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-:>* ••tf. 




No. 27,706 


Saturday November 4 1978 



<§» 

ia 75 



Wall Street 
U.K. Eauilies 
UK. Gills 

i <ir our !atot i iow s and PJMS 
nrpons write to R.K.Timbcrlukc. 
1‘.* Hanover Square. 

London \\ I A I DU. 



5P W? y^^^'?5 t - U _ t,>g ***** : AtOTMA ** I*. -BaGIUM Fr 25; DENMARK Kr 3.5; FRANCE Fr 3-0: GERMANY DM 1.0s ITALY L SOD: NETHERLANDS H 2.0; NORWAT Kr 3.5; PORTUGAL Ek 20: SPAIN Pa 40: SWEDEN K r J.2S: SWITZERLAND Fr 2.0; EIRE 15p 



NEWS SI MMARY 


GENERAL 




BUSINESS 



Foreign Goidand 

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BY PHILIP BASSETT and ARTHUR SMITH 


• EQUITIES wore not. dis- 
couraged by the motor Industry 
aBrest . and • the . Industrial 
Ordinary Bliare lhdex ended 
unaltered at 472.4. 

VTt .* . ' 

• GILTS shrugged off rises ia 
■ banks’, base rates but strike-; 
pushed . back mediums ; and 
longs fo earlier levels while 


490r 


485b 


480 


475 


470 


F.T. Industrial 
Ordinary Index 


.HMUflBttliaiS 

(§$MVSGLB&E 


A civil servant at the Foreign 
and C0B3M.00 wealth Office Is 
being . questioned by police 
following ^CKe dfcappearance of 
£350,090 from Foreign Office 
fundS' 

Tbe man was taken lo Vine 
Street police- station. - West Lon- 
don. on -Thursday, .night. He lives 
ai Marlow :in Buckingham shir e- 
' The arrest follows: ah. investi- 
gation by : The PajiTflaster Cenr ' 

. oral's jdeporim^/and-thef.'jrre- / 
g ula rifj c s.3 re. u nderstood to have 
happened "in the FO's . main ash 
accohnting section': ‘ 

Most of the money is believed 
lo have gone since J amtary. 

Police' said a charge was ex- 
pected today. . . 

Lonrho not to 
face charges 

The Director of. Pubpc Proseco-;. 
lions says there is no justuGciition. 
for criminal proceedings agarnst-.' 

Lonrho over the- contents of a 
Departroent of Trado report and shorts,., held fractional 
allegations of santtiohs-buitiog. Government Securities 
Back Page r '--' ' • V/ : lost' 0.98 to 


465 

L_ 



30 31 


rises. 

Index 



Uranium deal ./ 

- The Australian, Government: and 
Aborigines ; in. . the" Norpiem- 
" Territory signe 5 an - agreement 
which will allow the exploitation 
of enormms uranianr deposits: 
Work on-.nhutlding'4he -^RangeE 
mining township will start imme^ 

. diately. r" 'V -.-■ •. .. 

S. Africa prbbe \ 

South African Premier Pieter' 
Botha ohlered the recall of 
Parlianient ’and aa’fmiuiry -?ol- 
Jowing .allegations' that .piibhe 
fp»d«s bad boon jiwfttdf.iffiiance 'a . 
iuposeaiy- ' Tndep«%ilcntk'rnew^. 
paper, Tbe-ntbnfcs is sitidto have ■ 
been'; puli’ through v -Swiss hank, 
uccount jrt'iohlraveiition /oT'etfe* 
:c ha n geTrontrblrwgulaiieos.-TSack; 
Features . Page 15 - 

Test walk-out 

-India ceBceded the third anprday; 
cricket Test against Pakistan in 
Sahiwal when - , Indian ' ciptaln 
Bishen Bedi '.called his batsmen 
.off the field, in protest at per- 
sistent short-pitched bowling. 
India needed 23 ions to. win 'off* 
two overs.; : . T . ; ?£' ■" 

< Rogues > Bill • 

The Government published a Bill, 
promised ln^Ttie Queetfs Speech, 
which - will allow ,lhe . director- 
.generiL jf /faii 1 . :trading to bam 
“ rogue " estate agents. Page:?' 


• WALL STREET dbsed 6.15 
LbigbcraL&M.ll..: 1 - 

• i fell.. S6 at $215i an 
ounce. • Coiucx finished at 
S214.00 i&zom. 

• STKtfct^Mi- TeH 1.571 cents 
.to dose-- it JSLSSSO. Its trade- 
weighted tita^x rose to 62.9 

•(62.5):- ' ..... 

• DOLLAR rose to SwFr LG20i* 
(SwPr 1OT05) and DM 1J5905 
(0M- 1.8/101. 11s depreciation 
narrowed. 16. 9.9 per Ccuf tlo tK 

ATRYNTWC;' 7 ' .EaNTERPIUSL- 
Boafd made-J profits before tax of 
ri.4mdin',ibe ftisi-half of .die year, 
-p*ge^4 v -.‘-T. J . 

• ULViVS itrike-hound Khii/e- 
.stan oilfield yesterday produced 

■ ’liirroli: ollnu/itiO' thf* 


FORD MANUAL workers over- 
whelmingly rejected the com- 
pany’s “ final " pay aod benefits 
offer of i7 per cen i a t a series 
of ntass meetings yesterday and 
decided to continue their six- 
week-nk! strike. 

Ai BL Cars, production was 
disrupted last night when 3.500 
workers at Drews Lane, Birm- 
ingham. Marled the first strike at 
tbc_ company in protest HS“*m'T 
its n per cent pay offer. 

Mure titan three quarters of 


Bread strike 

A r.trikc called by the bakers’ 
union over pay is expected to 
slop 70 per cent of bread 
supplies in England aud Wales 
by Tuesdav or Wednesday. 

1.1 ni nn iiDieiaU are lo recom- 
mend Scottish lorry drivers lo 
rejeei a pay offer. Page -1 


Ford's imurly-paid workers, 
spearheaded bv men at the com- 
pany’s two larges! plants. Dagen- 
ham and Halewood, supported 
their union negotiators' recom- 
mendation in rejecting the offer. 

Tho Government some Lime 
ago lost hope of keeping Ford's 
.seulemeni within its pay guide- 
lines. The BL workers' decision 
tn strike and the spate of pay 
battles throughout Britain 
further demon st rale the vulner- 
ability of the 5 per cent limit. 

FnrdV offer consists of a 
weighted average increase of 
5.75 per cent on basic wages, the 
5.15 per cent attendance bonus 
and a new holiday pay system 


vuirih 1.9 per cent. I! inmides 
improved pensions and holidays. 

Mr. Ron Todd, chief union 
negotiator, said lhal the trade 
union negouaimg side would 
meet on Mondav to anal\»e the 
results of the meetings. Although 
Uie company had said the 
rejected offer was ’■final." it 
would have to resume negotia- 
tions and respond realistically in 
the unions’ claim for an increase 
in the ba>c rale offer. 

The chief cause or doa-nim-m 
al veslerday's meetings at the 1'U 
Ford plants was the “penally 
clauses" attached in an ai ten- 
dance bonus of alighily more 
Ilian 5.J per eni. 

The utluv.ancc was compared 
Co the so-calleii penalty clauses 
Ilia l the company tried to inlro- 
rltit-c in 19H9 and that led in a 
31-week siribe. 

The u\ era (I si/e nf ihe offer 
was. aiirai.tjvc onniiuh l luma!], 
Im- wmkers al five factories to 
iU-lOpl 

The split was diaii; jiicallv 
illustrated at the meeting al 
Dageuhani. the company's 
largest plant. Union officials 
there said I hat the vole l>.v about 
1S.000 workers was 4-1 lu reject 
ihe offer, and said it cave “total 
support " lo the negotiators. Out- 
side observers, however, esti- 
mated the vole as more like 2-1. 

Mr. Todd, addressing the 
Dagenham meeting, explained 
the steps of the ncgulialions 
and emphasised the company's 
profitability and ability to meet 
the union elaim. which was for 
120-a-week increases, a shorter 
working week and other 
improvements. 


FORD 

PLANT RESULTS OF MAS5 MEETINGS 


Plant 

Work 

Numbers 

employed 

Decision 

Dagenham 

Assembly 

24,700 

.Reject 

(5 plants) 
Halewood — body 
& assembly 

Assembly & body 
manufacture 

7JQ0 

Reject 

Southampton 

Transit vans 

4,100 

Reject 

Basildon 

Tractors 

3,100 

Rejea 

Halewood — 

T ransmission 

2J00 

Reject 

transmission 

Swansea 

Transmission 

2,200 

Voting 




Langley 
Enfield 
Leamington 
Dave n try 

Belfast 

Dunton 

Basildon 

Woolwich 

Avciey 

Croydon 

Treforest 


& rear axles tomorrow < 

Trucks 2.200 Reject 

Components 1,600 Accept 

Foundry 1,200 Accept j 

Sparc pares 1.195 Reject 

Carburettors 1,150 Reject j 

Research 1.112 Accept j 

Radiarors 800 Reject 

Machine engineering 540 Reject 

Service engineering 390 Accept 

Sub-zsscmbiy metal stamping 320 Reject 

Arc plug ceramics 290 Accept 


He said that the trade union 
side was nol prepared in urcepr 
any attendance bun us based on 
penalty clause*. Some* workers 
shuuled: “We will o*;er have 
i! ! " 

At H a lewood . M o rse> side. 7.500 
body and assembly ph,nt workers 
voted overwhelmingly for rejec- 
tion. Shop steward* estimated 
that only abcul 50 people voted 
to accept. 

Earlier, about 1.000 out of 
2.500 employed at j la lew nod's 
tianaiuission plan! also rejected 
the offer. 

At least fi.nntl workers at the 


Saarlouis plani in German;, are 
to he Jaid off on .Monday because 
nf ihe dispute. Ford said last 
night. 

When In c BL employees, who 
produce steering and suspension 
equipment, walked out. assembly 
of rhe Maxi at Cowley was 
quickly hailed and 500 workers 
iaid off. Production of the 
Princess wil lsiop an Monday 
and more Cowley workers will 
be made idle. 

At Longbridcte. Birmingham, 
however. 20.000 production 

Continued on Bark Page 


Middle East 
most 





intere 
rates r 


BY STEWART FLEMING 

COMMERCIAL BANK prime 
rates, rose again today — l his 
time to 107 per cent as a result 
of the U.S. ttovern niunt moves 
to support the dollar by lighten- 
ing domestic credit conditions. 

This morning Citibank, the 
second largest U.S. bank raised 
its prime- rule hair a percentage 
point, leapfrogging Lhr- 10?. per 
certt level set mid-week by Chase 
Manhattan Bank. 

Ollier hanks, including Marine 
Midland Bank, followed suit. 

Citibank's slalc-ment was in- 
teresting in that ii confirmed 
lhal receni upheavals in the 
money markets have forced ihe 
bank io reassess ihe ihe formula 
on which it bases il» prime rate. 

The present formula dues 
no» apparently fuih roiled 
increased cost of money due 
to this week's increase in 
reserve requirements, ami the 
bank is therefore thinking nf 
broadening it to lake into ac- 
count other variables. 

Michael Blanden write*: 

The increased cost of over- 
drafts in the UK was confirmed 
yesterday as the vest nf the big 
hanks fell inro line with Barclays 
and raised their base rates for 
lending by 7} percent to HA per 
cent. 

At the same time, all ihe banks 
increased iheir deposit rales by 2 
per eent. retaining Ihe presen I 
differentials. The limve left Bar- 
clays and Midland offering 9 per 
cenl. and Lloyds and National 
Westminster on 8= per vent. 

The rises reHucied ihe sharp 
increase in the general level nf 
short-term interest rare* in ihe 
London markets. indue need 
partly by the upward trend in 
the U.S. 

This was again reflected in yes. 



NEW YORK. Nnv. 3. 



lumsamm -j \ m j j » s 0 1 

1977 1978 


it*rd:-y'> weekly lender for 
Tie-.-u: tol!v The average rale 
mi i he tolls jumped lo a level 
which would have produced an 
oilichJ minimum lending rate iff 
11! por vent mi the old mark ci- 
vet a ted f'in.iuta. abandoned in 
May. The Bank of England, on 
Thursday, held MLR unchanged 
ai lu per cent. 

rhe higher level nf rates ]s 
bnnuing -.rowing pressure on 
th»- biiiidius sneioi'es to consider 
an increase in [heir deposit and 
murlgage rales. 

As woli as raising its o\er- 
deafi rate. National M'eslminster 
biynk an mm need an increase in 
the rate charged for ils fixed- 
roi.* per-onal loans. 

Inis i* going up for new loans 
by per cent lo a Hale rate nf 
9 per cent, equivalent to an 
inc'o:ivo m the true interest, rale 
of J per cent tn 17.71 per cent. 

Editorisii Comment. Page X-i 
Lex. Back Page 


Small gains 



Abadan refinery .to ftmetinn. 
.according, to the . National 
Iranian Oil Company., "Page 2 

#- C3ENTRAJL ELECTRICITY 
Generating Board has announced 
orders 'worth ‘£300m for works at 
Dm.- B power station in York- 
shire.; Back Page. 

•'FISHERIES and Agriculture 
Minister .Jpbn Silkin has con- 
firmed that the UK' has made no 
concessions on its demand tor a 
new EECjKsheries regime. Page 4 

•.ILS.' MONEY SUPPLY: Ml 
fell . firohi S364^bn to S35Silbn. 
..... , M2 fell from 8869-3bn to 

Rail ;• disruption •. $s& 5 . 7 bn. 

French railway '• workers began. • UNITED STATES Budget 
a week-long series- of strikes to Office has said it will from time 
protest -at ’.what -their unions valt- lo.. tune- publish, a List of com- 
a general deterioration-: otTiriss panies .tjiat fail to comply with 

f'JS and working ebndl&oi^ ^P^ ; 2' wage -guidelines.- 

tfif i " • V J-’ • v r • U.S; AGRICULTURE Uepart- 

*£*±9 Prison merit e&liraates a record world 

Kfi2?r:te SS22*.:&L2> .w*. SM. ? 




lo drivel 
Transport 1 - Secretary -William 
Rodgers announced a £lm /pub- 
^ licity caiupiiigp to deter; people 
^^■7 j*'i^iw fc ‘from drinking and driving.. 


Page i 21 

LABOUR' 

• SCDTTISJI lorry drivers will 
be urged at week-end mass 
meetings to reject pay rises wtih- 
‘iit the Govemujent guidelines. 



COMPANIES 

• StOTHERT AND PITT is pro 

posing a rights' issue of Il.Ottm. 
Page If. 


■ 'iuCl'iise^Newsweek as a programme 

|5 v 

,J “ * -1 1't'iiRev.. Drl Alfred Merri weather 

4o/'j /'v L^' r wfJ! he.n^xt year's Moderator of 
the United Free. Church of Scol- 

* r; land general assembly. «s. AND TV. BER1SFORD is 

iilL.- ( At least 50.000 people in west . taking over Turner Curzon for 

ijjjfZaire are threatened by famine fl.Tin.. Page IB 

fill vn 16 * ^ ' . ..= • GREAT UNIVERSAL STORES 

. S.1*- i « ADealb toll, from the .gas pipeline gates and earnings rose in- tbe 

‘llll' blasi iQ .._ Mcxi «?° TOse . t0 ^ . • _first five months of the year. Sir 
1 Winner ' of the November Isaac Wolf son, the chairman re- 

£108,000 Premium Bond prize ported. Pre-tax profits in tt® Iasi 
Uses in Glamorgan. No. 9PW financial year, were £l.-4bn 
, ,724077. .(£l-09bn). Page 16 and Lex 

. » ■ i — i— : ' ;■■■ " 

L-“ 


!?• 


r'i ' i 


ir l ' 
:iii- 

cted 


i-,-u 


l!'-i 


CHIEF PRICE CHANGES YESTERDAY 


(Prices m- pence unless otherwise Muirhead 

• . Petrocon 

Rush and 


indieflted ) 
RISES 


S 

4 

10 


to- 


"p,, <1 ; \ -FALLS- 

' \\ I'Etectrocpinponeis , .—Mi ~ 5 

’ *1 i 1 Gt7 Portland Elates 202 — 6 

)VX^ 


City Hotels ’...'..’..115 + 6 

Midland .-Bank 34 j + 5 

Randalls- t. .. JlOBj + -U 

St&thert and -Pitt 235 + 5 

Oil Exploration 200 -+ 4 

E?- ; .lndPslriesT . 256. + ll 
Peko-Wollsend 47S +.i0 
‘ FALLS 


/\t; 1 ' Gti Portland Estates 202 - 6 
;/»* 


ISO - 

42 - 

Tompkins i«2 - 

tf<H) Group !”« _ >?- 

Travis and Arnold ... 1«G - b 

Litd. -City Merchants- 31.- •» 

United Scientific SfiS - U 

Weinys* Inv 27.i [■> 

Ayer Hitam 356 {•] 

Cons. Murchison ISj - 


De Beers Defd. 
Harmony. ... 
fmpala Plat. 
Ubanon 
Middie Wits. 


342 - 0 
23k - 1 T 
ISO “ » 
443 - 23 
143 - 15 


' Vy'OAVID LENNON 

ISRAEL AND EGYPT have all 
but. agreed on the terms of a 
peace treaty ending 30 years rf 
war between the two countries. 
Only marginal issues still await 
suitable drafting to make them 
acceptable to both sides. 

Mr. Ezer ' Wciinum. Israel's 
Defence .Minister, arrived home 
today to seek Otbinet approval 
for the terms reached in Washing- 
ton between the negotiating teams 
of the -two countries. 

He .will also seek guidance on 
some, minor issues. But most -»-f 
the points or the agreement have 
been approved already by Mr. 
Mehghem Begin, the Prime Minis- 
ter, when he met the negotiating 
team m New Y'ork yesterday. 

4 ‘1 think we are going towards 
a conclusion which T hope the 
Government will approve,” Mr. 
Weizman said today on his return. 
He.- expressed the hope that 
Sunday’s Cabinet meeting would 
be the last before the initialling 
of a peace treaty, “though 
whether this is the case will only 


be known after Sunday's meet- 
ing, “ he said. 

Mr. Mordct-hai Zippori. Israeli 
Deputy Defence Minister, said 
this evening that most military 
issues had been concluded in the 
Washington peace talks, and the 
treaty fulfilled Israel's security 
needs. 

Egypt will be allowed lo have 
only one division East of the 
Suez Canal in tbe area within 
50 kilometres from the. water- 
way, and all of Lhe Sinai Penin- 
sula will be de-mililarised and 
have no fortifications. 

Mr. Weizman said on his 
arrival that no agreement had 
been reached yet on the question 
of the American aid which Israel 
i.* seeking lo cover the costs of 
dismantling its fortifications in 
the Sinai and rebuilding them 
in the Negev. 

Treasury officials here privately 
expressed reservations about Mr. 
Begins request for a massive 
long-term, low-interest Inan from 
Washington 10 meet this 


expenditure. 

• David Buchan reports from 
Washington: A document on the 
timing nf ihe crucial issue of 
Israel'.-: granting of self-govern- 
ment io Palestinians on the 
West Rank uf the .Iordan River 
will form part of the proposed 
peace treaty. Mr. Cyrus Vance, 
the U.S. Secretary of State, 
revealed today. * 

Mr. Vance told a Press con- 
ference ihat “almost all of the 
substantive issues” had now 
been resolved in the peace 
treaty negotiations in the wake of 
his meeting yesterday "with Mr. 
Be -'in. in New York. 

They key question of how the 
bilateral treaty between Israel 
and Egypt should be linked with 
progress towards a wider Middle 
East settlement covering the 
West Bank Palestinians, had 
been left unresolved by the 
Camp David framework agree- 
ments of September. 

President Anwar Sadat insisted 
on such a link to show he hud 


TEL A V IV, Nov. j 

not ignored pan-Arab interests 
in hif, quest for peace 

One of Egypt's t-jp negotiators. ; 
Mr. Boutros '.'Shall, the acting. 
Foreign Minister, returned to; 
Cairo with Ihe Egyptian , 
Ambassador lo the U.S. to hrief. 
then- Government on The state 
»r the negotiations. Mr. Ezer. 
Weizman. Israel's Defence ; 
Minister, is back in .lerusalem ; 
lo perform the same role there, j 


More scope for air fare cuts 


BY DAVID BUCHAN 

THE BRITISH nnd U.S. Govern- 
ments have agreed to give their 
airlines greater scope to set low 
fureii on Lhe busy transatlantic 
routes • between the two 
countries. 

The agreement, reached here 
ibis week by U.S. and UK officials 
during talks on the working of 
the 1977 Bermuda Air Service 
Accord between the two coun- 
trietS, marks a big shift from the 
previous agreement which gives 
cither, country a veto on a pro- 
posed fare. 

If also marks a considerable 
shift in the position , of the UK 
Government, which has feared 
that low; fares on American air- 
lines would damage profitability. 

Tbe new understanding, that 
both governments should avoid 
setting tariffs as much as possi- 
ble. was . ratified yesterday in 
an exchange of letters between 
Mr. John Steele, deputy Secre- 
tary for Aviation in the UK 
Department of Trade, and bis 
American counterpart Mr. James 


Atwood, deputy Assistant Secre- 
tary of Stale for Aviation. 

After a row this spring over 
a proposed low fare lo London 
by tbe U;S. airline Bran iff. 
which Britain fear«i would 
undercut a competing service by 
British Caledonian, both govern- 
ments agreed to adopt a “ hands 
off” policy on fares for- an 
experi-raenlai six-month period. 
This has shown, the exchange 
of letters says, that “ low fares 
have benefited both consumers 
and airlines and should be 
continued.” 

Low fares introduced this year 
are due to expire in March 1979. 
but the new UK-U.S. understand- 
ing? means that renewal bF' Ihe 
low fares for next summer’s 
peak season ' will pose no 
problem. 

■ Britain has also, acceded to 
U.S. calls ic liberalise the 
regime For scheduled and char- 
ter cargo operation* between the 
two countries: lhe existing 
system is due to run out next 
March. British and U.S. officials 


WASHINGTON, Nov. 3. 


will meei in London next monih. 

Mr. Atwood said today he 
hoped agreement could be 
reached. But the current 
restriction* un cargo will be 
lifted in -laces to allow ihe 
small Bnn-h inrtependeni cargo 
operators. :*nd British Airways 
and Briti'-'h Caledonian, to meet 
the challenge of their more 
formidable American competi- 
tors. 

In return, the U.S. has agreed 
to shelve for the time being its 
request thar more airlines be 
given designated scheduled 
mute? between the Iwo countries. 
Mr. Steele said it had been ”'an 
adventurous year” in trans- 

arlanric air travel. :tn d- ihat 

Eritain wan tori more time before 
adding to oxMing services. 

Mr. Atwood warned, however, 
ihat the U.S. would repent its 
remiest fur mure de'tonafed ser- 
vice's. npxi year. He believed 
that if load factors on present 
route* held up reasonably well 
through the winter., the U.S. 
would have :« strong case. 


CONTENTS OF TODAY’S ISSUE 


Overseas news 

Home news — general .... 

—labour 

Arts page 


.... It Leader page- 

..3.4 UK companies . 

.... 4 Mining 

.. 12 Inti, companies 


14 World markets 

26 & 17 Money and exchange* 

5 Commodity review 

21 UIv stock market 


5 & 20 

23 

21 

24 


A day in the life of the 
dollar : 14 


FEATURES 

political 


Souih Africa's 

scandal 


15 


U.S. mid-term 
Minnesota 


elections— 


19 


tfTV SI/V - 112 . 5 . **««»«.. ■— - v ,.„ n _ 

Magper It- ‘"Son thorns 122} “ ?| ' pj'', “un - 

Martonair ~ - 12 •' Rustenburg Plat b-> 


Apoelntmems 

17 

FT- Actuaries Indices 

20 

Share Information .. 

26-27 

OFFERS FOR SAL.E 


* fiw Rains 

M 

Gardening .. . . 

10 

SE Week's Dealings 

22-23 



Books 

U 

CqV 

9 

Taxation 

b 

Schksingpr 

28 

Bridge 

« 

How lo Spend It ... 

U 

Trartl 





1 

Insurance . . . . 

b 


12 



Collect hm 

u 

Letters 

14 



Carun ore „ .... a llti 



30 

Lex 

28 

Weather ... „ . . 

28 

Lloyds Bank UT ... 

5 

Bconqtttie Diary 

15 

Hen of ihe .Week . 

28 

Vow 5a*bi9s & Inv, 

7 

Barclays Unicorn ... 

17 

Einenaininciu Guide 

12 

Hotarhig 

0 

Building Soc- Rates 

23 

tfi aod C 


EurMPliom ’ 

. n 

Property 

8 

Lncal Authority Eds. 

23 



Flnanu A Family... 

b 

Racing 

.» 

UK Convertibles 

23 




For lotexf Share Index 'phone n 1-246 $t)2G 



£ in New 

Turk 


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\m 5 

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S''.vU>.Uk.V* 

l 

1 <.i. ' i i 

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|.|Vl4».*-|£ .Ii- 

12 nu.iii Ii 

• A 7 ‘>3 4 

V -.1.1 fi .11. 


By Peter Riddell, Economics 

Correspondent 

THE DOLLAR made ii.rtlu-r 
small gains yesterday in *iu 
trading conditions after a week 
rff almost unprecedented flu dila- 
tion dominated b.v the U.S. pack- 
age on Wednesday aimed at 
balling the fall in lhe current-;. 

Foreign exchange mark-l. 
remained hesitant and qualified 
in their response to the U.S. 
action. This was reflected m 
uneven trading yesterday: the 
improvement in lhe dollar tatted 
off inwards the close and some 
central bank support was re- 
ported. At one point, for 
example, the dollar touched 
DM 1.9010 before finishing a! 
DM t S905 against D.M 1.9710 pre- 
viously. 

By last night, ihe dollar hud 
risen by fl.S per cent against the 
D-mark from its low pr.int nn 



Tuesday. b> S.j per cent against 
(lie Swiss franc and by 5.7 per 
cent against slcriing. 

There have been parallel 
Aik uia lions in tin? price of gold 
— tip from *$234; to a peak of 
s245; and down to ■ftlis;. after a 
dei-hm- »ff $6 an ounce yesterday. 

The variations in the sterling 
exchange rale this week have 
generally been smaller than in 
the rales of stronger Continental 
Continued on Back Page 
Day in the life of the dollar. 

Page 14 


simply flew [ . . 

when he said 






With Perfume. Parfum dcToileite, fain de Toilette. 
Eaii if*' Cologne. Tali'. Sauin :nui !»■« Batli-linu* 
luvirios — Jr Ri-iii’ts ha» uiaii) way* uf making 
\ our life ->inlti>.-iily more rxritius. A uif Jl we, 

I rum hi“h I’Jiro- tlmv(. mJmnl clmnists 
mul tin- hirer bnntriirs nf Hums. 






PARIS 

Wunh Pcrfumn LlJ., 160 Thuunei Road, LonJon W* yRU. Tel: Oi-44-s 















OVERSEAS NEWS 



Schmidt makes progress in Iran oU 


attempt to establish EMS hTstrike 


Baghdad s umm it discusses fund] Forecast 

BY ROGER MATTHEWS BAGHDAD, Nov, 3- of record 


BAGHDAD, Nov, 3. 


DISCUSSIONS at the Arab The original sum of $9bn was stood that some of the M* 1 *' 
' summit meeting in Baghdad now suggested by Iraq, but it was: lice countries have Been urging 
appear to be concentrated on recognised that no amoont of an oil price increase as a way or 
the establishment of a multi- cash aid could tempt President fuelling the fund. 


grain crop 


BY JONATHAN CARR 


BONN, Nov. 3. 


CHANCELLOR Helmut Schmidt summit conference in Bremen in ture Policy, one key item raised 
has returned to Bonn from his July. Italy wants to ensure that by the British in connection 
visits to Italy and France with similar wording. is built into the with membership of the EMS, 
the belief that further obstacles accord on establishment of the was raised only briefly, 
have been cleared away on the EMS, expected to be reached at Stewart Dalby writes from Dub- 
path to establishment of a new the next Community summit bn lin: The Irish Finance Ministry 
European Monetary System December. has again strongly dented that 

(EMS i from the start of next Although the Bank of Italy has the Government has received an 
year. pressed for a fluctuation margin offer of a soft low-interest loan 


region 


billion dollar action fund to Sadat away from his chosen in his speech to the summit 

assist those countries directly course of signing, a. peace; treaty, last' night, Mr. Mahmoud Riad, fc-onwiww 

confronting Israel. with Israel. Instead, a smaller ^ Egyptian Secretary-General jgUfiipER 


By John Edwards, 
Commodities Editor 


TEHRAN, Nov. 3. 
OIL PRODUCTION from Iran’s 
strikebound Khozestiut fields 
was up U> 2J>m barn ’> today. 


^ confronting Israel. with Israel, instead, a smaller ^ Egyptian Secretary-General BUMPER HARVESTS ii 

Many of the 21 delegations but still substantial snm 4s likely of ^ A ^ b League. ; emphasised Westera -Europe, the Sowe 

By Andrew Whitley today held private meetings in to be provided annually for Syna, lte necessity of the meeting tak- unhM* and the IKS. shoal 

tfhrav Vnv 1 groups ot two or three before Jordan and the Palestine in& only decisions which could easure that grain supplie 

OIL PRODUCTION from Iran’s resuming another formal session LiteraUon Ot^anUation. ; . be implemented effectively. reach a record level thi 

SS^SSlSSSS SSi delegations have othlr^Gu^MSSg^ "TheArab nation does nor lack .season acwrdiu* ? ni alW 

was UP to Urn bare. > today, dSSPStt ttare find this a moreaceeptable^fSS the material and human tobaata »*** 

according to a spokesman for __ nn<u be ac , r ppment on a intm of action as it involves financial resources, and it has the abultj of Agrtcuuiure. . 

n ‘iorou pIan of acti ° n a « alQSt President rather than political decisions, to plan and implement.'' he said. w SdlSt 

th ^ Anwar Sadat of Egypt for his Kuwait ts reported to have He recalled that only two coup- ■» I or 5£“S.!2L„ e JZ2\ , J*?? 


During talks in Siena, the for the lira Of 8 per cent— Sig. of over £650m from West Ger- Pany, confirming the encourag- A nw a r Sadat of Egypt for his Kuwait is reported to have He recalled that only two coup- l #r 5SS l 2EI lw hJK 

talian Prime Minister Sig. Andreotti is understood to have many in return for agreeing to “®ted yesterday. unilateral peace overtures to offered S1.5bn at the Foreign tries Egypt and Syria, planned crop iraciuujn 0 pcej in tn 

liulio Andreotti is understood made clear he believed a margin join the European Monetary The spokesman said _ ihat it ig rael at ] east unt jj after a Ministers’ meeting. . the October, 1973. war. '"The 


to have been more positive about of 4.5 per cent would still be System. . — -- - . i peace treaty is signed, e irons wiwnn. » mu* pi u,e uuuiuil omer «rao cvuuum u>» — — ,* ■ , ■ - i«., ~- 

hi s country's intention to b e in acceptable. This u ezaefly double A spokesman for the Ministry ro^3S^0B0 ta are beins directed towards the as this week’s preparatory meet- ever they could to render mill- an d 6 ^m “Snues more th^S 

the system from the start than the margin which members of the said that ^ Government knew 48^? KwJii another less-contentious issues which can iog of Foreign Ministers: proved, tary and economic support. The jJJLg™ ISS* to lffW. 77 ^ 
nnblif hav» far d resent European currency \ a , u ,."1 barrels, as anotner .j,. h __ a pt-m rm th* nw.nut ma«i,nj also used, and previous peaa in lsicwi. 


was a len hniwH in increase *vaai uuiu mcr a 

J£J ihX Peace treaty is signed, efforts 


ilnisters* meeting. . the October, 1973. war. The 

However, it may prove difficult, other Arab countries did what- 


1978-79 season ending Jiuh 
1979, to a record 1,398m tonne 


SmpMed. J,,a,cmen,s bave s ° far 2 KE- SEBP 1 umSSSSZ USiSS "H >• 

*x**i*srz one th „f* .£ arsus is vkk fr 

/nundin.. six member of the within tbe new EMS. from “e EEC ove? Md W®* 0 bjrrrfs , 

sk ,iar?i& ssz vszszsftes&ssi ssryusna jssms 

s&'&'tz'csxss.* , «/■ . >*- sSi - 

economic performance to have prospective members for decision, leader of the main Opposition “ C S‘ i ,8 ;. nmoc!l 
1 heir currencies fluctuate within Herr Schmidt also pledged pa "- v - £ tne <,a(?! -. and a cn «>- J® 1 W iSr e S2f»-nS 

somewhat wider hand* within Ihc Italy support for the idea 0 f ™ ,tted European has questioned ttewjore . * PP«£ 

system than those of member subsidising the interest rates on the sums asked for. saying they .j e | rart ;_ i , “ 

countries with *1 ranger econo- loans provided by the European will not be enough and that Ire- TesuTt Sr the Strike" 

mies. Investment Bank (ElBi for par- ,an 2 wM1 r nei ‘l at l « st ib5 «'« “...Mi.f JSSf- oI m tl, . < 

This kind of initial “two tier" ti.-ularly needy areas of the each year for the next few years. n 

system was expressly provided Community — /or example the Paee 14' X dav in ml tomQrroi whln ^ ihe 

for the document op the EMS Mezzogiorno. But the problem of ragc A rta> ’ n s.rik due 1? rrturn To 

agreed upon ;it Hie Community a reform of the Common Agricui- the life of the dollar worker CM^Ifcnis^i^Fouid 


still be presented as detnonstra- to agree on the size and method oil weapon was also used, ^and 
tions of Arab unity. - of financing the fund. It is under- thus victory was achieved. 


Ugandans ‘blow up bridge’ 


trie* with a currentlv weaker matter will now come before all ^ r - Garrett Fitzgerald, the such as -petrol and gas-oil Tor * ««“«««' “ by China, and by other ram 

omic performance "to have prospective members for decision, leader of the main Opposnton ncaiing. . UGANDAN FROGMEN and was a ferry crossing tat the same back and to wear weights on his tries taking advantage of fti 

■ currencies fluctuate within Herr Schmidt also pledged P«p. Gael and a com- *;® r poiwica na- civii^n mining engineers blew poinL * legs. Muhammad Ali should be decUne in the dollar -to butt 

•What Wider hands within ihc Italy support for the idea 0 f !™ tled EumpMii. has questioned sons Niw. taererore apmarb up the Tafea Bridge over the President I di Amin suggested the referee, he suggested. up their grain stocks,' as t# 

:m than those of member subsidising the interest rales on the sums asked for. raying they “jaKmg all 10 Kagera River, Western Tanzania, today that he and Tanzanian AP adds From Dar-es-Saloam: as farmers in the U.S. hoidln 

tries with (drawer econo- loans provided by the European will no .be .nough and that i re . today. President Julius Nyrerere -Eld thmSa^f ofTaiS^s ^ s“ pp ^. off the market 

Investment Bank fElBi for par- ,an J ne,? { Jt l * a r st fb50,n sutr u ml in 1 a l n ir^-' Uganda has seized 710 square settle their differences in the today tonodergo daily assistance of Governt*** 

is kind of initial “two tier" ti.-ularly needy areas of the cath - vtwr for the next few years. { P pi i/m * v n mfm f ' n! V / ii 1 u ih^ iniles of Tanzania and has boxing ring — without endanger- trainin'* here as the schemes to finance .private aa 

m was expressly provided Community— /or example the Page 14- A dav in mi tomorrow wl vn a ihV announced that the frontier with ing the lives of ;any more Government prepares for mass public storage - 

the document no the EMS Mezzogiorno. But the problem of rage 14. A «ia> m tomorrowj ,w a « Tanzania now runs along the soldiers. - ■ ’ SSIiJESi?, £ P the The Agriculture Departiuer 


BY OUR OWN CORRESPONDENT 


NAIROBI, Nov. 3. 


Although consumption is ajs 
expected to rise by 40m tonne 
to I^89m tonnes, by next Jon 
world slocks are projected 'f 
have risen by 29m tonnes: i 
213m — the highest level for 1 
years. . ■ :-•& 

However, prices are expects 
to be beld op by heavy bnyip 


Page 14: A day in 


Jobless rate fall helps Carter 


BY JUREK MARTIN 


WASHINGTON. Nov. 3. 


THE U.S. unemployment rate view of the economy's rather dollar support measures, a rise 1 
dropped by 0.2 per cent to 5.S modest growth in recent months, m unenipl».\menl is widely i 


per cent last month, close to its With even slower expansion now vipu . pH h „_ ' . 
lowest level in four years. clearly in store in the wake nf “ , ^ meviwote. 

The decline was surprising in ihc latest anti-inflationary ^nd Never l holes?, today's figu 


strikeni are due to return to 
work or face dismissal, could 
be a decisive day. 

Sources In Alma/., the head- 
quarters uf the oilfield-*, cast 
doubt on the client uf ihc pro- 
duction recovery far. claim- 
ing (bat yesterday’s output was 
only i.7m barrels, compared 
| with (be 2m plus I liat the inan- 
[ agement were privately saying 
; would be achieved. 

Neterlhclcss, some loadings 


announced that Peking ha 
bongbi an adifftional:' S00,W 


Tanzania now runs along the soldiers. t •; .. mobilisation to counter the The Agriculture Departiuer 

river. Where Ugandan troops are President Amin, i tenner Evasion counter ine announced that Pelting & 

well dug in. heavyweight boxing champion of The men. who have all had bo “ebi an ari^tionai: 800.ee 

The bridge was built only a Uganda, said he was prepared to nrovimts military trainins were bonnes of maize (corn), 13 
ifew years ago. Previously, there have one hand tied behind hi s Entered* a? this^moming's’ meet- second grain purchase Jtfc 

ing at Italia Stadium,, in Dar-es- JSF&'nSSS&i 

|| j 1 MoildT’ afierriSn trainm8 ffT)m toBnes ot ™l*e . and 33i 

^/SiirrrkmiiTn An 1 1 rl J n tt Monday afternoon. «r uihoat — xnri 


Muzorewa on poll delay 


BY TONY HAWKINS 


SALISBURY, Nov. 3.. 


ing at flalla Stadium, Jn Dar-es- jgff - t0 S 

s*;"- tra ' r ' ins ,mm 

“hVmS “m cm after “"Ttion 
Nyrerere', speech yesterday ^ 

when he said the Government 
would repel the invaders. 


:*i ts-'t’h v 
*» * v 


Garter, administration. The I ujnh,r » comuarcci wun 

Citibank partial victory 


NEW YORK. Nov. 3. 


Viewed here as inevitable. fur naori tari ric- rii -olne i BISHOP ABEL MUZOREWA. people had died in the guetTilla western aipiomauc sources 

N'everi In? less, tuday's figures,; aiiead again ^althtiu-it prolt leader of the United African war in Rhodesia, bringing the reported today that Tanzania 

can only encourage the Jimmy ably at 8 no more thin one N»Uo»al Council, said on his total for the first taro ?d4s of ^ be 7° ft V?| nk / f n rom U ;ffS 

Curler admini«iraii<m The I tanker a dav. comnared with return to Salisbury today that November to iS. 3Vo members number of tanks from the north* 
tj . , . . c i *i,v Svc or sis tUu'i could he there was no reason for delay- of the security forces were eastern Arusha and Tanga areas 

President hi nisei Ti* currently on ; ..vn^ted at a neriod of peak ,n 3 the handover to black rule among those killed. neaf the Kenyan border, to the 

a campaign swing through six j demand like this on December 31. Michael Holman ■' adds from western Lake Victoria district, 

states in support of Democratic! Mammoth, peaceful marches The nationalist leader was Lusaka: It now appears ^ciear that where the latest fighting has 


Nicaragua 

protects 


h -iippi ■ 


V/ 1 LA w Uiuriux T taXeft.vrta j ° s/ons mraugn six* demand like this on ueeemoer ai. anenaei HOiman adds from wwieni viuiufm uisuia, 

A v states in support of Democratic | Mammoth, peaceful marches The nationalist leader was Lusaka: It now appears dear, that where the Iatest fightjU1 S has 

BY DAVID LA5CELLES NEW YORK. Nov. 3. candidates in next Tuesday's nud-; are reported to hme taken commenting on the weekend the Zimbabwe African People’s taken place. 

term elections and he will be | place in the two main cities statement by Prime Minister Ian Union (ZAPU) installation. '.six A military communique 

CITIBANK. THE large New York already been publicised, there able to claim success in reducing » of the oilfield region. Ahwoz I Smith that “ for purely technical miles west of Lusaka. Korobed earlier this week said an undis- 

bank which is being sued by a was no point in sealing court the unemployment rate, which! and Abadan. In Ahadau last i reasons *’ it would not be yesterday by Rhodesian aircraft, closed number of Tanzanians 

former employee for alleged records. But be said there may bovered around S per cent when! night, religious leaders- ted a [possible to hold elections in was a storage depot. 'with limited were fighting 2.000-3.000 Ugan- 


former employe? for alleged records. But he said there may bovered arnum 
wrongful dismissal, has won a be new evidence which could be he took office. 


paruaJ victory in Us attempts to protected. He also rejected Mr. The fi „ uro , a u„ demonstrate i 
prevent disclosure of evidence Edwards' argument that dis- lfl atfhe U s 'econom ic recov.-rv 

presented in the ease. Bui Judge closure of evidence was in the nf , v u . n j_ f0 ; . r 0U| . lh . - j • ' 

Evans of the New York Supreme public interest. “Private litiga- run out of s.eain ' 

Couri also saw! the plaintiff. Mr. tinn is not an appropriate V. , “ * ! 

David Edwards, has the right to vehicle for that." he said. Two leading administration 1 

certain of Citibank’s information Bui the Judge also said Mr. sn^esnten. Mr. Charles Schultze.; 

which it is trying to withhold. Edwards was entitled to dticu- chairman of the Luunci] of 


•n ted in the ease. Bui Judge eiusure or evidence was in the now well into tis fourth vear lias I or foreign adtisers and the Constitution is completed. which con 

s of the New York Supreme public interest. "Private litiga- nn . run ' slPa] ,. ‘ ' ' lotnl di^olatioo of th? security I Meanwhile. Rhodesian Com- vehicles. I 

1 also said the plaintiff. Mr. tion is not an appropriate . ! police, Savak. btned Operations Headquarters died and a 


Two leading administration 


and Abadan. In Ahadau last i reasons ’’ it would not be yesterday by Rhodesian aircraft, closed number of Tanzanians 
night, religious leaders ted a [ possible to hold elections ia was a storage depot, with limited were fighting 2.000-3.000 Ugan- 
hu »e parade through the city, j December. The Rhodesian military significance.. The camp dan soldiers in tite north- 
Among their 14-poim tisi of j Government has said elections had sheds containing food* cloth- western district town of Kyaka. 
demands were (he dismissal j must be postponed until the in? and hedding. and a workshop Ugandan invaders were said 
of foreign advisers and tlie J Constitution is comoleted. which could service about 50 to have crossed- the Taka Bridge 

lolnl dissolution -of tin- security | Meanwhile. Rhodesian Com- vehicles. Between 10 arid 20 men to. the northern outskirts Of 
police, Savak. 'billed Operations Headquarters died and about 50 were -injured Kyaka. on Lbe Kagera River’s 

A timber alarming example .today announced that 24 more in the attack. - •- ' ■ south bank- 


court records sealed, on the Mr. waiter Hansen, partner nt 

grounds that the evidence Peat. Marwick and Mitchell, the Ct ...... , . , . . - .. - - ...* — - 

i ncl uded confidential commercial a ecou n ti n s fi r m which Is i n vesi i - ‘V j „ ; .V, J t ■? i 1 1 00 ft re.. 

information. Mr. Edwards* suit gating Mr. Edwards’ charges at ,n J? ,n A-’- 1 ’®* Tehran 

arises out nf his allegations that the bank’s requesi. Citibank had . use d " \.® ,T,l ? an ' a \ llf : Radin reported today lhal 


Key by-election for Mrs. Gandhi 


Citibank manipulated foreign tried in block a subpoena served 


exchange transactions in order to n n Mr. Hansen hy Mr. Edwards' P™?™ 111 n,e ^ . Iwrliciiiar 
shift its profits to the best tax lawyers. Mr. Edwards was also tp,: wa?;<: jnci ?,nc * ?uidelines. 


1 »V: Radio 

anti-inflation , ^OD.OOO 


people niarebi-ri 


BY K. K. SHARMA 


NEW DELHI. Nov. 3. 


particularly ■ |j, roug |, tbc diy. ill rough local 'POLLING in the key parli3men- decision to press charge’s Bgainst Minister of Industry, Mr. George 


area. told to limit public discussion nf 

.Tuds* Evans rulad that since his case to evidence which had 
much of the evidence had already been presented. 


sources eusi dhulil. "ii ihc nuni- ; tary by-election 


Page lfl: The midterm 
cleclinns In Minnesota 


Chik- her of corruption and afuse- of Fernandes, who is. known for 


reserves ; 

By Hugh O’Shaughnessy ’ 

MAN’-ISU.C Nov. 3.-- 
FOREIGN EXCHANGE , ©per; 
tions were halted today. I 
Nicaragua by order of th 
Central rank -as a meakore t 
safeguard the countiyfS’-dwUit 
ling reserves^. Tfac only^ice] 
tion will be the payment? t ’ 
bills for education/ expense — — — — 

abroad. •“ . 

A local comroerdaf itanke _ 

said Ihaf be expected .the biijl® w*. 
to be lifted after tiie 

The Central Bank stove 16 
! lows the International 
taiy -Fund’s decision ^to 
pone for several weeks a &n* av ° 
cision on the application b 
General Anastaslo Someza 
Government for .some $20t:' ‘ - 
from the IMF . compensator ' 

-finance front ‘-i.-*-.. 


Freech railway disrep tion likely 


BY ROBERT MAUTHNER 


PARIS. Nov. 3. 


FRENCH RAIL services will be Than hair the engine drivers owners’ representatives. met; and Dadd Housego in Londo 
disrupted over ihe next week as working for French Railways, today to try in find a solution to i . 

a result of strikes by railway The remaining 45 nor cent belong ihe lwu-w<?ek-jl<1 merchant sea- THE t’.lilNESE Vice-Premier 
workers protesting against what to an independent union which mens strike, which has naruiysed | Tcn S Hsuo-yi-n* arrives in 
the unions describe as a general signed a wages agreement in France's bigaeri ports. Discus-’ 1 ^ Bangkok on Sunday at ihe start 
deterioration of living and work- July 3nd is not participating in sforis were expected to continue, ° r a fivp-day iisi< which 
ing conditions. the stoppage. until laic tonight. -. coincides » ill; >igos of increav 

But the sioppage will not be The two Left-wing unions are ami ^iibodiT' ’1T V- 


ber of demouslfatovs. . ntagaiur constituency, in Kama- power. She hopes theft 6y1 to his organisinB abilitv.' The oast -4 < 

.. taka state, will take place to- substantiate her claim jhat .the three weeks have seen hectic . • 

C morrow On its result will charges are politically motivated, electioneering, which has ;>en fnr ' ’ ' / ■ 

depend the future of Mrs. Indira Mrs. Gandhi is stilf uncertain marred by considerable violence. VJU“<inCaU iOf - •• * • • 
u Gandhi, who has staged a of her standing in the country. Tension is so high that -Indian - •""-.I... 

. remarkable political comeback, however, as demonstrated by her government police forces have K9D2er Df016Ct : ‘" : 

SO 'VOO Rejected by the electorate in choosing a South India con- been deployed in the' con- ■ ® , 

Uttar Pradesh— like the rest ot stiruency to contest, even though stiluency to ensure a peaceful^ CANBERRA, Nov. S." 7 

A CF A AJ ctf-otnc her Congress Parly candidates — five other parliamentary by- poll. j THE AUSTRALIAN Gorer' - -•••-' 

fsiJiUi all oiwiCo •. in the general election of March, elections are due soon in Most observers believe Mrs i ntenl and representatives 1 

a . _..:1»"T. lbe former Prime Minister northern states, including her Gandhi', will win. although a Northern Territory Aborigine l . 

By Richard Nztioni in Bangirok j {, uS come a long way from the own state of Uttar Pradesh. The close contest is certain. Her communities signed the Ido" - . 

and Dans Housego m London pineal wilderness into which north felt the [all impact of victory could -. change the shape delayed Ranger uranium mil- ... _ 

THE t.lflNESE Vice-Premier -.she went nn her defeat at the family planning “excess” and of Indian politics, since she iug agreement today, dearie- ' - _ " ' t - 

Ten? Hsi jo-pens arrivis in ^. ncl ° r " f ‘ r . months of other aspects of the Emergency, would then become the leader the way for work to begin 0 

Bangkok on Sunday at ihe start Entergency rule. The Chikmagalur constituency of the official Opposition in Par- the development of the world. ^ • ; 


China starts 
to woo 

ASEAN states 


Go-ahead for 

Ranger project : "= 

CANBERRA, Nov: 3. " 
THE AUSTRALIAN Goiter - 


delayed Ranger uranium mi<- ■ 

ing agreement today, cleartc- c — 


the way for work to begio «... 
the development of the world.":; n 


.Since 1 hen. she h3s again split was chosen by Mrs. Gandhi liamenL Since the Janata Party j largest unexplored ora 0 im 


ing conditions. the stoppage. until laic tonight. 

But the sioppage will not be The two Left-wing unions are J/jf . S ?u ' " 0n _ , n ^ [5.. , n p i? k ' " ^ 
Total. The unions have opted demanding a minimum wage of ' ,n ^! nent hl , 

for a “ rnllino " strike, with FFp *»snn lahnnt ranfll ner foonnesi.ms on Cruis>. i>hlj<s- 


for a “rolling" strike, with FFr 2.500 (about £300) pel- 
different categories of employees month, adjustment.' to wages 


owned by 1 he Xou\ elfo C0111- 
p.ignie de Paquebcls. who are 


coincides » Uh Vigos of increas- I Cungnaw and emerged, as because she- considered it safe, is deeply divided, she will 

in- Bshtfo- be/ween vietuaru ; main 1 challenger to Prime However Janata leaders over- attempt to topple the Govern- 

and Cambodia as the floods nister Mora rji Dcsais Govern- came their initial diffidence merit by persuading dissatisfied 
recede » !.i«h*h ..a with H.u 1 " K " r " . 3n , d ^ divided Janata about challenging her on what is groups in the ruling party to 

approach of ihe drv season. 1 . A ! ,,a J° r re f on / or . M r rs - J er w«S of Ihe Congress Party's defect. Her viclorj' could thus 

7; Tu n.L. i.ci. > Gandhi * decision to stand for home ground, and mounted a have a destabilising effect. On 


coming out in turn, sinning with above the minimum, higher over- t’ f - ^ V 

engine drivers tonight „nH *ower w^o . s than ihc 


engine drivers tonight. nre minim JS lid down - * for' 7 ^ 

Main line traffic is unlikely to fro ?,f «»"«««. 

he badly affected. 5in«.-e the strike J 1 J* 1,. Im t m I n^f I k '^bc stoppage h:i.s jlrcadj 

organisers, the Communist-led ,nes and uw recruitment Je .Is. f . UUSL . d ^.-rious rtisrupTior. r.f 
CGT and Socialisi-onentateii Meanwhile, a tripartite eon- France's eructe mi •iupnite*;. 
CFDT union groups, can claim cilialion com mission, made up r,f tij„ U i-h tho situation is not yet 
the membership of little more Government, union and ship- critical. 


and Cambodia as Ihe fluocls 
recede in !n«l*whlna with ihe 
approach of ihe dry season. 
It is >bc nu*>i imporiant lisil 
in the region by a Ghinese 
leader since the death or Chair- 
man .tlao Tse-iu;i“ in 1975. 

The v’>. yesterday expressed 
its concern ai the L-N at the 
threat in >la.'uii(> in llic region 
from (be l:iieii.silied conflict 
heiween th- iv.o states. Ai ihc 
same lime Vietnam has 


deposit early next year. .. 

Mr. Ian Vlner, the MJnistc ” v - - 
for Aboriginal Affairs, and M--. . . 
Galarrwuy Yonnpingn, ^ 

chairman of the Norther 


uananis decision to stand lor home ground, and mounted a have a destabilising effect. On Land Connell, announced 
Parliament is the Governments vigorous campaign led by the the other hand, should she be night that the agreement ha = ' : 


U.S. move on China arms 


^ TS ' will find! been .signed at Oenpelli nes. 

ti difficult to stage another poii-! the project site. ‘.w-tei P»_ ,« . . 

tic al comeback- ^Reuter . ■" j. 

FAMILY BONDS ^ 

INVEST IN GOVERNMENT^ :a .a 
STOCKS AND EQUITIES * r 

FREE OF TAX 

A'ftmst’ For Every Eligible Husband And Wife 


THE U.S. Secretary of State. Mr. fence " and warning lhat U.S. 
C;.ru< Vance, gave the go-ahead authorities must take full respon- 
hidai in members of the North sibility tor its “consequences."' 


West German unemployment rises 


riuinicfi tiiai 


of i( N Allanlic Trealy Organisation The Soviet television com- 


BY ADRIAN DICKS 


BONN. Nov. 3. 


WEST GERMAN unemployment per cent. although among ber compared 10 August. The 
rose slightly in October, thanks females it remains ai 5.3 per main impulse tame from tfoincs- 
to nonnal seasonal factors, but cent. There was little change in tire orders for capital .goods, un 
the heart or the Federal Labour the number of unfilled vacancies hy 9 per cen: lhanks fo a tew 
Ofl3ce. Herr Josef Stingl. said" compared to Sep fern ber. with a very large contracts. 

That the increase of 37.000 to rise of 28.000 tn 248,000 com- © Guy Uawtir. adds ; rom Frank- 
901.600 showed lhal there was pared to October. 1977. fun: The V.'e-t Gt— i.:ar> melai 

now a clear-cut cyclical improve. The other indicators published industry today :e-;»:irTinl lhat 
mem. The unemployment rate today emphasised the currenily business h.i« iivened up i.oiisidcr- 
was UP from 3.S to 3.9 Per cent, salisfariorv nape nf fhp WpsT :»biv -iinpH In*-- ni»'jinninc of l ho 


frcntii-r ironjK were won uded 1 NATO 1 who have heen negotial- mentalor. Mr. Dmitri Mnroxov, 
on WcdiirMuit during a major . in; about arms sales to the speaking on the evening news 
tkjvh wiu-n Ui’iuose forvvs trivtl People's Republic of China. programme “ Vremya." 

to occup'.' pusitioas inside Viei- “In so far as other nations demanded thp immediate return 
(iam\ Guo ijmg province, ut or 1 are concerned, this is a matter to Moscow of Mr. Rudolf P. 
inn mile* north c.'iKt Of Hanoi, which each of Ihem must decide Chernyayav. 43. and Mr. Valdlk- 
T0112N trip, which is to he for itself." Mr. Vance said at a A. Enger. 39, who were convicted 
followed in a 1 i%u t» Malaysia, news « 'inference. The Chinese on October 23 of conspiring lo 
i-. aimed’ ai winning tin* hate been talking to France, obtain secret U.S._ defence data 


-uppori uf ihe Association of W>M Germany. 


Greai and of spying. The l wo men. 


Smith Last Asian Nations 
1 \SS\Ni V nr China's cause in 
iU iti-puir with Vietnam and 
Russia. 

mem. The unemployment rate today emphasised the currenily business h.i« iivened up i.-nnsidcr- [ Vi«iunr.i thr Snsici 

was up from 3.S to 3.9 per cent, satisfactory pace of the West ably since ihc- Beginning of the- Union la. lay -tinned a ireaiy of 
White the unemployment German economy. The Retail year. H:»wevor. :n in.-.ny respecis j " friend-hip anil co-opera ! inn " 
figures show (hat absolute levels Price Index slowed from 2.2 per ihc imprewim-n, has served I wliirh ■•cl il:»* -:-al on Ihc close 
remain high by Wes l German cent in September to only 2.1 per mainly 10 com pen sate* for set- i ntiinnev heiween thr i«o 
standards, they also now hint at cent in October — ihc Invest backs the industry' suffered at; Communis! -dates. Reuter 
somr a r The shortages already annual rate since 1969. This the beginning of 1973. TfTort Irom Moscow, 

being Telt in individual sectors, favourable result was largely According to Gesammetall. the I The accord. Moscow’s first 

The foll-time unemployment because of cheaper seasonal food metal industry’ ‘s employers’ asso- wish a Momheast Asian 

rate among males is down to 2.9 prices. however. Wnhnui elation, utilisation of production country, was announced at Ihc 


wilh a Moaiheast Asian 
enuniry. was announced at the 


Financial Time*, publisher] dally circpi Cent from 8 year 3g0. 


tbese. prices were up by 2.5 per capacity remains generally un- end of a three-day visit by (be 


satisfactory. On the other hand Vietnamese E*retnler, 


. Britain about possible weapons Soviet UN employees until they 
•sales. They reportedly arc close lost iheir jobs afler the trial, are 
re. yn agreement with France foi now free pending appeal. "This 
3 major purchase of anti-tank monstrous sentence has crowned 
1 weapons. ihe crudest police provocation," 

The sales of weapons to China Mr. Morozov declared, 
js i sensitive issue in Sou el Mr. Morozov defended ihe iwo 
relatinns with the United Stater Russians, saying they were noi 
and Western Europe, since the involved in any conspiracies and 1 
Russian? fee] that the Chme.sc denouncing foe entire New .Fer- 
re present a military threat to sey court trial as an ’* absurdity," 
them. Mr. Vance said Ibat U.S. (hal lacked any concrete 
policy remains opposed to sales evidence. 

from Washington to Peking or Also appearing alongside the 
to Moscow. But his statement Soviet television commentator 
that other nations are free to was the Soviet diplomat Mr. 


Sundays and hoLda-s. us. KihicnoMnn New orders to manufacturing there were numerous reports I Pham Van Dnng and the Com- decide for themselves was a Vladimir Zinyakin. who had been 
urr^'annum r s.v-ond 'ciau^poii w«* r pa(d ai at industry, meanwhile, were up by that output was being hindered] munlst Parly chief, Mr. Le [d epa rture from past U.S. a U®^ te d_ a l°ng with MWr. Choni- 
Nph- Yor*.’ W.Y " " 


an overall I per cent in Sept cm- by manpower shortages. 



ORDINARY FRENCH BRANDY 
AS THE MONTE CARLO 
CASINO IS AN 
ORDINARY FRENCH 
BINGO HALL 

Janneau 

Grand Armagnac 

Ordinaire it is not 



I formulations. yayev and air. Enger and was 

Meanwhile, in Moscow, the later released because of diplo- 
Soviet Union made its first public malic immunity. Mr. Zinyakin 
comment today on the 50-year told Russian television viewers 


prison terms given to two con- his account of the arrest, calling- 
vicied Soviet spies in the U.S.. It “an extraordinary attack by 
calling it *' a monstrous sen- bandits." Agencies 

BL sacks Benelux chief 


BY CHARLES BATCHELOR 


AMSTERDAM. Nov. 3. 



r 


\j£& 



(Jr# i 


4 


THE ROW between BL (formerly which was gradually being 
British Leylandi and Mr. Jan De imposed on me from the UK.** 
Kleermaeker. the head of Its The decision to ask Mr. De 
Benelux operations, has ted to Klcermaeker to resign was taken 
Mr. De Kleermaeker’s sacking, at a meeting of the shareholders 
The differences of opinion of Leyland Nederland — in effect 
between BL and Mr. De Kleer- BL executives— held at the com- 
maeker. aged 41. were too deep pany’s Gouda headquarters yes- 
for an effective relationship to terday. 

continue. Leyland Nederland Mr. De Kleermaeker, who has 
said today. been managing director of the 

The differences arc over BL’s 0f 

future sales policy in the Benelux HnJft ° P ^ r ^* 

“nid 5 ' EL ““’SK l“ i a , S m S on“° de ‘ i 

Ste S3”cy for U.C unSnS t«| 8iOT ^Jbcen token on 

with Ihe Netherlands designaicd pJ/L tor?' 

m0rketS f0r ™"m M g °d C ir«t 0 r e in itaiy.^l 

“ , ? acting as head of Levland 

Speaking from his home in Nederland since Mr. De Kleer- 
Hilversum. Mr. De Klcermaeker maeker's suspension. It is not 
said: “I could no longer agree known if the new managing 
wilh the sales policy for Benelux director will be Dutch or English. 


The Family Assurance Society is 
completely exempt irom income tax and 
capital gains tax, because it is a tax-exempt 
Friendly Society. This gives the Society an 
advantage ot about.40% over taxed funds. 
The maximum investment allowed is £10 
a month or £120 a year (less tax relief) for 
those aged 44 and under, and £1 1 a month 
or £132 a year (less tax relief) for those aged 
45 and over. By law, it is only available^ 
lamily men and women. ' 

r-, yo *« prefer, a lumpsum cf about 

£1,000 to £1,100 (depending on age) can 
fund your annual investment, at a discount 
ofabout25%.. 

This is a unique unit-linked investment, 
but unit prices can fall as weD as rise. 
However, the Society estimates that 
because the investment. is tax-free, the value 
of units will be more than double the 
amount of net premiums paidover ten 
^ears. So far, it has performed much better 
tnanthis. 




•For further details, please fill in the 
coupon below : 


,a H* 


i Julian Gibbs Associates Limited, . . 

I 9 j4anchsst£r Sauare. London WiMSAB i 
J - teJQ)hcBieOM87-4495- - 


Address * _ M: * x *. 

l : : 1 — ” — i 

I ■ — I iV” ; te.. 

1 Tel Day. : ; _Ho m e__ __i • • J_. I ’.v : y t 

• • J ’ •»’. i-. 

rTaxRata^ - ■ ... 'hi- 

- . .7*^— '"’r” * , :)> 


0 to 1 







3 





vy i 4 1978 






r,«^r' . 

*1^.6 > 

:SSV^ 

'«*h >■ 7 

'*«ls 






.‘Wiui% tJ . 




BY EUNOR GOODMAN, LOBBY STAff 


Tandem 

output 

swells 

BY MAURICE SAMUELSOW 

BICYCLES-tuade-fur-lwo arc 
staging a minin' comeback on 
Britain's muds, actutdins lo 
specialist 


Berwick defeat 
not Heath’s fault, 
says Thatcher 


9 NEWS- ANALYSIS — ISOGLUCOSE 

A controversial ruling 


BY USA WOOD 



which an \ 
binned . include 


.l»rei i!; C > . The .proposed- -.'legislation, tan-fittL , , 

^ :n v promised in the-' Queen's Speech, -'^ e ',. oe ,^ lc ? s 

.♦ipecu ,i J y ’a As similar inmost key. respects tfl- JW]! 'SSaitSc^ Stlht racial 
tv I '-'thu Privar» -Vamhnr'a- Hr* I nn -Tniud cfflO o resents ot ine racial 

IS-g* iilsfflgffij&i 

few riJ n K ; 3r, Report Stage by a small group of JiSrnL aonit 1 

.•13m—, J '■> ^N:onseryaU.ves in ihe last PaTjia-. h ?J£ ^ * . . . 

' Fears ' kit.^.^nentary session "’ , .• ■ ■ Th® Bill -IS also rather wider 

u... +~ . -;• in Jts coverage titan Rlr. Davies's 

. nou n „ r Now;. as a Government Bill.- il Djii • . -•■“ 

^S-'^Qda_ gMd. ^ estate Agents it 
s!ii' n i: ' 5 c! la , n ” xELv yeL - T ^ ^ jn ?*-- covers housing associations, local 
-.XT;. :r,j ( . n * ^Siatute Book; . authorities and. housing e'orpora- 

■L'*’ !l > th-'!/** Under .it estate agents . must tions.. ' : 

r p r.v r ’^mainiald a separate account. /or. '. The Government . published 

„** Lsr.n fc , .o'./'^iheir clients’ money and pay any. details; yesterday . oC. another 
»npp!'.-., .n- /i 1 1., deposits received into it. Such- piece of. legislation which had 
Jfte a ^deposits- must be Covered! by.: twice failed to get on to. the 
Sriu jif.. i?‘ reinsurance or: o ther form of .Statute Book. . . 

• pirhlir ^ t indemnity. '■' ‘ ' The Public Lending Right Bill 

.‘.Tin -v ’. Agents w»H be "required -to tell ‘v«Ui estabtish a fund of . up to 
' aanouiv. ’ : " 

. hoL*Mi„ 

ton nr. 

Xl"ri>r ; - 
*-<“*•* " i 

l'9i ;<.* 

-. ♦ 

•-•Onuii!' 

1 f - 


CONFLICTING INTERPRET A- back to national courts in the Tunnel has an isoglucose pro- 
TIONS o e a European Court of Netherlands and UK. which first duction capacity of 31.000 tonnes. 
.... , Justice ruling on a production referred the caw to tile European The ; toljrf European rapacity ■« 

MRS. MARGARET THATCHER sides . - - that the Government 1 flhA, ‘* naM "‘“ 

last night dismissed the argu- did not flood the economy with 
mentis following Mr. Edward money . . • that it cut down on 

Heath’s speeches on incomes public spendine . . cut down on 

policy as a “very artificial de- the amount it borrowed 
j bate.” “ These 3re the things that are 

; In an interview with 1T.\. the absolutely vital if \uu arc to ; 

Tory leader said: l# Thc only contain innation. Pay jolicy on; high fructose syrup that can re- , Tunnel, however, has taken the . n cul sofr 

possible difference is whether its own just would not he place sugar as a sweetener. Tun- judgment to be that ihe levy xh/ 

>uu have an average or a norm, enough.” ! nol Refineries, of Greenwieh. the y se ^ invalid. Mr. Bernard . A ,,^i j 

-«p- i w , „ niieim nas nscn J There i.s no point in debating She said there were times ,'UK* largest producer of the Swam, its managing director. liased in 

from ISO a ve* r i t , 1 orm since Bv lho lin,t ' >' ou " et 10 thi,! w 'he n - J“*t a5 interest rates had i substance, feels that the ruling s ^ ,d - ) Ve ^ r ° proceeding on mjj . ze wWc . h ‘ ^ nIit u ■ . 

the company begm^ilding ! sl «e in un incomes polity a lo beinercasefi. therehad ^ j allo i V! l ^. e P -™,' tn^mne -’ P animal proiein feeds (30 "~»- 


. . . . Court. about 150,000 tonnes. Because 

levy imposed last year by the lt has been imerpreied by tbc of the levy. Tunnel is working 
EEC Commission on isoglucose ggc Commission as not oppos- at about a fifth of capacity, 
has not dampened the industry's jng the isoglucose levy in Its main customers are in the 
optimism concerning the sub- principle, rather finding it too soft drinks and food manufactur- 
siance's commercial future. b»gh but not indicating by how ’^industries Demand from the 
Isoglucose is a maize-based, much. form er effected this summer 


( u^-llents exactly what their fees arc~ jGm a year, twice the limit pro- 
,tJ? hm advance, > dhd v declare, any posed in Ibe Bill filibustered oul 
'-tii'iujpersonal interest- . Tn the ‘at ‘Report Stage two years ago.! 
'"a:;.- , iransaclion. ' r -. ' ■ j 1 -:' ' for payment of authors whose I 

!r ja-,-. The banninc ‘procedure -will be .bobks are borrowed- from public! 
-r i»...T -lightly more drawn-out than libraries: i 

’ Tender . the '.original .. Priystle The Education Secretary will, i 
"Member's Bill. Whereas under, with Lhe consen.i of. the Treasury, I 
f' j -./'Wr. Br>-an Davids'- Bill the be able lo increase this limit by j 
-• i i rector-genera) would -have had Order, subject to the approval 
he power, immediately to by the Commons. - 1 


them two years ago. Mr. 

Kicburd Pasblcy said his old 
family business cun Id barely 
keep pace with demand. 

The return of the lundem is 

pun ut ihe general revival or 
British cycling, which has led 
Pash ley to produce adult sports 
tricycles, in addition lo their 
traditional commercial tri- 
cycles and heavy Post Office 
bicycles. 

This year bicycle sales, after 
a 10 per cent fall last year, are 
expected to return lo the lm 
level of 1976, double the figure 
of 10 years agu. 

T! Raleigh, ihe leading 

manufacturer, said much of the 
growth had been in sports , 

eyries, which have doubled lo 'posing a reduction from 
abum 4n per eenl of ihe market j maximum shift of 1U 
in the pasl throe years. Sales 
or adult cycles, which used i« i n dd tSOOm to labour cos! 3 if not 
he 411 pep cent of the local. 


rigid norm will not bold. The a pay policy. *' In the sense oT a 
Government knows that.” Tr^ere and a first phase coming 

Mrs. Thatcher said that she did out or the freeze." After that, ail 
not blame Mr. Heath’s arguments incomes polices bused on a rigid \ after fierce lobbying 
for the Conservative defeat ai norm got into difficulties. ' vpr orftl 


Nicaragua UK mission seeks Ciiiaese 
rS ^ s eleetricity supply deals 

0-S: K 


have drawn level with 
children'i. 

This yrur Raleigh, which 
claims fill per cent of Ihe 
market, hopes to .sell about 
650,900 cycles, in addition to 
the 1.2m for export. 


press without further restraint of better days to come." 

by the EEC Commission. isoglucose, a cereal starch, is JJr'inlf t.S7 2l‘r!h 1 

The commission imposed Ihe about £10 a tonne cheaper than pe L5’™ ) .. . 

■ u.-vv after fierce lobbying from conventional sugar and nearly as pn ^ f Jill. ‘ d 

, ! EEC "sugar beet growers and sweet EEC beet sugar producers h > ATOl ^ s J“ e a 

i Berwick. ‘‘ 1 have never blamed Asked whether a Tory Govern- 1 refiners. Its validity was sai ^„ t , re ?J esen lf ^ un a1 .^ powdered glucose and. bv 
anyone for slating their views.” ment would take responsibility challenged in the Eur^ean ™ fe®*^** .1* another treatment, isoglucose. 

But she added: “The debate for pay. Mrs. Thaicher declared: Court by the three mam Euro- not ilJi^iwfnoKed a 42 P er fructose con. 

has been very artificial.” “iVo Government can lake i P ean producers of ihe uons^ and financial cost* imposed teQf Ordinary sugar can he 

Mrs. Thaicher said that an in- responsibility for how much l sweetener: Tunnel (which is ’, U ^L e Cominon turned into invert sugar hy heat 

comes policy would noi have each and every person is paid, j P* n }y by Tate a Dd Lyle); Agricultural Folic. . and at .j^ treatnien t a nd contains 

been enough to satisfy the In- You cannot run industry that t kogjnkltjke Scbolien-Hontg n . , 50 per cent fructose and 50 per 

ternalional Monetary Fund way. How absurd, if every single j of the Netherlaods; and fj^flJCrUIll cen, ‘ glucose, 

during the 1976 economic crisis, decision should have to go up to p K Amylum, of Belgium, the / The economics nf production 

“Their insisted cm a lot more be- centre. biggest. They S3ta they were Tunnel opened an £4>m factory are such that Hie cheaper cereal 

suffering discrimination in at Greenwich last year to make starch is becoming increasingly 
favour of beet sugar producers, isoglucose. attractive to drinks manufac- 

The court njled that the pro- KSH, which started work on a lurers in particular, 
duction lax. £-9 30 a tonne, was factory in Tilbury that never KSH. Tunnel and GF! Amylum 
unfair. It said (hat the levy started producing the substance, are seeking damages but a firr- 

nofared tbe principle of equality wait declared bankrupt in ther ruling is needed fn clarify 

between isoglucose manufac- September. Mr. Eric Krop. whether they are i«i he paid, 

turers and heel sugar refiners. company secretary, said ye iter- Mr. Snt.-irit «:i>H that apart from 
It said that although the levy day that ihe levy had been u this case, isoglucose ntanufnr- 
of 5 Units of Account a kilo had - death blow." lurers were fighting a case for 

been ea leu la led according to a The Dutch factory at Knog » proper place in be established 
formula that took into account closed last January." Mr. Krop for iheir indusiry within the 
a beet sugar production levy of said: “ Now we are an empty EEC. 

9.S Units of Account a kilo, the shell with debts." He considered it vital to en- 

i sod | u cose producers were more Tunnel said that the levy had courage starch Technology, since 
severely handicapped. Beet made isoglucose manufacture modified starches, based on 

inevii ably raise prices' to the cheaper even than glucose, to ! sugar refiners were able to pass uneconomic. The company has maize, could also he developed 

housewife, Mr. Cramb said at the the advantage of the more expen- j on three fifths of the levy lo been withholding payment of the to replace certain oil-based 

alliance's annual lunch. 


Biscuit-makers fear EEC costs 

EEC transport regu fa tions pro- EEC transport nigtrlalinns 
from a were not the only dancers from 
ii> r-i-.hr Brussels, he added. All loaisla- 
. . . . . 1 r ,j live output from Brussels should 

hour> a day fur drivers would bp care f u Hy "monitored" 

The powerful susar-hoei lobhj. 


olTscI l»y increased productivity, in the Community sought to 
Mr. iJtivid Cramb. chairman of legislate to control production 
the Cake and Biscuit Alliance, and use or isoglucose. a cereal 
sai.i yoierday. starch about £10 a tonne cheaper 

Tin* increased cosis would than conventional sugar and 


sive beet sugar. 


MV . 

f uni u.\ t 


BY ROY HODSON. ", _■ ' ' r .... . 

BRITAIN is bidding for’ a part is that closer contact will lead 
the development uf the to design cpDlratts. for genera 


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f BOND S 

OVERNJJ. 
© equity 


.'h in esc 

u — J 

us try. 


electricity" supply in- 


tion and distribution install a 
lions - and. ultimately, to the 
placing -of hardware orders 'with 
g. Sir Frank Tonilii; chairman dl the’ British electricity plants 
he Electricity Council, .is -lead-’ industry. .-••• 

• ng a delegation from ‘ the.- A Chinese technical mission 
industry on a -three-week tour of toured the British electricity 
-. Ihina later'thfs m'pnth. Tbe hope industry earlier this year. 


Cabinet restricts 
school dinners 
price rise to 5p 

BY MICHAEL DIXON. EDUCATION CORRESPONDENT 


Midland Bank 


■BHeHusba^' 1 * 5 ' 


vv ■■ 


1,7 - ci\' : 

ssn-' 

Sig;?**- 

W-*-' 


a?---- : 


Midland Bank Limited 
arm ounces that with effect 
from.Mon. Nov. 6th 1978 its 
Base Rate is increased by 
1J% to 11J% per annum. 

Deposit Accounts. 1 nterest 
paid on accounts held at 
branches and subject to 
7 days' n otiee of withdrawa I 
is increased by 2% to 9% 
per annum.' 

Personal Credit Plan 
Accounts. With effect 
from Mon. Nov. 6th 1978 
interest paid on credit 
balances will be increased 
by 1 % to 6% per annum and- 
interest charged on 
overdraft balances will 
continue at 18% per 
annum. The effective 
annual equ ival ents of these 
rates on the basis of annual 
compounding are 6.09% and 
18.81% respectively. 










Base Rate 


BANK OF CREDIT AND COMMERCE 
INTERNATIONAL S.A. 

and 

BANK OF CREDIT AND COMMERCE 
INTERNATIONA L (OVERSEAS) LTD 
announce that from 4th November, 1978 
their base rate is changed 

from 10% to 111% p.a. 

100 LcadenhtillSutci London HC?A 3AI) 



Burmah goes 

to Aoopal 


Holding which Burmah pledged 
to ihe Bank in 1974 in return for 
a rescue package. 

The Governmcn; has claimed— 
successfully so f:ir — I hui the 
naper* Im-p .“Crown privilege" 

in«f «hmild nr.| 1,^ released. 


November 21. 

Burmah was refused pennis- 
,sion in July to apply for an 

PLANS TO CUT flOOm from The* decision lo cut the price [order compelling the Government 
public spending by a phased rise to only 5p. however, scorns , t0 release the papers, 

increase from 25p lo -15p in the certain lo cancel oul the econo-; Burmah believes the papers 

price of j school dinner by nevt mies and lift the subsidy ,- m3 y ^ crucial to its legal pro- 
autumn. have finally been dement well above last year's | ^edings aga-inst the Bank of 

abandoned by ihe Cabinet. level, where it repersented about i Rnsland. These relate to the BP 

Instead, an increase of onlv 70 per cent of the total cost offnniHin-j which Burmah oledeed 
5p will he brought in nev-' die 'school nu-als service. 

September, leaving the charge John Hunt wnics: proposals 
covering less than ha if of the ^ or union;, and employers repre- 
cost of the dinners, which are cental iv« to sit on ilte governing 
subsidised hy about LMOun a Indies o secondary schools will 
vr . jr . comi* before tnc Commons this 

‘ . t , .Kt. session, Mrs. Shirley Williams. 

s ^ s: "ssa? ,oi<i Mrs 

Whiu- P>P?r ...n Esosnditure -n g u , he ' r ^ch. op-nln* thr 

February, which indicated price oduvaiiun debale on the Queen * 
increases of lOp this autumn and speech, rec-iver* a hostile re- 
of a similar sum next >ear. cei)liun fr0Ml air. Norman SI. 

The years increase was can- John . Sl( . X3 . Conservative 

celled by the chance I lur in his - Shadow" Education Seereia-y 
April Budget, probably iu claimed that the items she 
anticipation r„ general elec- wanted to put in Ihe forthc • 
lion. But ihe 10p increase for iTlg - ;| ha d been r'verely trim 
next year remained an open cated by opposition within the 
question until the Cabinet Cabinet. 

decided to cut it by half in time ** We always knew it was gains 
far an official announcement to tn be a rag-bag of a Till.” he de- 
be made next week. dared. “But we didn't know ■■he 

Meanwhile, the Government was going to have such difficulty 
will raise the minimum income in choosing which '■—'ticular rags 
limits below which families are she was going to put into it." 
entitled to have their children Outlining p’ans for the 
supplied will) a meal free of coming rrssion. Mrs. William- 
charge. said that much of Ihe detail of 

At present, parenfs wilh one the composition of soverninc 
child at school have the charge bodies wou'1 still be a matter 
cancelled if their net income is for local discretion. 
helo'w ; £40.15 a week, riboul £63 There would he a stntutorv - 
cross. The corresponding limits raiirc-meni io provide for a m»n : 
for those wilh two school-children mum number of parents ?nr* 
are ' £46.75 net, £72 gross : and teachers on each governing body, 
for those with three £53.35 net. Her Bill would also “ strike a 
about £80 gross. new balance" by giving parents 

It was estimated that in May. :4 greater choice of school for 
4.Sm school dinners were being (heir children, 
taken’ each day io England, uf Mrs. Williams indicated, how- 
which '-lJbii were supplied free ever, that iherc would be noth- 
of charge. The previous May’s ing in the Bill to implement her 
figures were 5.4m, of which O.Sm much publicised promise for 
were supplied free. weekly cash grants to be paid to 

The taxpayers’ subsidy to the sixth-form pupils to encourage 
service was reduced from £441m them to slay on at school, 
on a gross cost of £590rn in 1976- According to Mr. St John- 
1977 to a provisional £397m on Slevas. this proposal had been 
E566ra last year, largely because ditched because Mr. Alberi 
of economy measures which Booth, Employment Secretary, 
included restrictions on the nura- had refused lo allow Funds From 
her of meals given free to his department to be used for 
teachers and school assistants. that purpose. 


lease connoenuai papers relating ; a t a time when rapid introduction ,‘ , -11^ ^, r 1 « 
to Burmah’s former holding in |0f ra icmeleetronics creates an skilled people in the in dm 
British Petroleum The three-da v , raiLro eieLiruniLs Lreaies JO Supply was down to half 
hearing is due to begin 0 n hncreasing.y greater need foi demand in many leading c 


Ifieet producers. levy pending the outcome of the petroleum products and to pro- 

The ruling has been referred case. duce bio-degradable plasties. 

Electronic engineers ‘in short supply’ 

By Christine Moir I BY JOHN LLOYD 

LORD DENNING .is to hear 

Burmah Oil’s .Appeal Court case THERE is a “critical shortage” another” industiy: ‘t amounts ment centre bernre the end nf 

io force the Government lo re- of skilled electronics engineers to a new way of life. the year, to employ about 500 

lease confidential papers relating jata time when rapid introduction There was already a shortage pople. 

r, e 1— 'j: — s- K of skilled pieople in the industry. The leading telecommtini- 

the cations companies, GEC. PI esse y 

„ „ com- and Standard Telephones and 

evperls. said the Duke of Kent, panies.” Cables, are developing the all- 

chairman nf the National Elec- The Duke's remarks come at a electronic System X exchange*, 

ironies Council, yesterday. time when a number of siqni- while both large and small elce- 

ln a letter lo The Times he fit-ant developments, especially ironies companies are at various 

said that one was reminded in the microelectronics sector, stages of developing new pru- 

“ almost daily” of widescale. are about to lie announced. ducts incorporating inicroelec- 

Jinmjneni changes lo be ushered General Electric, in partner- ironic technology, 
in by adorn ion of microelectronic ship with the UK company One wav to cope with the 
technology. Fairchild, will shortly begin problem will obviously bo a 

•• whereas in the past work on a plant lo make elec- hefiy raising or wages. This 

machines extended the capacity Ironic chips. probably in week Mr Wilfred Corrigan, 

nr human muscle, now elec- Cheshire. Inmos. ihe itilcru- chairman of Vain-hild. said that 

rrnn:cs grcailv pvtend the electronics company backed by he would be prepared to pay 30 

ahiliiv 10" use human logic, the National Enterprise Board, per cent ahme market rales 10 

p'-nerlence and even Intuit inn. is likely to announce esiablish- alt rail skilled -la IT to the CEC- 

Fl»rir"n»p<f is more than ■■ iust ment of a resen n-h and dcveloti- Knirihild venture. 


British Caledonian 
traffic up by half 

BY LYNTON McLAIN 

BRITISH CALEDONIAN Air- Brazil, Chile and Argentina, was 
ways reported its best year of up by half and first class traffic 

operations on the Gatwict io ’ “’‘"‘■J 1,1 tte “ 

o a j „ ,. ocfow i. „ lTionuis to last month compared 

South America service yesterday wilh lhe previous year> 

—Ihe day after lhe airline felt Tlie* improvement in the per- 
ihe first impact of Spanish forimmce of the UK flag carrier 
Government lian on its landing to South America came after the 
rights at Madrid, on the route introduction of wide-bodied 
to Rio de Janeiro. DC-10 aircraft on the route, and 

The sanction was imposed hy further improvements are plan- 
Spain last week after Iberia, the ned. These may include a fourth 
Spanish airline, bad won a flight each week from Gatwick 
declaration in lhe UK High t0 J)i 0 - 

Court Dial the Trade Department BCal’s improved performance 
and the British Airports on 5ls South American routes 
Authority had no legal right to £? nie as the International Air 
force Iberia to transfer HighLs Transport Association reported a 
from London's Heathrow Airport r’ P e £ cent growth in the num- 

10 Gatwick. ber °f passengers oa all routes 

The ban on ‘landing at Madrid K/JiiftS 52? l J!SSl®LSfr‘ 
would probably ..-ost the British lear b comtared^wtih^ aths of this 
airline up l 0 £750,000 in lost Cm 

profits each year. Madrid is an A t] . nrj . ,a TA ‘ ^ orUl 

important staging post for * J re * 

British Caiedunjyn ilighu to Bio oombSs ta 

de Janeiro, Sao Paulo and c 831116 

Bu J" os • 4ir f s ' . Northwest Airlines of Min- 

Thursdays departure from nea polls. U.SJL is to start a 
Gatwick for South America was transatlantic service in March 
forced to land at Lisbon, and the Th e Mights will operate from 
airline said it did not expect to Minneapolis, Detroit and New 
pick up nearly as much traffic York to Copenhagen and Stock- 
fruni the Portuguese capital as holm. In April the airline will 

11 had done. during the past year begin daiJv flights to Prestwick, 

from- Madrid. Scotland, Copenhagen and Stock- 

The number of British Cale- holm from Seattle. Minneapolis 
doniau passengers on flights to New York and Boston, 


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HOME NEWS 


m 


U.S.-Swiss link 
may disclose 
insider dealing 


Silkin denies fish 


concessions to 


BY RICHARD MOONEY 


MR. JOHN SILKIN. the Agricul- offered to “consider” relaxing He denied that any concession 
tufe and Fisheries Minister, said the ban on industrial (fishmeal) had been made on British 
BY CHRISTINE MOIR yesterday that Britain had made fishing in the Norway pout box demands for eventual exclusive 

no concessions on her fund a- if it is established that edible rights in the 12 -mile coastal 
INSIDER DEALERS may end it individuals arc thought to have “emal demands for anew EEC fish J *^ 1 he t affected. 52^- 


NEB’s 

buying 

shows 

profit 


reject 5% 
and call s 


By John Elliott, Industrial ; Editor ■ 


BY CHRISTIAN TYLER. LABOUR EDITOR 


UCiriLTiOO aid) Uliu II UiaiVIUUOlS Oi u LllWUgUL LU UdVC — T . . "I T _ ’ J __ rn RT|| TTl' <VM 

harder to hide behind numbered taken profits as a result of deal- fisheries re S lme since last cn ¥E; THE NATIONAL EnteTDrise 

accounts In Swiss banks as a result ing an confidential information. monUls Bonn summit meeting. Silkin met thgir .West German 50 miles. The 50 Just - ma dp nroHts before^ t *** 1 


SEVEN TENTHS of bread once again to meet demand. Dali 
production in ft*.* JJ^aJSS 


or . new relationship he, ween the = SE C eieints i, has hoi., *7* on MW^r T* S 

A ™°s r c!ar m was made yesterday p^blem "’hfsaid ‘meSrmt^^L'prLp^nTo'Ta' had ™JK^a SgoiSX th |ritaip would seek Sshlng l^ised by the go«mniSfafpMt b "^ S B “ kei5. ^nod^nd Allied al^st ^ inomS before"! 

by Mr. Stanley Clinton Davis, UK P Mr Davis said^he intends to “sell-out? effo ? ” to Promote an agree- rights sufficient to grantee £ gJaji./SSfSo^ “ ° £ ^ Workers Union yesterday re- present wage. agreement expire 

Parliamentary Undersecretary of instruct bis deparSent £ Mr . Silkin said in London SSL!? JSL ** ^ -vi ^ »„ftr by the two big hover, demand for a £ 10 ,. 


■ This claim was made yesterday nrnhiem ” he said ment rni'dit be oreoariiie for a n:jd to make “a vigorous amain would seen nsmng 7 .^ 7 “ 1 Th P Bakers. Food and Allied almost a month before U 

by Mr. Stanley Clinton Davis, UK P Mr. Davis said^he intends to “sell-out? effo ? ” 10 Promote an agree- rights sufficient to ^tarantee _a gJaji./SSfSo^ “ ° £ ^ Workers Union yesterday re- present wage. agreement expire 

Parliamentary Under-Secretary of instruct his denartment to cm.-. „ - t a* meat on the EEC Common viable and expanding UR fish- board s operations. "... jocted an offer by the two big is over a demand for a £10;. 

- State for Companies investigate ♦»,!« W iH, thp SFr T t5 ^ ,0 ?*? on Fisheries Polity by the end of ing industry, he said. At the same time the govern- bread makers of 5 per cent on week, rise and consolidation. • 

While he ” « in New York a ulr n yesterday : “ The UK^ position this year. The Bonn talks. had achieved a ment has Indicated thatT* wiU SS^ rales^n aceordLce with a £3.83 supplement, or 36-cei • 

earlier this week. Mr Davis said into insider dealing bv the ^ aV fir« n *' But we. are not falling over breaking of ill-will between the shortly reject proposals made incomes poliev and 6 per cent in alt . It is based on the o«j 

he had rai^r with the £ SndoJi Stock ExchaSIe in'rerent * E! Um 5 ourselves to settle at any price." UK and West Germany on fish- earlier this year by the Pariia- fo?Trnrfnrtivi& ' productivity: that the union sa; 

mission the oroblem oE °etiin« vears have had to be 8 abandoned SllWn declared yesterday, ing. and an actual movement mentary Accounts Committee for ' c am Maddox, general followed Spillers’ departure. 

SfSSllM5.S™ b X8«*Srt2 igSF&Sf&g £Sd» & "Sri *' “Kfb™. r™5L£2J*»» *» * 2r&,X". $*** ******* ?• Comptroller and * C rei»^. said hif oogftiatore Yesterday's offer would hit . 

‘ honks ,o release inlormotioo disclose detoll. of dleotf Hnns Si ‘ h f. .‘S*— . u v...o Ce"ero l to^ h.re untroromelOd wn „| d “^ e recommending «n raised the overuse worker's 

; about their clients In cases wl>ere oeeounh. Reports from loot week's meet- SS^J’S’S.^SSJun'S JSntRSiSShnS^i ^ 1 .SS^on, ffl* 1 SSfiS S f* £L *h2S5L.“ SLS..i 

ing of the Council of Agriculture expecting us to swallow." ing to defer the proposed mini- den ce between the government the nSlna” from^bout ^£70 to^77 7r 

L 'mm -» -M -rn Mll SS*5 m J He h °P ed that the greater un- mum net mesb-slze limitation for and Mr. Michael Grylte. ; a Con- !S22L? > ?-i*h fhe'^ Federation Sm* 5iT federation said. - 

e»a 1 ^ Tin . ^U-;*;r.k i?i^Viinrr VaHop*!. I If! ^ ! lof^Ba^eA! FedC ^The ^nion ■ has rejected ft'.? 


Audits rule relaxed 
in companies Bill 


BY CHRISTINE MOIR 


gested that Mr. Silkin had made demanding of ttTufc case dis- “scampi' fishing. w ^ Native MPwho^a^uent yjSS* witb tte team ““ w %*e “niJT hTrejeS ft, 

a significant concession in ox pres- played by the West Germans The British Fishing Federa- critic of the board's operations of J? akert ;, » • nmiinXiw #.ik 

sing willingness to consider the would be reflected by the Cora- tion said that the Minister stiU Two weeks ago Mr. Giylis tj 01 ® ‘th^ASSlftjve which fncknie ^trirter \imekS 

historic rights of foreign mission and the other members had the wholehearted backing of wrote to the Prime Minister esk- ** « b / jS c 5 ni khift chaneS 

fishermen in Bntam's inshore of the Community the fishing industry. ina for a select committee^o bl council on Monday, and the era- mg ana shift change|^ ^ .mobmr 

waters if be were offered an in- “I can JSe hope of a ^Mr Sn&nw'S speaking at a g If fo SSk SSStSm V**™ “ ^Jg^SLEF % 1 %ggg 

cennve to do so. settlement which f could in all Press conference about recoin- operations, and especially ^into ^ iat fte Btrike W0Dki so -nAoujIn^ . 

TTie Minister said Chat the sincerity commend to Parliament mendations by the Commons the case of Th waites and Read, a ah ® ad ‘ .. thb nlaTlts ftf SrmaneSr nlafr WMSnc^h 

West Gennans had softened Bur there is stiU a Jong way to Fishing Industry Committee, to cl ockmaker. which the boaxdhad « Il t w °nL? ^„j2ii te a rii KreK?ent and* adherent ^ 
their position on this question go." which the Government replied, just sold at a loss oTnearlv J 1 ?™, McDougall and agre«nent. and aaoerence .i 

by accepting that these rights The Minister struck one note He welcomed the committee’s £450.000. Allied Bakeries as well as the gI ^® n 1 ^ t p ^^J-". r ^ rik . 

must be thoroughly substan- or caution. "Making progress endorsement of the Government In answer Mr.’ Gerild: Kauf- f°™er Spitten JJw"™- nv I? e last Bakeri > 

nated. with the onus of proof on with the Germans does not mean defence of UK interests in EEC man. Minister for Industry has ta JJ en o 0 ’?, r by i 0 S' slntemte? tast veaT cS ^ 

Z5. e to™ made with the negotiations and described the rejected the. suggestloh^f an wh ^" ®f±2j£JS^SS2! , «i IS5 n dren In JEmSL ^ 


centive to do so. sett 

The Minister said that the sine 
West Germans had softened Bur 
their position on this question go." 


unblemished auditors' report. Trade, -aid that he believed the n i B -Vk Tk h »k “ ,on ot - er EbC com, P ,ttees re P ort aS . a . w,fl0 - inquiry, and has sard in a letter 

But the direiir.re responsible clauses on insider dealing " dealt fi . I! R ■? d -, v U r ' nem , ber3 - it is an important ranging and interesting docu- to Mr. Gryl Is: " Of course it was 

will run Ihe risk of l-'ynl :uiion s.uisfaeionlv " with ihe basic i lhe> might be development but not the be-all- meot which made a valuable con- unfortunate that a loss was 

from sharehuJd.'rs nr creditors if anvieties They would not ore- m? ositi j. ^ v arid -end-ail of the fisheries ques- tnbution to public : discussion and incurred on this Investment But 

their derision proves rash. vent “honest and honourable '’ Ir ' s ' , *' ,n ls re P nrrp d ro haie lion. the formulation of policy. Such risks are inescapable " 

I , f the important dealings " by per-le such as in- 1 

tn>:eh between the vestment analysis who happened 1 

•sm ESSS Met office i Atom workers’ health 


Bread queues look inevitable as ^and a drop in consumption of 
small independent bakeries try per cenL the federation -s&HL 


will run the risk of loyal action saiisfaclorily " iviLh the basic 
from .shareholders nr creditors if anxieties They would not pre- 
iheir decision proves rash. vent "honest and honourable 

That is one “f the important dealings by peede such as in- 
handful of chances between ti,e vestment analysis who happened 
fully tledped Bill, published yes- ,n confidential Informa- 

tonlay. and the White Paper un l ' on virtue of their positions. 
Changes in Company Law pro- Mr. Dell would not comment 
duced earlier this year. in detail on Wednesday's sub- 

The White Paper had laid ™ *«*»"* , th « Cuuncil for 

down that companies could not u t ^ us i ry J^ iond 

pay dividends if their accounts * a . J,n S Jbat be thought that cer- 
had been qualified bj the audi- * ain ._ ^ ear S were not 

tors. Now. after a qualification. Justified. However, he will 
the auditors will be required to shortly be holding discussions 
state whether it is "material’’ with l ^ e council. "I am pre- 
to the c.stributlon of dividends. Pared to do rather less than 


Met Office 


Criticism 


services 
earn £9m 


records are found 


This defence of the NEB is 
specially significant at / a time 
when some of its investments 
have been criticised,; ranging 
from its purchase a year ago of 
Fairey Holdings to the. troubles. 

of Thwaites and ReeidL ~ • ; 


Scots lorry drivers’ 
union rejects offer 


BY DAVID FISHLOCK, SCIENCE EDITOR 


" -»r NK*.«»«Tr. UMW STAFF. . /^^i^UGHTS O! 

Ott Thund^it wu fflnmrered mJt rmtEAT of kdu *tai um.» 

aMolntert at Power D^Bti^k actiem by Scottjsb lorry dmets rises for the drivew of .mm , , 


me auaiiurs win De requirea io ' m u«»iu mtn.ui.li, >utNLt tuiiug . .. nnunlntArf at p nwPr nvnamM a action- oy ocoiuaa-iwry ariven* imi uic uiivcib ui; uior i 

state whether it is "material" w *th the council. I am pre- By Our Science Editor „ ml , ^ . , , SKSiSImn haaS ^SSSoi Increased yesterday when union than 20 per cent, said. the prt 

to the &. 5 tributlon of dividends. P^ed to do rather less than y A PILOT study to trace the medi- legist, and the Authority has SSlSSJl-ln.mure in whtohthP Officials rejected a second and. posals were unacceptable. ‘ 

But the onus o' deciding whether needed to be done over insider RECE1PTS FRoM <DPC ialised cal reco £ d * former ompioyees asked the Medica! Research Coun- Evi hft w- » Tn^thtM rtatA 1 : employers say. last pay offer, Mr. Peter Talbot- unioa thid 

to pay the dividend will rest dealing rather than cause more “tieor^oSical lervi^ tu ‘ n the l Bri , 1,sh nuclear industry, ril for ad vice. The National bo f_ rd ^ within Government guidelines. group secretary, said that:th." 

firmly on the directors. harm than good, he said. industry Earned (he Meieorolum datin^m-k ^ lhe eari^st post- Radiological Protection Board. D _ IL out bat tbe orofit bSe The Transport and General recent Price Commissioh repbr - 

The Bill -tire contains stroneer A . n .. ,mportant ,s ! ue of *"l er ' cal Olfilc neariv ffim m 1977 ft a cliv. ties in nuclear w.,a puns, watchdog of the public interest 0 f p £ r ev Holdi n f? was M 2m Workers’ Union Is to recom- indicating that road : haulier^, 

leea Isu DQorifor ,nri?vi dnrfls 5 ^ p relation emerged yeserday atcnrdin g "j ils ‘ a nmia[r.*porL *'"* ,)e «" proved «ncxp v .,todly m radiation will also be Sftji . har otitfr ass^ m en d ite ejection at meetings would not be allowed to pas$cfi 

m?n or? ty P “ roups who b c 1 u- v e t b over . sta,us p ™ perty ‘T*’ These tanlin"" now uwer ^ ucwssful - - inv, .' lve ? in analysis of the ^5, compaSfes’ Droato were nest week of the S.OQO.drivers. inflated costs, had been^ffiiif- ■ 

have e £ei SS’SJMt dassffi^sln- 3im ™> ^inl uf -he British Nuclear Fuels a id ye,- register of radiation f$ m 'Zl'SL&t X tosS The Scottish section of the cant in pegoUation^ . ; ’ 

oppressed by the company vestment comoanies because P cnditl, re of the Meieoro logical l ^ at Ibc study. up on some other subsidiflrSes, this Haulage Association He also thought that the , «t_ 

Otherwise it is virtually identical SS»" finance enmei ”rnrn”SStU 0Rice al Br3cbneU - I9,h - had su- -reeded in traclnu s(« The national register was set led to the board showing a £ 2 , 4 m 3 ttached a self-financing, attend- ^sevg 

to the White Paper. „ a rtv hn?rewii?S rather than A substantial part of the earn per cent of a sample of J.reO or up originally in discover whether profit for the period 0 h the com- *nce payment scheme to its G overt! men r pressure to. kfle. — .. 

No substantial changes have from sharSES ings ,-omvs from service* to C :vil the earliest employees at lhe there were any differences in (be Janies in whijh it had invested original 5 per cent offer. withto gtiidelinefc • 

been introduced into the section Th* Bill which received it* a V a . Lion - «« income u believes ^is ^ iaui 5 e and ages of death between on iU own account ; • ; - ; - - - ■ - - — — -.--iw 1 


i the .iTiite Paper. parly borrowings rather than 

No substantial changes have from shareholders. 


been introduced into the section The Bill which received iu a *'“ uon - an UKUm< - 11 * s •■•*«**■ a,, n a « e -v "i oeatn ueiween on its own account 

on insider dealine. although first r Parting nn Thursdav k «. hke! >' ln ra,! 33 '-ommerctal lly- l "5: u _^ b _7^J , ^ |, L u *°. n( L‘ m l l f, * rh ® rs . wh .° had accumulated The’ total half-year -.figures. 


on insider dealing, although first reading on Thursday, is ex- 
City institutions Have been peeled to get its second reading 
anxious that the present word- within a fortnight. 


.ing becomes less weuther-sensi- separated for the first nuclear different doses of radiation including companies the' board 
live through developments in weapons. during their working lives. inherited from the Government. 




avionics. 


H. Boot chief quits 
over ‘differences’ 


tlJ • British Nuclear Fuels said ^ l n * 


. . . ,, r i .“'“rvw restartin'* it* reornootscino ,n QJ » ‘en-er inai a treasury 

! Industries and activities mak- all former employees: Sraiions L - ,)r 5108 Minute would be published soon. 

,ing regular use of its “tailored'’ They now .'.believe tint the '**"• au “‘ ,s ’ It is due in the next fortnight 

meteorological service include records of a- higher proiwrtian The plan! was shut duwn an d is expected tn rtfject the 
farming, transport and shipping, uf the W.000 former employees earlier tins week after an in- proposal. Mr. Kaufman's letter 


plants reject 9% 


i>- 

:.-5s 


BY NICK GARNETT AND PHIUP BASSETT 


BY ARNOLD KRAN5DORFF 


A JOINT managing director of management of the coni ract-s. "he One of tile major difficuRieV in and Survevs, 
Henry Boot and Sons, the Shef- shared overall responsibility- for offering such services tn small- ’ The data 
field-based construction and them." scale activities lias been how to examined by 

engineering company, has Mr. . Boot added that Mr; recover revenue 'economically as' well as b 
resigned because of "irreconcil- Parkinson would be getting from a large number of users, i.i'ans. British 
able differences with his Board “reasonable severance pay," Because of this, many “casual engaged .a 1' 1 
colleagues." Last week the group although he declined lo say how inquiries” continue to be 
announced a £ 1 . 8 m turn-round to much. answered free of charge, 

losses of £840.000 for the first u is. known that Mr. Parkin- 'But the Meteorological Office yi 

half of inis year. son w - as j,ot on a fixed-term con- Is- working with the Post Offiep « tt / I 

The director concerned is Mr. tract with the company, and that to find a way of offering wW I 

John Parkinson, who has also his earnings were between specialised services — such as T T J 

stepped down as chairman of the £42.500 and £45.000 a year. He six-hour forecasts — through the 
group's building subsidiary, is aged 50. Post Office’s new Prestel TV 

Henry Boot Construction. ’ Mr, Parkinson joined the inft ! rraat ‘ on service. They may • 


dleerricily and gas. con struct ion. — perhaps 92-93 per rent — will be oitlent in j silo used lo store the indicates this because it specifi- MAS *» MEETINGS oE manual wort h a further 8 peTrCent.br 

ice-cream and frozen foods— and' broughr to. irahi by the effort? of magnesium alloy cans stripped rally restates the Government’s workers at three -of P r, ."helin- " ba *"f rates .- 

pigeon raring. ' ! lhe Office, of Population Censuses from spent Maqnox fuel. Moni- known view that detailed exami- UK\ six plants have rejected a Shop stewards at the compare 


Mr. Edward Boot, chairman of oroup neariv 10 years ago ln|^ e lul PJ eT nnted with the help of 
ency Boot and Sons, said yes- iwn he «n‘anmim«j manioino * ne w radar network for measur- 


Henry Boot and Sons, said yes- 1970 he was appointed managing 1 ? new netw ' ork for measur- 1 
terday that Mr. Parkinson’s resig- director of Henrv Boot Con - 1 in . c w rajnfa11 < ? ver a wide area - 
nation “should not be materially struclion and held' that position ! wilfi ■“*?“»«« processinc and 
connected with the company’s until the end of last year when l P res e n tation of the data, 
half-time loss.’ he was appointed chairman. He! Meteorological Office Annual j 

However, he admitted that it was appointed joint managing ! Report J977. SO. £4. 
was “nor entirely unconnected" director of the parent company 

with the heavy losses from local at the same time. 

authority housing contracts in Mr. Parkinson was unavailable 

the Midlands. Mr. Boot said that for comment yesterday. He was **4-;^»* 

although Mr. Parkinson was not said to be en route to Nigeria. UU COrpOratlOn 
personally involved with the to settle some company business. 


BY MAURICE 5AKUELSON 


Oil corporation 
to pay back 
$I50m loan 


MOUNT VESUVIUS will erupt, 
golden rain fall and Venus 
rockets blast off as bonfires 
mark tomorrow’s 373rd anni- 
versary of the Gunpowder 
Plot. 


However, although the ritual 

Power billing changes urged SISOrn loan is undergoing big dumswAo 

000 ivmii re i Je f 0 f parents and pet- 

BY RO\ HODSON Financial Times Reporter owners, there will be far 

—no- , rewer blasts than jhere used lo 

THE PRICE of electricity will Boards in England and Wales B RmSH National Oil Corpora- be. In accordance with their 
be adjusted less Frequently if to decide whether to introduce titm has arran ged the prepay- 1976 agreement with the Gov- 
new recommendations by the the change. ment of a si5Qm (£75m) Euro- crnmenl, the manufacturers 

Electricity tiouncil are accepted Scotland has different tariff dol!ar fundin2 originally raised have halved their banger pro- 

nationally. structures and is not affected. j as t vear an d made available ia duel ion to 22m. against 4flm 

The proposal is that the fuel The council satd last night BritoiJ. a non-subsidiarv com- «n 1974. 

cosr adjustment to quarterly that the price of coal and oil pa n\- in the V.S. ' There arc far fewer lire- 

electrieity bills to take account had remained reasonably stable BNOC raised a total of SS25m works altogether: probably 
of energy price movements be since July. Consolidation of Fuel bv means of 3 forward sale of slightly more than last vear’s 
consolidated into basic electricity cost adjustment would not affect 0 {t t0 Britoil. financed bv a con- 150m, but only a fraction of 
tariffs the amount to be paid by sor tium of banks: 3150m in the 400m eight >ears ago. On 


duefion to 22m. against 46m 
in 1974. 

There are far fewer fire- 
works altogether: probably 


It will be up to area electricity customers. 


Eurodollars add 3675m in 
1 domestic dollars. 

The S150m. eight-year loan 


the 400m eight >ears ago. On 
the other hand, the fireworks 
are bigger and the cost of to- 
morrow's festivities Is expected 


spent Magnox fuel. Moni- known view that detailed exami- UK\ six plants have rejected, a Shop stewards at the CTmpOTj^i '. « 

nrtle::icd that the hydrogen nation of the board by the Comp- 9 per cinat pay offer linked to S®* 

formed by the reaction troller General "would be j oe reM«Snr<StJCtIviTv ? r * 

en macnesitim and waier incompatible with the de R ree of - 5 ^ oLuti wllTbe heW clear *o t^e workere that the? 

* >'U 0 was reaching a con- commercial freedom that is fSKfaM ? 0t ™ 

itinn which could be essential for such a body to “ Jr* ^ doctivity element. -■ 

iive. operate successfully.” Th e Transport and General . Mass meetings of the corns. 4 

Workers’ Union, which repre- pany’s 8.000 workers have -aW/ F 

seats almost all the manual ready rejected a recommends- U ( 

_ __ __ ___ workers, said the commitments tion from their negotiators tc 

MM/lUwr £* ^ 7 . afv ■ __ __ w J _ — sought by the company, in- strike over the offer. 

WW HB ■ / lil ■ lri 0 11/ 17 AO eluding new holiday patterns, The full picture of the -war 

▼ Y JU Ov / 111 \JI 11 j f f were proving totally unaccept- ^ers’ response. will not emergt 

a/ able. . until the last of the mass meet 

The offer involves " reinstate- tn £» on Tuesday. - Workers at, 

• H A • j j • • A m ZjU of a 3 ner cent surnlS K^ kb >’-“ e et tomorrow, at Hemel 

night is getting quieter |§ss^f . 

2 * J tor 11 three-month trial of. . 

the pttiductivity scheme, and the.. 

S d«r 1 vlttltin SreSm 1230 office al toe plant also . 
tivttr deal within presem TOted ft(r . a 

li were being mopped up people have no garden. of Employment Sunningdale plant vofed 

asinessmen In a City shop Thousands of Londoners will aenniuonH - about 2-1 .for the 5 per cent 

rday: the £1 Roman see the shows at Alexandra Workers at three Kodak fac- offer, but about 4-1 against the 

e; the £1.50 Mine uf Palace, Crystal Palace, and lo lories held mass meetings yes- productivity scheme. Workera 

■Is: and Hie £250 Gulden .several big parks. Local groups terday on , the company's Phase at Manchester voted against the 

ivr, looking like three are also organising supervised Eour offer,' thought to be with- whole offer. 

■ of dynamite but with bonfires in many adventure in Government guidelines, which KIrkby and Harrow plants are 
aesthetic effect playgrounds. would give rises of 5 per cent op expected to . vote against the 

e trend towards bigger .' pay and a productivity deal offer at their meetlnga. 

®rks is part of the broader . n , " (ll s ® n ?F ***?' , Creal 1 er . 

from private back-garden *£■*■ the * 

Fawkes na riles to more display: In others It employs 

*ys. ,ar safer— public SUsSSmSS? 3.(11011711 S-ftCF f&THl 

Ihe "good old days” uine- thp han fis or Phoenix Fire- A AilVo aUjUUl U UllCl iulill 

s of the UK output went wo j£ fi ’ _ .. I v p ■ 1 o* ~ 

v: *25, KsJSfoS, BIS. a employers hold firni 

ilc lo children Tor a few **•? "Ally Pally" Is unlikely to * " 

. Now those fireworks are who TALKS ON a big pay claim by more holidays and increased 

xcs and must nut be sold WI, A farm workers adjourned in overtime payments, 

idren awd under IC. London yesterday after the Mr. Boddy said the talks had - 

ndard, Ben well and Astra employers refused to badge from been adjourned until December 

iroduce mainly for shops. at their 5 per cent offer. 7 so that he could try to meet 

tracks and Pains/Wesscx „ For Standard Fireworks, the _ . .. _ jlr John Silkin Amrirnlture 

oDled out nf the retail Guy Fawkes rush ended .The anion wants the Govern- n s 11 Kin, Agncuinire 


a the j 


carried a spread of 1 per cent to top last year’s 17m. 


co 


Op 


over interbank rates. The ore- 
payment was funded by Britoil 
drawings on funds available 
from the UK national oil 
1 account. 


Plenty of smaller Items are 
still for sale, hut these are all 
In packs, anil are not sold 
loose. Typical of the larger 
fireworks arc the Astra pieces 


which were being mopped up 
by businessmen In a. City shop 
yesterday: ihe £1 Roman 
candle; (he £1.50 Mine uf 
Comets; and the £230 Golden 
Feather, looking like three 
slick*' of dynamite but with 
more aesthetic effect 

The trend towards bigger 
fireworks is part of the broader 
shift from private back-garden 
Guy Fawkes parties to more 
spectacular — and safer— public 
displays. 

In the "good old days" uine- 
tenths of the UK output went 
straight to the shopkeeper. 
Many were Individual items 
fi»r sale to children for a few 
pence. Now those fireworks are 
in boxes and must not be sold 
to children aged under 1C. 

Standard, Benweil and Astra 
still produce mainly for shops, 
hut Bracks and Pains/Wessex 
have opted out of the retail 
market and eonccntrale on 
disolay fireworks. 

The trend towards public dis- 
plays and parlies is more 
pronounced in cities than In the 
countryside, because many 


people have no garden. 
Thousands of Londoners will 
see the shows at Alexandra 


Talks adjourn after farm 
employers hold firm 


For Standard Fireworks, the 
Guy Fawkes rush ended weeks 


ago. - Now we can get on with mwt to make farm workers a M 5e 1 said- “Other Industries 
our exports, such » our latest special case In their battle for ha «« blcn able io e StSF&l 
big order for Norway," the aarfSOa.- week basic wage. guideline^ and these^reJndu? ' 

company raid yesterday, wjth .Mr. Jack Buddy, general secre- tries which- do not have the nrob- 
a sigh of relief audible all the to*? of National Union of iS ftp thp indue. 


company raid yesterday, w)th M 
a sigh of relief audible all the ta ry 
way from Huddersfield. Agri 


Co-operative Bank 


CONTRACTS 


With effect from 


£6m work for Southern Counties 


tary « national union ot !«»« of- the arri<-,i»h,V=.l inrlWi: 

said C the ' 0 ff er ou ”** « -^5^ S$S 

S3W ■ Toe oner 901011QI5 to .3 • economy ** . 
packet or fugs at the end of the Mr. Ali>c Lewis; leader of the 
w®!* -after deduction*. . employers’ side, said they were ^- 
Ai? be iP f ^, nl Wa ^ c s £43 f f* r a no1 w, 'tBng to #0 beyond 5 per 
T ^h"!° n J 3 ^ ekl "3 cent without Government- 
£S0. -Xoc a 35-hour week, plus approval. 


6th November, 1978 

the following rates will apply 

Base Rate Chang e 
From 10% to 11f% P-a. 


Contracts amounting to more than resulted in an order worth Ilm wilh TILYILOR (UK), of marketing venture in J:i pan. 
£6 ri have been cained by £450,000 to Dale being placed by Blackwell. Derbyshire. The order * 

SOUTHERN COUNTIES CON- the Royal Bank or Scotland. The is for 200 40 ft platform trailers MEL, in collaboration 


STRUCTION COMPANY. One is EMI centre in Tottenham Coun with twist locks to curry ISO FERRANTL has boon awarded a 
for a £3 .25m sew.-ipe scheme at Road, London, being built by shipping containers and a quantity multi-mil lion-pound contract for 
Tomes for the Southern West Bovis Construction is to rely on of " skeletal" trailer chassis for the provision of u tactical, non- 


Furniture workers begin 

go-slow over pay offer 


Water Authority. The others Dale equipment valued at container curcyinq. communications electronic war- BY NICK. GARNETT, LABOUR STAFF t 

include tne new Swindon £140,000. Additional orders have ★ fare fEW) system by the Ministry ‘ '■ J 

Northern Distributors road at a come from Government depart- A £1.8m mechanical services of Defence (Procurement Exocu- WORKERS -in the furniture • The British * 

cost of £I.5m, a road improvement rnentii together with repeat orders eontract at Ford's Bridgend tivc ). manufacturing and repair Indus- facttirera bad mads “an «IL 1 

scheme at Crockcrton. at a cost from department stores- factory in .south Wales has been * begun industrial actfoa' al *l - 5 

of £0.5m. both Tor Wiltshire * . a Y*Z ‘“Vj J° Haden \oung. part A contract worth £700.000 has iaa^Sputfr wttb^ emplSvers nve? S? ?f r i Cen 5^ • " ‘ ‘ 

County Council and a new labour Three contracis worth a total oT nr the Hadpn Carrier Group. Some been won by UANIKI, IN- a now . 1 nw tn 7? . ur y D| ?- described ad • . . . j 

camp at Pembroke worth about £3 Jim have beer, won by JT 32 km of pipework is to be DUSTRifcS, of Falkirk. Scotland Tnm.JL P ' 1 ™n trom .paltry, and denagry.'* 

£OJ23m ror Grand Metropolitan BUILDING SERVILE, of .Bristol, provided by Haden Young within for the design, manufacture and Negotiators for other uniffns. : < \ 

Technical Services. • The contracts are to design and a site covering almost 730.U00 sq service of an offshore metering ajSS tocUWiag the ^USSwrt aSf ■ 7 i 

* build offices in Wes ton-super- metres. sysir-m to be Installed nn * the _ -V”?? ^ J*'* 31 ™ General Workers and thp Union ' • -■ ! 

Yorkshire based DA1*E ELECTRIC Mare for WomJsprinR District * Sraifjord “B" platform in tilC^ ' OT C *f" , «f «J2. a,0rily , ***> i«- i Atiliiv TvSSJ ' - *' 

has booked orders for more than Council, a factory and offices In Mitsubishi Petrochemical Com- Norwegian North Sea. dUStrj s BO.OOO wqrWorec. ' J^f&JSSSuS’ '' * i 

£2m-wor*h of generating sols in Worthing fnr Eurutherm Jnierna- pany. headquartered in Tokyo. * irtmcled ils members this week Jf C 1? C aaSi jf?J ^ ^ „ r ' ' | 

the UK- The new Midland Bank tioiral. and offices In Norton has ordered a large-scale Sperry BfWATER SHELL ABE Ait has lo begin an immediate overtimti - aa nnyc.rejecttw.-.i ne o»er. ; 


Also: 


7 Day Deposit Accounts 9% p.a. 
1 Month Deposit Accounts 9|% 


250 - 


computer centre in South Fltwarrcn. Somvrscl, for the I’m vac cnmpuicr vysiera valued been awarded- a conirnct worth * ,3n ' gtwtow. 1 oe.vra urns- nave ueen sceninn. • 

Yorkshire ha-s placed an order TViuoton Cider Company. at about **3“*r. I _TJie order wajj ri.Tm 10 construct a lum spillon Ml Boa. Rtibnec. ibo on* Oil’s a new. basic rale- of- £2 ad hour 

for five sets initially worth * . « Wl IS,p f. ON reservoir and pumping station fop general secretary, said yesterday for productiuh .workers, subsUo- 

Him. A Similar application .n>ii»<pnrt ituemattnMl. jw KAihHA tl lie bperry Rand the Ruler of Sharjah In lhe that tile action had a 1 roach' had tlal ImdCdv^uents for the lower -'.- '' 

involving a ctimpuler ccfllre has ITIP; has placed an arfer worth Corporation joint computer United Arab Emirates. a marked impact on oroductinh naiit-anit " T 


The .unions, have- been seeking, 
tbc union’s a new basic rale of -£2 ao hour 


'involving a compuler «fllrc has \ TIP) has iriaced an aria north Corporation 


yp, 




\£j> 


U marked impact -on production. paid ; a S5-fequr week. 


November 4 1&78 . 

^ jfcHfe^ IN '. THE MARKETS 





th« last financial year the croup 
declared pre-tax* profits of 
£52.4m on turnover oF £7 52m. 





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The Stock- Exchange -;haa 4 
turbulent 'and depressing: week: 
depressing because volume has 
remained low despite the Tiolent 
price movements tin Wednesday 
and Thursday, ' an&^bettuse the 
FT 3$Stiarei Index.Xost'.a further 
10.S points oh the week to stand 
12 per cent bektay September’s 
high point - . ‘\t- 
President Carters spectacular 
package to support- the dollar 
brought' V ; stttrp^anaMc-up in 
equities' on \ Wednesday after- 
noon. The. market concentrated 
on shares; which had beep; weak 
as a result uf fears that the rise- 
of sterling -wiis squeezing profit 
margins and the Index recouped 
the. morning’s' eight-point faH. 
Biit on Thursday equitres drifted 
down again intee absenee .of 
fonow-through -backing. - - 
Wages continue to be; a major 
worry. -The failure. of Ford" and 
BOG workers to settle, and -the 


LONDON 


ONLOOKER 


-lur- 


higher wage offers in the Ford- 
dispute,; were, unsettling influ- 
ences throughout the week. 

The other' major depressant, 
ihe upward, trend in short-term 
imerfost rates, became more 
threatening * after the Carter 
package, which included .'a one- 
point rise in the Fed^s discount 
rate. Although Minimum Lend- 
ing Bate was unchanged .on 
Thursday the subsequent lifting 
of bank base Tates and the - half- 
point rise in the treasury bill 
rate at yesterday’s lender gave 
the stock market no relief. Gilt-, 
edged slocks reached a year's 


fow'oh Thursday, 'but there was 
'some" improvement on 'Friday 
and the market was able to take 
some encouragement from the 
steadier tone at the long end — 
the yield curve As jtow flatter 
Jftaneyer. 

Di vidend builder 

-Construction giant George 
. Wimpey held a rare press con- 
fere nee ihis week to: announce 
;its plan to reorganise the. group, 
a move which ht; allowing it to 
■increase-its dividend over three- 
fold is . the near future 
An im press! ve arrayof direc- 
' tors'-turned nut to announce to 
the;' gathering thata new cor- 
iporate structure is.aecessaiy.for 
Ihe group. Increatms this struc- 
ture a. new. holding company is 
’ to-herformedi-which incidentally 
.the Treasury' intends to treat 
as a newly listed company, and 
/therefore free' from- dividend 
; controls .for two years, 
"“tyc-have been, accused over 
-the years- of paying a.mean divi- 
dend.'’ observed the- chairman 
■ Mr. Reginald Smith— and the 
/attractions, of the larger con- 
struction companies shares have 
..indeed been diminished by their 
tiny yields. Wimpey' is not the 
first construction -company to 
come, up with this . dividend- 
boosting device. March wtei and 
Richard - Costain have recently 
announced similar, schemes. 

- Bui Wimpey is; anxious to 
play down the dividend boosting 
aspects.-. The change in struc- 
ture is required because “ we 
need a much sharper definition 
of . responsibili ty ; for -. pro lit s. 
both; by activities and geo- 
graphically.'' said- Mr. Smith. 
Yet-" the; bid /structure, un- 
chaoged /since ; 1S34. does not 
seem to Have' done too badly. In 


Hoovi 


w in a spin 

Foreign importers — particu- 
larly Italian — -arc taking Hoover 
to the cleaners. As this week’s 
results showed, intense com- 
petition for washing machine 
and vacuum cleaner sales bas 
again squeezed margins, and 
after nine months profits before 
tax are down by more than a 
half at £4.15m. A dismal tally, 
given earlier hopes for 1 lie 
impact of the consumer spend- 
ing boom. 

Because of unyielding stance 
of over. -leas ' manufacturers. 
Hoover has not dared raise 
prices during this period. In 
fact, in some cases, prices have 
actually fallen. Moreover, in 
order to hang on to its market 
share, the company has had lo. 
push up its promotional costs. 
Couple this with an increase in 
labour costs of around a tenth 
and higher financial charges las 
a result of a build-up in stocks 
towards the end of last year), 
and it is easy to understand why 
margins have slumped from 6.5 
per cent to 2.7 per cenL 

The fourth quarter, however, 
brings with it some cheer. 
Demand has improved since the 
late summer and Hoover imple- 
mented a 5 per cent price rise 
in October. Overseas markets 
too are looking brighter and 
stock levels are falling. But 
this may only be enough to 
give a full year total of fR.fiin 
pre-tax. compared with £12 2m 
last time. Since the announce- 
ment the .shares have fallen by 
a tenth lo 255p. 

Barclays' base 

Barclays' decision on Thurs- 
day to lift base rates by as much 
as H points to lit per cent and 
its hteh street rivals' immediate 
follow up yesterday, left bank 



shares a few pence better Iasi 
night. The week's developments, 
although sudden were net 
entirely unexpected as shown 
by the bank sector's 2.5 per cent 
rise in the four weeks from 
October 5. against a 6.5 per cent 
fall in the FT all-hharc index. 

The dollar's difficulties and 
the consequent increase in U.S. 
prime rates admittedly made 
UK changes much more urgent. 
But conditions in the London 
money markets, where rates in 
the last few’ weeks have been 
creeping up. had already made 
Mime adiustnicnt overdue. With 
loan demand at a high pilch, 
corbel restrict ions in any case 
make competition among banks 
unattractive and the appearance 
of "round tripping” I borrow- 
ing on overdraft to lend in ihe 
money markets) made some 
acln.n inevitable. 

Brokers have hurriedly 
upgraded their profit forecasts 
for the ” Big Four.” All the 
banks have, of course, hoisted 
their deposit rales. The more 
important point, however, is 
tlinl perhaps 40 per cent of 
bank resources come from 



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MARKET HIGHLIGHTS OF THE WEEK 

U.K. INDICES 


.Price 

Change on 

w \ 

1978 


Average Nov. Oct. Oct. 


. Y.’day 

Week 

High 

Low 


week to 3 27 20 

Ind. Ord. ' Index ■ 

472.4 

. ' -70A 

5353 

433.4 

Pay, profits and int. rate fears 

FINANCIAL TIMES 

Allied Irisit Blinks 

202 

•' -28 ' 

239 - 

' 150 

Disappointing interim figures 

Govt. Secs. 48.93 69.50 6930 

Fixed Interest 70 J2 71.15 70.96 

, indust. Ord. 477.5 489.9 496.7 

Berec 

-130 

. >rl4’. ' 

. 175 '• 

130. 

South African labour problems 

Berjuntai * 

-.230. ‘ 

-~25 

305 

200 ' 

Shortage of tin leases 

GoIrPMines 137.S 149 7 1SS.7 

Do (Ex S Pm) 100.9 1 09.2 113.4 

: Dealings mkd. 4.610 4,591 4,482 

British Northrop- 

72 


104 ■ 

n 

Mid-way profits setback 

City Hotels >.- 

1« 

. -fli: 

142 - 

■■ -73i . 

O.F.T. probes ice cream subsidy 

Conzlnc Riotinto ;• 

27 4. " 

+24 i 

- 336-. 

148 

Ashton report due on Monday 

Deco A 

410 

-5». 

. • 

380 

Profits warning 


Hoover A 

255 

-30 

■> 390 

255 

Disappointing third quarter figures 

FT ACTUARIES 

Capital Gds. 231.61 238.92 240 JO 

Ulng (J-) A . ‘ =- 

^74' . 

: t-M . 

- .87 .-. 

- 73 

Following prop, hive-off 

Northgate Expln. - 

,370 

•• : .-+55;- 

445’.. 

■; -. 245. 

Group share re-shuffle 

Piym - 

. ip* 

■,"■+18 •: 

108- 

V 72. 

Revived bid speculation 

! (Durable) 203.93 211.75 21408 

Reekitt A Colman 'T ■ : 

4 40. 

. -3 5^,-: 

-530 

392 ’ . 

Fears about overseas earnings 

Cons. (Non- 

Richardsons; Westsafth 


V -^11 ' - 

V : -44V v 

•- : 49 

Poor interim results j 

Durable) 204.45 210.68 213.50 

RustenbuTg Platinum 

■ 89: 

v-18 - 

' 117 ‘ " 

-' 70;-' 

Fall in platinum price ! 

Ind. Group 215X6 223 02 225.91 

Ulster TV A . ' 

'■741 • 

-•- -b7L . 

75 

• ' - 53 

Awaiting annua] results 

500-Share 239 jOS 246.46 249.65 

United' City Merchant* 

51 

-13 *. ■■ 

73 . • 1 

41 

Profi ts ..setback 

Financial Gp. 160.23 163.72 164JS 

Wardle (Bemaid)- i- • 

. Si’ 

■ -+sf- 

32 . 

,174 ■ 

Speculative demand ! 

All-Share 21801 224.94 227.62 

. : f Based 

on Mondays opening price. . 


1 

. ^ 1 

Red. Debs. 56.35 56.69 65.67 









interest free current accounts 
on which extra profits can now 
be earned. 

The range of estimates for the 
current year is £170m-£lS5m at 
Lloyds (against last year’s 
£l66m), £535-£C5um at Bar- 
clays (£26Sm>. £IS0m-£210m Tor 
Midland (£165ini and £250m- 
£280m at National Westminster 
fl'228m>. 

Sime attacks 

The row beiweon Sime Darby 
Holdings and tlie auditors the 
Board wants to jack. Turquand 
Youngs and Oh. lias changed 
from being a local wrangle inln 
a battle where reputations may 
be destroyed. 

This week Sime said tlur 
“certain directors.” believed 
that Turquand had taken tc> 
long to uncover the wrong- 
doings m the Hinder affair 
Mr. Dennis Hinder was a 
chairman of Sime who mis- 
appropriated company fund.- 
The group has been advised by 
London solicitors that it has 
a prima facte case again*! 
Turquand for negligence and 
breach of sLatutoiw duty with 
regard to the 1972 and possibly 
earlier audits. 

Turquand has denied the 
allegation, saving that the mosi 
important misappropriations 
were committed in 1972-7.1 
financial year and that 
Turquand can take the credit 
fur exposing them. But the 
allegation is so serious thai 
Turquand will doubtless feel it 
must do more to clear its name, 
possibly through the courts. 

The reputation of Simc's 
current Board also hangs in Ihe 
balance. If Turquand ean vindi- 
cate its role during the Hinder 
affair, then ihe directors of Mm 
corporate flagship of .Malaysia 
will not exactly have covered 
themselves with glory. 



BY 11.30 on Monday morning 
Siock Market reporters were 
giving haif serious thought to 
the best vantage point on Wall 
Street from which In observe 
falling bodies. Fortunately this 
ultimate expression of despair 
about market crashes has gone 
win or Tavnur on the street of 
a thousand dreams, but many a 
heart wa> beating irregularly at 
the climactic sight Ilf 3 17. M? 

point fall in the Dow Jones 
Industrial Average, capping a 
descent of more than 90 points 
in the previous I wo weeks. 

The head of the trading 
department of one of the coun- 
try's largest brokerage houses 
observed ih*i every bad market 
has a blue Monday ** and if ever 
a market deserved a blue Mon- 
day. it's i his one.” By the close 
of trading the day was more 
bizarre than blue, for the Dow 
had recovered from its precipi- 
tous early morning fall lo close 
5.8 points higher on the third 
highest trading volume on 
record. Bui rarely has the Dow 
been less representative <.f ihe 
b mader market. 

Holilie.’illy. a gangrenous 
■dock rnaskei was a didre*>ing 
expression nl no cutifidence in 
President Carter's pnlieic*. 
front his a mi-inflai innary str:i- 
ipgy hi- management of the 
budget and apparent inability 
to do anything to maintain the 
'niegrity of Mil* dollar abroad. 
The economic implications of 
the marker* sudden weakness 
were sires-ed at the beginning 
of the week by .Mr. Alan Green- 
span. former chairman of Presi- 
dents Nixon and Ford’s Council 
nF Economic Advisers. His 
thesis was that a casual rela- 
tionship exists between stuck 
prices and capital investment, 
and a fall coupled with -sharply 
rising interest rales reore«Mii 
a deadly threat to business 
pending plan?.. 

M's a very complex pro- 
cess. bin when the value o' 
exisiing facilities rises relative 
to the co si of producing them 
new. rales of return on m-w 
cuniial investment are ri-ung 
implicitly . . . conversely, when 
stock prices fall. Ihe value of 
mutin'.' un new plan! and cquin- 
menl is diminished and » cum- 
pany's incentive m increase it* 
rat- of rapilnl investment rt**. 


dines,” observed Mr. Green- 
span. 

Thus, ihe market itself could 
become one of the prune causes 
of a recession. 

Kuw fears that sharply rising 
interest rates would drive the 
economy into a recession next 
year are one or the main reasons 
why the market switched intu 


NEW YORK 

JOHN WYLES 


such a hiyb reverse gear three 
weeks ago. If this analysis is 
correct, it is certainly con- 
sensual, then the market's initial 
reaction in President Carter's 
package tells us mure about its 
current fevered stale than the 
merits or demerits iff the pack- 
age itself. Wednesday's gain of 
35.34 points wa.-, the highest 

daily advance in history and 
interestingly outpaced the pre- 
vious record set on August 16. 
1U71 which was the day after 
Pre>ideni Nixon trotted out his 
programme lo deal with 
domestic inflation and an ailing 
currency. Although technical 
analysis say (hat the market was 
due fur smneihing uf a rally 
anyway after ihe recent purge. 
Wednesday’s buying was akin in 
a pent up expression uf relief 
dial the Pre-odeni appeared at 
Iasi In he a Hacking Mir funda- 
mental related problems of the 
dollar and dutiiestic inflation. 
The initial tnarkei reaction 
glossed over Mu- very seven? 
spurt lu domestic interest rales 
implicit in a I per cent increase 
in ihe discount rale to 9 A per 
i.-cni i the steepest single 
increase in this rale since 1933) 
and a rise in bank reserves lo 
h«* lodged with rhe Federal 
Reserve Board which sucked 
some $3hn of liquidity out of the 
banking system. Both uf these 
measures fped Ihe ogre which 


has been stalling the market— 
Sharply Rising Intel est Rales. 

Influential classic market 
theory holdi that the slock mar- 
ket Tails as interest rales rise, as 
indeed it has. and that the best 
time ro look for a turn in the 
market is one t” three months 
after interest rates have peaked. 
The tightening of credit implicit 
in the discount rate increase, and 
the draining of bank liquidity, 
may of course advance the day 
when interest rales dn peak, but 
their future movements will be 
heavily dependent on the fate 
of the dollar abroad and money 
supply development at home. 

Both look likely lo remain 
uncertain for several weeks 
since after a spurt nn Wednes- 
day. the dollar is in a holding 
nallcm all hough ils marker is 

certainly more orderly. Those 
looking for grains of hope on 
/he money supply front were 

thrown a gr*ai rock yesterday 

when the Ml measure was 
reported to have Fallen in the 
past week by an enormous 
85.2b it. As a result there was 
much louse talk this morning 
abmil interesi rates being a* - nr 
close to their peak but ihe 
market appeared in be taking 
a more sober view. 

With Citibank moving its 
prime vatc to lOv per cent this 
morning and with other short 
term interest rates moving 
closer to previous records uf 
1974. economists ngnv that the 
probability is now greater that 
the ITS. economy m:;> suffer 
some «ort of mild recession next 
year. If Mr Greensnnn is right 

then ccrtainlv a mint bur of com- 
panies may alreadv he taking a 
t ed pen to their spending plans. 

CLOSING INDICES 


MonHyv 

S11.B5 

+ 5.80 

Tuesdav 

79J.43 

-13.40 

IVednc.-rday . 

827.79 

+ 35.34 

Thursday ... 

S 16.96 

-10.S3 

Fridav 

822.11 

+ 6.15 





IT HAD to Jiappen. WHen-the gold does tiot retreat, there is the gross national product in- ment on the Australian uranium 
price of gold soared by 510.75 the possibility that European creases to create sufficient em- front has come with yesterday’s 
to a p eak clo sin g lew! of -5^45^ ex-premium buyers ntay be ploymem opportunities. Even so. news that agreement on royalty 
per ounce- on’. Monday- things attracted by the dividend yields he expects a further rise in the payments to the Aboriginal 
were clearly getting "out 'of hand of- over 20 per cent which are group’s profits which at people has now ben reached be- 
and .despite alL-thp- arguments offered by some, of the good- R16.7m (£9 228m) in the year to tween their Northern Land 
in .favour .of .bullion, market class issues. last June compared with Council and the Ranger pro iecT 

observers -kneW- .that a..’ price The - improvement in South R13.47m , in the previous 12 of Pcko-Wallsond and EZ Indns- 
correction 'had. to -come. ' Airiea’s . economic climate has months. • tries. . 

This T was translated into fact-been, reflected in the chairmen’s The anti-uranium and en- This would appear to be the 
two days later when the news statements, this week of two of viroamental protection lobby fast hurdle to be cleared and 
of America’s sweeping, moves to the. mining and industrial gave Australia’s Western Mining th<? long awaited development 
stem the decline in the' dollar -finance houses. Johannesburg Corporation another rough ndc deposit snouiu oe able 

sent gold .tumbling - lo .§230 . at Consolidated and Anglo-Trans- at the annual meeting in Sydney to start when the wet season 
one -time. ..It subsequently. vaal Consolidated. Both chair- this week. It lasted for five ent 'f next ^P ri !- 
steadied, onlv . .to . drift ; . sway m*n maintain a degree of hours to the accompaniment nf Western Mining has another 

constant protestations, janglins major mining venture m pro»- 



Wirh Lloyds Bank UnitTruscs, its that simple. There is 
no confusion between funds specialising in particular 
countries or sectors, just a serai ghribrward choice: capital 
growth, income, hi"h income or a balance between income 
and growth. 


Whichever you choose, you w ill be investing in a wide 
selection of companies chosen by Lloyds Bank's professional 
investment managers — rhe same ream tlur is handling over 
£ 1 , 600 . 0011 . 01 ) 1 ) on behalf of major corporations, pension 
funds and personal portfolios. 


b after W 
id firm 


yesterday to $215|. ; - 
The dollar support measures. ; 
include a doubling or th'e'size of 
the present .monthly £old_'sales; 
being made ' 6y the " U.S.’ 
Treasury to .1.5m: dzs. .The . 
market looks to. be capable of 
absorbing this without .undue 


MINING 


KENNETH MARSTON 


of coins and the odd scuffle. 


__ „ _ pecL the big copper-uranium 

a ^ discovery' at Roxby Downs in 
A year ago the performance S()ulh Austra ji a _ sir Arvi Parbn. 


took six hours, was twice ad- 
journed and included streamer 
throwing, whistle blowing and 
banner waving. On the latest 
occasion the protesters were in- 


the Western Mining chairman, 
told the meeting ihal discus- 
sions are now taking place with 
a number of interested parlies 
regarding their possible partici- 
pation in the project which has 
been named Olympic Dam. 

Then, too. the group is con- 
tinuing to get encouraging re- 
sults from the drilling of its 
Benambra copper-si Iver-lead- 


W-tftV-'.: 

>r • 

££\ - 

ir 

Saiw-- 
jffc ■ 
S‘" 

mi . 
I !'•' * 

sa'f ■’ 
r '.y:L 
-^Ir. 
ri--?-- '■ 
:S. m - 

aSiyr- 


rkers 

pay ot» 


■ -C..'-' 
i & . - '■ 

T-Sf 


trouble, but how well. .the price caution. Sir - Albert Robinson of censed on two counts. Firstly 
.of bullion can be sustained; if' “johnnies'” pointing to the they saw the meeting approve 
confidence in the dollar is really country's . need to overcome the changes in the company's articles 
restored remains to be. seen.- ' high rate of inflation and to pro- of association which, by includ- 

There is the possibility of a vide more employment. ing measures regarding the 

further setback in ihe price oyer.; . Even so, he still hopes thai the rights of directors to refuse the 

the short-term, but if . this does' group will raise its 170 cents registration of shares, are tie- ^ piT prospect Tn ^ nor i h-eas tern 
happen, the strength of UDd er - f93p>. dividend rate in the cur- signed to increase the chair- victoria. As far as results from 
lying industrial- demand -for the rent year to June 30. Although man’s control of meetings. present operations are con- 
metal could, •bring' about a earnings in- the previous year Secondly, it became increas- t . e rncd. nickel earnings are ex- 
recovery to a level which still advanced: to R42.2m (£23. tm) ingly clear tliat the company’s pec ted u> remain depressed in 
provides good profits for the from R 27 m, “ Johnnies ” had to Yeeltrrie uranium deposit is the first half of the current year 
existing mines despite their put' aside R44.4m for the virtually certain to be given the l0 next .i une . Aluminium in- 
rising costs. GoM is not out of Otjibase - copper mine in go-ahead by the various govern- C0Tne \ s being maintained while 
fashion yet. Namibia (Sooth-West Africa I mental authorities in the near more is beinc made from gold. 

Meanwhile. South African which, hit by depressed metal future. Overall. Western Mining's 

gold share' prices remain a prices and technical problems. Production of uranium oxide first-half result is expected to 
major disappointment, as this was placed on care-and-main- at the annual rate of 2.500 be about the same as thai of a 
week’s graph .shows; In -recent tenance in January, . tonnes is erpccted by end-1984 year ago when profits fell to 

times they have fallen back in Mr. Basil Hersov of Anglo- and the ownership is to be: Wes- AS5.8m t£3.3mj from A$9.5m. 
the face oE the advance in the -Vaal says that present optimism terning Mining 75 per cent. The current 3 cents dividend 
bullion price. ■ Previously they ii\ the South African business Esso Exploration and Produc- rate is herdly exciting, but the 
had moved ahead nnder the SC ene needs tempering, adding /in" Australia 15 per cent and shares must carry an appeal to 
impetus of strong buying from that there will have to be major UrangeseUsebaft 10 per cent investors taking a long term 
U.S. investors who are' thought inflows of foreign capital before Another important develop- view of metals, 
to own something in the region., 
of 25 -per cent of listed South 
African gold shSres by value. 

The buying dried up. however, 
following the re-emergence pf . 

South African political worries 
and the U.S. gold followers 
turned their attention to the 
prospects offered by their 
domestic gold . futures markets. 

As a .result .tee neglected share- 
market drifted down and 
sterling prices' were additionally 
affected by a fail in tee invest- 
ment dollar premium. 

The riiaremarketris now in a 
state of limbo. Prices may well 
be making 'a pretty fair allow- 
ance. for the . political 
uncertainties, but they would 
weaken afresh in the event of .a 
further sustained fail in the gold 
price. If, on the. other hand,. 


250 


200 


150 


S PER FINE OUNCE/ INDEX 



10Q 1 


F.T. GOLD MINES INDEX 

r — r 


JAN FEB MAR APR 


MAY JUN 
1978 


JUL AUG SEP 


OCT fi 


Llovds Income aims K,r an .iIvax 
. ivvr.ijit- iiKi'fnv rhrouyh imx-<rim nr 
in ma inr U.K. a.'mp.iiin;s. In < .rJtr t.> 
rcr.irn rhe emphasis un incnnK . 
ii. rtain ii'i-sl iniL-rtsr stsurii it', may 
als«i ht- iml ii. led in the pr.nlulii.. 

An alrvrnan'tr ro i he Bal.nutJ Trust 
when* a hiyhcr initial yield is 
rtt|uirtd. 

On 2nd Nmtmber. I9"3. rht-ntkr 
price pl'UmtL' Intumc units hjs 
8 S. in xvl. TIk- l-jci mated prrejs \ it-IJ 
was 6.2.V.'o p..L 


INQQ 


Lloyds Extra Income ..ims 
a« lufvr.i hi;jh int'inn h iiivcslKK-lir 
mainly in • >n lin.ir. .luivs nl U.K. 
i «.m pa Mitt I'ih v nli fh-. addirixn nl 
s. .nit |>rtfinwi shares anil i.rhir 
fixed i nrer -.r Mulct Appmpriatc 
when, jn jlicmamvisMiuclii rn a 
whnlly liwtl n ire rest pnrrli<lit> in .in 
,,tr>.mpr r. . m.ur.t.nn rhe- re-al value • *l" 
ihei.ipit.il :iihf I'hr.un M>ine inervase 
in ineonu-nwr the vear.s. 

Tile nltlT prn.i nl l.lnyels livt.l 
IiKunie*uni>MHi 2nd Nimmlvr. I'J'JS 
w-asfi^ Op. The e-sr i matt 1 1 ^r« ->s yield 
was “Sfl'Si p.J. 


Lloyds' Worldwide Growth an 

tnreapit.il "rmi tli rlirmi^h 
mvi-srme-nt nu.'nlv innrilinan J 
■ *t l. 1 K i ninpwinie-- w if !■ sul'.iaiii 
lAe-PH'JS inieUMs .illd C.\|H MI 
eap.'i'ili(ks There isais<«a hiyli 
prnpnrtn.nnl J I reel mi test me nr i 
(ive-rx-.c e'nmp.mieS. 

Fnr \.«ir i*eiieta iii'i. rht nlier pn-.e 
Lint Js\VnrM\viik-l,rnw:li umi ■ 
2nd Mmvmbtr. I ,,7 S was r ’p. 
The istim l ir(i.l«rns>)iiiJ 
w.t> 2 .-lS'Jl. p .L 


ar.^ 

id 


Lloyds Balanced .inns inrc.ipir.il 
.ippi\-ei.ui' , n iii'.T-tlie-r eeirh ;i 
re is.-iial-ile iivonie. In'VMioeni ii 
aim. intall) iiKirJinary .'liare-. nl" 
k-.ulin^ U.K. inmp.mies. i.ireliill'. 
Neli> teil and nnst-.uuh re-.r.-AsM’J rn 
ensure rhe prm| e\r nl e.ipiral en.? rli 
an* I an im ri.i-.i:i^ ineufiic. Kieal lur 
ilv iiHe-M..r e* ishinv n- pur- lie a 
rel.uiVb Inw-risl- p-'li.;.. 
l >n 2nJ \nivnilxr. I'f'S rhcnfl’er 
prn e nl 1.1. A J ■ B.ll.nieeJ uuiTs was 
s s.Up \d The e-sri mate prnS» yield 
w is -I.S! n .i p.a. 




SMI 


DIRECT INVESTMENT 

Simply complete the application form and send it with 
your remittance to Lloyds Bank Unit Trust M. makers .it rhe 
address below. 

If you prefer, you may purchase units over the counter at 
branch of Lloyds Bank. 

You should regard your investment .is lon$* term. 

Remember th.ir the prices of units and rhe income from 
them can eu down as well ;is up. 

SHAREEXCHANGE 

Existing shareholders can reirn ive the I ii'.ul.iche*. « >1 ■ 

nwn.i t uin» rlieir ow n peirrhilii «s anil obtain a wiiie spre.ii ! » 
investment bvcxchanuinu r heir securities for Uo\ds Bank Unir 


Trust unirs. ^ourporcfolin must ha\eacurreiir market value of 
£5UII, however. 

Full derails of our Sh ’n. !::<<. han.ee Plan may lx obtained Ky 
ticking the box in the application form or from your local Lloyds 
Bank braiuh. 

REGULARSAVINGS 

The BUk Horse In-.escrnenr Plan allow s the saver, for a 
minimum nf LlO:i month, to build upv.ipir.il in a tax efficient way 
and i. brain valuable lik-aS’-ur.incc benefits. 

Vmr iontriburii.il*. nuv be linkul to 
the progress uf any of ihe i.fovds Rank Unit 
Trusrs. Derails are available by ticking rhe 
N« in rhe applkatiun form. 


GENERAL IN FORMATION 

e^ciiu: B cU.atT'ii i-«o»t-Mui«J6;a T.unt'wri 
hw es«i*n»(fcha*e JiAilchaldrf) #.ii«a -di«i.-: 

n-i.-.TM-aCer:. U.**-. 'JK t'lKh (Mm 1 ,- 

v .to • aivi ^i.-ncs mute: lut |r m.-* .! 
n ■€*■:• A. ; ]*>.j. 

INCOME 

The TlU-. HMrfilsH >OK««J 0 IK o! AttMAii the 

ICi'-'j.-.mgil.iliij 

int-nm 

SlalKUd lithin* 

3 f ih .Su 
?l.’TUw 

Ee-iiti-.i-H! .tWh Ji/.e 

CHARGES 

Tl.e offer orves -duie an Mi.jtijgerrienl 
3 1 aJi arnuylfriarjer* 1 -,'- fc-hc 

VAT i c.i '."Stint di.tfc,4*djcb41-(Kn 

ni‘j:Msiixon--.ci’;-vde'.iii!{i5<s '^..i .-iiicuon 
w 1 V-whMp-M 'OBApicr.ea A-a-.i^piitofTtie 
ifttnl U’.dlf.i 


REPURCHASE 

Toil ri :v :^ ! i ■■ i -J’ e-ir. i j.-.i ■ : 1( w, ,n ...a 
te>iiMn;,i-.r-e:o- -.p,' oejia.eiiih 

a l.irmuu> mwo.-ei^, fh. iradr. ■ i. 

Ihe .I j /-.i. i' i 1 ■ ;l!ir Vjifc .ii tMH cd htiic i* r.i 1 
rt . «' ---iic hi - ■\.f. ilr, . n| .1 

..■ie i- a.-t p -ii • • ^'. - 

MANAGERS 

1 1 .jit-. 5ni.li Old Ii- 'I It.iii.vr- : imoit. 
f, : r p.i C-ii.- - 

; i. -Wrt-l'i I Y * rm L’.'.’P IS 
F;e;iclered r. LnH :r,d Ni ■ 
Memner re i|«? . >:>: i .-.i- ; i ui- -a 
TRUSTEE 

*iiwr^e A: -.jrjin ■■ 

•JH-ilwir. i.«PW(l 
i..-a«D-T-'"-*-t 
L Au ; ‘-..I -ifi .i.’.. 

n. 1 ..: .Vl.iM 




A 




To: Uoyds Bank Unit Trust Managers Limited, 

71 Lombard Street; London, EC3P3BS 

I 'We wish to invest in units ol the Trusts driailed below at Ihe offer price ruling 
on Ihe day this application is received r-v the Managers. 

i ... aiLk'.JsBdnh In*, tm leTnisI 

-. r. Lli.- 'ds Bank L»iM Income Trust 

£ m lL>ib Sank Worldwide Grov.lh Trust 


m Llovds Baiancea Trust 


-I. ".C-n.-vin .ja !.h . 

Tr. 1 - 1 . : I .! ,-j.r . ■ ;..i t -. . 

IfluJ.Mjl"- 1-. 1 y. I ■ . .. ■ i -i- 1 

! ■ ■HllB.T.f!..-: I 

I'Ll'j.il r - --! ?H: I Mm., ..-i .' !■ 

I VtAsif--* 'iilII'j' I-: a *.-.ncnvrt i -. 1. 

I»S' IRlT-.’l in.: ..I. !li*Si-..«: Ip. ' 

a.. u.-i.-.i .. t-" . in. !■■■• • i* ■ 

n-mn.— H -■ \ 

>- 1,-. ; ’J. - ti.-i... :■ . - , '. 

na.l--:iii-.' . i- • . 

.'[■ *.|J|I. >■-. •• . i! . ■■■ l!. 'll. 

'.^Fl Ilul^-I i 


• -rr :•! ».i-: . ■ .-■ 


•' !.;.a i-.. -. !-•' r i:.: ; ... . •!!..■ 

• ih:.-.-.. 1, 'I- ?- • i y | f 7 ,.- i c '.i 


. rl .c. *• 


C'j!? 


;H lyt sr & i- : i n-it ,i i. . „.i nn. ; 
T I i -I r i_i - ii •• c * 


E-L'.Ch C^rr.'v' 

T i'rx-iii. H U-t li 


-* ml 








K VICKERS, 
da COST! CROUP 


Specialises in providing a 
wide range of flexible and 
personal services for 
private investors. 


Our international experience can 
prove particularly attractive to those 
not resident in the U.K. 

We make no investment management 
charge above normal Stock Exchange 
dealing expenses. 


Why not telephone or write for 
further information to : 

Colin Richardson or Gerrv Gorb 


Vickers, da Costa Ltd. 
Regis House. 

King William Street, 
London EC4 9AR 
Telephone 01-623 2494 
Telex SS6004 


Vickers, da Cnsta Ltd: 
a Corporate Member of The Stock Exchange 



Tax free income for fife. 

We have a plan for turning taxed 
investment income into tax free income for the 
rest of your natural life. Because this is not an 
annuity plan your capital is still freely available. 

If you would like to know more about tax 
efficient plans, ask Towry Law. We are one of the 
country's leading consultants on all aspects of 
personal finance. 



^Independent Financial Advicel 



I v.-Quid li-s toViW'fno'e about vour tax saving plan foro /erSS'a □ 

Send me deliil-j of Towry Law .s Financial Advice Service □ 

Name • 

Address 


TowrvLavt& Co Ltd 

Capel House. 54 -’6 2 New Broad Street. LONDON EC2M 1RR. 
Telepiione enquiries io Windsor (07535' 68244. 

Also in WINDSOR. LEEDS, EDINBURGH. 


I 


I 

I 



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

says HARRY V6RNEY 

* When I was 37 I lefr my job with a pension expectation of 
£1.600 at 65 "Net much jood." I thought 5o I looked fer -vays 
of improving that performance. ' Luckily. I knew how to apply the 
transfer value of my frozen pension to achieve a dramatic increase 
from £ I 600 p.a. to an estimated £7.793 p.a.! I started Pension 
Advisers to achieve improvements for everyone wishing to enjoy 
the test possible results from their pension investment — usually 
their bif£CSt invisible asset. 

I can also arrange an additional pension so you can retire at 60 
instead of 65. I can increase your existing- pension to the maximum 
allowed (which may be" more than you think!} 

Send the coup*" fer mv free brochure. Ir ;i»es more rfeu>b »nd examples. 
Pities send me your brochure " Prosperity After Sixty.'* 

NAME 


ADDRESS 


I 

I 

, POST TO: PENSION ADVISERS (FT */ll) 
■ 55 Lincoln's Inn Fields. London YVC2A 3LX 
| (A division of j. D. WAP.D * CO- LTD.) 


PhOne No: 

01.242 »63 _. 


I 

m* 




FINANCE AND THE 


Claims after the 


... — RaaHclal r Times ■ Saturday' Novsmber 4. l9?8 . : 

UY Wf- : ■ ' . "■ I; 



BY OUR LEGAL STAFF 

My daughter is sueiag her 
husband for divorce on grounds 
of mental cruelty. Their 
house in Joint names and more 
than two-thirds of the house 
cost and also furnishing, etc. 
have been paid by her. 

Can she force the sale of 
the house so that she can ?et 
half Sts value in cash? Is she 
entitled to take all the 
furnishings she has bought? 


The hubsand is demanding the 
full custody of the three 
children. Can he do this? 
Provided the house is not 
required for the home at which 
ihe children are . to. reside its 
jiale is likely to be ordered. U 
may be . possible for your 
daughter to establish her claim 
to two-thirds of its value /sale- 
price. If she can establish that 
the furoishings’were purchased 


by her alone she may be able 
to establish a sole d&im - to 
them now. The husband- cer- 
tainly can be awarded custody 
of ihe children, but this is* not 
usual in the case of very young 
children. Not would; the court 
favour giving custody to a 
father, it the reasons for the 
breakdown of . the. "marriage 
involved, conduct which might 
put the children at risk with 1 
him. • 


^ gift 

effected abroad 

A customer has an aged grand- 
mo tlief in Germany who wishes 
to give him some Bearer 
Bonds which be then intends 
io bring back to the UK. 

This gift is in anticipation 
of her death. .As the gift is 
being made outside the UK 
am I correct in assuming that 
the gift will not attract 
Capital Transfer Tax? 

If the gift is effected abroad 
and the bearer certificates are 
abroad at the time, ihe gift 
would nol attract Capital Trans- 
fer Tax. 

Calculation of 
fees 

The assets of my wife and 
myself arc roughly £37,000 
held jointly, and on her own 
account my w ife's are £51,000 
and mine £40,000. 

Am I correct in assuming that 
solicitor's fees in connection 


with the estate of the first 
to die will be based on the 
persona] estate plus half the 
jointly held assets ? 

While the solicitors' fees would 
in the ordinary way be calcu- 
lated on tbe whole beneficial 
interest of the testator before 
death, i.e- including joint 
property, there is no reason 
why the executor should not 
negotiate with the solicitors 
either a fixed fee or a fee on 
a scale which docs not include 
property held jointly and so 
passing by accruer to the 
survivor. 


Landlord 
as trustee 

A and B arc trustees whose only 
remaining asset is a commercial 
property, lei on a five-year 
lease. The two parties named 
in the lease are A (with no 
reference to the trust), 
and the tenant ' In the event 
of an exceptional liability for 
owner’s, repairs, which could not 
be met from trust funds, 
would A be personally liable 


for the cost or such repairs? . 
As between the tenant and the 
landlord (A), the landlord's 
liability under . repairing 
covenants or statute would not 
be limited to the trust funds. 
The tenant' could recover 
damages against the landlord 
personally. 

An undiscovered 
cable 

An eleetrlc cable under my 
land, of whose existence I was 
unaware was severed by a 
bulldozer, and repaired by the 
local electricity board. I 
gather I may be charged with 
the cost of this, even though 
there is no reference in my 
deeds to the existence of. this 
cable. What, please, is my 
legal position? 

If the existence of the cable 
was not capable of discovery 
from your deeds you may be 
in a position to resist any such 
claim as you anticipate — and 
indeed to counter-claim for 
trespass. However there is 
always the possibility that the 


statutory power to lay a cable 
was properly invoked at some 
time in the past and that your 
predecessors in title failed to 
record that with the title deeds. 

Ownership of 
derelict land 

A' piece of land adjacent to my 
house and marked on the title 
deeds as proposed road is 
derelict- How can I find out .-. • 
who the owner Is 
There is no sure means df.’fmd-' 
ing the owner of derelict land. 
You can inspect electoral and 
ratings registers and tithe maps, 
and moke a parcels search; at 
H.M. Land Registry to ascertain 


tfthe title is riM Butif 

-these courses yield n P'J?* Bl * fo “ P the . answers: given in these. 

there is no course* but to- columns. All Inquiries will be 
- enquire Of solicitors who acted gpswere ^ by post as soon as 
for the vendors on earlier sales 

. rshowit In y° ur own title. •- — * 

be required to dig the ditch 
again- However, if the owner 
of flooded land was granted an 
express right of drainage over 
tbe ditch in his title, deeds, he 
may be entitled to require the 
other landowners to permit him 
to dig the ditch anew.-. 


Filling in of 
a ditch . 

Until about 20 years ago it 
seems there was a ditch running 
along the rear of oar neigh- 
bours’ properties, bnt It 
was- filled in. and in some 
eases sheds have been put on 
the site. However, ah occupant 
of a house whose garden backs 
on to the site of this ditch has 
complained of flooding and it 
-has been put to us that we 
stall have 1 to re-dig the dltefa, - 
or pay for It to be done- Wtat« 
please. Is the legal position? 

If the ditch was filled as long 
as -20 ..years- ago we know of no 
basis on which the residents can 


A fresh 
holiday lease 

Is it advisable to extend a 
hoQday .lease granted originally 
for a two-month period to 
be extended for a further two 
months? 

No, Yon should terminate the 1 
lease and grant * a. fresh 'lease 
after an- interval. - --. ■ 


it 


Small amounts of tax 


I live on a private estate on ‘ 
w hich tbe road maintenance is 
paid for by a levy on . *. 
residents. We are currently 
M saving op ” towards 
re surfacing. the road and at: , 
present bare a little over 
£1.000, in hand, invested in 
Treasury 10! percent stock 
1978 on the Post Office 
register. The Inland Revenue » 
have' just discovered the " - " 
position and. have assessed us 
at 42 per cent corporation tier 
on the entire investment - 
income. .. - 

Is this correct? Would. a 
building society*. notiooaRy 
taxed at 33 per cent, avoid * 
the nuisance of having to 
make an annual return? Am i ; 
correct in thinking that v . 
provided the amount is 


sufficiently trivial there are no 
lengths to which the 
Revenue will -not go? 
Presumably the Treasury Stock 
Yon the National Savings Regis- 
ter! is vested In a- "residents 
association — an unincorporated 
body ’ of persons — and ‘ is not 
simply held jointly by the 
present (and possibly former) 
residents as beneficial owners. 
That being so. the answers to 
your first ‘ two question are 
0) yes and (ii) no. there would 
be a net 9 per cent tax liability 
on building society interest 
>If there is no accountant or 
solicitor among the residents, 
the treasurer will doubtless 
think it prudent (for his own 
protection, at least)" to suggest 
that the association seek pro- 
fessional guidance..' Money 


spent on advied sow -may -nor 
only save problems with the tax- 
man but -also avoid disputes ah<j 
recriminations among , the 
dents in tbe years to cohte-rst - 
matter bow * friendly yoir 
all be a? present. ‘ 

You should not blame : the 
taxman for pursuing ‘ smat - 
a mounts of tax: he has not beer 
given much discretion fay 4&r< 
li ament Section 2(f) of 

Income and Corporation Ts&g. - 
Act 1970 says that “the due ’pro 
portion of income tax should; bi .- 
charged : for every fractions-' 
part of one pound, but nots* 
shall be charged' of a fmra- 
denomination than -one ~p€rin? 
or. as the case may require*, out 
new penny,’' :so-;'you can ■ ‘res -• 
assured that- the halfpennies ait - 
safe from, the tax collectors V- . • 


Travelling tales 


IT IS faroadlv true, but only 
broadly, that travelling on 
business is non taxable, while 
an employer's reimbursement 
of home-to-uffice costs brings 
With it a tax liability for the 
employee. 

The- cases fought and won 


TAXATION 


DAVID WAINMAN 


Justice Walton’s strictures in of personal choice: ... he -could 
July 1977 in giving judgment no more expect to have .tax-free 
In the Vestey case— “this, accommodation provided.! for 
surely, ought to be a matter for him in Frankfurt than be <muld 
Parliament and not the Com- have a free flat in London if 
missioners of Inland Revenue he were working in London. 
If this kind of concession can but found the commuting 
be made, where does it stop: tedious to and from Brighton, 
and why are some groups In l977 Parliament" directed 
favoured as against others ? Revenue to take- a less 

In fact ihe true position is restrictive attitude. Travel costs 
that the revenue-, has not taken from home in the UK at the 
to themselves the right to make start of a wholly foreign job 


aaginst the Inland Revenue by ters of personal choice, nol any such concession— there is are now tax free by statute, 

Dr. Owen and by Mr. Taylor necessity.. They say litis not none and the reimbursements and so also are lodging and 

were examined recently in this only for the humblest employee, are taxable. subsistence costs, borite: by the 

column. Readers will recall but also for the very senior man Then there is a third category em P ,0 - ver during the employ- 

° 9 ee's absence, and of coursft his 
return home at the '■'job's 
conclusion." • 

Under other 1977 

peranpri tav nn rpimhnrvH — jL. ~ 7~" *™ni me legislative cnanges u*ents, an employee upchui 

travelline expenses rC,mbUrSed t0 „ deal wth some ***** made in 1974. The Finance Act 30 or more days abroad in 
_ * . . . n,a 0 lt f' _ . . . of that year set out to reduce fiscal year could obtain Ihe same 

Dr. Owen had a general But _Dr. _ Owen is not totally thc uscs payable on lhclr earn . tax reductions on earnings. 



thPir hnmpc and ihar Pa,-h — " — si deration stemmed very largely Under other 1977 ariyjid- 

escaned tax* nn rmmhurseS from lhe legislative changes ments, an employee pending 


. . . . . . , . . . , , _ „ — taxes payable on their earn- Tax reductions on earnings, 

practice m Fishguard, but he alone in bis lax free travelling. in bv , huse working abroad _ whether or not' h.s overseas 

was also employed on a part- His fellow travellers can be buT on * lv . if all ^ th | dutie8 of duties were structured into a 

time basis fay the hospital eategonsed into four broad The employment concerned were separate contract . The single 
twenty miles away in Haver- groups. First there are those per f 0rniec i abroad. The sales- contract man claims bis travel 
ford we st. He was able to who should logically be taxed. mnn whose activities covered and subsistence on the footing 

explain to the General Com mis- imt. who benefit from an this counlo . ai> weH as hjs com . that all the time be is away from 

sinners of Incimj Tax. in the nnomoly in the legislation. For po„y™“" port sate could onTv his UK employment base he ts 
first stage of bis battle with the those earning less than £7.300 0 b lain advantages that the twwHing in the performance 
Revenue, 1 s t re s T p T on5 ^ p a., benefits in kind are only j aw envisaged if he had a of his duties, and jtot - travelling 


for a patient in the Haverfurd- taxable if they can be turned 


separate contract of employ. ^ rorn home to office. His rax 


west Hospital started when he into cash, and the measure of nient for his overseas trips. But situation, both Tor earnings and 
was called from his home in taxability is the amount of that a t h ad a separa te reimbursed expenses is thus 

Fishguard: in that sensene was cash . It has therefore been con- {of ™ e loiei S exactly the same as that of 

travelling on business-but it firmed in Parliament that if nn ^avellln- from hls home in this his dual-contract colleague dealt 

was not that feature which employer provider, for bis lower eo Unl n-^ xo the - nTace " at which with above 

?wayed the House of Lords in p a j<j emplovee a season ticket in . ounir? 10 , P'^ce at wnicn 

his case nor in the later one ^ a *av that ita emplovee he wns employed abroad became Parhaincnt had accidentally 
fought by Mr. Taylor. ^no? surrender « foTcash "on-deductible. brought into tax in T9, 6 the rad 

The fact which Lord Raid SaTthci is no ri„m„g The ai.uaiion was in fact teve fn^ThTa 

Jess straightforward than that. . . ® 

A Revenue ~»r. statutorily reversed, so that 


identified as significant was that liability. 

l |! c hospita! was fully aware Employees whose employer ; t t ed" 'd h- eel o« 0, l ^T^-el mx tbe armed forces are a second 
that Dr. Owen was not going to collects them from home in his I 01 directors to travel tax c | ement the £encra j catecorv 
give up his practice when the;- own transport can similarly the lncalmns nf 

offered him the part-time post, travel tax free. rThis column f™ up companies For employ- rather than by concession. 

They therefore accepted til at his has said before that it is wrong ees -.-- ct another Revenue con- . . _ . 

travel to the hospital was a to read into the wort anomaly c r cssion frMdom from tax TTie fourth and final category 

“ necessarj' " part of the employ- the suggestion that this is an \?S. lra )' el frotn h ® me ,n ca «J nS *f husbanT^h rnari °f n r 
ment they were offering him- undesired feature of the legis- p. K ^° f ° rei ^ workplace But ^ Svs can his fLmhv ?n 

there was no one else who could ] a i| 0 n: it is ihe positive choice d,r “ or ", employee. 60 dag can visit his family in 

do ihe work. of Parliament .ha, the „w for ^ ^"oTy th’af K wdc 5LTSBL5 

For the general run of the poor should be different ne arp par ,h allowed twn trin< 

employers the contract offered from that for the rich.) shouidtiiereforeta retabui^d fiscal year, but his visits to se» 

to a potential employee recog- Seamen travelling from home his hotelandolher wtaMm lhe m must be at least 6ft days 
nises and stipulates only the ;o join their ship? are said to cosl lh R evenue promptly aparf. And tax exemption only 
place at which the duties arc to benefit from revenue conces- pil|Icd lhc from under him. »W lifS jf the employer bears 
be earned out. The Revenue sums and not to be taxable on H g i oin unaer mm. costs, not whore the em- 

are therefore able to say that any “ benefit " even though If his overseas employment ployec himself pays. .% oynic 

where an employee Jives, and their empluyors pays them in was separate, they said, then might say that the compassion 

how much he spends travelling cash the amount laid out. living m Brighton while work- shown by tav gatherers is always 

from and to his home arc mat- This brings to mind Mr. mg in Frankfurt was a matler somewhat circumscribed. 


Footing the bill for job leavers 



incomes 


INSURANCE 

- JOHN PHILIP 


PENSIONS 

ERIC SHORT 


had stayed pui. The greater these conflicting views. And it 
the inflation rate the bigger is doing so from a position of 
your pension loss. relative ignorance, at least 

In drawing up the current if can assess information 
rules for tbe preservation of i ron * employers, trade unions, 
pensions thc legislators blithely the pensions industry and 
ignored the effects of inflation, workers. It has also to take 
Bur now the Government has account of wider economic 


THE LOSS of pension rights an 
employee suffers when he 
changes jobs is tbe most urgent 
problem tbe pensions industry 
faces. Yet a: present the in- 
dustry seems to be devoting 
most of its time ta other prob- 
ems which, though important. 

arc far less relevant to tiie leave a job before retirement asked the Occupational Pen- implications: arc people, for 

member of a typical pension your pension is frozen in the sions Board io consider again inslance. discouraged, from 

scheme. money of thc time of your move, the whole question of transfer- moving jobs because of rhe 

.lob leavers lose out because At a time uf inflation, there, ability of p<*nsions on change of poor pensions deal they gcr if 

in most schemes pensions are fore, the total pension you end jobs. they leave . rheir present job? 

geared to final salary- H >' ou »P with trill be less than if you r— If so. is this, bad for the 

appears - Thp h ° ; 'rd wduld 

irrefutable. Ii seems only fair 10 K1 ’ 1 . Publics npiniun 
that an employee elioulcl get an “ wou ju like, for instance. 


If you up with will be less than if you Al fir>t . UJ . hL 1he f;asc ror i> so. is 
■ ■ 1... i. i — > full transferability ar.n*,.r* economy. 

rm-fni 

HOW INFLATION HITS JOB LEAVERS 

Min a8rt 45 wi,h 20 5<r,i " with A. earninf UMO , tor Jobs’”?. “Ihe 

10% changes jobs during his work- Pensions deal was improved: 
Inflation in „ Jjfc 8ul the cruciaI ques . Mr. David Ennals. the Social 
40JAS {ion is>: who pays the bill ? Services Secretary, appreciated 

. . thn urgency of this problem and. 

Emp.njer A in the table can. asked lhc board (o report within 
and probably Mil. say that once two years. But no-one else 
24,510 aj 1 er PP Jo > e '- has left his ser- shares this appreciation. The 

— ~"=s 

s = twarra 

intpwvo lhc benefits of em- n V° ' l T ^ 

plovees Kbu slsy. ' J „ rJ . 0 ^ Pensions 

Board. 16-19. Gressc Sired, 
balance London W1P 1PB. 


His salary as 65 will be 

If he stays with employer A to 45 
pension will be 4Q/6<kh of 
final salary 

'f he moves to employer B at 

same salary his pension from 6 
will be ZOfMth of final salary 
And his preserved pension from A 
will be 20/60ths of £6,000 

Total pension 

His loss if he moves 


Nil 

Inflation 

£ 

6 boo 


4.000 


2,000 

2.000 

4.000 


. 5? ® 
inflation 

£ 

15,920 


T0.613 


S.J0T 

2.000 


T3A55 







Thc OPB has in 


TALKING about Permanent enjoy the escalator "foT^tct 
Health Insurance recently I he has paid over the intervenlnj ( 
said that there is no point in years, and this escalator usually 
spending good money covering operates at the rate of 3 per 
100 per cent of loss o£ income cent compound (sometimes -f. 
from disablement due to injury ' per cent or 5 per cenfy-’at "tfir 
or illness because all permanent end of each ydar of disabipty 
health insurers have clauses in but it not only comes tO'a’.hai 
their policies restricting the as soon as the : poftcyfiSSBe^ ' ’ 
amount of money the policy- disablement ceases — it - 

holder can receive. • The djately carries him ’«toaz^ - 
maximum is 75 per cent of back to the amount of; beneff ■ , 
average pre-disability income fixed at inception, . .only .tik# . 
aijd this amount is further cut into forward gear if he is’.ajjaji 
back because in reaching this ..disabled for a long time. • , - 

perceo Cage insurers, tike into : This ' kind oT: escalator • • 
accoiint. for example, all .other no protection against the 
‘ ‘ ' . 1 : " ' - . , of inflation on the origifeL 

benefit unless the poltcyiMdd«Tj[ 
is unfortunate enough to bc 
come pennanentiy disabJw‘- r "-"' 
early in th e .life of .the pqiSJ^. 
he nnisf therefore reguISrlyi ' 

. viev and top ud.- 

payments under disablement Betteristhekmdof^cafat^- 

whlch an automatic fit :. 

p HI. some or all payment. crease in the level "of ben eft 
under ihe state scheme, and so at regular iatervalfi . ' i u: - it 

on ' '. Amplest form this Jdodvb-. . 

On reflection. ' perhaps I escalator increases the benefit . 
should have said that in the by. say. 5 per cent simple, a-' 
immediate and short term' there each policy anxrirersary: 'bti 
is no point in spending such' some 1 insurers operate .escaia 
money, but that as a hedge tors which provide say -ff 25 pe : ' 
against inflation or even against cent raise every four years V ■ 
non-inflationary improvement so. - 

in earnings, perhaps it is not Whether the automatic in ' 
a. bad idea to over-insure at the crease is annual or less regular •• 
outset so that one has an the policyholder pays- a hlghe -1 : 
adequate level of cover for a than average premium at th‘ 
longer period and thereby avoid outset, because insurers^ ..art *■ . 
the heed almost straightway to waiving their opportunity 'of up 
review the amount of benefit derwriting future increases ji 
receivable and lop it up. benefit in the tight of the policy 

As with all other. insurances, holder’s then medical. condition 
regular, if not annual review Apart from this initial p re mi op 
dT one’s PHI is needed-and as Ioad, J* ^ Policyholder has t. - ; 
premiums are age-related. ?!JL for *** '* stra cover 33 1 ' 
every time one tops up (assum- acc . eS- 
iiig. one’s’ health is still satis- So, if he buys an anftna 
factory) insurers’ price per £1 escalator he must budget for ; 
per week of benefit will rise, relatively small annual increase. 

But. . if one’s - health has commensurate with the agre» . 
detenorated . then ' topping up Percentage, not forgetting .tha'--. 
ruay become more expensive, ,*l e will be a year older eacl ,.. 
and in the extreme case, t ,nie « afl d that the extra cove ■ ■ 
impossible. • be charged at the rat- ' 

_ . .. „ ... appropriate to bis increased age- ' 

Insurers recognise that both ' t . .. - ■ - . 

these methods — over-insurance T A 11 ui rough these comment ... 
at the outset, subsequent 1 hayB ™ ale persona 

regular topping up, are unsaiis- P 12 . 1 ^‘sdoesnot meai , ■ 

factory and the majority of - 1S J u ! avaiiab!e ' ; - 

companies selling PHI cover »-' b « a price ii . 

offer the policyholder some S °L^ haT , ** 
opportunity of buying some 

built-in protection against infla- S® £“2 ****** ■« 

, - - - disablement insurance that 

• there, is sufficient statistical, . _w 

Most insurers offer the oppor- evidence : to allow' iieurer 

tunJty of hujins a benefit which legally to discriminate on Uik 

increases only during the cur- grounds of policyholders' sex.^. 

rency of the claim: with this whit* nn 9va r.« 

kind of escalator, the level of xlve SoneGr than mSf *• * 

longer xnan men, ana there _ *■ . 

hSlter tJlilf nT fore better life assuranw ' 

ft rates than do men ° f iAe a sB ' 
changed from, that fixed at in- there is a wealth of statistics' 

ception. unless and until he has ^Senre that women are ^ - 

nient ,m ^ J °° e tenB d ““ h,ep averagely healthy' than merT 
■ ' making both-more and. Jon gel 

.Then, and only then, does he claims for disability. " 



IN 12 WEEKS 
YOU COULD BE 
DEALING IN 
STOCKS &SHARES 
more profitably 
than 2 million 
other Investors 


RELIANCE SCHOOL 
OF investment, 

( 5H } Freepost, - V 
London SW3 2BR . 


r.t«ny m«Mc M k c manev from tlc:> 
jnd tharn. Voucoura D« enr al ih«n' 
— able to Bum or sell stocVs & sMres 
ana ure. monqr more shrewdly man' 
,8riUm's Oilier fwro DilHiCM MiHlerk 



HO W I S TH rs POSS IB LI 

Srmlity itrreacn-a untoui 
IZ-week Boine tcntcvr. t 

Aii oMn«Mlrt>ent. writ:- 
byTHoIenttnil inmicn 
-- ilockbr oier Sand aecour 

Is. Step Bv stop inpy 
. snow wou iimi tern m)> e 
''.money. - 

■ NORSK — It emts you ' 
nadriitguntest you anuati* 

Son irlllioul pitilpvc 

. Vnovr-ttew-T nen «ar|Wi a . 
uplWaildwnEIMr - 
-you oeelrf be vsitusiy ■ ■ - 
. 4eifi4B In stock* *mt there* 
in. 12 weak*'- tiroK- 

. . . FflEGlsnOCHURS 

' [Va stamp requires?. 



7 





4 1978 




V.-fsT®' . 

gsces- v ft »s-... 
^ r-:. :i * = .“ 

*** Ar^j^l' 




and investments 



' r «mui7^ . 



y ** er,*-,".‘ : . 

*c bv» ,• ’■; - •' 

*»«« *>-•;• v 

"■“ c*i. * l 

fresh 


Ifr* book tQ ;Be; published /next week, Robin Duthy p 
Warns of the pitMs of investing in coins, stamps and 
other tangible -assets, . This extract explodes some 
- myths about diamonds. 


- \ • jr.-i. . 

1 -•- ■ • - - 


s Unwary diamond investors 


.-JiS 

^ tl- 

*7 

■artfas? 

^■'YOU shr..;,, . 

** and ..Vr'" r -:;.. 

-■ .:. S**T‘ • < 

e? an 


*Bt c-r, 

» a«it a : i0 iv ~- ^ 
tTiBliCJIifl-: - * ^->V- 

tttsiT, ...^u 
st»r hov 
at 

Vqu £boc;- - 
Eanaa * :r " _ • 
Sflsunt- r, •■’*-. -.' J , Jr::i - 

taacre-L 

■ecrrip 3r ,4 '‘• , - 

.n I97;t -f . " 

Stsoi*. ■■)»' r.- '-rt .. "• 
arjrd -f r e 
iT* or on? o . ■ 

Ml r-C T." 
‘OeinirTft-.:?:. 

'. as ?r* ^s 2 r . .V 


rw pern- 
*ureti ?h= '-.v 
4ft" Iran: l‘i _• v.v . 


UlCOl 


ffe- 

a-Sas 

«W*. 

frr 

saf t.' ' 

U*. .i* ■•:■ 

3 '•>*-■' 

iifob. 1 .'-;- 

*Jk**f> 
«* •• 
4 «s3 

HC. w:“ 






;* r 


APART FROMdEweUerS -ftereltrMl}:. it;# -fe. then that the 
are only two t kinds «-pf people nasty; surprises tend t6 begin. 

who can - ' jifttttr..:. buying **«T •**"•»{?» ■ wm simply 
j. . . . * . . _ UJ *r*s xefuse. m make 1 an offer at all. 

diamonds for financial -reasonk, jester has.- after all, his 

First,, there', are' people, ^o-i^ngutir 'suppty?r who ; offers' him 
think Xhey 'may '.one day have " to. credit whereas the private- seller 
make a ran for .another, country, will certainly 'want cash and so 
in other-, words, , they buy the nnly commertMly sensible 

« nt .g* jg 

recently, mfear ofaCominiinist origina3 retaU price— an. offer 
victory. ^as^ a;\ highly portahie ^hich!, unless the seller were in 
asset rather ,\han for- :their. desperate straits lie wpuld be 
«VestmSttt attractions. The most unUkety 'to accept ani’way. 
second-kind are. very rich, very, .--in- 1 -America- the? -jewellery 
as tote jndivtduajs/.who . must business is not- officially regn- 
know;at teast as smdi as tbe fated . and . it.- i«f? ' hard - .to- get 
dealers from- whom they. bay* . knowledgeable and .impartial 
Most retail ■ jewellers _ knciw advice. The td^ily'' respected 
very‘-little about' diamonds and Gemo logical.- -Institute of 
many of-- their salesmen- even -America is concerned only, with 
less. These salesmen are often the scientific appraisal erf; gero- 
working on generous com mis- stones mid win. Pot: : be.. drawn 
sions and therefore have every into any discussion, of - their 
incentive to make extravagant commercial value, 
claims for the pieces they- have . ; There are several Elabora- 
te sell.. .Once -.a; diamond is toHes”_ aroand - the -vorid of 
encased, it- becomes difficult to doubtful -scientific .standing, 
make more than a rough assess- attached to diamond investment 
nrent of its ^naality- particularly- organlsatldnSy Which issue, cer- 
since the setting itself may be tificates. purporting to give the 
designed to. hide a flaw. : . • buyer, of, any . diamond its pre- 

The average .buyer will ntf cise colour' and clarity grading, 
usually^bave , -the faintest idea A programme v has started to 
what he has got until" he tries grant offidal rect^nition to a 


chain of laboratories of precious 
stones in a number of couotrics 
which will scientifically grade 
stones to a common inter- 
national standard. Its success 
can not yet be measured but its 
establishment at least acknow- 
ledges tlie need to introduce 

some order and perhaps even 
a little safety into the present 
diamond jungle. 

- A senior official of the (lemn- 
logical Institute of America 
summed -up the whole 
“diamonds for investment” issue 
as “all so ridiculous." It un- 
doubtedly creates much ill- 
feeling among investors who 
have been gullible enough to 
buy and find themselves unable 
to sell without a serious loss. 
It can only be bad for the 
jewellery industry whose legiti- 
mate function — to sell people 
objects of aesthetic or emotional 
value — is increasingly abused 
by unscrupulous dealers who 
implicitly and often explicitly 
offer a guarantee of capital 
appreciation. 

Over the last ten years, 
interest has grown in jewellery 
designed or executed by certain 
famous makers. Experts are 
beginning to be able to 



Pushing their luck 


Spotting the flaws: only an expert can value a diamond 


attribute unsigned pieces to 
particular makers ami such 
attributions can do for iheir 
price the same as an ev pert's 
attribution can do Tor ihi* price 
of a picture. The work of two 
great Italian I9lh century 
jewellers Castelluni and 
Gjuliano is vert* much in 
demand today. They invariably 
signed their pieces which are 
of outstanding quality and 
therefore very hard to fake. 

Similarly, demand for certain 
early pieces from the great 
“houses” such as Tiffany. 
Cartier and Chaumet has grown 
considerably, as collectors have 
begun to appreciate their 
design and workmanship. 
Although the material used in 
these pieces may not be any- 
thing but good quality melee 


and the break-up value oflcn 
quite low. ibe artistry and 
craftsmanship c.in lifi the sale- 
room value to five or ten limes 
that of a clumsy or unai tractive 
piece of the same break-up 
value. If research in this field 
continues at its present rate 
and more publications appear, 
it is likely that rising prices 
will follow Lite newly-generated 
interest. 

The fashion for fancy- 
coloured diamonds — pink, cin- 
namon. canary and so oo — bas 
always been fickle. Certainly 
the Japanese. who were 
important buyers of coloured 
diamonds before the 1973 
recession, were taking losses on 
those investments when they 
realised them in 1977. Invest- 
ment in diamonds remains a 


wry hazardous business and 
hone.-t. responsible dealers will 
usually dissuade customers 
from buying them for that 
purpose alone. 

Ii has been possible to make 
money out of diamonds in the 
past but to have done so would 
have required the help of an 
unusually reliable diamond 
merchant as well as an exten- 
sive knowledge of the market. 
If you are still determined to 
brave the dangers of diamond 
investment, you can get names 
of reputable dealers from the 
London Chamber of Commerce. 


Alrcrnafire investment bn Robin 
Dulby is published by Michael 
Joseph at £$50. 

c 1 197£ Robin Dnthy 


TAX RELIEF on life assurance 
premiums applies only for con- 
tracts of 10 years or more. If 
a life company offers a straight 
five year savings plan, then tax 
relief is not available. Is it 
right, therefore, that a life com- 
pany should dress up a five-year 
plan in a 10 year guise in order 
In get this tax relief? The 
legal answer is yes. But most 
insurance men would say no. 

The creators of National 
Mutual Life's latest guaranteed 
income bond have found a new 
way to make the most of tax 
relieT. to the benefit of bond 
holders. 

It is a five-year bond, yield- 
ing an attractive 9 per cent net 
of basic rate tax. Most of your 
capital goes into a temporary 

ASSURANCE 

ERIC SHORT 


annuity which pays the income 
and meets the premiums on a 
10-year non-profit endowment 
policy. The company guarantees 
that the surrender value after 
five years will equal your 
original capital and in the 
meantime the premiums get tax 
relief, to the benefit of bond 
holders. 

The Inland Revenue, quite 
rightly, does not like this kind 
! of ploy to achieve tax relief 
[on contracts that were not 
! intended to qualify. It could 
I well take action that would 
affect the whole insurance 
industry. This is the lesson of 
history. The actions of some 
life companies which marketed 
plans in the early 1970s that 
made unexpected use of the tax 
relief conditions by guarantee- 
ing early surrender values on 
10-vear contracts resulted in the 
introduction of “clawback” on 
surrenders in the first four 
years. 

The danger is that the 
Revenue could now extend the 
clawback period to 10 years — 
or seek to control the market- 


ing of products. 

National Mutual may clainrr 
that the surrender after five- 
years is only an option and lhah 
the investor can continue lor 
the full 10 years paying half the 
premium. But the terms nr the. 
policy strongly discourage him. 
from doing this. An investor 
aged 45 investing £2.000 in this 
scheme would p3y — from the 
annuity — a half-yearly gross pre- 
mium of £164 for tile endowment 
policy. This will pay £3,200 
after 10 years, compared to 
£3,576 from an ordinary non- 
profit endowment with same 
premiums throughout. But the 
surrender value after 5 years, 
on ordinary non-guaranteed 
policy, would be only £1.681. 

A second point is that life 
company actuaries are strongly 
resisting pressure from con- 
sumer bodies to guarantee sur- 
render values. If one particular 
company guarantees a surrender 
value, it weakens the industry's 
case. 

And in the end that would 
mean lower returns Cor life 
policyholders, because com- 
panies would have to pursue 
more conservative investment 
policies. 

The Government Actuary's 
Department, in its capacity ns 
actuarial adviser to the Depart- 
ment of Trade, requires that 
guaranteed surrender values 
should be covered by asseTs. 
This means that it would want 
assets matched over five rather 
than 10 years. 

One may ask what is the role 
of the Life Offices Association 
in this particular area: after all. 
National Mutual is a member. 
The Association discontinued 
its tax avoidance rules when the 
1968 Finance Act laid down the 
comprehensive schedule for tax 
qualification of life policies. The 
LOA general policy is not to 
interfere with the marketing 
practices of its members. But 
it has to keep in mind the long 
term interests of the industry* 
and it does a lot of work behind 
the scenes. This could be a case 
for its attention. 


m 


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' 



American bulls in a corral 


HOO) TIGHT.; That Is-tfia unit 
trust- industry’s ' advice to . be- 
mused investors In American 
trusts after one of The bumpiest 
rides . Wall- . Street'- has- ^ex- 
petieneed since 1929. • 

By the middle .of this , week, 
many investors 'attracted, 1o 
American' shares by. heavy 'unit 
trust : promotions in the-' spring ■ 
anil early summer -Were^tting' 

UNIT TRUSTS 

. EAMONN FINGLETOI4 


on losses of almost a fifth! But 
a :suxvey of unit Trust groups 
prominent hx ■ promoting the 
American* massage showed - that 
though they are in Tnany cases 
rueful . about earlier euphoria, 
they - remain confident- ' their 
unitholders, are bn a .loxtg^erra 
winner.': ' ■ ‘ ■ . . ." . « • 

.Commenting before. President 
Carter’s latest measures." m.ost 
groups hedged -.their bets-- . cm, 
the' immediate outlook. ; . 

John . Hudson, investment 
manager; of rtfie Target ^ group, 
was probably the least equi- 
vocal. '-Be ; said: - This panic of . 


/ the Tari: fortnight »_'a Wt crazy. 
By the end of the year the mood 
will -be' less tense and In six 
months time unitholders in our 
American fond should be Show- 
ing a very; satisfactory . gain 
comparedfwith today. ■ , 

• ^ Vben -Wan Street hits: the 

bottom it could - bounce back 
dramatirally ” . *'• \ ii 

Paui Nix. Jnvestment director 
df MLi ahd G. has beeti buying 
American shares again. After 
.pitblldy . warning that-thj» buy- 
ing Spree- on Wdl Street'eariier 
this year was overheating the 
market 

• He. 'said: ' > ‘We b^ame very- 
cautious about America . in 
August and this '.was reflected 
in:, the advice we were giving 
investors' throitgh .our private 
client department On a nine 
.to 18 month • riew our unit- 
holders shpold be doing well.. 

“American shares are funda- 
mentally better value than 
British -ones." 

_ Johp Archibald, investment 
manager of the Save and Pros- 
peFGroup, expected confidence 
to return on. Wall Street once 
American "interest rates are 
Med. to have peaked. 


He said: “ We did not buy as 
much as some other groups on 
the way up but we are now 
buying as shares fall. Our 
liquidity is down to about 5 per 
cent. 

.. “ It is a case of holding one's 
nerve.” 

Richard Timber lake, manag- 
ing director of the Schlesinger 
group, emerged as the most 
cautious about the immediate 
outlook. 

By stajingout of the premium 
(investing with borrowed money 
instead) and by going liquid a 
fortnight ago, Schlesinger 
managed to cushion the effect 
of . the Wail Street panic. But 
since the Carter measures, the 
group's confidence in America 
lias perked up. 

Mr. _Tim.be riake said: “In the 
long-term we think investors 
'should have about 20 to 40 per 
cent of. their money in Wall 
Street ; but between now and 
Christmas we wpuld suggest no 
more than between 10 and 15 
percent. The best value is in 
big • companies, whose shares 
sire' holding up better than 
average. We are slaying out 
of the dollar premium because 
wei are worried that In the long- 
term it could disappear.” 


lit 


Higher rates 

THE- TfATIONAjL Savings' De- 
partment and - the • .building 
societies face, new competition 
after this • week’s risesJ in hank 
deposit^ rat®, y ; 

Until now, only- the sleepiest 
savers have left' their money in 
ah ordinary, deposit accdunt yrith 
tile Big, Four. ;. But ’ for., nqii- 
taxpayers. the . banks* new 
deposit rates — 0 per cent at 
Barclays and 'Midland— are a 
credible alternative to the RJ- per 
cent- tbe -National' Savings Bank 
pays 7 oo investment account 
money. Many pensioners and 


SAVINGS 

EAMONH RNGLETON 


others on low incomes will how 
prefer to have- their' money with 
the Big -Four because with- 
drawals are easier. . 

; vAt -the- other ^‘end of ' the 
maiket, the hanks are challeng- 
ingtbe building societies for big 
money— particularly where the 
depositor wants to; stay fairly 
IfquJd. . Barclays, for. instance, 
was offering just over 10.8 per 
cent yesterday on three-month 
deposits of £10,000 or more. That 
works out at a net of 72 per 
cent ‘for' an ordinary rate' tax- 
.payer compared with the stan- 
dard ^building' society deposit 

cate ;of -0-7 per cent 

Forraedium term’ money, the 
building, societies are stUl look- 
ing the best -het for most tax- 
payers: Societies* term ■ rates 
are Tartahle and the. usual 
formula is 1 per cent over .the 
. ordinary deposit rate. Currently, 
that means 7.7 per cent net of 
basic tax or -11.4 per cent gross: 
■• The 14th issue of National 
Savings- Certificates.-' offering 
.7.6 per teril tax-free over four 
years* (with -easy withdrawal rn 
the meantime) is stiii supreme 
for most hi^i-rate : taxpayers.- • 






Inaddition to our services for 
corporate and institutional clients, 
we also offer a personal service to 
private clients for portfolios of 
varyingsizes. 

.OurPrivate Clients Department has 
. access to the same expertise and 
extensive research facilities available 
to our corporate dibits, which we 
. provide without a management 
: V charge. . ,- . 

If you are a private investor managing 
your own portfolio,; or aprofessional 
adviser to investors, you should 
know that we are making this aspect 
of our business an even more 
important part of our presait and 
future policy. 

■ . For further informatron, write to 
A. lyser, Principal in charge of Private 
\ - events, at.the address below. 


HoareGovettLtd* 

(Members of zhe Stock Exchange) 

Heron House,- 

321 High Holbom, - 
London WC1V7PB 


ANewUnitTrust 



AN OPPORTUNITY FORYOURCAPITALTO 
PROFIT FROM INVESTMENT IN THE FLOURISHING 
ECONOMIES OF THE FAR EAST 

FIRST OFFER CLOSES ON 24™ NOVEMBER 1978 


The aim of Chieftain Far Eastern Trust is to provide 
the best possible opportunities for the <ound. long-term 
growth of your capital, through investment in carefully 
selected stocks and shares in Japan. Hong Kong, 
Singapore, Malaysia and the Philippines, economies with 
some of the highest current growth rates in the world. 


Selected Markets 


The brief analysis that follows indicate* ’-'hy each 
of the countries represented in the Trust s initial portfolio 
has been selected by the Manageis. 

Japan. Although renowned for its export achieve- 
ments, Japan owes its industrial success niainiy ton large 
and buoyant domestic market. It is often forgotten that 
the population of Japan is more than double that at the 
U.K., and its per capita income is significantly higher 
than the UJv!s. With inflation under control, a disci- 
plined and responsible work -force and a remarkable 
record of industrial adaptability, the economy has 
resumed its strong upward long-term trend after the 
setbacks of the 1973 oil crisis. 

The srockmarket. the world’s second largest, covers 
a diverse range of both large and small companies whose 
profitability should continue to benefit from low interest 
rates and a positive attitude towards the creation of 
wealth, giving Japanese shares excellenc long-term 
growth prospects. 

Hong Kong. This sensitive and extremely active 
market is characterised by well-established trading, 
financial service and property companies, together with 
fast expanding manufacturers, particularly of textiles 
and electrical equipment. With Chinas- new regime 
advocating industrial growth the prospects of Hong 
Kong, the ontlet to free trade markets, maintaining its 
burgeoning output and growth record of the last three 
years look good. . 

• • Singapore and- Malaysia. Malaysia s crowing 
political stability and economic sophistication have pro- 
duced an expanding industrial base, on top of the well 
established companies dealing in rubber, tin and other 
raw materials. VCith Singapore well established as a 
major international port and financial centre, the choice 
of shares is wide aril appealing. However share prices, 
unusually dependent cm woHd trade levels, can be 
volatile, making this very much a market lor the 
professional investor. 

Philippines. Although the economy still depends 
heavily on commodity exports, current oil exploration 
activity could,, if successful, greatly improve tbe outlook 
for stocks and shares. 

The Managers judge that Korea and Taiwan, despite 
their booming economies, should be excluded for the 
time being for technical and political reasons. If the 
situation alters, this decision would be re- considered. 

If long-term capital growth is your aim. then our 
belief is that judicious investment in selected Far Eastern 
stockrrarkets represents a most attractive opportunity. 

would however, like to emphasise that Chieftain 
Far Eastern Trust should not be regarded as a short- 
term speculative investment. The prices of ’stocks and 
shares rise-and fall, and the price of Chieftain Far Eastern 
Units will fluctuate accordingly. 

^ Income will be paid annually but those who require 


principally a high dividend yield rather than capital 
growth arc ad\ iscd to consider Chieftain's income trusts. 

Port folio Balance 

The Trust s funds will be invested in about forty Far 
Eastern stocks, selected fur tbeir good growth prospects. 

Initially it is anticipated that some G0% ot the port- 
folio will be invested in Japan, 25% in Hong Kong and 
15% in other areas. 

Japan is judged to be the most attractive of the Far 
Existent markets at present, because it appears that 
further Government stimulation of the economy will be 
likely in an a exempt to reach the agreed 7% growth 
target this year. Japan's low inflation race and strong 
balance of payments give the Government u.msiderable 
scope for further measures which should help rhe stock- 
market. Companies trading domestically will be favoured 
rather than exporters. 

The Managers will shift the balance ot the port- 
folio from area to area in the future as financial 
conditions change. 

A Complicated Investment 
Made Simple 

Far Eastern m vestment has its obvious attractions. 
Hit a private individual, investing alone, would need 
formidable resources of capital, mftirmation and invest- 
ment currency to achieve his objectives. 

However. Chieftain Far Eastern Trust takes the 
problem ott the investor's hands. Your capital can be 
Minply. soundlv and efficiently invested by full-time 
investment professionals. 

Moreover, a trust has one facility not normally 
open tu the private investor; that of the back-to-back 
currency loan, an alternative to purchasing investment 
currency through the dollar premium. 

Share Exchange Scheme 

If you wish to realise a part of your portfolio and 
invest in Chieftain Far Eastern Trust, the Managers can 
arrange to sell your shares for you, and will absorb all 


Application Form 

HI in (he coupon and send it now tor Chieftain Trust Managers 
Limited. Oveftarn Hnuse. 1 1 New Street, London EC2M 4 TP. 

UWe would like to buy Chieftain Far Eastern Units to the value 
of C— ar 25p cadi. 

iMiivnium initial holdmic £-50i 

l/'We enclose a remittance, payable to Chieftain Tnot Managers 
Limned. 

Tr-!' bcA 1 : 

If jmi want maximum grcrAth bj’ automatic re-mv-estment cf 
net income. 


the usual costs of rhe transaction. This can give you a 
worthwhile saving. The minimum purchase through the 
Share Exchange Plan is £500. Tick the box in the 
coupon for hill details. 

Yxir Reassurance 

Chieftain Trust Managers Ltd. was established in 
September 1976. Its live trusts, dealing in overseas as 
well as U.K. markets, have already attracted funds 
worth Cl 1 million. This exceptional rate of growth has 
owed much to che considerable support Chieftain has 
received from stockbrokers and investment advisers. 

The Trustee of Chieftain Far Eastern Trust is 
Midland Bank Trust Company. 

Tax Advantages 

You can sell your units on any normal working day 
at tbe prevailing bid price. You will normally receive a 
cheque within seven working days of receipt of your 
renounced certificate. 

Tbe 1 978 Finance Act states that unit trusts will pay 
tax on capital gains at the privileged race of only lt/Y, . 

When you sell units you will receive a tax credit of 
10*% against Capital Cains tax. Therefore on unit crusts 
you should have no tax to pay on profits up to L3.UU0 
on sales in any one year, and your maximum liabilitv is 
limited to 20% of vour gain. On sales before 5th April, 
1979 the tax credit is even higher. 


Closinc Date 


Until 24th November units will be available at a 
fixed price of 25p each to give an estimated current 
gross yield of 1% p.a. Your application will not be 
acknowledged, but you will receive a certificate by 
13th January’. 1979. 

Fill in the coupon, or talk to your financial adviser 
without delay. 

General Information 

After 24th November units will be available at the 
price and yield calculated each morning. 

There is an initial management charge of 5% 
included in rhe price of units. There is also an annual 
charge of fplus VAT) which has been allowed for 
in the quoted yield. 

The Managers will pay the standard rates of 
commission to recognised professional advisers, who are 
invited to ring 01-283 3933 for lurther details ot Far 
Eastern and other Chief tain trusts. 

Distributions and a report on the fund are made 
yearly on 30th September. Income is paid net of income 
tax, but this can be reclaimed by non -taxpayers. This 
offer is not applicable to Eire. 

“Die Managers of the Trust arc Chieftain Trust 
Managers Ltd, Chieftain House. 1 1 New Street, London 
EC2M 4TP. Telephone: 01-283 2632. 

TTie Directors of Chieftain Trust Managers Ltd., arc 
P L Foils, MA (Chairman): R. J. D. Bats. MA. MBA; 
j.D.Gillett, ElSc.; I. H. A Ha^eel, F.C.i.S.; AI_F.K. T >i 



i □ 

| I 1 II von warn to know how to buy Chidtain Far Eastern Units 
1 I — I on a regular monthly-basis. 

I j | If you nould like details rt cur Share Exchange Plan. 


C HI E F TAIN 

1 RUST M A N A ij E K S i I M I I M * 


IAYc dccbfc (hat I .im 'wc are O'-cr liand n.t nskkmt wKfde 
the U.K. or Scheduled Territories aid that I am/uc are rvii iuirin^ 
the units ns nonrreris) of any pursonlsi rcsidcni out t fn; U.K. or 
Scheduled Territories i.!f you are un.-ibk- :o My:« ibis Jo-Timinn it 
should be deleted and your applicaLon lodyoi through an auihunsed 
depcrittxy) 

SURNAME (MR'MRS/MlSSj 

FIRST NAME’S.' IN* FULL 

ADDRESS 


SIGN/\TURE;S; - * 

tlf there are joint applicants all must ogn and attach n.irrv.:-. ;nxi I 
addresses scparatek'i • Rcg'd coffee as aboi c P.r- B ' d ^ j ■ "4i'’ M ■ •• 






s 


PROPERTY 


The queue for Salisbury tranquillity 


BY JUNE FIELD 


SAMUEL PEPYS found Old difference to the density of the munity. Residents don't actually sanatorium, and ' chapel . The a 200-year-old farmhouse with 
Sarum was " so prodigious as traffic in the streets round the need ’* late passes,” but they do planning authority is willing to 135 yaitis of excellent trout fish 
to fright me to be in it all alone Market Place.” need keys to get back in after consider uses compatible with ing, attracted fishermen nation 

11 p.m. " ‘ -r — -- .. 


at chat time of night.” while 0 n t £, e p [ us 4ide ^ ^ 11 p.m. the Cathedral environment — wide, from London to Cornwall 

Charles Dickens’ Mr. Pinch in version of ^ corn Exchange The Dean is the trustee of academic, ecclesiastical, and and one flew over from Bel^um. 
Martin Chiizzlei nt “had a very int0 a new pjavhouse in Malt- the Close. I spoke to the social, etc., and locJU rumour has A ^«t County fisherman 

shrewd notion that Salisbury htmse La ne , ud develop- Chapter Clerk. General Foster, « a bos ^ is interested, bought it for £5o.00Q, well over 

was a very desperate sort of ment of ^ CattIe Market int0 who toId me that one of ^ Humberts. 49 Castle Street, the price guide given, 

place: an exceedingly wild and one 0 f the best in the south of main attractions of living in a Salisbury office is handling the Mil] houses are also in great 

dissipated city.” ' v - A. Hudson England. Further amenities are Cathedral property is the feel- bas a P r * ee Ta S demand, especially when they 

in A Shepherd’s Life, 1910 was ]j s ted in Discover Salisbury and ing of tranquility that exists of £750 ' 000 leasehold. include part of the mill-race, 

more appreciative, drawing south Wilts published in within tee walls of the com- James Harris only opened “The sound of water escaping 
attention to “ teat soaring spire English. French and German munity and the pleasant quiet their Sal isbuiy offices at Crown over from mill dams, willows 

which, rising so high above the (40p), and two booklets on existence within a beautifully Chambers. Bridge Street, in and rotten planks, slimy posts 

red town, first catches the eye, where io Eat and Where to maintained area. association with Harris of and brickwork— I love such 

the one object which gives unity stcy (25p each) all from the .. . Winchester, in August, but things,” wrote John Constable 

and distinction to the whole District Tourist Information ,. a i S . P^P^ 163 already they have found that to his friend and patron John 

picture. . . .” Centre, 10 Endless Street, Salis- 0y Wa 2? d Bar j there is a strong demand for Fisher, Archdeacon of Berk- 

Salisbury cathedral's spire bury. prnperties whic^ suSund tee ? ft* 1 0f F?*"*-! J. R shire whose uncle was Bishop 

still soars 404 ft high, the tallest Salisbury Cathedral Close is Cathedralitself rather as chicks TnJ b»hawe, their resident part- of Salisbury, the words coming 
in Europe, above tec tile-hung now tec biggest cathedral resi- surround a moSer hen S ner told me, particularly in the to life in Constables 1830 pamt- 

houses teat surround the denial close in England. It from one bed one reception flat- c ° un , try are * s where there is a mg. Salisbury Caf/i*?dral *. r(WI 

Market Place. And as David originated at the start of the lets to six-bedrooiued** houses vf h Pn> k! e f£ tD ^ Water Meadows. Part at *n 

Burnett acknowledges in a 13tli century, when the ecclesi- These are occupied by prirate h, S[)cr price bracket old mill weir Downton on the 

pleasing new book. Salisbury— astical centre of Sarum moved people. doctors. dentists The domestic property market Avon, # miles south of SaJisr 
-- - ? - - - - ■■ ■ — - - * p aocion> - ■ aeu “;‘ s ' in Salisbury is certainly still bury, a listed building for 


The History oj an Englisk to Salisbury. The cathedral was surgeons. solicitors etc. - - ... 

CathedraL City fCompton Press built, and around it the resi- Cannons. Bishops as well as the 1>xl0 5 ,ailt sa ys Timothy Weale of which planning p emission for 

£6). Salisbury’s prestige con- dences for the Cannons, which Dean and Chapter and the Persons, with many buyers des- conversion into two dwellings 

tinues to rise, and its prosperity was the start of the residential Close Constable. Besides these perate y sewptnng f or the right has been given, was being 

continues to depend on tee community which today has residences there are three P t °P“* y \ Over 1116 past few offered by auction through 

cathedral and concourse. “And about 74 private properties schools and a theological coi- months there has been a short- Pearsons on a price guide of 

conservation of Its spiritual and which are aU leasehold, let on lege. a ® e Properties, with prices £-5,000, and this type of 

architectural heritage has varying leases from seven years A in tKft rirtCQ . .. a , on the increase. Much of property comes up from time 

become even more important upwards. The market town of inl nre „j Ve mi Imp V 1 e lnter ?t t I comes from L ° n ' tune - 

s* u,, impressive college of Sarum St. doners wishing to retire to tee 


For details of properties cur- 

to 


now' teat it has developed into Salisbury developed beyond the Michael which became a train’ 0011 S ™ sn “*f t0 retire , , For 

a major regional tourist centre. ’ Close community over the years. ing college for women teasers % Dtl \ a T v ? Uable 0 - 

As Mr. Burnett points out. While rents are by no means in 1S52. The fine group of build- ? ' fheCit? centre PeSSans WMle * Pearsotl s. 44 

the impact of the 20th century less than outside tee com- in gs is in the market as a result are sSltaT an attractive de- Castle Street ’ SaHsbury - 

on Salisbury’s character is still munity. there is still a waiting of a cut -back in tee teacher relopnienf of 16 two-bedroom AJso near Downton. in Chari- 

hard to gauge. "The biggest list of over ISO people anxious training programme The com- houses, intended as “starter" ton AU Saints, the major portion 

threat to the character of the to move into its attractive and plex, which faces the west front nr retirement homes beirr* of Charlton Grange in J acre is 

city centre has come from the tranquil confines. The Close is of the Cathedral, with grounds built by Dunnin° Developments for **** al *39,950. The place 

inevitable increase in traffic, walled on three sides and bound going down to the River Avon. w j, 0 built the Playhouse and wa5 originally three farm 

The medieval street pattern was in by the River Avon on the includes listed buildings (the Library Of tee four houses eott ages belonging to Lord Rad- 

no* designed for the demands fourth side, and the doors to medieval Kings House is in the j„ sl released three have al- nors Longford Estate, and has 

of the modem city, and the pro- the Close are locked at 11 p.m. rare Grade I category), lecture readv been reserved Prices are 4 bedrooms and 2 bathrooms, 

vision of car parks and a ring- each night by the Close Con- rooms, laboratories, staff flats, f ronj ‘ £17 oJjo. and lhe next Full details Jackson and Jack- 

road seem to have made little stable who patrols the com- a large quota of study rooms. P h ase f s ( j ue \ Q finished in S0Q> The Honse 0n The Quay, 

two to three months time. Two Lymuigton, who are also hand- 





The major portion of Charlton Grange, Charlton All 
Saints, Downton, near Salisbury, is for sale at £39.950 
through Jackson and Jackson, The House On The 


miles out of the City, Dunning's the 5-bedroom Landlord 
have the last four “executive Cottage, Landlord, near SaJis- 
houses •' out of 21 on offer in bury . in 8} acres, near Romney, 
the £40.000-plus bracket, a con- 071 the Wiltsbi re-Hampshire 

siderable increase on the first b Qr d er for £89.500. 
bouses, built IS months ago. In ShcrfioM English. ID miles 
which were in the £27.000 from Salisbury. Broxmore 
range. Gardens is for sale with 9 acres 

" Good Wiltshire, farm houses at £75.000 through Humberts, 
arc becoming harder to find. The original old house dating 
and usual!}* go to auction." says back several hundred years has 
Mr. Weale. "Cowslip Farm- been opened up to reveal 
house. Devizes, a mile from tee original ship's timbers forming 
city, once owned by writer A. J. the raantelbearas. inglenook fire- 
Street, went under the hammer places and a bread oven. There 
recently for £38.000 after are 6 bedrooms, 3 balh/shnwer 
spirited bidding. rooms, paddocks, patio with fish- 

■ The search for a stretch of ponds, and barbecue, plus a 

o o the river is constant u»o. The football pitch, tennis court and 

Longford Estate. °which have° besn restored and auction last month Of Colemans glasshouse with a Black Ham- 
modernised to form a 4-bedroom family home. Farmhouse. Lower ChicKsgrove. burg Vine. 


Quay, Lymington. The property was originally 
three farm cottages belonging to Lord Radnor’s 


MOTOR CARS 


Vi n3 nciar times Saturday November 4 1978 "■/ > f1 [> 

. , , • ' . . ; • ,i\) s' 



tckfofhe specialists. 


__ ExptfbocaQKwtperboov. 

London Road, bteworth, MiddtesCT- 




SALES 


50 

NEW ALFAS 
ALWAYS IN STOCK 


INCLUDING THt NEW . 
1.5 SUD T» AND SHUNT 


19 TB 2000 Sorter. Woe. 2.000 
mild. - 

1977 2 000 Stnrder,. choice of 
red. btads. graM -IW 
white. " ‘ 


1977 ysr- Altetta 2000 . OTV. 


_._--wriMr. «lioys. 12.000 
- miles. . £BVC9S 

1978 Sod G 1.3. 6.000 nU«s. 

white ■ £3.748 

1977 Sud TU Black, 10.000 
mlloj ■■ £ut5 

1976 Sod L, 24,000 

doth . £ 1,791 

.1977 iSj Alfa Spvdar >Otn> 
Slivor. ndlOjcaaietw. 7.ooo 
■ miles 

1977 Alla GTV 2000 In black. 

beige ’Hour, alloy wtieeu. 


t.^r 


1976 Modal 1.6 GTV. 

-re I low. 22 - 000 - miles. BMli 
mint . . . . . . £2.695 

. L£A$e OR HIV • ■ • 


26 North HIH. N6 01.34ft 51 5r 


HEXAGON 


PEUGEOT 604 
SL AUTOMATIC 
S- REG- .v. .. 


Electric windows. Sunroof. ‘-ttCsi 
Met. Gold. Four speaker.rad'to, 
one careful lady owner.'. &50Q 
miles. Showroom, condition: 
Private sale. No dealer^. £6J50. 
Any inspection welcome. 

Tel. Maidenhead 2CT86 - . 


1973 ROLLS-ROYCE 

COKNICHE SALOON, Silver Grey with black- 
hide. Special features include speed control, 
8 track Quadphonic stereo. Only 34,200 miles 
‘ since new. Full-service history. Rolls-Royce 
■ distributers. Always garaged day and night. 
Immaculate. £24,500. Phene 01 894559, 


LEASING EXPERTS 
LOWS! DEPOSIT 
1-4 YEARS TERMS 
1979 MODELS 


Immediate or Early Delivery 


FULL SERVICE 
MAINTENANCE 
SPARE PARTS FACILITIES 


KENSINGTON CAR CENTRE, 
181 WARWICK ROAD, 

.. LONDON W14. 

■ 01-570 3152/3/4 


SAAB Vlf III* 


0% INTEREST 
SELECTED 
MODELS - 

London’s 

- largest stockists . 
of new and used Saabs 




THIS SPACE 
FOR SALE 


TWICE 


ONE ON SATURDAY’S 
MOTORING PAGE . 

AGAIN IN ' 
MONDAY’S PAPER 


BOTH FOR 
JUST £126.00 


For full details of other sized 
contact Simon Hicks 
01-248 51 IS 








THEMSELVES 


Immediate delivery new Volvo 
.264 TE Long wheel - based 
Limousine. &lack with plush 
interior. Leasing available. 
Contact B. J. Groom Autoservice 
Garage. Highdiffe .5351. 


TURBO DEALER 


New models from stock phis 
the Turbo. Demonstrators;- 
available. Always 20. 
guaranteed used models in - 
stock; Advantageous _ V 
leasing/finance facilities. 

JRCK REEDER LTO 


76 IWUfBUflyRaWOKWG. SURREY' 
Woking " • 
^(04862) 65307 > 66663 , 


ilinrii 


CORVETTE STINGRAY 


1975 spit roof 350 manual, 
30.000 miles only. Every extra 
including air-conditioning. - 

£5,750 o.n.o. - 


Tel: 01-248 4601 (office hoars) 
or 01-237 6974 
(eves & weekend) 


ART GALLERIES 


ftlNE ART SOCIETY. 145. N«w Bond -st, 
W.l. 01-629 5116. MAXWELL: ARMS. 
FIELD - . 


FACTORIES AND 


WAREHOUSES 


saswfiB 


CLUBS 


EVC. 159. Rcflent StrceL 734 0557. A la 
Carte or All-In Menu. Three Spectacular 
FkMr Shows 10.45, 12.45 and 1.4S and 
music ot johnny HawkeSworth & FrMMR 


TOTTENHAM CL, Singi# stony factor *« 
1 C . 000 30.000 ». ft. To let Or foi 


tor 

Maurice - aim raw. 


sale. All amenitr 
0 1 -187 0123 . 

WTTHAM. ESSEX, small Industrial! Ware. 


onald Moody Ltd- Brentwood (ft. 


cmmNiiAM, M4 exit 17. -2 mUn 
40,000 so ft. new smolMtorey ware* 
house. JO ft. to eaves. Might a tin 
To- let ei.25 per so. ft. Tel’ OJ 
26 3. 


S2Z'.: 


HICHBRIDGE. SOMERSET. CIOS* MS. 
lunctfon 22. New factor 


lactor-Wwareitoua* On 

popular industrial estate. 10.£'~ 
pins a relit 


JUarv omccc. etc. 


freehold. 'Apply: Kina Mile* 
industrial DeoaHmem. 2«. Clare. Strw _ . 
Brutal 1. T el.- (0272 1 2gaB44.--7^ 



ESTATES AND FARMS: INVESTMENTS: SHOOTING: 


COUNTRY PROPERTY: OVERSEAS PROPERTY: 


s a 




Who wants to be a 


millionaire? 


Should this cap happen to fil you, >ou would be v.eii advised 
to fix your sights on real property, in which flO'o of all existing 
millionaires achieved their Fortunes. AH the signs indicate 
the immiuenec of another property boom: rising house prices, 
falling investments yields. City institutions buying farmland. 
To keep ahead of the herd in this fast-moving market you 
need to study the Property Letter, which gels to the very 
heart of the property business with down-to-earth, pungent 
articles providing you with information, ideas and unusual 
approaches that you won't get anywhere else. The Property 
Letter could just possibly be a better investment for you 
than The property market itself! For details or a FREE TRIAL 
OFFER, write to: 

THE PROPERTY LETTER. Dept. ILH. 

13 Golden Square. London, \Y1 
or phone 01-597 7337 (24-hour answering service) 



ELEGANT ANDALUCIAN COUNTRY RESIDENCE NEAR 
MAR&ELLA. SPAIN 

This ouuundinc p-auertjr '« situated (he himerund ol the cam with 
«f the W*di(« r r*ne»n cowardi G'.btila »nd beyond. 

5 BEDROOMS WITH BATHROOMS EN SUITE. 


4 RECEPTION ROOMS. STAFF QUARTERS 


Surrounded by 2HA o' terraced ground: containing Orangery and Swiaiminf Pool. 
Vxarage lor 3 tars 
PRICE USS600.00Q 

Enquiries SOLE AGENTS: 9 minor Street. London. 5.W.3. 

01.581 02 18/9 '0. Telex 916037 
In atsocuTicn with Gilvez C* ncro/ Donaldson* . 

Puerto Hote eanut. Marbelia. Spain. ( S2 i 8121 JS 


HIGHGATE HOUSE, N.6. 


A quality built family residence presenting a most attractive 
long low elevation in the Georgian Style. 

All on two floors — 7 bedrooms. 3 bathrooms, reception hall, 
4 reception rooms, kitchen, utility and staff sitting room. etc. 
Gjs central beating. 

Double garage. Secluded and mature gardens of over \ acre. 
OFFERS INVITED FOR THE FREEHOLD PRIOR TO 
LATE NOVEMBER AUCTION 
Sole Agents : — 


Hampton & Sons 


21 Heath Street. Hampstead, N.W.3. 
Tel: 01-794 S222. 


WIMBLEDON COMMON SW19 


PARKSIDE— Oniy 7 miles The Wc« End 
Thr molt prestigious iddrei; m die ar»a. Referred to bt tamt II 
V MILLIONAIRES ROW.” 

A VERY ATTRACTIVE LUXURIOUS DETACHED 
GEORGIAN-STYLE FAMILY HOUSE. 

4 brdresmt. 2 bathrooms, superb 32ft. drawing room and 25ft. dinifl( room. 
kilSfedl/ breakfast room, laundry room, study eloaVroom. Double ftaraje. 
Covered pacio. Front and rear garden, etc. Full gas central heating- 
skirting radiators throughout. 

Freehold £130,000 to include quality curtains and carpets. 

For immediate sale, possession 1 Sfh Decemprr. 

WIMBLEDON VILLAGE. 

S.W.19 SBA. 

Telephone: 01-944 0081/6444 
Telex 25341 


Hampton & Sons 


PRIVATE 

ISLAND 

(FOR SALE BY OWNER) 

East Coast 

(Southern Tip Nova Scotia) 


22 X ACRES 
SURVEYED 
SAND SURF 


1.200 feet off Mainland. 

3 miles ol sheltered beaches. 


Excellent swimming — warmest 
salt water north of Florida. 


Formerly supported three *arms. 


$2,500,000 


Write Box 74974 
Fmcnciol Times 
10 Cannon Street, EC4P 4BY 


IRELAND 


CO. DUBLIN' - 170 ACRES. 

f With Development, Residential/ 
Industrial Potential) 

Lands situated 8 miles City Centre on 
boundary of existing development area. 
Level and free draining they are ideally 
suited for development purposes. 

Highly recommended as investment 
property. 

Apply £• A- Coonan & Son. M.LA.V.L, 
Maynooth, Co. Kildare. Tel. 01-286128/9. 


SOUTH OF FRANCE 


Magnificent villa situated in its own beautiful seven acre, grounds, 
superb views to Nice. Cannes and the Mediterranean. The house 
which will accommodate up to 20 people in great comfort, has 10 
bedrooms. 6 bathrooms and impressive living rooms, central heating 
and heated swimming pool. Two additional cotrages in the grounds. 
The property is for sate with all its quality furnishings at a 
substantial price. 

For further details please apply: 

MOOR PARK INTERNATIONAL PROPERTIES LIMITED, 
Stock Park, Newby Bridge, Ulvcrston, Cumbria 
or ’phone for printed details, Newby Bridge (04483) 549. 


LEXMAM GARDENS W8 


SubiunDil 6-*:or»y property alr;«4y 
canter ted to 4 unio with Kope for 
iddiconjT I or 1. Full vacant 
pouemo-i. i 1 35,000 freehold. 


BAY5WATER W2 


2 adjoining freehold mcwi ho u tea, 
conitruucd i; 3-room«d Bata with 
rangei underneath. Excellent central 
location. 

ClOO.OOO KOR PAIR OR MAT SPLIT 


MULLETT BOOKER 


6 Star St, W2. 01-402 6191 


Swiss Company seeks area Aberdeen or Edinburgh 


Large Property /Castle 
or old Mansion 


fiO-100 rooms, spurt-; facilities, approx. 15-1*0 a*. res. for rent 
or purchase. Reply: Dr. Molten i. Via Franscim 10 a. 
CH-6900 Lugano. 

Tel. 0104191 54 76 21 or 01041 91 54 42 31 


MUNICH (Germany) 

DISTRIBITIOX/MANUFACTURING UNIT TO LET 

3.750 SO M (4O.0OO SQ FT) 

Could be split — Next to Hotorwa} E6 and El L 
and Subway Station — Airport 3 minutes 
Write Box T.4976. Financial Times. 

10. Cannon Street. EC4P 4BY. 


FOR SALE BY AUCTION 

NORWICH 


NORFOLK 


Fine Edwardian budding being a 
farmer Children's ksmt. Excellent 
accammodaciea including 4 Receptions. 
Office. Boys* and Gir:s* Washrooms. 
Laundry. 13 Bedroom. 5 Bathrooms. 
Full gu fired central hearjnj. Club- 
room. Garages and Gardens. PLAN. 
NING PERMISSION FOIL CONVtR. 
SION TO MOTEL. BOARDING 
HOUSE. FLATS, T3UTH HOSTEL. 
DIVISION INTO LARGE TERRACED 
HOUSES. ALSO BUILDING PLOT IN 
GARDEN. 


Fu'l eer<>'eaierj freie: 


IRELANDS, 

2 Upper King Stret. Norwich. 
Tel: Norwich 610271 


FARM ESTATE FOR SALE 


Estate of s'mtii .lent US. tamll*. 
Hunt t'ttdot. jin-. larm. extellM 
hsnins. snoot, 09 hun:,-» asonroK. 600 
»<re». TO jni'a* ta nVC. Take ed.ee- 
ot ny inorouohDred bfeedino 
ncenrine best .n U.S. e*atrtl- 

ui mam nouse ana arauna*, ■•vimminB 
jooi. « airier senses. HrnA (ertlrtr. 
oiestsne under ttrm. only SO . «trc* 
•oadland. ORercd a: \Jn Would con- 
.ider tenr»s '■nc'udi'17 part stock in 

business cnoee-1 Wr.if PQ, flea 348 

9 aug.muaB NY 12*70 U.S.A. 


COTE D’AZUR 

Between 

GRASSE and CANNES 


2 acre* tiroes and land) — 

rebtured farm — 

All amenities — 3 bedrooms — 

3 bathrooms — 3 reception 
rooms— Sunny — unbroken 

view — Large swimming pool 
together with pool bouse — 
Caretaker’s lodge — li garages 
—Write to: 

BATRIAS— 4 av. dc Provence 
—0600ft— N ICE— FR AN CE 
Tel: (93) 81.38.79. 


OURj 
^BIRD 
OF 



THE 

RA1NGOOSE 

AUTOMATIC 

WATER 

SOFTENER 


The most advanced domestic 
water conditioning unit 
available today. No other 
softener has all its features! 


LUXURY wB to vows from head 
io toe when you pamper yourseft 
and famfly in dean, ra«v«xft water. 
RADIANT c o mp lex ions and 
atunmjj hair wBi be noticed and 
admired. 

JOY w® come from the 


considerable aavin M made on soaps. 

m, coflee and heating 


shampoo*, tea 
Mis. 

SOFT: 8 nr, f*e to (ouch woofan* and 
leafty dean clothes, afoevs. 

DEUGHTVi the scefe and siudpe- 
free proteciion given to showers, 
ammeruone, wKhing mecMnes, ’ 
dbhwasnms. baths and basins. 
LOVE lhe qua fry Bfeeftrle that 
Pennant soft water brings. 


PIACEFUl WORCESTER PARK. 25 .mint. 1 
Wd:crl». dr:acr.ed SunsaJotr- .3 -bwii- 
nin iQutgc. c.n^ strage. fflntre omreen, 
otert 2 round £«0 COO P Dirt ACS. 


*Olrt; flai Lan3on Area Write BO> I 
T 4978. f mjurjl T.mrs. 10. CaftSSS , 
Si-ect. EC4P 4BY. : 


MILfOltO HAVEN. PCMBROKSKlAE 

tuKrj isiii'jn a.K-isert-ic stten. 5uft- 
,a twn ctouNfc. 

Bed.. S rtizot i i- r;ncns oetft 


mM-'ilRItlO" .TOL.rtd ntrl ft»S e h • 
£45.000 Irrr'OiC. RiT.s iTKlwnai 
o-enmoj 01-938 22bS. 


PROPERTY 

ESTATES L FARMS: 
LWEST3TENTS, FISHING, 
OVERSEAS PROPERTY" 
Saturday and ti\*dnesdav 
IS.ftft 

per single column centimetre 
£2.0(i 

per line (3 lines minimum) 

Fur lurlhnr detail* irUnlnun- 

DIANE STEWARD 

01-2-18 5284 


> 


Sand for dstaPs of this model and 
<*ir other beevtiful birds, the 
CYGNET, SWAN and HERON to 


pennant 


< 




Clydesdale Bank 


'iS 


Clydesdale Bank Limited announces that 
with effect from 6th November, 1978. its 
Base Rate for lending is being increased 
from 10% to 11£% per annum. 

. .With effect from 4th December. 197S, 
interest paid on credit balances on existing 
personal credit plan account will be 
increased by 1J% to G% per annum and 
interest charged on debit balances will 
continue at 18%, per annum debited 
quarterly {equivalent to an effective 
annual Tate of 19.2%, ). . •: 

. In the case of new P.C.P. Accounts the new 
; rate of .credit interest will be effective 
from 6th November, 1978. 


'the softener people’ 
FREEPOST, 

Bourns End. Suck*. SUI5BR. 
Telephone: (08285) 77613 


Nemo. 


Address. 


Tel No. 


No sump required 
Wtfl your reti home Improvement bs 
a TREASURED wftter softener? 



announces that the 
'(lowing rate willapp 
from and including 





6th November, 1978 


Base Lending Rate 
■1.1*%. per annum 




BanKcFlreiana 










w«;-. a* 

dav 

^ oiilS 


BY STUART MARSHALL 


^C", SAAB*S problem is the .same 99> Combi with *■ Cyrano de of fuel. Even the Turbo I tried 
- fc Q (iw ' as that of all Independent car ^Bergerac nose. Part of the in Sweden last week returned a 
3-t*) r l * ®““fMturer8. at a tone when extra eight indies overall length little over 26mpg on a mix of 
' ' tbB tattaiiQDS are getting is; accounted . for by more gravel tracks and main roads 
RqV,. , * bigger and the littfe' ones are massive, self-repairing plastic Most of the new Saabs will be 
tending to fade away. It is this: bumpers. . But the. .wheelbase available with power assisted 
> arjn ; . bow can we keep opr caw folly *as:aIso been extendeflby two steering either optionally or as 
t o 0 , ‘t u P-^w3ate without, bankrupting inches to give nun» front and standard. It is an excellent lay- 
outlives on a brand-new body re^Iegroom,- . _ . out, making parking effortless 

shell every few yews ? Other cbanges include a but retaining so much sensitivitv 

Saabs answer has been* con- revised front end with bigger to road conditions vnu can even 
tmuous programme of product -headlamps and wrap-around f ee ! the tyres running over 


tales still come true 






IMS 




’ v ' 1 

■ipinrrie4-m 

•TyJ] 


Saab 900 


EVERY ■VOW and again one 
hears of a Cinderella golfing 
story, but the latest one to break 
upon the media here is the 
best I have ever heard. It is 
probably well known in Britain 
by now that the 21-year-old 


GOLF 


BEN WRIGHT 


Improvement that- makes-fteirr ^xde llgi^-*Th&fascia has been small stones. This is important which suDplement the flfls for mental conditions. One idea is Queensland golfer Wayne Grady no t appeared, and the only 

cars notj»t:^differentto look redesigned and t he heating/ in Sweden where to betaken by the time "being, will he in the to redesign the cylinder head so hitch-hiked his way to Adelaide recognition he has so far 

at, hut B etter in. its many really' ventilation system has a filter surprise by a change in mail £6.000 to £9.500 range. Saab that the engine can be run on to win the the AS60.000 CBA been lost. Grady would have received from the manufac- 

important ways as possible..- / that -cleans all the air coming surface can mean a slide into are confident that their new low octane petrol despite having west Lakes classic at the had to play with tus well-worn turers at all has been in the 


par rounds of 72 to be in the 
thick of things. 

But he has still received no 
free golf balls that are thrown 
about by manufacturers’ repre- 
sentatives like confetti to the 
best amateur performers. His- 
custom-built golf clubs have still 
not appeared, and the only 
recognition he has so far 


u IXT^uj- Since Saab— the name means, into jhe car, which should be a ditch. 


SF if ( , L Swedish.-. Aircraft Company-- a. boon, to.hay fever sufferers. Swedish police take a stem will appeal to business motorists will give excellent fuel 
* diversified into icar making just ; Changes to- the i suspension have view of drivers who bend the who now drive BMWs. Mercedes and dean exhaust 


cars, and especially the Turbos, a high compression ratio, which [ Gran „ e GoI £ C j ub last weekend. P racti ce halls, 


^‘JDF.Ln 

■V>-; 

iir Urat * f 


economy 

gases. 


after the etid of World- War Il-softened the ride, especially on speed limit so Saab provided a and Granada Ghias. They could Another is to convert it to run 


Incredibly, the young golfer 
The blond-haired youngster turned for home i n 35 shots, 
was reputed to have -arrived 0 ne under par, and then 


shape of two sports shirts. 

It is indeed a hard life if one 
intends to break through in this 


haeeJetUy lad atlx two rough. roads, ^nd-aUowed the closed circuit for high-speed well be right. The 'Turbo, on LPG (liquid petroleum gas) dollars in his pcicket managed to record two birdies ^ercrowded game. 


models. ' The first was the two* new Pirelli P3 and Michelin testing. Here the Turbos on which will clearly be joined by or petrol at the flick of a switch. 

stroke, front-drive 92, -wirich TRXT. ultra low profile tyres to their P6 and TRX superlyres other manufacturers’ exhaust I tried one of these engines i — 

still recognisably .lives on as the- be used. At the moment they impressed by with their leech- supercharged executive type in a 99. It cold started instantly account 


and six dollars in his bank and an eagle between the 11th 


before winning 



two-door saloon in 1967 and end ot 1979. bags, behaved as impeccably ing to mood. instantly smoothed out when I *_ a ' c heaue for S12 000. 

has siDce_ blossonied out as a ^The-900 has the same two- when hard driven as did those Saab deny any thoughts of turned over to LPG again. 

four-door", saloon and as three litre, four-cylinder, engine as the that were running light. And creating a bigger engine for the Saab sees the LPG engine being Earlier in the week he had 

and fiye-door-hatchpacks which 99 with a choice of fuel in- in yet another, bursting a front 900. perhaps by making a VS in demand by drivers who cover arrived to learn that a charity 

look like: -cntin&s -. hut has the lection nr earuretters. with or tvrp at n „» r>r kinnirr m, a Hi"}, annual milpaao in nt-Han _ . , . ’ 

event bad been staged for 
young players who had not 


^-Tl IpDri rv^-l an “ fi ve^oor. hatchbacks which 99 with a choice of f 

sir ■ DEAlR 1<k * like,c°up6sbut has the jection or caruretters, with or tyre at 75mph by~ driving over out’ of two "cylinder blocks on a high annual mileage in urban had"* been staged for 

.r rie . utility of proper estate cars.- - without turo supercharging. A a cutting ramp caused no more new crankcase as Triumph did areas. The beauty of the LPG- „. hr . h ,j _ nt 

n a :;: Now comes the 900, unveiled slight increase ra weight has than a slight and easily con- vears aco to power the- Stag, burning 99 was that it had a youn *» p v,ny nw 

; ; iva -; m ' rh * at 0,6 ParJs Show at the be- been offset by reduced air resis- trolled puil on the steering Thev reckon the 125 mph Turbo dual-chambered fuel tank. Until survived the last two rounds ot 

^ “ & nnin £ of October sad due to tance so performance and fuel while I braked to a standstill, is quite quick enough. What now, cars converted to use LPG the previous tournament, the 

arrive i® Britain with rightr consumption is the same as That is a benefit from Saab they are doing is to find new lose half their luggage boots to Victorian PGA championship. 

“ = - 3 V-- hand drive early- ties* March, before. Driven with some regard front suspension design. ways of adapting the two-litre accommodate the massive gas Grady was No. 24 on the list 

Superficially, the 900 -.is a for economy, the 900 is frugal Prices of the 900 models, engine to changing environ- cylinder. of 48 reserves for this minor 

IQfu B>r pp.L. ‘ • - - - event. He had the good sense 

to arrive at 7 a.m. and when bis 

fer&rr-’Z s :.- 111 " Jted rivals failed to appear in con- 


hand drive early next March, before. Driven with some regard front suspension design. 
Superficially, ' .the^ 900 - is a for economy, the 900 is frugal Prices of the 900 


ways of adapting the two-litre accommodate the massive gas Grady was No. 24 on the list 


models, engine to changing environ- cylinder. 






First flurries— and fat 


i wr 


GALLERfc 



IT WAS the good news that cheapest basic price. Try to find If your taste runs to more 
came first. A ’phone call from where the hotel is in relation exciting stuff it Is going to cost 
a t a friend told me tbaLsnow was to the Hfts and look carefully you a basic £372 (Supertravel) 

5.- *■': falling on the uppermost parts at what is included and what is at the same time of year for a 
efts* “* ‘ ' of ourfavourite mountain.Thep. .. . mid-range hotel for two weeks 

£-. > came the: bad hews. A waistline , ■ - ■ in Courchevel. France. In Spain 

much swelled by summer inertia ^ the Scandinavian direct selling 

f j|CTna*cc ii, proved a little snug -for the rid . .TRAVEL organisation Tjaereborg has 
suit that has -sat in moth-balls - 1 rooms in the Sierra Nevada for 

tWAREHOL'SSt aince last May ' ^ -.-So, Jts .back .. ARTHUR SANDIES £169 for one week at the 

to low calorie noh-aleoholic- Parador with half board. These 

iiimuifcBv lunches and lots of jogging- '• ' are all just sample prices but 

Mara -.r.r’ • V '■f 1 ,' This winter’s crop .of _ski .chosen from high season and 

brochures is aurdy the biggest not Insurance, lift passes, ski mid-range hotels. Go in early 

ever. Clearly the tonr operators SC hool and ski rental all add to Januar y and take basic accom- 

believe that this winter, is -going, costs. modation and skiing comes 

to see a boom and those that I As fir as prices are con- much cheaper- 
have talked to recently already cerned it remains true that ski- A good travel agent should 


•• ' •• i: ■ ; 

* - V- .A; S •. . z * f ;■ ^ 

y -• "'i: ^8 

r >-.V A -- . * 


and an eagle between the 11th i was perusing the first round 
and 13th holes. scores in this event this mom— 

He bad looked at the leader ing and came across the name of 
board as be came to the 13th Peter Berry, who because he had • 
tee to see that the experienced no State behind his name I 
American campaigner Mel- assumed to be a native of New 

South Wales, it was only over 
a cup of tea this afternoon that 
- I met the captain of the England 

boys’ team of six years ago. the 
Although he has yet to Peter Berry from Cheltenham 

i ic who had scored 72 and 74 in this . 

hit the golfing big-time eren t easily to make the cut. 

Wayne Grady made Berry had wasted last winter 

headlines this week. I 1 * te ™ s P ,asterer j 

labourer, and having survived 
“ It is indeed a hard life that frigid experience decided 
««« ■ that he would rather play golf 

if One intends to break W j n ter, oven if be had to 

through in this over- hitch-bike his way to Australia. 

° He remained at home to try to 





of 48 reserves for this minor It IS indeed a hard life that frigid experience decided 
event. He had the good sense -- • ■ i , » that he would rather play golf 

to arrive at 7 a.m. and when bis °ne lnienuS to DreaK w j ntert oven if be had to 
rivals failed to appear in con- through in this Over- hitch-bike his way to Australia, 
siderabie numbers he went out 6 He remained at home to try to 

and scored 70 and 75, to win a Crowded game.” finish in the top 60 in the Order 

cheque for A$722. of Merit, but missed the boat 

, . . ■ by playing badly in the Euro- 

Grady then scored 68 in the _ ean open, 

pre-qualifying round for the 

major tournament and so pro- bourne-born Bob Shearer had He had arranged to fly nut at 
pressed to a fantastic victory pulled up from nowhere to no charge to Melbourne with a 
that even now is being within one stroke of him on bis consignment of raceborses being 
described as the classical “flash way to a final round of 66. ferried from Lamboum — and I 


finish in the top 60 in the Order 
of Merit, but missed the boat 
by playing badly in the Euro- 
pean Open. 


TRAVEL 


ARTHUR SANDIES 




in the pan." 

By an accident of fate, in that 


Shearer had started the round would have demanded danger 


nine strokes behind Grady. 


money — but at the last moment 




Instead 


falling apart two gentlemen of his acquain- 


Italian mountain snows: although parts of the Alps have seen early 
snowfalls a sudden flow of warm air has reduced ski prospects. 
However, there are still hopes of a cold white start to December. 


one sat do\m where a seat was Grady his t ^ eth tance helped him out with a one- 

available. I dined with Mr. dear by ^ strokes t0 wa y ticket to Australia. He 

Grady and his New Zealand win desp i te the commentary arrived here last Thursday, pre- 
caddie James Vaniam on from big c j ubmate Greg N 0r . qualified with a round of 75 at 
Wednesday evening here after man acknowledged as the best nearby Mona Vale, and is 
winning the Pro-Am that pre- y__ Australian p 0 jf er , who delighted with his progress so 
ceded the New South Wales Md saM must Md * up MOner far . 

Op?Tl> Infoi* 

, „ . At the risk of further boring 

The most astonishing story of Now it is Norman who has y, e readers of this column, I 
Grady’s victory came out in the the lead here at the halfway am delighted that Berry has had 


t: I 


S. : 

'yf. 

bs Bank 


the skinig is-. not necessarily rencies ihwlved. Two weeksTn ceutrate on the dellghtly Italian „ r , w, p “ ,L r P s « sT SSSSTSl i! 

good hut the demand is'high, a popular beginner/interinediate resort of Courmayeor. IU w-stt,' spam iaso. sw 

then book as soon as you can— Austrian resort like Brancf in An excellent guide to what is It is odd that a relatively low- Thcma5 
supplies are running out late February cost around £211 where has just been published land nation like Britain has now •——— 

So wide is the choice this year’ (Thomson) in a modest but by Marshall Cavendish. The somehow produced the world's TRAVEL 

that it is well worth chocwing pleasant hotel with two weeks World Ski Atlas by Mark Heller best book of ski insmiction in ■ 
your resort first arid then dibp- lift pass adding £47-50 "to that is a superb run-down on the the Sunday Times We Learned 

ping for the tour operator who' pfied and ski school' another world’s most popular resorts. I to Ski and now the best guide to 

is giving the best deal Best £44.50, Ski hire is same £12.50 have ski-ed with Mark on runs resorts. Of course resorts have 
does not always mean - the a week. famous and unknown in many been left out — I'd have kicked 


s»n». France *.«. Italy l^io. Greece he could purchase one new and only triumph of his life- And the money is not exactly 
sS^ P Tho^ a co3l! te ' l15 ’ USm 1 *' golf ball. If that golf ball had time, by recording rwo even negligible. 


EDUCATIONAL 


always 


■ - • '■ • . ’ . A second- major cause is that 21-N(6)xRP. BxN (or QxB; 22 N-B3; 10 N-B3, N-KN5 (still 

- one side makey a basic misjude- Q-R4, K-Nl; 23 N-B6 chi: 22 NxB. optimistically eyeing White's 

- CHESS . ment of the position and builds &-N3: 23 &<J2, Resigns. The KBP); 11 Q-K2. B-Q2; 12 B-B4! 

iis whole game round iL Thus winning double threat is 24 BxN (more precise than 12 N-QR4, 
LEOMAfiD RAimm ' in the second game all Black’s and 24 NxP ch. N-Q5), P-K4; 13 B-N5, P-KR3? 14 

. . troubles spring from the faulty White: Z. Ribli (Hungary). N-Q5! (refuting Black's strategy, 

5...Q-N3, -although in this case Black: L. Ljnbojevic (Yugo- for if now 14...BxP ch; 15. RxB, 

- the loser has an uncompromising slavia). Opening: Barcza system QxR ch: 16 QxQ. NxQ; 17 N-B7 

• • style which wins frequently at (Kiksic 1978). ch). Q-R4; 15 B-Q2, Q-Ql; 16 

THE MARATHON battle of the price of the occasional bad The opening moves were 1 B-B3. 0-0: 17 QR-Ql. B-K3; 

B^iO. afipngest httSu S defeat.- N4KB3, P-Q4: 2 P-KN3, P-QB4; 18 P-QN4. N-Q5 (Black has no 

days of- any world championship. White: B. Larsen (Denmark). 3 B-N2, N-QB3: 4 P-Q4. P-K3; 5 p!ay. so tries a desperate pawn 


sr--'' 

'IS. 

r.&f'-' 

Du'.' 

; ■ 

; ; -• ■: " 

$r.l" pC " 

•— 

•r.-.-s)- !{ - 

vV; ■: 

m- 


. POSITION No. 240 
BUCK(6raen) 

m BB tev-r 


either 

move? 


neither 



.. 






4 




i? 


PROBLEM No. 240 
BLACK (7 men) 


m 



game lengtij was 48 jnoves, some— The - opening moves were i n-isb. m regains ror h -sa.-ix-iw, it «-jsd cn 

ten more than normal for a P*K4, P-QB4; 2 N-KB3. P-K3; 3 the jiawn and harasses the wins the queen and leaves 

master tournament;-' and only -Hk. PxP; 4 NxP, N-QB3: 5 queen); S PxP. NxP;. 9 P-K4, Black's game in rums. 

once-^wben Karpov punished a N-QB3, Q-B2; 6 B-K2, N-B3; 7 DO, * ■ ■ ■ ■ ■ 

dubious opening novelty in 'game; P-QR3; 8 K-Bl, B-K2: 9 P-B4, POSITION No. 240 either move or (d) neither 

' eight— was-there a'cohventionjCl P-Q3*. 10B-K3. 04); 11 Q-Kl, B422. . move? 

attacking brilliancy. C .' While playable. Black’s last 

. It has to. be added, of course, move. is. less, active PROBLEM No. 240 

that the duration of the games ll.~NxN: 12 BxN, P-QN4, which — A — ^ H BLACK (7 men) 

reflected the intense 'and- -equal starts queen's side counterplay KV-.’ ,,i ■ — ». ■ . . t g r r 1 .mi !! ■■ . ■ 

• battie and the fact that both and puts the bishop on its best ^ ill l p '*aL » X . w '< - 

! Korchnoi and Karpov specialise diagooaL 3® v..... t ; -‘ # a 7^ r" Pr ^sr 

in endings. ' 7 12 Q-N3, K-Rl? (losing jnore ^ JL. A ^ .• iV'‘ ‘ V V - £) 

By contrast, aU-p] ay-all master time: better NxN and B-B3»: 13 ^ ; «.• — rrr TST SP ~5T 7^3 ; — 3#: 

. tournaments of. 1978 have pro-: QR-Ql, F-.QN4; I4P-K5!, PxP; 15 aj, ^ ^ ^ 3 S fi •' .i i> 

duced an unusual number of PxP.. \ • . t t .. ^ ^ 

; Bran dm aster miniatures, wins in. - A standard break-through idea ^ JL \=J ^ - •... * k ■*£,, 

• 25 moves or less. Short games, which seems ..to be a novelty m ~ Mg v r- ^ - 1 — — 5- 

‘ at this level can occur for several this precise position. The point m-1 ”• , ! ® 

reasons. The m«t frequent is is several moves deep; 15... QxP; ^ c’v ra? *jr WT : — 

that the loser, nonnaliy playing 16 H-KB4. (^QB4; 17 N_-N3. Q-R2; SI ^ LL ^ ^ ^ M 

Black; adopts a -sharp and con- 18 B-K3, Q-N2 : 19 N-B5, BxN, 20 ^ ™ -*7- 07*- ^ ^- r 

troversial opening, variation and BxB, R-KN1; 21 Q-N5J. followed fe&ifli ■ - [>* I.--* i-* ■ fwi, 

is taten by surprise with a new. by RxN with a winning attack, WH!TE(6 men) w "ir h ^ 

move prepared at home* Deprived of this defence, Black ^ SL A M y <\ W' 

This explains Toriy-^ Miles’s can do- little for the' rest of the ” WHITE (Q men) ** — 

j debacle against Meriting early game but watch White bring up SJS.-iEL Blacks kinils WHITE (9 men) 

1 this year, and also: accpunte for his pieces- for the decisive redurad mamnal B^ks tong s y^,,. mates in two moves, 
| Hort, one of the inost solid and attack:. - -,+L 0 against any defence (by A. Casa, 

reliable players on the interna- _15...N-R1; 16 N-R3, B-Bl, rr savtfhlmSfi 181 pri2e Bnr °ue Echecsl968)f^ 

tional circuit, becoming the vits N-K4, K : Nl; 18 B-KB4. N-W: 19 CanKaA (to play] ^save husseit e Bl nn».fc«n 

tim in the first game this week. N-B6-'ch?, K-Rl; 20 N-N5. QxBP; by (a) R-QR1 (b) R-QN1 (c) Solutions Page 12 


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WHITE(6 men) 


WHITE (9 men) | 

White mates in two moves, i 


■ — — ... with both sides vulnerable Knave of hearts was good for South now said two no trumps 

. Norlh dealt and after two the tenth. —played as forcing by this 

BRIDGE passes South opened the bid- in the other room the con- three 

ear- mi m? ' ' din £ one beart * wh,ch h,s tract was defeated. After the JJ}® 

E. P. C. COTTER partner raised to two hearts. c i u 5 lead and return, the J , t f ar * 5 t0 three, North bid 

The opener showed that he had declarer drew three rounds of no trum P s ’ 2nd ^4^ 

■■■■■■■■■ a good hand by rebidding two trumpfrr-a much inferior line °" four c,ubs - 

THE I^DERER Memorial *“* SJ?Sr32 toe 

Trophy- was played- for last four hearts. . E^t n^tM South recover four by mistake> and 

month .-in London between six West led club Queen. Irum 1115 South’s four no trumps con- 

teams of star quality. -won ■ by the ' Ace, and East in the next example North- eluded the auction. 

The event was won by the returned the ten to South’s South reached the unusual con- west led the five of 


Established 1964 


If yon are dreaming 
of a 

WHITE 

CHRISTMAS 

maybe we can help! 

We have a few remaining 
chalet party holidays in Saas 
Pee. Verhier, Tignes. Meribel 
and Argentiere departing 17 
Dec, Selva 19 Dec., Canazei 
and Ortisei 23 Dec. and 
Zermatt 1‘ or 22 Dec. Prices 
from £229 per person. 

Price includes Sight, trans- 
fers. breakfast tea and 3- 
course dinner with wine and 
coffee. 

For further details please 
write or telephone to; 

JOHN MORGAN 
TRAVEL 

35 Albemarle Street 
London, IV L 
014991913 (24 hrs) 


ABTA ATOL 322B 


HOTELS 


BURNS HOTEL 

Barkston Gardens 
London SW5 0EN 
NEAR WEST LONDON 
AIR TERMINAL 

100 rooms, private hath/ 
shower, radio, television, 
English breakfast, restaurant, 
bar — fully licensed. 2 lifts. 
Special terms to companies 
Details and illustrated 
brochure on request 
Telex: 27885 
Tel: 01-373 3151 or 7981 


PENRHOS COLLEGE 

COLWYN BAY, NORTH WALES 

Independent Boarding and Day School. 300 girls 

Five entrance scholarships, current value £725 per annum, 
will he offered on the results of examinations held in 
February, 1979, effective from September, 1979. Papers are 
set for: 

Girls who will be under 12 years on 1st September, 1979. 

Girls who will be under 13 years on 1st September. 1979. 

Girls who will be under 14 years on 1st September, 3979, 

In addition, either one of two Music scholarships of tbe 
same value may be awarded annually to girls of any age. 
The Isa Clark Memorial Scholarship is awarded annuity tn 
a girl joining the sixth form to study French at Advanced 
Level. The scholarship (£1,200 per annum) is tenable for 
up to seven terms. 

Miss F. Hughes. Secretary tn the Headmaster, will be 
pleased to send you a copy of the school prospectus, details 
of the examinations and entry forms an request. 


-WANT TO SPEAK FRENCH?- 

Yon can, through a unique 4-week programme on the RIVIERA 

COMPLETE ALL-DAY IMMERSION ONLY IN FRENCH: daily FSA.ir.08 milt 
2 meals. In small croups. Audio-visual Classes. L-anpuase Lab.. Praeuc* sessions. 
Discussion Lunch. Excursion. Lodsanc in pnvaio apartment. Hotel or family 
induced. For beginners, lniormcdiau and advanced. AU as:s. 

Next available course starts November 20. January 3. 1971, and all year. 
IMSTITUT DE FRANCAIS FTK4 

23 A vp. Gen. Lederc. 06230-VlHcfranchc-sur-Mer. Tel: (43) UJU1 


PERSONAL 


QUjrlsliDos (Sifts 


FOREIGN HOTELS 


AROSA — Hotel Eden****. Photic 07041/ 
•1;*1 18 77. Centra! and ffutcl site. 
Near to sltl lilt and skating-rink. French 
kitchen. Bar-dancing. 

AKOSA iGriSOAs) Hotel Valsana. first class. 
1 «vee»- ski- holidays Irom S.Fr.373 — 
all included. Indoor Swimming Pool. 
Indoor Skating Rink. Tx. 74 Z32. 

ARD5A — Hotel BolUTlita-***. Phone 
01041/81(31 24 21. 'ndoor-Swimmlng 
pool. 2 B* ii? x 6m). excellent kitchen. 
Quiet site. Tranter to skilltt free ot 
cnarge. 

PONTRESINA IGrbon) — The -«elt-known 
holiday resort ot the Engadln sunlit 
situation with excellent snow conditions., 
healthy mountain climate. Tourist Office 
CH 7504 Pontreslna. 


ARMAGNAC 

Extra Old — Grande Reserve 
CHEVALIER DE GAUBEKT 
Box or 3 bottles £29.50 
CarryiDS and VAT included 

Club Andi-6-Odlret. 

Units B St 10, Crimsco;: Sr.. 
London. S.E.1. VL337 7 S?l 


SHOPS AND 
OFFICES 


London County Contract Bridge King. The .declarer now ducked tract of four no trumps. 

Association, represented by one round of spades. West won _ — ■■■■- 

Flint, -Greenwood, - Mahmoud, with, the ten,- and led the Knave 
Priday,. Rose, and Sheehan. The of clubs. This was ruffed in ♦ K J 10 9 3 

winners were helped to victory, hand, East discarding, a spade, Q j 9 4 

by ihis well-played hand: . and South continued with the Q 9 7 

* Q 


diamonds, covered by seven, 
ten, and King. The Queen of 
spades was allowed to win the 
next trick, but East took the 
spade continuation, and 
summed up. 


CLASSIFIED ADVERTISEMENT RATES 


(Eljrislmas 1973 

We invite you to send for our 
For the Pleasure of 
the Gourmet 

booklet and details of our 
other attractive offers. These 
are ideal for sending to rela- 
tions and friends at home 
and overseas, as well as for 
you own discerning enjoy- 
ment. 



DEPT. FT. ORCUAKP STREET, 
WORCESTER WR3 3DP 


' N 

♦ 94 

<7 K Q 7 4 
O' J 10 7 6 

♦ 7 6.4 


W - 

♦ K 10 7 2 * 

' • 

0 42 '> 

* Q J S 5 3 2 • • J 

. ♦ A8 65 

- <5 A J-.S6. 

O AQ » . 

. VKft 


E 

♦ Q J 3 

<? 10 9 5 2 
?K8 53 

♦ A 10 


and South continued with the Q 9 7 summed up. 

Aceof spad«, andniffeda low +Q West must hold Ace or King 

spade on the table with tbe w E of hearts-probably the former 

hearty Kim. while East 6 5 . ♦ A 8 7 4 -and the only hope of heating 

carded a diamond. ^ A 20 6 P 5 3 _ three no trumps would be that * 

West bad shown up with ten O J 8 6 5 A 10 4 3 when West won a heart trick I Business for Sale/Wanted 

black cards, so declarer decided + J 10 4 3 * 9S7 and returned a diamond, the 

that bis hand pattern might ♦ declarer would make the wrong 

well be 4-1 -2-6. He ran dummy* guess and play dummy's Queen, 

diamond Knave, finessed the ^ K 8 7 2 Against four no trumps, how- 

' Queen, in hand; cashed heart , ^ ever, the killing defence was an 

Ace and diamond Ace, and * a ss. o a immediate return of a low 

ruffed his remaining spade with 1 ■ diamond, which would collect 

the trump Queen, while Last with East-West vulnerable, two diamonds, a spade, and a 
underruffed. North dealt and bid one spade, heart, a total of four defensive 

At this stage the declarer- had and rebid two hearts over his tricks, sufficient to defeat the 
' made nine tricks, and his partner’s response of two clubs, ten-trick contract 


... . __ Commercial and Industrial Property 

_Westmust hold Ace or King Residential Property 
of hearts — probably the former Appointments 
— and the only hope of beating Business & Investment Opportunities, 
three no trumps would be that Corporation Loans. Production Capacity, 


smpie 

column 

cm. 

£ 

14.00 

S.00 

14.00 


DOUGLAS. ISLE OF MAN, *:t>0l «. 

Freehold office building cl character in 
prestige position. Approx. 4,ooo sa. ft. 

01-S2D 3471. 

SHEPHERDS BUSH. Modem freehold 
office Building tor sale, 2,500 so. ft. 
net. plus 3 -roomed nat. Possession 
ground floor suitable building society, 
etc. Full details from Douglas Kershaw 
and Co. 64-SS. Grosvonor Street. 

London W1X OBB. Telephone 01-493 

GARDEN 

WEMBLEY STADIUM, emces'studlo to .!■ M.II 

let. 6.&50 so. ft. net. prualc car Park. 

Centrally heated. 13S.Q0Q p-a eJtcluQj lavvsqN'S CYPRESS; 10 transplants 91"- 


HOME AND 


and returned a diamond, the Education. Motors. Contracts & Tenders, 

declarer would make the wrong „ P™ na '- Gardenin S 4^5 J 3.0 

6 u«s and play dummy's Queen. ^VubUstaS "o 

Against four no trumps, how- Premium positions available 

(Minimum size 49 column cms.) 

£1-50 per single column cm. extra 
For further details ir rile to: 

Classified Advertisement Manager. 
Financial Times, 10, Cannon Street, EC4P 4BY. 


12IR £ t .50. Jlin-ISin £2. 15ln-Z4in 
L3. Zft-Sft IT. scoii Pine and lodce- 
pbIc Plr.e ssine sues ti.2S. Mil. £2. 
LS. Also ■ Inttenl Screening): 3tt-«t 
£6. 4i!-Slt £3. S3 and o«cr 20-™ 
illitouol. Prompt Ircr j-cllrnry. Harocr 
Nursery. Aboyne. Aberdscnshire, 


Against four no trumps, how- 
ever, the killing defence was an 
immediate return of a low 
diamond,, which would collect 


Ing rates. Full details from Douglas 
Kershaw and Co.. 64 -65. Gmienor 
Strew, London W1X OBB. Telephone 
01-495 2142. 

INTERNATIONAL RESEARCH PREMISES : discount. Prompt Iror rcllrrrr. HarOCr 

Sioupn. Berksmre. 12.240 so t. net. 1 Nursery. Aboyne. Aberdecnsn're. 

Car parting lor aporos. 70 tars. Mam 
road aosilion close io town centre- l 
F D r Irr.ehold Or may CPn'.ider - - - 

letting Apply Sole Agenls. A C. 1 

Froai A Co . Windsor 54355. | APPEALS 

EAST SHEEN. Mad. «.c. suHC. A son 1 _ _ 

m. it New lease. cn»w £30.000 e.a. 

bto^rerHum. Douglas Racuev. 01-935 . ancient MARINERS now tendin') out 

; rtiSirws signals are cjr-Hf ‘ur hv .r*. 

SHOP' S HOIVROO M or oner S 000 »n. ft ' PlCaSc aclnowtedae «Uh a p-ft W. 

and onus, stores and workroom, adja- ( G-ncral Scirctar# D. l L-ifte-tv. M.B.E - 

cent to central Abmonon. near Oaiord • , p ■' . r . 

For sal r Irrcnpld Mitli v.P. Dunslcr • J p - RO#al Allow! Sca.arrrs Wirt*. 
& Mannn. sa. Kinj s Road. Reading. , ' Weston Acres ' Weedmansierne tare, 

del.: SB2 73Z.} j Banstead. Surrey, 5M7 3H3. 


shop' showroom or oner s ooo «n. f; 
and offius. stores and -.orur^om, adja- 
cent to central Abimmon. near Ox lord 
For sale Irrcnoid »»«li sr.P. DunMcr 
& Morton, il. Klnn 1 Road. Reading. 
(TN.: SB2 7SZ.i 
















. Financial Times Saturday November 4 1878 : ; -j*{) * 


FASHION 


Fancy a fur 


LEFT: Boutique Furs, an enter- 
prisms manufacturer, started 
collaborating with the fashion 
Students from the Harrow 
School of Art last year and the 




BY LUCIA VAN DER POST 


. ■ . V . . i . a \s 

.a: ■; . .>> -5V 'v: v' 






** i*Jt , „ ... 



Solanhi has . Interpreted the * ; } ffijSgj 

separates theme, so fashion- *? ' 1 

able at the moment In : ' /• • jE 

a way that is eminently suited * >8^2 jlF-jg 

to - fur. The outfit should he > ■ 

worn complete but all the items 

can be bought separately. The \ •’ 

rabbit blonson is about £120, ~j l\ ■■: %||| ' 

the bine fox sleeveless coat is 7* ;t7. 

about £895 while the leather f^'T* 7-^ vdjsSKjft.. 

skirt is about £125. Find it at #■* 

Diekins and Jones of Regent teStf TV •?!✓"**•£ "Vi, 
Street London. W1 and Sefton 
Marks of Solihull. L.- 




•SEaE! 




m I-'-- 


RIGHT: Saga Mink started Its t 
association with the students of f 
Harrow College of Art and if 
Kingston Polytechnic ten years ? 
ago now and they find that more ' 
and more furriers are becoming ** 
interested in involving young 5 
people In the fur trade. 

This particular Saga Mink j; 
coat is a wonderfully luxurious ■' 
interpretation of the military 
look in pastel mink. It j; 
reverses to green leather and is •• 
worn with a matching hat. The jf- 
dolman sleeves glTe it an easy ;■ 
fit and the hat adds a nice “ 
Anna Karenina touch. It was )' 
designed by Yaren Rotbenberg - 
of the Harrow College of Art f- 
and made by Frank Cooney of 
23 Avery Row. Grosvenor Street, ■ • 
London. Wi It bas already 
been sold but Frank Cooney. > 
will make more to order. Price *■ 
is about £3.500. V 


sefton p 

ted Its 

:nts of ■ ■ v* 
t and fr. 


m 


NEXT YEAR has already been steps were taken last week The odd thing is that man 
designated Gardens Year and when the Royal Horticultural experts still deplore the chang 
the English Tourist Board is. Society organised a conference and speak disparagingly -c. 
organising a special promotion to consider the practical role of modern gardens as laekm 
at both regional and national gardens hi the conservation of style and being so full of plam 
levels to attract an even greider ' rare and threatened plants. It as to be bare y manageable 
□umber of visitors than usual to quickly split itself into three They would bke to see a retur 

. English gardens. The hundreds working parties: one concerned to simple formality or pietin 

of thousands who will Vun- with the preservation of gardens making with trees, water an _ 
doubtediy' respond.. many .apil]-: themselves, a second with the buildings, or may be would pn 
ing over into Wales, and S(»t- identification and listing of rare , ® jesses of Burie Mac 

land where gardens arejust as- and 'threatened plants and * ™£t\e elaborations of 5?p2 
beautiful and varied asjn.thirdto study the propagation jej^yii garden- makers. r *j ' 
England, will doubtless ■bede- and distribution of snch plants. cer tain that future genera tier 
lighted wrth'what they see and Clearly the first of these con- will make a veiy differeV 
few wDl come away - with ;any ’^derations is of paramount im- verdict add may well conside 


ge&h 

ft* 1 * 



m ■ *: --v rv.’ 


m 


sense of pending disaster/. Yet' 
for years gardens : tbtodgh qrtt. 
the British Isles - have been 
under great pressure, none itinre’ - 
so than those, that grow- iargel 
numbers of rare plants, dbd un- 
less some quite revolutionary 
changes are made soodVthe- 
present rosy picture 1 ' cab oof . 
continue much longer. ' 

The danger comes-, from ! 


GARDENING 


ARTHUR HELLYER 


the early 20fh century garden 
typified by Etidcote Manor: Si 
singburst Castle and Bodnar 
<to which' one could add She ; 
field Park since its 20tir centni 
planting completely transforms 
its 18th century image) ib 
high peak- of our garden makhi .- 
achievement. That is alread 




continue much longer.' ■ . ... . the judgment. of most fotefe 

The danger comes- frbm P °L & „ T v. visitors and it is what the/tri 

rapidly rising costs of labour ? ar ?? ns S?* 15 "T 1 mi,ch p ? nt be. mainly looking for, wfte 
and material S JevOfe of ldenti ? iD « propagating they flD c k inta Britain, .ft- 
taxation and the -increasing and there will clearly be Garden Year.. May all the plaol - 

commercialisation of TmSSes nowbeTe 10 distribute them. rhat; make it possible be st£. 
which can no longer .afford tQ Bbianic and public gardens there in 2000 AD. .' 

maintain stocks of plants more 3X6 DOt - at present, at risk, but _ 

for the delight of their prre they are not adequate to cope CrVP.Ot Fisk - 

prietors and a very smafi tlieiv with the threat to plants. w 


f . 


?. : ; vr -iTyr ^ ^ ^TTMmT -• *.'■ Z &' ? - X;. 


prietors and a very sman'etien-’ with the threat to plants. 

tele than with any expectation- Botanic gardens are. quite One suggestion made at. ft.' 
of worthwhile sales. Many-' fine rightly, concerned mainly with RHS conference was thatfv. 
plants have already disappeared, species and those varieties of register should be cozhpfle.d'jo^ 
some propably for ever, and a Species found growing naturally a fl the plants now growing Js 
number of gardens have also in the wild. It is a task which well-known British gardens as' 




• /’"j ■ . . 

. ; i\ ’ . . . • *«• 




THE image of furs has changed 
radically over the past few 
years. 1 always used to think 
of them as status-symbols for 
the rich, bought by rich meii to 
pacify their wives or adorn their 
mistresses — with the sedate 
mink coats going to the wives 
('‘such a good long-term invest- 
ment. it'll nerer date”) and 
racy red-fox for the mistresses. 

I guess some of that still goes 
on but the design of furs has 
changed so much in recent years 
that it's obvious that many 
younger people must he. buying 
them. Furriers have come to 
recognise that wherea« once 
most people wanted classic high- 
quality furs that would never he 
absolutely up to date but never 
out of date either, nowadays 
more and more people are look- 


ing for first-class skins and up- 
to-the-minute styling as well. 

Saga Mink, who have been 
using award-winning designs 
from students for years, have 
found that these often very 
avant-garde models, frequently 
costing thousands of pounds, sell 
almost as soon as they get into 
the shops. Boutique Furs, who 
have just started their associa- 
tion with student designs, have 
similarly found that already 
they have aroused a great deal 
of interest, initially among the 
retailers and now among the 
customers. 


If you're thinking of buying 
a fur this winter, you will, 
unless you are very rich or 
quite extraordinarily up to date, 
be In for a shock over the 
prices. I not* that since I last 


wrote about furs some two 
years ago. the prices of the 
three most popular long-haired 
furs have risen dramatically — 
silver fox, one furrier tells me, 
is now strictly a luxury fur, an 
extravagance, while red fox 
and racoon have risen by 50 per 
cent The jacket that would 
have cost you about £500 in 
1976 would cost between £900 
auid £1.000 now. Musquash, too. 
has risen by about 50 per cent 

Mink, interestingly enough, 
has only risen by 20 per cent 
— ranching lias increased the 
supply substantially and there 
is plenty of it about. A jacket 
that would hare been about 
11.300 in 1978 Mould now be 
about £1.630. 

If you're young and not too 
well-off bnt want something to 


keep you really warm this 
winter, one fnrrier recom- 
mends Spanish lamb as one of 
the best buys on the market. 
It's selling tremendously well 
and though its. disadvantage is 
that it can be heavy, if you buy 
a jacket yon. will get a great 
deal of warmth and glamour 
for between £140 and £170. 

If you’re- worried about the 
conservation or. cruelty angle it 
is worth noting that since 1972 
all members of the British 
Fur Trade As-^ciation have 
observed a voluntary ban 
against the use of pells from 
endangered species. About S3 
per cent of the pelts used in 
the fur trade are either ranched 
nr farmed, the remaining 13 per 
cent coming from trappers or 
hunters whosp method* ar* con- 


trolled by their . own govern- 
ments. I have not myself ever 
been round a fur ranch but 
BFTA members claim that their 
methods are humane, that the 
animals must be well looked . 
after to produce good pelts and j 
that the method of .killing, has 
to be approved by recognised 
veterinary services. 

If you still don’t like the idea, 
don't buy one. Anybody who is 
wavering and would Jikp to 
know more about the subject 
could write to the British Fur 
Trade Association.- 68 Upper 
Thames Street. London 1DC4 
SAN. who have produced a 
bouklel on fhe subject railed 
Pacts about the Fur Trade and 
Wildlife. It is free but do 
enclose a stamped addressed 
foolscap envelope. • 


tenacity and enthusiasm of pri- varieties and hybrids produced the expertise of the horticu' 
rate owners and fte magnificent in cultivation. Public gardens tural .colleges and institute -• 
work of The National Trust, suf- and parks are very much con- should be harnessed to the ^ffG.. . 
fieient remain well stocked and cerned with these but primarily pagation of good plants whi$ 
in good condition to allay fears with those capable of making are not at the moment of .cbo|. _- 
and mask the danger that lurks- spectacular displays. It is only rnerdal interest to. nurserymen , 
so near. m private gardens, including But. everybody . recognised . tli 

• 7 those that have passed into the vital role of enthusiastic owners ^ 

POWerfUl ' wre of The National Trust 4ET :■* .7' : 

„ " . that one can reasonably expect There was also recogmtidfi'^'. ’ 

Many powerful bodies exist to- the more restrained or difficult the nce essity to encouragfcfteir - 


argue the case for the preserva- beauties that make up so much b v- assistance, adiice and whew 
tion of historic houses' and they of our inherited plant wealth 1o due ^asao could be found" bx 
have had a significant effect on be maintained, yet it is pre- tax relief in return for lancibit 
government policy. -7 el.sely these plants which are public benefit - 


By comparison the- ^.ydices' m,,st cnaracierisric of tintrsn ^Jf such projects .’require 
raised in defence - of ' gardens gardens created in the past two money and guidance. Th^ifoya.' 
and the plants they contain. are centuries. Horticultural Society is to_-b» ~ 

woefully few and weak. 'The . The great formal gardens of requested to continue its^tudv 
Garden History Society- has- h3d. the 17th century and the tree- of the problem and to sugges* 
a lot «o say but Jacks; political framed landscapes of the 18th means of implementing the je 
punch and speaks more/th- ah century can -survive without any commendations of the ; rim 
eiile already aware of :-the : facts rare plants but from the moment fc'renue. It may VeR Be 
ihan In the public at, .large British gardeners fell under the pventualJy. an . . indepcndejrt - 
M-hrch. in the Iona rinr.'.' can 'spell of exotic plants and began garden and plants count'd M 
alone demand the changes thar to think of themselves as col- the lines of the Tree Council 
are necessary. lectors as well as designers the will he required to co-brdma!U 

A huge task of education lies whole character of our gardens the work of the many interests) 
ahp»d and the first tentative- changed. bodies. 




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'4 1978 


HOW TO SPEND IT 


. -r.if-i 

sper*, 

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ri 2l . 

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■ini ; 

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ijth. p-- 
rhfr-\ *.^3 , 

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jreat risk 

fiV-e c ..... . 

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fC ft 

>*:rt : 

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ET 

T;m. 

ft* r ■• - • 
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lie - • 

iT »• . 

■iVL- ■■ 

■AL* - 

4 £iry.\ ■ 

?Oi' - . 
«*>■!! - : • 
f :•• -• 

Mi! 
tvrr.ty • 

rs*»- . , 

ic^’y 

-w* • 

•sfcs 

- 

rw* • • 


. ii:,. KCAa called gold B the*tteat 
; rf.- the sun." . White ^ytags.. 

‘ s. .*; jillagpd.for.lt, Spaitisrds-. sailed 
. '■ hrtjiig^i ' unknown 'seas/ibrrjt,. 

. V-h* New' World was discoyered ; 
: *x because of it todays money- ; 
■ -' ' brokers get trli£re:.' K "putting 
•■■■ , ndney - into ’ it, i ■an4 ^'hordes 
' :r ■:- miners spend- thejjr.days toil-’. 
r . ' ng for it There’s 'something 
•r/ . yjbout gold . tliai . fiirqug^ tJiC ; 
r - :■ i iges has made man' feel , secure , 

■“■ -. : 'ind at the' same . tittle lias en- 
; ■ .- -V ranced and deliglked him. 

Most people- already 'know : 
' •:• bat one of. (heworkTs greatest . 
' . : . .. ©llections of - ' goW- treasures ; 

■v/:l vUl be - this -wintes's big -attrac— 

-* - ■."‘ion at the Royal Academy ; i» 

■ / ■* ^wcadHJy, .-London . (’on from 
"Torember 21 to 34axch.-.18). 



Kieht: Strange kSdncy-shaped pendant on a fine 
gold band was probably a nose-ring. £22.50. 
Below right: the snake or serpent bracelet is 
£37.50. 


■ i h i 


! ftt ; -*jrhe exhibition - is called the: 

Gold of El Dorado,” and 
: - ..-.^ najiy of the legradary 'pieces 
7- : /' hat the -first . Spaniards '^ohd ■ 
' u; \ vben they, . came to Ct^umbia 
, md that- now are the star turns 
: ; n Bogota's Gold. Museum, will 
“ : j. ie on show. - '••- 

*>• . . Though nofliing can equal the 
- • niginals and a trip to. the Royal 
“O ' Academy seems a must, copies, 
if the original jewellery first 
ound by the Spanish sailors are 
tow on sale at: H^rrods °f 
Miightsbridge,' London SW1: - 
7 A certain Senor GuHlermo 
... :ano who. had. become ; used "to 
g aming bpje sums, by expqrt- 
j. ng original gold finds, found 


twifi source oTincpine drying up 

wheii: the CoIombian' govern- 
ments ■undCTStandably,t-fpr)jade 
fmther ^spbrts. Ever enter* 
prising.- he decided .to. start mak- 
ing "exact -replicas -erf the gold 
pieces.- persuaded 'South 

Ameridm Indians to ' create 
these'pieces in exactly the same 
way. that they had originally 
been made. This meant using 
the! lost-wax: ■ process a process 
that' ■ involves much ■ time, 
patience and ;skill. but allows 
precise, replicas to. be cast .from 
the original .artifacts. 1 
./■ Though the, Jewellery is ex- 
dusive to TTarrods in. this. coun- 
try, it is already selling at a 
great, rate m - places like 
Neiman-Marcus. A11 of it has 
a brass base which 4s then 



by Lucia van der 


Stitch in time 


Above: Cornelian and quartz necklace with an 
image of a warrior or chieftain as a pendant. 
£135. Above left: a brooch of a figure that is 
half-man, half-animal, £25. 


plated in 24 carat gold. Where 
stones are used these are mainly 
Cornelians and quartz. 

I think the jewellery is fas- 
cinating — it has a primitive 
quality, naturally, that appeals 
greatly but at the same time be- 


cause the materials are fine 
there is nothing coarse or over ; 
ethnic about it. 

Among the nicest pieces are 
the pendants — sometimes 
bizarre artefacts have been 
turned into pendants. The 


strange, more or less kidney- 
shaped. pendants were once 
probably nose-pieces (must 
bare given the Spaniards quite 
a fright). Anything with a frog 
is a symbol, of water and fer- 
tility. 


Chinese hide-aways 


CAN never have too many 
■ taskets. I use them for keep- 
v.ng sewing things in,: for. keep-. 

.■ng bath- foams and shampoos 
.j’. leatly together -In the bath- 
oom, for storing jeweliery/but-' 

. ,ons, dried ' flowers, : . as • 

; ot-holders or for keeping lip- 
. ticks and eye-shadow ' ; from, 
avadiiig the whole dressing- 
able. . v. * 7 

For everybody else who has ■ 
imilar storage heeds ope of the 
.icest and cheapest sets I’ve 
ome across is this set of three- • 
■askets all of which can be had., 
or £6.90. (86p p+p)~ The 

mrallest" one has a 7 inch dia-. . 

* leter, the middle one 9 inches, 
nd the large one a. 10f inch 
iameter. They're made -in 
' hina of split bamboo and are ' 
vailable by post or in person . - 
rom Cucina, fr-EnglancTs Lane/- . 
ondofl NW3. • 



Lantern light 


Frank metier 


Mis • 

if 


NICE IRMA'S Floating Carpet 
is an exotic name for an exotic 
shop. Full of things Eastern, 
some, to my way of thinking, 
a little tatty, some miraculous 
value. There are incredibly 
cheap log-pattern patchwork 
quills using printed Indian 
cottons (£12.50 for a single, 
£15 for a double). Then there 
are hand-embroidered Indian 
mirror-cloth cushion covers in 
bright colours, as well as in 
velvet and handloomed cottons. 

One of the things I liked most 
were some of their brass hang- 
ing lanterns which could be 
particularly effective in dining- 
rooms or halls. They are 
designed to take standard lamp- 
holders which are. they promise, 
easy to fit. There are two sizes. 
19 in which is £10 (can be 
posted for £1.06) and 17 in, 
which is £925 and can be posted 
for £1.06. The shape varies 
slightly but the effect is very 
similar. 

Nice Irma's Floating Carpet is 
at 46, Goodge Street, London, 
WO. 



Frank W hector 



IF YOU want to make something special foe 
Christmas or just want to brighten tip jpur: 
own home, there's still time if you gel cracking 
now. The Pearson School of Needlepoint at 
104, CampdeH Hill -Road, London WS, is run 
by Anna Pearson and she offers a very 
personal selection of her own kits as well as 
advice and classes for those who don't feel 
they are yet expert enough at .needlework. 

She has a very clear mail order leaflet 
which will- to? sent to any reader who sends a 
foolscap, self-addressed envelope with a "p 
stamp on it to her at the above address. 

I particularly like her fuur kits for 
cushions. These, uf course, come ready-packed 
with all wool, instructions and needle but in 
addition the canvas has been -started with the 
design from which you then go on to complete 
the wdrk. If you don't like ihe suggested 
colour-scheme or want a particular, colour- 
scheme- .to tone, in with’ a -particular .room, 
Anna Pearson will devise one for yuu. 

These four cushions include two charming 
designs of stylised 'but frehtie flowers (one is 
photographed above left) and two with 
stronger, more geometric designs. Each 
costs £12.50. 

You can also order more individual items 
— there- is a selection of pochette bags which 
can be worked with initials or designs into 
them (these, too. are £12.50 cachj. There are 
jewellery roils with a choice of lovely designs 
— a Persian rug design looks nice, but then so 
loo do the Florentine Mini prints. The jewel- 
lery rolls cost £15.00. 

There are cushions with Christmas trees 
to be worked on them, some v.-jth abstract 
patterns 'on them. If you can't face doing 
anything too big .there are little Christmas 
tree decorations or canvas tags at £3.00 for 
a kit of four. 

Perhaps though, the most unusual item is 
the London Bus door-stop ilett. £ 15 1 which 
would be splendidly unusual. 

GLORAFILLA is a small organi- 
sation run by two enterprising 
women, who both bare homes 
and children but wanted some 
outlet for their energies and 
creative ideas. They started 
providing needlework kits in a 
small way and have managed to 
create a recognisable sole of 
their own. Their designs are 
eminently pretty, eminently 
usable but in a way that is 
much more reminiscent of. say. 

Designers' Guild, than the more 
fusty prettiness of the tradi- 
tional needlework shop. 

They Mfre created a special 
design for Financial Times 
readers which seems to me to 
combine old-fashioned charm 
with modern taste. It is a Rose 
and Trellis design in lovely, 
misty pinks and blues and 
greens. The tapestry is hand- 
painted which means you get 
much more precise indications 
of where to stitch and a much 
finer finished effect.. 

The hand-painted tapestry 
comes complete with wool. • ... 

needles and instructions, all design measures 14 inches readers is £19.50 aud it is avau- 
rolled and ribboned in a pleas- square, whilst ihe overall size able by mad from tdorafilia 10 
ing way. You can choose be- of the canvas is. 18 .inches by Winterstoke Gardens. Londmi 
tween a rich earth brown trellis 20 inches. - -NW7. Delivery will be between 

or an old rose pink trellis. The The cost to Financial Times three and four weeks. 






NOW THAT we have turned 
back the clocks I have come to 
terms with the fact that winter 
is starting, and 1 plan to make 
the most of it graciously. Beef 
is excellent now, as are game 
birds, and scallops and mussels 
should be plentiful. So it seems 
an excellent time to enjoy some 
slap-up dinner party feasting. 
If this sounds too much like 
breaking tbe bank, may I sug- 
gest you try the second menu 
given below — using chicken 
instead of pheasant and cider 
instead of calvados. Choose a 
very dry cider (Buhner's No. 7 


A good surf means business. 
We know: our own business has 
been built up oh the range and 
qualify of our surfs. 

And now’s the time to invest 
in one. Our Autumn range of 
suits is wider than ever before: 
mainly in pure new wool and in 
a wide range af fittings to satisfy 
your individual choice. 

With prices storting from 
£69, a suit from Austin Reed is 
remarkably good value.You can 
pay for if 'and the accessories to 
complement it by means of an- 
Austin Reed credit account or 
with- the major credit cards. 

So come and take a business- 
like look af the Autumn range af 
suits at Austin Reed. 

hfahmal good [oc^ from 


ofRegentStreet 

. and all Brandies 


November menus 


BY PHILIPPA DAVENPORT 


Sugg ested menus: 

Quenelles de coqullles 
Filet de boeuf en create 
Steamed leeks with herb butter 
Orange velvet 
Cheese straws 

Monies a la marinlere 
Faisan a la Normande 
Boiled potatoes 
Celery with cheese 
Bavarian coffee cream 


is best) and reduce it consider- 
ably by fast boiling to concen- 
trate flavour. 


QUENELLES DE 

Quenelles made with choux 
paste are good: those jpade with 
bream and egg whale are a true 
delicacy.. Pike is the traditional 
fish to use but removing all 
those nasty Mrtle bones is 
tedious. Scallops have exquisite 
flavour and are easy to prepare. 

For four people you need 4 lb 
scallop meat. This can mean 
anything from 4 to 8 scallops 
depending on size. Ask tbe fish- 
monger to shell, clean and 
weigh them for you because the 
success of this recipe depends 
on using correct proportions of 
scaillop to cream and egg white. 

Check that the scallops are 
quite dry. cut them into small 
pieces and put into a liquidiser 
with 4 tablespoons of double 


COQUILLES 

cream. Blend to a smooth pink 
puree. Scrape the mixture into 
a shallow dish and season with 
coarse salt, pepper and a little 
coriander. Using a fork blend in 
two large (no. 2), raw. 
unwhisked egg whites, adding a 
spoonful or so at a time. 
Refrigerate for several hours. 

Using two dessertspoons, 
shape the mixture into 12 fat 
blobs. Poach in barely simmer- 
ing fish stock or salted water (if 
the liquid is very agitated the 
quenelles will disintegrate) for 
about 6 minutes, flipping them 
over with a perforated spoon 
halfway thrrtigh cooking time. 
Drain on kitchen paper and 
serve as soon as possible with 
a white wine sauce or 
Hollandaise. 


BAVARIAN COFFEE CREAM 
A bavarois (a boiled custard 
enriched with cream, lightened 
with egg white and set with 
gelatine) is, I think, -the 
smoothest, richest and best of 
all mousse- type puddings. This 
coffee flavoured version is my 
favourite; it looks particularly 
handsome and tastes extra good 
if topped with caraque chocolate 
(rolls of chocolate made by 
scraping melted chocolate once 
it has set). 

To serve S, make a custard 
with 6 large egg yolks, $Ib sugar 
and £ pint milk (preferably 
gold top) which has been 
flavoured with 2 generous table- 
spoons of instant coffee powder. 
Blend in a tablespoon of 
gelatine powder dissolved in 2 
tablespoons of water, then 
gently stir in J pint double 
cream. Refrigerate until quite 
cold and approaching setting 
point. How long this will take 
depends on your refrigerator 
but it is wise to check progress 
and to stir the mixture gently 
every 5 or 10 minutes. Then 
fold the mixture into 3 stiffly 
whisked egg whites, turn into a 
24 pint dish, cover and 
refrigerate until set firm. 


ORANGE VELVET 

This is a delicately flavoured orange rest. They can be soaked 
citrus bavarois. Method and in sugar syrup for several hours, 
ingredients are the same as for drained and used to decorate 
Bavarian coffee cream with two the pufl&iiff. 
exceptions: increase sugar to 
6 oz; replace the milk with a 
generous 4 pint freshly squeezed 
orange juice and a scant i pint 
water which has been simmered 
for 10 minutes with the zest of 
the oranges. 

Don't throw away the 

blanched julienne strips of 


AHA CARPETS 

81 Baker Street, W.l. 

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Nov. 4th — Nov. 7th 


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A lasting tradition. 



Edited by Denys Sutton 


The worl 
leading ma 

of Arts 




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12 


*■> **T' 1 V 


Financial Times Sattgay Ndvember 4 1578 


Saluting St. Dylan 


U fs 25 Tears next week since canon of tie poet's readings; the 
the death nf Dylan Thomas. That remainder is all new stuff with 
• 1h _ Tj Rr extensive material from Caitlm, 

is not id anniversjr> the BBC his wife . and Alromre. Ms daug£ 

is got ns to allow to pass ua- ter j was shown a script and 
noticed. More than anyone he was therefore able to identify 
annihilated the view that radio the various speakers. They are 
ii a graveyard for a serious not identified throughout the ■pro- 
artist. Cyril Connolly once said: gramme^ which contains no nar- 

!*The ".fra*. .f • -ter "“.m tTSSTSS. 

is io produce a masterpiece. j n Hollywood, was telling that 
adding the warning: “Every ex- story about Dylan prodding 
trursion into journalism, broad- Sheilev Winters' breasts with bis 
casting, propaganda and writing finger, with' permission, to over- 

for the films, however grandiose, come “• 1 JL 

all real. Against that, the n«v 
wtii be doomed to disappoint- oarrat0f technique makes the 
ment. But for Dylan every such w'hole thing mudh more like don- 
excursion was crowned with a versation {none of the “As 
lasting glory he did not live to George Barker also dis- 
covered . . business) ; it is 
_ , _ . _ . smgie-tnindedly directed to re- 

1 popular work, cnoer pr(ta |i n ,a the effect Dwl.-tri had on 
was 


enjoy. 

His most popular worn, cnuer the effect Dylan had on 

Milk Wood, wa * inspired by tbe people he knew best The 
radio and written specially for painter William Scott describes 
radio. A new production of it his “ lovely cherubic face ” when 
is on the way and l hope to deal young, and Pamela Hansford 


Madam Butterfly at Cardiff 




ANTHONY CURTIS 


tYfajt, meanwhile, of the man 
himself? In spite of all the 


oF a very old threepenny bit. 
Then his wife takes over. ** 1 just 
took it absolutely for granted." 
said Caillln. “from tbe very 
beginning that he was a great 
writer without even looking at 
iL because I was never one to 
read poetry.’* It is her testimony 
which is the heart of this pro- 
gramme, clarifying a relation- 
ship about which there has been 
so much speculation. 

If one had to find a speaking 
voice, modulated on radio as 


The new Welsh National Opera 
Madam Butterfly, first shown 
earlier this week at the New 
Theatre, Cardiff, is the most 
important Puccini production in 
Britain for many years. It Is. 
literally, a revelation — of music 
from the original version of tbe 
opera, cut by the composer after 
the disastrous 1904 La Scala 
premiere, and here returned to 
the opera in a staging by 
Joachim Hen. producer from tbe 
Berlin Komische Open and. in 
consequence, a revelation of a 
Madam Butterfly slgnficantly dif- 
ferent from the work that has 
become one of the most popular 
of all operas^ 

At least a little of the com- 
plicated tale of the opera's 
various transformations must be 
told here, albeit in crudely 
abridged form, if only in explana- 
tion of the differences between 
the Welsh Butterfly and the one 
one we normally hear and see. 
There are three milestones on 


— v. w , inhninn his haaow trousers and! loere 3re roree milestones on 

with this in a future article. 'jjg. "fc 17 g«Sd thc Milan 

° - - -’original score of February. 1904,. 


OPERA 


MAX LOPPERT 



Harry Newman. John Harris and John Treleav«ti 


some 635 or so bars longer than ingly novel conception, at once Pinkerton's original exit, 
the familiar version; the Brescia an operatic frieze f the discur- mumbling excuses and making a 

version of May. 1904 (for this sive style and elaborate acquisl- hangdog departure, is as ineffec- 

production. Puccini set about tion of narrative detail in the tive as “ Addio. florito asil ” is 

__ making his first major revisions, original first act look directly lyrically artful and dramatically 

acres of anecdotage. 3 nd tbe re- magically as Dylan Thomas's, it] recasting the two-act opera into forward to La fanciulla del West disingenuous; and the extra 

L-ent biography by Paul Ferris. would have to be that of Gtel-j Ull * e ac ^- making cuts and Turtmdot) and a powerful phrases for Butterfly hefore 

he remains an elusive character. 8 l,d - Over the past year or a _f. ratl0 _ I L S j studyof innocence corrupted by “ Con onor muore ” seem to put 

I met 
either 

where he lived for a while in derfui hypnotic, detailed des- 
a caravan: what remains with criber of time past The series 
me is his extraordinary' courtesy, of programmes in which Gielgud 
bis willingness to enter into a bas been allowed to roam about 
discussion. and apparent diffi- a * lar ? e ', as 11 w . ere ’ *“•■* h '-* 
donee when putting out his own back ^most w ^ be g inoing of 
opinion. this century, has been the most 

Douglas Cleverdoo, who made compulsive listening of the past 
Thomas write Under Milk Wood, few weeks. I hope one day it 
and then made it the instant may all be available on an LP. 
success it was. compiled a radio Another theatrical treat was 
ponrait of Dylan in 1963 to the opportunity to hear one of 
which many of tnose closest to n, e several original plays written 
him contributed; but that was a by Puccini’s librettist. Giuseppe 
long time ago. A new generation Ciacosa. This was Sorrows of 
of Dylan fans has grown up since Lore (Radio 4, October 23) trans- 
then, including his own daughter | ate d bv Henry Reed and pro- 
who was only 10 when he died. ,j uced by John Tydeman It 
and the moment was certainly turned out to be a tightly welded 
ripe for another, more intimate evzma of affluent provincial life 
memoir in the less-inhrbited j n nineteenth century Italy with 
climate of today. conventions of decorum gradu- 

Ha llam Tennyson has provided ally cracking under the strain of 
this in The Sniper tn his Chains: passion and debt- The wife who 
it goes out on Monday on Radio is trapped in the middle of all 
4. I heard it in advance of the this might in other circumstances 
broadcast and would strongly have become a great role for a 
recommend Ibe programme as soprano. Here it was spoken 
indispensable listening for any- with devastating cool by £ileen 
one interested in Dylan, it lasts Atkins. Giacosa's plays were 
for 40 minutes, about 10 minutes performed in his own time by 
of which is taken from the both Duse and Bernhardt. Now 
Cleverdon programme, and a perhaps we shall hear of them 
few more from tbe recorded more on radio. 


a i n s .. n -I,.- vp rhararlor B' lu - Liver iuc y-jsi. ye«u wi ov, t - — - — ■ _ . .. r wu uuui juuuic jciu iu put 

hi rurr nr thwi. h « from interviews on Kaleidoscope f rst a ° d * I! 1 * 'anfcee cynicsm; and that in a brake on the gathering of the 

him two or three times and e | sewbere> it bas been clear,*”*? the exit ana Addio. reducing the work to more final climax. Altogether, though, 
in London or Oxford that like Dylan, he Is also a won- j fi ° nt0 ■**' to counterbalance acceptable pronortions. Puccini it is a performance to encourage,' 

w fort f„n . ... —I the shabby figure Pinkerton drew much of its innovative j D a0 operatic world sated with 

cuts zt .the pnd of tljp onfinal Sting. ■ PucciDLi now utidor 

opera): and the 1906 Opera- Consideration of tbe effect of standing of what constitutes his 
Comique version— for the first all the ** new “ passages, some no p ecu)ia ® ^j d powerful^peratic 
Paris performances, and under more than a few bars in length, oenius H p 

pressure of the theatre director some substantial, requires more b <Tn. e W e i sb M a tionai nrndneti An 
Albert Carr^. Puccini cut still sP ace than is available here. In is w 0r Sy of rife event wS 
further, to mitigate the harsh- brief: the first act details far “ £ inTtb/t ?obSto^th^S2l 
nesses soli apparent in the more specifically the nature and tD a , "T "SS.JflS 

story- There is evidence that for the character of Pinkerton’s tourinc ci?ru?r Cm 

■•r 1 ” 1 SSSSI "ft 1 

restored some of the original celebrations are far more expan- miss . r or it is fresh dramaticaiiv 
music: but in general, it was in siV ely depicted tall the relatives ne edle2han>. «S m2i”Jll^of 
its Pam shape that the opera more sharply outlined): and unlwiml disrincHnn The eincl 

a 'S.' ed weSh w N«iXrs, of « «•? SJTSBSf&JSifis 

fho opora (based on that o^e E “ and vSy beautifulVctioo ™ tj|hUy ed meshS 1Ct enMmbi“ 


opera 

gross. 


Su.i«!uS?rJ!mm“ ,rl & SS? ^ui^PtakJrtoo Ls . s .„_. 

we must hear the complete «»™«Ta<arrying Ugly Ameriran. 

Milan Butterfly: perhaps the BBC tfa • ' ?• d Sbarpless his unctuous accomp- 
li 1 1 explore the Ur-Butterfly in {“* 1 !ice - Md Kate Pinkerton, wh 

the tradition of its concert and j? v «-®usic theme in the Flower much more to do. a bossy New 
studio performances of the first "f , add li s,gni f ca P r - . to °} ir England matron. There are also 
Verdi Macbeth and Boccanegra. understanding of the dramatic outbursts of Teutonic Iiterai- 
What we heard at Cardiff was * S8WS a ' sla * e * mindedness and didacticism, of 

sufficient to suoport at least parr By contrast .the penultimate which the projection on a screen 
of Herz's underlying thesis in and final scenes strike me as of Pinkerton’s letter at the start 
mounting the opera anew— that less satisfactory' than in their of Act 2 is the most notable 
the original ' Butterfly was a strik- later, more gompressed shape, example, that tend to nudee 


points home -with a-bony puritan 
elbow. But the -pafee is sustained 
with keen insight, and the sets 
and costumes of Reinhart Zim- 
merman and Eleonore ’KIeiber 
are beautifully delicate ; -a happy 
renewal of Butterfly tradition. ’ 

And- in Magdalena Falewicz. a 
Polish soprano -from' Hie 
Komisce Oper. the company 
introduces us to a new star. Com- 
parisons with Los Angeles were 
heard more than once during the 
interval. The velvet pile of the 
voice, the sheen on certain notes 
(a wonderful purity in-the diffi- 1 
cult area around E and F), the 
womanly radiance of legato line 
are all points of similarity, 
though perhaps the tone colour 
of the Spanish soprano was more 
uniquely golden; to these quali- 
ties Miss Falewlcz Joins ' ex- 
quisite tenderness as an actress. 
(Some high notes thinned - opt: 
perhaps that was Hie result of 
singing in English for the first 
time — the enunciation is already 
good, and will no doubt improve 
with experience.) 

John Treleaven is still a some- 
what callow actor, but bis 
Pinkerton had at times r (0ot to 
shirk further comparisons) the 
vocal ease and pointedness of an 
English Alfredo Kraiis. In a 
large cast. Phyllis Cannan’s 
quicksilver Suzuki. Henry New- 
man's warm-voiced Sharpiess. 
and John Harris’ Gor a' deserve 
special mention. Tbe conductor. 
Guido Ajmone-Marsan, «ts the 
seal of excellence on tig- per- 
formance— his accompaniments 
are warmly lyrical, his apprecia- 
tion of the music iinstaied by. 
routine. *■' 


swrssaS ^ w , 

c 

SSS'fiterJl! SSStSfES- ms 

ESrst w 

^ least solemn. The- 71- not have come amiss in. 

2L3m ^ composer was fully choral singing but that was p - 
■SSSe of ae work’s joviaUty. vided by Lynda RuseeU tn 
i Sdtiie ritlemay also be a Joke; unnturgicaily dramatic im 

jin his* dedication to the Almighty potation .£* * 

" ■ . ~ peaiey. Richard Morton i 

Stephen Roberts in their ta 

:: MUSIC ; fuBy restrained Solo contri 
■fivviv: . tions. . 

KuhtYON ‘ The origiiial version fop..-- 

NICHOLAS KENTON . Countess %let-Will was ilfi 

with piano and barmoni 

aecompahiment — which souhf.. 

he confe» M V-- bon, for «gfr SST'ES' *S 

baffo Thou wbem . d aiml l hty through,. 

" aM hLC“pS ,I |oe b s aS htek“o 

te^ssaLfitsa s»« d s u e ld h.oSr5«s 

in ' the" piano accompaniment moments ( t ^ e J w 
which are purest whimsy. But Cum sancto spiritu ■ fagi . 
he could well have argued that had their fall measure of ehai 
his mixture- of sacred and pro- Not. a work to hear every we 
fane is no more incongruous however. - 


THEATRES THIS WEEK . . 
AND NEXT 


HER MAJESTY'S — Bor JlitirpoJi 
Boy. Enjoyable new musical 
from an unusually intelligent 
book. Reviewed Wednesday/ 
Tbnrsday. 

ROUND HOUSE DOWNSTAIRS 
— Jesse and the Bandit Queen. 
The love story of Jesse- James, 
and Belle Starr made pretty dulL 
Reviewed Wednesday. 
CHURCHILL, Bromley — The. 
Beaux’ Stratagem. Slightly lack- 
lustre production of a very 
lustrous play. Reviewed 
Wednesday/ThuTsday. 

DUKE OF YORK'S.— CZmidS. 
Sophisticated comedy by Michael 
Frayn, with Tom Courtenay and 
Felicity KendaL Reviewed 
Thu rsd ay /Frid ay. 

THEATRE ROYAL, Stratford 
East— The Football Apprentices. 
Semi-documentary piece about 
boy pros, well worth- -a visit 
Reviewed Thursday/Friday. . 
COTTESLOE — The . World 
Turned Upside Down. Another 
semi-documentary, about tbe 
Levellers. Diggers and Ranters 


in . . 1659, splendidly,, . play 
Reviewed Friday. 

OVAL ' HOUSE— The .par. 
Show. Billie Holiday: reihear' 
ted in stirring fringe; gfs 
performance. " Closes .Simd 
reviewed Friday. 

• Two notable transfers to hS 
with. Bedroom Faroe, by" M. 
Ayckbourne from tfae-'J^yttra' 
to the Prince oF Wales oh\|S 
day, and Gloo Joo ;fin& J E^ 
stead to the Criterion on Frf£ 
Also on Tuesday. the~H 
Truck's - new show The Jg 
Garbo at the King's Head. ; ji . 
Wednesday; * Tom Stopptfr ■ 
Nirfi t and. Da?/ opeh*-.»f^ 
Phoenix and D.H.L, a hlograp 
cal piece about Lawrencp;;al t 
New End in HampsteadJAabth 
new musical is presented i 
enormous expense at th&Ad»h 
on Thursday, Beyond ffie Ra 
bow; while art old musical -beg 
a tour, also at considerable^ 
pense, at Leicester at the. sai 
time — Mu Fa»r Lady. ' 


Winchester Appeal 




A campaign to raise, £515,000 
to save and restore the Theatre 
Royal,. Winchester, has. been 
launched. Although ■ many 
theatres are appealing for funds - 
few can have the distinguished* 
hackers that have rallied to this' 
particular cause. At tbe opening 


function at the Savoy Hotel Lt 
Goodman, Lord Denning. Peg 
Ashcraft Anthony guayle * 
the chairman of the aprpeatw - 
mittee, Jqselyn Stevens,': 
spoke eloquently, .The'p^jt 
contain most of the greataStt 
of the ‘British theatre; 

■ * • 



BBC 2 


BBC I 

t Indicates programme iu 
black and white 

9.10 am Take Another Look. 
9.50 Multi-Coloured Swap Shop. 
li.13 pm Weather. 

12.15 Grandstand: Fool ha II Focus 
112.20): Boxing 1 12.45) Com- 
mon wealth Bamamweight 
Title Fight: Racina from Hay- 
dock Park 1 1.03, 1.35. 2.03): 
Champion Jockey (1.25); Net- 
ball 1 1 .55, 4.15) England v 
Australia: The Irish 

Character (2.25 > A Rugby 
Union Preview: Rugby Union 
(2.35) Ireland v New Zealand; 
4.4fl Final Score. 

5.15 Tbe Pink Panther Show 
5.35 News 

5.45 Sport. Regional New* 

5.50 The Basil Brush Show 
6.20 Dr Who 

6.45 Larry Grayson's Genera- 
tion Game 

7.40 All Creatures Great and 
■Small 

32W Little and Large 
9.00 Sta r.*»ky a nd Hutch 
9 JO News 

10.00 Match of the Day 
JI.00 Parkinson 
All Regions as BEC-l except 
at ihe fnllnw-ing limes: 

Males — 3.15 am Take Another 
Look \V;r I Chi. 5.45-5.50 

pm Sport. News for W3le:j. 12.(HI 
News and Weather for Wales. 

Scotland — 4.55-5.15 pm Score- 
board. 5.45-5.5(1 Scoreboard. 10.00 
sponscene. t 0 . 20 -ri .00 Sms Alon- 
Uith Sunshine. 12.00 News and 

Weather for Scotland- 
Northern Ireland — 5.00-5.15 
pm Sea re board. 5.4 5-5 .50 Northern 
Ireland News. 12.110 News and 
Weather f u r Northern Ireland. 


j2.05 

3.40 
4 JO 

6-20 

7.00 

7.15 

7.40 


8.45 

9.15 

9A5 


11.15 

J1.20 

<■11-53 


pm Saturday Cinema: 
“Wee Willie Winkie” star- 
ring Shirley Temple 
Horizon: The Beersheva 
Experiment 

Tennis: Great Britain v 
USA: The Carnation 

Wightman Cup 
The Old Grey Whistle Test 
News and Sport 
My Music 

In Performance: Janet 
Baker in “Dido and 
Aeneas.” opera by Purcell 
(simultaneous sterce broad- 
cast with Radio 3» 

On The Record 
Bonfire Nisht at Lewes 
Francois Truffaut Season: 
“The Green Room" star- 
ring Francois Truffaut 
News on 2 

Tennis iWjghtman Cup 
highlights) 

Midnight Movie: “We Dive 
at Dawn" starring John 
Mills and Eric Portmau 


LONDON 


&50 am Tbe Saturday Banana 
with Rill Odd io. part t. 94K> 
Sesame Sireet. 9.45 The Saturday 
Banana, pari 2. 10.15 The 

Monkees. (0.45 The Saturday 
Banana, part 3. if J30 Tjirzan. 

12.30 pm IVurld of Sport: 12.35 
Head line: l.j.» News from 
IT\: 1 .20 The TTY Seven — 
1 . 30 . 2.WI. 2.30 and 3.U0 from 
Sundown; 1.45, 2.15 and 2.45 
from Newmarket; 3.10 Inter- 
nationa] Sports Special — 
Snooker: Daily Mirror's 

Champion of Champions 
Tournament: 3.50 Half-time 
Soccer Round-np: 4.00 

Wrestling: 4.50 Results Ser- 
vice. 

5.50 News from ITX 
5.1S Cartoon Time 


5J0 Happy Days 

5.00 Mind Your Language 

MO The Incredible Hulk 

7.25 Bruce Forsyth's Big Night 

8.15 The Professionals 

10.15 News front. ITN 

10.30 Twist in the Tale 

11.30 Saturday Night People 

12.15 am Another Bouquet 

Ll 5 Close: Painting by Munch, 
music by Bartok 
All IBA Regions as London 

except at the following times: 

ANGLIA 

SSP an Tin* Bubbles. 9.05 Cartoon Time. 
•J# Thf XfSI Week Show. US pm How 
The West Wax Woo. 6J5 Mod Your 
Language. lflJa FUmbannomc *78. 32.15 
«*n At The End or The Day. 

ATV 

sun am PUy Ctritar tt. S.36 Vahe ti 
Couiil M The Los; islands. UOo TIswm. 
5J5 pm Spidi-rman. SJO The Bionic 
Woman, 6J5 Docior On The Co. 6J5 Mind 
Your Language. 10-38 TOmturmonlc Ti 
M3 JO Saturday Cinema ■ •• House Of The 
Daran-d." Siam tut Ronald Fosier. 12J5 
*m Police Surgeon. 

BORDER 

5J5 pm Hou The West Was Woo. ft. 55 
Mind Your Lansraage . 1QJ0 F'.lmharmww 
'7?. UJ8 Laic FUtn: “ The Terronauis." 
surrici; Suoon naies and Zeua Marshall. 

CHANNEL 

1220 pm Puffin's Pla‘i>ve. 545 Cartoon- 
time. 5J0 Th-.- Lite and Time* of Grtzib 
Adams. 6 Jo "Wappy Days. 7.08 Cooper- 
Jam 1JM'- That. 10Jg Fiimftarnwtuc ”!h. 
UJO Svaer 1S«9. 

GRAMPIAN 

0.00 am Scene o«s ■yam May- including 
Birthday Greetings and The SeiTel Lives 
of Waldo Kifnr. 9 JO Sesame Sir-el. UJO 
The E -achi-qraN rs. UUO La^te. UJO Jo<; 
94. 12.00 The Mookces. 505 pm Him- The 
W'cm Was Won. fallowed hj* .vrea Weather 
For-s-usL Hutbiaod League and Sblulr 
Results. 5-55 Mind Ymr Languase. 12J5 
ora KcfiectlofUL 

GRANADA 

9Jo am Make it Count. ISLOO Sesame 
Street tU.OO Saturday Matmce: Ct-urge 
Sanders In Lancer Syr." 5-15 pm How 
Ttw West Was Won. 0J5 Mind Your 
Language. UJO Ar. Audience WTlb Jasper 


Camn r. 1L00 FUmharroonic TS. 1ZO0 Tht 
Late Film: " Prudence And The PUL" 

HTV 

9.00 «m Doctor. 9 JO "Vn On Saturday. 
*-« Lassie. 10-15 Batman (Part 1«. UJO 
Tlswas. HJ5 Batman 'Pan 2». UJo Pop 
Soo;. 1135 Ten On Saturday, mo Star 
itaidens. 12.10 pm Popeye. 12.20 Ten On 
Saturday. 5.15 How The West Was Won. 
*-55 Mind Ynar Language. UJO Barnaby 
Jones. 

MTV Cymni/Walos— As HTV General 
Service except: &55-7.25 pm Sion a Sian. 

SCOTTISH 

9J5 am Adventurer in Rainbow Counrrj'. 
S1J0 The Bionic Woman. 5JL5 pm How 
The West Was Won. *55 Mind Your 
Language. UJO Filmharmonk mi. UJO 
Lale CalL ms Streets Of San Francisco. 

SOUTHERN 

MO am Tamn. UJO Loom's Ron. 
12X7 pm RoRiooal Weather Forecast. 5JL5 
Mow The West Was Won. US Mmd Your 
Language. UJo Ftlmhaimoidc TS. UJS 
am Southern News Extra. 

TYNE TEES 

9J» am Lyn's LooH-ln. 9J6 Th* Sa 
Million Dollar Man. lfUM The Gene 
Machine. UJO Lyn'< Looh-ln. *MXS Satur- 
day Morning Film: "Above Uj The 
Waves.** starrtnc John MBls and Jnbtt 
Gregfon. 12.15 pm Lyn's Look-In. 545 
Rw Tbe West Was Won. LS5 Mind Your 
L an on age. UJO Ki inharmonic TV 11J0 
Barnaby Jones. 12. JO am Epilogue. 

ULSTER 

10.00 am Saturday Morning Movie: 

■■ Tbe Lnnc Ranger.” 1U0 Sesame Srrret. 
5.00 pm Soons R'-snlis. 5J5 Hot* The W»si 
Was Won *45 Mind Your Language UJO 
FUmtunuoiu''. 

westward 

9.0S am UieoS. 9 JO Untamed World. 
10.20 S.tiurdav llom-.iu? Picture Shov- . 
“The Crimson Pirau." • starting Bnrt 
Uncaster 1135 t.ooh And Sec. 1230 Tig 
Rolf Harris Snow. 1125 mn Gus □otgy- 
buu'? RdUnhys. 5.15 cartos* Time. 5JO 
The t.u,. And T'Hn-v ijf'GnnJy Adams. 
6J0 Happy Pays. 7.0o ilonper— Just Uke 
Thai. 10.30 Hlmti-rrnuLiC 'TS. UJO Space 
1909. 113 am Fa.ib For UTe. 

YORKSHIRE 

*.00 am The Amazing Chan .And The 
Chan Clan. 9JD Space Ghost And Dtno 
Boy. UOS Th- Paper Uds. 1130 Si* 
Million Dollar Man. 545 pm Hoir The 
W.-o Was Wiki. bJS ilujd Your Lanruagf. 
10J0 FUmbanrunie *79 UJO RatJcrty. 


RADIO 1 247m Yotim Falthfnlly. US Weather . pro- 

C« Smiophonlc Broadcast 

T Mfifflnm Iftlav* FoITTIl. '>40 Tod 3Y S PJD€18- *A+5 \ QtXTS 

5.00 am AS Kadm •. LB* Ed s tea-art £-c«S»i!r*' oroSimmf 
trtfh Junior Choice «S i. UJO Peter PowHL gVn s^Tn m 

131 pm Rock On is., 2Jo Paul Gamba- tSSSSSSL*! 

ccinl (S) 5J3 It's Rn-:K 'N‘ Roll »S». 6J0 

in Concert •«.. 1 JO-2.02 am A* Radio : EJJ sSJ^ UJ^lSlU 
RADIO 2 1-500 rn and VHF pjefc ot The Week 'S>. LL 3 ) Time For 

5 Jo am Ni-vc? Aununary. 5.02 TVm Ver*e. UJO Wildlife. 1135 Spiegel On 
Edwards iS • Including 8.01 Racing Sainrday with Frftr Spiegel, 12-00 News. 
feulinMn. IJ6 As Radio I. 10.02 Tony *232 pm A Bar For Nothing with Johnny 
Brandon iSi. 12.02 pm Turn's Beil fSi. Morri* (Si. 1237 The Jason Ezolanatian 
l -02 The News Huddllucs with Roy liudd ') f Taboos iSi. 1235 Weather programme 
IS'. L30-5.B Sport On 2: Football League ***■ 1 - D0 New*. 1J5 Any Questions? 2X0 
Special iL30. IJ3. 3.45 3.43. 4.421: Raclns Bookshelf. 2J0 Salurday-Afiernoon 
Special tJ.». \.43. 1 .80 and classified check Theatre. 3-NI Does He Take Sugar? 4.00 
a( 4. SO*: Tennis Special 11.30. 2.4S. L30« . . . Thai Mosr Despicable Race. 4.45 
CamaiUm Wigbiman Cup: Rugby u.% Enquire Within. 5. Bo Kaleidoscope Encoro. 
2.35. 2.43. 4.501 Ireland v. New Zealand: *-10 Week Ending (Si. 5^ Weather: pro- 
Cnckci it.20. J.on. 3.35 > England v. South Rramme nows, fcjm News. *45 Ocscn 
Australia: 5-00 Sporis Report: Cla«sidcd ls l 3nd Olw. *J0 Sion The ViTnok With 
Fooiball cb.'ckj at 5.00 and 5J5; rugby Robert Rob ms. in. 7J0 These Yon Have 
round-up 53S. *JD Europe '7S. 7J2 Beat Loved .Si. 8 JO Salurday-NIgfal Theatre. 
The Record. 7Jo Radio Z Top Tunes iSi. 4J0 Wc-aiher. UJO News. 10JLS A Word In 
IJ5 Bobby Moore plays the guitar iSi. Eite-ways. 1L00 Lighten Our Darkness. 
8.30 Tile Peter Coc Big Band In Band u -* 5 UJ3 The Unforgettable* »s>. 

Parade tji. 9 JO Saturday Night With The rdp n„a: n » „„ 

BBC Radio Orchestra iSi. 1U2 Sports KaaiO LonOOR 

D.-'k. UJO Kar Moore with The Late 206m ana 94.9 VHF 

E2 £ 12 li00 Ncvr ‘- 2 -" W ‘“ . A* Radio 2. 7J2 Rood Fishing. 

D /mn Tisi™ c iAM _ s Trow *- ro weather, iraflie. shopping. 

RADIO 3 46‘tin. Stereo & VHF sports news. 8J5 Tbr London Hardener. 

7J5 am Weather. 1.00 News. 3.05 Auhade Saturday Scene. UJo Sport-Ken..-, mo 
'S'. 8 JO News. 9J5 Record Review Jnclod- ™-’ v ! nwn ’ Saturday Show. 2J0 

mg Building a Library 'Si. 10.15 Stereo 5" P 0 ® p ?“^ 1 w iih Lon.wn Coumry. 4J0 
R.'bas- of music by Haydn iSi. 2US S. a !fT K w1Ul 11 5JX 

Munieh PhilbannonXc Orcheutra concert. t »idd , d>ne. *J0 Clo^-. as Radio 2. 
part 1; Kalla. Bartok iSi. 12J5 pm 

Interval Reading. 12 - 28 Concert, pan 2 : CHESS SOLUTIONS 

uwnawkr. loo Neim. UK Mozart and Solution (o Position No. 240 

Rmit piano recital iSi. 2.05 Man Of /*.» Th^ >mma pnrif>rl 1 o 

Art Inn: H. Menlcomcn Hyde chnus.* r .p|,. p 

r.-i-ord,; iSi. 3Jo Music For The Dane.- QRI-- - B-KR1, B-B2 ch: 3 K-R3, 

tsi. «J5 Music For Oman iSr. 5.oo ja« B-N3 ch: 4 K-Q2. Resigns (B-R4 
KeCOtd Reiucsis »s>. 5.45 CrmcS* Forum. ch . 5 _ 7 , d R1 ar lr " 1 - n , lt nt 

6J5 Russian Piano Music >Sl. 7 Jo TBc *"* * ? nn . ; B . IaC . K , 1S . nul 0* 

Judicial Campaign: An American Mode rea50naul€ checks). If Joe rook 
of Politics 1 la iv by J. r. Pole*. 7A8 “Dido had been at QN1 instead of QRl 
And Aeneas.- *«mulianem» wllh BBC-2 'While could TJOt have rtlavcd thin 

1 -Ic vision., op- ra m three Acis by Purn-Il „r *: S 7, e . 1S 

iSj. las Tlx Oard.n in November .talk ,me because Of 5 . . . R-N8 mate, 

by Val-rlo Flnnis.. 9J5 Th.- An nf The SO WOUld have had to plav 4 
Arranger «S*. 10.05 KuncHnnal Analysis K-B4 with a draw by perpetual 
by Hans KcH. r Mown'j Siring Quintet, ^ock V ^ 

in a minor 'S». UL55 Sound> Inieresiinc 
IS.. 1L« News. UJ0.1L55 Tonight's 
S--bnbnn Siwir >Si. 

RADIO 4 




WEEKEND CHOICE 


' .'.■'ei 




check. 

Solution to Problem No. 240 
1 R-B3 (threat 2 Q-RS). BxR: 
. 2 Q-N5. Traps are I B-Q3 (or 1 

4Wm. MOm, 285m and \7IF B-QB2 1 ? Q-R4! or IR<14V QxP! or 
*30 am News. *J2 hanniM Toilay 6J0 1 R-B27 (Or 1 R-Q3) Q-R2! 


SATURDAY: Munster . liaving 
already- beaten the All Blacks, 
it', will be -Worse than ironic if 
Ireland fail 'to, aod since the 
BBC’s best sports commentator, 

Bill McLaren, is- covering the' 
match BBCl-is a must at 230. 

But if you have; any children- 
around be prepared for the -set 
to stay on through 77ie Pink 
Panffier and the first of a new 
series of the irrepressible Basil 
Brush. At 8.45 on BBC2 Michael 
Charlton and two guest inter 1 
viewers bold the first in a regu- 
lar series of “Press conferences'* 
with national or international 
figures On The Record.. 

SUNDAY: Lillie continues to 
entertain, and at 10.00 there is a 
new series called Cleo with the 
talented Mis Laine so 1TV seems 
to have the most promising even- matica^ but if it fails to by lJJ 
ing.- whether The Question of I shall switch to Crime Yfrttei 
Violence on Television can really another new . series, on /.BBC- 
tell us anything new is probLe- which opens with Conan Doyi 



•*'£**? 

i .V 1 

J 

Basil Brush: Saturday star 


TV RATINGS 

Aw/e Oct 29 } 

• OK Tap 2B (Hmhs vfewtos m> 

1 cwwwuw Stress (Mpn.) (Gras.)- UJo 

2 L*rnr Cravsos fBBCl I rus 

5 RvWa’a Nwt ' (ThomosJ 10.50 

4. *11 Crams (BEC> 18.05 

5 Thb ll Yarn- UK (names) JO 

t Sweeney (Thames) - 14.83 

7 Canumtfm StreM (Wed.) GrasJ l4.eS 

S enmady (Wed.) (ATV> 14.35 

9 -Crwuroaif* OWi) (ATV) 14.06 

20 Berale (Thames) ..._ u.N 

10 Stole nr the Camay CAagna) 13J*5 
a Cr»WNW (Tuto.) CATV) UJO 

13 C iu s si toads (Mae.) (ATV) 13.SS 

14 UNIS aod Large (BBC) 13J5 

15 Mixed BteSGtass (LWT) 13 JO 

1* Pantao. Idwd (ITVJ . M.4S 


X7 mat’s. 08 Neat (Thames) 

U Georse and Mildred (Thames),.. IT.. 
19 Rinas a* tfaeb* Pteger* (BBC) —IS.. 

a Sandbasacrs (Ynrtirtilre) .... 

Figures . complied br Audits of Ore 
Britain for. tM Joist industrial Cnmmlrt. 
fur Television - Advertising Remfi 
(JlCTARj. .' • J 

UJ. Top U (Neilscn Rstfnsv) „••• 

1 Threa’c Ceminnj (ABO (camedir>3l 

2 Laaerne a*d Shirley (ABC) " 

. (comedy) .25- 

3 Happy. Dan (ABC) (coowdy) *.. K. 

* Taxi (ABC) (comedy) ■ 

5 Utile Hshk oa tRa Prairie- - 

. (NHCKdrwaaJ "i 

* Sixty Mtaittes (CSS) (newt) ■ _ — V 
7 Crass Is Always Oranr (COO- ■ 

.- 000)23: 

* PootMl (ABO- . ■*» 

9 Battiestxr CotacHca (ABO (scLB) tS 

10 MASH (CBS) (comedy) 

A NeHsen ca1iu» lx aot a numerical . . 
total'. 


ENTERTAINMENT 

GUIDE 

CC — TMM ttieetret acceal certain credit 
cart* bv letealione or a i the Sox 0fhu. 

OPERA & BALLET 

COLISEUM. Credit cards 01-200 S2S8. 
Reservations 01 -BIG 3161 . 

ENGLISH NATIONAL OPERA > 
Tont. & Tuc. 7.00 Don- Carlos (Anal J 
oerts.i. ’■ Could ca-silv turn Into a cult i 
... thc thinking man's grind opera. " 1 
Ev. Std. Wed 7.00 Tbe Th>e»ing Magoie. , 
Thur. 7.10 lolanihe .final peri l. Fri. 7.30 j 
The Talcs a< Hoffmann. — Enormously 
Mltttm " Ev. Sid. to* Ulmrif sew. ! 
avail, lor all pens from 10.00 On day . 

ol oc-rf Han bfc a- Pe t- _■ 

COVEN T GARDEN. CC 240 066. ' 

(Gardencharge Credit Cards 836 6903.1 '. 

THE ROYAL OPERA .j 

Toojr* 2.00 Toe. A Fri 7.30. Cos! fan i 

lutfc. ! 

THE ROYAL BALLET 
Ton't. 9.00 Wed. 7.30 SIicnMe. A . 
Month in the Counlrr Facjde. Mon. A 
Thur. 7 30 Marerl.na GS Ampbi seats , 
avail lor all peris. Iron 10 a.nt. or. dav 1 

of nerf j 

SADLER’S S*Si*r THEATRE. RoseMn, I 
Arc.. EC1. air ’672 Ev»rt. 7 30 I 

HANCCL OPERA 

weo. ri»t: RINALD9, Also Nov. Iff. 15 I 
A 17 Fn. next. SEMELE. Also Nov. I*. | 
16 A 16 


AMBASSADORS. CC 01-836 1171.1 
Evas. 8.00. Turn. 2.45. Sat 5.D0 and 8.00 
JAMES ROLAN 
■■ A superb performance," F.T. 
GERALD FLOOD 
-IN A NEW THRILLER 
“WHO KILLED 
AGATHA CHRISTIE . . . 7 “ 

"WILL RUN AND RUN." Guardian 


DUCHESS. _ 836.8243. Mon. la Thurs. 
Evenino* ' 8.00 . Vri.. Sat. 6.1S and 9.00. 

_ OH! CALCUTTA! 

“Ttoe nudirr is stunmns." Daily Moll 
SIR Sensational Year. 


APOLLO. CC. Of -457 2063. Ev®«. 8.00. 
Mab Ttotom. 1-OQ. Sat. S.OO B.OO. 

PAUL DAN EM AN. LANA MORRIS. 
DENNIS RAMSOEN 
CARMEL MCSHARRY 
SHUT YOUR EYES AND 
THINK Of ENGLAND ( 

" WICKEDLY FUNNY." IVlM. ” Very ■ 
■r me ■ e*ta • «r." N . ■■ • 

ARTS THEATRE. * 01-456 2132. ! 

TOM STOPPARD-S 

DIRTY LINEN 

” HRarfoas . . see rt.~ Sunday Thnn. ; 

Monday to Tnv»sday 8 JO. Friday and , 

Satu rday 7 00 a nd 9. I S. j 

ASTORIA THEATRE. ' CC- CKrUi, Cross ' 
Road. 734 4291- Mon.- Thun. 6 00 dan., 
Fn. end Sal. 6 OO and 8-45 . 

BEST MUSICAL OF THE YEAR j 

EVENING STANDARD AWARD ! 


DUKE OF YORK'S. CC- 01 -836 SI 22 
• Evgs. 8 Bln, Fri. i. SJ-- S.30 A 8.30. 
M TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

- MICHAEL FRAYN'S FUNNIEST PLAY." 
■•CATCH IT QUICK WHILE IT HAS THE 
D€\V UPON IT. -- D Tel - TOTAL 
CEL1GHT. 1 E. New*. " SUPERB." Fin. 
Times. " EXCELLENT." Timci 


CC. 836 6058. Mon. to 
Fri.. Sal. 5 AS an^ 5 30. , 


THEATRES 

A DELPHI THEATRE. CC- 01-336 T61t. 
OPENING THURSDAY NEXT ac TOO. 
Reduced Price Previews Tonignt A 
Nifllul, at 7 30 Alio MaL Today 4.0. 
BEYOND 
THE RAINBOW 
An Enchaitlna Nem Mus-cal 
SOX OFFICE NOW OPEN 
Credit Card BOa^-nq on 01-836 7611. 

ALflERY, B3G 3S73. CC. bk*. 33 S _ 1 071-3 

from 8.30 a.m Pnrtv rates Mon.. Tum.. 
Wed. and Fri. 7. 45 n.m. Thun, and Sal. 
4 50 and 6.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL GAM'S 
OLIVER 

* MIRACULOUS MUSICAL.” Fin. Times, 
mm ROY HUDD 

GILLIAN BURNS 6 MARGARET BURTON 

8»tra Oiniwin M ali. B een N ow. 

ALOWYChT" 636 6404. Inis. 836 5~332 
ROYAL SHAKESPEARE COMPANY in 
repertoire T^dav 2.00 & 7. So. Man. 
7 30 Middleton & Rowiev's THE 
CHANGELING- " Seu ttw duImi iHB- 
Uino "■ The Time*. With David Hrnp-'i 
COUSIN VLAOtMIR ’from Tu*t ■ DSC 
ai*b at THE WAREHOUSE >** vnoet Yrt 


CAMBRIDGE. 

Thun. 8-0- _ 

IPI TOMB! 

EXCITING BLACK AFRICAN MUSICAL ‘ 
•■putoailirB MukoJ." E. News. i 

Seat price* L2.00-C5J0. f 

Dnmcr and ban-price kmi £.9 -SO Inc. I 
-FOURTH GREAT YEAR ' 

TRANSFERS TO WHITEHALL THEATRE , 
• DECE MBER 6 m ; 

! COMEDY- CC. 'bi-9M 2578. SNi. 8.00. 

Sets. 5.30 e. 8.30. iw. J.Ofl. | 

BILLIE WHITE LAW J 

I " Tbe most powerful tenure acura seen ■ 
1 HI London thi» year" Observer. | 

r T. F, McKenna in 

MOLLY 

by SIMON GRAY. 

“ INTENSELY MOVING." E. New*. 


FORTUNE. 836 2237. Ev*. 0 Thun. 3 
Sa-irdav* S.OO and 8.03. 

Muriel Pavtow as MISS MARPLE .n 
MURDER AT THE VICARAGE 
F OURT H GREAT Y EAR 

GARRICK. CC. e36 4601. Ertt. 8.00. 
(slurp i Wed. 3.00. Sats. S.3Q. 8.30. 
DENIS QUILLEY In IRA LEVIN'S 
DEATHTRAP 

A New Thriller Direclefl by 
MICHAEL 8LAKEMORE 
“THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 

Sunda y Te lcorapn 

GLOBE THEATRE. CC- 01-437 1 592 
Eve*. 8.15. Wed 3.00. Sat. 6.00. 8.40. 
PAUL EDDINGTON. JULIA MCKENZIE. 
BENJAMIN WH1TROW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

" Thil must toe the haoptot lauenter- 
mal-er in London ~ D. Tel. "An irresstibly 
tnionWc e nmn g." Sunday Time*. 


LYRIC THEATRE. CC 01-437 560G. 
Ew. B OO. Thur*. 3.00. Sit. 5-00. 8.30. 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 
bv Eduardo <j« FWdt>a. 
DIRECTED b> FRANCO ZEFFESELLI. 
‘J.r or .?L ™IUMPH • Ev. New*. M AN 
EVENT TO TREASURE “ D. Mir. "MAT 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS • Sunday Time*. 


MAY FAIR. 629 3036. *Ws 8.00. SaL 
5,30 ano * Jo. Wed. Mala. 3.00. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WW» 

Jd-n n* Me* 9 *or :h» 75th Anniversary 
Shanr-Jupo.-. W ine CIO. , 'A- lew 
rickets l-m available i 


PALACE. _ CC. _ 01-437 6834 
Mon. -Thur. 8.0. Fn. & SaL 6.0 3 8.40 
_ JESUS CHRIST SUPERSTAR 
by THn Rite and Andrew Lloyd-Webber. 

PALLADIUM. CC. 01-437 737* 
Tne*a»> Not. U for S day* only. 
Mary o-naRA 

SWINGLE II and CHARLIE SMITHERS 
BOOKING NOW OPEN 


PALLADIUM. CC. Qt-AJT 7371. 

Ooemny Dec 20 lor a Seaion 
DANNY LA RUE 
» "■ Merrv " Widow Twanker in 

ALADDIN 

ALFRED MARKS a-, AGANAZAR 
~ - ■ - IlG. Brian MARSHALL 


Dllyt WATLIN 

Jnd WAYNE SLEEP 
__Prey.e» Cecvmbcr i B .it 7 JO 

I PHOENIX. 01-836 "2294. LaitVpcrfa. 
Today 6.00 A (40 "TIM BROOKE 
TAYLOR GRAEME GARDEN make u» 


CRITERION. 930 321S. CC. 836 ID71-3. 
Final Pert*. Ton'l. 5 JO 1 B.30. 

NOW IN ITS SECOND YEAR 
SIX OF ONE 
LESLIE PHILLIPS 

"... and a HALF-DOZEN LAUGHS 
A MINUTE. ■ 

SECOND "HILARIOUS" TEAR 


CRITERION. 9» 3116. Crnitt card book- 
ing* 836 1071. Fmm Toe neat: Mon. a» 
(dura a. Fri. and Sat 5.45 and 8.3C. 
'No 5.45 perl. Nov. IO* 

Tromler* from Haimnlead Theatre 
■■ THE MOST HILARIOUS PLAY 

FOR vtA «io Fl jSo“ 1 

by Mtrnacl Haiti ob*- 


GREENWICH THEATRE. 01-850 77SS. 
Evecmvs 8.04 Mar*. Sat. 2.30. 

AN AUDIENCE CALLED EDOUARD 
bv Onto Poivnall. 

" A Tticff tri.Ljrl coup.' Time*. ' SumrM* 
and deiicht " O Id Fa*c.njiira . . , 

rnnonl.nn ev ent-Q *. '• t N 

HAYMARKET. 01-930 9832. Evas. 3.00 
fed. 2 JC- Sat*. 4.30 a< ' 
GERALDINE MaEWAN 
CLIVE FRANCIS 
NIGEL STOCK 

PETER PAUL 

BOWLES HARDWICK 

and FENELLA FIELDING 
LOOK AFTER LULU 
bv Noe: Coward. 

WITH GARY RAYMOND 


Part 

available 

MAY FAIR THEATRE. Q1 -629 3036 

SUNDAY AT 7 SO I 

MARGARET RAWLINGS as I 

EMPRESS EUGENIE ' 

bv Ja-.on Lmdie,. •• An nvemnn of i 

extreme Rteasure . . Perle eL" Ggn- '■ 

may fair theatre. 01-493 iosi.! 

From Dec. JJ. O'v. tO.jO, 2.00 and 4 00 1 
SOOTY-S CHRISTMA5 SHOW - J 

NATIONAL rnr.ro,' a*n 9 j 2 i' 1 PHOENIX THEATRE. CC Ot -836 229*. 

T^’YvSspBr ^ * ~r.T,.rxri5. a -ics a 

L^rf-LTON liSJl??,? iw 1 - Tihui 1 DIANA R1GG. JOHN THAW in 

SSti'IS: | - — wt'ss.'sw »= 

may oy oar. a Harr- Fri. near 7.45 l*sw [ Duvrcted I bi_PE TE£ WOOD 

Itoriumlj __UnHl 1 PICCADILLY. From 0 30 am. 437 4 SOeT. 


laugh.' 1 D. Mail. 

THC UNVARNISNEO TRUTH 
The Hit Comedy bv Roree RyTON. 
"LAUGH WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Timm. SHEER 
DELIGHT." Fv. Standard. "GLORIOUS 


CONTINUOUS LAUGHTER. 


1 met 


Price wer.' Betrayal. 

COTTESLOE rsn-.all . _ . 

Now. IS mohm a: d.OO THE WORLD, 
TURNED UPSIDE DOWN bv Lenn 
Dewhurst from Chr.MoaBer Hill * OOOL : 
■ Der hap* not tuitahlc far children). I 

Many rveelien; cfir-oo vui all a tficatrev I 
nay 0! pen. Car par*. Retuurani ; 
928 2033. Credit card boofcinff* 928 ■ 
3032 | 


OPEN SPACE. 307 6869 

BECKETT DIRECTS BECKETT 
Ercdumc Krsua'j last Tape 

Tubs tc Sun.. Nn 7 to 26. 7.30 am. 
NO PERFS. No*. 14. 15 and 16 
Rm« Gm« Onitc lor dertib- 
E» I ended bv m,bUr demand- 


DRURY LANE. CC. 01-83# STDS MOJ. 

»“■ 50 1 ^ 3 00 
• A rare. d«v4«3i>B0 lovoos. .'fronioiWB 1 
aa never.". S. Timet. 3rd GREAT. YEAR 1 


HER MAJESTY’S. CC 01-930 6606- 
E«9*. 7_5G. Mall. Wed. and SaL 3.00. 
BARM1TZVAM boy 
_ THE NEW MUSICAL 

•’THIS STUNNING PRODUCTION— 
U NIQ UELY ENJOYABLE-'* Fin- Times. 
"DELICIOUSLY FUNNY." E- Standard. 
•* EXUDES THE SWEET SMELL OF SUC- 

CESS " Guardian. - ' 

KING'S ROAD THEaTKC. 31JS52 74#8- 
MCHV- 10 Tr.urt. 9.00. Frt. S M. 7 30. 9.30 
wt Rocky horror snow 
DON t dream it. SEE |7. 


OLD VIC 93 P 7616. 

PPOSPECT AT THE OLD VIC . . 

Today. Ton.. vw«d 7 30 Derek J-aroni 
IVANOV. Chrknav's comedy, iviih 

C'Wf ArrtnPtoU. Brrnda Bruce. Michael 
Oen‘»bb. Loir.u: Purina Jahn Savidem. 
Jane Wymark. •• JaMDl'k Irluinoh ■ 

D. Telegraph. 

Thurv Fn. 7 30. THE LADY’S NOT 
FOR BURNING. Drrck Jacobi * Easy 

and vlrllr »f. tidily.-- E Standard 
Eileen Atkin* Riveting anY'^ai fluirtitv - 

Financial Time*. •• a nam of a opium. 

ance from Robert Edd ton • - M!f«jrl 
Denrton. John sav^ieir-. and Brenoa 8nice 
scooo i» the Uuah». Guarfila"- 
Sat. 2.30 6 7.3C TWELFTH NIGHT. 

E, leen AtklffT "a t'lDfr!: V,oU.- hr | 
Timet ffrvui.r EddivA" Brlil jnl j 
Ferro." Guardian. 


Credit ;arot 836 107:. Man. -Thur*. 

8 00 Fr:. ana Ssl. 5 00. 8 IS. A'r-ron 
" DOmlnallng with unloltered auric and 
humour. Hie BROADWAY STAR " D. E*t». 
SILVIA MILES 

■’ Towering HrlonniiKr.' Daily Mall. 
VICUX CARRE 

"Work* live mag-c." F.nanclal Timer. 
'* Tnerr ha* n.trenv Mm a mor-.- ^jcelvinq 
evening tn (he Wert End The BEST 

COMIC WRITING IN LONDON.” Obi 
“ Sc* running like an electric torrent." FT 

SEASON ENOS NOV. IB. 

PRINCE EDWARD. CC' 01-437 6B77 
E timing', 8 00. Maimei ThurMav and 
SatuMava >1 3 00. I 

CV1TA 1 

bv Tim Rice ana Andrew Lloyd-Webbev 1 
Direcicd bv Harold Prince. I 

PRINCE _ OF — WALES. - 93o~aiA‘l7'Crrt7’ j 

card bkg*. 63a 0846 1 1 week* l 

before New YprL. Preview Mon. a: 8 00. 
Open* T lie. at 7.00. Subs Mon. to Thur. 
-8.00 Fn. j!»3 Sat. 0 0 -md 9 JS. 

Alan Avc k bourn «, unam-hii <pnn dv < 

KMOOM 1480. I 

•’ If you don ! Ijugnt. wm me.” D. e*». 
A National Tnealtr Production. 


QUEENS. Credit card*. 01-734 1166, 
EW 5 8.00. wed. 3 00. Sat. 5.00. a. 30. 
GEORGE CHAK IRIS. ROY DOTRICE 
RKHARO VERNON. JAMES VILUEIS 
.. „ * HE PASSION OF DRACULA 
DA-JLING. ' E. S(an. “ MOST S'ENIC- 
ALIY SPECTACULAR SHOW IN TOWN ” 
Punch. -■ THEATRE AT ITS MOST 
MAGICAL." rime*. M t. Supp. 

H6GENT. CC. 01-637 6B62-S.' 
Red Price Preelem front Sm Nov. 
Mon._5at. B.30. Mats. Fri. A Sal 5 AS 
OPENS MONDAY 13 NOVEMBER 
_ LITTLE WILUE JR'S 
The FUll Soul Coud Mi mtil 

ROYAL COURT. ’ 73n~>745. 

Final Perry. Ton'i S.OO & a. 30. 
NlCOL. WILLIAMSON 
“ A virtuoui uerrarmance.” D. Trt, 
INAOMISSISLE EVIDENCE •• 

‘ 7h>s b one of ihe^few great play* of 


the century.”. D. Mail. 


ROYALTY. CC. 01-40S BODL 

Mnndav-Thursday evening* fi.DO. Fndiv 
5.50 and B.4S Saturday* 3.00 and BOO. 
LOTdon Cr.tlcv vole 
BUBBLING BROWN SUGAR 
. BOH Hvucil at 1977. 

TN. boohing* accented Malor credit 

..card*; Restaurant re*. 01-405 2416. 

SAVOY' THEATRE. 01-336 aaaaT 

Credit card* 754 4772. Tom Cont? ui 
WHOSE un 15 IT *NYW»y" 

bv Brl-ir. Clark. A MOMENTUOUS PLAY ' 
1 URGE YOU TO SEE IT." CHraraVan; 
_E.g^ a-00- Wed. -3 OP. SaL 3.4 S A 8 4S 

SHAF TESB URY. CC 01~636 6S0617'. 

r r * 12. a e d 8 Sal Nov. II at 

A YU ^C»X U thg% 1 ^ 1E Jl * ‘ 

SHAFTESBURY. CC- 01-836 

0,036 42 ?k5S?t BJ ° ; 

E0 W 5r?cula EVS 
.. —th DFWEK GODFREY 
■ laWaMimT ^'TUNNING." 

tAST W EEK. E NDS SATURDAY. 

CC. BSE 'bSSdtr: 
036 Ooe»»s D^r. 20 until Jaa. tS 

JANE ASHfr^W PATRIC , kV 3 ' 

l 4 ■'■■•5. Price* E5. m. C3. Sj 
Reduced. Be ter On DeC. 20. 21. 22. jTn. 
*■ ®- ,a - 1 1 1 foetal and telephone 
boohingi accepted now 


ST. -MARTIN'S. - CC. . 

■ Erg*. B.OO. Matinees Tn 
... sjxj aad-B.o 
AGATHA CHRIS 


01-636 1443: 
*• 2a 5. Sat*. 

? .E-S -. 


THE MOUSETRAP 

3NGEST EVER RUM 


-WORLD’S LO . 

26tb YEAR 


UPfTAIHS. 730 2654. MOO. 

10. FrL and Sat, s. IS and B-TS. 
T raver* Th. Prod. <4 THE SLAB SOYS 
by John Bryne. 


VAUDEVILLE. 636 9988. Eves. 8.00. 

. \vsRjMBS8h z%> §sra 


YfYTtOHAbTS. : flt^S6 802B. 

Bkg*.’ B36 1071. from 8.30 uen . Mon ■ 
Hum. S.OO- Fri. and Sat. 5-75 p/if OS 
. ’ ".ENORMOUSLY RJCH 

. VERY FUNNY." Ewnlno Niw. ■ 
Mary *crg*h-1^-CO««4V ' 

"* Suortmb comedy' «a wt J« -nrllglod, •’ 

'• MAe^OulKSjG Wini . 

LfkUGMTCft.*'- GoonJUo. - ., 


V»OORIA_ PALACE. . -CC. 

!«. 7.30 47 Mats.'wnd?Mrf , St['aA5. 

;.-r .'TOfflJSjSSg?' 


CINEMAS 

twt - 

-Ti DEATH, ON XlficULI (A*. WLM, • 

;Ba- 


8 . 20 . 

_ — Tk.ffO.. 

DEATH Of» THB NILE (Al. 
r 2-B0, SJ>0. 6.00, 


warehouse^ Donmar 


Theatre. • Covent ! 

. _ . .. .« 66oa’ --Herat ■ . 

STiahetneare . Co. Seat* . avaUaWe. Ndt, i CLASSIC 1,17 J.' a/Odunl Cttnrt ,lc 
TROUBLE! ■ Mr. • Mm. AMwyeh. . 


*rPBa»k-idfcii jw tfw - 

7ues--Pri- MS. Bid. * At. SM 
A MUS4CAC ENTERTAINMENT:: 
v:.:i - LOVE ALL 

• THE -BUNNY AUSTIN STORY . 


STRAND. 01-636 26C0 Evening* ff'ocT 
Mat. Thun too. Sal* s io ana a.3Q. 


RAYMOND REVUES AR. CC 0I-7S4 1S93 
AL 7 om 9 im. V ter. Qn*n Son. 
PAUL RAYMOND arrvun 
THE kESTIVAL OF EROTICA 

Fa‘1'. air r"-ll lyql-l 

2 : a SENSATIONAL YEAR 


NO SEX PLEASE 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH 

OVER 3.000 PERFORMANCES 


WEOTrtrmsreR. 


:cc 





;■ .NiJpMM : -y» 

THET BROTIC^PKftNCE OF THE/ 

" T«Hl (* Mprecedmden. Minim wbk* la 


YOUNG W STUCNO. 
Toa’L. The. - A TH. 


»• - EK4. 

- _ . . met 3 -b-ca. 

talk of the town? cc. ' Bf-rM'^oaT [ ~ f * Tnc * * AtA * 00a *^ . • - - • 

Alr-cr.nn.t.oncd - frOmSOO Dinina," YOUNG ' VIC VSft 6363. Toft*t- Mob.. 

Danone. 9 30 Slip ERB REVUE I . Toe..- FN. T3M. Wtoto. Z.Oo KMMT, 
.. i w * H ■ '™ mr - -7^0 ■ RICHARD m ran 

8t 11.00 MATT MONRO . I- ot Shaketoeare trllaev ACTUM MAM. 






13 



Sa&td^'Kovemfer [4. T978 



emrgeiic Mr. Chippendale 


'£*** ■'■'vY JANET 'MARSH ^ • * - 


"an-*- 

y. 

Store- J-. 

’ L, . 

. Vtd**rt - ■ 


'Co^ 0 . ‘ 
VuS 

tfcJiir.M - 

' *W* “ '* 

v * *A/ 

oo.’iv r 
'morn r/ ' 

ilU.71 . 

iiia / 

5" * 


L ; . THE CABINET and; /. Up- 
rtstery Trade -is to^giresent-- 
, V •. “isedto : a very high pitch,” 
clafed Ince . and 1 May&evs 
/ lirersal SystemofiSokaehold 
■■ ■: } \..i:J > irnitvre.ia 17e2: ^hich. iS a. 
sr*-.;. i: *5* ry modest way ofdescribing' 
S 6 aost briirant’er^.ftf Eng- 
iu;:^ :\ "• »■-' -.b furniture ratoing* ihp :yearir 
tween approximately 1740 and-;' 
. * : 80. No name- from ibis golden ■ 

e has acquired: a- greater aura . . 
f- .*•• ' • legend than that of Thomas 
• -uppendale, ' wlmse ‘ popular. 
^7 potation as'ihe gtent of his 

* - r *■'. >ft ranks with that of his: 

. 7 : temporary Josiah Wedgwood, 

. . another fiekL 

; Whatever the popular view, 

‘ V-7 _ough. furniture historians , 
i j v ve made a battleground of r 
V'.-tippendaJe studies. For the 

• . 7 ' te Victorians* Chippendale’s 
ithusiasms for the Chinese and 

: . e Gothick tastes had corrupted, 
je sturdy traditional of English 
-.17 sign. More • recent studies 

__ " hve endeavoured to devalcte 

*' lippendale . by" V -comparison 

ffllc; ter*.,,, th contemporary- [ designers 
*Vt£|f :e the royal furniture' maker 
- y|» v 'ilBaxp Vile; hr -have tried to - 

sit A{ ^credit his personal . contri&u-' 

»n. 

m He did not - work at, the". 
- nch himself . .(so the- cnm- 
tints sol — at least ter. set- 
ie up his iohdon - business, 
••■ich of the work - attributed 
" r ‘ liis workshops was probably' 
rmed out to outside craftsmen 
d specialists: and in- any 
:: ; ; -ent the : bulk of the furniture 
1 •” -'led ' Chippendale ' wa^inade 
. other workshops,. inspired by 
... e influential designs of Chip- 
..... ndale’s fieri Hem cn’s and Cabi- 
t Maker's Director, first pub- 
. .-bed in 1754. All of these 
.. rings are true, Tof' course^ 

* ough they do pot hltfiem- 
-lves dim inish. 1 Chippendale^ 

: ntribution.’ For' a wbile, 'fed,' 

- ' tre were energetic .efforts to 
":ny Chiopendale’s credit even 
£ ' r the Director designs them-' 
... Ives: though he has now been 
‘ . ndicated’ by-more recent study- 
‘ original . drawings in the 
.. ctoria and Albert Mo5euni'and 
: . p Metropolitan Museiiin, New 

i,/ / riie record should finally be 

t wf t right, however/ by Christo- 

er Gilbert's definitive mono- 
‘^aph. The Life nmi- Work- of 

: " j omas Chippendale, .-.-to - be 

blished next week, jointly by 
'•.idio. Vista and Oiristies: . 
The hook, in two. volumes, is 
massive j ..'and .irapecca bly 
.. janised assembly oL origihit 
search. Mr'. Gilbert^ vbo was 


xn 

'ova:, 

,yTev3?-v. < 

- 3V, , 
wits. ' 
'Avv;-. ■ 
Vi thf ' 
day. •- ■ 

--Atsn - 
True*. 
dari:n 

euf r ■ 

jr : 

BOV " 

ftnof-r:--- 
.ns T:. ■. 

i.’ 


'fitfr.'J 

.At*.- 1 
:**.:■ /: 

3C: 



& i* 


Chippendale chair 

formerly ' principal ' keeper at for that one: the goods were 
Tempic-Newsbam House", Leeds, seized and Chippendale was 
has even managed toAhed some compensated to the extent or 
■light and - Intelligent speculation his own sworn valuation, plus 
on ihe ^ hitherto mysterious 10 per cent. 

-early period, of Chipp^kdale’s The problem of earlier Chip- 
life: "between .his hirth^in 1718,. pendale studies was the scarcity 
as the -son of a joiner 5n Dtiey, piece s proven to have been 
Yorkshire,, to' his appearance an. sullied by bis workshops. At 
London, .30 years later, as a -the start of the century hardly 
cabinet maker with-A substan- any were known. Ten years ago 
.tial busihitos. 'By~I754; he. had 26 of Chippendale’s customers 
.transferred bis . .workshop to had been identified. Since then 
large premises in fashionable Mr. Gilbert has been able to 
St Martinis Lane/ ^ . • ' detail no less than 65 customers, 

./ It isr fascinating to discover in the case of 26 of these, 
the range' of Quppendale’s busi- items from their original orders 
nesS activities.. He '•seems .to are still known. Today soms- 
have been not only a designer. 700 pieces of authenticated 
blit- a /veritable . impresario -of Chippendale make can be estab- 
th e decora ting trade, able to lished. 

supp]y .curtmn 5 and loose covers, Chippendale clearly did not 
wall . hangings .add -feathers, as hobnob with bis rich and aristo- 
well as furniture... hf. every cratic patrons on equal terras, 
/description irom whole tihraxies as did Josiah Wedgwood. He 
to tea frays andl^caddies'. He appears, even ai the peak of his 
also did -a bit of-'lmportl. too. success, to have been kicked 
it Seems. In' 1769 he was caught around by them as a common 
In ■; the act of. duty' dodging, ^tradesman. One of his principal 
hungto£inrflye.dozeh: u hfiiMshed ^patrons. Sir Rowland Winn of 
Frenrii--/<3»Ir. frames ; .under- .Ijibstd! Priory, writes insul- 
valued it a derisory 18. He paid /tingly to him: -You may 


Expect to find me as great an 
Enemy as ever I ever was Your 
Friend.” Chippendale rcphrl in 
suitably senile fn>hion. thoush 
to be fair to Sir Rowland. Mr. 
Gilben suspects that Chippen- 
dale really was neglecting his 
order in favour of a newer cus- 
tomer. the Lascelles family of 
Harewood. 

Adding injury to his, 

grand patrons didn't even pay 
their bills. Sir Rowland owed 
him £700 at the time he was 

abusing him: Edwin La Revile- 

ran up his bill to almost £7,(.)UQ: 
and David Garrick only paid up 
when threaiened with the 
courts. The gre3t Chippendale. 

not surprisingly, was always 
having money problems. On one 
occasion he bad to appeal to 
Sir Rowland for promixsory 
notes (one of which bounced) 
to keep him out of gaol. Some- 
times he was hard pressed to 
pay his own workmen. 

Yet out of such sordid trans- 
actions came the great, serene 
masterpiece of Chippendale 
craftsmanship. To mark the 
publication of the hook. Chris- 
ties is presenting a small and 
choice loan exhibition tat 8. 
Kina Street. November ti) and 
13-16. from 9.30 am to 5 pm>. 
Among the dozen authenticated 
pieces on show is a card table 
which came from the 50 pieces 
of furnimre ordered •:»« imiiwk.’ 
by the younE; 3ih Earl of Dum- 
fries in 1759. There is an ex- 
quisitely finished Pembroke 
games table supplied to Sir 
Rowland Winn, and one of a 
pair of painted Pembroke 
tables supplied to the unwilling 
David Garrick. From the Hare- 
wood commission, which lasted 
more than a decade (1767-78) 
there is an important marquetry 
pier table which has just 
emerged after two years of 
restoration and the removal of 
layers of Victorian paint, and is 
now the property of the Chip- 
pendale Society. 



Ihpecwftols in ihv iNilc Ia .\ ucrion of Coins and Medils 

7 BfciAgm Street Itew Bond Ssrirt,WY9LD TelesAimt 01-433 2445 

WEDNESDAY. Jtta NOVEMBER. « I P-"i. 

An important Collection of 
ENGLISH HAMMERED SILVER CROWN PIECES 

■ Elr/atrv-ih f ;o t’Jiarlrr- I ■ 

!h f . ?rt> ny nf a Caun»r>" CoL'^ciar 
lUrii^nitU uinMnu,' ■.') Pluwa — Pncc 


THURSDAY. 9ih NOVEMBER. U 10 o.m. 

A Celled ion of 
IRISH COINS 
and the Collection or 

ENGLISH, COLONIAL & FOREIGN COINS 

form>-J :» ;h-. ui. Ilarui-l J. Arm.«ira:u of L- 0s 
■ m.c- f- i:.v; i .:ie^a- ia P-Li.* £7- 


WEDNESDAY. 15ih NOVEMBER, ai UU0 *.m, 
and 

THURSDAY.lHh NOVEMBER, at 10.00 a.m. 

ANCIENT, ENGLISH & FOREIGN COINS 

in r-.ilii. *!!■.■ r and . r 

ako a gmid series of 
HISTORICAL MEDALS 

. mujjinjii'4 CnlGlt-yv m . -..i.-ji m- nf 9nndn!!wi' -n Plates — Price £1 1 


WEDNESDAY AND THURSDAY, tm AND 7th DECEMBER 

ANCIENT, ENGLISH & FOREIGN COINS 

in -■•iia. -.ilii-r Jt»3 ewoir 

> lltnxLT'V,*! i n,|^. a i.- rj „f ,u ,- nf frrpornfcoci 


>urltur Cj jj1«u-.-> ■> ol r&ir.s and art now in corn- of 

Dri-paraMoO. CdlUctop* J -lrous a! sclims sliauM coa:aci Giendiolnc £ Co. 
nrompUr. 

Commissiun NOT charged to Buyers 
Vendors' Commission of !0”o open to negotiation on 
Collections of high value 
CASK ADVANCES readily available 


AGNEW 

DUTCH AND FLEMISH PICTURES FROM 
SCOTTISH COLLECTIONS 

A Loan Exhibition in Aid of tbe National Trust for Scotland 

Opening Stli November (admission SOp) 

43 Old Bond St. London, W1 


OhW ■ R-.-jJ-nili!-.. 1 .-Kilim W1 
Tkl 01 -K» 


J.l-in.-t-ri 9 7i) j."0 p.m. 
Timr-s. uoui r.oo p.m. 


ART GALLERIES 


C.KANE KALMAN GALLERItS. 178. 
-Bropipton Rom. S.W 1. OLUIiMlao 

Brill in nor»^ or Ba.-D,ir? Htu-onn. 

L S. Lo»r>. Henry Mocrt Ben NiCho>- 
5on. Graium SucMrlin?. Will. am Scolt 
Malthcw Smllit kc. ALSO worLi pv 
E uropean jnd American *nis?s. Mon.-Fri. 
10-6. Sat. 10-4. 01-S84 7566. CRANE 

ARTS. 521 . King's Road. S.W.3 01-552 

SB 57. Native Art irom 15th-20th Cent. 
Also voting artists ot unusual vnloii amt 
talent. 


BLOND FINE ART. S3 Saot.HIC St. W.l. ' 
01-4J7 1450 BRITISH WOODCUTS; 

i70J-19ao until IB Noiemoer. Mon, 
i Tr,. 10 - 6 , 5ats. *. 0-1 ■ 1 

i MAAS GALLERY. Exhibition ot water- i 
' toiours. drawings and oils by JOHN 
WARD. R A., at 15a Clillord Street. New 
Eond Street. W.l. Mon.-Fri. 10-5. 
OPENS MONDAY. 


LUMLEY CA Z ALET. 24. Davies St.. W.l. 
01-499 SOSB. ROBERT BATES — Recent 
Watercolours. Until Nov. io. 


RICHARD GREEN AND FRANK T SABIN. 

4. New Bond Street. W 1. 01-499 5487. 

ANNUAL EXHIBITION CF OLD ENGLISH 

SPORTING PRINTS. Da.ly 10.00-6.00. 
Sals. 10.00-12.10 


RICHARD GREEN CALLER y, 44 Dover 
S' reel W.l. 01-491 T 277. ANNUAL 
EXHIBITION OF SKIRTING PAINTINGS. 
Dally 10 00. E 00 Sa'5 IQ nil. 1Z 50. 


SLOANE STREET GALLERY. Recent 
SculMurea by ALEXANDER In Stone. 
Marble. Bronze ana Silver. 16th OcL- 
50th N«. Mon-Frl. 10-5.30. Sat. 10-2. 


ST. PAUL'S GALLERY. S Are Maria Lane. 
E.C.d -Olf UldBate Hill.. 01-24B 5359. 
Oil and Watercolour Paintings. Sculpture. 
Framed and Untramed Fine Art Repro- 
ductions including Signed Limited Edition 
Prints. Open 9.00-5.00 Mon.-Fri. 


ORlAN GALLERIES. 7. Pore ester Place. 
W.2 01-723 9473. EcMblTion o! 

ORIENTAL PAINTINGS S BATIKS. 
10-S. Sat. 10-1. ‘Till 6 December. 


8 King Street; 

Scjamcs’s 

London 

SWlYfiQi: 



Tel: 01-839 90(50 

Telex 

Telegrams 

christiarT 


EXPERIENCE AND EXPERTISE . . .356 



Co&ket-on-xtanri by Thomas Chippendale. 

23k in. icide: IS l iu. defp- in. high. 

Sale. Thursday . Xvv-ember 30. 

This finely made box is probably the one referred to in 
Chippendale’s bill to tbe Earl of Coventry, dated May 30. 
1764. in which it is described as ‘A very neat Box of 
fine Guadalupe wood with a very good lock & a frame . . . 
£9 Os Od.’ 

Interestingly. Chippendale mentions Guadalupe wood 
(identified as a type of West Indian satinwood) only twice 
in his surviving bills, both occasions within two months 
of each other, presumably implying lhai Iu- managed to 
obtain only a smalt amount of this prized timber which he 
then reserved for nvo of his more important clients. Lord 
Coventry and Sir Lawrence Dunrtas. 

Chippendale's documented Furniture romps on to the 
market rarely and what wo know ioda: about his oeuvre 
has been greatly enhanced by Christopher Gilbert's new 
book The Life and Work oj Thomas C(itppe>idiilc' published 
by Christie's and Studiu Vista. To coincide with this event 
Christie's are staging a small exhibition of documented 
furniture aL 8 King Street on 10th and l3Lh-16lh November. 
For further information on this exhibition and/or sales of 
furniture, please contact Hugh Roberts at the address 
above. 


ART GALLERIES 


BROWSE a DARBY. 19. Cork St.. W.l. 
ANTHONY EYTON. Recent Paintings and 
Drawings. 


AGNEW GALLERY. 43. Old Bond SI- 
MM. Of-629 6176. FRAGONARD 
DRAWINGS for Orlando Furioso. Until 
IS December. Mon.-Fri. 9 50-5.30. 
Thure. until ■ 7. 


FURNUUX GALLERY ol Wimbledon 
presents an cx.hioitfon ol new paintings 
bv PETER NEWCOMBE irom Oct. 24 to 
i Nov. ID at the Alpine Gallery. 74. 
! 5. Audlev Street. London. W.l. 10.30 to 
; 5 daily roccept Sacs. A Suns.). Late 
I opening to B pm each Tues.. Tel.: 629 
22B0. 


SUSAN SWALE'S SALOME. Fleldbourne 
Galleries. 63. Queen's Grove, N.W.B. 
566 3F00 


I CHOICE 



in 



■ * v .-JfHAT BEGAjt as a diversion / . 

an idle :hour . has ; w>w- ' T 
_ j* 1 - jbeom'e .toe ..topic - : for'va L BBC. 

JP* JeJevision. . Furtoer.. Education 

'ggeries. I Tefer to-Crinie" Writing 

-**** ^■om Poe ■ and; Con to.' Soyle^tp. 
“layers. Chrls^te..- Allingh^r . to 
Jammett, . C^amllej, r 'Storeno n 
McBain.- tb'. the "crime 


PAPERBACKS 

ANTHONY CURTIS 


.■u ^ /-^»ithors of Jttr own lime. Does eesay -orj u Holmes: The Hamlet 
' university yrt: ’Suppor^ a J of crime . Action 17 by Reginald 

essor 1 o^-Tfetecti tie Fietion ? IfiU' to which' he sees Doyle's 

series will makevplajh tb at here to to . offshoot of fin-de- 

j*ie attitu'des'- to'- tois -form.- of si^erdeto^^^ oddJy 

3 capism ton us' someth mg he;does hot connect him in this 


ftas:: it- 


"nii : 


P W’-J. i ‘ 
41 uw-r 

Jffl 


0 i 

l i 

-i LiirC’ * 

■j.w*pe" -j; 

* «'»H ••* r - 


• S*U3- 



scapism ^ .. , . . - . . - 

vwuportan.t about the periods In - with, toat Wildean aesthete, 
'hich the various - ,a u thors TU£3es, in ven ted by Holmes's 
otirished. . ■ • ; ' ' - brbtfieT-in-law. Uornungti. Mr. 

The series- ihas in^iredH to-HiUJtoen Cries to .compress a 
' lossy paperbacfc Crfme VfTitprs history of popular reading into 
''BBC Publications £3-25) which the: remainder of his space and 
‘ ■“.as just appeared. .Here ..con-, becomes 'fl'omewhat indigestible 
jV^winporary; crime write rs «ui- In the attempt. 

ributing to the series- go into '; The general approach of the 
he attitudes and the careers of. booic is eri ec ^ c . father than his- 
heir ilhistrious iorebears ih toricaJ, though Mike Pavett, tlie 
..i-omewhat more depth, we are writer for the programmes, pro- 
:V;: rid, than they are able: to do vides tiseful . linking material 
,! »n the bos. I have not seen any between chapters. . 

... rt the series yet but the book .^Theto chapters include Colin 
tands on its own and it is -full Watson onthe so-called Golden 
’• >f interesting to 1 ®- Age and its snobberies, its per- 

:r. .Symposia it is slights, dis- petration of racial stereotypes, 
- omted; the .difficulty of finding' and country housto where it 
.. ruly original JJIustrations has -wto ten to. one the study would 
“ »roved insoluble: we see. tfae 'sprout a'- corpse <‘ f veritable 
amillar ' ‘'mug-shots” --.- of abbatoirs, these studies’’). P. 
;imenon with totorpipe>' /and .-D. James- on Dorothy Sayers <a 
Sdgar 7 Wallace; ^With V: hls -gopd double), Julian Symons on 
." igarette-holdef,- varied [ ■ by Dashiell Hammett - (another): 
photographs from movito. Still, Maurice Riehardson on Simenon 
never knew what Ross Mac- {‘' You might- say that while 
-V.ionald or Nicholas •• Freeling, Maigret's • professional ' attitude 
poked like and now -I do. ' ■ • towards .his; customers is- one of 

■ V- After a statement of intent compassionate .. determinism, 
the editor H ; R. F. Keat- Simenon’s towards his charac- 
ng, we get down td/Wunt ters is one of detenximist com- 
. instruments with' a thotightftii passion." Well you might.) Titeo 





we have Troy Kennedy Martin 
on Dixon, Barlow. Regan and 
Pyle; finally, Mr. Keating him- 
self on more recent develop- 
ments " between stiff-covers; 
rape, .prison life and recon- 
structed Victorian crime are all 
popular-, ingredients in the 
1970s. 

The book has little to say 
about Agatha Christie on tbe 
grounds, I'suppose. that far too 
muck has been said already. 
But if . you want to read the 
paperback of the book of her 
latest film Death on the Nile 
(1956) Fontana are prompt with 
the answer at 80p. The one 
mystery about her that has 
never! really been solved is that 
' of her own- disappearance from 
her home on December 4, 1926. 
She passed over it in silence in 
her .posthumously published 
Autobiography and yet the bare 
facts are as intriguing a begin- 
ning as anything she invented. 
She was discovered after four 
days with apparent loss of 
memory la a hotel in Harrogate 
where she had registered in the 
name of her husband's secretary 
with whom he was having a 
love-affair. 

Inevitably, sooner or later, 
someone was going to build on 
that premise. It turns out to be 
sooner, , as Kathleen Tynan 
comes up .in Agatha with an 
ingeniously worked but recrea- 
tion of events during The miss- 
ing days.' This, too, has been 
filmed with Vanessa Redgrave 
and Dustin Hoffman, but it is 
also available now in paperback 
(Star 75p). It is all done in the 
Christie manner with no frills; 
a firm narrative plus some com- 
plicated electrical equipment at 
the climax. The ambience of 
Harrogate in its pre-war heyday 
conies through and so does a 
portrait "of an impatient long- 
suffering English woman who 
infringed the taboos of her class 
by becoming a writer. 

The Chinese were on 10 crime 
fiction long before Poe invented 
the genre for the. West The 
Dutch .diplomat Robert van 
Cofik. who died in 1957. spent 
pari of his war service in the 
Pacific translating an eighteenth 
century Chinese detective novel 
about a district magistrate who 
lived in the seventh century AD. 
Gulik went on lo invent a series 
of .stories about the same 
character. Dover have reprinted 
the eighteenth century original 
with Gulik’s introduction in 
Celebrated Cases of Judge Dee 
(£2.35), and two of the invented 
tales in The Haunted iWonnsterp 
and The Chinese Maze Murders 
(£3.35).' For crime fiction con- 
noisseurs both the-se volumes 
are essential reading. - I wish 
Gulik had-' been given a chapter 
in the television series book. 


✓ 


\ 


1 

Does Sothebyfc sell 




s, 


A George m 
silver mug, 
sold on 20th April 1978 for £190- 


lotheby’s has sold the 
most important collections to have 
come on the market in recent years. 
Many lots have realised six figure 
sums. This is widely known because 
these sales make headlines in the press. 

What is not generally known 
is that over four-fifths of all lots (303,000 
in total) sold last season for £500 or less 
—and over 60% for £200 or less. 

With the majority of items selling for 
modest amounts, no potential buyer should 
be deterred from visiting our salerooms. 

Equally, no-one should be reluctant 
to bring in property for a free valuation with a 
view to sale. Following the sharp rise in recent 

a iad v, by Naihamei Hone, Y^s in the value of works of art, many people 
i76o, toid on 26 th June 1978 now own property wiucn may be wortn 

far £i6o. considerably more than they think. 

Every vendor will receive the 
foil benefits of our expertise and of 
our international catalogue dis- 
tribution, whatever the value 
of the item. 

Why not call or 
telephone one day? There 
is no obligation either to buy 
or to sell— and no charge 
for our advice. 


m d rv 








A London delft wet drug jar. 
sold on 16th May 1978 foe £190. 


A silver penny 
of King 
Aethelred II 
of England, 
sold on 8th 
February 
1973 for £90. 





R Campotasto, A Mother and Child, 
sold on 31st May 1978 for £150. 


A cowboy and steer car mascot, 
sold on 14ih April 1978 for £110. 


% 


Sotheby’s 

The world’s leading auctioneers. Founded 1744. 

Sotbeby Parke Remet & Co., 34-35 New Bond Street, London WIA2AA. 

Tckpkofiz { 01)493 8080 Tckgrams: Abiniho, London. Telex: 24454 SPBLON-G 













, if f I | 


14 


FINANCI AL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 48Y 
Telegrams: Flnantlmo. London PS 4. Telex;. 886341/2. SS3897 
Telephone: 01-248 SOM 


Saturday November 4 X978 ■ 


The morning 



THE WEEK has brought sharp 
reminders of a number of un- 
pleasant realities, and confi- 
dence. especially in financial 
markets, has suffered accord- 
ingly. Striker and threats have 
shown that there are still all 
too many trade unionists ready 
to put their jobs at risk in the 
cause of militant virility. The 
Prime Minister, whose firm as- 
sertions of a 5 per cent norm 
seem to have lost all touch with 
reality is now reported to be 
ready to patch up some soil of 
an agreement with the TUG — 
■which is iiketv. unless the TUC 
shows some quite unexpected 
control over the militants, to be 
worse than no agreement at all. 
The silly short-time working 
scheme is a foretaste. 


was whether the Government 
would allow these pressures to 
undermine its monetary policy. 
The signs so far are encourag- 
ing. As the Chancellor said 
at the Mansion House, an anti- 
inflationary monetary policy is 
a commitment and it would be 
far more damaging in the long 
run to give way to the forces 
of inflation — including the 
Government’s own fiscal stance 
— than to swallow the financial 
consequences, however nasty 
they may taste. 


The lesson 


However, if the Government 
is prepared to play to the 
gallery politically, its financial 
policies seem to remain firm, as 
has been shown in the British 
re.-ponse to President Carter’s 
dollar rescue programme. The 
Bank of England has not joined 
in the heavy support which 
helped the dollar to recover As 
a result, money has remained 
tight, market interest rates have 
hern allowed to rise sharply, 
and the pound remains strong: 
its average value has remained 
unchanged over the week, 
despite the sharp fall against 
the dollar. This is indeed an 
anti-inflafinn 2 ry monetary policy 
of the kind the Conservatives 
have been urging: but it leaves 
industry squeezed between 
militant wage demands and the 
reality of foreign competition; 
any anti-inflation policy must 
bear heavily on profits. If the 
Government is subsequently 
compelled to deflate the demand 
created by excessive settlements, 
the result will he bad for 
both short-ierm and long-term 
growth. 


The lesson which the Chan- 
cellor has learned, from an ex- 
perience which left even Mr. 
Healey badly shaken, is that 
putting off the evil day simply 
makes the final reckoning 
heavier. The Carter measures 
to protect the dollar this week 
suggested that the Americans 
may have begun, though woe- 
fully late, to learn the same les- 
son: but even this is not cer- 
tain. 


The picture 


When <o much misery be- 
comes apparent in a single 
week, it is important to keep 
a sense of proportion — a sense 
which has been displayed in ihe 
gills market, whore the fall, 
especially at the long end. has 
been quire modest. The picture 
emerging is one which some 
forecasier.s have been sketch- 
ing all along. 


Ever since the April Budget, 
it has been apparent that an 
excessive fiscal stimulus, com- 
bined with excessive increases 
in nominal earnings, was bound 
to cause trouble. It is for that 
reason that the gilts market has 
at no stage shared the mild 
euphoria reflected in equities 
and in industrial surveys. If 
prices are stable now, it is be- 
cause the market has been dis- 
counting future trouble— crowd- 
ing out in the credit markets, 
and a disappointing balance of 
payme nts. What was not clear 


The encouraging thing about 
the Carter package is that it 
has at last been recognised that 
an economy which lives consist- 
ently above its means is an 
economy where credit is too 
easy. Interest rates have been 
pushed up. despite tbe deep- 
seated . American distaste for 
any regime which makes profits 
for bankers. What is discourag- 
ing is tli at at leant equal stress 
has been given to further 
foreign borrowing. When an 
economy is overspending, offi- 
cial borrowing overseas may 
balance tbe books, but it tends 
to perpetuate the trouble. 

The results of the U.S- 
measures will only be seen over 
the coming months, when it will 
hecome apparent whether the 
rise in interest rales, quite 
modest so far. will in fact check 
credit growth and free re- 
sources for the balance of pay- 
ments. A robu-a economy would 
shrug off a point or two on the 
cost of loans, but the U.S. 
economy, after four years of 
rapid growth, was weakening 
before ihe new measures were 
announced. What could have 
been done two years ago by 
gentle corrective action will 
now perhaps be achieved by 
financial pressures and the 
trade cycle. 

The cost of the delay is 
higher inflation in every coun- 
try which has been buying ex- 
cess dollars as well as in the 
U.S., and greater competitive 
pressure in those countries 
such as Britain which have 
opted out of the dollar support 
game— results which can only 
prolong stagflation. But if 
reality is now being faced, in 
the U.S. and Britain as well as 
in the traditionally strong 
economies., we could at last be 
embarked on a cure. 


On Wednesday, President Carter took decisive 
action to stem tbe run on the dollar. The 
measures included a rise in the Federal 
Reserve discount rate; supplementary reserve 
requirements for commercial hanks; substantial 
increases in currency swap facilities; a doubling 
of the volume of gold sales by the U.S. Treasury; 
drawings on the IMF; and plans to issue foreign 
currency bonds. 

The dollar immediately rallied sharply in 


the European and foreign- exchange markets. 
Against the D-mark, for instance, it jumped by. 
over 7 per cent Far Eastern markets, however, 
were closed by the time the aimoimcement.’was 
made and only- had their first chance to respond , 
oh Thursday. * 

Financial Times coirespondents in Tokyo, 
London, Frankfort and New York spent Thurs- 
day in the foreign exchange rooms of major 
hanks. ■ 


financial Times Saturday Noveftiber 4 1978 


A day in the life 


of the 




8 30 AM, Tokyo Standard 
■Time, 30 minutes before 
•the GMT day begins, 
signals the start of foreign 
exchange trading. Bank of 
Tokyo dealers gather for the 
regular strategy session around 
the desk of Mr. Kazuo Fujii, 
veteran chief of forex opera- 
tions at BOT headquarters. It 
will be the heaviest day of 
trading ever in Tokyo, surpass- 
ing August 27, 1971, when 
Japan gave up the post-war 
parity of 360 yen to the dollar. 

By 9 am. the din of trading 
activity is making normal tele- 
phone conversation impossible. 
Within seconds of opening at 
18S yen. the dollar falls to 187 
yen — the third deal is at 186 
yen. a level the Bank of Japan 
will later hold against all sellers 
for the five hours of official 
trading. The previous night, 
the dollar had closed at 178.80. 

Virtually all the 6* telephone 
buttons of each trader's station 
are flashing simultaneously. 
One, marked only with a small 
red dot, is answered quickly. It 
links BOT with the central bank. 

By now it Is dear that Japan- 
ese exporters and trading 
houses are taking advantage of 
the dollar's recovery to cover 
forward export contracts. The 
Bank of Japan will have to ab- 
sorb the excess selling of dollars 
to keep the first day of the U.S. 
defence plan from turning into 
a shambles. The Bank of Japan 
lords over the market, demand- 
ing prompt response to its un- 
official guidance and continu- 
ously scrutinising each hank's 
trading positions. The Tokyo 
market is almost exclusively a 
dollar/yen affair and is known 
for its volatility: it reacts 
sharply to rumours and events 
which could influence Japanese 
trade. 

Although there had been 
rumours earlier in the week 
about possible U.S. measures, 
the package has caught most 
banks in Japan off their guard. 
“Mr Carter's first clean hit on 
the ' international finance 
markets,” smiles forex manager 
Fujii. 

Around 11 am, phone calls to 
other bank trading rooms show 
that the central bank is taking 
stand in earnest, and the 
dollar is holding firm at 186. Mr. 
Fujii remarks that dealers may 
have to eat lunch at their desks. 
He orders boxed lunches for ail 
from a local department store. 
By mid session, spot turnover 
has reached 8793m. what would 
be a very' heavy full day's total 
under normal conditions. The 
central bank may have 


accounted for half. 

Thoughts are turning to how 
European bankers will react to 
the frenetic activity in Tokyo. It 
is generally agreed that the 
dollar defence measures will 
shock some speculative elements 
out of the market and lead to 
temporary stability. But 
Japanese and foreign bankers 
refer to President Carter’s pre- 
scription as “ aspirin " — it will 
bring down the fever, but won't 
cure the disease. 

Trading continues at the same 
hectic rate through the early 
afternoon. At ,3.16 pm. everyone 
in the trading room ignores a 
five-minute physical jerks tape 
recording being piped through 
the public address system. The 
dollar closes the day still held 
at Y186. Spot volume has been 
a record $1.3nbn. and the total 
market volume including for- 
ward operations has been 
$2.T5bn. 


ness is being done, but where surmise— the central banks .are forward sterling is weaker,- as Manny ■.“J*® * J. 

it is the dollar is edging" lower, invisible unless they choose, ex- the market is anticipating trader. Reports ot the Baa 
Nat West is a market-maker ceptionalfy, to act . under their higher interest rates in Londpn Japans intervention is one 
in the currencies it deals in own names, and except oh occa- and Euro-sterling rates are ject of conversation^ : 
heavily, particularly in sterling, sions such as currency fixings already rising. Drury s view is tnar. TheT 

Its dealers are waiting, in the where their actions ; are per-' r Jo the dealing' room, however, ket is going t0 5 2 — 

absence of commercial orders formed in public. Most 'of the things' seem less straight for- for a while, until i it beta 
from its own clients, for busi- time they act through commer- ward. One dealer thinks, the convinced that the U.b.istiJ 
ness to come to them. . It cer- cial banks which carry out cen- measures will stick. He expects to make a mote tundame 
tainly does come; at least the tral bank orders in their own borrowing of the “strong*’ attack on its problems. WL 
telexes are heavy with inquiries names. The European central currencies by speculative the next couple or -weeks,} 
for rates and tbe -brokers are banks stayed out. of the market dealers who will tben sell them market may even test , 
never off the phone.' Tbe earher fn the week and let the spot for dollars. * forceful- ^intervention ’. 

sterling dealer is now extremely dollar fall. Now they seem to-be But one of his colleagues is- nused by the authorities;”-., 
busy: sterling’s strength at tbe supporting the U.S.. initiative, gloomy. Tbe measures are - 

is ,emptins sorae cor - s °- -*•» ** — mg 




currencies with their pounds. ^ 7«m "SSS «">*£ 

The dealers complain that the had sold the currency shore and F S 


Tighter 


market is so nervous that it is would now have to buy it 'back ceDtral baflks aiready 11811 


It is becoming clear tbs 


Not good 


news 


“ It's not such good news that 
the central banker has bad to 
buy $600m on the first day of a 
new defence plan,” says one 
banker. 

As the Far. East centres close 
down, activity passes briefly to 
Bahrain before the European 
markets take up the running. In 
London, dealers have had a 
night to reconsider their first 
reactions to the package. When 
National Westminster traders 
arrive at the bank's grandly 
named World Money Centre a 
little before 8 am and find that 
the dollar has reached DM 1.90 
in Hong Kong (against Wednes- 
day's late DM 1.86 j they suspect 
the recovery may have gone too 
far. At 8:05. the sterling dealer 
makes the first trade of the day. 

I’ve just lost dollars at 
$1.97" As the pound soon ad- 
vances to SI. 99. this has been a 
good rate at which to lose them. 

Tbe telexes come alive as the 
bank's own Far Eastern 
branches report on their day’s 
activity and do small deals with 
the parent bank to adjust their 
positions. Nat West Hong Kong 
has just seen a very large com- 
mercial buying order for ster- 
ling; the pound now looks 
slightly expensive against the 
D-mark, London notes with 
interest. 

By 8:30. the money brokers 
who handle deals between 
London banks (only overseas 
banks make contact directly by 
telex) are telephoning in- 
sistently. Not very much busi- 


hard to deal any volume of at a loss. In fact there seems give heavy support to. 0 ie- , 

currency without moving the t 0 be surprisingly little of This - <h),,ar - ev4d e nt * ! that the market contrast to Wednesday, -the* 
rates substantially. The D-mark the experience Of- the: French Uas not been deeply impressed, ket is going to be maeta h 
dealer wants to buy S5m worth market, where volume is Limited Tlie <Jo,lar * s . a eajn slipping: orderly with 

of marks. He has to do five despite Wednesday’s^ holiday Wednesday's violent mark-up and a tighter spread ’•beta 

separate deals. As a legacy of suggest* the size of short' bosi-- w111 not hold. -- . bid and: offer : prices; Pn§ 

Wednesday's extraordinary mar- t^ns outstanding has been At lunchtime Bundesbank tion- of* the U.S. wholesale jj 
ket, the spreads quoted between exaggerated * reserve figures show the index has little impact in.s 

J Jf . V. > •• . German central bank spent of its confirmation dl.a Uoi 

The dollar is not . quite hold- dm 3bn on foreign currency in digit inflation rate. 
mg its grounds and the market a fortnight. Dealers who only «... tc ctm a 

For the individual dealer, lost ” ? see suspected Bundesbank interred *£* 

in the intricacies of the cost of Rese £® tion in the morning are pre- 

forward cover and concerned follows up the- package p* re d to be convinced that. the: constantly snouting spot pj* 


buying and selling rates are still 
unusually high — this in itself is 
a dampener on business. 


mainly with the very short term, 
the market seems to lack an 
overall pattern. The noise level 


with intervention; on; its own 
account. Dealers are. becoming 
uncertain. They .say 'tbe Fed 


is rising all the time— the telex more “ detennin- 

dealers yell through to the "" 


chief sterling dealer: there is a 


ation.’ 

In Frankfurt the mood is simi-. 


parea \a oe caavuiceu mai.urc _ ; 

Bundesbank has a pa in been and rushl O? to tel M _-^ 5 = - 

J!?* 8 • to -mike. 

very acti e today. banks, some carryir«^to^.^'^, 4 . 

such as 9fasty Weaty^nfr‘p!;V 
for. . guessing)- - “ 


large Swiss bank on the line krly cautious. Trading during 
asking for a sterling/dollar the morning has- been noisy but 


Orders from 
New York 


French banks, some of^ vw .. ,, 


killed yesterday. 

By m id-morning, the 


quote. Is the rate he is showing fairly thin, and the foliar- has At 2 pm Loudon time buying dipping again 

rone orders start emerging from. New and Deutsche Mark, fqfieV-' 1 -^'***"-" 


on the bank's display screen still trickled down from its strong 
good? 



find its feet. 


is not 

that rate Oil* n a,* . /xji mu it mu- m»u/ uc avu. ivuna .tavu^ji tuc i cua tu- ^ “•■**v*- « 

pany calls for a list of Arab i n some banks the -PS serve is acting through commer- porary and with 
currencies. The French franc measures are seen as.no more rial banks to support th$ dollar, department in New York ri 
dealer is trying to make sense t han economic tinkering, which The Nat West dealing room^is to take anything but, a^^a 
of the Paris market, which has w ji] not substantia Oy reduce the now furiously active— heavy position^ the dolli«? i^ t pr 
ju.-t re-opened after a bank amonnt of dollars in ciroulation. fading in forward sterling. foU much unchanged as dnslT . 
holiday. Tlie franc has moved SelJi ri" pressure. is JBarclays’ raising of Its on Manhattan. -It has-b«j) . 

from 3.98 to the- dollar to 4.27 t h e “oil-producing countries ba -^ 6 rate - is compounded try uneventful day in the Neff S . 
as a result of ihe package, and According to one hekd dealer, flense activity in other cur- market which, after the'iv) 
the French market is trying to They don’t seem to be particu- rent -‘ ies - The D-mark weakens of the past few weeks, is p 

lariy conscious of the price at Wpoints to 1B750 per dollar, ably just what the doflaffi' 
which they are selling their tiol- At tbe same moment, traders 3 foreign exchange deiK 
lars. They need to buy marks in . Manufacturers ' Hanover nervous system needed-^. } 
to pay for imports, and that is Trust s’. -foreign exchange- room «?ady, the Fa r Eastern^ 
that." in New York are also detecting kels are preparing. frir bus? 

Back in London, at Bank of signs of ' intervention by the again- , 

America's International Finan- Fed. The D-mark dealer feels - ■ 

But despite the confusion cial Centre— wbert the bank selling resistance at . DM 1B7 
there is now a pattern to the handles the currency funding to the dollar, arid surmises tlwt 
market: the dollar has come for its international branch net- the Fed is trying to posh the 
down to around DM 1B650. back work — officials are cautiously dollar above this level. . '. . . J.-.. ■. - ' , -• 

to London's overnight level after optimistic. “ Many people think ‘Dealers here look shell. Guy Hawtin 

iifuiwI 99 chnrlroH Wcr)*«Ar/loTf’f n» , 



Overnight 


level 


Richafd G Hanson 

.... - - tbj 




Martin Taylor 


rising in the Far East It now the dollar’s turned.” shocked 'after Wednesday’s ex- 

looks limp. Tbe dealers suspect The market is quieter now— plosive activity. Tn some banks 
the Bundesbank is buying dol- it is past 11 am and banks have they have been working on a 

lars in Frankfurt to support the straightened out their positions, shift system through most Of 

rate, and it looks as though the The mark is steady at 1.3850 to the night. “ It was the day 

Swiss National Bank is trying to the dollar, the Swiss franc is of . the quick and the dead, * *■ w j 

push the dollar up too. holding around 1.60. Sterling and if you weren't quick you JOalT.WyleS 

This is. for the moment, pure has settled down, although were dead,” quips Jim Drury,- , 




Lone 


New Yi 


Letters to the Editor 


Currencies 


From Mr. S. Dixon-F yle 
Sir. — Whether all European 
monetary system roads lead to 
Paris [Samuel Brittan’s Lom- 
bard. October 30» or to Bonn, 
and. perhaps ultimately to 
London, is probably important 
should one accept that tbe EMS 
should be essentially a 


“European” rather than a 
Franco-German animal. Lombard 
would seem to becloud the issue 
of choice by his graphic, ■' pos- 
sibly overdrawn contrast between 
“dirty floating *' and “dirty 
fixing '' as potential EMS adjust- 
ment mechanisms. 


slant iai measure of intervention 
by someone on clearly defined 
bases or mutual obligation and 
commitment. It would require 
in addition comprehensive co- 
ordination in domestic anti- 
inflationary policies. It is to be 
hoped that the>*e actions would 
not only he consistent but also 
much " cleaner " than has 
become fashionable. 

S- R- Dixon-Fyle. 

00 rue dex Bonsai is, 

1213 Onex. 

Geneva, Switzerland. 


Petrol 


Clean floating, and clean fix- 
ing. like perfect competition and 
fully open and free markets, are, 
ironically, impossible to realise 
or sustain by ** free market 
forces.” These mechanisms, the 
wav they would function if 
allowed to. and the net economic 
and social costs they might 
occasion. contradict existing 
patterns of trade and financial 
market organisation and the 
actual dispositions of resources. 
pohCr and interests within them. 

Alas, cleanliness has become a 
dirty word in commercial policy 
as it is in financial markets. 
“ Open world trading systems” 
nnd “clean floating” are no 
longer synonymous with respect 
fur normative rules of law in 
the market plate. However, 
dirtiness is still distinguishable 
from constructive cartel! Lsation 
or judicious intervention such as 
in exchange markets. 

If I understand the logic of 
Lombard's thinking, would not 
the possibility. which he 
apparently commends, that “ the 
French might try’ to operate EMS 
in the right (?) way . . . (by) 
stabilising the Franc against the 
Mark.” be “ dirty fixing " which 
he disdains? Are genuinely (?) 
fixed parities operative from a 
future base date really any 
“cleaner" than temporarily 
fixed but adjustable parities in- 
stilutcd now? The distinction 
seems somewhat contrived — our 
Brand versus Brand X! 

ti’h’i lever form the EMS lakes 

iniMah\ and however it evolves. 

to ti’siain u would occasion, per- 
haps even require, restrictive 
domestic and f«re;an trade policy 
adjustments, a possibly sub- 


From Mr. B. Engert 

Sir. — Mr. J. K. Wilkinson 
(October 27) seeks to show that 
an increase in petrol tax of I9p 
per gallon would be more costly 
than a car Licence of £50 plus 
present petrol tax assuming that 
tbe small mileage means under 
10,000 miles a year. 

What lie and many others 
seem to ignore are the needs of 
the elderly and retired living in 
the country who used to — and 
would stiH—do a very much 
smaller mileage than 10.000 a 
year but with inflation raising 
iheir costs of living far beyond 
any increase in income, they 
have reluctantly given up their 
cars because they cannot finance 
a fixed licence of £50 a year plus 
the co<t of Insurance plus rates 
on a used garage. I can think 
of many friends and’ acquain- 
tances whose needs for shopping 
and other minor excursions 
would not exceed 2.500 miles a 
year (some of them well below 
that figure) so that the last car 
they could afford to buy while 
gainfully employed would last 
them until compelled to give up 
driving because of advancing 
years. 

The virtues of putting all the 
tax on fuel include: the impos- 
sibility of evading paying tbe 
petrol lax whereas one merely 
looks around ro see a vast 
number of cars which dodge tbe 
£50 ^ year: you pay as you go 
in proportion broadly to the 
wear and tear inflicted on the 
roads i.e.. the big car pays more 
petrol tax already than the small 
oue because it is thirstier and 
should do because it is weightier: 
nnd ii would not require one 
extra Curio ms and Excise officer 
lo collect more petrol tax than 


the present figure and we could 
then abolish or at least substan- 
tially reduce that monumentally 
expensive and. as I have recently 
learnt at first hand unbelievably 
inefficient, monstrosity at Swan- 
sea with its enormous slaff and 
an enormous computer— one or 
tbe other should suffice, but we 
don't need both together. 

Turning: to Mr. Murray’s letter 
in the same issue, even though 
the present road tax system does 
ensure that the bulk of all 
vehicles on the road are both 
MOT tested and insured, by the 
same token he admits there is 
a minority which doesn't bother 
about any of these things, whose 
cars are likely to be tbe more 
decrepit and if they are con- 
cerned in an accident they turn 
out to be men of straw. It is 
they who have for years dodged 
their fair whack of tax who 
could not do so any more -if the 
tax were entirely on the fuel. 
Surely as a solution to this prob- 
lem we could have an MOT test 
disc on the car and equally a 
dated disc indicating that the 
car and the driver are insured. 

Finally. I would emphasise 
that the number of drivers get- 
ting away with murder in not 
paying their road tax. some of 
whom have done it for years on 
end. is larpe. This nuisance and 
affront lo those who do pay 
their car tax can be wholly wiped 
out by putting tbe entire vehicle 
jax on the fuel so that a car can- 
not be moved without having 

paid its due proportion of tax. 
To pay as ynu go is fair to all. 
with perhaps a modest fee 
chargeable for each change in 
ownership. 

B- Engert. 

Robnurrood. Rudds Lane. 
Vfittersham , Tentcrden. Kent. 


only, no one may offer anyone the price has fallen. Dr. Scott's and the Medical Protection 
else £100 worth of employment use of the word ” mistake” Society, stales that the corapen 
unless he pa>s a levy of £*T.r; indicates that he recognises this, sation claims in 1977 cost Just 
to the state for the privilege of I am not convinced by Dr. under £3ni. one-third of which 
so doing. This applies no matter Scott's reliance on initial selec- went to the lawyers involved 
bow limited his finances nr how tion. He seems to be saying This statement implies a lack 
great the other's need- Hence either that, shares are correctly of understanding of the func- 
unemploymtnt and inflation, and rained to within less than. say. tions of organisations of this 
for the Government to claim to 6 per rent of the intrinsic value, nature, 
be fighting either of these is, in but that a good investment 


- . - . . - Tbe defence societies are not 

present circumstances, hypocrisy, manager can consistently select concerned solely with indem- 
it is commonly supposed that undervalued shares even thongh nifiration and their le^ai rnsic 

nic/h tflVqliflr. ic ran mi roH Tr» cii I Via mipain vie lncc rh<m f% nnr ® J r ls 



wasteful bureaucracy is required values, hut that analysis is not ^spita! inquiries inquest* and 

lo mop up the unemployment sufficiently reliable tn identify before professional disci p^inar? 

otherwise creatr-d by destructive sufficiently consistently those bodies, and there ,s in addition 

ideological taxation. no* r,nHon»li»H Kv mni-n lh-in . . U 


Alec W. Napinr. 
Wrcce/eshom Grange. 
Famham. Surrey. 



Funds 


The efficient market concept Medical Protection ^ Society— and 
applied to a market where there ? 0 T that - 

is new money for investment - -- - matter - merabers of 




From Mr. T. Shucksmith 6 cent market tolerance muc h wider than the provision 

Sir. — Reading between the JSSlid bv cmn^tilio^temeJi ° f profess !° oaI insur- 

lines of Dr. Scott’s letter Vd m?na«ra. 50 lhat aD - v conipariaon 

t October 25» I cannot help feel- Finallv, Dr Scott makes a verv in . su j^ n re companies pro- 

ing that if he were not an invest- dangerous comparison when he 2fi g i£ftl2£ !" sura "« /or 
ment manager he might be a sucs f e Fts that trustees should is misleading, 

supporter of a practical applies- have rhe same objectives as the Leahy Taylor 

non of me Index fund concept d i rccl op S of a company. The ” ed LV a ], Protection Society, 
for many investors. fiduciary duties of directors as Street. Hi. 

He virtually aanuts that active stewards oF shareholders' capital 

investment management by applied t 0 the provision of goods 
switching does not repay ex- „ e .services as defined in a com- » 
ponses incurred, because he says pj|DV - s memorandum are very Juggernauts 


Unemployment 


that even moderate activity is rtiftJ. rP nt from those of trustees r.- rn „, Mr . 

not necessary. Further, he sue- holding money for the bene- 1 . G ' a,0ier - 

ge-sts that the investment o L .jarie> and acting as though Sir.— lour Transport Correa- 
manager cannot pick winners ^e beneficiaries wore persons pnndent (.November 1) refers to 
because he largely confines hts for w -h 0 m they were morally i“ e J° int statement by the Road 
activity lo weeding out mistakes hound to provide. Shareholders Haulage Association and Freight 
and over-va l nations. He puts nxs advance venture capital and Transport Association which 
stress on initial selection with voluntarily accept risk. The KU S6*si that emotional argu- 
niosily new money an A lD a directors should run a company n ' p, J* s j? n _J ocr y weights are 
lesser extent. I presume, the pro- io a manner acceptable to the ?£ a,n diverting attention from 
ce*ds of weeding out._ The shareholders, bur they have no Ihe real issue - 
impression be gives me is that responsthilitles for ihe share- Unfortunately this is one of 
he considers the market efficient holders’ needs. The position of * h °a* problems where the ordln- 
to at least a margin represented trustees and hcnefiriarics is ar y man in hi" car and in the 


From Mr. A. .Yapicr 

Sir.— It would be interesting 
to know where 3ir. H. Varney 
(October 23) has been, and 
whether as 3n employer or an 
employee, since he has just 
realised how high is the level of 
British taxation. 

Perhaps I may make bis point 
even more forcibly by taking his 
same figures from another point 
of view. It is the law of Ihe land 
that, at the standard rate of tax 


by dealing expenses. generally the antithesis. 

From a practical angle there Thomas Svfces Shucksmith. 
is something to be said for weed- 4 Poonehrune. 
ing out failures. My impression, /-jp Blnckbarouah Road. 
however, i*. that many failures Fe iaate. Surrey. 
hanpea quickiy and unexpectedly 
and are a reaction to unantic'- 
paled had news. Failures are a 


street (and perhaps he knows 
better than most!) realise* just 
what perils He for blm If be la 
in see larger and yet larger 
Inrry weights bearing down upon 
him. • r 

Is 


jiuigu d*iu ii*:ws r jijuiw e w * __ • 

part of every investor’s life and indemnity 


avoiding them i< easier said than .. , . , _ . 

Everv rinre has its price hrnm 0r J - UvIni T « ulor 


done. . 

and in a new level, and 

:t is not nneewarily fnoiish to pnntleni ifirt. Wi. will) refere-u. e 


an argument based on 
reasonable apprehension and 
anxiety emotive? If tt is there 
are a lot of emotive people about 
and who can blame them. 

Sir.— V«mr Insurance Carres- g Mnser. 

20 Kentwood Road. 



qwz we 



. When one has knoirn a'-cettaiii tvwr of life, and rising 
costs look like taking itaJTawav, who is 1 there for people 
.-iike-us to rtrrn to 5 • " -• 


. " There is the I^'sL-cS&cdGrntlcfoIk^s Aid Association. 

The DGA.A is run; by. people who mtiersl&id. They 
know that we want to stay "an our ow ii homes, surrounded 
by oilr possessions, and close £0. the 'friends of a- lifetime. 
So, they help us with allowances arid with .clothing parcels. 
Only- when we can no longer copc do. the DGAA see if 
they can offer us a place in ohe o£ theit 15 Residential and 
Nursing Homes. .. ; ' ji...,: 

The more you can help : the DG AA, the mote the 
DGAA can do to help others. ^.Donations ace. needed 
urgently. And please, do- remctober the DGrAA when 
making out your ISaJL :. ; ~ 


AID ASSOCIATION 


Fl 


.XTCAa^GFGATF.IIOeSE-viotiajWJfelfiAH: 
KbNSDtGTpN LONDOSi WS4AQ.;V .'J ; -. 


continue to hold a share aflcr lo the Medical Defence Union Kendal. 


W oldjwltfe^gn^^ 





sj* 1 'r.-y^r 


r*o v ^ 





t^^;-^®<^;‘^OTember 4 1978 




* 


scandal 


By QUENTIN PEEL in Johannesburg 



b:.. • 

it*r 

_ V ».f.* 
7 <. . 

3T j.- 

.mi.— 


-Wt'.-r ■ 


‘feibr 


ir- ... 
of 


liT 

I**-*.--; , 


T 


iSll 


s preaj 


--. .'v.Sf.'Jrtia Vorster 


;. fHE BIGGEST political scfthdal ^^T;S a i 
• m. recent South African history 
finally broke on Thursday from, 
the! uniikeliest ” o{ ; ^sources. 

Evidence of the -misappropria- 
tion, of large ..sb'wis; of public 
Money, of “ corruption to.. the 
.widest souse , of :.the word," was 
revealed by. ' an . Afrikaner . 
iudce who: was: also the former 
iegai adviser , to :ihe staunchly 
pn r- government- Perskor news- 
paper ’group, ..anjil who was 
reventlyappQimed.as a. one-man 

coin mission ' to' investigate- "the ' 
highly-sen^itive > ‘subject . ; 1 of 

exchange coQiroi violations. 

Judge r Anton ilostert, Tkiw£ -V - ■ •: . 
ever, also basa reputetionforW&^ goes to the heart of the 
an independent mindi How: he. eptirc ’ South African Govern - 
came .to thVestigate the acrivi- merit ;eff£irt. to present its case 
ties of --the former Depai^eui ^ It is a story 

of Information and its dynamic perhaps best summed up by Mr, 
add aggressive head. Dr. Eschel Louis ' Luyt, the fertiJ iser 
Khoodie, : ‘ has .yet fully-' to m »g nfltowho was - used by 
emerge. But once he was oh .the the Department of Information 
trail of the Department's extra- to frontits project to launch 
ordinary clandestine' operations, a . - pro^Govecnmenf . English- 
rangtofE. from the financing , of language newspaper: Dr. 

a supposedly independent news- Rhoodie, he told the judge, saw 
paper lo the purchase of luxury- hiihself : as some -sort of James 
flats at toe coast, he attacked Bond— “ with all his' mythical 
toe task with tenacity aod companies, ' and that sort of 
enthusiasm. . thing:’' 

: When finally he decided,; on. ’ -: ■ 

Thursday,, to publish his evi- -V-t^ 

dence, he did -so in the face JNCWSpHpGr 

of a demand from Mr. P.W. ‘ ‘ 

Botha; the Pritae Minister, that ' T , he ma I° r P 2 ? of u , th u e 
he should not.: He even appar- evidence concerns the. estabush- 
vntly referred . lo Mr. Botha's mer ti- of The Citizen. a rabidly 
plea with some scorn: “Only Ri^ht-wing newspaper which 
reasons of- great cogency will described its own role as ” fai r« 
cause suppression or secrecy to balanced and . - pro-Souili 
he preferred' io disclosure,” he African.” According to Mr. 
said. “I do not- - find such Liiyt’sf statement, the first idea 
cogency • in emotional appeals for . .the paper came, from 
unsupported by valid considers- General Hendrik van den Bergh. 
tm ns." r then - head - of South Africa’s 

■The sworn evidence, pub- secret service, tbe Bureau of 
fished by Judge Mostert from Stale ■ Security, in 1975. At first, 
his judicial . commission. tin- however, the Information 
doubtedlv . still, -'.''facomplrte. Department . tried to take over 
reveals, an extraordinary.' tale. South African j A ssociated News- 
•f bungling, salesmanship.; con- papers, toe^r liberal newspaper 
Jempt for public accountability grinipi whidjl publishes, among 
run objectivity.. petty rivaJries.others. the Rand Daily Mail, 
.ind even naked ; c6rruption Cape Times and Financial MaiL 



Judge. Anton Mosterl 

p or ihe purpose, the Depart- 
ment advanced Mr. Luyt Ktim 
( £3.nm t. But when the bid 
failed, in October, 1975 — parity 
because of Mr. Luyt's head-on 
fertiliser-salesman tactics — Dr. 
Hhuodie simply doubled the 
advance to R12ra. and gave the 
go-ahead to set up a conserva- 
tive newspaper to counter the 
Hand Daily Mail on its own 
ground. 

Ironically, the paper, launched 
in September 197tf. has been the 
only obvious political success 
achieved by Dr. Rhoodie. 
although it has been a financial 
disaster. Its circulation rapidly 
built up to some 70.000 copies, 
with a while readership virtu- 
ally equal to that of the Rand 
Daily MaiL ll panders shame- 
lessly io the conservative tastes 
of its readers with stories 

describing international con- 
spiracies to sell the world to 
Marxism. Marxist infiltration of 
Hu 1 U.S. establishment and the 
world’s double standards to- 
wards South Africa — often 
apparently straight from the 
files *>f the Iniorm.-iiimi Di-p» r t- 
ment and South .African intelli- 
gence sources. 

On the financial side, however. 
Mr. Luyt revealed in his evi- 
dence that the preliminary 
budget was a disastrous under- 
estimate. It was intended that 


Dr. E. M. Kiioerilc 

lilt- newspaper would lie 
financed front the interest on 
the Department's R12m. hut this 

had proved inadequate. He told 
his Department of Information 
sponsors sometime in late 1977 
that In? could lose hi* entire for- 
tune in the operation, and be 
was determined to sell. 

Mr. Luyt finally sulri his 
shares in The Citizen in 
February this year lo a rniisor- 
liunt nf conservative business- 
men fnr a “ nominal “ sum. He 
loir] Judge Mostert an agree- 
ment had been reached with the. 
Information Department to 
repay RlO.lm <K12m. toss Tbe 
Citizen's losses) hv IHftfi. 

The source of the most damn- 
ing evidence on the whole opera- 
tion. and its attempted cover-up. 
was Mr. Pier or Relief Van 
Ronyen. Mr. Van Rooyen is a 
lawyer with impeccable nation- 
alist credentials. Hg was once a 
legal adviser to the South 
African Government at the 
fniernaiinnal i.’ouri of -Justice at 
The H v-piH. and iiiiki recently 
was the police advuraie at the 
inquest into ihe ch-ath in deten- 
inm nf Mr. Steve Biku. He was 
chosen as a respectable “front 
man “ for a private contpanv set 
up by the Department of Infor- 
mation to carry out its secret 
projects of propaganda and 
counter-propaganda. 


According to Mr. Van Rooyen’s 
evidence. The Citizen wa.- losing 
some K400.miU ( £2:15. Of mi i every 
month. But then the first major 
up*et happened. Fnr Mr. Luyt. 
on’ his own artrni-.-Jun. had sunk 
his Rl2m adv.m.-o min his own 
fertiliser company. Triomf Fer- 
tiliser Invest men The inten- 
tion. he told Judge Mustorl. was 
to earn l-.i per c»-ni intpre«t 
there. rather tiun a mere 9 per 
cent in rhe hank. Bui when the 
money was needed. Trnunf v.as 
suffering from fxdh a market 
glut of fertiliser and a broken 
supply contract by the French 
company. Ga/oo-an. " The 
R12m was lent rn Lmtis Lnyr. 
who sunk it. and now There are 

problems." 

In the meantime. Mr. Luy: 

and Dr. Rhoodir* iiarl fallen out. 
“ ffe phoned over thr- smallest 
thing.” Mr. Lnyr %aid. " H* 
also often said things that he 
immediately ui-nicd ... he 
talked to me sm if I was his 
hireling.” 

But if the fulling nut between 
Dr. Rhoudie 3tid Mr. Luyt. and 
the problems in retrieving 
the HI 2m were the- hi gee si 
upsets to affect the Informa- 
tion department's secret opera- 
tions. smaller operations and 
the department'!? methods in 
*■ laundering ” its secret funds 
are likely to prove equally 
controversial. 

Front company 

According in Mr. Van Rnoyen. 
finance was t-haonelU-d from a 
Swiss company. Thesaurus. 
Continental S' Turin •■*.*. tr> his 
own “ front “ '.•nmpany. Thor 
Communications, before being 
passed on t>« another hank 
ac.-ouur. Thcsauru-:. in- believed, 
was a f rcn,t W'liipany fur the 
Bureau of State Security, used 
to disauise the source of funds 
and trapsfe-r tliem from one 
Government department to an- 
other. In this way, he said, some 


U.S.$5m was channelled through 
Thor, although he was not st 
thu time aware of its destina- 
tion. 

The evidence before Judge 
Master r appears to give little 
more liian a sampleof what was 
financed hy Dr. Rhoodie's secrei 
fund-?. Mr. Lnyr said he was 
Tolu by a senior information offi- 
cial no; to worry aboui the 
IO.-SCA or the Citizen because 
" they had many projecis losing 
more m a year thau iL” 

One destination of Thor 
money was to bankroll one of 
its three directors, film producer 
Mr. Ancrc Pieter?e. He was 
advanced RS25.000 f £455,000) 
for a Black film company. But 
when she pruject tell through. 
;ht: money was not repaid. In- 
stead lip used jj ro help finance 
a purely commercial project, the 
filming nf an Alistair Maclean 
Thriller. Golden Rendezvous. Mr. 
PiL-ierj=e persuaded Dr. Rhoodie. 
arii'rdmg Hi hi« own evidence, 
i" tei him u.-e 'he munpy as cnl- 
laiera! for a loan to pay soaring 
prod if lion In the end. he 

actually spent it as well. But 
rhe film was panned hy the 
critic-?. Asked i? he could now 
repay rhe money, he said there 
was a ■■ reasonable chance of 
doing so “ eventually.” but not 
immediately. 

Another destination of some 
R2.ifi.000 t£I50.ono> was fhe pur- 
chase of six flats in a block in 
Cape Town, for no a dp a rent 
roa-on. according to Mr. Van 
Rrmyen. Thnr was also used to 
buy a half-share in Mr. Lnyt’c 
executive jet for Rl.5m 
1 £550.000 1 when the Citizen 
need-ci further injection of 
funds. 

The decision to set up toe 
whole clandestine operation of 
the Information Department 
was taken by Dr. Connie 
Mulder, the former Minister 
of Information. " In out- 
smart and neutralise ” the 
nation’s ’enemies: “We had to 



(■.'■JtirsS 

o«sc : .... 

:-|'COlitalIENT' 


to 


«Sf,*?£.Ty 
-735 'fC^ 

’ZZt Er ^twK>« 
.iw ■‘f "•"* 

jb & e&s 


use unorthodox me r buds 
because of the onslaught on us. 
and the people launching those 

onslaughts on us recognise no 

rules of any kind.” be said. 
Dr. Rbuodic retired prema- 
turely in July following the 
revelation of accounting irre- 
gularities by (he parliamentary 
Auditor-General. 

In the event, the whole secret 
strategy has proved largely 
counterproductive. South Africa 
has not won any friends who 
might not have been expected 
to support her anyway. The 
exposed operations of the 
Information Department are 
likely to attract far more aiien- 
tion for their crudeness than 
for their subtlety. The exist- 
ence of massive secret funds, 
combined with unsbakeahle 
political power, has clear! v 
encouraged an arrogant dis- 
regard for public probity. 

There is still virtually nn 
prospect of upsetting the ruling 
National Party, which has an 
overwhelming majority in 
Parliament. There are. how- 
ever. signs of deep divisions 
within the party, albeit on 
personality rather than ideo- 
logical lines. Dr. Mulder, who 
little more than a month agu 
was pipped at the post by Mr. 
P. W. Tot ha tr» succeed Mr. 
Vorster as Prime Minister, is 
uoiikely to survive. 


iraii 

Perhaps tin* most damning 
evidence, in political terms, 
again came from Mr. Van 
Rnoyen. He revealed that 
General Van Den Bergh had 
Talked of ''saving” both Sir. 
Vorster and Dr. Mulder when 
the first hints oi' scandal 
surfaced earlier in the year. 
The General had suggested io 
him lhat he would "drag the 
whule ihing out until such lime 
as i; was dead." he told Judge 
Moslem. Mr. Vnrster. who had 
earlier promised Mr. Van 
Rooyen ihat the whole “ cat's 
ne--t '' would be cleaned out. 
apparently accepted his advice, 
indeed, it is only because of 
the persistence of Judge 
Mosterl. and the lengthy investi- 
gations of ihe South .African 
press, that the affair has come 

liyht. 

Mr. P. \V. Botha now has the 
chance to embark dramatically 
nn the “clear administration '* 
he has promised. He must still 
lie tempted Hi prevent any 
further damaging revelations 
coming to light, but the affair 
is H"» far public to clamp down 
completely. As for the general 
public, liirli? change in attitudes 
is upparen 1 . Black comment is 
simply: “ i Void ymi so.” The 
cnmmeni of u Inyal white reader 
uf The Citizen was: “ I don't 
care where the money came 
from: 1 still like the paper.” 


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R iv hard 0 rJ: 


(iii- Us-w 


Vljri'n 





•-L « a * i* 

'M* 



Wizard 


THURSDAY Wa?. a terrible day 
for those -who- .yearn -.‘ for- 
cheerful hotel .'porters who 
remember p*ur name and happy 
chamber maids' who hring hot 
coffee on command, ^Let me 
offer a few sample predictions 
tor the hotel of the; futiire 
offered at that day’s Electronic 
Hotels conference: *\ . . iiotel 
cashiers may be provided wirh-- - 
the means to scan a wide range r 

of credit devices and from Uinf 3<rp « ' 
these read positive identifica- 
tion. for instance by photograph i . g 

or by fingerprints. . .■ .” ’ OT views 
how about: “Thera ^has . bean Thflse ;^ their eyes nn the 
increasing use of closed -drenit ■ m0fi ;. |i ^ 6rt||0l thiDgs 0 f life 



Breakers, one of Newport’s grandest stately homes: see Home News. 

ing automation or diluting its the properties up on the Colony 
workforce with more able- in Newport Rhode Island. This 
bodied staff if it is to cope with corner of the American nortb 
the annual demand for 35m east was the spot chosen by turn 
poppies at this time of year. of the century U.S. millionaires 
The factory, tucked away near to build their country cottages. 

the centre of toe town, provides Vast sums were- spent on crea- 

television surveillance . ... low m'ay L have-not iced that* while the ^sheltered employment and re- tions which vary in style from 
light and infra red. cameras doU'ar' has been performing habiliuition for disabled the classic to rh? mock-Tudor 

make surveillance even in dark- oddly this week the real bargain «£*£<* P">pW and their and I In taste from the obscene 

;■ || • ■ . hirhtprc • havp ^rud'-’insi the uopenoaots. to til. acceptahle. AIJ of them 

ness a. possibility today. And porT lIM ^ eL Mv own S p y in t y, e The 116 employees at present were incredibly expensive to 

then there- is: “The interface j^jg. Edmund Penning-Rowsell, range from “Old Comemp- build — all the more surprising 
between the guest and hotel ^5 ^ E pn.t t htc week that Tlbles,” with limbs Inst on the in that they usually have only 

will be handled more efficiently both tbe trade and a few sharp* So »anm. to teenagers. Some a relatively small patch of land 

and. with access to' detailed eyed 4»rivate buyers have been have worked at tbe factory for around them, giving the impres- 
"uest histories on in moving in on the vintage port over 50 years. _ . . *ion 0/ a series of Hampton 

’ rta«.n'r,»r market at a time when prices tram 8 am 

apparently more personai . are attractive. The Americans. I»W>ies a secona are mane at a couple of decades ago these 

ba S^' normally quite active in toe Jhe factoij. N . ear ;' houses were rapidly falling intn 

The presence nf Trust-Houses wine.' field, are showing some turned out during the year to Colonv once ruled 

Forte, Grand Metropolitan re i U cfknce. perhaps because of he given id return ior dona- ™ ,n - ' „ " y i '. on t fe 

Hotels and even the charming the' sfate-.hf their curt’ency and tmns before Remem be ranee over b> toe diminutive but 

Susie Orde, 


TO-DAT— Mr. David Owen. 
Foreign Secretary, at Labour 
Party rally. Cambridge. 

MONDAY- — House o( Commons 
continues debate on Queen's 
speech— Home. aiTa irs. Ford Motor 
unfon leaders mvel to hear 
results of mass meetings on pay. 
Confederation of British Industry 
annual conference opens in 
Brighton. Mr. Wang Chen. 
Chinese Vice-Premier, arrives in 
UK for nvo-we*«k- visit. .Ianane*r 
ear makers begin l*>o-da.v talks in 
tendon with Rriti/h manurac- 
iiirers. EEC mnnet'-iry rommit^ee 
of officials begin two-day talks. 
Wholesale price inrtey 1 October 
pr.iri-sional!. Htp purchase and 


Economic Diary 


otbpr instalment credit business 
^September*. Housing starLs and 
completions (September). Third 
quarter figures for slum clearance 
and house renovations. Building 
Society house prices and mortgage 
advances i3rd quarter). Retail 
sa'es iScp'ember final). Mobil 
ends subsidies to petrol slalions. 
Revision of Port of London 
general import schedule comes 
into effect. Mr. Tom King. Tory 
energy spokesman. at foal 
Industry Society lunch. Hyde Park 
Hot*»T. London. 

TUESDAY — Commons opens two- 
c'ay debate on Rhodesia. Trades 


Union Congress economic com- 
mittee to study results or discus- 
sions with Ministers on pay and 
.prices. L T K banks* liabilities, 
reserve assets, reserve ratios and 
special deposits (mid-October). 
London clearing barks' month I v 
statement imid-Orrnhcr). Mr. 
John Silk in. Agriculnire Minister, 
at Bacon and Meat Manufacturer*, 
luncheon. Savoy Horel. London. 
Prince Ch a rles a ttcml <■ Boa rd 
meeting of Fdackwood Hodsc. 
WEDNESDAY — Statement hv Mail 
Order Trades .Association on Code 
of P ractice. 

THURSDAY — Commons continues 


Queen's speech debate— economic 
affairs. Mr. John Greenhorn ugh. 
CBJ president, ut annual dinner of 
Chemical Industries Association. 
Grosvenor House. London. Mr. 
Michael Edwardes. BL chairman, 
a: In«ri:utinn of Mechanical 

Engineers dinner. IinrchcsJer 
Hotel. London. Provisional figures 
of vehicle production » October), 
renn^l Government financial 
transactions (including borrowing 
requirement) (October l . Sample 
or 2d per cent of Local Authority 
Mortgage results for 1A77. 

FRIDAY — Building Societies' re- 
ceipts and loans (October). 
Usable steel production 
(October). 


Ms. Susie Orde. of the Savoy, perhaps because the U.S. is still Sunday (November 12). Apart tough Mrs. Astor. was that area 

at the gathering- where these dominated by the “buy it aod from the 35m buttonhole 0 f Newport into which toe gen- 

prognostications were made; drink. It". brigade; poppies the remainder * n ernl public was never allowed 

* make up the 70.000 wreaths 


should not perhaps be taken as At’ - Christies' autumn sale 
an indication of what next : g0 Qd -prices' were reached by a 

E£"SS.d* ^, in 2 TLTSS ,he !»««' - p— « » 

are more a _ sign ; of whaL Is £250 and'Fonseca ’34 for £240. ? v ’!“ bv a pa - v , To v f sit ^ one-time houses 

available to hoteliers today and- Butthe-post-war vintages that JE^"iotSP fitw? without a ° £ ,he ndl * MaDy of them m 

what the electronics manu- we j^ available in considerable visit from a partv'of onlookers under yie care of Newport 
facturers would like to be quantities did no more than -y^haf uj ey see ' ^ t .i can ’ County Preservation Society and 
bought- - maintain ^nnstiiig prices, and in e gj C j ent an j[ personalised pro- only a lew remain in private 

The conference attracted a some cases were lower than the d u Ctioo line . hand5 Even Jackie Kennedy's 

packed house of . just about best Ievel.a year ago. Tbe best Fdetory employees. 80 per fonn er home, to- Bouviers' 
everybody who. Js anybody in were Croft ’45 at £2o0 8 ^ozen, 0 f whom are aged over 50. ■H ammf , r c Tn i t h p ar m nn i 
toe hotels business, a sign of and- Quinta do Noval at £230. earn from £44 a week for a H8n, “ e r-mito Farm, not actu- 
the eageroess b£ the industry. ' Among a- wide range of the newcomer to £60 or £70 for a ally in colony but not far 
to switch from- person power excellent, . . now ' reasonably skilled worker. Although not a from it has recently passed into 
to the electronic chip. Even mature. 'SSs prices per dozen closed shop most of the employ- the hands of a private corpora- 
the BBC and the Post Office ranged from £175 ( Taylor 1 to ees are members of the Genera! tion which is ruming it into a 
were in on the act, pointing £135 (CoiAburn and WarreL In and Municipal Workers Union Mecca for the Jack ie-witchers 
el room of ^mparifion. the less good bur with wages and conditions During the past few weeks the 


out how how no hotel 



I was particularly delight'd The esteemed W* the best “It is a mauufacturini! indus- *•"«<« “«* beeu lust on 


by the visions 


•V-’; 


K'-'- 


conjured tip vintage since the Fortin, went try without the cut and rirnist.*’ mD ^ of th ^ one-time residents 
conjured up iinta B e since - • sa id Mr Denvs Simpson, factory *nce the houses, which some- 

by Mr. Reg Cunway. of . reasonably weli^ith T lor manager, although that limes cost $10m a time to build. 

British Relay ( Electronics), ^He does not meaS i is witooui its were usually only occupied fora 

emerged, according to your a dozen &tium*tJ*** commercial and industrial pres- few weeks id high summer, 
view of the whole hum* .» suras. The factory has a print- Although they are exercises 

either the Dr. Hho or the Dartii Tay somL . ing department which produces in grandeur rather than taste, 

Vadar of hotel eadgetry. £n6. , 1 hed commercial work, beauty queen the houses are impressive. Often 

According to Conway we will waytpw^ tQ f53 sashes, political and football the owners saw things they liked 

not be able, to gain access to between £58 -Ip . . rosettes are also manufactured, in Europe— and “things” some- 

our hotel room uf the future {Fonsecakl^s than The main problem facing the times meant a whole ballroom— 

unless oiir credit cards have a recently offered B - factory at present is a labour and shipped them across in 
strong ratine to sale total, was £6o,56o. with 'r nrt , n „ minn ftnm n,» -iL, In 






sufficiently strong rating . . 

spring the magnetic locks: The per cent sold- 
television screen in our room 
will carry all the messages that Cjf|tuav* 
have been left and we will be rlUffCI 
able to print them out to get 
permanent records- Q BW8f 

But most delightfully Conway “ 
promises: " There will be j n these days of Governmental 
games of chance, of skill and e jf 0 rts to cut down unemptoy. 
intelligence: guests will- be able jnent it i* perhaps heartening 
to sS competitive games with t0 nnje • u -* — 
other guests while preserving running 


shortage. Competition from their entirety. Apparently the 
other West London manufac- millionaries of to-dav. many of 
turers has reduced the disabled them the heirs of ‘those who 
workforce and the factory is at built the houses of the Colony 
present between 20 and 3U men do not 30 j n f or such extrava l 

short - Ranees, “Tbe jet-set to-day 

moves from one Hyatt to an- 
HnmP other. They take their suitcases 

iRUItiw with them not their servants,” 

nft _ said one old retainer sadly as 

I16WS he took another group around 


tn reek competitive games with to note that one organisation toe shimmering splendour of a 

nth*r piiRSte while preserving running into steff shortages is A.NiUAt wno ininKs tnat on mu itj. m jHi 0n 
ano^ity and whil/not leav- the British Xegj on poppy factory tain is toe only p ace in the muiion cottage. 

Safari? own rm»m." in Richmond, which is faced world to have a stately home 

AiJvom for TV tennis? wUb'.tlto prospect of introduc problem should take a look at 


ARTHUR SANDLES 


RGEX 



Agrowth area with outstanding potential 


Target announces a new fund to invest in the shares of 
companies operating in the Far East. This fund will be suit- 
able for investors wishing to diversify their capital to cover 
countries such as Japan, Australia, Hong Kong, Singapore 
and Malaysia. 

Outstanding investment Potential 

T arget believes the Far East and Pacific to be an area where great 
economic expansion is likely to take plac«? over the next iew years. 
The major countries in this area enjoy increasing productivity, 
relatively low. rates of inflation and firm currencies. China's 
increasing trade with the West should benefit HONG KONG, her 
major port, and JAPAN who is China's closest supplier of goods 
and technology. The momentum oi MALAYSIA'S expanding 
economy continues largely through her wide range of minerals 
and raw materials. AUSTRALIA'S vast mineral resources are 
again attracting renewed investor interest as the economic and 
political problems are being resolved. And finally, SINGAPORE, 
a huge trading centre, is one or Ihe most industrious and dynamic 
countries in the world. 

Capital Protection Through Portfolio Spread 

Overall Target feels that the Pacific is an area in which investors 
should have an interest. There exists no easier nor more efficient 
way of doing so than through a unit trust like Target Pacific Fund 
with its inherent wide spread of investments which the individual 
investor oi modest means could not achieve himself. 

The Investments will be chosen from the wide range oi sound 
companies operating in the Pacific lor their growth potential. To 
reduce the effect of the fluctuations in the investment currency 
premium, a multi-currency loan facility of US $1 million and 
backed by sterling deposits has been arranged. 


Successful Investment Management 


A specialist fund like the Pacific Fund demands specialist local 
knowledge which the investment managers, Dawnay, Day & Co. 
Limited.have wide experience in obtaining from their many world 
wide contacts. The performance of Target's specialist U.K. and 
overseas Funds over the past year is probably the best recom- 
mendation to you of Target Pacific Fund. 

Target American Eagle 3rd in a field ol 16 American funds 

Target Investment Trusl ... top performer in this sector 
Target Commodity ... ^th in a field of 9 commodity funds 

Source — Money Management and Unitholder— September 1978 


Your Capital And Income Return 


The major consideration ol the investment managers is to seek to 
maximise the capital return, income being of secondary import- 
ance. In order to help achieve this aim we are offering reinvest- 
ment units whereby the income is ploughed back into capital to 
increase the value ot the uniL You can, however, have income 
distributed if you apply lor income units. 

Your investment should be regarded as long term. 


Share Exchange Scheme 


Target's simple and cost saving scheme allows you to exchange 
your shares for units on advantageous terms. Details on request. 


Units Are Easy To Buy 


Simply complete the application and send it io us with your 
cheque (minimum investment £300)beiore 10th November.! 978 to 
obtain reinvestment units at32.8p or income units at 29.5 p. 
Current estimated gross annual yield— 1.1 0 V 
Remember the price ot units and the income from them can go 
down as well as up. 


THE FUND, l?iir. , vlv T3(<jrt Inibifuur-nji ruoo »j:- 
i-c&nMiiulf i Ai'.h the 3 cdiuv.iI ol i:ntiliokaoi on 
lfirt SMfiemiK'i 1978. APPLICATIONS and 
cni-auis enll nol De utknowlaflgyd but l-rHi;.n-,e 
will &•> sent Wiinin 02 uy<;. YO(J MAY SELL YOUR 
UNITS 31 anf line St a pike nol Ins'. (Dan that 
caltulBIt-a Dv DfJMttnwn ol Tr«.|i* repulsions 
Paym-x will tw wh wmtiir 10 divs or rvceiDi or 
ins renounced cenHIcaiv. The B<iu ot units and 
tne yield are cuorpd daily In Ihe naiiorul piw. AN 
INITIAL CHARGE - ol S* » included in The Ulc 
price ot unils Mil o' which ihe Manager." will pay 
commission ot ti% la audlifiod agents. THE 
MANAGERS reserve the right to close the #l!*i 
fec'Cte Ihe date Stared H the Oiler puce varies tnr 
more than After th* close ot it, B 0 Hei units 
wDI be available M |h« daily mice. IF YOU BUY 
REINVESTMENT UNITS Income nn d baMC reiv 
tai will be reim-Mied on your banal) so Increasing 
trie value ol utuu mlaihre lo the income gnu 
Income units, however. aueKfy lo, a distribution net 
of basic rate w* on IStti October cacti year, the 
neil payment h due On Ifith October 1979 'An 
annual charge ol 0.375% of the value of ihe Fund 
plus V.A.T. will be deducted from me gross income 
of ihe Fund. TRUSTEE; Midland Bank TiuK 
Company Limited. MANAGERS- Target T,ust 
Managers Lunlied (a memorr of the Unit Trust - 
Association) Telephone: Cl .600 7633. 


i TARGE 

| Target I 


FT4 




8 


nn OFFER CLOSING 10th NOVEMBER 1978™ 

TARGET TRUST MANAGERS LIMITED (Dept. T.O.). 

. House, Gatehouse Read, Aylesbury, Bucks, HP19 3EB. 

I/We wish lo invest £ m "Reinvestment units at32.Bp or 'Income units nt 29.5.1 (minimum £300) of 

Targot Pacific Fund and enclose a cheque made pnyADie to Teiuei Trust Managers Ltd. 

‘Delete whichever is not applicable. 

E/We declare that I ant/we are not resident outside the Scheduled Territories and t am.-we ate not acquiring 
units as Ihe nommtclsj ol any peison(s) resided! outside these Territories. Thu offer is nol available to residents 
of the Republic ol Ireland. 

Signature(s) . .. _ _ Date 

If there are joint applicants all must sign and attach names and aaoresses separately. 

PLEASE WRITE IN BLOCK LETTERS - THE CERTIFICATE WILL BE PREPARED FROM THIS FORM. 
Names In full (Mr Mrs Miss) - 

Address — . 


S Please let me have details ol Target's Share Exchange Scheme Q Timed Investment Scheme Q Monthly Savings « 
Scheme n Dp -irsii already hold Tarn^i iinit ;^ VPSinid B 


1 Kyi 4 MBt MMM ■■ ■ Twvct Ttuti Minagers LiinitM 

i Target Pacific Fund ^ 










i 6 


COMPANY NEWS 



Stothert & Pitt profits 
a record-raising £ 1 . 0 6 m 


GUS makes 
in first five months 


' Financial . Times Saturday No ffemfe ^:1978- [A 

BIOSAND DEALS : ^ } 


WITH THE announcement of tlieles* are 43 per cent better ability despire a 


THE FIRST five months of the 
current year at Great Universal 
Stores show sales and earnings 
satisfactorily ' ahead of those for 
the same period last year. Sir 
Isaac Wotfsoo. the chairman, tells 

shareholders in his annual report. Aquascntum IntT^OSO 

The group’s principal activities Berry Trust 1 Ofl 

continued ^ wth h ° fh T «n Fundinvest 


DIVIDENDS ANNOUNCED 



two-for^seven 3 t 185 p and . k £ll.lm. At first glance a 
bemc underwritten r, S ht s lssue ***** unnecessary 

The "rowth °f the groups bul Ihc company foresees con- The directors hare decided to wait p_ rh «n 

biS,c.^an ? inflatitfn ~crZe ^^asset r __renewal_ and for the full years; results before „£ r &*%£$« Marrh *’■ 


; c^tavaet £gsasx*as 




Date 

Corre- 

To till 

Total 

Current 

of 

sponding 

for 

last 

payment 

payment 

dtv. 

year 

year 

.int 

0 59 . 

Jan. 5 

0.53 

: . 

■ UM 


1.06 

Dec. S 

0.88 

1.08 

0.88 


1.65 

Nov. 30 

1.42 

2.69 

2.4 

.ini. 

1 

— 

0.75 

_ 

ZA 


3.79 

-Ian. 9 

. 3.31 

4.94 

■tlj 5 : 

.int 

1.25 

— 

* 0.02 


* 2^2 


51 

.Un. 8 

0 . 88 : 



- 2 St 

lot. 

0.74 

Dec. 27 

0.73 

— 

SJfT-- 


8 . 2 H 

Jan . !0 

7.41 

10.66 

9^5 


Lli 3 

Dec- ft 

1.23 

2 JS 

LS 8 


2-3 

.Ian. 9 

2.1 

. 4.3 . 

. SA 

int. 

0.65 

— 

0.6 

— 

2JL. ■ 


Turner Curzon opts 

for takeover 


s..w grs^^SfTSa..- . 


arid, at the same fame, solve a (£ 8 fim>. 


The 


.not 


, per share tO.JlWop). • 

As part of the deal, Berisford , 

:n- ,k n r» lm nRMHSarv 

AURORA GOES FOR 
OSBORN PREF. 

Anrora Holdings is to offer 80 p' 


pence per share net except where otherwise stated; 
Equivalent after allowing for scrip issue. 


stock at par. The loan stock trust 
deed . would be breached if some 

.action was not taken. 

This is because, in accordance per. share for all' the . 5 } -per cent: 


Trt» cau "^; with the auditors recoounenda- cumulative preference shares df' - 

n!£ds lor “addition^ ‘finaneiTio modernisation for x>m e time to a decision on a dividend is made aL VA « 3 i ‘by^ichts* art 'or’a'c^uisitinn issues. ?Kdud« adduSlSd aS 3 «S‘ S?absidi * ry ?.V 

cover f ff&K ddSS.-Sa WBhltf ‘ ST ° redUCe d,SPar,ty W,th “’"rS? be made through.' 

merits and in the short term. «»*Ji "fj SLr*« th l * Pt f £H 2 m. Total dividend* arc Ufles aaqitlonal u.u-tp. • • „ iong p term contract .to lease out a scheme of arrangement under ■ 


nrfKvwis of the ssue will be used *ize. The Erou P’ s recor d is a Net profit came out at £874134 aoisiin ‘«M n 

P“ tch >‘ ** Profits now seem against a loss of £ 38.058 after las 


to reduce bank borrowing*, 
directors say. 

Turnover for the year rose 
from £ 23 .Slm to £ 27.9 tin and pre- 


ioss oi A-is.uosi arter lax 

to have recovered from the rtrffi- split as to. UK £ 45.358 (£ 70.514 h^rp a ei h majtnnum permissible 
cutties experienced in 1974 - 75 . credit) and overseas 

Demand for cranes is virtually charge f £ 43 . 241 ). 


£ 46,028 The yrnun’s financial strength is 
.-.•mi anu pitr- fv-icrent in the UK hut main- .... . . shown bv *h“ rnnsoKda'pd balance 

tax profits here a record £ 1.33 m ^"nce^ori is still unteeedine hue ley manufactures electri- sheet underline which are e«n- 
against £» 33 . 00 n previously. SSAP “ na ,^ n rIsti«»ioH* rniri Saudi cal ln s«lat«nff Pressboard and sedative accounting pi-j>ct:crs 
hs« h*»en annlied and rnmnarLsons Yp a jjian contract * OnJersare mu * lip,y Presspaper. ' such as lhi» nrnriHnn r nr >in- 

apparcntly still healthy but it may 


has been applied and comparisons h Y‘„ ''extract 1 * Orders '“are mu,lip,y Presspaper. ' such »s the provision Tor un 

have been adjusted. innarem h SSll healthv buHt m^v e3rned »"»«. "Tvlce chores and 

Earnings per £1 share ^difficult ^eplare ibis big • qomment collection costs wfcirh now 

f?a*i. 5 Xd , ?; n iSrfp'Sii 2 tir 2 S=i, , !K SMS: wwje^. 1 . .curnb.^. «.* »r the ?™ r un £, t0 nMril I,00m - s,r 

a _ .. 

] o.ii 6 n c< *h deferred taxation. . . . . _ - . _ _ 

previously 11 prorisions and Associated Companies rose from first tune. 


Aquascutum 
sees little 
change 



two helicopters. This accounting w hich it is proposed that the 

treatment will reduce the borrow- preference shares will , be Can- 

said then that advertising revenue tng base and cause a breach of . ceijed in consideratiort- of - the" 
had Increased by 40 per cent and the borrowing restrictions. payment by. Aurora of cash; The”, 

profits had moved .'ahead • TC considered a re-organisation gr^eme is expected to become 
markedly. > -as arr answer to thbt problem but . t j ve rhe end’ of Jamiary.'-' 

Advertising revenue for -the decided that a take-over would lhe Board of Osborac ariff Us.- ' 
year rose from £ 3 . 76 m to £ 357 m,. he preferable. Recommending gdvisers believe. the proposals .are; 
an increase of 40.1 per cent -Berisford's offer, the directora f a j r an( j reasonable, and . the- 
Uverall costs rose 25.6 per cent say that they could have sold off goanj recommends holders to 
in £ 459 m and as expected, ..there a substantial part of the company Qte j n faTooy. 
was a charge of £ 4 l 5 ,(XXr for the to repay' all or part of the loan 


ctnMchotdprs fn nrfs S-AEES for the half year to July profit-based Exchequer Levy stock but “the remainder of TC 
h deferreri nv-a'inn” 1 ? 7 « Aquascutum and which affected tbe group for the would still continue to face dif- 


Lotal dividends 


ihc 

recommend 

12 . 83 p. 

The directors "ay [hat over the 
past five years, considerable sums 
have been spent on modernisine 
plant and equipment and on the 
reorganisation of production 
facilities. 

During the year an am«tunl m 
excess of £lm was appropriated 
for lhe^e purposes and such 
expenditure must cnnlinue at a 

hig’h level Ti>r some yea r*> f ci cume FOLLOWING a slump from a minimise the Jos^ and i nreh 155 th** need Tor innroa»soil 

to maintain and improve the profit r, f £ 279.890 to a loss ol assisting the recovery. But a volume to offset ri-in-'* co 1 ! -. - , 0 - 

comyiaUvne posilion. dfi-ijniin in the previous year, ihe continued recovery depends on oroup'^ rw«sU «hnns in rh“ 1 *K 

directors of B. S. and W Whftelcy the ability to pass on rising pulp and ovpma^q produced •< «ati«- 

• comment report a lurnround From 3 loss of prices in the face of very slow r->r*nr\' overall . mciijr Furniture. 


18 . 85 m 


£ 9 . 12 m and taxable 


‘flcult trading conditions . 1 
Includes “The directors believe that the 


ERA RING MILL 
PULLS OUT 




.•/C 



the black 


board insulation industry. i!»vo. ih» chairman <avs 
Whifeley embarked on a cost- — 


MacQurlty, Lunu" ■ y o-f Cm 
man says the cost of providing 


x }?r^lr?4« z i&sste 


range of 


Midland Educational - 
242 p and pur--- . 
AHVedft-eed^i 


£ 65.331 to a pre-tax profit of recovery demand. The shares rashions and fooru^ar in ihis 

After an excellent first half when £ 178.826 for the hair year to Sept- were unchanged at 2 Sp yesterday, rountrv made -roorj nm-ro-n 

profits almost doubled, growth at ember 30 . 197 S. The rather uncertain strength o! rhnu?h some ov»i-« eac conin . in .p« 

Stothert and PUt was somewhat Turnover was close to expecla- the recovery means that directors p\norienred difficult trading 

less dramatic in the closing six tions at Elm against £ 2 . 79 m a. id will await full year figures before conditions. 


vnlnc ^ ■ 0,1 '’"‘■"""I'll 01 h,ii inn noil V ss.r in thn ITV n ~4 Strudion diiu irtrni iiwuhwiij. — 7. — :r. 

■ 5 T h " is also announced Tor ^' rk n w "!|j annrnach “ et ‘ manufactures chemicals and has ordinary shares at 

h ; T-K Ifl 7 T/ 7 S on the reduction in ACT ^ * nd heaTV enalneertag opera- chased, on behalf of 

n He saw lhai advertising rarenue tl ” ns 6ut the part whlr h and Sons 25*00 Mu-. 

ahte'iiml tt! Jalue owi^/^fHe appealed 10 most - pofedtiai pur- at 2 ^ 5 jp HarrisAfiday Lei .- an d- 
a me teiei. us \aiuc. owin„To rne pTiasera is ihe forest product Brooks also purchased for Preerfy" 

msn? h i!i n colour 111 ^ ° iJSiI 52 J broking business. Churchill and 7,300 Midiand.ordinary iharM^r''; 

i n - C ^?“ g Him. Berisford %nd. TC. .believe » 2 p. . .. . - 


months. Taxable profits never- the company returned to profit- deciding on dividends. 


Rush and Tompkins marginally 
off at interim 


Mr nti fact urine and merchanting 
inren’«ts performed . well and im- 
proved contributions to profit, 
fta.rs Sir Isaac. The finance pro- 
perty and travel activities earned 
satisfactory profits. 


Ulster 
TV has 
peak year 


?„ ay d fS.f" d S 52 J 2 -&.SK th“r Inter P^tninre Gorton h M hmebr; 


stage 


440.000 home.', capable of receiving 
Independent Television. . 

In spite of some difficulties the 
group continued its- policy of. 
modernising and adding to ltsr 
technical equipment. Tt- had 
From turnover of £ 5 . 4 Sm against embarked on a major building 
Once again exports imnroved £ 3 . 87 m, profits before tax of Ulster extension at a cost, of £ 300 . 008 — 
mareriallv hv some 40 per cent Television were a record £ 663.234 this was necessary to.' relieve 


Jn ^ - L0 ?°- “.ordin^,«. 2 4i 


TCs preliminary 


results and L 000 at 24 Ip EB, ior P reedy; 


EXPRESSING disappointment the interim dividend is lifted from that St will make only a small 
with progress in the first six O.S 75 |> in Ip neL which indude-i contribution to profits rnis year, 
months or 1 » 7 X, Mr Derek nn additional 0 03 -p in respect of but it has obtained recently a 
Palmar, chairman or Rurfi and the reriuctinn in ACT. l-a«t year’s number of substantial contracts 
Tompkins Group. reports a final payment was I. 904 p from and is looking for a much- 
marginal fall in pre-tax profit-, profits of 11 . 27 m. increased business in J 979 . Us 

from r 4 tW.OOO to £ 392 . 19 ) 11 . How. Th dividend absorbs PiH"S business is developing well, 

ever, he does point out lhal ibere rim f 74 , rqfgis aSd Mr 3 Wnrk * continuing satisfactorily 
has l>een a small inerca-c in the > Jr - ‘ t- p^Rl^h have continued on its m 3 ior irrigation contract 
fttrihutabie balance from BOM* riive dSends S Sheir In Gu>-ana. 
to £ 343 . 000 . benellcial holdings. 

r^ R n, n V-o'l n nnn n \ e , '"rKxVn^ 1 " nJrHv u ^ wrled that residential 
from £.O.jnon ^ j .^V,. estate development is going well 

J?* J c ,h?!nH "i^iificam rise in the 

propert.v dt the end of lawt iear saJe pr i Ces 0 r houses should mean 

I hat this division wiU show 3 

nron^Hp d whth ^rn P rofit th <* fu " > ei,r fOF the 
FrfPWtoe* which arc time in thrpe vears Work is 

not likeiyio recur proceeding on several commercial 

v«; *1?*™ C. *«„!.. Ii e hKh 3nri industrial development 
! i,nt mTQ schemes in which prospective 

ds had been expected, hut IOiH niji-yaii-j^prQ shovA'in^ rnn^d 0 **'- 

should see a resumption of a n b , e intePest and decoding on ^THOUGH 


»n £ 3 l. 5 m mainly attributable to for the year ended July 3 L 1978 pressure on space and to provide 
Biirherrv’s. compared with £ 425.676 previously, a more integrated flow, of .work 

^ Aldormanbuo’. First half profits had risen from particularly in the- production 
EC, November 30 at noon. £ 247,000 to £ 380 , 000 . The directors department. 

Clifford Inds. reorganisation: 
rights to cut borrowing ratio 


Dawson and Haggas 
resume talks 


Mr. Alan Smith, chairman of tion of £ 40 m. Haggas's-r share v 
luxury knitwear group Dawson price slipped 4 p to l 6 Sp EJEvtnjt.-fc;- 
International, and Afr. Brian a market capitalisation of jESftflin. : 
Haggas, bis counterpart at John 


Baggas, met in a small Scottish 
border town yesterday .to resume 
negotiations of merger terms. 

. The results of the talks are 
expected to be disclosed 
Monday. 


WESTMINSTER-.. : -\f * 

press . 

Westminster Press, a subsidiary^ 
on or Pearson Longman, has acquired _ 
the 30 per cent of Southern Prib- 


Margins 
fighter at 
Silhouette 


MAJOR reorganisation 


The two had agreed terms in lishinjgCompanyjtdid-nofalready*-- 
mki -September but the proposal ^ for £Llin ^ g h - ' 

was put on ice when Dawson's The acquisition followed dis- ■ 
major shareholder, WHliara Baird, pneeinne with Mr E Infield wink: 
Expenditure on items, many bt aiSounced its intention to wh cushions with Mr. E. DUieid WiUis. 


60 7 per ccnL The right s is on the year, the balance r e presen rtrig have received one In^iPfor^each Board sjnce I96S - 

" Dawson share and the Haggas 


TLTCXyVER w as 


includes a rights issue . 

On acquiring its holding, four ^sis or one- Tor-two at I 05 p a-id expenditure 
of the Ciairmace directors, includ* ,s jmdcrwriiton hy G. R. Dawes machinery, 
ing Afr. Oliver Jessel. were »n<* and Gilbert Jeffs ar.d 
appointed to the Board. • hankey. 

Clifford has now released its Based on an initial examination 
results for the firs) half of 1978 0 f the position, the board reports 


on plant arid 


i'hTnwrofVhesrrego^ior, 1 ..II juiid frtm nvsai r. h .T. h ..^r. Mcl,lll..]. n and 


rising rent roil. the progress of these negotiations a 8 ain « Profits or £ 85.000 in the Mrt a „lsation Service” a re well 

Although llte sale of pnonerty prol i t will arii* this year w next ^ same period last year— however established and profitable Their 

resulted in a reduction in rental (Loudon) advanced only ma^in- , he new Boafd considers , he ,„ ss “mhmed tiSdSiR "roflt for tS? 


income, it also 
ings and interest 
in spttc of the 


reduced borrow Construction turnover has risen a iiy from £ 42 L 243 to £ 425,607 in jo , » iLciTi, „pTH h„ 5 a r.nr»Pio combined trading profit for 1977 
F as lower a ?« in in snite of lhc »ntlmi*na the June 30 , 197 ? half-year. y apprecJa ' before bank interest of £ 72.012 

• Pa ? cra ' a e rate' recession. Margins have remained 1 , Uon of beholds. and [as was £ 234 , 302 . 


Moss Eng. 
drops in 


shareholders would have got two 
new. company shares plus 300 p in 
cash . for every three Haggas 
shares- 


v.^' 


TALBEX ^ 

Talks described by both -com-* 
parties as “helpful dtscussroris 1 !' 
Aroorriin't m Ratrrf th. werc tie, d yesterday between 1 tiie 

of Haggas shareholders • and bdBdHrton ‘ 


oi Haggas snarenomers and «: ^ **£«***. ^ 

wholly inequitable from the 


dewpoint; of all other ™awMn 5 “^. SSSSStJ* 


shareholders.” V It felt its only ^ 



■Siv month' 

Year 


u>re 

1977 

197 T 


r/mo 

rom> 

row 

Tiirnovrr 

.cs .'.m : 

“.0119 

il.«l 

Nvr iv-nts 

SKI 

?#s 

i s;r 

Op-fratlnjt profit 

S 2 

IIS 


Except. Items .... 

— 

— 

Ifit 

Inieresi. etc 

-H 3 

4 J 2 

15 77 

Profit before «k 

392 

m 

tin 

Tax 

17 

A. m . 

142 

Net profit 

SLi 


1 . 1 M 

Mlnonly profiis 

— 

■W 

| 

Exiraord d,Mu . 

— 

— 

2 IS 

Aurlbuiable 

."-45 


913 

To make a 

start ;n 

reducing 

disparity with 

the final 

iMjTitent, 


under pressure and. coupled with 
the poor weather over much of 3 “ U,J 
1977 - 78 . this has resulted in these s,n ? 


Directors say the second-half 


The first hair loss is after pro- 
*■“*"* visions 
P re !- directors 


Some of the group's building .? u reu'iuds shareholders that §eb tors throughout the group and 
— i — . 1 . ■»* «h n ..n n n with the groups important ma )[i n jr yj e j,est possible assess- 


ed for Dawson. 

The Baird offers lapsed a week 
ago leaving Dawson, and Haggas 
a new 

, seriously reduced, taxable profit agreement Mr. Alan Smith has 

Charles Clifford, the non-ferrous of Rlnxx Engineering Group stressed . that Dawson is ' still 


aiteiTiativewas^ to la uachits own a bid^y 

u:-» - stlB widely anticipated. * 


have made after a reduction in borrow in «»s of over .. aKa ,eilvul « wawson. anu 

of stocks nnd SonOM in Jwo months WI T« SEWAGE control, profit free to attempt to reach 



QUINTON HAZELL 
EXPANSION 

Quinton Haze II bas bought David 


metal subsidiary, needed subs tan- dropped from £ 921.149 to £ 503.793 interested but. as circumstances Boler (exhausts and tyres) for 



lb. IWIOJICU 4 VWU.U 1 I. k* i • -vp w IVICM 4 . 1 L iv« •••*- Hplnf^ turh lf*fl 

of the civil The interim dividend is main- last payment was a single 2 p no 
engineering division is tow near- tained at 0 . 72 fin net ner 20 p share, interim in I 97 G. , . 

ing completion. It is anticipated Last time a 2 . 541 p final was paid. The directors consider the per 


in Manchester bas-: 
and IS depots iff 
Lancashire. Tbe 
intended to con- 
Hazeli’s position 


Results due next week 


Companies reporting results one estimate 
due next week cover a wide 112 . 75 m while 


pitched around equipment 
others are uo placement 


renovation 

programme 


and re 


marketing and tendering expenses °a w son s ordinary share pnee in the component replacement 

A more rapid stoekturn will were very high, involving con- rose lp t0 IS4p ant * th€ “ A " market. It wOI bring to 114 Ibe I [ f i 

reduce financing charges and risk xidrrable technical man hours ord'OW wre U P Ibe same number of its depots retailing v ( r\ A 

of Ioksvs on holdings of metal im d executive lime. Results from am ount to 183 p giving the com- tyres, batteries and free-fit " ■ *« 

stocks as well as delays in exccu- the ncneral engineering division P an y a . current market capitalisa- exhausts. . . 

tlD " nf ,. orri ' ,rs - imnroved and the transmission 

Metal isai ion Overseas, a Hin per products side was unchanged. euanc eravre 

TrUwniZ S rP ventut Jr Al half time, when profits were SHARE STAKES 

- interim pre-tax Profits,, due on iLrii Ar^hia^te extend activities over £r5 °- no ° lo 


u, 

sJu. ■ 


fast Tuesday, in the £ 33 m-£S 6 m range * lh - ’ 


Crellon Holdings: — Globe In- Ashworth, director, bas soJd- 



rea. Conditions in Saudi n 2 p f llV 2 ‘ -n oa h vestment Trust has soid 50 .MQ 25.000 Ordinary shares and now 

useful ^ a _ in f » c n.«»»ied m ortJ | nar y shares but still bolds holds 700 , 000 . - v 

.1 thf .1 i-nuM hi,.« v ? s ^R - 700 ordinary shares. ' AlUed Plant Group— Elec tra • ' \ ... 

Sfi Sf SS ? DfBl * *"* ScoH Holdings:- Small Companies Exempt Fund is . "■ ^f_ r 

t erriHth 06 3 rcsump ' Deputy Chairman bas informed interested in 700.000 Ordinary -J ... 

* , the Company that on October 20 . shares ( 7 , per cent). ' - 

— • including £l.! 7 m his indirect shareholding wa>. Chubb and Son— Kuwait Invest- . •- ; ^ . 

Africa By the t,mc of Ihc a.ard m .noySmT ' h * dis P osal 0( ^-l 00 . s ? ld . 1 9 °- W>0 .^-’-, 


^-s 


group. Dc La Rue, is expected improvement. Pre-tax profits will analysis have estimates ^ little changed Fine Fare 

in show an iniPrim nmfit in- Probably be in the region .-f £ 32 m Pat onx ill report on inten- — - 15 ,,u,e ^ cnan «en. rmc rare, 


^ Ordinary shares leaving; interest •• •***. r 

Cartwright (Holdings).-— 


to show an interim profit in- praOT °‘ y c .? 5 J" ine il re ’ l “!‘ ^ ^tonx will report on interim pre- ever lhe cr0 ” up> reUil ch ain. is .using some saujmm per „, u „u«. ^ - — — - — r— „ v __ „ 

crease while thread and fasten- iS? l ?L 5 ’™!Il'| A 11 A L ! l tax fi?U w P P°, m * "SJpf I u ?l? »HII suffering from the price war programme of short-term correc- Afl *r lax of £J(V»J 14 f£ 4 -SS,si 6 ) Norton Warburg (Bristol) were wJSS^m!f l vSL£^S in aSS^r-''^‘- 

ers manufacturer. Coats "»mnn S[ lh ^d h « him SiZS corHfJarejd h tat >ear , i s and couW see profits .- slip by up live measures was immediately "« profit was £ 309.479 against Interest «l in 233.629 ordinary " 

^J 11 * ™h - UP «"2 Th ® C al J e Tr e r sl ?„i r - th .Z to £ 1 . 3 m. Brokers are currently intrnducpil which is now having W 32 AL last time. Earnings, per shares ( 7.12 per cent) on October ‘"v 

2 ,ip share arc shown at S.G 7 d 13 - 4 .^ per cent b Krerrence snares 

have been M Associated Fisfaeries^Mr. j. (approximately 9.7 per cent). 


doJn^re. t ^.B. Lf>, F«iod" ’should .^JV^^which^ininM ^jnd^lne T*° n 5 nntte * \JS i rhp P flr«thJlf fo rera s , * i ' 1 ? ^fulT'year^ profits’of a markcd'eifeci' 
benefit from increase fnnfi u %£ SE in N.nl, Amerta! rS '’ m I90m - Cpr,; '" 1 "" c 


prices 


at oariicuiarW hi the domestic sw- The most imr-orti.nl aspect or =<ifu*ted. an office block closed The final dividend nr 3 . 7 H{.p S""* 1 *- * director. 
W- E^SlfSSt under nre^“re from Lucas industries full-year results. Imm-mafcjiiK activities .fSJIMpi lakes the total from l2 ^ 43 ^? >0a T , y s I ha ^ 

m com potion. ° Trad ing'cotui it ions duc out .on, Monday, will be ha ' e **« 4 .W 05 p to 4 .fi 39 «p net. 

Amber Day confident 
of good year 


sales while the internal tonally Y olnmc erowtii has been 

oriented Lucas electrical coni- f exwn.se of margins. How ..._ 

pnnenls group has Ijeen hil by ever shares have hepn firm competition. „ 

a rooiroom strike that could take ahead of rhe results end there in Europe still look to be difficult, whether it has i>cen able In 
the edge off the full year result. j s SO me .speculation that Whit- On the other hand the L-K outlook recover from the toolroom strike 
Profits forecasis fnr J Sains- hread could be in a position to is reasonably bright and .some which cost Him in the first half, 
burv's intprim fieurcs next Wed- increase its dividend bv as much growth in profits is expected, becond-balf trading has also been 
nSav are all over the Place ^ 20 per cent this year. Currency parity adjustments will *"-htly weaker in both the JK 

Undoubtedly the teinch of ttisi Ve La Rwc. the security printer, have an impact on the consol i- original equipment anff tractor 
pmim'-v hJ' h»Jn U hiahiv inp is expected tn report a pre-tsx dated figures and interest charges markets— a factor which has 
count fiS h ?f profit of around £I 4 m (last year are likely to be higher. Condi- adversely affected other motor 

ces>snil m terms ot sales ana ^1 l.s*m * when its interim figures tions aDpear to have continued in component m j< n u fn ct u r e r s 
Sainsburv bus ncrcascd its mar- released on Tuesday. The much the same vein in the third recently At 


has sold 


Trttsl House' Forte — Kuwait: 


leasl one analyst is - Si,les so r:ir n 3t Amber Day Hold- a ffiOO.OfiO tax liability if the pro- 


ket share considerably. At the terei^^d SfK .ho SXtoVSrT PBrti “ 

improving S J2f 3J JS? “ ^ ^ m ° nthS ° f thB Bf JKX2 £ Jft“« 

figure should be well up. The or( je rs denominated In sterling After last year’s mixed result la * 1 years £ 80 m. looks forward >o bcinc able to 

problem facing the analysis is j s not likely in have been when profits slipped sllshtlv jo Other companies reporting report record profits for the cur- 
to what extent has Sains bury affected by currency changes. £ 77 .Bm, growth at Associated interim figures next Meek include rent year 

sacrificed margins to win mark-t ttig Brazil and Columbian sub- British Foods is exnecied to the Bank of Ireland. London and i.'or ihi* \m-il 'to tn“s v . a r r.r«. 

share. A consensus view Is that sid in rips' results wilt suffer on resume. With conpertion in Ihe Northern and Hill Samuel. ^ prntii rose from £Sr[ so(- , 0 " 


are sold. 


Ini'esmient Office has acquired an . 
shoRtoM -> interest in. a further 50.000 shares \ 

director, has informed The Sm- «■{*« Sn 5 ' 375 '°°° i‘ 

\n ITlricf he ? Sd aTfaterat^wS ” aoks Howerton— J. B. Chitten- 
sold on h Ocfob 2 ? 23 ^ ’ den - a has sold 24 . 516 . 

, IaM | rm . new ordinary shares. :: 

wSttS^nunfST^nd^r n |.!fri!.b?h7' Second City Properties— Content - . 

Securities has purchased a farther : 
purchased i.ooo ordinary shares in nan --hares ' ? 

and now holds 330.991 ordinary * 

shares (13.01 per cent). 

Crosby House Group— biter- NO PROBE 

“™ n « l JJSSS^S! 1 J™*? Coir - The proposed merger between 

. w&yxjs'isjgs is^^srzsissfi : 

rise at pe L£& , i«i Lcb^-Mr. r. h. 


1928 Trust 

nre-lax profits could he in the consolidation hut the Swiss-based important baking sector <omewhai Preliminary - final results ?,re issn "nlrnniMr reV®""'? ° r ,he Nuieiee 

region of compared witii associate’s lieu res will benefit eased since the departure of expected from .Martonair and hV'li’cv -u" 'iT-'Hni ' ' Un r *cnty-hight Investment Truj 

£ 12 . 5 ni though there is at least from parity adjustments. The Spillers. analysis are expecting WoKel.v Hughes. \i r M r r ^. r ~ ii„. ir '" 1 Il.iiGm io £t. 2 Ir 

• . 11 uc r 1,11 reci.ni m ihe half jciir ended hepicmbe 


Cuinpsiny 


Anfl'fi-'rc- 

m.-ni 

Jn>.- 


nivKi.fnd 1 
I-.im r-.ir Thisjrar 
Hit. Kina! ini. 


Cosioany 


PINAL DIVIDENDS 

Mli.'O t.nndon PtotK-rUf ^ 

Ancb Scomsb Inr^om-nt Trust 
Aronson • K. • • HolOins* • 
p.rtUonrt.riundrj «H«»Mlncsi . 
Bnilah Car A union virairp 
r»-dar mv\-siir«-iw Tnw 


T'lrsrtaf 
Tu»> «•(»>• 
Tiip«d»v 
TIM'S in*- 
Mondar 
To'-’-tav 


Ontral Manufacmnns and T radios Hro. «Vdn«d» 


Cl.RP tnv«*«irt».-nt Trust 

H Ig sons Brruvrjr 

Joolcs aod Cam'll 

Jmsuih fHoldlnas' . 

Lucas lndo«.'nes 

Mansaocv Rmn-»- Holilin;* 

Martonair lm*-maM«n,l . . .. 

KCP Holdlns« 

Safvcuard lnd«r**n,l Irt-Mnvni-. 
S.-otiisn XaMonal Tnr-i Company 
S"r«d« - rll C-'ar Cav* .. 
Wnls^r.Huphf'S ... 

Vrnv 1 R.i'l Tr«« 

Yarrow and Co 


Twsdjv 


n.iv« i.;jUMS n.sai»s; 
H 5!i« n.PSTo 0.7 

I 3 « 3 fi n S 9179 

n.ittsa n 9 

i mi o *6 

1 1 ? i.o 

i.ximsi i s 

I I o.« 


n ic <9 

PM 

O.H.I 

no 

1 ..X 1 

ns 


INTERIM 0 IVI 0 EWJS 

AHrrd«*cn Invfwtm-nr* 

<rflow Stri'anilm -c 
**t"-*ir London l’n»ri * 
Mnbrosn InTosimi-o: Truer 

AsP Spinning i •'tnp.ii:* 

Asior.airrt pciisn r 
Panh oi Iclaiid 
Hrailfort Pmpcrij Trust .. 

pn*M i.ln^ni *. roup . . . 

Captmr-Toill 

r-<!-r Brrt'.r 

CIMncnl L'larkr 'lloldinssi 


TltflNll' 

n.173 

I.S70 

To-^vlaj - 

l».f“3 

O.fifiTi • 

TUi-«d.ty 

or, 

1 .lit 

Motv'ay 

2 122 

rt <*«9 



I.N-.1C4 

TU'-Odar 

1.3' 7 

1.75< 

Thurvior 

H.S73 

1 -475 

WH-.^dar 

l n 

? 'i 

Tn.-«l« 

l.'.’.i 

L',2 

■rviit-^rlay 

Nil 

1.0.-. 

- m|«i 

-073 

■ ori-, 

, v 

N*l 

f 

Monday 

1 i 

1.1117 


n <i 

1 »' 

To.-«i->r 

n«tU 

f -* 

<v 

1 ii 

•IX 

T.|..vf»> 

I « 


••• 

i 'i 

1 4K 

T.| 


i 

Tn—Mav 

.»<! 

W fi 

TllMrIJ'' 

n-H» 

.7 4107 

li'i-.inoufas: 

9*3 

1 47 . 

T-i-'-itlav 

t n?4i 

1 0341 

Tllr^liv 

4.0'".-, 

12 ASMS 

Tue-Klas 

0.8373 

I 25 


O.S 

8 J 443 

n..- 

:-wa 

N'l 


n «; 
i n 


\ii 
* 1275 
XT 


«-«»(» Pa i on.* 

Cnntinrnral a-W Industrial True 
!.•» Ro-? Companv - . . 

Ff-dMX 

F-rBa<M>n Industm: Hoidiru* 
ci' i*>f Rein, itme 'll nidi rAn 
Kortnum ind Uunn ... 
n».-Tn« Cr-*ap 

Oreaf pwrrlnfid Estatnn 

n*rt**-.'ns nrouo 

*•"1 Samn.'l Croon 

Kina and Vhaswi . . . 

Lc.-rH • '.nit'am • -anllA-r* 
tendon .»nd North- m Croup — 
Vnitni-.insr Es-a''« . . 

Voriham s?..nri»ics Tru«r - 

P-'n-’on 'W !..• aod Son 
p.>n-r Oiidhprn 
Pi*r|sTr<ui*h »nd Sn-a. rlacd 
RondL-or fn**'marlon 3 < 

■:nVr-, .s.i'»rd an-l Co. .. . 

e.in.hnn -J.t . . 

s«-««rru* - 

s*--*Sv >M. C. 

Stasnl.— • Indtn.'nor 
^ ins--«cnt nr Trent ... 

— M'My.-'d an-l C" — 


Announcr- 

iiK-nt 

dun 

To* sdny 

Thnnriav 

Tu*-«<l.\y 

Mordas 

rndaj 

Thiimdar 

Trlds*- 


ni- id.-nd rni- 
I.asi r- ar This j^ar 
fm V mil Ini. 

I ; iW 

7 :i a.li 

v ’■ !!.«»; 

0 . 3 r.i d 

?.I ? n 

: i : Tin 

r " 


aequiMtiun of the UnniiUey IMuse no. |.,rs. and net revenue was HP* a £* ~r 

pf , mensswar reiaik-r^ ;i"f[ higher at £ 593.153 against £ 51 2.#57 I flP /111 rilPlIIUlC AT I OTHQ n 

manuf.ictiirers uill add ciin»uler- in the same period Iasi year U VriUl-- -LPJL . v id 

slide strength to the group. (Irani- .. ... Mr 

1 I.I r- . 1 . I UlUt'i'Pr tho titruPlAPD bto«f tk»< n. 






l’ ,, .^ l,inn tiic'Srof^arnin^^te ThI . . 15 ® ?S?L on, ,« r ^ yielding UJv. equities provides a 


ri r n , si un;j ^ hiifte'unHk^iote tiinS S255.1 **? hi .^ 9&. •IVSJ' 5«S 


programme te by pursued. 


the (udk’s' vei.nl divKion 


Tue-ula; 


2 M 7 XP 

Tuesday 

n.cs^u;' 

323 ‘ISS 

. '.. . .. Wnrtoc'day 

1 . 4-741 

19 SS 

.. . 

t .473 

r.^r* 

f rfdav 

1 it 

5.42382 

- . Thur^rtar 

7 ", 

*7 3 

. . v • «» r A<Iiy 

fl >■ 

1 " 

r*«t|nr«tfo)* 

0 47 . 

n *723 

TJmrj.dnr 

1 n 

7 . 4 } 

▼u.'« 4 a-* 

XII 

fl .23 

T»mr<dav 

1 . 4*5 

7 >| 0 M 

•r^papccc TU,'Sda\ 

n «**«!! 

;. 54 «i '.53 

.. . •• •y|p<'« 4 ajf 

•. 4 TI 4 R 

1 M 453 

Tufoliy 

1 . 3*4 

I 75 M 

W.-lfA *> 14 > 

« n--y 

-«74 

. . ... . Tn-K^av 

" = 3 M 

2 1317 

. . 

Oli 

4 CV. 

T'luf»<* 1 V 

4 4 

° wms 

Thnrriay 

1 44 

5 *■ 


: n:a 

; :-«■ 

♦s* ... To J> 4 .»y 

I 4 



Amber ha« acquired a new- sne 'at ..(.^.""'r 5 , JP.'iT l ’t’P,„? hare . ’Y c Singapore. 

Oxford Circus which will com- l.«lp M. 4 lp> and the Chieftain, like 


and future income. Investors seeking 
. ■ capita) growth by rhls roate can 

Dience trading later this year! Its ", 5 ^'"**™ from^OMn re « r ° uptf which have raSitly ^l&hl^n^TViKl^lamsers are 

.« redu^ 5R*JSs SSS - is in " B,M heep, ' nc ra 0,6 wch income 




INTERIM FIGURES 

R*? Ilia von Brrtorr . - ... — • — — 

• t-n-ij ipapi: Trw 

HammriTnn Prorv-ny ... 
l."*ctoriUi’ 4 i ■ BoMir-«* 

- Dlvulonito shij'.vn ne; pvner urr 


arc continuing In explore Ihr 
pnvsihilitio fnr simil.u-ly benefi- 
cial divti'silicalinn. The light 
Clothing ijivi^inn «.• increasin'! 
prmiuclinn In cope *.» ilh demand. 

At batancc date fixed assets 


Muck unit was !H. 4 p ( 90 .jp). 

Rail y.-sir 
IB 7 S 1 ST? 


Friday 

Frriar 

FridsiJ 


rent as.-rls 11 . 71 m 
Dircclnr-. say group 


t£l.:l:iim 

properties 


sasuc. t ■Second tau-nra. * insiudass second siucnm of tn- 


har» amt a-tiu-irtf for any mterveoau scrip ^ V,°T ,h *?"l more til, in v., , 


the IImIiii book value, subject tn 



i 

l 

•■fi-* rev, mi- 

1 5Mlt.AI4 

I (M4.0.M 

1 r.mu.-ii 

7?4*W»1 

}0.’.lt4 

Cnir.mki.d 

4711 IW* 

471 .phi 

.t'truiii'sir.i:-! 

34.7W 

--0.1T5 

Ini'-Ml t-hiiru.*. 

21 4.2*1 

|it>l.n*7 

CurnDrannn lax 

iw.un 

132,921 

Tax , rrHil-, Iniiiurrd io 
frank- d uieniw . . 

2W.*i7n 

3K -U 

Y* l ' 

ff»S.IVl 

317.1537 

i' 1 ' 1 of oraiunrs dtr... 

4a3.il23 

W4.ua 


unit trust world’s second best per- preference share- content so that 
former hi ..the 12 months— and income. growth ia limited. • 
Target .Pacific are also promoting Firt 3 jly. Uovd’s Bank Unit Trtw! 


wusi ana pointin^ lo the country's of four trusts, designed to mcei 
vast resources of raw maieri&is, . lhe needs of investors, seeking In* 
Back bit the UK eqaiiy scene. Come, capital arawtlTor both'. The 

r.lHmiusi v tinri \ 7 qviui'*av (a : * i - n 


j> 



4 





iOVfth. - -- ->^.r • 'i *i:-3 

^5- v: 



"fj *«.. 

•vT r .. s - -* 

i**a- . ■-; l V., 
»». -1,^ ,- 

«" -: ; n! "**.? 

gu; -:„ l 

iath .... "- s : 


:R OK V r , 

®°*n pVS h 

‘VUr'W-' ■i?’- 

wr>«; r * 

r' 

r, '*s"r ,. •• v 
* ** >.. *V ,n -Cv' 

• ’ ’ ■••-?'• c : !% 

•.in ... v i • 

P.nt h;.' 

■“ ; c : > r h.^ 

■ WX'r.,"*:, v i </> 

•"(?? ifl «■ . .■' ’<■■> . 

ffl t u - n- •- • pr ( ‘< 

u - R| VJ Mb. 

JILS OLT U 

SCM'.;-. _ . 

dK * % '■ ■■_- , 

a-.off.-r •• •; , r R W, 

t H.jj ;■ •=.- >_ 

!A R; 0|: ’l ; ll 

CKc,! . . . . ■* 

a« h • A V. 

“«*■ .. 


ioi.wu 


Ht 


ar> 

iST 

,V a 

iar-.irr -. .... __ 

' • - r 

taggas 


• - : 
-v . , . 


fcSlMJNSnR 

if AS 

a* 

is r . - • 

for - • 

*>r- ■ ■ ■ r :•:. 

jh;- •• 

ftfiir i: ■ . ": 

rr — • • 

ipie-. 


ki.Bi \ 


SIT 

.‘•hr-/ 

W 5 i 
J ??•«- 


V***' 

•■ :* ' 

!fc" -•' ■ 

«k,d-.. ' - r - 

t f IVl< iN H \/cl 

l£P*N>!i*\ .. 

jniulj ■:•••• ^ ••_ 

r U ■''• ‘ " 

£.•■••• 

j+ r ■••■ 

*f*'V\ _ .. 

;*rr r*. 

-;<• ‘ ' ‘ .. 

P«- ;• ‘ 

• >ri 

CJP/ 


4 1978 


i®M4R¥ OF THE WEEK’S COMPANY NEWS 


Takeover bids aid mergers 

. A. ; co^tjmraiise ^asbeeff reached in the -protracted straggle 
for control of Trid^t Group; Printers. Mr. Remo Dipre, Tridant’s 
chairman, who bunched a bid for the company in Jane, has given 
way by accepting - the lateroffer- from- Argus Press. -Starwest 
Investment Holdings, the private company owned by Mr. Dipre 
through which he launched, his bid. is in talks with Argus and 
Tridant' Which arevlikdjr to leadto. Statwest acquiring certain 
subsidiaries of Trftlan t for cash. fJndra; the arrangement. Mr. 
Dipre would acquire, the general' printing. companies and other 
subsidiaries. The ;preposed-dea!j however, will not affect the 
IGOp. a share ^ ^caafc offer ^from Argus. - . 

Midland Editcaifon^ the Birmingham-based bookseller and 
stationer whiehbas-xeceived no 4esi than. ih/ee bids, has decided 
to recommend a fS.-£2m «ffer by Alfred Preedy., The recommen- 
dation comes after s. -.fortnight's consideration by Midland and 
speculation ia tbe Ci^r- that perhaps. -there were, other potential 
bidders in -the wings;,*' Ptce'dy’s cash .and shares bidj which has 
been revamped and: slightly, improved since the original 
annoahcement in JTtid-October, ^ow compri^ three Preedy plus 
£9.75 in cash for every five Midlsmd.- Midland rejected the Pentos 
£2.1m cash bid and. a £2.9ih bid irotn Xonfidale Universal on the 
grounds of : inadequacy. Lonsdale Universal intends to -'allow its 
offer to lapse when the:offer .by Preedy or any other higher offer 
has been postal ■■ . : '• : ' 

Vickers is selling its;72 per cent jmldiag in’Canadian Vickers 
to certain executives of' the' company -for CSlS^ni l‘£8ni). The 
executives are offering C$50 per share, which compares with the 
C$37 at which they were traded before dealings were suspended 

on Octoper;27. ,. > '. ■■.• 

Standard life ^Assurance-hag ro^ lnto troabie over the pro- 
posed transfer of its- Canadian Life business to the Canadian 



17 


company Manufacturer? Life Insurance of Toronto. A group r.f 
policyholders arc opposing the deal as being unfair to the 
Canadian policyholders of Standard. 

It now appears likely that the important Erooklands UstaTe 
belonging TO Plantation Holdings will be compuisanly purchased 
as the British plantation company has been notified of an official 
inquiry regarding the valuation of the estate. 


INTERIM STATEMENTS 


PRELIMINARY RESULTS 


Company 


Half-year 

to 


Pre-las profit 
(£000) 


Interim dividends* 
per share Q>) 


Company 


Pre-tax profit Ea minus* Dividends* 

Year to (£0001 per share (p) per share (p - ) 


Value of Price Value 

Company bid per Marker before of bid 
bid for sh are** price** b id (£m'si *’ 

Price* i* peace irate** otherwise Indicated. 


Bidder 


Final 

AircTre 

date 


Bambergers 
Bourne 4-' 

7DI3S 

SU 

$S 

7J>5 

iml. Timber — 

Hollingsworth 
Compton Sons & 

23.1* 

230 

317 

ll^S 

Raybeek 8.11 

• Webb 

72 

73 

<■< 

12.23 

Vanronn — 

Customable 

21 

is 

1'jJ 

I to 

Mnoluyu Inrs. — 

Goldrel foueord 

103* 

100 

7K 

2.S9 

Mhrn. Foods — 

Midhurst Whites 
Midland 

4S* 

47_* 

47 

3.H0 

XV Wcreldhare — 

Educational 

Midland 

150* 

242 

120 

2.10 

Penlus 21 ' 1 1 

Educational 

24453 

242 

330 

242 

A. Preedy — 

Mowat (W.) 

22 U 

."rfl 

27 

0.225 

Jenlh — 

Plantation Hldgs. 

Ir4 : 

Ijfi 

r.4 

12.S9 

Mnlti-PurDose — 

Rand alls 

Tridam Group 

1J015S 

103 

•IK 

SM 

Whhecrnft — 

Printers 

Tridant Group 

83* 

100 

S3 

3.72 

Slarwest Inr. 10 *11 

Printers 

Warm* Wright & 

100* 

100 

S4 

4.3$ 

Argus Press — 

Rowland 

6755 

641 

53 

fi.8» 

R. Priest — 

Warwick Eng. 

41* 

4U 

40 

2.46 

Mr. X. Gidney — 

* All cash offer, t Cash alternative. 

2 Partial 

bid. 5 For capital 
n. " Date on ivnich 

not already held. 

11 Combined market capitalisatio 


A crow 

Sent. 30 

5.980 

10.290) 

1.5 

(L25) 

Allied Irish Bks. 

SepL 30 

19,050 

(I6.69UI 

3.3 

• ( LS12) 

Avana Group 

Sept. 30 

1.410 

(769) 

0.63 

(0.5) 

Bambers Stores 

July 20 

639 

(203) 

3.427 

(0.703) 

Beales (John) 

Sept. 19 

479 

t'5.i2i 

3.4 

(1^) 

Callender (Geo.) 

June 30 

IBS 

1235) 

6.605 

(0.605) 

Cartiers Superfds. 

Sept. Jiv 

699 

14USJ 

o^i 

t— ) 

Davies & Newman 

June 30 

1.1 SOL 

(9S0)L 

2719 

(2.435) 

ElectroeompunculsSopL 30 

4.5 >0 

(,32»60) 

1-5 

(12) 

Felixstowe Dock 

June 30 

584 

(853) 

1.0 

(XIII 

Findlay (A. P..> 

June 30 

276 

1237) 

OSH 

(0.726) 

Craig Shipping 

Sept. 30 

77SL 

(7741L 

Nil 

(4.0) 

Heabim Stms 

July 3] 

1S9 

rifio) 

o.ts 

(0.5) 

Henderson (P-C.) 

Aug. 3] 

71S 

(452) 

17 

(1-54) 

TIoorer 

Sept. 30** 

4.150 

(S.fi20l 

— . 

(-) 

Kwik-Flt 

Aue.Si 

540 

(443) 

04 

(023) 

MarDooald Martin Sept. 30 

624 

1 507 1 

s.or 

(3.0)1 

MaJllnsnn-Iurnn.v 

June ::o 

4.758 

(4.652) 

1213 

(1215) 

Melville Dundas 

June 30 

347 

(295) 

1.0 

(0203) 

Polynia rk Inti. 

June 30 

433 

(400) 

1.52 

(L363) 

Pritchard Services Juno .70 

1.170 

|!I7U> 

0.661 

(0.570) 

Reed IntL 

Sept. 3D 

40.100 

(39.400) 

3.0 

(5258) 

Rchrdsns. w ^tgrt h..l une :a» 

: 1 -5L 

(975) 

1.05 

(1.05) 

Scot Heritable 

June 30 

401 

(253) 

0.476 

(0.433) 

Sbilob Spinners 

Oct. 7 

143 

(24) 

0.73 

(0.75) 

Sturla Hldgs. 

July 31 

5 

(53')L 

Nil 

(Nil) 

UK Property 

Sept. 30 

427 

t238) 

— 

(— ) 


Audio Fidelity 
Blackwood Norton 
Empress Services 
Hensher (Frntre.) 
Hepworth (J.) 
Unread 

Loud ob Entmls. 
Low (Wm.) 

M. Y. Dart 
Snngei Bahrn 
Utd. City 31rchnts. 


Apr. 30 

363 

(428) 

R2J 

(7.3) 

2.1 

(2.1) 

June 30 

30f.L (245) 

— 

12.31 

0.625 

(0.S12) 

Mar. 31 

30 

t K0 j L 

— 

( — 1 

0.1 

(021) 

Mar. 31 

611 

(553) 

5.4 

(3.6) 

1.1 

(1.0) 

Aus. 31 

5230 

(3 T 5f?0) 

6.3 

(6.2) 

2.51 

(2.091) 

■July 29 

615 

(186) 

fi.l 

(32) 

2.5 

( 2 . 0 ) 

Aug. 31 

146 

(lOui 

2.4 

(1.7) 

1.5 

( 1.375 ) 

•Sept 2 

1.400 

(1.610. » 

1622 

1 19.4) 

c.m 

(5.473) 

July 1 

1.580 

(1.884) 

91 

i30.R) 

2.432 

(2.174) 

June 30 

37 

(71 1 

2.2 

(2.7) 

2.0 

(1.84) 

June 30 

2,770 

(4.05DI 

4.4 

(7.7) 

0.839 

1 0.74881 ‘ 


Scrip issues 

Bambers Stores: One for two. 

SLY. Dart: One ordinary plus one deferred ordinary for 10. 
ordinary-. 

United City Merchants: One for eight 


scheme is expected to beeome 
tt At .suspension, tl Estimated. 
3/1 1/78. 


operative. "* Based 
S5 Shares and cash. 


on " 11 /iS. 
t e Based on 


(Figure in parenrheses are for corresponding period.) 

Dividends shf<v n net except where otherwise stated. 

•Adjusted lor any intervenins scrip issue, i 32 weeks. &2.412p 
total forecast in July prospectus, i l.7p total forecast in June 
pmspecius confirmed, f On 50p “A" shares; Lap paid on 25p “ B ” 
shares. !; Including special dividend due :n change in tax rate.' 
** Nine months. L Loss. 


Rights issues 


Chepstow Racecourse: One £1 5 per cent convertible unsecured 
loan stock for one ordinary at par. 

Findlay (Andrew): One £1 new 8 per cent convertible cumulative' 
redeemable preference share for 10 ordinary at par. 

Tern Consulate: One-for-two at 62p. 


APPOINTMENTS 


T. Chilton joins Southern TV Board 


Mr. T. E. Chilton, executive from the bo ard of JAJUMNE 
director of the &anfc Organisatton.- JAPAN iNVESTMEJT .. ^BUST. 
h3s been appointed to the Board Mr. 6ny N. A. Cr^rford and air. 
of SOUTHERN TELEVISION^ Re . Patrick A. F. -Giff<wd nave been 
is chairman of Rank- Adverting appointed to the. board. 

Films, Rank FUm Histributors, ^ 

Rank Hotels.' -'Rank * Leisure 


nan iv ■ nvicB. noun • - ■ ■ Following the recent appoint- 

Services, f^newood Studios and 0 f Mr- A. K. Gill as a divi- 

■« — ■- ” — - — T *■' — 1 sional ■ -managing director "of 

JOSEPH LUCAS. Mr. R- E. Lucas 


Rank Marine Internatiooad. 

Mr. D. Ml - Dunlop, . a. repre- 
sentative. North America (resi- 


has been appointed seneraJ 
manager '.of* Lucas- CAV and Mr. 


^ deputy general 

OF SCOTLAND. has . . beeiv maTia8e ^- , 
redesignated senior representa- 
tive. New Yorlt Jttr. C D. M. Mr. T. X Manners has been 
Hunter, a nwnager*s - assistant; appointed to the Board of LAKE 
international division, v ;pf . the VIEW ■ INVESTMENT TRUST, 
bank's head office,’ Edinburgh, has " . ‘ ' 

been appointed a. representative, ' sir John Trefrwny has beeh 
New York. T. J. Lambert, appointed a non-executive director 

a representative, North America 0 f MORRIS AND BLAKEY WALL 
(rerident in Houston), has been PAPERS, 
redemgnated . senior rqpmentav - * 

tive. Houston. - Mr. A. R. Steed- ; : Peter Cawsey has been 

man, assistant manager, .oil appointed chief - manager of 
department, bead office, Edin- the Gracechurch Branch of 
burgh, has been .appointed a BARCLAY’S \ BANK INTER - 

representative, Houston, In sue- NATIONAL from November 8. 
cession to. Mr. B. ^1. Ross, who Mr. - Cawsey. ' previously with 
has returned to the UK pending Barclays Bank SA In Paris, 
a further appointment. : ' succeeds Hr. Ralph ABen. who is 

* '.' retiring. .- 

Mr. Grayham Mitchell has been - * 

ap pointe d a -director bf W.- ANP^J;- • Mr. 3L-- Grant has been 
WHITEHEAD ( LAISTERDYKE ),- appointed mahaging director; of 
: • ' JAMES GULLIVER ASSOCIATES. 

Mr. Ivan. Wall, contracts mana— He-is managing director or Alpine 
gcr of ALDERSLEY EQUIPMENT. Holdings.- . < . 
ha^ been appointed a director -of * 

the company. Mr. liL E. Harper Gow has beep 

★ . appointed: financial director pf 

.Mr. \V. A. Tnlloch has retired NTTQ^AR ENTERPRISES. a , 


member of the EMI group. Mr. 
Harper Gow was appointed 
manager, croup internal audit. 
EML in 1073 and in I97U became 
financial director of EMI Sound 
and Vision Equipment. 

* 

Mr. Frank Kcnaghan has been 
appointed director of operations 
for CABRERAS ROTHMANS. 

★ 

Following his appointment to 
the Board” of the newly-formed 
Associated Film Distribution 
Company r which will handle all 
EMI and ITC products in the U.S. 
and Canada). Mr. Barry Spikings 
has relinquished his directorship 
of COLUMBIA -EM I -WARNER. His 
place on that Board will be taken 
by Mr. Robert Webster, managing 
director of EMI Cinemas. While 
retaining his present position. Mr. 
Webster will expand his duties 
to collaborating with Mr. H. C. 
Nicholas, managing director of 
Columbia-EMI-Warner Distribu- 
tors. on aJI EMI productions 
released through that company. 

* 

Mr. John Baker, is to be secre- 
tary to the CENTRAL ELECTRI- 
CITY GENERATING BOARD in 
succession to Mr. Alick Wright 
who retires in March. Mr. Baker, 
is at present deputy chief execu- 
tive of the Housing Corporation. 
* 

J. H. CARRUTHERS and COM- 
PANT has made Mr. Peter 
Dobson director of engineering 
and marketing. He joined the 
company in July 1977 as chief 


engineer and early this 
became technical director. 


year 


Mr. John R. W. Ward has been 
appointed regional iltrccior 
Europe for QUAXTAS. based in 
London, in succession to Mr. Tony 
Foster, v.hu has retired. 

★ 

ALLTRANSPORT INTER- 
NATIONAL GROAT 5 has 
appointed a UK director, Mr. 
Norman Woodason, to work full- 
time in the U.S. in charge of 
North Atlantic sales. 

* 

H. GOLDMAN GROUP, has 
appointed Mr. Brian Norman 
executive chairman and Mr. Brian 
Pcdley a director. Mr. Roy Garner 
has resigned as chairmen and 
director of the group to reduce 
his business commitments. 

* 

Mr. Gordon Barker has become 
assistant managing director of the 
UK region of Wilkinson Match. 
He continues as managing direc- 
tor of.firyant and May. a member 
of the Wilkinson Match group. 

* 

Mr. Warwick Squire. Dowty 
group director and managing 
director of the group’s aerospace 
mid defence division. additionaJly 
hus been appointed to the Board 
of DUWTY EQUIPMENT OF 
CANADA. -Mr. Colin Rnne-Clarke 
has joined DOWTY HYDRAULIC: 
UNITS as production director. He 
was preciously with BL. 


MINING NEWS 


Texasgulf better trend 


Despite an improvement in its 
third quarter earnings over the 
same period nf 1077. profits at 
Texasgulf, the diversified U.S. 
minerals group \iith substantial 
Canadian interest.-. .ire still 
running behind tho-.o oi last year. 

Net income during the Septem- 
ber quarter wia .si^’.Sm rie.fiyml 
or 34 cents a share, compared 
with SlO.tim or 27 cones a share in 
the same period of last year, 
reports John Sogunich from 
Toronto. 

But net profits for the first nine 
months of this year at $35. Jm 
still lagged behind the !*382m 
earned in the first three quarters 
of 1977. 

There were increases in prices 
and sales volumes for soda ash. 


phosphates and sulphur and an 
increase in the volume of zinc 
sales. All this helped to offset 
the price decline for copper and 
zinc during the first half of the 
yep. r. 

During the latter part of the 
third quarter the group was 
receiving more for both copper 
ant! zinc, but a statement said this 
■■ had very little effect on third 
quarter earnings." 

The higher sales volume has 
brought with it higher operating 
costs, at a time when inflation has 
already resulted in increased 
charges for energy, labour and 
materials. Texasgulfs zinc plant 
at Timmins is still operating at 65 
per cent of capacity while the 
Frasch sulphur operations are 
working at 70 per cent of 
capacity. 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave, London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at October 24. 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capita! 129".21 

Clive Fixed Interest Income 113.86 ‘ 


ALLEN HARVEY A- ROSS INVESTMENT MANAGEMENT LTD. 
45 Comb ill. London EC3V 3PB. *1.: 01-623 6314. 

Index Guide as at November 2. 1978 

Capital Fixed Interest Portfolio 100.02 

Income Hived Interest Portfolio 100.01 


EUROPEAN OPTIONS EXCHANGE 


SeHei 


•tea. 

Vel. Lui 


Apr. 

Vot. L*-t 


J ni v 

Vrtl. • tint 


ABX 

F.330I 

5 

42.50 ! 

• 

• 



— 

F.356 

AMS 

P.360: 

5 

18 . 

— 

— 

— 

— 

„ 

A BN 

K.370I 

8 - 

11.40 

— • 

— 

— 

— 

„ 

A K' Z 

P.50 

49 

2.60 

22 

4 

1 

5 50 

1.29.60 

AK7. 

1.32.50 

23 

1.60 . 

32 

3 

50 

4 


A K/ 

1 .55 

— 

— 

as 

2.20 

30 

2.40 

„ 

Aim 

V 78.90 




20 

4.60 


— 

F. 70.20 

\i:« 

P.B3.90. 

_. 



3 

1.90 



— 

tl 

fib* 

560 

B 

31; 

_ 

_ 


__ 

S5a: ? 

Eli 

5»70. 

5 ; 

1 

5 

2* 



— 

„ 

fin 

P.35 

■ 



1 

7 




K. 37.60 

Hi 1 

F.37.50 

10 

3.10 



_ 

2 

6.50 

„ 

HO 

F.40 

SO 

2. BO 

1 

4 

3 

5.6D 


115M 

5240 

1 . 

341, 

— . 

— 

— 

, — 

.S367!j 

IBM 

5260 

1 ' 

20 : 

a*; 1 



, 



_ 


IBM 

5280 

6 

_ 




— 

„ 

IBM 

5300; 

19 : 

3- ' 4 

11 

?i 4 ; 





KLM 

P.133.301 

5 . 

13 

1 




— 

'F.136.50 

K Lit 

P.I40! 

1 1 

9 

5 : 

15 • 



— 

1 

KLM 

P. 142.90; 

14 1 

7.50 

— 

1 



— 

1 

KLM 

5.150| 

t 

— 1 

50 ; 

10 - 

— 

— 


KLM 

P.152.40, 

10 i 

i 4.50 l 

_ 1 





— 

i lf 

KLM 

F.I 60 ! 

7 1 

3 i 

18 1 

7. BO . 

5 

10 

! 

KLM 

F. 16 1.901 

25 i 

i 310 1 

1 



— 

— 

1 - 

K'l.M 

FI. 70| 

6 1 

' 2.10 I 

40 , 

6.30 : 

1 

: 7 


KLM 

F. 171.401 

9 I 

1 2.70 | 

— 





: — 

1 

K'l.M 

F.I 8 I 1 

30 ! 

1 1-30 | 

- | 

: 



— 

fi 

NX 

PJB.90; 

1 . 

1 14.40 1 


, 



— 

|F. 110.50 

XN 

P.108.90 

5 

| 6.90 | 

_ 

— • 



— 

M 

NX 

P.lSOt 

— 


3 1 

5.80 


— 

„ 

PHI 

P. 22 .& 0 ; 

1 1 

1 «-50 ; 

, 





• 

■ P.26.70 

ret 

F.25 








25 

4 

1 M 

PHI 

F. 27.501 

6 , 

1.40 : 

93 

2.30 




tt 

PHI 

F.30' 

5 

0.60 

3 

1.40 . 

4 

1.90 

„ 

Kb 

F.120; 

11 

7.50 



1 

__ 

— 

F.I25 

KU 

F.lMl! 

8 

3.20 : 

15 

5.30 



— 

M 

Kb 

F.140 

5 

0.50 1 

8 

2.20 


_ 


I'M 

r.i 20 < 

20 

, 3.10 

10 

4.60 


— . 

F.120 

I'M 

r.i3Ci, 

Vf. 

F-l 

■— • 

10 4 

Mur 

. 

P* 

570. 



| 

15 

Sr 



S 6 1 'i 

n.\ 

580 


■ — 

— • 

— 

2 

3i 



TV'TAI. V OJA ME I.V COSTtACT* 


35: 


AKES 


i-'r : 

> t, 

* ‘A 
ifrsi 

i- i~ ■’ 


iw*fc ■*' 

flrtS 9 " 


«T'“ 


0 



xr. «• 

[r 


r.-i . 1 
"7 ' 
t - ‘ 




The Royal Bank of Scotland 
Limited announces that with 
effect from 6th November 1978 
its Base Rate for lending 
is being increased from 
10 per cent, per annum to 
111 per cent per annum. 


The maximum rate of interest v 
allowed on Deposits lodged for a 
minimum period of seven days or 
subject to. seven days’ notice of • 
withdrawal at the London Offices . 
of the Bank.wUl .be jncreased to . 

7 per cent per anhuio.. - 




Aimeunce that 
as from Monday the 
6th November 1978 their Base Rate 
is being altered from . 

■ to 


A high income now 
withprospects of growth 
in income and capital. 

Gartmore Higb Incorne Trust is ' 

primarih' in\ vsted in UK equities, and 
aims m provide a high and increasing 
muome without sacnlicing potential for 
long-term capital growth. 

Since the Trust was launched in 
April 1075 die offer price of units has 
increased by 1 35.7% compared with a rise of 74.9% in the Financial 
Times Ordinary Share Index. In addition original unitholders have 
to date received a gross income of £58.05 for every £100 invested. 

Remember that the price of units and the income from than 
can go down as well as up. 

You should regard your investment in High Income units as 
along- term one. 

. You can invest any amount over £ 200 . Simply fill in dir 
coupon and send it to Gartmore Fund Managers with your cheque, 
or consult your professional adviser. 



18raa .^rid 

^^aaja/.VciaAiTjy,-.< I 



. 1Ha«t*«,rf mu im h*» u. um* not *r arnmnmm W i^ia- wit laSrai d.y. Inas i 

cboftj, vvfi*) ma r4 Msmctiv mas s ^ar i rciASierd ^ nwft 

- TbtTmwii^— nmg«1g«i iAj»m ijlti-iHur tir^ditord ^riUmibo; :nr'. 

rphMHfawvl IVrotfimi R^iiadahoionrfiBcaKattt 

IhtnicCTt IwttlaeAlferuJihnIlluadx-ljfadHnujraiiaSTaaftMiDiJftia 

MdT 0 / f LMjrr. Thr mT on ci' 

IbetoiJiMia' 

d alUfi) (wBiiMiii.Mil^gdifaBto<lrilMrilifffldir i a «nn lwffti»an,)ttl 

ISsTnan ■ AUisid BuATiuR Conpia, lid. Hit Urain- ■ /dw Tiw« tt* Gctiw, Fund lloa 
U.iSillnAic,lAtsCCi\W.TA|iiaae n t*ij;ii rinrtur'ih I mThnA.n. limii 
Ottooec IUUX Md-tn [Onamm l W. CmpWJ AIb LA, AM. AnL^AJJl, CoBa, 

&8>mn b CA, )AHmn CA 

-■j^RamUkenninL- 


Fill in the coupo n and send h now. T<k Gartmore Fuad Managers 
Ltd. 3 St. Mary Axe, London EC3A 8BP. 1 JM Sa .’IJTJS% ad*m* ttaaiL 

IPXcshuuld Eke 10 buy Ganmorc Hi gh Ionsre Unrw bo tbe value of I'.tfii £ 200 ) ■ 
JY | si fin* offer price ruling on tfac day you 

- I recwetf**coHrarir>o*' 


J/WcencJnsa a remittance, payable to Gartmore Fund Managers Ltd. 
*For your guidanc e the offer price of Gartmore H^fa Income Uniaqa 

shd Novondva; 197S «w(44fv 

□ 71+Rtt: 

If p-jw rmoatrura lywiiiitiy !ufP iiMuc iwBvtvBKQtcf hci nenm 


IjBidMufclwlCTMidit awrifi ii mmiw i w WBt wib i 

^■■*t a w a > M mB< ii ii |*ni«<B ) .L Bd u « iiu B i i > 'i<it»ebA*^TtB«ronUi>Mn 
Mm b UxaU br Mad utf |w MlnM hU M m miimma donfanj 


J cy rfiL 


SURNAME CM8. MRS. MU 
IUCTNA1QSI KRILL— 


aCfMTTJRES. 




FT«»i»HI 


Cocoa 


Hie Outlook for 1978/79 

Inter Commodities 

limited 


Specialists in Fundamental Research 


It 

i 

i 

i 


To: biler Commodities InL, 

3 Uovds Avenue, London EC3N 4DS. 
Telephone: U1-4B1 9627. 

please send me your report on the outlook for Cocoa in 
1978/79. 

Name — — 


Address. 


Hi 

i 

S 

-I 


■ - Telephone No. ^ 


AUSTRALIA IS MAKING 
THE MOST OF HER 
RESOURCES. ARE "TOU? 


We suggested a few months ago that there was 
money to be made in Australia. Since then a good many 
commentators have supported this view, and a good 
many investors have taken a stake in the country through 
our Unicorn Australia Trust. 

By doing so, they should benefit from the country’s 
vast store of natural resources.The land and sea are 
yielding new strikes of copper, silver, zinc, diamonds, 
oil and gas, and the country is rich in uranium. 

Our enthusiasm for investing down-under was 
reinforced when the Australian Budget was announced. 
It set out to cut back inflation and ro boost company 
profits.The mining and energy sectors in particular stand 
to gain from the new measures. 

With the government determined to attract 
investment and at the same time exploit natural 
resources, Australian prospects look good . 

And as the largest unit trust specialising in 
Australia, the prospects for Unicom Australia look just 
as rosy. 

The trust's aim is to obtain long term capital 
growth by investing in a spread of Australian companies 
and some British companies with Australian interests. 
Mining and energy-related stocks make up the bulk of 
the portfolio. 

Its performance over one year has pushed it into 
6th place out of 3 55 unit trusts, according to Planned 
Savings Magazine. 

So perhaps it’s time you began to exploit vour own 
resources a littiemore vigorously. 

You can invest in Unicom Australia Trust with a 
lump sum of £250 or more. Or, if you wish to save on a 


regular basis with tax relief, you can make a monthly 
payment from £10.30 which also provides life assurance 
cover. Please fill in the subscription form below. 

You should remember thatthe price ofunits and 
the income from them can go down as well as up. 

You should regard your investment as long term. 

There are two types of unit : 

Income Units : distributions are paid half yearly on 
1st February and 1st August after tax at the basic rate. 

Accumulation Units: the after-tax income 
attributed to these units is automatically retained within 
the Trust to increase their value. As there is no initial 
service charge when income is re-invested this way it 
provides an economical method of investing. 

The price difference reflects the accumulated income. 

The offer prices which can change daily, were 79.7P 
per accumulation unit and 6z.Sp per income unit on 
3rd November, 1978 with an estimated gross yield of 
I -S 7 n o p.a.The first payment to new investors in income 
units will be on 1st February, 1979. 

Any branch of Barclays Bank can give further 
information and advice. 


, Prices andyield appear daily in the Financial Times and 
other national newspapers.The offer prices include the initial 
management charge of 5 and there is a half-yearly charge of 
* % plus VAT. Co mmis sion at 1 } % is paid to authorised 
agents, but not in respect 0 f Barclaycard purchases.Vou can 
sell back units on any business day at the bid price ruling when 
your instructions arrive. Payment will normally be made 
within sev en days of receipt of the renounced certificates. 

Managers: Barclays Unicom Limited, Member of the 
Unit Trust Associate on. T rustee : Royal Exchange Assurance. 


BARCLAYS UNICORN AUSTRALIA TRUST 


To : Barclays Unicom Limited, 252 Romford Road, London E7 9J B. 

Surname (Mr., Mrs. or Miss' 

Address _ 


■n 


| Lump Sum Investment 


.Forenames ia fulL 


I Je wish to invest 
iMmanum£z$Q) 


m income/aocnmulation* units ofUnicom Australia Trust 
and enclose a cheque for this amount. 

* Delete whichever isnet applicable. 


If you wish to purchase these units thrmgk your Bar day card accourd please 
fi&myouf Bardaycard member here. 


i l/W e understand that orrits will be bought for mc/nsztffie offer price ruling on the dav of receipt of this application. A contract note showing the j 

nunbtr ofj^spuTchased-aiUbcseni w you. Certificates sitt be posted tsistet six weeks. I /We declare that f am'vre are not resident outside the S 

I SchcduIcaTerntonesnor acauirinEthennitsasthenomin^s^ofanvoerMini'Ki rh»«*T>rrirnrieK. 


I SchwuIcdTerritoriesnoE acquiringthe units as the nominee^) ofsny person; si resident outside those Territories. If you are unable to make 

■ das dcc- 2 Tcn'.an,ix shoidd be dcla ed aid the form lodged through yonrbank i 5U>ckbrcfuri*r any other authorised ocporiiary. In the case of joint 


| applicatiarj all must sign. Titis offer is not available to residents of the Republic of Ireland. 


Signed- 


-Dace. 



Regular investment with Life Assurance and Tax Relief. 

If you want details of the Barclays Lite Assured Saving* j ! 

^ Plan, investing frMn£ia30 permontb, please rick here. ( j 

Registered Office: 54 Lombard Street, Lo nd on EC3P jAH. Registered in Eng lan d No. 5S9407. Ultimate holding company Barclays Bank Limited. 


I 







Bad men 


BY C. P. SNOW 


Hodder, 


with masculine strength and before any possibility of trial. 

Nuremberg; A Personal Record sometimes a layer of grim was also devastatingly able. So 
-*«.• of - the Trial of the Major humour. He makes one feel grate- was. Speer. whom Neave 
Nazi War Criminals by Airey ful to bave been spared sitting regarded, and still regards, with 
- Neave. Hodder, £7.50. 34S through the trial: but I think he increasing dislike. He was too 

pages also makes one feel that It was smooth by half. Neave was cer- 

right the trial should happen. At tain he knew all about slave- 

it a niPfP nf lurk for us all the time, and long afterwards. I labours and was its chief 
Au-ev NeaJc was °d “uty myself was tempted by the employer. He was very clever. 
: ai the Nuremberg trials He was Churchill view— draw up a list and conscious of what he was 
■law tSSSSSS" aTY vo?" of t0 P Nazis - aQd when they are doing. NeaVe ' sums up his 
hfviver he was deouted to ‘serve captured, shoot them out of hand, reaction:. “! felt he was more 
iie y indictment on ^twenty-one Neavc Gives firm to beguiling and dangerous than 

Na?i riefenSi- There could?? Prove aQd shouldn’t Hitler.” 

hare beVn d ^better h choice He have uorked - Incidentally, if On the other hand. Neavc. 
tad had am IxceDUonalwiduou? there J* a ° other war - , w * at with his sense of justice, equally 

war witfT b " varS S arc ^ chances of survive for bad no doubt that some should 

. rili^ n d pa^mai^y “pen- ^ “ fte 10511,3 ade? »« "iS ? ub 0 S L“,'V,e 

ence as anyone in Europe— Neave s visits to the prisoners wh r ° rf Y a f * 

infantry soldiering, escape from arc drawn with a sharp and 

German prisons, interrogations unrelenting eye One oddity, j Jsf P * 

by the Gestapo, underground which the book brings out more but JoS^JII J 

work with resistance movements, clearly tban ever, ts the extra- 

miscellaneous jobs in Intelli- ordinary ragtag and bobtail who °“L c ® r J"? 

gance. As a.uah 3S a single m aa had tap jobs in the Naai start v ’S'r’l,™ 





BY ROGER COOPER 


— China-watchers of ‘ reading b©.;. 

Iran; The Illusion of Power by tween the offtaiariines. and some ^ . 
Robert Graham. Croom Helm, 0 j his most telling broadsides 1 

£7 95 228 pages ‘ are infect quotations from the ■' 

L — ‘ ~ " ‘ ■ — - — - 1 t Shah’s own words. -He cites, for - -. 

- Robert Graham spent two example, a. comment on single- - 


- Robert 


years from mid-1975 as the party systems made- by the 
Financial Times correspondent ^ i$6Qs: 


Trevor Hvmphna ’ 


Three faces of Dirk Bogarde whose latest volume of autobiography is reviewed below 


Vive la difference 


in Tehrian, and in. this timely 

book he has “encapsulated," to 
use his own term, a remarkable 
■period . of Iranian, history , the 
boom-to-bust years from 1B73 to 
1977. 

This- is the first detailed 
account of . the unique oppor- 
tunity which Iran, or. rather the 


“In -the elections (tf-ydu can 
call them by that name) the 
voter 1ms no choice,- for the 
only candidates listed' are those 
of the ruling party . . . j 
wonder, how many intelligent 
people are fooled by that sort 
of thing.” 

There is much solid detail to 


BY B. A. YOUNG 


Shah of Lran, for Graham makes- ^cS&m’s “ t^f£e" 

it clear that th^ughout jls ] evd g% f 

period the two were amonymoim powe # m operated.: He 

in terms of ^cislon-making, showB behind the apparent 
won by the quadrupling of ou ^^ju^ons of democracy, such 
prices in 1973. and Jheway “ aS the Cabinet, Parliament and 
which this opportunity was mi»- j U( jj C tary. are the “ covert ta 


-or human virtue. In observing, it produces wonderment that when set to work (o the mode 249 Pages 

and trying to understand, the the system should have shown of duty. The commissar order 1 

opposite oF human virtue, he such astonishing resilience. Of — obeyed in the mode of duty. Toi, y Hancock “Artiste 

j ,_-4. c..i r : - «u., tt i«-i . u; ... nn „ .e v ■ s Dn nA . lirn^.u 


249 pages 


doesn't fall into one 
sentimentalities of our I 
facile over-compassion 
.'doesn't believe that at 
ever really guilty of an 


dent that what he want 
— be done as he wanted It 
hy to the inconvenience 


wanted would can drop a name with aay actor) entitled *Successes and failures 0 £ investigating bow <■ 

ed it if it were once advised me that , if 1 had -reads ^ a ot so “ d this covert side operates, Graham 

ence of the reservations to make in a notice, 00 d economic disasters causeu expo^ enough skeletons ;ic 


With that admirable equip- observers said, in private, that Ing thought, after reading Quarter of this century into fairly chatting to you at the north end More, always seduced cated in most Of the OPEC allegations of massive- carhiptiox 

ment, Neave has produced a book he emerged as the ablest figure Neave's book and having to think prosperous middle-class English of the bar at the Garrick Club. a fiiuny story Sardlv dons countries, although the conse- influence-peddling are feins 
which ought to have its place on in that court, lawyers thrown in. again about the whole hideous Families, and their autobio- and his characters come out the himself foxfire when he devotee Quences were not so severe. m a He against several member! 

■the permanent record. He writes Goebbels. who removed himself business. graphics are likely to be as con- sharper for it He and Dirk to rr c tini p S a . much ,1“ t u .“ * Were It not for the too- rosy of Royal Family, and th* 

Silent as a pair of Euclid’s Bogarde cross paths occasionally. coffe commercial as to Father view of Iran's progress iff the Sbah has nbw- effectivtfy- m 

. triangles. There is the early They both played in Pmoer with- ggJL he once-?aid^ past decade taken by so many SSSei^em. ' ! 

struggle, then the wartime ser- out Glory at the New Lindsay in ^ most eniovable part- W had Western businessmen, diplomats j ^ ^ . the -nkme^Hn* 

Fiction X lc . e - £ en ^^.^cent to the top. J947 (the first play I saw after „lavei S Srmind and politicians (who un- wn rk 

0r S y . 1 *S5 differ ’ ihe war); they both scored hits B of h S haw lots“ the Shah’s 3” k by tD < TW 

’ f* r tv^u fn !t s deti ii ls that c 0 'i nl - in fi,m Doctor me Hovse: SdtoE most of Mr understandable euphoria), the ably still Se most ImpomS 

( -J/7 Yin 0Q r\T s!?a e rS! ar f? e «n ? n ?p e n re 0 k ; L a -! er ’ ,? heD Mr ’,S )re ha J prD r d lovX house? “ The GrS^ISS^ author could be accused of bias. KS 

B ft Ir gt p \ t mi t gitfgtt Bogaerde, is an intensely pnvdte himself more than just a fine Dpai Knusp " Was thon^a "Rmwn As it is. his account is a welcome emtpcfr and economic tmins. 

BV MARTIN SEYMOUR-SMITH TS* ^ « SSSS 

- . - . tiDE ,0 the proliferation of tn E Iy provocative, aod which ',S" e J n S 


gathered nett 


■the permanent record. He writes Goebbels. who removed himself business. 


Fiction 

Games of chance 

BY MARTIN SEYMOUR-SMITH 


~T~ Z — tion to the proliferation of ingly provocative, and which narrative and thp niavpr*; hut Rut thp driaii*; «Pidnm rnm**. a careerocraohv— a itnrvev hf »n _ ^ucn or wnac uramuuuas iu haps churlish to point; :tb: tfti 

• r&e' ^«^S ery Th£ g m5 m^ils^couW^b?^! ?Sriei^h? P01 ^;r n chas? , Sti ^■& B SSSAhf^ T 1 ^ F** tS un&S 

ZSSStt&'BSL £SslwtS S SS S 5S3S- sS ? t SSJBStU 

PM? dressed it up as a serious and ^r^iTto German^ccS SST^SSE: Si 'EM .ft. i ! il !SSS? “* a AJ n !!& e ^ «&.**«** 


179 pages 

Plumb by Maurice Gee. Faber 
and Faber, £4.95. 272 pages 


Ormerod’s Landing by Leslie . ( 
Thomas Eyre Methuen. £4.95. * n 



— I !L£ some way connected with Naples. Germans hefped the party 

They Do It AU With Mirrors by The obstinate widow of one of ashore, and the object of the 
Carol White. Cape, £3.95. 256 kires . a detective to investi- exercise was to obtain help with 


aged, non-Italian, male — and in was September 21, 


the names. 


devoting himself to painting and for addicts only, ..and Roger 


Some seem almost fictional in gardening; he was rescued by Wilmut is clearly an' addict' 


Live Balt by Frank Tuohy. 
Macmillan. £4.95. 1S1 pages 


pages gate. He is still very fit and of inquiries into a murder in 

course very intelligent— all that Wandsworth. 

Live Balt by Frank Tuohy. is wrong with him is that he has Leslie Thomas' tale is lucidly f— f • f s 

Macmillan. £4.95. 1S1 pages a m“ c , h , of . ba ^ . told. farcieaL highly readable, /7/YT/I/1 1 ft 1 T 

T “ I : 7 . That last detail turns out to un ifc e iy and sentimental. It is §> / 1 j/lff Mi 1/ / < 

Staoislaw.Lem is an immensely be important Adams the a i m0 st unmarred by vulgarity. JL i t* is is V / \ 

prolific Pole who has written astronaut’s meticulous retracing and is his best book yet: an in- t/ 

criticism, fiction of several kinds of the footsteps of the most senious murder rovstery with 

including satirical and futuro* recent victim, Coburn, and its some funny passages: very pro- BY RACHEL BiLLINGTON 
logical, philosophy, and other surrealistic— and yet perfectly fessional. 

books. He was trained as a doc- explicable— ins and outs, his con- Theu Do It \U With Mirrors " ' ’■■■ ■ 


1 Family feeling 




for disloyalty was so prevalent that Ahmad Shah vaeafed tbod 
In a country where at least throne and;the : Ma3tes , ^»ist hspl 
until recently Graham’s descrip- pehed to choose Heza- Sbah s* 
tion of the Press as a “Govern- his successor. These signs .0! 
ment public relations agency " is hasty writing, however, mmiilj 
scarcely an exaggeration, it is concern the period prior fo 197? 
surprising that locally published and do not seriously -detfad 
sources are of any value to the from the value of the book* at. 
historian. Yet Graham quickly an explanation of why. thmgr • 
learned the art of Kremlin- or have gone so wrong in Iran. - 


Natio 

West 


tu* fTmj. .,.„i — •• . r . -j :: They Do It AIL With Mirrors . _ . . . . vam .->uficn muvcu, n 

lvIlb v computers and with com es from America; the author A Portrait of Jane Austen by becomes more and more difficult 
ireniJ ?nH iin ZSinS w S ^"5 a “ d whal ,s fl0t was an editor and is now a jour- £nM Cecil. Constable, £6^5. to see her as the worm in the 
nEnnhSl nn Jhinre *?S 0,5,1 "“W** 5 . 3? naUst and film-critic. It is about 208 pages nest. On the contrary, she was 

philosophic^] essav on chance. ofr - jn lbe course of his investi- a sensible voune woman, earlv above all a member of a deenlv 


fident Jane Austen moved, it 


David Cecil. Constable, £6-95. to see her as the worm in the 


208 pages 


ibe mnrtom Ihe aleatnrv f«ueVi w “.i 7 V “7 *“•—** a sensible young woman, early »wic dll A uiciuuer 01 a ueepiy 

S is for the most nar\ horriblv Satio^) makes fascinating read- widowed, who goes through life Lately J had begun to hope affectionate family circle which 

familia? to u?ln Se mSb of !° S ' - Th,S 1S “ D ao ^ without making any adjustments that Jane Austen was too good beginning with six brothers and 

S . and i^ rela- '"Senious and subtle book. I to her rudder but who avoids to be true. Her "square Inch Asters, soon expanded to 

certain xnu.iuansi. an a ns reia don t th_mk I agree with what the serious collisions in time. Snnm nf ivory" seemed irritatingly endless nephews, nieces and 


nest. On the contrary, she was 
above all a member of a deeply 


BUILDING 

SOCIETY 

RATES 

Even* Saturday the 
Financial Times 
publishes a table 
giving details of 
BUILDING SOCIETY 
RATES 

on offer to the public 

For further advertising 
details please ring 
01-248 8000, Extn. 266 


author is trying to say (if I read of the material satirised is perfect, the lack of higher ambi- cousins. Most of the letters in 
him right); but that doesn’t stale (Tra'nsanalytical Analysis tions the outcome of a narrow which Jane Austen revealed what 

worry me at all. Groups, organic milkshakes, vision rather than humility and tittle she did reveal about her 

The New Zealand writer sleeping with helpless men she good sense. Re-reading the ar '- were written to her two 

Maurice Gee’s Plumb, his fifth doesn't really love), and the out- novels with this in mind, I was Favourite nieces. Fanny and 

book, is about a sort of saint: a look of the heroine (as I think able to convince myself that her Anna and the latter’s brother 
New Zealand Presbyterian we may call her) is not as in- comedy arose not out of her much Edward. 

Minister at the turn of the cen- teresting as it might be— it is vaunted ironic wit but from a By this time she was. in 18rh- 

tury, whose stubbornness is zany in an over-familiar way. vitriolic dislike of human nature, century terms, middle-aged and 

destructive and yet at the same and unoriginal — bat this is a The humour consisted of a no longer trying so hard to hide 

time heroic and admirable, nice book, with nice feeling, horrible kind of patronage in her writing. However even this 

Although partly fictional. Plumb about a nice and rather ordinary which inferior creatures such as famous secrecy which might bold 

is in essence based on the woman. Perhaps that is the Canon Collins, Mrs. Bates or even oul som e hope for the vicious 

James point. 




— BOOKS OF THE MONTH 

Announcements below are prepaid advertisements. If yott 
require entry in the forthcoming panda application should 
be made to the Advertisement Detriment, Bracken House, 
10 Carman Street, EC4P 4BY. Telephone : 01*248 8000^ Ext. -7064. 




Jane Austen: voting for virtue 


is in essence based on the woman. Perhaps that is the Canon Collins, Mrs. Bates or even out so . m e hope for the vicious Although very close to many 

author’s grandfather, James point. Emma were set up only to be neurotic theory turns out not to marriages and many children. 

Chappie. Frank Tuoby’s new volume of knocked down. b £ th ^ whole picture. Certainly she herself never married or had 

It is impressive, and gets a short stories, his first since “Why doesn’t she dare to take snetned for a very long time to children. It appears she was in 

good deal of its power (I sus- Fwtperjj in the Door (1970), is on someone of her own weight?” recognition by the world, love but her lover died. She 

pect) from the fact that Maurice highly professional but some- I asked myself — carefully avoid- almost rrom the beginning certainly was engaged but with- 
Gee is trying to seek out the what manufactured. The first * n 2 a too close study of Pct- J" ea ^ aloud her books to her drew at the last minute. Was 

good in a man with whose funda- story, * "A Summer Pilgrim." suasion or a too sympathetic intimate family circle. tins from faithfulness to her 

mental precepts he is in disagree- certainly has a point to make, understanding of Elizabeth . , deed David Cecil emphasises dead lover? It seems unlikely 

ment There is sometimes a and one wbich the author excels i Bennett. After all. even Eliza- . r * ron , 1 : ner writing arising as they d only known each other 
Joyce-Caryan quality to the book, in making— cultural differences b^th spent most of the book If 0 ™ 5 ! P^’nl'anty m her nature, for three weeks. Or was it from 

especially in its depiction of the and the real as distinct from the making a fool of herself. * d « V « y KV nsn J 

central figure's appalling and abstract effect they have— but It seemed typical of England "?h de h i fir inc “ p f ble 1 .? f 

vet appealing rigidity. Indeed, falls dismally in his presen- that we should produce such a p,unge . “ nl J? . 

some flexibility has' been lost tailon of an old poet whose work pusillanimous genius or. ^ven do . al c _.f_ a ^ «nt cwept 00 soraeone else s behalf? 

because the author has written is supposed to have appealed to worse than that, a hypocritical P d i - w™ ice " * As , a *S£ at adni, «r or Jane 

the narrative in the first person: “ ^ree . or four successive one. If Jane .Austen really b J h( I, Lnd bv the Ice of £ usten V, „ ro . l f 1)ded human 

m i_ K ffnniirqfiAnr nF n A hplinrArl in tha mnrolih- nv. 11 ■ * 11 - ‘ leDflH Jlia Dj UJC 3b“ WE OPI rlf» RlVlrf f-PW 1 cllf'irPC c fhic 


Plumb tells his own sforv. ecncum/ua ui reaueis. Airaos- "'"'•w. **■ •••*. inui«i*i.» jc th.. hnri writtpn hrr short 

That means, too. that 'certain ft*" “1_ a . wa i: e “ es ? : J‘ r ?. thcr . e EESli n nnveN Cath/iSe ! SthSgh it 2 ,JF 


generations of readers." Atiuos- believed in 


morality 


had basically found “her voice" Austen, the rounded human 

re rh r % e j n!; . a « d ^ ?! being, David Cecil suggests this 


Although it Lfa a t a writer of genius knows 


"cTSi" Te S ’ S obtruaivelv alTThe tim^^butsitSatioo is whaler j™*. CM***. Although it 7 K geniusknowl 

dropped about his perhapsiome blurred and clumsy: an old vein was she doing scalping poor rrea- {a uLio mature ' he7 aim J^to ' - DStin ?. t,Tely he T r firs I duty 

SStedS narrowness! j* “g ^ 1,0 """ f3U,t ^ 

fu ! ] c.enuine^but not the author *at This altitude was an in- rc 'J? suited to the creation of her 


IWake st a iarsh for a Story Christmas! 


justice is done to t^e photograph Sf £S- but nt>t lhe author at 
of Plumb (is this Chappie?), in- Desu 

corporated into the jacket design, 

a photograph which is fascinat- r 7 

a. - . short 


remained the same. 


GRAVE MISTAKE£4.so 

The genre in its purest form by one of its 
greatest practitioners .... This queen of 
the straight crime novel has given us yet 
another flawless entertainment. Long may 
she reign.’ Jeremy Brooks, Sunday Times 


Just Published .... 

PATRICIA MOYES 
Who is Simon Warwick? £3.95 

A classic whodunit from another Queen of Crime. 

JONATHAN GASH 

[author of The Judas Pair) 

Gold From Gemini £3.95 

Lovejny is bach . . . Need one say more? 


for him. may have run out than folly? remained the same 1 wa .® leading a life perfectly 

Genuine— but not the author at .Thi* aintudc was an in- p h “ l y h most in teres tine * ulte J 1 W the creation of her 
his best vieorating exchange for the stale „ f 3 naviS cSR hSnkU h£ n ^ veU5 ' Therefor e why should 1 

admiration of years and, although S nf n A , l ! ihe . cha "S e it? To most 

tending to make me harsher r 3in ,7 v It " e " f , ' ^ tv incfdent- ei Sbteenth-century women mar 
7__ J with the lengthy idiocies of. for L v lh f am ii v y, tree was riage opened the doors to a wider 

ill Short example. Mr. Woodhou**. made added in * he evee Merit ancTriec? ?® r,d -. To Jane Austen it would 

in VitlKJi l me D0 less . Mc IO appreciate nlctures -SS David Cecil have c,osert thcm ' 

— — _ — the brilliance of Pride and Prc- romin ,.L s Sons’ and dauchlers Throughout A Portrait of 

AM In The Day s March, by Maj.- judice. On the contrarj', the a ji(j e W ere cultivated S and Jane Austifii David Cecil stresses 

F7?n ion 1 ?,,? 6 Chem ’ Co,Uns - belief that the author’s recos- humorous and sociable." He approvingly that the eighteenth 

ti.au, pag es nised rapier wit" came from Dlisht harc addert that, with the century was the Age of 

General Bel c hem’s military 3 inrnd appropriately vicious on g exception of the not very “Sense." He has written a very 

career began under David Niven i' a “’ er . than discreetly virtuous, black black *hecrp. Henry, they sensible hook. Also a very 

(his Term Under-Officer at Sand- f lt , 3 ” more exciting, were also successful in worldly enjoyable one. However, despite 

burst), included several years' unfortunately, this theory terms. The two youngest, in par- many excellent points. I can’t 
close association with Mont- j lk e ^ a . 11 sood theories— was best ticular. distinguished themselves , heI P feeling that Jane Austen has 


burst), included several years' 
close association with Mont- 


gomery (“my companion of! . in . ? vacuum, and David j n fh e navy. Francis becoming kept her secret still. As he admits, 
many battles"; and ended with],, In admirable A Portrnil Admiral Sir Francis Austen. “she remains for me— as no 
his own retirement from the \- t d anC ; B! " ra i 13 Jn f ea .^ Even a glance at the number doubt she would have wished — 
Army as its roundest general. I* B u a r 2 vcn " <? - ^■ v ' en allowing (,f i Jr ^p residences Illustrated n ot an intimate but an acquain 
As well as his military pro-' j the shortage of personal evt- m the- book makes the point taoce.” 
fessionalism. Gen. Belchein has!?if n , c ^' makes a strong case that although -Jane Austen her- Selfless daughters. loving 
a good dash or “ Niven Ism " in an * w 1 u * lcn for ti ? l J sc,f hved a relsilively simple, sister*, and attentive aunrs gener- 

his own nature. He relished the SffiSL. s , h „' 3 f ? d h f' , neo w ° r n l “ 2 ven :, 1 r ' ,>r hcr . { ! a, J hcr ' s , death, ally do not produce great works 
moment when an Italian central : _ in - od sense and financiaMv cunnilrd life, her — even if they do come from : 


o financially cunailed life, her —even iT they do come From j 
it connections were of the highest, literary’ background and live in 
She had nn need m be overawed the eighteenth century. Or 
hy Lady Catherine dc Bmirph. perhaps that viewpoint is merely 
i- ^ ef. ;n onp i(ii|i(irt.int sense she evidence of my twentieth-century 


■ liuipbui »» i It. 1 1 du AtailOli i,CUCI ill ; ^ . A _i __ , - - 

tells him: “If wo could combine • ,. h v, umoli -r and a S nn C c, J ons uer V of * h * h «^wl. lit« 

Italian fightin” "Uts with the' fiI T 1 v ’ ” ,J,,h ■ " She had nn need to be overawed thi 

backin'* of English money we' As he pa;nu a convmcing pic- hy Lady Catherine dc Bnurph. pei 

could "sweep ihrou' , b Eurane lUr ° Qf !5ie confident eighteenth- Vet. :n imp im|i(irt.int sense she ev 

He writes admiringly I ccntur 7 snciety in which a i-on- did live the life of an outsider, conditioning. 

well — oF Montgomery- But notl ’ 

rl S spCFI ! Growing up in Provence 


newsmen as conceited and self- 
satisfied. They listened with an 
antipathy which found its way Susannah's 
into the Press. When it came to Ni colette 
the need for a Land Forces Com- I® 4 P a se 

mander. Europe. Eisenhower Telt 

restricted by American public The on 


JfW VVlflg UJJ III JL f U VeriLst; BY SARAH PRESTON 

, . ; thar the author makes a systema- about Edouard pi*re who, like 

isannab s Nightingales oy uc examination of an historical some other Victorians ic 
N i colette Devas. Collins. £6.50, curiosity. On the contrary, the London, enjoyed a second 
184 pages unprofessional way Nicole tie unofficial Family round the 

Devas went ahout her research comer from his legitimate one. 
and recounts her tale is what Nearer our time there is a 


Quaker 


opinion in how far he could use house in France belonged to sives it charm. She has particu- vivid account oF her cousin 
I Monty’s talents in the common the Majolicn?. the family of la r sympathy for her Irish ChriisHnw Mam^r manani*# •»,- 


her Irish Christine Maroger managing the 


COLONS GRIME CLUB 


cause. Nicolettc Devas on her mother's 3 rand mol her, the Susannah of estate during German occu- 

General Belchem’x own choice! side. The author hjs used other J he title, who came from Cooper pnlion and giving refuge to two 

for war correspondents, he I parts of her family history to *«iM. Limerick, and who married Jewish women In her half of the 

writes, would be men of unexcit-i good effect before in Tiro r-doiiard Majolier, known as Ted house — " 1 said they were my 

able disposition and high inU-lli-l Flamhopunt Father-,. h«>r account anil himself the son of a Franco- cousins"— while Germans were 

gence— not youngsters seeking of Jtfo with her adoptive father. English .-ill ijnc.'. billeted in tilt* other half, 

advancement by exaggerated Augustus John, hcr sister and Susannah brought to the Nicnletle Dcva.s was trained 

sensationalism. brother-in-law. Outlm and Dylan Froven^al hno-je .jf Bel Ombre :is an artist and -she shows a 

Herr is lucid narrative and Thomas, and her firs! h’J-:baod. her Irch silver teapot, her tea- painter's eye for lhe detail nr 

first-hand description by a man (Anthony Duvas. who dted in **h from Barkers and built a a farmhouse kitchen or a wild 

who has had a lot of fun out of 1 195S. summer pavilion in the shrub- garden. Her excitement and 

his job and one who knewj This story of a Quaker eom- ncc.-. i: ;va> I h rough Quaker trepidation arc affecting as she 

exactlv what he was doing— all! m unity in the heart of Catholic trading that tbc family's British uncovcn; her own early years as 


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exact I v what he was doing— all! m unity in the heart of Catholic Trading that tor ijnnly's British uncovers her own early years as 
the time. j Provence is traced in an equally cnnnpctinne were first estab- well as her family’s past in ting 

JOHN DUNSTAN j personal way. It is not claimed ushed. Along the line we hear unusual memoir. 




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--- 


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Financial Times Saturday November 4 197S 


t U3/> 


?V:| 


THE FAR EAST: 


M&G FAR EASTERN & GENERAL FUND 

The strength of Far Eastern slock markets has been 
a feature of the world investment scene so far this 
jHf. M&G Far Eastern and Genera! is among the 
ie3ding unit trusts of 1978 and is particularly well- 
placed lo lake advantage of these specialist and 
volatile marfceJs. About 85 % cf the portfolio is 
currently invested in Malaysia. Singapore ami Hong 
Kong, and investments in Japan and Australia are 
also included. The Fund aims to provide maximum 
long-termgroBih by investing in a Hide range of Far 
Eastern securities, and yield is a secondary cor r 
sideration. At the latest buying price for Accumu- 
lation units of 71 ' 4 p the estimated gross current 
yield is Z 44 %. 

Ltj! Trorr' vei kv?-'* -lar. j.Tn: 

* .■*: i >: imncv '.'ti: ?m. :rjv ■ **c <i ■ nm noiic* 

o' I'Hji*. jriil me :rorr.; h .cir. n;jv \-i 

oc.v-- i". ■.-*«. v. up. 

ind v’iCfjr \> r f *.v/ If-wj: 

T-irr? oi .'■i '. n-’i - '.AT 

^ rr.buiKE’Crtrft miJc ca ! J.‘f; '"p'lirria ii’tfcf •.*.!:.-s>w 
; >f t'-'i: rj.n 7 !.« 'c/r- .w 

mvesior: .Mil lf:;h mdi:! ; lor cm iw> r 
uf-K :in any da/ iViu; :« pn*. V : ?.- l-i 
■Mies r.ili be m.e fo' seideTe.i* ; c-: j ;.■& ■ laii:. 
■■/.■Pin, if ion 17 cays'ji e U i L'.jd:!rt! Tri“!-i?: 

L '-i ,t.s BdOr. L r.Tjred The F yr j y ..icer-r^!.^ * e' . r- 
'!>• *nciK aiiih.if jd ct\-ir: Prefer/ o! fta-e : c-r foie, 
f.'iu ij.i member ot !te Ll.iu T.-;ct faiajaiipa. 
TWO WAYS TO INVEST 

As an slternalrrc, or in addition lo investing a capital 
sum. you ran siart a Ec$,ular Investment Plan fhrcurH 
a !ile assurance policy nilb heneiils Imhed to the MiG 
Far Eastern and General Fund ior ar. ptUe as £ 12 1 
month. 81 - lofM* 1 : Idtpendm; on your starting arc I >s 
invested. except «n ihe lire! \xn years wften an * 5 - 
diliorjl 20 per cent c retained to meet settms-up 
expenses. 

lV d b.M Plan ; ly.y ■m* o::'o 

w..i vc-nr m>: ironinlv ; e.rvfiS'»u. ; n nus: 
C2i~. ajprKJjbiy teta !n-:i !l:t rv.n!nl> o' 

>j nil ■ . on yovf bfiiij’l £t.\s hire: i-iv..L..si..ci 5 . Id. 
R^fut' 'r'-^cinen! mr: V.pe p“*nr t.iar i!.<* m*ii- 
:.-b;e tiu^jcliw;. ;r Ifur cr«.fti-.: u'«! ; $ res .> 

jrithm-Ua! .‘di'J P-.. Co>! Av>;- 

AfV’h. tK^irj ; vcji Qfer.um is :.v :i ,■ r u •• i> \'- 

'.viirrufto pn.:^ 'f>ti .'in.'l At;^p.i;r i.:;;-. 

?-';;'F;::( -.V';nr;uVt!v-!l!h? 'vi.l Wrrs: 

virijf n’l/iiJl'Jv t :ffjr t ; * -r’:. '--2 z' 

ip ftifften* yi Me .:«•/(: i-. m J-c Z-c- mr 

hi'icr.f.Vj. up ti> r ■; f vj.'.r- Ii P.'»i ; ! ecl-i<,i:iM 

I:- rciiei a! ni -J ;.i r.r. 'orpin,: t ;>J find. 

I: f m or .:cp v«»» Pj/rv-r.: - rlur.-ni- iiie li"l 

•t«*ir .?:r: :h a r^ i; ? Kr-?'r:. ?xz !'];• ,y aishcnli". 

*- : 1 5 ir-Gj.-aerui !•.'■■: =•. ; •!•:!■. u-i- 

i’Tfr ill- F'l'-i i;.r !•■»-«; •ji;..'} *...■ ..5,:' V.'r.^n ,*} i-;- 
rr. •■mr; Of 117 1 :i .-if’ ,• . -^;.p t|i^i 

f.r.i:G 17 : . meir>' 3/ L.i-.- v.vis-e5 A:.:, -vnnn. 


' j* ^ ’lop pci’fnrminc. trust in I'lmonihs 
H pgPy faP fc to Sepremlvr i i* MAG For FioM'-fi'n 

1 SUNDAY TELE GRAPH • “ 

g M&G F«v l:!astcm looks particularly 
9 attmciive - • • Sunday times • ■ 

r two waystowivest’ 

■ Tc .-.iftG ^ROUP LT D TrlfrCiJiJs,;,. IuV.cR Hi; I * *V p ;il*JT! s 1' - --•■1 

| TEt EPHOHE-Oi-a^^ -lo This section lo be cosipietcd by rij «ppfc;ms. 

■ i : .' -.'•k i' 

* . "" 

| ” ‘ 
i—i 

I : _ o.,; cG-yjnie 

1 I 1 11 mm , 

S j| i | S J | 3 TTT'TT? Cmplrie IP:' ' rr’.uyr. Si- rn-V.c .1 f jprJ.a 
I fc^UUA A n * m ■ » m A A tno '!rr.."n: ol r ,i 0 hi.,, >r..i- 
j lh) not vntf any monev •• • ■ 

I PLEASE INVEST £ 1 ■ S , . 

* rn*- .... •: ....... , ... .. 

9 Far totem and General Fuiirf :;:.v i- : ,\:^ : 

_ iflPf'i.V- 1 ! 


2 IWHf" * 


I "TZn*£l ** ,hl '- ^rtinn H vnn ~rh I.. I.irl Lrt- A...,nr.ir.. - 
" < ^ lCr b| Diftne ff.nr.lhlj uiPtraumr im i .m.in r j ' n -.-n:h> 

■ I WISH TO INVEST .... f .. u 

I hc-.wlil: I •««/ 'u *t.‘ M&G Fv c Vjtcm a.irf Gcncrjl Fund I mJc'c my 
‘.hcquu 101 n>c Inst monlhly P tyiKnl. nude pa,ab!e So ilUi T:ir-I 
I lAssuuncet Umiird. 


J| Orclsnhon PflPT • • 


1 ftM ?l ■. ..... - - . 

■ ’ 'l •• . 

■ V 1. '■ . • 

1 jevil'. fi 

H rcr f-f - . I ‘ r 


ifftwi 


National 

M Westminster 
mw Bank 

NatWest announces that 
with eflect from Monday, 

6th November. 1 97S 
iis Base Rate is increased 
from 10 ., to J 1 i 
per annum. 

The basic Deposit and 
Savings Account rates 
will be increased from 
6! : , to 8 1 : per annum. 


Standard Chartered 

announce that on and 
after 6th November. 1978 

the following annual rates 
will apply : 

Base rate .... 114 % 

i Increased from 10% I 

Deposit rate (basic) Si^O 

(Increased fmm ) 


afthepeakof 
Welsh potential 


W:ili 10 larw 
sNiacd -A.-irl:lV.r«. ». pr.-'un:- 
itj t;-> nniT r.yrke:-. jji.I 
nalK.nd l l -ii:criul i--: u'. I ;i i r.i- 
muni cal ions nc i wvri.s . tin- 
pr-'grci-.nr Welt. c..'ii:i:y 
ri-'inir.ile- l!ii u-jrslt-v ;i<- 
rrn ik s v.*k*pmeni sc?nc.T:« 
nrvs in C'v.sil i, uS.' r. 
sale - n.-i ?i n-:cs. - .md 
il> u gr.*Ji place 1-- Jr.c. 
too. 

Ta'k an.. nt the 

Iow-cvVl sue .!»■: t 

plus e\;enii -7 linaricf ti ji-1 
avstljhic ir.L-.-.nn; in- 
dU-Mncs - v. :'ii rijkc 


r.tiSjci W;,j n; •I'.Tsm. 
Coumv In.iu-iri.d Ofiiccr. 
Chwd C -.ini', r^iir.c:!. 
Si ii;c Mall M-lo I -.el SH I 
2 1 2 D K-r ties coh-ur 
brochure. 


Bank Limited 


EXECUTIVES 

If you are in ih« job markoi 
now - we arc herf io help. 
Coutts Cerwrs provide:— 

*: Excellent job ?i*arcn 
assistance. 

■■r A ihorough knowledge 
of the job market. 

: i : Contact with top 
recruit mem. 

ss's Confident ia I and expert 
counselling. 

■V Superb Serreianal 

beck up. 

Telephone now for a cost 
free assessment meeting. 

Percy COUTTS &Co. 
01-8392271 | 

140 Grand Buildings S 

Trafalgar Soutir?, N 

Lonnon WC 2 . M 


Australia and New Zealand 
Banking Group Limited 
announces that on 
and after 

6tb November 1978 

its base rate will be 


■1418/ 

I 12/0 


per annum 


AUSTRALIA AMO NSW ZEALAND 
BANKING GROUP LJA 4 mED 


HOW TO SUBSCRIBE 
to 

THE WALL STREET 
JOURNAL 

Rate for U.K. & Continental 
Europe 

31?3 I year 

S 700 6 month* 

S 50 J month* 

Payable in dollars or equivalent 
in local currency. 
Delivery by ]et Air Freight 
from New York every business 
dcy. 

(Other 2rea rates on request.) 
Send order with payment to: 
THE WALL STREET JOURNAL 
International Press Centre 
7 & Shoe Lane 
London. EC 4 . England 
Aten.: Mr. R. Sharp 

Also available at major n*wi 
stands throughout Europe. 
ASK FOR IT 



xismm 





BY JUREK MARTIN, U.S. Editor 


l*t»l.iril.\r j Rl FF-> l|:»r! ^ 
emf to .Miuiv. -tiid i i> h;«". e Ihi'ir 
laiih 1:1 the -y-ii-m rvitM.-.-d In 
i-’v. n.’hcr -mu*', ii "ii. -is j-crnietl, 
■•ns p«ilii !<■*. 'vnh r;-r- iIkthi- 
;i , in.\ n Ivcitiur.ihli : ■ r.n-» ;.->r 1 1 
M th»* i-li-sr hi;u! : t iij T hi* 

P-.pti Nil ■ -■'•*. l-'"i i" -ii:*.* 

p'.'.VT hiui :ilierni;!i-.l h* -f!i 
ih** Sri.i-'p-rif'i-ai R?pn!ilii;:in-. 
il.'ip'id St:i.-f>'n -.Pil !:■- i«- 

*- Kii. | m«n:->v1 ■ «:ui 
mr»iv fr.Tuii.'rilv i hr |i , rvifraiii- 
Fnrmc-r L .i-:ir r.'n";. iMI’l.i she 
•vi-iiiiiun lh:ii Ihiln n v 

mis l ■ • i ii ■ ■ r a> Ihv •»: :!i>' 
1 Tl •ei - :i ■«- in sin- ns»i»i rc«pni!- 
?|ii'r v.-n-r Ilf tiu- ;• uril 

Tin- PFL. in parh'-ular. hin 

xriiiii- nn-Ciiblr s'ji’iitml 

••■adiT — Mr. Hiunnhr.-y : ::.;i'vll. 
Mr. Krri-mj-i. '.•■■•.v r.mr 

■uifl ;i .■ri'-iil!nrf -.•■•ivi.-iry imili’r 

Pp^irlriija Ki'ilflOfi;. u.ii-J .!,-■■ :i- 
-iin. "Mr KiiLea*’ Mi-iL-rth: . 
-:an>l.iri| }'■■: r--r av»ii!>; lii'’ 
V'rlirini ■-■.;ir 

’ 1 r tl .-liter Mnnri.:'--. i-- r..n-ri»i 
<!/ *ii.« , *ir an-i 

l * i“ r|«« j ;i|'ir • 'ii.inni - " : «i r 

ha - •irii*n-'ii*.l. >■■■■:: -i in-. «»:T 

u- MTir!!l!::r;il .'iii'i ;r", i :i r. • 
'la-sr an,; Vrnri'iu:: u : Mil v :!!•• '-r- 
< iii .•■.;! lii'imy i n'r!|..|-!. 

.-•i iii'iilaf i i»i_- ■,'■!: vii'i'l ."-I"". 

lluMTrr :mfl irni-ir; fl I- P"i in 
.-•■I in - -'..rt m :!»•• r.,‘ 7 « - i*<.ii-. - — 

"I Si F'aul •• n . i v. r. ■ lia- r ??p!n 
1 1 1 ; « v. ivl* In a iritimpham 
iv! in :i. 

Mm r !u » ti i: r/itfi. r 

«l : !i:.*rrjii. ami Mil. !i 

r:S«-\ 111 il • ras! I.| '•!iur;>i-!i*r--. 
Till- \"?r. Hi- VI.'II*. ■ ■ |-| i - 
:v , r-.«i' , «. ■•!-* «n.'. i - n i :*:■ I iItI* 
T!r- i — '•■■ i ..■— iii 1 

— n:; .-i.-‘ i i ; , n>J mi l •.•*-! *.r»:n- 
— :.»ui rn — 

•Vh-lllT '•Jlll.'i.- "1 -• 

N'l.i’i'ii I— »!!•••• .■>! i«i ii.-i- ?'•,<» 
-lafi'- i at 'I i'll ViuTii'M.: I. .•.'■■ •- 
f i It*. i|" he- - . r ii'r» , nif ri:i , i < i[ | i a r!' 
oiu* oi i hr OKI. .-fiiM'.rai 
. aiu'iuluie^. Mi. R>>1«- rt >!.«iii. 
:* apprpi-nMy in thr riulu •' 
fu> n.fubli'rj.n ‘Ppnnf.u Mr 


C M A D A 


_AV 




NORTH \ 

DAKOTA i 

» Duluth* 

-‘BlflfiESOTI 


SOUTH ‘ “innwppliSifii MMu 

0JUln ‘ st. pswT'i. 'H\H*AW r f 


fiAKOU j 

j 10 


• SHtes&ee^ 


i 

l c, - N8Di ■ l ? Chk?aao^^- 
' * 

(i ifiivair i 


1 '] 

L! S A 


iLLiSOtt! 


r»!*\;rl r»'ii r.r r 
rli- - ' i;i|inf ! * -ii'i-'j:- ivr..- i 
#?nv n ih rt .:ra::i. •.-••i 

Dfli’iifRili.' ani-H 


. v-l:. r.i 
r-nr-K* ■ 


Pr^iclciii 


''i'-lVM.’.- if 


1 L a i: a 

-i : 

t« !* z v I* i ■»: 

i:l I: 

r-.- UilcIV-i l.ii 


r»;)i2 

:-*:-i‘s.i’jvi:; 

Car:-!' Jl'imp’ 

.«-ii 



v. re: 

Il'iJ- v: ‘■■hni 

,-n.s-. 

uaii;- . 

. I.iii'i 



pi »; - I'll • 

"iK- l.»';Pv *•'•!■!»• I» ti. -.i—k. 

Ti.i- i^ hi.-.au -t- >m .Ml .. j.j-irl:i , 

<■l••v■■;l.■n : , .n: M: llv::., ■«!.:■ 

.•i'Mii'i ii In lj»- i— . ,>l.itii :}'!<• 

i-i : r!-* -m di-.- i:ii<-:i' U iii-n ?i: - . 
M- :tlj!». J/--* »tn». vi-::- nrv.-ld .•»»! 

-T ir;r. i»i«* rir.:i jr:uTi*-ir. 

Mr. WfiiiJf!! \ iirt»- 1 -i -n i.-i- 

■ nc n.- p;vT*sv: r.irr.-i 

ilii.lj-* - ! i ii!I pi ■•.••<! 

i-rm in t| ( . S-r,..- 


inp.'i:. ■•.•.- li.ui'-tian'-ii.ivr- 
p-. in ::n* 

Ii Tr.l- I- :mi 

•iiu-Msiirr.-Vi. J'.-iii. r. .\]inii a .*s i >i’t 
4 .‘n ••*>.• < Mr Mnn-.lblv. 
th-r. sM':ru.*y il . 


> :i«\* v. .1* n Mr 

i f -iiitp'i y r,./, "ijm vu 
■i ■ ■ : : • fc' - :; n-i lb:.* •■iva*:"ii iT; •- 
'.111: ^ -Ill'-k ill 

.-r: v 

Tr. - 1 :..m a ii:an ■ ■•.inn .»j‘ 
- *i , j-.pivr.-i in h- a 
Mr. An .!••:• -..:i i- fi«)pu{;.:b 

!.:v ii ;i- '' V.'.-r.r.; " :.n i i- :» 

!'i.*n:i i' I. >•■•:. i •.* • Ii.m -5 >•» --tar. 

Ti.!.- r. i.c ><kiv...-iJ 

hi . ii UVilJi'j IJ., p;:i *Ii*. 

:M.I K.*»M a !v a .,i. In. if.fi- 20 
:i Mr l-j-ii.-bv if? ii \r,\ 

niU'-n a mu'l'.rrfif MmnWan 

n^puhiif-p. v.'h" iu> 

••rtl«i*ir. f-.-r iplr-. ib-rlnv 


in? in tlnr? ? platform v/ish 
Mr. R o : i .: I r| Rccj>:. ci.:;!inc or 
i hi; Riglii Bi:i thf man v. a hf». 
in lundeulii. --an bt- id have 
iv.-tHy suffeivrl \s-j< uic carefully 
unirmT.'tl and (k->u;nal* , i! hr:r 
.mparr-ii! in ih- Humphrey -ca;. 
Mr. Dina Id I "r;: -c r. nnc nf Hn* 
uiii'?! a bit- ami Isi-rai fini-.Tf'---- 
nien in Wa -.in ik iun In ;• ft..:- 
vranv upi.-i In- ir*>; rhf Peni».- 
rranc Sen air jirim.a ry '.«> .Mr 
SI it n"! whom nuiinrfs v. o;;ki < » -.-i 
ih-i-i ibi- jv a |i;i ri; f.-nhfii! 

Ft: ii i Shun j-. a rniii-h. i»TufT 
liii.-ini x-m.<n wiir. f i.-.-.-om" 
a milli.inaiiv from ‘mii-ly a nr: 
ii.i'-kmy. H aa v-UK-miirn.-d 

in Uashni-lun >.vi ; h unalluy.-d 
iinrrnr I lie man :riu» .xhified 

f hr- ln.-aj ba-fbali train in a 
iiihurh in T"xn--. .Mihnui'h p»*r- 
vmall.t rln-i.- in ilub'-r: 

Humph ivy. hi< pril aa :*-« .-.re m' a 
ilifTei'i-m 1 1 !f. • i it -j ally anrf 
mu'plly i-nuti rs-iiir. but v.iiii 
\ |i:.nii.:ilir Ltii.-I: ..f a:>P'. a fl:ru 

i" ill: r v.iirki-r*. 

;-ll* a :i i! 1 ' - .'!.*!»•'.* .-ii-rn " irun 
Mil. ’* Work-in;: »-la-y. M:n:i» a - 
*ni!.n- lsk* a pn-*. iri'oa.'i ..n-i 
/ n-iv .is*.»8 -i 1 — — . mil .•in irn a irn--r.:- 
,-|[y f-r.-.b!-,- i;.:nnv> ami '-r-i- 

ri'UlJT ik'IS. and In- l::l.-h.-r* nn 
in ih;.* hni I 1 ix-in* *.vi s :t :: 
vc-n;::am , i- Hi- ilir<rtly intlM.-rl 
P.-pi.iSIhm! 1.. llpis i.iVi-nd-nj liir 
i'ai'-N lll-jhly rlf \ oli'ipvfl "I-Ilsr- 
nf p:.rlj iii:-'.“i|i(iiv 1 1 rirkt'd 
t-o:in fc i Mr. l-’ranM- r.iul ii 
pre-ifnis hi- Ri-puhlican 
"pr... nml. Mr. I'lurvribnr.i-r. 
v:i , !i a iirnblfin. lifi-aiiM* Bnh 
Sim j i ii -.-j.- riv pi-.'-i-mpiin--' a 
fni i-.f his nifpiral a .-:-i»und 
The hi rm'N -h.v. ll-. Iv- 
in :• v*:*si:ui h. tiiank* in 
V "<*.1 i.i'.-ii-UiV .-i :ji ■ 1 'iKI. si.p- 
n..i.- jnina : ,a til • !'--p a .iM , v:iii Mr 
riii)-< a n!.-ri.. r. Tin- p •■.;> r»i*- ■ 
-i‘.*-.v iliai Wr-n.iy .■.riiiervri lid- 
nearly i-aiulii up Rii-Jv 

l-'.i*s*hvii.- Tb>. i.- may b*- 
!i>-:*:yii.*s- Ihv ni-’l. h-. 

.Mr. Sii-iri i- a . 1 - t -rminvd : . ■ kc-r-p 

Ii I’H-t "IH" it! lli ml -fiMi-:'.- 


?.n«i ii ijT'-rr'nrt rfllfying behind 
th.f reltabi-r if uninspired .Mr. 

And-.-rai.n. This may nl ,-n 

jilaiii a .vhy. :ii the ^niirrnatn , ‘ia a 
r:un. Mr. Rudv Perpich. a nmiv 
■•n.Hjiai;. 1l11v.iHiv1.3r1h ivTsm- 
rtliiv num ih? '"inev.hai thfli- 
H f :i i Air. AnM-.-rv.n i* lvilrliny a 
•l-ef'i! .tr.d »::;-pri*i;r.- lend n-.pj- 

I -lie f ■ -T Ml R. , p|lhlir:i;i ( ‘.<l!V;r..-.v 5 - 

:n:m A'i. -ri ijn 5 
’•1r. I >it r* ■ sil i-l* t-j r-i Mr Bns'.-b- 
U/ an.i ?.Ir. ij-.j- -. n.l . , i. , l ,, Sli;ai'--‘ 
■■|iiii ,a <inui; t r are m ,_■ ( ^ f t --m.-k-. 

T'.'lC l- !r|.-i]n, rl ).. jjir- v.lnijn 

Ii"- sp.u puvi.'i l Iii- i-iirr-.-mly 
v-.uiMsi'. R.-piilifi-.-an ru'% i-uliin_ 
P'nlo.-'ool’.y Mr. LUirtiib'.- ■: h;t 
!"]• ".-rirtTiiple ha- i-niri- I'lp.vanl 
a p.inipl-y prupi-sal •■nbnfl. - 
'iij PJI'I "l rh 5- ln a a»-y ia?: riK.s 
‘-•mbtifl.-i-.l i-i tin- Kdup-Hiiiii B:l! 

bui ieavi*ni--! :« inilvriaLsmi. Btu 
Mr. Short has ii" ■-•■mpunt-Lhins. 
bit- link- lihliik-y .lilt! ill liliilliiMi' 

rid I "I k.im.-Kin : siimi;.,, c.t 
{•*■ 1 .- r;i ■ -.p.-mhn-. In* l!.-puV>I ev 
:n- am <1 : n»-:l i" ■-•■'! niin 
i» s !|'T .ii: i--iit--; * i k t- ihurimn. 
nn.- i.;-.pr ,irl , i. : n: r n :■= 

"i I T llUi'ii- I- 1 1 1 : i ! Iln-s .-.r*-- 

I-.-s-- a' i)-- * . : ivnipai-.-i 

: n nil' ;i ^ aa . l:n-b i- abunii- 

a sis iy :.':nlab!'. tn a; 

K.-pii!ili a .-an» tarn! Dom.i-.-rais i 
frnii p r:v;* 1 1 <i>m. .M.uu-.v ir 
i: ■ pi-.iMt-m in Bull Sh-»n: nf ih- 
hi- Senaiv '•:un;i:iu‘ii hai 
in tlj-.v. .-<I2 .i> ir.i- i-rt|-»v • • 
i nun ii t 5 n-.-. n •.veal my |i.n-l ?i . 
Tlr> ha rely inii.he- lii- rum. 

pk-r. <n ri »i f M:nm---n:j 

pnlilii;-* 1:1 IW 7 !^. If ill:- re l- a 
lurnnal in-n-. 1 , in ii-* >li*i-,-rm;<i. 
r; lie- in i .iiu. v- - ih^t iVm. 
'►■rial Tirin a-riil - may •-•nji-t 
i,i Hn- -nnl i,-mi:- l>i I/Imux. 
iiiuili-ra',.- Kt-pii'.lii an Mr. 
Gnarlv- P-.-n > n\a_\ :i"i h-M -,ii 
mu- ini-i-i.ipnt"-i> *-...ii : i . 
IVin.M-rai. .Mi .\irx Sim iii and 
m ih- .M:t.-sarriii' a, i!> ym ernnr -• 

1 3 i-* a ill.- -miii- i- inn-. Ths- i:i- 

I I i _• n : ’I _■ ihi;i-j Iiiai in Mm- 

U'-^n'a. nf ail -I.ii'-s. u -li’iifd 
n-ivi h.ivi- i ti dn-diiiivi ,ii. 








«. 




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»•* •* 

* ’ 

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1 1( (t'blu/.intg sun. f ;li -etne w ski Warm ^inBfkon^ 

la/y afternoons. ; - 1 |g : : 

llilwcicn! lor the cool, , ... 

i Martini Drys uiuqt fend ol line uine5 and Heiiis..: ^ 

('uldlx.-|ust looiiiuclvJoLie.u.-vf 


MARTINI 



--v*-;»s3 

/C/v'-'T" - j f 

iNeL-lrrc- Flwirr'iji^l T ‘ 



DnfTlie nut.; ore. Just by itself. ^ 


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. •>^.assis^J5sSS V 


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.-*'.■ “* tir - ; 4 ■' -.V- .■■•>•■-./ 


20 


:> F&ancial - Times Saturday 


r.fp. ■ I 


WORLD STOCK MARKETS 






Early losses reversed: up 6.15 


INVESTMENT DOLLAR 
PREMIUM 

52.60 lo £1—774% (78%) 
Effective $1.9830 35|% (36i%) 


thin and 


NEW YORK 


Sr or* 


l >'m. 

; s 


.Abbott 

Addicmagispb ... 

Aetna Life A Car 
Air products 
Al rnnAhrmlnlnm 
Alcoa. j 45* 

Alia*. Lnrilnm 15»a 

Ailejfheny P rmq 1 !£>( 


82 

S3 

375* 

25S* 

331a 


Council of Economic Advisors 2.0 to 1091.0 and Papers 2.S2 MILAN — Lower in 

chairman Schultze said it proved to 143.80. featureless trading, 

the economy can withstand the BP Canada eased Si to $18 on Anlc feU L10.75 to L32.75 in 
Administration's anti-inflation lower nine months earnings, while depressed Industrials. 

After a weak start on the h’eeLs moves. Faiconbridge Nickel fell 81 to S34 SWI TZERLAN D Steady with 

of a larger than expected boost Petroleums were strong. Exxon, although it trimmed its nine sentiment aided bv stronger — - , 

in the Prime Rate, WaJJ Street the most active issue, climbed S2J months loss. dollar, although buvine interest 55?* 

turned decidedly better yester- to S52J. Atlantic Richfield $J to PARIS — Generally lower. faded ah»arf of weekend. tiu 

day. following the improved tone S53i and Texaco to $234- Mobil Chemicals steady and Stores 1 Small gains nredominated 

of tlie dollar and reduced moved up §2 to S68J — it said U.S. mixed, but all other French among banksT but Swiss Vo Iks bank \n>eauWBml’.] as? 

unemployment. gasoline prices should nse 2 sectors weakened. held unchanged after its reported *«**■ Airlines-' *3 

The Dow Jones Industrial cents a gallon in December, aid- Air Liquide fell FFR 4 to 367 SHE. Quarter h^hmrj. sheet ft®*-- 8 ™*— 48* 

Average finished 6.15 up at 823.11. ing fourth quarter profits. after announcing it will raise decline ncc ff's 

making a net rise of 17.06 on the General Motors picked up $4 capital through a one-for-10 free Financial* Ia£ 

weekTwhile the NYSE All Com- to S60J but Fort Motor eased $] share Issue. hfeKT SsnrSST taertated H5 

Index, at 853.49. gained 29 to S40J, both in active trading. UE. shares felL Germans also JSS-iw Ad« EtoeUftw! aiH 


3m. 

2 


u/ nw,, uuui 1 U Uiuvc kiauuiti. Widres icu. ueitimds also narrow! a Phpmin>l. email Awer. blect.rmr: 

cents on the day and 97 cents on GUIs late October car sales rose lower, Canadians and Oils mixed. EnrinJSrin* htoter AoMr - J**?*"\ 52? 4 

the week. Rises led falls by 16 per cent while Ford s fell 15 Golds steady. Coppers down. gams. Engineering slightly higher. A^a-^mcPnxjl 275. 


862-10-675” but the trading volume per' cent. Chrysler gained SJ to BRUSSELS— Mixed in quiet fJSSf aE? Store?” *56 

dropped 14.96m shares to 26.07m. to Sll*— -it named former Ford trading. j&y fij^S hmPoSt^irkeiL *iwr*£ofc 40* 

Analysts said the market’s Motor president lacocca Ms new Kredletbank shed BFr 10 to sundarf . 431 * 


Analysts 


ihinirTo move' ■headfdcsplte tte •< AW operating 7,130. dwipite 11 satisfactory- Brat ln 5S* S iSMSSdl “ U 


cents higher at 1 Amer.Tei. & Ted 61 
AST. 90, Howard Smith 10 cents |A<w**fc ! 30 


half point rise in prime rate by officer. half profits. 

Citibank to 10} per cent was THE AMERICAN SE Market Value GERMANY— Mixed on profit- ***** 1 i?u 

especially encouraging. Index jumped 1.82 to 145.32. taking and position-closing ahead hut ‘ Hiih Tn , J1 .^ 6 °m + v> 3 ’ I *M p - ! 3gl * 

making a rise of 4.01 on the week, of weekend. Most 1 0 centa . w 39P ‘ . Umpex ! is 


The huge S5.4bn drop in the *•■•>•«.«* 

Weekly Money Supply might F. W. Means lost Sg to 8191— On Bond Market, Public II 4 

represent the first evidence that its Board approved a merger offer Authority issues shed up to 53 /wfm r- 6 nt A^S* erBcach ' 19 

recent credit tightening efforts of 821.50 a share from a private pfenigs, while Regulating Authori- Lr \?_ ~^ d Council. 1^?! a|i, 

are having an effect. However, investor. ties bought nominal DM 13.6m of JOHANNESBURG — Easier in A—merm on7..D I8i« 

analysts cautioned the drop could CANADA — Generally higher stock . Ma rk Foreign Loans mixed, moderate trading. a*«o ■ 14 

easily be reversed next week. 1354.7. Metals and Minerals shed AMSTERDAM — Prices closed . fr 111111 ? . Financials quiet but iowand '”* 


32 
Z2&8 
2730 
2Si* 
53 10 

457g 

151f 

163* 

3170 

23 <0 

30 

441* 

25 

13' ■ 

5030 

36U 

36ia 

233* 

261 S 

22E0 

3150 

271a 

213a 

mS 

at '* 1 

61ia 

30i* 

167 S 

324 

12*8 

274 

234 

lBdt 

2630 

1360 

134 


U.S. unemployment w fell to a levels developed in active trading, with a lower bias in quiet trading, followed trend in Producers. | lu. K>eti6eidlZ!: ??U ! 52ij 


seasonally adjusted 5.S per cent with the Toronto Composite Dutch International mostly off. HONG KONG— Sharply lower on 29i a 2fl7 8 

in October from 6 per cent in Index rising 3.4 to 1234.3. BijenkorT and OCE-Van der reduced turnover. Hang Seng ?Tr- ! « J* | z |t2 

September, the Labor Department The Oil and Gas Index moved Grinten, however, firmed FJs 250 Index fell 11.00 to 657.35. Profit- Avon Proi'wu" ! 65 U l 55 8 

said. Analysts said the fall could up 26.5 to 1555.1. Utilities firmed and FIs 2.80 respectively. taking mainly local, but some not, Gh Hieet!!.! 244 i 244 

strengthen President Carter's 0.43 to 1SS.14 and Banks 0.01 to JAPAN — Closed yesterday — European Institutional selling Bangor Puata—.j 8is, j 204 

hand in his anti-in fiat ion fight 293.58. But Golds fell 23.7 (0 Culture Day. also noted. usok America ...| 34 t* . 24i a 

0 - — BoflkenTr. B.Yj 337 a I 333 4 

WM»imd«wii ?5!= ! 


Indices 


. 2 .a^. ALL COMMON 

:r s ; 


'TnTP - 


»t. 1 Km. • Nnr. 1 Urt. 

3 2 1 • SI 


ig-ssssy Hi; : gi; 


Hieb 


NEW YORK -BOV JONES 


53.48 S3J8 : 63.79; 61 £71 60.38 i 494/ 
: . . (llioi I (6/3) 


bdiWB tzfcled...-. 1.879 . 1.906 I 1.929 / Beefoo f>iclciii#tTO' i33 

602 657 I 1.506 ] tfeu & Hovel U...I 17Ss 

«db I 675 f 679 241 

L'OCfaa.nae>L ; 402 ! 372. 182 j Bengae! Cobb-B' 

S«w Hlgba 1 nu : 7 3 


557 B 

33* 

204 


ynr. • \nv, 
5 ; 2 


Nf*\ L4t. I 0«. ' Oct. 


1973 


W nice Corn pi Wn 


1 


31 


30 


Z7 1 Klffti | t>.nr j Hlfiti • Low 


loflaRtri&Ji 


«0h K2i. 1 1 1 816.86' 827.79 792.46 811.89 60€L06> =07.74 I 742. W ! WS1.70i 41.22 
' * , ■ ; iS/9> 1 k\li\rt3t\ (2.7/32) 

I*«i 86.38 86.82' S6.6r, 86.70. 8839 B7J«! 3038 06.37 — — 


H^neB^nt**. .... 8 

. ! ; : ‘ (4/1) , <3/ii i 1 . 

Truupnct.../ 216.8« 2>6.04. 218^5' 208.71213.Q4j 212 J8, 291.40 u. .61 j 279^8 ’ 12.28 

„ , - ; ' ; <S/9( (9f|i I <7/2/69 ) ! (8/7/52) 

tJtiUties 1 96. SI! 98.40, 99.98: 87.88 88.07 96.92i 110.98 97.85 1 168.42 10^9 

; • , 1 i5/i) I (31/lCh : f20A«9i«8,4/a2» 

Tndtaffvea. ! I 

UXT«t 1 26.070! <1.050 80.490 42.880.99.480! 40.660! 


mobxbral 

' 5 1 2 } 1 1 

Ol. 

31 

1978 

High ! Lcnr 

Indnatriol 206.86! ZW.TSl 2B6.B1, 

CnroWneri 1 tlMlj 212-46j 215iQ| 

202.94 
, 209.66 

222.14 fU/JQ> ) 162.90(16,2) 
j 229.91 (12flD> j 170.62(30/1) 

T0R0HT0 Coro poet te< 12S4.S! 122(L9| 12S6Jj 1216J 

1668.7(12/10) j 893.2 (S0,1) 

JOHANNESBURG ! ! 

Gold 257.8 1 257.0) 245.5J 260.2 

lodottrial ; 276.1 1 277.7) 2ai.0j 280.7 

1 

272-0 (1418) ! 165.0 (2041 
2814 (Dll) 1 194.9 (134) 


Betblcfaera steel. 

Black & Ueek«r..| 17«a 

U.«U«. 629a 

UnVeCajKBde-.... 26is 

Borden 27l« 

Botr Warner ; 30Ag 

Bnwiff Ini | 123 4 

Uruam -A’ : 13Tt I 14l S 

UrlsSal Mycrs__.! 32?e \ 327 e 


324 
178b 
5510 
350 
205a 
17 
6160 
2730 
2760 
29 Tg 
1260 


”” ' Sot. 1 Son 

Stack ’3 • 2 


Comi ng Cla w.. - S4i» 
UPC lot 'rational 42t B 

— ~ -- -- 27 


Crodmr 27atl— i J 4 » 3 f 
UroKiiAeiieniKtai JU 4 
CmaoihMBwttDeJ 30&4 
Uuniaa Wright — 1 1410 


54S, 

45H r 

. i 261* 

; I 856* 

3is* 
31 

“k 


Dana 1 273, 

Dan Induan4o>..i 38*8 

Deere. I 644 

Del Uotte—— ■! 411* 

Debona ] _81j 

DnUply Inter... 1 18 
DctrortSdSocm—. 14Ts 
DomjocdShamrt 204 

Dlctapbcoje 1 146g 

WtPpUBooip. I 4830 

Daoey (Wall).... 381* 

DnsCmL > 414 

DmrCbudal....! 27 's 

Owto ; 31*b 

Oman 1 381* 


Dupont 1284 

Bogie Pitcher — 1 224 

But Airline* I 9 *8 

EoiAuijlu Kodak. J 60 ?b 
B aton— ; 36 Sb 


2770 

39 

33Sg 

SBt b 

94 

if' 

206, 

1«4 

475e 

39 

•42 

27 

271e 

38T B 

1254 

216* 

91* 

. B9 
47 


E. G.AG. 1 2730 

Hi Put RiL G*a| - 141) 

Bltm -J 274 

bmenotUSTecDTci 346e 
KroeryAirTVight 1 21 

Bmhert ’ 3430 

B.MJ 1 3 

Hngettkrd. — I 26k 

hvnrlt 1 253f 

Ktkyl 214 

Boon I 523* 

Fmucbikd Comet*] 30t* 


Red. Depc. swore*! 3314 
Fircstono TSm. 126*. 
r*u bat. bmunul 261 * 

P<e*J Van. 1 16 f 

274 

Florida Power....) SOU 
Finer... | 333* 


1 277* 
145s 
271. 
S44 

201b 

1 34 
3 

2600 

251* 

2130 

50 

298* 

3314 

126* 

266b 

161* 

271* 

5060 

335b 


F.M.C ; 225* 

Ford Motor. ; 406* 

Fokskol sick ' IBS* 

Poxtoro. 1 324 

Fan kite Hint...! 73, 


234 

414 

181* 

S3 

74 


No*. : Pro- | 197V 1 1<»78 
3 ’ vtmr , Hleh . Ixiw 


Nov. 

3 


"Pm - 


High 


S75 

Urn 


B PefcA DrUtt... 
Br u e k vna y CIm^| 

Brunowick 

Bupyros Eric.._. 
Bu Ion Watch—.. 
Burlington Nthn. I 

Burraugb.-.^ I 

tfunphellSioap...., 
Canadian Pacific.! 


(rtj 96J8 J 86^2 J U0.7K j 87 J* j Canal Eaodolpb.. 


768,* 174 
29 4 294 

1360 1560 

166, j 165a 


64 

394 

73 

344 

I960 

94 


• Baomof Index chansed (ran Ang. 3* 


lad. d<*. field i. 


Ort. 27 


O.-t. 20 


5.89 


5.67 


’ AaasnilUUV M0.76 839.61 ■ ofih.ra: ni l. IB 8naifl 

_ _ ' *22'9l (liii I j ! (9t)i ' fl7j3j CarosnoQ 276* 

* tk*> high 888.00 608.61 Belgima »t» 97^0 97 j l 10JJ6; 90.« Sweden («■-! 370.08 1 389.21 1 <0c'.00 \ A2a.7* Cnrrter AUetieral 106, 

• (die) . IM.B) 1 1 ... Carter Howlev....! 174 

Denmark <** 90.63 90J4 . M.Sb 1 8wttserld(/i, *8^' 368.1 323*/ ' 861.6 Caterpillar tSet..; 584 

^ — „ • tw# l** 1 ? ; 1 ; 114/21 UB6 54 

France <tt> 7SJ! 79.8 66S) ; «r.6 - OiaiwCorai.. , 396, 


OcL 13 


•Year ago apewaj 


5.29 


5.49 


STAB’DA&D AND POORS 


1978 


•Since CompiJarn 


• 3 

' 2 

1 » a' ; 

30 1 27' 

i High j 

Lew j High 1 Low 

; Industrial* — 

1 

(Croopofsire . 

: 106.90 

. 9S.61 

107.76 105.42) 109.6 1 ; 104.9ft 1 JB./I ' 

36 JS 99.10 3sW 94.59 IKM 1 
i!2/9) ] 

i 194.64 [ 949 
(6/5) ,111/1/79) i'90/b>9S) 
96.90 126.85 ■ 4.40 

■9^) U 1 lil/Bfti il/6^2, 




| Xn+. 1 

Ort. 25 | 

o.-t. w 

• Tmr oen (approx.) 

Irid rtl+. yield % 


5.13 ; 

6.09 ' 

435 

! *■** 

lo>i. P.h Ratio 


9.04 ! 

9.05 '• 

9.54 

» 8.97 

long Go+. Bocbi yiebi 

! 8.68 

8.67 j 

8.63 

1 7.88 


™ oriainmuiqn., . 

- ‘TV? ' bank Dec. 1933. H Amstrrdam induatrial cenmal A S.W_.l 144 

Gennanym* S37.«l SaG.flO ttM.S : 7gA 1970. t3 Ran* Seng Bank 31. '7/M. Illi Hanca Certamteoa | 184, 

;fl9«IO# Commercial? Italian* . 1972. a Tokyo Ainnn S7t« 

Holland If # • 85.0 84.9 ajj | lejo New SE 4.1/SB. b Straits Times I960. aSStatoll" 1 2 Q 1 . 

111,911 (Ml r Closed, d Madrid SB S9'l2/77. eSrock- {gSxS ^-"1 fos! 

S57.3& a*.35 iO?.70.S8d.6 holm Industrial I/l/SB. ! Swiss Bank S^S?SSvl 

■ 14/9) ; (1Si 4) corporation, u UnavaDable. LhSrhrwi' 

l/H 71.84 72.«3 ! VZJZi • 55.46 SSSsr 

, . FRIDAY’S ACTIVE STOCKS ChS5 

4. ,c, .*o£.3h Change ClufSer., 

* 11 - 0 : Uii Stock* Closing on Uinc. NUaaon — 

Smgaporrt*, 389.43 3«fl.9a *14*0 tokAJ traded price dav Citiotnp 

I ... 1 IW,h - Exxon — 30.000 32j " 1 

Indices and base dates (all base values airysler — 28 ?’ 9m Tli 

100 except NYSE All Common — 30 • — 2®-*® j*j* 

66; 


Italy 

Japan 


Standards and Poor* — 10 and Toronto General Motors — 287500 


.100—1.000. the law named based on 1975 •. HallWirton 
t Excluding hoods. ( 4(M industrials. Eastman Kodak 

S 400 Industrials. « Utilities, 40 Finance Boeing — 

and 20 Transport. Sydney All Ordinary. Romada Inns - .. 

II Belgian SE :Mrn. “•Copenhagen SE Ford Motor 

L'l-73. Tt Parts Bourse 1ML U Com me re- Dow Chemical .. 


247.060 

846.100 

231.000 

219.400 

210.700 

moo o 


38 

234 

974 

55 

114 

29t, 

*54 

544 

144 

264 

434 

174 


91 

4o; 

27 


F.T. CROSSWORD PUZZLE No. 3,814 

A prize of £5 icilt be given to each of the senders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in die top left-hand comer of 
the envelope, and addressed to the Financial Times. 10. Cannon 
Street London, EC4P 4 BY. Winners and solution will be given 
next Saturday. ... 


Name 


Address 


RACING 


BY DARE WIGAN 


Sanedtki looks good 
for Sprint Cup 


-“-24 Cities Service. 

-i-l City Investing-.., 

+1 Cleveland Cliff-.. 

—t CocnUola.. .......... | 

— I Colgate Palm _ 

+ 4 Collins Alkman.4 94 

Columbia (ion. • «'■ 

*“* Columbia Piet... 

Com.lniiGQLOiAm! 
Lkunbuttioa Kng 
Combustion Hq„ 
C'm'wxb Miopa 
Comm. Snut-ine. 
Computer Scienc, 

Conn Uteln»__ 

Couist 

Can Bdl-oa AY_ 

Consul Food*. 

Coarol Nat Das... 
Cooaufflcr Power 
Coaunealal Orp. 
ckmnnentai Oil.] 

C<m tinea tai Tew 
Control lMta.._..i 
Cooper Indus J 


261, 

184 

166f 

dfi 

114 

251, 

396, 

114 

35s* 

144 

224 

234 

344 

22 

284 

274 

154 

334 

446, 


if- 

724 
344 
191& 
94 
27», 
11 
164 
687g 
626, 
39 7, 
15 
1770 
366, 
21 
304 
38 
2360 
274 
646, 
106, 
291, 
254 

B35 4 

134 
267, 
43 
174 
94 
2610 
166, 
1650 
344 
11 
25 
394 
11 
364 
146, 
224 
24 
34S0 
224 
284 
26 60 
16 
33 
45 


Freepost Miners j 26* I 94T S 


Proebam , 284 

fluqu* Lada™..-.., 94 


29 

94 


OAF. * 104 

Gannett.... 4312 

GexuAtnerJnv. „ 10 lg 

DAJuX. 26 

Ueu. Cable i Ifilg 

(ien. Dynamic*^) 704 

Ora. Blortrtcn j 48 

Gen. Poorts a 24 

Oeneml Mills. _i 294 
Geqeral MotoreJ t>04 
Kbo. Fob. UtlLJ 174 

(Jen. Signal.. 864 

Oen. Tei.fflect. J 284 
Gen. Tire— ...... . 24 

lieaeKo J 48s 


Georgia Pkdfic..J 264 

Ueo*ouree_ 24 

Getty OB 395, 


104 

434 

104 

281 * 

154 

684 

484 

324 

293b 

604 

174 

27 

288* 

24 

*5* 

234 

3760 


Gillette _.[ 264 

(nsxlnch K. P lb 4 

Goodyear Tire-.. 163 e 
GooJd ! 277g 


Grace WLtt. 30 

GiLAtlonPaPNai 54 
Ort. Monti Iron J 254 

(i rev boa ad 4 Us* 

Uuli 4 Western-) IZS 9 

GuUOil 1 234 

UaUburtan. ; 6o5, 

Hanna Minins...! 324 

U a mtO Bb teget j 154 


Harris Cotjb -—.I 31«e 


Heins H. 

Heobein -.1 


381* 

274 


2630 

164 

155b 

284 

29&8 

380 

254 

114 

124 

224 

676, 

dlTg 

154 

315, 

376, 

274 


Bowie Packard—] 83 


HnlfcV»y 

HomestnU 


Honeywell 

Uoov 


Hosp^orp. A met 
Houston Sal. 


194 

33 

62 

107, 

287s 

2 <4 
12 


_G» 

HuiltlPb A)Cbtn 
Huttmt 
l.C. lndustrtet ...> B 64 

Iff A j 374 

ingenoii Hand 1 644 

I u land Steel.. ..! ob 

1 Ml too. ; 123, 


I 815, 
108, 
334 
617 S 
1070 
285g 
225a 
1180 


1670 I 1670 

264 


374 

044 

346, 

134 


IBM 1 268.5 

ItnK Flavours— ..I 234 
inU. Harvester... a54 
inti. MioAChetr. 36 
Inti.UnlBfooric^ 18 

Idco... 

InU. Paper 

I at. Recti ber„ . 

lot. 1'eL A Tel | 

Iowa Beet 

It Inaenatloasi.., 
inn Waiter. I 


164 

«4 

A 

fT- 

264 


268 

224 

34 

36 

18 

164 

*14 

10 

277 g 

364 

114 

264 


fltptt 


(-Snv.-r Nov. 


Johns MoaviUeJ 264 


iotanfloa Johnson! 
Johnson CeatroiJ 
Joy M ■nabetur’d 
K. Mar ~ ** 


gaiawr Tiehmii^ 
Kaiser SteeJ 


Komwott— — . 
Karr McGee™. 
KiddeW!t)ter_.' 
Kimberiy'Obrt. 
Koppers_j; 

Kraft 


Kmgor Co—.. 

Loamy-Tram... 
Levi 6trrow__.. 
Tabby Ow. Ford„ 


764 
'36 ' 
29 

B47e 

347* 

24 

2070 

224 

2510 

444 

304 

46 

194 

444 

334 

304 

33 


264 

764 

254 

294 

25 

354 

2 

2OT0 

124 

24 

454 

304 

464 

197b 

444 

35 

30 

328, 


-.254 l 253 b 


_ (»n~ 

LiWon Indiwi. 

LoakbeedAirec’ft 
Xnae 8tnr InduaU 


. _ Zand Ll 


L’keY’ungst’wui 
MaoMiluS__ ^ 


Macya 

Mm. Hanover... 

.Marathon OiL.-!., 
-Marine MiUonri.! 
aeid_J 


SI 

St 3 * 

23 
214 
204 
174 
214 
424 
144 
. 8 
87g 
374 


314 

454 

23 

214 

214 

174 

205, 

42 

144 

74 

9 

374 


344 1 344 
304 .- 304 

62 ! 514 
164 I 15 


1&4 \ 1*4 


235a 
374 

24 

MeDonsell Donal 284 
MoGtawRiU^-.. '214 

Memorec__;. 30 

Motok — — 594 


MereUt Xynoh — .] . 174 
Ueas Pctroieum.' 28U 
MG 31 


Minn Sting £Mn>! 

tlrwl—rrf n J 

Morgan J. P„ 

Motorola-.. 

Morphy OiL~ ~ 

NaleoOh^taite; 

N*6cwBLl,Cah.^_! 


404 

694 

684 


234 

36 

24 

284 

214 

304 

59 

174 

284 

404 

694 

663, 


624 1 62 
474 1 974 
43 I 427* 
494 ; 444 
26 26 
26 I 25 
154 I 164 


Xat_Di«uli«r*-..[ 19 
Nat. Service Ind. 14 lg 
HKtiual dteei — 297* 
frdomaa .. — 414 

KCH. J 60 

Neptune lmpu-J 204 
HrarHnaknd HJ 22 
Tell 32T S 
144 


iil0g»ra*bare;.J 107 B 

N. L. lndusttiea_l ■ 19le 
NorttfltiWeaiem 224 
North Nat. Gm.-.! 354 


N thn. States Fwrf 234 
Ncbvmt AirUDBoJ 254 
NthareaaBtatorap^ 254 
NotVxr Simon.- .. 163, 
OocWemal Petrol I 64 
- Mother™. 21 
1670 

Oiln ' -> -A 244 


194 

144 

30 

394 

604 

204 

217s 

324 

144 

1OS0 

194 

21t b 

354 

237* 

26 

Ba4 

1670 

I 64 

21 

17 

227g 


Over*eM. 8 hipaj.[ 224 
" ' '.I 275b 


Owen nCn rm tip 

OweaaliHnom^J 194 

IMcifia Gas „j 22 

ttadficla/ctrtanc.^ 204 
tMnPwr. & Ltg. 


PMlAmWord Airi 71* 


244 

217* 


Park®- Hannifin J 
Pbabody laU.-.,, 
Pdn.IV.8X^.4 204 

&smqfJ.C 434 

Poonxrfl^.—.: \ 

ftouleaDrrw 

PenpiasGaa 

Pepmeoj — — .... 


194 


294 

104 

327* 

5:64 


234 

287* 

194 

224 

204 

194 

74 

244 

205, 

1970 

334 

284 

104 

324 

264 


Phrkin Rimer. ...J 244 

Pet:. ...1 64a, 

Mars*. I 

Phelp Dodge — 
PhtbdsiphisBiaJ 
Philip lforrt»_. 

Phimp, Piecro'm. 

Pill 


PitttbnU _..i 

Pl<M*yXtd ADU] 


334 
22 4 
IV 
684 
014 
384 
244 
177* 
20 


234 

644 

325, 

22 

17 

694 

297* 

394 

248, 

177* 

201 , 


Stock 


r Xot. 

! S 


Kevkm 

Rsnxrida Metnts-' 
Beynoidait. J.-jj 
Rtab Kn M**J« 
Uockwolil ocer- 
Mmi 


Dutch — 


Bum Togs-.... i 

Byder 

Sofcraray Stores— f 
St. Joe Minerals. 


St. Kegi* PHper- 
reoFe 


Xo». 

2 


51 504 

334 -534 

574 ; 674 


Santo. 

Saul Ini 

Saxon Indi .— ( 

Scblltz Bretrlng. 
Schlamberger-.-j 

Soot*. Paper. J 

ScuvUMm^..— J 
ScodderDDoAlap' 74 


Stock -- 


Woolwortb IB 4 

Wyiy — _£4 

627* 


Zapata. 


Sea Conrai tier ..- 1 204 

Seagram f 

Soarie (Q J>.) 114 

Seam Roebuck....! 204 
SSDOO 334 

StaU TTsnapwtiJ 944 ! «4 

St" j SS 


ISSSSTtr: ™ | « 

Stan*---: - It i 151? 


Smith Inter, 
smith Kline-.-.. 

SoUtrtm 

Southdown. ~- 
Southern CaL 2d| 
Southern Co-.. 

Sthn. Nat. Re«_J 
Southern 

Soot Wend 

S'v't Bannharoo-j 
Sperry Hutch—. 

Sperrv Rond...... 

Squiiib...— 

oiondand Brand. 
ald-OflCbJitonjia 
Sta. OB Indtana. 
std. Oil Ohio. 
dtauff Owenlcal { *14 
drerling Drug. ...| Jjk 

Stwietakar. > 654 

Sun Co. — 

rfmutrand.. 

Syntex :...| 

Technicolor.... — I 

Tevtronlx. 

Toiedvna., 

Telex. 1 

Tenoca- 


43 

854 

34 

304 

244 

144 

324 

28Ts 

48 

281* 

264 

1570 

424 

2810 

234 

464 

024 

351* 


384 

43 

303, 

11 

431*. 

914 

54 

31 


424 

86 

5 

314 

244 

144 

32 

284 

474 

29 

254 

154 

425, 

2770 

234 

444 

614 

374 

4170 

> 144 
B 64 
384 
424 
304 
11 
454 
907b 
54' 
304 


Teioto Petroleum 

Texaco. 


TexasgnlL. — 

Teraa boston— 
Texas lut'm— .. 
Terns Oil ft Chra—] 
is Utilities— 

Times Ins. — 

Times Minor— 

Timken— 

Trane ! 

Trsnsmenai - 

Ttanaoou 1 

Tran Union. 

Tran-way Intrn... 
Tran World Atr...; 

Traveer* 

TriCantinenra 1 .. J 


8 

234 

21 

35 

834 

264 

184 

424 

304 

454 

39 

154 

194 

31 

£24 

184 

314 

184 


8- 

224 

2Ot0 

344 

82 

264 

184 

421* 

304 

964 

394 

1570 

184 

31 

22* 

184 

311* 

17Tb 


Triton Oil ft Gas 

TRW 

Uth Century Pox. 

ILA.L.- 

L A BOO 

CGI 

U mi ever 

Unilever NV 

Union Bancorp— 
link* Cartnde—. 
L'niou Commerecj 
Cmon Oil CslU.J 
Union hnfic— 


381, 

1-4 

164 


Polaroid--- , 
Pbtotna&illea.-. 

PPO lndnstriesj 
Procter GxmtolaJ. fc5i, 
Pnh. Sen faectZl 2d 

Puhnna "56 

Pores 

(Quaker Oau_.._ 
Uapkl'Ainfiricaii 


Kepubdf Steel — 


16 

224 

124 

464 

264 

234 


Heaorta Inti. 1 374 


464 
14 
27 
8 S 4 
224 
■36 
16I S 
227 B 
13 
464 
2658 
23 la 
36 


Unhayol j 

United Brands— 
US Bancorp—— 

US Oypaanl 

US Shoe. i 

US steel. 

US Tecbnotoxies 

C7 Industrie* I 

Yiqgiola Blech— 

TValftrcen J 

IVanMrdHnnmJ 
Warner- Lambert. [ 

Waste- Men 'meat 

WeJIa-Pi 

Western 

WeaternN. Amer) 
Western Mnioou. 
Weningh'se IRecj 
Weyoeo.. 


Wcycrhaetraer— | 
Whirlpool—, 

White Con. led. 

William Co — — I 

Wisconsin Sleet. J *54 


44 

367b 

287 B 

331* 

40 

189, 

441* 

59 

27 

364 

81* 

614 

647g 

64 

91* 

271* 

257*. 

23 

234 

385, 

18 

14 

26 

414 

2550 

204 

2 Bi 0 

k&4 

25 

•let* 

17 

25 

26i* 

204 

IB 4 

«!• 


410 

364 

284' 

.321* 

364 

1810 

441* 

694 

234 

364 

84 

614 

644 


64 

-2 l » 

274 

204 

23 

234 

39 

18 

14 

26 . 
t 11 * 

264 

284 

28 

254 

234 

161*- 

171* 

244 

863, 

2Ci* 

184 

161* 

234 


J IZ4 

ZcaKb Radio — .1 14. . 

U^.Treaa.<tj2m t94i B 
UdTre*s*atee6| 7794 


Sot.- ' 
■ 2 


184 . 

•-TKi . 

' W-v. 
124;' 

-134 

t944 

W9si 

8.684 


CANADA 


AMtftB Paper 1 v I 64 

fg* 

R.r.fc nf Montreal) 234 
Bank Nora lieeuaf 22- 


161 * 

** -. ;.s 


ftS !f\C2 


FI 


254 )[} 

44/" 4 


Basic Kesonrcee_[ 530 

Beil TBtenbcme.J 61 
Bow ValWlnd-4 19 4 


BP. COnada — 
Bnuoan — 

Brinoo-n— — 

Calgary B W J 
f Niiiflii a MlfT 

Cwc*4| 
Panada J>'W | 
Un.lmpBkOni 
Canada htdure— 
Con. Pacific— — : 

C«n_ Pacific lnv._ 
(Jan -Super OIL.. 
Carling O'KeefeJ 
Creskr Aabeetnu 


4 1657 


Ohteftsln- ! 

Com taco 

Cano. Batbunt— 

Consumer Gas 

Cooeu Bmoozcm! 
Cootaln 


Doon Deed — — . 
DeniadB Mtne«~ 
Dome Mines— 
Dome Potrotoom 

Dominion Bridge) 

Domtar ! 1 

Dupont 


Paiooa’e© Nickel -I 34 
£Vnd Motor Onaj t7.5 



Sc 


Oanstor— — ... 33&g j 53U 

ni— tVall^kraiWa I 19 A J.JjJ 

3t4 


OiantYel'wlenitoJ 12 
OnifOilChnadoJ-SZ^ 

flaw ter Sid- Can. 8 

J 41 

HomaOU -A’ { -401* 


Homo Oil -A' 1 -401* 

Hnd9onB*y Mngj 211* 
Hndaon. Bm/— I 21 
Hudson Oil ft. Baa) 4f. 

1A.a ..jj 184 
Imeico J 36- 


Imperial Oil 1 221*' 

loco ‘A—,—. 1 - 1»1 # 


^T| 

m 



W4 


/uda_ 


J 14 " 

i- i"‘ 


NaL 
Int’p.vPipe 
Kaiser Tteooaroe*! I 64 
loam Pin: CorpJ ' 8 . 
Xnbhnr Cam. •£*] 4.45 
Meml'a Bided — ! 22a* 
Mneey PayacnJ 1 
McIntyre. 


« 


in 


Moore Caron— 
BinSutoRj 


-MoumnUi 
Monodi Mine~] 
hlofcen 2antp..J 
Mh. Telecom.—' 
jSd mac Oil ft Gael 
Oakwood Petrl'o] 
Pacific Copper M 


PkcUlrAcmeuml 44 


an! 

Pkn. Can. Pet'mj 34 


Patino.. |*3 lg 

Peopla Dept. S. ! 56 b: . 

Ptace Can. ft Pp 4 : X90*| 
PlobatDevelopmr 
PowerOorpottrt'n 


Quebec Snmnmn 
grOuT— 1 
Stenhoaea. 
Rio Algom— _ 
Royal Bk. of Con 
Royal Trust ..—.J 


SceptreReauuiceo} 


Oamida— 

dherritt OJJtnot 

Stehena O. G ; 

Slmpaon-.— 
Stool ol Canada— J 

Steep Rock IronJ 

Tbeoco Canada— f 

UorentoDanuBk. 

TranaflmPtpeLo, 
Trann Mrwntt Opt) 
Irtaoe 


Union Goa— 

Ctd Siaooe Hi 
Walker Hiram — J 37 . 
Wert^WTramJ II 4^ 
Western Geo- 


fBUi t Atfcodi I Trmto/h 
'-|HMr d aft. 



: --v' 



ACROSS 

l Completely lacking 12th man 
17. 7) 

10 Behind a sailor with a short 
measure (5i 

11 Shares room with twice as 


7 Sticky stuff about to 30 wron* 
(5) 

S Sovereign given for piano 
concerto (7) 

9 Hide processor from sun 
bather ( 6 j 


much to eat in the evening 15 Awkward matter possibly 
(7. 21 appearing in jacket at dinner 

12 Not one of them comes in £?’ ?!.. ,* — - . . 

three varieties (71 1, Shabby state of satin test 

13 Colander for artist in refresh- 9 i»n hpf n ™ nrnin „ 

ment car i7» 18 Radiation seen before coming 

14 w fr ° m rebulie 19 Unmarried* hothead taken in 

about fish ioi by hairstyle (71 


IS Dismissed mechanic fits 


21 The pundit be read showed a 


attachment to rowing boat f» i tent jencv to waver (6) 

19 Confection from a charming 23 taking seconds over 

joint maybe l») drink (5J 

20 Refusal by Frenchmen to 04 Kind of lead to unruly mob's 

notice vaarant 15> weapon (1-4) 

22 Truly is hot on reform (2. 5) gg Attacked when money turned 

23 Immediate tick (7l u p ( 3 _ O) 

27 Proceed without help from Solnti0 n t0 p^e No. 3.813 


Ealing too (2. 2. 5) 

28 Heals have a point for a joker 
(5) 

29 An optician needs the com- 
mercial flair (3. 3. S) 


HHKSEEHEnHE HQEI 




DOWN 

2 Fashionable article one friend 
found lifeless (9) 

3 Hold up bad bad effect on 
central beating (5) 

4 Rare for Neath to set 
swindled (9) 

5 Eighteen boles made by one 
bullet (5) 

6 Army to the rescue f 9 * 


aaBOHEEiBH HEHCJ 



a anaQHQsnaHE 


SOLUTION AND WINNERS OF 
PUZZLE No. 3.808. 


Following are winners of Iasi 
Saturday's prize puzzle : 

Mr- -A. B. Innes Drck. Clifford 
Chambers. Stratford-upon Avon. 
Warwickshire. 

Mr. P. Harper-Bill. Rl. 
Travellers Way. Hounslow. 
Middle. 

Mr. -1 Wallers. 24. Cedar 
Grove. North fliinclon, Kings 
Lynn- 





I F THE bookmakers are correct I was at Ascot on September 29 
in their thinking, the Vernons when Hadon. a hay colt by 
Sprint Cup. a Group Two event Habitat, who cost 43,000 guineas j GERMANY ♦ 
with £25.000 added run over six as a yearling, was heavily backed 
furlongs at Haydock this after, to win the Mlcbacl Sobell Stakes, 
noon, lies between Vaigly Great In the event, be failed by three- 
and the French filly Sanedtki. quarters of a length to catch the 





Price 


Dir. 

Yld. 

Xor. 3 

Dm. 

1 “ 

* 


AKG J 

83.7 

i + 03 




Alliance 1 iinitcb.j 

490 

i-2 

31.2 

33 

BU IV _.„l 

2^7.5 

157 

'+1.7 

2046 

62 

«-.vcrr:: :::! 

Bayer- 

140.S 

319 

-M 

—2 

10.76 

88.12 

U? 

4.4 

Bayer- V ereinsbk ,\ 

320.5 

+*•2 

18 

2.7 


HAYDOCK 

1.15— 1 Hadon*- 

1.45 — Fair Season 
2 JL5— Sanedtki** 

2.45 — Paul Stuart 

3.45— Gin and Lime 
NEWMARKET 

2.15— Fair Mark 

2.45— Fine Blue 

3.45— Bill's Treble 

SANDOWX 

1.00 — Stonepark' 
1-30 — Menehall 

2.00 — Grand Canyon 

3.00 — Dnkery 


6.7 


Stakes. ClbalntJMol.vrtoj 165 1+20 

At Newmarket, the principal gSESSSM *Sfc53W 

feature of the programme is the DaimwUrtu i 343 . 0 — 0 . 5 fas. 12 

Irish Sweeps Autumn Handicap f^sp'*** | 259.0]......>.j 17 

for three-year-olds and upwards. 

run over one-and-a-quarter miles, urminnr Uaxh 249 . 0 . _ 28.12 

Here, in the absence of Hatched. DvcXcrtion z>rm.‘ 176 ;+i !9.3B 
1 suggest Fine Blue as the likely ^“rehofftion*....; 241 . 0 .— 0.3 ( 13 ( 2.5 
winner. P. Ma kin’s colt requires t g -f ESga 


strong handling, and ; iK.iZq.Bd&rt’e* 


rides. H.+. ( h ; st.61+0.4! , 

At Sandown. the Marlow Ropps ! J55 J - J 

John Skcaping Hurdle lies K*r.r«dt„ 320.5 — ois 123 .W 3^6 

between Kybo and the ex-New Kauru-v j 252.5 (18.71-3.7 

Zealand gelding. Grand Vanyon. Kj^kuer djiiw.; 94 . 5 — 2 . 5 ; - - 

With the benefit of a winning re- k”^," “ ! fg| Ilf j 18 : 7 *, 1® 

appearance at Kerapton a fort- lum*.' 283 J) ! as 4.4 

night ago. Grand Canyon looks 10 a...! t.576 vs ; as ■ 7.g 

age of eight. Lady Beaverbrooks b ®. tiitthanw 94.2-0.8(9^6 5.0 

staunch campaigner may just man > 226 —3 1212.7 

have lost the edge to his Speed. * : Manm+naann .... | 179.3 +0.5 ! 16. 1B 4.8 

though none of his determin- 346 --2 10 200 

IBM Nigeria SSSStS *>3 ~l l 18 M 


PARIS 


Not. 5 


Price 

Fra. 


Haul*** i 789.8) 

A triune OoeidVaJ 38S 

Air Uqui-ta. 367 

AquiLaiue. 5o2 

Bill I 609 

Bomvkuc» J 800 

BwSJt.GerraJa...! 680 


+ 0 

Ihv. 

Vm. 

— 

Fra. 

% 





+2 A 

—12 


-3 

1-4 

-30 

—11 


-9 


C.U^ j 5U0 

C.l.T. Alratel I 986 i— 13 

Cto Uaoealra. j 439-d— 1-t 

Club MeAiter..... 

Credit Com. FrieeJ 130.0'— 1.6 
66.5f— 0.6 
695 —17 

139 | 

802.0'— 1.9 


+ 0.5 | 


61.0, 
162^1 
2 18. Of— 3 
746 


41*. 0.6 
|2til&) 6.5 
16ft' 4 5 
26-2&I 4.9 
IftHSi 2.7 
42 6.2 
40.51 7.0 
75 j » 6 
31ft) 8.1 
75601 i 8 
72 j 2.7 
1UG 2.3 
12 I 9.2 

35.78, 4.9 
1DJ» 10.1 
10i{ 4 a» 


gi tyj 

.8 18.77a 7.7 
-It t6.S?| 2.2 

36.75) 1.9 

-14 | S9.t\ 7.6 


*5 22J5 


2.6 


ation. 


■£diS"5 SK SSK'ftjT.rfflft iff": §=»»« « ; 6 :, 

% «.««£? liTsss as a rariu/e r *isa:a=f=i? sb.,«^ u 

for him. as when he cruised in 

home in the Burmah Castrol Ayr 1 
Gold Cup with 9 st 6 lb in the 

iK!f,.re^i^ 0 KJJhf Financial Staff. ■* IVrretn^w^^, ... , 

Northumberland Trophy at New- is , D ho , d ^ ccnt nf |Vo<i,rara <ff n„. . 243J. 1 26(8,1 



Creuoot Unre...._ 

O urnwy. . 

Pr. Pasrrote*. — ... 

Oen. Occidteatald 

Im«al 

Jacques Bore! — 

lat*r~e 

L'Oreal 

Lctrrand^ 1,900 

Mol* au PbronIsJ 524 
Mlebelin "B” i 1.260 

Mryg H eon niter ,.] 071 

Motallrrex..... 1 12S.9>+0.4| j 

I'Krtt** — | 19B.2J— 1.8 '1S.9Q 

Pecliluf>-. M 90.3-1.6 ! 7.8 

hernud Ulcard .... 306.0—1.5 I 10 

I'euateo* Oitawn-i <94 ( — 1> , 17.26| 

t’oclain 219.81—5.4 | — ~ 

Ka<iir> Technique. | *46 8 1 27 

IbMnuip j 590 —5 ! 30 

■(bone Poulenc ... 121.01— 1.4 I 9 

S(. Gnleui 148 J 1 + 1.0 ,14.68 

Mri* Ko«i*rtol._.l 1,850 j— 10 39! 

I '63.0,— 6.5 | 23ft! 9.0 

Tefe-mereatifue.... 790 f— 12 i 28.S1 oji 
Tbraosou Braoda. *46,0 — 5.5 -16.161 6.1 
Uslnor— i Z2i \ | — , _ 

STOCKHOLM ~ 


13.6) 2.2 
2.3 
10.1 


AUSTRALIA 


Jipv. 3 


ACUiL (26 cental 

Acrosr Aukt.iUia 

AM AXIL 81 1 

Ampul Exploration, 


Arat t 


1+ or 


+JUJ1 


Ampul Petroleum,. 

Aoaue. inncrab...,_...._._J 
Araoo. Polp Paper 81 

Aosoc. Ocm. Industrie* 

Aoac. Fooodazloa Invert... 

A.S.1 

Aurtimax. — ■«..«. . ..... 

Aust. Oil ft Gai | tO. 02 1+B.Ul 

Bamboo Oreefc Gold < lOJtl [tOJII 

1 jJI 09 


t0.73 
$3.90 

ta.io 

n-60 — 

10.79 l+OJW 

tl.50 IriLDS 

TL70 1-8JJT 
tl.86 r+0J» 
11.00 I-8JJ2 
11.60 » —. 
t0.62 


TOKYO Y 


*y mov 


War. 2 


A ratal Glow. 


Goalu : 

Ch (ram .......... 

Nippon Brine 

Pufl PJjqto....— 

HUmW 

Honda Motors..... 
House Pood — — 

a Itob. 

Ito-Yooada 

Jl 


•Priore 

Yen 


13.44 i-O.M 
1L72 i 


11.50 ! ..... 

104>8 ;+0Jll 


I Pri,+ ,+■ or ' Uiw. [ 1 *,!. 

| Krone* J — 1 Kr. I -fc 


castle. 


* .* .... , Ihe shares in ibe company, which BRUSSELS/LUXEMBOURG 

But how da those perform- will provide maintehance for _ / UAE _ _ ... 


antes, good as they are. compare IBM data processing equipment . 
with Sanedtki s close second to as well as data centre service 
Sotinus in the William Hill July and dp svsiems engineerinc i 
Cup at Newmarkel and her support. " 


^■•r. 3 


I I i DiT.j 

Prtoc +air Fn>. ifH. 
. Kr.. I — I Net I % 


Vi+ed j. '2.220 -5 — j — 

emphatic defeat of Homing in t n ii ne .-iih n t aT1 rr,rroprl : 2 < h6Q —10 .116 '• 4.5 

the Prir du Moulin de Ann- t'^ 


champ? 



Ape AB ( *1.401... 1 196 [—2 5J5 I 2^ 

Alfa IftTMl (KrZO) 143 l+l | 6 1 3.5 

A*KA (KriQl 82.5! 6 1 fig 

Atta, &<»’ (Kr2& 113 ■ 6 5J 

Buierurl 49.6 -0.5 j 4 8.1 

Boftars - 112 —2 *4 l 5.6 

Corfu 180 ‘ 

Celtulren .. ....... 226 

Elect’ll wB’lKrfOl 121 

Ericraon'B* rKrbOii 118 

281 
95 , 

53.5 


- . . . — - dealership - 

group races to see her through, company's office products. 


56. 

253 


SPAIN V 

November 3 

Asland 

Banco Bilbao . 

Banco Atlanuro al.OOO* 
Banco Central .. 

Banco Exlcrtor . .. 
Banco General . . . 
Banco Granada ■ 1.000' 
Banco KifMno . . 

Banco I ml. Ca:. il.OBO' 
B. Ind. Medii.'rranco . 
Banco Madrid . . 

Banco Pooular 

Banco Santander i2j0' 
Banco UnioUD ■ l.ooo. . 
Banco Vlscaxa . . .. 
Banco Zaragoza no . . 

BanKumon 

Bams Audalucia 

Babcock Wilcox 

CtC 

Dranadn" _ 

inmobaoiT 

E. I. Ara*oa*sas .... 
Etpanola Zinc . . 

Etpl. Rio Tlnto 

Ft-eu M-OflOi 

Fi-noM 1 t.*»'i 

Cal. Pfvua>Jiac 
sniDo Valczqucz itnfl. 


Per cent 
122 
XT 
Z» 

305 

2TO 


- 3 

- 2 


141 

243 

U2 

143 

at 


342 

323 

254 


- 2 

— 4 

— 4 
+ 4 


(lidrola 

Jberdncrn 
filarra .... 
Pjocl-ras Rc urn das 
Pvtnfllbir . . 

TVtrolcot 

Sarrio Papalora . ., 

Snlact- 

ScwOsa 

TcMOtace 

Torrj, noKi.pch 

Tabacfi 

V-nton Etc. 


X66 

64 


Enterprises Promotion decree of J 1^*5 ii77 j 7 . 6 1 Fatima 

OiM(» (Kte«... 
Handlrabtnkea . 
Marabou ...... ... 

MoOcb nomotiU 

„ . . - - — . ^oodvik 'Vf Kre 

Hoboken -...-2.635 —16 !l70 1 6.5 s.K.F. Kra . 

lutorcum .1.825 J+ 10 ji42 | 7.8 Skand Enaklkfa.. 

Kreliribaak 7.150 —10 .290 • 4.1 ’ 1 V B ,Kr6 °* 

l* Ri«y»to 

Pan 

Peuniin- 

auc.Liai. Hanque|3,150 ! + 50 ‘20o I 6.5! COPENHAGEN 4. 
.'•vAica.nrifnque^.uSU ,+ 10 140 6.9 1 

bonna.. [3^00 >125315 : 6.7 

>oiv«i- '2.570 JB tAJ.lQ BX 

rm-riuii Ktoct — 2.715 ' + 55 '170 1 6-3 

UC'B ,1.160 '—lO.i — ■ - 

I'aAlm. il/IOi — J 760 '-22 > 60 j 6.7 
VicUto Ui«iajpw.,L945 '-3 , — — 


+* 10 I 4.4 

Li- Aff 5.2 
1-S , 5 ! 5.9 

+ 1 I 8 

+ 1 | 4 
’LB I ~ 

16 
8 


374 1+1.4 
126 U ; 


4.3 

6.4 


.3! - ! - 


'.oj-^-as 


Jt 

129 

1S2 


— 2 
- 3 


R.rrato lV)iV“:;6:060 1-10 0325 : Hhi’lEJ'Si - SS'3"VV !y ~ - 

1 H'.l.llus. (2.830 '—20 S2.5^ 2.7 1 '?•?? . 82. 5,^ 1 .5 : 6 | 7.3 

mrina... |3.350 ' +35 180 5.4 '■ ' " 


1 4.6 

7.3 

8 

5.1 

5 

7.8 

‘y— 

w 

1__6_ 

J.S 


12T 

Tt 

76 


45 


+ 1 
- 2 
- 2 
— 2 


SWITZERLAND 0 


BRAZIL 


247 

143 

24 

& 

232 

67 

42 

in 

SSJD 

63 

*2 


- 4 
+ 2 


’ Pn,-v X «r~iCru7' l tfIii". 
Cnu — DivJ % 


Ace-lta 

Uara-oto Braril., 


- 2 
- S 


0.25 


“ JUrllwIWIT 1.10 +0.«'3Jt , ‘1b r 56 


its 


Tarn river Cr.4S.3ui. Vulumo 24 am. 
Snuri-i- Kiu d,.- .laneira SE. 


NOTES: cru.es exciud" s orrmnim. B'loan dsnilend? arc aficr 

ti-ltbUoldl-lK tax. 

* DM 30 dviura «n.lcsa iKlirncw *iji< d. • Pips. d-muni unless oiheru i^c- 
siairf. 4 , Kr 1+ 1 licnom. onb+s oiiu-m isr uairf. i'.n *«om. uak+s 

oUkivn,- viairf. * Y. n 30 dciumi. mw» UbmrJV" sui. d s HiWi- at hm> nl 
•utsCenaion. a Monas, b SrtiiFJlns.'. rCidils rf Dmd.nd afr-r tfcndjng nulilt 
and or «r»p issue r P<-r sharo. I Kratn-> c Cro+> Jiv. . 1 , i.iumi-d droidt-nd 
alt.'r >^-rip art or r!*h*s t After total 1 a»« s. tax 11 + 1 *. « trance 

tncludiD* Unilar div t- \im 7 Share splii ■« Db ind vj- M ixctudc spetial 


iw»nfi\tiK ■ .\«krt v WtS 1 “radNi. t S»1k*T. - tfwnw. -sr Ex 
dividend. SC Ex sens issue, u E* all. 4 Interuu suur ircrras^d 


1 Price 
Noe. 3 j Fra. 

+ cr 

Uir. 

tt 

K> 

Tid. 

% 

Ate minium — ^ 995 

-6 

8 

4.0 

BUti *A“ H.525 

+ 10 

10 

3.3 

Ciha Oei*y Fr.lOOj 965 

+ 5 

22 

2.5 

bn. Pari Cert. J 740 

+ 5 

22 

5.0 

Ha Keg .1 573 

+ 1 

22 

o,9 

Crwllt Mit»ro '2.160 

+ 10 

16 

5.7 


—10 

10 

2.9 


+ 5 

6 

4.0 

tJ'Hirtisrr l*t t urt.. 6 1.300 

-250.11001 l.B 

Jku remain..., 6.2aa 

*75 UO 

1.8 

Imrrfnnl |l 3.600 

+ 25 

21 

79 

Jrliiiiill . Kr. I'.Oi , 1.330 

- .. 

21 

1 6 

Nolle « Fr. IOui . 3.030 

-55 

-trt J, 

2 9, 

ti-. !.’« 2.180 


oAS.l 

4.0 

wf.i in akn.i-.j-L' 1 ■ h 

T 15 

lb 

1.6 

PtrelirfiP.K.;^.- 288 

- 1 

lb 

3.5 

t-aini-v •) ». LrO,.. 3.060 

+ 10 

2b 

2.0 

1+-. t^n ten-. 575 

-2 i 

-3b 

3.5 

Minim i>i • !■> P.ri» 250 


12 

■» 9 

■<iii/nl'iifi.li>Ji 2*5 , 

-i | 

14 

4.8 

frnlmai' fl.Afi.r. 796 

- 1 

1U 

44 

""ire Hill -F:.lu)i 348 

- a i 

10 

2.9 

,t (re rlliji.K rJri'i 4.608 

—50 • 

40 

2.2 

1 niiin llaoK.. . . 3.080 

-b 

EM 

5.3 

Zura b )n»- 10.550 

+ 100 

44 1 

2.2 


\iw. 3 


Trice 

Kroner 


«*1 -For ■ KvT’riri. 

"I " I t I 


Andeiabanketi 

Daaske Bank. ,. 
Kant AataUeCu... 
Flnaaatiankca.. . 

140 

1259a 

144 

isai* 

ItSi^SSBSEM 

El 1 

80 

G.N'ih'nH.(Ki90i 

SardKabel 

280 

17910 


152 

137 

378*4 

■Hififi 



1 11 i 7.9 

12 . 9.3 


+ 1*8 


8.4 

10.0 

3.6 


&7 

3.9 

6.7 


MILAN 


Urica 1 + u 
IJr» 1 — 


U'v.Ym, 

Lh+ ^ 

42. 70 -10, 7&! ' 


flhie MefiU lrxl.. ) *1J80 '+8.B8 

Bougainville Oopfier. j ILoS I 

UraaMra laduat nra 11.85 i4UQ 

Broken Hill P ro priet a ry....' 10.24 '+0.01 

B3 Sooth 1 11.50 I 

Carttoo United Bretrery-..’ 11.72 UQJI1 
CSRMLV — ; ! ti2B [-OJ52. 

Caektaam GaaeBt..— 11.33 j ...... ! 

C«Ie»(0J.) I 

Cook. OoklfieUs .tun.....-! 

Comrfaer (Sll 

Oocrdnd Klotlnto j 

Cootaln Australia 

Dunlop Rubber iSl) • 

B6GOK-... I 

Bldec-Snrttll... — ...< 

Bwtrtvoar Raoann.. 1 

Eft laluatrlea 

Q am. Property Tm»i_ ! 

Uonwwey — 

Hooker.. — I 

1C! Australia J 

latar-Cbpper— 

Jennings inriaHries..... 

J one* (David) ' 

Lenaarf Oii 

Morals Bxi ' 

MIJIR 

Ujera Emporium 

•Sem.;... 

Xfcbolas iraernsciona l—^.i 
Tiortb Broken ITdhigBlSOrV 

Oakbrtdae — j 

On beaccta,— — — — 


J -A. L. 


345 
.444 
905 
380 

601 

539 
223 
485 
W« 

240 
1.750 1-10 
775 I 


+ or 


■W17 
+2 
—20 
— 1 
+ 03 
+2 . 
+ 15 


—;2.900 L 


IS+5 'JSi ; ConxJ 423 

IrS 1 * Co L..: snn 

tA^O :+9AS 
12.65 .' ^-OJl 


12.38 

10.25 

13.10 

11.64 


1-30 

+8 

+4 
+ 60 
+8 


Kaaral Kl«f.Pw.!2, 120 

gom atau J 562 

Kubora { 296 

-:3.310 

lad. J 753 

Mitsubishi BsnkJ 880 
Slitsubiahl Heavy! 121 

- +1 
. --- , + 4 

.UUaalunhl <--598 i+ 13 

Jlppun Denso .1.600 . + IO 

Afppoa tfhiupmn.. 011 1—19 
Nissan Mptora. 667 i+10 

Pkneer ; 1,330 1+90 

buyoBletric ; <60 (+11 

Scklsui Prefab-..; 964 1+4 

— ! Bblseido l.a20 '—20 

ignpy (x.420 |+60 

Tatahu ll qiin* — . k5fi >+10- 
TskedaCbcmwl.l 442 i+2 

TDK 8.060i+70 

Teijin ; 120 

Tokyo Mortn^.....; &20 l+is 
Tokyo BleollVw'r; 1,050 !— 1X3 
Tokyo daoyo. M — ; 348 '+7 

Toray J.J. 136 j+1 

Toshiba Corp 1 127 

Tcgpia Motor.„..„ 652 i+9 ! 20 


Otter Expl motion ; 

sr Concrete. 


Pioneer I 

Keckfttft CMraa 

H. C. KW*fc'- — ' 

nd Vi 


+W» 

12.15 {+0.02 
10.80 

+2-20 1+0.03 

10.27 | 

10.95 I ..... 

rl.lu ! 

10.27 +0JB 
t0.o 5 ,-djll 
+2.45 +0JU 
♦Le4 1+0.01 
t2-S5 } 

10.08 . 

11.05 :- 0 J 2 j VIENNA 

*L66 1 

io.iu ; 
tO.41 ptUH 
11.70 f+OJUI 


153 


.■* 


14 

2J 

32 

li 

25 


20 

a> 

18 

u ,. 

15 

U 

12 

ar 

18 

w - 

36 

u . 

12 

a» .. 

50 

OJ 

13 

04 

10 

a/ 

m 

2 J ... 

15 

2 J 

ia 

Oi 

□ 

JJ . 

in 

W- 

32 ' 

« • 

13 

u ' -. 

14 

8 J , 

151 

3LV • 

16 

W - . 

T 

O.r . 

T 

u 

T" 

L< 

t 

BJ •. 

TT 

U • . * 

■ i 

0 ." 

17 

u . 

t 

3.1' . 

r 

1.7 . 

30| 

or. 

10 

4.S 

11 

IX 

8 

J.i 

12 

1J ■ 

10 

a.a . 

10 

3.9 - - 


u 



Source nikko Securities, Tokyo 


auaihlsnd vinin*.. ........ . 

dpg nritglraM*. 


Western Mtatog (bo eent*;J 
W oo twi n tbs. — : ! 


10.67 0.01 

+0.32 f+0ji» 

tJ-3t» I 

n.BJ t-oji 


AMSTERDAM 


tO. ii ‘ 
11.60 -OOJ 
.11.60 [+d.iZ 


Sw. S 


TPriem i + orrDtv-; 


1 FIs. I — 


Ahold IPL 20k 
Aim (Ft. SOt-.. .... 

Algooi8mk(Pl.i0r 
AUKV/PL 10»-.| 

Ararobsnk (FL20) 


112 : +aa « 2 e 

29.2— OJS — 
360 i + 0.5 A3«j 

86.7^ — OJS | BOj 

76.2— 0.2, (A 255] 


Wxnkort- 93 I +2.2 26 1 

BqtaAMnafP.lOll 155 F+ 1 ! 82^ 
Buhnn' T«l«w5r 71.8 — OJS i 26 ' 


m. 


6.0 


741 

fiJS 

641 



Price 



Stnr.S 

% 

\~ 

% 

4 - 

CradftoutaK 

Pori moaner’. — 

542 

271 

j;::™: 

10 

9> 

3.3 

Semperli 

Steyr Dnimler^... 

82 

209 

1—4 

8s 

33 


267 

1+2 

E 

m 


JOHANNESBURG 

- - • . . MINKS - • 

«ov. 3 Rand j+or— 1 

Anglo American Corpa. M A59 i—a.i5 - . 
Owner Coasolldxtni 3420 

g ay aa efmgrfo — ».iq +b,t* • 

WW,; — ^ -1.79 —4. 

Hinnony 5.75 -0-5 

»nrpu — SJ8 ^oj#l 

■baiesbns Pladunm z .08 

. - 

otmuwiai ,i , „ , _• 9JQ 


jPN^ri! 1 !** ! f*S L + 3", j *2.4 ^5 i SrtoB^Sjtoaoo i. T. 

ErmtaS.V.Bearw: 157.7—0.3 1 J7i 5 . 4 1 - - — 

" “ “ 71 I i»4.A 4.9 

8741 +0.3 ! 20 i 5.4 
97.9 —0.6 1 14 ' 3.7 
57 J2 — 0.1 I — | — 

22S — 03 12 S.fl 


HnrC«oTM(FUO) 
O MalBrocsdra Fr 

JMnekraiPt.ZBU 

UM 0 ima>i(UOi| 
Blotter D-fFl.ICQh 


KJJt. (FI. U»l..| 136.6-04 I 8 I 5.9 


Inc. Holler |l£a. 

Saarf« (Ft W>.J . 

.VrtKedfiucn.XM Z 10.5— (AS 1 48 
ScdGwUJkfFIJIO 54.7-l.ll 21 
Ned tf Idilkt/LSO}! 201 J5t L 22 


Oce(F18t9- 


Hmiiwi 558 —3 ! — • _ 

f»i 2 658 -18 too 3 7 

Hubllir 1.960 -21 ISO 7 7 ; OSLO 

nilwlrr ; 167 —5 _ _■ 

il+lcetnnil 1 ' 19.980 - 20 bUQ 3 n 

*— .1 360 *.3 

..42,000.— 190 LOW 2.9 
f 183 -3 — , . 

11.328 - 

I LOSS 1-25 . 130 6.7 

959 '—6 : 80 8.3 


2Q O miBgt y*n , 

PaktaoedtPJm.- 
Pblllns '(Fi.Un*-., 
RjnfiSVcrtFLlDO! 
Bobooo (F 1 A 0 >_. 
BoUnco (TLW— , 
MCWtSlIl M; 
koyaUiu£oti(FQOj 
eUoreafeucz......— j 

dUMsGrittljOJ 

Tokyo Fk+.HuIaJ 

i:nlie«er(Fi^9l...| 
VIMnp Bra. Mi Jbi 


169 Ad i+2^i 35 
21.7,-04 25 , 

140 —2 | _ 

473' + 1.5 I — 


83 


44 :-l ! 19 . 

20 —0.1 ) 124 83 
“ * 4A 

7.7 


17 


63 


A2B« 


7.8 


263—0.1 

65j» 

1633>+03 
132.6,-0.4 . 

m ,'+02 

123 1-0.7 iSfjg 
8*6.5 + 1.1 ! 20 f 
97 -0.5 j 270' 

140 JSBJQl 03 

1193 +OA 423; 7.1 


13^ 


63 

83 

83 

8.7 


De Beers Deferred 73 

BlrsaoroiWcbr 5.87 

Kosi Band PUr. :sjs 

Free scare SednM m .50 

Prealdeni Brand 10.10 

PwWOT 5t07n JS29 

STUfMHela 3.00 

wedkom ; — S33 


West DrierenfOn — <taj» 

Wesrem Deep 15JW 

INDUSTNIAU! 

Ajea — : — 3.35 



Anglo-Amer. Industrial _ 11.00 
Bytow Band — c«s 

CKA UrcKBOa 32.30 

C“rric Finance 0J4 

Etear* consoUdoMd lor. 3.15 

Edgars Stores 1 stm 

Brer Beady SA 2 JB 


-OK 

-BJ3 

-0.03 


—OJS 

-9.B 


HtO«ls 

LTA 

McCarthy ttodwr ... . 

NedBiok . 

Oft Baasura- 


39 ; K 


1J0 

. . • . 

A 

♦*.75 

• 5,1 

*■. "i 

3(15 • 

-4.« r 

- ' 

2.15 

-0.K •. 


0.60 

s 


2.90 

-8« ' 


8 JO 

-80*. u 

*: >p 

5JA 


T .: 


. -11.15 


IismmI 
Mr«tVihaci-r .. 
HMptwai , 

••liTeUi Prir 
Pirelli ft 1 : 0 .. 
Pirelli Vpa . 


Sul* Vlacnaa 765 6 1 — ■ 


• Hart uimri ProoerOe* 


,\.n . 8 


B+«iren;llaiik — ->i 




— ~ .* T :«a*e Raldlon ...— .. “1 

97.6 —0.3 a ! 0 2 ' 5****** ‘ 

0 g,O _ __ i C. G. Smith Sugar 


, i SA Breweries 


Kr+iitkatoO—..., 1104—13: II , 10.0 

V«rrt Byrtro K«9 190.3m ; 12 a ,i 

jtorebrand - • 99.00 -OJ 8 ' 7 ; 7 j 


. . IA2 

~qm ;■ 

■J.10 . 

-90S 

S.E3 , 

-0.K ; 

8.35 


J-45 

. _ 

2.6ft 


SS30 


1.43 

-no* ’ 

129ft- 

-ft.tfl 

• UP 

-9.W , 


i '■ 


Seofl&sRasi SU5.0.66i 
. TOiscaunt of '4Z39 % ) 


..: t ;■ 


'-f- 










































21 


f-»bi 





iSnes/Saturday .November 4 1978 


INTERNATIONAL FINANCIAL AND COMPANWNEWS % 


tWij-iU-* 


U5i 




moves to ease Peru debt 


C# "Ata 


8 V ROBERT MAUIHNSt -V .-. 

dtEDITQS .NATiONSr-of ftf > made it clear at the bcgin- 
so-calied “ Paris Club r agreed nin; of the meeting that it wax 
here today on a substantial seeking to transform SS50m or 
easing -of some;. of Peru's Govenunent-baeked ■■ debt fall- 
Govemment-backed - debt, the ipg due 1st 1979 and 1980 into 


French - Finance •' flllrtistry 

announced.' 

Though details- Hif -'tiie -new 
arrangement wore hot im- 
mediately available, Peru had 


a nine-year credit with three 

years’ grace. 

. -Altogether,.. Pern's short-, 
medium- and tong-term debts, 
including private credits, cur- 


rently fatal $SJbo. 

Earlier this week. Peru 
reached a hroad Agreement 
with international hanks in 
New York on the rc-sehednling 
of SiOOm of commercial deht 
maturing in 1979 and 19S0. 
The debt falling due with com- 
mercial banks in these tiro 
years will he consolidated into 


PARIS. Nov. 3. 

an eight-year medium-term 
credit with three years' grace. •. 
The iotcrcsi rate was not 
specified hut is reported to hp 
favourable. j 

The new arrangement with j 
the commercial banks is due j 
to be finalised at a farther > 
meeting In New York on ! 
November 6 and 7. 1 


Svenska 
Varv sees 
lower loss 
this year 

By William Dull force 

STOCKHOLM. Nuv. 


NMB plans FI 125m Poseidon 

, , . - I plans 

debenture issue j goid-based 


-s <i 


Amex fixes Flick’s Gcrling majority stays 


5. mOVe tO • - -BY ADRIAN DICKS - B0N> > x 3 imV-rit uf SKr 142m -w lhHii>s 

* ‘ - - - - ■ ■ ■ ■ 1 " ’ ‘ " llhc group su-laiii-'d m 1977. 

• V MnnK<l#nn - S L ' hen m«lu-tne (VHDIl. The confirming him a< chairman of i Bv m? end -r ;h.- u -..r. Svenska 

•. t lviannattan nsji/sfjx tiz a , ,sr uw '*** un,M ■" ,nr i»7 4 j" , . a h .^. 

:• - ‘ ™* ^H^SiSnileir who kiii 1 J^K.rL" fffSnSSi ;[™ 

.1. ^ SCCCpled a i\ew.\0rk Stale ‘CQflSOllllafad ills majority pos'lion hold.% 49 pc*r cent *if the group Oerling lo withdraw *he various s h|i,viini Bill i:iiil.-il i.\ ihc new 

* ” V. ,>ffe J w build and. lease to lhe:in-lhe:Qerllng insurance concern, he built up. had hfeen attempting legal actions still pending, and LincVal Mm.ini-, (mrcriimrin 

- . . •,* evebange a new-home. id.i . A special Shares Old ers meeting through the emiru to fishi off to commit them to “long-term. .. a rti«-r this vc<-V *hdi 

■'•■■■ ' ‘<i. ventral Manhattan. Under the : of Uie GerUog group decided Flick and rn t-xcrcisc an opium canrtruclivc cvop.-ri.iinn/' Their it he comiianv he ,ivcn a fuMh.-i 

— - * I j!an - lJrba " Development- Cor-- early; today that the Zuem-h to »«iv the Zucrich s package for H such rt< . c }< iun was Ul a5W . , j|„i;.l injtwiii.n ..r SKr 

■ = poration. a slate . construction- ; insurance Company*. 25.1 per himself. - . - r .. R . , - M . ( > it ihnuiah 1.1 tin- cmi ..r lfl7» 

.... finance agency, will crecr a SIflra cent stake in the Geriing bolding Today'* a-jiwmcnt cm firm* 0B /*" ‘ tw anv, ■ , . 

- - hnilrtino untl lAntP if in sfalP 1 onmmnip tfill lip IratlS- Flil'fc’c frmlrnl M'ac iKa f^plinn CliOiLlI fl'OIll UMSfllll f 1 Xirt) 1 I Hu' «■ iMh% ] lli;| IlilP* 


BONN. Nuv. 3. 


; SVENSKA VARY, ihc Swell -th 
j stale shipbuilding cum; tout. made 
; a pre-tax In** of' SKr l.Sthn 
,(S3t50m» duristv th--- firji eight 
•month.-. Of 197s and expect.' a 

'deficit ul SKr 2.1 lift tor the full 
! year, which be an improve- 

intent of SKr 142m m-er I he Ijj». 
| the group su-tatu-'d in 1977. 


j BY CHARLES BATCHELOR 

HOLLAND'S FOURTH brsesl 
hank. Ncderlanschp Midden- 
>i:indshank (NMBi. plans m 
raise FI ]2o:n iSB2mi through 
a dc-honune is»ue. reaftirriiina 
at Ihc same time its foreca-t 
that I ATS net profits will rise at 
•least Hi n*;r cent — dptal tn rhe 
rate of increase in the first hair. 
The Ju..n will carrv a enupon uf 
. t>,‘ j>c: ci-m and run for 15 years. 
! with the price to he announced 
i«n Wednesday. 

.\MB> forecast implies a net 
'profit of Ft 114m f$5Hnn after 
K! 9S.2m in 1977. when profit.' 
' n»Ni. hy 2»i per cent. The hank'- 
mieresi margin miproicd 
»!i-^hll\ in tiie third ■luarlcr. t»ui 
ihi.' fo!!i.ws :« relative^ narrow 
margin in the it rat half of ihe 
year which wa* _/m average 
MiiaJIcr than in 19^. 


AMSTERDAM. Nov. 3. 

A forecast for the second half 
of the year is difficult because 
of the disturbed slate of th*- 
money and forcicn exchange 
markets in ihp last pari of the 
third quarter. 

The bank made a ru-i profit of 
K| 5 k.4iii in the fir>r half uf \97S 
compared with FI 4KSm in tin- 
same period of 1977. l.emims 
ro»e by 24 per ccru in the fir*i 
half, while liorrm-.mgN rose h\ 
24 per cent. 

NMB wants To strengthen it? 
lunger- term assets in view of Mie 
continuing growth of lend 1 if:. '»• 
particular uf nu-'liiim-lerm 
credits. Lonsrierui horroum^ 
iuay he used for U-nilinc nvr-i 
and above the limits laid rlnv.n 
b\ the Centra! tiank. NMB noii-»! 
in the debenture t*sue pros- 
pectus. 


building and iease it to the state. ! company. GKB. will bp trans- Flick's control over the Gcrling capital from DMbflni (S4L.Siiit l The ,Kr ,n.s mein. It-' 

F.‘ L Ahich in turn, will lease it to the i ferred far an undisclosed price group, but il also gives some to DM 140m. at ;< premium r,r ; cu-tem . an- 1 claim ' 

• ‘ }.' Amcx /or 25 years qt a rental * to the Versicherungs-Holding der satisfaciinn tn Hen- Gcrling bv 115 per cent. on cu-iiont i^ a no .1 n,i- li»iu;i;iii\ 

‘ • i- of S~2.6m aonuaUy. .7. i . : ]d"c-c not cxye. 1 u. l.c uu-t. llu* 

: - . Almost -immediately.- industry! . •' 2 ^ ' to T "'‘T L '"h U 'r 

••= r; v ; tsSSSHSa-' Setback for Premier Miffing |S^ss“:sir s i 

New York- Slot* Exchange to - I dal Oeresund .md t ‘Met all., 

‘j revive long-dormant . merger 
;; talks with tbc Amex.- I 

‘i Tbc reasoning is that a joint’ 


Kredietbank confident 


BY RICHARD ROLFE 


JOHANNESBURG. Nov. :i. 


■nit at SKr i. tim. «>r nhuh 
. SKr CTtiin deri'vl I'rnui lin- r ii r»-c 
large now-build in.: ..ants, \n-n- 
dai Oeresund ,-nd t'd.k-ialla 
The ship repair iipi-ra: iun % haw- 
rfl'ii hcen ncikiiij 

The 1 ul er nn repurt m.ics iha! 


s; new home could also meet tfcHS ; PREMIER Milling, which donti- and profit margins deteriorated dividend was, held at 15c. TtuGihc older intake h.i' gniwn dur 
.•economic requirements of the nates ti»e South African food sharply Though turnover rose shares, partly reflecting the • ms the eighi iii*mih- ii.inp.ircd 


A most profitable investment 


■: ”T . . . ; decline seen in recent trading K 0 „ds. has heen one .if Hie ft-.. Bill, the CMiiipanj adds. “H.i- 

...-Advertisement . - periods. blue chip mriu, trial, v.h..- has not .hanged -ui .„ W swnvin 

s ' At ihn pre-tax level the decline shaven have made little pm ^n--- ihat ill-.- >:ird« huiMu-.v. new ,hi;>. 

T .■ was si coper because of a higher i n the hull nurkei of rovni .-an <>niy ominc:., in a fi.-.\ >mai: 

:: A m Acf invncfmnnf interest burden, up from R55t»» months and -nuns have I markci su^mcin> fur 'pcciali'.-ii 

; ; XX liiUol jJX vIaJLmULJJlAIIS XXX VCIjUJUldJU. to R7.Rm and pre-ta\ profit^ fell that a reraling is in m ■>.■«»* vessels" 

4 - from R 18.1m in R 14.6m With a Lack ° r dividend -jpiutli in 

i: -• - •• iftu-i-r i-jv i,h- m u, recent financial pcrnnl? on the 

SOV1F r’OMMODlTV ^*9 1 17 Onen nositions. such / t-nar-c. niraevu. tneie , e;jlc ^ t j 1<s 

3U.vit LUMflltfJttl) iW^pOTWnKSUCfl was <ome cushion to the decline premium ratine h;.< I.-.1 ih- • 

•; traders dre feeling pleased asiongsm Pfatmum.arestlH m earnings pci- share, which was share price to decline relative In [ IXCW record 111 
-• with life -they have followed running, promising further Croin 44 -* 1 - KO 35 Th <-' imerim the market, on the present rAr 

u ciihc^rmfirtn t»r*r«ei»-eollprl nrnfitC I yield. Still 3 full fall Points P .1 i ti# IlirilOVer 


BY GILES MERRITT 

KREDIKTl*. VNK. ThP major Bel- 
gian t> mk announced a fitriltcr 

'iiiis'.mitjl increase in its balance 
.sh«*ci. arid said ii was confuleni 
jhruji profit pr-ispccts. Fur ihe 
h-ill-;. car ended September Kfi. 
i In- balance sheet total led 
KKi 252 3bn t$12iin. an S.l oei 
cent increase over the level 
reached at the close of iu, 1M77-7K 
full fin:nn-:.il } car on March 31. 
and an ISK per cent rise during 
tin 12 months in end-Sept ember. 
In June this \eai\ wlieii 


Del Monte and 
Remolds deal 


: a subscription semce called profits.- 
• Commodity Trading Re- A free trial subscription i£ 
-• commendations issued by. available from the well 
/-research specialists. Chart known brokers. Commodity 
| Analysis Limited. . Analysis Limited. 

!: Briefly, an investment of . 

X5.000inJanuary1^7&,when _ 

! the service started, covered Please contact: 

•'ail deposit and margin re- Mark King . 

; quirements for opening one Commodity Analysis Ltd. 

; contract of each.com modity ‘ 37-39 St Andrew’s Hill . . 

recommended, and has pro- London EOtV SDD 
; lduced a net realized profit of' Tel: 01-236 5211 


New record in 
EOE turnover 


Commodity OFFER 39.6 
Trust BID 37.6 

Double OFFER 66.0 
Option Trust BID 63.0 

B Commodity & Genital 
Management Co Ltd 
8 Si George's Street 
Douglas Isle of Man 
Tel: 0624 4682 


below tbc industrial average. ' 

there is clear scope for reraling | 0ur ® wn Cotr «pondent 
to continue unless, a revival uf AMSTERDAM. .V»v. 3. 

profits growth cun be achieved. TURNOVER ON the European 1 
Excess capacity and mcr "Pt'™ Exchange rn»c- a new 

y» r 1 i ™ 1 ? Sndc7 Vr.'S';: "I,™ 

areas, particular!} (he eyj. tci-rK wm , n Ull? vr rc^i n -, Wve y.. 
and poultry divisions, appear '«» iveniitims fell .11 tir-'t tn line' 
be at the henri of the latest prnfii with stock price-., hui recovered! 
decline, while the Imard ..I.Mijon Wednesdaj afier Bresideni ' 
blames the cost of tinaneuu i Warier announced la-.-asimv t« j 
higher turnover a tt rihnr.« l>| t - jo su PP nr 1 the dollar the KuE sard 
slate-controlled price increases. Options on Dutch dtnrei were 
However, mure stable cmtilitinns Jy?,. nKrtl tij'ded. led; 

B ,r V.TI "m l nr 'rii. 

Board thinks that prulits snould j nlPresl for the "■■•ui «if nu.nev "! 
not be materially different, over series. It was fu I lowed by K1..M 
Ihe lull year, from those nf the with 1.921 contracts and Afczo 
year to la>! March 31. with 3 .365. 


S W FRA Vi: I SCO. Nov. .1. \ 

I 'EL MONTE Curpuratiun and If( | 
R J. n>*;. nuid< Industries Inc 

annuiim-Pil that they have simn-d 

a i|r-fjn»:ivo .urvement provid- 
ing for ihe previously 
ar.noun.-ed nievyer of Del Monte 
in :u j wholly •ii'.vned subsidiary 
nf R.-y nn'd T 

Under the terms of the agree- 
inenl ahour 45 per a-ni of Ihe 
on' stand me Monte common 
«ioi k ii| In- converted into a 
ric III In receive S4S.59 a share 
in ••ash in ihe nuvger. nnd a him; 

55 per rent nf the Del Monte || 
I'uinni'iii will be .onverted on a K 
share for share basis into a new k 
R eynolds non-con vert il.ic voting P 
• umiljtive |»n-f.TTed stock. W 

Tin- dividend rate on the ■ 
Reynolds preferred stock will be || 
determined just before the m ail- 
iti4 uf the proxy materials tn — 
conned ien with the special inert- . 
ina of Del Monte shareholders *■' 
which ’.nil he called to approve 
the merger. 

AP-DJ — 


BRUSSELS. Nuv. 3. 

K redid bank .innumn-ed a <J I vi- 
de ii<l incmsM rrmii BKr -tJ5 u • 
BFr 290 per old share, .md a pa> 
men' of BFr 145 on ik new 
shares. Hit- bunk's I si la nee sheet 
had increased by 15 2 :».t eeni 
during ills* year ended M ireh 31 

Kredieih.iilk said il louka bo- 
ward lo its uverall 1P7S-7SI fi nan- 
rial results - with n-n tide ucu " 
Btil it eiupli:i«ised liiiii rorili-i 
aii (is fa el n ry ivmiMs would de- 
pend on ensi MK'ii-i-'v reni.iiinn.' 
within " rea-mirilde limiu." 

U red ie» bank 1- very nitirh i!i< 
iituin-l.il IPiuc trrier oT t'.eUiuin s 
Fleni'sii oitsitie'S emnniiiriily and 
has m recent yejr.% recorded emi 

sistvnt grii'Jtih. In M.uvii I97rt it 

reported -i rise of -j | p.-r cent in 
pre-tax profits hi BKi 2H»»bn on 
an overall In lance sheet that 
totalled BFr 244.5l.ii. 


By James Forth 

SYDNEY, Not. 3. 

POShlDDN. the once-obseurc 
Australian mineral explorer 
which .sparked off a mineral 
ho«m uilh a nickel discovery 
ar Wimlai-ra in Western 
\iistrulia late in lfib'9. only to 
plunge into rrreiu-rship in 
I97U, is planuiitu a eomeiiavk 
— Iiiised im gniri. 

Willi in -j (ew munths of lh«- 
U'indaiTa nickel find. Poseidon 
shaves snared from less than 
A *1. IHI hi AS2SII. When the 
cojiijjii'ip went into receiver- 
ship. Ju-ea ii—i- uf tin- tiepresst-d 

state of the nickel market, ihc 
share price was unly 7tl cell Is. 

Tile cum elm ck has nothing 
to do with nb'ki-l. In fact. 
I ll iisridiiii*> inlcn-si in Wiiifiurm 

was sold lu Mir Shell group, 
hut unidticiion is currently 
suspended. 

!*iis«-id nit's nuts :i'si-i is a 
47 per rent interest in Kuimmr- 
lii- l.akc Vii-w. which 
1 lining It Kalguurlie Mining 
Assuclaies has a .72 per cem 
slake in the Mi 1 liar In lie gold 
mine and in (he ino|ii-i-aii\i- 
Fiunistiui min.-. Ml t'liai'lnile 
is rep 11 1' led III lu 1 lining Well 
mil uf r nmol' prices fur gold. 

The di reel urs «f Hus.odon 
mi id U-d.iy thsii ni'gulia liuni- 
had heen held with ihe Ade- 
laide Siuck Exchange for the 
relisiing of (tie company'* 
shares. This would depend 011 
withdrawal of tin- recein-r. 
Negotiations uilh ihe tijsira- 
lian Industry Llet ■■lopmenl 
('urpoiniiuii. whit h appoinieti 
ihe rereii or. were nearly 
finalised and their agreement 
was i-\|ii-cli-d. >li:irclii>]<ici-s 
were attiised mu in dispose ol 
their shares. 


TRADING Are you sometimes baffled by the terms 

_ your commodity broker uses, or by 
TF R ^ how the markets work? It so. send now for a 
* tree copy of our new bookie! "Commodity 

PVDV AlftlFlT* Trading Terms Explained" 

fjmr LU or telephone DI 24fi 7B1 i 

To - Comet ce Commodiries Limited. 

Bridge House. 181 Queen Victoria Street, London EC4A 4 AD 

Mr Mrs Miss. 

Addross — . 


1el - The Commodity Brokers 


. Index Liitiiled OI-.'Mt 2466. One niomh tinld 216^-218: 

La muni Ruud, London SWH' OHS. 

1. Tax-free trariinR on conunudilv futures. 

2. The cumin tidily futures market for tin- Mualler inrestur. 


TOStTO ' 




:OMMODITIES/Review of the week 

• Currency movements dominate 


BY OUR COHMODTfffiS STAFF 


' URRENCY FLUCTIfATlONS— 
1 particular the ; spectatatlar 
' ecovery in the value of the 
■ ollar against sterling — were 
. ie dominant influences in - the 
ondon L-ommodfty markets this 
,'eek. -••.•'•;. 

The sudden rise in the dollar, 

. allowing President Carter’s 
nnouncemept of measures to 
efend its value', created, coo- 
iderable confusion ■ and the 
tarkots remain ver>- unsettled.- 
Platinum was most affected, 
lie free market price fell to 
174.90 an ounw. after reaching 
n all-tune peak of . £187.90 
arller in the week. In contrast 
.ilver. which has not attracted 
te same kind of speculative 
i vestment- huyirig interest, 
nded the week virtually 
nchunged despile the steep fall 
^ the gold price. 

Base metal values _ were' 
ene rally higher after the rise 
t the dollar. Copper cash wir^ 
jrs. for example, having fallen 
» £740 earlier in the week 
:< Died strongly to close last 
ight at £759 a tonne. £16.5 up 
n a week ago. 

The market fluctuated wildly, 
•ith arbitrage between the 
•ondon and New 'York markets 
-irtually at a standstill as traders 
'ied to work out the different 
loveinents in the markets: 

A higher dollar, and .lower 
terling. should mead a rise in 
.ondon prices bearing in -mind 
'iat metals are primarily dollar 



MAY JUN JUl AllG SEP OCT N 
. 1978 

based. But the fall in tbc pre- 
cious metals, expected reduction 
in speculative hedging against 
the decline in the dollar, and 
concern about the effect of the 
new measures on the U.S. 
economy caused some concern. 

Copper producers in London 
for the annual Metal Exchange 
dinner and. negotiations of next 
year’s 6iippfy contracts con- 
firmed that they are seeking 
better tenios froni consumers in 
view of the shortage of concen- 
trates and- good quality brands. 

Asa r cro declared a 40 per cent 
cutback -in deliveries to Europe 
from its refinery in Peru, and 
strikes continue in Canada at 
latemational Nickel Sudbury 
complex, which also produces 
copper, and Noranda’s Gaspe 
mine. 


Tin prices reached new all- 
time peaks in London and 
Malaysia. The cash prices to 
London breached the £S.OOO-» 
tonne mark for the first time to 
reacb £8.090 on Thursday. But 
expectations or a stox rise, rather 
than decline, brought an easier 
tone yesterday and it closed £S5 
down at £8.005 a tonne, still £185 
up on Ihe week. 

The currency fluctuations were 
also a dominant influence in the 
"soft’’ (non-metal) commodity 
markets. Traders reported that 
there was considerable uncer- 
tainty abnut the repercussions 
resulting from the rise in the 
dollar against Other currencies, 
and prices in London and New 
York often moved in opposite 
direclinns; 

Wortd sugar values moved 
erratically. The niarkeL was 
encouraged by predictions of 
supply and demand moving into 
balance next year, and U.S. 
moves to curb imports from 
non-members of the Inter- 
national Sugar Agreement. But 
India's emergence as a seller of 
60.000 tonnes, and further EEC 
exports, was a depressing 
influence. 

Cucoa prices were higher. The 
rise was mainly u reaction 
against the previous week's 
decline and a forecast of a supply 
deficit in the coming season by 
a London broker. Coffee was also 
higher, reflecting the reduced 
value of sterling against the 
dollar. 


MARKET REPORTS 

BASE METALS 

COPPER— Higher uji »h- ti'iiUon .Ui-:al 
kulifllUli.- as Uin mark'-l ..unLUiiitd in 
adjust 10 currviiL-y niovoni.-nu> Although 
forward m-ial do«n Irom s;;j 
r774.5 during ill* morning u responded 
10 ihe Conu.-x t*Tl.im\;,nee h> 

rallying 10 '-1*15,1 on th*. Kerb at rvz. 
Th*- nfi ttaiii un rtir week was rtfio. 
Turnover: :::.S«u tomes. 

a. hi. + or ji.m. i+oi 
LOI'fEI! Uili.-la' — lni.ltK.-iMl — 


\ 1 ri in tii'ii, H .m. i+.-|! ji.m. 

t'rti. is ! — |! 11. -Ill'-m • — 

1 ! : »; 

r-l--*-- . j 

I. . 60S .5 '-1 (608.5 9 -75 


- l.Vu: • »*■! pi.iilUf £ *M u*r Oliilt 
i in •>re\-i*tii- •i-i-.fTldal *-I<i...- 
Mnrmii- - Thr. ■• monllr, inA r < 
i?*;S.> K- ri> TJir..v iu.iiuh> ±H0- S Mrt 
Aiivrii,H'>n Thr*-. monibs h'M.f. i>,'». 


SILVER 


Wire bar*' 

La -1 75«-.5 *111.5 758.5 9.5 +7 

% nil*'. 774.5 5. 1BJ 779.5410 .6.5 

'enln/ni 754.5 -.10.5 - .... 

Cathodes 

■ •-Ii 74I-.5 +S.B 7467 *-7.5 

sin- .ii ilis.. 761.5-2 *9.5 767-8 +7.25 

SviriTn n: *41.5 +3.5 

I r,~*i= *72 . .. 

AniaU+niatod >JciaI Trailing reporivd 
■Jiai in lb-' nuirnm^ ,-a*h uiri-bsr, uadrd 
at rriiS M. ilirci- mnutia 753, ;.i 
74 .V 74. 74 o. 75. Calhftdes Cash r?41. 
irtr.-o munrhs i76 - .'. «1.5 Ki*ri». Wlr-burt 
ihfee nionibs J774 73. 7.',j. is. ~ 

Aftrrnaan: Wirrbars. ••arlv November 
r*3S. ihitv- monitis CITS. 7a. 7S.3. 75*. Til. 
79.5. SO CJthorti>s. caih t:ig. Kerb- Wire, 
bars, ibree mornhs rri> .1. 79. tm. 79..1. 
VO. Ml.o- XI. M.3. St. SI 3 «. 

TIN— Loil uround bur iradnu u-as 
modes:. The Easi mtw un chanced over- 
niuhi. Fomard mcsal Blarlotf steadily ar 
£i,M5. bui sellliut pressure, mainly of a 
book-saiiaruis nature, caused a dfcfme 
and the price louched 17.790 befwo 
advancine m daw on the Kerb at £7.410 
The net S»m on lb'' was fl47.3. 

Turnover: I..63 tonnes. 

• ■in. + .il- p.m. If i.r 
TI.V Official j — I'linfln-in I — 

High ffm.de c : f f f 

L*3i 8030-50 -20 8000 10 -85 

S inoodn.' 7460-60 -20 7810-30 -65 

■i*fileni'i . B050 -2D 

StsmUrd . 

i. i'll 8030-50 -15 B000-10 -86 

nK'Driifc. 7815 20 -5 7780 90 -60 

-'eiileui'f. 8050 -10 - ■ 

•MraifiF.. £11081 ' 

Y,ii* — 

Morning: Standard. rhrcc nmnihs 

£7.S2«i T3. Kerb: Standard, three ninnihs 
E7.S15. ^0. M. Afierflomi: Sianrlard, ibrrt 
morrbs 17.230, LO. in. 0.1. 7.s08 7.790. u 
Kerb: Standard. Ihrei* months £7.79.",. 
7.60*1. 10. 

LEAD-lartly Chaued. Fur hanl 
rtieial opened ai £320 but then rased 
back (o around fOd In Ihe momma rmas 
Kith stiJUiS-Of cash bemt mol by trade 
BupMK. Also InfluaiKina Eentintrni were 
expectations or a oiddt-si decrease in 
tauohoiiSd stocks, la aliemoon vdlue* 
Mftcd higher wlfh (orward metal Anally 
C^IS.i on Ihe laic bOrh. Tiirnorer: tr. Mo 
loAnec: 

{ .*•'"• _ '+ P-mr " + ,ir 
I.KAI* \ UAU-til — l n..rfl.-ii.i — 

E • X K‘ 

*'«»b .433.54 *6^5 433-5 -1.5 

.' inuntbft.. *16 .5 +/.7S 418-9 +2.75 
*>ei!,iiiMif' 434 t 5 
i •*;J?I» 1 ' “36.36 

Morning- Cash £«:(. jjj. ihrm- 

nionihs HIP. 1T.S. tr. 1«. Kfrh: Cash 
1433 5. '2!. three months £4 IB. Afternoon; 
Cash 1C4. Three months H]4. it. is. 19. 
Kerb- Th£efc nunilvs I4t9, IS. 16.3. 7.1 

’9. l<-i. 

- Z<N&— Marsiully easier in quiet 
tradum- Forward meial relteoied the 
trtnd in .dlber bsse-meials, moriiut 
within narrotv lOBiis prior 10 i-loging or 
the late kerb ai £i«4.5. WarOhftusc 
irocks are ^«SecLM :o bHow i sUflht fall 
Over Ihe weet. Turnover I'.BTo tonnes. 

! ».ro. ;+ 01 i p.in. 

/.t.VC ’ Official ' — j I'HDifltial - 

t E • li * • L ; ~ 

fiah 353.5*3 +2 353.5-4 -.76 

Juwmhs..' 364-. 5 '+1.76- 364.5 -1.5 

8'maot. ...; 353 +2 

PrUn.neu. — '31.5 4.6 

Montuis Cash 03!. 33. three mdnih* 
X3*S, 54, 03.5, H. Kerfl- Three rrmnihs 

iSrtA. ArwrnoOn; Cash £334. three 
months £M3. «a. «, H3. Kerb: Three 
months £»4. 95, «. 

ALUMINIUM— siqaily m rouimr iradtnA 

k lonaro DieutJ traded hemeen i««.s 
and £510 throufthout % day. ilosins on 
1 Ih# K>rh il HW. The Hci ^a<n on th# 
week was £S. Turnover; 1.335 lornws. 



fhatt 

X*. 1 Nertsjprinft. rw 

Am. Hunt 

Wmjei lUcl.t. £&* 
no.Miilniginen ernji- «Jl.b 
Bise9 - 

Vitae* *■/■ JC5.97n 

Ptfpei. nlute... 

Hlii 

•Ja 

iicvnud rbiJip'i'e&i, S820 

rounrtnut oj- t ' 

luseed, L'rmle — t £351 . 
aim .Malayan. S61(.a 


Seda . . i 

uVTafFbili|fl*Re»v 

jyaheaiii 

ther . , 

oxomoditiw ( 
•V'ju r'Mpmanrs...| 
*ie 2nrl pen 

Futility J#n- 

c-ltot Index- j 

t*. CVt-IMlUL 

ikiuLlAkW Curie- 

uW»* kiln 

ajii I'Mrl 

l«i Xu. i L 1 

injar • tom-1 | 

iliim.-* ^u. I I 

(* i-tuamyi kiitv..[ 
ifilmRi kilrt...- - 
rvii «4- tVarc-. 


124 Jj . rae-i* 

: I iMl.b C2 U.7.> 

«lt : llltao £0S.-J 

xb.oi.t : cs.iu- 

fcj.G&j Siaui;- 
S43&? W.4t4 SLsis 

3490 S01O toS£j! 
a>47 ; - 

£26o • .ESifr* law 

$425 ! 8645 ' 54»i 


«33b' I S6W ' 

MtS.h j Wli-, K2i» 


BtJM 

112.802.6 

£L46B2> 

78.11*. 

k>.<3 

sbOt 

65.7&i» 

til*- 

6ti£6;3iJ 

£105 

L'liv 

140p 

K\‘ 

374|- kill* 


12.441 £2.153 

i £2.0£».5£Wfc~ 
oaJBB ':*sw£- 
b9.4s0> 72.W9- 
• ifiou ! iieu 
S4ih . . $6lb 
S4|i B*y« 

I rise . Jridtf 

1 SafO-TO ' S3ri« 

- £66 , *ti* 

, £li«. £laU 
I6b|. ! loCfl 

60^' ' ,S P 
27df ki'« .'^W; 


: £Lall 
£ L45aj 
’C1.W2 
bLSOi.-. 
£t0o 
I SUi 
I 4c.3p 
I £l("i 
| 

I Ci'l 
I'Ll- 

I 

i»l. 

..join L- •• 


Metals 

MUmloiiiiu 

t',«V U*M*C« - 
AiitimunV i9AH%, ■ 
Five Uai kfi iVH.bg) 
Copper 

Cash Wile War* 

i mthr I to. Do 

C*ih L'ailuate* 

j nwnlh I'-'. 

Quill per o'- 

FJSI.1 Cash i 

i muntBa * 

Mi'E#l • - 

Km Slartoic.i.i.ib. 
Hiatinuro f<*i o* — 
Preo Marker par u/ 

[ iJutcksiKer 

1 ailvoe t*r«t • 

j inootlu 1 ox... 

Cm cayh - 

a month*. 

l’ua*iiieii loti 

Wnurain •2SXNib,i. 

/mu nub ..— — 

3 months 

Prpdoi.-ow- 

0 rains 

Kerier 

Uaaic Fiitute* •• - 



Krem-h >.i.s\eiU>o 
i \mei-«*n> 


LilO - Crlu 

Si. 065»66 +20.U SM&MO 61.076 4t*rr 

iri.a'j' -- ia.lsO ci. -re 

S-J.ytO.n'S + 172) >2.110 750 S2.692.5 


JC'iW + Ih-s 
i'779.75 i 164) 
K74K.6 .-UljJ; 
11767.6 +15.76' 
5C 15.575— 19.0- 
£434 +d.O , 
£4 It. 3 +10.35. 

Sl.lWSS : - !' 
£14L' . - : 

£114.9 *-4.* ' 

k 12(S7 i + 2.0 
. 293Jlf>|i -Lfc 
500.251. -2.25 
Xb'.OCK- •+lB2.i( 
£7.T£b t 
S 14.4/71 2^6 

M43(4E +1.0 
£555-73 -2.29 
£3r*.7f -K-7.1 
8720 | - 


i >to.i £7Ii.- L'6l£ 

£wtt.2r- £.■*..:• 

a'htjs £(7i.b LUU2.: 
LB8C.7;* Ciite.- XfcH.ISs 
SlB0^7bS£4B.12t. SlBb.tiir 
£i)i.D • L'4Jh.t> iJS 
£307.573- £418.5 £2W.» 

; CLOW £WSn 

Sl.S0i2.O- $2.u Si. i?5 
J*4i9vJ £W2 «lh 

JW9.W . £187.9 1*4 

5U0/W 81£f.b , SLa.s 
271 jp ' 502. ip . 2oOp 
27op jW.lOp, Soj.Sp 
£7,076 • £8.090 1 £a.oK- 
fK.acO ’ £7.»ta 1 £c.7»7.J 
- ; >143.71 Sla*.l» 

5172/78 * 9! f.-.a M-’O.j 
£»L 2S> £374 Lik-r: 

L2H7.29 , £-31.76 i £847.70 
$700 , *«??. I St»Ci 


Xft.'J "--0.06 £P9.76 fiS'i.io I C7ltifc 


£10.4.75 .+ !.»■ 


« ' I 


j UBCUtHefl. ‘ Kmuinal. s Mudaseanr. 


S.I-. -r -i< rlv -j l.i ip 4ii our.vC lof.-r 
i nr mjoi deli wry m in.- i.nndun niillvm 

inarf-v: > .■-i*-rle; u ,'w;.j5p. L > 

ruvvn uf 'h* I1X1I14 li»-.-:A -.vi.rt 
1&0' .v*fl*.y Jo-.-.ti ' 4v: ihr e-monih . 
don n <:• m.\- in** nib «0i V. -Mu-n j I, . 

.■■•'I l-J.ni-.nih .In., n -,.l.. Tiie 

nn-ial i.pt-n«-'l ii .m l-’-i'iCu .."rf •..•.! 1 . ,in,( 
l-!(l4.-d a; _'!■■> -.“Il || ijM-iMri, 

-•11 A f-.r; llulli'-n + ,>r I..M.I-.. + 

!«•] 11% Mil" — rS">|i — 

lf»i\ .. |'M '• 

“S)5.25|. -l.GaZ94.Bn 0.6 

.• ii.-.u:i... 300.25 - -1.7 5U1.85,. 0.6 
" ill-mill' . 508 .‘*5n -1.6 — ... . 

I- in. Hill,. J24.5;. -1.65 


LME— Turnot.r -*2 (Sitei Inns «,l 10 ijim 
ors .Mnrnma Three mornhs JS**.T ion. 
2»e. W. ■Jlh' -• >0. » Korn- Tiro*- 
munrhs JW*». 9 1. SS 9.1. 9 4 9.-.. 

AS. -IM 1 . Afk-niWM; Three months r.DO. 
.'.I :»2. :iOt 9 K .-rn. Three monihs 'KV.M 
2 .i C.-i 2.3. 2.i- 3- :nri. 


IMPORTED— Wheat: LWfSS V* I l.l* 
h-r is.ni \nt Dec fSi.wi Tilbury sellers. 
V s I'dri- N.irih.-rn Kpruns No 2 11 per 
• . ill. Xn-. ir". Ill) p.-.\ £VV5« (r.iil'f.iein.iii 
+ iki i.'nD'i L S. Ilarj U'rnier. 1 1. |,.-r 
r nr. \*ii- ;'-l <i.'i nm>k-d Dee. sM .vi 

*niiii.-.1 1 r.-ui^ii uun-iii F.+-I Co.isi, Maize: 
l: S Iti nth D'-.- ttn'. T3 s*-tl« re iranshus 
in. 11: F.is: i.iMSi K 4ira.ni Wlnu .V„v. 
Di 1 ini f-ll-rs s Mman v. iln., 

iM 2", .,ii. r-i Earley: biMlish |.-,d inh 
!■> 1 e*"- im unui.-d .ton -.Mart h »S4.3« 

s- ll' r. 

HCCA— LO'.eKdn < " l.«rm suui un.es- 
Feed wheat: Norlnlk Si JO. Dtvon 64. jo. 

Feed bailey: .Sorlolk 76 7* Di-v*in 7« _n 

Th. r. K mvm tory r.u-ffii ieni lnr ihe 

l-e. t- 0*.^ii,mii.: ‘(nt n is .-Xpet-l-d lu 

•Hi I - aw in J :n». 


RLBKER 


UNCHANGED up, nine on iln- Lnnduii 

•ili% ..■ jl ninl-ci r'air ilitorvkl ihiuuth- 

.lay . Ir-sints un j Sll4h:l> ->U a li-r 

Ii*<:,- I...1IV and Hem r^onrinrl ihe 

Malay ?iaa uodimr, prne ..jit -JW) i < I’p-J. 
• em* a ItIm -inixr. Vuieniheri. 

f'h: mivI • I.ai'i- pru-.c • r.uy.,rs inn- 
c .|ini ivjin.i. Dp,. M2i< isanie.: 

(.in i.'n- 1 »aui, ■ 


COCOA 


^*•.1 \ ■■ denial ’ 
1 :..-i- 


H+.- 64-50 64 TO 

4»n . . L5.S5 65. tQ 
-■an- liar bE.S0 bb.60 
Vjii-Jn.: d9.20 G5.25 
lit air Id 71 407 1 5D 
n. -I- He..- 73.50 ra. 55 
-Ifcii-tl.! ;i.60 75.70 
l|.r . ll,r 77./0 JfM 
J\ H-|.i 79. 60 79.SQ 


l*i+tiuii, . Hn-iiipiu 
» T •••II*- 


D3.M 64.00 

44.55.54.50 

66.00 bG.IO 66.«0 66£0 
66.65 66.70 89.J0-M.7D 
70.50-71.00 71.50 70.90 
7i.00.73.05 73.55 72.90 

75.00 75.20 

77. Ifl- 77.20 - 

79.50 79.15 — 


COVENT GARDEN .fne.-s f|, *-.tJ1Uj I 
ext'-pi where uih.-nnsr- *tai,-l>- Lemons— I 
Italian 12n lull*, ii,-!-.- , r*i|i .1 »■ ,. .-n s j 
Alri..:in f'in:.,»i- i.nmi* *’r..,. ; n». 

7. .VI TurMr.il .1 ml' <irrik- i, |,II Oranpes 

— S Afrii-JI- I'rllr'IK 1,1 I all- 4 Jl -| Ml HP fl • 

Krazdian : Valem-ia Lair * ,n-l .Vi; I (f>. fi /Tk CfiB BTlO • 
Afvir.iur- i Hi-:, lu: Simjth.i- \ - nii.iv , 

4 .'iiL3 *11 Saisumas— S d.i im.i . Tr.,.s J .... ^ to*** 

Grapclruil— l>niniiiii-Mii S.rt‘ 4 3n- i.tj.ni'. , 

1.SIM Oil: Kraeli .1.111.1 4 Jii4 • ubmi I 
■ib-1. Apples— I- rrii.,-li 0-1,1, -II L'tle uni- . 

201b 72 Jiw.--.-n s4 1 Gill'll. 4r,;r. is ton | ^ ^ 

IHT |7.7 -l.l‘H-4 -JO jlinmlr pm L p,-r jl* -II 11*1 I « 

11 iN'i, in SiarV iJrllHMUi jntl. 7-J | sii.J nil | tSS T ASTl 07 AhTO 

M 1 jh-l Lit. Jiunhli- r*a. i> u|,|,r»\ Mill. 1 w W sy Hft KT* fi ^ 

13H-I-U i.rdimy Smnh -.ill. ;-j :■<».; m . '* 

M | mM l.l. Juh.ilhan +Ut. |.»i i;;. ' xi :v. V- HfK •• r.i •: 

+ ihi Pears— Dalian: I'er i«n,i,.| V ilh.un- 

1* l.'+i Jii: Diiii.h Hii-rrr llardt 11:1 |..h,ii,i / -MLrtl.s un. . .uam .-inied 
n 11M1 |<i Grapes— liallan snarpu lun-.-r .in •• -1.111111, -d m-ulanvr 

English produce: Potatoes- >Vi ti!»' ih.. Mnn.ih in rhe 

1 .7*i-l.in Leiiuces— Per 12 id ! J" n ’‘ ,, j ir r *'hr'-r and <h,-im mushed ih* 

•Jon 121 Wehhs 14ii. Cucumliers-I'er ‘‘j-- ' "' ■* '*■ +•* mil* *m m, i.vfl -r:.j. 

ira> Jill* n.-n crep 2 -JO- : itn Mush- , ,r « l ‘ , 1 r -'- ; ” t*hil- *uaar «.-to>ud r.|. 

rooms— P,-r uuiib.J It LV0 .in. Apples — I- r • '!'•• ll.iii--.it 1:1 irjd.. ;,n*l 

|,ntind Itramley iiim-OUhS. IapI D<-rlit iMU I '■ "Uinn'M.*" Huiiv- *j,-.iliius. l ull.-/ * lu'-d 
Cox's uranav Pippin 0 H 12 '.t,u% i-'i.-r '•• ari.y un ir.,j. s-llini 

rvunn.-iin mis. t.-UHseis oiii-n.im s:,.ir-.-ii li -'" l ''- ri-uuris 

PN4-O.H'. Pears— l** , r r^rnid ■■.-*ni-r,-u> ■ CoCce— t - Onniraii Li.-, 1 jl .10 

0 ll>-u l-l. *.Vimi, r 4 I’.'-il It. Tommocs— I • I 17*. 'lnr. Ii 111.7", i H_- -,,I . ',| 4t riT.Tp- 
P*-r I2lh F'ijIiOi J 7i+2 -ii. Calibapes— I I C -'■■■ .lull I H Vl-toVlin, ^p t |1] Tj. 

P.-r 1-rai** n.-tiflfti Celery— I- r h- -ul I r.'..". D- , . : w M.,r--li ml. stales • 

" 17-n.lO Cau linowcrs — I **-r I.- I.111 . hIh 'V,. 

1 Ki. Krni I in ••elrOBl— Per •-"•It- 0>jt- Copper-Nut ii.., 

"• **' Carrois-Pnr J'ih .'11-0.71. Capsi- ,| jn « M. ir : h Ul , 

rums— p.-r neinirt 1::.. Courgei.es -I '• r i„ b 7:: 13 . s.-di 7i r. I». »■ 77 :a 

P :- T -In.. 73.7,1 Mar. Ii 7*. .1" May 77 :•• July 

Pi.M. rs .■41 1 A Swedes- M r .-Ih 11 T'.IM 5,-w 7s/i«. m.i,-; 

Turnip*— Pe r »|h n.n.pvA Parsnips— 1 v . r „ „ ' _ 

Per jSIh n.nn. Sprouts- pur ponml " "4- ; -T.V'- . ... ? ?'i'' 1 

1)0.. Cobnuts— Per reund Kem 6 4'». Corn ’ ' LV r J> ‘t "• U,J ' 

Cobs — Eaih O.Iimi 12. ... 4M , a. , n r , 1 ,,14. D. . ::u-.7 


WOOL FLTLiRES 


Values inded «uh)n a narrow ranitr 
in auiet crnidiinni'. repon* Gill and 
DuRn-i. 

Yf.|ruls a l'h Ilf flllMIU** 

mini — H*.n»- 


. . 19S2. 0 64.0 — S.5 1ST 1.0 1953 
. .. 2002. D 05.0 -2.25 2010.0-1590 
... 2030.0 59.0 *1.0 2042.0-2025 

... 2042 .0-45 Jl +2.0 2045.0 2052 
... 2037.0 38.0 T 0.5 2040.0 ZOsO 
2005.0 09.5 * 0.75 2005.0 

1-SOJJ 34.0 , 2.25 2000.0 1994 
4.4 1 w 1 1 •■-S • lor* ul iu i(,nn<-> 


Sal'-s 4ri . 42.1 > !*«* nf 5 rnnnns. 

SOYABEAN MEAL 

YivU-l-htv I Uiipiiir" 
i. I--*- 1 — I h.iie 


Cotton— 

2 fi.-. 

r.n.>4» 

.Til • * 

li 

Ian h 

• J iJ5-i J 

■ Ill >71 47 

■ .May 

:■! K'. 

■July 

1 -4H-7.7 

i.«.ii n* 

1. i.fHl. 

D. ,. 


a.7 .27. 

l.ir. ft 

Al J'l-4> 

sale? 

• f. i.'n' 



"Gold— \ni 

214 nil 1 2 

jn.iio.. 

D> • 

2,7 .Til 

rjii.THi 

' Iju 

_-i 

: -if 21 


April 

PIl.tMl 

.V IUK*- 

7.7211. AU2. 

, “Tl HI 

Oa . 

:7T 111. 

vc. 24M.I*. I-l 

■h 241 

vpril . 

'A'JM 

June 

■ : .in 

\IU 2 

T-.fui. S:i 

lie'. 24 

.aiHI 



• Pent-* urr kiln. 
1 11-I mlian \ **lei>lt ' + ' 

IJwn M...I < 


COFFEE 




1 ■ ■■■■ l +• 

i-.. 728.0-31 0 

1 tfl-rlll'+l ... 

127.10 08.5 *270 I2J.50 2J.D0 

Uni. Il . 

. 235.0 35.0 

Kql.lllllll .. 

125.80 25.2 * 1.80 125 20. 25 00 

M+» .. 

234.0-37.0 

April . . 

125.20 26.4 ■ 1.30 105.50 

■'nit .. . 

. 230-0 39.0 

■1‘IIIV 

124.80 55.5 * 0.40 

1 l|-l III M*1 

. 250.0-58.0 

\il£H-l 

124.50 25.5 - 0.35 125.00 

li-ieni'-i- 

i 233.0-41.0 

fll-l'll*., 

123.50 24.5 -O.I5 123.50 

'l«ti l, .. 

235.0 45.0 

|),++-l|j'^r 

121.50 26.0 -D. 25 * 

Mm . 

. 238.0 45.0 

Sales I1H 

.-il- tols nf Inn luniies. 

Salvo. 

\«1 -sain-,- I 

NEW 

ZEALAND C 


1 -Lard — i.lihjan i,«,*j ii*,i .ii’Hii.ihlr 
I '■V l-nni- '.n-.iiii JH.hj nriimnal 
I 'Sajis ;md-il- 

1 TIMalle — II.-. .-!4 -Jt4 .2.14: • .\|.,r 

1 247.-J4":; >24.. .■ ' I Jl T -JTn.C+ll .IUlV 274- 
j J34.. S* III. 2 Vi !»,. 

1 ^Platinum— .ton. :4.'i •»' -TiiiiaM, April 

: .; Til >ai a+t-,1 -.6,1 ..III .fill} .^l>pn ashed 
in I :i",| jii .iski il 1 .111 .VV| -,n .i.+k.-J April 
•:37 rt'l a-t.-l .lul> TIT Kl .1 S.iJ.-s- 

!.‘!i4 Ini' 

' ' Silver— Nm 37-1 .,■■ •7-4Uii> [i, •■ :>u 

■ !-•-• in.. .I.iii *.ii. a I :• r, h 397 iw Mjy 
: .ji 1 til*, i.i". <1 *4. pi i.JT in. D.-i. 

•. "i >'•. .toil i'rJl ;« Man-li 1.744a M:>t 
in 4 2i> Jiiiv ••74 l» .m-|,i. ..-.4rii S. ,[.■*• 
I.Ti'mi 1..;., luii,.i- .ili'J II:, mi. iii .spui 


ROBUSTAS .ra-1 il in a narruu raii.-e 
It' >11 aim'll Ihr da.'-' Id D>i"r V"luiiif 
■n-vtl Kiirpb-i'ii I Jinberi ivpnri- r-rr- 
i-ekiiul »hun -»■»' riiie caused r .tiller 1*1 
i.-adv -.ii ih*- . i-'--' and Biial level' i,or<- 


SUGAR 


lllpiualln-ll 

ihc 

fri-wl HiirTh.im 

111-eki.iirl jihun + r 

'1,-ady ..n i 


unchanscd. 



Ye-i 


+ .11 Hm-UII-i. 
— Mum. 


.\.-«emln-r... 1530 1551 -8.5 1535 1520 

.toniwi. ... 1458 1459 -1.8 1460 1448 

Mmi-li.' 1361 1362 +0.5 1365 1250 

ilm 1321 1324 .. . 1323 1311 

.lull 1290 1294 -0.5 1295 I3E5 

h*|.trniWr .. 1260 1285 i 1.5 
.N-irmUi... 1230 1230 .1.6 


Ou-wne iradei ivr.-+ around kerb Ifvel* 
dm Ih'.- marktf lacked bu>ers and arlf ?s 
uiiKkl-. d, -.I nurt -oni-: inn nuinu l.ai«-r. 
hnweii-r Xi» Vurfc quOlalion* saln-ri 
ground and I.ua ian prices »<r.rii rrtlierrd. 
T'iiiiiI t«ric ■•' were lde hiuh poini'. repons 
«' Cikrint.iH- 

LONDON DAILY PRICE 'laiv su K ar* 
IIhs.ihi ■•iQ.i.ini- a iiirmr * if i*t Nni.-lJn 
■liipmenl. '.‘Till* -u^.ir dadv prrvC 11 a* 
heed al llldMBi • lift' flu > 

Iare and Ij-ie "s-refinen price for 
sran'ilatM ha-r -.iHiic- -u.-ar »i-a+ £244.3.7 
I'antli a luune tor hump iradp and 
1171 Vi • 1 1 hH..«il • I’.r 4Mi >1 1 

■Mliyll 

I'ivi. Vi -lrnlu "* l-i-vi imi* Hii'jnp-'i 
I ..lulu. f • !■— 1- I lull*- 


■it urdvr biu-tr. -viler- Du [j,ii"s n 

Marrli 151 fl-K u Mai 1s2.1.5.i 1). "ily 
1»2 u-s-i.n mi- 1. 157 n-yj.n. Dee is» 

'Jai-L-h |u|.u-9K n. May 1 S2 1-B*.n. *ji». 

lu. 


INDICES 


■.■I*", .l.+ii ,714 711 Mar.-li i.VS 411 \|;>t 

1 ., 4 2H Jiiiv -.M in .win. ..-.4 111 S. .[.•*• 

I. -,i , mi I,,!', lull,..- .ilnJ ll:,riii.iii .'put 

• •bll lull .T'T Til nil. 

Soy a ben ns— .'■•■• 7i».v 7i*4 ,n:i7- .l.m 717- 
7 In 1 rn*. 1 .Mnrili ;:'i-7:- la;- r:i. 
I11U 7 -7. 7T4 in. 72l .<• i-l 7<i: Xnr. 

Soyabean Meal — 0- < ::rs lU.ln* lu 

.;*!,: 2« ■ .Inn 1 **!i im. A n • 1!M nil,, .'.to Mi 

IPs no- is-, .".il. '1.1/ WJu-i'in Vi. Jn|v 

I I. 7. "Ii- f-i.7 1111. Mii 1*1: lid s. |.|. 1*12 (M. 

Ill I 1-s UII-I-S ill. £1. 1 |V Ilil-IVA "ill 


•Sales- 2.11I.I >2.11117 ■ Inis ...| .7 mnne-. 

ICO Indicator prices lur Nnv. 2 >L v 
e-nix per pniin-li 1 Znlombian ,tti|d 
Arabi.d' 173.1W '1*4.M*: unuualjuii 

.\rabiLa» I34.ftn '^ilteii other mild 
Araliius ljl b” il.ii.ll-. Robuxia* 1C.4 
197H 15139 >1.7.’ W Unhualaj, IC.\ ISt»- 
lai.'s 1 17" Oui. l>ail> av*TaCe 131.38 
1 1 32 uSi. 


GRAINS 


LONDON FDTURE5 'GAtTA 1— Wheal 
opened Jp higher "'i old crop, unebanued 
On September. r."i'd coruiRt-rc-ut bus in; 
vuppori increased Mine* to dnso sioady. 
SO-Wp lusher- Burley opened nnchatified 
but increased ™ w»ni«iercm| supnurl. 
ihc main mtere.sf hems in nearby'. 
vl-Mi- 13-35P W(lvr. Ncv cpip ».i> 
neplected and H'"?** 43|i Imrer un lack 
el tutercrf. -'vl» repurto-. 


Yestt ilav'* +-u .tWrilUv'' + .*• 


M'nib 

1 II 

— 


aha 

ra . n - — — 

-. 

- . — 

\t ,i- . 

6 TA 0 

-u.25 

79.80 

■Un ... 

89.90 

-O.SO 

82.20 

Uhi-. 

92 25 

- u.M 

84.50 

Mhv .. 

94.60 

*0.30 

86.80 

«+-pi. 

89.40 

* 0.20 

83.00 


Business donrs-WhcAl: Nev. S7.9(Wr.7ii 
■loll. SS.OWf.W. March 02.25.92.15. May 
W.n5-94.::. : i mi. nf.t^SS.ie. Sales fs 
Barley: Nov. 29 SO-TIUB. Jan *c< 2.vW.I.». 
Mardi S4..1.Vs4.4> May So£a4^75. 54pi. 
S.T.7W3 OU. Seles. 143. 


£ l-t-l- lulilm 

iln .. 112.85 12.75 U2.0D I2.20 112.75 11.25 
timi-li .. 118.80. 16 90 115 20-15.25 IIS 95 15.00 
Mat .. 118.65- 1*. 7a 1 17.15 17.20 118.80- 18.75 

\ u c 150.90 2 1 .00 I I9.G0 19.70 12 1.00- 19.50 

im.. .. 125.00 23.13 122.33 22.43 I23.2&-22.40 
lin . . IH. 75-25 00 124.05.24.25 124.75 

tie 1 i-l, „ W8.5fl-29.I0 128.00 2t 35 

<ale^: -.'-OJT iSJuSi Ini' >.1 7n tonm*' 

IntariratiBul Sugar Agreement 1 1. *. 
/■eni+ per pnuniii tub and 'Uitivif Carib- 
bean purr. Price-- lnr Knv. 2: Daily S.nl 
■S.W; lJrfljv .TveutC S!rJ *5.931. 

WHITE SUGAR— I’.'In'P >in ard.-r. bujrr. 
reller bu<ln«-sx. sales' Frh. 113.3A-1 h.ii 0. 
ii* s0-i3.;in. April l^O.TJ-Jl 00. t-’io*. 
\<tv> 4.»: July to.i 'Ju-i;..-,n. t.'.+ .W.-.i un 
V,. N niil. liAUO-SOort. i.nv -ST lliVli llii: 
l-VTi r:r niu:a.'iu. April nfl Aim:; uO. Tout 

MEAT/ VEGETABLES 

MEAT COMMlSSION'-A'rrafc. IdVnrh 
pru+Mi ai rvpn scnui :ic marln.-ts an 
.Vuvnnbtr 7 GB caul*' hb' ntp per ks !.« 
i + 0"fii: UK sbei.ii IT. 1 up pvT Vc.esi. 
d e w i-.;fli: CB ptis per k^lw. 
i England and Wales— Cank- 

numbers up 12.H pt-r vein J-.cras- ;iriiT- 
»K4 - :p i -fitti: Sht'.o number' up 17 4 per 
»wiii. avcTAAfi Pfiv^ IT- 1 VP • —::.Si: Fia 
numbers dunm u 7 ji.-T *.vni. an-rase Drier 
H7.3P i ▼ n.? i Sttdand— Caillr nunribcM 

flitwn ll J p^r com. averaae nm-i* nP.lrtp 
i Mi.Mi 1 ‘khi'i'p numbers ttm-n 13 J per 
t-fini. at erase price 1J'>D t-2Si. 


FINANCIAL TIMES 

Vh - .* 'M.iiiiIi iu;ii Yeerat*- 

287.18 266.93 237.69 Uc6 7Q 

.Ini' 1. 19.12- linii 

REUTERS 

Vn«..' Yul.'i’ VI. .ul I, hj;.. l.nr .i^i 

1531,6 15V16.9 1511.3 1467.8 

'Run- ScniT-i,»h.-r 16. isij = |iiu . 

DOW JONES 

l*"» '"to Min, III Vis. 

•I.nte-' ,i " n«i. mw 

ri-i. 395.35396.12 38D. 12 373.87 

Kiiriues.393.4d 393.23.383.52 514.33 
i Atcrac*- I».*4-I3-Jii- ! nil . 

MOODY’S 

\,f. A..1, 

II" ■'■tV * * .' • 2 «2" TJ'I 

'I ill- 983.5983.5 970 4 

■ Di-vembi r Jl. IKil — p.m 
* 

GRIMSBY FISH— Supply poor, demand 
9t»d. Priii”, ai 'hip's tide * nnprniTM-d > 
je-r siane : Shelf uni H.2iwi jn. • iirilini:-* 
tr. iJO-r-l SA- larj« hjrMm:* *4 r*n-:i 
medium i:i SiV-Si m*, small »2s0-t: 4" n- -i 
small plan-u shi4 Ml: tare.- sfi.iin-il 

ilojfi'U c .in nii-mum W .‘'fl: +:mh.- \2 'i 1 '- 

I'. «l 

LIVERPOOL COTTON— spm :,«j -hip. 
mclir <aK‘.5 jmnnmcj tn is |.jnn^«. hrins- 
ini: ihc iotoi i» rhe ,, fr k in j.jth iuni:-- 
upainst .: 582 lonn.'* ,n th*. prevign+ ,-..vk 
■V. H T.'i;er<u:i repwis. Middi-n lO-iff- 
uif: oi price? del erred •■■u;,i tinier? Irvin 
^XleHdiua purcha.'r.s. Miner unum'ii.' 
nmurr-d in Airn-Mii and MM jk Ej»i :- r n 
nu+iilie'. 


I isv no- it-. .Tn. 'I.,/ -,;i.t„'4|-i*w th. Jh|v 

i 1 1.7. “li. 1*1.7 mi. mu is: un S.-pl, |S2 on. 
II, I 1-' illl-I“' 4H. £1-1 l'> HlMVk ‘hi 

Soyabean Oil — I i.-i 27. 27.2,1 > 2" fit ■ 

(an 2 i.ru 2.-..; ", H: ■ .'.l.ir "27.nT._-S rn 

Mat 2-7.. 7.7. 'JS .77. .lull 2.7 40-23 4.1. A:ic 
2 7 a. 7 Si |.r. J7 Ii, 1-2.7 ,,.7. I’, 1. 24''. n. . 

‘ 24 .Ml 24 

Su*jai — *. n II ton v ' 7-u 25 lift',. 

. iljrili h ;:.:i .!4 Mat u is- ■•i.ij Jnlv 

; + >'T .,.-|ii u 7: , .:v»'i mi t.--.. .Ian. 9.."i0 
| \u rill ],1 . IP ]n 47 Nil.-' ":.4illi lul> 

\ Tin — 74u nn.’.4.-, ,w, .,'t,-, 1 . • 1 2, UM-liU.CM" 
"Wheat — I >i-i -:i.7- Im," ■ ;7rt ; ■ Mar. 

' : • r:.y;-, M ji r l ; . till: :scs;.;:7. 

s,'pi • • riu pur :4a. 
v.'i\MPi:'i; .\'m t iu. At,-.: iil7.hu 
. im rn . KIT mli II, .- 1 n:i 9H. | IN in hid 

■ :i'.:.ii>i iiirii. m.<>- i «ii .-,n .ini' to9 4*i 
ifOals — 1>- 1 . s-'i.hh >4.7"’ March Sa .78 
j'|,.-il i ml 3u j-.k- ii- Mat Vi.iiii bid. July 
:9 7'| .isk-il. 

PBil-lej-O'-i . T.'.MI .7.7 TIi- M.m-h 
1 T.'.ilil a:-ki-il • 7.7. S, I «st- il •. Mnj rjpil 
_ ,i.'kt-d. July IS. .VI liid. 

55Fla*secd— \’uv 2 fl .’ "U bid i*52 in 
*>id'. Dr« .“'1 -H bid i 'HJ asYi-dt. Mat 
.'V.liu-2'TM inly 2s:;.,ai. 

"Whem-Sriviii ]■; p.-r «enr prop, m 

'•■iitii-iii *.if M L3 ',t,-iTi-i- ISii.k; ilSs.i;,. 

Cocoa- Ii..- 172 7.7 'ITI.'ii.. Mar. 

I72.UU 1 1 74 .Til i May 171 .7. .Ini' Kli.-P. 
.*.« pi I'.'i i*i I lei. ihh.ini. >>al*S. i- 12. 

Ml is*iiw p,-r pfmiti ■ x-vtari-huuM- 
. iinli js (ilhi-nvis, .'Ih'i-iI. ss in r :nv 
onnci' — UD-oiiin..- luis I'huj-o leo'e 
r+ r Uhi |b>— D.pi. ■•( \a. ,-rii'-* 

:iri-» lulls <la» Prune »ii-am f*.i, ;.Y r.u'l 

• alii- i ar+ i ,-nis i«-r v*ih husbcl vt 

»imi. huiiM- "i.iiiiii-hushi'i l.it' -r.. p. r 

iruy hiiuci- for TV-h? nniis or :i r»r 

'■-•in pun iv d. l:v. r, d kV • i., *u? p r 

iruy nun..',- .-v-w.-.r, hull- . H ‘ 

• iiilira>-l in a .vfiurl i-n lur bull- M? 
ni IPj nhnri i ni' d-.li-.t-n-d l»t, , ar- 
I'hit-aaii. Tnl.-do si l.guis mid Al.on. 
' I'mrr p*r TWh bush,-l ;n Mur®. 

'■ni' u- r 24-!l» bushel r. m+ p-r 

A.— iti biiih- i eN-v.an Iiuiim- • , in > net 

.e-'-ib bush.-l i-x-t, ar-hmiT. 1 itm'aiiu'.el 

. mis. v *«: ot-r ion iic. 







22 


. vfPinaribiai'Yimek 


BRITTSH FUNDS (755) 

fl^e 4ms. '9!»0 »2 Hi 

Joe Brifisfl Transport 62 '«<t *. 


,w»pwH**Mnt Ktfjpe 100!:* '2*1 <17 
fin: Brom b^oc 95 :- *3Q 1C> 


2'*iX Conso 5(1. I9 «-i* 30 

*tK Co»Sd. L*>. ZJ', a 24 lJ-HiO ",® 

j' : bc~ Comm. In. Ho *<-C is '. 4 

131.05 Eirhca. Ln. 100 -O » '40 1 

J« Escheq. Stk. 1961 S6 


3k Eachoa. Stk. l'9Z3 a‘l 1 
6‘«0< EfclhCQ. Stk. 3l'.i> 


If I SHORT DA7ED BONDS . 

. FREE OF STAMP DUTY’ 

... 8>.ne Rea > 6 'i 2 7Bj ggn,. 

■ llpi 8d*. ft«. >.11-4 791 101.947 101.952 
1i]1.:v9 #2"1 1J 

1-' B-’ipt BUS. R«.. (2S791 98‘- 

9\PC Us. Reg. ,fi ,6 791 99?>4 


This week's 



m: 




c „ , .*■« *pc gta. Rev. M&.79) B 8 > '2 1 1 ) 
93A.1 9.a:®, >*-® ■*.« g-,!K Bds. Reg. ffl S'79' M l. Will 
1' 5?,'*. »*- . 9«kBC »os. Reg 05 &?9» 98'i* < 201 1 


5 ,k Enfchca Si k. BRV3 
(.dc Eachoa. 5 Ik. 90*.0 
• I,:® is 11 > : '1 '* 

S'.-BC Ercneu. Stk. 93'n® 

1 0pe E.chca. Sik - ■ - 
90: S '. 4 _ . . . 

■ O', pc Fstneq Stk 85' 

IO IK E.ciica Stk. 3b 1 ® '»$ 

Hoc E»chec. Sis. 199S. 92 J. 

1 2d- - E.enec. S:k. 1999-2002 9S'i® 
12m Escnco Stk 2013-17 96-'»0 1 
;® 1 ; 7 

IJ'.Pf Erehcq Si*. 97 •« '• '» '.- '■ 
i: .-K E >cncq Stk. 98 MS -:® “1 

1 : idc Ekchea S:r. I00 ll i.® "i. , 
13K r>chPQ Stk ia;.’>0 19 -64 this 


.•: '* 1 10 '.PC Ms. Reg. <13 ti 791 93>*i* ® 
ifO .» g’jpe Bd», Rag. <20 6.'79) 9B-'i - 
1 9 '»pc Bd» Re?. '27 <®l 791 sr*i. 

, 10MK BdS. Rag. 14. 77791 93-*4 
O ‘J® 10’«« Bds Rett.-0 1-T791 9B-\* 

lOpt Ms. Res. (18.-7/79) S 8 'i >51.10) 


' Friday.: November 3 4.683 I Wednesday. November 1 4.337 !' Wonday,. October “30 ‘ 4,337 

; Thursday. November 2 .- 5,106 I Tuesday, October 31 : .. -4438- j .Friday, October 27 ....... .- 4,870- 

Ttuf tut below retorts all yesterdax’* markmgt and alw the (Most nwHun** during the wee* of.wtyabare dm dealt to •esterdmy. The lattw* cair W'dHaiaoMDiM' t®.- 
a» d«e (in nargnUi«c*s>. 

The r umber ol Dealing* mamtd in each xccinm lol'vw} tint name *1* 


Johnson 8 ante • TP* 10 f< Jj3! i. 

FfcKNW.iflt.r w< 




jonnson ******** «t._ nui sa 4 ? On S«»« - S«rir(c«s ;,i 

ionn»on«giCh»W* *H- **-> nles ». r tj g ?* \ .7 


] princ* «* Waka' .H 


, 9>,nc Bds. Red. >5.979) 90'l 

10- f®: Bdv Reg. >17-10.791 9°1« 130 ro» 
I 11 pc Bos Rtfl-. 12*10791 99>i (Si '101 
: IO'iK Bds. Red. <31 i B 79' 100 OO 101 

11 '.DC B«S. Reg, <7 11791-100 
9'iQ'. Bd,. Reg. 11 0<9|'P01 9S (31-101 
9 ,PC Bds. Reg. fl-5'10'80) 95 <2 111 

11- kPl Pdl. Poo. >27 S 311 97'.- <30 10) 


seukm. Unless bukiwsc denoted sbanu iro n. 'fully paid and stock GUN fudy 
paid, stack Exchange securities are quated in pounds and fracUaes of nddi 
or in.’ pence and irMlws of pence. 

The list below gtvn* the prices at wMch bargains done by members of 
The Stock Exchange hfeve been retarded tn Tno Sloth Exchange Oallr 
Official List Members are net obliged la mark bargains, axcawt lit special 
'Ba/pauu, ar Spatial Hntes. A" Barn *1 ns rune nab ur between non-memoer*. ® Raratins done prevuue day. , jijtarsains done Vtlfr' nMaibim'-b: i recoaneed Slioct 
Kxchanue. A Bur^mai done lor de’ajod ,< livery or *• no buylik in." ? A—* Australian: SB— SB ih urn can;. 3C?-d Canadian; lB3u— SHoas Roas: SJ— SJamaicaJC ***«— 
Sllaia'Mii. S.Ue— JMewc-an; JNZ— SNew Zealand: *Sr-*SmEauore: *tiS— FUuiied Siateg: SW1— lU'est TmflajL . 


eases, and the- Un cavn«, ihendira, at. roawded. » -» enmoien retort at 
prices at which bupness bas bus done, BBiwtU ®M ratbrded >o Un OfTklal J 
- List , bp - ta 233*40. enbr. but later transactions can be ludmied.. tn the teUawIng H 
War’s Official List.. Ka-ldditettan it available as -to wnathrr a beraaia nwwtit 
* “*• purchase bp. members «r the pubHC. Mark mg* am not. eecc&ahrtty 
In order af execution, and only one hxigata in any Me. MCu r lty at - any one 
price is recanted. _ 


\ iM Funn-ni L«. PJ5’-i<'® 
V«nC Funding Ln 6^ >9 4 
fip>: fund ng L&Jn &0 l 'i»*O l 1 


PUBLIC BOARDS (33) 

FREE Of STAMP DUTY 


7'aPcLn. SOij. 


6 *-dc Funding Lean 76'-® S 7'ti t 
3 ;PC Funding Stk 36'rt > 1,0 '■ 

J ,K Funs.nn S:u 19e*-84 82 '.a® 


& .PC rrnj^ur* Ln 59 '• S0<> SO 
7-- pc Ticatury L>>. Sl'i-,® £0', i 1' 
SO'» 

7 ',nc Trcaiurr Ln &4 <® '« 
l>r< 7n?i«urv Ln &6C 
a iDC Tica.iur- Ln. fOS-d ,l- ,.9 ^ 


J -pc Treatin'. Ln. I9B0-32 90 s >.® l*.*®' 


Ln. 40 'i® '-O 39 U. 

10 .SpcJ,n. 30 « 0 / 11 ) 

Creenab Whaler ( 2 Sp> 113®. SpcPI. SO 
*21 lL 7pcLn UkoW. SiipcLn. 59-><« 

■'l# 

Creene. King <25m 2960 i 2 'l 1 1 
Guinness (A.i >25pi ISO. 7 LpcLn. 68 ^^® 

Highland frsu. > 20 o> 1510 4SO B 
Hill Tk&mwo BocOa. 71: >*i cm. 

Holt (J;I t 2 Spi 2540 <2'11, 

Inrergurdan Discs. <Hloai - <2Sp> 145® 3 
■ 2 IK 

Irish Eh sis >25o> 192 1 

. Macallan-Glenli.ei <25p> 400 >1 1 l> . - . 

CO'niO.WNTALTH GO\ r TS. (20) Mxrstan Thompson Enrsheo > 2 So> SO 7 > Avana (5p) SBSp 9 B 


-89 60>, IST'10). 

6kPcDb. 62':. 7'.cxDb. 1981-8* 82<i 
1 3 1 ' I *J > gi.icDb. 1931-83 9G <31101. 
9 -cDh. 1*63-86 34 11 '1 11. 9.'<pcDb. 
32'. >31 101 

Fiunce lor Industry ISocLn 100. 14 dcLp, 
; 101 'if 

Metre -olltan Wh-. Board 3ac(B> 27k. East 
_ - - - Vxhall 


London 3pcD9. 23':*. Sputtiwk 
i 3iKDb. 22':® 

Norir-rn Ireland Elec. 7 ':pcGi|J 79 


90 


A '.-PC Treasury Ln. 19B4-86 SCO 7", S', 


1994 76':® 


9 DC Treasury L*> 1992 96 76"j«® 


REGISTERED AND INSCRIBED STOCKS 
A»rt. •Cntiwti»Kht Sl^cRn. 1 1976-791 
.30 101. 5>'PCR9. <1977.801 9**4 <2 

6dcRQ ng~ ; ea! 88>.*> 9':<*> 9. Gpcpg. ; South African Brews. >R0.20> 67 H n 
>>981-8X1 77-, TpcRg. *1979-811 B8 - Tamatln Discs <25p' 123:® 2 

>30 10* __ , Triwiin limbed 4PCDb. <.1M9> 301»® >iO l <2 So) 233® 4« 2~3 _ 7 T S 2Bt 30i 

Jama-uu B'.pr JlOBI-Sal 8T>. ,1 Hi I Vaux Breweries (25 pi 114© 12 6l;pcAPt. i BBA Grp. L25o) 53® i 


-Astbury MaeeUy * 20 p| 641 ; « ( 1 1 1 1 Do. , Bralthwafte. Engineer* TDS 
New iFy. &d.j 67 ffl : H>. Do- New 35® Brammcr »H.) < 20 pl 105 (31)10) 

>,® pm f2.'1li -er*sway >1 Op) SO 

Astra industrial C10P1 23’- i Breedon Clout! H)|| LLnw Wks. i25r) 92 

AUwood Garjoer (is e i 2B‘ UO TO* I ■SsUIi- rajL H » eV '.a,ll>‘ ■' 

^wa 4 R8r.s. ,,o, . , s««. **?> 

is'r^gss,^ {1 " a * ! KSSEsrpSSS s ,1 iSB-1l?f 

Aurora t25ol 04® 3 J Bridon *28 p) 1070 B 4 i« I2MU. 6f&PC : sieku 74 w rt*l~t i"~TlTrtst.~ yVr~ nT.'.T 

8 DCPI. I Ons.Ln. *9 1301101. ThPcUns-Ln. S7« 3 ® I eSEff-sffiHL %Wiu7V*. ♦S'T 1 > 

Bnaport-Gundry iMIdg*.) <20p> 33*: *2)11) 

Bristol irenlnij 1 Post 134® 

.British Aluminium 'BIB® 20 . . 

8 Hlisfi -American Tobacco SocPf. 41®. 6 ac 
48:9^*2(11). 7PcUna-Ln- 7s® 

American Tobacco Inv*. -ID ijoeUiM. 

9 i 2 PCCinr.Uns.Ln. T3S 11111) 


Austin (TOpi 11', 

A 2 u o“™(2n i r ,irI * ,to «” 9, °- 


JHYs <S5 dT -I7S- ,21111 ~ - 

Emms cT.i (lOpi 63 

Empire Scores. iBradtorcO <25pi. iaa " 
Emray (SP> -lOie 10 - T - ■ 

Energy 5er»lces EioctroaKB (lOp) 15l : ® 

ErigUsh Drersaox inrcsc. <10pt23=i 
EitBflsn Cara cloning <25pi 37 ® 

E-ngUsb China -Oavu (25o)-T7.y-ftu 7 k 
E ngRsb Electric Si;ocDb- lB7S-aa 77 1 - 


Jone* lA. A.* Shipman > 2 Sp* »60® 

Jones 1 Edward) «Contr».» lljOg* sD 

■ Jotted . 1 emest) ejewelfer*' HOP' 1«9 SO 
Jones- Strand (Midas J <2S«t 108® 


K Shorn iZSpj 73 130(1 W 
KelenuBBQ HOP* M's- 41 j’J - 
Kean Scott 12501 10 '“'’Ol 
Koisey nwiisiries <3SM M , 
Kenning Motor. G©^ 1 2£h 1 7V; * 
Kent (George) basOn. 58 *30i10i- 

Kent (Ml P->- « 10 pi ai ‘ 

Kershaw ia.i 5om <5 pj f0'» (« HI 

Kitchen <H -•»*“'<« rt«*»* B0 < 

Knott Mill 
Kodb Internst 
Kwlk-Fh *Tyf 

■ soar i® so 1 :® , 

Kwik Save Discount Gp. ‘'Oot T 8 ® 
Kynocb *G. and G.) S'entf*)- 35 


t 

BpC 


Pruprietort Hay’s :Wfixr» l32 i T . (2^. 

S'.-ncPT. -SO ABJI .(311101 - - jT 

prorlncial Laundries tSo? 1-JPa t> 

Pugh' Dories -7PCW. ' 


PuBiwaiT BL -J J Tip) 182 *a® ,9S r 


pye Hld».“ as« 

il-ll-S . . ■«. 

QuWM. Moat Hewn- tW ,40 - ■ ... . ' 
J.) wow* (1*»» « ■ 


WSSSSSSS^Sf 32 ? a; *•«. 


i(toi5»“aVtoJ noo* ( 90 Vsino) i.itaiM f ViHUMrtnD ' noor 

- 2 noPI. 62«* *2/1”. BPcURi.Ln, * 
lowtiins-U. 76A, is v. ....... 


L — ill 


Automotive Products * 2 Sp. 70 I2'11 
I Avana CM 58;^® g b i; 

c>t ' | Scottish Newcastle Brews i20o> 61® 2 "c® I Avon Rubber 155 a. 7>,pc0b. 69 >i, i * g£! Sr?5g? 
SM. 1 : 60':. r'aPCM. 63 >1 soioi: 6 PC I (30(1 01 ; . 1 • British '(52® 

iUi' 1 - 1 , JP 6 .. S . 5 i 3 !' 101 ; Ayrshire Maul Products I25P* 54 i 2 1 1 1 ; ^hTaiijT^ 

! BAT Inns. *25pJ 763® 7 ® S 4 7 3. Did. 


! Epicure Hldgs. . > Sp) 16 <31.103 • - - . 

I Esodrana Trade Trans. <i2!iot-i2a- 
] European Ferries C25p) -124i4®.«.^ 41 , s: . 

■ JO. 1 * 


9 .PC Ti»asurv Ln 30 1 , '■ 
12p: TrMwr, Ln gB 11 !;® 
3t-64tnsO >-,,7 ,® >i» '• 

S , 9 '.. 

12 .DC Tr-Nksur, Ln. lOO 1 -. 1 


Kenya iPC D97B-B2I 7BO : «9"<31/10i ----- " | Bl'CC 

New Zealand 4 ik. H97C-78I lOOi'n® :■«? I.Watnev Mann and Truman Hldns.3),pcDb. 

6rc <1976-80* 93<:© >2 Til ! 27-VP 4:,ocDb. 31® '.O. 6pcpb. 

Sthrn. Rhodesia 2'..pc >1965-70> 55 3oc 1 54F; <31101 6);pcDb 62:* i, 'JO'lOi. ; BL <Sflp) I7:a 2s 
BT1-711 59 8! '. L 3 oc <1950-851 > 7pcOb. 60'* f2?1 1). 7 '.peDb. 62>« <2.'T1 ). | BLMC 6ecLn ifil-® 


! BfSrah^Car Auction Grp.' (IDo) 45i.*®7h# 
7 


Euratheroi .Intern). (lOp) 177®-'a 4 <>-> 1 . 
EVa. Indus. I25pi IHSl* 41if7> - 
Evercd Hldas. (Z5p) 2 * mb s«- ' 

Erode HidBS- C20p, 39*;4 < 21 ti. 

Ew IG.) (1 Obi S5 1311111) ■ ' - • '• 

: So -? J- 7 «; 

Expanded MdtiJ 425p) 73.2:- ' 


39 


S.lPCLn. 


EptLn. 48:*. 


1 995 98',© 


13'aDC Trcasur» Ln. 1d4',e 


4s:. ' (r: 67 <5T'101. 4 '-Pc 61® I 10 :-.pcDb. 82J>3 S. BpcLn. 85); (31.M0) '30H8). h*u. ic .. 

> 4 >;pc ■ 1987-92 > 41 39 1 1,2 5oc Whltbrea" A I25p< 97'.;9 S'-Q 7 >.*. BpcPf. . 7>.pcLn. SOW 

>•075-811) 78 :3I 101 . 6 DC 11976-791* 461 (2(11). 6 i,pcDb. 5B>, ■*» (3VtO). ; BOC Jntnl. >2 Ed1 SB: T :• 6 . S-VPCfUl. 
87* 1 E'.DCDb 72. 7pcDb. 61N® <:« (2*T1>- 7 I*:« 12 . 111 . 9pcDo. 1983 32': C2*H1. 

7l,P£Ln. J5B?-99 57>« A <31*101. 'OiJPC ! Do. 1990 77U®U 

Ln. SIS. llocLn. 150: r (Ifll* I BPS l-nds. <50o) 234® 3 I 29. 7J,pcLn- 


.British Enkilon ( 2 ») U , 
71k I British Home Sterna l 2 Sp) 


PMC <25p> 66 l ' : - . 

FPA Construction ■ Go. .14^® I 3 tj 


ICC >50p) 1230 4® 90 4 1 5. 6 ':pc { BrllJsh DredglRB t250) 26 (2 1 11 
&?: 7 79" 7 «Ob. 701; >31 101 . 7-upcDb. British Elect Tree CdOMd. CZ5p) 105® I : 

66-’, >2. 1 1) ; s 1; €. SnCDd. 3al- (3110). -f* 

_ <*->•**— “ " “ — — 1 * 7n . j Fairhaim- Lamon tZSpi eo^ 1/'' ■' 

Sp) 190® T. 7 pc FairtJooflfi 1 Construction Go tyfi, , 
IUPI 55, 2., 1 *?£?'&**»* •«" ^.^ NiSuHs. 

7J- (2 11) •• . FalrrlewEsrs (10w ,i» ih'„b.- 


ISkpe Treasury Ln l03>:* 

14 --re Treasury Ln lit 1 ,® 

1S>«pc Treasury Ln. : 1 )>,* 12'iO 


* COMMONWEALTH CORPS. (— ) 

i Calcutta 40 rsa TOI 

J FOREIGN STOCKS (2) 


COUPONS PAYABLE IN LONDON 


Whitbread Invest (25p) 92 f31'IO> 
wclverhampton and Dudley Breweries >25 d> 
. 2!G mill 

Young Brewery Nan-V i53ol 123 <1(1 «). 
4.2ocPI. 44t 6 <2'l*i. 9ocPf. 101 


/W’^^or^ltor April ^ IB . : 1,1. j ' CANAL £ D( 

» -o I “ 'bT-WLK-BS,' ■.'KW ft.’jj'w, «; >» 


DOCKS (7) 

Repairers MOpi 6 <t® 


3 - T.e--: iii iMftT-*'* 'i* . „ FOREIGN CORPS. (— » 

S s -« Tre« SIS. 19T7.S0 -Re9-> 1977-50 , rJ .„. d ^ „ ... aft . 2 ., , , 

3 :/*: Trr-ji Sts 1979 01 ,Re9 - 6J>-i-0. Russ-.n 4'jpcLn. 1909 4 


1 42 <31 101 
BPM Hides. A ;25p) 62 >1 11 *. B N.-vtfc 
25pl 63® >2. 11T 

BSG Intnl. <10p) 395 ® 40® '**- 12 : y« 
Ln. 1 0®:*® 

■SR <T0P) S69 3® 2>-« 3> 4 

•rr ‘ 2 Spi ’21 20 4 

Babcock Wllox i25pi lag® 7 6 5 
Raswldie Brick <25o) 34 *31 191 


•2 in 


lanchtitor Sum Canal 290* 86 3 S f 5?jL^ -fit.-tt'’ r, ® 5 > 7 

r*» * n cnnpf 27 ;, I B’lrd T'MIwtr] 1700 

Mersev O^ts ' and ' Harbour Ln. 3SL-®. • B ?!2p t P stiL n 9 r -H , J , J ,s ' ' 5Do ' 1,0 ,,ln - 
S'.^Ob. 1979-B9 37'-. S 'opcOt. 77 ho < V 


UK RAILWAYS (— ) 

(31 to:. 


5 PC Treas Stv. 1996-89 64>',»® ; •» , 

'» * Canadian Pacl9C (SCS,-12. 

5 ro: T*e»- 5» 2009 12 'Pcy > 46:;« • >.■ Db ll'i <2|1H 

*8k : .-!7: s u?.! K ' 1532 M "'* 9 * FOREIGN RAILWAYS (1) 

?>.pc Treat Sik. IS 3) SB> >*0 >• i, AmoMsasu .Child Sp:Pt. 5S‘: 


' <2'1 1 ) 

' Milford Docks 116 I? 


COLMERQAL (261(M 


A— B 


BANKS (152) 


AAH >25pl 97 6 pc PI. AS’-; *2 11. 

A 6 ElKiianlu Proas. Go. >2bP> iZ7 |2 1 1 > 
ACE Machinery 'H.ags.i Uap> H5 >1 in 


Bikers Household Stores -Leeds) -lOoi 41 
. 130101 

Ba'I-i" *H. J.) rtOol f : >1 ID 
Bimberscrs .25 b) 77 
Bimhers Stores ( 10 d> 167® 7 >2111) 
Ra-nfc-ds >:an) S 2 *> 'Ml' 

“ “rid-e 1 Gra. <=n) 2- 31 jo: 


- Pf. '95 is (3010) 

British Mohair Spinning 
British . Normron CSOol . . 

Brit'Sh PmHna God. ( 2 Sp) . 50®. 

<25 D) 49 

ViHsh Shoe Cpp. 6rtc3rdPtr_49. 7pcDb. 


New 


riMsh Shoo Cpp. Bcocicart.. < 

B7 (Z-11). 7tKLn. fiS'a HID 
British 5 team Specialties Grp. (20p) 96 
(Sin Of 

British SiHlor (5®pl 1460 fi - 

British Tar -Prods. ( 10 o* 49 
Brittsh VendhiB Inds. (10p)-23^ >T,n) 
British Vita / 2 rSp) 11 7® 16 
B oral ns G5 p> 20 ® 19. 9pc2ndRL TOO. 

7'tPri-n. 86 ^: „ 

HroeMscaete C25p) $9 8 
Brocks Group u^Op) 68 

Broken Hill Proprietary HA2) SUJJ.52 
6S5u SO _ 

Bronx Eng. >IOp> 29 (31 10) 


Fwrrlew 'em. UOpa 131 01)10 
Form Feed Kldafe- iZSai 70® 

Firmer <S. Wri -Gp.' £25p> 1 » rvn n m 
Femell Electronics *20pJ '352 49 U 01 
Path] on. Gen, invest. <Sp) 116® ( 2 >rti 
Federated Ued Building > 25 0^50 1 

-Feedes DOpl 33® -3 ■ .. .V -™ 

Fenner (J. H.i (Hldgs .1 (26pi tu® ■ 1 
Ferranti (SOol 360. .New <50pJ 363 SO 2 
3.50pc2ndPf. _37'«® b® : : . B0 '*' 

Ferry. Pickering Go. >10dl S W'-'"-. 
FertlMun 'B.i >T0p) 28® 9 Tim 
FideHrv RatPo* riooi b”“ • - 

FIT* J=Orgr <SSpI 54® ■ .- - 

Fine Art D» I mints. cs»i tld-i'. - 
Finlay -J.r (75p I 9B T 


LCPHIdSS. *2501 B9® 

•VOS- ££ p, s 3a i radb' 


i 59 7. 


LRC IhIctmL (top) 34 ij 5. 

■ '7S'r' 

Leotjioke . Go. iIOpi. 161 .60 
Warrants 75 6 __ . . ... , ■ 

Ladles Pride Outerwear *20 p 1 SB*: tali*) 
Laics yonni I25p. 75®. A *25PI •» 

La Ira Gp. '25P1. 9**i. SkPitiO. 72>a 

Lake tirirfi l25PI 53® 3 *2|M> • 

Lamoert Mowarih Go. i20p> S3 * 2111 » 
UiMnt'HIdn .rlOM 18 tOl.lOi 

Lane *P*rcy> Group v1 Op* 47 ® lilt* 
Laeorte Inds. *HldBs.< l50o) 106®, B 
Latham ijamcmi 113 >31 10>. BotF*- «*■ 
130-10) 

Laurence Scott i25p) 103 6 5 -a. 

Lawrence [Waller) (25o* B/*a® .':® R* 


iunte , Hori* L McD«»owi»l 1250) -534-,l 
sSSkPr ' 4H*r® *2/1?). SpcBPf. afi 

IjSunlLLS: 61 1® 21^ 1 *a 3r 

i^cU«lLn. 65® 6- 8-iPcUra.Ln.- 6£ 

ssSegs^.F? 1 ^ as® a»i 

Ssilff 'crw Brldsrej .1250^ 74 « 




Raybeck 

Readout-Writer. <5®l 40U - 


War. to-. 


SacPI. 


Lawrence (Waller) (25o* 

Load. Inds. USOp* 1«5>7® **>• 7® 

Leader! lush HJdfli- (10pi 33® iy 
Loboff- ii.) iFood' 1 IO 01 43® 

Lebus marrik* LZSp>_44>; hit) 


7 5 


Lee Refrigeration f]5g) >6 

vre (Arthur' Sons iU'»i I 


2 ‘* 


Lei Cooper Group '(2 3pj I 6 A 
Leech iWm.r iBIdrs 1 >2_Dp) ,fl6 '31 J 01 


Brook Street Bureau I10|> 60 <30 10) 


Brooke Bond Liebig i25n) 44ij® 6> 5 
1 - 53li -<31 101. 7-VpcLn. 


, 4-; 51 *. . TpcLn 

I 6®*t id> 1 1 ) 

I erothernood (Peter) (5001 109 (30)10) 

Brown Jjcfc&nm <2 Do) 24d 


, Firth -G. M-> 'Metals ■- (TOpi 35 '3tioi 
I Fimer (A.I GA.->901 ID (30101 
FI sons. -3151® 't 8® ZQ. - 6bc2hrt£Jk : iLri 

,iwsf.r 


Barker Dobson' Gn. <10p> 13'«® 1 2':® J Brown Tawsc >2ioj 127-e B ^ 
J.** • 12 H - Brown Borerl Lent (2Sp) 46*: 7 


Alexanders Discount 235 <111 

Allied Irish Ban*-, r2Sg) 207® I® 2 1. AD InUh. 9p:Ln. 7u^® <2 II 
1 Qp:Lr., tfis i2.11) • A*»B ripseaten HOD' 104 <2.'1 1 


Iv-low Kina >nn.l3) 203 
Barr f A. G.l <2S«1 74 J-'.. 

Ba-r Wan*— Amtld T-. - <25r» 14 3®. 
N.-vtu. 2Sp) "44® Je. 


6>p«&tk. 



Vsr ipl, Bj;- Trc.ii. 5m. 1PSI 96' 
Variable Rile Treas. Sti>. 1902 94' 

V,D' War Ln 29 >- 


_ : Barela rS Bank Internal. 7'vpcLn. 67»- . Adwesl Gp. <25p> 29a 5 1 trirrr'ff-M 1 ' rmiinYi rin. 

1 >30.10' 3 * Ae.onautlcai Gen. Instillments (25pi 100*1 5 ea * r .‘Mldfla) '10 d 


>J -1 1 


Brown Shipley HldBc. 270® i2'11l , — . . 

Can. ainperiai Bark of Commerce (SC21 '• A,rna Indusu. i20pi 50 :® 1 
R-*-:h Ele r ■'<>"'.» 3 Slk!' ' 1975.79 . | A ; riIcH 5treuinLnei_>25ai 45* 


5 1 - 


7>'i- 41 , 0 ,: Sis i“74-79 96'. 

Briiuli Gas 3cc Stir 44 - ( .® 4 >,. ** s 


Nw'h S:e:lana H . jra tL’-lric 

Sfk. 1ST. an 91 ', 


80 3 '; pc ' 


vder '255 >2 j11i. SpcPr. 33* D Albi u p «20p' 26 * 30 1 01 
Cl' corn riL'SCl 15-'* 31 101 1 Albrlgiu w'iIsop 7I«pcDd. 69*:# 

Clive Discount Hides. >70pl 72. 9'.pc : Akan Aluminium <UKi 1«2 S <31.10> 


Ni?-:hn. Ireland 6> n: Cv.-nequer S-v 92 1.0 ' Gerrard Natl. Discount <25 d> 15 
• 2 11. ?nc CH 1932-84 74® -2 II, 5 S*? bs lAnlonyl <75 di 44 ;2.'11) 


3pc Reocmpiian 5:k 43'-® 

C0RF0R-\T10N.S (38) 


Pi. 99-; r2'1T* i Aleianders Hldgs. rspi l7x« 18 

1 a-er Anobacfirr i10d< 12i< i3I')0i Aiginaie Inousu. r2Sp< 2250 30 
Gerrard Natl. Discount <25pt 17a r 2 1 ti i Alie bone '10 p> 260 '2 11 ■ 

‘ j Allan <E.I Balfour <25p. 54* 4 


. Gr.ndle/s (25 pi 124 J Alien fit. G.l and Sens '-Tipton > U5p) 

Guinness Peat *2Sj» 112. Do. New >2Sp1 -• .45® tatl.11. New >Z5p) 45* ___2.11) 


FREE OF STAMP DUTY 
London Cni 


I Ha-ntros Shares <25oi 164® 2 . _ . 

Hiil Samuel <2Ss> B6 5. Wk 7 m . ,7 , A. lied Insulators -25a) 62® 2 ;2H1) 


AH.es Colloids Grp. 11 Op) 709 70 1 

I >2'11) 


56 (301101 

Beckman <A .) HOP)' 74'-? 4 f2.'1t> 
■wham Grp. (25p) 633s> 3 5 3 2 - ' fbt 
Uns.Lr. 76®. GUpcUns-Ln. 77 (30/10) 
.B—chwood Construction (Hld9L) MOp) 
28 1 *?*1>1) 

Seiam Grp. (TOpi S3 2 I 50 MID 

Bam rose Coro. (2Sp) 79* r2l1H 

1 Renlord Concrete Machinery nOp) 500 
J Benn Bros. (25p) BO ISO.’IOI. 10PC.PI. 

I 1021:0 (211*1) 

Benwnjs Hosiery <Hldos.) 12 pcUns.Ln. 61 

■entails ( 10 p) * 1 ® 

Bentlm* Inds. f25ol 45 (2 111 
B-reC Gru. (25 d) 131 A 30 29 31. 10nc 
PI. 73 IMfTO). 6 neUns.tr BSV < 2 lll) 


Brawn uuhnr 413® 16 -15 10. 

67>: iJOiai 
A ; Brown (N.i rnvas; *20 p) 43 iBI.iO) 
arrant HldBS. l25p) 42® 3^0 2 
Bulgln 'A. F.i i5oi 30 i3i;(0). , Ao Non. 

VOIJ 1 5a) 290 9 12*11) 

BuHouBh i20p) 148® 7® 

Buhner Lumb '2001-55 '2111 
Bui-CO Daan <Z5p) 73 ISO.'IO) 

Burgess Products GtSol' 50 >30.10). A 
.Nou-Vot.) 49 (7*1-11 

Burnett HalUmshlCe >.2Sp> 218 <3610). 

A Non- Vat) (25ti) 213 IS r6 >2 11) 
Burns Anderson >IOo) 5S <31 '101 
Burroll I5p) 9L® 10'.® IO [2H1I 
Burton Grp. *50t» C83®. A Non -Vat. I 
(50pl. 173® 3. Warrants to Sub lor 
1 A <Non-VoL) '43' *1 IT) 

Butiln t 6*«oc 67 'a 
Bimtertek) Harvey (2SP) 72 


FHch Lovell <2ltai 54® » 2 G - 
Fadens <6001 -39b 8 9 <3T'10'‘ -' ’• “' 

Foitarty i3,i f23oi 137 < 2 fin ' 

‘ J -’ Hef ° rSpl 23 ‘»«i' Tfon.vtB- fSol 


Footwear Industry Invests.- j25oi h 7 
Ford Intnl. C40, 6pcLn. 71 '30.101. 7.i*pc 

ford *'M® ( LOp j’ 34 i3Gio»-v 

F«^d Motor I3US2J0I 3US41 to®.' ;Br: 146 


Forte Hides.- 6-1 pc Ob. 66 iSiiqi 
F ortnum MUM S40 1 1.1 11 


F Hf49WW1 , flf , ‘' ,4 : B ® ^ ^ »•' 


Foster Bros. Clothing r26fl)'l'36-- 
FMW >J.i l25m 42': 


Leeds 'District Dyers Finisher* i25ol 70 

Leisure Caravan Parks MOpi 1 10 * 
LCfHiOns Group <10o> 34 3 
Lesney Prods! > 5p* 75® 

Lotrasot Ininl. ClOp* 133 *j : 4 
Levex <Spf UN® 

Lewis UOhnl 7ncM. 54 m Hi 

Lewis's in*. Tst. SL-AlrtOb «*■* <3.H 
L4» Service Grooo ' 2Sl, i_Z 7 1 H i-, B ° 

iSri^ n pa l fre.P?«« 
W,rc.V7i.':n- .. 

L tocroft Kllgour Group. ‘ I Op) 52 130 10) j 
t-iuosay Williams '7501-61 socPid 

L industries i2SP> 132® 2 30 5PCFI0. 

i«B 75 b. 

•JtSSteJSS^AMfW 

uren-m/’ailfy Posi Echo *SOvi 175® 

Ltovd <F^H.. .25P)_6*«C®.5 , Nan. Vo t. 


SSSf Mhg; eg— 


Reed A (2601 M nnw ‘ ™ 

Reed - Executive (Sp) 75 D :17 , 

wjsarvtf’K 



Ui. 30X«.l3. 7 Vpd-n. 6S. BpcLn. 66 


Locker *Thomas) iSpi TO- 

cStwoods F«MS <25o) 100® >21 1 ) 

London Midland <25oJ 99 *2-1 1> 

London and Northern Gro. >2Sp» 33-® 

London Provincial Poster <S0 p* 198^ 8 Lot 

Limcfon'fer.ck CZ5P) 654® 5 7 5.!:- 
Lot 31'?® 

LOhB Hambfy (1 Oo) MI 


G-D. 


C.H.- Industrials HOP) 28 C2.11) 

_ - 7m 


CBblelorm Grp. i5o) 

Lao jury schweppes >35ol 541: 5 4 , 3i<pc 
IstPf. 39® s: 


Catty ns HOP) 100 ® (2/11) 

. ~ ' -- - 60 12 .101 


Cjfceoreao Robey OOP) 


CaladonLui Cinemas t)5p) 476 

MOP) 64 <2M1). 



■ 31,101 u.5‘ v S Awew L2bpi 59 >: 9 rjl-to* : 7>,ccLn. b5 rsoioi I Ln. 6.-" rjDi'IOI 

R rn mgham Corp' n.Brtik fi5'a 9*.iv: s. Bnfc B Group <25pl 71® AnderKn's Rubber 20pl 55 tSClOi • Bh-minnham Mint (25o) 122-h 

.92: *33 10' ‘ P "‘ fc 4 ‘ ^ _■ Aurtral „ / „ “lArqlia Te.evislon Grp. Non-Vtg. A 25 p) I'gi-hoo's Stores A Moo.V. O: 

~ Ceunt.i 12*,pcRd.SlL. ; ,Va,; *92 >31*i0) rt a ° nd ' Re «- , ' A “®. 


P rminpham Dm Ceunc.i li'-ocRd Slk ”, t a'i . D , Va 'Eond. Reg.i • 82® . II) 

"02 ‘j .JTIIOI ' 31 ,0 ^ I Ar.g'?. American ASPhait '25p) 57 *30f-1 0) * BUrV (A. and C.1 I25n) 145 lllll) 

Iranicrr Cora S.acRuSIk. 79', 130 I0> ."l Wes-mlniyir Bnk. 271® 65® 72 Appicvsrd Group ol Companies -25ol 69® ) Rlarfc and EdtLnpTon (500) "1” 4 

Bng.lior. Lcrp 6 pcRd SlL. 97. . 3 IMO 11 5,.' „ s Warrants 93® 6. 7pePf. , (211) | Bla-k Arrow Gro. I50-) 39 mlllOl 

Bmtc.i Corp. 7 'idjDp. Ba', -2 1 1 • 57. a. a-'ipcSrh Uns.Ln 93'.® >2/t D. • Aruascutum and Assoc. Cos. a SpI 4*® *H*-v (Priori Hldas. ( 25 -?i isn *1,11 

Camden Cors 6'.-PCRd.5;k 9E'. _9pc5iM Uns.Ln. .78' '- ... ------ ■ — - 1 



Arenson fA.J rmugs.) ,'IOp) 76* <2 1 1 > I Blackman and Conrad '70») f* : ' (7-1 D 
1»>; "w! Ariel industries *25M 3! 30101 W«*-|rwnod Hodie (75m 57i-® E‘ <2MD. 

Armitace ahanks Grp. <2Sp' 70 69-V <: New Ord. (2 Sd) 5®*-:® <211). 9pcl»-s. 

| - Ln. 114 (21111 

rlOp) 63® 2*;® > ; ;Bla«don and Noakes (Hldgs . 1 (25p> 240 

1 '(.’H) 

48 5 (31(10). New F u-bird Con (orton *rv Hlrfas. <25"1 84® 
Ln 5 s ' 757® BA a 6 9. 9"C 

Dh. 731.® 21, Jl,. 10 '-PC DO. T7I-. 


BpcDta. 7 1 >. 2 ' 


Ei.nuurgh Co'D. 6*:PcRd.S(k. 93» 

" — ' ‘ ~ Stk. 69 ‘.0 


Glasgow Core. 9>.'pcRd.„... 
Gr-nnwich Loncon Bar. pi 


SO'IO'I H n ! Qn WWi TJSV >31.10) 

I H.h'on piacount . London 290 2 


RimrUns.Ln. 47'ra «,m 
Blundall-nennopjai-: Hldgs. <2So) 35 


„ .... ji. RoSIk. 95 ! Well* FarOD .-SUSi) 18 131/10) 

Mamoshuv. c. C 9>.p.Rd.5tk 97V, ! Wintrust ttOpl G9': 


Hartlordshirn C C.‘ 
6'«PcRd.5tk. 74 


5><pcRe.Sik. 91 •: f 


BREWERIES (14S| 


Associated Biscuit Manufacturers <2t>P' ,-rsi 

72(111*. 3.6SDCPV. 42»:. BpcDb. 77!-® t r *- f O^. '?») »9'«7 19 

.2, 11). 6".:PcLn. 83*; (301 0> I - ^" 1 ,n * nl - ' If) ?4 y- 

Associated Boat. Publishers (2Dpl 225 > 

(2111 

Assodawd British Engineering (iz*:o> 7 1 


rnlMn Tmv-ii- Mill »5 bI 1 ■* ,so.ln"- 
Bom gyr-et Fab"n >ihoi 70 1 . i2>n» 
Pnnfcer M-Cnmte) 1 <50p* 26P* ■ 



Cam ton) Engineering 
Campari fZOpi S2._ B.i20p) 66 C26/10* . 


Camrex . .Hlnja s.l .20p) . S7® 


Canning iW.r‘i25p) '68®' t 
Cantors A R-V i20p) 3B« 6. New A N-V 
36 . 9 


Cape industries (25pi 126>z® 7® 

- — y |5 {3 , tQJ 


Capian Pronle Group (10p) 

LaPPkri-Neill >10p> 79® 

Canseals *5p) 39 | 2 Mlt 
Carava,.s Hitm. 2 op) 70"-: 

Care lo Engineering Gra. (29p> 74® (2111) 
Carlas Capet and Leonard UOp) 31 29 
Carlton Industries *2501 207® 

Cerpots Intnl. i5oai .j9 
Carrington VlyeHa -2SPI 34® 4 S’* > 2 . 1 1 «. 
6 'jocPf. SO;. BocPf. B IS. 7pd3b. 602 
Carr on (Hldgs.) <25 d1 57® 

C irkOT Superfooos ( 2 Op) 95® 6 4 7 3 

Casket >5.) * Hldas.) > 10 p) 31 131(101. 

New *T0 dI 33 V® .2111 
Cattle's (Hldgs. 1 O0o> 35=:® 

Causton <5lr Josephl <25p) 23>v® 
Cavenham TOpc 1st Pf. 93 ' 1 ® 90 4. 

9**PcLn. B9 ’ 4 . . lOPcLn. 72 
Cdwdaw Indus. Hldgs. (25pi 32s , 2 ( 1 1 ) 
Celestion Indus. <5p> 30® i 2 ! 1 l) 

Celtic Haven iSpi 13® *2- lit 
Ceme-t-Roadstone Hldgs. <25p> 95 

1 SScPf. “TSa ^OT° 0d ' ,SP ‘ 31 - S ’ a - 

ksntraljgManufaauying and Trading Group 

ssasu^w 

Channel Tunnel " 

Chloride 

<21 


nnel Tunnel Imu. <5 pi 66 >211) 

..\r 7?%s b .%% 

Christies Intnl. - 10 p) 123® 9 


*■ 1 *17*' iV? 5 " 1 - : <2Spi 


FrencH iGRl Gra. tIOel 47®. 0.141 
Francis. Inds. *25oi 63- - - 

OOPI.-.1B6.': 7<iPCUM.LnV 

Freemans <L'ndn. SW9» i25p 0355 OilT) 
French Kiev HPds®. Q3pi 3* Sill)- 
Prledland oogg. C23pi 95>ra t 6 . - 


G— H - 


GEI Jnui^aOpl Bd® 4. TO»cRly,UnaLn. 

UlaMr SMUns-Ln. BS® '■ 

Galllfocd ' Brlndkev <Spl 62<i <31>t0) 
la Arson Eng. ll dp) . r9« ,12|11)_ ... 

Gaskell (Bacup) C20 p) 1-22® 'OiTI) 

Gates (FG) (25p» 46* 5t.l . ■ -J". 

Geers Gross MOp* 43 S (30.101.' 

GHInr iAj>.<20pl 3B - x . • 

Gen. Elec. Co. t*US2JSOf 114® 20 IS 12 

Geo. Elec. (25p> 309® 10® 15£® . 10' : 13"| 
.13 12 14 .11 B - 4ocLn. 90'(317)0). 
6pcLn. 83-'a®- 6P0UL 11979-84 J. ? a .< 
(2(11). 2 loPcLn. 1 . 62L®. . - -7**ptLh. 

(1988431 64 hi iSOilOI. FltgJtLCap, 

■ B 9 J «® LA,' • • • .... 

Gen. Elec. (Tscos Cop. 82 ( 211 ) ; 


Gen. Ena. dOpi 13 hi? >: 

- "2&p_> ISS (SHI 0)i 


10 pcUt.- 111 );J 


Christie-Tyler 110 ^ 79 81 
Christy Bras CSpi 49 
Chrysler 5*;pcOb 70 

c ?Sl% ,S7 * «• s ® s - 

Church >25 p* 171 *i ill 


win 


6-CPCPf. 


Gestrtncr Hklos. {. 

(250) 165® 49 81 : 

I3T'10J 

Gibbons Dudley (25pt. 6 Ht® (2 Tit 
Gibbons tS> Intnl. (25p> 7960*- • -■ - . 
Gibbs Dandy. N.V. A (TOM 38 j 31 n 01 
GMdlngs Lewis-Frascr 4'aocLd. 66 <2 111 
Gleves Gra. (250) 36® B - . . 

Gill Dull us Gra-.U5pl 1410 
Glltjpur ( 100 ) 58® 8 «r d It) . 
Glanlinld Lawrence OpcLD. 72 .131 10 ) 
Glass Metal Hldas.' MOOT 76- 
Glaxo Grp. 7'«peXn. (50p) 31<2.11» 

Glaxo Hldgs. <50pl 535«-7 3 » *0-35. 

7.':pcLn. 113J® 14F, 14} 

Gleeaon iMJ) MOM 36>s 7 (2'17* . 
Giynwcd ( 2 Sp) T04® -4. 72pcPf. bO 

:31'10). IDStoCLn. TOVr ". 

Goldberg (A.) and Sons T26o) 74® (2H1) 
Gomote HldBS- <25 pi E4):^|11) 

Gordon' (Luis) Grp. « 10 p) 26 -GUIl) - 
GouSh Brothers r 20 p) S 1 ®.~; 

Gough Cooper <20p) 69 • - ■•.. . • 

Grampian Hldgs- t2Sp) 57- 8 
Grampian Television Non-Vtg. .- A ll Op) 


Lonrho <25D) S9:o 61 59 V 60 59 fl« 
. Ln.-63 <3010*. BocLn.-.62 (2 111 


■ 1 2 ’ipcLm.- 


, Lookers *2 p) SS *111) 

Low Sonar 'Grp.' >50p)- 183. 

108 <2 11) 

LOW <W*n 1 <20e> 95 - • ' . 

Lowland Draoeev C|5gl 5| '30 TO* 

Lucas Industries 303® fi® 8® 4, 5 7, 
6<*OcLn. 123® <2 111 - - 

LfkM <S.) *2 Dp) 59® 

Lvon Lyon >25pt 75® 

Lyons tj.i 152 >30.101. 9UPCLn. B&® 


.13® 

Grarada Grp- A OSo) .108;. /- - 


MF1 Furniture Centres ><0 d) 137 40® 36 
. a», g 

M.K. Electric *25e) 205® 

M.Y. Dart MOP) 56 __ ^ 

Macanle ILondom <10P) 26 *30 10* 
MKsrthvs Pharmaceuticals <20oi )DQ© 
MeCleerv L'Amle C25 d) 15':. SocP1.-2S5® 
*2>T1) 

McCoruuodale 282* 12 - 11 ) " 

McKerhnlc Brothers '2e< 9 6 >7 
Mackintosh <jahni 4 LdcP(. 33'r® <S ITT 
MarLeilan >P. W.) i 20 d) 25® <2-1 U ' 

M*-Nelll <7501 28® <2 111 ' 

Macplwrson rDona1d> <2£al 74h '30107 
.Magnet Southerns New <250) 123®- 
Mrtln 'J. J.1 ■25 p'> 91® . 

Mallrnson Denny f25pl 510 50- 4. J oc 

Rf. 44 <5! 110) 

Management Aaencr >IOpl B9® 

Minders (Hides.) (25a) 105 2 Ml 

Mdhoanesc Bronae “Hldgs 25») 67® 9 
1211 1) ... 

Mror Nalional Grouo Motors <20o> 30*4 
30 <31110). New <20a) ZB® 9 8. 10 ':pc 
P l. 102®. New lO'tpePf 103 (31*101. 
TJZecLn. 96® <; 

Manic • Hldgs.) (1 Op) 20*i« *j. tOiaPCLn. 
67 ■■ 

Map 0 i» a**d Webb SncPf. 45®. S'!DC2nd 
P(. -3*'-;* (2.11) 

MartTi wicl r25u) 1 1 0 SocvPf. •- 960 

Marks and Spencer <25p) 82i;t® 12 3 
BCT-: 80 2'jt IN 
Mariev 25s) 69': 9 70 68 
Miri ng Industries (IDs) 24® 

Marshal) Cavendish (10p> sot .1 .. 
Marshall (Thomas) 'Lovlpyl - <2Sp) 45® 

<2 11). A Non-Vtg. LZSnl 45® 4 1 (1-11) 
Marshalls 'Halifax) (25p) 130.. lOocPf. 
lOS-.'ZH) 

Marshall's UiWvanul <2So) 14®® -2111) 
Martin (Albert) Hldgs. i20t>) 89 131 it 01 
MerT-BISCk J2So) 470 3® 6 3'.- >.2 11> 

Mari'ona^ lntnL S (^0p) SHft fflW 

Massey Ferguson Hldgs.. 7i»pcLn. 6J h 


Reliance Knitwear .«0pi 54 

Reliant Motor (5o» 5)U 10 il/JU .;^ 

Rcnptd 1320 30® 3 2- . 7?ipcLifc;-. 

Rratokii <1 0®> 67®' B rt/Tli • »•'. 

Ren wick i29p* 46 «2lH* . • • 'hif 

Restmor <2501/63 1 (2H1L. Pa-p . 

Rerarfex Chemicals (25<>I « TSinajy 
Rex more (7 So* 64t?® .(2 ,1 l l. .. 

Ricardo >25 p> 3040. DO. ^N*W ■ 304®F. ' 

Rtohirtfa Wall'*»9UW i ,'indtg*ri«!‘()flti*[;- 
C2.1TI. 7TwKLn: 83 <30*1 0> - ~ * 
Richards (10P> 20t* ISJt 19 fTlriQV- 
Richardsons Westo artn <5Qo.> ^E,;- *■ 

OoberSop’ Foods 12 Spt' l 3B .6' fjijiS? 


Rorkware Go. >250) Ml®; 12®-'. ■» 

-K: M.VJ -i. 


Rolls- Ravel NfPtOiS EHdgs- 
3 2's. BpcUnscd-Ln. 


. 105- <30*10 . 

Rooner Hldgs. <25P) 39*9 -<lflt)^._AS 
40 <1(111 . . 

Rostjnr- FHdgs. fSp) 27 ' - ^ 

RotaQe* iG.B.) >.1l»t 3B'.I2<1 11. 
Rotaprint izepi 36 ' . . _ , .$ 

Rothmans tnterm). B nZ*aPf 
Rotork 9 : .-ocPf. 100 is®- '. '■.'<• ' 

Rowan Boden r25pl Zl» * ' ■ 

Rowiinson Consttn Gp.-'tORi '2»f 
Rnwniree Mackintosh- fSOo) 3850-79 
■&3 2 • • / jj 

Rnwton Hotels (250) I A3®~ tlflixi*}. 

Pf. 33 2i1 Jl '•••'• :'..V 

Royal Worcester <25o) ,166® -4r,'.> 

Unscd Ln. 102 4 *s> 

Boyio Gp. *250) 43’:®- , - - -v^ 4 . 
Ruber old '2Sp> S9 11.111- 
Rugby Portland Cement .»250»-75*^fc 
5oc(Jnsrt.Ln. SO-h -ffil 10) - ■ -4 

Ryan a.) Hldas. iSp> 12‘i IWWyJ 


City Hotels Gra. : 20 b) 108® 

Clarke FTckal's Coombs "SSpi 61 (2ni. 
Clarke rr.t ’IO 01 24 <30 10> 


Clay 'Richard >-'25pi 88® 9t® 90® t2 !1i 
50*1. fHldga-1 '500) 72 1 '.31110* 


i Grattan' Warehouses a25o> 1®0.<s . 

Great Universal Stores i25nj 298;. - a 
SK t) 2950 3!® 1® 2 4 16. SVpctn 

C .ifield Mi Herts >10p) 470 S>: 12411. 


Pn ; o-A " I 7 1 ** V.i 5 ., 12 '° r - ,Fv Beiiiaven OSp* 44* 

Ptf • 9.® ; 12 ;pc |£50 Pd.> 47 ,0 >«. , Bell (50 p'. 226 


,«»DC IDS’. .2 ! I 

S-.rl>ne 7 Let 96 


31 10> 


Baddingtons (25p> 91.12 1 1 j 


j Asscc'sfrd Sprayers <10pl 56 (2'Mi 
, Associated -Tooling Industries GSp) 40 


Clavion 

crowd Shell 501 28 

. . - — . Dalrl « r25u> GO®. A Non.-V. 

iBrvme ft. F.. J. Hi 'Hldgs.i .=fipl S3 > c&V CnemK.I Frodurta r2^, 71 


(27/4) 


li?i»S r ^dJ” vCSSIe^iVi 2 no --- ' *% LU 1 _• 


Did- (25pl 6) 


—■ ~ -10 3l2ipc> Bulmer C25p> 1S7*>3; II 

l^riart'cVri' S S r>. X j &■}&*» 

Wa sail 6 ' p; 97 : 1 p, »7 , CIH D.stlllere I50p. i860 9'?8 7* 7. 


BPC 


5'tiK 


Insurance brokers hit 
back at Borrie 


A Non.V. 


Coitrs Brothers r25o* 77. 

rzsoi to: 

Coats Pi tons (ZSpi, 63 . i: A 4bicUM. 
Ln. 3Si : :e !,® (2/11). 6APCLn. 5Z'-:® 
12 I'D. 7 : :Pcllns.Ln. 61 4i® 

Conen 'A.I A '20p< 134 

S ole 'R. M.> <250*91® 
ollfns (William' [Hldas.* <25p> 142 
II ill. A (Non.V. ■ <2 Sd) 135: Ui 

C2 1 1 1 1 

Cal marc tnirs. '2 Sd) 31 *z 


lOocPf. 107 12J11) 

' " Grp. <35o) 69 31101 


Gceen'e Economiser , 

Gripaerrods H dfis.- IlOol 57® 

Grouo Lotus Car Com pontes 1 0n) 42* 
•3® 5 12 11) 


Guest. Keen and' NecUdfoids 263® 4 6 I 
70 <2/1 1> 


3:. 6kPcCitv.Uitt.Ln. -19B5 7B 

blest Keen end Neniefolds tiJK) 7*ti>cOb. 
70V H (30(10) 


HAT (10pi 27>: (2 Til 
MTV NV <25p)'1 13 
Haden Carrier (25p) 105 
Haggas «10p* .166 7 4 
Hau Engineer! na iSOpi 9B mil. 
Ln. BS 


7V0C 


vUi'IIIKV Mlia. l 3D, Jl ... 

Cornbin Gni, (lOpl 32 (1 18 L New <t0o> ] rSi 



Index Bears 
have a Picnic! 

During the last account, 


31 

Comb.ned 


English Stores Grp. ,'12-:oi 


Client A, sold 10 Dow at 888, bought back at 804 , 
profit £ 840 . 

Client B, sold 25 Dow at 865 , bought back at 
792 . 4 , profit 0815 . 

Client C, sold 100 FT at 496 , bought 
back ot 479 . 4 , profit 0660 . 
Client D, sold 500 Dow at 875 , 


BY ERIC SHORT 

MR. GORDON’ BORRIE. director- Borrie had not fully studied l*»e ! &Jm«® R^ioVision services rsp) isz 
general of Fair Trading, vas effect of the change to a : SSSreX '^ffsM^Vfrhh -wmii iao», 
strongly attacked yesterday by premium related commission: 73 rain cm' 
the British Insurance Brokers' agreed between brokers and the contraction ’Hkigs.^opi mb® 
Association over his recent criti- LOA regarding life contracts.,' cooper /Fr=deneki /huhs.i >1001 20 i'll* 
cism of life assurance selling. says Mr. Tealc. Neither had be cSSSaiESm VnSSlui. tsi 1 bs:. 7>yic 
Mr Some referred to the high made proper reference to tbej 1|x < Sw Ml2 ii) 

number of life assurance con- statement made by Ufe assurers 1 cooson <f.» <sp> ie® 12111 - 
tracts that were cashed in pre- on the Unfair Contract Terms , co* B ah ex > 25 p°i rt 37 ® 7 bu a .2111 
maturely, many through high- Act of last year. j coni Lw%ure gp. >iop) iob® 7 ■* a 

'pressure selling of policies in | Cornell o.re*ae» «5p* 11 .*39 101 


HaDam Sleigh Cheaton CIOpi 37'<® 6 
Hakni (T0 p< 39. IIpcPI. lOBij <2'1it 


Hamllborite »I2iiO> 37 (3O'10> 

SpiDb. 31 >- (ST 10* 


pressure seumg ui puucin in _ nariic.lar - Mr TpiIr • Coronet induRt. Sees, rto*) 3* 

the first place, and lack of f ,,^u P o , r '. , 19 ' 31 1B ’ 

guidance over policies. io !hw =” , 

He called on the life assurance recu 0 nition to the extensive; countryside Props. <spi 42 <30 


Props. <5p) 




see if the commission system developed lo meet the special {««-" i^VoV 

could be adjusted to ensure cus- l,fe assarancc b.oker. cowi e ^ -si-mi* ii'm 

lomers received inipariial and IncfudPd among ihwoe ai'tiritie^j Cra 9 ei er tronKa a <iop? si® 
balanced advice. Tne<e ebanes lh * d evelopmeirt- of syfitems ; "g J/V rill 

were immediately refuted by Mr. ^ or broker*, aimed at controlling | crjda mtemu. <ion> ss 4 . ora. 

Ppipr Sharmnn rhipf PT.mfiyo overhead costs and at greater, -J® : ... 


(1001 


Kamlyn AAgut 

HamcHOn Industries C5pl ID.® to 
Hanger Investment (1 Op) 47:- 
Hsnsoa Tst (25pi 1290 5® 4®‘ 8. 6-:pcLn. 

Hardy A (25o> 34® (2/11) 

Hargreaves *(20n> 57® 

Haryfs Shefdon (25ai 4Bi> 

Harris iR.) 7iypcPf. 42 
Harrison (25 p> 67 (i;i1> 

Harrison >T. C.i (25 pi 105 
Harrisons Crosfleid 15 U® G 
Hartie Machinery inter. <25 rj 241- (2.11) 
Hartwells (2Sp> 96 ISl'IO, 

Hawker^ 5 IddcM^^ (25p) 228 31 30 26 9. 

Hawkins' Tipsor - t25pi 70 (3t lot 
hawiey Gooaall <5pi I Bk, 

Hawtln -<5 p> 12 '* 

Heal IBi; <31 10* 

Helene London -<H)p) 23 
Helical Bar i25p) 22 (2/1 li 
Hendanon (1001 69 lllji,. 


&aiM Metropolitan tSOp) ;02>e® 5.1? 3 Matthews (Bernard) >25 r) 163 <2,1.1 ) 

S 47) 4. WoTrarKS to sub. S** *2'T1). Mears Bros. Hldgs. <2Sp) 19': 
ratPf. M>i® 9:z«. 6'*0cPI. 4G®. 5.<90C Mellms (So) 9® >2111) .. 

Ln. 951 . f; (31,10). IOpcU. rs<j» S- Melville. Dunpas. Whitson rspi 374 

“•“*“— «w. .vawu. - - iMentmore. Manufacturing (90i IS*!® IS® 

M^ru^Uohn) iHldgs.1 f25o) >98®. 9o« 

® stjSF.- aw ???.;. 

Mid and Educational <50o) 240® to 21;® 
Midland Ind. <5P1 40ii- 4(3 
Mining Supplle* (10p» M4 (30"K)i 
MIKhe'l forts Grp. <2501 44® 4. !3pcLn. 

.M.wtfior.. 


Mltcltri Somers.' flop) 37 


M heconprater HldBS j i25ot 65 «.«2. 11, 
7 Qd»__37 (31. *10) 


Mole fM.»<20o) .. 
S !25pl 131® 


MofW. . ... 

Motfk (A.I (25pl 89 


S and U storas f 1 2»»0J ~-22U;®> .ffl. 

2SpcPfd. 'TZAspl 22*: <3U1.0)^^:?3 
?GS Go. >2 5a) 156® ' ■ Z 

Saatchl -SaetcW CtOp) .106. 

107' ... . : 

5401 Hldgs. <20ol 164® - - .-■>£? 

Salnsb'ury <J.»- (25pl 211® 7®.- JSH- : 
-12 10.' aocUsctd-Ui. 58*b.a cjf/fir -‘ 
Samuel (H.I 425 p*i17®,i.-A^25i£3b 
S xndeman '(Geo. G.) Sons (25p>_5a®><2 
Sandetww k avert- (25p» -63 -CKWOm - 
Sanderson Murray Elder (Hklpxj..l50jl . - 

SanieMjrtt Mkg.. n0pl" 45-'(lU1> - 4 
Sanger *J. E.i <10pl 36® 4 : (21-1 V ;>'• ■ 
Sanoera Gp.T25p> 62 3 fSJ-W.X- •• 
Serine Gordon .fJ.I-Goi f«pl. 

Senna- Go. <2Spi 101 *>*-.2® -• 

Scftlumbegcr 55s. (3US4>- nrSPOA®' 
Scute res *25pi 70 

5* on Robmwn tzSpr *B:‘ 2 nnrp ... 
Srorruh Aofl.' |nds- is-s ■t l m;;V_:> 
Scottish U Drier sal from., l26W ...IflS- 

ScotHsh EngUah Euro- Textiles Gi0«) 6 
<2-11* " •"~ jr ' : ' J 
Scott isn Heritable' Tst. £2 Sp) 44®^- j ' 
(2>t-T 3 - - — -p st- •. . 

Scc-lliRtr Hom*>3 T lIri--C250)I,23®(..-; • 
scot us ii 7 V N.-vt«A OUpTMT- 
Mutt's Rsuurant' ;T2 Hp) 490 ' r 
Suit Hlogs^JaSn) ,JW“j® It Jr-TBE 
5air (2.1 II. litpePf; 9l 
Scars Roebuck >uss D.75)- 21®ct2n 
5®c<(eor. GnP.' f2Sol 123 «31il0).'. <. 
Security Services A N.wtp, USa). TV 
bokefi intnl. itOp) - 

Sebncouft' (<5p) 27 m'-*s--.'- 
senior Eng. i10p/-23j 4® ■; • i*- "- 

Serck (2501 50® 80 
Shakespeare (Joseph) *6p) _Z7 
5ha<™ Ware i20p1 1260 -fr - ■ ■ ■- -,-3 
Sharpe fisher (SSo)- 49 (MJtB) :':. 1 
Shaw (Francks) C20 d> 27. 1 b j;’ 

nGmw'bi ®a .&«? 

Shermans (S.i (10p) SpcPfc 


Sh-ioh summers- *25p) 27 ann.r- 
SidlRW inds. (50P1.B9®. 7 wJjl;s 



3/dar. 1250)^90 


bOO Gr0. ■— 

Smtiistaw uR.) (Knitwear). -(SpI 

Smith ~ " 

Smith 

Smith Whitworth (Sp) «% .. 
Smiths Inds. (SOp) .198®. : 7 


ids) crop) B 2 *«® a®:- 
(WHI SOR isopi I46®>.'.^l «i'<( j I 7 
Ln. 38>® JtO. - w Nate'-W I*' I I 
Whitworth ( 59 ) 12 V, - 

Inds. (SOP) .IBB®. * 

9/<s. BpcLn. 121 I vf' ■ - 

Smurflt-U) Gn*. 050) .1 94*!®.*-^- 
Sotheby Rarke-'Boniet GnF-..'iw7.'?. 


Monsanto 5 pcStl f .D gllarLn.-l 10 (2 Til 

... .r m. fiJj 10J 


300. 9l;pd*L.T05® 5 

Sthrn. Cstcn. iSp) BJj 

Spencer (Gl (25p t 38® „ c _- 

Sp Ilian <2591 320 16® 2 T >». BpcPf. 
j Sraffs. pi MB. OSp) 1480' . -‘^j5 
. Stag 1 Furn. Hidys. (25m) T^S. .. 

. j Stale lx (R> ore*). .i10p> 36b;; 


Monument Secuntifff (lOoi 

More O’l^rrall <10o)-ai . , ataaix no wre**- nw> - 

M «?9» n f2 . 5o> V 5 VpcLn. f-S.arurt* Eng Geo. (2007.1125 

If*- A. w 9?k n i *8-'l® 44 ! Status Discount il Dpi IIS 

More**) Edwards :■ (>0p) 74 S OT.'TO) , Snvefey -Indc. 286® 30-2- - - r --•»• 

Morrin Blakey WaH Rauera (ZSpi ITT® Steel Bros. MMgx. i25pi 1B7 )'■ ■ ;_* 

■cijvi* k StMUcy'UBpt ^7!Wfc ’ 

Morris i Supermarkets «T0e> 67 1 Strtnberg Gro- (KIW 21 *s® - ' 

i Stephen i Alexander) no 23 . 

j Sterling Imfinlr-M C2*:p)'28 (I'lllij . 
5:e*.varl Plastics (25ol 160® S7’<»T1) 


Mass 6 nug, Grp. f23ol 71 
Moss <Roheru (lOoi £2 
Mother care ft Op) 154® 500 l® 4 I 2 
Mount Charlotte Inv. ( 10 p> 19': 20 
Mnvcar rwm.i Sgm <lDa> 51 <30Mfl) 
Mulrhrad <23pi .196® f 2 *fl i 
Myddleton Hotels rSOoi 228® 

Myxon Gra. iiopi.55® 3® 6 


N-— O— P 

NCR dpcLfl. BZi, 3 *31; 101 


NSS Newsagenrs fi Ooi ' 94 ® 


5:e-.van prostics r25oi 160® . 
S:ocklake Hldgs. :25oi 62 CSlflOl 
Sionehiu Hi d»r. izso'.ni v 

Stone-plaR ;lnds- -'2501 1.06®. 6®-r® 

3.-5 ... . 

Stotnert Pitt 2 SO f1H.1l 


TOP) 36. 


M'*DC 


Ob. A NV 


lion) 25® 


■ cici ,i--u lu-Aii. imu CAnuiivc . - .' , ”, , . 1 Crouch -Derekl < 2 Do) 106 

of .Vonvich Union Insurance f ffi ciency m ihe servicing and | c™ houm < 2 Sp< |o;, 

Group, and chairman of the trinscauoo of bnsiness. | mi^stoMoS) 1 "’iboS? ( 2 -id. 

Lifp Officps Association Finally. Mr. Tonlo nninted out > ^35?' i 3 P®. 


bought bock at 845 , profit £ 15000 . Li !? 0 A? 1 ? m! 0 "® u F ^ ally :_ Mr ,. Teaie pointed out • c 3 ar Guard .Brioge Hldgs. ( 25 p> 23 


Hendcraan-KenMui (20p> 80® 
ric-nvi izoa > ici'-ra 
Hensher w-umture Trades) 

A N.-rtfl. non) 2S® 52.11) 
Hnpwortti Ceramic Hldgs. i26pi 79*,® 

jeLffwa-’-isafis". ,iw rTk 

H^wdw-Stuort Want riOpJ 70® 70 )- 
Hewitt ij.) Son IFentan) <Spi 23 (I'll) 
Herwood WHiums Gra. >sop) 15 a >Ji inj. 

epCLn. 212 LSO.'IQI • M '. 

Hkklng Penteceet >5Cn> 1 06 


541 - 


NOW Mr. Alan Teaie. secretary that a special working panv. jcurrr. .25 B ) m 2 3 

of the Insurance Brokers' Asso- consisting of specialist life'oai* Electric mop! i 56 • 

elation, has sunporrpd the state- assurance brokers, was studying g5pj f *w"j"ton |, =|o) 63® 211 
meat of the Life Offices Associa- methods of presenting lire assur- 1 o»y*»^ M gcaS e a'itopi 2 "i® 2 'm 
iron and accused Mr. Borrie of ance contracts in the simplest 1 ” 3 % b 2 9 . b1 n” ail 

ignoring several important possible form fur the benefit of I DaMn*°iM < ni. t 1 25 p< i 8 2 ® bo® 5 . a 

aspect; of life assurance. Mr. tho public. 1 83 1 ra-'if). 7pcDb. 64?. 


. 1 *2® 

f JZ5o1 IT 6 ® 83 1 12.-1 1). 

I3DIDI 

n~ La »w *350 4io® a 


Coral Index offers a free market for you to 
exercise judgment and foresight -a big opportunity 
for gain. 

The Index is based on the FINANCIAL TIMES 
1 ORDINARY SHARE INDEX and a .client can buy for a nse 
vh ?,ell for a fall, any number ol £1 units up to a maximum 
'■’l E5D0 per full point fluctuation in the FT. Index. The client 
>.an ilose his position al any time, al the prices quoted 
daily by Coral Index Lid. The maximum penod for holding 
30 days, comprising 2 fortnightly accounts, when the 
position it not already closed is automatically dosed at 
the precise F.T Index figure 

Coral index also makes a market an the fluctua- 
tions o> the Dow Jones Index and you may Deal daily 
from 10 a.m - five hours before the New York Stock 
E Melange opens 

Accounts opened on approved references or 

maigm 

Accounts opened immediately for members of 
—confused Slock Exchanges. Commodily Markets 
Fortners or Directors of Merchant Banks and Exempted 

Dealers 

External accounts, may deal freely on margin 
Our closing price is published daily inThe Financial 

Times on the Money Market page 


_ _ . _ _ _ Or Vrt- NAtrls f25p> 15B® 

Unchanged Inner London 

w . Derea >25nl 47S. A_<2SP> 412 

education rate likely 


BY MICHAEL DIXON. EDUCATION CORRESPONDENT 


D"h? M«J| C 2 Spl 70® 6 S-.® 9 ., 70 

?BU _9. _ 4i-ac2naFI. 34>-® <2 11). 

, «.-prDU. SO® <2*111. T**»eDb. 7l-i; . 

. D'nDvwur- r2s c i . , 044 , 12*113 
• DcsoiRir.- Brei. <Hldot.i rzsal 129 (31 '10) 

| Opwyira* <1 J.) <Hldus 1 -lOpl 73 4 


Hlck»n Welch (Hioos.) *50o) 210® 
Htags hiii ns * t 67 9 . 7d <«. a i (3® 


13T.-10). 


(THE -CITY and '.bn 12 inner fi-rsl hme since the Inner Lon--Dewhu«t o-ht”T 2 (£. ! ^ s P> 14u 


London boroughs have a chance don Educatinn Authority . was I DiSt l J" s, H e *? 0 rsp“^ 4 c2S,,, !.’ 6 18 
of escaping any increase in the formed 'in 1965. • - * D 77 l 5ir ,J '*o-?0? 1 ,T4 ® iO'.-pcUn»o*.Ln. 

rates paid for education for the Sir Ashley firannlL leader of ! gJJgS,^ a 7 

the Labour-comrOJled ILEA. . SSSTRjJff* ,y ’jomw 

s^ta yesterda;. tiiar*. provided in- ■ ooncakt«r *d.i son* RnrDn. 70 1 
nation did nur exceed a rexson- , gSSSffw & IsW-.mii 

able level, the authority s L9>0-80 , S?2L. cr,c T' c .. al tSOi l-a si ia> 

education ritlp could be pMScd lf Joo' so 9 i m * 50'io» 


Councils given 


^ ^ ^ fS .1 43d. even ihiuioh- The ILEA Dawning .' c hi -so*) is* >31 ig- 

) L nH AL H A \VaF° R,TIES in fr . E | riS planned to increase Mpendilure d?w"v Gra3p ,, isDrt , ’:fi3* 550 6® 9 
land and "ales were yesterday i„ • con -tam-p rice- ' ; terms by 
sent joint Department of the £4.65 m . 

Environment and Welsh Office 
circulars on ihe workings of the 


Bpci.li. 70 <3010) 
meld. Brat. 'Sal 10V® 

.HU) Smrin >25«1 71 •Ml) 

Hill 'Ckarlesl BrhUU B1 >.MU 

Hitana now j04® 

Hiltons Foot wear <20P) 107 131 101 
HbltOD (Am 03 ) Sons UOp) 93 *30/10) 
Hoechst tOM 50) <7® 

Hoectiit Finance lUPCLn. iRts-1 128® 
Homing >5.) >250) 70 c2i,l). I locLn. 
101 12-111 

Hallos Grp. (5») 6S.fi M» 

HOIlli Br»l. ESA (2Sal 70 66 (31 10} 
Holt * Libya mini: (MM) 157® 

Home Charm -*0ai 226 8 >30 10) 

Hume Counties “'rriS. >2S*i TS® 6>:® 
Hominy osi) «o 

Hoover TSol 256® 60 55. A <2501 260 

Hmwinson-i Hld»- 'SQfl) - JOOQ <2 m 
Horizon M-dlaudu 122 4 -2>T1i 

Hgikms jnn Horton 20ol »7B« *2 It 1 
House, al Frasec fZSoJ 149 ® r s. bpc 


Ln. 7fi. <31 101 . 6«lit. 41 (M lOl. f E<".ai |«»I 59Q 


National. Carbonlstng 
.Ln. 100 1 2 / 1 T 1 
Ncc oscn d ( 2 Sm 41 rent* 

Naprem 5 Zambra >25oi 87® <2,1 1 
Ne-I Sponcw Hktgs. <1001 105 
Near 'Jam«> h«km. ctsoi ss® 6 
Nehgn Oavio >5o> e>t® liitii 
Niritgeth-n 1ST *27/ tOi 

N «orrt? Bur,on Ml0 '”- f2SW 
Newman <25ol 32 l* JKJ:. 

Newman *Tonirs >K«< BiV,g 

N 50 Tt 3 ^.^^ O,a ^ (3So} 2 «' B « i "' ■* 

News inti. >25o> 2 * 6 ® 

N i , SS 5 ,. < 1 J a%^,n S - tM - 40 «*«> 
KSMfiiifiniiae s&rz ■ 

N OJn or^ Swr fcrp - ,rt fOw-> (2501 4T 


aiHPirn rin -J* I' 1 -.,' _ 4 •- 

Srrecirts ol Goaalm hg flOol 23® 3 i 
Siraua Rller OrorranonO <*SR< -.*r 

Hidgs. .-Tool 12 * « in 
: Francisi 'Hloot .1 «lg 0 » \5- . ■ 
: 5err>ce Gra. flop) «.(2 ITT? 


Siraua Rlter 
•so 10) . 

SturU Hid 
1 5,miqr 

' Snnligir _ . . 

kiiora Gro. <10o> S3® - -- - 

Siller Elertricr 'So* 2SS 0W 5. 
Swan Hunter Gra 154*1 4 
Swan IJOhM 295 '2 IT! -- ••• 

Svkea fHenryi rZ5oi BO (31 -10F 


-T — Lf — V 


'rr f 7 n r «& •«»•! :w.r 


FACE -JOntRIO. MDs> 30-i® ' 

Taibeo Grp !5u> 17® 
rarma: SOot.13:® 14 
Tale Lyle 168® 73® « JA5;,U 
Pt 62*. 6*4DC1JnE.Ln. 62 - 

-ix.Una.bii. 57". -I 3 kCiiv.IJi15Aji. 9* 
Tare o' 

Ta>l«r 
TkNUns. 

Trndm Gi _ . 

i Cnv.Uni'.Ln. 94 131101 
f Teca lemit (2*301 134® SO 
Tcleiustof) CSpi 33- (1/7D. 



ire of L eras 1 t23o< 71 (SOHO) ” iTV*^. 
ivlor Wooarow >259) 414 8 10 \ f 1 

7^*ocUns.Ln. 69 131 -101 ,*»> I y WJ*#' 

atom Gra. ftop)- 9 B (31.101. 1 \.v "%I M 

:*tv.Uns'.Ln. 9* 13110) , . ~ 


A (Nor 



(501 28 
Nome sees. i?i-m iso 
fiOrwcM* Hour fZ5o a U 9 fit ini 
Nottiiltttoro Mfg. 6-KLn Vq™? ni 
*■««», franSTv 1 0o) 78 6 r” u 
Nm ■ Swift liun. (50) 28', (2H1) 


Te« Aoraari« ttopi 51 49 E31M0*. 
Terturoa Jersey 11 Oo) 31 12(1 J* : -.. 
Tfrenna! Svndicare 12501 100 -j - 

Thomson .OrQinttJlIOtl S.B30T.PT- WT- 

SrtiitMsgDb. 54. 7 UpcUns.Ln.. 

1 "SDi 1Q>* . 

; morn Eire. Industrioa *2501 544® 9* 

I a s: 6ocUnsee.tn. 76J* (8T*Td».-- 

UnsrcLn. 102® 


•■«.»#« (»0. 70* 8" 

Qca-Van Dee Grioren Fin. 9ncLn 78® g® j Thow'rf.' W.MlOpi 78® <2 11 j: - _ - 
DMi. IlKtm.-. M - Thurgar Bardev MODI rM'IO* 

r2 5"' 119 Tilling 'THO*njs> >20o' 1 1*“7 

, 0S 2 IT'; 1S»;. 4350CW. 51^® (Zjfi- SJ 


M*' >. (31/101 ; ■ E»- S’.'li 1-1 ' ' OrtOb. 73i; (31 

Sim- ri?^S .A 5 " 1 -S : fOi _8 :»tUiA*c.ln £8® 12 11' 

Time Rrod xts N;W >10n> 22 pm <2r11 


gillie pvlm ; M 0 a, as <2s“loi 
Owm Owen f2Snl ITUs 
OKlrv Printing <35pi sg -. 


68® 


JMA (2301 59® 


Tonln 

!'Ion>r» _ _ 

i TootoJ <250> 45 

-. *) ll* 

iowIcs 6oc8Pt0B.Rf. . ’ SOD i 32»* 


7X,dcUo»CC 


Hovrrlnohani ^Grii. _-2S0' 89*7 "RestrictM i farkland^ "fratiu Kg. Ta^ris.’/ni" n- . ! ToyV^Co ^ZSoTiS® 

VN. <1S9'. &fi 4 -31 101 TVttKfih. 731, I7#*. 69'.-® f2 111 Do A j Tew. “wiiri MUlhoarn (Wte'-iiX 


I* 


Do. 


8 6 


i Write or Dhone for full oarticulars loDpnt FT3"" ™* 


Write or phone for fulf particulars to Dept FT3 

CORAL INDEX LTD. 

A Derision of Hie Corel Leisure Group '4- 
Berkeioy Sauar* House. London. W.l. Telephone STD 07-493 5J61. 
reica-aph’c auoiebv: Ccaide*. London. W i. 


I new Inner Urban- Areas Act. 

The circular describes the pro- 
visions of the Act and the new 
powers available id designated 
districts, advises oo the selection 
of projects for assistance and 
explains bow local authorities 
icon iisc the Act to declare itn- 
I pro vein enl areas. 


SINGAPORE STOCK 
EXCHANGE 


Orakv Scull <2Sol 36/: <37-10» 

, Dreamland EJe-irityl IIOpI 34® 30 
I nupii*4r >So'i 25 4-- 
. luc.’ire S.-csli -25 d> Illy 34> *1111 
i Du'j' B’TumKilt *1001 39 S« •2 111 

Oofav Tltanlne '79'- < 2-11 ■ 
i)urbe«-Cen<M*-M*ri( -iga' 9« - 
Duncan ’WuIti-tT Grearicicel 475 <31 'ID 
Qun^rnuii *?nnl ilm 


r" 


i SHARE OF THE MONTH i 


I All ^ ou n«fri m makr, mon»y in the srockinerket is one good invest- ■ 
meni idea. And that's just what Venture Opinion gives subscribers.... I 


Gorge blasting 

! BLASTING will start next week 
to remove more than 1.000 tons 
of unstable rock.-* near Clifton 
Suspension Bridge over the At on 
Gorge. Bristol. There will be 
one blast each weekday fur the 

next seven weeks. 


( every rnonih. One top investment idea, thorourfiiy-researched nnd 
fully 7'plai<reri.Se-? for > ourself how it works. Send ?c 


. . . todav for a free I 

I ccpv of our inicst issue. It could start you on ihe rcud to regular . ■ 
t rock mark pi pro f.i IS. | 

^JkVrite lo Ven i ur4 Opinion, 12A. Broad St-, Bristol I. 


Hospital plan 


A- £IGM 3S0*b«*l extension to 

Stoke un Trcni City General 
Hospilki i* planned to be started 
•vitiiln two 'ears. 


Nov. 3 


Industrials 

B>jri» 

thm-lenU L.-. 

Uua-AM-lBi.,* 

Uun ■••{,. . .. 

IT%« 

fttrir .'«•' 
Ha* Pa.-... 
Hunie 1 >i<»... 
IqclKHpe..— 
Ua^i Bre*. 
i la la .1 Lqoii. 
Uei.Bx >iuj 
jv'-LU:r..B* 
■'oc Licvtn.- 
Ifuinnwn >.(?. 

IaOI LilUflC.... 

!54* 

rime UaH'» 
i»l -I < *■.'< 
-jU^lts-rioerr. 
■K»il* lm,f 

iS7i-LlJ . 


C.:) 

J-.'p 

2.73 


!l-3* 
I »M 
ai.Vj 


t. "c 


Sinlti*] rrtrl'ic, ' 5 - M 

1 1 me* Pub. 

.Berdan 
C. Sulum 
L. Or'v BL — 
U'arnt,.^.. 

I ractor , — . 

wrtre Jicli. 
Robbers 
mu* L/nan, 
DonlpJiKare. 
ketopa* I 


3.U0 

1.:3 

j.Ti 

j JO 
6^L. 


Dum/mian *20sl 42® 

Dimhlll lAitedlr ''Op* 375® '2>«1>- 
D'ieIod ,30-11 661-0 7 9 6 '- R'- S 8 7 - 
*■ _ S'UKPf. 4J^«. 6VP«Oh 661, «. 
TeeDtr 64- <20 10> CdcLp. 6S>- 

■50 IO, 

Our* la T^»:"li» 49s -2 ll* 

Oupli* ln*-ma-.:pr.al 'So' 22® ; 

Sum,; 23bi 66 

Ours o‘o« Inrnl. '25p' 1380 

Ow-F G-oun >l0o> 12- >31 101 . 

O-Uri >J.'- OSei SZ',- <2iii 
Ovier rj Jt ;st Ta:r« f 2; 111, NV A 
<2Sp> 74® 09 >2.'1!> 


SO 101 

Howard inn wimdham SObi 2b>,® cz.li 

A <20d> 27 >:0 .2'11> 

I W -SI'IOI ■ 

Howard Macnmerv .20o> 2E® 

FMwird" snunartnq <HI«9« ■ Idfli 
130 10' New TOP' IB -31 IOi 
How den Grp. 25 pi 81* BO 2 11 1 
M® . 

Hudun'l Bav 1?i»® 

Hunt and Moscroo 'Middreion* ‘5o 

W 1 0> 

Hunfnfl Aiwlilrt Inds >2Sa< 208 
MuntielBh Grp. <10d> SO® 49 2 111 
IOd'SI® 

Hunt -Charlni 25o> E3 il l-|i 
Htto**. I. and Ji* i5oi 24. New >5pt 2St>i 


FaWriton Zoehonri MODI 175 ' a. M uT 51® 500 T50 1 

. -<lOp) 170 . 7i;0epf 7s rn yo, N ' v t Tralaiaar House *20 B> 1l*iH*J* '.ri-» 

1BBC4IL las ""fCF* t? **> 7*7® 12 ■'“•’O 1 I h. - 9'-KU>iMi:ln..7M lMl’_ 

i R-*ws 0 n W. «... im 'jp - , S j { Transpurr Drot (ISpi w'i 9, Botaot 

New )5P> 62 f30 0 101 57 8 ' f2 ”M _47 <2-71* 


27 


New 


Fnarioi* Ldflnmsn''i25ai-21S ■im,' : ^^,1 Tranwood Group i3rT4 (JTMJ - , ' 

Ln 65 <30- 10- ^ ‘ >4111*. ;®pc I trov.* Arnold -t25«i.-1 72* «6® -fi'll* 


65 <30-10 

SiTn" ; ’ 50 ,7 ®-’ * «3- 

°*C-*ae. of B-rmlnahtm >:oo> SI® 


(3 1 1 10 * 


T — I — K 

I CL 4720 72 '0 11 0:. « UocOt) 07. 

bscSu. 1M3-B8 f>2i.®. b ujcdd: UC 

id*, wo. iopi r*o ( 2 iii 
IMI 25pi 56 7. 7<.pCLn. 6H. 31 10* 

Ib-.tock joensen (26al 17; (2iii 
Miinflworui Morris a zSpi zeo :® *2iii.', 
6 : pe Cuni.Pt. 44':: • Ooc C.um2 na.pt - 

Imoxco Ciim.BpiR.- >K4.(0> 195 -SO'IOi 
Imperial ChmmcaL Inn*. 3S6:® 7:® a 9 


SO SSI 61 37 62 57® *:. JroePt. as--®. 
5';PCLn. 44 l.® J,® 4 1 ■■ 5>« 41; V Ji.gr 
Ln. M. J .pcLn. S L BpeLn. 


f'l-k h.p-ne, no- in. Q6®. 

?*rrv (H I aanter. . (?S-i.i tiJM 5 

■ P 5 SK S 90 87 *■» 

Friers 5(ores >tn7* 40* >2 it. 

R“-ra- 0" -Civ - <12 r.jr. . 454 . * . 

JJ’Jlo* -fto. S'.orLn. * 4 >,«, ■’ 1*, * > 

£5 r ‘‘ >1 yjriDv Hldq -FI-OJ 087® 


Tr'coviire-HOD -A4 - __ .. 

TrTdant Grow Bcauers *2Sni 99® .'2 I- 
Tridem T«iev<s>on a riopi «9 j® 
TrIBln Foundries Grotto 'ZSoJ 84 ■ 

Trust Haute* Forte. -'25D> 27B 3130 

7 6. Aunm warrants fiZ2 1 1 

7-SdcUiww.OO. . 65. 9,1 pcUasec- 


rerevv _j74® 8®^7- * 


UnwLfl 65H® 4® <2 1 
_B**. • 88 <3710, ' 

Tunnel- woo* s (SO 0 * 77S 

Tun 


rPCUto 


Turner ;Ne»»*ll 1701® a;® 4® 5 7 3 

tSr 4 ‘ qftwtt ?(?‘ : * f2 ' 1 n 1 ' : 


PHo mrn Tl-rib^ 1 '25a» 1'flO t 

"Torn 'SK - 1 4 Non vlo.j 


- umn Cod >25b> BS *3010' 

■ Trsons *Com»aM0rsi UDm 26 <30-101 
! Trucir rw. A.i hob' 24 


0*to<Ln. 84 It l^j 

littort*.! Grp. 1^5°’. 7%>_ 8D_7g 80 '• 79;. 


G9‘;0 I? 71; BJH 8. 
217* 



*.3C* 


SL 4pcLn. 87-. (2/1-<). S’.oeLn. 71 ’. 
31.1GI. MKL*. 9H;(1 in 7.Spctii, 
S9>. 431<IO). 10-Spcl.il. 7B-.® 8 ® u® B 
8 5. Bpcln 70 >4® «»>; ■ ^ 

F. „ I l»ca 11 I® 1 2 'r® 

t — * . ; Inffeil industries >.10pi 30:® *iS® <* 111 

11*41 ISOfl- 147® g - . . -j- j i I<UI- am 1 Harold 1 (lOpl 2B- : f.’lli 

“^%^> S i>^s-firAS pbmtwAm^ it 

B^neLn dstJfl, ■? 11 ' B zOtLn. 64>«- | IMrtrull. BlMiriKa' MactUrtoi Cpn. C 4 p 
I^ie^ “odKS CMP1 7? 1 ® - .an! S«-"*«rd tlrt. Con. 5 ;p< 


Wmw* intm . 1 -Op, s? - rxT'iiri' 

Portals HWo^. ( 2 Sp> 218 20 ^ ' 

*6®*<31<H> 1 S UBd P ,,#, ’B NewfOiper*- <25o. 

<S0, ’ , 1a7 ® *■ 4VoeF". 
P 80L IjlrtOI 50 " ”'■« BPeUnsAA. 


iftitww (25o) 70S® 70'1^® 1 2.' fi> 
6I-0CUM.I 


Uns.Ln 1991.96 
1992-97 '74 >-® ■ . 

Ur*re^ri IZSpj S25« 40 7 G 8 


?«■«.: 5 ? lU'in. BpcPr. •»•? <2rt" 

— -jjitoi — — 


,4ncOb._ 90 .131*101 BAPcOh. 69* 

??'« .^'roeuns-tn. 444C 

UPS-Ln. M'l 60 


lO-'.PCLn. 142 


Tiw 

: ,:>.® Vuatrel. Sra-i 
Eerutni-. j 

: .f Kam^ai 

'Lr -1 Ki.rtJti 

? $7 L'wcr Perak.' 

I'ruucs I 10 .: 
'i.'*- 'iiprtrtrtr.-l 


l>>m.-»*l’H'>' 1 C.-"' 



, , -31 10 l 

Edward* >S.ou,s C.I Son* rsol 181; .2 11 

FH*®* IO 01 i&-:® <2 11 * 

Elrco 'Iflpi 4B® ■? ' 2 , 11 ' 

Electrical Indus. Bccuntios '2aD) 60 
Eleciraoimpancnre HOOT 270* I 66 74. 

N 0 w Ord. <! 0 d* 270® 68 ® 
i.*0 llrtlipnir Machine ,25B> 22 >1 1 »* 

Vr-Mra"* Rentals Go IIOd* 1210 3 

. (II Dll •* > *E5p> 14J 

' | CIh«|; ( | Go. or Fi*terhorou 0 n <I0r.’ 16* 

(|'!» Everard 'Shin 93 MU’. 

E (>v GoUme-n -Hirt* ■- >cp) 771 .* 6 - t 7 

' Cl'WJr- Rebb.nL-: • 735)1 /S 

[ El ! r 15 L- Hoppfir 1 S 0 ; )B; ,;S 


-.1 


Ln. 03® 


'i5n* ! 27* 7 


I "temati. Thomson Oroam 
245 . coitv.Pi. >aa 
inrenuM Tlmbor Cl . _ 

■OpcURVJr.Lni 141 it 11» 

l 7BrJkT<m 2 - 5il - 4 iBC ‘ 

J I. Wmc. *100 -59: >3t 1 0 , 

Joefcsan'< j. H, 8 .,< 5 o> )5® 
iackaons Bourne E*ld >(M' «3 <1 1 1 i 
Jamaica Shflur E«t >25p> 10 fl >i il, 
Jamrs rjahni Group >250) 49':* • 12 11 1 
J«J>es^ ‘Mart'W Industrie) <3001 I3l« 

Jenhoim dims. *23b> so*-. 

*.?:.* * S ona . , iS« , 85-i i£30i 30® 


Jessuns cMldga.) OOp, 38 


- FINANCE FOR CVDUSTRY .TERM DEPOSITS. 

pep Os Its of £1.0(JO-f 25.000 accepted . for 'fixed -terms of-.W.O- 


yeara. Interest paid jtros>». haff-ypariy. Rates for- aetK^iB- 
recoived not later than 24.ii.T5. " - 


Terms f>*ears) S 
Injerest % . 12 


4 ' 5 . ., 0 

Ml £?}. 12V 
-Kbie.« .fur larger anioucts on roquiHrt. Dpposjts .to and furtbor 
4Dforniatimi frnih Th<* Chief CaSiicr. nnanrs-for In do s try 


8 9 

12* . X2J "12} 


10 

r-T 



v. - u.-.j." 





PfT&nvr 


trN0vem^er4 197§ 


— ; ' 


In* Tst. »25pJ j| g 


MEVES— RHODESIAN (7) 


WATERWORKS (7) 


BrlCB* Oil SM 

cia* at ist e4Bccn>. ess 


;^ta r 


'’i lOi^KUfis.Ln. ?Z. . .9seUr<s.LiL ss 
■ nited. Guarantee- (Mkisrsj (Sgi 28 i 
T.rdttjt. NgwtMpert <35 p> 350 (Zrf 




Cora. 3<zKOb.i i ^ OI,aBr * lpif ' 1,t - ° !t3 - ( 50p) 128 i Tart 0*19 Tin OrtdftmS *15gi 1 

“Il«j 2? tea* 7«- *B*S 3’S .301, OJ T !B8.SW 8 - ‘ i0,,, 


90-9 8? M'tl* . Mid ««« ■ *•*«/? T ,V?; =T 6& : :51 ’ 10 'jcnn.nct Brcf. ji; “ 

i 1 SS. DncPf I 09. 19S6-BS . ,Le*i S: r au» £22* 

, MM S putfcern 4..9-I* Si 7!‘ ? I Utile Lons Lac Mine* ,609 


: i £!“• 'm '• f** 1 -*- 90 1 »n,8)- - J- T- ] 

••• r : " ’ 

,-r ?„-..V - £*•• .• 26® ■»•!». ©ptffc. M» 

**\ .* • .... • ' | 

*. .. . ' f’Men Gro tZOpi US..2.111 •! 

• fc . : * • •• . - /Mw Dcvrlocraert -USol .GS& - * • \ 

. -• r - os»r 198 ■. •«. - ..- 


•>,*•«* Grp. ,, 20 p> 60 *THt) • 


■ Ciha So-e* f*KCw. EM'dO 
CS<t 242 

■f-dfrivSur RMOliKM 190 

■ Hons Kano Lana IM* USs 2^8-' 

' Hutenl'cn Wn«i"o33 SHIC 

Jaralre Matnrtan 236* 

. Jaraln* 5«» , 1 , 

'Kulim Maln.ila 49 
I Metal U- 
I NX halos intnl. 60 
Niagara Shara Can. 300® 

Pic. Co poer 56 

Paneartloennl £8-'> 

' PckD Wallsena 44b 2B: 42 
Pe'POTrta US* Ill'-O ,4l> 

R&renta -H S0> USS 630 
Sw-rp Pjt. A 147'- 
S»irn Prom. US* 0.90 059 
I Tri CortmenMI £10® 

I Union Pat. £359 
Western Oueen 1810 1 7 j® 

. Whteiset Msrdan A 49* 9 

I RULE 163 (2) (a) 


MI3 Kent Water Z-Sp-pt. £26 
Mining Invest Cp". S3 1 SO 

• NariDFiiw.De Leisure 8's s 7.. 3 
. Ncr;n Ju Asses 635 

Rangers F C £50 753 
United f rlcrol* Insur •• jj • -jj 1 . 
urogaie Invests 151 
; Wettun 370 
Wh.tefriar* Glass 30 

OCTOBER 31 

■ Ivnwsi James j 1 J 2 , 

• Lamormse Instrunwrr .tot 2'., i|* 

Camnr.oBC lii-Irumcn: 2>i 
'Cevlor ana Indian Planters Hlogs. 4.2pe 

Pf . 55 

Cia.rm&e* 23 

r.i-oltom 135 K 
; Deltcnnc .Jtloas.i 10 

! Dollar Lena Higgs. 4$ 2 

| eianage pope A It 7 
i Fuller Smith ana Turner A 305 
.GKA Proo. T*L IS - . IS 
! Guernsey Gas Light New So 
. namfrav fcorPi. 54 


Investors Tiust fZjoi 101 


. iRO.S-Si 540 ! *f‘ilv. - 6ptl m. 19J6.SS ~ii ('] 1 ]•,-?« 1 S' 1 ?" 83 . Coca^T.S 132® 
0,53 ' Do. lofe-BB 63 :0 io,rOb ij|“ 5 w,f « 

9? (SI to: ’"'.Timor Oil S70 


! Applications granted for specific 1 H "1*^ r 29 


Dii* ’ W. Sn:D*> if. ... 'Western Oueen 200 --O 1 9 ■: 
K»i! wrrr. 2 BO-. ■'jn-t 01 Whee«5<*t SFarde- A $3 

•J I ’1 Qt else* Maritime B 5H 

Waienwarvs So: Do 33: 31 ioi C-eek 62 


»de Potteries <1 
idn*Jj> Stringer 1 
•* 0 R.p tjogi t«o 


, G*»«t Euroocan Tct. i2Sd) 64!-S> 

lS*SP*. T «; '?5pj 76 (MtO. ■ 


2~. a'-! 

Z* "****• 

• a 

s ?'♦ .• 

.i *;7t . 


j.'.ir 'Son Industrial Hldga. fZSa>- 142© 

• ’•ijuhnf (AtWcot ana san itopv t« 

•Ju »fc*r and -Homer iSp^lTU 

... fitter ;c and w.l hurts. iI5p)1220 

r. * t 'll) ' 


TiV 1 Vo 130 131 101 M,r,n5 ,R0 ?0 ’ ' us , «j NOVEMBER 2 

Dearniontem Geld Million iRIl 575 ! 121 

I25P) 73®! <31/10i u - V ... 

50':® 49® East Oaggalomein Mmes.Rn 2b .50't 1> Lowe lRowrt 6 - D -''* p 


: •• *2r retteries <IOrf »£-•. • CAS (j) . Grave eV 4 . <Jbo ' 97 ; ® 7 ! Conseiioatco Murc-.son .RO ,0i 209 195 

•«0«H?‘do{3 9 e *%0^ I* JmSSPSl ESroSM C tiT 3 |SS r s|* *0^ ■- - hSSSS? IxS- »*• < l| 0> " 71 *» .RP25. 58. 

t- ■ : ;rV < ;S5f • WURA.NCB.I1SW BE' him A >2M 73 e 125P) pspl^nT"* Ga,d M "' ,n5 ,R1 ' 275 

'll) ' ! QopFrtpglC- 7> t3S0) 1Q20 1# 3. Set ,‘ al jj*"-— 71 * ‘MO* 50:® 49® East Oaegalomcm Mmes 'Rt > 2e - 50 , li 

• . Iker LUnvesj Gotdpwih and IiWtmKh f * OX’ One Le 133 l"»ernai,Dnai'm25. /- tasf Dr.-iaot-m Cold M'n.ng .pi, 

•* . "•4nt»tfte. (3Spi go. • ]Bre«tnali Oeard ttOo) 32® . - • i«»»-.i_i^ 6 i' lirest. tjl fj^pi 7it. itist su.5.8 bo i3lt* 

this Fashion Grp. tide) as n T 1 > . , Jrjunpk 'Anar <9sJ 352® 61 Jl-4.li I Jiwfhi Eau.tlej •25o> ,56® east ttsno Proonewr. Mines .Rt 292 

. ■ ‘r* ana Gowsterur.-uaet . ! c ?K b f^ ,0,Wl America (lit > 10 1 . JeJsS^i-SX!?', r J? '«o. 7o (2111 .J1 10- 

* • V-'.r® Hides. .lOpl 37 13/11) , <3fiJ0» _ • Jersev rVf 7 *t. 167 hUnd'rand Gnid Mining iRO-20' 170© 

.t ; •■•srd Titos. wVTSM 77 tj® S-j 3 7r J. . Cemmwelal UrtiOn Assur. (2 Sb» 134 5 2 6 : JSS^finST , pcSPt'.J**- 225 ®- '2'tU 

*•:’** 7? •* ,5 . •* , , J<yr* invict Trt ^ iJiburo Cob Mmiitg alii • 84 tl 1 !*. 

' ... ■ • Sfl WhctP- CrA-OSoJ 91 1. • O-rscPt ?®n £ i\ u». i^wtonr^nve.V / ci ot4j , J 2o \ 6 Fr «« State Gecuid M.nes -POSO 12 

•'C-C^MUna^oS? •SraSSSK M .P25- Ml*.,, -30,0. 

' 3 r«/n/ P A B ( l Ttoj : Jlfi’n {jj™ r« tzsoi toss* v j Pur“Rb. 2 o’' t'suo^j it/ 2 ,, ‘ 

.. • r.> j * wr,/ * A 4,0p, j sav?. ssa is? s 8 7 ..^-r . .* ». 


SPECIAL LIST 


QrO. <10oJ 14 a.l 1 J. '!fip« i mw,. T^. % . (Dractin Mines iR9.90> 62 I SPECI T T'sT 

rA.Cna t)0?) 650 *211} -. • - Wttoe TT°"J?5p) T ^fi fuf-'in* 41 ® , BuOeisionle It Goto Muting <Rlt SU.S.IOi:® or ■! L«l 1 

CAS (7) \ & TW. I25P. 97 ,-® 7 ! Con^e'i^iaied ^ Murcnisan iRq ioi 209 ,95 Business done in i securities quote 

Vo ! 33 ! “ C NOVEMBEn CmPm ' 


HM* C-cek 62 
W'ebet CP" £9: 

. Woaosipe Pea ;9® 


! bargains in securities not listfi'Keiico hins'cm-Ln. .;r£ hr.i 4i 
i on any Stock Exchange. i hu ^if»a”ra 0 ”e is 

! Mm* down Wine 32 30 20 6 

NOVEMBER 3 ! in*. Con. 64 _7 


N0VE5IBER 1 


Proorietar* Mines >R1 ■ 292 i 


. ??T, .T" 1 . '.XT?!. * IO ° I London aM - . - • ManePeeMioniem IR,< SUSI 6 - 1 b ' 211 . 

1«® 1? 10i 7utLn. MV til 111 ; ,p!|rrr Hocvmoa T«. t2So) 108 *.* V IHA'I Plat, iR0.20> I960 full) 

Hanaro Lite {2*» Ms® ) 8 7 Lond^ ^?d^S2* ,n !' C5 i- ™ f25al 72 jotannesmira comto .R 2 '. IS i . (3in : 

He* lit. fC- i.i atm l 237-' f 2 MH d Tst. «25») 105 Leslie Gaia < Ro.bSj At-* 3'- I 

Mw.MImm n«nl tTfl* M.V rt«.l . . L-J' 1 . I la.urn r-1- D< inu <c . co- 


1 • *r- Go. (250) 1 
■• . Ico Hides, :5a 


si%- 7 4ntp, °- * 4,? 


Did Rand London (RO 1 Si 43 i31101 
Rana Mines SUS1.48 


r.osUrs PwP. .5ov M>s <27 10) ' J M 43 IMWS "WrtOMMO Htoo*. (20p) 170 * London Ts« 4 »p M ! S' r *j ac " t Str n {RO-SO. SUi 

-dqwood <25p* 1 0,® 8 I MirmtHIdas. -20P» 169 7 I (2S*. oc. J * 44 ? (30'10). Wd Rand London /RO 15' 43 t, 

•,!<1 At'oc'aies Ft Opt 23© ■ . : Moran 'CttrHMplidri Grp. t 20 jr SO© <-2 H'Im Tm 5* j. . _ Rang Mmn SUSi-48 

Go. (250) 107* . Pear) t&* 227 30 26 4 8 . bpcjlro* of ' 208 ?win? lrt f T ' , 'c“ w ? f % *“ L U?*' RoSfnoor# P'uL (RO.IOi 9« 

ICO Hides. >Sol 25-e.S C3’1 1>. (S.T2TI 9*. &<> h riJ I nopl. 109® Sr. Helena Cdd Mines (Rt. 

• lean eneMaarwiB Corpu (2SP) *4®t)iA Pttowrra ( 2 So) 2 VC I ( 4 pt 'O. Ouai Tst. Cao. S«s. *outt.«aai <R 0 50> WS7 (3t> 

' t2H, Prodefrttj. sp. JS7© 5Ht© 5© 5 4-7 2 Mei%a^jle •|rwesL Tst r'k-s **' n,n 9 “*l 

. . .cartels Prods. (25s) 82 1 60 iSl' 10 ) Retooe fSoi 136 O , Tt V. «C5o« seas n f * 5rt 58 s * 3 ** 

•Tlnuhause Brake Stcruil Mtal SB BovVl -25 d> 333© 4® 6© 3 B 5 Mmliuh tl. ,V« 1? , — I H e investments CRT • .200© J 


lenient AWPw* PC»L a9 elapiav 1 Pag® A 2‘5 

l"hcr--n ^nritro-Tf 64© 70 Fuller' Smith and Turner A 300 

i A.hcna r^ Atmnip-ij 64© jrh Pr-rp. Tst. Ifa 12" ; 

B.nv d- New SC-in Wales 'Augr Ree-i ^8^ 275 

04 a B.h Sou:n ! Keiloik Hides. .Ca v.Ln. (2na »e_rs.l 41 

! Bouaain».|ie Cwtacr 1190 5US1.B2 ManchesIs^^Stoek 'EaCtanee 7 tVs. 

5 r, Psr Oil Bs# Mer-vdown Wine 31 

Ci.i na O Kee'e 2>a Mtd- 5 outn*'n ww 6»ec. tat 

C hrune hone 1US2.95_ , Minna In*. Cnn. 61 

C-ba Ge<ev . ..peCsnv o9l .O .0 2 8 <ac w a tlcr>wioe Leisure 9:? 

Con* £83 Horlh Sea Assets 627 

Conz.n: RiO T.n:o 2 as Norton VIIHers Trlurngn 7 6 . 

Haw Par 52 ,, „ _ ^ Glahani Brewerv 75 

Hctfl Kong Lang MJS2 Sb SPCCWI*. ; Oueen St. Warehouse .Hides. » 2- 

1984-93 ir-9 :•© I 0; ' U rod are In vs 150 

HuT/nisdc W hair.paa 92 Whiietriars Glass SI 

' Jardlne Mii't'sn t'JSl 6 1 T 3.62 .C 

so I .NOVEMBER 2 

Lcnnaro Cl 2:0 . Aston V.ila PC £16 

i Lend Lease Csron 213 ! gggver Grp. Bpcla. £91'.- 

I mj:ii Eiofn. 26'-© 'Cambrdgr Instrument < 1 oi J:* '■ 

•S I Pan«;ik» — rsa* £755 5 I CamBrloat instrument >10nt 2-'. 

p-. I ps irg: iAvs- ■ 19© Ceoa- Hides. 18 17 16 

, Philips Pe-s *u*2S-.:a J Cedar Hiogs. 5pcPc. 46-j 

f ni Roncuio '’J564.15; 'Channel notcls and Proas. 28 

th-l ■ Se'etst svgl 27* 'C>airma£* 20 

i f*-"s cus*7a:li iCisoe Pec. 101 100 

hecur flies Sou*nerr 14:o ■ Scltenne (Hldas.t tO 9.&Z-64ths 


•iinehouse Brake Signs) (2to) SB 

,itiand Aircraft (2Sn' 35. 


•; u» 

• award Telrvsn. 

•• DO 


NOVEMBER 2 Bauaamv.'ie Coaacr 

. (Viii Br.psr Oil B£® 

Ci'l na O itee'e 2)1 
Chrune hone <US2 

i NOVXMBER 1 'a^S, 75 *^ 

■- INih Conr.n; Rio T.n:o I 

Haw Par 32 

’ Hcng Kcing Lir.g 

OCTOBER .Tl 1984-93 £1--S Jit 

/v:u Hui:mso(i Wirmpga 

t-')«) 'Jardlne Mat*e«gn 

. : 3236® 7 

I OCTOBER .111 ! Lc«w M e*"3l©“ 

/■»! ; Lenc Lease C:rc-> 

1 ' ’ | M.-ii * I ohn ifi'-Ci 

Stewart and Wight Lira. d 330© I Pi.*; m* 1 ’ -•■tai £751 

P* I ps i'i: i Avs' ■ 
„ , Philips Pe-s *US23‘ 

i RULE 16o (l) (e) .SKR!*iwS!“37e* s 

. Bargains marked in hecuriiies 5o-* n e.-" Pc-, 

which arc quoled or listed on an i r h-c:s £ : j6o 
overseas Stuck E\ehangc. tb^ii nit 


j NOVEMBER 2 

Aston V.ila FC £16 
. Bsaver Grp. BacLn. £91'.- 
'(jmbrdgr Instrument .ipi 2 * , 2 
I Camhrlauc Instrument 'lOpi 2 . 
Ceoa- Hides, is 17 16 
; Cedar Hloes. bpcPC. 46-i 

I'.MMl „nr/.U 3..H PrlH. 3 K 


.«Wood Dawes' (850) 48© (7*11 1 . ..San Alliance London .4904 

•tt linos C73pl 39 • £’*peUn».Ln. 73 '1 

it-rjan Ree*« -Aa®al tiSp) 282 St.^em i l® :50» 91® 2j® 3® 


piSwhTtiS) 1 * Si * ( 4 p?*^a®‘ Ouai - Tst. cao. sn*. souttivaai (no so. *u*7 (snioi overseas Stock Evchar 

ProdeMtal -Sp. 137© 5t*ffl SO 5 4-7 2 . MetxaiSile ’invest T-t /n. s im-n. .. . s l'sn 6 51f. ,n 0010 M,n,,, 9 <«0.50. 1U54.60 , 

iiSniT t 28 of SB' Ro^fT-xlol «® T fi© 3 0 3 - ’ ' mVcImSS °T it p^® s-fl, 6 , JJC investments tR 1 < 200 © 198® 3US2.B3 1 NOVEMBER 3 

ai as. 7 ,3CLn. 62® Sedflwlck FOfbes Hlgpi. nop] 380® 88© 29* S Sl ' I* 50 ) ®'s. 4pcDe. Umon Corporation |R0&>,1 *56® I Amonl Peti 6 1 . 

C N-V *41®*»" ‘-2® SWWlfl vaa“ Reett E^rtoration Sl MlnIn 0 B FRO-SO* j *' ** 

IBKMRFV » - , :S|rK;.ir< IIL 


. );,o> • ” .- “ i WUllf Faaer :25o» 128 — 18i*. 

^‘Ssr'asat^i n~:±. J tousts.w« ^ 

:: 1 Ml ° rati! in/ 106 « I *»-'S Will. NcStj, 


1 ® Wi«G» * * « ■ I' I'w venter*® 

rinni ■■ 1 4rT i 4n L* * 7 ® I® 8® Vcoeliiri 

fvPyy.* *- rzipi <rr rso-io> vf£\ c 
N 7 r. Thro ^. ,n Or»on Trt. Income 5tw. < 2 Sp» UJS 2 8 : 

.Gap Ln ijd® 2 s Warrant* wTIT L 


24 hi 4 “u»s n Ln , T?®r 7 **\, Warrant* west Runo Cons. Mines |RI> p9Q® 
Nneteen A,- is _Gold Minin* -R 1 . p!45 


.r. 

« y. .- 


3- tclesi IB. 5 W.l (25p'l ~2S (31.10) 1 V,55?'7JI* i'Io/ V ll 

.. Itninim IWl IMUu I , 1 » . I Allid (IU. _.TB. I»»l J II _ 


-> ..ttinenam IW i (Hid as.) ' 1 213 H 55 
• -ott.naton -Enea. -*25 d) 64>] 5 .- 
-Jlcial* Fittmes (20p» 212 (3a ; 10 


AiIm (nv. Tst. 1 2 Sp 1 ill , SnePf 39 1. 
Alliance li>. (2>p» ip7* 2 
Aldunce Tst -/2SPI 20 SO - 4 .-6 ' - 
AIMund Cup (50P1 195 iSI'IO) 


"wFfi^Tr** 1 *** invem. Tst. (2Sp) j w^H-n S«5\e^ ^T^bV® M *0**1*' *'***’ ° 

Vs?" .riir if * 4 * : ! p^ 60 ** sirssi s iS25 , '&^ r fP.o Wo JS ‘ 6 60 * 

Norlft^rri Secs. Tci ^So» lf a *.‘ii« i A a., i Nlppi ^ftO-25’ 42 ^S1 10i Haro Kong L«in>3 ?d*:Ci. US*, l r, CS*i *^0 

•2 1V, -r ^ 5P * ZlPflPin Cold Mltiiflu (Rl, WS2 *20 pro 2 H^nllal^ USh ‘ , D-SAt-r £19'© 

O) Assoc lores,. 1st. i2Sp> 33:- 4>; nT M ' nr4 W, « r ' 4 ■«'«*■ <tgp. Con AmerC III© ^ 

J31 IQi • a* i m i mini. Pop Line US* 'D no^fna QH 0 


CSB 234 , 

, Dj Pc.nl -E. !.'• dC N*T*.f4 It* 
l E*KQn Cpn £34 - 


I MINES — 1VEST AFRICAN (— » 

| Gaia and Base Metal Mines - 12 - p. in, 

I .JO ID 1 

MIN ES — DIA^IO.V Tl (io> 

De Fee>s Ccnso. Ora iKeg > >R3 05 

sU55 04r.-a oJ47 6 5 3 

OIL (150) 


Ja-dine M».i>t,;r 244 
Kjj.-r Maiavsia SI'S 53 
Nr.Nt:*'. '.n:nl 66 7 
T.i Sejidi 7© B- 1 . 

I P^-ia c Cr n ! 50© 

■ v-i-m'i £Tto 

PnillE M;r».f 4?S© 

Ot- e island Csmen: L m.- . 
->-. o- • s> W-ft 
E:ines!C' Telephone ^5' 

Si*..* praps -jO : 


i.; 

=-•/ '-u> 


- 

j i*".- 


. ■ 1 v a -a 

sk : *»n™ 


oev 'G' rrso- Si® ) ; |k -j:- ' 

' i Indus*. (20pi < 6 ® a, 9 • 
-..--RJaslic Prods. il9p. 14© 3 5'"":. 

Electric Tool: (Hides. i '2Sd> Both 
■ SHcv- Hughes TSpi 205® (?nii,- 7« 
6 S» 5 '3Q 10i • - 


81- - ■ ■ “ Ree. Inhim/o. N„ A V, Q J’ Z’"-**'™ "«p. 154® -3 111 ?i'r a V cl: ys»" :®-.A 

» Elear.c G^n. T« «5ol S7: : 0 fl-tf ! a"3 <295. 1 P t Bnlt f S Pelrolcum 37 1® b 6 ® £0;* 50®. Tri Caniinenral L'S 1 I 7 /® 

Ssl'7tt It. SocPf. 40 (I 11} 1 Romne* Tet ?« r . ro© 2 11. 5? -■ ea _ 53 . 4 S 2 4 9i 54: 6 ac '-'v1°i ■ < S''i*i £‘.7 o 

mve-s: W*ci!i .28.. 74® jM, ' 6? « 1 1 ‘ 6C: j US " ’ ' C 

r .Tst aiaocLn: iq2 F31'j0) '... RBUlKS.sa niwu to , tn ., - c .. a 9 '"M». Oil 67® 9«*® £ 7. ;■ 7: 9 -vnm Creek 65 


RI " M £2S»S? ife & 1 ” lnve *- T «- s^s* 0 * B8 ' s * 

Sward iH.i 112)®I'43 . S^RpTiriSJr TStaPlSMtt'lO) 0> S ^5^)tAP('‘ 93 *® 4 a - RCA International (25e, 34': 4 >21 H 

.'• '.worth IF. W.l (25pr 68. 7t; 7 ' r bw J,V^r J3??V?nl 7^? * • ‘ ■ S^iaiSiMkrt 0 !.. 31 London Scottish Marine Oil <2So) 13B1© 

Warner AUclnscui , X25« - 12. G^,^ 5 ^.”aS P ) 86© 7 6 K /« ,, 12 olt ^ »- *« 

rU; M «T • ^'Si“SsrSni stf,r a "" T ^«te k 

Trailer HIM*. <1 Obi 48 • ' ' ' SolOI GtimiaSti 1S^»1'*0l OjR 4r 'o (nvesL i25pi 62 h© 2 "f 7 ? 1 f^lrd«eum (Br) (FI 20) 42© 

S»SjjST* re “ 7 If 1 6,i ° l »dlixr*?io r mrim ,s ^ 

>- C p. (5 p» 57- .. - - ; e ffnsrrr'£» 62 fy ^ 8 |f ^” s ’* 

CLECTR1C' LIGHT ( — - 1 ** l4n ^* (SKIB, Can. Shs. Second Great Northern m*. Tat i 25 o - 82 Texaro imn 1 4 ‘ikl* 53 .i.'iti 

XAtLltULLIUHl 1 l .- 610. AS. - ....... -s 1211. B l2Sp. 82 .30 10* Trlr-mrol JSol ’540 4© 6 T S ■fturw 

nvivnii TDiirw .... CnxrtlT Trust l25p) • • • eff? T.*f- Scotland i25pi 172 b-ld'- '2 Sol 156* 

■ FINANCIAL TRLSTS (76). .. cmc*l TsL(2p1 2 T' ? M 111 . CaBIUI SLewell turcoe-, Inv. T* 1 . nop) 82 Oltr.rr.r (25pl 227 6 4 6. " DCPId 134 


Conjd 7/*pcLn. 60 S® -V.® BpcLn. 69 - 5 ® ISrM.rvrtl* Cooaer 126© 3 

tlS? v... I B” Taentla t'O'i- 


CSR 240 ' 

D'Snv. £19, 

G'CUI 4t.«-Cil l"ds Ml. 400© 

Hi.-na Gup 12 
Hi I Snrn:r 4-0 Kin 593 
■HlIC niser. Wia.-noea 92 .0 
HawVer S'deeiev Ctnasa 435 
Hcnj K-.-c La'5 Li* 2 57© 2 52 . 
u c 1 r.r M»!s?s:n 2J7 
■ . — C *•«•: £2S'- 

I y. ■ilifn Mr'J-Si* 5: 

1 Magnet M-ita* Z~: 

M-e-s I-rsv-om '2 4© J 

" c ‘ !■•*» u: E-3 5 55 

. Penn-r, Cms. £4® 
sst-ets 24® 

»f A * 4£ ; 7 : 

« AI'I Pr.-=s (JSS 3 \?Z 
Wt1!r’n Q J'.' 1 ijS 'f4 I” 

W«:w-irtn f W ' £12 : 

OCTOBER 30 

A3t>cn Lacs US* 30,; 

AP-:* Mir.cs US* ■. 1'i 
Australian O'l Got 45 
Rechiehem Steel £’ !'■ 

Boucainalde Copse' It 9 © 21© 1 17 16 
BP Canada 9750 


Nat.dnwiae Lcsute 9=; 9 Ei- 

Arsenal FC £165 ! New Co-jn Naru'al Peso-iMd 12 

CamorldM Ingtrumant 2U it 2 |Fi*'*n Se- Assets 553 47 

Ccddr hloas- 18 Monan Vllllers Trmmgh 7 6; 

1 COoe Petroleum 100 j ">zaila Imn. 6 

‘Dollar Lana Hides. 43 7 6 Urosale Inn. 150 

’ DaUsweMa Hlda> 22 Iwwinsiav Preos. T 35 

ciaria.r Pape A 215 • 

^ 1 er p Sm,l h Ts and Tu'^r A^ 300 J OCTOBER SO 

•, Gramgian TV 35 : Camtridee mstrumBn: don) 2 . 

Hamc Brewery 275 Cedar Hides. 19 

K’jock N[dC.s 4 - ! , ,, . C-iannel Hgieis and Progs. 27 

nelloik Hfdgs. ,l«v. L n. (2nd m.i 41 Clairmsce 21 .• 

Kumcl Hides, lb'; ifi 1 £, la CUirnu» 22 

Mancnesior Stock E«change 10S. I Civac Pel-oleum 107 6 

Mer-vdown Wmt 31 , Debo-aei Services 129 ii 

MW-5outn«'n Wate- 6 doDd. Ul Doha' Land Hide*. 45 2 

, Minna In*. Con. 61 Eastbouw.? W«er B53 

4 Natlcnwioe Leisure 9 •; i EidncU-o Pope a 220 

Horlh Sea Assets 627 GRa Prjp. Tst. 13- ■. 13 

Norton Vlllierc Trlurngn 7 6. Grcndon .Tst. llecLn. £6 - « 

Glpham Brewer* 75 Gibbs Mow 530 

■ I Oueen SI. warehouse .Hides. » 2- lenninas B^ps. 85 

■ Urpoare In** 1 50 ; v.>n ; rt htlgas. 42 

rvhiteiriars Glass 3) Keiioek )©des Cnv.Ln (2nd sen , *1 

- . C.i-lrS Hfacfc. 14 

J NOVEMBER 2 Merryaown win jo 

1 M nine l nut Cnn. 63 7 ■ 2 1 

Aston Villa FC £16 1 mat onwiee Leisure 9 2, 

. Baaver Grp. BacLn. £91 Honor) Villicr? Trigmph 7 

1 LambrOM Instrument . lpi 2'* ■* 2 • n ut e<,siand M.nec 225 20 

Cambria--? instrument >I0 di 2, si. Wa'ehpusr ‘Hides' 3 

Ceoa- Hides. 13 17 16 Tea Ca«. S 

; Cedar Hloes. 5pcPt. 46-; Tw'nK-'S ISrcLn L*2 

'Channel Hotels and Props. 2B urea*:' in»i 146 

'Cliirnud 20 Urogate Inn. 1:0 

'. Clvoe Pet. 101 100 ; Wessex w»w skRo- cte 

• Deltenn? IHidas.i ID 9 6 1 -64th 3 ! 

E/dride* Vcpe A *22 o 1 * r | RCTuE 163 (3) 

. GRA Pmo. Tst. II 1 . s _ . . 

Guernsey Gas uanr New iso BarKOtn* laarKod for Bpnrovefl 

• llSSfvaf 1 12K. 38 s 1 companips ensa^td solely io 

;aa.jn8r»f D .» i ^ r 9 m,neoaJ ^ratum. 

; iWKb 4 f o 6pcLn " 61 NOVEMBER 5 

Igas? tt 40 CCP North Sea Aasoclate. £11 

taan. w 6 3 3 2 a *** ■ a 

-ration Kid- Le su-e . Sitbens .UKi 2.0 65 

New Ccurt Natural Resources li'i* 72 _ 

■ North Se» Assets 62 S NOVE^IBER 1 

Ngrie« l/illlers Tr.umoh 6-.- 

Oldham Brewery BO 76 . CandeCCi Reiouroos 3S 

'■Suvaf HlahheldS 50 ciun OH £3> 

IPMPA Insurance 34 .Clufl Oil Alrc.W-ifts. 2 

I Petroleum Royalties Ireland 1 S5 . 5ieben* HJKi 3F6 2 Tl 4 4 70 

Star ofts’O'C 116 I 

OCTOSER G1 
CCP Norm Sea Asvc. £l2i» 

; NOVEMBER I ! Clu1f 0,1 EI . : - A c,,v 4hs * nt ' lnc ' Wrt '- 

Arms Pars .Card-tH Gresnounj Racing 25 Gas ind On Acrea>?e 89 
Aston V.ila F.C £16 13 j 13 Siedenr. :UK1 292 90 Sf 6 4 

Surrcuen 'J ■ 120 

Cambrida- Instrument 2 '< 2 OCTOBER 30 

cedar Hloes 17 16*. 5otReSCn«PI. *6 ^ 

Channel Hotels and Prons. 23 , TCP Norm Sea Assr.‘3i(rs £11, 

i Cla.mtace 22; .Candecca ReS3un.es 39 5 : S 

i Clvde Petroleum 1 08 6 4 1 ciuft Oil 3-* 

I Delternc Hide*-' 9 ls*c"- UKi 29c 6 4 J 2 35 6 4 SO 76 

I Dollar Land Hldgs 47 6 4 2 

Dsioaweii* Hides 24 r | „ , __ 

G.R A. Pro ay. Tst. ,3 12'. •; ! OCTOBE3I 27 

Grendon Trust llpr Sua.Ln.stk £7 . 

Jennings Brothers 81 CCP Norm Sea Assocs. £11'* *» 

Jersey New WaiersvorVs 9':J>cMr«. srfc. Candecca Resources 39 
£33-2 3 Clufl OH £3“|q ij 

Kellocir Woes. 40. Cnv. sub. var. Uns. Siebens -UK) 2 SO 79 B 6 4 
Kunitk^Hido Jf 1^4 1- *14 *° rBs ©«T)H»»foti M the Swt EarJumpc 

Murrrdown Wine 31 SO Cmnrih 


' Channel Hotels and Props. 28 

' ClSirmaCi 20 

i CUoe Pet. ioi ;ao 

1420 • Bdteans (Hidss.) ID 9 63-64Uls 

. Dollar Land Hides. 46 

-- EldridB* Pcpe A 220 1. 

Tna-n.s Nitspis' 3- Transport 68':® .GRA Pno. Tst. II-'. '- 
• T- CrrTinvr-^i suStT'.:^ £n© Guernsey Gas Llont New 180 

WheelOSS M-'Cprv A SUS0.75-'*;© 0.757© Home Brewerr IBS 1 ED 
pf3 -- 4 . ' Hwniii 6pcPf. 38 

' WoodS.de p«» S5» 8 ■ 1-1*11 P'CM 250 

I Jennings Bros- 83 1 BO 79 

nrrOPTR -I ' Jersey -States) of BpcLn. 61 >* 

UliTUbbn i>I : Kellcck HldkS. 40 

. . _ , Keilock Hides. Cnv.Ln. '2nd stn.) 40 

Arkansas Louisiana Gas £24 * h'un'rk Hldas l S'* 15 14'* 

i kiK*. M*n;..-csr I') ID Merrroown Wine 32 30 24'; 

.An— FOunda..- n 7; Mining Inv. Con 63 60 

Boveains. I* Csooe- ■ »5® 1 wationwid- Le su'e 8’- 

- neun-- KOng USA 3 37© 3.07 J® New Ccurt Natural Resources li'i* J2 

Gib* ue.gy i ,ocCr. £*4© Du SocCnv. North Sea Assets 62 S 
Lz4-.t .. _ Ngr-.en tfilllers Tr.umoh 6-.- 

>s »1© Oldham Brewery BO 76 

us.. -75 l-v U vas Hiahfteid* 50 

1 PMPA Insurance 34 

_ Petroleum Rovait'ev Ireland 1 S3 

hi:. 400© ; 5tar ohs’O'C 116 

. »-ci | Panje-s FC 800,750 

,1 uroe-ice ih»s ’50 


NOVEMBER I 


O CTO TOR 30 

I r“ CP North Sea Assr.-Jlfrs £11, 
.Candecca Resources 39 5 : S 
Clud Oil 3-4 

I 5 UKi 29E 6 4 3 ’ 3B 6 4 30 78 

I G 4 2 

! OCTOBER 27 

I CCP Norm Sea Assocs. £11:* *» 


a ^niiditin f c>elB newest ‘ Q5 p) ‘lOO 121111 
pita) Natto-Ml Tract (2Sp> 1 1 S • 

S Bttal Goanng ( 2 So) 1513 (31 10k 
rdmel invest. Did i 2 o) 102 M V 


■tteri J 2 a , 3 i 10 . 10> ' Jtoc °*- ,,9B2 ” Premier Con OINwIds (5d’ 16i) 

Sconia Ontario invest. i 2 Sp> 62 h® 2 ,°_ u « n Petrgteum (Br) (FI 20 ) 420 

Os. E5 lii i , o’I* i,0rS l2So> 73 2*-i 6 'iot 5 /,.]’ Tr-moorr and Trad'rg iReq 1 <25a» 



-S'Gp. (Sp* 5Z' 

' ELECTRIC- LIGHT (— J . 

'-FINANCIAL TRUSTS (76). 

■ ■ fd Smithert (2Sp) 203 ■■ 

- i-Alric^n . 7,(11 .14- ijOflOi ' 

. i_Cont inert al 9TOCDb. 82 I 1 * |50’1<U' 
.ur 'Tit. (10m ' 9'-.-®- 6'r • — 


CjVni? 54 lionbv Cep/Sta; ISSS s JS ^^Sl 

610. AS. - . - J lilli. 8 i25d' 82 iJO'O' I Trlr-ntrol 7So) ’54< 

Cnartir T«w »2SP) • ; ■ • Scotland <25p> 172 held-. «2Soi 156* 

CKv Cml Tst_ (25p) 27'* M 111. CaBIUI SLewell turcoe— inv. T*i, (,Oo) 82 Ul"*w»r (2 Sp) 227 

She 102© . . - .1111) 


-C*ty Foreten Hi vest. >2 an) 68’; 70 69 ■ 

CttV Interna tioitai r25dl 93 «1-11>. 

City O* On lord ;25pi 72 •* : ' 

Claverhous* Invest <53o) 81 in • 


IfiKL''"'*- T “- : 25m ,07 ® s <2ii> 

n T??° G * ocral *2 So . 114 :• 

Sr« fl Vr' 4 

L &r°gaV?n*; tf0 ‘ S0 ,0 ‘ 


UK MQKEY MARKET 

Bill rate higher 


EXCHANGES AND BULLION 


PROPERTY (138) 

Ace Belmont International lOocPf. >05 
i 31 IO- 

Allied London Prooer;.es '10e1 *>o .2 II' 
Allnatt London Proo?r,.e5 '25dJ 220 


Bank of England Minimum 


tDiTTB^Al 4 Activity in yesterday’s foreign lion narrowed to 9.9 per cent 

S B 5“* B 9 Br* 8 exchange market tailed off ahead from 10.4 per cent previously 

Cif ^ wec k en< j. with the U.S. Sterling opened at S1.9M5-1.9P70 
. t T,«.„h. w; t| c dollar continuing to be held up by and touched SI. 9970-1.9990 during 

amount pr Trea»ur> D,, * s - 1,11 central bank iniervention. The ihe morning. Howeier central 
direct 10 the discount houses. „r nrc . c ,„^ „„ hank cimnnrt nushnri thp rlnllar 


Alin«tr Lcw’tfcn Proo?nie5 

:ii :, iL>. fenVk iV^i? 62 66 .: Th? 

.30'-0i O.ol2> percent to io. 

A^p^nips^rop'i 2 ^' -Vi il'" yetferd ayjs t end e 1 
Aauil S;: ur.t.es 'so) 2’ '2M> level since Februari 

Arqvle Sfcur'!if> IO'.’WDb 1992*97 70 1 : minimum aLVCDtcd h 
.30 101 irecDh 1913-98 so m in minimum at-Lepieu h 
avouic cio** '?5o> 77 compared with IP. A 

'^SToV V:Dr '" DB and bids at that lev 
Bnumoir PraneniM'i^Sgi as (i in as to aboui 90 per 

Railway Halpl-gs '2Sp: 64 * ftAOm hlllc altrai-:. 

BrrVhl.v Hjmbrp Prom>rt« -2501 131 29 0,1,5 IF ,, 1 


0.5127 per ceni to 10.. O*. 
ai yesterday’s tender, i 
level since February l 1 


E'^r 
\ ■ • 


' l.: 

< v-.- 


diiis attraciea digs or ln lhl? i!Uerb , nk niarke , ove r- V^hnH ^ Fr '^In dnrhv- the «eek. However its trade-weighted 

^IompH* 1 nial,t ,oans °P ened aI P fer afl»?Jio d on S F he[ore c^o^e at index improved to 62.0 from 62.5. 

£ alioitea. Next week £500m cen , an< j eaxt j 0D |j, e forecast to - n - rnoon netore closing at rtnM .mniiniirH .« .hr 


r.;-. , ~~~ cem miu caacu uu u.c iuicimi iu i onn .«nnn«n ,4 ...ifs Thura Gold continued io reflect lilt 

lU b . e °" orter replacin8 malun ‘ 71-7* per cent before touching 5113 r P turnaround in the dollar 

ss of 1300m. 6J-7 per eenl around lunch. How- marlTrnlVivwSd m^h and nervous conditions contri- 

Day io day credit was in good ever, demand pushed up rates to JL** 1 .”*™?" 1 [ollo '' ed much buted to a loss of SG to a dose of 

ippiy in the money marker and fl-'JS per • cent with dosing tne same Pattern. . S215-2155. Gold has lost V&i 

e authorities took out the sur- balances taken around 9 percent. Using Morgan Guaranty lipures since Monday's record closing 

us oy selling a rnoderjie Ralcs in rhe lab | e below are at noon in New York.' the dollar s level of S244J-2-l5i. 


LOCAL AUTHORITY BOND TABLE ^1$ 


> f2 111 ■■'■»* ■■■»• i«Kbn. *u 

W^rp oo 1 In*. Th! SBFUn* i h. 90'. It 1»> Br.yion Etraiv OSp) ,11 'TO -ID’ 
«5 t RIT*T-y7- , , ,t So ' J *2S 12 22 ' - CaonaL C^urtie*. Prou-n . n Sol S4 
'2SP1.86'*. B «aspi 82‘- 2. Ln. ft>91-96 7 ; . j 


, Authority ; - .• 
' (telephone member at- 
parentheses^ •• 


Annual 

-gross - Interest Minimum Life of 


Young Co_ Inv. Tr«t.' 
15 131 10> 




orley (02572 58U). 

,eter (0392 -77S88) — 

" owsley (051 S4S 6553):..-'.: 

I nchester 60C123G 3377) 

■ rth ■ Kesteven ; (0329' 303.211 ) 
ole <02013 5131) 

■dbridge (Ol^TB 3020k ' 

lisbury (0722 24285). 
nd well (021 .560 ?22Bl .V..*.:,.. 

ndwell (021 569 222S)' 

rton X05k 022.4040) v.L 

uthend (0702- 4W51V ........ . 

■ekin (0932 505051) li-.r.V.::.. 


nterest 

payable 

- sum 

bond 

%' 

- 

• ‘ £ 

•'Year 

Jl* 

.• i-year . 

2o0- : 

5-7 

-m. 

- ^ sear - 

- 500 

O-l 

-HJ 

?year 

1.000 

5-7 

12 ; . 

i-year 

500. 

6-7 

3?. . 

..J-J.ear. 

..£.000 

6-10 

10 

1-year . 

500. 

2 

Hi 

.I-year 

11.000 

5-7 

ioi 

J-year 

500 

2 

114 

4-year . 

. 200 

6-7 

Hi 

i-year 

-• ioo 

5-7 

Hi 

i-year 

500 

6-7 

12 

i-year 

1.000 

6-7 

Hi, 

i-year . 

2.000 

4-7 

IOi 

. 1-year 

230 

3 

m 

yearly 

1,000 

5-10 


UNIT TRUSTS (S) 


Control SK'intie* 'ICr) 3 S'; ft. Ill 


M. ana G. American Income 48.0® 46.1. £? r, L j**?**? 9 ?.-' 1 - 0 "*- - a 7 . , 

Arc u mu La t/ on 48.1»- Cojirtrv ai-cl New Town Rrooarneg Mop) 

M. antf G. Dtylaeno Fa no income 123® 1? IJ*- . 


\«r. 3 i Saw. Z 


OTHER MARKETS 


,!0* U'lll. 

M -_ ■."I G. E*tr» YiM Fund Income 88.2 


Court* District Proper-tie* (10p) 1161: 16 
Daeian Haloing* r2£p> 107 8 


6>; t. 9675-1. BB» 1 .8620. 1.9840 


•i 0 ' 10 ) uiewn nainmys raop. iu/ c , « ' -ni. i nmn 9 ««i '» nuo err: 

M. ano G. Far Eastern Fund Incoma 61i; Oare* liUlt* MOsl 20 >: l rjo-lO) .8 < 2.M?0‘8.5460 2.Slbb-8.5t6o 

I3iri0). Accumulation 68 ia,nO> „ B ”5i Ln 52 *30 10) tiuilrter 61? 4.02 4.07 4.044.0b 


MINES — AUSTRALIAN (4) 

Hampton Gold Mining Area* -Spi 1 U* 
ij lit 

MIM Hldas. f*A0.50' 185® '2 1 1 > 

Norm XaWn Mines Ltd- |VA0.30, 14 
13'; (3tii0) 

Par-nfla Mining Eppi, '5p' 23® 

Western Mining i'AO.50' 136® 5 

MINES— MISCELL.1NEOUS (64) 


S»?j? 8 -f f pgg»r Tc». a 140.75-142.40 14t.BO-141.40 

ri^ O* w ^ 7<^ e PI 0 32 M1 101c 1-645-1.665 j J. 655-1. E57 

Grtat Portland Estates tsoot 202 4 .Nrwjfa.k. ! 7 9.8&-3.9B 5.94.5.96 

Green <R.l Proas. iTOgt 37': *31 HO) Ft MU' b Ft. . 91» B.47JJ7 8.4B-B.51 

I 4 '.- _,. A ._ ■swwIi.hKr. Blj 8394.66 8.594.61 

cTnf 7'.-ncUns.Ln. 56 -«® ,© Yt , n J1? 37Wg( , 474.576 

Hammerson Prop. Inv. Tu. <2Sp) 617 Aunna H*:li 4'c 27.50-27.49 27.25-27.49 

«31'10) A i25n) 617 *31110) F r i 5.ISi-5.26 I 5.20)4.21:. 

41 1 Hasletnere EUates *10 p) 234 (2*11). ^ w r - 

j ICocDo. 79® ,i2»ii> . . . 

■ Intereuropean Proo. Htoos. MDp> 37’:© *: BelS'an -air 1 - fur cnnvarlible franc-, 
n Financial franc oi iiV-I.U 


i Berall Tin Waltram '25o- 56® 9 1 Intereurgpean Proo. Hioas. (*0p> 37':© t. 

Burma Mtnes *17 ::p’ 13! .21,1 . Kennino* Estate* S-rprPf 39 

1 charter Conslta. »2So» 136® <0© SB 7 \ Lame Proo*. i25d» ITT *2:1 11 . A r23o> 


ti m liter 61- 4.014.07 4.044.0b Ar-nollna Pev.. . 1.S12. 1.816 913.75-916.75 Ailvtrta 

IMgtaa F , 6 bi.50-M.S0 68. M 38.80 .Cmrniliv D-Hlar.. . 1,7809-1.7869 0.8678-0-8708 Bulatuu. 

PanmhK. . 6 10.29-10.40 J0.5B.10.5B rmtan.1 llarLLa.... 7.a3i»-7.84i* 3.9600-3.9630 I'eoi.iark 

5 E. 73-5.79 5 74; 5.756 Bia.-il 1 . 38.43-39.43 19.38-19.88 Ftan.nr 

Port, t-.-c. 18 90.20-8 1.5D 90. 55-9 1.5a i.'rccl. f)n*i-i„*i*.... 71.713-73.466 36.1847.05 (•erAMD.T 

Span. Pc». 8 140.76-142.40 -141.00-141.40 Hon« K-nttf lK.tlar. 9.47-9.491* 4.7650-4.7700 ill tlv 

Ura lots 1.6461.665 , 1.655-1.657 Into liUlT 156-144 70.45-70.75 Lla r * n 

.Nnvjm.K. ! 7 9.68-9.96 5.94-9.96 knrtnil I'm-r Kl*,. 0.554-0.544 0.27 125-0.27 189 . \rf hr t land* 

FiMicb F*. - 91? 8.47447 | 8. 46-8. SI Lu\^ml».u*is I'rtiK- 58.40-58.70* 29.58-29.63 Ni-riray 

-swedi.tiKr. B)i 848-8.66 8.S9-B.6I Mahun Li»ISar.. .. 4.3250 4 3375 2.1750-2.1800 I'uttiwal 

Yen Jij 570-510 574-376 Lew /rtlHiulIMih. 1.8578-1.8678 0.9370-0.9420 Sfoin 

An*»n« h.:l. 4>c 27.50-27.45 27.25-27.49 Saudi .tnl-ia ituai 6.46 6.56 3.2760-3.2860 ^ti luc laod 1 

Fr. 1 3. l‘ir-5.26 I 5.201-5.21;. St*tMc<e* tUinr ... 4.30-4.511" 2.1650-2.1640 Inii-I >mer. .. 

South Mnran Rati. I 1.7087-1.7348 0.8616-0.8748 Vu^.h-laiia I 


£ 

Note Raief 

27-28)2 
60ia- 62 
10.25 10.40 
8.508.70 
3.703.80 
1600-1670 
375-385 
4.00-4.10 
9.95-10.05 
90-110 
145-149 
3.203.30 
1.98-2.00 
43 45 


Gold Bullion <» line 

i-uneei 

I Jen© -»2»MlS; 


1*3?** -P**** ‘ 2Sp ‘ 1760 5 5 1 2 fcSSS 'SSTTnv^VJ^op, 32S 5 sne LONDON MONEY RATES 

i sjvSs 


bl Oro Mlnlne E«*i. dOp* 58 i2JI] 
Geero* Tin Mine* (35 p» 183 4 ijm 
Mi'n'Ufi Tm '5P> 37 


BUILDING SOCIETY RATES 


bbey National 
id to Thrift 
fliance : ..... .'f — 

■ ng)ia Hastings '& thaneb.. 
■ Radford 'and. Bingley ,..■■■'■•. 

;'.rldgA*'atcr"_. i- 

. . ristol and- .West ....1^:;... 

Tistol Economic 

i-itannia 

urnley - ........ 

’. •' ardiit . — V- 

... aftollc: ‘ 

■ ..7 belsea ' - . j . ; 

'. iel.lenham & Gloucester i, 

■'. .Ilizens Regency ....._ 

' iy of London ...„'. ... 

•j jventry Economfc 

5 van try Provident 

’rtydiire! r — ■ 

ateway ■ 

■ aardlan j 

'■ alifax 

dart .of England 

earts of OaS & Enfield. ... 
- endoii ;. ...... • -:• -••■ 

uddersiield & Bradford ... 

jaminglpn Spa 

• seds- Permanent 

dees ter .....1 — 

- verpooi '■■■■' 

>ndon Goldhawk ...' .... 

ellon Jlowbray 

; jdsfures ' 

‘Omington: ........ 

’ ationai Counties 

• i ationwide ^ 

. ewcastie Permanent .1.... 

ew -Cross : 

■ ottbern. EocR 

. brwich - 

‘W.'-w.ine-fl 

.-'ySCkbain Mutual 

sS/titman ! 

•^itlncipaliiy Btifldg. Society 

>r‘ regressive ■ ' 

-. reperty Owners 

rovincial 

feipton ........ 

. u’Sse? Mutii?) ........ 

iW and Country 


Deposit 

•Ra«e 

6.45% 

•. 7.00% 

. ' U5%* 
&45^ 
6-4555 
. 6-45® 
6.45% 

6.45% 

6.45% 

6.43% 

6.45% 

:.' fl.w% 
6.45% 

. 6.45% 

'. .6.43% 

: : 6-70% . 
. . 6.45% ' 
6.45% 

64S% 
6:45% 
.645% 
6.45% 
6.45% 
6.45% 
6.70% 
6.45%. 
6.55% • 
6.45% 
6.45% 
6.45% 
6.45% 
6.55% " 
6.45% 
7^5% 

• 6.70% 
6.45% 
6.45% . 
7.23%' 
6.45% 
6.45% 

. . 6.45% • 
6.75% 
8.45% 
6.45% - 
6-70% 
6.45% 
6.45% 
6.45% 
6.45%- 
. 6.45% 
6.45% 


Share Sub'pn 
Accnts. Shares 


6.70% VS-30% 

6.70% ." raa% 


6i0.% .7^5% 

6.70% 7.95% 

7.05% 8.25% 

7.003t'\ 7.95% 
6.70% 7.95% 

fi-70% 8.70% 

6.70% 7^0% 

6.70% 7^5% 

6^5% 7.20% 

6.70% 7.95% 

6.70% 7^5% 

6.95% S.45% 

7^0% — 

6.70% 755% 

6B0% B-26% 

6.70% 755% 

6.70% 7415.% 

6.70% 8.1 5% 

,6.95% ' S.20% 
6.80% 7J5% 

6.70%. .7:95%. 

7*50% — 

7.00% 8.00% 

6-70% 7.95% 

6.70% S.00% 

7£0% — ■ 

6.70% . 7.95% 
6.70% 8-20% 

6.70% 7.30% 

7^5% — 

6.70% . 7^5% 

6.70% 7J5% 

655% 7.95% 

7J20% S.43% 

6.70% 755% 

6,70% 755% 

7.00% .8.75% 

6J0% *16.00% 
670% 7.95% 


uns.in. »a; ia'ii ». D'.im. n 7 .uni.Ln. 

1 145. I QpcCn* Um In. 140; IMD 
Law La no -700) 43’;© .. 

Lewis ijonni Props 4ocDP. 72 *2'I1>. -V-J 
5 -;dcDO 61 , .2(111 ,.* 

London Pr-ovi rrcLai Shop Centres *Hlogs.) 

■ 10pl 121 2 (31110) ” ~ 

London County FreeHotd LeasebOMI Prop*. Oswjiiam 

S-rpcDD. 64ij® (2'1l>. 7 )jpcDP. 67J-® . Hoy* iA4ice- 

10 Mon Shop Prop. Tst. *2SP> 73® . 1 '.!! a 

MEPC i2bp) 135® 5 4 bcD_b. 48©. 5>.pe , ’ U J' l ’ v - 


Ivlliiu.- 
.. Miibaii 
.tri* -It 


L-oi. 

imrrrwui. 1 Ai|ili-.|-.t’ 


Khi». iiiivn in* Arct-nnna is Iree rale. 


I ll*J. ..nil 

--?*n | ne) • mira-ri 


flgenioB 

.Moroing fining . . 

.4ilorn«in hxtog.. 

Gold Loin 

Hnnieoiivellr 

Krugetikbd 


Id >i* , crcijni.... 

Gold lVno-. 

I □irim*ti.>n*ll v . 

RruKKeiend 

*.»» M.vereigni ... 

Old SoTereiiinf. . .. S60-B2 

•£50iil, 

SiO Eaglet SZB5-29E 

HOEaula SJ55-IHJ 

93 Fault** S 100- 109 


. £219 220 
'S3 13-55 


£221-221 j 

£219-220 

£220.40 


• 1:1 ULttOi -3! 1 10.57-4 1 


S2T5-4D 
.£109 797. 


£221.50 


S22li-225i S228x-220, 

■£nii-ii2^i .-£i4s:-ii4{< 


F60-82 

'£50; 51 :. 

«60-S2 
.£•30; -31.. 


£614-65, 

-£3IU-5Ui 

56U-65i 

£30.'-31j' 


S221i-I2J|,' F226*-22Si 
■cnii-nsii .£116;. 114,1 
ABO-62 S81j-6Si 

>£'5Di-51;i ji£50v-5isi 

LRfl.R? IcBt'.E;: 


!SS1.1-55f 
J.-MW-Sli.' 
5296-301 
IS1SS-1S1 
is 100-199 


CURRENCY MOVEMENTS 


♦Term Shares 
7.70% 3 yes., 7.20% 2 yes. 

7.70% 3-4 JTS-, 7.20% 2 yrs„ 8-95% 1 yr. 
7.70% 3-4 yrs„ 7^0% 2 yrs» 655% 1 yr. 
7.70% 3 J'rs_ 720% 2 yrs.. min. £500 
7.90% 2) yrs^ 7.45% 2 yrs. 

6.95% 3 months' notice 

7.70% 3 >ta, 7^0% 2 yrs_ min. £500 

7.70% 3 yr*.. 7.20% 2 yr& 

— -• 7% over £53H)0 

7.45% min. £500 8 months’ notice 
7.70% 3 yr5„ 7^6% 2 yrs. t £300-115.000 > 
8^0% 3 yrSw 735% 1 yr.. min. £5.000 
S.04%. 3 yrs.. increment share — min. £500 

7.70% S yrs. miu., 7.20% 3 nubs.’ notice 
7.95% 3 5 TS.. 7.45% 2 yre.. 6.95% 1 yr. 

— up io 7.20% 3 months’ notice 
7.70% 3yrs.. 7^0% 2yrs» mln^500-£15.000 
7 . 65 % 3 months’ notice, £1,000 min. 
7.70% 3 yrs., 7.30% 2 yrs. 

7.70% 3 yrs-. 7.20% 3 months’ notice 
8.20% 4 yrs- 7.95% 3 yrs.. 7.70% 2 yrs. 
7.70% 8 months 
7.70% 3 >rs- 7/20% 2 yrs. 

7.55% 2 jts. 

7.70% 3 yrs.. 7.20% 2 yrs.. min. £1.000 
7.70% 3 JJS.. 7.20% 2 yrs_ 6.95% 3 mihs. 
7^0% 3 yrs.. 7.30% 2 ynu min; £1.000 
7.95% 3y rs- 7.70 2yra.. T.45 1 > r.minJCl .000 
7.55% 2 yrs.. nun. £2.600 
7.70% 3 yrs.. 7.20% 2 yrs_ min. £250 

7.45%. 3 months, min. £1,000 
7.70% 3-4 yes-. 7.20% 2 yrs.. min. £500 
S.00% 3 yrs., 7.70% 2 yrs. 

7.70% 3 yrs- 7J0% 3 yrs- min, £100 
7.70% 3 yrs^ 7.45% 2 yrs.. min. £500 
7.70% 3 yrs.. 7.20% 2 yr&, min. £500 

7.70% 3 yrs.. 7.45% i-yrly.. 6.95% 3 mlhs. 
7.70% 3-4 yrs- 7.20% 3 yrs. mm. £500 
7.95% 3yrs.. 7.7 0%2yrs» 7.45%3mths. not. 
7.63% 3 mtijs- not. 3.70% lo limited cos. 
7J0% 34 yrs.. 7/10% 2 yrs. 

7.70% 3yr&, 7^0%2yrs- 6.95% Smths.nol. 
8.05% 3 yrs.. 7.75% 2 >Ts.. 7.50% 1 yr. 
7.70% 3 > TS - 2 J rs- *Max. £250 
7j»0% 2 yrs.. ".70% 3 >ts. 


4 M o E o ?r.&"sri5^ , ’5 , ^pag , 4^ *;.« ; --- im - 10 . if*** 

Dt>. 66,© SpeUns.Ln. 58'a. SpcCmr. One omul!).... lOH 1U>4 J l? »Uas 

LTns.Ln. 104© iZIll) __ _ . fwr> nv-ni li,.„- 10- ; lli'j lO"j J 1 1 & 

*ai5hn«^Mh‘ Pvinf’wirta? *5rt 19**A 1* 19 IhrW URMtHK.i 1 1 ,y H-; ; 11*4 114* 

\\4 {{ s ‘ i }»Yi ”?• 

EtratM *BPi 570 \\rug rQiniiPi^. II, a. A 1 .c i 1 1 .•# 

^-riejrL J tS^i5JarB!L r :z^- i 1> 

-5LL U. - T...C , n *a — 


91? 9.i • 

91* lL,ls JO); 11»1 

lLl- 11»4 . IU] lli; 

IMU: lisa Jl It! 

- in* 12 : 

u jii? iltj is ! 

1Z1*-141*' 


814.914 

■ „S,.9T, 10.>1G* trviOri 
12 lg- 104 b lOf;- IDi* 10fl-ll,v' 
IOJb- 1053 lU*4*lLfg 

■ t 


! Property Hide- ana Inv. Trust CSsi 308© 

I (2111) 


Local authority aufi finance houses seven days' norite, others sev<n dors' fixed. 'Longer-term local authority mor.gasv 


Sierhng 

ILS. dollar 

I'jpadlan dollar . 
Austrian Si^nUing 
KeJEiao Irene 
Danish krone 
DoiuSk-ho Jl art- 


Bnt of Morgan 
England Guaranty 
tadajt chan SB * *. 
6i8b —4L2 


I Property Pannerthip* *25p» 100 (3i;i0' rates nominally hirv years iii-ir; per com; four years 15-;-!J. per coni: 5v*r resr< U'J-13 per cent. ©Bank hill rates in ;ab.e S'n-s franc 
Progeny Sjcumv Um*. Tit. - *S0oi 116 I Are bimne rates for srimc paper. Btnu raw tor fanr-mon'Ji harh bills 1U-11 Vi* per cem: fonr-mor.Ui trade bills lit p:r c..r.:. CuiMrr 
BaMa?Vr-nonw 'Trust i5o- 4 '* .Ti'ini ' Approsimite sell.’nc rale* for one-momb Treasury F.illr. lOSio-lOMc P-r teoi: and iHo-mcoih 1D*-I09] b per ccot: nrer-mor.-j] Kn-n^h iram 

fiSgoiiin Proos. >26p) 10 <3onoi 1 1«-10 u it. per ceni. Appronma:-.- h-IUor rare tor onc-momh o a rife bills :OMO: per cem: ivo-mflin 10ilt*-10i per cem: aod :brcc- Lira 

Regional Proo* A i2spi 69© ! rponib II-ISIk per <\n:: one-monih trade bills 11 per -.en:: iwo-moaih 11 J per tePt: and also ibrie-moDrti ll« p..-r vcm. "."en . . . 

Ruin and Tompkins Grp. i25p> H5© 13 Finance House Base Sates ■ published by ibe Finance House AKOCl.inon'i 10 per cem from N'orembcr 1. ISIS. Clearing Bank Bai-d on i 
.14 _ _ . n«u;i bum . i..- vrnall <imw ** s#r*-n rtnyK’ niiiii-fi <* n«-* r r nt. Cleariito Bank Base Rates for lending lit ncr e.-n: WMShmoon 


Cuiliji-r - ... 123 jo +n.e 

Krcni-h Irani . . .. *8.38 — SJ 

Lira 54.63 -49 M 

Vr*i ... 153.40 +51.D 

Bss-d on ira<fr neiBhied changes from 


Samuel Properties >25 p' 


bt® i-« a:-© R*«cs ■ fur small sunn a* seven days' ikhiw* 

Ood) 104®' 3®. I Treasury Bill: Aiera;. Tender rules of disconm 10.7972 prr 


d-i c»©t. Clearing Bank Base Rates for lending lit per cen: Wnshmsion iinement December. 1>n 


sroitisn Metro. Prop <20 p) 1040 3®. Treasury Bill; Aiera;- Tender rales of oisconni h'-.FiJ prr err 
SucL n. 156 h •© .2 11< 

Scceno C*ty Props, n Co) 44 ‘ '■ i. ■ . ■ 

Slougn Estates <2So> 1 12© 13© 12 10 . , 

s5? p fe n «., ,6 Hid9s. eocDp sr, a .3 omoi: EURO-CURRENCY INTEREST RATES 

Slc*.k Conversion and lev. Trgn iJSd I ■ 

266® 50 I ■■ - ... -— »» .. ■« . — - — 

Sunley iBernird) lm» Th. •S5pi 2S0,_ I * Canadian 1 

T ?T n U’ili 5 Ilk] >-ovg me. „M j l.Ma .* !»•• -r , 

Town Centre secs. <25 p 1 74 I >obict itnn... . 9 '-10 1 1 I 93* 10 8l<-9l| i 

U.K. Prope-iv .JSpi 33 | 7 dae’e DiHuW 9*'» J0>a 8U-9U I 

United Real Prop. Trust U5p) 303® 1»...1S4 3 ! lilil.lll: 9k,.10, r 

10 -L. 10 ri 
10 - 10 ^ 
9;;10,v 


■ Ban) of England )ndrs=KHi- 


«2!T1i i 

Webb i Joseph! *5p) 15 '21111 ! 

Westminster and Country Props. L25 p> i 

26« 

Wiitnon Esut« i2Sp) 40^ (2.'1D 

RUBBER (13) 

Anglo. Indonesian i2Spl 100 1 (31/10) 

K radln Rubber 'So* 66 (SO'IO) 
ersonese tFMS) MOpl SS (ini) 

Con. Plantations i10d) 42d© '» i2;tii 
Warrant* 101 <3O-t0'i 
GtdeV iMalavsIa) .SM’ ) 65® '2'1H. I0pt 
IstDb -SMI 001 27® -2 11, 

Grand Certrii Invest <10 p) 10a >1-111 
Gurnrie Core 34S© 530 2 4E 
Harrisons MsUrsian .top) 1)3© 15:© 
,4© 

Highlands Lowlands tsMaO .50) 112 C2'11J 
Kuala Lumnur -*SM»lJ 7I> HO 10) 

'.ondon Sumarra mod) )75n 7 i -2 m 
Malediff Invesi. dOpJ 76 iSI'10) 

Mmr River Rubber MOpl 59 (31 ,0) * 

Naroorough iFMS' 20oeP(. M Op) ,6> 2 
(I'll! 

PJaMat'Dn Hltfp's. MOpi 6$© 

RiSHwise'ilOD) 113. IDoctn. 123® 
Rivervltfty Rubber fSMall SS® >2 11 1 
Sogomana Grp *10pi l 90 M 11) 


Nov 5 

-ioi tiie 

l.-. 1 Vi ■* 

isburt U.-IH1... . 

9-10)1 

9!*I 10 


1 Oai -Hi* 

9>'e IOIh 

Jlontb^ 

12.-12Si 

1014 -im 


13U-I35# 

ii., 


13 if- 13 ig 

H Vll ; 

| One ywr 

13i:-13? a 

llvi Hri 1 


l Lhiten iJui >tti 


Wm l.ei(r,<ii 

Mark 


r' tenon Knnr- 


85* 9 

8ii-9 

par 

t*t >a 

3.i 3.C, 

3T« Slg 

7U 7is 

'il-. 7 j, 

8-11 
la iS 

■,4-lOrg ' 

BS* 9 

roi is 

3,^ i -i 

814 8 b 

14-1 i h 

10 ;-;- 11 ,-. 

8 i» 9 

1 » is 

3 '. ,g 

9ifl.9is 

1 S -4 16 't 

11*1 It* 

Big-Sis 

' © 

a;:- -;j 

!■ 1 vr 10 ;* 

lb )?- 1 **c 

ll.; :-n.i 

B-av» 

« it 

5Si-4,; .. 

10 Tg 1 -Ha 

1694-1704 

ii3t-ii.s 


IvtvintHe Ten 


2i£-2'-a 

3l 2 .3l* 

3-V-4* 


The follmnns nominal raits were quoted lor London dollar ceruBcates of deposit: one month 10-20-10 ptr cent: three oionUis 1 UP-: 1.30 per cen:: sn monih* 
Jl.3S.lL9e per cent; one year 1! jS-11.63 per cem. , , _ 

. Lona-iertn Eurodollar deposits: T-vo years H5-11 per cent: three yaws IK-101 per cent: lour years lOMOi per cent: fiTC years iil-10l per «nt nominal cioanc 
rates. Short-term ra'es a call for sterlfns- L'.S. dollars and Canadiau dollars, iwo- day call for guilders and Swiss francs. -L.lan rates for closln* rales in Singapore. 


U.K. CONVERTIBLE STOCKS 3/11/78 


Scanuie* provided by 

date STREAM tnternezionel 


! Name and description 

Associated Paper 9-.pc Cv. 85-90 

Bank of Ireland lOpc Cv. 91-9K 

British Land I2pc Cv. 2002 

! English Property 6Ipc Cv. 9S-03 

i English Property' l^pc Cv. 00-05 
| Hanson Trust 6 ; pc Cv. $8-93 





Con- 



Size 

Current 


version. 

Flat 

Bed. 

ilm.i 

price 

Terniff* 

dates 

yield 

yield 


Premiumt 


Income 


|Cbeap(+) 

pear(-)-> 


TEA (6) ! pntisn Lana izpc t-v. 

KIT M® FF 238 l2,,k j English Properly 61pc Cv. 9S 
Baraoora r clip, ^bo 1 ?! in f English Property lipe Cv. 00- 

Blantyre 610 .2-1) I ■ 

:gSS!! 1 « , iiVaVi? I Hanson Trust 6}w Cv. $8-93 

Lawrie Plaputien Hldp*. 230 131 Ifli - — - - — 1 

r*i -0B 5 . 9 Kpf l £sh * M ,0 *' 4 - 2 »«w. t Hewden-Smart 7pc Cv. 1995 

SSfc M ilf3Sk !l H?aiZ 8 V2Srift j Slough Estates lOpc Cv. 87-90 

Williamson Tea Hide*. 159*:: 60: t2 ID 

SHIPPING («> j Thorn ELari^r 5pc Cv, 90-9 4 

| Brit. -Cartmoovreatlh Snipping *S0 bi !**u Tozer. Kemslej' SpC Cv. 1981 
j Caledonia i25p. 255© 5 3 :i 11? M 

vKu,*¥m s 5 | 3 Ultramar 7pv Net R.Lv.Pfd.. 

j ^wi^DvSSPfUws :fs». 37 ® s Wilkinson Mau-h IQpcCv. 83-S 

! 4.« 5^00.1* 1 2 So) ns© e. a Non. v ■- Num&vi u. ordinary shares tmo * 

I '*9P'_ . _ _ _ me* nl ihe. /.fiiiii v In i h> * n nv uriihln 


0.04 3S0.00 
5.50 166.00 


Ultramar 7pv Net R-Cv.Pfd.. 
Wilkinson Match JOpcCv. S3-9S 


Range; £qu .5 Conv.3 Diff/3| Current 

-10 to S oJ 4.6 - 0.5 - S.S 

- S io S 11.1 4.8 - 33 - lj 

1 t o 20 0.0 847 59.S -r 39 jT 

-11 io -4 7.7 0.0 - 9.1 2.7 

-200 tO 56 28.5 44.8 29.4 -18.6 

- 1 to 8 S-4 6.0 - 3.3 - 7.5 

-SO to 1 9-4 3.4 - 1.5 t 3.7 

5 to 20 323 51.1 13.4 - b‘-3 

- 7 to 3 5.0 4.7 - 0.3 - 2.6 

1 to 21 7.0 0,0 -~i! i -30.0 

5 i o 19 0.0 60.S 5 l.l —365 

24 iO SS 13^2 -KJ.P 


■flplwich 6.40% O.IU-S, iaoy r-v.o-a-- - 

• • - Rates normally vanahic in line with chan-es in ordinary share rates. 


1 i ^> 5 oVi^S"® “■' 81 1 *’ 6 ® 9 ' A Non V -NBBlbfei u- ordinary shares tmo which fino nominal ot convertible stock is convernbk ■ Tht extra lik* pi inveMniini in »«ni •■nihl* exLir-Tssud df. t,cr L ^n: or rhe 
1 o'cea- TpJnspor: Tradirc '2Sp. 106 - ”** 01 equity in ihi: •.onientMc stock, i Thrco-menth ranpu. J Income on number of ordlnarv shares in*n which Jlflu nmiinal or convemsir Stock i, court mhi* 

I Fe-iejuUr Oriertal S:ea*n Navio«:>on Dto 11,13 ,n Ch m ‘ : - cspr-^sed 1.1 pence, hi svmm v d . from pA-seur time unnl iruome on ordnmry sharen is ereairr rh«n mrome on i'VS nominal ni Lon>xrTible- or th- fins! 
| B|i:® 51 * 5 J 7 j..}, 3 -otDh. *Pe*o.: cDovcrslou flat', whichever is curlier. Income is hssumed to atow at io oer cem mr annum and is prewm valued ai IV olt %.,nt rvr annum. r likomc nn £’r<0 .if 
I - 2 |®. 5 :pcDd. .Vitro.. 26®. 5'^pcDb. nmverilbiv. Income is summed until c-onverrfnn and present valued al 12 pe.r 6-tu per annum .".This t Iniomp ai the .-omtrtiMe legs ineom.. nf rhr nnder’yins raum 


Rear do" 5m. tb Lise 'SOP >87© 

' Rumiman : Walter* :25oi 59 2 m 
Southampton Steam SpcPrEf. 36© 


j erprCFSc-d as per isri Of the value of the wukriyinu eouiLv v The dUftfrniv between ihe ureniii>:ii and iDi-omr difleri-no- evor. ssed m mr c»ni of ui- valur of 

I iindcrfyint cqinl'-'. - 1<: an Indlcanon oi relative cheapness - is an indication of relative d.-am™ 





I 




Financial Times Saturday Woofer 7 


?* / 

£$/ 


STOCK EXCH ANGE REPORT 




V >.,'-»' 'J* : 5 -'-‘Jr'- 



arkets resist disappointing developments on wages 

share index unchanged at 472.4 but 10.8 down on week 


FINANCIAL TIMES STOCK INDICES 


" Ynv. J CM. 

i ! -si 




Account Dealing Dates 
Option 


News that the other clearing dull spots following adverse Press figures on Wednesday, lost 3 to200p, Sketchley,_ ilSp, and Lead sideratiah of the results, while, 
banks had followed Barclays' comment. United .Scientific stood S3p for a fall on the week «f 12. Industries, Map. Against the Edinburgh Investment Deferred. 


™ ~a w‘" 7i k”' 1 ness in the sector which closed apiece. Still reflecting labour interest with an improvement of increased offer from Whitecroft. down 5, following the interim 
‘y.” ; v„,.' niV c firm I v. Barclays rose 5 to 345p. problems. Berec eased 2 more tn 4 to 140p. News that the bakers’ Silhouette A held steady at 32p statement. Overseas Issues had 

‘ g- «« while similar gains were seen in 130p fora loss on the week of 14. union had rejected a pay offer following the interim results. Challenge Corporation S .easier, at" 

rrom 9JJ am wo hiiJness^w Movds. 2Krtn, Midland, 345 p. and Elect rocomponenls remained a and the treat of strike action next Standing a couple of pence i20p and Argo Investments' S 

. iNaiwcst. 2 75p. Australian issues weak market, losing 6 for a two- week failed to create much easier ahead of the annual re- higher at 150p. 

took a turn for the worse. ANZ day fall of 14 to 267p on further interest in shares of the cod- suits. Ulster TV A' hardened p aB $ o. Deferred typified con-’ 
' ?.f n c 1>U ” B ed J?, ;.h slipped 5 to 283 p. while National consideration or the Interim pames concerned; WW closed iramedmelyon the announcemenl ditions t be Shipping sector 

? n ^ Rank Of Australasia, 107p. and figures. Other duU counters without alteration at 51]p. while and closed just J off at 74Jp for , penny easier at ^p 

#Inci r °Tf^«1nhfi2 Bank of New Sooth Wales. 550p. included Clifford and Snell, 4 off Associated British Foods eased a a nse;of 7J on the week. ffTV N/V fo Mowing a light trade. ■ ■ P 
drsp/.e the tense atmosphere _ hpd s - and 10 respectively. at 28p. and Thorn Electrical. 10 penny to Tip. shed 5 at 112p on lack of support. n , 5? -- ... 

■ih-nd of the votes on pay at s AIIM Breweries ended margin- cheaper at 346p. City Hotels, at llap. recouped Underlying sentiment In the .JJJf LJUiniSSi ffSSwL tR?' 

F.ird and F.nhsh Leyland and the a))v harder at 83p. after Slip: a Engineering leaders rarely 6 of the recent sharp decline Motor sectors was not helped, by 

'IV h 31 B0 -El a . y ° f . wh .’ ch n op of 2m shares, which had been strayed far from overnight closing which followed news that the the apparent pay deadlocks at D yTf,;( Q 


6B.fi J 68.ee! 68.77! 69.2Bj.-ea.34j W.i?! -78.6 

70.Qe[ TO.l7j 70.28' 70.S2 70.63, lUMj 7B.*. 

mi 472.4 473.4! 479.2 1 . 478.9! W.’Wi'flC 

SfSir— TsU 134.0, 1 *31.1 143.4 . 148:5, -1,^ M6 . 

«J.«* •“! 

q_i D1 _ YtaM 5-75’ 5.73) S.66; 6.67. 5.60, 6.6fc 5.6 

«•«> 15 '“' 

~T . ■ « 3a l a 33, 8.44 8.45 1 ff.53» 8,5 V BA 

4 683' 5. 10e! 4.377i 4.63* 4.337; 4.S70, £6*' 

U^Ub^ nj*rke4 ....... . _ ^ 93.se' 6 7.6B 63-27 ‘ 78:71^ 8Lg 

Euuirv I M«U_- ! 16.005^.240^2.a^l4.8M^5.7Bli 13.40 

' ,0 am'atxi. ««»*“■ £t ■; 

Latest Index 8-W- t##- _ •■•7"/. 

-Nil=9.10. • ..-••• " . 

„ in ^ g 1 ^. ®Si J^v. 1 "W. W SE AClMl* jSk I jS- 


importaDt bearinfi owerhanBlng the marketr was ^ 

I 1 at moment. nla^d yesterday at around the 

A limited amount of bear- curreni market level. Other 

..•in crin-4 vnve the opening move- Brow-pries were quiet and little 

mon: «I'ght impetus along with ch'-nepd. IKraff 

a small genuine investment Timber issues closed dull In an fgffifi . J 

J. rnnnd following the BL Long- otherwise neglected Building sec- Bwa & J. 

brid?e workers' decision to give tor. Subject of an agreed offer . HL • St 

the company four weeks to con- from International worth about MBBM f tfai i f v 

elude a satisfactory P3y agree- 7fi n . Bamhergers eased 34 to 761. fUffifS ft_I TlfifU 

nii-oi. But reports of the Ford The former, in which Montague L. ■BS“ - V |J 

votes, and espcrlally that of the never holds a 14.2 per cent stake, BBS U 

p-iv.cn flam complex, subdued p-tsprl 3 nenny to 12Ro. Magnet 

micresf and leading industrials Rnd Southerns came on offer and Brarad i fs 

adopted a slivhtly easier stance. j. 1<r 71 af 122; n. while Travis and ^ /W 

Business during the afternoon Arnold cave iin 6 at 1fi6p. Else- HBl — fjB «/ * »r 

was noticeably smnli and the wh^re. RPB declined 5 to 227p. h JP >. f 

markei. recognising prentu-ifiy 2nd George M. Callender shed 2 BlW S M* i f ^,IS 

the lack of any selling pressure, to 23 p. the latter in response to EAiffl Hf yr M Jjj Jti I M' J .1 tf'l HM 

picked up again a Tier the official lower Interim profits. George Ms8afl <■ 3 mill It vlli f!l£9 

close to leave many lop-name IVImpey eased 1 In Slip, after Bgg ftf — rjvj* ~n \*rr i ^ Jm | iy y jl 

issue-: unchanged on balance. The 82!p. on consideration of the fiSwar t'il •Jlkli tvralt tJ9>i 

FT Industrial Ordinary share group's reorganisation proposals, PWWj ** 11 ififi l> tIJ tT*J 

index- charted the course of while Taylor Woodrow, also 
events with a rise of 1.7 at 11 am. finished 4 down at 403p after BtMBf 

a r.ill of 1.4 at 3 pm and an un- Thursday’s rise of 12 on hopes IflgjSl — — -. — — — 

altered close at 472.4. that the groun will make a flfflftW , 

The other major clearing jim'lar move. Despite an invest, M i n , M u mnn'iu m 1 • m u t uu n m nl uni 

bmK as widely anticipated, nmnt recommendation. Biehnrds 
.'mniineed b" lending rate am! Wnflington cheapened a 
■ :icr<-:i-cs :n hue with Pore lavs’ penny 3 1 TSp. while a lack of 

I I f.n:r:; rr-'** "e II T per c- , nl on inle*t*st IcT; Crown and Jackson 

T"hT r -l.'v. he: nui.'her equities f mT .t 2-!4p. Acquisition news levels. GKN ended without allcr- Office ct Fair Trading was 


• •! p: 
of 1 r .•« 

-o r,. 


> the apparent pay deadlocks at ^ se ? h i' n ?S!r fi 

Distributors to give l little 

ffround included T CL HarrLsnn • lower at 13Sp t . out buying 

*££ J'SSfoTrt^yJar rtStfSig 

the Deferred 5 dow» a. 233p. : 
statement Among Components, _ ■ ■ _ _ ,, 

Lucas, annual results also due on POOF wefiK for GrOlOS . 

S' at *$£ for Gold share market eided' a- 

^ bS.nce ElSwhere RoLl^ on -a quirt note 

Rovre cbeooened to 101 in with lack of interest and. a further 

dS» 5S «Te“Srer raSney trend. .J" r t \Sjf!SLiflSS 

Properties held close to overnight Sff^L KSSiVSSJ?!. 
levels with the leaders recording SliP^ afjpOTcr 
occasional gains in the late trade. I3 If' a . , .°' er tbe * eefc ot } l ± 
Laud Securities, interim results The bullion Pnce dropped J6 
November 14. hardened a penny *^S’»i- 0U ® ce, ^ ls ' 

to 226p -and Stock Conversion re- 
verted to unchanged at262p from 
260p. In contrast, lower interim 
profits left recenUy-firm Rush and 

Tompkins 10 down at 102p while, to ^ offered at the Decrtn- " 

^ , rt. nS Cr^ C! pSrt M d m ^le« S r 1 ?S°^ncS S - Tra,SUrP a “' U0D 

an .o w jsjk 

• lj_ mqwlra* __ j a i:i| • _ lOTlfCin "3V? UP illlDOM S DOf ITT tO 

IS 1 " hirf d ’ nrliLni 138 wlille losses of. : . to 3 were 

- P mr° »- common lo Vale Reefs, £114, Free. 

Exchange gave up * more to 22ap. sta , c tJcdu |^ n 23 and Western 

Hilo Holdings, £15:. 

Oils qil16t j n (he lower-priced- . issues 

Conditions in the Oil market Harmony were 17 down at 25Sp 
were extremely quiet A reac- and Venters post slipped 9. to 165p. 
lion of 6 to S58p In Sritlsb South African Financials also 


HIGHS AND LOWS , \ 

| 197S - sHii« Ciiinpflnrlo.il 

l Hltfh 1 J-«nT I Mi«l* I 


s.e. activity: 


Gold Huae* 
-Sold Mtnek 


78.58 1 

I 68-58 | 

iJ.’U- 

■3d i> | 

81.27 

70.06 j 

i9i l> 

iMl. i 

. 535.5 

433.4 

fl4/9i 

1 2tii i 

. 206.6 

130.3 

1 14/BI 

16/ i) ( 

. 132.3 

90.3 

. (14(51 

«iaw 


— Latl.V . •’ 

[ Gilt Bdg«t...f- 
■5 [m!n>itnsir''.'. J 
T>[-e^uUiUv>* 

! l’otBJai , 


S49J2 j 49.4 

UfiiTi) | iaS/«l«0) 
'442.3 ' 43.6 
38/0(15) H26/10/71, 
337.1 54.3 

,S»4/7a» 1 1 25(3/76) 


162.61 -pfi 1 
T62.1; "iar 
.35-0} / 
loe-e! ugf 

-• -"Vy# 


5dajAv«rxae! 
GUt- Edged..', 
luduatrts'i-... 

5|XKUl(UWe<- 

lOUK 




LONDON TRADED OPTIONS 

i January '..April .. July -. — J-' 1 

'Es-n**: Cluriod *~f cioniop 1 Jctoripfl!; . . 

Optloa \ i^rfi-v i .4Tvr Vol. I offer ItoL , offer ■ tuU j 


,..j. .! p-fiected miii.il acmijil stnlcment came well after other hand, clused a uenny lower > Petroleum mainly reflected over- suffered from lack of tnteresL De 

h"Wi t M r ittjr-rovvmcni in the ifr m: rket. close. at ** l n- h ut sl,l J rp'^rdect a rl«o H0BV6T dOWH ’Again night Wall Sued influences. Shell Bms continued- to. lose ground, 

P-|J i i-t‘ the Ford new 5 ICI drifted back from a slightly of A m {1 ^ e lv *? k *,« °'* e ,r al ? n ' 't^l'aneous ^Industrials moved narrowly before settling ai falling 6 more to 342p- for a week's 

c cptcj.iiv -t»:T/d interest and firmer opening and finished a provenient i-cfleclin-; natmnalt.-- , " ffiipiu-tjeLf narrowly 5j8p. unaltered on the day. decline of 14, while An^o Ameri- 

('(>■>! 'm - !'-:i 1 aid Ion- 1 rei-fs'ed couple of pence lower on balance 3tl0ri compensation hope-? and c » fl -. n ., ' », h s <ii-T| lt i v Among the North Sea hopefuls e™ save up the same amount to 

t- rr.-.-M list levels. The at :ij»p for a fall of 2l on ihe recent news of i he proposed sab; f b S?Reckilta n d Colman Oil Exploration responded to a »4p and Middle Wits. 15 toH5p. 

chnr;.-r -mt >-f the market, week; the third quarter figures of Us «0 per cent holding m suh- ., markrtof late on fears late flurry of demand with a rise Bio Tinlo-ZlOC eased 6 more to 
re*-/-: mere pi mm t.j f cai's of are due on November 23. B.>rn»rd sl ^ ,ary Canadian Vickers. Else- ■ 1 overseas e'rnrn^s or 6 to 200p. Buruiah hardened a 230p, extending the loss on the 

hi'.-;,:- Soi-rrcT rates, showed Ward.’c ea.sed ! ro 31, j. after 32p. >I “’ ,unair »« B r Bler, { Sd 3 440o iSSn* Penny to Mp.WlSle ™twbl! to ll -I .. 

ff--at.*r re-ff'en-e ;.iwl held frac- but still held a rise on the week further selling ahead id next ^ y |; weefe (iiaxo Press mention prompted a small Australians provided feature* in - 

r r < ex.7nd.nff ro L . of o|p. ‘ ! ln “^ WSfl » lir pi dS per & improvement to 21ip tn Charter- Courinc Riotluio and the partners 

7-Tirronnq the early trend in c , , and fel * 1- more in l»0n. AP\ ?.q.5n -> s did Beerbum at 633 d BOC hah- ,n Ranger uranium project 

sterling, rates for Investment cur- Stores mixed ?vh?it rMrrpri 1, R d r°n' S ^qJn fr/ATnaliGoal remained an un- StiU reflecting disappointment The fom'er.altliou?h*off yester- 

rency improved to »} |»r wit Leading Stores dosed narrowly or notin' smis»wl market awaiting develop- with the interim figures. United day at 274p. registehed an.improve- 

f ‘ r two-way husmess had taken mixed fallowing n quiet trade. WO Group ga\e u L2-'- t minis in the pav dispute and City Merchants lost 6 for a two- menr on the week of 24 in Tront 

place at around 78 i-79 per rent Lisew-here. NSS Newsagents, at s h ::ded i more to *661p. Still re- day reaction of 11 to 51p. Other of the latest progress report from 

da>- howeier. revived !Wp. recovered 3 of the previous P 'h n rh P n r r n r fleeting marked disappointment Overseas Traders to lose ground the Ashton venture which is due 
hm'^c"'' ™ ".Ur,? rou U d two-day fail of 13. «nd Fpremans Charles Clff- w ., fh |hfi quarter profits, included Gill and Duffns. 4 easier on Monday. The progress report 

nremmm L- LJi l m ^ ,h P improved u in SSSp. Interest SJ5J S .1°^ Hrt * ver A were vulnerable to a t 13Sp, and Harrisons and Cros- is timed to coincide with -the 

FT™ ~ ,0 rll * se ,. 3 net developed Tor Knott ill III. 1 ■ up ha,f ;>f arl > and the Hrrnm- fresh and dipped 10 more Belds. 13 cheaper at 5l9p. S. and flotation of Ashton Mmmg which 

r/->v^rnn.'r.r.l!f r C r^l‘ ^ ai 2:, ' p ' afu? r 24p. but Owen Owen l 1 ? JuL ^ 1,1 2»l» For a loss of 38 since the W. Berisford dosed slightly easier is expected to commence tradng 

u-’-in r as c . ame nn , olTe r at 1 1 °I J - down 5. ,nn, r-Lf announcement. Johnson Mat (hey at 154p following news of the com- on Thursday. 

Thenl J markci .1 . Aqua.se u( urn ,\ eased a penny to « ref *ctcd 10 to 435p in a restricted Pany’s proposed takeover of Tbe partepants n the Ranger 

of'Vrm-lv 431pm response to the interim l®u." 1 market while adverse Press men- Turner Currxm. projert both gained ground foHow- 

•••here l rr,mrarK rwullu. and Amber Day lost a Jjj* an j pi J? I ? e ? ft-?n 5 ilhffp tinn P rom P«d a fall of 5 to I70p Investment Trusts ended the ing the signing, by rhe chainnan 

2M er iiSnI!L W *iri3. BB S.. 0 j 0 ^ Hm0 . Unl a * 4,|> despite the 1 rV > n Diploma. Petrocon remained week on a quiet note following the of the Northern Land Council, of 

(('•'.) con ?^? re d ' ll chairman s confident statement In E r>^i n on offer and gave up 4 more to a recent sharp gyrations on the an agreement to ao ahead with 

L ~ , : a !pVi.«r2rt h r reC ,° Vi rded l w * bhoes. Ward White were notably to 12i,p following Press |„ w f or the year 0 f 42p. while performance of Wall Street, development of the mine. . Peko- 

SaMof* tSp U 'd^? , « L™* maj ° r du J. at , ? lp ,’ do ^ 71 *■ . . , m ^ ntion - falls of a shnilar amount were U'erayss Investment fe!J 15 to a lVallscnd rose 20 to 478p* ^-hfle 

P * ur in. na. s busmen. Electricals closed with several Cartiers, which reported interim marked against Siebe Gorman. 1078 low of 275p on further con- EZ Industries put on ll.to 356p. 


in* 

BP 

BP 

UP 

Court/mld* 

CuurUuJii* 

l, >tirrau|ilr* 

Gh/J 

GKC 

UKC 


CJFC 360 

GnuJ Met. 100 

Grand Mel. 12 J 

IU 3b0 

ICI 390 

ici 4au 

Land fici-h. 220 

Lan.) 240 

Marki & Sp. 80 

t<jtala 


OOC I nil. 

0l«lrt 

BMI 

Bill 

mu . 

Tctoto -1 


7aO i 125 
USJ 44 


18 i — 

6. t 2 

9 i -r 

4 | 26 


2 1 — 

1 67 

— 42 

2. -20 
• ■ IS 


2 1 — 

33 3. 

28 1 14' 

6 | 19 . 

2t s ; 2 

9 . — ' 

1 17 

18 4 i 

6 63 I 

2 — • I 

ib s i 

4ie 3 1 

6 - ; 

.160 


— i • -' 4. 

S' 40 ! 
14 , 29 1 


6 i - 

.in*, — 

31* - 

26 — 

12 12 

6 . 19 

21 — 

11 ' — 
101* 9 

68 


— . ; • 16 

- I 9 

- : 37 


^ r 


16 ! 7 K»* ,. 

9 : — 

87- 4'->35^- 

19 -i. 6 

iz 1 

27 ■•225PVV 

•XT 

15 • is. 


November | February 


70 

1 



31* 8 

8- 


200 

4 

. 5 

9J S — 

15 

. — - 

140 

11 



13 3 

SO 

— 

160 

2 


51* — 

IS 

10 

180 

4 

— 

3 — 

5 

a 



• O 

• 11 , 

. • ••• 

13 





— 



RISES AIVD FALLS 

Yesterday 


OPTIONS 


E-rMsh r.-Ufs 

Cnrans. ooi.r. aril Foroicn Borins . 

Jr.Cuv.. ials 

f-i’.wt.a! and Prop 

0‘!n 

Planialion; L..Z" L. 



Bcr -u Issues .. 

Totals 


Up Down Sane 
U J 5s 

— JO c 

i« 5% an 

n in 

4 13 19 

3 b 22 

a 83 38 

1 6 23 

239 m 1.302 


On the week 

Up Dawn Same 

22 Lt9 223 
9 68 233 

1.0?? 2.712 3J96 
348 1.C38 1J?T 
34 61 85 

U 27 110 

173 310 222 

14 57 92 

1.661 4.457 5.903 


ACTIVE STOCKS 

VESTED Bay- 


dealing DATES 

First Last Lasi For 

Deal- Deal- Dcclara- Se» th- 
ings ings tion men*. 

Oct. 24 Nov. 6 Jan. 2.i Fob. fi 

Nov. 7 Nov. 20 Fell. S Feb. 20 
Nov. 21 Dec. 4 Feb. 22 Ear. C 

For rate indications see end <•( 
Share Information Server 

Money was given fur the call 

in Lonrho, Ladbrcke. UDT. Lin- 


fooii. Nr. I west Warrants, Grand 
Eviropulitan. French Kief. Lad- 
broke Warrants. Town and City 
Pro nv riles. Thomson T-Linc. City 
fiolels. Geo. Wimpey. Racal 
Cl-ciror.Urx, Sir hi* ns Oil (IfK), 
5S3. Iladen Group. Ifampsou 
fit:i tislri*— s and Burton Warrants. 
Puts were done* in BP and 
Rival El- *c fro nicx, wiiile a double 
was arranged in Ladbroke 
Warrants. 


FT-ACTUAEIES SHARE INDICES : • : ^ 

' • - r' s . ' • - • - • 

These indices are the joint cim^ilation of the Financial Times, the Institute of Actuaries and the Facalty (rf 


.■ •(. -v: 

.r ■ 

: JI8’ 

. . ' .,335*: 


EQUITY 

GROUPS 

and 


FrL, Nov. 3, 1978 ^ W* off 

«■ 1 31 


Mon.. Year 
Oil r^o 
30 JOTmu 


Highs and Lows Index 


No. 

Dcnomina- of Cioring 
lion marks price (p) 


NEW HSGKS LOWS FOR 1978 


SUB-SECTIONS ^ U>, 

No I > Ijn.'.- 

Fl^urer. in purrplb^r- nliow { % 

number ol nark.- j*r iccliua 


_ , - - Change 

Slack Don marks price (p) on day high low 

fP H 9 S58 - 6 926 720 

«-! £1 9 35S - 2 421 328 

BATs Defd ?3p S 233 - 5 304 221 

Dunlop .4i) D g 67 - 1 90 67 

C'*- . S.'lp S 309 - 2 340 233 

(’mil: Ure 2op S 244 — 296 226 

sil "d 23p S 53S -— 602 484 

A(j.- 6:.5 "r Soenccr 2.“»p 7 S2 + 1 94 674 

PbiMl Eh-n. . . 23p '7 314 - 5 352 106 

Afii'-d Brc-v er :>,*.> 23p G + ! 94 7S 

L'.;:r-.Ly< Rink .. £i 6 343 + o‘ 368 296 

l i 'd!:md Bank .. £1 6 .143 + 5 300 330 

-I-:-' ... blip 6 104 - 1 )25 87 

T Houm?< F or'P ITiji 6 220 — 1 2.V) 160 

'ijcner & 'Vv. J 1 :i u 17.1 +1 20fi ififi 

Tin.* i/b><.-f tu-civ .nucfw w framed nn the number of bargains 
nv.jr.Jeri »c.>ti*i d.'.u m the Otfieml List and under Rule 163(1) (e) and 
tv:'" - •I rt 1 -' 1 'i'd, iii m Smelt lireliautie dealings. 


The Following secunt'-n ouotrri in ih- 
Share Inlormabon Snrv.co 
attained new Highs and lows »or 1978. 

new mens tn 

STORES 12) 

Knott Mill KuncC 

ENGINEERING II) 

Him won 

TEXTILES 111 

Sirdar 

NEW LOWS (371 

BRITISH FUNDS fTJ 
Treasury 9'-e<: 1980 

INTERNATIONAL BANK |1) 

5 pe Stock *77-82 

CORPORATION LOANS (It 
Lii*‘oo0l 9*.oc '80-84 

LOANS IU 

FFI 13PC 1981 

BEERS (3) 

Rodtfinctoiw Scvllft S Kitiia irl.- 

Guinness I A.J ^ 

ELECTRICALS (S) 

Spree Telcius.Gn A N-V 

P*c Hidgs. 


CNCINCERING (3) 

ei ».-- Aluminium Wol* Elect. Toots 

BraithwaUe 

INDUSTRIALS <Si 
At^-i FiMvi -nrown 

c wio» i»tli TraFaioar House 

Fmht 

INSJRAWce 12) 

G'- i.-ai Ahip-iu i.|> n ihance 

LEISURE (3) 

C*me»rl T'iicV A Erigingion 

Do S 

MOTORS (1) 

2<T..in a 

PAPER II) 

Ca^seais __ 

SOUTH AFRICANS *t> 

Uni-.oe 

TEXTILES IU 
Carrirgron Viv?*'' 

TC3ACCOS HI 

8- .T Ini. 

TRUSTS 12) 

Dv^lioo !nr. Mr-nys« In*. 

OILS <21 _ 

Clue O.r - f' , p Petroleum 

TEAS 111 

A'.tam in**. 

MINES 141 

Ei" a»n, | on...,n vpwini 

WrtWn A'-.j Coruld. MurCflRBB 


ON THE WEEk — 


Si eel: 

ICI 

nr* 

Sh*H Tren-'io-i. 

r- MV Deld 

t.'Fi; .. . . 

r«l: , i.'-S it Sucncer 

ic'ay * L’jnk 

»4..>pcIihi‘1 

■ iiIUts 

iw: 

Ilaii'-- Or? 

Bo'v.iter 


L'enriiniia- 
Hull 
. £1 
. .. Cl 
i. 23|i 
— 2-ip 
. . 23 p 

■er iMp 
11 

.. 23 p 
.... 50p 

II 

... 2-5p 

II 


Clnsing Chanse 

price (p) on w eek 


RECENT ISSUES 


EQUITIES 



CAPITAL G001>Stl71i 227.83 
Building Materials i27) 194.66 
Cooranair. I’cnstnation r28l. — 363.92 
Electricals Fl4i 523.40 

5 Engineering ContraclounHi. 35432 

6 MecbariraJEiipiweriiipTSl. 179.62 
8 MstabawiJJelalFcmR£iIiji — 163.09 

CONSUMER GOODS 

1 1 ( DURAB LEK53) 199.80 

12 UQectronir5.RadiaTVi!ffi 243.84 
Household Goodsi 12'.. 172.19 
MnlonandDuilributois<Si- 120^1 
CONSUMER GOODS 
I NON- DURABLE) 1 172) 201.96 

32 Breweries {14i. — 221.95 

23 Wines and Spirits id) 265.72 

24 Er|cft3inmnil.i'3teringfi7», 25131 

25 FnodMunulacturingaSh 199.01 

26 Food Retailing 1 151... 217.44 

32 .Newspapers. Puli!istnns'l2»- 375.66 

33 Pacltap{infandPaperil5).. 132.77 

34 Stores 1401 190.97 

35 Textiles (25) — 17182 

36 Tobaccos l3» 220.85 

37 Toys and Games (6) -. 96.81 

41 OTHER GROUPS (99) 193.39 

42 Chemicals(ld) 

43 Pharmaceutical Products (7i- 

44 Office Equipment (6) 

45 Shipping (10) 

46 Miscellaneous (57i 



InrtcA ln»tc\ Index 
Nu No. Wo. 


17.10 5.51 a 
18.16 5.82 7. 
20.19 4.40 7 
13.86 3 54 9 
1630 6.13 7. 
-0.611861 6.09 7. 
-0.6 16.38 8.76 8.- 


17.17 

15.03 
17.30 

-0.7 1 20.67 

16.49, 
+0.1)15.07 
16.02 1 

14.54 
.19.46 

+0.1(13.87 

21.04 

19.55 
12.00 
19.3S 
24.93 
23.41 

-03(16.20 
-0.6(26.82 
11 52 
19.10 
15.13 
18.08 


8.13 20265 202.96 205.68 
9.33 243.54 247 48 249JB 
7.% 174.11 175.16 178.79 
6.74 12143 122.48 124.85 


8.16 
6.39| 9.13 
5.41 1 9.31 
1003 

5.48 681 

4.74 10.04 
6.44 6.72 
7 56 6.74 
4 .S3 12.04 
8.46 6.69 

8.49 4.75' 
6.68 4 .99 1 
6.28 7 95 
6 94 7.73 
4.23 10 56 
5.99 624 
7.36 8 44 

6.74 7.36 


All'ed Breweries 25p 
De Beers Deftl. .. R0.Q 
Grand HeL 50p 


«ia 

V.P. .24,11. Ac 

44 Arne idi H"la» 

44 

- ..' Jl.n i a-" 1 8.7 7.1 

10 1 

K.P. -riKU •»P.< 

3JS K.-rrnnri Ai-w 

560 

-5 >.r;iif , WM 

cc 

l". P. • — ■ 12* 

113 Iviiiis Pi'-[.-n_r .\. . . 

123 

.. .. 1-2.75; 2-24- 3.6 18. 4 

rr 

F.H 24,111 5-j v 

21 llminr \-i uni. Haiti* 

29 

-I- t-.l I. -11.0 111.1 

cr 

F.P. — - Coin 

1 K 'MiUlt<ip.iuz!> I'mp. .. 

19 

icusys.o 2.6 8.1 

Cf 

F.P. : — 122 

I’.'-j l(l|!l'lai-F 

115 

— — . - : 4.8 

FIXED INTEREST STOCKS 



H ' ,h ' f v 


1 256.28 

049. 

18195 

<2.3i 

25628 atm. 

2 226.68 

l2Z/» 

16650 

(351 

33.84 (25/72) 

H 419.51 

ax* 

28955 

(6/3i 

41951 (34/9/701 

0 583.72 (10, 101 

404.47 

(2/3) 

583.72 (10/10(78)- 

J 384-53 

awi 

Z70.9S 

(65i 

38453 (18/9/78t 

7 204.75 

114/9/ 

149.87 

tl'Tl 

204.75 (24.(9/78) 

8 182-91 

il8/9> 

15A22 

W 

182.91 118/9/78) 

5 22655 

iT3 *9) 

273.63 

' 13/3/ 

227.78 (21/4/721 

280.21 

imi 

209.01 

m< 

280.21 039178) 

190.17 

on* 

1M34 

16/3) 

263.22 (4/5/72) 

9 135.65 

r22«i 

104.68 

a-3) 

170.59,05/1/69) 

228.23 

(14, -91 

179.46 

(in 

22823 04(9-781 

241.57 

(S-51 

204 04 

(Z7!2) 

281.87 (291L72) 

30L24 

.(14.*9i 

229.85 

125) 

J0L24J14.-97B) 

281.53 

tl4f9» 

219.62 

am 

32999 02327a 

223.85 

flA. 1 ?) 

17557 

(27/27 

223.85 (14.-®81 

237.92 

114(91 

17653 

l3/3i 

244.41 (27/10/77/ 

42L75 

114(9) 

26959 

•7th 

421.75 (14/9/78) 

15565 

,14/9) 

11911 

115.(2) 

155.65 04(9781 

218.54 

(13-91 

16557 

(2/3) 

21854 03/978) 

19L90 

«12(5) 

160.85 

(23) 

235.72 (17(1, '67j 

26650 

1238) 

214.88 

(15® 

339.16 (2/8772) ’ 

125.21 

iM « 

9379 

(27® 

35.72 OLTiTO) 

223.24 

iW-yi 

173.08 

(3,3» 

2232V 04/9,78) 

315.28 

(14,-9i 

238.69 

l23i 

33.28 (14(9781 

291.13 

f 24.(9) 

22841 

-am 

29103 (14(9/78) Z 

150.75 

I139» 

117.48 

(53i 

24606 (11 9.72) 

48301 

<6'lv 

396.09 

(67) 

539.68 (lV5m\ 

23656 

<14 9> 

173.47 

(3,?i 

258423 -12/5,72) 


BASE LENDING NATES 


A.B.N. Bank 111 0 ?. * 

Allied Irish Banks Ltd. 10 ^ 
American Express Bk. 10 ^ 

Amro Bank 11-1 

A P Bank Ltd: Ill 0 ,', 

Henry Anshacher 10 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. II 5 *^» 

Bank of Cyprus 11 j°o 

Bank of N.SAV 10 % 

Banque Bels;e Ltd. ... 111% 

Banque du Rhone lOJ.^ 1 

Barclays Bank 11£ “□ 1 

Barnett Christie Ltd.... 11 °n 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 

B Brown Shipley 111^ 

Canada Perni't Trust... 

Cjyzer Ltd lli% 

Cedar Holdings . ... 10i°& 

B Charterhouse Japhet... 114 % 

Choulartons 11 

C. E. Coates 10 % 

Consolidated Credits... 10 

Co-operative Bank -10 flf, 

Corinthian Securities lli 0 ^ 

Credit Lyonnais 10 % 

Duncan Lav-Tie 10 »>;, 

The Cyprus Popular Bk. 10 

Kapil Trust 10 "T, 

English Transcont. ... 11 - 

Firsi Pat. Fin. Cnrp. ... 12 Ti 
First Nat. Secs Lid. ... 12 "T, • 

H Antony Gifil.s 11 ;?T, 

Greyhnr.nd Guaranty... Vi’% ' 

firindlaya Rank , h Ifi ‘n 

■ GuinneP- llahon Iff ^ ; 

B Hambros Bank 11’^ * 


I Hill Samuel 

C. Hoare & Co 

Julian S. Hodge 

Hongkong & Shanghai 
Industrial Bk. of Scot 

Key so r Ullmann 

Knowsiey & Co. Ltd.... 

Lloyds Bank 

London Mercantile ... 
Edward Manson & Co. 

Midland Bank 

I Samuel Montauu 

I Morgan Grenfell 

National Westminster 
Norwich General Trust 

P. S. Kefson & Co 

Rossminster 

Royal Bk. Canada Trust 
ScWesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whitenwav La id law ... 
Williams A- Glyn's ... 
Yorkshire Bank 


S10 % 
*10 % 
12 1% 
10 % 
10 % 
10 

12 % 
10 % 
10 % 
12J°& 

H\% 
10 % 
10 % 
10 % 
10 % 
Ui% 
Jl*^ 
U4*% 
114% 
121% 
11 % 
11 % 
10 % 
U*% 
10 % 
11 % 
10 % 
12 % 
10 % 
10 % 



la ;a 


Hlf-S I, ii* 


tins y.y. 
eb9>i r.y. 

* no 

CtOO' mi 
K.H. 
£99 - »’.P. 
nil 

ClOO . F.P. 

- . r.v. 

£97 1- £10 
" K. V. 
£99 ij LSO 
C97i.- £10 


- I3*ji 

— 

4 1 10k 

I6dl ipru 

l-ist t LUv 

29 >9 UUI7 
— -4j tin 

5 12 

Hot 10' IS; 

25 1 
_ 122 
10-1 a 

2b 1 H»: 


1 Are Bvlfni-ni Imi. I 1 .--. I’n-:.. 

! AntkA-l lunH'i.v I*) 

Unil'il Wm.-rTkorL. ?j I'n. l- o . 

: VtvsI'V 

ilmnia 1 IJ. l.n'n. I’rcr 

FJ 1.1 - >nutli Uj. l-I w .vtu>A 

i HvOslinns L«in<l t%b*n 

, H'-'mr'l 1 W\ihlliam \s-j. i.'n. toj. ! 
Vrvr lAun.lur- S‘J> L»-. .. . , 

ItrliniU'nidlh A l'i!ir»la Wnivr | 
l.’iehiuM- IJ-jlniii. Lii«. !•><■.. .. . 
^«{ll>i:nr< L'ffj'f Ul. l^j.... 

Wi-td Krnl IV«i<r i“ fir.'.! 3 -.'. .. 


“RIGHTS ” OFFERS 



Bvnrnic. 

= Dale 
s2 * 


111 7.-IZ 24.11 

P. 40.B24.il 
P. 'IB.' li. JOill 
i*. ; e.i0 i7.li 
il ! — — . 

H. 6/10 lO 11 
I*. 23-10 14.11 
V. 25,9 8- 11 
< u. it a 12 
I*. 9 10 6 11 
P. 27-10 1711 


; fi! + •« 


. I04|-/M 

9®.’rt - *« 

. lw 

. 2i<i- 

108|> . . 
99 

llMTI .. . . 

'lOO’s .... 
;14S . ... 

91. 

122 

47 1. -■! 

.... I 


•L"l>i»in4 + <i 
Price I •— 


W:H aSJB ■ 



Wti in i.7»~ 


55.88 (Z3/Z25 
62.44 (12A2ff 
8L40 00/12/7 ' 
38.83 (U/12/T 1 ' 

44.88 f2/l/7?,. 
43.96' 03/12/7 
65,86 0012/1 

na- Anns' 

56.81 (20/4/61' . 
3329 (17/12/7 


,Mi|<ni..i>ll'i!p-u 3/jirleler 

HlA'li»w>l H--li;“ .. 

Ul - '.luinr* Wan- 

;:'l Un-nil- 

i l.Vjim FiidwT.'lll ll,r>-'t 
y J ‘lli'iii ,l.-ii 1 "C-Mt. , . 

5j Paw-. in *W'. I.. - 
•..4> l.'mrl » Kuk. . .. 

i :i|<r- t'n.l«irl«. 

WiArw''.'.,. . . . 

l.i V.#Li;i.«i 


J!"Ri|*-r< of IIIC Acocpuns ilrilisi.-v 
Cnninnri.-.- 

T Jar di' i/U.-il:- 7 . . l-month ilr dotiis 

7-ila- 4'IXIMI- «1 Mims Cf 
■ lid ihM-t i ■ nn to S5. , mn T- -. ■ 
iiwt <Mcr 

('.ill «I«-niiMI' nv-.-r ri-OOT 7-«>- 
n?I»l.1llH ri'*pi*-'l« f: ' . 


Kc-nunciaimn dare ii^jjI 1 * u&r flay lor rteairnu ire? m -.'am? ibity. 0 KUares 
ojipn HD vra^Deniin P-Uma’*. a A turned ( 5 i»i 4 rv 1 arm m -14 .. Kwcnri riimh-ad: SccUaa ar Omtu 

diver Du.-ieri on orennn- vtar's nrcnics « Uirxvnn me r:»'r hj>isi m> BM»peCt>is Phart«t«tleal Pi mliiii 

•ir omer ntficial friiiniln wr Iin. uGrnns I Hn-rev J ; C'lVar alMv* Other Cmn 

l-,r niDTrofn m -hirri r inf nmr rant inn tut errnJ-»oi nr r intrni^ -nils Mr 'Ktmw* Ovwwa* Fr,iric>* 

lie I del id . I I'ljnik unr< l-i anOllc. p! fnn- null :««1iciUSi. 1 l—nm Emlwcrim QMHr uN 

r,, tender 1 tn h-'irJere nf n r din^ri share-- as a riant* “ “ MKkMlul ENMtfdBI 

r»> wav nl npi'm-a'iAi ii HfiiirrMliiNd It- !—•».*» i« {•"ith-ffitiii wi't* r+^rsa'i'cy- Urine* and Srih-Hs 
•Inn. mfrui^- .i» raK«^-ior. • .i In-mriurtl+’i “l--aw« ,n 'c--rn-' jfM'fi *e r * Tm atlri Onntey 

• Aliniinoni 'urtwrt iur fuiu-sudi. fi Pwxilonaj or Pi-'W caid ajlotsm at OflTce Cenlpmen 

* WlU» VUMI'A 


..( 35rm ..... 
60 .... 
14i a ... , 
,.- 507 — e 
ISrani . . 

ai . .... 

.! 66 -I 

.- 306 : .... 

: 21[mt< —I 

3b 

14 i .. . 



















































































-,* > S~ > . .V— __ , 


sto Ck 


AUTHORISED UNIT TRUSTS 


[. tit-- .. 

i 1 


ibb^y-UftltTsL Nngr$. Ud. f*i ..... jPnunJington l' Bit Mgl. Ltd. Gn 
efsa.CartWxif+kd' . Vtetburv <£*83011 s 7. Ireland VtmtB '4K >l»ii. ,*♦ 

ktatuftiCwilol .|»V : 35 a -0.2! .*.43 ' Anrtnran — 134 6 43 01 I 143 


OFFSHORE AND 
OVERSEAS FUNDS 


Mincer Fund Managers Ltd. 
•rim-l.-T ,| w - \nhur4 .Lu Ill 




. ibwyJirt.Tg.: 
■ ihfacr fjcn-Tsi 
/QqoitM Prog. 


I 3521 -ft?] .4.43 ' Antonran 1 34 6 UO I 143 i|.J!," r 11 . 'nhurSt . L'-4. "Ift^tnrrt 

Ml-.JjpruiiT* ir»Y 1380s: ..... 3 51 Iff’ *0 -I ..I 5.46 

. sSn.-Sj . .jS/inwai-T-g 109 Z UM . . 666 ' " I " l 5000 ™woi 5 38 

4 J5.« . «7.*-02 4«> lu.nimah Fri .. 104s note . 2 SB ■nL\ l nit TnisL Mfpnmi U.l 

■ T«jMA *.7B im..\rrunv -JU4* . l 2 3B M 


I'rminrial Life Ini. I'n. I.f 

••! Il-'ir i . ril - i : ■ :• 

/'r.J|[»:l'i,ii ,82.1 81 g.,i 

iliri-*' ► • .. |il»n lN3.ii 


■ % 99mim-n^ ammm Jla.IrniRV -lUI* 1216| - » Z» * reel, n Will il. mmoK -.H Pn " 11 * ,, ‘»«fr.ll. l Mll|;r<. 1.1,1.? IBHhMr) v -4 t »J»* 

Vllfed HaWhre Group? -'W friends’ Provdt. Chit Tr. Mgi*.? 2”-' 1 ""' - - -!«• " ' «« ' I W ! V;!^' " V r,* ,r ' 1 ' ‘ ! ‘;>C’ J - 

; iamhrt- Mae.' Hutton. Brcnmxwg.' f. jagg. 7 . Trih^mEnd. turn: Ini:' MW.-nv. . urra . v Johnston** I '.T. MsnLV iai ™ ' " U 5 13 ‘ 0| ' ■< 40J i. r bii->iiiii' 

*■ 28Sr»** BfUtiPwonri WJTTJ-ZIMM'- ' .Knt-iijt. Prifc : ■ Ln..j42.0 ’ 449af-0ij 486 ilV J. 4 ***— **,«'•'. • ■■LiitfM.iaS Jl II iui -.*1 IJUlllrr 3l3n;i««*nv*nr To. tJrt.V v,.„|I. - 1,1 

A >lwi«N* Foods- • . TtH>Areum 5»g -02| 4 M »U L-«fe*-. '.180 IS RS7< - 2 65 Tl.,- -U K . -. n*j*. ,m- ... ram I.T7 , " „.|V 

i.'JJi^v^dSt* ciT. unit mums Uit» • . • Muitmi Ml HU* : 5« 


....fabuired Foods - 
, tilled lit, _ . ..^.165 6 
- .rtf, hirtvl*uiu1„ (635 ' 
,7il..*4«if.. . • 

■■'lect A Ind. tiov |37.5 . 


S,m- & FirfSpor «*.tnli>u:ii| roran 

M-mliil't Set urilii-. IJil.V ,.. 

*• ;» :/*■ ’• * -\ ‘ *.51 r .i 

• .*.!■+■ . - >3? :.■•*. •■ ~ M » 1 •! 1 : 

-.. *11.01- .. >. • il ' ; Jhf. : .:r.. 111. ■ 

v*< t ; :n 

~-y VI.! .» .say „<* i rs ,i^ 

■l*i *.i". .»i 1 1. r -■ •* ' ••*.*...• ■,«.. 

S«*h!l*>iiiR* , r Trust Hn^r.. I.i.i. i.ih.-i *ri *i t\’! 

nil si II. 1 1. MU 1-1 l"*f> ... . 


r;ira«*i T*-l . Mcr<- iSrotlaiwl. uiibi 

1 "«. r rn 1 r " !;■. .. ■ ll I ■ "J WJ I 2 

51 r.i.<H ln» ri:..'l. 'l!8 35 W 0 4| 2 01 I 

5* 1 n.-in: .•111- fl25.--Oi! 5 77 ! 

hf. ! .r,. In. 596 W ]I -iF. 1 ! 30 0-1 | 


\l«*\andnr Fund 

TT rut \i.irr I'Miw f n ••niKoiir.- 
M^\-iriiKi-i j iiiwl J SI NfcsT | ii „^| 


lrsil^ ( moil l nil Tsi. ttanafiersV 

•' in-. *.\.».! si ,*.i t.- .• fli itau»n 

111/ 1 -pi T .... .* '»4 J 57 51 . 1 5 41 


K»*.»%cr I 'liman Ltd. 

\1iU. SIHhS. » .•VKIF ii|*»iK:i(Tn 

l.insj.lix II fl JN 1451! l 3 1C 

r..«iiLs>;li- . . ll . 3j?95 12)4 _ 

i >M .. £137 16 137 50 . t. (.2j . . 

hi-tu-U 1 *. I..|si[i |l 14 76 -- j j ... 


Jlted Cbpitul .*.67 * 

" -t larnnmrciirt . loss fit 

z ; . ; .JantfanriV-r- rd Ul« i . 3282 

. nnuiw Fundc 

■ ‘ ; :ign YirlilFU. iTli- 76 

.ilrhlnwiiiie. !656 .. .70 

A B*.!nr.. fc |S5.1 , ; «L 

:IMWUHl(Fn6: - 

. . uemoiiMiiU 133 8 77 

* wiflrFoiwf W7 7 . 52 


«T..Vliit M***fiers UitV 

fljJ’HB.V Vl5 16 VirjJ lUrt-U rru ^ El .7 IT rt'i7 '. • 


)hfl T ran Titian lie an*I i>n. S»*Cs. I o.V 




22 (!T.«:ap Jim:... . (80 7 
712m -3.4J .4.72 r_ . Iqrj 

«fta*-o.4| sas r,-i--A6.T«i.: nw! 

. i IT Jap-ui £ i .pi. . [91 4 
76» -831 a 57 Jlfll. !Vb\K< Vrt fW.J 
‘ 70S KTOmd 

: 4iS! *8J| 7.1B i.T. FmirVil-Jrd. .-(578 


f»{ Amermo.. 

-■» *. Eyernt *# | 

pwriolUt Funds 
.. maltor I'o.M-'rt.^. 

ldSoitr.i'.Vafd.^l 
.• eww - Srts .;-. ; 

«.MIn fri'dty ... 

, wraev Ramin is 

»»*- Amir. Co's - .* 


^Viy a ~lgT : IXS - St S3“n3 5 « : vi" Tm-i . ri »: i«9d ] jjo ii'; v ,r ‘. ,n r r " n ' 1 12V 153 J^ ,,s l 7M 

'•jidMsm. rn» Tmd MoMrm u<L ^ inKhlnrwwTft.-. gi g| -«■* lwiai H «"ninsirry i 3J Roihschiid & l,*wndcs Menu. (HI I ilf 3 

Jiocrson Lnu Trnsi Managers U<L jncvnKfdnH w.4 r ni - ] .c M ‘J* 1 ' h-xi-nV- KiTv iikl'. iii nr. mai, m mi <>i •uhv-'^. •i , .i*« i n .|li6» 

W.FcorhurrliSt.Et!3MaAA. . ttjKaLTojt AceiK^* u» ? j? • L" ' ;um ' ‘ ft 4 2 690-051 444 ;„«..* i |..,.mH lU7401J70d | 357 "*«— Kt «*•*- >'* , 

od«™»r.T.... W 6 .57M....I SSg^.SS. ??».,• --jj-gg 7 yt:sl !J5 ^ >■ - 

Jiisbacher l r a!t TMgn>L Co. Ltd. - >n*« 3\™io«vi Mas. Ltd. - R5 2 a 29 !sl Raw * a l nit ,rru,{i Ud.f <ai St-nilish Kqwitabh* l-nd 

■ 0HB3WK In. FH 25.7 SS 20 S ■ Vi «a.MI-r . n.Mmr, .-w, .KO 

Sfonthfl fund .(ITS 1«! .^. f 9.84 •'.f'f I oi' B? 572^-1 3 f” = t«5 62 5/.:! | 1 70 Ii.- I n.i> . ^2 5 

. rbnUmnt SdCnriU^S Ltd. fatfei iari.G>7rnMf.tt-..^J - S? ■■■■ SS ■ Trus l Manacers LtcLV (aMgi ihtK r vi'.i .1' J.U'q'' ’f? fj ; '| 795 ‘ ’ "i'UiIIm: •u"*‘- 1 

.■V qvm Sc London Ei iRlKV 01 2WM81 tlWed “■ |i.-rUii, : . syrrty .4MI ’ ‘ J13 - ’l ]9| >t .|,a« I nil T*1. Man.lR 

"ISSSWL tdB8 ISJ Sta-SIl ?« I SS • ■ 

JsirinTFu^d^ aV M 4?3[roi TrSrtnnWhri.KCi ‘ ■ oi-n»irA» ^ 0f ^ ,ch ,,Rion Insnraqcc Group lb! Rnsaj tm. fan Id. M,jm. I .id ^.ajii'-jN- k-i 

Acriim I'nilfi- MB -58S >4)4 465 c"hlr Vru 3-. ir.'JlMi 14141-5 W 204 1 ”■ K '“ 2. N.invirlr. till I sni'. tma^snri M-Jnign. .-imi-I.S V.’ 1. m cj.ic...' snurilv Srirclion I.lil. 

../*■. W"rirv4.l.^.i 51* • '465 Dr. .\cn U m Viitl .- lHl 2 lW.9t-S.41 209 '■■vhii.t-i.FiI . 13496 3680* -Jill 547 ' 165 7 h» II 1 J 77 I*. ■■■ 1 >■■'. ..in • inn 3 .»•!•; .*.. 

- Sir:: SS «.n«m uUJUt J ,? K r jAj| 4 - [f?? 

■ tmmlFund--.: 2B4 . »4 '.. . firlewsoB ManaKenient C«. Lid. 1 llch H.dtayrn. w.*i V7KH «.i-wshmi w , „ „ L. - .iL:. tL. h 


Ci. & A. Trust- JaKgV 

146 S.'Rfti!ei»hRd..Br«nt*ty<y •uen7<SR:w>i 

12 ft .t™ . ... o — j 318 “ » « -03i 4 aa 

GartEOdM Fund Managers V iaxgi 
4.n -J. H ilary c. OTA 8BT*: 013STMI 


! Tin !*'■' •> 3T U «J V IT# . ■ *• • . D H! 

3 U National and Cuhinw-rcial I«? 457ml 

7W ? I,S ' B, lr*** Square FMioUirclxci srosi’-l Ridcrfifltl illanoRcini'm Ud. 

' .ESIT.^J ■ ■ ll?J 2 »«»| •* | 580 Us,.. .« 

-■ •%* --fill; 580 p, |, |M11 6, (1 ,| 11 mo 94 a; 

•ie77>sfriu>i ‘Alenin III,,. . .:..flS2 8 im5 J 3B !** ‘"JOi 


“76 lu.lnrican'tdL — 

SH hririiJiTd rtet i. 


533 t'ununediry Share. 151.7 
-4 72 E*tra inrun* T jA— (JJ 
. 4* «;FarE»lTma _ Mi' 
t u ■ IOih1or«*Tft... 59 1 
*J<L TncvnK FonH,.,.. .... w.o 

*bnMi_7na,'A':e»Ki^* 13 ®J 


»5(-04| 
Ml -0.6 
1631 -3.11 
- 263a -0 1 
4i.i -vd 
. $96 -H.« 

752 -1.0 
' 1433 -flit 
44 26 -Oil 
‘ M9W 


t’*'! 5 70 M.rl.J .i :* NS" 1 4% 

■ MIVlH.I ;£** 74 a. , 

*• I'nt A ..ill Inn • :S 3 .•'.£■* 1191 

•■•! S i , .tfi.’l Ihhii-iH -'lu-r- |2i; :8J. i* . 7 74 

: 1 rj >j»s I.il Ml T-| Iw t J3 ; r. , s -- 

I q {] It. *.nt! » J2? 2 r:i.“ .1 ■ ilB 

1 1 k ..ri. I'im 18 7 7B:-. 52s 

*'ni '«■ j, l|«*nrv Scbmlrr \ t i.id.y 

1 l^it 1 'M-:i|tsiili* K 1 ' / .11 ■ |n 

-l -’l 3 41 . . 1|H :..|ihl Jl. . ■»>* !«i7. . ; 5 j 


■•I ft ' i .1 ! 
C.lTl-l. I'l 
1 '■ . Ilf*. I ll. 

I -..r* ■ K‘ |1 ■ ■ 


• ‘ tr . -M ’■ 

• \. 1 111.1 1 
, .... 

. w. un 1 
\, .rli.i*. ■ 

. .. . Ml.. 1 


Allen llarvev & R*w Inv. Mki. K'.U 

I 1 hiin»ii.* r«»* *. SI IIHht.J'V i'J *iS!|4Wi4l IvlDSf & ^hssviri Miifc 

io ”‘ i»« 

Arbulhnol S«*urilien iC.l.i Limiiwl '■ 

■s.i:s. 1 O.V >, Mi-Iiit. Jrrsf. ., k M WITT .';S "W#' ' ' ’ t 

Mfilil r rJ4 ■••TlS'.l 1 „tl) Tsi lJil*n ■ {1)70 221 01 | 4 01 i.il; Tni-I ■ | ■■ V,.i |l03 4 

78 5! I 5 81 Nf»l iSnIilid iliiln .•-tf.rnili-r 7 liill l-nd iliiivn'sjv |4 25 4 

2:7 581 i.— 'l'M-i-t.T-l |100 1021 ])2 00 ... . 

«4[. I J 04 M-M drt.ll.,Bd J .r.\,«rm:*rS Mr4 1,17 83 * 

* 7 ir-J mil Iv «1V. 81 


.-!nMnnl ,r .U 

78 5! | 

K: 7 

■ • 

B?fl 
102 5 

)M :! - j s 
160 V ■ t-n 

M b»7 
Cl 


4 64 l--lslfcll.il T*4 it "I- |111 


499 *-ci» tl«*i«li>iL •In** - Nm- i-ni'n-r |j. 

toS Australian Selevllon I'und NV 

7 19 M . ilk«l > .|.| Ninuni|[rs ru In -IT Y.iunC ft 

714 ' loihuaiir* IlT. Ki-nl M . S\.tnr> 


•rt-'.rl • 7.ST4 I 
iltTnl . J47IC 

[ [12 25 

, 12 25 

I f 12 25 


Kirin won Benson l.i mill'd 

L*n. Krill I'lii i ll M 


i nirhusiiir lu. Krnl M . S\itnr> Kumi'iti ij,6 

4 74 1 S51 Sfiarr- | $' si 59 I j - tjiam-t Ire 

*.rvi 5^8 vftiui* iJvlnhitr '.T rv,, Afi-tini 

Bank of America International S-'- KhtniT Fniu! 


TncynKFOnri,..,. .... w* r Z*^(. ML , ”*».*i. , eMfc* K<TV liKL'. Ml «ir, finHl. 

Tax AwK i^t — , U*J WjS- 8 IN 3 48 i flim.il i \, i-urn ■ 642 .oi j ■« 

Ku fSJSw:— J 6.6 94 2^-0^ S41' Ktlr.i , n . . U ™. * U | ^ 7° 0 % J?? 

inblll.til fAtc.J - 33 5 30 9^ .....). B 92 . V ln:<n.-I. l | 33 0 35 4 . n 1] 5 jq 

V** ' . -. . fiftieth Ini M C m n n'J r'-w» 

GiKbs iAatonyi Coil Tst. Mgs. Ltd. Ijwq . Sfl »S S3 bS 

iarA.G,*Jnnnhtt-..&7 7 - *0.7 .... 650 NTH. Trust Managers Ltd.V (aMRI 


*. '•. lull V.l .|„. JK J . BS Of — I r .| 1 51 

lull I .1 . 5.. -89 7 « 1 l 6] 1 51 

\ «■ Mullr 1 ii-*. M151 7 lf>l 4] -I ii{ 4 70 

Rpihschiid & liowndrs Mjjmt. (ai 

*»l SniU.nr. I. mm- I i|u |-.i 4 **l ■!> Z.’.'J. 

\*m r t l.«,.inH IU240 137 04 J J 57 
ITi. ml III V.l ■>•■.•11111- Nin 1‘. 


HIShYtOlil . ...146a 
'Amtm. L'mLsi _ h7J 
nr* liwrme Fd MB' 
■Shini* Fund.. . 38 £ 
A crura Cnilei: M B 
W"rir*t4.t7r .i 51* 

■ -aemrs Fund..'. 81 

Cnlt*i. 33 9 

■ 1 pi tsi Fund !B9 

.: HYracnHtyFuivl... to? 
ccum, L-'ott*;. „.81J 

S VSiWdnrf Uj_: 569 
nftPmp.Pd..™ fi.i 
Ont* Pond ._.. - 392 

rcurn. L'nllSK 46.8 

nuih Fund 3SB 

rfum. UniLsi 41 7 

nailer Cp'k Fd 27 0 

run A InlJ. Fd.. 26 9 

*■ WdrwI.VU 1 205 

■rHgn Fd. ... . Bfl 7 
SAiwr. ftlnLFd.27 3 


.td. - KI «.a od 528 Rowan lnit Trust MnRii Ud.¥ 10. 

Ij]]]-JWMh>Iiii !-•< fM7 71 oJ O'.) 5« ,v * ••■nr ll-i- I inMmn .vi . K* 2 "l '“Ii 
^■riut.Wlrdiih. (b 2 572»d-l3 2 54 'mrnr-ni = )«5 MW I l 

6«: NFI. Trusl Managers Lld. V (ad*. .1' |.UV ^ : i j! 

0 w - iMill.au I«ijt. lii-rUnr: . surrrv ;gi|| . Wuin. I oil-. _. j774 8ij[ 2 1| 71 

N '.■!-» hr 157 • ' m m n j. q.q Mvrllii "»in i 78 4 t!4 : J, 

N.-lnl.irlhuhl.i. Mia si 3 . n ll fig l»9 101# ! *; 


II" ,-r.v v Illlll- «/ n . ' 2 52 

*s| IM ,.|...im"h I II 2P1 5- . .1 715 

-I r >I 151 .\..un. i ii.'*. .283 5 799 j- ! 7 if. 

1 1 51 .:— hit ii i . J# 7 1? n j 4 is 

-Jil! 4 70 ■ \. ■ un. I u.l -■ |105_2 lass - .. • 418 

•' i *' 1 ‘.112 ’’ ‘ • ‘ 2 91 

111. (Ml , t..-iiiii I iiiir> jlf 3 ’.7;» I 7 9| 

n| •» •!•.!*• MKiHU.' 1 .!lib9 162 D 1 . I a 23 
I 147 Ki l n , *S f * J ^>5:: : 344 

. , J ... -ii.. .... r* *— 1« in i2162 [ 4;4 

1 -F.a U ■ •■iiuj ‘ 

d.f tat Semlish Kquitablr l*nd. .Uxr’s. I.hl.v 
ill ihI i ui vi; j| i: rtrr >*| Ml ii , i-.- u ir | ..> *,|.i| 
| I TO Ii.- im! I n.t> . I J* 2 524.-: ■ 527 

, *02 1 1 j i j l l mi- *07 _ iijj. J 527 

in 7 95 IN-., line tU ■«• -i i 

; jjI >r,, ai{ 1 nil Tsi. >lnn:iR.T%. 1 u( y ,ai 

! a 29 li-lii.i^ll Kr'-M.r- II ... - . . .'.ii,-j»i 

..•.si-: ■ .-■sHtal I •! 137 2 ?JP jm 

■Id. .**■■! '.1/ III- sjn» ;M R 32 Zl , 849 


, i.fd.v ■■■•' i«® 

. :.n ll. u.l , j72 9 

m. T. ■•■■.... .439 

; “ ■ ‘ ■ ■ . 4j 9 

Wi.-. r .* WJ 

‘ 1? . I.. UIII I .■.!«• *72 4 

; ' n.i i In. -,.i. “. 166 0 

| m. -....n. . !77 4 

i 79i T . ,n '* al1 VJanagers Ud.V 

I £ 23 is. < an- n:r Knod. Itnslnl. 


3.67 l:L*. Ron Ii -win I {*<■). il l.iicnnilnHir: 


1*1 Iwiiliitii-.I I III -Mini- IftVlltDS 1U6SM00I 7 29 K >'■ ' 


hliJn[Uin 7ur.il 


M\r\ 

82 71 -2.0) 


641 IBanque Bnixellrs Lamher) 


>i“noi Unrmuil.i 
Inn-mil Hil J.t 


j 1132 ; 

65 7 69 In 3 

82 4 87 j 

lit- 13 84 
51 '*>11 46 
V “413 31 
Jl >U 04 I 
'.l “4 90 I 


■ I 425*. 09*41 
I 3 09 


2 lint* I*** l.i 1 
gig Jirnlfi Knn.l l> 


2 lint* l*r l.i R-tonu' H u**i Kru.-M-lr 


Lloyds Kk. KM. i I TT >l C rs. 


• 9] 8 04 >* it. Cm IT<i M lli-lirr t-r . ■ 


»•« Barelajs l uieom In!, ah. Is., Ud. 

I i'hnnn-4' 'w.bl. llelinr.Jnr -IMH 7T?74I 

.•irr-m<ln...in-. 146 7 4411.0211200 Lloyds Bank Ini i. 


64 Old 
<!• i*n»tier ] 


nvu :*T'sfl, 

l i :i 


! 3*4 Ini iiiiii- \ m : 

I 4 74 ■ 1 I „.|, 

il. • ,.;.il. it "... I 

in. I.lil.V '. h ' . 

" ' -.i- 1 Hill , i;;- 

• 527 h.i [-'..ri. i 

’ 5 27 it-. 

r.i-f -..u i 

I I if ¥ lal ' V- un. I i..,.. 


Innrton Mali i.rnup 


ii%erw*«» In., .mr . (46 7 49il.o2| 12 00 LlO>ds Bank Ini I. llene\n. 

, ‘ nWullnrTni-4... »I>UJ5 UJid 180 p„ n.n 4 « I *1 1 u * i 

|-7 I ntli.in.ll rust .|SK“»S 331 S .‘| ISO L.LKlL lLm i^lw 

4 52 li.f In. I'!29fM (|tv| | jjq 

. ! 4 52 Rarclavs Lnicom Ini. (I. O. Man I Ltd. „ 

I l I tituibi.- ■», . iHuielr*-. l.i*.M. .CJW4 ManaRemnnl Inlet-national l.rrt. 

"( fw I'iiIi am Alt -I K\l M89 52 61 I 1 70 «««•■ "J hcnmi.l.'. Cu.Mmc. Kcrmurf* 

li? ft. i \ns» Him 30 8 33 2-(l 1 BO l.'Aitlrrhnr? ■ n-t 2u |*l 1 85 i | _ 

I is, I.nr rnrilir 682 734I .! . 


Ik. I III I llu'llllV* 
In. I >4 Mini T-4 
Ihi iliini Mutual 


i.'aiUrrhiiri iii-l il |*l 1 85 


I 8 20 M & i; Lrntip 


5 52 [ R 1-shops" ate t onunoditv Scr. Ltd. 


<7. : ‘Mm -0 
19 . MBs -0. 
1B.5 

12 .. .422 ... 
lO". - «J .. 

IB 37J . 

7 449 -0 

p 0 -- - 29 Ab -0 
.B - 29 8 —0 

15 221 -0 

IT 954 .. 

J- 39.4 -0 


5 86 59tjr^hnmW .Et.'SP2ns ; . - ;-.Oi^W« V^ri'tiTSnr^ ' 52 ”21 -03 

ZV* ^w^m. JinWi* ■— KSf ‘ 3 25 ’“rti -1 I'i..it« 4 . Si 37S -o 

.... I 2 44 : KN't - --§15 lAffum fniL-.! (454 «5-0l| 

“'I 244 Etnfrar. Oct 3)' ? .pH 9 24051 "L": 243 P^ican l^nils Admit). Ltd. (RKxl 


. . _ 244 I'.ACi-uftl tlilhi. ■ 211 1 

244 Endear. Oct 31 . ■ 229 9 

^-0 1 244 1 \n-um VoiUi . — 2394 

-0 4.06 liBtehrlr W.irl _ 

-0 2 I* - lAcowiL'iutu 922 

-05 1 70 Ui-iBr»li Now 1 . 789 

lj| rAtiura Cnltsi (795 

^oi loo ^ ^ 


234 25a-oa 5.04 wr* rrosprr i.ruup 

*7 8 29 9J -0 5 04 1. "Imil si I ■■-Icn- I jin.lwi ft JP SI P 

wt «3‘2{l 13 i Wtii—n s* KdlnMirsIi Kllr 4r.\ 

g-* 48 91 oil 5 29 1 ‘ r * ,,lu *'‘ ,n “I -V*l 1W4I tni-XS: 7i'.1 

Vdmin. Ltd (RKx) Save & i>ros P^ r Aunties Lid.y 

>. Wrr Ofil^neSfTC '"irmattonal Fnod% „ 

X 7 : =62-1 ' 4 05 

Trust Mngmt.V <a> I . |67 2 72 M -O 9| - 7; 


2.4J AI Futiii turn Si ..Mnn. I.eMM- Ofll-vnasnc Iftcmaliimal I 

3 41 184 7 91 0n( -0 1) 4 93 21^ al 

1*9 P*n*etnal Knit Trust Magint.y la) i Hi*- i.niuth 
3.89. 48|, »rtdt.lk-nli^ on Thnnui 049!2tf*« ini-mu-lnc Im 

i 421 -52J A 403 Ih-kY.i-l.l 


*An»r.4iint. w >- *« fotardian RnyaJ Ex. Unit Mgr*. UA j*S , ' Dit tL 4 

rchway Unit Tst. Mgs. Ltd.f laMc) b^rfF^i^s.-.ftTU-sitr;. oi«anu. VL» v , 4d 


f 71^4 *al n Kov. i'rti* Nov. *7° Wcodcrson AdminsirntioaV (aHcilgi ■ EurTiIlc.u.u 


iflPD A R ¥. JA¥tnKiVg» ES^7F^ n &7UyV:J,:,,B ^S??3i 

W&D 0 PTlnill li, "- ,n H - -M-WSW* riL FHoAi ImWnZTl 

' — *ij ncnm Amrnco — 1296 £!e| -0 7 i ih.4 Kvro* err >46 4 4881-0.21 615 • iminte h*un.l 

AtW-Aci g5 795 -Oi f*7 C*p.W<wth J«. _.k52 - . 41.2 -0 1 3 01 Avmnbr Fat 

*^*96t*^ -i urt If 579 Ut -0. LB7 Cop. r.rawih Arc . 146 2 • 492 -OJj 301 T*ehn.|ue] H 

^ ' opiml... - -- «2 ,,701 -OS 4*2 i^oroc* Ac-w. .. ESo 35l| rW *« K«rF.«i ,-,i . 

4 Exempt T*8>— 1066 -11104 — 0-9 644 |>. v _ t-ta-A. • - . . Amrnran J'ui 

- - - EKtmTnMWoe. 282 305« .. _ 858 w SS H ccorf-nm 793 Practical I 

- FlnanfW 60.6 ■ 65 5 -0 3 509 ^66 T 6Srt 8 79 rra * Ucal 1 

•• Sl^r-;-H jadi » 8 SBaBBfc=ii- WtSI-JB-asss? 


38 961 —0^1 10 80 
41 il -n 4( 7 10 


Ini-rpactne liKemr Kund 
Ilirli-YieM . . 152 2 
llt(h Im^unr l-i>nij“ 
IlirMIrturn IM2 

Iiukiw . _ J42 2 
l'.k. liindi 

I h hi, .ill, |47 6 

ihnw-a. IuiiiMi. 


i ii r> 111 I HU I.ld ■ Inu »!«•! ■•iK.ll.vrlJ.il i ..,.n.,i 

,..hr • .r 1 K 1 *!■ I ■ !*li “I J Ai ' . If « 5 ,'G I i 3 2* Is. 

«.iiic> i n- 1 i.fit r-c In. i2i i ;*p, ; jjt r mu 

I Sh-wart ('nil Tst 9]j n a^i-rs l.|i|. ,&■ '•\ i 

i ft jp a, r j • ■ iMiri-.r,*. ..( ngiflt \::r: 

Fit? 4?.\ isinnir, Amrriran I’ I lli.lilm lli.irit 

l(lld!3i Tl'il ti.ini«:i<->l I'nll* 15*7 ?.0f. I 15^, 1l.Vn|.-il-.^j| 

■ tl>s: f III H liiini 1'nili (615 6S t | .'.|«s,.ilMI. 

lues, l.lil.v \\„vir.i«.-|, I nn |44 0 47 o! ; 

•■j.-ajrl Rrit.vh I’uiuLaJ 1 un4 TSH l 

38 61-B-.I 7 32 |13? 7 |M | 1 4 15 -| . . . 

26 2*1—0 l| 4 05 \r. uni O':-- 061 4 ;7Sn ,4 15 

72 lid —0 9| -7 ; |W>J||||- iTin- .- r. IlTsPI 

Sun AIHaner Fur.i! Magi Utl. ' i. i... , 
561u|-0'.| 7.73 -.in. Mluii. ||«I . Ilnr Jl .III |S|I| :«-l| J , 1 S L 

h V |. Ii, I t ■ “ 1! I IJ237 I :« t. 1 3 84 •• 

7111 a a gw mN-i-i.mil> k.i ;W9 r.p r <■■■> j sz , 

45 31 - 0 .’I 9 55 TarKrt T«1. Mnitrs. |.|.:.w ,aiijt 

.ii.ijrr.iuiiiM K> V |s..!,i. k "i M *r*-:wi 1 Islrr 

<i at -C.;) 546 l,irji4i inaiialii:. 1ST) SO’ ■ 373 SV-irm/ 


I >74 |>ii B->3« Itnlndtis lull. 
8K7232241 \KU.U'-i*rtZ 
0 6 6 99 r-\NRI,ii"ik* 2 Q 092 

2 71 ,43? ■ HI NT “11.1 ; |U465 

'21! }° 14 iineineily r-*u«si ui *ji 


413 -0 1 10 

j9b! -o: 10.- 

1 .....i.-.a/ , t f 15 T 16 7 -a? 4 98 Bridge Management Ltd. 

H.'.hlnrn jM6 wSIbs 887 

,l IJ *° 36 3 -0 4) 5 40 . iip|wn Kd.No* 2 |SWI« =**) . II 

TSB l nit Tnists ly 1 Britannia Tsi. Mngmt. |CI» Ltd. 

JI.I ‘..Ihlr A.I. \iuiwi-t llfeitl- OBhlieim MBulhSL.SI. Jlelier. Irr-j-v. ii.VH ~ 

IN-U.n.. I.. it*H ttH'J.I , ... 


69 4 -9 5 
239 -0 7 


Tlir«Viju-i*' Tuwi-.-- Mill r.> .:h HBv> m s-^tvn 
Allsntu ikf M [Si 'J 96 JJ61 , _ 

Au*i hv 1 sr-231 ;td I 

Ul.l K. A. . ] |jr*'9|2 Ujfl 

I* kind 1290 13* lu »0 f. 1) 61 

■ V-ruml'niL-- IlB* Q 200 ll *0 •*) 93 69 


Li 3M Samuel Montagu IMn. Agi* 

I H.i *1.1 Bun., si K> j 

\pnl|.i, .| *.ui I s|'40 30 43 70'-;n| 

i-c ju>i<“4itri ai nKn<¥ 

1 II. ilnupii.. I 4" - 10 3d l|M. 

1 17.i«>r“i>r iii-l « 15 48 5 9BI 

I 0.74 I l“. , -.;tt‘“..N-i 11 KWidK 18 361 


13 7o; - : oi 4 :a 

!4i: 0 79 

iiM-iits’ : jo . 
s "« ) 0 TO 

18 3*1 I .. 


t.-T-r 

-I- 1 ..I . 

• in 1 |i> 

... 1*. 
Tsi; - ...ir 


Till 0 3 B 60 rTlii- l;.m.'> K.I ;W 9 T,cr <■■■> 3 ST 1S7 1 

45 31 -0 51 9 55 Targrt Tsi. Mngrs. |.|,;.v laitjt 

.j ; . ..rt* .i.-iii.M K* V I n- - t.i.i "Jtrr'-iwi 1 l“lt*r StankV ioi 

45 8 J-C.') 5 46 i.itjiHi i.it*n*"lil‘. 137 3 SO: 1 3 73 S', -im./ s»r.iS. »;• J|.,.r 

I ..r^i-i J ii.;ii.i-|iil W 55 »■., . : 442 .1..1 | 1. r 13*. 

95 31 *11:1 3 25 ',474.-1 gisuit* |56 I ISC 64) 


47 1 -05 
60 6 -0 s 
6*5 -06 
67 3 -Ob 
85 9.1 - 1 ? 
93 0 -iJ 


a — > yirrJln- ll-noml nolrd t'dc. 
lit i.raulh ,nxei4 . .135 9 38 81 -1*1 2 00 

-j „ lnlnt.Kc, . . [86 2 93 2 - 771 100 

i.-rset Kncrgi T*.t U78 127 i -IJ 150 


l td. Murray. Johnsionl' 1 Inv. Adi'isen 
l\VH J*l 14 ira.Hopr -t m|.i<.l'uw .2 n4, 1 

-Iliresi I«1 ) ii *43 7* t | 

■1*1 2 00 *.Murra> I und | S' M0 33 | ... . J — 

■ 7 71 100 ::\V mi.il.i-r 71. 


•miareii 
39 7| -0?{ 544 


I'biivI ST-l Sl t - £210 22H-00# 

Illvit IntStfc; T.-1 }t096 0.9S| . | 

1 ' s. Wnllar ItruunMn, ,6s 
I mi -I ST-t. I3I/S525 5531-0 ! 71 

InL Ills'll li.LT-1 .pi “B 97 1 001- nnrj 

I nine Sir. It. 3r.| r|p.i|mi, .'.in. I 


1 00 .-A* m li.iipr 71 . 

1.00 Nop it SLA. 

1L12 Util KuulC'.ird til 11 .il r ii". umtiii'i, f 

•.'.■l tr. . 1 ai.-jhj is , 1 — 

400 Negit Ud. 

I<an, .if h.-rrmii-lii HI1I4 . Il.irr.ili-.n i-'mila 


j. Exempt Tst. 1865 -1110. 

ExtrxTnrOme . 283 305. 

-. FloaiwlaZ.. 68 6 * 65! 

S0n . 75.1 8i; 

fTenenii 514 33 9* 

_ • .iJpCMth An MB 44) 

InromcTO. 8»2 91, 

xM.A'bk Tst.. MSB 1S3J 

Vim; at •.!«. 8) Next sub it 
Recovery (442 47.1 

' Trustee Fund.. .J1135 ' 3223 
WbMde Tsi.. ,.(fa4 52; 


tVA ■ 'ahul Hero, cit — 

-$■* Qtp Wowth Inr 

~5 - J-fJ Cop I'.rowth Arc . 

j!o ?T? Income & .wanx. .. 

-SS HIr* Dicmne FUod 
jm cflQ Ilian incoinc 
iSi cS Cabot Ermine — 
Cabrtriref.li CHt 
Zo5 479 Sector Foods 

-j; 1 , iij Fmaorlal* mJ..— 

. 4W- nil A Nat He*. 

: Nm. 2ft IntemMIMia! 

[-0Jt.58T Wwt-.. -i., : 

—051 528 Intenvitumd — . 
-0 7j 7l2s nrid wiiJcNuca*. ; 


90 7«5 -Ltt 

" r L“ 1 


a.ln FdJne V*3 6674 -051 5 48 Onerscu Funds - 

Ai'cum. [679 - 70 7| —0.6) 5.48 Aurtralt— — I 

ring Brothers A Co. UdV(attt) “1 

LeadcnhaU SL E.CA. 0145882830 N- *<"■ — - - ~ - -I 


INSURANCE AND PROPERTY BONDS 


attonTaL (188 5 . 19S2J -.4. 909 ' 

Accum. P326 2424] .. — j 4 09 

Next nib. day NdV. «. J * wa 


xl?] ABbey Life Assurance Co LIcL Crown I.ife Assurance Co. LM.V Mmris ljfr Assurance 


Jxjbci Exempt. 
Nj\mJExptOcx.2fl.f 


• sbopsgate- Progressive MgmL Cft.* t in) 

54i.opnmte.tLC2 ni^assso s f?^r“ , !- T * UHSr ^; iS 

x.W-lVf 11904 M«« . —I lu 45 Bewh SL EGPMA .. .... 01488 

; ■TK-NVtSJrizSa 241^ ;rJ 335 -.tbiBrilirt Trvst _. M64 .156^1 -1 01 

' ale Ini. Oct aiJlMJl 170.4T \ 2.4S MUlotlTrxwt - ..S'; .- -OiH 

«,m.nVL3l__^77.6 lfi9ffl I 145 'CjUnOwTre*.-- 7i3 7$5 -Uf 

Next Mib. riaj 'Nov-. IT. -How. 14. lb,C>pihUTrvv7 ; • M4 ' -JM ■+^2] 

. tb'FiaanriaJTrunC 86 6 . -92.7a -021 

. idge Fund Managers (ai <0 *bitnr«neTni9t. 250 279n -04 


1-3 SL Pnu 1 '* i.'huir hi and . 374. 

; .._J 380 Mr 6 and AJ 3 

14.0 AlB.ll I 234 Equiu- Aw 3 

" ■:-i ; . Property Fd -504 15 

it Tst-Mgtft-t Ini I To peril Ao. 160 7 U 

.- mjMjul 1 .Ndeilim Fund .9)5 9 

iii riiifl l « U4 *«"WU,il" Fund . 1336 14 

fi* VMoner Kund 174 0 13 


Cl-2'JBPIll 1 Tti«ii l.ltp II-*.- . Wukiiic.1. t.!21 »\W ihWftC S'CO 2>i t Itftnn M. t'.24 -M v 


ju> rise.. King Wimani St, ET4. 0LA2349S1 ^ 


vricdnftC«gi4_' 
Mint*... 

it*, Iimt - 

-Aci-.T- 


2551 ..Ml 
56 Qc 

^ -i 

1520 ..._. 

17.70 

19.7 ... 


1 biSecrmtjr Xros* — (■ 
( WHlchYleldThL.. I! 


iui , n (U »™«VTl.lllii run.1 . UIO 

VMonerKund 174 C 
US 3S2 Vrrop.VaSvr.4 . 1317 

SI 1Z1 VMan. Kd Sor *.. .. 135 0 

97U In? n 9Euuil.vKd.Xor 4 351 
Ini 7 » 4Cotiv K«1 Sor -1 114 0 

i?*- yi I S BMoney KJ Sor 4 11? 0 


Price?, OL i MrL -'ll. N':iIum(uhi narmaUj Tuc 


laid# /akg) ' 

363 15.'Cbn9U^pbnStreot,R.C^. 01-2. 

5.64 Inlet. Inv. Fund.:,. |83 8 . . 905( -OH 6.60 ; 
■ Jt 

453 Key Fnntf Managers Ltd. taKg) 


~ r7iU.Ine.t U53 . 177 J OS _ 

- Aro.t .Gas 19.71 . ...1 453 Key Fund Managers 

- ling mien. IWd. frtmn. Prices Ort. 25. Ml ||, SL.F«V»JE. 

■: ax-sew. i.j. . ^ Rcj Enemy In. Kd_ 178 J 

.: tannla Trust Abmaseomt faXg) - - ”7_ 

; B4 -; 

don EC31SQL. OJ-eSMT&flMTO KorFlxod InLFd-j. 686 . 

"Sti;. — ~|735 -=15.*-pi '«.as SeySlftxll OJaFd- 5fl5A 


Hetnwnrt Benson Unit Managers* 


Albany Life Assurance Co. JAd. 
SI.'UdBuHirwluoSi W I. 01-13 

-4 41-6.60 pKqulh- Kit .V 195 7 20591 .. — 

-Vh'ixoillnt At.-. .. 1414 1481 ... 

Illgl -.- KU MounPii l»-.. 1163 1224 -- 

Ql-ajflTOTO 9lnU.Mun.Kd Arm 110 2 11S.1 .... — 

_n«. VJTDP KlLAcc .. 1129 1187 ... — 

yl .ilr W plolm. Arc 170 2 179 1 _ .. — 

SM KqulIJ'l’cn.Kd. Air. 2355 245.7 — 

Ji'k; Biedl.pen Are . 180.5 189 9 .... — 

• • ITT* iiTdMun.Pi.-n Aro.. 1328 139.7 — 

J( JB "Inti MaJTiFdAr.- . U73 123 4 .... — 

»•* Prop l*on.A. r.. ..125.5 UL2 — 

n . nn u . IfpFe Ini. Pen. Aor.. 2185 2215. .. — 


— Man* if Fund Art J02 B 

... — lluiiC'dKit Inrin. 1W7 

. — - • MAnr'd Fd. Imi . 101 0 

IxjiiiIV Kd Xrr 99 7 

— Kquili Ft I Ini-in.. 931 

... — E.|Ult. F.l 1ml . 91 S 

•- IVunTt}' ftl 95.8 

.. — ,Tur**rlrKd liu-rn.. 95 8 

I ■nijk.-ny Fd. Imi ... M 4 
. .. — Im T*W \rr. . 9B6 

ln< T-il. Kil Inrm. 96 0 
- ' ln< T-J K.Ltpti 97 0 

mill rui-i. FivnlliiLld Ur .594 
Kid. Ini l-'d Ini-m. 99 8 

. InloKI Kd Siv 1317 

)Ad. IntoFI Kd. Im ni... 1117 

flMTT W M'Hioy K.I A'*-. _ 97 5 

° I Muncy Fd Iru-m . . 95 I 

•• I “ 194. Kd ,/irm. . 1015 

• | ' '-■ruw-nHrt. Inv/ \'. .{168 7 


IBS. 2/ -0 ' 
106 S -O.s 
)06 3 -U 
4961- 0 1 
47.8 . 


io?) -o; 
105 1 .. 
104.8 *0 1 
117 5 -9 7 
117 3 -P ! 
1P26 . . 
1001 . 


■-iiji ci >itn :« . J *060" , 

tii.V v IT •*<* 2 . 144 4 !5: 0> 

lip'. AKVp.N.N 2 . 134 J 14] :( 
iH.;’.-\ lit ;.m l 135 8 WJ 
up'. \ Mai. N"i 153-5 Ulg 

■ •p.VA'HoiA V* 2 1235 UOfl 

London Indemnify JL 'ini. Inv. Co. Ud. 
J.iai.Tlu' Korl'in? KcSi'lin. I 

Mum- Man ;. -it |33 J 35 21 I - 

MU IU-mI.'o . B4B 3)4 f.l 

,i*»IJiiIiT»~i [34 4 3h3l 0'.| . 

The London Si Manckesli-r Ass. ,ip.9 
Win. dixie Park. Oiler. ut.O ifl.V. 

* '.ip •jn’iolh ,'unil I 2363 I I 
♦Mm Kvimpl Fd I J4D 0 . Hi — 


Capital Internal lonal S.A. 

r _ . --- ^ ;iT rue Nun* Liane. 1 ji\CRiliour£. 

B I'l.pnar Im KuiuL | SUSlaiB [. J — 

1/0 For Centra) Assets Mngl. Ud see 
under Keyser I'll man Ltd. 

" Charterboose Japhel 

Itpyal Insurance Croup I.PMeram-terKon.EiU m .MaaSPn 

*.e» II. ill 1*1. m- I I'.-rih-il. iiMirrr-WZ? Adi pupa .. HM34BB 32.4M-0WI 4.72 

It**; .'.I SIim-M Kd [144 2 15251.. | - A-H'fbu I*HB18 nS-020 4.40 

Fundnh- ...... U6022B 3)901*010 -4.90 

Sate & Prosper flroupV ^..ndi-... . .. irnaa zLS-^ jo 520 

•1 -.1 M II. l.-n' |j»dn . KC3P:ik'P III mas 3301 .. . — 


ITiur Bl T.vn I >c*-l dr mine T-»e H 

Richmond Life A vs Lid. 

48 ith.il vireei. I 'oiii'lu-.l.ti 31 nfir-i^iSIO 
■ \ 'The Si h tr Tru«i 1106 1133 -0 71 - 

RirhnMndiulHd. 117 4 1 23 6 - 

IK. Plnltn-jmHil 162 6 171 2 - 6)1 - 

rm. Idxmiviil BO 92.4 JM 4 j- 

[•o.Fm Ini-i.imrlMl .. 165 4 1741 —0.71 1155 


4.72 Rothschild Asset Management if'.U 

4.40 (• 1 1. Bov 5R SI Juliunv) T ijiium^v. 0481 2CH.1I 


>*:■■ Im l >1 
Krtnu-r'- KM ' 
i.ihK.i 
I k*|*i* ii >.H 
i inni> I'-u . Kd i* 
Kiu.lilH- I .1 

I'r.ip ■•.•ll- | .{ • 

Kil 

lfc-|«r. I V-ll . | .1 I 


1295 13711 

1*04 1 69 8 

1233 1291 

125 5 1322 

Mi* 210 6 2217 

I.I 1832 143.4 

.!• 232 8 245.7 

I . 448 998 

I 'I ( 101 6 1078 

I'ni'i-. un urinher 24. 
tuY-ckh >k-aline>. 


!. 42 


I-I'.-mMv hand ...I 
Crusader Insurance Co. Ltd. Jn> TnuaKun.1. -I 

V ..«H4ll« W n , To*mrl1 1 E.AI 01-CTHOI ^.TT^l'lKd I 
tith. top., 1735 0.2). - ! - „ &n Gnapr 


tHh. Prop. Ud.i.. . |735 B3.2J . . ! — 

Eagle Star Insur/Midland Assnr. 
l.ThrcadTK-cdk-SL W’i I>ismi2 

huJlcMid. I'nll*. * 152.3 53 31 -0.1| 6) 


Srhroder Life firoupV 

K.Mcrpn-*.- 1 li«v, 1V.rL»f>xiu,h. 
KT|u:l •• I 239 6 

n«uiH4 . 221 9 23; 

K’JaivI I nl 4 .138 4 14! 

M mwiH a il4 134 1 141 

Miti ;. 4 „ .1M4 11! 

iH.T*.:r.4 . 862 9t 

TTnperlv J 161 9 17( 


13711-05 .- "'•Pan" I1FM227 ««| . ) 274 

i69 8( - - Clive Investments (Jersey) l.ld. 

- ■ ■ I 1 1 1. Box real SL Holier. Icrtvy. IWM a73C( . 
“ I'liiciiiliK'd ii' l.i 1978 9 B0] . . |11.00 

-2 2 II niiCiill K-l I.ln>- ■ 1967 9 69) . ,| 1LO0 

C'ornhill Inv. (Guernsey, Ud. 

P ii Br>\ II7T. SI IWrr l*orl. liurmwi- 
Inlnl Mnn K.I . |171 0 I86 0] -6 5j -- 

OH'S Deutsche tics. F. Wertpapiersp 
i.runel hits wee ll:,. HlUl KninMnn 
imiMrrru • • U'«u» 4«ooM.io) - 

Della Group 

— *“ I'.ti Hn ; . HPIC, N.-L-xan Kflliamns. 

Z )*llelnv a. . |si 'J-L44 1 561 | — 

— Deulscher Investment-Trust 


ja ■, i Eq Kr i.W 81 53 4 Mbd 2S 

520 inrKd \... I 153 7 1635.1 7]i 

Vli *> 'MnU Kd, 31 29 137 121 

I */« <ji.2in*.\i'.irt.3l. .1401 148 5 . 3 41 

l.ld. n.i- I ommodll'.-' 144 4 1536 4 21 

UVU-ITW, H '" Wr ' umdn I 529 33 30 88 Ob! 

-Priee^ on iiri r!e\t dealinc 14 
I H-JH trnues "Hi I^-I 2:1 ?;ovl ik-nlinc N'« T, 


Rothschild Asset MngL (Bermuda i 
!*>■. Hus 6B4 Kk. ul Henmids . KennudB. 
Ri-vni- KilUl.SU S «n | - 

l*nn; i-n '.s i. bl Vex, dr.ilim; No* 7 

Royal Trust iCii FfL Mgt. Ltd. 

re Br.v 1M.Hi«nlT.-x il^i.Jrrvjv ,lS.«U744l 
U.T. Inl'IKU 1M';*446 JO ITT .1 3 00 

HT IiiI'I.xIm i Kd. (BOO 86 ii] , | 321 

Prices nl i *ni .1, Sell ilr.-iliua Nr*. 7 

Save & Prosper International 


'ovxrai-h 388S H(eborca»«-H-lij8l*Jii trankfurt. lwalinc ,r> 


» Income— _ 
Haw .. --- 

Y&m e rol .—■. 

HiwiWIi 

Tp» on Grnwh 

PF% 

High Inc - 

■ _ l»xuc — 

. "" . BAmanean-. 

?. , .- • ..emioiul 

k sad :-^tysbaxM*_ 



/ Energy 


S so. F«icbuiTii a., lie: 3. . 

■ 742 . K-B.t'nd Fd.!Bt_tI7.7 
96J*KJB. L'nllKd-Ar^- 
' 3. CO KBFd.Jnv T«s_ 

4:72 JC RFcLln T*,Acc 
3 30 latSndxCMFdJnc 
. 391 KBAMlOoe. Fd-Ace 
,845 HjghYM.ra.inc. 

'23* Elgh Aid Fd. Act 


41 = 


AMEV Life Assurance Lld.f 

Alnm Hsc.. Almn ltd.. Rngate Keixate4fll9L 


— A*EV Mnnaccd-. . 

f-Jf -AMEV Mgil *U*. ... 

:*■■ ■ IS AjfflV.I'unvj-ra- 
AMEVEqiijnr Kd... 

- " *. AMEV Ftxefllnt .. 

azl ^JHEVPropiK-d.. .. 
ASKVMed.Pen.FM 


J.ThrcadnocdfvbL. Wi HI SW I2JU An«r nj |.Kd Kd." 145 0 

KiiiMc-Mid. I'nll*. -|S2.3 53 31 — 0.1| 628 i m. IKwnI' 1203 

Equity St Law Life Ass. Soc. Ltd.¥ R?' vSi'iaKTa.i-Z §5 4 
Amervham Rond. H I K'h Wycombe iMfu 33377 “Jmx 

fas.!!. -BBS AM -I - •‘aftStS* . !Sf 


Property Kd ...... 1123 118 

K lived Jnlenwl K. 708 3 113 

•IUI. Lirva-it Fd... 100 7 106 
Mi*ed hiL 1121 118 


'riin-eVfu^ ^werK.iitg-.uiia^ <>uui4.V« kAM.MI rt. 1 1T1 7 
.\i»«rn joK'd Ud.* [45 0 J 7 3| . . -■ -JH?2 

• 'rot 1 leper. 1 C . — 120 1 12*2 '' ^ 'Hfes 

Eomi? Kond”. ...137 4 144 3 . . _ Mntd. vn 1 Mp K . 209 0 

F.% Vli'l.lKM B'l *... 065 90.9 .. -. Mned IVr .V ■■ If K1 3 

Knnul;. ITWr-.. _ 1662 ■- K nt (' *i n. ' np A 

Kxunily RI4K** . .1916 . . [' I'll Ken Vr JHSO 

• •ill H«hm(*-” .1071 112 5 -4 4 ._ M-nu> Vn 1 ,-ip. K 57 0 

Ji'i-m:.t:il 121 2 1064 . W H 98, 

.'□pan l-d Bd • . tt03 6)4. J^4» }T" • «P « 106 9 

Manuurd fill _ Il40* 1473 -2 3 -- JTu,. Pen A.-r 1J. 108 7 

-56 ■ - 
173 £ . 

727 


I ~ 7i.tern:.t:il K.«id”.I131 2 

••( — .'apan I d »d ■ . *603 

— • ~ Manmrd Kd — _ l«j* 

■ -4 — jy.* Hendun— -12399 
r* lid* ITepenjlbl-- . 1654 

Hecwen Kd hi* W2 


-0 6 36T L& C Unit Trust Management Ltd.? 6 

8.70 The Slock Ecbange, EXJ3N I KP 01 588 2890 F tempi on. 983 

In a LfcTlnr Fd.._;.-n*13 145.71 -4J] ft 16 AMEV/Fnmllnglon 

I?S lAClnUfcCenFd.ha* IClil-Sdl 2.06 AmertS^ZrzTlMS 


; British LUe "Office Ltd.V fa) 


IanvBOo Sccs. LkLf (aKc> 

4io LW. irfwWsJit., tendon »:4K IHV. ni-*23$5aBI 

2.69 Stlaw. Krtarioln (39 2 42.2-121 5.98 

' dttftcCHnx Units,— ..n4 7 483-1.11 5^0 

I'.' *f»row(li Pllnd... . .|5T2 61.W ... 269 


Income ...._ 
bit. Growth 


IizrrlS; 

lb |B4J 


z 


General Portfolio Ufe Ins. C. Ltd.* K.Vhi* \w\* ^7) ' | 

AI Bariliulomewi.Y. W allham i.'pcts. WX31ST7I |-ncv^ un 'Nuv. 1. —Nr* 2. —CM :,. 

rortjSliCr^txr ..{42.4 laBJ 44 6| Zl! — Merchant Investors Assn rar.ceV 

Pm.hM.nr. |.a IwnH- .33HichSt.«.Wdoo. i»«B' 

Gresham L»Te Ass. Soc. Ud. Pr®j*«v . | 1597 1 -* 1 si . 

2 fTinv-e rt Wales Rit. B /umilh 0202 767855 Property fVns .. j 1694 1 S Ul • 


rortioiior-apum ..142.4 44 6| J — mercoant mie 

Gresham Life Ass. Soc. Ud. Lwjrilw-.MHm 1 

2 (Tinv-e rt Wales Hit. K muulh 0202 767855 Property fVns .. 


" 5t 1 ■ Scottish Widows’ Greu? 

I I )M !«oxS02. K.linl.un;h EH 16 SHI' CCIflSSf 
■1,1 :i. ]jy.3 1897-11 , 

. f - In-. l*l).Keri > >2 . 784 1 ‘3 * -ll - 

■ter liu *1 1 ,-v»l. Nov A. 4»B 103144 1 - 

IIIABMMI71 F H.\«UUI ..U12 14*1-4 2 - 

il u . Ii- I Lin.- *x-l:i| .. 174.6 1914 -■ 2 _ 

, inf .. Mat. Pi*n *J.s I . 2663 2C-3-5 5 - 


i 'on.-ontra . ..IUM7MI Z21| . . J _ 37 brood St M. Kelier. Jerw>y 

Ini. Rcnlentonrls .. |l«6790 7030] -M7J2C9 — I 'X DrtUrAkrnondnalod Fund* 

,nv - Fd * JSSJSttlS-V*::K bt 

PH Km N37I" Nauau. Bahama v. FarEartern*: . M81 603 

NAVUrL.41 IHiUSJi Ul 3| ... J — North A n»ri ran*;. 3 70 40 

Emson & Dudley TsLMgLJrsy.Ud. y?. r< *. . ^ 173 

Im 73. SL Holier. Jersey. «KM 2U501 mf? * 243 

Kl'I ' T. .. 11243 1322| | 300 rhSSSl Ww35* i47 0 15a 

The English Association JfmEi’r* in? 

4 rore Street. U.H. 01-iV«70Bl Sc FixST—;" .. 1068 112.9 


37 Breed St St. Hclier. J ervrj* 

,'X Do,UrOnK>ndn*lnl Fund* 
Dir. Kxd. InL **;.... |9 21 9 79 

llKOTIllll Gr.t . .. 8.08 8 74 

FarEanent*; . 55 81 6034 

North Amcriran*; . 3 70 4 0D 

.sepni-t 1582 1729 


053JO1571 
■ ! 735. 


ilns. Y«>. Slerlinc* |£50 49 50 50) 

WnrtuDie Cm Fd*’l0158 12 05^ . . 

■Nett dealinv No.. & *'Ne\x dealing r 

Eurojoad Holdings N.V. 

Ilandelstade 24. WI I lenwlait. I 'unan 


■Price* on Ort it 


1470 154 8 -I 7 

1M4 145 E *1 I 

100 9 101 0 -Mil 

.. 106 8 112.9m 


ScKSafeiftBS S 8 Z ".1 

irilifh Ule mi KM-0.4J 5 90 lAumtictm FM. _ ...203 22.4.... 

Sla -’i a'u RAcCiimynitsi: 115 23.2 . J 

rtildend-—.- W32 , ... Deal. *5iruu *Tuei TtWed.lTtiur 


-Far Arrow Ufe .lautiaw w 
PrwUnce mpllol Life Assurance 


. .-Prices 0O.3L West dealing No*. 8. 
— .iwn Shipley & Co. Udf 

rs . Founders CUEC3 .- '• 01-0001 

'niUQct.9).., ffl3.ll 2355) - • 

CC.7Ort.80 ,2783 2983) I .-4 


... Dfitf. ttlru. 

Legal A General Tyndall Fan# 


01-000 SMO 
• 4 Jl 

. 471 


inir Tnrte u) (« 

— uiclft] — W3.9 

'ShtaSkT lK4 2, Duke SV.U*ulon WIM 6)1'. OlAflflSSB 

:&iE2-g* 3^ -I^ lit Egga-i : — m sazgH 2S 

1 Income _,^./U91 ■ 317 -01 97h L *" Awu “ »—mA 89 91-031. 4.40 

Irzr “Ztes ^o loi a S »tUmt Tst. Mhgrs. Lid.? (a) 

-wS TI"' ~~ P74 . 18J -02 122. Resirtrar * Lei*.. Cori nfi-ftr-Sea, 

urmance_ iBL8 - -' 602* — Ll «52 Worthina.Wwt 8uca». U1-U33 I28f 

>i-er> L^ U* - 727 -Oi 6.12 Balanced '..-..M94 53.1** -03 «81 

.ltp4.Ort.10 -1622 *41 457 Do 1 Arrant.) M3 74.4 -0J 4.B 

■ ^ ■- ' ' Worldwide G wUl_. 521 360 -0 k 239 

tada Life Unit Tst. ffuigra. Ltd.? no , Accum 1 65.6 705 -0.7 239 

Ugh St, Porters Bar. Herts. . P Bnr51132 hico we. ^— — - B24 8B5n -D.7 6^ 

GenDiTl: — — 137Z > 3UI -03] 4A1 ftL^J22*l -r S*, 4 HSIlni 


_ 18-CnnyngeBood. BrlatoL C 

[632 - 66*..* 

J* (Accum Unity t |K 0 8*4- . 

■ 1 r._ Nest sub. dm, November 15. 

4.66 Leonine Adnaniatration Ltd. 


JjJ Barclays Life Assnr. to. Ltd. 

050 252 Humford Rrt. E7. Ul 

Barctayhandr* D2B1 1349) .. 

Euolty Et7 122 « — 0 

'Tlh-edced- hoB3 114 ll .... 


021232241 Property-. 110 1 

:"j is assfe=!tf« 

J5 ' 997 5 

I Du. Initial —962 




1399 .. . 
1229 -0. 
1141 .... 
115.9 . 
915^1: 
114 7 -0J 

105. t 

1850 .. 

1813 

1021 .... 


-Ort — r.J» Cash Fund .. 1985 18X7^.,. -■ »9«My, 

1 J.L. Equi>> Fund.. . 106.4 112 n|. - EriuityJ^t. 

. __ ill. lilk Fund . ... 1126 1189 ... . — Money Murlu.1 . 

u rL, il I. Inti. Fund . 1024 1073.. .1 -- Money Mkt IVn- 

urance U L. KpR Fund . .. 983 1039... -- Itepmll 

liep.-rotl'en. . 

j Growth & Sec. Life Ass. Soc. Ud.? Manager, 

in tusru Wr Brok.BfProo-Tbmnm. Berts 0fi»3«2M 
UI-SU3B44 mexiWe Rtmare-) H506 ... I -- nS i^S“ 

.. J — UndhankSc-y 54.1J J I m, Mmiku! 

-07| _ lAndiMuife Sen .\er 1167 1X9.3 I - JS Pew 

— G AS. Super Fd. . | 17.985 "....} - JZ,.!' . 


fctlftii *jnti: laid. 15 nhrirtovhrr St . KC3. 
Solar Life Assurance Limited ^ *fj\v 
1I.12KIV Pb^Du.d.-, e.,;xnstt oi3A22805 f & c Mgnu. Ud. Inv. Advisers 

h'.lar Mao.tai'l "* 1127.0 133.71 -03f -- ,, .. __ , 

srt.ir Kr.»|»-rt>-s 0144 120.5] I 2Laurgi':el , ./untiiey HiU. — iBOB.V. 


On Pens. 

Inc, Manncei 
Im Pew... 


Ho Pew,. .|100 3 
NEL Pensions Ud. 

Milton I .nr, [^.rkiru: 'lufTCy 

Nelex Eq. fay 184 5 I 


384- —0.2 
. 3L7 -01 
20.7- -0J 
250 -OJ 
18J -02 
r M2a -Ll 
XU -02 


£r£l "2 il i S I Money Fcna. Arc". -103 1 
89 9, —051. 9.90 | Do. Initial ... 98.4 


Guardian Royal Exchange Milton • ««irt D-.rkiriL 

ili^al Ert-hancr. E«’8 0130.197 NelrtEq.Ciiy 84 5 

Property Uoim 6> — 1189 8 197 7] J — NiHraEq. Afrum 114 2 

Hambro Life Assurance Limited? Nrt" M M^ ,a \u. ul 

7 Old Park I Any. I onil'jn. W 1 0MWU031 Nelev '..th Inr i*.'i,. 512 


>«lar Fa, in, 1 K 
Sn, nr , Im.S 
xUarl'.rtliS ... 
Sul.irlntl 9 
sul.ir Mui.-'C->I P 
M.Ur ITnf«;n*-P 
Si-I.tr Kquii; r 
M'lar K\.l I11L I* 
Si.ljri a..,. I' 
Srtiarlnil ,■ 


us Ncn-.-w. Sc hies in per Internationa) Mngt. Ltd. 

41. IjMoUr.VL.FL llrlicr.Jenn- (WM7X4W. 
wan SAIL- - - - |73 76 945 

writ KX2 S.VUl... . 0.83 0 88 . . 511* 

irrm.KAZ. t;iUKA . . 223 225. 12^2 

■oflo", In, I Fd Jersey _ 93 99 371 

f. Inlnl Kd l.rrnbrq. S1-<10«1 TJc9 

dvisers ■ Far Ear, Fund 102 10B) 2 78 

OB V. *Ne\l sub. »lnv r.mcinher f. 


120.7 +0.2 

171.8 -0 8 
1214 -0 3 
108.3 . 

94.7 -0 Z 


■Current units value Nor. ft 


Beehive Life Assnr. Co. Lid.? 

-031 481) Tl.UmUrdSUBra. 01-63 1288 

i'S BHc.HoiaaNm-.Xu.l -.132.08 | ..._] — 


3en. Arcum 465 

ac. DUS S3 0 

DC. A cram — _(443 


Do ' Ac cum 1 t 

M 782 SSSmSul” “ h» «t| 7B9 gJJgjjiggfSgjfy 

7 ** Lloyd's Life Unit Tst. Magrs. Ltd. 


-0 6 239 ' 

-0.7 239 

-o.J sn Canada Life Assurance Co. 

■*’ 622 "jl 1,l,h « Ml—. Bu n«M, I 


Kited Int. C*efi. - 127 4 

Equity . . 179 9 

Property-. 1783 

Managed Tap .... 1427 

.Managed Aci 1771 

Oicncas 1215 

CiREdpra. . . . 125 9 

Amerli-nn \c*. 87 9 

Ben. F.l Dt.-p.rap , 1298 
f’eiiJ-'l tepAir .. 153 3 
Pen. I Top. 1 - ap . 21L5 

Pen. Prop. Acc. - . 275 7 


Nek-. Hlhlnr In- 53 I 
NelM'.l Hup. 49 4 
Net Mill KM .V .- 50 S 


Sun Alliance Fund Mangmt. Ltd. 

Sun Mli.inrell'HrC I lor- ham. (HU36I 
Ftp FrLInl > ■(! II..IL1532 16151 .1 ■ 

InlRnijrr :tl £1192 . - 


n. _ i‘l 40 40RQ - . . 

4)2 *.— irtiLKrt.NiH-.r.. .| SUA532 |-0JJ[ - senroder 

- Fidelity Mgmt. A Res. (Ed a., Ltd. F.nterpr,«el 

3 Pll. Box 870. Hamit, on. Bermurta. rriTui^*° ,,H 

.0.2 - Fidelity Am. Me .. SUS2210 I I - „ ’ 

r . R»!."iW d Si:|5 H :: 

- Fidelity WTld Fit SUS1C 12 |-013l • fStoSwted 

~ Fidelity MgmL Research i Jersey i Ltd. SManoge-J . 

. Ltd. Waterloo Hue, Duu£f..KL Heller. Jersey. » u. „ r 

mm 64 14] *34 27561 ■»* Mcn • 

. I .. serinAiIntnl > .1059 I-0 02J — 72U iTieaprt 

I _ Scne:-B'PiR-lfl>:.. LL9.73 1 — »'hcapSN'»»- 

_ . . Sen»t)iAm A»i 813.97 I .1 — Tnalalaar So 


Schroder Life Group 

Enterprise lluusc. Port-unomh. n~M< jTiT.l 

Inirrnat tonal K'nndt- 

.cequiiv . . . (loti urn. — 

$ Equity 141 0 150 0 — 

£Ki tori I merest 138 8 147 6 — 

5Ki\c1 1nlej«l. 105 0 1117 — - 

£ Manna art .123 2 1310 — 

SManoge-J . 122 7 130.5 . — 

J. Henn- Schroder Wagg & Co. Ud. 


. Mexl sul.. .L-o Ninemher » Kipnly Khn.l 1251 13) 71 -1 11 - 

NFI Pensions Management Ltd. g jwtlnn .TW4j-J 105 6 iu.2 J — 

. . r~ tlll _ Pn-ncrty Knnd ...1161 1223 +01 — 

s8.i.r.VrrhiirrhSi_K* IPJMI III . £=14.110 ] n icrT«.!irvr.al Kd. 97 9 103 1 -O.rt _ 

Mnnntcri Kun.1 11553 1612) I - ■ Drawn 1 ind 98 5 103 7 . I — 

iTim Me I. ^v.l draline Tier I M.maccd Fi.nd 1099 ll57 — 0 5f -- 

New Zealand Ins. Co. <C.K,» Lid.? Sen Life of Canada tl'.K.) Ltd. 
MaitlandH<Mv-.S-iU'CndSSI2IS OTrCELFo “3 A.i'.^k'-purSl .SWIYAHH 01 


Sun Alliance Linked Lite Ins. Ltd. yifcing Commodity Trusts 

Sun \IIiani e Hnu ■+'. Iluryhwn 04«J«I4l , c ,,. „ 


12U iTieiipddC. E.i’2 
♦'heaps Km- 'i. I 
Tnaialuar Sept .W 1 
V-i^n Kd ■ let. TO. n 


DurllnaKil *i«i 


SKK1145 
SUS137 08 

Jli-Klg J3J 


Iflj 7J9| lbBh SL Pettero Bar. Herts. PBar 51I2S Pn»ilMan.t'«p_ 


n|.5H84rtw 
1-0 121 2 53 


8. St . Oeorce'n SI.. Dmiclas. 1 u.M Japan F.L Nut. 2 plU*8» 95#] I 

0«24 4682. l+ln. A CD DunLar ft Co. Ud. 

sa. Pall Mall. 1 -ondon swn 5JH DMKinTSiT Scnlr}' Assurance Internal ionai 

MVLmi'hlB Tit lu a 66 oi 1 4 50 8"' SH. HnwlllMl HwilUlU 

KWVk.Dhl.OpTn .1638 660( I 4 50 stmMf y unrt . . KW b UJg | 


i .... [ — Pen Mnn. Arc 275 7 

I [ — Pen railEdc Cap . . 1218 


■ cm Hour, NwwIlB^pni-Tlise. 21)65 fAeeom.lTnltsik.-_. 456 

kAl IUI . 6JI4M r SOS Aurtralarijtn 525 

■\Mum'nSu 1 &7 ' - Sm lAceutn. tlptU) — 536 57.1 +0.4 

Acc tun Umts-IBI.7 . wjq w 77 a ftj.d -03 

High Yiold 1413 - 44Dsd 8.77 fAcciuu VolUt-4— 85.1 90.6 -0.4 

Vceum. Units. JS3 9 56« J ft 77 (Wnpaand Drouth. UL1 1205 +0.1 

Next deniing date November, j. • - Com end on Growth (A 6 68 3 +0.9 

Hrities Official Invest, m ^ ™ 

Sodon W6JI.EC2N U>B. 01-IS8B18I3. ,Aecoin.iJnlLs.__I. 2266 2480+0.1 

•me Oct 17 037.18 — T I 681 Encumn 504 537 +OJ 

un Ort 17. (27247 — | fAemm. Unlta) 51.5 54.9 ... 

iBUlh. Otily available, to Res. CtunUM. Extra Yield .86.1 917s -a 2 

Chaneriwue Japbet see James PUllajr i figiag p— £i* ^ ^6 

eftain -Trust Managers Ud.? faKg) .‘tenBI ’ 665 

eW5L-EC2K4,TP ' " 0I 283ZB32 i Artum. Unite)' [74.9 813 +0.1 

■ri ran ^_(fiil9.4 2LM.-0^ ' 1.93 GeMral Q6&6 »?6 +0.7 


Equity Unilx_— [£17.11 — -a HI — 

Property undo. 00.45 ■- ..... — 

Equity fim**Exec_ 0138 1204-006 — 

Prm Bond/Exae £13.75 34 53 . .. — 

Bol. W .’RwVUdt. 0334 34 12 -0 03 — 

TiepwiU Bond 113.1 119i7 .... — 

Equity Acram ___ 177 — -1 — 

,*ropetlyAcrum._. Q32T — , — 


Q c.AcranL.„(«4j UdjA's Life Unit Tst. Magrs- Ltd. w j2S 

«1 (James) MngL Ltd.? - - 7a40.G*ustHAi*eiut.A)iesiaiiy. 029B5M1 Cannon Assarance Ltd.? S5 S.'b.s..a?c‘“‘ 1463 

> W Broad SL . EC 2 NU 34 .0 L -8880 M 0 Eqtutj - Accum . .^[1598 16 ft 2 j | 400 i . oijru ^ cWy^WemhlcyHASONB 01 ftOf 8 S 78 ' I * 1 ' ' ' J 

U1 W’ "4 - ,5® H * G Gnupv nu Brno Unit. 1a7.11 _ l-aia - ■ ' 

uoiu.iira.atn.ud.v wu -™ , * hI ” - 

•urn Haase. Newcartlroopm-Tyne. 21)85 fAceom ITnltsik *5 6 S'3 TSo 

tot . 166.4 489« _..4 *08 jSSHfthffm - nl g-3 Si 
Accum OniLi.-ia? . c. «3 ...,lT 4M gS ^3 


KiwK*yl«r Has 158 5 
•Small iV.> K»l . .«1 
Tc-liiiolufcv til . 1 Of 2 
Extra I n- K il 92 0 

E'lrnln-- !*j>-l Kd 950 
American Fd - .93 4 

Far Earn Kd . lid 3 
HillErired Kd . . JG5 3 
• Lin. Lvppdt K»l . 98 2 


1634, . 

991 -1 D 

mi —o.b - - 

968 -09 . . 

300.0 _ 

98.4 +1 8 — 
1224 +88 — 

110.8 .. 

303.4 ... - - 


Mned. Aocura,. 

^nd Equity (26 

and Property. 1876 

2nd Managed 589 

2nd PepoMt : 983 

2ndCitL 910 

2nd. Americas — .. 73.4 
2nd Eq. PonaJAcc. . 961 
rndPraPenwAct- 112.7 
2nd Med. PatuJAcc 10Z6 
2nd Dep-ProWAcc. 161 B 
2nd CUt Pen; Arc. 9L6 
2nd Anv PeosVAcc. 75 9 
L&-ES.I.F... ... _. 383 
E6ESLF.2 1. Z75 


■' latlEriced Krt _ .ness . u».s ,. I — Kiwlu- 

Hearts of Oak Benefit .Society • un. L+podt km . |98 2 103.41 ...1 .. Fundin' 

Ii 17. Tan iKtuck Mace. WV1HBSN 01-387 suu Norwich t'nion Insurance Group? SS. ***• ~ 
Henru-nt i«k — . P7.7 39? .. . | — PO Box Nnrwira Nil ' JNU. iMOSMI 1+^. ! it. inn I. '. 

Hill Samuel Life A ssur. Lid.? Maiweroi Fuiri £]? ■> 2??S"13 — \P£/P. U m-i 

. - N „ m-rasa-Kt: Equity Fund . W7 8 3619,-^81 — Hint InL Kd. Ii. 

NLATwr .Addi««iinliCRd,i ivj. 01^8G43&5 ]+ijperty I-und .132 9 140? . j _ l+p.l-.l In. 


.Maple, J tirth . . 2913 J .. 

Maple U. Manrd 125.3 I .. . 

•Mat ill- 1 J Eo:« 130 7 

lv-r^nl I'n Ki* 206 b I .. 

Target l.ifc Assurance Co. Ltd. 
Tnrtct Ilmtr. I i+,ehousc Kr! Ijrlechunr 


At It-buri irtSBiKMl ljOTi1on A Vor 


KM Vk.Dhl.OpTH |63 8 66 0{ I 4K 

Fleming Japan Fund S.A. 

37. rue Notrc-Dame. laixembriurK 
FlemneNm.:, t SHS70J1 1+2661 - 
Free World Fund Ltd. 

Butterfield BMr. Hamilton. Bermuda. 

N.i V Sept 2» | Sl'Kl 96.25 | .. . .1 — 

G.T. Management Ltd. 

Park Use.. 10 Mwhuiy i.'trcus, Ixmdon EC2 
Tel 0IJE8 8131. TLX* 888100 


Ttran — Irtil9.4 '2LV.-0 

■ Irtcomo 4L5 .443* -0 

rnatianalTst... uQ34 . 251 . 
c name. Trf 262 .28! -ft 

i Growth To--. 23.1 24 9 .. . 


lewnd 168.6 

936 lAccutn. Gnltsli 262 3 279 3 

282 High Income ... .1064 ilia 

4*0 - lAeC'im t.*n,Ui 1791 190 .71 

733 Japan- .. - I7V8 190.H 

IArurl linllM 1803 1923 


- 'federation Funds MgC Ltd.? <a) Mmunnn 
' uncerv Lao*. Wi2AJHE OI-24S02B2 
' .'.rth fund...... .{44.7. 4691 ......! W.SStBtl"'' 


91.7* -0 2 
1261 -0.2 
651 +L8 
719 +20 
665 +0.1 
813 +o.: 
179 6 +07 


98.0 +j.7 — 

113.5 .... — 

104 7 -03 — 

lOM . . — 

96J . . — 

77.7 -6 4 — 
Utl -0.7 — 
11.3 .. . — 

1 B &6 -0 J — 


46.91 .......J 4.08 (AmiRLUiUUi S89! 

mopolltan Fond Managers. - JS5SSfe3Si“7- w* 

wt Street. bondcm-SW IX 0123fcBfas.SecroidG*ii. 174 5 

■ wpofn GUi.Fd. 117 9 1931 . ..J 5fe fAccum. Unliai 265-1 

, trotne FtL. .. .(4ft6 3LM *^fl TS32 SmaflerLoa 167 1 

(Accum. limlfj _ -1212.5 

"IgBMfent Unit TsL Mgre. Ltd.. specialised funds 
- ^oiter Lane. EtZTVfikH. 01 -GW 8282 Trustee. . ..'.-11473 
Wc*nC_ — (45.9 499J-01J 9.5C- tiUxdn.VnltM_.n03, 

h American ,H6.8 50 S +0 91 — ChanbondOct.31... 1 

EiSSlfiStoc:!®:? smUJ in rnwiid.^ai..-. 1U, 


2092 224.9 

264 0 2*3 a 

182.6 194 5fl 

3897 5398 

866 923 


+oe 

-0 3 
-05 
+1.5 U* 
+ 1.5 234 

+16 446 

+ &0 „ 
+0.7 682 

+1 1 6*2 
-04 4 06 

-0.3 406 


Current. valve Not. X 


Capital Ufe Assurance? 

iirnidM IlniKrtutd Aih Win ooo^avni 

iaJI Km-lnvese-Kd. . .[ 105 03 I { — 

522 FMrtmak«rIiiv>'d.. 107.41 ..... — 


f Property L niu .... 1623 
Property Sene* .3 . 105 6 
Alunagod Hnii*. .1617 
.MananedKene* 4. ®.4 
Umawl Scrlc. C . 91 9 
Money I tolls.. ..122 7 
Money .Son n- A ...991 
Flvcdlni Ser..\.... 926 
ICqufty Series 3 .912 

Pn*. Manafied i>p . 141 1 
Pm. MBiiwetd Art. 158 9 

!*nfc.,"tecri.Cap 307.2 

Vn». vetoed. Arc . . U4.7 
.Pens. Equity i '.ip _. 180 1 
PW Equity Ai r 101 9 

PiraFxriNnt.Cap ."4 

Pn* FxilJnt An- 97 1 

1V«.', Prrir. 1'^.p ..96 7 

BroiPnin V.v ,|98 4 


170 * *1.1 . - 
Hid +0 5 — 

1705-06 — 

looa+o* — 

9681 +02 — 

129 S _ 

104V . .. — 

9751... - 

9611 +0 1 - 
laay ... _ 

158 9 — — 

112 9) .... ~ 

120.71 _.. _ 

105.4 — 

1D73I .. . — 

1M5) „. _ 

302.21 . ... - 

1019 

Mifl 


Kiverl In, Fund . 
lepmlKuniJ 
Nur. Hnll'Kl. If- 


1519 1599-04 _ 

107 9 1135 +0 1 — 

2206 ._ . — 


Phoenix Assurance Co. Ltd. 

4-3 Kim: Wilburn * K'.MP+nS 01ft»r«77i 
WcmKIiAsi. . |110 3 11621 ... | -- 

Eb'r Wi(* . M2 . - 

EbV rhJqE . |79 7 83 91 . J — 

Prop. Fruity & Ufe Ass. Co.? 

1 19. i.'rowf.jrd Mrro i.V.'IH 5 vs. u , -wv> r«. 

HSUPtupM. [ 185 9 I .. I _ 

1>" Equi1< B.1 767 I .... I 

Flex M.uiei' Bd ! 150 2 I I — 


-1 W — Prop KM Im . 1)1 0 

—28 — H\ert IiiL K'd. In*- 100 7 

— 1+p.F.I In. 96* 

-04 _ llnf Plan A'- Cep 734 

+0 ! — hut I’lairi'np fun 60 7 

— - — Mar. l*en.F.| Arc .1241 

3, on I An K.I i ‘up . 112 7 
■ •■IL P.-u K'd .1318 

01-SWr«776 i Hit l*cn Kd i.'bd -- 1230 
i .. Prop Pun Kd \» r. 1554 

'"I ITi*,. iv-n K-I.i ap . 154 5 

. j i.'uar IVn K'd (>-r . 96.5 

• lui.r SAm Fd i'iip W>0 
0.? I' (vn I'd .A. r . ?J5 

<■ l -u>. ,«.? 1 1 A Pen K.I • "ftp . 96 0 


96.0 101 0 

1187 12iq 
112 9 UL» 

144 0 

mo 


Anchor 'B'l.nlU. ..Bl'SlI 
Aneliortiltt Eilce E9J5 

— Anrhor InL FVI . .. n:aj 

— Anchor in. J'.y.Tn 30.B 


St n per & KViedlandcr Ldn. Agents . 

— itf.i'annonSt ,ET4 ni l' WW-W 

HcknTond.* .|riJUbB« 26J«( I 6 00 

TnVyoTyl. Oct 81 .. |j,. r Sft5Br -1N| I L44' 

— Stronghold Management Limited 

I'n h«()l5,N Hclier. Jersey nKH 7IW) 
i '«'miuodil> Tni*l . I9S «0 100 431 .. [ -- 

Suriovcst (Jersey) Ltd. ,xi 

188 Qiicem H;+-.'IV>n It., SI. Heller Ny Qftil2~-uUl 


941-001 1350 Amen.-un lndTrt..|n 16 7 JZJ-0[M| 

1*9 t 'npper Trvd . UI59 IIBtImiI.'J - 
°-99 j+p. Index Trt. .. LI0 9b UZO +nilH 
9*0 

JSJ TSB Unit Trust Managers tC.I.i Lid. • 
115 Kauntcllc RiL.St Sanuur. Jeiwy 'ifW 7S4W. 


= 


nerryPacKM. . SUS56.02 -274 3.80 

Bertj Pac Slrl S .. . 320 0 334*8 -1172 0 99 

C.T. VrtnKM. . IHUU2 1171a .... 1.71 

i:t \«m Sierlinc. 0615 17X5 . 115 

i!T. AMHUia F«1 .. tUO.OO 

r.ftondKMnd SKS14 16 -0 40 522 

i. T KollHrKiL . SUS6 75 -0 17 L48 

iST Dir iMrtoi KMC8 65 9 02 -0^ -. 

H.T K'rK’ifirKd . .. 5ISS16.91 +0D2 091 

ii. T. Philippine K.1 . tSl'Sll D U I7| +0 Oq 

Gartmore Invest. Ltd. Ldn. Agls. 

IK, Mary 've. ixiniion EQ oi.TOKII 
flartiDorr Fund Him iC.I.i ij4. 

4 1 . Bruari SL . SL Heller, .'cravy 05U+TT7 - 1 


1-89 .■of.yvrTrtiri . 

2 22 J+P. Index 7 hL ._ 


7 321-0 04] 
II *7\~0 l.'J 
1120+A101 


_ .ler^cj' Kund.. .148 0 5141 | 4 67 

522 i.uerrwey Fund W8 8 514| . | 467 

L4S fTicea on Nov. 1 *,mt mi Lj dm Noi a 

092 Tokyo Pacific Holdings N.V. 

" ' Inlimlt Manacemen, >'■. ?: I'urar.io. 

N.W T**r vharc ixl SCXTi » 

:,K,I Tokyo Pacific Hides. (.Seaboard, N.V. 


+0-2 5 21 

+03 521 

-0 3 4J6 

-04 456 


S-g ChartcrtwMise Magna Gp.? ™ vr,t t'rtu^ 

406 Stephenson Hx*. Brunei Ccaire, Bletchlej-. M sauced Fund _.j94 7 
3 21 Milton KeynM08084H1272 KixroJlra.Kri J95 9 

s a :?smh£-e* sm-— i = fsssi&n-m 


imperial Life Asn Co. of Canada £££*» KSd . a 

Imperial House. iSuildir.rtL 71255 Aqnruliucnl Kun 

i.n. Fd h'01'..l... .1795 809-141 — .\(nc Fund. Ai 

PenvFd.Ntn.3 ..167 8 73 7| -1 ?| — ANwj- XnL Fund 


Property Growth A ssur. Co. Ud.? 
Iav.h lluu.-r. .,'r.n.l.in 1 K9 II.U 01 fflnu 
l+oporly Fur. I | 190 7 I • • ! — 
Property K'und.A. I 188 B • I ... — 
Aqncullucitl Fund. ^5 8 I. . 


Tranai nfernal tonal Life Ins. Co. LUL Fund,Jcr»e.ii . noo.a — l | 

f. jivi- mi jnujir f-wimwe Kund Hoot. tFar Basil Ud. 

-Bream Kldv E* ,m. •H -WMW; |-<p ihuehl-nn lire 10 Horcourt Hd H.f 

VTu .,.1111.-4 K.I 1464 1543 - ItKftPac.l'm . UHK4JJB 4C8l-Cri»H 


QSU+TTTT^I Iniimiv MiuiHuement i*.. *. I .'ar. ...... 

I 120 K\V r«r .rhun. ‘»tl . 1.1 $1 K5i;n 


. rtodar Lana. ECSVflHH. 01-GW92B2 Trustee. . . . .-11477 155®, 

• asa-sr:®'' SSfJlf 

-- lM.atHifiUne.^6 »fl-.*.J ^ RSmSStiJlT: HL7 . 'MM 
- ‘sceif Dnit T«. Mgrs. Ltd. (aKg> pw«.Ex m an.. l«io 348 w 


5.21 « Urthse Bnerty 1375 39. 

456 i.'hribse Money 29.7 31 

456 I'hrihsc tiaaotfod- 34.0 36' 

■ 'hrlhro Equity— 34.9 36. 

. „ Mapna HU Soc 1345 

MaRuuMbnaeed.. 1510 


J® City of Westminster A ssur. Co. Ltd. waned, ra.-wr'nl 


L'nlt Linked Fortiiiliu Ahhej No, I-d .A. J 

M spaced Fund _ .194 7 99 71-1.7? — Imtdliwnl Fund 

Fixed, M.Fd _ |999 - 101 Oj -8.4) — ln.ertmml KdiA- 

Secure ■ *cip Kd [97.7 102 8) +0]] — Equilj' K und . 

Equity Kur.l ... _|97J 1D24| -3.« Equity Fund ■ A. . 

Irish Life Assurance Co. Ltd. MonevKnnd. \. . 

1 1. Fln»liurv Square. Et 2. Ulft28(e53 Afluurial Fund . 

biuu chip .voi i. .1765 sojj i sn a- u .®r , c ' 

RI • 'O Sr lINoi l . . .1935 98^.. .. _ 1 ‘ 1 d . ' ' 

Mnnai.'C'l Fund. . 238 1 250 bj _ ♦ BeUre Anou.ii 


*••* I _ *J Bream Bldqf E» 4INV. HI -WM-I 

’ . VTuIr,. llli.,-4 K.I 1464 154i| _ 

Ud.? ¥T ulip Mftntd KU 1159 1219 — 

niisniMK OUou Hr.... I Kd 1197 1259 

nifWn'MUi n1lD) pfnt KM IMP 123 S 1295 . - 

— Mgr IM KI Xrr 1317 1386 — 

— nin L .l Ini K.I Inti W 9 104 0 — 

• ■ ^ VMiicd li.t Pd \rr996 104 S . 

Trident Life Assurance Co. Ltd.? 


UK * Pac. I 1 m . UHKU85 4C 
Japan Kd Il'SBtT ai 

N MTO-ricnn Tn . lU'SUfa U, 

InU. Bond Fund. .. Ul'fUbSV ILF 

liamnorp InManl Maxi. Ud. 
,* i » Ri« 33 r.KHiclB.*s loM. 

• Sarimore lull. Inr. 120.9 2?2i 

■ Snrtmoo* lull ■ ;rth|6B« 72 


Tyndall Group 

■ Bl ®j 0J0 P.O. Roi )25S II ami lien S. Rermudx. Z T.m 
. . | 160 .1 ■+;»;■ Nut 1 . ISC 9L21 IM I 6 Ol 

. . I 560 • tauni L'niLn [H : M 91 6 0, 

.|.»«.'lntiW Ift |l' , -a7B J ■001 I 

0R4 2TJ1 1 1 - Mew SI-SI. Ilelier. Jrofi 0554 3133 1 ' 


2? Ziri -0 9] 11 SO 
729 . I 2 40 


. II. F,n»iiurv Square. Et2. 
Blue Chip .Vch- I. .1765 
Rli'pSr lINoi I. . .1935 
Mnnai'c-I Fund . .. 2381 


UWMkRUmii -- MannLife Management Lid. 

I^SSLL'j So MillSa LM St. CypraeV Wujr.Ste-.enafic. 04385 

jffiwstTIfe* «69*p3 L20 firowti, 1,‘nits ...[535 . 56.3J-0 9) 

•- - |Si Si Iq Jl 1 « Mayflower Management Ca Ltd. 

: _ M . iClRGreahamSuDIVTAU 01-OM 

.•nrfionary Unit Fund Managers 7llcom5 ,*.,. M ,_.._|i»5 114a 

*'lotuAeidSuEC2H7AL 0IS384485 itencraHKl 34.— PJO 7411 ..-. 

1C.OCL27 1178.7 190.71 1 505 lnlert,U.«A:L35— .[45J 474| | 


Kimistwid Houw, 8 Whitehono Hoad 
OPfKlnn CRU 3J;V. * 01-8 


UestProp Fond— 662.1 

mutwini ManaewiFunri 182 4 

KquiisKund tn.& 

4) 9| 451 FunnldnS FUnd— Bl 1 


r—u Kxmpl. Man. KU.. 1135 

OfK4_ KropiMwI. Not l— 1899 

“ I WWL Prop MuLCib . 212 2 

“ FrpMililrthiorll [998 


1012 — 

114 5 .... _ 

1995 .... — 

223 3 .... — 

105 0 — 


r m «;i/t-«1cc-d Fund 
5 ™ ciii.Edecd fj < ' 


Cth-Eaecd Fd i 
♦Reijre Anmiu; 
elmiwi Ann',; 


Prep, lirawlh Prawni"* 6 Ynnnll.m lid. 
— All Wthqr.Ar 11-032 8 139?. I 

V \I1 Wfulhcr • op. 123 1 129.7) I 


O.0CL27 |17B-7 190.7] | 505 IniemtLiJcLM— .|45J 47? | a.oo 

r. Winchester Fuad WngL Ltd. Mercury Fond Managers Ltd. 

EC3 01ftOd2ie7 ^ ML Oro*pm St_ KCBP2KB. - . 0I4U149K 

MR.... I •« gw\Sf*J|» 1 ' , **HH ^3 2« 

n * 1 1,5 KStS’ II 

^iHfsSSKSSaiEJ IS:':-” *S 

«jDudteyTcr..t711 764J . ..J- J51' ■ • 

«e Alitoey Valt Trust mngrs. rourtwnod Houto. siitw btree^ n«wi „ 
Ur*La*l J n.Tr.M.»(»)ftXcK.J 

.■ahamRiLHlgh Wycombe MM33377 Uo.A«a». — ‘53^3 |m 

t* Finlay Unit Trust MngL Hit IWfer ij ' » J =2 j| ?« 

W«t.VUe Street Glasgow. ouSMl-iSt Income £L9 '^3 ltS 

' ibalnleMtT.|2UI 22.? 2« jhi.4eto.m- . M6 . ^70 

... S&Ssz - SI * 1 " is s|j| fi 

- lit: «sasst=-=s.- Is 


Mime* Fluid — .. 125 8, 

c.lt rand 620 

TOSH Pill A FUnd 1733 

855 ,*toi* Mncd. Cafi _ 121 0 
5 60 PM!k Mhfld. Acc — 126.9 
3.00 Pc/i'c. Momyl'en .. *73 
Pen+ Muncy Act. _ SOI 
lo-w Equity Cap.. . 544 


King A Sbaxmn Ltd. 

52 I'urnlull. I'itl OI-ftCt-54 

Hood Kd Eoempl .110197 103 201 ,...| - 
Nev, deall ni« date N'vi. t 

Langham Ule Assurance Co. LUL 


•Inv K.1 l.’s« 

■ ■cn-uuii Kd. fl* 
I'lmi.ltil.* Kd 


AI +PM u , " 11 ' I’k*- 1 ‘,l|l. l : l 

0l^Eti433 iUn pen. K .l 

....| “ Man l*oi»*- i "up* f I 
l I Top Pen* Kd 

- ■ , j ITpii IV.'i»* i'iip I'l • 

0. LUL Udcu. So.. Pen l l : 


Rriidal? IIMI+. ' ikdifilfr HK 

M.iium-rl .1232 130 5] | 

_ Kiri , .1c.l 148 4 157 2 

_ I+nfaiit} 153 1 162 « . 

_ Equity \ men* - mi. 80 6 854 +13 

l : K Equit} Fund 109.8 1163 -02 

Ilnil' Yield ..Ml 2 149.6 . .. 

■ AH Edeed. .. 122 5 129 8 . 

_ Muncy . ... 1250 1317 

. . liilcm jUonji . _ 950 104.9 +08 

Kivt.1 .. 1285 136 1 . 

ilromhfj;. 1253 1325 . . 

i.nmtli Ar-. .130 2 1379 .... 

_ Pen-. Mnuii ,'a|> . 1161 123 0 


MMMI54I Hambro Pacific Fund Mgmt. Ltd. 

I — 2110. ■.'unnaucM Kcnlrc. I long Kone 

. KwEMNoi.l .. .ISlIKltJd 1755*1 I ■ 

.. J “ JaftMiPund . . (Sisuu uu|-om| -. 


‘nmi Tun 

■ ki'i'um. Sharch' 
\mcnr.iri Not- 2 
. A.'ruiTi iJhatv*i 
Fur Fa*c S'ur a 
. \'vura.*tixrro 
Jrrao Td "Jen. I 
iNnn J.Acc Uh>. 
• iiii Fund j 
i.\« cum Sliarwi 


■l:ip+d Fund . . |SUSU1« 1IB -0M{ -• J'+vcy Td '.W. I Z)b4 229 « 6.B7 

„ . - . ... iMW-J.Acc t-L*.'. .. 306.0 324 4 6H7 

Hambros Bank (Guernsey I Ltd./ iiin Funds™ i ■'.03 b 1078 ... 1113 

Hambros Fd. Mgrs. (C.I.i Ltd. i.\.c«m siwwi iW« 1430 11 13 

I'OltotWiiucrnwr 0481 35531 V'riciy IJcuw. la- ljh. r>!rufMaa.C5:i24MI. 

i'l. Fund 11471 156.71.. I 3 70 Mtaased 1 ir!. O |U4 6 141.&* .| - 


IVnf.Masd.Aii* 122 4 
t+'n' >.lrt lief'Cnp 104 1 
iviv i;i.i i>ep \. l 1097 1162 .. 

fun* Pptv ,'ap 1169 1238 . 

IVn* rv Ar. .123 2 1303 .. . 

Tidt Kiwi 36 4 3B 4 . .. 

rTl.1L>: I Knn.l 975 

■I'o.n i.ilui- inr (UK, riramium. 


f 1. Fund 1471 155.71.. 3 

Inlnl Komi 5L“i 109.79 11319 . . 8j 
InL Equity SUSU.il 1153 . 2 

Ini. Rep- 'A* Slls 10? Ill .. 

In, S»kk R' _SUS 1.14 1 17( 

Price* fin Sm. |. .Ne%l itealinj: So<. B 


I'nllife Assurance (Overseas) Ud. 
r < • Bnt I.TKR Himiln.n i.'.l. lu.-miinlfl 
lnlcrnl.Mn^fl Fil . |SI!sl 50 . | | - 


~ Henderson Baring Fund Mgrs. Ud. Cnion-InvesLmenl-Gesclischafl mhH. 


— 60S. iiAinniun Hou.*e Ktonu Kone 


123 2 130_sj ... -■ In pun Kri Not I IStC^SD 26UB .. . | 

G64 3B4J. ..I -- Kacifil- Fd* 1 +1 25 5LI.S10.071 1 I ■ 

I 97 5 | I — Rend Fi). •• Kl S7 .1 Sl'KlO 957 | 

■ lor C UK, iiramium. ‘K.tclucrve of xny prolinL rharec* 


_ ijni'bhmllk. llolmiirrMh Hr.NA4 0I 3L1KI1! Bldy *tor • +p I'L | 


Tyndall Assurance/ Pensions? 


Hil] -Samuel & Co. (Gucrnseyi Lid. 


1'imllai-h 1C76T. Ii AwO KrufiMnrf 16 
MlantirtumL. 12 35 11041+4 30 12 36 

EuropafoniL* 2S.1S 29.60 -0 40 2 IF 

Lmtepd* 1475 20 BOi+O ID 14 75 

Unirentti « 80 43 Id 4130 

L'm*peciull 60 50 63 60 +0 30] 60 54 1 


nu*+i4W ^ nK ?Qu'ly Aft 

"If™ F,'"d carrenUy c 

a* fl J-?| fwtanai'niis 

283 5) .. . 

-. .. 30? 


f und curtvally ciwed to now inrcctmvnt. 
J-|| rarfonai'niu 1 2195 | .._| - 


— vrrop^Bmni Plan ' |w?2 )S2"3 I .. Providence Capitol Ufe 

Wi+Ji fSPi Mon Fd|770 810|..'...| -. 30 I Mm. Il- K u.nl UTJAPC 


Ass. Co. i JiL 3w B ;“wV 

01-7.18911 I. Kqulir \m 2 


Legal A General t I'n it Ahsor.) Ltd. JJ2 
KinijiK yH li ml«c. Ktngvwuud, Taiiwtwih. WnMun Equiu' 


t'ily of Westminster Assur. Soc. Ltd. 
4 40 Tolnplnvie 0I4RC SWU 

K-irrtUfiit* (1292 155 6j j - 

Property Unit*. (54 7 57.4| 1 •— 


' C o m m ercial Union Group 
St llelfn'-L 1. UndCrshatL B7L 
'S'SI Vr.An Ac.Ntn 4*1 5628 

IS| do. A nnully l<ta— | 18.83 


'layEuro.KtJL- 
BLCniln —..... 
Jay Fd.7n.Tst. 
BLilnltr-— ._ 


8.99 Do. Anum 95.5 

2J7 uigbYiald.. «* 

2J7 tJo. Accum. 67.2 

4.6B Equity Giempt*.^.. 10J.0 
4.60 Da Accum-*.--- +— 1090 


279 -OS 
303-0 3 
■55 9 -fcj 
632 -0.9 
96.1 -0.5 

49] —0.6 

tftfe -0 J 


Pnw at Oct 31. rtert dealt de -Nov. 0ft 


Prtew Nov. L Next deallns Not* *■ ! pr ?‘ ! ^T “* Oct. 31. . ft* 

■ CORAL INDEX : Close 46 JW 74 


-03 3.03 

^ S ’-“j Confederation Life Insurance Co- 
HLJi 6.70 P0. 1 ftanreiy Lane. WC2.\ IHE 01-242V3 

-0.9| 6-70 V Equity I-Yind. llbBh 177.8J — — 

-05? 255 VMJnaftcd Fund — JBJ MSi — 

-0.3 255 VKlPranrl flOJ — 

— 03| ii* Prtial. tVo-JUncft,.. 78 4 82J .... — 

-0.41 864 .Sl.dfcrl.Mncd Fn ._ 78 4 823 -- 

.. . 5.77 .Iron.. Unfit FKH... 19>8 201J .._ — 

. . I 577 Fried InL Pen.. -+- 206.0 207.0 - 

S NOV. M. KqUil; FSrA/Jvn 25.* 256 1 — 

l+opi+ty Fonxian_(l5fl3 153.9f — 


e „ ... Surrey KTVtfOEl' 

SOC. Ltd. (*^0 initial jm 9 

Ih> Vrum 989 

1 Equity Initiul .. . 1214 

:::;: — i**. .\crum . — 125 2 

' 1 FjtwI Initial 1162 

lh» Art um 1199 

lntl initial. . -. „ 939 

ni unim D*'. Accum 95 9 

nraa.aoo M(iaaftH ) imtuti ... u?6 

■29^ — Un Vrum _ 1213 

——I — Property Initial. „ 106 0 

Tu. .iKum .. . . 133.1 


Bunih ilthdh 53438 iVn*u«i FmI InL. ..1133 


101 0[ . . 
189 a ... 
127 i -03 


Legal ft General fl'nit Pnistms, Ud. 


q. i'xcmi* CtoJt inlt. -I98J 

DI-242V282 no. Ai-runv . 150 9 

— Exempt Eqty Inlt . 134.0 

—■ IHi Acruro . .. 137 7 

— Esetup, Htfil lnit 115 3 

.... — ■ Tin \irilm . 1185 

-- F;.erapl Knud. Inn 1299 

— In lirum ... .1335 

— Exempt Prop. IniL . 98 3 

— Tw Aroum. 100 9 


— l*epo+jt Kd.'.'up... 47 4 SOW ... -■ 

— 1 wpn-.it Fd v* ■'7 4 58 D| . _ 

— F.quitv Frl « u,. .... 4< 7 47 1 

— Eqnly-Kii An- . « ? 47 1 . .. _ 

— Kxd. Ini ( +tp. J 7 u 59.2( — 

— Kti, ,nt Art..... .4'6 SO 2 . ... 

— Inlnl ♦ jii 45 0 47.41 . .. — 

— Inlnl .Vic ... 46 2 47 (1 .... — 

— Kurucvd F>1 Tap 45 9 484 . — 

— tluiuKed Fli V i . .. 45 9 «8 4 

— Property Kd fap. S75 Ml .. 

— Prnyrty K’d Are . ,47 5 501/ 

_ Provincial Life A»«rance Co. Ltd. 

— 3£!. Bishopxe.itc. F-' ' UI+HTUNU 


I7M. ,- »i<h r.l 
♦ .ill Hi nrt 20. 


lfl.' .ui)n^vHi.«d. Knidul 
3 Way Nor 2 . 125 9 

Equity Via 2 . 1651 

K-und hin 2 167 6 

ITnpcrtj VcA 2 . . 109 0 

I K*i«>*lt Nov *2. 130 2 

3Waj- In IH 10 1521 

U'-cj*liit Voi 2. 758 

Mn Pn-3-WiM- 1766 

Ihi Equllvih l 2 . 273 8 

lin.Rvi.d'Vi “ - mo 

Im I'mc *Vl 2 . | 90 0 

Vanbrugh Life Assurance 
■>1-48 M.iildas M_ l+)n W1RSL4 
Man.ired Kd .. . 1479 1551 

Fqu:,y Kd . . 2337 2»6( 

Imni. Final 96 0 1011 

I'l .+1 Intrrot K.l. 166 7 17S) 

PIWIFFM.. . 149 8 1571 

i 'ash Fund. 12) 0 127.4 


027232241 8 IcKehtre Si. Peter Port tiuemsey. ,-1 L'td. Intnl. MngmnL , C.I.I Lid. 


I Guernsey T«a. 


'” ] Hill Samuel inveal. Mgmt. inlnl 


156 6| -1 0) 379 j4_ Muka<tcr Sltvol. B t ilciror. Jer*+-t. 


IJIMH8J4 JIB Of . 


Pi, HoxK1.Ju*tj 
HV Channel ri V. }1WJ 


°^*'T^' i niled Slates Tst. Int). .idv. C«. 


— I Box 3622 Hern Swltrerlpqd. Telex 3342!! 


1 4 Rue Aldrinpcr. I jM+mluniri. 


H.S tKerveas Fd 1836 19W+0F7 •- 1'STa.lm Knri | SKFlOao l-Otffl 0 96 

t'SK Fd iA rrum i — _ I V'rl .iv.ru- Vrn. 2. 

• 'RMdiroKFiLiArr ■ — — I . 

ITF Ed. i Are i — I - s. fi. Warburg 4 Co. Ltd. 


155 71 -ft 1 
2»60 -I : 
1011 -19 
1752 

157 7 +1 i 
127.4 


120 7 

12721 . . 

1067 

112 4 .. 

115 5 

1216 

IUI 3 

106 7 

1009 

1863 -1 

467 

in 9 .. 


Vanbrugh Pensions Limited VBh Floor. Com 

4l-ttMarf>Jc?.\A.Ld n .WlRSL\ fl MW 4923 Jnrdine Ertn Tst 


' luternalional Pacific Inv. MngL Ltd* ;r«^ham street ew 

FM f-!\ R237 WJ Put Su Svdnej . Aum. iht Bd.Nffi.2. .. SL S927 
dl-,99 4923 J Jl elm Equity Tn. |5A233 2 45| -0 0]| - mZi g | ' S i >7 jjf 

^91 “ J . E . T . Managers 4 Jersey 1 Ltd . McrrF . iwixm . 1 . . H'flos u 

I; 9 ” ri ' Hox se Channel Hmi*e. Jen«5 ttM 7MT3 j!crr.Mn>Mkl'>LV) UlO 08 10 

I a^'i T m.' n “ Warburg Invest. Mngi. 

I ~ iS?T & C ° Ltd ' .'«KSU" 

1 iflth Floor. Comuuiiht < enlrc. ilonr KonC otTLtd.<h-i.2d .0462 15 


n[ 0+1 J\j? 
•OW • 
-00T 


Mnnnced 1990 10431-021 -- 

Kkiuitr . 1012 108 7 -0 61 -- 

Fried IniercM 99 2 19141 . .. 

I Ti'prrty . |998 105 II | ■— 

i.linnanturtt m* In* Raw Hale.* table. 


■jv./ insurance base rates 

’ V .; IProp ^ tj ' Growth ..——.- — — 1QV * 

> / JVahbruEh Guaranteed-,. — 

. *s tAddroas shown under inwiranre and TVopcrty BonilTftftfe- 


| Cornhill Insurance Co. iJd. 

SZ. LornhiH. E.r.3. 01-WMtd 

Cap. Vrn i)tl )5 [138 8 — [••.•■I — 

iJSSpcr rs.T.15. . .. 545 - -- 

Mn.UlLFd.OeI. 20- P79A 189iH I — 

Credit & Cocraeree Insuranee' * 

120. Bofdnt S». London WIR5FTJ. 0I-4J83081 
CfcCMT.cd. Fd J122J1 132.01 1— . 


I«pgal 4 General Prop. Fd- Mgrs. Ltd liolt-iraB.ir+.KrjN-'N,! 

I l.yud-n YirtonaSI . FA 4ft 4TF Ol-MBUnB +vri"|m'l»!'V X ' JO 
,A,;Pn> Kd ^ t 4 roT 7 dnv nH » *' ^ W 

- SSSfJSiL,.. 


Prudential Pensions Limited? i.itarantnwi w in* Hate.* tahi«*. 

liolbvn B.ir*. ki’i.n — 0Mic.a32 IVolIare Insurance Co. Ltd.? 

FwHm'iirriii!* ' jf?4jo 19 <3 " I “ *>'-l«fel?rLKwie. rctSC-MIH 

j’riv. F>l.N.« iu U27 74 20 6M " ' ■ Mraievimriirr Kd | -105 7 I -2 1| -21 

j nip K.1 ftm. I.. IU. ro.H| ... | — Vve ijlht , r fund . p, MlH . wlM . i„ T h e l^mlnn k 

Reliance Mutual nunthwin «mi.p 

Tunnniiurw.'ii. Ki-nt. - iwre.'j2t!7i Windsor Ufe Assur. Co- Ud- 


Jnrdiac J'pn.Fft-... 
Jardlnns E.A 
J»rdinc Flem In, 

I nil PKC.Scc+.iInc 1. 
ri<* . Iccum . . 


HKS35170 
HKS432.81 
5LS20J9 
IIK5124B 
IIK415B0 
H KJ 15.96 


Warburg Invest. Mngt. Jrsv. Ud 
I i.Ti.innsi rro+.M lleiior.jta 0 unm t:i : I 
■ MKIJd.il..', 2tt. [HM457 is 75 1 - 

>C 01TUd.(hi.26 £J462 150ff - ' 

200 M«al*T*l ,'Jct. IS 02 90 13 22 . — * 

0.80 TMT'Jcl.t-' II.'SIIJI 11(4 _ 

170 TMTUrt ,*rl lj til II 1140 


t.lV On IS -Eamcalfrni 5i:S88 44 
.Neil sub 1X1 31. 


W'nrld Wide Growl h Manacemen l* 

IU.i Rynlpi.nl Rui.iT. I j;\»*nih'«irL'. 
tVori'lv-ule Glh K'd] S'.'SIS 70 | -0 69| — 


3&4 J N « K<HiriSl ,%k 17 UNO maaMK , p l . ' * M _ , , — »•*>*«■*«*» *-***- 

UiWl-nll* 1974 ** 1 UM . *"= "rt riw. B.I* ..l *090 I ... j . . Pu-al Alto-rt Hv- 

j-.. To . „ ... Rothschild Asset Management Plan; 

Lloyds Rk. l nit Tst- Mngrs. Ltd. ^ c u ii|, in . t .. nH-.n tire m o* ... -- Fu*u«»Ak4, i.,Ikh 

«»■ ScS 5 :.^-iSi in t ™ wsane , '» 


a| Alh+TI Hie slu*»-l si . \l ind>"r 
Im Plan.- |74.0 7791 . 

uro.Aysri ihli'H- | 22 00 I. 
'ira.Y.'sa.'.'Lh'b: 45 00 


NOTES 

Pn*Co da no, include- 5 premiurn. «'■ cpl where inituMori -2. and arc ip r--m e un'e-..- mh..-r«|.r 
*144 Yield* ■» i*hown in lo*l i-uluma. nllqii' (nr -«|| l-uyinc '■-.\pcn*c.\ a fiircre+l |-n-*+* 


ilum.ii nllo* fw -ill l'uyine +.\pcn*c\ a nilrr«:+l , n--+* 


] 7J7 


Sub. dw Deeexnbec 2ft 


- Flc*. Ini. ilro+Vh —105 R 


Include nil evpen*y**i t Troduy's pneta. c Yield b»*ed nn offer price, d Ettimalni. c Tf-c+- • 
nprninrprire.li lalstrlliulimirreeonJ.K tH»c? p Penoditf prvmiuni in* uranre plane « 

premium mmrmncr 1 fiffomd nrtro inrlurtc-. all '■\[X’n*c* Cirrpl <2 cm', r-immi-i"". 

* OHqprI pnr* Miflu'ln. all *ipcn.w.. if bnusht >hruuKli mnnnucr- 1 prm imi - ri.i * pt*. 

* -Net nf lax on roali&M) t-apllal Sam* nnl<~.- titdirnlnd by * * i.ucrn-w-. j. r ,^ f 5u-WT*fed. 

♦ Yield before )er*e; Lu t Ki-*utidiiiMun. 




EDITORIAL OFFICES 

Amsterdam PO Flax 1296. Amsterdam-C. Manchester: Queen's House. Queen Street. 

Telex 12171 Tel 240 555 Telex 000823 Tel- O01-8M 8381 

Birmingham George House. George Road. Moscow Sodovo-Sarootechnaja 12-24. Apt. 15. 

Telex 3.18650 Tel 021 -454 0822 Tele* 7B00 Tel: 200 2748 

Bonn Prcj-diaus 11 104 Heunsallce 2-10. Ne»‘ York: 75 Rockefeller Place. N.Y. 10018. 

Telex B86R342 Tei. 210030 Telex S83B0 Tdt: (2121 541 4623 

& runnels 29 Rue Ducale Pari#- 38 Rue du Senlier. 75002. 

Telex 23283 Tel. 512-8037 Telex 220044 Tel 23&5T43 

Cairo PO Box 2M0. Bin de Janeiro- Avenida Pres. V areas tiaiff. 

Tel 93® in Tel. 353 4848 

Dublin s FiUMilliam Square. Rome Via della Mcreede 55. 

Telex 5414 Tel 785321 Telex si 032 Tel. 67a 331* 

Edinburgh 37 George Street Stockholm- e.'o Svenska Dagbladet. Raa l a m bsxa 

Telex 72484 Tel 031-226 4120 Tele* 17803 Tel 50 « 88 

Frankfurt Im Sachsen iaRer IX Tehran. P.0. Box 11-1878 

Tele* 41K5H Tel 555730 Telex 213930 Tel: 682886 

Jrih.vmcfcburc P.O Bo* 2128 Tokyo. 8th Floor. Nihon Krizai Shimhun 

Telex 8-8257 Tel 838-7545 Building. 1-9-5 Ofemac hi. Ch iyoda ku. 

I.**bon Prnca da Alcana 58-11*. Ijsbon 2. Trtc* J 27104 Tel 2*1 2920 

Telex 12533 Tel 382 508 Wiwhington- 2nd Floor. 1325 E. Street. 

“■ Madrid X Triei ££. 


ADVERTISEMENT OFFICES 

Birriincham- » Ici.rce House, Cvurce Road. Manchester Queen's House. Queen SlreeL 

■ rules 338630 Tv I 021-154 0922 Telex 666813 Tel: 061-834 9381 

Fjrtinburch 37 George Street. .*■ York: 75 Rockefeller Plaza. N.Y. 10019 

Telex 73484 Tel 031-226 4139 Telex 238*09 Tel: i212« 489 8300 

Frankfurt lm So. hsen lager 13 Pans 36 Rue du Sen tier. 75002. 

Telex 16283 Tel S548IT Telex 220044 Td 2340601 

1 .i-r*3f I’crmmijfl' House. The Headroir. Totrvo Kaaahara Building. 1-6- lB IcbiJond* 

T.,l 0532 454969 Chlvoda-ku. Telex J 27104 Tel. 295 4050 

(.tvorseas advertisement representatives in 

. Central and Sooth America. Africa, the Middle East. Asia and the Far EsK. 

For further details, please contact 
Overseas Advertisement Department. 

Financial Times. Bracken House. 10. Cannon Street. London EC4P 4BY 


SUBSCRIPTIONS 

'.‘epics obtainable (ram newsagent* and bookstalls worldwide nr on regular mbccription (ram 
tin hsenption Depjrtmeni. Financial Time*. London 






































































































































































Vftv-*, 




tVii \J2^o 




• :-fi ‘-.fi's •••■ 


>5 *■•■•■! - 


W * 


5 '1 Wferf^ 


INSDMNCE— Coutlniied 


Bft.ij y.' rn® 

M-iCtriWI 


AX j r,. 



M w* Inai im 

Nei CnfGr'itiTEl IO(b Urn 


PROPERTY— Continued 

*1 S»»c4 | Rim | + -"i Sh |rw|cr!|«E 


INV. TRUSTS— Con tinned FINANCE, LAND— Continued 


W?s , 

ffi*b U* 


i+ *rf Hi* 
1 - I .Vl 




FartwlQg. 


LEISURE 


ita«nw(A.lKL. 


K-IkTI .iBflL,. 
RClot- 10p~~- 


114 76- 


•1> 

. • ‘iSW 


. 19 

68 ffl 

130 ■ 
3* 

33 , 

72 

38 

182 - 

100 ', 

34 

NtfaMyETA^l » 

74 
125 ‘ 
232 
34 
' 45 



6 Kilfi«elOp_.__ 

0 fit.?VtrtJa3d5flp_ 
B GrernfR)Mp._ 
j GiwncoatSp „ 

1 Hatrawrson-A . 

2 Harln lalTafSp 
1 IfasJemrrt I0p. 
4- HK land WKh _ 

9 Imo'Pmpmj-. 

1 Inlweiirnpean I5p 
!ft Jcnmalmosi _ 

1 Lain* Tit>p«iips 

3 Land Sen. 30i>.. 
45 Po3*pc r av K. 
25 Bn *,*-.Lwii TO 
25 Do lONfimr. B3 
1 LawiandSlp. .. 
I Lend Lcjm 50c. 
f UmPmtShplOp 
5 Lon Shop Prep . 
I Lvnum Hdqt 20p 

» HER'. 

l MorlcrEslfllM.. 

■ Mclnemey !0p . 

» McKay Sres SOp. 
<2 MidboirtWi. I0p_ 

I Mounmewjp 
I MnckJoa i A & J i 
I Noltoo.... .. . . 

I Peachey 

I Prop Hide AIbv. 

I Prop Pan'ship.. 

I Prop & Rev - A\ 

1 Prop See LnrSp. 

1 Raglan Pro)i ip. 

I Regalian 

I Regional Pron__ 

I Do.\V 

1 Kush It Tompkins 
!• Samuel Prop* _ 

' mw. Miirop 20 jj 

ft Second C 11} I0p 

I Slouch Fl'i: 

10 DoiOSCnnr.'go 
i Stock Comma. 

I SunleylBiln* 

lj Swire Proper! in 

i Toon Centre 
ft Town & City lUp. 

Traffprrt Part ... 

I • l" K. Propwtjr _ 

1 Old Beal Prop„ 

1 Warner Estate... 

Warnfordhr.ajp. 

'a Wnnun.iCu j... 
Wminats-P 20p. 
O [WiasonEsu 


76 

202 -6 | 

36 .... 

8 ft -: 4 < 

605 

25 

228 —2 
167 -bft 
332id -6 

37 -1 

48 

34 

226 +f 

£175 -3 
£145 -3 
£144 -3 
44 ..... 

228 

115 -4 
7Ud -2 
120 -2 
134 -1 

34 

36 

285 

47ft 

B6 -1 

125 . 

46 ... 

80 -ft 

305 

102 

312 -3 
113 -2 

*5” ::: 


h2.Q$ 2 2 
1.49 4> 

5 54 1*7 

Q fi7 17 

33* 2J3 

K043r 13 
320 1.8 

tOl - 
162 11 
di.Q LI 
5 40 15 

QSYft 5 7 
gift** 5 7 
Q10*u 5 7 
102 03 

Q25S * 
40.B2 2.6 

3.03 6 

15 2 5 

Tl.73 1.9 
♦- - 

22.03 2 0 
li9 * 

- 

13* 69 

2.48 23 

7 03 $> 

12.03 - 

664 L2 
HZ.5 2.8 
5.24 1.6 

1139 0.1 


retna.-T.-3 
Bridgewater 
BnL An. 6 tint 
BnlLih A.wis . 

Bnt.Emp >.r.. i-p 

Bn'-Iad. & '•*< n 

BrtLIiivsji ... 

Br«4rt«icah>i 
Brunner In 
i-RPln 
aledomalnv 
oledomen Tn 
Do “ft-. . . 
aKbrtaand Gen 
anteiiia Im-' !ijp 
Cap & Pfl:cien_ 
Capital i MaL 
Dft-P' 
Cardinal DM 
Partial Ic.i 


Cedar In. 


102 -10 
88 -1 i 

104 -el 

45 

112 

£165 -1 

262 

252 

S9 -Hj 

74 

13 

123 

23*' 

292d 

145 -8 
343 +1 
28m 

23 

41 


Ill 2.9 
111 2.9 

d2 91 2.7 
Jii21 0.6 
147 « 

1 93 2.8 

t230 1.8 
QMN 13.4 I 
7 03 5.3 


0 83 1.2 

0 01 — 

4 09 <f> 

0 33 3 J. 

5.62 « 

T2.70 1.6 
7.06 12 

1.0 » 

129 15 '4.7122.1 


lomiaent l*lnd 
CfiDtlDODt I > 11,03 

CreS'aiJajuaMp 
Crosatiars.. 

Cmmlu'inv 
Danaeilnc nj0p> 
Da-Cap i Mp. 

DedwiIunrCorp 

Derfc' Ta itc.il 
Do Cap. 50p 
Dominion & i^a. 

Drayton Coc ci 

Do Con* . . _ 
Do Far Eastern 
Da Premie.- . 
Duahes; Inc 5}p 
Do Capital £1 
Dundee & Lon 


S125 Q55 21 

24 IJi 

6 J. 

39 +ij f 2.67 
! 681.' -n, 2.4 
i Hat .... 0 7 
96 .. 3 45 

163 -2 4 97 

138 -1 <523 
94 *1 t3M 


••• 

75 -1 t186 

73 -1 _ 

85 3.55 

312 -3 2 03 
99al s-1 t3 65 
115 4.6 


106 +1 3.9! 

61 « 5« 

152 Q15 0 

630 - 

51 92.18 

28 ... Tl 85 

103 -1 - 

69-2 — 

93m +1 4.7 

70*3 t3 35 

8Gi 2 -1 386 

7lj -el* — 
741} -Hj t!70 
71 -2 - 

247 -1 822 

175 -1 6.50 

2064) 3.55 

187 -1 - 

78 372 

28 081 

42 1 j 3.15 

54, - 

U Th2.44 

208 113.63 

160 - 

190 -1 H3i 


?■« 


1+ pi* . 

Frier { — | Met , 

130 &Q100r! 

43 10.5 

43 tOJ 

90 L02 

23 1.84 

19 03 

30 10.51 

62xc -1 hO 84 

130 3.51 

76 4069 

57 -1 45 

887 -36 «H.lt 
45-1 - 

17 ...... 1.43 


Di* JlHf 

S« I'rrl P/E 


2JI 5J21 7.0 

- 17 14.4 
- 1.7 14.4 

19.0 1.7 3.9 
9 11.9 6 
0.9 2.4 (88.4' 
4 7 2512.6 
41 2 0 160 
3.7 4.0 94 
14 1.4 443 
♦ 11.! 9 

- 6.6 - 

16116 Tj 


THE SCOTCH 
OFALEFETTME 



£i-, j 




L12 4.4 4.1 70 

-3 6.81 3.6 48 85 

049 1.0 56 262 

3.07 17 5 0 176 

rfli' - 82 - 

..... d4.9f 13 12.8 9.8 

-- - — 52 

-ij Q25IA — 63 - 

fQ4302 1.6 i * . 

... 113 1.2 11/ 10.3. 
-1 L54 45 4.8 5.9 

H033 - 3.6 28.2 

-1 1.41 3i 3.6 75 


MINES— Continued 
AUSTRALIAN 


OILS . 


76 
Sim 
154 
858 
711, 
69 
£59 
m 

sK'aacwca R«. I 37 


L. .. 6 84 1.5 6b 148 

-6 122.43 3 0 3.9 10 7 
5 6% 4414 U 7 - 
+1 - - - - 

-i? 081:% - tin } - 


SHIPBUILDERS, REPAIRERS 

62 Hawthorn L aOp 76-2 — I — I 

125 Sv-sm Hunter £1. 153 -1 b 96 1.8| ■ 

135 Vwpe* ... 1*13 +5 t5.0 4 SI 

345 1260 Vamw-SOp 330 -3 f4 68 4. 7^ 


Eng. k imernuL 
Ecg i V V Trus 
En? IcSm Im 
Equity Cosm: -;i 
Do De:'d 


SKIPPING 


Pnl i i>m ;«P 292 . 9 -to SnfJEiBl 

i aiicnuD Bru* iep 155 .. 3 *0 

F-sJut-J' 175 . r! 55 7.7 

Fumcr' V ithyil 244 -1 tS:9 4 0 ! 

fteniic(i>il.:n :i 115 .. i5.17 - 

Jjcubs J 1 '2)c 37 . . .11 3o 7 7! 

I -n. <-->1 trsrs 35'; — - | - 

Lil-.-.hippirn; . 123 . r4 97 0 5l : 

'liti bmr-^Op 22D .... ill 2 at : 

JlerM'i &Ii 1 nit: 35 .... - — ! - 

Millr-rd Iitvfc'fi 118 2 72 4 

i Vi-an T • , an;7<.\t 106 -1 8 37 2 61! 

IVMDcfdil. B5 -1 boi 0 9il, 

Hi..rd-.r,im A.p 32 . 01 — ( 

ft- I :-up 34 0 1 - l 

rum-iman.W. 60 +1 M3 75 2 1 4 5| 3.5 


.11 3oj 7 7j 

r4*97 0 sl 

3 It 1 2 at 


SHOES AND LEATHER 



oumvlim. 

oorielT.lSp. . 


3G I Ibtj Alleho.li- I0pr 
BoothiloinT. 
footucarin.' . . 
Ga marie Mhlair 
Heid lam. Sims Jp. 
Hiltor.f 20p _. 

K Shuts . 
Ij-nrten h'th 3 uij . 
h'rvbdd £ Bun n _ 
OliienGt'A'.. 
c P. t» art Grp . . 
5t<»>1 ASira'A 
ai iironciFiihcr.. 
41 Stjloshwi . .. 
13L yiint.f n'iE|i)p 
up | 66i» Ward Whtic . . 
32« 2 | 24 WearralUp.. .. 


-115 2 0 bZI.UJ 
4.45 3.4 L2.al 3 6 

d4.39 2.1 « 

H57 41 i 
113.7 7.9 4 
f4.57 23 £ 

T250 5.D * 
t3J!2 2.5 < 
t2.M 3.0 l 
tl.9 2T 5 
tP 61 4.2 t 


thl.16 3 & 4 
M4D2 8 1] 6 


Globe .r: 

Gov .4' Eurep' 
Grange T 
il: Str.Q'nla 
Cretrir:arl'. 


| Tl 33 | 2 of 7.11 B 2 



tm^tfger.S 


SOUTH AFRICANS 


SO Aberrant SO 30 .. 
420 Anglo As la ft) 
Act Trt Ind 50e 
Gold Fldi P 2* 
Grrant A ’50c.. 
HuleusCpn B1 
OK tta£c.*r>5Ci ^ 
Primruso Khta 
P.o T.-wiro 
SA Rrc«rs.20c— 
Tiger Oiu SI. .. 
I’aiaec 


93 -5 1016 1.4 10.9(64 
490 -10 uoac 2.4 7 7 

105 .... g20c 43114 

62 . ... 05c « 4 0 

130x4 . . Q20c 4 2 92. 

96 +1 Q28e * 17 
375 +10 i}?£t 19 9 
55 -1 405'jc 4> 6 

160 . 028c 4. 11 

64 -3 Qllc 4 10 
570 -5 K|52e 3.9 5 
52 -2 QlDi.-c 1.2 12.1J 71 


4ii} o:«n 
181 -1 6.80 
59xd -1 t4.64 
200 -2 - 

58 -1 12 33 

108 -3 112 
214 -4 t6 85 

112 +1 H53 

72i s -1 157 

81 +1 3.86 

70 +1} (3.0 

73 -t 2 49 

106 b 87 

140 5 b° 

212 -4 11 39 

73 id -1 thl.BS 

51ij 1.0 

101 14 5 

87 -1 2 31 

160 t 1 r3 83 
43 -j eiial.f 
I 37i. 2o« 

' 56K -k 

I 133 7 02 

139 -1 5 91 
£0 -1 1 3 61 

: is? ;-i 477 
1 137 r 1 

I 102 -1 14 06 

. 83'- 1- : - 13 40 ! 
t 112 1-3 I 23 I 
| 55 I t: 44 I 
; SC: 3 — i 9? | 

I 72-. L73 

■ 69'; _ i 

113 -} 5-je ; 

65 .... IS 

75 tin 

97 t? 93 

94!' . 147 

59 -1 2 03 

62 . 1.4 

72 -1 T2.74 

95 -1 3.81 

169xtf -1 ts.o: 

74 I. ... 46 


159 -1 2 44 
77 1-!' 11.67 
164 f+f 0.86 
113 -2 iQ47c 


441} 3.55 

6*« . - 
134 -l 6.04 
! 87 T2 44 

42 1 63 

M .. 14.57 

tm . 2 74 

37 . 12 81 

23 -It} - 
33tj .. dl 52 

66 H3 5 

74 <;E 51 

108 -1 1?o5 


11 
14 
10 

11 . ...- 

U| 3.2 39.6 
7 219 6 
6.4 262 

5.1 298 
9.7 15J 

6.1 231 
S3 « 

3 E 1 35 6 


2.67 , 

+>} — 
-1} Q14Jfr. 
-33 - 

-2 L02 
-1 b465 
0.1 

Ql4»I 

-l" _ — 
+6 2.14 ; 


-1 Q5J 75% 
-10 - 

115.94 

+>4 4.9% 

-is" 0«i% 

..... n* 

7% 

:::::: 


1.9 8.1 96 

16 L5 93 
3 0 7.8 63 
153 0.4 15.5 


uns | 

High lam i 

15 10 | 

140 64 

1 31 63 . 

820 150 
336 148 
27 9 l > 

75 45 

68 13 

140 81 

40 10 

223 125 
22 10 
40 10 

7 It, 
143 79 

161a 8ft 
50 12 

178 117 
42 10 

70 30 

!£15* 2 750 
40 12 

570 310 
300 50 


+ orj Dii. VW 
- | Net Tn Gr's 


Acme\25c- 

Pcucsinrillc.tOToea 

EH South 5ft: 

Central Pacific 

CoiUith- Rir4tHiiak 
EndeavixtrlSV. .. 
G M KalcoorlieSl 
IldORQ Golds' i 

‘lamnin.UKrSp . 

Meuui.Ej.3itc 

MlM.HIdis.5uc_ 

MnvenelrtsE-.pL 

.Mount Lyell "ic 

^euInetaJ 16c 

North RHill50c__ 

"ith. Kalsrur I i 

Nlh. Wed Minute. 
OaltbridceS.-U_ 

lUnlnnnN.l 

Pacific Copper.. 

PancwtClSc 

ParincaM&Et.ip.. 
Peto-W jlsend 50k-. 
Southern Partite ... 
Wesla MinmcSOc. 
Khun Creek 3>c.. 


10 

123 -2 
119 -1 
330 ... 

274 -4 
20 


120 +2 
27*2 -2 
195 -1 

32 +r 

ID^ 4 -3 
14 -1 

23 +1 
125 -3 

26 

58 . . 
950 +50 
23 -2 
478 -1-20 

140 

137 +1 
60 +10 


4J 4.3 5.7 
110211.7 - 

— n.i — 

58 13 14 0 

— — 63 

245 7.4 — 


S TRADERS 


290 h3.57 

103 -3 03 5c 

154 -1 th4 19 

57 .. b2'J 

63 . . 152 
97 +2 «js 0 

138ol -4 thi 43 
£66 . . OIK. 
519 -13 92211 
78 ... 4 32 

353 -2 35 23 

23 Z1.0 


19.01 1 El 2.9 

1.1 2.1 43 8 
4 tl 4.1 58 
1 lllbd '7S' 


79 -1 2<>2 

lEOal .. . 6.0 
175ol .... 8.0 

35 .... J4.45 

5 9 .. B — 
115 -1 iQ3 0 

190*4 .... 165 

50 -1 13.15 

£93 QB° ff 

51 -6 0 84 
51 -5 QIOTp 


31 3 6100 
30 7 9) 50 
132 4 6) 9.5 
24 1 <?J22 fi 
1 22 6 4 10.1 
It B 2 97 
22 64 83 
63 - 3.7 

2 3 l7? <30- 
L7 11 7 .61' 
0.8 9.5 1 12 2 
29 55 71 
^ b tJ ^ 

4> o.B * ■ 
13 4 6.3 ; 

24 26 2941 
4.4 5.2 64' 
27 9 6 A6. 
18.0 78 7 - 

* 2.5 ^ 

♦ D.6| — 


30 23 

420 240 
60 45 

305 200 
185 111 
U BU 
350 220 
510 130 
93 78 

11 7 

84 68 
640 450 
470 280 

78 40 

78 50 

;7l) 165 
87 49 

70 47 

245 140 
J40 230 
240 134 

85 55 

100 05 

yvo 74 
270 


5CD 285 
465 245 
263 164 
90 30 

£12 750 
B5 43 
135 120 


TENS 


Anal, \iceri3 24 2.B1 

AurrHitainSMI-- 350 -15 O300c 

BeraliTtn 56 +2 i4.0 


EenunuiSUI .... 230 . . QliOc 

Geeror 180 -5 5 04 

Gold i Save IS}p_ 11 — 

Copeng I’ons 3350 -5 tl5.36 

Hoogkong 300 — 

Idris lOp 90 *12.0 


IantarJSt}p 9 1 } — 

Kamunting SMO j) . 72 -1 QLZ*>c 

Kdliaghafl 630 Q13 

MalavDwfctmSMl- 450 -5 1095c 

iPanarc 62 -1 ^>3 73c 


pHKlsjde-. :op 70 

Pa Jl.ne 5.M! 245 

vault hcaii . 80 

>yuili-'ni!:i Iitji 60 


70 n! -2 t«t 
•45 -5 tOBOc 
80 -2 L03 
66 419 


v«3th Ku.'jS*VIi.V 220 - 5" ^’.45c 
vJn Malayan S'l: . 325 -5 tQlrtlc 


Mince: FUs: aMt . 210 -5 Qt-5.- 

-turo , et'«- ,, '*.T- IM! 75 . . !\10>; 

7sit.*m: i.it* ... ES -2 coll 

TotiiVaJi '.irin S\i! 100 r.-t. -S 

Trcr-uhSl!) .... 235 -5 .tJSSc 

COPPER 

JMe-'ina ht-jfi ... | 64 J -4 |*Q30c 

MISCELLANEOUS 

Uajyrjn 51 -1 — 

Dtirma Mine.* ! r-.p 15 — 

Cam M.rch itV 165 -ID ?i?Dc 

Nor.h:a:eC5l . 370 -15 - 

9 7Z. 230dt -6 9 5 

Sahttwlnd' ‘7S1 43 +1 — 

TaraErpeaSI . 862 - 

Tehitiy MiatsaU !(^ . SO -2 fL35 

Vuion '.“oni uS! 150 .- Q7c 


AND SISALS 


GOLDS EX-$ FSEmUS! 

London quotations for selected South African gold mininc 
i»hares in U S. rurroney c.\ eluding ihc ini e*tmcnt dollar 
pnemiuni Tnese prices are available only to non-UK 
residents. 


1+ or) Dh. ind 
( - j Net CiTjCrs 


TEXTILES 



164 fl30 UniedTcntle 
48 ihOnnsBros .. 


3 |td659| 



35 71 61 
2 4i 10.3| 6.0 
3 j5 
90 


0aRearltVig...| 58 
93 
38 
24 


S6 

86 


ifER2CE52s 


a rJ; " 

64 

-?*«r- 1 

b 

120 
105 
. 141 

•-T 

82 

—1- ' • 

($2 

-V 


•• 

125 


22 

i 

■■46 


69 


55 

ilk-.— 

H2 

. EKH 


56 


64 

ai 


' 54. 

57 

Jr -- 

: .57 


48- 






• 

ft.-' 

25 


58 

/ 4 * 

B8 


1ft 


64 

v:-v* 

6b 

•i-HS-- 

24 


332 


-94 

‘-T^ — - 

50.. 


62-. 


OS' 

il*-- 

9B" 

*’V ' 

47- 

178 


‘33 

■f 

M 

■ ' r . ■ 

50 


35 


H 


1 1 ■ 1 f + ■ c^TTTT . J if' 


I rTTTuJ i"7 rfT,7!'..T» H 


insurance 


60 
59 

,12 

272 

233 
70 1 471} 
93 52 

42 I 22*2 


rjTTrl 1 :-xrh t 




71 -1 12 44 

177nt .. 5 “ 

135 . 13 45 

74 . 289 

40*} ... 1 6 

97 IU65 

54tf 2 = 
209 . M127P 

108 -2 - 

73 5 10 

20 - 


102 .... 2 79 

102 3 55 

17 - 

5S 61.73 

265 ... S2.R3 
53 -1 ital.4 
43!} +ij 03.0 

11 0.56 

352 15 23 

113 44.0 

113 . .. 10208c 

73 -1 Q12UC 
51 . ... <jlL>c 

182 +2 44 0b 

67 iiOJSc 

58 .. .. 40 48 
66 .44221 

85 41*152 


Balfel.R! 

End line M 
Era? FLindPrp Rl. 
FS •'ivdula .5 If ... 
Ilcr Erand.'4>e 
St Helene R I 

Sliifrirdein MV 

Vail Recl'itV 

W«;lcieR] . _ 
tfw Hide* r /y .. 
■.V*ttm ik-epFC .. 


510*» -*c 
850c -5 ■ 
OOOc —20 
$18 0) +*« 
Sio*.irt + 1 , 

912c 

400c -2 

sir** -*« 

S29 +*4 

S23m 

no TJ4 


Q170c 10189 
IQ 78c I 17110 6 


Q190c 4 24.1 
tO 22c 23 63 
Q115c 33 7.7 
0385c 17153 
Q415c « 203 
0815c 2.4 93 


EAS 

Bangladesh 


45 108 

38 J, - j 1 27 
67*} +1} t2.9 
47 -i : Ib2 

50 -ft 089 , 

96 388 

95 14 82 

885 ... 011c 

18t; .. 1 5b 

125 -5 
24*: -1 - 

46 ... . 40.41 

66 .... th2% 
891} +: : 3.07 
93 +1 2 89 

123 ... 3 50 

53 -1 213 
51*d .. 11.55 

109 +1 4.11 
60 .... 2 84 
25 +■; 1 50 


265 .. . 49 55 

295 10.15 

95 -2 7.11 

26 .. . *101 

332 W5 

218 -2 13.5 

335 15.0 

run&loKIdgs’.Op Zb .4 FI 75 

[Warren Plants . 113 -2 h7 44 

I ] Williamson £) . 160 -3 115 

Sri Lanka 

• |Lumr-iti | 217 [+2 f 5.53 , 

.Africa 

IFIantirefl .... I 600 I [50 76] 

|Euq Estates | 155 | |*U2 ! 

MINES 

CENTRAL RAND 

Durban Deep R !. . 330 -18 — 

East Rand Prp. Rl . 275 -17 _ 

ftandfeni nEsL R2. £28*f - <7 * tQ350c 

i r-Vtst Rand Rl 891} -1 1013c 

EASTERN RAND 


H6.85 
025c 
8 59 L 
18 1. 
3.35 1 

t9J3 1 

3.11 

15.381 L 
12.39 1 
2.64 1. 

h4 B2« i 

2.0 


Bracken 9 to 

Fast rug2i HI . .. 

£ SG u ft* 50 

Group. ktSuc 

Kinross Rl.. — 
Leslie 65c — . - 
M an evil e 3025... 

4 .Vncan Ld.35c_ 

Uskfocietn9Uc 

WinkelltauRl .. 
'.Vil Nigel 25c 


-1 044c 
+1 tO20c 
. . F05Cc 
-5 TO* 9c 
+4 055c 
-1 021c 
-3 tQ46c 
-2 _ 

. .. Q25e 
-10 0329c 


FAR WEST RAND 

[Bl:.i£«jr25 i 


TOBACCOS 

6 |265 [BATtnds 1265 |-4 |tl3Ja 


IUlllA.1 lop. 


13.45 1 
4.85 1 

3.91 I 1 
1 
IJ 



istwpsgfieTaJ 174 
Bonkv A Siha. U3p{ 55 
BmiLFnjtdCrtllslfP* 


lir.M(b.vWF:>ift| 


206 

14 

120® |-5 
U +1 
£141} I 
303 
35m 
23 

57 Z 
40 

15 
2S 

216 
2Wj 

33 
10 
56 . 
230 


dl.DO 6.8 
192 2.6 

12 3.6 

030 63 

5.01 1.2 



Z* H NOTTES 

_ 4 ; 0 — — — - 

1.5 3 7 l 5 "'" - ** o«hen*iw laiti'aiKAtl tine-, net diTidends are tn 

0 8 4 9 P cnrr *nd ik-nuRnaatiou.N jrr Z5p. !A'aimM«d iMicetearnins-i 
’ 1 1 3 re 1 “* "*4 covers .ire botud on t*le«. in.in.-U reports and account, 

1 - c 7 a"**, where possible, are updated on baef-vearfy itircres. P.Es ar<- 
; q J 1 i calculated on 0 * hk,i r . <4 net rtltfributton: brnbet-d ri«ur-« 
» n e ?v indicate IB per cent, or more UiKerooce If calculated on “ail" 
,-5 ' S' Jtsirtbuiion. Coeenk are hosed on "tna'iBann' distrtnntinn. 
1.9| Vii'td, are haKcd on nnddl.' prices are -tnevv adiusted to ACT nt 

S3 r+r cent, and allow for iatur of Ceclir-t! ili-Jrtbutlco, and 
riehtv Nrcunllu with it-nominatii-r.v n twr 'ban Merlipj; a*- 
quoted inclusive ot the Invmuacnt daiiar prcmiiun. 

A ‘vterlin} dennrainate-l ieci:ritiis.uhicl: irv.iu. 1 e invedjnenc 
ilc 1 1 Jr premium. 

5 9| 9 4 • 'Tap fcKKlc. 

4 4 " H if ns and Low, markoil thus tune hoe.-i adjusted to aUetn 

3 7 11 7 , " r ,,| F ,,l • "Mte* lor 

,1 fi i t Interim since inere.ised or resumed 

. 2 t Inlerm sin.-e retiuee-i. passed or deferred. 

“ O' If Ta-.-free to non- re. idcnt. on appln-nuon. 

2 6 9 2 t VinuTvr or report a-^tuled 

4 b.7 rt L‘ 11 I 1 Ac -1 sorunty. 

32 ICC* Pniv- nt lime 01 susi-en.-ion 

4 9 4 8 1 1ndi-.uo. I div idrn.1 attor r-endma «np anrf-er nsht* isaucu 
4 2 31.7 coter relai+s 10 prt.-i-.ou-. dit-iden t- or lom-casli 

+ MvTi-er i-i’l or rcurnuni-.nion in imogrwMi. 

4 N.a ci.mparal.le 

a K.imr inunin redu-.srd final andior reduced earnings 
1.5| 3 8 .r.du-.iii-d. 

f Kceecuri dividend, cwur on ca minus updated by latest 
interim .-a.Mement 

. .... ; '. -ver .1 How s lor conversion of shares nrx now ranking for 
2 -it* idc-nd.-. or ranting only for restricted dividend. 

2.4| * f .."e'er di« not allow lor shares which may also rank for 

•In i.lr-ni! a: a future dole No P.'E ratio usually provided. 

V E'cludirif; a l.iial dividend declaration. 

-> ftceionnl pnen 
l| No rv.r value. 

n Tn* irr.-e b Flsures based on prwpectu* or other official 
esiimjic e C-.-ntv d Dividend nue paid or payable on part 

— nf -Apitnl. cr.ker bared on dividend 00 full capuaL 

_ _ e Rcdcniwuin >ietd. f Fiat yield- b As-mnu.-d dikldend and 

2.5 7.4 .viel'l h i-.su med diiidend nod yield after rcrlp issue. 
67 8 7 ' Fiijuv-nt Irom c.’ipitrt! .source*. V Kenya m Interim hi Cher 

Ilian prciiou;- lecal a rtichu issue pendinc o Earnings 
bnre<i on j' 0 -limioar> heuro. s Dividend and yield exclude a 
a pec 1 ;il pj> meat. 1 Indic..ioJ din- lend: cover relates 10 
. ... . pres iuu* dividend KL ratio bared on latet annual 
i,I*do Mrn,|, -‘ n Forcra-a dividend cov er h.ised on previous year's 
L2|,8.8 eannri: i lax frk-e up to toip tn the C n Yield allow, for 
cunvne. . IjUm: v limdi-ril nn -1 p.-W vjs?J on m.-rrci*icnm 
j IH< i.l-aitd and \ield ir.Hurie a si-evis.'. |m>BsjijV. Cover does not 
applt -Tvoal payment « Net dividend and yield. R 
■fTeference -livirtend pa.*w?d or il.-r.-r.'!*l C anoiJian. E Issue 
price y Di-irtend and ju-ld > '^-i* on problems or other 
otfici.'i v*t:nuic:. for lUTURi u .us-uT-od Jit.dend and yield 
after pendine -> rip und.ur nijIiL' I'Kuc 11 tuvi.ieud and yield 
h.u +,1 on pmsp-euis or other .-.t!-ci .-.1 y - 1 male? for 
lBitS-73 K l-~i-- ur».— iin+.-*t »n prc-peciu* ..r i*-r official 
e>tinxtit- for I 9 ^R m I >.■.:■{• .id and yief 1 ha.wd on nrospectus 
or other ••(fmel ..-rfirnaiA+ for lECfc hi I'l intend and yield 
l.a r x- 1 on pr x-rl up ur .yiher otin-i.'il es'.muite:. for 1893. P 
Ficup- ■ based m. prowpeeliia or other official c-U mates for 
16(15 0 ifrTR T-.i n <trc-. T f i cures .i-r.nm.s 1 /. Dividend loud to 
dair- Y.-I.l ha^d on asm mw irn Treamry Bill Rale stays 
unci'-' need Jiiid nuiurity of Murk. 

\bbr.-i :a< inniw oet dividend: <r ex sen p issue, irea rig btr, nee 
alt if e-. capital distrihuiion. 


“ Recent Issues ” and “ Rights ” Page 24 


This service is available to every Company dealt In on 
Slock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS ■ 

The following is a --election of London quotations of shares 
previously listed only in regional market.®. Prices of Irish 
issmer-. most of which are not officially listed in London, 
are us quoted on the Irish exchange 


Albany lnv.SOp 26 
Ash Spinning - 49 

Bertam. — 16 

Bdg'utr. EfL 50p 325 
Clover Croft — 26 

Craig & Rose £ I 520 
Dyson 1 R. \.* A. 37 
Hits & McHth-„ 67 

Evered 27 

FifePor-e. ... S2 

Fin lav Fkg 5p.. 21 

Gram Ship £1 140 

Iligsons Brew... 75 
1.0 M Mm Cl.. • 178 
HolltJus.i25p... 252 
N'ihn.Ut.ilkiamilh 64 
PcaRfi*.'. H.’.— 190*4 

Peel Mills. 21 

SheKicId Rrick 49 


3.2 «J 

3.9 

in 4 Industrials 


ShefT. Rcfrxhmt. 66 
SindaIltWm.'.._ 112 


Conv.aS'flfKSS. £90 -** 

Alliance Ghs..... 98 

Amort 340 

OarrpIlfP-J.'..^ 97 

Clond.'lkm 88 -1 

Concrete Preda. 135 

HeitiwtHidfUxt 49 

lns.Corp 188si 

Insh Ropes.. 105 

.I.icoh. 56 

Sunbeam... . 36—1 

T.M.R 190 

Umdare 88 


^Industrials l.f.l — 20 Tube Invest.. 30 

i( a Brew.. J 61} "Imps".-™—.. 6 Unilever.... — 35 

$ A.P Cement ._ 18 {.CL..... 20 L;td. Drapery. 7ft 

i'bs.R. 9 Jnvcrc^i 8 Vickers IS 


15J A.P Cement - u 20 Dia.urapeiy. 

aliBaWk. .... 11 W'A J Wool worths. » S 

t Barrla-vsEank. 25 Ladbroke 17 „ 

tl Beccham. ... 35 Legal* Gen... 24 Property 

8.0 Bo« sl:,r ^-' J| L Brit- Land. — ? 4 

Bowavere *6 UoycteBani;... 22 Cap. Counties, a*} 

jJ-9 B.A.T. 24 • Lois 4 g it e * 

2? British iwygen 6 tendon Brick. 5 ir.u^jro^an” 4 

8-7 Brown tJ. 1 20 Lonrno 5 t Jnri Serit 16 

7.5 Rurton ‘A* — 12 Lucas Inds .... 25 xtvpi~ ~ 1? 

Cadhurys — 5 Lyons U.| 10 peir-hw' ' a 

CcHirtaulds — 10 “MaireC 7 sSlProcs" 9 

liofvenhnnK... 8 Mrks&Spncr 10 2ft 

1111113 nwillers- IS Midland Bank 25 u - 

H’-2 Eagle Star. 11 Nat Wesf Bank . 22 D ' ILJ , 

*>W32.0 R M.L 14 Do Warrants 10 Bnt. FetroIeuEL 4s 

- fien Accidc-r.t 17 F&ODM 8 BunwahOil..... 5 

6.3 L^i Elecmc. IB Plesscy 8 ChartcrnaU : .- J 

5.4 ,ifow 40 FLH.M 5 g 

tIr.mri.MLi 9 RankOrg.-.V_ 18 ‘-‘liramar — - 1 20 

G.l'.i’.-A' 20 Rt*d Inin!..-. 12 

Cuprdian 13 Sptllers 3 ™uis 

»1 "i.K-N- 5 Tpsco 4 Charier Pons. [ 12 | 

gS liawtaprStod. 20 Thom. 22 Cons Gold— I 14 [ 

1“ HnlKOtHtRC. 12 TrustHouses. 15 Rio T. Zinc 1 16 | 

17.9 A selection oT ripilon^ traded is given on ms 
— LoadoD Stock Exchense Report page 




































































































MAN OF THE WEEK 


Proving it 

with 

$30bn 


Botha recalls MPs 
over funds scandal 


BY QUENTIN PEEL 


JOHANNESBURG, Nov, 3. 


MR. P. W. BOTHA, the South R12ni was invested in a fertiliser public life mast be rooted out 

African Prime Minister, today company belonging to Mr. Louis without sparing any person's 

announced the recall of Parlia- LuyL first owner of the Citizen, name, position, status or pcr- 
ment and the establishment of a and had not been repaid. sonal relationships. Where neces- 

judicial commission of inquiry Mr. Botha today refused to sary. legal steps must not be 

after allegations of massive mis- accept the evidence, from Judge ruled out." 

appropriation of State funds by Anton -Mostert, whose inquiry is nr hp was 


British 
Oxygen 
in price 
inquiry 


THE LEX COLUMN 





ment and the establishment of a" and had not been repaid. sonal relationships Where neces- David Churchill and . -\v 

judicial commission of inquiry Mr. Botha today refused to sary, legal stem must not be Nkk Garnett . _ , 

BY STEiWART FLEMING after allegations of massive mis- accept the evidence, from Judge ruled out." The again had things 

. . appropriation of State funds by Anton -Mostert, whose inquiry is nr i,, THE PRICE COMMISSION is to mostly their owh way thfs week 

AFTER A goad start following the former Department of into foreign exchange violations, -.-ihA,, j,;,. , investigate a proposed 9.8 per tn the equity market, with the 

his appointment as the new chair- information. but agreed that be would oppose T wi i n nt m-S ceQt P rice rise for most iDdns - F.T. 30-Share Index dropping 

man of the Federal Reserve His announcement followed any suggestion of using Govern- ---j 11110 1 tr *al Bases produced by British another 10R points — making rh» 

“ r - S' v i 11 !™ by The South mkHZ*. to support a party ”“'.5 fu ".tL“L h .3 01 K °W. SSl 


Oxygen. 


=s SSS s iMrfs;! -s—. 


S. ,; Sti L 

*M|l 


rapidly lengthening raortgaj 


The bears -again' -had- -things. is more than a point over thj 

mostly their owh way this week tnrfex unchanged at buiWin S society share rate:.. 1 
in the equity market, : with , the An* sr The building societies ^ i 

F.T. 30-Share Index dropping; 472.4 have plenty of room to - inn 

another 10R points— making the rhoir Ifouiditv and mains? fill 

total drop more than £0 points ^ ^ their lending -veil intd the.i?®^ 

tharT's u reft ootc d“pa tiTtbrough *the puK "ISt&S? fileUE* 1 *" “ 8 aU ^«* *°™ptH>* mbuse of The commission is expected to from the ; ‘1978 "high .nXedho doubt, current prices will “ear at Sound £760a^ . 

commanding heights of the U.S. department's secret activities. His move' coincided wi tb P “5 U ® i-SPS t „ seIf -* nnch raent JJ^SBEieSiS^ d«a ireaS^a f?!!? 1 W ^ ks **°- ^titationa]., look attractive with companies month, even though 

economy in the. past few months. Qnly tb e state-con trotted South scarcely veiled calls by several an ° Hg r a“o with the comnanv’s frad m^agers remain content selling well below their break m tailing off sliaiply:-. - " 

His prediction in July African Broadcasting Corporation pro-Gove ram ent Afrikaans news- He would consider his political wor i c forcp In the cases division see Prices falL'.happjr that tip values -and p/e ratios down ever - in real terms their -rafaffle.- 
«■? X^uumg of this obeyed. papers for Dr. Connie Mulder, £•*«*» «* «P«rt *«* S s“me utS?n Ie1dere™°e they will be liable to plaee fteir : into single figures. But nearer “ f - ; rading HtfffiS;. 

J%£SS5^%SI2L pa.-ui.iy -gl- -• W' tutaify ^ 

anotE? sig^that^thT n^v “hi? SeSmtafTwhen 1 itwUUoAdw ha^deep^y divided t^AfrSaner ^sTert that T <^Up° of U the Meanwhile, shop stewards in mood is onejof a gentle down- and in the past tbe market has past'lS- months.: From-^ 
man was aligning himself too the commission's report. establishment, and Mr. Botha activities of the Information aH four of the gases divisions wards adjustment, and certainly generally found the going pretty point -of 

closely with the economic poli- The three-man body, chaired by and Senator Owen Horwood, Department had been Planned th! QOt 0f pamc *“““*■ : -tough at times— such a* ino\J- rapidly^ ^ lengthening mort^ 

cies ot the Carter Administration Mr . j lIst i Ce k. P . Erasmus, a Minister of Finance, were anxi- According to Mr. Relief Van recommend j rejection of the g institution^ -with- when short terra interest rates queues are = preferable to farepi 

Orange 1 Free °Staue S^'ifSgS. ^ M drawal is tactical pot^aS.^e exceeded bond rates. . ... ^rest ipt Safhr ^ 

against inflation. vJJ mSaioroprl Suon- of ScS projecte of”he tafo™- “ fr °nt company - responsible for and ^dusmal gas cylinder Big storm clouds have been . > rag societies have not - smmgi 

funds bv^ the^fereter ^deoarnnent tfon^DMartinenL mtorma secret projects. General Hendrik handlers. They were due to building up over the market— Building Societies up enough courage to ChaUmjt 

• - x ■ [id any iSecS™ties of priSSte Die bSSST the National Van Den Bergh, former chief of settle m September. the UJS, dollar turmoU, the rise 1 . . ' . ' ' this accepted wisdom , , 

VV,- - • Ueapfi? ? to ?ncSuldl thit may Partv newsplwr IrTCape Town ^ **^1 semce. Bureau of The recommendation will he ^ zzlono' rates, the- wages- How the • building societies - . ' ' rr: 

: ■ *'* ^ have occurred. ^ described Mostert Evidence’ State Security (BOSS) bad said JJ» t0 Jj l t |!|J ,ls ? Iie of n 5? battles at Ford, BOG and else- must en\*y the clearing banki GUS- - - - iiS 

Evidence pubUshed yesterdaj' as “shocking aUegations." It be would save leading mem- TF t w JriL* n fhl where, and the crisis in Iran— Now that the banks have raised • 

by another judicial inquiry stated said that special attention would bers of the Government in vo ved “ a S dV |i breach but there is a feeling . that most their deposit rates by a full two - For the second year nipS' 

that R12m (£6.7ml of State funds inevitably be. given to Dr. by® Sfp^guWeUnl^ a shop of these problems AmSted percentage points, fte pressure G US failed to pUe np^ , . . 

were made available to finance dead.” ■ stewards’ delegate conference in market prices already:" : ; The must be on the building societies I9r7-78 r - and the annual r^ ' 

P 1 ® 9L t,z ? n 'K supposedly A * James Bond ' scandal wil1 he reconvened. best evidence of a solid -support to increase their own rates. But^ shows that over, the v ywh&!L,rr ! ; 

GoXmeSt y The SSSg *EZ *n ton* a&m Page ?5 year a four-week strike somewhere und eraeaffi^thS whereas the authorities turned March . the famous 

^ ^ ‘ fl ® n I), s !]ny? 3 ? ree « t0 I ? 0I Y efloity maricet is, perhaps, the a blind eye on the banks upward, balances stayed at arimnd ^far^" 5 

2?*tii?!ISl!!i refusal of yields at the long adjustment, the building soci^ Although the group’s casfeM . 
m j • -m -m • about^ESm^^ the 001,1 P 3117 end of the gilt-edged maritet to. ties' are unlikely to be let. off bag continued to: rise" 1 steaS 

Knraill CPPkQ O IHC Al* POAIfiAmiP The commission's investigation 2° brgber thanthey did in so lightly especially since there GU S has recently been-ptuapfe 

MJM. iJvvAiJ V'JLUdV'M WUUvIlllV will take three months to com- June< • ’:= is an election m the ofGng. , back much more intpThe.^' 

' plete. Mr. Charles Williams. What coud yet ■ tuitt this^ "set-- Until recently the building ing business, partiy-ttoci 

Tl • TT^TT 1 /^ 1 *5|SS 1 %.|. b” back into a significaht bCarW- sdcieties bad been' hording their . 


•• -t- 4*. 



the Citizen, a supposedly Volksblad, the party newspaper 
independent but staunchly pro- in Orange Free State, said: “This 
Government newspaper. The festering sore in South Africa's 


A * James Bond ' scandal 
Page 15 


Britain seeks closer economic 
links with EEC, says Healey 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

THE UK will continue to press But in the remainder of his Ministers 


examined carefully. 

British Oxygen said 
that the price rise w 


relatively . high food; therefhT- has been covered by' monthly ation ip i salett 
id last night uncompetitive sterling exchange inflows of just .over £350 m, sales, rose by IB 
was needed rate and by a shortage of- credit .repayments of principal ' of year— has meant that 


G. William Miller a closer convergence of econo- 

Bctter armoured for the fight mic performance, whatever 

happens in the present talks 
To understand how much has about the proposed European 
been changed by the announce- Monetary System. Mr. Denis 
ment of the dollar supr.<vi pro- Healev, the Chancellor, said 
gramme in the middle of the yesterdav. 

in evidence tu an all-party 


ment of the dollar supr.(Vl pro- Healey,' the Chancellor, said Mr. Healey described the possi- M Bri Sedgemore a Left- nnfv In ««« cSS Share prices 00 Wall Street. A year ago there .was a gap 9 per cent, over tfte'pi^rifo 

week^ne 1 haR b to To predate ?e *™ erd *L- labour MP and Parlia- ^ ‘^““include “®?nwhile, have bad the rally of six percentage points between three-year' period L ; fWeiS 

difficult predicament P ihe^C.ent l r” ln evide!,c . e __ t0 »« all-party * -JjJJJL « J J * ‘SS heliS n ««ntary Private Secretary to Either cvhnder ' and rental which was no raore.tban their bank deposit rates, and .the ■ profits dmpppd a. litS^fim 

Bank ^ (and lu iSiraln) hive ful concettt " for Britata aid “ r : Amhonr WetUfwood Bonn: Kres. 1 fife after the bloodbatfr tif .pre- srosse d up building society rate, ling lerms.:.aBd the 

been in as they tried to pursue , L .“hp f nn tc am p o°f dismissed P suggestions ’ that ? n J Mr ' 1 J ,I ! < * ael E r ng . ! ! sh * lh K e The Price C*.iumission is 3lso vlou* weeks. But there still This has now. narrowed tQ just tion from finance also‘^^&. 

an independent course. ' b .™ 1 ‘5n e S?in™ to steriiTg mltfit hSvSSdate fS Labour chairman uf the sub- investigating a proposed 6 per seems lo be every reason for i per cen t in - the ease of litHe, . probably . ihBueSg . 

.a ccaiurc created by act of gjf * h , Loan'd eaonomlS the ouL™” weaker "Sr This S’Si'^'^dEE? S“ncume n « , r J" “ISS! Y '“'«««■ Barclay, aud Midland and far Iower.lntere»-.rare,;T^| 

t.onare.ss it is subject to the „„ nPCUMlirtAA aKaii* tkrt r!At«/1l*M idpn does nnt anneal tn the UK Cabinet and EEC documents. _ J Products, the second largest] .i, A i tiraDI- ilanncitnr tho hanLrc th» nmsrWftc In/lfc..; 


Vi£55. nr the re®s» u ranee a bo ut the Govern- idea dees not appcai to the UK Until the outcome .of 

political eslabiiShmcnt. The nof ^in^h^DrooiLd ^ Server wo™ be likelv^tS denied a J r ' Scdcemore’s sug* Britain after ROC. which has President Colter’s; package 

answer to the question what the pro P osed ^ sXem in /a^ sSeculative pressures ' eestion that all the illustrative about SO ner cent of the market becomes dearer foreign buyers 


Drax B orders worth £300m 


answer to the question what r r — face speculative pressures. grMvn uidt j.i i.^uuw.u.c aDouiwrei 

mdeuVdeK The Chancellor said it would The two-tier proposals emerged £$£ enrisa^ed dan Sge n 7 0 he im^S 

nS d n , h ren f , f M , d make sense for Britain to join a publicly after Franco-German ~“ t D ‘" ec and £molov™ent if The Bor 

iL Pnnt HJ!IlSi i JSnv Cy ,w.ri system which created a zone of talks 0 n Thursday, and are likely ggj jo ^ d tDI P l0 >™ ent ^ 

rm-.rni2J. ”3 iS currency stability, provided that to be discussed next week by S Ser cem 

B 'un» r t^i l rr •°mi» u JEJS hi= a ,0n 2 Htt of general principles Mr. Healey when he meets the Schmidt makes progress. ' J*. p arn i n 

USkWtffi'i! ^eould* run "» Frettcb and Dtttch Fi.aece 2 S,lS 

the risk of having its indepen- always main 

dence stripped away. 

A public awareness of the role 
monetary policy can play in 
creating recession and unemploy- 
ment has grown, and public 
attention on tbe Fed increased 

(which it hss i it csd be srsiicd I ^ 

that the central banks' freedom ORDERS WORTH £300m were the cost of the various parts of of about £10m. - linked to in 

of action has been diminished announced yesterday by the the contract — a matter of some Tbe Government will meet j of work 

Now, however, the US dollar Central Electricity ’Generating controversy in recent months — maximum of £50m of the total materialised. 

support package has put the Fed Board for most of the mechanical hut- it is understood that the cosl as agreed compensation ror _J 

even more dearlv in the front engineering work on the Drax B breakdown is roughly as follows: requiring the Board to bring 

line for the monetary measures power station near Selby, in • Babcock and Wilcox (Opera- forward the consruction date of ^ 

will have to b* effected b\ it Yorkshire. tions) will build and erect three Drax B by about 18 months. 

and it also has responsibility For At the same time, the board 660-megawatt boilers, at a cost of The precise figure will be based 

managing foreign exchange inter- said that the estimated cost of about £180m. on the interest on The capitrl m j 

vention. The critical question the project bad gone up from • The C. A. Parsons subsidiary employed over the IS-month fk c 

for the dollar, therefore, is will the EfiOOin forecast two years ago 0 f Northern Engineering Indus- P®™? 0 - 1 * 

it be able to pursue its goals with t0 *G86ni. a rise which the board tries (NED will supply three p F 0Jec * '* due A D . be 5 0,n ' • 

determination and without pub- sa vs is in line with inflation. 660-megawatt turbine sen era tors. P ,eled .by 1986 T 0 !- f 01 ?' 7 $9 (TSUI 

lie pressures to compromise. Neither the board nor the con- a cos t 0 f about £100ni. companies privately believe iO be **{3*«*1 


per seems to be .every reason for i per cent in the ease of . little, . probably , influenceff?- 

p'.J caution. Barclays and Midland and for lower, interest .rates; 

1 i’ Until the outcome nf the larger depositor, the banks the prospects look: gotfc? 

has President Carter’s package ard now offering vei^ attractive round. -byt the stmres lw&i 

:ai becomes clearer, foreign buyers termis. - Midland Bank, '.fur been, able to break frpft'.w^! 


BY JOHN LLOYD 


S per cent on top of a 10 ner 
cent earnings increase under 
Pha*e Three. The company has 
always maintained that the deal 
was self-financing, and sanc- 
tioned by the Department of 
EmnJoyment. 

Union oftiicals have said, how- 
ever. that the changes In work- 
ing ora ctices required under tlm 
scheme were marginal and 
linked to increased through out 
of work which never 


beUeving 3 tha t^the* KHs^now tracting would rele^e •.^Clarke Chapman NEI sub- oTs^nTj Drax B^Sl. to 5 *&} 

better armoured for the fiabt I Ej.hc^k '' ,n Anfuli and ductwork J??? produce .ibou 1 


Sanctions: 
No action 
against 
Lonrho 


than it was. The clues to the 
change were contained in the 

symbolism surrounding the _ 

announcement of the dollar UJv. TODAY 1 t 

support package. Although the SOME RAIN .in most places. K"and will S' feedh?a£' 
official ceremony included a joint „ . .... . . ireianu. »iu supiuj ietu 

statement from Mr. Miller and England, Wales, Channel Is™ and— under sun-contract frou 
Mr. Michael Blunienthal, the U.S. S. and E. Scotland Parsons— condensers, at a cos 

Treasury Secretary, the tape was Cloudy with rain or drizzle at 

cut in 'public so' to speak by times. Some bright spells. Max. « 

President Carter himself, and 16C (fllF). Continued ITOH! Fage X 

Mr. EUnnemhai. that is the U.S. N. Scotland, Orkney, Shetland 

political establishment. Cloudy, rain at times. Max 11C TTr J — A * 1. 

Mr. Miller was nowhere to be (52F). Mi I In II xlll m 

seen. L of Man, W. Scotland, N. Ireland X vl U O «<* IJ! 

The politicians have thus Cloudy, rain, brighter later, 
given the semi-independent Max. 13C (55F). workers voted to sive the com 


England, Wales, Channel Is.. 

S. and E. Scotland 
Cloudy with rain or drizzle at 


Babcock to do flue aod duct work 4,000 megawatts of electricity. ; 

on the boilers, at a cost of about The combined stations will g y i 0 hn Moore 

* lum - burn about 9m tonnes of coal -jj 

• General Electric's tGEC' year, much of it from the Selby ! THF nirecinr .or Public 

plant at Larne. Northern coalfield now being built, which ! pro*» C cotkms lias decided that 

Ireland, will supply feed heater* the National Coal Board hopes i JrimS^ VrWredlnS are no! 

and— under suivcontract from will be producing 10m tonnes; Jl^t l^nrbo Sc 

Parsons condensers, at a cosf a year by the late 19S0s. {ElE&oH t^ST’ 

industrial conglomerate, over 

Continued from Page 1 STSTiSa 

_ _ mem of Trade report com- 

Rnrn cfnlr pr« ss* - morc ? an tH ° w 

j- vfi U l3 1 J. UVV/1 o In a brief statement yester- 

day, Lonrho said: “This was 

workers voted to give the com- SU Fuel Systems, Birmingham. J 10 * an unexpected outcome but 


Ford strikers 


Central Bank the brief to attack! Outlook: Mainly dry in S. RaLnl pany until December 1 to im- which has lasted more than three" H i* nonetheless welcome. 


the dollar's woes with anj a t times in N. 
armoury of monetary measures 
which could damage the domestic 
economy. The democratically 
elected ’ leaders have identified 
themselves with the policies to 


BUSINESS CENTRES 




vdar 
miJday 
'C -v 

Vday 
midday 
•C *F 


C 

M 

57|Manrhostr. 

C 

ir 

54 

aarcrlo&a 

s 

19 

b- ■ Melbourne 

C 

is 

39 

Suirut 

s 


73. Mexico C. 

c 

17 

S3 

ScUasr 

c 

13 

33, Milan 

c 

7 

45 

(?Hlsradc 

s 

v: 

54 Miniirfal 

s 

19 

30 

Gorlin 

n 

(i 

4ljMo*tui\- 

r 

fi 

43 


F 

11 

.V?: Munich 

c 

a 

4J 

Brtsiol 

K 

ir. 

i'' VraiSilli' 

I- 

15 

59 

Brujti.,'15 

c 

19 


s 

15 

39 

Biidap. j.1 

e 

9 

41 '■■slo 

r 

9 

4S 

B. .Viris 

s 

~*~r 

TU'Parw 

c 

in 

M 

Cairo 

s 

71 

73, Penh 

V 

L'l 

70 


prove its offer. Shop stewards months and which at one pointl Mr - Tony Hethcringion, the 
were authorised to call for “any threatened to become a total! D,rec,or of Public, Prosecu- 
action necessary ~ to promote stoppage of BL Cars’ output tions has been studying police 
their claim for an increase of The men, who gained no con- reports on their investigation 
well over 30 per cenL cessions Troni the company, will ^ n !° mailers arising from the 

vm,aami>n« ,.-sn nht lu fnn return to work on Mfinri.i v ■•very critical Department of Trade 


riprnlii!inn« ,,rrH "* w - »i«-|iiniiiKiun 

kM?Pll«l hw decided criminal proceedings 


is the President's commitment 
in his own dollar policy which 
is being undermined. 


£jjjj“T t ^ by"alT 36 plants 'of a totaT pack"- plants 'such"~'as 'Drews "Lane! » ‘”^„v **«*«»£? 

r:nioicu- i" - 43'RiodoJ'o s m I Q v0i y ,n o i-OOO voluntary which Cdn quickly affeut produo ^ k(in an crv ahoui iht* wav the 

bein'* undermined. Connhj-n. I- II ■.. Rome' r • « « redundancies before the end of Uon. but where there is less affair i™ liren handirii Hr 

Thus*" politically B the centra. gSSS^h 5 \i li !&SEBS ^ =5 S has made clear ^ ^ .STSS^lJS 

ink is now in a much stronger Frankfurt r i M'Smihrs. c k « ■ Manage ment h^ as nude clear Cowley might, prove another Owen, the Foreign Secretary. 

h:.vo mnnpt.iTv nnlicv F 7 43.SyJr.cF c i7 a that parity— tii c same wage for trouble spol not because of the n,,? —..CL.,:,! 


short-term risk of redundancies. 


HOUDAY RESORTS 


bank i-, now in a much stronger FranMiiri r 4 :a'Strn«irs. n « « 

position to have monetary policy Jjg^ g J. g;??® s lo m 

shoulder the burden ol tne ngnt s t «Wvi ahe >■ si zi 

against the inflation which is R.K o,| « ** -■» ts- Tokyo s is oi 

now at the root of the dollar's 5 f 9 .’Sjv?^ 0 c 7 « 

difficulties. London V 1.1 55 j Warsaw S W 30 

Finally, on the other side oF Luxemh c k«s 4 .-a Enrich c i s 

tbe dollar defence policy, the 
foreign exchange intervention, a 
subtle change in the wording of '''. d p 7 t 'i'SfL 

the official announcement is .'p <■*(. | •(; «p 

attracting attention. Tbe state- .sJacvio k i> Mjmanbui r i? 54 

ment dues not talk of interven- s 3 £ 

ing in the foreign exchange r.iactuxioi t - 11 jj. Locamn cum 

market to stabilise ■* disorderly Bordeaux c x m Majonra y -jn 

markets" as in the past Now 1 5 i.1 ? r2 S 

the U.S. and its central bank rawTou-n s -jj 71 \airohi r <i 70 

partners are to intervene “to Corfu c is et \apics k 17 n-; 

i-nrrpi-t recent pxri-«ivn pv- nilhTOVIlIk F 17 WiNlc<* S' *S 61 

iorrei.1 rticm exi.cssivc ex- s ;fl;,i w no S :i 79 

change rate movements. The norrm-p t-' " & Kind.? k io ^ 

philosophical foundations of Funchal f :» sai/h..r« c * 4i 

benign neglect have been buried. gJS" n h ® 5 

dirty floating made clean and the iruiBbrucK s n aa; Tunis s m u 

market told that it can be wrong iRwnww R n jj'vakmu r is a 

3t,d H h ^nh he U - S ' ii ’ ^ e?arcd t0 S/„nr a " h-l'L cI&dy. *Jn.m!| 

spend S^Obn pryvmg iL sn—suuvi. d— D riioic. Fas. 


affair has been handled. He 
wrote recently to Dr. David 


Cowley might prove another 0wen . the Foreign Secretary, 


S 2 S l ? at P^Lv— Uic same wage for trouble socn. not because or the lha T Jf Q 

s io 2 ? tite same job-must be self- annual 0 a> round but because fedVe t her! is no kl o 
s m it finances. the com^nys proposals will mr ihS there ex ills an! 

? ■= § ^ssrgLssjns^ 

i *5 8 « * 32 toolmakers at than production operators. — 

; ' ' " other law.** 

-T^r Continued from Page 1 . n M.r n, SA7a n,,, i': 

c ci, 11 m 1 111 (heir report that Lonrho had a 

r s s SmaU gams by dollar 


Continued from Page 1 


-r < i--. *C *F /T 11 « 1 111 I ,r rr F«n «i*“t JL»nrno nau a 

AJacv'io K is hj'ictanbu] r i? 54 VlYIQll (TOUflC fl XT fll^ 1 1 0 V* duty to ensure so far as it 

\toh.'p S ;n ivJiw c m 55 kJIilull t»uillo UJ UUUmI could that the company aod its 

n'SSioi !•' ia cum . . . 1 . . f officer*, complied with UK 

Bordeaux c * -iri Majonra v t* currencies, which had attracted The index rose by 0.4 'points > sanctions legislation. “We 
Fajuioeno i'rt m jT.Majjuja s so cs large inflows before the Lf.S. yesterday to 629, again reflect- 1 bolie\e that ihe Board as a 
raw Town s si 7 i xairohi r <i :n action. . sterling’s strength against! whole during this period did 

Corfu c is si \ 3 Bics k 17 k:; Indeed, the pound has risen f* orit : nr , n j r , im .ncies The nul <Hf *hargp this duly with 

nubrovcik v 17 ja.xicr s n w 0T er the last week by 3^ pr LontJ ° c r n ‘ J , Bc 'f : s * * care." I he report said. 

Fi^rmr v » f si ” cent against the D-mark. The P° und by 1.07i cents agaln.H I Thp FPporl aNo criririvil 

Funchal k -i m sai/hnnj c * 41 result is that the Trade-weighted the dollar to 51JPS30 and in New ! aspects of lli«» way special pay- 

CibRihar v w #f jTan^K-r s s 7 i index is unchanged over the York closed at J3L1H0. The ! mml.s of gifts, rewards and hi- 

made clean and the frKT« s iii ia-Tinis s w m week and only 0 j 6 per cent down fluctuations partly reflected ih« • riucements for overseas husi- 

li at it can be wrong imvnwss r ii 5 j ! vai.m'u c is » sinre Tuesday, in spite of the contrasting impact of the Ford, m*>s were marie, but concluded 

U.S. is prepared to ,2 IP a, r2!SLi* r sharp fall in the pound against dispute and the rise in UK ' that the funds “were not mis- 

Wivins iL Et-Drta2T^-F«I the dollar. interest rates. , applied." 



I