 
PagJL Jean Cocteau's 
,.^ L ? S BARENTS TERRIBLES 
_ "S' JTan Marais and Ula Kearova 
Simultaneous translation. Today at 7.30 
Sat 2.30 and 7.30 


. _ „ 'Elegant, oood-hurTTaured. ensagiag.' Gan. 

I 3 theatres THE CLUB 

iaurant 928 A new musical. 

IB 3052. ** Caustic and Comic," Times 

“Show scores in songs." D. ‘el. 

5 28 7618. ' -Lhsde- Tnorsen ... a revelation," Times. 

s Theatre “ WELCOME TO THE CLUB." £N. 


ROYAL COURT. 730 1745. 

Evenings 8 . 00 . Saturdays at 9-30. 

_ _ THE GLAD HAND 

by 5noo Wilson. World Premiere. 

• " Brilliant comic writing." Times. 


tertainmeut - iu J v,MJi:,SLUlg acrount « an m- 

M 7 ‘ 9863 talk S ’ — - 80 g thr ou 6 h a s ^ely clever ro ck group. — C.D. 

f rZ>. 8 gS^: 8 00 ieyJe CINEMAS 

CLUB 'Bare open 7.15 D .mj ABC 18 2. SHAFTESBURY AVE. 836 

TUisical. •• H A/k l E DA33LE 3661. Sen. Perts. ALL SE-ATS BKBLE 

Comic," Times _ud It 1 1 D.m 1: GRAY LADY DOWN lA). Wk. i 

-*SSIr-t,o D n." Times. PKANK'E STEVENS S^.OO. 5 JO. 8.20. Lajt, show Tonlflltt 

rHE CLUB." £N. THEATRE UIHttai^ a. THE GOODBYl CIRI. t AJ. Wk. & 

: 730 1745 1978 YoiSJj-^w’ 7 ^ D m - 7 ° 5o» } 4 0°. S.10. 8 . 10 . Late show Tonight 

iturdars at 8 JO. ' 1978 Y ° UNG WRITERS FESTIVAL 


Mats. Tburs. 3.00. 5ur. 5 0 0 ana 8.00. A NATIONAL THEATRE PRODUCTION 
OONALD 5INDCN - Brilliantly witty . . . no one should 

Actor al the Tear. t>. standard m:ss It." Harcld Hobson (Drama'. Instant 

■■ IS SUPERB New credit card rescr*a:'ons. Dinner and 


SHUT YOUR EYES AND 
THINK OF ENGLAND 
" WICKEDLY FUNNY." T met. 


tor-price scat £7 00. 


IhPSMVKS was hfuSICAL POY^tV-. carf ' . 01-4C5 8004. 

“ Brilliantly «!«» : . i no "^IhCuld j LONDON PALLADIUM. (X. 01-437 7373. KENS kT* ^ 

in: 11 HT” Harcld HoSBon (Drama.. Instant .. now until AUGUST 13 only. Sst* K F E e^!£*c' AN „ TALBOT. FLIZA. ft Sa,?* 

credit card resgr.a:-ons v D.nner and | Mon . Tues^BW^« JgJ ^8- weds. HELEN WeVr ^NTHON Y '?H ARp E r° Nl BUbIl&G BRO^siljAR 


GLYNDCBOURNE FESTIVAL OPERA Mav | -unTBr 

2c :c AJ5 7 w t"i konce- Pn.lt irmw..c > ART » THEA I5S- 
C- M>. :« JO 1 ! at i 

\n : igrj* ar &i£\ "Hd- : .ods t 


■ RTS THEATRE. „ CT-836 2132. 

TOM ST0PP4R0 i 
DIRTY LINEN 

"" Hilarious . . • *ee ■: " Sunday Times 
Monday to Thursday 3 53 F-.day and 
Saturday a: an.i 9 15. 


FORTUNE. 836 2236. E.cs. 9 CO. Thur 3. 
Sat 5.00 and 8 00 
Mured Pa»lt>» as MISS MARPLE m 
AGATHA CHRISTIE'S. . 
MURDER AT THE VICARAGE 
Thi-d Great Year 


ana ins. at 6 . TO and s.50 
THE TWO RONNIES 
■n a ssectacuur 
COMEDY S I AGE REVUE 
PLUS S SPECIAL-.SUNDAY perform- 


•5»50 and 845, Saturdays 3.00 and 8.00 
London critics »oic 
BILLY DANIELS In. 
BUBBLING BROWN SUGAR 
Best Musical oi .1977. 


VAUDEVILLE. 636 9M8 rr t R . o- nn , 0 B 1 i' . Camden Town 

M4t- Tuft*. 2 4 si*! « s ?- 1 l e Wj c 5 5. 5 ia FoMev In 

arowta 5. Ad “~ 

...**“1?^ IS ANNOUNCED 


A MURDER IS ANNOUNCED 

TH £ r j£ west whodunnit c j*sac i. a. 3. 4. Oxford st. 'Oeo. 
., „ .y A.CA1HA CHRISTIE Tot tenh am Court Rd. tube). SSfi 0310. 

hJf wlt1 * *"«her who- X', - rr I 0 !‘if c ' s JS 00 Pjrf t -.XI. Progs, 

hit. Agaibfr Christie Is StaJkKia the S- 1 ® B.-’S. B.1S 11.15. 

Eno ye, again with another o“ lief ?i, ch4 £' r<>n Heston. GRAY LADY DOWN 
FNIV _ mo 7 , » r mysteries," [52; , 1 - 1 ®- S.3S. 6.05. 040. 

Fe^x Barker, Evening News J, 1 pn J- 

3. Wait Disney {JUNGLE BOOK (U>- 


P ?r?«. NIX ' f 1 -? 36 2294 Evenings 8.15. tr«=lit cards. 

E r i“; a J2..A?iyMiv 6.00 and_ Bao Siwcu ”ub!1m whm Sai ;,n «« ,or » 


BROOKE TAYLOR 


ANCES OF TH£ ERFT'RE SHOW ON I GARDEN laugh." D Mall In SAVOY. 01-33U TiiS: t ST a 0Q VICTORIA PALACE. 

JUNE e. 2 S_»M JULY lb ji 5 a imj i THE UNVARNISHED TRUTH Saturtiav S..tn n in S ’™' I Book Non H.’S . 


itunn’fhff w| th another who- 

SKL.^n--- .^»*Ih> Chnstie Is stalkKig the 


raajs- ysrSatTwiram ss 

netldisMV Ingonlous murder owumi. ■■ 


B.O EACH EVENING. 

Soecial Bookin'! Hotline 01-437 20S5 


.. ™F UNVARNISHED TRUTH 
.. The Hi: Cenedv bv ROYCE RYTON. 
uiAy G H.. WMY 1 THOUGHT I WOULD 


Saturgav S.30 BJIO. ‘ 

, . . , RALPH RICHARDSON 

“!?*' JAYSTON. 


Bwk N0r '~ o ^^ *735-«. 834 1J17. roa HO ?an OB, ; AT ,Ul ^05.1.30,3.45. 


SADLER'S WELLS THEATRE. Ru-.liery ASTORIA THEATRE. Ch-.- -n X Rd. .with 
A. I- £;: -’.’f If.-: Las; P..yt « u ll r licensed R«»bran-| 01-734 4291 


GARRICK THEATRE. 01-036 4J501. LYRIC THEATRE- CC oT-4S7 358$. DEUCHT" SD f' S^ndard""”" GLORIOUS B 0 N 3l J«"n» VAN GYSEGMEM: 

SJSi E«. 8.0. Mat-Thura. .3,fl.Sai. 5.0 *TsO CON^NUreU3 5 LAUGHTER.-' G T?miI£ US ^AUfF-c* ‘ n 


KATHAKALI 

Oa-crm *-s-m v -M i (-.a-a. T.m.qnt 7.;o 
5-“"- t 1 - tnnm.1,,1. 

■.iratr -.a- a-.- Ii.i «-r, sp-f.] >. .-n'.-r- , 

la’-wl 1 “ J " J W — "'tvijr , 

BALLET INTERN ACIONAL DC CARACAS j 


fully licensed P«»br; 
N«r«st tube TcHjfl'n 

Thurs. a oo. p Fl 


Ct Qd - 1 

and Sat. 6 00 


Engs. S 0 Mat Wrd 3.0 Eat. 5 30. 8 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 

in HAROLD PINT? R S 
THE HOME COMING 


THEATRES 

ASELPHI THEATRE. CC 01-B36 Tbit 
£rtL T IC Mats T-tr* J J San 4.3 

IRENE 

THE BEST MUSICAL 
et 1976. 1977 and 177B 
IRENE 

LONDON 5 OEST NIGHT CUT • 
Sundar Pi-dot 

AL RE 5 O Y SEEN BY Ol'EC OWE 
VULION HAPPY THEATfSFGOtRS 
CRECa CARO COOKINGS 876 7611 


and S.«. Ininnl .-cjt card Woking. I "BRILLIANT — A TAUT aNO EXCEL- 
. . 1 LENTLY ACTED PRODUCTION. O Tel. 

" Inlecfaue. aWNilinc. i^-i ..-o-o.ng and "AN INEKH AU5TI 3LY RiCH WORK." 
heart Hlump^^ .er. | Gon - NOT TO BE MISSED Times 

5*J* 5 5',Sj i , 3 ,; , o nner.jea- . GLOBE THEATR9. 0I-43T 1532 

orire seal £3-50 h.»i v. u , tclare -.h.-.v* -a*, rr c.. cn nan 

i7rn tVuU 6 «nd' Fri U V JO a™ P, nn.- C 2 nl? ' PAuL lOOlNGTON. JULIA McKiNStE. 
Men .-Thun » p d pre - * « a m r,.- grlv BE N I AM I N Ww .TrC ft m 


StywJK^! Mul &*W 2 S?S^SW^'-^ E - 

EVENIMG Vtano" f!SwV»D \ ALA "‘ TS^TIM^ T^aST C0mcaif 

Z~Z2ZZ c.i- r 1 1 " Tnn must T -re haao es- Ituchtw- 

CAMBRIDGE. >30 BOjG Mm*, to Tlliirs . niafer in urv-jn ' D. T c |. - An Irresbt- 
3 00. Friday. S.45 and 8 JO I Iblv cusvaute e.e.-.ng." Sunday Times. 


CRCClT 

ALBCRvt 


I. Friday. |ahi'da. s.45 and BJO 
Irl TOMBI 

E(C>:ln4 BJjih Alr.'»i Miihial 
-Tne girls arc^beau’itul. ba-e and 
bouncing. S M.rrer, 

THIRD GREAT T EAR 


GREENWICH THEATRE. BSB 7755 

Cnenlim 7.0. M»:i Saa 2.30. 

THE ACHURrH LETTERS 
A nljy ay Don Taylor 

- Sura KnielRun Is suoera aa Aehgreh 
. . . Julian Curry ic a solendid Shaw." FT. 


JOAN PLOWRIGHT 
COLIN BLAKELY 
and PATRICIA HAYES In 
F1LUMENA 

hy EDUARDO’ Fill PPO 
Dirctted bv FRANCO ZEFFIRELLI 
iOTAL TRIUMPH.- o. M-rrer 
"MAY IT FILL THE LYRIC FCiR A 
HUNDRED TcARS." Sunday T.me s. 

| MAY FAIR.. . CC. oiTMlf 

Men. ns Fn. 8.00. Sat. 5.30 and 5 Jfi 

CORDON CHATER ■ 3r.l. U n-..- ‘ £ N fn 

TH2 ELOCUTION OF ’ 
BENJAMIN FRANKLIN 

bv Steve j. Sstj-, 

"A camaaaaicnatc lunny -orcel- eleouent 
rtav.- Gdn. --Hilarious.-- E sto. -wS ' 
amaslng." E. News. “Soeitb-na ofcs 


CONTINUOUS LAUGHTER." Tlmei. ... ._ ALICE'S BOYS 

P'CCACILLT. 437 4506~Credlt U'H bkos. ... A -l ° LLy COOP EVENING OUT." F T. 
1 ? 7 ’- 3 If2i" 8 30 3 m.-S.30 o.m. SAVOY THEATRE. af.BIK fthAn 

E*ai e Sat 4.45 and 8.15 Wed. mat. 3 Opening ; on e 13 TOM conti * 

an ^ag'^.BY • WHDSE .: i rjl'SF 7 

... PRlVA-rt^ON PAFtAOE --A MOME^aus play. fW YOU 

R B ras;roVTH s i ijsr • w 

F* Sfd Award and S.WET. A-vard. SHAFTESBURY. CC. 836 6696 
RiC also at lne Aldwvcb and Warehouse Shattesbury A»e WC2 IHigh Helbom. end} 


STRATFORD JOHNS 
SHEILA HANCOCK 
, , . ANNIE 

EVPS. 7 JO .Mata. Vyoff. and Sat- 2.4 S. 


ALICE'S BOYS ■ — »*«»*■ MU aat. 4.4 5. 

-A J OLLY GOOD EVENING OUT." F T. WAREHOUSE. Dorjnar Theatre. Co. ant 


S:®?- ®-W. Late show 11 ’p.m. ' FasJ^ 
Si2' r s FEAR EATS THE SOUL IA*}- 
SCQRPio RISING iX,. German Diaioou* 
—■English Subtitles 

Btrtoiuccrs 1900 P.-irt 2 (Xl. ProOC 
2-30. S.20. 8.1 5. II. 10 . 


nn 01-836 8828. 

• WHOSE J UFE 1 JS JT°ANYWAY t“ aonv 1 ’! 0 '"^ 5 THE “ ‘ LOR^tA^Jo ?£??!?!! AFFAIRe’ " ix"” English 

With JANE aSiFB 510117 Sat. only). . P^ogs. l.so ic. sun.l. 3.55. 

-A- MOMENTOUS ^PLA^rrURGE YOU =»"*» 8-30- Last Weeks . 

_Ev«. a: 8.00 F“i T siJ Sd S:4S ARAB. r SENTENCED TO UfI* 0283 L IL C “TM j»OA«*E THEATRE .930 S2523 

«*™WR j- m CC B36 - 6696. f TRENChSS^umSur^’S'^I' 4^5 a t’o. ^un.^JVo TtS. 

WmA-Wg [High Holbom-endJ .1 SHARPLY T O p| CAC." R >; D T|m£l; *«=T frt. A Sat. IT. 45 n.m Seats 


Garden. 836 6808. Royal ShlkKAeare 


ThtalrcS. 

PRINCE EDWARD. CC 


PRINCE EDWARD. CC 01.437 6877 
Rod. pru;e pr-jv#, Jun e 12, 13 A 20 a { 


_ - — ■ imfii nuaiMia vugj 

i rlc2 , 52i.. , ! l4ts - Tburs.. Sat. 3 00. 
JOHN REARDON and JOAN OlENER m 
. , . KISMET 


£2**1 N -S X x ,l a?- «m. MO"-- 

sat- 1 30. 4 .45. a. TO. Sun. 3.30. 7 45. 
5 J,G ?* T 1,1 8- Sal. 1 T .45 o.m Seats 


3.00 June 17 SJOi 8.30. Opens Juni “ A SM ^|3v?l, 7 (( ur T ^ !5 e HAS I WH, TEH ALL. 


E*oJ5« EN S 0US IMPACT." N.O.W. Mm ' pL 60 £ k M l ln *' S ' , * n S t ,or , e-»0 prog. 
Eyga. 7.45. Mat. Weds. 3 0. Sat*. 4 .SO. '• PTOi. Sat. & sun. Ne 


5 Mirror. 

Credit, card booking B36 6597 


M:=ACC-LOuV' nu\ F.n. T mry | . ' THE .NCOhHTAN T COUPLE 

OLtVER j COM COY- _ 0I-9W 2S"8 


THEATRE. 480 6489-488 

■ PAYt WE WONT. PAY! 
By Dario Fo 


BSa 7755 MERMAID. 243 TGSG. Restaurant 248 P»'N« OF WALEsTTc 5T-9SO nnnr S 5 AW THEATRE. 

“"VSL' re 15 ”™ 7,10 '"5 

A k k WHOSE. *L?K: Tl ie J r? ,E Asil £R LONDON AND BRTftDWaY't , 

*£■»»•• sarrwVROBIH aTkwith Lewies. Easy 

6489-488 yMARKS GOuPCC "ALL JUST GOOD CLEAN T FUN." STRAND. 01 -8 St 

IT. PAY!-!. CREDIT CAR^^K^ „ 0 0M5 Mat. Thurs^OO. 

.. rvny Grain cn« duffn-c tue.tiw — = — - . — — wn 


HAW THEATRE. 01-388 1394 , 

E«w. 7.30 <Nd Pert. Mon ). Mat. Tuns. , 
and Thurs. 2.30, 

ROOTS ' 

.. ...Arnold Wesker's 'Classic. 

SUM stirs the heart." D. TN. 

Lew nines. Easy parking. Last 2 weeks. 


£*gs- a 30 . FrL and 6 45 “ and D.oS: 

_ . Deep throat 

Doe to -oMrwhelmlng public eeinand 
Season extended. 


a late Showb^kiw :’ " a “ n ' , ' D 

2i'.?6*s“nd’V0B: °SS*W!e k - V, w5JK ET -- J 3D 2738-2771 1 
sit* the Senuubnai * , .? l9r “*S In 3 frea 

me Century Olv^xn cTeW- : * A> »"■ P"»*- 

MROAT B nn 2 aSh F, 4 , S J . 8,4 5 r Mture_Dly. 2 45. 

ng public eeinand ?r° 4 e 8 n°° L A ,e L W,M ?, 5 '£- p »- Comm- 
rt ” 8 ed- bkbfe. ,20 °- An 




*.»•» CSV HL'DD aw? JOAN TURNER ! g oo. T Bu £_ 3 s - 3a E.JO. ! 

■ ‘oWCER tMfBSllF LUCKY ire BE “ m0 IRA BRtTTON . 

^ - 1 — 1 Margaret COURT? NAY. Dcrm.ji WALSH 


OI- 25-8 Brjah Pr.^.cre Man. 22 Marti 7pn.| tV *f Y p 8 PI_ D “«VEa FAVOUR °eH! N ? - CC - 01-7X4 If 66. 

H S-JIJ E.JO.! 25 Mav-TT June at 8 a m. , . : t«sm V nw a ™» D-<-h«-A“ UK E *®‘- * 90. W« 3.00. Sal. S.Q A 8.50 

"•.ran.... ■ ^ TOM 5T gggjg «|o« p«vtN 


I...,. .awTHONy Quarit 

faith Brook Michael aldribge 

an B RACHEL KEMPSON 5 
'“ALAN BENNETT'S 

the old country 
best play of the year 

P, *D!rlaid Pl hL Ve r} .ySUl 0 " Cr, 1 , “ Award I 
directed bv CLIFFORD WILLIAMS 


STRAND. 01-836 3660. Evenings 8 00. 
Mat. Thurs. 3.00. Saturday’s S.30 A 8.30 
NO SEX PLEASE — 

. WE-RE BRITISH 

WOOLO-S. GREATEST 
-LAUGHTER MAKER 
GOOD .SEATS £4 .00-L1 .50. 


Twite Nightly 3.00 and 10.00, 
Opens Sundays 6.00 and 8 . 00 , . 
PAUL RAYMOND presem 


SQUARE 1930 Bill) 


THE EROTIC EXPERIENC 
... MODERN ERA 


RIP OFF 

Experience of the 


the TMrH Kind tAi. 
"■i «M. 0»v Doors open 1.0S. 4.15. 
J *Jow Frl. & Sat Doors open 

H.15. p.m. aii seats mav be lool-ed- 


STRATFOPD-UPON-AVON. R nr ,| Shakc- 
Ykealre >07SS 22711. TicUe^s 


Takes to unprecedented limit* what Is ARCH f7 '8 ZOiiJti. 

permissible on our stage- Eva. Nr-wC “J-,?** M ""--5ar. 130 

You may drink andsmote m the- i.f 5 '. 0 , 1 , 5 , 5“"- S-30. 7.30. Lata show 
AuiIIioh™ f£L- * »' 114S o.m am sen* fakhir. 


-ZJ- r-.ce WW-M1 CORIOLANUS. I 
.P«’.hP it TOE WAREHOUSE.-^ tmser 

v- . ,.w «• P f?* p n » l 

PRIVATES ON PARADE. 


LCCLIt PHILLIPS 

SIX Of ONE 

- VERY FUNNY " Sun. Tel. 
SECOND HILARIOUS YEAR 


arm reyore.maii.no show. Miyt unler- [ John 


tunataly hiirtA on J;-* 1st "»by- W Man. c.c-ilpr' -nrjr. _ .. 

conunummitt. of M« ••reman end Dame ear >f :« r« 3 theatre* 


Weedy HUNT." 


5=527 1 EayasL - r,n,t 


RAYMOND RlVUEBAR.'cc 01-734 1593 
41 ^ Pni-’B pm. 11 cm .’oocn Sun.i. 
PAUL RAYMOND presents 
THE FESTIVAL OP 
.... . . _ EROTICA 


M3t ' Ml- 5 and D. 

AGATHA CHHJSTIE-S 
, ... The MOU3ETRAP 
WORLD'S LONCEST-EVER RUN 
26th TEAR 


Manr °1'2S!?V? onaah-hlt Comedy 

, , ONCE A CATHOLIC 

aupreme cotrujdv on sex and reHaton.-' 
Dally Teleorapn. 


M . A . K ,” YCHJ SHAiti WITH 
LAUGHTER.-* Guardian. 


“as? E aJin Lo ^ P*- 1 Wjrdour SL1. 

7.40. L*e. Show Frl.. a Sat. -0J5. 








(me, at 


*■ A 


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!• 


9Sl S?:I* 


E “ 


^ J- 
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4 M 


-Financial Times Satu rday May 27 1978 

AKTS/COLLECTING 


f iT, £ {• 


•- < - ■ . 

> ■ ;i ;K ‘ 


O Mi 


Herbert Farjeon who was 
tmritf d on \ E-day. and celebrated 
jn The Il'orW of Herbert Farjeon 
hy Gerald Frow i Radio 4. May 
-4). had the perfect combination 
of genes for theatrical success. 
His mother was the daughter of 
a famous American actor; His 
Talhcr Ben Farjeon was Jewish 
but had broken Tree of the 
orthodox faith, went around as a 
young man in the goldfields of 
Australia and New Zealand 
he Tore returning to London to 
neenme n prolific and popular 
novelist of the late Victorian era. 
Mama sang Plantation Songs tu 
ihe little Farjeons and Father 
read aloud to them from Anslev 
and Dickens. The theatrical 
establishment straddled their 
childhood: people like Henry 
Irving. Charles Windham. H. J. 
Byron were intimate friends of 
p - ,n ». and they were generous 
with complimentary- tickets Tor 
their shows. 

"Bertie" was the youngest of 
Tour children; they were all 
gifted. By the age of seven they 
were scribbling away, composing 
stories, plays and poems, pre- 
served in the family's manuscript 
^bok. His brother. Joe Jefferson 
(Mama's maiden name), and his 


Fun with Herbert Farjeon 


Serious work at Cannes 


sister Eleanor both went on to 
become' successful authors like 
Papa. Eleanor's children's books 
remain in print and are still 
widely read; her A .\urseru In 
.The Nineties (1935) is a gushily 
enjoyable feast of nostalgic 
information 'about their child- 
hood. Bertie had cricketing day- 
dreams as a prep, school boy in 


RADIO 

ANTHONY CURTIS 


Hampstead but when the day of 
decision dawned he went on the 
boards and- toured the slates 
from Pennsylvania to North 
Carolina with bis uncle's troupe. 

The experience cured him of 
any desire to act in public ami 
he too turned to trying to live 
by his pen. He became a sub- 
editor on Answers before the 
first world war aod later drama 
critic of the Daily Herald con- 
fessing, to the horror of his 
editor, to having fallen asleep 
during Othello. Later be wrote 
a song '* It's only journalism.” 


His first song to hit the headlines 
was one he wrote for Elsa 
Lanchester to sing at parties. “I 
danced with a man who danced 
with a girl who had danced with 
the Prince of Wales." It was 
included in Many Happy Returns 
at the Duke -of York’s Theatre in 
1928 sung by Mimi Crawford. 
Uproar followed at the royal 
name being taken in vain, 
though Farjeon had in fact 
cleared it with the Palace. 
Never mind he bad at last got 
his eye in as a writer of songs 
and sketches: from this point 
until his death he played many 
long elegant innings at the Little 
Theatre and elsewhere, eventu- 
ally under his own management.' 
on the pitch to which his talents 
were so well suited, intimate 
revue. 

Much of this life story came 
through Wednesday's programme 
in the form of a narration spoken 
by Michael Stnee and Farjeons 
own words smoothly uttered by 
Peter Barkworth. Bur naturally 
the meat of the programme was 
cot biography but Farjeon's work ' 
which was performed by people 
who clearly relished the task, 
Dilys Laye, Hugh Paddick, Peter 
Reeves, Tricia George among 


them. It was the same format 
of a continuing flow of quota- 
tion, music and performance 
which was used in Cbwardy Cus- 
tard. 

We heard again songs like 
“Glorious ■ Glyndeboume,” 

“Where music flows like money 
. ... and the best-bred sheep are 
grazing," and the famous sketch 
based on the inane mannerisms 
adopted by the average bridge 
player wbe> bidding, jokes about 
ballet-enthusiasts, roadhouses, 
cocktails, kirby-grips and other 
popular features of the time. The 
woman who was queuing, but 
who didn't know what for, 
brought us into the 1940s. 

The Farjeon tradition survived 
him for a while. There was after 
all still Sandy Wilson to come in 
to bat and wag the tail. The last 
truly Farjeonesque revue I ever 
saw was Michael CDdron’s Pieces 
of Eight at the Apollo Theatre 
in 1959 with Kenneth Williams 
and Fenella Fielding. .Much of 
the best material for that was 
contributed by two writers then 
virtually unknown' called Peter 
Cook and Harold Pinter. I sug- 
gest that both these gentlemen 
have learned the basics of their 
craft from the likes of Farjeon. 


John Nash, a minor master 


John Nash died last year at the 
age of S4. having painted on 
almost to the end. By that time 
his particular distinction was 
already recognised, his reputa- 
tion having grown significantly 
in recent years. Even so, his 

work is still less widely 

known than it deserves to he. 
and this excellent memorial 

show at the New Grafton 

Gallery (until June 14). a selec- 
tion from the work left in his 
studio at his death augmented 
hy a few loans and covering his 
entire career, should help in 
that direction. 

The trouble has been. ■ of 
course, that John's life as an 
arli<t was instigated by his more 


ART 

WILLIAM PACKER 


talented and variously gifted 
brother Paul, and inevitably he 
lived in (lie shadow of his 
reputation, though he survived 
him by some "0 years. It is 
hard that the one should suffer 
hy the excellence of the other, 
rather more so than had he been 
less nalural a disciple. And it 
would he wrong lo emphasise 
mo strongly the similarity or 
theVr-’wuTk. Though theVr early 
work was close in spirit, and 
certain technical characteristics 
were always shared, the same 
fondness for water-colour, the 
<r.nie ralher dry and chalky use 
»f ini paint. John, taking a 
narrower and ijuu'ier path, soon 
a*-seric»l lwm?elf as his own man. 

His Mihjci-l w.is always ihe 
English country side. and. ihnugh 
hr ii'j veil rd widely, the feeling 
for the landscapes familiar to 
him dominates the several 
phase* in his work, ihe Thames 


• ’■ 


W&mm. 


if 




•: • ■ 


Btf 







John Nash: Study for “ Over the Top ' 


Valley and the Chilterns in his 
early and middle yeavfe-in the 
later decades the farthest 
corner of Essex, i lose to 
Constable-land. He immersed 
himself in his subject, and the 
instinctive rapport he achieved 
informs everything he did. He 
was one of the finest flower 
draughtsmen pf recent limes, 
that work horn of deep know- 
ledge. and he illustrated many 
notable books 3nd folios, deal- 
ing with plants or many kinds. 

To call him’ a great artist 
would be in overstate his case. 


and his modesty would laugh 
at the presumption: tu eali-him 
minor or interesting or very 
English would be to patronise 
and belittle him. We have no 
eyaet phrase for him in English. 
He was a master in his way. 
giving us eyes to .see the world 
through his own acute and 
particular sensibility. 

In the Summer Show of the 
Ruyal Academy, as is customary, 
six of his works hang promi- 
nently together in his memory. 
They include Over the Top. 
borrowed from the Imperial 


Come, come to the fair 


IT HAS been said or Frank- 
furt-born Robert von Hirsch 
1 1S83-19T7). that he was one 
of ihai rare breed of collectors 
i hat actually knew about the 
thing* he w3S collecting. His 
reference library at Engel- 
»a>*e. Basel, where he trans- 
ferred hi> art collection in 1933 
because of the political climate 
in Germany, was of outstanding 
qualm. 

When ihe Hirsch Collection 
is sold at Smheby's during June 
•J0-'J7. it is expected that the 
70 U lot* will easily top the 
ifi.3S9.933 from the 3.739 lots 
offered a I Sotheby's sale of the 
, eiiiury al Mentmore last year. 

.selection of the Hirsch 
i re a *u res have already been 
oxli i hi led tn Frankfurt and 
Zurich, while on Wednesday 
until June S they go on show 
a? ihe Royal Academy. Pieca- 
dil!\. Wl. before the full new 


COLLECTING 

JUNE FIELD 


,„g at Sotheby's. 34-35 New 
Ri.ml Street. Wl. from June 
H The fu nr- vii luim*. 140-worth 
„f catalogues an- being snapped 
„p now. no H.mbt m recullec- 
i,.,,, ..f ihe rarity value of the 

Mcniniore publications. 

I hod a preview of the 
magnificent private press bonks 
*hs«.h comprise almost a cum- 
plrte set or the books and 
leaflets pruned and published 
h\ the Doves Press. The 
niajnriiy were specially bound 
h% t j. Cobden-Sanderson. and 
include nine re tree copies, some 
presented by the printer 
his wife Annie. (Reirec 
,-omes are made up from spare 
sheets. and include some 
rejected because of slightly 
uneven inking or impression.) 

The exquisitely printed 
volumes, mainly on vellum, 
with rich dark blue morocco 
„,i, covers, include the Poves 
Buulerv printing of 7he Efl 
}t .},!,■ an vellum. Volume T con- 
-n-mni the tmy red circular 
label with entwined Silt initials 
Sat was von Hirsch* mono- 
,. r ,m. At the moment these 
nrecious books can only be pre ; 
1-i.nved at Sotheby's Hodgsons 

Rooms. H5 Chancery Lane 
W C.2. under the eagle eye of 
Michael HescMne. who 


reminded me that Ihe slightest 
mark or scratch would affect 
their value. 

The next delight for biblio- 
philes is the 2Ulh Antiquarian 
Book Fair at ihe Eurnpa Hotel, 
Gro.-venor Square. Wl, on June 
13. 14 and 15. Over 1U0 book- 


sellers from seven countries 
will be offering some 25.000 
books, documents, prints, auto- 
graphed letters and music 
scores. A special feature will 
be a fascinating exhibition 
largely drawn from one private 
collection. " Mechanical Car- 



t.-ine late 17lh cenlwy Chinese export lacquer cabinet 
decorated with gold chinolseries on a magnificent Charles II 
....nori elltwood base. At Mall eft's. Grosvenor House 
CA Antiques Fair, June 14-84. 


War Museum, a painting based 
on personal experience as an 
infantryman in the Great War. 
and one of the very best works 
to come out of the War Artists 
scheme. 1 taught with John 
Nash, for a few years, at Col- 
chester School of Art. and he 
once told me that he was certain 
that his brother Paul's success, 
early in 191S and after many 
months of trying, in getting him 
a War Artist’s Commission, 
saved his life. His own long 
life's work makes us all grateful 
for that happy intervention. 

riages in Print 1600-1850." It 
illustrates, with engravings, 
lithographs, aquatints, books, 
pamphlets and commemorative 
items, the amazing ancestors 
of the automobile, these pre- 
historic monsters that moved 
by crank and lever, cog and 
pedal, wind and steam, all of 
which were designed with one 
objective of rendering obsolete 
the horse-drawn vehicle. 

Some 10,000 exhibits dating 
from antiquity to 1S30, esti- 
mated to be worth £30m, will be 
at tbe 37th Grosvenor House 
Antiques Fair in the splendour 
of the Great Room, Europe's 
largest ballroom, from 14-24 
June, to be opened by the 
Duchess of Gloucester. (The 
hotel was built on the site of 
the home of the Dukes of West- 
minster, who owned one of the 
greatest private art collections 
in Britain, Grosvenor. tbe family 
name, deriving from Gros 
Yeneur or Master of the Hunt). 

“The fair is one of the last 
bastions of the art dealing 
market that exists in this 
country.” declares the fair's 
ebullient chairman. George Levy 
of H. Blainnan and Son, “show- 
ing that England is still the 
main centre of the an world.” 
Answering those who have criti- 
cised “ the uniformity and even 
dullness of so many stands, with 
so many repetitive pieces of 
mahogany." his immediate reply 
is: "Where you have tradition 
and authenticity it is difficult to 
change. The fair is a marvellous 
col’ection of works of art of the 
highest quality, important pieces 
with an exciting provenance or 
historical association, which the 
public can safely buy." 

There are 17 vetting com- 
mittees to ensure authenticity, 
quality and age, and it is on the 
dateline where it .is generally 
considered that the Grosvenor 
House Fair have thrown away 
their chance to be the leaders 
in encouraging the study of the 
later yet equally craftsman- 
conscious pieces, encompassing 
the Arts and Crafts and art 
nouveau movements. The 
organisers tried tbe experiment 
of adding a section for articles 
of the 100-year period after 1830, 
but threw in the towel after 
only two seasons because they 
weren't able to overcome the 
problems of linking up the two 
sections. 

With so many bright new 
young dealers and Sotheby's 
Belgravia auction experts 
specialising in this period, there 
should be do shortage of the 
necessary expertise. Try. again, 
please. 

An enterprising ploy of The 


No casual visitor to the 
cinema's annual jamboree-by- 
tb e-sea could mistake Cannes 
for anything other than a town 
in the fevered throes of Festi- 
valltis. Tbe symptoms are 
evident ana everywhere : a lurid 
rash of advertising covering the 
face of the town, a sea-front 
filled with people deep in talk, 
business deals or between-films 
hurry, and sporadic clusters of 
journalists and photographers 
gathered round some news- 
worthy happening. This year's 
first headline-stealing event was 
the appearance of American 
starlet Edy Williams posing full 
frontal for photographers on the 
I Carlton Hotel terrace. Elsewhere 
champagne parties, topless (and/ 
or bottomless) cavorting on tbe 
Croisette. and other goings-on 
dear to the myth-makers of 
Cannes have been rarer than 
usual; taking second place to tbe 
busy schedule of films. 

A .fascinating selection these 
promise to be. The star attrac- 
tions ■ of the Main Competition 
so far have been Rainer Werner 
Fassbinder's Despair, Nagisa 


CINEMA 

NIGEL ANDREWS 


Oshima's ,4i No Borai and 
Claude Chabrol’s Violetta 
Nozi&res. Not quite master- 
pieces. these are nonetheless 
irresistibly lively films, each 
making a new and Intriguing 
change of direction for their 
makers. 

Despair is Fassbinder's first 
non-German film, starring Dirk 
Bogarde and with an English 
screenplay by Tom Stoppard 
based on a Nabokov novel. 
Bogarde plays a Russian ex- 
patiate living in 1930s Berlin 
who has a weakness for what one 
might call “ voluntary schizo- 
phrenia." He keeps imagining 
that an identical alter ego is 
watching him at work, at play 
or in bed (with his plump, pretty 
wife Andrea Ferreol). and far 
from fearing these manifesta- 
tions he becomes drawn, almost 
addicted to them. When pres- 
sure of the pre-Nazi times and 
professional despair (he runs an 
ailing chocolate factory) encour- 
age him to throw up his middle- 
class life and begin anew, he 
goes out, finds a seemingly 
perfect “ double ” (Klaus 
Loewitsch) and attempts to fake 
his. own death by killing the 
chosen man. 

The macabre joke Ls that the 
double looks nothing like 
Bogarde- (except to Bogarde), 
and it is only a matter of time, 
and of ruefully comic suspense, 
before the police track him 
down and arrest him just when 
be thinks he is embarking on a 
New Life. The joke is not quite 
enough lo sustain the whole 
film. alas, and the mixture of 
Stoppard's wittily convoluted 
dialogue and Fassbinder’s rococo 
camerawork 'is so over-rich that 
aesthetic repletion comes well 
before the end. But there are 
fine moments — mostly provided 

Fine Art and Antiques Fair 
(Olympia. June 9-17, to be 
opened by Prince Michael of 
Kent), is to promote a Fine Art 
And Antiques Weekend, which 
takes in their exhibition. Leaflet 
from Jane Kerr, House of 
Travel, 21-23 Oxford Road, 
Bournemouth. There will be 
stricter vetting at this fair, 
which has gone from strength 
to strength over the last four 
years, particularly in its presen- 
tation. Although as organiser 
Guy GuiUemard points out: 
“The fair at Olympia is intended 
to be very much a market place 
and not -a museum.” 

With over 500,000 pieces on 
display, the goods will naturally 
be a mixed bag for collectors, 
but for those who want the top 
stuff there is a Gold Section, 
with the somewhat confusing 
datelines of furniture pre 1830, 
all other exhibits pre 1860. and 
paintings and prints pre 1890. 
The vetting panel is made up of 
non-exhibiting experts, one of 
them being Earle D. Vandekar 
of Knightsbridge. who special- 
ises -in fine European and 
Oriental porcelain, pottery and 
glass. Mr. Vandekar is exhibit- 
ing at. Grosvenor House, which 
would seem to indicate some 
support between the aims of the 
two fairs which are intended to 
complement each other rather . 
than compete. 

TV RATINGS 
w/e May 21 

UJC. TOP an: Viewers fm.| 

I- Armchair Thriller Hues.) 
(Thame*) 15.30 

- Armchair Thriller (TbursJ 

(Thames) 14.00 

1. Coronation St (Wed) (Granada) IS. DO 
4- CorsnaUea si. (MM.) (Granada) in.ia 
5. This | a Ywir Life (Thame*) 13.50 
*. Winner Takes All (Yorks.) .. . 13.40 

«• mats Ufe (bio 13.33 

S. Whodmultr (Thames) 13.20 

k. OaHaa and stmpssa Playhouse 

lYortoJ 13.00 

IO- CroMruad* (TMO (ATV> . ... liii 

11. Dick Emery Show (BBC) 12-50 

12. Crosmad* (Wed.) (ATV) 12-30 

13. ReJak (BBC) l* K 

H. 6“ Somo la (Thames) 12.05 

Crwssraads (Fri.) (ATV) 11A5 

lU a Knockout (BBC) 12.05 

IT. (Hum.) (ATV) OM 

IS- Of Uaria Bonbtn - 

19. Whafs oa He* (Thames) ...... 

30. CmmenJaie farm (Tuat.) 

(Yorks.) 11A5 

P***«HI (BBC) - 11.45 

U-S- TOP TEN (Malison ruins*) 

1 (sarnody) (ABC) 24.# 

- Wheels (drama) (NBC) 

’■ ’tfSZT" 1 Shiriar (comedy) 

<■ Ham ’tta West Was Wm' (drama) 

(ABC) 22.7 

Sl2 ir £* UBtr r (wiwjr) (abo aax 

5 Hyy P* vs ( comedy) (ABO ... 2U 

(ABO 21.1 

s. incredaile HuBt (drama) (CBS) ... 19.4 

*• Ccsmedy) (ABO :0.2 

W- ***“")» of th* Wildaraes* 

Family (IBm) (ABO 1S.0 


by Dirk Bogarde, complete with 
Russian accent and expressively 
twitching eyebrow — and the 
film whets the curiosity for a 
second viewing. 

Nagisa Osbima has made a 
sequel, or rather a companion 
film, tn his Japanese liebestnd 
Ai No Corrida (Empire of the 


than on intellectual organisa- 
tion, and tbe imbalance between 
the two tends to capsize its 

impact. 

Murder among the middle 
classes has been Claude 
Chabrol's favoured subject since 
Les Biches. In Violette Noziere. 
he has stepped down a class or 


From ibe mixed bag or films 
domestic tyrants and pitiful 
victims. Tbe ambivalance uf 
earlier Chabrol works — Le 
Boucher or La Femme Infidele — 
elsewhere on view, three or four 
more titles should be picked out. 
Mark Rappaport's The Scenic 





Isabelle Huppert in “ Violette Noziere 1 


Senses), which opened recently 
in London. The new film ,4i No 
Borai ( Empire of Passion ) 
eschews explicit sex in favour of 
a period melodrama rife with 
ghosts, murder and revenge. 
The time is 1895. the setting a 
Japanese peasant village. A 
young man falls in love with an 
older married woman. She 
returns his love, their passion 
grows, and finally the adulterous 
couple kill the woman's husband. 
But his ghost returns to haunt 
them, and eventually to drive 
them to confess their crime. 

Tbe film's pace, intensity and 
bravura camerawork are undeni- 
able; but a first viewing leaves 
one doubtful tbat the film Is 
either as original or as thought- 
ful as its predecessor. It bristles 
with ornate visual symbols and 
similes— the vertical motif of 
bands raised in supplication is 
echoed in the plethora of rear- 
ing phallic symbols— but the 
film is stronger on raw emotion 


FINE STAMPS 
AN ALTERNATIVE 
INVESTMENT 

For tullf dcicriptive brochure 
write to : — 

U. H. FINE STAMP 
INVESTMENT SERVICE 
(F.T.) 

9 Christmas Steps 
BRISTOL BSI 5BS 
Telephone: 0272 20442 

VETERAN, VINTAGE AND 
COLLECTORS CARS 
Hqtm drawn vehicle! end agricultural 
implement*, machinery and bygone! 
to be sold by Auction at SchoolhouM 
Farm. Nordichapel. near Pe worth 
Sussex, on Saturday June 24iJi by 
KING a CHA5EMORE 
Late Entries Welcomed 
contact Potworth Office (0798-42011) 
for Vintage Agricultural (cemi. 
Pul borough Office (079B2.2D81) 
for Cara and Horte-drawn Vehicles 


ART GALLERIES 


ASH BARN now open. Soring Exhibition 
□1 Minting* and sculpture i300 works 
Including outdoor sculptures). open 
daily 10-6. Sundays 2-6. Closed Mon- 
days. Winchester Road. Stroud. Petere- 
ficld. Hampshire. Tel. 0730 3662. 
BLOND FINE ART. 33. 5ackv)lle St.. 
W.l. 01-347 1230. MAXWELL BLOND , 
— Paintings and watercolours. until 
3 June. Mon.-Frl. 10-6. Sals. 10.1. 
BROWSE A DARBY, 19. Cork St.. W 1. . 
FORAIN. Mon.-Frl. 10.00-5.30. Sat. 
10.00-12.30. | 


two to recreate the true story 
of a poor Parisian girl who in 
1934 poisoned her mother and 
father, after a girlhood marked 
and marred by penury, prosti- 
tution and a love-affair with aP 
unscrupulous fortune-hunter, 
Violette Nozifrre became a folk- 
heroine of her day. and the film 
extracts its theme tune from a 
popular song written about her 
at the time. But although 
Chabrol dutifully airs the con- 
temporary notion that Violette 
was a victim of her times, driven 
to crime by parental repression 
and sexual ignorance ishe learns 
too late of the dangers of 
syphilis!, he never allows the 
film to become a niodishlv liberal 
apologia for murder. Isabelle 
Huppert’s heroine is at once a 
tragic social casualty and a 
nerveless schemer; the parents 
(Stephane Audran and Jean 
Carmetl are at once petty 
is triumphantly in evidence 
again bere. 


Route is a wonderful spoof of 
All Things Hollywood: an 
eternal-triangle melodrama in 
which the dialogue, the charac- 
ters. the situations all look as if 
they have stepped freshly 
laundered from the films 'if 
Douglas Sirk or Ross Hunter. 
Bruce BeresFord's The Getting .tj 
Wisdom takes us on a lively con- 
ducted tour of a Melbourne 
School for Young Girls (circa 
1900 1 . introducing us to the 
traumas and tribulations of grow- 
ing up in tum-of-the-century 
Australia. And the Interesting- 
Failure award for Cannes' first 
week must be shared between 
Peter Handke's 77ie Left-Handed 
Woman, an intelligent but dis- 
couragingly solemn essay in 
German angst, and One and One. 
a weird and winsome chunk of 
Swedish allegorising (about love 
and growing up) photographed 
by Sven Nykvist starring Ingrid 
Thulin and Erland Josephson. 
and eo-directed by ail three. 


fSlISll 




8 King Street; 
Stjames’s 
London j 
SWIY6QZ 


- 


Tel: 01-839 9060 
Telex 916429 
Telegrams 
CHRISTIART 


EXPERIENCE AND EXPERTISE 


. 342 




CLUBS 


I EVE. 189. Regent St. 734 0SS7. A la 
Carte e r All-In Menu. Three Spectacular 
Flow Show 10.45. 12.4S and 1 45 anil 
music al Johnny Hawknworth & Friends. 


SALEROOM 

ADVERTISING 

APPEARS EVERY 
SATURDAY 

For farther information 
please contact: 
RICHARD JONES 
01-248 8000, Ext. 323 


Harold Gilmun: Girl bp a Mantlepiece. 

Sale. Friday. June (*■ 

Lovers of the work of Harold Gilman (1876-1919) are 
accustomed to the bright palette which he developed after 
his introduction to the Post-Impressionists at the first 
exhibition of their paintings in London in 1910. The picture 
illustrated here is. however, of an earlier period and style, 
probably painted in 1906/1907 when he first came under 
the influence of Walter Sickert, himself a pupil of Whistler 
and a friend of Degas, at 17 Fitzroy Street. Sickert intro- 
duced Gilman lo the delights of -the intimate interiors of 
which be became sucb a master. 

In 1903/1904 Gilman visited Spain where he met an 
American girl called Grace Canedy whom he married in 
Madrid. The marriage ended in divorce four years later. 
She is probably ihe figure by the mantlepiece In this picture 
which was painted at Gilman's family home, Snargate 
Rectory. Romney Marsh in Kent. Gilman's father was the 
rector there. His son evidently thought highly of it and 
intended it for the Salon des Independants in Paris for 
which be wrote a title in French on a label stuck to tbe 
stretcher. “No. 4 La Cheminee (sur la chemjneej ". Whether 
II was definitely shown there w-e may never know but we 
do know that it was bought (perhaps at 17 Fitzroy Street) 
by Madame Errazuriz, a distinguished Chilean iadv who 
supported young English artists and was the subject of 
portraits by Sargent. Boldini, and Conder amongst others. 
She sold it at Christie's in 1919 for 20 guineas. 

For further information on Christie's sale of Modern British 
and Irish Paintings, Drawings and Sculpture on Friday, 
June 9, please contact Francis Farmar at the address above. 



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V . 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4F 4BY 
Telegrams: Flnamhao, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Saturday May 27 1978 


Grey areas of the 
white goods sector 


Financial Times Saturday May 27 1978 

nit nnwEsne flmiAiiCts WABKETia/z 


BY MAX WILKINSON 


forces 


IT TS a matter for argument 
■v .'aI.kt Hi*; extinction often 
drawn beruevrt the behaviour 
*.• T.-if "rear - economy and 
::vnd» in the financial sector is 
niucii practical value. So far 
3; investors arc concerned, at 
a-iy ra'f. :t is some years now 
s::ice equities were regarded as 
an adequate hedge against rapid 
.mlauon. Certainly there are 
;ar- — ihe performance of out- 
put and profits, for example, 
and dividend controls — which 
affuert equity rather than gilt- 
.•d^i prices: but they are no 
longer over-riding. Until infla- 
i> permanently brought 
:i to a much lower rate than 
tav rucem past, equity in- 
’ en'.ors cannot aiTord to ignore 
v. !:n: :s happening in the gilt- 
cJs'ed nurse;. 

Eu*n the "real“ economic 
71 of :he week. a< it happens, 
:!d f not ht-etl altogether encour- 
a'.nj. T.ie most cheerful item 
.in the schedule is a 1 per cent 
r.« :n the real value of gross 
ii>mes(;c product during the 
fir-: quarter of 1P7S. After a 
per.; i.i of stagnation, this is a 
relatively -narp and significant 
improvement. U confirms the up- 
trend already reflected in the 
■.ntles of industrial production 
.,ml :n rlie statistics of retail 
trade and personal consumption. 
I: msUc* a welcome contrast, 
t so. A»th the somewhat gloomy 
view of the industrial situa- 
tion presented in the latest re- 
7 or: by the Confederation of 
5riii'!i Industry. 

Capital spending 

But even this long-awaited 
im-reas-e ;n national output 
::<ed> to he qualified. First, the 
figures relate tu Ihe past, while 
t he gl.mrniness of the CBI's 
report had mure to do 
with the future. Second, the 
nuures about capital investment 
’•>> man ufa cl u ring industry 
i.nnn: t : ;e i'sr-t quarter show 
a ma.-3t<vl fall. Investment 
; Ten ! mix have been holding up 
remarkably well until now, but 
trend may now be changing 
with the decline in industrial 
ccnfini-nee— quite apart from 
-pecui factors like the invust- 
::*.er.: cuts made by the British 
>*;c'-l Corporation. Third, the 
inrt'icT decline in unemploy- 
ment and increase in unfilled 
vacant :t* reported this week 
are much more marked than 
noth: have been expected in 
‘•be first stage of a business 
re.- v.cr* : while their political 
imp. rtan-.e :- not in be denied. 

sop: .'inn must linger that 
:’..ey arc due to some special 
• «::-•■ — lik-' »he i Mvemment's 
tar:«:x jui?...- real ion schemes. 

'*■■1 tb>‘ !ira";:.ii front, by rnn- 
■ - : :‘-e: • vi.i- n.. new- nf even 


a qualified kind. The markets 
were upset at the time of the 
Budget by the size of the pros- 
pective public borrowing re- 
quirement and the difficulty of 
reconciling it with the official 
target for growth of the money 
supply. Since then it has turned 
out that the money supply grew 
last year considerably faster 
than intended, providing a 
higher base than intended for 
this year's growth. The tax cuts 
pushed through by the Opposi- 
tion. moreover, have yet to be 
offset by increases in indirect 
taxation or cuta in public 
expenditure. 

Bank rate 

Despite the rise in interest 
rates since the Budget, there- 
fore — which the Government 
has accepted by raising the rates 
available on Savings Certificates 
and tax reserve certificates — 
institutional investors still tend 
to fear that a further increase 
may be needed to check 
monetary growth and prevent 
inflation from beginning to rise 
again rapidly. So long as they 
believe this, they are reluctant 
to buy gilt-edged and the Gov- 
ernment's difficulty in financing 
its borrowing needs become 
greater still. An attempt was 
made this week to end the un- 
certainty by dropping the 
formula which conects the level 
of Minimum Lending Rate 
directly to market rates through 
the level of Treasury hill rate. 
Instead, MLR will be fixed each 
Thursday by the authorities like 
the old Bank Rate, and was fixed 
this week at its existing level 
of 9 per cent. 

The Government had managed 
to resume sales of stock earlier 
in the week by dropping the 
price of its long-dated tap stock. 
It was assumed that the new 
arrangements for MLR implied 
not only a wish to prevent rates 
from rising further but a readi- 
ness to take some action that 
would remove market anxieties. 
But this assumption did not last 
long. The letter written to the 
International Monetary Fund, 
whieh accompanies a request 
to maintain our stand-by credit 
until the beginning of next 
year, did no more than turn 
existing targets for public bor- 
rowing and monetary growth 
into firm commitments. The 
market suspected that the Gov- 
ernment’s main aim was to hold 
down rates in the run-up to an 
election, and the news that the 
Lib-Lab pact would end with 
this session of Parliament sug- 
gested that the election would 
not be long delayed. Yesterday, 
in front of the holiday, the gilt 
edged market was understand- 
ably subdued. 


O F ALL the industries 
which have been marked 
out for special attention 
under the Government’s in- 
dustrial strategy, the domestic 
appliance business — or the 
'“white goods sector” as it is 
known— should, on the face of 
it, provide one of the most 
promising areas for action. 

The number of manufacturers 
is relatively small, the problems 
are easy to identify and there is 
general agreement among 
managers, trade unionists and 
government officials on what 
the objectives for the next few 
years should be. 

However, agreement reached 
in a committee room overlook- 
ing the river Thames is only 
the barest preliminary to the 
detailed efforts needed if the 
industry is to recover its lost 
ground. 

The white goods sector will 
therefore provide an important 
test of whether the Govern- 
ment's strategies are more than 
just talk. One important 
question is whether the Govern- 
ment itself will understand the 
way in which past policies have 
inhibited the growth of the 
domestic appliance industry and 
encouraged imports. 

Now, the industry’s main 
effort must clearly be to push 
back imports, particularly cheap 
imports, of washing machines 
and refrigerators from Italy. It 
may do this partly by increasing 
efficiency and by taking up the 
slack in plant which is at 
present under-used. 

But the most urgent need is 
to increase productive capacity 
in two areas where British 
manufacturers have sadly failed 
to anticipate an expansion of 
consumers’ demand — the 
markets for automatic washing 
machines and for two-door 
refrigerator-freezers. 

It seems, at first sight, 
strange and depressing that the 
speed of change from old- 
fashioned washing machines to 
front-loading automatics should 
have taken British manu- 
facturers by surprise. The fact 
is. however, that half of such 
machines sold in the UK are 
now made abroad, and at least 
one reason is that UK manu- 
facturers cannot make enough 
of them. The penetration of 
fridge-freezers is even higher, 
at 70 per cent, and manu- 
facturers admit that they have 
been " caught napping.’’ 

Manufacturers cannot, how- 
ever, be altogether blamed for 
not investing in an industry 
where margins are notoriously 
low, where Europe as a whole is 
suffering from substantial, over- 
capacity, and where the British 
Government has repeatedly 
upset the home market by 
changing tax rates and credit 
rules. 

Even now the industry is 
labouring under the disadvan- 
tage of a higher "luxury” VAT 
rate of 12.5 per cent, which 
manufacturers claim is helping 
to depress demand and, they 


say, ill accords with the Gov- 
ernment’s declared policy of 
giving the industry special help 
and stimulus. 

Indeed, the present rather 
depressed state of the UK white 
goods industry can be- traced 
hack to the penalties imposed 
by successive governments t in- 
cluding purchase tax of up to 
60 per cent) and the contrasting 
expansionist policies elsewhere 
in Europe, particularly in Italy 
and West Germany. 

In the early 1960s, when 
British domestic appliances 
were still highly taxed, the 
Italian and German govern- 
ments decided to stimulate 
their Industries by a combina- 
tion of low sales taxes and 
direct industrial incentives. 
Their industrial strategies were 
perhaps less formalised than 
those now being attempted in 
the UK, but the general lines 
of approach were not dissimilar. 

Marketing 

drive 

The consequence was that by 
1966, Italian production of re- 
frigerators had built up from 
almost nothing in the previous 
decade to 2.8m. units a year, 
more than two and a half times 
the output of the UK Domestic 
demand for refrigerators in 
Italy was at that time just over 
lm. a year, roughly the same as 
in the UK It is clear, therefore, 
that Italian manufacturers used 
their home market as a base to 
seize the opportunity of export- 
ing a relatively new type of 
mass-produced equipment to the 
rest of Europe. They were the 
first to exploit a market for less 
durable but cheap machines, 
often well designed but made to 
minimum specifications. 

As regards washing machines, 
where the Italians moved much 
more nimbly into the era of 
front loading automatics, the 
main companies were Zanussi, 
Ignis, Indesit and Candy. They 
had by 1967 the advantage of a 
domestic market of 1.36m. units, 
about twice the size of that in 
the UK Although government 
policies were favourable, there 
is no doubt that the enterprise 
and marketing drive of the 
Italian Industry created its own 
domestic demand. 

Meanwhile, in Germany, the 
largest white goods market in 
Europe, the influx of cheap 
mass-produced Italian goods 
caused the domestic manufac- 
turers — led by AEG, Siemens/ 
Bosch and Bauknecht— to re- 
treat strongly up market where 
they concentrated on high 
quality and extra features at 
prices perhaps 50 per cent 
above those of imports. Partly 
because of the natural prejudice 
of Germans against imported 
goods, and partly by vigorous 
marketing, the German manu- 
facturers managed to retain the 
majority of domestic sales and 
to match imports with a healthy 
volume of exports. 

For this reason. German pro- 


duction has about matched the 
size of its home market, though 
because of tbe high quality, the 
value of exports has tended to 
be higher than that of imports. 

In France, the impact of 
cheap Italian goods was some- 
what greater, particularly in the 
refrigerator market where home 
manufacturers, of which the 
leader is Thomson-Brandt, were 
less able to compete with the 
very low prices at the bottom 
end of the mar ker. However, the 
French were very successful in 
preserving a large part of the 
domestic washing machine mar- 
ket by the development of a 
peculiarly French design, the 
slim-line top4oading machine 
suitable for small kitchens. 

In Britain, manufacturers had 
less success against imports 
partly, no doubt, because they 
started from the base of a more 
depressed home market In 
1969, for example — -when UK 
sales of washing machines were 
625,000 units, sales in Italy had 
reached 1.4m, in France, 1.3m, 
and Germany, L8m — Britain 
was still outside the Common 
Market, and the Government 
still regarded washing machines 
and other white goods as “luxury 
items *' for which demand could 
be restricted whenever the 
economy became “overheated.” 

There was, therefore, little 
incentive for either of the two 
leading companies in washing 
machines — Hoover and British 
Domestic Appliances, controlled 
by GEC (Hotpoint) — to make 
the major investments in pro- 
duct development or marketing 
which would match their Euro- 
pean competitors. 

Indeed, several UK manufac- 
turers actually started to help 
Italian imports through "vendor 
branding,” by which Italian- 
made machines were sold under 
a British trade mark. This 
practice, which continues, is one 
of the main targets of the Gov- 
ernment's industrial strategy. It 
aims to persuade manufacturers 
and retail chains to buy from 
British sources whenever 
possible. 

At present about 40 per cent 
of all imported domestic 
appliances are vendor-branded 
by UK manufacturers them- 
selves. They are thus directly 
marketing the products of their 
competitors. This is a particu- 
larly sore point in the case of 
automatic washing machines, 
where imports have captured 
half of total sales. 

Until recently, even the 
nationalised electricity boards 
were selling Italian-made 
machines under their own 
brand label. 

GEC-Schretber has just dis- 
continued dts policy of import- 
ing -the cheaper range of Hot- 
point washing machines from 
Zanussi in Italy, hut Thorn — 
which does not itself make 
washing machines — continues to 
buy its Bendix range from 
abroad. This practice of vendor 
branding has, however, become 
widespread throughout the Con- 


tinent and is perhaps «n -inevit- 
able response to the huge 
volumes pouring out of highly 
automated plants Italy. 

It is odd, perhaps, that AEG, 
whose market image is of 
German-made high quality, in 
fact makes its largest sale in 
the UK with a washing machine 
made in Italy by Zanussi. 

AEG, in common with Philips, 
ha d early adopted a policy 
towards -the Italians of " if yw 
can’t beat them, buy them.” 
Philips bought control of Ignis 
and AEG took a 20 per cent 
share in Zanussi, which it has 
just recently announced if is 
going -to sell bade again. 

AEG’s withdrawal from a 
stake in Italian manufacture 
probably reflects a general 
change in the commercial cli- 
mate which has made the going 
tougher for the Italian com- 
panies and now gives perhaps 
some moderate hope for expan- 
sionist ambitions in the UK 

The main change is that after 
the expansionist phase of the 
1960s the market, particularly 
for refrigerators, is beginning 
to approach saturation. Con- 
sequently. Italian manufac- 
turers, who have had diffi- 
culty in using all their capacity, 
have been caught with high 
overheads. Prices at the low 
end of the market have, there- 
fore, been depressed as manu- 
facturers struggled to keep up 
production levels. German, 
and to some extent French, 
manufacturers were somewhat 
insulated from this movement 
because they were concentrating 
on the more expensive section 
of the market British manu- 
facturers, who were Dying to 
match the Italians for price and 
had generally failed to achieve 
an image of superior quality, 
were badly hit by the move- 
ment They lost market share 
and saw their margins badly 
reduced at the same time. - 

New factory 
in Merthyr 

However, the success of 
Electrolux, the Swedish-owned 
company; in hanging on to a 
10 to 12 per cent share of the 
European market shows that 
the Italian factories are not 
invincible. 

In spite of the past difficul- 
ties, the U.K manufacturers 
are now showing a cautious 
optimism. It is estimated that 
investments of some £100ra are 
to be made in the next few 
years. 

GEC-Shreiber has investment 
plans for more than £20m of 
new plant and machinery for 
the production of washing 
machines and refrigerators. 
Hoover is establishing a new 
£Khn factory in Merthyr Tydfil 
to make automatic washing 
machines, and Thorn, the lead- 
ing British maker of refrigera- 
tors, also has several substantial 
investments planned. 

One of the Important aspects 


Hoover 
Hotpoint (geo 
I ndesit 

Servi$(wiuuH$&MnapiJ 

Philips 

Others 

Hotpoint (fiECi 

Electrolux 

Indesit 

Tricity (Trawl) 

Zanussi 

Electra 

Lee 

Others 

Tricity (tbohi) 
Belling 

Cr0d& (TUBE INVESTMENTS) 

Others 

C 

SwffC8 : Industry Estimates 




in 

ga 


WASHING 
I MACHINES I 




VURIER1977 


of the new UK investment will 
be the introduction of more up- 
to-date automated equipment in 
an industry which still suffers 
from old-fashioned plant in 
cramped and inconvenient 
buildings. Indeed, the improve- 
ment of conditions and attitudes 
to work will clearly have to 
have a high priority if any in- 
vestment strategy is to succeed. 

Fortunately not all companies 
suffer from all these problems. 
But there is little doubt that 
in general, conditions in British 
factories are well behind those 
of their better foreign com- 
petitors. 

Improved productivity will, 
however, have to be combined 
with a nimbler and more 
attacking approach to new mar- 
kets which are emerging in 
Europe as a whole. 

Otherwise, the industy will 
once again lag behind the mar- 
ket for new products which are 
beginning to emerge. Dish- 
washers, which are mainly im- 
ported. .provide one example; 
microwave ovens, dominated by 
Japanese and U.S. producers, 
are another. Both markets are 
still small and slow to take- off 
in the UK Dishwasher sales 
are only 120.000 units a year. 
Hoover in MerthjT Tydfil and 
Thorn, which acquired tooling 
from Alpi in Italy, are both 
intending to make dishwashers. 
This could prove to be a very 
large market since only 2 per 
cent of British households have 
dishwashers compared with 
about 10 per cent in France 
and Germany and nearly 40 
per cent in the U.S. 

The emergence of tbe micro- 
wave oven is part of a general 
change now overtaking a 
hitherto rather unexciting part 


10 20 30 40 

MARKET SHARE % 

of the white goods market that 
for electric cookers. Until re- 
cently there has been little 
foreign trade in cookers be- 
cause Continental requirements 
differ significantly from those 
of the British housewife. 

However, the development of 
ceramic hobs, separate built-in 
ovens and now microwave 
units, opens the possibility of 
a marked amount of foreign 
trade which either could benefit 
British manufacturers, or once 
again catch them napping. 
Thorn, certainly, is planning to 
start microwave oven produc- 
tion and is already exporting a 
relatively small volume of split 
level units. 

To reduce import bills to the 
target set recently by the 
NEDO Sector Working Party, 
production of automatic wash- 
ing machines will have to be 
doubled, output of fridge 
freezers will have to be 
increased by three times, and of 
freezers by 60 per cent 
. To achieve this formidable 
objective the industry must 
steer a clever course between 
the mass produced bottom end 
of the market and the German- 
style high quality products 
which are probably too expen- 
sive for the British consumer. 
Manufacturers will have to 
educate customers to pay a 
little more for service, quality 
reliability and extra features 
and make sure that only a 
minority of the market is left 
for the very cheapest products. 

If they don’t, it is clear that 
the domestic appliance industry 
runs a serious risk of following 
the fate of the motor-cycle 
manufacturers which were 
pushed so far out of the volume 
market that they lost their 
business altogether. 


?-U ; - •. 


I t v 

i 1 
: 

1 

; 

liSJ-j.' 
Kris' S’ : 


Letters to the Editor 


1 P i.’Ji'i'n; 

s..- — : .\. i:>vi i*<:ed t«» read 

• : iM. ‘Jiii frnui Mr. 

“.*• ,!• nr »»f ihu 

t -i.-‘ Unto >*r Public 
r • •••• i \ 'uimtancy. He 

• - - : • -i .:»■ • .mu concisely ihe 

{Ti'ijeni ruling 

• s nf :i would 

.»• • ■;> •.■.■roser hi- idler and 
• ii via: :hi< one 

r . --T nh:ch i* no; easily 
- c on pa rail vc ly 

: :.n ■uni no; br very 

.• l ,iw. , i , 'l ihj| a 

r’ : ; :> a dcmrablc 

•_ i: m'-uM remote the 
• ,r hoji-e where one 

-r-i-r r.:i« pay ihe >aim* 

:: r.f a* .i Tieighhour 

.1 -Mr.l'ir hosisc wiih say up 
s jif »va..e earners 

;ii:- Afiirri be .i eninp.ira- 

iip;c :.i\ to colled vrilh 
-..:e lifir.’.'d ?rd shnse liable 
~.,v :! .iri* already known in 

• .julhvsty through the 

,•••-** •; n o:,. I vcrljinly 

. ri eren givalcr 
• .* a i*; , t»is inability 

h.xJ lo , ■••olrihiite 
•.re eV’e'-i;; »-f :hr local 
t v . : - . v d ! h'i?< lead 

v-e. C" .'tv- 

p r*U !’■ •U'VtillM 1 

Suamv: 


Hater 


Thirties l 

iv.dd he mod cratcfu! 
could tell me how h 
jon ah**d hedies can 

utMul public siate- 
n.;t any Government 
ig forihcnminc. The 
cd hy the Thames 
hcrity in connection 
rsTigc in the collection 
charge* explains that 
c-j - will nn longer be 
ith your jsenera! rate 
d therefore you will 

londin.qly less money 
al cniuwii and pay ,- t 
Waicr in-lead.” This 
true for a very biqh 
nf the public.- 
one example relating 
pXIl 1 in t-bndon 
Enflohl. with rateable 
Hi. Hit* annual charge 
e for 1977/7S. which 
cd ill the borough’* 
c hui whuh will no 
ollecicd m this way. 


was £7.90. From the explanatory 
statement in the leaflet one 
would expect ihe direct sewerage 
charge to be £7.90 hut il will in 
faci be £11.40. Furthermore, ihe 
annual charge for water supply 
has been increased from £10.06 
tu £13.30. 

Even for a properly of higher 
rateable value such as £320, 
which is probably rather nearer 
to the average, the increase in 
charges for two London Boroughs 
I have exa mined. Enfield and 
Camden, is over 22 per cent and 
32 per cent respectively fur 
sewerage services and 16 per 
ecut in both cases for water 
supply. 

is this not a disgraceful 
example of deceit of the public, 
a large proportion uf whom will 
not have the means to check the 
accuracy of the statement made? 
Furthermore. _ how does the 
water authority justify such 
increases in limes of restraint? 

R. W. Thirkell. 

.7. Clifton Road. 

Alexandra P ork. A 22 . 

Innovation 

From Mr. J. Binghom Uore 

Sir. — The message of 
Christopher Lorcnz’> article on 
pruduci innovation i April 28 1 
was that Britain i> bpcumin? lew 
and less innovative But the only 
criteria used to come to this con- 
clusion' were research and 
development expenditure and 
patenting in the U.S. 

R and D expenditure may be 
decreasing in real terms, but the 
article appears io ignore (and 
perhaps the Science Policy 
Research Unit does toot ihe fact 
that UK royalty incomes have 
been increasing. Tbe fact that 
UK patents granted in the U.S. 
are going down in spite of in- 
creasing UK royalty incomes 
could cover several aspects. 

Patents are being found less 
important by UK innovators 
(could it not be that they have 
recognised what innovators from 
ulbcr countries have missed that 
other methods oi protection are 
proving as good as or better than 
parents ?>. R a°d D expenditure 
i* being found less feasible and 
less effective (could it not be 
that UK industry has turned 
more to R and D outside industry 
and possibly has even been on- 
lightened enough to licence in- 
wards and develop the result or 
the R and D done by others ? TbU 


would be reflected to the dis- 
advantage of the balance of the 
licensing account but would not 
be a saving in R and D expendi- 
ture). UK industry is turning out 
more licensable innovations 
without investing in R and D 
than other countries. Britain has 
more independent inventors than 
other countries. 

In many fields of industry it is 
necessary to spend money on 
R and D, but why not spend 
rather less by licensing inwards 
rather than taking the full risk 
burden? In some fields expendi- 
ture on R and D is not neces- 
sarily tbe way to fled new tech- 
nologies or products, and capa- 
bilities such as to perceive new 
applications and to make use of 
the knowledge of market needs 
can be of far more importance. 

Larger companies usually know 
how to And new products by 
licensing but on the whole, 
smaller companies do not. Few 
companies, large and small, know 
that there are now a small num- 
ber of worthwhile data banks, 
which can aid the search process. 

Where it is necessary to spend 
money on R and D, the effective- 
ness of that expenditure could, 
in my view, be improved by train- 
ing managers to adopt a more 
innovative approach, and by 
identifying and using the lateral 
thinking capability. 

J. Bingham Dore. 

Product Systems. 

105. Onslow Square. S.W.7. 


Auditing 


From Mr. R. Williams. 

Sir, — What is all this fuss 
about auditing standards? The 
plethora of committees compris- 
ing the profession's oligarchy 
appear to be in complete dis- 
array and divergence of 
approach. What is suddenly new 
about doing an audit other than 
the simple common reuse pro- 
cedures of the last eighty years 
or so? 

Tbe concentration of tbe pro- 
fession into fewer, larger firms, 
the poaching hy these firms of 
Industrial audits of which they 
have no local cr technical 
knowledge hitherto possessed bv 
rbe local smaller firm, and tiic 
inadequacies of training and 
practical experience of -he now 
breed of qualified men. are prob- 
ably some reasons why there is 
much heart searching by the 
institutes. 


It would appear in the light of 
astounding recent mistakes of 
terminology and classifications in 
balance sheets that going back 
to a few basic simple procedures 
would not be a bad idea. 

R. B. Williams. 

12. Ebrington Road, 

West Bromwich, 

West Midlands. 

Children 

From Mrs. E. Harrison 

Sir.— Joe Rogaly is right (May 
23) in thinking that everyone 
would be better off if mothers 
of young children refrained from 
taking Jobs. 

The growing equality of 
women, while of undoubted 
benefit to them legally and 
financially, has had some sad 
effects upon our children. 

While a Few mothers have 
been able to make adequate pro- 
vision for the welfare of their 
children during their own 
absence at work, very many 
more have not. 

Encouraged by law, most 
insidiously by the one which 
assures new mothers of their 
jobs back after a pregnancy, 
many women have put their 
right to work above the right of 
their small children to u mother's 
attention and concern. 

We are seeing some of the 
effects of this today in the alarm- 
ing increase of youthful truancy, 
alcoholism and vandalism. 

But it is not enough to pav 
lip service to the need for 
mothers to put their families 
first. AJonc with some provision 
for those who work now because 
they must^ society must accord 
the mother s job the prestige it 
deserves. It must be acknow- 
ledged. by men as well as by 
women, that it is one or the 
most important jobs in any 
society. Education towards this 
concept jg as important as any 
chance in the tax laws. 

(Mrs.) E. Harrison. 

2\ Eastern Dene. Hailemere, 

High Wycombe. Bucks. 


so his statement that solicitors 
“merely make an income which 
is below that of other comparable 
professions ” is quite wrong. Tbe 
median salary for chartered elec- 
trical engineers in the period 
January 1975-January 1976 was 
£6.220. which is significantly 
lower than the median real earn- 
ings of solicitors of £7,050 over 
virtually tbe same period. Com- 
parable figures for chartered 
civil and mechanical engineers 
are £5,800 and - £5,980 respec- 
tively. 

Despite the “ extensive 
inquiries " the Law Society 
claims to have undertaken to 
obtain useful information on the 
earnings of other professions, 
it apparently failed to obtain 
any information regarding salary 
levels of the engineering pro- 
fession. despite the fact that at 
least one of the major engineer- 
ing institutes able to provide 
such information has its head- 
quarters within short walking 
distance of Chancery Lane. 

The remuneration of solicitors 
may well be poor, but it should 
at least be considered in the 
light of the remuneration of 
other major professions, includ- 
ing engineering. When one con- 
siders that chartered engineers 
in the armed forces are even 
today paid a median salary sig- 
nificantly above that for all 
chartered engineers— and there 
is at least general agreement on 
the abysmal level of forces’ pay 
— the plight of solicitors does 
not seem that bad at alL 
C. H. Matthews. 

42, Parklands Drive, 

Chelmsford, Essex. 


(Kent) is virtually forced to 
make massive subsidies, cur- 
rently about £lm, to National 
Bus Company companies 
whose losses are aggravated not 
only by the NBC itself but also 
by the transport thieves. Three 
years ago I was privileged to 
review the transport system of 
our German twin city, Wies- 
baden, and I was fascinated by 
its stark efficiency. One reason 
of many for this is clearly that 
the driver has almost nothing 
to do with fare collection — be 
just drives the bus: fares are 
made available off the bus. Con- 
trol is highly effective by teams 
of checkers who have no set 
pattern, and who board the buses 
at random. Travellers prove 
that they have used a ticket by 
cancelling it in a date/time 
machine on the bus. and if they 
have no valid ticket they pay 
an enhanced fare on the snot, 
an even bigger one at the office 
later, and the biggest if they are 
prosecuted. 

Presumably our Tory MP bad 
good reasons for deleting the 
on-the-spot clauses, but I think 
he was misguided. Fare cheats 
are no better than thieves, and 
bus losses must be made up cot 
only hy other passengers, but by 
Ihe country's ratepayers. 

On ratepayer subsidies, may 
I just remind readers that in 
tbe last NBC published accounts 
it was shown that not only did 
ratepayers kick in with £2Jm 
in subsidy, hut that the NBC 
made a £4m profit — clearly all 
out of the luckless ratepayers. 
(CUr.) w. F. Shepherd. 

4. Asher Reeds, 

Langton Green, Kent. 


Engineers 


From iUr. C. ilfatzheics 
Sir, — While I am not certain 
what Mr. Roper (May 18) regards 
as a comparable profession to 
that of solicitors. 1 would have 
thought the term included medi- 
cine. accountancy and engineer- 
ing at the very leasL If this is 


Cheats 

From the chairman, 

Tunbridge Wells Borough 
Environmental Committee. 

Sir, — It U a tremendous pity 
that a Tory MP — one of my 
own - party — successfully moved 
the deletion of “on-the-spot” 
fines for over-riders and fare 
djddlers. from Lhe Transport Bill. 
No doubt he is congratulating 
himself on a victory for freedom: 
but 2 am sot. 

As chairman of a borough en- 
vironmental committee. I am 
directly concerned in publle 
transport matters, and continu- 
ally involved in consultations on 
services. Our county council 


Boats 

From the Chairman, 

M and G Group 

Sir, — In your edition of 
May 17 I am quoted, on Page 6 
as having said that the Govern- 
ment may be less concerned witb 
strengthening the economy than 
with buying boats before the next 
general election. 

No doubt L should try to speak 
more clearly in future, but for 
the benefit of your readers (both 
at borne and abroad) 1 should 
perhaps make it clear that 1 am 
not accusing Her Majesty’s 
Ministers of planning a mass 
exodus from these shores. 

Edgar Palamountain. 

Three Quays, Tower Hill, EC3. 



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5 " 


Financial Times Saturday May 27 1978 


15 


Political football in Argentina 

By HUGH O’SHAUGHNESSY in London, and ROBERT L.INDLEY in Buenos Aires 


SOMEWHERE BEHIND a 
swirling Tog of politics an in- 
lernaiional font ball champion- 
ship will be starting io Buenos 
Aires next week. Whatever 
sporting records are broken in 
tlit- course of the matches it is 
clear that the World Cup 1978 
will rd down as the most highly 
politicised tournament that has 
ever been seen. 

It was fated to be so from 
the beginning. Buenos Aires 
was selected as the venue when 
Argentina had a Peronist gov- 
ernment and from that moment 
the Argentinians knew they had 
au opportunity to obtain a 
victory in the field of political 
public relations and. as least as 
importantly, to demonstrate 
that they were a better 
organised ami more sophisti- 
cated race than their diplomatic 
and sporting rivals. the 
Brazilians. General Juan 
Domingo Peron the President, 
declared that the event would 
show that Argentina was “ a 
world power.” 

After (he coup d'etat of 
March, 1976, when the chaotic 
government of his widow, Maria 
Estela Peron. was overthrown by 
the military, the new president 
Lieutenant-General Jorge Rafael 
Videla was not slow to realise 
the political benefits the World 
Cup might bring him. 

In the space of just over two 
years, he calculated, he could 
have liquidated the Peronists 
and the Left and be in a position 
to exhibit an image of a pacified 
Argentina united in gratitude to 
his firm but just rule. And 
Argentina could also be seen to 
outshine the Brazilians. 

To that end he committed 
large quantities of money to 
preparations for the World 
Cup and retained a public re- 
lations consultancy in New York 
to push the message home that 
his country was new. stable and 


increasingly prosperous. No ex- 
pense was spared. A high level 
military committee has spent a 
reported $700m on the prepara- 
tions and the public relations 
company has ferried a constant 
flow of journalists and other 
visitors to Buenos Aires in the 
hope that they would write 
“positively” about Argentina. 

But things have not worked 
out as General Videla wished. 
Some of his ministers have been 
severely critical of the spend- 
ing of a sum equivalent to one- 
seventh of the exchange 
reserves which could, accord- 
ing to one critic, have built 
98,000 badly-needed bouses. 

As the months have passed 
increasing numbers of well- 
authenticated accounts have 
appeared of the extreme 
measures the Videla Govern- 
ment has used to crush opposi- 
tion; of the neo-Nazi and anti- 
semitic tendencies in official 
circles and of the continuing 
harassment of opponents of the 
Government, Marxists and non- 
Marxists alike. The public rela- 
tions campaign has proved an 
expensive failure which, par- 
ticularly in Europe, has served 
principally to provoke questions 
about the fate of scores of EEC 
citizens who have disappeared 
in Argentina under the Videla 
regime. 

The disappearance and prob- 
able death of two French nuns 
has inflamed public opinion in 
France and demands have been 
made in France and Germany 
that the two Governments 
should send commando teams to 
guarantee the security of the 
football teams. 

The World Cup has been 
hotly debated in tie European 
Parliament and in the national 
legislatures of member States 
and. far from promoting a 
favourable image of the Videla 
Government, has produced calls 
for further restrictions on EEC 



Ashlcu Aslttpcod 

Scotland World Cup Captain Bruce Rioch and full back Willie Donachie relax on their flight to Buenos Aires. A helmeted 
soldier wearing battle fatigues (right) guards t he World Cup Stadium in the Argentine capital. 


imports of Argentine goods. The 
Montoneros, a Left-wing anti- 
Videla guerrilla group with 
roots in the Peronist movement, 
have had their big chance to 
make propaganda against the 
Buenos Aires authorities. 

Although the Montoneros 
have declared that they will not 
attack players or fans during 
the matches, terror raids have 
claimed the life of one general 
co-ordinating the World Cup 
arrangements and an explosion 
at the Press Centre earlier this 
month killed a policeman and 
wounded others. 


That is not to say, however, 
that General Videla's opponents 
have had it all their own way. 
The idea of a boycott of the 
Cup, floated in France, never 
was a starter and the powerful 
French Communist Party has 
been In two minds about its 
opposition to the event for fear 
it will be obliged to speak out 
ag ains t the bolding of the next 
Olympic Games in Moscow. 

But in broad terms General 
Videla’s bid to use the World 
Cup as a powerful political 
weapon has backfired badly and 
he is now facing the prospect 
of having to preside over a 


highly controversial event! 

Nevertheless General Antonio 
Merlo. the retired officer in 
charge of the arrangements, 
grimly pushes on with his task. 

The teams are being lodged 
mostly in luxury clubs or 
hotels distant from the differ- 
ent stadia where the earlier 
matches wlil be played. In Cor- 
doba province, ior example, the 
Scottish and Iranian teams are 
staying in the top-class Hotel 
Sierras, half an hour's drive 
from the city of Cordoba where 
they will play. The French 
team goes to the Hundu Club 
outside Buenos Aires, the Ger- 


mans to the de luxe Ascochinga 
air force recreation centre 35 
miles from Cordoba. The Dutch 
go to the Villaviceocio retreat 
in the foothills of the Andes and 
the Spanish and Italians to the 
La Martona Country Club, an 
hour’s drive from Buenos Aires. 
The team members are charged 
an average of about £50 a day 
with the Argen tine Football 
Association and FIFA picking 
up part of the expenses. 

A DM1 00m contract for the 
overseas transmission of black 
and white and colour TV has 
been awarded to a German com- 
pany though Argentina itself 


has not got colour TV yet 

The best seats are on sale at 
up to £23 while standing room 
is available at some games for 
uo more than £1.50. 

After a slow start there has 
been great eagerness to buy 
tickets. This has caused some 
disorder!'] ness in the queues and 
last week a policeman' opened 
fire injuring three queuers. 
During the matches most of the 
police assigned to the stadia 
will be in plain clothes to avoid 
dampening the holiday spirit 
of the event 

Local forecasts suggest that 
production will fall by 30 per 
cent during the month in 
Argentina and Brazil and the 
Government has announced that 
work in its offices will be re- 
scheduled in June— but only on 
those days on which the Argen- 
tine team will be playing. 

For months now the Foreign 
and Commonwealth Office has 
been bard at work trying to 
ensure that the visit of between 
500 and 1.000 Scottish sup- 
porters goes off as well as 
possible. Officials are under no 
illusions about the incidents 
which could take place if the 
contingent over-reacts either to 
victory or defeat. 

Special consular facilities 
have been laid on and the FCO 
is doing its best with the help 
of travel agents to register the 
name of every fan due to be 
attending. At the same time 
officials realise that they have 
little hope of keeping track of 
those enterprising souls 
reported to be making their 
own way to Argentina by car, 
bicycle and submarine. 

Though there is no immediate 
dispute between Scotland and 
Argentina similar to the case 
o* the missing nuns which is 
exercising the French, delicate 
issues such as possession of the 
Falkland Islands, the British 


colony which is claimed by 
Argentina, could well provoke 
unpleasantness if broached 
aggressively by the Scots. 

The idea suggested by mem- 
bers of the pro- Falklands. lobby 
at Westminster that fans might 
do nothing but good by wearing 
T-shirts bearing some slogan 
1 ..e “ Keep the Falklands 

British ” was dropped when it 
was pointed out that such 
action could well bring about 
extremely ugly scenes in 
Argentina. 

For the moment everything is 
in the balance. If things go 
well for Central Videla the 
matches will pass off cleanly 
and harmoniously, the fans will 
behave themselves, ihe police 
will rein themselves in. inter- 
national incidents will be 
avoided and foreign journalists 
will not go round the country' 
trying to unearth their own 
particular political horror 
stories. 

if things go badly for him 
the matches will produce bad 
blond, there will be clashes 
between fans and police, the 
Montoneros will pull off some 
spectacular publicity coup Tor 
their cause and the journalists 
will devote as much time to 
political as to sporting matters. 

The first scenario 15 certainly 
possible, the latter is more 
likely. One senior man at the 
FCO commenting on the politi- 
cal and diplomatic ramifications 
of the World Cup. said the 
other day: " I’m afraid this is 
one we can t really hope to 
win.” 

In his hlacker moments 
General Videla in Buenos Aires 
must be thinking along the 
same lines. 

The last word should perhaps 
go to the Argentine novelist 
Jorge Luis Borges. He called 
Ihe World Cup a “calamity.” 

he added, “luckily it'll 
soon be over.” 



m 

m 

A-V- 

*ekehd 

ir m 


It’s a man’s 
world Ma’am 


LTHOUGH the Queen is not 
mwn for crashing social 
irriers, her recently announced 
isit to ihe Gulf oil slates next 
.•nr will certainly set some 
recedents m the area. Her tour 
.scheduled to rake her to 
null Arabia. Kuwait, Bahrain, 
atar. the United Arab 
□urates. Iran and Oman, 
xcopt fur the case of Iran 
htch she visited in 1961. all of 
te countries have little, or no 
cpcricnce in dealing, with a 
male Head of State. 

In Saudi Arabia particularly, 
io protocol implications of the 
neon's visit will no doubt tax 
ie Arab experts of the Foreign 
dice Tor some months to come, 
onxdered by many to be the 
ingdum uf mate chauvinism. 
iudi Arabia imposes strict 
andarris of conduct on women 
ho live Ihurc, and virtually 
irs visits by working business- 
omen. (They make it so diffi* 
tit, most give up trying.) 
Women in Saudi Arabia are 
u allowed to drive a car. get 
1 a 1:1x1 alone, leave by plane 
lihoui a mate relative or even 
ave! by hu>. Social custom 
so bars flimsy cotton dresses, 
eevdos blouses or any other 
immodest ” styles. More 
:ien titan not. life in Saudi 
r.-ihia for a woman means 
•rspirm;! in a dress up to the 
»,.fe and down to the ankles. 
Naturally, the circumstances 
the Royal visit will be 
itlorcnt. Nevertheless, the 
u con's protocol advisors will 
, ihnihl bear in mind that she 
ill uoi only be meeting the 
.vrrccr of the richest kingdom 
1 1 he world, but that King 
haled, in his position of 

tunning out of gas 

alifomia facing what could 
• u< most serious energy crisis 
tin jo— a shortage of natural 
i-\ with m three years, unless 
Uiu itmai supplies are found 
IK-Uv. the nation’s wealthiest 
an- 'could be hit. as one gas 
mi patty executive puts it. by 
lh ei'otiumtc earthquake. 

The Jir' ,l t predictions arc *hat 
■lwceit 7tl0.0lMt-SlKJ.U00 Call* 
rmans would be thrown out 
work t costing S33m in lost 
a^r-, alone 1 . and that 200.000 
nail businesses now relying on 
would be Crippled. 
Environmental groups dismiss 
ns as power company propa- 
imia But (be administration 01 
, v ,. ni pr .terry Brown warns 
aI as- California's traditional 
mrres of in Texas and the 
I.l-West dry up the danger ia 
■al enough. 

The answer, almost even-one 
•revs, is the building of a huge 
■queried Natural Gas terminal 
, the Southern Californian 
*<1 to bundle imports of LNG 
am Indonesia and Alaska. 
What no one can flRrcc nn is 
here to place the $S00m fact- 
*\ "Our task.” said Mr. Joseph 
ikj'oviu. head of California s 
.nstal Commission, last Janu- 
, v -is in find ihe lw<t bad 
iif “ Now. in May. the Com- 
*,«■* ti,ey 


Guardian of the Holy Places, is 
the highest authority in the 
religion of Islam. 

As there is no precedent, per- 
haps the experiences of other 
women visitors to the country 
may give some helpful indica- 
tions. A former British woman 
minister who visited the coun- 
try some years ago. said that 
she felt obliged to perform her 
day time official visits in a long 
evening dress — “the kind you 
wear 011 a chilly English sum- 
mer evening — but without the 
decolletage.” 

When Mrs. Rosalyn Carter 
visited with husband Jimmy 
last year, she found ' herself 
unable to travel with her 
husband in the same car and 
obliged to walk a few steps 
behind him and his royal Arab 
hosts. When she got back to 
the U.S., her pique was quickly 
picked up by women’s libera- 
tion groups and glib political 
columnists alike. Mrs. Nixon, 
too, found herself one step 
behind Mr. Nixon when they 
stopped off in the royal kingdom 
in 1974. The Saudis had mapped 
out an entirely separate 
ceremonial programme for her. 
She was not invited to the 
customary end of visit banquet, 
instead she had her own with 
15 or 20 ladies of the Royal 
Saudi court. 

Royalty is nevertheless diff- 
erent from Republicans’ wives. 
But words of advice come from 
the Muslim sheikhs in Regent’s 
Park mosque. A Muslim sheikh 
(here believed that it would be 
a “great courtesy by Her 
Majesty” if she were to don 
"one of her beautiful head- 
scarves” to cover her hair, and 
preferably a long dress “or 
heavy stockings” when meeting 
King* Khaled. Another suggested 
that the Queen should ressurect 
one of her grandmother’s 
dresses. “That would be most 
appropriate.’’ Another scholar 
pointed out that it should also 
be borne in mind that as the 
highest figure in Islam, King 
Khaled may feel it not quite 
suitable to shake hands. 
(Muslim sheikhs in some sects 
arc forbidden even to shake 
hands with a woman other than 


have found it: Camp Pendleton, 
a vast Marine Corps base some 
SO miles south of Los Angeles, 
where miles of virgin beach- 
front. off-limits to the public, 
lie empty in the sun. 

Like every other community 
in California faced with tile 
prospect of an LNG terminal in 
its backyard, the military 
strongly objects- Navy and 
Marine Corps brass have de- 
clared war on the Coastal Com- 
mission. The terminal — bringing 
risks of spills, pollution, even 
a catastrophic explosion— would 
be. they protest, a danger to 
troops, a maritime hazard inter- 
fering with manoeuvres, a 
th rca t to the base’s ecology 
“which for many years we have 
have dilligently presented. 

From an original list of 82 

possible sites along the 1,100 

mile California coast, five have 
survived the bureaucratio- 
etiv iron mental mill. That short 
list does not include Los 
Angeles harbour, the first 
Choice of the gas companies 

Although LAs citj Fathers 
agreed to lease land for the 100- 
acre terminal more than a year 
ago; vehement protests from 
homeowners led t0 . stat ® nter .' 
vention. The explosion of an o,l 
tanker, the Sonsniena, killing 
nm and injuring aO in the 


their wives). However, it is 
unlikely that any such complica- 
tions will arise, for in the past 
as Head of State the Saudi 
monarch has been called on to 
shake hands with visiting wives, 
consorts and women ministers. 

In tbe words of foreign office 
spokesmen, the Royal oil tour 
is designed to “broaden and 
deepen relations ” between 
Britain and the oil world, 
though commercial benefits are 
naturally expected to follow. 
Last year. Britain earned £77m 
from Saudi Arabia alone, and 
the string of tiny Gulf sheikh- 
doms are playing a vital role to 
Britain's export drive. British 
officials are hoping that the 
Saudis will come up with a 
“unisex” tour, (not just tours 
of. girls’ schools) and hope that 
the. Queen will be shown some 
of .the country’s modern de- 
velopments such as the Petro- 
leum Institute at Dharan (all 
male) and perhaps visits to oil 
rigs. 

The Foreign Office have no 
doubt that the Saudis will 
handle their first lady head of 
state with the sophistcated ease 
that they are well known for. 
As the former woman minister 
commented “I was staggered 
how naturally they appeared 
to handle me. There were no 
traces of era harassment at alL 
It seems that they have one 
code of treatment for their own 
women, and another for other 
people’s. 


recent and common issues are 
changing hands for two or 
three times their face value. 

All of which makes Cotin 
Narbetb of Stanley Gibbons cur- 
rency department happy. He 
has just acquired a rare £1 
note of 1898, one of the few 
nineteenth century Falklands 
issues outside banking archives 
and he is prepared to part with 
it for £2,850. 

The Falkland Islands notes 
are however an exception to the 
rule that notes from the South. 
American region are generally 
very cheap buys. Showing me 
some examples of Paraguayan 
issues of a hundred years ago 
which he is offering for ten 
pounds or less he remarked 
“If these were European issues 
they’d be worth ten times the 
money.” 

He sees .banknotes of Latin 
America as an inexpensive and 
easy starting ground for aspir- 
ing note collectors. According 
to him, their cheapness today 
means they are very likely to 
appreciate very comfortably 
over the next five years. 


Lofty 

thoughts 


It’s an ill 
wind . . . 


Tbe current argy-bargy between 
London and Buenos Aires on 
the future of the Falkland 
Islands, Britain’s remote posses- 
sion off the coast of Patagonia, 
has done wonders for tbe value 
of the colony's banknotes. 
Intrigued by the diplomatic 
storm which bangs over tbe 
islands, collectors are eager to 
lay their hands on specimens 
of the notes which circulate 
among the 1,800 islanders in 
what most be one of the world’s 
smallest economies. As a result 

harbour in December, 1976, 
added Force to the surge of 
opposition. Legislation banning 
LNG terminals near populated 
areas was passed. Both Los 
Angeles and the next most- 
favoured site, at Oxnard. 60 
miles to the north, were ruled 
out. 

The process of elimination 
begun by the legislature next 
made Point Conception — a 
barren headland known as 
“Cape Horn of the Pacific” to 
navigators — the loading candi- 
date. But no. said environmental 
bodies: a wilderness and a 
“classic surfing area” would be 
destroyed, and the terminal 
would be menaced by an eath- 
quake fault. (“What isnX in 
California?” grumbled a gas 
company official}. 

Similar objections were raised 
to all the alternative sites: 
Rattlesnake Canyon, half-way 

between LA and San Francisco, 
■was too close to a nuclear plant; 
Deer Canyon, farther south, 
adjoined two State Parks; Las 
Varas. near Santa Barbara, had 
state parks, an angry, if small, 
populace, and an earthquake 
hazard. 

The problem is older than the 
Brown administration, on which 

many Californians blame the 
delays and confusion. The 
state's two big gas companies. 
Pacific Gas and Electric and 
Southern California Gas. began 


Loft insulation material is that 
unpleasant stuff which inflames 
your hands if you don’t wear 
gloves and clogs your lungs with 
dust if you don’t wear a mask, 
but which brings about a sharp 
reduction in your beating costs. 
Since a saving in the house- 
holders’ fuel bill means a cut 
in the country’s energy consump- 
tion, it is understandable that 
the Government is trying to give 
an encouraging push. 

Ironically, though, the insula- 
tion trade is In a tizzy over the 
Government’s schemes to hand 
out grants to householders insu- 
lating their lofts or lagging tlieir 
water pipes. On tbe one band, 
tbe prospect of subsidies of 
£25m a year brings the promise 
of big business as a projected 
5m homes are insulated over the 
next 10 years. But who on earth 
is going to buy insulating 
materials in tbe intervening 

planning — and pushing for— 
terminals in the late 1960s. But 
the politics of energy, as 
practised in California, stalled 
all progress. Today, in raid-1978, 
the projected start-up date of 
any facility at Pendleton is 
1985: that of a terminal at Point 
Conception, 1982. 

The licensing process — 130 
federal, stale and local permits 
required — could rake more than 
three years. Given the political 
and bureaucratic tug-of-war 
over the terminal’s siting, it 
almost certainly will. All this, 
the gas companies complain, 
when studies indicate that the 
chances of an accident are 
remote — millions to one. 

Environmentalists are not 
satisfied. They point out that 
there has already been one 
major LXG disaster: in 1944, 
2m gallons spilled from a 
ruptured tank, forming a cloud 
over the city of Cleveland. It 
exploded into a huge fireball, 
killing 128 people. But that is 
the one major black mark on 
the record of this deep-frozen 
{— 260F), condensed and easily 
transportable energy source- 

But safe or unsafe, LNG is 
coming, somehow, somewhen. 
to this most gas -dependent 
society in the world, where 
natural gas heats 92 per cent 
of homes, warms water in 92 
per cent and cooks the food in 


period before the local authori- 
ties are empowered to hand out 
up to £50 (or 66 per cent of tbe 
total cost) to applicants? 

With any luck, tbe Homes 
Insulation Bill will be rushed 
through by July and the scheme 
will be operational by Septem- 
ber. But if there are any delays 
in this timetable the grant 
scheme, instead of stimulating 
demand, could seriously gum-up 
the peak autumn selling season. 

Inevitably, insulation is a 
highly seasonal business. At 
this time of year the manufac- 
turers have to stockpile, not 
physically an easy matter 
because by its nature insulation 
(glass fibre blanket being the 
most popular form) is very 
bulky. About the middle of 
July the building materials and 
DIY trade starts to build up 
stocks. Then early in Septem- 
ber the public begins buying, 
during a peak season whicb 
lasts until December. 

Two problems threaten to 
upset this annual pattern. If 
the legislation for some reason 
fails to get through io July and 
has to wait until October, the 
public can be expected to hold 
back. ■ Secondly, delays and 
congestion could occur when 
the local councils, which will 
carry out the administration, 
are faced with a flood of 
applications. 

So if you are planning to 
insulate your loft before next 
winter you can either shop early 
and forfeit up to £50, or wait 
and risk getting trampled in the 
rush. If, however, you already 
have the formerly recommended 
one-inch lagging in your loft 
and wish to upgrade to tbe 
latest four-inch or 100mm stan- 
dard there is no point in delay- 
ing. Since grants are only 
available for uninsulated 
bouses, you won’t qualify any' 
way. 

Contributors: 

Kathleen Bishtawi 
William Seobie 
Barry Riley 
Hugh O’Shaughnessy 

75 per cent. The Brown 
administration sees the con- 
struction of the tanker terminal 
and pipeline complex as inevit- 
able. not to mention vital to 
Mr. Brown’s political future. 

A recession resulting from 
an energy shortage which could 
be blamed on the Governor and 
his no-growth, or low, growth. 
Energy Commission would 
destroy him politically. His 
hopes of a run for the White 
House in 1980 would be blasted, 
and his-campaign to boost solar 
power over nuclear — today, 
nuclear development is at a 
standstill in California-— would 
be largely discredited. 

That Is why Mr. Brown was 
listening very carefully indeed 
during his recent conferences 
with Mr. Robert Anderson, 
chairman of Atlantic Richfield 
Oil Co., and one of the most 
powerful corporate leaders in 
the country, who was giving his 
view of tbe state’s future energy 
needs. That is why the Governor 
has been .so assiduously court- 
ing Mexican and Canadian lead- 
ers for their natural gas. to fill 
the gap until the LNG can be 
brought in. And that Is why his 
environmental allies are being 
told to coot their protests over 
every suggestion for a terminal 
site. 

Mr. Brown is a politician first, 
an environmentalist second- 


Economic Diary 


SUNDAY— Mr. A. Wedgwood Benn 
Energy Secretary, at Hamilton by- 
election meeting. 

MONDAY— Negotiations between 
tbe European Community and 
Comecon opens in Moscow — the 
EEC wifi be represented by vice- 
resident Haferkamp and Comecon 
iy Mr. Nicolai Fadeev, secretary 
general. UK team in Oslo Fot 
talks 00 additional air services to 
and from ScaDdinavia by British 
independent airlines. National 
Association of Head Teachers 
Conference. Brighton. 


Washington for two-day NATO 
summit meeting. Mr. Michael Foot. 
Lord President of the Council, at 
Hamilton by-election meeting. 
Statement by Nigerian High Com- 
mission; 15a Kensington Palace 
Gardens. W S. London Chamber 
of Commerce trade mission begins 
visit to Spain. 

WEDNESDAY— Hamilton by-elec- 
tion. Public inquiry opens at 
County Hail, London, into the 
British Airport Authority's appli- 
cation for planning permission to 
build fourth Terminal at Heathrow. 
TUESDAY— Prime Minister in India gold auction. 


THURSDAY — Prime Minister ex- 
pected to discuss world trade with 
President Carter in Washington. 
Ban on sale of commodity options 
in the U.S. Commonwealth De- 
velopment Corporation annual 
report. 

FRIDAY — Prime Minister 
addresses United Nations con- 
ference. U.K. official reserves 
(May). Capital issues and redemp- 
tions (May). National and Local 
Government Officers' Association 
special conference on pay policy, 
Central Hall. Westminster. 



And some other overseas markets. 

That’s because we believe that at present they 
offer excellent value to the investor who’s prepared 
to look ahead. 

Although share prices in the USAhave recently- 
moved upwards they are still near their lowest point 
forweH over two years. However, we believe that it 
is only a matter of time before prices recover, and 
when they do start to rise, they are likely to rise 
quickly. 

Recent British interest in American 
shares suggests that we are not alone in thinking 
this* 

A simple way to invest in these markets is by 
purchasjng Midland Drayton International Units. 

Worldwide Portfolio 

This trust aims for capital growth from a 
diversified worldwide portfolio. Currently, 67% of 
the fund is invested in North America, 14% zxrthe 
Far East, 5% in U.K. internationals, and 4% 
in Europe. 

Since its inception in December 1969, the offer 
price of Distribution Units has increased by 110% 
(as at 25th May 1978) compared with a rise of only 
50% in theF.T. Actuaries All-Share Index over the 
same period. 

Tbe investment managers, Drayton Montagna. 
Portfolio Management, believe that prospects for 
further growth are good, but unitholders should 
regard their investment as a long-term one. 

At tbe offer price of 52. 4p on 25th May 1978, 
the estimated gross yield was £2.47% p.a. 

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

To buy units simply fill in the coupon and 
return it to us, or hand it in at a ny branch of 
Midland Bank, Clydesdale Bank or Northern Bank. 


Application Form 

To: Midland Bank Group Umt Trust 
I Hoax 
1 3RD. 


Silver 

TeL 0742-79842 w 

Office 27132 Poultry. Ismdau. EC3P2RX. 
Reg. No. 933857 , England. 

JAYe enclose a 


cheque payable| 
to you for: 


(punimant 

£300) 


for Investment in Distribution Units pi 
Accumulation. Units Q (.tick which) 
of Midi and Drayton International Unit Trust 
at the price ruling on the day you receive this 
order. 

( For your g u ida n ce. Ihe offer prices on. 
Thursday, 25th May . 1978 were: 

Distribution Units 52.4p, Accumulation 
Units 55.4p .) 

Surname (Mr.. Mm.. Miss) 


Forenames in full 


Address 


TT2T 


Postcode 


I/Wo deduce that I/wo untaronot resident outside thn 
Scheduled Terri torle* and that Uwo am/ara not 

r tbs muta as ttw BonHwld ot any 


Dlatifbmfm Units 
If yon cboooo thesa, 70 a rocrlvo 
Inoomnnetef basin rate to~ twice 
TrWlr. on 15th January and 
IStb July. Thr next distribution In 
rasped or uolu boortt on or alter 
1st June 1970 win be ldtb January 
TO. . . ... 

Accumulation Uuw _ 

If you choose these. net Income is 
rwmesGnd. 

T*x VawdMTi are Issued to on 

tmrthnJdBra. 

rocdDt of thDxppU cation form ana 
you win receive a milt certificate 
wj thin 43 days of payiwrlor yo ur 
mil to. Uni is can behonsb t at any 
amass taw Hums Offer price or 
earned as any ttaw at the rnllmr bid 
price, lo which cane a oheqna wlU be 
ml to you wl this a few days of 

neeMvTOPrreaoBBcedMftifleaia. 


)>rbsM and Yield are published 
dally in leading newapapara. 

Charge*. 

An Initial barrios cuoiw* ofS% Is 
included in the oiler price of unite. 
An annual semes chartre or Jo r 
1 (plus VAT) of tbe tbJim nf (die 
■mm Ftmd 13 deducted tram the 
Trost’e crocs J ncotna. 
CJmmlfadanoflJ 5, wm be paid to 
recQgmsnd atoms. 

Management. 


■n* 


r-tfolTe 


Drayton Montui _ . 

Management limited. 

Recntrar.ClydMdale Banlr United. 
TvwamejoyiUBicitMitaAaturaaca. 
TMc offer le ant npan «e restdens* 

•Ttbe HepaMleot Iretamt®^ 


■ 

| to make Ufa detiarcLUm tt siunzUl 

t the aptiUeatlon leaned tkmwh a i 

1 SaUaiorir.tke D/ated Kingdom). 


Date 


1 a Sanfe, SSorfebreter or 


Signature 


(In the cmr cj&llaxnla, all must dec) 

Please send me details of your Shore 
Exchange Scheme D Savings Plan □ 
(tick if this applies ) 






sM-. midland Drayton 
International 
Unit Trust 

A MIDLAND BANK GEOtfP UNIT TRUST 







COMPANY NEWS + COMMENT 


Capital & Counties on way back with £3m. 


George Ewer well 
over forecast 


FURTHER IMPROVEMENT in the' 
reeo\ cry m*i*ii al halftime was 
achieved hv Capital and Counties 

Property Company in the second 
six months of the year to March 
25 !!*7S, fnr the company lo iiri*.h 
with taxable revenue of £i.07in 


DMDENDS ANNOUNCED 


TV It'll dwJlllt WITH EXCELLENT results from from troubles In the motor manu- 

both divisions and control of facturins industry. Last year 
c , . . _ „ expenditure, profits of George ford vehicles sold particularly well 

Stated earnings per 25p share Ewer rf , acrhed nearly fLlm for while the spares and parts ser- 
arc oJP (-L3PJ and the net the 53 en ded January 7, vice now contributes Bm. to total 

interim dividend Ls lifted from l£f7S sales. Meanwhile Jubilee celebra- 


Financial Times Saturday May 27 1978 

MI NING NEWS 

Esso finds uranium 
in Saskatchewan 


in the Joi.il. pn»]>Hrty invest nu-ni j_ RiHam 


Ll.nO Chcmrlug 

Ai midway when there wji* a j Dykes. 


to a surplus ur £922.(MW. lire ( j 1>0r „ o |.; wl . r 
directors *..-111! the revenue rcMili- j eu [ < ^ un< j fin 
v.m: Id tieiietii fully rrnm the ljUK ii| lin 
Knuht.- -brake and Victoria Centre Nmi>u , Brili>h 
ir:ins:.cl:ne.' ami would Iherelurr |i n j ( | p< 

.1 worthwhile advance in mi W| . Uern BrilS . 


Current 

Date Corre- 
of spending 

Total 

Tor 

Tbtal 

last 

piij'Mient 

payment 

die. 

year 

year 


3.4 

July 5 

2.94 

4.4 

3.98 


236 

Julv 19 

2.21 

3.14 

2.93 


1J 

Aug. 11 

0.1 

1.7 

0.1 


3JJ9 

Aug. H 

1.23 

1.S1 

1.61 

inL 

0-77 

July 3 

07 

— 

1.28 


Nil 



2.55 

NTil 

S.l 

inL 

1.5 

__ 

1.5 

— 

4.44 


1.4 

Aug. 7 

1.19 

1.4 

3.19 

mt. 

0.54 

July 14 

0.49 

— 

1.16 


3 

— 

— 

11 

10 

int. 

0.GG 

July 8 

0.6 

— 

1.82 


2.75 

— 

I! .73 

2.75 

2.75 



2.07 

— 

3.15 

2.07 

5211 


of £883,000. 


J. Billam 
ahead to 
£0.19m 


an d ’with £563 000 achieved in per cent. Several prestige con- has encountered uranium infrastructural support. 
ig-7 tract? helped the private tours J mineralisation in 3o of 43 


It is proposed to pay a dividend division while inflation increased diamond drill holes at Midwest ttttTYUA V Dirt EOD 

of I4p net in Au-nisL after the the second hand value of old Lake in northern -Saskatchewan. HUDJBAY BID Jr UR 

existing statutory dividend stock The current year is writes John Soganich from 
controls expire: members will also ahead of * ast ye ^' , ... WHITEHORSE 

receive a one-ior-five scrip issue likely to be another D ood per od The drilling is part of a joint 

and the directors would expect to for motors the small Lancasmre venture programme with Numac Hudson Bay Mining and 

maintain future payments on the company which last septeniDer qu and Bow Valley Industries. Smelting, the Anglo America 

enlarged capital. For 1977, the bought 28 per cent, of tne j>na res The holes intersected uranium Corporation's Canadian unit, has 


dividend was 1-I82p. 


bought 28 per cent, of tne snares The holes intersected uranium Corporation's Canadian unit, has 
can well be satisfied with its m- va i ues over a strike length of offered to acquire ail the shares*^ 
if 3*. In the shares . nno I*. < ■. . ... . . ... 


difficult trading background 


. , . _ , .. ... III'IIUU Mira -|UI M-* " ..raw. rat ua^EIUUMU 

iRcmne from property i meat ment. , j *»,- 

... , , _ Dividend* shown pence per share net except where otherwise stated, v . “_ u *“ ,-_jL ne V- V concern. 

Ihi' r.-ipit.i! siremin: f.ir ilie year ■* Ennn : ilen f after a/lowmg for scrip issue. t On capital finished 1977 higher pre-tax 

hnw-uT. *h..w,*d del ennr:i linn on lnena ^ A by r-hl 3 and/or acquisition issues. P™?* ° f JKff' COmpared wlth 

1 1 - ..* pnsiii..ti rope lied a! half time ■ Ila2.fi S9 for 19/6. 


v hrii ' h*’r*- w:i< .. i.ix.ibli* surplus 
of £.:"..i«!«ni .:g;im**1 a dt-liru of 
i4 4Si:i. Willi ivaliM‘il surpluses 


.Although trading conditions 


After peaking with revenue 


«.f £:h*i»2ni i U.-'-cn r L* *7mi anil prnlii nf la. ."ml in 1973-74 the enm- 
urri”.iliscii U.'.-.i-' .it riHiPin icnin- pany had slipped back to £{.l)!'im 
£1 ii^rs: > the full- imi«* eapii.il prnlii in I'.iT.t-TH before railing into loss 
£::: ;.::m .r. , !iin<i a dciicii la**1 tile following year. 

Jinn* of £1 7Sni. 19 ;Vw 

\fn-r tax or £AMIm i credit Re¥cnue proIh .. . low 

£4 Sinn the alliance at the net p rup .. m a iis -2 .n3n 

li*-.»*l in th' 1 rapilal nccrmni was Trailmt Kmum • • .. **i *2.174 


1977-TS 1978-77 
£|M|) £■«■■ 

3.070 ’4.204 


from £8 IKm 1>» £17 47m ami basic Tax 

capital e.i mines came out ai 23.2p n-> amni ... ■ ■ 

H,” r« >h.n. .'r-SttS 

lav on ivienne tout £1 .*2111 14 ,., n-wnii- 


1.321 M..M2 
1.340 M.dO--' 


Uniflex 
declines 
to £0.32m 


(3.82p) before tax 
2.3p) after. 

and at 

4.78p 

1978 

1977 


£U00 

£000 

Turnover 

.. 38,440 

I4.33S 

Tra re I 

-7.£» 

2.799 

Motor 

. 14.790 

11.540 

Profit before tax 

l.we 

563 

Trnvrl a 

446 

152 

Motor 

6J2 

nil 

Taxation 

304 

«S"~ 

Not profit’ 

704 

339 

Tax i-ft-dlt 

tfflO 

— 

Dividend 

206 

1,0 

Retained 

1.108 

163 


6.8 per cent 


Heavy loss 
midway at 
Wilshaw 


J. Dykes 
£76,672 
in the red 


(credit £1 Mini anil earnings per • i.„v.. j Ur.-<iii rurtne 

2.-.-1 -hare et:e-rv.il at - n.»p. Sec Lex y ear v 

scams: In- of “asp At lialT- lower 

\i.i> .i ti.’S tinal itiMib-ml of at least f -Vnr 

eriu.i1 to tin- inierim paiment of 1 fl/il.Ot 

flip Mol ■ n.e fureeasi. In the I 8 Full- 

m-ns the 'in.il i- 1 Up taking ih>’ t| • ▼ I\vO arc sh 

total in 1 7p cninpared with rt lp _ 23 33p 

for 3P7I-.-77 ^ lu’/c 

Ai year end borrowings mi ailed ow / Vr*vr / Jmt Turr 

£42. Pm. of m hieb £SS3 4ni were long _ £10.6. r 

r.-ri’T and 17 am -hon term, and ! n f |*/\ tax to 

short -lersn «»f|.n«iis and cash III I £ Cvl. Compa 

.utiiiiimed m £!4 (ini adjusu 

The ilireclnr- stale th.il ilie c«»n- WITH turnover marginally down go 13. 

diti.ins precedeni in ihc sale of from £4.6(11 to £4. 4m J. Dykes 

the Hamburg -ite have rum been (llnldings) slipped from a profit 
.s.itistiert and i-ompleiinn Mil! lake of rittS.iuiS lu a pre-tax loss of 
Place <<ii M.ij ::n. r*7s. A- a re-uli . i'7li.iI72 in the year to January 31. 
shnrt-’cim biimm ing- Mill he 1!)7S. At i lie interim stage, the 

further reduced l>< .ihoul rrmi.niHi downturn was from a surplus of Hi 

\n independent |irnfe.-<innal £23..'15 b> a deficit of £35.653. 

valuation or Hu- inve-imeni pint- However, the directors «iy that 
fobo on an oi».-n nurl-ei baM- at |jrdep booU ., re prese ntly belter 1 . 

M.irc.i 2a. -honed a ‘.Ut.-.nt snr- lh;in at h,ls time last year. ||f 

plus— an increase of Mime In per rhert , is a l3X credit 0 f £;:.7d0 
Cent. i i-n-> ene .(nhin ihk time and no r. 


In the second hair of the year ?V„™ “, 4Vn 
‘ to January 31. 1978, Unifies Hold- 2 ^ 2 °f > to 3.142Tp 
^4 ings. furniture manufacturer, fell 

further behind and finished the ,m and World^ Wide coaches, and effect of the loss sustained in British Columbia ‘""a' statement Tne - wl ! l,ani o 

year with pre-tax profits £212.000 f QCfinOC om°s garages selling Ford! British the first half without regard to from °P era H°“ 1 ",. Br ‘ tlsh „f 0lUTnb ^ 

louer at £322.000. At midway the V-'d.^ll..LIfc£& Leyland and Vauxhall vehicles in the probable means of mitigating agoi Ocintfif/. rnat owned Gibraltar Mines, was 

decline was from £227.000 to ° E^s Angba JSd^ ^the^ Home the setback to some extent in th? Sd u^LTroiert man/4r >wterday scheduled to suspend 

£170.000. nvnonrlc Counties coming months, the pre-tax .tf.K working following the breakdown 

Full-year earnings per 10p share CXpJillUS Meeting. Great Eastern Hotel deficit reached £454.573. compared Lie nSian of negotiations on P a y w jf ^ 

are shoMit to have slumped from mm EC. July 14 at 2T.30 pm. 'J'jb 3 i.44,644 profit last time. union representing 400 of the o00 

23 33p to n.73p and the dividend 4- 1 ■ 4Sm , - bales dropped from £868.769 to . Romania has already expressed employees, 

is held at 2.73p net. iU • Comment £454.573. intent to but up to Sm tons of * Hr * 

Turnover ivas little Changed at . . . wjm rri to Motor distribution led the way The directors anticipate that ™ e ® 3*“ ™ r Riding on the wave of high. 

£10.6. m l£lft.3i»m. ) and this lime inthe SSnd hai? in uhat was an exceptional year the measures already taken will JLSijKS JSinSSTiif bullion prices. Cantfio Mines, the- 

tax took £47.000 i £10.000 credit). Si^ Sahle ii-Sund^' a ‘ George Ewer. Pre-tax profits result in a return to profitability purchase of a 10 per Canadian gold producer 

comparative figures have b« p n ^he^ta^bll ea^riinES for 1977 a,most doubled and earnings in in the second half. For 1976/77 Ce * t n ?^ k f: nm n „ n ™ n rhp .. announced a 13 per cent increase 

ssfa - for u,e a,,B “ cal,on 01 IU sarsaf asjssfffis rsjses 

XT TlnflcVl t« h ih* iKnrfi land. Vauxhall. Ford and Bedford. £23^00) eased the net loss to on w ' lth 16 ,0 P er cent - . * , * „ * 

in. isntisn {sps^Jaart^Jics ■“ <■ «-^ss?S 5 a^.' 5 !iro 3 S ss 

a 1 "0 agreement L. J omhark on a nrnmrome of 


successful vear ReraJnea taw • 1 ’ ' 

‘ After tax of' £102^49 (£81.070) T * ri,n “ f ^ PRIMARILY DUE to unforeseen 

net profit was ahead from £71.919 On April 30, 19/S. freehold jjjjj cu jQes leading to the cancel- 
to £89.302. representing slated properties were revalued pro- i ation of cer tain contracts Wil- 
earnings of 5.95p (4.79p) per lap- fessionally on an open markt-t shaw Securities, maker of 
share. A final dividend of 2.3562 p value based on existing use with h y( i rau ]j c presses and equipment, 
net raises the total payment from vacant possesion, and showed a j ived d een into the red for the 


Nearer the surface the average (£1.98) a share. The total pay- 
grade in 24 holes is one kilogram mem involved would be C$S.03m 
of uranium for every tonne of <£3.9Sm). 

ore. with the core thicknesses Whitehorse has been mining - 
ranging from one lo 29 metres, copper, gold and silver from open- 
Lower down the values were pit mines in Yukon since 1967 
richer with 30 kilograms cf and latterly its output has been 
uranium per tonne and core going to the Hudboy smelter at 
thicknesses ranging from one to Fiin Fion. The two companies 
28 metres. are already engaged in joint 

Further drilling was scheduled ventures. 


to start this week. 


Full-year earnings per 10p share 
arc shown to have slumped from 
23.33p to I1.73p and the dividend 
Is held at 2.73p net. 

Turnover was little chanced at 


Castings 
expands 
to £0.55m 


vacant poMe*®on, anu snoweu a d = ved defi - mto the r<jd for ^ 
value f 1400,000 book half year to January 29, 1978. 

The group operates Grey-Green Taking into account the full 


mewues leading to me cancel- 

tiou of certain contracts Wil- ROMANIA FORGES 
,'draulic' presses^ and equipment. QUINTETTE LINK 

ved deep into the red for the _ . . , 

i!f year to January 29, 1978. . Romania is to lake part in the 

_ . . . , . .. , „ development of the Quintette cna! 

Taking into account the full deposit in the north east of 


At the moment Hudbay owns 
41 per cent of Whitehorse and has 
received acceptances covering »■ 
further 28 per cent from one of 
tbe Whitehorse directors. 

ROUND-UP 

The Williams Lake copper 


East Anglia and the Home 
Counties. 

Meeting. Great Eastern Hotel 
EC. July 14. at 2T.30 pm. 


N. British 
Steel makes 
headway 


Business activity is currently 
running at a high level and the 
Board believes tbat the upward 
trend in profits will continue. 

Sales for the year were £0.</m 
ahead at £4.73m. After tax of 


Rescuers could get 
40% of Crellon 


rose front £4.78m to £5.8m. 


the final on 518,666 shares. 


J.. o-ien market \.ilu-\ were up 1 be principal acuviiy oi me pre-tax proms irom wun.in ^ h , « Full details were announced vertible stock on the basis as if 

from ! 4m in £3!'74m rqniva- croup is the manufacture of up- Ll ^-^ Tup ™'' (?r f or the period ebriman J* 8111 to yesterday by Crellon Holdings of they had converted. 

lent :n 7*Jp .46|.* p.-r 27. p share. holstcred lurniiure. rose Trom £4.78m to £o.Sm. the final on ol8.b66 shares. a rights issije and rescue opera . Net proc eeds of these proposals 

tion which could give the new will amount to £720,000. Tbe 
~ . , -i| * 1 * chairman, Mr. Geoffrey Rose and money will 'be used as working 

Jenks & Cattell sees marginal rise 

Crellon had run into serious shareholders, but will be avaii- 

XLTHiit'GH ornlii- of Jenks and or which £18.3m was bank loans, decreased by 10 61m i£0.47m acquired the assets and goodwill financial difficulties. A severe able to meet excess shares appli- 
cation f..r ['ii- half -year ended At the end nf the last accounting increase). of Transbolk. Interfresh and setback in trading was caused by cations. 

I--,.,... ;i I*r\ Show a 3b per vear. December 3L 1977, the Meeting, St. Georges Hotel, D and M Transport, part of the a scries of failures with a new Sonepar S A, the largest single 

c!**: advance i.. r l 1.1 ihh* thev amount shown for bank loans Liverpool. June 15. at 12.15 p.iu. NaUonal Carbonising Group. computer in the electrical holder *n C«?llon,_ has agreed to 


cnndrioii^' ir'ilw V1 ]K’nn!i rild !hii and toSiwtn HabilSS*!* taSfc ^ , with workshops and offices in ing damages against the suppliers. Mr Joseph Eiger, an Israeli LRC International has sold its Seligman Rayner on behalf of 

... 1 1 loans and deferred liabilities ^prtftich Castle Donlngton. Derby, and The new Board estimate that ptizen resident in Teheran— a drugs subsidiary Pharmax for just Petford bought 50.000 W. HenshaU 

\nd’ih..» th (l tear- amounted lo £14.1m. \)l the OLUllMn over 30-32 ion gross tractor units there could have been trading business associate of the new over £2m to the U.S. group Forest and Sons (Addlestone) at 27p. 

e „. “-oViiJ w he' nir'mafiv tin aroap's bunk loans at the end of together with flat, freezer and losses of £665.000 in the year to SSK?!?-.,. “T-. . E, gar wm aLso Laboratories. 

"'‘'■r.L- --44.i7-’7 'ichu-vi'-il in April. £i3j»m was in foreign MOTlgagG tanker trailers.. ~ April 30 before providing for ‘n'UaJJy involved m the Change Pharmax manufactures a range 

■ '..w.v.’h nnv be currencies. » =• A* we U as its haulage . opera- rationalisation costs of £350.000 i y a . res rescue but later sold his of ethical speciality pharma- phipf 

-i : H-'v“hv’n“r ihe‘^7-*-,m ' The increiiM. 1 in debt follows the WITH REGARD to revenue tion B FI also has the franchises and extraordinary losses of fho , . cetitical products and in the year LlllCi 

KeiVow.is'- £■ half- tear Mr snuip's U.S. acquisition of South- prospects Tor Scottish Mortgage for Milling Fiat commeraal ifio.000. i i cT* JiL 5Ub ' lo March 31 - 1977 earned pre-tax . 

x-h,- cinr'be, 1 „n Vhai'rmait' vasu-rn Avinuon Underwriters and Trust Company, present csti- vehicles in London and Welling- The company had insufficient J° profits of £375 ’ 000 * Foresl said PYPClltlVF 

, 1 S _ ™.H ha - n his L3T“ — “■ re - SJfvSSU so. USSS «- m » ,n W bays shares 


Scottish 

Mortgage 


This comprises a two-acre site division. The company is claim- sel1 holding of loan stock to 
ilh workshops and offices in ing damages against the suppliers. V r : Joseph Eiger, an Israeli 


Equipment and material for the Agnico-Eagle, the Canadian gold 
project will be sent from Romania and silver producer, will this year 
as part of its contribution to embark on a programme or 
the financing of the project, underground exploration and 
which has an estimated 2.8bn development at the Joutet gold 
tons of metallurgical coal mine unmatched since the sinking 

reserves. of the original shnlt more than 

A feasibility study was prepared 10 years ago. Mr. Paul Penna, the 
in 1977 and further work on it president said in his annual state- 
this year yielded improvements ment. 


BIDS AND DEALS | 

LRC sells drugs company 
to Americans for £2m. 

LRC International has sold its Seligman Rayner on behalf of 


«.iv..li>»ks an, I Oitivll (f'ressiitc^t 1,u - n,iltie earner mis year. 

hj. rv.iu. i-:! in a rin> work- "«•- acquired Tor gl2nt casli 

::i« v- c.k tar -i\ week- in the 
iMrly .-iimrtti because iif problems 

niiu-rs' oremtMs- and Jenks HOrfPl* 

;-nd (.-.liter. « Wash»T«« • has c«»n- • . 

tu-aeJ :i' trade in the hard and r'L.,JL„ - „ 
fr.:-lr:u:n^ manner -utfered laM UlISClDUrn 

>>•*' . . 

Jvikj. and (.‘..itie'l i Kdiio Tonbt t.nninuicd qrn.uh m 

and Jenk« and I'.itiell (Garden current year fnr Purler Cha 


ment. 

But he says that these are 
conservatively calculated; they 
take into account increased divi- 
dends already declared and pay- 
able in the current year, but do 
not include any assumptions 


ank overdraft was £1.76m. ri ahi'sHpr^nH i^nnrhTn!!!,^ Pharmax will continue to 

The rights issue of convertible H ?]? 1 Ar d nS!^diara taken bv op ^ rate from its Present premises 
referred shares to rescue the S!^.™ ares taken up b > under a short-term lease but has 


EPC chief 
executive 
buys shares 

By Christine Moir 

In the wake of the news that 


f..,:il*!l iKdliC Ti»ul>t Continued Rni.(lh in the "“‘ ir V.m.rrain.rrao^c ^ 
and i'.itiell (Garden current year fnr Porter Chad burn b v“ l 

-.,....1 ... ,.(. nn ..rf will .lenen.l mtieh m.m, the Ah reported on April 21. tax- 


IV'-.*:- 1 peril i rmvd :>> ]>l.mn.-d mini ">H depend much upon the main- ° p 

the end <»f January . hisi, Hu- tcnance of the investment pro- SI!!"* 1 Vj‘ , r 

m !.w:m «...v.h,. r arid ihc l;.l- urammes of the brew me industry. !™T t f 4 sS?.u I ? 1 


, x . j, . preferred shares to rescue the Mfstina hnlde^- 1 * under a short-term lease but has 

Midterm rise n^CTJ? ca : b f on c t ° h py The TOtlnS wntrol of the exist- ■" “Eif n to h i uy - the rrwh °! d In'fte wake of the news that 

. , I t f C h 4 * U Ji J° Se \ he J iW shareholders could drop to -*5®? ** eu " en „ t,y En ^ ,ish Property Corporation had 

for Reliable SS SSLS & zrzdz 

J n r™° S^tincT - ““ aS>Unung ful1 about £1.35m on March 31 J?*t on 


I marginally and rents was down from £500,359 joining the Board are Mr. B. A. ccep ance - 

31m for the to £430.7S6. after lower manage- Selzer, Mr, D. J. Sullivan, Mr. J. Therefore the deal could 

STS. The dlvl- mem expenses and interest L. Kropf and Mr. A. N. Heine. trigger Rule 34 or the City Code 

am 3p to 32Jp charges, profit of Reliable Proper- The new Board proposes that a which would require the sub- 

tics improved from £106,691 to new class of 12 per cent con- scribers to make a bid for the 

rocommenda- 0792*23 for the six months to vertible cumulative participating rest of the capital. However, 

dividend the December 31. 1977. preferred redeemable lOp shares subject to approval by indepen- 


RUSH & TOMPKINS 
PURCHASE 


By the close they had risen 7p 
■to 4Sp which already represents 
a substantial paper profit for Mr. 
David Llewellyn, the chief execu- 
tive. On April 18 and May 3 he 


* cumaauiu 1V|/ MliUtTS ^wwjcui iu IJjr IfUUfJJfn- * ““M <vumim UlUUjf *1,. fnaplrat at a nt . _ , U : . , 

...v ...- should be created and 7.9m of dent shareholders this require- has acquired a majority interest S,i„K a u r ,„ - ,, ch ne 

question of a dividend will be them isued at par. ment will be waived. iu Bewt (Water Engineers), the 1 wlr t if,. Ji™ UDd -j ’ , , 

carried forward until the full Nytronics incorporated, a U.S. Crellon also plans to sell its Midland-based specialist in the #hn?h» » a*? 1 * ? esterday 

year s results are known— ror the manufacturers of passive elec- 50 per cent stake in Crellonpar design, manufacture and installs- M! a J. “ e {!f° len “ efl Du y ra °re 

whole of Ihe previous year, no tronic components, which is asso- Electroniqe S.\ (a joint venture Hon of treatment plant for in- oecause ne ^nought the 

payments were made and profit ciated with the new directors, will with Sonepar) for £7L000. Last dust rial effluents. £1,7.1, pn Sf ^ a ? - , 00 chea P 

caute to £129.000. subscribe for 2Jm of these shares, year C rellon's interest in this Rush and Tomkins states that it wnen tne initial approaches 

Energy Finance and General operation returned profits of inject capital and manage- by K , e b ' d u er h ® 

cuadc ^TAWFS Trust will underwrite a rlghLs £25.000, and its stake in Crellon- nsent assistance to help with the stop buying. 

° % issue of the balance of 5.4m par’s assets amounted to £76,000. growth of Bewt and with the de- 5 0t ». yet the 

Hardy and Co (Furnishers)— shares. An EG.W is called for June 19 velopment and marketing of cer- bl ° ek . exchange wiJJ he carrying 

R. J. E. Slotovcr, director, has The rights will be offered to In consider the board’s proposals tain new processes for which out initial inquiries into share 
sold 25.000 “A" ordinary shares existing holders on the basis of Mr. G. R Hevwood the only inde^ licences are being negotiated but “•oyemenlx ui EPC prior to Thurs- 


Tbe Rush and Tomkins Group Ai? 1 “V °[ *** 1 r ® s l n 

has acquired a majority interest HaiirS wa?** alofind 3ftn ■^ hJCh 


ifa<:!>n nv; .ivIkii.v in rvrenl 
-<• * . i* n* !i.i* 

.*:-\* •*« utih->* !b>- .niihiHMi.il 

*1. .M'i’i irr «*■.•(] las! >(M?. and is 
■..’a’li-j ;*• d*.* -.* in. irl ,i •;i , m , r;il 
mi. - nn-:ri :i; m i!n* ii.ilimt.i! 
Svi'n i * i-»»«li-nl 
Aii;:i*?."i,' i*»r 7)i«* I'tir-ftn -Innr 
* r i* ,"ia- :!m- mil i - in iln iili*ni! 

hnuc ■ < ill inun n -J!*"i|, In 

•• '>44->;i not |'v; 25;. -Ii.ifu, m 
I-’.:*-::, .rv t ; :i- >**.ir urilmarv 

*i,t- .«. ■*• ;i ivm-il a srrtp in 
;.-.r i i-:i* pri-h-u'inv shaiev 
7 rl:-. .dvul far lUTii 77 was 


In- will he disii|i|in:nU'il if ihe and a fall m ihe UJS.. especially 
year :is a whole ifn-«. imt provide in sterling irrms. 
a '.atisfiictory result. The I'.S.Siim loan, which fell 


much eiilianced order rJ,.. 1 ! 1 ,’’ i^irrcney pro- j aBies Fisher and Son 


AII\. HOWDLN 
INDl im DM SS 


iiiMik Croup plait'* nl anticipate Il^ X lo , u 5c11 Insurance and Trust Company I II MIT TDIIQTQ 

;i .-igmlicant ctiRiriiiiitinn from n ' a . ,, f cpl la , c ‘,‘ lhey ° has disposed of its holding of I UNI I I llUu J u 

l , i>1..i(l:iirc dollars «ah an aUililmnal loan of .-^.aOO ordinary shares (7.4 per | 


As reported on .\|.i\ pre-tax 1^™., ■ s ■ ,lnl, amount repayable in cen'tl. 
prniit.s for the year |o .lj unary ."i laSji Ver 

I'.iTx ros.* from £1 r.:m to 11 2sm Vcrno 


Uirn.wcr ai 


in £12. Pam 


\ leva inter llowilcii reu-.ils a^.misl Cll.U.lm and Mil* dnnlend 


■ ,:,l Miil<-l'*U*dli**ss 


liii-UMM-il to 5.27n7i, |i 1 4.77 Hip I 


s ' Jl Vernon Fashion Group — L. 

Vernon, director, has bought 

BOWDEN FREIGHT “ST™U b. L,»n S . 

(tnwden Freight International, director, purchased 50.000 ordinary 


*.*■ * : Ap' - .' 1 :a>. I’iTh sinuil .it £WMH. As ;m tlic year-eml e.isli balances the London-bn>ed haulier, has shares at S7p on .May 24 

Results due next week 


PAY 17n ,s conceTnM Mr. LiewelJyn said 

I P only that no further announce- 

The directors of Pork Farms mem was imminent. The opening 
say they will pay a second inierim discussions had only just begun, 
dividend of 17p net per lOp share . 

in lieu of tbe final dividend for JOVE’S DIVIDEND 
the year to February 25. 1978. on FORFCAST 
^ - . p. May 31 even if the offer by , ^ 

ri (II IO Win O’ 11T1 that -t-l rcr Northern Foods does not become , In the official offer document 

VfilU Tt Hie UU Llidl ill or is declared unconditional. An for hmgside Investment, the dir- 

interim payment of 8p was paid eetors of Jove Investment Trust 
1 on January 3. The total for last st . a ? e ,heir intention to maintain 

Tinp f* Cl 1*0 1 DCC fnnrll V*/V year was 8.3SIp, dividends on the enlarged income 

tdi ClCOiJ I dDlUlC „ capita! totalling 3.5p for year to 

™ ASSOCIATES DEALS Fe They ry r o 8 ’ seTo dis ose f h 

iTch 'i n^c ■ n ^ 1 css r *) p t u re with performance. That's certainly the chased^ ^ ^ B °n!2- pur ' wholly owned Kubsidia^Na^onad 
nci 5 win <T, oeted re sur- argument of Piccadilly— whose Damsons and Foreign SecuriUes to River 

ove^ f h)n .»,« btrcet may now American Fund (minimum in- rrmtnnarv , dis ' £, late and General Investment 

over, bui there is no reason, vestment 1250) is on offer thk cre tlooary investment clients. Trust. 


Mario. ,r,,m “ i* ,n L- paper ana paint usually finish the 

... ,, lu ,, fl111 usure 1’i-Vr as will year strongly Meanwhile with 1 b g* een " 

. ri-j.N art .miuipytcd improieiiienH m world pulp stocky falling Quicker The second half 

Norliiv-’ii I *vu!> , inter *:t,. l uv- Xurunc.in ilownsln-.i-i, in>-»mi*. thou expcct. d. there are si"n*= henefit from improved co 
‘ *:..?•*• ^'»«l ' • h.-mical I n,. «w.. r .-e.^ injerr-ts of Reed , hill prie^ are hard/mn c at tot demand and the pick 

f!w wllh' ,ii‘* «uy between and fi ,^ r ?’ P° in ^ down "high Tor th«" hift i'«pa7eV; U, 3 nd ' Wi,h lradin ? to con. ordinary shares on the basis of 

l, " . _ * ' ,‘* l i*«! ninrii'f ? r ... ) Mtunipmu rnint fnr Lhe year just ended. s,x B lh fr, - ,ni ,h . e rhe - vear * claims that American Drayton, with an Internationa! t,n . uin £ 10 P r °ve extremely diffi- 75 shares for every II over ore- 

V:* 1 . 'll I S ' m i rtnada ilreadv well reorganisation of i he company’s ef,uines repres e nt remarkably Trust which is heavSv (£ S ™ U i Era «y h « disposed of its tax proflu of 1901 WO (the rorirast 

i: M : h'\ » * ' - kii.iwu. Lnnrhn repor.s on its first French subsidiary now an good value carry even more cent) into North America Is pro- £ old,n S company i n ihat country, figure) for 1B7S 

° , u "" lh “ u u n Muaner purroratance nn Medne**- associate, and indications are that weight than they did two weeks claiming very similar virtues Th* Emray Zambia (1976). and has „ .. . . 

An.c’.v'^ rv -if*ri r.rtnsh was p.ml ar inv h*iii way -i.i'jc day. The group slipped back a this will show a small profit. How- ago. Midland fund however afiin nesoiiated a conditionaj contract u . id and Lee carries on the 

Ps-Ji.v.-um W!i; lesmii .1 -Igni- frt ill.: quest mil imw is whether lilile in the |v»<t year, when pre- ever, losses may have been This is exactly what the seven exposure m' per tv-nr n r 10 att »hire the UK-based Rcif and ° u f'? ess ° r motor distributors 

:i *’.■■::■ drop ;n :«r^t u:t.ir(rr 1979 ili-i-d divides lu spread llu* pnm i.ix profit*, fell six per cent to incurred in New Zealand. With managers offering trusts with a portfolio) to the buoyant Lee - holding the main franchise for 

rr^u::-* c mi pa red Hi the i« • * with ■« final nf mi- Jp..>p plus « £ssni. Thi.** reflected a decline of the group now- more widely based, high U.S. content are claiming of the Far East y marKets The direcrors see this move as * aux ball/Bedford in the Exeter 

three man” ’, ef >(■::' ’I’hc rcduclioli in ine curr. ni war. or 3.1 per cem in the important final there is greater potential Tor this week. M. and G. indeed. The Tyndall Groun in . nnlMC , an important step In establishing ar ®*« and Bedford heavy duly 

company h.^ 'jgr.nlleiJ an uilvn- epi- m utakc ihc full i:ut Mils mm* quarter. The market regarded grow th and for the full year says that prices could get lower is aiming at investor ui,„„ Zz S h ,h c company in this country and vehl <3es for most of Devon and 

:.* ndaft LLMil .’.nil tit'** will lnsliluuniiul presMiie may he a ;hv .setback :ia an unsettling Marfcy will be aiming for at least still, but claims that at the present is for income and rwnflliLc r with a profit base here they parts ° r Cornwall and Somerset. 
ncccs»i:-iie rv«*t Mcmviii o) b>t f:*«-ti»r detei'iimung ihc f,. r mt*r development and has since taken £20m t£13.4m). level units in its American and investment are being offered th anlic jP ale being able to com- T* 16 company operates on the 

ad hum ;n- Hu- 1 . , n .- Anpouncv PiriAjnd -□*■ General Fund represent good first is London Wall Ertra Tn'iJralf mence the payment of dividends pri “ e . site ot some two acres 


Emray moving base from 
Zambia to UK 


necessitate rv«*i Mcnu-ii t cl last faci«r dotviniiiunu 


Pin I. : 
l.d.-a (• .,r 
Ini. l-'m. 


former development and has since taken £20m i£13.4m). 


An naan re- 
mem 


Pivid.-nd ip* 
t.a:.l y. ar Th 


FINAL DIVIDE NOS 

a: :j Pai ~ ‘ :.-*■"? 
j* :.- n-!w IV 
.-•.in Pr:-a: '^*:t 
r -:T:^); jr.it AKl-rna'! I .lin ll.-til.i 
rapper Nv:: 1 

■ 'tuptran ar-. '"n • I" ■•Ih.in'! • 

Chur.-hi'-aD ' , 

jrri (2i.:-i*a‘ frv-1*i* *■• 
.t.iSn I’.rait’lh ■ '•r**ne 

j C.*:_V ’■■r**:-' lW'l-i'W • 
p.irai'.iij* :!»’»- r 
‘•■n. li.Hwfl 
VTr.-«I p-.-rh-.i 
l*t*.| VZiilaiil M‘- '■ rr ‘ '' 
Edsr'mrcr. an.! it* 
r. ,s;ji Mat!:- ^ 

; •.> i. riajA -«*»«."<" 

v iv«ii r.na: t.’iim 

Vir'*r Kr'.iI *■ 

Narnali*: sC- *-ir^-.: 

S' ,*.-., o'T ii*’ : '- , 
l*., » d. . V .U.* 1 *! 

n."-!:; in:.raa».t*nal 

K Samu.’! * • 

Sj-i- r» ■ire ;r 

Tartar .- .» a dune. — • ' ' 


nmrajjy 
W i ,!iii*aJjv 
W,-, My 
Jr, .1.0 
T&iirviay 
Thun.ilal 
Thiirsiljv 
TIinrMla*' 
W* <(iic.%4jS 
I rn'j; 
ThiiM.lay 
I * i,l.iv 

W- -.|TI>- v* I -IV 

Tnitil.1-. 
w. .|n*'**|.iy 
Thiirnljv 
Til* <al.iv 
I ruljv 

w* -in— J.»r 

Ttiaodor 
"mur«.Jjv 
Tlmnulsv 
W .-*lli.-«-il «v 
w.i!:i *sii»v 
W. .111. Ml.lV 

W J 

Thiir -*!.’• 
ThU(V)4>‘ 


dm* 

Tin. 


Tui*bdJV 

n j,;: 

■1.929 

raur«i3.ir 

i :vi 

2.441 

TKiy 

2 092 


Tnu.— «ijj- 

Nil 

oir.iijs 

Thurbday 

1.4 

1.443 

Wi*dn* stay 

n» 

1.73 

Thursday 

I 14 

IIP 

Thiirsduy 

0 .M 

1 lM4 

'■fl’llli .vljl- 

«4>4 

0 394 

WnlmdaT 

1 . 2 a 

1 9 n.-, 

w.-Hij — *Liy 

: 0 

1.49 

dr..— j a > 

1.373 

:.*isi 

T nv'.day 

0 :u 

1 

To-vljr 

Ml 

Xl’ 

TSlursjljv 

I '■ 

4 *m: :t 

i hurfcJa*- 

« 7i 

• 17 ; 

Tburvday 

1.7 

4 -US 


yaiue The minimum lump sum Airowth Unlfe— a complex ‘Tine 

investment is £1.000. but units for a s tra i ghUo^va 

can be bought by way of a life- fund. 4S*' nnlxW L22E5 


the near future. 


opposite the county cattle market 
in Exeter. 


TnKfflnrtw an-i r om»:n Brewn-s . . . Torsdjy n^ia a.32 can be bought by way of a'Tife 5 fund SCr ,i!?^^ or ^'atd high income They have requested a tern- fhe net assets of the business 

■ H ;r m jg WNfw » srssj.«a ;f h ^f» a «s4^1^sss 

Tti^day i:l !:♦£*?«, AmenraJ a t o Sra p < ! 0 rt 0 d I 2 JO a Pa EmrarLm^iJwarduSd°^ 

interim dividends £ 3^,, *?,!^ une, V f‘eld— 10 per cent — with f oc a cash consideration of BRITISH TAR 

■\irr* Miutm. mjusir.cs w-dn.^jy i n — ^ has reeeofiv hn^" i-L- S w ‘* elt propsccts for both income --W.682, which has now been ACOUISmON 

• han.Ttioew ur«n> - TTvnr^Jav m in* in i^a; ? very accurate and capital. The other conrract received. The Bank of Zamtaia i H-HN 

P*,:«iuV C . • • KKuv it* J3S of rtte^ us nuclei pe> ° n " 5nce ,ncome Bond has agreed that this can be ra f Tar Prpdocls the Chentl. 

K- ivy lnrfuir.rt*3 - w-4nvsdav 1 ii 1 »>-. so too hw hL n.i ». • ran, ® CT '3 a return net of remitted a s to £50.58o on com- ca . manufacturing, merchanting 

„ . »; -*jn--Uy :•» n“ w hose 4mpn'M« . i?fta,n - ? as ^ ' c rate of tax of 73 per cem for pletion and the balaocc over the . bulk storage group, has 

yjSSitrZS!? '*****'■ ■ - l ?■?“ taunehed iSnSS* , T™ 81 was , , r » ve5,ora aeed 60. to as much as next two years. acquired the privately owned 

liZOKJ 9 *- HZZl ?;, U l,: ' ^rSL^ ^ ne ‘ - for h, « her As at December 31. 1976 ftho Hffjf in " alro ® st 

.i smart and cn * con rjc'or* . ThiirMijv i "■ 4 *ih?-:t the units f minimum of groups. The period of the bond latest audited figures) the aggro- en ^![^ e ^ cash A pa l worth JE2m. 

h , Thur-Oj*- «:) s-:t Smi h2 JhnuR JS. e * ln ^ #nt 1? 10 ,ears and the w«I * a te value of Emray's^ ^intei«Sin ^*P a manufactures fine chemi- 

- nJ DoJVy 17 SaV^orfh/SowJone/ 328,1,51 Sf STSitJS ^ 31 the - end ? ara « a SSand St "SharmlS J a °t, lh f, 

interim figures only From now on nf ' P pnod - or On previous in that year they made pre-tax anH . Pvf/maceutlcais industries 

Pl . ,rn1, ,mi c-nanany Thursaavt assumin'* that° rhp f de ?V 1 ' . F 9, r . investors to whom profits of £1$7,29L ,ts lMt full financial year 

a “«i . ... w«in*vta» soocia J?* Ii-.* ^ mcn . Mn ? afely ,s a[1 important, this bond The initial consideration ror f ar " ed Pre-tax profits of £392.000. 

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Financial 

SUMMARY OF THE WEEK’S COMPANY 


'"'itlli, Take-over bids and mergers 


and \vnS^°h has m , ade its move for outright control of Albright 
X? S“ r ? flkj “ g a £97 ' 3m - for the 50.2 per cent of 
already owned. The l65p per share cash offer 

rnnsidcrt 7S?t , l J >? . , " a .? et * ual e by the Albright Board, which 
__ f , i ■ i S ™ a £ ? c bld * ajJs t0 acc °unt for the company’s potemial 
? h ‘ ** ; u se l k better tenns from Tenneco. The rationale behind 
_ . * s Tenncco’s wish to fully participate in any benefits 
?h^ U t!? R t0 ^bright following further development and the view 
ar the company is generally thought to have better prospects 
than most other chemical companies at the moment 

. ® ana Corporation is bidding 145p a share to gain full control 
or Turner Manufacturing, the U.K. commercial gearbox company. 
Directors of the Wolverhampton-based company together with 
faintly interests have accepted in respect of a 17.9 per cent, 
stake and are recommending the offer to other shareholders. 

treenail Whitley has launched a £19 lm. agreed bid for 
James Ships tout-, the Nottingham -based brewers, which only six 
ei 5 L. ag0 successfully defeated a £13m. bid from Northern Foods. 
Shareholders are being offered eight Greeuall shares plus £13.30 
for every five Shipstone shares. 

Johnson Group Cleaners, which was subject last year to an 
abortive takeover bid from rivals Sketchley, is now on the 
takeover trail itself, and has agreed terms with Capital and 
County Laundries. The 150p cash offer is assured of success 
as acceptances representing 60 per cent of C. and C.’s capital 
have already been pledged. 

Unigate has emerged as the mystery suitor of Carding Group, 
the Midlands motor distributor. The agreed offer of 20p in cash 
per share matches the suspension price, and values Carding at 
£4.8m. Carding holders will also be entitled to Unigate's final 
dividend. * 

In a move seen as a logical extension of its involvement in 
the construction industry, W. and J. Glossop has made a 95p cash 
per share offer for the equity of Wettern Bros, not already 
owned. Glossop currently owns about 25 per cent of the Wettern 
capital and intends to make a suitable offer to the preference 
shareholders. 

Pctford is to proceed with its 30p a share bid for W. Henshali; 
this despite the fact that Bovbourne, which owns just over 50 
per cent of Henshali, has declared that it will not accept the offer. 


Industrial Equity has bid 200p a share for SL Kitts (London) 
Sugar which had been on the verge of going into voluntary 
liquidation. 

English Property Corporation, the country’s second largest 
property group with a £702m. international portfolio, is in 
takeover talks with an unnamed Continental group, while the 
£30m. bid by Hepworth Ceramic for H. and B. Johnson-Ricbards 
Tiles lapsed within hours of the offer officially closing on the 
announcement that the proposed merger had been referred to 
the Monopolies Commission. 


PRELIMINARY RESULTS 


Company 


Pre-tax profit 
Year to ( 1000 ) 


Advance Laundries Dec. 3 1 3 .350 i.S .250 ) 


Value of Price Value Final ^. r - 

Company bid per Market before of bid Acc’fce Eastern Produce Dec. 31 

bid for share** price** bid lira's)** Bidder date Fashion and Gen). Mar. 31 


Allied Leather 
Ayrshire Metals 
Beech a to 
B r. Am cr. Filru 
British Syphon 
B running Gp. 
CourtauJds 
Dwek Gp- 
Eastern Produce 


Dec. 31 1.247 (896) 28.4 

Dec. 31 671 (701 1 6.2 

Mar. 31 142,800(126.800) 52.2 
Dec. 31 89 (39) 222 

Dec. 31 1,038 (954) 13.4 

Mar.SX 815 (677) 12.5 

Mar. 31 53,700 (80.900) 11.1 


Dec. 31 
Dec. 31 


265 (106) 
.161 (2.576) 
142 (134) 


Prim Id pence unless otherwise indicated. 


Exchange TeJgrpb. Mar. 31 2,117 11,763) 
Fine Art Devs. Mar.3l 4.721 <3.618) 
W. & J. Glossop Jan. 31 831 (734) 

Hunting Assd. Dec. 31 4.600 (4.000) 
Philip HiU Mar. 31 6.000 <5.450) 

Keyser Ulimann Mar. 31 864 (2.802] 
Lamont Dec. 31 162 ( 35)1 

Leisure Caravan Feb. 28 1.940 (1.590) 
Ldn. and NurUicra Dec. 31 6.371 (9.585) 
London Atlantic Mar. 31 604 (387)} 

Milford Docks Dec. 31 15 (186) 

Minster Assets Dec. 31 7.686 (7,219) 
P. & S. Newsp'p’rs Apr. 1 1.925 (1.364) 

New Throgmorton Mar. 31 943 (SSI) 

B. Paradise Jan. 31 10 (75) 

Polymark Dec. 31 S50 (740) 

William Press Dec. 31 9,560 (7,3901 
Pritchard Servs. Jan. 1 2,176 (1.669) 

Francis Sumner Dec. 31 790 (1,090) 

Time Products Jan. 31 3.871 (2,929) 

Transparent Paper Apr. 1 1440 (1,520) 

Wace Group Dec. 3! 135 (122) 

Wormaplds Wlker Feb. 25 97 (518! 


Albright & Wilson 165*§ 164 123 97.34 Tenneco — 

Capital & County Johnson Group 

Laundries 150* 1481! S 97 1.57 Cleaners — 

Carding Group 20* lBliiji 20 4.64 Unigale — 

Carlton Inds. 165* 191 170 22.7 Hwkr. hiddeley — 

Cuslomagic 20* 22 19) 1.05 Mooloya lnvs. — 

Harrisons 974 83 90 118.71 Harrisons 

Malaysian Eats. Crostield — 

Henshali (W.) 20* 27 IS 0.50 bavboorne — 

HenshaU (W.) 30* 27 21 0.75 Petford — 

KCAlntl. 29* 25* 28 7.7 Hr. T. Ward — 

Ringside Inv. 60j 56 56} 5.44 Jove lnv. — 

Land. A list. lnvs. 148}* 135 - 123 11-14 Colonial Mutual 

Lift 15/6 

Lond. & Liverpool 21* 23 19 0.52 Aschhelm Secs. & 

Trust W. & A. SA Zug — 

Marler Estates 25* 29 } 21 0.88 Blade lnvs. — 

ftfiln Masters 200* 193 163 423 HJ lies bog AB — - 

Osborn (S.) 99} 99 97 7.89 Auroru — 

Pork Farms 675t 666 467 22.72 Nlhru. Foods — 

RKT Textiles 96* - 92 72tt 78.64 RobL Kitchen 

Taylor — 

St. Kitts (London) 200* 196 170 0.78 industrial 

Sugar Equity — 

Turner Manftg. 145* 13619 124 14.50 Dana Group — 

Walker Sons & 91 85 34 0.41 Anglo- Indonesian 

Co. (UK) Plants. 5/6 

Wettern Bros. 95* 95 58 1.60 W. J. Glossop — 

Wbeatsbeaf Dfst 208} 193 168 31.43 Ljnfood — 

Young Austen 83* 83 66 3.4 Trafalgar 

Young House — 

* AJJ cash offer, t Cash alternative. } Partial bid. 3 For capital 

.l.-.j- u.u ii n... — _ 


Jan. 31 831 (734) 10.0 

Dec. 31 4,600 (4.000 ) 27.3 
Mar. 31 6,000 <5.450) 7.9 

Mar. 31 864 (2.802) L 7.5 

Dec. 31 162 ( 35)L 13a 

Feb. 28 1,940 (1.590) 10.2 
Dec. 31 6.371 (9385) 53 

Mar. 31 604 < 387 )* 3.07 

Dec. 31 15 (186) 1.0 

(7,219) 9.5) 


Mar. 31 943 (SSI) 

Jail. 31 10 (75) 

Dec. 31 S50 (740) 

Dec. 31 9,560 (7,390) 
Jan. 1 2,176 (1.669) 

Dec. 31 790 (1,090) 

Jan. 31 3.871 (2,929) 

Apr. 1 1440 (1.520) 

Dec. 3! 135 (122) 

Feb. 25 97 (518 


(122) 63 

|518)L 34 


( 2 . 68 ) 

(3272) 

(2836) 

(L544) 

(1.05) 

( 2 . 475 ) 

(0.75) 

(1544) 

(0.703) 

(1.519) 

(4.42) 

(L4) 

(Nil) 


INTERIM STATEMENTS 


Earnings* Dividends* 
pershare(p) per share ( p) 


(1.858) 

(3.445) 

(3.178) 

(8.H) 

(1.707) 

(1.364) 

(3.413) 

<Nn> 

(4.42) 

m 

(3.469) 

(2.681) 

(65) 

(0-325) 

(0.1) 

(4.012) 

(S_2o) 


Half-year 

Company to 

Allied London Dec. 31 
Assoc. Enein’rfng. Mar. 31 
Avon Robber Apr. 1 
Bass Chmrincton Apr. 8 
BOC Mar. 31 

Thomas Bortbwlck Mar. 31 
Caravans Inti. Feb. 28 
John Carr Mar. 31 

Crystalalc Hldgs. Mar. 31 
James Dennis Feb. 28 
Dobson Park Apr. 4 
Ftuidrtve Mar. 31 

Gomme Hldgs. Jan. 27 


Pre-tax profit 
(£000) 


Interim dividends' 
per share (pi 


GreenaD 


Apr. 4 
Mar. 31 
Jan. 27 
ley Mar. 31 


(Figures in parentheses are for corresponding period.) 
Dividends shown net unless otherwise stated. 

* Adjusted for any intervening scrip issue, t First quarter, t For 
nine months. L Loss. 


Hay’s Wharf Mar. 31 

Homfray Apr. 1 

House of Fraser ‘Apr. 30 
IQ flWar. 31 

I CL Mar. 31 

K Shoes Mar. 31 

Leys Foundries Mar. 31 
McCaims Motors Mar. 31 
MEPC Mar. 31 

Morland & Co. Mar. 31 
Muirfaead Mar. 31 

Phoenix Assur. f.Mar. 31 
Plaxtons Mar. 31 

Ransome Hoffman Mar. 31 
Redfearn Glass Apr. 2 
Spencer Clark Harcb 31 


Rights Issues 


490 

<449) 

0.596 

(0.596) 

15,000 

{ 16,200) 

1.42 

(1.27) 

2^76 

(2.407) 

4.0 

(4.0) 

36,900 

(35.5U0) 

1.8 

1 1.032) 

26J200 

(36.500) 

1.65 

( 1.34) 

2/200 

(5,100) 

2.4 

<2.41 

LOSS 

(067) 

Oj> 

(2.0) 

1^64 

(1,263) 

033 

<0.3) 

257 

(192) 

Nil 

(Nil) 

212 

(194) 

1.412 

(1.265) 

6^49 

(4^07) 

1.5 

(0£33) 

433 

(329) 

0.986 

(0.SS3) 

044 

(1,081) 

0.SS7 

(0.SS7) 

4972 

(4.236) 

1.331 

<1JJ1> 

2,201 

(1,124) 

1.564 

(1.422) 

643 

(L204) 

1.313 

( 1.313) 

L390 

(940) 

— 

(— ) 

112,000 

(141.000 

— 

l—) 

15.S00 

(13.000) 

2.86 

(2.6) 

1.586 

(SIS) 

0.90 

(0.77) 

. 1.001 

(312) 

1.05 

1 1.05) 

2S7 

(278) 

1.5 

(1.251 

4,401 

(3,970) 

1.5 

(Nil) 

430 

(396) 

5.5 

(5.0) 

852 

(052) 

2.0 

<l).7) 

7.000 

(6.900) 

_ 

l— ) 

SS3 

(357) 

1.75 

(1.5) 

1.600 

12.620) 

1.44 

(1.44) 

1.788 

(1.032) 

5.2$ 

(1.269) 

55 

ll22i 

0.96 

(0-96) 


Dobson Park: One-for-eight at 70p each. 

Alexander Howden Group: One-for-four at 145p each. 
L and J. Hyman: Three-for-ten at 29p each. 


- Offers for sale, placings and introductions $ cr jp | ssues 


rxu loan unci . | uiou <uictiiau»c. + raiuaj uiu. ,s rv* i^tpiutx 

not already held. 1 Combined market capitalisation. II Date on which 
scheme Is expected to become operative. ** Based on 25/5/78. 
tf At suspension, tt Estimated. §5 Shares and cash. 11 Based on 
25/5/78. 


Barnet Corporation: £5m of 12} per cent redeemable stock 1987 
at f98 per cenL 

British Car Auction: Placing of 2m ordinary shares at 41p each 
raising £798,000. 


Leisure Caravan: One-for-three. 
Francis Samnen One-for-ten. 
Wace Group: One-for-three. 


- - !, inp. 


. ^ 
u t s * 


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 upping 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 is running along close to its peak for the year, 
and other recent tips in the paper have done well too: stocks like 
George Sturia — up from I2p to I7jp since January — and 
Tem-Consulate. up from 35p to 52p in just over 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. Shama Ware has put on 150% in a 
year, and Sirdar has risen by 75% since last July) have come- to 
expect. 

All in ail. a joint subscription to both magazine and letter— costing 
just £20 a year is the kind of value that's hard to beat. 

INVESTORS REVIEW 

ESTABLISHED . 1892 


ORDER FORM. Please send me 
Investors Review for l year 
(.9 post paid . . . 

IR Market Letter £15 post 
paid. . . . 


Combined subscription I year 
£20 post paid. . . . 

Overseas races available on 
demand. 


Address 


To INVESTORS REVIEW. 100 Fleet Street. London. EC4 


FEELING OUT OF TOUCH 
WITH THE 
STOCK MARKET? 

Most people are Especially now that markets have become so 
volatile. It's a sad fact, but Private investors today find themselves 
lrft~ out in the cold! The first news most private investors ever get 
about their shares is in the “ press ’’—after the event! The best 
advice tends to go to the big institutions first, cr you have to 
share it with a million other readers of your favourire newspaper. 
Now consider the advantages of raking an Investment Newsletter. 
Take' a look at the Fleet Street Utter. Britain’s oldest, with its 
strictly limited circulation. Every issue contains just two major ideas, 
ifra.fht to the point, telling you what to buy and how much ro pay 
for it FSL subscribers ONLY get this advice, and the all important 
tcllcv.-up information on every share, until we advise the time a 
right to sell and take a real profit- 

Now that you begin to see how FSL can help you. send for a copy 
ui our current issue. It’s yours to keep with our compliments. 

M H pop M m pm* h m « 

KEET STREET LETTER. 80 FLEET STREET, LONDON EC4T 1JH 


'Vc.v.e w"d m * a FREE copy ef FSLl without oN'fi* 1 ' 0 "- 


Th, s eJvcrUsemenL Is Issued in compliance witii the 
of the Council of The Stock Exchange. It does "ft constitute 
cn invitation to any person to subscribe for or purchase any 
Preference Snores. 

PRESSAG HOLDINGS 
LIMITED 

(Registered in England No. 871399) 

Issue of 400,000 10.5 per cent. 
Cumulative Preference Shares 
of £1 each 

Thu Council ol Thu Stock *■“*“*•' 
mcnclunctl Preference Sh.ree co .he Offienl Lee. 

Particular, of .he ri s h,s a.t.ehin s to .hem .c allable in the 
t,.cl Seat, .-.leal Settle, an, eopiea of eh. aea.«.,ca » 

he obtained durin c u.ual hut, nett hour, on an, « * 
.Scturda,, and Public Holiday, ««pted> UP ™ »"■< ,nd “ d, " S 
*»{li June. 1978 , from: 

Singer & Friedlander Ltd., 

20 Cannon Street. London EC4M 6XE 

Albert E. Sharp & Co., 

Edmund House. Ncwhall Street. Birmingham B3 31* 

2?:h .May. T 975 . 


Reports to Meetings 

Lower first half seen 
by Percy Lane 


Stockholders 9 
ahead at midterm 


Weir in Middle East 


|-iw T IJAKAfr T ntin With total income higher at of S2m of loans. 

II V rertV UdllC £ 1 ^ 28442 , against 11 , 039 ^ 239 , The directors have already 

v J available revenue of Stockholders announced an interim of Ip net 

Mr. Peter Lane, chairman of mgs planned, he anticipated VmdeA from for this year and intend to pay 

Percy Lane Group, warned share- another year of record profits. £437,892 to £>61.498 for the half- a 1.35p final, making a total in- 
holders at yesterday’s AGU that Supra Group — Mr. Quinton ye £ u t 5 > .-A pril of li6 per ni3X ° ver 

first half profits would be lower HazeU said the group’s progress exreJSs and 19 ^ 

in thp dirrpnt VPSr hari ponflrma^ Tiimnnr CXpenSCS dOO IDtCreSt Of ±218^89 _ 


in the current year. had continued. Turnover was TJSJaSL is! ifrrMim ¥ l* 

He said that the level of demand running about 20 per cent above S s S?’ I (?L t S? ,4 2ilf LaU a htOfl 

so far had been disappointing but last year. am 

there were some signs of a general ( ^^ e) preference dm- J {...f 

increase in activiry and therefore .. . . . . . MUvVs UUi 

Mldway stays ahead 

^SSSSHJ 1 2 downturn ZJffS* gt 3 S& 1 S 

said that the downward trend in , - ce ^ t ]- JsP a G, 9 2 per cent (, .1 per £732.971, at Laughton and Sons, 

orders experienced to the end of hv Ur)€j|rm 2 6^ r^en rp n!^ WherC makers . of " >m . pac ^ hand 1 ? 3 - 5 

last year, had been reversed, and llfliriiUU 2.6 per cent ( >.a per cent). accessones, desk aids, and ban- 

that the group had traded profit- Pre-tax profit of £nalon Plastics The directors consider prospects care products, full-time profit for 
ability in the first quarter. dronned from £32 000 to £15 000 ^ now more favourable ove r- 1977 ntove ahead by £60,536 to 

FotherelU and Harvev-Mr fw thThffiwJto Deimbe? 31 seas ^ in ^ LfK and that a a record £1,103,971. Sales were 

J. A. Jordan said ove^Tlys had 1977. on turnover of £7M.M0 J^ 0, «L°! ‘tf be V" 


increase in activity and therefore 
Lhe group felt more optimistic 
about second half prospects. 

Other statements made at AGMs 
include these from: 

Martin-Black — Mr. VV. S. Risk 
said that the downward trend in 
orders experienced to the end of 
last year, had been reversed, and 
that the group had traded profit- 
ability in the first quarter. 


Midway 
downturn 
by Enalon 

Pre-tax profit of Enalon Plastics 


minorities £55.848 (£44.006) and 
£23,310 (same) preference divi- 
dends. 

A geographical analysis of in- 
vestments at half-year end shows: 
UK 60 per cent (64.8 per cent 
at October 31. 1977), North 


got off to a good start although against £811,000. For 
some areas were less buoyant previous year a. surplus 
than others. However. Govern- was recorded. 


snrne of product areas and over- share. 

.ill both turnover and profit in The interim dividend is kepi 
Mie first Tour months of the year at 1.5p net, but the directors 
were running at a higher rate warn that unless condition? 
than a year aeo. improve, they view the payment 

He was confident that in a of a final for the current 13-month 
years time he would be able to period with some concern, 
report further progress. They report that since announc- 

Magnolia Group (Mouldings) — ins full-year results m December. 
Mr. R. J. Wallrocfc said that there has been no improvement 
profii.s to the end of April were in the industries served by lhe 
in fine with forecast and that pro- group. 

vided current order book level* There is, therefore, still con- 
wero maintained he was confident siderable productive capaci’.v 
of the outcome for 197S- within the group under utilised. 

Home Charm — Mr. H. E. Foe el while inflation on overheads 
said that sales were currently continues to be a major problem, 
running 40 per cent ahead of last in particular wage and saiarv 
year and with further store open- rates. 

Wettern Bros, recovery 

A return to profitability in the George 8 percent debenture I9S5- 
second six months with profit up 1990 at £91 per £100 aom. Payment 
from £81.300 to £140.700, meant date July 21. 1978. The purpose 
that Wettern Brothers, the con- of these proposals is to ration- 
MnicHon material group, ended alise the struce of the group’s 
1977 with a £50.000 pre-tax surplus, borrowings and to save adminis- 
com pared with £155.000 last time, tratire expenses. 

The directors say there are 
signs that parts of the construc- 
tion industry are beginning to T?q ipott 
recover from their deep recession A all Cj 
and trading results for the first 

quarter of this year already reflect (vnninpprmn 
some improvement in the market i_iilgiiltciiug 
But it is hard to predict whether _ u- 

lh Aft« l/ CI 000 u 

fuf/ySS *"« «■ » « 'he Company 

earnings down from 42 p to Up 2, cquirfe< ? c by . ,he . -National 
per 25 n share. A final dividend ^**^? £e i P oar d “ - ha5 

of 2.0671p net compares with the 5*“™^ 115 nanie 10 Fairey 
previous year’s total of 52128p. Molding. 

As reported yesterday, W. and This follows the XEB appoint- 
J. Glossop. the public works con- ment of Mr. Angus Murray ns 
tractor, which at present holds chairman of Fairey Engineering 
some 2-> per cent of We? tern's Holdings on February - i who, in 
equity, is to bid 95p cash per announcing the change, said the 
sbare for the remaining amount, new name more accurately 

reflects the various activities of 
# _ the operating companies in the 

I hpinnno s ne "' R T<>u ! , - 

211^ ^ ll will. also avoid confusion with 

the Stocknort- based operating, 
company. Fairey Engineering. I 





Brown & Jackson, Limited 

Building and Civil Engineering Contractors 


The following ire extracts from the Statement to Shareholders 
by the Chairman. Mr. B. S. A. Duffy. 

Your Directors have taken positive steps both to strengthen the 
Group's construction inierests and to diversify selectively into 
new areas so as to reduce the Group's exposure to the vagaries 
of the Building Industry trade cycle. 

T urnover for the year to 31 st December, 1 977 was £1 0.1 85.000, 
compared with £10,407,000 in the previous year. The profit 
attributable to shareholders for the year was £509,000 as 
compared with £313,000 achieved in the year ending 31st 
December. 1976. Given the difficulties the industry faced in 
1977 and the encouraging trend which emerged in the second 
half of the year, on balance, both turnover and profits for the 
year were most satisfactory. 

Your Directors continue to give a great deal of consideration to 
the development of the Group under the four major activities ; 
the Construction Companies, Specialist Construction Sub- 
sidiaries, Property Developments and Toiletries. 

Although 1 978 will be another static year for the construction 
industry as a whole, your Board is confident that with the broad- 
ening of the Group's interests we can look forward to a signifi- 
cant increase in turnover and record profits in the current year. 

Earnings per share growth record over 5 years. 

1973 1974 1975 1975 1977 


oal 

KX13p 





Chemring’s 

orogress 


12-12p T2.80p 15.65p 25.47p 


Copse Road, Fleetwood, Lancashire 


For the half year ended March 
31, 1978. Chemring has Increased 
its profit from £107.100 to £152,000. 
and looks for a satisfactory im- 
provement for the year although 
conditions in the second half may 
not be buoyant 

Sales in the Erst half come to 
£1.4lm. (SS23.000). After tax 

£79.000 (£56.400), net profit was 
£73.000 (£50.700) for earnings of 
3.5p (2.4p) per 5p share. 

The interim dividend is O.TTp 
net <0.7p). Total for 197S-77 was 
1.2854p from profits of £344.000. 

The company makes electronic 
countermeasure products. 

FISONS 

FLwus proposes to repay the 
following subsidiaries debenture 
stocks; A. Galienkamp 6 per cent 
mortgage debenture 1958 ’93 at £94 
per £100 nom., and Griffin and 


CITY OF 

S^JEED! 


BREEDON AND CLOUD HILL 
LIME WORKS LIMITED 

Limestone Quarrying 


Turnover 

Profit before taxation 
Taxation 

Profit after taxation 
Earnings per share 


1978 

£ 

2,793,553 

733,628 

380,974 

352,654 

8.97p 


1977 

£ 

2,508,780 

718,516 

361,814 

356,702 

8.07p 


Highlightsfrom 

the Statement by the Chairman, Cot. P.H. Lloyd: 


Floating Rate 

Stock 1982 

fortde six months from 
28th May. 1978 tea 
28th November. 1S7B the 
interest rate on the above 
stock will be £10.75% per annum. 

Morgan Grenfell & Co. Limited 


* Issued share capital is now 
£1,012,500 as a result of a one for 
three capitalisation issue in November 
1977. Ordinary shares have become 
trustee investments. 

* A final dividend of 3.765p (3.254p 
in 1977 after adjusting for capitalisa- 
tion issue) is recommended which is 
the maximum allowed. 

* Land and buildings have been 


professionally valued at £804,625 
compared with the book value of 
£522,21 9. 

-X- Substantial funds have been com- 
mitted for plant re-equipment in 
anticipation of art upturn in the 
construction industry and it is hoped 
that this new investment will assist the 
company to demonstrate once again 
both its trading and financial strength. 


In partnership with other inter- 
national firms, who would supply 
the associated turbines, boilers 
and dvff engineering facilities, 
Weir Group is to compete for 
major desalination contracts in 
the Middle East, Lord Weir, the 
chairman, stated 
Up to 10 desalination projects 
are expected to be ordered 
throughout the region by the be- 
ginning of 1980. Of these Saudi 
Arabia is likely to take the main 
sbare, worth around £500m, in 


putting in at least one major 
turnkey project for a steam- 
powered plant which could be 
the largest yet ordered anywhere. 

The chairman pointed out that 
the world desalination market 
had doubled every three years in 
the last 35 years and this trend 
showed no signs of slackening. 
The group's desalination sub- 
sidiary Weir Westgarth. is pre- 
sently completing desalination 
orders for the Middle East and 
North Africa worth £150m. 


,j, 5J! assets should once again be in- A net final dividend of 3p takes 
n f mSJ vested In foreign markets, in par- the total to lip (10p) per lOp 
0 X, — £VV ticular the L T .S. where sentiment share. UK tax amounted to 
has changed for the better. £408.417 (£434,375) and overseas 


PRIVATE INVESTORS LEDGER 1978-79 

Keep a complete record of all your transactions. The Private 
Investor's Ledger is divided into 5 sections: Fixed Interest Stocks. 
Shares, Monthly Valuations, Dividends and Capital Gains end 
Record of Insurances, this enables you to follow the progress of 
your investments. 

The book also contains information on Stock Exchange Commissions, 
Buying and Selling Expenses, Capital Gains, Transfer and Income Tax. 

ONLY £2.50 

To: Marketing Department, Investors Chronicle, 

Freepost, London EC4B 4QJ 

Please send copies of the Private Investor's Ledger 1978-79 

(£230 each). 

I enclose a cheque for 

Mr./Mrs./Miss 

Address 

Reg. Office Greystoke Place, Fetter Lane, London EC4A IND. 
Reg. No. 905696 Pit 7 

Lond(mWaf! 
Extra Income 
GrowthUnits 

Estimated Current Capital Growth of income units 
Gross Yield (243.78) since launch in February 197b 

1002 % 506 % 

London Wall Extra Income Growth Units offer you a 
high income from an investment in carefully chosen high 
yielding equities with a small proportion of fixed interest 
stocks. , 

The aim Is to producenot only a high income but an. 
increasing income over the years coupled with capital 
growth. And this has certainly been achieved since 
February 1976 when the trust was launched. New 
investors in this unit trust get an estimated gross 
commencing yield of 10.02%. In addition since the 
launch, the offer price of the units has risen by no less 
than 59.6% compared witharise of 17.1% in the FT 
Industrial Ordinary Index over the same period . 

Investors have therefore fared much better than they 
would have done in any fixed interest investment. 

London Wall Extra Income Growth Trust is a unit 
trust in the Tyndall Group which currently manages 
over £200 million on behalf of some S0,000 investors. 

You can invest in this trust for as little as £500. 

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. ; 

Important details 

Uni!*, viad] ore dealt in dally, uiH be All umi k'Lkf'. ui.iV 


allocated «t the offer price prevaXag 
wfam your completed application In 
received. The oflbr price of die osiaoa 
24th May 1 978 wbi 39 -9p. L'nit prices and 
yields tc qu oted in most national daily 
Igaumum. TTi, imwtfmw 

is £$ 00 . 

lb Invent, fill £a the coupon or talk to 
y oar financial adviacr. Application* win 
be aefcanriedged andyour cert&caK 
■oa within 35 days, 

lf>cu «ah to bcD ytur unh«. the 
Ahmapen uill paidne item at tbcfcai price 
many deaKngday. ftjytno u win ™ Totally he 
mode within term days of die rcoapt of>our 

nrvmweg rf rr .tH. u| _ 


All urn hi'LLt-. run their 
dntnbuUL<m net t< ox ui iIk Ixr ic me lu tea 
jcirm Sill J ujk and i.'fiL\wdiiber IntMita 
nrti nill riXn’.eLbdn'irvJ Ur.Int’liU.m in 
D e cem b er 1W7X. 

Aa i nun) marujlOTioir chirp.-"! « 

included ui [be hu; inc priu i.r i|k umi - \ 
half year! > charee uf V I u of I < phi ■> V A .T.) 
nf tiu: Fund i%dudoacd ir.ci tiw tun % 
jaceinc. 

TheTVuw c- aub «wsl t>>- tlm Soaeury 
of Suie f< v TrkL and the imii'. «e a "cider 

nape ' UKiMmou tuvltT lOc'ljinJtt; 

Intestnuil'-Ao IW>I. 

The Royal Ban! '-T Scotland I intlioJ iv 
tU 1 Tmutee ml holda uU thcTni^i. ctrh and 

inecumenu cat the unela -Idas’ tvhall . 


APPLICATION FOR UNITS 

Arplkatsocs thcnill be tern 're 

Hie Tyndall Group, 18 Caxxynge Road, Bristol BS99 7UA, 

t Resound lio. 792318, kngl&hl) 


Breedon-on-the-Hill, Leicester 


1 r jiarnmsanaitin 

icaaom (x, [ London WUI Extra iBcome Growth L*nha 

ni the odo- [alee nfi^oa the du you receireihbBpplBauon. Minimum Inuinnror£500. 
Chequei>hDiiidbea»depaj , ablc to T«* UGneup. CobdiukcoI Ij'Ji pajabL- 1 -» 

Sucawnc __ 

'.Mr.Mn,MiMordtle> 

CbizztjBR Names 

un full) " ’ 

FUBxUm 


I ~/.lv&s>vzAi0 1 emt&str 16,vnju)rrri •cnJcnr.'T tic L'K ■' S.'.Ji.VJ T. l 1 
■mw/ [Ae was ^, 2 /^ wnarb/iy^ /.Tv.’arru^aci'uj. iJ.-tMA.- Temt.-n. u I 

I Sicmnnc | 

* I f.nv jrr uuUt w nuke :hit Je^ir^ien. it UxuSl be J.'i :> J i/. I ,* l I 

I J'<nabKfo , dliimtf t p nr iMj. tS , til AtoiitT.eTKikdler. * ,lT * fV? t3R 1 • 

QflCTivnaTahMeiore Ulmic rftneKeindihcc’l lietetd- I 

| A’^fyndall Group Unit Trust [ 

Member of the U hi: Trust Assoduiicn j 





Financial Times Saturday May 27 197S 


WALL STREET + OVERSEAS MARKETS + CLOSING 



Further small losses: off 3.72 


OVERSEAS SHARE INFORMATION 


NEW YORK 


May I M *y 


BY OUR WALL STREET CORRESPONDENT 


KIRTHER SMALL losses Mere 
recorded m moderate |»re-h<iliUay 
ir.idins on Wall Street today, 
rt'ili'clinc ennevrn about higher 
inil.mon and runnu interest rates. 

The Dow .Iniies industrial 
At erase .shod another 3.72 to 
R3J.6!*. matins a loss of 1-i.ld on 
the week. Hie NYSE All Common 
Index, at SoLl-L dipped 10 cents 
on the day and SI cents on the 
week, while declines led Rain* 
by to .-»$$. Tradmc volume, 
huucter. fell a further 7m shares 
io 21. 41m. 

Analysts noted there was little 
i*:v.*!»ure behind the selling. ■*=> 
eitdenccd by the low volume and 
th.it a true sense of the market's 
ilircriioR modi he known until 
next week when investors return 
from the Memoiial D.iy weekeiul. 

However. aii.thsK noted the 
q:j..rter |io:nl rise in the |*rime 
."rtle 1. 1 S: |M?r cent posted by a 

FRIDAY S ACTIYE STOCKS 

ijhjno- 

Sin. V.. i lii-.iiiu mi 
ir Jri'-rt pn> i >l.i> 

,[•! r-. i •..• — !! 

'•I .in >•.: i , .i'iIii;!iij io.' — 

!?. . all. . il'Mitli ViM Tim T," — 

• r.ii L:.-.'ir ■ . .'ii Jim »-■; — I 

i.-jl! M|j ; mi «iu» - t 

-••.■■r,- 147 ."ii l-l -I 

\Tr< r.. ,v M.enrc 14". ..iki .; — 

s. K»liu>> 14‘. .•im .■*; -I 

i ■•si it" run .s>-i -1 


number of leading banks begin- 
ning last nr-iht and continued 
worries about inflation would 
have depressing effect 

The Commerce Department 
reported the April Trade Deficit 
widened to a seasonally adjusted 
$2.$tibti from a revised $2.79bn 
deficit ‘m March. 

American Motdrs were active 
attain but unchanged at S5J— it 
will raise prices about 12. per 
cent on cars and 3.7 per cent on 
jeeps. 

Central Electric slipped Sa to 
$52 J. despite raising its dividend. 
THE AMERICAN SE Market Value 
Index gained 0^3 to 144.30, 
reducing it-* loss pn the week to 
n^M. Volume sLip|icd to 3.26m 
1 3.74 in i shares. 


OTHER MARKETS 


CANADA eeneruily mixed in 
active trading yesterday, with the 
Toronto Composite Index off 
nearly one point at 1.122.5. 

The Oil and Gas Index lost 2.9 
in 1.255 A. L i it i ties U.Sli to 171.72 
arid Papers U Ifi to 115.02. but 
(.•(itd’> m». - 3.7 to 1.370.6. Metals 
and Mineral' lirmed 0.1 to 076.3 
ami Hank- mil on 1.03 in 273.00 
PARIS — French shares higher 


Indices 


NEW YORK DOW JONES 

— ■ |. ■*//-. SiiH-e nmij.ilHI n 

'Im Vl«. vim V|«\ VIh\ Mm , 

*-. /| ■_ . : | -4 ltii;ii tom Hi"li , tom- 

In . ..in* Sji.*S SJ5.41 Si7.22 S4a.?$ iS5.42 84S.4i> 858 37 : 1 42.12 ! Itel.io! 41.22 

• I. , iSJ-Si lit l, |/ i5m i2,/.o2i 

H-.n.-l ,.. .* ij ;? M.2a S3.ll 33.31 SS.J1 BS.47; s0.:B 88.19 j - ; - 

■4 1 1 i28tn . 1 


over a wide front in fairly active 
trading, on hope that a recently- 
proposed Bill on a Capital Gains 
T;uc on Bourse operations in 
France will be watered down be- 
fore it is passed by Parliament 

AUSTRALIA — Speculative stocks 
showed big gains, with a strong 
Mining sector and scree rises for 
selected Industrials. 

AMSTERDAM— Higher in light 
trading. 

Banks strongly higher. Insur- 
ances Aimed. Transportations 
narrowly mixed. Dutch Industrials 
moved up. 

OSLO — Banking and Industrials 
slightly steadier. Insurances irreg- 
ular, Shippings steady. 

VIENNA— Steady in light trad- 
ing. Breweries irregular. 

COPENHAGEN — Mixed in fair 
dealings. Banks eased. Shippings 
little changed. Industrials lower. 

MILAN — Most prices rallied on 
fairly active demand. 

HONG KONG — Generally lower 
in moderate trading. 

TOKYO — Lower in lacklustre 
trading. Volume 240m i260mt 
sha res. 

Constructions, Civil Engineer- 
ings. Chemicals. Oils. Steels. Tex- 
tiles and Heavy Electricals suffered 
losses. 

BRUSSELS — Mixed after very 
slow trading. 


N.Y.S.E. ALL COMMON 


Mnr • Mav , Mat . Slav 

-W •• 2!» . >* • 25 • Hi s n 

54. 14 54.24 &4.5E 54.90 55.88 

i i .li.'Oi 


NEW YORK, May 26. 

JOHANNESBURG — Gold shares 
eased in subdued trading. 
Mining Financials also mostly 
easier. 

GERMANY— Mixed on lack of 
demand and due to weak bond 
market 

SWITZERLAND — Steady " in 
quiet Settlement day trading. i 


SINGAPORE 


May 2fi | 


Industrial* 

Burin | 

HdUUGXl Co. I 
B.'unUftitUtxT 
U-iniop. 1 

t?*’ 

f mwM- N«ve! 

Haw hr., 

Hume lad... 

ln+Hiuipe 

Jitnlme 

MalAV Bren. 
Malar Cemi.! 

11*1. l'oba/xv.i 
Mra.Bn.blim} 
ur’aChiii.Bk' 
Fuji Bleein-.- ' 
Unt-iiut-u Co. 

Mfanuii { 

alien 

dime LhirKy., 

Coiil ati'inge. 

amiia.Steaml 
Snails I ime+! 
IJii.... 1 


0.7R tjtnitrfTmd'gi 
1.98 Times Pub. : 
2-oSxa Uerfaa/, 1 
S.3«xa U. Engineers; 
tJ.W U.Ov's.Bk.1 

4^4 Wes ntc I 

L09 Tmetur 

I.1J6 Chemical 

2.01 Wlllm Jncife.- 
2.76sl Rubbers 
14.90 Biilu Untanei 
2.72 Uiiol-ph'icti , 

— iKvmpu ...... , 

2.82a | 

7.45xt.| 

1.39 iTfna . 

•2.47 I Austral. 4m. 
24.01 I uerjimht i„... 

2.37x0 Kampac 

2.35 .\a| line! ini 

2.26 Lower Perak. 
2.2LxlMFetslmj;lln. 

6.10 ! Supreme i.-p.. 

tiinirkaliHnr. 


AtitnitL Lain } 3U'a 

A.trtr«*«rftph ...j 22 
Verna LlieACns-- 40 

Air Pitaluvl* ! 23 

-lircu —i 

A IcanAiu minium 28 

Aiwa - 44 ’e 

Alle^. Ludlum... IB** 
Allegheny Ponrr 17*4 
Allieil C'lieuilxail-^ 401g 
Allied Stores....- 23 »j 
Allis Chalmers... 314a 

All AX 34 

Amends Hea> ... 32ig 
Amer. Airiinea... 1 1 ^8 
Amec, brant)... 40 Jb 
■A iner. Broadcant; 49 'g 

Amer. Can. ■ 4014 

Amer, Cyanaiaidj 2B5a 
\ Dinr. Bice. Hon i 21 Tg 
Vmer. bpran...! 37lg 
Amer.HuiuePnrai BBSs 
Amur. Meilinl... 24bfl 
Amer. Motors.... ] BJx 
Anmr. Nat. Gas..| 495fl 
Amer. Sbuirtard. 493fl 

Amer. Sb>m : AS^a 

Amer. Tel. A Tei.' PI 

A m r let 335* 

AM K.— i 18 (g 


Sue* vnn fans 

[ May 28 1 May 25 Mar W 

Issue* irulnl i I.870I 1.806 , 1.885 

Klw 388 1 648 300 

Falls 889! 806 ' 1.246 

l'neliaaye.1 1 463 1 458 ; 348 

Xen- Hlclis ] 39| 10 i 21 

Xon'Liws ! 6Br 68 I 60 


MONTREAL 


1 ii-li i' I rial 

C-'!l|h|ll«il 


Mar I Jlav Mav Stay 

! 25 24 25 j Ui K h 

180.88 181.71' 181-Os! 183.611 185.61 <35/^1 
189.97 190.63 190.07) 192.86 192.86 125AI 


775 TO 774 14 774 S« 77/. 0D 751.30 779.16' 751.30 Id:. it > 279.88 I 14.25 

.ii. Ii • if.tl-Mi TORONTO > ..->ii|4i>ite 1 172.5 1125.4- 1 127.0, I15G.5- 1156.6 i2S/hi 


UfLdtJ i Ih.2i 
I70J2 i MJ li 


AMP 32k! 

\nipes 15Js 

\ ui-lu.tr ULCkiiu.) 20 ig 
Aiilieiirer Bu-vli. 

Vnne.. steel 30U 

VJ>..\ 21 U 

Iwnwig oil 13lg 

AsiLTVO 1*71] 

V sills art till ' 20ig 

.VIC Biehnel-1 5Q4s 

Ant-J Data Pro...^ 30 7g 

VVC 10 

Avvu 847s 

Vviiu I’n-luilh...; 521- 

Hull tia* fclleil...., 25ig 
Hnuk A men - 8412 
Banker* Tr. X.V.- 3BS B 

llarl<ertlil 28U 

B-uier Tm i eiinl.. 4H: 

rimlrliT F.«>l 244« 

UtMionLii'-keiwKi 381a 

Belli Hou-ell 194g 

lieii-tix I 39 in 

Heut-uet Cons 'B'' 4 

ButliieUeiu Sicei. 233* 
Ulsok A De/'ker 18ia 

it-eiiu 47 :g 

Bote (Ja%.nt(c._. i 29 ig 

LL-nleu. 1 28 lg 

dun: Warner ' 30 

, rimiim Idl. - 13 

Bi-aa-au 'A' 147g 

UmLol Uver- 35 lg 

Bnu Pec. AD It... 1 153* 
Bnv(> way <i lira . . 334* 

tfn'in.wii'k 16 la 

Bui-inir tine I 184* 

Bu> hi 337a 

duinra W-iuHi ..... 61? 


307a 304, 

22 22 

40 401* 

28 28 

50 50 

28 281 g 

441 0 446a 

104* I860 

173, 177 B 

401b 401* 

Z3»; 237s 

3ida 3130 

34 34i* 

32lg 31?a 

U&a 11^0 

495o 494* 

49 'g 496a 

4014 40M 

286a 285a 

2lTg 217a 

37ig 376a 

E9fi8 29 

246a 24U 

6Sx 54* 

455fl 4 14* 

454« 454* 

33?a 335* 

61 60*1 

334* 3360 

18 (a 19 

52 k- 3lTft 

1548 i IS 
88 ig ! 281* 
234* . Z4 
501* 30 

21U 2010 

131a ; 15 
17ij , 17 14 
20 ig 291 a 

504* 507a 

307ft - 31 
10 10 

247a 25ift 

521* . 524a 
25ift 25>* 

24 is 344* 

366s 37ig 

28 U 281? 

41lj 41ia 

244* 844g 

381a 584e 

194ft 19L* 

39x0 591s 

4 4 

234* 834* 

18ift IB 

47:g 471; 

29 l s 29 1 0 

28ig 28>s 

30 1 30 

13 I 131* 
147ft ; 144* 
35lg 3bi; 

154* : 16 
334* 34 

1670 , 164* 
184* I 164* 
357ft 1 33 -ft 


IOJ ft? ID-a.35 l(M. 03 104. IS 104.6/ 104.26 1 ID. -o I02.B4 . 165.32 . 10.5» 

.5 It -22/it |LX« I2B.4.42) 

JOHANNESBURG 

210.7 . 

: 1 

| 


1 




211.5 21I.9 1 

212.7 1 

218.7 1 

1! Zi 


::.z:3 25.410 3» JS-D 55.2aO:*.;DO 54.360 -• — j — 1 — 

1 n-iii-i i-ihU 

224.8 

224.6 224.4 

223.7 > 

224. B 

■26 lt» 

194.9 ilorii 


V|«n 1 a Mai I’. Mav ' ' Year ajs»» »a|ipr-*%.» 

I: i. . •% 1 .--l i ■ 

5.48 5.61 5.61 4.69 


STANDARD AND POORS 


1*1: .-uiu.-e I --irii’iiHi'u 

Via-. Ma» viH, , >I«, Mav Mav , 

r* U' L7 Ih HikIi Low [ rliigli | Guv 

: l-i ...Mrui - 105.73 107-05 107.50 100.47 lOS.hl! 108.57 110.51; 7b.a. { 164.04, 6A2 

1 1 1 i /Si ; itS/3) g 1 l.T.-tii . i50,H/52i 

»»../•... *::e “.:0 9S.S0 97.08 99.05 99.08 90.12 93.60 Bb.dO I 125.15 1 4.40 

! ; ilin | (Biol |(lL/i-?i»| it,-6/3£i 


Mav Pn*. 
3) 


! Jlav | Pre- I Isffb : l/i- 
■ 26 1 nmis | Hleii : l^.-i 


Burlluuti-ii .NUiu 59 lg 

Bum 11 mLi. _ 716a 

Canifil-eli 3-u|.... : 34 Ig 
Caii-uluiii Paulin-! 16*0' 
Omul ItHii-loipli.. Ills 

CaniHihHi - 28>* 

-.1 r 1 ler i lieiiera > li£l g 
-Jsrier Hhvv - e.v ...' 19 Sg 


Auairalia-'i J"i3.65 -4?.* 
Beuncun III- ae.Cw 
Denmark <•* *.19 -tors 
France itn. rf.0 67.9 
Germanyt~i i&a . jes.s 

Holland i)ti f3.9 ' 63.5 

. 1 

Bonn; Eon^. 463.10 470.19 
itatv hip — ho^a 


hit i03.SC 106.18 ! L UJ.7e ! 77Z »]« 


Mar 17 

1 May 10 1 

Mav 3 

! Y«r tft/i mi-pros.i 

Japan bn 407.70 

■4.85 

' 5.04 j 

5.02 

j 4.34 

Singapore 315.70 

9.53 

9.16 

9.1b 

j 10.37 


8.4U 

8.4 j 1 

8.39 

' 7.72 



In.- • . v.c'-i 
i- -. r h 


FT CROSSWORD PUZZLE INO. 3,678 

\ prr.r of £.'• mil be iiirui to etu’h of the senders of the first 
:J: re-- .-i.rr--.-r M»iuii<»i;< •>j'*. , »ie»i Solutions must be received b« 
w.-ri Hiur'iic.i. Marked Con-sicord in the hip left-hand corner of 
;!•/’ enrcit.pe. 1:1.1/ mid reused in the Fitutucinl Times. 10. Cannon 
Nritvj. ntuh >1: EC4P 4HY. Winners and .solution icilt be given 
r.er: S<: T urde.<; 


Address 


RACING 


: , | 10i5i /I l.i) 

Sweden i-m 6<13I 689.50 1 : ia./i 

' : I6.5i is. 1) 

SwiL.erl'dl/; 1-691.5 623.7 I CW.-j 
I 1 1 114,2. ; i2srti 


ladlcen and baw dares (all base values 
100 except NYSE All Common — 50 
Standards and Poors — 10 and Toronto 
300-1.000. the last named based on 1973i. 
t excluding bonds. 1400 Industrials 
I40D Intis.. 40 UuUUes. 40 Finance and 
20 Transport. igj Sydney All Ord 
(111 Bclstan SE 31/12/63. (••» Copenhaflen 
SE l't/73. itfi Parts Bourse 1961. 
in 1 Commerzbank Dec.. 1953. <|{i Amster. 
dam. industrial 1970. iggi Baiue Seng 
Bank 31/7/84. Mill) Milan 2/1/73. 10/ Tokyo 
New SE 4/1/6B. ibi Straits Times 1066 
■ ci Closed. (d> Madrid SB 30 12/77 
•ei Stockholm Industrial t/1'38. iJiSwim 
B ank Corp <ni Unavailable. 


BY DOMINIC WIGAN 


Danish King will 
catch the eye 


CB6 1 534* 541* 

Ceimime Cnrim .. 39 (ft s 39fg 

Cuulral A S.IV... • 16 l-pi* 

^crtaiuleci! : 235a i 24 

k7e**iui. Air-;mll.,.l 315ft 310ft 

Jlizw ILtu but uui' 3140 311; 

ChemksU Uk.NY 411* ! 407g 
Cbe-ehrjjh Pond... 244, ! 25 
«. - b*Er»ie3v>tem...j 384* j 324* 
CbiL-aue brlilpe...! 65 545g 

Uhi>!iuallpy j 186ft 18 ig 

Cbrytier j 111* 111* 

Claerema 41g 44s 

Ctn.^ MilUL-ron...] 274* . 26i« 

vJitieurp— j 234ft I 23s, 

Cities Service ! 52aa j bZsg 

City InvMnift — 15», i lol* 

Coca Cola. » 427 3 | 43 ig 

empire liiini I 214* 214a 

Coililte Aikninii..] 117ft | 18 

.V-lunil/M bus I 264g 261* 

^V-liiuihui Itoi.... 19sa . 19la 
Cuni.l«ii**.-,iA'-(.\iii ; 181a 18 

vV-ml.giftti-4/ Kic'.: 384ft 381* 

.-•■ini-nsri-ii 164a 16 

C'ihViii K-liv.il. 275g | 271; 
Cniii'H-'ili Oil l(«'i; 2I-* 8's 

C- -in m. .-Ml •*) llU-..' 411; 1 41'* 
.uiui-Mler.-seieii-.-e 111* ll^g 
.--mi. (.il«* Ins... I 35 5j 36 j* 

.■•lime , 23>* 234ft 

-.'•hi. liliwm .\.\ . 22 h 22lft 

,'uuv-l l-'-i-ls 234ft . 235ft 

-.•■uvaii Nal.lta,.. 1 384* 39 

-Usiiiiii.-i- P-nerj 22lg ■ 221$ 
C-miiin.-nlRi llrp. 294ft 30 

C-ntiiieiuaii'il... 29 29 

Ci-uiiiieinai TelfJ 16 j 16 

Control LHita 3ei, - 315® 

.Vjnper in-lii, | 53 . 531* 


Vloruvus tjauw-.. 6&4a 1 56 s , 
CPC I mVl tuna i, 49i* ; 49 

L'mue 291* t 204* 

Cn-eLer Nau i 261ft i 261ft 

C nje ii Zelierbeeh 355* j 334* 

Cuuiniui-. Knslue. 39iy 39 l * 

Curtiss W ngUt_ | 18 1 18U 

Uana ! 267ft 265* 

Dart linlustrles-' *8lft 92 1 * 

Deere , Z9lg B95a 

Del Monte ! 26 255* 

Deltona 1 124a 125* 

Uentsply Inter...; 181s 18^ 

Derrolt Kriisnn... 105a 105a 

Duimoa-lSbamrki 27 1; 271, 

DicUphtme...— ■ 1548 15*, 

Dldfta Kquip...— .' 47 461, 

Disney (Walt).-..; 40t* 4G 
Dover (Jnrpu ..._.! 43>j 425, 

Dow Chemical.... ; 25 Sg 26ta 

Uravo - 284* 285, 

Dresser..—...! 415* 42ag 

Du Pont , 114tg 115 

llvoio JnitiMnesi 30U 304a 

Saieie Pleher..... . 22 Ig 24 

Bust Atrlmcs 10 9&ft 

tiastman Kodak J 94ig 541, 

liuou _• 39>: 39U 

25ia 2470 

Hi hisu .Val. Una 16/0 17 

Kltra 327ft 331, 

KuierMin Klp-'l ni- 357ft 357g 

bniervAirKr'mbv: 464ft 46 

Kniban 36 ■ 0 36ig 

b.M.i 1 2S0 24* 

Kiuielhanl 24 24lg 

Hvinark 29 29 4n 

biliyl : 211* 21 Ig 

8*yiB 465ft 46'; 

Fsircbi 1-1 Camei ai 33'g 33ig 
fot. lk|-L sii/it-) 384ft 384a 

FliCsI-nie Tire... • 13(g 131 B 

Fst. AM. Boston. 29U 29'a 

Kle.vl Van HI'* 21<* 

Pi in Mok e ’ 85 85 U 

Fl-irvla IV-irei-..., 294ft 30 

Fluor 364*. 374e 

K.M.C • 25 Sa | 25 1* 

P.ml Vl.-l-r 48 ig i 49 

Fore Mefc.... 20 Ig I 201* 

Kuxl-uru 357ft j 364e 

Franklin Mini.— 9 I 0 

Freeport Mineral 22'g I 82Sg 
Pruehuui ; 31 U | 3l'g 

Fa-jualu-lv 11 1 ll'J 

J 131* I 131, 

(■minetL i 43 j 431* 

Mcu- Amer. tut— i 10 I 9'a 

G..V.T.A 28sg ; aatft 

Ueu. UaUle. j 164, J6/ft 

(Jen. UycRiiiiies... 1 57 U j 57 

Uen-Kieefina I 524g : 62J* 

(.iifaenl 31^ I 3L l z 

lieneral Mills 29 -e I 29 -a 

i.ienerirt Mot--rs_.: 59 -ft 1 59 le 
Gen. Pul/. L til.... Ibis | Ibis 

I ieu. s-ijiusi 2830 291, 

ben. Tel. Kin-i... 8HSft 28ig 

Deu.lvrc 26i* 264s 

6 S » |*8 

CifiiirsiR 25^1 2S>u 

-jeitjOti 163 ! 163 

Gillette 274* ’ 28U 

i/i>tlrii'li B. K 22*0 22lfl 

Ciuoilymr Tire.. . I? 1 * 174* 

lioul-t ' 28s* 285, 

f.irai-e w. K 27 : 271ft 

liu At iwi IVn-Ten* 8 8 

l.rl. N-olll I mli... 231* 23 

/J rev Imun-1 134ft ( 135ft 

Dull A WnliTU. 14 - 1S-0 

bun i/i ' 23 "a ; 24 

UmIiI-utI-u - 6l4ft . 615ft 

bldiuia Minion....! 36U 36>, 

Hnrnii* hlcoer. ...! 155ft 155ft 

Hhitis t’orpn I 534* 52ig 

Heinz U. J 37'* 371* 

Ueubielu ' 287ft 284ft 

Hew-eti Mickaivt. 774* 777 B 

fl.-.iirtav tnor.— .' 174* I71g 

H-me-lake. a6lu 557ft 

Hmieyweii J 551, 651, 

HmhVW ; 12 18 

Ho |-.Corv.Anier.. dSlg 38Sft 

Hnusinn .Nal.iju-i 26ig 261, 

HimliPh.A)Clini| 114a 111ft 

Hutton vh.F.> | 163ft 16 

I.C. Imiu-uie 1 .-- Z&lg 251, 

ISA ’• 41 41 

hiwreuil Hau-l....i 61ig 61lj 

tniiin-l dteei...— . 89ig 394g 
iiudH.f> I 15 lb', 

luiercuui Huerevl | 74, 

IBM 260.751 861.25 

iulL Flavian>....| *5 J e27 B 

mu. Harvesier... 325a 33in 


JuLiis lift u vil ic...i 314, 31 1, 

Jwilllb<III JohUrrtl 76ss 764a 
Johll-cn C-mlrOl. 324, 33 'a 

J o V Mami luetur'*- 344g 34U 

K. ILir, Corfi ' 84sg 24Sa 

KiuawAluiium'iu 33', 33 U 

Kaiser Iminstriet' 2 

KmserHteel 23 'a 23 

Kay.„ ! 12», IZSa 

Kenim9>>> 257a 25U 

Kerr JicGec i 47U 46ij 

Kiddc Walter ' 315 b 31 

Klmbenv CIctk 473a 47i, 

Kopper*. 221? 33 

Kraft - 47"a 48 f 

hinder CVv ! 32 &b JjJb 

Leueva^Tnas.J 335 a 35 Jc 

Levd Strauss .1 35lj 351* 

Libby OwJ'ixkl...; 26(g 261? 

Umret Groure.... 314* SDt 

UUy <BriJ 44ig 44‘g 

Lluon IndubL... 18ig 19 

Dodkbee-tALrrr'It 22 2ZJ( 

buw Star ln-w... 19 U J9*z 
i .yin laian-i Ltd. 18** IBis- 
Lnul-lftlU- bui-'.. 235a 2350 

Uibnsol ! 394, 39 j 

Lueky Sluter ■ 1=10 15lft 

L'ku Y'lini^i'an 7 i ff* 

MacMillan ! USg | lt't 

MwylLH ; 404 b | 405ft 

Mira. Hrtiu-vcr...; 36 U i 

354a | 354 * 

U/tiHtlMn i>n • 4440 | W* 


Idas l .15 


3410 . 341, 
525* i 93 ig 
63 ig i 637a 


I 260.'l 5{ ! 

I iiJ 


Lucky Sluter ■ 15ig | ib'ft 

L'kn yiimrrt’wu 7 \ 64* 

MacMillan ! llSg | IL't 

MiwylLH ; 4040 | 405a 

Mira. Hrtiu-vcr...- 36'* - SOSg 

jLir*'* 354a | 354 * 

XUlntlMd Dll • 444ft j 444* 

Marine .VIi-iMirt.i 154ft ; lu J * 
Marahall Plekl ...- £0 a ,a 21lg 

tUv Ueiil. Sturer 344ft 24ig 

MCA 81 ig 495* 

MuDcrnn-n 3Q 29 >a 

.ilcD-.niiieil D-hiu. a2Sg 32 Ih 
\L<{ ran Hill..... 1 23 231ft 

Meiniwic 455a I 45 

Uerr k 575* ’ E18I2 

xicrii-i 19‘, ' 191, 

Viera l a ctniieuni..i 35 1 g , 45 tg 

.VKiM 34ift l 34U 

ii mu it- nj!i Miu' 325* 1 p3'a 

M.-I.ii C--n t ‘3 , s | 63 7ft 

M.in-oinr- bO^R ! 517g 

MonmnJ.P. *?4* I 49 i e 

Aloiun-in ! 45 j 45 

VIiii-|>(iv-Uii 401* > 411* 

iiUgi- 483a 48Sg 

.\«I--uL'IjI!iiiii-hI...: 28tg 284a 

.VhI ji.-Xi-i 1 Lno 1 18 1 18lg 

Nil. Distiller-.... 22 r a j 224* 
Sal. aervive Init. 1 161* ‘ 1640 

Saii-'iMi steel ....I 301* I a l 

y nli mins ' 46ft3 45 

.VCK • 534ft 531* 

.Vepiime Imp. — .1 19U ‘ 19 
Veir HduIhuiI HI. I 213g j 213ft 
Nun Liij(laiuJ Tell 331, 335g 

A incurs MoUaukl 14 - ■ 14 1 a 
.Niagara Shane. ...j lOlg : lOlg 
\. L. Imliivtno. 18t0 | 19 
.\nri>/ik\ Western. 26 • 26 

Nuitli NhU (iu...| 39U ' 39', 

.Mini Slate I'nrl 251* ' 25 

.MIimcsI Airliner 277g | 27 Ig 

■VUiuenl bam-i-n 25Sft j 254fl 
A. nil'll Sliniin. . 197g [ 195* 

i.'i-uiema- Hems' 24&g ] 25 
‘.id lev Mstlier... 1 bllg bllg 

i.'liiu H-lir.nl i 171? 17'* 

O'ln ; 154, I 155* 

l)vcr5*en»- hMn j 257a ] 271? 

• >«ieu> C>iniiiig..| il 311? 
I.'weitr l!lil»-)ls....l 21Ig J 214ft 

1 ’/ie ill Ua* j 2S7g 2 3Vg 

pg-.-ihe Livibiiufl J 19 | 19 

L'l . I'wi.k U... 200a | 804ft 
(VnlAmtVorlii Air 6ift 63* 

L'ai-ker Hnunillu. 25 1* 25 >* 

Peai-ci ly Ini 24 1? 241* 

Pen. Pw. -k Ll-_ 211, 211* 

Penny J. C 361, 374* 

Peonaiil - 287g 29 ig 

Peoples Dnu.- | lOlg 10 

People* Gu 34 1? a4l* 

Pepaitti.,— I 297* 297a 

Perkin Himer. — | 22 2dia 

Pet 1 **21* -tZU 

Pfizer I 321a a2 

PUeJVft Uo-i«u.-. . ( 87 26 

1‘tnia.ieipliia Hie. 175g 17t» 

Plnli|- Munis 65lft 65ig 

l'htlli|.4vlVirnl*m.J o35e 33Sa 

PIMiiuy ! 37'* a74ft 

Pitney lli/»e*.... I 23 23ift 

PutMnn 28 1 22 -a 

Pirstey Li» AUllI 171g I 1750 

Puianil-I ! S6I* ! 37 


ItryiwWi- Mtfdi*. 51* . IJJ- 
lleyiwiiiiB M. S8g 591s 
UlcliV.ii Murrel' l 34U 25 

Kuckwctl Inter— I 335« . 331? 
Uobiu Si Hash.— I 33bft f 34 

it!.' i “ . 

Kuaj-iaw- ! V*' 1 ! 

ltyilcr Sy-lmn— | ZOS* 

Satetrav Slore*— 40tft 40', 
St. W Minerals. 27 37 

St. liepis Pkpw... Z91& 29ta 
Hems Fe Id-Is—.. 36ae 357 b 
mm I Invest..,—.- O^t f** 

Siisuu l»'« ®‘* 

Schliu UrewiOfl-.. 14 ia .15 
dchlunibenter-J W, 75 , 

SUM - Jft* J®I» 

ixvti Paper.—. 15-', 15ia 

Sown Mm 217 b 21'g 

Sne Dumler. — .4 “i? 

Sea Cunuvmerr— • 30'* I 301* 

bcftcmin 25'* 254ft 

Sturieili.D.i ! 14'a 14 

Senn IhkHHKrk : 244a 24*8 

SKDUO ' 36 371, 

auction : 324, 32(0 

aliei-TniU'ia-il... 40 40 Ig 

iuimi : 421* 43Sj 

?il>n(*leCiini 1 34/a 35 U 

DiDipiii-iiv Fat-..; 134s 1 134a 

ameer.... ' 2348 I B2's 

Smith Kune 67-* 1 671* 

■>ilitn-n 3>, I 3' 2 

Si-iirti-lr-n-n 32 I 321, 

THsitbetn Oil. h'nj eS'g 25 

■SMiUiern Co. 154, > 15 

SlJiu. .Vri. I(er.... 354* . 36'* 

■southern IVu-ifiiO 381 b ! 335ft 
Houtljernitulivs.v' 491* ] 4B1 r 

oofirtilantl 271* [ 871, 

s'w'i UBJutatter. 27*0 28 

'i|«rri- Hutch.... 19 ! 185fl 

■jperrr Kami 411* . 41 Sb 

SijuIIi 273ft : 873ft 

t-untUinl brajhir., 26-a j 26>g 
stil.LniCaiiinrnis 411? ; 421° 
sbl.Oii I oil w ns.. S04a ! 505* 
3tiC Oil Uhio—.. 623* ' 634ft 
1 tan IT Cliennca-. 41 r* j 421g 

rUTLiOj- Liiuu.^.t 151* 1 Iblg 

Miirtehftier. ..— .. 63 | 62 Ig 

Sun Co.. 42ia ! 42 

sunukiniral........ 43 I 43 'a 

Siiiiex 885ft j 28 

revnaicoiLir. ( 105* ' 103, 

tektrom-i .... . 413, i 401? 

I'eietlyne 1075* j 102 

Mex.. ............... 61* 1 51* 

Tcneoo —...... 314ft j 313* 


1340 1 134ft 


Tcwom Petroleiim 114, 

I'euca 24 jg 

TVnsguli 211* 

L'exsii liist.ni 76s? 

Lexus Oil ft (t*k..[ 3ISg 
IVsan Uliln1ea...| 20U 

l'lmc lue. _..| 434 * 

I'm n>s Minor * 8BU 

Timken I 5110 

Trane 1 57Jft 

I'miikmencs. J 15(0 

lraiii*.i.i J 18 

trunk b'nkei ' 551? 

I ran -» «. v liur'i-' 26 

Iraun Vt'.irl-i Ait | IB.'b 

travel lerr. 35 1 0 

1 >i Cotmeniain. | 195* 


IJ(.W | 

Miiv-eiiiiirv F*-x 
O.A.L. 

LAKbO J 

t'UI 1 

CUP 

U ill ievei [ 

Uni icvei .vi 

Cninii Kane* rp... 


114, I 12 


4970 ! 493* 


Union CartiUi 397a 

I Union CuuuiieiL* 77# 
j union Oi. Cailt .. 494* 
Union pHcliii;..... 485ft 


TiiIL Mm A L heui; 39i t ] 387 B Potuiiuc Kin- L lwig 1 141 


lull. Mulllli-u-tk.. 44 

ineu ; 17?g 

Iiiil Pn|-er 1 413, 

IPU I 333* 

I uU Kif.il tier 13U 

Ini. Tel. A. W....| 3070 

invent I Hr 

(hit* Bed 357g 

IU Internal kiual . IK* 
Jim Waller.,.— .* 303* 


PPU lu-l»i>tri«-.. 28’, . .295ft 
Pixaiei i.»niWe.J t-41* . 84->g 
Pub -m> fc.iem..| 224 j 22 

Puiinmu 1 30 I 30i, 

Cures- 17', 1 174ft 

Quaker Oat ' k4 1, j 241, 

K*phl Aineriom 11-*, - Han 

Itaythdm I 45'ft ! 4»'g 

KCA 27', j 275a 

1 Kenu'i'ii- *•!«» — I ZH4* I 26 


i/Riiyyal I 7Sft | 75a 

u lined Umnds—.j 87g 9 

vo llano - t- ! 3otg S3', 

uabvtuuni ■ 26 ig ' 26 

us sb « 27 271, 

cS suw 285a 284, 

U. techu-ixg-ler. 43 434„ 

-V liHlustneH.- 214, 21 'b 

riryllllH Ukvl... 135* 1370 

vViiuro-uii 251? 25>, 

•timer. Com mu [ 41 5a 411? 
•1'amei-L*uiiU-ri j 30', 3u4ft 
•V late- .Mlll'lltelii ' 245ft 2a l? 

•Vuiib-Pitrj-n 271, | 27lc 

»t CMUTI Uftji.nl]! 344* . 355ft 
tV'ektem A. Amn- 27 ; 26a, 

it'isu-rii I'mon...' lb'* ! tblft 
tV-niifuiluu* Hin-M 21Sg ; 2U, 

vVewvii. -l 1 26*, | 27 Ir 

Weveituveuoei ... 1 2at? 25U 

1VUirifii«il 1 283, I 22-b 

While Cun. 22»* 23 

W ia,n i.v- j 187, I 19 

\\ivon*in Elect.. 87t? 27ig 


-huiuer Uil 33 33 1* 

(toed atau.— .. lOlg 10 

KIp Aij^oi 313* 31-'* 

(tnyisl bh.nl Cun. 315ft 31'a 

■tuyai Trust 19 187ft 

•ceptn; K'wmirw: Big 8"a 

ratgranm- 2U'* 28'a 

Jltei- Uu tails 137ft 141ft 

rltemu G.Mintf 6.37 6.00 

•iLiieuk O. li 28 27 3* 

aig a(* 

net-1 .s Csrokhi,. 25 la 25i? 

-iwfiKuck It-Mi. t 2.80 2.76 

lcMU.11 Ciuui-Ih .. 371? 38 

lon-llt-' Dn111.Uk. 194ft lUIg 

Imrifi. mi l’i[-e Li .Iblg 15 

t'miif AIxiiiiii Ojc Bift 93ft 

Ln*cc :. 11 tl2i? 

LnU-iltiRr. Ill's 10&H 

Li t<L MncwMliiP B Blft 

Wiiser Ilimin... j 351, 33 1* 

West (tost TmuJ IH, 1130 

Wesxoii Ueo | 16J, 16ij 

• Toronto pnees: Montreal prices 
not available, t Bid t Asked. 

5Tran«1 « New ntfWll 



ACROSS 

1 1:ii* oiiiv N.iti-m.i! Trn-t 
■jv.rJrP --ff ilio 'i mill vn.i'H mi 

4 Ai-iMunutnl ^ ciiiii'i t.i.-hiun- 
;iMu uxploiis 1 H. l*i 

IH E\pirt-ivn wrji-un h:i> ;i way 
of h'-j.-linki (7 > 

11 PurtMi ci mi ran 1 (i 11 in face uf 

i7' 

12 Story behind Times leader 
on heer 1 4 * 

1 :> Unniij mtt.p ai -’.on i-L fii 

l.» Soldier »n leave tu behold 
dancer tSi 

lfi i whiiid enlcr j lown (-m ,.f 
hittorsii 1 *’ t7 1 

2t» Se.ii ot j M Hid !e-v*a> tern 
c:cr:rc i"» 

21 Irt a rn: tSuni-’h enjoyinj well, 
play Ci! ja.-I ,, - i 1 

24 Child's ^ruvt ploy 1 11 ^ re-iuir- 

ntinbU 1 lincenne f4, •>» 

25 Latsi? :n the w.ilrr t4» 

2S T:- i;h-eK wnn in iii.iv need 
a I; o-h vasi l T * 

2S tauDpuser who hlmied lu-c 
tiRij book i ■ * 

mi Kulihich b\ u i-olmcian i> 
the rmiiitN 'Si 

31 Cnu-hl <»'• -•'peed pure and 
Simple tft* 

* DOWN 

1 ]lcvda> of wuinien shoe taken 
from wreck * s i 

2 1! luminal urn by the w.iy from 
j H^ariard source hm 

3 Mean 10 approach f-i'i 

3 Sleai a modern pamnni: <Si 

A Back at base borine ns '.veil 


with object 1 ve utiamcd i4. 3. 
lit 

7 Day newsman hecaiue full i5) 

H lMcudant nor (he., .-tern cree.l 
. . . l5i 

9 ... In upset female allor.ia- 
livc (5 1 

14 Medical check for Dracuu? 
(5. 5> 

17 A urea! numl'cr find you old- 
fashioned on Douches f9i 

15 Is a flower :iMe 10 produce 
lohacco'.' (S' 

19 O.1U1 derived ihrou^h aseney 
of kins ('-■ Hj 

22 Oval eompulor -^els ivvc-ity 
rt^hl Hi) 

2" (uitid> uniform marking 

25 Umlerslnod ivt lurm-d up 
with it C S 1 

27 Strike makin-j gradual ■- k-.-’p 

1 1 Kiel 

SiilutiDt to Pu/.-l- .No :W77 


HEfacanss dheeiih 
53 E ’ s H-E 
SSBECafflB^BEgnSE 

B a E1._B_3 BBS 

HonananHE mnizma 
5 a 0 0 E2 D E2 
gHHCJ QEHEiaaB 

B5 a s„ _a m &s 

OHSBEBE3 E®HS 

!3 m s s a 

Eases ssasnEataHEi 

B a Q b 

□a SQQQQSSS 

b ■■ a ra n- b 


NEWMARKET CAN rarely, if 
ever, have been as strongly 
represented in Kerapton's 
Jubilee as in this afternoon's 
running of the Ultramar spon- 
sored event 

The 14-runner field includes 
six from headquarters — Better 
Blessed, FlueUen. Sunday Guest. 
Danish King, Sailcloth, and 
Gleaming Wave — and it seems 
more than probable ibat the 
winner will come frum this team. 

Two whose chances appear 
particularly bright are Warren 

DONCASTER 
3.15 — Joleg“** 

KEMPTON 
-.no — Cap Ferrat 

2.30 — Caraqnenga 
3.00 — Danish King”* 

3.30 — Careless Flyer 
4-00 — Fori Royal 

HAYDOCK 

1.45 — Ku reign Intrigue 

2- 13 — Sea Pigeon 
2.43 — Petty Purse 

3- 15 — Fair Top* 

Place'** Danish King, a foui^ 
year-old cult trained by Henry 
Cecil for Mr. Jim Joel, and the 
Beech urst representative, Sir 
Charles Clore's Sunday Guest, 
who only recently joined Michael 
Sioutc. 

Danish King, who enjoyed a 
profitable run in the first half 
of last summer, winning a handi- 
cap at Chester in May before 
landing more valuable prizes at 
Pontefract and Goodwood in 

July, caught my eye with a par- 
ticularly encouraging effort in 
his local course's Tiim of the 
Land Handicap, on 2.000 Guineas 
day. 

In leading rank? in the early 
stages of that highly competitive 
event. Danish King Insi his place 
ai halfway heron* making signi- 

SPAIN * 


Scant late headway without being 
given anything approaching a 
hard race to finish fourth 
behind Asbbro Laddo, Heronry 
and Eliand Road. 

That was an extremely sound 
performance by Mr. Joel’s colt 
carrying 9 st 7 lb in po&slbly the 
most testing conditions ever seen 
at the Guineas meeting.fi It 
augurs well for him on to-day’s 
better ground on which he will 
be carrying the considerably less 
daunting S st 9 lb. 

In contrast to Danish King, 
Sunday Guest has already got off 
the mark this season. 

Just over a month ago at 
Leicester. this good-looking 
French import outshone some 
admittedly modest opponents 
both in lho paddock and the race 
when lifting the Cossington 
Stakes over to-day's lj-mile trip. 

Sent into the lead inside the 
two furlong marker on the Mid- 
lands track. Sunday Guest needed 
only to be pushed out with hands 
and heel? by Paul Cook to deteat 
Digitalis, whom he was meeting 
on level terms, by four lengths, 
with Solidity another 2J lengths 1 
away in third place. 

There may be little in it at the 
finish, but the 3 lb which Danish 
King receives from Sunday Guest 
inclines me towards blra. 

While southern racegoers are 
converging on Kempton. 
northern -based enthusiasts on 
either side of the Pennlnes will 
be setting out for Haydock and 
Doncaster respectively. 

The Lancashire course stages 

the day's most valuable eveat in 

the Cecil Frail Handicap, sup- 
ported by tbe Gus Demmy Stakes. 

Doncaster's two most important 
prizes are the Amoco Handicap 
and the Swift Binocular Handi- 
cap. m 

Barry Hills' Targowict* colt 
looks to be tbe day's safest bet 
in Town Moors' Zetland Stakes. 


GERMANY ♦ 


AUSTRALIA 


I TOKYO 1 


' Pn-v .+ m 
1 lin. - 


Prire +»r; DU . VI- 
Fra. — ]Frv.l * 


ALU 1 79.8 -0.6 

A -Buz Wr-icli...; 4t4 i+1 

BMW. ; 2ZO.U+1.5 

BASK | 1S7.9 +0.7 

lra\tr laB.7' — 0.3 

li*yn. H.viv. 265 jd, 

ij/iy-fi ,\ erein-l-i>. 29u.. u;-*O.B 

libiilnt.iVHl.wri* 165 | 

t'onimuRlKiik J 4l4*ft-— 1 

Coin Unmml j 72. 3 1 

Ltai mler Ul-dz i 2*3 .8. + 0. 3 

Iteuire-a I 244 ii 

DpniHK 148.9' + 0.5 

I DeuUclie Bank— 882.uftd +0.3 
. Ureuln-ir ban ii...., 230.0 *Ji — 0.5 

Dyi-LrrtwiH Zeim. 143 I 

:U,ilobt.ilTuuuK 190.0. 

Il*|n0 Liur-1 1X6.2 — 0.6 

Hnn-eiwr.. 203 + 1 

U-t-clift 137.6 +0.4 

Hws^h 45.B +0.1 

H-rlfii 180.0-1.5 

Kali un-1 snl.'..... 14J 1 

KftrMM.lt — 297.5 

KjuiiIhh Zu5.5 —2.0 

KlnrkiwrDMlOO.. 91.0 

KHD 172.7+0.5 

Krut-L- 94.0.— 0.5 

1 ... . . 'qxonrf n o 


20 ; 2.2 
Sft.uBl 6-2 
1-./F 9.8 

18.75 6-7 
. 28.12! 5-3 
18 I 3-1 


SB. 12 4M 

.. 17 | a.a 

1 14 1 4.7 

' 26.1 a 5.0 
28. IS 6-1 
. 9.38 3.2 
. ijs 3-2 
12 5.2 

9 3.2 

16 6.8 
4 4.0 

10 4.8 
9 3.2 

. 20 ; 4.0 
10.72 5.8 


Kerne —I 729.3 +0.2 I 4*2' 0.6 

AinqiieU-cJ.iV »l 394 i+1 'ai.bl- 3.4 \CMIL(25mnt|t... tO. 1 

\i- Llqiil'i., I 306 : — 2 | Ib^‘ 3.4 Avnuv Au-lraiift.....^^^.... iOJ 

Uq u ila I ne... 477 ! + 2 2 d. 25 5.3 A-li^-l Mne. I'M". In.1- S|| 13. 

.Mi I RQ3E i . W 1 ( vlri O A l. 1 L +1 


1 -f» ur I • [ "Frii.-e® | + «r 

tart- S j — Z 6 ] Veil j — 

1*111 Ulftm. 338 j+2 

t0.71 1+0.0! uwwn 474- —1 

;u.Ul | ...._ 590 '—10 

13.16 j-'l.-'l vihmoa- 340 j— 9 


14 2.1 
12 1.3 
26 2.1 
30 2.9 
18 1.7 

15 1.3 
18 8.4 


I 13 1 2.7 


LiiiiIc. 1332.0 *d -0.9 ' 

l*i««ii-n»-i liw... '1,490 ■) 

L-irtlwn<>« 1 111.7.— 0.3 I 

MAN I 179 . + \ 

.limine maun j 151.8 —1.5 

MpmUkh 201 .-4 

Mnnclieiipr Hu-rk. 522 + 2 i 

.Neckeriiiniiii 120.5 -0.5 i 

Prvnr-Mc DM I OO. | 114.0 + 1.5 
UliL'i/lWcM.L'n'I.i 184.5 — 0.4 

3L-tft-riib: I 295.5 +2.0 : 

•«-men- 277.9+0.9 

.-»mi Zuckw - 243.0-0.5; 

rb.v— *1 A.0 117.6a —0.4 ' 

l an a Ib8 

VK.ua 104.2—0.5, 

Vereln-J «w Bk 285u ! 

I o ik -a alien I 199.0 —0.5 I 

BRUSSELS/LUXEMBOURG 


114.0 +1.5 
184.5 -0.4 
295.5+2.0 
277.9 +o.9 

243.0 -0.5 


! lb j 3.5 
29 I 0.6 
I 6 j 2.7 
-z 3.3 
17.18 5.6 
1-.- " +.5 
I 18 , 1.7 


I’reniaH | MM| O. ft 2 1 j ■' l WL. L*|l A. U H** 

L-rfii'/u tkl 1 — m I — — oi,,., ii,.,., 1 _ . 

■roo. Ovkienn t 189.8-0.1 , a.Zfii 4.3 Qu 

Im+iiii / 63 -+4 6.7 9.0 Carlb-n UnlteH Bren'ftrv— [ ■ 

iawiuro bvrel-...' 117.0—0.5 — - V. J. Colei. -....I 

190 : + 4.B 16.77 8.8 US* fSll- j 

L'I.iojbI ; 766 i + lS la.97 2.1 Cuiu>. Unldlieiiln Aum..... ‘ 

U-virauil 1.744 - 26 36.73 2.1 Cuaunwr (fill 

Mmsun. Phwj'i- 1 983 +6 39,3 4.0 Cnoaiiic Kiotimo 

Mi.-J.eli" "U 1.425 +19 OM 2.0 O-uiii.MMn.11* 

M-*i 495 +z 12.6 2.0 Uiml.n. KubUer iSli 

136.1 — i.g 3 1.9 Kouoii.- 

L’"" 1 - - 1 161.3 -r 1.3 1B.8612.4 bl.ier-SmUh 

- 69 +S 7.5 8.4 K.4. ladu.tnn. 


“ ! ' 


r.cbiiu 


llaJi.t Tnjiiiii.|iie.j 448 


-Jc. ‘ b.8 
ZB. 12, 3.9 

1c ft.8 

26.56 3.5 
17.18 4.6 
. 14 I 4.2 
, 12 I 9.7 
! 18 ! 3.2 
I 23 | 6.3 


ill-l-inle 

Klu.iie t*...ileiu.' — • 7i.a +<.a v +eiinnu>e in.iiiMrles 

si. ; 147.5 -0.5 14.56 9.8 , , „ 

■On* ItiMHiunol .... 1.61-J -20 09 *S 7"“^,' l . “* , f h ! 

nit.- -..I o.6 -8 25.6 9.2 Uon-niOII...., , 

lc-eiM««i„. l ue....l 735 -9 S&.6 3-4 \ 

i h- m<m --nunl/.l 193.5' + 2.5 16.16! 7.9 •> ' * ; 

u «i,mr 1 23.2 +0J2 — i~ »yw tmionum 

. — A eu-8 ■ 


— i T- H->*er ....... 

27 6.0 IHAiiMrali 


11". Z’.J 


IV I A,nf/RIU 

—1 27 , 4.7 lnter-Cofi|icr — ..j 

94.5^2.3 9 9.6 Jeunin*-e lii.luMrles i 


STOCKHOLM 


Slav 26 i Fnw + ra Kr . Y.O- 

t Kra. j — ! Ns, ^ 

* r (*4 2^320 i+lo ! - ’IT 

B-|. Brx. Ltiiih — 1.S70 i+0.- 78 3.8 

B™7n -H". -1.910 '+50 lib b-1 

L-.U.IL LV+iii-ni....' 1. 156 al —86 iluv/ 8.6 
i. ■ ■■kern '. 482 t6 — 

KBK -- '2.215* .177 8.0 

r.v m l, 6,3u0 4 Sj b.8 

Kill.".,...- 4.590 +25 I17 m q.5 

'-.H. I nil. ^ Hill 2.010 +20 !l9u J 7.5 

:, e»-vri 1,310 01 + 2 ; da c.b 

H--i'-ki-(i 3.175 -5 ;Wm‘7.8 


{ AND WINNERS OF )| 
:ZLE No. 2.6T2 

C are ihe winners nf 
lay's pn-ti' puzzle: 

■v. Bjmlicr. 4 Chuivh 
St. Thomas-. Exeter 


Japp. Villa Joseph, 
[tab.it. Mall a. 

L Inzer. fiorsey 
nrhani, Cheshire. 


anBQBBEDQS HBE 
HESBS .'EnBBEfnEZaB 
B E§b1 

ssnofe^S'-' enziran 1 ? 

Fa - a OB -. .- * gs - s 

BEHlffl ■'.BHEH3BE1S 

0 ' B'.-ii Bin: b n 

B0HSS0 - BQEBBEIKSg 
a : Bv B SJ® m ■ CJ s 
ffiSSBSBSBQa :BHSES 

ra. s n o 0 & 
mf3ra-:raP3aaHBESBaa. 


/ 


"Ij: - ,l « t 

cr ■ r x B . 


VsIjsuI 


- 25 

{•jiu h Hiir'.iii 

M7 

— 

Uan-'u il.iao. 

2M 

- 2 

[ijn'.a i«i-’il 

310 

+ 0 

B-rif.ii t-.i"- ri»r 

2Tb 

— 

r .1 . .. 

783 

— 

lum n i.rir.nl* » 1 UiJ-.i 1 

IS* 

— 

!'a-i..i> HdCjno . 

122 

— 

Uj.kq lint. Cj;. iIihW- 


— 

H. InU. M- dii. rran. 0 

an 

— 

U.inoi PoouLir 

:<a 

+ 2 

fiitivii Sjr»*r.J,.T CWi 

«w 

- 2 

Pire-j L'rouuo ■ 1.000- 

2b5 

— 

Dju.'O Vu;„* 

248 

— 

K*n. 1* 7.arAsg£jim 

297 

- 2 

BanKumon 

i» 


Kunus Andalnoiz 

221 

— 

EubcDcH Wilros 

29 

1 

i\r r .. „ 

71 

— 

CJrasadm 

280 

+ 5 

[n.nabalir 

07 

— 

E T Arzson»r5a3 

U 


E'pan-jla Sine 

103 

— 

Eipl. fito Tmto 

100.2S 

— X-5 

Fi-CW fl.WO' 

ms 


K-.-nfMa it 600* 



Cat. Pmiudw 

79 

— 

rtruai V+lazau-.-z 

us 

— 

Hklrola 

ai 

— 

IbecdUL-ro 

03 

+ 2 

NOTES: nver-w» 

snots 

>.* Jjtie 

wnlihaidiiit. u*. 




olarra 

Pap.>Vras Rcnoulav 
p.-troubi-r 

prirotouv 

S.trrio e+pak-r.i ... , 
smaev . . . 

Sup-rfisa 

T-Jvlonu-a 

Torras Hosio..-h 

TuOatnt 

I moo Elcc. . . 


BRAZIL 


120 


- 



lirtjnaiiiHUk 

..1.75U 
6.74 J 


.'14B 
j6j I 

8.1 

3.6 




Ift Km sic ivi-e 

.'3.62 J 

—5u 

'JJ3 1 

o.b 

1W.7S 

- 

03 

("an H-iiilni^..., 

I'l'Ll.ilirin 

£.360 

.3.885 


1/H | 

a.* 
+ 5 




•-1- *n:li Uhii-|U+ 

.2.990 

1 + 10 

,*04 , 

6.8 




+>■ 1 ■**■/ Bciui-t-i 

■'1.H30 

: + 3U 

UO ' 

>2 




*11111111., „... 

,3.023 

-25 

!ftl3 

7.1 



o.s 


1 2.560 

+ 30 

\2 to: 

R 3 

m 

so 


US 

Inwli-m 
t CU 

,2.75U 
' 922 


•17U 1 

6.2 



L'n Min. ,i hit... 

760 

+ lb 

'. 90 I 

8.4 


AUA AlKhJ-4lU]... 206*1+1 

AuaLftvaibcKtfiU 140 

AsKA (Kr.sOt 63.5 u| +0.5 

Atlas UupootfKr/S- l84*Ji+l 

billcruii 77.5! +1.5 

Uofors.. 115*) 1 ! 

Canto... 18Gaf— 1 

uciuioa. - 231 [+1 

blm’lua'U'lKOU 135*1 ; 

Kncuiwo -b'lKrott 135 • | 

K-M-ile ”B". ...... ' 858 !+3 | 

pBJteiaU ' 9U A' 

(iranfifti ntwt....J 45 ! i 

ELan-liemaMfeeii... 1 352x0,-2 

Mand-ai lo5u| 

iti.«.»/?Ji 1/iim-i.- 68 

nii-Uik A.u j 245 I— 2 

-7.li.t-. ‘li’ Kr- 68 ! 

iktmil Kii-h il-la. . 132(01— 2 

Faii-i-iik -H' Kra" 72.jitfj-l 

UiliiiHi'i'iii 1 a.i.si . 

V'.hui ih'p. -tOj ■ 72x® 


A i -Hi Ulan I Dlvruali.-nal I 

Aorth Urolroa HMinca IOC,-. 

U.r.Ti. . U»aUrl.l« 1 

_ , . Dll ++en>ti 

■ UHlcr b'xi-I- .ration.. 

9.9 I 2.6 ? ,MW Crai.-reie. — 

9 9 6 Sl C-Hman 

6 ! 6lo u - C.-ileiKh 

6 I 4.8 ’ouihlHnd 

4 I o 2 Hapirratlou 

. t/4 ( 3.5 ri-ratiiS, 

1j i 6.4 ^. l ‘bon«, 

1J i 4.3 aiiniDK ifiOwatm 

. b.5 4. 6 H ‘«»l'>nrt||, — 

■ AMSTERDAM 

■| j i ** ‘ ““ Tiw',1 

la ' 4.8 ;,K - V - 6 . ^ 1 

° ■ 7,6 AI...I.I ,pi.4Cij 106.6A - 

' 1 i 1 2 3 -Y k -" 30.4 + 

,3 64 t*aw»> Unk.piluo 598 * 


(1.15 imI.U 
11.36 |+0.i2 


12.45 j 

t2.60 | 

71.48 ; 

1 1.41 : 

:o.96 

112.08 -+0.DS 


tO.26 • 

,1.36 -+D.01 

,1.81 -2.04 
(0.28 1+0.01 
,0.39 i+O.DB 
,2.37 j+0.13 
,1.(4 1+0.02 

,2.40 I 

10.08 I 

,1.23 J+O.flB 
11.69 j+a.02 

10.13 

,0.41 1+0.06 
tl-53 ;-o.->l 


"H«.vo uini.i. 

••-av-nhi h«nni... 

• ••rav 

‘-■,--ia ,1-anr ..... 

Source Nikti 

VIENNA 


12.650 


: 1.140 

-1U 

1 341 

—4 



'3.570 

-lu 

i 711 

-21 

! 278 

-1 

, 133 

-1 

i 421 

-1 

1 331 

-1 

543 

-4 

1.340 

-30 

67B 

-10 

789 

-1 

1.730 

—30 

250 

+ 2 

890 

+ 5 

1.770 

—20 

. 237 

+ 1 

l 39 0 

+40 

U1 


: 4si 

-2 

1 1.060 

-10 

al5 

+5 

146 

-2 

1 143 


945 

-8 


to!?! !!!;" 56 

ifll sssr.““ 



?.-40 US T S=PSi== r 


COPENHAGEN * 



... 

Pn-w 1+ or 

Uiv. 

l'ld. 

May £6 


Fia. | — 

•O 

% 

AI— l-l <Pi.£)i 


106.6A— 0.3 

*21 


■Vw.-- ifi.lw:.. 


30.4 + 1.6 



I- Ui'ii 1 Bnk .1 

HlW 

3o8 +4 

.123.5 

e.e 

V'lKV .tijj 


62.6a 

.\*44 

13.3 

AliihJinilk -P 

•3J»- 

77.1 -r.J.3 

23.3 

5.8 

Kl^Ilk.Tl 


90.0 -+0.3 

26 

5.8 

1+-K-H us! ,xi 1 

Hi*/ 

125 


6.4 

Ism-In 111 li.-fieniiH>' 

70nt -+2 


7.4 

itr > s E" 

Jji. 

284. SA + 3.0 

27.5' 

1.9 


SUrvTDttlnitcr.ij 186 Li!” 
Veil Mngnesit, „.j 841 l 

JOHANNESBURG 

MIKES 


10 4.4 
IS 2.6 


18 I 4.5 

13 1.5 

14 8.1 

2U , l.B 
16 ' 0.6 
18 I 0.9 
16 I 1.0 
48 j 1.4 
12 i 2.4 
3U i 1.7 
20 ' U.9 
40 1.1 

11 L 2.3 

15 1.9 
3+j ! u.0 
10 I 4.1 


! lo 3.4 
l 1+ 3.5 


I T ur DivJYkL 
\ - % % 

\ 10 2.9 

j 9a 3.4 

5 3B 8.2 


8s 4.3 
14 8.8 


r— - Vt - , V-'-nAi-iHAvvVl.ltl feb.tatt... 
T "* • ,,,r - *' '• 1 iJisl Unro-iL-MFLu 1 37 n ..i 


SWITZERLAND • 


I PriiH»" if'iv 1 Div.|Tld. 
M *» * r1 ! Cnis — [Lnu % 

A-.-e-iu. — ; i.oi o.os'j.iz ln.aa 

8*n-*.-*«* Brarl ... 2.28 I +0.07. J. 17 7.37 

(Jam?/ lion ; i.a3 i+OJS i.ie li.oi 

fafl;"M(ueira'JI| 2.18 ‘ + 0.113 .li 5J50 
I/-a* A me-. (>P..i 3.28 . — U.Q2. .i, '6.1+ 

iViniliui PP 3.03 1+0.10 -.1+ 3.J0 

I'lrcm ! 1.7S -0.Qai.16id.l4 

S-u+LniiUI',... 1 3.05 +0.08 i.3a .7 J9 
t'rup PH ! 9.90 . + 0.20 ,*b 2.i.t 

' « - Hi. i>,- > er 1.47 • + o.o i . t^ .8.84 

Vol Cr.130.6ni. Shares js.ix-n. 
Source' Rio de Janeiro SE. 


# DM.vi ti.+ii-m. link 1 -, r.ir.-'r-i'jrf staled. • P,as.auu donum unlc-e mhi-rwise 
$iau-d 4- Kr iwi d+nuiu ::nii»s «ilu-n*,-« staled. 4 - TvShh dem-ni. unit* 
iiAvr+in* ^r.i,. ij • You Su ociw:n. unk+o- oib+T»w.- --laiud. g Pni-c at tniur ot 
suspension u i'lurma. i- .--ihillnik ■ c C+afik. 1 Uivtd-rmi allur pcndtnn nahis 
and ur m np issa.-. +• r.-r Ai+ro- , FraUdn. ilCto-a div. I. A-aunied dn-ldcnd 
a, in- -,-.r:p and/or ri^Kis i-c^c-. tAiicr local iwu-j. m ' £ u* ,r,. c n Kniw 

S3& alL 1 T&nifZSZaZS 


I Hn.-e ) + w ; Div.i' 
I - * = 


\>umimura 1 1.2451 + 20 a ! 

HBt-.V ,1.78.- j+10 

...iLft Ueix, iPi.'UU;1.155xr 22 . 

On. Part. Cer,..; 86.sr._ a2 i 

Ua Koji i 603xt-'— 2 j 22 , 

^■emi »tn+s« .2.145 1+15 16 

I- -mitt .'1.660 I— 10 1 fa 1 

r'-i-hw iCivinteLj 650 a:— 10 I a j 

rtulln-.an PiVen .177.250,-750!*^ ■ 

"is is»r-min..„:7.7gj , da , 

miun-v-i b 13.860 +25 i 3u 

Miimli i Fr. I3uj. |1.415 ' + 5 i 21 
>i»lle(Kr. IiXii ...'a.445 a *+30 ««l£| 

.bNs K+tt :2.195A+5 

i 'emkoi 1 1,./ 1 „s»il 2.500 + 20 !• 15 !i 

(’infill 9l |* i fr . IO l'i biO :—2 I Xo | 
naii-ku (Fr. 3.750 !+35 1 2b, 
His Phils l+r,-j 484 a +4 j 29 , 
.' Iim-ii-fn.-ivt Km 29Q T s 18 i 
Tiurei I'l+iP.ICu-i 349 a— 1 14 ., 

(Fi. acu,; 823 a +5 I lu ' ■ 

Ww K-nkiP.luV 379 a : la i 

•sniMiKr. F.av,. ,4.600 +25 . 40 

l niwft Uft/ik 3,040 A + 10 ! 20 

**rtcli ln» : lO.b/BA +75 i 44 ' 


Au-iHiBiniiken . . 135 — 1 2 ' n 

burni’scr IV ‘ 430 ' .. “..J fa 

Dmi'k-f tin tik ! 1211s'— l "'', 1^ 

tvm+ Asihii Ov .. : 164'! <, it, 12 

Finan tnuakoii 1B9 i 2 +! z ; 13 

Pw. 8vig>ener....; 350 12 

For. Hi|<ir 73 1 i tJ 

Hamlle+rtiQk | 1231*,— i. ; 12 

G.N'rti-nH.iKr9Qr 267 —2 1 12 

.Vorl Kai.-ei ! 243a ) 12 

UiieiaUnk...^ i 80 , ' 12 

Pni-AUjftJlb 1301* "i — 


MILAN 


AMC- 

ilHstOlp 

rial 

Mu. Priv .. 

Pl.+ .l+i 

luiccmeiK 

IUi- +L+ 

....... 

MouU*l-»Mn 

• nivwtti PrU 

K-u-iii k « 

Pirclil >pa 

•iota V imtimi...._ . . 


,iir.-TM. ij, s i Un.+n-li-uFLu' 
< « HfinekfinPi.Bii. .' 

7T" : "~; H-... i -iv,ii-iFi^jO, 

“ " i HfiiilMrlJ.1Pi.10u. 
7? q'o R-LJI. ,Pl.lOOi ' 


36.5 +0.8 [ - 1 - 

25.5 -0.3 ! 12 4.7 
189.8 +U.3 1 - ! - , 


13 : 10 0 1 36.2 -0.1 1 12.9 8.5 1 

12 -34 1 !3 - fi J -0-3 I *«> 

U IDS I ' c,i . Bl ' ,P| - 20 93.6m + 0.8 j 21 7.81 


May 2d 

Hand 

Annin American Cornu. . 

5.20 

Chaner Con sol ala led ..... 

SM 

Ehh DriL-fomem 

12 sa 

Elshurp 

l.SS 

Harmony 

5.20 

Kinross 

a. 90 

Klool 

S.sn 

KiteTi'nburK Platinum 

1 3? 

St. Helena 

13.45 

Sflulh Vaal 

7 79 

Hold Fielda sa ._ 

21.73 

East Hdild Ply 

T4S9 

l-rep State Gedutd 

+JCS0 

Presutom Brand 

15.25 

President Sieyn 

12.10 

Srilfontem 

4.02 

Wclkom 

JJ.45 

West Drif-fonroln 

36.00 

WL-atern Hnldlncs 

,29 40 

Wesicra Dccd 

13.70 


™ 

1301*, 

i£ 

b.a 

1361a 1 —!* 

11 

0.1 

385i 2 --»j 

11 

3.1 

1671*1— lj 

ie 

0.4 

1 

i 


Pri.-i- • ui 

O-v. 

V 

; . 

Lire 

r 

102 

— 


488 +6 

— 

— 


10 S s i .. .. n -- ?J 93.6 a +0.8 I 21 | 7.8 INDUSTRIALS 

B * Ned ^ 190.0]— 0.7 j 82 | 5.8 AFrr ^ 

2-2 $"***•** | 14S.7AI + 0.2 I 36,4.8 AdJtlihA^eV.'Mwriii"":;: S.W 

50 18 SJ# BarIow K*nd S.73 

- SW k. ;, cna invMtmeoia k.bq 


j«- 1 (Pi. <0,. 
Ipa (FI. I0i..„ 
MbVntPi.loO 


25.7 +u.4 17 6.6 Currie Finance 
S3-6. — — De Been: iodu 


S3. 6. — — De Been Industrial 1930 

' 26k 7 - s Ed**™ Consolidated lav. 2.» 

77 I Ed*an Stores K*.oo 

J|LX— 0.1j 14 9.3 Fed i- rale VolksbelenwnKS . 11.33 


[1.894m* - 9 I 16u 0.1 ! a 

l 5a5u -6 1 leu: 9.6 ! OSLO 
92.0+0.SI — - | 

12.260 —50 • duv. 1.6 M 

169.75 -1./5 1 - ! 


lic-reuto iPi. 00, J i3l.l : — °!l ! 14 I 9.3 Federale Velkst^l'^i^ 

1 i/utebd i-sO, 1B7.QA 6.5 Creaiurnuns Stores 

Mni-cuUun: | 248.BA + 1.2 : 19 7.6 Guardian Assurance '(SA) 

Hci-in OrpiriJtQi 125 ! + 5 i 27+ +.4 Hulcrts ..?7^ 

r-ixy-.t'.-j. U--H.P 106 nf 1 iu 0.7 LTA 1 

I utiever (Ft. ^0».| 113.8 A 43.i I /.8 1‘WBanlc ...i ---- 

1 1 lAini'Ko.iorsi.i 40.2,-OJ 20 1.2 ok Bazaars 

»rauHn'i,n.Uank> 403.DA— 6.5 , 33 j 4.0 Prnmior ITIillna Z.Z 

•' • ■ Preiong O.-meni ‘ JZ 


/.8 fi.-dBanK ... 
>.2 ok Bazaars 


PrtKea Halrtinsa 

Rand Mines Properties 


’ 1 "Price - ; + -li . iiiC.iViiL Rembnmdt Croup 

• Kninei] — : % i % ? C * e0 If -u : 

-1 — 1 1 . < Sue Holdings 


“ 1 — : — 1 ’iwe uoMings 

[33.300-400 1.200 3.6 u>+ s «.. 1 93.75^0 75 9 |96 SAPP1 

*3 J — - ikii-reuftanl.... . 64 . 2 — . _ C. U. Soilth Sugar 

-It! : .7. "•»•*•*«*•> ' lOe.OO-O.25 11 9.2 * A B^rws 

z.171 +14 i.fi, fin - 1 + - riser Oais and Nat Mills. 


2.171 '+14 
990.5 + 0.5 
750 + 12 


13u 6.0 247.5 a. " 40 '81 ri * l ' r ' 

80-8.1 Knahika-NTO 1 105.0.'”!" 11 lluls 

— . — N»r-kH\f|iT.kr.<. 185.0 +O.H . 12 5.£ Sc 

_ =lrtretirBnil 1 85.0 a, —2.5 9 |lQ.6 


Securities" Rand U.S40.711 
(Discount of 37.82%) 







- ,? • • *• * ‘ 

1 / j * 


Inv. $ Prem. $2.60 lo £—1101% (1101%)' 
Effective rate (1^125) 46)% (46i%) 


Wuiiiwortifa 20 20 

llvlv ' 5 5 

\nm ! 52 L B17 9 

Znpolft ! ISJ) IJ'ii 

Zen I tli Ito-lin | 15^ 

t'.S,Ti«w4* JttOl 194,'j ; 194,'; 
LS.Trea-HiiTti.ab; t807 B • tBQYg 
If. 3. 90 Day bltl».j 6.58 ii 6.602 

CANADA 

Abttibi H«ptfr.,.„.; 123* 12s« 

.\gnk-D Kofile....... 4.7B 4.75 

Mcnii.llu minium 31lg 3ITg 

AlgonAdim) BOi* 20 Ig 

Aalwinoc 393* 383* 

BanK of Montreal 201* 20 J* 

Bank Nova Beotia 2X1* 2 lag 

Huite lleofftm.-es., t B, 2 Big 

ItollTeteplione™. 071* 671® 

Uow VaHejrluil... 281* 287ft 

UP CanailB | 14 i 141a 

Bmcu. 16a® [ 16': 

Hrinen.. *4.8 J "4.60 

Gaifpuy Pon er o7>* 376a 

Camtlow Alines... X4Tg 14 'a 
Usual la UemcuE.. 10_ ICU 
CaniulaWVldtn.. 105* Ills 

Can I iii*i UnkCf-m 29 88^* 

Iftiiadit ImtusL I 1191s tI9'i 

Uwi Htclli-r. • 18 t 8 1BJ B 

'.in. Padrte I u + ..] B1 1 21 

l«n. eiii|ier (Hi... i 86la • 98', 

L'-arliiig O' K«U-..j 4.35 | 4.35 
Uftaaa'r AImmub...! 9fte \ 9 s * 

Chieitain ] lSlg 181, 

Cbnunco I 2B 1 ! 28ka 

Coon Bntbural 271* 271 a 

L+Hittumer ll«s....> 1TSB i+“* 

Uoaeka ltPfomrce+: SOg 81, 

(.'twain Kw6 lal* 134 

Kaon KeviiiK 8-0 8 J 0 

Ueitimu Uiiic«...l 70 Jb 691* 

Uoiu lline«„ I 851* 851* 

LHjrue PeLrnle-jin[ 89 U 99 

Ouiiiini-m Brhlue: 139'* ,25 

IHiniiar I 18 18 

Uupail U(0 13 5 1 

Fnk.+.+i"ce Nk-kle.l 241* 231* 

Pond Motor Cftii-I 79** 79 | 

lienii*/ - 27(0 27 >b 

Liuui Vel'ii kittle' ,123ft IZift 

Uuii Uil L«ua>iii J 261 q SSlg 

Ha« ker out. Cou.) 7(a 7 

rioiint^er.. ’ )3Z1, 33 t 

Hr .me Oil \V > 39 '* 39 <* 

iJiH-soo Uav Mug! 175* IB 

rt ui (ami Bay 1 19 1* 19'a 

du- In- .null At/as'i 424: 42U 

I.A.U. 181* 183* 

I maw.f ■ 34ftft 34 

liii(«*rul Oil ' 19ig 191* 

huv i 20 19 ~b 

1/l-ial [ II ig IX 5a 

llllllUil 3,1. 1'i-ii... 1U>2 XU5a 

int'l-.i Pi|«Lnie. 14ft* 14Sa 

kaiwr ItoMHin.'C*. fl6 115 

t+iurtPin Cnr[-, 83* 83* 

Minn Cvtn.'li',. 4.25 4.25 

llu'iiiill'n iiirafll. 19>* 191* 

Jinnaey Peranwju 125* I2T* 

il-lnlyiv 24'* 24** 

«-i ■ 11 96 36 1 g 

Mi-niiiBiii^taieli?. 3.70 3.75 

H7Tg 

A-.-n-en fcaietyi ... 1470 191* 

Mbu. rrttuim.„.{ 293* 293* 

.\uinnr On i Uh> 35 a4ft* 

. itthiuiul Pel l *-in.l 5.80 3.85 

ra.-ituCiftfwr it | 1.-81 1.89 

.'ituiMcPHrraeiimt 353* 36 

Pan. Un. PeCui 38ig 32lj 

Psuna flfii* 16Xs 

Peopin Itept.a... ,4.00 ,4.00 

Place' Can k Oii.J 1.07 Lu7 

I'lMverUevelopmi 241* 84 

t'-in-erCMiuinii'n 16 (j 163* 

I'rtue 14 17 

Quebec Kuin-ro-n 1.18 1.20 

■(auger Oil 53 SBlg 


, • : j * u 

F ri ' “ ■ 

. 1 :'l l * : 

iOi j ' 




feb-’-. 


.4 « » 

/ j.-., w ;• . 1 

?,« 1 . 




Financial Times Saturday May 27 1978 




L?V 


A \T r\ Z^YA l TYA MAT VT FUrC 


- ” . ■- * 


- %’v:. >, *>* 


Consortium 
provides 
$100m loan 
for Emirtel 


Oerlikon-Buehrle expects 
slower 1978 sales growth profits 


Courage sells loss-making 
Australian unit to Tooth 


BY JOHN WICKS 


ZURICH, Hay 26. 


By John Uoyd 


A LOAN of SIQOm provided by 
an micrnationa! consortium of 
■U banks for Emirtel, the tele- 
com ni unicat ions authority for 
lhr United Arab Emirates, was 
agreed in London yesterday. 

The loan is being raised to 
finance a major capital invest- 
nu-n| programme aimed at 
making the TJAE system one of 
i he most modern in the world. 
Ihis will almost certainly mean 

mwe away from the Pentex 
exchanges supplied by the UK 
company of Piessey toTully elec- 
tronic, digital exchanges which 
orq not yet manufactured in the 
UK. 


The loan, which is the second 
St 00m eurodollar loan to be 
raised by the authority within a 
year, is on a floating rate over 
eight years, at J per cent over 
market rale for the first two 
years at\i } per cent above for 
the last six years. 

Emirtel. now claiming to be 
the fastest-growing telecommuni- 
cations authority in the world, 
plans to increase its present 
telephone count of around 50.000 
In 400.000 by 1982. tn addition, 
il plans on 16 000 telex lines by 
the same year from a present 
level of 3.000. 

The authority is 60 per cent 
owned hv the UAE Government, 
the remaining 40 per cent being 
hold by two UK state-owned com- 
panies. Cable and Wireless and 
International Acradio. The share 
held by the UK companies will 
he decreased to 20 per cent in 
January , 1979. 

Emirtel will go out to tender 
for electronic exchanges within 
the next few months. The largest 
part of the capital investment — 
around 50 per cent — will be ear-i 
marked for external line plant. I 


TURNOVER of the Swiss con- 
glomerate Oerlikon - Buehrle 
should show a further increase 
this year, according to chairman. 
Dr. Dietrich Buehrle. However, 
the high growth rates of recent 
years would, not be able to be 
repeated, be told a Press con- 
ference of parent undertaking 
Oerlikon-Buehrle Holding AG in 
Zurich. 

In 1977, group sales rose by 
15 per cent to SwFr 2.69bn, 
excluding turnover of the Bally 
shoe concern taken over last 
year but not yet consolidated. 
Inclusion of the Bally sales 
would lift turnover to over 
SwFr 3.4 bn. 

With regard to the anticipated 
slowdown in sales growth. Dr. 
Buehrle drew attention to the 
exchange-rate situation and the 
decline in Inflation in major 
sales markets and said that 
demand remained sluggish in 


suffer 


BY JANES FORTH 


SYDNEY, May 26. 


some fields of activity. Sectors 
with a very good business situa- 
tion would in some cases be 
raced by limitations of capacity 
in 197S. 

While turnover prospects must 
be viewed “rather cautiously” 
for tbis year the flow oC new 
orders in the first months of 1978 
indicated a continued good deve- 
lopment For the Bally group, 
sales and profit figures were 
expected, to be of about the level 
of the two previous years 
“ though targets for 1979 will 
definitely be much higher.” 

Investments this year are seen 
as totalling the same as the 
SwFr 201m spent In 1977. About 
a quarter of capital expenditure 
will go to building projects in 
Zurich itself. Oerlikon-Buehrle 
intends to Increase Its operations 
in the U.S. Apart from the con- 
struction of a plant in Nashua, 
New Hampshire, by the Liech- 


tenstein-based Baizers division 
for the manufacture of equipment 
for high-vacuum and thin-layer 
technology, the group Is inter- 
ested in expanding in the 
machine-tool sector In the U.S. 
and may consider an acquisition 
in this connection. 

At the bolding company's June 
14 annual meeting, shareholders 
will be asked to approve the 
merger of the company with 
C. F. Bally AG. of Zurich. From 
holding company profits uf 
SwFr 47.25m, against SwFr 
36.81m, Oerlikon Buehrle will 
recommend a 15 per cent 
dividend. 

While a majority of the capt-| 
tal is still held by the Buehrle 
family, this now has only 48.8 
per cent of the voting rights.! 
Further family shares might be 

£ laced on the market if, as Is 
eing considered, a bond issue is I 
floated later this year. 1 


Dutch insurance rights issue 


BY MICHAEL VAN OS 


AMSTERDAM, May 26. 


Commodity OFFER 29.1 
Trust BID 37,1 

Double OFFER 82.0 
Option Trust BIO 77.0 


THE Utrecht-based insurance 
company AMEV proposes a 
Fis. 5.5m ($2.4m) rights issue. 
The oew ordinary shares will be 
issued on a ane-for-ten basis at a 
price to be fixed later. The new 
shares will qualify for the 1978 
dividend payments. 

The company also states that 
net earnings amount to FIs 17.4m 
in the first, four months of tbis 
year, compared with FTs 15m. 
Turnover advanced 28 per cent 
to FIs 675m. The results of the 
newly acquired H.S. insurance 
company Time Holdings were 
consolidated for the first time. 

The AMEV Board added that 
earnings for the whole of 1978 
were expected to rise by 15 per 
cent. They amounted to FIs 71.4m 
in 1977, compared with FIs 69.7m 
the year before. Turnover 
amounted to FIs 1.69bn last year 
against FIs 1.45bn. 

★ * * 

KNSM. a leading Dutch shipping 
company, has made a loss in the 
first quarter of this year. 

Mr. 5. Dover, the chairman of 
the Amsterdam-based company, 
told the annual meeting that the 
results for 1978 were not ex- 
pected to differ much from 1977. 
Last year, net profits dropped to 
FI 1,9m from FI BJm and the 
dividend was passed. ; 

The company expects the 


transatlantic divisions to show a 
profit this year. Although Euro- 
pean business should improve 
it would remain in the red. The 
divisions heavy transport will 
suffer lower results. 

Transavla. KNSM's charter 
airline company, should enjoy 
improved results this year. And 
the shipping company — which 
made an operating loss of FI 10m 
to FI 12m in 3977 — is con- 
tinuing the reorganisation of the 
Amsterdam area. 

* ★ ★ 

The Dutch Economics Ministry 
will not grant financial aid to 
Macintosh, Holland’s largest 
clothing industry (part of the 
DSM, the state-owned chemicals 
group). The decision means that 
750 jobs at four Dutch locations 
are in jeopardy. The company 


employs in all some 6,600 people, 
including 3,000 in Holland. 

The company, based In Stein. 
Limburg Province, had asked for 
FI 5m in aid which was “ needed 
to expand the retail outlets out- 
side Holland.” 

The Ministry decided to turn 
down the request since the 
Macintosh company as a whole 
was still a profitable enterprise. 
The Macintosh chairman. Mr. G. 
J. Belger, said the company was 
unlikely to make a profit this 
year and that profits in earlier 
years had been partly the result , 
of aid grams. 

. The Dutch unions have pro- 
tested against the Economic 
Minister's decision. They said 
that the government was com- 
mitted to maintain part of the i 
Dutch clothing industry. 1 


Sharp growth at Perlis Plantations 


By Our Financial Staff 

DEPRESSING results came today 
from four of Japan’s major trad- 
ing houses, reflecting economic 
sluggishness at borne and 
dampened exports as a result of 
the Yen's steady advance. 

Mitsubishi, the biggest suffered 
a near 11 per cent slide in its net 
profits for the year to end-March 
to Yl6-04bn (S71m) from 
Yl7.94bn, with sales down to 
¥9-3 trillion (million million) 
from Y9.6 trillion. 

As well as lower operating 
profits, stemming from poor steel 
exports, and a drop in imports 
of steel-making materials and 
fuel, the group was also bit by a 
higher tax charge. For the 1 
current year, it expects little, 
change in either sales or net 1 
profits, foreseeing- a slowdown in, 
overseas business, higher costs! 
and lower investment income. 

Mitsubishi Heavy Industries, 
the .country's leading heavy' 
machinery manufacturer, is 1 
showing even more pessimism, 
about the current year, with 
after-tax profits seen likely to 1 
fall to around YlObn (S44m) 
from the Yl5bn just reported for 
L977-78, following a likely decline 
in sales of ships and motors. 

Japan's Number 2 trading 
concern. Mitsui, also expects 
profits t« move down this year. 
For 1977-78, it has just reported 
an IS per cent decrease to 
Y30.95hn (S4Sm) in net earnings 
from Yl3.32bn, with sales down 
to YS.65 trillion from Y9.02 
trillion. Again, declining raw 
material imports, slack home 
demand and the strength of the 
Yet held Mitsui back last year, 
though it is hoping for higher 
sales in 1978-79. 

Two other large Japanese 
trading combines, Marubeni and 
C. Itoh, underwent even larger 
profit declines last year. 
Marubeni's taxed earnings slid 
by a dramatic 53 per cent to 
Y3B3bn from Y8.15bn, while 
those of C. Itoh plummeted by 79 
per cent to Yl.lSbn from 
Yfi35bn. 


THE ILL-FATED attempt of 
Courage Breweries to become a 
major force in the Australian 
beer market came to an end 
today when its major share- 
holders sold out after ten years 
in which accumulated losses 
reached nearly AS8m ($9m). 

The shares have been bought 
by Tootb and Company, the 
major brewer in New South 
Wales. 

Courage Australia was set up 
in 1968 with a new brewery 12 
miles from Melbourne to 
challenge the monopoly of Carl- 
ton and United Breweries in the 
State of Victoria. 

Until today. Courage UK had 
a 41.9 per cent shareholding and 
Amatil, the Australian company 
41 per cent owned by British 
American Tobacco, bad a further 
45 per cent. Tbese stakes have 
been sold and Tooth will make 


an offer for the shares remain- 
ing in the hands of individual 
Australian investors. 


No dividends 


In London. Courage said that 
its holding in Courage Australia 
— its major overseas investment 
— bad cost S2m, and it would 
now be getting back SI -6m. 
However, it has collected no 
dividends on its investment as 
Courage Australia made a profit 
in only one half-year of its 
existence — and then at a time 
when Carlton suffered from a 
major industrial dispute. 

Tooth will be paying ASTMm 
($13nr) for Courage Australia. 
It is to repay unsecured loans 
made to the Australian business 
by Courage UK and Amatil and 
32 cents a share for their hold- 


ings. Outside shareholders will 
be offered 36 cents a share, one 
cent below the latest price at 
which they changed hands on 
the Melbourne Stock Exchange. 

Initially. Tooth plans to use 
Courage's unused capacity to 
produce its own packaged and 
bulk beer for traditional Tooth 
markets in the southern part of 
New South Wales. Demand for 
Courage beer will continue to ho 
met but it will no longer be 
heavily promoted. 

The Courage brewery is cap- 
able of producing nhou! 360.000 
barrels (around lm pints) a year 
but is currently working at 
around 60 per cent nf eapaitty. 
Tooth, with an output of 100m 
barrels (around 2SSm pints), esti- 
mates it is 6m to 7m barrels 
-short of capacity and as a result 
it has been losinc eroimd in the 
packaged beer market. 


American Cyanamid sees 
increased earnings 


Poor month for 
German capital 
markets 


BY OUR OWN CORRESPONDENT 


ZURICH. May 26. 


BY WONG SULONG 


KUALA LUMPUR, May 26. 


Commodity & General 
Management Co ltd 
S Si George s Street 
Douglas isle oi Man 
Tel: D6N 4682 


WESTGAT£ COMMODITY 
FUND 

31 2Brt April 177* t9.V9-tl0.40 


WCF MANAGERS ^UMITED 

St. Hclier. leriitr 
0534 20591/3 _ 
No»i dolinei 3 1st MafT9?8 


PRE-TAX PROFITS of Perlis 
Plantations in the first half of 
the financial year, which ends in 
September, rose to I3.3m ring- 
gits (U.S. 55.5m) from 7-3Sm ring- 
gits for same period last year. 

The bulk of the profits came 
from the group's sugar refinery, 
Malayan Sugar Manufacturing 
Berhad. while the parent com- 
pany reported pre-tax profits Of 
l-3m ringgits, compared with 
375.000 ringgits a year earlier. 

The fact that the group’s 
profits are up despite a fall in 
turnover from . 140.5m ringgits 


to 135.9m ringgits indicates that 
the group is continuing to enjoy 
the benefit of low prices for 
imported raw sugar, and high 
prices of domestic refined sugar. 

The company said that the fall 
in turnover was the result of 
increased production by rival 
reHneries. 

However, Perlis Plantations’ 
11.000 acre sugar cane estate has 
recovered from last year’s 
drought, and an improved cane 
output is expected during the 
current harvesting season. 


Fujitsu earnings slide I 

TOKYO. May 26. i 
LEADING JAPANESE computer 1 
maker Fujitsu saw a drop of IL8i 
per cent jn its March 31 year net 
profit to Y8^bn (S36ra) from 
Y9.3bn a year earlier. 

. Sales, however, rose to 
Y387.4bn. up 18.1 per cent from 
Y328bn. 

Orders received in the year 
totalled Y447JH>n. up 13.6 per 
cent from Y394.2bn a year ago. 

■The outstanding balance of 
orders at the end of the year was 
Y395bn. up 15.9 per cent from 
Y341bn a year earlier. 

AP-DJ 


AMERICAN CYANAMID is 
expecting to achieve a “good 
increase in earnings ” this year, 
senior vice-president Thomas P. 
Forbatb said here today. Last 
year, the New Jersey chemical 
company turned in higher net 
profits of Sl39.4Tn. with consoli- 
dated sales totalling S2.4bn. 

Group turnover rose by 1522 
per cent io the first quarter of 
1978 on the same period of last 
year, with a corresponding rise 
in profits. Each of American 
Cyan am id’s divisions, including 
the recently consolidated For- 
mica International affiliate, 
contributed to this improvement 
and are expected to show an 
Increase for the year as a whole. 
Dividends, said Mr. Forbath. will 
be raised u as warranted by the 
earnings advances." 

Capital expenditure will be 
rather higher than the S235m 
of 1977. with actual completion 
scheduled this year of produc- 
tion plants worth some S200m. 
In Europe. American Cyanamid 
has opened a pharmaceutical 
plant near Munich within the 
past year and is currently 
running on a pharmaceutical 
facility at Gosport. An acryla- 
mide unit is due to open at 
Botlek .in the Rotterdam docks 
area this year. 

Mr. Forbath said the company 
expected to continue selective 
investment in Europe. While it 
had definitely not decided that 
Europe was no longer interest- 


ing for direct investments and 
local facilities remained 
important such projects would 
have to meet company criteria. 
There' were no concrete plans for 
further European capacity at 
present. 

Expenditure on research and 
development is set to rise by 
about 10 per cent in 197S to 
SI 05m. 

Growth programmes. Mr. 
Forbath stated, would probably 
require additional long- and 
short-term financing in future 
years. However, no new funded 
debt or long-term financing was 
foreseen by i960. 


Amman SE activity 


AMMAN, Mav 26- 
TURNOVER ON the five-month- 
old Amman Stock Exchange has 
reached SSlrn a month and 
500.000 shares, according to 
figures released here by the 
director general of the exchange. 
Dr. Hashem Sabbagh. This 
represents a steady increase from 
the first month’s turnover of 
Stm and 162.000 shares 
Trading on the Amman Stock 
Exchange is now limited to the 
shares of Jordanian public 
shareholding companies with a 
paid up capital of over $300,000. 
but Jordanian Government 
bonds and any new private 
sector bonds will also be traded 
on the market soon. 


FRANKFURT. May 26. 
NET funds raised i»n the West 
German capital market fell in 
April to DM l.605bn. from 
DM 3.34 lbn in March, a decline 
of nearly 50 per coni. In April. 
1977 net new funds total In d 
DM 4.792bn. 

The Bundesbank (the German 
centra! hank) reports that an 
unusually large amount nf 
amortised bonds in April caused 
the large decline. Some 
DM 4.530bn in issues were 
redeemed in the monih. com- 
pared to DM 3.778bn in March 
and DM 1.896bn in April. 1977. 

Issuing activity in Deutsche 
Mark-denuminated Eurobonds 
continued at a hich level in 
April. New issues, including 
private placements, totalled 
DM 1.5bn, the same as in March. 

Volume of new share issues 
fell to DM I86tu in April from 
DM 592m in March.' 'and 
DM ISSni in April. IB77, the 
central bank pointed out. Net 
funds raised by the public sector 
fell sharply in the month to 
I DM 418m from DM 1.292bn in 
March. 

AP-DJ 


Arbed raising $15m 

AN offering of LFrs 500m (Sl5m) 
is planned by Arbed Finance SA. 
The bonds will be for ten years 
and carry a coupon of 71 per 
cent Issue price is to be par. 
Subscriptions are opeD from next 
Tuesday. 

Reuter • • 


COMODffiES/Raview of the week 

Zaire brings surge in copper 


MARKET REPORTS 


SILVER 


SO.9lKS6.50. Not. SS.4IKS3.IJ6. Jan. 86.15- WAfll PI1TIIRPC 
83.85. March B 8 - 20 -SS. 20 . sales: 46. "VUL rUIUACJ 


BASE METALS 


Silver was fired 2Jp an outer higher IMPORTED— Wheal: CWRS No. 1 11 J LONDON— The market was dull and 

for snot delivery in the London bultioa Per vc nt - May » i . J Tilbury. U.S. Dark feature less. Bacbc report* 
market yesterday at 2S7.75n US Wtberri Spring 2 U Djr cent Juno i pence our kilo* 




KI.ic. op 4.4c: three -month 530,4c. op ment East Coast. 

COPPER— Sharply higher In active 5.6c: six-month 546.1c. up 6 . 1 k and 13- Ma [? : U-S./FYencb June-Jufe £105.23 
trading on the London Meat Esehange month 561 Jc. up «.lc. The meiat opened transhipment East Coast: South African 
tn momins only dealings. The strong ar 2ar289p t3rK5!3lc) and dosed at w 7 ,l, ° June-Jiily fSi.a 0 ulasspw: South 


performance on Com ex overnight coupled 2M.i-29l.lp (32SS27ici. 
with oovrs that Keonccott is to scrap Its . 

producer price system and base us s elling ; 


BY OUR COMMODITIES STAFF 


want metal advance to £792 on the pre- 


I’OrPER PRICES surged ahead 
on the I.uiidtin Metal Exchange 
ceduy u.s concern about Ihe 
!;kei> sail in Zaire production 
increased. 

wtrebars jumped by 

rjs.75 in the morning-only tran- 
:r,c prior to the Bank 

Holiday weekend tu close at 

•' 77 fi 75 a ‘.u.'imr. iail ’25 up un the 

wi-el and I he higher t level since 
I une list jc-'V. 

In jn;er-t»i!icc ir-idtn:; alter the 
market closed, three months wire- 
1 ,,,,-, reached 1893 sti one fiiiusc 
-r ‘csitiinu U.S. producer. 
Vjr.-ii. ;:r: nun need n was raising 
t's it.umMw copper price by -.5 
t.i Rii 5 .onl«. other 1.5. 
ore, inert,, quickly followed suit, 
alih.siij’i tin proe rise varied 



seen as a major breakthrough in naw but sicked op again on the kerb 

the hid tn secure the release of i c ^- 11 DN J. abom ED higher on 
rne diq io secure me release ui l6ie x una ,rcr 20.JM lonnes. 


&1LVLK 

tJuiiino 4 - 01 . L.M-B. + or 

l«t 

ri*ln« 1 — cinv — 

fmv nz. 

prichu: 1 1 


African Yellow June July £ 8 UD Glasgow. 
Barley. Sorghum. Oats: All pnonoictL 


Aubiniilau 

Grw-r Wuol 

Ycsfleni'v: + 
CTn»e 

Huy. 

225JJ 

Jure 

CSD.D-5Z.0 . .. 



3ftG.tt-5V.il - 

Dta.-ember ... 

253.0-41.0 .. 

March 

24h.IMS.fl : .. 

Mav 

245.0-4*1} ,. 

Jure 

MB.IMB.0 .. 

rictuhgr 

Z47.D50.0 .. 


UllMMt^l 
pi ■in- 


surplus Stockpile tin. j Amalgamated Metal Trading reported ftav*nha..j 294.5 5p -2J 294.5 5p • 

rr ^ morale cash uircbirv rraded , 30Z-2p +2Jfi‘ — i 

However, continuing consiuner u, : cm, tils, amt months rsi. m. lim.^ih.Jais-Zsp^z-as: — 

nManJ — .1 *> r,t I f-r ? CA FA - n fd , U. ' 


^.87. rest nil 1 78.87. resi nllt: Barley— SYDNEY CREASY— > in order buyer. 1 
71.32. rest nil <71.52. rest Dili: Oats— Bolter, business. Bates'- Micron Contract: 


NEW YORK. May Sfi. 
Cocoa— July 136.25 \ 138.25'. SepL U34S 
Dec 129.28. March 126.25, May 
LM2£. July 122.50. Sept. 131.00. Sales: 536. 

Coffee— "C" Contract: July IBS 50 
<1tt&uu>. Sept. IBS jO-1 63.06 I158.251, Dec. 
159- 00.156.115, March I5022S bid. May 146.50. 
July 143.00. Sew. 140.00 bid. Sales: 7R5. 

Copper— June 63.30 1 61401'. July 65.90 
Ifij.ua I. Sept. 67.00. Dec. 68.60. Jan. 09 10, 
March 70.10. Mai 71.10. July 72.10. Sept. 
7410. Dec. 74.60. Jan. 75.10, March 
76.10. Sail*: 12.060. 

Cotton— No- 2: July 60.SS-W.85 <61.42i, 
Oct. 62 65 1 63 47). Dee. S4.15-&J25, March 


Standard grade cash tin, in 

fact, closed £107.5 up on the week nrc-ecan 
at £6.537.5 a tonne encouraged 7? 


COCOA 


at £6j>3'i.3 a tonne encouraged lvu 770 . 5 - 1 -. 2 sj - *217 . sc “ 

by forecasts of a fall in were- 'mums.-- ■ 180 . 5 - 0 * 84.5 — + 27.5 

house stocks. The three months j 771 ’ M - 5 - 1 

quotation was only £38 up at ! 763-4 -267 — ,88.6 

£6,422.5 a tonne. :. n.i»fy_. 782-.S -2-.s — + 2/7 _1 

Other base metals were boosted J ££■££ 64 66 j' 1 

by the trend in copper, but free] ' j u iM 

msfkpt nlatlnum valtxes csoie » TIN— Flrmar rcflKtiss the nsc In ihe — ^ 
raarKet piawuum values came Pt , DaryK PnCt ,. ^ R rearJi of copper and 


*817 Seilers kept the market under pressure 
throughout the day w-lifi values closing at 
j th-.* lows, reports Cill and Dufhis- 

1 „ . Yenientiy'a + or 1 Bunoem 

+2/J ‘ OLOA 1 ‘-lose — ( Done 


J K , .WlTuur'i; : 1 

64-66-5....— my. T85U1-S4J — SO.O 16BS.O-3B.O 


meat/vegetables ** 

RUBBER 

_ _ prices an rcprcsentaUTu- nurKrtt on mm nnminti \ v » ' ■ 

steadier opening on I he London 2G- C.B. catrlc 71 -Up ner kg I w t+173». 7 , 

physical market. Little interesi through UK she-.-p 158 4p per ka. vst dev :+BSt. , 1J ! M ^^ J g{ Y 5 e 5L.'S K " 

•mi the day. closing on p quirt noie. c.b. dirs S!-»n ner kc I w i-21) *"« ,Z6 ®- '• Uec. 2734-2?*. March 27M7IB4. 

Lewis and Peal reported that Iho Malay. EnslaS art Wales: Cattle M ' - 

sian market was 223 t22D} cents a kg down 43.4 per cent, average price 72C8P ' 3 Platinum— July 243j0-3M.5tt-- t243.40i. 

(buyer. June). 1 + 1 at; sheep down 5! 6 orr cent. Oct. S-H.60-SM.D0 UM. ittj , .Jan. 246.70- 


~_fKIJ-B2.ll — 30.0 18T4.IMW0 
— U1f.«-t7.« — Efl.0 1 756 . 0-37. U 


Nn.1 tM'ithr'i 
K.S.S. eteoe' 


Uu-ineu. 

Hone 


i+lSl': sheep down 516 per cent. Oct. EO-248. DO 1244. 70 J. Jan. 246.70- 
svi-rmRe 13S.7P t-t-0 2>: Piss down 22.5 Z-WJO. April Z47.7tt-247.00. July 249 .so- 
por com: average 62 2p l-2.li. 250.00. Oct. 251.96-252.10. Jan. 254-20- 

ScMiamf: Cattle down 14.1 Per cent. 254-40. Sales: 1.S78, 
average 69. Ilp (4fl.lli: Sheep down 23 2 ?l5llver-June S24.ni'<523J0J, my 52S.20 
per cent, average 150. lp f+5.9). <526.70 >. Scot- 5KJ0-' Dec. 540.70, Jan. 

CO VENT GARDEN > prices in sterling a “2-™* Man* 558J0, May W7.]0, July 

package except whore otherwise stated 1— Sf'S" o?i«. Jan ' 

imparted p reduce: oranges — Cypnprr *?;*"*. JS?** 1 fii® 00 - 


alilMUj?. il.. pi 0 r** 1 ^^^* .l_,. 150.000 tonnes this year, com- i„ the “soil" commodilv iS -jv»mu -iuIhuiu J covent garden i P n«s m srerimg a ^ Joiy 

w,:h Duvcl moving UP IO bh cents 1>ared with th e earberiargel of markets coffee prices rose follow- « RSSS ES55 - tSXTSLST o wSSSTJSSk “ ™ S 

j pound . between 450.000 to 4S0.000 tonnes. ing reports of frost fears in “4S, °«s a m« r a e traS^rtonogii k ^**1* “•■®«S*i B ff-w-M.iB 60.70-59-05 Valencia Laies so aios 34Mja. ts^biSs New \ort nwi: 524jp-i5T5jo>..:- 

Thc ini-iow. came just a ner h L . onv ineed many Brazil. Although it is still well mnai has^vafleed^ Sr.n mTm S r ££» un ” MMH! . Va >«^ a ^ ^ s'HL' 

^njwcott .another loading Ui; lf ™ t n h * t Zairc „» U short!? before the dangerous frost period SAWJRg ^ “ 5* SSSS JSSS S nS^tSSSRSkSS l ft 

!? r, ^ u r;i;n ™ i2S d .iJiw h “ vt lu announcC cut -normally inJuly— light frosts ,vcr ** e 144 42 ,I45B7) ’ »«H.o <»= s Afrtam: Navels VMM. smta. oi^uiy 2 s. 05 . 2 sjo . 27 . 901 , 

rtnntn-2 111' 1 prnUUter ,'rut SJSICIII ,-nntrurLprf deliveries under tn southern Brazil and forecasts i Standard, three ta«uhs E6AS5. ZD. 10 . rACCTC Oct Ore M.ISM.W 64.4S.64.6D BS.SO^JO a rtMi nun*— Jamaican- 3J0-6M. Lemon* Aug. S7J0-27.65 (27.261, Sent. 2B.7S«8.«L 


loo/oaos new 
small craya 25 : 
SS'IBS 5.00-3.50 


Grapefruit— 24.30, July 24.00 


house stocks, and 


* house stocks, and lorecasts Ot rejuciance XU sen. umi 5540-50 *45 

j»i' - inn. ->nnth»*r declim?. As a result the July position I » iLrtitin. 3440.50 + 47.5 

M the same time the U.S. on the London ?obusu futures ' {wggj 6 «° ^ 
! , L r K .' n makine f the company Congress armed senices com- market gained £1^.5 on the week — essMO T so ' 
**t ™. s <innrAV8i1 a Bill. To be tn nlnw Iasi meht at £1.691 a ; : nn>uis-. l420-S -30 


— : +55 

- f+55 


S..'pumwr took values to Ttmrsd»y's nigiu rAV . nr , u . , 

in the earty afternoon. D res el Burnt am Nil Y A nrA lM InrAl, 

Lambert reports P re-bo Uday book ~T V 


kilos 3.01 
Delicious 
Rome S 


"“'S''"’ 1, wi "' " np0 r ,s - * SSS-SrSSfw 85- A5 SaST ,aSi ^ “ n ' 691 , jas»: ’gg ^S : j = 

;■ s: cs Spiw* si^'sssos. &sst -w- =_i= 

b-iv. 1 bytu >b.uplj bnositd nj ine authorities with dneer countries, notably the) LEAD-Gsioed gremid m sympauiy wioi 


Humours of cold weather in Brant were gajM 01 reports ;.60. Danish: a pound. Spartans 0.13-0 15: "’tId — 540.00-553.000 asked BO-siiMi 

met with scepdetsm by marker boutcm. 3NW Commodlile*. n.m™ — - ~-.-h « i.u« i« 1 


|- or I Buainew 
— | Dona 


IV-4enlat :+ ei 
t»0»P . — 


|t!nerlniin*r[ 

June 180.00-80.5 +1.66 130 JO 


Dutch: Golden DeBchms a pound 0.10-0.12. asfcrdi. ' 

Pears— S. African: canons. Packham s ■■ Wheat— dub- 332*^33 (33341 <^, n ( 
Triumph 9.00-9.30. Beurre Base S.56-S70. 334 ,330,, Dec . 343.343;. ua«h MSWt'. 
Winter Netis 8.so: Belgian: Conference m*, 3434. July 337' -mm. 

0.13-0.15: Viaonan: Josephines 40 lb 9.00. WINNIPEG. May ' 28. rtRyo— Mav 
Pnachei-SDamtfi. Ss l.M. Ds 3 30. Ca 108J0 Wd <107.00 bldi. July 108J0 asked 


1B2Q Au ® u5t 14S.2d-65.8 +3. 10. la4.no- M.67 3.30. Grapes— S. Afncau: Almerta 8.5a. tioeooi. Oci 109.30 assort. Ho* im»o 

iSS' S Ort<"«rr 1 1 65.80 S5J +2.B01S4.0J-5 1.60 Barlinka 7.00. Emperor 6 30: Chtlean: bid. Dec. iog.R0 bid. W 


December ...iTZS.S. 30.0 +27 •'150.00-19^0 
February 129.6+51J1 +2.651 - 


WEEKLY PRICE CHANGES 


!C!3l it !33 15. 134. 16. Kerb: Three Novemnor... 1554-1555 +18.0 1565-1610 is Tom! ~ 

•montfcs^^ 4, n ,„rr-- « 16-1 526 +8 5 1530-7460 ~ HHimB tlS - 


P-m. 

LEAD ' (J'.iteu 


+ i-t jltui 

— L'iwiiicw.: — 


March _| 1495-1505 + 2D.0' 1495- 1486 

Miv .' 1465-1456 +28J 1461-1466 


Sales: 166 it 89 1 lots of 1M tonnes. 


I Tri- Mm 

Anii-«-«<i ■ 1 

>'r,n --terril 
Cp'tJ^t 
l a- " " 

d i> it--- 


L’T.. ' - 


N>. -rl . 

Ki— lla>sr( 


M* - . 

tv, , m\-. .'I**!:, w 

, mi 


Vtal 

Hub 

L'* 

Crjti 

IW 

£K”.> 

< lulu ^1 

SI .-..03 


L'.-.lrv 

I'l^i 



02.412.1- 

*2. lift 


x "70.7c 

J»I2 


£.hi».7? 

£P"4.i5 

i.-IJU.'if- 


JCAJL'.a 



U-U.re 


Sl'S.KS 

5168.1= 


£;S4.;3 

£Lia.-tt 

r.^-vTj 


£20.2:2 

X&.U-7 



j-iJT-.tfl 

*2.i> 


i.'4i 

020. b 

rv 

riV-i 

LU3.I 


si^-< -c 


>12S.2 


iftJ.tt-li 

2W.1- 



.73.Jp 



K.i-40 



v».7I7j 


sir.-.: 

SlA3.r 


£.--5 


DiAB 


,'v 

Sl-AI 

8th0 



; 


£t 7.1,- 

Lie. Jo 


LtOc.ib 



1 Latent ' 

(■rices <- li Ije 
•twt liHine 
1 uiitnb « cel 
. stated 


l.nh 3J6.5-.76 +4.87 — eS.82 

! is?' ml b».. 315.5-6 -5 — -t- .» 

" Tett'rtn'n- oj6.75 -4.7st — I 

- \ al-65 | 


Sales: E802 <5.S4i > lots of 3 tonnes. 

4.87 - *5.82 ICO Indicator prices for Kay 35 < U S. LONDON DAILY PRICE (raw sugar 1 OlT Rhobart -a” 2b « "0 ssked ('570.50 "aikedT.'"^^""^ 

.5 — ;-.3 cems per poond: Cotombian Mild M01.00 (same- a tonne cif for May June nmd<m- 005 ' CDumbM^wr irav !«■». Nov. 287.00 asked/ bet 

-4-7si - a ra Ini-os 192. SO 1191 JMM: mtwaabed shipmeni. White sugar dally price was rrWheat-SCWRs n 

1 41-441.-. AribKH wa U58 7S>: outer mild taefl at ElflS.OO «»nwl toi£-a SIMM «MN Clt *L laTtSSS? 

ArabtM imB M69Ja ,. Bobuaas «8-50 Prices were confined within a narrow ... ^wrence iiw.ni tiosillj. 


SUGAR 


BarnnKa i.w. Emperor 6 30: cntieun: md. Dec. iog.R0 bid. 

5 kilos. Almerta 800. Aprtcot*-S»anish tfOats— 68.00 190.00 bidi. July *< in 
3 5? «« Ba-nas-Junalcan: - <BC00 bidi. On. 80.10 aakM. d!L ^70 
pound 0.15. asked. March 78.00 norn. 

English produce: Potatoes— per a8 lb b ' d ,w "° bldl - July 

White- Red 2.09-2 30. Lettuces— per 12 ?•“ 'M-SOj. Oct. SL 10 bid, Dec. 

1.00-1 JO. Cos 1 80-2.00. Beetroots— per wd - Dec - SO. 70 bid. March 81.30 

28 lb 3.20. Carrots— per bap 0.804140 “*«■ 

Parsnips— per 28 lb 0.80-1 M Onhms— * •”***•4—88160 bid <2CS.50 bidi, July 


uSSoSnSr: m.wVIK "Li 


Wheat 

1 iteti Spnng.' JCS'/.Jb +1.0 &A-2b 

Am. Haul . 

IV mter.... : — JCffiA. 

Kite. Jlitling incw crop! £102 ■ — - . X9i^> 
Spices 

■J-iMire ijf £*J^0 . — . : 

IVliiwr. Wbirs.— 85.100 — 50 ! 82. ■ 60 

lilac* 82X00 . — ! 


ZINC— Slightly firmer ui cuiei trading igamci. Dahy average’ 16S 00 052.921. range ihrongbimt the day !n dull trading > o~E^iLh > ^a^±io > ^reens^ imte« ** r M-warobou ae 

| and maa.v re3*.-«uig thi- gains m other ARABiCAS rinsed abant nnebanged cnodnions. reports C. Curttlkow. In vtew *7 - 8 i- mhu vue siaied ’Ss per iroy 


£tri.s 
| CIO? 


: : C4.SD fia-toc ; 39, 

82. 7 W I Z.K2K, 82.655 29. 
gS.«Oj I 82.460: SL37i — 


.... rmu IB ora cr payer, setter, cnanse. u—r YeaeMJtv 

1 socks. Turnover JjjO tonnes. business!: June i35,09-mjio. -0.80, J97.H: r i TAln 

: SSorr.sng: Three momhs 133. 3L 31.3. 3V A us- lM.0teSe.ae, +035. i67.DM4.0O: Oct. M??* 1 
i 3 »■ »- 5 - M - Ksrt) : TH"* months £J29A 1^5 00-78 00. nncb„ 177.00: Dec. 170 JO- Coiiw - 


PlWKilB 

Ulnae 


71 JO. +0.7S, nil: pcb. I6i.00-8J.00, uneb.. 


1 i'alin Mata VM. 


£617 £7iv 
£a:-3 1 £365 


S722 i Sbi2.r 
£755 1 £2*7 


4. , g -- -r — 160.50: April l&l'.eotei.M, unch..'nn: June . „ £perlunuo 

r - >llf*rtl 147 0O-W.0O. ,+l.OQ. ML Sales 8 UAi. Auc 1 IDS. 1 043.20 llfc&.te+W. 40 lDfi.40-106.15 


Autt--.llDE.1QJIB.20 te&.IW-M.40 lBe.40-M6.la ~~ ~ ~ 

DcL ...JlDB.7teuO.la lu8.1U44.25 |0a^5-.iu8.O BS2J 5 

De-^ ...JlTl.7il-11.au 111 Ja-11. 40,1 12J5 UI.20 I 


Seeds 

L ..i.rai rhilippiOMt ' S44u 
iU.S,l- .. . S51J 


-Cash 419 JS -J3 — 

; : Bwutht., 329- .5 T .6I5 — 

: »'6ui... al85 — 

la-WM - 


GRAINS - . De^ ...Jlll.7il-ll.au 111J>11.40,H2J5 UI.20 

,n«n«» uu. March ^I10.7a 120.5U 1 18.4u-l9.MM2D.So- Id Jb 

LOTPON P U TORES ICAFTA 1 — The May ....1 1 22. 90- 2 5.0. IS2.M i2.70(]28. 16-I23.li 
T 3 **,**** iaLJKb7MMt 186.8U-KJ5 126.16 

nwrajns wheat improved 0rt 12o . o k8.75 12B.5O-SB.70 188.B0-8B. 76 

slichUS and Oarler eased a lime. Trade — - - • ■ _ - . . — — . - — 


__ financial -times 

M»\ 2B~Vm" abjlonin'-. ■"!" tear +L" 

BS3J 5 RBl.oa i ^r3B.94J 2673T 
(Hast-: Inlv 1. Itd=l<4) 


REUTER’S 

Vat 2fi Un,~ 25 ’V«*r 


aiaiea - 5 s n e r |rov 

omiL-ES— 100 ounce loia. v Cblcagu i»..^ 
Ss per inti lbs — Do pi. of As. prices pre- 
vious day. Prune steam fob. NY bulk 
tanh cars. ♦ Cenla per 58 lb bushel cx- 
warehouse. 5,000 bnahe. lots, i 6s per 
troy ounce for SO oz niuis nf 99,g ™m- 
ceni parity detlvured NY. n Cents ner 
iroy ounce ox-warehouse. || New b 
contract m Ss a shon to.) for balk lots 
of IDS short tons delivered fob ears. 
Chicago. Toledo. St Louis and Alton. 
“ Cents Per 69 IL bushel in store, 
n Cents OCT 24 lb bushel, ti Cents per 
a lb bushel ex-warehouse, is Cents per 
5ft lb bnshel n-warptaouic. 1.000 bushel 
■ots. M SC ner tonnu. 


“Cicis str sound ton orevicus improved in the afternoon with ssemla- Sales: 1-683 fSJ42> iota of 56 tonnes. 
_ . "*r.r- “ . hirrlw iw ..v... k, (■>» aaNunuii- d..^ 


Other .. . 
Uomm odm— 


'ttcaffirial elbsr- :SiJ ner picul. 

! COTTON 


UommodlUBi rHTTflM stemmed ute advance. Garter atrraned stowrd CaribbL-an pon: Dally 7X2 i7j»i. 

V 1 ., iw >lnp«ieiif*... £LE2I.£? --sfi.5 i-.<r I- Ll~l! > LU I I Ulr trade bimnx and with limited selling. f-May average 7.29 rsamei. 

£1.761,0 — a6j2h' ^rl^ST S'lPI HONG KONG— Citten Putores. pnccs mtcrrtt moved up trom tba morn- Tate and Lyle ox- refinery prler for' 

f.JTocFulunw Jure. JM.ifl] *122.5 Cjj Kg’ a L ^ i£d fcr«bai! 23 wnumOit wr* « brshn dosc - reports Act). granularcd basis trttilc sugar was 012 40 

Lteii.m ln-icx 7l.Lv. ,-O-i ^ FiS^ ^twg weS IM« — j tot hanw trade and, 

IJ ^L..wnul £Hta : - £7o0 Lirt) Jig VnSSSh Dot «Jte 4fME** - | URLEt £181.00 (same, for capon. 


tree boring of wheat publv^ valuvts up lolcrnaiinitat Sugar AaroemedU Prices 1802.7^491.8^1455.3^ 1652 -^_ 

man»y before . amunercfal wlltns for May 25. U.S fonts per pound fob and 'BaBm Semombpi |h jraissliB) 


DOW JONES 

G fTiii.""; il) ii5 

Sfi - & 1 ia ! s r 


!>«■» . M* -- Mit- 
■l,me | Sfi ;• & 


.line LJ AHlVlsnr »xca 

i Sip 

rau.iProri — £Il3 

N,i. 3 l. Bbau-W 

Susur in" 1 L'lttt 


^■>25 MJSo a- '««■ aiyheacy. May WBBrewwrt a-tertay +.V, nbAirin* i ™ 

' P •' r,lii : ITlTv I Wa * ,s Ntt-SOfffc Jt£l- SJM9.15. Dec. U'otul cu« _ t, w _ 

I ^ fiiUMiJa. Turnover, s* UK. lots. j 1 _|_ 

Sueur *101 +S *127 1114 • { S^ar Finns: Prices Gamed fibni ' 15 a?.00 is-au : an on ! . n*v> per r.onc: Shelf tod 0.50-14.00. codlinjia 

1 ZmumSv.1 Mi ■ - £)« ®» ttfg points BIN «D » ^ iTOfllng. Fft- ^ 89 ID Iqm MM C-SO-5I.60. Urge haddock «.«-« SO. 

Tw mwiitTi kilo.-- 13S,. rJ 2S0p I hop K7p dwa IOT per pou^t: ^ Bi.TQ tfla f M in toss wedmai I3.7W4W. small £2.56.£3*. Iona 

lntalot iilki i£,i i — 180p - Jd|i bi.p JJnly iJtt-7 60. Sent ,&*•?..&. do. 7^1- .. dam *»«■ M'iS Dialed CJ.7Q-5l.00, medium 13 60-f4.0(l. he« 

ttmdW 1 * 4 * "’"■n*- 1 Vi'" — 3FSpki:n-28apkilii357pii!io- --bL Jaa-S.2M.48. March ?JtI-S,Sa. May — — - P^° . — . + 0-2S £22Q-£i£8, lar^c skinned dogfish 

— -- ' j:-|g-g Sg Wcrii 5 hlgigmr- July 7XL pm. S2pL g7.0teS8.SS. ff.OB. attaium SB.W. targe lemon »Jea 


UN lev £ 181.00 icuici for export 


T«« h|uol«ty» kilo.. 


GRIMSBY f- ISH — Supply good, demand 
fair. Prices at ship's Side lunprtRKi^-d' 


^I.l.....550-39li61i2 559.73428-66 
future -5 58-10: a a8>84.fl49 ■3a- S89.'79 
' (AvtfTJU Q. laS+ZteOT- H4)) 


Sea wreck site 
protected 


WOODY'S 

31 Hi |‘ Al-i. 1 11 * ■ 111:1 l"-"« 


A PROTECTION order was 
placed yesterday on an area of 
sea off Langdon Bay. Dover 
believed lu murk the site of a 
wreck of archaeo logical iraport- 


iLiwiKrted. •NttmlML pM.daiU^. 


1 7-Ste7 ^ Jlaroh S M-&53. May MB. Turn- No* fflXtettB.so. Jtn . #ls 5.8L55.' March 53.00. nteUlum 13.50, reds Il.M-f2.ifl. 
ovf r: 3 t3f lou. 04.u-23.h5. Sales: 147. Barfty: sepL saltbo IL SO- £2.10. ( 


v>i>iv^ | is a 1 -■ .«■ ance. it now becomes an offence 

«■!„<> 9 3S.2'a27.7 9DD.3 BT5.B 10 interfere ^ carry out diving 

uiwfimin si~i 9 i!sinni — j or salvage operations without 


authority. 



20 


BRITISH FUNDS (671) 

S'rcc Ann. 20® 

1st BrilJ-.n Transport 1975-Oa G1 % U 

2 ;P< Coni Mb. Zl® 20'* "a 
Jnt Cons stk 23'ii.O 3 

3 ; x C3"*«rj.Sn in. 24\: U '• •: 

5;: t »'~.caacr Ln. 19 7b- '3 0»L'„o '*0 

1 1 '*TC Eviheeuer Ln. 19Q6 103 -0 -VS 
W * Z » 3 

■oc Ev-ircuer s;v, 1931 36 1*® 

2>l L-ihctut-r ilk 1923 W- 

? *oc E •t’lriui'r Ml. :9-bl 92\. 

S.x Enf-cauer «k 191:3 91-VS 2 



6.7; 5'- 
:C :s: EM**eeue- «.«. ,597 b7~f ■•< * 

I2r: ikztezimr s:i. IMS >(v. ?fl 1 9bi*:ili| 

12;. EaA'ii-gj.'r s:k. 1993 (,*>• 13«P<. 

tbSa; ?a - 67-0 'i.O .% 

"uK EiiltrtjdW Ml. 1992 100<* "* 

12 :?■: £«:i*Tcucr %!k. 1994 101 VO "2S-5* 
"Z .sz Excr.eeucr i:k. 1991 1 04 2 v i<«® 
12?; tvc-ircucr tit 19 SO IdJ'io® >'io® 
il'M: 1 .'® •'.. 

5 JV F.r»ng Ln. 197B-SO 94 '1 

S'.:: Fiard.nj Ln. 1927-01 64 '*0 5 'j0 


1900-82 WU. _ W«e 1M4-V3 92<i 

•2S.'Si. 9':K 1976-80 BS 
Greater London 61 PC 199C-9Z 651*1® A 
A. 7'.B; iWt 90'«® . 9WPC 1980 95 
(25 5'. 9 :K 1980-82 94'*®. 12iw 

1982 101':. 1963 104L® 

Avr CC 6':;c 1976-75 96 i*ik® <2SC5t 
Barnet Carp. 1- *K (Fy. ad.) 1987 90. 

□ a. ifilfl Sd ' 'O'i i 4|*. 13'jpe 198D 
Bi:n 1 1 tsi 196a 96); <24 Si 
8Jll3St CC 1977-80 89!}® 9 1* I25'5i 
Birmingham Cora. 7'apc 1980-62 86 Ij 
■22 5<. 9\rpe 1979-81 94', 5 
Birmingham Du iztmc 190S 99'* 

i:2 5i 

BcOdc Coro. 7 'j-dc 1977-79 96 <*® 
B-Jdlgrd Com. 3':PC 1973-82 79); BO;. 

' 1976-79 96 ( 'it® 

1979-81 901* (22,'Si 
9 bc 1 9?8-®0 95 

Cambridge Corp. 7PC 1976 99»i* i24'Sl 
Cam J:n Cars. C':pc 1977-79 97'i» 
- 25'5i 

Cardin CC llPt 1986 93 <>32151 
Cirt.n Coro. 75; 1979-82 850 6 U <25 : S 
Coventry Cam. 6oe 1976-78 98J« 
Crcvdon Coro. 3 :« 261*. 6'aOC 1 976-31 
?6 'j .295' 

Dud'cv Corn. 9 .®C 1979-81 941* (22/51 
Our, Barren CC B'*PC 1977-78 99>'ia 

61-6J*..is 122.51. 9'<pc 1979-81 9b';* 
Edinburgh Corp. b :BC 1977-79 97 s ! 
ClStfl-'ta 9 'j5C 19S0-8Z 91.; 

G'jmsian Regional Council 10’rtt 1985 


6%i^ J FunI°nt\n 0! 1965-Sr : ' wCo’ aS® | 5 1 1UK 1856 96 >a. 

* '• - '• _ 1 .. Vr' tin.' in?un 


r unff. >3 «- 1999-2004 ,.Sen.> 37'*® 


r.; ilk. 1982-1934 34 »»: 

4 . J-. 

.?< T»..i...r. Li ’995-5? 61 1* 

T-.-iiur. Ln. 19SS-i'fl 33';® h «s 
1 -dun. Ln 29I2-:5 681.® Vf® 


Hortlardlhirw LC Stoc 1978-60 9Ha®. 
S'-oc 1932*84 7fi J wO. EMC 1935-87 
75 * 125 5' 

Hinringdon Pelor borough 9>:BC 1981-83 


T-(<|...r 


19?<J-!>2 93!*® ■if 1 Lanark' hire Count* 
124 S). 6pc E9 1. 


lalmaccn Corn 10« 1983-83 93’;# 

,5531. 12-.PC 1986-67 100>: •24'5>. 

13-iic 1980 10*':.., „„ ^ „ 

Kensinmon Chiu^a IJifOC 98 f2d/51 
Konl County 5';pc 99'a <24)5). 9'iPC 

95 < 1.5 _ Council 5'aPC 96 

9';PC 100 >23'S] 

fjoa-rs 91';® 2® IUIllvOS Corn T> ; o< 99V, 124 5) 

■ Llorroocl (Cit. pH 13';PC 104';® 

8 ! L<v-’mOCl Car-o. 9'iOC 92'- i24<5) 

I Maidslano Com- b'.pe 861, «24 5) 

; I Middl<«i* Caunrv Ccurcil 5>*oc 91 i23-5' 
j Ne»C3i«l«-upan-T'-nc Corp. 9'*oc 76-80 
9Q (23 51 9'ip; 31-83 91 ' r ® 

1 Neamnrt <ltlc of Wight) 4pc Gas 50 

. 1 Ncribu , nb<;rl.ind County 7"c 93'* <23151 
' ' Naltinaham Coro 4'ioc 99‘i* 125 5) 

4i. Hnl-’PS Jl'ioc 96 (24 SJ 
Sillnrd Carp. 5".BC BS 1 ; 2«« <23'S) 

S-’uth imotdn 1. pm 6DC 82<o (22,5) 
Soulhend-an-Soa 12'iPC 102"it® :'j:® 


C ■f.'T'.iiO Li '997 76'*® 'i 5 

3r: Tr._M.jr. i.-. 1 994 78'.® -, 6 *• 

*ls.' V-riij-. L I 1992-9P 7B'.® 

g ■ Trajurr Ln. "999 82'.® '■ 

12.-; T o nr* l«. 19;» 103'..® 3t 2“ 

■ : ,-h T-. o._r> Ln. ‘.993 ta;- 1® I 97'.;® 


99" 


Troujr* Ln. 1997 10 


13- 


(•39T lOO'-O 
1994 114 ,S 

'c- •-■•- !10 .® 

‘.99T 120<.® 19' 
'CcC.i 


1 ; rk T-n.i-ur- 

I ?; 

; 4 :;. :: j 

!’•: * n«Hi-r, • . 

Jr. 7rr..j,v 1979 94. 

4 . 

7-r <<*r. t(t 1 9J2 £4'.® '<0 7". 4'. 
J r: Ti.' iur* '.-.t I97“. t'o 93'. ’. 

*•-: T-oatur. %:*. 1979-SI iRcu . *9 

■: ■ 9 r 

Or; Tr.-y , -.-l ’9'.6-99 iRog ' 65 

5 "7. T-Ciiu”. ■:< 2305-12 iPts.) -3'i 

? .e; irrjtjrv s:t. 1C32 90"<-O '-3 i<- 


i'lt i 3nc 103 S5-64thst® 


19SS 91 '.;® 6 s 


5:... T5?0 99'® I. - |. 
*.** t rv vt. 1931 97 -O S® 


-:iur> ill. 1992 !6‘. 


17..- T. . -.'I 1S79 100 

if? :e* *ro rs 100 r« 

1® t." Trnt:.". ;*l 1979 IC0> ; i.® *<• 

1? IrtL.ur. tit. 19S9 B4 .® '<,0 


I 

j : T-pitiinr j;t. 1991 93 ‘4® '.O - 


12s.; T.riSki 19?S 99'.® S'- 5 
:<fi'ir. ri) 1790 10S'.® S 
14-.- T'.-jsw. 193! 10S'<® 

21 54! It: •- 
9a. T'i'HjiJuv 


- I tM'hnni. ' Ccro. 1 1 'idc 95'j 6>. »22-5> 

' 1 S*irlln<a Cduniv Con-'Cil 7'*0C 93';® <75:51 
I Sii-'fl— >*nd iBorouah or) 12>*PC 99'* 'j 

I <urr"* Cauriv fine 91 "* I24'5* 

. | C-~J 9‘— ' °S : * I2S SI 

M • I Tjmciidn loop; 93':® U® * 
ar jrtor I J„ n .. 1na Conner CO'i"r|| 12 dc iF P I 

I nT<.® Do tl'i- at £96 "j — CIO Pd.l 

1 f|«, (]> % 

II-S S I Corn. S'.PO 96>'® 

| Wri'nmiWr :Ct: 

"i*:® 

SHORT DaTEO BONDS 
FREE OF STAMP DUTT 
b-jpc Bds Reg. •14.'6>78) IOO'i; i23.'5) 

I 1 -oc Bds. Red >28,0178) 100.02 

I 100 1-B4tn 100.035 
1 0pc Bds. Reg. <S 7 7S) IOO'i; <25>5l 
I 7 os BUS. Pen. '3 11791 99'?® >Z5rS1 
7'.PC Bdi. Reg. .10:1(79) 98 V 122)5) 

6 . pc Bds. Ren. >24,1179) 9B'*« |2S)5) 

7 pc B*5. Reg. >31(1 T79) 98 'i 
S'.pc B-is. R.-fl. <7 3)79) 98'i.r, 

8 '-PC Bds. Reg. >14<3I791 «8'‘n <22(51 
Hoc 07S. Peg. >fr.j.'79j 10T.347 tor. 952 
, 101. a 1 25(51 

! 9 "-pc B-? Reg. 130 5179) IOO’i. '1.. >: 
.27® I < < 24.51 

iVjriabie Rile BH. Reg. i7.8125p<) 

1 1 1 7- 3'32) 99<- i22 SI 
1 1 m Eds. Ren >19-5.821 100 <2415) 

1 10 ''PC Bds. Rm. '22)9.821 98-; 

1 V-ruSIc Pare Bds. Reg. (8.25pc) <3013(83) 
99'- <22 5' 

! Variable Rale Bds. Reg. HO.SpcI >11)5)83) 
i23'51 

V.imh'e Rale B-'S. Reg. <5.47500 

• 18,5-331 100'-; >24)5) 


1*® 


l. 


PUBLIC BOARDS (13) 

FREE OF STAMP DUTY 
Agricultural Mart. Carp, J:-pcDeb. . 9S 


Tiiis week’s SE dealings 


Friday, May 26 

Thursday, May 25 : 


Monday, May 22 

Friday, May 19 


5,240 

5^46 


... 5,568 1 Wednesday. May 24 4,657 

... 4,479 j Tuesday, May 23 4,953 

Tim list below recards all yesterday's raarfchm and also ttw latest mark ] bus daring tbe week of uy share not dealt hi yesterday. 7*e litter can be cWsUngolshed by 
Uw dale (la parontbeses). 


Tbo aatnbor of dealings marked la each section fellows the um or tbe 
sactfaa. Unless omerwtoe denoted 6haras an H fnfhr nJd and stack FlOO fully 
paid. Such Exchange securities arc ewlcd In pounds and fractions of pounds 
or in pence and fractions of pence. 

The list below gives the prices at which bargains dona by members of 
The Such Exchange have been recorded in Tbe Stock Exchange Daily 
Official List, Members are not obliged u mark bargains, except in special 


cases, and Um list cannot, therefore, be regarded as a complete record ef 
prices at which bufUum nos been due. Bargains an n»™*d in the OfficiM 
List bp to 2-15 pan. only, hut later transactions can be included in tnc loiiowins 
day's Official List No Indication Is available as in whether a bargain represents 
a sale or purchase by members of the public. Harkings are not wWWw 
In order of execution, and only one bargain In any one security at any ono 
price Is recorded. 


T Barmins at Special Prices. A Bargains done with or between non- member s. ® Bargains done previous day. S Bargains done wild members of a .recOgnjSCd ^Stoa 
Exchange A Pars sins donu for delayed deUrorv or " no buylng-m." ja— f AuttraUan; SB— SBabamun; SC— 8 Canadian; SHK— shook Kong: SJ— SJamaican, sma— 
$Mal4yan: SHe— SMencan: SNZ— Now Zealand: SB-CStogapora; Sli$-$Uqttod Stales: WO— SWest Indian. 


New Zealand 4 k 97hs (Z5.'5). 5 Use 

B2U®. 6k 93': i23,5). 7‘;pc 62 (23 5) 
Northern Rhodesia 5 k 90 i23 S>. 6 k 
1 976-79 95 (24)51. Do. 197B-81 89 b® 
Nrasaland 5 k 90 (Z3.'Sj. 6 PC 1976-79 

95 <24 51. Do. 1978-81 89'-:® 
south Australian 3K 24 124.51 
SoutJiern Rhodesia Z’yx 51. 4 ’:pc 1977. 
1982 61® 125-51. 5K 1975-80 75 

(24 S>. 6oc 1976-79 8 Pit® i;t®. Do. 
1978-81 00® 

Tanganyika 5Upc 7B® 

FOREIGN STOCKS (1) 
COUPONS PAYABLE IN LONDON 
Austrian 4’;pcLn. 1934x59 22 122.5) 
Chinese SocGioLn. iS13 • London las.) 8 
Ireland (Ron. ofi 4 UpcLii. 85 
Japan 4pcLn. 1910 SUS44S <24 -Si 
ContMir a>;PC 1937 UStllZ iZA'31 

UK RAILWAYS (4) 

Canadian Pacific (ICS) 13'i„® J*: lu. 

4pcDb. 3i ',:* rz5 S' 

Ontario and Quebec SpcDb. 40® 

FOREIGN RAILWAYS (2) 

Antolaputa < Chile' Bolivia ISUtO 4,*® 

BANKS (194) 

Alexanders Discount 237 
Alien Har»ev Ross ras C23/S). New 
290® 5 25(5) 

Al.ied Irish Banks <25p) 184® 4. 10pc 
Cnv.Uns.Sufa.Ln. I46<;® <25 51 
Arbuthnot Latham Midas. 156 
Australia and New Zealand Banking Grp. 
ISA1) 295 2 7 

Bank America Sns. of Com. (SUS1-572S) 
2', (25 5) 

Bonk ol Ireland 377® 4. Stock (rim, for 
dlv. from 1 4(7B< 365 l2S.'5) 

Bank of Montreal <SC2) 14'.- 
Bank of New South Wales U-on. Reg > 
r?A2) SH 

Bank of Nova Scotia <SC11 16': i24(5) 

Bank ol Scotland 291® 90 1 
Barclays Bank 3330 7® 5i® 4® 2;« 30 
29: 37 30: 27* 32 3 28 35. S>4PC 
llns-Ln. 7>, 

Barclays Bank International 7':pcUnvCap. 

Ln. 6B : <25 S' 

Brown Shiplcv Hldg*. 223 
Canadian Imperial Bank of Commerce 
(SC21 ZDS i.t sub. warrants tor ■■ of 
new 47'.-® 6 5': 

Cater Rvder i307 5 <24 i5i 
C hase Manhattan bhs. <a( Com. (SU512J) 
SUS30S® 

Citicorp Shs. of Com. (SU541 13i*i« 124(5) 
c(ive Discount Nldgs. <2 Oo} 77 U 7 B 
Commercial Bank of Australia i'Lon. Reg.) 
i3Ai) 225 >25 5). Pf. (4 k) 'Lon.. Reg.i 
fCAZO) 630 (22, 'S) 

Commercial Banking Co, of Sydney (SA1) 
1640 

Fraser Ansbachcr iIOdi 111; 

G-:rrard and Nat Discount (25p) 175 
Gibbs CAntonvl Hldas. (2Sp) 40 <24<S> 
Gil eft Bros Discount 200® 

Gnndl.ivs Hldgs. (250) 97 
r-u'nr^ss Mahon Hldgs. 6pcLn. 511, (23.'5) 
Guinness Peat Grp, (25pi 229*® 5 20 
30 27: 

H.imbros Shs. (25 p) 1920 
Mill Samuel Grp. (7Sp) 87 (25-5). 8 PC 
Ln. 6S.':1 <25 5< 

Hongkong and Shanghai fSHK2.50i 265: B 
' 111 T-’vnbce <2 5-1 73 (25 S) 



CORPORATiOXS f56j 

F FE£ OF STAMP DUTY I 

L2-*"?-i C 1 --r- :.’C 1120 23«- (25 5< 

ir: 1?:5-J3 - r- 9. 5 »: 1977-si bS< ; l 
i •?.=!-: 4 79 3 9>i l23)5i. | 

j 3tf 113S-C7 66 I. 6 ik 19-6-79 
65 . 5 .rc E3 ■ 90 ,24 S’ 

C.--1 :• L S'.t: I^TS-Tg 93 2', 1 

25 5 . C . e: 10-3--S 99 .® 6-:p£ i 


COMMONWEALTH GOVTS. (S> 
REGISTERED AND INSCRIBED STOCKS 
Australia »:-k 1975-78 99 :24I5I. Do. 
197C-79 95"i- 6 l23‘Si. Do. 1977-80 
94 , 3 .25 51. Do. 19J1-82 83', 
2 i <23 51 6nc 1977-80 89 L® 90 
<23 5<. Do. 1981-B3 80'<« 123,51. 7pc 
901.. 6 .pcBrts. 911, 1 22 5l 

Jamaica 6 DC 79‘, <24 Si 


Cal! 

steel market practices 

FINANCIAL TIMES REPORTER 

THE PRIVATE and public The Bresciani have troubled 
'0i;..r.4 of ihc British sleel the EEC since Viscount Etienne 
mdU'iry arc ur^ins: early Duvi?non, the EEC Trade Com- 
•io\c7niiv;n; jetroa to .vtop uiidor- niissioncr, began to introduce 
i-u:::r^ ihj British Steel measures last year for greater 
Dorset by seine Italian regulation of the iron and steel 
companies trade. 

Xlr. Ai.v M or: inter, ilireclnr "f Ht ‘ has t h un once 

:’:e Brui'h lnd>-pendem Steel threatened the small and inde- 
rr.i(i:i,vr.' A^.v.-.vlinu. has pen deni-minded Italian rom- 

a.se.l The Governm. ni to raise I' ani S s « ,th sa "ctions if they 
th • (iii^;,«a (.f Italian steel sales continued to disregard EEC 
EEC l rad 'n? rules. 

The British market is now the 
centre nf attraction for some 
Bresci.ini companies, because 
restraint measures introduced 
by Germany and France during 

Corporation ,hc lj ' it fcw n,on,hs hav e bad 
> v- i^' i T u the effect of dellecting their 
•pr.rt...| Vic U« ci ,t «m's ,radc t0 0,her markets. 

V-— ,i c iwo icinr^ D Une r ? ctic ^Ployed by the 

.i," r ...,; I:. Bresciani is to prolong discus- 

t,:- M.-el Indus r> sions w|lh EEc'omckils While 

',.V. , ‘luietly building up markets in 

.1 1 Kt'l r»l n,.r PITP ntrinne 


;um Britjir: with the 
Cuar.n: ef M:nisiers. 

If m*c<.'-s.ir\ . he wants uni- 
I.iieral measures against the 
cV.r- Italian nuprrts into the 
Fr.n r.r.rkiM. 


v. <*<rs 


•-■••thiT m secure 

t. ? unfair in 

T!:.. ,*ii{-r.-n.i-f5: Italian steel- 
N.iriln-rii Italy 
.'"'•cn-i Bp-vow — known 
a-- the L>ri'sci.i!ii — 
Incline a sales 
ih** P.ptixh market 
fi n niuntlis. mih 


other EEC nations. 

The Italian companies can 
then claim that their enhanced 
sales in those markets should he 
accepted as reference levels 
when measures for orderly trad- 
ing are acreud. 

If informal appmarhes to the 
Bresciani fail. The British 
v< *■•.) Mi' .. a.-s .inn Mdiilar forms Gurerninent will lie pressed hy 
etj. :<•'•; Rnrish steelmarkiTs to invoke 

77..’;. Inw secured as \riielc 37 of the Treaty or Paris. 

pu.v*. .<nL-:'i;h ef Hie current This permits the Council of 
v... r> i". f ir l.a'rc'i.iiii b.irs and Ministers to act against the 
!.:r ?’ev! werih up In economy of the Community 

ii'jin ., :;WT.:h. being disturbed b.\ a member. 


•t" : 


|i ' ll" 


dvr’t: : ;n. 


Nations pass French plan 
on sea 


BY PAUL TAYLOR. INDUSTRIAL STAFF 

FRENCH riJiipi'iSALS on pollu- may he adopted hj ihe organ isa- 
:: m co.-;r | 'p*a:.i , :i. s.i:\.rje cm- lion at a diplnina;ic conference. 
:,r; 1 : .'inker safely won prohahly next year. 


:~:err.u::or..i; support vesierday. 


Announcing ihe council's 
L„.. r lJt ,vMn rj iji s |,v the dwesions Mr. Chan drip a Sriva- 
r':er.cr. deLi-j.iTicm' to the 'inier- t* ava - lho secrolary-vcneml. said 

fi -ver.'Tr.Terr.':! .IJaritiinc Couyuii,-i- h ‘‘ . ha iW. • jnJ 

t.vf Organs were. . IS urDlified^ that the ur -jmsal.nn 
exuecTCii. p>“.-cd unannnoii’ily tjy dealt with yen fundamental 
■'J-n ition is,:ues vvllh a scn>c 01 urgency 
ls , h| . and unaiiiniity." 


orgjn Saturn s 
■vemsng cnunnl. 


;::ar;:i::Te arm i>: lho UN. 


This :> a complete lirst-round which 


Mr. Srivaslava 
emphasised the 


particularly 
speed wKh 


'23 5' 

Nj liens) Commercial <-25oi 74 •• 4 3 
N’Mnnjl Westminster 270'* 8(f® 68 70 
63 S. Wrntj 95 7 4. 7pcPf. 60® 1 >. 
S9 -: GO <25'51 S '.n-Um.Ln. 94® (25.51. 
9ocUns.Ln. 76‘; -25)51 
Rcvnf Bank Canada CSC2) 23 
Scfaroders £4 (25 51 

Fmlth. 5f Aubvn Hldos.i <2Sn) SI <25Si 
Standard Chartered 394:® 8® 3 8 2: 5. 
T3'-ncUns.Ln. 103® <:0 
Tcircntd-Ommioit (3C1» 14® iZS'Sl 
Union Discount 300 

BREWERIES ()69) 

Allied Breweries i25p) 91 1 ; ® 20 90>-:® 
1,901: 69.; 'a® 90 1 S':o:Pf. 45®. 
fUEK.Pf. 6l>; >25 51. 3ocDb. 441® 

itsk Viz 
VuZft- wav 6l ^ Ln - 46 <24 ■■ s, ■ 

Amalgamated Distilled ilOp) 42 iZ.-S). 

9pcLn. 94® >25 S> 

,2Sb} 17 °® 6a ® 9® 

A 9 . 3 ‘"'S*'- 93 ^_ 3! ='■*« 

Ob. 4 S-‘a. 8>4DcOb. 1977.79 97 *s®. 
BtjPcDfa. 1987-92 71. 4'aocLn. 44 

S>. 7'iPCLn. 

_ 62 *'* G!3 Si 7'incBds. 
Bass^Charrmgton Breweres 7->»DcLn. DO l,® 

Belhaven Brewery >2 5a) 44® 3 4 
Bed > Arthur) .50m 252 2: 

B Addingtons Breweries <25n) 164® 1. 

Border Breweries (Wrexham) iZ5u) 72 
>22 5i 

Brown ■ Matthew) i25a) 121® 

Buckloy's Brewerr >250' 46® 6 
Bulmor iH P.) >25ol 147. 9';KPf. 108! 

<25 5) 

Burton wood Brewery i25n> 146 

CiW of London Brewery Dfd. <2p) 59 

Clsrv"'* Matthew) i25o) 1340 <25 ' 

Comae 4',ocDb. 74 !i. 6'Joe2ndDb. 87': 
<22 t. 7:.Dc2i-dOb. 67'; >2*9). 10‘aK 

Ln. 84 ’a <23/5> 

Davenports' Breweny <25s) 86 
Dcvtnish ij A.) <25p) 170 (22.'5> 

Distillers <5Cpi 132';® 80 79': 83 80'; 

1 751 4: 9. 5:.-PCLn. 41 U. 7UKLn. 

62*<n . ig.Speip. B3>:0 

Greenall hWIbey .2Spl 1T4. 8KPf. 92® 
>j 2. T’KKOb. 65J«. 7PCLn. 470. B'sPC 
Ln. 57'.® 

Greene King S?ns (25ol 255 125.5) 
Guinness 'Arthur! San :25 p) 179. 76t>cUr. 
SO; <25 5) 

Highland D.sts. «Cpl 140 39 
Hlgsons <25P> 77 <22 S) 

Intnl. Dlsts. Vina. SSjpcLn. 72 

Invergorden Dsis. 'Hlegs.i <25o1 99® 
rr.sh Dis:s. Grp. <25 pi 137 (22 S) 

Man skidd 2500 

Marston Tien- won Eve-shed (25 p 1 70® 
ScolUsh NewOdtfe ::ap| 75® 69 8<; 

8 S'.. G'.pcIStDS. 69® >25.51 
Scum African Brews. 1130.20) 74. 7<*cP*. 
<Rf 40 <23 51 
Tonal r DiSls. >25pl 106 
Vau\ Brc*i »Z5o 122® 1. 7pcPt 52': *t 
■ 23 5>. 4< r pcAPf 35'; IZ3 5> 

Webwcr (Samuel • Sons 4: ; pcDca. 39 

Wh^faread A >2 Sol 99>:S 7:o 9 :® 100® 
97';® 5: >,: 3. B <2So> 99',:0 100!® | 
100 SS ; S <25 5 4' 4 KDeb. 75 >22. 5>. ; 
6'IPCDCB. ?2>; <22 5>, 9'iDCDeb. 84®. | 
7iiKUnt.Ln. 1995-99 570 >25. 5>. lO'mc 
DO :® 

Whiroread Inv. C5P' 92® 1 2 
W Jlvcrtiamoton Dudley i25pi 204 3 
Tours A |50P< 170. Non-v:g. <50p> 140 
• 22 51 


Astra Industt. Grp. (10p) 20® 

Audio Fidelity tlQp) 26>i® rx6(3) 
Aildiotroflic Hloos. (1 OpJ 26® 9 
Auk Wlborg Gn>. (Zbpi 3541 i.;o OStB) 
Aurora Hldgm. (25p; 92® 3 
Austin if.) it-eytonj nopi on t2SI8) 

Aus6n tJvnea) Stoat HMgsTudpl 109 
IjIAJS) 

AulonuKd Security Hldgs. giopi si exbtb). 
«KPi. 203 «5I« 

JViKomoUvc Prods. C25p> 141® 401.® it® 
“:*• lnet hi *2 3. lOApcDb. in 
Anw trp. c5pi 36>, i* b. JpcPf. 51 

Avcrn 1 23d) 1«8« 7® 7 >a 
Avon Rubber 162 7 4 5k: 

Ayrshire Metal Prod*. i25p) 471, fZZfSt 

BAT Inde. asp} 3407® 6® 9® 38 7 
5 6 3u 40. L»rd. a; d: i 

3 dUAX Sru 6/J PO M2 

Bo A urp. <25 p / 49 

BiCC ISuP) 1 IX® * 11 10 3 8. 6>2PC0b. 
/»<«. ZdClXl. /x®. 7)4x1®. 67-4 

'nt">'. , '£3pj ./4'r^ x, 3. j.5pc2nd 
J*. JSB t2i®i. Skncve. /a>i«p 2u i^»(aj. 
9pcLo. Ibcrd 644® -.25; a). 00. ImO 

794 >23(aJ. 1 1 >apcOb. 91 C2d,S| 

BPd Inpv vaOpl .31® 2 S® T 
Or-M mags. A rzsp] 54® 
dW intnt. tl Up! 44® 3{® 2%t® At® 'll® 
24 J ’. 12bf>CLn. 1044® S'3® 7 6'; 

BSR >100) 1Uo1® 70 3 >2® b 7 
Bl« (25P> 250® 6® 7® 90 4® 8 5 7. 
New (45p) 259 

Babcock Wlkcac LZ5p) 132® 1 30 U. 70C 
Ln. To <23.15) 

Bagger! dae Bnck (25p) 31 G3(5) 

Bailey >C. H.> tlOp) 6 
Baird iWHtkam) 173® 3 
Baker Intnl. Gpn- tUSS 1) ®1 k® (25 6) 
Baker Perkins Hldai. (50p) 92 
Bakers Hensetiptd Stores (Leeds) HOP) 26 
oaS) 

Baldwin 01. J.* (10 p) 9i; C23») 

Bamoergers fi.25ocPf. 50 <iw,'3) 

Banro Consd. Inds. UOpi 610 
Barker Dobson ilOp) 12}i® >25JS) 

Barlow Rand (RO.IGl 2bot 125(51 
Barr Wallace Arnold Tst. (25p» 95 124.5). 
A N.-vtg- t25p) 94® 4 (25«f6) 

Barraft Do*. (I Dpi 104® 9 
Barrow Hepburn Grp. <2Sp) 31®. 7.7SK 
Pf. 66 5-4 >23(5). l^pcLn. 8®ij® 

Bassett <G>».) HldOs. «Spl 13B 7 '2 ‘*<•5) 
Bath Portland Grp. (25a) KS 
Bj tiers Yorkshire OOP) 50 (23(5). 10 k 
PI TOO C22;5I 

Beattie (James) A Res.-ws- (25o) 106® 7® 
Boeaer (C. H.l (Hidos.) (10P» 54 
Beckman 1A.1 UOpi 70ij® 7ff „ 

Beech am Group iZSnl 636® 2® 4® 5® SO 
5 90 4B a: 53. bKUnsac.Ln. 700 
LIS St. SpcUnsec.Ln. 248 (24; 5 < 

Beech wood Construction (Hldas.) (1 Op) 23k 

Be lam Group <10p> 66 3 J 
Bern rose Gpn. i2Sp< 66 OL®, _ 
Benfcrc Concrete Machinery Cl Op) 47 
Henri Bros. (25P> 62 (23.5) 

Ben tails ilOpi 34 

Berger Jenson Nicholson lOpcUnsec.Ln. 93 
Be^rorjl IS. W.l 125 pi 132® 28® 30 2 

Berwick’ Timpo C25P1 51. SlaPcPf. 35 

cast 

Best May tlOp) 56 i2A5) 

Uestooell riipi 167 4 (2&5) 

Bestwood irSni 1550 
Sevan <u. F.i (Hldgs.) tSp) 17®. Doc 
Unsec.Ln. 72 bO 
Blbby <J.l Sons 229® 

Bifurcated Eng no. >45pi 47 >a C22.’5' 

Blllam tl.) (lupi 46 

Birmld Qualcast I2bpi 63® 2 5® 2: ij 

Bishop's Stores A I25pi 150 (23,5' 

Black bdglngton (50p) 10B 10 
Black Arrow Group i50pi 33 (U 151 
black rPeier) Hldgs. <25 pj 135® 

Blackman Conrad (2 (ipi 156® IS (25.'5i 
Blackwood Hodge aspi Bb'; 61; 9 i25 5< 
B^ckwood Morton Sons iHIdULt C25 pi 270 

Biagaen Noakes 1 HldOs. 1 <25p) 229 <24. 5 > 
Blackleys boePt. 20 (25,S' 

Bluebird CaMectloncry Hldgs. (25pi IBS® 
Biuemei Bras. i25pi SB i22,'5) 

Blundell- Per mogliie Hldgs. i25pl 66® 5ii 
Bod yea te Internal!. <25pi El (Z3.5) 

Bbiton Textile MHI U»P> 1(H« rum 
Bond Street Fabrics flop) 33 
Booker McConnell Qdi 249® SO 

!&%£ tens: ts w, 

3#90 *-‘6. 76K 
Barth wick (Thonvuj Sans (50pl 5B® 6:«: 
Bmrnon (WUVam) Group tlOp) 21'; 1 

Bourne HoHingswortfi (25p) TOO® 

Bowafer Conm. 1»5® 3® 1 2 90 h. 5':K 

a.C: * ««■ » 

RSKl.’WSTa tKS; “ 121 s ' 

Braby Leslie (IOpi 97 

Mli, 'STcw?’ “ “ s,s, ■ A ° rt - 

Braham Millar Group OOP) 39® 

Braid Group CSoi 44 1; <23(6, 

Braithwalte Engineers 132 (44/5) 

Brammer (HJ (20p) 132 5 
Bremner (25pl 49 51 (23(5r 
Brent Chemicals intN. MOp) 162 U3 5). 
New Ord. (10 p) 1«2»m. (C5 ,Si 


26ia 

tl&J 


19 


8>s 


17=: 


CANALS & DOCKS (2) 

Deck Rlwy. 6'aPCDb. 

5 PC Pf. 40); 


64'j 


Frlus! owe 
>25 S> 

M.inencjier Ship Canal SpePf. 40 1; lij 
>23 S< 

M«.rv:y Docks Harbour Com. Units li':L 
6'incDb. 44 <23 51. 6LpcDb. 43 5 

123 5) 3 ,PcDb. 19: 

Milford Decks 30 2 ,23 5) 

N<-.r:*i East Coast Sh'orepairers 6>;pcPf- 

33': 

A— B 

COMMERCLVL (3^505) 

A.A.H. <25p1 100'. >25(51 
A.B. Electronic Products >25P) 115® 15 17 
AGB Research <IOpl 90 89 : 8 
A P.V. Mloos. <50 bi 2123 >25.'5<. 5.25k 

Pf. 57 >22.-S». 10 <P(Ln. 160 i24;S) 

Airowon Bros. <10pi 61® S 

Abbey Panels <2SP) 55 >22/5) 

Abcrcom Invests. <R0.30J 101 <22(5) 
Aterdecn Construction <25p) 94® 4 
Acrow <25pj 109 <24.-51. A <2501 80® 
3t 2 1 3 BO. 7';pcBDb. 70. BKPtlv. 
Cm-.Ln. 70 .22.51 

Adda, International ilOp) 43 < : ® 4 3'* 3 

Advance Laundries ilOp< 26 <24 5i 
Adwest >2 Sd 1 256. 10 :KLn. 164 .24(5) 

Alms i20p< 53 2 ;. Warrants 10 >2515). 
7 •p.:Ln. S' 1 - <25'51 

Albright Wilson I25PI 1640 Z 3 1 9S 
14 s 59). SKPf. 65. TiiPCDb- 68i; 

Alcan Aluminium <U.K.1 9pcLn. 155:> 
*25/51 

Aioanders Hldgs. i5D) TB® 19. SifKPf 


Brent Walker >5p) S3 u23iS) 

Bnckhouse Dudley MOpi 37® 

Bridgend Processes CSpi i.l 

Brldon (25 pt 99 f» lQ2Q 2 3 1. lOVpcDb. 

BOli. CiacUns.Ln. 491. <74 '5) 
Bridoort-Gundiy (Hldgs.) uZOpi 36® (E5*S) 
Bright (John) Group Q5pl 32:^» (25iSt 
Brlgray Group (5pl 96® 
ln«o{ |»en "g Post C25o) 122 023#5) 
Bristol Stadium (6pi 12t? (24/S) 

Brtmh Aluminium 585® 600:0 (25(5) 
Bridsh-American Tobacco 5pcP1. 41 1; 

<Z2;S). 7pcUns.t)i. 7B# 

Brit. Amer. Tobacco Invests. 10>3>ctlns. 
_Ln. B4li L. O^tpcUns-Ln. 162 60 (SSI’S* 
BntJs/i Benail Carbonising [dOoi 20 
British C«r Auction Grp. IlOp) 48 9 
British Dredging <25p) 34 
Brit.^ Elect. Tract. Dfd- C25p> 107® 5 7 

British Edit a ton iSSp) IS® 14 (25/5) 
British Home Stores (25b) 201® 196 7 
4. 4pcPl. 64 (23/5). S';ptt3b. 55®. 7la« 
Db. 64 *:® 

British Leyland (50p) 201® 2: 20: 
British Leylanp Motor Coro. EpcLn. 
39 ijS® 401;. 7ljpcLn. 52h« 2L SpcLn. 
52':®. 7UpcLn. 54*:I 3: 

British Mohair Spinners (2Sp) 47 Ij 
British Priming Corp. fZ5p| 52'^tl 1*2® 
I;:® 3. 4.2PCCumPf. 42 >i (23(5). SJJK 
Ln. 64 (24/51 

Brittsh Shoe Corn. Gi2PcPf. 52 (23:5). 
7K Ln. 631, 

British Steam Specialities Grp. <20p) 87 
(2 5: 5) 

British Sugar Corp. (50p) 113 
British Syphon Industries C20pl 55 6 

British Tar Products (IDp) 60 SS':; 
British Vending Industries IlOp) 30': 
(25 51 

British Vim (25pj 85 (25/51. New (25p) 
86 ® 

Brittains <25p) 27': 

Brockhouse (Z5p) 70® 

Brocks Grp. or Cos. *10P) 70 
Broken H*1l Prop. 15A2* 625*1 35® 4B 5 
Bronx Eng- Hldgs- »'10*>1 3D: (22/5) 
Brook Street Bureau of Mayfair (10 p) 69 
Brooke Bond UcWg *ZSpt 45 *; 41*. S'rK 
Ln. 41 h 125)5*. 7ncLn. 52':. 7 '<PcLn. 60; 
Brobku Toe l Eng. (Hldgs.) rzspi 37 
Brown Jackson i20p> BS 123/ 5 > 

Brown Boverl Kent C25p) 590 8',® I; B. 

New (25») S9‘.-ffl ) . 

Brown Bros. (IOpi 26>j® >; LJ 6 7h 
Brown (J.) 3S8® S. ShiKLn. 42<: (22,5) 
Brunnlng Grp. Rest. Vlg. *25pi 64 (25/5). 
BpcLn, 51 <23)51 

Bruntona (Musselburgh) (25o) 103 r23'5) 
Bryant Hldgs. i25P) 56® 2:® '»t® 50 

Bulgln (A. F.) C5n* 20®. Do. A (5p) 
2&<:® 40 9 
8 ul rough i20p) 142® 

Bulrmcr and Lumb iHldgs-) (2Do! 54 2>: 
9unzl Puln and Paper (2Sp) 97 
Suren Dean (25p) 7B® 6 
Burodene Invsts. (So) it>::a 
Burns Anderson OOpi 39®. 1 1 oc Ln. BBh 
(24.5) 

Burrell iSp) 10*: *< 

Burroughs Machines 5>:PCLn. IOI (25 5) 
Burton Grp. <50o) 120®. Do. Warrants 
==*>,§, §5 S). 7ocLn. 69 .®. gtincLn. 

Butlin's 6':Kls:Db. 70', (25 Si 
Burterilelo Harvey (2 So) 5*<'; 122 <5J 

C— D 

CH Industrials IlOpi 34® 

Ujlc.um Grp. <5o) 73 


93® 3 4 2. 7»4tcPf. 547®. QlzPCLn. 
74:® 

Comet RatUovlslqn Services (SR) 1M# 
Camp Air i25p, 96>rf) S __ _ 

Compton (J .*. Webb (Hldps.) (20PI 36® 5 
Concentric: [IOpi 39® 7»:« I2SJSJ 
Continuous Stationery (10 b) 37 (25<5) 
Cook iWIIm.) (Sheffieid) (20p) 26* 

Cooper 1 Frederick] (Hldgs.) 

Cmg Indust. (1 Op) IB'.® 19'j: 

Cope Allman Intnl. (So) 60® 59 
05/5). 7I2KLH. 77'j® 

Copvdea (IDp) 30 (25/3) 

Corah <Z5p) 36 <3 

Coral Leisure Grp. <1 Op) 1D7 3 9 D'a 
Corncrcroft h'vpePf- (SOP) 22® 

Cosalt (25 p) 8 5 ‘a. 10-SpePf. 102»a 
122)5). lOpcLn. 69)4® 70® (25/5) 

Costa I a (Richard) >7 So) 2880 90 
Courtaulds (25b) 127® 6T® 5 6 4 3 4I-. 
7KDb. 72 h®. 7VipcDb. 66>:. 5>2KLn. 
45': *22/5). 6bKLn. 52>Ub. 7'iPCLr*. 5B 
Courts FFuraishersl <25o) 101 tZ4/5i. 

N.V. A CZSpl 99t 
Cowan de Groot ilOp) GO 
Cowle CT.) (So) 42 
Cray Electronka <10p) 23 (25/5) 

Crest Nicholson (I Op) 83 

Croda Infnl. HOP) 49® 502® *;t« 50 

CronltC Grp- >25p* 34 

Crosby House Grp- ISO 3 4 (23/5) 

Crosby Spring Interiors <10o) 17'* i MS' 
Crosslcy Building Prods. >250) 65 423/5) 
Crouch iDereki (Contract orsi i20p> 88 
Crouch Grp- *25 d) 70 r22<5) 

Crown House (25p< 53 1, (24/5). 7tzpeP1. 
520 

Crawl her (John Edward) iHIdgs.l S'snePf. 

CnrataLate ’iHIdgs.) (5 p* 25 <2SI5i 
C ullen's Stores (20pl 105 t25/5). N.V. A 

Culte’r Guard Bridge Hldgs. C25P) 

125/5) 

Currys (ZSp) 201 ... . . 

Customagic Manufacturing OOP) 21® 

Dale EJcctric Inter naUona) CiOp) 133® 

9® 

Danish Bacon A 112 
Dartmouth Invests. <5Pl 1BI;® 

Davies Newman Hldps. <2Sp* 129 (25)5) 
Davis I Godfrey 1 (25p> 91t;« 

Davy International i25p) 247 (25/5) 

Dawson international (ZSpi 129>:® 320 
3® A Non-Vtg- (25p) 130$ 28: 

De S La } Rue (25p) 327 32 30 5 
De Vere Hotels Restaurants I25p) 169 

Deanson (Hldgs.) OOP) 32 (24,5) 
Debennams (Z5 p> 96© 3',:® 3a 2 3'.j 
4 J Si, 1. SbpcZndDb. 79(4 (ZJ'5*. 
7'4Pc2ndDb. 61. 1 1 pell nice. Ln. 109 
Decca <25p) 460. A (25p> 443 
Delta Metal *25 d> 71':« 1® 2i® 1. 

7 lipcDb. 72>1 (24/5). lOLscDb. B4'j 
(22,5) 

Dennis (James H.) (10p) 26 (23. 51 
Dentsp'y 9pcsag.DoJlarUnsec.Ln. 81 
Deritend Stamoina (Sop) 153 (22/5) 
□esoarter Brothers (Hldgs. ■ i25p* 130 

(22(5). -5J5PCPr. 58 (22/5) 

Dewhlrst <1. J.) (Hldss.) (10p) 72® 2 
Dewhurxt Partner tlOp) 16. A No<i- 

VtB. HOP) 131; 

Dewhurst Dent (20p) 18>jO 
Diamond Stylus (IOpi 209 
Dickinson Robinson Group (25p) 118^ 
17. 7 1 4KUnsec.Ln. 63 (25)5> 

Diploma Invests. l!5pl 162 (23,6) 

Dixons Photographic (10D) 1500 
Dobson Park Industs. OOP) 93':® 2:® 
4® 3,. 41} 3 

Dcm Hldgs. (1 Op) 73® 

Dorada Hldas. <25p> 76 
Unsecd.Ln 196® 

Dowty Group iSOp* 196® 6 7. 7pc 
□owns Surgical <10p) 36 i24)5i 
D ouglas (R. M.) Hldgs. (2Spi 91 
Dowdlng Mills (5 pi 23)]® 4U® 31, 
Downing (G. H.i (50p> 212 (25/5) 
Drako^^ulJ Hldgs. <25pl 23®. 5.6KBI>f. 

Dreamland Elec. Appliances (IDp) S3 

□ ubiller (5pi 18 (23/5) 

Ductile Steels (25pi 1170 (25/5) 

Dufay BttumattJc UOpi 30 Up 30 1. New 
1 IOpi 30 U® 1 30: 

D unbee- Comoex- Mara <10pi 134® 6® 2 
Duncan (W.) Goodricke 435 (22151 
Dundonlan (20p> 48b f 22/5) 

□ unford Elliott SpcDb. 73Lffl 
Dunhlli <Ai ilOpi 355 r23/5i 

Dunlop Hldgs. iSOp) 76*:® 3 5 4 SI 41 
S'. 4'] 6. 5LpcPf. 43 '; (23)5). 4 ':k 

Db. 1972-82 B4 (25)5*. 6LpcDb. 64C 
7pcDb. 63 (22,9) SpcDb. 62'i (23(5) 
Duple Inti. (5p< 134. 

Ouport (25P) 73® 3. lOKUnsecd. 

_Lt|. 113 (25(5) 

Dura Mill (609 ■ 106 <23(5) 

Duraplpe krtl. (25p* 1041; (23-51 
Dutton- Forshaw Grp. (25pi 49 9 
Dwek Grp. [IOpi 91; U (22/5) 

D>kes <J.i CZSpl 30 03/51 

*60^24)5, J,) tZSPi 60 a3,SK A GSp> 

E— F 

E.C. Cases (IOpi 14 ^24/5^ 


5pc 

niKConv.UnsKd'. 


SO. 9k 


LfOlC.urm Grp. (5p) ia l;t 
“flau^ .aehweoces (25p) a&i; ^ 

Cal Wit (SOuT 127 122 5) 

Cakenraan Ro^ev nop* 55 4* s 02; 5). 
A (IOp) 26 S', 123,61. B<:pcLn. 60 <22 Si 
Comigrg cug, ilup) OS'lD w 

Campari UUP) 121 2 .24. 51 
Cararec (20p) 70 (23:5, 

Canning i»,.i 600 do 

ISSffWfcS 7,: “ cp ‘- «*«■ 

C 122 5 , * l# " ,,n “ l=SBj ,,B ' < 1 40CLn. 611] 

Capital County <10p] 143 
caplan Prtil l» Grp. HOD) 103 

70^70 ' ' ,0D> 69,1 71 * 



::ji'=dL :*> llu'Mr ccmmitU'Os process. 


APPOINTMENTS 


6-.bc Ln. bu:p. . 

Allied T.-xtiie i2bP> 143 (23,5) 

Aisinc Hldgs (bn< 62 

Alpine S<4| Drinks HOP' 123 (23 51 
A*irulDai>uiM Mcijl Corp, 315 Id u2. 5» 
Amalg. Power Eng. i2Sp) 131® I25'5i 
Imtif Day Hide;. OOp; 37 t24 Si 
Amber Ifld. Hld.i. (IOp* 27 _ 

Andersen 
Annl 


Carton (ZSpi 55 i23,-6) 

Carr S Mlllirg i25pi 430 

*i r oS^S9'(«'5.' 10B ' a55u N '” 
Causton i5ir J.i i25pi 18'; i33:5) 


Rank Organisation 
executive changes 

Mr. Brian Edn«*y i.t |n be takes up lho post based at i 

atiNiinU'i! lo ;hi* ni-w poxilion uf llrcntford. 'Vi*st London, on-. — 

rresuica:, R::nl; Indiiktricv— North July 3. Mr. Crook will bu return- 1 1 1 ?J'|f Ln ' 32 ’ : ^ 2 -' 5 *- 6 ' ,bcLb - 85 
vm'cicj and will be in charge of ins to the UK frnm Texas wnen? ! a»*1c. b*oi Publisher -2091 use 4 
ii! the RANK ORGANISATION'S he hns been swup operations 1 £%* M 


imDrr ina. hida iivp 1 -* _ r ibui ™ ii v 

Lnaerton Slrlthclvde (25D 55 !< <71; 8t [ 6':PCl«Pf « .32 

.nnha Teicv>s*an Go. Non V A (2 5 p) 76, ^OpcistPf. 94; 0 :j s:. 7 q),^ 

- <«- « 1 Cawwods" Hldgs' <35pi T40 <24 51 

Crjestlon InducirfM , SpJ 34 12451 
Celtic Haven .50) is; 51 


Anglo-American Aspha.t (25oi 49 
Anglo- AxirhCUi Ind. Corp. iRl* 527 
(25'5) 

An 3 lo-5w<SI HldCt- f 25o' 34 
Applevard Go. i25pi 96® 3': * 

Aqua scutum An. (Spi 3. 1*3 S*. A Ortf. 

(Bp* 35 <22, 5i 7 ':pc Pf. 63 5 (£4 5) 
Arrnwn (A. I (HFdfl*.1 (IOp* S4 (9 2* 
Aiful Pr«s HidJL 7':oc Pf. 5* (2S.S) 
Armiiage (George I0';p< 107*, 

Amiiiw Shanks Go. (2501 61 >:C 3 (75 5* 
Armstrong Equipment (IOp) 659. 

Pf. 41 (22 5* 

A-h & Van <2 Spi 123® 4 i7S'5) 

Aih Spinning <253) 44® 5 i25'5i 
Asroc Biiouf Vaiul-inurers (20ol BS: 3 6. 



Cfaipanwfs 

OrL'aniP.'ition. 


Rank Leeds., from June* ]. 

H Par-. I and Cement Mjnf 246® 9© 7 

— _ r-myh ln hecoir.u Mr. A. fl. Wassail has been: frf.s,** 30 - r - : 51 'o«-cOb. sis, 
Mr. Cfthn Croo Rank appointed nianayinc director or ,:c ^ 3 - : 

»KS? l:,dS r 5 . tffSnBESlNa. TR-.V— » - 


<2501 :09O' 


Hess SpsRff® 

37™6“ J 7 l,,a ' :,, ' rina l10 = r N*w 

C rzfsr f ,S0B, = w - «»««. id®*, 

Chun beri sin Gru. i25o) 441.* 

f; ! .« 3 125.51 

l*!5?t.25 r S9 3 , i aw “'' , ® » as:s '- 

Chinnel Tunnel Invest, ren) 5n 
Ch«nw Cr °"c T0, 'KLn. BOlj 
riiSV 51 ". 68 7 (23.5? 

Chnrn^. f n r . 0- ,25o) 107® 7 

c^i^™ n V o ' ,0p ’ 100 

a?;SSS, k£*?7 4 * ,a3 ' s, 

Ciijrch f25ui 164 '21 SI 

t,tv Hotels Grp f20si 122 7Z53' 

Cla» m^hirni r2S"i 7D:» 1 
Clittnrd‘9 Dairies ^Z50l 47 

[3 5p> bo® 

. -bo eg sf*:® a bo 76 
c™tt”p.5> 5 n"’ |5P)^S>'0 <11% 
pi -l K/^SpV liiS 5 ^- 63:; ° 

cmuum < Paimahv* (3US1J 17’v® rss-si 

Sfi^I 9' 5kMi0 "- inswmatT |10p) 

'W<Hfamai (Hiooii a rzsol 140 
Colmaro Inv. rssoi 43:® <25.51 
C 6S , ?6 •a^/ 1001 29 t25.-Si. 7 VocLn. 
Ccmbmed English Stores Grp. (Ij:^) 


EMI (50p) 1431® 2t® 3 2 5 4 w. 
Unsecd.Ln 38®. 7 *4PcUn«cd.Ln. 

Bi]KUntecd.Ln. 68®. 8'. _ 

Ln. 96*1 

E ; R c 25pi 108 i| 7. BKUiuecd. 

_Lh> 1 76® (25/S* 

E f? 1 S*4 K . s ^.,i‘ w W5Pi 54. 7tKUlise«f. 
Lrt 67 (22, r 5l 

Eas tern Proguce (Hldgs.) (SOpi 103® 4 5. 
Wmrts 62® (25>5i 
Eastwood (J. B.i <5ni 88® 

Econa (fOp* 65 (2415' 
e.l.. Cases IOpi in U4,5i 
towards il. C.) )5p) 9 (2215) 

E bar Industrial i50p* 256 (25/5) 
fclhlef (5pi 16® 

Eleca (lap) 42 

Electrical Indl. Secs. (25 p) 46® 9 
Electrocomponents ilOp, 400 
Electrolux B <Kr.50) 23® *26:5) 

Electronic Machine i25pi 22® 

Electronic Rentals (IOp) 121® 20® 20 
| 'jolt lB.* (25p) 99® <25 5< 

I t ot t-. arDllp Fstnrbo rouOh (IOp) 18 
Ellis Everard (2Sp) 31 (23/5* 

Elln Goldstein (5 d- 23 
gll® Me Hardy (Up) 59 124/Sl 
E Ison. Robbins <25p) 87 (24'5) 

Elswlck -Hooper (Spl 21*: 
glys i Wimbledon* i25p) 147® (2551 
Empire Stares (25p) 171* 1 (25/5 1 
Ena ion Plastics (25 p) S3 iZS’S- 
Enorpy Services Electronics (IOpi 12® 11 A, 
English O'soas Invs. (IOp) 29 (24/5) 
gngleh Card Clothing <25p) B5 i22 5i 
English China Clays (25P) B1® Up 79® 
ij BO. 7ocLn. 54 1 22/5) 

English Electric S' ; pcDb. 1979-84 76 

TO 4 ' 51 ' 6pcDh ' 73 >2215). 7pcDb. 69® 

Eplaira HldK. (5p) 13® 

Erl lb (2bo) 85 (24/5 < 

Esmark -SU5H 24U I24,'5i 

Esjerania Trade Transport ri2i;p) 140 1 

European Ferries i25p* 119® 19 18 i* 16 
Eurotherm Internatl. (IOp) 149 7 Sf 48 
.50 2 

Eva inds. r25p) 88 

Ever Ready /25pl 148® 5 6 U 8 

Eveced '25pi 16 

Evode Hldas. (20p< 360 

Ewer <Gco.) (IOp* Z9*< (2Z'51 

Evcil.bur Jewellery i5p* 17® f25/Sl 

Exchange Telegraph (750 1 IOI 5 3 

Execute? Clothes *20p) 27 r25.'5* 

Expanded Metal >25pi 67 is 

FPA Construction Group (25p) 169 141;® 
*6 

Falrbairn Lawson i25p) 56>;9 89 G 
Fair Clough Construciion Grew *2Spi 73 2 

>22l5' 

Fal>-vlcw Estates HOP) 114 
Farm Feed HUMS. (25oi 40 (22,51 
Farncil Electronics (20a< 265':;® a rJ5'5l 
Fob Intnl, ilOpi 24 i25(5i. A < 10p> 22': 
.23' 5* 

Fccoex (IOpi 31® r2S'5l 

Fenner (J. H.i , Hldgs. 1 i25p* 135 <25.'5i 

Ferguson Indstf, Hugs. T25pi 107 

Ferry Pickering Group ilOoi 740 

Fcrttctnan (B.i Sons i'20pi 30 

Fkle:l:, Rad*o <10n< 78 

Flic Fors? -2501 50 •; 

F,ndlar (Andrew R.* Group .'25o, 31 30 
Fine Art Developments >5P| 48*4® <:® 

F nlai* H'Vgs. -50 di 115 (22(5> 

Fin a» ijamcsi ,50pi 337 124.5. 

Finlj; Paclajlng (Spl 23 - 
Firth CG. Ml (Melals, ,10o, 26 : 25)5* 

F Isons 357 M. 5«i0c 43® 

Fl.-c.t La-ail <20 p) 65® 1 60. 7<jpcLn. 

F,':*.l:« i25o, 45 :23/5i 
FIMM RefudHng iHidas.i (25o* 126 S 

Ftrur Corporallon OJ-S.SO.62i £31*-® 
Fodrns V&Op* 58® 7 

E*«!jy <E-i <2Soi 193. 1 0'jocPf. 109 

Bfrkes (Jbhni Hefo *'5p) 23 <25/5*. Non- 

•rfl. '331 240 

Ford kdnl. GpcLn. BBS l : (Z6/5*. 7 'ypcUi. 
109 8'; 

Ford Motor 'U.SJ21 395W L 
Forrt'nStw^MOpi 148® i25,5*. lOocPf. 

Forte ‘H.dgj. 7.7ocDb. 70> (25/5) 

Forward Technoio9v Inds. [58oi 113® 

Foseco Mmteo :2Spi 156® 

Foster Brothers CloUring <25pi 10929 
Foster (Joiinl S=n ,25p* 31 (2315). 9 k 
L n. 62 <23 5) 

Folhenpll Harvey (25ol 930 3 (25/51 
Francis inducts, i25p! 66® 

Francis Parker (IOp) IZij 12 11L 22/5) 
Freemans 'London SW9) <2So) 318® 23® 
^ 4 6 20 (25/SJ. 7pcDb. 66':? V 

French Kicr HldOs. t£5p) 31® 29 1; 30 *;* 


G— H 

CEC-Elllotl- Automation 6>riKDb. B1-B6 
77': I21.5J 

“El Interoational 12 OpJ 75 

«.R. iSOpi 450 

Galiiiord Brindley C50* 57 

Gar.on Erglncering (JOp) 86 (2Z'5) 

Oweral Electric Ccrnpany Shs. at Com. 

SU5Z.5CI SH:‘4 125)51 

General Electric *25p! 237® 50:® 611* 
Sbt® 5® 7 a 4 S 3( 6 2t- 6pcUns.Ln. 
76-81 B5I;®. SocUns.Ln. 78 V (25 5). 
7<40cUns.Ln. 64 (24.5). Flo atin g Rate 
Uns. Capital Notes lOOi® 100® A* 1 
General Electric Overseas Capital 5'*e 
Sto. “DoJIs rCnv.Grd.L n. 95 <25151 
General Engineering (IOp) 19 (24/S* 
Gencnl Motors itUSli JUS59U® 

Gestetner Hldgs. a Ord. (25o* isa (25)51. 
A Ord. CmL t25P) 1911®. lOpcCnv. 
JJns.Ln. 125 6 (23)5) 

Gibbons Dudley (25 p) 80® (25'5* 

G) boons rstaniev) Intnl. r25oi 172 (2A5) 
G*hbs and Dandy lOo) 35 B i22.‘5) 
Gtevw Groun <25pJ 68 (25/5) 

©'I and DuOns Gtoud (25P) 264® 7® 7 4 
Gilt spur (IDp) 64 2': 

Glass and Moral Hldgs (Idol 70 i25'5) 
Glaxo Group fiijocUns.Ln. iSOrn 78 '23(5). 
7J,peU«S.L«. fSOe) 31’;® ‘25 5) 

Glaxo Hldgs. 'Mol SHS® 2 1® 78 83. 

Ti.peCnv Unj.Ln. 121® (2515) 

Own ^M. J.l (Contractors) ’IOp) 44i;9 

dlossoo ,<W. and J.I (35pl 61 2 (24IS) 
Giynwed (25 p> 111*:® )2 9'; 10': B*:. 

1 OAiKUnsec.Ln. B2>; 124)5). 6peUnSK. 
Ln. 69 ‘22.5* 

Photographic Prods. (IOpi 42® 

Goldberg (A.i Sons (ZSpi 69 8>: 

Goldman <H.i G« <10 p) 21 <r® 

Ggrnme Hldgs. (25p) 73® 68 9 70 

,| ro *i StMkman <5p< 11': (Z3iSI 
Goodwin (R , Sons lEng.) *)0 di 9 (22I5i 
Goodyear Tyre Rubber 4 1 ,peDeb. 8 b>- 


Granadi Grp. A <25p> tOOlj* 2«s 1«a 100 

GraMl Met (50ni 1131® 1S1® 14I-® 14© 
ID: 11 11 10 ij 12 13*i 1 2J: 14. Wrnts. 
sub 1-5625 11 (25/5>. 6'<PCPf. 50*1 
(22;5). BUKUnsee-Ln. 9b«a t2«/S>. 9Woc 
Unsec-Ln. 99 (25/5». lOKUnsec.U). 79® 

Grattan Warehouses f25n» TZf 20 
Groat Universal Stores l25p) 2BS u.2/5). 
A (25P) 272 6 4 70. 5JWKUns«.Ln. 40 
■22/5'. 6JjpcUnsec.Ln 45 1; (24(5). 6l»pc 
UincCXn. 601* 6 C2i)5i 
Greacermans Stores A (R0.50) ^fl® 
Greenfield Mllletts IlOp) S2ii (74)5) 
Greens Economiser Grp. i-Sji 640 (2515) 
Group Lotus Car (TOpl 4B1® B 9': 
Guest Keen Ncttrefokli 2S9® 71® 70® 
64 21® 7 3 5 Z B. 6 £pc Unsec.Ln. 58 
124/5'. 66KUnsec.Ln. 82 __ 

Guest Keen NcKJcfolds ‘UKi 6'jd<peb. 89 
(25.5*. 7'ipcDb. 72 UO- 10ia*cDeb. 87';® 

H-A.T. Group rfOp) 321; 

H.T.V. Group Non-Vtg. (25p) 112 

Ha den Carrier (25p) 96>;« 6 4>i 

Haggas ij.) (IOpi 98 (23/5 1 

Hail Engg. ‘Hrogs.i roOpl B8 

Hall fM.i aspi 219® 18 16 

Ha I lam. sie.gh Cheston (IOp) 27 C22/5). 

7 pc Pi 44': (23,5) 

Halma nop) 59 l24.'5> 

Halsretd (James) iFfldgs.) OOp} IB® 
(25(51 

Hampton 1 "dusts. (5o> 120 
Hanger Invests, (top) 40':® 1 
Hanson Tst- i25p) 144 6 5. 6'yjctlnsec. 
Ln. 87*: (24,5) 

Hardy Co. Turnlshcrs) l25o) 32 (23.5) 
Hargreaves Group <20p) 57 6. 10'ri>c0b. 

b3 

Harris Sheldon Group (25p) 591® GO 
sa 7 

Harris (Philip. (Hldgs. UOp) H (24.6). 

epcPf. 47 I22'5) 

Harrison Of. C) i2Sp) 1200 
Harrison Crash el d £4AO At 490p £4L« m . 
6l;ocPf. 5(7li® 

Hirtie Machinery Intnl. (25o) 22 Q3(5] 
HartwtHIs Group (25p) 991® 103 
Hawker Sladeley Group (25p) 218® 16 

Hawk ilis TJp'soi? ^ ' = ' 24 '' 5> 

LMl,e SOp) TO ® 

Hay iHornian) ilOpi 49t 6 
Hea Son Hldfli. £11® is® qs/s) 

Helena London <1 Op) igi. ?.. l2pcPf 1BO 
"Ster* WJ (HltfSfS.J I2SPJ 1 52 

Ne**oerson (P. C ) Group <10p) 73 ct2J 5) 
A Non-Vtg. a Op) 75 (23/5) 

Henderson- Kenton i Zdp) 79 15x15) 

“SSEuPUi ,2J w « 

Hennques (A.) nop) 

HcnsKII (W.) (100* 270 5 4Vt l- 
Hepworth Ceramic Hldss. <25pi B6i^i 512 

Heoworth U.' UOp) 60i> (23)5) 

Herman Smith ilOpi gj, 

h ?m® s S£ai Uw " zo ,2 - ,0 * La 

Hestalr (Zbpi 17 

pSWSJSPAPSiKB* 

96 190,1 "■ 

HIcklDg Pentecost iSOpi 54 (2315) 
H ^‘5i2 ,, 1y l 5'5 k: ^a« f> U OBS ■ , 1 SDR) 221® 3* 

■ J .T°_ 17 ** 12 ® 2S® 19® 2) 7 71 

Wield Bros. (5p) T1* 4 (2Sr5i * 

Higgs Hill (25 pi 79®. apcLn. 73® 

W'flhams t25oi 5211 i25I5i 

H t23^l) d EU!etronl “ tri*- (20m 26*: 

H.jl smith asp* 63 

Hillards 1 IOpi 234.® 4 40 

Hiltons Footwear (20p> 93® 3 

Hinton (Amos* <10pi 88 

Hirst AAallinson (20 pi 35 

Hocroft Trust 6 kP|. 37ii <22/5) 

HOKhlt (DM501 SUS63.65® 

HoguBR (S.) <25p* 880. 1 2pcLn. 991; 

WollM Gp. l5pi 57 <22/5i 
Hollies Bros i25pi 630 
Ho,t Lloyd Intnl. (IOp) 160, 1 
Homo Charm rtopi 160*, 

ter» C y°?2 n £? 4 3 e * WPE ' ri ' 2S,rt 71 ® 

Honeywell iSUSI.50' IU558 (23, Si 
Hoorer (25pl 320 (23,’Sl. A i2Spt 323® 
Hopkinsani Hldgs. iSOp* 101 2<* 2 ® 

Horizon MWands fSpi 99i 3 (25/5*. New 
«SP1 »8': 9 6- New iSp) 26 pm 

Honie Bras. 7ku*cL*i. 59 (22/5* 

Hoskins and Horton (20p, 166® 

Ln^efi Fr4# * r C2SW 144 ® 4 3 1. aiipc 
House of LefOM (2Sp) 55® 

H overt ngtMm Grp. (25*) 755® 80. 

Restricted Vtg. r25p) 701® 1 2 

HE Ssa£ m ifl%ias. 

Howard Tenem' Servl^tzlp) 30® 

Howden Grp. (2Sp) 59 (22 5) 

Hudson’s Bay 13»*t« i>, # u,«* 

Hulett's Corp. (R11 113 

Hunt and Mosctop (Middleton) (Sp) 27 


Financial Times Saturday May 27 1978 

Ransomc HpEmaMMIw® OM SSV* » 
Ransomes Sims JOflKJM l 55 £S/5} . 

Ratdiffe (F. S.) Indust. 69,125/ 5)_ 


McBride (Wobert) JMWdieton) MW/ 
McCleery L'Amle Grp- C2»J -15 (2A6) 
McCorouodiie Z70® 2 (26^) 

Macfarlane Gr*. (OanSman) (2SP> 68 

M fertile (2501 88. lOPCLh- 88 (22-61 
MacktoloSh UOhn* 4>sKPf. 3b (22-5). 

M 6 aSatoi 5 iP?jj8 .w.) aw 1 =1 .aw w 

Mac Phonon (OomWi Gr». 7'vpcLa. 57i* 
Magnet. Southerns (Z&to l ' -»® 7* 2Di 
Maiiiftsori-Demiv (2SP* 48*^® •: 
Maiuoamont Agency and ( 1&pl 74 

Manchestar Garages (IOpi 3S'b» 

assi"'®*' 2 ®.”™. n > 

Mapta (Hlm»-l‘uogl I 18WJ '1| 1*8 
Marchwiel Hl«s. t25P' 7920 6*2 
Marks and Spencer US9I T44* 6*® 59 
21-6 3':® 2t® 3 2 31; 40 I 4 40: 
Marlcv (25P) 810 
Marling ind. (10 r> 23': 4 
Marshall Cavendish t'Clp) 50 
Marshall (DiomaSi (2 Sri 43® (25/5). A 
Non V (ZSp) 47';® <2S/S> 

Marshalls (Halifax) I25P* 98 Is (22/51 
Martin-Black (250) 54, (*3J» , 

Marronalr InumattofMl (*Op; 18® U 

Massov-Ferouson 930® (25/S) 

Matthews (Bernard* CZSpi 135 2,30 
May & Hassell (2So) 66 (Z5|5). 9 Lk Db. 
79® 

Maynards 12 5 b) 131 (2415) 

Mcars Bros. Hides (2Sp* 19® 20'riP 1® 
Meat Trade Sup. (25p* 78® . 

Melllns (Sp) Gi : :«. 10K Pf. (25p) 16M) 

Melville. DundK Whitson U5p> 3S (22/5) 
Mcntmorc Manufacturing OP) 14 
Menslcs (John) 'Holdings) (25pr 165® 
Mclai Box 302 1 6 301). 10>:pcLn. S2',« 
Metal Closures Group (Z5p) 94':®. 6 k 
D eb. 69 ii '■ (Z3)5j 
Metalrox (Holdings) 45® 

Mettoy r25p< 54® 5 4'r 4 6 
Merer (Montague L.) (25p) 82* 5® 4® 
A 3. 7>riicLn. 72** (24/51 
Midland Educational (50 b) 91 (22'5) 
Midland Industries iSo) 44 
Miller tF.i (Textiles) (IOpi 45 >- |24>5) 
Mining Supplies (IOp) 76 <22, 5i ' 
Mitchell Cous Go. 1250) 42 i25.'6) 
MjtohMl Cotta Transport (25p) 75 7 

Mitchell. Somers - - _ 

Mlxconcrete (Hofdlngsi ,25pi 

Mole iM.l Son i20o> 32 QA)5i 
Molfns *25p) 135® 5 (25/5) 

Monk (A.) (2 Spl 94 
Monsanto 5pcStlg.iDatlarCamr.La 124 
Montfort (Knitting Mills) (25P) 56 (23,'5) 
Montgomerie 7pcln. 684 9‘t ; 

Monument Securities nap) Cl;® 

Morgan Crucible (ZSn) 110® 

Morgan Edwards (1Dp> 45 las'S) 

Morris Blakev Wall Papers f2So> 5B 
Mo^rwjglWm.) HOP. 78. Do. New UOpi 

Moss Bros. (2 Op] 119® 21 X 
Mass Eng'g r25pi 709 
Mothercare MQo) 160 2 
Mount Chariatto Invs. (IOp) la® 18 h: 

Mowiem 'John' (25 p* 115® 11 
Mulrhexd <25o) 180 7B 
Mydd (ptai* Hotels (50p) 228 (23J51. Wts. 
115 20 

Myson (IOp) 650 


New CIO** 


■ IOP* 64 125*5) 

■PI. 65 (23, S) 


NCR^Ltd. 4 pc Ln. 80 (25,5). 81 : pcLn. 65U 

N55 Newsagents HOP) 116 >22f5) 

Nash (J. F.i Secs. r25p) 114 1st 
Natl. Carbonising (IOpi 460 (25,51 
Neeosend l25p) 44® 3>; 

Negrettl Zambra <25p) 84 2 1 


Neil f |F*Ker HOP) 101 6 B. 


BpcLn- 65 


1221 -. 

Neill (James) (25 p) 94® 4 3 
Nelson David <Sp> 9U <23,5) 

Newarthi'll 147 
Newbold Burton <25p' 48 
Newev 52 *25/5 > 

Newman Inds. i25di 90*;® 87';® goi. 90. 
lOtxPt. 104 (23,5'. lOi.-pcLn. 70JO 
(25)5) 

Newman-Tonks I25p) 60® 59 
News Internatl. r25p> 236 3 30 (23 5'. 
7'jocDb. 70 <24)5* 

Norcros (2Snl 88® 7':®. 7>.pcLn. 78b 
(23 51. 14pcLn. 104'riB >25.5) 

Norfolk Capital (5 p> 58 
Narmand EleCU. >20pt 46 (23/Si 
Norsk Hydro (N.Kr.80) SU534® 

North British Steel l25pl 3? <22,51 
North (M. F.I >10 p) 49 (23/5) 

Northern Engineering Inds. >25oi ill 10 
b. E.ZSpcFf. 95 (».‘6'. B'spcLn. GR '. 
(25/S) 

Northern Foods <25 pi 68® 9. G.ZSocUi- 

1051.® 7® 

Norton Wright Group UOpi 183 <22J5* 
Norric Secnrit/es (IOpi 181; 

Norwest Holst <25p> 94. TocLn. 76 
(22/51 

Nottingham Bnrk <50p) 26Z 7S (23*51 
NEttfngbam Mrri. :2Soi 128® 3: 6<« 

Nova 'Jersey' Knit (TSoi 40 
Nurdln Peaccck iIOpi 79 
Nu-Swift Inds. (5p> 25); iU<Sl 

OK Bazaars H929* (HO.SQi U.S.SJ.200 
3S7p® 

Ocean Wilsons 'Hldgs! (20oi 95: <25 S> 
Ofrex Group CIO pi 113 (Z5'5> 

Old Swan Hotel (Harrogate* *10 p< 49 50 
■23f5) 

Oliver (George 1 ! (Footwear* (25pi 47 

*25/51. A non-vtg. -25P) 50® 

Olives Paper MKI /2t>*< 36 
Orme Developments (IOp) 48 ij 9!. 9 k 
L n. BS (25.5> 

Osborn (Samuel! <25 p> 93 
Oveostone Invests. 'R0.12';i 24 (25)41 
Owen Owen 7i,-*eLn. SB i22.'5i 
Oxley Printing Group i2Sp> S3 (22'5) 


>24/5) 

Hunting Associated Industrie! US*) 230® 

HurrUehlh Grp. (IOp) 102ij 
Hyman (1. and J. (5p) 370 7 

W— K 

I CL 292 5 3 4. 6pcDb. 197S-B0 871- A< 
UAI-I. dUPCDD. Dtok 1^5)3, 

I6>‘ *4SP) bu •; 9. 7upCLfl. 1986-91 65 

lovta.K Jobnien ;25 pj 165 
Id.ngworin M-rr.s iJOpj 31 (24.5). A 
ibuo-vtg.) uupi jj <£h. 5). bi^xPr. 

Imesco Class A Cnv. 24 <25)5) 

I II, son 11 Cfleutical Indusincs J70® Bjdi 
40 80 &0i® 6;<a 73^ Sov 7% 

1 m 3® I ;® a s b j 4; , 2; ... si, pc 

Ln. 46t«. 7 UPCLn. 65 U «»■*. BpcLn. 
*9Ai 70U 70. 10>4 PCL*i. B7 <24;5J 

imporlai urp. (25p) ol® 7S<; a ,- s. 
*KLn. db ;®. 5*4KLn. 7i« <24/5,. 

6.9pcLn. S2U® <24,5/. 7.5pcLn. o6l- 

U.a.al. 10-oPCLn. b0=:. BpcLn. 71-,; 2 
Into Class A !4J M 
Ingram ,H.) ilOp) 37 

Initial Servicia <25p) 75® 5 4>jt *25/5). 
opcLn. do i Z2l5i 

International _ Business Machines <SUS5j 
2 1 5-; a >25/5 1 

International Haint i25p) 70® 69® 74 

I pier national Standard Electric 5:y»cLn. 
741*0 

Interiutionar Timber <2 Sp) 123.-0 2 
Inveresk <SOd) 73 *s. 4.iptW. 461. 

4.2pc2ndPf. 10::. 7'^cLn. o4® >25)5* 

JA. Hlcgs. i5p) 67® B 
Jacks iW.) <25pj 27 1- *22/5) 

J u!35 n <ik)i; a H - 6 -' ,Sp ' i7 ®- 10BCP, • 

Jacksons Bourne End >25p) 70 
James ij./ <25p* 4&' : 6 

James <M.l <2ap, 14 u 

Jameson Lhocoiaccs <10p) 63 < 25,5) 

Jarv.S -j.) ,2Sp> 178® ' 

Jemlaue Hlags. <25p, 259 
Jessups iHlogs.j ilupj 43^ tZ5)5J 
Johnson Barns <1Z'-pi 9:o 12 
Johnson Firut Brown iZ5p; 65. lOpcLn. 

>24/5). DpcLn. 82 125)51 
Johnson Cleaners >25pi 94i.it, 7® 4; 3 
Johnson Manhey 430 <23/5) 3 

Johnson^Richards *H. and R.) Tiles <25p) 

Jones <A.j 38 (23 S) 

is 1 ^? ; 2 E r 5 1- iconrraaoraj [TOo, 14*rf» 
Jouroan (Tnomas* (IOp* 390 (25 5) 
K 7O<1 0, (Z2 Z 5 S . Dl 7 70 66 9 ' B ‘s* cDb ' 

Kakuxi 95 *24 5) 

Kalamazoo <1 Op/ 30 

. B 2 n,,lsr 6 k W. 44® (25/51 
KCiset Industries i25p) 101 ^3-S) 


Parker Knoll A non -vtg. <25p' 105 (22A5) 
Parker Timber Group (2Spi 10O® 100 
Parkland Textile (Hldgs.) <25pi a3 (23.'5c 
A (25*> 76,': 

Paterson Zochonls (IOpi 180. A nan- vtg. 
no*) 176 <23 '5l. 1 OpcPI. 1051.’ (2S/5i 

Pauls Whites .250, 124® 3® 3 4 2U 
Paws on < W. L.! Son rspi 41® 

Pearson Longman <25pJ 194- 8pcLn. 65'* 
<23/5) 

Pearson IS.) «2 Sp) 209. 9ocLn. 91®. 

ID'^KLl). 1993-99 97 .24(5/ 

Peerage of Birmingham UOp) 38® 
"'egler-Hattersley i25p) 174. 7*cLn. 78 
124,5) 

Pennine Motor UOp) E>* Ski 6 
Pentland <10o) 19® 

PefltM <10p) S2>0 BO 79 82 4 3. 

4"rKPI. 29®. f5KLn. 134 

B rkin-Eimer JpcLn. 83 >• <£5.'5> 

rry <H ) Motors <2 Sp) i09 11 <23/5) 
Pet bow Hldas. 'IOp) 203 
Peters Stores i’Op) 42 
"etrocon H2>»o) 70* 

Philips Finance S‘*r>cLn. Si:, <24/5) 

- M0} oa7# 


■ N.V.) iFI.' 


Phi/iDs' Lamps Hltg. 

Phiffips Patents "iHtegs.) <25n) 14® <23/5) 
Phoenix Timber OSp) 167 
Phd'.ax iLcndon) >25p) 37 <23, '5) 

Plleo Hldgs^ A <20pl 87 <24/5) 


PHLington Brothers '4B2®. 78" S' 


9<:pcPf. 96i; 


Q5<5) 

}5*rdqn JLulsi Grp. ( lOol 24 (2S.'5) 
«2”*5 5 rt *. (2 »b» 49® 51® (25, Sj 
GflflOh Cooper l20a* 74 1 

Grumman Hldgs. (25 pi 57 
Grampian Television nv a OOb> 17 (ZS/sj 


Kenning Motor <2 SpJ 71 1-0 70 1* 1. 7 K> 
K^r 5 , 2 w1i 4 Vj-^'ipsJ."- 95 5 <24,-5 1 I 
uSJL- M 'S"L ,10p ■ 37 U (24.'Sl , 

Tavlor* (10P) 75® CZ5/5' 
KoJe Intnl 12501 128 30 

Productions (IOp/ 15 f23.<5i 
u . . H, ?5 i >10 dj 6 *24 b> 

50® so <Tyrcs Ekhai, SW Hldgs. (IOP. 
Kwik-Sawa Discount (IOp. 80 3 

L— M 

LCP Hldgs. (25®, 93 M, 5® 

, invests. (ISp* 42* 

totnl. U0p> 3BI] 8 
LWT A <25P> 125 

'-^obrol-o (IOp) 189® 8^0 9 8 70 7 9 
w™.c sub. 10Z® 100-j: 3 2 Ij. Sp; 

‘■^J?S 0 r oV S 5 ,U : ^ r ,20,J 81 • 1 =’ 

L (25 0 di U 1 0 6To U5DI 165 <23/5) ' Oro. A 
Utrd <25p) 86 : j® 

Lake Elliot l2Sp) si (25 5) 

Lambert Howard, <20pi 42 
Lament Hldgs- (IOp) 13‘« (22 -*5* 

L«orte industries (SDn) 103* 5® 4® 
6® 5*10 3 4. SpcDb. 65 Ja 
Latham 120® 

Laurence Scott <2 Sol 120 r23.5> 

L tlou) 26 15trt “ ' SOb ‘ ,S7 ® ®- 7 P epf - 

Lcaderflusn tiopi 13 'a 
J-® "fF.flSP* 39 <25 Si 
V' b °nwL QP ' M ® >=S.S) 

Lee Refrigeration (25p* 71 

}-« 'A.i M2 in) 23 < 4 1 25; 5 1 

L« Cooper <25p, 138 

Leeds District Dyers i25pi 6ir 4 » s 

“'SjJsJ Clr *'' an P « r ki HDD* 1231;)® 4 

Lennoin (IOp) 35® 4® s 

,SBI 7B - "«*'«« 
'1 0D1 1J56 <s> 

Searjse 

?rn^ii 5 .°2'3?5 4 , S3,I ‘ — 

SSJfeSirKffiB." 

UderTl 1 0pIVo J?# S *' Do - "* 26 '> *5/5) 

L'Heshan 5KPf. 29 <22 Si 

Lliicrnf? v^i 73 ^2'S) 

L ncroft Kilqour tlOu* 57 (PS'Ci 
L'Msav Will. 3m , (25p. 43 2 
Lindnstrles >25ri lini.* , az t , 1 .. 

84® *Jb>;# 7, 6l*pcDb. 

^o fc . e A‘??o 0 rfiV HI,,flS J JOt (23-5). 

“o7°C- 8 M ^f lnau * 65. Birocln. 
London. Northern Grp. "2 5m 26 1 ei. 

?S? n 7i^ T iV»® 

London Pv.Hion 560® 

Lo^rilO (2501 66® 7 B 9 Pi. yi. _ 

L«*^r«“ M«V® aotln ‘ lril - 8G ** 

T37^^, Crp ' 'SOB* 1H». 12'ineLn. 
Low ;Wm.) '20*,i 96 

l t“ , B6i?. U, 6.?^i!. 3 lS,l 45 * 5 ' 10 ’« 

L^* 'J-> 92,3 Soerib. SB*:. 6oetn. 

Ln, •k<: 5 .2 59 ‘ 3 fZ5 ' 5 '-. 

MFI F'jrmture Centres <10 p) 83® 1 80 
MK Electric Hldgs. (2Sp* 180 
Ma. Hldgs. aspi IIS rjj-s, 
kzX-.BSf 11 . n S5' 5913 ,aj ' 5 ’ 

I, Ssnst"*** (20pl ge 5 
l«,S*. 5'fPcPf. SD>;;g <*;o 


itnev Bowes S'ipcLn. 74 
Plttard >25p) 52 >25/5). 

>25/5) 

Plastic Constructions UOp) 38 (25)5) 
Flattens .Scarborough) <Z5Pl 75 6 
Pleasurama >5p) 73® 2 
Plcssev <50p) 98 9 8‘j 7. 7'«pcDb. 60 U 
*24/5/ 

Plvsu <10 p) 74 *23/5) 

PocPiln's <25PJ 137 5 >23/5) 

Polly Peck <Hldgs-> >10p* 9'; >22/5) 
Poivmar*' International >10p) 57:* to) 3 4 
Pork Farms <10p) 641: 64 
Porais Hldgs. *25p) 208 11 >23,5). 

8r>cLn. 132 

Pc-:or Chadhurn (20p) 110® 12 
Portsmouth Sunderland Newspapers <25p) 
6®. '2£/5) 

Porvair <25al 9 (24/S) 

Powell DuPryn >5Dn) 176 B 

p rstt (F.) Engineering <25 p) 70 (23/5) 

■ ■ -J »/ “ 1 | 7 c,, i 

Press IWIIm.) *5p> 22*i® 3® >a® i<® 4® 
3't® r 4 ;® 3 2 3 1 * 2i- 
Pressac Hldgs. <10p» 959 
Prsstige Gro. aspi 159® <2 5)5 > 

Pretoria Porriand Cement <R2) 167 <23/5) 
Priest (Ben|>minl (Hldgs.) <25 d) 7S® 
Pritchard Services Grp. >5n* 34i 4 ® j.® 
Proprietors Hay’s Wharf 153 5Q 46 
Provincial Laundries iSpi 9 '22 5, 

Pullman (R. J.i fSp' 84 

Pve Hldgs. <2 5p< 107 

Pyramid Grp. iPubisfiers) <1 Op) 42 

Q— n— s 

Queens Moat Houses ISp) 35® 3 

R.C.F. Hd?S, asp) 38 <22/51 
R.F.D. Grp. 1 TOP* 56 

Racal Electronics (25oi 234® 2 5 4 7 6 
Radiant Metal Finishing t12>-pi 32 (22/5) 
Ralne Engjn. fndust. (IOpi 13iv 
Rakusen Grp. ilOpi 20® <25/5) 

Ramar Tex dies (5pi 6 <2515) 

Randalls Gro. (2 Spl 78 
Rank Oroanlsatlon <25o) 2729 67*; 8 6: 
7 70 66 60S. 6>*KPf. 481;:*. 5i:DC 

Ln. 48 (22/51. 8o<±n. 64,, >24,51. 

lOkacLn, 78>,® B® <: 1 

Ranks Holds McDtxioaf) «25p< S4i-« 3 4 
3': 2: 4 ij EpcIstPI. 47 ■ 6pcAPf. 49® 
J*- 6ocBPf. 491.® <2£*5< 6'jpcL® 
ES®. 6 'jpetn. 6i,j a*. Si- 7 5ocLn 
72®. 8’sPCLn. 713.® ' W 


Ratncn < Jewel PsnO HOP) 

70 <22/5* 

RpytiKlC (IOP* 75® 1; 

Rgadlcut International <5p) 35 H (24/5) 
Rcasv Mnrea Concrete (28o) IZBH 7 
fire tort Col man »Wrt47 8s J. Mr 79* 
UZ. 5PCP1. 41 123/S). GttDCDb. 89 

Rwd' Ridaway (25p) 78 (25/El 
Rear earn National dan (ZSp) 297® 7. 
7ocPl. 48 (2315) 

Red.tfushwt (25p) 910 1 
RcdUlusion TetevlMon 65Sorff. T* 
(22.5* 

Recdand 12 5 p) 140 , 

Redman Heenan iniernatlonM OOP) 57. 
4 ’aPCZPdPf. 5S 1221 S? 

Reed (Austin) Group (23p) 93 03/5). 
A <25P) 90 

Reed IntenMUonal 115 14 132 14S 17. 
4(>KPr. 30 (24/5). 7UpcDb. 87.92 
68'. i24-5). 5i:KUns«.Ln. 56. 7ljpc 
Unsec.Ln. 51. 7i;KU«ec.Ul. 9B-2001 
54 *4® 3. lOKUnsec Ln. 6B 7DN 
Reed Publishing Hldgs. G'iPcDb. 70. 4f»B< 
Unsec-Ln- 32: (25/SI. 9PcUdM*cXn. 83% 

Reed (William) Sons (25 p) 89 
Reliance Knitwear Group (20p> 424® 
Reliant Motor Group (So) 8 __ .. 

Rcnold 129® 72 8 (25(5). 7f|KllnHfa 
Ln. 60 1^ 

Rentokll Group (IOp) 5B>:® 8 
Ren wick Group (25 o) 47 
Rcstmor Group (ZSP) 136 OZ'S) 
Revertex cwmtcais (25 p) 95 6 04® 
Ricardo engineers <1327) (25»' 448 

Richards Walllngton Industs. OOP} 83 

Rktiaroi HOP) 24 (22/51 
Richardsons West9arth (50p) 59. 6 k 
U nscc Ln. B2x 

Rivlln *1. D. 5.) HWgs. HOP) 17>i <23/5) 
Rix (Oliver* ISpi 6 ; '.® 7 1 *. 7»xpcDb. 
l17ij (ZS:S). 8PCD0. 116 (23/5) 
RiHtortson Foods (25 d) 145® 9 <25/5) . 
Rockware Group <25p> 131 
Ralls- Rovce Motors HWss. (25oi 92';® X 

rIpiwt Hldgs. A <25o' 44 is® 4 (25/5) 
Rasgill Hldgs. <5 p* IS'; 17 
RaiaRex (Great Brllain* (IOp) 56 5 

SSL ln(ernaj. BSi^D h 

RoutlHige 0 Kegan* F^ul Cl I Sto 1 1 80 Q2/51 

RownttPC^MlckiniKh iMbi 40a 02/5 L 
New <sapi S3 4: 2 *. 7«cK3rdPf. 64 
Rowton Hotels <25 p* 167 <2 J/5! 

Royal Worcester <Z5 d* '33,64- L, 

Rovco Group i25d> 38 '? 7<; (24,5) 

Ruber Old (25p> 3B (23.5* 

Ruflbv Portland Cement (25 p* .6 .5*- 9 
70. S4 ' s <=4lSl ' 6peU"»«c* 

Russell (Alexander) (IOpi 57 (2A'5) 

Ryan <L.« Hldgs. (5a) 14 *22^) 

5GB Group *25pl 160. 

Saatchl SaatcM ('Ob 1 ,'! 0 - 0 * 5 ' 

Sabah Timber (IOp* 36® 6 5 1 : 

Saga Holidays (20o) 138 . _ 

Salnsbury <J. 1 «2SO* 158® 4 S 
Samuel 1H.1 <25p< 290 (Z2.5)- A OSp) 

7gQ {22 S» 

Sandwnan' 1 Geo. G.1 Sons <250* 63® 4 2 
Sanderson Kavser <2SP< 65 (23/5*. 6lvc 
Pf. 420 

Sanderson Murray Elder iHlogs-l (50p) 34 
Sandhurst Marketing ilOpi 24 124.81 
Sanger <J. E.i <1 Op* 31 
Sangers Group <25p' 80® BO 
Savlle Gordon (J.) Group (IOp) 24® 4*a® 
40 

Savoy Hotel A UOpi 77 9 (22J5L New A 
• TOpl 78 *22 '5> 

Scapa Group *250* 97': IMIS' 
srhoies iGeorgc H.< <2Spj 270® 19 6® 
Scotcras ,25pi 70 i22;5i 
Scott Robertson i25p* 42'? (22J5J 
Scottish Agricultural Ind. 7LKbi. 58 
Scottish Universal Inv. (2Sp) 113 l'l 10 
Scottish English European Textile* iSUfe) 
54 *24(5* 

Scottish Heritable Tst. i25e) 3B*: (22/5) 
Scottish Homos Inv. (25 p* 17h 
Scottish Television A n Op) 56® 7® 7 6 54 
(22/51 

Scott's Restaurant (12^3*1 545 
Scars Engineering 46':®. Bl«pcDb. 71>A 
Soars Hldgs. i2Sp' 68':® 8 7 1- 
Sccurlcor Grp. C25pl 1-10® (22/5). A 
(25pi 110® 15 (22/5) 

Sekera Inti, flop* 27 8 
Sellncourt fSp) 22-*< *; (22/5). OUPCLn. 
74>* *23/5) 

Sena Sugar Estates i50p) Si;® 4(;® 5 
Senior Eng. Grp. i'I®p) 23® 

Serck r25n) 91 1.-® 

Shakespeare ijeseeh) (5pi 33><® 3® 

Sharna Ware 520 pi 105® 9 
Sharpe 4 Fisher (25pl 52 (22/5> 

Sharpe <W. N.i 525 jj) ZOO. A 5250) 198 
Shaw Carpets (IOp) 27'j® 9 i22(5l 
Shesppridnc Eng. i2Spl 71 
Sheffield Refreshment Houses <25oi 5Ha 2 
Snerman .Samuel 1 UOp) 13 
Shiloh Spinners (25 d> 22 123/S) 

Sldfaw Industries 7*;pcLn. 51® OZ/5) 

Sictoe Gorman Hldgs. i25p> 180 (23)5) 
Slcmsson Hunter (top, 60i|s2® 1.1® 1. 
Sllnetnighl Hldgs. r1oo)91 i22)5* 

Silhouette (London, *20P) 44 (B3/5). A 
<20 di 45 <24/5) 

Silver th orno Grp. HOp) 68 07/5) 

Simon Eng. (2Spi 221 20 
Simons 7<;KPf. 46 (23/S) 

Singer Company (USSrO) £16 
Sirdar ,25pi 72 3': 

Crn- <25p) 81® 60® f. 4l»>cPf. 36 
(23/5*. 6 >;PcLn. 90(; r24/S1 
Sketchlcv (23pi 110® fl 101-. 

Slingsby >H. C.) T2Spi 30 (23,5) 

Small shaw *R.i nop) 40 H24/S) 

Smith & Neoiiew Assoc. UOpi 68i;® 9 *j® 
Si; 8 9- SucLn. V32t (22/ 5) 

Sm th (David S.) (Hldgs.) 81 (2*5) 

fee 

Ln. 39 ij (22 5). 7 UpcLik 64® 

Smiths IndS. (SOP) 181 3. 7i;PcLn. B9Hj 
Snykt (Jefferson/ Grp (25p) T90 C235J 
So^cltors Law Stationery Society CZOpi 

Somportex Hldgs. (2Sp> 60® 

S 30 B % 8 ark “ B * m * t I 2 ^) MO® 

Southern Construction <HIags.) (Sp) 7 

iZh'aJ 

‘G. W.) Sons C20p) 100® 100. 
ai-Dnn. 2HB9 

J a . ch 2 on >"i"1..0SB) 127 
Spear (J. W.) Sons l25p) 235®- 
Soeedwelf Gear Case 12 Sp) 24 G2<5). 
S ffS«{ Uark Mecal "Mis- (JOp) 37 

lataT J I | 

WSI '* ?f = we 


lope 


Sptrax Sarco Eng. (25p> 290® 1® 
Soacaer Inds. G5p» 53® 

Saulhb Cpn. (JUJU EZZU:® 

Seuirrel Ham (T2';p) 37® 

‘M'gffSFtZSp) 13B7 
SriBe* Intnl. ,2Sa} 9 fli; 7<< B 

S pl 97™'az%{ ZSp> 100 <2a?SJ - 

Stak-'t (Reo.) Org. riOp) 44><I® SV-ffl 
Stanley (A. G.) ' HidM. (Sol 17T 
Startrire Eng. (ZDp) 77 *235) 

Discount (IOp) 171® C2,'Si 

WUtfcniS- A 7 '® Ut2 m 

??4i Z3,S - 6Wb - GBJ »® 

G™' (IOp) 17 (24,5) 

5tewrart FlasiiCfc t25pi 147T® B 4 f25f5l 
S 53 fardl Lloy,ls s - Africa 6 pci st Pf. (R2I 

Stock) ako Hldgs (25p> 64 (25)5) 

StDROMII Hldgs. > 25pi 5)6 UW5 ' 
20 n ^ tt lnc,u * ,s ' ,25pl y 18ii® L® 20® 
Stothert ‘Pttt 1 66 

Streeters Godaiming flopi 29® (Z5/5) 
|', ron B Jfi? her 'Hldgs.* i25oi 54® a* 
S 4g“i2 ^sf 7 Drummon <» ,2ap 1 5S- 6ocW. 

Stydo Shoes <2 Spi 561; 
l25'% lF r- 1 tHISfls ’' f, °B' IS® 14U® 

S 6*!j , f2w5r le * GB - ,t0in 26 ‘ t'* 1 *"- 

Suora Go. (IOp, 30® 1. New <10p» 51b® 

Suter Elec. (Spi 18': 

Swan Hunter Gp. 143 4 
Swedish Match B (KSOi 12J® <25/Si 

T— U— V 

TA^rtOp* 27»i. 40KPfd. (IOpi 28 

Tl Ralelnh (ndusts. GpcDb. 81® 

Taibe* Gp. i5p> 20® 19ij 

BB®* 6 lS0P ' ,Si ® 600 60 1- al H>CLn. 

T ?^l. vle , 7 , 67 ? 8 ,®,? 7 °- S'UKDb. 70 
(»3/Si. 13ocLn. 1021* 

Tate ol Leeds <25pi 75 2 

Woodrow iZSpi 376® 6 
T"bWtt Gp. ilOpi 9'; >25.51 
Teralemli <2Spi 134(: z*- 

T ?S C p'.“^ ,, 2 , .| B S , S. 34 < “ S1 - A NOn -** 
Telephone Rentals >25 d* 124 
Tern-Consulite f25o> 51 
Tesco Stores (Hldgs.* (Sd) 41® 4bki® 1 

Textured" Jersey >ia»> 23 >22,51 
T H? rr: ”" 0<9- asp* 252 48. 4.72KTSC 
?4"i 50: " S B3oePI ' 63 «25.S*. 21.7KPf. 


EU5^0PSAW OPTS QMS EXCHANGE 



Jan. 


»|uity 


6*a 


S605b 

2*8 

— 

7 B 

— 

„ 

& 

— 

523Sfl 

2 * 

2 

15 l 4 



8044 

1112 

— 


7f8 

21 


4 

as 

-■ s 

7 

-- 

S464 

4>« 

& 


1 3 « 

— 


lliB 

— 

£594 

4Bo 

— 


J 3 " 


S2B1 

29 t s 

— 

1734 

10 


95« 

— 

„ 

®*4 

- 

6843b 


s 


1*8 


F39B 

29.00 



24.00 



17.00 




9.00 



9.50 


F77.10 

6.20 

5 


3.00 

E 

9V 

47.00 


F1S1 

I 37.00 

2 

#| 

34.50 

2 


27.60 

10 


81.50 

51 


15.50 

5 

P 113.80 

10.00 

19 


3.50 

5 


5.00 

10 

T95.60 

2.50 

5 


2.00 

33 


12 00 

2 

Fl 26.90 

5. BO 

14 


2.80 




9.00 



PI 13.70 

4.00 



1-00 

— 

- 



FINANCE FOR INDUSTRY TERM DEPOSITS 
Deposits of £1.000-£25.000 accepted for fixed terms of 3-10 

SSre/S half - year,J '- Rat « 


Terms fyears) 3 
Interest % 10} 


4 

11 


5 

111 


6 

HI 


11 } 


S 

HI 


9 

12 


10 

12i 


ferii Th Deposits to and further 

The Chief Cashier. Finance for Industry 
P™ l e i 81 _y ater, °o Road, London SE1 8XP fOl-928 TO22. 

fvj w^ qUes payahle to "Bank of England, */C FFL" 
FFI xs the holding company for ICFC and FC1. 







Financial Times Saturdav May 27 1978 
35“ifiS5"' C25,,) « z ® 5p< 

wiurB»r Bardex ilDm id# i*-« «■.=.- 
ERf °« B Olll 540 <25,5, *® a5 ' s ‘ 


21 


Wmrn» 

»*nir Product, hdbi !«a V« «* w 

Tax .-a? irkf*' 2 *** 

■« si 

a ii*r^ » 

Tave iJSpi 471.14 12b 51 

??STJSTO* : 20 Pi ss* & 

SSST'fiK a***" *uss? 

&&’■■ a , 

?I2?i w °* d £,fll J >asi5i 

I'.' ' ls „A ,|, old i25pi 1 52 t22<5. 

Trltokllir tlbpi h i 2 s.sj ' 

Tnnf J! 1 . 1 J v A NV (lOpi 50 dp 
Tr&r*‘"i 0aW ' n * ,=s »* ’S B 9u .22.-SI 

2* 5Sa.«» W 

69V «4.^ 5PCDb - “ 3la S’"’ «S2£ 
T a£' l "*SM«4 |, t* 302# 76 82 74 5 5 
Tunnel K&rA¥?„‘ , ” ln - “ *' 

Tut~. r Ncwali ,83Jo 60 5 2 4 J. Do. 

Jssfsrkgf/jfwi, ,B “ ln - •» 

fc“S.“A'S' 

Turner Mfg. 1 30: 6 7 

Hit 1 J?™- >25o» 72 h 
t',. C, °-,o 2 . SD ^ 9D ®* 9'» B'J. 7I.PCDB 
47.: f33-f, ,jpcDb 64 122 Sjf S^kl! 

UK O |f-| |TC d 1 ICC 

Ur^, JY*°" V01 ' A .25DJ 610 -25 5i 



Uni^riSr^'is^lIJs 3 ! 4 - 20 

Un!? 1 ?-h 5t .Torf7Sl ,R ° 505 5US15 ’-' ,25 *' 
^raSo? f?i U B1 t2SD> 81 ® 790 Ml New 

Cirrleri (IQp) KB® 

. 'W Cltv Merchant* ilopi 62<;* 4 i 
3 . 1 Owl" 62*: GO 1 2 125 5> 
f"B. HOI S9 .22 '5) 

K-U r 2 S,’* •as** 56 '=■* 55 

glam 7'iOcl 51 Db. 72 ■« *i iZ3'5* 

HS'JrS S2?. rar,, « ‘SdJ 191* <23 5) 

Un.trd Newj OJOpn , r25pi 358 
,V"7« Scientific (Z5pi 291 
H?'S2 J» r "«lSw | 'lOol 25'j <24 5i 
United Wire Group <25 d* G4 
Unnenromc Int. nool it# t2i- 

Vd'or (25 d* 42. SftpcPt. 59 (23:5) 
Vjnioiu Grp. C20 bI 126 f25.’5i 
Vectii Stone Grp flOpi 34 I22'5i 
i25°Si #n# Refractories tR0.50> T55 

Vernon Fashion Grp nop» 13C# 3 
Vibroplam NIHSS. (25pi 177 123.5) 

v S3swsj «•. 

te r® 12501 ” a t=4is ' 

Vinten Grp (20p* 108 
Vita- Tea i20pi 40 .25(51 
Vosoer <25p> 156 7 60 (24;5i 

w— V— z 

W R<bBsn« HWfli. HO01 74« 

Visa's. ;25B1 ,D3 U l23,Sl - 4-Spew. 44 
Was* Grp. (20pi 46 
Winding ion u. «25pi 214* 

Wacd.i'Qtiw .J 1 .2Spi 2) 40 
Wade Potteries A 10 PI. IDG.* -23 5) 
Wore* Dew. Store 20o> asa. >2'/5) 
Wadhim Stnngor (lOpi 460 5>- 5 
Walker <A v ifopi gi : # i25/Si 
Walker Homer tso* 13 (22.5) 

Walker tC. W 1 Hldgs. (25ei lie 
Walker I J.« N V. .2501 5 7 C23 5> 

Wail.s Fashion Gna. ciOpi S5ffi s« 

V^ard ^gJdstone i25ol 94 123 5«. 7ocPf. 

Ward HldSS- (lOpi 34 

v ti a &k'?2s& SB ‘ 67 * 7,sPtUn5n:fl - 

Ward While Gro. <25pi 77* 

Waraie 181 nco> 22# 1 >:# 1 
Waring G.llow .Hldas > (25 p) 98# 

Warns Wright Rowland flop. 51 1- 2 1. 
Warner Holidays llQpi 380 8 A 1 1 Dpi 
35'.-! 41;. 61. DC PI. 40 (ZE.’5> 

Warwick Engineering . 20ni 28 

Wa: lord Glass l5ol 49# 8 50 
Wans. Blake. Bcarne <25p> 171 
Wcarra :10 pi 32 -25 5} 

Weanepll iSpi 24 ‘a# 5 
Weber isObi 21 (25-Si 
Viedqwooo I25p> 2271;# 

Weeks Associates UOo) 29 : .-# 

Weir >25pl 123* 2 3'; 

W'elcn HldBS. ( 5ol 25#. New tFy. P0.1 
C5ol 25>;. New Ord. :sn> 4 *s® 

WriUnan EngineerVtvg Caron. (25») 46 

Wesnnghousd Brake Signal (2Eo« 49's 50 
Westland Alrersit i2Spi 45 >; 41. 
Westminster Country Properties BpcUns 
k-i. 1 5 i2S 5' 

Westward Television C non-vtg .tool 96 
W-.-stivrod Dawes ,2Sn, 25 6 .23, 5‘ 
Wennrn Bros. i25o< 52 >24/5i 
Wharf Mill Furnishers. (1001 94® 7# B>- 
Whatnun Reewe Angel 12501 41# 
Wheeler s R.-siaurants .IDO* 245 .25 S' 
Whestae :25m 320 S '22 S' 

Whewav Watson iHlags.i CSdj 16 

JP 41 


• Mldgs.l 

wri te Child Oenev (2Sp> S 2 i2J S 


WhllerroH t50pl 1S7 (23 

(23 5* 

Wmtvnoham (Williaim (Hldgs.) 112'jpi 

W SlVll (Henry* t25p* 190 <24 '51 
Wrasms construct UOo.' 24:? 

(V ft ms Mitchell (2So. J9 .22 Si 
Wilkinson Match 172 lOocUns Ln. 94i : * 
Wilkinson W'jrburtcn (75 P i 67 125 Si 
Williams James lEnpineurkl i25n> 79 

Wlftlao*. (John 1 of Cardiff i25oi 46 

ffijjjtsmrfi.' 'its 1.. h„ 

W.laon Wpllot* Eno. CiOpi 69# 

,25p> 30 ® 79 6oe , ■ ,, • 

W nii Ind . 2001 44# 

W.ltrr r Thomas ■ f26pl 46»- 

».-»! (Win,- Tools .Mldbi.r New Ord 

laBsi as 


SBSS!2t!! ,,Bh *S e# c 25151 

(23 < Si h0lm * 3rtm * e Powders '25pr 203 
Stoam Laundry (5pj 13 
Wood (Art nun (5pi 35 (22<5i 

f** u T^ “‘ , (25 p* 91 3 (35 Si 
Wood (5. W.i Gp. f20p> SB# 9 
Woopnedd i Jonas) 9*;pc Ln 7D (22iS) 
w ( <^hou*e A Rlason (HldBS) (1Z';pi 31 

Wouiworth IF. W.i (2SB< 67 6 i- 
Wormatds. Walker a Atkinson czsbi iau 

WriahtPn IF.) tlOD) 24 

Xcru Carp. (SUSli SU5S1 ' j*. 

York Trailer (HUBS. >10»l 55'j 4. IDs* 
Pf. 981; (22)6. 

Yorkshire Chemicals (25p. 99 (2415 

1 2 ";pc Ln. 123 iZ4lS. 

Yor kin ire Tar Coro. 5 <:pc Ln. B7la i 

124 Si 

Youghal Carpets (Hldgs.l t25p* Slij 
Zeller Cp. (5oi 57 

ELECTRIC LIGIIT (1> 

Calcutta Electric 70 t23'5i. 6pcP«. 52»i 
Israel Electric 6 pcDb. 8 i24.5i 

FIMANOAL TRUSTS (77) 

Akrnvd Smuners <25 p) 228# <2S.5i 
American Eapress CSU50-60> 30'» (25’5) 
Anglo- Alrtcan Finance (7>jpl lzi- (23iS 
Armour Trust (10P) 10':* 

Assam Trading (Hldgs.) B 390 2 125 S) 
Aaistrallnn AgrlCDltaral (SAD. 50. 87# 
Birmingham DISC- I nv. 1st. 5pc2ndPI. 

41# |2S'S>. 4l;PCDb. 87 1. i’JiSi 
B i-.htipioatr Prop. General Innests. 7»t 
Bourtead UOo) 37 

Bridgewater Estates I50P) 269 i24'5) 
Britannia Arrow Hldgs. i25di 15 151 

16 15 4 u warrants Sub. Ord. 1 i-ft 

•25 5> 6 'ipCPI. 53 (22 5) 

Charteriiauic Group (25p. 62 ■: 4 IX 

Corinthian Hldgs. (IOd) 21# 

Daily Mall GeneraJ Tst. (50pi 2821® 

<25 S' A tSOP) 27S:« (25 5). 5oc 
PI. iSOPI 19 

Oa'gety 2690 72 4 1 3. Si.pcDd. 77# 

125 51. SocUnsec.Ln. 63 .22 5> 

Daw nay Day Group i25di 36:.-. Sec 

Unsec.Ln. 6S 6 

Edinburgh General Invests, hod) 22 
3 (23:5* 

Edinburgh Industrial Hldgs. <1Z ;pi l 
>24: 51 

Eicctra Invest. Tst. I25pi ill*;# 

Ecoloration iSpi 2Sh iZS.'S) 

F.C. Finance 12 6 p' 62 125 5) 

F'r« National Finance Cerpn. tiDpt 2i- 
«25 5> 

Goode Durrani Murray Group |5B1 2 I>i 

Grttham Invest. Tst. I25P* 61 1; (24151 
Grimsnawe Hldgs- GOpI 20 (23 Si 

nchcap* 4100 23# 20 5. DPCUnsK 
Ln. 69 (23:5) 

ind Comm. Finance Conn- 5<;pcDb. B2 
f24.-5>. 6LPcDb. 76 1< G3'5) 7' 4 pc* 

DO. 89-92 65A i 24!S>. 7’jpCADb- 91-94 
62 ‘v (2215*. DtPCUnses-Ln. 7H;. 10 b. K 
Unsec. Ln 98b G3.5>. IHaPcUnsec. 

, Ln. 97 I23'5) 

Llpycu Scottish (20pl aa: 9t 90 89 
Lord cm Associated Invest. Tst. nooi 6 i z 

London European Group i10p. 24# 3# 
I0';ocUnsec La 660 

London Scottish Flnanee Corp. (TOp) 43 

Manson Finance Tst. «0o) 46 <24151 
Mills Allen International C5 Dd> 168# 
60t# Cum.Red.1stH. <50n) 66:® gw 
Moomate Mercantile Hides. (10 p> 20 

<23'S) 

N.M.C. Invests. (12*10) Ifilj 
P^rambe HOPl 13W 14 (22'5I 
Park Place Invests- OOP) 27 ij (22 >5) 
Provident Financial Group (25pi 95 
Saul Real Estate (SU511 p460 <23 5> 

Slme Darby HOpi 1591# 6. lOpcLn. 229 

Smith Bros. >25p* 570 G2<5> 

Sterling Credit HOD. 26 GZ 61 

Stork Exchange £4-25 51. 7'4ecDb. 51 

Un net |R0.20k 63'; 

Untied Damlnlans Trust <2&P> 38 40 40: 

39 IGPCLn. 131 G3)5> 

Wagon Finance i2Sd) 44 
West of England i25pi 53 '23/5i 
Yule Catto (IOpi 58 70 

GAS (l«) 

Imperial Continental 380# 3 2. 7pcLn. 

1 5H; 

INSURANCE (159) 

Be. wring .C. T.) i25d> 104 3: 41.:. SPCLn. 

105 .22/5). lOPCLn. 151 '-O 49 BX 
Brentnall Beard .HldosJ n DdT 40 *22/5) 
Britannic .So) T 710 70# 68® 

commercial U 

.7 4 3 

Eagle Star <25o) 141 >;t 39 40 
Emia Finance (U.K.) 9 pcLm. 1210 (25)51 
Enuitv and Law Llle i5o) 1660 
General Accident Fire Life i25p1 215# 
10 8 12. S'iPCH. 47. 7:<pcLn. 65 'a 

Gi.arit.an Royal Exchange (2Sp) 220. 

7pcH. 68 >24/5). 7pcL». 64# 5‘.# 

am tiro Llle <2SpJ 333# 3 30 29 
Heath .C. E.) i20o) 2800 72 
He gg Rebmson <25 p) 189 (25(5) 

Hcwtfen iA1 ilDo) 163# 4 3 T 60 2 
legal Gen. Assur. Soc. iSo) 155 7 8 5 
Le*lie Godwin iHIdgs.) (IOpi 1010 1 .25 5* 
London Manr never Assur. I5ni 144 2 
Landvi Old invests. <Sni 177V: 

Matthews Wrlgntsoi* Hldgs. '20pi 1B2# 75 
Ml«el Hldos. GOBI 199* 

Moran <C * Go .20o. 59# I25'S> 

Pearl Assur. i5p* 236 8 
P**e c ni» Asset. i25»* 256* 8* 48 
P<;vdeni Life Assoc. London A <25 p» 128 

Prudential Assur iSp) 150 49 51 
RCfuqn Assur. <Sp* 141# 2# 4# 

Roy ft Insurance .Z5 d. 3560 2 50 5 5! 

Scdowick Forbes Hldgs. Iiopl 3980 5 2 8 
85 


inlon |2S P ) 146';® 7 8 5 


Steniiouse Hldgs. (25pi 97# 

5un Alliance London Insurance S37# 2# 
j:» 35# 23 18 

Sun Lile Assur Sor. >Sot 102VK# 1 
Willis Finer .2 fr D' 260* 57 3 

IW^STMENT TRUSTS (240) 

! ADJ' <Kf«n Tst. I25P1 1 35# ' 66- 4 s»cP1. 

S2'/# <25l5i .• 

Arnrn Sees. Cop. <1p> 52# t. Inc. (50p) 
- 1 ® 

Ailsa Inv. T«. i25pi 1041- 05 5) 

Alliance Tst <25m 2i6'-A 14 15 i«Vi 
IS' x 4 LjOCPI 33 (25131. 5 p*PI. 39)<ft 
■2S.51 

Alfi’und Inc. ISOp) 116 (22:5). Can. (50nl 
1 6 T *?5l 51 


Atnbrooe In. TXT. Inc. 9n. IByl 57 
■Z5I5J- Cap. Shs. a 5p) 5B>] i25/Si 
A merican Tsl U5p) 421*# lit# 20. 
CZ5» 42 

Angle American Secs. corn. l25n BE# 
also. 4pcbb. SB (24/5) 

Analo-Intl. Inv. Tst. Asset Shx. (25p) 121 

Anglo -Scottish Inv. TsL <25 pi 41 (2519) 
Aahdpwn Inv. Tst. >25 pi 123 2. lADcLn 
83# 

Atlanta Baltimore A Chicago Regional Inv. 

Tst. iIOdi 7D# .25(51 
Atlantic Assets Tst. <25 p> B9<i® 90i=® lx® 
.89'; 90.1 

Atlas Electric General 1st. 125 di 56*r 7'v 
5acPf. 40i<0 .25/5) 

Australian International Tst. <500) BB*; 
Bankers Inv TS1. >25pi 541; 4 >22)5) 
Berry Tst. I25DI 58 .24(5. 

BiShc-psgate Tst. <25pl 159 <25/5) 

Border & Southern SrockhMrs. Tsl (50oi 
2740 3 

-■•ug American Gen. Tsl ( 2 Sp) 37i» 

British Assets Tst. (25PI 75b# 4<1 
SpcLn. 1400 l’# 

”t25(S) EmBlr * 54CS - Gcn - Tr - iSM 10,9 
British Inv. Tsl raspj 158® 

Broadatotie Inv. 1st. *20»> 146* 6. 51^ 

Do. 1 .In L* 

Brunner Inv. TSL C25P1 92 <2315) 

Hry court Inv. fjSOpi 70'J ft 125/51 
5-L-R.P. inv. Tst. I25P- 61# 
CaledonUm^TiL (25 di 77# 6. Do. B 

*&$!&. C250 ' 1,610 
Cardinal Inv. TSL SftpcDM. (25 d> 104 
cedar Inv. Tst. I25pi 64i.d» (25 5/ 
Channel Islands and inter, inv. Tsl- Cap. 

Charter Tst. and Agency (2 Sp) 53 
city and Cmt. Inv. Tst. income [25t»i 28 ij 
125 Si. Do. Capital 99 f2S S) 

Cltv and Foreign Inv. (250. 79 
Claverhouie inv. Tst. [5Dpi 79 (23 5* 
twdrsdeie )«*v. (25ei 74. Do. B i2Spi 
( 25nl 71 ras 5) 

Continental and Indus. Tst. (25d< 195 
Csntinental Union Tau (25p< IDS 
Crescent Japan inv. Tst. !50o> I57i; 

(24<Si. Do. Warrants to sub. lor Ord 
67 (24-5i 

Danae Inv. Tst. Income (50p. 401 (22/5 
Do. Warrants to sub. (or 1 Inc. and 1 
Capt 6b (24.5) 

Debenture Borpn. C2So) 61 125 Si 
Derby TU. Income 220 
Dominion and General 1st- I25PI 185 b 

Draw-ton Commercial Inv. (25 pi 126ft# 5b 
6ftpcLn. 96b [23 Si , . . . „ „ 

Drayton Consd- Tst. I25P) 142 (25 5). 
SpcPt. SB's (2315) 

Drayton Far Eastern Tit. t2So) 37b 

Drayton Premier Invest. Tst. I25P* 183 
7bocllnsec.Ln. ill (24 5". 7i;ocAUnsoc 
Ln 1121; 122-SI 

Duel vest Inc. Shs. 1500) SB*. C*P 193 
'24)5) 

Edinburgh American Assets Tsl. I25p) 
125#. StKSub.Ln. 239 
Edinburgh Invest. Tab AbocHd- 36*: 

(25 5). Did. 219b (25 5) 

Electric General Invest. iZSp) 69b 71 
•22/5) 

Eng/ish Intnl. TST- (25p) 86 (2515) Sbpc 
PI. 43 <22 5). 7DcUnseC.Ln. 101 <25:51 
English New York Tsl. I25t>) 72 
English Scottish Investors r2Sa) 69b 
EnuUv Income Tst. '50s) 195 
Estate Duties Invest. Tst. 2BB (22'5) 
Family invest Tst. i25p) 91 i23S) 

First Scottish American Tsl (25p* 86b®. 

S jPCPt. 41b 124 SJ SpcUnsec-Ln. 82:# 
Finn Union General Invest. Tst. (0.25* 46 

Foreign Colonial Invest. Tit. l25p) 154b® 
50 4 5 

Fund invest . Inc. Shs. L25P) 36 b 123 5) 
Cap. SM. USp) 54 b 125/ 5) 

G i2sis)* pan lnve8t ***- i2Sb) ’ll 1 --# 
^^ra^Commercal invest. 1st- (25p) 

General Cons d. invest. Tst. 2 pj 82# (25 5) 
Gen. Funds Inv. Tst. (2Sp> 147 (24iSi 
Cnv. Ord. OOP) 114. SocPt. 40b I23>5 
i"!*#** * TJjetees (25oi 101 3 ib 
Gen. Scottish Tsl (25dj 87 (24 5) 

Glasgow Stockholders Tit. (25p) 950 
Glendevon Inv. T*L (25pi 91 bX (25. 5< 
Glenmurrpy Inv. TR. l25p) 66 122/5) 
GJgbe in*. Tsl U5p< iob. <k dd! B 9 
(25 Si. Sbpc Ln. BBb 9 (23 5) 

Govcr European Tst (Z5p ) 64 
Great s North*™ /nv. Tsl (25 D) 99. Spe 

Green friar Inv. (25p) 81# 

Gresham House Estate (25p) 53# 

Cp Investors Options 6b 122/5) 

Guardian Inv. T«. <2Spi 76 (23'5> 
Hamuros Inv. Tit. (2Sp) 92 (25 < 5'. 3bPC 
Pf. 27 1- # (25/51 

Hill (Philip) Inv. Tst. <25pi 181 it* 3bO 
Zb lb. 4bpc Ob. 75ft (2S;5). 4bpc 
Ln. BX# 

Hume Hldss. A (25pj 78# 6 B (25pi 
74b (23'5) 

ind. A Gen. TR. (2Spi 49 b 
M. In*. Tst. (25PI T2 3 (22/S*. 4pC 
30 (23/5). 5 pc Db. 89b 90 (24 S) 
Investing in Success (25pi 127bX# 6:# 7 

inv. Tsl. Corp. (2Spi ZDS. Abpc Pf. 35ft# 
(25’Si 

investors Cap. Tr. (25p) 79*x# 9. Shoe 
Pf. 41ft® 125/5). 7ftpc Db. 61b (22. Si 
ardlne Japan Inv. Tst. (25P) 122# 
iingside inv. (25o) 55 (23r5) 

Lake View Inv. Tst. (25ni B5®. boc Pf 


39b# (25(5). 4 DC LtL L 10B_(22 S' 
Law Deb. Corp. 


Corp. (25 P> 100 123 5' 
t. Tst. “ “ 


vest. Tst. Cap (5PJ 22b (24;5i 
Gartmore Invest. Tst. L50p) 61 


LMa Invi 
kOndon 
f 22 5* 

London Holyrood Tit. (25p) 108 (25 5i 
LOnoon Lennox Invest. Tst. <2Sp) 75® 
London Montrose Invest. TSL (25oi 181 


125 5). SpcPI 39 (23 5) 
ondon Provincial Tst. i25o> 104); (24.5 
-Omfon Stratnclvde T«. (25m 42 (22 S) 
London Atlantic Invest. Tst. <2 5a) 5E 

London Merchant Securities C2Sp) 95 
Cao. f25p' 94'; t# 


Prudential InvesL TSL U5 p> 72- 


Wi 

London Tn. W. (2SB> 193 (22*5) 

M G Dual Tst (IK. (IOD) 190 
M G Second Dual Tst Inc. C10p» 88 
h^HcantO|^nve*t. Tst. U5 p) 38. 4'ipcDb. 

‘ — 70 1. 4oc 


Merchants Trait «5p) 69 b 
Uni Ln. 97 (23-51 
Midland Tst. rasoi 76# SO I 


Monks Invest 


rasp) 47 


(25 5) 


I LOCAL AUTHORITY BOND TABLE 1 


Annual 



. 1 

Authority 

gross 

InlFiruf 

Minimum Life of 1 

(tclcplhmr number m 

inlorc-U 

pay.nble 

sum 

bond 

{•aranhesesi 




— ■■ 


% 


£ 

Year 

forking 101-5*12 4.‘*0fl) 

«»3 

l- year 

1.000 

4-6 

forking (Ill-.itl2 450H i 

Hi 

j-year 

5,000 

4-6 

|tnrn<lfV 111226 20;i2:i2l 

11 

i-yvur 

250 

o-< 

Know Floy ( 051 3-iSt*5.Vi) 

Hi 

l-year 

1,000 

5-7 

Oxford MlfifK 4PSI1) 

10* 

j-vfar 

5,000 

5-7 

pnnlo (02013 5153) 

lOi 

J-yrar 

500 

5 

Poolo (02013 3151 > 

10J 

i-ycar 

5U0 

6-7 

Kcdbridiiv (0I47K 3(120 ) 

10ft 

4 -year 

200 

3-7 

Thurrock (0375 «iI22i 

11 

i-ycar 

300 

4 

Thurrnrk (0373 5122) 

lli 

}-ycar 

300 

5-8 

W'orihing :t7 i 1 1 1 

Mi 

•-year 

500 

2 

Wrckin (0052 5il50.il/ 

11 

yearly 

2,000 

5 

Wrt-kin 1 0*852 505051) 

101 

J-year 

1,000 

3 


Montagu Boston Invest. Tr. H 0 p> 68 ■; 
(23 5 1 Warrants to sub. 40 39 (22 5) 
Moolovi invest. 56 b (2* 5) 

Now Throomorton Tit. Cao, 89:#. dot 
Uns-Ln. 71 b 70b 

Nmeteon Twenty-Eight Invest. Tr. (25p) 

7120 

North Atlantic Sea. (2Sp* 90b# 1 
Northern American Trust i25p) B5. Sbpc 
Pf 39b 

Oil Assocd. <25 p) 58* 12515) 

Pentland (25 di 116 b 

Provincial Cities Tnaa (25p) 24 b '23 '5' 
Raeburn (25 p) 121 b 
Raebrook (25p) 40® 

Rights and Issues 7hPCPf. 53b <22'5i 
RWer Mercantile (25p. 164 '25'5i 
RoMW N-V iBr., (FM.50) E59ft. Sub-Shs. 
(N.P. Bk.) (Fls.5i 600: 590: 6 
Roll no) N-V (Br.i iFhUOi SU556.35# 
125/5). Sud-Shs. (N.P. Bk.) 452 (24(5) 
Romney .25 p< 90 

RMMimend Inc. (25 Pi 54 r23’5>. Cap. 
■25p) 73 (25 5) 

Rothschild (SOp) lRI'J# 4 2- 3-5PCP1. 

1500) 31. 6bPcLn. 106b >25 S) 
Safeguard mdi. I25pi 70 (2215) 

SL Andrew Trust (25p) llB's# b® 18# 
b 1 B 

Save Prosper Inc. (10P) 151. Cap. IlOp) 
59 

Scottish American (SOp* BEb# 7b# 6 b 
5b 

Scottish Continental >25oi 72b 03 Si. 
Wts. Ob (23'S) 

ScottKh Mtixmntlle A N-V (25o) 98® 
Scottish Cities A i25p< 167 124/5) 
Scottish Eastern (25Pi 134b (25 5i 
Srottbti Inv, Tst. I2SPI 93b# 5b 
Scottish Mortuage Tst- <25 d) 107 8 7b 
Scottish National Tit. (25p) 1 370 7 t25/5> 
Scottish Northern Inv TR. (250) 950 A 1 * 
Scottish Ontario Inv. i25o) I33b„ 

Scottish United Investors (25 pi 71 b® b. 
SocPf. 41 

Scottish Western Inv. <25p) 92 1 b- 4boc 

Second Alliance Tst Q5 p) T81# 12* 51 
Second Great Northern Inv. Tit. (25P> 

S«mfltle?Tst of Scotland IZSp) 179 


Shires Inv. (50P) 132 (2316) _ 

Sphere Inv. Tst. 5acPt. 40i<# (23 5) 
Sterling Tr. (25p. 167* i2S/5). 5ocPf. 
39* (25 51 

Stockholder* Inv. Tst. i25») 9lb^3/Si 
Technology Inv M. (25a) 92*z# I2SI91 
Temple Bar Inv. Tsl iZSM 93b- 7PCPL 
56 b# (25/5). SncLra. 76: 

Throgmorton Secured Growth TSL Cap. 
95 <2515) 

ThronmODnn Tsl I25p) 69’« t* 

Tor In*. Tst. 4ecDb. 88** 123-5) 

Tribune ln». TsL (25p.i 63'* (23)5) 
TripleveM Inc. iSDp) 6Db®. Cap- 136 8 
Trustees Cora. «25P" 129. 4bncPt- 35 >x* 

Utd 6 ' British Secs TsL <25Di 12 2 
UIB. Sines Gen. Tit. Com. (25o) tBJ 

United Stales Dee Cora. I25n> W'j 
3-BSpcPI. 44*,® .25 5). 5pCLn. 96 
United States TSL ln». Fund >»US1) 830 
Viking Resources Tst. 12SP) 89’7 9 
West coast Te»as Reg. inv. Tst. (lOp) 81 

Wesmoei inv. T*I. SpeLn. 86# 

WUan Imr (25P) 84 b. ■ '250* 81 
SbocPf. .2Bft# (25(5). BPCCnv.Db. > 

Yeoman^ Inv. Tst. (25o) 161. 4'pd 

Youim 'comnanles Inv. TIL 73 (25/5) 
WmtV 11 (25-51 

UNIT TRUSTS (2) 

Can centra Untt Tsl 53 ij® 

MAG American Inc. unit* S3'<# 

MAG Dlv. Fund Inc. units 119ft# ITS <5) 
MAG Extra Ylrld Fund Inc. units B7*j® 

Mh^' 5 HI9h Inc. Fund Inc- units 107.8 
MAG Recovery Fund Inc. units 79b# 
■25'S). Do. Aecum. unit! 80 l22'5> 

MAG Second Gen. TR. Fund Inc. units 
1 3D 2 '235. 

MAG Special Tit. Fund Inc. umu 166b 
>23. 5< 

MINES 

Australian ffi) 

^Hd ISP* 1290 <2! 

B is <SAO 5Qi 213 
on Hill HldBS. lSAO.50) 110 14 

•25 S> 

North KHgurll I AO. 30 1 14 
Western Mng Cm. ISAO 50 ■ 12B 

Miscellaneous (75) 

Ayer Hitam Tin 350* <25 5* 

Beralt Tin Wall ram (25 p< 56® 6 8 
Burma Mines (17bP< 15 


Charter Consd. iReg.< <25P> 135 4 

Gold Fields >25pi 174® 1# 1 

7 ftpclTnsec-Ln 


3 2 


Consd. Gold Fields >25pi 174® 1 
4^ BJ-irtUnsec.Ln. 57 ft® 

El Ora Mng. Evpln. tIOni 590 9 
Gee»or Tin >25 d* 1 37 
Gopeng Consd. CSpi 280 >23 S> 

Malayan Tin (SMIi 390® '25/Si 
Fengkaien ilOp* 60® <25 S< 

Rio Tin.-a-dinc Caroo radon i25pl 221® 
17:# 20:® Ibi® 20 18 19 17 16 21 1. 

STp," 217 .16. 


Saint Pifan" 4 2 5pi 
1st (2) 


•§). 


Se/ectioji Trust (25 pJ 40B 3 2 400 
SUvermmes '2bPi 55b 
Soulh Cio»ty HOD* 

Southern Kiota Con 
UM0.50) 2000 2Q_ 

Southern Malayan Tin Dredging iM) Ber- 
had (SMI) 305® 

Tehidy Minerals '10p' 42 >22(51 
Tnarsis Sulnhur Copper (2) 240:® 

Ire. oh Mines Malaysia Berhad ISM11 207 
<23'5) 

Rhodesian (12) 

Globe Phoenm Gold Mining (IZbP) 60:# 
3® 60 <22 5* 

MTD, (Mangula) I2 Sd) 04 
Minerals Resaurccs Corp. <SBD1.401 174r# 
Northchart Investments iSp) 19# (22.5) 
Roar Consolidated Mines B Orif. IX4i 7 
<23 5i 

Tanganvika Concessions *"50r) 161® 9b 
3,7: 76 5 d 69 72. Red.W. laocCu 1 
'80d) B3® 

Wankie Collierv iSOpi 34b S 122/5' 
Zambia Conner Investments 'SBDO. 
IS 1 ,# 122.5) 


Red. 


i9ocCum.) 


1.24) 


South African (38) 


Anglo-American (ROJO) 535 123 5) 

Anglo American Cnn. of S.A. iRO.IOi 
296 9 

Bishoosgate Plat. (RQ.tOi 82 (235) 
Blwcoruftricil (R0.2S1 324 (22 5) 

Brarke.i Mines iRO 091 66 |22 5) 
BuHelSlOntem IRU 'US. 11b i23'5i 
Consd Murchbon (R0.10) 240 (22 <S) 
Coronation Syndicate (R0.25) 72 (23 5) 
Dooinlantein :R1) 4U.S.3.S0 
East Laggaimie/n mi) 28 <24 5> 

East Dri«(en:cln rflll 718 SU-S.a.BO 
East Rand Gold Uranium (R0.50) 367 
(24 5) 

Elsburg (91) 1IQ (215) 

. Devpt. (RO 50) 1542P# 

'll. 5.1 9ft® 1550# (22 5* 

Free stale Saaaiaas <RD 78 (22 5) 

5 - F .' e . lds Africa <RD.25i pi 222® 

Gold Fields Preoerty 'R9.02bi EOt# .2 2, *5 
Grootvlei Proprietary 1R0.25* 92 
Harmon v Geld iRO.50) 290S SUS3.65 
Hartebeestfcmtein iRi i SUSIFb iZd 5. 
Johannesburg Cons. 'R2i Si 2ft U4.'5i 
K'DI-OSS iRl* SU54.35 (24 5) 

Klool <R1) 500 

Leslie (RO 65) 38 (22/5* 

‘-^anpn iR-lj p525# SUS5.65# oS3A 30 
SUS6.70 

Lprame <R1> BCF. 

Lydeiburg Plet.num <R0.]2b* 59 
Marievale Cons. iRD.SD, SB 79 122 5f 
Messjna (RO.SO) 94# S 

W-fwatersrcnd <R0.2S- SUS2 171# 
BdcPI. ■ R 1 ) 23:? 

New W.lv/alervane |R0.50| 105 l23 S" 
President Brand iRO.sQ- nR rfl 63 i22,5i 
President S:evn iRO.SOi 725 (23’S) 

Rand fRi. sus 1.22 :e ' 

Rsndlpntelrt |»2) 111541ft 
Rusienburg Plat. <RD iDi 78 . 

*». He'e-a (Ri* iUsg.Ea 3 31 
ftemrusl B<»erk 'RO.IO: 20? 75 5) 

Fou-hvail H-dgs. -RO.EO. e4J4® 

Transvaal (Ri 1 5US16.67 -25.51 
U.C. Investmen"* 'R 1 1 no 

sm s*sr.iW w 755 

vaat Reefs RO SO* ftl 2 ft 
yeiyneDit (Rf) 198 '23 Si 
vvMor-t-m Ri 1 48 22 51 

Wetf Drefamein <ri: o 2070# 32 
W«« Rand R 1 # 'US (.40 
western erea< -Rl 17B (22 5) 

Weriera Hold ngs (RO.SOi rl725 14 .24 5i 
“Wflwi RI!<US7.70 I2«5l 
W <wrerr-a« .RO ?- r ) 300 .'25 51 
Witwatersrand Nrnel fRO 25* 39 (24>Si 
ZandPind Rli 209 :2Z 5) 

West African (1) 

Arna^amated Tin Nigeria .Hldgs.) 


• IOd) 

BftjChi Tin <10ol 6 (22(5) 

Gold and Base Metal '12’.-o< 13 (23/5' 

Diamond (12) 

Consa. Ora. ‘ Reg.) R0-05) 35Z ?® 

Vais? B 30 * 7 ' ,B^ ■ , lR0 ' ns, 406 7 
OIL (214) 

Atwtk Petroleum .20oJ 75-* (2S/S) 
■i'i1si BorT ' M p * trolel,m 'IOD) 160 58 
British Petroleum 681# 6# 8# 92# oOb 
°«n 88 4= 7 ?. ! “ 84 6 76: 80: "BO 

o2,'p* a8 -~v7^, J: ?■ ~P PCPI - 69 <23151. 
l£ob. BBb SDC ° bl M1?S l2S,S> - 
Burmah 700 69ft# 8 9 70 67- 7 71. 
So^ndPI. 40 .Z2J5) 7ftpcFt. rf 125/51 . 

BbSS: boi\ ! ° 6I;DCLB 8D ' 1 

Cenfurv ‘lOol 56b <24/5) 

Charter hall >5b) lift 
E S2,« P * trDl Sf , . m 5 U>cDb. 1974-79 99 
raS'S). SbscDb. 1979-83 89'-«. 

977-80 .69 -0' 

KtA inter national fTEp) 25 

Londo n an d Scottish Marine <25p) 163. 
?4p«L? d i02 O ? Unit * l1DB> 368 'tt' 5 ' 1 - 
on ^ExoioraUori -Hldgs.) UOo) 2480 40 

Premier Cons. >5ol 17# 16 
Rbval OaTrii Petroleum [F120> 45's T « 

Shell Transoert Tda i25p) 552:* 4# B:* 
5;0_ 3 ': c 4 i® 62 ® 52 50 5 3 7 1# c 
i s Orn Br.i <25pl 562® S3 

*2*^1 AB ,24 ' 5 ‘- 7K] M» 61 

iwera intn). Fla 60'- »24 5< 

T Lh*"iSo <25 °' 1820 79 80 1 77 ■ 7 k 

Ultramar i2Sd* 277 8 5t 9. 7ocPf. 157b# 


BUILDING SOCIETY RATES 


Abbey National 

Alliann' 

Anglia 

BirRim;;h:im 

Enid lord and Bindley 

Bristol and West 

Bristol Kto Domic 

BriLinma 

jUirnlvy * 

Card ill 

Catholic 

C-hols-ca 

Choiicuham and Gloucester 

Citi/L-ns Recency 

City of London 

Coventry Keimoniic 

(iiveniry Provident 

Derbyshire 

GaCow.iv 

Guardian 

| lain .ix 

Has! inns and Tlwnei 

Ue.iri of Kticland 

Hearts ol Oak & KnrteM ... 

ilendon 

Hiidtl'-rsfirld & Bradford ... 

l.(Mlll<t!Cl ,, tl ^P a 

1 l ft rui4nc«i 

lieuf-iev 

t.ncrptwl 

Utnilnn Uoldlw" k 

Mellon Mowhr.iy 

Mid-hire* 

Mornmejon 

N.iJtonnJ Csmnlies 

.\jliouw ide 

Newcastle PernianirJil 

Vi» cro.*>*> 

Wrih.-rn 

\ortvirh 

Parley 

l'eckhani Munu! 

[’ortnun 

1’rinripaliiy BulMft- ^° cu,t '" 

Pro;: Tensive 

Properly Owners 

Provincial 

Sfcipton 

Susses Mutual * 

Tm* it and Country 


Deposit 

Share 

Sub pn 

Rate 

A cents. 

Stmes 

5.25% 

5.50% 

6.75% 

5.25% 

5.50% 

6.75% 

5.25% 

5.5*0% 

R.73% 

5^25% 

5.50% 

6.75% 

5 25% 

5.50% 

6.75% 

525% 

5.50% 

6.75% 

5.23% 

5.50% 

6.75% 

5.25% 

5.50% 

6.75% 

5 25% 

5.50% 

6.75% 

5.75% 

6.30% 

7.30% 

5.00% 

•5.60% 

6.75% 

5.25% 

p30% 

6 75% 

5.25% 

5.50% 

6.75% 

5.23% 

5.80% 

7.30% 

5.50'Ti 

5^0% 

6.75% 

5 25% 

5.50% 

6.75% 

5 25% 

5.50% 

7.50% 

5225% 

5.50% 

0.75% 

5.25% 

5.50% 

6.75% 

5 25% 

5.75"o 

6.00% 

5 25% 

5.50% 

6.75% 

5.23% 

5.50% 

6.75% 

5.25% 

5.50“ 3 

075% 

5.25% 

5.75% 

7-25% 

5.50% 

6.00% 

— 

5.::5% 

5.50% 

6.75% 

5.35% 

5.00% 

736% 

5 25% 

5.50% 

6.75% 

5.25% 

550% 

6.75% 

5 25% 

5.50% 

6.95% 

5.25% 

5.75% 

7 00% 

5.35% 

5.60% 

0.75% 

5.25% 

5.50% 

6-75% 

5-20% 

6.20% 

— 

5.50% 

5.S0% 

o.so% 

5.25% 

5.50% 

6.75% 

5.00% 

5.50% 

6^0% 

fi.30% 

6-73% 

— 

5.23% 

5.5U"n 

6,75% 

5-25% 

5.50 *Vi 

T.au% 

5.23% 

5.50% 

0,73% 

5.50% 

6.00% 

— 

5 25% 

5.50% 

6.75% 

5 25% 

5.50% 

6.75% 

5.40% 

5.65% 

6.75% 

■5.25% 

6.00% 

7 25% 

5.25% 

5.50% 

6.75% 

3.25% 

5.50% 

6.75% 

5.55% 

5J80% 

7.05% 

5.25% 

5.50% 

*10.00% 

525% 

5.50%. 

6.75% 


•Term Shares 
8.50% S JTE., 8% 2 yrs. 

6.50% 3-4 yrs, 6.00% 2 yrs., 5.75% 1 W. 
650% S yrs., 6.00% 2 yrs., 5-75% 1 yr. 
6.50% 3 yr&, 6.00% 2 yrs., 5.75% 1 yr. 
6-5095 3 y«., 6.00% 2 yr*L, mln - 4300 

5. 75 % . 3 months' notice 

6^0% 3 yrs., 6.00% 2 yrs^ min. £500 

6.50% 3 ywL, i00% 2 yrs. 

— • 550% over £5,000 

6.25% 6 months’ notice, minimum £500 

6.50% 3 yrsL, 6.00% 2 yrs. (£500-£15,000) 

7.05% 3 ynL, over £5,000 

6.72% 3 yrs., min. £500 

6.50% 3 yrs., 6% lyr. min. S mths. notice 

6.75% 3 yrs. 

— Up to 6% 3 months' notice 
6.50% 3 yre M 8% 2 yrs., min. £500-£l5.000 
6.45% 3 mths.' notice, minimum £1.000 
6.50% 3 yrs., 6.00% 2 yrs. 

6.50% 3 yrs., 6.00% li yrs M £250-£15JOOO 
6.50% 3 yrs., 6% 3 months' notice 
6.75% 3 yrs., 6.50% 2 yrs n 6^5% 1 yr. 
6.50% 6 months* notice, minimum £2,000 
6.50% 3 yrs.. 6.00% 2 yrs^ £3OO-£l5JW0 
G.35% 2 yrs. 

6.50% 3 yrs.. 6.00% 2 ywu min. £1.000 
6.50% 3 yrs., 6% 2 yrs.. 5.75% 6 mths. 
6.60% 3 yrs., 6.10% 2 yrs., min. £1,000 

BA5% 2 yrs., min. £2,000 

6.50% 3 yrs., B.00% 2 yrs. min. £250 

6.25% 3 months 

6.50% 3^1 jrrs, min. £500. 6.00% 2 yrs. 
6^0% 3 yrs., 6.50% 2 yrs. 

6.50% 3 yrs.'. 6.00% 2 yrs., min. £100 
6.25% 2 yrs^ mininuun £500 
6^0% 3 yrs., 6.00% 2 yrs. min £500 

650% 3 yrs., 6.00% 2 yrs., 575% 3 mths. 
6 00% 2 yrs., minimum £500 
6.63% 3 yrs.,6.4% 2yrs..6.15% Smths. not. 
S.40% 3 mths. not. H4.50% to limit d, cos. 
050% 3-4 yrs. 6.00% 2 yrs. 

6.50% 3 yriL, 6.00% 2 yrs. 

6.85% 3 ywL, 6^5% 2 yrs., 655% 1 yr. 
6.50% 3 jtsl, 6.00% 3 yrs. + Max. £250 
8.00% 2 yrs, 0j0% S yrs. 


Woolwcb ^ ma „ y vanable m | ine »-iLh chance* in ordinary share mica. 


» Rates 


PROPERTY (21£) 

Alliance Prop Hides. 9bPCDa. 77b (22,5* 
Allied toro—-. Dim. SJ :C i2S-5i 
aiimu London (2Soi 203 
Arr^igainated Stares iSpi 9ft 
A«M Props. II Ob) 197 <22. Si 

Aqu^ Secs (5pi 19® 

Argrie Sees. T2ucDb. Sift# 

Avepu* Close (20oi 70b 

Cnrnmcre.Jl HlflB* (70o* 2ft# 3# 
gellHUv Hldgs. (25pi 64 09 

fSTkeley Kamaro ubo< IQS® b 
Bittar. (P.) i25p) 163 I25'5i 


Brtxtan Est. *25o*. ioi 

' Cqu-tie 


C ^“ I 1 Cou'-t'es l25pi 500 b« I^b 

hVST ,WrrnU -' ° ,rf - 

Carding Grp. 20 19 ft 
ce^fill District Prop 6'ipcUlKKdln. 60 
‘J. 09 ’ 67 T24-5I. Cab. 
-12 5,01 66 <22 -51. Unsecd.Ln. 53 (24 Si 
CJM^vood Alliance HldSS. 7 jpcUnsKd.Li) 

Cncsierteid' P tdm i2Spi 300 i22,S) 

“ow" Secs, rasp* lib 1245) 

C<Ty Offices 2#pi 53 
cosrass Hldss. <2001 104 C2S 51 
Comrai Sect, iioaj 29 
Coonrv New T:wn Fi?n. (IOd) 22b 
CDirnty Disrict Props. JOB) SB 7 
OMlhn Ktegv >2ab> 89 1- 90j 89 
Db-k Ests. IlOp) tb <23 Si 
Dorinstcn !«*. ilOp* SO- 5 -24 -SI 
Englfth Proe. Cm. <5CP) 4C';0 1# SC 47 
6 ft 8 SI 41 ft® 2} ?! S •; S3 2 46 r 
%2 A 991 W 100 1 2oSLl>- 

Estates Aaencv Hiogs. (25e) 453 
Estates Gen. In vs. .20p» 19 ; ;:# 

Fits. Pnao. Inv. iZSa) 89 (22/S). 71cocLn. 

61 b® « 

Evans Leeds :z5pi 99 i25 51 
Five Oaks irvs. iSSp) 5 *22 S) 

Get. Psrlland Eds. <5031 2S6 
Greer, nt ) Press. <10p) 43 
G-eensoa: Propi /5 p) 7 122.9) 

Hales Props. '25 p* 50 

Haicmerse- Proa. Inv. Tit. *2Sp| 572 3. A 
<25d) 572 

Haslemera Efts- 113s: 241# 40 1 
lirifv Pres. HICK. *2 Sd) 2970 'I5'51 
latereurooean Prop. Hldgs. <13ol 2»:- 

Kennlr^s Ests. TMclsOk. 69. SocTstnb. 
71 

Lms Investors <2S3) 40b T * 1 
Lard Sees. l/*«*s:. Tvi. iSOd) 213 - -? 
14® 13 11 12 15. 9 PCI stM(9 Db 

71 : (2J 5'. 9-roeUi-sec.L.i. 66b. 5‘-ce 

Unsec. La. 160 1. 6i.PcUr.scc.Ln. 141 
40 llKtlnwcLr,, 1 40:0 
Law Land <20al 39S T5 5*. 6bP< 
1 RlftMs.DS. 56:0 TpsIstMta.Db. 670. 
7bps1stMtg.Db. 71ft® 

Landsn Praviae<al Shop Cenires (Hides.) 
*.10 p) SB 

LotJdan Cauntv Free no: d Leadefiofd Props. 
SjrtcItAla.Dh 64'.*. tftKICMig.Da. 

London Sisp Prop. Tsi. IZSp) S9bO 
MEPC (2So) 1250 bO Bb® 7 6 8 30 
25- 4 n tiscM*B.Db. SO bacUcsec-Ln. 
61® 63 ft. SpcUnsec.Ln. 960 6 
McKay Secs. 120c i 190 
Mvrler Estates '25=) 29 33 (22 a) 
M.jfiurst Wh.te H'ofS. UCp) 45U# 3 
MucfcJdw * A. J.i Group (2SD* 120# -O 
PeschCT Proa. Carp. !2 £bj 82 80. 6 .ft pc 

IffMIt-Db 69 f22:Sl 
P-eaertv Severn srfiarr Inv. Coro. A >25p) 

Piopcrty Hies- Iivcil Tsl t25c) 200 
(24 S* 

Properiv Partnersn.ps CSdI 8S <2S.S1 
Praaertv Sec. inv. Tn. (SCO 133 r23 S> 
Racian Pro. Tn ISp; S 
Regal. a** P.-cos. *25a) 12 (2S SI 
Reg.o-al PiTos- ’2Sp) 7® (23 a). A (25Df 
S* l it *a - 

Jtegis P.-cp. Hldgs. E *■«&•>. 67': 

Reliable Pros (253) 44 (23 sj 

Rush Tenoldai Gm (25a- 107ft s* s 

_(23 Si „ 

Sa«*vel Preps. (2sp) C2*p S 5: 2 
Sidtt.sn Mcmcooi ub Prcc. <20p) 102x0 

Second city PrdOS. tlGel 37 EJ. (24 5) 
Slough Es*». (2Sp) 1170 1 a lOpcl" 
159 S (24 5: , 

bat* Conversion )•*», Tit. (2501 Z43 
I25'5) 

Surley (Bernard) >rw. Tri. (2Sp> 203 8 
Town C -V Prose. (IDs) 12ft ft IS. GpcLn. 

79 (25 5*. 8P5-14POP. _86. 

Traflord Parle ESS. (26b) 98 U2 j 5). 7ftpe 


United. Real Proa. Tst. »5pl 243 (24:31 
Warner Esiaie Hloos. (25p) 1270 
Warnford Inv. tZOp) 265 IZS.'S) 

Webb Uwepnr (SP) 15 16'j (22:3) 
Westminster Prop. Grp. 120b) iBbTO 
Winston Ests. i25pl 34ft 

RUBBER (29) 

Anglo-indonesian Corp. <25nl 90 
Bcrram Cons. Rubber UOo) 88 (25 Si 
CaslIcBelB (Klangj Rubber Estate - dOn 
260® 

Cnersonesr iF.M.S.) Estates (Uh>* Bi 
(22/5) 

Cans. Plantations HOP' 37 >25.5 >. 

. Warrants 14 Sub. 62 
Dunlop Plantations 6 dcP 1. 44 (25-'5i 
Grand Central Ir.vut. Hides. (IQo* IQ® 
Guthrie Corp 305® 5 3 2 
Harrisons Malavsian Estates COpI 92 1 ; 

Highlands ana Lowlands Berhao iMKO.SO; 
103# 

jltra Rubber Plantations (10a) 70# 

(XS/SI 

Klnta Kellas Rubber Estates <1p»i 9® 
(25,6) 

Kuala Lumpur Kopong Bern ad (MSI) 66 
124/5) , 

London Sumatra Plantations (10p) 139:# 
45 40 

Malbdle Investments (10 p) 71 h 
Muar River Rubber (!0p> SO® 
Narboraogh iFmJ.) RubDer Esiate (IOpi 
18 ft (23’Sj 

Plantation Hfpgs. UOo* 73ft® 2ft f25f5> 
Sagomsna Grp. (IOdI 1B2® (2515* 
Sunpei Krian Rubber Esrste M Dpi 80 
(2515). New HOP) 7B (23‘5) 

SHIPPING (39) 

British CORimaitvrlth. Snpg. iSOoi 260 
■ 26 5) 

Caledonia Inv. <2Soi 229# (Z5/5) 

Common Brothers iSOp) 128® <25 51 
Fisher (James) Sons (25 d< 151 ft i2S/5) 
Furness Withy 274® 68 
Gralg Shlouinp -.43 *25 5) 

Hunting Gibson 138 <22- 5i 
London Overseas Freights ' iZSdi 33 
Lvle Shipping i25pi 1211® A <25p) 
107# 8 <25/5/. 6 ft nc PI. 48ft i23 S) 

Manchester- Liners i20o) SftocPf. 42 <2215) 
Ocean Transport Trading <25P) 125® 5 
4ft 5ft 

Peninsular Oriental Steam Navigation Did. 

96>>® 6 5 4',. 5),orDb. 88',® 

Reardon Smirh Line (50 p) 70 i22 5j. A 
»50Pl 36 '23(5. 

Runrlman iWalier, >250) IDGl.ftb 
Stag Cine 110 >23 51 

TEA (7) 

Assam Frontier Hides. 303 :22’5* 

Assam Invests. 1170 17 Ifi 125-5* 
Camelra Invests ,)0c 255# 

g euntU Hiegs. ,50, 145 
tarns) Hldgs. 185 I24.'5'. 5ncPf. 50 

5 mo*re Plants. Invests. >1Qs* 261- <2615* 
okjl Tea H'dgs. 299® 

Longbourne H<cigs. 310: tZS'Bi 
Lurvuva 'Cevi^ni Tea Rubber 195 12415' 
Mcurcd Russel 7ocLn. 59 |23<5* 

R-uo Estates Hldgs. I25d> 175 i23r5> 
Slnglo Hldas. ,10bl 24 !23)S* 
warren Plants. Hldus. *25PI 2=0 3 
Western Dooars Hldgs. 148 ■25’5> 

TRAMWAYS & OMNIBUSES 

Anglo- Argentine Trams (50*' 14 i23-Si. 
4PCDD. 55 (23-Si 

WATERWORKS (10) 

Bristol 4.9 k 45 (23:5*. 4.02SpcPf. 71 
■25(51. lOpcPf. 1C6>- <22>5i 
Come Valle* 4.9nr 48®. 2.BocPt. Z9>'# 
£«t Surrey 4 JmcPf. 64':# '25 5). £.6oc 

Essex 3. Soc jfc'u. 4.2pcPf. 71. 7 ‘ocpi. 

1 Q')». e 7 ‘racDb. 63 I2BI&). IDftpcDb. 
&1 iZS.’S ■ 

Folkavtone 7nc 660® <25'5i. 4.9oc 480#. 

d.9oc '195}i 470 <23'5i 
Lee Valley Z.OpcPi. 29#. 4.2ucPt. 76 
f23/5f 

hfM'5> n l 3 ‘ SDC 37 ®‘ 4 - =oePf - sih fl 

M id Southern 5.5K 36 (22-5i. 7pcDb. 
70® 

North Surrey 3.1SpcPf. 20# (22-51. 3.B5K 
Pf. 36* 

Rlcknunsworth 7pcPI. 99*. 7ftpcDtJ. 62 

Sutton 7ftecDb. 64 1- i23’5i 
Tendnng Hundred 5 6oc 5450 >25r5> 

West Hampshire 3.85ocPI. 355# (25:5 • 


SPECIAL LIST 

Bosinesii done In sfcnrltles quoted 
in the Monthly Supplement. 

MAY 26 (Nil) 

MAY 25 (Nil) 

MAY 24 (Nil) 

MAY 23 (Nil) 

MAY 22 (Nil) 

RULE 163 (1) (e) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Slock Exchange. 

MAY 26 

Acme* Hldgs- is 
Afrikander teases 193 
American Airlines USS 12ft 
A rncoi Pets. 75 
Auit. OI; Gas 50 1'J i 
BASF USS 63 
BH Soutn 96 9 
Banoor Puma USS 24V 
Bcath Pets. 54® 

Berjunta* T n US) 8.25:# 

Bethlehem 5<eel £19’* 

BouBalnyiHc Coooer 425# US? 1 57ft o125 

Bunt Sembawang 74- • 

Central Pac. Minis. 7000 695# 900 BOD# 
SOO 

ClbJ Goigy .7ftocCnv. £92. Do. BocCnv 
£92# . 

Ccivrinc Rio TJnta Auk. 240 
Dresser (nos. £54 ft 
Endeavour Resources 10 
Exion Cpn. £37 ft 
Flnsmer a 

Gen. Telephone Cable USi 28't# 

Geo Metals 14ft# 

Hon: Kona Land 138 
.far dme Matbesoa 230 
Kul m Malaysia 49 
Metal E*. JB's:# 5 *D 1 
Met. L-eli 30# 4ft: 

N»« Metal Mines 5ft __ 

Narfher- Mng. 109# 10# 20 36 40 50 
4 3 f. 5X 


OU Search 12V# 13 12V lifts 
Omega 0>I 8 

Pancant mental £13V® ft# V ft ft V 
ProUa Hiogs. 66 
RCA US) 27ft® _ 

Rennies Cons. 57 
SaMc-s 41.6'.® 

Sea Containers £25 1- 
Sthrn. Pac. Pelt. 2 30# 

Steel Co- Cana* A EilUta 

Swire Pac A 112ft 

7anpr CP<*. US' 41 ft 

Union Caranc USS 39ft® C12V 

Whim Creel 67 

Zenith Radio USS 14 -s® 

MAY S3 

Alliance Oil DvvS. :9ft 
Beaver OH 10 
CosmcDDldan Prpps. 29 
Crockor National £2 I *n® 

East Asia Navigation Bk 
Haw Par Intnl. 37 B'j 
Hera Kune Kowibon Wart 334 
Hong Kong Realtv TR. A 44 
Houston Natural Gas £21 -W© 

Hutchison wnampoa BI ft 
International Harvester £274 
L’Oreal FFr 7600 
Magnet Metals 23 
Oakbridge Secs. 152 
Dc dan Resources 26 
Reece Cpn. 710# 

Revlon £37V 
Siemens USS 131® 

Thomas Nationwide Transport 105® 
Tongkah Harbour Tin 95® 

Union Commerce 600®. 

Upper canadi* Res USS 2.20© 
Wneelock Marden A 42ft. Do. B 3ft 
Woodslde Pels. 74 

MAY 24 

ASA $US19ft 

Alter Six 660 

Anglo United 134 

B- Iflwm Uto. Covpn. £15:# 

Bridge 0.1 91 
CSR 252# 

Cam obeli "culake SUS33 ft 
Camflo 3US12 
Carnation Co. £23“ut 
Central Pac he Minerals £55# 605 
Clyde industries i 36# 

Cotes <G. J.' 176 
Corning Glass £47ft 
Dausccip* £12ft# 

Dickenson Mines SUS54.65 
Dome Mines >uS73ft 
Eastman Kodak £<5ft 
Giant Yellowknife Mines LU511 - 

Hamer ’.lev Hldgs 201® 

Me:ramar Minerals 6# 

Mid East Minerals 48 
Mcirtgaec Trust of America 440 
Moreno a £20 

Olivetti Price sn* SUS1.38 
Oiark Airlines 500® 

Pefco Wallsend 476 
Perkin Elmer £l» J i«® 

Power Coran. of Canada £1iu, 6 ;# i s 
S abina Industs. 41 
Sceptre Resources G25# 

Spree SUSP. 34# 

Thiess Hid9s- 222# 

Westinghouse Elec. ElBft 
West me* 8 

Woo I worth Hldgi. Ord. 186. 


MAY 23 


A Ord 1 88 


BP Canada £10# 

Consd. Gold Fields Australia 246 


D union Rubber Australia 136 

i onnson Controls U.7\ 
lays Dept. SH«e* £20 : lWP 
Nicholas Intnl. 79 
Offshore OH 6-r# 

Dll and Mineral 22 
Falun g Cons, esc- 6 4 
Penney .J. C.l £29*,® 
iville 96 


Petersvilli 
Pcks Dil 


SO® 

Smilh Klein USS &8ft 
Snargo a*. Z 9 

Trl CentmenUI El6*i® 05* (9t® 

Yukon Cons. 165 

ERRATA 

Gold anp Cooper Evplrn. £p should na»e 
been 22 p ,15 Ji 

MAY 22 

Argo Invfl. 139 
tZ inds. 198 

Hong Kong Telephone 533 
Hong Kong Selangor 185 
Hudson's Bay Oil Gas £3 Out 
Jardine Secs USS 1.47 
Minnesota Mno. Mins. £4 5 ft# 

Pac. Copper 45 

Peonies Dept. Stores 265# 

Petrolane £25*. 

RTE £1 3ft 
Reef OH 160 
Slplim 40 

Texas Instruments USS BO ft 
Timor OK 7® 

Unilever NV IFI2D) USS 49* 

Westralian Sand* 10 

RULE 163 (2) (a) 

Applications granted for specific 
bargains in securities not listed 
on any Slock Exchange. 

MAY 26 

Ann Street Brewery ^05 500 
Cambrippc Instrument 1 ft 
Casileuiwn Ercn.-ry 1 85 

Cedar Hld 2 * 5pcR0.Cnv.Pl. 30 
Channel Hotels ana Props. iBft 
□dloswciip Hidgs. 20 
Eljriaye Podc A 152 

Ecclesiastical Insurance dpcCum.Pf. 210 
Fcvcstm Pulp ane Paper IA5H 25 
GRA Prop. Trust 12 

Home Brewery ;s5 250 2 2 

Manx and Overseas Inv. Trust 1 1 
Mining Inv. Cpn. 29ft 29* 29ft 29 
Oldham Brewery 69 
Viking Gil 143 is: 138 

MAY 25 

Carr's Milling Incts. 7ftpcUn*.Ln. 2001-05 

£34 

Clairmace 33 

Ha den CS'rier EpcCum.Pt. Soft 28 
jemmgs Bros. GB 

Queen Street Warehouse <Hlags.) Si, 
Mimng inv. Con. 79ft 29>s 29 
NMW Computers 156 153 150 
Riley IE. J.i Hldgs. 12 btCnv.Uns.Ln. 1965 
£81 £50 

Untied Rubber and Coffee ft 
Whttlev Bay Entertainments 108 107ft 

MAY 24 

Admins A 170 

Avion Villa FC £1 6ft 

Buenos Avres Lacrore Train wavs Sec Ext 


Mt.Db. £19. 5oc1stMt.Db. £31 
Burro ugh • James* 102 
Eastbourne Waterworks 48ft 
Fuller Smith and Turner A 270 
Heav/tree Brewery 430 4 .2PCNa»-Cunu 

API. ISO 

Le Riches Stores 510 

Oldham Brewery BDCUns.Ln. £30 £28 

Petroleum Ro-.ni.rs pt Ireland 1 65 

Partsmciut** W<iw 4pcPer B Db. £26 

Harpers FC BOO 

Severn valley Rwy. Hldgs 90 

SiAr oushCH-e Services * : Q ; 170 

2M United Kircosm 4 3e-.Cum.Pf. SB 55 

Twnlock I ZpcUns.Ln. £76 

SLAY 23 

Ann Energy Ho 

Camcriacc Pe"olcum Royalties BO 77 
Central Edu-emcm B 320 310 
Clarence Hotels HO 
Ferr.mil SOS 

New Court Natural Resources 9 B ft 
Uragate invs. 68 

MAY 22 

Coghlans Proos. 50 47 
CogMans Props. 7 PC VI ns. Ln. £31 £29 

Commercial Bank of Wales 70 
Grendon Trust 11ocSub.Uns.Ln. 1976-Bt 
£47 

Jersey Net* Waterworks 9'iocMuDb. 1982- 
1984 £38 
Oioham Estates 123 
Sleafaro Prop. iHIdOS i 150 
Wcctablx A N.-vtp. Ord. 62 


RI.T.E 163 (3> 

Bargains marked for approved 
companies engaged solely in 
mineral exploration. 

MAY 25 

Club OU 400 

S'boens Dll and Gas U.K.) 440 4 38 43* 
434 432 432 

MAY 24 

Gas and OU Acieagu 100 
S'c&ens Oil ana Gas 440 4 35 434 430 
423 426 422 418 416 40& 404 402 

MAY 23 

CCP Marti* Sea Associates 887ft 
Cllilt Oil 400 
Gas and Oil Acreage 105 
S.ebcns Du ano Gaf (UK 1 4'E 414 412 
410 405 406 404 402 400 396 39* 
394 392'; 392 391 390 308 

SLAY 22 

Clulf OU 380 

5(ebcns 0.1 ord Gas 1U.K.1 3B4 3S2 390 
378 375 

MAY 19 

CCP North Sea Associated B7S 
Gos and DU Acreage 10S 
5lebem Oil and Gas -U.K.) 382 360 37B 
376 374 

1 Bu permission nt thr Stock Errhimoc 
Counnli 


V-y.-. \U4,., 


mmm 




Treasury bill rate rises 


Bask of England Minimum placing maturities of £4D0m. There was also money to be found 

Lending Rate 9 per cent Day to day credit was m eery in respect of gilt-edged stocks 
(since May 12, 1978) short supply and the authorities sold on Thursday. On the other 

The Treasury bill rate rose by gave an exceptionally large amount hand there was a net amount of 
0.0301 per cent to S.4S25 per cent of assistance by buying a large maturing Treasury bills outside 
at yesterday’s tender and under sum of Treasury bills direct from official hands, 
the old market related formula, the discount houses and a small Discount houses paid around 7 
which was terminated on Thors- amount of local authority bills, per cent for secured call loans, 
day, would have indicated an MLR This was in addition to a large but closing balances were taken 
of 9 per cent The minimum number of eligible bank bills. Part anywhere between 8 per cent and 
accepted bid was £97.88 J which of the bills bought are for resale 9 per cent. In the interbank mar- 
was unchanged from the previous at a future date and indications ket, overnight loans opened at 
week and bids at that level were pointed towards the assistance be- 8-BJ per cent and reached 8}-&i 
met as to about 92 per cenL The ing slightly overdone. per cent at around noon. However, 

£5C0m bills tendered and allotted The market was faced with run rates firmed towards the close to 
attracted bids of £711.21m and all down bank balances and a sub- 10-11 per cent 
bills offered were allotted. Nen stantial rise in the note circuia- Rates in the table below are 
week £400m. will be on offer re- Uon ahead of the long week-end. nominal in some cases. 


GOLD MARKET 


S179I B -]80l4 

£179I 4 -180 


GoM BulUwsJ 
ix Tint- <uincei 
I'li «e~. — 

0|«ninK. — .. 

Murnins Hx'iHftl78 05 
(£08.840 
kllnin'n flag S 179.45 
(£98.980) 

i /(iiil L'cln_... 

.M'nif iirally.l 
Kruyrrmnil,. 

Wf'ff'snsJ 


lUySS 


Mav» 


S17S-17BJ, 

S 179 i s - 1801* 
S179.35 
k£98.946< 

|S 178.60 
1(£98.550. 


5184-186 IS 1831?- 185 >2 

|(£1CU-108$i (£1011 102ii 
*52 54 ‘S54ft-56i 4 

IsittBVHm , <£30-31* 

•1.1 .-"i 'nra5.^54I--66l3 K54la-56ft 
K£30-31. (£30-5 lj 


(ml.! L*im» ' 

. IiiioniHt'llyi 
bruLFrt«o<(-;S184l2.1861? S 103l4-lB5it 
iClUlJ.lOZj. £101 1D2' 

S ew A •v'npi*jS51 lj- 531? f*52>)-54)< 


I'M s'"*'' rgH3| 

520 E*sJ«.,'iisa73 1 x-276 U >£72-' 4 -2753 j 


CURRENCY RATES 


Special 

Drawing 

Sights 

European 
Unit oi 
Acctnun 


] Ha\ 25 

, da* ISi 


■<t^rll)Ll ... 

L'; ii.-.uar...,. 
.xiia.lum — .. 
Aio-rriR ■<■■<)-.. 
Lk-l^iHn (rani- 
IMIl'.ll kT'.ihf 
Ill-Ill .tfilMIl'lls 
U'lV.'l. ?lll«l«t 
1'rxn..' 1 ' irxnr. 
iitiMn lira.... 
) mi'.iicf yen. 
Wni.it hmni; 
-jviin .'K-.na.. 
- v. t-lls life rraw 

-v i— iranu... 


0.670265 

1^1351 

1.35114 

18.5272 

40.1939 

6.92982 

2.57671 

2.75725 

5.65766 

1057.61 

274. 20B 

6.64 U87 

08.4055 

5.67329 

2.37421 


0.670383 

1.21368 

1.35329 

18.5282 

40-2062 

6.93589 

2.57954 

2.75891 

5.66366 

1058.57 

275.385 

6.65116 

08.4000 

5.68045 

2.37457 


May OS 


w 


-Sterling 
Certificate 
of depnnu 


f.ii'tsmialii | 

£ .lx.n not lit!..; 
1 •:a.Vi«r 
/ ila.\'> nminr, 
One Diiuith ...., 
rv-i 'nr.ut 111... 


ihrct tiumili*. 0vi 0lg 

gii-esg 
9K-0f* 


i s muni /•>.... 

-\iue iiuiurb'. - 

Dim* I'mi 

I *»« veary 


9-07« 


latertxmk 


BM-ll 


Ei* -85® 




lair*' ILiaai' Alllh.j 
Aulbnriiy iietf* iulrtt 
depiwita ! hnuK 


Sig^Sg 

85g-B*4 

83, 8Ta 

9l*-SSg 

91* 91b 

ib 

i07 8 .ii 


0Sg-9 

9U-9 
9 J* -lift 
9 f i 93 b 
97 B 9i K 


Finance 

Hmj-e 

Peix^t* 


B3g0 

0-91* 

93g-9s8 

9*8-978 

938-9/b 

luij 

103(, 


l*l-i-ril<nt f 

LV'tni«nv market ; Trea -un 
De|m-il- ili-)x*>ii I Bill-* 


Big i 63,-9 


83, 

9'2 

9lS 


73, -81? 
Bifl-Bij 
83b«‘s 


BSg-Bis 


UouL 

111 Up * 


87, 


83, 


9 " g® 

3 1 m’V “u 


FineTrad# 

Hi lip ij. 


Bi 4 

S' 4 

9ij 

10 


Local authorities and finance houses seven days' notice, others seven days' fixed. Long-term local authority mortgage rate, 
nominally throe year* HUH per cent: four years 121 oer cent: five years 12M2J per cent. # Bank bill rates hi lable are 
buying rarer fur orinie paper. Baying rales for rmir-monrhs bank bills 93u-9i per cent: rour-moath trade bills s; per cent. 

• Aoprcnumaie selling rates for one-momb Treasury bills 8^e P*w »ot: Hto-monUi SJ oer oeot: and three-month 8?i6-8i5ju 
per cent. Approximate selling rare for one- month bank bills S^ie-SC per cent, and two-mooch Si per cent: and Uuve-monih 
81-82*32 per cent. One- month made bills 9 per cent: two-month 9J p-.-r cem: and also ihrec-momb 9HH per cent. 

Finance Howe Base Rales < published by the Finance Rouses Association i 7< per cent from May I. 1978 Clearing Bank 
Deposit Rales <lor small sums ai seven days' nor ice i 6 percent- Clearing Bank Base Rales tor leading » per cent- Treasury ■ 
Bills: Average tender rates of discount s.482apc. 


EXCHANGES AND BULLION 

Activity In yesterday's foreign US. trade figures had largely 
exchange market remained at a been discounted and although not 
fairly low level ahead of the long encouraging- the effect was largely 


FOREIGN EXCHANGES 


weekend. Sterling opened at 


countered by a 1 per cent in- 
crease to S| per cent in the prime 



$1.8120-1.8130 and in thin trading lending rate of some leading US. I 

conditions, eased to $1^085-1.8095 banks. Business remained sub- 


before recovering to SI -8130- 1.8 MO. dued with U5. markets closed on I 5i# 

The pound owed some of its later Tuesday. On Morgan Guaranty L'on>nlia = vn| 9 
improvement to the easing in the figures. the dollar's trade 

US. dollar but with a generally weighted average depreciation at 

firmer trend in US. interest rates noon in New York, widened to sin'*"..!!”!" 

and uncertainly surrounding the 5.04 per cent from 4.95 per cent. o,u»...'. 

timing of a UK general election. Elsewhere the Canadian dollar 

the pound dosed 10 points easier showed an improvement to 89.76 J ^' L ' fchul,n - - 

at si.8120-l.8130. Using Bank of U.S. cents from 89-51$ US. cents VmSm." 

England figures, the pound's on Thursday. Gold improved SI 4 Xon.-h,.!”!'.! 
trade weighted index fell to 61.4 an ounce to 91791-180} in 
from 61 j. generally featureless trading. 


1. tiOH5-1.fi 14011.8120- 1.8 ISO 

2. B ISO-.. 021 D;S. 1)180-’.'. 0130 

4. 10A-4.12, 4.11-4.12 

83.9u-b0.10 BflJO-BO.OO 

lO.53jlO.4B9! 10.44-10.35 
4.834-3.86; | 5.841-3.86; 
tf2.7Q.B4.60 | B 2- 90-83.40 
,146.85-147.061 146.90-147.00 


Ilk 1,677-1,581 


7 

9»S 

7 

3l£ 

51* 

1 


ff.80.ti.i-6 

8.431^.46 

B.474^.494 

407-415 

27.60-27.76 

4.65-5.654 


1.6794-1,580; ~ 
».ti2-B.*3 ' 

0.44-8.45 
B.4B-B.48 . 

40B4-41D; 
27.80-97.70 
5A3J 3.54 4 


t Rates circa for convertible Iraocs. * 
Financial irancs B0.KL6PJD. 


EXCHANGE CROSS<RATES 


OTHER MARKETS 


Ur\ 26 

t cunki'iri 


Hm* i 


\n*.*">i'n» •'.»*•.".> 

rranMiin 
\e«v Y"rt 

Hrtn- 

H)i,nn<;1:. 

!• -ii.il •».... 

Auihtinn).. 

/.urii-li ... 

47.21-3* 

CI*.S>-88 

L-..-8-6E 

■>.L4g:-Lt2/ 

iub,.<-.ooa 

"I.S546-972 

2.1203-le 

».ebi^68 
axlOlfi 
l.) I2-V13 
2.2712 3? 
i.?4«.ato 

46-4»&9 

21.46-48 

(.(.■&- 12 
r.44'kfi 
4>.m76 
41J02M7a 

F.40f-4l« 

i-JEfi-iffl 

14.C664W3 

53.MWO.C 

-.hM-Saw* 

3.64S452 
l.il&fi-r IR5 
d.438-4te 
^2«J)7 

4jii>Bo 

o.b3U-57 

B3.«2- a i ; 108.6CL65 
M.C9 13 1 .Lto-fi? 
2fc^C7..&7 237.9S.45 
I4.ao.tQ 1M1-97 

4.11-12 1 

•I16LUM95 
B5.73:<re84! - 


Notes Rote; 


Arjeni ru.: 1.38B- 1.402 !\rscn(lna.| 
Aw- Ira I in .Jl.5967- 1.84 l7L\u-trui.... 

hraril i il.44-52.44 JUtrl/niiK) .. 

F<niaoii....l 7.30-7.65 lUraxil ! 


1275-1375 

27-28. 

694-61 

35-40 


U.S. S in T>n*niii= II 1.66-111.70 Cann.lian >'eniv. 
Caniulian S in A'cw Y«irk=efl.5W7 wum. L'.S. S in Milan E71.M-75 
Si ex linn In Milau 1,678.13- 1.579. 10 


EURO-CURRENCY INTEREST RATES 


Linger B7.4QB-89.16fliL'a™«la t2.01-2.0BA 

B-.njsk’uDc; 8.44-8.4675 'Ueninark ..I 10.MM6 
0.40-fi^S 
5.80-3.95 
66-72 
1660- IBID 
405-425 


May 26 

tiLerima 

l<UMii)aij 

Dollar 

U.3. Doilui 

Kill -ll 
Uuiirien 

Mm- 
I rule 

W . (.1 'Tlj In. 

murk 

1 Sle.it term.. 

— 

6lff.?l£ 

73S <4S 

41(4)2 

1212ft 

i;i aif 

fii'iVh notux' 

— 

6iy-7ig 

71C <-i 

41( 

2 2ft 


>l<mUi 

10L, 106s 

7je-7*4 

8-8 ft 

41). Xl*. 

lie i ft 

57aO..: 

ilivw in* <*«(*► 

LO&9 11 

li.-C'O 

8-aft 


1ft 1^8 

Sft A* 

mx m..o lb 

lift use 

a^lg 

83s 

s.i 

l7 a 2 

3A-e:> 

•-•lie 1 e*ir 

11 Is- IS ft 

8 >8.* 


Dft-ftlS 

2lg-2ft 

3.0 


124-130 iFranuc ■ 

Kuwait D.439-D.509 Germany _• 

Luxemli'ft.-f 69. 90-60.00 iflrveee. J 

il aiay. *•.... 4. S47W. 56051 Italy 

A. <£ea inn. 1. 1.7092- 1.80 70'J a (Bo 

■■Sbiiiii Aral ! 6.20-6.50 INL-ilierl'ndU.05^.20 
ainyatnie -:4J7i<15-4 J440 ^\it*tbv .... 19.65-10.06 
». Airas.. 'U61£-1.5B5BlV*ortuiiaV...i 75J5 

t'-ti ] 4|M*D 146-148 

L'anaila .....| ISviU' lantll 5.50-5 .65 

<-'Sl— Li. a II.B1A-I.82 

L'.S. i^nu-J 89.75-89.78 |V«s-r.hivia| B4-37 

Rale given for Arsen Una is a free rauu 


FORWARD RATES 


I (Jue iihuuI) 


New Y..i£.'0.57-Li.Z7u.imh 

M..U1 rm ■ .|0.45-u.3&i;.:im 
Ain-i'.lamS-l .-.jun 
lin<- ^-iv...i25-15 


Three miTilha 


1.25-1.15 L'.um 
1-37- 1.27 L-.pm 
6«j .53 4 l'. nni 
175-60 ■•- pm 


LVti'nhnii.'j^s.nls .ire .lit. Bis-IOl^ ore riia 

Euro- French deposn rates: IwcmIjj ?;-S per cem: sevun-dav 7:-9 per cem; fraiimuri Z5g ls« |4 |im 7ic-6ia (>1 m 

one manib 6i-Sl per cem: threvraomh Sl-9: per ceni: six monifa 9i-s: per Li-tan 2b-lbp v.ills 1 ua5u0 vj(Ib 

cem: one- year SOHM per «m. lla lrld ....'35115 -Ha 14Q.22Uc.dia 

Loos-iurm Eurodollar deposits, two years 69is-Bi>(s per cem: ihree years '?'* 

8 1) is -ti 15)6 per cent: lour years fij-BI per cent: five years 84-9 pf-r cent u»ln....... . *>re«11* jaLi-Slx uredla 

'lft-li i.in ,3], -23, L-.nm 

Tb*- lollnwlns nominal rates were quoiM Tor London dollar certificaiftS of deposit: .■MVklu'ini l.iretun-l oreiil-ISU-lU ore inn 
oae^nonih 7.40-7.50 per cent: ibree mdnlhs 7.8j-TBS per cem; &■*. month flZn-SM Vienna ....113-3 cr» pm |3‘><-S2 tn no 

P..T cl-di: one-year B.4O-S.50 per cent. Zurich 3-2 v. ,-m _ Jeig.71^ Jim 

5b<*n-n?rni rams are call for Blerlin*. U.S. dollars and Canadian dnlUrs: rvro “ Six-mnnili "forward dollar 2.53-2.43c piw. 
days' n oiler for KnUdent and Swiss franca. 12-mon-h 5 40-5JWC tun 


















U.K. CONVERTIBLE STOCKS 26/5/28 









tin titties provided by 






















Con- 

Flat 

Bed. 

Pr emiumf 

Income 

Cheap (+) 
Dear(— )<>■ 

Name and description 


(£m.) 

price 

Terms* 

dates 

yield 

yield 

rt 

Rangct 

Equ.§[conv.tf 

Diff.fS 

Current 

Alcan Aluminium Ope Cv. S‘J-M 


9.05 

156.00 

100.0 

70-80 

5.9 

3.3 









.AhSOeiatcd Paper 91pe Cv. 85-90 


1.40 

118.00 

200.0 

76-79 

8.3 

• 6.9 

- 7.8 

— 9 

to 

l 

8.6 

9.1 

0.4 

+ 22 ' 

flank of Ireland 10pc Cv. 91-96 


& .22 

167.00 

47.6 

77-78 

6.0 

3.6 

- 52 

-12 

to 

-2 

'17.8 

9.3 

- 4.8 + 0.4 

British Land 12pc Cv. 2002 


7.71 

131-00 

333.3 

80-97 

9J 

Sil 

22.S 

11 

TO 

30 

0.0 

91.7 

86.0 

+ 63.1 

Englmh Property 6Jpc Cv. IIS-03 


b£4 

87.00 

234,0 

76-70 

7.5 

7.7 

- 9.3 

-11 

to 

11 

8il 

3.1 

“ 5.3 + 4.0 

English Property I2pe Cv. 00-U5 

15.31 

86-00 

15U.0 

76-84 

13.8 

13^ 

43.1 

43 

ro 

102 

30.3 

4S.1 

29 JS -13.9 

Hanson Trust 6Jpc Cv. SS-03 


4,51 

S/.00 

57.1 

7.6-80 

7.6 

SJ 

4,3 

1 

to 

10 

11.3 

89 

- 2.9 

- 72 

Uc-wden-Stuart 7pc Cv. 1095 


0.07 

270.00 

470.4 

To-79 

2.6 


-in.a 

-17 

to 

-7 

9.1 

6.7 

- 08 +9.5 

I’enios lope Cv. 1085 


1.06 

13600 

J6C.7 

70-82 

11.5 

9.4 

07 

- 3 

to 

36 

42.1 

W.I 

5.1 

+• 4.4 

Slouch Estates iOp C Cv. 87-90 


5.50 

158.00 

125.0 

78-87 

C.5 

3.1 

8.0 

5 

IO 

14 

36.2 

57.4 

14.5 

+ 6J5 

Tozcr. Kemsley Spe Cv, 1981 


7.33 

91.00 

153.9 

74-79 

8.S 

11.4 

7.5 

S to 

38 

7.1 

7.4 

0.3 

- 72 

Wilkinson Match lOpc Cv. 83-9S 

11.10 

05.00 

400 

76-83 

11.0 

11.1 

25J 

•jy 

to 

40 

27.3 

41 .B 


~1d2 

■ Numtier of Ordinary s»an=i imp -ih:ch uou nonunul oi convertible mock is convertible. • The fiuv cast •■! mvjsan'Hi in convi-mblc cKpruosc* as dp- cent nf ih> 
S sl ol "- t?<wity lft «onTfini«e noct, ; TUnrc-mpnib rama?. i Income OB number or Ordinary shares into which fino nmrins] oi convertible stock ifi cMvertihiT 

“WHsed |n pence, is tiini.nicd trom pruseni ume until in com* on Ordinary shares is greater ilwn mnc*3*c on flOO nominal of convertible or Uw fciii 
convcTOTb M1B wblebeccr is earlier. locum--- 15 assumed 10 ktow ai ID per cem. per annum and is prestm •.aliiud ar 1? m-r cem. uer annum. 5 Income on nOOni 
converowe. luenmu is summed omil conversion and preseni valued at 12 per cent, per annum. ■'£• This is inLoiai of ihv ronvnUai<* )<■-« income of the ondertyinc <ranira 
cw fT*^nrr .„.^ r 0,1 ,he walBt ®l V* underWna equity. O The different beiwcen the premium and -u'-OBn. diffi-ruitc eauressed as pe- cent of the rate® of 

underfynw equity, + Is an indleauon of relative OKApness. - i' an Indies I ton of relative dearm-sii, ™ 



i 

I . 

V- 




09. 


Financial Times Saturday May 27 1978| 



Investment interests curtailed by political uncertainty 

Equities and Gilts drift but Australian mines strong 


Movements In Electricals were 
usually limited to a penny or two 


F.T. INDUSTRIAL 
ORDINARY INDEX 


Account Dealings Dates In another quiet day in the level of 143p, after hating risen 
Option investment currency market, the S over the previous two sessions 

*First Deelara- Last Account premium shed g more to end the in response to the chairman's 

Tlra lines lions Opalines Day week with a loss of two points optimistic remarks on current 

MavlS 6 May -5 J»Iav26 Jun. 7 at UOJ per cent. Yesterday’s trade. British Home declined 5 
-o tun « Jim 9 Jun 20 conversion factor was 0.6813 to 195p and Gussies “A shed 4 
2 S jX * IMSOT). to 274p. Elsewhere, still drawing 

J -" N«r Mme ” mailnu w utte Place Another reasonable turnover strength from the chairman's 
from 9 jo a.m. two business days earlier, ensued in Eurathenn International cncouragine remarks. Freemans 
Election speculation following which closed Si cheaper at l4Sip. (London) put on 4 more to 326p. 
the Liberal withdrawal of then* , i ntir _ . Cope Sportswear save up 4 to 

pact with the Government at the liOWUCH ut)Wn again S4p a nd Leo Cooper declined 5 
end of the current Parliameniary Still unsettled by Thursday's to I3Sp. 
session restrained investment in- surprise announcement of a pro- 
tcrcs; in stock markets yesterday, posed £26m rights Issue, Alezau- 
Hol;4ay iniluences also dulled dcr Howdca receded 6 to 158p for 
sentiment. Only the Australian a two-day relapse of 19, while 
mining sector was singled out for other Insurance Brokers con- 
sttention and most of this centred tinned to lose ground in sym- 
on Northern Mining, which has pathy. Sedgwick Forbes dipped 
u:amond interests in the Kimbcr- 10 to 300p. after 3S5p, and 
ley area. Reflecting sizeable specu- C. E. Heath shed 6 more to 272p. 
lativc support M.\ rose to 15Jp Composites moved in a similar 
before closing a net 24 higher at direction and Phoenix closed 5 
l;:gp. off at 25flp on further considera- 

Early caution in the industrial fion of the first-quarter figures, 
leaders was attributed to a more Royals lost a similar amount to 
detailed analysis of Imperial 335p and Guardian Royal Ex- 
Che mica I Industries lirSt-quarier change and Sun Alliance both 
results, although IC1 itself was gave up 6 to 220p and 522p re- 
helped late by new Account in- spec lively. 

tiuences and settled marginally . Prevailing economic uncertain- 
firmer at the day's highest level tics Including the possible re- 
fer a rise on the week of 20. imposition of corset restrictions 
Court a u id's also attracted after- on bank lending made for re- 
hi'iirs' demand drawn by recovery newed dullness in the major clear- 
hopes. but several other index inq banks. Quotations, however, 

constituents eased a shade follow- closed a few pence above the day s 

in.; sjioradic end-week profit- lowest following Lloyds decision 
taking. to follow NatWests lead and In- 

Measurin': the day's trend, the crease their personal and other 
FT industrial ordinary share in- loan interest ra tss The former 
d.-x was a I ils lowest at the 1U p.m. touched -iOp before closing 3 
calculation, but the fall of 4.0 was tower at .*-"£* * hl le ttie , 
eventually reduced lo 1.4 at the c £ scd 0 2T' y “ £®T 

close of 476.1. i her the week, tins * lftcr 

guide to the nvirkefs trend was lower at 33np. after 3Mp. and 
3 5 hi-he- but on iho vccount ii Midland finished 5 down at 365 p. either way, but Dale ElectronJc 

was a net r» ’down " -Vwsri ■ aftor ™ n P Elsewhere. Antony were supported at 141p. up 5. 

m.irkm-'s over"’ tho urtk were Gihhs were favoured in Merchant Suggestions that CRN is likely 

boosted' to ir*st under innn bv Ranks and c, °sed 4 t0 th e good to fail In Its attempt to secure the 

incre.i-.i-.' hn-iins’ vi_-sior- 31 4S P contract to build a £190m. car fac- 

d.iv of isos *■ Breweries closed slightly easier tory in East Germany unsettled 

following a light trade. Bass the shares, which touched 263p 

BllVPrq nlnnF tn ftiltc Charrlngton. at Ifi&p. gave up a before closing 8 down at 2B4p. 

* lu v,lia penny of the previous day’s gain Recent investment and speculative 


264 p respectively, while Pflking- 
ton shed 3 to 475p as did Boots, 
lo I92p, Still disappointed by the 
absence of share-slimming pro- 
posals with Thursday's satisfac- 
tory results, Beccham eased to 
650p initially but rallied to finish 
3 harder on balance at 65Sp. Else- 
where, J. Dykes became a late 
casualty at 2$ip, down 4, follow- 
ing the profits setback and the 
omission of a final dividend. 
Caravans International gave up 3 
to 72p, for a two-day reaction of 
Bi after the chairman’s warning 
that second-half profits will not 



1974 


1975 


1976 


1977 


197B 


, Mt'imv mi 1 1 1 w jiicviuua tm.v a .uni nnem un coiuiciii «uiu apmiiduic 

"■jL'i’Jr .r n,e nf s which followed the better- favourite John Brown encountered 

' than -expected interim report. early profit-taking and eased to 

.'ntl o.lier investors D ..:u: i-*» 


in; 

rn-n'-> m <> n "■* » ° pI-Ti! c £ n s*i i rwt"- 5 Euilding issues closed steady to 3fit>p. but then picked up late on 
PiI* : iA| d -u!ri h ?• In' s !n^ r fi a shade easier after a small rradc. renewed demand ro close at the 
l ! ntii ”|*«P il- !' » inlh™f! l nn" hur secondary issues provided the overnight level of 372p. Elsewhere 
wi-mw ind n - S n fio occasional feature. Johnson- in Engineerings. Castings dropped 
nnerrri" e Isier ^ irmind Richard Tiles eased 5 more lo 100n 10 to 36p on the announcement 

reference of Hepworth that bid discussions have been 
in' <t . i,«i iipri irifir- Ceramic’s offer to the Monopolies' terminated. Fluldrive fell 13 to 
Tho f'inr • in r.rliinrcr t nor c -oin mission, and A. Monk closed 7 52p following the sharp contra c- 
C o nt mi'-i -• r- ' i i rH hV rho lower at 9-Ip on lack of develop- tion in interim earnings. 
G-v.cnirrmit "broker ni Thur-td'iv m ents regarding a potential bid. -Associated Fisheries figured 
at a Tie' «tihseriuemVv ,n c° n * r3, st- Milbury put on 10 prominently in Foods, losing 5 to 

withdrawn o-W » to nt ' ,,0 P n " hid rumours and 53p active tradfng as recent 


match the comparable period last 
year. Ex tel, on the other hand, 
rose 6 to 104p following comment 
on the results while George Ewer 
gained 2 to 32lp in response to 
the nearly-doubled annual profits 
and 20 per cent, scrip issue. 
Speculate buying lifted Rock- 
ware 5 to 132p and Mitchell Cot Is 
Transport ended 7 to the good at 

82p. 


withdr.v.* n l in «v; ' iu »i»P "n nia rumours ana •'■•h as 

while The ’ion- Ian Exchequer T’ "cl tern Brothers firmed 2 more speculators liquidated thetr 
p - cr:i! iniis I •'li.'i-’iaid i also *° 37 P 0,1 consideration of the positions. J. Samsbury shed 6 to 
f-om us l /si .inLT.at ve apnnweh from W. J. Glossnp. 1«P- LInfood. a firm market of 

v-.el .if iff m close ’ down ai Initially easier at 3S4p, ICf im- late on yield considerations, eased 
If., Cnrii..Pd.ii)n' Hvn} a-'ilrt'.'in* hie lo close 2 hi-her at h ? 1JP ,t r ; 

:• thv Tin fund- but :hc new 32 ft l» on fun her consideration of ™*\^*!* bj , 


1*«« i.'t 3J. per cent If«7 -took, iht- quarterly results but Fisons. 

••-iich v. ovcr-uhscribed on dull nf late after the chairman's SfS km 

l! *v. , . 1 .vs.n. nan.i red a small statement, eased 4 more to 360p. n 

:rt ! -i fiTM-tinie dealino.s at Elsewhere. Enalon Plastics 
. t;i f U>- paid Torm. dropoed S to 4Sp following the 

Tr. f!i-d Options moved bearish interim statement. 


Following confirmation of the 
agreed takeover from Dana Cor- 
poration. dealings were resumed 
in Turner Manufacturing which 
opened at 139p and closed at 136p 
compared with the pre-suspension 
price of 124p. Reliant were mar- 
ginally harder at a 1978 peak of 
Sp. while other small-priced issues 
to attract interest included 
Brown Bros., up a penny more 
to 26]p, and Alexanders. 1{ 
harder at 20p. Heron Motor 10 
per cent convertible were marked 
up 21 points to a 1978 peak of 
£173. while York Trailer, a dull 
market of late, rallied 2 to 64p. 


tion and planned return of 
capital. 

English Property rose 7 to 4Sp, 
after 51p. on news that discussions 
are taking place that might lead 
to an offer for the company by an 
unnamed Continental group; me 
6* per cent Convertible closed 16 
points higher at £103. Initially 
stimulated by Che bid approach, 
Properties eased later, but s elected 
secondary issues held sympathetic 
improvements. Bernard SnnJey 
put on 14 to 212p aftr speculative 
demand in a thin market and 
Evans of Leeds firmed 4 to I04p. 
Increased revenue prompted a rise 
of 3* to 53ip in Capital and Coun- 
ties. Following the bid from 
Unigate. Carding Group resumed 
dealings at 2QJp against the sus- 
pension price of 20p and closed J 
easier on balance at 19* P. 

Oils were neglected for the 
most part and generally eased. 
British Petroleum cheapened 6 to 
880p and Shell 7 to 553p after 
545p. Lfitramar receded 5 to 279 p 
after recent firmness on the first- 
quarter statement, while ou 
Exploration finished 6 lower at 
240p. Siebens UK. a less active 
market than of late, eased 7 to 
437p, but still 55 up on the week. 
By way of contrast, B unnab 
firmed 3 to 72p on renewed U.S. 

Still reflecting the first-half 
profits setback, Thomas Bortn- 
wick, dropped 4 to f° r n to* 5 
on the week of 11. Other Over- 
seas Traders to lose ground in- 
cluded Paterson Zoeboms. 5 off at 
178p, and Harrisons and Crosfield. 
12 cheaper at 475p. 

Investment Trusts were ui the 
doldrums and notewordiy move- 
ments were few and far between. 
Scottish Investment hardened H 
to 96p on further consideration of 
the interim statement, while small 
buying lifted London and Liver- 
pool 2 ro a 1978 peak of 25p. 
Financials were noteworthy only 
for gains of 5 In stockjobbers 
Akroyd and Smlthers at 225p and 
Dalgety at 273p.' 

Shippings rarely moved far from 
1+ie previous day's closing levels, 
but small buying left Reardon 
Smith 3 harder at 73p and Hunt- 
ing Gibson i higher at 134p. 

Courtaulds continued firmly in 
Textiles, rising another 3 to 129p 
following Press comment on the 
preliminary figures. Of the 
isolated dull spots. Carrington 
VTyella eased 1* to 38p and Park- 
land Textile “A" two to 7Bp. BAT 
Industries deferred shed two to 
2S8p in otherwise quietly firm 
Tobaccos. 

Plantations were notable for a 


decline of 25 to 245p in old specu- 
lative favourite Castle field. 
Guthrie hardened 3 at 305p; the 
results are due to be announced 
on June 8. 


Northern Mining soar 

The current strength in Aus- 
tralian Mines continued to centre 
on Northern Mining: the shares, 
which were changing hands at 9p 
a couple of months ago. touched 
a peak of I53p an a flurry of 
speculative demand in a thin mar- 
ket before closing 24 up for a gain 
on tbe week of 48 at 132p. Hie 
company has a 5 percent stake in 
the Ashton joint venture winch is 
exploring for diamonds m the 
Kimberley region of Western Aus- 
tralia. . „ 

The other participants tn the 
venture also attracted a substan- 
tial amount of speculative buying. 
Couzinc Rio Tluto, the major 
participant with 52.0 per cent, rose 
4 more to a 1978 high of 247p, 
while the Lon don- registered Tan- 
ganyika Concessions, with 8.4 per 
cent, advanced 13 to a high of 175p 
— a rise on the week of 22. 

Other Australians were also 
buoyant helped by the Interest 
generated in the section by Nor- 
thern Mining and the continuing 
strength of base-metal prices. 

Prices Improved across a broad 
front and in most cases dosed at 
new bighs for the year. Among 
base-metal producers Mount Lyell 
rose 5 to 32p. Metals Exploration 
3 to 40p. Pacific Copper 4 to 47p 
and Bougainville 6 to 132p. The 
coal-producing Utah Mining 
Australia advanced 40 to 300p. 

In contrast with Australians, 
South African. Golds and Finan- 
cials remained subdued despite 
the recovery in the bullion price 
which was finally SL50 harder at 
$179,875 per ounce. 

Golds lost ground for the fourth 
consecutive day with the Gold 
Mines index another 0.5 down at 
152.4 leaving it a net 0.8 off an 
the week. 

Coppers continued to respond 
to the upsurge in the metal price 
following the fighting in Zaire 
which re«ulted in severe damage 
to the Kolwezl mines. Mlnorco 
and Messina were both 4 better at 
new 1978 highs of 180p and 09p 
resncctively. 

Elsewhere, Rio Unto-Zinc put 
on 4 more to a 1978 high of 
222 p reflecting its 72.6 per cent 
holding in Conzinc Riotinto and 
the firmer copper price which 
outweighed the news that a fire 
had stopped production at Rossing 
Uranium in Namibia. 


FINANCIAL TIMES STOCK INDICES 


— 

sr' 

V 

MB)' > 
24 : 

Mxr . 
33 , 

31 BV 

32 

May 

19 

A year 
'ago 


70.1 0[ 

70.47 

70.42 

70.39 

70.19 

70.48, 

88.83 

Fiaed Interest . — 

71.99] 

72.10 

71.95' 

71,97; 

71.74 

71.99 

69.88 

Imlnsbrbvl Onllnaty— ■ 

476. lj 

477.5 

474.0j 

470.6, 

468.8 

470.6 

45SL8 


l53.4j 

162.9 

153.8; 

165,1. 

159.2 

196.2 

110.8 

OkU Pir. 1'leid 

5.S5 

6.62 

6.56! 

5.99; 

6.62 

5.61 

5.15 

turnings. Y'M?l([u'Ij(*I 

16.92 

16.70 

16.82! 

16.06 

17.04 

17.02 

15,78 

I*|B Katu (netli’t)-- 

8.13 

7.99 

7.93i 

7.88! 

7.85 

7.86 

9.19 


6,56EU 

4,479 

4.667 

4,953! 

0.240 

6,846 

6,849 

Lquity turunver Hu ... 

_n 

82.52 

64.871 

69.66; 

62.46 

86.35 

70.41 

Equity harps ion k<tsl- 

- 1; 

16.599 

16,118 

13.3 14_ 

14.063 

16.0541 

17.600 


10 am 473.1* U am 4719. Nona 473-5. 

! pm 474.5. 3 pm 474.3. 

Laum Index U4Mt 8825. 
"Based an S3 perc cm. corporation lax. 
Basis 1W Govt. Sees. la/10'M. Fixed InL 1938. 
Milton 12/9/53. SE Activity July-Dee. 1943. 


t Nll=7.97. 

Hut. OrL 1/7/39. 


Gold 


HIGHS AND LOWS 


S.E. ACTIVITY 




I'iitco t-<un>»i lalifli 


Ui|th 

Low , 

High 

Lu 

Gtovt. decs... 

78.58 ; 
(i'll 

70.10 

(26A) 

127.4 

(2/1/36) 

49.18 

(diliVb) 

Fixed. InL... 

81.27 

lU/ll 

71.74 

(22A) 

13U.4 

iiaf/lli47) 

50.63 

lilli'IOl 

Ind. Onl_... 

497.3 

'till) 

455.4 
(8 lit 

549.2 
> 14/9.7 V . 

49.4 

OKuhriO) 

Gold Mines. 

168.6 

Hli} 

130.5 

itvdl 

442.3 

43.5 

:t b 10.'? l» 


— I*iUly 
Ulit-iulKpd.J 
IndiMinca ...J 
{jfMwulaUra. 

TV>ULlB- 

b*{ayAv'mKc| 
Giii-Hiigvd.. 
ImlnBCrtaTo.. 
Speculative.. 
Trtali ,J. 


Slay 

26 


144.5 

204.1 

40.0 

126.7 


180.0 

179.0 

36.0 

113.3 




134.6 

158.2 

40.3 

101.B 


180.7 

179.6 
39.7 

113.7 


NEW HIGHS AND LOWS FOR 1978 


Tt» following securities ousted In the 
Share Information Sendee yesterday 
attained new HlDhs and Lows tor 197B. 

NEW HIGHS <100) 

AMERICANS C2> 

Cutler-Ha minor Rcllanco 

CANADIANS 11} 

Plxe Gas 

BEERS 121 

Irish Distillers Morland 

BUILDINGS (41 
Breeden Lime Milbury 

Ertth Wortem Bros. 

CHEMICALS (2) 

Coalite Chern. ICI 

DRAPERY & STORES (5) 

Allied Retailers Free mams (Ldn.l 

Helene or London Ratners 

12 pc corn- Pref. Waring A Gtllow 
ELECTRICALS (3) 

Highland Elect. Pressac 

Kode 

And'son Strathclyde Ra tell Its 1G.B.1 
Avervs Spfrax-Saree 

Jenks & Cattail Tovlor Pa Ulster 

HOTELS (2l 

Adda Intornatl. Stakis fRea.) 

INDUSTRIALS (171 


TEXTILES (3) 

Dawson intemati. sma Vbcosa 
Do. A 


OILS 12} 

Burmah Sccotre Res. 

OVERSEAS TRADERS <4» 
Aust Agricultural Great Northern 
GUI & Dulfus RUBBE «°^ «■' 


Guthrie 

Jokal 


Hi 


Minorca 
Tanganyika 
Do. Pref. 

Acmex 
Bougainville 
8H South 
Conzinc Riotinto 
Metals Exoloratlon 


MINES <1G» 

M.i.M. HldSS. 
Mount Lyell 
North 8roken HIH 
North Kalgurff 
Paelkc Conner 
Sungei Besl 
uesslna 
RTZ 


NEW LOWS (35) 


Alpine Hldas. 
E.H. Proo. 
Canlan proBle 
Carlton Inds. 
Crest Nicholson 
Dobson Park 
Dom Hldgs. 
Ewer IGeo.) 
Flnday A. A. 


Imp. Cone Gas 
Leisure Caravan 
Marling Inds. 

Mitchell Cows TrRSM. 
Nash U- F.) 

Rslwer 
Sketchiey 
Smith A Nephew 


INSURANCE lit 

London United 

MOTORS flO) 


Reliant 

Automotive Prods. 
Brawn Bros. 
Turner Mfg. 
Alexanders 


Davis 'Godlrevl 
Heron Motor 
Do. 10 cc Conv. 
Perry (H.i 
Tate of Leeds 
PAPER 13) 

Assoc. Paper Clav 1R.1 

Do. 9>:PC Conv. 

PROPERTY [7J 

Allied London Control Sacs. 

Capital 8 Counties Evans ot Leeds 

English property Traflord Park 

Do. 6-tPC Con. sHo£S|ij 

K Shoes TRUSTS (7} 

Drayton Par Eastern London & European 
Genl. Sr Commercial Exploration 

London & Liverpool M. S, G. Hides. 
Dalgety 


BRITISH FUNDS (131 
Tress. 10»:PC 1979 Funding 6 PC 1993 
Trcai. 14pc 1982 Eve bar. 13 k 199B 

Trees. 8 '.pc 1982 (£65 paldi 

Exchqr. 9LPC 1982 Funding 3‘jpc -99-04 
Exchqr. 9'ipc '82 A Treas. S': pc '08-12 
Exchor. 8Lpc 1983 War Loan 3 >>pc 
T ranspt. 3 pc Y8-88 Treas. 3 pc 1966 
Corporation loans m 
Glasgow 9'ipc '80-82 
COM ’WEALTH & AFRICAN LOANS fl) 
Aust. 5>;pc '77-80 

BANKS 11} 

Midland IOIipc 93-98 

BUILDINGS <1» 

Parker Timber 

ENGINEERING f5i 
Butterfield Harvey Jones Grou* 

Fluldrive 

FOODS (2) 

Nurd In S Peacock Tate 8 Lyle 

INDUSTRIALS (5) 

Caravans Intornatl. Staflex 

Gomme Hldgs. Vlncrs 

Portals 

MOTORS (2> 

Dunlop Zenith A 

SHOES 111 

Strong & Flshor 

TRUSTS (31 

Britannia Arrow Yule Cattw 
Edinburgh Industf. 

KCA ° ,LS "’ 

OVERSEAS TRADERS (1) 
BorthwfCk IT.} 

TEAS (1) 

Moran 


OPTIONS 



company’s application for an 
increase in rates for hotel rooms 
is to bo investigated by the Price 
Commission. 

Miscellaneous Industrial leaders 
ended the week with an easier 
bias. Unilever and Rank Organisa- 
tion boih receded 4 to 3l2p and 


Tn Papers, further consideration 
of the interim statement prompted 
a rise of 5 to 671p in Associated 
while the 91 per cent convertible 
finished 7 points up at £125. Else- 
where, lack of support left Thom- 
son 7 easier at one stage, but 
after small demand at the lower 
level the shares closed a net 2 
down on balance at 250p. W. N. 
Sharpe eased 7 to 193p after 
recent firmness on the reorganisa- 


D EALING DATES William Press. Talbex, London 

First Last Last For Brick, UDT. A- Monk, Savoy 

Deal- Deal- Declare- Settle- Hotel A, Burmah Oil, Pacific 

iugs ings tion ment Copper. Cons. Gold Fields, Lad- 

May 23 Jun. 6 Aug. 17 Aug. 30 broke and Dawson International. 

Jun. 7 Jun. 20 Aug. 31 Sep- 14 while doubles were arranged in 

Jun. 20 July 4 Sep. 14 Sep. 28 Pacific Copper. English Properly. 

For rate indications see end o/ Pariaga. A. Alonk. William Press 

Share Information Sendee and Avana. A short-dated call 
Money was given for the call was transacted In Metal Explora- 
in Mel toy, English Property, tion. 


RISES AND FALLS 

Yesterday 


Yesterday 


On the week 
On the week 


British Funds — 

Con> ns. Dominion and Foreign Bonds ... 

Industrials r 

Financial and Property 

Plantations 

Minos 

Recent issues 


Up 

Down Same 

Up 

Down 

— 

74 

2 

1U 

147 

3 

12 

50 

62 

54 

257 

341 

849 

L385 

L61S 

108 

97 

314 

447 

545 

4 

M 

lb 

40 

50. 

5 

4 

23 

24 

35 

24 

41 

51 

179 

209 

2 

5 

IS 

If 

. U 


97 

2m 


m 

in 

227 

» 


Totals 


403 638 U75 


2J42 2.734 74SB 


ACTIVE STOCKS 

YESTERDAY— 


!V:i 
ivfc l 

I'ro'rrjy 


No. 


n-.c.h 

El' 

'!>•: 
iw.'i! 


i :vr 
!»■<»•■ 

Puu: 

if; 

She*! 


■•nim.i- 

.»f 

Ctivsinz 

Clianso 

197S 

1!>7S 

1'i'H 

ni.irks 

prion cp) 

on day 

hi till 

low- 

.‘•on 

14 

4S 

-r 7 

."*1 

27 

ri 

12 

hS(l 

- Ii 

S:r2 

720 

fi 

51 

:i:ir> 

- 2 

::.ys 

2!»« 

f.Si 1 

'.1 

1 1 1 5 

- Ii 

1 ni 

S7 

"‘•ft 

s 

JJM 

». *i 


227 


Ji 

ISO 

2 

1S7 

J63 


S 

74 

— 2 

nn 

74 

Ii’ 

S 

.Tin 

+ 2 

3:iO 

32S 

?.-p 

8 

.m3 

— 7 

3<H 

4S4 

T.On 

4 

177. 

+ 13 

173 

122 

-■«n 

7 

K8S 

- 1 

106 

SB 

:*;»n 

7 

l!»2 

- 3 

231 

1S4 

2.-., t 


■J:.») 

- 2 

278 

23.1 

-‘•■sp 

i 

143 

— 

100 

J35 

•jr.it 

7 

37>'» 

- 5 

423 

34G 

1I1 : — 

i* 'fi.rfr 

f v Iftfttf n« the p inn her nf 

hpraain.-: 

;n ihc 

Oififnil Li*t and trader Rale 

763(1 J ( c) and 


T'i:i-!iort 
T.-n ■'.ri>,i..i 
ATS.-f -!i: & \Y:!s(Ui 

r.Ec 

M *.-ks & Spenr-r 
ltoy.il h-nr.iifr 
J’-' i . r 
rr.-.t-vs,',f r/i'-ti— it j.'i 
7f; " li ••Vif I ‘H I ;i; S;..vC I.Vl'llilll|H' (it’iilicpb. 


ON THE WEEK — 


Vo, 


S'o-fc 

PcnMim*:, 

- «>f 

Cln-ccnq 

rhanqn 

ITS 

1D7-S 

:r»’i 

III <•! • 

ju'h'j* i pi 

nn w eefc 

h:yh 

low 

1C1 

! 1 

77 


+20 

TUI 

32S 

"• '•' '■ * . 

2 ■;> 


."..*.3 

- .1 

.'■•Ii 

4S4 


. : 1 

17 

>sn 

+ 2 

N!»2 

730 

• . . • !•. :i> 

fl 

”il! 


— 

:i.‘iS 

2! Mi 

" s S -.. I 

■1 r - »i- 

'■n 

1-'3 

+ S 

i«;o 

1 

r ii.. 

‘J "■ j 1 


i'-N 

— 7 

2'«! 

227 

r. tv . r >*■! 

r 7 

47 

72 

+ 7 

72 

42 

G. Mrl. 

. . .‘1*11 

4 i'i 

ns» 

- it 

1 1 •> 

R7 

M r;' 


44 

■i«*t 

+ K 

•UV) 

104 

7' ''s 

p 

42 

I!'2 

— 5 

2:il 

184 

GSi; . 

. 2?n 

42 

25H 

+ a 

27S 


Kivi-ham 

.. 2-‘i|> 

3!l 

G3S 


B78 

3R3 

Lc-uro 

H»P 

:is 

108 

— 

144 

ini 


- •'•»»(* 

::s 

ISO 

— 

1S7 

103 

L-JCUN Inds 

.... £1 

3.» 

307 

+ 3 

31S 

240 


BASE LENDING RATES 


A. 3.X. Bunk . 

Allied Iri.ih R.mks Lid. 
American Express Bk. 
Amro Bmk 

A P Bank Ltd 

H**nry An-.-'-M-kcr .. . 
Banco dc Fti 1 ?;'" 

Bank of Credit & Cincu. 

Bank of Cvnrtis 

Sank of N.S V 

B. inque Belje Lid. ... 

Banque du Rhunc 

Barclays Ban*: 

Earr.pn Chrltue L'ii. 
Bremar Hold’ncs Lid. 10 
Bni. B mk r>f Mid. Ea-t 9 
Brown Shipley 
Canada Perm’! . Trust 
Capitol C & C Fm. Lid. 

Cayrer Lid 

Cedar Holdings 
Chart erhf'U-e Japhet .. 
Choulartons 

C. E. Coattfs 

Consolidati'd Credits .. 

Co-ope ra ti vc ' Bank * A 

Corinthian Securities . 9 

Credit L} ennuis P 

The Cyprus Popular Bk- 9 

Duncan La'.vnc f 9 

Encii Trust » 

F^tqhsh Transconl. ... 9 

First L ondon Secs 9 

First Nat. Fm. Corpn. 
Firs: Nat. Secs. Ltd. ... 9 

Antony Gibbs J 

Greyhound Guarani! 

C.nndiays Bank * » 

Gumnesb Xfahon J 

Hamhros Bank 3 


mill Samuel 3 g 

C. Hoaro & Co f 9 

Julian S. Hodce . ... 10 % 

Hnnqkong & Shanghai 9 % 
Industrial Bk. of Scot. 7 
Kuyser LMImann ... 0 
Knows lev & Cn. Lrd. ... 11 ,0 r, 
l.lnvds Bmk .... 9 or, 
London M-’rcantile ... 9 % 
Edward Manwiit * Co. 10t 




9 ,r ». 


9 1 
8 1 
9 ' 
9 1 

P :i 

P ' 
' 

IP ' 


Midland Bank 
I Samuel IMontaaii 

i ’’Tprann GrenfcM 

Notional We«t'nin«rer 
Norwich Conere! Trust 
P S Befson & Tn. 
Rossminster Aceent'cs 
Royal SfcCamda Tatst 
S-h'-jon-er Limited ... 
E. S. Schwab 


9 °r. 
9 T, 
9 °T, 
9 "T, 
9 % 
P o', 
9 % 
9 ^ 
9 *7, 
min' 


Security Trust Co. Ltd. IP 

Stie"'"’ T”ist lio;, 

S-mdard Chartered ... 9 “r. 

Trade Dev. Bank 9 % 

T-usti-o Savings Bank 9 
Twentieth Century Bk. 10 <r, 
n-iired Bank of Kuwait 9 «*. 
W hi teaway Laidlaw ... 

Williams & G tin's 

Yorkshire Bank 

| M.-nihvfS ,h ‘ 

deposits 4’V. i-rr.omh ik-posiia 


Ao-cpniu 


p°r. 

9 % 

K oust -3 


Mr I 


% 


T-.lay 

Li' '. . 

r-ilay drposln bn suras of £10.036 
and ondec ‘i!’ to ri^.000 tHT- 
XTrtl gVcr EI5.IHIU 1,*/ 

Can di'oosus out U.ooo 
[b-manJ ArW** 

R 1tl . 9 |so BEtoUes fo Sforiinp 
&-CJC. 


tori. 


LONDON TRADED OPTIONS 




4ul\ 


IMulw 

■laniuirv 

. 


Ut'r.rin 

I'lixllU 


l Iralnv 

■ Vlraine. 


Equity 

I’ll INC 

('I'll- in 

i.rii-o 

nir«*l 

V..1. 


\..l 

•rfTrr 

Vnl. 

Ilf 

750 

147 

12 

too 


: 179 


881/, 

111* 

800 

TO) 

12 

116 

* 

138 , 

— 

111* 

850 

56 

— 

77 

— 

98 

— 

.. 

nf 

900 

25 • 

5 

48 

4 

• 70 

2 


loin. Lnirp 

140 

15 

— 

18 

15 

21 

IS 

147p 

Uiii.iii 

160 

5 

— 

8i- 

— 

1Z1; . 

— 

| 1 ."llx. li.ilil 

160 

19 

3 

26 

-- 

30 

— 

17*i. 

I'HIS, l.illll 

ISO 

6 

5 

141; 

— 

20 

3 


■.'.•iirton.il* 

ioo 

24 

— 

26 

— 

27 ; 

— 

1 Z7|. 

■.'••uOmiiM'- 

110 

:sio 

3 

17 

— 

. 20 1 

— 

1***i 

120 

81; . 

15 

12 

— 

14 

— 


■ >ii nan 1.1* 

130 

5i;. 

39 

9 

16 

111; • 

1 

- 

14.1 

220 

43!; 

— 

48 

— 

55 

— 

256p 

■;i:r 

340 

2S 

— 

34 

— 

42 | 

— 

litl' 

260 

111; . 

1 

231; 

— 

30 , 

— 


'.iran.l Mr'.. , 

100 , 

16 

Z 

19 

— 

2H; 

— 

li’ip 

t in ml Jl.'t. • 

no 

8 

5 

III; 

1 

161; ■ 

— 

(irtn-i iiut. ■ 

120 

3'; . 

— 

71; 

2 

11 1 

— 


Ii "1 

330 

66 

41 

67 

33 

70 

7 

388p 

IV 1 

360 

37 

13 

43 

11 

48 

6 

ll I 1 

390 ; 

121; 

40 

22 

17 

31 <2 

5 


laii>( Srm>. 

180 

35i; 

n 

37 

— 

41 


31*1. 

Ln'iil -i*~. 1 

200 i 

171; 

5 

221; 

3 

27 • 


l^tn-1 ■*■* .... 

220 ; 

5tj 

— 

121; 

-* 

17 • 

8 


Mii-W* \ sv. 

120 

27 


29 

37 

31 

25 

14 3 p 

M-,ib*.v -j.. 

140 > 

11-; 

— 

151; 

— 

171; 


tlnri* \ 

160 - 

21; 

— 

7 

— 

91; 

— 



500 

75 

2 

96 

I 

100 

6 

S53|> 

— 'ii.-i* 

55J 

32 

-• 

SO 


59 

— 

"lii'lJ 

600 

11 

— 

22 

IB 

32 

-- 




2 

03 


148 


78 




RECENT ISSUES 


EQUITIES 


1 MU - ! s I ~ — E r 

Prn*! = — Jj ( 

!• : I ■ . — •' nis:i 1 Low 


100 ; K.f . : — j 1&3 I 'liurulhrt-m <14812!— JlgV. 2.64 4.o| 2.7 14.1 


-j+jj | J iiii'il 




FIXED INTEREST STOCKS 




III..-. IwM, t l„l. I’rt . ©7 m1 

«•<••. I MU- Im II. Vm ci™ : S90i« — 

* ‘ * *•' - n ! l.im. Hn*1 107ip! 

Unmet 12i> tle-t- 130 • 10U 


IV h|, 


uim. r rt-i ■Ok J v •— 

■ii Uol. tse? — ; 101*, __ 

■ »■! ■ i.jti I.*'' jni I'rvl, ,...] 104p! 

h Hal. I'rui. 14H 10‘*i 

••• "• .‘ih.iii K - |%|. • .--- ! Ss7 I ..... 

I.'. ■ n-i 1. 1 , iIh.ii. t--n>. til. llv’i. Hal. Wo6..i 471*, «... 
'Ivn. .1- i.l. . i. frw - 104jj*l ..... 

Pin.v i . i l'ii MHvii ..... 

1*4 k 1-J I'm. L iis. Lti.Htt Ujmi 1—4 

LiiiM.iw \ ai B i ... . 

H- I'l-.l’n-l 101 ' . 


“RIGHTS” OFFERS 


: Vi- 


i , lair-, 
l>,m | z~ j . 

1'rii.f 1 1- ■. (mu- i. .. 
i'i ivi • a 1 h mi, | u» 


JOu . 
56 

au : 

?:*■ 24 i 
20c. 

u . 

54a , 

tsi j 
20 p I 


.\n 
K.P. . 
t.V.\ 
>' i I 
Ml 1 
F.r. 1 
| 

f.p. ■ 

F. I'. • 

xi. ; 


13 6 ; 

26 3! 
8-C 


26 S' 
31jS 
1 3.5; 
1S'3, 
86. 


7.'7 lt3i>.ii;UTpni'Uivut (.'bfmlisJi 

23.6 I 4K |dtv»n l>iVm Kent 

31. ai 140 111' lUulhnjjb 

— , bit. m I uiirni .Canailisn UnL_. 

— JSrcn 5t , i>oi:C«ntaU M*nuI*cturiQj;..., 

£3.6! 102 1 88 .H..ri*i«n Ui- 1 .mi- ■ 

25 6- Mpm U.|>ni Kuwinw Davtiniisji..,, 

fl,b< i i^ c'iifra 

ia;F UR 1 I l«S Turner ± SevnUl 

17i7 iApoi' Jdpto Wei ten 



iTnaill)' 



fl+.-C 



i*: n 



< 163 pm; 

+ t 


SBi a 




-1 


98 I— 1 

34|.m| 

53 j 

184 

Bi>m I _.... 


Kenuncianon flaw usually usi rta> tof ri^-alinjc fw of stamo duty, b Kicuns 
un orosorrtiK esUmalu. oAsnumwl Hivuirnn him neM. B Kgrecaar riivtownf- 
cirri' hsKM «« prevfliirt *«r's eamtftss r Dmoeon anct twin tjaswi on omneciuB 
in wii#*i official funnuii* ror I9» v Grass i kibum sssumea. ■ 
iut conserstan or siurwi cor now ranRtis tor anwkiui or ranking onir tor ^arietoo 
.^viflriito l Piacuwoncv in public »\ Pync^ unKvif olhrrwise indiraiM. V>USl. 
tiv leader. U OHTerwl fq rujlders of Oniin jrv shares a* a ■■ nuhis " •• 
wa» or cwriiansatloa. r> Uisnnum render price. SJ RetrtrniiqcML n 
in cnnneeuon ur.ib reurcar.UBtUrt mergrr or lake-over mi [mma/iMum H 
.P torraer Praferenw noidera. l!KSS?^S - m2J2E5! 

or parihr-paid atm tries i tenure. * Witt warrants. nmy-pawi. « Rrorialoul 




FT-ACTUAEIES SHAME INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


Figures in parentkesa show 
number of mocks per section. 


Fri., May 26, 1973 


Index 

No. 


21 


49 


51 


70 


CAPITAL GOODS 1 1711. J 

Building Materials (28) 

Contracting, CaMOnaion (25) 
Electricals (15) 


Engineering Contractors (14) 

Mechanical Engineering (71) 

Maris and MetaJ Forming (17)_ 
CONSUMER GOODS 
(DURABLE) (5» 


Ll Etedronica, Radio TV ila). 

Household Goods 

M rton and Ksrributonffiu 

CONSUMER GOODS 
fNON-DlllABLE) 1 175).... 

Breweries(I4» 

Mines and Spirits (ffi { 

Entenai onen L Cucring (17).. 

Food Manufacturing i32j 

Food ReiaiUngilS) J 

\empapers. Poblishingiia. 

Packaging and Paper il5i... 

Stores f 39i 


Textiles (25). 


Tobaccos <3 1 . 


Toys and Games (SI- 

OTHER GROUPS <»7) 

Chemical* USD 

Pharmceotkai Products (7)- 

OfficeEquipmentCfl) — 
Shipping (10) 


Miscellaneous (^)—— 


INDilSlRTAL GROUP (485) 


Oils i.5> 


jgggAgg fljpn — 

FINANCIAL GROUFflM). 

Banks 6) 


Discount Houses (10) — 

HirePorehaseCS) 

Insurance (Life) (10) — 

Insurance (Composite) (7). 

Inaurance Bmicars (Ifl) _ 

Merchant Banks (14) — 

Property C3D- 


MiafPllnneouS (7) 


Investment Trusts (50). 

Mining finance (4) — 

Overseas Traders (lfl) _ 


99 ALL-SHARE INDEXlCH).- 


21252 

19031 

340.91 

445.47 

317.71 

17237 

164.60 


19439 

22700 

17632 

124.10 


201.94 

23832 

257.49 

254.71 

192^9 

19737 

37L79 

130.02 

179.66 

185.67 


255.83 


10&61 

199.65 
285 A2 
260.67 

137.66 
43237 


20480 


21038 


494.63 

233.91 


16389 

190.03 
20037 
145.43 
12721 

124.04 
32737 

8088 

236.01 

106.02 


20381 

98.44 

313.83 


21589 


Day's 
riW— j- 
% 


-03 

-0.4 

-LO 

-0.7 

-03 


-0.8 


+0JL 


-08 


-0.6 

-0.9 

-0.9 

-0.7 

-03 

-08 

-03 


-08 

+03 

-0.4 


-0J 

+03 

+03 

-LI 

-0.4 

-03 


-0.4 


-LO 

-03 

-08 


-08 


-08 
-L9 
-13 
— L8 
+08 
+L0 
+0.1 


+L0 

-01 


-03 


Ext 

toehu! 

VWtfV 

(Max. 
Corp 
Hi SS 


17.73 

18.05 

19.88 

1535 

18.59 

18.86 

17.40 


17.15 

15.42 

1630 

19.89 


15.82 

14.12 

15.71 
13.85 
2087 
14.41 
10.63 
20.09 
1X72 
16.81 
"2L61 

19.48 
16.04 

17.49 
1136 
17.44 
18.34 

16.71 


16.42 


14.92 

16.19 


24.80 


13.45 


14.74 


2.91 

24.64 


3.29 

17.00 

1539 


Gross 
Div. 
lleU % 
i ACT 
RM% 


5.63 

5.70 

4.00 

3.98 

6.41 

6.16 

832 


4.90 

3.80 

6.39 

6.19 


5.83 

5.63 

5.59 

6.70 
5.78 
4.81 
3.34 
9.19 
432 
7.46 
7.32 
5.75 

5.70 
6.12 
3.93 
4.72 

7.28 

6.29 


5.68 


4.00 


5.42 

5.66 

5.65 

8.51 

5.64 

6.64 
6.88 
4.70 
6.09 
2.96 

7.51 


4.84 

7.00 

6.58 


5.49 


Esl 
P iE 
Ratio 
(Nell 
Corn 
Tsz 32\ 


7.87 

7.93 

7J28 

9^3 

7.29 

7.21 

7.85 


6.20 

9.14 

8.43 

7.09 


8.60 

10.18 

9.65 

10.45 

653 

938 

13.47 

7.05 

12.52 

7.67 

5.50 

6.72 

8.21 

7.77 

1X00 

6.79 

6.71 

8.12 


0.29 


7.27 


8X1 


6.11 

1X00 


9.71 


66.15 

5.62 

3039 

717 

8X1 


Thun, 

May 

23 


Index 

No. 


21337 

19L04 

344.49 

448.44 

3i9.n 

172X9 

166.01 


194.42 

22693 

176.46 

12431 


203X0 

24136 

259.92 

256.41 

193X9 

198.82 

373.56 

13004 

181X7 

28434 

25683 

108.61 

199.86 
283.B2 

259.86 
D921 
434X4 
20630 


21X21 


499.41 


235.04 


165X9 

192.42 

20037 

14633 

13932 

125.90 

333.37 

79.94 
23365 

105.94 


203.75 

97.45 

314.05 


Wed 

May 

34 


Index 

No. 


21L7B 

18938 

338X9 

446.17 

316X0 

17L14 

164X3 


19335 

225.06 

17537 

12432 


20L47 

23661 

25734 

255.11 

192.44 

19634 

37L59 

129.16 

17926 

182.02 

257.73 
10731 
197.98 
278.14 
25938 

137.74 
43624 


205X0 


209.48 


49637 


233X7 


166X4 

195X6 

19920 

145.65 

13926 

12620 

345.62 

79.81 

Z32X4 

106.03 


203J1 

97j67 

31L74 


Tnes 

May 

23 


Index 

'No. 


211.16 

1B9.40 

339X7 

44L33 

316.91 

170.48 

16437 


19320 

22435 

17533 

12426 


200X1 

234X6 

255.06 

256.06 
191.10 

197.84 
363.98 
127 34 
17733 
18179 
257.74 
105.53 

195.84 
271.41 
259X0 
137.26 
43X34 
204X5 
20820 

49834 


232.15 


165X9 

192.49 
200.47 
146.46 

139X6 

125.69 

34623 

7939 

229.93 

106X8 

204.% 

96X5 

313.49 


Mon. 

May 

22 


Index 

No. 


210.47 

188.77 

338.05 

440.64 

315.79 

169.94 

163.82 


19329 

224.10 

176X7 

124X5 


199.73 

232.14 

254.73 
253.96 

189.73 
197.28 
37722 
127.11 
177.54 
18124 
257.16 
104.25 

195.42 

271.42 
258X7 
136.62 
424.67 

204.15 


207.67 


493.78 


231X0 


163X3 

188.98 

20109 

145X4 

138.72 

125X7 

344.62 

79.17 

226.77 

106X3 


203.63 

95.71 

312X7 


Year 

ago 

(sppraU 


Index 

No. 


Highs and Lows Index 


1878 


High 


Low 


181X6 


150X9 

255X4 

35X46 

253.45 

164.41 

153X7 


167X5 

186X7 

164.96 

112X2 


368X1 

176.46 

196.10 

212X1 

174X9 

173X0 

28228 

320.40 

143.71 

169X1 

221.77 

96.02 

180.70 

249.76 

0.00 

105X0 

525X8 

178X2 


180X1 


498.71 


206.43 


137X1 

150X5 

169X3 

12921 

108.62 

113.77 

296X0 

7L05 

182.95 

92.97 


17520 

9326 

Z8Z.78 


214.97 

197.86 

350.75 
464X4 

323.76 
172X1 
171X5 


05/5) 

( 6 / 1 ) 

(6/3) 

( 6 / 1 ) 

(18/5) 

OB/5) 

(12/5) 


198.78 (15/5) 
235.96 (6/1) 

184X3 (9/1) 

127.05 (15/5) 


207.45 

241X7 

265X0 

269.17 

203X8 

22322 

391.43 

135.99 

197.95 
191.90 
261X8 
108X1 
199 86 
285X2 

262.96 
139.ZL 
483X1 
209X6 


(12/5) 

(8/5) 

(5/5) 

( 6 / 1 ) 

( 6 / 1 ) 

( 6 / 1 ) 

(17(51 

( 6 / 1 ) 

i6/l) 

(12/5) 

(18/5) 

(25/5) 

(25/5) 

(26/5) 

( 6 / 1 ) 

(25/5) 

(6/1) 

I6£U 


232.76 (15/5) 


501X7 (17/S) 


236X9 05/5) 


178.96 

20436 

228X3 

370X5 

151X9 

143.46 

351X1 

85X2 

25529 

110X7 


209.15 

98.44 

319.45 


(6a) 

23/1) 

(4/1) 

( 120 ) 

(60) 

(60) 

08/5) 

(60) 

( 20 / 1 ) 

(90) 


07/5) 

(26/5) 

06/5) 


188X5 (2/3) 

166X0 0/3) 

289X5 (6/3) 

404.47 (2/3) 

270.95 (6/3) 

149X7 (2/3) 

15422 {27® 


173X3 (3/31 

209.01 (3/3) 

160X4 (6/3) 

104X8 (2/3) 


179.46 
204.04 

229.85 
219.62 
175X7 
176X3 
269.59 
119.11 
165X7 

160.85 
214X8 

93.79 

173X8 

238.69 

228.41 

117.48 

398X4 

178.47 


(2/3) 
(2712) 
(2/3) 
(2/3) 
(27/2) 
(3/3) 
(2/3) 
05/2) 
12 3) 
(2/3) 

asm 

(27/2) 

(3/3) 

(2 m 

(3/3) 

(3/3) 

(17/41 

OO) 


186.02 (2/3) 


417,98 (2/3) 


205.42 (2/3) 


153X5 

17L58 

18520 

136X2 

124.97 

12025 

30120 

71X0 

210.03 

99X1 

176.48 

85X9 

26226 


(27/2) 

(27/2) 
(13/4) 
07/4) 
07/4) 
(24/2) 
( 6 / 2 ) 
(27/3 
04/4) 
(27/2 ) 


(fr3) 

(6/3) 

(2/3) 


Since 

Compilation 
High I Low 


228X3 04/9/77) 
233X4 (2/5/72) 
38933 09/5/72) 
483X9 (2100/77) 
33222 (13/9/77) 
187.45 04/9/77) 
177.41 (27/4/72) 


227.78 (21/4/72) 
261.72 (21/10/77) 
26322 (4/5/72) 
170X9 05/1/69) 


22608 (16/8/72) 
2B1X7 (28,11/72) 
265.10 (5/5/78) 
329.99 0202/72) 
214X3 (2100,77) 
244.41 12700.77) 
39L43 (17/5/78) 
14421 04/9771 
204X9 i16W72i 

235.72 07/1/671 
339.16 (2/8/72) 

135.72 (160/70) 
213.70 04/9'77) 
295X0 04/9/77) 
262.% (60/78) 
24606 (1*972) 
539.68 (18/5,77) 
258X3 


(2/572) 


222X2 (210077) 


54320 (15/977) 


248X2 04/977) 


24L41 

28832 

293X3 

433.74 

194.46 

161.72 

371X3 

278X7 

357.40 

303X8 


01/472) 

(31/7/72) 

0/572) 

(4/572) 

05/372) 

(6/1077) 

05/9/77) 

0/572) 

(9/1173) 

08*572) 


245.79 

175.90 

319.45 


(25/4/72) 

(28/4169) 

06/578) 


50.71 (130274) 
4427 010274) 
7L48 (20274) 

84.71 (25/6/62) 
64X9 (2075) 
45.43 (6075) 
49.65 (60751 


38.39 (6075) 
42.85 030274) 
63.92 070274) 
19.91 (6075) 


6L41 
69.47 
78.88 
5483 
59X7 
54 25 
55.08 
43.46 
52X3 
62X6 
94X4 
20.92 
58X3 
7120 
228.41 
45X4 
90X0 
60X9 


030274) 

030274) 

03/1274) 

(9/175) 

01/1274) 

010274) 

(60/75) 

(6175) 

(6075) 

010274) 

(13/6/62) 

(6075) 

(6075) 

00274) 

. (3/3/78) 
(2075) 
(29/6/62) 
(6775) 


59X1 Q3Q274) 


8723 (29/5/62) 


63.49 030274) 


55X8 030274) 
62.44 (12/12/74) 
8L40 000274) 
38.83 010274) 
44X8 (2075) 
43.96 030274) 

65X6 060274) 
3L21 (7075) 
56.01 (20/4/65) 
33X9 (170274) 


71X3 030274) 

66X1 00/974} 

97X7 (6/175) 


• FIXED INT3 



FIXED INTEREST 
YIELDS 

Br. Govt. A*. Gross Bed. 


Thura. 

May 

23 

Year 

ago 

(approx.) 


British Government 

l^j 

Day's 

change 

■id adj. 
To-day 

xd adj. 

1978 
to date 

1 

_3 

Lo w 5 years 

Coupons '15 years 

25 yean 

8.71 

nx6 

1L67 

8.64 

10.W 

1L57 

754 

10.99 

1211 

8.71 (2X5l 
1L06 (2&.'5) 
11X7 (26/5) 

7.05 (3® 

9.12 m 

9.74 (30) 

1 

2 

3 

4 

5 

Under 5 years 

5-15 years. 

105X8 

115X3 

119.W 

126.07 

11789 

-0.09 

-0X4 

-0X7 
' -LOO 
-0X7 

- 

3.63 

2X7 

4.97 

6.08 

4.01 

4 

5 

6 

Medium 5 years 

Coupons 15 years. 

25 years... 

11X6 

12X7 

12.44 

1L15 

12.19 

12X9 

10.00 

1L77 

12.49 

11X6 Gfr'5) 
1227 (26/5 1 
1244 (26/5) 

9X0 (30) 
1018 (3/1) 
10X4 (30) 

Over J5 years _ 

Irredeemables 

All stocks 

E 

£3 




10X4 
1295 
' 13.19 

12X7 

1154 (22/5) 
1279 (26/51 
13X1 1225) 

11X1 (26/5) 

9X7 (30) 
11.13 00) 
1X26 (30) 

9.80 (30) 


j Fri. Jlay 2G 


if iS*-r-- Deb. A Loans (15). 
if £ nT “tmeat Tnist Prefa. (15) 

17 ICaniL and IndL Profs. (20) 


j Im lex Yi«H 

! -V«- : % 


Timr.j Wevl. ' Tucs. . Mon. ' Fri. j Thur.j Wed. ! Y 
“*?.V I 3Iny Jlei Mar Mav 1 Mai- ! ll”.. 

S3 




Mb 


w 


S1.S1 jt 12.04 
•51.70 14.73 

*71.96 118.70 


a«n r 


1978 


SIlMf 

CompUarion 


M>«wr 


Sealan mr Croup 
Pharmaceutical P redacts 
Otter Croups 
Overseas Traders 
Enstaaerhu Contractor* 
Mechanical Engineering 
Wees and Splrlia 
Toys and Conns 
OlHca Eeulpneot 
Industrial Croup 


Base oats 
30/12/77 
n/U/74 
31A2/74 
31/12/71 
31/12/71 
16/1/70 
16/1/10 
16/1/70 
31/12/70 


.57.65 57.39 i67.38 ;57.?3 ,67, 72 67 fl7 W7-B1 .an 17 

51.70 51.75 * 51.82 I 5 I. 8 S !H,K M aS'ffi 

l/l.aa 71 .an 199.85 IS 9 J 2 j 70 .SO 70 . 4 ? If ’4 1 ITD-tt 


nisiis 


Lon i 


Hip) is 


Huso Valin 
26L77 
63.75 

mono 

U3JM 
3SL84 
144,76 
US. 72 
326.20 
126 JO 


Sectien or Croup 
MlKdlaiiMn Financial 
Food Mamdacturins 
Fend Retailing 
Insurance Broker* 
Mining Ftnaecu 
All Olbor 


I 5 7-88 ®/6) 

61.62 i22/5J 
78.80(11/1) 169.86(23/6) 


luws 

(3>U^ 


113.43 (23fl0|66l 37.01 
114.41 34.45 (411217*7 

114.96 (7jl0(85i >47.67 (6/I/7S) 


Base Data Base Value 
31/12/70 12»m 

29 .'12/57 114.13 

29/12/67 11403 

29/12/67 9647 

29/12/67 lOOm 

io/4/i2 100m 


u ?? eW - *. of the eoastltueirts 

» avmllahle fretn the PahUshero, Tug Finaoda) Times. 


mwAen House. Camion Street. Lendge. EC4, price 
Up. by post Ss. A rortsightiy record ef group said 
Subsection 1 Indices, dhrhfend yields and earnings Rgnrns 
Since -19U. »rirti quarterly digits and laws *S tfet 
indices, u obtainable from FT Buvncs* EatarprleeSf 
10 Bah Court, London, EC4. « £40 per copy. 


CFeod Retailing), has bean repl a c e d by Can* CJatml 
of OoncBSter (BuUdlng Materials). 


SK 









til 


f.-.- 


^11. 




























































































































Financial Times Saturday Hav 27 197 S 


BONDS 


23 


Abbe,' Life Assurance Co. Ltd. 

Psuldhurrh.ird »■* 01-3189111 


Equity Fund 

Equity Ate 

Propcnv Fd.. _ 
Ppl+riy Aiv . .. 
•Vln-nir Fund . . 
CqmwrtlMp Fund . 
«Uo(irvi-'u n d . ... 
l^n* Pmprrty . . 
Pen*. Kctwt|v C . . 
[’■i'- -Security . _ 

Managed 

En?* F -a u,, j 

Si? 01 ’ ™ ' 4 s* r - 4- 

•Man id Sit. 4 
•kqnilvFil Ser 4 
W iinr Fd. Sit 4 
Mlrnin- Fd Ser. 4 


135 7 

U 

m? 

1299 

1»B 

1720 

82 . 8 

pSl 

174 5 

1558 

1258 

1318 

33 4 

1110 

1090 


37 J 

317 

1543 

160B 

92J 

&! 

181.1 

873 

142J 

1837 

1U1 

1325 

1383 

35-2 

116.5 

U4I 


' OS - C L * i¥ W> Pewit*. Management Ltd. 

W-0SK2OO 

' ^ —ICJ 43 sj ....7] _ 


Portfolio Capitiil.,. (41.7 ' 43 
Gresham Life Ass. Soc. Ltd. 

2 Prince ot Wain Rd.. B'nvuth inn" nTSSS 
«i. Cash Fund HU 1012 

ftmtSEdSll JS1 

aww3E-w m 

Growth Sc Sec. life Ass. Soc. Ltd.9 


United Fund — JJ46 1 


iS5»^l. 


Icec May a Neat dealing 

New Zealand Ins. Co. (U.KJ Lid.* 
Maitland House. Smtiieod SSI 2IS 070282955 


Kiwi Key Inv. Plan. 

Small Co'sFd 

Technology FU. 
Exlralne.FiL. 
American Fd. ..._. 
Far Ea»i Fd. 


p.t 

107 9 
1108 


— Bror-oir-niBWW, Bwka. 08284494 S jgL? b — Kj® 


iv,^.r^\:^n^ MyTu w «n3Sicr&J ,M 


Flexible Finance— 

Ljod bank Sees. 

Undb&nk Sc 5. Acc 


Albany Life Assurance Co. Ltd. 
.11 iild nurlmaionst. w 1, 


*-1 W I:.:.. I “ 

^rwH:.: = 


Con. Deposit Fd _ . 


141.* 

105.fl -0 4| — 
—0 1[ 
-oil 
-03 
+2L41 


110 J. 
106.0 
113.5 

118 a 

1084 

1012 


JKquili Fd. Acc. .. 


9<;id MopitKiI Ac. 
JIiiII Man rVIAcin. 
•Prop FdAcC . .. 
*M pie [nv. Ace _ 
touiiv l\. d pd acc. 
Ftiedl pen.Me... 
I* Irt Mon TVn,4cc . 
JnU Hn PnKdAcc .. 
[^PltcAcc .. .. 
M pie I nr. Pen. ACC. 


1M2! 
143 & 

119.7 
1089 
113 4 
1691 

222.7 
1864 
1341 

115.1 
1278 

206.2 


1798 
1365 
113.8 
1038 
1078 
1607 
. 2116 
. 17V 9 
.1281 
1094 
1215 
1959 

AMEV Life Assurance LtdV 

Alma Rd, Rrtgalc. Ret gale 40101 

jgs* 53 - 
sHta 

iSE).r l ™ lnt ' VI 95.2 — 0 fc 

*S}Hw Fd _. 963 1015 

AMFVMwfpeaFd. 97.2 1QX4 

AMKVlrfgd.Fcn. H 97.6 1023 

Fieri plan.. 982 1033 

Arrow Life Assurance 
30. lla bridge Hoad. W 12. 

astaasiBi i_ 

Prn.Mdd FdEq ..[1175 12231 . ' 

Pen Mgd Fd— FJ...|ll54 11901 .] _ 

Barclays Life Amur. Co. Lid. 

252 Romford Rd., E.7. 

Barclay bonds' 


Guardian Royal Exchange 

01 437 5962 Royal Exchange. ELC.3. 

Property Bond* (174.4 1816) ... J __ 

Hsmbro Life Assurance limited W 

7 Old Park Lue, London. W1 o l~tSQ 0031 


Norwich Union fnanrance Group 

PO Boa 6 Norwich NRI 3NC. 060322200 

Managed Fuad {2083 jyjj -0.61 


Equity Fund 

01-3837107 Property Fund . 

Fixed Jnt. Fund — 

Do pout Fund. 

Nor. l-n it May IS I 


&SU.7 


Fixed Int-Dep 0288 

Equity. 1767 

J7t.perty. 1610 

Managed Cap 1385 

Managed Arc 1709 

Otowoi.., 1289 

GUI Edged 1223 

American Acc. 1084 

Pen.F r.Dep.Cap 555 

Pen FJ-DenJUc— 147.8 
Pen Prop. Cap. 


01-748 01 U 


_ _ ... ___ Ml 

Pen. Prop Aec 259.2 

Pen Man. Cap 206 2 

Pen. Man. Aec 2664 

Pen. liUlEdg. Cap.. 1210 
Pen.GmEdg.AeT. 1273) 

Pen-B3 Cap. 1214 

Fra RS A„ ^8 

Pen. DAJP. Cap 

Pen.D.Ajr.Ace..._., +*~-+ i - AbbeyNal.PuidZ 

AbbeyNat.Fd.iAl. 

16-17. Tartrtock Place, -WClfiOSM 01-3875020 PuIaT 

Heart* of Oak _ p& 3 38.4| .. ,.| _ ^.S^fn ™.*— 

Bill Samuel Life Assnr. Ltd.* Equity Fundi A) — 

N1A T*wr.. Addiaeomba Rd, Crcy. 


1012 

1023 


Phoenix Assurance Co. Ltd. 

65. King William S4..EC4P4HR. 014280878 

Wealth Aas. I1U5 117 

Eb-r.Pii.Aaa. 1 744 

KbYPbJBqH. 175.1 78' 

Prop. Equity A life Ass. Co.V 
1 10. Crawford Street. W1H 2AS. 01-4080857 

1788 

1488 I -6. 


33 = 

0.9 ■ 
01-48808 


Property Growth Assnr. Co. Ltd.tp 
Leon Bouse. Croydon. CRB 1LU 01-8800608 


Property Fund 

Property Fund (AX 
Agn cult Ural Fund. 

Aerie. Fund LAI 

Abb * - - 


Equity . 

Gillqfdged. “ 

JTopc*. 

Money 

Man. Pens Acc llm .. 
Do. Initial 

Mon^ Pena Acc.. 


1225 

|U41 

jM2.| 

mi 


01-534 5544 

129.01 
1202 -03 

100.9 


m 


:uaK, fa 2 ... 

•Currcni unit value May 28. 

Beehive Life Assur. Co. Uip- 
7 L Lombard St- EC3- 01-801281 

Bile. Horse May 2. | 12B.15 | | _ 

Canada Life Assurance Co. 

2-6 High St, Potter* Bar. Herts P War 51122 

Eq^CULFdJUy2 .1 583 I I _ 

Ream. Fed. Apr. 8..| 116.1 J J _ 

Cannon Assurance UiV 

1. Obnnplc Wy, Womblc> Haponb 01-80C8878 


•Property Units .... 1516 
Pro pens Scrim A- 1080 

Managed Unit* 163 J 

Managed Series A- 96.7 
Managed Series C- 943 

Money Unit* 1194 

Mooct Series A-..- 96.9 

TTxedlnL Sor. A. KJ 

Pzul Managed Cap, 1385 
Ha* Managed Acc.. 1453 

Pn*.G! teed. Cap 1869 

Pns. CTteed. Aec._ 110 i 
Pens. Equity Cap._ 95.0 
fens. Equity Ace— 950 
Pns Fad. In t Cap .— 9SO 

Pnt.Fxd.Ini. Acc 950 

Pens. Prop- Cap m 


15861 


381:9! 
J2i - 031 

1 97A +0J( 


116.M 

ioo| 

1080) 

1W.0| 

100.d 


Money Fuad — 
01-8084355 Money Fund (Ai.., 


ArtnarieJ Fund.., 
ClllTdard Fund.. 
Uill-Edged Fd. fAl 
•Rotire Annuity .. . 
•immed. Ann^y — 


Prop. Growth Peaaiaca & Anna ltl 
All HTther 


— ! Ac. UtaJ 

•All Weather Cap. . 

•lnv.Fd.Uta 

Pen « on Fd. Ut*. 

Cone. Peas. Fd. .... 


CUv. Pus Can. Uti 
- Man. Pens. FA. 

Man. Peat. Cap. mj 


Fens. Prop. Acc J 

Imperial 'Life Ass. Cou of CnnrAa 

Importal House. Guildford. 71255 


1781 

TALI 
152 3 
152.1 
675 
673 
1665 
168.9 
1393 
1386 
1212 
1284 
1204 
1792 
1435 


As i m 

132.6 
1284 


Growth FdJCay 28..I723 

Peni.FiLM®'*. 1*6.1 

UaiL IJukec 


7L. 

nkad Portfolio 




Prop. Pens 

PropJ'enaCap.Lt*. 

Edig. Soc- Pan. UlI 
Bldg. Soc. Cap. Ut., 

P r o v i n ci al Life Assurance Co. Ltd. 
222. Blahopogale, E.CA 01-247 BBSS 


1315 

142.7 

1322 

1445 

132.4 

1299 

115.6 


-05 

:8J 

•*02 

— 8*.4 
-D.4 


let Ltd. 


Equity Units... 

Property Unit*. 

Kqultv BondExoc. 

Prep Bond Exec . 

Bal. Bd.'Exec.Unti 

Deposit Bond 

Equity Aceum. ..... 
Property Acciiel— 

Mnad. Accum. 

2nd Equity 

2nd Property. .. , 

2nd Managed 

2nd Deposit.. 

SndiltirT. 

2nd Eq Pen* (Arc 

2ndl*ir Pen*.' acc. . 1105.9 
2nd Mgd. Fens Accmj 
2nd t>rp Pcns'Acc J97 & 


,U694 

W5 

UUT 

SZ94 

U05 

175 

UZ44 

.mj 

,(103.0 
99 2 
963 
38.1 
94.6 


i+M3 
i|om*o:oi 

Baw - 


982) *03) 




8.131 

193 fl 
40 Of 


+o.u 

10L9 
932 
1002 +02) 


2nd Gill Pens' Arc]M5 

LiF.K.1 F [»75 

L6ESJ5-.2., |265 

Current value May 25. 

• Capital Life AncruccV 

CnatMon Ituusc. Chapel Ash W'ton 

Kevin ivst Fd I 1M.72 I ., 

Hoc emafcer] n v.Fd ,| 10414 | 

Ctoierhouae Hapia Gp.9 

IS. Chequers Sq.l'y bridge UB8 INK 
Chrtl’ac Energy .... 

I'hnhsc. Money .. - 
Chrth«e Managed . 
t'hriW Equity 
Magna Bid. Snr _.| 124.6 

Mag ha Managed — ( 149. B 


Managed Fund 153.9 99 91 -0. 

FixctTlnt. Fd. .W55 1M.| +0 

Secure Cop. Fd. ,N5A lMiL+D 

Equity Fund 1957 (100. 

Irish Ufe Assurance Co. Ltd. 
11. Finsbury Square. EC2. 

Blue Chp May 98 I7L7 

Mac aged Fond 12205 

Prop. Mod. May2_.,[l75A 

Prop. Mod. CtlL Jim 

King A Shaxaon Ltd. 
52.Corahin.ECa 
Bond Fd. Exempt 
Next d 
Govt. See. fid 


= SJd: 

_ Gilt Fund 30. 11144 2295j 1 — 


~ Prudential Pensfmu Limited# 

+03 Holboro Ran.EClN2NH. 01-405B2S2 

EqulL FtL May 17 n |OLB7 25. 

Fxd. InL 1BW17 0874 18' 

Dl-Cffl8253 Prop. F. May 37 (£2L« 26. 

2?i"3 +o nl I s0 Reliance Mutual 

UM.M .....I — Tunbridge Wells, Kent. 0B82223TI 

i — HeL Prop. fids. | 1989 J | — 

01-0235433 BothseUM Asset Management 
}g7.73( | __ &. Swi thin* Lane. Loo doa, EC6 01-8284356 


N.C. Prop. Mar. 3L_p24i 12L6< ( — 

Next Sub. Day June 3b 


date June 7. 

“ 1254U I - 

Langham Life Assurance Co. LtA Royal insurance Group 
Langbam Us. Holm brook Etr, NV4 01-2033211 New Hall Place. Liverpool. 0512274422 

iSI = Ra ^ iSbiridFi -n 23i —4 - 

ttlap <SPi Mon Fd P5A 793 ) — Save & Prosper GrovpP 

Legal fc General (Unit Assur.) Ltd. A Gust. Helen's, imdn, zcsp3ep. oi-sm ses» 


— Klngswood House. Klngswood, Tadworth. M.lav.W L 

— Surrov Kl^) 8EU. __ _ Burgh Hmiji 33156 EnKl^Fd.* 


0902. 285 U 


ms 

Du Accum. 964 

Equity Initial 1193 

Do. Accum. (121.1 

Fixed Initial 


38 4 

40.41 

294 

3L0 

38.2 

002 

34.4 

36.Z 


59* 

62.7 


170 7 

379 6, 


576 

M 

-O.-i 

701 

*203 


U.5 

rte 

-0.1 

173 0 

1764 


1UJ 

3*92 


nr i 

1234 


-•>4 4 

431 


-no 

503 


433 

5*1 

+0’ 


se.o 

+03 


City of West mi ester Assur. Co. lid. 
RJnS'icad |lou*n. U Whitehone Road. 
Croydon CKO 2J A. 

West Prop Fund, - 
6!anagv<i Fund . 
tquUvFuixl .... 

Farmland Fund 
Manes Punt! ... . 

Gilt Fund 

I 'I'Ll Fund . 

Inu kingd. Cap. 
l-ro* 6tr.gd.Acc. , 

I'ecs Money Cap. _ 4 

l •rnx Money Acc 
Proa Equity Cap 

iVna Equity Acc. . 

Fund currently a-U t» ne» mswtmonL 
r. rf-irm Units. , -( 147 7 I , .| — 

City of Westminster Amur. Soc. Lid. 
Telephone 01-tW HlVM 
FintUftih .... .1118 6 I2«5t — 

IT.yrrty t 'ntl* . |.MJ S7.0J j — 

Contmerclal Union Group 
Si Helen* t.l -tide r*hnft.B~J 01-2837500 

54 48 i-aw| - 

130a 1. 4 - 

Canfcdrrr.tlon Lite Insurance Co. 

W. Chance.-. Unc. WCS\ IMF. 01-24211232 

•hq-jity Fund 
•%!anag-.t I 'jnu . 
l'rrsrr.al Hen Fd 
l quit' V'rn Vuitd 
Fixed Ini I'm Id 
Managed Pen. VJ . 

Fruprrtt !*cit Fit 

fl’hilis'iinl tu Pel 


Do. ilccum. _ P 

— InU. Initial 969 

Do. Accum. 989 

Managed Inllial 115.4 

52181 Do. Accum. U82 

— Property Initial . ... 97.6 

— Do. Accum. 1994 

- legal i 

— Exempt Cash IniL ,1964 

— Do. Accum. 575 

— Exempt Eqty.lniL. 1185 

Do. Accum. 120.1 

Exempt Fixed intu 1066 

. Do .-'.(.-earn 1301 

01-CMP8H. Exempt Hngd InlL *166 

Do A .-cum. — 1282 

Eiempl Prop. Inil. . 950 
Do. Aceum. 973 


+ 0 . 1 | 

101.' .. , 
1265) *0.4 

mil -0 2 

1ZL« -03 
222.B -DJI 
182.0 +02 
IfP B +0^2 
122.6 -0? 
W5 -021 
102.1 

]|4J 

6 General (Dhtt' FeaatesTuiL 
ISLgf .... 
102 ! ... 
12U .... 
1263 

m3 .... 

2m 

1221 

1245 ... 
un 3 
1025 


Camp . 

_ Equity Pea*. Fd | 

= gSfflSK: = 


GillFd. 1173 

Deposit Fdt 1226 

CampJ’bns.W.t 299.9 



PeposJ J ena.Fd.T.-,|974 103 
Pricey on May SM. 
T Weekly dealings. 

Schroder Life Group? 
Enterprise House. Portsmonth. 


Equity May 18 

Equity 2 May 23. 

f&asc- 

Fixed Ini. May S3— 
1M.UT May 93 
K6 SQlt May 23_, 
K6SSc. May23_. 
Kncd Fla. 
Managed May 23.—. 
Money May 23 — .... 


2272 
7144 228 Jj 


U 705 2 7 7 33 


May23_ 
i£Hay33. 

Do. Aceum |97j 1023| J _ Money hlayZ* 

Legal Sc General Ptopi FtL Mgrs. lid “ 

1 1. Queen Victoria St- EC-?N 4TP 01-3*8 0378 Property May 23 ... 

LiGPrpFd. Mavi.|lM0 Bfljf | _ Pro uerty 23 , 

Next sub day Juan L BS Pn. Cp. B klay^ 

Life Assur. Co. of Pennsylvania * Sfelofa JSy^iw.o 

2JM2 New Rond St, W17 0RQ 0V4B1838S MnFnAccjU£ay23pM5 

LAFOPUn'.tx. (956 TO* . -4 - 

IJoyds Eh. Unit TsL Mngss, LW. BSSSoJfc 
71. Lombard St, EC3 01-823 12C3 Ihrp Pen Arc B,.. 

ExcmjTA- , , ms lil* — J 819 MonmrP^.gP-B. 
Lloyds Life Asstifance; 

2T>. m.totv S4, EC26 4MX 
Hit UUi. Km 6. ..I 1^*95 

Opt. 3 Prop M.7S, [1212 igTl 

ibs.g 
lSd 

Opl 5 lA'pl May 25 1 121 7 127 6 1 


Var An Ad 1 fttarSJ I 
1V> Antirif) fir .| 


1182 

m 

1367 

1414 

1195 

129.9 

142.9 
106.8 
1164 
UL2 
152.6 
130J 


1200 

1304 


1244) 
1416 
15L9 
M3.fi 
144 j] 
125.9) .., 

UOjj 
ilia 

1229) 
119.2 
160.7 
1582) 


2095 

M7.9 


Scottish WWmnt’ Group 
PU Box 902. Edinbunth EH185BU 


InvFlv. Series 1 (105.6 

hr, Fly. Swi<ut 199.8 

Inv.CeehMsraO., (97.4 
FvlWTACc M4V17 JU94 
ExUtTrlnc May 17)134.1 
ey2i . 


031-6338300 


105.6 -0 
1K1 
1026 
1435 

In; 

2W1 -4.01 - 


SI = 


1W1 

157 | 


i.'jj 

IJ19 


:aj 

739 

, 

213* 


19; 5 

.. 

ifu.7 


xwo 

357 6 



Lundoo Indemnity & Gel. Ins. Co. Ltd. M#<L '*" r2 - ~' 3a i 
i b- 20. The Porburj'. Reading B8331L Solar life Assurance limited 

Slaacr.Manoger. .. .g2.7 « 1| +0.1J — io.-ia Ely Placn London ETJN BIT.. 012S2903 


t . «.|34.B 35.9| | - 


Solar Manse ad S .... 1126 J 


M M Flexible 

Fixed interest .-.|*i.o | — solar Property 8.., 11103 

The London St Manchester Ass. Gp.f soiarEquityS ji605 
The Lea*. Folkastone. Kent 0303S7333 §£{" £aSi S° 


~ l ap Growth Filed. 


Cornhiil Insurance Co. Ltd. 

33, Corah ill, E.C 3. 
fxp Feb l!a» 15 . 11210 
l.-.Spiv Mnv 16. . ,5J 0 
MiLGttiJd Nay 20 . |l68 0 1718, 

Credit St Commerce Insurance 
120. Beaenl SI .London MR3FE. 01-4397081 
lACMnird Fd . . (1220 1J20| . . ,( — 

Crown Life Assurance Co. Ud.f 


♦rrop ENeaipt Fd_ 

Exempt Prop Fd. 

♦Expt Jpi TsLFd. 

,, Flexible Fluid I 

0l-fcSMi0 jni.TruMFuud.__] 

Property Fund..... 

MAG Groups 

Three Quays. Tower Hill EC3R 8BQ 014» 4SB8 


17Ze| :j - 


220.6 

-oa 

13X6 

-05 

83.9 

-02 

1475 

-02 

UD9 

+ 0.1 

133J 

-0.6 

822 

-0J 


1336 

m 


133.0] —0.4 
nxt ... , _ 
169.0 -06 — 
U?6 -05 - 

£j -03 - 
= 

1617 -05 — 
= 


Per*. Peoswn - ' 4 — 
C'oov. DrPCmt* 

Equity Bund—. 

Family TV4»' 
Family 81-85 


I'niuti Lile Hie . Woking. GU3M XW MOB 5033 pHt B«id«v. 


IMS 
ICO 3 
1003 

95 0 
9T.0 
<40 
95.2 
«2 
162 
W0 

96 0 
SiO 

■w 0 
wo 
*1 
95 0 

l«« 

;S5 4 
|*T0 
1650 


1057 *01, 
10*7 *0U 
ID* 5 +01 
JftOO 

leoc 
moo 

’lOS 
138 2 
loo : 

li 1 ! o . .. 

If 10 

10L0 -0« 
e?4 -c4f 
nf« -0.4] 
ioao 
IX 8 
ltW9 
1W 4 
104 0 


577 


_ iTOpertyBd .. -. 
“ Ev. Yield Fd Bd.-. 
Beco^ery Fd. Bd.*. 
American Fd Bd ' 


Ja^n Fd. Bd.-. f5L4 


- 


- Merchant Investors Assnnnce 


~ 1% High Street, froydon 


Stang'J I’uud Ace 
Marg >1 Fd Inrm . 

MmisMFO lnit . 

FquiiyFd.Ace - , 

FiiulU Fd iDcm . 

Equip Fd lnit 
J^x>pert.i F*1 Arc . 

Property Fd Inrm 
Properly HI lull. 

In TS' Fd Vo 
Inv Til FiLInem 
Jar Tsl Fd Inil 
Mini Int. Fd Act 
Kxd li:i KH Inrm 
Inter! Fd Arc 
lntcr'1 F'l Inrm 
Manny FM A.-. 

Kune? t 'd l»im 
Dlfl FH In.-K’ 

Croun Hrt It" '.V 

Cruxsder Insurance Co. Ltd. 

VinouU l!«ilr.Ti«f*rPi .E^3 014088031 

t.:r. IY«'9 — .. (67 4 76 Jh( . ( — 

Eagle Star I naur/ Midland Ass. 

I Ttiiea inredleSt, EC5 01-M813I2 x^JerEq Accum. .(113 9 

(Aglr Mi.l faiSa -151.9 53 « — 0 3f 5.91 Nclex Money Cap.. 613 

Equity & Law Life Ass. Soc. Ltd.9 NrinGtStacAer 091 

, ^ gasffJfcS?:: Sj 

Vac .«»•! - ljgS.2 IJ? 7 ! I- Nel Mxd. Fd Ace .. (4S3 

F.-eJ l"«eW»lF jJ»0 
iqil tir|*iiut Fd. . . |?8 6. *03 

M.xr.t Fd — - 


lntrrnataL Bond 
Mcncged Bd.**” _ 

Property Bd— 


(2260 
117.4 
11347 
354.1 
+*0.0 
185.6 
10L6 
135 0 
1534 

tf? 


123.41 

1415) 


11L0 +oi( 

106.7 ., , 
141.9 -0.4 
1614 
84* 

65. D 
565 
54.11 

Nor it. —May 28 —May 28 


-131 


Solar InU S- 1C0.0 

Solar Managed P_. 1260 
Solar Pro pc i+* p._. uffl 

Solar Equity P. 1102 

Solar Fvd. Int. P.. ._ 1133 

Solar Cash P 975 

Solar InU. P. 1003 

Sun Alliance Fund Mangmt. Ltd. 
Sun Alliance House. Horxfcam. 0403641-41 

Son Alliance linked Life Ins. Ltd. 
Sun AUionea House. Hor sham 040364141 

EqaHvFund 1232 11921 +0 3 - 

Ft MdinierestFd... 102.2 1075-02 - 

PropertyFund 1077 113.4 — 

tnlernaucnal Fd — 106.1 111.7 -05 — 

PepomtFPnd J63 1DU — 

Managed Fond — (1065 1122) -ill — 

San life of Ca n ad a (ILEJ Ltd. 

2. 1 4. Cockxpur SL SW1Y 5BH 01-8305400 


12J8 


B75 

842 


Property,. — 151-6 

Property Pena 157 8 

Eqaltv S72 

Equity* Pen* 1J30 

Money* Market J2S? 

Mnrfi MW. I*en*. 1795 

riepowl ■ “““ 

Ix-poiltKeux., 1--8.9 

51anagr*l IS; 5 

It an nerd Pena. — 15J5 

l:>i; Equity TO 1 

Inti ManSJod 1022 

NEL Pensions Ltd. 

Xllton Court. Dorking. Surrey. 
NrlcxEq Cap 1893. 845( 


oi-easam Mnrtniz, cmi--— ( 


1091 



119* *0M 
645 , 

682 . 

516 . 

52 4 . 

505 . 

50 7 . 

Next Sub. any May . 

Far New Court Property sea under 
IShttUi Asm* Management 


* 0 . 1 ] — 
+QJ — 
-02 — 
-0.7 — 

-02 — 
-0.2 — 
-01 — 
+ 0.2 — 
-01 — 

-16 


SOU 


SIS 


Maple Lf Mangd. 

(aasss-= 


H = 

d = 

Target life Assurance Co. Ltd. 
Target House. Gaiehouse Hd. AyJe3bnry._ 
Butts. Aylesbury <02&8> 5041 


Man. Fluid lac- — 

Man. Fuad Ace., — 

Prop.Fd.lne. 

Prop Fd. Acc. 

Prop. Kd. in* 

Fixed Int. Fd- Inc 
Dep.Fd.Acc.lnc~ 
BeLPUn Ac. Pen., 
R«JT nnCs p Fen _ . . J59.8 
Bet-PlanMan-Acc -(g6J 

129.9 
1232 


■U& 

1070 
1052 

!7l| 


Ret. PI aaMin. Cap- 

Gilt Pen. Acc 

Gib Pen. Cap. 


$Sf ml 


774 

642 

1335 

123.3 

1372 

138? 




-05 


The Building and Civil Enginering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. 

For details of the advertising space 
available on the pane each week, and costs, 
you are invited to telephone 

01 - 24 SSOOO. Ext 3G0 
or write to The Advertisement Director 
Financial Times 
10. Cannon Street, London 
EC4P4BY. 




TnntlntennfeBil Ufe las. Co. Lid. 
S Bream Bldgs, EC41NV. 0W0364B7 

1*42.0 
112.5 X 

*i«. wiw ru.. >115.9 121 

a—Man-Pen- Fd.CapL.El95 125 
“ Man. Pan Fd Act. 

Trident Ufe Assurance Co. Ltd.9 
Raaslade House. Gloucester M3Z38S41 

Managed 11225 129. S 

§&££r.$f 8 

High Yield. JW.4 

GUiEdgad — U9.9. 

Moo ay 1222 

Intent ailon ai ... JBL9 

rtxcol 1247 

Growth Cap 123.8 

! Growth Acc... J27.J 

Pens. Mud- Cap.-. 1158 
Prn1.M1tfd.Aee . U72 
Pena Gidbep Cap.. 1SL5 
Pens, cm D eg A ec. ■ 1B52 


w* 


■195 
128* 
■ 572 


1515 ..., 
156.* ... 

-o.< 
im -0.9^ 
1455 
1269 
128 e 
1075 -021 
1521 
1315 
155 0 
119.7 
124.0 
107.6 


Pms-rtuy Cap. — W2.9 

Pens. Ply. Ace [116.9 

iTrdt,BMKi (35.1 

■Trdt.G.I Bond- ,(985 

‘Cash value for £100 premium. 

Tyndall Assurance/FeBSlonsV 
l&Csnynge Road, Bristol. . QZI233S41 


S-way May* 29 

Equity May 25,, — 

BondMarSs - 

ProponyKoy^S— 

SSSSe^js: 

O'sens Inv. May 35 _ 
MuFn3-WMay2- 
Do. Equity May 8,. 
Do. Bond . _ — — 
Do. Prop. May 2 


Si 

1632 

S8 

1462 

744 

m 

1742 

*5.4 



Vanbrugh Life Assurance 
41-43 Maddox Si, LdJJ W1H8LA. 

.Managed Fd |«42 in 

Equity Fd 728.9 24L 

Stni'Fcitwl — J95 104 

Fixed InlerstFd — 1635 131 

- pertyFA.-_,-.U97 

aFand— .... M-17.9 
Vanbrugh Pensions limited 
41-43 Maddox St- Ldn. W1RRLA 01-1904823 

Managed IJ3 6 229 H ”911 — 

8|:i3 : 

Property. - (961 M121 ._ | — 

Guaranteed M*e 'Ins Base Sales' table. 
Welfare Insurance Co. Ltd.? 

ThcLraji. Fnikcsiaoe. KenL 030357333 

Money maker Fd - i IK5 I 

For other fond* please refer tnTl 
Manchester Group 


rite irmdon 6 


Windsor Life Assnr. Co. Ltd. 

I High Street. » 1 ndsor. Wlmhor 6S144 

Life lav Plans- - J888 72^ 

Future As* d.Glhis > 

Future Assd Giiibi 


RcL .4 *sd Pais 


CrowTh 


.MBS 724| 

>. 24.13 I .. 

1. MO 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tst, Mgrs. Ltd. <s> 

72-80, Gatehouse Rd. Aylesbury. 0296 5M1 


Gartmore Pond Managers 9 (aHg> . Perpetual Unit Trust Mngmt.V lai 


Abbey Capitol- . 1324 

Abbey Income... .1319 
Abbey lav. TU- Fd .134 7 
Ah bey Gen. TW (43.1 

Allied Hsmbro GroupV (a) (g) 
Hsmbro Hse. Hutton, Brentwood. Eam-x. 
01-588 28S1 Or Brentwood '0277. 211450 
Balaneed FMdl 

Allied lit 165.0 

Brit. Inds. Fund 163 1 
Grth * Inc ^ . . .ffi7 
Elect <c lod- DevB2 9 

Allied Capital J.l 

Hsmbro Fund (105.7 

Hsmbro Acc Fd. |lllj 

Ponds 

High Yield FA M.9 

Hi eh Income (67.1 

A.B7Eq lne (386 

Imenuflnwil Poods 

Lniemeiioaal J2S5 

Sees of America— (515 

Pacific Fund (389 

Specialist Ponds 

Smaller Co.'s Fd 134.9 

-ndSmlr.CoiPd... 426 

ieeovery Bits- M4 

let Min.* Cdty... 405 
Ovorsau Earnings. 585 
Exsl Smlr. Co's —W2.4 

Anderson Unit Trust Managers Ltd. 

J 5S Fen church St. EC3M6AA 823S2ZL 

Anderson U.T. (4850 5210J J 4.43 

Ansbacher Unit Mgxnt. Co. Ltd. 

1 Noble St, ECZV7JA. 01-623 8378. 

Inc Monthly Fund -11620 172-0) • -J 868 


z St. Mar> Axe. EC3A8BP. 


mAnennaTn. . 

British 'Acc 1 ., 
Commodes’ Shar-r 
121 FW East. Trust 
High Income Tsl - 
income Fund. 

Ins. Agmclea . .. 
Inti. Ernnipl Fd 



305 -DJJ 
58 7 *oa 
1764 rid 

Si 

14 72 — 005) 
93 4 +0.fl 
34.41 -0.1 


rWei 


01 2833531 48 Hart St. Realty on Thames 


28 3 
(54 6 
D64.1 
(31S 
582 
,712 

a? n 

. 060 

IDlnU. TSt- lArc > ,,|32D 
Gibbs lAntonyl Unit Tst. Mgs. Ltd. 

5 63 23. Bltualleld Si . E>3H 7NL. 

523 ta 1 A.G. Income- 140 7 43 7 

5.03 (ai AG.GrowlhtT, 391 ~ 

457 talA. G. Far East-.. . |Z28 

Dealing -Tnex. TTWi 

Govett (Johnip 

77. London Wall. EC2. 01-5885820 Aceum.Unlt» 


019 

348 

267 
091 
8.46 
621 
353 
6 07 
159 


13 

050 


04812dS68| 

p-petualGp-Gth |40.0 430| . | 3 51 

Piccadilly Unit T- Mgrs. Ltd.* laMbt 
8380801 

Extra income. . 


>17 

»9| 

-8 11 

■ 9.48 

408 

437 

-0? 

4 74 

167 

49 


341 

476 

50.9 

+0J 

2.31 

J7 4 

<01 


345 

610 

6*2 

+34 

316 

578 

62 0B 

-O.l 

4 DZ 

278 

297 

+0.7 

0.80 

2S1 

267 

-01 

X91 


Small Co * Fd 
Capitol Fund 

InL Eras 6 Ansels 
Prirxir Fund , 


Practical Invest. Co. Ltd.? (yHci 
44. Bloomebury Sq. WCIA 2BA 01-423 8893 

PraeficalMwaa—ggiD gMj . - ; | ^ 


yhldr. May 10 . 

Do. Accum Unit - 
Nexl del 


...14 14S.W I 150 

U65.6 174^ .,, 150 

ling day June 22. 
Grleveson Management Co. Ltd. 


3BGrt*ham St, EC2P2DS. 
Barrington May 34.1293.1 
■Accum. tlniisi. ...V22S1 
BTglLH.VdAUy25 .. 675 7 
(Accum. Lnlui. — B8L9 
Endpav. Mnv 23 - - 077.7 

CAccUm-Unitai Ua45 

Grnehtfr. Mar28 ..., W.7 
(Aceum. Unite) _ . no.6 
LnABesJ s . May 24 .OT 1 
(Accum- Units). . .|72A 


Provincial Life Inv. Co. 
222. BrshapagMe. EC2. 

Prolific Units _. .. .1816 _. . 

High Income -.. . .,|1095 1175a 


01-806 4433 

2122 | 

230J 
184.0 
2115 
185 7 
1925 

1002 —23) 

1035 -2 5) 

73J 
75 7 


7.91 

no 

no 


Axbuthnot Securities lid. (aRc) 
37. Queen St London EC4H 1BY 
Extra Income Fd.._ 1456 113 

rh Inc. Fuad..,,. C.l 

m Accum. Urn tsi a 4 

Wdrwl.Ut*.)5S4 
Preference Fuad-. 253 

(Accum. Units) 37B 

Capital Fund 18.0 

Commodity Fuad ... 565 

lAecum. Vtiitsi 813 

t09v W drw] U.1-... 493 

_-'a.ftProp.Pd.„ 17.1 

Giants Fund >9.7 

lArcum Unrtsf 45.9 

Growth Fund. 33.6 

1 Arcus. Units) >96 

Smaller Co'& Fd ._.. 273 
Eastern 61ml. Fd.. Ml 
<9% K-drwl.UU.i_.. 18.9 

Foreign Fd. B29 

.V. Amer. & let Fd. 303 


^ 5B geaasto 



IldV 

01-2478533! 
87 4] -02] 3.19 
4 ♦DJ( 7.49 

PrndL Peril olio Mngn. Ltd.? (aMbMtrt! 
Hoi bora Bars. EC1.M 2.VH 01M038222| 

Pradentlal 11243 1320^ | 4.40 

Qa liter Management Co. lid-V 
- a The SU l Exchange. EC3X LHP. 01-80041T7I 
Quadrant Gen. Fd. .11048 10811. .1 453 

2^ Qn&drant Income ._|1241 1260) . . J 7.85 

4frt Reliance Unit Mgrs. LtAV 
Guardian Royal Ex. Unit Mgrs. Ltd. Reliance Hse..Tunbndge Wells, kl 080222271 
H^qral Exehon cc. BCSP SDK. 01-8288011 IS'n J23 ' n ,1 

UtfjGumdhdl T^-JOM 92J(-05( 440 ISSIdeT STl -|S* SR^il 656 

Ridgefield Int LT.|99 
, Ridgefield Income. |%. 

627 Rothschild Asset Management tg> 
7280. Gatehouse Rd, Aylesbury. 02S6 5M 1 


n ft Fttdi 

__ Cap. growth Inc — (43 
01-238 5281 Cap. Growth Acr _M3 
■ 1127 IheoOM&ASMta ..132 
2 E **'cS laeome Pol , 

9.09 si>h Income 1S43 

.9 


3.1 

_.7 

321 


tt 


46 2J -0.41 

|-ol| 
“sfj-oil 


106 

1030 


81 d 


242 

888 


ill 

”11 ro il IS i 

793) -Oil 4 60 5 


Seclar Fond* 

Financial i m. T . .,®. 7 

011 6 NaL Res P7.1 

In U ' iariinn al 

Ovmrat Fknds 
Aurtrafira- 1344 

North Atner ' . . ' OT.2 

N^m.Grst.May28.,n28.9 
CabetAamr.Sm.Co. W8 2 


“■ HU1 Samuel Unit Trt. Mgra.t <ai 


9.09 

60 




K C. Equity Fund.. 

N.C. Engj Jt«Tst 
NC. Income Fund 1 _ 

N C Ira Fd. (Inc. >190 D 
NC InU Fd. (Acc.irTOil 
N.C Smllr Ceys Pd)1522 

Rothschild A Lowndes KgmL <ai 
St Swiihina Lane. Ldn, EC4. 01 82843Se| 

New ft Exempt (0260 129 0) ( 3.61 

Price on May 16 Next dealing June IS 

Rowan Unit Trust Mngt. Ltd-Rai 
Cifir Gate Use, Finsbury Sq.ETS. 01-008)008 



Arbulbnot Securities tC.Li Limited 
PU Box2M.5t. Heller. Jcrt«T. 0934 72177 

Cap. Tsl 1 Jersey; |115 0 119 IM _■ I 4 20 

....( 310 


Next dealing date June 
1114 0 1210) 


Ea^t £InU Ta '(.'!■ |! 

Next >ub. June 8 

Australian Selection Fund IW 
Market Upportimiiict. c o Irish Voung & 
iJuUiuaile 127. Kent SI. fJydnej 
l ‘SSI Share* . I si si 53 I- I — 

Bank of America International S.A. 
35 Roulcrard Royal. I.uvcmboun; G.p 
Itldinvcn Income JSl^IHM 1UJ51-0 01I 6 56 
Fticci ot May 35 Ne».i sub day May 31. 

Salt, of Lnda. & S. America Ltd.' 
40-88. Queen Victoria Sr . El'4. 01 JW23I3 

Alexander Fund.. |5LS7 32 _ — J | — 


King & Shaxsan Mgrs. 

1 haring Pros-. SI ilclier. Jcr*e-' it) 534. 7371 1 
Valley H.-.C. Si tvler Purt. ilrasy. i048! ■ C*7IM 
1 TTionia- Flrrul llnucld* 1 1‘ S! iM24‘4R. r >8 
Gill Funrt(JiT»ey. 1974 4251 11200 

t7i]i Trust >1 o.M 1 1103 7 

Gilt Frill Guernsey |£9 70 
latL Omi. Sec*. Tm. 

Fir 1 ! Merling . US 24 
First Inal . . , . 1 183 50 

KiciDHort Benson Limited 

2U IVuchurchS: ECS 


:a: 

9ril 

lsSal n 


N« a»n lalue May 24. 

Banqur Bruxelles Lambert ' 

Z Rue De la fiegrncr B 1000 Brussels 
Renta Fund LF (1.849 1.906( ... . | 7.85 

Barclays Unicorn lot. (Ch. Is.) Ltd. 
1. Channg Cmss. sl llelier.Jrsy. ' 0534 73T41 
Oversea* I nentne ..148 7 6151—0. 

L'nidnllnrTrurt 

Uniboad Trust , . 

’Subject to lee and withholding taxes 

Barclays Unicorn Int. (1. 0. Man) Ltd. 

1 Thomas St . Douglj-. I oJL 08244650 


Knnrm— I Lu*. F 

liucriiM!; be 
Chi Arrum 
KB Far t'asi Fd 
KRInll Fund 
KB Japan Fiir.d 
K B I S G»-h fd 
Signirt Bermuda . 
■ lands < DM 1 


1.043 ' 

,fJ3 6751 

78 2 83 Of 

SI. S1062 
SL'Sl! 48 
SIR2926 
5> SU 400 
SUB4.85 
17 90 1890 


Ol-fCSEDOb 
IJ5 
4H 
4 17 
132 
200 
OSS 

079 
1.65 
8.99 


-001 


■KB art as Lomiou paying agents only. 


Unicom Aum. £xl . 
Do Aum. Mm. 

Do. Grtr. Pacific.. . 
Do. TnU. Income , 
Do. 1 of Man Tst... 


522 

562 


324 

34 W 


612 

657 


396 

42* 


478 

51 1 

-02 

257 

. 27.7 



Lloyds Bk. tC.!.) U.T Mgrs. 

PO Box 185 Sl Hclier Jertey 0*0427581 
UoydsTsi G sea* [55 5 59 4) .( 220 

Next dealing dale June 16 

-051 10 90 

— [ «j»T Llq>-ds International IKgmnC. S.A. 

1 BB0 7 Rue du Rhone. P" Bo. 179. 1211 Geneva II 

Lloyds Int Gruu^h.jsmjfi) 3oIM| ( 180 

Lloyd* InL Income. |:F3MN JlbK] | 658 

51 & G Group 

Three Qua*!. Tc*rr H<ll ECSTt 8TQ 01428 4538 


160 

170 

820 

850 

1A9 


Atlantic May S3 
Aum E* May 24.. 
Gold Fjv May 24 
Island . 

lAcrum Units' 


!Ji«S 
Sl'MU 
M'6064 
126 9 
1 78 2 


2.11 


.9F4«ai 

53 40 -0 83 

551 

liHUU 11 

nra 

117 

In Slow 

11 « 

198 

i£512 

561 . . 

075 

[0214 

12 78 . ... 



Archway Unit Tst. Mgs. Ltd.? (age) 
3H. High Bolhora. 9fC IV TN L. 01-831 B23S. 


48 Beech SUEC2P5LX 
1465 


American May 24 . 
Securities May 22 
High Yield May 25. 


Archway FUnd 1835 885) J 5.78 

Prices it Uey SSkNaxt sub. day June 1. 

Barclays Unicorn Ltd. (a|(g)f(c) 
Unicom Ho 252 Romford Rd. £7. 01534 5544 
Unleora America - 
Do. Amt. Act.— — 

Do. Alul Int 

Do. Capital 

Do Exempt TaL 

Do. Extra 1 

Do. Financial 

DO. 501) 

DoCeoeral 

Do. Growth Aec 

Do. Income T$L 

Do. Prf. A'nx TM._ 

Price* at April 

Do. Rvorarv.. 

Do. Tru«ee Fund . 
oc vndwid* Tru* 

BUUaFd.Inc 

Do Aceum. 



(i) Dollar Tru*. .. . 
(B) Chpital Tnixt . _ 
lb) Ftmmcial Trust 
fh) Income Trust., 

!5!lajfv?'. Tn, “ 


ws 

P98 

Po4 

51.9 

289 


"a* 


01-8288011 (Accum. UpKsi 


55fl -021 


Merlin May 54.... 


322 


S40 

76.0 

,785 

957 


7L5] 

173.0 

57J>n 

88.0 

815 

1005 


0.94 

02 

765 

765 

414 

4.14 


(Ac nun. Units) 

S iHI IS Soyal TSL Can. FtL Mgr*. Ltd. 

-' a 22 5*. Jermyn Street S.W.L 01-8298053] 

7 M Capital Fd 1 — [69.1 73«... | 358 

5J5 Income FtL (745 78 j| | 759 

8.11 Prices at May 15. Next dealing May 3L 


eld Tsi, |28 9 5lihd -7.,| 8.11 Prices at May IS. Next dealing May 
InteLV (a Kg) Save & Prosper Group 

IS. Christopher Street. EC5. 01-347 7243 4. Croat Sl Helens. London EC3P 3EP 

Intel In v. Fund.. __|B85 95.0) 1 650 e3-73 Queen St, Bdlnborgh EH2 4NX 

Key Fund Managers Ltd. (a)(g) Ueafinga to: oi-sm 8889 or 031 =36 7351 
25, Milk sl. ec 2V aiE. 074087070. Save & Prosper Securities Ltd.? 


wswastm 


xempt Pd 
ae Fucd.a 


g£Slf nL ^ 


83.11+051 
721 -0J 
1543 ...... 

SS2 -02i 

63.9 .. r\ 

985 -o.y 


355 
479 
6 48 
8.08 
12.02 
6.47 


blttuUml Fund* 
r (245 


Univ. Growth |6S5 

Incxesahtf Incesae Fuad 

Kleinwart Benson Unit Managenf SShllSJoT^^ 0 

20, FTOCh urthSt„E.CJL 01^238000 Hi oh Return MS 6 

K.B. Dolt Fd. Inc. ._tti.9 9231 *01] 3fJ6 income WL7 

PtB-'UnJlFd A c — 096.0 lltS +1)3 5.06 , tg -."T 

ICB-RLIev Taa.,.|S2J5 573 438 

SSSS 175 01 TS h 4 C UnK Tn,rt LW.f 

nfS""l IS The Stock Echanse. BC2N 1HP. 01-588=800 Europe jg.4 

Next suTO, June * ' ^ ^ d IS lB2==Z=Ji * 


Baring Brothers & Co. LuLV (ana) 


itfSlpTl 4.01 
m.4^ -rOJj 256 

96.9(-0.1| 7.16 


703] -0J1 
45 -0.1} 


851 

832 


Aec-Ula 254.61 

B'galelnt-May 16-.Q773 188.71 .... 

(ArcnmiMay 1B-.-II® 6 20&l| .. . 

Next sub. day *Mar 3L “June 


’ — ■ - — • LiOTDVu ixca. ijml rtunt’j — i w . 

83 Gcorte St, Edinburgh EH22IG. 031-2283911 La«y-» i-lS.7 

| fffi *Raw. Material*. .. |>4 7 4351 +0.M 651 Finaccial 5oca. (71.7 

1 ? S St Artrmn Units., ..fc.7 48.N +ei 6.21 HieMBni™. Fterf. 


Blsfaopsgate Progressive Mgmt. Co.V Lawson Secs. Lt d ViaKc) 

B. Blshopxsale, ELCJL 

B'galePr. “ MayS— [184.9 1970M( _ 

^MfthPhntLi. m; 

■fAccuaa Unlui 

WXltand Warrant 

Bridge ‘Fund ManagenWaKc) 

King William St, EC4R 9AR 01-8234051 “HlehYield .""Wi 


45.9) -0.1 1 4J6 


339 

LU 

055 


Sector Fundi 


136 

136 


American lc Cen4up4.7 

Income*, (fO.O 

Capital twee 35 1 

Dn. Ace.t &7 

Exempcr (136 


261 .... 

54.4a ,.J 

37 A 

415 .„. 

145 0 
)M 
18.1 


m pjw.hi.1 Fuad, 
Select Internal. .. .048.9 
Select Income (53 3 


8031 —0.3 

m 


1.45 “tActum. UniUt. ,|663 72.6) 1D7B f?*??* 1 ®- 

638 DraL fuion. Tuea. ttWed jThura. “Pri. Scotriiares 
358 - - - 

358 


2 *iW$ 

o|B scotbits Securities Ltd* ’ 

Scotbits 08.6 4131 -08 

■ Scotyjeld fe.9 -o3 



Interatl inc-T— — [153 I'fcOj ZZl 536 

Do. Acc. f ,|p.l 18. l] J 336 

Dealing Tues. t»qd. iTburs. Prices May 

asms 

Britannia Trust Management fa) (g) 
. London Wall BaUdlugs, London 

London EC2M SQL 

Assets 

Capita! Acc.. {53J! 

Comm A bid (55.8 

Coccnodity, (76.7 

DosertlC— —37 2 

Exempt 1043 

Extra income >93 

Far East- 194 

Financial Sacs 643 

Gold & General— W.i 


ScoLEx,Cth*0 , 

Scm.Ex.Yld* 6. — U653 IB, 

Prices at May 21. Next snb. day June 16 


405 

LB0 

3.03 

2JS 

734 


3B9 
7, 

438 

2JM 

757 


Legal & General TpndaU Fond If 
18 Canyngc Road, BriatnL 0272 82241 

Dt a. April 12 

(Accum- Uni is 1 . 

Next _ _ 

Leonine Administration Ltd. 140. Sooth stroet. Darting. a«W 88441 


™|^2 * nil 15 SeUesInger Trust Mngn. Ltd. (aHz) 
xt nib. day June 16 (Incorporating Trident Trust*! 


2, Dube St. London W1M8JP. 


01-4868091 



2 don \Tall. Leo DIM — |733 76.9^ 535 Ex^mpiHlgh Yld_" 

01-838047taK7B Leo Accum. |»3 84.7] | 668 Exempt Mfi. Ldra_ 

1751 -r03l 550 Lloyd* Bk. Unit TbL Mngro. IXd.y (a) g™§«* 


53.4i 


73^ 


lne. A Growth -(733 

lari Growth |5S6 

In7eot.TaLShares-M5 0 

Mineral i _ Q4.7 

.S'ai. Kign Inc p73 

New lane. [353 

North American 295 

Professional — . — |S5J3 
Propert7 Shares — 133 

ShleW- kss 

Sictaa Changa [303 

Univ Energy 

The British Life Office Ltd.? (u 

Reliance Hoc . Tunbridge Walla. XL 0BB2 22271 

HLBri Hah Life [493 5231 -ri)L 5.70 

BL Balanced* fe.7 S3 ....J 5 64 

BLDtvWend* \Q2 «53j J 9.40 

Pnees May 26 Next dealing May 31. 

Brown Shipley & Co. LttLf 
Mngrs. Fonnden Ct- EC2 


Reslrinr’s Dept. Goring^tr-Sea. 

Worthing. West Sussex. 

Flzxt iBSlnrd.) m.7 

Do. (Aecuro 683 

Second (Cap i 518 

Do. (Antrum, i 64.4 

Thirddpccunei 116 

Do-CAecami. — ill 7 

Fourth (ExJnc.i — _ 513 

D& (Accum.; ,.[66.4 

Lkffifa Life Unit TSL Mngn. Ltd. 
72-6D,G>tefaoiice Rd, Aylesbuiy. 0298 SMI 120, 

Equity Accum. 1155.7 16391 J 3.92 

MiG Group* (yXcXz) 

Throe Quays, Tbwer HUL BOR BBQ. 0108 4568 


27.4 
256 
253 
28.7 

t92 

Inc. 10% Wdr»l .505 

01-8231283 Intel . Growth— 414 



Inv. TSL Units. — 24B 
Market Leaders— 73 7 

*NU Yield* 275 

PreJ. & GUt Trust— 243 
259 
26.6 

U Jt Grth.DiM 18.7. 


2U 




22.91 
293 
26.9a -o.: 
26.«n 
309a 
426 
32.1 
52.0 
26.7M 
30.9a 
29.4 
253 
27.8 
216 
22.7a 
2D 3a 


- 0.2 

- 0.2 

M 


173 

L7B 

145 

129 

938 

9.71 

569 

4J0 

432 

UB4 

258 

563 

531 

531 


J. Henry Schroder Wagg & Co. L4d.f 

120, Cheapslde. E.C5. 0LM0 

Capital H*y 23- 

(Accum.) 

Income May 16— 


.E.C5. 

,0030 
-0W2 


See also Stock Exchange Dealings. 

American (SOC 53^-CI| 156 

(Accum. Units) fej.9 543 -Qji 156 


Aiutralaslan. 
(Accum. Units). 




Commodity [75 4 

lAecum. UnJt#l_._.lf 


BS Units May 25_ Q153 

Do. (Acc.) May 22 (2616 

Oceanic Trait* utl 

financial , _ .. 

General _|!17 

Growth Accum. — (456 
Growth Income — 
Income 

Index— - 

Ovarfeaa ._ — 

Pexformacce 

Recovery 

Extnph April 10 — 


IH2 

CoftpjurjdCrowih. 1M9 
Cbnvmaan Growth 603 
Conversion lac — . 652 

Dividend U9S 

(Accum. Unitxi, Z2L7 

European— — — , 47.9 

(Accum. Uni III 415 

01-8008X3) Extra Yield- D.9 

225.9] — _| 534 (Accum Units). 1X25 

3) J 534 FarEaatezn 533 

■Accum. Unlta),. .. 58 1 

Fund of lav. Tst*. 59 9 

(Accum Units)— 732 

General . — 167 9 

(Accum. Unit* i 256 4 

High income 1028 

(Accum Units; 1673 

Japan Income — Mu Q 

(Accum. Units i 1473 

Magnum 19 93 


2858 



i Aceum Units; — , 

Ml (fiend — 166-0 

(Acrura. U'nlta> 2748 

Canada Life Unit Tat. Mngn. Ltd.* necovery-. 2 ? 

2-8 High St, Porters Bar. Herts P. Bar 51 12= Sl 3 

Can. Cen DUL B83 48^-42 tv J 432 . uSuiZZ- S.l 

Do Gen. Arena) {463 4AK -Z2\ 654 Special 159.2 

palec. Pig.. (35 2 350M -C^ 7.71 (Accum. Unlla) 750 ? 

.4 45.7) -03) 7.75 S[wclaUse( j 

Trustee 


Do Inc. Accum. J43.4 45.7] -6. 

Cape! (James) Mngt. UtLV 


572 +13 

. ffitoi 

873 +05 
1151 +0.7 
661 +06 
665 +0.1 
-127.< +03 
. 2363 +X5 

5XB 

5L6 

89.4 *03 
1193 +0.6 
5A5 +03 
6L4 +03 
14.4a +03 
78.7 +03 
3825 +11 
2785 +1.7 
1093 *03 
1785 +09 
1565a —0 7 
1574 —0.7 
2133 +0.7 
266.0 +0.9 
176 Bn +1.0 
2927 +X7 
84.9 +03 
E5B +03 
133.7 +06 
Z7C.6 +0.9 
1693 -02 
.2135 -03 


im 

LSI 

4.08 

608 

335 


(Accum. Unit*) , 

General May 34 — 

tAccum. Unit*) 

Europe May In— 
(Accum. Uniiaj.— _ 
•Pen&CharFdA 
-SpccEx. 

•Rt-coToryr 

•For 


ApS 
MaylOT 
(May I 
For lax 


1B4AM 

126.fi 

19X9 

2793 

857 

USA 

313n 

343 

173.1 

203 

1895 


1855 

K 6 

1014 

368.0 

10@h 
exempt foods only 


232 

6JB0I 

63a 

332 

332 

232 

232 

454 

3.71 

554 


IS Scottish Equitable Pod. Hgn. U±f 
732 28 Sl Andrews So, BUnbulgh 031-5569101 

732 Jaccme Units M95 5271 5.10 

3*6 Aceum. Unlta [its tO.iJ J 550 

- 46 Deollofi day Wednesday 

■3b Sebag Unit Tst. Managers Ltd_V in) 

23 ' po Box 511. Beklbiy . Hae, E-C.6 01.2369000' 
Sebag Capital FA , TO O 363 -05| 3.1 

Sebag Income FU ,P9.9 TlJ -05] 857 


253 

431 

431 


572 Security Selection lid. 
15- Id. Lincoln' i Inn Fteld*. WCZ. 


835 


135 ' Unri Cth Tit Acc — ^45 


lOOOId Brood St, ECZJf IBQ 01-5886010 

S ffllSE 

Next dealing June 7. _ 


• wwiu wnwi .k . ■ a 

Capital W4.6 

income [793 

Prices on May 17. Ke 


145.6 
\2202 

_ 109i< 

S433 its:. 

177.9 Ifl 


Carlioi Unit Fd. Mgrs. U&A faMc) 
MUbnm House. NewrasUe-upoo-Tyne 21 183 


(Amin 

Pena. Ex. May 22„_.]U33 140 

Manulife Management Ltd. 



01-831 6B3A8 
. -c ... ^ _ 2571 . .. .1 230 

Unvl Gth Ttt Inc — (2X0 2224 - \ 230 

xS Stewart Unit Tst. Managers Ltd. (a) 

3 83 45. Charlotte SO, Edinburgh. 031536 3271 

f*! tSIewart America Ftrad 

5B -Standanl Units 1642 686) | L42 

J5 Atcom. Units .{«5 74.S - 

If? Withdrawal Units ..(5X2 54.8} ....j — 

521 'Stewart ErUtt Capital Fund 

618 Standard— D3S.Z 14S.S 4.18 

618 Accum. Units 052.6 1669) | 

Deal i ng tFn. -Wed. 

431 Sun Alliance Fund MngL Ltd. 
inro Sun Alliance Hae, Hon* am. 048384141 

;3 WKWltiB? 1 sa^cil “ 

5JD Target Tst. Mngrs. Ltd-V (aXg) 

3L Gresham SL.EC2. Dealings: 0296 9941 


154 

154 


458 


337 


CariiOl. 




gfe-j 


4.40 

4.40 


830 

830 


Do. Accum. Units 

gq 

Do. Aceum. fails _J515 54 

Next deaiirg date May 
Charities Official Invest. Fdd> 

London WaU,EC2NlDB. 01-5881815 

Income May M IU52 — I .] h£0 

Accum. May Ifl— — . CSOJ — | j _ 

•Unnuth. Only arallahle to Reg. Char) Hex. 

Chaiterhoose Japhettf 

Paternoster Row, EC4 

CJ.inieraatl D.I 

Accum. Lnit* BS-Q 

CJ. Income 


Sl Georgia Way. Ste+enaga 043856)01 Target Commodity 
Growth Unit* 15X8 543) -0.61 373 Target g in a nrf al 

Mayflower Management Co. Ltd. SSfeacSsa 

1618 Gresham SL.EC2V7AU. 01-8068099 ODo. Acc. Un2*_ — |279J 

Income Kay a,_n853 113* I 878 Trngrt Glit Fund 

General May 28 krifi 733 \ 5.1* 

Mercury Fttnd Managers Ltd D^R+tey. Units OT.9 

30, Gresham St, EC2P2EB. 01-8D04S69 — --69.4 


01-2483899 Accum. U* 

—J & 

"I » 

647 

3.72 
3.72 


Mere. Gen. Mwa|_p76 1 

Aec. Uta. Nay 5* 2295 

Mtre. lnL>to'Z4 — J6Z7 
Ac cm Uta.MB»24_G75 

Mcre.ExUIap' 25 (214.1 

SLUES An 


ipr57. 


6555 



CJ.Extro Fir 065 

Accum. Unit*.... , .pX4 

CJ.Fd.lnx.Tm to* 28.61 ,._J 

Accum. Latta pa 8 32^ ...HI . 

Pnce Mar 26 Next dealing May 3L 

ChiefUIn Trust Managers Ltd.f(a)(g) gZ££ m 

IlNewSt. EC2M4TP. * 

American [iz>23.4 

High toemne - | 

Internal toaal Tst — f 

Basic Rnsrca rstJVJi 29J 

Conlede ration Fund* Mgt Ltd.? (a) 

50 Chancery Lana WC2AIHE 01-3420233 

Growth FUnd [403 ■ 42.8) l 646 

Cosmopolitan Fund Managers. 

3a Post Street. Lon do n SW1X. 8EJ. 01-3358525. 
Coamnpoln.GthJ-d.p75 Uhf . — | 437 

Crescent Unit Tst Mgrs. Ltd. (a)lgj 
,4 Melville Crea. EdiAborghX OS13284S31 
Crescent Growth — 126.4 28.91 -051 4.15 

Crea. 2ntcrnal'L_|56i3 UA +qjl 075 

ttys. High. DtaL_,fe9 4639+011 8,97 

ttea. Reserves (403 .42.91-0^ 637 


Midland Bank Group 
Unit Trust Managers Ltd.? (a) 
Court wood House, Silver Street Head. 
Sheffield. 81 3RD. Teh ~ " 

Commodity & Gen. .{645 

D o. Ac cum. — [73 8 

G fowl h . 137,4 


3.84 
641 

5W 

m 

4.43 

165 
X63 
3.62 
629 
840 
1134 
436 

Target M Mgrs. (Scotland) faHb) 

18 Athol CresceaL Edin. 3 081-229882K2 

Target Amer3UgIe|Z72 2931 [ 130 

Tarjret Thistle — — (W.l .6J5tf -05 5.73 
Escni Income FtL— 1595 640) j 1053 

69 Qafl +5of 7 tiS Trade* Union Unit Tst. M anag e r*? 


187.4 

2«5 

687 

715 ..... 

2233 +155 
2681 +153 


438 

<30 

252 

sS 

4.42 


Target Pr. May 24 -f 

TgLlne. 2B.7 

TgLPref.., 1137 

CoyneGrOWtb Pd. ,f!8.9 


377] +0JI 
63.7 -03 
- 0| 

289.6 
1205 
303 -0.21 
30.4 -23 
* 335 -03 

» .9a 

153h _u. 
293 .. . 


7?.4l 


Z76 

297 

5X2 

5B3 

483 

533 

603 

I? 




*1:8; 


I; 


Ioteraatiooal 
Do. Accum — 

High Yield.— 

Do. Accum. 

Eqa >ty E*empc»_., 

Do A cram.* — I , 

•Prices at April 48. Next dealing May SX 

AQtxster Fund Managers Ltd. 


& 33 

1064 
1064 


Minster Hae, Arthur St, E-C. 4 01-8231030 


5 64 100. Wood Street. EC L 01-8288011 

339 TCUTMayfi 149.0 522* 542 

3«| Transatlantic and Gen. Secs. Co.9 
3.C4 91-99 New London Rd. Chelmsford CMS SKQ I 

Barb Iran !4cy 25,. - [757 JB5I 

6^ tAccom. Unlta.) , .... 1145 1203) 

Barb5ipLA ff J8_. 85.6 

J49 Boehm. May g 74.9 

®4Z lAccum. UniLy 99.0 

B-g Cri«iaoMay2_- 126J 

H3 (ACcnm. Uoltsi 152.4 

554 Cuml6May24 5X5 

(Accum. Units) 56.1 

Glen. May 38 £23 

m. Unli 


l.u'a-mr-iiurfi 
il’SlOlt |. | — 


Bisfaopagate Commodity Ser Ltd. 
p.o Box c. Don elks.) um. 082+23911 Samuel Montasn Ldn. Acts. 

ARMAC‘Mm-3. . B).'S27D H“‘ 

CANHHO-Mm 2, ElmB U" 

COUNT^Mm-T... (5537 2' 

Original fy issued ai -510 and *■£] 00. 

Bridge Management Ltd. 

P.O. Boa 506. Grand Cavman. Cayman If. 

VbashiMaj-3 .. ( 125342 ( ( - 

G.P.O Box 500. Hone Kane 

Nippon Fd. May 2-t IH 515J2 1(83] ] 078 

Ex-Kroi-L Split 

Britannia Tst. MngmL (CIl Ltd. 

30BalhSt.St HeLcr. l.-rtey. 055473114 
Sterling DnomJnM+d Fd*. 

Orowthlaceu .. |32 7 354| -03) 

Intel Fd.. . 73.2 795 -06 

Jersey En+rKy Tsl 142 2 15? 7 -D (J 

Unlrsl.FTa Sic. (523 235+0.04 

High InlSllR Tsl.* - 1.00 . 

U3. Dollar Denominated Pda. 

I'nJviLSTtt , - Sl'S5a 5471+05)7 

Int High lui Tat- -| - SCidiol . . I 
Value May 28 Non Dealing May 30. ‘Initial 
oiler closes May 31. 197& 

Brown Shipley Tst. Co. (Jerseyi Ltd. 

V O Box 583. St Holier. Jersey. 0634 ~4~ 

Sterling Bond Fd. .(C9.94 9.9B) . . ,| 12.00 

Butterfield Management Co. IJH 
PO. Box 195. Hamlllon. Bermuda. 

Buoresa Squirt ...(233 2SI | X76 

Buttress income... |20J L96| . | 738 

Prices U May 8 Next sub. day June 12. - 
Capital International SA 
37 rue KMre-Damc, Luxemhourg- 


» 

4 Me . 

134 1 +0.4 *338 
189 &J -Obi 3330 


iH-588 6484 


4 DO 
1.00 
150 
100 
1200 


9.00 


114. ' lid Broad Sl . E >T 
Apollo F.1 Star LM 
Jnpfe'l May 15 
ll.drp.Ma'. 17 
I I7 J«.-,-si*i May IT 
117 Jr-.yC*'» Mu; 10 

Murray. Johnstone (Inv. Adviser) 

183. H.'pcSl . f.)j: poll-. 1*2 04 1 SSI 5521 

-Hope Sl F.l I it *'32 07 I I — 

-SlurravFjnd . | JIS1B58 I | — 

■NAV v,a> IP. 

Negi! S.A. 

10a Boulevard HrxnV 
NA*. Stay* IP i 

Neglt Ltd. 

Bank of Bermuda t»!*3**:. . Haoilllnn. Rnnda. 
NAV May IS . (£471 — («D3b) _ 

Phoenix International 

P0 Bo* 77. s'l Fetor Iv-n. ilacnswy. 

Inte r- Dollar Fund 1234 2 531 ( — 

Property Growth Overseas Ltd. 
2fllnabTou-n.t':ilirflliar iGibiGlOS 

U S Piillar F*jnd I 5l'<m5 89 1 .... 1 — 
Sterling Fund . ] £124 05 | .. .. J — 

Richmond Life Ass. Ltd. 

48. Athul Slrerl. Douclas. 1 u M 0824 23914 


Capital Int. Fund-.l SUE16.92 
Cbarterhouse Japhet 
1 , Pateraosu-T Row. EC4. 


1 x iThc 5 1 Ivcr Tru i> 

1092 

me 

+ 1.0 


Richmond Bond ff7 
Do Plot 1 Hum Od.... 

1820 

1242 

192 0 

130 : 

-20 

10 79 

Do ijeld Bd . 

JD39 

1094 



Du Em 87.02 Bd 

lbo 5 

175 2 

+0.5 

1156 


563 

5J1 

615 

572 

253 


Adiropa KU5MI 32M+0 101 

Adi verba — DH«J0 50 m .. . . 

Food ok DMJPW 32JM 

Poodta DUZ15B 227N-0J0 

Emperor Fund. SVS2C1 2911 . ... 

Hiapaao. — H’SO.C C4R .. 

Clive Investments (Jersey) Ltd. 

P.O. Box 820. St Heller. Jersey. 0634 Trvu . 

Clive Gill Fd. iCJ.1.19 88 9 89) j 1X00 

Clive Gilt Fd (Jv • |9 86 9 .87) . | 1X00 

Cornhiil Ins. (Guernseyl Ltd. 

P O. Box 157. St Pelcr Port. Guernsey 

Intel. Man Fd _. ..J1675 182 S{ | — 

Delta Group 

P.O. Box 3012. Naaaau. Bahamas. 

Della Inv. May 23 (SX7B 137] ... | — 
Dentscher Investment-Trusl 
Postfach 2886 BlobergassefilO 8000 Frankfurt. 

Con contra flilfU 90 20101 | - 

lDLRenteRfomb....|DliW39 TL70|-0Jd) - 
Dreyfus Intercontinental Inv. Fd. 
P.O. Box N3712, Nassau. Bahamas. 

KAV May 26 irrstUJ 15H(-01E| - 

Emson & Dudley TsXMgXJrsyXtd. 
P.U Bo* 73. St Holier. Jersey 0S342a»t 

EJ3XC.T. |117g 1254) | 3.00 

F. St C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence Pouatney HUL EC4R OBA. 

01-833 4880 

Cent. Fd May 17.,. | SUS531 ( | - 

Fidelity Mgmt. & 2es. (Bda.) Ltd. 

P.O. Box 670, Hamilton. Bermuda. 

Fidelity Am. Aas—..) SUS2S38 , 

" ‘ SUS20B5 1-0. 

SUS435B 
SUS13JQ 

Fidelity Mgmt. Research (Jersey) Ltd. 
Wate rloo Hie, Don St, St. HeL er. Jersey . 

0SM 27361 


| 1 ~ 


Q1-24B3K0 Rothschild Asset Management iC.l.) 


P.O.Box 58. Sl Julians H Gucrnrry. 048126331 


U C.Eq Fr Apr 28 
O.C Inr.Fd Mjv 1 
U C.lnll Fd r 
O.C Snn.'oFdApr28 
O C. Commodity* 
O.C DlrComdtyt. 



3.01 
730 
131 
354 
4 61 


Price on May 12 Nrxi dealiiu May 31 
‘Pnce on May 22 Next dealing June 7. 


Royal Trust (CSi Fd. Mgt. Ltd. 

P.O Bor 194. Royal Tst lire Jereef 0534 27441 
IIT.lBt l.Fd . IIIY9M 95901 ... .] 3 00 

R.T lnt'l.iJi* )Fd |93 9M -I 321 

Prices at May 15. Next denling June 15. 

Save £ Prosper International 

Dcalmc to 

37 broad St, St. Heller. Jersey 0584-20501 

I'S. Doltar-deneinl nated Fund* 
DlrF.talni-.MaylO (935 10.121 

IniemaL Gr.*t (6 7< 7 29 

FarEasiera*; ....fa 22 40+4 

Ncrth A men can *t. [3.75 406 

Sepro-J . . ..]h.'SU47 M2 


s: ” llt iB+ < «*" r e.l"° l + > ( Fuad* 


692 


Channel Capnalb 
Cheonel Islandsq- 
Coamod. May 25. 
St. Fixed May IS 
Prices on " 



May 22. “May 24. «*. 
Weekly beMlngs. 


May 25. 


Schlesinger International Mngt. Ltd. 
41. Xa MaticSL.SL Helicr. Jer»qy. 0534 7358a 
SAU 



843 

506 

1252 

334 

306 


Series A (Intel. 1 .. .1 £J W J-OJM — 
Series B (PacL'lo.-I ■ E7.41 | — 

Series D cAnLAss-H £1759 I ] — 

Flint Viking Commodity Trusts 
a Sl. George’s SL. Douglas. I oJd. 

0629 4882 Ldn. Axis. Dunbxr tc Co, Ltd, 
.LondOnS 


63. Pail Mall. 


SW175JH. 01-8307657 
230 


SA.OX PB« 

Gill rd ._. 

ictl. Fd. Jersey 

IntnLFd LxmSrg.. 

•FbrEastFund . 

'Keal sub. day May 3l. 

Schroder life Group 
Emejpns* H hum, Portsmouth. 0TO52TT33 
luteraaiimial Ponds 

£Zquity . ..11167 

Siquily, _]122 l0 

£ Fixed Interest (135.4 

SFlxed interest — .. 

^Managed f\26* 

SUanaged JU33 



FW. Vi t Cm. TBL (1375 34.11 | 

FM.VkJJbl.Dp.TBt ..[77.0 82.0).. ..J 

Fleming Japan Fund S^t. 

37. roe Notr-r -Dante, Luzemboctre 

FTntf-Msyie 1 SUS4504 | ] — 

Free World Fluid Ltd. 

Butterfield Bldg, Hamilton. Bermuda. 

NAV April 38 .( SUS173.89 | — 

G.T. Management Ud. 

Part ***£. lfi Flnatwiy Cirrus, London EC2- 
Tel: 01-628 8131. TLX: 866108 



London Agents ror 

Anchor 'B'UaRa ISCS9J4 

lS-7J_ 


'\achor Gilt Edge 

Anchor InL Fd 

AachorIn.Jay.TH 


Anchor iu.Jsy.T5t J 

Berry PhcFlL 

Berry Pac Strlg : 

G .T. Asia Fd 

G.T. Asia Stcrii ng 

G.T. Bond Fund 

G.T. Dollar Fd._ 

G TJ*JcincFd._.„ 


oM-otm im 
I fl-OM 13.00 


SGS4I7 !jg-0 D3| 

(Z4 S ZhJj-Q.OSi 

_ SUS4106 , 

(242 00 25376 

Bsp 

SUS1221 

SU8702 
SUS1246 

Gartmore Invest. Ltd. ldn. Agts. 

2. SL Mary As*. London. EC3 01-2833531 

Gartmore Fond Mngt. (Far Easti Lid. 

1503 Hutchison Hre. 10 Hare curt Rd. HJionS 
UK It Par. U.TsL—PMgJI5 Z6 0 

Japan Fd. — tonic lilt* .1 0.700 

N. American TH. (IDSUJU UMj , . j LSB0 


- _ 'lUI 
+005 


+0J« 


X20 J. Henry Schroder Wagg Sc Co. Ltd. 
130. Chenpside. EC 5. 01-5834000 

‘ L51 ■ 

350 
550 
■55 

Sentry Assurance Internaliooal Ltd. 
PC' Box 328. Hamilton S. Bermuda 
Managed Fund.,, (R'SU3« UW| | — 

Singer & Fried] toder Ldn. Agents 
20. Cannon Sl, EC4. 01-3180646 

JMcafqnda. ...... 2580) ) 638 


X86 

X18 

X7B 

L49 

5.18 

0.71 

156 


Tokyo TsL Apr 28, J SUS3580 


L77 


InU. Bond Fund.....|SU9L«a UJfif-O.t 
Gartmore Inomal MngL Ltd. 

P.O. Bor 32. Douglas. ioM. 
International Inc... 12X4 22. 8« 

Do. Growth jUB 65 S 


580 


062423911 

...J AM 

Hambro Pacific Fond Mgmt. Ltd. 

2110, Connaught Centre. Hoag Kong 

Far East May M. 1SHXHO U.CB . ...( _ - 

Japan Fund ISCSUO 7 17] +087 1 — 

Hambros fGnernseyj Ltd./ 

Hambro Fond Hgn. (CJ.I Ltd. 

P.O. Box 08, Guernsey 0481-28521 

CXFund — J14X4 15X7dl 1 3.90 

Intel Bond SUSilM_63 107 & J 830 

Equity SUST10 9Z 1X2N J 230 

S»KS. *A’ Risum 1.0« .1 830 

lot Sriw. *8’ susfuo iS] . .. | eso 

Price* oa May 24. Next dealing May 31. 
Henderson Baring Fund tfgrs. Ltd. 

PiO. Box N4723, Nassau. Bahamas 


Stronghold Management limited 

PO Bo* 3J5.SL Helier. Jersey. 0534-71400 

ComjDOdity Trust .(9050 94951 .._..) — 

Sarin vest (Jersey) Ltd. <x) 

Queens fisc Don. Rd SL Heller, Jsy 0534 27349 
American ind.TM.,.|E858 8K]+0.oy — 

Copper Trust £1196 1254j+0Jfl — 

Jap. Index Til . ..(1X23 11 46) +003) — 

TSB Unit Trust Managers (Cl.) Ltd. 
RngatelleRd.,31. Saviour. Jersey. 0534 73494 

Jersey Fuad 146.4 fflfl . ...J A92 

Guernsey Fund 146.4 40.B) .. ...J 4.92 

Pnees on May 24. Next cub. day Kay 3L 

Tokyo Pacific Holdings N.V. 

Intlmii Management Co. N.V. Curacao. 

NAV per share May 22. JUS4852 

Tokyo Pacific Hldgs. (Seaboard) N.V. ' 
Inllmis Management Co. N.V, Curacao, 

NAV per share May 22. 5US3S.14. 

Tyndall Group 

P.O. Ba: 1X98 HaraiUoa 5. Bermuda. 2-STCO 

Overseas May 34-. J5TS1.1S inf. | 6JW 

(Aenim. Unitei SIS1T' 

3-Way InL May )B ,.| 

2 New St. SL Seller, Jcney 


Japan Fd. 1R5HM 17B6T ....] — Jersey Fd Mar 24... 

Prices on May 24. Next dealing dam Jt — * " * 


MinuerMay.15,.,,.^0 


■ May 23.—. pi 0 


Exempt April 28 f875 Oil ] 552 Vu^th! May 23-149.0 

KLA Unit Trust Mgemnt. Ltd. 7X6 

Did Queen Street. SW1 H 9JG. 01-83 0 7333. Vang-TaeMar 34 .. 445 

MLAUahi —|395 4X2) 1 437 1 Accum. Ualta.1 — 453 

+fl| 497 Kaenai Unit Trust Manageraf (aKg) KKr ni 
AJ7 ] s, Copthall Are.EC2R 7BU. 01-8084803 Wick Dl. Mar 26— - &4B 

Discretionary Unit Fond Managers Mutual Sec.naa_ 1510 5461 +05J to Do. Accum. 1743 

, 22 . BlomSeM St. EC 2 M 7 AL. * 01^384405 mSwS) S'l to 6 48 Tyndall 

Mutual High Yld..(55 4 59.4) +05( 825 78.CanjmgeRoad.Brlrtoi. 

National and Commercial Income M«yfl4 11005 


885 
83.7n 
1035 .. 

133 0 -0.7 

uos-04 

»5 

Si 

5X7 
635 
754 
471 

47.1 , 

63.1 
75.7 . 

HI -0.9( 

79.2 -L0 


HULSanmel & Co. (Guernsey) Ltd. 

8 LeFebree St, Peter Port Guernsey. C.L 
Guernsey Tst |146J 156 5d -0.4| 3.60 

Bill Samuel Overseas Fund SJL 

37. Rue Notre- Dame. Luxembourg 

ISISIUI M39|— 0.04( - 
International Pacific Inv. Mngt. Lid. 
PO Box R237. 58. Pitt St, Sydney. Aun. 
Jarellu Equity Trt. ($209 2 19)+0JJ2| _ — 

J-E.T. Managers (Jerseyi Ltd. 

PO Box 2M. Royal TA Hse.. JeracyiBM 27441 
Jersey Extrnl.Tn_ |X60.0 170.01 ....) — 

Aa at April 23 Next rob. day May at. 
Jardlne Fleming Sc Co. Ltd. 

48th Floor. Connaught Centre. Hong Eong 
Jardlne Esin T»... I SBX24C99 ' 
JanfinoJ'pn.Fd.'. ] SHK3I666 

JardJnf S EJ. | SHKU M 

Jardlne Firm. Int } SHK946 
NAV May 28 'Equivalent 
Next sub. Mar 31 
Keyselex Mngx, Jersey Ltd. 

PO Boa 68. SL Helier. Jersey . . ■ Eng 01-606 7070i 


Juof 1. 1 NooU. Acc. Util... 


TOFSCMmr2S~ 7,-nrPW 

lAecum. Sharasi.. [5l«5 1225 . 

American Mny25....|B2.0 B75 . 

'Aceum shares' (82 9 W5 , 

1913 2D3A 700 

, I269.B 286 Q ... I - 

GUI Fund May 24.. EOS 6 10760 [1115 

1 Accum. Shares) . . (1364 13M| . 

Vtcury Douee. Dwglaa. lale af Kao. 0824 SStCS 

Managed May 18 — (129.0 135.B) | — 

Utd. IntnL MngmnL (CJ.I Ltd. 

14 Muieaster Street SL Heller. Jersey. 

HI B Fund (11119136 UUfij-AM) BIB 

United States Tst. IntL Adv. Co. 

14. Rue AJdringer. Luxembourg- 

U.S. Tst. lav. Fnd . J SUS1059 | J 0.94 

a*f I/mi •*! 


??? I 2'S GrBtSF 

f‘« > x» • Mr * E “ r * 

StimsL- 


Net asset May 24. 

S. G. Warburg & Co. Ltd. 
30. Gresham StreeL EC2. 
Cnv.BdJd May 25. I SUS957 
Energy InL May 26. 1 5L'S1£ 85 
CrBtSFd. AprBO... SVS&B5 
May 24..... 


01.6004555 


I FonseJrs — . ... _ 
Bondutex 


Great Wlneberter. [38.4 
Gtftlcefc'er 0*aeas[l95 


a: 


t Aceum. Uliltai—.. jlT^A 


Disc Income (162.4 173*6 +26 1 551 

F. Winchester Fund Mng t. x ja 

Old Jewry. EC2 01-8062187 ?*• St ' Squjj**. Edinburgh 031-598 9151 . 

■ I 658 I?2!!!S , S55l2~— EU?? JSS j 830 1 Aeco m Uni ta) [176 0 

456 ??nH oar S *** apl 26 _" Kl 2 

l -?P t - " .-.0265 130* 1 337 vAacum-Lfastaj-. . .1147.0 

lAecum. Unhn R5L4 16XH — ri 337 Canyngc May it — 1985 

National Provident Inv. Mngrs- Ltd.9 (awto Units'. . ._|12I5 


Enana & Dudley TfeL MngmnL Ltd. 
20. Arlington Sl_ S.VL 01-4BB7S1 

Dudley TH ,.|64J 6971 1 380 

Equities Secs. Ltd. (a) (g) ( 1 ) 

41 Btahopagate. EC2 01-S8828S1 

Prog re a aw (663. 69.74 +05) 459 


Equity * Low Vn. Tr. SLf feHbKc) , 

Amershamad,High Vyeomhe 048433377 rresumastervia) 


^o C . r V? ! 5? , S. St -. EC3FSI1H 01-G34200 SkewSTiftSw^iTzS 
N PX GLh.Cn.TM _ W55 483r“ ‘ ■ “ wQim. — 

1 Accum. Units*- M56 59_ . 

SP1 0’jeaa.Truct_ri24.6 13lS 2X0 

(Accum. UulUi~ —tel 9 148.fl . ..7| IM 

-Prtee* oa May 28. Next dealing June 79. 

■Prices on Kay 17. Nam dealing May 3X 


[Equity* Law.. — T|663 69^-05) 4.13 

|FramUngton Unit Mgt. Ltd (a> 

Ireland Yard. EC4B5DH. 01-24889n 

American H8J 5X2) LOO 

Capital Ta. S5t6 IzaS 393 

I a»«* Trt MSA U05nJ J 59S 

InL Growth Fd. [lfl75 1UM I 125 

DaAma (110 6 1176x1 1 226 

Priends' PrtndL Unit Tr. Mgrs.V 
Piahas End Dorkteg. 0308S05S 

neadaProv Uta-Wli 4«6df-0.4| 431 

-&J.9 57 6( -051 4J1 

'G.T. Cull Managers Lti* 

F:cstna> Clroui EC2S17DD 01-6^8131 

Cap- Ins g-6 

. lac Fd. t*a". . . [l603 

LVS.fi: Gea 11*40 

_ .‘.Japan* Gen. 

0Gt.min.Ex.Fd 

G.T. Inti Fund 
G.T. Four Ydiftl— 


8Jg SeoLCapMuy24....]139B 

885 (Accum 11 nitaJ 166.4 

Scot. tec. May 24 . _ |l6L5 
T un i te 11 Wan Creep 

Capital Growth IS2 0 

Do. Aceum. B3B 

Emm I nc. Growth, . |37.4 
Do. Accum 


027232Z41 

I.W 


Keyselex Inti K6.43 

Koyxelcx Europe. .[E3.G5 
Japan Gth. Fund. . fw.’Esn 
Kcneloi Jepun . . OR 
Cent. Asset* Cap 


Fi*lC7 

fttfllS 


LSW 
1243 
759 
4J3 

. 11.73 - 

£133 03 


290 


Warburg Invest. Mngt. Jrsy. Ltd. 

1. L'hanng Cro»s. St. Helier. Jsy. Cl 0534 73741 
CKFLtd April 27... Ul StUi 
OtT Lid. Anri 1 27.. €1235 
MMalsTst.Juyia. U1S8 ... 

VMTMai-11 ..SI-SUM tt. 

TMT Ltd. May 11 — (UQ37 18 1 

World Wide Growth Management^ 
10a. Boulevard Roral, Luxembourg. 
Worldwide Gth Fd| JCS1457 j+4X08| — 



NOTES 



181, Cheapode. EC2V OELI. 01-808 
Capital tAecua.i__iu 4 703m- 

ExiralflCL. 1655 70ft3 ■ 

Financial -, (S5A -8.1] 

Growth Inr. K< %3-o. 

Income.,. BS a 3841-0. 

Portfoli olnv.Fd.-. Mi 74J) -0. 

I Tjn-ersal F4ldi^_pj 4 63 b3 -C .. . 

NEL Trust Managers Ud.9 fang) 

Mi Iton Com Dorking, Surrey. 5B11 fbiTSBGenerarTTtail 

12* 64JP-0JI 4H «bi Do, Accum, 156.7 

Nelxiar Hltbtec., 00.9 53.5i . . I 7.95 

F« XjjpfOlHjt Fond 31uugers Ltd 
see W w ftaPhfld Au« Management 
Norwich Union Insurance Group (b> 

P O. Bo* 4, Norwich. NH13NG. 

UmJpTalFd... (3433 


Prleea do not include S premium, except where indicaied +. and n re in pence unlexs otherwise 
indicated fields 9 b i&facr+-n in lost .column! allow for all buying expense*, a Ottered prices 
Include all expenses, b To-day s prices c Yield hated on offer jmcr. d Ertlmated. g To-day's 
opening price, b Dialri buliotlTi ree Ot L'.K. taxes p Periodic premium insurance a Single 

pre-aria «n insurance, a Ottered price include* nil expenses except ngenfs commission. 

v Ottered price inclndes all expenccs if bougnl ihroupu manocers. 1 Pm-iou3 day's price. 

• Net of tax' on realised cspitsl Karat nnless indicated by $ 9 Guernsey crosi. a Susponded. 


437 Flnanclel Pr'rty. I. .... 

7.75 Do. Accum. 19.7 

505 High tee Priority— )63 8 
4111 Is terns U on el BIO 

634 Special Sit*. (30.4 

S|| TSB Unit Trusts (y> 

21, Chantry Way. Andover. Eaate 0384B2t88| 
DeollngB (O DS84 63432-3 




(bi TSB Income 
(b) Do Accum.. 
TSB Sconish, 
tbi Do. Accum. , 


59.5 

(62.1 

,8X4 

P7J 




630ef] 


03 


£ 


LG. Index Limited 01-331 3465. Three nxomh Copper 793-801 

29 Lftmont Road, London. SH'IO OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity (mures market (or (he smaller investor. 


0»33EW 

- _ 36X41-0 91 495 

Pearl Trust Bbinagen Ltd. iaiigKz) 
252 inch Holbora.WriV7ES Ol-tOSB+41 

Pearl Growth Fd.: .122 9 2474-3 21 4 94 

Acctim L hlt»„_ .&72 3431 .□ J n9B 

pearl ter Sl3 33 S -S1| (, 7 * 

PearilnrtTrt Kg 4ft 

(Aecum. Lniw- ,CJ5 5 490|-flS 4 HI 

P elic an Units. A dmi n lari (^RXI 


Ulster Bank* (a; 

■W tiring Street. Bcifsirt. 
i biUlnar Growth... (37.4 


K323&&1J 
402| -0 1J 5Z7 I 


CLI^X LNTEST.WENTS LIMITED 
Koya! Exchange Ave., London EC3V 3LU. Tel.: 01-2S3 1101 
Index Guide as at 23rd May, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capilal TJ7.67 

Clive Fixed interest Income 113.51 


Unit Trust Account & Mgmt. Ltd. 


& A. Trust (aXgKz) 

]S. Rayleigh Rd.. Breanraod ;OS771ST300 81 Founui n Sl, Manr(it-»i er 
& A (32A 34Jxq -CJJ 424 Pdicap Uaita^_^(8Z4- - 


Kin* William SL EC4R«AR 
Fnara HM-FlintL. 11890 
Wider Grth. FntL .JZ9.4 
Do Accum ... . .... Hs.l 

Wleler Growth Fond 
King William SLEC4R8AR 


WJ S85«B incooelimt* __ S9.4 
PUI-IUI] 5.13 Accum. Unite f»U 


01-82340511 


0I4Q34B5lj 

m=j ta 


CORAL LNDEX: Close 47-W79 


INSURANCE BASE RATES 

t Properly Growth Sjvg 

t Vanbrugh Guaranteed 

f Addrvu shown under inrorano- and Property Bond Table. 



/ 


Financial Times Saturday May 27 1978 
HOTELS— Continued 


HB ME 

> connoisseurs' 
cognac 


FT SHARE INFORMATION SERVICE 


!9iX 

High U* 


)+ «ri thv 
IYK* | - | Ni* 


Dll I Vld 
n« |r« an ng- 


qa 7% Kur*aaJ>M'fc.el!S % ... Iff 6-222 

715 162 LadbrokelOp W? A? ISS-hA!* 


AMERICANS— Continued BUILDING INDUSTRY— Cont. 

| I I- »ri Dir. | ll-H l« I I 1+ or] Die I IFUI 

w I S«k I t I - | Crou |r»r|Gf'il High Low | Slock | Price | - Net CiTlGrsJl 


DRAPERY AND STORES— Cont. ENGINEERING— Continued 


++ BRITISH FUNDS 


irs | 

Low I Sock 

MJi 20% FlLorCorp 5% — 
t Font Motor EL. 
25V. 16% HATS 

& ?r* '•*" ejwi ci i - 1 

2V. 15% Gillette SI . - - 
J7>o 26 HoncjirtllSl.W. . 
»*]; 750p HurtonEF . 

21ft 1/1 LB M Cow O™ .1 


I9TI ; 

K-gi L» ; 


U orl Dir. I ITU l« I I 1+ or! Dir I |1TH| IW I I M ■* L |J“«L_ * *M l 

£ | - | Gnw ]r»r|Gr'i High Low | Slock | Price | - | Jftt |f'iT|cr'si P-’E High Law] Stock . | Price J - ) Net |C*r|Grt| P/Ej High I **«* | m« 

30% +% 51.20 - 2.2 26 20 jCal'flder :G5f> lOp . 23 .... 132 2 8] 0 7 6 2 70 b2 [GoldbergA 70 ... 4 11 f ^ t J 73 SSP^blKT" 

- 1 * S3. 20 - 4.5 48 40 Cair.John._-. 44 -2 Kth091 7.1 3.2 67 12 10 rioodiaao Br 5p 12 . b0.75 3J 4.4 49hbJ 126 EdbnifldCN.- . 157 

23 Vi -% S2i0 — b.O 53 40 Canon 56 3J8 11 9.7 .M3- W6 109 Grattan Ware... 120 -2 5.56 2J . 0 93- 103 89 ElIidUiB. . -. 1W 

427.4-1, 52.20 - 2.9 82 681* Cement Roadsitmt 79 . h2 96 35 5 7. 7 61 316 266 Gtlniiereal 282 -2 17 43 3.1 4 0 12 3 8b ?5 EaeCMdCIoth . 85 

22%*d *% Si 50 - 3.7 38 28 CombenGp.lOp. 29 -1 tl47 22 7 7 .72. 312 256 Do A Onl . - 274 -4 t7« 3.1 41 119 107 87 EvalnduSnw W 

44% -% S190 - 2.4KW 236 tastajnR.... . 286 -4 3 46 124 1.8 6 4 53 39% Gre MiUetblOp 52 -% 175 35 5.1 16.Z1 72 55 EipandcdyclaJ 67 

12%-% SO 68 - 3.0 41 31 CoutUrryKlf 5p. 39 . .. dl.19 H 4 6.127. 37 26 HartirFunu. . 35 . 02 - 0.4 - 124 116 Fanner .5 W. 119 

211 -1%SU52 - 2.7 71 62 Gossloj Bldg 67 ... 413 05 94.SL9- 36 24 DoANV. , 30 02 - 10 - 9 b Finsto Lire 500 8 

49%<d -% 53 00 - 3.4 99 80 Crouch(D.3)p . 90 +1 3.94 33 66 70 19 15 Helene Lon lOp 19 0.67 7.9 5 5 3 9 40 20 FinhiCM'lOp . 4b 

15% -% 25c - 09 73 65 KWh Group . 70 ... td2?A 2 5 5 9 10.1 182 155 Da I2pcCm.Prf 18Zsf *4 12?; 20.7 10.0 — 82 52 Fluidnse20p 52 


38 21 'jteieco ‘MMlSp W'jrd -h 0.33 * J |4 
i«t 138 Row-ton Hotels J67 -1 *57 I L9j 5.2 


. 12.66 5 


«fti/l LB 11 Cow O — . 211 -It S1152 — 2.7 71 62 Crosilej Bldg— 67 ...413 05 94iSl9- 36 24 Do "A" XV. 

TlNDS Jit 34 Incersoll-R S2 49%rt -% 5300 — 3.4 99 SO CroucbiDiSfo . 90 4-1 3.94 33 66 70 19 15 Helene Lon 1 

, Z, vui a 1 # 735p InLStaoajiCon S' 15% -% 25c - 09 73 65 Crouch Group . 70 ... td2?4 2 5 5 9 10.1 182 155 DaI2peCm. 

r iTi.im 7 ? S P I l ’ UnmUUOMlII 9Slp«a . 90c - 53 105 B4 DonglaiRoM. M. 92 +1 rdUll 5 4 5 1 5 5 87 63 Her.deSicK: 

t I — j Isl | RnL i 8 Kaser AL 5>j.. — 264x0-1, 51 60 - 3 3 220 200 DwmngtJlMp 212 .. . tlQ38 3 4 7 4 5 1 23 1S1 2 HennqucsA 

31J. 20 Manf Han CSS7 SO 287, -S, SZ.08 - 4 0 72 53 EwnalOp. 66 .. 0.96 25 9 4 47 66 54 HeproftoiJ..! 

Five YearS! 15?* MwVMiJF'I-SOS 39^ + 1, S2.20 — 31 97 £9 EliiiAETward 80 . 503 11 97 143 I5B 100- Homo Charm 


-Shorts" (Lives up w Five Years! J 5 JJhp ZguSSSL 


ajp_ I'i -i 0£11 an tv [uikjiuuii*h> 77 7,, in ip la 

,](ta 22xd . 1 BO * 124 « fia 55 Frauen, Ipds . . . 66xd ...... 3.37 4.0 

I0T 61 +1 t2 3 22 5.7 123 S3 65 GHlninLaip W -1 nTl 2-0 7 |1D U 

.inn in diWI dfll 35108 « 82 uarton &ie. IO d 88xd 5.7_| 2.81 98] 5.4 


£0V — I 2 7] 85 68 Emh.. 85 +1 


:: e?:, ,rvj.sr« 9 pr ;sw- 
4;-r ■ 4*Jj ‘Tvi'i.r- .«•;?£ . .60- 


-ji 917 1011 28^ 1» ShellOUSl. ~ 

99>s - a 958 9 94 SinwriSlQ:..™ — 

93*5*4 -4 374 697 36 27\ Spen>- Rand 5050- 


We -’ T, 15 11'2 FrannsPkr.lOp 12-1 - 

26*b-4 h51 60 - 3 3 47 43 FnuciSiCR'lOp 43 ... d3.54 1.612.5 

1S4 +4 60c - 19 J5 26 FrenchKieT— 30 -l 1.75 * 9.1 


INDUSTRIALS 

(Miscel.) 


_ _ _ _ 60 52 LuicnrilKlOp. 


349 3 « 9.1 3.2 103 88 HadenCamrr.- 


d3.54 1 1.6 12.51 7.6 82 54 HHFliniilurelOp. 80 -2 hrdZ.« 2-fl 3 13.81 99 I 81 [Hall gM-SOp - 


99 4.43 4.0 6.8] 54 


i"*A ■*■1 in icrencnufiT.— wi -l 1.75 * 9.1 « 19 13 Maple lira i<‘a *‘j — — 1 10 ' 

334-4 51.12 - 1.9 66Jj 52>j fcallilord Br 5p 56 ... 3.67 2 8 8.3 6 J 160 135 M*rtsfcSpen«r 143d ... 4J4 q23 4.ai4.4h44.U5 H*Une50p 136 ... t5.B 

L4d +4 ^ 80 - 3.2 30 25 GibbsD'dvAHIp 30 1.82 25 9.2 6J 258 225 MaranSw __ 252 .... 6.6 JO M U Hampm.-...-.. « ■ ••• ‘*8 


- - -[171^223 167 lHall Matthew— 218«d [708 


m m n \u m m saa.T:.ni«. .?■ s 


.-I ? ? j..,.. 1.8 


flUl 8 II :SKr. ,#p | ^ l\ a ~ 

012Jil3l, 43 AirfixInds.TOp. 53 . tt 9 5* ?? M 

40 6 8 54 S3 36 AlpiiwHWRap 63 +14^48 * 61 * 

34 4 1 9? 322 268 AsuLMettkl*. 322 . J581 14 7.4 .U» 

it it U 50 Ade \n AfotiaU 51 -1 t2.4Z 39 72 53 

38 37 50 56 34 iAreiison.AUOp 55 rMM 3 7 5.3 i6a 

10120121 « 44*2 Amk LfiaiKhp 56 . t2 72 2.1 7.4 9.0 

'J 2.9 M » P &>**«*}& Ife «« »7 i 1 H 


..■* 1 ? ->j' t IK’.,*, a.-pc ism 

Sc !->..*• :•?•. is»: 

-J>;1 • apt !*rri inaMi* 81 (f 

wkjviaa-s 

;a . ; i: »<«!=- 

«>'. ! jr nr. as: 

1‘. 5 ; ;■ Oi 7*r n .:ir- : lK !C^ 
Ch i 0; . It?,-;. la-aM- £{t 
•• . q ‘ : 4 j r r»-.i ^r> a-.r* Si 
‘’i ft-'.wiK 

*«.: e: *, E-r 1 ! IXa 


-•« -«j 2z* runeinr - 

95‘,i-'4 ?93 11 U u\ 865p TmuamrncaSI. . 
86 ■* 252 5S 371, 21L, L'ld.Tcch.SL'SS _ 

96',rt 924 9 99 24t n\ L'iSleelSI 

104 Ad - A 12 24 11.24 17 ill, Woolworihs SSj .... 

‘ l It 5 2?? 44 28^ Xerox Cerp SI — 

83 ■ _1 S 7 58 811 7J5p 385p Xoaieslnr IPc. . 

108,’. - A 12 96 1130 134, lo£ Zapau Carp- 25r 


12^ ->i 80c _ 3 5 36 21 Helical Bar 35 -: 

35i« +1, S2.M - 3.2 77 59 Hentfsn. '.V lOp . 76x3-: 

23ljd -4* SL60 _ 3 9 154 138 HemlerwaiJ Wi J 154 ... 


iOB,* - A 12 96 1130 134, J 10< |Zapau Carp. 25c I 12‘«|-i« | sMc | - | : 
90U -■« 914 1128 5 - E - Uat Premium rtwaed on LSS1.8I25 per 

93>n ->« 9.92 1124 

95,’. -A 491 1125 Conversion factor 0.6813 (0.6807) 

91 9 61 1127 
80i.< ->4 3 73 8 03 

102'; -U 11.71 1128 


— 4W154 HeoderwaiJ 154 7.59 ’.3 7 4 8.9 26 ZO PaxadiseiBilOp ZS +1 — — — * 61 ‘a » .... j- -- leQ w5 

167, -I, 51.40 - 4.8 63 49 Hewden S l 10p.. 63d 129 4 3.1 * 41t 251, PawsonilFA r. _ 41. .025 - 09 - 24 23 JactenJiHBM. 27 d0.91 52 5.1 5.7 ® ^ 

42 52.00 - 2.7 £27 0 £220 DaipcConr.. £270 . ... Q7% * )2 6 - 43 33 Pe«en5:oref lOp « -1 tdl.00 4.8 36 8.7 75 49t Jeoksii-aUeU... 75 +2 hl.16 8.1 2.4 79 ^ 

60p -10 7i« — 0.6 112 64 HerwdWniSOp. 100+1 _ _ - - 111, &t Roll, Peck Up . 8>z - . - - - J7.1 68 59 Johnson & Firth- 66d +1 «.69 M 10.8 i «i 


| - , | , „ , . £270 £220 DaipcConr.. £270 . ... Q7% # 12 6 — 43 

660p -10 7? - 0.6 112 64 HerwdVn 30p - 100+1 - - - - 1U, 

121,1-1* I s3flc | — | 1.4 92 72 HigRS&Hill 80 345 5 8 6 5 4 0 *89 

aed on LISS1.8I25 per £U 78 66 Horennehain — 78 ... 208 4 1 4.0 92 6J, 

72 55 Do Res vtg.. . 71 u -i, 2Qg 4 1 4.4 8J 76 

35 22 Howard ShuilOp 25 tl.56 3 8 9.5 4.3 77 

116 104 LD.C3ta. _ .. 112 dO.98 07 122169 36 

168 125 Itatockiohnsen. 166 -1 6.14 JB 56 U 92 


RdWOc 217 -1 l«2Bc 2.W 7.J 4 7 
V IT. M 94xd -1 3.72 4 I 60] 6 


678 583 Beecham 


Five to Fifteen Years 

« : L+ Si - 955,-’. 

S' . 1 83~, 

- A ; i< .-4-w;: 91 ^ 

25 ^“!* 

,-.i- T'.:" •■'.’■HKn 83 1 * - 1 . 


:>•" J|- - Tv» 
f: 5 ,7*. .V w 
,'.77-.l7.-,i.;r liwte 


*.l- l«i, 


“Sir I 64>*i- 

ass ! 104 % - 


95% 1002 1127 

83~, -U 6 72 9.76 

91 ’a -U 9 65 10.73 
78N 8 32 1031 

S3'. 9 63 1108 

61!,i|) -i* 4 89 887 

65>, -w 7 72 10 33 
1081, 12 58 1244 

7&t s d ->, 10 44 11 52 

99>. -Jg 1240 1258 


CANADIANS 


iioz uan-isij 1 1X9 .... ta.60 za / 3i 6.41 iO 9 LK5 1Z>ZP Wj — — — — ai** l+*j uiCKeruiap ai TW.10 J ‘ o.u .7 , r^j^ii 

122 MW Meanings SA0 50 . 122 . . . tQ20c -1 1 1 - 273 237 Samuel - Hi .V... 268 .... +7.61 29 4.3(12.2 19% 13*, Do‘ASp 18% ... . tO.78 3.1 6.4 7.5 1 » 

134 79 L'DtcsOD-Ricbinli. 10O -5 hlA3 b6« 2 5 9 0 28 21 Sellncoun 5p . 22J*m -i, 122 6 8.1 4> 86 741, lamdon&Uidl i III 55 M S ll SKTfL . 


171 * 10.2 9 

245 4.7 63 51 

299 3 0 90 53 

9.52 1 8 S.S i74) 

667 6 128 6 


Over Fifteen Years 

»r- r.V.‘- 9't: 1 102". 

sen: 61", -«« 

u” '-«f 105’. -S 

• St 113% “S 

:.s . >• 100 % 

<»*• ■ .Mr 77". -•« 

°S-« | i.v « . 98'* - ‘t 

y. V • «: f r • > P'fF. 4di 0 ->« 

..i :| ®9 . •..*«(. 99 , - S 

n. '•*; (CMS 78 

o . *r> ;.*.?>• 115% - % 

: : ", 1 :c. M , • , -r-w, ijw* <<.*: 1027 , - «, 

:2 J?* r.,''i-”:r.i ' J|e 43>* - 1 . 

: : „ <rz 106 - >, 

*.* ■ It.-. *,’W-* a'-. > -.OSC 87% - % 

c .'-. : 1 17:... .n X.r ;«T:: 76 - '* 


1 B 7 ® i 12 M 57 ‘! Do 4 pc Deb. £100 

‘ im "i li?? 16 % GoJfOffCan.ll 

100 -% l.b 5 12 7 * 525 p 3 L 5 p KBwker Ssd Can II. 

. 7 f% 16 % IfoliiiuerSS 

I ears 14A 11% Hudson's Ba> II . 

I 1277 - , 2% 247* IfudBOilC.SS'i - 
I u 52 14% 11% Imperial Oilli - - 
[ 1291 15% 945p Ineo 


3 Sti 


97c - 33 76i; 61 LondonBnft . 70 -li, 323 37^7^55 132 108 KanionaSlp .. 125 

4", - 12.6 90 74 Lovell i Y J.i 86 3.89 3 « 69]i41i]143 63 KemooFash lOp 132xd - 


19xd -i* S114 - 2.8 59 38 UcNdU Group 
490p -10 40c - 3 9 202 170 MMaetBiSthii! 


4«p -ID Wc 
23% -% 52.06 
14 v-% 69c 

30% SL60 
13% ->* 86.4c 
14i* _]. 80c 


- | 44 32 hVade^-.V3)p 


39 202 170 Magnet tiSlhni- 197 -3 t80 27 62 91 100 64 Walker >Ju ■. 83 -2 

4 1 53% 42% Mailinson-Dennj 49w) . ..2.79 t 3b 4 96 62 Do. XV 81 ... 

2.2 105 84 MandeniHhlg 1 B6 + 2 2.54 3.1 4 5 10.9 91 46 Wallis lOp 88 

2.4 125 224 Maretrod 292 -4 43.4 127 1 8 6 8 98 74 UTaringAGittow 98 +2 

3.0 93 73 Marie; _ . ... 79 -1 d2.49 3.4 48 69 23 16 WeanrellSp 21 .... 

26 101 88 Marsh alls >Hfx l 99 td524 2.8 8 0 6.7 22 19 Wharf Mill I0p4 . 22 .... 

5.0 B1 60 Mar h Hassell - . 67 T2.78 4.0 63 4 5 72 61 Wllknsn Warblll 68 ... 

- 31 IB Mean Bros. .. 20 1.78 0 4 135<71l> 72 61 Woolwunh . .. 67 -1 

1.6 48 38 Melnlle DAW. 40s) 2.70 * 10 2 * 

- 87 73 Me+enMom.L-. 84 +2 +4J8 35 7 6 4.9 

12 -110 65 MifbuiT 110 +10 14.8 5.0 6.6 105 


. : -n.r.r ;w:: 76 -'* 

+5 ; , :.-.var d.is 61% -% 

1 f 3 f , : 1 9* Tv; : :s v > 119% - 

;f e ! %!r>.‘ * in* id • 63% -% 

"•'■J i.r 'PW: 82% -% 

j r - •'"-..v.r, :.u ; ;c:5rt> 84%-% 

e'.;i‘ • .Lit C.-ix- &>i< 36"j -% 

:■?% T’- RfOCSi 68 U -% 

4S-.Tvj i 48% -% 

e’ - * T’ j.>n ■<:, ii I 67% ->. 


43% -% 701 9 76 

106', -■* 12 96 12 92 
07% -% 12.42 1266 


12 91 1,5% 945p laco 14*4-% 80c -- 26 101 88 Marsh alisiHfxi 99 td524 28 8 0 6.7 22 19 Wharf Mill Mp4 . 22 1.44 MLS 4.9 10 2 176 152 Pkgler-HallBlev. 176 .. 

12 97 775p 585p InL NaLGavlI-- - 750 p -10 80c - 5.0 B1 60 Mar A Hassell . . 67 t2.78 4.0 63 45 72 61 Wllknsn WarbUl 68 j d5.ll 23^11 4^ 5.7 116 101 PWttrChad20p 109td -1 

1266 12b 610p Massey Fen: JI ... 920p +10 - - - 31 IB MeanBros... 20 1.78 0 4 135‘7il> 72 61 Wool worth . .. 67 |-1 [4.18 j 1J| 94(12.0 72 58 ftatt«F>-.. ™ 71 

12 18 #5 21% Pacific PeL 51 — 26 91.be - 1.6 48 38 Melnlle DAW. 40rt 2.70 * 10 2 * 79% .70 PricHiBeni 76 -1 

12.77 f^GasSl 74 p +2 - - - 87 73 HeyenMom.L-. 84 +2 «JB 35 76 4.9 £89% £86 ProcorHtoSWa £881; .... 

9 90 23 15 RioAlgoni ^ . 23 +% 51.08 — 22 *110 65 Mifbuir HO +10 14.8 5.0 6.6 105 40 35 R.CF. HolduiEs.. 38 

1259 14\‘. Royal BtLan S3 _ ZJJ1 +1,‘, SI 50 - 29 14 9 Miller iftan i lOp 32 . . d0.75 12 9.5 12.7 16% JJ% RaineEnjCglOa.. 13*2 

1283 Z0« li% SeuramCoCSI .. 20^ 92c - 21 6B 52 Mlxctmcxcte.T. 65 -1 3.14 1.9 7 4 10.5 t+t rmtism 4 T *»m n.nm 66% 55 RK P-TT- 56% +% 

1233 ?«* D ? aB ^ 11 - “ -!• ~ 0.0 39 37 Mod Engineers 37 2 70 1 7 110 R0 ELECTRICAL AND RADIO 163 125 RnsmnesSlnLa 160 

1310 H% B80p Trans Can Pipe .. 10%+% 103c - 4 5 103 79 MonkiAi 93 -7 th319 3 6 5.2 8.1 80 58 Ratdiffe Ind» . 7® 

12 91 SLE. Ust Premium 48%** (based on S2L020S per £• JH "J > 5 3.3 8.8 5.2 IZO I 85 L\.RE3ecwmic J U7 |-1 J5.07 I 21] 6.6|10.3 87 57 Ratcliffs lG.B.i._ 87 +1 

9 76 185 138 Ncwaithlfl £1 _ 148 -1 d4.84 7.0 5 0 4.4 76 57 Lvilied Insulators 73 4.13 24^ B.6|l5.6i 88 75 Rccottl Rldgwaj . 76 


23)1+1,’, SI 50 — 29 14 9 Miller iRuni lOp 12 . . d0.75 12 9.5 12.7 

20% 92c - 2 1 68 52 Mbcnmcrete. ... 65 -1 3.19 1.9 7 4 10.5 

14 -A 80c - 0.0 39 37 Mod.Engmeers 37 ..2 70 1 7 110 8.0 

10% +% 103c - 4 5 103 79 MankiAi 93 -7 th3J9 3.6 5.2 8.1 


-ikl rnCMIDCQi /□ “i D3.4.0 iJiWJ V.6 f, », Hr., CiMiir.nd 91-wtf _ 

IIS?- F?# 4 B 4 


££? ft 2 SSiuSHK Pflinfl 72 29% 23 Brittains - 28 . .. 15 21 Jl il 

Ratcliffeliwis ^ hf k Sg Hiol vH fB Kkft.BrV *s 
58 HatcUoelnds... 70 ... 4 7L 4 -4 n^riiv «>„ n. _u mm a, 7* 


85 138 NewaithiDU - 148 -1 d4.84 7.m 5 0 4.4 76 57 LvlIied Insulators 73 4.13 ) 2.41 B.6li5.6i 88 75 Recottl RMm> . 76 

98 79 Nonrest Holst W -1 T4.12 4S b.6j 5.1 34 25 hDdioFideliijlOp 27 dil 3.S11.M 3.9 60 149% RdnmHnanlOp 58 +1 


270 210 N'ott. Bnck 50p .. 270 U.55 3.4U.M 5 4 *85 42 Anto led Sec. 10p 81 -1 L32 

571; 45% iJrrae Devi lOp . 481; -1 «.62 0 « 8.3>J»> 122 94 BICCSOp 1HW -1 7.05 


2.flil4li 135 120 RenoldEl 130 +1 78.5 

9.7] 8.9 1 70 55 Richards of Leic 70 . 3 81 


113 100 Parker Timber- 100 -2 5.44 35 B.2 53 114 86 BSR10p._.._ 108 +3 4 77 2.5 6.7 7.0 60 53 Richhis West 50 (l. 60 +1 4.53 ».#,+.+ «■» ^ ;= n _.., 

175 138 Pftteoi, Timber 165 -2 t3.B8 13.2 3 6 23 57 49 BestAMwlOp_ 57 tZ74 2.4 7.3 - 8 8 74 62 Robinson iTho^ 73 3.38 3.4 7 0 6.4 W 7 * 19 - \2l 

OiVirQ A\m xrrpir PTTPmiGF ,S2 Por’hiaa — 140*4 ■ — 1x14,61 51 50 6.0 59 49 BouthorpelOp.. 49%xd +% L62 4.1 5.0 5.9 130 104 RoiortWp-. 124 d237 12 2.9 6.1 ^4 jA . H.tofftolOp.. 33 • - 

UAfNKS) AWU UlKfc rUliCHAML 139 107 RJIC 127 . . .. 5.77 29 69 7.3 74 66 Brocks 10p..__ 72rt ..... 3.40 « 7.2 * 67 60 SandetsanYiser 64 -1 A 38 1.7 10 4 7.7 £5 g LOTMrt!ffp-._ 121 +1 tl.83 

| , u .j ni, I Irwi 1 1S Redland „ . 140 -2 t3.81 34 41 9.6 25 M BuUin-A Sp 25x4 ... . U1 t 80 * 24 17% SanlieG.ilOp* 24 dl 46 L9 9.2 8.7 J® 

'™ Pri- "1 W moSUr Rchdi Wauiop 84 -1 045 22 Blt66i 79 591; Cahleforrajp. . 73% i3J 12.1 6812.9 26 21 Senior Eng’s 1 Op 231; 1.17 2.8 7.5 7.2 ” ^ 

High Low | Suck [Price] -| Net |Crr|Gr»| pfE 100 94 Roberts Adlard.. 96«d +1 4 32 2 7 6 8 8 2 150 U0 ..mnpbclllshwd 140 .... 2 90 10.1 3.2 4.7 97% 81 Serck . 91 t5 94 1.7 102 86 g §6 hannlngJtt . 59 353 


A aaT* 13% Burndene5p ... lfl% .. .. tl.01 Z| 7.2 

tjifa »« s s a np a sl “ 


Undated 


;• -.-■•■•in- 
-•O”- i'A.- - : ••jn 


• c % , ", ;■ ■-> .i-.-p, r,i \,: 

kh v: 

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33 |-% 12 61 
30", U 1133 
34% -% 10 35 
24 -% 12 74 

20% -% 12 27 
20 -% 12 7h 


nil , * ri I II*" 

1205 Hi«b Low I Suck | Price j - 

J 3 *® 297 186 AXZSAl ... 293 -4 

11.98 293 210 Alexander* P £1 240 

£133 £90% Algernon* FL 100 0261; 

334 2t>4 .VUrn Harter £1 Z95m . .. 

183 150 Allied Irish..- 183x4 

Iu5 155 ArbuthnoiLil- 160 

“ £20% £13** fosli \mcr 51565 £20 .... 

' 377 315 Bk. Ireland £1 - 377 

" £166 £137 Do lOpcConr.. £168 

- 21 15 Bk. Leu mi l£I ._ 18 .... 

“ 170 160 Bk-Unmnni*! 160 . . 
542 380 Bk..VSWWi 540 -2 

315 235 Bank Scotland El 288 


r-ij f! fi 


. 3.96 * \3M 8.d 57 
..353 2T\ 9.3 57 


’-INTERNATIONAL BANK SfS'S&i™ S -i OT » U » | 1 I SP I ' L f >8 

” ss a ssta a . s§ = it = f 1 IS;* 1 >- a I Hi # 4 pssai 

-mo li! UKSSfi; £ -I ft iJ.J > SEJ >1 ^ i 

^ *U9 £12% ComibkDMlM. £16% y!8% ~ 29-1" SllSfS? ,0p af xix i°Tno* 2 Z? Farnel! Qec. 20p 


318 Eleci'conpg I0p 1 400 - 2 t4i6 6.5^ 1.7134 102 87 Sykes' Henry i.„ 92 32 3.7 5J 79 1“ 70 ^mUeslnLIOp 99 3.27 3 3 5-W 8.9 

17 Electronic Macn I 22% +1% - -1 - - 31 23 ftarelOp. t» a +1 1 25 3 9 6.4 5.0 phubb 1^ 3.55 I 3.6| 3.9[10.1 

106 Elec. Rentals LOp 121 +2 t5.0 416 d 8 7 90 75 [Taylor PalUwst. 90 +1 4 48 3.4 7 5 5.8 » » ^ rk t,i“ aen, ‘ ,5^ 


♦ 10-S ♦ I 85 68 Fidelity Rad. lOp 

<•» 2? 3.7110.7' U5 97 iFWwariTech 50p 


FhnrarfT«h50p 113 b67 LI 91 15.1 82 72 Triple*Fdnes_ 78 -1 f4.21 3.0 B2 6.1 “ « l ope Allman 5p. 59rt 1345 38 89 5.0 

G.E.C.- 256 -2 t3.64 72 22 9.7 396 350 TnhelmesuCl.. 378 .. 20.95 2.9 8.4 (4 5l .» Cowrtox lOp 29x4 ..... 2J4 • 117 ♦ . 

Highland OSOp 29 +1 dl07 1.8 5.6 14.9 72 60 Turriff. 65*4 2.35 « 5.5 ♦ “J tt«IUiil8p- 108 -1 6.0 * 8-4 ♦ 

JonesSuwd ... 85 . 4.24 3 2 7.6 6 3 25 20% TyiackfWAilOp 21xd 1.2B 3.2 92 53 2 fl ^ oal1 ff 3||. t'J So 

Rode Ini. — . 129 +1 4.7 3.0 55 6.9 41 26 Ud.EneglOp . 40 222 a 8.6 ♦ JO 55 i-«Mrtn.r RMea«p . 61 B38 3.1 5-9 82 


M *'-l .**+■ ST- 

• «C’« ,1 ’ . 

1 ?V, j "a; 

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e’ 

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i-n i 4 iiiMiimw.il . *xiz m.it) — ii ,4 — 

S, ■ S <9 '■«MdeD’tMrr3p 22% -1 0.13 - 0.8 - 

95%>-i 631 1021 120 "7 Crindlays . 97 .275 724334 

-% 646 10.09 240 185 GulnncsxPbal ._ 230 ... t’0.0 — 6.6 — AT C 

74 714 1J68 217 158 Hambros.._. 187 .. t95Z -77- CtUbiJHltALO 

Wxa 8.17 1L37UJ0 81 Hill Samuel.... 88 74 32 - 7.5- 

69% 10 07 1L96 600 425 LVj Warranb .. 462 - - - - £10%|600 JAKZO 

U21 — 272 201 HnncShngESO. 268 -1 h059c - 26 _ 166 86 Albright Wilson 


.125 107 Laurence Scott .. U7 -3 0.0 3.0 6.H 7.9 26 ZIP; L’tti.Spnne 10p_. 26 L45 

| 80 64 l^Rrirlg-.-. 72 -1 dZ59 5.0 55 5.6 68 52 Utd.w1rt Group 65*4 +1 469 

184 137 UK. Electric.- 181 -2 b5.80 3.8 4 9 82 199 169 Vickers £1 174«d +2 9.B1 «*,. ™ ... . ■ ■■ ^ „ 

*202 156 Mulrhead... 180 -1 15.0 3.7 4.3(12.9 133 82 Victor Products 133 +1 t3.03 ^0 3.4 1LD ^ MS LrosbyHmjse£l. 157 ... J9.41 - | - 

93 67% Newman tads,. 90 5.0 « 8.4^ • 104 82 W.CJ 104 .. r 5.8 2 8 &4 9.6 ,1? W% LrosbySprglOp 171; t039 43 5.1 69 

1 180 158 NewmarkLonis, 178 t6.02 5J 4.7 5.8 117 109 WadkinShi— 113 536 4 7.9 4 Danes AN wmn 131 +1 7.M 0.9 f|J8-3 

j 46 39 NonnandELaOp. 46 T239 1.6 8310.8 125 110 Wagon Industr'L 125 t6.92 2J 84 85 22 “ Dawson Uas..'.. .. 127 ... . 4M43 19 65 12.0 

[£86 £69 PerbnEtajertoc. £84 . .. 04% 14.4 M.S - 128 98 WtthrtCA W.C U7nl -3 600 * 18 # 330 230 DeURne 330 *9 9 41 4|5.4 

■" '---jp 204 +1 ed8.6 2L6 6.410.0 72% 55 WardlT.W) 67i; -% 4.08 L5 9.210.8 JR, S? Daibywarc-,.-. O ... 5.44 02 9.9,754 


5 77 10.80 B6 b5 Jtssel Toynbee 74 

968 1148 1B0 lbO J.wephilroili . 175 
|12Z5 11.49 44 57 KejserL’Iimann. 48 

#4 58 Kmj;ASha\20p 60x8 

114 42 Kleinuort B L 103 

2«7 Llnrds £l _ . . 277 


4.1] 4J| 5.4 
03 9.9,75.4 


- 84 -1295 253 .Mrinaielnds 257«d ... . dl3 96 2J 8.2 74 Ijg §7 


18.01 _ 69 - ! 97 84 AlidaPack I0p_ 92 


95 55! 95 70 Pressac 10 


flO 8 — 52 38 WaroeWnghlTdr 52 JM 36 77 43 £87% £81 Oratspfy fipcCr '919S £81xd ... 09% 12.4 fill - 

% « 4.7 6 33 28 fraifi M «3 Li \ 67 21 M DraSondSWlOp 20 tdfl.89 3 3 6.8 6.7 

4.9 4.4 7.1 36 27U M T3 4 7 7fl 32 32 M Dinlde Heel Sp_ 3Z 0.78 43 3.7 8.5 

127 4 9 45 6.B 129 103* WebrfinwP 1M +3 " 5 2 3 7 6 4 5 4 ^8 Diolmnalnvs 159 -1 3.45 50 33 93 

14.91 2.0 7.5 0.7 50 42 wESfail 46 -% T2J7 26 72 62 67 D^b«n, Park 10pi Wi +U; 14 0 P2.7 65 6.8 

+3 t2 7 35 4 4 9.9 31% 18 W BromSpg lOp. 24 MOSS 5 0 5 6 5.4 23 ®> 3 S 0 ™ *1 lA 8 2 11 9 

.... 3.57 4 5 5.0 6.8 49 40% Westlanifj.„ 45% -h MB L0106.B6 ^ % +s i - 2-0 - 

-3 43 88 5.0 25115 98 79 West 95 ... .. 1277 34 4.4 81 » » 36xd . 3 32 1.6 93182* 


277 -3 909 


0.66 - 21 - 90 61 AU'diniloid lOp 73 tohl54 4.4 3.210.9*” g J™ ■ - ■ 357 4 5 5.0 6.8 49 40% Westland 45*;-% 3.18 LOlO.biUii £ 3 f < DorgC yp-LSSl- 04%+% QSL2» - 2-0- 

3.39 - 86 - 79 60 AndwrOiem . 72 d416 24 8 7 5 5| 2 « g* 1 *"* 10 "* " 3 »■ ?.0 25115 98 79 West s-EransMn- 95 T277 3.4 4.4 8.1 “ ^ ■ 232 16 9JlS , 2 t 

4 12 - 61 - £57 £40*; Bayer AG DM 51 £53 egif*. 14 2 9 23.7 2 5! Rwl'Knslmi ... % 4 35 L9 7.3 11.2 97 73 Whessoe 74 +1 t4 6 3.9 9 7 4.0 gja S cu,, 1 ^: I? ~ r« -f5 

9 09 5 5 5 0 5 6 2-to 122 Blagden Noakes 230 120 1 9 7.9 9 9 « 44 RoUrfleiG 8 Wp 55 1.6 3.8 4.4 7.7 17% 12 % Wheway Wlsa.fc 16 tfl .8 24 7 6 8.4 33 > »'« tli* _1 ^J 1 i 9 M U J 

1279 1.5 94 11 Z '181 134 RrenMlero lOp 181w >1312 60 2615.5 233 SdwIes.GHi. .. 262 16.65 U 96 123 132 22% WhilebouseSOp. 89«l ....$229 * 39 * 122 ^ 

139 _ 45 25 19 RnL Renrol lOn 21 . il 2 Si 4 3 V 740 456 Snaii.oAaO.. _ 63« -5 Q50% * 09 * 25 21 Williams iW* 7UjA f VI a, B.l ft, 53 42 DundonianSlp , 48 ... F213 21 67159 


f 7 79 A 3 S A jlc.c. uhhiax*.uiil iv]i ajo J.JO V O’* ▼ 

13 * ai ft 53 42 DundomanSOp , 48 ... F213 21 67159 

2 45 4 9 4 6 6 7 * 4 l 2 Duple lnL5p .. 131; 059 33 67 7.1 

hi 27 7 6 2 2 91 13 * 93 Dnrapipe 108 +2 13.71 3.8 52 56 

1670 38 5.3 74 « ^ D-ekdrouplOp. 9 .... 020 9.0 22 4.9 

12 29 83 ij 3 *'i 23 DykesiJ.'., 261; -4 — _ — — 

dJ87 U 15.4 4 J 63 54 DrwniJ. * J 63 ... t36 26 8 7 75 


LOANS 

Fublic Board and Ind. 

,• .. -iir. i 6 ii. | 

;• UUfJ I Gll-.rl) , 

r ‘ ,a 4 %l, 1 

» • I IsavSl- 2 

| G 9 .it [ 

Financial 


510 | S : « rrjtii*[ii'i J! 5>1 SIO 
J5b j:«*0 l ri„nPi-c£l 300 


£21 a:',|W,;i K,r:oS:. £22%!-% SI 40 — 

67 eO I'AiRiro'tWp 62 | ?03 | — 7 4| 


U5Sc 6 j 551 4 ■ 60% 43% rrodJlni.lOp 
hi 5.31 - 80 - -31% 16 Fry <a late 5p 

- - 31 51 57 4d Fnalor Pla>m< 

SI 40 - 3K ■ J4 3b Fa.mFerd . 

305 J — I 7 4| — ; 394 325 Flfcn-il 


50 +1 219 3 1 66 60* 14 *■* |ttlnm.nhEI ftp | 17 

26% +1% id 66 6.2 3 &l 8.1' l 33 122 "li Ic*alc Ftc ap 13Z 

48 -1 4 51 12 14 7 8 5; 27 * W*I*«WI.H. . | 193 

40 T3 62 1 1 i 10.6. 

360 -4 12 85 30 54 72' 


17 066 37 59 71 

13Z . 14 79 29 5 5 9.6 

193 -1 N13.5 2 810 6.U3 


FOOD, GROCERIES, ETC. 


48 36 Elect Ind Sec. 48 

23 17 EUiotiFb'ro 10p.. 19 

87 69 Ebon 6 Robbins. 87 


299 2U 9.S 78 
1219 1 5] f 5.9 
3.13 4.1 5.5 68 


8 34 ] 1155 
12 80 13 30 
10 50 12 19 
677 - 


Hire Purchase, etc. 


ih ' .414- I 

>•: :+ I 


mv:, • 

,!•’ I 


! 103% I 

103.ni 
10 3%. i 


?1». 

> air". 

. |»ce» l>''d 

34J, 

*v 

h2 03 

£3? 

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C541; 


yir= 

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W 



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90 

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1395 



col Fin. I0P 

42 


fil 87 


IVo-inra’- JKt- I5r 

10 



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: mani-ijJ 

96 

-1 

4B1 


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. ['■d.i l(ip 

26 

-1 

hill 

iu*: 

S.urlj Hid,:- top 

17 




{'A agon Finance 

43 

-1 

h2 0b j 


! 19% 13% Halxtcad > J * Hip 18%xd +% -rt] >: 3 7 2 7 114' 
;?23 156 Hfcsn Welch aOp 223 6346 8 7 2.4 6 Oj 

532 376 HoechsDMjO 525 +3 V16". * 4 0 6 

: £124 £112% inFMlPrlsfLo £122 olO". fB.6 -- ! 

11390 328 Imp i.'hem £1 390 +2 It 52 28 6 4 7 9F 

49 44 LV>5 , .Vf£l 44 3 5 W77 12.1 


.2*') 18 EbwickH-perSp 20% -1 10.82 29 6.1 86 
:30%{£18% EmhanCorp SI. £29% -% S2.fi — 3.8 - 


r-l r.i tJ r.- is 


62 Hr.t Pami .. . 


44 3 5 917 fl 12.1 - I 

76 -1 2 29 6 4 7 * I 


ENGINEERING 
MACHINE TOOLS 


124 112 .MpuwSoftDlOp- 124 ... F6.5 41 7 9( 9J ” U% ^nwressier. l&p^ 12%ir . d0.2 - 2.5 - 

94 70 Aw. Bunnialp 85*d +1 3.19 3.6 5 7.5 5. 33 ^% Eng * Oix^ s ’0p 30 . . Zfl 35 — 1810.2 

66 53 Ass.Bnl.Fds.5p 66 .. . 121 4.6 4 8 6.5 23 Eng tTnnaClays 80 ...3.55 2.5 6.7 89 

273 205 Ah. D airies — 226 -2 hO. 78 19.4 0.514.9 123 ^P™al2%P 140 , 15.08 3.0 5.5 7.1 

71 43 .Aw Fisheries 53 -5 3.0 35 8.6 5.1 9 ! E ur 5 F f^ I ? cs i- 118xd -l 2B 6 3.6 ♦_ 

37 281; Arana Group 5p. 36% .. .. tfl.98 46 4.1 82 J 3 Erode Hld» 20p 35 . . hL14 4.7 4.4 5.7 

78 72 Banks (Sidney U, 74 . td3.6 3 J 7 4 5.9 32, J 24% Ewer ijenrge 10p 32% +2 L4 . « 6.8 4 

15 11 Barker AD. ibpl 12 -% - 1 9l 29 E 1 ** 1 — - M« +6 5.42 « B2 4 

85 66 BarriAG.i — 82 h2.15 4J 4.0 98 ?? S 3 Farhum Lawson. 58 hI ... MS00 2413.1(52l 

95 68 Borrow Milling. 69 LQ1334 17 193 48 ,?? „?? Feeder I0p 30xd 138 4 6.9 4 

157 124 BassediGeoi. .. 137 ... 5.15 3.1 5.7 f6 3i ^ FecnerJRi. .. 133 6.7 22 7.7 91 

73 48 Baileys York lOp S3 +3 1d3Jl L9 9 5 8.7 ^ V- FerguMm lad. . 106 • .... 96.0 15 8.6 115 

76 561; Bejamldp 64 -1 tbl.45 4 0 3.4 8 0 22 Fenjcman 20p . . 30 . tdl.27 101 6.4 3.6 


« *» 12 35 
II 75 1300 
1101 1240 
USD 13 00 
'12 36 , 13 10 
II2 90 I 13 45 


FOREIGN BONDS & RAILS 


BEERS. WINES AND SPIRITS i 

9-5 I '* | Mur-! Pn-*< 90%]-l%]?«3 I L9j 66112 4^ 

,?? ,:9 I'nal fvirriup 44 +1 |m0 25| — | 0«i — ■ 
*:i I - - 111 ‘'■hari.Trti 169 -1 xa 8<s 3 2 a 4|lQ 6> 


150 108 StewanPlasiic.’. 146 

■ 15 5% rhunar Rartos bro Ml; I 

1 21% 17% HanJIeiBer.' lOp 21 i 
. 203 162 Hairtenhqlme 203 

I 99 SO ‘locks Chems 99 | 


I B% 5% \« Bniixh I2%p" 7 I — ] — | 4.01 49J; 43% Brooke Ben i 45 -% 12.76 3 J 93 37 -22 ,5J PjWbatiBHarx} ' 93 6 21 L8 10J 76 

I 38 25 A-snc. Tooting .. 37 ... . 2J 0.6) 9.4 287 SB 48 radbuiTSch'ps . 51 3.04 1« 9.0|i72i ®2 485 FranklinMInti.. 730 +15 t|30c — 2J — 


:<nt 

It ah !c» 


I’nrr |-uijlht -.1 Rrd. !i 

i ! - ! I.HK, I \ .rid j 


1BI : V-arolnd-l lOp'.l 20% ...11.01 2.S 7.M 7.1 « 41 Garrs Milling— 43 

i 100 79 Aurora Hlds 90 -2 578 3.B 8.9 4L 49 42 Clifford Dames 46 


|U5 93 I.AusticiJamest..| 107 I. ... I15J 


98 ,40 33 ] Dw'A'NV — | 36 


2 63 3 5 93 3.4 J 2 FrirncJiTTioi 10p 64 2J5 d d 5.D 

L91 4 6J 5.2 , 93 8g Friedtand f«r. 91 . 3.13 4.3 5.3 66 

191 | 4.b| 8 0 40 ?® ?*0 G.R iHdgsiMp 455<d ... . tl8.99 55^ b.R 44 


v;’ 


:;s Cfli.-.'.r.-...;, 

: V" . _ :«*- : I'MBl ' i 

> 5 .A 1 *V p-i*.r- ■•»fl<i‘li- i 

AMERICANS 


54.1 1 1 

! 49 | j 

1 45 

; 55 I ! 

■! 67 ; 

'! 84 % J 

: 80% i 

i 365 i ! 


41 .) . :--V !r:ur:.iru,HXl 

3% 16 48 |,si 1.55 I'v- 

6 | '6 75 |.-|t '; ! 1 I; Irt Mallhew 
4 :4 7b I 1 ®' (.'••■il'—Slp 

4% 5 00 ■ t® - !? i- f'-’i !-• ‘"f 


12 80 
7. 17 47 
4% 12 85 


6% 3 67 

9 , 952 

f-.-l 1070 

3‘. : J BO 


:* 1 ;■:** 

? ’V‘* . rr" ■ »■=*-. si ; 

•:% vr i 


63 '; ' v - - It 4 

ar,.j -s. sir? - 1 y 

30% I - -, 5! 1C I ■ ■ 2 

IVnic! \ V,- I •- I 0 

14 ^; 40 .; - I L 


• 3 S ! . £ -i Raker. vj,» s 2fli, +% hoffj? 6.7] j.5 76*372 


i.i St-1 S = oe bulding r 

srrS j — w AN 

:3.;. isv.i . ; wva,-* si oo - 2 ? 9i ] •: 

V.’tltZSr Ml -% ?3c - tbj 1 1: 1 | On 

» : 2 ' 4!-, iPurr-'-Ci . ; -p 1*1 5^1, *1 5100 - 10 '5% :« j AroiKaa-Htn 

Va- 1 301.- AftKN [ ‘Ji M* - - 2 2 J2 ^20 hr.^: l£ 

iV; !:F% V- -. 39> "-.’ Jr 50 — 36.25. 205 W'RIr/- '.is 

i" - • ’2% .1 slt.T ] 4^,«. -% 51 Fil — -- - 1 .-4 11 |“jg^„.-T,.%,.ai 

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j 91J|u0j ID 
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.. , ~ ft 5 '- 21 '* -'3 

- 5: I 43% 2'; 

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siao : :•:« iC.r^pl « ; | id iad-.fjrs !!?- | 9 I |-3 I 5 : 3| 18 W«r“l9P ' 25 '* dill fl h &l\ ^ fXZS&i 

jntftc**- 1 3 s:s* 8 i' aijssar .VS 31 - ar »»sa#*e!iA « u..*; j »» 

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-IV. JS K.WTOdvSro I0p 29 .. . fl 58 2 3 8 3 8.1 

.10% 900 Kershaw .A '5p 975 159 t an :<xl-341< 

72b 64 ST.ccr. F-Zr Hldgr 72 .. 3 K 12 1 2 8 3 

9> 77 Lf r. Hld> 93 _1 f4 36 1 2 2| ?.li ?J 


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88 
98 
20 

46 \ 38 
122 
133 




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63 

$ 

110 

43 34% 

44*} 35j 
49 40 

26 19 

131 84 

44 29*2 

45 3S 

92 74 

78 68 

5U 2 39 
59 5^2 

38 30 

41 21 

126 92 

104 72 

132 
113 
£173 
95 72 

46 31 

84 65 

86i z 64i« 
67 48 




iTiwn 


104 j 93 

39 29 
93 ! 64 
68 
42 
Wj 
50 
55 

40 


1 

195 
292 
471* 

91 

92 
1S9 

46 
39 
69 
121 
144 
86 73 

148 125 
114 97 

106 88 
68 

109 721} 

9812 84 
94* 71 
90 68 

69 60*2 

68 56 

11412 97 
67 55 

75 65 

90 
67 
56 
48 
69b 


2 41 14142 


Chestertons 


’ .f.'iUr 


OILS 


MINES — Continued 
CENTRAL AFRICAN 




43.5 19 
22.7 £26% 
30.1 U, 
41.0 £44 
1L2 620 
152 586 
- 69 

444 
£64 
186 
294 
161 
185 
185 
77 






Home Counties. 




t523 
4.02 
287 
IMS 
4.9 
t58 2. 

4.68 2. 

4.68 2. 

til 61 L 
t3A3 
M264 

4.5 

6.5 
7.26 
4.36 

89 
5.99 
2.45 
t3.67 
td335 
197 
13 98 
1.34 


m 




144 
53 
66 
69 
27 

dSLFab.lOp| 34 


East Lucs. I^ar. 


89 
13 

55 

64 

56 
34 
32 
40 
58 
62 
21 

64 
49 j 42 
45 21 

% 73 


127 102 
40 24 

78 58 

15b 12 
10b 8% 
93 56 


Billon iFerrjrl. 


43 
2.1 
4.3 

3W i 25} ?. 


U 



m 


1131 

3.4 119 

5a1i57 

2.4 
6.9 

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93 
42 

20.3 
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* 


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6.0 

fs 

« 1?1‘ 
8.0 108 

5 4 8 , 

194 
52 

195 
119*i 


aoaeliti.&Op 



£ 



i 


7 


L9, 9.8 
5 8 3.7 
6 7.4 « 

* 112 * 
35 7.7 56 
33 12.0 4.1 
2.4 7.0 8.8 
29102 3.9 
30 7.9 7.7 
92 4.5 3.1 
6 10.1 6 
M.7 



Iks | f 

High La* 1 Stork { 

Z10 155 Falcon FJi S* I 

24 15 Riwd n l orp It-p. 

75 52 Ffean'Vnj. 61 

175 122 TaiEanjikaSOp..- 

85 78 Do. Pro! Wp .. . 

41 32 wanbtfC..: Hh 1 . 

16 10 Zam Cpr SUD.i "1 . 


Net Icvricrc 


-13Q11 0 11 

-5 t. ,0< »164 

141 


AUSTRALIAN 


15 ID 
132 64 

101 63 

244 148 

72 48 

138 81 

40 10 

215 125 
32 10 

61; H, 
ll£ 79 
14b 8!j 
15b 117 

47 30 

[13% 750 
30 12 

495 310 
L36 64 

70 35 


Aemrv ISr 
Hi»i ;jir. r :hi".wiT.»-z 
BH South Sir 
i.'oc:.r.r Rjuiick-Si 
u.y. KaieouriifS: 
Hampci An-ii: 5p 
WelaNL»-!»h: 

MJ M. Mite* 5 0< . 
Uouri Lie! I 25c 
NtranKia! Ilk 
North P, Hi 1150 c 
S ih Kalgurli . . 
OnkbndiieSt! .. 
Pat liic Copper ... 
Panconi 125c . . 
Parinea M&E\ 5p 
PekD-Wajj>cnd Wc 
We«ln MicincSuc. 
Whim Creek 20c ... 


15 -2 
132 -6 
101 -2 
244 +1 I 

55 
134 

40 -5 

215 -5 


116i0 -»2 

141; ,1 
152 i 

47 -4 

£13% 

29 

495 i 

130 -1 : 

65 -5 


TINS 

I 24 l\iraL Nigeria ..I 


OVERSEAS TRADERS 



.til 


5J] * ia* 


6 6.7| 4 
13 1 6.4 213 


| 74 ToBBkah Hrbr. SUl 
220 |148 TronohSMI 


COPPER 

99 | 70 |M«ssinaRD.SO. | 99 1+4 |«3Qc| 19| t 

MISCELLANEOUS 

17 9 Burma Mines ITijp 16 — — — 

300 220 Coos. Murrh 10c _ 240 . ... Q30c 2 6 7.5 

385 245 Xorthgalt-CSl .. . 350 .... — — - 

222 164 R.TZ. 222 +4 95 20 6.5 

rid 46!; 30 Sabina Indy CS] 40-2 — - - 

Grt £11 750 Tara Ex nla 51 £J0b — - — 

., 45 43 rdudy Amends Kip 45 133 *45 

A ' 167 120 Yukon Coos. CSl . 165 $7c 29 20 


1 


m 



1276 14 
53 1.0 

1235 10 
228 10 
b475 11 
188 


26 

s 

77J 
12 
101 
161 
148 
97 
76 
66 
255 
771 
74J 
89 
252 
208 
123 
29.11119 
47191108 
-113 


I 

5 J l 


* 



NOTES 


] Unless otherwise Indicated, prices and net dividends are in 

■ pence and denominations are Slip. Estimated pricr/earning* 
, ratios and covers are baaed oo latest annual report* and arrannta 
i and. where possible, are updated on hair -yearly figures. P/Es are 
: calculated en the hails af net dlstri button: bracketed figures 
I Indicate 16 per cent or more difference If calculated on -nil" 
> distrihntlon. Covers are based on "maximum" distribution. 

■ Yields are faased on middle prices, are gross. adjusted to ACT of 
I 34 per rent, and allow lor raise of declared dlsuibathms and 
I rights. Securities with deonmlnariona other than sterling are 
| quoted Inclusive or the Investment dollar premium. 

4 Sterling denominated securities which include investment 
dollar pnemiura. 

• “Tap" Stock 

* Highs and Lows marked lhu» have been adjusted to allow 
for nghts issues for rash 

t Interim since increased or resumed 

5 Interim since reduced, passed or deferred. 

Tin-free to non residents on application. 

9 Figures or report aw ailed, 
tr Unlisted security 
P Price at lime or 'll sponsion. 

5 Indicated dividend alter pending strip and or rights issuK 
cover relates lo previous dividend or forecast. 

*■ Free of Stamp Duly. . 

♦ Merger bid or renrgncisalion in progress. 

4 Not comparable. 

P Same interns, reduced final and or reduced earning, 
indicated 

♦ Forecast dividend; cover on earnings updated by Jalert 
interim statement. 

: Cover allows for conversion of share.": not now ranking lor 
dividends nr ranking only for resinned dividend, 
ft Cover does mil allow for shares which may also rank for 
dividend at a future dale. No P E ratio usually provided. 

* Excluding a final dividend declaration. 
i Regional price 

II No par value 

a Tax free, b Figures based on pros peel us or other official 
estimate, c Cents, d Dividend- role paid or payable on pan 
of capita]: cover based on dividend on full capital, 
e Redemption yield f Flat Meld, g Assumed dividend and 
yield, h Assumed dividend ond yield after wrip Issue. 

J Payment from capital source.* k Kenya m Interim higher 
than pcerious lOUL n Right? isruc pending q Earnings 
based on preliminary figure*. r Australian currency. 
« Dividend ana yield exclude a special payment. I Indicated 
dividend cover relate: Ui previous dividend. P:E ratio based 
on latest annual earnings a Forecast dividend, cover based 
on previous year’s earnings, v Tax free up to 30p in the £. 
n Yield allows for currency clause y Dividend and yield 
based on merger terms z Dividend and yield include a 
special payment: Cover does not apply to special payment. 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and P Eraiia exclude profits 
of I’.K. aerwpace subsidiaries. E Issue price F Dividend 
and yield based on prospectus or Mher official estimates for 
1077-TB. C Assumed dividend and yield alter pending scrip 
sad. or rights issue H Dividend and yield based no 
prospectus or other official estimates for 1079-77. K Figures 
based on prospectus cr other official L-aiimaics for 1B78. 
M Dividend and yield haved on prospectus ur other officio] 
estimates for 1078. N Dividend and yield based on prospering 
or other official estimates for J07B P Dividend and yield 
based on prospectus or other official estimate* for 1077. 

Q Gross T Figures assumed. U No significant Corporation 
Tax payable. Z Dividend local to dale, ff Yield bated on 
assumption Treasury Bill Rale stays unchanged until maturity 

of sleek. 

Abbreviations tdex dividend, scrip issue, rex rights: a ex 
Ml; J* ex capital distribution. 


“ Recent Issues *’ and “ Rights ” Page 22 


Tills service is available to every Company dealt In on 
Stock Exchanges throughout the United Kingdom fora 
fee of £(00 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations of shares 
previously listed on I* in regional market* Prices or Irish 
issues, most of which are not officially listed In London, 
are as quoted on the Irish exchange 


Albany Ipv.SOp 23 .... 

Ash Spinning _ 45 .. . 

Bertam. 22 

Bdg’wxr. Est.SOp 270 -2 

Clover Croft 22 

Craig A Rose £1 420 
Dyson f R. .4. ■ A. 34 .... 

Ellis A McHdy . 62 .. . 

Evans FT’k.1 Op. 57s 

Ev-ered - ttlxd 

Fife Forge 56 

Finlay Pfcg.Sp.. 5* 

ijraig Ship £J . 145 

Higsoos Brew 82a 

1 Cl M Stm.CI... 1SD 

Holt Oox.i2Sp . 263 

N Urn Goldsmiin 55 . . 

Pearce >C. Hi. 155a . . 

Pi-t-1 MllLs .. . 20 

Sheffield Bnck 46u! . . 


2| Sheff Refnhmt.l 52 

« ... Sindall OVm '....) 85 


£S Coni’. B*b ’80/82 £90% -% 

” •• Alliance Gas 68a 

Am oil. ..... 340 

WjbI Carrol! IP J.i .. 92 +4 

2“ ■ - ClondaUun 93 -3 

iTie ’ Concrete Prods 130 -3 

Hciton iHJdgs i 41 .. .., 

Ins Carp 148 ... 

15“ Irish Ropes.. _ 120 Hi 

2" Jacob 67 . ... 

_ ■ • Sunbeam. .. 33 

Hi* TMG 170 -1C 

Unidare 90 


67 

33 . 

170 -10 I 

90 


H 







i 

T 

£ 



2.36“ I 

mi 

tLO 3. 


KhditlayiiirMte 


uaHraffldf.iOp*.! is 
24 
95 
118 


10 

165 1. 

03 * 

05 4. 

tl25 4. 
3.46 2. 


H 






















































































































































































26 


Cheperfon 


i— 


FINANCIALTIMES 


SkfatonSS^ 

sbxsnmidkllorsawas 

^ U I U- -t- 


-built for the jab -6m- 23m 

Corns. Isle ol Wight, rtf; Cams 7111 iehc 8S*6G. 


Saturday May 27 1978 


~ Head Ofte: High Street SHpton- 

aiiX BD23 1DN Td: 07564581 
SrSto London Office: 81 High Hoflwn 
01-243 81 47 

PpjT Av^«iMCt5Qirfbii 

—T*- RmseBtfiCMBM .. 


MAN OF THE WEEK 


An offer 
he might 
not refuse 


Postmen reject 5p 
Christmas mail 


Tories t 
face row 


THE LEX COLUMN 


Stalemate in 


BY PHIUP BASSETT AND JOHN LLOYD 


POST OFFICE workers delivered union’s decision. Christmas concessionary rate 

a second body blow yesterday to It is not dear that it will treat would be third-class mail- The 
the plans of Sir William Barlow, the vote on the concessionarv public would want to know why, 
the Post Office chairman, to rate as an effective veto on Its if it could be done at Christmas, 
improve the corporation’s public introduction, as it did the vote it could not be done all the year 
image. on Sunday collection. round. 


on union 
document 


the market 


image. on Sunday collection. round. By Richard Evans, Lobby Editor should have been the panies’ surplus funds OUt of the 

The Union of Post Office The Christmas rate does not Delegates emphasised that T j” s s r™ d thQ -mthnritiAc t j t n t a a. Ana 1 bankins? system and keeping 

Workers a i its annual conference depend on extra working their opposition was not to hurt a CONTROVERSIAL policy docu- wce ^ when the f^dex fell 1.4 to 476JL h ® cj nce there is a pen- 

in Blackpool, decisively opposed arrangements or voluntary over- the public but to protect their mentSin e Itudied Suntfae Anally unveiled their major tbem Joo. since ‘.there us a ipe^ 

plans by the Post Office Board time and could be pushed own jobs and save money. Conservative Party proposes that Initiative to get their fumhng ally to pay 

for a limited 5p concessionary through bv the Board. Mr. Tom Jackson, ceneral _ rn»__ Om.— .«,«■» if 1 nmoraitlllll* under way. Mr. .. _ . dered for cash rather than used 


This should have been the 


BY KEVIN DONE 


plans by the Post Office 'Board time and could be pushed own jobs and save money' Conservative Party proposes that initiative to get their fuming *—mmm ally to pay “ 

THE TRANSFER nf control of for a hmit ed 5p concessionary through by tbe Board. Mr. Tom Jackson, general f programme under way. Mr. . _ + . _ dered for cash rather than used 

A i bright and Wilson. Briuins rate Tor Christmas card p . secretary of the 200,000-strong I f!} with 7 maior^haSenge Healey duly signed up with the J*° n wer ? flymg about the City to pay off the taxman , 

sec.nd largest chemicals com- deliveries this year. . Fairy Godfather umon argued persuasive^ ^ ft enationSS induces mF for LoSer six months, th f„ wee ^ v , a f d ^ ^espread ^ used t0 change infr* 

njr.y. ... tne U s. has been on The plans were approved in Rejection of the Christmas against rejection of tb e pl3n. He ~ ^ ri nei _ S h Q ald rate was view lS that economic policy -Rptween October 1S7B 

.he ord, for several years But principle by the Board this rate was proposal duriSTan said, that the imion wanted dis- "J “SSL f^enat 9 P er ^ ^ remain in * Slsentem^ 

i: Tenneco.-i move this week for month emercencv debate bv Mr Stan cussions with the Post Office on effectively frozen at » per cent ■ . Th ,, Tn thi ana «eptemoer spies 

oii:r:giu control succeeds, it will On Wednesday the conference parr? the Basingstoke the whole question. 1 kaows It c0 d ^ m ” and the authorities even sold ^ . P utt , temptation at 9 per cenL wb ?H other .j?* 

leave she Erilish-owned chemical voted bv an overwhelming Branch It was not logical in terms of The report states baldly that a f ew gilts. m 1 , o ,-^4 e V* Merest rates were falling rapidly 

ind:istr>. w-ih i pc nmablc excep- majority against reintroduction He said; "We have a chair- pricing policy to give concessions where industries have me none of moveg to Dny ana inere is muen oe- _^ nd company trasurers 

f:on of li’l. even more bereft of of Sunday collections. . man who wants to project him- * added up to the major package “Z!?lKi! n y made a killing. Some large 

c ; .nn,n lw of tup international Both Sunday collection and seif as a fairy godfather who PKn‘ SoA y ,/n R n?h° e P ?iurshould that the institutions had beln ^ companies found it worth their 

thu cnnctssiofliirv Christims wsnts to ^Ivg swqv Qur cw h its bi^ficst tim?, but if tb6 plftn to psy up f so trio tscuc sqou o msi find the tfdd6 £sui68 cad dg « . i ^ ■ *1.. 

Tiic fail ili.it Ti-n.-icco would rate which would apply to cards "We are informed that the increased traffic. Post Office be to ensure that the Tories fight hoping for. Yesterday, equitaes j cept ^ a reasonably healthy whl ^ 1° 

n-.w !uvv to pjy >nnio ft 00m [of delivery in the town in which Post Office is to play Santa workere should support it on ground or their own choosing, drifted lower and prices at the ffll October. to inves f 111 

■t a. i- re for Alnri^hi's outsland- they are posted, were ideas Claus. We must inform the . He had seen misery and depres- Premature publication of the long end of the gilt-edged and the corporate sector s hdd- 

si. . ire? i* j trihuk- to the pushed bv Sir William soon after chairman that there is no such S1 ° n . ,* n /aces of branch report, drafted by a Tory study market fell by 2 of a point t ■ j j l* inss rose fro® in the first 

hard-won tic hi of ilu- chemical bo became chairman in thing as Santa Claus and that we " Christmas because of gv QU p on nationalised indus- pp Government Securities LDSlder dealing quarter of last year to £482m 

i-Mij-.ar.y-ji prosen! nianirtciiicnt November. are not in the business of play- P? ‘ T al i n 1 ° cumt)er of carfls tries, threw members of the todex is now back to where it Thi» Takeover Panel**: state- in tbe fourth. 

!c m in ‘vrmcinu ii back from The Posr Office said last night ing games." b « n S P osted - Shadow Cabinet into confusion “ a *r v f a ™i!!L The jump in interest rates 

T.iv cd-e ff diMMvr that iL was “disappointed ” by tbe Other delegates said that a Seats on board plan. Page 4 last night and is certain to cause +Iia +j,: e 


change infre* 


ivni in hnnemy ii back from| 
Tilv cd^o i-f di.«.i>lcr. 

In ;hc 'ccond half i»f the 1960s 
-V. l*r. ^ pi wnv. \hrr.ir;h suevosne 
trju'c.j?. T:ip chairman and four 


ii''' 


) vein her. are not in the business of play- £? * a, i j£ *f e oumber of cards tries, threw members of the todex is now fc ack t0 W h ere j t -m,- Takeover Panel**: state- in tbe 

The Post Office said last night ing games." b ® in f P osted - , Shadow Cabinet into, confusion ® mS ™i e ioS? d«5SS The jump in interest rates 

„il was -^appointed "by the Otter delegate, said that a Seat, on bo.rt plan. Page 4 Ust Digit and is «rtam to cause The ? basic »£ blenJ ,, ttlt w “^rford Shares this year has knocked that par- 

It will inevitablv rekindle as they will, the institutions just before the Lonrho bid ticular dodge on the head. The 

-H— j • « -a . charges that the consent atives just cannot get Mr. Healey's demonstrates how difficult it is view of one big corporation on 

Hi Hj m B g\ |yf^ would adopt a hostile attitude to Budget arithmetic to add up. A going to be to ban insider deal- the new rate; reasonably attrac- 

J ylFlIIlll INN II ill the unions. PSBR of £8.5bn and a DCB ^ completely. Even when tive. but nothing speciaL 

H V/VUUIU^^IVU It was s««ed that the docu- ]imit of £6bn imply that either ^ding bn inside information _ . , _ _ 

Ritht.w?nl f baricbenSer d Mr! bank lendIn * 15 S°“S *9 have eventodly becomes a criminal Capital and Counties 

jVxie /vil Nicholas ^Ridley, is not party ne^Vw^manthTo? 1 thl < ^® nce ' j* ! 3e rf - i “i >0S i Capital and Counties Property 

C0”| i*ll T ill flll I policy and has not yet been next few months or that the sible to deal wth tbe individual yesterday celebrated its return 

SCillUl 1U1 Ull Sefore the full Shadow Cabinet, “thoritia are going to - taw ^ chooses to handle b is JfSSS 55* 

But it has been studied by a to persuade the institutions to affair through a Swiss bank. for 1077.70 we u ahead of 

rnmmirtee under Sir Geoffrey buy considerably more gilts .. *or ia</ /is wea aneaa or 

ENERGY CORRESPONDENT S5S StadSS ^ Chancellor, and than they had anticipated. . The Panel has been unable to maritet expectations. Pretax 

ENERGY CORRESPONDENT ^uch of it received broad sup- Otherwise sterling M3, which b «a k through Swiss banking profit emerges at £3m. agarnst 

. . p Dr t. has recently been growing at an secrecy to identify the buyer of a £4.2m. loss last time. In addi- 

Commission The Commission wants old conditions yesterday for the next what seems certain is that aTim „,ijc*d r->» e nf *94 ner cent a b 'g line of Dtinford shares, tion, an internal property 

r»Vt uippI; in rtlinlc tn hn chut md thrmtirhnut hirnh l.n/lui.nl T, M J.,plln n . .. U- aUIlUJUiaca HilC Ul *rt i/CI kClil, «» ... _ . ~ , , , ... . 




k-. ^ 




European 





right to search for oil 


BY RAY DAFTER, ENERGY CORRESPONDENT 


nuuiaicLa. mwuug iu nrushvis — . — . — , - •» -w-b-i — sn.incw wuma. . . -.i, ■ 

on Tuesday, will be asked to ? n refinery expansion and curb the 15 operators engaged in pre- Thev be i iev e that the lesson of argue that the recent monetary and with equal results, 

approve a 'scheme which would lm P 01 ^ fr ° m Eastern Europe limlnary j exploration work are „ confrontation with the explosion is almost entirely due / 

■ , , n . . nnri rn Q 1 irnflniC^finn nr MOT_ tnfAa.mtnn f a . _ . • > 1 . HTl «■/! > 


’ • * less explored areas of tlie 

The plan— iiart of a pa< 
other members of the Board °f . Conmiission proposals 


count is 32 per cent at yester- 
day’s closing price of 531p. and 
the yield is an above average 4.7 
per cent 

As of March 31, Capital and 


enable the Commission to join an ^ ^ l ® Organisation of Pet- interested in biddine for produc- m iJ, er8 - m 1973.74 must be fully to temporary factors and is not Tov certificates the yield is an above average.4.7 

David Livingstone with private oil groups in seek- ro j*“ ,n £f n 0rtl h °fi o ™c n That in UceQces - . learned and that the only viable indicative of a long-term trend. per cent 

DcritV;? Uic uric- 0 f s-tcccss inR hydrocarbons in some of the . “f* , Bei “ b ® b 5 ^i c 7“ 0ltl M" th £ s tak . e m policy for the party' is one of co- The excessive inflows have gone News 1,131 ^ interest rate on As of March 31, Capital and 

' • less explored areas of the EEC. ^^riy Se UK SnSSS^tStfiTSLltSS: °^ tion cloSe c0nsultatioa bite reveS, interest rates have certificates of tax deposits is to Counties had in the 

. . n of Th coniml5sion rt Dropos^ Ck for srowSg Njrt^Iea^^odtKSonS llreTdy 4 ippUc3tl0D5 with the unions. nsen substantially and the gj HP from 9i to 10 per cent- bank. Compietion of a Hamburg 

S! rasing EurapS Em TneS ^ould be left to run their own Under the newly-announced recent burst in the PSBR is re- the third increase this month- sa i e next week will reduceshort- 

: ■ , riv d ' i’-i - 1 b jonlid.‘m->. m problems— seems to hJve litS r ^nery industries in conjunc- licence terms, the British VlUneraDUlty garded as a temporary phenom- show s how an obscure tax in- term loans to £0.7m., while 

r -»: •* 1 ‘J tcnnai. nu in l no I, “T 5 . . . , , tinn with rhp oil cnmnaniPS. lU-itinnoi n;i rnmnnK,, uriii , , , with in fitnimi-nt has bpmme an lmoort- )nnoor.tann hArmwinai rtnnJ 


Manager 


Five new director-* were being undertaken by private 
l-r-fuylit un to the- Board to try to slaUvowned energy groups. 


III uckviiuug 111 vuiveu III -u much ciinnnrt Mr Rpnn , j ” men come ui iuc iQiciiuruigis 

nil and gas exploration already re S?ws at the Mister? mem- *. Iude : , an assessment of explora- ErQU p. and other public trans- 
being undertaken by private and Uon already done by - or on port, education, ports, tele- 
slate-owned energy groups. , ^ h X y m other S™ 2f . *W»Ucantt the phones, air transport and steel 


I.rae. r.i-w mana-mg airocuir JUU inuuura. ututirm rnal- priprinusavinp 7 **«"*■•“*» leers iu run cum miun. 

and dopatv chairman, and Tony Mr. Beno has made it plain at dSuoSStion un£ fbivBatJons: and the contnbution and power stations. 

Ward, financ- d.r-eior. past meetings of Energy Minis- Scfc te alteraative en^S- the ^ app,1 ? nt “ ad ^? r - ! In an annexe to the mam 

David Liungssone has been tors that he believes each mem- S ri EEC aSSS on P Iann,n « t0 make - to Britam's report, which is unlikely to re- 
wii.i ao other company He her state should be allowed to economy. ceive general support. Mr. Ridley, 

th, «W A«>nohl ami rMaip tonlvol »f IU «m M c™™DiT S taterae„t on^cr CT “ f =! SSLKlJSSf? 


st.iried" uni as I inc t production in Common Mat- and gas production. The Eneigy the approval of an operating coni d face from the unions. 


Gilts fall 
as market: 
stay quiet 


i.ixfnnt. He St.iried uni as production 
:i>-i .lar.f niiiilicity manager kcl refineries. 
’-•fice :’>>•.»: dine I he caui|!anv’s 
t:r-l :a..rKe*. :>-' f »\:ic l i depart inenl. 

then ::;i-v.:u- >in tu become 5^ A-c* 

- i;i;, j j 1 - • i-i.iiil iu the w 'fiTSuB.d 
t :..n. Siiln. > K.it.U 

I! th** A‘iin^!i! i!p-ee!urs WMO 

rc-rar.-d it i h.- o.,h- .,f ■ u.-i 1- 
:i--. 1:1 1 an.id.i. Ihe 

• •i.- J;av ■-! .cry lur'.'r i-lnisphuni.- fiArt \r 

: -r:-...ev> iu ria.- -1 3liiY IJ 

■•-m 5 ; ..t tl ."-r.d ih«- takouwr of •' - 1 

Hi i)i*«I.,::i* rV: '.ih.M.-r-: By Michael Bla 

The sue «f the »ives!i:u’r.t u.is ncirp*: nf •• 

a>i r z ' "pVef 10 «; 

.... ..m A l-...!ii A> ■ l\i\ ,, j vtfiierday ahea 
LAir.^-incii-sciHw-M.. It iia.l ^.,-kend holida 

• '.V •?*} ;r« lh, ‘ The markets 

■ n..:-:; tt ,ien rl .asvin i n w.i, , x . rlain ;ifter T 1 

• f" 1 . , jr * 1 * teslisiK .il j^, rn d nf the L 

r: .:>»rn; he I. w.is .1 j ■ti-cIimI W - Ilh the Gove 

;or , pulilicatinn of l 

».ie Ijt. 11. .W ni-i« aian.T'.i-- in i,. n | tn *h 
:;>cr;l U'jm -i. 1 ' - 0:11 Hi,- i.-tiiti- j\{,ir>r>tary Fund 
round. i»ui n pmw-l a 1 mnvr* 


Department announced the new deal. 


Pertamina prepares 
to borrow abroad 


Mr. Ridley believes that in the 
first two years of a Conservative 
Government, there might be a 
big- challenge from tbe unions 
either over a wage claim or re- 
dundancies. 








WcalbiT 


By Michael Blandcn 


BY DAVID HOUSEGO 


JAKARTA, May 26. 


. PRICES of gilt-edged slocks 

a mi-niuiii-siz-- tom- >ll p pcd in V erj rjmet trading PERTAMINA, Indonesia's State returns were lower and long- generally. 

\> P.ivn Vtf «| er d:iv ahead of the long ! oil company, is planning a capi- term capital was needed at London. E. Anglia, Midlands, 

'•sciik-> - it iirni tt . l . |1 | 4( . nd holiday ital restructuring to enable it to favourable interest rates. k s.E., S.W., CenL S-, CenL N. 

iir.-i pn-i'i "i Un- Thp mar |;ct}. remained un-| return to the international finan- He still envisaged that the and N.W England. Wales, 
i :i iisi.ii t 11 w.i. ;• ,.,. r j;n n after Thursday's news oficial markets as a borrower in its company would require Govern- Channel is. 

v.. . > « , vluiie.ij the end of the Liimral" Party pact |ow n right. nient support for certain defined pry sunny spells " Max. 21C 

it jv.i.s.i | i-rpcliijl w .„f, t h(. Governnienr and the This sharp reversal in policy' operations. (70F)- 

1 -ii Mica tinn of ihv 1 : K’s loiter of I was disclosed here today by Extravagant spending under Lak es , Is. of Man NE England, 

!i;e n»-w :iian.i-.i-- inll . n , tll th*.- International I General Piet Harjono. the com- Pertamina’s former head. Borders Edinburgh Aberdeen 

,u: " i-'f '•■i'iii- l if l ,|.nt;iry Fund. [panys president. His comments General Ibnu Sutowo, on Glasgow Morav Firth. SW 

;,iu 11 pr-iw-i a o rt r«;i.il moves t.. ni .™ the Rank (raise tbe prospect of the Indo- tankers, industrial plants and Scotland' Ar"vil N Ireland 

,it ,n vhc pii«v-> F.nriand’s iniii-puun binding inc-sian Government and related real estate resulted in Pertamina Ce n '| Hiehlaads 

n^ : "n'- r.-itn a t 9 per cent, dropping the ' State organisations borrowing running up debts of over SlQbn. tj,-.. « a ' T i a v'i« MnT -i or 

' L ' ‘ - ;m,J nrir'.--*i -related fornnia f«r fixincj beyond the cautious levels that These were taken over by the (64F)' UQ " maX ' 10U 

::s.i;r::i::n th-- rate and rev-.-r'inq In an old- have prevailed since Pertamina State and reduced to about $6bn. ' m CroiianJ 

R ank Kate .nnnunconient.lcarae close to financial collapse As a result, all Pertamina bor- Mostly eirindv nprhan* wime 
in.-i.i!!v ..nwnira-ed the market. [three years ago. rowing is now handled through M |„ i5r 

Yesterday, hnwrvnr. there was The largest borrowing that the the Bank of Indonesia <tfae cen- OuHoote- 
1 -li- 1 - 31 irMnir , in| vrcvt in gilt- 1 Indonesian Government will cral bank). The company, under ' 100 warm ' 

■ < -i* h «■', hiir. t,ri70d securitiv. and prices [have to guarantee is believed to the tighter discipline of General rikumccc rwn>« 

. tV ■‘ 5 _ l , n ,. end.-d with falN -.f ; at the long I be the ^'lbn needed to finance Harjono< bas also restricted BUSINESS CENTRES 

. i."'.' ......u' end of the market and 1'. at the [new cost increases for the Kraka- itself to oil-related operations. vdw | v-d*r 

t.Vr in M hilt ,h "ri The 1- m.incial Times, tau steel plant in West Java-— a General Harjono said that he 

... kill i hr. *» nvern nient R'-vuritii.-# index 1 project initiated by Pertamina. was anxious for Pertamina first Alcxndru. S w 99 Lnramb'c cun 

i-in -r ■ n.. in j n 1 v dr, TP n d f 1 -"' P n;n, '‘ ,n another ( but since taken over by the Gov- to gain the confidence of the r « 57 Madrid c is a 

? ^ ,.;4 ninf inonth iow «n 70.10. lernment. international capital markets Alt’"* S S « « 

■v- -n’-n - ^ R . ,K!n,, « l " 1, . .The Government is looking for although he thought this coot- S™ M c u S S f S w 

*.’u' ' exen m-io 11 1 art. cl wa< also slack : la-to-20-y ear credits to avoid dence was increasing. Ik-inn s is 77 Moor real s 22 72 

1 ';V and the pound va-i-d against thc'sprinuc ctrnino nn thi* hal.inrp nf It wnnlit not hr until th, C IB 81 Moscow F 20 fij 


UK TODAY 
SUNNY and 


■i 1 "-' • -r ‘ d 'be pniiv-s. n j- F,(|-;|:ind> iniii-pn-ni landing! nc-sia 

L:-. 9 per cent, rfrnnping the 'State 

::i 1T1 .in- d:r -LT IT ”1 V.'iJ anil •,,..^ , -..|.rr-l:ilrd fnrnvil-i fur fivinr! I hnv-m 


Glasgow, Moray Firth, S.W. 
Scotland, Argyll, N. Ireland, 
Cent. Highlands 
Dry, variable cloud. Max. 13C 


..ilcr dtp 


Crisis 


Jlie recent rise in the U.S. stock market, 
accompanied by record volume, suggests the 
sort of buying opportunity seen in tbe U.K. early 
in 1975. This rise has featured dramatic 
increases in the share prices of ‘‘Bine Chips”. 

Trident American Growth Fund 

This authorised unit trust, managed by 
Schlesmgers, is effectively 100®o invested in 
leading Lf.S. companies. Whilst second-liners 
have proved specially resilient over the last year, 
the recent sharp market rise has featured the 
shares of leading Companies. 

Tbe fund’s “Blue Chip’ 7 portfolio is stiD 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 A Poors 500 Index 4 97.08 


20 Year Average 
1957-1976 


Referring m the ii.irivmr 
project he nnw “ It w.i, hi»r- 
rondvu.-. vtviy thing wi-nt wnme. 


Outlook: Dry and warm. 


BUSINESS CENTRES 


Estimated earnings 
Prospective PERado 

Estimated Dividends 
Prospeahrc Yield 


\v 

V j'J-l 

(ini n«» 

« havi-i- 

::rn.i"li cash. 

\v 

e cn;: 

I.ln't x 

!T:«rd ti> 

run it. hut 

-,v 

cm:;' 

Idn't .-! 

T«irii :-i 

kill n he- 

r.. 

!l 

:a: v. i >L 

i.i n.’.vo 

;n«*.int piy- 

J*. 

- ' :T 

P-iPl.l • 


if ■.*•,- is;id 


-mM ' 

1 

:t-_- •.trv. 1 .' 

1 ’- '. -.1 vt IMS 

V. , 

,iS ,:r.i 

iv 

r.| whe 

n Ti.-nn-.’iti 

^ ■ 



:7i v. 

:!h j 

c--m i-n il* ti- 


j:i ■’’f 

il 7 . 5 »:; 






riT. - -i, 

f liiRii?:,. 1 !! 




1~ radii F 19 


a IS 77 Moor real 
C IB 81 Moscow 


S 22 72 
F 20 «3 
S IB St 


Ii Berlin 
_ Rrmchm. 
. Bristol 
1 Brnsvels 


o.’.hcr \r. !-tu l.v ur »*■ es- ' >er- duecd an uvera’;v rate that would 
wany. but t*. ch«-c tn whal it have lcfl jilK unchanged at 


the hopes that Japan will pay for mind which will nec-d finanrina 
P^-l this. well before then. cSlSw 

JU 'd , General Harjono said Uxal ihe As a prelud-r. General Harjono Cotocn " 


iKi'-uchl was .1 v.i'.":Per route - • . 9 [1C r vent on the o!r| market 
ri'to t- ,L ‘ ?":*■. rcl.iied formula. 

C>inc;doni. li: :: wm< Living- Liberals set for new part. 
jiV-ro who had A!hr;:hrs first Page 4 

c, intact w:th Newfoundland. — — — — 

f *!tiugh at toe lime h-.- «»:■* only 

&&L"a 3S Continued from Page 1 

iiinch one day ho answered a 

'SK #, FnS«S American ti 

- Oh vcs."' rco’.ion Ln in*^tono. 

thinking he iho voice the first Ihrec months steel im- 

(/ ;• fnrrl. " and I'm the ports hit 0CW high levels as 
lieik-var 1^ Biroda. wh.,1 can 1 foreign suppliers sought to 


s :a tS I Newcastle s 20 68 
S IS GSjNi?w York H 24 73 
S 19 I Oslo S 21 Ttl 

_ C 15 39) Parts F IS fit 

Eudap«r K U 88 Perth n 2D 6S 

B. A Ires S 12 MiPracue F 17 63 

S 38 1W RcrfctlTfk C S 46 
S 17 83 RiodeJ’o 5 29 81 

S 27 SI Rome R 19 K 

c 17 83 Singapore S Q eg 

S IS 64 Stockholm S ^ 73 

C id 01 Ismshm, C IS 64 

C IS M|Sydiwy S 3D 96 


have Uft IIILK unch.in-cd at . priorities for Pertarainas inter- said that a review was under domu^' I id nlamr 

0 per vtftijt on iho o,.i market- j national borrowing would he way to obtain a full picture of fidinburrt c is fnlsydrwy 

reu.|M tnrmuia. investments that brought foreign the assets and liabilities of the Prank/un F « « Tehran 

Liberals set for new pact. | exchange receipts and projects company and its cash flow c2S£c c 17 S tK* 

n ^ e 4 1 such as refineries, where tbe position. HeistnM s 21 » Tommc 


Glasirow 

BelstnM 

H. Kotik 

Jo'hurg 

Lisbon 

London 


S 17 63 1 Tet Aviv 
C 17 0|Tohyt 
S 21 73 [ To nun 0 
26 7S, Vienna 
S 25 92 Warsaw 
S 20 69 Zuricb 
C 17 


S 29 84 
S 28 79 
C 24 73 

s a 17 

s 18 81 

c W SI 
S 17 63 


At current levels, U.S. shocks arc selling at 
roughly half the 20 year average price/earnings 
rat to and yielding over 50 “ 0 

2. Geographical / 

diversification / ff&SBm . 

Thischart shows the / USA \ 

size of the five la r«st coo- ' ' 1 

Slock markets as a. I JO 
percentage of the unal \ 
tree world’s stock markets. \ 

Note the U.S. domination. y r 

Avoiding the dollar premium 

Recent press comments have draw n attention 
to the problems of the dollar premium. The 
Trident American Growth Fund makes heavy use 


of back-to-back Joan facilities, largely to avoid 
the problems of the dollar premium. He wever, 
Schlesingers are. constantly monitoring the 
fluctuations of the dollar premium and will 
channel a greater proportion via the premi um 
when i t is at low Jevels. 

Schlesingers 5 recommendation 

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

Investors who have not already achieved this 
level should therefore act now to build up their 
investment in the U.S. market to 3 5-25 ° 0 of their 
total portfolio. 

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

The estimated gross yield on tbe current offer 
price of 30.0p is 1 .76 0 D . 

PIMS-Aunique Service 

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

. Rei ]pember that the price of units, and the 
income from them, may go down as well as up. 


General Information 

,b * r**'*' W " iw a™* un Ire »ill he all.«ucd at :ba 


^m^*™**.-**," ^.br' 


7k ?" T? 1, * 1mp,y ,clurn cmUicaie apivruprutlrtr 

lh " ‘ ^ w ni-rmally madeurhhln 7 dan of our 
recci. fare The rui^unced ccnlrtcaic. ComnWail ot li" , irill fcenld I* 

°” B “ : A- intualv-ha^cor^ 5 -.VuiSS'K 

rfSh.S'SZw 1 r le of • Vi % ■ nTi 01 «“ ra,u ° 

nm,. o ^ , " L ' omc ajmlnatraU*# 

pSSSST 


To: Seblesinger Trust Managers LuL. 
140 South Street, Dorking; Surrey. 


American trade deficit rises again 


HOLIDAY RESORTS 


cn for you. „ ... 

Pcspite’ ^ r ‘ ,ir o: ,n '“ 

ij nu’uilwr Aibnvhi Board, in- 
. iudi^c :iw chairni:*n sinn* 1UTJ 
n Sidney F.ilis. Tinm-.-i- 1u< 
•"■kcr little pari in the running 
f.f Albright. "They have been 
good directors ond _ never 

.iiiempted 5" manage. 
Livirgrtone, “the oesL combmu- 

. iron-" 


Ihe first three months steel im- 
ports hit new high levels, as 
foreign supplier-, sought to 
heal the imposition of the re- 
ference price v*Mcn covering 
foreign steel which took effect 
in February. 

British Steel has rccehtly 
complulned that its steel sales 
to the U.S- are being curtailed 
severely by U.S. restrictive 
action, but the trade figures at 
least do not seem to reflect 
this. 


This may be partly because 
of lags In collecting customs 
data and partly because sales 
or steel products not covered 
by the reference price system 
have increased. 

Overall In April, imports 
rose by 5.8 per cenL compared 
with March to about si-L5bn. 
Over the first four months, im- 
ports have been running at an 
annual rate 12 per cenL up on 
ihe same 1977 period. 

There was a tetter than aver- 


age improvement in exports in 
April, which went up by 6.6 
per cenL. compared with the 
previous month to SI 1.6 bn. 

This may give the Adminis- 
tration some hope that the 
notoriously sluggish export 

side is beginning to turn 
around. 

Nonetheless, the 5 per cent, 
gain in exports against 1977 
achieved so far this year com- 
pares unfavourably with a 12 
per cent advance in imports. 


Y’day 
. mid-day 
•C °F 

tl 18 61 Istanbul 
C 19 86 Jersey 


Velay 
mid-day 
•C *F 
F 31 70 

c u a 


I wish fo invest 

(minimum £500) 


in the Trident American Growth Fund at theurice 
ruling on receipt of my cheque. v 


I declare Out l mn not resident outside die 5rtu-rinM 

atauli^il*BBte!ufSnonuaBO 

lh ? T J a ’ rn °rK a - (If you are 


C 13 m ] Las Pirns. C 2D 


Blackpool S i« SI I Locarno 
| Bord-.-aus C tfi 611 Liimr 
Boulou'.- c it 57. Majorca 
CuaUn-i. S Id nJlMalacv 
Cape Ton a C la 58.'MaUj 
Corfu S Si 75' Nairobi 
Dubrovnik K SO ns! Naples 
Faro S 20 68 .Nice 
Ftor-.-nce K 24 73 Onorto 
Fnnrtial C 17 62 Rhodes 
Othrabar S is ih SaUbum 
Cuernvy K 33 X, Tenenfn 
IniuJirui.* C lfi ot Tunis 
iBwncw K 19 m Valencia 
laic of Man C 13 aSlVenm.- 


P 11 70 
S 4i 105 
t' 20 # 
S 20 69 
S '.‘I 73 
C 17 63 
F 22 72 
C » « 
C 19 N 
S M IS 
V 13 rA 
S 15 SO 
S 21 70 
C 19 M 


I would like further information, including 
details of Share F.iri«iy 


-IBLOOC UTItBS PLEAS) 
On full) 


Acteq«« enclosed in remiuancc, made payable to 



lairoJManc 13 aSiVeain.- S 21 70 1 
S— Sunny. F — Fair. O — Clauds. R— Rato. I 
A— Hazy. I 


’ ■ O The Ftnaaclal Tjmea Lid., ISTS 
















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