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U.S 


Size of increase ‘a shock,’ says Shore 

Home loans up 2 % 



surprise 


y 


arms 


down $21 



# EQUITIES drifted. In small 
basin ess : and the FT ordinary 
lie U.S. has told its major index dosed L5 up at 473.2. 
Uiropeah allies .that it will no ■ ■ _ 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


inger try to block their arms; £480 
ales to China, administration . r'.' ,T -. 
ifieials have confirmed. Bnt 
jne.riean policy not to. sell U.S. 
■eapons to China -or the Soviet 
inion remains unchanged. •. ■ 475 

Recent U.S. agreement to a 
coposed sale by Britain of diesel 
ngines to China was the first 
lep in the Carter 'admi'ni stra- 
in's revised policy on- arms A7n 
lies. 1 ; * ryJ 

■ Other more important pro- 
osed sales to China- now likely _ 

> win American acquiescence 
re for the Harrier jump-jetand 
rench anti-aircraft missiles. 465 
ack Page 


KT. Industrial 
Ordinary Index 


■ [ BOOTtY UBVtMEKtS 

1 ALL-7 IMt ®.mw*u*se_ 

1 SM-1 I J 

* HTM-jg? H 


6 ■ 7 Ji 
NOVEMBER; 


9 ,10 

1978 




■fcT 


Refugee ship V 0 GILTS reacted to exhaustion 

steamer carrying 2,50a. Viet- 0 f the long tap, and falls were 
amese sent out an. urgent . .• sectors. The 

Dpeal for international aid after recorded in w seuors. ine 

ring refused permission to hand , u, ^ es 

le refugees in Malaysia.. The fell 0.14 to 67.92, a new low for 
iptain said that 500 . aboard 1978. 

ere sick after 17 days at sea. . - - . , , „ • , . , 

• STERLING feQ 55 points to 

‘V mast Wili no* $1.9680 and its index eased to 

v sncasi. ruling . 62^ <62*>. The dollar's depre- 

ICC and EMI Electronics were cfotien narrowed to 9.9 per-cent 
able to pay damages to the /lOfll 
iA. an Appeal Court judge ' 

iled,. ending a marathon, court 0 GOLD fell $2$ to '$207* in 
title estimated to hive cost t»n'Hnn - 

ore than £300,090 over the col- 

pse of a television mast at 0 watt. STREET was X46 up 
mley Moor, near Wakefield, in at 307.43 just before the dose. 
*69. ' - . ■ . • 

. . # 1ZABRE has. been refused fur : 

iecrets trial ther aid package by the 12- 

c : , nation Zaire “dub“ until -it 

le judge in the Colonel. B agrees to a set of stringent econ- 
crets trial at the Old -Bailey n mir measures to be negotiated 
reeled the- jury to convict with the IMF. Back Page . • 

iSir^T jd£XJ*£S' CROWN : AGENTS- haVe iA 

=been borrowing money 
Jg,?n ‘ JWmSSS ‘legally and unconstitutionally- 

__S d for th/, past, 155 years,, the 

— itemed during his work. Minister of State for Overseas 

• ‘ Development has said. Page 3 

earners rescued ^ 

. - - , 0BL has called -for 500 volun- 

seamen were rescued by- ^ redundancies at its Speke 
hwmen off the east coast of plant on^Merseyside. The 

'dtJaiid, after their ship sank company lias already closed 
J& 'galeforce .winds. ... Speke No. 2 plant, at a cost of 

i l l - ’ 3,000. jobs. 7 Meanwhile at Vaux- 

- • • - ■- 1 . •••;:■; - . • . • " hall’s Ellesmere Port plant, ac- 

- iblintrciiC&’C UQTIPP ceptaaee of the company’s S.5 
TtwUoltCu O Rviilib per cent pay offer seems almost 

stjj We TegrCt lhat mainly due ** e 3 

jpgSk o production ''problems a ...0 SHELL and Petrofina have 
Iggfanmfaer ' Of readers have not ; joined other main oil companies 
^^reeetved the newspaper or have - - in .withdrawing price support 
m rceeivwHt i&Urthaix is usual from their petrol stations, leav- 
S over IhB part'fonr days. . We. ing Esso the only major com- 
3 apologisefortheiiiconvcirieiice pany sti II- subsidising cut-priee 
K caused and %re -taking steps to petrol at some of its filling sta- 
? deal with the s&oatlQD- • tions. Page 3 


BUILDING SOCIETIES faced a 
strong reaction yesterday to their 
surprise decision to raise mort- 
gage interest rates by a record 2 
points to 11; per cent. 

The societies had been expec- 
ted to announce an increase in 
the cost of home loans following 
Thursday’s 21 point rise in Mini- 
mum Lending Rate to 12i per 
cent. 

But yesterday's decision by the 
Council of the Building Societies 
Association to recommend a full 
- points increase in mortgage in- 
terest charges will come as an un- 
pleasant surprise to the societies' 
borrowers. 

Mr. Peter Shore, the Environ- 
ment Secretary, said that the 
size of the increase came as a 
shock. 

He added: “It is unwelcome 


Societies 

Mortgage Ratej- 


Deposit 

Rate 

(Net of Tux) 


J FMAMJJ A SO N D 

‘ 1978 

GROSS MONTHLY MORTGAGE 


news indeed to the millions of REPAYMENTS ON 25 YEAR LOAN 

era sang and prospective home- 

buyers who will now be faced ?0 7 s£m 

with this level of increase. /0 /. (11.75%) 


Old rate 
(9J5%)_ 

“I obviously share very much Size of loan £ £ _ 

with the building societies tbe £ 5,000 45.05 52J5 

hope that the new rate will not ii nftnn onin im- 
prove 10 be necessary for long." 90.10 104.50_^ 

Mr. Hugh Rossi, the Opposition £15,000 735.15_ _156.75_ 

spokesman on housing and land. £20,000 180.20 209.00 

described the increase as **a 

crushing indictment of inis 

Government's economic mis- another month. But. Mr. Stow 
management. House builders said, "the MLR increase was the 
and house-buyers alike will pay major factor in swaying those 
the price of Labour's folly.*' who thought of delaying/' 

Mr. Ralph Stow, chairman of Mr. Stow, who has argued in 
the societies’ association, said favour of an immediate increase, 
that the rate of increase, to the said: "In going for a two poin; 
highest level since 1976's 12 j increase we have sought to strike 
per cent, had been agreed on a a balance between adding to tbe 
majority vote. cost of mortgages and ensuring 

A number of major societies an adequate supply of funds to 
had been in favour of deferring sustain the present high level 
a rate increase for at least of lending for bouse purchase" 

... .s- - . . Editorial comment and why MLR went up. Pag.-' 14 


New rate 
(11.75%) 

__ £ 

_ 52J5_ 
104.50 _ 
“l56.75_ 
"209.00 


He expects that ihc increase, 
which will add around h oer cent 
to the cost of iivmg, ’will help 
to slow the rate of house-price 
rises. 

As part »f 1 he interest rate 
package tbe societies recommend 
da increase in rate of merest 
to investors from 6.7 per ccn: 
to S per cent. 

The new deposit rates, com- 
ing into effect from the begin- 
ning of December, are equivalent 
to a gross rate nf return of just 
under 12 per cent to staadard- 
rale taxpayers. 

These higher interest rates 
reinforce the societies' position 
as significantly more attractive 
investments than their main 
competitors, than bank deposits 
and the National Savings Bank's 
investment accounts. 

Without the increase the 
societies felt *' monthly net 
receipts would quickly fall away, 
reducing the ability of societies 
to help home-buyers." 

Net receipts in October were, 
ronicaliy. the second highest of 
the year, at £080111. A total oC 
I1.4S9m was rewhed from the 
investing public, and depositors 
withdrew £1.1 '26m. 

Home loam, totalled £73§m. 
and a furiher Jt'73Sm was 
promised to mortgage applicants. 

Michael Biauuen writes: Rises 
in the cost • f bank overdrafts 
and of loans ironi the big instal- 
ment credit companies are likely 
nest week following the furiher 
sharp jump in the level of 
interest rates. 

The true interest rate on a 
Joan to buy a n car, or on a 

Continued on Back Page 
© Lex. y-«- 


£800m 
long tap 
supplies 
sell out 

BY MICHAEL BLANDEN 


HEAVY DEMAND for gilt- 
edged securities yesterday en- 
abled the Bank of England to 
take a major step forward in 
its efforts to fond the Govern- 
ment's borrowing requirement. 

Following the sharp 21 per 
cent jump In the minimum 
lending rate on Thursday, 
strong buying developed as the 
market adjusted to the new 
levels of rates. 

Official 

Official supplies or the long- 
dated tap stock were quickly 
exhausted, and it was esti- 
mated that up to £500m was 
sold before tbe stock ran out. 
A total of £8n0m of the long 
tap. Exchequer 12 per cent 
1999-2002, was Issued at the be- 
ginning of August at £96 per 
cent, with the bulk of it re- 
maining in official hands. 

There were also some sales 
of tbe short tap stock. Ex- 
chequer 10 per cent 1983. 

The official sales followed a 
cat in the price of the lung tap 
stock to 93j- per cent by the 
Government broker, incident- 
ally providing a handsome pro- 
fit for stockjobbers who on the 
previous day had sold stock 
short at around £94 per cent. 

After the exhanstion of the 
official supplies, the stock mar- 
ket felt that tlie authorities 
migbt then immediately an- 
nounce a replacement in order 
to lake advantage of the 
strength of demand. 

No new issue was forth- 
coming, however, and it ap- 
peared that the Bank pre- 
ferred to wait for conditions to 
settle down after the shocks 
nf the past week before coming 
out with another stock. 


Postal profit expected 
but charges may rise 


:osts plea 


\ ' • r " _ • STOCK EXCHANGE operating 

f ’oisan'fflfkrf anric surplus has fallen from £ 3 . 4 ra to 
gis-J oispn.aierx ©nas £^ Sra liD ^ six mon ths to 

ritish Sugar Corporation hast September, largely due to heavy 
iyeH the al «lear, 4HL its Silver costs relating to Talisman, the 
poon white granulated sugar, compnterised system being 
rjfs&fZ ' he conzpSnyitS&id' that all tbe developed to- handle settlements. 

near wbfcJr-iiould have been _ . , 

HPi? ymtam ln ated^wlth rat poison at ♦ PEACHEY Property has fatira 

fegg jg f|s- York, -factory had now been iu its second, attempt to sen on 

•IPS ^counted lor, - its Park West, London, apartment 

JjT '-.•/'.•/X '.. / : •_ ' ' block. Page 3 

fSB Annals -pledge • tzu-ang pedigree, the uk 
' penile delinquents will get no 

; T : soft . option" from the Govern- fSSin??* rh^Ustmas’ The Welsh 

\ - *ient Social Servirp? Spcretarv trading- by -Christmas, me we«sn 

\ -.ir. Officet has aanounced that {he 

i ie Association of Directors of Government will not finid th 

4 ■*■'; ocial.Services that he was estab- Merthyr Tydfil-ba^d P 
\\ . "sBihg ah inquiry into control 1110 end oE tElis - 

i ' f difficult adolescents^ Back Page 

losts plea COBPAHIES 

T , • _ . • • JOHN BRO'tVN is to rrnse 

. . 1 tetress \enessa Redgrave and- £ 16m by a three-for-ten nahts 

■ \ : \ ■ ier brother Gorin- asked the pub- The company, which fore- 

< »c to help them pay tbe £70,000 a £2ni rise in‘ pretax profits 

1 • egal 'costs incurred in their. 13- to the year ending 

lay libel suit against the MarC h 1979, j S to raise its divi- 

ibserver. They and five other dend irQm s.g44p to an estimated 
aembers of the Workers’ /Revo- 16 pj- 16 ^ 
jlionarv Party lost their-case. 

• ASSOCIATED DAIRIES has 
3riefl¥ ■ . -* . . formed a new holding company, 

- „ . _ Associated Dairies Group, to 

i.exas pensioner ^ handle the £35m merger between 

valentine card from his wife company and Allied Re- 

-ears late— because it was lMt H unSr the deal, the new 

«bmd a Tiiaehms in the local ^ ^ be free fr 0m din- 1 
?ost Office. - dend restraint for the next two i 

?rice' Commission is to investi- years and the dividend for each, 
site an application by the Daily sharp goes np from 0.9S per i 
Telegraph to increase the news* to 7.46p. Back Page and Lex 

ZTJXV,ViZ^ u sa«-a— «*rs5' 

Sr *s 2 r Ssr r * Efeikfs. ss 

upped in Mexico City. per cent up at fi3i.g ra . page 16 

JSSEbSS^wSSSS •FEKCUSON Tndustrial Hold-- 

Fear-oid man, put on a mortuary mgs pretax profits lor me nail 
slab 26 hours nreviously alter year to August 31 rose per 

being pronounced dead, was still cent to Paae P 16 

alivp cent anead at £26.5lm. Page 1D 


BY JOHN LLOYD 

THE POST OFFICES postal 
business is expected to make a 
profit of about £30m in this finan- 
cial year. 

Even so it seems certain that 
postal .charges will go up, prob- 
ably by lp on the cost of a letter, 
early in .the new financial year 
starting on April 1. 

-The profit meets the Govern- 
ment imposed target of a 2 per 
cent return on its turnover, 
expected to be about £l-5bn. 

Profit forecast for this year is 
about £10m lower than last 
year’s surplus of £40.4m for the 
postal business, which was a 
record. 

Though all the various postal 
services will show a profit this 
year, wages SO per cent of the 
costs, have been slowly rising. 

Negotiations on pay increases 
for the Union of Post Office 
workers- are about to begin. It 
is certain that the union will 
seek consolidation of a number 
of- allowances, which would add 
4 or 5 per cent on the basic 
settlement. 

Even on the optimistic assump- 
tion that the basic will turn out 


about 5 per cent, this will mean 
a rise of close on 10 per cent. 

Such a rise would cost the 
corporation about £S0m, 
rougbtiy the revenue gained 
from raising the price of a stamp 
by lp. 

A moderating inthienee on the 
UPWs wage claims has tradition- 
al! been that because of the 
very dose relation between 
wage claims and tariff 
increases, postmen are reluctant 
to fight for a claim which could 
endanger jobs by pushing up 
prices to the point where the 
amount of mail falls off sharply. 

Parcels gain 

One of this year's marked 
successes is that the parcels 
service is heading for a small 
profit, a recovery from a loss of 
E45m in 1975. Thirty per cent 
nf parcels handled by the Post 
Office are on bulk contract, 
generally more profitable than 
one-off deliveries. 

The two productivity agree- 
ments on offer to postmen have 
aroused some hostility. 


The first, called Overlay, is on 1 
offer 10 dl Post Office staff, and ! 
all but the UPW have generally] 
welcomed it. The postmen dis-j 
like it because it will pay them 1 
less than Post Office engineers,! 

The second, known as the man- 1 
power scheme, proposes that pro- 
ductivir." payments be made in 
each area odice according to the 
productivity of that office. The 
UPW 15 traditionally wary of 
schemes which mean substantial 
differences in pay between 
differea". areas. 

In the next decade the postal 
business is expected to decline 
by between 5 and 8 per cent, as 
" electronic mail ” begins to 
replace physically-carried mail - . 

Mr. Dennis Roberts, managing 
director of the postal service, said 
yesterday that there might be a 
case for changing the pattern nf 
deliveries, with some residential 
areas n.i longer receiving mail 
early in the morning. 

News Anaylsis Page 3 
Varlcy may bar Communist. 

Back Page 


Though the absence of ar. 
issue provided some relief, the 
market remained unsettled. 
Prices ar the shorter end 
closed with losses or J, while 
at the longer end there were 
falls of ;. The old long lap 
stock itself dosed S down at 
£93j. 

The Financial Times Govern- 
ment securities index dropped 
another 0.14 to a low this year 
of 67.92. bringing its Tall 01 er 
the past week to 0.66. 


IA 

far 




SY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


DELTA AIR LINES of the U.S. 
the third largest airline in the 
Western world, is leaving the 
International Air Transport 
Association, the body represent- 
ing most of the world's major 
airlines, from December S. 

Mr. J. A. Cooper, Delta's 
senior vice-president 1 market- 
ing), said in Lonrlvn yesterday 
that the decision was due to ihe 
“reduced effectiveness" or the 
association's fare-fixing arrange- 
ments in changed market condi- 
tions. 

The decision eamo just before 
the annual meeting of the 2t)S- 
raember association, which opens 
in Geneva on Monday. It is a 
sign that the U.S. is moving 
further away from the rigid 

fare-fixing adopted by the asso- 
ciation in the past towards 
greater emphasis on competition 
and cheaper fares. 

Several other big lj.S. airlines 
are known to have been think- 
ing of quitting 1ATA. including 
Pan American World Airways 
and Trans World Airlines, but 
Delta js the first to make the 
break. 

Mr. Cooper said that Della 
believed that IAT.V? methods of 
fixing fares “were incompatible 
with the flexibility needed for 
cnnvpetitioa and innovation in a 
drastically altered environment." 

Throughout 197S. the U.S. has 
been shaping a major new civil 
aviation policy, both domestic- 
ally and internationally, under 
the influence of Mr. Alfred Kahn, 
the former chairman or the Civil 
Aeronautics Board, who is head- 
ing President Carters anti- 
i inflation drive. 

In the U.S.. lhi< policy ha> 
meant extensive deregulation of 


the U.S. airline industry. This 
has resulted in greater competi- 
tion. and ;i UK 1 mn-e towards 
siuviiani! j ! ty che;itii;r fares, 
reflected in lug irjii'u; increases 

Overseas, the U.S. nas begun 
to negotiate new air agreements 
with several countries - , embody- 
ing these principle. Jt recent iv 
signed a pact with West Ger- 
many. Each country has accepted 
substantially increased jjif ser- 
vices from l be other, with cheaper 
fares t h rough "‘country of 
origin ’ rules t-.ich country set- 
ting the fares -in flight to the 
other. 

The U.S. intends 10 pursue Inis 
r.iil icy elsewhere, but has already 
met resistance, for example, in 

Italy. 

So far as the UK is concerneri. 
the Angio-US. Bermuda Tun air 
agreement, signed a ; ear ago. 
prevents any radical changes in 
thy near future. But in thy 
recent review of the pact in 
Washington, the U.S. pressed for 
moio competition on the North 
Alljrtiic. which the UK resisted. 

The U.S. Civil Aeronautics 
Board iia^ made it clear that M 
dues not like I AT A. particularly 
its fare-fixing methods. 

It hy*i told U.S. mem her air- 
line.- that it will no; approve ary 
Tares fixed through tne jong- 
landing I AT A method of “fares 
conforencc-f " unless they in- 
formed tn ihe new U.S. in 

suo.-i anti : fly cheaper travel. 

Delta in 1977-7$ carried more 
than JMni pas-engc-rj. and had 
operating revenue* of more than 
S'-bn. who profits exceeding 
*niin. The airline has a route 
n-'p-o.!: domestically and inler- 
hjiOinarl... of 33.000 miles, and 
near!;. -hO jets. 


tO u 


of secret talks 


BY CHRISTIAN TY! ‘ '-2 OUR S21TC?. 


£ in New 

York 


- 

. -V-.v. 9 

, J'revii.in 


■ « l.liwJ-'OLV' 


1 m-.=rh 

i •!'» 

! <1 is 


• I.ISl.OS .ili 

1 1.12-l.vo.it' 

12 m-inh' 

! 4.C£.t.05 .li> 

! ,tis 


A SPECIAL nu—ting n,' 

! general council has be'-. . 
| fur Tuesday to near t;..; : 
of a protruded series ■.>: • 
talks between Ministers *1 r :■ 
leaders which ended ;e-i-. 

Although officials seen.. -, 
ifideru yesterday that .• 

1 statement covering oris: a. 
and inflation had been si 
agreed, participants in t:.., 
refused to say lust night v. 
or not they had been so 

Mr. James Callaghan 1 > 
to be briefed on tin- . . 
over the weekend, and . . 
should go 10 the Cabin, 
week. Mr. Callaghan set : 
talks after the defeat ", 

per cent incomes polic; ,• 
Labour Parly conference :• 
aso. He challenged the • S 
come up with a realistic . .. 


i 1 • v • •• : : e !; : • : .• i-o r. ; 

Ur.K-ii tsiore ikc. be- ; a ia-l- 
ss.inuic iireatdov n. the jcia? 
sigieiiH-rr will tali: a bo Ml a 

the “ sab. guard " 

Li.'.M.o-i ;n 1 in.' price control 
b-gi-ljti'.n. 'ihe TUG v.o-jid 
ad ••■i/e regoiiat'ir; ;e bargain 
ve.-'.pc.-itibi;. . anil may cmpiiasl-" 
■ b • ■ efl by unit •.•u.-;-. 

and firm a' Ity. 

u-j : j iitre ".nil be r.y pay ilg 
i!. is would rur, ijircCilv 
• .". -t T i. C pi * i i* - ; . Tii >- re wi 1 1 
'■nly be joint deciaiation of 
ih-i need lo keep inflation beli.w 
¥ per eml. and jdarn fu> rv gills- r 
rr.i.irii'iy mom luring .-er..-i' r. ; i»y 
:n* TUC and <io".crn:.;>rn 
Tms ha-. cau«**d same • .ll-s I «• 
,.n<j ''.-ading Industrie iiPs to 

(.'•inti mice! on Back Pace 



- 



CIBA-GEIGY 





Union warns bread strike rebels 


TE2^CO 


aJOHIM PLAYER 


A&i y<- 'y ■ 

ALLSAT 

SU1LD1NGSC 


BY ALAN PIKE, LABOUR CORRESPONDENT 


LEADERS of the bakery workers’ 
strike, were meeting last night 
to consider bow they could pre- 
vent. a rebellion against the 
stoppage by a minority of their 
members spreading. 

Mr. Sam Maddox, general sec- 
retary of the Bakers. Food and 
Allied Workers Union, warned 
before a meeting of his execu- 
tive in Leeds that members who 
were working in defiance of the 
strike call risked swift expul- 
sion from the union. 

This would be the breeding 
ground of a fresh dispute. The 
industry has a closed shop, but 
employers have said that workers 


expelled from the union will not 
lose their jobs. 

According to Mr. Maddox, 
only 1.01S of the 26.000 members 
instructed to strike are defying 
the call. The Federation of 
Bakers yesterday estimated the 
cumber of union members who 
either refused! to strike an Tues- 
day or have since returned to 
work at 2,000. 

By either estimate, the great 
majority of the strikers were 
remaining loyal to their union 
yesterday. Employers say, how- 
ever. that employees at seven 
bakeries went back to work 
during the day, and they believe 


that mure may defect from the 
strike. 

Man 3 cement staff at many of 
the strike-bit bakeries are con- 
tinuing to produce bread, while 
40 per vent of supplies come 
from bakers not affected by the 
dispute. 

The union called the strike 
after rejecting a pay rise offer 
Of 5 per cent plus a 6 per cent 
productivity deal in response to 
a 26 per cent claim. The 
Advisory. Conciliation and Arbi- 
tration Service may try next 
week to bring the two sides 
together. 



Hoteis 




CONTENTS OF TODAY'S ISSUE 


—labour 


2 

2,3 

Leader page ... 

I R comoanies 

14 

.. 16,17 

World markets 

Mono' and exchanges ...... 

18 

25 

. 3 

Mining 

' i 

Commodity review 

23 

. 12 

loll, companies 

23 

UK slock market 

26 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise indicated) 

RISES 7/ 

Allied Retailers 1SB + 23 Treas. 9ipc 19SI 

Asscd. Brit Foods ... j® + J 

fieazer (C. H.) ......si? 5i + 6 Centrovmcial E. 

General Accident 192 + 4 Freemans , 
tfamac ij j .... isi + 6 Hammers on A , 

tc eY"::...,.., 24a + S Haslemere E sts. 


Heath fU E.) 2*jj + S 

HK and Shanghai ... 2b7 + ® 

ifinster Assets 61 + 2, 

Ocean Wilsons S* + S 

Royal Insurance ; 

Tricorule ■* + J 

WaHile (B.) It 1 i 

Wolseley-Hughes 203 ■ 5 

Tmpala Plat. 3i4 + 6 

Saint Piran 86 + 4 


FALLS 
Treas. 9Jpc 19S3 — 
Treas. l£pc *99-02 . 
Centrovlncial Ests, s 
Freemans 

Hammerson A 

Haslemere E sts 

Hoskins and Horton. 
Jenks and Cattell . 

Joseph (L.) 

Laing Props. A .... 
Saatchi and Saatchi. 
Speedwell Gear .... 
Wilson (Connolly)- -. 

Ayer Hitam 

Durban Deep 


Mounting contradictions of 
- Mr. Healey’s policies 14 

Tpy sales: Why Daddy 
wouldn’t buy me a bow 
■ wow 15 


Appointments 

Base Rates 

Boohs - — 

Brtdse 

Chess 

Colic dhts 

Cratmnl Punic ... 

Edncarion 

Economic Diary 

Bstertaininait Gude 


FEATURES 

Illegal workers in the U.S.T 
The * tortilla curtain ** ... 2 
Pitfalls for novice investors 

in stamps 5 

The odd statistics in exami- 
nation results 6 


Joys and trials of do-it-your* 

self conveyancing 8 

Finding the perfect town 

car 9 

FT SURVEY 

Seychelles 19-22 


17 

Eurv-opflons ... .... 

17 

26 

Finance & Family 

A 

ID 

FT- Actuaries Indites 

28 

13 

Gardening 

9 

33 

Calf 

4 

13 

How to Spend It ..... 

U 

as 

Insurance 

8 

6 

Letters 

34 

15 


30 

32 

Men of the Week ... 

30 


Moiorlns — 9 

Property E 

Racing 18 

Share Information ... 2S-M 
SE Week's Dealings 20-25 

Travel 9 

tv and Radio 02 

Unit Trusts . - 27 

Wcamer M 

Your Savings & Inv. 5-T 


BuiWlng Soc. Rales 2S 

Local Authority Bib. 25 

UK Can«erUbln ... 25 

OFFERS FOR SALE 

Cartmore 24 

5chleslnger i 

><cnd«rton 17 

Mac 7 

Jamas Finlay 24 

Midland Drayton ... 5 


For latest Share Index 'phone 01-246 S026 


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your(»npffp©ic^ 

Fewerpeople than ever are trilliugto u — 

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Indepen d ent medicine andPrivatePatienis Kw •• ~ <•••- ■ j 

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A 








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Fiaandai- Times iSatsii^ay 


' «\V 



AS NEWS 


HQ 



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6 


opposition leader Bundesbank to keep Washington . 

ikes must go on tight rein on liquidity and Jetsave 

O BY GUY HAWTIN FRANKFURT. Nev. 10. WU 


BY OUR FOREIGN STAFF 


OTMAR 


• ■ . The claim by President Anahtasio 

EMMINGER, other central hanks, thereby Somoza that the Carter Adminis- 


sign 


BY MICHAEL DON NE r AEROSPACE CORRESPONDENT 


ami Lnvre emuo r>e r.n com- Anwar-, in me neart oi me on- naa. iww uiouuu> *gu wn» ,i, OM w ^ ^ suapiy *-«_ noml th-ree-VeatfCOtt- *r^ ww ’T7 - “*** *■«•* . wyu» i 

promise with him or his recent) v fields, and the religious centre of Tburgood, the Guardian W capitulate before these the credit must be adapted to restating that the aim of tteU;S. 8 * Wm September 30 of£2.1ta; an v 

appointed militurv Government Mashad. Many shops and the correspondent, was expelled. difficulties or curb its staoi- t tae German capital market's and of other member countries tract with WorW Airways, ^ie crease of 60 per cent, on th 
Dr. Saniabt was speakinq at bazaar remain closed in Tehran News from the oilfields is UsaUon policies, be said capacity. There is no programme of the Oreanisatlon/of. American tedepe^eut aartme ^ an ' tedfcafio 

Tehran airp..rt after hi s return itself. The military Government sparse but there was a small rise Dr Emminger. speaking in target that has to he reached States, is to bring - a >ont : .a land, Cahfoi^ tor ^ Irase fi*™* 1 * tn.tajansatianti 

from Paris where he held discus- has said that it intends to take in production and exports yester- ■* * ^/hlcentral unconditionally. moated peace in- Wcaragua. a long-range DC-10-30 wide-bodied arnwA-. ■ v • V.- 

sinn.s with Avjiollah Khomeini, action against agitators behind day. Production was 1.6m barrels po .,5 y ’ Ba , 7T e *♦«**£»! Several capital markets would Renter adds - from -Costa- -Kear let. The DCr-lOW, wJskH seats 3S 

the exiled Iranian relicious tee riots and is trying to get local and exports 1.25m barrejs. It is p aaK would pay close attenuon als( j be jnyQive^ he said. Only Nicaraguan national guardsmen, ft wfll be flown by Worid Air- passengers, will fly between in 
leader vhn is the principal focus religious leaders to help. not clear if the increase is the short-term loans were foreseen, , e ?jffuT t _*P. d ways from April 1 exrluaiyeil y on . airports and New^ York, la 


, n WBl ue UWJi w/ pcUMiengexa, Win uy UCLWeen VJf 

entered Costa Ri^a j*nd ways from April 1 exclusively on airports and - New . Yort, la 


H.IUI.T 'fill »!> lilt- LTlIlWirjai JIJL’IIS ren,n'U9 IHU»S iu ueip. ““I u ius uiusmt n - u kaeilvla auun-iciju ‘vuu nsis iwrascu, r . r - r. w«jj ««« * , 7 -. . - omjwiw, . mu. jjo 

for opposition to the Shah. “We The new administration is also result of a significant return to with a matu rity of up to about J i82t5£i&i25fe5fr Jetsave** transatlantic botoday Angeles, Boston, Chicago -an, 


lor oppo.niuun to me Mnan. we HIV U«W dWUniHUUXauun IS *iau iesuu Vi A siguiUMiu ICIUJU iu , . r yrw. tr . a luaiuiiLJ ui “F nnnnnmN nn Piuta ” , 7T- .uwiu/u, MflMgu .J 

are nut prepared u, form a pro- pursuing a tougher line against work by the strikers who have ‘p neutralise exces- four years . Sw operations. Jetsave offems tolly. San Francisco,,- r .. 

visional government and we re journalists. Almost all local disrupted production. sl ^t,L' qi irS2v ^rt^mistvatinn’s It would be cause for anxiety, is. sjTisr ssssaita- 1 — *>**** <q 


peace talks suspension threat 


BY OUR FOREIGN STAFF 


PEACE treaty talks with Israel 
may bo sUMpoiided, .Hr. Anwar 
Sadai. (he Egyptian President, 
has sard. 

The d;saq moment hot w een 

the two countries negotiating 
in Washington stems primarily 
from Israeli insi.sionro that 
there be no link between an 
Israeli-E'gyptiaii treaty anil an 
agreement on the future of the 


West Bank and Gaza. Mr. Sadat 
is demanding some form of 
linkage, but he was uncertain 
if the current disagreement 
would mean stalemate. 

In Washington the treaty 
negotiations were interrupted 
>i-sierday when the two top 
Israeli negotiators Mr. Moshe 
Dayau. the Foreign Minister, 
and Mr. Ezer Weizman, the 


Defence Minister, flew to 
Toronto to meet Mr. Menachem 
Begin wbo is on an official 
visit to Canada. They will dis- 
cuss the latest Egyptian pro- 
posals with him and Mr. Begin 
said that all three of them 
might return to Jerusalem next 
week for a special Cabinet 


pr^ am C m^r A ^““: « ZaSS' S'SWffSBSS SSS^SET&S s» for . 

SSB™“» “ftinr^a mental^ turn- carat” American Deutsche Alark- statements by tfae Defying rebels week in -New York, and fares as U.S. was the best travel bargai , 
lfvafS denominated loans were sold to Sat they P Lm e <Ta tSv Sn- low as £47.50 (£05 return) Lon. available to UK ootixtes, “TbSsif 
pnuallv ^fundamental chanee foreigners who -first had to sive in their efforts to overthrow don-New York. . will never be a better ttme tha^f 

that tbe Administration had change dollars or other, foreign Nicaraguan President Anastaslo It pioneered low-cost traosat- 1979 to take that iw&ffay^of . 
decided to act like a “normal currencies to Deutsche Marks to Sotnoza. :• tontic air travel and has caroled lifetime." 

deficit country,*’ and raise loans buy them. This would thwart tbe ' ; . ; — — ^ — — >.>] 

in foreign currencies rather than aha of the whole operation, be Japanese OptlflHStlC # , 1 - 


increase its swap lines with said- 


f Japan, the CiS. and WesL 'Ger- 


Bonn tax cut battle looms 


BY ADRIAN DICKS 


BONN, Nov. 10. 


meeting on the Washington j TH g ^vEgr GERMAN Govern- The Bundestag also gave - a 


many will show tangible, rigns' of 
improving balances in strode 'imd 
economic growth by. the' end - of 
this year, Takehiro Sagami, Vice- 
Minister of Finance for.. Hater- 

national Affairs, said -on. 'Friday, 
Richard C. Hanson reports from 


China may order ^ 
RB-211 engines v; ! 


4^ ] 


sagini .and Bmjfc of r Japan BY OUR OWN CORRESPONDENT 


Iment Faces a fresh round of hard first reading today to a govern- officials said the UB. has iiotyet jT1- - l+aK i« 

bargaining with the Christian S55 l bUl unproving the protee- approached. Japan_ about' issuing I J®2? LE J 


US trade 


envoy noios 
GATT talks 


Italy takes harder line on 


Democrat fCDUl OtmosiSm tioQ of consumers from toT baST B R°yce R^211 engines to Chiaa ..be^uying wide-bo^ abrlme^ 

Democrat (CDUi upposraon misleading advertising, and to Tokyo, as part of- an .effort to was discussed yesterday diirijag a “ d our chanees -of selhng'.^; 

over its package of reflationary the B U1 which would tighten the stabilise the ‘dollar. ■ R%?U to_ them are goodie • 


,v- t,v J Lue JSUI woicn wotno agaien tne smoiuse cne aouar. : - v-. a u =_ lV lV ,_ nerhv fartnrv bv ' “Ef - : ' • - 

tax cuts, put together as Bonn's Cartel Acts, by making it harder Reuter adds fronr Tokyo;- 1 Mr. vls,t 10 J?. „ ^e; RB-211 is ased 'ih- die. 

contribution to - the international for large companies to buy their Harold Brown, the US; -Defence *" r - Wang Coen, Chinese vice- Lockheed TriSter,- ' the : Boeste 

, ..-L ■ r ? _ _ . ft J C».n,,-I... Inf. A.. »7t_I J W? Tumlui iat -a»t. Ikr -IT* 


Bv Giles Merritt 

RiU'SSELS. Nov. 10. 
SR. RGCERT STKAl'SS. P.e«*i 


I?tii«rvt\Anv> rvirkri Alortr lifllATl undertakings to support growth way into industries dominated Secretary, left for home on Friday Premier. . • ■ 747 Jumbo jet aikl the hew 

iP.IJrilllCff II Illlf y UlllUll made at last July’s economic by smaller and medium-sized after a tvo-d ay risit, during which Mr. Wang has been closely Boeing 757 jet u. ?. 

” w summit. enterprises. he unphcltly criticised, Japan for associated with the pogrom me “ With . China’s decisfon-to 

.. . — r ..... eallinnr m Ol\ fKtfLfnn < .t- n — v *i.« _ ■ . . . . . -7 


BY PAUL BETTS 


ROME. Nov. 10. 


, . . [been held up, after a first night, the Bundestag passed a 

THE ITALIAN Governments sentiment also shared in P rjn "; attempt at compromise was largely technical bill bringing 


The package has once again In a separate decision last * e ^^ c ar3 .SJMHMLton floating' ; dock under which military Spey en* build up its technology ■ and ^ 

»nn hplrt -iin_ aflftr a first niohf thn RimHoctan nsactPH a tO tfJe pOFiet uDiOI}. " 2 I . ginfifi clTG m&HUfflCtUPed UDd6f Standard 


deni Farter’s special iraile altitude to European monetary cipal, at least, by the Com mu- rejected uy me cunaesrau uie west merman legislation comroi- _j h i 0 n * a •'j" “ uu “‘ tu . *wi»™yw. iu aseac ■■ wuere - Aoua-Moww 

rcprcsvntiiiiu*. today indicated ‘union has hardened considerably p , Ists }[ t ^ as n , one upper house of Parliament, in ling closed companies into line earner to the Far East ® 0 P£® 0jrce **?* ^8° Dart operate,” said Mr. Pepper, ■ ^ 

that tis-r? has been no ehanse 1 fo(towin« the onen opoosition to s J ressed lhat a s > stenj wmilar to w hich the CDU-controlled state with the European Community's :. v '/ t*. and Spey engines to China, and -This would rndude en^iiiSs fitt 

iu Hie iiinw-.se m or the GATT !,/ r Jim an om. 1336 P resent sn a k , e woujd repre- Governments have a majority, efforts towards standardisation, g ■ TT C #.it» : ' by the end of this year these will aircraft to develop^Chiha's ftii® 

i rod i- libera lisa lion package. ln v current franco- jerrnan pro- sent t00 many risks for the coun- chancellor Helmut Schmidt The Bill, which the Bundesrat 5WISS-U-3. taiKS- '.••••• have amounted to nearly flOteL port .systenL and jndiisbtff--isft' : 

The deadinek followed the out- iP 0 *? 15 “J 6 Communist Party try. It is also understood to appealed to them today not to has yet to ratify, includes a re- Monetary disc usstons between the Mr - Donald Pepper, vice- gines for gas pnmping and ot&tf 

ztir.z l : .«. Congress’ failure ‘ jL n ^ increasing fears here teat regard the latest Franco-German jeopardise West Gertuany’s-obli- quirement that nominal capital Swiss National Bank and' US. chairman of Rolls-Royce, said: uses. 
io cxicnri the waiver to 1 fin f a,Q J1,ai ’ no1 Jom 016 new offer of a wider 4.5 per cent .band - gations to the rest of the world, must be fully subscribed, and a representatives were -held/ In - 

sat .... ’ . <n: ikF- For wpaL"pf cnrrpnpiAC ac mano. o..* a— s*^ iy.!_i.L, - » 


counter*. ailing duties on a. l sn;<Kl '* f° r weaker currencies as made- gut the Opposition appeared stricter interpretation of Zurich on Friday.’ The. American 

number of EEC product 1 *. : The Communist Party (PCI), quate. Italy has been pressing jikely to continue to press for directors' dealings in their own spokesmen are believed to have 

At tiii> Min nf an merm-Iif ,'on nhose support the survival for an 8 per cent margin. further tax cuts for business, companies' shares. It also re- explained tbe latest currency 

*tp*,> in Bius-eN. during which ' ,,f lfci e minority Christian Demo- At the same time, there is in- higher child allowances, and a quires closer control by outside support programme and discussed 
be met the EEr Coimulv-ion era t government effectively rests, creasing concern hero that postponement of the increase in auditors of new company regis- a UJS.-Swfss loan, John - Wicks 

President ?-2r. R»y Jenkins, ‘said at the end of a two-day Britain may decide not to join, value added tax to 13 per cent, trations and capital increases. reports from Zurich. ^ National 

and « inrnils-iuiu-rs Wilhriui , conference on “The PCI and leaving Italy as thet only weak B^k statement says the talks 

Haierkanip. John Guudclacii Europe” lhat it favoured only a member in the envisaged new ■ were of an exploratory - native 


anrl t'DR'iniS'-inucrs Wilhriui 
HofcrUanip, John Guildclarii , 
and tlii-nni* Duiimion. Mr. | gradual process towards mone-' system. In that case. Italy is also 
Si raws said iliis inurnlris lhat } tary union. likely to stay out of the snake, 

althiiiigii hi-- ilheu^ioiis had ; However, tbe party was firmly AP-DJ adds from Amsterdam: 
been fruitful there remained I'pposed to a rigid European The Dutch Foreign Minister, Mr. 
proi»li*ro>. According to L : .S. Monetary System (EMS) ** pre* Christoph van der Klaauw is not 
officials. Mr. Strauss was no! .! fabricated by the French and convinced that the European 
prepared to sivv any under- « Germans.” Sig- Giorgio Amen- Community will reach agreement 


OECD inflation falls 
to 8.1% annual rate 


were of an “exploratory" nature 
and will be continued in the hear, 
future” J 


Bourgiba recovering^ 


Whitehall 
man for 
Rolls-Royce 


By Our Aerospace Correspondent 


proposed European 


BY ROBERT MAUTHNER 


PARIS. Nov. 10. 


Dnnn: Mr. Strauss agreed wilU 
Count Uifn O.amPsdorJT, the 
Ww German Erwiimnirs ?Uni- 
ster. that the political will to 


Ituunn-u I'PIIUM.-U w o ngiu cuiuyedii uie uuica rareign miniwer, mr, t -% fj-f ■ * ■Rnnwlha nf Tnnwin Won — 

problem:*. According to U.S. Monetary System (EMS) “pre- Christoph van der Klaauw is not ffl f|‘ I U /n Q 111111 3 1 FRlB delivered a naiBK™? tee MR. ANTHONY WARRINGTON, 

of) i rials. Mr. Strauss was no! -j fabricated by tbe French and convinced that the European v*A /C / WlIllUsll X tUL Tunisian people saying he was a S«l undersecretary in 

pretwrvd til alvc any under- « Germans,” Sig. Giorgio Amen- Community will reach agreement RQRnT MA i,twnfr PARIS Nov 10 able -to walk and sleep -again.” charge of the air division of the 

a king for the waiver to m? ir- idola. one of the older leaders on the proposed European by Robert mauthnsk rAtua. ov. xu. Tania Matthews reports • from Department of Industry for' the 

imroaiiffd by exeeutne means. , of the PCI, said today. Monetary System at the Decern- ILLATION IN tbe OECD area, able seasonal developments In Geneva. The President who is last five years, has been seconded 

Atman Did*-* acus iTinn , Fm- the PCI. monetary union her 4-5 summit in Brussels whic h groupai -Ah-J Western Japan and Italy, which offset the 75. has been rtmdergoing medical to RollsHRoyce. where he will he 

Donn: J-r. Mia uss agreed wslli I niusl form part of a broader according to todays Dutch news- world - s induitifkfl%d na'tiods. is dampening effect of lower tin- treatment -in West Germanytfcr responsible for policy co-ordina- 

«? ,,rU r- U,,M Jht* [package of Community reforms papers- currently runnin«at an annual port prices. ... .the past three weeks. tion, reporting directly fo the 

stiT uSmS" iES ^‘wmTo j l " reduce tee present imbalances After talks with his Italian rate „f 8.1 per cent somewhat P With a rise of only 0.4 per T t o • . * * chairman; Sir Kenneth Keith. . 

Poach n- r.. .mcn l in tiii. Tokv« ex,5 » t,n S between weak and counterpart, Sig Arnaldo i e ss than ia 1077. when consumer cent in September, compared New U.S. aUTOUtes Mr. Warrington w^s director- 

Rou n fi miis i hc ? m ii n i m-d ti SLr0ng cnunlries * For *& **“ D 5 ch offi 5 ial re * prices rose by 8.9 per cent, with 0.7 per cent in August and c™ «, airiin ' have reaDcd general of the Goucorde . 

.r... SnioiS fin 1 Tbii two 17,6 Communist Party’s posi- portedly said that consideration According to the latest figures 0.5 per cent in July, the UK’s th^ fiSt U ^h h ?h! rorent p^n™ e . wMle be was at the 

i r s r«n rlon on monetan- union has should, be given to temporary published by the Organisation’s annual rate of inflation over the SL£e of legislation which S S duBtry Department and has 
4^- refus,l !o "vu-’.d the P ut on Sig. transition measures needed for Secretariat. past 12 months has now dropped inSrinely frM teeir tedus^y » .responsibie for all sections 

Administration's waiter Ciulio Andreotti, the Italian setJ*Dg UP a zone of monetary in September consumer prices to 7R per cent from 15.9 per cent from Government regulation. The of the aerospace . Industry, In 
uawors uad made Uic situation , Pretnier - who is scheduled testability. in the area increased by an in calendar 1977. Clvfl Aeronautics Board, which “ft capacity he was closely in- 

r-r .ijn;, ■nil hold talks in Luxembourg tomor- It is important to maintain the average of 0.7 per cent, more The star performers, however, will be stripped of its. regulatory solved wite Rolls-Royce and with 

how with the Prime Ministers of enthusiasm of the Bremen rapidly than in August, when continue to be Switzerland and functions by 1985, has allocated ™e discussions leading to . the 

. ” the Benelux countries and with Summit but also essential to they rose by 0.5 per cent, but at West Germany, where prices so-called “dormant” routes nationalisation of the industry 

Vfppl sHUnifp Mr. Janies Callaghan in London prevent some countries from the same rate as in June and dropped by 0.3 per cent in Sep- to carriers which applied on a andthecreationbfBritishAero- 

a * on November 32. staying away from the EMS “as July. teuiber and rose at an annual "first-come first-served basis. space. ... 

mn-’Q Although Sig. Andreotti has a result of an economically The faster increase in Septem- rate of only 0B and 2.2 per cent . He has been closely involved 

IleU V t V? tiifUslscU said Italy was politically’ com- weaker position," he is reported her largely reflected higher food respectively over the past 12 routeT ne?w orksand otee recent months wittr the 


was uuiiersirtii'i here. The two 
sides agreed (hat I lie U.S. Con- 
gress’ refusal lo extend the 


Administration's wait er, c ^,.^ 

powers had made the situation hofri^lks Si* ? iivonSSm ™ Si 
far more difficuli. ; J? 1 ? 



Steel mice 


Mr: A. WAKRINGTOPT- :i , 
Rolls policy ctMWfinofer 4 


By Our Own Correspondent 
BRUSSELS. Nor. 10. 
EUROPEAN STEEL industry 
exports in Brussels base 
greeted the Carter Administra- 
tion’s 7 per cent im-rensc in the 
U.S. steel “ trigger " price 
mechanism with undisguised 
satisfaction. 

Although al iirsl sight the 
raising of the l rigger price 


raitted to monetary union — a to have said. 


prices in the U.S. and unfavour- months. 


route networks and others to pro- c 1J / WK rf„i n 

I wet rnl.tfc nr* inn.. civ hw I SUCCfiSStUi negotiations 


B ^ W engine programmer under .. 


South African Government urged to resign 


h e j D develon thp ppT i nn " vueiuf} i of airunex, anu 
ia days in which to start flying ueveiop me new A-310 prospective U&432 of i*out J 

the new routes they have • 18,000 lb thrust for a- new 


acquired. 


mechanism with undisguised BY QUENTIN PEEL JOHANNESBURG, Nov. 10. Swedish UneHipJoyiuent 

r,., m , 1, Sweden's unemployment fell in . '-fl J- r| a" - w * * . ■ -«. - 

r_;'.„?, u “f r n .1' ‘r MR. COLIN EGLIN. tee leader front man for the Department in hank account cheques from Mr. Government backed by a phoney October to 89.000, from 108.000 in IlOQr 1 fl 71 . 

South ATrica’s official opposi- its funding of the right-wing Louis Luyt are to be lodged in newspaper." The Government 3U , S * ^ a * >0 2i 0 Die ■*- ”■■■ *'Ufcill:.-iny liCU-' f-ij/-.-’: 

fmSoMt i'i Li'iS lion - the Progressive Federal newspaper. The Citizen, repayment of R12m of Informa- had therefore recived a “phoney hii 9/ *' B Reu ^ i.’ • ' 'a- ; >S ■ ' j-.:'" 1 -’- '•-'"'V- 

f h^ P f «hn IfT .-f Part >' toda - v called on the recovered slightly today after a tion Department funds received mandate." m S TO I 

nrnUhu- C ^.-r«?[f! irilili Government to resign in the dramatic slump yesterday. The to back Tbe Citizen. Mr. other opposition speakers S5enJSoUd f last mo nST* wm ^ iXIoJJJvd VX4flll, VflwJK. ••• • •' 

P abl. iiurea ste 1 prices ^->ke of the scandal over share price fell by 65 cents from Abrahamson has denied any challenged Mr. P. W Botha, the pared P wlth 2 6 per cent in SeDtem- THE COVFRNTWttjvt t.«.c ■ » * - • ' : ~r V ^ -■ 

fled misappropriation of 155 cents to 90 cents yesterday, connection with Mr. Luyt, prime Minister to name the ber and 21 Descent in the^am? H V®^MENT has invited fo Gatwicfc, was annoaaced Yes»: 

ner Information Department wiping some R&m t£5m) off the Triomf or The Citizen. Sird manonOie Bpecial Cabinet monte last ™ top offic,aJs of Spanish and terday by Mr. . Stantoy/Cpima. ■ 

As. market value. 'Rut Ihp nrir.e n . _v_ = _v_ «* ji.. Portn?np.ju> ffnvprrrnionto David. Aviatinti Minicfot ir r* . m 


JOHANNESBURG, Nov. 10. 


. uv . u-, •. , ■‘«.www 10 uirusi xor a- new 

urithSteSS nf* ’ *[?, - e working seneration of shorHo^hedliim 
with Rolls-Royce, wilt remaixi as haul jet airliners inr the 198te: V 


prnhably increase sJcpI prices 
throughout liie European steel 
industry without damaging the 
present level ui exports to the 
U.S. markets. 

EE<* t.'oRimission officials 


Government to resign in the dramatic slump yesterday. The to back Tbe Citizen. Mr. other opposition speakers Shemployed last monte 

of J he scandal over share pnee fell by 65 cents from Abrahamson has denied any challenged Mr. P. W. Botha, the pmdwfth 2.6 per cenf te S« 

alleged misappropriation of 155 cents to 90 cents yesterday, connection with Mr. Luyt, prime Mini«tter to namp thp her and 21 ner- rent in the 

former Information Department wiping some R9m cHm) off the Triomf or The Citizen. third manSftee special Cabinet mantels? year?® 

fU !i- ' >■ • . . _ ... H? 3 ?!®* J a ? e ,'ni; Bu } ? j * >nce Opposition politicians attacked Committee which allegedly , 

His call coincided with heavy stabilised at 105 cents today. the Government's . alleged approved tbe secret projects of EEC Rid SUSDCQSIOn 

.Selling OH iHp .7 nh!in n «hlirn This nfhor f^nmn^mr -1 ffonfoH ■jHAinnk In Anna. „n tha Hpmuinn th. r« f,. Cm _ ■ w 


TL^s^riarkeis- U ixp0rts ,B * e fu "? s - . _ But price Opposition politicians attacked Committee which allegedly . . Pmt^ese govenmiente to virit Aviatidh^Min1st^fe^_ 

KIT (Smk Sinn officials n- ls cal1 co,1 ? cl ded with heavy stabilised at 105 cents today. the Government’s alleged approved tee secret projects of EEC aid suspension Gatwlck Aiiport. Sussex, to Commons. -that ^it 

jhui're.. "i-« ?e,1, 1 fle " n tee Johannesburg The other company affected attempts lo cover up the growing the Information Department. So Eurouean Common iwarirpt satisfy themselves that it is a ^ 

dusfrv 1 oro-Vhiv foilow f toc|c excha “* e s i»™ s of was Hortore whose chairman, scandal at protest meetings today far. Mr. John Vo rater, tbe former SSBrnmU cSminiSSf2 modern and suitable airoort firora S TO ^ ia 

" rltL J' ! I tw ° companies whose chairmen Mr. David Abrahamson has also around tbe country. Speaking in Prime Minister and now State c^.fd« P rh-vssnn "JfX tr ° TH s0. ra e Bntish Airways flights 

.-arier patterns hy adjusting j have been named in reports been named. The coraoanv’s Cane Town. Mr . fcflta ^ said the Pr fiS iri«nT^ a 7id Hr r.S .®P_^^ the S rmtima mines can to Spain, to ease codRestfo» f at 


Common .Market ±2 KS 4' 


Commissioner m^ and suitable airport fritm iSeTSi3^SSSS flfehS^ 


their prices upwards by the 
eqilivalenl of Hit- trigger price 
rise, ar.d that the present mar- 
gins will remain almost un- 
changed. 


Luyt. has admitted acting as a Finance Corporation, into whose on a phoney issue . with the three-man Committee. 


' standards. 


international 


ILLEGAL WORKERS IN THE U.S. 


orm of protest over the ‘tortilla curtain’ 


I The latest development in the British charter flights to Spain--;., 
dispute between the UK and Tbe Government, wanted -to - 
Spain and Portugal over Britain's allay the fears of the Spanish *• 
desftp to move the Spanish and and Portuguese that they were 7. 
Portuguese national airlines, being sent to a second-class air— 
Iberia and TAP, from Heathrow port- - 


BY MAURICE IRVING IN LOS ANGELES 


A STORM of protect has been 
aroused in California l»y the 

U.S. Guvern.nu.-n-t'i> newly 
announced scheme In build a 
12-milo long “ tortilla curtain " 
in stem the lido of illegal 
Mexican immigrants. The 10- 
ft lull Atee hand- con ere 1 1 * harrier 
is In he constructed along two 
l;«\v sirclchc.s — nnc in Caiifurnia. 
unc m Texas — or the -.000-uule 
U.S -Mexican border. 

More ihan half of the nearly 
Ini Mexican', arrested while 
crossing illegally into the U.S. 
last year were cjught in these 
two areas, according lo Ihe 
Jimuigration and Natiiralisatiun 
Service. And so. says INS chief 
Leunel tJaati-Un. “ir*, an 
cconrnuical way in deal with Ihe 
pro hit - hi — boiler iliao hiring 
aijniher 1.000 border palrol 
a gen is.” 

To leaders of America's Tast- 
g rowing, 19m strong Hispanic 
community, however, the $3.5m 
fence is an outrage. " It's 
President Carter's Berlin Wail.” 
said Vilma Marline/, president 
of ihe Mexican American legal 
defence fond in Lus Angeles. 
■■ We h-jpe for his sake Lhat 
Premier Brezhnev doesn't slort 
making speeches from the 

Mexican .ride.” 

Chicano leaders- around tbe 
country are bitterly opposing 
what Mrs. Martinos calls ” ihis 
insensitive, short-sighted plan.” 
The waJI. they say, is a sorry sub- 


stitute for social programmes, 
foreign aid and reasoned efforts 
to confront the economic 
disparity between Mexico and the 
U.S. 

The first six miles of fence 
will run from tee Pacific Ocean 
inland to Chula Vista, California, 
the remainder along tee banks of 
the Rio Grande at El Paso, Texas. 
The formidable steel link chain 
barrier is embedded in a concrete 
W3li angled towards Mexico. An 
overbanging, collapsible top is 
guaranteed lo deposit would-be 
climbers back into their own 
country. 

Originally, tbe makers — 
Anchor Post Products of 
Houston. Texas — planned to use 
razor-sharp steel which would 
remove the toes of anyone climb- 
ing it barefoot. But tee INS has 
decided to look again at this 
feature- " Maybe we can round 
off the sharp edges in the lattice- 
work base," said a spokesman. 
•• Or something.” 

To many Hispanic leaders, the 
new wail — which is backed up by 
another 15 miles of more modest 
barbed wire fencing and a 
barrier of electric sensors of tee 
type used in Vietnam — is an ad- 
mission of defeat by. tee Carter 
Administration. The INS. they 
say, has no way of halting the 
flood of undocumented aliens 
from south of the border, and 
tee American businessman is not 
at all sure he wants it stopped. 
The estimated 10-12m 


“ illegals " in the U.S. (90 per 
cent of them Hispanic) provide 
a cheap, docile labour pool, most 
heavily concentrated in Cali- 
fornia and Texas. Texan farmers 
recently provided an example of 
how Mexicans fill jobs teat 


needed labour — with INS permis- 
sion — from Mexico. | 

The “ tortilla curtain ” is 
viewed by Chicano activists as 
little more than a sop to con- 
ervatives and soraei labour 
unions who argue that- tee alien 


Ulster air link proposal 
may be put to Mason 



The ones who didn’t get away. Mexican “wetbacks" rowded up 
by U.S. border patrol guards after walking across the frontier. 


nobody else wants: co-operating 
with tfae INS in a crackdown on 
illegalE, they advertised in tbe 
media for 4,000 field hands, to be 

paid at the minimum farm wage 
rate of $2.20 an hour. Less than 
300 U.S. citizens replied, and the 
growers had lo import the 


invasion undercuts wage rates, 
takes jobs from U.S. citizens and 
costs the taxpayer untold millions 
in social services. “It’s a sym- 
bolic wall,” says one' chicano 
community worker. “It t®Ns 
Anglos something is being done. 
It tells our people to. keep on 


coming, but walk a little first, 
and expect prejudice when you 
get here." 

Not so, responds Commissioner 
Castillo, himself a Mexican- 
American. "El Wall” will, in one 
way at least, actually help 
would-be “ wetbacks ” by chan- 
nelling the flow away from the 
two urban areas into more iso- 
lated border regions. There it 
might be easier for the border 
patrol to catch teem. But illegals 
would also be less likely to fall 
victim to the gangs of border 
bandits who way Lay travellers, 
he says. 

Robbery, murder and rape by 
these town-based gangs has be- 
come a border commonplace, 
“and the fence win go up in 
areas where it can help prevent 
such crime,” says Mr. Castillo. 

The wall has been treated with 
derision by the Press on both 
sides of tee border, as indeed 
have most efforts by the Carter 
Administration to deal with the 
Illegal-alien problem. The Los 
Angeles Times recently called 
the formation of a national com- 
mission to study U.S. immigra- 
tion laws “ another excuse for 
years o£ inaction on one of the 
most dangerous social and econo- 
mic problems facing the coun- 
try." 

President Carter’s . proposal 
that fines of $1 ,000 be imposed 
on employers for each illegal 
alien they employed met with 
heavy opposition from business 


and labour interests and died in 
Congress. His unorthodox sugges- 
tion of an amnesty for - the un- 
documented who could prove 
arrival in the U.S. before 3970 is 
n alike ly to see the light of day. 
Many Congressmen believe it is 
unworkable and undesirable. The 
proposal is at present stalled in 
tee Senate Judiciary Committee. 

Wails, amnesties and other 
stop-gap measures do nothing to 
address the real problem, says I 
Mrs. Martinez. Like other 
leaders of Hispanic groups, she: 
believes that in the long term I 
only U.S. economic programmes 
and aid to Mexico, plus larger 
American purchases of Mexican 
goods can resolves tbe situation 
by creating more jobs south of 
the border. 

Unemployment currently runs 
30 per cent or more in Mexico, 
and the population, now around 
film, is likely to exceed SOm by 
1985. Simply to stay even, some 
750,000 Jobs must he created 
annually. Those jobs are not 
there, and not even the country's 
new oil wealth and Industrial 
prospects will generate teem. 

The sharp contrast between 
rich and poor on opposite bonks 
of the Rio Grapde seems certain 
to bring millions more wetbacks 
to the U.S, and with them, per- 
haps. serious social unrest “ That 
is why r believe, much as i 
admire Robert Frost, that good 
fences do not . make good .neigh- 
bours" says Mrs. Martinez. 


- BY OUR BELFAST CORRESPONDENT : 

TB® .POSSIBLE introduction of Chester or Birmingham. The p«K 
an :air. service between Ulster posal is UkeJy to be 'taken up 
and 'Great Britain using aircraft by tee Northern Ireland Eco- 
manufactured by Short Brothers ?“?!£ 9"V? <! iL u 5 d ® r * st V£L ot 
in Bett is rader discussion in SfSToi^Ssto' 

. ' The chamber of commerce said . 

Northern Ireland's Chamber of teat it hoped the council w'otdd 
Commerce is urging consider a- put the .'proposal to Mr. Mason, 
tion of a locally based operation the Ulster Secretary, and that 
which.; would -use -the ,30*eater: Government aid : could be made 
Short 330- on a route to Man- available. _• _• • 


% 


-iiKi 


Marks and Spencer 


Stare extension ready 


RY USA WOOD 


MARKS'. AND SPENCER will 
open an extension to its store oh 
the. Boulevard. Hanssmanh, "Paris, 
on Tuesday, doubling the 'store 
area to 57300 square feet.' 

Since la u nching the store three 
years ago, the - company has: 
opened others at Rdsny, just out- 
side' Paris. and in. Brussels and 
Lyons. Et is planning .more sites 
in. Ndcteera France^, in spite of- 

Ipsses at .Lyons. : ; _ - ' 

The newly extended Paris store 
will .havp. a bigger choice of St- 

Michael fashions. Shetland and 
Cashmere .knitwear and tartans 
have become particularly popular 
wjslf Parisians. . - 
" English specialty foods ore in 


the ground "floor foo ? • >al!,- and ■ 
French food manufa- ‘ ' ts have 
'been-' shown - - bow - - - - -make 
Corolsh pasties and - -fa egg s- 
C lotting sales, ir. .Ks and 

: Spencer"*' -three, F t stores' 
represent well over .. per e^it 
of f Britain’s' textile .‘sport*.’ to 
France, .tee -company said yester- - 

day-' v r . 

The company . has j had / prob- 
lems with its' Lyons store-' The 
cost Of reducing .tee operation and - 
n.F..tho development iH:Paris.was-. 
£978.000* "/}' ■ - - 


represent well over 
of r Britain’s" textile 


FmavTOtTftBE*.- 'wiMaicd a*3v 

sratfanr-tod VA jBftwipaw--. - 

smw- fair ‘Iraighfr-.m.W-itiU. 7, 
p?r nmnna/ Sw^' daas’WStam saM ” 

Steve - . 












‘tier'll 1978 




LABOUR NEWS 


‘broke 


5Y IVOR OWEN- AND JOHN BRENNAN 


Shell and Petrofina 
end subsidy 
to petrol stations 

BY KEVIN DONE, ENERGY CORRESPONDENT 


Complaints 

over ballot 

hold up 

TV union 


BL seeks 506 
volunteers 
for redundancy 


BY PHILIP BASSETT. LABOUR STAFF 

BL posted notices yesterday Canley plant nt Coventry after 
ing for 500 voluntary redundan- a 17-wcck strike over manning 
cies, a third of the work force, and production levels and a 
by the end of the year at its bitter battle to keep it open. 
Speke No. 1 plant on Merseyside. The 3 000 Vauxhali workers 


THE Crown Agents, have he^vided'a U.&. SSOOtri <£ 102m) loan more taxpayers* money was BY KEY1N DONE, ENERGY CORRESPONDENT «/ 

acting illegally- anti: ycconst*-:. facility to the Agents last year, being nut at risk as a result of BY PHIUP Bassett LABOUR STAFF 

tutionally for the past-15ff years T ■ ; ’This guarantee was in addition this discovery Mre hS told SH ^ LL AND PETROLEUM have work of retail outlets in the UK. PTOAr ’ 

by. borrowing money- - without. to the direct rescue giants made hitfi: M i think i can sav with decided to withdraw price sup- was supporting about 1,600 of its sHw* kvl BL posted notices yesterday call- Canley plant at Coventry after 

Parliament’s iuthority.-' "• The to cover the Agents £220m pro- absolute confidence that all the port from their petrol 6,400 stations. This ing for 500 voluntary redundan- a 17-wcck strike over manning: 

organisation's. techincal illegality perty and secondary bank losses, skeletons in the cupboard were su,lions - Their decision leaves numb®; had fallen yesterday to cies, a third of the work force, and production levels and a 

was discovered- only recently There was no question of any revealed completely when I last Esso isolated as the only major about 300 as the company took By Pauline Clark, Labour Staff by tlie end oE the year at its bitter battle to keep it open, 

during preliminary work on the -new- “skeleton*" having been told the House about the need oil company that is still subsidis- advantage of moves by other Speke No. 1 plant on Merseyside. The 3000 vauxhali workers 

Government's sponsored. ,B1H to unearthed .with ..the discovery for financial assistance: . cut-price petrol at some of companies to withdraw support union MEMBERS' complaints Earlier this year the group at Ellesmere Port memhers of 

make the Cro^' Agents a stats- that . all the Agente' borrowings There was now no practical fiHin S stations. ^ r ® about a postal ballot are dosed the Speke No .2 plant with ^ Transpnrr and Cenera! 

tory corporation. - - -. , had heen^ -t M t inira lly .Rlegal. alternative to allowing the In the past six days nearly all a seriously delaying plans for a the l° Ss ^ h . . Workers' Union, removes the 

Mrs. Judith . Barti Minister of „.Shc felt that this le 0 ai point Agents to continue borrowing the oil companies have decided be p!? T %na vMLjndav. merger between two major tele- Meanwhile A auxha II Motors has ] ast big obstacle to acceptance 

State for ^Oveisaa* D^eVOpmeu^ nuderiroed need for the illegally” until the Bill was to follow the example set by *** from i. vision and broadcasting unions, all but Mcured complete accept- of thfc ,. omp;my - 5 pj offer, 

told the Comm ons_yesterday that legislative changes, outlined m carried. Mobil on Mondav by withdraw- supp0r i» J 200 dealers i3 7oo- s tron» Association ance of its S.5 per cent pay offer whi( . h „ iv increases rangin'” 

because toe Agents could not iast .week’s Queeri’s Speech. Mr. Richard Luce MP. a Con- ing the tempora^'price subsidies *!?: of^roadc^ng Staff and the frpD1 j^B-OOO manual workers fr0m 4 7 l0 6 S per ,. enL * £ 

legally borrow money, the whxch wt«iJd establish the Agents servative foreign affairs spokes- that have ranged in recent Wr,\SSd^^ thl n « t£r> almost 20.000-strong Association after 3,°°° transport woi rk. ers at £260 supp , enienT and prC)duc _ 

Government. had bee no bilged toasastatutory body under the man. described the revelations months from 2p to 6p a gallon, fetheltl JoniDani? 113 of Cinematograph Television innK-' tivity l ,avmeots <* 25p to £lu. 

provide guarantees to the con- Ministry. - about the Crown Agents legal Average prices for a ballon of py ,1™ ,« r mp j es - ^ last and Allied Technicians have overwhelming^ jesterday for h . . 

- - io s sss 

— : — — — ~ — * f horn '-qn ri -f l^f«n PrJCeS Up to by falliBE profits, and in some on A °i' t ? l b ® r 4 ’ - . * started yesterdav mav d ot be as a mass meeting tomorrow on the 

' . about up a ,allt>n. cases hy mounting losses on A hallot on the issue, sent out firm ^ strike leaders had hoped. Dff, T- ^ ut a rejection, which 

TT _ - n^j-nw. - ^1Q/ A Several supermarket chains petr ol marketing, several com- on August 11. i resulted m a large The BL management notices *: uu,d fe™ isolated from 


by the Midland Bazik; that pro- a categorical assurance that no Wonderland.” 


^ 2 in« 


Importers take 21% 
share of buoyant 
market for vans 


Attempt 
to halt 
authors’ 
Bill fails 


cnaigca uy nypermanveis. suen wiui support now from at percentage return was ratner ^L's plans to reduce its labour 1,,c sK.nsea workers at 
as Asda, could rise in ihe near Jeast one of the market leaders, lower. workers h3S been called for next Ellesmere Port began their strike 

future. however, it appears that the The six-week period allowed Saturday. over er °ded differentials last 

At the beginnim? of the week higher prices have a good chance for complaints, however, ended Tbe redundancies are part of ni 2 ht - 


SheLl, which has the largest net- of sticking. 


BY KENNETH GOODING. MOTOR INDUSTRY. CORRESPONDENT i By lvor 0wen> ParfIamentary Staff WlflSS ^ AUm Sapper, general 

IMPORTERS continued to benefit market as a whole has improved f KJ Y? secretary of ACTT and prospec- 

from the extreme buoyancy of from 5.4 per cent at the eSui of i T fcN Yf 1 0 £P 0 u t e S^, £ k - k Uve j° int secr etar>- of the 

the UK aaarket for commexoial October ia*t year to 7.S per cent Fur , Lending Right Bill, wniun ^ planned Amaleamated Film and 

vehicles in October, when ttrfaJ by October ithds yoar. ?^ ks to give authore an income Broadcasting Union, said that the 

sales increased by 16.5 per cent And this has taken place against £om books b °^® d nn / n r i°“ W (CS-1 3111 KJ LU11U complaints concerned the 

over the same anonth last year, the . background of a booming public libraries, lost the opening arrangements for the ballot and 

Imports accounted for 21.49 per market. Total registrations in the „°\. a pro f? d “ ra i RV ivkitoki u , aim the way in which these were 

cent of the total 22,836 commer- first 10 months of this year at prei f eilt l£ reaching the Statute BY LYNTON McLAIN made. He emphasised that no 

oinl vehicles registered last month 222.755 was 17 j.8 percent higher Bo " k ln lhe Commons yesterday. SHIPBUILDfNG is to the Barrow yard. question of dishonesty was 

^ a 17.81 percent in Gctober ia*j. smne toUA ijf '*$*$*1* -The Cardiff .is fitting out at “Si? nm plaints are beUeved to 

The restrieiioos on. shipments the company's commercial belated justice for authors, were ^ ^ worth up to £50m bv the ^h^^eter^TV en,an ^ d Iar ? Ie *Y froni a 

from Japan began to take effect, vehicle salS^October as badly endorsed from the Opposition Hme thr^p y comSissIoned 2" 

however, and registration of as those of cars. There were front bench. Mrs. Shirley Wil- in g ie vears . ^ h entexe(1 ser ‘ JJJJJJ" A* c r h ?*“. wh,ch the 

amuneroials Iran Japan was 5.2 5,786 Ford commeraals regis-! Hams. Education Secretary, said The shin will be the 11th Tyne wce ^ ? _ t silt l i^Th* d n rn m o m S °h j h 

per cent below the October Level iered, down 7.4 pet -cent onjt he average earnings of authors ^ ordered bv the Ministry of Tb* ^oistiy of Defence said s ^i £ liftia^nnc P ™.tvf 
last year at 1.383. Only Mazda. ObSer^st year., ’f . ■_ «« £10 a week. __ _ __ _ l&fSSjTVnil the be that, no decision . had . been 555“ 


BY LYNTON McUIN 


with letters from about 10 bl’s plan sto reduce its labour The 3.500 Luton and Dunstable 
objectors in the hands of the force across the cuuntry bv skilled workers hold mass meet- 
certification officer, whose job is a t, out 7,000. Speke, formerly the ing on the strike cal! on Mon- 
to keep a register of trade Leyland Triumph No. 1 'plant day. but some local union 
unions. an j n ow a Pressed Steel Fisher officials feel that support for the 

Mr. Alan Sapper, general factory making the Dolomite, is unofficial strike may riot be forth- 
secretary of ACTT and prospec- a t present on short-time coming, 
uve joint secretary of the WO rking. Eleeiriciacs at the two plants, 

planned Amalgamated Film and bl again stressed that the a key element in a skilled 
Broadcasting Union, said that the plant was not in danger of workers’ dispute, voted 350-12 
complaints concerned the c i osure . The No. 2 plant was yesterday to accept the com- 
arrangements for the ballot and c j ose[ j j n j un e and production party's offer and not to join the 
the way m which these were of ^ ^7 transferred t0 tbe strike. 

made. He emphasised that no • 

question of dishonesty was 

involved- m u a 


w-ere £10 a week. 


ios« r«i hu. -jk v «Aoo. viiiy MtiAUii wwutsi jciix., ■ i * ■’ *'■ Dpfprii’p and trip Thi rrj Xn ftp lu»i “ v iuu ... . 1 1 

withslood the trend "with an in- Ford bus become a major im-l But Labour and Tory MPs in bunt bv Vickers reached on the final number of rP cnAncihnin*c OUR MIDLANDS STAFF 

crease from 119 to 338 vehicles porter of: commarcaal vehicles! the backbench group, who Four’ of the vessels arc in Type 42s for the Navy, but other ad ' p ini -, rat inn ’ dDCC 300 tii uic ,, . -. ... 

registered during the month. because of the. success of the successfully combined to kill a| S Arvice and the Coventn*. built orders are certain -to follow tlie a st , , .• h f ® e *" d 11 n * Vr j: ™= l l J ^ { lKr- c ! ft, !' n * 

. The Society of Motor Manufac- Fiesta van. So far, it 'has sold similar measure last year, were \ a ‘ c Cammell Laird Birkenhead, latest contract with Vickers. acute and costlv emb-imssment tQv^ei-’nf n fh-lT'-Ur ci.h' ^ f ha,in ’ :iri - 

f Snfihf ^SSSLST wfiS JSLInt" "be !TOm retulnins 10 1 *Mcomoi 1 « io .ed at Portsmouth „ ru '^iSs/fbat^re eertlBcaUon officer has to his owm Land Rover? with 19 \ ears good seriice. ‘The 

marketl<s®re«ed tins week in In the^ 10 imraths of this Mr. Michael English (Lab.. | >e v£kerVbuUt the first Type 42. addittoia! order wou'd “the^^wo fribun a f 1 ™led h ^csterday US that one "for 'which 'h^h^Sy’ 

t<>f ^ ^ s d 1 ey Conferences- 1 1970 conmiissioiiSr^ Vosper Thornycroft (UK). JSJnL^If^as^eSSlt ca£ plovee^thf^ coL^J^TriiiiS" tratS's^SSrt^’There ‘i^ 

ciabon-stams from -^Japanese vebicle market, retinpmg its -lead ter and Tewkesbury > were February. 1975, but the com- whose chairman. Mr. Andrew not be reached between the works in Co ventSr wm unfSrly dence that the compsnv has 

progress an earlier months: - - and -almost exactly an 4one with involved in an angry exchange pany's second Type 42, the Shaw, was sacked by British Ship- unions and the objectors, the (dismissed after he’ had admitted suffered as a result. 

n . 1 with Mr. Oscar Murtoo. the Cardiff, had to be transferred to builxters this week, is building ballot result may have to be I offences involvin" th» tax disc In our minion a reasonable 

.Booming ^BL^^arket sterfe Ras fallen - Deputy Speaker, over points of ) Swan Hunter's yard at Wallcend two Type 42 ships and. with reconsidered. bSVSl^'ocm?L eniplover^uldhuve ^Srcd 

• By the ertd of October reeistra- SliSaw/SLtoSJ ! ^?, er ' T; he . c . ,ash ended with the , in February 1976, as a result of Cammell Laird, may be a candi- According to the ACTT. bothj But the tribunal said that Mr. that a lc^er penally was apL.ro- 

tioii^f 1 obtaining an unopposed a lack of skulled manpower at date for future orders. unions are confident that the, Swift was 75 per cent to blame, priate." 

faeceM ? m “Birtra-: second reading. 1 ; ballot cannot be criticised. It land ordered enmnensatir.n Mr. Saver caid that Mr. Swift 


be «hi“« dS?W«a tad" been up negotiations: w.th the BBC as; 

1 tne Ttlira 10 oe .... , well as decisions on staffin'* 1 


Tax disc fraud n 
unfairly disnaisse 


BY OUR MIDLANDS STAFF 


?*> had jumped by 70 per cent from turns ij>f'4t5 vans has not 00m- 1 ' 

JT. 10^161 lin the first 10 xnoinths'pf, peasa ted for a decline tn sales of 'T ** * -* a • 

, . Last year to 17,458: Tlie two major heavier timeks. ... J 1 aCtlCS H V1iThl l *irlO PhQllYIC 

I \ i ^ luonae cancer ^aims . j 

I in jasTSrai rs ssl % s groundless, says ivloyle 

* =«!«; s ES5 £r t Y PAUL TA ylor 

So -months. And next year Suzuki- its mainEirroSean manufheturirig d, HEi StflhS'imSSSfSr 8 

^■^o enter the market =w4th iight centa-e Xor comraenffals. BiR? ^nSoMnu MR. ROLAND MOYLE. Health of Health and Social Security. 

_ ■ .* i - The top dmporters in unit terms Sctics P dSrtne Ss "remaiSSI ! Minister * told ^ yesterday that No scientifically acceptable 

.3.- Although the Japanese arc not over the first 10 months were wSrShn • allegations of a link between the statislici demonstrating a link 

dipping any trucks of more than Daisun- 16.759), VoTkanvum rnuncil nfflel! Minuter nf Huondation of water suppties and between the fluoridation of water 

:5.9 tons «u> tfte UK— as part of lie (6,542). Toy«6 14,969.). M ercedesj «ave a broad hint that the : cancer Vk ' ere groundless. and cancer were known . 10 the 

-hlre'n^th. Fond of Spain (3.336) and Government would, if necessarx® ■ H» was replying to allegations At 

*hare of the coiiimtsixual vehicle Volvo (3J19). see ij authority to use the Par- by Mr. Ivan Lawrence. Censer- fj 1 * ?tV' d r k lerPwi 

ii* "” 1 .*. ?. *“ ,ltoll “ 10 “*"• d “ ri ° 8 * “uwlrt * air«Mlik 

, its P2S52E0. LMnni^ns cleoale. #t<» m ^ *.»au 1 /i i. « 

. - _ _ _ it,,. The Government would be 

~ explained that a* there Mr. Lawrence had claimed that “ failing m its dutv '• jf it did noi 

Jreacney s tsilks on sslc ?rom P ubue iiSS3e*is r 'Si ,, uK bei « een i ’°^ ^ --s 00 peopi h c ° ntinue i ° pr °T i<? ^ 

, rrom puuuc l.br^ies m .be L K In Britain might be dying each introduction of fluoridation as a 

of Park West called off s.; s sss oriMirSCISsS ITi 

BY JOHN IPMMN. PROPBRTY OOMESN.NDBNT •? »«.». «d the \ SSSKgP'* h2? ’ZL?* J! 


the*SjU?Ene ^Ws/year. company sa>3 dt has *eeh con- \ e S bv turntoc a blind evt 
is sold a 22 vehicles m the fir«t f-nr™ +hn TTir 1 ^ _ • * 


Swaaas. . • . . 

'^.- Although the Japanese are not 


seek authority to use the Par- by Mr. Ivan Lawrence. Conser- had also failed to o 

iii ".?.*.*. ?. s ui|| “ iine 10 msun sVn'n. r^^" 00 ' durins a «i«h Vh a dir™? link aiigerecS 

its passage. ^f..imiK'nt> cleoale. ^ 

ua 41... ihe Government would t>c 

We explained that a^ there Mr. Lawrence had claimed that “ failing in its dutv" if it did noi v pp 

from DubUe lihSrte* belueen J ’ 000 ^ -- 000 P eople continue to promote the genera! jk*T TftJS 

the^ ^scheme ‘fnr m-kinl? n*v in BrilaIn ra, * ht be d * Tin ? each introduction of fluoridation as a Wj ’U'JLIS 


msntr Vnrc u-n.fw P kn ■ JMr frc ' l ' n cancer caused by the proved preventative measure. 

authors uould be ; fluoridation of water supplies. y\ r Lawrence’s claims wi 

potote. 3 DUmber of 5am P- io S ; Mr. Moyle said that he hoped to based on a study by two l 


ballot cannot be criticised. It! and ordered compensation Mr. Sayer said that Mr. Swift 
was organised by the independent worked out between his union had pleaded guilty and had been 
Electoral Reform Society, which; and management to be reduced fined £30 for the fraudulent use 
j dealt with membership lists, by that amount. of (he disc and for having no 

'mailing and vote counting. This, summer, BL lo«t an road fund licence or MOT ecr- 

ln addition, the certification estimated £40m in production tificate. 

officer was said to have approved through disputes after dismUsin 7 It was Hying in the face of 

the statement and documentation shop steward Mr. Tory Tc-mbes probability to' accep* a s; aie- 
wbich was addressed to each f rom his job as driver at the meat from Mr. Swift and a 

member with the ballot papers, company’s Rover works in Soli* friend who had left the com- 

hull, for using a company lax pony. They had claimed to have- 

disc on his own vehicle. Mr. found the tax d isc 10 the road 
Tombes is still out of vort. outside the works. 


! Tanker drivers threaten 
action over 5% offer 

BY OUR LABOUR STAFF 

SHOP STEWARDS repre-entin: 1 -ncctive of fun he- payment 
oil companv tanker drive:-- said under self-fins uemg productivity 


ere I THE LEADER of one of the mast j yesterday that there was a real schemes. 


; Mr. Moyle said that he hoped to based on a study by two U.S. influential shipbuilding unions possibility of industrbl action The drivers, member; of the 
i put “ beyond doubt " the absence biochemists who work for an has launched a scathing attack ! unless the companies revised Transport and General Workers 


PEACHEY Property Corpora- a . Kuwaiti millionaire, had been scheme, would come from a cen- ! „ effective health measure 
nons second attempt to sell its broken off. and that Peachey’s fund authorised by the Bill.! F ” Sdencp ,, nnfirtT vi nCT thP «a 
NO-flat Park West apartment solicitors were holding Mr. AI- The cost to the taxpayer would .J^SSL^SSSySf 
? lock near Marble Arch in Hass a wai’s near-£lm cash deposit o°t exceed £2m in any one year. iSf n e 5^ t o the^SS^ 
London has faUed. But this pending legal discussions. . land emnlovSent StSo™ 

a^peach^has^novv^teken thP Westgrove did not sign any . of the House Expenditure ( 

frr.npnt rt ^ token toe contracts to purchase Park 4Vest, tTrtrtlfU ^mittee bv the Koval ColJeg 

Hans^ (Sfn^ur m ^ k hrpA n nn« and company did not pay nCHlltl p3Ct ! Physicians, the British Dc 

• .3 individual ^flaf sates P aBy dep0Sit m0ney t0 Peachcy - . ~ ; Association, the British Met 


q nmc T,,JJ trt tiHhnK «.>uau uuum DJOCneWlSlS WDU WOrK IOr 30 I 02t laUDCUCa a SCHlOlUg HtliJCh. i UUirss UIC tuiupjuie.' r/u-rcu ii4U3|;vj( uuu wieui 

rnrt nf a aHm- U - to • 3na ;c e 1 °f an y suc n Jin5i in order to main- uuoBicial body called the [on the - pittance* - being paid to I their position during thii years L nion. arc claiming increase* of 
enhoma tain confidence in fluoridation as National Health Federation. (workers leaving the industry- |pa.y neiotiatiocs. 20 per cent on basic pay. a 50 

Mr. John Chalmers, general 


Eighty-five of Britain's 90 area i 


Shell, is understood tv have per cent rise in the rate on which 
told union negotiators repre- overtime is calculated, a shorter 
seating its 2,000 drivers and working week, and improved 
depot workers that it cannot fringe hc-nefils. 


—I—. J - ytt> pm ivn ,im-nr u . ... . AMWitfiimi. c-nusn -ucuiwi anecnn'^ ai 

The discussions with Mr. AI- Min U - AI , . ’ . eal , Association and the Department population. 


i Association, the British Medical affecting about 9 per cent of the hope of further employment earnings. 


anywhere.” 


This week- the conr.-nv i.- 


nterest in rhe apartmMts for Sria^c^CommTsisonerr^ Cl '! 3 ^ s,er : under "which British ■ Pjlhljn OftnfrnPtQ umif “th? r 

-9.5ni to Westgrove Securities. Mr _ Juljn Bri>w . n Peaehpv-’s S* 1 ^ rs l0 Hun ?ar>' "'j! 1 able '■ i lift J 11^. 1.-U1I11 ^11 UlCSl further *m 

, adrf"* r€ak " Up, '-* P - eC -* 1 “ U - h " ve ' n, * hl| S ln 8 director, disclosed yes- Sf? ee f ave ur « eQL ^dical care JHE FAILURE of Britain’s on July 1. the UK had placed retirement. 

A (rtaiomant vacant-,,, terday that in September; ' .Common Market partners to 90 per cot of the public con- “Wehav 

aid 'that it Jf? 1 ' I* eac bey had entered into an : advertise public contracts as tract advertisements in tbe EEC the end of 

rnm W 'ik«J awn 3 2 Tem ^nt to buy the Church’s { T T - . 'required by an EEC directive official journal since that date. bearing in 

Vpstpvnv^hi. freehold for £2ra. f-|OSG nSTI WlflPII^ l"' 11 ® described as “thoroughly Mr. Barnett replied that the no-one in tl 

rran^i >V ^hp aS fiimflI«o lin ftF' Peache - V has now exercised its ( ** >rlUCll> unsatisfactory." by .Mr. Joel Government was urging the decision-ma 


What he had in mind were pay- [ thought I o have made to-- ■triv-.-i’S * 
euls made on t be basis of j an offer of improved m, - a- ,.-a. • AIM 001311100 
sustaining “wage standards ” \ subsistence allowance?. —.'j . 

until the redundant men found [other items within ar. a'.^ruil S^TVSCeS 

further employment or reached 5 per rent package. . . 

-“tireinenti i Talks have also been bold < 1 1 

n mu h„* BP and Esso, which are 'hougfii 10 r0SLSOi0 


rrjnoa *1,. __ _e ,v. - uaa uun nciincu UUSdL19:di(Ui <. 

■urchase witMo ’ 5w agreed 0 EK? t0 , b !i y ’ and has arran - ed drought-hit South-West i Barcett. Chief 

•eriod ” WIUUJI 1X16 agreed additional finance to carry out Water Authority is extending its [Treasury, in t 


more than £Im of repair and ban on the use of hosepipes. ! terday. 


'«*££&?£ Co r iSii0n \° , pro P° s ' >“• as w. cease pro- company - * pay propo-.P.'. . 

me commons yes me d, alc remedial measures to t « ;t :m ri sn lone as men are ore- The tanker driver:. " r^-'- 


Two months ago Peachey raodenusation work on the pro- From tod 
;sued a similar statement ex- petry. The group now plans to in the 
laming that £lOm sales talks sell flats - in the West End block districts 
uth Mr. Mubarak AI-Hassawai' individually. Falmouth 


test, and so long as men are ore- . The tanker driver:, £ ambulance** 

naroH m r*ceeot (heir “ pittance " i industrial action durlr.j r.u r „ ... . I 


Roadside 

advertising 


Later delivery or pay more 


NEWS ANALYSIS 


POSTAL BUSINESS 

BY JOHN LLOYD 


nnrwv-aCwr MR. DENNIS ROBERTS, in a nag- MCWC A MAI VCIC service which most needs them 

f fiOIIirV ms director of the Post Offices NtWS ANALYSIa gj-s^ 

postal business, which is turning In the shorter term, though, 

fly Michael Thomp»n-Noel . over about £1.5bn a year, tends W jl r , Robert still plans for 

HE Monopolies Commission to return to a simple theme in niieillPCe growth. He has been enormously 

as been asked by Mr. Gordon the speeches be' must give. DU«tfnl8L99 encouraged by the success Of the 

orrie. Director General of Fair “ I tell people: If you think parcels service, turned round, 

rading, to investigate the the Post Office is going to re- BY JOHN LLOYD with the aid of hefty price rises, 

jpply of roadside advertising main the same in the years from a £45m loss, in an £S3m-a- 

;rvices. The Coni mission has ahead, then you wil! quickly be year business in 1975 to a fore- 

een asked to report within two undeceived. The Post Office About 12.500 people have been accounts for 35 per cent of mail, cast small profit this year, on a 

ears. must change.” hired for postal business io the Mr. Roberts must expect to lose £1 25m -a -year business. 

According to the Advertising Perhaps the most radical, last nine months, and 11.700 have much of it. Volume. which declined I 

.ssociation. poster advertising change in terms of visible effect been lost A crucial element in the as- sharplv -.-.-hen the prices went ud 

mounted to £a4m last year The ls thB possibility of dropping Though that represents a net sumptions Of his 10-year plan is is now reluming slowly as the 

sure includes transport artver- the commitment to early-moro- gain of 800, it is still short, some that which forecasts a decline of competitors' prices begin to come 

sing, such as on the Londop ing delivery' everywhere. times desperately so. in the high- between 5 and S per cent in the back into line with those of the 


r ura perity expected in ihe early 

M » B V' To combat further decline. Mr. 

Chalmers outlined a nine-point 
... , . plan which he says should be 

service which most needs them considered by the Government, 
first. It includes a scrap and build 

In the shorter term, though, policy and better safety regula- 
Mr. Robert still plans for tk, ns . 

growth. He has been enormously- 

encouraged by the success of the 

parcels service, turned round, 
w’ith the aid of hefty price rises, T T1 . 

from a M5m loss, in an £S3m-a- I I Icrpr DTI SO fl 

year business in 1975 to a fore- U,5IC1 " ,nuu 


Mui a programme for the orderly however, that increav:- k-.*pt It* . •» i”’. 1 . 1 'r civ 

transition of the shipbuilding I within an overall 5 • :r vent «n niht-r of Sc.o- 

industry Irom slump to the pros- 1 would not be accent a. urc- - ana - 


Glasgow bus strike may 
have permanent effects 

LASGOW'S LONGEST bus Several meeting with ^ The 
rike. which today |J* 

»th day with no sign f.i a .--itit re?0 ; Ve y li; . disnihe ■. hith i.- 


Ulster prison 
warders 
end action 

By Our Belfast Correspondent 


sing, such as oo the Londop ing delivery' everywhere. times desperately so. in the high- between 5 and S per cent in the back into line with tSose of the P 

nderground, which is outside Qn dgvs g wepk g 5 per cen t cost housing areas of London and next decade m mail traffic. corporation. ULSTER’S 2.000 prison warders 

■ : ,c Monopolies Commission re- ,| e n ers delivered are put the South-East Manchester and This is after discounting the After falling'from 176m par- yesterday called off their two- 
s' •; r . encc - . ^ tb rough the letter boxes between Birmingham. historically, steady, if mys- ceis in 1972 to 152m in 1978, it week-old industrial action which 

V a number of poster com- 7 ^ and ^ ^ pesiden tial Like most -of his senior cal- terious, growth of the mail with is up again this year to between had led to emergency legislation 

,l!i ie ?r"l ne LPnd0 “ and business alike. leagues Mr. Roberts believes grass domestic product, at a rate 168m and 170m. Continuing allowing prisoners to be 

■ r * ^f Pos t er . G ««5*' ^ r - Roberts can see the day that the night ’work and the of 2-1. that is, for every 1 per growth of about 5 per cent is remanded without appearing in 

; - -pen .and six others— -put many wben ^ no ] 0nge r be so. prevailing early morning shifts cent on GDP, mail grows by 0.5 forecast for this year. court 

LS* -„ S,teS Jilt M a «,«Snv "Businesses, will of course wJl get progressively less attrac- per cent Pay and productivity are con- TheOrderinCouncilintro- 

T 3 «c*«« 3 °-?-hiifh m nMPkl continue to need early morning tive. and so the problems will The ner effect of these two stant preoccupations, in a duoed to counter the effects of 
W n thorn ^ni- A ativertisine maiL But il “ P osslbl ® tha l gr £^‘ . . . . trends is that there will be fewer business where 80 per cent of their refusal to escort or re- 

, _in lor ** residential areas will not want Tbe second reason is rivalry people to perform a ser/ice in the costs are labour. admit prisoners sent to court 

impugns. UrrminiMai to retain an early morning ser- from its sister business, tele- which the two elements— The Union of Post Office for remand is expected to be 

J?® L rn°? a nd Mills and vice— a later one might suit as communications. business and domesn’c-wll be Workers is traditionally raoder- repealed. 

^er Groun anu Jius ana weU The technology to transmit rather more sharply differentia- ale in its claims, to be formu- The Prison Officers' Associa- 

in™ thin iWLrt nf sites “They may, of course, decide mail electronically exists, and ted. l ale d ne xt month, but it will tion recommended a return to 

ivwfllihr ths P refprpnce they want to pay a. lot more iO though, as a forthcoming study The domestic mail is not ex- almost certainly, demand consoli- normal working after a day of 

f2tn- S H "rnicht keep the service as it is.” from Mackintosh Consultants will peered to decline (and may dalion of various agreements- a talks with the Northern Ireland: 

ISff of a nos- Behind such a decision— Mr. tell ns. it is not expected to be grow), but is generally not deeply felt issue, and that would Office, which stated that the ! 

*via iifKrp nr Fiir Roberts stresses it is some way generally taken up before the urgent: the business mail will add about 5 Per cent to any inquiry into the prison service! 

T .«mi'hIiv hut it off— lie two constraints. 19S0s, businesses will in- decline, but what remains is basic settlement. announced last week would cover 

“8 between First, it is becoming proarcs- creasmgly send wrinen messages urgent. So. the logic runs, the The ofliy other area where the Ulster warders’ claim tor an 1 

co . inpe ^.‘V- Rrj ,i S i, ^^elv more difficult to attract down phone lines. shrinking manpower resources costs can be affected is pro due- inv-rease of VI on their 13-a-dav 

osiers Pa?lieS " aild retain staff. ~ , Business-to-business traffic must be concentrated on the tivity. emergency allowance. 


GLASGOWS LONGEST ou* *ey*m mw 

su-ike v,hich tod., ««« *“ t A 4S!Ts«S?iS?to’. *i.’M «: 

ISth day with no sign f.i a ..ttit - ref0 , Ve Ul(1 aisw'.v ■- hith i.- 

raent. is likely to have ^ ■.'-j-rma- ihe scene tor fcrincominj 

neiu effect on the -i--n :: j", a .- ne^tithiiiun- fur ihnu«ands 
service and its 5,090 e.-ir-toye*?. mpre local authority employe-; 

Shop stewards re?i- , -‘ iitmu in tilaseew. 

700 maintenance* crafl-iv-.r. f-n Tne buses were i.dien r *n irie 
unofficial strike over tia-ir .-■.nua I read because tin- execuir.'* 
pav claim, rejected a r".:i f cnuld no lon^c* inaincain <■ 
from the city's passes iraas- regular ><*n ire inrongn brea! - -- 
port executive yesterday. duv-ns. 


me Vietnamese 
Boat people 

The British Counc.< <c' Aid to Refugees has accepted 
responsibility from the -3 y/ernmsnt for organising ihe 
reception andsettlen-er* o* ihe 346 Vietnamese recently 
rescued from tne Sou’.r. C -'ina Seas. This ;s one example o; the 
work of The British Cour c it f or Aid to Retugees which «n 1377 
involved refugees tree, r. - : me “0 different countries. 

Funos are urgent:.- needed tor language classes, re-iiainng 
and many vital service? - *: co.’S red by isawc Governmerr. 
support Donations o.e&s? ! - 


rniiiu BiirO?' 


-i-.1 re ", 


35G:v ^ --‘=- r 30! . 


emergency allowance. 



THE WEEK IN THE MARKETS 




Gilts shown the way 


The silt market had been buyers anticipate the next clipped out a little on consoJi- 
v.aiiin? for weeks for the Budget. elation. The UK diesel fuel 

authorities to show their hand. Overall. Whitbread could turn injection equipment business 
On Thursday they obliged, with in full year profits of around was hit by a sharp- fall in trac~ 
a 2! point rise in Minimum £53m — an increase of 22 per tor demand and technical delays 
Lon din a Rate and an announce- cent. This rate of growth far held up the start of deliveries 
men? of monetary targets for outpaces the sort of increases for the Volkswagen Golf con- 
th*.* next 12 months. expected from the other major tract. Overseas sales rose by 

profits were 

dutl m ihe earlv nart of the marKet speculation tnat w nit- EJ.om ahead of the previous year 


nilt-edwtl stocks had been brewers and is leading to some 11 per cent and 
...itl in i'he earlv part of the market speculation that Whit- EJ.om ahead of the . 
ucck and the" unexpectedly bread will be able to increase at £22.7 m. The planned growth 
Mt ep rise in MLR stifled a small dividend by more than 10 of the U.S. business continued 



rails and pushed the market P er ct * nt lhSs >" ear - That coold w *th total sales up 50 per cent 
ni-a^lv a pomr lower But it did mvan a P ros P e ctive yield over at £3Sm. Brazil. India and 
enable tij.* Government broker 7 P er ,,pnl whI «h is just above Argentina operations did well 
to sell nut the lung tap stock. the industry average. but subsidiaries In Australia 

Exchequer 12 per cent 1999/ were hit by the depressed level 

20112. yesterday and make some Saittsburv accelerates of economic activity there. 

sail'* nf the medium »-jii n«i u-oll * The Outlook for the CUTieilt 

_ *■ ' The undoubted winner in the year is clouded by indlustrial . . . 

The long tap was supplied at High Street food price war so strife in' the motor Industry but, 
a level so low that the vest oE f ar s s j. Sainsbury. Wednes-j n general, results should be yesterday. This follows a 10 news from Australia, some 
the market slipped up to a fur- days interim results showed ahead of 1977-78. The diesel per cent fall In the price early second half recovery at Fine 
ther point on Friday morning. that sales volume jumped- by order book is good, Continental last week fuelled on Tuesday by Fare in the wake of the high 
1 no prospects for a revival were nearly a fifth in real terms. European activities are strong a cautious ini-grim statement street war, and long terra 

improved by the lack of a re- compared with an increase in and the aircraft component from the company. Half time optimism about South African 

placement long tap which may industry food sales of just orders are flowing in. The aero- profits of £33.7m (£32ml were consumer spending trends 

allow this end or the market to un der 4 pel" cent. Moreover, space subsidiary is being re- nevertheless in line with most Ranks Hovis McDougaii, on 

firm next week. .>ut the shorter net margins have been held at organised and while its longer expectations and, apart from the other hand, is much more 
gilts are still very much under 2.9 per cent while those ol other term future is bright, once-off South Africa where the market exposed to baking yet the com- 
tiie cloud of rising L r 2>. rates. food retailers have been failing, associated costs could take the is suffering from overcapacity, pany’s share price, bolstered 
, Treasury bill tender, at a nd market share has soared at edge of current performance, the results displayed the rela- primarily by an impressive 
which Ini? top accepted rate was the expense of International Subject to the duration of the live strength of ABF’s nun- yield, has suffered less in tne 
as high as 12; per cent, showed stores, the Co-ops, and the Ford dispute Lucas looks cap- baking interests. past week. Strike losses in this 

tbai th<» London money mar- independent traders. able of earning around £95m Investors, meanwhile, are case could total £3m a week 

Kvts arc by no means .sure that Eased on Department of pre-tax in 1978-79. The shares primarily worried by industrial just at a time when discounts 

s.ii-jri-Uwm money rates have industry figures. Sainsbury ’s are trading at 300p giving a troubles which could knock have been dropped and Spillers 

reached their peak. market share has grown just yield of 4.7 per cent and a p/e profits by up to £2m a week, exit has reduced the eorapeti- 

Equitivs had a very dull week, over one point to 8.6 per cent, of almost 6. Analysts generally feel the tiuo. Brokers are louking for 

noth in terms of volume 3nd i> __ severe, and, hopeful of a quick profits to August this year of 

movement, with the FT 30-tIiare A R F/nWt damage so far has not been £32m-£33ra and, if all goes well, 

index oscillating in a narrow I ONnOlU /i ‘ D ruuuA CUUUUU9 settlement, have only marked £40m-£44m in the current year, 

range centred just above 47U. LUni/UW Signs that the bread strike full year profit forecasts down RHM's higher prospective earn- 

i «.i CBt\ ro=„ _ — . i i.irtc- 7 ^ a ARr" < 


Whitbread shines 


ONLOOKER 


may end sooner than expected to £S0m-£85m, against hopes of lugs multiple — 7.3 against ABF s 
left the shares of Associated £8om-£90m earlier. On the plus 3.6— may reflect the attractions 
British Foods 3p higher at 68p side brokers point lu better of income in a dull market. 


Caution 
from GM 


NEW YORK; Nov. 10l • . 
MR. JOHN BUTTS is chairman;, 
of tiie board of American Tele- ‘ 
phone and. Telegraph, Mr.; 
Walter Fallon is chairman of 
Eastman Kodak. Mr. L. jUrkloore-; 
Patterson is chairman of. Mar-! 
gan Guarantee Trust, Sth_ ‘.LA 
Stanford Smith is chair man of 
International Paper. . . -. r; 

As captains of" Corporate^: 
America, they -obvioiisly. have' Tt> 
number of things in -common. 



DOW JONES INDEX 
Industrial Average 






but their importance -this; week.” GM’s public explanation for higher thin the average pay-out f/j \ 
is th3t they sit with a number '-the move left much to be de- the SO^Dqw&tqcksw&eh- •jj [kl 0 


of otiier notable business leaders jSiired.' The Stock Market was in- on October. 31: jyas aropjjd . 
on the 25-member board- "Of- credulous at GM’s affirmation per cent. _ . ^ , 

General Motors. " . v . . that unit sales of cal's and trucks According tn a-, new survey. by ; \- 


t 


Gil needs no intToductidn. as-.in the U.S. next year look likely Value Line investment. Survey, tlf) 


the 
dollar 

giant of the anto 
one of the most 
the 

econorai 

leased an attendance register hostile to warrant a . — . — - . .. 

but on past performance most husbanding of resources by payr 1. Among other tilings this sug : . 
if not all of these influential- in g out some $230 m less' to GM gests^ Value Line. that even 
gentlemen would have been, at 


... . 

je corporation with the largest "to- be higher than the record the 58 year avcrage^payHont for I L m l 
oliar sales in America, - the which will be set this year. .. the. Dow stocks is’5/.5 perceiit ;» 1 
t of the auto indu5ti>* mid It appeared ta .investors, that, while the average dividend' yffeia--*- : 
of the most vulnerable ■ to rthe GM board had taken a peek for the same 57 year -period his';* ' 

peaks and troughs .'.of 'the^tnto the future and decided that 4.7 per. cent as against airesti- .. . 
oraic cycle. GM has nor re-;the outlook was sufficiently; mated present 6.1 per cent at *L; 

careful the end of October* 


Monday's board meetingpartie’i-; 
pating in a decision to pay out a 
lower dividend this year than 
last despite the fact that cat’s.'" 
profits are likely to rise frbm - 
SI 1.62 per- share, to at least - 
Sl2.on per share. - . - 

One wonders what imping 


NEW YORK 

JOHN WYLES 


tions for their own companies -^^,,1^ this year, than last. 


if there : is a recession next 
year, dividends could stflf be . 2 , 
maintained, flowever, a "more^ ' 
important paint for' investors---.'^ - 
concerned with, the immediate . 
future of the market is tiie f?ct - ^ 
that profits as a percentage bt - -? 
current boo k value for the-Dovirv^, . . 
stocks point to a return of abouf .72 ‘L 
With the cnrreRtnon^T tencr. T^' : 


rw- - interest rate on bonds at: around: 

GM * 0Jtald ^ board members Now thBt i ntcr est rates have ^ per cen t this return fails.ve^ j;.,; 


IViiil bread is making up for 

the fiat pro/?! performance of a while AGB's research suggests 
year a^o. First half figures this a rise of just over two points 
week sh jwerl pre-lax profits lb.8 per cent, 
surgin’/ ahead by £7m to £32m. Second half trading will see 
Admittedly this growth is the benefit of a 6 per cent in- 
flaiiercd by comparison with a crease- in selling space, but 
period when industrial unrest Sainsbury can expect no relaxa- 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


Y’dajr 

Price 


Week 
Change on 


High 

1978 


Low 

1978 


even .m? it docs demonstrate included two 


been in recouping its market current period will not show the 
share. satuc rate of improvement as the 

v, I„m„ 1L first *ix months. Nevertheless, 

' ll )- *, r 1 if Sainsburj’ is able to hold 

tinn \T *^hp -'iv mur ^ ins al the present level, 

u-h,.h" J , m jn, J s profits of £33ni i £27. 6 m) should 

U hi thread > volume was up by bo t the 

some >f} 4 per cent compared J 

with an industry figure closer 


!<» 1 per cent. This progress is Lucas on the mend 
continuing 'h rough into the Alrhou ,. h Ll!L . as showeri 5 
second hall and the company 
claims to have beaten 


September's industry rue of 2 l>r lhe tlJ(J j 


progress in the second half it 
never really got over the effects 


per cent 


first half. Nevertheless 


sumption and the run up to ably buoyant. 

Christmas should be good for The tool room strike 
wines and spirits. Also wine around £12im against the J 
and spirit sales in January and originally suggested and 
February could be healthy as change rate fluctuations 


also 


Hoare Govett 


talks to the 
private investor 


In addition to our services for 
corporate and institutional clients, 
we also offer a personal service to 
private clients for portfolios of 
varying sizes. 

Our Private Clients Department has 
access to the same expertise and 
extensive research facilities available 
to our corporate dients, which we 
provide without a management . 
charge. 

If you are a private investor managing 
your own portfolio, or a professional 
adviser to investors, you should 
know that we are making this aspect 
of our business an even more 
important part of our present and 
future policy. 


For further information, •■write to 
A. Tyser, Principal in charge; of Private 
• Clients, at the address below. 


Hoare Govett Ltd, 

(Members of die Stock Exchange/ 

Heron House, 

' 321 High Holbom, 
London WCIV7PB 


UNIT TRUST & INSURANCE 

OFFERS 

Gartmore Fund Managers Ltd. 

P- 

24 

Gcnerli 

P- 

4 

Henderson Unit Trust Managers Ltd. 

P- 

17 

James Finlay Corporation 

P* 

17 

Uoyds Life Assurance Ltd. 

P- 

5 

M & C Group Ltd. 

P- 

m 

i 

Midland Bank Group Unit Trust 

P- 

5 

Schlesinger Trust Managers Ltd. 

p. 

<> 

Schroder Wagg Ltd. 

P- 

4 

Yanburgh Life Ltd. 

P 

7 


Ind. Ord. Index 

473J2 

+ 0.8 

S3SS 

433.4 

Overshadowed by Gilts 

Govt. Secs. Index 

4732 

+ 0.66 

78J8 

67.92 

Sharp rise in Interest rates 

Airflow Streamlines 

38 

— 6 

52| 

31 7 

Downturn In first-half profits 

Allied Retailers 

136 

+39 

143 

53 

Merger terms from Assoc Dairies 

Ash Spinning 

57 

+ 8 

.57 

40 

Good Interim results 

Assoc. British Foods 

68 

- 4 

78 

53 

Bakery dispute 

Bambcrs Stores 

745 

-22 

175 

31* 

Persistent small selling 

Bellway 

73 . 

"T" 8 

- ■ 74 

47* 

Annual results/prop, hive-off 

Berjuntai Tin 

215 

-IS 

385 . 

200 

State royalty demands 

Brown & Jackson 

220 

-24 . 

280 • 

24 

Persistent small offerings 

Coniine Riotinto 

250 

-24 

334 

148 

Weak Australian markets 

De La Rue 

388 

-20 

500 

230 

Disappointing interim results 

Eva industries 

92 

-12 

. 107 

87 

Interim profits setback 

Haggas (J.) 

181 

+ 16 

Van '.*. 

85 

Possible merger situation 

Hongkong & Shanghai Bking. 267 

-27 

360 

203 

Weak Hong Kong market 

Impala Plat. 

174 

- 6 

230 

128 

Fall in platinum price 

Sainsbury (J.) 

227 

+77 

243 • 

161 

Good interim figures 

Sotheby P.B. 

315 

+ 15 

328' ^ 

175 

Results expected soon 

Southern Kinta 

205 

-15 

245 ■ - 

140 

General weakness in tins 

Wardle (B.) 

36 

+ 5 

34 

17* 

Revived bid rumours 


sav in the cumpan> s ^^,1° climbed sharply in the wake of short of tile 5 or. fi percentages - 
improve its cash flow and hedge p reS ident Carter's dollar pack- points differential - which the'^-; ■ 
against an uncertain future. ^ • ‘ a „ e ^e stock Market lacks market has historically demip did : '-'i: 

l . nothing in Doomsday predic- to compensate for «iuity r Tisk..:\ ».- 

- inflation and a recession, next high f Dr the market to b* In any-->i 

• year. . . t genuine* recovery, .which ‘mfelit.lS* 

mmmm *--y But GM s decision, taken, it -"take- the Dow back, inside of - 

V-* must be assumed, on the basis T.uoft mark. The : ri ttS. •- 

Average Nov. No*. Ort- of careful analysis and by men^ market could, therefore, b^fadngi’&s . 

week to 10 3 ; : » >ho control spending plans, a. • protracted ’ - 

across a broad business spec-' doldrums dDless_j.^; 

RNANC1AL. TIMES ■ _ , » tangible i^SS^S^SStW 

Govt. Sec*. 68.31 68.93 69JI0. expression of atmety. ye ar and an inflation ^ rate iof < v % 

Hxed Interest 69^9 7032 r 71T5 3 - ^ esuJti rhe Do ^ around 6.5 per ceh Lace realised.-'.^ 

Fixed interest_ov^fv__ / i.T5 intlnstrial average tumbled At the moment,.the smart taofl«r-.;S 

In dust. Ord. 472.8 _ 477^^489.9 14.SI. wiping out most of the is^ noion the Prudent-'. - i 

Gold Hines T36A 137 j8 . 149 j' gains remaining from the - first •' rmawr' - ' 

100.9 euphoric reaction to the dollar ... CLOSIfW f RICES . - ; . :v ;, ^ 

— ' package Day * -”- L - - — * * 

. ^ >59 V Ar-S6. GUI's pay-out ratio Monday • 

.. . ..-could be the company's lowest Tuesday 
. . . since 1949 — around 50 per cent Wednesday' 

FT ACTUARIES If would still, however, be' Thursday ■ 


Do (Ex 5- Pm) 100-5 
Dealings mkd. 4.194. 


Close 

874.88. 

800.07 

807.61 

803.97 


Capital Gds._227.74 _23UTJU8J2 
Consumer • . 

(Durable) 799.02 2D353 211.75: 
Cons. (Non- 

Durable) 20U7 204.45 SUMS 

Ind. Group 212-35 2JSJK 223^2, 

500-5hare 245.74 239.0S 246.46 

Financia l Gp. 1S9.53~760A3 .' 163.72 

All-Share 21 5J1~ 21 8 22454- 

Red. Debs. 55.74 5635~ 36.69 


-+7754;^ 


No choice but to hang on 


ONLY TWO of the world’s 
principal nickel producers made 
a profit last year. Only two — 
the same ttyo, loco 0/ Canada 
and Western Mining Corpora- 
tion of Australia — will make a 
profit this year. Indeed, losses, 
this year are accumulating more 
quickly than last year. 

The parlous state of the in- 
dustry is no surprise. Prices 
have deteriorated since the 
second quarter when the 
average price Inco received was 
$2.24 a lb. Now it Is receiving 
less than $2.00 a ib, below the 
1975 average, according to Mr. 
Charles Baird, the president, at 
a meeting of analysts in London 
this week. 


MINING 

PAUL CHEESERIGHT 


But the prevailing wisdom in 
the industry is that prices are 
now bumping along the bottom. 
Mr. Baird was prepared to talk 
of temporary shortages de- 
veloping in the early 19S0s. 
Mr. Pierre Gousseland, the 
chairman of Amax. a relative 
newcomer to the industry whose 
1977 pretax nickel losses were 
$29.8m.. sees supply coming 
into balance with demand after 
1980. 

And Mr. Baird rather wist- 
fully pointed out to the analysts 
that quite small changes in the 
market had a sharp impact on 
earnings per share. Over the 
first three-quarters of the year 
Inco had earnings per share of 
0 cents. Had nickel deliveries 
been 10 per cent higher, earn- 
ings per share on an annual 
basis would increase 19 per cent. 
If the price had been 5 per cent 
higher, earnings per share 
would have moved up by 24 per 
cent. 

For his part, Mr. Gousseland 
calculated that Amax's nickel- 
division would suffer 1978 losses 
less than half those of last year. 
The same trend has been 
apparen at FaJconbridge, second 
to Inco in the Canadian and 
world industry. Its integrated 
nickel operations lost C$3.4m 
£l.47m> in the first nine 
months of this year, against a 
loss of C$16.5m in the same 
period of 1977. But it was helped 
by the lower Canadian dollar 
and higher cobalt prices. 

With the aid of sharp pro- 
duction cutbacks, the industry 
is hanging on, in the knowledge 
that its capacity could be 
inadequate in the mid-1980s. 
But that is rather long-term 
ood cheer for its creditors. 


who presumably are taking the 
view that a return then is 
better than a write-off now. 

, The West German, U.S.. 
Japanese and Australian 
. lenders to the ill-fated Green- 
vale nickel venture in Queens- 
land of Freeport Minerals and 
Metals Exploration have -made 
this calculation in agreeing to 
the third restructuring of the 
Green vale debt, which is 
thought to be over A83O0m. 
Repayments will stretch into 
the 1990s on present estimates. 

At any rate, there are the 
beginnings of a more optimistic 
attitude towards the future of 
nickel, and this is finding its 
parallel in the copper industry. 
Mr. Gousseland last Tuesday 
said. "I am optimistic on the 
short term pricing situation for 
copper.” 

By contrast with both nickel 
and copper, tin has consistently 
been in short supply and looks 
like remaining sn. : The 
Malaysian industry, the world’s 
largest, has not been alile to 
raise production to ’.meet 
buoyant prices. One rcasqn for 
this has been the industry’s 


reluctance to invest in the face 
of higher taxes. 

The tax situation is becoming 
more complicated because of a 
dispute about what is due to the 
federal Government and what is 
due to the states. In -the middle 
of a row about this at the 
moment is Beduntai. the coun- 
try's largest producer and part 
of the Malaysia Mining Corpora- 
tion. 

The Perak state Government 
refused to renew part of 

•rjuntai's leases and instead 
granted them to a company it 
owns. KnmpuJang Pcrangsan. 
This company js sub-leasing the 
land to Berjuntai but only at 
the price of a 10 per cent 
royalty on tin production, and 
a start to negotiations on taking 
an equity stake. 

The agreement effectively 
increases the revenue the slate 
may expect to gain from tin. 
hut it has not been accompanied 
by any adjustment in federal 
taxes. The immediate effect 
has been to make private 
investors shy nf tin shares and 
there has been a general decline 
in the whole sector this week. 


But Malaysian Mining Cor 
poration has been collecting 
cash in another way. The float- 
nff of part of its stake in the 
Ashton diamond venture, led by 
Coozinc Riotinro of Australia, 
look place when trading started 
in Asbton Mining shares. MMC 
offered to investors 40 per cent, 
or 28m shares of 50 cents 
(29.1p) each, in Ashton Mining, 
which has a 22.4 per cent stake 
in the diamond venture. 

On Wednesday Iho first day 
of trading in Australia, 2m 
shares changed hands, and mt 
Thursday a further 900.000 
but London's turnover was 
described by brokers as dis- 
appointingly low'. The price 
yesterday was 67 p. 

London, in any case, has this 
week taken a rather jaundiced 
view of precious minerals. 
Although gold shares have been 
steady they have been at a low 
level with yesterday’s Cold 
Mines Index at 136.3. showing 
a sharp decline from ihc 16S.8 
recorded a month ago. 





A 


‘-•'•to 


•- : av 


■_J ... 


JHenrySchioderWagg&CdLiniited^isoheof 

Britain's largest and most respected Merchant Banks! Oiir' 
experience and skills in. world stock markets are such 
thattnany leading companies and institutions entrust us . 
with the investment of substantial sums of money on ; • - =* 
their behalf. ' _ ■ 

Private investors can also benefit from our expertise ' 
by investing in our Unit Trusts. There are four Funds: 
SCHRODER CAPITAL FOND. 


Investment objective - capital growth. 

IFONDl 


SCHRODER INCOME 

Investment objective-income growth. 

, SCHRODER EUROPE FUND. 

. : Investment objective- to partidpate in the steady £ 
growth of well-managed. European economies. '•••' '<*- 
SCHRODER GENERAL FUND. 

Investment objective =- a balanced fund seeking' - - 
income and capital growth, 

lb find out mote about having Schroder Wagg manage your 
investments, please wnte ra Mr M. Smith. Schroder Waog [/nil TYusis, 
48§t. Martini Lane. London WCZN4EJ or telephone; GB-240 3434. ' 



UNIT TRUSTS 


Merob sr of Th e tinit Hurt Association. 
Nat applicable to Fire! 



•■.'£=4 

m 




’ -V 

• : a p- ‘ 

‘■■i-rr 




- . -V 

. 


- »vw - • 






Death Benefit If you dw during the term of the Bond the 
lull umoiuu of ynur biuMim-iti lvill lv pahl 10 your cstaie 
r.iyeriirr wiih tlieUivunutliiU-d \ . 

Mai urhy oTBond At ilu-wnd d 4 vchim i mr cupiuil « ill be 
fiyvild in full. IJciHusc of fin" ut> fuv ininiWv utrus ‘bciii^ 
oflervd. jf li • nut pusiWc i«» ampt nquesis for «irif 
cncushiiuvu. 



•1r 




taxfree^ 

for4v?ars 


iwWvl'-T' 


equivalent tX>-‘; 

13.4% p^- 

jy-oss to babid&te 
f iL\p<iyers . f i - y- 


Taxation fl’ >tmi m-e IfMblc for tax only .-ii ’tlir basic rate . 
thn*uvslw>u\ the lenji of this Bnnd.ihcicix'ilf bi? no udditional 
Jiiiblliiy un theonminl twruisrt ihsu div.ianlicd or on Ufo Wat 
P^-Awdi. on maturity. If dhTm-m cwidilibnfriappfv lb vbit-’-’ * 
titen your Hability for jek « III pro^bh- be qltilrd. ami details 
are hi alia He frurn this Company on request. 

Hoiv to .Invest To a^Jly jhr these .Biwdi- vixi' sbooW 
a >mplrte Uie appRcation ftvm bdow and swid it 1 qgethetwit b^ ■■ 
vour K'hciiueiiirKie ph\-alifo-(h(k.i'ierali. . ... 

'Ihe mlnimmn invcsiinenl is' L'J.i.KKi, ahd tiie masintunL • " 
iSlMHUJ. 

'I licre i*»u minimum npc limit of J S years and a niaidniarn oC~ 1 
Nliyears. 

N.H. Tlir. rllfr fc. urmSili; i,» rrjil. 7ir> ni ihr hrJi RqnifiC. TW 

‘ "I Rf fnufUuynJFua H-Jnnidii/vittlirkKk.ytittt'f'inx'; . V - 

- ItiN .titer ilricllif-tirtth^lot*! tnu;i hr mthfatmi ,<r thrirms . 

‘idiii Innr. _ " 


Tliesc Guarontcul lV»m»s ftimls arc singip jvcnutitp' 
cudi iwtitcnl (w ik’ics for «t unit of -4 vvurs. ij^foedby jhcr; 


r 


I x mill hi Jinuioh nf t k‘iieniii -- une «»f liorf^es.-Bfpi^ ' 
insuruiKV yruup> with assets in i-mw ul’tlS S4.N 


S4>NtXV. 

lniUlon. iTit’cninpuny hiis had an nllicc inLnudbn for 
o\ er 5t i years and Ltday the U.K. hnmch has iis^eli uf 


over £70 million. 


High Yields Guaranteed ~ • 

Here is the way to henefit from one nf tbeTii^hest 
investment yields ohiain;vblc toilav. bit'est i ftOWt'or ‘ 
more in these Fk mus Lktiids a rid v« m are yuardnteedab 
□niiual ijnnus nf fiH' 4 year*.. Kniiiistfs .wiH be 
dLviuiei! annually mi the anniversary date ofAnjur 
F-imi and are fiw 1 if ta v il'yi ai phv mv a"i the bask' rale. 
For such riive.stnr.i ilk* IknkIs yivc a rcluni otl j-tPA 
aross. • 


Surrender Dpi inn Ti • uwlu*;in animal mowiAyau *ftav . 

MUTL'nilrr ji-ur hunr*-. it \<>u nNi ta do lfi,h. yeu 

sin mill Ill'll, lit-: mi Un- opplieaii'in furin. If ihe hmuisO' ure 


;u,'i'uimii>tinl. ibouiuctAaifomlol'Li.UUU dluiS years iirifi 
be 11.-111.53. ' 


CiericRiIL 

.117 Foiehiiirch.^trtdti Iwdon FTiM >nV 


I to invest I.*, 


in a Cenirriin 


t: 




i.!u;irfin Bon us Bvmd ( md cnckfev m.r cheque for Ibis . { v \ '■ ■> 

««n. T urii □ nisSicni bt-fiie thiud Kinjddm ind'* i' '■■'V-:/’. 
mirierstandUiai llvksapotk-uilon stioflt>n7uJjcbiisib.ofH L : - 

““ ' 

i 


' contract ^ bcUvaen ine mid ihc Company. 

■ BA LnTirlBiVlCUS 

liiilXama- . 


Address. 


"□uLeuf Dltih 




Q with an X41 yoLr\\-^TO"jinn»il«3 : 5 , Mr- 

benitssfiTeMfl. , 

.SigrLiiurc - . 7. ‘ . - ' . -Thrtf 





■■H-iinot : _jr \ • r 


yM 




1-3/) 


\ 




- • . • " wg-; c ■ £ 

" v.. - 








Jz&and^LTmies Saturday November 11 197S 


YOUR SAOTGS AND INVESTMENTS 1 



5 ' ”, 



were 


INVESTMENT 


TIMOTHY DICKSON 



.ANTING TREES is now a- Private forestry , development 
puJar. if somewhat special!- is now classed-as a bosiness and 
1, investment thus the entrepreneur 

You may already be'in on classified ; for tax pm*o^ as 
* act via your pension con- self-employed. This means that 
hutions or insurance pre ... development costs can now be 
urns. But opportunities for ° gainst “ nlaxed mcome 
ect involvement have until at highest rate you pa>. 

■pntly been limited.' - • - - - • The next stage, some 10 to 

>ver the past year, however, 15 y ears aftcr *** 

untain Forestry, a subsidiary planted and all ^development 
the publicly -quoted insurance eosts have been met. Involves 
>ker Matthews Wrights on, jjj e transfer of the investor’s 
’ developed a complex and lease tQ his beneficiary . The 
:emous leasing scheme to , ....... 

p not only enjoyed people move . o£ mU Isnd hnn 

high tax rates hut vvitha capital gains tax iaatmity, 
niers and other landowners but this can be' minimised in 
leave more to their children, several ways, 
ust at the moment there are Being a business, the 
nty of high-earning em- plantation will qualify for 50 
yc-es anxious to take part. On per cent relief. In -other words, 

other hand, there is ; a the land will be given a market 
riage nf suitable land and' value but the investor will only 
tniain is currently appealing 
land owners with under-used 
es to join in — and share in 
scheme's tax efficiency 

'he plan, which benefits from " 
era! tax incentives, should 
viewed solely as a long term 
=:siment. There is no return 
at least 25 years, and even. 

n the income is modest A pay ^ , )n bM that value . The 
- ™i part of the scheme is ^ rket ^ ne j," .-nicely to be 
t the mvestnientiseventually relatively low . MleT 15 years 
isferred to a child or other still young and. 

eficiary who nay have to apart from posible SiinliJ 
-t until year 60 for a decent proflts £ yMre . , dec£nt 

a ™' yield is still -some way off. 

0 start with. Fountain in- You can* incidentally, defer 
luces outside investors to the CTT payments but if you can 

1 owners and advises on.the .find -the' cash immediately it 
£ of contract they should save -your ■ beneficiary a 

with each other. This can bigger liability in years to come, 
complicated .(/or example The recipient now moves on to 
ses covering. ii^faootajg- br-avhew taur coding.^Sctiedule B. 
ng rights may be-necessary) This Wbeen- specially created 
its most important function by the Inland Revenue for 

0 determine the rent the forestry developers and allows 

■stor pays. • income from the matured trees 

mntain points out that the to be treated as tax-free capital 
•owner has a choice: either gains. 

utn secure a high rent (pro- The big question is, of course, 
n.? high initial income) or what return can you expect? 
can charge a nominal rent With a new and relatively 
share in the profits from the untried scheme investors will 
matured trees. have to be content with pro- 

1 any case the investors jections. Fountain estimates 

q initial co mmi tment will be that the - yield to redemption 
planting costs- and various should be equivalent to a corn- 
er expenses, such* as putting pound annual return of five or 
.cress roads or fencing. You six per cent net of tax. But 
jld expect to pay £3,000 to remember the scheme does not 
00 a year on this .for a provide a running yield and it 
wnable plot, over the initial i S arguably speculative — it is 
.e of the investment ytinr guess what will happen to 

.t this point, the first tax in- timber prices in the next 50 
tive comes info play. years. 


If you have an endowment policy you may be in 
line for cheap credit. With bank overdraft costs 
shooting up, Eric Short surveys the interest rates 
charged by insurance companies. 

Loans for the asking 



Premiums 

Surrender 

Amount 

p io r 

Interest 


Paid 

Value 

of low 

S/V 

Rato* 


£ 

£ 

£ 


% 

EcclesiasUral 

JUST 

3,774 

3,395 

(90) 

13 

Equity & Law 

3,719 

3.715 

3^43 

(90) 

10 

Norwich Union 

3,465 

3,557 

3,020 

(85) 

12 

Scottish Provident ... 

3,620 

3,773 

3,020 

(80) 

13 


LOANS ADVANCED by life ■■ — — 

MdSim°Bnt poUries^an^be POLICY LOANS: HOW MUCH CAN YOU BORROW 
a relatively cheap way of bor- This is the position which a man aged 44, who wants to borrow 
rowing. Vet very few policy- against a 15-year £10,000 with-profits endowment in force for five 
holders take advantage of this years, will face, 
facility. Instead, they offer the 
policies to their bank managers 
as collateral for overdrafts. 

Most life companies are pre- 
pared to lend a very high pro- 
portion of the surrender value 
of an ordinary policy, perhaps " Companies reserve the right to vary the rale but they rarely 
as much as 90 per cent. Banks do so. Rales may be higher for larger loans, 
will also usually lend up to this — 

limit, since the surrender value 

th 3 - cer * a * n security provided or on death if earlier. right to this loan facility, but 

the investor pays his premiums. Life companies' interest rates the life companies do not pub- 
oo what advantages does a are lower than hank overdraft Jicise it. They are now even 
h" ioan llold over an over ‘ rares and lend t0 he fixed over om i ttin S 10 meQlu,n d m policy 
draft. For a start, repayment long periods, for. to set exemp- documents, but this is mainly 
i.s entirely at the option of the tion from the 1974 'Consumer to avoid problems with the Con- 
investor. The life company has Credit Act, life companies do sumer Credit Act. 
no right to call in the Joan irre- not charge rates higher than Lire companies would prefer 
spective of economic conditions, l per cent over Bank of England to provide loans only as a short- 
bo the investor is insulated from minimum lending rate. term expedient for policyholders 

the effects of a credit squeeze. Life companies review- their in financial trouble. They find 
With a loan from the life com- rates only after major changes lending troublesome and the 
pany, the investor can repay in general interest rate levels, return is lower than on cornpar- 
out of the proceeds at maturity All policyholders have a able fixed interest investments. 


Britannia after Banks 


to sidestep the dollar premium. 
But with the premium now 
down from 50 per cent in the 
INVESTORS IN the Britannia is on a defensive fooling to summer to around 35 per cent, 
unit trusts have reacted calmly cope with selling. Drayton will for the moment 

to the departure of the group's • As any tyro economist knows, invest fully through the 
managing director, Brian Banks, product differentiation is one premium. The premium has 
this week. way of drumming up sales in an taken a knock recently with 

Mr. Banks, who has taken five overcrowded market. Midland fears that it will he scrapped, 
colleagues with him to set up Banks Drayton group could But Drayton's Duncau Mount 
new portfolio investment benefit from the principle with Hi inks that practical politics 
service, has a large following its Far Eastern unit trust which will preclude both major parties 
among unit trust investors is being launched into a market from ending restrictions on 
since his Slater. Walker days, now almost as overpopulated us foreign investment. Going 
But Alan Maidment, one of the downtown Tokyo. through the premium also gives 

two executives promoted to the Most of the existing Far the new trust the full advantage 
Bri tanni a main board to take Last funds have invested mainly of any further gains the yen 
over Mr. Banks* responsibilities, through loans raised abroad makes against sterling, 
reports that few investors have 
been panicked into selling their 


SAVE £12 A MONT 




AND IiET'TOfcJR MON;E^Mp^ 
MAKE MORE M ONE^ FO 




Regular Investment Plans with fife assurance provide 
one of the most cost-effective methods yet devised of 
accunadating a few thousands pounds. For every £ you 
save through the M&G Regular Investment Plan you wiO 
be able to dahn 3&p in tax refel, provided you pay tax 
at least at the basic rate and not wore than one-sixth of 
your mcome is used for Be assurance prenminis. 

7his offer enables yon lo start a Plan through a life 
assurance policy with benefits linked to whichever 
MSG Fund you choose. Chi a £21 Plan, tax refief at 
presort rales can bring down your net monthly cost to 
only £16-70, in most cases appreciably less than the 
monthly purchase of units on yam behalf hy MSG Trust 
(Assurance) Ltd. Anyone over the age of 18 can join the 
Plan and there is no maxim um age rmvt.The minimum 
is £12 per month. 

The future value of your Plan will depend on ihe 
investment performance over the years of the Fund you 
choose; A man of 35, for example, who started paying 
£20 a month into a Plan finked to M&G Recovery in 
April 1971 (when the Plan was first used in conjunction 
with this Fund), would have secured units of £4,410 by 
the end of October 1978 for a net outlay of £1,522. 
This Fund has been the best-performing M&G unit trust 
in recent years and its exceptional performance may well 
not be repeated. It does, however, demonstrate how 


effective ihe Plan can be as a way ol building up capital. 

investors should regard unit trusts as a long-term 
investment and not suitable for money needed at short 
notice, and should remember that the once ol units may 
£0 down as well as up. 

Regular investment of this type means that you cart 
lake advantage of the inevitable fluctuations in the price 
of units through Pound Cost Averaging, which gives you 
a positive arithmetical advantage, because your tegular 
investment buys more units when the price is low and 
fewer when it is high.You also get life cover of aL least 
180 times your monthly payment throughout the oeriod 
if your age at entry is 54 or undec, An element of lib 
cover is also provided for higher ages, up to 74. 

If you cash in or stop your payments .during the first 
four years there is a penally, and the tax authorities 
require us fo make a deduction, so you should not con- 
sider the Plan for less than five years. 81% to 94% of 
each premium (depending on your starting age) is in- 
vested, except in the first two years when an additional 
20 per cent is retained to meet setting-up expenses. 
After two years; therefore, the amount invested will, in 
most cases, represent more than 100% of the net amount 
you pay after tax relief is taken into account. When you 
terminate your policy you will receive a cash sum. 


FROM £12 A MONTH 


To: M&G GROUP LTD.THREE QUAYS, 
TOWER H ILL, LONDON EC3R 6BQ. 
TELEPHONE: 01-626 4588. 

1 WISH TO INVEST E 


...and the outstanding manaRemcni 
I group was (wait for it) M&G, which hau 
two in Ihe lop lO and no less /ggg&gZg) 
than five in. the top 25 trusts last year - . 

SUNDAY TELEGRAPH 


~l cach monlh (minimum £121 in an assurance policy wilh 

benefits linked !u the Fund oF my choice. (Circle the Fund ol your choice.) I enclose my cheque 
tor die first monthly payment, payable to M&G Irusl (Assurance) Lid. I understand that Ihis 
payment is only provisional and Ihatlhe company wilt not assume risk until lor mat notification 
of acceptance has been issued. 



02 


SURNAME 


M ADDRESS 


FCIST CODE 


90 | FS 531118 


OCCUPATION 


RATE OF RIRflf 


NAME AND ADDRESS OF USUAL DOCTOR (lo whom reference rruy be made) 


m.% 

I ui>C 

(It nil ( IIIIJ I, .r-Ji 
■(I -III ,1'lllt l" -.1 
aulom.il.-^fli-, l 
I.-. ih>.- 1.1 
.MjibifTed 3tilii! r ynij j f 

MANAGED BOND 
GENERAL 
HIGH INCOME 
RECOVERY 

America;; 
AUSTRALASIAN 
FAR EASTERN 


1 * 

■ u 

i 

i s 

» r * 
; h 

\ ? 
i a 

i 5 


Arc yuu an t-uMmn MAG Pl.m I mirier ? Yr-.. N.i F* 

T. 


ftyiiiiUMiitil McilP.ir! I iillhc De-ijr Jlion belli*. ok-kJ*; >1 ini'J i.i|!N I'.iri II. 

DccUn-kiofl Parti I dcclaic IhdLlo the bust ol my Miel. I Jin m Ruud iKdlllunii |trc lioin rii I'i.iI I Im»i.- u-il li.nl iiny 

illness or nuinr opuidlnw.lhal I do nol enrage in any Iw.mJou:; i.prnls or piir.uil-. . tfid! I rio mil cnpjr.s in .wMlimi c-'x-nl .r. i.ir» — 
paving pasr-enga on icCocni^cd (oulea.and that nu tnopralpniny life ha-j ever fet-n ndveiicl/ ltr-il>^d. lYnii mrr.l J>-.cln-.t.ili ».-• I-. 
wlnc.li are likely In inti uence (he a isecs men! ul Ihio prnpn-->l. II ynu are in doubt as to Uie relevance ol uny parliwifjr i n I or m.i I i-'-n . ,-.j 
ShuuiddiLeloseil.aslailurclDduLeRuyallectlhcbcnclife payable i (A-mbcr-. n! i»,-- 

Part n I derlaie lhat Ihe pienvunKunll l-e |Mid bv mv.cll nr my -.in mw. and Ihi-p^-.or i f t A-.- 

Ihe premiums will be rc.idenl in ihe U.K. I as ret- ifr.it any iferkir.iiiiin m.iri*: Iiv m: iw rx>ntiei.ii»ii miIIi 
tln'j pn>por.a! '.h,ril be Ihe baMsnl iheconUacI belmoai me end MKGTin.t lAj-snr^nn-i r.id . and that 
1 wrll jrccpl Iheir eif.lomary loim ol policy. 1 agree in piovidoany lurther inlornulion Ihe company 
may lequue.lAipecimu-n ol Ihcptifey I cum is available on rcquntj 


SIGNATURE 


DATE 



UNIT TRUSTS 


EAMONN FINGLETON 


holdings since rumours of the 
shake-up leaked out last week- 
end. 

In the event investors are 
probably right to give the new 
leadership the benefit of the 
doubt In terms of performance 
over the whole range of its 
funds over the last two years, 
Britannia ranks a creditable 
fifth in the league table of the 
10 major groups of the industry. 
All but one of the investment 
managers directly responsible 
for the group's unit trusts are 
staying. 

One point investors should 
bear in mind is that with the 
exception of the American and 
Far East funds, most of the 
group’s trusts have for some 
time been on a “bid basis": 
that is, units are priced at the 
lower end of the range allowed 
under the Department of 
Trade's roles and so the group 


Pjfiil 



investment 

r 

Large office blocks, may look impressive, but in terms of 
yields and marketability small, high quality, retail outlets have 
important -advantages. Such properties are more readily saleable 
and the values tend to be less volatile. 

This is a view which has beenhdd for some time by Lloyd’s 
Life and their advisers, Chestertons — one of the leading fans of 
Chartered Surveyors. It is the principle on which the Lloyd’s Life 
Option 5 Property Bond has been managed, and which has 
proved very rewarding. The Bond, which was establish e d in 1974, 
now 7 shows a gain of 52%* 

With the further addition of a shop property in Nottingham, 
the Fund is now virtually fully invested. This could be the right 
timeforyoutomakean '"VA 

investment. The gross yield 

is 7.4% P-a. and Lloyd’s Life 
believe that an Option 5 

Property Bond -will be an ■ ^SfgSSSSSf 

excellent long-term investment. wdd&mous 

Insmancti Institution 





FT II LI I? 


Ifyoi i have £ 2,000 of more available for investment and 
uindd like details of the Option 5 Property Fund t send the coupon to: 

Lloyd’s Life Assurancelimited, 20 Clifton Street, LondonEC2A4HX 
Telephone: 01-247 7699 





Work: 

Nrtineof Insurance Brd^riifany) 



I 



Every High Street hears the signs of Japan’s 
success as an exporter, and more and more people are 
becoming aware of the growing economic strength of 
the whole Pacific region . 

The wise in vestor will wish to malce sure of a share 
in such obvious prosperity. That’s why Midland 
Drayton are introducing a unit trust th at- concentrates 
all its investment in the Fat East, with the sole aim of 
capital growth - the new Japan and Pacific Unit Trust. 

The Japanese miracle 

During the twenty years to 1970 the -Japanese 
economy grew to he the second largest in the free 
world in terms of output, exceeded only by that of 
the USA. Now recovering strongly from the 
inflationary recession of 1973-75, itis quite conceivable 
that over the next two decades the output of the 
Japanese economy may equal that of the USA. 

Productivity per man-hour worked in Japan has 
doubled in a decade, and the country’s share of world 
trade has risen year by year. These achievements have 
been reflected in a rise of almost 400% hi the Tokyo 
stock market in the last 15 years. 

The Managers believe that prospects for further 
growth are good, and intend to commit at least 80% of 
the fund initially to Japan. 

The resources of the Pacific 

Japan’s position as the most advanced nation in a 
fast developing region enhances the prospects for 
continuing growth in its trade. 

Similar considerations shouldbenefit the two 
trading centres of Hong Kong and Singapore, which 
are also likely to feature in the portfolio." 

Hong Kong because of its position as a gateway ibL* 

Western trade with China, and Singapore a s the 
gateway to its neighbouring giant, Indon esia* 

And with the addition of Australia and Malay sia, 
the trust will also be able to invest in companies 
producing a . variety of precious metals and other 
valuable raw-materials. 

Prospects 

< Unitholders in the Japan and Pacific Unit Trust 
will benefit friimthe knowledge and skill oi' the 
investment managers, Drayton Montagu Portfolio 
Management limited. They have wide experience in 
managing investment trust, unit trust, pension fund 
and other portfolios, and have specialised in Far 
Eastern securities for a number of years. 

The Managers are confident that the longterm, 
trend ofFar Eastern equities will be upwards, but 


investors should be prepared to invest for a period 
of some years. The initial gross estimated yield will 
be £1.00% P-a. 

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

Proven performance 

There are six other Midland Drayton Unit Trusts 
available to the general public, five of which have 
been in existen ce for the live years ended 
30 th September _197S. Four of these five outperformed 
the Financial Txmes-Actuaries All-Share Index over 
this period and three idso beat the Unitholder Index, 
as the diagram shows. 



Value of £1000 invested 
for last five years 51895 

at Sept 30, 1978.* 

£1390 2W7 


casr 


SB 

«£ 

Sra 

£< 


INDICES 



I 

1 To: Midland Bank Group Unit Trii‘i Mars-scrs 

I Limited. Courrwood Hou.sc. Silver Sir t». , £ Head, 
SheHlt-IU, SI 3itD. Tel. ITMJ 79fW^. 

I 
I 


Reg. < nf-. : iT J'ouirry, London £C-2Luj-. 
Reg. _V.t. ;C£:5.- f England. 


IWe c a 
1 chequ Dio 
. to you I 




i farir.v«-»ii*ic-:ic iiiDterributinnUniU^ 

i .AciruniuI.::ior. Unit? □ Ufe/: irhifht _ __ 
of Mid! .-id I Jr:- yi '.'ii J.ijcm =■ nd l'.icmc Uu: t T: i 
J at tb>.' aii: i.u o“«r pricu of 00p. 

| Sornr.ni-.- Tr.. Mr?.. T>Tifg'« 

| PoremiTr-j ; n full 

I Addr,- 


l HadbiBngn a ii i^d iBOomtfafboihttiBfciaa;i»ndtii»liiiic»c. 
Soorct -Honey Knaacmot and Unrttoktar- No*wiU*-II71L 


The remaining trust is Midland Drayton High Yield 
Unit Trust, launched on 17th February 1977. which 
had also outperformed the F.T.A. All-Share Index up 
to 30th September 197S. 

How to invest 

You can purchase unite in the new Japan and 
Pacific Unit Trus t for any amo unt from £500 upwards. 

Just fill in the application, foim and send it to 
the address shown, or hand it in at any branch of 
Midland Bank, Clydesdale Bank or Northern Bank by 
Friday, IstDecember 197S. A contract note wfilbe 
issued and you will receive a unit certificate 
within 42 days. 

Units can also be bought through our Savings 
Plans from £10 a month upwards and through our 
Share Exchange Scheme. For details, tick the boxin 
the coupon. 


Po-: 


Dais 


I/Wo uorTjro ■ n .it I'm* nm'nre TiftT^i-lcnt c*v: ; M .i 
tho Sreh- tiyi' *i Territories and; hat :.m ‘ .r. soz 

acquirir.^ t» - - : Jiruts theno.-nim-t.-i'.' < ol'nny 
pi'wr.n : .- .• rv.- idonn cui.-ido thoio T i.-itu- ■ nv'. >7 ffoa 
arc un al‘!c ’ • make this dcvlamliun it i-iiauld 
dtb'U'd «.:-c ;«c appliaitinn lodged through <■ /jV-v:;:, 
Stoci.broU.’' jr EoLicii or ir. the Lulled Elngu-j 


Signul'-i '2_ 

(if i £/,o Oj'jwiia: tippiiauits. allmuit 

PIoo:-.’ c-'nd riertetails ofj'ourSavin'jsplvn : “ end 
Sha . ■ .Schfccio > lilusifUiL: i'.ran-.if 


DisrHbunon U«ilt*.ZIsxni ctoow tliese, yoaMCfllve Inc-omoaecor taslr 
S'— SO tai r^ICC 1'Mrk". on tach Ara-n art! 1-^tJl Ot rnlwr. TLOlItSS lll« ±rlli ii rJnii 

will iLoife on 10 tt OMJbor JSJfi, 

Aceomaiauon Unitt. u v-iq chix^tuwft, netlacamols rebmsted, 

Tih VikIiii, are lisnod to nil aalttolflert. 

Buyoig and Selling A cantrBvCJlOlo will bo Ifrlfed OUlCwJpt or Cbn 
tPFiicnyca form aori run wiliie«!i?a a tout cet^ficatu within 42 days of 
wrias lor yew units. Alter this ofler i-loies. onitji oi” be tioucht ax uny 
ut Uip railcar olTsr prtca ur cnsjied at an? time a t tne ruling bid pric& 

- 1 Trflicli ta* a cstq'ie wiil tsa sons to roa g irJi'.n a few Jat'a of recclvlce 
vavf ivasoncx-d ccrUCcaur. 

Prica, jnd yield pai-iuiitd daily in IcaflJw »?!«?» per 1 . 


Ourpt. An initial eavii» cli*rs« of 33 inuludol m t ha oilrs nn« of an: i j. 
An annual bcrriw chnrtto ■ <f * ol Minin* VAT' ol Un* tuin* of tie Trn.-tWini 
3 , deducted from tbe Trust's grccs income. CommLsion ol 11% mil be r sud. 
to rctutfaised tuten w. * 

Maiu t t num . Tbo Managers oro Mldfamf BuIeCfbub Unie Truce Mjnjccra 
Limited, a 5ub?ldlar3r cC Midland tUnk Llmitc-l cad anjcabcr or Las! 
Thus A?Mauoii . 

tBtttiEBXXlXSS""* Portfor, ° M4na£tmons 

T ructefe. lioj-al Ksi'liumt'? .tssforaaoc. 

Thii offer is not open to residanm of tfia Republic of Ireland, 


;f: midland Drayton Japan and Pacific UnitM j Vll 

A iHflLAJtD EA!>(E GEO CP UX1T TKUS1? * 











6 


v 



Schlesingers announce the launch of a new trust to provide the private inv estor 
w ith a simple and efficient way to invest in smaller American companies with strong 
growth characteristics. 


Pinanrial Times Safe 1978 ^\\ 


* *■ 




YOUB SAVINGS AND INVESTMENTS 2 


Definitions 



BY OUR LEGAL STAFF 


FINANCE AND 
THE FAMILY 


No \ 4 egat} fesponpbitiCf am 
accepted by the Financial Tit 
ifet . file answers gtverf in th 
columns. - All *riflu/r/es< ’ will 
answered . b f 'post' as- soon ' •. 
possible.;- 


I have la front of me two 
definitions of disability in the 

original Insurance policy and in 
the policy schedule. Disability, 
for the purpose of this policy. 


reinvested, in the case of 
“foreign” (Le, UK) 
participants, are subject to 
“income tax withholding” 
presumably at the current 


You should check ’the 


VAT, 1 had £ 3.60 fas to pay c 


exchange control position wfrh the DHSS Information DiyisioP/ an account 4 . ^ 



SchlesingerAinerican 

SmallerCompaniesTrust 

There jrv ni«.re rh.in 14. coo ,msiH«-r companies 
■e. >Ljiv-. nr«- xradi'J on hoih 1 In- N«w York and. 

1 .S. rctfiiMul 'i"ieke': 1 .-nanyes 1 Th'.vc >h:.res ore an 
in’portant :md jnrerv.nnc *i.-cr(<r .-q the American 
mjrki-t. The inve»:n>eni pnliex nf ilw -Sciilesinger 
-Anioric.in .Smaller Companies Trust is r- ■ seek capital 
ernv th fix in u cone^ntraced p«.m'olio i«t" iuchs>har«. 
'I'he^r.iNN .tjninirj teld is r '.peered t..* L«e :ioproxiroatcly 
0.5 - income 11 ill be p.iid iinnu.illy in XuiL'Usr. 

N'.imully ;it le.isi bo"., ot' the portfolio will be 
:ir.-«-iicd in compumi-s « host stock market value or 
*'c.ipit.ilt.sai| l >n" i.s l«-s-. than S;oo million -small by 
.Amei ic.in^r jndarur.. Speci.il i-niph:i<is will he 
pi. iced mi emeruinp gro-.vrli companies which flourish 
Jfiihc free enterprwi: en-.io ■hir.enr of the l'.S 4 . 

It should be recognised that smaller 
capitalisation shares are, by- 
nature, more volatile than the 
“market leaders”, as has been 
demonstrated this year. 


should currently be in the major market capitalisation 
stocks (such as those held in the Schlcsinger Ameri can 
G rowth. Trust), because at their excellent 
jiindam rural \-alue. However, the smaller American 
emerging growth companies, where price anomalies 
are often found - particularly after a heavy market 
fall — can offer excel lent opportunities, and should 
play a part in all American portfolios. The recent 
L'.S. market setback provides an outstanding 
opportunity for investing in growth companies pro- 
vided investors are prepared to take a long-term view. 

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


Avoiding the dollar 


premium 

The Nchloinger Anwrie.in 
Smaller C* iiip:iinei Trent v. ill 
currvi ixly make hv.ny u a i ot hjck-to- ^ — 
hack J.ieihtiY.--. i.ir-_-rh to 4-. mil :!ie ri- ks nf 
1 he d>>tl.ir prerni'i-'u. I lu-.ii-.iT. Selilexuccrs 
ci.n«.i.mtl; m-iniri-r tiie dolijr premium and 
init.nJ Lm channel 4 g rearer prnp.-nivu \ 14 
the premium v, hcivu is a: !•/.-; level-!. 


The volatility of 
smaHer emerging 
US. growth companies 
can offer excellent 
opportunities. 


Initial fixed price offer 

L-ni [5 arc offered initially at a fixed price of 2 $p 
for applications received by December 1 st. The offer 
may close before December 1st at the managers’ 
discretion. Alter the offer closes 
"X unit* will be available at the price 

quoted in the daily press. You should 
regard your investment as long-term. 


Schlesingers’ 

recommendation 


NrhleMmrer- li.r.- coiv-idvrsl'fc ex- 
pcriviice of in; e^inn-nt in AaiiTji.Mii 
Wi'.urK iv . inciudil iu 1 he ‘Vial m.itk-.V ■ . 

.-'t Wringers strongly recoinrtKnJ that 
every prune invert or 4 purtfriluohouM 
C"nt:nn a 1 , le.iit 10-15'',, in American 
sm 1 ri; in our *■ iciv the ma’n emphasis 


'J ^ihlc :njerTtu>r Manager. Ltd., 

140 S-iudi .-ilru-l, l-Wking. Sum . 

ti rtkirrJ ,i!*i J-'i rui-if Ii.-rk:-. e < ;jc6 1 ^ 644 r 



PIMS- a unique 


service 

Alinimum investment in the fund 
is £500. Investors of £4.500 or more 
w ill receive Schlesingers’ Personal 
■ / Investment Management. Service 
(PIMSV including portfolio report*, invitations 
to meetings and investment/ financial planning 
ad\ ice if required. 

Schlesingers manage over £100 million of 
private: instirutional.and pension funds. 

■Macnl ICumiitini 

T« latau. IM ihc rowan prated. « it! 

l..nimilAlcnl.inJcatil.tfr ■ilirb-irBtraAuufafc-Jan.tar.. 
tlM minimum l.mmmi in ibe Fund h ^jm. Thr L'ltn ' 
trln ml « idd sr rublMlnl il.lt hi fadinc nniiur^ 1 Tafrll 
unil*. umpl> return ■ tut iwmwh nfwinm H eml^vrvi.— H* 
hid - pi\mn» >* lbn,.IK mrk «uhnl T da*. uurtf. Q'||« 
ikmwnl orrnratr. L'scnailMlea^' ■ i ' nlj (,mJ 
i*cm Ctantm: Atiuinil . hvnnC 
»n -lit <KSr% pnn. .1 rlwjt n *n wiiQil 14 I pit? Vllid 

v.lur.n Tin J ufJutMbrtrl lf.»n , | »H irapif I.i.inl 
■JinriBirtwPWiwvTniilrw: MuUjnd Bnd, 1 run i n. I.i J. 
Audi lor,; to:, .llmul. Miubdl A ■ MaitHcn: 

Tnt* ilnucr- Ul. Ursula, rdOffkr, ullim-n S)u«c.I,44m, 
W.i RrptcnfdinLajbnd, Nn.n.tsl.} 4 . Mnul co «l rlir I 'nh 
TnutAimUlMr. TtMnifrria im amUSIr u, rrwkHiM 


HrnUugi lirlind. 


I tvish to invest 

i minimum i'.yCiO) 




•hi: jpt^K 
•t roOrildr -.'.III 
mill trr nurture. 


\MT rV*i I J r, Ik. rrvrfnu .a»^r ibr >:B-drJrd 'l'rml'.nn jnJ ilut 
i(4umnt !lj unit i n I mflimcr irr* Kr.iur-.0dii (PdnJr ij. 
.ill !nuBn>u>t 4 <rinmalrrtu,drrlinu.^.ii ikiuMKr .lclrird «ij 
,-n li-ni. ikul-l ll«i lx l.<dird ihn«<i tm I K bint ,i-\klr4if 
at br rrsulmd, Uu KUtDUOnfnnnJ mlh ihurmuiC 


in the Sehle;ingrr .Jnivriujrl .SnuUvr (.'•■ninonies Trust 
at the fixed price ut 4 tp. 


Sunumr 


i iv i-.h tu have my UiviJenJ-i re-invested 


I v.-nuld like further information, includioguewils 
»•! in. F. .i-.hinc- bi.Uetue. 

A cheque n enclosed in rennitancr, made pavjble to 
.Midland Hank Ltd. 


□ 

□ 


Pint names 


. (BLOCK lETTUl- rLFA'-T' 


.(In full I 


Adilre 


Simuture 

i In the case of a joint application all 




means tbat the insured Is totally LJ.S- tax rate of 25 per cent. 


unable by reason or sickness or 
accident to follow his “ <U own 
or any ether occupation (ii) 
occupation or occupations as 
stated herein and Is not Follow- 
ing any ether occupations.’’ 
Could yon please explain the 
difference? 

The original condition did not 
require the insured to be unable 


1 am now considering making 
an election. Shall I be liable 
for the same UK income-tax 
as if I bad the dividends • 
transmitted to me in the 
usual way (Le^ 18 p in the £>? 
Are there Exchange Control 
regulations which will prevent 
me from making this election? 


authorised depositary whiefa has 
control of the share certificates, 
if lhai is not yoiir bank), ir is 
likely tbat a condition of Bank 
of England consent to ^ ''the -poh 


meat Buildings, Honeypot lame, - nor payable «n new~ bnH<Bfi 

k7 Great ’BMASSTtfcS 

It is not possIWe to Mm SSSfft if^frep 
that your tenninal leave pay- 


or cngiana consent to tae ^pro- ^ ^cape VXta x. on the b»e , “^T 
posed election would be feat, ^^ven, but you should fed . . 

on the occasion of each «Kv{- ge iSwei in a free booklet 


to unprove nmd 
, jrfease, is yon 



dend, yon purchase investment ^ buiWef *** tat 1 


dnuSa SantitoJK ■« im7 > (The taxation reason, ’ip facL-t 

the dividend^ dtecST^-^ foreign earnIcBS: . to .standard 


. _ .aad J977) which is obtainable , vat. as “ the supply of -sendc 

lmnaediateiy sell mem at the either from the tax office to . in the course of the construed, 
official rate (Le« without the wh ich vou submitted your last or alteration . of any. d- 

premium): the resulting losses ,4 retU m or from the engineering work , within ’t 

tu follow any other occupation Trom what you say, we take it should be allowable for- capital In!and Revenue PuMic inquiry 

than his -own, but only that be donumied^n gains tax purposes.,,^-,, ; J,” Somerset House. SjanA 

- Great Britain w wLK. - 


should not in fact he following England and Wales (or in Scot- , ... 

any other occupation (in land or in Northern Ireland). Cw/tf benefit OH 

tr> as well as heme fullv resident ■ * 


addition to being unable to as welL as being fully resident . 

follow his own occupation). The in the UK for both tax and ffituvn ff) TJjfT: 
imanrim.nt npnpoarv evphanee control anmoses. and *■ 


London, 
1LB- 


amendment makes is necessary exchange control purposes, and , 

to show that the Insured is that you .are a UK citizen. That In a reply to an inquiry from a 
unable to follow anv occupation, being so. the answer to your lady who Intended to. return' 


Payment of 
an executor 


not merely that he cannot 
follow his own and does not in 
fact follow any other. 


Tax and 
dividends 


I am a UK resident and I bold 
some American shares with 
thi benefit of the dollar 
premium. The company has 
a dividend reinvestment plan 
by which I may elect tn have 
ail (bat not part) of my 
quatlerly dividends reinvested 
In their stock. The dividends 


first question is yes. in to the UK from the UK. 
principle. If the. dividends (August 26) yon indleatjhd that, 
have been UK-taxed by your' tax allowances for children 
UK bank hitherto, however under 11 were to be abolished 
(under section 159(3) of the * r <>ni April 1979. and replaced 
Income and Corporation Taxes by diUd benefit.. I have been 
Act 1970), the future UK tax employed., in Hong; Kong - 
Jiability will not be exactly the since 1975 and- have- paid: n.b; * 
same as it would have been had tax but -expect. to- .tetutn. ■ 
the original procedure coa- employmentnext::.'-'’ 

tinued unaltered, because the 5“°°^. y° ll sa y ,wh«iJ( 

preceding year basis of case V be. able to get -child 

assessment will operate after a 
year or two (by 
section 122(1) of 


since the services are ratable 
S per cent, the . inadeifl . 
materials are also. Yob aiay-Ji, 
to check the rules in VAT load 
79S- (construction : industry 
which should be obtainable firo 
your local VAT office, withe 
charge. ' - ' - - . — . .- a 


Act, as 
123(4) ). 


modified by section 


Loss of no claims bonus 


benefit ?' Could ..you also teH 
virtue of me whether 1 shall be liable tc 
the Taxes ^ ^ on my_ Honk Kong :. 

leave pay, the first two months 
of which will he paid to me 
before i leave, and another 
one and a half months - • - 
after my return? • 

Your wife may be'. eligible' -for 


Referring to your reply under 

“A professional man” (Sep- _ > - > . 

tembec 30) an executor is oftra . jf YaUSter Of 
left to continue a business until ■ • . * - v . .. -f ; ... . - ri i. • 

an estate is settled and this can q frUCtlOn - : r> 

occupy a lot of his time. Should.. J _ . .- 

not such an executor be paid . Under “ To transfer a house % 
for his services ? (October 7>; so as to avoid 

The position is as we stated in capital transfer tax, ypu 
our earlier ijeply . If a testator suggested transferring a. ':V K 
wishes a trustee who is not a fraction, amoonling'to £2,Q09-Y 
professional man., -to he. per donor. ^Can you please '-.y 
remunerated for, e^., his busi- suggest tile workh&ef a ; 
ness activities or expertise suitable clause which would 
where it is applied oa behalf of inserted in a eonveyanee or -v? 
the estate, express provision to ^ a. Land Registry transfer^.? 
that effect should be: made in which would give effect: to- 
the wilL • 

VAT on 


Under “ Defeating knock for 
knock” (Jane 10 1 I read that 
it is possible to sue the other 
party in a car accident for 
the extra payable in premium 
if one lost a no claims bonus, 
but was not at fault. I wrote 
to my insurers who replied: 

” If you lose your No Claim 
Bonus following an aceidenL 
this Is a loss which you have 
agreed to accept by virtue 
of your contract of insurance. 
The English law states that .von 
cannot sue anyone for a loss 
suffered by reason uf a 
contract." ' Could you comment, 
please ? 


amount of a no claims bonus 
made by the High Court in 
Ironfield v- Eastern Gas Board 


AUUA True MWJ cugiuic TUI | 0| JC 

child benefit soon after von QUjMWP 
resume work in Great Britain . . ,t 
and, in any event you 'should 
not have to wait more than six 


1964/1 WLR 1125. We suggest months. A free bootdet 6H5 
you cite this authority to the (Child benefit for people -entor- 
Insurance company. ing Britain) is obtainable from 


Last vear~I had, on th&adrfce 
of my builder, an inspection 
chamber built on an ' existing 
drain taking sink water away 
from a row of four bouses. 

Since I.am not registered for 


such a transfer of i fraction?- * 
The scheme . which. 'Z'jjjjf 
suggested was not fmeiideff.f 
deal with The legal .estate^ 
to be effected by assgnm^ 
of the equitable fnterest'ih.sjl ' 
able tranches. You can itj^f 
precedent for the assignmeofjc 
a beneficiary’s.- interest 
trust. : 


Ideas for a collection 


, - -_ --. 4 / 


We do not know of such a prin- 
ciple as is alleged in what you 
quote from your insurance com- 


TWO ADJACENTLY reported, 
but otherwse unconnected news 
items caught my eye on Tues- 
day morning — one concerned 
the auction of musical instru- 
ments at Sotheby’s the previous 
evening, the other reported the 


INSURANCE 

JOHN PHIUP . ; 


pany's letter.- . Moreover there fourday exhibition of picture that orto man’s white efephant 

is direct authority to support postcards at Westminster’s Cen- is his collector-neighbour's 

our original advice in the award tral HaI1 - At Sotheby’s a cello potential prize specimem lt wiil 

of damages including the of 1710, made by Stradivari, also quickly become dear^that nowadays, because uf the cost example, roost contents policies: 

amount of ^xcess apd tne 


increases, so does the cost oif of one-third of the totaT 
insurance. insured is respect ' of ; : aU- ^ 

At one time, niany collectors policyholder’s collections.-^ 
of stamps and coins, of potetr .^diubles, and many fix a 
Iain and pictures, or of more limit, of say 5 per cent 
esoteric items, readily bought total sum insured as being tfe 
“ail risks”, cover for their maximum payable for any cik 
collections, being nriw iiijng - tn item or, collection. "■ "■'% ' 
rely on the specified- perils ..And quite apart &om ■ tiMaa 
cover afforded by normal house financial' • Umii^'" there ViM 
” contents ” insurances: blit definition exclusions .Wvftji 



supply the face 


V 


supply the smile. 


Just say ‘the Leeds’ and you’ll start the Leeder’s smile. 
It’s how you feel when a few pounds in the Leeds 
every month, or every now and then, is building up 
money for you safely and fast. 

Whichever way you save, - 
the interest is good and it grows with 
the money-always safe and always 
ready when you need itt 

Call in at the Leeds soon. 

Join the Leeders and keep smiling. 

*E\ce[viihen you chtfor i he extra high interest of a Fixed Term uuesvncnL 

Say the Leeds’ and you’re smiling 


.The. 
Leeds 


BUILDING SOCIETY 

Head OlticerPermancntHoiBe, 
The Head row, Leeds LSI INS. 

For branch offices aid agenda sec your j 


local VilllpU' A.(vJC5. 



realised £145.000. while... a most of us fwbo do not con- of “all risks” cover, more and specifically gxrTtirigr 
slightly less venerable violin sciously collect anything and more collectors of all kinds are of Cany kind ’’:, so. J 
made in 1739 sold for £112,000. wbo may be ignorant of- the being, forced - to consider suggest to any postcan)' A 
Over at Westminster some 1.5m diversity of collectors’ wide- alternatives. . : - collector , that ' a postcard is 

picture postcards were a ssem- ranging interests) must be So what does the average potentially a document ahflTt 
bled, some for display, the undervaluing some, perhaps house “ contents’’ policy have is as weir to get insurers 1 ’ 
majority for sale to eager col- many of our possessions. One to offer for the collector? At firmation otherwise, ;L b*f0S& l 
lectors, in what is perhaps the piece of salutary advice given first' sight The , collection must assuming that ones • growing | 
fastest-expanding collecting sec- me the other day was this: have be counted - as “personal collection is.fuUy covered under] 
tor. Cards originally bought for a careful look at anything effects” and so . -within 


DC 


the a normal -contents policy. v 

-.K«r Of -fTinrcP-'-' a dd nitTsi If mi 


one or two old pence are now dating from before the last war; property definitions used- by Of conr^i^fiftancaal limitk 

‘ finitiiwi excli^fes can bs' 



changing hands for pounds. before you give it to the next virtually all insurers: and the definition 
While few of us have early scout or su ide jumble sale. “contents” rate is attractive amended, apd itA^Jifeabla’Idr 

18th-century stringed insrru- To whlch 1 would add my when set against “all risks ” the collectorto'insun^bis cdlle^| 

ments in our attics, many of 0WB comment — once you rates— except in high crime tion on house T ‘ conteS^.”teni^ 

us have all manner of unused, appreciate the value, of what areas, likely to be in the 25p provided full disclosure isinade 

perhaps unwanted, and almost you have ® ot * make certain to 30p per cent bracket to insurers. But . the' .mow 

that the full value of your new But it is just not possible valuable that - collection.- tlw 
find is included in the up-to- for the collector to . say to more attractive ir is tu tSevefc^ 
date assessment of your sum himself- — my contents are the more than average pr^miujh 

insured. worth £7,500 and my stamps insurers may want for ;tfr 

Turning from the “uncon- £10,000, so if I buy a contents cover. It may. well be that ■the 

relatives — for even without scious ” owner to the positive policy, for £17,500 I. shall be rate may be- double their 

collector, one of the problems .covered. . standard rate for “-contents'll 

of collecting is the ever- For one thing there may be though this should still show A 

old newsnaDers maeazines greasing value of one’s questions on the proposal form, saving on the “ all risks price "- 

nitiin- fZl collection, even when one is not to get 



A «L. 


certainly ill-considered posses- 
sions tucked away. Certainly 
many of us have old, odd post- 
cards from outlandish places, 
kept as mementos of departed 


intentionally collecting, we ail 
accumulate: if not cards, then 


maos and dorumpnts. pithor fnt «««»««. »«“ "wu »"« » ran;'*., * description of the and- it - may well ,be-.;tliaf 

sometime personal involvement P°|' fJve,y adding new items: property to be insured. But in insurers will require the paf- 
or for™ mS SdividutiaSSSJ inflation plays its part, but so, any -event, there will be finaa- chase of a safe. the. installation 
va i also does the ordinary laws of. clal limits in the policy which of a burglar .alann jis a pre^ 

’ demand and supply, and the« will restrict the cover insurers requisite Lof granting . ev®f 

Read the sales reports, look serious collector counts his. provide for collections unless standard M contents " cover. This 
at the personal advert columns, interest as something of an they are fully informed: most is an aspect: I will discuss on 
and it will quickly become clear investment. But as its value contents policies impose a limit another occasion. -L : 



Insubstantial standards 


WHETHER ignorance is better 
than deviousness in politicians 
responsible for this country's 
education, is a hard question. 
But it seems that one or the 
other must be true of the 
present set. 

The evidence is the main 


EDUCATION 


MICHAEL DIXON 


that they were aware that no- 
where near the whole age group 
would enter the exam in the 
first place. . . 

.' So they assumed that the 
entry each year would be con- 


rankings, then the nnmber of 
candidates must be apprWj-: 
mately equal To 40 per cent ef; 
the total age group. }- 

But in 1958. when official 
statistics put the total 16-years. 


fined, to the most academically age group at 660,000, the actual 




able 40 per cent of the eligible entry to English language . 
political parties’ response to the method works at O level has not population. .To cut off the top equalled' 52 per cent of the 
proposed replacement around been publicly explained. But its quarter of the total, therefore, totaL So. the pass rate of that 1 
1985 of the dual system of 16- operation can be broadly in- tite^pass/fail line must be drawn year cut off, not the top quart®'. 
plus examinations for England ferred from the annual reports about 24-40th$ of the way down but the. top 30 per cent T • ■ 
and Wales — GCE Ordinary on the exam results. the exam candidates' ranking-- in 0976, with - a toftT-aS^ ‘iQl!* 

levels and the less academic Those who designed O-levei; £67, abont 80 per cent of all who group of 739,000. 

Certificate of Secondary Educa- seem to have started from the enter-must pass. , " ' *’ .- language entry represented £1 m | p ; 

tion — with a single system. assumption that the academic.' ..This still-used device is not per cent. The pass rate there- 

The Conservatives object that ability of the age group for applied rigidly. Candidates dose fore cutoff an even larger sha* . 
tiie change would destroy GCE which the exam was intended, to the enf-offs have their jiapers of the ability range— 37 p4r' 

O levels as a guaranteed stan- would not change significantly ^inspected, and their, grades cent. . . ' 

dard of educational attainment, from vear to year. -'can be adjusted accordingly. But .While somewhat .erode, the- 

Labour Ministers insist that the If the ability stayed the same,- .ti»-. : power of the- cut-offs in In- differences are surely bigenougb r 
old CCE pass category, now so would the percentage of any 'financing grades -is indicated by T® suggest clearly that the - - ^ 
represented by grade C or year's age group which deserved .tbe -following examples. - English exam was harder to pass , 

better, would be maintained as a particular grade. So in each -Tn - summer 1968 O-Ievel in 1968 than in 1976. 

standard even though again mass-entry subject the grading -.mathematics was entered by But In both years it was fir/, 

rc-iitied as grade three or could be primarily determined 226J210 school candidates; of easier than CWevel maths, whii^' ' N 
better. by a fairly easy statistical whom; 59L1 per cent passed — in 1958 cut off only the top 26 , 

What both parties ignorantly method- in' 1976 the entry was a fifth per cent of the age group, re-;/-, 

or deliberate^ overlook, how- This was to rank the candi- greater at 27(^297, yet §8.3 per Iaxlng to 21per cent eight years. ^ 
ever, is the serious doubt that dates in' each subject in order -Jcent gained a .pass grade. Of later. . 

O-levei “passes" have ever of the marks they gained, and the 3414184 pupils who entered' Other subjects were appar- \ 

been a real standard. The doubt then “cut-off” each grade by’ Engiish-: language in 1968, 58J5 eritly; harder still. -The shares , v 
lies in the statistical device drawing a line across the rank- per cent passed — 59.6peiyeei# cat .off iii French -stiffened- fro a-., 
which primarily influences the ins at the chosen TJercentage passed ih 1978. even though the i4 -td_JU -per eenti the corre^ 
awarding of grades in subjects point on the way down. -number of candidates - was ' a. poadingshares easecLin physics 

which attract a mass entry o£ In setting the O-level pass third: higher, at 452,179. " from. 8 -to -II per cent and in. 

candidates. “standard,’' the designers seem . Only a sllgbt extension of .chemistry from 7. to 9 per cent. 

Here the examiners do not to have intended it to cut-off this; spot check ' on the figures So challenge to" the 

award the grades by measuring roughly the most academically is needed to illustrate why the educationaj politiciahs is plain, 

each entrant’s exam answer able quarter of the total popu- '-politicians, are wrong to- repre- Either !they must- prove tbat thd 

against pre-set criteria of per- lation in the age group appro- -sent O levels as an -educational above discrepancies are imagift-' 
fonnance. . Instead the grading priate to the exam. standard, constant either from ary. or they nrusrstop pretend- 

is founded an the belief that. But the designers knew bet- year : .to year or between ing ^e|.ViGCfi'--''(WBMiy levels 
where there are large numbers ter than to do this by drawing different subjects. constitute anything” worthy of 

of candidates, their relative the pass/fail line, now repre- . Remember that, if '' the the name ‘♦standard.” Bat if 

performances are bound to fol- sented by the border between national, top quarter of ability they r do neither^ at least 'we' shall 
low the statistical rules of grades C and D. at 25 per cent is to be cutoff by the line drawn know that ^ the. cause .of. their 
normal distribution. of the way down the ranking about 60 per cent of the -way misrejire^eiritatinns- «fl ' no 

How this “norm-referencing” of candidates. The reason was tiown the mass-entry 5ubiect longer.be7Sjst lgh'brance.- L 






% 
h 


Ur 


"i if';' -/ 

rO. ■ £ 






i 










Rare stamps are enjoying a roaring bull market. But in this extract 
from his ^new-book, Alternative Investment, Robin Duthy warns that 
investors who skipp onrieirfiomework could be sorely disappointed. 


uiiVUUWlAW iVA’. fovj. 

aoof" ! . " -7s; 

riOW STAMPS 
eaUES-'HAVE^ 
. S : ; .;:niSEN ■. 


Medicals under the microscope 


as 


ivery jor stamp novices 
cash in on the boom 


ESPITE EFFORTS by/ the. 
hilatelic Traders* Society to 
iforce ethical standards, 
•liable members of the sthmp. 
ade reckon that serious abuses 
ivc increased over, the last 20 
■ars as less reputable dealers 
ive taken advantage of a boom 
buying by investors. "It is 
>t that stamps are necessarily 
id investments with .know- 
d^e, experience, foresight and 
■eferably some luck, very large 
.-ins can be made; it is rather 
at many stamp dealers are 
• lling stamps to non-philatelists 
prices which are impossible 
justify. ~ 

Stories of investors being 
stled are not often heard, 
rtly because people do not 
':o to advertise their mistakes 
d partly because if a man 
ends £5,000 on stamps and 
e years later finds they are 
ly worth - £2,000 he ^aay-.go 
uk to the dealer, demand his 
•mey back and actually get it. 

such a case, rather than risk 
- d publicity, the dealer may 
?fer tu refund his customers 
; full £5.000 and get back his 
imps which may have risen in 
lue above his original cost 
e dealer will have enjoyed in 
ect an interest-free loan for 
? years which he has repaid 
til devalued currency and 
en tbe investor 'will.; be 
lighted to have his £5,000 
:k and feel that he has been 
"■ste well treated. 

\ favourite kind of hustle in 
: U.S. is where a dealer will 
v perhaps 100 specimens of" 
damp catalogued at $10 and 
n advertise in the Press that 
is making a market in the 
rnp, bidding $18 and offering 
m at S20. Anyone coming in 
sell will have his attention 
wn to some trumped-up 
ect in the stamp which" 
;uces the value to $2 and go 
ay disappointed, while in- 
.tors will quickly secure a 
eimen before there is 
ther “big rise " in the price, 
'he most remarkable rise in 
ue since 1950 has been that 
the classic issues of Great 


Britain/ Every serious. .philate- 
list and "deater knows that the 
best bets for a sound investment 
are tbe classic issues of any 
country,, yet in spite of this, 
many dealers continue to recom- 
mend collectors to buy new 
commemorative -issues. Many of 
these commemorative sets are 
issued 10m. or mere at a time 
and it is difficult to see how the 
word, “rare” can sensibly be 
applied to .-anything of which 
there exists .such an enormous 
supply. • / .... 

NV one. really" knows how 
many~ . stamp collectors there 
a re' in the world. Some estimate 


2m in tile UK. 5ni in West 
Germany, 10m in the U.S. and 
so on. If those figures were 
about right, and a large figure 
were added in for collectors 
elsewhere, there begins to 
develop a picture where at least 
theoretically a large com- 
memorative issue could actually 
become scare and so command 
a premium over its face-value. 
But dealers have an obvious 
motive in recommending these 
issues in that they usually take 
a profit of 15-25 per cent on the 
face-value charged them by the 
philatelic bureau of the issuing 
country. In bujing endless sets 


POST AGE Hsi® ; l*OST\GE 0j 


> ••• ‘-H. 


H onk 1 ' k \ y Vf , w 


• V * '■* • 





' ’ M V-»iV ..--.Vi,. . fWfl 


of commemoratives. maoy' 
collectors are simply enjoying 
themselves although the 
majority undoubtedly expect the 
stamps to be worth more when 
they try ro sell them. Others 
seem to suffer from a residual 
obsession with completion. They 
feel they just have to have the 
new set otherwise there will be 
a gaping hole in their collection 
and it is of this anxiety that 
many postal authorities take full 
advantage. 

The leading London auction- 
house recently received a letter 
from a bank stating they had a 
customer who wished to 
liquidate his “stamp invest- 
ment.” His collection turned 
nut to consist entirely of 
commemoratives, none earlier 
than 1969, including many 
Channel Islands issues. Its valu*- 
at catalogue prices was £870.000 
yet the auction-house had to 
reply that it was totally unsale- 
able except over a period of 
several years and even then the 
owner could only expect the 
stamps to fetch wholesale prices 
way below what be bad paid for 
them. 

Here are some basic guide- 
lines for investors: 

1 — Collect countries that have 
a strong economy and a large 
and prosperous middle class. 

2 — As soon as demand for 
modem issues of any particular 
country can be seen to be rising, 
take care to buy the earlier 
issues of that country- because 
interest in these will quickly 


£ 10 1°966“w '/u / ' 74 '76 *78^ 

CAJ\/\./VVUU\A>'VAAj‘ i .i'.. - JV UViVbuO 

Up with the rocket ? 5 ramp values 
have trebled since 1976 according 

to one auction house's records. 

follow. 

3 — Dd nut buy common 
definitive stamps or low value 
commemoratives issued in large 
quantities. 

4 — Try to distinguish, by 
asking around, between real 
collector demand and specula- 
tive buying. 

5 — Pay top prices for speci- 
mens In the best condition 
whether used or minr condition. 
The obse.‘-sion with condition is 
of long-standing and evident in 
every field of collecting. The 
premium paid for best over 
second best has been growing 
and is likely to continue to do 
so- 

6 — Buy stamps that arc easy 
to sell rather than easy tn buy. 

7 — Study the chosen speciality 
in depth. Thousands nf titles 
covering every speciality are in 
print and the more knowledge 
goes into a collection, the more 
valuable it will be to another 
collector when the time comes 
to sell. 

S — Join a society. The ten- 1 
dency now is for collectors lo 
form themselves imo «ncieties 
based on a shared speciality 
rather than the fact of merely 
living in the same aren. 

Alternative Invent man by Robin 
Dulhy is published by Michael 
Joseph at £S.S0 
£■ 1978 Robin Duthy 


WHAT IS it worth to you to get 
life assurance cover without a 
medical examination? 

If you are 50 or over, most 
life companies will insist that 
you undergo a medical for all 
except the smallest policies. 

One exception is Lloyd's Life, 
which for a limited period is 
currently offering its "Senior- 
plan policy to the general pub- 
lic. backed by an intensive 
advertising campaign. Lloyd's 
does not even require a medical 
report from the policyholder's 
own doctor. 

But anyone in good health 
who takes out this plan will find 
he is paying a high price to be 
saved the minor ordeal of a 
medical. 

The plan is whole-oF-life non- 
profit with the sum assured pay- 
able on death only. Premiums 
have to be kept up however 
long you live. And during the 
first two years oF the contract 
the amount payable on death is 
limited to a rerurn of premiums 
plus interest of 10 per cent. Up 
to now. this plan has only been 
available through a private club 
for the over-fifties. 

The fable shows' that other 
life companies offer much 
higher sums assured for the 
same premium than Lloyd's 
Life. And they will, of course, 
make a full pay-out if you die 
in the first two years. A 60-year- 
old man. for instance, could get 
by 70 per cent cover from 
Ecclesiastical. 

Lloyd's Life has Found out 
that many people will pay their 
rates to avoid the embarrass- 


ment of being examined by a 
strange doctor. Such people 
would probably not take out 
life assurance if this plan were 
not available. So to this extent 
Lloyd's is providing a useful 
service. 

Lloyd’s Life lias to charge 
high rates because it has to 
assume that participants in the 
plan are □ much worse than 
average risk. The actuary must 
allow for people in poor health, 
who would either be heavily 


LIFE POLICIES 

ERIC 5HORT 


rated under normal plans nr 
refused cover altogether. 
Against this Lloyd's saves the 
cost of medical examinations — 
£11.60 a time — and reports from 
policyholders' doctors — at £5.40 
each. But so Tar Lloyd’s Life 
has found the number of 
deaths slightly lower than 
anticipated. 

One other point you should 
consider is whether you need a 
whole-of-life plan in the first 
place. People in their 50s are 
not ioo old to start endowment 
policies and other savings 
plans. 

If you really want to avail 
yourself of Senior;.- Ian you need 
to be fast for the current offer 
closes on Monday. 


HOW SENIORPLAN MEASURES UP 

The sum assured on a whole lire non-profit policy Tor a man in 
good health paying £10 a mouth. 

Ecclesiastical Scottish City of 
Age In.suram.-e Provident Westminster Senior pi an 
SI l E C 


so 

4. SSrt* 

4.822* 

4.745“ 

J.M70 

55 

.1.740 

3.651 

1.57K* 

22117 

60 

2.S27 

2.737 

2.668' 

1.661 

65 

2.125 

• 2.051 

1,972* 

1.221 


Medical may out he required. 


• If you are considering buy- 
ing an annuity to supplement 
your income, then you would be 
well advised to wait a week or 
two at least. For in so doing 
you arc almost certain lo be 
able to get more for your 
money. Tbis is the message 
after this week's huge vise in 
the Eank of England's mini- 
mum lending rate. 

Life company actuaries hasp 
their annuity rate calculation-! 
on the prevailing gilt-odgerl 
yields over the medium term — 
10 lo 12 years — since this is the 
average term nf an annuity. 
Yields over this particular 
period for gills shot up thi* 
week ahead nf the MLB 
aunouncement and have not yet 
fully adjusted. But they are 
now- probably dose to a peak. 

Life company actuaries, how- 
ever. rarely react immediately 
to market movements. They 
like tn wait and make sure. But 
they are much faster than they 
used to he in the past and 
within a couple of weeks we 
could well see better annuity 
rate* at least front the leaders 
in this field. 

Two life companies — Sentinel 
Insurance and Scottish Life — 
both recently nmioimvert 
annuity rale increases which 
rake them right up among the 
leaders in this field Blit :he 
actuaries of both companies 
admit that their calculations 
were based on interest-rate 
levels before the latest shock 
and a further revision in the 
near future could be made. Sen- 
tinel is a new name at the top 
of the league tables. Scottish 
Life has been active in the 
annui ly field for several years 
and reacts more quickly than 
most life companies-. 

On their present new rales a 
man aged 65 wishing to inve-r 
£ I n.fiiiO cuu Id get an annuity «>f 
£1.675 a year from Sentinel <»r 
£1.664 a year from Scottish I.:fe, 
In each case ihe annuity is paid 
in half-yearly nisialment«. 



w, 

[ONSC PKNN V.flftloNK pknnyJH 


The premium paid for the- best conditions continues to increase: this 
block of unused Penny Blacks fetched £3.000 in a 1976 auction, double 
what was forecast. 



5 If 


access in the past is no guarantee of success m 
.e future. But five years of consistent and re- 
arkable results must be proof 
1 potential. If you want to 
low more about The Joynson ff jfFA '■ . ...- i 
?minoditv Management '/ 

■ogramme send this coupon / • -. I 

: The Honourable F'V f I 

iilain Campbell-Gray /'; ‘ I 

W Joynson & Co Limited / ' . ■ ' . J 
Trinity Square IvIffA'Afi.''--. i 

Jn don EC 3N 4ES j : . .fi. r - vV. sf : - • • • / 

■ telephone 01 4S0 6921 • 


■mm 


END NO MONEY 


Please send me details of the Ui 

Joynson Commodity Alanagement Programme 


f . . ■ Vi'-Tij: ST:./ : 1 

' mm ml 


I CAPITAL LErrtLi PLEALtl 


ADDRESS. 


SIGNATURE — Z 

FT1T/11/78A B 

£ Non-residents of the UK can trade in commodity ^ 
futures on the London exchanges without any UK 
currency or tax restrictions. 

3 W Joynson &. Co 
Limited 

A member of t kc Inchcape Qroup of Companies 


■ •' w *r A jr’-'* v 

:-y % /■ 'I 


Option mortgage 
re-think 

SHELTER, the organisation far 
the homeless, can claim some 
credit for last week's sraalJer- 
than-expected cuL in the option 
mortgage subsidy. 

■ Shelter intervened after re- 
ports that a confidential 
Department of the Environment, 
discussion paper issued to build- j 
ing societies was proposing a 
large cut in the subsidy (which 
is paid to mortgage borrowers j 
who opt to forego tax relief on| 
interest payments). An adjust- 
ment was needed after the April 
Budget introduced a new 25 per 
cent tax band and cut the main 
tax rate to 33 per cent. In thei 
end the Department has cut the, 
subsidy, which stood at the 
equivalent of the old 34 per cent 
relief, to a 33 per cent basis. 
That compares with around 30 ; 
per cent indicated in the dis- 
cussion paper. 

After getting a copy of the 
discussion paper. Shelter told 
the Department it w r as preparing 
a Press statement denouncing 
the proposals as a blow for 
400.000 low-income home buyers 
Talks with the Department fol- 
lowed and plans for the state- 
ment were quietly scrapped. 

The new subsidy means it 
now makes sense for hundreds 
of thousands of home buyers 
with ordinary mortgages to 
switch to the option method. 
They are borrowers who are 
currently claiming tax relief 
partly at 25 per cent and partly 
at 33 per cent. 

A SIMPLE tax-efficient method 
of paying for switching advice 
for bondholders has been 
devised by Jarretts. a recently- 
formed consortium of insurance 
brokers. 

The client simply uses the 
withdrawal scheme to cash in 
enough units lo pay the fee of 
the company. If the client is 
not making any withdrawals, 
then the amount received is free 
of tax at the time. Even if he 
is taking the maximum tax free 
5 per cent, the client will only 
pay higher rate on the addi- 
tional amount. Otherwise pay- 
ment would come out. of after- 
tax income. 

One snag about the Jarretts’ 
method is that the managing 
fees are variable because they 
are geared to the performance 
of the funds. A target growth 
figure is agreed (such as 10 per 
cent) .and fees are only charged 
if this is exceeded. Jarretts takes 
half the excess. It would be 
preferable to take the fixed fee 
alternatives. 


Its an investment we take 


Not so long ago investments of £25.000 were sufficient 
to command considerable respect and real personal attention 
from even the grandest firms of stockbrokers and merchant 
banks. After all, such a sum was capable, even after the last 
war, of producing enough income to keep a person of indepen- 
dent means comfortably independent 

Now, nobody would maintain chat £25,000 is still the 
commanding sum it used to be. Inflation and escalating 
taxation on “unearned” incomes have combined to rob it of 
much of its previous significance. As a result it can be difficult 
to find an appropriate level of investment management fora 
portfolio of this size. It is no longer realistic, for instance, to 
expect a stockbroker to give such z portfolio the daily personal 
attention which is the essence of his profession. 

The investment revolution ’of the past 15 years has, of 
course, ensured that all private hux>tors have access through 
unit trusts and investment bonds to the very highest standar ds 
of professional management and constant fund supervision. 
But, in consequence, the investor with £25,000 is now often 
advised to settle for precisely the same investment manage- 
ment service as the investor with £2.500 — or even £250 —to 
his name. 

Naturally, all private investors, large or small, are 
concerned to give their money the advantages of first-class 
management and security, while minimising the impact of 
taxation. But at Vanbrugh we have become convinced that 
there is a point where some investors need a greater degree of 
service, communication and personal attention than others. 

For this reason we are introducing the Vanbrugh 
Investment Portfolio service (VIP for snort) for private 
investors who wish to combine the advantages of a wholly 
modern, tax-efficient approach to financial planning with a 
personal, ‘communicative'approach to investment management. 
(Any .specific figure must naturally be arbitrary but in our 
opinion £25,000 is a very fair starting point for a service 
providing special benefits for the larger investor.) 

The main benefits of the Vanbrugh Investment Portfolio 
are outlined opposite and detailed in a brochure which we will 
send you on request. The more you find out about what were 
offering, the more you’ll realise that nobody else takes a 
£25.000 investment quite as seriously as we do. But naturally 
you should consult an independent professional adviser before 
taking such an important decision. 



Vanbrugh Investment Portfolio 

Vanbrugh Life Assurance Limited 
4 1 1*43 Maddox Sr., London \V l R 9LA Tel: 0 1 -499 492 3 
A MEMBER OF THE ffiL'PENT! AL CIROL'P 


TheVknbrugh Investment Portfolio 

The Vanbrugh Investment Portfolio < YIPi i; available exclusively 
to private investors with funds in excess of £25.000. The purpose of tbis 
service is to allow investors to maintain exceptionally close contact with 
their portfolio and the activities of their Investment Managers. 

The VIP service is issued by Vanbrugh Life Assurance, a wholly- 
owned subsidiary of the Prudential Assurance Company Ltd., the country's 
leading investing institution, which manage- fiii'.ds i»f over £5.000 million. 

Vanbrugh Life is an acknowledged leader in the use of investment 
bunds in order to make the most tax-efficient deployment of an individual's 
resources. Through Vanbrugh investment funds i Equity. Property. Fixed 
Interest. Managed. International and Cash » ihe individual is able to benefit 
directly from the Prudential s investment expertise, skills and resources, 
while retaining wide freedom of investment eh- -ice. 

VIPinvestors will receive: 

Quarterly Investment Bulletins. . . aai. I ■ • • ••.’ium.'ii' >'! nils in the 

l f\. at id arc was. . . pi nr ii ling /helm rs(m> ; ■ jjanagr; .> ’ /;/.'» rpirlaiiiiii < \t 
O.'inion/ir and nflur/arl, as tiny offer l au / < i>i ! lh inn >!u/ri’J nun kit 

...detailing iinwluwn! davdnits in ir.<pn 1 naiw^h iniYs-lmciU 
fiuuk . . . listing cm r, -«* /<•« tiding:- in » v h fund . . . . <■ /;/£ fund hi if v main c 
jigwis. including a nit pa; i>i ms nil It rekenn; <.•./< . 

Annual Fund Reports. . . irrinciiig ill. <</"• ncliftihf. 

Financial Bulletins. . . explaining hmefi- .. I and hgkia/irc d< rclop- 
uicnls may affect indiridnal in rest meat pviidih.-s and suggesting new 
opportunities or prescribing appwpiiate com. n rob asmes. 

Statements and Valuations. ..Sltifcnii me issued after each transac- 

tion— and ruinations too. on request. Plus a deoiled annual valuation 
setting out at! the transactions that have tai\ a place during the year. 

Invitations to Investment Conferences. . . To pivridc VIP investors 
with an opportunity tn meet the burs! mail Divertors and Fund Manage u 
responsible for their iinvstnwnts. they icUtrccrire invitations to VIP Invest- 
ment Cunfcmia'S, whe/v they tall hear the /•*; i-sunai! Dircchnf interpreta- 
tion of current economic circumstances and /7i/«.vi ini p; aspects. They will ako 
hare the chance tn discuss with ourinveshu-. v: pane! any as pi cl of their 
pul folio. 

VIP investors caii also enjoy: 

A more tax-efficient investment income... luce they can withdrawn 
regular income [within certain limits} totally free of immediate personal 
taxation. 

For hires tors subject to higher rates of;- < red investment income 
surcharge, the MP provides the rare opportunity to substantially increase 
net investment income: 

The opportunity to switch investments between our Managed, Equity. 
Property Fixed Interest, International and Cash Funds ... Initially investors 
can allocate their investments as they think best between any of these 6 
Vanbrugh Funds. Subsequently investments cun k switched at any time and 
investors enjoy the light to make one change free of charge every year. 

A very advantageous exchange scheme for shares and gilt-edged 


will be accepted at ’offer price and again oonvleidy fntu {fbwkeragc 
commission, contract stamp and 114 L 






Financial Times 'Saturday 


On Ui'iru. Huns irmu uio \orfli Yorkshire County Council 


THE FORMER JUDGES LODGINGS — YORK 



PROPERTY 


Do it yourself— or don’t 


BY JOE RENNISON 


• Cm.-a 172*1. tirade 1 Listed. Oit} Centre Residence. cIom; to Minster, 
nuiniulned to an cm-cIIpm standard. 

• Planunm Consent Granted lor chuiifw rf use io Oulel, Offices ifor 
pr-ijutous uv.i. Flats. tier an ran:. 

• j.117 xuare feci ,\'ot Floor space exdudu^ BaLhrooms, Si lores, eft., Carats ins 
.■'nil un site ear parkins 

• 93 rear leave, s round r,.fii cao ; a. 

FOR SALE BY TENDER 

■ Closing Date loth December, 187b) 

Joint Agents 

BOULTON & COOPER LTD.. HEPPER WATSON. 

22, High Petcrsalc, 32, High PcLergate. 

York. Tel: 27777 York. Tel: 29333 


j IT HAS beea argued in these at the University of Surrey, found that solicitors and their tranqnilisers and shoe leather. 


; not on for the average man. fessiona 
One would need to be a civil to deal. 


veyancing was done quickly, 
which helps dispel the myth 


cannot be as simple as ail that ■ ' 
However, the .toSteijjfV 

iWa cn fix" oaamIt" ^ ii* v -J ■ 


Of Great Interest for Agricultural Investment 
and Future Potential Uses 


]; gobble dygook to make it worth felt that other alternatives work by the Alliance research r “_ omni? and 
while. Most of us are too busy should be more freely avail- unit shows that the length of L , h _ firc f -n-J^SSU’ , * 1 ? I ™ n S* 
and/or loo lazy to think of able (and these generally delay in exchanging contracts 

{doing it ourselves. -We might, tended to be in the lower house- experienced by many house Sfin iS??- 1 ■ ^ • 

: however, be cross about the price bracket;, the report shows buyers is directly linked with * ufzi' 







Within 13 miles of Central London 


Over 250 Acres 


FOR SALE 

Farm, Woodlands and Buildings 


Lners. D y souciiora, wno are sou usea as neing a somewhat conten- ten. Derbyshire, for sale through u Va i«r r TWi Z*L JZt * 

Using a solicitor is still the for 97 per cent of all convey- tious matter, but there is a tJon ,s typewritten so youmust “* 


i most popular method of con- anting. 


KM mil; »«™ ^ 


veyancing, according to a sur- Seventy-seven per cent of buyers acknowledging that such You will also need . ajilebr German Ralph Pay. The ing and S bedrooms..-- There ft 

* .i . i«- n •• ii ■ i «i ■ r _ __ m _ _ 9 ■ ■ « . • . ■ a 4 ii Ia cAm a at tnA AiATIQfinnC A n DVrAncitTh rlnva of •mLj*' _ 


Freehold with Vacant Possession 


A ll enquiries to the Surreyors : — 
NIGHTINGALE PAGE & CHANCELLORS, 
49. Fife Road. Kingston upon Thames. 
TeL: 01-546 3356 and at Richmond. 


Ivey by the Alliance Building bouse buyers felt that solicitors fees are reasonable.* Of those folder in whichto keep ail’tfie. some of the elevations am extensive range : of . tradi^r 

i Society's Housing Research Unit were helpful and 72 per cent who- bought their houses over papers, a dip or tag' Sy meahs ^ f the rarmhonse resennwes ttonal farm b c aldlBgg rad ti ding 

10 years ago only 21 per cent of which all the correspondence - “ d _" s a dan ? f** cow shetf for Z9 ^ 
thought that their solicitor's can be held together, valid : a beheved to have been built yn cow , shed for lfc bam with * • 
fees were justified, while only modest supply (50 sheets orlgjj) a£° nt the Ear - , ot loose boxes, grain store, siIage'. 

38 per cent of those who had of plain white typing papec.ifA4: ? este Si d ; I , i J 

purchased a house In the past size is best). You should always Don, which the agents say offers shed. The, prop erty, whkh .tag, 
year thought that the fees were place on your file a carbon copy »reat potential, requiring mod- an orchard with fruft trees aM - 


IRELAND 


CO. DUBLIN— 170 ACRES 

(With Development. Residential/ Industrial Potential} 


Lands situated S 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: 

E. A. COONAN & SON. 1YU.A.V.L. 

May n Doth. Co. Kildare - Tel: 01-286128/9 



too high. of every' 'letter that ybu ; write; eraisation and improvement a greenhouse, te_in adelighfea : . 

Interestingly, the more fre- so you will also need asimilar 5*^, * s ' 14 , ls ea i!l? y ^ Ie< * 

quently a householder buys a number of sheets of copy: paper, includes an entrance ball, sitting, valley hut. wttltin sfcoji drive 
house, the more he is inclined and some carbon paper., . ;/A: I* 0 ®* d J Di °S r ® ora Repton, • : Swadl incote, anft: 

to feel that solicitors’ fees are Thus equipped, you- are ready ingIeilooIi fireplace and fully Burton. 

justified. However, 65 per cent to proceed. Later, you -will 'also. •' ' V- - - 

of first-time buyers thought need various printed forms, and*' — .i .. . > ■ 

that the fees were too high and you will be told when and how , ' ' ' / . 

this may be a reflection of the to obtain them.*’ -? „■ _ reading .the book would send 9 — Collect key^---^. ;r>_- ~ 
fact that, in the struggle to Ne\-erthe!e^ it stffi seems an 111 ?? 1 -. People screaming to their jo — Hand over bahkeris draft..-. 
save for the down payment on awfully complicated; busings, solicitors. Take, for, instance where you Will be mortgag.' . 
the bouse, peripheral expenses But one can see the fascination ? e 5 hecK of what needs ing the-propettyj ybur tiiadW«F 

are often not fuliy taken into for those determined- to go "_ e done a J. I 031 one sta S e 111 may- need to be .extended as: 

account through with it. After at| it jg a ' proceedings. follows:'-.’. f}-^' _J j-;.' 

- Regionally, opinions on the home that one coxddMvnin'f or 1 — Compare abstract of title i{ — "Hand ' tb _ "thei biiUdims - 


huUdihj.- 


score. Solicitors in the Eastern absolutely yours most be: riveti.? abstracted deeds (or land/ .-oase-.deed and mortgage deedT/' 

counties, however, were less ing. One must surely ’ be charge certificate, if the title .is 12 Collect bsnker’s draltisA - 

favoured than in other parts of entranced to learn about :case-j registered). ’ for the building sotiety-^wh?-- 

England. ments, floating changes,!, lee '3 — Collect signed vacating (hand to the vendor’s-sol/^torLv ' 

Despite the house buying simple and the rest, aiid if/ you receipt (or form of discharge, ** Hand to th* -hTrtidfii'W - 

hrnpocc hri nninn a iMirtotn from restrictive covenants I.rh A**A fLn flflA to fArrictoi*AfI\ in ’ . . . .. "“JIE 1 1 


A price in the region of £40.000 mooring, let to the present Process bringing a certain suffer from restrictive covenants where the title is registered) in society’s solicitor - comnSr : 
ennehl r«r rnHocrtf nwnpr. IWtnr P n ban. nn amount of stress and uncer- that js just too bad; , . . - ... re spect of the mortgage > a ■ 


is sought for Quarry Cottage, owner. Doctor P. D. Exon, on amount of stress and uncer- that js just too bad. - . respect 

! Ouarrv Lane g nosail Stafford atl licence of £40. The ta Jpt7 t0 both buyers and But one can not stUI getaway dated .. . . ; - ^ where ^the tUspO^UIds wm h^d^ 

guoro iiane, onosaii s ““°rd ^ nrnmntia ^ nn . provides an sellers, the report presents an from those solicitors. , As the last 4 — Obtain vendor’s solicitor’s to be registered V - 
(aho\e) a delightful stone built entrance j, a |[ sitting room witir encouraging picture for solid- sentence in the book says: •' - «*i»rtifir*3ition that pntrv rpvpaled . . « — ’ 

’ UrtaX-A L.a 1 I ABI A J 4 A X. — 4 kf 10 * 1 . ^ ® A . ^ 1 ll . A _ A. 1 _ _ k> 


mortgage f orm L(A) 45L (Aiso, in case*? 

' uhara-fka iKennciKhn 


Woodlands for sale 


certification that entry revealed 14 _ H and ti) tbe ' buii'dinfr* - 

kw AhoerrAP OAdRnk Haac A At . - ’ _ . “ i 


house, believed to be of 18th be^ed celling and stone built tors compliments them on “When you have worked out by land charges search does not society’s solicitor, com Dieted^ - 
-century origins with an Xlth fireplace and French doors to the way they serve their clients, what your requirements are, relate. . Land. Registry if ormfe^S:. - 

I century quarry in the garden the garden, dining room with If, however, you are still give the appropriate ] n Struct! ons 5 — Obtain signed application cheque for the fees. *- - - : --V. 
j and mooring on (he Shropshire quarry tiled floor and French determined to go it alone a to the solicitor acting fprl^e for cancellation of registration A couple of hundred autd> 

, Union Canal. Helen Edwards doors to the garden, kitchen and recently published book-* on the purchaser of your present bouse, protecting the rights might seem- large in ahouse-- 

jof John German Ralph Pay, the utility room on the ground floor, subject could be of some help, and to the solicitor acting for vendor’s spouse to occupy the^^^ budget buL it-- seems ' 

[ agents, says the old quarry, long On the first floor there are 4 The blurb describes it as a the building .society.’ that is matrimonial home;- '■•■■■ v small amount^io ^have^- 

i disused, offers many horticul- bedroms. a ..bathroom and “book to save you hundreds of making an advance to a&lst you 6 — Collect NBHC Certificate, ' j rbis trouble -taken^off vour^- 

tural and recreational possibili- shower room. The gardens and pounds if you are buying or sell- with the purchase of yonr new Agreement and assignment- qh holders. 

ties. There is direct access from grounds, including a small ing a house.” Apart from the house.” v;.'- - 7 — Examine last receipts for r '^~ . .. .> 

j the garden across woodland fenced paddock, extend to 1 1/3 cost of the publication itself Although I bold no brief for ground rent, and general rates. * Do4t-ycntrself Conveyancing^* 

; owned by the British Waterways acres In all and include a garden (£4.55) it seems to me it could the legal profession (if you will 3 — Collect purchase deed Robert S. Steele. David and y 

Board, leading down to a 70 ft studio (20 ft x 12 ft). lead to great cost in buying excuse the pun) I think tbit executed by vendor. . Charles £4.95. •. •' :j . 


STOKE WOOD. Nr. Chichester. Sussex 
Mature Oak and conifer plantations. 


69 acres 
£30.000 


BEAULIEU PLANTATION. Nr. Carmarthen 59 acres 
Fast growing Spruces planted in 1962. £25,000 


GARLIFORD WOOD. Nr. South Molton, 
Devon 


Devon 36 acres 

Well grown softwoods planted in 1960-1962. £20.000 


Also woodlands for sale throughout the U.K. Details 
from: -John Clegg & Co., Church Street, Chesham 
(Tel: 4711), Bucks. 


PROPERTY 


ESTATES AND FARMS : INVESTMENTS : SHOOTING: fc 
COUNTRY PROPERTY: OVERSEAS PROPERTY; -i; Q 



Riverside Homes 


OveriookingKew Gardens and theThames 

Just released in one of the 6 net positions in 
this nnique development. On che point where the 
Rivets Brent and Thame meet. 3 and 4 loomed 
flats with baJoonieor own garden- CH» 

CH-Wt pottenge; £rpm ^36^00 to ^58^00. rjf 

Other units zvaEable from ^25,000. J 

Show Flats open tor viewing: jj ■- 

Monday to Samnkjr 1030 am to 430 pm j! 'ivLiUlL' 

Sundays 2 pm to 4.30pm. •• t 

. Details from: The Saks Offi* Room ’l 1 * 

Brentford Dtxk, Brentford, Middlesex j j * . |{[T 

TcU 01-560 0797/8 I I 



historical 


Between Villefranche sur Mer and the! 
Principality of Monaco— 4.000 sci. m. occupanc} r 
after restoration work — 17,000 sq. m. estate 
,'with swimming pool, outbuildings — Beautiful 
■ view overlooking sea and mountains. 


CASTLES 


Between Beaulieu and Monaco — 8,000 sq. ra; 
immediate occupancy — Outbuildings, swimming 
pool — 670.000 sq. m. land — Exceptional view 
overlooking sea — Possibility for an estate 
agency to convert it into 400 flats. 



(FOR SALE -BY OWNER) 


East Coast 


(Southern Tip- Nova Sqito)- 


221 ACRES, > 

SURVEYED 

■;r : V:SAND-;sOi^c 

l J00 feet off Mainfeii?.: 
3 miles of sheltered beaches. 


Excellent swimming — watfttsi 
safe water north of Fieri*. 
Formerly supported three' farms 



Write Box U974 . 
finoacial T imes ■ 

10 Cannon Street, BC4P 4 BY 


WEST SUSSEX 

Part of 


A. BISELLI J: 

76, Avenue des Banmettes - Le Plein Ciel - NICE - 06 - FRANCE. Tel. 96-47-8 8 


THE ARUNDEL ESTATE 


A Valuable Agricultural Investment producing 


f ^ Jackson Stops & Staff 

I tifife f 4 CURZON STREET LOND ON Wl 01-499-6291 


CORNWALL 


14 ACRES 


On the Camel Estuary. 7 mile l from Wodefirlaye 

AN ATTRACTIVE PARCEL OF LAND 


In the popular villigc of Raik. next la Golf Coune ami Aesidenrial 
Dcvclopmenu and considered to h*»o valuable long-cenn pocemiial. 


Auction (unless previously sold) on November 28 1978 

Satmtiarc-. M-Iiir,- Viurdt. 51 Lincoln's tn« Fieldi. London 'NCI. 
AfiOly: YEOVIL OFFICE. 30 Hendferd. Yeovil (Tel: 0<»35 4066) I ref. S). 


WIMBLEDON COMMON SW19 


PARKSIDE — Only 7 miles The West End 
The mate pcestijloui address in she area. Referred to by semi is 
“MILLIONAIRES ROW" 


A VERY ATTRACTIVE LUXURIOUS DETACHED ' 
GEORG IAN-STYLE FAMILY HOUSE. 

4 bedrooms, 2 bathrooms, superb 32ft. drawing room and 25ft. dirwni room, 
Mtchwn/brcikfijt room, laundry room, aeudy cloakroom. Dorjbp S»rajo. 
Covered patio. Front and rear garden, etc, FuH gai cencral Kauing — nirting 
radiators throughout. - -f . - . . 

Freehold £130,000 to include quality curtains and carpets. 

For immediate sale, postal* Ion ISth December r, . . 

WIMBLEDON VILLAG^ . 
SW19 SBA. 

Telephone: 01-946 0081/6464. 
Telex 2S341 


Hampton & Sons 


£15,370 per annum 

(£26.60 per acre) 
in all about 588 ACRES < ‘ 

For Sale Privately . ■ 

Sole Agents: Cluttons, 74 Grosvenor Street. London Vb vr’Tel: 01-491 2768 
The Estate Office London Road, AnnrdH. Tel: 88221X 


THE MANOR HOUSE 
TORONTO, CANADA 



PUERTOLUZ— MENORCA'S FIRST YACHTING VILLAGE 


The " Frc-n oilman's Car.; ■■ 0 f Menorca Is In the remain ii: setlina of the 
most alirai-iivi- landscape- io be found on tfae unscoitd island or Minorca. 


Thu- \H phase ot the d-. vu-lnpmu-m tirtiwh- « "'ariiit cemptuion bag 
i-turlli'tit jihi-lloivd Dioorlnss within a fi-w yards of one's Ironi door. 
Clo?'.- to soniu- of thi- flttcsi vti-KlD bL-acbos m tbi- Xlu-dli.-rranr-an whoro 
sia baihiliri is Ideal for children. The Mcuorran sijled apanmenis are 
eonstruLti.-d to higher specificaiions with firily ^ouipocd biichens. Interior 
di-ti^n en-sdiie. Good goUnut facdliics. Inspection Hiatus available now. 



POST-WAR BLOCK OF 31 FLATS — BAYS WATER, W* 
FOR SALE 


Pne^s front fla.u0# 


enquiries SOLE AGENTS: 9 Milner StrPeL- London. iWJ. 

u-sn Mia s o. Tcic* 


Offered urtih vacant possession of 13 Bats comprisina: ’ > ' 

10 x 3 rooms. Kitchen A bathroom -•■ . 

J * 3 rooms, kitchen 4 bathroom _ . 

Remainder lot on furnished & nnfurnisbed basis comprising: 

4 * 2 rooms, k lichen tc baibroom 
4x 3 rooms. Kitchen St bkihroocu • . **- 

fTodiHing £13.123 p.a. - . 

Lift— Pailo rjardens— EnirrpBonc — Lease 73 years 
C round Rent £300 p.a. <Gxedi 

Offors in cmoss of 1430.000. arc Invited for die entire share eapitsiV: the 
Company, whose principal asset is the above property, and whose *B aia 
' act iv: lies arc those of Hotel * Curst House operations.- 1 .. 

ORUCE & COMPANY tSoIe Agents) 

1 Heath Street. Hampstead. N.WJS 
01-135 9851 


This mignificcnt Engliih Minor House, 
pin lith century, has been p»<n». 
uKinriY reconstructed on a lovely 
wooded two icrc sice. The {rounds 
include Williet Creek. The extensive 
accommadacion ' provided includes a 
Ballroom/ Conference Centre, Games 
Room. Circular Bar and Indoor .Swim- 
ming Fool with Sauna. Wtiott p'o>«ity 
is air-condicSonad. fully insulated with 
fire and security alarms. Traditional 
English materials and details abound 
to provide a . rare *r.d luxurious 
Private Residence or Corporate Head- 
quarters. 

Colour brochures upon request 
For ofFers to purchase 
(USS1, 800.000 or offers) 
or leoje: 

R..DURTNELL & SONS LTD. 
f Bui Idem since 15*1 I 
Brxsud, W ester ham . Kens, England 
Tel: Wei ter ham 64105 
Telex: 957040 


Of Particular Interest to 
Builders & Developers 
NIGHTINGALE PARK. 

NR. ANDOVER, HAMPSHIRE. 

FOP. RENOVATION TO PROVIDE 
EIGHT DWELLINGS 
■Sec in some 5 ACRES of parblike land 
overlooking fine open countryside. 

PEARSONS, 

17/21, London Street, Andover, 
Hants. (0264) 2207 


FARM ESTATE FOR SALE 


Estate of prominent U.S. umi*. 
Horse breed I no-cart Id farm, excellent 


ftsn inff. Shooti »B. hunting. Approx. 60a 
acres. 70 miles to NYC l£k* Sd£n- 
tasc ol NY- tnorouBDbrea breeding 
incentive prog rim me. best In U.S 
Beautiful mam house and -grounds' 
swimming pool. * other houses. High 
fertility, limestone, under farm, only 
SO acres woodland. Offered at 35m, 
Would consider terms including part 




GREENWICH,.. 
CONNECTICUT, U.S.A. 


• . SPECTACULAR • 

‘ -WATEREROHT ESTATE 
; Op S.5-' acros. veatuious • DeOrtMun- 
eSUttc . Yeskdence tvttb . breaituakiog. 
vtews - of the Bound. Private beach;. 
^Z.deep’ water docks, icnnw uttuTL'mii'ri 
. Boost;- SetnUuisibir, Tax adrantases. 
'L^mtmUes to New York CUy.-TUW.BW. 
:PmseiiUezc&aDge make this an 'exwp- . 
ilbnal tnveatnhaii oppocnmluf. 
'.-.CotJtJCC; Ruth Rartinan.- Picftcrins 
Asseciatea. Inc-, »- Milbank “ Ave.^ 

. Greenwich. Conn, od tso. U.SJl. 

•Tel: 1303 > BW-7W* 




UNIQUE ij-acre POcentui building site 
lor one house - In Knidms bridge. For 


for one house - in Knigrrts bridge. Par 

HAMPSTEAD, near PljttS Lane. Charming F^runcLjl Camwn T 5tr^.' 

family house. S beds.. 2 reccP . pent- K4P 4BY. 
house studio 127- x 14*1, kitchen, N > '5, 0 AU r '3S/? t - 1 a, 


Bedroom Staff-. Cottage . Stables- ind 
Garaging, a - spacious covered Exercise 
Yard and numerous- Outbuildings; Only 
2 mile*: East of the'AtR and ID 
_ ' mile*'- East of the Al. 

Teejfi/o -JJ mUea mainly dual carriage 
; _ ._ Tbrfc TJ^aOey 
-c ’ThirtR B'mlle* ‘ 

8croofh*r*fge 10 mllci 
OFFERS IN EXCESS OF £7S,000 
INVITED 

Fail . particulars from the Sole Agent* 

BOULTON ft COOPER LTD. 

. .22. HlGH PETERGATE. YORK. - 
Tef. 27777 


HERTFORDSHIRE 


utility room, bath . 2 w.c. Gas c.h. 
Double garagci workshop. Garden. Free- 
hold, £$9,959. Sunday view. Tel. 
0983 BB2S5S. 


Hassocks. Adjacent B acre* with 2 bed 
bungalow. Freehold.- Possession. Auction 
r. 2 eP S r S}° lo “- 4th December. 1378 
Clifford Dam A Partners. Albion House. 
Lewp, Sussea. Tel. 107916} 437S. 







between Luton A WriWyn 
WOODLAND INVESTMENT 

. L - ;//-S2 ACRES.-- - >■ :: 

DEDICATED MATURE 'WOOD 
Ift sinet^ btock with gcjotJ access 
For Sale' by Privata Trir»ty 

: ABo 72ftens Argbft.B'PastWff 
Land uljabiM • 

. FOR SALE/BY>UcriON 
M‘ Dtocfftbcr ( qnftss prertpii^y saM ) 

' ~ al a whois -or in $ falti 


SMITH4|fOOtLEY 

. Chqrnqy*. Lodffe. Ash wed, 
’V‘ BfflatKfcFfcm: 

■a yt'rA jAj^wli?«i ■' ■ 














ipnajtqial Sateflay Novemtei 'll 1978 


: 





'1- f?****?;' 

fcPi ,%| : 

*?•:■.. . . £ 

/■•■ - r;i 

*- f ; ' ja-"’-. 



Little Portugal 
in India 





«»»rfP s l»o-p^ far «S IMO-^n automatic choice for =,, mm 
. , - J - or woman who drives mainly in town. 


THE IDEAL town car is com- 
pact, park able,' easy to enter 
and leave; . lively" though 
economical and, above aH, auto: 
matic. And those few words' 
sum -up Renault's latest offering 
— the R5 1300 — with the" same 
kind of transmission you will 
find in an expensive two-pedal 
executive saloon.. 

Urban motorists on the look 
out for a small, two-pedal hatch- 
back have never had. much to 
choose from. Even . now, the 
Renault has only six possible 
rivals. These are Chrysler Sun- 
beam 1600 GL at £3,215, Honda 
Civic (£2,965). Mazda 323 five- 
door (£3,179), Opel Kadett City 
(£3.256). VW Golf five-door 
(£3,998) and the Volvo 343 
(£3,550). 

At £3,050 the Renault K5 1300 
automatic is unquestionably the 
best of the bunch. . The. Honda 
is just a little cheaper., but 
suffers from the same problem 
as the Volvo — a tr ansmi ssion 
that has no gears to change 
down into when a quick burst 
of acceleration is needed for 
overtaking. 

By small car standards, the 
automatic Renault is nippy. 

It reaches 50 mph from a 
standstill in 14 seconds, chang- 
ing from low to middle at 35 
mph. Keep your foot down, and 
it holds middle to 60 mph and 
then shifts into high. . Standing 
start acceleration to 30 mph — 
and this is what really keeps the 
Renault In front in town, traffic 
—takes -only 6 seconds. The 
transmission, developed' from 
the electronically controlled 
unit used" in the Renault 20 and 
30, is ultra-smooth. 


THEY WERE HARVESTING 

one of their two annual crops TDfiVCa 

of paddy in Goa last month. ■ 

Little groups punctuated these cviuit 

lushest of landscapes, scything. stlyie nickels 

threshing, dusting, winnowing, 

1 drying, all of it by hand tor 
'.ftenauffs two-pedaT «S 130O-a„ automatic f ™ by foo ° uotiI de-husking 

-^;ror woman who drives mainly in townT f y process at the mills. It was and may be ready by late I960. 
' 7 all Immensely photogenic, set Goa's total population of around 

•• • against the sharp green of the 900,000 is a restful change after 

. -Nu..-.. . :i corners, its goes round them I paddy fields themselves, framed the several millions of each of 

MOTORING Quickly. However hard you press I by coconut palms, mango and India's big cities. There is. too, 

it on winding roads, it never papaya trees, jackfruit, cashew, the curious familiarity of much 
. y ! „ : : STUART -MARSHALL fee,s lt “ S oin g t0 come pineapple: and animated by of the architecture. Only two 

unstuck. the handsome Goans, their decades ago Goa was still Portu- 

The steering is lighter than cows. goats. pigs. ducks, guese and had been for 41 cea- 

• . before, due to some minor bicycles, motorbikes, all adding tunes. Over a third of the people 

- ■■ . ■ modifications to the front to the colour — and the hazards are Christian and great churches 

By using the selector like a suspension, and the Renault —of any car ride. loom out of smaJl communities. 

rivaIs a Mini for ease of P^- It was mv second visit after The former capital of Old Goa, 
3SJ! , 'Slt b aS t i ^ho P iait S g ; ?’• a , comf °™ thought Six years. 'Last tune I had a few miles from Panaji. is 
S^S that woSd be tetter off P 1 ?* ^ plasuc bumpers wm arrived the leisurely way. by where you go to see the oldest 
in a° 7 manual 0 transmission ^ar a 3 mph knock without ship from Bombay, 20 hours and best, clustered together in 

beatS^S damage and ^ raore plastic away. This lime, after flying a concentration of 16th and 17th 

developed te protects sides t«m careless out Air India to Delhi and a century ecclesiastical zeal. They 

taSRMSTi. a bft p * Tks - « circuitous itinerar >* 1 flfiW in ie £^Z dl r tedv nd , f Bo sT 

like buying: a dog and barking The high backed seats support from Bombay. Jy dy o£ S , L 

yourself, or so It seems to me. !!fJV , ba ?* °! In the firm belief that it pays ohlp * J n 


MOTORING 

-STUART -MARSHALL 



Jesps, where the body of St. 
Francis Xavier lies in a remark- 


yourself, or so It seems to me. f e ““ ot in the firm belief that it pays ‘ K,T«ate o f nres £ n 7r A Ah. 

J _ > _ *. , spine to shoulder level. I found PV prv Hmn msmi a Vinoer ab * e of Preservation (the 

assess SSrSiS PPI SSS-K s 

two-pedal R5 gave me 33 mpg * f easte? Sld ? "? ps ^, tbe fainoiiS ? ,Qdu P of Christianity, scores of Hindu 

for a mixture of brisk town and JE ® . “ e “ acK ,s eas,er and Buddhist cave temples of tpmD i es were desirnvprt in time* 
country driving, a. reasonable K 10 , ma P y two-door cars Ajanta and Ellora. combines and the Inamsitinn ipfr it* 
enough figure” which gentler * e “ use f ^ f ™ nt . on “ nh a " d well with Goa. With enough Si oie bVShiS 

motoiing improved I to .around 37 wS^uS^TrI is on c ^ c f divtoe retribution, old Goa's 

rapg. It is’ worth beanng in "”“ e . wouia s^BSCSt the K5 is emt „ a delightful Kerala to nomi i a tjnn wa? denimatnH hx- 

mind, -tihough, that the R5 GTS “JJ* Vj 311 a but Madras, returning to Bombay by pja^e and strife Todav it is 

manual, .which has the same mme dld accommodate hve men complete cultural contrasts ^ but a oho-t town 

1J189 cc engine as the R5 auto- none 125 w ° s a hght- Mysore and- Hyderabad. But n , % ' ‘ 

matic with a slightly smaller ^ e,gbt {° r a f ew “ules- I can t on tnis occasion I shall concen- . ® . tS ^ urtber 0D 

carburettor, is reluctant to do beb f e the back werei^te on Goa. November- 'fu ^ T" 

much less than 40 rapg however comfortable; but no-one said hej Februar? . is ^ very best time; 

herd you thrive it and will better had walked. | June-September. the monsoon 

50 mpg-on a leisurely run. The cloth trim is pleasant and [period, to be avoided. berated with th* clan w ofteil" 

The n J 3 automatic is 'tioisier. the one-piece headlining par- 1 T b i 5 j s most endearing and throb of drums, and the air 
too. The ear I drove suffered ticularly neat. Because it has a| corner 0 f the sub-Conunent: vvas heavy with the scent of 
from a certain amount of body fiat sill, the R5 is more of a | large enough to offer variety, blossom and tpices in 
boom at 60-65 mph Even so. baby estate car than a hatch- compact enough (smaller than ceremonial tribute to Lord 
the rattio could still be enjoyed back. I Is possible to toad-and DeT on) to explore fairly Shiva. It is weU worth learning 
at 70 mph on the nmtorway. Top especially unload— heay things thoroughly in a few days. There somethin?, however summarily, 
speed is in the high 80s. like sacks of spuds without put- are local bus services and ex- of the philosophy of Hinduism 

• There is a fair amount of ting your back at risk. cursions. plenty of taxis, and and its personification in the 

thump from the steel belted The spare wheel is under the though self-drive cars don’t exist, extravaganza of Hindu gods and 
radiala • when driving over bonnet, where it is in nobody’s motor-cycle hire has become goddesses iu order to under- 

expansion joints or. cat’s eyes, way, and the powerful head- popular by arrangement with stand a little, not only of the 

and some tyre roar -over coarse lamps can be adjusted from the each vehicle’s owner! temple rituals and architecture, 

surfaces. The R5’s. all-indepen- driving seat so there is no need j The 80 miles of coast— most but of India herself. Inland, 
dent.' suspension uses -torsion to dazzle oncoming traffic just j Qf jf glorious sandy beaches — is Goa’s verdant landscapes rise to 
bars, which r tend to transmit because the car has been over-| iQterrupted bv several large over 3.000 feet, and there are 

road noise to tlie interior loaded. | rivers, one of which (the Zuvari) waterfalls and caves and wild 

because they nave to be a rear screen wash-wipe is must be crossed by ferry on life sanctuaries in th . taking, 
anchored rigidly to the body fitted; the fresh-air ventilation i the 20-mile journey from the air- To cater for its growing 
sbe11 - . and heating is moderately effec-' port near Vasco da Gama to tourism, G«.a has entered the 

But the ride is excellent, rive. Each of the sun visors has! panaji. the capital. The bridge multi-star hotel league. The 
almost regardless of the kind of its own vanity mirror— isn’t that; under construction will be less well-equipped Fort Aguada 
road- one is driving over, and as it should be in the perfect j colourful but more practical, beach resort. 10 miles from the 
although the R5 rolls a lot on woman's car? « 


Above, a seminary an the coast 
of Goa. and below, a Goan 
boatman. 


capital, is a good example, 
beautifully designed to over- 
look the southern expanses of 
huge Calangute beach. 

Double room rates here are 
about £20 a night A similar 
top class establishment is due 
to open on Colva beach near the 
airport shortly, and others are 
in the pipeline. If you prefer 
the animation of Panaji's quay- 
side, the three-star Mandori has 
air-conditioned doubles at £ 12 : 
and just down the road, the 
Government-run Tourist Hostel 
provides simple, clean, fan- 
cooled accommodation at just 
over £1.50 for two ! For 
independent visitors. such 
Government-run establishments 
are a growing feature of Goa. 
Their simply furnished but 
spotless tourist cottages on a 
hillside near Ponda are 
unbelievably cheap at under £1 
per double; and the lovely 
gardens are alive with sunbirds, 
probing with their long bills for 
the nectar of exotic flora. 

In local restaurants, Goan and 
Indian food generally works oat 
at little more titan half the price 
of Western dishes. And the 
beaches are free. Wonderful 
beaches they are, too, with their 
own seasonal rhythm imposed 
by the little fleets of crab, king 
prawns, mackerel, kingfiish, 
sardines. The occasional herd 
of cattle is another feature of 
the beach scene, and so are the 




V " 





: ' W\< 










Otf i. 

tyil 


less occasional hippies. Mostly, 
the latter prefer the secluded 
beaches, but to the little groups 
of Indian holiday makers out on 
a sightseeing spree, their white 
nudity must present a bizarre 
and discordant sight. It seemed 
bizarre and discordant enough 
to me. 

Further Information: Govern- 


ment of Indian Tourist Office, 
21 New Bond Street, London 
\V1. Some tour operators 
featuring Goa: Cox and King. 
46 Marshall Street London 
AVIV 2PA: Fairways and Sw in- 
ford, 37 Abbey Road. St. Johns 
Wood, London NWS: Bales 
Tours. 16-17 Coventry St.. 
London WiV SBL. 


HOTELS 


1973 ROLLS-ROYCE 

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Rolls-Royce distributors. Always garaged day and 
night Tmmaaiiate. £24,500. 

. • ‘ PHONE 07 894559 


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25.000 mites Ctf.SSO. 

LH.p. 1976 BMW 520 ' Manual. 
Ruby red. met. srry ilatfi uohol- 
Stery. tinted . windows, sunroof.- 
radto. 30.000 miles . . £3.450 
1977 Mercedes 450 SEL £29. 
Inn oqltf. clock leather uphol- 
stery. air con., electric sonrnol. 
w^h-Jpe. radio itereo. 2 £ 00 g 

197S BMW 730 Anta. . Polari s 
sliver, blue cloth upholstery, 
tinted windows, central locking. 
R- stereo. 12.000 miles. £11,930 
. 1977 BMW. GZ3 CSIA. Black, 
black cloth upholstery, tinted 
•rindows. R.. stereo, usual extras. 

23.000 miles'..- £12,750 


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Digging the five pound hole 


(Eipristm^s (Sifts 


S03IE SAY that it was Miss 
Jekyll and some Mr. E. A. 
Bowles who gave the much 
quoted advice about always giv- 
ing a five shilling plant a five 
pound hole. Since both those 
eminent Victorians were fine 
gardeners who knew very well 
how to make a plant contented, 
either might have said it be- 
cause, despite the exaggeration, 
it goes to the root of the matter 
in more ways than one. . . 

Hole ’’ in this context means 
far more than the actual plant- 
ing hole dug to contain the 
roots of the plant. At the very 
least it means the soil for a 
further foot or so all round and 
ideally it should comprehend 
all the ground that is likely to 
be occupied by those roots for 
tbe first few years, which could 
be as much as 10 or 12 feet if 
one is talking about a fast 
growing tree. 

The five pound hole involves 
mechanics, physics and chemis- 
try; mechanics because the soil 
must be thoroughly broken up 
with spade, fork or cultivator, 
physics because its texture is of 
vital importance and will almost 
certainly need to be improved 
with bulky organic dressings, 
and chemistry since it will 
almost certainly also need to be 
enriched with some of those 


GARDENING 


ARTHUR HELLYER 


chemicals upon which plants de- 
pend for growth. Since it is 
trees, shrubs and roses that are 
most in need of five pound holes 
and we have now entered the 
best planting season for ail of 
them it is worth looking a little 
more closely at what is 
involved. 

First the breaking up of the 
soil. This is necessary- to let 
in air and let out. as well as 
let in. water. Soil that has 
not been cultivated becomes 
increasingly compacted until 
eventually air can penetrate 
only an inch or so if. indeed, 
it can penetrate at all. 
Fertility then declines rapidly 
since the bacteria which cause 
the decay of organic matter, 
the liberation of plant food 
and the fixation of nitrogen are 
unable to survive. Much rain 
may run off the surface use- 
lessly but what does penetrate 
may be unable to escape so that 
the surface becomes excessively 
wet at some periods and exces- 
sively dry at others. 


The roots of plants need air 
and in a severely compacted 
soil they may die for lack of it. 
Waterlogging can cause damage 
by driving out the air and this 
can result in a condition, some- 
times called ** the death,” when 
trees and shrubs burst into 
growth in the spring and then, 
a week or so later, wither and 
die. WTiat happens is that the 
soil becomes waterlogged in 
winter, the roots die but growth 
starts fed by the sap still 
retained in the branches. When 
that is exhausted there is 
sudden collapse. 

To prevent these disasters it 
is necessary -to break up the 
subsoil as well as the surface 
soil. How deep one should go 
depends a lot on the nature of 
the soil but if there is anything 
really hard or sticky down 
below it should be penetrated 
if that is physically possible. 

So the five pound hole is 
deep as well as wide, maybe 
two or three feet deep if the 
structure of the subsoil permits 
this but what is down below 
should never be brought to the 
surface. If it is really bad it 
can be removed altogether and 
replaced with top soil from 
somewhere else but virtually all 
the fertility is in the top 8 to 
12 inches and this must be kept 


where it belongs, near the 
surface. 

Deep cultivation can have re- 
markable effects on subsequent 
growth. A highly successful pro- 
fessional gardener I know pre- 
pares a hole 7 feet wide and 3 
feet deep each year for his 
runner beans. He removes the 
lower soil, replacing it with top 
soil mixed with comp- st. crass 
mowings, manure or unytiiing 
else that is rich in pl-irit food 
and spongy in texture. He plants 
his beans in a 6 foot circle, 
makes a wigwam of Ion? canes to 
support them and leaves an 
opening so that he can ect in- 
side. He finds that V.'.e beans 
inside remain tender ant; good 
long after those ou:s:Je have 
been am aged by fn?: and so, 
from his one circle b-ians. he 
can gather all Jie n-cds iron: 
July to October or even later. 

Manure, compost, p-.-ii. leaf 
mould and all the r-iner bulky 
soil dressings are u-efu! be- 
cause they improve so:! porosity, 
enabling air to enter and water 
to flow through. Some nis*' feed 
the soil but unless ont- has really 
good supplies of t nude 
manure, there is seldom enough 
food from this source for opti- 
mum growth. Somethin? that is 
both more concen 're ted and 


more predictable i; required, 
preferably somethin? mat will 
last a long time such bone 
meal, hoof and horn meal, rsh 
meal or one of the slow relea-e 
fertilisers. Bonfire ashes are an 
excellent source of potash, one 
of the essential plant foods often 
in short supply and should he 
carefully stored in a dry place 
for this purpose as if left in the 
open much uf the polasii may be 
washed out. 

The bulky dressing car. be 
mixed with all the toil hut. 
particularly with the 
layers which are rao-r likely to 
need them. The more con cen- 
tra ted fertilisers are best con- 
fined to the top soi! where they 
will do most good. Tney wiil 
soon be washed down by rain, 
sometimes much too quickly fur 

economy. 

It is in lhe >cii preparation 
that the money joe* but ihe 
final hole*, prepared i*«r indivi- 
dual plants, are al.*o important. 
They need to be wide and 
fairly shallow <u mat roots can 
iis spread nut in 2 natural 
manner and the uppermost 
covered with 3 or 4 inches "f 
soil, no more. Must f-.cdin? 
roots are near the surface which 
is why one must never dig. i-irk 
or otherwise deeply cultivate 
anywhere near established trees 
and shrubs and an added reason 
tor getting all the soil improve- 
ment done before planting com- 
mences. 


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Exhibition of water 


Prin ts. Oran 0,00-5-00 Mon.-FH 
M SWALES 


TYPEWRITERS 

mimm 



'£EN\=TT ryPEV/RTTERS UMTIcO-' 


Losers 

Down 

Under 


SYDNEY, Nov. 10 

THE DREADED subject of 
appearance money comes very 
much into the picture here this 
weekend with the game of golf, 
the paying public and anyone 
else connected with the game, 
apart from those who benefit 
from the massive payments, the 
obvious losers. 

After 36 holes of the 
Australian PGA Championship 
at Royal Melbourne Golf Club 
Graham Marsh, the Western 
Australian who has made a 
stand against appearance money 


for many years, has the lead 
with scores of 71 and 66 for a 
five-under par total of 137 to 
take into the final two rounds 
a two-stroke lead over his best 
friend. American Hale Irwin 
(64. 75 — 139). These two have 
played together, and at the 
moment Spain's Seve 
Ballesteros (69, 71 — 140) is 
alone in third place at two 
under par. 

The situation is particularly 
interesting because Melburnian 
Bob Shearer has refused to 
play in this championship 
because he was not offered 
appearance money. Irwin, 
Johnny Miller and Ballesteros 
were each paid SA40.000 against 
total prize money for the event 
of SA100.000. 

Shearer, who has finished in 
the top 60 in the U.S. this year, 
was duly angry at such vast 
sums being offered to overseas 
players. In the last three years, 
for instance, Miller has been 
paid $A180.000 for appearing in 
the Victorian Open Champion- 
ship, and “appearing" is possibly 


the correct word, since he is no 
longer a factor in world golf. 

Lee Trevino demanded 
850,000 for playing in this 
week's tournament and was 
turned down, despite the fact 
that he had received that sum 
some years ago i'or appearing 


GOLF 

BEN WRIGHT 


at the same club, which he 
destroyed verbally after it had 
destroyed him in the ill-fated 
Chrysler tournament 

In recent weeks Tom Watson 
and Trevino, not to speak of 
Gary Player, to whom these 
kind of payments come as 
second nature, each received 
SU.S.40,000 to appear for the 
Mark McCormack Organisation 
in the Lancome Tournament in 
Paris to prevent them piajing 


in the European C»pir. Cham- 
pionship at Walton Heath. Sur- 
rey, an event which vi* spon- 
sored by Jack Nlcklju'f friend, 
John Montgomery- Snr. -.ho 
also promoting the A^trelian 
Open due to start here :r. Syd- 
ney next Thurs^av with 
SA220.000 at slake. 

Kerry Packer, who has pro- 
moted this championship from 
something and nothing to be- 
come one of the world's major 
events in three short y-cars. has 
paid all through that time no 
more than SA6.000 tn each of 
his expensively imported 
players from America— -nd he 
has no shortage or inkers— on 
the condition that they pay 
their own ;iir fare and hotel 
bills. This is very much in 
keeping with the V.5. attitude, 
which makes the p.iymex of 
appearance monev totally 
illegal. 

Eut Ballesteros is a doubtlul 
starter in next we^k ? line-up 
because he has demanded n: 
Packer SA30.000 to start m the 
Open Championship. 


He will only start if lie cun- 
sent* IM dM *n for :ht; Jlllr 
money a ; : that which is paid !<> 
the American invader-. I h;:v 
i feeling he may play, if hU 
form cuntinue? tu be ?<• com- 
manding as ii has been in ie- 
Uiining his Japanese Open titie 
last week in a Middcn-deiti* 
play-off against Marsh, couple..: 
with lhe kind of brilliance '.n-.- 
expects of him here in Mel- 
bourne over the weekend. 

Eut ihe world of sol: his 
gone totally mad when th ere 
sum* are bandied about a 
guarantee for a player in c:t.:o 
to the first tee. ft is high time 
that all ihe organism” bodies 
of the world not together ami 
placed a limit on appearance 
moucy to be paid — po;>ii>!>- 

S'J.S^o.OfiO — becau-c there i- n-i 
doubt that the circumstance* <>i 
today demand that ilv- lK-t 
players in the world be re- 
warded for .ippoj.nriy i:i l..; - - 

fiuns outpoais in thv !:“i 
auaner of the yo.v- u th- 

tournament* concerned «re to 
thrive. 1 














10 


.Financial Times : Saturday, NdwanSer ii .1978 


BOOKS 



want? 




BY C. P- SNOW 


Robert Kennedy and His Times \i^!!r„ifw S0 MntK^ eS i^ e,nind t?- ° f <^ T ^5 ? aws in . bis.klnd of parti- him, is something of a mvstery. of Americans were prosperous 
by Arthur M. Scblesinger Jr. ‘ b ° r " partIsan - 5 s °, rae s,r L gu " Se ® ms to have been partly due enough. Playing the game as he 

Andre Deutsch, £10.95 1,066 He might bave wntten with jar omissions, and also when to the American veneratioD for of all men knew how to play it, 

t cimiloi* tprvmi h il. m Nr n I pci ntror ic amno in in ^:.i. ■ 1 % ■ « * * ^ 


pages 


similar f®^?^rabout the Mel- is going to in- great riches, irrespective of how he coold have secured enough i 

bourne ^mmi^tion m which £«-> * «-®«5 ^gSL& act,uired^__It of them to give him the PreLl 


he. a predecessor of Schle- ^f5 ne f^ s ’ b P°Htical misdoings wouldn't have "been possible* here, dency on 'a plate. 


This new hnnfc c.T a-l,,,.- uc - * F'wwsso r Of OCHie- v 

Jiecineerv singer, performed as a parti rip an t.“ d mistakes. 


He behaved very much like a h was a stroke of human 




difficult * W *J' ">1“ him, Machine poli- right to have a ton "place in political genius to use his identf- 

Schiesincer says in his fore- whj Jf Scblesinger fairly often s YL d tH ap f^“yy 1 ^® njoyin S government P flcation with the wretched so 

S|\K^.S §MbE 3 SlpfeffiE 

wished 



- began as an oppor 
tumst, looking for the main performed with grace and style, 
chance. That did him harm with wouldn't have achieved so much. 



finished the book with far more his nature, and was at his best cause that might put at risk his tunist 
regard and affection for its sub- Schlesinger’s description is strong second term. ch “‘ c ; T , - 

that 1 fa »h Cy a w d ra0T! ff S -, 31111 the writin 5- Robert Kennedy, after similar comfortable liberal opinion "But He was much more' Vcoiiveiv 

i *° n ‘ 5®! ? 15 t * ro Y ins 0ff !£ ex ” sses ’ becomes political calculations, spent then, he niver atiberal Uwial politician than bis brother. 

Innhlf i™! 1 , ;., to, bio* Simple, seared by controlled months wondering whether to He wanted power Man v men very much like those Whig poli- 

i^c« h fn a Jn m P f. i-r^ book 15 exnotlon ' Brave - run for the Presidency in 1968. want power. What made him ticians whom this country knows 

i sptf iumS h! d SL There are> of course - as in all T* 105 * hesitations did harm to different was, he wanted to do a11 about. He hears some resem- 

lt sets out to be something c.uu.i.-.,v ■. the causes in which he Aormiu ».« — •(.: ...A,. .. hi-mn^ t 0 Asquith, cultivated, de- 

impressive. the idol of 
intellectuals who were not intci- 

np^nnViir7c- y and ** stiTl have to use the ‘book as is horrified i° n an £ off through- hi the m ost^essen tial 1 sense. "the Robert Kennedy. on the^orher 

personalities of the entire source-material. He may have toe bcok at toe man-hours, opposite of the truth hand, was unlike anyone this 

Kennedy clan. .in the administra- loved all the Kennedys, but that the incessant mental effort, No one in his time knew country has produced. I don't 
nun. and later in Robert doesn't affect his respect for the w “ich some of the most intern- American politics as well as believe much in the influence of 

hennedv s political campaigns, factual truth. He makes scrupu- £ e ® 1 of men had to spend on Robert Kennedy. No cold-blooded individual men on the fates of 

Schlesinger was not only a i ous use of oral recordings. It is P® 1 ^ political jobbery. This is operator, with his knowledge and great countries. But I an in- 

privileged observer, but a also worth remembering that as Probably true anywhere, but insight, would have gambled his duced tn believe tbat if he had 

participant and a passionate a participant in the J.F.K. ad- earned to the limit in the U.S. future In identifying himself lived, he would have done things 

partisan. ministration, he was exception- Robert Kenaedv was a with the poor, the blacks, the as President that no other 

He is a horn partisan. This ally usefuL He is unassuming supreme political manager. As a Chi can os. the Indians, the cast- American could have done. Some, 

gives rlic book, as it gives his about this, never omits an error very young man. he was directing offs of the rich society. That quite possibly, disastrous. Some 

previous work, its gusto and its of judgment and is seif-mocking, his brother’s election as Senator wasn't where the power rested, benevolent, human, demonstrat- 
warmth. But it does mak? it From the record, his judgment for Massachusetts. He had total If Robert Kennedy had just ing that material prosperity is 

something different from history- seems to have been in general capacity for detail, preposterous wanted the Presidency at all no good by itself, giving the 

as we normally understand it much sounder than that of the energy and confidence. How the costs, be would have Forgotten Western societies a glimpse both I 

today. other non-family advisers. senior politicians succumbed to those derelicts. Eighty-per cent of aspiration and of hope. • 1 




Olivia Manning: ‘author and cat-lover. Her new novel is reviewed below 


Fiction 




That Stijfnmer 

ami ' tton, a kind of passionate order- works. What 'counts Ls trav elling 

■Weldenfeld- ineSS — L ^ ese 4 re what's needed hopefully towards' it,:-.''. -Keith - ;i 


BY ISABEL QUIGUY 


The Battle Lost 
Olivia Mannin, 


and Nicnknn *5 os moving back and ronn waiernouse - is. -immy ■ an- 

. ... 1 * 35 -pages * Between the historical and -the pteasah test. way" toleran t; t 


forth Waterhouse-- is. -funny- £a<- t ifo-'-V 

I -the pleasan test, way toierah t; eyra-r 

Two Brothers by Stanley ^ Middle-* P®* 50031 - 1116 Public and the tempered, uhmalitloiii, but^vUH' -r 
ton. Hutchinson, £4.95 224 pafies P 11 ™ 1 ®- Olivia; Manning showsr- the sharpest .-'of -ears,-, flie r 
^ ^nth each book more inipres- twitchfest of noses. His novel k -' 



BY DR. DAVID CARRICK 


The Body 

Jonathan 


. ' n — ■ and the very many Shake- ledge is most evidently superior. 

ill. i tiuesuon by speariau comedies and dramas both quantitatively and.qualita- 

r p_ 0 _ oJ.» J o a a r han w hj C h he has directed. Evidently tively, to his clinical knowledge 
cape. ii.TO, «a- pages he ig n man of rare talents and and experience, he has a very 

‘ ' - extraordinary intelligence. strong tendency to regard diag- 

Jonathan Wolfe Miller, son of In The Body in Question he is nosis and treatment in a manner 

a psychiatrist who was very well writing as a doctor. No mean most mechanical. His notion 

known during his lifetime, is historian (indeed he held a that “falling-ill" is a matter of 
himself a registered medical Fellowship in the History of choice undertaken by a patient 
practitioner. Medicine at University College, because the poor soul happens 

But. since that day in 1959 London, for three years) he is to be feeling strange is enter- 
when he qualified at Cambridge, well qualified to write in this taining and prettily plausible, 
ms name has been associated sphere. His knowledge of the How pleasant it would be if a 
nfJ t much with the field of subject and first-class under- physician could follow this line 
medicine as in the world of the standing of the Natural Sciences, and persuade a sad soul who is 
arts. He first became known as appears very- plainly. The book is in the grip of a malignant 
a member of the notable Beyond an offshoot of his current TV malady that his sufferings are 
the r rinye group, a remarkable series. due to such and such a pbysio- 

, t / lal launched its members The book's value is as a logical and pathological disturb- 
piPBi-fni ' Aorld °* theatre and guide to the working of the ance and therefore are of little 
television. human body, and he has a rare moment, save from the research 

Jonathan Miller was probably facility for drawing comparisons point of view ! Compassion, 
the most outstanding of the between human physiological sympathy and empathy, surely 
group, and within a very short functions and mundane machi- among the most valuable attri- 
penod of time he began a rapid nery of v.-u-ious types, Un- butes of a physician, do not 


“ MV M -A „» 

Plays and films, his bodies are most mysterious. tures— modern photographs, ‘re- 

Mm to he « Unfortunately, as a natural productlons of Z enTavInst 
success fu I in works as far apart extension to these comparisons, and paintings presented in a 
aj Alice lit U onderland on TV and because his scientific know- superlative manner. 



Office Life by Keith Waterhouse, sively, l think— how to "db it about offices in a sbclety thaip 
Michael Joseph, £4.95. 236 without seeming to change gears, scarcely needs them, about 'the ■ - 
Pages : -certainly without grinding them, poirrtfess tasks performed 'with ^ - 

* — 1 — ; — It is the desert with its battle Parkinsonian ' • e:iceM . . -an* V.w - - 

The Battle Lon and Won i s a an 4 P^ lca l terrors, its. mines thoroughness -.by pet^fe “vrtiea. -;-r -. s 
sequel to The Danger Tree and a P^ nightmares, that seems the machines tbat need ndteabreaks' 
carries some oF Olivia Manning’s P* ac ® °f youth and even inpi>. could do them very much-b^terL- •- 
Balkan Trilogy characters -on Oince of e kind; Cairo, physically Gleii . . Grvce « a - -lerfc- '■ 
through the summer of ■mu- 3aFer. that seems the place of . > ieia vryce b a tuepv a . 

I’chapters alternating between “rotten fruit." dubious, Tull of *»n&'snufr- and hap^mhibttantv-'-. ■- 
{Cairo and the desert where the^ - Jfsease and infection, and of all 

l battle of Alamein is 'sthithw'np!'-' spin^ tual excesses of people^ ■ %• 

{ In the capital, women andhtheir-: asperated by 
love affairs, entertainments for * u pes. of war 

the troops: in the desert .an Impossible — * . - • 

account (amazing from someoS Midd,eton ' s artion s o“" d Ufee generates humph -and teabreafa- 
who presumably wasn’t' thert) apyIhin ^ particular. . And this general ejea-girts. ... 
of vast troop movements, huge-. 110 adverse criticism. The best Briti^t Albion, is like sn mai^ v -f 
scale manoeuvres, crescendoes ^ ove ' s have the most other groups of companies- that : * 

of noise, whirlwinds of sand, un= plotless-sounding plot or at least there seems little reason to ques^Vii- ;i' f 77‘ ; 
imaginable suffering— men friedr^ be most indescribable. Tioo tioh it.~But. even the inrahrions T ~-.” iJ ‘.^ 
in tanks, bleeding to death with/ ^ Brothers is about ‘ just that Gryce finds "it -rather bumpblerv:V! = 
both legs blown off. trippibg .‘Francis j g a poet nation ally, than most. Limcheon^vpncberL .. -j: l, y 
everywhere over mines .-fn : ^ ‘famous, school textbook material: to last a century? .No tiring rau<*j ; 
world festooned in booby trims. a businessman. * rich and to do and endless.departments ta * 

Harriet Pringle and her bus- success fuL In their middle do it? Secrecy and bureaucracy .* 
band Guy (from the four other .years they are 'still, in an aloof run riot? And how about the. -VVJ/m ; 
books) are not quite at odds, bin way. rivals. Francis dies, and Albion Players*. .£ba3 , amateur v 

pretty close to them, Harriet shakes up • the family. . Jack dramatic group whose Wilde rfr -: '.^ 
with too little to do. Guy with far comes near to death, and shakes tiearsal suddenly 'turns jiltir- a ' 
too much. Endlessly and guiltily up his immediate family, too: - ,; subversive ^ meeting .vwitb . tady ; \ . - 
occupied (since be cant ger. ; into •: Middleton country, Middleton Bracfaieli in the chair? . 

the army) with his non-military people: iniddleciass :life in a '. The language- rings beaatxfiilli 

duties in showing thf Cultrirnt middlesixed Midlands tnain. Vof tn,.- “CnUn,, »«.. '««•»» 


Poe...poete 


BY JEFFREY MEYERS 


The Tell-Tale Heart hy Julian a ?, d .?? talent on ^ e operation’s of Poe’s 

Symons. Faber, £6.95. 259 0U8 - Fo ® f o u 8ht to main- more pretentious academic inter- 

pages. . , o serious standards in current preters. Poe began writing his 

_ — - - titerature, to extend the scope sensational stories of adventure 

Poe’s parents were both actors, P‘ American letters and to and horror when Irving, Long- 
and there was a strong histrionic . paroc bi*d habits of fellow and Cooper were the 

element in his melancholy mind , the remainder of his 40 rather dim literary lights in 
demeanour and urge for spec- & ears wasspept a s a hack writer. America. Though he met 
tacular self-destruction. His searched i 0 vam for a high- Dickens and knew J. R. Lowell, 
father left his mother just after brow magazine that would fulfil he never bad significant personal 
Poe's birth and she died of TB “, ls .literary ideals. He wrote contact with a first-rate mind, 
when he was two years old. TB IV”" 1 ® 5 fdr “ on ®>* £. ut got only One would tike to know more 
was the trauma and tragedy of ,‘ or ^ .Toe Tell-Tale Heart" about the books he read and his 
Poe s life, for his brother and and I,V S" * n instant poverty. His relation to the fantastic and 
young wife also died of this Journalistic ability was under- gothic traditions of Gogol and 
disease. Most of his heroines, mined by his literary quarrels Hoffmann, 
with their bloodiessness, blue a ? d the w humiliating drunken Though Poe's criticism was 
veins. pale foreheads and ?J nses , eT *ntually killed impressive for its time, his 

feverish cheeks are tainted by In this respect he was a literary theories now seem to 
consumption. fearful paradigm for American lack validity. And one must 


Goliath Heron— one of the illustrations in "The Herons of the 
World " by James Hancock and Hugh Elliott with paintings by Robert 
Gillmor and Peter Hayman and a foreword by Roger Tory Peterson 
(Croom Helm, £45.00). it is a sumptuous volume portraying 61 
! species of herons in their natural habitats. 



... . . ,, . . ", — 7* “rv - “* * “ ■** " * «■* «v mij oiuo, . uioj fv . ruu,. - .m .tuB’-* V 

with kindly intentions, absent- with a moral. This is pointed sweet by-and-by," "come again." -- i : 

... ^ /.rather slowly and late,, and I'm “saving your- presence*”. iM much- 


. CoPtrok- detachment, organisa-hot sure. that. the denouncement forrader.*’. 


Evil or catalyst ? 

BY ANTHONY ROBJNSON 


“ ” and the idea of dictatorship of 

Euro-Comraunism — its Boots and the proletariat conceived in 
future in Italy and elsewhere terras of ruthless leadership by 
edited by G. R. Urban, a small bund of dedicated revolu- 
Maurice Temple Smith, 17.00. tionaries. But it is the Italian 
2S7 pages party, which obtained nearly 35 

per cent of the votes at the last 


Poe was brought up by a Wolfe> agree with Symons' judgment 

parsimonious merchant, spent / a S k ?? r ‘ , tbat toe wildly popular poems, 

five years m English schools at After Poes death his reputa- like “The Raven" and “Ula- 
Stoke Newington, and briefly ^ t on was blackened by his i um e.” are technically dazzling 
attended the University - of li tera , rj l J xecu f°r- But he was but somewhat ridiculous Poe 
Virgmia, where he mainly drank ^“slated and resurrected by wrote 70 stories and his reputa- 
and ran up gambling debts that Baudelaire, who saw him as a ti 0 n is firmly based on 20 of 
his foster-father refused to pay. P 0 ^. 1 ®. w the Byromc them, those like "The Fail of 

Atier a short spell in the array, tradition and made him famous the House of Usher” and “The 
w-^ a 'T> b<?U F ht v 0U . 1 ^ entered S„52 lc Ev . P0 ? w “J '“ tensely Murders in the Rue Moreue.” 

SSLiEr i but «K Was court ' b r iL” S ^ ? M , al ‘ which are famous throughout the 

martidlled in less than a year. larmG to Gide. and has also world for their terrifvine 

Poe married his 13-year-old attracted the serious interest of originality. Poe also invented 
™' ith Vi h r "; n , i = .»"? La -^?nce and Auden. RL wiry ' 1?™* 

lived with her mother; his wife s Julian Symons’ concise, per- p lex puzzling plots and aristo- 
h? K U h nih2ri^’ a ,dlS,n r f? nforced E®P Uve biography is followed by °ratic. arrogiot and apparently 
,f Pn ? e , pl , IOl l S? bj^convincmg critical analysis omniscient heroes have in- 

h»° m ™dp A ! er dea . tf !i ?f Poe . s wj 1 . 1 '^' which he divides fluenced writers (including 
he made a few half-hearted into the Visionary and Logical. Swnons himself) down to Sp 
attempts to marry literary ladies and enlivened by acid comments pVSent day 


Heroic hour 


BY PAMELA JUDGE 


The Lasting Honour: The Fall or a * 4 * 45 a ra - on the Monday. 

Hong Kong by Oliver Lindsay. timo 8- Wa ,s , s Major C. R. Boxer heard instruc- 

Haniisb Hamilton. £5.95. 226 II®* t, i ,ns 10 Japanese nationals 

pages SJmiit i"° lo R. ia i abroad tbat war with Great 

Government demanded that Britain and 


By October 1939 the Japanese European women and children imminent. 8y U 8 a ^^a^Tak 
were 35 miles north-east of Hong should leave. This was flouted port was ablaze Surrender 

Kong On Decembers, 1941. they (not “flaunted as on page 30) occurred on December ^£e 

attacked from the air. The inter- and the wangles that were used pasting Honour in Churchilfs 

vening time was put to some meant that the women and phrase cnurctuiis 

good use both in military terms children suffered all the horrors _ . 

and in organising air raid tbat were 10 rom e. .V liver Uinosay covers the 


was 

air- 


orgamsmg 

wardens, auxiliary nurses, vo'lun- On Saturday. December 6, * a ^ aeS 'JL 

teers who would be uniformed 1941 the Happy Valiev race! ™»5L.i IQ dep to and with a 
i“ the event, and deciding which course lived up to its name, the tUfp^nf 1 th^ aSf !;.n, There are ,l i e 
buildings would become Jockey Club bar was crowded sun 7 vors n ° l 

hospitals and similar details. and gimlets slid down easilv t “ e de f®j] ce and surrender but 
Churchill thought the Colony The Middlesex Regiment played f 50 °(m. the Q °to nou ? P rison 
was untenable. Major-General rugby at the cricket club a large SfT 1136 ' J“ ere to e tales of the 

A. W. Bartholomew, GOC until party at the Hong Kong Hotel £fi n ‘V? dous heroism of the 

1938, similarly wondered if the went on to 4.30 am and a Can . adJa 9 a well as the other 

enemy should be resisted at all Chinese charity bail was held at f e 8 ,me ° t8 - , A . n d there are the 

in the event of a mass attack— the Peninsula Hotel In Kowloon 14165 , fn 8btened people and 

tiie capacity for prolonged Church Parade on Sunday saw enemlBS ln “e camp, 

defence was slight Major- Major-General C. M. Mall by. As part of his army career. 

General A. E. Grasett who MC. the GOC. summoned from Major Lindsay found himself 
succeeded Bartholomew in the service and his ADC had to stationed in Hong Kong with the 
November^ 193a thought the contend with the chairman of a 2nd Battalion Grenadier Guards 
Japanese torces inferior in train- bank who thought the whole pre- aad therefore not only could he 
ing, equipment and leadership; paration was “ bloody nonsense " trace out the campaigns on the 
but on Ins return to London in and would cause a run on the ground but he also talked to 
September 1941 he persuaded bank. those survivors who returned to. 

the powers that be to reverse Two intelligence reports early live in Hong Kong. After the 

policy and this eventually in December suggested that Colony Major Lindsay spent two 

resulted m Canadian forces between 10,000 and 20,000 years at National Defence Head- 

amving in Hong Kong in Japanese were expected near quarters iu Ottawa. Hi s postings 

November 1941. Faniing on December 4 for an and bis background Armv 

But during the same period, attack on tiie Coiony-these and family since 1794 - uniquely 
"many could not bear to think others were not believed. fit him to write this his^ first 

that their carefree elegant life- Monitoring Japanese broad- book. ' 


military and civilian sides of the 


The "spectre of Euro-com* general elections in 1976, which 
munlsm '* which haunted the has been most successful in 
corridors of power on both sides building up an authentic mass 
of the gTeat ideological divide party by playing the parliament 
prior to the Italian and French ary rules, 
elections has diminished, some- How is this possible in such an 
what now that the Italian Gom- individualistic country? Triumph 
munis t party is enmeshed in a of faith over reason was Henry 
position of responsibility without Kissinger's brief conclusion. But 
power and the French left is in u much deeper analysis is to he 
disarray after its self-inflicted found in four of the most fascin- 
electoral defeat aring chapters of this book 

Yet the attempt by the leadinq devoted to various aspects of the 
Communist Parties of Western relationship between Italian 
Europe critically to rerexamine society and Fascism, and between 
their Stalinist past and come up Fascism and Communism. Much 
with a “democratic" model of the post-war prestige enjoyed 
remains one of the most import- by the Italian Communist Party 
ant. and ambiguous, political derived from its resistance to 
phenomena of the last decade. Fascism. But many of the com- 
ic his Eurocommunism — its fortable myths about Fascism in 
roots and future in Italy and Italy have been exploded 
elsewhere. Dr. Urban 'inter- recently by Italian historians, 
views leading Euro-commflnists, Renzo di Felice’s multi- 

historians and outside observers volume biography of Mussolini, 
like the Jesuit Bartolomeo Fascism, according to the Di 
Sorge and Russian dissident Renzo interpretation, enjoyed far 
Andrei Amairik. He- probes m ore popular support than has 
deeply into the inconsistencies, hitherto been admitted and 
ambiguities and paradoxes ini- although its anarcho-syndicalist 
pllcit in the Euro-communists' a nd socialist wing lost out fairly 
attempt to evolve national poli- soon to the establishment of 
cies while remaining ..inieraa- large landowners and industrial- 
tionalist, accept Parliamentary isls its ideological origins and 
rules while preaching revolution, toe resentments it chanelied 
expand internal democracy were not so far removed from 
while retaining democratic those of the Communist Party, 
centralism. Toeltatti himself was one of the 

Although the honour of de- first to recognise and analyse the 
fining Euro-cnmmumsm is given mass nature nf Fascism, 
to the Spanish Communist Dr. Urhan. whose profound but 
Manuel Azcarote and the story intelligent scepticism about Cam- 
of the French party's- retreat munism in genera! and its ability 
from Leninism is re-told by Jean to become democratic without 
EMenstein, one of the leading ceasing tn be communist shows 
French Euro-communists, it is through pvery question, asks at 
the history, theory and practice the end of his interview with 
of the Italian party which con- di Felice “So Italy's choice is 
cerns most of the book. between dictatorship and dicta- 

lt could hardly be otherwise. torship?“ 

Thanks to the theoretical' works -Di Felice answers that he per- 
of Antonio Gramsci the Italian sonally has not given up hope 
party has had a body of home- that Italy’s present system can 
grown ideology to turn to in its be sufficiently reformed to he 
search for a form of Communism viable again hut views the com- 
consonant with its culture and ing to power of “Communism 
history. In Paliniro Togliatti the aM Jtaliana “ not as a solution 
party bad a tactician and sLrate- to Italy’s problems but a mere 
gist who masLorminded the postponement of the crisis. “ The 
Comintern switch to -popular sequence of Communist anarchy 
front policies in 1935, ensured leading to fascism leading to 
the party's representation in the national Communism leading to 
first three post-war governments Right-wing authoritarianism is a 
bv his volte-face support for the self perpetuating evil.” 

Badoglio government on his It is not the sort of answer 
return to Italy from exDe in which will please those who see 
Moscow in 1944 and then went Euro-communism as a solution, 
on to elaborate the theory of of at least a catalyst to inject 
polycentrism. mnre democracy into the ricid 

Formally it is the French- and systems of the East and more 
Spanish communist parties who purpose into the social demo- 
have gone furthest in their cracies of the West. Blit it is 
efforts to return to the Marxist typical of the thought provoking 
roots by the Communist . move- analyses iu which this excellent 
meat by downgrading Leninism book abounds. 




re.".'“mueh-r^ 

In short— Hinduism and spies 

h~: ... sssnst 'ls e 

Dev ein omen f i^XnKtr a*!? p T IBter - 3 s . Christmas cards and helmets -an attack was^ likely;- =■ "5 
' laOO— B.C.—A.D. then a publisher. For 13. years Where grand strategy was coin--'., 
—■law by Margaret and James —Margaret Lanes "Magic Years" cerbed, -however, not 'only: did 
StttU^. Rourledse and Kegan —she .produced her wonderful the Germans fail to^disenvori the 1 "„’>r 
Paul. £1*.50. 372 pages books.- In all this time she got enemy's intentions ; at . sb'ch- ^ 

to know TWO men: her publisher, crucial times as :the Russian 

This is an absorbing and Nornjan Warne, who proposed attack at Stalingrad aod the land- r 
stimulating book. Twenty years 1)1,1 d * ed before be could marry ings-in North Africa and Europe, * - • 
hard labour has gone into its * , ®u and; at the end of this time. *»ut^ 'even, where Intelligence, 'flic?.;' x'V 
compilation. Students of the Willie Heelis. the solicitor, who throw lighten the enemy%.,pIah&-.'_ 
world's oldest religion will find helped her buy her beloved farm. li. was frequently, disregarded-^-' 
it invaluable. The German Sawrey. "He proposed and didn’t Tlu f was Partly hecaustf'-JHWfr; ' r 
philosopher. Count Herman die - preferred To rely oa his intufUOd, \ 

Keyserlting in his "Travel Diary . toe other band, her inspire- and pore becatise .the.^n3ttMW , -‘''_v 
of a Philosopher," observed that. ^ 0D ^ d - Security, happiness doctr,ne . that intelligence 
“He who dwells In the World of the opportunity to do exactly was subordinate to opora^otis; 
the Hindu is subject to influences she wanted changed her ALLAN TQ£H$ - * 

and experiences unknown to from toe neurotically shy " " ' ' ’ 

others." Hinduism is something spinster. who found comfort in 
more than an ism. It covers Petet.^Rabbit, Tabitha Twitchett. 
life in all its aspects and God et upt?' the aggre^ive farmer 
in all his Avatars and manifest a- who .•wrote- Margaret Lane- “the 
tions. It is not derivative bur rudest letter I have ever received 
a unique and original amalgam in my life, 
of diving beliefs, spiritual in- Fortunately she perservered 
sights, profound observations on and - we ?an now add . to her 
the meaning of life and the superb . biography. The Tale of 
human predicament. Western Reatiir Potter, this totally desir- 
philosophers in the 19th centuiv a blejiictu re-book presentation of 
rediscovered India’s past for the Beatrix Potter’s' working years. 

world. Max Muller’s contrlhu- - - RACHEL filLLiMrTOM 
non is well known. He did much KACHEL SiUJNGTON 

to undo the damage done by his- k T „ . 

torians tike James mhi . * “K. Spie * David Kahn 

Hodder.and Stoughton, £0.95 
671 pages 

It is bard to believe that any- 
ligion. Geography. Hiator, ap’d S' SSS 

gave us Hindu World which small! rightly so as with thn 

paedic* Survey* o^HinduUm/^u ““ft? ° sJittab 

amo " g slew- 

Std-'eya r .v r u have dSele«-^ MUrt |o 

nn 1h» U M,hi^.f ail i« IOr,tatlV r work many.spies were" turned." 
work* eC iVriii 15 3 refe jronce Gentian 'Intelligence work as 
f , exceI1 ® nce - _ Their a Whole: was reasonably ..succcss- 
knowledge, and docu- fut in the sphere oF tactics; for 
are Praiseworthy, example; ft '.was noticed' that if 
descr toed and ex- Soviet- soldiers wore caps, thev 
plained the *"»* • - 

literature 


BISHOP A 0 ® 
MUZOR€WA 

Rise up and 

His autobiography is now 
availablefrom Evans £6.^5 



torians like James Mill' and 
Macaulay. 

ln 1891 John Dowsan brought 
out his “A Classical Dictionary 
of Hindu Mythology and Re- 





vast and sacred 
of the Hindus — the 
Vedas. Puranas. Upanishads, the 
Ramayana and Mahubharat— the 
philosophy, mythology, folklore, 
rituals and tile myriad gods and 
godesses in a concise and im- 
pressive manner. Each entry is 
proof of patient meticulous 


K. NATWAR-SINGH 



"EOtinsBrotheiiLtd, 

Montagu? HdufcOi . 


London We^BfiElX. 


research. 


The Magic Years of Beam* 
Polter by Margaret Lane. 
Frederick Warne, £8.15. 216 

pages 



The tale yf Beatrix Potter is u 
fascinating case history for those 
who consider feminism a first 
step to the creative functioning 
of a woman. Treated as worse 
than a slave by her well- 
principled Victorian middle-class 
parents, she passed thirty-three 
years being miserable.. ‘ Her 
happiest moments were spent 
bending over the. glass cases in 
the Natural History Museum. 

Her diary was written in code. 
One or her first lines oF 
defence against unhappiness was 
an obsessional secrecy.-- 

Luckily the other line was the 
creation of ..tiny . animal and 


A 


> y s Who in 
Saudi Arabia 197 8 7 9 

-Tbe.mudh .expanded- and -reyised^ serend^ edition of-a new 
Mdrce.book about Saudi Arabia -and her-mOst prominent 
citizens. , - ■■ 

to jibe Words of Sheikh Said Tayyeb, DtrecroF-Generaf of 

with Europi-PubJications, 

0 (WHO S WHO IN. SAUDf ARAB I A J 97 B- 79 ; ; . - - 

“ .l^spgnse the .first: edition was, exedieut- and ±he. - 

vortawHie^ demand proves the tremendous Interest in Saudi 
- ^ new-editioch «mtailLi-many i«cire names than 
and includes details of Tjirth. ; education, careers- - 
publications, awards, addresses, arid telephone numbers of ^ 
leading pefSOD al dies -in. Saudi - • ;; 5 .: r ; 

I rt ; a ddirion there- are articles oti "‘Saudi- Arabia andTtlw 
V»orId- -Economy -dpd “.Marketing PrdBpect v'- i a "Sau'di 
Arabia, which, will.rnake this new.^dlhbn .a Tnosf -sahiable-- ' 
source of: in formation' for- ovon, 


Write or, phone for d free brochure- 

h : europa robu<»ti 6 ^s /V;:/ : : , .. 

-i 18 B ed f ord Sq W 

---A;, 01-^0-8236--^ -14 ^ 









f Fmsnclal .Times'^ 11 1978 


HOW TO SPEND IT 




by Lucia van der 



•: •" * ’■ ■>■> £>• •• »SS / .’’i iJ"?'' 1 ? • ■ ■■"’ .* ■ 

-• 

= : -' • * - : 


■■v •[ ‘ 'h V»» ■•• -J" ,.•? >V9 . ■ «.<(■»' ■. <vC>>-'i« 

"' •»* •***■».♦ ••■.•' ■SJtjF ■ • ... 


Bath in 
splendour 


I DON'T think that many people '-would 
look at the chair above and be : able- lit 
perceive that it was first designed in 1944; 
while the footstool was designed even 
farther back, in 1935. It illustrates per* 
feetiy to my mind jnst what good modern 
design should be all about ■—*. the chair 
Is timeless, yet of -its, time; it fulfils its 
function perfectly (being quite astonish- 
ingly comfortable to sit in), and it looks 
beautiful in a totally right kind of way. 

For those who don’t recognise it 
immediately (and it hasn't ^been an sale 
in this country , for a" good many years) 
It is the “PernilhT chair, designed by the 
great Swedish designer and architect, 
Bruno Mathsson. 

He has recently -visited London to be 
eleeted an honorary member of the Royal 
Society of Arts, one of 'only two foreign 
designers to be so honoured this year ; ; 


Timeless 


';•? Vj '..r & : : - . •’ "• :. : j A CHARMING small present. 

and one that pusis very easily, 
V-; :, m .. •* is a new collection of aromatic 

-■ I \ ' ■: • oils for ihe bath. 

i-v v . •.: .. • it.*” “• Charles Gregory became very | 

K-l-V/v*'- •' : •• interested in aromatic nils and I 

7 .;. V r . . -. ■.>. ■; discovered that there were no 

^ ... f • . . ’ true bath oils using just 

• • ..■ S: . ' ’ i - :‘ He sells his hath oils in packs 

: ' jPIlPaSlr • • ' :!'« of four and each group contains 

. 1 • i ' } four essential oils which can be 

kv- •' used or n, i-’*ed according 

■ to taste. They certainly smell 
\ t ": A • ■ wonderfu] — the pack I have 

. A". ■ ’• dV. . . been trying has JBergamnr. 

' ‘ ‘ Lavender, Marjoram and 

. s V«" . Rosewood, but then? are many 

” 'i : '= Xl-ii '.. . \ ' other exotic combinations u» try. 

V' ' Each and every pack is £4.60. 

A . , each is available .inly by mail 

I'*- V- A -. . --L order (40p p & pi. 

Whereas nu.$i bath essences 
that this cannot nowadays be round {take oil out uf the skin 

cheaply. ■ Gregory’s Aroniatu- Eath Oils 

Bruno Malhsson's furniture- is now on contain natural oils which 
sale in the shop. Uc was the first designer ennch the skin. Charles 

so far as he and I can ascertain, in pro- Gregory did a -.treat deal of 
docc a comfortable chair that wasn’t research tu achieve the kind of 
upholstered. “Many people gave me the oils that would How across the) 
thumbs down when my new designs first surface of ihe water and 
appeared,” he told me. “ hut doctors and evaporate during a bath-tiiue. 

engineers were at once attracted to my [ Only five to in drops of any 






r/vAr-S'C-, 





epe/v 
7/0? 'Ar, 

••...c.r. 



SfecrSsf 


** so rar as nc auu i can ascertain, to pro- c.resur} uiu j ^ieai oeai cu 

• /’/Ifffr duec 3 comfortable chair that wasn’t research t» achieve the kind uf 
V'l/ff IJ fjr g f, upholstered. “Many people gave me the oils that would How across the 

** thumbs down when my new designs first surface of ihe water and 

appeared,” he told me. “hut doctors and evaporate during a bath-tiiue. 

fnmitnre denartment nf lihnn.- eri S iiieers were at »“« attracted to my [ Only five u* lo drops of anv 

knbw that ithas now hew^l 5 f„”v desi S ns - Pe °P ,c Mith inteHpet Ihem of the oils are needed to scent 

opinion, one of the finest raode^n furnb “J "I 16 *>»* wl ' uip ^ tlf 






Spdrklies 


tiire rienartmenrs in I nnrinn md glves su PP orl iQ th * "5 ht Peaces, it is | the muted boxes is to 0 ncou rase 

SSe nce^rerstrS e Ar Sh0P D Y* ^ "[S 

inKeanStreet, Oscar Woo liens ‘in* Finchley I butt,c ' s . . h “» 


Certainly it seems very comfortable to ^ buttles arc small hull 


NOBODY can have failed to notice that 
diamante is the great autumn accessory. I 
haven't actually met a great deal of it yet at 

prhalc dinner parties but certainly at a hig 


iti wtrau outtii vTUUllrfls in r IflCniPV . . - , .. ■ . . « • , . ■ . a 117 niv 1 1 11&11 1 • r — — — — — * — - — ^ 

Road), is one of the musts on the visiting ?‘ l in a " d J! S *-?!’ a,l 2' S€lll P tured ! ook beautifully packase<l with ririp-i fashion show I was at last week several fashion 

RaJTr tot of anybody seriously interested in IS , v - eiy rf b ^! utlf " 1 * Howew ^ modern tops 10 control rhe number of! editors were covered in it— on the arm, round 

^ ^ mbdem design. classics don t come cheap and this par- dri-ps thac lherc is n lt | e 1 the neck, in the hair. Black is the colour this 

of wily two foreign.-.. • - . ’ . . Dcuiar model, one of Mathssons many was ^ e Each pack has enough autumn and diamante, of course, livens It up 

honoured this year; v -.In the discerning hands of Nick Morris. J -- ! — " --- *■-- wa>Le ,,,1Lr ' ndS cnou^n 1 


designs for Dux of Sweden is £295 for L a i, ou{ 20u halhs 


and to celebrate the occasion some of his thfr department has now moved to the base- the chair and £99 for tbc footstool, 

most distinguished pieces of furniture. are . ment and is a-joy to visit. Only the price- There are many other Mathsson models .F° r a * lst ^ ihe eight 
being featured in a speefai display at tickets preventine from patronising it per- on view at Liberty’s and ft is well worth different packs available write 

Liberty of Regent Street'. . sonaUy. but there are so many things of taking this opportunity lo see the group to: C. A. Gregory Aromatic Oils, 

Those who haven't .recently- visited the such obvious quality that one has to accept together. 48 Dukes Avemu.-. London, N10. 


taking this opportunity to see the group to: *-• A. Gregory Aromatic Oils, 


together. 


Cooking 

under 

pressure 

i WAS given a pressure cooker 
for a - wedding present by an- 
aunt who claimed that with herb 
ihe could put a meal on the 
’able for her fubtly hi half an 
lour flat and that any sensible 
verson would want :to do like- 
wise. I never really took to if. 
-nit I'm still using the. base as 
he largest, • sturdiest saucepan 
've got;; -- . T'“: ; 

However, 1 do accept that 
iressure cookers are immensely 

^ : 'gliiohlrt t rt nunnln urUn kouA Id 






48 Dukes A veil iu-. London, N10. 

Rise up 

CAN THERE hp anybody in 
England who hasn't bj now 
I either learned to do without j 
i bread or mate their own? It j 
seems lo me rhat bread strikes 1 
happen so uflen that most of 
us have by n-iv. discovered ways 
of getting n-und ihe problem. 
For myself 1 rind anything is 
better than queueing. 1 always 
keep packets of h readmix* in j 
Jthe house. I learned to make 
; my own bread last time round 
:sn I also alvvys keep supplies 
; nf flour and dried yeast in the 1 
• house. Scones are quick andj' 
easy to make for breakfasts fcnd | 

| my" family t!.»nk flapjacks with j 
honey ir maple syrup better: 

! still. If you haven.'! yet learned! 

I to mate bread apd want in' 


autumn and diamante, of course, livens it up 
considerably. If you top the lot with a small 
cocktail hat ( probably black! then you arc 
really up-to-the-minute. 

I think diamante is great fun — it gives a 
lot of glamour for not very much outlay — hut 
in my opinion it is better for evening wear. 
Linctta Greco runs a marvellous treasure 
trove or a shop called Capricorn, at 118. 
Kensington Park Road. London. Wll. and I 
quite agree with her when she says that 
“people prefer old diamante because it is not 
so shiny, has better style, colour, finish and 
design.'* Much of the new diamante about in 
the shops really docs look excessively cheap, 
finished with nasty, shiny gilt. 

Everybody seems to think they know what 
diamante is but almost nobody could tell me 
exactly. Having done a little research on the 
subject I discover that paste and diamante 
are much the same thing — paste is. so to speak, 
an upmarket diamante being made oT better, 
heavier, glass, quite often backed with silver. 
Diamante, the down-market version, is usually 
of slightly Ie.« good quality glass backed on 
to cheaper materials like brass, copper, si eel. 






gill and so on. It was lirst u--cri ir. :.pnr^ian 
times and Mas modish in fht- i \\ '-nlics and 
thirties. The hesi-quaiify diantunx- was usual!} 
French and it is heaiy. gnori-ifiiiJiiy al 3 s<- 
couplcd Mith good design that makes ihe 
riiffercncc- 

Linetta Greco soils an i-niieim; nii loci inn 
of old accessories of all sorts, as ad! as ihe 
old lace which 1 wmti- about Mime month--, ago. 

She has been collecting diamanx* for 
about two years now and first noticed ail 
interest starting in i! ahum eight month', ago 
among the “ trendies.” I first boitghi mi mo, 
from a little antique shop in Richmond, las;, 
winter and paid £2 for a srt of brace iris and 
a little narrow necklace. Needles* !« say 
prices have now risen hut din manic is still 
good value. 

Linefta Greco has brooches from about 
£5. diamante trimmed *• veiling ha us -.tarring 
from about £ 10 . belts, buckles, ear-rings and 
neeklaccs. 

If you want nlhcr fashionable accessories 
— secondhand, of course — she also se|i> 
and 30s cocktail hats, some wiih icils. from 
about £ 10 . 

I think almost anything rnmi her shop 
would make a marvellous present for a toung 
girl or fashionable woman. In our drawing is 
a small selection or the sort or thing she sells, 
ever} thing is old. everything is. of course, 
individual and nothing comes in bulk. The 
pearl and diamante evening bag is £ 2 «. tlx* 
diamante bell (would look marvellous on a 
slim waist with a plain black dress 1 is rig. 
the black velvet hell with the dianmnte buikb 
is also £ 12 , uhile the diamante rose brunch is 
£ 10 . 


' uressure cookers are immensely . Potcr.coicr " . . 

/ \ rr aluable to people who hare to - I t0 m2i ? bread 3 ( | ‘ | wa,,r In 

- •'•iraduce food fast— you can do me— fear that tfs going? to leases the pressure when the were no greasy pans to wash -learn now. Delia Stoidis Look-; 

' in Irish stew in 15. minutes, explode. It has an inbuilt safety time is up and, third greai up after fhe meal, and the >ry Course ( £3.75, a BBC puMi- j 

rream of tomato soup. in five device so. that if the cooker bonus, because the pressure is automatic timer which sets off; cation that links with the H-le- 

ind so on. Designs "have; should become too dry or over- released autoraaticaUy you the pressure release meatus j vision reries* gives admirably; 



Two times table 

NOT THE table* fur ' , !»=-i;anr by 16 in by 12 ' ki 


drawing-rooms full antiqu*.- 
furniture but just the ; 1 n x* fur 
children’s rooms, spare r .- iih <<r 
sludies, these pack-liar raoles 


round ill' in diamviyr 1 y li; 
in nigh 1 and h*»i r. can he -•nii-’r 
white nr dark hrov.rr *>r ric-r- 
are a few in uran.ii . T: c .-i.i.jrc 
TabU* 1-. £2.uf» lard 11.1. tna; ' 


seem to me some of the nr ,i a mi-prini. ,1 i- a:i i 


remarkable value u:i 
market. There arc. a.- 


! .hv the 1 omul one ;- £! 1 

■.an ihem ai 1**1 maj-r i * :*=« .. - 


see. two shapes, square 1 1 6 in LntJew.n.d-. 


.ooking inodei 'indeed (see You no longer have to watch department, and his wife, water. 9 
>ketch). It also deals with that and time it yourself — -the auto- bravely volunteered for some ni 
major bugbear for cowards [like mafic timer automatically re- consumer testing on the new 
— - ■ ■ ' - . mnrfpi Here is Robin's account. 


SIom' but sure 



The Yeoman gate illustrated is 
one. of pur range of craftsman- 
made timber gates. constructed 
to give prolonged service. 
Other attractive designs are 
also available for the garden 
or farm. . 


Send 7ji {«■;». bfodwrt^ or visit ns sc. Biddernitn, Mr. F. T. Moore. 
British GuevA Tunbef'LHnltedJ BMdeftden. Kent. 

Telephone: Bjddenden (0580} 2VI 55S. 



Tr^r i; l l -ce-uum. Not conienl Wlth launching 
<’TU make a chicken casserole tht . new aulom alic pressure 
cam? the confident call from the coo - ;er Presllge have also 
kitchen. So armed wuh the j, rou oht out two new models 
new Prestage automatic pressure of :hei! . $ | ow<00 king Crockpots. 
cooker and two chicken joints Y h>vt been usin , v - erv happiiy 
my wtfe retired to the kitchen and for Sume tiine> the first 
After five mmut es imttal raodeI< whlL . h , onaisis of a 
cooking, using the cooker base j ove jy earthenware casserole 
as a saucepan, the top was w j,j c j, mside an electric 

locked on and the pressure casin? which governs the slow, 
brought up. We set the tinier carefuI temperature. 


LINUSUAL JEWELLERY CHTER! 



ianish-America 

ifsetina 



6S 



for the required time and I 
went back to my drink. 

A sound reminiscent of the 
Flying Scotsman leaving King's 
Cross accompanied by a shrill 
squeal from my wife announced 
that dinner was served. From 
her place of refuge behind the 


This makes marvellous soups 
and casseroles and I like it 
because the removable earthen- 
ware pot looks so good on its 
own and is very easy to wash up. 

The two new models answer 
two specific needs that became 
apparent to Prestige after the 


Sitverrm: 


iFRQMTHE WRECK OF THE' 
nFFTHESaLlYBLE$&- 


lANDIA’ 





kitchen dour, my wife inquired ,j unch i „ 3 af lhe firs , model . 
with a vexed ei;press,on if I The Crocketle „ de .„ gI1 ed to 






f 

;v: 

,hm&r in ‘i.,, 



thought it was all right. 


cater for people who live in 


being experienced in the ways bedsiUer ^ couples whfJ both 
of pressure cookers I didur anH pWpHv npnnlp uhn 


/ 

: 

v. > 

» . % 

C: 


r* 


* We’ve feet eleven food bones to c hoose from this Christma 5, 
itt-pricerangesfrom ES.-tS, £9.45,£13.85 1 £23.20,£37.50, 
arid on up l&£9e.Here are just two«iampies of the kind of 
fine quality products we’ve selected for you. 


i. . -- Decorated Caddjfof Tea, Game Soup, 1 lb Cooked Ham, I 

PnmeOx Tongue (lc?ib>. Plum Pudding with Rum and Brand/, 4 / 

“ Terry’s Chocolate 5 ,Turkish Delight, Cumberland Rum Butter , j 

\j Stein Ginger in Syrup, Cdcktail'Onions, Salted Mixed Nuts, %i 


’ • '•' > ' Black Cherries in Svrup, Peeled Shrimps, Braised Pork 
‘ M Kidneys, Shortbread Fingere, Fruit Cocktail, lib Scott's 
i-J Marmalade with Whisky, Assorted Fudge. 15oz Pork in 
• - f Cranbeny Sauce, Pate de Campagne, Assorted Cheese 
f Spread Portions, lOor Brook Trout, lib 8 oz Dundee Cake, 
* . i • Wafer Roll swim Chocolate. Bartlett Pear Halves, Peach 
I Chutney, Party Sausages. 


1 Cornish crab soup, asparagus tips. Susse Last continental 
biscuits, assorted cocktail biscurls t a lib plum pudding with 
iusti and brandy, mincemeat with brandy, duck with orange 
pate,' voung stem ginger in syrup. Ilb tin ham, redcurrant 
j*i!y with Pry Sack sherry, prime Ox tongue, salted mixed 
nuts, decorated caddy ot tea. Orange-cake made with Orange 
Curacao. Turkish Delight, Turkey Marengo, lib chocolates 

10oz Icelandic Brook Troul, Cumberland rum butter, peach 

Chutnev, shortbread lingers, four whole peaches in syrup, 
peeied shrimps, assorted French glace fruits, tHue Stilton 
dressing, Hawaiian pineapple slices, assorted nuts and Inut, 
chocolate Bridge Mints, cocktail sausages, one bottle 
i Liebfraumifch a B.a., and one bottle of Anjou Rose, A.G. 
i For further details about our food braes, and prices, simply 

\ telephone the Food Hall at the Civil Service Store. ' 

\'i. ACCESS, BARCLAYCARD AND AMERICAN EXPRESS WELCOME ^ 


” •? W*" ’’V I'-r- . ' : 


.r fl tu r ri r 1 U1U . 1 work and elderly people who 
really know. At that precise - vant simp i e „easy cooking, 
moment, the ringing in my ears The Crockette is a 6raaJler (2 
stopped and the cloud of steam ims , vereion which means that 
C f" ^ , SeeD J silJ Sle people or couples can 

7*“- ^ act ‘ 11 " ,as make use of the method. Its one 

ae 5 S 10us ’ j .. . disadvantage over the earlier 

J plT U n a f ; W r e i C!d f 6 j model, in my view, is that there 
Siiuto^ b hmi.h r„tn thP is oni - v onc container which is 

fnr V ' 1 minnrp- Thp n0t *l uite 50 P««y f 0 T putting 

by W pow dammar"' oi l Ze'llnheLZ tl 

main-line station, during the T" 

late -fifties signalled that it was "« ™ n ' fu / 
ready to be pur into the oven *a>,bins-iip. On the other hand. 

to brown for 15 mins at Gas « ls t “^1°^ for j ,e . dsitters 
Mark 6 . At 1.15 we sat down “ 1 c “ ' rJSSSS ? \ 
to a meat and t'nree-veg lunch vs ^ e ' J a h ,a n ^™ c *£i te ~ 
that would otherwise have . . , c ^ oc ^ erTe 

taken about 11 hours. There r“. * * e “H y 

family-sized Crackpot — jt works 

■ ^ on exactly the same principles 

- but has a capacity of 5 * pints 

(as °PP° sed t0 The Pints of 
t— the ori S'-nal Crockpotj. It, too. 

doesn’t have a lift-out earthen- 
ware pot but consists of an ali- 
Tf in-one device which is fine for 
the but not very elc- 

gam for the dining-table', nor 
so easy to clean. It is £25.95. 

All Prestige products are 

i Tprm^Tl available from most good 

VJVi IliCUA kitchen departments. 













f».. .. s .n*. . ./ s.: 


Nations fought over them! Pirates murdered forthem! Long John Silver’s parrot 
immortalised them! Now we’re offeringthemasintriguingpieces of jewellery 




• ■? 



THE STRAND STORE 


V Dept. MOFT, 425 Strand, 

D London WC 2 OQG^.Tsl 01-836 1212 


Peisoridi ahoppetS’-Comearid see our redewgtied store io the Strand. 


(Jarna n 

foods 

Christmas 

hampers 

lagaurtridesdoaiaflof 
GhrsbBK hamper: jnd 
boxes. langmE in price from’ 
around £7-£tl0. pleau: 
wr«c or idtphone- . 

TIjc Gcman FbodCcarc 
44.'46 Krt^hKbndw. 

London SW1X7I?L_ 

Tdepiwnc ffl-235 5TtO. 

Teles 9iWK. 

Germany 

Maker of fine foods. 


UNFORTUNATELY Iasi week's 
address for The Pearson School 
of Needlepoint emerged wrongly 
on the page. It is indeed in 
Campden Hill Road, London 
WS but at number 16-1 not 104. 
There is no number 104 and the 
Post Office has been informed 
of the mistake so all letters 
addressed to Anna Pearson 
; should arrive safely, Any reader 
‘ who still wants to write for the 
j mail order leaflet or the needle' 
point kits should please note the 
furred number. Anybody want- 
ing to visit should telephone 
first: the number is 01-727 9696. 


!'■•]% ie:es nt hi^hl. 

- '/ ] jM} The currency in cirail.uion thmii-hi.mt 
r ' r " ^ lhe Spanish tnipirc. 

' Thesiiverlh.it brmijtht .in <iv,ini i«'iis glint 

to the eyes ot pir.ili-s like C.ipt.iin Ki Jd, 
B!dt.r i -Lai -iand Captain Morgan, 
ir. irji !he Holiandia. a Durch mcivii.intmsin. wnk 
in Pp’.io Sound, olt lhe Scillics. She ‘.v,is i .irrying .1 
vdigo "■ recently minted coins f’r-tres ot Eight and 
Pul. noons, destined for the h»ot lndir>. 

TIil v.j: jio has been recovered and we vc obtained .md 
made ihe Pieces oi Eight up inln peiukinN. 

Eadt coin is mounted i n a slerlmji silver ri nj; wiuch is 
inscriKd with the name ot the ship and Ihe date of its 
passage- The pendant is mounted on a heavy sterling 
silver chain. Each pendant costs £?$, iCS'TSineAAT) 

and is uo.-ompanied by a txTlitic.de 
-■ — — . [ ot autheiUicity. 

1 fA \\ Fo-f ihe coupon and well 

\ \ ’• 51 nd you your own pic< »• ot 

\ • ^‘'rir oivn memento 

\ \ ^ ^ ' ^ oi .i nmiunlie.ijic. 


1 rciTKi 

■ rimip v ' i 

[h: InJir- i" 

i •" eJJ< % i ■* 


1 ■- i- ir* rv 

/:hT!s7>L 










| To: Scientific S 

* mi' 


Si/t 


Scientific Survey & Lncation Ltd PO Hn\ 3e. Banburv, i Kim. 


j PIe<M«u send me_ J , ieci'S of Eight • 

I i.\lli<vv iug2sdays lurddivervi 

I 1 I enclose my cheque; 'TO to the value • : 

i'.'-. Lit r all chuq uo> pjyabk- m Srii nttlK Slt. : • - 
I Or debit my Access, Barcluvc.ird/ Pi-.- 

L-I.J.I J I I ! I I □ 

I Authorised Signature 

[ N.iiiie - 

I Address 


'.'Sul - ' Weil. •£-■</ Tr 


• r L. .;!^j (■: 

■-.merscan i.--:pre.^ ^L.. 7i l 

i i - *" 


' ^fsvey d ^crr/Z/c/i ; 


■ • .*■' P'llu- . *_ £ r _ -* r i Tn l 1 ».: -i ?•*. -■ m- t * 

Boa - in LCftioii. VA~. I . j. v; _ ; t 








ARTS 



Taking the Chair 




While John Jones nas heina .Aecitlenl and Indemnity Com-' 
elected Professor of Poetry a\ pany after Han'ard and be r 
Oxford Iasi Saturday, the reian- became nce-prtsident of it in t 
ing professor John Wain nas 1934. a post which he held until' 
choosing his Desert Inland Discs his death in 1957. Most of hi$ 

(Radio A. November 4i. His poetry was written after he was 
choice ranged from Mozart to 50. No man can ever have lived 
Fats Waller. From Richard so consistently and successfully 
Strauss to Django Reinhardt; all in two different professional 
expectedly agreeable, okay stuff worlds and a thorough probing 
and as Wain was choosing it Roy study uF how he did it, of the 
Plomley asked him about the impact of insurance upon poetrv. 

Chair; tenure lasts five years: might be an illuminating opera- 
re-election is possible, but This lion. The aim of this programme 
is “ unthinkable in modem was more modest than that, rt 
times,"' though Matthew Arnold tried to dramatise one ebaxae- 
in fact held it for ten. {eristic day in the life oF this 

In addition to Riving a termly remarkable man showing us the 
lecture to which the public are inner 3nd the outer life coming 
admitted the professor has to into harmony. He talks to the 
judge the Newdigatc Poetry janitor of the apartment-bui Id- 
Prize. also to "breathe in and ' n ". : tiiis Aggers some lines j 
out ” over the work of poets and which his secretary, who has put i 
would-be poets in the vicinitv roses on his desk and drawn the) 

‘ blinds acjinst the sun. types for 

'him. Maurice Denham made Li* I 

Stevens into a bumbling bon 
KADiO viveur. and partially dropped the 

American accent when speaking TB M" ~W y • ~W" 

ANTHONY CURTIS "j JfSiJSKS /V# V t MV /> 

no brass and triangle composed xrWmrm -M— # 

by Whelan; such drama as the ! 

...... * . r programme had C3me from- .... 

n[ Ox lord. Like Auden, a former Stevens' announcement to his' The astonishing thing about The 


'm 




Liz Robertson and Tony Britton 


}" Thursday's concert at the ®es----The Adagietto made als effect . - f- 

! rival Hall by ihe Philharmonic,. by- sober poise, without porta- g ^ wAMfwMr ! . . . 

I the -third of their Mahler -cycler me ato yearnings; with a 'little J . . „ ; Mr. ': ^ .. 

under Lorio Maazel. brought the more bloom ait the strings n 

Fifth Symphony. It was begun would have carried full convtc- Q n Thursday at the 
magnificently by tie first taw- tioi The winds ba 5* , Ha , L / Radu Lupa begah tbe third 

pet. who boasts a clarions edge, . existing -in the Rondn-Fin^e. ; u s . current . cycle of recitals 

total security across Jus register TVbare Maazel’s iron, control « cwtc s 

at every dynamic level, and>a aH owed them to. blaze shamelessly devoted, tn.the complete Schubert 
needle-sharp rhythmic; sense; withait endangering the pro- Piaito Sonatas - m an almost 
Future performances oE the'Syro- -cartoas structure of tfcemove: homely Vein, fie drifted.through 
phony are LiaWe to feel toconr- Hjent It generally sounds either tad. - earlier of Schubert’s two 
plete without him; the part] is « undendayed <w under-planned; A Sonatas <D.6S4) with 

exposed as it is cniciai for much here at was certainly neither, hut - M nawywimr th* 

of the work, and I have ", newer -'a - calculated and very e«dtog evident^aSecUon. caressing the 

beard it so bndtianiiy: executed raotWath so resplendent a begin- melodies with that . exquisite, 
in fiie concert halL The excellent niag and an end, reservations easy, singing tone which h'e has 
first horn lacked only that rhyth- ‘about the middle of this reading cultivated ta such a height of 
mic focus— indeed, ail the of a pwerfufl, awkward work are sophistication. There was little 

... 

vj* fnrc^S yTo « Arts Council | vailing to push ' Schubert's con- 

subsidise ssr sate 


ANTHONY CURTIS 


My Fair Lady on the road 


[ blow itself to death, but drew out . to suDSunse 
its sullen, threatening strands 

relentlessly. The seeomi reeve- modem mus i C 


tautness in the playing (though 
it was perfectly, beautifully pure 
in outline) _ and Lupu was un- 
willing to push Schubert's con- 
trasts to . • -their conclusion— 
sjorzandos . were shaded :. into 
pianos instead of standing out 
in tioJd relief. -- 


character's 


I never saw the original i 


MUSIC 


DAVID MURRAY 


chap and this has led to a shadow 
versatility rare in English . ' ' ' ' , . , .. 

writers. Wain has almost as Amonn the great actors of the 

man-/ books of verse as novels to P as .‘- n:tnies h*® '•arrick and 
-his credit, not to mention a Irvins .surest the stage presence 


lyrical score by Lerner and jewelled and forlorn in Wimuole the famous black-and-white 


- : r muuern miwu. : The 181fi . E major : Sonata; 
i-ii.-' ‘ ‘ fit45S) is scarcely o sentJhi^itat 

. __ Ti } e _ NaU ° oa{ Knrfcfmm work. with its 'harmonic twists’ 
• Music Societies, withfundsfrom sometimes angular ihelbdies. 
- . the Arts Council, has offered ^ Lu pu made it sound so, 

- ";!.Lto 11 music societies in England ' 

: ‘y/r~£oT performances of non- • ’ - 
‘ repertoire. 20th-century works : ' 

.-'.during the 1979-SO season. . . jy| •• 


. . , lh ;Loewe contains at least six songs Street while Higgins and Picker- Ascot scene. Well, at Ascot. Tim |ment seethed and Imwded- on ‘ a " - These awards are made to . 

ik"p f'arri -k- and' 11331 bavc ‘ become standards of ing gloat over, their success with Goodchild’s costumes are a ; very tight leash; the string encourage societies to perform .- 
h»\t'.wrr«A n ^ th,! popular music industry, not her at the Embassy Ball: and. veritable riot of pink, green, [ lament in the interlines -was ^th-century works, by helping - : 


NICHOLAS KENYON 


of his professional life. Waio has 


*2&r ss!i.. b rfc..nTth.! r jKswrSrTOB syssiffTa^^s^i'ss: 


lament m the intertudes was ^th -century works, by helping 

sometimes covered “by. . tiie to meet the costs of expensive ■; 

clacketing wind accompaniment, music and unusual orchestrations - BBa^saassss . 
on which Maaxel -had; dearly particular to certain works which '•* 

lavished attenoon. Here and in cannot be used elsewhere in a . . L ... y ■ 

the Scherzo, to^. the repeated- programme. smoothing -over the surprises (hi • 

unison string attacks had less . . the ' first movement> . ghostly 

than their expected bite — the .- The Arts Council channels its development and the: Scherzo'^’ 
PhilhannoDia’s current strengths aid to chamber music clubs and manic agitation) to weave ^web : 
are not evenly distributed. -In r amateur choral and amateur of delicious "sdnorilyr 'which 
any case, the Scherzo remained orchestral societies through the charmed the : ear but . ne&£. 
a partial vision: it ought to he National Federation of Music startled “it.v --. -- - r • •• r -. 


poet we have been 1 
on radio (his wi 
Stevens, the subject 
by Chris to oher Wn 
Office and Back (Rai 
her 7>. Stevens Is 
example, almost t 


.For iron the Arts Cemml JSirtSS. 


ample, of a man writing the kind Phelps’s long occupancy of that (truly exciting number, not least 
of poetry which top critics take theatre in ‘much of the Shake-; because it encapsulates exactly 


THEATRE 


o» poetry which top critics take theatre in much of the Shake-; because it encapsulates exactly 
very seriously, and at the same speare canon. Mr. Roose-Evans. : the defiance of spirit Eliza 
time, having a business career who also narrated, sees this exudes Irom the moment we first 
involving a tough nine to five rehabilitation of the North meet her in Covent Garden, 
job. Lots of poets have jobs. London playhouse, supported j Freddie is no real threat to the 
Larkin is a librarian. Betjeman largely by a middle-classi witty and difficult liaison of the 


MICHAEL COVENEY 


does his rendering of “On the 
Street Where You Live.” He 
need not be so frantic, the lyric 
does the work for him. Elsewhere 
there is solid support from 
Richard Caldicot as Pickering, 


THEATRES THIS WEEK . . . 
AND NEXT 


producing a harsh or .ugly soap'd 
from the keybbard-^Htsomelof J 
the frenzy; of this; remarkable^ ' 
Allegro _ ViCace was captured m- 
a- disciplined,^ ^ rhythmickni:-' 1 
buoyant performance. The ten- 


an occasional tv celebrity, but audience, as a part of the long; guttersnipe and her Sveng 


Betty Paul as Sirs. Pearce and I PHINCE OF WALES — Bedroom Broadway production . of soul- s !°n sagged in the slightly slower- - . 


Stevens joined the Hartford historical process by which our; Phonetician. 


— . National Theatre came into 

being. 

CHESS SOLUTIONS Phelps showed a concern for 

Solution to Position No. 241 integrity of Shakespeare 

1 D « nr.f 1 n L'— -j n «. r.. rare anmng the leading actors 


jj- confidential -Spreditgesang of an eyecatching cameo from j Farce. Incomparable Ayekbourn gospel musical. Little Willie Jr's sections, .both in this opening 
Rex Harrison. Tony Britton in- Eddie Davies as one of Doolittle's farce transferred from the ^ Lyt- Resurrection. Tuesday, A Prayer and r in the Oro -mote'- which 
— •»— -- J ~ •"* v -- u - -•'»» 'tel ton. Reviewed Thursday. .. .jar my Daughter comes down- followed; Lupu's^ TidyUieaUy- -^ 


vests the role with as much drinking colleagues. 


That will serve as a preamble suavity as musical assurance. The whole production is the KING'S HEAD. Upper Street Nl. stairs to the main house at the Innocent approach lo th^mqsic's 


l B-B5! tnnt 1 Q-K7? Q x Q; 


Dag. Tom 


r at the Warehouse. Look u- __ -i .• 

Here Comes Trouble. ' n ^“ ica ' Iy Il,e - 

- ... splendid . Lnpa can - do precisely - 

London, a long-overdue what he wants with Ihe. glorious. 

Christopher sound he produces. Biit isn’t tiiat 
Watford; a new political sound (though - ample? rip-; ffis 


if R-B4 '"nr i?’ - the voSlist with an Tndi vidua, fire- To The Church On m sowTutl.* theshow travels to (TgElK ^ 

2 Q XP or if N-B4- ’» O-Nl Ph^n, fl n a C .K ^ «t brand acting quality. After which Mr. Bayliss totters and Leeds. Birmingham. Bristol (Ub) with ^ ®“h productSf SS pSer RrnS ^^nety-Offimbre. and isn’t \ 

or if N-\4- •> o ¥ n Phelps final! v aoanHnned Sadler sj * Show Me.* there is no way glides around like a lewd walrus Liverpool, Nottingham. New- Reviewed Fririav ^ • nt ’ /” r °M S Production what Lupu wants from It a little 

o r N N4. , R x N. Wells after nearly 20 years there. Freddie would live with her. lu bis last night of freedom- cartff Oxford and CaSk. At on Monday, pre- £ e 3t 

Scotland — 4JS.V5.15 pw Score- jJtip of ihe World between 1J0 Joe *> irm T** MonkMs. U-50 won *SS Mind Your ua \ucc. mas snnn. n^i, n^T a - ■■ ... . ~7 - . -- • . 1 

board. a.4a-j.a0 Scoreboard. 10.45 the holder Larry Holmes and Captain \uno I2.0S Th.- I-orcw Watchers. Kailcos. The u , e snow TssimSLic lzm ^ ■ - • 

Sporiscene. JLtS-llAS Sing Alone .-Vl/rcdo Evangelista: 350 ti 5 WFSTWARH Z0M.B2 am Sevs Summirr. .lA/|T^|f ST|U||^ /^UAIilF 1 

. iSS£ ‘ i2 45 am S News T Sd 4 M* 5° n" d * tt . p: wortd. RADIO 3 ««m.Stereo&VHP ‘ WttRtllR CnVlCfc;: 

inbbck S a P t, r d R whT e Weather for Scotland. ' Senl« U ^ ^ GRANADA ,0 j?ar^^ ^ v «f It seems to be an increasingly Peter presenter 

ana D, “ Northern Ireland— 5.00-5.15 pm 5.05 News »•" •« Couoi «5 Sesame i:«mn« lan Henan U5S Look And Sec. ““ n I ^ ws L common occupational hazard of With SIX bolldav tllps ifi^fio 

bbc 1 gs2d^ ^fn. televfeion critics «>« they end with - 

S.'O am Take Another Look. 9150 Weather for Northern Ireland 
Mulu-Loloured Swap Shop. )1 jit) DDr ~ 


•-:SS 





t Indicates pragramme 
in black and white 


BBC I 


The Lord Mayor's Show from 
beside St. Paul's Cathedral. 
12.13 pm Weather. 

12.15 Grandstand; Football Focus 
<12201: Racine from Chelten- 
ham f 12.40. 1.05. 1.40): World 
Rowing Championships from 
New Zealand <12.55): Gareth: 
A Hard Act to Follow! (1.30); 
Rugby Union Preview: Rueby 
Union: (2.00) Wales v. New 
Zealand: Motor Racing on the 
Thruxton Circuit 13.50. 4.20): 
Boxing: 1 4.00 1 Commonwealth 
Flyweight Championship: 
Magri v. Mambwe thigh- 
lighLs); 4.40 Final Score. 

5.15 The Pink Panther Show. 
3,35 News. 

5.45 Sport 'Regional News. 

5.50 The Basil Brush Show. 

6.20 Dr. Who. 

6.45 Lany Grayson's Generation 
Game. 

7.40 .All Creatures Great and 
Small. 


5.05 News. 

5.15 Cartoon Time. 

5- 30 Happy Days. 

6- 00 Mind Your Language. 
6.30 The Incredible Hulk. 


am Makr li Couni. «5 Scsmthi; siarrln* to 
Street: 10.55 Sal onlay Manner. Hay 12.00 Just ■ 
Milland in " Bugles in iho' AXternoon." bun's Binfc 
5.15, pm How The \V\-SI Was Won. 6J5 The Lite .1 
Mind Your Lancu;ic>.-. 1005 An Audience 6.M Happ. 


bbc 2 S^Ntaht sb , aas^-“ar ^ 

2.13 pm Saturday Cinema: '-Jack 9.00 The Professionals. 1155 * " dJlft Clwtaa - 

of Diamonds” starring 10.00 News. HTV 

1 aa t? sei3 ^ j 0 ** 00- ’ 10.15 Twist in the Tale. 9 -W am Doctor. S3) Ten Od Sawn: 

4.00 Now and Then. 11.10 Saturday Night Peonle L 35510 M-M'Bamwn 'Pun n. 1 

4 JO Horizon. 11^5 The Practice P “05. Batman .Pan Si. TLX 

595 pi av Qonrt 1*0? rf ac,,ce - - Soot. UJ5 Ten On Sjmrday. 1L40 I 

Me UhJ 12 ‘ 25 am ^ ose ' Wilfred Owen Maidens. 12.UI ora Pnw.» EJD Ten 

2*tA Tkn p° era read by James Coyle. Suiurday. 5.J5 How Th^ West Ww w 

6.15 The Old Grey Whittle Test. AU 1BA Regions as London 458 Mlnd Xmx Lansoaite. uos t 

Sfr a , nd . Sport - Q t,^ „ «cept at the following times:- S2S%S? Ru?hy ^ Donna “““ 
7.10 Network from BBC Scot- « ransr - 

land 1 ANGLIA HTV Cymru./Wate^.^ HTV Cen, 

7.40 Gala' Concert live from the ** uZHuJ ?™ m "^SUB A w 

Ulster Hull I *•20 The Neil Shou. S 15 pm ■< Tars»*i Hi&fc " surrtnii Rn 

Williamson HanH-l <Lini , How 71,0 Wcst Was Won - Muid Your ^ RkK ' ” jrrtna Bo SWDSOn - 
bajnt ' i^neuasc. MJ5 C-lebriiy Cwioril- Anne SrOTTf^^f 


6.30 The Incredible Hulk Hlib Jaswr r^rratt. 10 .« TIm Lato t'llm: omury. 1845 TV Mnvu-: -RtcD.c uvSStli Kh«?ruin L>e 111115 hotter took to Writing V *.’l 

IS ar*p£r r . H, V“ aafflfc "■ assrwrf»'^s - ^jStjSr^aS **•■<** *■«* *« *« » s*;:' • 

2S J*™*™**- (fry YORKSHIRE 8*2* K?VSr.& , 3JS “«• to** to make illitera- % . 

ts N^op'e *na. D ss- gis*.a,T?& js &. i a,'gr<£r m & gg?£s^»3 p^SrS 

hs n-sssQ 1 - s h LrgLpMrtae otls? «!™. ^ 


ANGLIA 

9-00 am The Bubblies. 
Tim*.-. 9JS The Nun Week 


SaSns. Stanford. 


SCOTTISH 


5.00 am .As Radio 5. 72W Playground. RADIO 4 


8.00 Ed Stewart. 10X0 Peter Powell. 


back ^te BBCl this evening is . 


8,40 On the Record: BBC 2’s Day ' 
TV Press conference. 

9.15 Film Interna tiona): " Le ' sju 

Sheriff." noun 

11.00 News tin 2. 5J5 

tll.05 Midnight Movie: “ Dr. S" 


,. n« ray ' 12-09 M ThL " End ° r The 9 am Castaway. 9.20 tdee'iiures in B»m- 100 Adrian Jiwe isi. 2.00 Paid 


434m, 330m, 285m and VHF Some : Mothers Do *Ave ’Em, 


uS ^amhovvlnt «si. ill Rock On isi. SM t U. » W Fan*** Today. Starring that most imitated Of 

! ,ucan. 505 pm How Th',.. West Was Wan. Boek 'n' RrjU «sj. 6J1 (n Concert fs^ COtnedianX Michael Crawford. - 

bSS Miiui Ywr larisua&c. Bon VIM DteravaUn . 124&- PWOTHit' news. T4IJ Nows. 7.io _qn ± - ^ . 




sid am Plav C.tmar II IX Matn ti ®- 3C> iwit uarisuaao. - ~ 

count. 10X5 n» Losr Island. 10 JO Tlswas! Lal? Cjl '- 12.05 am Ceorse ■" ** R ^ dm “ 


SS. f & L b»S SfartK . Also ^returning jo BBCI 


News on 2. SJ5 pm Spiderman. 5J0 The Bionic HaniU,oa ,v • • RADIO 2 01,03 ant * VHF 755 Weather: pros ram tn^ news. Lao tOmOITOW 

Midnight Movie: “Dr. tf 5 . Doc,or 0n .Pi? 9 n - fi r 5S SOIITHFRN uao Med VHF News. MB Spon on 4 from Cardiff. " 

Jekvli and Mr Hvrin ■' star. ^ iu ' A Y ^f 1 L. La “ 3uas, -‘- MJS Saturday 031 CR 11 5.00 am Nc*s Suramao'. «2 Tom MS Yesterday lo Parliament. 9X0 News. - - 

SIw St3r Cinrma: TTie fiu-an^e AlTsIr." starting -JJ" ■ T, a r l ? 3 1 n \ w u ^° B _ a S; Edwards -s- including L«a Racing 9-OS International Asslgnmcm. 931 The TI/.. ' 

ring hperiLer Tracj. Mlcba..l York. Jcrctny Kemp aud Susan *** 'Vea'h'. r f'orweB- S- 15 Bul | elUL 8X5 David Jacobs wttfa star Week in Westminster. LS5 News Stand. ■ W - ' 

T ONTION George. 1208 1 am Dan Aunuat. . ?,! * ■, V *','2 "® n - &J5Mhv3 Y. o yi wund-. on records »si. 1040 Tony MAS Dally Semre. 18J0 Pit* of the 

__^r\r, u . border JS5K ^,*>2 *£*'*'■„ -w , 


long-time Blue . Michael Crawford-. -BBC Saturday 


ring Spencer Tracy.' 

LONDON 


ni m UrK ,%i*r L . V- ! U ei rr-w oraiKJuif 'b'. ivuy uaniexs wiid muc rut vtw. 

8^0 Some Mothers Do ave 'em. .8.50 am The .Saturday Banana ..MS pm How The ifiKta won. ms S&2n£Z K 2S £8S**2L l S ffi ay om w1l A h 


9.05 News. With Bill Oddie. part 1. 9.00 Mind Your Lammase. loos uuc pum 

9.15 Royal British Legion FcMi- Sesame Street. 9.45 The Saturday 'j Dun *-" starring James Coburn and 
val of Remembrance from Banana, part J. 10.15 The Mas ^U» » ., vri 


jndbasa-rt. 1L50 am Snniheni News. ]jnvS ^. JUl R , n . ' flUlllJ |. soon On Fntz Spiegl. 12.00 News. 12.03 pm A 

TYNE TEES =; Runby Special '1.30, l.lO. 2—5, J.49. Bar For Nothing with Johnny JMoms 

9.00 am Lyn's Look-in. 9.B The Six ?- 50 ' : »** *• ^ Zealand: Football «s«. 1LZ7 The Jwwn ExplaBaUon of 


TV RATINGS 

w/e Nov. 5 


;UIC_toP 20 (Homes vlewtog m> . 

1 Caroealion Street (Mew.) (Gran.) 13.T0 


17 Geaeral Hospital (ATV) 1S.05. ‘ - 

,M Showtime (ATV> _ . :.u.:. Ii30 

18 Emmordala Farm (Tkes.HYlo^ 12-90. . 

28 Mastermind (BBC) .. > 12S3 

■ Pisores .^compiled by dudlla -of- Great 
BriraJu for.ihi? Joint Industrial CommUTw : . 
for Tolertslori- Advertiahaj Reaearcb 
(JtCTABr. .- *. 


the Albert Hall. London, in Monkees. 10.45 The Saturday 
the presence of The Queen. Banana, part 3. 11.30 Tarzan. 
10.45 Match of the Day. 12.30 pm World of Sport: 12^5 


CHANNEL 


Million OgB^Tw nTtto Uaene s pedai rLM. 2.M. b.4S. 2-3S. CnUlure .s). 1LS5 Weathen programme 2 JWw J» Ywr Ufe (ITtameo) ---T5.W U .5. Tg -WN. RatiPasT: 


10 15 i v n > i^>ik in . +1038 5.00 »: Rbl-m; From Doncaster >1.38. g.iw, newe. LOO News. L15 Any Ou'*siJons? 3 Soreowey rthames) IMS’ ' 1 TJa Sting (film) (ABC) 

“ % UL • „ n ...dill, frvim mho, 7 OR Rnnkchfir 9.VI SimnliT.lftdnuiAn O All OeonreS- £B8C) 14.30 y Thrto'c-Tjlnrnjnu /mirint 


1238 pm Puffins Pta> i*ce. 5.15 Cartoon Saturday Morning l Um ' ' Sink "5. 2.:-5. plus results from other meet- 2.00 Bookshelf. 230 Sararday-AXtcmoon 0 AU Cre etgre5_(BBC) 14.30 Z Tbree's-CmiTPaiw (cnmedyl.tABCl MJ 

ime. 530 The Life and Times of Grizzly BUoiarck " flimne y-Hwib^Mun.- taw and classified check 430*: Cricket Theatre. 530 Does Be Take Sugar? 4.80 ? Crossroads TThw3 (ATV) ...... 14.25 3 Lawtrne and SMrfer (comedy) • • 


1J.45 Parkinson. 

Ali Region-s a*i BBC 1 except at 
the following times: — 

Wales — 8.45 am Take Another 
Look. 9.10-9.30 Wir I Chi. 5.43- 
3.50 pm Sport/News Tor Wales. 
12.45 am News and Weather for 
Wales. 


pm World of Snort- 1255 Time. 530 The Lire and Times if Grizzly Bismarck stamne Kenneth ‘. 

i Adams. 630 Happy Days. 7.00 Sale of 12.15 pm Ltn's Luok-ln 5.15 Ko 

eadUne. l.lp News from The Century. 10JS TV Mdtic: Rjchi- west Was Won. 635 Mind. 


Headline: 1.15 News from The Century, loos TV Mdtic: Richie West Was Won. 635 Ml 
ITN; 1.20 The JTV Seven — Brocfclenian— Pnvaie Eye. lUO in Language. 1035 - The Unix- Can 
1.30. 2.00. and 3.00 from CwKxrt - „ „ . _ Hnotl. B,-nneH. \>n.-tie \e» 

Doncaster: 1.45. 2.1o and 2.45 GRAMPIAN MUu otshua. i«o emiouim. 

from Calterick; 3.J0 Inter- ,B ® am Scene on Saiunlay including LiLSTER -1 


of Grizzly BUoiarck " starnne F.-nneth ■ More ,nus anQ <-UiSsuiea caeca aju i: uncxei ineatre. uoea ne iase srearr u.uu -— : "-a 

I Sale of 12.15 pm Lm'i Look in " 5.15 How The r '-*. 2.B3i Enuland V. Victoria: 5.00 That Must Despicable Race. 4JB Enquire 6 Coronation Street (Wed J (CrinJ. 14.1a 

l-: Richi- West Was Won 635 Your Soons Ker^nn: ClasbiHcd FoolhaU checks Within. 5J» Kaleidoscope Encore. 530 7 Robin* : -14-05 

1138 in MwJ ^OJS • cS^swrrt^ 3-«»- Ml. arM nwbr round-np 535. Wet* End ins t 5 ». 535 Weather: pro- • £**■} - - J«S 

h5ttv|7b; ■ruiuit viSS SraiS fc03 European Music Game. 7.02 Beal gramme news. 6.00 Nows. 635 Desert 9 Top.ofihe Pom (BSC) -.IMS 

MUu OTSta ^liOO^EMk^n^ ^ The Record. 738 Radio 2 Top Tunes <s». Island Discs. 650 Stop The Week With » Mbtod'.Blewes (LWH . U.Ri 

TTT CTrn' • . A 15 Royal Brmah Lemon Festival Of Robert Robinson. 738 These Yon Have U Crossroads Cn«s.> (ATV) 1X7B 

inJudmg l 1 Lo 1 tK z. - Remembrance in the presence of TTie Loved «sl. 838 SatunJay-Nlghl Theatre Jl Good LVe (BBC) _ -13.78 


- (ABC) 273 

ttf.Mnw (news). (CBS) 27.5 

5 Work and Mindy (comedy) (ABC) 27.3. 


iron easier ixo z.ioana z.-K> unnHLrirtu rjj c’T'rri • ’ «•« Royal Brmsh Lemon Festival OI Robert Robinson. 738 These Yon Have U Crossroads (Tlws.) (ATVJ - (CBS) 3^4 

from Calterick; 3.10 Inter- _.*• am Seme on Sarurday including ULoltK l - Remembrance in the presence of The Loved vO. 838 Satucday-Nlphl Theatre 11 Good LVe (BBC) 13.78 8 Happy Days (comedy) (ABC) .-.7... 253 

national sports special from «;na«ay uwetlnas nnd The Secrel Uves lh.» am Saturday Momhu -MOfic: Owen -if ihe Royal Albert Hall f S ». '»». 938 Weather. 10.80 News. 3035 U tarry . Grawsw* (BBO 9 Taxi (comedy) (ABC) 2S3. ' 

I'nunr’c Palin*- I« Yi>m« “£ WaWo KJlCy. 930 Sesapie Street. "The Lone Rancor .\nd Tlie 'Last City 9JI2 The Peier Coe But Baud in "Band When The Guns Stopped Firms: The 14 UHto- O-WT). ... ..... Wj> 6 10 Utue Noise (drama) (NBC) .24.8. .. 

%k„Z^rZlT J? 30 . Tb '- Beachcombers. 12.00 Lassie. Of Gold" 11.30 Sesame Street- 5U» pm Parade" is». ’‘JO Safurday Night With ««h Anniversary of the Armlnttcu. 11J8 IS Q in a adr i CMom) CA TV) ._...4... Xilff ‘ A Nellseu ratine- Is not a numericnl 
lVBC Hcavt^cifint cnatnpion- Your Language. Sports ReuiUs. 5 js Hnw Th- West Was The BBC Radio Orchestra in. 11.02 Lighten Our Darknw*. XL45 News. 16 GeoW and MltdrW (Thames) J34S tOtaL 


ENTERTAINMENT aldwyck. ase WM. info. 836 5332. 

______ ROYAL SHAKESPEARE COMPANY in 

GUIDE repertoire. Tonight 7.30 

uwiiai. as you like it 

"An evening of fare enchamment." S. Tel. 
With ; CORIOLANUS tTomor.. Mon.) 
CC — These theatres accept certain credit RSc also at THE WAREHOUSE ttec 

under W>. 


THEATRES 


DRURY LANE. CC. 01.836 8108. Mon. HER MAJESTY'S. 


THEATRES 


THEATRES 


THEATRES 


THEATRES 


to Sat. a.oo. Matinee wed. and Sat. 3.00. 
A CHORUS LINE 

*'A rare devastating loyotn. astonishing 
stunner." S. Times. 3rd GREAT YEAR. 


0t>030 6606. 


cards bv telephone or at the Bov OKice. 


OPERA & BALLET 


AMBASSADORS. CC. 01-836 1171. 

Ergs. 8.0. Tues. 2.4S. Sat. S.OO and 8.00. 
JAMES BOLAN 

COLISEUM. Cr-rdlt cards. 01-240 52S3. ^ * U G£R MJ3°FLGOO ' 

Resnrratlons 01-836 MSI hi A NEW THRILLER 

ENGLISH NATIONAL OPERA WHO KILLED 

Tonight A Frl. next 7.00 The Thieving AGATHA CHRISTIE - ■ . 

Magpie. Wed. neat 7.30 Madam Butter- j 

flv. Thur. 7.30 Tile Tales or HoHmann < APOLLO. CC. 01.437 2663. Ergs B.oo. 
Iltnal oerf.1 "Enormously elfnctive " E* Mats. Thurs. 3.00. Sal. 5.00 and 8.00. 
Std. 104 balcony scats avail. lor all PAUL DANEMAN. LANA MORRIS. 
OcrK- Irom tO.OQ an dav Ol ocrl. DENNIS RAMSDEN 

— — r r CARMEL McSHAPRY 

COVENT GARDEN. CC. 240 1066. SHUT YOUR EYES AND 

■ Gardencharge Credit Cards 836 6903.' THINK OF ENGLAND 

THE ROYAL BALLET VWICKEDLY FUNNY." Times. "Very 

Ton't 7 30 The Sleeping Beautv. »erv funny— great enicnainment " Now. 
THE ROYAL OPERA — 


DUCHESS. 836 0243. MoP. to Thurs. 
Evenings 8-00. Fn.. Sat. £.15 and 9.00. 
OH ! CALCUTTA l 

"The nudltv Is stunning." Dally Mall. 
9Ui Sensational Year. 


E»OS. 7.30. Mats. Wed. and Sat. 3.00. 
BAR MITZVAH BOY- 

THE NEW MUSICAL 

STUNNING PRODUCTION — 
UNIQUELY ENJOYABLE." Ffrun. Timet 
" DELICIOUSLY FUNNY." E».‘ Mralart. 
“ EXUDES THE SWEET SMELL OF 
SUCCESS.” Guardian. 


! OPEN SPACE 3S7 6969- 

BECKETT DIRECTS BECKETT 


Endgame — K rape's Last Tape 


QUEEN'S. Credit cards. _ 01-734 1166. 
Eves. B.00. Wed. 3.00. Sat. 5.00, 8.30. 
GEORGE CHAKARIS. ROY DO TRICE. 


1 VAUDE VILLE -.;. 836 ,9986. Eves. S.OO. 
AN EVENING WITH DAVE ALLEN -| 


CINEMAS 


NO PERFS. now. 1*. 15 and 16. 
Ring Box Office for details. 
Extended b» oubKc demand. 


RICHARD VERNON. JAMES VILL1ERS 
THE PASSION OF DRACULA | 


"UNDOUBTEDLY THE FUNNLSST 
SHOW- IN-TOWN." Sun Exotess. 
LIMITED. -Season until Dec. 2. 


' DAZZLING." E. Stan " MOST SCENIC-' 
ALLY SPECTACULAR SHOW »N TOWN." 
Punch. "THEATRE AT ITS MOST 
MAGICAL.” Times Ltt. Sup. 


DUKE OF YORK'S. CC. 01*636 6122. 
Ergs. 8 pm. Frl. :>nd Sat. 5.IO 304 8.30 
TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

"MICHAEL FRAYN'S FUNNIEST PLAY." 
"SUPERB.” Fin. Times. "EXCELLENT." 
Times. 


THE ROYAL OPE* 


FORTUNE. 836 2238. Evs. 8 Thurs. 5. 
Saturdays 5.00 and B.OO. 

Muriel Pavlow as MISS M APPLE in 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


LYRIC THEATRE. CC. 01-037 3686. 
E»*. B.OO. Thurs. 3.00. Sat. .5.00. 8-30. 

PLOWRIGHT FINLAY 

dire ‘ fl , 
PU SfCTED by FRANCO ZEFFERELLI. 
•• TOTAL TRIUMPH." Ev. New*. '' AN 
EVENT TO TREASURE, a MitL •' MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS." Sunday Timex. 


PALACE. CC. 01-437 6834. 

Men.-Thura. 8.O. Frl. and Sal. 6 and B.40. 

JESUS CHRIST SUPERSTAR 
bv Time Rice and Andrew Lloyd-Webber. 


VICTORIA -PALACE. ^ CC. 828 4735-8. 
. , 834*1317- 


ABC 16 1 Shaftesbury Ave. - B36 866t- . 

Sep. -PeHx. ALL SEATS- BKBLE. - 
: is DEATH ON THE" . NILE (AJ. W|r. * 
Suns 2.20. 5Z0. 8.20: Late show tomb** 
TT.10 i.-.-. •• 

2r DEATH ON THE NILE IA). Wk-'A 
Sun: 24JO. .5-00, 8.00. 


PALLADIUM. CC. 01-437 7373. 
Tumoav Nov. 14 for S davs only. 
MARY O'HARA 


SWINGLf II and CHARLIE 5MITHERS 
BOOKING NOW OPEN 


REGENT. CC. . .01-637 9862-3. i 

Red. Price Previews Mon-Sal. 830. 

Mats. Fn. & Sat. S3S. 

OPENS MONDAY 13 NOVEMBER 
LITTLE WILLIE JR'S 
_ RESURRECTION 
The First Soul Gospel Musical. 


;.V. SHEILA HANCOCK .. - . 

.ANNIE * _ * ■ 


* ^.BLOCKBUSTING — 

SMASH „«rr MUSICAL," O. Mair. ■ 


CAMDEN PLAZA (odd. . Camden- -lUvAf 
Tubc)-^ 48S 2443. .The' BOB OYLAN 
FILM RENAU»l 6 CLAM (AAL-IMB 
BOB' DYLAN AND JOAN BAEZ’ In - 4 


WAREHOUSE. . Donmar Theatre. Gtwent 


PALLADIUM. CC. 01-437 7373. 
Ooenlng Dec. 20 Hr a Season, 
DANNY LA RUE 
as '* Merry " Widow Twankev In 
ALADDIN 

ALFRED MARKS as A8ANAZAR 
DilyS WATLING. Brian MARSHALL 
and WAYNE SLEEP. 

Preview December 19 at 7.30. 


MAV , FAIR. 629 3036. EvflS. 34)0. SaL 
Sfc” and 3.30. wed. Mat. S-00. 
WELSH NATIONAL THEATRE CO. 

„2,X}^ N ™ DMAS ' S . 

UNDER MILK WOOD . 


Mon. 7 30 and Thur. 7.00 L'Alricairte i I ARTS THEATRE. 


Tue. and Fr|. 7.30 Cos) tan tulte. 6S 
Am Phi seals available tar ah peris, irom 
1 0 am on pay ol Perl. 


01-836 2132. 


TOM STOPPARD'S 
DIRTY LINEN 

VHilarMui ■ ■ • v.e , 1 " Sunday Times. 


asJBSSVSr^ «r%» Mon ‘ ,a 'siS.ro 1 ?v Ur ^ a o‘o ™ 

DIESKAU' BARENBOIM. CONCERT °° JnB 9 -’ 5 ' 


GARRICK. CC. 836 4601. Evas. B.OO. M , ¥ ZTZTrrZ — TTC ~ 

i • sharp ■ Wed. 3.00. Sat-. 5.30. 8.30. F £ ,R THEATRE. 01-493 2031. 

□ENIS QUILLET in IRA LEVIN'S Prom Dec. 18. Dly. 10.30. 2JO A 4.00. 

- — ^ P -£ A ™ TR r£ P .. , . SOOTY'S CHRISTMAS SHOW 


ROYAL COURT. 730 174S. Prcv. tront 
Mon. neat 8 P.m. PRAYER fOR MY 
DAUGHTER by Thomas Babe. . 


Garden- Box-Office 336 6803. Koval 
Shakespeare ’ Co. Seals available ton't 
B.OO M-.'Uere Atkin's A «tid R. "Pete 


TRAC K STEREO. P«W*. 7 SO, 7i3S daffil-! 

CLASSIC V 2.,’ S.A- Ottterd Street WBji 
Totten bam Court Rd. Tub*}; . 636 0310- 
V V!L A ' p J>go- Children ha K- price. . 


U arriA- Proos. Children ha H- price. . 
1: RIQtard .Adam's -WATCRSMIP DOWN 
.tUL-hmw -wHb denortMIe Soond.-Procv- 


ROYALTY. 

I Monday -Tht-rvOav evenVnm 8.00. Friday 
I 5.30 and B.45. Sabirdavs 3.00 and B.OO 
. London CrIHt. vote 


D1 -405 8004. 




DENIS QUILLEY in IRA LEVIN'S 
DEATHTRAP 

A New Thriller Directed by 
MICHAEL BLAKEMORE 
"THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." 
Sunday Telegraph. 


recital. Refund* will be available Irom 
the Bo* Office on receipt ol relumed 
tickets. 


BEST MUSICAL v OF THE YEAR. 
EVENING STANDARD AWARD - 


TSSr^u?rt' 4:c. F ^t. m ^.S£ , . ALDO - «£fflNG BLACK A.SK«N MUSICAL 


PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHITROW 
ALAN AYCKBOURN'S N=w Codiedv 
TEN TIMES TABLE 

■’ Thl* must be the happiest lapohter- 
nuktr in London ■■ D Tel. "An Irresistibly 
enjoyable evening.'' Sunday Times. 


THEATRES 


"Pulsating Musical ■■ Evening News. 

Seat priors L2.00-E5.50 
Dinner and top-orlce s-at £9.50 ind. i 
FO URTH GREAT YEAR 
TRANSFERS TO WHITEHALL THEATRE 

DECEMBER 6th 1 


AOELPH. THEATRE. CC. 7 01.8,6 7611. So >57. ^ ,.oo. 


Mat*. Thursday 3.00. Saturdays 4.00- 5Jti. 5.30 and 3 30. Thurs. 3.00. 
ivia». - a ’BEYOND I BILLIE WHIYELAW 

THE RAINBOW ... i "The most oowerf ul female acting seen 

An Enchanting New Musical in London (h,s <m,r ■■ Observer. 

Credit Card Bookings 01-836 7611. ■ T. P. U'KtNNA In . 

. — — ! „ MOLLY 

LLBERV. 836 3878. CC. bks. 836 T071-3. | J*.* 1 “On GRAY 

from B. 30 am. Party rates Mon.. Turn.. | inwim* heaving." e. News. 

w»d, and Fr.. 7.4S pm. Thurs. and Sat- _ - — 

j 3C» and B.OO. | CRITERION. 930 S2i 6. Credit card bkos. 


GWFCMWICH THEATRE. 01-858 7755. 

Evenings B.OO. Matinee* Saruntav 2 30. 

AN AUDIENCE CALLED EDOUARD 01.0 V IC. 928 7616 

■A Thearn^ ^ " Snmr.se Todw ' ** ** " 

and. dehnht '■ DrT-l -iC-natlm, . . TWELFTH N?GHT° 

extraordinary evening EN. E,H*n Atkins a juperb Viol*" The 

' - - —— Times. -Roberf EddlMn "brllflanl Fes«" 

HSTHAWET. "1.1’n 9BX7 Evas R rin Guardian. . . 

Mats. WH 2,0 S«l« 4.10 snd B.OO Peturnlna Monday Nov T3in.-' 

THE LADY’S NOT FOR BURNING 

C 2,:r«. FB "^rj S Oe«*f Jacobi "Ekv and virile idtnortW 

_____ N'OEL STOCK E. Stand trd. Eileen Atvins .-''Rlvcilng 

^'L E> Lc physical fluidity " Flnanc.jl Time*- "A 

COVTk LS rirV£Iwef f,CK HCB ’ • pcrt.jnnance from Robert 

and FFNEl . I. G Eddnon . Michael Oaiffson. John 

LOOKA-, -K LULU Sav'dent and Brenda Bruce SCOOP OB Ihe 

by Nnel rowni. laughs" Guardian, 

with Gary Raymond Returning Nov teih 

— * Derek Js«bi in IVANOV 

KING'S ROAD THEATRE. 01- >52 7488. Chekhov's corned* with Cl>»e Arrmdell. 

From One. 18 Dlv. 10 10. 2. in A 4.00. Brenda Bruce. Mlchanl Denison Louis* 

THE HQTKY HORROR mow Purnell. John Savldeiit. Jane Wymarfc. J 

DON'T DREAM IT — SEE IT. .. J "»c ft iii' t o. Telcflradh. . , 


W A. T r l w.?w L .J_ t ! EA ' TRE ' 928 22 K 
ygn^nHp ,a 2SC ? a °*‘ Taaay Z-*S and 
no ffris this month). 

ir_ nc " Plav by Edward Bond. 

MS2i '-SO The Double Dealer.- - 
LYTTELTON iDroscenium stagen ' Today 
JiJ.iiS. Mon. 7.45 How OTie* pre«.i 
n « w D,a » •»» Pinter. - • 

COTTESLOE Ismail audit or! urn): Until 
Wed. neat e»cs. at a THE WORLD 
TURN ED UPSIDE DOWN bv Keith D#w- | 
hum Irom Chrlslooher MIL'S book 
I perhaps not suitable tor chfldrenl. 

Many evceheni cheap seats au: 3 theatres 
na* or per*. Car oarkT RwiaSonl «2B 
2033. Credit card bookings 928 30S2. 


PHOENIX THEATRE. CC. 01-836 2294. 
Evgs. B.OO. Wed. 3.00. Sat. 5.0 & 8.30. 
DIANA RIGG. JOHN THAW In 
NIGHT AND DAY 
A New Play by TOM STOPPARD 
Directed By PETER WOOD 


BUBBLING BROWN SUGAR 
8est Musical or 1977 
Tel. bookings accepted. Malar credit 
cards. Restaurant res. 01-403 241 B 
SAVOY THEATRE. 01-83S 0888 

-Credit ca-d* 734 4772. Tom Conti ki 
_ WHOSE LIFE IS IT ANTWAY 


!^.Xl ^ 

7tu?S,-FfT- : -7.4S- Wed. an tS Sat' 3.00 
AMU5ICAL ENTERTAINMENT 


■THE BUNNY- AU 


. LOVE ALL 

(NY- AUSTIN STORY 


1*5.4.00 6.15. Late show H orn. - 

^'_T HE- GREEK TYCOON (AAJ. Progs. 
■.J40. 3.«0.^6.o0. 9JZO. Labe shew 1 1 pm. . 

.^ir'ii te 1 ^- 


WSYTMIMSTEIL. THSATRR..- 834. B2S3. i 
THn- Rtcr- -* rAadrew Lloyd W ebber v 


Pr.ftlj" Clark. "A MOMENTOUS PLAY., 
I URGE YOU- TO SEE IT." Guardian 
6*65. B.OO. Wed. 3JM>. Sat. 5.45 *84 5. I 


PICCADILLY. From B.30 a.m. 437 4506. 
Credit Card* ft 36 1071. . Mon. -Thurs. 

a -DO. Fri A Sal. 3.00. 8. IS. Air-cond. 
" Domhiarfrrg vrldr unfettered gusto and 
humour, the BROADWAY STAR."- CLExn. 
SYLVIA MILES 

‘‘Towering performance." Daily Mall. 
VIEUX CARRE 

■■ w«rt.i Uke mask?' Financial' Times. 


i^.m. °sU ■%j«»-se 

6. B-.5 3 * 7 p.m. 


« m' -Km* v * P 4IK N tra* mwtii *rqw^i * 

“JOSEPH- AND- THE AMAZING TECH- 
N I COLOR /DBEAMCOAT - starring PAUL 
JONES. Twice Da'ljr. Reduced Price Pr»- 
vfcwsV From .-No». 27. Opens Nov.- 30. 
tSSsj 52j-£ 3. £4. Book Now. Limited 


CURZON. Curron. Steret . W-1 . 499 5737. 
.YOU . LAUGHED AT^HIS AFFAIR . . . 
NOW. LAUGH AT HERS . . 


PARDON mN.sAFFAOt TOO! IAA) 
(Engl'-h subtidesJ mrn.ai zoo (not. 
Sunday]. 4.05; 6.20 and B JO: 


WHITBH4H_'.CC. - O1-B30 K692-7765. 

Era*. MO. Fri.- and SaL G.4S and S.OO. 
Paaf; Raymond presents - 


SHAFTBBURY. CC- 836 6SSB.7 
836 4255. Opens Dec. 20 untn^ ' JwlIS i 
JANE * sh % t NW|Jj w * , A.'TOicK in 3 ' I 

: Daily 2 and 6.4S. Pries*. ES, £4. £3. £2. I 
Reduced price on Dec 20 . 21 . 22 Jan. ■ 


paur Raymond pres eats the .SensatHHUt 
.- .Sex ^ Revue. of the- Century - /T, 

-. DEEP THROAT . - ' - 

Yodr-tott dance to mo prior to trarwer 


LEICESTER -SQUARE THEATRE <930 6252] 
THE SOUND OF MUSIC (UJ. Sep: proov 
Wk. 2.30.- 7-30; *sun. . XOO. 7.30. Late 
snow S»t _M.jo pjn. • -Seats Mcbto in 
.advance, by: post or -at Go ft OAn lor. 
7.30 prog, Mon:-FM. -a all orogs. SaL 
8. -Sup.' .(no. Late Show, bkgy.) 


FT SEASON-. ENC 


a. 9. 10. 11. 12. 


An Enehanllng New Musical 
Credit Caro Bookings 01-836 7611. 


ALBERV. 836 3878. CC. bks. E36 TB71-3. 
from 6-30 am. Pan* rales Mon.. Turn.. 


A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER 

MIRACULOUS MUSICAL." fm. Times- 
with ROY HUDD 


836 1071- E«S. Man -Thur. 8. Fr. 4 Sal" 
5.45 * 8.30. ■' THE MOST HILARIOUS 
PLAY FOR VEaBS-' F.nanc.al Times. 
GLQO joo 
by Michael Hastings 


‘GILLIAN BURNS- MARGARET BURTON "HAD T ”|„^yS l . EW F E LOCKING WITH 
E»:ra Christmas Mats. Book now. laughter. » Ev. standard. 


PRINCE EDWARD. CC 01-437 6877. 
Eventngc. 8.00. Mats Thurs.. Sal. S.OO. 
t* '■ A 

bv Tii Rlr* md And'ew Llnvd-Waebor 
□Irerfcd bv Harold Prince. 


STRAND. 01-836 2660 - ' Event nBS 8 - 00 . 
,MaL Thur*. 3.00. SatL 5.30 and 8.30. 


WINDMILL-.tltaATRL CC. 01-437 M12. 
. :TwUe_NfgfTtly 8.00 and 10.00 - . 

. : . ■■ Son. B.oo and 840 

• PAUL -RAYMOHn presents- ■ - -.r Ld 


OOEON. Haymarfcet. (930 2738/2771.) 
MIDNIGHT- EXPRESS. <X>. Sep. prqs»- 
Oly. 2-3O..-S.30. 8.30 P.nu Late stow 
- FrL, ;$*L.4 .5«»:. dooe open 11.15 pro 
L Plop at 1 1-45 nm . All cemts 'bkble. 


OOEON; LaKMter Sod are. (930 6111.} 
-Ores. OF -LAURA .. MARS CAA>. Sep. 


NO SEX PLEASE — 

WE RE BRITISH 

LONDON'S LONGEST- -LAUGH — 
OVER 3.000 PERFORMANCES 


THE EROTlcJfxPn^NCE OF 'TfiS. 
- -> - MODERN- ERA 


- -flro«.".OIr. doom ooorv 2 00, 4:451 7-4S, ; 

: Lat^ShahrTaj- & Sat „ , doors .open : 1.1. IS- ’• 


H4YMAWWET. n'.nn 9837 Ew Ann 
Mats. We- 1 2 t«1 SM« j .30 ^nd 8.00 
G£PAI mwe MrCWAN 
CUvf pBnNrss 
NIGEL STOCK 

PETER PAUL 

EOWLES HARDWICK 

and «NEI I A r IF‘ NIC 
LOOK APTWR LULU 

hr Noel rmnl. 
with GARY RAYMOND 


PRINCE OF WALES. 01-930 8681 Credit 
card bdotrlogs 930 0846. 11 weeks only 
before Hew York. Mon to Thur. 8.DD 
Frf. and Sat. 6.Q0 and 8-4S. ALAN 
AYCKBDURN-5 smssh-hh comedy - 
BEDROOM FARCE 

“ II vou do net laugh, sue me." D En). 
A Nat-onal Theaire production. 


ST^MARTIN'S. CC. 01-836 1443.' 
6vS5- 8 00 - Matinees Tuei. 2.45. Sets. 
5.00 and B.00. 

. AGATHA CHRISTIE'S 
_THE MOUSETRAP 


"Takes ' to- www denied .mlES wbot ia- 
permiHltM o" gur stage,'-" ff._ News.' 
T . THIRD GREAT-. YEA R . . ■ ■ : 


OOEON, Marble Arth, W7^f7T3_2D1 1)2.1 
- CLOSE- ENMTBttlB OV^-THK THIRD 
-kind (A) -See; .pres*. Anw.wtn Moo--.. 


WYMHUm. 


BUBS. : 836.- Wff J Irom 8^0 am Mon.. ..aS 
TtaHA-'.fi.OOjJrt. grSBtXtS. 1,8.30, ps, M 


WORLD’S LONGEST EVER RUN 
26th YEAR. 


-KIND TA) See; .pres*, domi open Mo«.- 
• FeT. S.OO.- 7 SO. -•*■* "1 OSr 4.V5; 7 49. 
-. 5 up£ 3.00. -7.-50^ Late sbew Frli A SOL 
do p g--opea 1145 pm. ;A!t - aeots .bkb^c. 


IOUSLT.WCH 


UpsiNce -..cKawasr Aotr.. r 'gyr. nay 


VERY FUNNY." Evening NcvvF. 
Mary O'Malley s smrah-hlr comadv 
• ONCE A ' CATHOLIC 
■Supreme comedy on sex and rdlflion,' 

PU« Telegraph. . 

w*IA«-SjWU; SHAKE WITH T - 
LAUGHTER." GMRHan.,- - -. 


RAYMOND REVUEBAR. CC. 01-734 1593. 
At 7 p m., 9 u.m.. 1 1 p.m. Open Sun. 
PAUL RAYMOND nresenu 
THE FESTIVAL OF EROTICA 
• •' Fully ■alr-cohdiuonod. 


TALK OP THE TOWN. CC 01-734 aOSI. 
A, r. conditioned. From Q-OO. Dining 

Dancing. 9.30 SUPERB REVUE 
RAZZLE DAZZLE 
at 11.00 MATT MONRO. 


I'.WiWrii 'toro«r74i-'! TMlF BEAST ‘ tan. 
. XJ. SOO. ■ Pcrei^i z*a . -s.iflr-fi.sfc- s is, 
(Slin.'3.tO.-« J Zt8,5^- • ' 


' (Sun. -3.10, - S>8r 8.3S-) . Late: Show Frl. 
bnd sax. yil-jS: .Seats- Bar. 


j STinw 3 :E 2: MWf CUtaa. 43TJS00. 
I- 1 : -dl8 -Claybprgri.r AfciA Bans In Paul 


T HEAT RE UPSTAIRS. 730 2554 Last 
E*ri?- TonT S.1S and BriS. Trarenc Th. 
Prod, at THE SLAB BOYS by John- Byrne, 


YOUNG -VIC- 928 6J63. Today. Tile.' 
ZOO.' Man.; Vf«d... Frk 7-30 Ti&MLfT- 
Tgn'W'Tue.. . Thur. 7J9 RICHARD -III 
.part -ol -Siukesoeare . trilogy; -.ACTION ] 

MAN. n-. • J-: -- '■to- J 


msssssa^S!..: 

-ATS LAtt^SMw Tteri_ -f« £ Slrtfew.- r.“ 






■ )* < r. O fll 


Financial Times Saturday November 11 1978 



13 


. .. . employed the Swiss. . You would 

.do well, to iiicludeiiiis in your 
B™DGE . repertoiEe. not for cul-in rubber | 
■ i^i- bridge/ But for an tournament 
E. P. C. COTTER _ v' *- . events. ’ 


Playing at being a detective 


T^^»V eG?n,b,inE l AS EN ' GLISH ,S 


A FOURTH,' revispd cdiVion of - . . • ! ' 
Victor Moilcr’s Bridge: Modem ; 

Bidding (Faber £4.50) : has just . ^ 

been published. If YOU want ’ : ■■■ ^ 

to . learn about: the" latest . .. v V 
gadgets and .theories, .tiiis is the 
book to bring jrdu .lip to date. 

First iet-m.e show you Jt deal ' ..w . 

illustrating i’tie Swiss, a ton- t 
vention which I* Hite and use: - .<? jss - 

• • •••.>.- .^rg 5 v ; -• 

7 . . ■ . * A- Qior .6 


N 

A K Q 
A K Q 
7 2 


ms 

10 6 


earning any identifying marks, 
the problem for collectors is the There 
attribution and date or an item, marked 
particularly important now that mantels 
prices have risen su astronomic slnu1 " v 
ally 


For 1 your 
su slain . . . 


sorroirs 


uilt work would he tjie 
of manufacturers 
and the products of 

Samson f 1S3T-I9i3 j , ar e 


envy prelty 
today, scenes. 
EmiJe Even 


18th-century country 


the most seasoned 


+ 2 


are few known or _ nifT -, OI ,. . 

South Staffordshire £*.__• stems in rhi>ir’ nwn°ri oh! collectors of the past were led 
though, which is j£ a - t h nn . 3 r 1 r Un r / 8 ^ 1, astray by the reproductions, 
in an age when mimed high and low 

nv _ _ tWa , . - watchmakers, silversmiths and p s h *- enlur . v through England and abroad 

°!. er .! he , last few J" 1 *- potters so often marked their . . ... France. Holland. Germany 


E 

.174 
9 5 2 
9 3 


seen 


r Spain, Italy, all were ransacked 

I 6 old ® r she left no stone unturned, no 
■*“ facl sl >« mmniity. 


N 

♦ Q..10 5 4 2 


i Some X50-X100 is the norm now wares. Some artists tucked 
f or a tiny late 18th century their signatures away jn foliage 
| sweetmeat box, and nearer £500 which eau only be 
’ n *’ so for a pair _ _ 

J Staffordshire candlesticks, with as * llsan Benjamin points out 

? h 9 a- 4 31 the price for a properly autben- jr jjf/f Emmel Boies-From ™ majority of small Sehrciber. 

Heated set of three oval Bilston ,iie Eighteenth lo the Twentieth Samson boxes is a central pro- ordinaire 


• A 7 5 
* A 7 5 


* 3 2 
•7 7 4 

•> A K Q J 

* JR 


plaques 
I figures. 


Only constant handling will 

reveal the “ Teel 

*. U w — - — J! oric *“? Taci inaL lne difficulty, discomfort, fatigue 

of South under a magnifying glass, but hinge and metal mount are not or j iar dship of travel daunted 
Susan Benjamin points out nearly so well made as the her ...” wrote Montague Guest 
her excellent new book, original.- a Sive-away feature 0 f bis mother Lady Charlotte 

collector extra 
of 18th century 


running into 


10 6 4 


W 
J 9 8 
K .1 S 5 
Q J 10 4 
9 2 


For every box 
: Stephen Theodore 


made 


r A 10 9 7 4 

• •'9 R 3 * . In the early days of Contract 

- 4 J 10 6 4 3' a n opening bid of three no 

... trumps/ could he made on a 

• . . S .. balanced hand of 25 to 26 

♦ .A.K -7 6.3- . points,, but such a holding 

■ 06 3 best described by a convert* 

o K.6. lional twoclubs, followed by a 

* K Q 8", Vebid of. three no trumps. An 

opening • three no trumps, as 

- employed today, promises 

With both sides' .mine rable. nothing beyond- a solid seven 
South dealt and bid one spade, card uiizi or suit. Partner may- 


four Century (Orbis Publishing trading Jug on the outside treasures, fans, lace, playing 
E7.95J, even hidden signatures hinge which ai-ts as a stop t» cards, prints, pottery, glass and 
are rare, "although in the prevent the lid opening back- enamels. But on a visit 
detective eye of the keen wards too far. Another detail Madrid in 187S. she bought 

shrntr h 5 collector every blade of grass is a finely milled finish to the pair of ” ISth century” vases 

Jf lVCd /-Tio , u *f' masquerades as an initial." mounts, which points to the which she later triumphantly 

hl J ndj !f fiS Mrs Beniamin's enthusiasm ribbed pattern being machined showed to Emile Samson 
workshop*”^ weti^as at^r” f °r her began in the on . the outermost edge. Hand- Pans. A> Mrs. Benjamin com 

mingham^B^on 1 ^ Wcdnesbm-v 195 °s. when she started a tiny P ainUng do f n 1 necesarily give meats: " It must have been with 

WcdnesD J jrv gntioue • j aJJerv Halcvon Davs l he ri S fat clue - a =! banvson did glee that he was able to prove 
tinn cL\lnu°d/”i C aboSt r ° S30 i! 3 na ™ fmm "" nt>1 “ trlnsfer 'hf firm lo her that they bad been made 

when the f.-ishinn fnn rhp Greek 


name deriving from the 
for kingfisher, made up 
enamel trifles died out. It is ,l ? ,s uhe seal and fcuo to 
only by tracing the histories of brood the halcyon brood- 

the different factories, studying , on a ,% l 1 nter . s Hrote 

their indiiidual characteristics. p? den - (Tbe kingfisher was 
^ nil researching the art and ^ Ile h \' d l ? bavc aid us eggs 
a «T«sts Of the period that some « n lhc f ufac , e of th , e sea \ f ? r * 

'dca r.f who made what emerges. * 0,sllce - dur,I1 f 

time the waves were calm and 

It was from Birmingham that unrufiled). 

•lohn Erouk>. Janssen's partner. Naturally generous acknow- 
made his first unsuccessful ledemem is paid to the pioneer 
application to patent the inven- collectors and researchers such 
of transfer-printing, and a* Bernard Raekham. Dr. 

Ait 


priding 
able to 


theniielves on being in his workshops."’ 
imitate free-hand the 


JUNE FIELD 


to which Ivorth replied with pass if he has some tricks, but 
four clubs. This, is the Swiss — ■ with- a worthless- haod he bids 
it announces very good trump four clubs, allowing the opener 
support, two Aces, and a single* to name his suit, or four 
ton. South now rebid four diamonds if he can 
diamonds. This -conventional his hand that the op 

from there that the widest Watney. Wolverhampton 

and ash the responder to show Sontt^eng p r ,„l uwd . John Tsyior. a 0 the«. hut it is the hish oueiity 

where his singleton is, the Bidding wth three no valuable acquaintance” of Dr. colour illustrations that should 

With his 17-poim hand. South trumps, and North^had a prub- ,] 0hnson d Hjgh sheriff of be of tiie Greatest value to col- 
was most anxious . to; get lem W he.sgr the «jhML Warwickshire in W as well .ecio^ ^nUari sons bet we“i 
further information from his He bid dve. clubs. If clubs was as bein f h foun ders of st v[es of paintin® are pictured 

partner, and North's bid of four his P«rjeFs. ^ Be wou d L[liyds . Bink npar1y 10 years sid. bv s.de Of coursc nS 

Iteiu-ts was just what he* wanted pass, .apd two diaraondsjvould , ater was |isfed as a •• niost cnn . [ak ' s ' J lf , p , ace £)f acLuali ^ 
n. hear-there werc no wasted be tosti^n the other hand ^f ])]c niaker of ename }]ed handling the hems, and sonie of 

values— so wdthbilt more ado he bidTo five snuff Boxes." it being also , he pieces in the boo k are on 

NvS lS the^ eiqht'fef- ^padai,-. .diamonds. S?n7d £3.loIS a' wS b^7n"- S5Kn- Und ^ ** 

rounds of trumps, cashing King.' t° n club would, be.: fhe onI> Second to the Battersea opera- r . _ L . ^ 

- - ■ inn 12 , 1 . Cn,.tU 1 ree Catain^ 


tlie only 

Ace of dj.'uuonds. tmd ruffing possible loser. tion was Bilston in South 

two diamonds in hand, eventu- And this is exactly what Staffordshire. with many 
ally conceding one heart, trick, happened when . this deal of the tiny patch-boxes, the most 
How do you reach the- : lay- occurred in a rubber bridge easily recognised group of 
down slam without the Swiss game. A simple, logical solu- typically English enamels be- 
ennvention? It. tc Us ^ so much tion. but full mark*:- to North cause of their romantic ref raiiii: 
in just one bid. T remember in. for being quick enough to spot 
Portugal's International Week it l - 

in the Algarve my partner, and • Mr, Cotter is. the author of 
1 in the Open Pairs bid a slam "The Financial Tiines Book of 
which eluded the rest of the Bridge” published by Robert 
field simply because • we Hale at £4.25. 


ti dh me you shall 
more pavn. 


hare 


Write ti» Susan 
Benjamin, Halcyon Days. 14 
Brook Street, London Wl. fur a 
ue, or &end £7.95 -J- 
£1 posiage for an autographed 
copy of the book. 

There i; a remarkable 
chapter on fakes, forgeries and 
replicas, which all collectors 
should read, study and absorb. 
wo Although it is admitted that the 
quality of some of the 



A Samson of Paris etui, c 1900 (left), a clever detailed copy of the 
18th century Bilston enamel one on the right, featured in Susan 
Benjamin's new book English Enamel Boxes— From the Eighteenth 
to the Twentieth Century (Orbis Publishing, £7.95). 


CHESS 


LEONARD BARDEN 


STRICTLY SPEAKING any coin 
whose metal content is less than 
its nominal face value i$ a token 
«n«:e a token is merely a 
of general, strategic comment promise or a symbol of some- 
rather than concrete variations, thing else which has real value, 
and this sometimes means paper money of all kinds i« a 
missing y critical turning point token, as the inscription printed 

Karpov but this is flat and non- to paybie Ijeareron 

committal. However, it i s an demand. At one time such a 
indication uf-tfie generally high promise might have had real 
vNEVITABLY. ttip three instant standard of all three books that meaning, when one could have 
moks on the Karpov v. Korchnoi Hartstons. comparer well with demanded a gold sovereign in 
naich will be reviewed together any- of ihe inslant bnuka pro- exchange for a pound nute. 
md compared with each other duced alter the Fischer-Spaasky Since 1914. however, we have 
They are: h’^rpm-Korcb itoi 1978: match. .• had to rely increasing! v on the 

lie iiLiide story of the match by Thus the "best buy” question ,, 00< j f a , t j-, Q f oth^r people tn 
Idjniond Keene (Batsford 159 posed at the start of this review „ nnrl . flP 

ip. £1.5li): Kurpor vs. Korchnoi, can be answered: 1 Keene. 2 ^ ® ' " r 

\or!d Chess -Oiumpionsliip 1978 JLarseu. 3 Hartslou. Bui there ext ian “ e nul on > lu - ( 

Dent La:jcn. Ijn reduced by is a. better reply. pa P e y b,,t 3,so r ° r ?' 

die ha cl Stean il-'nwur paper For entertainment combined metal with little or no intrinsic 
ucks. 143 pp. £1.95t: and The W jth painless chess instruction 1 value. 

Hattie o f Bopuio Cilyr Korpm-- recommend readiug all three, * . . . _ . 

VurdiOoi 7P78 by W.-R. Hartstnn comparing the numerous points * ess sophisticated societies. 

where the authors disagree where people did not trust each 
To ' ! the-, 'obvious •' question about the games, and deciding other very much, money had to 


Base metals 



had held the franchise for far- 
mings under Charles I. 

The dearth uf subsidiary 
coinage in the aftermath of the 
Civil War and even for many 
years after the Restoraiinn 

Tk..h MU if.<h induced the shopkeepers of 

5" ^e-farth.ngs was never Umdrin and lhe provinces t0 

poptilar com since it was too [akc t j, e ma t t e r into their ow" 


receive ..a 
change. 


three-farthings in 


Rare Cannon Street Anne Blunt 
penny circa 1672. £75. 


COINS 

JAMES MACKAY 


‘ Which is.Ube best buy'”' there for vourself who is right. 


be seen to have a real value in 


mg two answers: Keene scores 
teavily. Lower the! other, .two in 
nariy ways, -riiupjy. by being 
irpscot behind the scene.'* at the 
■nalcb and- having access bolh 


easily confused With the half- 
penny. The difference in dia- 
meter was too slight for easy 
identification but the tlirce- 
farthings had a liny rose in the 
field behind the queen’s head. 
Elizabeth's successor. Janies I. 
scrapped this coin bui von n nurd 
minting the halfpenny. Wnh hi> 
experience in Scotland. Janies 
had »" aversion to copper coin- 
age such, but u was nm pnli- 
i ie for the English governnmtii 
to be associated with base metal 
currency and the issue of cop- 
per farthings was therefore 
farmed out to Lord Haringlmi. 

Under Charles I the produc- 
tion oF copper farthings and 
halfpence continued to be in 
the hands of various courtiers, 
first the Duchess of Richmond 


hands. Between 1848 and 16 
thousands of tradesmen — inn 
keeper grocers, mercers 
drapers, haberdashers, hatters 
ironmongers, pewierers and 
lallow-ehdiidlf-rs — issued iheir 
own token farthings and hall 
I>em->\ mainly in copper but alsi 
in brass, pewter, tin and lead 

The commonest varieties' were 
the circular farthings ami half 
pennies which are today worth 
Ironi £2-£3 upwards depending 
on lhe issuer and Ihe timn 
Octagonal halfpence are still 
reasonably plentiful in the £6 
£10 range but the square 
lozenge-shaped halfpence com 
niand two or three times that 
amount. Relatively few pennies 
were produced, since there was 


. There are many amusing itself. It was a matter of 
examples, and not just in the national pride which impelled 

c-hess analysis. . Near the end of the Tudor monarch? to issue . 

game 25, when a spectator was ?0 i ns only m prec j 0U c. metals. betn , 1 and h , er . successors. The and Lennox and then Lord Mai- 3 perfectly adequate regal silver 

:i KortturaTf adjournment -and Jg? og ? Kee™ wXs: '•! wS The h , 5 "" inss “ h f H * n ( ^ V ™ Jf*”"' ThOT » h * nd lira,lar Dennies 

post-mortem analysis and to per- interested to learn that on BBC m,ght be 60 debased that tne J^ ie bore a crown and the royal 

^ na! . .Effietioni -witlrin .-the television Harts ton was asked «opper soon showed through the £an kind ^ vrelted a^ervreal \ hvy "SF ne fc v " p,,pu J 3 ^ 

.herchnoijramji. whether one should make one's .Silver wash. Dm English In3 '* " ina ^ re3ieu 3 ' er > real with the public who regarded 

tic is iTevec ling' nn what opponents suffer by playing on in rulers would never descend lo " S ihem with suspicion. The licence 


lappened at ;ana.. during -the positions such as this ta book the Scottish expedient of ;s>uin 


•djournment of- jja'qie 13: this 
'a- one oF 4 wo decisive nioniPO_ls 
if the match, when Korchnoi let 
hp an advantage -and lost the 
text game as well. 

When- Krirehnoi' " took 40 
i> mules to' seal an.ubviuus move, 
'ecoe writer "I 5a r glued to my- 
vat for this perinri goiDg crazy 
vith worry white minute? ticked 
iwjy. Korchnoi ivas clearly in- 
rcdibly nervous and when he 
ud finally decided on the Sealed 
iiove he {>ul it in the envelope 
md took it out again several 
inies to make absolutely svrre he 
uni wriHen down t!sc move he 
van red 10 play..' It was- quite 
ihvious to me. 1 hat he was. under 
.•oing acute mental disturbance 
chile trying tu seal. the move.*’ 

Keene adds thyt it -Aiis"'* jn 
cuuspeef the wrung decision " 
c-r Kciixhnni to . postpone, the 
idjuuincti sesaiun of game 13 to 
:iw? limp for further analysis- 
fbi-i analysis only served to 
tenons! rate that Knrehnoi had 
so cl^ar w-in sr.J led him to try 
I'-sp'.-r.ile and uu justified play 
v*u n ihv Caine was rostini®d with 
;:imc- 14 having meantime gune 
lsmnst him. 

f arv.-n, world title candidate 


draw}. He replied with an copper coinage. The Scots did 
emphatic * Yes.’ " not trust each other any more 

Turn .to the same moment in than the English, but in a rela- 
Hartston's hooks, and you hnd: , ively poor countrv thcrc , , vas 
"The remaining rauves linle oplion but i( ; |jWUe coins 

s P cb in b “«« metal. 


ra t her im rrecessa ry . 
does not blunder 
endingsl" 


POSITION No. 241 
BLAGK(IOmen) 


to that time the smallest coin to mini farthings was revoked 
was the silver penny but under hy Parliament during the Civil 
Elizabeth the diminutive .silver \v 3r a!7 d 11 was not till almost 
halfpenny was minted. An even 30 years later, m 1672. that 
smaller coin, to cover the Charles II sanctioned Ihe issue 
farthing denomination, was out uf copper halfpence and farth- 
of the question, but the prob- jng« by lhe Royal Mint. Iruni- 
k-m was neatly solved by issuing caily lhc model for Britannia 
a three-farthings in silver. In on the reverse of these coins 
this way one could tender a was his former mistress, the 
created enormous penny in payment for a Duchess, of Richmond, related 
in the reign of Eliza- farthings worth of goods and bv marriage lo the lariv vi-hn 


A -strict adherence to silver 
for all smaller denominations, 
however, 
problem' 


start at around £20. with (he 
pnlygunaf pennies considerably 
dearer. A few halfpence were 
heart-shaped and these are more 
expensive, ranging from £25 up 
wards, ft 1- difficult In state an 
upper limit, and the John 
Murrey token pence, for 
example, are now in the fl.uno 
pin.-* bracket. 

Tin- London .serii's. in par 
linilar, have long been popular 
with numismatist.... particularly 
those issued by (he taverns and 
coffee-houses of ihe City 1 some 
of which survive to ibis day 


m 

m 

M 

0 

■ 

m 

jea 

V~.- j 

M 

m 

□ 

IS 

LJ 


■ 

m 

n 

m 

» 

■ 

m 

■ 


m 


o 

■ 


n 

II 

■ 


■ 

a 

D 

■ 


■ 

» 

■ 

E ! 

m 

■ 

m 

■ 


■ 

m 

■ 

m 


u 

tn 

09 

mm 

m 

m 

m 

i 

Ml 

■ 

mu 

se 

m 


WHfTE(10men) 


Lerner v. Dr. Lehmann. Kie-v. 
1978. A pawn advance to KR5 
often lU'nves art 0Utp r,st 10 
, . . si 1 port attacks agaui't the 

n his own right provides a *JUy ^g-jed king, llow should White: 
mil penetrating analysis of .tne {l0 move) utilise bis KRP m 
4 ^m-.v v.'hiJp Storm's introductiun ^ position? 

11 the Unwin book includes z 


l.'en analysis of the styles of 

xarpnv and Knrehnoi. Larsen 5 
-tn.oysp* arc spiced with 
•moedotes about (lie inter* 
'Htioodl chess scene, and he 
•ntikes an inieresuna point 
ibout the match organiser 
Ta rupu pi anus's efforts to expel 
'torchaoi's Ananda Marga gurus: 
* words like * attempted murder' 
■md ‘security risk* have a very 
- eaJ meaning for CantpomaDes; 
n Oclnber, 1975. his friend, and 
inviser to President Marcos, de 
Vegj. who had done u lot for 
0 hi!.’ppine chess, was shot down 
n his ofiice." 

Harlslan *s sood n u Hie back- 
ground to the match and gives a 
“‘lrticuiariy r^vftalios example 
•* ithin a single y?me of ^ the 
-Trengrh (deep and farsighlcd 


PROBLEM No. 241 


u 

IS 

m 


■ 

a 

■ 

R 

0 

g 

■ 

m 

m 

0 

■ 


■ 

is 

El 

m 

■ 

m 

■ 

& 

m 

M 

m 

m 

m 

R 

m 

[3 

IS 

■ 


■ 

2*1 

SB 

■ 

M 

n 

■ 

m 

m 

n 

■ 

m 

■ 

m 

ip 

■ 

m 

m 

m 

n 

m 

■ 


9 

f§ 

urn 

■ 

m 


White 

against 


males in iv.u 
any defence 


move-;. 

i by F. 


adr.thiinn) an-2 weakness Ganiage. Max Fells jnunmrjHl, 
.* tt iiublei . 


1 ro me an J acute time trouble 
if K'jrclmui's.play 
J11 com pa Hf on with' the »’thrr 
:wo he treats the games in terms 


1950). 


Solutions Tagc 13 


The Wedgwood Egyptian Collection may seem 
a little exotic, but it's nothing new* 

Josiah Wfedgwood was creating 
beautiful Egyptian-inspired 
decorative Black Basalt as long 
ago as the 1780 ? s.These pieces 
are as elegant, dramatic and 
fascinating as Josiah ; s were. 

And many of them have the 
added attraction of being very 
limited editions.Tb delight in. 
To invest in. 

Wedgwood 

Josiah Wedgwood & Sons Limited 
Barlast on. Stoke-on-Trent, Stariordchire ST 1 2 i>£S 
34 VVtgnjurc Street, London WIU0HU 



TcrruciUiJonkbik 

| rot .'4Z2i 
jim IiuihaI edition «.■! 25U iTh’t-.Ou 



Terrgcoiw on Black 
Jasper Gjrden Po-y 
Pol (:rl 33?S) r;.’?: 

Gilded Dldck Risal: Oblong Cdiiu.. toiT 
tJ’cf.34071£iH.25 
Gilded Itldck kavjh nexs^enal Ck'dr Po?:. (ret ?4-.¥) £!-LZ5 
Gikk-ii ki.tck Ri-s.1 1: jsrec • F.*i?h, «rc‘. "4 ! j*i 1 [» • L'? * 


8 King Street, 
St James's 
London 

SW1Y6QT, 



Tel: 01-83990(50 
Telex 916429 
Telegrams 
CHRISTIART 


1766° 

EXPERIENCE AND EXPERTISE ... 357 


* + “ . - .* 7 . 

* •-«. *■ 

» .SV.4 

‘ 4 , • . ** 

- .>» ■ - v ^ 

- r * . ' \ ***** 

> . . . j v '• »»•*** ? s « ^ ^ 


Ridiurd Wagner: AnUviraiili Muted 
Manuscript of the Oivriure K* 

‘1 nindiiiuscr. signed and dated l "> d 
composer ‘Dresden. 11 January 18-to. 

Sale. Wednesday. \'ovcmher 29. 

The publicity surrounding lhc wait? of the Burrell L-ollcemn 
of Wagner ’ manuscripts at Christie’s in New York in 
October brought about an important and exciting musical 
discovery. Thai sale included lhe composition draft or 
the entire opera i-f TannhSuser*. lacking only ihe famuli'- 
overt u rt* which has become one oT lhc- most popular piece? 
jn the literature of symphonic music. Now ihe mantiscnj’i 
of lhc overture has emerged from 1 he English privaic 
cullcclitin where il has rested unknnwn 10 ihe iviu-.k-.iI 
world and will he sold i •>’ Lihristie's in London «#n 
Wednesday. Noveiuber 29. Not only does ihe discovery 
of lhc manuscript change ihe prcvimisly accepted datiig 
for the composition of ihe overture. I»ur also reveals 
Wagner’s process of creation or the piece of music cf 
which he himself wrote. *1 really cannot think of rt ny 
other tone-poem capable of exercising a like powerful 
effect on sensitive intelligent natures . . . The Tannhauser 
Overture has given me anew and great opinion of my talent 
for making the impossible possible '. 

For further information on this and other sales of 
Musical and Literary Manuscripts and Autograph Letters, 
please contact Sarah Ward or Fanny NeviNe-Rolfe at the 
above address. 



r 


# ■■ •% 

‘ . > 



John Fcrnclcf Sen 1 3- r.'.cr-o'fli rl?r.-ier itolrj «n th Jioct' CiJ-rci. 

Signed, imcaei Mellon Alewfrcr and daivi tfllp. 

7r as setf s: SifcUcy Hall. 

FORTHCOMING SALES 

WEDNESDAY. TSch NOVEMBER 

Georgian and later furnrorc ?nd «crk; of arc indudm; i fare 
seventeenth century D'Jf.h ftrmoirs. a tabic truncal be/- .vr:h inter- 
changeable c/linden, mnay: bc^as; a Flemish tortoiseshell ipcunicd 
cabinet Retfo.-c Salcreoms Cacalo->ie 65? b/ p;st. 

THURSDAY. 16th NOVEMBER 

Georgian and later cilvcr. Sheffield and ocher olaie Rr. ccord 
Salercrm; C.-rai&;ues 65p by post 

WEDNESDAY 22nd. THURSDAY 23rd and 
FRIDAY. 24ch NOVEMBER 

The important contents c < Str^lley Hall. Nottingham. To be sold 
on the premises. Includin’ an important series cf nine spertin; 
paintings by John Ferneler of Melron Mowbray, commissicncd 
between IBI5 and 13^2. and having remained at the Hall ijn:j! th* 
present day. Oil painting from the XVII ro XIX Century. Georgian 
furniture. Clocks. Work; c: Art. A Library of Books. Oriental "and 
European Ceramic;. GcprrLn jnd later silver. Rug;. Househc'd and 
outside effects. On view Saturday I3rb November. Tuesday 2l;r 
Novcn-.be>- C;talogu>: LI 50 b/ po;t. 

HENRY SPENCER AND SON5 LIMITED, 

20, The Square. Retford, Nottinghamshire. 

Telephone: (0777 ) 706767. 



The lies du Salut. off c’" F'Cnch Guiana, 

drawn about 1780. Di-rl: k.l:.nd i; at the tep From 
an exhibition of manu::r.pt r.Kip: and chart; 13 f-Jovcmb t r 
to 2 December. Caul :£■■■. 50. 


Weinreb^t 


93 Great Russell 5t. L d r r. WCiB 30L 
TclephoneC'i-636 4B95 nours 9.j'0-£. Saiurdi)- 10-:. 



FOR SALE 

* i«w hind-made siciurc: of jr - nt: 
h.iii in marque:ry. erased >n fine!- 
woods, b/ one of the last C1.L 
EW3LI5M CBtFTSMEN Can Si v ?*.ed 
by apoomrment or ph(>{o;riph: s-:"- 
ac l 2.5Q per set ot eight. 

Whelpley Ash Farm, 

Whelpley Hill, Chesham, Bucks. 
HF5 3RB. 


CLUSS 


ART GALLERIES 


S'.OND FINE ART. .'5 Ck:>- i-» S’ it 
ai.JST I>;D ERITISm 

i Uv- IS Uj. ijt:*- 

s.:s ia - 1 _ 

f’lAW CALLtKlEB. : Pi. F ? 

: ci-7^: ■ • =. 

r *:i-l R.MNTINOS CJ7---.S 


EVE. 159. rrv 
■ *■•■ a:i. 
floor sno*. 1 . : 

; si jeni 








14 


FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01448 


Saturday November 11 1978 


The mounting 


;■ .>• ;• • v* - 

Social Times ' f1 


7- .V: '.'•■■ - V 






Reality is 


catching 


THE CONNECTION between 
the unpleasantness io this 
cuuntr>' in the past couple of 
days and the Carter measures a 
week earlier is only too easily 
read in traditional terms: if New 
York rates are up, London must 
follow. To some extent this is 
unhappily true at the moment — 
though it need not be so for 
all time. However, it is not true 
al the moment that IE New York 
rates were to fall again, London 
could follow them down. What 
President Carter has done is not 
to subject us to an American 
credit squeeze, but to remove a 
’•hield which had been protect- 
ing u.s from our own domestic 
realities. 


The risks 


When currencies are float- 
ing. the relationship between 
interest rates in different 
centres can easily be the 
reverse oF what it used to be 
under the old Bretton Woods 
regime. Under fixed exchange 
rales, when they were working, 
there was little risk facing a 
hank or a corporate Treasurer 
who wished to switch funds from 
a low-interest currency to a 
high-lntcrest one. Rates inter- 
nationally tended to move in 
harmony. 

Under a floating regime, on 
the other hand. Lite risk of 
exchange rate movement can 
easily outweigh interest rate 
differentials. Money flows out 
from a weak currency, despite 
high rates, into a strong one, 
and the flows force up rates in 
the weak currency and depress 
them in the strong currency 
country. 


flow. The softness of the 
exchange rate in the middle of 
the week must certainly have 
had a good deal to do with the 
decision to push the official 
lending rate a point above the 
level already set by the market. 

Since monetary growth is at 
or below the bottom end of the 
official target range at present, 
and sales of Government stock — 
which have never really dried 
up. despile Ihe rumours — re- 
vived quite strongly yesterday, 
it may bo hoped that the long- 
term market, after mouths of 
stagnation, has established a 
new trading level. Short term 
rates are still vulnerable to New 
York, and the markets, which 
were chaotic yesterday, will 
remain nervous, but hardly 
bearish at the long end. 

However, economic policy is 
□ot just a matter of maintain- 
ing a flow of funds for official 
borrowing in fairly orderly 
markets. The level of rates 
which has been required to do 
the trick is itself important; and 
it is far too high. It seems that 
we cannot enjoy a reasonably 
brisk recovery in consumer 
spending and investment with- 
out running into a credit 
crunch. That is a bitter com- 
mentary on our underlain 
economic performance. 


Too familiar 


Spectacular 


The effect in this country was 
spectacular when sterling was 
recovering strongly from the 
.1976 crisis, and interest rates 
came tumbling down from 15 
per cent to 5 per cent in a few 
months. "What has not been 
nearly so dear is that for the 
past few months British interest 
rates, although quite high by 
historic standards and well 
above the gooing rate of infla- 
tion. have again been artificially 
low. As long as the U.S. 
economy maintained its rake's 
progress of credit creation and 
deficit, and unwanted dollars 
were being converted intu 
excess supplies of stronger 
currencies, rates everywhere 
outside the U.S. were held down. 

President Carter put an at 
least temporary end to this com- 
fortable but unsustainable situ- 
ation when he acted to halt the 
dollar's decline. This has left 
sterling exposed and the authori- 
ties now face the problem of 
preventing a potential outflow 
rather than keeping out an in- 


The troubles are only too 
familiar. The Government 
planned to borrow' too much in 
the first place, pre-empting most 
of the available savings. A rise 
in activity or a rise in inflation 
entail an extra demand for 
credit. The economic revival 
in the summer was strong 
enough to make credit uncom- 
fortably tight. Now the demands 
of u responsible " trade unions 
haw set off the alarm bells. 

These domestic- pressures 
wit] remain even if President 
Carter's package is so success- 
ful that U.S. rates are soon able 
to start edging down again — 
which does not itself seem prob- 
able. Conditions will ease only 
if the Government can nerve 
itself to reduce its own deficit, 
which would call for quite 
unusual courage in an election 
year, and if trade unionists can 
begin to understand what Mr. 
Healey has been telling them 
fur so long: exaggerated w3ge 
settlements are a shori cut to 
slump. Only an incurable 
optimist could hope for early 
progress on either front. The 
only good news is the bad news: 
In monetary policy at least the 
Government is solidly confront- 
ing reality. The measures which 
have been necessary are a 
judgment on the Government, 
but the fact that they have been 
taken is some ground for hope. 





By PETER RIDDELL, Economics Correspondent 


T HE INCREASE in 
Minimum Lending Bate on 
Thursday from 10 per 
cent to 32} per cent was pre- 
sented by Mr. Denis Healey, the 
Chancellor, with characteristic 
resilience as mainly a technical 
adjustment.. He described the 
move as principally a response 
to recent changes in money mar- 
ket rates in the face of both 
a rise in the U.S. interest rates 
and to uncertainties in foreign 
exchange markets, and about 
pay settlements in Britain. 

Yet this is rather like des- 
cribing “War and Peace** as a 
novel about everyday life in 
early nineteenth century 
Moscow — true but somehow not 
the whole story. Mr. Healey's 
blandness masked both a major 
inherent contradiction in the 
Government's fiscal and monet- 
ary policy dating from the April 
budget and what amounts to 
a severe tightening of the credit 
squeeze. After all, MLR was last 
as high as 12} per cent only 
during the crisis period at the 
end of 1976 and was 5 per cent 
a year ago. The result is that 
even top-quality customers of 
the major banks are already 
having to pay at least 12} per 
cent on their overdrafts which 
is 4} points more than the cur- 
rent' rate of price Inflation while 
the cost of a building society 
mortgage has risen from 81 per 
cent to 11? per cent since July. 

This level of interest rates 
would strike most people as 
more than a technical adjust- 
ment and they would be right 
It is certainly fair of Mr. 
Healey to point to the need to 
respond to rising U.S. interest 
rates as well as to keep slightly 
ahead of the market in view of 
the volatility of exchange rates. 
But the main reasons for the 
rise in MLR are domestic not 
external. They are related to de- 
velopments in monetary and 
fiscal policy and, less directly, 
on the wages front, even though 
Thursday's action is nothing as 
crude as a direct reaction to, or 
punishment for, current pay dis- 
putes and claims. 

The starting point is the Gov- 
ernment’s commitment since 
the middle of 1976 to a monet- 
ary target for the growth of 
sterling M3— cash and bank 
current and seven-day deposit 
accounts. The success or failure 
in meeting this target is broadly 
interpreted by the City and the 
markets as an indicator of the 
Government’s determination to 
fight inflation, however much 
economists may argue about the 
precise relationships between 
the money supply and prices 
and output and the significance 
of short-term trends. 

In any event, the target is 
seen by Mr. Healey as the 
cornerstone of what he some- 
times describes as his “socialist 
monetarism.” But like many 
such hybrids this mixture of 
Keir Hardie and Milton Fried- 
man can lead to contradictions 
unless the implications of the 


16, 





2;H 


Bank of England 

MINIMUM 
LENDING RATE 


1976 1977 1978 



to 12 per cent target range 
would be rolled over for a 
further aixmonths which qffiee- ” 
tiveljr Teprese ots a fightening in - 
controls -since the starting level . 
is lower than expected. -Asthe - • 
CBIV reaction Showed, 
intensification of 4he squeeze is ■*. 
hardly comforting news for. - 
industry at a time whea profit v ; 
margins' are; already under; 
pressure.- *'■ -,. 5 

r The optimistic interpretation . 
of Thursday's action is that 
both the domestic money and*- • - 
foreign exchange markets. will 
be reassured end th at a later 7\- 
crisis produced, by an over rapid \ 
expansion of activity, wiB •have'/ .'. ' • 
been prevented Ky this! early . 
and drastic action. The- gilt-' • 
edged * market responded fav- 
ourably • .-yesterday— not _ $mv-. 
prisiogly given rear rates of- - 
return o£ 4 to 5 per cent ^nV ' r 
longer-dated issues. -.- The Gov- / f 
eminent Broker add A large . ~X . 
a mount- »f stock so any iuuue- ■; 
diate funding worries sbonliTbe^ 
eased. Ministers no doubt hope : ' 
that if pay sfittiemeats^'ef. the -- - 
next couple of months do not ..- ’ 
turn out to be excessively high^ 
and monetary control is Clews* 
demonstrated, it will be -pp&:: r 1 


beliefs are appreciated. Support As a safety precaution to try achieved partly because of theU.S. moves to support the ... 

for a monetary target also im- and reassure the markets Mr. distorting effects of the corset dollar. There is, of course, stole for interest rates .to-. 

plies a consistent balance be- Healey nonetheless took the controls on the banks' activities something rather unfamiliar decline again, just qs in edHy^' 

tween the main influences on highly unusual step, in a which has led to a slight under- - about a consumer boom without 1977. 

the money supply: bank lending budget, of raising MLR a full statement of the rate of mono- a balance o payments or sterling more sceptical - view 5 --- A/.' 

to the private sector, inflows point to 7} per cent- However, tary growth according, to the crisis: the explanation is that ^Qgjy held withid: the ■ 

from abroad and public sector this did not convince the City published figures. However, Mr. the build-up -of North Sea ou ^ the package does' trafN* 

borrowing. and market concern over the Healey’s hopes in the summer production has offset the rise resolve the fundamental contra- 1 , tl 

In 1977, a contradiction arose inherent contradictions of that MLR might soon start to in imports to keep the current dirtHm *• of .th*. Govetpmeai^' ;V 


The real 


reason 


The real reason for. 


monetary and fiscal itoHcy,' what- 
ever may happen in- the 
terra. Indeed tfr&f 
between the j>i4)Hjp_an9 
sector .demand for fimd^ 
become worse— For- ihsta-'-’* 
Cabinet has -recently 
the the planned 2>per ceoF; 


m-. 


upswing. 


The expected 
recovery 


when the Governmen^'toied to fiscal and monetary polity "was decline were not fulfilled, ^ account around balance, 
keep the exchange rate down only aggravated when the 

and the resulting inflows from opposition parties successfully Government, as sootteubefoTe, 
abroad threatened the money amended the Finance Bill, 

supply target, so that sterling against the Government’s Je " 

eventually bad to be allowed to wishes, to cut the standard rate SjjL p f rUy ‘ 

float upwards. This year the of income tax by Ip in the 

contradiction has been the more pound, costing nearly £500m in **. . .. th . iirioi. .-.x«e ic«u inuuu wt. ~ ; 

familiar one between public lost revenue. The result was an ^^t.^T Government’s decision to act growfe m-the voluzne Oftfsi® 

sector borrowing and the pri- unsettled period, for sterling ^^^^JJrnow— and to do more . .toad spendta* .. /. ;... 

vate sector's demand for flrads aud, more significantly, a . mei<e *y validate last week's rise.. Gonsequentiyi severif; J$gT 

during a strong economic virtual halt to sales of gilt- ^ result that to^reaf * 11 lwa,c tending rates— isa able fore<astors-beljeve tliat;j_ 

edged stock to insurance com- standard f th average desire to anticipate possible the' basis of present plank gnd-V v 
panies and pension funds. Such jLJgL has risen bv 7 oer cent future monetary developments the probable adjustment of ft*/ 

sales are essential if a govern- ^ _ com Dared -with ! ^ hUe hedging against a rise in come. tax • allowances' -for - f 

raent is to fund its borrowing 1077 This in turn has fuelled U,S * Merest rates. In particu- inflation, public sector Jhtfr, > 

without pushing up the money buoyant level of consumer Iar ’ there m nQ ^ns that the rowing will rise next,, yeafjf - 

supply. spending — now at last abovetlfe sector demand for loans bath m money 1 trims ' 

Consequently the Government j^. oTc 0 tthe «f tho ftsrw^ suddenly going to ease, ag a proportion of fotal . 
was forced to introduce a credit »i... a. - 

The difficulties started in the squeeze package on June 
April Budget when the Govern- This involved a one point rise 
ment announced incomes tax in mlr t0 10 per cent> a ^ 
cuts costing £2bn in the current act jvation of the socalled cor 

financial year in addition to a controls on the expansion . 4 - 

rise in the volume of public th e bank’s Interest bearing j n g wrongly and Tall this "has rating of social Security bene- bank loans and a detertohctim Vjr ' 
spending. Partly because of deposits in order to squeeze boosted private sector demand and pensions. t ; in the trade figures. / 

underspendrag ^ the previous lending, and a rise in the for bank loans in spite of the The. enrrent uncertainty on The Government cleariywants ., 
financial year this implied a emp i Q y ers ’ national insurance corsett restrictions. With public tbe pay^ront has alsu influen- to - avoid taking any _fort&er r .;-.V: 
ns® in the estimated amount surcharge in order to recoup the sector borrowing also remain- re d the- Government s decision, action immediately— both -for;- — 
the public sector would have reve nue lost from the income i n g at a high level short-term "While the talks with theTtJC fear of further antagonising tla Jr ‘ 
to borrow from £5./ bn in 1977- t€X cuL interest rates have been pushed drag on and more labour" dis- trades unions and 3^ecause;0f thc ' . ; 

/8 to £8.54bn this year. Mr. This package worked in the up in the money markets, as Putes flare up, the tigbtening impact^n the retaul prlce index f.-l— - 

Healey suggested that this immediate, sense that the shown by last week’s rise in the the credit squeeze is a warn-, of such obvious measures' • // 

would be compatible with a rise Government w r as able to sell banks’ lending rates. ing both to employers and to. . rise in - Value-Added Trit'-T'A 1 :'.- V~’ - 

in industry’s demand for funds large amounts of gilt-edged None of this adds up to a unions, that toe authorities .win • series of highly Inflationary ‘-V. 

associated with the expected stock, that sterling remained crisis: after all, the growth of not relax their monetary, policy settlements in the next 'few- " 
recovery i n e conomic activity firm, and that the rate of the money supply has shown no to accommodate inflationary weeks might force the Govern- 
and investment He also growth of the money supply immediate signs of getting out wage increases. This is, . in mentVhaad. Otherwise, the to- . . 
announced a slight ti g htenin g during the first half of 1977-78 of control and sterling bas been effect*- the hard backbone of tention Is to wait 

in the. monetary target, down will probably turn out to have under no obvious pressure, monetarist -orthodoxy. The spring budget before ^ ; 

from a range of 9 to IS per been slightly below the bottom though the rate has been measure was reinforced <ra fiscal action — and that, of - .- 

cent to a range of 8 to 12 per end of the target range of slightly weak in the past few Thursday when Mr. Healey course; may be after ^ gentxal .: - : - 

cenL 8-12 per cent This has been days in the aftermath of the announced that the present 8 election. . 





Letters to the Editor 


Portfolios 


From the Managing Director. 
Schlexingcr Inresimcnt 
Management Services 

Sir. — May I first lake issue 
with [Jr. Seutt tOctober I7l and 
.Mr. Shucksmith {October 25) 
and point out that it is erroneous 
to suggest that an index fund 
represents the "average’ 1 perfor- 
mance experience oF profes- 
sionally managed portfolios. Mr. 
Damant made the point FOctoher 
12) that the Bacon and Woodrpw 
performance figures showed that 
for ihe eight years up to the 
end of 1977 the Financial Tinies 
All Share Index tASij achieved 
a superior pertnrmance to three- 
quarters of the institutional 
funds surveyed. whichever 
annual starting date was taken. 
An index fund over this period 
clearly, therefore, achieved an 
above average return not the 
average. The data in the U.S. on 
pension fund performance shows 
that the broadly based Standard 
and Poors 500 Index is consis- 
tently in the upper quartile of 
the ’ performance data — again 
an above average performance. 
Those are ihe facts and it is only 
reasonable to expect rational 
trustees and their actuarial 
advisers to draw the inescapable 
conclusion that there must be a 
role for index funds in institu- 
tional portfolios. 

The only question, on Ihe facts, 
is not whether to use the index 
fund approach but how much 
of the equity portfolio should be 
indexed. In mv view the evidence 
is overwhelming that an “active" 
investment approach among 
the top 100 companies in the AS! 
t which account for 6S per cent 
of the toral market capitalisation 
or the 673 stocks in the ASI) will 
almost certainly lead to under 
performance as by and large 
taken as a group such stocks are 
efficiently priced and. therefore, 
it is not possible to beat the mar- 
ket by an active policy of buy- 
ing and sei!in n . such shares as 
the margin of pricing “ineffi- 
ciency" is consistently below’ the 
not inconsiderable costs of deal- 
ing — the 2 per cent stamp duty 
being a particularly heavy impo- 
sition on purchase transactions. 

.A logical approach. I submit, 
is’ for mstit'i:*' - '"*- 1o invest a 
substantial proportion — say 40 
per cent— of (heir UK portfolio in 
* properly diversified selection 


of the top 100 companies and to 
invest the balance on a tradi- 
tional management basis, that is 
stock selection. The core should 
be “passively" managed with the 
objective of close performance 
correlation with the top 100 
stocks. There would be the oppor- 
tunity for some management of 
the core portfolio particularly 
when anomalies appear. The 
“active" part of the portfolio 
should be invested in a range of 
hteh yielding smaller companies, 
recovery stocks and special 
situations, to seek to achieve 
superior performance in the less 
efficiently priced sectors of the 
market (the existence of ineffi- 
cient pricing is evidenced by the 
performance results over statis- 
tically meaningful periods of 

violHin" unit tniKts 


high yielding unit trusts, 
“recovery” unit trusts and special 
situation unit trusts). This 
approach necessitates a redirec- 
tion of management effort into 
the potentially more rewarding 
parts of the market It also 
avoids unnecessary activity 
among the top 100 companies 
which activity more than any 
other factor accounts for the 
poor performance of many pro- 
fess! onally managed portfolios 
when considered in comparison 
with the AH Share Index. 

To the inevitable question 
-why have a cores, why not put 
all the portfolio into the less effi- 
ciently priced areas of the mar- 
ket?” there are solid answers: 
It is not prudent, involving 
greater risk and volatiliy and it 
is hardly practical to expect 
trustees to condone such a policy. 

The passively managed index 
fund should be seen -only as a 
part, albeit an important part of 
those institutional portfolios 
which are managed rationally 
with regard to the evidence of 
the nature of the underlying 
structure of Ihe UK and U.S. 

s flick markets. 

Peter Baker. 

Schlesinger Investment 
Managemc t Sendees, 

19, Hanover Equare, Wl. 


and Social Research is reported 
(November 6) as saying that 
“other countries . . . have, en- 
demically, a lower inflation rate" 
(than the UK). “Endemically? ” 
So now we know. The British 
people by their very nature 
generate a high inflation rate. 
They cannot help it. It’s 
something in _ the water 
(fluoride?) or those fogs which 
are apt to isolate the Continent 
which cause .us to continually 
debase our currency. The more 
fortunate Germans and Swiss, 
due to the local abundance of 
sauerkraut and gruyere. have 
fendemically) low' rates of infla- 
tion, while the Italians . . . well 
what would one expect on a diet 
of spaghetti? 

The funny thing is that I seem 
to remember a time — let me see, 
was it the 1930s. 1940s. 1950s or 
1960s?— when sharp action was 
taken by Government if the 
inflation rate threatened to rise 
over 3 per cent It may be that 
the National Institute bas been 
mis-reported, or possibly that it 
is staffed by very young men (I 
beg their pardon, persons). In 
the latter event, however, they 
could spare a little time off from 
economics and social research to 
study the English language. The 
apposite word for a state_ of 
affairs engendered by noiiticians 
who fulfil their promises by a 
general and undeclared tax 
called inflation is epidemic. Infla- 
tion is a dangerous sickness 
which is invariably accompanied 
by corruption in the body-politic. 
It is neither endemic, nor incur- 
able. 

M. R. S. Mitchell, 

The Old House, 

A Idham. 

JVr. Colchester. Essex. 


ment to metrication forced 
without discussion on an nnwill- 
iog electorate, even though such 
a step will put the metricators 
f »ul of business. 

Justin Brooke. 

Cligmorvah Vean, 

Marasion. 

Cornwall. r 


Wanderlust 


the very great benefits of making 
additional voluntary contribu- 
tions out of his increased salary 
if he cannot persuade his new 
employer to make special pen- 
sion arrangements as part of 
his total remuneration package. 
M_ J. Ally. 

The B & A Engineering Co. 
Menries Road. 

Hastings, Sussex. 


Metrication 


Endemic 


From Mr. 1W. fffitrhe/l 
Sir, — In Hs memorandum to 
the Expenditure Cmnniittee on 
ihe subject or Britain and the 
European oifinctarj system, the 
National Institute of Economic 


From Mr. J. Brooke 

Sir. — Congratulations to the 
director of the Metrication 
Board (October 31) for a very 
fine piece of nonsense. Down in 
Cornwall metrication Is hardly 
felt, particularly in horticulture, 
where we still use Imperial 
weights and measures. 

IF the metrication board were 
abolished tomorrow, this country 
would drift quietly back to the 
measures it has used over the 
centuries. It is by no means too 
late to go back on tbe commit- 


From the Managing Director the 
B * .4 Engineering Company- 
Sir , — Eric Short’s excellent 
article (November 4> describing 
the drastic effects of inflation on 
the pension rights of those who 
change jobs in mid-career, high- 
lights the dilemma of the middle- 
aged executive who feels tempted 
to sample new pastures. - 
I venture to suggest however, 
that he has over-simplified the 
problem by comparing the levels 
of pension earned by an em- 
ployee who changes his job 
without a salary increase. Sorely 
this is an unrealistic situation. 

Anyone changing jobs &1 the 
age of 45 will be influenced by 
a number of factors. Including 
the salary in his new job. and 
the effect on his pensionl If we 
take the employee aged 45 
referred to in Mr. Short’s article 
who is teavins a job at £6.000. 
but now assume a salary In the 
new job of £8,000, the situation 
at retirement will be rather 
different At 5 per cent Inflation 
he will receive a total pension of 
£9 075. which is only £U>36 pa 
less than he would have recei^pn 
from his old employer if he had 
stayed; but since he has received 
in bis final 20 years over £66.000 
more In salary, the balance 
would still be in favour of movj 
ing. Indeed, small additional 
voluntary contributions to his 
new employer’s pension, scheme 
would easily make up tb& gap 
without significantly reducing 
the spending power of the salary 
increase. .- 

Even at 10 per cent Inflation 
he can easily dose the pension 
gap out of bis increased earnings 
which will amount to nearly 
£115.000 over the 20 Fea”- 

Admittedly his pension will fall 
well abort of two-thirds ‘‘of bis 
much higher final salary, hut 
does this matter? 

Anyone thinking of changing 
jobs in the middle of his work- 
ing life wouid do well to consider 


Degrading 

From Jean Scott 

Sir, — May I as an employee 
say how much I agree with every 
word written off the subject of 
** attendance bones ” by your 
correspondent Mr. T. Dawkins 
(November 8>. 

Surely it is fundamental to 
the contract between employer 
and employee that in exchange 
for pay an employee attends for 
work regularly and punctually, 
unless asbent for a recognised 
reason such as illness, holidays, 
etc. 

For an employer to offer, and 
for an employee to accept, ah 
inducement to fulfil such a basic 
obligation is. . degrading and 
strikes at the' heart of the integ- 
rity which should exist between 
both parties. 

I am sure that tbe vast 
majority of employers and 
employees are at one on this, 
and both sides should resist sell- 
ine their souls in this manner. 

Finally, how can we pass on 
decent standards of work ethics 
to our children if we ourselves 
sink to such a-level? 

Jean Scott. 

Stone House, 

Mill Lane. * 

Heighnigton. Lincoln, 


Security Act 1975 Section 30 
deals with this question. For A 
and B retirement pensioners the 
amount which could be earned 
before the pension was affected 
was £20 in any one week during 
1975. The Act goes on to state 
that with effect from such day 
as may be prescribed in the 
week containing April 6 . . . the 
substitution for £20 shall be: 

1976 £35 

1977 £50 

The Minister has seen fit to 

amend these figures and the 
Act so that from mid November 
1977 the amount has been £40/ 
week and only rises to £45 /week 
in mid-November 1978. Perbaps, 
by 1979 it may reach £50/week. 

This is another flagrant breach 
of faith with tbe pensioner. 

J. L. Harrison. 

High Meadow. 35 Moor Lane, 
Addingham, llkley 


Trucks 


Earnings 


From Mr. J. Harrison 

Sir. — Being one of tbe people 
who needs and is also willing to 
work in retirement I have been 
interested in the correspondence 
which has recently appeared. 

One aspect of the subject 
which has not evoked comment 
is tbe unfair, not to say dis- 
honest manner in which the 
present Government has handled 
the matter of the amount a pen- 
sioner is permitted to earn 
before his retirement pension Is 
affected. 

Chapter 14 of the Social 


From Mr. R. Ernest. 

Sir, — I have recently returned 
from a holiday mainly spent at 
Irapetxa. In. southern Crete, a 
town which is enjoying a boom 
on the export earnings of its 
surrounding agrotikona — market 
gardens. A significant element in 
the not-very-congested traffic of 
the town is the brand-new pick- 
up trucks of the agrotikons, 
variously proclaiming at the rear 
“ Mazda," “Datsun," “Isuzi,” 
“Toyota.” or "Nissan.” 1 saw 
only one which modestly announ- 
ced “Austio-4? orris.” This 
seemed in dimensions, appear- 
ance and capacity to be in every 
way the equal of the Japanese. 

The Greeks, like us. are con- 
cerned about the volume of 
Japanese imports. Yet these 
vehicles were not sold to the 
Greek customers by Japanese;- 
they came through Greek 
dealers, we might profit from 
an investigation of why the 
Greeks, despite .their country’s 
strong and long-standing ties 
with Britain, market and buy 
japanse rather than British 
trucks. Can it be incentives 
offered to dealers? Can it be 
better availability? It certainly 
does not appear to bave anything 
to do with the product. 

R. Ernest. 

7. Rosecrojt Avenue. 

sm i 


FAMILY BONDS 


INVEST IN GOVERNMENT 


FREE OF TjRX 


ii ( imi^ForEYeryEHgil)IeRasbandiliidWIf© 


The Family Assurance Sodetyis. 
completely exempt from mcome.tax and 


. . . jives the Society on. 

advantage of about 40% ova: taxed funds. 

: ’n^inaximum irwestment allowed is£10 
£inaa&OT£12^ - 

iibose aged 44 and nnder r and £11 a month . 
dr £132 a year Qess tax relief)?or those aged 
- 45 andover. By law, it is ody available to 
fan^ men and women. 

r alumpsumqfaboot 

£1,000 to £U00 (cfepenaingwiagelcan " 
fond your annual investment, at a discount . 
•bfalx>ut25%. ,< 

: v* This is a unique unit^lmk^mvestrnQit, 
but unit prices canfali as well as rise. 
However, the Society estimates that 





£cr further detaOs, please SB hi the 
- ccsupvabdow: • 


. Julian Gibbs Associates limited, 

I 9ftfenrfiestBrSquare4axidcnWIM5ABar 


| tefejtoeOl- 


i Nama ■ 


I 


I 


Address- 


I 


l 


| 'Spay: 

j 'iaxRatei 


.HCBTtfr,- - - 


U— 


.-Dateoj 


,1^ 







v. V* 









. ' 11 1978 

CHANGING TRENDSIN TOY SALES 




BY ARNOLD KRANSDORFF 




woiildn t buy me a bow- 



a mini-computer that can be programmed for 
varying degrees of skills. 9 


IT USED to. be sperit^on accessofies. - . by DCM’s. Sea lex-trie ( basic kit beginning to make a significant 

best way to tell the difference .In ^ .trams*. the -market is from £271, but once again a presence in Britain — games 
between men and boys ^ to.stiii . dominated by Dunbee- growing market has attracted based on computer chip tech- 
look at the price of theiir- toys.^ Cpmbex-fl^trxs Hornby system competition and widespread nology. A runaway success in 
With inflation, and I spine ^iajor (agofitoac set wfl I cost : «>, price cutting. This year DCM the US.. the toy industry in the 
changes in the tvMvM holds nearly two thirds has introduced other models, the UK is confident that they will be 

of the average famil y. fote - tor of , Ihe model .railway AFX and Electronic 90 systems extremely popular this year, and 

tiocrnm has become blurred tgrntfMt Tbe current catalogue enabling cars to change lanes) a wanner in 3979. However, 
year. According to , retailers. • 

average stockings in 

be markedly less bulging' than; . " _ 

appears! axefbuyiog fewer toys 6 One of the more popular electronic presents in 

• of the cheaper category? " : ‘ rl ' • , 

hilS^ice^e^’w&^; TOfllgner-pnced range this Christmas is likely to 

believe that =-Wd titaJl * the esttra be a £200 game in which a chess player challenges 

cash in peepie's- pockets fcoii'' . . sr j o 

record ’^levels).' ,<he avert * a mini-computer that can be programmed for 

family will spend nearly £40 on ; • . 

" varymg degrees of skills.? 

as much ’again from, relatives ^ mm 

and friends, they tfWta.-. ' . . 

Add to that -the aduitrtoys the contains 15 locomotives, indud- manufactured by its new US- observers note that British 

^2 anewrange* of coaches and subsidiary. Aurora, but distri- manufacturers have not yet 
^ PU j2L t f ’ wagons, stations and buildings, buted in the UK by Berwick entered the market in a big 

nZ Prompted - by the big resur- Timpt. under an old arrange- way, and any demand will have 

'{“ fm - Jrith interest in railways mem. to be filled from the U.S, and 

imalhly. from,, nostalgic fathers Once again, accessories are an the Far East. 
ur.^Rfl pgr w>nf the- potential important part of the sales The most popular of these 

duction about to be sold in ibe lai ®t e ^° agh stTate S.v.' and there is a wide toys is reported to be a Corn- 

next seven* weeks,- the' industry °™ er ma *^ M ™ r ® rs : A range of -‘extras" such as pit puier Battleship i basic price 
is expecting toy sales \ot around few years ago retailers started stops, grandstands crash bar- £30). a sophisticated war game 
£350m (at manufacanrers.’ ^ 0 PklhS around -for ■ new -monu- riers and bridges. But. unlike in which combatants feed in a 
prices). r against£290ro-iii 19 f I7.- ^ a ^ rers thefield, and Airnx previous years DCM will have number of co-ordinates and 
With the High Street -bon anza -' eQtCTed ^ e - friy . *?.' **£ ' 10 fi ?ht u> hold its market share, guess each other's positions, 

expected to start .in the next way System along with Palitoy Lesney Products will be making ■•Hits" are signalled by loud 
week or so ; (there are-only 37. ^ ^ M a y li n e trams inanu- a strong challenge with Power* baugs. 

shopping days to Christmas)* of - Irack - Ideal (of the U.S.) with Another big seller is Logie 5 

■retailers report considerable J.S. V 11 ® V? p i f 131 Tntal Control Racing and where a mini-computer selects 

-Interest in toys - such : as train basic -.ti'ain sets wnile Palitoy General Mills with Power three numbers at random and 
jets and model - car racing has * range of seven. Passers, a slotless version. players have tn guess them by 

lats* In fact they hope.that with It is still early days, but both The ideal system also enables elimination. Both are manu- 
‘all the. stock on their 1 shelves, are expected to make a size- cars to change lanes and has an factored by Milton Bradley of 
this type of toy will be the. able impact: on the market Also extra independent car that the U.S. Also on the market is 
most popular gift this year. , . . available- this year is the popu- circles the track at two-thirds Tin Pan Alley, an electronic 
Many of the major mahofac- lar Limaseries, which is im- speed of two driver-controlled target si looting" game marketed 
hirers have invested- beatdiy ia ported froni Italy- by Eidenmann, ears thus adding an extra by Ideal. 

this side -of the market,, and an unquoted. UK company. hazard. There are three basic The trend towards electronic 
- there is keen price cutting to ' There is even greater com- sets with nine different cars and games is evident, too. in the 
'.capture sales- The. toymakei? petiticttj. &13ieia5del tar racing accessories. higher-priced range sold at 

zstmaate that for every £1 spent sector. -For the. past few years Meanwhile, retailers arc notic- stores like Hamleys in the West 
.in a basic train set, about : £5 the market has been dominated ing that another type of toy is End. There, the most popular 


preseat this year is likely to be 
Chess Challenger 10 ’ ipriee 
£200), in which a player chal- 
lenges a mini-computer that can 
be programmed for varying 
degrees of skill. Also in heavy 
demand is Gammon Master 
(price £150). a backgammon 
version, and Boris (cost £200), 
another chess computer which 
displays its moves visually. 

Computer Mastermind, made 
by Invicta, • is reported to be 
less popular this year than in 
the past Television games are 
said to be in good demand. 

- Among the lower-priced 
items, the most popular toy this 
Christinas is expected to be 
Palitoy’s Action Man. This has 
been described as a classic mar- 
keting success which has 
effectively solved the problem 
of producing a l, doir for boys. 

TTiis year, the military range 
has been extended, in spite of 
market indications that so-called 
"war” toys are becoming less 
popular. There are 10 basic 
figures for winch there are now 
a wide ranee of uniforms, and 
extra equipment includes small 
arms, a helicopter, motor cycle 
and a tank. There is 3 Iso a range 
of all the Star tl'nrs characters 
and vehicles. 

At the mosr expensive level. 
Hamleys reports a '‘staggering" 
demand for TI Raleighs Buglet, 
a miniature vehicle complete 
with Honda engine, costing 
£895. There k similar demand 
for a Go-Kart, which costs £750. 
They are not allowed to be used 
on the public highway system. 

Continued strong demand is 
reported for one of the 
industry’s staples — the die-cast 
toy which accounts for more 
than a quarter of annual toy 
sales. All the major manu- 
facturers are back on the 
shelves with new and improved 
ranges, including Airfix with 
Dinky, Lesney with Matchbox. 
Mettoy with Corgi and Mattel 
with Hot Wheels. 


On the dolls side. DCM’s 
Sindy fashion doll continues to 
take the lioness's share of the 
market with the Knickerbocker 
range of stuffed dolls and plush 
animals also proving very 
popular. 

The UK is also well prepared 
on the film characters merchan- 
dising side of the business. This 
year " space " toys are expected 
to sell well following the box 
office successes of such films as 
Star Wars. Close Encounters of 
the Third Kind, and the 
re-release of 2001 — a Space 
Odyssey. 

The company to benefit most 
will probably be Palitoy. which 
has the exclusive UK franchise 
for the Star Wars characters. 
The company is selling a range 
of 12 figures about four inches 
high — retailing at about £1 
each: they hope to sell at least 
2m figures by the end of the 
year. 

Lesney has a Matchbox range 
of Adventure 2000 futuristic 
vehicles, while Airfix has manu- 
factured an impressive set of 
Micronauts and. Eagle semi- 
arti tula led figures, including a 
Dr. War which fires rockets 
from its arms, as well as con- 
struction kits of lunar modules, 
space shuttles and starcruisers. 
Mettoy has entered the fray by 
extending its range of Busi- 
bodies (semi-articulated twisf- 
and-hirn figures) to include 
spacemen, aliens from outer 
space, robots and flying saucers, 
bur it is having little overall 
success against DCM’s Play- 
people. 

Dolls based on the Muppets 
characters in the TV show con- 
tinue to be popular, although 
demand is expected to wane 
now that the show has ended. 

In the character merchandis- 
ing field however, the biggest 
disappointment so far this year 
has been the weak demand for 
the Walt Disney products in 


Jon ’ £ U S 






miM 




JmjL 

-i 




,*> -. '■ 

r • •_ l-V 



. . > 




But Dad, you've bought us nothing we can smash up" 


this, the 50th birthday year of 
Mickey Mouse. 

Debenhams in Oxford Street 
has a largo area earmarked ex- 
clusively for Disney toys. The 
company toy department man- 
ageress. Miss Pamela Jenkins, 
admits that sales have been 
disappointing. However, she 
hopes that demand will pick up 
nearer Christmas. 

Elsewhere in ihe shop, toy 
sales were already about 30 per 
cent ahead of the same period 
last year (when Ihe suburban 
shops did better) she said. This 
year, she expected this position 
to be reversed as a result of the 
Oxford Street Association decid- 
ing to bring back Christmas 
lights for the first time in 11 
years. 

Attraction? such as ihe planned 
laser heant aerial display in 
Oxford Street wuuld also bring 
families into the Wesi End. and 
toy sales would benefit accord- 
ingly. she added. 

Mrs. Dawn Allen of Hamleys 


confirmed the increase in ir»y 
sales (about a third higher to 
the end of October). She had 
noticed that parents were 
becoming mine practical in 
their choice of toys, hence the 
popularity of such items as 
Prerend Huover and 

Kitchen Centre ifgi. 

She had also nuticed a drama- 
tic revival ol The Teddy Bear 
and the month organ (prices 
£1 io i'7S». Executive toys itch 
as Newtons Cradle with u? 
swinging steel halls and cheque 
hook covers with jokey labels 
were also very popular. 

Mrs. Allen estimated that ihe 
average Hamleys shopper would 
spend abuul E10u on each child 
this Christmas, a figure similar 
to last year. 

Overall, however, the kids 
can expect their hi-,t Christmas 
ever. But they are not going 
to be impressed by having 
fewer toys to break and it looks 
as if they arc going :o have 
to share their toys with dad. 



*:T1;'***7T V 

" V- v • _ J 




Qack? 


Setting 

tracking 


• TtY TO : convince nation’s - 
-tear-oOm hens that if would 

eally .ratfcef, , if/ thsy r ; . 

latched* ".'their.' '"'egg : production" 

-*ith fluctuations in demand and , . • 

ou'll get a squawk ' ior . an 
nswer. Which is why- the Eggs 
lUthority aims to boost • totaL- 
dvertising and promotion 

xpenditure next year from Egging on: ^ A 

1.49m at present to £2JHSm. £15m : rise - - in 

' Egg producers are having a spending to boost 
ough time. Conservatively, « ,es - 
^isses are running at £2m a According to Mr. Morris, eggs 
7eek -thanks to overproduction, haVe lo reassert themselves 
Ithough in . days, a gainst other staple foods. By 

Cbeme to kill off 2 . ora pension- his reckoning, tbe MUk Market- 

• ble hens and raise egg prices - Board spent n0 les s than 
Op a dozen has beep shelved. p £1Qm on advertising last year, 

-L- ha¥ ? aeilS, l ^ including £5m on milk and 

authority's plans t° : advertise i£JL5n ^ cheese (it is spending 

he li£p 0t of lainsburv^ even more year, ‘ At 
he advice of John Sainsbury, mp t lm p the makers or break- 

hairman of Sainsbury s super- eaten a t 

account tor up to 40 
. erenrethat the_ best advice ie £ jjj egg servings— 

W pro- y Tc« To dl Mr“S 

On the other hancl the pro- “ Jfwe° OTwpricedl 

y BON^ oSorut^pSo^ PhS^SLu^ IO So h o^ 

- i r^r,-sivhfch is wl .s the Eggs Authority tftW uer 

pressing forf2.S5m worth of raluc m >erms p 

jO V t^irUrcrtishi non year agaipst JJZ 

• -rh .,il2m for 1978-79. If plans to change the ' ®‘J' er | “ sl * 

Nu tv" ay 6m £2.1m on TV. £310.000 strategy. There would be no 
n women's magazines. £100.000 heed to lower its we.ght. 

O r T n radi0 and £50,000 on posters. 

i. ** , /he planned TV- spend is a huge Q B41l *if*|| 

. -^-.^eap from the current £875,000. B&dllMIUI 
... . n addition it hopes, to spend 

310.000 on promotions. rfflV - 

According to the Authority: “"J. 

There is now concrete evi- Honesty is tbe best policy in 
. lence that a. return- io an effec- business relationships so if was 
ive weight of TV advertising fl0t t00 disturbing yesterday 
rill increase consumption/ For w ken Mrs ; Julia Morley told 
he 12 months , to September me finnjy that I had failed to 
- his year, television advertising na ^, e the guilty men in the 
n the Scotland/Border. region, Gran d Metropolitan row with 
las been running at twice the. her-husband Eric and that tbere- 
lational level.- The prediction there was no prospect of 
vas that consumption in the a ^jee snap Of the couple and 
est area would improve by I their Miss World contestants to 
»er cent against the rest of the grace the Saturday breakfast 
ountry. and I per cent of a tables of Financial Times 
:450m market is not chicken- readers. 

eed. Morley himself was on 

“The results to date -have sparkling form showing no 
)een dramatic. . After 10^ 0 f any scars, but he was 
nonths, egg purchases in Scot- no ( over-eager to be embroiled 
and/Border had increased 7 ^ any further discussion on the 
>er cent against . England and subject when he played host at 
Vales over the same period." the Variety Club luncheon for 
In reality, sales in Scotland/ t he Miss World contestants, 
iorder increased, by 5 per cent;. That the luncheon was staged 
■ales in England and Wales fell ; n a rival Trust Houses Forte 
3y 2 per cent.) hotel should not be taken too 

“Tbe implications are of seriously. - Grand Met itself 
■'ital importance.' If the amount does not boast a London hotel 
pent on advertising is restored auditorium big enough for the 
o an effective weight we can event, nor for that matter for 
iegin to push consumption back both Morley and Maxwell Joseph 
.owards its levels of a decade bis erstwhile boss apparently, 
igo. In 1970, for example, per since Joseph was not among the 
capita consumption of shell several hundred present for 
iggs was 20 per cent higher ibis event which is a major part 
-ban today. In the late 1960s it of one of the group’s biggest 
. ns higher still.” public events of the year. 

^ Eggs Authority marketing The lunch, and indeed me 
Manager Paul Morris says that whole Miss World contest, is 

‘ ~ (then be joined the organise- for charity. One. of the less ®J. 

.. -• lion four years ago he was dis- known spin-offs of the current 

appointed to find it spending competition is that Julia iMorie> 
ess than i a per cent of sales while in Mauritius finalist 
>n advertising in a market then details for tnat L0iintr> s 

.vorth just under £400m. In contestant to make her w» « 

real terms even today it is Britain i,... found two 
pending only a third of what about to die m the absence of 
;he old Eggs Marketing Board heart surgerj- She atran^ed 
was spending. , . their flights to the UK for tfle 



necessary operations — the work 
is' being done free by the 
surgeon and the rest of the bill 
is being picked up by Variety 
International. 

The £5,000 raised by a Morley 
auction, by the way. also goes 
to help sick children so it was 
-nice.- when he made very 
pointed reminders to tbe book- 
makers who make so much 
money out of Miss World 
gambling that they ought to be 
in there bidding — as the Coral 
family was. 

“ What about Mecca." came 
one call from the crowd. 

“ You’d better ask the rhair- 
ihan about that," lie cheerily 
responded. 


The pain 
in Spain 


One of the delights of the 
annual • convention of the 
Association of British Travel 
Agents is tbe, fact that the 
2.000-plus delegates who attend 
these happenings in a different 
foreign resort each year always 
fall foal of the sort of disaster 
which normally hits the rest of 
us all the time. Aircraft are 
late, . baggage is lost, the 
beaches have oil on them and 
hotels don’t relay messages. I 
was delighted to be present at 
a huge breakfast thrown by 
National Travel at this year’s 
jamboree in Torremoiinos when 
the bill arrived. The hotel had 


declined lo give this slate- 
owned body credit and insisted 
on instant travel cheque pay- 
ment. A few travel agents 
apparently spent an hour or 
two in a local jail because not 
one was carrying a passport 
when the night club they were 
patronising was raided. 

The deepest shock was that 
Spain is no longer the bargain 
basement destination that once 
it might have been. Taxis from 
some hotels to the conference 
centre were costing £1.40 each 
way and meal prices were well 
up to London standards. Mo 
wonder one speaker was driven 
publicly to warn the Spanish 
that Sri Lanka and the Gambia, 
for all their distance from Lon- 
don. were getting io be both 
cheaper and to provide better 
service than Spain. 

But if the Spanish are not 
over-amused by some of the 
remarks made about one of 
their prime holiday destina- 
tions. the Association of British 
Travel Agents, might be happy 
that at last it has found a for- 
mula for its business sessions 
which actually keeps the dele- 
gates within the conference 
centre. Traditionally ABTA con- 
ventions see most of the real 
business done in the corridors 
and hotels, the platform being 
only a side attraction. This year 
the speakers played to packed 
houses, something of a relief to 
ABTA since its annual gather- 
ing is one of the biggest on the 
British overseas convention 
calendar. The fact that ABTA 
is getting more serious about its 
work might come as bad news 
to a British Government con- 
cerned about the balance of 
payments, since most ABTA 
members are dedicated to reduc- 
ing a tourism trade balance 
which is currently £lbn in the 
UK’s favour. 

The one gleam of hope For 
any Chancellor is that any host 
nation for ABTA traditionally 
gets a bad press and often fares 
badly in the year afterwards as 
far as British business is con- 
cerned. Next year the conven- 
tion is being staged in Los 
Angeles. Perhaps that will put 
a stop to the rise in traffic to 
the U.S. 

Contributors: 

M. Thompson-Noel, 
and Arthur Sandies. 


Economic Diarv 


MONDAY — Prime Minister is 
principal speaker ai Lord Mayor 
of London's Banquet. Guildhall. 
European Central Bankers begin 
two-day meeting m Basle. Index 
of industrial production (Sep- 
tember provisional). Retail sales 
(October provi-ionall. Turnover 
of the catering trades i third 
quarter). Statement by Associa- 
tion of Scientific Technical and 
Managerial Staff on petrochemical 
industry. European Parliament 
session opens. Strasbourg. 
TUESDAY— Balance of payment* 
current account and overseas 
trade figures (October). Portu- 
guese President General Eanes 
arrives io UK on State Visit. Mrn. 


Margaret Thatcher. Conservative 
Parly Leader, visits Institute of 
Indian Culture. Castletown Road. 
London. 

WEDNESDAY— Portuguese Presi- 
dent in talks with Prime Minister, 
Downing Street. House of Com- 
mons debates Developments in 
the European Communities. State- 
ment by Pharmaceutical Society 
on pay offer to chemists. Basic 
rates of wanes and normal weekly 
hours i October). Monthly index 
of average earnings (September). 
Cyclical indicaiors for the UK 
economy (October). Announce- 
ment from Russian Foreign 
Relations Department in the UK 
on Soviet shipping policy. Mrs. 


Indira Gandhi at Foreign Press 
Association luncheon. Cafe Royal. 
London. 

THURSDAY — Mr. Denis Healey. 
Chancellor or the Exchequer, 
speaks at Trade* Union Congress 
industrial strategy conference. 
Grand Hotel. Birmingham. UK 
banks’ a-oel* and liabilities and 
tli- money -lock t mul-Ocinbvn. 
London dollar and -lerling certifi- 
cates of depusit t mid-October i 
Mr. Wans Chen, uhine.ee \ i- e 
Premier see- Prime Mini«;r-r. 
Hou-e of Commons. EEC Health 
Council meeting. Brussels. Science 
Research Council annual retiei*. 
Consumers' cxoenclii urc >. third 
quarter — second prclimin-ir;. e-n- 


maiet. Finished .-tecl consump- 
tion and slock chance-, (third 
quarter — provisional!. Building 
Societies mortgage survey. 3 per 
cent sample survey results » third 
quarter). 

FRIDAY — Rclail prices index 
tocioberi. Preliminary eutmaie 
of gro« dumeslie produci h.i-erl 
on ouipul daia ( third quarter). 
Mr. Edward Ilealh. Ml*, a; Bow 
Group jubilee dinner. Grand 
Hotel. Birmingham. Mr. L':r. id 
Steel. Liberal Parly Leader, 
addresses Union of Liberal 
S-udenw i-onR-reiive. Pnr.ce 
Con* on Road. London 



:.V 


group 


ABRIDGED PARTICULARS 

Application his bten made :o sue Council ci The S'ock Exc.hanoc 'or 
ihe whole ol the issued Ordinary Share capiidi ot Kirchtn Qijeen Group 
Limited ("tne Company") to be adm ued io ih? Ofi'cai L-s.1 
The Application Li-. i will open ai 10 << m. on Wednesday. 15>h Noverr u r:. 
1 978. and will close on the iama day 


iSDii ILDSSOl 



Authorised 

£3,000,000 


SHARE CAPJTAL 

in 30.000.000 Ordinary Shares of 1 0p each 

Offer for Sal 


Limited 


Issued and 
:uMy paid 

£2,504,400 


Halliday, Simpson & Co. Offer for Sale 6,812,500 Ordinary Shares 
of lOp each at 29p per share, payable in full on application. 


The Company's Activities 

Kitchen Queen sells and manufactures do-it-yourself 
kitchen, bedroom and living room furniture. 

Its Retail Business comprises three major stores in 
Manchester. Coventry and Leeds. The Manchester 
outlet, ihe largest, displays 55 lilted and 28 self-assembly 
kitchen settings and over 25 displays of fitted and self- 
assembly bedroom furniture thereby enabling customers 
to compare the products of different manufacturers side 
by side, and is probably the largest and most compre- 
hensive display of its type in the country. Almost 
immediate delivery is available on most items. 

The manufacturing activities are mainly Ihe supply 
of self-assembly kitchen and bedroom furniture to the 
do-it-yoursetf trade underthe Di Lusso name. 

Di Lusso furniture is displayed and sold through o\?r 
1,190 outlets of UK retailers as well as Kitchen Queen's 
own stores. 


Profit Record 

Annual turnover ol the Gro.-n :r.s oaf hve years 
increased from E22m to i".S tv. :or the year ended 
August. 1978. and profits fi£ e r.creesed from C270.000 
to Cl -S6m. 

Profit Forecast 

In the absence of untoresec" cinymstances. the Directors 
forecast that turnover ana prc*i» of ;ne Group before 
taxation and extraordinary items ior the ytar to 31st 
August. 1979, will be no: , .*'an Cl 9 7m and C1.8m 

respectively. 

P E and Yield 

On the basis ol an expec^c :c- :;iarge ol 12 per cent, 
and at the offer price ot 2So the shares are being offered 
on a price earnings multiple o( -.o- On a theoretical lull 
tax charge of 52 per cent, ih-- P r| c* earnings multiple 
would be 8.4. 

On a forecast dividend of 2;- 1 2.5p m a lull year) 
the gross dividend yield (t..; tun ■, ear would be 3.6 
per cent. 


c :c- marge ol 12 per tent, 
tr.e shares are being offered 
r a; -L£. On a theoretical lull 
rhi price earnings multiple 

-*r ihjre i2.5p in a lull yearj 
tr.e : l>:< year would be 3.6 


Copies of the full Offer for Sale (from which these abridged particulars are derived) incorporat- 
ing Application Forms on which alone applications will be considered can be obtained from the 
Financial Times and the Daily Telegraph published yesterday, or irom:- 

Halliday, Simpson & Co. 

98 King Street, Manchester M60 2HA 73 Cheapside, London EC2V 6ES 

Algemene Bank Nederland NV 
Pall Mall Court, 61 King Street, Manchester M2 4PD 
61 Threadneedle Street, London EC2P2HH 

Lloyds Bank Limited 
Registrar’s Department. Issue Section. 

Ill Old Broad Street. London EC2N 1AU 

or by telephoning 

(061)832 8895/6/7 

Today 9.00 am to 1 .00 pm. Tomorrow 9.00 am to 2.00 pm- 


necuL suiftcj.j. - 

their flights to the UK for tfle ABTA President Margaret Hook: from Costa del Sol to Costa California. 







COMPANY 


W olseley-Hughes keeps 
up pace and tops £9m 


John Brown raising £1 
—big dividend increase 


giUncial TiitfM n-crJjy Nn-renber Vl ^[Vl 

1 DIVIDENDS ANNOHM.® /T 


Current 

payment 

. 2.85 


C. H. Bcaxer f ? 

Continental & ladost ini. m 
F ersiuaa Industrial . .:inL 3 


RKFLE*. TYING A m. -untamed rale unciTiatnnr'. are likely to make placed to resist any downturn 


of growth 


mx profit.*. harder to earn. 


Engineering giant John Brown g 
is proposing to raise £tom from p 
shareholders by a three-for-ten m 
rights issue at 350p each. m 

The company is also forecasting £ 
a rise of £2m in pre-tax profits w 
to not less than £25m and a near ff 
doubling of the dividend in the (. 
current year ending nesi March. >i 
In the market Brown's price A 


Turquand said last sight that s ^ on — 4'oi: 

was disappointed at Sime’s/re- 4 ‘‘‘*Tnf It 

munw. The nitrons*. of - IMvKAmt 3Dfl ShttSOn IBt *? . 




spans e. The purpose'. of ,Uie v f^' ",*T 

suggestion had been to aepOTtecft 1 "”? 1 1 *. : :T" ~ " * ‘ i°r ,« 

the appointment oX auditors' -for; nn 

the current year Irom the “perii bpeedwrli Gear • _ 

pheral *' issues which bad arisen Tncorille A 

- ™ • - • Hoiseley-Hughes 


between Sine and Turquand. 


Datg.- -J fcdcre*. Icdai 
ol • ^ponding for 

paytnent. year 

Jan. 4,5' 

Feb. fi . 225 

Jan. 11 ' 2,1 

Dec. 38 a.5r — . 

Jan. 33, 3.62S 5.3 

■Dec. 13, ' ' 1- ■. 

Jan. 31 NiL — 

Jan.4 . 'i:SS- •' 

Dec. 19 l.«5 0.83' 

Jan. 17 . 1,12 235 

Jan. 5 3 J%S 7 . 4 S 


Total 

last 

year 

- 4 -. 

fi.4. 

a 

.-2Q.S . 

4:755 

■339.. 

03» .. 

- s.6'1? 
1.65 
1.82' 
6.70 


nirmib.-. pro (i is before Lax of The yi-ar's profit was struck slitl show 
SVulsi*le> -llushvs show an advance after hfa\»r interest of £701 .(MM) third of 
»f almuM 45 per ecu I 10 a record 1 £44ti.Ui>u 1 . At the attributable 203 p. up 
£9ii7m tor the year ended Ju.'v 31. level ilv«- profir emerges ahead at solid pc 
1M7R. Sal«-< jumped by :*,5.7 per £4.3 , .»m against £2 .5?. mi giving per cent, 
cent ro £13 1 Km. earn in- > |>cr 35p share up from 

The dirccloi'a explain rliat titMtip «<■ 33.1 5p. The directors 


while the balance sheet apparently rose by t 0 c | oso at 4J4p. 


profit was struck slid shows borrowings roughly one The directors say that the com - 


after heavier interest of £701.000 third of shareholders' funds. At y ni?et } s the extra cash to 
1 £+4ti.Uiiu 1 . At the attributable 203p. up op. the shares are on_ a finance the continuing ;n vestment 
level tin- profit emerges ahead at solid P'C of 6.2 and yield of o.b fixed assets within the existing 


m-m 


Wnl.sele> -Hughes McrchouL-. had a puini out that a.< SSAP 13 has nnl> 
good finish ?u the year as did just been published a full year's 


mn.,[ of the agricultural and tax charge has again been pru- 
gardenins division. ITulils of the vided. 

engineering side be no tiled from The dividend total is increased 
Jaree overseas con l rads. by ihe permitted maximum — from 

At the trading level profits of 1,1 * 1 ’* < - l “P* w, *h a final of 

the merchant mg side showed an 4.15- , Sp. 


iricrea.-c from £4 55m in £<i.43ni. __ 

the agricultural and gardening ® COITimSnt 

-ide pii»ln-d up its contribution IVnlselo -Hushes had much 


while cheer a bom last year; a 


JCh to ip7s i a 
fashion curreri 


IM?r cent- business, and to invest in new 

companies when opportunities 

4? ft C/(iyx aI Trf the current year the com- 

pany will be spending about 
£15m on new plant and buildings 
and nest year's requirements are 
IOSS DY expected to be at Jeast as great. 

J The directors are also keen to 

Tpw • acquire olher companies either in 

rC|*lQ'l*Q Y the UK or overseas which could 

**•/ be paid for in cash or paaly in 

TOR THE year ended April 10. cash. , „ . 





Further 
rise for 
Tricoville 


. Dividends shown pence per share net except where otherwise stated. 

• fiv.-ivai-nt after allowing for scrip . issue. t On <*piul : 
- 'increased by rights and/or acquisition Issues. t Addl tiooaJ_ °-<«fiSp 
‘ . Joc J97?78. 5 After subdivision aod senp.. I Plus.-adtfiUooat 6.102p. • 

lor. 1977, payable with interim. : . ^ 


Hammerson Property up 

FOR TH£ eighth successive yeir^ A ■*■***“*“ . * ^ ' * V- ' . 

since going public .in . 1970.,..;. rv • • 1* 

£2.9m in tirst tiau . 

SgES? % SLSSFSZ : 

First half profits had dKmb^frfnjproved from £2.19m to |2 92m facjot^.^. _ to- have got' ‘ 

29 per rent and the directors were jii the first srx months of 107S Hesata- we seem lo.oavego^.. 
confident of a record result, i Sfdre tax of £l57m against - 

Earnings per share are: sbowrt £b ngjn Rental income was and he b ack t o nomi^. _Hb • - 

at 14.1 Ip against Up and. due- to' higher at £ttJ7m compared with as Christmas *' ' 

close company -provisions. &e^>i2SKm ' important- - 

dividend is raised by 29 j percent- u- xh e - '„ ro ii t was after charges profit ••• 

1-4?P- • -rents paid, inlerext. adnumstra- at tira®- ■ 

The slight drop in turqover— tion. expenses, a £l.lm <£l-om) _ ... ' 

from ES.9m to £S.79m— is. Ihe, transfer to costs of properties and « . .. I//'.*' V-V 1 r 

result 01 cutting out less profit- 1145534 (nil) amortisation of WL m(T lV v - 


loss of £537.952 was in- Jn 'be year ended Iasi March 


engineering m<m-d ahead from Tor liuiiiu improvements, plenty (.-jnthing and jersey fabric maker. 
i‘I.3lm Lo IJ.Sim. uf huiiding society cash, and a a^ainsr profits of 1T64.279 in Ihe 


Ihe Brig ray Group, the company made a .substantial 


increase in profits. -At the pre- 


Mr. John Mayhew-Sanders. 
chairman of John Brown 


Sal.** -• . . . 

1 a.^sr 

a: t*.: 

M* rchanuni: 

5c! -.’-.ii 

i.t :r* 

.Vnrioiliunl X s^rl- rnm; 

SJ i.nl 

i '• 

finxiii'-.-nn. 

Ik V 71 

H.I71 

Ti adliii! pruiii 

;i t: - : 

t> 7»7 


k.-Im 

J.V.I 

■Van. uJ!iir;tj v J.iM- ninq 

i.i m 

V|" 

F.n^in- - rm; 

i .-m 

J ;u7 

\"*l. i.-il- - 



7 

Ini. r.-M ... .... 

Till 

41' 


1 Sunday. 

The limit on the order 


r rnfi- 

■ 'nrpiirjiiiiii tax 

I PWilM 

*.:-nnr!!i< s 

r*ir..ori!Hidrv f-rorli 
P’-l. r. in,, ill-. iri- mil 

Vir:bii!slil.- .irilinan 

*>rr!injrr I'liHii' 

Fc- 1 jni'-il 


contribution from of £27S.u42 w hich has been wrilten surplus uf £153im.last March and applicatioti forms 
and Parmner helped ofl as an extraordinary item. Also term loans were down from IS.lm 


'"‘ - x Archie Kidd and Pa miner helped ofl as an extraordinary item. Also term loans were down from IR.lm 

1’1’isii prwtiis ri-'t by S3 per cent. Mowing a j> rsceptinnal depreciation to £U.7tn. Shareholders' funds, 

■«7 machines have had a good year charge of £21.545 foEerher with bt-fore adding in deferred tax, 
-1 while i.-u.'li'aliu-j! benefited from j Ir.Sf. of £2.i.222 on the sale of fOM? .from £48.7m to £«0.7m. 

, reoighii'.'Htiun at WoKeley Webb, fixed assets has beeti taken inio The directors are forecasting 


resumed grow th in turnover and for the 

IS two conrinued growth' in profits ai^TS fibres. If 1 

expected. . _ -...•■ - i 


F.iijin- mu i.-i'« j air pnriieiil:ii':- "«> the agricultural The year's loss was directed by overdraft of £U.3m the year before on Sunday' ' “ ' order book is : satisfactory.-, and - -.njp amortisation has been 

- .... — v ainl hurtivu Rural side where ihe goodw 111 arising on consol id at ion Brown had moved into a cash The limit nn ilia nnior i E resumea grovvtainrurnover Jind p rt> ^icSed for the first time in the 

b* 1 -!'"'' , r L" **'■ iir-t-iime con trihut ion from nf £278.u42 which has been wrilten surplus uf £l5JIm. last March and apnlictition fm-itw.- r “ IUO coniinued growth m profits ane^jg7g fieures. If amortisation had 

■ 'nrnnraiiiin -ax t vVi -'w Archie Kidd and Parmner helped ofl as an extraordinary iiem. Also term loans were down from IS.lm ' expected. . . . • '. rbeen provided in 1977 on the 

y:. 1 r .-om ' 44:,* prutiis r^e by S3 per cent. Mowing an rsceptional depreciation lo £6.7 m. .Shareholders' funds, O* • . \^ e - °?? isns ' produces saine' "basis, the respective provi- 

M-nnrm.s I7i " -17 machines have had a good year charge of £21.545 fnEcihor with before adding in deferred tax, xJtlXl^ F010CIS antj marKe ‘- s 1 3 ^ ruon ' , ■ ; ■ -winy would have been £157.734. 

Fjir.or.M.jrv r-miii gi u j,,^. ,u!i pa l»rs benefited rrom a los > uf £25.222 on the sale of rose .from £48.7m to £«0.7m. •> 7* : ' ' fv -Earnings per share are shown 

vi'rijiii'iiii.- ' ■I'rUl'ii'ar 4 -Z - rent g;.u;v. ( ti"n at WoKeley Webb, fixed arse Is has bvCti taken into The directors are forecasting IlirniianH .. _ j.Tss^r? "at5.04p against 4A3p. 

• T/inurr .fi-.i.i.nrt- ■.'i-.-. "..,1 Elsewhere, the engineering com- account in arriving at the year's that the total dividend will be * Ull|UaUU Pnftt before i*x 7U,S75 561.8S2 Fust half 

n-'Jiii"-4 “..mu .'.""r nanie-. v ere bni'sled l».v some guild resulfs. raised from S.S44p net lo Hi.op this ,■ T.- 1X 19 J* 1 ^ T 

,Tp,,r " °< liau,u ' iTJ7n " Middle E:.-i orders and only the Che directors decided in write year. Of this 7p w intended to SUggeStlOH • ' T.:~ tSo S RcD.ai u,^ M c 1a.37f.3M u.aa.w 

eiecl^i..■.■l , ■-■"Oils uperainni. which oiT the goodwill and at the same bo paid as an interim next April. T h« R«a,w t ci n k . Exiraort. dtBcn ' 2I.822- 1 *3.07*.' • 5ht -and lease rents .. ;.3W.140 2.U6.7M 

The directors cay that dt-spiie coniinuc- make a loss, failed to rime to revalue Ihe groups free- Holdprs nf the new stock units , ,L Q 01 JS,n, e tnray nas juvUntaWe ... 4fltj30.‘ sas-es tnierest s.Sae.tK >5S0.3S7 

riiFficuHic.s in ubUtning adequalc please .'lean while, ihe underlying hold property to £750.000 in the will be entitled lo this pavmenL rt? JfY eU Ip® sugceMion of its Dividends . «.7i5- Admin, expenses , iS'Sa 

-supplied of skilled [.-.hour and che marfcei conditions may change in light of the recent disposal of The Treasury his agreed to the * udlU £ s - Turquand, ^ounss and • Surp.us an rcaUpnirnw -<rf currencies 'To cost of Drops l.iw.wo i.siwo 

131-ara-' n' the oirrscjs ennfrad- ihe curreni year though the enm- thai property. increase in the context of the s?;:. * .' 1 .*? *' < > mm, n £,c ‘ of share- . , _ * tax ZJH425 


'.-it Elsew here, the engineering com- account in arriving at the year’s that the total dividend will be 


' bit jiirf, ■? 
I.-,V. 


'.jcpnnN of lin.biu 


The <fireclorN 


“-mu .’.""r names v ci'e bni'sied l».v some guild resulf-,. raised from S.S44p net lo Hi.op this 

m.iiiu ‘i7J7ni. Middle Easi orders and only the The director 4 decided in write year. Of this 7p U intended to 

elec iri '.•a' .-"Oils opera linn, which nlf the goodwill and hi the same be paid us an interim next April. 

■ hat despile continue- make a loss, failed to rime to revalue Ihe groups free- Holders nf the new stock units 


Sime rejects 

Turquand 

suggestion 


King& M ,*r 

Shaxson : ’ 

satisfactory 


vagarii- of the- oiersras cnnrraci- the curreni year though the enm- that property. increase in the context of the 

ing bijsine.-s the ouilnok Tnr the pany .s.iy- 11 sees no sign nf this It is- believed that the balance righls issue. 

iniinerlial'- fuiure is rcasonabiy happening ci far. Being one nf the sheet as at April 1*1 ihi- year will The rights has been under- 

bricht. Tin— i- problems, however, enumry'* major ceniral heating therefore refleci more properly, written by J. Henry Schroder 

log'.Ther vctlh the wider economic di>iribuiors the yrnup is well rhe group’s current position. U'auy and brokers arc Rowe and 

Pitman. Hurst Brown. Dealings 


Ferguson Industrial jumps by 
31% midway and still improving 


crease in ^the context of {he ^O-- «ha, a committee of share- - - 

SS, has been under- DlVldeOll CUt 

kijand'brokers^re Rwc^tS Tan^vf^n IhairmaJo?^' Speedwell ' 

r! c »^r Dealings J . 

.Man next iuc«iay. |<Jea of passin!! the buck lo a UCdl 

special committee." With profits .showing 3 substan- 

“• think that just ob«'ut every- rial reduction. Speedwell Gear 
k ltpfion ttnoon thing that can be said on the Case is outline its dividend from 
1\1 lUlCU V/UCt.11 issue has already been said.” \ 65p to O.IWop net per 25p. share 
■ • Tan Sievv Sin appears envour- for the year ended July 31. .1978. -i 

onone-tn a ~ ld b -' the P rox V returns. He Turnover of this sheet metal 


Dividend cut 
by Speedwell 
Gear 


Kitchen Queen 
phone-in 


at o-Otp against 4A3p. SATiSFACTORV PROF rT-S^r jwere' V - . 

: FLW half oarDec | by King and - Shaxson, - 

i I banker, for the sis months tn, ihe;; . c - ; 

Rental uicvuc ja.SH.aw i2.as2.i»< end of October. iaTS, - 

Chi. and lease rents .. 2.U6.JM state. During the perred MLR ; - : 

interest S- SSiS rose 2 i percent.' ' 

i£Z% la addition, to this profit there . , : • 

ttir.::;::; S - was ,-a Higher contribHtiott, t^ L ._ ; 

Profit bsfare tax H24JJ8. group Surplus from. .King -.and- :• 

Tan — 1 *S2'452 Shassbn Fund Managers.- • - - 

- T m%# ***9 The net. interim divWewl. jkt; : ;; . < 

ptwb; sale surplus t.sflt^w 755W 20p share is held at TP and costs-.-. .. 

written on» -• i.tis.687 ■ 274^ £134^ (£136.363) and: there - *h .-.vr- :. 

•Of snort Wa»d»olds. t Dvh-ired Inr^rest a dhtdeod for Jasl. . .. 

and derrtoptueat outsouws untten ofl- yeaf 6f 00362 p. followlng lthe V -% 

_ » * change in tax rate to. 33 per cent, • 

Ppipm hack costing £3^s (£2B17j, : 

uawxv The directors intend ta pay. r a \’ y 

. x- nnemol total dividend, .for the . current";;' — - 

1.0 normal year of not lesa tlian the, jnkxi-. r;.,; 


Be jam back 
to normal 


q>10/ mi^lwroxr ntul cfi'll I'mArnnino ohone-in : >h. a».»u W - 

-31 /O ITllOWaV aiiO SiTIII UTIiII^OVIFI^ ‘ clrvws: ~\< the cviuciwc Of proxy engineering concern was ahead BClam Group, the chatmian JMr. 

JL / KJ lAlliA T7 T kJtXlA UllllA T Ailw An unusual arrangement has returns is anything in zn by. then marginally at £I.75in r(£I.65m.).- 'John Apthorp. told shareholders £1.22nv profit aftcr-prmidi ^-fq r.-.--^. . 

Keen made for investors wanting .shareholders are sufficiently well But profits fell from £9fi.6S4 to that sides of both food and rebale; tax.. rnmormes : Ma^nm^.j..v 
WITH SALES fhov. ing n rise of Mr. W S. \ ernnn, chairman, says crease. Tradino i n the second half ,0 hu - shares '» Kitchen <|ueen. informed and well aware of their £25.«22 before tax of. . £9>H^ eeMrs had heen well above those ter to contingencies 
42 pvr i/eni £2fi.5lm Ferguson thin the group is L-unsidvring the i s gning v\el| and gond* results are i r ,K la'*!- 1 company to come to rights and the issues involved to t£51.534). . V . 

Indus I rial Holdings managed lo oder made bv U7iiiecri.fi rnr expected in the full year from market make up their minds now with- Earnings dropped from 4Jj9p to- ‘ ‘ -. 

pu-h up profits. Kviure tax. \»- »\ Rantl-.ilis Group in which F1H both ihe building supplies and Prospectuses caa be ordered in out further ado.” 1.5fip per share. ' : • 1 • • 1 • • • j-t - . 


pu-h up profits. Kvi<*r« tax. t»- XV Randalls Grovip in which F1H both Ihe building supplies and 

per cent m £!i52.fui2 in rile half holds 25 4 jut Cent of the equity, the printing divisions, 'rhe shares 

year ended August :!J. 197S. An a nil ounce men l about the rose -Ip to 121p on the figures and, 

The diiei.-vors rvfitwl that group's dv vision will he made on a forecast dividend of ft.flp. 

Vlirrem iindmg is going viell shortly. have an attractive yield of S.4 per 

especially m ihe building -upphe* In Seppeiiiber il was announced cent. 


and printing divismtis, both of that discvt'sions were taking place 
which are ex|»ecled m produce vt hich might lead to an offer being 


better res nils in the second hall, made for ilie capital of Randalls 
For UI77-7S the group produced a Group. Three weeks LUer FIH pur- 


record £J.fi2m. chased from Throuinorton Trust a 

There are nu conirib>itinii> from 

associate* this lime «£14SA*9* ni 

Hindson Frinr Group h.is lieen r r«;<- e 

a wholly owned subsldiarv for the L-lllt tTllSt IS Oil P 3g0 5. 

whole period and the groups \ table of current unit 

interest in Liner Concrete . . , . ^ 

Machinery has been sold. This trust 3110 insurance Oners 


Profit held 
by G.R. 


Swiss mystery holding in 

_ _ _ _ . v • Sachs and Sherman, 3 sub- stock on ^account orarrearti' v 

Leaderflush finds a home • v 

’•' and textiles, is likely to have-suffi- After this payment, -dividends ;r » 

B.-WCA MICROS, of Switzerland, move has enabled the “last ves- The company i s restoring the' cient fund * available to discharge nn the ?Wd« jyUl xemaia W--.. 
has now disposed of the 1‘iiU.HjO tiges of the instability which practice of earlier years and is indebtedness on a debenture months in arrear. .. ■- v. i 

shares' (21 per cent)' m Leader- affected your company in earlier paving an interim dividend of £* ven to the Midland Bank. JVo . . . -L.-'. 'L. 

Jlmh (Holdings) registered in its years ro be removed." 0.5025p net. For 1977 a single;, course will "“d, tobe made to rr>Ol> T^- y 

name and these have been placed. Announcing a trading profit or dividend of 0.33p was paid from a Wiarante^ of XaoB.OW given by - \ lAtt 'rfuSt?''-" fc 

It was the bank's con*tstenl £101.721 from the group's doors profits of £127.000. . .. • •• . : s . 'nTy y»'-- t-»ri «■ 

r . . 1 M^Atf. - 1 u _ i» » k... r n .2.. • *•* * IV! n»artror thA nfimiviinr mVoRHo - * * • ■ ■ ■ " _ : . 


Rivlin applying 
re-listing soon 


:'.r ifiy 


e Unit trust is on Page 5. ^ 

i A table of current unit ( Hoi 

L. trtlct ami inciirani>a nffore ' ' 


sale realised a net prolii of annpirc nn Pucro J. ... . .. .. - 

£1 59.449 which ha.s been treiiled a.* 3 v e c setrond-half farablc earnings from refusal to identify the beneficial business for the six months ended 

an extraordinary Hern. £l.2SB.2fi!i lo 11,28:1.113 GR (Hold- owner of the shares which led to June 30. 1978 the chairman says 

First hair sales and trading ings) finished the year io June 30. Leaderflush taking the rare that this result shows the con- 

prolii (£ 1.39m against fll.Ntimj is -*4.57 per cent slake in Randalls. 1»78. slightly ahead at a record course of having the shares di--- tinued benefit of stability within 


DESPITE A marginal decline in It was the bank's consistent £101.721 from the group': 


.split as to: building supplies l»9 Ai that time the directory of FIH £2.404.787. compared with enfranchised on January 20. 1»7S. the tirnup. In the first half or 
and -“>4 per coni: engineering said that U hail not yet proved £2.431.498 lasl time. The surplus Followin'' the disenfranchise- 1977 there was a profit of £20.110: 


supplic 

enginec 

printm; 


Following the disenfranchise- J?" there was a profit of £20,110: 
ent Mr. G. M. Simon, ihe- chair- $'* ' ,a * stru ^ k a l,< « ^ 

an of Leaderflush. and Mr. D. J. b - v ,h f n , lher timber products 
iwvei- man:* v ini' rfireetnr d«"isiun which was closed early in 


CHIEF EXECUTIVE 
LEAVES REDMAN 
HEENAN 


' Moreover, the company intends cippotr ■ • 
ter. seek a relisting for the group’s MICttM . . • ' if-.' 

shares: which weresuspended at - The ts B Trust Coinpany^tfiis 
S.iiS investment Mrvlcos ancL irauranoev 

in '— • De f ' coup,e 01 arm of the Trustee Savings Bw*; 

reports a considerable detnand for 
, , x £? D ? s , its two -newly launched .pit funds.. 


Sal.-; 

TrjiJin; pr»:ii 
lai.r-a ea-aM.- 

FniRlrt’. •% urt .1 -.hr»i^. - ■ ■- -?i-i u » ;u m rci^u»un» warnings per auij *nare are rfi’itfi/Miir* rwniimnanu " *‘*v iy| u uun in 

Prerii hefUc •W’902 72B.i'iT ! nler,m statement. Even though shown at 27.7p (27.3p on capital , , " requirement.. consequence of .thy Miece-sful 

tT«ii.«i v^'uimi ■•rT.i.tn '"dtistry orowth in the North and increased by scrip and after sub- Mr. Simon says that in the trading performance the com- 

.\.-t pruiit . . stimi.' oi.p.7 North-Easi— where ihe company is divi*ioni. A net final dividend of c ven t- although no proper notifi- pany's banker*. hav e agreed to 

Exir4«.pjiTii.ry n.-ni 1-'." «n - a dominant force— was ahead or 4.03p effectively lifts the total to cation of disposal has been cancel the debenture granted in 

SlVLlnn' ^!.!1 that in London and ihe South, 5.175p l4.746S73n> which cost received from rhe bank the connection with the overdraft 

’ 1 A,n ihe company's 29.:! per cent lift £219.082 (£19r»4»isi. Board is aware that ihe whole facilities Although the company 

Tu reduce disparity the interim in budding supplies sales is cun- 1977-7S tsrurr of the shareholding has been has a healthy cash position the 

dividend is raised from 2. Ip to .Ip siderably higher than ihe average f £ placed with investment clients nf overdraft facilities continue to be 


resjgned from The group. £ No largest :tl 
reports that the reasons were given by the com- .Sherman. 


1 ; ’ cIihpii- kin< inrl furc ami r.'lalori i, ,'v , “ - . ,1 I t|wi u uidi me ivdM.f|i> »err gi\eu uj uie i 

Build m- malenal sales increased -2t, 1 ” rn-im , which would be recommended to company has a healthy order bonk pany. 

%% H^uu about Ihe * UK** in fi v^eff 3 the SJ«S N ‘ ' ,m at ^ders should there he cvn.ihued and is trading profitably. Mr. Gould was co-opted to 

n'«nti)S covered in Ferguson's Earnings per 25p *hare are di^lSore rSremL'ms '"' 0 ' . Members arc- told that .in *°* r * 


consequence 


lerman ' 8 - A figure of £fim had been 

ignite to m.htio, f»»« bribed lo the TSB GIU Fond from ■ : 

the accounts Of the group for the.JjjJ 1 ^hnc^ ' - ' * 

Mr. year ending April 30. 1978, or - 


H.W.U7 ;'orin-tasi— wnere rne ermipany is division). A net final divide 
- a dominant force— was ahead or 4. flop effectively lifts the to 
’ S'" lhat In L 001 ' 0 " :m t* 'he South. 5.175p t4.746S73nj which 

’’ ihe company's 29.;! per cent lift £219.082 (£19r»4»isi. 


and the directors expect to lift and suggests increased market Chambers and Remington and available. 

the total by the maximum per- share. Margins also improved and esivpuonii 0 rorit ... ' *. -ll “mj-i MeAnally Montgomery. The chai 


VENTURE 

CARPETS 


mmed — from Kp to fi.fip. A one this, together with the inclusion Pre-tax prom 
for two scrip issue i* proposed in uf the Kindson Prior Group as a J aT - 


2.464.717 2,431.498 The two firms of stockbrokers that 


for two scrip issue i> proposed in uf the Hindson Prim Group as a T«. ^ - i-Mj have placed the shares m small shortly io secure new premises Carpets, a Welsh carpet manufac- rAtf . vestors payin^ na 001^^ - 

such new_ shares qualifying for ihe subsidiary rather than as an SnbKwe ' .* Parcels None exceeds 1 per cent which will enable the company to turer. He says he intends to Antofagasta (CbiU) and BoUvia. the 25 percent rate The -?**-• 

hna which will be adlusted as-rociate. accounted for a aryp 5"/ ,71. . of (oral eauitv dcvelnn rnnh/.r and tn i: _ . . . . cent rare, jne esti- . - .. 


f - . ... Mr. Mark Homan, of accountants 

hairman says it is hoped Price Waterhouse, has been 
decision will be taken appointed receiver of Venture 
io secure new premises Carpets, a Welsh carpet manufac- 


Mr. M.* Shertnfln. ‘Inanaging 2* Jn,st : jpointed out ^ tbaf - ,V.^ 

director of Sachs- and Sherman. .ratested comfortably v; , 1 

has resigned as a director of the ex Jj*^d ed the target set of £5m-r. . . 

company and its subsidiaries. Mr. ,-V n j operating.- i^-£l)e> hr:-. 

P. J. Hughes has been appointed gits . ^ 

a non -executive director. ■ the attraction- of payittg 

dividends gross on a quarterly. . 
‘FACS’ PfiEF basis, a valuable feature for 'ini - 


final which 
accordingly. 


be adjusted associate, accounted Tor a large prHjnvnu> dnrteod*' 
siice uf the sales and profit in- Ordinary dnid>:n<Js 


i.m nf total equity. develop further and 

J36.2IS Bfr. Simon says hat this West advantage of the 


Results due next week 


ther and to take continue the company. s trading. Railway.fc paying sfe months’ cash mated gross yield on tbr feed/ - - -. 
a a t °- r . the i , su ' rtain * d P endin ~ ,hc s s»l^ of the business dividend of 1.75 per cent on the offer price of £t per share was •'• 
demand for iLs products. a< a going concern. 5 per cent cumulative preference 12 per cent .. . j u' - 


as a going concern. 


Next week will be a busy week rein very aspens nr on the perro- fireworks from Boots when wiih £lQ4m. 

«n ihe company news rronl. with chemical results. interim profits are announced After a long uninterrupted 

a number uf ihiixl quarter stale- With ihe upturn In consumer next Thursday, in spite of the pattern of growth, profits at the 

ments adding i<> the list uf inlunni demand in Europe filtering sharp increase in consumer spend- Chloride Group were marginally 

and final results, A tro* nf insur- through much quicker than aim- mg nn the High Street. At home, down in the year lo last March, 

anre companies. Cnninicrrial cipuicd Unilever lurned in a very competition from supermarkets Analysts are rum expecting 

Union. General Accident and strong second quarter. This led on items such as toiletries has interim profits, due un Wednesday 

Royal lnsuruiii-i*. are issuing analysts to increase their forecasts forced the company to cut of roughly j! 12.5m (17.2ml. The 

quarterly reports, together with for the year to around the £i»U0ni. margins, while unfavourable conqsirabie pc-riud was marred by 


BIDS AND DEALS 


Move to develop Kean and Scott 


\ private individual has pul in Freed? and Sons 2,900 Midland 7.701 preference, shares: The sent to shareholders ■who tender ' 

bid for furniture retailer and Kduealioual at 24 ip. forms of. : acceptance will be their shares "as promptly as 

inufaclurvr, Kean and Scott. The Kit cat and Aitken advise that, returned on. November 14. . . practicable.” The offer is due lo _ 

i per share offer is worth as an associate of Talhcx. they • • . expire on Monday al.5 pm New ': 

;-, (>n0 ^ ... , bought for Guinness Mahon and DAVV TAKING York time -unless it ! is- extended. • 

rViA hn-jnl *aw( v(ML.li»->1nv that .1 s . ’ •* ■ 


UPTENDERS 


European natural gas sales, and 
analysis were expei-un 1 - a weak 
thud quarter. There is si ill a 


prices. 

Keecbain's 1 
taken a kneel: 


November Davy i&jrporatioiv has started RPT ~ 

iciale buying .-common shares tendered within BBT org^n.isa- -- 

Asso- by shar eh coders of- McKee Cor- ^J or1, '. bas acquired Northern-^ ,' 


MURPHY BROS. 

Murphy . Broi, a ' subsidiary 


7 A lJ,, - ' I1L - vear Kean and Scott incurred a n| Aneroecn i,ana Asso- by shareholders or- McKee Cor- g 1 *" 11 ™ . ‘’"vf™ 

shave rating has -~wJ!Sfe SSSy «*£. E^-SSS g- - «•« « ^ elation 500 Aberdeen shares at £,: offer for the 

i i hdT'lhc eompiiiiy siLw £‘S The^n named suitor apparently WERELDHAVE’S tSEE# tel .tew^.and *fc:/or. the chfl' 

d to cut its drug an improved position nn the also likely in do honor toli vear 10 develop _ the business of PLANS FOR Davy-siys that cheques will be engmeenng and other industries. 


MIDHURST WHITF 

W group. V?< ' SHARE STAKES. ; y-JS; 

clue to come on no . L acr '^ n H" fil Tnd'^lheir have ” whlch hay gross assets^of Abwooi^Machine Tools— G. _X-.Hambrbs L:d has bought 30,098 V 1 
is exjiected to be ^ ° f , 2* ,he,r more than £I50m, vestertay mib Suckling,, director, bolds 230,961- Shares. Hambros Ud - and- 

d In Ih^ n lishc-d its offer’ d« P for ^haresi (.about l3.fi per cent). subsidiaries beneficially interested . 

s tn note arc J" ^tiuu^li The Hi «* hu «t White hJSS£ A'exander Howden Group- in ; 2,89.5^50 . f hares (.10.85 per . 

C. E Heath V V J -reeica cautiouMy »n® The documenLs which chiiw ihat Kuwait . Investment Office bought Cent).. -. 

: Securities (Tues- .Jf* 1 * unch;inKed 00 1110 Wereldhave already ‘has conteo! on October 31, ^MO: shares mak- --Northcrfi > See iwitics Trust— - 

th and Son iTues- n * y ni J “ p ' • of Mirihuret. were accompanied by ias «ntetest6j982500. ; London: and ' ^Manchester • Assiffv'V 

nh figures from the annual report and accounts of F-IU.C-r NFU Development Trust ..race ^following ■ -recent, sale^ now.-- : 

rth (Wednesday) BAKER PERKINS IN the British group.- 1 hi s bought -10,006 shares making holds; .’628:000 shares' t (17i!3 per 

y an nn uncemcnts %ir«v ~rv A r aIMIA These reveal a small after tax holding iJKHJ.373^ c wt) ; ■ - ■- ■' -. ' .. . .J 

fusrries (Tuesday* i> tvv 4tALAI>D profit of fT.noo as a result of a , Cooper hKhistrie&—C: G. Cooper - «nlay PacHagZng — Jefferson 

Discount tThurs- The New Zealand subsidiary of tax credit. Turnover .was £R53.340 * ,as transfeiTCd 500,000. sbffl-es :to iinTurfit has._raised_ iM stake.- “to 


ffloPm. Thcv argue that Shell has Bul l,ie com pany seems vipll companies have reported operat- more exciting. 

dune belier in Ihe US. and placed to nieel compeiiliun and ing ratios around an per cent. The Other results tn note arc 

Canada, while refinery margins in increased volume should offset third quarter situation in the UK interims from C. E. Heath 

Europe have improved Bur tyiro- lower margins. In the short term should show a belter picture than (Mondavi. Land Securities (Tues- 
ehcmical operat mn.s du not appear U S. pharmaceutical jirolits should the first hair of the year; with the day). W. H. Smith and Son (Tues- 

(u he showing the rate of be maintained. Analysts have difficult motor and householder day), nine-month figures from 

recovery expected, and natural stock to their earlier estimates of accounts at least breaking even. F. W. Wnoiworth (Wednesday) 

gas sales are also relatively weak, between £l5Sm in £17ffm for ihe pre-tax profit of nearly Xiociin and preliminary announcements 

The di Heroine Pel ween Hie twu year (£l43ui)- The interim figures js expected for CU against ISfi.Tm from Smiths Industries (Tuesday* 

groups roiled -( the varying are due on Wednesday. in 1977. EiiQm for GA aeainsl £5ftm and Kwifc Save Discount (Thurs- 

emp basis each places on the The market is nm expecting any af1 d XUUm for Royal compared day). 


directors*’ recommendation. 


day at I2p. 


BAKER PERKINS IN 
NEW ZEALAND 


I ■■ V rili-ntl 1 1» ■ - 


r mini. my 

it ■•-ni 

l.dM 

ji'.ir 

This yi-ar 

iliit- 

Ini 

l-inal 

lui 

FINAL. DIVIDENDS 

M mill .ij- 

il. >1 

1.511s 

1 ti 


TU-. s>lay 




Kn’ik S»i<.- l>in.«niiii rirnnp 

TJiunJ.-ij- 


1.954V 

J.n 

Long and llamM<-v . 

... Tliiirolay 




LWT iltnlrfincs* 

... Thnr-'tir 


'I..144 

lii 


Ttmr-id*y 




Pfjih-y Pmj>.-rii- i.'orl-nriiii.ii 

IV-'iIiii-kIiI) 





. .. h rlrt.iv 



nil-v F .».• ll-lrtinj.< 

Mondriy 



Nil 

ScOIM’ih I.TIUU. Im-.cllil'-m TriL'i 

. . TlDirvliy 

■ 1 

■V 4.1 

1 2.1 


... Thurulay 



a rl 

smiths liirtusin. -■ 

.... Tu<-<ri,iy 


4 :IW. 

a. smi 


INTERIM DIVIDENDS 

Ktv.imv l.miiiilri'-s 

Mlrla tJronn 

Arhulhinii I.jUi^im lliilriini.-? . .. . 

tVn-liam •town* 

iwniMny ■ 

Brsihr l rslii- . . .. 

Rpmn S|ii nli-;- il>ilillt|js 

~liamli" , rlin anil lliil 

"Tharter l 7 niivilnl.*i‘ , i! 

Ttlorlrfe itniiin 

f-.iimm-n-l-il Bun*' ■>* 1 1 " - N’-ar Fasi 

-’notrot J 5 -' 1 uriiu-s 

'np-' So..ri«..«-Mr 

titvon •p.ivpl and 

r-,st Mull HiC V.H'-'l Cl ss 

jr|vu"-U H'llip f ... 

v 0 --|. r ••i’* 

•0V 0>n'-iril. linn 
:I„Ip- | in - -iirii.-i.i Tru-v 

larriww' "'4 ‘.ii'-.h.-ld 

,-•7 Croup 


TiIi'-kIsiv 

0.1 

1 'i 7 V,l 

K'niiii-riur 

5 .* 

4 ram 

Tii. srfav 

i.n 

6 : 

w-rtn-olaV 

5 ,’i l 

If. 0.1 

T*i'ir«tlsy 

l.U 77 !l 

1 'i Li 1 

Thimd.iy 

i fia ^,7 

TiWi-l 

vv.-rtii. , « 1 .iv 

s n 

sm 

'•t‘> (im-MlaV 

i :■ 


w,<iii-« 1 ar 

.l.fl-.vt 

'■ -’Tea". 

WiMn'^rla*' 

I M 

7 HT 7 

Tin-’Maj- 

Ni* 

vr. n 

Tm-rilay 

Nil 

■i >■.’.* 

viitndsij* 

II WM 11 S' 

IMWrtJi; 

Wi’ilnewiHy 

1 0 

3.7119 

Wcilni-Mtay 

n. 9 i ro 

1 14714 

Millirl tv 

U 1 

|i .5 

Tn-wli,y 

I- rn 1 .iv 

0.5 

\ll 

T»ii-?i|rv 

- *■ 

1 

Mnntktv 

4 ..;* 

17 v 

Tuesday 

( 1.73 

9 . 71.7 


ll.-aifi <■:. K.i jim! Cn 

KPI’nT IIMinan lUKIinp? 

Land Serurnies Investinent Trust . 

LiTP Hiildincs 

Uiiyd >F Hi Holdings 

l.nndon Prudential liiTcsimnil Trus 

MdinlH rJ N i iVImioi . .. 

Niirta’i-sl tlolel 

Panlg ip > and ire. 

Ruihi.-tiild I nv. -Mini, hi Trust . . 
X.-L-ronilu- Marshall and Campion ... 

Sfci-fcblcr 

Rnmh <W. tr.i and Son 'Holdings! 

Valor Company 

Warner HOlnlava 

If - ilivnnd 

VVI.-bl Comiruolluii Holdings 

Wlian Infestnin^ Company 

Vounc and Co.'s Rrvwvn* 


AnnnuiH.1-- 

l.livii), iii] in,' - ; 

m. ni 

Lj-.i 

y.-.ir This year 

■Jui- 

Till 

Kln.il lilt.. 

Muiiday 

I.43S 

•i iniM 

VV.dlK-.duy 

Ml 

H 07 

Tiu-stl ay 

1.3 

W.-774 

Tii.-srtar 

3 ii 

2.;*i . 

KrKlar 

I.W 

.'. llM j . mm 


Baker Perkins has bought the ;md trading profit ifnciudinv Ckiaarl^S; '^Cooper FoundaiioB: _17. per .tenl.lTOtn H»_ . per. cenT -by 

goodwill and assets nf Industrial £242.251 from net renti.i income) Trustees ;-«fe J.'. P. Cooper, small:purchafleffroyerr the -last .-few 


goodwill and assets nf Industrial £2422151 from net rental income) i‘ M! ’ IO!a . yx- “- •«=■- .»*»* 

Heating Company of Auckland was £332.709.' '■ - Jones, & 1 K : 'Giw, S. -R."Hiid(Ios niantlifc- : ■' 

and Chrisi church. New Zealand. The key to the takeover M. -E Jopes (162 per cent). -Trost- ^Torte—KuwaU 

for NZ#402.50f) is Midhursi’s property ;.t Ebury KstoteiPutics InvestTneot Trust -Im-estra^m: Dffice^has a^ulred aw 

Industrial Healing manufac- Gale. London Wereldhave hns —Lo r rf ^bpbm. diairnuii. ^ as .a intercsf ura rurt&er ,60 000 shares - 

lures bread baking ovens and announcud that it intends to keen teustec- of the Joseph Rowntree making total interest - 5,46m' (>>.42 . 

associated automatic plant, in- this property but will review all Meniorial _.Tlrust./bouElit-on Woy-"f)eK ^entlf-7; - - 1 , . 
eluding dr.ugli mixers ami bread the others in Mid hurst's portfolio o m bor j a flirtlw. Djg re yaV-..HoMiaexr-Ag -■ - 

coolers, for sale throughout New and w- ill probably sell them. The Total bolttin&.W).00fl. . .option, 10.000 

Zealand. The products are com- antique business will definitely be ® le S l , rtc .‘- Trectfon-rr ShareS^-have, -. be^rt_. l^ued to. ;■ 

plemenrary io those of Baker sold- W. \f. Dravers; director, has Jnade Pf;U. Ghambcrlea. chairman. Mr. 

Perkins- (NZi. and will also be ‘ a’ recent revaiuaiiotv of Eburv ? Partial exercise of the . option- ChaHibferfeif Hm sold 10,000 shares., 

expor ted lo Australia and orher Gate brought Midhurst's total m consequence of which he wifi - Scotty Heritable Trust— - 

markets through the Baker k!Ul 5»pS SSTS to a “•«» deferred S**®* 

ma,k,nn * " n °*- !^jf, f'eSSa wu.an E b. ra ... 

RAD WISE aSi'^reVV^dhaveNoftoris Sn 1 ox* ) — M.- Wlcox.jj lrector. boughtrumfer ojittm agreement .With, 

r _ . a share which Mid hurst’s Boa^S 1,000 scares on October 31.. . A^-Coctefase ^Duncaj^. -tills makes' 

Acceptances or the offer bv f n 5 H “2L a j!iJ| advSS? i2Si3 Wes* of England Trnst^-D. HL bis total -hoidme* 127^00 shares. . " 

Rad wise for the Wood Street Mill gSrheS consider fair Sd PepperalL -director, sold' 1-^00. -v General . E^ctifc-D.. : Lewis, . 

Company have been received in pothers, consider fair and reason- shares at M Jp. on October J3 and dneetdr. : soM. lf,52l ' sfaras .on : 
revjjeet of TDa.hfiO shares, repre- aow - - . J.800 at 514P'«n Octoberi25. November 3-“'' - . 

senung 7fi.S!> per cent or the Wood . du/cct i * PCPC VVm.- Jaehsoa and Sou — R. A.- r -.- danadfM/ jmi .Foririgll.uliitMfr " 

street caprtab The offer has been £ » AK W bb I LAK>>tb McLaren, director, ftasT»Ughi SOO ment Wt-StaOdaW Life Insur- : - 

declared unconditional and re- The - offer of Starwesl Invest- shares and G. F. Kilburri, director, ance .- Company - Holds- -- 487^60 

mams open until further notice. went Holdings for Tridont («rnup has bought SM). . - . -shares ' f7 -n«»r-- eenrtc- - - '-" 

a Printers has lapsed. _Argus. a sub- Aveiys,— Kuwait -'Irrvcstment---v.RHaf--BlefettQiifes*^4B22 ! r.' llarri-- . •■; 


W-.ilnuwljj- 

Tm-sdar 

MondMF 

ThilraTny 

vtnrwlay 

MoiKl^r 

Twi-sJjjr 

Tuesday 

Thursdny 

VV.-rln.'-Aljy 

Friday 

WV-JncxidV 

Thur»lay 

Tuosday 


INTERIM FIGURES 

'loiiimi-rciai Union .\*Eurant~ CouiDany 

itU'.-alv-ptus Pulp Mills 

F.u-mn r<*lil rp Rmpenti'S 


Mnndarl; 

hridai 

Tuesday 


iIpij. Ai-nd-. nl hire ,iihJ l.lfe Assnr. Cpn. WcilOi w1a>T 


lli.-ld Brolll>.-rs . . . : 

Hm-rntt Trust 

Kn.il.i Si-lamnr Kuh*)»:r Ldnipanr 

Rot-Mi Dmch Avll :.. 

Rmil Imuran-x- irnmpany . 

•"mh-vv-r . . 

W.MiIn-urili ■ F. W. • end >'n 


Thursday 

WiiiQesdn.y 

Wi-flni-sdd> 

Thuisday* 

Thursday" 

Monday* 

Wi-ilnesday: 


senune 7R.39 per cent of the Wood 
Street capital. The offer ha.» been 
declared unconditional and re- 
mains open until further notice. 


ASSOCIATES DEALS «diar> of British Electric Tree- Office sold' on October 31 25,00C son; (^'irmait soId/lttflOQ ^hares 

I'anmurc Gordon ha.s bought L'V?* fij®™"* 1 * which and on MMWdMf I KJ.OOO shares '«¥-SO^M.5)ctiBterW 

•’ Will Midland Kdiicaiional at -'41 ii ^ . bce ! ) rocomraended by rhe leaving at that date an interest Jacksohs.- Bppna .trEndrrDau-nT ' 

Harris Allday Lea niri Brooks b< rhl e! Tr,d f n, i. in 2.9m (7^6 4»er ccntL ; **' 3 prance ;h_Mi 1bp!lEto v .'2;50p. shares W 

Harm .-VLitiaj u a autl Brooks The Ktarwcst offer vvac accepted Hantbros Investment . Trust— -makUw<: benefftiM. intorkst snumt . . 


ni»rt,ml< shoiin n--i P'-nye iff Mi^rv an rf f-«' nav inlrrvriiinX KOP 


(Scpteoibfr 


s-rond interim. Fnr ponnd trmn v^ni 197*. , n record di* . hl| nf i * fc u 7L # !S * V . accc Pted Han.bros Investment Trust—makin-; b^cfitialihterest 304,000 .l 

16.. fin -A" ordinary stares. | TltM «nnri w lisnrcs. h ** vc bou S hl 0X1 behaJf ot A,frcd holders of 3i3S3 ordinary end One -of - . the subsidiaries ‘ df t28&&r 


yjU^uC»T— 







; r F^xmh«^;^^eS;.Sa|urday .November 11 1978 


S13M|NM«¥ OF IH E WEEK’S COMPANY NEWS 

Take-over bids and mergers 



. In a statement loathe . Stick Exchange, Corn Exchange 
announced That th& bidu talks which sent its shares up by a 
third no October 10 itave now broken' down. . In the same state- 
ment . however, the company explains that another bidder has 
appeared and that,' 6nce -again, discussions are in progress which 
may or may hot-lead to an offer. . • . . 

ftGreencoat Properties has sold its 55.19 per cent shareholding 
in City of Aberdeen Land Association ; to .the Scottish Western 
Trust for £532,000.* Smttish ' Weitenii .which is paying IQ7p a 
share less .the rights.to' a 3;52p a/share dividend, is extending 
a 1031p per-share cash, offer to . aJl. other shareholders. Scottish 
Western's bid. compares with Aberdeen’s book net assets of 
93p a share. . •' .*■" 

Peninsular and Oriental Steam; Navigation Company has 
agreed to sell two Hong Kong subsidiaries. to Sime Darby for 
HK$28m (£3m); in' Caidi?- One is MaCJdnnbn Mackenzie, an old- 
established shipping company^ and the other Pennell and Co., 
wines and spiritsrwhoiesalers- 

Secondary banking gro,up Cedar. Holdings has received an 
approach .which could lead to a cash. offer from an as yet unnamed 
financial group. Cedar is hoping , to. make an announcement 
next week. 

Tarmac 1 is soling to a Middle ; ; East jcbi^ortiuxn its. 60 per 
cent stake in its loss-making Nigerian" subsidiary, which is at 
the centre of a legal wrangle between -Tarmac and Drake and 
Scull. The group has also been looking at some of its other 
overseas interests, and. is thought, '.to . have . found a- possible 
purchaser for" "parts of its troubled ' West German subsidiary, 
i Tarmac Bau, which, has been making heavy losses. 


Value of Price Value 

bid per Market before of bid 
share** price** bid (£m's )*» 

Prices in pence unless pUioorisc iodkaurd. 


Bidder 


Final 

Acc't'ce 

dale 


Company 

bid for 

Bambergers 
City of Aberdeen 
Land 

Compton Sons & 

Webb 

Coldrei Fnueard 
W id hurts Whiles 
Midland 
Educational 
Midland 
Educational 
Mowat (W.) 

Plantation Hides. 

Randalls 

Tridant Gronp 
Printers 
Turner Cun. mi 
Warn* Wright & 

Rowland 
Warwick Edr. 

* All cash offer, t Cash alternative, t Partial bid. J For capi 
not already held. 1i Combined market capitalisation. '! Dole on m|» 
scheme is expected to become operative. ** Based on 9ril, 
“ T At suspension. JJ Estimated. ?§ Shares and cash. Ill Based 
TO '11/78. 


PRELIMINARY RESULTS 


7055 

7fi 

88 

7.S2 

lntL Timber 

_ 

1035* 

104 

S7 . 

0.93 

Scot. Western 
Trust 

— 

69 

75 

/J 

11.86 

YantOnu 


103* 

100 

7S • 

2.3.4 

Nthrn. Foods 



4S* 1 

471 

47 

3.60 

N V Wcreldbare 

— 

130* 

242 

120 

2.10 

Pentos 21 

■' 1 1 

244S 

242 

230 

3.42 

A. Freed y 



221* 

54 

27 

02125 

Jenth 



64* 

63 

64 

12.89 

Multi-Purpose 

__ 

1I1S 

108 

9S 

2.80 

Whites rort 

— 

100* 

100 

64 

4.38 

Argos Press 

S. TiV. Berisford 


s* 

Si 

HI 

1.74 

— 

6359 

63 

53 

6.71 

B. Priest 

_ 

41* 

39 

40 

2.46 

Mr. N. Gidnev 

— 


Scrip Issue 

Martonair: One for 10 ordinary- 

Rights Issues 


Boulton (Win-): One-fnr-four at 17p. 

Capper Neill: One-for-four at 67p. 

Hawley Goodall: One £1 12 per cent convertible unsecured loan 
stock 1986-88 for 24 ordinary' at par. 


Company 


Pre-tax profit 
i car to (£i)00) 


Earnings* Dividends" 
persharelp'j persiiare(p) 


Allied Lond. Props. 
Arenson (A.) 
Bellway Mold lugs 

Bridport-Ciundry 

Cent HI*- & Tdng. 
Common Bros. 
Hlgsons Brewery 
Jcnks & Catieli 
Jessups 

Lond. & Prv. shop. 
Manganese Bronze 
Martonair 
RCF Holdings 
Wood Bali Trust 


■liineiju 
July SI 
•I uly3 1 

July :ji 
J uly o’ l 
June so 
Sept. 29 
July 31 
Aug. 31 
June 24 
July 31 
July 31 
July 3] 
June 30 


1.070 

(971) 

5.3 

(4.5) 

2.064 

(1S49) 

•VcG 

(470) 

1.1.1 

(6.2l 

2.134 

(1.91 1) 

3.271 

1139) 

$2 

1—1 

2.915 

(2-61) 

781 

(834) 

43 

(325) 

2.1 

(1272) 

2.730 

(3.9451 

18-4 

(1021 

3.0 

(2.663) 

2,07b 

(504)L 

1.7 

1 — ) 

6.323 

(3.811) 

1.690 

(1,820) 

82! 

(S.S) 

2.3 

(2J!5) 

138 

(358) 

OJ 

(115) 

1298 

(1.162) 


(350) 

S.7 

(6.7) 

1.98 

(1.53) 

317 

(438) 

2.7 

(1.9) 

0.S24 

(0.73S) 

2,730 

(2,630) 

23.0 

123.3) 

2.103 

(1.884) 

4,800 

(3.650) 

1S.3 

(14.7) 

6.03 

(5 JH3) 

630 

(557) 

6.5 

(6.9) 

2.722 

(2.722) 

4,870 

(6,310) 

9.1 

(115) 

5.405 

(4M1) 


till 

ich 

78. 

on 


interim 

STATERflEKTS 



Half-year Pre-tax profit 

Interim dividends* 

Compjuiy 

to (XOUO) 

per share (p> 


Airflow Strmlines. 
AB Foods 
Alin at Lon. Props. 
Ash Spinning 
Bank of Ireland 
Belbaven Brewery 
BET Omnibus 
Bradford fTp. Tsi. 
Bright (John) 
British-Bonieo 
Capper Neill 
Chubb & Son 
Clement Oarkr 


Auq.31 

402 

(45M 

0.625 

(0.625) 

ScpL 30 

33.700 

(32,000) 

QJ&ti 

(0.795) 

•Sept. 30 

1.960 

(1,523) 

1.0 

n.o) 

Sept. 23 

179 

111) 

1.0 

(1.01 

Sept. 30 

20.830 

(20.400) 

6.3 

(5.01 

Si-pr. 30 

1 38 

l2) 

0.42 

(Nil) 

Sepl. 3u 

4J2U 

C2.0COI 

2.5 

(2.5) 

Oft. .> 

2.4 Uft 

( 1.080) 

3.700 

(3.399) 

Sepi. 30 

23H 

non 

0.95 

1 0.95) 

Sept. 30 

436 

(471 ) 

2.508 

(2-28) 

Sept 30 

2^110 

(2.060) 

1.1S85 

(1.054) 

Sept. 30 

6.930 

1 5.400) 

1.862 

(1.376) 

-lime 30 

.133 

(3SS) 

1.047 

(0.937) 


Go nip any 


Half-year 

to 


Pre-tax profit 
l £LHK)) 


1 Ole rim dividends* 
per share tpi 


Coats Pa ions 
DeLuRne 
Ellen Rd. Ring Mill 
Eva. luds. 

Fair dale Textiles 
Flight Refuelling 
Futura Holdings 
Gieves Group 
Gt. Pori land Ests*. 
Hartwells Group 
Highgnle & Job 
Leech (Wm.) 

Lond. &-N thru. Gp. 
Mclnemy Props. 
Pawson (W. L.)- 
P’nitb S'land News, 
Porter & Chudbra. 
Re ad I cut 
Roberts Ad lard 
Salisbury (J.) 
Srotcros 
Staveley Inds. 
Tumboll Scott 
Usher Walker 
Whitbread 


June 30 
Sep L 30 
Sept. 30 
Sep 1 . 50 
July 29 
June 50 
July S 
July 31 
Sept. 30 
A 112.31 
Sept. 30 
Aug. 31 
June 30 
June 30 
Aug. Sit 
•Sept. 30 
July 6 
Sept 30 
June 30 
Sept 16 
Sept. 30 
Sept. 30 
July 31. 
June 30 
Aug 26 


32.850 

( 40.9RI) 

1.327- 

(1.112) 

13.240 

(11,020) 

3.9US 

13.5) 

173 

l24 1 

H.5 

1 0 .5 » 

1.03(1 

(1.4501 

2.4 

1 1.!*) 

2o2 

» 1 lili l 

n 

iU.31 

953 

(060) 

1.4 

nn 

2ll L 

I22JL 

1.0.5 

( 1.(15) 

73H 

(054) 

1 73 

M.ii 

2.73U 

( l.lOill) 

l.u;J4f 

Il).li‘i71 

1.350 

tliOU) 

2.233 

( 1.4(24) 

IUIsL 

( lo:>i 

Nil 

ll.U) 

l.Ool 

(721) 

3.0 

12.5) 

5.4 00 

(3.610) 

1.23 

(O.S) 

465 

( 443 J 

— 

1 — ) 

142 

UrtiL 

O.fi- 

1 — J 

1.300 

(720) 

O.03tit 

(058S) 

434 

(502) 

1.021 

( l.4.*2i 

3,730 

(2.450) 

0.527 

1 0.4 72 1 


SOo 

15,51)0 

331 

5.430 

7SRL> 

224 

31,930 


(2311) 

(12.460) 

(476) 

(4.810) 

( 470 1 Li 
(2R4) 
(24.950) 


1.7SST 
2.33 1 

0.905 
4.5 
4.H 
1.283 
1.323 1 


(1.5S&) 
12.055) 
(O.S1 1 1 
(4.0 J 
(4.0) 

( 1.140) 
(1.147) 


(Figures in parentheses are for corresponding period.) 
Dividends shown net except where otherwise slated. 
•Adjusted foi any intervening scrip issue, tineluding special 
dividend due tn change in tax rate. 3 Forecast total of 2.2‘»14p in 
September. 1H7S. prospectus, i Forecast final "f 2.01 p in Rights jssue 
prospectus. f 36 weeks. LLoss. 


Offers for sale, piacings and introductions 

Kitchen Queen: Offer for sale of 6,812.500 ordinary lup shares 
at 29p. 


Beazer rises to £0.77m and confident 


FOLLOWING the £47.000 rise to 
£569,000 in the first half, C. H. 
Beazer (Holdings) has lifted pre- 
tax profits from £616,000 to 
£766,000 in the year ended June 
30. 197S. . - 

Improved trading conditions are 
continuing and the board- is. con- 
fident that results for the first 
half of the current year will 
.show an Improvement over. .those 
of the same period last year. 

On the basis of SSAP 15, tax 
takes £218.000 (£328,000) giving 
earnings per share of 9.95p (5.4p). 
The. final dividend is 2.85p lifting 
the total from 4p to 4_5p - 

The year’s results have been 
achieved after all interest -being 
written off, other than interest 
nn a ■ major development subse- 
quently sold at a profit. Had this 
interest not been written off. pre- 
tax profits would have been in- 
creased by some £370,000. 

Turnover amounted to £11.59m 
against £14.97m. The directors 
say that a substantial improve- 
ment has taken place in virtually 
all sectors of group trading, ex- 
cept the contracting side of acti- 
vities which has remained de- 
pressed. 

The directors consider that the 
land bank is adequate in existing 
market circumstances to allow for 
a profitable increase in bousing 
-ales providing that , market con-, 
ditions remain stable. 

Since the end of tbe financial 
vear, tbe group has repaid sub- 


stantial sums to its bankers and 
the total consolidated net borrow- 
ings at November 3, 1978 were 
-£32m. ' 

W. Bromwich 
Spring profit 
down midway 

From' maintained turnover of 
£lBlm against £1.82m, profits of 
West Bromwich Spring Company 
were, down .from £308,000 to 
£228 ,000 In the six months ended 
July 1, 1878. before tax of £118,000 
against- £160,000.: 

Earnings per share are- shown 
at 2.18p against a restated 2.96p 
and the interim, dividend is 0J29p. 
against an equivalent D.264p. Last 
year’s total was'equal to 0J)73p 
and holders- also received a scrip 
issue in preference shares. 

. . In 1977, tbe group, maker of 
-springs and pressings, reoorted 
record pre-tax profits of £595,000. 

RAND MINES & 
CONS; AFRICAN 

Rand Mines, a unit in the South 
African Barlow Rand gronp. is 
making -ah offer - worth R6.4m 
f£3.73m> for Consolidated African 
Mines, the small ; South .African 
metals mining- ’ group which 


pioneered the export of iron ore 
to .Japan but which went into 
provisional liquidation last July. 

A spokesman for the liquidators 
said tbe Rand offer was 4 cents 
a share, while a dividend to coo- 
current creditors is likely to 
amount to about 60 cents in tbe 
rand. 

Consolidated African has cur- 
rent assets worth Rl.Tm, but it 
went into liquidation because it 
was unable to pay debts of more 
than R5.5m. The principal creditor 
is Standard Bank. Tbe company's 
main shareholder is Union Cor- 
poration with a stake of just over 
20 per cent. 

AMBER DAY 

In our report on November 4 
of the Amber Day Holdings 
accounts for the year ended April 
30, 197$, it was stated that pre- 
tax profit came to £380,799 against 
£361.896. 

The figures shown were, in 
fact, net: 2nd were struck after 
tax of £274,621 l£241,$21). 



Natomas raises SiMiatra estimates 


Natomas says that drilling of its 
Selaian “A” platform develop- 
ment wells in the 53 per cent 
owned south-east Sumatra con- 
tract area offshore Indonesia have 
resulted in a significantly 
greater” oil pay section than 
anticipated. 

Oil reserve estimates have 
accordingly been increased by 35 
per cent from pre-development 
estimates. 

Well completions arc underway 
with installation of pipelines and 
the deck structure scheduled for 
later this year. Initial oil produc- 
tion is scheduled to commence on 
January 1 from nine wells com- 
pleted in the Batu Raja formation. 

-Additional development had 
been indicated earlier when 
Selaran No. 7 was tested at a com- 
bined rate of 2.580 barrels of oil 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at November 7, 1978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 123.99 

Clive Fixed Interest Income 113.69 


EUROPEAN OPf SONS EXCHANGE 


| Jim. Apr. | Juiv 

Senes j Vot. : . Ual V«*l. | Last, j VoL- I'Im 


Si«v-k 


AKZ 

. r.so; 

38 

; 2.30. 

22 

! 3.70 

31 

5.60 

:F.29-40 

AKZ 

F.5S.SO; 

115 

: 1.50 

J 58 

l 3 

1 : 30 

4.40 


AKJE 

F.3S 



40 

2.40 

: 10 

3 


A KM 

V.78.901 

33 

1.00; - 

| 



F76.40 

A KB 

F^3.90 

10 

ojo- - 

1 


— 

$58* 't 

Eh' 

.*60 




60 

1 5>S 

• • . . 


FK 


20 

j *5 

— 


— 



KVC 

>:*o 

1 

3e 




‘ 

— 

5251, 

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sea 


... 

10 

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S5tas 

HU 

F.32.501 



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4 

1 a 

— 

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r. 37.40 

Hu 

F.5S) 

' 

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3 

1 6 

- 

— 


HO 

F.37.50, 

— 


. 35 

! 5 

— 

— 

1 .. 

HU 

F.40. 

15 

3 

17 

3:80 I — 

— 

1 

HU 

t.45i 

— 


20 

.34 - 

— 

V. 

1UU 

S280. 

— 


6 

12 


— 

'526412 

IBM 

s30o! 

21 

17fi 

-- 



— 

•F. 13 1.50 

K LAI 

F.X30| 

3 

10 

—L 



— 

KLM 

F.133.3QJ 

3 

7.50 

— : ’ 


— 

— 


KLM 

K 149.90 

■1 

4.50 


— 

— 

■ 

i - 

KLM 

.V.IBO, 

46 

2.40 

2 

7.50 

24 

6.10 


KLM 

r.I32 40 ; 

7 

2.40 

— 

— 

— 

— 

' .. 

KLM 

F.UiO! 

11 

1.20 

5B 

5.50 

30 

7.50 

■ 1 

KLM 

F. 16 1.00; • 

50 

1.90 

— 


— 

— ■ 


KLM 

' F.170! 

20 

1.20 

70 

3 

41 

6 

1 a . 

KLM 

F. 17 1.40! 

82 

030 





F.lii.70 

2TX 

T.108.90; 

2 

7 

' 



— 

NN 

F.110: 

- 

— 

5 

10.10 

4 

11 


NN 

F.lZOl" 





4 

5.80 

1 

7 


rut 

• P.22.50 



— 

— 


10 

5 

;F.Z5.20 

PHI 

F.H5- 

a 

2 . 

6 

3 


— 

2 

PHI - 

FJI7.60! 

80 

0-90 

6 

1.00 

““ 

— 

. >. 

PHI 

F.30| 

160 

0.40 

161 

' 1 

: 60 

1.00 


PHU 

S5Ul 

1 

. 3lti 


— ’j 


— 

'>48*2 

PUD 

860! 

23 


10 

2 He 

- 

— 

!p. 121.70 

id) 

P.120, 

5 

6J20 

__ 


. IB 

10.60 

KD 

P.130 ; 

21 

2.10 

6 

5 


— 

•a 

HD 

F.140; 

*> 

0.40 

218 

1.80 

20 

3.20 

S21 i» 

« 

sao- 

— 

— 

10 

BTj 


— 

S 

S25, 

10 






— 

;S49*< 

JON 

645: 

1 

5 

~ 

— 


— 

NON- 

w. 

— 


10 

3 

— 

— 

: 



Nov. 

Feb. 

- May 


B*. 

860- 



* — 

1 

71*' 

10 * 

10 

: ,S62'a 

BA 

. n Of. 

— 

1 - 


. — 

5 | 

5 3e 

i 


TOTAL TOLTMK IN CONTRACTS 


1903 




O' 

W/lltWP 



Every fortnight the Investors Review 
brings specialist view-son specialist 
subject il ritdligem com mem and 
positive advice on invcstmeDLsliares,' 
commodities and personal finance. 

The currentissue puts the question: 

Are fund managers too emotional? 

And considers how GEC might invest 
£700million cash. 

Orderyour copy otTnvestors Review from toot newsagent or 

complete this coupon and secure your free copies. 

In vestorsRcvicw;100 Fleet Street, London EC4YIQE. 


Name. 


Address. 


_Pt»tal Code. 


Fk.isr tick njfrepnast fax 

□ P! -asc invoice me for 12 months subscription from 19 iiijflnury 
19?? at ( ht jbuveaddresS. 

□ I l-riUm cheque for £° formyl? months subscriprion 

commciu.ingi^hjjnian ’ • . 

1 ndip.M nd i bat I will receive ihc Investors Revwnrucc o* 
charge until Wi lijanuarj'XV??. . , 


ALLEN HARVEY & FOSS INVESTMENT MANAGEMENT LTD. 
45 Combi:!. London EC3V 3PB. T*!.- 01-623 6314. 

Index Guide as at November 9 1978 

CapilaJ Fixed Interest Portfolio 100.02 

Income Fixed Interest Portfolio 100.01 


a day and Selatan No. S at 4.42o 
barrels a day. 

Construction of a second plat- 
form, Selatan 11 B.” is now in pro- 
gress with production set for raid- 
1979. Additional delineation drill- 
ing to define the limits of the 
field’s productive area has been 
scheduled. 

Meanwhile. STE National? Elf- 
Aquitame is to prospect for oil 
in a new zone off the Indonesian 
coast 

The company has bought a 51 
per cent stake iu an Ji.OOO sq km 
zone close to the north coast of 
Sumatra from North Sumatra Oil 
Inc. which holds the remaining 49 
per cent. 

According to Elf any eventual 
revenues from production will be 
split 85 per cent to Sumatra Oil 
and 15 per cent to Elf. 


Endeavour Resources and Esso 
Papua New Guinea report that 
the Goari No. 1 well in the 
Papuan Ba^n. Licence P69, is 
being plugged and abandoned. 
The well wjs drilled to a total 
depth of 3.140 metres, but only- 
minor indications of hydro- 
carbons were found. 


In its third-quarter report to 
shareholder?. Freeport Minerals 
says that. two Gulf of Mexico 
blocks in which it has interests 


should begin producing natural 
gas in Jate 1979. 

Six of the 18 Gulf or Mexico oil 
and gas blocks in which Freeport 
holds interests have now been 
classified as commercial.'’ The 
sixth bJock is East Cameron 336 
in which the company holds a 
25 per cent interest. Successful 
flow tests were recently com- 
pleted on two v.-ells. and early 
construction of a 12 slot pro- 
duction platform is now being 
planned. 

Freeport concludes “We now 
believe that our oil and gas 
holdings today have values which 
are greatly in excess of the total 
of S65.5m at which our major oil 
and gas assets are carried on our 
books. 


MINING BRIEFS 

AHCLD AMERICAN CORPORATION— 

Coal division sales oui pur (or October 
ifituri’F in melnc mnsi. Republic of 
Sautb Africa, bituminous: Amalgamated 
i Cornelia i 5IHI.7W: Am. Jo Power lAmou 
-JD&.U12. (Krt.h 425.941: Blcsbok 16.521: 
Coronal inn iBankt 1S2J557; New Larwi 
93.374; S.A. Coal Ests Ml. 882: Sprinubok 
1C2.9S3: Springfield 249.775: Vryheid Coal 
■ Coal i 12.9W. iCoket 41.9SO. Other 
Collieries: Vierfoniein 129.830: Zuuutuin 
Natal's Indmueni Colliery 2SA57. Anthra- 
o'le. Ealsray 28.027: Natal Anthradrc 
59.990. Rhodosla: V/ankic (Coali 1S6.959. 
• Cobs i IS.512. Swaziland: Swaziland 
Mo.ike Mine 17.495. Boiswana: Morooule 
Colliery 25.24’*. Croup rota) 2.657JT9. 

GEEVOR TIN— October remms: ] 0.857 
tonnes irejtrd produced 96 tonnes black 
tin i85 i«r L-.-m Sn.». mdudlng low grade 
(.-oneuntraies. 


APPOINTMENTS 


Booker McConnell moves 


Mr. J. N. W. Heard er. a director 
of BOOKER McCON’NELL and 
chairman of its overseas trading 
division, has been appointed 
chairman of the alcohol division. 
He will also be chairman of the 
principal company in that division. 
United Rum Merchants. Mr. 
Hearder succeeds Mr. R. F. Eur- 
man, who has retired as a full- 
time executive of Booker 
McConnell. Mr. Stewart _ E. 
Shcpley has joined the Booi:er 
McConnell alcohol division as 
managing director of Tla Marla 
Marketing. the newly-formed 
subsidiary. 

4- 

Mr. Arnold Crook has been 
appointed to (he board of ROBERT 
KITCHEN TAYLOR AND CO. as 
an executive director and Mr. 
Oliver Marriott has been made a 
non-executive director. 

Mr. Derek Gorman has be- 
come sales director and Mr. Alan 
Wilson, financial director, of 
RADIO FORTH. 

Mr. Colin Doland has been made 
the first executive director of the 
BRITISH WASTE PAPER ASSO- 
CIATION from January 1 next 
year. He will head the associa- 
tion's full-time secretariat, operat- 
ing from newly acquired offices 
near Fleet Street. London. 

*■ 

Sir Derek Ezra, chairman or the 
National Coal board, is to become 
president of the NATIONAL 
MATERIALS HANDLING 

CENTRE The centre, an indus- 
trial unit of the Cranfield 
Institute of Technology. i* 


involved in education, advice and 
research concerning the move- 
ment and storage of materials. 

4 

Mr. Ralph Egarr. City Treasurer 
of Bristol, has been elecied presi- 
dent of Lhe RATING AND 
VALUATION ASSOCIATION 
* 

Mr. John H. Bale has been 
appoinled sales and marketing 
director of GOUGH AND CO. 
t HANLEY i. He wag Ihrmerly 
sales director of Acme Coni cyrirc 
and Construction. 

v 

Mr. K. H. Brad dun hn« hm-n 
annoim^ri a director **f LtHT.l.T, 
M4NVGEMENT FEE CON- 
TRACTS, a new division of 
Y. J. Lovell Construction. 

* 

Mr. W. J. Bui lev, of ilie Au-na- 
lia and New Zealand Banking 
Group, has been apooini. rl ch.->r- 

man of the ASSOCIATED AUS- 
TRALASIAN P.ANKV in London 
from Januarv 1. l!i7‘J. Mr. R. S. 
Patt'morc will become secretary 
on that date. 

+ 

Mr. Hadi Amin ha.- been ap- 
pointed e-cccutive vice-nre-'fhnt 
a: the fipj-d office of E.VNK MELLI 
IRAN. Teheran. 

+ 

Chances hate h.-i-n made on the 
hoard of P.ONSER ENGINEER- 
ING following is.s acquisition l>y 
the Kave Orsanisatiun. Mr. R. I. 
Green* mit h, the chairman, retire- 
and resign* as h director wtih Mr. 
X. A>hfon-Hill and Mr. C'. F. Dut-rr. 
S*r F.nimanuel Kaye. Mr W. J. 
AUcnby -iml Mr. D. Larkins. <«f 
Kave. join the Board. 


EXTENDED GENERAL OFFER 



Commodity 




ramme 



Success in the past is no guarantee of success in 
the future. But five years of consistent and re- 
markable results must be proof 
of potential. If you -want to 
know more about The Joynson / ■ 

Commodity Management j . . . i 

Programme send this coupon j \ y: “ 

to : The Honourable / •" • 

Cailain Campbell-Gray j • , , 

G W Joynson & Co Limited / j'-J 

14 Trinity Square .< ■ * 

London EC3N 4ES / 

or telephone 01 480 6921 i • 




SEND NO MONEY 


!j 


HI 


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Joynson Commodity Mancgemsnt Programme 




n-ame. 


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ADDRESS. 


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FT 11/11/73 (} 

IIHDBHK19SS1IBOIR HlBlC 

Non-residents of the UK can trade in commodity 
futures on the London exchanges without any UK 
currency or tax restrictions. 

G W Joynson & Co 
Limited 

A mOT&er of the inrheape Qroup of Companies 


The Case for Recovery Trusts 

Recovery trusts are designed to produce 
above average growth over the Jong term 
ihrough a policy of investing in those 
companies whose share prices are currently 
undervalued because of past performance, but 
which are expected to show an improvement 
in profitability. 

Over recent years the performance of 
recovery trusts has shown remarkable 
growth and they have been widely acclaimed 
by investment advisors and the financial press. 

Excellent Prospects 

The reduction in the race of inflation over 
the last 12 . months, -whilst beneficial to the 
British economy and partly responsible for 
tbe improved level of sterling against the U.S. 
dollar has substantially affected the 
profitability in a number of sectors of the 
market. Many companies in heavy industry, 
for instance, have had disappointing profits 
over the last 12 months as a result of a low 
level of industrial activity. 

However Henderson believe that the 
recovery prospects of a number of these 
companies are not reflected in their current 
share price levels. 

Cabot Recovery Trust 

This new trust is likely to be more volatile 
than a conventional unit trust. It is invested 
primarily in UK companies whose share prices 
have not kept pace with the general market 
trend as a result of difficult trading conditions 
but which now show positive signs of recovery 
in terms of profitability. 

Additionally shares have been purchased in 
companies that may not necessarily have had a 
profit set-back but which are expected to show 
a recovery in share price following a period of 
under performance against the market. 

Certain attractively priced shares have also 
been sclecred in companies that have reduced 
or passed their latest dividend but which in the 
medium term have scope for substantial 
recovery- 

Finally in constructing the portfolio the 
Managers have obtained an estimated current 
yield of 6.1 % p.a. and die maintenance of a 
high level of income will be an Important 
consideration at all rimes. 

Experienced Management 

Investments in Cabot Recovery Trust arc 
managed by Henderson Administration, an 
investment management company 
established in the City far tbe past forty years* 

Henderson also have particularly strong 
contacts in regional cities where many 


Jk Investment 
exclusively in 
‘Recovery’ shares. To Buy Units 

sk Above average 
prospects for capital 
growth. 

# Good level of 
income- 

estimated current 
gross yield 6*1% p.a. 

♦Units in this fund 
are now available 
at the 

fixed offer price 


intcreujng investment opportunities emerge 
from time to time. 

Hinder: on Administration currently 
manage funds in excess of £30001. 


P! £j:£ rcn:e»;btr :hat at:y unit ;r;/.c jirt-^r- 
vic>:: J be rcgarJe J as long term, and CabvZ 

Kc.ji v Truss ir designed far liiC more 
exce r; e need s nve?ioi\ 

T-:c:r:cc of uinrs and :h c Ineouieji'ou: :imc 
can '-V ‘■io'.'.n a: - r.-f/7 as up. 

j\ 1 ..v Cabal Recovery 'Tent: Jf 

ci, >'i\ 1 : ofi. r price of j?.6ps imply ret nr:: r i v 
apr 'r.ss:.': >i Joni: be! ore together :rithyo:-r 
reini'dai.e: either direct, or linwigisjkOitr 
etiii ::or. 77:/i offer clones on J 
AV: ci-'rcr cr carrier if the offer price -varies iy 
more :- a i : r’- 

Additional Information. 

C-arracf r.-io: v.-jf! be 
uu J .ir, J unit M 


of 48-6p each. 


Vis,' will c« a-.viiiKt a£i^r 
il.c ,':r-.-r :!- v ir j: ih-. 

U1.1i iivUl-rc 

FUl-!.- oj:!;* la 

jjev •7-i7- r *- 

OTir.*..- fi •: •" 1,1 

An •»:' 5 • ■ 

u; I'Pv-rrn.v. 
Ar.-.ir.u-ltiurcc-i: - • . 

( r i- : • V *. r u( the ' -'lui - 

i!'.-. ; r t! -lir.ci.u !:vui 

in^ !•' 

X> : j”"ivr:. ! r.'uJe 

t'i.i ‘I :.c 
d: n- n ::n:i- r”:* i 

be : id: .'.;:h April !■>'•/. 


*.vi!i hi- f ’r.-. ir Je .,1 vjrnrn 
-veefc* Dl r 3 : trie.-.:. 

T" :cll anil .. cr J .-r.e y..--iT 
ur .11 wcr:i:i,'jiv -r>d -.itbJ t( t l 
liw .M jn tn- . F-,;. n-.cn: k-jU 

normal Ir be ~,d..- iihiu 

f tV«iT..«ri'iii|: 

" I’ra-icc: W1II1.11 a, Oiyri'r 
Bjnk I.niitcJ. 

.Mirj:i:r- : iiv.ij.-r or. 1 "; i: 
Trvi-i .V,.in-i.vr.icnl 
i ni'JUd. 1 1 .'.uiiir; I'rl.-r., 

3 ,-r..!--n P.C : :HD. 

-F.cvi-UrcJ Olii.c . 

Kki u-fij S--. j 
3 -inirljn> 1 . 

..:,ii.nil’i: 4 lir. U r^; I rust 
;at I’ hi. 


I 



g 

To: Henderson Unit Trust Management Ltd. .Dcalinu Dept., 
j Rayleigh Rd, Hutton, Brentwood, Essex CM 1 1 1 A A. 01-586 56-2. 

5HARI: EXCHANGE 1 | 
iCHE.M!: 1 g 


Our Share I J.v.tar.r.- S 

I /We enclose a remittance of £ navjr.: ■ i i.T.J-r -on Unit 

Tru>t Management Limited. After the dose of .'-.r v.dl be 

available a: the daily quoted prise. 

Surname: Mr.'Mrs.'Miss 

Scheme protiJii a 3 
iv.uuMblc orporronit;.- , fi 
iii v.vitch into this Unit j jj 
Tru-.i. ForJcuihpleass 16 
nek bo:: or telepliv-nc j ■ 
Malcoim C-'-.-n cur g 
Share Exchange j ; j 
Manager on ; B 

C1-5S0 3622. 1 ' [jjj 

Christian or First N’amefs): 

Address: 

Re;. N-.'. -56:63 \ 


l/We dfebre |)13T I im'we arc n.X rcsiusnt vuuiJc rfce Ternt'ri.-t 

and ibat I am/we are nor -j.-quipn; ih« units aa Uw Ojn- u s :4 . , .i ?cr>i>n..,,- 
resident outside these Tern toaej. 


Tib ci; c- i; a: jf.ar.e 
:•* r, rdf',:. ,•/ ;.’:e J-'c-' c 

of hducJi, 


Signature's) 


Dj!j 


(,11 there arc ;omc nppliv-ont, euch mu;.i jnJ jcu.h 

Ull 



Unit Trust Management 






Fi t« RFiff tfuxy* 



WORLD STOCK MARKETS 




in early trading 



INVESTMENT DOLLAR 
PREMIUM 
#S.«i to £l— *3!<Y, 
Effonhe S1.96MI 
A MILD RALLY tlo-. eloped 


fr;idm‘4 on „ _ _ _ „ 

> id ny. a it led b> a firmer Sicrndwir nipped Ihc active* list, mans higher. Dutch and U.S. active trading although Jate profit- aiii- Chaimer*... 2Bs& ! 30 

dollar. tc.-linical sirem-ch and a riFinn m S20. before trading mixed. Gold Mines steady to Urra. taking pared initial gains. Volume AM.vX_._. 43ia i 43>a 

.'tiv k inir in the pace of interest «a-* halted pending news. Thurs- GERMANY Slrorir buying fay f 390ml shares. 27 26i* 

rn:« im reas.-i. day U rui-ecl its dividend and said British investors helped drire Textiles rose under lead of 

By 1 p.m the Dow Jones it may redeploy assets -.prices higher in lively trading. Synthetic fibres uiucb reported a fjg 

Industrial Aura^e w:is up jj.ijs t».i f-alciin seaboard tacked on SJ Speculation that mark will move sharp rise id first half year profits aidk. Cm...-. ! 3Sk 36ia 

reducing iib lc*s* on ihe *u although it reported higher against sterling wa s main Shippings fell following recent Amcr. Cyanumd' 843s 24^ 

week to Iti. 11. while the NYSE AM lower third-quarter profits. stimulus behind British buvinc. decline in International Tanker Amer. Dwtaw- 24i a 247 B 

— General Motors gained Si to In Bond sector Public Authority Market. Amur. H toJw ; 2Hg 21 

... . . . saw; xd. Ford Motor rose Si to issues fluctuated between fails and Some Foods, Pharmaceuticals fSf® 121? 

Closing prices and market M0 _ 5ls October truck sales were S o «P “TpS and Chemicals generally lower on tSSSSS^i wil i22 

reports were not available up only 1 per cent. Btmdesbank soIdDM ll.aro^orth profit-taking. ^ , sEZuESFZ 6% 54 

for this edition. Dome .Mines picked up 8} to of stock Mark Foreign Loans Export-orientated Electricals, Amur. Neu Ga*.. 40 39*4 

. S71i— its nine months net earn- weakened Vehicles and Cameras lacked *"*»■■ sund*rd . 42t a 41 

Common Index, at tSOJiS. rose 26 S??. ”‘ e sharply fr ° m 8 year f AMSTERDAM — BUxed trend. «BEJJ wItSTt*. 60^ Io* 

j.... —7n earlier. following slierhtlv hieher dollar. nuw*» Minn — mgner in aru. aaiZ 


MJ m m 7 ^ Abtelt late, 51, B I 31*4 

w Mr * AddrWHOfffsph.-. 2 1 ! 201s 

and Atlantic Richfield $| to S53J. tricals, Matra fell FFr 290 to firmed, with Roeckvcrsidhernng Ai^produu^^ 25^ ; isS 

Gulf Oil were up SI! to $25 in 5,510. up following its earning report a kaoAlu minium- 32&s 1 33tg 

aciiic t ratling— earlier this week BRUSSELS— Mostly higher in Domestic Bonds steady, while Alena..--..- ; i 46 

ir. com pic led drilling a well off the quiet trading. Foreign Bonds edged lower in * t * . 1 ML 

in New .ler-ey Coast and said it In- Foreign stocks. UK and hesitant trading. . 31 : 51 


Coming bias*—.: 52ij i 83 1* IJofan lUrovUtaJ S93< i 26*8 
CPC Irn'ratonej. 49‘L J 491* IJobnitaLJohiioiioJ 76 I 7B5s 


Street would h* , - , in looting. 


French issues little changed. Ger- TOKYO— -Mainly higher in fairly I aiiich. stor«a....II-' 23s* 


.'iiviinir in tii»- pace of interest 
rate* increases. 

By 1 p.m tho Dow Jones 
Industrial Average was up U.iJo to 
SOT 00. reducing its loss on the 


Closing prices and market 
reports were not available 
for this edition. 

Common Index, at $52.78. rose 26 


Amerada 

Qf An ter. Airliner 

I - A liter. Btbd. 1. „ m : 


W St i n American SB Market Value 

tri lip *bv Indcv snined 0.S8 to 142.95 on a 

len losses i» a iwo-io-one „r n <ii m 


i°-f. rose sharply from a year AMSTERDAM — Mixed trend, 

earlier. following slightly higher dollar. . HONG KONG — Higher In 

The American SE Market Value Akzo firmed FI 0.30 in otber- increased trading. AUT 

Index gained 0.S8 to 142.95 on a wife lower Dutch Internationals. JOHANNESBURG— Gold shares A ^P— — 

turnover of 1.24m shares. State Loans steady to slightly easier, reflecting lower bullion iE&srzr- 

CANADA — Markets turned higher. price, but dealers saw some 


majority, while the trading 

volume lotnlled 12.1Sm shares. 

Citibank hold it- prime rate un- 
changed at 102 per cent although 
th<? key rase is widely expected to 
g>i high.-r. 

\nj!>-fu-. said the Federal 


CANADA — Markets turned 
genrrjily better in moderate 
fradin--' yesterday morning, with 


turned higher. 


er in moderate -MILAN — Steady in light trading, hardening towards close. There Anna... ’! 

ay morning, with Italcementi rose L57Q and Snia was no selling interest from the a .8 .a !j 

Composite Index Vfscosa L>0. benefiting from tech- u.S. or UK, leaving local market — ■ 


ri-inc 2 4 lo 1J112.6. 

The Oil and Gas Index rose 


meal intervention by Banks. 
SWITZERLAND — Prices 


Resent may Wo able to hold a 


jiSCady i-rodu course for :i time. 
Thur-day it reported .1 $2 ll>n ri^«- 
in the nation'-. Money 

Snpnli. which only partly retraced 
the ST.4 bn drop the ucek before. 

Kx\nn .nld'-d s] at Sort; — it 
found nu hydrocarbon- in thn lir-l 
of ;i- l-'.olnmorc Canyon w»-li 
hui nbn- more li-st*.. Texaco 


ro ! ,0651.5. Utilities dollar. 


and vanced following 


short of scrip, 
and Mining Financials 


n.iil so JS'Offl and Papers n.S-'J to Expon oriented 


t of Platinums softer. 

Industrials steady, 
rose, AUSTRALIA — A recovery 


'«ojn ; 133 4 I I4!g 

mixed wuamt (in»... . • 4411 4414 

Ml. liidifieh I.-.. 52 fo ■ 52 >8 


Ba-w Money 141,47 Golds shed ll! 

a rely retraced T ar,! E ^ ki >' eased 0.14 


Vulo Until Pra.... 1 30 

-'VC - Bi 

Wy Aren • E2l 


But Golds shed L2 m led by Ciba-Geig?- in ChemicaU. selected Industrials main feature I Avw ProJumiT..'!. 53i 4 : 54 


2S7 s::. 

PARIS— steady in quiet raiding 
Put-fain, up F'Fr 2 to 22S. led 
Engineer mil-, higher. 


10 Aiusuisse in Metals, and Brown of uthenrise quiet trading. ten. Uas Kieer.. : 24 js 
B overi and Saurer in Engineer- Most Mining leaders weaker, y 0 ?? PuilM — •: ?5 Ta 
» ings. with Ashton Mining dominating SSSmT^y'- ^ 

?d -Sulzur also firmed, despite activity and shedding 3 cents to n*rh« uu.. a2ae 
expected lower earnings in 1978. 82 cents. tester TrsveaaL 40 


Foods steady 


xl*::.. Mobil Sj m b>r»7l higher. 


In Elec- moderate 


gained 

trading. 


slightly 


Barter On : zZ3e 

tester Trareaol. 1 40 


National Bank , lost 5 cents to B “ tru **' ourt -— -i 23 7 a 


S.Y.S E ALL COMMOIg 


Insurances 5.A2.43. despite hig her profit 

Hines nod Falls 

5 Jiiw. H t Nov. ? : Nov. 1 


^ftv. .Vin. iNnv, ■- 


HEW YORK -DOW JONES 


■t-i.n-* 335.S? 307.61 SQO.D? 514.81- B2S.ll Blb.it- 307.74 

■ O'nH-- 96.54 Si. Cl t6.it Site SS.tS St .62 3O.it 

' 1 . 

>P-rt.. 210 SO SI 1.55 211.14 S1&.04 SIB 54 2U.Q4 Sil.ii 


Hub I Ijow 


> I n.?if Cranfii la r "n 
High ■ L-* 


52.52 52.49, 52.22 53.0$ 60.S8 


MONTREAL 


lituM frail Hi. ! 1,850 ", 

Riwfl • 860 

Fall. j 691 

I'nrbaDjifel 409 

Nv« Hutw . 2. 

Xen- f^iira gg 1 


teehmDidinton 34 

Bell a Honeii I6S3 

tendlx 35S 4 

Hraguec Cons -B . . 5U 
UwhieJ«n» Sieei.- 
Black 4 DecfcerJ 163 4 
boeina^. \ 6Z^* 


1051.70 41.22 
HIM.-, a, iS.’i-.'C 


37S.66 12.23 

,7 2-S5. • 12-7‘jCl 


uua uu-iu. 1 , 1 

; Nov, 1 Nw. . Nov. j Nov. -- 
j » ! a I 7 ; 6 High 

ln.l.,«lnal 1 302.77 , 205.63 202.45 205.12 222.14(11/10) 

i. oiKhiaed ; 206.50 209. B0: 208.37 211.57! 225.61/12/10) 

TOR0N0 Lomp.^iit j 12I0.2 ; 1212./ 12 10.5 I22id 1432. 7 ( 12,10/ 


25.00 55.04 97.57 98.31 52.11 Si.45 110.9e 


- <30.-4i63. .25 -4.421 


tc-: 

*; • ? 


JOHANNESBURG 

r;..i.i 

iniluel nal 


240.9 (in 
274.8 on 


272A (14.9) 
28U thlh 


152. B0 1 16.4) 
170.62 (30/1 1 


185.0 (20-4) 
194.9 (15;5) 


5.330 S3 53 25.J20 20.5. U 26.070 41.050 


- Bwi? 1 c---n tr-'n* A<u. li 


It-i. i»>- . • k :■( i 


STANDARD AND POORS 


• Uar'i In^h 615.75 ;,Hir 7?3.9E 


104.38- lOi.Db 101.27 105.S1 lu/.Di IDb.5D lli. (I 

l - -.1, 

94.42 94. « 93.63 55.15 96. »i 95.il 105.98 

> I .'id) 


•1'rar au-i a:*(n-.-s.. 


”Mnc«» ilfmj.ilain 


95.52 I3J.»4 3.53 

•t.3i til 175i ,30.b,3ii 
86.UO I25.B3 4.40 

,-.ji ■ll'l.'Wi .il.f'321 


War a ao t* (-v^os.l 

4Ai 


Auftraliai" 

Belgium ^ ; , (25iS , — — 

Denmark i** K.fti. BUS; Kk! teH SwimrldUh 281.6 2TF.6, 

France 'Di »6.* iS.l A».u 474) — ■ ! 1 

~ ‘J', 1 * : bank Dee. 1103. M Anunen 

Germany til *27.nO 817.00 t5W>, i39.4 cjtb. Hana Sens Bank 31. 

, (failrti • <17,5/ Com/nercidle i miinwa u 

HnhandO;ij 85.8. S5.S AJ.l ; 76.0 K e , v se 4'1/BS. b Strain 

• (1 1/9/ ; |4,4i t - closed, d Madrid SB SOn 
Hong Kong &7b jW a65.41 501.70 383 .* bolm Industrial . 171/38. 

i** 1 j |4yWi f tlj.4) Corpuration. h UnaraJIable. 

Italy tg ip 70.93 70.9a | — — 

Japan W «l.a» WJS&ffib THURSDAYS ACTIVE 

SingaporeiW - ,sris6.W%\ SbS 

’ • ^ Middle S. Utilities... 

Indices and base dates fall base values Pan-Amer. Airways 409,980 

100 except NYSE All Common - 30 Boeins - 330.400 

Standards and Poors— IV and Toronto Ralston Purina ...... JX9,4tt 

5fo>— 1.DB0. Lhe last named based on 19.-3*. American Ini.esi. 2S2.BB0 
t Excluding bonds. : 4«0 IndosrrlalE. General Motors ...290,100, 

5 400 Industrials. 40 UUlUws. 40 Finance Olin 273.500 

and 2D Transport. C Sydney All Ordinary. Raraada Inns 238.080 

I> ESelplan SE 3LT2''«3. — Capcnbasen SE Amer. Elec. Power 233.708 
1 1-73. o Paris Bourse 1961. CCommers- Texaco 240.300 


,V.,v. i Pi-?- , l»7o : ITid 
10 : viniis . Hiab t«>iv 

SaO.13 ■S5l.re" ; s«>.7a. 411.19 
, 122,-9) | tl-o» 
9c m 97.96 10L16, 00.43 


| fcov. Pro. - 1 1978 . 1979 
\ 10 Ttous UigO | Low 

Spain til); 93.69 83A7 llu.7e - 

i9-ti/ ■ (I7'5i 

Sweden in 364.49 366.081 408 JL < oao.74 


Sweden in 364.49 366.081 408 JL • oao .74 
■ I i4.o.i i io.li 

SwitxerldV). 861.6 277.61323.7 . 261.6 

I I 114,-21 . |£ 6 /Di 


Jn-i. -iir. - i*i.| 
!•>•). P K I, 'a: 

ly'Oi; (jrt- , 


F.T. CROSSWORD PUZZLE No. 3,820 

A prre <>} C-5 inii he given io ench oj lhe eenders of the first 
iltree enrrcci solutions oiwied. Solutions runs i be received bj / 
uc.it Th u refill !I. marked Cra„suro rd in the lop ieitliand comer of 
ilte envelope, and addressed io ike Financial Times, in. Cannon 
Street. Imurlne EC4P JOY. Winners and sol ill ten tall be given 
vert Si uti oh: a 


bank Dec. 1533. 55 Amsterdam Industrial L'UBnuflSvstein.. i 26U 
1970. ". Bans Sens Bank 3l/7<04. I-;; Uaoca t/hivor. Un-lee - 64 u 
Ctmpier&ile l tallana 1972. c Tokyo uhrr*Jer ’ 


Boise Csaca.1e. i 23 Vg i 24 

tenleo 277 B , 27 >a 

Uorj; Warner ! 29 It I 29 U 

Ununft- lot....™.' 12'a i lSig 

Brascan *A' 1 133 b • 13 is 

UrintoJ Myers. I 3L3« I 31»4 

tfPet.ADritK...., 17 1 8 ; l7«a 
ttaKfcway Glus..| ZBi; 29 

Unumriclt ' 133* j 133* 

Uucynu Erie.. — 1 16 la Kie 

Uuiova Watch_..., 61* j 6lg 
BurUn^ton Nibn.l 377 a 1 377® 

dilrrough„ I 72ie [ 72 lg 

Campbell Sou pc.... 34 | 34 

LHanadlan PacUW. 19s* 1 191* 
Canal JUandoipb.. 97 a . 9ig 

klaraatlua 285 a 2 Si 3 

Carrier a: Geoeral 1H* 1 11 
Carter Hatvlqy....| 16 &b I 17l« 
Caterpillar Tract* . 66U 66 

Cto ! 633e 1 625* 

CeianeseCorpn...' 41 j 3U3s 
Central 4 S.W....I 145s | 14 l B 

CenaintM-] j 16i a j IS 

Cerana Aiaw»lt...i 3538 I 3A5 b 

Cbompktn Inter.., 1GU* ' 19 t £ 

Cba»a Manbausn aOi^ , ^O5o 
Chemical UL.NV.i 371* 37ig 
| Cbpmetoi^h K-nil.i U2t a 231* 


Crane. i_ 25Sg 2© 

Crocker 25 la ; ZSfig 

Cront-nZeiiertacfc; 30 'a 3l7 a 

C um min t Engine 8X33 ■ 31 
Curtiss Wrient ' 14^ 1439 

Uatw 27!; ' 27 1* 

tisrt lcrhi<ti-ie*.. 3Bls - 381fj 

Deere 33as 33 . 

Del llonte 413®' 411*. 

DettcoR 8 8 

Deoteply Inter.. 18 16 

Detmh Edifon 141i ; 143f 

Lli«ir/n.i;iii(r.ri 201* '< 20!) 

Otctapbene • Wi 8 | 241* 

DtstlaLEquIp..^.. 47. g ,'473, 
i»«nev vWalt;.^.. 38 . 37lj . 

Uover Corpn W5* , 601^ 

Dow Chemical.—- 26»* 1 ZSJg 

Dcsyo 2BSa 1 2SU 

PrPMgr 373j j 37ae 

Dupont.. 12343 1243* 

teg* Pitcher ■ 234 b 82*2 

te>4 Airline- : 9 B's 

texrman itolab J 53 ij 594a 

Karon .... ; 351a 557s 

LG.iG j 27Jfi 26Sa 

El Paso Nau Gas 15 144s 

Kltra 27 2&4* 

Emeraontrecmc; 34 1* 433* 

EnjeryAlrFr'ighi; 2Q7 a ZOla 

bubart 333* 436a 

tLJJ.l 3 d 

Engel bard 267g < 263* 

hsmarv 24 ! 241a 

Elliy. 21U , 31 

taxon 494« ! 491* 

Fairchild Camera. 291; . 30ia 
red. Ue*s_ m i>re» 44 
Plnewune Tire..... 124* 

r»*. Nal. thoiun. 25 js ’ 25 ’3 

r-cxi Inn ' 164 b , 164* 

FdiiUcolP 26 ^ 26U 

r lOrids Power.... 4UI* 294* 
F-uor... ■ 42 ia t 32=i. 

t’.ll.C 223* • 22 

f-Vin* tiulur 59 Tj ; 59 •/ 

Forenirta-: M.-s 187* ' I8S3 

Fostwro 3 Ha • 31 

Franklin Mini .. 7 7 

► nsepnH Mmera 253g ; 244* 

True nan) 27 271* 

Fuqua lnrta. 9 BVfi 

G-AJ 105a 101* 1 

Han Dell. 43 U ; 43 >3 

Gen.Amer.lnv. 93* - ID 

li.AJ.X : 25 7 8 253* 

Ueu. CuMe 141; 1 1413 

Gen. DynaoiKrs- 70 71 

Gen. Etwrnii... 483* . 48 
Gen. Food*. ........ 3U« 311; 

General Mill,.... 39U ; 29t* 

General Melon.. 5&?e &9Iq 
Gen. Pub. L'lil... 173a > 17 l a 

Gen. signal 261; . 261* 

Gen. lei.Elei.-i_.' 2HG 26 

Gen. T5re_ 234? . 23 D 

intinb 94* 1 47g 

Georgia Pad he... 25 Sa : 255a 
GeeKmroe_. S'l-ia ! 24 
UeityUIi ' 39 5e . 384a 


- wi-. »- ■ -j wurtvi^r.,! AUM XU O 

N.ew SE 4'H6S. b Straits Times IMS. Juw. m 11a -run l 2Bi* ' 2a 

1- Closed, d Madrid S£ SOfU'Ti. t - Slock- ciut-orp...: j u5i* ; a4ia 

bolm Industrial . 1/1/SS. f Swiss Bank ^itlei Sendee.- I 32 4 I 62* 

Corporation, u Unavailable. Lhiv Investing...: 14 I ia 

Clevetand Cliff J 27 

Corauxa. 411a, 


THURSDAY’S ACTIVE STOCKS 


S Docks Closing 


Change I (.ligate Palm j lBig 


41l a ; 415* 


traded 

Middle S. Utilities... 72C3H 


Ultima Aikraan..| 


RACING 


BY DOMINIC WIGAN 


Andies* 



ACROSS 

1 Combine wnb Bjir'iiip l*r cap- 
uvale" f*.*male 14. Si 
XV Appease Bill app'.-aring in 
book liiuitroijon i7i 

11 Rival bird nu b<ny it alive (7i 

12 Left Gulf port with a full 

ear 1:0 foi 

la E\a?5tralr forlune one 
heavy weiahi made i4. m J. *’> 

15 Equivalent in sunbuin lhaok» 
to horec flOi 

16 Cupid at IS looked different 
141 

18 Rambler ciune lo the top <4» 
20 Arrange in due order main 
prison of old 1 10) 

22 Professional making n spec- 
lacular living t S i 

24 A defender taken by surprise 
1 5 ) 

2I» Cdilcr I discovered In he in 
and «nil «7i 

27 An island race isn't i-nmmnnly 
stripped nf rights f 7 1 

25 Murder used in be wrnnu m 
LunrKm <7. 5i 

IWtfN 

2 Leave a prnhibumn on vnllcae 
tutor i7 i 

3 Approach tied h-slen^r <4, 4i 

4 King writer In start (41 

5 Watch person taking stand 
with spectator 7i 

SOLUTION AND WINNERS 
OF PUZZLE No. 3.S14 

Folliiwing are the winners of 
last Saturday's prize pirzz! 

Miss L Cheese man, 15 London 
Street. Chertsey, Surrey 

Mrs. M. D. Tanner. Hedeurley 
House. I-fctl^LTlej. Sbuisli 
perks. 

Mr. I.. Willcns, 2« Kurmw Mill, 
plyjnaLuck- PJyui'iulh, De\un. 


Royal Coachman 
for ‘November’ 


MISS AURIOL SINCLAIR, beating to Marakas at Ascot and A 
whose smaii Lewes stables turns ^ound no difficulty in defying 10 
out a good number of winners stones on areturn to • ' 

on the Flat and under National her £ Athenia IhncesTwas ' in 
Hunt rules, may provide the receipt of the best part of two 
answer to today's William Hill stones. J- 

Novembcr Handicap with Royal If Royal Coachman, a dis- i 
Coachman appointment in his last race, is 

This good-looking Supreme 

SS 4 ? c SL L c was \ cre ^ b,e wm iiate a breve 35 to 
i S° In« ays s ive Miss Sinclair a welcome 
distance at Leicester in May birthday surprise. 

• ■ . For the chief dangers 1 turn 

DONCASTER *° Bruce Hobbs' course winner, 

Cunard, and the Bill Elsey-owned 

1.00 — Mists Of Time and trained Repique, a close third 

1.30 — Effulgence behind Deep River and Battle- i 

«oo— Rm-ftoriin*-** 11161,1 in a recen t competitive k» 

-00— Borderline handicap at Hay dock. kh 

2.30 — Miss Anna be I la* ft will be disappointing if the IV“ 

3.00 — Roval Coachman •» once-raced Kingsclere juvenile, 

7 70 Phiincrvn v Borderline, cannot take the 

3.30 Phi logy ny Wilkinson Sword Stakes over a * x 

CHELTENHAM mile *^°^ n Martinas’ mounL a 

. handsome half-brother by Silly 

1.30 — Kiforoncy Season to Pink Palace, put up an 

impressive performance on his 

. . , - , w debut at Newmarket, 

where he was trying to concede He ran out decisive ^ bm „ Sler 

?®“ rl ?.Sl on r- of the i'6.000 Somerville ? 


0 r J® dav Ugiumbts !>*»_... k6i a 

M* — « uoiumbm 16J* 

Jil tioai.liwtSfcolAm 17l a 

*iv * CtomliUbMikJ Eng. 34o* 
Combostiuii Kq... 10.\ 

2 "; — J’nTwth h>li sou. 263® 

TC* III ^oirnn- teteriit^. 39 

_?* Computerj'cienc. loa* 
.? Uwno Lifeloa 34 r 8 

— * * lion FVUsoo N 1_- iez l 8 

iija»ui Ru»nl< j 23 

Cun«ui N»t Una... 35w 

n.4. . Cuneuiner Pnne/j 211g 

la An ContiaKnUi Ur*,. 29Sg 
v-outiwniiu ini. k.7»* 
Comiueuui t^ipj 15 

Utilrol l hi la 50 18 

<-*4*1- lu-ill&M.... 43-3* 


Gillette - z5ft) - 255a 

tloodncb 8. F. J7Jj 18N 

Ucodytir'l'ire....' 16 1« 16 i a 

Gould 263* ! 27i* 

Gmeir.K., 50 30U 

lirUAtlanrtu.-le^ aa* i a 
lirr. North iron..; 25 U i 25'* 

Grevhounii ... ill-, ! lli e 

Gull A W v t*rn.. 12U , 121? 

UuUtiii -24^ ' 24 I S 

Ualibunon 61 5a 623* 

rinniu UmiD^... 31 ■* all* 
UjvrniM.-ui«£er. ... l47j 14lj 

tem-vtorpo , 303* I 305e 

Heinz U. J.'. 3Ba» 385 b 

Utubein : 271* > ^7l a 

Hetvie techBM... 70^* ! 79l a 

Uuuday Inns. Z3M ; 19 

Hooieetake. . 31N - a2 

U-jne> weii oOU • 611;' 

Hoover 11 1 10r a 

Hoei.-4Jorp. Afflej' 273* 

Huwtoo Nat.Ui 21«2 [ Sllg 
HunttPu ^tiCfiir: 115* .' ns. 
Hunan ib.F.)„.! 16'* , 163* 


-JobnMBLJotuMonj .76 j 7S&a 
Johnsra Control] - *3J- j 38G 
i JoylUniteetue’d 287a I 28 te 
i K-Nfar Coriu.. J 24G 2410 

ICwserJUtmUHTnij . 33 t b I 33 f B 
: Kaiser! ndtatried - 2 | 210 

Miw.Steel — .-J 2ii 8 2i 
Kay — U -*2*, i2Sa 

Geonecoiu_ ra j.| 34*^ I z6 

1 44 '* 

KiddeWalter.^.; 291* l 29'« 
KimberirCtact. 435s i 43^8 

- 30J* I 20Js 

4Blfl i 45 

hnwruw.j 413, j 3is« 

Tr»na . 3Q5 b } 305« 

Iwi.State;..;; - 5278 I seen 
. tasty Ote.rw d4 234* j 25ts 

l]KgeaGroup.-_.i . 34 33 >a 

44t« 441* - 

Uttm I Dr! list ] KISg BB 

tsxbbendMxcx'aj - 21 U 20 S* 

LioetiGu- lndustj jg7 B 19 V 0 
U»g baud jjtdJ . 17 jb 

UxiiBrana Lend -UgQi, 20fi« 

Lubriaol 40l z 404 

t«ekr!Jl«nra_4 14 I3* a 
ukex'uag«t , wttj -."j • • 71* 

* W* 8-H 

lL-.-y R. H_”rJ 371a 379a. 

Hit*. Hwnwtr J . A3 33'a 
A: SOie 297a 

VmibmOU J &07 r - 50J* 

fUrine HKtendJ >147 8 14S* 

Ma rsh all 3&J* 161* 

May Dept. Strs-eri 223, . a3ae 

H C4 --“ — I 381* 371* 

McOen»ou^^ s s3 i s | ^314 

■ SSSKiiffl If- 1 S3 

Alemotvs. — £gs. 1 30a* 
S8 , a8i e 

.Merrill Ia ucIi.-..^ .161* I 167g 

Me* RMWleura ’ ' 271* ; 26 t 8 
MGir.„..i.^ v v , ..| 401* I 4069 
Hutu MjaairlUa 1 587a ‘ bSsp 
Mol 'I I Curp__^J -66ta ; I bBl t 

Muarantii J 60s* 

Mcttgmn J. P..««; r . 45J9 461* 

Motorola— ^ 41 to 1 411* 

Hurpby.(lil_.._J qm ! gg 

Natoco '-25i a I 25 7g 

NaJoaCbeoinsin.i 261* | 26 

.National UxhL.J ;i4T 8 1 15lj 

Nal. Utstilim__i .19 • 19 

Nai.Serdee InrtJ 14 Ir [ 14 ( 2 
Natnmal.Mcei.r.r- 30 la i 30U • 

Nat onus ...J 39a* ! 40 

NCB..„.i ^-: : 6SW -59 i B 

Neptune Irnp._..!- 20aa 2ui* 

-Now EngU*mK“. “22 217a 

Nen EngtamiTel' 32 la 42i a 
NGgara uotewk.- 141* 141* 

Muan ahare_.; - g; 8 10 

N. L. loduuiiec J 1 T&Sg. ( 19 
NoriuUd Western. 1 ^ - '21L 1 22 1« 
North Nat. Q*s...; ib 1 a41b 
,N M in. Auires Fwt] 23J* 23aa 
Nthweat Airline*; 25 254 

A'ttrwwfteiKwp- -3618 I 2a I* 
Norton 61 hjou__. X61* I 161? 
'A-ddeoUi Wtrolr 16 a* I 16 
(JKiivy Mather-' 21 1 21 

Ohio Bdison^.....'.- -16G 1 I6I4 
Olin : 161* ! 25 >g 

Overaeas-6MtB..j 22^ j 22i B 
Owen* Corning ' 27 \ 26L a 

Uvtsna lUinoM^^L 193s I l9ie 
PkeificGai>...,;:.J. 82l a I Z2Jg 
Ksclttc lijihLiug. J . Edl* i 203 b 
ten K*rr. 2 u|p- 195a I 19i E 
ten Am Won! Ain 67 a 1 67g 

terker ibrnarto. fc4 i a I 241 a 
tented j InU.;.... I 2I5 b 1 2 Us 
Fen. Pw_A L.....I 201 a I ZOi 8 
Penny J. 337 a J 33i« 

I'enusoit^..:.:..^.. 28 > bBU 

People; Druj! | iul a | 97 a 

_.l 32k t 323g 
Pepwt>......___:.i iSifl j 25 

Pertro-'Eimer. ... 23 “g ; 23 ig 

| Pet-..> *■ a4a* 1 54a* 

Pitaar 32 323a 

PLeips Hodge:. 203* 31 3a 

l PhiUdeikiiteEle. . i6Sa 167g 
Philip Moiria-^. 69ag 69 
PhUlipa Petro'm. 3012 504 

PlUabury-.^..— 373* 
Pltne.t^Borives— 2<i* 



Hor. J Nor. 
9 « 


1 311s 
38 ..j 33 . 

58 Se [ S9i* 
10 7g 
ZOig 
2Qlj . 

391* 
fc4i g ' 
297 S 
3154 
Big 
BSg 
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88 
175®, 
. 14i a 
19 
7tft. 




1 BP. Canaria. 
Owm — 
OrlooD-. — — 
Calory K»a~. 
Oaniflov 
Cantu la Cemeotv. 
MW tea- 

CanJaipBk-Oam 

temtt Indnet— 

Osn. Pacific 

Can. teoftc lnv.. 
Lisa. Super Oh-, 
Carlins O'Keefe, 
(.'rostar Asbestos. 


.-1740 r *75* 
195* 16 

tS.Bj 9BJ50 
073* 46% 

183*. 13 

. 12 -.- - 121 * 
8ia Bsa 


8XT B ( 1213* 
- 227a . 225* 
221 B . .ai3s 
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4.G5 ■ 4.05 
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28 1 aau 


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taml(Kv...>— - -u3U 
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Lqtwfca Kromirwi -.OO f . 6.QO 

t«rtnu.~.;.v..-v'-. lQi* r jioi* 
Uabn Uriel.. — IKi* 
tieuuou 'Mlnea_„ TB'j 
iJuaj* Muieu 83 1» 

Dome Potroleunr 72i* 
Dommlon- BrMoei -tc7- ' 
Do4tirar \-.. — ’■ 2 Led 


315g 3Hg 
lCHp ] 10'g 


1568 I .16 to 


173* 181* 


J3th Century- Foil 



SMr.-.'Vi! 


23 i* pag? 


PlCrt<«j„,._ .[ 171* 

Pieswy Lut-ADKj 20U 


22 Ig j 221* 


Hutton ifc.F.j ! 167g 1 165* fniilipa mn»-«n.J 301a 

I.C. lnriuetnes ! »S 1 247a Hllsbuiy_— ._. 475* 

INA 37 ig 37 l B Pltney^BoF**— Sc** 

inuenoi! teal • 53 53 Plltft«u— J. 171* 

■ ulaiMi Steei... ‘ 34 I o3s« P'Oswp Lid'AIiKj. 201* 

fasik^ 4 12L ! 12. b 

IBM 263.75, 265.87 Potomec KteL-.j - 13 fg 

Itiu. Flavour*-... . 23 22gg PPG Indosmgfr.lP ab 

loti. Harvester..., 327s; 33i* Procter Gamma.] -831* 

lnu.Mui4.Cheu. a55s • oSlfi Pub. tier. Elect-. u^ais* 


Int.. Alultiloorir.,! HI; 17G 

low 155* • lo** 

loti, tepei , 413* j 4153 

Inc kectider 1 95* Big 

»ni. ie-.i.le„.' 27'* : 27Sg 

Inwa Be«.-. 513* ; SlSg 

ill lnertMHc*iii,... X02i : 103* 
Jim W«,ier. 1 263* i 26a a 


1IWMIW «W *I- .1. - SUlfl 

PPG Indostriet.lr ah 
Procter Gamma.] -83U 
Pub. tier. Eiera-.u^BlS* 

Puimna ; : -.34i« 

Putfei.„. ISI4 

VunherUaL_...J 23: 
tepid AmerK-aic lBIg 
teytheiv.iu 45V* 

MCA j 26 

KepuhHI Steel.... 241* 
Kwort»Inrl~ 39ia 



Inna Mount Opi 


26<» | iiSTa 
Mjh 
18lg 
163* 

885* 



fi Tart reminder of voitunc of .' ^ ^ el i e, . R oyai Coachman Unless one of the newcomers kri 
trade in fruit t5. S> showed that he had developed (who include the highly-rated - 

9 Strikers taken to court (6, 7) 'nto a very useful 12-furlong Seven Barrows re pr tentative. 

14 Meeting of course to read performer by outpacing the 6-4 Jarvis Bayl is something out of 
article in Express (5. 5) on chance. Oisin, from whom he the ordinary. Borderline may — 

17 Tobacco tin conies to flower was receiving lllb. lead from start to finish; iV*' 

(S» Th? t^oy Harwood runner-up At today’s main jumping meet- ,- 

10 Cat Iris trained to be on Hie Kent course more than ing, Cheltenham. Kilbroney is 

motivated by ridicule (7) franked the form in the follow- given a tentative vote for the . 

21 Must aid be diverted from ing weeks over the same trip. National Hunt season’s first big 

sports ground? (7) He gave 91b and a half-length chase, the Mackeson Gold Cup. u.u. inno-uni 

23 Distressed at netting chop (3. 


25 Protective clothing give 
Frenchman trouble 14) 
Solution to Puzzle No. 3,819 


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ias 


SPAIN ¥ 


NoTcmberlO Percent blairi” ... 

122 — Papolera* Reur 

Bunko Elibjo zn — 2 P^iroliber 

Banco Aiiomico < 1.000 • US — Peirotera 

Bancc Cvn.ral ... 300 - ££■ PaDaJerj 

Banco Exterior 2 M - 2 sowflBa 

P-an,.D Ui-w-.tjI . . 252 — g Telefonica 

Banco Granada- il.onOi 105 - 1 Torras Hostenct 

Banco Uispann 233 — 2 Tubacca 

Bnni-o Ind. Cat. it.fldO* M 7 Union Elec 

Banco Madrid . ... 217 — 

Banco Popular ... SO BRAZIL 

Banco 5an(andcr 1 2 a 0 i 3JS — 

Banco Urquilo H.000>... 323 — . , 

Banco Viscajra 24d — 4 «ov. lu 

Banco XarajKOzano . 250 - 4 

BanVumon 148 +5 Acnula 

Sanaa .Andalucia 103 — tencodo Brazil... 

Babcock Wilcox 20 — Banco Itau PS... 

CIC 82 — Boiko UiaelraOF 

□rasadM 220 + 3 Lin- Amor. O.K 

Inmobanl/ . JB +1 tewhn, PH 

E. I. AraetmeflMS 41 — l a ir«-iu i.'P 

Espaaola Zinc KH — aoiraa Cruz OP... 

Expl. Rio Ttato 53.1S — 1.15 u nip PB 

Fecsa (1.000* 0239 + 0 l 75 \ H m K<„ U-<y PI 

Fesosa 1 1.0001 62 — 

Gal Preciados 55 — Turnover CrJ 

tirupo Velarooez MM) 165 — Source: 5 


- BRAZIL 



Hrirola £930 - 0J0 

Ibcrduero 7g — 1 B 

Olarra ao -4 {< 

Papclera* Reunida.* ... u on — ' 130 ten 

Peiroliber 118 — Pori 

Peirolem 181.75 + 1-75 

Sarrio Papalera 3 * — -hx?.> 

Solace 43 — soli 1 

Sojeflaa 127 . — soiv 

Tch'Ionlca 75.7S • + 0-W r«m: 

Torraa Hostench ... 72 — tel 

Tubaccz 84 - 2J0 l'iiJ, 

Union Elec 64.50 ’ . — 0J® 1 lei 


+ 0.75 I Tram 

“ „ |l M.B 
- 2J0 | L'nU 




.4,-vmIi 1 0.91 ^O.01^'IH''li.ll 

tencorio Brazil.... 1.88 J ]j.lfc!8.51 Aiun 

Banco Itau PN.... 1.49 ;+0.01W«3 7 M - M BBU 

BeiKO UmelraOP 1.10 ( 

L.ijn- Amer. O.P 3.15 _u.lfflj.a- 6.34 

Pelwhrai PP 2.19 — O.Oa J,* 5 B.flS 

Pir.-U, HP l.SO +CiJ6|J,lb lOJB * 

snazza Cruz OP.... 2.40 Jlllfc 9.16 

UnlpPB 5.S0 -O.M3J*t 4 -64 . 

\ him Hi.. !)•>■> PI 1 1.18 — Q.flff l.lfc 16JS H 

Turnover CrJS8.3m. Volume 4fi-flni- . [*“ 
Source: Rio de Ja.aelro SB- 


SaStiQ: 




NOTES: Overseas prices exclude S premium. Belgian dividends are alter 
I withholdinc lax. 

4 PM&o rtenora. unless otAerwlse slated, w Pias. 500 deuom. unless otherwise 
Maieri. 4, Kr 100 dc-nom. unless otherwise staled, ® Fra 500 desom- "itew ?v-hln 
oltu-rwlae stated ( Vim 30 denom. unletK, athcrwme slated. * Price at dme or L 
(■osp-naivii. a Florins, b Schillmss r Cenu. il Dividend after pendlns ruvus 
diiU-or scrip Issue c Per share. I Francs. *■ Gross dl». /* Assumed dividend j™ 
alter scrip nnd. or riahti uvsne. ‘ k After Incal taxes, m % tax free. » Francs. ■ 
tncludtfie Umlne div. u ,Vom. o Share split. * Div. and yield exclude special ; 
paiiuciit. t Indicated div. » Unofficial tradina. ( Minority holders only.' . 

p»-ndin=. "Asked. ; Bid. 5 Traded. .Seller, e Assumed, xr Er rlsbl*. *dEs fcunp 
dUvidcuA xc Ex scrip issue, xd Ex alL x Imerun sine* incrcixed- . 

-» 



^CcesrthyrRsdwar 

WMBank 

OK Bazaars ' : 

Premier MlUln*;. 
pfrtorla CKBpJr’ J.'_— ■ 
PrtMea BoldJuxx ...... ■ 

Rand. Minos Properties -.r.'- 
Rcmbrandc Grpatr -_._:^. 

itetw 4t......;.LT.«.7_ n ' v 

SAPPf : . A >.. vJ_.v..v...--. 
C- .C. SfflMi ^usur- 4 

SA:- Breweries' -.. . - . :’jc. S - ' 

Tfse> Oats ’AKf KaC. Mlfc • 


10.700 -LX 25l 44 3.1 














































TinanciaKTjfiws - Saturday .November 11-1978 


19 





Saturday November 11 1978 




lie 



ahead 

Jy Colin Inman 


The islands of Seychelles in the Indian Ocean have emerged relatively unscathed 
from last year’s coup. This Survey reviews progress since then, particularly the 
islands’ efforts to broaden the base of the economy away from dependence on tourism. 


EVCHELLES HAS .'only" made 
eadliaes in the world's Press 
tree times in its history. The 
rst was in 1B71 when the hew 
irport -on the mam island, 
[ah€, opened the islands up to 
te rewards and vicissitudes of 
Lass tourism; the second in 
J76, when the islands became 
dependent from Britain, 
!tting up asa republic with a 
■esident and a prime minister; 
id the third in 1977* when the 
en president was replaced by 
e then prime minister in a 
■up which brought the current 
gime. headed by President 
Ibert Rene, to power. 

Now, more than a year after 
te-.coup, President .Rent’s 
oyernment has outlined its 
iorities and begun to put 
em into effect - The next few 
;ars will be crucial * to 
•ychqlles' political and 
anomic development .. 

Seychelles has a population 
around 61,000 people, spread 
ound a group of probably 92 
ands (estimates vary but this 
the most popular figure), 37 
which are granitic, the rest 
raL Most of the population 
es on the largest island Mahe, 
lich is about 17 miles long 
d five miles wide. 

The islands have : no indi- 
□ous population. They were 
st discovered by the Porto-, 
ese In the 16th-century, but 
re uninhabited until the .18th- 
itury when the Frencirestab 1 
ned a settlement on .Mahe; 
ring the Napoleonic wars; 
•y were captured - W the : 
•tish and incorporated -as a 
aendency of Mauritius in 
;4; there is no evidence that- 
• British were v particularly; 
m to have flfen^ JThe; way. 


of life on the islands is still 
more French' than English, the 
local. -language a patois based 
on French. Most people- speak 
all three languages - 

Seychellois . .come in all 
colours from white to black; the 
world . in miniature. Their 
origins ' lie in ■ Black Africa. 
Malaya. China, India as well as 
Europe. ‘They breed what must 
surely be the world's -most 
attractive children. 

. For decades the Seychellois 
slumbered peacefully, not heed- 
ing to work, for fish and vege- 
tables .are plentifully available. 

The transformation came in 
1971, when an:airport, financed 
in a complicated "deal by Ameri- 
can money and capable of tak- 
ing modern : -jet aircraft, was 
opened on Mah£. Suddenly the 
island^ begaii to appear in the 
travel agents’ brochures as an 
.exotic (and expensive) holiday 
destination. • The ' islands’ 
economic base was transformed, 
although - the tourist, industry 
never grew at such a;pace that 
it threatened to destroy . their 
beauty. ' .... 

• Seychelles was led into inde- 
pendence, possibly prematurely, 
in 1976 by the flamboyant James 
.Mancham, whose Seychelles De- 
mocratic Party had earlier, won 
a bitterly contested . (and prob- 
ably. corrupt), election; over the 
.Seychelles United - Peoples 
Party (SPUP). led by Mr. Rene, 
-fn -the: event the -'Government 
that took oyer on Independence 
'was ^.coalition between the two 
parties^ an- imlikely one which 
could not last. 

: Mr: Sfanchara's life style did 
.-hot etfdear him to the Sey- 
ybelleis. He was rarely ih. the 


islands, but often In the night 
*P°ts and watering places of 
’he rich around the world, 
generally with a girl on each 
arm. ( His reasoning was that he 
y. as looking for much needed 
investment for Seychelles.) 

His rare appearances in 
Seychelles meant that his own 
party had effectively fallen 

apart, so although he had 
promised elections, he would 
have stood little chance of win- 
ning. He announced their 
postponement. 

At the beginning of June. 
1977. Mr. Mancham left the 
islands to attend the Common- 
wealth Conference in London. 
On .Tune 5 he was deposed in 
an almost bloodless coup carried 
nut with the aid nf ** 20 Russian 
rifles." Two policemen were 
killed and a curfew imposed, 
which kept the tourists in their 
hotels for a couple of days. 


Protest 


The Western Press leapt to 
the conclusion that this must 

have been a Russian-inspired 
enup. although the fact that 
neither the USSR nor China 
sent congratulations led Presi- 
dent Rene to point out that this 
was probably because neither 
had organised the coup: both 
suspected the other had done 
so: and both wished they had 
done so themselves. 

In London Mr. Mancham 
made the usual noises of pro- 
test. while in the islands life 
settled down again. Splendid 
counter-coup rumours appeared, 
including one which suggested 
that Mr. Mancham was about to 
invade the islands dressed as a 
'woman, ft took Britain only 


eight days to announce its 
recognition of the new regime. 

The Government that emerged 
under President Rene — who has 
always averred that he was not 
one of the organisers of the 
coup — can best be described as 
mild marxist in its pronounce- 
ments and mild socialist in its 
actions. Certainly its left- 
wing bark is fiercer than its 
bite. The fears of those who 
thought that the tourist industry 
might be squeezed out proved 
unfounded, the Government 
producing an economic policy 
which put more emphasis on 
broadening the base while 
paying much more attention to 
social problems such as housing 
and education. The aim was 
to improve the lot of the aver- 
age SeyceJlois, many of whom 
had not benefited at all from 
ihe tourist explosion. 

Unfortunately, political In- 
stability generates some of its 
own economic problems — in this 
case the flight of capital from 
the islands and the drying up 
of private development capital. 
Most of this money has still not 
returned, an attempted counter- 
coup earlier this year being 
another damper on investor 
confidence. 

And yet no one who 
has invested has lost his 
money through any action 
of Government, many have done 
very well, and only a few of 
those who bought land earlier 
in the decade in the hope of 
a big killing are likely to get 
their fingers slightly burnt when 
the- land is bought back for 
essential purposes such as agri- 
culture and schools under the 
islands’ land use plan. There 
are no exchange controls, a 


pledge that was reiterated by 
President Bene during bis 
successful, if little publicised, 
visit to London in September. 

So there is no question but 
that Seychelles win have to 
continue to rely on foreign 
grants and loans for some time 
yet President Rene reckons 
that even more aid will be 
needed in three years’ time, 
when a start is made on indus- 
trial projects. Aid comes from 
a wide variety of sources. 
Britain, which provides around 
£45m annually in various ways, 
tops the list, and is popular 
because there arc no strings 
attached: the French are helping 
with a deep sea fishing project 
(together with Britain > hut are 
always seen to be pushing the 
use of the French language: 
the Russians are liable la want 
to move lots of ** advisers " in 
with any project they are 
involved - in. 

The fishing project seems to 
be the most likely way for 
Seychelles to diversify away 
from dependence on tourism. 
Because of the vast area covered 
by the islands, with a 20U-raile 
limit (which, like other 
countries, it has declared ahead 
of time) Seychelles will be able 
to lay claim to no less than 
400,000 sq. miles of ocean. 

Large areas of these waters 
are already fished for tuna 
(which, paradoxically. the 
Seychellois do not eat) by 
sophisticated Japanese. Russian 
and Korean ships. A licensing 
arrangement will obviously pro- 
duce good Tewards. But more 
important is the setting up of 
Seychelles’ own fleet and cold 
store and even possibly a pro- 
cessing plant; this project is 

underway. 1 -- 


Another hope is offshore oil. 
A consortium headed by 
Burmah Oil Seychelles has done 
seismic surveys on an initial 24 
block*, and a second series of 
plot offers has just been made. 
The Government has imposed a 
55 per cent income tax rate on 
oil receipts, royalties of 12.5 per 
cent and a State participation 
option covering 50 per cent of 
the licences, conditions similar 
to those applying in the UK 
sector of the North Sea. 

If oil is found in commercial 
quantities it will certainly 
transform the islands’ economy, 
but a sudden influx of oil 
wealth might have a disruptive 
effect on Seychelles society'. 

Constitution 

One cause for concern in 
some quarters is the new consti- 
tution. which is likely to be 
adopted next year, and which 
will probably set up a one-party 
State — the SPPF being the 
party. The President will be 
ahle to serve fur a maximum of 
three terms of five years, 
members of the National 
Assembly will be elected by 
constituencies, while Ministers 
will be chosen by the President 
and not elected. 

President Rene argues persua- 
sively in favour nf the one-party 
system. The people, he says, 
are fed up with political strife, 
with disagreement for disagree- 
ment's sake. In a small 
population and in a developing 
country, you cannot afford to 
waste time in non-p reductive 
political activity. And his party- 
needs former members of the 
opposition to work with them. 
Many of his sentiments seem to 
have been echoed by the Con- 


stitutional Committee, which 
has just reported — and, more 
surprisingly, by many islanders, 
including expatriates. 

Admittedly the one-party 
system works fairly well in 
several African countries, but 
there is bound to be disquiet 
over a system that allows the 
Government to change only by 
violence. And there is a wide 
body of opinion that considers 
that, despite the apparent lack 
of opposition. President Rene's 
party would be hard pressed to 
win a free election. 

Abroad. President Rent's 
Government has forged close 
links with a number of African 
States, particularly Tanzania, 
which has trained many of the 
Seychellois soldiers, and Libya, 
which is now building an 
embassy in the capital Victoria. 
Links with South Africa have 
been reduced. But President 
Rene is at pains rn emphasise 
that foreign policy remains 
firmly non-aligned. 

One recurrent demand that is 
likely to be made in the future 
is the demilitarising of the 
Indian Ocean — an American 
base exists un the island oF 
Diego Garcia, formerly part of 
Mauritius, and the area is regu- 
larly patrolled by warships from 
several countries. And there is 
little doubt that Seychelles' 
strategic position in the centre 
of the Indian Ocean is bound to 
attract growing attention. 
Several countries are - sniffing 
around." as one resident put it. 
and Soviet and Chinese 
literature lands daily un the 
desks of Seychelles businessmen. 

But Mr. Rene appears to he a 
shrewd operator, and he is 
unlikely tu be influenced in any 


direction that does not coincide 
with Seychelles’ interest 
In any case, none of these 
political questions have had any 
effect on the tourists who con* 
tanue to flock in to islands that 
are as beautiful as any in the 
world, to a climate that is hot 
but not unbearable and to 
hotels that are well designed, 
well run and with efficient ser- 
vice. Tourism growth has been 
steady, averaging around 10 per 
cent annually at present, and 
the islands’ amenities have nut 
been spoilt. 

Nor have -the inhabitants of 
Seychelles, who remain friendly 
if slightly lazy, who appear con- 
tented in spite of the evidence 
of a very different standard of 
living that they can see daily, 
among visitors, and whose best 
years, one hopes, are still to 
come. 


President Rene is not perfect. 
He has not yet been able to 
carry out his post-coup promise 
of being able to walk freely 
among the people, being still 
fairly heavily surrounded by 
guards. The growing army, and 
particularly, the people's 
militia, are not popular, and 
there is occasional unrest be- 
tween army and police. The 
Government is criticised for 
having thought up few totally 
new policies. There are those 
who believe that too much 
emphasis is being placed on 
social development rather than 
capital projects, and that the 
paradise promised has not yet 
begun to materialise. There 
are those who believe that cen- 
sorship of Press, mail and per- 
sonal freedom of speech may 
become of unacceptable propor- 
tions. 

But the President is heading 
a young Government, which has 
a defined set of priorities and 
is sticking to them. It has 
accepted the role of tourism as 
essential to development, but is 
trying to diversify. It has 
recognised the Seychelles is 
more than just Mahe. It has 
recognised that action is needed 
rather than wurds — not that it 
has been short of words. And it 
has recognised that there is an 
enormous management gap to 
fill, and that the people must 
be encouraged to work, some- 
thing that does not come natur- 
ally to them. 

It is a good start, which 
deserves a few years of steady 
and politically untroubled devel- 
opment. Any other alternative 
is a depressing prospect. 



LONDON 



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MAL1NDI 


SEYCHELLES 
MOMBASA MAURITIUS 

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OFFICES AND TELEPHONE NOS: 

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Financial Times Saturday. November 11 19.78 

SEYCHELLES IX 





“ECONOMIC DEVELOPMENT it will soon do so). There U a Government can hardly he 
serves no purpose uitle*s it growing need for modern 5 u*.v- blamed for trying to broaden 
liberates man from fears «if cost housing end the education the base, 
hunger, homelessness and iineni- system needs expanding and T*, e trouble is that foreign 
pioyment” This unattributed improving, not least because ar ; va te investment has not vet 
quote is printed at the head of many Seychellois need to be beau n to flow back in after last 
Chapter 4 of the Republic of persuaded that they should have ..ears change of regime so that 

Seychelles " “ , _ ' r “ — 1 * ~ ‘ 

mem 
inclusion 

the Government’s development turn ana vegetaoies reeany ap pe ared at the of ^ coup 

Priormes. available. and has not yet found its way 

The economy at pre-cut is These are all proulems tnai ba .. fc There are no exchange 
based too narrowly on tourism President Rene s tiovemnient cotl , ro j regulations and ° 
—and even tourism ha< not has begun to tackle, many of » M e" n tfon to°app|v anv 
hroughi widespread prosperity them with the aid of loans and " * , 

to the Seychellois. The tourist grants from a wide variety of Ltiiie is likely to be done 


m 


BALANCE OF PAYMENTS ESTIMATES, Rs 

1974 1975 1976 1977 



no 


Lilt: ot\yL-|lt?jjl*ls. i He* plains .„c : - 

stays at a foreign-owned hotel, countries, and a lot of attention a bou*- Ibc lar^e deficit in visible 
and eats largely imparled is being given tu developing the tI l :i „ shown in imports in 1977 


produce. 

Agriculture Is largely 
subsistence nature and 


for their of Rs 340m and exports of 
economic 24m. Tourist receipts at an 



outer islands, both 
of :< lutinst and uther 

much potential. estimated Rs 170m offset part 

food has to be imported: there The main tourism develop- of this, the remainder being 
is little industry. Onl" now- merit in the islands took place made up by grants and aid, 
are attempts being made to tap during 1972-73, and is respon- investment income, etc. The 
the riches in and below the sible for the steady growth current account deficit has 
ocean, for the seas around Sey- achieved since. Estimated earn- remained fairly steady over the 
chelles are teeming with fish and ings from tourism in 1976-n post four years at about Rs 70m. 
there is a reasonable chance of were more than seven times the Construction f including main- 
discovering offshore oil. value of total domestic exports teoance) and agriculture 

There are infrastructure prob- for the same period. With tutai remain the biggest employers, 
lems, too. The roads are barely imports almost equal in value followed by the tourist mdas- 
adequate for the increasing lo Gross Domestic Product, the uy. Some 23.000 Seychellois, 
number of ears and Mmi-Mnkes economy may be seen as very 0 l J- t 0 f a total population of 
that they are called on to carry, dependent on external factors tii.SOO now work. But 40 per 
Water supplies have not yet such a; the demand for Cenl Q f lhe population t s under 
reached the whole island — nor tourism, and although this has 15 . so there will be a rapidlv 
has electricity supply 1 although worked well enough so far the increasing need for the provi- 
sion of more jobs in the next 
few years. Around 2,600 people 
are reckoned to be actively 
seeking work. 

Patently Seychelles is coming 
to terras with the tasks that 
there is have to be carried out : the 
potential Development Plan is a good 


Exports, domestic f-o.h. 


19 

13 

IS 

24 

re-exports 


20 


40 

49 

Imports, c.i.f. 


— 1«0 

-191 

-291 

-340 

VISIBLE BALANCE 


-121 

-156 

—233 

-236 




■ 


- ■ — 

Gross tourism receipts 


43 

85 

135 

170 

Other current Items (net) 

11 

9 

24 

31 

CURRENT ACCOUNT 






BALANCE 


- 67 

- 62 

- 74 

- 70 

Government eaptial 






(grants & loans} 


33 

33 

45 

40 

Private capital. 






errors & omissions 


32 

56 

it 

55 

OVERALL BALANCE 


- 2 

+ 27 

+ 48 

• + 25. . 




— 


— . 

Monetary sector reserves 


_ -> 

+ 23 

+ 26 

+ 8 

Other government reserves 


+ 4 

+ 22 

+ .17 


DOMESTIC EXPORT VALUES, Rs 

m 

1973 

1974 

1975 

1976 

.1977 

Copra 4.7 

9.9 


7.3 

8.8 

14^ 

Cinnamon 7-2 

7.0 


3.6 

3-6 

3J 

Fish — 

0.5 


0.5 

3.4 

22 

Others LI 

1-3 


1.5 

2.1 

3.4- 

Total 13.0 

18.7 

1 

12.9 

17.9 

24.4 


WORKING POPULATION BY INDUSTRY 


Agriculture 


1971 


191 


AGRICULTURE AND fnrce’lry. It seems that 
a.i well as fishing, are important enormous untapped 
to Seychelles; but in neither has for these products, particularly first step, providing a statistical 
productivity ever been high, copra. And there must be analysis of the islands’ eco- 
while from an employment point export markets for some of the nomic activity that has not been 
of view the farming secUT is low bulk, high value crops, such available before: and sensibly 
not popular. as limes and a variety of spices the Plan is to be updated 

Copra (dried coconut > and f hat be easU >' snwn on the yearly, so that realistic targets 
cinnamon are the main export is,an ^ 5 * caa be f et - 

crops, the former bringing in The main Problem for agri- Articles below and opposite 
Rs 14.5ra out of total "'export cultur *? * s to persuade the examine some of the main 
earnings of Rs 9 4 4m in 1977 native Seychellois that he wants sectors of the economy in 
Food imports made lid 2U per 10 be involved. A natural ten- greater detail. 

1 cent of the total import bill in laziness and a dislike Colin Inman 

1977. and although nothing "f w . nrb . i " K .°, n tne _ ,and - c ® m ' 
much can be done about some h’ned wj .h the presence tu a 
of the components of this — InuriJsl industry which is arauch 
wheat or rice cannot be grown ninre aUractive soui-ce of jobs. 

- - - - all make the task o£ rM,c r *' T 


Industrial sector 

Census 

Census.’"” 

Agriculture & Forestry 

4.476 

£029 

Fishing 

602 

835 

Manufacturing 

939 

1,366 -' 

Water & electricity 

103 

197 . 

Construction & mining 

4.256 

4.244 

Trade 

841 

1^53 “ 

Restaurants & hotels 

, 265 

239 -V 

Transport & communications 

967 

2,058 . 

Business services 

119 

457 r • 

Domestic services 

3,743 

2,595 

Social services 

1.339 

1,602 *, 

Govt & other services 

1.216 

L 928 

International & not stated 

1,002 

376 

Total 

17.868 

25 W 39 .. • 

Source: National Developmeal Plan. 




in Seychelles — there U scope for 


raising 

more 


* **’ - * 

• * ' : V 

* : 

•••Wv • 


increasing the local production 5 jS^ W ? B , i ;.^ Un L 0 i-. , “ u !,T 

mlir^'SZ? 1 T- ST iind.VuitiedYv he^ne 1., in 

SL"i!S . L operation and is being mended 



Communications 

islands should he a Vi to ori)- opcral|on a " a )S Dejns ' :;rendea ' ■ \ 

duce all the fruit a.n>! vegetables ~~ *in|d so will a more effective SEYCHELLES LIES a long .way already been made; but plans islands can be reckoned veil 
the v need " marketing urbanisation and from its markets, whether now exist to extend the airport placed. Some of the pbfifr 

T “ ' . more easily available credit. tourist or export Although its terminal building to bandleactivitiesare likelyto betaken’- 

“ p , Laud ava ! la,,ili i-v ls a ^rob- position 1,000 miles to the east wide-bodied jets — up to 400 over by the ■ Government— -ifil 
,u»etable production is to en- lcni. too, since the island of of Kenya puts it roughly on a passengers at a time in Phase 1. has the money to do so. There 
courage the Seychellois to grow Alahe contains only about 2.500 Jiue from India to parts of up to S00 in Phase 2 If neces- is a growing area of i^filaimed 
ror sale rather nan just «nr acres of cultivable land out of Africa and from Europe to the sajy. Better meteorological land available at Port -Victoria, 
their own needs. A Land .vale- a u»tal of around «5.000 acres. Far East, its isolation is a dis- equipment ar.d more sophisti- which will one day form the 
ment Scheme is designed to ini- l he Government is now begin- advantage rather than a bless- cated navigational aids will also basis of a small industrial and 
prove matters. ning in buy back some of the jng. Exports have to be of high be provided. In addition the trading estate. 

There is. too. a Livestock land : snapped up by speculators va j ue 10 make them worth airstrips in several outer islands What could chance the whole 
xtension Scheme* intended to at the start of the decade-in exporting: imports necessarily are being improved and, in n ic hire of cou S Id be the 
lake the islands self-sufficient same cases at - land use value have a tJ *ans P on factor added certain cases, newly constructed. 5 !™^ ^mmerdaHv 

1 meat production. Although —which means that the mas- to t j ie ir cost. And as many Such projects are essential if "SSL i,T^vch e iles 

..0 cereals are grown on lhe wre pruhts the speculators were visitors will have realised Sey- the islands are to continue to SSe*s*SioH»h Jkal vet 

islands, there i? a plan to feed for 'J' 111 no be possible, chelles is a long lovrnev from compete in the international tbere 15 f® * 

! cattle witli a diet of sugar cane Th r e f' 3 , a . re , alM ; *?rge areas of Europe, even when the aircraft tourist market ® v, ^ nce as ^ whether 

and banana leavRs. hnth of cultivable land in the moun- S n> nmnin, ^ tim^ Wh^r mairps «neh imnrnwn. this will be the case. If ml were 

What makes suuh improve- found ^ Seychelles Govern- 

ante atran mnra nprocca nr i .... 


I* ment would be likely to ensure 


and banana leaves, both of ***»« ««« »'^u- are running to time, 

which are grown locally. What taills un 31ahc, though these are i n t h e circumstances 

may prove more difficult will be JnacrouiWe. efficjent is ,. e0UaI t0 roures Ulrongh the Mi j dle 

to persuade the Seychellois to The abundant forests on the islands' operation, and at East are due to open in the m 1 106 Durden of nnaficin^ the 

j abandon rheir taste for con- islands also offer scope, al- present ttahe airport is showing New Year, with direct flights neoe *?f ry port ex£eDSlon f€U on 

idensed milk in favour of fresh, though their presence as a fea- signs of strain. For on? thing from Bahrain. If the connec- a , n coin P an >' rather than 
Nor should Seychelles forget tur ® of the environment has to it was not really designed to tions are right. Concorde from l£se “’ 

about its present money h '* recognised. A State sawmill handle jumbn jets, which is London to Bahrain, followed by Internally. Mahe’s 100 miles of 

I earners. Although copra expons ’’ being built which will sup- what it is being forced to do a direct flight to Seychelles, roads are under strain from the 

have risen in value, volume !, '* v a iarxc part of domestic with the growing tourist traffic, could be the quickest route increased volume of traffic — not 

[declined from 3.300 tonnes in and export markets are Inadequate ability to handle the from the UK particularly for only tourist — they have to bear. 

1973 io 2.860 in 1976. before J e [ n S investigated. The total flow of passengers— together those to whom money is no And the twisting roads across 

climbing slightly to 2.909 in area is io be increased, with a degree of suspicion on object the hills mean that some hotels 

19k. Only the fact that there under a Norwegian plan with the part of immigration authori- Port Victoria, too. is being are more or less isolated from 



revenue from the crop hos also r,,r ,lu: L ‘ ni,, - Vmer ’ t ot ' isi,u g 
fallen. C.I 



to the 

Seychelles 


Sparkling Orangeade 
Sport Lemonade 
Cola. 

Umo 

Soda Water 
Bitter Lemon 
Ginger Ale 
Indian Quinine Tonic 


Seychelles Breweries Ltd. Vlctorla/Mah^ 


Industry 


hly dangerous. Current 
plans envisage that these should 
be superseded by mid-1979. ‘ 

The present Government has 
as yet carried out no uationaJi- 
salion of any major section of 
the island’s economy, with the 
exception of road transport. This 

crvrnri T r( . TC ' , J „ , . was regarded as necessary since 

aEYCLlELLLb lb iitver going successful deep-sea fishing in- the earlier system involved a 
to be a major manuf act Living dustry. .Planning Minister Dr. number of owner drivers who 
nation: its industry at present Ferrari calculates that export- ran buses when they felt like it 
operates on a small scale able fish of over 5,000 tons a and not when they didn't 
mestiy substituting for imports year would be the break-even Telecommunications are in 
and thus retracing the import point to make setting up a the hands of Cable a nri 

It is difficult to see how plant worthwhile. whlS. 'JS 

be otherwise. Certainly if sroall concerns do reiet £ £ 

ww chelles possesses few J Y ish 1 tlip^^w 1165 efficiently. Foreign calls^ are 

natural resources that could be h^ sln ^ them handled by opeiXs. buTthere 

turned to industrial use. ap r u -. . . a . u ; e,n * A P 1101 aje f ew ser tous delavs 
although there is a small but industrial estate is planned for 
successful boat huilding intius- Victoria next year, con- 

try. some printing, furniture non 0 ?* ®® ven F 11115 . 

making — the islands are rich in 3,000-5^000 sq. ft. each, while 
wood resources — and a variety a , har jj°” r estate is 

of local crafts. Sey brew, set up planned for 1980-8.., 
and managed by a West German ^ residen V , R .® ne s ? ,,ew - 

cuncern, makes an acceptable ®“ , ® us development of 
lager-type beer sold throughout ! ndaS Hk 15 not ^hely for at 
the islands, as well as a varietv ,east ^ ree years ’ wh,le 


CJ. 


three 

wfVft“drinks: The Ingredic-LUa, Priori^ projects in fishing and 
except the water, are imponevl. he i"yS. 

There are al>o local plastics will be an -increase jn the need 
and steel companies, a brush f 0 r aid for industrial projects: 
factory and other small con- a team from the UN Indus- 
cerns * trial Development Organisation 

Fur the future most develop- is due tn the islands " shortly 
ment is likely to be linked t 0 ^ assess the possible future 
other industries. The discovery pattern of industry-. - 
of oil would obviously have far- Cl. 

reaching implications, while 
other processing industries 
might arise If the islands’ 
agricultural sector develops as 
the Government hopes it will. 

Butter, for instance, is imported 
from South Africa. It is surely 
not impossible that the islands 
could make their own. Processed 
coconut 01 ] is another possi- 
bility. There are also tentative 
plans to export granite from 
the islands 10 the Middle EasL 

A fish canning industry j s 
another project that would logic- 
ally follow the setting up of a 


SPEEDBERD 

is the 

SEYCHELLES 

HOTELS, APARTMENTS 


AND YACHT CRUISES 
from £350 

. it's ail in our brochure 
' SPEEDBERD HOLIDAYS 
200 Buckingham Palac* Road 
London SWIW 9TJ 

Brochures (01-1 821 4242 
Reservations (01- j 7308422 
ABTA. ATOL 1S7B 



Box IBS, Victoria, Seychelles 

Building Contractors & Property Developers 
ALSO 

Self catering holidays 

SEYCHELLES BIGGEST CONTRACTOR _ 

CABLE: MCC * TELEX: SZ 2212 






Financial Times Saturday November 11 1978 



-■i'V 


.. .<*». 


)NE IS tempted to call Sey- 
•heiles the “Mini Moke" 
ilands, which implies no slur 
•n the size of the country, but 

mphes praise for the ingenious 

m porter, who introduced this 
oily little vehicle to Seychelles, 
hus helping to solve its traffic 
■robiems" and adding to the 

aietjr of tourist life. 

The Mini Moke might have 
ecu born for the islands with 
neir steep, narrow winding 
nails. Painted red. yellow, blue 
r green, some with pretty 
rriped awnings, these little cars 
r? a great favourite with the 
rowing numbers of tourists, 
■ho can hire them at the a ir- 
on and drive straight to the 
^oiels. 

Anyway, the ‘-mokes” are 
,usy these days in Seychelles, 
liich is able to record a steady 
i crease in the numbers nf 
iurists who come to these sen- 
atorial ly lovely islands. The 
■•Jitical change last year pro- 
uced a temporary hiccough, 
ut that i.? now cured. 

Although touii*m only really 
^gan in Seychelles six years 
;n. uiih ihc building of Mahe 
’irpert. it contributed in 1977 
,mif Rs I7um to the balance 
f payments and some Rs 55ra 
i the gross dumestic product, 
his year tb,;- figures are ex- 
erted to bo higher. Last year 
t,5l«0 visitor.-; came to the 
land;, which is not quite an 
•curate reflection because 
.liars from visiting ships are 
.eluded. Never the less, com- 
ired with 15,1.111(1 in 1972. the 
•ar after the airport was built, 
e upward trend has been 
eep. 

The first three-quarters nf 
.is year show 17.176. 12.651 
id a total of 46.668 


visitors. Tourists to the 
Seychelles come from an 
amazin g variety of countries, 
indicating the widespread 
nature of publicity and 
promotion emanating from the 
Tourist Ministry and the tour 
agencies. A recent count 
showed that 26 countries in 
Europe and 18 in Africa, plus, 
of course, the U.S.. Canada, and 
the Far East sent tourists flying 
off to the distant Seychelles. It 
was most popular in 19* r in 
Britain (10,220), France 
(9,310). Italy 13.567) and We»t 
Germany (3,329). The Ameri- 
cans still do not come in any 
numhers (1.032). This year the 
tourist people are tipping Italy 
as being top of the league. 

In one aircraft recently there 
were 112 Italians on an incen- 
tive holiday. They were 
delayed in Cairo for about nine 
hours, and again in Nairobi for 
most uf a day, due to mechani- 
cal faults on their Kenya Air- 
ways aircraft, arrived in 
Seychelles very angry and 
frustrated but were soon 
appeased by the charm of the 
islands. Kenya Airways is a 
new young airline, perhaps a 
little too ambitious, and suffers 
from a severe shortage of air- 
craft. Tourism can be suffo- 
cated by this kind of thing. 

Africans and expatriates in 
Africa are going - to the 
Seychelles in increasing num- 
bers. the South Africans topping 
the 1977 Africa list with 4.221 
visitors. 

South Africans have fallen 
off fairly heavily since the 
new Government made its 
views an apartheid very clear. 
South African Airways still flies 
in. and South Africans art- 
allowed in freely, but they feel. 


wrongly or rightly, that their 
days as louri.sLs are. numbered. 
It is a trifle ironic that hotels 
import a considerable amount 
of foodstuffs anti drinks from 
South Africa because of their 
non-availability in Seychelles 
and the need tu maintain food 
standards in first class hotels. 
Many tourists come from Kenya, 
Tanzania and Zambia, while a 
fair number cmne from other 
Indian Ocean islands like 
Reunion and Mauritius. 

There is no question that 
teurism is Seychelles’ major 
industry anti will remain so till 
the big fisheries projects come 
into operation. The authorities 
estimate that the inflow will rise 
to ahuiit 75-000 by 19S0. 

Completed 

After 3 brief lull in the hotel 
building boom, more hotels have 
.iusr been completed or are 
about to be built. Barbarous 
Hotel, ujrh 256 beds, has just 
•'pened. A ,-iart is being made 
or the Sheraton Hotel, with 300 
beds, at a cost of £30.009 a bed- 
runni. or the souih-wesl ouart. 
The vexed quest ion nf casinos 
is s- ill being studied by the 
Government, with. T understand, 
very little sympathy for the 
principle in voiced, although 
they comd bring in very useful 
revenue. 

The end of big. expensive 
hotel cun struct iun in Seychelles 
is. in sight and there may 
already he too many. The 
tlf'vemmcni is now moving in 
The direction of ihe smaller 
hole! ...r guest house, with 
investment by local Seychellois. 



Seychelles' most popular beach is at Beau V alien Bay on Mafic island 


where creole food and local 
frails would be a speciality. 
Facilities for local investment 
arc being provided by the 
National Development Bank. It 
has been found that many 
tourists prefer this kind nf 
hotel, which takes them much 
closer to the lives of the 
islanders and has the advan- 
tage f.r being much cheaper. 
One such hotel, the Norrholme. 
has been consistently popular- 
fur many years. 

Tin,- hotel industry’s two 
major problems are labour and 
supplies. The hoi el and catering 
labour force is about 3.000. 
approximating to the number* 
of beds available: nor intensive 
but big for Seychelles. The 
industry has bad to train ils 
labour force from scratch: 
waiters and waiiresses. barmen 
and kitchen staff. Tourists spend 
a Jot of money, may have been 
used to more sophisticated des- 
tinations and demand high 
si and arris. The charm ut a 
pretty Seychelles waitress must 
be backed up by ability i« ?erve. 

There be n 'nij 

improvement ::i standards when 
the Govern men i builds u> new 
hotel training school capable nl 
turning out between 300 anil 
400 hose! workers a year, and 
the sooner the plan gets off the 
ground the better for Seychelles 
tuuriytr.. If u language other 
than French uf English is 
thrown in, the better. The 
present Jit tie national tourism 
and hotel school, turning out 
60 people a year, is inadequate. 

Tncre are plans tu develop 
tourism in some of the other 
islands, even in remote places 
like Farquhar and Desroches. 
where it is expected that lodges 
will be opened soon. Many 
peopl-.- never move beyond the 
main island Mahe, or Fraslm 
and La E'i’iue. 

Care will. ->f course, have to 
be taken nor to inundate with 
l our: si ^ these lovely inland 
places, with their unique bird 
iiie. A limit of 40 beds snr an 
isiand Incise is about right. 
One of the finest example of 
an island lodge is the one on 
F;i r c Island, where visitors are 
served choice island lish. cooked, 
crec-Ie style-, and hard-boiled 
tern egc-?. It is necessary lo 
add that eggs are left by the 
million or so turns flying off *m 
their mysterious annua! miare- 
;si>n. The problem nt how tn 
£•?• t'-i«r:5Ts by air t" these far 
off pia< e< at reasonable prices 
will" have to be tackled At 
many of these dis’ant i-'aocis 
air-trips ha v e been or are being 
built. 


Seychelles has been cen- 
ter oed for many years with the 
strain of the tourist industry on 
the foreign exchange situation. 
The inlands da ni>t produce any- 
thin? like enough food and 
other supp!5« demanded by 

thi 4 - sophisticated industry, 
which has an eager and hungry 
mouth to fill- Mea;. fur instance, 
except bacon, comes from Kenya 
and South Africa. Alarmingly, 
vegetables and dockiuuu> fruit 
3re also imported, though why 
the delicious island fruit like 
pawpaws and to xn goes are not 
used more, and C'c-.-iMy exclu- 
sively. escapes many people. 
Even the Island fish is not used 
as much as it could and ought 
to be. 

Services 

A large proportion, some 60 
per cent, uf the total i.irefer 
exchange earning^- ,-.r the 
industry, goes n. pay for 
imported good; ana s-.-rv-c.-s 
used. Nothing basically .-an foe 
done about this smimion until 
Seychelles h&- .-iop-iri k? 
minimal agricu'iusv to u huh-.-r 
level of pr'.'dvjctinn. and ;i~ 
tourism expand , lii.- situation 
will get worse. 

Tourism expansion ha* had 
a good effect w. many related 
industries, such a< car hire, 
charter boats ami in>* local craft 
industries. which employ 
hundreds of pe-iple. 

Seychelles v»i!. ir-- dj.siy 
expanses of ocean, it.- fine 
beaches, fine climate, good fish- 
ing. its fabulous resources in 
wild life, its changing and 
friendly people, i.- a manvlteus 
place to visa. But it is expen- 
sive; the hotels mu. -it take care 
not to price- tnemselve®- out of 
the tourist market. Th- top 
rate in a nigh cia.-s hotel is 
about Rs 760 for bed and break- 
fast. but you 1.C1I1 nay as little 
as Rs 150 in z j -mailer hu:.?l 
Vet tourist* keen coming. One 
can only snepov? that there is 
a more burning urge thau ever 
in Europe to right away from 
it ali. and you cannot gei farther 
away than the-:.: iitite !«lsnds 
in Jhe midcii. or the Indum 
Ocean. 

John WorrsSi 


r,:- 

r i — " • 


- . t'Sw 



vj 

- "if 

U 

-J f 

i 

j 

t 


’ | 
.• V 

\ 




< 


¥ i 
;; 


i-I* 


An 

a 


e way to look at international 
banking is through 

a'hc Bank oi'Crcdir tinu Oorninsrcs iotcmii lions! tvss ivirtzintcmstionsl-r* 
a iacr v. iiich hw certainly helped ils groviih. The BCC- Group now has^ 
o dices in 36 co an tries. Capital Kinds iiand ai over US SI 13 million raid, 
total assets exceed US S2.2 billion. _ ^ _ 

WTiatever vour intemational banking needs, a talk with your local BCC 
manager could be very iiseftiL Speedrefaciencyand roz/r convenience are 
" hat count at BCC. 

Contact us at anv o four ofiices — there are 45 in the United Kingdom aiune 
— or cet i n touch at anv of the following addresses: 

ScvcheUes - %‘icroria Maiie, ?.0. Box No. 579 
J Telephone: 22303/22305 Telex: 262 BCCI SZ 



L?. : j ;• s ^ 

i ; p..s--|i. F- I'rjin..- n ■'..•nr.j.r- •j:.-.. 1 '. . r; r.- n;. i'-.u. — • 

'eOg- f *: —w !.•>'«' u:l. .. ri-r,XM...l.-. .-ft j,v,'.!j:.ii:iii M.-V.:-:.S 

cojn. i- i ;jn l< vrti:.- i -ji.'! V-r • ' n.- Su. L -..Ant l^ur.'v., 

It&J 1 j: I — •• IT.- -it-a-- • -1'.-. 



HE economic facts of life in 
.-<? Seychelles of the future 
fint unerringly to the food 
Jtcntial of the Indian Ocean, 
ith its fisn stocks numbering 
ntold billions ino-ing across 
ie grpst banks, shoals and 
?cps. 

For years a Seychelles fishing 
idustry has been a dream — and 
r.vc way back :n ihe columal 
n men have planned to make 
us dream a rca!it>’. Countless 
irveyk have been produced by 
siienes experts, but painfully 
ow progress has been made, 
ut Mr. Albeit Rene's Govern- 
ieni is committed lo finding a 
':iter life lor the Seychellois 
' this juTd future generations, 
r. Bent- is i-unvinced that one 
inert of the better life is to be 
jund in gathering tl>e harvest 
: the s53i. 

It has been obvious for years 
u.i soon«?r or later the 
eyohellois would wake- up to 
n awareness of the riches sur- 
.tuuding their 92 islands in the 
an. For years they have 

-ate hod helplessly while the 
Korean, Taiwanese 
nd Russian fishing «w?is h^ul 
t tons of thousand of tonnes 
f fisli from their v.-nters. Indian 
I tuiii i . •.:<si)iiod by the 
ap.mc.-c. Cetclies high pru-es in 
>e L'.S. hiiii elsewhere, 

eye hell?? now hu> sts eyes 
rimy fixed on lUi- market. 
Incii money, expertise- boats 
nd j iraiiwd labour force, thej 
ould easily compete. 

Mr. Hones Uovcrniuer.l also 
as lo think about feeding the 
Apandiag Seychelles popub- 
ton. JiKiiacnoua moat is scarce: 
dditionii protein must come, 
rom the sea. Already the St-y- 
h-ilois f..sh about 6.u00 tonnes 
or rlu’.r ov«n consumption, with 
lev mind; ed tonnes surplus 
ar v.xporr. auur.Iy to Reunion, 
‘he- i.aict* mamly titken by- 
oca 1 fisherman in the shallow 
.ak-r.- round the Hmid-'. It i& 
aiong Tin? b*.>: fish in _ tbc 
,-iirl.;!. r .-- siiunsir who vat it in 
!:V Uriels and restaurants will 
nrifti m. 

Thi.-. u-l'.’I: will have i<» be 
icj-peci up us dcinun&s grow. 


That means that fishermen will 
have to go farther nut. a 
hazardous operation when the 
Indian Ocean storms blow. 
Bigger boats will have to be 
provided, fishermen taught 
navigation. Plans are afoot to 
develop a new boatyard in 
Mahe to build and equip better 
boats. A school for fishermen, 
where navigation will be taugln. 
is to be set up. 

Rightly, local fi.sht-ries deve- 
lopment is a top priority to en- 
sure a guaranteed supply of 
fish at reasonable prices for the 
domestic market. The bigger 
scene, pelagic fishing. i> a 
different proposition which 
needs big money, high skills 
and carefuL planning. 

The development of a com- 
mercial fishing’ industry is the 

largest and most important 
project in the current Seychelles 
Development Plan. Modestly, 
the authors say: " There is room 
for a cunsiderable increase in 
the fish catch.’’ Given instru- 
ments and the right techniques 
the increase could be 
phenomenal. 

Tn Ihe early stages of develop- 
ment the catch is expected m 
rise from the present 6.000 to 
j4,onu tunni*s a year, of which 
4,0*10 tonnes would be export- 
able tuna fifh. Some Rs 101.81m 
are tn he spent on Ihc project. 

The leading aid nations 
putting money and expertise 
into the fisheries project arc the 
VK and France. Britatn's share 
is the provision of a tuna cold 
store with a capacity of 1.000 
tonnes at ihe Old Pier 
Victoria Harbour. 

The French are proftfJjns 
four 38-metre boats with brine 
Irereers fur pole and line usn- 
in5. scheduled for delivery carl* 
next year. A Government 
corporation is to lie set up- ; im 
the* lines nf a French fishing 
co-operative, tu manage the 
project. 

This corporation is >o nave 
French technical management. 
Initially, frogen tuna :? to be 
exported for processina and 
canning elsewhere, probably »n 
France! Some tuna might also 
be exported l*i Jteisbbourm^ 


Mauritius, where there is a 
cannery. The Mauritians, it is 
understood, favour ihe idea. At 
present the cannery draws its 
raw material from the Maidive 
Islands under a disadvantageous 
duty, as the Maldives are not 
members of the ACP group. 

It may be necessary to build 
a new fishing harbour at 
Victoria, a plan which bas been 
on the books for some time. 
Eritain’s Fisheries Development 
is involved in drawing up plans 
for this harbour. 

Meanwhile, the Government 
is planning to expand Lhe 
demersal fishing industry up to 
a level of 10.900 tonnes a year, 
which will in voire the develop- 
ment of boatbuilding, and 
training facilities for Seychel- 
lois fishermen. 


Research 


Attention is also to be paid 
To the vita! area of research 
into the level of fish stocks, 
breeding habits, quality of fish, 
and the durability of various 
freezing conditions. Research 
equipment is being obtained for 
this purpose. 

It may not be accidental that 
an international workshop, 
organised by the FAO, ?n 
the fishing resources of the 
western Indian Ocean south of 
the Equamr has just been held 
in Seychelles. It was amended 
by most countries on lhe 
littoral, including Kenya, Tan- 
zania . Maputo ( Mozambique i. 
Mauritius, the Comoros and the 
Seychelles, which are ail keenly 
concerned with the quantities 
and nature of the fish avail- 
able. A great deai of informa- 
tion ha; been obtained from a 
Russian research vessel which 
has been at wnrk in the ares 
for two years. 

Seychelles has now unilater- 
ally established an elusive 
economic zone nf 260 miies 
beyond and adjacent *.n : .:s 
12 -mile lorritori.-?! waters, 
which gives it a fantastic area 
of seme 400.000 unpolluted 
square miles of ocean. The 
fish stocks are almost ton vast 
to be estimated. The charts and 


atiasjes indicate that Seychelles 
controls more of the- western 
Indian Ocean Than any other 
country, a virtually untapped 
source of great financial and 
protein wealth. 

The Government does not 
propose io .ban other couniries 
front fishing in these waters. 
What ii does propose is to 
iicense lor-rign fishing fleets 
v-rtich want m enter its waters, 
:;ie licence revenue to be used 
for research, development of 
its c-’vn hs’nencs and surveil- 
lance. 

One of ihe key words here is 
surveillance. It means patrol- 
ling these waters to observe 
and. if possible, control foreign 
fishing fleets operating there. 
It is likely to be an expensive 
affair, in which the British 
Government jias agreed to help 
with fisheries protection facili- 
ties. Britain is giving the 
Seychellois an ocean-going 
patrol vessel, to be delivered 
about the middle of next year, 
and a Norman Islander aircraft. 
Or.e uf the conditions is that 
the patrol vessel will be un- 
armed. 

Two aspects of foreign fishing 
in Seychelles voters are being 
considered. One is that g 
licence will lay down quotas 
to be fished: another is that 
Seychelles inteht insist on cer- 
tain quotas being landed for 
freezing or processing in Mahe. 
which seems to be a reasonable 
proposal in view of the fact that 
Seychelles will be Ln direct com- 
petition for fish catches in its 
own waters. 

The Japanese, the Koreans 
and the Taiwanese flsh quite 
openly Ln Seychelles waters, but 
Russian movements appear to 
be shrouded in some mystery. 
Russian fishing vessels have 
been seen, but apart from i.har 
little is known about them. I 
have heal'd one estimate given 
that the Russians take 15(1.000 
tonnes of fish from the whole 
western Indian Ocean area 
-very year, but that is likely 
to remain an estimate. 

John Worralli 



* •' ' 


! . ?/..£;•• 

' »Vi*> : 

,'X.v^ -. 

£•.&’* ' •• 
..X.T if 7 

H ■ 







y y y v ’ . Tr* u* t ’ ~rtrr-r~y . — 1 — 7? T 

■ ' - • : *"■ '«■£• • ■■ ■ 

»: V; v ; , V.- i-1 • •: 

• V - '* “ v; ^ • • i 

: '•* v ? -hk -7. 




Tr:= Re-cf Hotel Sevchsl-es 


e _ 


f S j j- 

r-T v V« firV 

fe -?== i-i 

\£3££Zk fci^cta! 


Tempsford Kii. Sar.dv. BsdTordshire, 
Telephone: BIGGLESWADE 40222. Tele:-:: 323-1 ;2er G« 



22 





Fistarwi’s 


%uy m 


YOU DESERVE THE BEST ! 

Stay at Seychelles' most exclusive 
hotel, constructed of local granite, 
pine and palm thatch. 

On the beach at Beau Vallon. 

3S spacious, air-conditioned rooms, 
all with sea view; a la carte 
restaurant; cocktail bar; pool and 
bar by the sea. 

"One of the best 300 hotels in lhe world " 

Rene Lector, Harper nnd Queen 

ADDRESS : P.O. BOX 35. VICTORIA 
CABLE : FISHERMAN SEY CHELLES 
TELEPHONE : 22552 TELEX 2296 5Z 



COLD STORAGE 
CO. LTD. 


Oldest established cold store in sez, offers whole- 
sale and retail facilities for a full range of frozen 
and chilled foods. 

P.O. Eox 212. Victoria. Mahe. Seychelles 

Tel. 225 16/22484. Cables : Coldstorage Seychelles. 

Telex : SZ 2240 COLSTO 



islands of 


j>®®®®®®®®®®®®®®C®®®®®SCS©S©SS©©©©©©©®©©fi>ss©©-«y 


MACHABEE DEVELOPMENT CO. 

THE BEST HOUSES IN SEYCHELLES FOR 
RETIREMENT - HOLIDAY - INVESTMENT 


POB 167 
SEYCHELLES 


Telex: 274 
Telephone: 23518 


*SSC©S©®S©SSfis©eos©©5c 5 . SCSJ!S 3 OOCCS! . ocloeoooooe ^, 




COQAL® AND HOTEL -COPAL SIPAND HOTEL 

Holiday ona 
tropical paradise 


Seychelles! ZunX ****** ^ T ual and prefera * y «*tou 

ing newspaper journalist can- beaches and dZn ^ " hlte J lothes ; . formaJ ^ss in the 
not hold a candle to the travel lagoons •• , W| ue ‘*' reen fai ^ of »cket and tie is almost 

brochure writer* c lagoons (sovereign > . unknown. 

what they have defies for blame them You can of course come to 

all description, it is so intan- SeycheU^mLt ta one'of the Seyche J es sol | !y for ““4 
gible: timelessness, tranquil- most beautiful ni-UL^f ° f sun and ^ S® 76 ™ 3 of big 
lity, mystery, a feeling ttaatno t h “ wrth i hotels are admirably suitable 

matter what ravages The hand reefs yeSS *5*' for ' **“ holidaymaker who 

of man may perpetrate, nature wide’ variety oT speciac^a? ®f nply .^ aats t0 .“«* U P 
will always have the edge” scenerv ^ °l r ® p f . eClacu: ? T f SUI i. with an occasional swim in 

(British Airways leaflet). SSSTt -for zZPZZJiH pool u or sea ‘ ^ Mahe Bea «^ 
* . . . turquoise calm waters, too hot for be on 1116 west of 1116 island ^ a 

shaded by casuarina trees and for others there i? ns ^ h , b F Seychelles 

coconut palms, bordered by enough todo — uZJ!l stan f Iards from Victoria, seems 
lovely stretches of soft white LTnumber oT^.f 7*? Particularly suited to this, 
coral sands ” (Kuoni). inf the are 5 nd ‘ tbou S b others such as the Beau 

Dream a little ... For ioiid^ resolf - " PerfeCt ^ Strand •«* Reef 

the incurable romantic only. e l „ . bave enough amenities to enable 

Green forests on granite rock, wav IS™ “*5 es * a Iong **** yisitor just t0 sta i’ there 
Empty coral sand beaches. thJ #.5K p#, - fmher th * a * without moving further afield. 
Coconut palms beside deep blue thprp _ -\? d , smce But for 111056 who do want to 

seas. Friendly Island people. , d J r * 5t d, « hte — see something of the islands. 

Immeasurable peace. The * to P at Zuncb and Nairobi what is there to do? 

SeycheUes. A dream realised" whe^T XdlSJV** J deIay - T u h .f ^ thing is to become 
(Rankin Kuhn). ted 1116 elands last mobile. Most visitors do this. 

all you ever dreamed of ?? hoSS £ y f hirbl i a , Datsun or a mni ‘ 

18 hours late and involved an Moke, the latter particularly 

overnight stop in Zurich, as suited to the narrow, twisting 
7*5 35 i on B periods of not being roads. This will cost around 
told what was happening bv £60-70 per week, unlimited 
British Airways. There will be mileage. The guide books sug- 
those for whom such uncertain- that you can get around 
ties will be enough to make Mab ® by buse s: the queues for 
them look elsewhere for their buses which never seem to 
next holiday. But at least the air- arrive suggest otherwise. The 
port on Mahe is being improved Moke s onJ y disadvantage is that 
so that it will be better able to you “m 001 lock it. There is a 
cope with a Jumbo-load of certain amount of pilfering, so 
visitors. leaving anything in a Moke is 

It is worth sparing a glance unwise - 



Q 


a 

^0 

-< 

8 


Take a never-to-be-forgotten holiday at the Coral 
Strand Hotel, situated on the dazzling white sands 
of Beau VaJion. The Coral Strand surrounded by palm 
trees and white sands, offers every modern facility you 
expect at a luxury hotel — plus full water sports. 

Come on over — to the magnificent Coral Strand. 

Book through your travel Agent. X 

Coral Strand Hotel , P.O. 400 — Mahe , Seychelles. 

Telephone: 22036 J7J8. Telex: SZ 215 Cables: Colslrand. hotels 


COPAL 6TP AND HOTEL • COPAL SID AND HOTEL 



_ tbls extraordinary coconut is Vallon, Coral Strand, Reef and spite of its faults — which in- 

ire wnen you arrive = c h ap ,j tal , nf Mah «- Victoria, shaped like the female pelvis Fisherman's- Cove hold weekly c i u< j e such things as casual sar- 
1971 at a cost of ls Seyc ? eJ . Ies oniy town. With and weighs 40-o0 lbs. The fact meat and fish barbecues, while tZZl V?? 

Sllhcpniiontlv ». a . population of 13,000 it is a that there is a "male" equi- Danzilles and JNbrtholme have ^* ce ^at could be put right by 


for the airport when you arrive; 


See more of the 



the easy way! 


opened in 

£6m, and subsequently ev- , r ~ r — — — -* chui- i/autwcs <uw ivunnoxme .nave • . , 

tended, it involved the reclama P IeasaQ t- hustling place, with valent has given rise to the a "fidi.fry? on Fridays, and the prop ^ r , tralbbl & . :wd:. ;an 

tion of 230 acres frwn th P ’ so f g0 ° d colonial architecture legend that it reproduces itself latter- a popular curry lunch on °, c , casional week of heavy raln- 

Indian Ocean, dredrine sand and and ^ J U5y ra arket which is ^and that it has aphrodisiac Sun days. all were overcome by. the. beauty 

coral from the ree°f and slicing ° Pen d<uly ‘ J’ he , marke t traders qualities. If you want one as a Of. the holidaymakers that T oE me place - ^ooMtn't 

the top off two hills * 3,6 0p6n t0 °asgling. From the bulky souvenir it will cost met in Seychelles and on the wai?t tp 8° to Spain titer -this, 

The ion" tnvaiiioiT souvenir stalls near the clock around £60. return journey, all declared would you,” said .oixe. :• : 

to ° oma ^ ^ 

at their disposal may like to 
visit some of the other outer 
islands such as La Digue, Bird 
Island or Cousin. The latter 
is world-famous as a bird 
sanctuary, while Bird Island, 
not unexpectedly, is the home 
of a wide variety of birds— terns 
and migratory curlews, wim- 
brels, etc. About a million pairs 
of sooty terns arrive on Bird 
during April and May, breed, 

.^tent a Mini 1000 or Mini Moke at competitive rates 

J. K. Parcou Car Rental 

206 Victoria House, Vicioria. Mahe. • ’ 

iJiM-w ^ iuji TeL 23303 or 23118 

and the only vaccination needed but it is worito' ^remembering _ a wa ®lL or A fe w days on ‘ Telex: SZ 263 

by UK visitors is against small- that many Seychellois have little £i an j„ of 016 outer nr hist rail 

pox. idee how to drive. A recent ^ i Godfrey Davis cot 01-828 7700 

The climate gives SeycheUes issue of the islands’ only There is also the sea to ex- 
its extraordinary luxuriance of independent newspaper. Week- Pl° re *n Seychelles, gently by a 
vegetation : exotic trees and end Life, contained a whole tri P 111 a Slass bottomed boat or 
shrubs — palm, capucini screw- page of pictures of the previous more actively by scuba diving 
pme, casuarina, cinnamon, clove weekend's crashed cars. The Wessons are easily arranged) or 
—cover the islands, and also do two main passes across the “ goggling" on the coral reefs, 
a good job in camouflaging the island. Sans Souci and La The sea around the islands is 
tug hotels, it is a climate for Misere, open up some spectacu- tb e home of more than 800 

lar views, and you can visit the species of fish, while the coral 

T^T J fp «... J.. ■ 


to uut d uuc in vans 

place to stay for just a week. London— you can buy shells. 

Most packages are based on a tortoiseshell (if you are not too 
rwo-wMk stay, and some opera- concerned, as many are, by 
tors offer a third week “free” questions of conservation) 
at certain times of year. pieces of coral, beautifully made 

The islands’ climate is hot, boxes of local woods. Down the 
but not normally uncomfortably road at Oceanic you can find 
so with temperatures averaging batik or tie-and-dye materials 
<5-S5 degrees F throughout most and dresses. Locally grown 
of the year. Average sunshine spices are another popular 
is seven hours a day, and rain- purchase. 

fall heavy at around 90 inches Also worth a visit in Victoria QU n no 
year. March and April are are the botanical gardens, which during the qimm P r on * a 
hot: July and August cooler: display such trees as the bread- aw ° asain 
December to February the wet- fruit, flame tree and cannonball. Several nF th«J en ? 

test: May. .Tune and October the and are a home for a few giant hSLic « !r ands !* ave 

most pleasant Although Sey- tortoises. h n ° f tel ." sensibly, 

chelles lies near the Equator Main* lias over 80 miles of offer «,i it «.pnh- ( » t i!ivH 0perat ^ 
there are few tropical diseases, roads, mostly adequate if hilly, either a week or Wllh 

anrt thn nnli* ^ hut it ie wa^Vi- eicfier a WG6K OF 2 few days Ofl 



LONDON 


IIA 


SEYCHELLOIS INTERNATIONAL TRAVEL AGENCY LTD ■ 


LONDON OFFICE 

6/8 Sackville SL 
Broughton House, 
Piccadilly, L ortdon W1 
Tel: 439-9868/9 
Telex: 299665 SITAUK. 

SEYCHELLES OFFICE 
P.O. Box 176, 

Victoria. Mahe. 
Seychelles. 

Tel. 22416. 22410. 

Telex: SZ 2250 SITA. 


Call SITA in London or in SeycheUes. 
We bring you prompt answer to what- 
ever travel problems you may have. 

SITA, experienced tour operators for 
destinations in SeycheUes, Kenya, 
Tanzania, Mauritius and Madagascar. 



4 ADDIS ABABA 


NAIROBI + 

DAR-ES- 

SALAAM 

TANANARIVE 


SEYCHELLES 

* 


MAURITIUS 


SPECIALISTS FOR INDIAN OCEAN DESTINATIONS 


island Tea company plantation reefs contain numerous beauti- 
on the Sans Souci Road. ful shells. Some form of foor- 

Most big hotels Lie on the west wear should be wore to 'protect 
coast, which also has the best against stonefish, whose sting is 
stretch of beach at Beau Vallon, lethaL 
where the Coral Strand and Controlled fishing is also ner- 
Beau Vallon hotels are situated mitted in certain areas, and 
the water's edge. These, game fishing expeditions are 
together with the Reef on the advertised in the hotels. SDear 
east side, which has no beach fishing is banned. 

H i re J a ; dillg , coraJ 31111 SeycheUes night life is 
the Mahe Beach are the main limited; most hotels have 

fourth*' 0115 ° f 1116 packa S e regular or occasional dancing 
AiS ^ but there no night clubs. 

t hfl AI “., n the west coast are Food is generally of reason- 

StnH'c ISherman S C . ove v the aWe but not of outstanding 
wito d expensree hotel, quality. Most meat is imported 

e £ c ® Uen t Service and hut the fish is fresh and locally 
™riL bUt < n, ? t and Without caught and of inexhaustible 
Ntfrt hid mp 3 * n,n , en and ., the variety — including bourgeois. 

’ 2 ne ° f 0 dest kin efis h - red snapper among 
where Somerset many others. Worth looking out 

Amnno 301 wr ° te ? 1,00,0 f o r « smoked sailfish, while 
Among smaller hotels, the vara-vara,. another smoked fish 
uberge St. Louis in the hills is considered by many to be 
3 m ,Ctona n* IS J. GCOmrneaded ‘ superior to smoked salmon, 
no m - ost Victoria has several good 
popular island is Prashn, which restaurants, among them the 
can be reached by air in 20 Continental (Italian), Frankie’s 
minutes (£20 return). Here the and the Mandarin (Chinese) 8 
JP2J 1 ® allTactl0 n is the Valine while a good idea for the even! 
de Mai. the only place on earth ing is to look out for. special 
where Jie coeo-de-mor grows; meals at hotels ; Urns Beau 



SEA PCPL0RA?10N SERVICES PT> 
PO Bex 469; Victoria,- Msh&, SpychsKeis tEriephora 23622 
' 'tolex2222ABMLSZ cabteaSES 









t 



Ffnandal ^iiaes: Saturday- November II 1978 


INTERNATIONAL FINANCIAL AND COMPAN¥ NEWS 





23 f 



Sifi§3pDffe V':<‘i|JSWOPEA*L OPTIONS EXCHANGE . 

market makers suspended 


-V?-."' •: 4 \ •’ 









tE -tiAiTD'-said it pro- 
posed :.a, • OpWni^tlirte "-tights 
* t tq' .tjtfst rcapftal for • the 
: KB^'jMjpr^commex- 
" jjir-i&e' •«Bnjwiiy , s.j 
fWi«<«vSmeapOre.'rT 
. C-.i^feSai 4 - -it .MCeivetf jHearaace 
jfi? pm-die jsOTtcnjnentpaihoDties 

^ -site; V at ‘4. as 

'. ' cost; - v-of ■ s SS97m-- 
■^US| 4 ShiV ^^tidjng-.the^rigiiwl 
tirat. .ofsJlkc-' MndJXompIetion . .of 
Wi: &{tfi©iig -is.eypected tjy ^.932. 
O^The s j spa^'-pri^e for tile, tights 
igsae' war he "“finalised later but 
is'/Htpe^ed :; tid : be' about SSI .40 
.ger'lhare. '. ..V v •; .-. -\ * ; 

' Issue. df->I 9 ^mr ordinary 
SSi, v Boijni^a a .shares T. .would 
ralse-SfdguportJ. Land’s capital to 
SS76 ^ tUS£ 355m) \. froiri- 
SSlW-Sm-v'V; -•; ~ ■’ ■■: - .;. ■ 

. ^uigapffrei' lAhd ,' sald It ex- 
PfjCted Jardine iFIeml ng-TSinga- 
pcrreT^;to.r^trt the . leading 


r. u- . 

i i 'Q*e ; ; balance -of . funds needed 
for fhe-’ltaffTeg; Place project will 
be funded -partly by bank loans 
And partly front the .company's 
own resources, Singapore Land 
said.’ ‘ : 

A profit forecast for; the 
current year wilr bV included in 
the rights issli'e "docuoieoh It 
expected to maintain its five 
cents gross dividend rate on the 
enlarged capital, the company 
added. . 

The consolidated group net 
profit S$ 2 J 4 m <U.S.Slni) 
( 5 S 0 .S 2 m) for the year ended 
August 31 was gross rental 
income was SSI 2 . 98 m (SS 9 . 35 m). 
The first and final dividend of 
five cents gross (same), is pay- 
able on January 4 to share- 
holders on register on Decem- 
ber 19 . 

Reuter 


Pakistan inflation 

The State Bank of Pakistan, the 
Central Bank, has warned that 
inflationary pressures are being 
increased by remittances from 
expatriate Pakistani workers. 



BY -CHARUS BATCHELOR AND JAMES BARTHOLOMEW 

EmSb^oSonr^chknee ^‘^ad. a director oftbe EOE cost of trading on the EOE and makers— including ihe two barred 
LASto bave Li?Snded T h erday . “ No <***«* member high guilder interest rates. firms. Mure .Uun 10 0 f these are 

* «>• exchange or any member Tf , H , n . i^.f ... profitable. fiR {*•» 


C5SS.^U»^ 

*5&- . **. . to... «he -Dutch Z f S£S arm was * 4 . 

• - ’ - •••-■ - 3 marnet members position dealin™ ,nn * »- * •* * 


-company of Josso Options and is «nt n. - T ■? P a » l deaJ,n 
itbe • Loiiidoitregistezfed . -Philippe « ratlnu °“ s1 !' momtoted." he a day . 
GeorgBL ; Marcq. are the first 


in 100 to 400 contracts 


THE BANK OF FRANCE has 
The liquidity of the market is ?> ven P enB,S * ,on f ? r Fr * Rch «»- 


m'pnfiers of the 'EOF in h» Ma . r «l. a Belgian national not expected to be affected si-ni- deals to trade options -iu Tureign 

S 2 PSS f*f ldent w LnDdon - said hp h3d ficantlv by he withdraws of shares on markets abroad. This 

decision to these ‘ .wo relouilv !» orohibited by 


tes: were withdrawn by their withdraw the 

clearing member. First Options market hic^ Tr ^th^^h^ m “ rk t t makers. 

.4vAmiwta». : ; .. . 2fJ5S tf sb 5S a new niarket - m,ls - 


French foreign exclunge c«n 


Mr iKareo said vesterday that K!J ati ° nS of Md mrking company. ioin||y' a> n»ned •'o^irterxis are still 

the lack' 6 f volume'in the market ..* 1 ^ P r,ces recently. by British jobbers. Smith un *^ c t0 f tr ‘ ldo French share 

^factor m causine hfs difficu fi^ Jt Was not ? n ue9tion of lhe Brothers and Wedd Durlacher. options on foreign inarkeis. such 
vrasa factor in causing tus dlfficu- rra or myself running into began trading. Its dealing ^ Amsterdam or Chicago. Non- 

U Thri two emcerns remain mnn. i e ' The , wbolc situation capacity is thought to be con- resident*, however, may trade 

h^^r^^chanee^d^b^' ° oked V ^V nskv and dangerous, siderably in excess of that «,f f redy options on trench shares 

bers or me excaange ana tne\ IT you are making a market you the two concerns which have on f& rei£ ! n 'narkeis. 

hope -JO resume Mibb in due should not have overnight posi- Ijeen suspended The options exchange 

iStamT ISrferdS? ‘S£r° r tKJ he sa ' d ‘ But *** lack nf ‘Some members of the Ainster- Amsterdam trades American. 

'Olubie in the market meant it dam exchange expect the new Dutch and some UK shares, but 
members to !Sni impD5 - <!,b!e 10 3VOid niain ' company quickly lo lake a lead- until now ha.s n.,r traded French 
oo? ta *n>ng open overnight positions, ing position in the market stocks. 
hfi.P familiarly tnem i witn con- I stopped trading about 10 because it is backed by large The chance n roremn exchange 
iitioqs to Amsterd^. . ^ days ago just before President corporate resources instead of rules allowing residents to trade 

pnjhe FOSinye_ sine, tms Curler s speech.** he said. He just an individual's personal options in foreign shares was 

proves the risk control .system admitted be bad “probably” H'eaJth. announced in a Bank of France 

works,' said Mr. Christopher made a loss because of the high The EOE tiow has 35 market circular. 


plf Aquitaine scrip plan to 
raise capital to FFr 906m 


BY DAVID WHITE 


PARIS. Nov. 10 . 


Sulzer expects reduced 
earnings this year 


BY OUR FINANCIAL STAFF 

„ ,, 4 , LOWER PROFITS this year were avoided for all of 1978 ." Sulzer 

FRANCES Elf-Aquitajne oil same period last year. _ forecast yesterday by Sulzer. the emphasised. However, the com- 

group, which is 70 per cent state- Oil production is making up i second largest manufacturing pany added that employment 

controlled, has announced a one- an increasing share of profits, group within the Swiss gaps were expected to arise in 

for-five scrip, issue. The issue, which are weighed down by | machinery industry' and a world some plants nuexi \ear 

financed by incorporation of refining problems and losses header in 'the production of diesel Future bu«in M «' 
reserves, brings the group's suffered by Lc Nickel, the New engines. ™,n ve,oprae - nl 

equity Capital- up to FFr 906 . 4 m Caledonia mining venture, a incoming orders during the l n a h /v n o r r / u VrT nv n ,‘ 17 C f [ ' a ,‘ n ’ 

($ 2 Llm) from FFr 755 ^m. 50-50 joint venture with the first nine months of 197 S eased 

The new JFr 50 shares will Rothscbild-controlled Inielalito SFr 2 . 3 bn from SFr 2 . 5 bn, tinue al dn UnhJ,Isfaclt, r.v level, 
be -made- available from Feb- group. j while actual sales were running The company noted that the 

ruary. ..12 -next year and will The last dividend was FFrl 7 . 50 j below those of last year. As business situation in the major 
qualify. for the current year’s a share, increased from FFr 16 recently as August the company industrial countries had not 
dividend rights.- for 1976 . the year in which Elf- j made thp point that incoming shown an improvement since its 

The company earlier announ- Erap and Societe Nationale des; orders were something like 25 annual meeting in .May. Due to 

cod a drop m its first half net P« 5 trole d’ Aquitaine were fully ; per cent below budget. low capital spending, demand for 

profit this year, to FFr 540 m merged to form France's ' 

($ 125 in) from -FFr 640 m in the number two oil group. 


The First Viking 
Commodity Trusts 


Commodity OFFER 39.5 
Trust m 37.5 

Double OFFER 67.0 
Option Trust . BID 64.0 


Cammed ityfi BenBraf 
Management Co Ltd *. 
1 (M 2 fit George's Street. 
Douglas Isle af Man 
TbI.- UW ZS 015 



Commerzbank China step 


BY GUY HAWTIN 


FRANKFURT. Nov. 10 . 


Group net profit in 19 , < fell lhe most part remained weak 
to SFr S 7 m from SFr J 04 m un Tile rise n f the Swiss franc in 
sales of SFr 3 . 5 bn compared to foreign exchange markets had 
SFr 3 . 53 bn in 1976 . This year “ impaired " the company's com- 
. employment is to he maintained petitive position i»n ' world 
J and short-time working "will be markets. 

Swiss Re. modestly ahead 


BT JOHN WICKS 


ZURICH, Nov. 10 . 


saw a deterioration of under- 
in gross writing remits. Profils on life 


COMMERZBANK.- West Ger- China and the Federal Republic, 
many's third largest -commercial Commerzbank played a leading CONSOLIDATED net profits nf into a small profit of SwFr Sm. 
bank, 4 s Interested in opening a role in preparing the ground for . the Swiss Reinsurance group The paient company Swiss 
representative office -in Peking, the new trade links. rose from SwFr , 107 m iSGTini to fieinsurant-c .,f Zurich however 

'The bank believes that as soon * * ★ SwFr 111 m for the year ended * cn ’ nowe ' er ’ 

-as the Chinese Government gives KRAFTWERK UNION (KWUl.Munc 30 . 

it the green MsbL the bank will West Germany’s leading power Despite a fall ... r-insurancc rose siinhtlv to 

be lhe -first foreign' banking station construction concern, has premium income from “r 1 ™ 1 . l, 1 '■ 

operation to open its doors in announced That Hie troubles in SwFr 6 . 3 bn to SwFr 6 . 12 bn over ^ serious \i-jfs underwriting 

on non-life 
cri into 

tVCpUUHt'. • • ’ mat wuiA waa jnucruui^ a 3 uaua: uu»llT99 urvuucu |ivm * win 

' The newt' follows the massive at the construction site in Busher.. to SwFr 4 Sm. but in the non-life However, ihc Board recom- 
trade deals concluded and in the some 1.200 kilometres frens the sector 3 n uoderv.ritin? luss uf mends payment of an unchanged 
course; of negotiation, between capital. .SwFr 13 m in 1976-77 was turned SwFr lOO-per-share dividend. 



Rumasa 

seeks 

takeover of 
Banus group 

By Robert Graham 

MADRID, Nov. 10 . 

RUMASA, Spain's largest 
private holding company, con- 
trolled bv the Ruiz Mateos 
family, is negotiating the take- 
over of the Banus group, one 
or the country's major propcrly 
dcvelopment concerns. Nego- 
tiations are at an advanced 
stage and a final decision on 
the deal is expected next week, 
a Rumasa spokesman said here- 

This Ls the biggest deal 
undertaken by Rumasa's presi- 
dent. Sr. Jose Maria Ruiz 
Mateos since acquiring a con- 
trolling stake in the Banco 
Allan U co last year. The Banus 
group was established by Sr. 
Jose Banus and has important 
properly developments in the 
Madrid area and on the Costa 
del Sol where It owns Ihc 
luxury tourist development 
known as Puerto Banus. 

Sr. Banus is understood to 
ha\ e made a personal 
approach to Sr. Ruiz Mateos 
out (he safe- Informed sources 
say that the takeover discus- 
sions were prompted by cash 
flow problems within the Banus 
group. The construction sector 
as a whole has been badly hit 
hy the recession in Spain and 
the light credit squeeze. 

For Rumasa. the deal pro- 
tides a further consolidation of 
its own extensive property 
interest and tourist sector in- 
volvement. Some 15 per cent 
of Rumasa’s total interests are 
in construction and property. 

Some financial circles today 
expressed surprise at Rnmasa’s 
apparent ability lo consider 
such a sizeable deal, with 
credit hard lo obtain and the 
economy still deep in reces- 
sion. 

The main company In the 
Banus group, Jose Banus inter- 
nal ona I last year reported a 
turnover of Pla 2 . 26 bn ($ 32 m) 
and profits of Pla 42 m 
18600 , 000 ). But neither group 
today would indicate Banus' 

I olal assets or liabilities. 
Reports of an offer of some 
-S 40 m by Rumasa have been 
dismissed by the taller as 
speculative. 

IT the deal goes through it 
will mark a further stage in 
Rumasa's rapid growth. Bank- 
ing interests now place Rumasa 
as the eighth largest banking 
group in Spain, with total 
deposits of some Pla 270 bn. 
just over 5 per cent of total 
deposits, while it is driving to 
become lhe biggest force in the 
drinks trade. Last year Sr. 
Ruiz Mateos said that the 
group's total assets amounted 
(o some $lbn. However, the 
group has never published its 
accounts. 


Swedish mining 
group shows loss 


BY JOHN WALKER 

BOUDEN. The Swedish mininq. 
metals and chemical group has 
reported a loss of SKr 6 Sm 
(Sl 5 .Su) i fnr the first nine 
months of this year, slightly less 
than the SKr 71 m for the saute 
period io 1977 . Group sales for 
the first nine months of this year 

went up hy S per cent from 
SKr l.ttbn tu Slvr 2 .uhn (sHSrtmi. 

If the sales figure is cor reeled 
for Sala International, now nu 
longer in the group, sales in- 
creased by 16 per cent. Costs 
amounted to SKr 1 . 9 ba. 

The company is adjusting 
upwards its half-year forecast as 
the international metal marker is 
showing signs of a slight 
recovery. Europe's zinc pro- 
ducers have increased their 
prices in two stages to S 720 per 
ton. This, against the current 
background has produced an 
improved market situation and 
compensates to some extent for 


STOCKHOLM. Ni.v, 10 . 

lhe weak dollar position. 

Internal reorganisation in eom- 
bmatinn with positive price 
movements; implies that the 
group will have an operating 
los?, ig 1 H 7 K somewhat lower 
ihan the SKr 64 m forecast in the 
six month report. The parent 
com pany expects that the loss for 
Ihc whole of ]h 7 k will he about 
SKr 53 m compared with 
SKr TSm for the whole of 1977 . 

Earlier reports that the com- 
pany was having talks with The 

Government have not been 

denied, but it anneals that there 
is not much likelihood that in the 
present situation of Eoliden's 
finances, there will he a sweeping 
plan of firvini-i-tl ::>-si«rance. The 
state, ii is understood, wants to 
disvti-js the future of all the 
Bnliden mining operations, while 

lhe company ha< said that they 
are interested only in discussing 
aid uvi-r one mine at Laisvall. 


Johns-ManviHe ready to 
take over Olinkraft 


BY OUR FINANCIAL STAFF 

MORE THAN 5 . 9 m common 
shares of Olinkraft, the forest 
products company, have been 
tendered in response to the :'65 
a share offer from Johns- 
Manville. the Denver mining 
and manufacturing coin pa n>. 
The offer was for 49 per cent nf 
Olinkraft. and .Inhns-Manville 
said last night that it would 
accept tenders for about 74 per 
cent of the shares. 

The merger of Olinkraft into 
a subsidiary of Jnhns-Manville 
is expected to be completed on 
December 31 . 

Johns-ManvUle International 
Corporation has decided in sell 
its 4 -i per cent stake in Alpha- 
coustic. the French compart v . to 
Intergrips, the Swiss holding 
company, the French concern 
announced. 

Alphacoustic Manufactures is 
capitalised at FFr lSm <S 4 .’_:mi 
and deals in in in era I- wool 
acoustic ceiling tiles No hi. I 
BozeJ. (he French boldine com- 
pany. has the remaining 55 per 
cent share of the company's 
capital. 

An Alphacoustic* official s;>id 
the dec Hi on by Johns-Manville 
to pull out was m line with iis 
programme of divesting us 
mineral-wool aelivjries and con- 
centrating on glass fibre. 

Industry sources said lnt rt r- 
grips is interested in increasing 
its 45 per cent slake to a bare 


majority ..if 51 per cent. Th*» 
Alph-jcnustic-s official indicated. 
h»wewr. that any increase in 
Nnbel-Biizel’s participation was 
likely in be on a greater scale. 

In a deal worth some S 32 m. XL 
Industries has sold its Taylot 
Taylor Refracmrics division to 
Didier-Wcrke of Wiesbaden. West 
Germany. The division, based 
in Cincinnati, had sales of $ 25 m 
in 1977 The sale is part of NL 
Industries' continuing pro- 
gramme nF divesting itself of 
operations unrelated to iLs prin- 
cipal lines of business, which are 
chemicals, metals and oil equip- 
meni 

Mniorola. ihe Illinois-based 
cnntmimic.iiinn.s equipment 

manufacturer, is to purchase for 
about S 22 m of its own stock 
Universal Data Systems, a private 
romnanv. VDS had 1977 sales 
of Sa.fiSm. The company manu- 
factures equipment used in 
rriinsmiiiin -. 1 riigiiai information 
JiPMvwn eninpuior terminals and 
other business machines. 

Marsh and McLennan Com- 
panies. the largest insurance 

broking concern in ihc U.S . has 
rai-ie.i its stake in Kaboan-Marsh 
and McLennan Middle East Cor- 
iKii , aii»n from 49 per cent to 100 
per cent. The Middle East com- 
pany was funned in 1969 as ihe 
restili of :* joint vcniurc. The 
terms i.f the deal were not dis- 
cb'.-ed. 


I.G. Index Limited rtl- 35 t : 54 H 6 . Three month (told 2 I 2 . 3 - 2 L 5.8 

29 Lamont Road. London SU’10 OHS. 

1 . Tax-free trading on commodity futures. 

2 . The commodify futures market for the smaller investor. 



COMMODITIES/Review of the week 

Ghana emergency boosts cocoa 




BY OUR COMMODITIES STAff 

THE DECLARATION of a state 
of emergency io Ghana because 
of industrial unrest prompted a 
sharp rise in cocqa prices this 
week. With speculators covering 
against earlier u short sales ” 
prices broke out of their recent 
restricted trading range. Follow- 
ing a £40 permissible limit rise 
yesterday morning, the March 
position on the London futures 
market ended the week £ 55.5 
higher at £ 2.068 a tonne — the 
highest level for seven months. 

_ Some dealers pointed out that 
- the emergency powers assumed 
by the Ghanaian Government in- 
cluded the power to ban strikes 
and could therefore be inter- 
preted as bearish. But in general, 
the move seems to have been 
i taken as confirmation of the 
gravity of the situation there 
,V and so has encouraged higher 
prices. 

The Ghana Cocoa Marketing 
Board announced, yesterday that 
main crop purchases in the week 
* ended Thursday (the fifth week 
of the season) amounted lo 
13.091 tonnes taking the cumula- 
tive total to. 61.285 tonnes. After- 
five weeks last year, the total, 
5 stood at only 20,552 tonnes. 

Coffee prices had another quiet 
week and the January futures 
position closed £ 8.5 higher on 
balance at £ 1.467 a tonne. 

Sr. Camillo Calazans, president 
of the Brazilian Coffee Institute, 
declared on Thursday that Brazil 
did not want its coffee exports 
This year to exceed 12 m bags (60 
kilos each), a figure which has 
almost been reacted.- He. said 
export registrations would not be 
suspended' once this total was 
achieved but prices would be 


I 20 r 


£ per tame 



Job Jri Aw Sen Oct Urn 


raised to -discourage further 
sales. 

Sr. Calazans added yesterday 
that Brazil did not plan to renew 
supply contracts with overseas 
buyers, all of which are due to 
expire on December 31 . '’Brazil 
has sold .enough coffee for the 
moment,” he said. 

World sugar values sustained 
their biggest losses for some 
time this week wilh the ^London 
daily raws price falling £7 to £99 
a tonne. This was largely due 
to the emergence of Mexico as 
a seller of 50,000 tonnes, for 
which it failed to find a buyer 
at the risht price, and a forecast 
in the. World Sugar Journal that 
supplies would be adequate in 
the 1 ffTR-TS season. Previous fore- 
casts had indicated a very tight 
suf>Dlv/demand situation. 

Other, factors affecting sitaar 
this week included a higher EEC 


crop forecast of 12 . 217.000 tonne 
. — up 125.000 from the previous 
forecast — and the increase in 
EEC export sales at the week! 
tender. 

There was a general fall in 
metal prices this week, foil owing 
the recovery io the value of the 
dollar, the decline in gold and 
the rise in interest rates. 

Free market platinum values 
again fell sharp!?- Yesterday 
after declining by over £ 4 . plati- 
num closed at £ 162.30 an ounce 
£ 12.6 down on the week and £25 
lower than the all lime peak 
reached earlier this month 
Silver prices, however, were only 
marginally lower reflecting their 
previous modest rise. 

On the London Meta! Ex 
change, a downturn in copper 
was led mainly by a decline in 
the New' York market. Cash 
wi rebars closed last night £19 
lower on the week at £740 a 
tonne. Warehouse stocks, which 
fell below 400.000 tonnes for the 
first time since September 1975 
are forecast to show the first 
increase for several months. 

Lead followed the decline in 
copper. The cash price closed 
£26 down on the week at £ 40 S a 
tonne, despite rallying yesterday 
on expectations of a fall in ware 
house stocks and forecasts of a 
big shipment oul to the Soviet 
Union. 

Tin prices moved erratically 
After losing ground early in the 
week from. the peak levels estab- 
lished last week, the market 
rallied later on forecasts of a 
sharp fall in warehouse stocks 
Nevertheless cash tin closed £150 
down on the week at £ 7.855 
tonne. 


WEEKLY PRICE CHANGES 


! i«raf' il’h'ar : T«r 
i per lonue , ••ii [ ■It 11 

nn-e»- ncek- 1 
-tHtMl i 


l*b 


Utgn 


l/>w 



Wheal 

So. ! li*ft Spring. 1 £'94,£> 

■ •• Am. Hii»t 

W tmer iOct.li 

Xfiz-liiuiaginifH' erupt tut j 

Spiees ; . 

WC'.’Vrfi 

Fei'per. white-...' i’ 2.900 
Hlici FI.&& 

I Oils 

^iCoHimriiPhUipTesi 

" • Rmundoui 3% , 

'Liniewj, Crude,,... ' £34« 
Fain XUlayao $6QS 

,4 feed* 


► 1.26 
<- 6.5 


46O.O 

+ 26.0 


S£aO .Sii.ti 


l- 9 J 


jJ& CopimrPbiiiMHaM).' 
SoraheuDB 

Otfier 

Commodities 
(.-■.tat ->hi|iiui4it*.. - 


S 6 T 0 

SZT 2 


£2 11 < 
XL 068 


|- 30.0 

- 17.0 





■ iff IrWffmfflWWpjy 



























'f ' ; 







! ias .75 


i' UAJs 

: 

cw. b 

£ 80.76 

f 492.76 

41106 

i^sy.s 

£WUt 

RS 

IU 

I S 3. 175 

SiJLX 

SE.p/o 

j 9 Z 27 S ■ 

SKflrt 

51 . 57 s. 

; SSU 5 

S 910 

ftoAl'.r 

. i ‘642 

ITiU 

$b &7 

‘ 1^76 

e<~ 

X*?, 

1 i 

S 646 

94 93 

fMb 

SB 10 

S 378 .P 

5241.4 

3313 

£234 


C 2 .IJJ 

£Lbll 

1 4 ‘ 2 , 07 S.h'Ci.t«t .7 


1 A'i,eM.a-i:i.-w* 

tSLWflr 


79 . 4 s-. 

il.cS» . 


ilrK' 

trOf 

. 5436 

fialF 

fc'LM - 

6 I. 76 p 

64 p 

*?■>!' 

£ 14 i 

Cl.iL 

£ili 

fitis .70 

-. 

SaiM. 

ESO 

1.T 1 * 

Lti 

£TW 

CL-C 

11174 

Ibcp 

■ 

.1*1 p 

ffifji 

2 T 7 p Ltlii 

. 4 BJJ 1 «J|. 
?^k'i.»i.;WiA' 


j I I 

Hwe- XV*e; 

ipn-i.-inae .»u ! Y«r 

uiu«k> . neeb 1 ayo 

1 MalBif , 1 


U:Kh 


Li-v 


Metals 

AlmiiiDiiiui 

Frw Mmlel « 

A til 1 ii" 'nx iS'*-'***". ’ 

Free Uaiieiifaflv 

CbPP«K „ 

Ld»li W»« Bus- — | 

i mill* l** 1 - On 

fiu.li I'athrtlw 

, 4 nmnib lv«. —I 

liOlfl |>P r - — ■ 

Lwl 

^ rnnnlh- ' 

Ni.-eci I 

Free llarken'.i.i-o. 
t’lKlimun jerc*...., 
rtw AinHirt i*f' "/ 
ljuvit«i.ie: 'WitiK :. 1 

rfmer i-er-'-f- .’ 

f. nuiUt b? Ifrw - 
I’iii 

iminlbN. ■] 

Tun-tlt “ j 

iVuiliam d. , .L li| t.i.! 

/itK- i-a*h ; 

i 'j 

|'naiurrJ> 


. £710 . — 

S 1 . 1 »VS 10 '+ 125.0 
£Lsto ' - 
52 . 600^50 + ^ 

£ 7 W -B .0 i 

XiUXTa -IJ .0 i 
iTa.75 -17.76' 
£ 7 i ».25 -le.S 6 ; 
sacf?.^ 

-W .0 . 
£ 304.75 - 23 . 75 1 

S 1 . 72 ft 2 - 0 . 045 1 
' iHK — ■ 
£ 36 ? J 12.5 

■■ 133:58 ilLO ; 
SS0.S1; - 2 .tb j 
208.70 _lj 6 . 
£ 7 . 8 » '- 150 . 0 , 
£U 76 :-iI 0 .O, 

S 14 J. 71 ; _ t 

S145/A3 - f 

£wib 

£ 565 .E- - 0.5 
S72G — j 


B» , KilJ 
SSi.i ,60 . H. 2 CC. 
^.t?j , ai.ja 
ii. 7 t<'- 7 a 5 . SS.fiir 


Grams I 

ttariev I 

Hi-nie FD:urr* 

s Madafiascar. 


£644 

£ 650.75 
£■ 4 &... 

L 3 * 4 .£ii 

13 N 125 

i.ij 

£ 25.5 ■ 

LMj 
5112 26 
273 2 U 
MAu ■ 
£ 6 . 9 t 0 
*.775 

Sl?J-'f 9 . 

£. 31^0 

se.o , 

I 


« 77 r.? 
m>. 7 r ' 
4 .'i 7 a .5 

s;=>.- 

S£ 45 .L 6 

£ 4 i :.5 

tiafca 

S2.0 

£ 167.0 
51 : 5 . . 

KjW. 10 f 

»143.7i 

tfw... 

4 SV 5 

£i:’.7r 

I 


£KeO 

£l,'0SJ 

* 2 . 1 » 

£612 

i" 

£ol'JJ 

ilv-.Lr. 

iLLC.'Jy 

£ 2 -c -.6 

Sl.fiD 

ffr .3 

suc£.a 

stop 

JSCJp 

C'.ili.. 

S 

a Ia..: 

S«j 


£Kr .«5 -rijjn 1 £71 Id | 12-7.73 : £ 7 J..c 
£ 102.5 ■ — I £«fl .5 £ 1,'«.76 


MARKET REPORTS 

BASE METALS 

COPPER— Last ground on :h2 London - — 
Ea.-h anat. .Klmr opin-ra a shad^ 
casirr ai n»'. Iui-mjpJ nioial p>ck-*1 m iu 
S7$s refttfcumi son"? tt'um Gi-nnan ftuv.n*. 
a ihc rw^n: £:d.- njd b-iii 

o: erdonc. and dem't (omuls ul a ruv 
,n -aar+hooAo smclu. Ir ;lw afiomoon a 
lo*:r ihao csjx'iird oporinj on uon>-T 

ihc pr.ct 10 £ 73 fl bm thi markoi ‘ ' 

rf.< r, roUi;d :o fTr." on va^'Jc niniours »>r 
(rouble on ih.- a<*nsva:a Railaay prior 
;a 2 .!««.' of £ 75 ! on ihc Jar* fc+rb. Turn- 
over; It 4 M lonnrj. 


■:j j! f«K .>n is*.- Iji,- kerb Turn, 
o-. r ‘-.'-i ;oom-^ 


ALUMINIUM— Barely chanscd v.iih for- <lnsnu nri.vi iltihs per pound tVo. Business doi-c— Wlitai: 

•■ar.! sn-.ral tradme £fl«L 5 ind M .5 or or r-u.nihs uinnoied Wo k's hisb-lo- IVi-. Jan. 9 ft.-J.V 0 ii 5 A Man.-li i: - 

To ftll-iA m*: March 72 . 40 - 71 . 411 . Tornu-. rr H 4 M.V«I, S.-pi. Si.Tj «.«•■ 

I J ■ 40 - lol 5 . loLs. . Ilrlcy: \ov. aO I'A-Vi - 

nnnnrn «"■' M-r^-h 64 .M. 4 S 00 r:„ 

RDBBFR s, n« "'k * i“' r 

ULU IMPORTED— Wheal: I.V.’I 

EASIER t.p. iitns nn ihc London physiral p , r L , „. \,.v .n.c. 04 J". ^ 

marl cl. Fair iii:crt»i ihroujihooi iIk- <ta>. 

• hiMiv uiK .-ruin. L'-u-is ami Peal repom-d 
ih.- Malaysian .-.odon-11 price i»ai 2M 
j"fli i*. nn a kiln ■ hujvr. Di-cenihrn 


1 m,. •• 


il 


— I II. III IH 


+" 


• • 

n.. -in 


607.5 B - 2.25 607.5 6 -. 2 b 


Mor in; Early January fvir ihn-e 
moiiTh-. 5 .. 4 . u«. Kerb- Thr.-c muni li- 
ft..*. Aficrnoan. Thro jnoiuii« 

£•'+»• ’■ *.7 ft. 

•..cfi-- 1— pmmd f |M oar picul 

*c/n unoffldal Cla«. 


’V”. I iHlitav* I’ici inuk 
t;.-i 1 i,<w l ii«e 


Hllnlllrs. 

Ill -lie 


n.rr. 

fllPPBB 1 ini. -mi 


+ or p.m. T+»«r 
— , L unllirml — 


SILT'ER 


l’ S. n«rk Nunhcrn Snr-i. . . 
..•nr. r.uv s». 7 ‘. r » ' . ■*! . . - 

iiK-ni Ea.-i r#Mi. L ; S. II jM 
I"; J*--r ivnl Di-c . ^ M : 
nil Ml EaM Cua-l. FEU >• Ii- 11 
Maize: U.S French uiiini i'- • 
Not . 1112 . 50 . D.o. 1015 " s • r> 
Bb-nt Ea-| Uoas:. S .\ir.* 

K,b. 57 ., ■ L'K. S. Ainca.i V di 1 
f.h. 67.75 UK. 

Barley: Enclish F.-.-d !,>►. 7 - 
seller tran'-hipmcm Ea«' ' •>..'■ 
:ra!i-f. n: 


c j: 

Wire ben I 

La»u 743 . 5-4 -8 

ni'.-a:b-. 764 . 5-5 —9 ■ 
•etil’ui’ni. 744 —8 t 

Cathodes . 

LH-b 731-.5 — 8.5 

4 751 . 5 - 2.5 - 9^5 

>*u I'ni'm 731.5 — 8.5 
I 'ir. 625 .. ..' 


!*-• 62.40 72 .S 0 S 2 . 20 -S 2.40 

Jan . . 65.65 li./O 65 . 2 U-b 3 . 5 D 

-laij-Miti L 4.85 f 4.90 64 . 50 - 64 . SO 65 . 15 - 65.10 March So.OO svllrr trail- 1 . rr.: -i: Kjm 
. 4 ur. Jnr 67 .b(li 7 -b 67 . 40 - 67.45 68.10 c?. IB Coaxi. 
ms fai-d 2 . 6 . 5 p an ouncr- loui-r ■ l '-‘ -e»u < 0.10 / 0.20 6*75 59 . 85 . 70.40 69.60 Sarqhum and Oats umiu-:.- 
Tor -spo: J -livery in iho London bullion •’■t- ln«- < 2 cO.i 2 . 6 S 72 . 06 -/ 2 . 10 . 72 55 - < 2.10 H CCA— Luca Hon f:,m. .;i'i r.r.% 

ns ark e; • . ;i-‘nlay 31 2 > 0 .Sq. U.S. corn Mai 7«.*0 / 4.60 74 . 30 - 74.35 74.15 Other milling wheal— ;ri. Feed 



> 3 9 . 5 - 40.5 — 6.5 
760 . 5-1 -7 


728 . 3-9 -a .75 
749.5 -6 


• nn-vji-m* r,| ihc mint k-v.-b, u\-r.-- spot 
372 7 s- -lai n S.SOc: ihree-momh 34 s. V. 
nn-A-i ;i> a- siK-niomh uS.LJc. down 11. (ft 
a::d i/nrli 622 . 4 c Jos, 71 r.ftc Th'- 
nv:«i 0;- mil ai a.Sj-»Wp 1 ,s 6 S-.i 70 c 1 and 
-.•lOfs-.d ft! -NiiTMHp i 545 I-:. 71 :c. 


\| 4 -f nr < 6.75 / 6 . SO 76 . 45 - 75 . 50 , i 7 . 05 - 76.40 wheat— Xnrfu Ik S 4.20 Feed barley— '...r- 


■I » ->epi <» 00 /S. 0 a 76 . 75 - 78.60 79.00 

~ c alc*: Vil 1 1 . 4131 ’lois ’"or la lonric« 7 ~ 
PhyMi-al .Icsin^ prices 'buyers 1 tv err- 
Spci CJ-ftp iCJp#: Dc, U.! 3 p nlJ.Tftpi: 
.Ian. irl.Jftp < 64 . Tip •. 


■72 


AmaUamai'd Mci.il Trading repOTied 
iha: in ibc mornir.t -.asn u-mbars traded 
ai J 744 . 5 . *'• 3 . 44 . ihr.-i months £ 7 C. rh. 
’ 5 . ft 43 . 41 . 1 . " 3 . ijI, K 5 . M.j "j 


•*•11 ft h: 


in 


bill I sol rl- I.r L.M.K. 
hvniK • — i iin* 
i-i ; 


+ J r SOYABEAN MEAL 


-I-*.. • O Bn - 3.75 28-4 8). — 1.4 

i 298 7 |. -0 . 15 297 . 7 a,- - 1.3 

LalhodcJ. varh < 751 , .Tj three monihs „ <•„ . c-U 7 lj. - S .0 — 

I 73 J. 32 5 . 5 J. ^vrb- Wireban. ihrw 1. Ii; ..i,i 322 75 |. .-L 55 — 


1 r>lr!il»s 
i’Iii-i- 


1 'iei ImIiiii- 


+ ■" 


anuiilK JW .« ii no ia.j. .luc-rnuon 
Wsrcbars. ihrs-c mombs ii 59 . 57 ..",. SJ. 
jjj. SB 7 n! 60 . 5 . Caihmlci. cash i 7 J 9 . 
Kc-rb- Wireharo. ihrc-c nionitm £ 781 3 . M 
6 i. «. <f. * 3 . 3 . 63 . 42 3 - 6 , 7 . u 2 , 61 S. 61 


llfrmilvi 

LMS— T». -nnver 194 ■ «10 . Jots nr l«.0fiij A|tM 

’.tAri'inu: Tluvi- oiontis% 'JV. 2 . S? J,lllr 

I. > 4.4 0 ^ 5 . P- 6. 9 P 5 . K'.-rhc Thr- r •'•is»"» ••• 
Throe 


TIM— HiahM’ Fur-vjrii siarw'vnl n "'ll I,, ' - 4 lli rnonrs; Throe U 9 . 5 D 2 s 0 - 1 . 

/e 11 1 ? n,-n:hc J!-. 5 9 S.. 7 . 96 . 4 . PH.ft. 97 . 9:.;. lM.-rs<il T i .... |?.> 0 / 25 • t 0 . 

iQSi^rlil opr rii*o 2 l. 3 Aiion nfin . r 21 n- » ,» -n, — . . u ^ . . . « . , _ . _ 

X.W a-:r« :o mnvk U S physical Tbr« nioullH i. , J ,.d. Sail 4 IJ 9 >Iol/ lots of 


1.3 10 23.4 4 1.0 123 . 60 - 23.00 
left 60 . 5 . 9 , 0.70 V.- 4 .S 0 -.. 60 
123 9 . .- 4.5 4 0 . 6 a 154 .50 24 .00 
l 25 ai --.«.3 t 0.50 
174 S 7 - 26.5 4 1.0 125 . 00 - 24.50 
125.50 23 0 - 1.25 125.00 
90 

1W tonnes. 


di mand arid idscd up ;o ar>jurxl £7 tin 
befo.-i ear ij hack to r 7 .fi s" f.illivcinp 
lu-dse aellinE In Ih,- aflcrubon a rally in ( ULUA 
oilier mei a Ls brought about a laic ri-v In 


SUGAR 

LONDON DAILY PRICE <rau stlRan 



Mb 77 . 00 . Devon 7 fi.fi 0 . 

The l T K monriary CO -rti, .-,i: r-ir 'Ii- 
vc,-k bci:inojOK November ::: ■■.•|!i r-nij-n 
urchanced. 

EEC DAILY IMPORT LEVIES— Ti. 

(•illouina EEC levies ao; . - mi • 

.eflei-mr for Nov. II. ill ll-i. -. ..-■•II':- 

P-t tonne. Ill order ,-rirr p'i:, 

n.-t.. Jin. and Ki-b pr»n :'i:::. •• .1 :• -.r. • 

vwh i.i brjrlvisi. — 

S 4 ,b: r- si ml i 7 S.m r- -■ ■. 7 /urnT 
a-beji— I2J yO n-fii nd i *; -.•!• 

Rv, — Ft. 2*1. rr-s: nil ifi! .'ft - -r r.d> 
K.irlc>— fi.i. 32 . n-fil nil >v r M i 
ii his— it . 49 r/si ml (bl. 49 . :•••;• ij.,,. 

'other than hrbrd fnr * ■, — :'* e< 
n-*i nil 1 79 09 . r-il ml'. V-.l- *t-, 
l ®l res t ml il«i r-.M «•, . 

4 »: , k‘. reel u:l nc.sn. r. -• .. -..r.i :. 

sorsltiini — 77 9 i. r/s< nil ■ 77 •• r . - ' ■„! 

Hour Irvlm— Whrar nr i .•■ 

and Rvr Flour— 111.59 ■ v.-, 

fllnur— 12 ft >3 1 125.21 

WOOL FUTURES 

LONDON— The marki-i • ..ijr,.-a 

lo sllRhily low. repuns i. . 

'Pcnci Pvr hii : 

ftlisin/'inii 5 ""i-l e”ily ’« ^ It’. ’ 

firo»«V W,«i'' i |,*«. |i i. 


:.KW i’f/Ri: Nov 9 . 


Cocoa— I j-c 174 IS ■"-.■i. Mir. n 

ir :75 <!“ ill-, lid'. ! 7 : r : . lull' iii fth. 

Si-pl 111 'ill. Dec I'.t ml. sj.s,. V«I 

Coffee— " i' '• Cor.'r^i':- D>-> . 140.1.1 

•U'2<n Mur.h 1 .Hj-'-ifi. js 
ir. ' IM>- l.;i 47 .tills | 12 ill. V p:. 1 M 

!’!] 1-1 f/i . . OI- 1.9 I.m. Mar,n U.i >•- 

I 2 ymi N.iles- ;<•,!. 

Cooper— Nn' 9”. in -fififiii . Tu-;. 9.1 ar 
*7 ift 1 . Jjn nn j. March -■>.•»?. May 5 ■< !■» 

miv r«i 5 -- 1- 1 7; ■;« rn •• 4 1. jan. 

ilan.li ft’j; - 74 45 July 7 ft 

S -p' Tu ui H-m 

Colton— Nn : 7 4 | In.. 

’•Ijf 1 h 7 ! 15-71 v — ... Ma? • : 4 u. i.m 

• I '•* 'K | ii*» 1 '1 n, 1, kj 1 1 

*iv im n;ij S.U' S' 7 !! 


'Cold— :.n\ 
Ian 


• i ■ 


2 In -• 

.‘■j'i ,.il. 

.•j : jii 
7 il 


.1 Min* 

r . 
Jim-' 


ftft -jir ■ 
v: n M ' -t, 

?-'!> VI. \UL 
- _ii 1- j ; 

'•» H. Aiii ••'j 


. fie, . 'Jilo ft! 

?: .■«. ,* 7 .r i : 


This edirion went to Press before 
rhe latesr U.S. commodity prices 
were available. 


jsi 1 <1 I.M .--1 ir.id-'d • 

M*:. n 


Hr. 


Sign Grad 

' •«n 7900-5 - 107 } 7850 60 4 65 

: m.aitli-. 7715-50 49 ?.:-> 7680 700 4 40 

enUm’i. 7905 t 1 D 5 - .j 

standard 

H'n 7900-5 4 107, 7850-60 - 65 

nautili-. 7705 10 -99 7670^0 -rJ 7 i M-1-I1 

ciivDi’l. 7905 -r 105 — 3 Inv .... 

imit-E.. 752030 1 — 1 

New Y..I * 1 ... . — '•'I*- 

ilornins- Standard, tiiih n.BToT - 7 J 00 . 1 !'„’ " 
hr> Plumbs 27 . 71m. 19 . la. .-ft. 25 . :;n - ' 

Ift. ;s. 12. U 3 . in. Krrb- Standard, shnv 
monihfi I 7 .I. 6 P, 76 . *1. jn. Afr»ntn:t 
Standard 
■Li 


Yeetenlaj V +<n 
I'lir-e 


. 2005 Jl 12.0 + 56.0 2042 0 1990 
.. kucrn 69 JI -. 51.76 2 < SO u- 40.0 
. ...2I1.6.O 07.0 + 49.5 2117 . 0 -ili/B 
. .. 2 V »4 0 06.0 - 54.5 211011-2080 
...2185 0 9 S .0 . 27.00 2098 . 0 - 79.0 
.. M 46 0 S 4 JI + 25.00 2056.0 40.0 
2025 0 45.0 4 20.0 2039 . 0 - 50.0 
4 liSS 4 5 . 7 U 3 r "into of to tonne*. 
International Cocoa Organisation • U.M. 


J.aii-r. huhi-r Nr* - York Quotations stiipu- 

latrd till rriwirr ami thi* Uiarltct reached Uenem'ier... 229 . 0 - 31.0 -0.5 

huJi points tome £2.ft0 I rum first traded Um.-ii 2 ia.d-is.o 

levels. I lower, r heavier aRerinaA \| H \ 

developed H'hkh could nor Ik- abitorhed .|„| v 

jnrf on. e-s fell 100 points hv :he close. 


I'rM. lYe«ier>lav 
linn 111. 1 L'kiW 


.1 


I 're chap. 
» hne 


Hn-inem, 

Untie 


lJ. 1 i.mi .. 
I Ip-rni'ei 

Mill'll 

Mar 


257 . 0 - 40.0 ... 

250 . 0 - Si-.O .. 

*». 0 *o .0 

256 . u 3+ 0 —4.5 :r-:c 

257 . V -59 0 -5 0 2 ; 7.6 
■ 240.0 44.0 — 0 .: 


Sales. .'<■ Illl lilts Of 1 
SYDNEY CREASY r ll-.. 
huy.r seller, busim-cc 
" 44 . 1 *. 149 


1 


; -Lard— 1 .Ii . 
j prim. .|<.-jin 2.1 ft/ 

IftMaize— . 2».-22-; 

-*“* : -ii ■- Me'- 214 .- 244 : .njij 
. 24 * 47 -.' 4 s:. S. pt 2 W -.24 :. !/ . .i 2 -: : . 2 : 

fPlaunum — Ijn 

nn ni. .Ini- 1 1:4.1 

. t;:« .i't"l .tnn :;<»>• k. £ 

■44 an jsk. ri July ”47 "ai .,%i v<|. 

'Silver — .ni ,‘jj. mi 1 1,47.1. !/• 

J • V • eg .. Jjn ".72 711 Mar.-h .V>| w 
• 1*1 Ml. .Ill's i'l'l S.-pr tefl ill 

1 'I'. '0. Iji W- VI. 'larch •. 7 ii 
I ..i- '.i< .lur. 4 y. Si.pi i" 

■ l.irii'.jn '••.■•■J h. 1*11.11 W V .1:7.. 
Soyabeans—'...., 1 * Jan. 

1 . M.inh fi-'.i.-'.: Mjy 


•\pe|| 


Apr:: 


1 ftla> 
D-„ 
1 Man 
Hands 



■ifU-d lhe markrt :o Sft 96 .j on ihc nr- 

market. Huucter. iu the noss the marki-i M 

slipped bach to UR before revonTins 10 R°®USTAS R»m Mr ihrambwit 
— - - - ■ the S' SM.'fi and dealer burmu v.as Mildeni 

vh.-ik'tif llquidaiion weaken rd the erainilah d Pa .is n-hli 


£.197 on iho moemufi kerb follou lna a sued 
iwo-rvay trade. In ihc jfl.riiooD the 


market traded aoiroaslr. ralilne to CT/o i 

an d rhm rally ma 10 ciosc on the lati- kerb S_' 
a: LAa. Warehouse stark* ar? pvpe.nnl 
10 sDOu' a marginal decrease over the 
week durim: irh/ch fonvard mi in! has 
fallen around £ 21 . Turnover: 11 . 7 o 0 torm.s. 


H.I 1 L + I.T; JI.PI. 
I.KUI ' tlllleiR. — LlM.mcl' 


fr-Ml Burnham Lsmh'-n «v- 
MruoR NrW York mark-.-l <i»i- 
firm. -J 1 oudon'fi lorn- and values at lhe 
vies- "" r " ft " 1 the hbjis iifti-r Jalf Stop- 
loss bus ms. 

YiM«iI»v'. 

Cmm* ' ,.r JI11- 1 lie. ^ 

I min* 


ini Toul sjI.-s 40 

j «w, .... , . , M , " Ew ZEALAND CROSSBREDS— !r 

Sales. 4 099 IJ..*W> Inis or jO loantc nn order hujvr. s-ller* !• ■ :■■■-»■' >■ 

Tail.- .inti Lyle e\-refim-n. price f»r Manb l >2 fl-|s't!o: Max i. .)■ 
slIKdr mjs ts 2 .il. I •(, u. lief! ■ IXMt- 19 - V. : 1 -- 


j mam- for h-im- irade and i<>2.n: Dec ItC.felWj u 
• same 1 fur i xporl May 192 -n-l'is 0 Sale'?. ' %i 


1.4 'FI 1 


L |ifi I idi nr’ 


* same ' 

£ 1 Til IM 

Inicrnaiional Sugar Asreomem «l' S. 

n-nis 1ST |i«uni1i liih amt stmvetl Carlh- M C A T / V'FG TT t | 7 | LC 

Ivan pun. Prii.-s for Xnv. IP: Dally 7.96 !**«-<** ■ / V LAJ L I IJL-r.J 

i.'.Tti; Ift-day aw ras*' i *-72 «v.*n. SMITHFiELD— \o carxftb' 1 ••• I‘r- ■ 

WHITE SUGAR— T los.- >111 order buyer quitted. 

Siller. blblllrW. »alcS>. l et., liis.iin.iog.5ii: MEAT COMMISSION. \i ^rj.v r 

1 IIB 90 - 1 BS.IIII: .ii April IK.;# 114 . 89 : 1 i:LM pnee ai repre-emaiive ' ,r . 

onl»-: 21 July 117 .Wt- 12 fl. 0 ft; nil: nil Kepi. Not ember In GC ila:i;- \,t - 

KU , . - ■ ■ 121 . HI- lift til. ml: nil Nov. l 2 J. 0 M 29 .Wf Ul v. 1-0 112.: UK ; : ■ ;.er 

A. 1 S 58 15 o 2 .35 5 lb 61 tM „ll Keh. 129 im-i.r, on. ml: ml. April kS CMde-a --fl. 4 .. ' 

nvflfhs 394 5-5 _ 5 ; 30,1 9 q MSS', S MSS H 0 «C KONC-Hrln s loM ju-sfi pomis on 

nvflfhs., W. 9 -S —.5 1 394 . 5-5 + 1.73 llar. l. ^74 + 29.0 U 75 1:33 ,hv w +. Frrfaj". downs nrmi .com* 

1 no “ 3 ,® 1324-1285 per r*ound 1 — Jan. s 0fl.ti.2P. March S.(T.- 
^ 95 •’■ 31.0 lk 95 -l 55 j|ay ‘. 7 s-y.B 0 July k. 97-0 11: Sepl 

'ff' 68 + 30.0 1245-1256 mil.r.: in. sr 2 LPM Buidnesb: Mar.-h 
s.-j-s.ii/i: May 9 < 0 -t. *| July 9 b^fi 9 ft. 

Si'p; 9 70 Turiwv/T .12 1 Jfi • lots 
U 0 . 6 B-ul.Wi: oil: ml. Sales, *fi. 


Soyabean 

Meat — D* 


7 'l- 7 -7 Ilfl 

. 1^7 .p,,p 

i *■/ ' 

.. ■ ]?• v. 

Mar. 11 

!■'. I'l m.I.' 

1 -4 «• .1 

It:' ;•/ ■« 

». ^'ia. 

e. 

J -J INI- - ' 

•••'. t.'Cl. 

in.'«> 

!.'■ •" L'vc. 

1 ^ »n.a ■ 



Soyabean Oil — C* . 

: nil- ’ . "• 

. « J flro 

J a». J ? . 


’.t a h 2 

• 15-24 -"I 

ila: 74 3 U -24 

11 1 u •• 

2t 17-24 


24 S— ;.| 

ilfl. 

t.M. 2 

■W- 2.7 93 . 


Suqar— \a ■!' Jin 

!ar. I. ■ 71 -■ .. 

"is n s. *» ’i ; - 
>.i ‘i 7 n '.I irc'i '< k 2-9 k ' 
Tin — 71 T' 7 .'‘l Hum. 
-Wheal— H- ■ ft 


'.Tnj - 


1? il*.. 
: in's- 
r. “..Il tin. 
ftaiw: "/.s'M. 


H*h„. 


406 7 
194 . 5 - 
407 


-rtl.uienti 407 • +5 ■ — »*,. 

- ■■■ ■ jl.lv 

Momms' Cash Mtia. 12 . thr.r months 
£ 3 >ft. M, 94 . 3 . 94 . 1 . 13 . 94 34.5 05. N-'y"*'" 

Kcrt: Three months £Ms. 'ji.i. w. 97. 

^ ,2 - 9i4 ‘ of ; luuiK-s 

... 9> j. 91 *-• £-■■’. 9 ^. .1. 9 ,. 9a. Kerb" |C 0 I nd' cal nr prices for Sm fl /L ! S 

Thrce^ mcutlu ram. 87 . Wi, W, 95 . rvjus |u-r pound': t^lombiau Ml hi 

Arjlti- .is 172 . 1(1 ffuiRie ■: tuiivashi-d 


1230 1240 +Z 2.0 - 


95 . 5 . 95 . 


GRAINS 


.‘•l.fto 1 same 1 


ZINC— Marslnally higher in fiiihdn-d Ar«iM 
irftdin; rittlcdlng forecaste of 
subfiaacal stccSl deer 

marenal eortK-J s; £W mtt 

:p_se a: tsffi .5 on iho la« kerb. Turnover: ^ 

COTTON 

, ■•-*•'- 4 - "i rein. i+i,r 

ZIM Offi-ui ~ ( n. — 


LONDON 


FUTURES-'IIAFTA'— The 


nt her mild marferi opened j.|(ip hUln-r. tVh-Mi eased 


66 . 67 . 65 . 


is:? of a fairly Ardbuin ' lw, ~ 'i ^nliusti.s h:a inimlly on inniim-rcul and munm vll- 

•eas.'. konvard il»- '' « .^ ollus,as l'--' IWc i«« h m d' mand lor the sp.ii m.-r.-ased 

and cd 2 cd up IO Ii-'I.IW'. Dauy avera-e 145 .K 4 values clitbilr 10 i-luse tip inwr 10 lip 

up. Harley ipw very little ir+do. Coni- 
ni'Tiul supmin uiiinUr incr.-a+i-tf rylu.fi 
in lap hlehef. hill rounlrj' offers m lhe 
„ , _ J'lerimun 1'Av.if ialu..s filuhlly 10 close 

COTTON— tiwnwoi. spot uid shiM'h'iu ip ItW'T 10 lup un on ihe day. A k |i 
Sales aii'i'titti/'d in .’.in innm s brii.cina r.-rsirifi. 

Ihc :o.'J' IpT Ihc tte-'k tij 1 . 42 , avj'iln-'l 
2..'S|, s rn -hi uniunis u. t k. r- pons WHEAT 
sitiii'iiai. >! J iliii''i 'f'-insnr. uiih lurih.-r 
4 V. T .*i!.'rs.il[s .ftlaif.-n nie-rntiwis 
rrartii.- 11 Turkish and Snum \n,. r!> an 
»rn'ftt:ii. 

HONG kong-r.i ■V iviiun luiurcS 
ntarki : r« ;-'ri lor on-k .-urtiti^ November 
in fri'". -unci e 7 <nut mu points on the 
KrioaVfi 


V 


• 1.5 


352-3 - 4.5 353 4 

mnmhc..- 3 S 4-.5 - 4.5 365 .5 

'le-ni... 353 — 4.5 - 

'r'm.ni-ll - . ... - 53 . 3 - 4 .S ... . 

Momtns: Three months £152 M. M ft. 

•-■rb: Three tnonlhs 3344 . Afieniouri: 

TTifNM BfcMlte SKI. «. 172 S. t*. is". 

A*. Kerb: Three ruonvhs I 3 w;. vet r: more auivo nailing 


BARLEY 


fie. 7 j-o 9 .l-' 




^ f-lr*MUV 

.1 + ... 

Ve*t er.ln \ 

lll*W 

- 4 -.M 

\..l . 

88.90 

-O.CS 

80.25 

-0.10 

Jen .. 

90.40 

— 0.1B 

82.45 


31 *i . . 

93 95 


84.85 

-0.10 

ftlui _ 

95.60 

- 0.15 

67.3 J 

v0.2D 

■N-|J . 

89 . 7 a 

— 0.05 

83.4 J 

—0.10 


FINANCIAL TIMES 

Viv. .4 X..i,i Jlnqn, n : , 1 -v "t- 

d« 0.62 4.24 264.00 '2 7 . a 2 

(Base: Jaly j. iftij = i„u . 

REUTERS 

10 .\ni .9 \|. H |||, (,..r 

1518 7 I 521 . 1 _ I615.! 

<6ase: Srpirmnor' !*, ,i 

DOW JONES 

"~Vi1. ftl.ft! 


: 4 c =.5 
1 i *<ki ■ 


f*..w 

■l.'llr- 


l. 


M-l . 393 3 d Aya 40 Of fS 7 
Ijiijit*- 83 4 f 4-1 9 i ■ ;• ■ • 2H li 

lA rerjflp 1 V 24 .;.v;i. - in • 


i-j.ii; Varch 
‘-t'i- 47 : ..:i':. M .• : 4 n.i 4 ": Hily 

s.|'l .."l; :</lii1 7 b. I. 

•ft’l.i.Ml'I.i;. '•■••ft. TRye— "'/ 
:i ill.. ■ i'll .ill tii.rn -. IJ.’. V'L'I" 'I«J. 7 tJ 
jfil -if . \‘.i.' 15 # fw* ii.d ,!ulv I lA 44 p.'Ill. 


•■Oais— L»" >1 1 si ii" 1 

ask. .!_• ;o ;.i 2%:.. a . :»ia' 

in.'. . . :n hut. 

7 " Barley— !"<■■■ 7 'i ’,o S, ! 

Man I; 7.7 mi a J'i 4 < 7 j!«>- 
lui; 77 i'l. tei* 

!SFfa»seed— C 7 f > 

0 . ;k; tu. J 47 j t bet 

Ma; * 27 ; 7 fl r. 1. 1 . In-e /..i, 

"Wheat — '.<;'A'|!S r : rr>'.:-:2 

\I! C"ii:« per ;ii,iii,d "T***. .1 '-hnix-.e 

■mVsft ■vli.-r-ifii- fitsti-o ’•< p<t trov 
.null. — ;tH>.niiiii-- ill's -i'll. i aco lr.n«« 
t r<.-r :•«' in .— <u 1 i pnt-** 
■>f. ■ r.i >• .‘Tun-- jut f.ih TV hu'k 


March ?* *-'t 
77 4 " askrfl. 


1 n.d'. 
411 -..■<: 


'0 h.i.. 


■ni 


n hu. 


■> p<-r 
‘j o»r 


M.., 


MOODY’S 

i 


f. l rr..iiM r -79 9 981.7 *71 Hi ? 
fTlrromh-r M; ffl 7 ! t 


• ir* I. tu •. :• r v 

in. is. 1 i..i.i.| iijs'ii ; j.i 
uii'-i ■■ fur V-i i:*i 1 
ptirt.ft fl-:-'.'.r- ■! TV. '■"•nt! per 
■Ki:,i •- ■•C-ttarehoilv* " K ” 

j." m »ft j fth.irt i i>i. f.-.r hnr <r* 
ilmri ton, > 1 , • r. <t fiC r , r« 

Toi.rt" M I.1.1 ft jin icon. 
. -.. r ii-'r, i.i<!,-| ir '.:or«. 

'c :. r 7: 'b h:ift!;..| '-r>v« 

*i:is|ii.. -.-.e.ir.-!i.iu,' p*r 

li.:«t|» 1 ..fi.'i' ir. 'lO'jfte. . .hnua-isifil 

" j. r ■•/: 






24 


Financial ' r 


BRITISH FUNDS (870) igl** £• '3HE& Va\ H 

2 ; :pc ftitm, ig*. i7.ll' ; iAmx Bds. Reo Oli7'79j SB 1 -* 

Jpc British TranDort 60i.;o ■*;* 1 «® )*• I 9~.pt Bos. Rea 11*8/791 9B*ix (81111 
' ~® 'il® '-.t# 60 1 .;® ■, •„ *n » inoc Bds. Re9- '2619,79) 9B“-’ <8/111 

ilO'./K Bds. *M' '3I10/79J 99'.# 

tiMx Hdi. Reg. (MMI 1791 J 00 -»j: 


2 :k Cons. ;oa 19 j* 2o 19* i'i* '* 

4BC COrts Ln 31 'ill 
3i.Pt Con. Ln ,4# <;K> 3 
13 -oc E.choaucrLn. IDOL'S ILO 1001* 
100, 

30<! EtchoquitP Sit. >991 86'*’!® S'ioO 60 

S •. '. 6: 

3pC E bi^Ii*. - jutjr Sll . 1 98i B0 r ti-Q* I; 1 *4 
" I'i.: 30 


[This week's SE dealings 


■ 9111 

I • 3'. BOi 

■ 9; 1 1 ) 

I I pc sds. Rm. 


Ren. (Red. u3ao> 92'.,®; Friday, November 10 
Red. 2-2,831 S 3 ( 7-1 ij i Thursday, November 9 


JM.ilSl.1C BOARDS ( 21 ) 

FREE OF STAMP DUTY 
£’.(K Erohcouer Slk. 92;* 1 .0 ’.-4 l; ioft ! Aon. Mon. Carp. SpcDb. 1379-83 74 
’> I 10 II*. S'.rcDh 19B0-S5 73>*. BotDB 

67 IB-Ill.. S'.pCDb. 55 rSi 1 1 J. 6 vDC 
OB. 62 ("11'. T'jptDb 1931-64 
81 80': i 6 ?l(. 7'iKDb. 1991-93 
644. _ "i.eiDo. _9';B<Ob 1933- 


44)93 

4*434 


Monday. November 6 
Friday, November 3 . 


3,938 

4^83 


4,396 I Wednesday, November 8 

4,107 | Tuesday, November 7 

The list bo low records all yesterday's markings aad also the latest markings during Uw weak of any share not dealt in yesterday. The latter tan bo distinguished hy 
the date (In parentheses). 

cases, and the list camtrt, therefore, be regarded as a complete record cF 


tmw interest* 15®» * 1 «® : 

troh Mi ns riSfli'io? iBfll > 

)zsr&2b-&t **• 

L«TOw* intnl-Tlto: 

Le*ex (5p) t &U® J. l ‘ 1 J , , . 


-• 

Reevlck &**» 

_ 6 ?n 82 

RKsrdO Enori (25ol 307* 


Rexmorc 02W64lhiB 

RKstdo Engro. wSol 307* ■ - . 

Richards Wttltagton-indj.uopj -TT® 
Richards Cl0|»:i32-(a/1t»' ‘'- • --■ 




7DcW. ; 


The number of dealings marked In each sectian follows the name of the 


B « 0 C’ Eari>c-n>:r L:->. 88 ms a® 7" 

9'.ae Eroh’ia Si, C9'|.® O 

9>;pc £_« choqurr JO. 92 \ „ 

IJm E»Chijou-:r SI*. SB'.* 9 : -:® j tg-je i I •reOh.’ToSV.'I&Tt i 

8 i, i„. . ' l i* . 'V i Finance tar Industry 14pcLn. 101c* 

‘ - 5 , Met. Wat-.r Bojrt Met. Water 3pc A 

I 2&... (8:1 1 j. ape B 27'. (7(11) 


10 '.PC E*C/"!ql/“r Sir. 34 
10': bc Ecrticoucr Stk 34 V- 
12 dc Evcncquqr Slk 199B 92 *.® 29 
llac Erchequer Si). 1999.2007 94 ',* luOi 
'.*'•* a* ' i, I 


COMMONWEALTH GOVTS. (4> 



section. Unless otherwise domed shares are O. rally paid and stack {W folly 
paid. Slock Enchanse securities are quoted in pounds and fractions of punods 
*r is pence and fractions of pence. 

The list below gives the prices at which bargains dens by members of 
The Stock Exchange hove been recorded ia The Stuck Exchange Dally 
Official List. Members are not obliged In mark bargains, except in special 
'. Ha jiif.' at Sn-.-i-lal Prins. A BoneaiiB done trim or bciwi-m noD-nirmbiTV Rarpaius done previous day. S BarRaios done with members of a recognised S(«* 
Exchange 4 > Bargains rtnm» for delayed delivery or " no bnylnc-ln." vWRAimrallan; IB— SBahanuan; SC— ICanUdfanl SBK— £Hong Kong: II— SJamalcan;- 5 M 3 — 
sMalayan; SMe— oMexwau; sitZ— 8 Neir Zealand, as— nSliKtapon. 1 : StS— iunlied Stales; tVfl-flfetl Indian. 


prices at which business has been dnao. Bargains recorded in the Official 
List ap to US p.m- only, but later transact ip os can he Included In the Following 
day's omcJaJ'UsL Ho Indication Is available as I* whether a bargain represents 
a sale nr purchase by members of the nubile- Marthas are not necessarily 
in ardor of execution, and only one bargain In any one security at any one 
price is recorded. 


Whir ley >2501 110*. 


1 2 'iPc E.cht'uucr Stk. IDOL® ■,* 100* 
99",„ 100 V. ■,.. '* 

1 3pc E«ch cover Sir. IDO *9 ">■>* ‘-O 

l -O 1 00 47-641HI® '. t 1 0O 6 1 -641KS 
6 3-64thi 5 5-64lhs ', 

S'lAt Funding Ln 9a :l i,® '* -L, 

5 :« Funrt.nq Ln. oJi;* j-i »i,. •■i„: 

6dc Fundinq Ln. 60'iA 'i* -• '. '» "| f 
6 '-dc Fur.dihQ Ln 75\5 6'.9 >.* ' 

S'. '■ Si 5-. S S'. 

3 :pc Fundinq Stk. Z6'»0 '.* S*i 8 
S'-oe Funding srr 82',..* I '.* \ 

1 2'.'. 1*. 

6 '.Dq Treasury Ln. 39 l . - ■. 

’■.3C Treasury Ln 60' ’* 1 1»* 80V 80 
7 '.pc. Treasury Ln. 2Q12-1S 64',® h. 
Sue Treasury Ln SS 1 '!-* >* - ® 

S'. nc Treasury Ln. 19C7-9D 76' -9 V 


Arthur) Son (25p: 1480 50* 
lOPcLn. 78-‘. i9:i1l 
Highland Distilleries iZOoi 14E 7 5 
Invergorden Distiller* (Hldps] (2SpJ 141 

?: 

Irish Distillers Gp. l2Sp) 190* SB -9111 


Bniisn Guiana 3pc OB'. ■$, Hi. 5 pc 64'. 

■ 7 5 1' 

Jamaica S'.pt 80 '. >9. 11 

Kenya Sue 72'. 17 Hi . _ 

Hew Zealand Jsc 100>', a i9 ITi. 5',oc ' Maesllan-Glenllvct <25oi 395 400 (7 11 

i 79 .9 6 dc 9S .*fl> 7', pc 6S':® iS'l 1 1 . I Macdonald Martin Distilleries A >50p) 

'll 7 :0C B1\ >3 ; t 1 r. 6'.pcBds. 100 I9'11i| SIS: 

1 Nvasaianj 6oc 1978-31 89 -7 in Marslon Thompson Evershed i25p< 779 

® ! Southern Rhodesia 2 1;pc 53* (9 1 1 >. 3i. K , ScoitKh Newcastle Brews. <20p] 600 59 
' 198Q-9S 46 'B ill. 4 _pc 1977-82 65 I '1 60 6-aPcDb. 80-; i6.Ui T'.peDb. 

j '91H 4 0. 19B7-92 45 2 i7 1 1 1. 65': ■•1*1 * 

•- I 6pc 1372-31 M <6.111 I EOulh Airican Brews IR0-203 651; 

i Tomaun Distillers i25oi 1219 i9.11> 

FOREIGN STOCKS (I) «« *55p' 112 * 

. ■ _. , , r ,. , Watney Mann Truman Hldgs. bacDfa. 54 

‘ Chinese 4';pcGJd. 1898 JEng. I 551 17*1 18 III 1 

I Wh unread A <25a- 99'.* 100* 98': 8 9 


S'-DC Treasury Ln 1900-82 39*-9 90', :* 
90 39 . i 90' 

S TOC Treasury Ln. BT 1 , •; 7 ■« 

8 ',OC Treasury Ln. 7*9 3', 4', 

9pc Treasury Ln 769 ■>« 6 S'. '• 6' in 


-9 111 5 pet, Id 1925 161; *8111) 

Gruex TocRelugee 1924 £47 (711- 
irecland (Govl 1 6':PC -Br.) 68 
Japan 6 dc 19^3-88 67 1; 

San Paula rSiaiei CoRee Inst. 7->K 81' 

16 1 1 1 


5’tPCOb. 86'. >8111. llpc 7 46 
I Whitbread In* ,2 5pi 89 91 >81 H. 5%PC 
l Dh 72'. -S II- 

Wol verna mpton Dudley (Z5p> 213 -811) 
.Young <50pi T5BO 


S'. 


CORI*. S KICKS — FOREIGN 


9 pc Treasury Ln. 1992-96 76'.* \* -:9 Santos ?d:lp 1927 65 ;6'lll 
'4 S 6 '• 5': ; 

9 :nt Treasury Ln. 809 79'rf- "s9 -1 , yjj l(AILW\YS ( 


(4) 


1 2 DC Treasur 


Ln 989 '.9 ‘.9 


Troasuiv Ln. 100* 99".® '< 


, Canadian Paclnc 'CVS- 13'm U S. SI 9..: 

I £13'>... apcPi 'transferable- 31 4.9 

I. .9 II'. 4CKD0. S2a 3 -7'11. 


12 '.DC Treasury Ln. 102-..O 1 '< 

1 2 'ipe Treasury Ln '995 97"i.* 3 i,« 6' 
7'. 7 7-, y. 

13I.dc Treasury Ln 104 '.o -.9 3's ' 


FORKIGN HARLWAYS (— ) 


i Russian S«>ulh Eastern Rlv. jW ecBds. L5 
1 -91li 


13 '.pc Treasury Ln. 102 . 9 -, 1* 2'% '. 

14 ;p< Treasury t-». HP',* 1 1 -.9 10'. ' 

1SL.dc Treasury Ln 1 1 2 •,* 13' 9 121. ' 

15':Pt Treasury Ln 11 6'. 9 16* '-' 1,9 IE 1 


2 :Dr Treasury Stir 197S I9’i* -i '• 
Ik Treasury S:S. -lai 22”. 

3 1 >: Treasms Sis 1979 9S ,, - s 5 
3pc Treasury StL. 1982 63*9 ' 1..9 


RANKS (143) 


1 . 1 a pc 


S-jpc 


3-:DC Treasury Slit. 1977-20 93':® 


Alotjnd -is Disc 233 -7-11) 

Allen Haryey Russ 3159 (9 11] 

Allied -risn Bnxs. -25 d; 203 2 
Sub Ln 157 

Arhuthnot La:h.im Hides. 1409. 

Lr. 7b C 1 I - 
Austi HZ But . GrD. -SA1) 282 
Bn). America LOrp. -uUSl. 572-51 SUS24I, 
BnS Ireland 400 

Snl Mpi-ircal 'Ct- 1 3"i,9 -9 11- 
Bn>. II. Sin Wales iLndn.Ri - iA2) 53 


CANALS AND DOCKS (10) 


Bnstol Channel Ship Repairers (lOp) 6-', 
(71 Ti 

Manchester Ship Canal 275* 6 (9-11). 
SKIT. 37': 'B 111 

Mersey Docks Harbs. 38 ':M 8 6'- 8'HD 
9« B :-. 3'aPcDb. 1974. B4 62'-. S1.PcDb. 
771. (111). 6'siKDb. 42 >6.11) 

Ml ford Docks 114? 


BbtPf. 90 ■ Berwick Tlmoo (250) 6 fiu 'gill 
’ Best obeli fZSpi 141 f 9 >i 1 ) 

Belt Brothers - 200 ) 560 
Bibbv 1 J.) Son* 2730 .4. I 0 'rf-CDK>. 75’: 
Bifurtaterl Engineering ( 250 ) 48 <9 ID 
Billam (J.) HOpi 41 >7111) 

Birmid Quo lea si (250) 520 7'--* • (9'IIJ 
Birmingham Mint >25o) 1100 i9H>- 

fioePrr. 34 

BKhop's Stores A Non. V. Ore. 2Soi 90 
iB.'ll) 

Slack 'A. C ) '25 pJ ISO 16 II 1 ) 

Black Edgington i50o) 86 
Block Arrow Group (50o) 3B (BID 
Black (Reter) Holding* (2 So) 184 
Blackman Conrad l2Bp) 201- 9 11) 

Blackwood Hodge <l5s) 57 ' 19.111 
Blackwood Mon on 5gm (Holomgrt USD) 
210 >9111) 

Blagden Noakes OioldVfias) (25 b) 235 

lO’ID 

Bluebird Confectionery' Holdings - 2 Sd> 91 

Blue Circle Industries 2499 650 50 1 
DDCOrt 58 >: -8 11). SdcDcO 72 vO- 

lO'.pcOrb. 77', 1911). fil.pcLn 43'; 

Biunde'i-Permoglaoe Holdings -Z5o: 83 

«7fl 1 ) 

Board-nan (K. 0.) internaHonal -Sp» I8(;0 
>911 D 

Bodycote Intemot-onal <2Sp) ^19 S': 

Bolton Textile Mill <5p) 111; 4 6 ’ 1 1 1 


A— B 


COMMERCIAL (2.308) 

6ncM. 93>: 


'i«.9. 


3 DC Treasury S>) 1979-31 Sb - :® 


11 .® 


Hi 


(B'l It 


5oc Treisiirv Sit. 1986.89 63'. 


4 3 


5 .-DC Treasury Si) 2033.12 46 


S;t . 88 ' ■-) ■ • 
Sib. 1933 38 


fl'.BC Treas.., 

9‘, dc Treasur 

8 . 7-.,. 

9 1 2 DC Treasury SI). 1380 96'.® 
3 '-pc 197-1 94i'..K «* -. s .. s 
10oc Treasury St). 1992 BJ'.* 


10 :d>: Treasur-, Stk. 1979 93' i*® - 
1 0'.-pc Treasury Sik 1999 83* 2'.® I 


IT ,-oc Treasury 5rk. 1979 99>'ie9 \® 


H’cPC Treasury Si) 
47 64th«® * 1 ® -i - 1 . 
1 1 '.pc Treasury SlV. 


12 DC Treasury Sib 


' Bnk. Hpsa 5 : 0 : a 'SCll 12 
, Bn). Scot. 271 5 

1 *! Barclays Bni 342:* 31® 7 4 2 3 3 4;. 
E'.OCL" 67® 

'®'C,n. 'mo. Bk Comm. -\C2i 16'»® a.j 
! Cater Ryder 253 (7 1 lj 
C-Iiccra ■ -US: ■ 17.7S -3 11) 

‘ ' I Chve Disc Hldqs. <2Qe> 709 1':. 9-.ocP(. 

. 99" -6 ' Ti 

'1 1 Comm Bnk. AusU >* At 1 1 93 • 8 1 1 ) 

. • Deutsche Bn) DMSO) 111'- (8 11) 

j Gorrard Na: Disc. -2Soi 176 8 
Gr-ed'a >> H'du*. -2Spl 117 
Guinness Peat Gro. New i25d 
■8 1 I 1 . 4 2P' PI. 45': (7 11) 

Hambros Sn-, >2 Sdi 187® 

Hill Samuel Gra. (2 Sd) 64 I. BocLn. 63-: 

■9 Hi 

Hem I eng shanghai Bnkg. Corp. ISHK2.SO) 
258* 50 7 

| .lesti-i Toynnes 1 '2Se) SE® 

1995 96® 5 .9 6'.® 


r® 


1981 98 >■* 7'.* 


1991 96 st 6 5'; 


lllmann Kidd*. 


>3r>c Treasurv SH 1 05® 4 '. 

14pc Treasury St) 1932 103';® 


Cnv Elk 1930 96'e* 


9dc Treisi 
5 6 v " 

Variable Pyi» Treasury So. 19ei 96 

’ 9.‘*2 94 ', 

3' or W*r Ln. 28 1 .® \ i'i,. 


AAH .25pi 100* 93 :« 

-9 11- 

A. 8 . Electronic Prods. Group > 2 Sp- 1299 
AECI E':0CPf. >R2 ■ 27 u* -9111 
AGB Research -too; 104* 8 6 . New 
■ lOp) 110 9': 

A P.V Hldgs ■ 50p< 1 67®. lO'.pcLn. 150 
'9 11' 

A.V.P Props 7>.«>clstDb. 67 
Aarensen Bros. : 10 pi 63 4. 4 2EecPI. 56'. 
18 1 1 . 

Abbe* Lid >2 Sp> Ja-^s ,9111 
Abertom 1 n*s. -R0.30- 36 -6 11) 

Aberdeen Consinn. Group "2Sp> 82 -Sill 
AJaerthaw Bristol Channel «25 d- 141 <&‘1 1 ■ 
Acrow A >2Sp1 90® 869 8 ® 9® 7® 
ai.pcPI. 4) 7 11 i. BocLn. 78 .- i7-'tt. 

Atfoa Intnl. iiapl 46:® 7® O® 

Adwes: Group ‘2 Sp> 290® 4. 10 ':ncLn. 

201 '6111 

Airfix Inds. (20p1 51 i9 111 
Airflow Streamline* (25pi 380 
Alcan Aluminium 22 I,.b i^lli 
Alcan Aluminium tUK ■ 140 -9 I1> 

. _ . Alexander Hldgs. (5 d> ITU 

115 12 'Alqinatc Inds (2 SdI 223 «9 11 • 

I Allcnone Sons <IOpi 28 18 111. 7 ocLn. 

41 4 >6111 

Aden 'Edgari BaKour '25 p> 57 6 > 7';t 
Allied Colloids Gro (IOdi 71 68 
Allied Insulators (2 Sr< 60':# 1® (OH) 
Allied Plant Gra. (IQpl 18:. 

AllJrrf P.-.hMrr Gra. lOefLn. 94:- >7-1 I > 


Booker McConnell J 510^^276 67 9 


4.2 pc 


Boasev Hawkas <2 Sd 1 162 . re II 
Boot ^> Hcnrv) -SOpi 120® 1911 

Boots Co. i2Sp> 189® 94 89 8 90 1 86 t 
92 3 

Boulton (William) HOP) 19 

Bowaier Coro. 179® 3.74. 5 -peP*. 

44’,. 7PcLn. 81 (7*1 »» 

Bcwarer* Newfoundland 4 i.pcPi 2 9': 
19 1 1 ) 

Bowthoroe Hloos; - 10 ol 6 B^> 8 ; 8 
Braoy Leslie (lOp) 69® >9'1 1 ) 

Brady Industries fZ5pt 54 -6 111 
Braham Millar Grp. HOo) 34 c* H- 
Braid Grp. iSdI 35>y® 

Hramall it D.) >25p) B3 >8'11i 
knsw.y il Op) 5*1 4P* *9-111 
Breeden Cloud Hill rzspi 91® >9‘11i 
Bremner -25p- SO'; i9»lll 
Brent Cnermcais lion) 183® 

Brent Walker i5p' 51'; 19 111 
Brirkhouse Dudley -lOp) 46: <9 11) 

Bridoend Processes >5pi a® >9111 
Rridon >25o) 106® 7'- 6 
Br'dPOrt-Gundry ’20ol 34',® -9 111 
Brloh' i.leho) I2S») 33 
British Aluminium 820 r7.'11- 
British. American Tobacco EpcZndP' 49 '• 
■O 11 ) 7acLn. 80 ® 19111 
British American Tobacco Inees:. 10 :PC 
Ln. 83® '9 IT. 9>;pcLn. 132® 

British Prncol ilOpi 29® 304® 

S'l'ish Car Auction Group riop- 489 7>: 

Bril. Elec. Tract. SpcPfd. 59; 19 IH 

Old. (25o> 10S 6 7 
British Enkalon (2SDI IS'-:® <■ 

British Home Store* C25o) 192 

British Mohair Spinners f25o) 53 2 iSTI' 

British Northrop (SOoi 72 < 6 ' 11 ' 

Bni-sb Priming Caro. >25«' 49 New | 


CMksedge iHidesJ >25p) 85 7 i7illl 
Cohen IA.) *20 p) 163 i 6 ill). A i 20 p) 
130 (5/ID 

Cole (R. K.) r25pl 94* 

Colgate Palmolive fSUSD SU517:.o h 

CoileiV DfckMSon Peareo flOg) 73* 


Coffins (W.) iHh/gs./ rZSPl . 136 
>32 191 II). 


New HOP) 30 


Com ben (100) 

>9/1 1) 

Combined English Store* tlZ'zp) 106* 5. 
9>:ocLn. 72:0 

Comer Radio vis Ion Service* (So) 130* 
CompAir iZSp) 82* 79 81- 6pcDb. 89 
16111) 

Compton >J3 Webh iHIdgs.) (20p) 73 
i9l1 11 

Concentric HOP) 39 (9:111 ' . „ 

Cook iW.) ana Sons iS.) <20o) 22 >B'11) 
cooper Ifld*. 1 .ID 01 21* 19';* 180 
Com Allman Inti. iSbi 6Bb: Hi BQi 
>9(1 1). 7':pcf.n. 80';!* i9’l1T 
Corah (2 5pi 36® 6 
Coral Leisure Go MOo) 1080 9 8 10 
Coming 7p-:Q0. 77 >, 7 (7-1 1) 

Cory 'H ■ (5»l 18 t8.'ll> 

Cosalt OSo) 59® 

Conain iR.) C25o) 234® 2* 2 
Courtauid* O50) in®. *: 11 14 

7pcOb. 70ia 70 65t 70 k. 7).0cDb. 65k 
IB.'1 1). 5>»ic(.n. 45>^ 6':pcLn. 5*1; 

7bPrt.n. 56. 7-'<PCLn. 55 (7-111 
Courtney. Pope »Hd*-) OOp- 70 
Courts iFurfl.) (250) 110 (Bill). Non. V. 
>2Soi 108 rg m 

Cowan, de Greet 1100 ) 53 2 (B.'ll) 

Cowle rr.) C5 p’ 411; lEu'll) 

Cray Electronic* HOs) 31 IBID 
C relion Hid*. (lOp) 14!] (9/11) 12ac Cnv. 
»10p> IS-; l7l1 1) 

Crest Nicholson MOpJ 58® 70® 67 
Crod* Intnl. 11 Op) 54 3V 3. Dfd. 11 Dp) 
j»^® 30t® Hj 30. lOADCLn. 75': 

Crosby House Grp. 114tO 


13. 


Crosby Spring In:. lOpcPf. 101';® 
Group ' 


Crouch Group >2 Sb) 64* 

Crown House (25 d) 60 '6Ht> 

CryslaJate tHIds.) I5D) 33 <7.11- 
Cullen's Stores A Non. (20 d> 120 
Culler Guard Bridge Hid*. ( 25o) 21» I9M1) 


Dale Electric mini. nOp> 160 
Danish Bacon A 1 04® 191 II) 

DankS Gowerton '2Sp> 60® 

Danmouth Invests. i5p) 20® 

□avfes and Metcalle tiapi 30* t9H1i. A 
Non-vtg. HOpi 22 l6'1t> 

Dayles and Newman Hldgs. >2Sp» 134 
□avl* (G.) (25p> 93'.- 19)111 
Dayy Cpn >25P> 141® 39. New \25p) 
1 420 1 9 / ■ 1 1 

Dawson Intnl. >25p) 179. A Non-vrg. 
(25 p> 183 >8111) 

De La Rue I25P> 393® 90 2 80 3 7 79! 
804 

De Vcre Hotels and Restaurants <25al 
158 6 >7 '11- 

Deanson (Hldgs.' (IOdi 39 i7.'11i 
Debenh»ms -25PI 82® 4® 2 1. S':0C2nd 
Ob. 79'j®. 6l;PCUnsCC.Ln. 58'i iq.'ID. 
7<4.pcUnsec.Ln. 55Vr »6'11-. TlypcUnsec 
Ln. 59': -9111-. 1 lpcUnsec.Ln. 101 

>8/11 1 

Decca (25p- 434 17/11). A (25pl 4100 



2® 1 3 ?'• | Amber Dav Hldgs. -lOo- afl® 

al »b’ Australasia >Lon Reg.- -SA1' I Anchor Chcm (2SPI 72 >7 111 
. 138® I Andersen StraKXlvde 12SP- 65 4 6 >9'11- 

British Eiertric.i, J'-orS'k t976-79 95 . I l/U. Wy-'m-B'C' Bk 273® 1® 65® 8 t; - Anel.a T-fl. Grp A (25pl 83 4 f9 1 1 1 

■. . -. 4I.D- 1P74-79 OB'- ' r 7 DC PI. 51'® 9 8® «: 9pcLn. 7S': - .'111 ! Anglo-American Asphalt l2Sn) 54 -9 1 1 1 

Olioman Bk 4J >8.111 I Anglo-Trensvaaf Inds. iRO.SOl 115 (9111 

Stic I R4«al 8) C’nida >%C2> 19'-® 20>,1 Apolevard -25p> 83 

! Cr-inde-s .1000 5 lAouascufum Assrtd. 'So) 40® (9 111 A 

! S.mc- Dnrhy London -10o> 230 *7:11' 1 i&PC) 40';® (9 111 

Km.rh St. A-rhyn (Hldgs. I >2Sm 78 ■’7'U) 

• SHr.d.ird Chinored Bk 405* 398® 8. 

I l3'?n:Ln 102 1" -5:1 1» 
i ruiijnlu-Ooiriiiiafl Bk. >’C1 ' 12s i/,ll> 

Llnlnn Olvnunl London 290 
W.ntrust (20ai SB -8-11 ■ 


Bril'* h Gas Id, S-V 440 3' ; •« 4 3 
Northern li-l.ufl 6 -orE, chequer 
1379-80 02' O -9 111 
3cc Rcd:mptign Stk 43 >.® > 


CnRPOR.VTIONS 1 51) 

FREE OF STAMP DUTY 
London County 2p< 22 'i®. Spc 79 


Do. 1982-54 77 
8 ■: \. 6p< 95' 


8 

Do. 1935-87 6 
S'.pc 66 ‘. fS 1 I 
Coruorjrinn Lo-don 5'cpc 93 “• >9 11-. 

S pc 82'. -6 11. 

Greater London 6 -.PC 611 ®. T'iOC 38. 

9 ;DC 891. .9 1 1 >. 12 .oc 1932 99*. 

Do. 1981 97 ', 13-4PC 1 02 

Ayr 6 -.pc 97 •, -6 1 I • 

Barr.el 12 1 , 0 c 94'.. 1 ITI 1 
Belfast 6 '•PC 88® >9'1H 

Birmingham Corn 7 '.PC 34'. 17 1 1 -. 9',p< I 
92 1 fg. 1 1 1 

Birmingham OKI. 12":DC 9B' ; ® 4' ; . 1 Spc 

100': 19 11 


RRFWF.RIKS HOS) 


Arden anp Cobden Hotels 'SOp> 89 17 11) 
Ar-.-nsan (A.l 'HldflS.1 tlOol 02 19 11) 
Arm-laoe Shanks Grp. >25pl 70 
4rm-(Mnj Equipment HOpi 67# I® 
ArncliRe Hldgs. (lDp) 4 3 17.1 li. New 
• IOo> 42 (8 1 1] 

Ash Spinning iZSp- 5o 49'. (6 1 1 1 
Asprc-NIclaolas 5'aocPf. 43 >811 


Bco’lc 7 'Jic 96'. -6 11i 
Pr-srol TT'tPC TOO—* 

Camden S'.k 9S'-.« 8 
Camrt-’n - London. 12'-pr -Fy. pd * 98': 

>6111. Do. 'Iss. ai £99 'joc £50 pd.- 
49' * 19 .M , 

Card' « T-r «J 
Crnypon 6',ti.' F6';* 41, 

Ejfmhurgn 1 l 2Soc 97 •, 45-64lhs 

Frflnbiirah Corp 6 -": 9e/, -> 
r.lasnaw 9'-nc 90 -9 II- 
Gloucestershire El irr 91 ' -9 11, 

Greenwiih 11 '.oc 9>‘.® 5 -B'll' 

Hamnshire 9 '.pC 96'. 

Hertfordshire S'iPC 91',. 5':oC 750 4'.. 

9;oc 73’- 

Hllngton 12'ipr 91® 7. 12,p< 96*.. 

13 -nc 1 0I>. i7 II- 

K*nsmgfni* and Chelsea 11 ‘.oc Rod. St) 

92 '; -6 Hi 

Kent Counts 9'^cRr-f5ik 93',® 

Lanarkshire County Ccim. ii 5'-»Red St). 

9?'t.. >9 11' sacHetjSras pb 
L iverpool tC-ra of 13> PcSIk 100 • 

Liverpool Carp 3’ ocS'b 76® 5'- -9'H' 

MaidSlore Corun 6'iP-Re.l5tk 95'. -fill 
Middlese, Courtly Council 5';ocRed Slk. 

91'. 

Nr-rihi-mberland County TocRed Ssak. 93': 

'fl III | — 

Norwich Corpn. SocR-'.lsi). 90. -£ 1 1 - 
No’i'icham Coron 3scSlk drrd.i 1 9 | InrinstriAls 


Allied Brewer.es '2S0' 31 ':® 2 1". 1 2 ' j Dt f. ,sc W ' 73 c'-V ' '■ 

, s 7 | 1 ?. !:K S , 1 Dh 4 ' !: 19%9- f 84 73^" Pibl'.S ttzl# & ' 25 

| S 6 l1? b ' 7*.0lLn 7 2 J "^V?1 1 76 j A “ c , d : Engineering (12’.P’ 6'. 

AmaioAiriated D, stilled Products iIOp: 28 I *• ' 1 '■ TpcPf 40 .9 1 1 - 
1 8 11-. 9prLn. 81* (9 111 Ajs.d. Brliisn Foods -So- 66® "|„® 7 S. 

Bass Ch>,r>naiop >25ai 158* 5 8 8 '.PC I 5':PCLn. 21 7'.-3CLn. SOP* 28'; 

| DO. 1987-92 70'r® (911* 4i*pcLn . Asscd. Communlcat'pns A >25p- 116® 13 

. 41 40 • -7 111. 7 'iDcLn. 61'-® t3 

I Br.liha.cn Brewe-*y C.rmm i25p) 43'.® 3 I Asset). Dairies 178 - SO 79 6 4 5 3 2 

.Bell * Arthur' SOP’ 2J5ri 4 6 New 173 4 80 '• 73.; 9 3 


Bodd -ng|.;n B'C'-ieries -25P' 90 
Br-rriT Brewyr.es iWreshim 1 '25p 
>6 11 1 

Brown (Marthew- (2 5->l 109® iflli 
Biu-Sley'. Br-w-rv (25n. 47 (6 1 II 
Bui mer >H P - M>ngs. -25»' 138 -9111 
Ci»v ■)* 1 -‘-.'•on Brewer* and Inv. Tst Pld. 
137 i7n: Did 1 2 Sol 59 7 '7 111 . 

Rpc 2 »dPl. 43 .7 111 

Cnuraoe S' ik?-We 36'- 19 IT 61 . 0 s 
Zn.fDh. 62. *>!'-»s-Ln B3 '9 ill 

Davenports' Br*v:»rv (Hides ' ( 2 Sn- 78 

■ 6': li 

Dew-ll'h ( I. Al h Sp , 1 90 16 11 ' 

□■at illers ipont l*9» “o® ’* "9 8 91 
90 5 -pctn JO >B 1 1 J 7'ancLn. 60'; 

■ Bill 1 0.SpcLn 80’,® (9 IT 


. Asscd. Electrical Inds. SpcDb. 77'. 16 II :. 
3 7 1 6 'iOcDb 63'- 9 1 I 

.Asscd. Eng. -veering i2So> 106® 9* 10® 
9': 9. SorLn. 62'.- 
Asscd. F-sner-e* 25 d- 43 
Asscd. Leisure .So- 65® 6 5 . S 
Asscd. Newspapers Gnup -25o- 176 (B IT 
Asscd. Sara «ert (TOpl 5S ’ 8 . 1 1 > 

Asscd Toc'ipg Inds. i25p. 39® 

Astbury Madcly Hldos.i i20pi 68 '-: 9:. 
New > 20 p. 66 ® 

Astra Indstl. Group '10 p» 13 !8l1t' 
Atkins Bros. 'Hosiery', 3 ; pcPr. 33 ,s IT 
Audlotrnrir Hldgs. -lOp, IB. llpcPI. 
HOD' 1 3'; 6/11 


SINGAPORE STOCK 
EXCHANGE 


N--i . Ill 


>..r. I'J 


British Vend Im Indus. (lOp) 23 
Brit.sh vita >?5 p' 116 
Brittains f 2SP- 20'. (7.1 li 93c2naPI. 
101 (6111. 7><PCLn. 86 'e >7 11). 

1 0 : *PCDb. 801; 16111 
■roc* house <7 Spi 57® 

Broken H.tf Prop. <*A2i 632® 22 
Bronx Engo. Hldg*. -10P) 28'. 

Brook St. Bureau «10o) 79 6 '7 11. 

Brick" Band Liebig I25p> 46 5 • 5 7.. 

SJ.pcDh 74 . 7ocLn. 52 *7 1 1 » 
Brotherhood fP.I (SOo) 103 (9‘ttl 
Brown )aek*on /20o) 2229 
Brown Boveri Kent (25pi 45 
Brown Bros. Coro. HOpi 26*. " 1 . 

Brown (J I 4120 IB 21 3 20 16 
Brown ■ N.l Inv. r20p> 40 (7 1 1 • 

Brownlee (25p» 72 <7-111 
B running Go. I2SD1 67 (fl'IT 
Bronte ns <25 p> 106 (911) 

Brvint Hldgs. (2So* 44® 3': 

Bulgin 1 a. F.) A n-V >5pi 23': <6 11 ) 
Bullaugn >20 pi 146 f6!11) . 

Bunzl Pulp Paper '25P' 91 >2 
Burco Dean (25pi 68 (911) 

Burges Prods ( Hldgs. 1 (25p) 52 
Burn dene Invest. (5p> 1«(; (7 11) 

Burnett Hallamshlre Hldgs. (25P- 204® 
(9-1 1 1. A N-V (25p) 204® 

Burns Anderson tlOol 54 (711 ' 

Burrell >5 d) 9'a '8‘111 
Burton Go (50p) 1780. A N-V tsOoi 
1690 7 6. Warrants 391* 40 .* 7pc 
Ln. 72 '< 17 / 111 . BpCLn. 59'.- i9 11‘. 
9 i,pCLn. 69';® 3'- 
8-tlins S-.pcOb. 68 (9ili) 

Butterfield Harrev. (2 So' 70* 


9-75pcPt. 100 (7111) 

Deayhurst and Parmer A Non-rta. ilOpi 15 
71111 

Dewhurst Dent t20pl 18'; 

Diamond Stylus -Igp' 16'. -61111 
D-ckinson Robinson Group -2So- MK* 
12® 13. 7 -rpeUnsec Ln. 67 -9/11) 

D'nkie Heel <5ol 14 
Diploma -25o) 16B -gull 
Dixon >D.» and Son Hldgs. >25 p> 104'j!# 
Si® -9' 1 1 1 

D-xon id.) anp Son iLeeds) 5'?ocP*. 31 
DUOitf Pnologriptiic flop) (27® 7 6 -9; (fr 
Dobson Park Industs. ilOpi 100’: 


5JUX 


Flnlan (J.) (lOBl 35 (7:11> 

Fln'as Kids*. ‘SOpi 89 ffi'lll 
FirHar |J) (350) 97 lj 
Fisher 1 Al Grn. (So) 

FIsons 313 15. 6 »c 2 nrfOb. «4'i*. 

Ln. 45# 2U9 i?,1t) 
nith Lovell i 20 p) 61* Z 
Flight RcfueWof. «Sf* ’S 3 
Fodens 150 *) 58 (B/1 1). 

Fuiarty <E) did) 148. _ 

Follies 'J.' Hefo (5*1,43® 

7 \ipcGt*.Ln. (1980*86) 


A asp) 57 

ll»;0CPf. Ill 


Non-vto. (Bni 


Fort Intnl- Cap. Corp 
87) 70 1*11) 

82 ( 6i 1H _ _ . v mm m \ 

Ford 'Ml na OJ 3« 


Ford w. CO. 7 

PSS5 A v 

’ss? kt SmBraj •»"’ 

SSSHLilf 1 ). rim- 


Fofherelll Haroev >Z5P) 




Francis Parker (»Opf 
Franklin Mint Cp«. ' 
Freemans (LonOon 5 

fKS.S'SwISf'SB! 

C— H 


SS.'.tKS’WISr'.nr^r* . 

sgsuc < syia.^', , ». 

ass 8ss , osS 1 %4a , “ 

iS^ A pKUtC CO. Com. Stk. (SU52., 
SUS47 ■»}' „ e _, mm 13 ® 60- 3® 


64i.® iS'l 1 >■ Floating - Rat*. Unset. Cap. 
General ^^B-^R^nne®' flO^t 14., -15 
.'9 11 


-9 11) 


C- — D 


9 111 I Pom Hldgs. -IOdi 84 i7'11 

Dorado Hides (2Sp. 68 -6 11- 
Douglas 'Robert M.i (25p) 86 ® 

Ocwoing Mills ISpi 29 (6 111 
Downing -G. H.i 'SOpi 123 16 . Ill 
Downs Surgical -I 0 p) 43>X (7 11) 

Dowtv Gp. 'SOpi 24B® 9® 51 47 B 4. 
7ocUnscdJ.n. 250 
1 Drake Scull Hldgs. -25a< 36® 

[ Dreamland Elec. Appliances ilOpi 33 

Duhiller >5 pi 24* 4 
Ductile Steds >25oi 117 ® 

□ ulav Sltumastlc -loot 25(0 8®. IDs^dc 
U rscd Ln. 99® 

Dunbte-Comhej.Marf (lOp) 90) 

Dundoniun r20P' 40 
Dunhlll 'Allrcdi ilQpi 375 

□ unlaD Hldgs. '50 p1 68® E« 5 :® 7 9 70 
65J I; « S '* PePI - 44 1 9/ 1 1 1 . 6'aPCDP. 

Duple IrilemU. (5p- 23# 3 
Dupprt_'_25pi_ 63-.-* 4® 3'j 7.11.. 5 ».-pe 
I DpcUnscd.Ln. 10T; 


GlOhJ Oandv A (TOP* 37 IBfllfc 7pcPt. 

Gin*'Duflus D GrouD' > <250> 140® 39® *0 

SSJ s rU , .? p Atd s |i;.iop V 76 ' 

Glaxo Group 7 iPcUnsecLn. « ttJl' 
Glaxo Hldgs. ISOD' 532:® 5t® 4# 3f® 
30* 28® 32 30; 7 8 2 5 3 .80. ,7';PC 
Unsec-Ln 1 14 >* 14 

Gleeson >M. J.i <. Contra etc rsl flOpr 38 

Oy'n wed (25 bi 100® 14* fOO 1. .104tpc 
Ln. 801; (6,11) 6peLn. 69 
Goldberg (A) Sons C«o> 70 (7)11 > 
Goldman (H.i 1 10m 14* (9/1 1 T 
Com me FKdgs. (Mo) 66 4 (Ml) - - 
Gordon and Gotch HldoS. >2So) 68 (6/11) 
Gough Bros C20 p> 52 
Gough Coo oer CZQn) 69 (J.11) 

Grampian Hldgs. (250) 58' 

Grrnada Gro. A (25pi'l06 
Grand Met. C50o) 4* 3 I'i 3 'l 

2 :; 4 2 . S'/PCLn. 95 'f <7)711. 9'«pcLn. 
96',*. IO 0 ci. 1 t. 75V* '? l» 

Grattan Warehouses (25 p' 94 3 5 
Gt. Universal Stores ' 25o) 302 (61 IK A 
2»6® 70 90 4 2 9 88 96 7. SVpcLn. 
30'; i9 1 1 >. SVncLn. 66 >-* 

Greatermans Stores A (80 50) 117 (8*1.1) 
Greenbank Industrial' Hldgs. (10p) 39* . 
G ran Retd MBIetts MOo) 45® 6 (911). 
IOdcPI. 102 V (7*11i 

Green's Economiser Gra. (25pi 69 >7/11) 
Group Lotus Car Cos. (10p> .43®- 
Groveb"ll Grp. -SO' 22 V 
Gxest Keen and Netrletoldt 2679 8 4 7 
3 9. 6‘iDCUi. 80® 80 
Guest Keen and Nettle* old* (U.KJ 10*pc 
Db. 84>«® - s - ' 


H.T.V. Gp. N.-V. >25 ID HO® (9/T1) 
Haden Carrier -2SP) jJBj^lli 

5 *♦_ 6 7 


Hag gas Uohn) nop) 173# Bf 


Hall Engineering jHldgs->_jSmn ^99*' 


Ault Wlbor'q Group '2SDI 40 
'lids — -- 


Aurora Hldgs. -25P- *L 
Austin -F.i (Lev ion. iig ol nk ;*11 . 
Automated Se:. (H'dgs i io P i 9a® as 
Autcmai.ve Products '25pi 67® (9 1 1 1. 
9PCPI 99>;« 911- 
Arana Group (5p. S9: . : 

A»crv 5 . 25P' 169® 72® 620 9 
Avon Rubber 161® 60 


BAT Inds, '2SPJ 2S7i® 62 53 60 57 63 
Did. >2Se> 224;* 7: « 3® 7® 9® 5;« 
5- 2 7 8! -i? 3- 8 30 
B8A_ G l p i 2 5o • 51 


CH. Indus (lop- 26:- 
Cabieiorm Gp. (So) 74i- 
Cadbunr Schweppes |2S P ' S3® 2 2 

3'ttJCW. 3B'.; 19 11 - 
Calrd * A _1 Sans 114 IB |7:T1 1 
Cakebread Robey A Ord. rlOoi I 6 r- 
Ca lender TG. M.J (IOdi 22 
Calor Gas H(dg. 7pcDb. 66 -6 lit 
Camford Eng. IIOp- 63 16 1 T 
Camoart Intnl. <20p' 96 i9‘lt- 
Camrex < Hldgs.- « 20 p- 49® 9 
CUS3 7 S 0lrcrieJi ^ka Indus!. 
Canning «W.r -2So< 64 
Cantors * 


S >:■ 


>6t1 1 ». 


Do. 71 
•7'11) 

Durap-oe Internd. i2Spl 139 
Dulton-Forsnaw Gp i2Sp> 43® 

Dyson -J. J.) nv a (2Sp) 66 t9.ll-. 


E— F 


EMI I50P- 155 3 2 22 4 1 6 62 50 3S. 
7pltascd-i.it. 59® 8>;. 8<ypcUnscd Ln 
1981 95'; 7 6 iPcunsco.Ln. 

I R ,' F 'M'dBx.' lOpcPf. 103 (B ill 
Early ■ Charles I Marriott -Witney nap) 24 
East Lancashire Paper Gp. i25pi 67 
East Midland A 'Ltd. Vtg.i i25pi 61 I7'l I 
fjjtern .Prod.. 'Wd^s-i isgpl 76 


Do. 


hall (Matthew) CZ5pj 206 _ 

Hailam. Sleigh and Chesion 7pcPf. '42 
'611) 

Halm a -10p< 37 iB.’lll. llOCPf. .107 
HaKcead (James) iHIdgs.) iIOp) 23 
Hamllborne >i2*:Pi 37-: (9)11) 

Hamceon Ind. ISpi 1B>, ■ 

Hanger Invests. tlOe) 47* 8 71: 

Hanson Trust (25 p> 131® 29* 3i.- 
6 (jpcLif . 75® 4 

Hardy and Co. tFumlshers) A on) tres. 

HiugreawB* 1 Group .20p, 57 ,7/111 . ^ 

Harris and Sheldon Gp. i25ol 47b® 7® 
Harris (Philip) (HidosJ OOM 75. 7>tKM.' 

45 6': 18*11). eoebr. 8 48 9b IBM 1) 
Harrison iT. C.) i2So) 990 JOO * 

Harrisons and Crosneid fcS-u® V . ' 
Hariie Machinery Inter. J25P) 22 1911 II 


Hawicer ' Marifs (25p)1S7* 
Hawker Siddclev Gp. « 


2 4. 


2Sp) 225® 6 3 8 

S'iPCPt. 46 >9/11) 


Hawkins and Tips cm (25p) l»5 
Hawley Goodall Group '5P) 14b* 
Hawthorn f R. and W.i Leslie and Co. I 


aiming ,w « -2 Sd- 64 Edhro .Mim.i "SH?', 

C ! , «x' n- W B : L.' 25 '*:.iy.- S^Oh- 70 ; Etaco Hldgs. MOnl 4k* 


(Manchester' i5o) 


K- 

Vlu-er \rn»i* 
lln-v I 'nr... . 


P Vislo* 1 Co. on. 9i,orR«i* S'l 3“ e ! 1 ) I- !!' ,v " 
S' Hctan; ■ Mn -cpolC-nn Boiough 
: ' '.ai-F.yf.Si . 91 1 - | /L-ii-rnu/Xlnl 

Faltarp Coron * DCRod.Sfk. 63 I'iiiiI.,i 

Sourh Tvn»Sld“ 'WCrli'iiu, Bui'ouqh pill,. ' 

12' ocRed S- 1 PS .3 11) 

5outhe«d-on-S-^ Borough Council 12pcR:d 

Sruihwatk 'coron. S'-ocRed.StS 71' 

«!.pcP»d.Sit 97.® 1 9 ill 1 
Sik. 9 Zb® iZ'-acRed c-L. 96 
12*.prRed CU.-Iss *1 fgg -ar. 47- -*. 5'> 

S*nrLnort 'M'-rcnll'-n Borouoh oil 121,0c 
Red S-k 93’* 1 'FIT 

S-ndvrlann Borough oil 1 2 bprRed.Slk. 

96' ’i "i 

'underlani* ro-'nn. S’-prRyd ^'k. 36 
<i-rrey Coi-*f« 6-"-R«>d Sfk 91 
Tvnu ani Wear County Count, I HacRed. 

Stk. 93' 


I'i 

t ;-t 


I. h 

Tt.nrV-fi j 

5’. >8 I'I. Iucii'n|w l.i I 

)ImIh« Knu. 

.'ll Inv LViiA. . S .7X 


SHORT DATFD BONDS 
FREE OF STAMP CUTV 
a',oc Bds. Reg. -13H2:7 bi 99'" ' 

7'. pc Bds. Reg. >3-1. *79: 99 '9' 11/ 

6'-PC Bds. Reg. -24/1 '791 98". -7-11) 
7'.K Bds Reg. >7' 2; 79'. 98'. -C111 
Hoc B-JS. Reg. -28-2 79. 98" .O 
B'.PC Bds. Reg. -14'3'791 98".^ >7;1H 
91 . 0 : Bds. Reg. -16i5'79i 98':® 


Uvl.l'i "»ii-b 
o.'.LTlin.Uk- 
1*811 Klwtnrl 
l!-,r.i iN-ni--.' 

l;..i Iminn i 

-lien 

fini.. I'nil-V.; 
1 -I- 1 '•l--nige 
*>l rail <rilen nr 
<iinil~fiiTie- 
ild7dl Lt f 


-I rail- Tin. I'u 
Timm l-.il., 

IS-tli-f 
I ’. Kni;llln'|. 

I .nv’- Ilk.. 

5.--M \tVmii-.. 

! l.i I --i.T,.r • 

■ lien, hill.. 

" lllin Jni-kr. — 

Rubbere 

Imhi Uuinii- tl.oiiM 
llillllj. Rslnle .’.60 
Kitii|m» | 3.94® 



H.I" 

l.n- 

J-.4-1 


Ting 
. \ 11*1 ml. Am . 1 
li.ifO .Hrriuitlni.... 

>.'Jiakniii|Mi 

i h'li-.'hni 

'..43 lanrer Ti-rak. 
r-halinc Tin .j 
-iiMeineCi.. 
T-nulpiliH 


l.W 


7.0 


li.fr? 


high 


Aim for a nij^ 
and increasing income 
our savings 


from y\ 



m 


r^muicJ itiinni un»v. » k-J 


< J:iro norcl Ii»h Income Trust is * 
primarily invrsu'd in I_ K w^uiiit-:. and 
;tim> to pr-ividca hiph:ulJ incRntsiiur 
jl ino nu.' u irhoui njK'ri lie 1111 ; p<ju-rtri;il ti >r 
j| I'-n^-tLi-m OLipitai qroo ih. 

Since rlic Tni^r ".'S hiunchcd in 
April i >»75 1 lie oU'cr price > ■/' tinir> h/h 
imn'.Mii I -' - 1 . 11 .T", . o-mp.irc-d nirh a iin»:of 7 .f.i in (he Fiiiartcidl 

'I'inies* »i«.lin:tiyS|i.uv Index. In sidditum nri)t«iuiliiiiilln'ildersli4\e 
to date rei'ci'.cd ;i »»'“>■' ino >tne I'nr e\ e*y £ 100 invwiiJ. 

Keutoulier tlur flu* prise '.fLinit.-i and tlieinconic iriiiu jhi/ti 
C3I) ih r,i jj ;)S 11 i'll ;t> ))/'. 

Ymii Ji-mld rid.trd y-.,nr investment in 3 lii^i Tuciimeunit- :ix 

a loti-j-roniii-iic. 

hi i-jn invest any r, mount nver £ 200 . Simply fill in the 
cnii|T-'ii and f*.-iiiI ir t- • ( ianninro I 'iiml Alanagcrs With you r cheque, 
nrcmiMilr \ 11 i 1 r piTllssioiial aJiiM-r. 


1 neix 4 . .• •!- -C.re .zm . * -^.*' p -»- 1 * J . Ji^il^rW V. h-- nt- i f^T % 

\n* U-.|||HI>B 'Bill he Irtteil and wrahay* 9Bll k i BWnkii wiihin m* 


rhfiyi riri«n vinmn . 1 ^ .1 k 

■|1- 1*1 |W 1 t • ■■•niliVel ">1 j, li .1 1 
Ira.ri, ■ 1 sir-i'iu, ■nls. 1 l I -ih Mb -i 
! fb h raw . Ha (r. eth r.Md.n. I|h 


- L- -di.il In* re.i.r j'.-ithgipA ■* ill »)• »W- Tuj* <41 tr£ he wi* 1 
;i-V««* ■< Jirt nffkr-,rri> i h 

- rw-*l r- - a T <t .'IVid-Ldril 17i>jl*6uKrT Un“l 

• uf v-fpid-T m-Krl-Mvs.jn |v<J.-Tir-bi^S((r^iii-’<T> , i9xir 

f i,«.t ifw [l^lni U -biff® .» -«l J|P(1''FA.' a — 

..ia 1 . jvij 4 J 01 ihri*** 1 fc'i •+ rhi«’h >Li«n ■ » •! ?n» ■ wuiwi h< 

■' 1 ■ Idlpilvy Aril 'lhi( t-Al A8'«Mihj(-i •« jl> ' • P** ■ ^ > 4-r »■■ 'Jk MVjUlpLh »■ 

•ICbkaBl* ••>«■ *lJ Vhn HP JIM-4 J .'.^.*1 .1 m fla ^10TX-If J.74fre».»Bre» . -fi.^ 

11-7 I -•p.irv-r «Uni-Jll^iL i > iti-'l..4|-4rfn I 1 !'■ kl»M!f( -•» HvTf r- 1 .a-TT*®r | -vul %|, 

LkL ■>) *|j r. I l\W |. , .|hJ-iFci:iiiiii.»J.iril.f.«ik1 Im \.A Ur « 

l^.it® I ■ Jl I* |Ki -■» ci...ai an- W ui.|hli *\. \ ,i 1 

h' Wi,- „^4iJqr I ' l.\ 'lh»|r. , 'ir A 

■J Lr* ■4^-f I '■'1 111 IC^lvil*i4 rK- I* fn-tlflj. 


< GATOMCIS: 




Fill in the coupon and Maid it now. To: Gartmore Fund Managers 
Ltd. 2 S 1 . Mar*'. Kxe> London ECjASBP. .**»-. ,v- 
I W." -Juml.1 1-)* - t%l’ t Lirifie.re Hull I- I 'nil' t.-llie • .il,;r ’ 

i . I ui I 1 '- -ill- r pfiiv nilmii i j ii il,i;. :iu 

**' I rvk.m e this jpj>kjt"-n “ 


1 We endow? 4 remmancu, payable to Gartmore Fund .Man.-icVrs Lid, 
“hiir>i>urL , »iuf.ui'.,'ilii - «®t , rprKvr>t<».'«rini,-ivHiijii lik'Hli L m 
-irii N.'i.shIht. erh „ n.:.*p. 

□ 7. ■ &:: 

It •• j-- - nvas-imm' i hi” mcr. , vin'.'* - .mii*rrfnK-..'.''rr. 

T V,. .L >1_r, lfu- 1 vni •■■.■•ti-.s vk -*■ ^Tr.luJ'l.wuy-ldlidl 1 3" . .■. -'•oiijmri; ti* 

,01.1 ,r- 1|. l.nri"„.‘*f I*-.*. ■ ...,in — -I'ivN I. .l,iLr.l r,n(U,r* 'll uj>', U^dltlu 

4 ,lwu»«,r 4. 1--1 J-u 1 !.«Vnl llJ.-u.-ho' u-U>«mdi l .r " -r ■ 


^tKtWir-MRVHy 1-1"' 

nn>T N uil','. IX kl’l J._ 
APL<RF>F ■ ■— ■ 


>1(7V*TT F‘;,F> . 


..WUJ' ifpaOs _ 


I'tu'IH 


BOC Intnl. -25 p- 6 
, 1990 77® -9 11- 

8 PR Inds. -50DI 22) 

I BSG Intnl -lOo- J8-.® 7; 

BS^»i - rep) 86 i;s S'.'DcUnsfC.Ln. 56 

BTR t25pl 3120 14* II 
Babcock Wilco. <25 pi 148 7. a "pc Deb. 
870 I9,1T 

Babcock Indstl. Elec. Props. 7 "ocDeb. 

Baggerldge Brkk -25 p> 31 
Boiler -C. H ) -IQp- 7 ;i® 'i«® Si 
Bairt 'William, 173 '9 ID 
Baker Perkins Hldqi. (50p, 114* 14 
Bakers Household Stores 'Leeds) -10oi 40 
-9; 1 1 - 

Bjldwn IH. J 1 HOpi 9 
Bamberuers (25o> 74 2 

Eambers Stores iIOp- 150® 

Bumiords. -LOp- 32 (7 I 1 t 
Bank Bridce Gro. (50- 2". 

Banro Consd. Inds. -2Qp- 59 -8 1 1 ■ 

Barael -2 Spi 30 '8111 
Barker Dobson Grp. -lop- :2# IT: '« 12 
Barlow Rand iKO 10 ‘ 

’R0.10- 190 i6 l 1 - 
Barr ■ A. G.) (250 ?5'. 17 1 1 . 

8»rr Wallace Arnold A Npn.vtq. :2Sp> 
144'® 

Barrurt Devpls -'Opl 105 
Barrow H,;oOurn Grp »2Soi 35® 4 -9 I . • 
“'rten Sons - 25 d ' 59 ,8 11- 
Basset I 'Gco.» Hldgs. -25PI US -9 i 11> 
3-lh Portland Grc. -25 p 52 . & 50 2 

1 2 

BatDvs Yorkshire MOo) ST 

Bea'es John) Assoc. 80 79 

S-altle -James. A -2Sb' ‘.270 

Bearer 'C. H.< -My'a.r.1*' - 1 Dpi 550 -B'l 1 1 

Beecham Group '25 di 632® 40® 33.0 


qnrTonnaeoD-h , Industs .25p- 215® 

gpcionnag.D.b harness , 50b , ^ 


Carr IJ.I -Doncisitr- -25p. 45 =j 6 '8'1 1 
Carr-ngion V. veils ' 25p' 33 't® 4'- 4 

6 J-KBI. 50® ,9 11 - 8 oc P|. 62; 

>8*1 11. 8 4pcDb. 70'; -6 111 

Carron -Hldgs. i -Z5 d- 57 -9 IT, 

Carr's Milling Industs. >25pi 64'; 4 17 11- 
carter Hawley Hale Stores iXUS5> 11 -,# 

'•'i» 

Cartiers Super foods i20p< 92 -8 IT 
Cartel n New HOP- 35 -till 
Castings HOP- 4B -7'11- 
Cattle's -Hldgs.- - 10 p- 3S>: -7'I1- 
Cavenham 6 ';pc 1 stPf. 45 -7/1T i. 7i;pclst 
PI. 47 -811-. lOucistPf. 92J. 9'ipcLn 
69:® 8 " - 

Cavrooas Hldgs -2SPi 134 , 0111 - . 
Celestion Industs. 'So- 29 '8-11» 

Celtic Haven ’50- II 


EH'S and Evcrard >25p. 93® 

E/i-5 an* Goldstein IHoldlnosl (5pi 26-® lj 
E son and Robbins (2Sp> BO® 

Elswick- Hopper 'So, 17 
(9 B n*» s,0r ” 'Bradford 1 B'.pcDb. 71 
Emrav >Sp, TOO 

E rerqy. Services and Electronics ■ 1 0p> 14 ',® 
» 50 15 1 4 % 

E S*l7?t i'i*' E ‘‘ Sor * WoUlBOton) (5 p> 

23 


fjjjj* and Overseas Invest. IIOp 


Enofish Card Clothing fZSpi 95 
Enorisn China Clays >25oi 75® 7# 6 

7';PcLn. 57>, -B/1T 
Epicure Holdings (So, IS (8>lli 
Era Ring Mill '25 pi 20 (911 11 
1 £ rl cs “ n fL ,- M - 1 fTclelona.r B iReg.i 
I fKr.50, CUS37 (9111, 


Cement- Roads I one Hldas. *2501 94';® 3 1 Frit" (25 d> 93 
Central Shcerwood 'So, 31 :# 2 1-; 1. 1 E-roaean Ferries '2 Sdi 123 20‘ii li 2':1 
" 4 _2 4_ 


IOpcI. 104': <8 111 . lOPCLn. -95® 


9 II, 

'9 111 Do Prd. ! Ceniral Mnltrg Trading Go ilOpi 55 
Central Wagon 7',ocLn. 100'- 
Chamberlain Phipps >10o- 29® 
Chamberlain Hill -2Se- 61 i9 II, 
Chambers Fareus '5p, T9 ,7 IT, 

Channel Tunnel Invests 'So. 70 >8 11 
Chapman • Balham. 50p, J6', 7 >7'T1 
Chorr.ngtons Inn Hldgs 
<7*11. 

25o> 1:2 Tl. 7l;pcOb 


Chloride Go 
I 67-® 


t 0 'ipeLn. an', 

1 > c* 1 1 1 


Eurotherm Internatibral iIOp, 170 I8’I1» 
, K »a Industries (25o> 9?-h T I. 

I Evered Holdings (ZSpi 24 
e wcr 'Gnorae, «I0PI 32'- 
| Evrallbur Icwellerv >Sp) J7 (7/1 I I IT .5 
pcPI. ,0« 17/11- 

Frrh.mac Telenraph 'Holeings- (25p- 1032® 
; ryuanri-d M-tal -25p» 72# 

Dairy Property 6'iOCDb. 771. 


; Christies Int. :10p, T26C* 7 : 6 8 3; 
. Cxr.stie. Tyler -TCp. 31 <9 11. 

Chr.Mv Bros -25s- 49 •: t 
Chryr.ler United K-ngdor- 



Bcnlord Concrete M.seh.nery 
>7 11) 

B -flails MOcO 28® .9 ill 
Bent'ma Indus' r cs 'Sip, 42 c T?i 
Bcrec G'Oup >2Sp' 122® S 3 4 
Bens'orc: (S. W.> -2Sni 152© 1 2 50 
Ber.sforcK -2 Sp' 620 '9 11) 


43 : Clifford >C 1 110 


•7 IT 


FMC • 2Spi 69 ,9.11) 

FPA Cons Grp. -25p) 16 lSi; .9.11) 
Falrhairn Lawsen -25 p) 60 
Fa.rclouph Cons Grp. (25DI 63 
S'-ocDb 40.- , Fairda'e Tert'/es >50) 23 

• • - Fa-rv, cw Eils. DOp) 117® 19 16 C9 lit 

Farmer 1 SW 1 Grp. *25p) 121 .7111 
Farnvll Elecs. >200i 358® 5 3 
Fashion Gen. In*. -5p) 118 >7 II, 

Feb. Intnl. -10pl 27 (7>11). A 'IOpJ 23 
(7 11 1 

Fed. Land Bldg. -25pi S3® 2 

Feedca ilOpi 34 16 11) 

Fenner ,JH) '25Pl 155* 5. 3 S5pcPf 33 

1 Ferguson IndS. Hldgs. ,25p7 120®. New 


I Clifford's Dairies >25 p' 56*. A (Z5p) 42® I (SOpi 363# -9 III. S.EQptPr. 5S2 (9111 
{Coalite Ctiv-n-cal '25 p' 70 Ferry Pickering Grp. -10p) 3fl'; -7,11) 

t Cna»es 25pi 76 -7; ill ; Fidelity Radio M0 p> 83 i7/1M 

■ Coats Patons -2So, 66® S S 5. 4, ; pcL/l. I F.fr Force -25P- 52 -9'tll 
| J** .S'... : ; -9 11, f-.DcLn. 51 . F.ne .Art Develop. -Spt 59®. T'.PCLn. 72 


15* 
(SOPI 

72* 2. 

Kawun (So) 11'rt __ 

Hazed (Quinton) 7pcL». 7B (9111) 

Head lam. Sims and Cogglre >S») 49 8 
Heal and Son Hldgs. 18'. >7f1l’ 

Heath -Samuel) i50p> 310* 8® 

Heinz -H Jl 4'zocft. 94 (B’lll 
Helene o» London ,10p) 22N- 
203® , „ 

Henderson >P. C 

Hendcrs#n*Kenton >20p) 75 4 lB/11) 
Henlevs (20 p» 120 .1 


12otP(. 
Group A Non-rta . ilOpi 


Hennaues (IOpi 26':® 

Hepworth Ceramic (25pi 77® 7 h 9'2 


Hen worth 'lOP' 6D _. 

Hestair (25 p> 78* 7® 

H e-den- Stuart Plant iIOp) 7° 69 j 
Hmrwnrwf Williams (50pi 139 6 It I9l11l. 


Heywood Williams (SOpi 
8ocLn. 180t (91 1 1 , 0 , 11 , 

Hicksons Welch (50p, 213 15 17. (9/11) 
Hleld Bros. '50' 10 - 

Higgs Hill (2SPI 66. . BpcLw. B7 
High Gosforch Park 480® 90* -9-1 1 1 
High gate Job > 50 p- 50® '911 ■ 

High gale Opl-cal 1 1 0fJL s . 8 ,.w - 

Highland EleaconiCk (20pi M*:* 5 
HIM Smith 14pcDb. 99'j <6fm 
Hill iC.) 78 80 
Hillards (IOPI 204® 

Hiltons Footwear <20 d> fOS (71111 
Hinton -A.) MOdi gc®t9J1' 

Hirst Martinson (2 Op) 35 <8(1 1' 

Hoechst Finance lOPcLn. 126 ‘Till 1 
Haflnung iZSn> 78. 12fCLn. 100® (9, ID 
Holden (25 pi 75® (9:11) 

Hollas (Sp> 64 (8/71) 

Ho't Lloyd Inter. (IO 01 156 7 
Hollis Bros. (2Soi 64® 

Home Charm >10o, 211 
Homfray i25o) 40t_ 

Honeywell (SU5Z-50' SU5S9'; 

Hoover (25p) 238. *40 3 

Horizon Midlands ‘Snl 
House of Fraser i25o« 144# 5. 4.;DePr. 
3C (9'1 1). BHOcLn. 6SI. l» 

House of Lerose i25oi 57 , 

Howard and Wvndham >20ni 28 A >20o» 
231- -9 111. 1 BucLn. 100-a J»- i7;11i 

Howard Machinery (25ol 27 
Howard TencnJ S«cs._>250) 25® 

How den Gro. -2501 78® 80 1 Will. Do. 

'.2 So, 78® (TUI 
Hudson's Bay It ■: 1« 12 
Hunt A MoscrOB 'Mlddlproh) (5 d- 27 • 6>; 
Hunting Assoc. Inds. (25o> 2 82 ! >9'11> 
H'jnllciqh Gro. New >10ol 46 >9.111 
Hursr (Charles) ,250' 68® 

H min >1. and J.) ‘Spl 23>:. New (So) 
23'; 19' 11) 


Lfbertv S.SncPt- 10^; 

»• 5PCPW - AV * 

IZpCLn. 9B 


LlW HIM*. »25P) 1*€ » 

Unread J3S vli-il, 

klster <Z50» 3l(; t_rer*»i 

uri Dai 


KiEJrt tally P'c« &*o.(50pi 12* ts/llv 

rasrstv a 


LSidw Brick I25P» 65® »i®-4: b fi i 

L B B U,fil. P ' 8«SA981-«l'6i 

L^rir< < G t2 F^ <2lp) 9 S7 (8-11) 

«.rtc 

Ln 107® (9.'1 f )' -■• 

Low <wm ) C 20Q) 9 6;C6«_1.11 

“ B'lpc 


[kn lnd«T2M* 7ASa .1#.I3ppJ». 

6k:PcPf. 




(*pd-R r 73 ® (91111. 

Ln.TlS tg.'in : ■ ■ ’ 

Lyons (J.) 9'*pCLh. 66® 


MFI Fwdltwr . Centrei f TOp)^ 140. 


MX Etearlc HMm. (Mpl 
ML HldBS. QBRIw ' 

nUnractwtftals - { 20 pY. ' id 


® 3*-B 

ML HI'dBS- ras« 1« 

MY Dart (10JN S5.6-:. 

Macarthya 

MacS3aoe al %^ ? jd ? IH^a” 3 ’250) 81® 2 

mjf i ] 

McKecfrnie 8ras_-(25pl 95 <9'1 1* ' - 

Macpheraon . CDonald} Gra. (25 p> 73't ? 

Magnet and . Southern* (25a) 1 22. NOT ' 
l2Sp) 128 3 (6/1.1) 


Magnolia Grouo /Mou/dinos) (10 p> 11 * 

W1K. . . Ml||s i2 So) M® 


Mafcln (J. and J.I Paper Mil.. -—/ sg,- 


Morn Eomoil^^^lniT* Swil-n. 611;® 

Manor 5 National Group MotorC ^ZOo) 
252®. New (20p) 28® 8. New ICtPCPr 

100. 12pcLn 93® 5-1: _ C i..u-ih 

Maple (Holdings) flOO) 20 «s®. B';pc« 

M^di^elraSp) 11C 11 (7/m 1 

Marks. Spencor (2Sp) BSJj* BO 3 i 
80-:. 7oePf 59>?®. lOocPf 81 161121 
Mar lay i25oV71®.68 70. 6VpcDb. 

Sh. (8/1 tl 


96 


Marling industries (10 d 1 33 
Marshall CavendKIt <i Op 


Marsha ii crhomiS A C25n) 44 

(71 It) 


Marshalls (HaMtoc) (2 Sp> 130® <9111>. 
lOocPf 104® <9HT> 

Marsoairs Universal C2SP> 139# » . 

Mart bi-BUck f25o) 45 16/H ) _ 

Martin The Newsagent (25p» 2P7 a 
Uvnni, Iiurnia, ana (20 d1 196 (0/1 T 


-Martonair iPtoriiaUanal ( 20 oi 

Musey- Ferguson 6057 70 <9/111 . . 

(vut^icy Ferguson Holdings 60>«® *># 

MatUwvB fBernard) C25p) 164 
Maxim's (2Sp) 670 5 C7n 1 > 

May Hassell (25p) 69® 

Miynards (25pi 134 (9/ til 

^li^CSSP) 1 <7m» 

Medminster fTOn) 38 


filchartspas. .Wefitgart* -<50*1 43*.,' 
Riley- (E. j:i nsor 34-r7rrn .. _ .? 
Rlvington Reed. (2^0 )_GB. 


Rbt 


itObPra^AdJffrt (25bl TOAtt^ - 
RobSfegn Foods rZSoT IS* W T1». H»; 
Db. 81 i« (B.-1 If _ '■ ' ’ 


2KPF-V8® 19/1T>. 


art C25iil 


!h. 


ftoWwn'mwS.}- Son. <2So>--72 f6Jt) - , 
Rockware .Grp- r TZ5pf .114. 7BCDdb. fiOii. 


fitri s-aovse Motors. "HWos. 1 -_,GiS») LB7ij* . 
8® 9 81; 7 tOl 99£7J?-f00-" ' 

Hugo. 


Popner. 


..Jtes. OSpi 4b .-g S/ii.!. . ... 

RotorV, (100) 50 <71111. .9itfcPf. 99«i . 

Roiniedg* 

Rowntrec MaektntOSli (5DoV - 383® 3 _ S. 

SotlW. 47. «911.th 7oc2ndW._ S4t. 




Unsec-Ln. T 
Rorco Grp. _< 


Rpbaroid. «5P> 39JW111 

Riwhv P 


9oc 

43 2 2i '1st t ‘2 : 


Partland Cement SSpJ 23 2V 

- - - &i# ^ 


BKlMsacLn 

Russell (Afeuanderf . cop? ®7# <9-f ) ? 
Rvao iL.) Holdings (5 p) . t-'a# 


It. 


IS/IU 
S and U. 


Stores CI214P' 2SpeWifc 


sSehTS»aKn? J (fOpJ 100. .Do. Mew 

106 48(11) ' ' 


Sauh- .Timber jzopi -M 1 * . 

Csqi Ho^id^vs (HO o' IBO .. 

IJriSy tJj • «i5p» . 228® 3 _ ape 


sSftiife® 


SSJTtb -A asw. 

175® re/ ii) _ . . 

Sand aman (Geo. G.i Sor« i2Sg) BO - 
Sanderson K4M«r (2S»» 6-» '* (M l)-. • 
danger U. F-J ‘IpP* JH- ,Bt1 *' . • 

Sanears (Grp.) i25pl 79®- " . . .... 

” -Be Gort^ ■ n 1 CrpC 41001 SDlE».2SH' 
I Savol Hotels' A 'SOT 66 l^il.T.apcTst 

Gro 3 C2S0) ’ 1 03*19' m ' ' '-i-.-vV 
sSSmtoroer (5US1 » 86ht® HtWttX. 
Wholes (Grrorac H.I -300 *7/3*13 

70®' <91 1 1); BlPcPfc - 


5 enter OS ( 2 Sp) 70® 
Scottish AgriCUfll. Indus. 
(6. It). 


TT- 


7 AiPCLB. -^-55Ti 

Scottish Unlversaf If*- 
Scottish Heritable Tsl: -C25p> 43* . . 

Scottish Homes • nr. C5 pJ . 24 .(7/11).._ - . 
ScottsSI Tclevsn.- N-V A (T0p> 67 «-l9/W 
sSrTrtdgs. (25 p) 36?l*_*i-;5Ij'6li.T6 7.- 
yitpcPI Tj’s 16/11). TDCrtf. 5 O';. (6/ MV 
Star's Rocbuci (SUS0.75) , E144*,-(9,t 1) 
Uelwteor GP. (2 Sp) 120 ; W/lt* 

SMritv Services «2Sp> . IZO®- TXT (9,11), 
A N-V 1 250) 117® (ftH) . 

Sekca_ interoL < 10 p> 31 *7n 1 > - 
Seflneourt <5 p) 27 s a 7. 9'rPdJi. M fS/IW-. 


Senior Engg. Go. (TOpl 23H (7(1 T 
Sorok — * 


(3 So) 79# 80 


Sharps Ware < 20 pi .1 26* - 5 19/14) 


MeoglttHoldlnasCSp) 19‘: 
MeHUis IOpcPI GBb) 


rviemns -wu-i 2 D® I ^ "I ^ -rm 

MclvUlo Dundee Whitson C5P> 38 


Memmare ManfB. (So) 15® 
Metal Box 308 10. 


ISST^i Oosures 

Meyer CMontaguc L.I <25P> 78 
MKHbM Educational (500) 241®-- 39® 9 
M/d/anrf Inds. (So) 38 
MttcheH Cotts Gro. (2 Sd) 43® 3 2ij - 
Mitchell Somers ( 100 ) 52 ' , „ 

Modern EnflrS. of Bristol (HldBS-i '25p> 50 

Mo/d^M-i and Son <20pl 37 (7:11) 
Mollis (25P1 130 <9'11> 

Monk (A.) C2SP1 96® ■' - 

Monsanto 5tKLn. 103 . 

Montfort (Knitting Mills) IMp>, -72. 4 

Montgomerie 7pcin. 67 1 <6‘l 1> 
Monument Secs, -too, 6'.® ‘Bill 
Moor House and Brook C20oJ 230 (611) 
Morgan Crucible (25p) 119 18 (9-^T). 

6‘»pcLr. 48® -9'11) 

Morgan Edwards HOP) 71 (6(111 
Morrison (W.« HOpi 88 
Moss Bros. iZOp) 124 (Mil.) ' - 

Moss Eng'S Gro. >25 p) 68 

MWherrerc 11 !??!)) 3 1 52® 2 5 50 (9/1 ri 
Mount Charlotte Invs. <10p., ISM# 19® 
b 1 8*, 

Mawdt (W - (1 Ool 52 
Mowfem ij.) C2Sp- 102 3 
Mulrhead >250) 1850 (9/1 It 
Mvson Grp. (10b) 51 (81111 . 

NSS Newsagents > IOpi 94 
Nash (J. F.i Secv (25p, 68 
Nathan ,B. I i -25 p» 57 
National Carbonising OOP) 35 
Neepwnd I25p- 38>.rt 


NHtttl Zambra (25P> B2 
Nil) " " 


■a® 


Spencer Hldgs. ilOO' 101 2 

-Neill (J.> Hldgs (25 p) 85 <7/1 1> 

Nelson Da><d >5p< Bid) (9111 
New Equipment I10p> 22 (9,'IH 
Newall Mach.nc Tool 7 UocDb. - 70® 
ra-ui 

Newar thill 152 50 I7lt1« . • 

Newbold Burton Hldgs. <2Spj 53 (6.111 
Newman Inds. <2 Sp> 81 2 1';. 10>iPC 
Unsecd-Ln. 74- tSiltl 
Newman-Tonks I23pi 63® I'i® <9; IT) 
Newmart: IL.) i25p< 255® 

News Inti. (2Sp) 248® 50 (9/11) 

Nichols -J. N.- i25p) 184ijt* 5i® (9/111 
Noble U,nd tlOo) 16H 
Norcros (2 Sp) B9(D 90~u* 1911 1 1. 7>1PC 


Unsccd.Ln. B2 (91111 

pin) Gro. (5p> 36® 


Norfolk Cap/L_. 

Nth. British Steel (Hldgs.) (25p> 41 (6/11) 


arp* Fhfw <2 So 1 48® - ' 

$naw Carpets »10P' 67'u *i (9/11) 

Shaw Mervln (wio» 19').'*., _ 

Shoe aorta or Engg. ‘a.5p> K'j ft'E- 
Shiloh Spinners <250* 32 4 (9'tt) . . 

Sldfaw Indus. (SOpi 845 ( 8 /tll. • 7«jPdfV 
50 ( 8 - 11 ) 

Sldroy T^pcPf 68 >t 120/11*. 8 ‘aacUu_ 
70 C6/11' - - 

u*be Gorman Hldgs- fZSo) 196. . i- 

flentnlght Htaps. ‘tort 95 
-Ilhooette (London' A Ord. (20a)- 49 (7 V& 
Silverthoroc Go. <10oT 23 (7.111 j. .- 1 . 
Simon Engg. -2Sp) 258 ( 8 ' 1 1 , 

Simons 7':0cP* 44 > 6 .'ltl 

Simoson (S.< SpcPf 34 >7*11) . 

Singer Company (10 p> 1US14«. 

Sirdar (250* 97# 7 

600 Group >25p) 92': 3':- _ 8l;DCU>. 89 . 
Sketth/er (25p) 116® 17-15 ■ ; ' 

Small <J. C.I Ttdmas (25®) 44 (6M1) - 

Smart >J.» (10p) 37 

Smith Nephew Assocc. >10o) M V; 4 >i 

Smith Buhner IOpcW. 5t ( 8(111 
Smith Wall's <25oi 95 < 8 ' 1 1 » . . .-i -. 

Smith -W. Ff .1 Son (H&fgs.) A (sop) (43® 

4 3. e ftOPi 26 - ■\V-- 

Sm/th'y Industries (SOpi 192® 40 
iwurM *1.1 Grow* '2Sp) 19Ski* 1 
Som/c >250) 31 I6;m 
Sommervllte (W.i Son SpcPf. S3 (6/1 T) . 
Sothorbv Parke Bemet c-ro.ro <Z5p) 318 
17. 9'rpcPf. lOSrt ttUITt-' Z 
Sound DUTuClon • 5p, 49‘; ' i . 

Southorn Constructions OfoldinBX) - <5p1 - 
10 ® 

Sparrow (G. 'W.i Sons (20Ph ®4--3*2 

(6111) r ,, 

Sonar and Jackson Internaiidna) (25p)'>2B 

i8f>1< __ - •• • ' . 

Soeedwell Gear Can* (23 p1 .29*. > 8 MT» , 
Soencer dark Metal industries [ 20 o» 33'c® 

■tarfiers ( 2 So» 3®*; 30. 7ocub. Bf-ririT j •• 
Soirao-Safro Enolneerfng (25pi 164* fiO® 

59 60 56 (9/M* C ' ' • • ,.t - 

Squirrel Horn n2>irt 37 <9)111 ...... • 

SralK. Potteries. (Holdlnort .(2 Sp< .*4VT : 

B >6/11 ) • • — i- 

Soflex International (250) 7 U. 6 ':kJjv 
32® 1 •• • •• ‘ • ’• •< • W •**«■ — ' 

Stag Furniture Holdings '(280)' 1I6<«tU) 
TOocPf- 932 (9/11) 

«'»»kic lRro.1 OrpanlMUon IIOp) %4 • 3>i 6 
Stanley rf. G.l Holdings (Sol - 1 ST® 1 
Sfortrite Engineering. Grouo (20 Of 115" 

Ofreowrt (lOo, 18S* 4 . 

X.yynlev Indi-stT'^X 771 ' • 

Stead and Simoson <25 pi 70 <7MD. «hK 

s£et«” (ZSpV'lT?. ' 7peU>. JOB f 8 in> 

Steinberg Group 'lOo' SO*--® -• - 

Sterling Industries <2HP' 28«? <9*11> - 
Stewart Plastics i25t») 160 * 

StonehHi Hldgs. t2So) 106 9 16/111 
Vtono-Piatt industries <25o> 103*j 4.- . . 






Storhert Pitt ^233 ‘B ill 


treeters of Opd.lm.ng .(1 ^ 2 . V.^n, 


N— O— P 

Northern Eng. (25 b, 126 5'; 6 >a. 8.25pc 

PI. 100* 1® lOd'j ' _ 


NorThern foods i25p> 95 7^ fi.^7ocpb. 7 I 


16 111. C.ZSpcLn. 1150 14'j*.12/i 
Northern GoWsmirhs <2Spi 65" ,Brl 1 > - 
Norton Wright Gp. HOpi 124*. New 
HOP' 124* 

Norton Simon ISUS1 ' HJS15.V 
Norton iW. E.» 'Hldgs.) iS»> 3U« 30':. 
New I6 p, 30 7/111 a.i. •• . 

Norvic Secs. 'IOpi 17‘; 10'i |7/11» 

Nor west Holst I25p> 86* 

Notringham. Brick (50s» 29Z® >9-1 1» 
Nottingham Mnftrng. t*5P> 126* 5. 6i;pc 
Ln. 98'ffiTli ' 

Nurdln Peacock I TOpl 73® 5 6 19/11 1 
Nu-Swifr Input IS.' (Spi 28® (9/T1) 


Stroud RHev Onimioond 
Suiria Hldgs. <10p) 13'j (6/1 < I 
Stylo Shoes <2So> 64 3? - - - 

Sumner (Francis) iHWgsO (IOpi 11 h 14 
Sunlight Service Go. tlBP) M«». 1 <9)11> 
Sudtj Gp. <1001 50® 

SuttUBe Socakman «2So* SS O/IJJ . 
Suter Electrical (Sen 27 's . .. . 

Swan Hunter Go. 1 57 
Swan IJohn) Sons 260 


Swire uobrt Sons 6.3oc*H.. 71 *s 

Sykes i Her 


...wo '25rt 75 (dll' 

Syltona >2Sp. 144® 3'a#.t9,t1> 


T-^-U— V - **, . * ; 

11';ocLn 94 (8*11* _ • 


OK Bazaars) (19291 6pclstP1. 50 -3 111 
Ocean Wilson^ 'Hldgs.) iZOpi 75 <9'11' 
Oce-Van Dor Grinten Em. 9 pc 100 99 
<9.1 1 )' ' 

Olhce Electronic Machines >25p) 1.1 Si j 
Olrez Gp. (200) 10 >2 i9'11l 
Ovcnitobe Invorts. (R0.12 ;) 18 >7/11) 
Owen Owen >Z5 pi 114 
Oalev Printing Go. (25o> S9 


PMA (Hldgs .1 (25 P) 60® 

Parker Knotl.A Nan-Irta. f2Spi 119 (8.171 
Parker Timber Gp. i25o> 109 I7'T1 1 
Parkland Tortile (Hldgs.) A t25oi 70 

Paterson Zochonls 1100) 184 (B'lT. A 
Non-Vtg. DOP) 170. IOdcPI IDO't I«11' 
Pauls Whites <2Spi 111 i& >3.-11) 
PawsonlW. L.1 , Sp* 57 cB/11) 

Poak Invests. (IOpi 8 
'Pearson Longman (25p) 213 1871) 
Pearson (5.) Son- (25 p) 204 6 
Prgkrr-Hattcrstev i25p) 1S7 IB'11 
Pennine Motor, Group _>10 p> 13 
PcntLand IhdS 
(9'IIJ 

Pentos HOpi 93* 3 ISncLn. 155 


T — J — K 


PCLn. 51 '. 


•311) 



A OBJECTIVES. Our aim is to achieve an immediate Wgh 
income from a portfolio consisting predominantly of 
Ordinary shares. From tone to time up to 10% of the Fund 
may be invested in Convertible Preference shares which: 
aithou^i giving a fixed income, perform in line with the 
Ordinary shares into which regular conversion 
opportunities occur. 


£ 8 * 94 1 


HIGH YIELD 


CURRENT ESTIMATED 
ANNUAL GROSS YIELD 

as at 1st November 1 978 


- GROWTH PROSPECTS- The shares m the portfolio are 
selected with their growth potential in mind as well as 
their current yield. The recent relaxation of dividend 
restraint allows many companies to increase dividends 
by more than 10 a « in line with gamings, in certain 
circumstances we expect a number of these shares may 
meet the Fund's criteria lor investment 



APPLICATION FORM i 


To: James Finlay Unit Trust Management Limited, j 
House. 10-fd West Nile 5V«L Glasgow, Gl 2PP. | 
T etephone enquiries: 041 -204 1321 .. 


■ On the 1st Nov. 1978 iQCQnjl 
I the offer price was j SUP t ! 


2. ,h: F ;i.v h i - — ,:^r-i-,T— -N|..-n: 1 >jn£ l „ivj 

nits charts .vhcise mtei esis inct/ce im-snci? ihe -)il and enerq-, 
feiaieG indcsiries and mo-ciiani banking, inuesimems in ihe 
High Yield Fund arc '£■>■: arched and seieclbd by prolessional 

Fu 41 l.1xwq,.1y j '.- O'. nilDI-.- l-.ir dll I*'-? Od> hj Zh-j 

.ljr/wi.i!i.-i 

£ 7 b-.IV J.im.- Costei.. m .-,r. ta.rr/rv, IJniK simple ;,l| ,n In.* 

.■ '/jiT?: 1 ji''J '.-/'j-n ■: !.• us c.i.p m.-eslinen! -jfvjVj t>: 
I*.*'3.if3i» -is KittU I*-r p*»HP»n’.oer 'he pr d Ihr- ui'ulS .3rd 
Tie ill: '.our*-. !'.t» Itv— pi, ucr/.T) as well na ut. 


I Vi- >?*. We iwin-un *■ Sal i»v,':.Imim,I (Will 10 br 

.o.-il«j u] Jame'j FvFjy H«jr. In- ,;«rr 1 t.jvl a: Il m pm* iriitk^ .11 Ibf f.mel 
c.f *aco*iB of/’V/oti' (WUfcpi. TnctOnbaclorfv Will :txr* Ifto* mmiMy | 
jw. p'PtfMeO and ‘J*- p-*.?. 


i'..-i-u-:M r TJ'. *M..» 


I 


=.,C":k G4Pd-i f-Pt.r.ASG 


il-v- .i-in of FfsJ f ia-i •) -. j , 


Additional tnConnaiKui. *«►-- 1 *^; ft-.)* w.,(# .. Tn v.-ii-.' 

-( r . -Vii'-ilij.' .>.'v ,.;f- .'/>- ai.iMi.1 ■a>c h.vu' <•' ’ . • 
VA “ - * .J. -..li j. ‘ "1 ‘i .- ir;' . rn* 

. J «nn„ w , t .(i of 1 , . m hi D-: 03k] » kfoanyd .«■ /-' ^TurJre LM- n.; 
E)dn- Tiiv ^.*(7, i m 4 riu-r, Fku-,.- V.'.ii- ". ... . •, 

'Ar JTJ>.- J • r ..-III, LI K* T'.I J 

".i.u.)r'*'.'w'.i h-aav -i ' j \ 4 Vn 'i/i-y ai . G-a u 

- 1 — !• ■!«■•.«'! '" C ’X r'hS --.Hv- 

a* :-. '"a-iv Ac- - ■> '’taC- 


n*_*c mo. BiiSW The. ot*e' ^ na ava-iaotfi ta >fe-4e«to -jl mu 
p ei*uOl-c pi tfBkand j 

i V/-- a-^iaib ir-ii 1 .id-' «*: are -vi •-i-isJ,.,.! vui-ii” F-v j-.t-rju'ed. 
“-.->, toiua'drif 0wi* ' .ic n ft ‘ r & o- ou*»v , u">T' . 

i-„v-r,in»-.'isl of ul', O - >*ji '.| i» r.riic-viT i.: .ri; :>»-- Turnipn,^ 


ita I 


b-®\AM-SV 




;(■ nv--> .w |uu.: anp'irtnij 

j- »' •.'Vi SE®8(dAfV I 


i.rf.'T, "nr 4 '.Oi or .,1 ,vl.g n p.bim-.. .k>j 1 


AJAaMEb FfNL-’r LiROUP UNIT TRUST 

-w* .;* 'J;.^ AoyXl.lK‘> 



James Finlay 


uNrrrRu^ management^jttto^ ^ 


ICL 423® 1® 2 20 

(Ml (25 d) 54® > i 5. BoeLn. 70 -7-11) 
ibuock John»cti 1 2 Spi 168 7 -9'11j 
llllnpwoni, M Trig (20p) 29 S'; |7'I1». 

A -20ol Z9>* ,9.1 11 
Imasco A 20kt® -h. (9*1 1 ■ 

ICI 359'-® 62 59 61 541 63" 60 58 62 
591. 5ocPI. 45 (9'1 1 1 . S'; Pt-Ln. 44 5 

4" 4 :. 7 '.ocLn. 63/4 3 2ij ' 4 . BoeLn. 

69-B 7*j *>.. tOuacLn. 84® 4 
imperial Gro. -25 p 1 79'; 80 1. 4ocLn. 

97*, I9 I1-. 6.9dcLk. 51 (9.'11). 7-SpC 
Ln S5->« (91111. 10.5ocLn. Ta -; 9. 

SorLn. 70H 68 >:-B 

loco A .10-. '*-• "i». B 10V Cm 
Ingali Industr-rk (10 d> 29'«ip i9H I - 
fnglis SpcDb. f£5> 332': >7111- 
Inler-Clly Invert. Go. «2Dn) 16*4# -9111) 
inlcrnat. Business Macbinci Corpn 1 U.S.IS) 
U- 53260® E182>. 

Intnl. Standard EiOC. 5':ocLn. 66 '. 

Inlrtal Services -ZSoi 875 fr * 
lirtrenat. Thomson Organisation Inpvt 238® 
40® 

lotrroat. Tlmbrr Coron. i25P- 124 2 . lOpc 
Ln. 1400 >7/11 1 
Inverosk Go. -’SOo) 62 


Tarmac (SOpi 141* 39. 40 

Tato'LvlP 178~S 6 4. 1 SPCLn. 103 J^.l * 
Tate of Leeds ,290) 68- . — ~- - : 

Taylor Woodrow <25o) 406 


■ >/. 


V 4*. .- 


Tebbitt GP (IOpi 8* *9<t-T» 

28 (8 11) 


Teealemit i?Spi 130 

Teietustan (Sot 31®- t ---„ • 

Telephone Rentals <25p) T3l 161 JTI 
Te-m«p loixstig /Doif.irLn. 13 S® 

Tern -Consulate '25P- 72 
Tesco Stores -Mtags - -Sp) ST 2 
Thames Plywood Manufacture* (35® 37 
>6,1 1> 


Thermal Syndicate USpi. 98® <9'l t) J' 

" SA3ocPf. 



Thomson Organ 4.72pcPf. S2. 

61®. 21.7pcPf (2SPI 50t 
Thom Electrical Inds. (250# 342® 7® 8 
5 6 40( 50 SpcLn. 100'j 
Thurgar Barden flop, 122 
Tilling -Thomas) >20o) 116 17b 17. 4'.SV>C 
PI 51 '•) t6)1 1 1 . SpcDb. 72Ha l7'1t!' 

Time Products <1 Op) 173®. New (10pH7»- 
ig.fl) 

Tomkins "ip. H.i <5p) 22* 1*: 2 '".- 
Tamlcinuns Carpets <25o) 60 ■ - 

Tootal (25pi 45. ' 5PCPI. 38 (9i11h-;T!.-pC 
Ln. 64 ij* |9.'l If - 

Tooth -II (R. *' (250) 35-19/1 U -- 
Tpwtcs 6ocBP|. 61 <7. Tl) 

Toy* 12SD1 61 17. Til . , . -' , - 

To*tv Kcms/ey MIOBovrn - (Hidgs.) f20pi; 

49* 50® SO 1 ' , 

Trafalgar House ,20p> 112* 13® 11W.H'. 
12. 7pcDb. 47/j iSittl. SijpcLn. 'GO 1 !* ' 
10 ‘>DcLn. 77# 


21 ” 2'6i;T' TfapcOb. 70 j Transparenr* Paper (25pl 65 tT'tvi'. . 

Transport Dovpt' Grp. .*25p' .70® 1* 

Tranwood Grp. (50> S'l <5.111- - 

Tricov-llc -I0n* 82® 5 


, , 3 

Perkm-Ehner 4pcLn 92 19 11, . 

P«r«y (Harold) Motors >25 d) TOO® S* } T/tMnt . Television A JN-Vtgj HOpi' 48*1®. 


Petbow Hldgs. itqp) S5® 

Peters Stores .11 Op, 39 <6 1 1 ■ - 
Pel rot on Grouo >12 --p 1 42© 40 
c-n-llps Finance SuocLn. 54 
Philips' tamos -fl 10 ) P223® >9 11 ) 
Phillips Patents tWIdBS.i '2Eo» 17 
Phocnbc Timber 12 Sol 138 
Photo- Me Intnl. >50o) 343 (6 11) 

Pickles iWm.) A - ion, 9': >811) 

P'/isinelon Bros. 282® 3 BO 
Pi Hard Group >2Sp> 50 >6 1 1 ] 

Plastic ' Cowtrtns. noo) 340 rt'll- 
Pi a iton's (Scarborooghl '25o» 97 16 1 1 > 
Plrasarama (Srt 69 <8 .'11 1 
Plesscr <50o' 104® 5 3 4 6 '; 

PlySU 'IOPI 106 3 4 '7 11 J 
Pochin's (250' 1330 (9 11) 
pplymara lotU iffc' 50 : -9 in 

Portals HMgs..T2Spl 216 '9-1 II- RocLn. 

133'r*!n»i 

Purler CTrtdbum »20p» 95® 

PoweH Duffryn -SOfH IBS© 4 

Prsrt 'lT.r'Eng. Coo. i2Se* F5! (9 11) .. 


Triefvs I25pi 100 - • 

Tr-plcx -Foundries Grp- (2501 r86® j9-1 1 ) 
Trust Houses Forte i25o>.227* W. 6 , 11 " 

4. Option Warrants. £22)!-<9-19i 6JIEPC . 
IstMLDb. 1985-90 61 >. (6, 1 1 -. 10.5PC 
Db. BO®. 7J75pcLn. S9>. <5113 ‘ ' 

Tube In vaill." 370 - 5.‘«DCLn BI I9J1’- 

5. BoeLn. ■ 51 *; (7/lH. 6':ocLn. 67H: 
B'; 7 ; 

T unnef 'Hldgs. B (SOoi 268.' SSoCAPr* . 

, _I7 - ■* 

j Turner and Newall 173® 4* 4 
Turner Curbs . iSot & 

Turriff Cpn. *25p' 81 (7.11' 

Tvaack -W A./ iTOdi 25 (9-111-- . :j- . 


‘♦.'I 


34’s® 3' 


JB Hldgs. *10 p) SB £7111* 

Jackson U- and H.B.) <5n> 
i9 11,. ioocP(. 102 <9/111 
James John) Go. (25p> 47':# b-; 
(9H1) 

James (Maurice' Indus!. <20p) 1ii< 1 21 *. 

tOpcLn. 85 17)11- 

Jarvis <J.) Sons 125 b) 159 Iblll) 
Jentlgue Hlrfgs. (25pl 30 
Jerome (S 1 Sons tHMgs.) <2SP) 49 SO 
(7/1 ) , 

Jessups (Hldgs.) - I0p>_39 8 'i >71 1 ) 
Johnson Firm Brown <2Se) 67® 8 . New 
<2501 70. M OSoePt. 147® 

Johnson Go. Cleaners -25rt 98';® 6 7 4 
Johnson Matlhey 43S. 7i,pc0b. 59': 

<6/1 l) 

Johnson. Richards iH. and R.) Tiles >25p) 
89 19/111 • 

Jones -A. A.) Shipman r2Spi 1S3« <9 m 
Jones (Edward- hop) 13': -GUI 
Jones (Ernest) (Jewellers) nooi 1 S 1 -7-IH 
Jones. Stroud tHItMs.i -25n) 1Q3 <7'1 1 1 
Jourdan (Thomas) iIOp) 38® 7 


K Shoes r2Sp) 70 
Kakut, 124 >9'1 U 


Kalamazoo MOp) M';S b' 

,«H " ' " 


kenning Motor Gra. -25oi 71* 

Kent im. P.i nop) 40 
Kerch an -A., (So) >0'< -61 II 
Knott MHI HldBS. -10o) 241; -6;iii 
Kode IntcrnaUonai (25p) 123© 
Kwik.Flt (Tyres) ilOO) 49® 19 -MJ 
Kwik Soyp Discount (IOpi 80® 
Kcyngch (G. G.f BHpoPf. S * iftffj 


L — M 


LCP Hldgs. > 2 Sp) 86 ® 8 ® 

LK Industrial Invest. BocFT. 39 
LRC IntcrnatmiMl >10pl 34 ® 3'j. loi.pr 
Ln. 77 S-11) 

Lodbroke Grp. OOP) 164b® SB 9 60 

37 , Warrants *0 subscribe 72-;. ape 

Ln. 67 <9n ) ■ ’ 

Ladies Pride Outerwear <20p) S 8 16 11) 
Lain® ijphff) Q Spl 730 2. A i2Sp) 70® 

LjMrd^Crp. ‘2501 9^: 5'j. BiKLn. 104 

Lake Elliot >25p) 52* >9 11 ) 

Lambert. Howarth <20pi 49 18*1 1 1 
Lancaster -D. M 1 (5o- s>< 5 (9-11, 

Lane .Percy, Group rjpp, 45 ( 9 -; , , 

LapartC Inds. ittidgS.) 750PI 106. 7 :. nr 

PL 50 mi - 
Lor ham - James) 107 
Laughton Sons 7'iPCPf. 
uvrcficc Scot 1 ( 2 Spi 104®. S'dKDb 
57'; i, is Hi 

Lead Inds. Group f50o> 14S 
L# Bac fdwordi f2S9' 42 (/'111 
LTboff -S., iFnbcli HOP, 42 1*; 

Lnbus -Harris, (’So- 43 >7/11, 

Let Rrrr.grr alien :25P, 77 

L« -Arthur. Sons {12=28' 22'.® i9.'11- 

Lee Cooorr Grouo r25pi 1B2 2 

Lcoth (Wm.l , Builders/ fJOsI 84 

Leeds District Dyers Finishers USpj Q 7 


Prce'dv (Aitreff* *»5o) 80* 3® 
Press <50i 26® 7 


Sf; 


Prassac (toe* 97® ■ 

Prestige <2501 174.' >9 111 
Pretoria Portland Cement <R2» 148 
Priest < 25 p> 77® 8 
Primrose (RO.IO-'SZ >7 In 
Prince « wal cs Hotels (25p> 83 (9-1 1) 
Pritchard -Serried -So, 37® =: '< 
Proprietors Hay's Wharf 127 «7'11> 
Provliw/al Lapndrfas T2pcLn. 133 i7;l 1) 
Pye (2SP1 80 19'Ui . 


OBM t2Sp> 73 V 3. 7lfl»cDO. 66 jfl/fH 
, VDS iZ5o) B9-& 

UKO -25PI 148 iB.-ll) » * 

UJt. Robber Un-Royat Hldgs. 9a<Ln. 01':® 
Ulster Television A <25 p)~ 7& >®r)1> • 

| Unicorn I25n> 97® 7 *9/111 _ ' - 

lUmgate i25d) 69 «, r r 71 -691 _70. 

' S'.DTOb. 67 (7/11/. . 'T'aPCDti:- 71,1 

'9ft 11. 6-;pcLn. 1991*95 . SOS ' 2*. 
6l?pcL». 1992-97 720 70 Vh' ''' 
Unlever <2Sp) S26® 30 2E 32 76 ?£• 

4 pc DO. 89 <9/111. 5J.-oc.Ln. «.:j..7.'aKLB. 
60:® >; •* SO 1 • . 

Unilevoe <N V.) <F!.12i &23‘* ,7'l.H' .. 
Un/on InrernatkVfai SpeP».^40Jj# » (9D1). 
7 pc PI. cg'rfi i9(1 1) ' 

Untied) hop) iH3f; __ ■ • , 

United B dealt* iHlctas.) (25o) 790 6i9 .9* . 


(.■ 


Q — R — S 


Queans Moat Houses (Sp) 40 (Till) 
Quick crop) JBt.Wni . . 


RCF (ispl-Sd, - 

Racal Electronics (25pi 310* 160.11 10 
Raine Engineering inds. HOpi I2i;* 17 

Jos 


1 tL^_ 


SpcDb. 62'jt® h:® 
Un/tcd Ctty Mi 


1 'jT'J.. 


_... erebant* IIOp) 80 48b» : -9i* ■ 

lOpCLn. (18PJ 47 


4 :», 


Uniled Engineering 11 Op) '65® 
United Gas <25p) 59® - 
SpcLn. 83 tA'11 > 


8. . lOTTOCLii, HHr 


United GUi5*'«PCPb. 88 (BUD- .* 7'aBCOb. 

Unireo ‘CMrartct' IHJMJ *Sp| V. 

United Nev/soaom? tzsil Sda„i7rtrt 
Untrcd Sclent i*c H 1 dgc;. !25rt' 2 60® 

United 'Spring Slrei lOBl W-jo — ' • 
Uh/tcd .Wire (2 SpI »3 UIHl . . 




Rjudaiiy ra»pj- ' u b _ f . , 

Rank rZ5«?238'9T 9 40 4. lOhpCtn.+g r-. . 5 Sh1 -.,V- .. .. 

6^Ln 49 ^88 13^ ^ > 

JjpSRvZ ® !ngs». m. 


tali;. 

O'-^h ‘ 




3v«in - AV'J-"-. B9 l® 

Ransom- '.<700)283 <6'll) 

Ransom® HoCmonn PoRard (25»i 

SpcLnl* 78^ 

Ransow* J**e*»^* T68 cT;t.U 
Rail lift* tnPS. <250, 64. (9,11 1 
Ratcliffs' (25o» 72J <9' IT/ . ■ . - 

Ravfcoek^XTOn) 90 89. 'lOiaPcM. 


60* 


109 


' 7 ^t <> 


Re, 


.tntvfAatL (5ol 
Readv MjXrt^ CorKrKc 


( 5rt 421,:® 2 

--tic C2SPI 123 

Rcckftt Colnuo <S0PI 440* 36 7 2 40, 
spepr: 4 i «i® tan 11 
RcdTftrriOo'nSlft*#* 92 - 

Pedland (2Spl*1Siffl 2 14. 

Redman .;Heeoaa- Inte/aatl. 

<9-1.1/ 


victor Prods- (Wafisendi IOpcw. 701 >t® 
19-n .1 ) - 

Victoria Carpet Hldgs. (25111 21 lj* 

V'ders otto; 26 __ ■ ' • ' 

VKUcn. Grp (ZOni. ISO* S* ;® . . 

Viscose Dnvots. . (250) T2® 70® . . 

Vosaer (25a) .199 '6.(6111. 




w--y—z 

• iasgl' Titf -'ff J9'1*>. 

I. jwoee Grp taosi -39 <6'11) 


*5> 


i Woo ham stringer- -<10 p) 41. 
(Wop .137 (6.11) 


Rred (AUStfn) A^25p)_97 
Reed .:Ex*a*“ 


n a.Bsi 78 fl lH 
Reed iMHiWI. 1ST 4.' I'dCOb. Mllft 
(9ri Tl“*B=Ob. 4 1 V.® b-D >9-1 1 1. 7'DC 
Db. 1997-97 r 6Bii* A re/ i n SijpeUi. 
IS Will. *7TjPCLn. 56«:« (9'11l. IOpcv 

Reed %blwIS».?^peU- « nn'if.. 

Retoo^PBWS (Z5 p; 94 (9/11) _ 

Rr-oH *120 ' 6004. 4X20 c9rllL 7VOC 

Ln. B0W<3<11n 


, Wopkin 

6 1- oc 46i; Wagon tndustrlat HHtti- ttfip) 139 r7'1-1) 
( IOdi 57'i i Wjiker /AH rod) and Son . 1 1 0p) 1.6 1; IftTt? 
| Wslfew .an®. Homer •<£*) H*:® 

| Walker It. 4nd W l- -Hlctts. (2Spf -1 IB. 

’ (ff'l IL mm • m - ■ • g, , . 

Waikoe O. O') T2toV« (7-71) . 

Walker ->james> Golds m-t tv sa>er. 

Utoi r. <25P) ICC. Dc. nuvtg. <25pi 97. 
-reri ii 

Walker (Thomas i i&p) 10 <7;t1> 




WiiSts IssKion Grp. fl O h) 
Ward.anO 


. . GoWstomr (ZSo) 91* . 

wart rows*.} nw.M'i 

Word tTnov, W.v C25z>) yav,. »trocObv7®b 
I8'1T7. 7H»dLp:"71 (8T1)... 


•flNANCE FOR INJHJSTRY TJSRM DEPOSITS V._ 

Deposits- -.of Il.060-f25.OQO accepted fw fsxpd ierK)^ of. 3-10 
years: '.' Interest paid pross/- lifllf-yearly: Rates' ' for deposits - 
received no* later, than 24.11.78.. ;r‘ j- ■ 

Terms (years) 3 . 4 .. ;5 ' -. ';6; . :. “ 7.V v : - S ‘ '--40 L - 

Interest ^ 12 ~ V2i i2f 1^; ^ . 

Rates for iarser araooots on request Deposits, tfr atid further^ 
information from The -Chiefs Cashier. F ina hen for Industry 
Limited, fll Waterloo Roadi London SEI SJSP-fOJ-WJS'TSST, 
Est^ lrt)- Cheque, payable to :*!£ank of ;Eni?*anily.i/c^in ”, - 
FFI -is the homing corapatty -for KFC ahd J^t./. : > : 















: _ £''J. rr: . 





November 11 197S 



25 


Ward White. Grp. CZJWLSI 
re? ODn.i 

How (HMs 4 J -USD) «SJ* 5 


Wvdle tBjrngjd? <10e). SAL© 5 j» b 


Vrtrtng and 

( 8 . I'll. ."••• ■■ •*_ 

Warm Wrwtit and - Howtjnd (Ifel .62 

(£ 11 ) 

w»o«r Hoi mays oosj 3 B o,n>. a mod) 

si's O.UJ 

Wassail ( j. w.) i&o) iq® 

Waierforo Glass ( 5 p) 55 . ■ lOpcPf. 246 7 

Wutmsoons tHiaga-i t 25 bl> 9 i 8 «B J i 1 1- ■ - ■ 

Waishams ( 25 p) 312 -6J1) 

Watts. Blake. Bearne ( 25 n> IIS's 19 'lTi 
Wavwlcv Cameron 6ptf*l 32 < 8 ; 3 lj." ■ 
Weatra Grp. fiOot 26 >i I 9 . 1 I) 
Wearwell'tSpi 3 * 

Webster* Publications ( 5 p) S 4 i;; . . 

Wedgwood < 25 p> 106 

Weffs Associates flop' 33 2 b (Bill) 

Weir Group (2Spi Ml*® 100 1 _•• .. 
Wall to Hides. vSp) Wh S Willi- . - " 
Wellman Engineering Coro. (2501 45 'j 

WetUrick Ft oo ik is f 25 n) as Ifii i 1 3 . . 

Western Motor Hid as. t 25 pt 78 ffl-’IOi 
Westingnousc Brake and Sionat (2Spi So-h® 
Westland Aircraft i 25 r) 3 S© • • . 

Westward TdeviUonlX N-V (fOBJ 25 >1© 

( 9 ' 11 1 “ 

Weticrn Bros. ( 25 pl 84 17111 } 

Windings <2501 39 r»::ii ‘ « 
Whatman Reeve Ansel t 23 pl 265 <V; 1 J> •_ 
Wheeler’s Restaurants MOp» SSI < 7 -tlj 
Whence C 25 p) 74 _ 

wnewav Watson (Hldos .5 HOP' 24 ’f 9 - 1 T) 
Whlteley tB. 5 , atio W.l C 2 Se< 27 < 9 / 1 1 ) 
Whites rnrr.othyt 6 i.pri.n S 5 
Whlttingham ml midqs.) ( 12 izp> 34 . 
Wholesale Fittings < 20 b> 20 S 
WlgtaU t Henry) < 25 di 224 ■ . . • 

Wionlira Teape 6 -*aPC 2 jidDb. 75 £6 111 


Manson TJn.-Tst. I 20 p) 45 © 4 <97111 
Martin .(ft. P.i ! 5 oi GOV 57 'Alii 
i-M'Di . Alien-. Intni.’ ibOoi IBS - SI 5 7 . 
. Qrd.'i 2 <8 111 . lstPi. 73 , 

PUt.otai Elec. Construction SpcPf. SB 
. < 7 . 1 H 

ParamCc tlOpl lOlj iS’1 1 1 

Provident Fin. Gp. < 2 Sbi . 33 © 2 © 1 ( 9 . 1 1 1 

-ReKfcaug izspt iss;v 7 © ■ 

St. George Assets ilOpi 13 *B/T 1 > 

Slmc Oarbv Hldgs. (IOdi 105 . IDpcLn. 

'i Bar s 


Smith Bros. i 25 p’ 560 1911 ' 
-Stertf EKchango 7 i,«Db. - 57 'i 
United Corps. 755 ® 0:11 1 
United Dominions Tst. i 25 p> 35 © 5 . 
Un. 124 


I6p c 


E B ,l '2So £ ^?l , ' ! 5 h i5ri”? <KS <:5d> {Z5 P j 7Z0 - 

Did. < SOD] 136 (9111 1 
£££l* Drum I 2 Soi T 4 ' : « «-|i 
” | Americas U 501 54 -' j® S 

FnrMi^ #n ‘ll n .Gen. O 0 . 25 1 4 3 •• 

39’? 1 !, am? 1 {2Sb) 162 * s 2 - 5bcPI - 


Food. nees, ^b. £Z5oi SSL- 

1 Consd. In*. fZ 5 o| Cl f 7 ' 11 i. 


4 'iPC 

I. OJ fS: 1 1 I 
Funds. Invest. tSSpi 1 B 7 77.1 li 
J lives tori Trustees i2Soi 94': 


Wilkinson 


ich 176 ®- S 


431 ." 18 11 >. "' OpeLn. 900 89 

iVilkiUM 


5 ’:PcPf. 

wifitYnson’ WarbBrtM "r 25 pT 76 <6.11 > 
Williams Hu Ison Grp. < 20 pj 30 201 

WMIlaioi < John i Cardiff <2901 45 <T >111 
witmot-Broedon i Hides. < ( 2 Sp) 37 i;© B 
Wilson Bros. r 20 pi 3 d Will 
Wilson I Connolly) Hldgs. QSpl ISO. ICsPE 
PJ. 1 09 1 j Will 

Wilson Walton Engineering' <1 Dpi 34 
Wlmpev iGeorqei -. 25 pi 79 V 9 

Wuwi Intts. iZOoi 47 V . 

Witter Thomas) .' 25 * 1-47 (* 11 ) 
WoHetev -Hug nes ( 25 pi 200 © ... 
Wplstennnlme-Bronzc Powders < 25 p> 270 
56 5 «H 11 - . ‘ 

Womhneil Foundry Engineering ilOpi SO 1 :* 

WcSit Kail Trust < 25 o> 90 
Wjqtl -. 5 . W.l Group C 20 DI 440 . 3 
w-odneed rjonssi Som IZSqi S 3 J© 
Wocdhouje Rlrson fHIdgs.i i 12 i;p» 27 'ij 
8 (B.’lli 

Wooi-wnrth IF. W > ( 250 * es" 5 't 51 BH ]1 'i 
Wormaltrs w<Hw Atkinson 9 pct.n. - 57 V 
' 911 ) 

Wriontvn rf i Sons 'TOoi 26 *91 111 
Wratt (Wood row) Kings. C 3 p> 1 S"„ ye 
■9'T 1 1 

Yarrow CSOol 320 2 .- 
Vares W. E.I 7 JjOC«. 42 
York Trailer Hldps. -ilOnr 4 G:.- 4 > 

Yceksh-re Chemicals i 25 oi 30 ’B'lli 
Ywlshrvr Fine Woollen Spinners ( 20 pi 
41 V 19171 

Youghal Carpets (Hldgs.' -7 Sc' 30 ffillj 

ELECTRIC LIGHT {—) 

Brzscan A npv 905 ( 9:711 
Calcutta Elec. Supply 75 17 1 1 > 

FINANCIAL TRUSTS < 68 ) 

Akrove and Smlfhers ( 2 SDI 20 S 
Anglo-Continental Inr. "and Fin. . 9 'ipcDb 
81 

Armour Trust ( 10 p) 9 . 
i 9 ' 1 1 1 

BET G.-nnlfaus Services S'iPcPt. 4 t ( 9 - 11 ) 
Birmingham and Dl«. In*. SpcPT. 3 B'i 
a 6 111 

B^ihooscatc Properly- and General - Invests 

Bridgewater Es'ates iSOp) 32 Z .. 

Britannia Arrow Hldus. liSn] 13 ‘vV '« 
Warrants 31 ®. 6 ‘<pcPI. 59 V 61 © 
59 : * 60 ': 4 Dt 1 * I 9 ' 11 ) 

Charterhouse Grouo I 25 p) 58 7 
Corinthian Holdings HOo) 26 
Daily Ma.l and General Trust tSOol 360 V 
fs 7 H) A ,SOb ‘ 360 ’ SoeW ’ < S °P> IB’: 
Dalgetv 300 3 1 New 307 10 9 6 . 
4 S 5 pcPI. S 3 < 7 , 111 . SncCn 65 ^ C 7 J 1 ?) 

D «s""°Vi Group t2So1 W’ 1 !* 7 . 5 pcLn 

Edinburgh Industrial Holdings (12'a>) 7 0 
Electra Investment Trust 1250 ) 109 
E ?B t }"i r i HouM! •'"'fitments .S'iPCkn. S 3 
Exploration <Sp« 29 ® 19111 
F 'l7*11* and ,ndustrial Trllit OOP) 20 

■% r ? 1 l S all ? 2 fJ , f Corporation ■ < 10 d) 

5 ..- 6 •*' 1 1 >■ , Warrants ■ 1 >j < 7 H 1 1. 

B ;ocLn. 30 9 >-ocCny.Ln. 52 « 7 < 11 ) 
PSIK'L ln 1 "^tmenli I 25 DI 20 r 9 ‘ll) 
Gresham Investment Trust i 3 Spi £7 
Holdings ' 20 p> 53 tS/lTJ 
Hampton Trust «Sp» 9'* < 7 ( 1-13 . 

3 |3 5 . BdcLp. 68 >4 19/1 It. 
1 s': 0 cLn. 9 Zig ( 9:111 
I'l'l- Comm. Finance £i>ocDb. st (a'tii. 
Ii® =D b ,? S 7 'aoeAOb. 1991-94 

Sdno Vi n 9D,:ADb - 72t <• ■’•«Mi- 

Lloyds Scottish < 20 pi 83 V 4 
London Assoc. Invest. Ts*. , 10 p' 7 U 19'111 
London EuroDean Gp. ilOpi 30 V 29 ■» 
London Scott I sti 1 =in. tIOpi 41 .:© *91111 . - 
M and G Gp. (Hfdas.i i 5 oi i“n oa 


T OUpcLn. 59 'j® 


Beralt Tin Wollrgm i 75 pl 54 © 

Burma M 7 I ; d) id-. ! 6 l 11 i 
Charter Const*. tFefl.i I. 2 SD) 135 V It® 
30 * 27 ;* 31 29 33 :. >Br ) i 2 Sb) 125 
.JlTIl. SpeLn 64 .’: * 7111 ) „ , 

. Consolidated Gold Fields t 25 p) 172* TV 
1 ® 70 69 71 65 72 . B'.-ocLn. SS>* 
iB.lll. 7 .jpcLn, 59 ’ 8 . 111 . 8 laPCLn. 

57 'j 'Sri 1 ; 

Gcc*or T»n i 25 p) 17 S i 7 'I 1 * 

Gcoeng Consd. i 25 p) 320 'Bill) 

Miiavan Tin .Mail) 40 S iSil 1 
Mala^.iam Tin ,Sa) 33 V 
Rto Tlnte-Z'ne Caron. i 25 p) 228 V 90 MV 
30 29 22 28 30 3 1 ACCUm. ' 250 ) 
223:0 (9 111. 3 325 pcAP(. 3 B!]V >•© 

Vfoeyifi ft n < 9 c b i 49 iqm 1 1 [ r.hcnl’ . I 1 9 111 3 . 5 ocBP!.f RcQ. 1 40 IJ 40 

'tSSSShSTimSC wU rlOpj 14 '; . 7 ; 7 i i ! G i l 7 ‘li 7 Trust f2Sol 93 «: 4 i Samt Plran . 25 o; 85 © 7 i 5 4 

Yule Cano- ll Op* 63 ifillll IGlendevon fnrcslmer: , 25 P' 90® ' 9 ' 11 l 

' J GAS ( 7 ) I s^lTeck l3Sp ' " Q,i * 100 10 *- 

Alliance and Dublin Consumers' Gas 97 lG?»cn European 25 c 63 ' 
imperial Continental Gas Assoc. 343 © 400 1 Northern In.vti. .’ 5 pi 05 * .’ 9 't 1 ■ 

1.40 4 . 7 geL». 1 S 1 * C 9 .Hi Gi-een| r | ar | n>e¥ ,. . Z5a , ^ x 

V 1 UCTIT 7 A hir-C /tvoi I?™,* 1 " House Estate '2591 73 'i» I 7 /Hi 

INSURANCE ( 132 ) 1 .H? rd, *n Invest. i 25 m 7 : •. 5 ncP 1. 37 ': 

| 1 1 I 

Hambres Invest. ' 25 pj 94; s 

:ph||ipi Invest. 250, 167 >:. 8 '; 9 . 


Genmai 

General 

GeS.-r a ! Trust" 1 25 01 isir-T’lli I 

•W?, S:Kk holders Invest. . 12 ' : pt 17 3 V 


Sowring <C. T 1 i 25 o* 104 . SpcLn. 99 . 
lOocLn. 151 

B mi trial Beard 'Hides.) < 10 p) 34 © » 9 M 1 i 
Commercial Union Assur. < 25 o) 132 V -1 S 
6 2 7 5 *cP». 45 0 . 11 1 

Eagle Star tusur. ( 2 Sp> 131 30 28 35 
Equity and Law Lite Assur. ( 5 pi 166 
CM, Accident Fire Lite < 25 pj ibs:© 9 si 
"2 90 . "SljpcPI. 461 ; iB.’l It 7 >:peLn. 
641 *. 7 uocLn. 63 I& 11 I 
Giiardian Royal Exchange Assur. < 25 d> 
206 © JO a 12 . 7 pcPt 66 t 9 f 1 l). 7 « 

Ln. 60 '.® 

Hambro Lite Assur. ’25 b) 3650 30 5 70 
Heath >C. E ) I 20 UI 218 * 45 B 2 
Hogg Robinson Grp. « 25 p> 127 V 7 . New 
( 2 Sp> 127 7 : ' 

Howtnn (Alexander' Grp. (lOpi 137 © 8 © 
8 9 - 

Legal and Gen. ispi 140 39 

Lon uen 'and Manchester Assurance CSd) 

Invsts. ( 20 D) 174 

Mattruwv Wrlohtson hobs, izop) 167 8 
Mi net Xd gi. <2 Op)- 172 5 Oil) 

Moron - (Cnrtstopher) < 20 p« 49 V < 9 . 11 ) 
Poart- Aaauraoce ( 5 n) 224 © Sa 4-6 
Phoenix < 26 i» 226 * 5 © 4 - 

Prudential 15 PJ. 136 * 5 6 8 

Rrftroc Assurance r 5 p) 132 If 111 
Rj>rai^ insurance < 25 ot 343 © SB* 43 1 

S«dgwicic Forbes Hdgs. < 25 p) 400 
Swnhonse- Hdos. < 25 ol 94 * 4 6 


Selection Tst i 25 pi 438 6 4 
Sliver mines iZ'-d) 36 <BM 1 ) 

South^ Crnlly (lOo) 6 S. New flOp} 64 

Soutn-rn Ma'av.m Tin Dredging (Mi,. .... ... 

iBcrnas) 'Mil. 302 * i Lawne Plain. Hldot. 331 

Tanks Consolo invests. tSOpi 158 ^*. • McLeod Russel 216 17 . 5 . 9 dcPi. 

• 9 pcC urn.) '80p' BS;* ig/t-I*- 7 ocLfi. 50 *© - 9(1 11 

Ftarsft Sulphor Copper 1R09.1 l 2 > Z 50 1 R u p Estales^HIdqs ^2501 150 '} i 7 flll 


in Sueces: Equities ( 2 Ssi 

Trust Gurrnser i 50 bi 


H.li 

4 ;pcDb. 75:. 16 11, 

Hume Hldbt. A ,;Spi 73 . B i 2 Spi 72 . 
1993-08 118 '6 111 

industrial G C n. Trust i 25 <n 49 ='* 9 . 

J-IKDO. locii* .7 is, 

1 3 ?l* Tru *l * 250 ) 73 *. Warrants 

Investin- 

Investment 

,:>n, 

!nvui ors capital Trust . 25 Pi 76 

■j* p*}, External Trust Pt. 166 

Jo» Hldgs. < 25 pi 41 > <B II i 

Jo»e invest. Income , 10 pi 4 j>: i 9 . 11 '. 

. Sf ** 1 ? 1 Up) 6 ', i 7 .ii! 

Lake View invest- ' 2 So, 86 ® ( 9 -m 
Lancaih.re London Invest. C 2 Sdi 42 ': i 7'1 1 ' 
Law Debenture tZSpi 93 > ■ 6111 ' 

London Lomond t 25 p) 71 

London and Provincal TA I 25 pi 103 4 'j 

foil, 

London St. Lawrence i 5 p) 10 ; 

L ? 7 < ¥t', a "° s,rath=1 * nt; Tst. ( 25 p) 33 *: 

London Inv. (Sp. 3® 

London Merchant ( 2 So> S 9 . Do. 

„ Capital shs. i 2 Sp> SBtV^^ 
Londsn Tst. Did « 25 d, 98 ';. »,;PcOb. 81 
1 w'rli 

I M anq G Dual Tst. Inc.Sns. ilOpi 212 
. _.' 7 *»s Car.hfti. > ] Obi 707 :S I) 


SHIPPING ( 31 ) 

Brit. Comm- Snip. > 5 C») 2 B 6 V 5 6 4 
Caledonia l"«- ( 75 oi 247 © 5 
Common Bros. tSOp) 156 (Bill 

Fisher 'J) Sons tZSol 177 ® > 9 ; 11 ) 

FumcsS. withy 237 , 

isle Man Steam Packet 175 

Jacobs < 20 pl 36 * 5 - ill 

Lndo Overseas Fre,gh;cre -2501 54 © Zh 

Lyle ShlPP ,n « <2501 12 B '6 11 ) 

Ocean Trntnt. Trig. , 25 o) 106 © 9 : 4 '; 

PfSnwular Oriental Steam »av. Did. B 1 V 
xi.a } 1 H 1-; 

Reardon SmliJi Liw 'SOo) 79 
Rjnciman *W) < 2 Sp> 1 5 ?; (9 11 ) 

TEA ( 3 ) 


Assam-Dooarc HWss. 258 i 7 int 
Assam Frontier Tea Hldgs. 278 * 
Assam Nw- 94 « 7 ' 11 , 

Empire Mins. In*. < 10 p* 2 s o in 


RhodeKiun (- 1 ) 


Botswana a ST . Pu 2 • 21 •; ( 6 ( 11 ) 

Minerals Pcsourc^ Corpn. iBDSI . 40 ' 
U. 5 .S 2 . 2 S:© pi 54 &: 

Wjnkle Colliery iSOO' 29 >91111 
Zombie Cooper Invests. (BDs 0 . 24 i 12 © 


South African ( 45 ) 

Coal CPn, iRO.aO' 650 
■ R 0.1 299 


Africa 


Ann la- America 

.8 11 , 

Ana lo American Sth. 

500 

Anglo American fftli M)S 2 iUm \i 
Bracken CR 0 - 90 ) 647 © 1 USQ .98 
3 ufielsioniem iR,i 790 
Consd. Murchison >. 90 . 10 ' 182 
Doorniontcm iRI i 243 
East Daaga'onteln 'Rlj 25 <91 11 
East Dnefontein >B 1 , SUSS . 75 
East Rand Ccnhd. iIOpi 16 ';© 

Eas> Rand Gold Uranium <R 0 . 50 > 306 
>8 11 ) 

East Rand Pron. <R 1 I SUS 4.20 'S.'lli 
Elandstrand 'RD. 20 ' 185 ' 9.111 
ESDurg SI. SUS 1.07 

Free State Gcdu'd 'RO-SO' SUS 18 ’, 19 * 11 ) 
Free State Saaiplaas <R 11 SUS 1 . 0 S 18 11 ) 
Genl. Mns. Fin. pn. (P 2 , £ 15 ".© , 9 > 11 , 
G.F Sth. Alrtca <R 0 . 25 > pi . 131 SUSl 6 »S 0 
■6 111 

Gold Fields Prop. iRO.OZ'a' JUSO. 70 T* 



Ailsa < 25 p) 1 TO 
Alliance Inr. ( 2 SP> 103 . EpcPf. 44 
- 17 . 11 ) - - 

Alliance Trust i 25 P). 205 © 6 © 4 'j 5 : 

S'vbcDb. 72 < 6 > 11 i 
Altifund 


■ to purchase 22 ... 

I 67 *- e f 7 /t {'“ CfltV ‘ Ei,ht lrrreil - 7 SI 
: gs ( 9 ( 11 ) 

I 25 T 1 !' ,!,n American Trust 25 p) 90 ‘r > 9111 ) 
Northern Securities 7 ru*l . 2 S o', 12 Z 
| Dutvv.ch Investment Trust 2 Spl 4 B 16 11 * 
| [9 1* J d Investment Trust > 2 SP) 106 

I Raeburn Investment Trust I 25 p) 111 

.' 7 : 1 1 1 <t :ecLn. 81 


Cap. ( 50 pj 1 89 

Alva. C 2 SP) 154 

Ambrose tnc. ( 26 b’ 60 <-71111 
American Trust i 25 pi 40 >*. B ( 25 d> 39 
Anglo. American Sect. ( 2 Spl 88 >i ( 911 i. 

1 ° iv * t2Srt 40 ®- Assct *• "iw S3 Wi it 

A nolo- Scottish < 25 pl 43 © 

Ashdown. ( 250 ) 119 tB. 11 ) 

Atlantic Assets < 25 pl 96 © 6 


9 111 7 ';u:Prt. SJ; >9 11 ) 

R've> and Mercantile Trust < 2 Sd> 160 © 
Roheco >Rotterdams:h Bcleae-natconx-r- 
l"«n n.W J ,Br ) (FI. 50 < JUS 79 1 :: 80 . 

5 ’* -Shs l Reg . m the name ol Nat. Prow 
(Nominees' -FI Si 542 © 40 t® S 3 
R ^'J ;0 NV. Ord Br iFI. 59 ' SUS£ 5 : 
•* ’ll Ord. Sub -Shs. 'Rec in the name 
British American Genl. ( 2 Sp) 38 '; (8 11 , I “'Nat. Provinciaf Bank -Nominees) <FI. 5 ) 
4 pcLn. 80 B'l 1 ) : 40 © WS 6 55 © 

British Assets Trust > 25 pl 67 ® B 9 8 ‘.-. Romney Truss < 25 pl 

5 PCAPI. 4 U« lO'lll - 

British indl. Genl. Did. (ZSpi 96 . 

British Inv. Trust ( 25 p. 162 L-V SV 2 ': 


Alius Electric Genl. ( 25 o< S 7 ' : © 
Australian Intematl. ( 50 pi 9 S':V 
Bankers' < 25 o> S 3 >: < 9 .‘ 11 t 
Bishops sate Trust ( 25 p) 173 6 <" 11 ' 


Border Southern <JOp> 56 ': 


LSSH? 'P. 13 . 65 , ■sQ.-rf, SUS 0.60 
Libanon <T 1 . '-U 56.40 
Lcra/ne >R 1 ■ 70 <9 1 1 1 
Lvdenburg PUi. <R 0 . 12 '?i 62 * 2 
Mane vale Censn. |ft 0 . 25 , S(JS 1 24 
M;ssiii (Transvaal' Drlpi . .R 0 . 50 i 62 

Pres.dcm Brand -PO-SO' 770 
Rand Mines Prfps. 95 16 ( 11 ) 
Rand'anicm Wiiwatcrsrand <R 2 ) SUS 41 ';t 
fruslenburq (RO.IOi 94 :>l® 1 
SL Helens Gc-ld Mines >R 1 ) p 684 

■0510.20: po 6C. ,9'tli 
Ah.can Land E,piln. (RO 351 JUSO 80 

South v.ual Hlegs. IR 0 . 50 I 0412 ,6 IT' 
Stiliontem Geld M'nlng iRO. 50 ) SUSS 98 
Transvaal Cons. Lana Explln. (Rl) 11 ., 

L> C. Investments (Rli 195 © 200 

Un.on Coro. iR 06 L,j 255:0 E© 64 

U nisei Geld Mines 179 fell' 

v*al Ree'i E«pltn. Mng. |R 0 . 5 Q) 5 U 518 '<: 


8 ' 25 p 


CL<*P Invest < 25 p) 62 'v '7 11 
Caledonian Trust ( 25 pi 75 © <«. 

71 ( 7111 , 

Capital and National (Z 5 o> Its 17 > 6'1 ) i 
Cardinal Invest. -Did. < 25 b' 102 (Till* 

Carlh) Invest. > 25 pl 107 i 6 .-.i ' i 
Cedar Invest- < 25 p> 61 ( 7 M 1 i 
Channel Islands and Inter. Cap 610 15 
<6/111 

Charter Trust. Agency < 25 w 51 '; 

CRv and Cmt. Income ( 25 pi 27 . Caoxal 
101 < 6 <i i »• 

CILv Foreign Invest < 25 o) 70 < 61 1 1 ) 
ridton invest- <lOoi 7) 4 iS.'ll' 

Clydesdale Invest < 2 Sp) 74 •* 

Continental Industrial i 25 t» 1 77 ® 6 
Crescent Japan < 50 oi 185 (811 1 1 
Danae Invest. Income >SOp' 42 iBiin. 
r-anini HOo) 71 ;© < 9 / 1 1 ) 

Debenture Corn". < 25 p' 60 '» 1 
SA^Db. 1979-83 79 'a ' 7 / 1 1 ' 
rmmlnibn General rZSbi IB*"’’' ' 9 i 11 ) 

Dravton Consd. rZBok 131 i 7 ‘l 1 i 
□ravton . Far Eastern ( 25 o> 41 ® < 9 ' 11 ) 

Dravton Premier < 25 pi 178 ( 9 / 11 '. 7 ':pc 

AUnsecd-Ln. HZ 18 ) 111 - _ 

Dualves* CW. 198 ( 9 / 11 ) , „ | s^rl.ng . 25 c 

Dundee London ( 2 Sp> 57 'i ( 8,1 1 J. SpcPi. i 71 - 
37 ( 7 ) 11 ' 

Edinburgh American Assets i 25 pi HO 
Edinburgh In*. Dfd. 21112 ( 9111 ) 

Electric Gen. Inv. < 25 p) 71 1 ; 

English Inti Tst. < 25 p' 81 © 1 . 5 '-ocP». 

40 ■: 17 - 11 1 1 . 7 acUitsactLLn. 95 ( 9'11 


9 SSSi'SSL Tr,, V ‘ 25p) 81 , : - 4 , -f*L'>- 79 Vcntersucs! Go'd Mm. .Rli «JS 2 ao 
lK ,, I ,neW "* fs. I V'akfsnscm Geld Mng. .RD. 90 ' 4 S ' 9 ( 11 ) 

6 ,T . ' Ci °- Shs - ,2 -° 74 , voee/s:r u ,stuii Metal Hldgs. iR 0 . 02 "i 58 

. "Cthsthlld Investment Trusr fSCiol 1850 6 . I WdVem Cold Mnq. (RO.SO, sUS 5 25 

'* ' west Dr.crnntem Gold Mng. ,R 1 i !U 529 .% 

9 ’, £20 sUS 29 '. ( 7 il 1 1 


3 5 ocPr* > 50 o) 31 i 6111 

5 . Ararcw Trust ' 2 Snl 112 

Sa .'£ fro'-fer Linked Inv 7 »t. Capita' Shs. .West Dricn/cnlcin Gild Mng. tFI) MJS 29 '- 
> 10 o 1 53 ’- '91111 J We-st-rn Areas Gold Mng. iRi, tusi .84 

Scott'" h American Invest. -SOs) ?S':© 80 I Le»els <R 2 * P 70 S 

8 Q. ; -9 iii 1 „*.' ?s:arn H, «gs. <ro. 5 C" tus;:-* rgm, 


Surlruh valley Tea i 25 oi l 4 eo'i 9 iTii 
Warren Plawat'cns Hldgs < 25 a» 1 13 < 7 / 1 1 1 
Williamson Tea Hldgs. 158 © » 9 » 1 ii 

WATERWORKS ( 4 ) 

Brlste^ Waterworks 4 . 9 pc Hmly dpci 46 ' * 

East Surre* Water 7 pcDt>. 199 D- 9 Z 60 >i© 
tifll) 

Esttx Water lOKDb. 75 -'» -’j *9 11 ). 
TOitPCDb. 77 'Bill) 

Lee Valfcr Water 4 . 2 oc'imlv. 6 oc)Pf. 72'2 

Mid Soutbe-n Wtr. Co. X-SPC 'Irnlv. 5 pO 

Si HP 

Newcastle and Gateshead Water 4 . 9 pc 
( 1 mi*~ 7 ptJ 40 '; i , m. 4 .Zoc Umly 6 oci 
Red.Prf. 91 <7 ill 

Sunderland and S. Shields Wtr. Co. 4 . 5 Spc 
fhniy. 6 'iFF> Rjd-Prt. 73 :* < 6 'll). 7 pc 
Red. Deb. 67 ( 9 . 11 ). 1 0 UocRed.DeO. 

Suttan^inriCtjWa^er^iOpeRed.Prf. 106 ': 

Tendrlng Hundred Waterworks 4 . 55 pc 
«mlv 6 >:PCI Red. Prt. 78 !; (S/ 1 1 1 

West HamtWh'-e Water 3 . 15 oc >lmlv. 

SiiS?) Prt s ££°7 Vl l 5 - >■«•*»• 
SPECIAL LIST 

Business done in securities quoted 
in the Monthly Supplement. 

NOVEMBER io (\j|) 

NOVEMBER s (Nil) 
NOVEMBER S <Nil) 
NOVEMBER 7 ( 2 > 

Morton Sunoour Fat. res SaclStP). o 32 i» 

NOVEMBER 6 ( 3 > 

Border BrcM-eries 'A'rexnamj ai-prlstDa. 

£100; 

RULE 263 (1) (e) 


1 Pacirc Capper 56 
PaiKontmental £ 3 '--© 4 
echo Wall send 450 : 

Philip Morris £ 47 '. 

Queensland Cement and Lime 95 
Scudder Dig) vest 495 
Swire Pacific A 1 ) 9 © 23 
Sw.re Proas. 4 6 © 

Target Pels. 1 SI; 

Timor ©i| 6 i» 

TrlConimental ElZlirV USLI 8 
Westfield Minerals 166 
Wood side Peis. 57 

NOVEMBER 9 

Alliance OH Dev. 15 tO 
Allstate E< 3 S 
Ashton Mng. £7 
A usL. Oil Gas 45 V 
Blue Metai Intfs. 95 
Bougainville Copper 120 V 16 
Bow Valley £ 10 % 

I Brambles inps. 121 
J Castlemamo Perkins 260 
, Chemical New York 5 . 25 'j 
C lba Gelgv 8 '<DcCnv £ 85 © 

Con 2 inc Rig Tinto USS S.oD':© p ?5 
CSR 242 © 

Dominion Foundries Steel A £ 17 © 
Dornln.on Te.tilev A 650 © 

Dreiser mas 'J 5 i 36 ‘,o 
Dub Devs 54 
Eastman Kodak £40 ; 

Endeavour Resources 18 © 

Gooavoar Tire £ 1 C'» 

Jar dine Secs 109 © 

Kitchener Mng. 11 
Lend Lease Cur. 205 
Lenna'd OH IS 
Maghot Metal 24 © 3 
Marra Dev. 4 «: 

Mctramar Mines 3 
Northern Mng. S 3 
North Wesi Mng. 20 © 

Oakbridge secs. 121 ©. 

Pac. Conoer 57 
Peko WalJaend 460 © S 2 
Petrohna US) 109 ',« >;V 

Power Con. Canada A 980 * 

Pc-val Tst- A £ 10 :;© 

Swire Pac. A 125 ® 17 !; 

T as miner 75 © 

Target Pels 17 ® is 

Timor OH 6 © '* 

Tri Con; rental £ 12 «p© USS 17 S EI‘ 
U.S. Steel USS 22 '.© % 

Wert held Mins. 157 ® 60 
Wherlorv Marden A 46 > 

Wc-odsIC". P«tv. 56 © 9 
Yukon Cons. 142 

NOVEMBER S 


I Swire Prop? 57 © 

(Timor 57 Should have bc-?n Sho;, 
tZ-i 1 ) 

Tono Pac. HICL r -. £ 5 C:© 

Tn Conii.iental £ 12 -| K ;q !f«© 
western Ojr.. n i~ 

WcilhtftJ Mi"? 141 

Whr.?ioCk Maraen A 52 
VYinsar Ind. 44 

NOVEMBER fi 

American Tel. and Tel. US> 61 >* 
An^JO UId. 230 
AsSCd. Manganese LiZ 
Beev-r Ew 5 :© 

B&aln- £ 42 '-® 

Cassia Asbeslci £40 
City Invcsimg 975 1 
€ won Con. £ 3 £ '• 

Hong Kong Land 157 © 3 ':. SPcCnv 


Jarflin' Maihr-.cn 200 : 
Metal Er. 26 ’:© 

! DKsnore Oil ' 5 l» ~© 

I Oil Search 3 © 

• Paneon'inenlal E 9 ':C 
' Pnilip Morris £ 47 ';-i, 

| Rccco 103 
I Sabina mds. 42 
Southern 950 ; 

5 wir-' P)t A 142 
Tr. Contmcn-.il US'. 13 : 
U.S. Steel US'- 24 '..© 
wooasido Peis. &;>© 


41 


RULE W\ (2) (a) 

Applications Snintcd for spreifie M“"-Veitw!? 9 wino° zV i i C 1 


Doloswella Hldgs. 20> 

E'ar.ng-? P»c A 215 214 

GRA Prcn Tit. 12 '. '* i; 11 . ; t. 

Jwlrsi Bros. 78 

r. el lock Hla-J'.. 44 
un |J» Hia^S. 21 ■; 20 ; 23 19 

Mnrrvdien Win.; 34 ZZ 
[Mining In*. Can. 61 
NMW Comsurirs 178 
N.-CMiulde Leisure c-> 

I Norton Villi ;ra Trlumah 6 ' 
v.m Brewery 7 J 

' Queen S:. Warehouse (Hldgs.. 2 =: 

| Rargcrs FC 759 

S ’.ar Olftncre Services i 14 1 
!d. Fri.-n< 1 i» Insurance B 71 
j Uronaie Incs. 1 46 
i Wood Street Mill 16 

1 NOVEMBER 7 

i Samptsn Prop 6 :OCl«Dh. £ 4 S 71 - 
' Culr i-cnian onshore 5 
Cjr.Si.Cli- Invlrulhert < 1 pi 2 '. 

I Cun-brijgt Ir.vrrument < 1 |) 0 ' I >a 
|C.-.m. 3 -Rcil Ale; ln»s. 115 
Cedar Huge. IS 17 IE 
ICcasr Hi dpi Sec Pi. 44 45 
I Cla„ma tu 23 2 10 
O.iii-.cih iCdvigm Hidas 9 
! Dr.ic.tmclta Hldus. 21 
: Easroournr Water. 5 =cSo. £65 
: Ei:r csr Pas-.- A 210 
1 C-IU prep. T»|. 12 -; '. 12 
! H.i -ac-.v Park Rv«;au;vc 4 a-. 5 
jM.-unas Bros. 79 S 
'"eiierk Hides. 4 2 
. colic cu Hides. 1 81 
Kr».:-:k Hic-.S. Cr.v.Lh. ; 2 nd scri l 42 


bargains in securities not liMed | ' 27 - ? pn . 

on any Slot* Exchange- 1 NMW 1 


61 M 


NOVEMBER 10 


Angle Utd. 2 IB© 23 © 

Bridge Oil BHD 

Dec. e £ 22 'ib 

Endeavour Resources 17 . 

European Inv. Bk . 7'jpC 1971-35 USi BJ'f J 
Haw Par 51 

Hong Kong Land SpsCnv. £ 0 >.. Do. Ord. 

147 

Hutchison Whampoa 81 - : 

Jardine Mat heson 2 1 9 
Kuala S’dim Rubber 61 '; 

McCarthy Grp USS 0 . 5 S:© 

Myers Emporium 127 © 

Norsk Hydro 5 -pcBds. 

DM 105 . 10 © 105 . 35 © 

Pitlsort USs IS© 

Sthrn. Pac. Pets. 12 3 © 10 
Stelux 13 

Sw.re Pac. A 124 '; 4 

Bargains marked in securities I Tri Sf coMincniai fin-* 

142 


1982-89 


Arsenal FC £155 

Cambndne ln*l. l'i. Ord. riOu'- 2'j 
Carr's Milling Indus 7':pcLn. £39 PC 
Channel Hotels and Prep* 27 
Cl a i rm ace 21 
Delcfenne 12 

Dlmbula Valiev 'Colon) Tea 75 
Dollar Land 51 45 
Easterb rook Allcard 100 
ridr.dgo Pooe A 212 10 
Evenon FC £145 
Evcnem 72 

CtRA Prop. Tst IZ'a -.2 11 -i t* 

G'hbS Mew 540 
Grampian TV 45 
GKN 'Uhl 8 d:Db £70 6?ac 
Home Brewery 283 
Jennings Bros. 79 

Jerse. Canning 4 scCm 27 

Jersey Gas IdcCih 27. a -nc-ndDD. £65pe. : Hon-e Brea-cry 

Sot A Cm 32 

Kathleen Inre-ls. is: I 
Kunick 18 :. 17 ': 

Mining Inv Coro. 61 39 ij 8 
IJamunakula Tea Esi. 2 
Natianw.dc Leisure » 

Ncrtn Soa Assets 655 GOO 597 
Morten V.lln.-rs Triumph 6'- 
Jpoawn Inks. 6ccDo £54 z's 


-aai- on, v ac Leisure 9 7 '; 
PMPA Insurance 2% 
Portsmoun Wsser CdcDt. £25 
Soutnnrn Nnvr'.oooers 2 5 ' 5 D 
Star CBsSsr; $(-vicjs 112 
UrC 9 "lc ln»s. 143 
Wood Street Mill IT :* 


whi€ ^~n q c U «f d u or c ,i5 ‘^ on »!« SET# 
overseas Muck Exchang. 


NOVEMBER 10 


NOVEMBER 7 


' 2 So) 95 4 ..-. 4 S 50 C 


- - -- ^ ... I Western , w— 

Scottish ' Cities Investment Trust A Ord. ! N ‘ 0 C| ’RQ- 2 S) 37 fB '11 

_- 25 oi 156 \9 111 ; -end Pin Gold Mng. fRI) SUS 2.80 

inveslmeni Trust '2 5 ni | 

West African ( — J 

Amalgamated T.n Mines ol Nigeria (Hldgs) 
. Odi 2 a© <9111 
i Bii-'hi T-r. 1 10 V. 6 1, <8 1 1 > 

[G;j.d and Bas- Metal Mines < 12 '.-a) 10 

i E ’" 

! Diamond < 9 ) 

i meric an invest. Trust tRo.SOl 35 

Beer: r Minos AOocPf. irsj ^9 
| D»a. wsJ S. #Cr ) iRG.Si 435 3 

! OIL < 157 ) 

®P r,,€c Petroleum Syno.cale < 10 ui 


5 :crt.sh Eastern 
127 19111 ) 

Scpmsh Inv Tst. 

API. 45 .8 1 1 1 
Scot Ush Mortgage < 2 Sp. 103 - 4 
5 eeit.sh National > 25 o< 141 © 

Scotfsh Nonncrn ' 25 p. 96 ® 

ScdU.jh Ontario - 25 P' 63 '.-© 

Scottish Uld Investors ' 2 Sd> 7 J® 
Scottish V/cstem . 2 Sd; 90 © '9 11 '. 
2 5 e) 86 ’.- J 'fill 


■ 91111 . | Sc-cond Al'iance ( 25 di 175 : ; 

5 -cord Gi eat Northern ' 2 Spl 82 »6 1 1 i 

Secunt.es Tst Scotland ( 25 oi 172 ':. 4 :oc 
P». 34 r .g 1 1 . 

. Shires inv iSOp) 134 ® 30 
S> 2 nwei| European OOP' 32 '; <6 11 » 

I Sphere t 25 o' 107 '"7 11 ) 


" '« *- 6 -=‘ D “ ’S8» arspj !t*s, UTr^vn 

.• 55 D.__SB-e.KV '.© I W 2§.»l 7 6 2 . cD 8 d c 1 « p ‘. 7 ° : . 9 bc 2 nd 

Burnish OH 67 - -V 8 !. 8 70 69 . 6p.-1siPt 
42 '. -9 111 7 'j pePr. 48 (7 Hi! BaeS. 

57".© 7 "• e ‘-"P« Ln - 


9 '« ( 811 ' 


i Sto ^holders 

Teehnolt-oy - 25 oi" 97 »9 11 ) 

Temp's Bar . 25 p' 58 7 '; '3 1 - :’ 
Thraamprton Secured Growth Cap.-.n. 
•7 11 i 

Thr©] morion Tst. rJ 5 o- 73 2 ;. B 
Ln. 1 J 6 '8 11 ) 


LOCAL AUTHORITY BORO TABLE 


Annual 



Anlhority 

gross Interest Minimum Life of J 

(telc]ihrme number in 

Interest pajable 

sum 

bond 

parentheses ) . 




i . 

% 

£ 

Tear 

. Barnsley Metro. (0226 203232 ) 

12 ■ 1 -year • 

250 

5-12 

Barnsley Metro. <0226 203232 ) 

■ Hi 1 -year 

250 

3 A 

Choriey (02572 5 « 1 I) 

US - l-year 

1,000 

5-7 

Eseler (0392 77883 ) 

12 1 -year 

500 

6-7 

Know&Jey ( 051 .548 6555 ) 

12 * 1 -year 

1.000 

6-10 

Manchester (Ofil 238 3377 ) ...;.'. 

- 11 i-year 

500 

M • 

North Kesteven (0529 303241 ) 

11 ! 4 -jear 

1,000 

' 5-7 

Poole (02013 5151 ) 

11 A -year 

500 

2-3 

Poole (02013 5151 ) 

11 * • Wear 

500 

5 

Poole (02013 5151 ) 

I 1 J 1 -year 

.500 

• 6-7 

Redbridge ( 01-478 $0201 

1H 1 -year 

200 

6-7 

Salisbury (0722 24265 ) 

114 I- year 

100 

5-7 

Sefion (051 922 4040 ) ' 

113 1 -year 

2.000 

4-7 

^oulliend <0702 4 W 51 ) 

102 I -year 

250 

3 

Wrekin 10952 505051 ) 

121 yearly 

1.000 

5-10 


SC 

1 I ■ 


'8 111 . 


i Century Oils Grcuo IOdi $3'- (8 in 
i C*.ar:e.-ra/l iSa' 2i:© Ml 
Dvelham Alender 7pcDb. 62 '6 11) 
Esso Petroleum 5'.-bt1«tDb. 75 (7 111 
r-" n ? Pe-rpty.-m Services >25o« 88 M 
KCA International ( 2 so> 30 :-© - 


Tnbune | 2 Sp> S 3 '?C 
Trn'evu;' Inc. Shs '»Opl 
Cap Shs 139 25 '7 111 
Trust Un-on . 258 ' 9 t> ‘j •, 

Trustees C=n. - 25 o' 131 
Uld. British Secs. < 250 ) 118 © 

U:c S:ates Gen. i 25 p- S=© J 
UM States Cb-I. ' 5 t'«l) t * 5-5 - 0 11 ) 

V. img Pesou'Ces ' 25 p> T 6 C- ~Cf 

West Coast 7 e»a* Ree <10 c' .5 

W. nterbn-tpi-i .25 d1 152© -9 1.' 

Wjtir ,;5n) 95 :;© 4 .; 5 -: 5 . B ' 2 aO 

Veins 'Companies 84 ‘; -HI' 

UNIT TRUSTS <*) 

M ana G American Income 45 . 6 © 46 35. | 16 J 
Accumulation Un-ti iS.AC, 1 '-'Jt^mar 2 _ 5 =) 224 © 1 2 3 S <5 11 ). 7 dc 

M i-3 G Aust- » es'an Income 52 S? rtf.Pls. T 7 S :S 1 1 ; 

• 9 - 11 ). A-cumu'ation Unit* 3-9 '7 11 
M and G Dividend income 12 . a© > 9 "’ PROPFRTL' MiUi 

M and G European Accumu-a:.?" Un.t* rm.irn.HIl ( 1 M| 

510 _ . ... 'Ace Bc'mrni Inter. lOocP'. 104 • <6 1 |i 

M and G Extra Y.eid income 86 e : Ainarse Proaert. 9 : : arDp 73 ' 

" " ” (IOp 


L|ndcn and^Scott.sh^Manne O l' < 25 oi 127 © 

C '.'- E i? l 0 , r J-.? :, = { ^ la9s -' < 1 °^' 202 ® 8 © 
1 -v 60 2ao® u a 

• Prewti- Cans. O.'tieids ; 5 p' IS'.:© 

• • ul'B °- 0,Cft ? Ftrd'cum iFI. 20 ' 40 .-® 

J ' i S 62 ^3 5Q 

I ^V ,- 0 St *- 2 - i J 3 - SlU-BA* ‘-as; 565 

l —'3 l'i- TecIndP:. 60 ® -9 11 ) 

I Texaco rnt.il . Fn Corp. 52 ;® -9 151 
| T -.central 2 a-. nz i. tFrgn. Held' L 25 p) 


Aetna LHe CUS 3 & -t© 

American Tel. and Tel. £41 m 
AmwH Pets. 60 
Ashton Mining 63 >: 

Australian Cons. Minerals 5 
Australian Foundation 75 
Bougainville Copper 117 16 
Bridge 011 85 
Cheung Kong 161 

Clba Giegv 8 'vpcCon. £ 55 '.. 7 '*i 

£92 h 

Coniine R.o Tinto *US 3 .SS® 
Endeavour Ol 11 6 \- 
rxxon Corp. £33 

Giant Yellow Knife Mines VUStO'v© 
Grace Bros. 163 ® 

Hang Kong Land 142 
Hutchinson Whampoa 76 '- 7 5 
Jarcfinc Matheson 204 ® 3 ® 7 
Jardine Secs. 98 
Kuiim Malaysia 47 '- 
Magnet Metal 250 
Moore Corp. £20 
Myers Emporium 1250 
Northern Mining 84 


BP Canada £TO'j: 

Carlton U'd. S'CMS. 32 © 

Cntuny K.onq 176 3 
Ciba Geigr 7 '<ncCnv. £91 i;. 

C onzlnc Rio Tin'.o 268 © 

Co"S. Gold Fields Aust. 275 © 
Dome Mines £deuo 
I East M«: Minerals 7 
Elec. Equipment (Ausl.) 75 ® 

I Hong K snp Land SocCrv. £ 0 ':TO © 

i Hudscn's Bax Mnp. Smells. £ 13 © 
Must > Oil £ 20:0 
Jardine Maffso" 2 23 4 5 
Ja-dlr.c Srcs. 107 5 
Leonard 0-1 21 © 

Magnet Meial 29 © 

Meuamar Minerals 1 0 © 

New Metal Miner - ':© 

OaVbr.d;e Secs. 1200 2 
Panrontinental £ 9 © 

R-Vo WjIKrnd 47 '® 64 
P-lr nfin* £73 
Raytheon £32 ‘-S® 
cabira InSS 44 © 

Sleep Rock iron 210 
Sxulre Pir. A 129 '- 20 >• 


NOVL’MRlsR 9 

Align Villa FC £'j. 

! BET Omnibus 160 ;i 
| C(.i»br)dse Instrum'.'.- .'Ip, 

I Carr's Miliiid Inds. T'-acLn. £35 
C-aar H'oas. 19 
| Cedar Hldgs. 5 r;Pi. 4 r 
; Cl jlrmace 21 
] Zixdc Petroleum 94 ?) 

j Dar: Valley Llsht R.-.]y«ay 38 
Eld-iB^e PCPC i 2 'i 
GP A Pus T;r. 1 2 11 . 

1 Gal-ihc Cedon Tea Etts. 3 
I Grendon Tst 11 p:Li. £7 6 i- 

■ Itrxl-js Bios. 70 79 
...Iheilock Hido). ilrrP:. 79 
SocCnv. £34 [ Kunfcic H'.-tas 20 19 

Lv P.ches S!er-.. s I g 
I Mining Inv. Con. 61 50 Sfl'-'io : * 
Nallonixicc Lc SU'c- 5 > 

MOrtcn VIHi.xrs T'lumnh 8 - 

Nutnalls iCaterc-si -cr?l. 37 
fit. I d Bar.?'-. 5 nc-es 7 ^c?t. 4 £‘- 

-M UK. 4 Ttx; P| Sfi 

Twilltr) 24 ■ 

Uroaate Irv*. 1 38 

Wood St. Mill li 


NOVEMBER 6 

Ar'enal FC £ 1 57 

CamDridnc Instrument flp) 2 - 
Cambridge Instrument -lDpi 2 ". 
Camra (Real Alci ln»s. New 11 
Cedar Hldgs. IB '6 10 
f.tcar Hlp-sf. 5 rcPf. 48 47 
Cl 22 lx 1 

!CI»d? Peircleum -?F. 6 
i Gramm : -n ?'C 23 S 
■ Doles.-, eila H Id as 22 
i fate A 214 

GRA Pr-a Tst. II 111 . 12 11 '. 
85 £0 

intis xViUtam' 5 ecPI 73 
i Kvln'e-.n |r»s. .AuiL'.’l ai 150 40 
: Kvll-.’i-r Hld^s. I'e.-P! eo 
1 Kunilx Hldgs 15 1 i IS 17- 

i 16 - 

1 Uc'i igxvn W.nc )' 

. N;..(h S-.-.-i ASSC'S E • 

(Move Villurs T.-lun.&h 15 . 
t °MP t Injiji.iof p A "5 Z-i I ' 

I O'jron s:. '.v^rciiO'i^' " 

I IlM Fri 9 »*/*lv Insiirjr^c E 72 1 *: 

. 'J| : a>‘ ■ 1 £o 5 






: ViOCt.iC X lClDCPf 50 

S HULL 165 ( 3 ) 

; liiirci'in* mrirked Fur ?pnrnved 

1 L-ompaitifq 


'.-nmtznl cutely 

miiH.val fvnloralion. 


lts 


NOVEMBER 


Iccr 

I :*.■ 

Sic-ucr.o 


£ 1 ' 1 


NOVEMBER S I 

All England Li— n Tginit L 50 DbS. £2 690 1 
Bam -I or. Prep*. Grx>. i ,-pclStDb. £52 : 


r;i Sea Assqi.vtCS 
P-;ir:»s :e 
-UK' 260 5 E 6 5 4 2 

NOVEMBER 7 

Siemens L'k. 2£0 

NOVEMBER 6 

C.xr.rt-cei Fe. ounces 43 ll 

Clji' o.l LZ' 

Ciu** 0.1 Afirv. a-.d In; W.ri, 1 
Si'C. 1 . IS (UK i 262 5 2 60 

NOVEMBER 7. 


Earr.on.T> Prsa. G'a. 7 ,D£'stDb. £57 
Caled.'nrjn Cfcsns'-.- S 1 - 
Cambriq. : ln- , niaijn: -lei 

Cedar Hldgs. 13 
r linnet He - els and ps. 24 
Cla.rmi.-e 2 2 1 1- 


: Cande'ea Pescmees 13 
! CluB Oil 350 
Gas e"d C-.l Acr«d' ?E 
I .B'l (-rrlui- -. 7 ..I/ .1/ ti-.- ; 
1 i" ■-iiii.il" 


t «-r L' r hr:rcc 



UK MONEY MARKET 

Bill issue 


to an average rate indurating an 


Bank of England Minimnm 
Lending Rate 12 ! per cent 
(since November 9 . 1978 ) 

At yesterdays Treasury bill yesterday! 
tender the orisinal amount of 
bilLs od offer was reduced from 
£o 00 m to £ 200 m. This was seen 2 
partly as a result of the authors amount 
lies’ success in selling silts which s " ia11 
consequently reduced their fund- "" 

. in" requirement. The £ 300 m bills houses. 

! attracted bids of £lA 7 I 5 m at up to 11 per cent 


EXCHANGES AND GOLD 

Activity in ye.-. ler day's foreign ?I.y 725 . V.'ilh official support for 
oxcbariKu marker was at a the ilnllar during ihc afternoon, 
generally low love! with mo.-t the pound eased io >I.H «50 before 
business seen dtirina the morn- reentering on renewed dollar 
me. The dollar • bowed 2 -liehM-. wcaknes' to tlo.-e at S 1 .HK 75 - 1 .'"»S.». 

a fall of 55 poinis from Thurfda? 5 


\i\u iTn. nvrrvm „n,w "*''** r «endcPey io bee In wish a fall of i 
SSliJhin although after lunji. some centra! dose. 
i 1 vSA TJ ^ iffJrori bHn,{ imcrvcniion helped arret v. lj n> 

ill \°jA n ' hC ™ t ,n b,lli0hered i he si in hr decline. '.n.h trading ?0 ‘^ n p 


f.tirlv thin. 


'■olved ver- 


-.i other curroiicie-- the 
pound perlormed a little belter 
(•nil on Bank **f England lieu re-, 

.-a.-.-d 



... — . - . — - — - . S'* ! an average rate of 11.9658 per cent i^ a . ns l “ e start. 

uIb SiTie m •9 11V ~.,.* L- P30 n Pro^rt.ci (iop. £ 9 ,o ■ j against 10.7973 per cent the week glances «^re taken 

M and G* Ger«ral Truil l.irsr.o 16 S - ' Adr.jt: Ldaci P'SPbrt'M I 2 £ 


, 9 'tH .... .. Am»,gam«ied 

M and G H.blt Incom- U"-« J 1 uO So . 0 . Apt* 

‘ " *01 

Arg 


M am* G Midlani* l-KMit 189.2 ( 7 . 11 ) 

MINES 

Australian ( 7 ) 

Hamoton GolS ‘ 5 p. 121 ® 


nj':Lc'.ac.i p-Dert. nsai 314 .6-111 before Th* minimum aceeniRd Percent. The market was helped weighted :r.era^e Jeoreciaticn me<ji 1..-11 --nurp.j un<i .ow .\ 
<»iga mated stores iso. io'. - 3 of £96hU received onlv 1 oer 3 small excess of Government narrowed rliuhnv to t'.’i per cent c l' ,f,n - .- 11 

^ ter.® ST? ' 10t> ' 870 tS cent comUld 6 i'?h bg week's disbursements over revenue Trans- from 10.0 per cent. T'wnS ^ 

!;? e ^ , r 2 < S?, b 7 S*;ft,i 9ft cent at a 7 - 30 . Next week fers the Exchequer which « as Slerlini . , radcd qu jc ! :.- far most ^t-.mTrV o.n ih. 

mpiob 6 «scLn. 54 . 6 ii» £ 400 m will be on offer replacing countered by a moderate increase 0 f jj ie dj y a nd openc! -ti 


A»enu« _ 

Bamplon ..... 

341 k Commercial HOa. 1 '*® 

. Beium&n; Proptrt.es « 25 o' 84 < 2 , 11 . 


MIM Hldis. -SAC. 50 ) 181 4 Ti 2 A 1 < 9111 , , Ba'lv.ay , 23 p. Tie 70 ';® I"i»© i 70 '; 
North Broker H.'l H'd«r*. • A*Q.S 3 ' I 02 C ; I'^Z'r 


North Xaigurti * 10 . 30 )' 13 ; . 6 . 11 ' 
Paring. ' 5 r> 19 :3 ' 9 ,, 

Western Minin; 'ASaJOl 13 ! -u 

Micellancous ( 62 ) 

AMAX .USS 1 ) 30 'MU 

Aver H.tam Tin Malaysia iM»s. j 2 S 

aril) 


maturities of £ 300 m. It may be ’ n rhe npte circulation 
that the authorities arc sensitive 


1 . 9(135 azains; the dolh.r. 


i 


BUILDING SOCIETY RATES 


Abbey National 

Aid to Thrift 

Alliance 

Anglia Hastings 5 r Thanet... 
Bradford and .Bingley. 

Bridgwater 

Bristol and West 

Bristol Economic 

Britannia 

Burnley 

Cardiff 

Catholic 

Chelsea ..." '. 

Cheltenham & Gloucester ... 

Citizens Regency 

City of London 

Coventry Economic 

Coventry Provident 

Derbyshire 

Gateway 

Guardian 

Halifax 

Heart of England 

Hearts of Oak & Enfield ... 

Hendon 

Huddersfield' & Bradford ..." 

Leamington -Spa 

Leeds Permanent 

Leicester 


Deposit 

Rate 

6 . 45 % 

7.00% 

fi. 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

0 . 45 % 

6 . 45 % 

0 . 45 % 

6 . 00 % 

6 . 45 % 

6 . 45 % 

0 . 45 % 

6 . 70 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

6 . 45 % 

0 . 70 % 

0 . 45 % 

8 . 55 % 

6 . 45 % 

fi. 45 % 


Liverpool 6 . 45 % 


London Goldhawk 
Melton Mowbray .. 

Midshires 

Momington 


6 . 45 % 

6 . 55 % 

6 . 45 % 

7 . 25 % 


Share 
Accn Is. 
6 . 70 % 
7 . 50 % 
6 . 70 % 

6 . 70 % 
6 . 70 % 
6 . 70 % 
6 . 70 % 
6 . 70 % 
6 . 70 % 
6 . 70 % 
7.25 Vi 
• 6 . 80 % 
6 . 70 % 
6 . 70 % 
7 . 05 % 
7 . 00 % 
6 . 70 % 
0 . 70 % 
6 . 70 % 
6 . 70 % 
6 . 95 % 
6 . 70 % 
6 . 70 % 
6 . 95 % 
7 . 20 % 
8 . 70 % 
630 % 
6 . 70 % 
G. 70 % 
6 . 70 % 
635 % 
6 . 80 % 
6 . 70 % 
7 . 50 % 


Sub’pn 

Shares 

7 . 95 % 

7 . 95 % 

7 . 95 % 

7 . 95 % 

8 . 50 % 

7 . 95 % 

<• 05 % 

7 . 95 % 

7 . 95 % 

835 % 

7 . 50 % 

7 . 95 % 

7 . 95 % 

8 . 25 % 

7 . 95 % 

7 . 95 % 

S. 70 % 

7 . 20 % 

7 . 95 % 

7 . 20 % 

7 . 95 % 

7 . 95 % 

8 . 45 % 

7 . 95 % 

9 . 26 % 

7 . 95 % 

7 . 95 % 

8 . 15 % 

8 . 20 % 

7 . 95 % 

735 % 


*Term Shares 
7 . 70 % 3 yrs., 730 % 2 jts. 

7 . 70 % 3-4 yrs.. 730 % 2 yrs. t 6 . 95 % 1 :-t. 
7 . 70 % 3-4 yrs., 7 . 20 % 2 -yrs.. 0 . 95 % 1 yr. 
7 . 70 % 3 yrs., 7 . 20 % 2 yr.i., min. £500 
7 . 90 % 2\ yrs.. 7 . 45 % 2 yrs. 

6 . 95 % 3 mouths' notice 
7 . 70 % 3 yrs., 730 % 2 yrs., ram. £500 
7 . 70 % 3 yrs., 730 % 2 yrs. 

— • 7 % over £ 5,000 
7 . 45 % min. £500 6 months* notice 
7 . 70 % 3 yrs., 730% 2 yrs. (I 300 -£l 5 . 000 ) 
8 . 30 % 3 yra, 7 . 55 % 1 yr. mm. £ 5.000 
8 . 40 % 3 yrs„ increment share — min. £500 
7 . 70 % 3 yrs. min., 7 . 20 % 3 mths." notice 
7 . 95 % 3 yrSm 7 . 45 % 2 yrs., 6 . 95 % 1 yr. 

— up to 7 i 20 % 3 months’ notice 
7 . 70 % 3 >ts.; 7 ^ 0 % 2 jts., minX 500 -£ 15.090 
7 . 65 % 3 months* notice. £ 1.000 min. 
7 . 70 % 3 yrs.. 7 . 20 % 2 yrs. 

7 . 70 % 3 jts., 730 % 3 months’ no live 
8 . 20 % 4 yrs.. 7 . 95 % 3 yrs.. 7 . 70 % 2 yrs. 
7 . 70 % 6 months 
7 . 70 % 3 yrs-. 7 . 20 % 2 jts. 

7 . 55 % 2 yrs. 

7 . 70 % 3 yrs., 7 . 20 % 2 yrs.. min. £ 1.000 
7 . 70 % 3 jts., 7 . 20 % 2 yrs., 6 . 95 % 3 m:hs. 
7 . 80 % 3 yrs., 7 . 30 % 2 yrs.. min. £ 1.000 
7 . 95 % Syrs., 7.70 2 yrs_ 7.45 lyr.min JE 1 .G 00 
7 . 55 % 2 yrs_ min. £ 2,000 
7 . 70 % 3 yrs, 7 ^ 0 % 2 yrs.. min. £250 

7 . 45 % 3 months, min. £ 1.000 
7 . 70 % S -4 yrs.,/ 7 . 20 % 2 jts.. min. £500 
S. 00 % 3 jts., <. 70 % 2 yrs. 

7 . 70 % 3 yrs- 7 . 20 % 2 yrs., min. £100 
7 . 70 % 3 yrs., 7 . 45 % 2 yrs., min. 1500 • 

7 - 70 % 3 >T5„ 7 . 20 % 2 yrs.. min. £500 

7 . 70 % 3 yrs.. 7 . 43 % !-yrly., rt. 95 % 3 nulls. 
7 . 70 % 3-4 yrs.. 7 . 20 % 2 jrs.. min. £500 
7 . 95 % 3 yrs., 7 . 70 % 2 jts.. 7 . 45 % 3 mihs.not. 
7 . 65 % 3 id th^ not.. 5 . 70 % to limited co.-. 
7 . 70 % 3-4 yrs., 7 . 20 % 2 yrs. 

7 . 70 % 'Syrs., 7 . 2093 yrs, 655 % 3 mth.-fi.not. 

8 - 05 % 2 jts., 7 . 75 % 2 yra, 7 . 50 % I yr. 
7 . 70 % 3 vrs., i^ 0 % 2 yrs. 4 - Mai. £250 
7 . 20 % 2 yrs,. 7 . 70 % 3 yrs. 

* Rates normally variable in line with changes in ordinary share rates. 


L.t. ' 
t.pni-iMu « 
l.."lll-!tn 
UriL'!*!* i 
I 'mil'.. K 
U-UurL 
tWrl.t- 


. B^nVcs^riTz 0 ”0 3 ’ 

I Bfc-O'd Prepc.lr CSo. 2dj 
i S', list- Lard .: 5 b' 39 ® 8 ',o 9 40 '- 40 . ! 

j . -o:Ln 1sJ. : © 3 

| Boon Estate i 2 Spt 107 ® 9 10 < 9(1 ll 
33 . Counties Prciocly i’Sp) 55 ® Alj l 

) Carrington Irv > 50 s' 97 ( 7 . 11 . 

Central Dis-.. Pr OC , 6 :,ocLn. 75 •> 1 

,2Da ' TB “• 

Cnaddcsie. In., .jsd. 450 3 
SSlSl! , * ,d fwerues t 2 Sp. 3 S 0 i 9 m 

Z£*h\i- 0> 5,3 17 ,11 

Contra: Sees. .'Co. 30 3 ; 

Co-i E.cvance 10 p> 229 

— un.r. No* Town Properties <J 0 p) 291 a j >p«u |V'. 

i r.ii* ‘ 

Nr*. — i. K. 

Fniicr. fi. 

-V ililsuKt* 

V«| 

’PipeuT 77* , '590 , r>r "lipcLiu I f r - 

fr-arer ©none* < 2 Su) * 9 

(io?? iW-.'iT 8 * ;203) 19 ’-- 4 - 9 pcPf. 

E-j.is Loeds i 25 pt 900 <9 11 ) 

Great Portland Eis. iSOp i 214 © 6 
Greenroat .So> S'a , 7 .-ln 
Kas'etncre Ests. ( 10 o> 226 ® BO. 9 tpcLn. 

House Pros. London < 50 oi 190 © 

Inte.-eurooea.i (iop. 35 '• 

111 ® 130*10 11 . A ( 25 o) 

Land Jm-cstorr < 2 Sd 1 39 ® 8 4 

L »c £l , 5 , K! „ 'SJ,' T™ 4 * ' 50 p.‘ 221 ® 20 ® 

I" 21 20 . 6 >.-pcDb. 1978-83 T 9 , 

?ocDb. M'O <9 111 . Bupcui. BS'!! 

JG 9 . b jPCLn. 143 © 1 2 . IOpc 


THE POUND SPOT 


Uaol,' 

rate i 


Dai's 

> I .read 


LF.ft.- 


Rates in the table below are point it inuchcd 81 . !>£."•. 
nominal in some caws. lunch burl bounce '1 


OTHER MARKETS 


At one 

T'li: \>- 

l- 1.0 


j'. 


GOLD 


9 i s 1 . 9 G 2 S- 1 . 372 S 1 .S 675 - 1 . 3 S 6 & 
IO** ' 2.3005 2.5115 « 2 . 5040 - 2.5050 
S' Si 5 - 9812 - 4.04 I 5 . 99 .- 4 . 00 ; 

6 ; 5 S. 05 - 58.56 ! 58 . 16 - 53.50 


N-v. 1" 


L- 


Court* D-stnct Prooerces Cl Op. 113 

50 f 9 ? ll| ,b ' n * d 5ecv a '* ,BcDB - 6 6 ® 
Darjan 1 5 a. 101 
Caros Enates .I0t>. I 7 i- <B .-711 
Dorr ng'en /n». . 10 o 55 A'j <S '171 
English Pros. Con. ' 50 p, 35 '-© 3 >. 4 3 
6 : :PcLn 77 * . 9 - II*. T 2 pcLn. 


• Mcrtitm 

Li-nl 

-t.ou All'll. 

/ iiur.u 1 

| Cwthali 

latrrlaiuL \niL--rin 

• ik-jnikM. 

UciiM' | 

|YI* «‘«1 aiA|«i#il 


I,iIK 1 t- 

l"!|-<ll' '• 


1 National Counties 

6 . 70 % 

7 . 00 % 

S. 00 % 

Nationwide 

6 . 45 % 

6 . 70 % 

7 . 95 % 

Newcastle Permanent ... 

6 . 45 % 

6 . 70 % 

S. 00 % 

New Cross 

7 . 25 % 

7 . 50 % 

— 

Northern Rock 

6 . 45 % 

6 . 70 % 

7 . 95 % 

Norwich 

6 . 45 % 

fi. 70 % 

820 % 

Paisley 

fi. 45 % 

6 . 70 % 

7 . 20 % 

Peckham Mutual 

6 . 75 % 

7 . 25 % 

— 

'. Portman : 1 

6 . 45 % 

6 . 70 % 

7 . 95 % 

Principality Builds. Society 

15 . 45 % 

6 . 70 % 

7 . 05 % 

Progressn'e 

6 . 70 % 

6 . 93 % 

7 .H 5 % 

j Properly Owners 

6 . 45 % 

7 . 20 % 

S . 45 % 

| Provincial 

0.45 % 

6 . 70 % 

7 . 95 % 

j Skipton 

fi- 45 % 

fi- 70 % 

7 . 95 % 

! Sussex Mutual 

6 . 43 % 

7 . 00 % 


j Town and Country 

6 . 45 % 

6 . 70 % *io.no% 

Woolwich 

6 . 45 % 

6 . 70 % 

7 . 05 % 


A ■ 2 .-III :i'B l\**% 1 .B 14 - 1.616 922 . 95 - 9 S 4.95 \..-i -.- 

lu-mtln iL'ISai. . 1 . 7020 - 1.7090 0 . 8676 - 0.3690 Lv.».i. i . 

8 ■ 10 . 24 *. 10 . 28 * . 10 . 2 S:. 10.26 l'.iilm.-i Aluil 5.9550 5.9570 .. 

S i 3 . 70 - 3.74 • 3 . 70 ^- 3 . 71 . p,* -0 n., .-li.. .. 57.79 3 e . 79 19 , 20 - 19.70 l -n .-. ... . 

IS i 69 . 6 S- 91 .D 6 30.50 91.00 i., w t |i,«..|,„u. 71.604 73 .S 55 56.40 37.70 u-i.t ... 

8 : 139 . 30 - 140.30 139 . 40 - 133.50 H..n~ K.na IlJIhi.. 9.37 9.595 4 . 7725-4 7775 dsi 

lOlfl 1 . 849 - 1.652 il. 64 S,'- 1 . 650 ; Iranidal : M 70 . 40 - 70.70 

7 ■ 9 . 80 - 9.91 | 9 . 87 .'- 9.861 K»" «n linmr. KH... 0.527 0.537 0.2705 0. £710 Vi.iii'mi •* .. 

9 l 2 . B. 411 S - 8 . 4 i I 8 - 42 - 8.45 In cn.l.eiif VW.-' 56 . 25 - 58.35 . 29.63 25.65 \.-i"u« 

Gi? B. 524 .S 6 I© * B. 5 J- 8.54 :.U'.«v.h I -ll.r.. .. 4.2785 4.2955 2.1750 2.1770 l , .-i..~..l 

5 »r 56 S- 37 B j 370-3754 Av-» k'.fll I IMUir 1.8485 Z. 05 S 5 0 . 9407-0 *434 

41 C - 27 . 10 - 27.80 ! 27 .I 0 - 27 . 1 S - li A, Klvul.' 6 . 46 - 6.56 . 3 . 305 P. 3 . 3 Z 50 S.. .1 .-.-i Un-i . 

1 i 5 . 1812 - 3.22 j 5 - 19 - 5.20 Mn;-h|<-i* iK'lbtr...' 4 . 26 - 4.275 2 . 1750 - 2.1750 -jintn- . 

I :i..iiil) At rlitiii K nipI 1 . 6957 - 1 . 7217 ' 0 . 6627 - 0.8750 Yiu. v'h'. - k... . 


.-■lc 
cC ii. m 
; :• ja :l". 35 

; i r-j 

■ff.’tc iVto 

•.?? 3:0 

? 9 * 4 .£.a 

9 .J 2-9 92 
i C : ? 
24 ; . i-'i.. 
3 . 1 J.?. 25 

: 97 s.u 3 

41 45 . : 


■;* n. 1.^ . 

‘-I- liniii. Iimi 


h '.u'lian-l 


B-i-lwa 1 ' rale is for convertible francs. 
Financial franc 39 . 70 - 3930 . 


LONDON MONEY RATES 


Rate Dree for Argentina ts free rale. 


--'ii*. 1 - 1 1 1 ' 


-i.ii 

li.T, f. 


I I *.-*■• IN 
l ill I. ' 4 - 


S.I.- •• 
I!-.'.- 
11.11 - > 


•■*.■' .e: 1-1-1 1 * 


I 111 ■— 'i.|l |. .(■ t-i 
Itiu 4 !(*nib-i .. .. 


'-•I.: ■?- -vcida'i 
i-j Fji-ju-f... 

■?!.' !-'i-ir- ... 

1 - 


:c£ 

. 0 : 

-.oi-:: 
f • C : j: 
-:o-: 

£I U 2 £- 73 - 


s:i 5 - iii 
ts. 

>h ■ : 
l 0 :ii 
-S 9 :! 

-:U :l 


■‘iV.f-Clii 

*.:i :s 
cm: 4 f«- 
' 21 -.i 6 
A 1 16 ill 


t ;. 25.; 2i 
t il, fiii. 


{I',;'; Jj 

L'lOe. d: 

t-i - ti 
*:? .1 * 
■->•.-») 
n.?? : 2 

mV-; 

*-a . 0 


•si.fi: 

j.;i-:: 


•::s 

■-MV-llat. 


■ 1 lifl 

■ki-d: 


S'-pcLn. 

Ln US rfilll 

La-v Land (20 p,' 43 

Lc*v.s Au-Ob. T 2 -. . 7 - 11 . 

London ProvJ. Shoo MOD. 114 rs'M) 
London City Westali" 9‘itKDb 731 <9 lit 
L ®«*l 0 i n ) C^u:,,, Frce> ’ 010 7 LocDb 665 , », 
Lannan Shop .25 p 1 70 b 69 
MERC :25oi 1300 4© 1 2 30. 4i-pc p f 
32© (9 11.. Sbcln. 98 7 
.-^*^rifcoroi/gb '5^ 17?- 
MArfcr Est % i2Soi 260 

"X'srw.o^'zv-, Surolus ujn(,s 

Mou-tviow estates >5ni 37:. rg.-ji, 
MscUsw IS. and J.i Grouo (2 Sp) 120© 
NWtcn ( 25 u< 44 .g.'t 1 | ,4U8 ' 

Peacnev Prooeiv Coro. ’2Spi 77 '■ 

P Z 0 C-'*Bi\u erii=n3ry ln, ‘ COTB - * 2Sd ‘ I 
Prenrtv Secur.t, tSOpi 114 11 ( 7 / 11 *. 
Ne« .50B. 1 t 4 < 7 / 111 . SpcPf. 78 :. 9 

Raglan Prooe-ty (Spl 4'; 

Rc;a:ian Prapemes 'ZSoi )9 
Reg. anal P.-oaerr.es A '25 pi 66: '* 

"■'g.s Preoertr Hldgs. B :dcUi. 6 Z*i. 
Reuahle ProDert.es 9 *ncDb gs 6 
RUS-. and Tcmsk.ns Group ( 25 pi gs 6 
Samuel ProDerites iZSpi 84 :. g S 
S-.or. sh Metro. Praoertv (SOp* J 02 4 
Seisnd City Prop. MQp. 421 ; 

Slough Estates >'2Soi 114© 12© 11 

10a:Lr. 161f7M1> 

Sloe* Conversion (25pi 256 
Sunle/ ■ B.i Invest. . 25p' 247® 4; 21 
Tewr. and C.ty Properties <10 bj 12'-© 
et>cLn - 83 

Towr. Cm- re Secs. <ZSp' 74 19/11) 

Traf/ard Park Estates (25pi 117© 15 
UK Property <25u> 21J, i- 2»- 
W«bO CJ.» 'Soi 10. 0pcDO. 71 "{9/111 
Westminster and Country Properties iZ 5 p) 

2s': 

RUBBER ( 14 ) 

Ahsrlovle Plantations >8oi 7 <9i!li 
A ns' t- Indonesian :25m 99© 

Straa:- Rutscr Ests. »5pi 57 
Berta n Ccaisltd. Rustier HOdi IDO; t9»11i 
Cgnsi;a. P'aniat'&ns (IOdi 41© 34-.. 

War-an-j 28* 9 

G^.r r.- j vg j 26:. 3.92SptPf. 43. 9 '.pc 

.1. bo r b ill 

H:rnsars MalavSian Ests. .10p> 112 <9 11 ■ 
H.a :ng Est. <10P. 18 .9 1" 

Kiuriands Lawfanas Bemad i'MiO.SOi 103 

Hanakang -Seianflar. RuDOer HOP' 20 

J ;ra Rubber Plantations mopj 96 15 m 
K.lingriait Rubber. Dvlmani. .10 b> 240 

Kuala _Lymo3r Keaong Berhio iSMal) 69 

P:anta'.:on Hldgs. MOm 64© 3^< 

Remsia Rubber '5B> 31 t7 .lTi 
P.ithtfiSC <1 Ob’ 123 

5 -r.gasDre Para Rubber Ests. ‘5p) 79 <7'T1t 
Eunge: Kri an /Rubber Est. flOD' 83 


Ui-ei ii^m — 

: i!ay» irt'irt.. 1 — 

"im'-i — 

» >Uy- iw't.ue.. — 

k.'ne'ni.'-iirli ....- IZlj-i 2 lg 

12 )b- 12 >s 

mm nt-.nl .!«•■ 12i2-12is 

?ix m.'iti 1212-12 

■Slut ii'-lllfi-..; 1210-1173 

sc»i j 12U-21N 

i»., ini' i — 


4-11 


101 »- 11)7 . 
1170 . 131 a I 

12 ft - 121 ; , 

I2i3.i2.sj ! 
12,. -121; 
12-121* 1 

1170- 12 if 


1211 - 121 ? . 

lllr. 121 : * 

1 Pc- 12 ‘c 

1 

113 4 . 12 > : 
Ui-:-l2»: 1 

I l-i - I 2 'c ’ 


12 S* 
12 - 12 Stv 
12 -I£ 3 fi ! 
12.V ! 

! 2 - 121 $ ' 

121 ' 


121 ; 

1 ’ 1 » 

19 ;- 

12-1 

12 ': 

12 ’-. 


11 

IPs 


12 ls 

12 sg 


l — 


5-11 


10-11 
11 IP- 
2 . 1 - 2 1 : . 
1 !-. 


CURRENCY MOVEMENTS 


ll IP; 12 

11 -n 12 

12 !2.« r 13. 

12 !. : 


Hpvcmber 10 


Ban/ of Mirgan 
Uns:and Guaranty 
Index changes 


Lo.i! /uithorlir and finance bouses seteii dJ)s‘ no: it-.', others u-rrii days* 
rales nancr.ally three years per i-m;: 'our years ir, per c.ii/. <»).• )•: 

are nay in; rates lor prime paper. I'-uyiii^ rare fur (our-nion-.n bunk bills 11*1-, 
An^rox maie selllnp rates lor one-month Treasury Bill* llilij in^h per Cell'. 
Ill p.-r ten'. Approximate svIIIiid rule Tor oni.-monih bank bills 17 ; per o.li't 
l£i per 7 o »i) ooe-aontb trade bills Pi per cool© iwo-moiilh 12; p.-r c.' 1.1 jiio .1 
Finance House Base Rates 'published by the Unao.e Hmiv: ASW.il: 0 m It' 


fixed. ■I.Mi;«r-: -r» ]o~ r 1 aum.-r ■ 
ar. i.u-r:; -i..-r -a h.ir.u . .-. 

p.r ..-nr: luur-*i.vii*k ir.,dt . r . 

ur.-l tuo-munif) IH'-h-i;: p.-r ... 1 ■ 

T'.o-mcni/i u. p-r c^in.: . • ■■ * 
in- •.hr— -runni 1 , IT p-r t-mt 
r.> r «i ni from ;i.v. ..-filter 1 rT*. Cl: army Sank 


Deposit Rates 'for small sums a; seven dues' noim • i'-f pi-re/w. 
Treasury BifTsr Average tender rates of discount II W 5 S per t-.-nl. 


Clearing Back Base Rales /or 



tri-!:,n -1 l:--'J. •;= i!'.' 


EURO-CURRENCY INTEREST RATES 


\..F. 10 


lafr^rt term-. 

I day'» notice] 

Month ........ 

Fbree tnonih* — j 
"lx mouth'.-.—; 
Une veer -1 


SterltDc 


13 -lZIg 

1230-1270 

13-1514 

14 « 0 - 14 ua 

14 l 4 - 14 i 4 


l'.\ Donut 

L'anndvin 

Do'Mr 

9--«-10 

»i e 10 ' i 

ao-,v- ie,-“ 
n;;- iii.. 

1170 J 2 lg 
llj-j 12 - 

6 lc- 9 J 4 

© 14 - 9 U 

9 i;- 10 :< ; 

11 ; • io ,v 
1 O 1 ;- 1 l 70 
1059 - ICij 


Un 1 eh lrui-.!vi 


->t» h# f ram 


11 ~i i.ieiuim I 
1 |«?L : 


77 t aig 
Tig-tola 
73 ; 8 
88 '; 
7.' 4 -to 
78 r- 7 :j 


r«r '1 
I *" 1 ’s 
1 

*; 

»:. 1 « 


l ": -2 
1 :: 2 
2 j 4 2 1; 

37-9 ll' 
2 ., a,.. 


1 . 


10 14 
IJ 14 
J 15 
5 16 
1 r 17 
ift’i Ti; 


1 C- 10 1. 
1C 10. 
;c> - : :o.j 

n 5 12 

11. 


- 5 / 

-2 j 




EXCHANGE CROSS RATES 


Jiur. 1 ft 


SwrUDu 
I-.S. Dollar 

DeiitsclM: .Mart. 

Jki,“.u---+ »n I .till 


r*ii:«;li hmuc 10 

7 "- _ - l.t. Fraiit- 

I'c.i-ti (iiiikfer 
l’.aluui Urn 1.000 

Lrrifetinri D.jlbr 

He.jiea Franc !-T 


Puua -1 blfirilnal 

Ci. Dollar 


japanc^ 1 

French Fran 

aw*,.- Fraac ' Duu/i) Guilder 1 

Itsi'to Ltu 

Cnadfi Dollar IBef'riao Fran 


1 . 96 B 

3 .V 10 

371-5 

. 8.425 

5.196 4 .; 03 ' 

lr 50 

2.305 

58.15 

0.508 ' 

1 . 

1.885 

lt 8 8 

. £81 

l.t 23 1 2 .l 34 : 

« 9 .£ 

1.171 

23.55 


0.630 

1 

100.1 

2 . 2’ 1 

U.t?M , l.u 79 

4 - 4.8 

0.621 

Z 5 .r 7 

H.C»2 

6.297 

9.987 

lULlU. 

22 68 

8.600 10.77 

4442 

6.203 

156.5 


2.336 

4.404 

• 140.9 

1 U. 

5.792 4.751 

1959 

2.755 

e 9.02 

6.313 

0616 

1.161 

116.3 

B .637 

1 . 1 . 2:3 

516.5 

0.721 

10.20 


0.492 

0.927 

92.82 

2.105 

■J .798 1 

412.3 

U. 5’.6 

14.53 

0.606 

1.193 

2.848 

225.1 

5.105 

1.936 2.425 

lu-u. 

1.396 

35.24 


Q- 8 S 4 

1.610 

161.2 

5.656 

1.386 L 7 a 7 

716.1 

1 . 

25.23 

L 720 

3.384 

6.380 

638.9 

14.49 

6.494 6.883 

2658 

5. 963 

100 . 


The- following nominal rales were quoted for London dollar c--riiflc:,:o! 
ll. 7 S-ll.-a per com: one year 11 . 70 - 11.30 Pur cenl. 

Lonu-i. nn Eurodollar deposits: Two ri-ars mt-ll per r^m: rhro-> r-ars 
rafts. Short-term rales a call for sterling. U.S. dollars otui Uuiiddi.in ilollaro 

Of 

ir'.-'n; 

Ir.p-dar 

i- un* m->n'h fl 25 

■ r '. nt: i.-.iir r T ,,r 
^j!I lr.r jii Murs j 

25 z.r - - :hri? :i 

-• ]<•- ,r .< 

■d s.ti-,. . .'■ •••••’ r:. 1 ., ■ ‘ur 

:*-i: v n r -u-,: ?is iRuncra 

>r . :ii: rom r.^I 
-.!■)• i'u- in i";r,_dV',r(-. 

UJL CONVERTIBLE STOCKS 10/11/78 





:< D- 5 ..i<d :y 




o’dta irufa 


1 

! 




Con- 

Flat 

yield 

Bed. 

yield 

] 

income 

Oil ap« — ) 
Dearf — ) *,- 

Name and description. 

<£m.) 

price 

Terms* 

datei 

Currer.- 1 ; B=r?er |>:qu£ 

Conv.'i DaT/T 1 

Current 

Associated Paper »ipc Cv. S 5-90 

1.40 

112 . 1)0 

200 .U 

7 ii- 7!1 

S .7 

7 .S 

}>: -:o o t 

4.7 - u 

i - !«.3 

Bank of Ireland lOpc Cv. 91-96 

1.20 

180.00 

47.6 

77 - 7 !) 

5.6 

2,5 

- ;o ■" ll.: 

4 .S - 3 . 

- 0.1 

British Band 12 pc Cv, 2002 

7.71 

164.00 


SO -97 

7.1 

li.o 

2 :;.r i to 23 0.0 84.9 

-r- 4 ' 1.7 

English Property 6 }pc Cv. 98-03 

S .07 


234.0 

7 C -79 

S .5 

8.9 

- 3 . ? -11 u -4 7 ,- 

0.0 - !'. 

— 5.0 

English Property 12 pc Cv. 00-05 15.31 

79.50 

150.0 

1 6 -S 4 

15.2 

15.2 

55 .L' -200 to 57 2 P.fi 44.7 31 . « 24:3 

Hanson Trust 6 Jpc Cv. 88-93 

4.51 

74.00 

57.1 

76 -SO 

S .9 

10.0 

- n.^ - 1 ic S S. 

5 0.1 - 3 . 

2.8 




564.5 

i j-i fl 

1 .9 


- 3.1 -!■) tr, 1 9.4 3.4 - 1 

- 1.5 

Slough Estates IOpc Cv. 87-90 

5.50 

161.00 

125.0 

78 -Sfi 

K .4 

2.5 



Thom Electric 5 pc Cv. 90-94 10.93 

102 . 0 U 

20.1 



4.9 

j :; - 7 - f) 3 fi.r 

4.7 - 0.3 - 1 <*• 

Torer, Kemsiey 8 pc Cv. 1981 

0 . 7 S 

93.00 

153.9 


S .6 

3 t'.O 

l^r, i :o 21 7 .o r;.s - -j.i -22.7 

Ultramar “pc net R.Cv.Pfd. 14.97 

1.25 

0.5 



6 0 

li" 7 to 19 Ui 

Ul.o .'j.: 

- :;i*-.fi 

Wilkin. -on Match IOpc Cv. SB- 9 S 11.10 

S'J.OO 

40.0 

76 -S 3 

11.7 

ll.il 

27.1 24 m l.T' 29 - 

::8 7 j .;.4 

- i-i .7 


\UPiber of ordinary shares ir.tr. ub'Cb lid" num.-nal uf coir, r nib I- Muti. ■* onu-niMu • 7 !i- .'ir 

cost Of Ih-- eiuiiy in tin; ..-onrc-rubli: »tock. 1 Thrc-i.-mcmsh raiur. ; Iikwip- un mimh -r -,.| nrili>»*r' >bar 
Tms inromA “xprKsged tn pi-ms. is summed from present tim. until tnu.m- ur dinar; sh :r- • is .1 - ■ • 
conrersw date tcfucocror is earifcj-. lacom-: is assumed io urutr m in p.r .sni n-.r dcnu.ni ji: U is r.?..<'.«* , , r , 
conYertib]-?- Income is summed until conv-rsmti and present valur-ri at !V p-r .■•nr > r unt-ji-t. T:i,. 
e*pTe«-.-d a c Kr c«ni of th* raluc of the imtiyrlnnn muny Th- .ItTi-nw K’U. 1-:. tr,- nr^rcium i- 1 .- 
tindcrlyin- euuitt. — is an indicjiloi. el relative ch'./iiiiti. s-. - is jn in-lic;-ai i..i. i.f relative il- 


n .•ilin.fi <•• ■ r 
;; .-tilinlll. 1 lc. 
'• ■•■ii.. r.: '1- 


.1; r:sM 

■ .. J 

































'•Financial Times SafufHay' 





siock i-.m n \\<; i: repost 


Long tap exhaustion highlights hectic day in Gilts 

Equities subsequently encouraged and close slightly harder 


Account Dealing Dales with the previous day's 3S4. 

Option Bonis with 1 14 deals done, were 

-First Declare- Last Account fair.!*' acme ahead of nest Thurs- 
Dealings tions Dealings Day dayS * irsl ' 1J * resu ^- 


Oct. 110 Nov. 9 Nov. 10 Nov. 21 
Nov. 13 Nov. 23 Nov. 24 Dec. 5 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 

"‘New time" dealings may take elate 
from 9 JO am (we business days earlier. 

The Gilt-edged sector again 
dominated proceedings in stock 
markets yesterday but factors 
such as the tightening in 
monetary controls announced by 
the Chancellor the previous even- 
ing and Thursdays sharp rise in 
Minimum Lending Rate were 
completely negated by the situa- 
tion regarding the Jong tap. 
Exchequer 12 per ctnt, 1999-2002. 

Immediately dealings began, 
the price of the stock was lowered 
and continued to fall until the 
Government broker reactivated 
both this and the short-medruTn 
tap. The ion" tap, which has only 
functioned twice since its debut 
on August 2. became ope rational 
at ft3J compared with the over- 
niiztit level of 935 and was then 
surpisingly exhausted: the shorter 
issue. Exchequer JO per cent. IRXJ, 
was supplied by the GB at $S’„ 
or l off the overnight price. 

A more general interest was 
< > nrojra;cd by assumptions that 
some £5Q0m of the longer slock 
must have been sold, but the 
demand only partially reduced 
the losses elsewhere as the 
market became uncertain about 
the possibility of a replacement 
tap issue. The absence of a 
new lap announcement at 3.30 pm 
caused relief but not rally with 
quotations J to 1 off on the day. 

Funds or a shorter maturity 
were caught up in the malaise 
and finally registered slightly 
heavier losses than ihe longs. 
Reflecting the overall dullness, the 
FT Government Securities index 
fell 0.14 to u fresh 1978 low of 
R7.92. which is 13i per cent be low- 
last January's peak for the year. 

Tlie even Is in Gill-edged were 
watched closely by equity markets. 
Leading issues opened hesitantly 
but regained their poise soon after 
the fail had been checked in the 
fund*. Once the ensuing small 
demand had been satisfied, how- 
ever, prices drifted hack and the 
FT Industrial Ordinary share 
index settled :: net 1.3 higher at 
473.2, having been 32 up at the 
noon calculation. Measured by 
the nuoiber of bargains marked. 
4296. the business volume 
remained pathetically small. 

A follow-through of the previous 
day's institutional support saw 
the investment currency premium 
quickly impiuie to S3 per cent. 
However. arbitrage offerings 
prompted a swift reversal and the 
premium touched Sli before a 
laic demand from Wall Street 
helped to a close of S3J per cent 
for a rise of 3J on the day and 
3; on the week. Yesterday's SE 
conversion factor was 0.7271 
1 0.7321 1. 

A diminished business in the 
Traded Options market saw only 
309 contracts completed compared 


Minster Assets up 


The project of a further rise 
in home bank's lending rates 
early next week in order to come 
into line with the 121 per cent 
minimum lending rate failed to 
inspire the major clearers which 
drifted lower on lack of support. 
Barclays, 342p, Lloyds, 252p, and 
Midland, 342p, all softened 3, 
while NatWest cheapened a couple 
of pence at 2SSp. Elsewhere, Bank 
of Ireland improved 7 more to 
400p and Hong Kong and Shang- 
hai rallied 9 to 267p. the latter 
from the lower levels following 
recent weakness in Hong Kong. 
Merchant Banks were notable for 
a flurry of speculative interest in 
Minster Assets which closed 2A to 
the good at Rip, but Leopold 
Joseph declined 8 to 162p in re- 
action to the disappointing interim 

statement. 

insurances perked up. Ahead 
of Monday's quarterly figures. 
Commercial Union hardened 2 to 
13Gp. while General Accident. 
J92p. and Royals. 347p. finned 4 
and 9 respectively. Sun Alliance 
firmed 8 to 4!>0p and C. E. Heath, 
interim statement due on Monday, 
rose a similar amount to 245p. 
Hantbrn revived among Life issues 
with a rise of 12 to 373p. 

Most or the significant move- 
ments in Buildings stemmed 
from news items. An investment 
recommendation prompted a gain 
or 2 to 41p in AL. P. Kent, while 
higher profits and the resump- 
tion or interim dividends lifted 
Leader flush Doors 21 to 3ftp. 
Awaiting Friday’s annual results, 
F.P.A. Construction put on 1J to 
Ifip, but continued lack of support 
left Brown and Jackson 4 lower 
al 22l>p for a fall on the week 
of 24. In thin markets. May and 
Hassell declined 4 to (J5p and 
‘Wilson (Connolly) 7 to 12Hp. but 
Waiter Lawrence found a Jittle 
support and firmed 2 to f*2p. 

ICI opened a penny lower at 
361p and held that level in a light 
trade. Bernard Wardlc added 2 
more to 3tip for a rise on the 
week of 5 on continued bid specu- 
lation. 


technical improvement of a penny 
or so. the leaders drifted lower 
to close mixed. Ahead of next 
Tuesday's interim figures. W. IL 
Smith ended a penny off at 144p. 

Still reflecting overseas advices, 
Philips* Lamp rose 15 for a two- 
day improvement of 45 to S6dp. 
Other Electricals closed narrowly 
mixed. Motorola reflected dollar- 
premium influences with a rise of 
i to £29, but small selling in re- 
stricted markets clipped 2 from 
Dreamland at 32p and S from 
Petbow at S4p. 

Much of the (ley’s interest in 
Engineerings centred on John 
Brown which rose to 422p ■ in 
response to the £16m nights Issue 
and dividend forecast before 
easing back to close only 2 firmer 
on balance at 414p. GKN edged 
up 3 to 267p and Vickers 2 to 


and Associated British Foods 3 to 
tiSp. Other Foods also tended 
firmer. Still reflecting recent 
trading news, J, Salnsbury picked 
up another 2 at 227p for a week's 
rise of 17, Gains of 3 were seen 
in Rowntrec Mackintosh. 387 p. 
and liaslewoods Proprietary. tSp. 
while the chairman's optimism at 
the annual meeting left Bejatn 
2 belter at 64p. Tn Supermarkets, 
Tesco hardened a penny to 51 Jp. 

Prince of Wales, 5 easier at 7Gp. 
provided the only noteworthy 
movement in Hotels and Catering- 


Unilever edge forward 


Leading Miscellaneous Indus- 
trials traded quietly on the last 
day of the Account and dosed 
mixed. Ahead of Monday's third- 
quarter figures, Unilever hardened 



■ F.T. INDUSTRIAL I 
■ORDINARY INDEX! 


played one or two notable dull 
spots. Small persistent soiling left 
McCorqnodale 9 cheaper at 263p, 
Harrison 4 down at a low for the 
year of 0Op,' and Saatchi and 
Saatchi 10 lower at 95p. 

Properties continued Tower on 
concern about dearer credit 
Ahead of Tuesday’s Interim 
results. Land Securities eased 3 to 
220p. Already 13 down awaiting 
the half-year profits. Hammerson 
“A™ cheapened further on the 
announcement and * finished 20 
lower at 57Sp. Following the 
withdrawal from discussions with 
Westgrove Securities concerning 
the sale of the Park West complex. 
Peachey eased 2} to 76 ip. Further 
consideration of the annual 
results and proposed separation 
of property investments from 
housebuilding lifted Bellway 3 for 
a rise on the week of 8 to 73p. 
C H. Beazer gained 6 to 57p in 
response to the annual results and 
the Board's confident statement, 
but Marler Estates shed 2 to 34p 
despite hopes of a return to divi- 
dends; A good market since 
Tuesday’s mid-term profits 
announcement. Bradford eased 3 
to 247p, while Rush and Tompkins, 
still depressed by the slightly 
tower interim results, eased 2 for 
a tliree-day fall of 10 at 94p. Other 
dull spots included Ontrovincial 
issues, the ordinary and capital 
shares both declining 4 to 79p and 
78p respectively, while losses of 
around 5 were marked against 
Laing “A." Ulp, Huslemere, 224p, 
and Stock Conversion, 256p. 


expected statement on the talks, 
with Dawson International, rising - 
a to a 1978 high of IflLp, while. 
Dawson held the opening level of 
179p. Shiloh Spinners remained, 
linn, reaching a new peak of 36p H , 
before closing at 35p for a net- 
rise of 2 on the day and one of . 
7.V on the week. Brigray. how- 
ever, gave up a penny to on 
the trading loss. . 

Plantations were usually easier 
where changed. Guthrie, ea^ed 5' 
to 330p. while Far Eastern influ- 
ences depressed Qieronese and 
Harrisons Malaysian Estates "both 
of whidi dosed 3 easier at 60o 
and llOp respectively. 


financial times stock iNmcra-3 (, 

— “""a’nr.ii-X'av. SffrT I - NjwT ]■ fAjcur-. \> 

- 10 | 9 .6 -7 j 6 ‘ f ^ 3 .■ -5g> •• 


-Qayermnent Sec*., — j 

Plitid Interest j 

I laduUriol 

, Gold Hine*. 

j. Gtfdittne* (Ss-S.pm.)! 

I Ord, Dlv, Tield [ 

P/E Batio (netjCJ — i 
> marked *«»*■« •« 

k JBqzdQr CuniGfK 
Hquity bnJ/jsJJM total. J 


\ 68.63 
70.051 
474.4) 
159 A\; 
105^. 
SJWl 
16.0S 

8 . 0 a 

-4.093' 
67.19 
18.698} : 


1 ' 6&5fl( 

I 70.021 
j . 476.4j 
i 13S.1I 

; 99.7) 

■ : fl.Vij 
- W-ITj 
8.37! 
j 3,938 
BL92 
18,968 


96.681^77:45 
70B&L 76.90 
47m| an.4 
131.9! 147 J 

•'.■is'.rSjJ — iiaW'i 

15.881 16,12 
8.3^ S.S2 
4.683J A423 
60.74 112^9 
15,3881 19,667 


u am 468J. U am WL2.- K«« WL9. l.-Sflk.CU. 
2 pm 4W i 5 pm <05. 


Golds steady 


Latest Index lUBi JW.. 

*701=7#?. 


'.' •BM la IM Oort. S? J"-; 


Oils improve 




193p. Elsewhere. Wokclev-Hughrs 
responded to the increased in- 
terim profits with a rise of 5 at 
203p. while Northern Engineering 
hardened \ : - to I27p on news of 
tiie bailer cnntracL worth around 
£120m from the Central 
Electricity Generating Board. 
Kdhro. a poor market of late, 


picked up 3 to 21.>p, but Speedwell 
Gear fell 5 to 25p on tnc sharp 


Allied Retailers jump 


Suspended at U3p on Wednes- 
day following news of the bid 
approach from Associated 
Dairies, dealings in Allied Re- 
tailers were resumed yesterday at 
I43p following publication of the 
merger terms and, after a 
moderate business, closed at I36p: 
ASDA also returned to dealings 
and the clow was 176p compared 
with ihe suspension price of 
172n. Elsewhere in Stores. Cope 
Sportswear gave up 2 to 4Sp in 
front of Monday’s interim 
results. The trend towards dearer 
credit unsettled mail-order con- 
cerns in which Freemans, 345p, 
and Grattans. Mp, cheapened 5 
and 2 respectively. After an early 


Gear fell 5 to 25p on the sharp 
fall in annual proOts and the 
dividend cut. United Engineering 
fell 4 to 63p and similar losses 
were marked against w.G. Allen. 
44p, and Thomas Robinson. 70 p. 
Still reflecting the marked down- 
turn in the preliminary figures. 
Jenks and Cattell fell G more to 
flop for a loss of 13 on the week. 
Lower half-yearly profits left 
Porter Chudburn 2 cheaper at 
93p, while the chairman's forecast 
of a poor start to the current j-ear 
unsettled Manganese Bronze, 3 off 
at 6tp. 

Milling concerns, a dull market 
since the bread mrike started on 
Monday, took a turn for the better 
on reports that support for the 
current strike was evaporating. 
BHM hardening a penny to 51p 


4 to 532p. while Bools, interim 
results due next Thursday, im- 
proved 2 to 193 p. Ferguson 
Industrial gained 3 to 121 p in re- 
sponse to the increased interim 
earnings. Barlow Rand added 8 
more to 223p on further considera- 
tion of the results, while Extel 
added .i at IflSp as did AGB Re- 
search, to 109p. Renewed invest- 
ment support ahead of the results 
expected nest month helped 
Sotbcbys improve 3 more to :’15p 
for a gain on the week of 13. 
Profit-taking in the absence of 
fresh take-over developments 
prompted a fait of 7 to 170p in 
Hoskins and Morton. Ricardo fell 
11 to 3tt!p. 

Motors ended the account in a 
quiet mood, prices drifting around 
overnight levels. Distributors 
again tended lower, where 
changed. Heron Motor losing 3 to 
!»9p, with Cafiyns. 97p, and T. G 
Harrison, 102p, both a penny off. 
Hartwells, on the other hand, 
attracted a few small buyers and, 
at 9Sp, regained Thursday's loss 
of 2. 

Newspapers closed little 
changed, but Paper/Printings dis- 


A general Improvement in the 
Oil sector took place in a low 
volume of . business. British 
Petroleum traded firmly through- 
out the session and closed at the 
day’s best with a rise of 12 at 
SS4p, while Shell rose 7 to 562p. 
Royal Dutch, up li more at £42fi, 
continued to push ahead in 
sympathy - with the dollar 
premium. Outside the leaders, 
Sfcbens (UK) rallied 6 to 240p 
and gains of 8 were seen in 
Ultramar, 228 p, and OU Explora- 
tion, 2l0p, while Trice ntrol edged 
up 4 to 164 p. 

Ocean Wilsons featured Over- 
seas Traders with an improvement 
of 8 to S2p on speculative demand 
fuelled by anticipation of the 
interim results, expected shortly. 
Hairstons and Crosfield rose 13 to 
525 p in front of Mondays interim 
statement 

Press comment an the industry 
failed io create much interest in 
Investment Trusts which fluctu- 
ated narrowly in light trading 
before closing tittle changed. In 
Financial, Massmutal Mortgage, 
up 23 more to 900p, and Snez 
Finance. 1; points harder at £46, 
reflected currency influences. 

Light trading left Textiles 
marginally better. Tricoville 
opened lower at 8Qp, but rallied 
to S4p. up U on balance, after 
improved final results and the 
accompanying statement on future 
profits growth. John Haggas again 
attracted interest ahead of an 


South African Golds, elided a 
fairly subdued week on a quiet 
note despite a further sharp fall 
in the bullion price. Hie latter 
dosed 82,50 lower at $207,625 per 
ounce — a two-day loss of $1L7S 
and a net fall on the week of 
$7.75. 

The share market opened- ori' -a" 
steady note and traded quietly - 
until the afternoon ■ when fhe - 
downturn in the metal price - 
prompted some modest American'’ 
selling. 

However, a rise In the invest- - ' 
ment premium .was more' than 
sufficient to counteract the effects 
on share prices and in steeling, 
terms they dosed a fraction 
higher on the day. On the other 
hand, dollar prices registered-: 
modest losses. . * 

The Cold Mines index put on 
0.6 to 136.3. while the ex-premium . 
index slipped 0.2 to 99.1. . 

Interest in Financials con- 
tinued at a low level . South 
African issues were mixed with - 
Anglo American Corporation 2 '- 
firmer at 298p but De Beers t off * 
at 330p. 

London-registered . Financials 
staged a modest rally In line With - 
UK equities. 

Coppers and Platinums were 
boosted by the firmness of the in- 
vestment currency premium. 
Among the former. Roan Con*' 
solidated improved 3 more to' 70p, 
while Alesshia added a penny _to 

Mp. . . . . 

Tn Platinums Impala rose - 6 to 
174p but remained 6 down on the 
week reflecting the recent setback 
in the free market platinum price. • 

Australians drifted throughout 
the iveek owing to lack of in- 
terest in (town -under markets. 
Ashton Mining, which made Its 
market debut on Thursday, eased 
3 in 67p. while other participants 
in the Ashton diamond venture 
generally gave up a few pence, 
where changed. . _ 

Continuing vague rumours, of --a. 
possible rights issue caused 
farther selling of Paringa wiildi 
fell a penny more to. 1B&» bring.- 
ing the loss on the week to 44. ■ 

In Tins, renewed speculative in- 
terest lifted Saint Piran 4 more 
to 86p. Elsewhere, Westfield' 
Minerals put on 3 to 185p for 
a week’s improvement of 18 re- 
flecting further “ new-time" buy-- 


Si started Jane, 1K3L SB Acdvitv JtHy-tMC. 18*. 

HIGHS AND LOWS S.E. ACnVITY 




jBlnen Compilation [ 

| aigb I -Xow r ,i 


|' I Mow. 


-Sort, Sen-: 


.HsoJ lot.... 


^Ind.'Opd..-.' 


GoM Mines J 


67.98 
I ilo/llj 

I 69.66 

; (TO/iij 

; 433.4 

; 12/3* 

1 130.3 
1 (&/1) 


187.4 49.18 

(8/1/36) | (3/1/76) 


130.4 1 60.33 
Still LftTil (3/T/mj 


. j— Daily I- } •- «■ 

Gllt-Kced.. ■: 187.5] 153.7 
! JmduitrRkli, :.J 148.01 J«7.3 

i P-pocnintive — : . 35:3) --.-34 .Sr 
I Total*. 03-5 


! 649.2 l 49.4 


{14)9/77) j (86/6/40) 

448.3 43.5 


BoM Ulnn .1 
pm.)..- 


J/23/W76) ](36/10)71 } 
337.1 I ' 64.3 


: 5-day Average^ ■ . J ,-. .. ••r.*.' 

Gilt-Edeed ...! 164.9' 16951 
Induitrtak-.; 156/7j M4KB' 


337. 1 I 64.3 
(3{4(74) I (26)8/761. 


Speculative..; 23.S,\ .33.1 

T«i la. I' 99.5- 9&3 


. -V* - •* 

. . . 


LONDON TRADED OPTIONS 


lEs’rdsej Okmogj 


- Option ; price offer f VoL j offet | _Vol.' 


IClnranEf.' 
offer T. Vot 


FP - ' 

BP 

CotuGald 
. CrairtauldB 
Cbtiriaulda 
GKO 
GEO 
GBC 
GKO 

' Grand Met. 
Gmod Met. 


.86 — 

66 - — 
14 — 

8 . 10 

5 30 

41 — 

28 9 

14 — 

• - 7ifi - 6 
12 : 

Sis 4 


Hqkhar:,; V 

: i ckw:r* 

'<• - ^ 

= J. 

- I 'S* s - 

17 fn - 


17 fp T.-' iV- 

-- :■ - : "■ 


-ICI 

1CI 

ICI 

-£«iirt Secs. 
-Tend Sacs. 
I«nd Secs, 
land Sen. 
Markf> i ^p. 
.Marks A Sp. 
Marks * Sp. 
Shell 
Totals 


SO 14 

13.1s 10 


83i 2 IS 

11 9 

3 55 

3 4 67 

7 12. 

2i b 10 


6ifl 19 
30 8 


'3>8p:^ i 

-' v'-' i-V.' *'•?>? -"’v : 

. 4. ■ - j -.‘i ; 

: 281 pY 




Mocem&er I Vebnnuy ' 




BOC (utL | 

Boats 

Roots 

.-Boots 

Bill 

BMI 

■Totals 


: ■ 4 

8 

23 

• 9 

& 


*4 

• 78 

71a 

6- 

96 

3 

1 


6^; - 
3tai 30. 


i ; 


r 




RISES AND FALLS 


BrMsh Funds 

Corporations. Dom. and Foreign Bonds 

Industrials 

Financial and Prop 

Oils 

Plantations 

Mines 

Recent Issues 

Totals 


Yesterday 

Up Down Same 
7 S5 14 
5 30 24 

314 3S7 156 

105 129 2» 

10 A 21 


«i 35 

1 4 


10 IS 

35 W 


Oh the week 

Up Down Same 
83 219 78 

18 75 217 

kill 1.985 4.540 

393 671 L502 

31 49 105 

8 50 97 

203 236 261 

16 26 88 


489 626 1.299 1.873 3JU 6.828 


ACTIVE STOCKS 

YESTERDAY— 


Denomina 
lion 
XI 


No. 

of Closing 
marks price (p; 


Jihefl Transport... 23p 
Allied Retailers... lOp 

EM I 

Assoc. Dairies ... 25p 

1C1 £1 

BATs Defd 25p 

Boots 23p 

Glaxo 50|» 

Beecham 25j» 

De La Rue 25p 

C.EC 25p 

GUS “A" 23p 

Rolls-Royce -op 

Vickers i'i 


Change 
on day 
+26 
+ 7 
+2 ;; 


OPTIONS 

DEALING DATES Edgar 

First Last Last For first N 

Deal- Deal- Declare- Settle- 
iugs ings tion ment J* 

Nov. 7 Nov. 20 Feb. 8 Feb. 20 p. W. M 
Nov. 21 Dec. 4 Feb. 22 Mar. 6 Adda* 1 
Dec. S Dec. 18 Mar. 8 Mar. 20 Internal 
For rate indications see end. of v 
Share Information Service Common 
Stocks favoured Tor the caU Properti 
were Burton Warrants, Hampson. Nor then 
Beach Petroleum. English Properl* 

Properly, Premier Consolidated 91 per 
Oil. Common Bros., Associated (UK) 
Fisheries. Barker and Dobson. Short-da 
Oxley Printing. Messina, UDT, in Shell 


Edgar Alien, Snter Electrical- 
First National Finance 9J per 
cent 1992/97. Ultramar, Tate and 
Lyle, P. and O. Deferred, Marie- 
Tale, Town and City Properties, 
F. W. Wool worth, Siebens (UK), 
Adda International and KCA 
International, while doubles 
were arranged in Burton War- 
rants. Premier Consolidated Oil, 
Common Bros., Town and City. 
Properties, London and i 
Northern* UDT, English 
Property, First National Finance 
91 per cent 1992/97. Siehens 
(UK) and Suter Electrical. 
Short-dated calls were taken out 
in Shell Transport and Beecham. 


EQUITY 

GROUPS 

and 


Fit, Not. 10, 1978 




Tue*, Moil. f Tear 
Nov. Nov. I- ago 
7 B jWinLi 


SUB-SECTIONS mdex i*?* 

t'O. Ctasj! I'Max.i 


Hoirr* in |urHnib,^«v 

riwirrluT i* hlickK ins' -CClwn 



Ratio Index Index I Index Index 
vNeti No. No. I No. No. I 



NEW HIGHS AND LOWS FOR 1978 


The (allowing securities Quoted in the 
Share Information Service yesterday 
attained new Highs and Lows tor 1978. 


The abort* li->r of active stocks is based on the number of bargains 
recorded yaslerdau >” the OUiciul List and under Rule 163/ 1) (e) and 
reproduced hhla/i in Stock Exchange dealings. 


ON THE WEEK— 


Denomina- of Closing Change 


Siock Hon m.irks price Ip) on week 

r i i!:; — 35 


ep m 

Siiell Transport... -’.ip 

ICI £1 

«EC 23|\ 

BATs Defd 2.ip 

Barclay!, Bank ... ill 

(ilaxo aOp 

Beecham 25p 

Haggas (J.) lilp 

Eootk 2.=»p 

Grand Met 30j> 

Marks & Spencer 23p 

Rank On?. 25p 

Lonrho 25p 

EMI 30p 


NEW HIGHS (6) 

CHEMICALS 111 

Wardle (B.i 

.. . - - STORES Hi 

Aided Retailers 

INDUSTRIALS C2> 

Duple Inti. Hamiifome 

TEXTILES (3i 

Haggas U.) Shiloh Spinnen: 

NEW LOWS (72) 

„ BRITISH FUNDS (3Si 

Treas. I0t:pc 1979 Treas. 13'4K 1993 
Trcas. 9 pc 1900 Treas. 14 : oc 1994 

Treas. S-'.PC 198T Exchar. i2'.-pc 1994 

“Treas. B' : oc '30-82 Treas. 9et 1994 
Trc.ii. line 1982 Treas. 12'jpe 1995 
Trees. B'jpc t98Z Treas. 9cr '92-9<i 
EKthqr. 3'jpc 1982 Treas. 15UPC 1996 
Ewhqr. fl'jSt 1983 E.chrjr, J3r,oc 1996 

Treas. 12« 1983 E*ChQr. 10 ;pc 1997 

Treas. 9 ‘,p< 198J Treas. B’.pc 1997 
Exchqr. 10oc 1983 Treas. 6'.ec 95-98 
Funag. 6 : pc 'BS-37 Treas. 15 -pc 1998 
Treas. Soe '06-89 Excher. 12se 1938 
Treas. Bi.PC '87-90 Treas. 10' oe 1999 
Fundg. 5',OC '87-91 Exchqr. 12PC ‘99-02 
Treas IDoc 1992 Treas. Bdc 2002-06 
Exchar. ICijpc '92 Eschar. 12oc '15-17 
Fanning 6 DC 1993 


_ , CORPORATION LOANS tlO) 

,3 ' B1 London Cpd. 9 UPC 
BrlStal 7 'ipe '79-31 1934-85 

CL.C. 12',BC 1982 L.CC. 6 ' 4 pc '83-90 
Do. 12 ':nc 1983 N castle 9',pc *78-80 
Glasg. 9', PC '80-B2 Warwick 12: : oe 1980 
L DOOl 9‘JDC '80-34 

COM' WEALTH ft AFRICAN LOANS (11 
Aust. Sept '31-82 

LOANS (21 

Met Water Joe B F.F I. 13ps 1931 

BUILDINGS 12 1 

Blackleys Smart u.) 

CHEMICALS (1) 

. STORES |3» 

Dcbenhams Martin Newsagent 

Grattan Warehouses 
_ , , . ELECTRICALS 12) 

TeiciiBion Taiciusian A N-V 

„ .. ENGINEERING iSi 

Erin.h Northrop Mitchell Somers 

Comp Arr Porlcr Chad burn 

Manganese Bronc-r 
, INDUSTRIALS I4> 

Celesllon Ind. Gommc 

Ckutciner A Hoo>er A 

MOTORS (1i 
PAPER >:< 

PROPERTY til 
TEXTILES (1) 

Cnurtauldi 7pc Di.6. 

1982-B7 

TOBACCOS 111 
MINES (li 


RECENT ISSUES 


EQUITIES 


l*n,'e 1 = — p . 


||'i.+ ..r " | ilsillNI 

■S" : -.'5<. p 5PT“ 

' L_uJ_ 


CAPITAL GOODS (171 1 226.59 
- Building Materials i27) 193-27 

3 Cwurartnm OonstnirtkB GK__. 360.21 

4 Electricals (14 1 523.83 

3 EntiseerraG Contractors (I4>. 35534 
6 McdiaiucaIEngioeenngf72)_ 177.27 
8 Mdak and Metal FonnngWu. 16330 

CONSUMER GOODS 

11 (0UKABLEX53) 199.05 

12 LL Electnmics.Racfia.TVil6) 244.76 

13 Household Goods (12).. 169.49 

14 MotonandDUtribatocsRSi-. 119.00 
CONSUMER- GOODS 

21 (NON- DURABLE) (172) 202.04 

22 Breweries 1 24) 221.18 

23 Wines and Spirits (6) 269.75 

24 EWertainmait, Catering (17). 25L65 

25 Food Mamt£actaringrl9) 19922 

26 Food Retailing (15>_ 219.78 
%e«spapoii,PaNisiuiWil2i_ 369.93 
Facfcncinc and Paperi I5)„ 130.77 

34 Stores (40) 19034 

35 Textiles (25) 173.72 

36 Tobaccos (3) 220.23 

.17 Toysandriamexiej... 94.19 

41 OTHER GROUPS (89) 192.79 

42 i'hcmicalsa9) 273.82 

43 PharmaL-eufica] Pmdnrtsm^ 24534 

44 Office Equipment (6) 12533 

45 Shipping! 10) 402.88 

46 Miscellaneous (57) 206.60 


INDL'SnUALGROCPl4£l 


498.86 


+ 0.2 
-0.4 
+ 0.1 
+0.4 13.85 
+0.6 18.14 
+0.1 18.86 
+0.7 16.47 


7.97 22615 
7.52 194.D 

6.97 35967 

9.98 521.92 
7.48 35324 
7.11 177JC 
8.41 162.03 


226.72 22935 210.81 
193,84 195.66 19643 
362.19 364.78 345.45 
52105 5292 450J3 
357.04 35751 289.69 
17806 10035 16518 
162.44 164 2J 160.92 


188.95 i2'3) 

16630 (3.3) 

28935 (6/3) 

40447 (23) 

270.95 (63) 

149.87 (2/3) 

15422 (27/2) 


25628 (14/9.78) 
S3.84 (2/5/72) 
41931 (14/9/78) 

m.namrm 


204.75 (14/9/78) 
182.91 CWS) 


50.71 -(13/1274), 
4427 OW3/74U 
71.48 (2/1274) 
84J1 (25W 
M39-0XJ5t- 
45.43 (60/75)-- 
49=65. (6/175), 


+02 17.67 
+0.4 14.85 
-0.4 17.% 
+02 22.36 


538 1 7.59 191158 19836 198011201.01- 

9.44 24339 243.06 244.00 

7.66 170J0 170J1 170.04 

5.70 11879 119.08 U739 


22655 03/9) 
28021 (13/9) 
19007 G4/9) 
135.65 am 


173.63 (3/3) 227.78(21/472) 3839 fliTTS' 

209-01 (3/3) 28021 03/9/7B) 42.85(137274). 

16034 (6/3) 26322 (4/572) 63.® (J7A274) 

104^8 (2 Si) 17039 057/69) 19.91 16/3/75)- 


+0.5 16.49, 
+0.1 1534 
+03 15.78 
+03 14.52 
+12 19.50 
+1.0 13.95 
-03 


+0.2 1627 
-0.1 16.73 
+02(1132 
+0.4 
+02 
+0.4 


mEataaEa 


8.16 20L09I 
9.07 1 Z20.95 
26830 
250.49 
19684 
21732 
371.63 
131.48 
189.70 
17237 
22031 
9419 
192.44 
274.05 
244.94 
124.75 
40226 
205.69 


t5SlgE3EE3KaE^lE5igtin^i 


200.93 
21937 
265.91 
25028 1 25327. 
19635 


21631 
37182 
13186 
19028 
17198 
220.82 

9530 1 9729 


22823(14/978) 
28187 (28/11/72) 
30124 (14/9/781 
329.99 (12/12/72) 
223.85 (14/9178) 
244.41 (27,10/77) 
42175 (14/9,78) 
15535. (11/9/78) 


235.72 (17/2/67) 


6r41ll3/l^W)- 
6947 (13/12/74)1: 
7BL88 03/12/74) 
•5433(9/V75f~ 
5937 01/12/74) / 
5425 01/32/74)" 

55.08 (bium ■. 
43.46 46/1/75) 
52.63 :^fi/lQSL-?. 
6266 (13/12/74) 






BASE LENDING RATES 


A.B.N. Bank ir% 

Allied Irish Banks Ltd. 11)% 
American Express Bk. ll$?i 

Amro Bank 11}% 

A P Bank Ltd JUT, 

Henry Ansbacher lllTt 

Associates Cap. Coi'p.... lli% 

Banco de Bilbao lli'o 

Bank of Credit & Cmce. 117% 


Bank of Cyprus Hi l 7> 

■Bank of N.S.W 11/ % 

Banque Beige Lid. ... 3 1 i ‘o 

Banque du Rhone IS % 

Barclays Bank 111% 

Barnett Christie Ltd.... 
Bremar Holdings Lid. 12!% 
Bril. Bank of -Mid. East 11-1% 

■ Brown Shipley U ‘ u u 

Canada Perm’t Trust... 111% 

Cayzur Lid ll!°i> 

Cedar Holdings 11£% 

■ Charterhouse Japhct... 11S% 

Chonlartona 11*^ 

-C. E. Coates 11|^ 

Consolidated Credits... 10 % 
Co-operative Bank ------*11* 9o 

Corinthian Securities 11= ■“S 

Credit Lyonnais 115% 

Duncan Lawrie ll^°o 

The Cyprus Popular Bk. 11!^ 

Eagil Trust 31 5% 

English Transcont. ... 11 % 
First Nat. Fin. Corn. ... 12 % 
First Nat. Sees. Ltd. ... 12 % 

■ Antony Gibbs 11' '7. 

Greyhound Guaranty... Ul'Ti 
Grindlays Bank Sll|.% 

■ Guinness Mahon 


■ Hambros Bank lli°& 

■ Hill Samuel Slli% 

C. Hoare & Co fll]% 

Julian S. Hod?e 12]% 

Hongkong & Shanghai 11J% 
Industrial Bk. of Scot 10 % 

Key see Ullmano 11L% 

Knowsley & Co. Lid.... 131% 

Lloyds Bank 111% 

London Mercantile ... 11!% 

. Edward Mansnn & Co. 121% 
Midland Bank II !% 

■ Saniuel Montacn 11]% 

■ Morgan Grcnfcil Jl-i% 

National Wesiiiiinsi«?r lli% 
Norwich General Trusi lli% 


P. S. Rersan & Co 11 !% 

llossminstcr 111% 

Royal Bk. Canada Trust 111% 


Schlesinger Limited ... 11!% 

E. S. Schwab 12!% 

Security Trust Co. Lid. 124% 

ShenJey Trust 11 % 

Standard Chartered ... 11J% 

Trade Dev. Bank 114% 

Trustee Savings Bank 114% 
Twentieth Century Bk. 12*% 
United Bank oF Kuwait 114% 
Whiteaway LaidJaw ... 12 % 
Williams & Glyn's ... 111% 

Yorkshire Bank H/% 

a M'-m ,v ' rs °f tt,, - A^iiPtlUB Ruuecs 

i-ommlHt-'e. 

' 7-day dvposus >'• . ! -month Uvinaits 

0 '.-.. 

t 7-dar di-postw °n sums nf rio.mw 

umi omi'jr s:i». up to fza.nfla wj% 

4UU BV«r £03.00*1 P!> 

* Call u,uwv 

Dc-rnand dcposils . 


FIXED INTEREST STOCKS 




61 FIMA NT (Al GROUP1 IM|_ 158.75 +0.1 

62 Banks) 6< 185-48 -0.B 25.17 

63 Discount Houses 1 10) 199.97 +0.7 — 

64 Hire Purchase (Sj 238.26 -1.4 17.62 

65 Insurance (Life) (10). 12734 +1.0 
2.419.5 1 66 Insurance (Compositeir7i_ 117-13 +1.7, 
Jl.4jll.2l 67 Insurance Brokers HO) 312.7D +0.6 15.17 

“ I ®-® I 68 Merchant Banks *14). 7635 ' 

69 Property (31) ... 242.46 

70 Miscellaneous (7) 105.04 


71 

81 

91 


6.14 
632 5.96 


.7.49 

'12608 
11515 
9.43 310.69 






200.76 +0.4, 
100.94 +03 18.62 
31029 +0.8 1 16.00 


47 JO 
5.37 


5.26 — 199.96 
7.05 661 100.47 
7.45 7.85 307.78 


5.80 


15938 

18650 

198.90 

140.72 
12634 

115.73 
310.09 

76.73 

24748 

10626 


200.14 200.95 
10L73 10245 
310.16 312.76 


21695 



(14/978) 


241.41 (31/472) 
28832 (20/7/72) 
293J3 (2/5/72) 
433.74 tfi&Tb 
194.46 (15/3/72) 
162-72 (6/10/77) 
37127:01/8/78) 
27R57 0/5/73 
357.40 (9/23773) 
3033808/5/72) 


59.01 (13/12774? 


8723 . (29/5/62) 


6149 (13/12/74) 


W.'Xnalw'i' V»n«Hp 

1-: IlnMtd U'ateiix-rL' is Pri. lo^j 

I’MMi. r»*l.v ((•’■<■» iO^Ohiv. 'b1.9C ""j 

l'.+|, HMtinn II'^Lmii*. I'm !!! 

•.'(•Hi Il-mjjk,-??" Fjiim) F j L*-sn j. j'j 

IW !"«•» Uiiu-lt'i, 11^ e* 

M l^'lnuniiiiiiii .1 ('•.••ri'fc:*' . 
IaI IvjLViM. Lu«. ITl- ....... j 

4- ». •!.»<. UHrk i lli-^ | 

:<i " • s! K<-m IV,iiit I'i vi. l*o **. ' j 


, MSfli - 

: 50 ::: 

i?ptn, ... 

. 135 .. 

• W, 
122 ,+1 
46 -' 
9»F - 


F!SEf> INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. (iovt Av. Gross Red. 


" RIGHTS” OFFERS 




IF.P.l 7jllja4;ll; 67I2J ,„j 67h .... 

P.P. j 30(6)24, H; i- £j iUlm/Lmwirt Bodge. - 67 1— I 

! Nil i — [ — l3l;pui Sl;pm'Ljipp« , -Xelll j' Rna 

».l*. lie jC'idO.'ll! : ; id ,L Iwiije' Wnnai^...—^..., , 13- 




».l*. {lB lC,aD;ll! : . ; Id ,L twiiK" «Hnai^...._^...,........ 13- 

F.R. a. 10,17 11' .-is |lfc,l B <?1.V 307 ..... 

Ml (17/11 ; 0:12' luimi' 16pm KniLprgiil £ Hari'er ......J lBrnd — ~ 

l.P. Jad lCiW.lli 67 ; «d ll'hw-on •«'. 56 I— 2 

F.F. j 8dli S(12i IK | 175 Jlium I’miucin I 17S 

t.R.;z7.16;j7 11, Lj V.irluiTwn [ 14^ — 


Turn. 

Mon. 

Knr. 

Nuv. 

7 

8 


Bernina a 1 inn dale usually iasr day Mr deallru frre or sxarup dory, b FlRure 1 ; 
ba^ed 011 prospectus vnunale. p.\ssunu'il dividnid and yield. » Fnreca'.i dlridettd: 
cover bait-d nn previom year’s oaniliurs. p Dividend and yield teied on prtuipecni'’ 
nr 01 her niflual esilmaii^ for IS79. q Cr*i-^- r Flcurcj .iv-odh-iJ. : Cover aO®* 1 -! 
for cmivcrsLon uf ^h^re•< iu( nn'r ranking for dli’idcnfl or ranking «slv for reslrlcted 
dividend 4. i Plan nn orlcL* in public, p: FTnee unle^ ntherv.:.«o inJiCdind. 1 1 ssaw 
by lender. • CdTeri'd 10 holder* >j( ordinary shares a- a - naftli.” *“ lig nt d 
by wav of capuali' alien, s; Ri.'iniroiJiu,>.-d. 7 I'Mii-d in conn..eUMii wiili reursinfaa- 
bon. mersv-r ur Inlroducitmt- G Iswted lv (iinntr aicftri'nv.-c 

■ Ali'dineqi icuera >ur falL-paidi. * Pro l- i^i.ipal ur parit'-pi:d all n buclrt mien. 
* Wuii uiirraaiL 


15 20-yr. Red. Dab. & l^&na (15).. 

16 Investment Trust Prefs. (15) ... 

17 Ooml. and Indl. Prefs. (SO) 


65. IS t12.48i56^6 68.H |5B.1S 66.15 

61.45 15.54.61^5 61j» 151.88 j5U& 

71.78 15.04j71.78 71.79 <71.88 '*71.90 



ScUIdn o r Croup 
Pharmaceutical Products 
Other GrMBS 
Overseas Traders 
Eaalnccriflg Cnirannrs 
Mechanical EnglnccriiiH 
Wines and Spirits 
Toyi Games 
OfTice ewIhnik 


Base Date 
JO 02/77 
31/12/74 
31/12/74 
31/12,71 
31/12/71 
»0/>D 

is am 

lb.’l/TO 


Due value 
261-77 
U.7S 
moo 
15J.B4 
153JU 
144-76 

155.72 

uuo 


Section or Group 
Industrial Group 
Miscellaneous Financial 
Food Maan/a oaring 
Food Retelling 
insurance Brokers 
Minina Flame 
Ail Other 

t Rokawtha yield. 


Bate Dan 

n/xim 

31/12/78 
fl/12/87 
»/l i/Vt 
21/12/67 
29/12/6 7 . 
10/0/62 - 


Rase- Value 

. 1ML30 ' ' 

\13MM • 
U413 
W 
.9667 
10600 
„«w» 


A tin ur tne'emstumts Is 


«a«0We Aim the- 'PaUkUm, Thu PtaneW rimes. - 
Waekea Housa, Caarou sweet ■ : prke : 

UFi by Platt 235). -A fortnjgfcttr rcconJ. gf proap/au^' 
•uhseetten Isdk«*, «iirt*uid -S»»»rtapt W»«. 

-s 6 no 5962 , vdtfc «W1*rty Wa»: o»B r ldi|ni nf tea 
tndfcn*. ts »hi«innhk; Atot'ft - uiiUnnni SaHHUrka*. ;. 
a. eon Court Loadw*, EO!, ' ' 


v-vv^Nc 



























































































































J 1 1978 



AUTHORISED UNIT 



st 


Oi bbey Uni* T*. Mutrrs. U* <a> Knit Mgl. Lid. <aj 

' vi«JB.ijaicJiou»eB^. .^Leshonf 'C865W. j-7: Ireland Yard. Ev'-ftb 5nH. 
'jlhbcvr.-ipitoJ 131 J - 35.H-+0 1(943- 

dhbE Inrwwr - • - "«.ji.+0i -6.11 Amenraii „ -+-IC.0 «.2|._. 

bbhajlur.Trf M 344 ■ 3*5... a« CapILalTst. Ml 137 2rtj 

KbJeCMtTai- 455 . • . 47.S -+0.I *33 JarotnrTsL.. _fi-!W*» m3.—, 

Eqoiu* Pnje.-IiB.643-. ' 6X*dM = ..4JK.Tnt.flh/wth Fd B06.4 . UTM 

__ ^ . DaAe/>UUl . .7(110.6 117 71 1 

- uiitd Hambro GroopV faKg) 


Minster Fund Managers* Lid. 


Provincial Life inv. Co. 


546 

538 


I. n;l r , 

Hijih Jni-iHiH-. 


ISO 9 
1114 4 


Ltd.* Saie & Prosper com in iu»d 
■■I iiTiWci Scolbits Securities LtdLv 


06 7 A -ii4i 

ms<o| -D i| 


330 

798 


6 74 
2.46 
246 


HMhn Hat. Hutton. Brpnrwmjd. Esa**. 
It sS 2851 or Brentwood iQZ77i =11439 

Uwnl Fanis 

tilted 1«— ltd Jr 

tit. Inds. Fund — 635 
Idh.Plni*— . - 36U 

ZleeL It Jnit Dot. 336- 

UI tad Capital 67.0 

^jmsbrnPund .. .104 9 
fambroArr Fd — 1197 
FowH 



Friends* Provdt. Knit Tr. Mgrs.? 
Piihnm Kid. Dor fang, 0308 5055 

Friend* Prof TL* .Wl g 44 6J-01I 4 90 
I*. Accum to- [55.1 5M|-0il 

G.T. 'Unit Managers Ltd? 

16, Finsbury Cirrus EC2H 7TJO 
CT. Cap lne 180.4 


J*rudi. Portfolio Magrs. Ltd.V laiibHO 

llnlNirn Rnr.- Et'l\2*{|| 

Prudent ul ... 1123 5 131 0| . J 


3! 


363 
496 
573 
2418 
i!71 ! 

, llrT . B. ;.'«M „„ _ 

* n Schlesinser Trusl iMngrs. Lid. laxzi 

u'ln-tatu r 
3 M 


,-VnUnl* — — 

K,-nl>M-l<t - ...— — 
Sr t ii-.nan^> 

-~-ni Ei t.Uh'--- 

fit atift vcs-v-i Srnl.Li 


4.90 


ncMnr rowxn 

UjibTiridFd. 170.7 " • 753 

(Ijth Income- .-651 M.7J .. J 

L.H.Eq.llta to .(»9 t 


. wnuiavi Fnndr 


4.74 , 

5.43 .Do .Arc. ...i.... 9fj 
5.04 G.T.Ii* F"d.U/i~ lSSi 
■ li.T.Lf: &r*n - U89 
HT Japan* lien. . 92.9 
ff? 4CL PensEvKd. 1159 
2S u T. inrl, Fund B3J 
7 “ G.T. Four VdfFd . ..(54 9 


85 5 —0.7) 

loss -og 
165.1 -l.« 
1264a -01 
977 *131 
342 6 . _ 
2610 +0.7| 
58.4 . 


TV 


nternauonBl..- 

"arlfir Fund ■■: 

■«■*. Of Amaniai 
:.S A. Exempt* ....II 
erptalM Fund* • ■ - 
■mailer Co '*Fd —1360 
nd Smlr Co * Fri. 459 ■ 
llwnrSil*-- 943 
fat Him fcfdiy - 595 
•v erton. Earningii 573 
apL Smlr Co’s *{232.2 


G. & A- Trust taHgl 
5. Rayleigh-RiL, flrenrwnod 
r.ftA,: —131.7 


3831 -03] 


_49ll 


-Oi( 


24443 


-03l 




431 

4B5 

SID 

541 

4.73 

532 


2721 +03 250 

494 +03 2 02 
52.K +0fc 238 
‘ 92 0) +B.6j 163 

Gartnore Fond Managers 

;.st Mary A.i«. B:3A«BP. 
iljiwn™ Td- — 1233 . 

BiiliSllTct.iAvC I.. Br 
Coranndit}’ Phare.. 147 2 
Extra InromeTta—t S3 
tf.'FarEa«Tni , 4.-. J78 

. Inderson Unit Trust Managers Ltd. m 

-■>!«F«lChtirchSt-BC3M6AA 823 sen I n s Agenciea 1337 

• .ndoraon L' T. . ,150 1 542| | 534 JnU^c^^O 

'SSZi'ixiwj? 1 * 0 *' ^ o^SRriti Gibbs (Antony) -Unit TsL Mgs. Lid. 

*c. Monthly Fund . [ITS ICR | 9.09 3.FrederiekVM. 1 VjHJM» i y.B.2. 01-5884111 

. • laiAUlnrome' — (41.2 . 444. 

krbathnot SeeuntSes Ltd. (axe) ' i».*.c.c»wiiw;.too •• S- . 

7. Qaarfl Sl London EC4R 1BY 01-Z38rt2Hl iB!A.l-tarRa«.l2fe0 28 0| DSD 


M» U-4HT «n-L :io_ .138 7 40 71 

lifl K<empnvi.3i . I ] dq D loa 3 

2S M .V‘ A l ' nU T ™« Mfienml. Ltd. 

''™' V , « , ihlWt. SW iaai-: Ul SD6I7333 

M'-'lniu .. |44 5 46 8| _..l 3 85 

Murray Johnstone L'.T. Mgnt.V <ai 

iraiiup* sitr.-ei.diflHiow.fjiiji'H w i -£2i 552i Qnilter Managcmonr Co. Lld.¥ i« s<u(nMrwt.i"^‘" 

.Mjfciuv. Ptt ,| l . 84 8| i 3 02 TlicMli E^.lianse K«"2N itli' 11144*14177 .!"> * f r ,e 'W \ll ' 

rifeillne Ua.r Fnda> guartrtinl Hen K.u 11032 107 5q .... | 4 J9 

Mutual Unit Trust Managers? iaHf{i vti.idnnuliK..n«- iil04 1345I | 756 ttempiUiiih vT<' 

15 1. Sf«hal| At e„ El.7!K 7BL* DI«n|4An n.i:..,,. i:_:« «... i.j. E-.emr4 rjlrt Wrs 

01^86131 MutuaiHe,- pi u . 551 55 41 -n si 6 55 Reliant e l nit Mgrs. Ltd. V E»iraW T;*.- — 

150 «“‘u-l in. 7 m' 87 fc 72 -O^l 7 37 Reliance ll«* .Tunimd celt ell-. Kt. owj '42271 im-umrPi'4- ..- 

350 Mu« UJ | »| UI .,- h .„, 472 4571-93 6 90 tiupunnniiy Kd . [66 7 71 3J 1 579 lm iu‘»W'dn» | l 

8,79 'luiunl Htph VJJ... 5«.9 541 -0 4 416 SeWnmteT . \i*r ■ 44 6 47 f) >0 1 5 51 I HIM i.nmth..- 

1\* National and Commercial ** , " nteT lni «**!•■■ 1 5 73 ‘" l r " ln,K 

3 80 31 .St Andrew square. Ediniiurnh 031-5M sir. T Ridgefield ManaBement Ltd. 

laa IncumvNoi I. 1157 2 16101... I 5 80 3B-40 Kriim*U Si . Mum heMcr i*ll2MR521 

fOriatrliriil Ini l T /91 0 W5[ I 2 37 

Hl-UincM Inr.imr |94 101 0| | q 11 


39 0| 
53 J 

7»3 2id 

179 2) 

■ luv 


222 


4U 
7 63 
464 
3 31 
7 45 


23 2 
75 9 
25 7 
20 7 
40 1 


9oo -xiuiewnquare. nuniiuryii U31-3 mki.i1 

lJO ineumvNoi i. 1157 2 16101 1 5 80 

7.10 ;v«i. rk ,.. SI aSS.” s» 

! ??, ' , 1 • (1ZS2 124 3 3 93 

■mrum.I.nilB!.. 152 8 158 3 .. 3 93 


Martel l eaders . 

■Ml 

l’rvl. * MU Trust- 
I'r.iperlj Share> . 
Sut-'ial Sit W 
C K. i.nh V«« 
... - -.. iiiji 



067 National Westminster? (a» 


T«1 


Cheap- ide EC2C 6 EC. HI -find PDU0. 


163 9 


6871 +0 71 


650 

698a 

-0.1 

327 

351 

+0 = 

M 4 

907 

+1 1 

34 J 

36 8 


697 

729 

+0 2 

5=6 

565rtl 

+03 


446 
&18 
5 75 
529 
7 04 
593 
= 57 


18 7 


100 6 
122 9 
189 S 
281 9 
645 
105 5 

Rothschild & Lowndes Mgrot. cat i^c'urn. »i 

Sl. Swiihin- lane, Ijtn Ei'4 Oi tlid 4.VC -f’liH'hiHlKlSt 176 b 

New 1-1 Eu-mr* 10=9 0 U7 0o( | 3 57 ■SpeeR* N f k ^ ? 

ITli-es on 11,1 16 Neil decline Nor.'. 16 


2 2i«] +0 2i 

28 ^ -ii I' 

25 0 

27 3.0 -o i 
27]Uoi 
31=o| -oi 
43 y -0 1 

. ...UiHIHD 

49W . 

26 91 . . 

24 8| +o-; 

24 5d-0 2! 

25 or 

27 9j -Oil 
33 3,9 . 

23 2 J -0 I 

20 Irfl 


2 31 
0 50 

8 05 
4 42 

9 65 
966 


Target Th. Mgrq. fSeoilandJ laxbi 
1!* lllnli.'psirni Kdm.3. iMI BSBBI ! 
T.1TIWD \merKu;lH23 4 2S2J-0SI 187 
Tnrt'W Thistle . 395 4Z5 m +0 1 621 

K.lra InrDmo hr) |59 4 61 9j -6 11 lu.05 

Trades Cnion l ; bil Tst. Managers? 

|(*i W.wriSireei.fl i ilMSJhfll'II 

•P. LTN.a = 1493 52 51 .. . I 5 48 

Transatlantic and Gen. Secs. Co.? 

9|.$8Ne»J.on,lonR,! » 'helntdont iKHa 5IHKI 

K.trbiran Ntn U . 
i.tivuoi l "nil-, i 
H.iro E\|iT ,w -Jj 

Burklim V> 9 . 

Hunt I'nil:- 


/U'.'Unl l' nil".. . 
I'limhl Su» 8 
lAt-cum t'liMr* .. .. 
•:ii*n f-o 1 7 
, \« ,-um l.'nii'i 
«.ir/Uiri' Aik 7 
■ t'l-um Vml" 

Schroder W ag g ‘4 c*. UdLV '^^‘“Tv --."‘H' ' 

,H 24u:i434 Vane T«i\,n 8 


3 „-•*&» X 


in 


470 

494 

1234 
3 27 
223 
613 
613 



High Yield - [439 
■tAcrum. I'nlls* . MJ 
.xtrs Income Fd . 104 7 
agh Inc. Fund — 38.3 
IACcoib Ch>B»i — S3 3 . 
*,% Wdrvd.Uls 1 58 9 
wttrtnw Fund— 25 J. 

Irnua Units, 38 8 

Mntal Fund -. -- 184 
ommndit> Fund _ 588 

\ccum Uniui E6.8 

OVW'drwLC 1. . . 498 

liL&ProjxFd 16.6 

■ sole Fund . ._ - 363 

tecum. Units, .04 

Fuad 123 

wnntl.'i>.u>. .. 38.6 
nalln-roffd . _ 25# 
astern * Inti Fd. . 84.7 
1% Wdrwl Urn 1 . . 189 
oreiRnFd .. 8®4 

. Aiwr. *lnt Fd 260 


47.4*1 ..-. 
693a 1 ... 
112.6a -03 
413 -03 
573 —03 
S4 9 -03 
271 
411 
191 
63 Jn -0.4, 
923 k -OU 
536m -03 
17 9 
392 +0.2 
' W5T 
348 -01, 
416-0 31 
27 0c -04 
26.6 -03: 
20 4 -02 
865 
280 +0 7 


1172 
U.72 
10 99 
977 
9.77 
977 
1235 


DcuUng Tu* 

Govett (John!? 

77, Pinion Wall.E-Ci 
S'hir Nov. 2 113*2 


ttw 


01-588 MQ0 
241 41 . | 209 

269 <* | 2JJ9 


Du Avcum. Unit — 'Ji612 

' NKt.dulini daj- Nos. 17. 

^ Griereson Management Co. Ltd. 


■ npltal 1 A, -,-um , 

Etlraln, . 

Fiukiu iu! . I-" 

Umuih In* _ 

Incuiw* 

fonlnlmlnv Fd 
J. mi cr-jiJ Frf td. 

2n NEL Trust Managers Ltd.? UX£> 

■ w Milii.n L'lHjn. D-vkine. Surrey 5PII 

I® 7 * 60 Bid.. .1 520 

.cliarHi-|ii ni ..(4«4 5991 ... . I 803 

Norwich Union Insurance Group (bi Royal Tst. Can. Fd. Mgrs. Ltd. 
p" B^.\ -1. Nvira-nh NRl 3N'i: uOn=+=00 54. Jerrm-n Sirwt <W.I. 

' IrrujpT:.t i,i |352 7 3713) +3.4* 535 fapiialFd . .. 1657 

Pearl Trust Managers LuL laMgMzi In -° ,? * eKrt - " 

=52 HichHolhom. WIVTEB 0I-M5H44I 


104 2>q 
127 3 
J96 6 
293 1 
88.0 
109 8 
33 7,0 
37 5 
ik a 
=586 
2034 
ind 


2 57 
= 57 
7J1 
731 
399 
399 
2 91 
2 91 
4=3 
399 
C 72 


■urn. I'niL- . . 

Wirk'rNrt. S 

Aivunl l : nlt-'- 
Wii-Um W.lt 

Ho \ri-um. . . 


Tyndall Managers Ltd.? 
It.l'M, na<* Rood. BnaJoJ. 


730 

776 


595 

113 2 

120.3 


595 

90 7 

934 


404 

741 

B7 3 


S 25 

97.9 

1019 


525 

172 1 

129 4 

-07 

618 

150 7 

159 7 

-0 8 

6.18 

509 

53 4, 


7.W 

570 

5*8 


760 

518 

55 2* 


518 

67 5 

71 9 


518 

*98 

Ul 


3.66 

47J 

59 4 


3 6b 

eab 

51 1 


366 

60.4 

635 


366 

70 5 

75 2 


8 41 

43 4 

45 7 


690 

45 3 

47 7 


690 

59 9 

634 


521 

719 

76 1 


52J 

666 

69 Ba 

-0 7 

8*6 

78.2 

81.9 

-08 

8.46 


OVERSEA 



Krn+r I'M maun l.td. 


K -J 


Alexander Fund 

37 mi- Nulrr Iianu*. In .■iiilHiir.-. 

Mcvumler Fund . | Sl as 64 1 j — 

Net .LMC-I * aim- ;.,n 

Aden Haney A Moss lm. Mgt. fT.I.l 

I .I'hannti ■ 'rtK. M IlCll-r ,l> .‘I Ilil4-7.I74I King & HliaXhll.l Mgrs. 


"i". Mill. SI, 

h ini 1 1t-, 
lia.nil 

i'«nl \'M-| 
hiA I. 


hik 

|> iliTB 1 5321 

V- U165 mu 

[ f 137 47 137 51 
C12 20 - 


Rowan Unit Trust MngL Lid.? lai Scottish Equitable Fnd. Mgrs. lAd.? 

UalelUtf. Kiiuihurj-Kq EOJ ul ■#/(, |,idS ^ M Andrew? ■ EVIU'lii:r;-h OJ l-i VSC 9 1 III 


Anwn.-Jn % .m 

Secnnius- N.k 7 
HiehAld *.u-. It* 
tArrum I'niV**' 
Merlin Sm U 
■ Ac. um I'niL-. . . 


Iik-oiw Kit 
Prlre. at 


'6 02 
,1700 
JM4 

J76 8 
(781 
96 5 


67 0 <d 

180 0 

572 -05| 
B07 — 0 6, 
821 
1014 


3 77 {in umel'nil* 5iJral 

4 12 Actum. Unit-*.- - 156 2 59 Bj 

8 07 Dealinjl d.., Wrilnufilay. 


549 

540 


ln,r.nwNln H _ . 

• Ac rum fnlln._ 

("apital Nw* 8 

1 w.-um L'nlt*.. _ 
E'empt Ncr. K 
,-lr.um (.'nit-., 
Inf. Earn W. 8 . 

• In um. I'mui . . 
P ni Ntn B 


0 

11812 
,124 2 
175 6 
107 0 
154 0 
239 2 
2714 
1051 


*2 7 Sc bag Unit Tst. Managers Ltd? lai ''“'uia imt*. . ,|i33t 

4_28 l-< 1 Hoc 51 1 Rrklbry 4 rii ^l6.~**i>i 5* >'a*ileSL. Edinburgh 

K+haCi'npItalFd. • gJO 34 |j -0 \] 4 12 Jf*Jf I3&J 


859 


595 
595 
.595 
3 19 
238 
258 
= 63 
261 
*36 
139 
U9 
160 


H ijreshun St- EI.3P EPS. 


01-6064433 


BmiRtoa Sw.8 - 
lArcum t'ntUi- ... 
BnRllYd Nm »._ 
i4crum Unitui — 
Endea. ■ Nnv 7..' — . 
f.trnuu Fails/- - 


2BT 4 
2276 
i243 
(207 3 
fe71 
0368 


(ImehNtr Nnv. 10 m-i 


cAcr 'um. L'nlL/. 
Ln & Bnb Niw 


■ Acrum Unit/.. .[74.6- 


B 0 
4 


216 81 . 

Z37 9 
i8za« 

2173 

2379k: 

3W1 
914 -1 31 
944 -13 
73 6 . 
773 . 


533 
5 33 
878 
878 
290 
= 90 
346 
346 
403 
403 



506 
506 
7 40 
529 
529 


31 \«.-%t rlralini; Nin. IS. 
Save & Prosper Group 

i Creur N- Helen . U-nrlun E*.tP UEl- 

6P7JI Queen M E.linhiirdi EH= 4N\ 

r».-allnc-. to UI-SM KKM ,.r 03I-Z26 7351 

Save & Prosper Securities Ltd.? 

lalrnuikmul KuncN 
i.'Kpuul ... .135 8 

IT l'.. 124 0 

I'm.- ‘.iwttli 





.rcbway Unit Tat. Mgs. Ltd.? laHc) 
17. High Hal bora. WlIVTNL . 0I-K3I STtX 
lehwsr Fund .. 182.9 08 =) . . j 6 00 

Prices «t Men. 0 Nexl sub. day Nov. 36. 

arc) ays Unicorn Ltd.? (aHcggi 

nicarn Ho 252 Romford Rd E7 01-534 5544 


High Im-wnr funds 


n I corn America 
’*> A lilt. Acc 
a AUtL Inc . -. 
...Capital.. . 
flErenusTti . 
o Extra Income .. 280 
o. Plfiancial .... 59.9 

A.50Q 741 

k General . .. 311 

o. Growth Arc . . W7 
•a Income Tst — . 836 
to m. A us Tst.. 1*5.5 
Prices at Oct. 31 
u. Racotery .. . 
n Trustee Fund . 
a WldwvdeTst 
ulJd Fd Inc .. . 
xAcrum — 


317^ -OJ 
773 +1.0 
61 3 +0.8 
70 d +B 
niiai +0 3 
-r®- 1 
64g-03 
BO.ll-flJ 

m 

Nul sub day Nat- 




146 

1.91 

131 

4.63 

642 


60S 

626 

429 

636 

495 

» 

595 


BS -J <*17 

7|-od 3 04 
■ n -0=1 3 04 JiL{“ 

<M -03 6-47 ?S e 


548 

548 


.\uimlian — .06.4 

European (44.1 


European 144.1 

Far East — HQ 3 

N'Aia : pS7 

Cabot Am. Sm. 144.0 

ExanfM Fuads 
Japan Exempt- — ..|101 J 


arlng Brothers & Co. Ltd.? (Min 
Leaden hall St. E t"3. (11-5882830 

ratttmTrt. 11728 U0« | 4.24 ... 

JAfcum. _ .(217.0 2=621 ..—J 424 SmExpl3.ov.10. Ui3 

Nnl sub dav Not. 21 . _ 

. . „ .. - HfU Samuel Unit TsL Mgrs.f (a# 

iihopsgate Progressive Mgnd. Co.? 46Etaechst.EC2P2LX 
BiKhnpecaiK. ECI HI SUSOaM iMRnlud, Trust 11*6.6 



V*. Mill 

Jewry. 

Fl - 

R 

=82 

30 4 

-fl 

Xj 

*78 

41 0 

-fl 

i 

«8 

. «1 

-fl 

2 

445 

481 



34* 

37.2 

-fl 

2 

HO 

66 2 

-C 

7 

58 1 

63 On 

-fl 

4 

27 9 

302 

■*u 


213 

23 H 

+0 

1 


0277-217 =38 Small l'V» *, HI " . 

t apilat Kuiki 
I ni Ern> & Vq^. 

•.ale Fund 
,-umllr Fund 
T cchnnloc-.- Fund 
-East Kd 
■\mencon Fund 

Practical Invest. Co. Ltd.? ft" del 

+4 KIkidi.I.uiv t(( Hi'litR.l IIIJlIlHn High-Vtinimum Kindt 
rn.cti. al 7:... « 11451 1543] . 1 4 53 Sele<-Mnlernai 1243. 

Avium I nut (209^ 222 5) 1 *53 .vjwi In. ..nw, . (515 


11 00 
730 
660 
£70 
660 
710 
750 
= oo 
3 30 


165 b 
421 


M=5 


FcarHIrrnvth Fd 
Ai ■ um ». n iLk . _ 

Pcftrl hie 
Pearl 1' mi T<4 

Au-iim. I.niv*i ___ _ 

Pelican Units Admin. Ltd. igHxi 

HI Fc.uniji,, v Han.-/i«4er OGI ZI 6 .W 8 S 1 

I’ebraii '- ..it*. . |83 7 90 0«d +0 H 5 01 

Perpetual Unit Trust Mngmt.? (ai 

4.4 II art M . Heule>-i<n Thame ' I.M£ll288ffl 1 ormunt lirwnc Fund 
IS Guardian Royal Ex. Unit Mgrs. Ltd. nil^Lt JSi " ' H,C ’ , Y, " M 10 * 

Ruynl ExrhUDtiC. EC3P3DN. ONS28fW|l ^ *; n “ rrn ^ ** <aM " 1 

,di|itiuardhjllT>4.-|89.9 93 1| . - | 4 62 ■'"'"““■‘1*' 1 n.t Tru- Managers Ltd. 

■i I - fc* frn.-L c 

Henderson Adminslratlos? (aHcMgl ki-iwiiii 
P remier I'T Admin.. 5 Rayletfih Road Hutton. Extra Incinie- 
HmtfMood.Kuex. 
t:jt Funds 
Cahot Recovery ... 

Cap Growl!, Inc — 

Cap ijniwlh Arc' 

Income i .Asneii . 

Ulsb Income Fund* 

High JiK'ome (M2 

864. faboi Extra Inr -..[55 9 
5.14 cabnt Pre/.&tii It .... |4B.9 
Sector Kuril 
Financial fc FIX.*: ..P98 

Oil 81 Nat. Ret 1272 

International ' 

Cabot [863 

, „ toiemaoonal — wl 8 
Wtfl Wide Kav. 10 . (72.1 
225 Otmni Funds 


Xd+C ' "npltal 

Sc-t.j-- 1 nvoma F<1 

MT Security Selection L,d. laodonWaiir.roup 

1ft-lk.lJnoJnrlnnIn.-ldi tv.r in xu rt**tf.n , apiial >;n>«ih . . 

7191 | 7 82 cml'ItnTid Arc. 123 3 24 81 .. I 2 39 Pu Ari-um 

l-ipliJHtTrtlnc- 1203 21 &| | 239 

Stewart Unit Tst. Managers Ltd. tal 
4!*. > 'liurlotte fd . Ed* n hurg!, Ull.^9b327l 

T Stewart Amenran Knud 

Mxmbrill'n'b. ■ Iff? 57 5 

A,-, um I nlL*. • » 7 67 7^ 

Uittidrawnl l nit*. l*-3 -• 4n2l 


103., 
190 4] 

130 y 

184 4 
112*1 
161 « 
2512 
285 fl 
112 2 
14181 

1721 

1401 

170.< 


163 


Extra lur Growth 
In. .Xrcun, . 
Financial l*r ny . 
Tin Xv.-uni 
High Inv ITinni) 
InlerD.il.. ,nal 

sit: ... 


79 3 
B29 
383 
|46 = 
15* 
19 1 
64 8 
26 8 
341 


84 a -0 4 
887 -0« 

41 1 -0 2 
49 6 -0 7 


•77233241 
870 
870 
465 
465 
869 
869 
539 
539 
12 B6 
12.86 
oaras uw 

I 9*3 
. 572 

! 572 
8272 32=4 


16 4 
20 4 


28 6( 


-0 

-01 


*0 4 
rO.l 


651 
6 51 
10.26 
JO 26 
500 
500 
>48 
313 
5 51 


135 8 38 4| -tO a 

L2< 0 25 Bto -0 l 

(67 3 723 3 ■» 11, 


0 14841 

3 172 3 

i F n -W-+I 


MithHrtum 

Inrnntc 

L'.K. lunds 

VI. Equiiv 

tl,rn»i KuDdxixi 
K.urorc .. 

Japan 

>E Vn.-iGvili Kd 
ES 


2 49 MHU'bxrd . -• jj;-- 

4 12 An-um. I nits J13B3 

1 % tto.ilini: rTue i Fn -tf-nl 

Sun Alliance Fund Mogi. Ltd. 

55 8n{ - 0 l[ 7.76 viun AlhanccH-ta lh*r ‘a.ini n4iCi(UI4t 

lupR4»Sex8 1 226 31 | 4 45 

B 65 m,c h oxtuI,* Kd 1*3 4 99 s| -0 ;| 3 43 

’S 7 Target Tst. Mngrs. Ltd.? langl 


TSB Unit Trusts tyj 
I’l.i'liantry Way, Xndnier HanK. ObHIUlM 
lirnlmue t» ICC4 «34X!-3 


. ii'T.sii ■ ienervt... . 
tin vo-um 


g; 


!]■#• TSB Inroiu? . . U»0 


ll U: o: | 


i».t> I*,,. v,-rum 
TSK Scndivh . 
it.. Ihi Airum 


62.7 

803 

869 


46 81 -03 
M2 -0 4 
64.1 -0 5 
661 -06 
8S5« +0 7 
92 5 +07 


4 24 
4 24 
732 
732 
224 
234 


45 bl +0 5) 545 


7. 1 > ire^li.-un Sl ■ Ev - 


Sn-ior K'unda 
■ 'omm-Klitv 
Em.TVr . . 

Finan* ,al Sm ■ 


BH:- 1 


182 2 
217 0 


MiePr**N»v“ 

•c VK"Nox 7 „ 

gatelnt OcL 3 1 . . (168 1 
ccumitlcl 31 
Negt sub day 


194 lj 
231 
178 
1776 189 

Nov. 14. 


Ml .. . 

112 .... 
184 ... 

190 . I 

•*Nox 51. 


416 

416 

245 

245 


fi.Inl1Tni.il 345 

m* [KiUar Tnist. .. 70 2 
ibK'apibilTi-utg-. 289 
'b/Flnanc"xITru« »3 
(hi Income Tnua ... 259 
rbiSecunly Trust. S8J 
ibi High Yield Tat- l»0 . 


ridge Fund Managers Hi (ci 

*«i* H*e , Kin* William SL. EC4. D1«C4851 { a teL? (aHgl 

15. Omslopfler Street. E T2. 


156 8|+0 5| 
37.1 +02 
75 la +0J) 
-.310 . 

92.4 . 
278 

517 +02^ 
321 . 


565 
310 
2 JO 
493 
5 03 
792 
5 78 
830 


nenenn 6 Gen 


puallncT 

■. Acr.t . 
emprt. . - 

:ei-ntl Inc.t.. . , 
Aw t 



15. Chnstopber Street. ET3. 01347 7243 
3.92 ’ 1 me L Inv. Fund — 1843 ' 9Lfl +0.5J 7 00 

Key . Fund Managers Ltd. (BMgl 


4.46 

446 


2&MllVS4-FCt:V8JE. 


UldUBTHTO 


>.ev Energy In Fd. 


. 'aline Tne*. rWed. =Thur* Pneoa Nw 7,'8'ft Key EquJtyACen.. 

iUnnia Trout Management faKgt ^jMiHwKwl |&3.0 

London Wall Buildings London Wall 


■ Key Flxc-d lot Kd - 


s.a 

•03: 

izj|3 


+4? 

‘ p .q 


■2Z3f-W=f 


u 

r i \ 


* • • 

i > 

x . 


ndon EC8M SQL 

sets..._„ 725 

pttal Acc. _ . . 545 

mm 6 ind S7.1 

mmodity _ 783 

-mode 377 

0 mpt 1173 

^Zra Income ... 394 
rE««t. " - , _.20'8 

■nbocial Secs 625 

Id U Gcmorul . . 816 

Wrth 8=3 

-.*Gtt«wth- . *72 

'(Growth. _ , 60.9 
eA TstShares . 44.0 
aerals . . . 33 1 

l High Inc-. 716.2 

.-wlitaue SS.* 

ethAmenenn. - 26.0 
ofessional _ „ 528 8 
. . Stmres . M0 

,eld M5 0 

MusPhange.. 1=97 

iiv Energy (30.9 

le British. Life Office Lid.? lai , ... . 

di&nce Hse .Tunhndfie WeJIt* Kt 08IC 22=7} -f, .i, vil .'n"l.:r l :ls,'.. 

.British Ixlc. ..1*9 9 SMtej -0 1' * *“ 

.Balanced' [«7 7 U“ 

.nividenrt* |*2 6 45 

•Price* Nov. 8. Ne*t deq^nj. Noi 15. 

rows Shipley & Co. Ltd,?. . 


1768 

M.7 

1752 


1684 

1830 


8171 . 

74.1 

1863 . 
883 

642 . , 

1096 -i0( 


352 
5 01 
5*5 
924 
12 20 
6.03 


l*M)23 BWin 


0{4Q8 D478D479 Key Small Co"a FH . 

7B0|-«8( 4 9i Kietnworl Benson Unit Managers? 

*50 30. Fedrhuieh St. E.1' 3. 

4 99 IUJ Unil Fd Inc. 

422 9K.B OmtFVfAr 
757 K.B. Fd lev. Tsta 
9.71 K_E KdLInT' 

Tzr^vBSugrC.A 


675 

8771 

88 d 
723*3 
6553 
473 
3563 
U.9d 

27S 
3*5 lj 
15 1; 
48.4 
31? 
33.2^ 


rHJl 

“24 

+0J1 

-01, 

" 4 ? 

—04 

+ 01 , 
-02 
-B 1 


A26 
328 
rvt 
a is 
241 
408 

IVt 

4.G8 
272 
510 
517 
= 67 


(877 

no 

956 
120 91 


525 

5J25 

5J.5 

5T9i 

■ . 

' 485 

S4J 

587 


485 

497" " 

r-'ssz 

•— 1 

’ txTK 

497 

S3 2 


6.04 

464 

502 


821 

464 

so a 


821 


KB-Atu/oy FdA«-fi. (49 7 


Ui C Unit Trust Management Ltd.? 

The Stock Ec banco- EC2N UfF 01 588 28i» 

LbCloc Kd (1413 145 71. j 816 

Wi0 1 nil Jr rien Fd I9B.4 10li( . .. .( 2.06 

Lawson Secs. Ltd.? (aucj 

37. Queen's? SI Londun Ef+R IBY OI -SW 5281 


ftfiaw. MoienaN... 
j* At-rum. I'nlLSL 

■simwthrun-l. . 

•i.Avtura UiiiL«.i i 

tt'.il-i. Ail Warrant 380 

a 1 


37 8 
*10 
572 
63 0 


40 8) -1 5) 

*6 4 -18 
6L2 | 

680 ! 

41 D I 

227 . l 
236 


611 
6.11 
Z 64 
264 
ISO 
030 
050 


igr* . FcmudenCt . Ei - 

i L'nita Sm 7 1215 8 . 

CO Nov 7... ,|OT3 
•can if Tntsai lai (ri 


2321 
29* C 


01-8008520 
. J-.4 83 

4 83 


mncial 

ifiyyl - - 

rowth AM1U* — .. 
rowthlncome 
igh Income .. . 

TV 

idea — 


133 * 
■183 

7.061 

J C90 

J?- 5 

636 


v-enaas — 
erformance 

Bcoverx. 

xempt.OcL io. 


.J17.0 

_455A 




354) . 

39 an . 

*91 . 

38 Ju 
31A -0.1 

*£t : 

183 
59 0e 

234 ^ 
. 59i«3 -in 


*69 

523 

513 


(2! 9 , 

I real jlMnn "Tuc*. T+WcH. IThvrx 

Legal & General Tyndall Fund? 

13. Canj-nce Road. Bristol. <XT72 K=4 1 

lus-i.tol.il (63 2 66 M . j 460 

, Ao.ani Inibi. . .(BOO 84 s| I * 60 

Nett suo. doy November is 

Leonine Adnuiristnwlion Ltd. 
ItlKikeSt, London WImTiBP: ' «l -WS3SB1 

Leoril-i (74 9 ■“■'»ES i +fl.*l 502 

Lco.wum (82 0 8631-0.5! 4 59 


|.{}. Lloyds Bit. Unit TsL Mngrs. LI«L? la 


9 76 
340 
447 
32* 
4.57 
612 
4 57 


ReCisLrur - l*epL. iJo|-inj:-b> jtoa. 
Wnrthini: Wert Sumv. 

Balanced _ — . --(4?* 

[to ( Ar. -urn 


anada Life Unit TsL Mngrs.. Lid-? 
SHighSUPonereBac, Hen*, 
an Gen Dial. .137.7 
o Gen. Ai ciim . _ 466 

« Int Wrt-t 32.9. 34 

■a Inc Acrum, . .-" Mi 


. _ . 692 

Worldwide iluth — 517 
651 
820 
1149 
608 
|69 2 


I«.(.\rcujTj.i-. . . 

In* urn* 

l.to 1 Acrum 1 

E-tra Income-. . 

P.jtarhllCg PoiAceumi .... 

J-g Lloyd's Life Unit Tst. MngTS. Ltd 


53 Id +0 1, 
74 4 +0 3) 
555 +0 = 
700 +0.4 
88 la 
1Z3 5 +01 
653 -Oi 
74*| -0 1 


4 83 
483 
220 
220 
m 
6.26 
794 
79* 


49 3 461 Uwfs Life Unit Tst. Mngi 

lU | 7 84 72 90. Gatehouse R<1. Ayleahury 

46^ | 784 Equity An-uln. .... (1593 167 71 


Wl 
.( 4.01 


Acrum. Vnitni 


ul -SOT 1815 jr* mi View »S 0 


7 l/indco Wall.ECr* 1 DU 

icome OcL 17 {137 IS — I .. ..I 6.81 1 Accum. L’nitsi 

vraiurtcr 17. J27247, — | . f — Far Eastern 

bl-nauUt. Only axaiiahl^jo Rea. Charities . Acrum t'nilsi 

or Gurterhonse Japhet see Junes Finh)- «*■ 

'bieftnia Trust Managers Ltd.? fallgl iiroerai 

f l.vum uniln 


[43 8 
|44B 
P93 
|50 * 

’".i 

1MD 

jSI 

119.0 

J22S.6 

(49J 

1506 


INewSl EC2J4 4TT-. 

-men can 

■r Eastern Trust 
iigh Income. 


:JU 

i«ir 


xteraalionnl T.4 . U?i23.1 


R«sree Tit 
um Growth Tst. 


,25 7 
1=2 B 



m 2 x 1 -fiWfi 

203 

+0 1 

■ 1.93 

25 1 


100 

443a 1 

-02 

934 

344 

+01 

28* 

271 


4 49 

24.6 

-Dll 

7.62 


High Income 

(Accum. Unitsi 

Japan — — 

1 Acrum.UnjU).- -. 

Mafinum - 

1 Accum Uruti 1 

Midland.. - - 

■ AccuDa. I'nitpf-.. — 
Recover) ._. 


onfederatlon Funds Mgt. Ltd.? (at 

3 Chancery Lane U?CSA lHE D1-342DR9B lAccum- Vniwi- 

rownh Fund J43.9 *64) -.. . .) 415 Second (Ten . 

'osmopelitan Fund Managers. <Aicum. Units - 

s Pool Street. London SW1X8EJ 01-^35 85=5. 

wniupaln 'TUiFd (176 19.01— 01) 51S 

MJMomefd. -148.* 51-M -0=1 11^27 

'raigmount Unit TsL Mgrs. Ltd_ 

10 Footer Lane. EC2\’ tB£H. 

■igh Income ...-[45 6 *9 W -0 =1 , - 7S ' 

rorth Amenran. • I46S 501 +a=( — 1 

DidMeunlH i chine 1*82 53ZJ .. | 990 , 

'recced Unit TsL Mgrs. Ltd. tsiHgi 
UehUleCres .Edinburgh 3 0312264331 


,116 8 

-B 
1661 
S83 
1049 
11763 
177.6 
tt792 
[202 D 
(25*8 
1781 
302.0 
842 
w7 9 
g7J 7 - 

ii 
poai 


+0?i 

+0.l| 

-01 


'apel i James v BLsgL.Ltd.? n & G Group? tyHcHzi 

V) Old BrwuJ SL £C2N 1 BQ OI 58S8010 Three Quay v Tower Hill EE3R 8W 01626 4588 

apiUI (0 9 B9J31 I S 65 nl*n Su>ck_Eichansc Ueaiin^s. 

wot— r..:. 848186 9 . . | 7.69 Aiuw.ran. . . . - 

Prices on Noe. L Nnt dulliic N»i 13- i Acrum. U oil** . ... 

. _ Auxirnfa-unn .. _ 

irltdl Unit Fd. Mgrs. Ltd.? vaHcl > Accum. Un ns i — 

.ilburnUooML NewcosUewipnn.Tl-ae =1163 

Vi :::: « t~!S5Sj 

o Hieh Yield-..™ K15 44 Ota ...I 3.77 t.'mveridrinlnc. 

o. Accum Unit*. .(53.9 S6.*j ) 8.77 r>iv1d.'iid 

Nexi dnallnfi dote Noveraber 13. tArrum. Unltsl 

'hjuities Official Invest. Fd? European—. 


46 61 
*7.7 
5=5 
53 7 
81 1 
BO.B 
1183 
652 
719 +0.1 
129 1 -03 
244.8 -0 6) 
5=7 +3 1, 
53 4 +0 1 ! 
905- -0 1 
12*4 -02 


-0 4 
-0 5 ) 
— 0J, 
-0 8 


59 05 
65 3 
63*^ 

775 
176 9 
275 Jj 
1117 
188 0 
189.1 
190 8 
2171 

HSlbs 


186 51 


177 H 


-0 5, 

+0 tJ 
-0 
-0 4 
-0 1 
-D=| 


Ij=j 


— 0.3; 

-0 3 
-0 1 




-Of 


225 S -0 H 


2 27 
2 27 
194 
19* 
iM 

5 05 
4 04 
339 
837 
817 
817 
378 
3.78 
877 
877 
= 82 
282 
531 
531 

6 21 
621 
864 
864 
2 S3 
253 
463 
4.63 
7.11 
7 11 
*10 
4 10 
530 
530 
4 41 
4.41 


res Amer.Fd — . 

res Internal'! 

Yes High Di«U _ 
res. Reserved . _ (383 


235rf +6 3] 

605 +09 
*b 9 m -0 2 
411 

271 r<J3 


Smaller Cos. 

•i Act urn Un! lsi 

5ptrWi««l Fund* 

Truvioe 1145.5 

lAtruin L'slip. — (286 0 

rharlhani1Nov7.. 

014Q6SC62 CharUd. Nw. 7„- 
Arcum VniBl .... 

Pen*, fit N'ih S. 

ManuLife Management Ltd. 

f.u Leuee's Way . Sto-.vnage. |M »» 

'Jrnuth Unit . .1531 559f-e*l 435 

Mayflower Management Co. Lw-. 

14 IBUreihamliL.EL'at'TAU oi.fiWWWJ 


1515 b - 
3017 -0.1 
1053m 
1449 147.1a . 

1889 1918) .. 

137 6 145 2m 


6 89 
689 
11.49 
795 
795 
593 


17b 

100 

920 

517 

■1.93 


Yes Tokyo. .. (=5 3 271) i-C5[ ‘1-93 i>4e»]';^ov '7. llaV* ^ 71.91 . 

Mscreiiouary Unit Fund Managers ,nlcr " I! No L*’’ „ b 4 
2 Blomiieid si . ecjm 7Ai- ui4SW4*8S Mercury Fund Managers lid. 
tslttc Nai >» . .._)J70 6 282.0*1-8 7? 5 48 .w. ijre.ibP/nSU, EfaPi'EB. 

F. Winchester. Fund Mnjtl- Ltd. ^ 

•Id7ewy.£t2 *jid06=iC7 "sic.-r Ihln'w 8. 

was Wlm-hedor .|190 20 7].. .] JH A.v Uw Nnx.H. - 

!t Winch er i.rso»|2D 2 22 5j . ■ -I 3.95 


.«crc.E»Litou28 

Ac rm-l'ts. AspL Jfl .1295.4 


tmson & Dudley TsL MngmnL Ltd. b rrmt , n 

ISdSL^R j 76 41 0 l 7l* lnit ^ «“??“■ 


1964 

208 9 


259 2 

275 7 


665 

70 7 


717 

76 3 


24 3 7 

253 9 

.. 

(295.4 

307=1 




889 

588 

3.00 


,M 4».«7 ATAS] 

443 


4 43 
291 
291 
4.40 
440 


■mam DudleyTH- [71.1 76 9) . | 

• For EfliiUs Securi'.ies LuL 
Me AWiev Unit Trust Mngn. 


Ktidlield SI JR li. 
t'umnajdili Si Gen. . 

equity & Law Iln. Tr. M.? ianbH.cHi) r!rowtb“. B i.„ir..."r 
>tner»ham Rd HifihWvcwpbe KW 33377 urni 

. . |64 5 67 S| +0.4| 4*8 Do Airum. ... • 

tames Finlay Unit Trust Mpgt. Ltd. I>v vtcTifm. 


Unit Trust Managers Ltd.? U> 

Oinrtwoml Hoiib**, Sii-.er ^ T»12 


1637 

pB.7 

35 J 
J7.B 
P58 
232 
513 
(59.8 


iM Wed Nile Street. dlMM W1W4 1321 lirternatimial. - Jg3 


Finlaj I r.tcmat'L 121 0 

mntrih 24 5 

Finlay Income.... J 43 
Finlay Euru Fin. 26.2 
\ixurlI’rI(>.- -SO 5 
Finlay pri InT« 230 
Vi-rum I.' ml?.- ....32.4 

Pncec Nw. R. Mevr dealinc 



lm Accum.- - —— 

Mich Yield — — - 

L»a Accum 

Kquitv Exempt* . 

Dei. V.cum.‘ . |1040 

Jjp.in St Pacii'ic 
IK. \«UML 
■pn»*es ui i'rt. 31 


|451 
61 1 
66 7 
i334 0 


69 6^ 

jo ?> -og 

278 -0-' 
303 +0J 
55 2 -0 1 
6*4 — 'fl lj 
45 7 +£7| 

48 6 +0 7i 

655it -0.1 
718 -0 1 
1D97 
1W7 . 
500 
500 


W 70 

W70 v 

Next ,lc.ilinc 'i' 


559 
559 
3 41 

3 41 

4 05 
4K 


334 

334 

858 

858 

577 

5.77 



insurance base rates 

lO 1 * 1 ’'® 

TVanbrufih Guaranteed - - "" 

tAddrew s!m under lii«nranf.* .uni ITupeit). fwimi Table 


t Property Growth 



T^r««n • omtMKiity 
T.irstrt Financial 
3 25 T.ircei Equity 
1 *2 Tired Ex N«A H 
171 bUf^ .lcc Vnrl> 

0 M T.iruci 1 till Fund 
Tiiri'd 'ipwlb 
T iiri'ri Pacific E.t 
I hi Rcjiiv t u:ls . 
Tiircrt Inv 
T cl Tr Ni*v B 
Tc» Inc 
"I i*t Itvl 
Tfit.apei l*> Sn* 


rjm FJto 1 



Ulster Eaob? lai 
Warini* Si reel. Bclfa-i 
■ hiL'lilcr ■ Iroxvlh . |36 2 


38 9) 


023=35X11 
. | 547 


Unit Trust Account & MgmL Lid. 

OI«33 4Sftl 
. | *71 

* 68 

... * 68 


Kins Wilh.imSt. K*'4R9AR 

Friursll.se t-und. It38 9 
w‘,«1«r 'Jrili Fml 30 8 
Iki At-.-um . _ 361 


XlIRiiiH Mfi Fd IttOll 

Arbulhnot Srcuriiira 

I* 11 H"v 284. Sl llrlu-r .l+r, 
t ip T-4 iJrrsrv'-.. 1 115 0 
‘.c,t dcaltnc <l:iiir I 
1 in- 1 Sees t*4 ]99 

Nevt ih-iiliiic rtnlr 
Eart JUf.lIT.1 .. ■!. 1104 

\i*vl dvalini! iUr N 


10 17| ... | 11 94 
i'.I.i Limitrd 
S. oSHTJITT 
114 0) 1 4 20 
i-.vml.er 21. 

1011 I 1200 
>vrr.il.»r IF 
till . i 3 35 
■v i-mi'c-r =< 

Australian Sclrvtion Fund W 
MurUrl ilpfsinunltlv- ■ ir>-.fi f isjnfi t 
uulliuuiiv. 127 h«*nl M . svilu.n- 
I'KSlbbar** I ii"M51 ') .1 — 

Ncl «iv*vl value isoii-iiiln.-r 11. 

Bank of America International S..V. 

:is Rmlnanl Knul l.u .cmiii.nr: -ill 

Wldlnirxi lnm‘ 111 'Mill? Uiai-0 6H 7 Jo 
Prices al Sm. 8. Nt-ci miIi ilair Nov. 1ft. 

Banqite Rrnzelles Lambert 

1 Rue IV Ij H+fieiui* K uin KrvsSelt 
Renta Fund I.I . |1 891 1 9JUJ . | 7 93 

Barclays Unicorn Int. <Ufa. Is.) Ltd. 

I. ■ 'liarinC 1 ’rus*. SL I Idler Jrrv 0SH~(7tl 

i iverxra* ini-omr .146 4 48 81 -0 J) 12 1 

L nidollarTnio . (V slltt I! Sc) . I ISO 
L'mbondTruM — (il .-OWU ifll 3*) ... I 8 50 


I <’! iiriru* r»*s. M Hi-In-r Ji-rvr. , 
IMI'V Hi- si I'.-l.-r I'.-n. Hr.,.*. 

1 Tl.-iiu.i- l mil i- In* (n\i 

i (III l 'mu) *.li-r i-v i |s 87 BB*uf 

• ■ill 7m.-i-l i-31 100 5 101 lil 

I. ill Fllll '.livri. j-;]43<i 933) 

Ini! Itou vis Tsi 

F„ J si-rim-, CIP 04 19 201 

Fi rM I ill 1 [51 SM2 =1 1C Ul 

Kiri invert Kcr.sin Limited 
■<S' l-+i,i-li.l|.F.M K* V. 


PI urTMTU 

290 


-017 


nrcM 1 7374 1 

r«HI- L'tTfW 
ivciims* 
12 25 


iurm-.i-.l 1 ,ix F‘ 

1 123 


tiurni-to-'. lm* 

65? 649* 


I in '.,ii;iii 

8=4 87 6 


Kh F*rFu i F.l 



ft-Hli.il ft iron 

Il'Sll 1< 





Kh 1 v t.u-n. f.i 

Sl SL1 04 


Jv'fin.ir Kvmiii-l., 

SI '.44 89 


l:iivru:l i;,l Fd . 

iSl'slOO - . 



12 25 
12.25 


iiMCEtftKO 
311 
4 35 
*35 
2*5 
2 Db 
0 61 
0 69 
184 


llThH -JTVTl 
1 21 


Liovds ilk, it.*. 8.1 I'rr Mgrs. 

p.i H- I!** - , si Hvlivr.3vri*v 
Llc-Jil* 1*1 1 1 •,*.,-. |60 9 64 0 nf I 

Nv-.t -k jlmu i|ji+ **.i*i -ml tor is* 

Lloyds Bank internal ional Geneva 

!■ I ■ IF-. *.B* 1=11 'w.-iii*.+ II • Switzerland. 

I.li.trl . Ii.l . Ir.mlli I'-HCZM >11 Dm I 190 

IJm-.IhIm Ir.i.uir.- IsJMM 31lSo| | 5.10 


Barclays I'nicorn Int. iI.O. Mam Ltd. „ . . 

I Th.ima-iM lA.ufilas I .. M. «21* 4Vf* Manafiem+t, l 1 mert.alu.nal 


l.td. 


I'nii-ora tus-l. Ext 
I to Au-4 Min 
lw Knr Pm-ulr 

IM. Inti lnoime 
Ito 1 u( Man T*t 
I to Man,. Mutual 


ISi 
68 0 
. 381 

. j*** 

I (»0 


5Z5 
32 Bit 
732 
41 Ok 
47 B 
2B0 


1 70 
180 

830 

9=0 

1*0 


l.vrinu.l.i liui‘ilniL- Kt-rniudn 
l.i-r *h> _T RMR | ] 


31 & G tiroup 


BisbopKgale CthUtwdily Ser. Ltd. 

P>i Box 42 Itou el a> I ^ M uffi+iWl I 

ARHLWik.1 2 .. ISIMIK 301=1 I - 
'•\NHIIO-"i1= Cl 092 U5B - 

i.'Ul'NT 2 . (£2 465 2 bloj I 2 01 

llricinally iKsueri .■! 'Sin an>l **£I0*L 

Bridge Management Ltd. 

I* • » H*is ftlW • irnnd > 'lynwu. ■ 'u- min i * 

Y'ba-hi Nov I I Y17.954 | . ... J - 

i> I'M Ku\ AChi. Hum: Kihil* 

Nippon Fd. Ni.i 8 ..(Jl'ffll n 24?) .. . I 0.74 

Britannia Tst. Mngim. it'll Ltd. 

:hi Hath St .Si K-hvr J.-r-vj OTCH 7.11 14 


TFrx-i-Vua." T.iWi-r 

11:11 Yt TiKiiKW I'l rifidtrOT 

«ll.iniix- '.*■• 7 

S! S=89 

3 16 



Au-.l FN Ni*v F. 

St x2 l» 

J51 



■ iM F> .'V K 

|x|.n, .1 

S' ft95* 
127 0 

ion 
136 b.t 


13 76 

■ .V" um l"n»i-i 

183 0 

196 « 


*3 7b 

Samuel Momagu ldn. Aei- 

5. 


1 14 iilil 1st F 

1 " fi 


•iirirtvnuM 

At-.ll -FM :...« H 

*F43 15 

J* EC 


400 

'll 

I1U1I « 

lb 12 


0 79 

1 1T rirmp '..n f 

Sl ‘H JO 

jjfi* 


210 

liTJiTto-J 1 

1534 

SE2 


or: 

1 lT.I-x" i'xl fift- 

19 84 

1036 




r 05 
IOO 
1 50 
100 
1=24 


iwi-00ll 


910 


Wider Growth Fund 

hint William SL D '4R NtR 
In'i.nivl.niLs 130.8 
.Viuin I'nllv ... (36 2 


t)l-£!34!di 
32 51 I 4 68 

3B=j (468 


Slerlinit Itoiomlnaird Fb. 
i5r»»wihln>cn 35* 383 -0 5 

I ntn I P.t . 82 1 88 E -S * 

Jerx+y Flnrrsv Tst . 116 3 1=5 7 -I 7 

Units) JT>t Me. £2 03 2 1* -0 07 

HiChlnlSUeTyl CO 95 0 461-0 01 

l ft. Itollar Itoomulnalrd tit 
L'uiVsl STsi |51sSl= 

Ini Ulehlni.TR |V'«W 

Value No* lo ■;?•[ deulme %'■■> 13 

Brown Shipley Tst. Co. ijcrseyt Ltd. 

But SKI. St Helter Jer-ei OSCM74777 
Stnltnc Roml F>l l£9 94 *971 . ( 12 00 

Butterfield Management Co. Ltd. 

Ho*. 1!<S Harm lion. Iivrmuda 

(R'JflU 238 ... / 1 75 
(it'siw :k! 1 7 bt 


' Iluttrv** Equity Ul'XtU 2221 

' Hull r+ie Inc c-mv (tl'S19D 2K( 1 . n .. ,, , , 

J Prices at Nov. ti Tied suh rtav Nov l| ■ ,1. ■" 

For Capdirex SA see under Key sc r { n \i Cj h ' 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. 

13 Sl P.iul • < huri liyHrrl. EC4. UI-J48S] 1 i 
Equil;. Fund 

Egiiily tr.- 
Property F<1 
Frown;. V . 
toiCvli-.vl'laliil 
i.'omcn.l.K- fund 
¥Mc*m.*v 1-ur.tJ 
aprnp Fit ,scr 4 
•Man F<1 Xer 4 
HEquitv y.| ser 4 
Oi'cmv l-il .scr 4 
«'.li-nv> I >1 4 

hife. hi 


Crown Life Assurance Co. l.td.? Lloyds Life Assurance 

i Town I .lie h-w Wntine. •SL'HI I X'V IUH|<= ftu.v I j?» i.'ldtun Sl . 4"*1\ 



1102 7 
100 7 
JOT? 
93 5 
91 9 
;92 * 
95 9 


7 Vaikimir-n nermaJly Tut* 

Albany Life Assurance Co. Ltd. 


'* I * '"I Rurtinalv'n St W ! 


?E4|uiIx Fd I- 
UFixeri I ul v. .- 
Viirt MivnevKil v 
•lull 9lu ft 1 Arm 

arn ID i’rt 

aM pleliv- a,-, 
Rqu,:> Pen FM Acr 
Fix el 1 Pei! A it 
ijKtrt Mun 1',-n Vr 
Inn 3‘iti Pnh'dAcc 
IYri[i P*.'ii i,i- 
:■! ply In. PeiLAc 


1910 
1419 
116 4 
,1079 
IJJ29 
1681 
;2=7 4 
181 2 
;133 0 
..{114 8 
129 5 
207 8 


20101 
149 3 
122 5 
113 61 
118? 
176 V. 
2393) 
190 7; 
140 0 
120 Bl 
136 21 
2186. 


•i| 437 ««• 


MatiG il Fund A« 
MaiU'iiF'1 Inrm 
Man-MFVf Inst 
E-tuilh F'il V. 

Fquilv Fd. Inrm. 
hijuli;-- Fit Imt 
iTnpcrty Fd \rr 
TTiip err- Kd lni m 95 4 
n«+m K.l Imt 9* 5 
In-. T-J Fn \< 97 4 

Inv T4 I’-l lii-m 95 0 
In*. T'l Fd Inn 960 
x-ixedn.l FM IM 0 

K\«1 lni F'«l I n.-ni 198 B 
lrtcr L Fd *ji 1109 5 
Inter ! Fd Ircui |1D95 
Mww; Fd \,-, 

Muncy F'd liu-m. 
lut F'd ln*.m 
l'nvwTi Brt Inv • V 


108 If +0 II 
1059) -0 l 
106 =1 *<l ! 
*8 | r iJ it 
96 -0 1 


757 


MilL « N» 0 
• ip 5- A Pr No, S. 
vip A'.VCQL Nnv £» 
llpV.VIIv Nr* 9 
Op 5- \ ll.in. 'iu- 
iipS \ Itopi Nr+. S 


1 36841 

1*4 4 15101 

133 4 140 7| -(l ftj 

155 4 143 « 

153 C 14! 1 

1=3 5 130 1 


-n 

0 1 


97 2 +01 

100 9 +ul 

100 9 + 0 ! 

99 4 - 0 , 

102 5 -0 = 

9901 _n.- 

101 0; -0 2 
105 3! -0 1 

104 of -0 1 1 11 59 The London Sc Manchester Ass. (ip ? 
11; =. +0 rj - 


9 75 


b*5 


London Indemnity & (ini. Ins. Co. Ltd. 

16=0. Tito KurliUry K.-;, ilir.fi VCI5I | 

Vlr.nm Mann iter 122 5 35 II -0 !| — 

M Jt n+xlblv . ;2* 1 30 ri -Cl 1 

1 Kedlntcrx.-Tt . |3*= 3b!|-0]I -• 


97 fc 
|95 = 
102 : 

168 7 


102.^ 

100 2 l 

106 4| -0 


0.’ 571 


i 10 00 

It 914 


1^1n^ladePJrk. Ew*f 
1 ap l.ruwlh Fund • 
♦Fie* Exempt ft'd ! 
fF.-.empr lYop F d ; 

Inv T*4 F*l 
Mh. % i hie Fund . 

Irv TruM Fund _ 1 
I ‘i opert \ Fund . I 
,.td UerntU Frt . i 


AMF.V Life Assurance Ud.? 
.MmaH*c At mi P.d R«:6tc Reiiaret** 
AMEY Vtannted 1142 6 IS 
ASJEVMpd -R‘ . ' ' [ll9 4 
ASKVlIivnev Kd ^068 
AMEV Equllx Fd '109 3 
AMEV FVced lr.L .»10 


AKEN I top Fd 
AMEVMed r-e.i Fd 
AME\ MjaPvn R 
Flexlplan 
AMEVIFrauHncton 

AnwnoiD . _ , 

Inrome - 
Inr Growth 


992 
1105 
110 6 
98 3 


1124 
135 2' 
95* 
104 5 
116 «! 
1165- 
l»b,' 


Crusader Insurance Co. Ltd. 

\ in, uIh Hi-u»e. TnwrrPI .£•.“» UI+LNiMitU 

• •If. Prop *.«*-. 7. 173 9 83 8! | — 

Eagle Star I nsttr; Midland Assur. 

} TnresvdnvWdlcFi Ki'J. l , |..'4SB I 

EiJ.V Mi.-L 1. nit- i52 6 5*b:+0;‘ 6 

Equity & Uw Life Ass. .Soc. Ltd.? y.'v I'-HFdHd- S* 5 :" 

.vncruhaaih iad II-lT Wyi.-onWto >“>1.1*177 K.un>l> 7>»Af — (155 4 
Lqjtvj-HI - .. -:i2'. 118 Of +0 b 1 - >'■»«•• I- “l-f'"* - 

IT- -pert? Fd 1 122 4 1183 ! - . ; 

F:>cd*iil«re»: F' .. ’04 9 112.5, -1 - Inl. rlMn. j- n.l 

• ;ui r+pw: ft'**. _ 100 9 106^ . : - Jr.p.*»ni Kd 

Mi.edFd ill! 6 11741 -i;: -- 

General Portfolio Life Ins. C. lid.? 

60 Bartholomew *.'l Waltham i.’ros** WxaiSCl 


232 8 
13b: 
965 
1541 
112 7 
13*0 
850 
1013 


iKWJICl.Vi 
-* 01 
-1 3 
-0 5 


:*? 
♦ fl s 


Royal Insurance Group 
Nvh H.itIPIurv Li,erp«— 1 1151 £17 44=2 

R.<yal Shield Frl |142 9 151 2| . . | 

Save & Prosper Group? 

4, vast HetvnV l.ndn EiUPOEP 0I-.NM 
H»1 lm Frl 
iTnneriT F'tl • 

■ till Fd 
Ltopvil F«lt 
t'nmp l'vn< Kd » 
bqurlyl Vnv F'd 
|iroj.pen» F>l • 
i.itll'en- Fd 
]>«;■•+ IVn« F'd t 

■I‘rii-u+ on «K inlivr 34" 
tWcvMy di-nlini;*.. 

Srhruder Life Group? 

F.litvn*riie H-iu-h*. Piutsmnulh 


1=95 

1371 

40 

9 

160 4 

169 1 



1=2 4 

1285 

-fl 

7 

1255 

132.2 



207 0 

217 5 



1822 

192 4 

+ 1 

5 

232 8 

2*5 7 



942 

99 = 

-fl 

5 

1018 

107 2 




071*37733 


Eqiisti 1 

fc>|Ulll 4 
Filed ini 4 
.Hah jtevH 
Mi/ney 4 
tiicrii.‘-i*4 
iTnpeny 4 


M & (’■ Group? 

TlirH-ini4yv.Tnw*r !!i.l K< ;'lt fiRi) iii4U>4 ; >fv: KiMft’ni '+x - 4 
.'.iiton .inKd Bd " (461 *8 5| f - 2 "7 l^ n 1 1"' 1 ' "i 

24 * .tv rK-pvr.il’ - - .121 : 126 3 - " .. 


I’.-Tt/ollo Fund I 148J 
P.*rt/r*1io tlanaccd 1*2 4 
Piniio KvJ In* . .1*7 5 


Hi.N-oIM- 
Per- IV;. 
Proi+rty d,; ■■ 
Re+i*.. or. F. . ltd 

Pn-'vji -. 


1591 
if 67 

lb 7 ! 

Pi 6 


141 9^ 

890 


112 1 ! 

103 7 

63 9 

144 1 
174 01 

. i" 7 * 


-0 4 


- 3 4 
-381 


Mne.l Pen i’ap it 
x!m.d J en \<>. K , 
F I in Pen * '.ip W 
F ln» I'en \rr Hi 
Munev Pen *.'ap H 
Mi-nei I'cu Nn H 
lYiip Pen I'ap R. 
I*n<p Pen An R 


1217 7 
137 J 
'13=7 
,109 9 
1873 
162 0 
1217 
124 1 
136 5 
207« 
2496 
953 
971 
971 
98* 
107 0 
1081 


239 6 


2293 
144 5 
139 « 
1155 
42 n 
no a 
1281 
1303 
143 3 
218* 
262 8 
1004 
1023 
182 3 
10*2 
112 7 
114 6 


I . 
in-1 in 


iVfcuJn 

Is 


76.0; . I — 

97 6 -3 6 - 

B7 y. ii - 


Far Arrow Life Assurance see 
Providence Caplial Lite Awuranre 


50 Oj 

Gresham Life Ass. Soc. Ltd. 

2 l-nr.ee <■! Wales Rd B rttoJlh. tti-c IblftSa 
v: L Cbfh Fund 
1; L Faulty V and 
•3 S. nil: Fund . 


..v. a 

— .Merchant Investors Assurance? 

— Irto-.r. Hv .'J'-., i.:hS» .Crcydun. nl MM 9171 

lYi'p.Tt; 


!ntt. Kuril 
1 I. !*i>lv Fund . 


936 

103 Bl 

\ - 

155 3 

lio a 


11=3 

118 f. 

_ 

106 9 

11= 5 

j 

160 = 

1053( . 

i 


331 OT 


Barclays Life Assur. Co. Lid. 
25= Romfurd Rd E.7 
Rarrlaylinndr* . p24« 

Equity .(1161 

ijitl-edceo. 1107 5 

Property _ *110 5 

International (866 

U*n aped 108* 

Money 100 6 

3tan.P*n>-4cL-um. . N8 1 

Da Initial — 94 .6 

ilih EdirPen* Ace. 96 1 

Do. Initial NZ 8 

Money Peo-v Air. .. (103 2 
Ito Initial .... 1 98.9 


12231 -O '- - 

Aiui z 


IS • 

F^utl* 

Eq-Jiiy I%--.- 
hj»ni-v M.i'-.* ' 
M.me- M-1 IV.,- 
fk.lto-,1 
I *e|i. I.- it |N •,. 
".1a5*.iiv'l 

_ Mar.ii> i.** 1 f % - .• 
|«2R-H2RI , nt , if q ,. ; *, 

J - I hi iton • 

..■ — J nr 1 ‘•(.■-i.iki'l 
* * — F+i** 


105? 
10331 . 
99.b( - 
1012 ; . 
47 71 . 
103 71 
104=1 


Growth & Sec. Life Ass. Soc. Ltd.? 

Wn: Ba.-ik. Pray on-Tf.ame* Peri. 

Klovible Virnnvto i 11506 

ijmdhankSeo [ 5411 

Ur.dhaV.iS,*. Are 116 7 119 

• i & 4 Sup-rr.t , £7 903 

Guardian Royal Exchange 

R«yu1 Eivfco.-t.-c F.I’X iH 'JKIIt’17 s-U' F.\ 

Property BnntlN 1189 3 197 7. 1 , - 

H amh rn Life Assurance Limited? 

t Old Pari, tjrie lamdor. Wl Ul-t*<S>uc;i 


1 U 69 9 ? 

57 6 
16a 0 
1*33 
186 6 
131 3 
14*9 
105 8 
1J9 6 
992 
loan 
965 


♦ 0 
*0 

-OJ! 

-10 


Scoliish Widows' Group 
I'l.'Dii* yiFJ KV1int»uri;h EH165Ht ; IBI^SfiOOOO 
Inv Ply Sen«. t 103 5 
Iiix fl> sene* 2 97 6 

lnv-4 • '»*ih Ntn m 999 
EeFt \* •: Ni-v 1 137 9 

F* VI li.* Nnv I 130 6 
Mae Pi-n 8 2b4 0 

Solar Life Assurance Limited 

111 1= Ely Pl.irv 1 jtnriiin F.t" IS8TT 0l=42aMl 



NEL Pensions Ltd. 

Miltnn • *ii,n !i**r«inc..4uiTev 


+o= 

-••Iftr Manafi+ri s 

1259 

132 ty 

-02 

+c: 

.toilrfrlYoi«-rtv-S 

114 4 

120.5 


+6 4 

■to.l.ir Fquiti N . 

162 5 

171 1 

-01 

-0 ■ 

11*5 

120 6 

-0 7 

-0 i 


102 J 

108 7 


-0* 

— r*-*l.,r I nil S 

865 

91.1 

+0 5 


•*~.l ^r M.inpfieri P 

1255 

132 = 

-01 

-0 e; — Siil:,- IYv»tienv P 

mi 

1=0 2 


.. 

— -+ilur Evimtx- p 

Si.ljf F'-il Int 1" 
■WltATI -l-ll P 

162 0 

170 6 



114 1 
101 9 

120.2 

10B3 

-0 6 


S91I .-wil.-ir I nil I* 

Bb* 

91 a 

-0 5 


*<'urreat units value N<r. 13. 


I - 


Beehive Life Assur. Co. Ltd.? 


Fixed In: Uep 
Equity 
Pro pony 
Manacedi'.ip. 
HiniftO AvT 

va-wai 


71. Lombard M.EC3. 
BIVl Horae Vov. J . I 


ul -AS 1=88 ‘dilEdued 


132.08 


! - 


Canada Life Assurance Co- 
2-8 Rich St. POiierx Har Herts T Ear 511 
EqlyOUiFdNov if 61 1 
Rems. Fed, Nox.6 - ( 114 4 



.undi-on Ac, 

IVr..F t Cw|" :«■ 

!Va F I Pep Ac 
Pen Prop i'ap 
Pen. Prop An - 
tton Mon (Vp 
Per. Man .V-. 

I'en iJiiliEdL- Cap- 
Pen ‘lilt Fde Art 
Pot, h S fJ!' 

IV- P s A..C 

Wr2 8R7S Pen 1 1 F ' 'Jp . 

' IF. A*.o 




JIviM}- L'nJi 1122.9 

.M'-noy Srnos 199 = 


Cannon Assurance Ltd.? 

1. CHjmpic Wy. . Wemt lev H .IMS B 

Equity Units (U712 

ProfveivvFmisr.-. 

Equity bonaExec. 

Prop BAodfyitf. . 

Pud Bd 

Itopoxtt Bond „ . 

Equity Aceurn 

Property Areura. . . 

Mm-d. Accum. 

2nd Equity taj 8 

2nd Property (107.6 

2nd Mana*«l___ 98 8 

2nd DepvMUt (98 5 

2nd ..lit t., (90 1 

2nd American [TO 9 

2ndEq. Peru 'Ace. (96 3 
Smll3p.Pen.vAcv. ..(112 7 
2nd Med Pen&,Acrl202-5 
2nd Dcp.Pens.Avc (102.0 
2nd Gilt Pens. Arc.gOT 
2nd AnFrin -Acc (81 6 
UESJK . 38 3 

Li ES.1F.2 .. . .(27 S 

C'airrenl value Nov. 8. 


Capital Life Assurance? 

ComUon Houae. Cupel .u-h W ion WW2 2 Eft I 

Key Inxeer Fd. 9952 I .. . ' — 

PaeemakerTm Fd .1 102 96 l - .4 — 

Charterhouse Magna Gp.? 

.■Repbenson 11**- Brunet Centre. Bletchler. Manared Fiii-d . 


1127 5 
179 0 
.170.4 
1423 
176 5 
12! 1 
1126 0 
188 5 
■1=9 8 
153 3 
•211 5 
=75 7 
2116 
(775 7 
.12:8 
.'129 8 
1=69 
1463 


Nv-le- 

NV.e- 

."•-I,- 

N-l- 

Ni.-ie- 


).q " 



■il.-i 
■ ■th I. ■ 

:>■ lr 


I — 


NMMvl F-; 
N,*I \1 d v.' 


945 

8891 


__ 

113 5 

1194 

-0 4 

— 

(M 8 

650 




668 

70 3 




512 

531 

531 
55 l 


“ 

994 

519 


_ . 

508 

53« 


— 


Sun Alliance Fund Mangmt. Ltd. 

sun \lliftn*-eHiiu..e Hicham iHn3 84UJ 

KvjiFrl Int N(a H 10*42 15461 1 - 

Inr £vn ".uv 7 | £12 08 I | - 

Sun Alliance Linked Idle Ins. Ltd. 
Sun Mli.iHiCltrmvp H.-rsh^m WmiiMMI 


124 1 
1MB 
116 1 
95 4 
93 6 
10B4 


130 7 
1104 
122 3 
101 0 
103 8 
11* 7| 


-0 71 
-1 2 


► I 3 


-I 


10 * 1 
1069 


Fen I 

Hearts of Oak Benefit Society 
is iTTavidrt-ii’iave WC1H9SM uuwrsiar .Norwich I "it ion Insurance Group? 

Hcart5.nl Our . . ;37 7 3* B . I -- 

Hill Samuel Lire Assur. Lid.? 

NLA Tut . Addi-<nnhc Rri . Croy HI 

♦Properti l.'niL%... '162 2 170 41 

Property Sent* .A . ,105 6 111?! 

Managed I'nus . .1161.3 
JlJna;+d Sene* \ .(94 b 
Nlanaced Avtoivs. *: . j91 2 


*Gy Nmemlier 2ft KquiyFuml. 

NP1 Pensions Management Ud. 

*8. *jru- v-.-hv.r- •• ftt EvtPaHH (1 1 813 1-ilfl Inleroalivinal Frt 

51.i,ij:-ju Fu— ! 1155 3 161.81 I — r«e-t»-it Fund 

f' r '. v- I Ne.f dPKlinc I to*. 1 Manaiied Piind 

New Zealand Ins. Co. (U.K.) Ltd.? Sun Life of Canada (U.K.i Ltd. 

Vfrfill.il>- 1 11. ill - 'CuthendSSI 2JS nTlMIttPY. 2 3 4 < 'to F-pur Sl sWIlftlUl ul KWSrUHl 

Maple I J ilr.lv 1 1994 |- ( - 

Mrfple IJ Mined ... 133 6 - 

Maule IJ tO" ./ 127 9 ) I — 

Perrnl I’n Fd .( 204 1 | l — 

Target Life Assurance Co. Ltd. 

i.Heh.m 


IxivXi ft>) If 1*1-1 

1585 

163 4, 


Snu i 1 • . F>: 

93 0 

97.9 

-0 

Tsvliif. 0-'-: 

10*6 

1101 

-0 6 

E ir.iln F-' 

91 4 

962 

-06 

F*irj Inv P'-r 1 <t 

94* 

9*4) 

-Ob 

.^neri* F 1 

902 

950 

► 0 4 

fjr F_xto F'i' 

1114 

1375 

*fl.= 

t.llt Kdttol l 'ri 

1054 

1101 


• xit, le-r-i*--! I'd 

98J 

1035 

-01 


TarvM HiMiw. », 

Ruv-t- 

M.in Fund Irn- 
.Man. F_un>3 \e,-. 

r-i>Bi- * •v.i-rvM* hNRiaNG. ortaaaaiKi rs'.i'p r'.t v' ..- 


r Rri Ayleahury 
Avlesiiurv- iICBBi 3041 


Fi’rdlnl ser .*. ■ 92 8 

Equstx-.Serer A . [9fl 0 
Prv< Ma.-iafie*1Cjp 14L1 
Pn« Manarcri Vcv 150 9 
Pax *'■ Ivtoi-I Cap - 107 2 
Pns 'wri Alc ... 114 7 
fto=*. Equ-rv '.''up - 100 1 
Pe.-.y Equity A,-e . 101 9 
Pnx.l-'xd Ini i'ap._ *95 4 
Fn> Fvd lni Arc.- . 97 1 
Pen*. Prop Caft— 967 
Pens. Prep. A,i* .... 198 4 

Imperial Life Ass. Co. of Canada 

Imperial Hnuxc. Guildford. 

UK Kd Nov 10 . 173 8 80.31 -051 

Pen».Fd. Hi .167 2 73 J) —0 tJ 

Cltil LmVeri Pon(oli<i 



Mjime+il l-Ji-d 

Equity Kun-t 
Proper, ft.ir.n 
Fixed I id ftvii..i 
rteprod Kl-p! 
Nor t. n,' v 1 ' 


21* 6 225 *0 ftf 

13*6 6 3MB d 9 

13* 0 1*1 0 ; 

1503 158 2 — 0 91 

108.0 113 6 +0 1 

220 6 .... | 

Z Phoenix Assurance Co. Ltd. 

— 4.5. y.-n.-'A'ilhaniSL EC4P4HR. OlACflWrtfi 

— Wealih \-v -.11105 U6 

— Ebr Tvj ■' «J 

— Eh r. I-IiJr.xj c - 179 7 83 

— Prop. Fruity St Life Ass. Co.? 

” 119 ("Riwt-rd-treO.WJHS.AR. fii-totmC.T 

_ R Mil. lY.il* Kd .1 U6b 

lKi Kquit* I *d -.1 722 

__ Kiev vfnne; lb! I 1*9 6 

z Property Growth Assur. Co. LliL? 


:. 3 -i 5 


Pr.»p Fd In< 

Fixed Int Fd Inv 
IV p F'ri ini 
Ret rim Av I'«*(l - 
Hid PI1111 -ap Pen 
Man is-n F'd \ee 
Van Pen F’d 1 ap 

• nil Pen Kd \ex 

• tilt Per. F'd Cap 
I Top Pen F'd Ac, 

1 Yon 1 ton Fd Cap ... 

■ iilic IVn Fd V.-i 
liuar Iton Kd 1 ap. 

11 \ f-en H.l ViT . . 

11 A Iton Fil* i|i 
Transinternal ional Life 

2 Bream Bldg* .B'ilM' 


950 

100 a 


117 5 

123 7 


1178 

124 0 

+5= 

1510 

*70 

115 0 
100 2 

97 0 

105 51 
102 ] 

+40 

694 

75 3 

-0 = 

574 

1235 

623 

1300 

-01 

11=0 

1320 

117 9 
138 91 


123 0 

1=9 5 


1624 

170 9 

+7 3 

160 9 

967 

960 

169* 
7011 
101 1 

+4x8 

965 

960 

1016 
101 oJ 



TTulipIn'+xl F.| 
VTulip Manfid F'd 


Milton i;e+nes09O&4M 1272 


Oi/UvEkitq _ 
enrthse. Monex . 
ChHbse Managed . 


134 D 


i.-hKhie. Equity „ t34.9 

Vacua Hid. Soc 

M Afina Managed 


1345 

1510 


392/ 
31 71 
36 0 
36 9) 


Fi-.ed lot Fd 

• Seeurei "ap Fd . 

J _ Equity Fund 

• I — Irish Life Assurance Co. Ltd. 

11. Flnfthurj' Square. &.7L 


— Blue Chip Noi.a 


BLfpir?l\» 8- 

Man wed Fund 

City of Westminster Assur. Co. Ltd. Maned. Fd.ser n. 

Rlnfifttcbd Hmiw. ti Whuehnrxe Ruad. Tf 

*' — J “~-— nt^U-l 966A rrx+1 Mod Nro- 1 - 

: Prop Mnd Ijlh 


rovrionCRO+J.A. 

West Prop Fund ..Ul 
ManweilFuiKl . . (182 4 
Eqtlln- Fund . 60* 

Farmland Fund _ .181 1 

Muney Fund.. 125 B 

Gill Fund. .(61* 

PULA Fund . . _ 1733 
Pens Mncd Cap IlilO 
Pens Mnsd A.+ . (126 9 
renx Money Cap . .1478 
Pen> Monex- .Ayr. . [50 1 
Pens Equity, 'ap -|5*0 

Peo> Equity .Arr .1566 . .. 

Fund rurrenU? riuttad if* cm ic.e*ln»eiit. 
Perfortn Units - j 2195 > . 1 — 


653| . . .j - 
1920 — 

63 5i -0 : — 

85 3j — 

TO-«1 z 
illy • ~ 

133 5. 

S03l . 

52 7 . , 

56 a -C *1 
59 5 -0 a; - 


741 
906 
233 6 
9*3 
113 5 
189.9 
B12 2 
199 8 


UlU28 82ra 
500 


lrf.*nn Hi.'' 

Pr.ii— n* Kun<! 

Pr.ipurt} r unri 

7l2ft.i Afiru-uliur *1 F«i ' 

_ .\v.rir l-ur.d- t 

.\iiirfiv\a< F„ i-l 

.\i, n.'.i 

— I n*.fY Lme.it F,tn»1 

In.irfnenl Ki* ' 

Equity > iiml 

_ Equity Klir..f .’ 
Money Fund 
Money Kurd • v . 
AetuiU-1-xl Fur*L . 
rtilt-eJueo Fui.d 
liill-CdneilF'd 
♦Retire Anautiv 
4lm.-ni.xl \nn ty — 
Prop t.no+lb Ptoisli 
All H’lher .1 l li 1 
O.A1) Weather -"ap ■ 
Oln-. F*! Ct- 
Iton-itin F'd \ Ift 
, ■»«„■ ftonft VI 

9i*(OSW3 SSSn rvn- V.f U 

183221*0031 _ Mrn P—. . it* Ut 
e«t deal.nfi date Nov. 15 1Ynp lx*n- Fri 

I Yap itoi" , ’:ip 115 
Biffifi ■**'< Pi-.n 

l^achamH*. Hnlmh-nwl I'r..\WJ. QI-34IS2II Nlrfs.to 
Ifiinubam A Plan ..[66.3 6981 -0 7| — 

•Prop Rond _ 146J 154 ffl +1 3 - 

Wixp >5Pv llan Fd |77 2 813|+0 3( .. 

Legal St General (Unit Assur. i Ltd. 

Kin-.:* wuod Huuxe. KtniawaoA. Tadwom, 


-.don. CHS 1LD 

190 7 


+ 0 , 
+0 2 
+8 3 

-0* 

-04 


PrpMd Grib SerJ! 

King & Shaxson Lid. 
5= Cornhill EiTt. 

Bond Fd. E « «npl . .1103 91 


_ Langham Life Assurance Co. Ltd. 


Ul 


388 8 
800 8 
793 1 
158 8 
UB-6 
6E 0 
67 6 
170 2 
2697 
1*4 0 
MJI 

J3.7S 
120S 
1205 

1879 

153J , . 

on* & AumlLles Ltd. 

132.8 B9« 

1341 
1526 
1358 
1519 

137.5 

151.6 
135 8 
1360 
1233 


uirf«i.Mu; 8ft) *ti [Lind F*l 


ap 

Mac Pen Fri .\ri- 
WMncri Inv K<1 Inti 


■is. Co. Ltd. 

OI 4050 407 

150 31 


Providence Capitol Life Ass. Co. Lid. 

30 VSto-iiki-E* 1 -'^ Wiamt; ai 7490111. FquiiyNui » 


14=7 

1131 1190 

[116 6 122 7 

119 8 126 1 

327 9 134 6 

96 2 101 : 

VXtnuri Inv K«f ,\<-i-|970 102 0 

Trident Life Assurance Co. LUL? 

Rcnxlarie I Iciitoe. 'llou.+Ji-r U*ft2 3664 1 

.Managed . 

«.td. Mfirt 

Property 

Equitv. .xjrwncan 

l : K. Equity Fund 
Huh Yield 
Gill Erified 
Mimey 

lKternnl tonal . . 

Klftcal 
f.p-.wth«.'ap 
'Growth Air 
Px-iw Mnfid t~ap . 

Pen. Unfid t 
l>nvl,UI Ctopi ,X|i 
Iton* Girt. I top. Arr 
IVn< Pply t.ap . 

Itons. riy. Ace 
Trill B«in-J . 

•Trrtl ti I Biiiirt 

•U.l.-h value |er tl«0 premium. 

Tyndall Ass a ranee/ Pensions? 

18. Unnynce Rusd. BriMfil ICT2 TJ241 

:i W:,y Sm ti 


123 0 

130 3 



147 3 

156 C 



153 3 

3621 




1*3 

*l|J 

- — 

110 0 

1165 

+0.4 


IJ4 9 

148 2 


— 

1216 

1287 


— 

1251 

131 i 


•- 

98 4 

1043 

+ 0 4 


1271 

134.5 


— - 

124 1 

131 4 


— 

1291 

1361 



1141 

123 C 


— 

1224 

129 6 


— 

104 1 

1103 


— 

109 7 

1162 


— 

116 9 

1=32 


— 

123.2 

130 S 


- 

364 

38 4 







City of Westminster Assur. Soc. Ltd. 
Telephone rtl-SW «H4 

First Cults ... 11292 1356i I — 

Property Units.-- |S4.7 57 4[ .. ..( ™ 

Commercial Union Group 

Sl Helen s. I. Under* haft E>~3 fG +fiST.W 

\r.. 4n.Ac.N0T.it.] 56 JO i-Ojc; - 
DO-AJitJUitlrl Ls. | 1883 I . i — 


S.-rrey KTWOEi; 
Uioh Inina! 
lm Aivurn. . .... 

Equ, |x- 1 rv.tiOl 

Acrum 

Fixed lmiiol 

I to Airum . 

inti Initial .... 
U< Arrant — 

M .maced IntUuL .. 
tto At-i-um .. . 
Properly initial ...... 

jj.i Acrum. 


Sri V1 l F*l t -i 
Sx-I MU Fri S-.it 
I'envinn Fqa.'y 


Ccmfetierptioa Life Insurance Co. mnll . h , . , 

5ft Chancery Une. W(."SA tHE 6134=0382 ^.tewm . . .. |1OT 9 


I960 
990 
12 LI 
|1K9 
U55 
ttl9.Z 
90 0 
|9L4 
116 S 
11205 
1001 
(1032 

Legal it f ton eta I il nit Fmitni UcL 
10351 


Rurfih Heath KilSS )ton»if*f> 

101 1 : 

104 3 
327. 

131 
121 
125 

94 81 rQ6j 

963 +0 7! 

123 d -0 
128* -0 
1051 
108.7! 


I -• 


[872 
1040 
1250 
117 3 
147.4 
47 4 
444 

I 

45 3 

fil 

[47.6 


VEquiCyFbDd. .. 
JMftnacedFund.-. 
?PiPFUnd. _ 
Final. Pen. Mncri 
Staflsd Mncd Pn . 
i>nnpua*d Pen 
Fixed Inc Pen . 
EqaityPen-unn. . 
Pr>H»frt> P+„ S r.n 


1168 6 177.0| 

106.3 19S 6 

4103 i 
,784 82 3 

178 4 8L> 

197 8 2012| 

J2060 2070 

250 4 256f 

I1S0 1 153*1 


lir.cmpt Eqty tart. I13*.0 
Pm Aveum . (137 7 

Exentf* Fixed Imr [1153 
i>ri a. mm . . . nias 
E-.cmv” .Mr lid lrul. |129.9 
On .tecum . 133 5 

ExcttiT* Prop Iril |98J 

lh* Actum . ... ;1M9 


106' 

141.1 

1450 

121 * 

1241 

1361 

-40 1 

1031, 

1063 


lH-|«i-'l< F'd •'.•)■.. 
liepU'.il Fit 
Equity F-! •'tip 
h'quily F'p *••'-' - 

Fvri.lnt ' 

F*.d Int V. . - 

Intnl Vnp 
Intnl V*.-r 
MaitBSix! VJ i *,P • 

Manaecd v o i"' 
rropert? Fil ■ .<p- 
r*rc*f«rty F*1 •• v* 

Provincial f-ife Assurance Co. Ltd. 


92a 
no fl 
12a a 
121 0 

50 S 

50.9 

461 

461 

49' 

«9' 

471 

47 

4a; 

48i 

50: 

so: 


Rtmd Km M 
)"riii*ert> Sox P . 

1 tor 051' sm 9 

;i W..V Pn ■ k i iq 

i.ixeaxlnv Not 9 

M.l IV. 3 B' 1 Irl 2 

In* Equity tb-t 2. . 

I'n H-miKM - 

r„. i*r.'p 1 N*t 2 

Vanbrugh Life Assurance 

41-4:1 Ma.lifnx Sl.. bln. W1K9I.A. 


1251 



163 5 



1661 



1091 


- • 

138 3 



152 1 


-- 

755 


— 

176 6 


— 

273 8 


— 

1810 




900 


-- 


HH904K3 


2Z! bifh,'|« ^ E F 
Prii- Man.i-x-i Fd. 
Pro - - ‘'at-iFd 
Gilt Filed On 
Pru|A>m Fu: ■! 
Rquttv Fun,! 

Fxvl lul I urrt 


|117 4 

1106 7 

114.0 

1013 

99.5 

1967 


ul LMTiKO 
123bj-3y -- 
1124 
1201 -0 
106 7 

104.1 +0 21 
1019 


MmiBSedFti 
Equitv Fd . . , . 
Intel F'linri 
Fixed llilersl F'd 
Propcn v Fd 
CaMiFuntl 


147 3 
^32 6 
1965 
164 9 
1149 9 
1212 


15511 -0 2 - 
244 9 

1016 ±<lh -- 
1736 -1 7 -- 
1578 -rflJ — 
127 61 - 


987 

1Q3 9| 

102 6 

1081 

97 4 

1026 

999 

105 2 


Prudential Pensions Limited^ 

Ev'INSNH 


Cornhill Insurance Co. Ltd. 

.« I'onshili E r 3 ,11 dSfi "rt ifi 

«'ap Foh On is. .[130 0 — | t — 

iSaUptt iH-t J5 54 5 - / .... •- 

SIu titl: F'd. i.vcL SO 1795 189.0 1 J — 


Legal Sc Genera] Prop. Fd. Mgra. Ltd w . l»» 

; I. Queen victoria St cv.'-i.S -STP Ml 24R9RIH y7rf t n i S192D 

LtfjKry.. 1 *',: \'w-7 [987 133J[ ... ,| - proj, i'd '.#■■ m R2774 

... , N ,Kl 1 - Reliance .Mutual 

Lde Assur. Co. of Pennsylvania ThoiwwIcc »VJ»« Kent. 
ast-L* Bend SL WITOrty Ul 4U3KSS np| Pmu F.|- I 209 0 
L.V."uP t.’iltlit ' [97 4 13231 | — 


2719| 

1945 

2860 


Vanbrugh Pensions Limited 

4 1 -IS Maddux M . Uln WtRUl.A IU-4W410 

Manasul 

Fi piliy 

FimxI Imefwt 

rrnpt*ny 

liuaranMtod nte ins. ha-*- Kate'-' law*-, 

ul W5nis Welfare Insurance Co. Ltd.? 

U iriflfidi- Park. Excirr icft! 521 Aft 

xifitiLA rvalcr Fil | 104 0 [-17| 

F nr other iuitilT pirate re'rr to T h«* laindon h 
Mfitichv-'lcr tiroup 

'WUIetti Windsor Life Assur. Ca. Ltd. 


I ... .1 


Credit & Commerce Insurance 

1 % RkciiI Sl. lainrioii W 1R . r .F"E I'l-Ct? TMl TI . I rfxmhurt! »t Ex*3 

C&C Mncd. Fd.—. (122 9 132.0' — < — Uaop: [96.4 


, , . _. . ' RolhschiM Asset .Management 

Llovd*. Bit. I nit Tst, Mngrs. Ltd. M v-i,i‘ i.-,« l .-nc. Ifnittin. Er* 

U5 6C31J9K x. C.Pfvp i!20 6 12fl 34 | - 


1QL4| 1 7.93 


sub. day Deccrahcr is*. 


Rrixal tiftortH*#- 
l iia In: Plan. 

Fin iir(i.\»ii ‘ !* h>a- 
ft ulurc \:--d < .th.l*. 
F*« t'-il I’r-n- 


Wn-M M . VViurt-^r 

72 2 760 

19M 
44.00 
12612 


IS* 1-64 


Uii. tuv.oruivlt- I30L5 106 W 


-30Cj 

■loo] 

-03* 

-4 j 


1 iniman Ltd. 

CapiuJ International S..I. 

-T7 rue Not re- 1 iu me. LuxemU.ur;. 
''aptullnt Fuiul. . | 5l'S17 72 I . I 

For Central Assets Mngi. Ltd 
under Keyser Lllman Ltd. 

Charterhouse Japhrt 
I . I'MlernOxtr r Him E> ‘4 
AilirofNv 


1413650 

3218 

+0 WJ 

HM49U 

52 70 

+ 0 40 

I'.vtJl N 

33 M 

+0 40 

L'M21 00 

HfiO 

-0=0 

53 20 

3 30 


Il *43 17 

OX' 



til **.•&</ 
A77 
*44 
496 
522 


Mu rr ay. Johnstone tlnv. Adviser' 

Pit H-|ix-si i.i.. ■ ‘s 'mi 221 ftsat 

•l|..,. *fii K-l I JI.MJ98' I I _ 

"Mu it. iv I'ullil ) St'SIO 53 | | — 

*,A i*.-ii.i-«r ::i 

Negit S.A. 

I"-. jr.l B.*- • f I ■■M-n.luiur-* 

:..'v\ "..a J |3' S l=.5b J . ...| — 

Negit Ltd. 

Ittiiii. -*t I -• -mu i Lx Pl.lfi* . Haim linn BrmdiL 
-.V. ---.• It . 146 46 •- | ..[ _ 

Phoenix Internal ional 

pii Mi»-. T7. M. I-i-ler I tori. •.i'irrn*ex\ 

liltx-r-ltoll.ir Flint 15230 2 *81 | — 

(fuest Fuad Mn&nnt. (Jersey i Lid. 

1M xi ;K!...r.J+rj—* Irt34 7744 L 

9291 | 1200 

P« IU 300 

vuw: Inll P-l fST.'tM DK?j ) 9 00 
Pn-'- .il '•••. :• T«v.t ilr.xlinfi Nn. 15. 

Richmond Life Ask. Lid. 

-IH .MhitlKir.-i-i I ■•■uv*lii-. I 1 
(x <1 hi- Si Jv ,-r Tru *t 109 7 
Ricl-.n>-i,*l*.-l Pit 110 E 
Lui PI..I inii-M h-l 134 4 

li.. *ii:inku»l IM 92 4 

li.. Km in> viliii‘l..| 166 4 


i M uGK ^Jfll-1 
112 41 -1*1 
116 « -(.3 
162 5 
1004| 

174 1 


-0 y 11 58 


Ariiverhn 

F on dal. 

Fondli- 

Emscrnr F'und . . 

Hi-qisun |tl x<l 17 4533-1 | 2 68 

Clive Investments i Jersey i Ltd. 

I’n Rinaso Sl I lelier Jerxry uWiraci. 

' Iiiei:,li Fd >v I • [952 953. 1 111 54 

• liveCill Fd ijw > (9 48 9 *9uJ |ll59* 

Cornhill Ins. (Guernsey I Ltd. 

P«* H«x 157. St Pi-t+r p.in ■'.uiTit'V.- 
Intnl Man K.l [171 0 186 0| ; - - • 

DWS Deutsche Ges. F. Wmpapiersp 

'Iranehurfiuefi 113. Wn«i F'r.tuldun 
Invrsla . . .. |L'M4U0 -43 70t +<» 60) — 

Delta Group 

m H»>x 30>£ :.j.vju. K.ih.in**- 

1'cl'H Inv S«w iu I5INI53 1611 ..| — 

Deutscber Investment-Trust 
PvMliai H 2085 Rix-ft-cTfia^'f B- !««**' Frank: ur* 

• '.mi x-ntr- |I'M20 50 U 96J - 0 101 

Int hentiriilond' |l'U6a IB TflXj- lJfli -- 

Dreyfus intercontinenUl Inv. Fd. 

P'l Rtix VJTI2. Na.N-.rfj Hu'iiinvv 
\WNo»7 |ll vIS SI lb Wl i - 

Etnson Sc Dudley TKl.Mgt.Jrs> .Ltd. 
I’ll B«x 73. St I lelicr J*r<-* nNt-1 juVi; 

F.U 1 1 T . [121= 129 21 .3 50 

The English Association 
4 Fore Street E'.T •• to* T*ift.l 

Ens xv* Sterlmr |C50 58 505*1 

Wardswe i'ni Fd'"|tll58 1205! . - 

■Next dealing Nov 15 —Next de,.)ir .- .... .ji 

Eurobond Holdings X.V. 

HbndcL-.kj.tc 24. 'A'lll+nx-.Uid I'urn- ■■■ 
lantloB Acentx Intel. IS CbnManhrr 111 
Trt 01-247 7243. TH+X H8I440N 

N W per .lirfTx* Nov l« Jt S'2'"»* 

F. & C. Mgmt. Ltd. Inv. Advisers 

I 2 L.iUrrn<toPi'Unlrie> Hill. K« 4K • . 

dl 4G3 -««’ 

• 'em Fd Nffl I | SIS552 i ■ - 
Fidelity Mgtnl. St Res. <Bda > f.id. 

Pi' Bnx (Tu. Han* lion Kc-rmudii 

Uriel, ix Xm x.n I SFS22 46 , 

Fi'lx-liCv Ini Flint! ) JI S2115 -Cl.. 

Fidelity Pa.- Fd 1 SL‘SS686 | 

Fidelity Urlrl Fd | H.SWM !-.’•<•■ 

Fidelity Mgmt. Research i Jersey i Lid. 

H’alrrlon Hm tton Sc St Kx-lix-r. ..Vr •-. 
rift. *4 27581 

Serif-N \ .Intnl i. . -]0 56 <•-. -• 

Sene* Ri7*a,-ili<-i 19 58 J - 

Send*, xrn A-N, (£14 25 1 _ 

First Viking Commodity Trust* 

IS M iVtir-fic ' M . lioufilbx. 1 ■■ M 
0G!4 4riR2 Lain Act. l'urliar A • •• 1 ! : 
ri3.|Vall.M3ll London SW 17 JxJI I i»'.«.i 7-157 
F'f4 Vih ■'m Tm [37 5 39 5i ' I *C 

Frt Vk DM op Trt [64 Q 670| . JH 

Finning Japan Fund SA. 

:fV. rue Jxiilre liamc IjitrMwr.* 
FleminfiNw 7 [ il.'S65Jb l i — 

Free World F'und Lid. 

Hutirrlielil Bid? Hamilton. Kerin,- ■ • 

.'• V. <x-t 31 J 5KNI98 0$ J ; -. 

G. T. Management Ltd. 

■ark »l-.e. Id K 


Rothschild Asset Managr-ment iC.I.D 


i !«.. :*« si lul,. hi. 


Vi.-ri.-v-- iMKi aer-Yi 


" Eq ftr i i.-I fl 

• •'In- ft«l I 

i 1 " I ill ft-li 

H'fvnii.i* ‘--i t*l 

• l * <. a iimtniNrih ■ 

■'• |llr *'*41bHY T 
■I— i. es >ir "il 
1 1'n* x- . nn No. 


153 4 
153 7 
|S3 23 
141 5 
1*4 4 
15=8 68 


566c( 
2b.i 
1 3u| . 
2485 
133bl 
3C51| 
•le.tltnc 

t *1*-. ilir.fi : 


2 BS 

7 26 
135 
3*0 
* =0 
066 
‘.m. 14 
■ ox '-‘I 


KuL h sc hi id Asset Mngl. I Bermuda) 
P'i Kvi*. i>M !;:• ul ili-riiiud.t Itlri Mermuda. 
Rx- er. e '-. fi ..•>*. F.l 111 MR 4 Cl -fl V9 - 

I'ru-x- iiii ".m 7 .*Jwt di-rflms ’•"> 14. 

Royal Trust iCl » Fd. Mgt. Ltd. 

P" K" I .to P.i.v.il Tto 1 1 a* Jx-rtr,' 11534=7441 
MTIi.lt 7*1 [51 -4 23 SB2ci ( 3M 

ItT lid t .J . .1.1 [BIO 87 Orq ! 3 21 
ITi.i-v ut 7 .*••••! i1v.iln.fi *.ox 14. 

Save i Prosper Internationa! 

lb-.lt" i- t“ 

;!7 r-.r*M*l * t N| il+ll-r ,l«*r+*. «xH luftfl 
IMI^r+Fiiomiriar-d I nnd* 


l 

I'l.- ' -I '.fl 9 11 

l:.!i-ri..il i.r-: 7 79 

:-.,r ft.'.*- t*-n.-: 55 71 

Nuii i* iii**ne.'n-i 3 75 
S-pr.i: 15 04 

Nrrlinc-drnomiiirfled Fund* 
ii.i-.nx-1- :.l*it.*l> .230 5 24 


«t*8| 
8 43 1 . 
59 07 


744 


liiS . ! 


•i-y 


r.«nn*-t 
• vinnivil 
Mi-pie rt* 

>1 Fivv'P" 

■IT' 7 

I'.Vix-iij !i,-.il.r.x' 


(me 

lies 
2GI D 
1067 


V - If) 


isj 5[ -i 
l«6j -0 ft. 
101 J -0 2[ 
112 8.9 . I 

■ *«|F. il '■'‘in. 
• Iirfily ts-j.lir.C' 


2 59 
523 

b’is 

12 85 

fl 


SVhlesinger Internal ional Magi. Ud. 

*! L-i M*ri'v -I ' 

.- -v i :. 

Mill 

:.it: f.i j. r-.- 

l:ili. I i..a.,.r.i 

•ft lr r!., f ■ Ji"l 


Schroder Life 

Ffni. ri ri.,.- x 

Inti-rnat'Onrfl Funds 


1 ix iix-i j—. .v. 1 j nsw. 

i 73 

781 9 29 

0 96 . 

11 0 0i 4 95 

22 

= j -9 2 12 33 

'93 

! 3 71 

10 05 

1] 42 -0M. 

1 10= 

ion; I =78 

•l.i. 

-ni -x-r f 

llfutip 


1 ■■ .n • it.., u 1 r, i‘7.' r . -TT71 


tr-i- . 

:=s-"M 

£l.*- ,e I In). I 

Sr. pll'iii-n- 1 
L , 4.i:i:i Ji-ri 
JM,in,.,'i-il , 


|!P5". 
1410 
’137 6 

':05 s 
'124 6 
,1229 


i::b: 
150 0; 
146 Ti 
• 12 3 ! 
132 51 
130 7 


J. fi.-nrr Schroder Wagg Sc Co. Ltd. 
Ifi/. ■ l.e-i|~|.le F 

• n, 1 ■.»*’ 


ir N- »*-. Ui. 
v-.'in r> I 'if 
(i.ir'.u,.: r<) 2 

Jrffrtl ft '1 2 


•_ :>l 

| S' ' -11 23 ■-9081 2 57 

. St" 137 04 ; .. 

V -232! Ji: 1 2 JC 

IS 71 93 2 03' ,550 

llt.sSU 9 Wi 1 ! 0 4= 


liurj i.'irx-Uh. L---. 1 
I.X H86IIXI 

•1 r : 

SI'S! IB UM, 

. ! « 

L9 25 9 31! *. 


R'9508 5381 

. : is 

28 6 30 5 -: 

4 E7 

si ';457 OS 1 

: 0 7* 

327.0 342 161 

! 0 c= 

IHI0172 U27l' 

1 2 T7 

tl4 95 16 32irf 

1 =50 


54981 10 201 

S LSI* 19 --'-S'. 

, 6D46 63 i--: 

68 43 a79-'-v'."". 

Sl'KiT 1? ,-n;- 

irsis’i eh! 

Ifits. 

<•1 fiit: 


0*0 


’.= 0 


’ *0 

0 56 

1 w 
5 b j 


ItoniSm AfivnLs hto 

\n, hor'II I'nili 
ADi-huri'.ili E*lue 
Aavliurlni Fd 
Anchor In J*v Trt 
•terry P:n Fa 
Berry Pm- Sirlfi 
: T Asia K.l 
I T V.iaSlerltnc 
IT Au.xtralf*KJ 
.• T Bund Fund . 
li T Dollar Kri . 

JT Dlr .SirlK.Fdi 
1 T Pari 11. F.1 
■ T Philippi nr Frl 

GartmoFe Invent. Ltd. Ldn. 

2 St M-iry \\i- I ton* Ion. E«,7I < 

llarlnwre Fund Mnjfl il'.I.i IfixL ,j., 

41. Broad Si SI. Hr her Jrr-ev 
ll Kunvl, Jersey ■ [IN 0 1 

IrfriRiw Fund Mnii >F1u- ftjal 1 u 
If^YI Hulrhifii.n H-.+ HI llarxiiun !1 
UK A IMc V Tst Uin-JTO *171 - 
Japan F'd K1-74C 20 Mi 

Vmern-anT** [6t SIB Cl 10 rt 1 

■ nil H.m.1 Tumi (ST-U^ 

•tomDir Imrxinnil Mnfft. Lid un 

’<i Bc,n: Ivojfiln. luM. 

■'arlmnn- Inti Inr 120 6 21 9'- 

:»Mn>.itolnll GrlhtU* 71 8 

Ilambro Pacific Fund Mgmi 

2110. t unnaufiht 1 entrr. Himfi K«*i'i 

Far East N..v 8 |lHhl591 U,K, 

Japan Fund ;S! *818 2D C - i .' 'I 

Hambros Bank iGuernsex 1 Ltd., 
Hambros Fd. Mgrs. rC.l.i Lid. 

*■ Bjix Bfi. Iiucm<. *■- . 

I Fund '.140 3 

Inlnl FWtnrl Sr.Y l08 44 
lni Equip S''S(ll 03 
lni Svfi. -X- 5I.S1 05 
Ini Si fix It srsllJJ 

hriren nn N«.« JJ Nexl deal 

Henderson Bating F'und Wgro. Ltd. 

* l V Gammon llou+ 11i.nr hun> 

Japan Kri Nov U Ilf-OTO 3 Ufa 1 

Partin Frt't».-I 25 6US10071 . 

Fhind F.l -Nn. S1SI0 M5 
Flx--lu..ixt- •»( aix' prelim ■ 1 
Hill-Satnuel St Co. (Guerns 

8 Ito- Feh.Te- Sf frier IVfl liuv If. 

:ueni*ex-T-4 11*6 6 15h8ifi 


Sentry Assurance international lJd. 
pn t..\ ::jfi PnmilNii, Mr.-rm-l;. 

Mxi.rffi-ri im- 1 -JJ 41 :ji« ; .. 

Singer & Frinilanilcr Ldn. Agent* 

■-••• • .il Il st fc-'4 -1 7-Vri 'Krfri 

(to.rftiiiiiU li*'-atM =X SC' -to 3P| 6 97 

T..ft.o r-t ■«! .I (S' -47 DCs. ._«) 1 1*4 

Stronghold Management Limited 

I 'I llx-l'i-r l.-r .. •i.'v'47!11Q 

. .. ; Tir..!:ijTru'[ ( 95 40 1 09*3: j - 

Surinvebl ijr-rs-x i }.ld. i\» 

Mux-i-i- Ills- : i-.'ii ll-t 74 Slxlicr. >.V *e.'.427J*a 


1 ". -Ml— rl-si 1 
J.ij. r ,!.!■• T: 

TSB Cnit ' 

il-. Ill- I'.u 


1-7 00 
.f.ll «3 
Ji‘10 9^ 


r 15 -J03 - 

1122-5:5 - 


Trust Managers iC’.l.* I.ld. 
s, sj. :■•■■■ . l*-r-to-,. 

|47 7 so 2| ,4 78 


IS? 


30 2: 

: ri . 


478 


Titfcvo Fsicific Holdings .N V. 

■ rJi/fM' M.ini/'vi/irr ■ ■» '• '» ■ 

•i.o-rr 


'.V. I* 

Tokyo Pacific Kfdgs. 


I. H'-rtSt*# • 
■Seaboardt N.V. 


f-sd. 


Tyndall Group 

pn. Kvx !i76 Hamdian 3. B+rrmida 2.27811 
.. x-... .... r. iV. -1 a 
X* - s-ii < I'll-. SIMSti 
: A’.,-. !r: •>. t IS. ({f -3 7B 
1 X-x .Sl . M. Ili-lirr. Jtr+-* 

7* .ft - 1 !• !£7 20 

. • v::-> .-Inr. 


m 


. .tin* ft..ir-.-si 

ar L.i I ".,•* 7 

'.." CUT . • I .. UX - 


.h Fun I N'. -. 

i>*xni Shari*: 


Y 80] 
13 45 
84 5 
8* 5| 
94 51 
M5 
=26 bf 
32C 6, 
507 0! 
142 0( 


•5.14 JTMfS 


; 20a 

i 200 

i *« 

I iia 


150 1 wt 
11179 
1137 
108' 
1 16. 


> 7C 
; ii 


i.t.-i. 


1155 
75 S 
73 5 

[eso 

<88 9 
(513 6 
<302 S 
fID5 0 
1 139 4 

1 ■■ sort Uuu^. DoUfilrfs IsJrol Man. 4S2J 2*1 IL 
Mlr.j.c 1 « " I 10 |13*6 1418: I — ' 

I'nilifi- Assurance lOverseasi Ltd. 

, r.v I 'We !l j-ncli.i" '-.II. Itormuri.t 
.r.i-rn* Fa [S' XI 90 - 1 ; — 

I'nion-in-.esiraenl-GpvMFiUchafI mbH. 
|X f.i-.; :r7«7. I* «*r» Frrfitlturt 16 

112 a :2 90|-010J 12 75 

1=7 75 24 26 =779 

11*55 20 Soj - -a rf-o) 19 54 

*5 90* • fi 50| 4162 


l.i'.l. 1 * 1 - 

sr-.j... 


.1 I 


4; Mi 

(59 95 


J *9 


Hill Samuel Invest. Mgmt. ! tiro I 

RnxKi. lerrfto- fi" ‘ft. 

HSI'kann+lIx F il]8 2 13b 6. 3 00 

Bi*x Mg. K+rn SHi:.-rrljn>l T.-j- 
119 ilii-rvrjv FdliHi-fc a St' 

' e V K.l • \.*t um 1 <F15 35 15 67 - . ' - 
rtftjho* F'di.Vr-- 1 JftF’3 66 J - 
ITK Fd • W |5' '-791 IDJ :-5:- 
International Pacific Inv. Mngi. I.ni. 
Pi* R*ix lti=rr7. r 4. l',t{ .<t Gxdi'i-. '• ■ ' 
Javelin KquiU T m |Sa2 32 242; ■ ' 

J.E.T. Managers ijerseyi Ltd 

1st Fk,x!*n liurtiirl IIhw Jer -•■*.- • T 

Jersiri »irnl T-i ,’3710 1810- 

A' ai in 1 ji n+.; xi:n ■' 

Jardinc Fleming & Co. Ltd 

4/9 h l-lfuir I'onii.iUChl I'rntre H**‘ • ' • 


9 9-1 :Ui ai txfi 

6lOTl-32fl| S9 99 

l Id. Inlnl. .MngmnL 1C.I.1 Ltd. 

IS 'lull ;> (■■: N.irr-8'i S' ! Irii vi J?r:» n 

1 1 I: film.. . I'.l'lM* l:tC: ! 7 50 

l niu-d States Tsl Inti. Adt. Co. 


.Ml* 


I,.. Ftid i> *««?, ;*7| c?r 


S. G 


Warlmrs & Co. Lid. 

•.ll.HlVIFil f.t fi 

.( •» l i< S9 25 ‘ 

>1. .sib 83 ; 

".K.l 's; :l 1 ts? *0 1 

K.i-1 '*■-■■ rt !D»; 


-•in 


10173* 


JartSint: F.*sr. T.i 
Ihnlin,- J pn r ri ' 
Jardinx-S E ^ 
Jardine R»jn It.l 
I ml I’ai- Se* - ilm 1 
Im * x.-i „m . 

‘.'S'.' 1 .11 

Next 


HUJ7B56 
1IRS432 81 

s'.'sa 89 

IIM12 42 
116.315 80 
II hil5 96 
•tui.alrni ' 


’.90 

JM 

:io 


•jlr Mn:Vk:.‘.."./.iuo'oV wio( | - 

•Varburg imisi. Mngt. Jrs>. f.id. 

ii-.-ii.-i 

!'• *14 f? 

1* :* 67 
ll = 90 

if 9 87 


: ■ » i"i ifi - r». 

'I! i.l-i '<*1 

1 ri.'-l 

M.i-.: 


■ l 

:s«l 

15 cm 


1 _ 


TMTIM 


13 2=1 

in - 

World Wide Growth Managemenlt- 


• ;:i ?.!• S'. *15 14 


NUTEsS 


1‘nre- rl»i r«4 ir.> I title 5 prtruinn, ■ 
mdi.-rtted Yii'Mv ", ... tiuu r. 1. 
ti'i lUilx- rill .iwh.'s I. 7., ii. 
tiWhinfi pm e h liixir>:uiwn i'n.. 
pi+nnum i'*-rfr.fiiri- * 'Mlr-rt. ! 

• ■tiered pn*e ,n. 

V Net «j! un ivahHsI ■-.Xf.-Ii.; 

* 1 :elu 


... r-r-' 

lx:.*.* 

• it K : 


P .**.;. -.id, pr* 


.r—i t-ri- " 

S T-rirf. X 


inj'.. 


iri.m. I L: _ li 1 . -It.: 


1.1 r i Prv -:.I 
: 11 ■*--. ;.r Ui 



28 


.yinancialThaes . Sat 





FT SHARE INFORMATION SERVICE 


• 1938 ' 
With 1 .TO 


FOOD, GROCEEIEST^Cpiif; 

JHc 1 |VMr 




1.0 

Hist 1 /m 


305% 

<17 

9r? 

3W*i 

%'■: 

70>: : 

an:*,; 

45% 

%% 

i! 0 % 

*n% 

101 

97.; 

1M?4 

87'i 

°7’ 

III 

49 ;- 

s:.; 

315?r 

4t»% 

%■; 

100 % 

SiZ 

114 >4 
100 % 


95 A 

US 

«*i 

75' f 

list 

sr- 

106% 

75% 

112 % 

-96% 

113 

110*3 

72%. 

law* 

lir* 

3141* 

S'Tj 

1065. 

31 

95 

1I4J, 

9QI, 

131 f; 

air? 

50 

315% 
48% 
88% 
72% 
135 t 
300% 

w> 

<»b% 

%% 

4D- 

80l 

58% 

76% 

98% 

37% 

771: 

39% 


S3 


BRITISH FUNDS 

{ {-» orf Yii'l 

fieri I C i _ | Ini. 1 K 

“Shorts” (Lives up to Five Years i 


Yii*M 

KhL 


m, 

951 - 

9S'!j' 

9*. 

■* 6 % 

®'x 

93% 

lOft 1 *. 

97% 

83% 

94-1 

91/, 

9:% 

85% 

100 “ 

89% 

KV 

iO+% 

94 

87% 

891^ 

S7l. 

79’-. 

97% 

87% 

RS 

80% 

86 % 

75% 


jlliVeUr* l!*;|« 'ii 1 ;,. 

Trcn-un .'![» Tt; 

Flvini-4 ; i|v'T4-T<* .. 
|Tre »Mir. K4 ; p. 18t; „ 
Dm Hi' a-.-K "1.-79 .„ 

Tr».i*nr» !<i»- liiHt; 

Trr;i nr. stj-r srti_„ 
TftU’it} 

Finning: 3%|n*1ftiKz 

£• chequer i::p.. t**rt^| 
Ttr-vur. ]i'*|» |yOl“. 
T rr-x cr.- tTdi< I 
Tr*-.vur. tfifv 

tv li 3%ti IfHl 

f.,. h ::#■! 

;Ev r. .iV’' iWl _ . _ 
Tixm- VaruM** «J{4._ 
F. ‘ l i 'L'V 198 1 

[T r«?.i> aut±; 

Tr.-.i llO 

Trcann J4r»- KL£; _ 
|T’».M-.\aii.iMo i>#.. 

TftM-ui} ;i%nr 5! 

,f>h.9%r-:!»ll 

L'di6%p.i<K: 

E^h.lpe*; .. 

T roi-tr ISr* ISKi£T_ 
[TreaMir, Stij* ®.. .. 


99', 
SSI 
96% 
98',' 
95 - \M 
<£■- 
96 %’. 0 

93 vc 
S4S.«r 

10 % 

88 1 4 

99,1 

91%.., 

92% 

85^ 

%.? 

loom 

89% 

83% 

103% 

94’iic 

87% 

89% 

3T- 

»;.< 

97 % 

875 - 


Five to Fifteen Years 


].lr* JWM .. . 

tTrea-Tir'S-.v 
_ JVuniiiavrt' Jr. Hf'lCiC 
7 Q *j iTrrajin ‘*r**. 


60% 


Trait- p**rt"pi .. 


6 >%|Tf>*j ur- '*r*: 8 r-.f 


S8-r 
SI - 
871 : 
75% 
SO 
61% 
63 j 
104 m 
7b.r 
95- 4 
63% 
1011' 
£4 
96% 
99’s 
60% 


201% Tr<*a.-ur. i"p. 

7n Trr.L-wr S'-.HTH/tt . . 

921; Tre-t-ar. !! 4 ? '^'i . 

6^4 I 'Jmhn: ■>%». 87^1“. 

98% rro.t’U^ - rL"j|. rcri 
84 Trv4.-Lin ! 0 r*- IS?! 

V. F..... lAn. St 
96*? Trea-ur- 1 U%+- :c*~ „ . 

60% FunJuiu 6|vl WCi . 

Over Fifteen Years 

102% Tivtusv : ►%». isfli^ 102%'C j— 1; 
110% Trr.w/n !/i>p 
9'5j E..--IL L";U- l»M .... 

73% Trc'.i'ijr- yp- 

9> Tivp?ir.‘ 1 Ji»: 

451 5 1 Ip- Sin {A 

87 % £.’• h 1 W 4 P ijSr. . ... 

97 Troa-jn i-%F" — 

7t> X n’TVM. Ol?- 9i’'frd — 
lll'j TnftMir IVsPi-^fc 
100 F.v iiH/u>.*r i:i%i» ,- S 8 j; 

42% F:Mi>>mrt'Hi"fr-i9»»siv. 

100"; Tro.i’.n i.l'.p -jC ft . 

341; 1 \gr. 

7?S Tr^ i-i:r. H'«r« IJW 7 % 

591: Tr.rd un 8%vi. It'-Oaj; 

116% Trej 

90? E-'-.l-t- !W« 

Ti'-.i^:r. fli f. IWt.. 

Trv.i-ar. U"j. lrftl . 

E-.n ’L'p. Ill«r 3 
Fur-lirL- 09/W „ 

7r»*.ioir. Hjv. TJ-OfiX 
T ma-nr *i.p- 
Tkm 'ar- 7%r«- '1L‘ 15ft 
Di.! 1 !S IT.. 


31% 

9>l, 

34% 

65% 

46i s 

621 ; 

sot, 

30% 

& 

23 

19% 

19% 


110 ' 
9r*, 
7S%»c 
961; 
43*j 
841’ 
97 tc 
76 

111 "' 

ICOn 

43 

203*3 
S41-. 
73<* 
59‘t 
115'-, 
91%’n 
791.- 
31%. r 
93's 
36 
65% 
46% 
63% 
90%«c 


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BRACKEN HOISE. 10. CANNON STREET. LONDON EC4P -JR Y 
Telex: Editorial 8*6341/2, 883897. Advertisements: 883033. Telegrams: Finantimo. London PS4. 

Telephone: 01-248 8000. 

For Share index and Business News Summan in London, Birnungham, 

Liverpool and Manchester. Tel: 246 8826 

INTERN ATIONAL AND BRITISH OFFICES 


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EDITORIAL OFFICES 

AmMvrttam* «' *'* tins YJUC. Amstcrdam-C. 

TW« 12 171 To I 24n iw 
Birmlnuhani' il.'oruc 1 ioi:-o ilium 
Tclox llHHiri Til: 1 GM.V ftfri; 

Born Pix-siJmii, 11 I ft* Ho'i.x-allcu 2-W. 

Telex SW9542 T.’l- 2I0H39 
Brus>. Iv H9 Rue l»ir.-.iU- 
T.-k-i 2.12K* T-l SI2 W37 
Coin.: Pm. Hux. 2U40. 

Tol 9TJS5HI 

Puhlin: H Kilm!!i.in Kiiuarc. 

TelfX frl 14 Tel; 7MKCI 
Edinburgh. 37 Hwirno Sir.-.-l 
Tol vs. 72434 Tol MI-22H 4 « 2 fl 
Franlrfur,: Im Snch^onluror 13. 

Tolov 4 lifts. Til. .VVVTIui 
Joharmi-.l’iura. I'.O. F.n\ 

T.-l.-x B-«C57 Tol- K38-7S4V 
Li? 6 en: Twa da Al«.-i:ri:i 38- ID. I ii>bon 2. 

Tdex 125X1 Tol: 3K> Si 13 
ST.iilnd- Fjrpronoeda 32. .Madrid 3. 

Tel: 44 J ffTTU 


V.Wi-iH'Vcr Queen's Hou -e. Queen Street. 

Telex riMSI.i 1 el: r«l 834 SQ81 

lln’i’im Sai1oii>.’’ar.i'i, i.";h me j 12-24. Apt. 15. 

Tel«.y 7000 Tel. ’JW 2748 
:;.-w Vnrk 75 Hiy-V.-r.-M.-r Plara. N.Y. JOulO. 

Ti.-lov tSSXJil T.-I- '212. 541 4ri2A 
i'.in’ 3tl Hue fill Sontier. TTtiXIC. 

Telex 22,1044 T-l 23657 43 
Min lari- m: .\vi;ni<ia Pn-s. VaniK 418-10. 

Ti-I 253 4S48 

n.isir Via dt ll.i Mi-rroHi* S5. 

T.."Ir\ 81*122 lei. «78 X114 
Si»'-V.liulni: o Sven.’ka Lauliladel, Raalamhsvagen 7. 
r-l-x !7wia Pel. Si «» 88 

1i.bi.-ili- l*n Hnv H-IR73 

T-ti.-. 2i:«inn r«-i *32®s 
'liik i. Mil l'Tniir Nihun Keiui Sliimliun 
Hmldinj:. I-U5 iRemachi. t'lnioda-ku. 

I i?l»*\ 27HH T.-I 241 2San 
\\:-binj,i..n. 2nd Floor. J32? E. Street, 

. «.i’mnctr>n DX. 20004 

44<V.4» tel. i4T 8S78 


ADVERTISEMENT OFFICES 

Ermiinuhnrn- rtinrse H„uw. flcorfiu Road. 

Telex 3118650 Tel. 021-434 ,WK 
£d,nh„nih: “ i..w;e Street. 

Telfv 724S4 Tt-l* 031-226 4139 
Frankfttn Im S.ich '-nliii!cr 73. 

Telex Tel. .o4fl«7 
Lrmla: Pernun.-ni ■ I ou ■’*.*, The Hea.irft*. 
Tel: U532 4540611 


3i.ii-i-ae..ier ijueen's IlouFO. Queen Street. 

l-;v bUtai.t Tel 1161 KW S38: 

7..-V Vnrk 15 Kockvl-llt-r Pljsa. S.V. 40018 
1 »l.*x 23S409 r.-l- « 212 > 4 W KWO 

I'-.ri: 3I? Rite dll J’enlK.T 75UIJ2. 

I-l. \ 22rtM4 Tf.-l 2.16 860] 

*1 •■•»=> a I’.a.-rfhnnt Koildinc. l- 6 -l’I IVhilsanda. 

t.'he'Ma-idi. Teles J 2TI04 Tel: 293 4030 


rtverpeas adverti^en’r” 1 r-^rerenuniiof in 
Cemrai ar.a South America. Africa. Uio Midule Ea«i. \:i;t and the Far East. 
Kit further dewil.-. |.I»-..-.... ■ nn:.ii-, 

. Overseas Advertise me ni L»c pari men f. 

Financial Times, Kraehcn Hotibe. 10- 1 'tuition Street. London E'.’4P 4BV 


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12 k 

15.7 
109 

9 B 
764 

49 
65 

80 

50 

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CHEMICALS, PLASTICS 


SUBSCRIPTIONS 

iVipi-.’.s oh’.iinul'lc from aid t»»el« , -!* i <j. : « '■rid*., i<*. or on n’cular subscription from 

Mili'u-npti«*ii Depart mum, r ;nnn*ri.il ■ ,nii*». ].i.>niJi>n 


£1174 

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14b 

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79 

£57 

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:,Kzr» ... . ~ 

Mcirwelx'h 

VllQ :«H. 
■Jl >1 1 »4Iui*l !<T 
As, lne«1»vm .. 
EWjer Vi l»M.Hi 
IfiLiLtfei Nuoke-. 
Krent«1wirh i"i. 
Bnc Ber?n1 1“p 
Rn: Tar PM l«r 
liurrell 3p . ... 
■'arlro 'hpri !Bp 
I'atalm- — . 
Liha' r u v 7ij*o Lr. 
lK>ST**ir.M M 
Hu P’,°j iiv R! Ill 
Jialili'ilu'm - . 

is,:,» Fr'>- 

rm VM'. . 
•i-r.-Ihirao* jji 
nri.il:i! !«9’ - 
:r«taliiL lartii - 
nCihiiyip -- 
F.lie.t F-.it-.M. 
Enalofl Mac*.* 
r.,m,F«d ... 

II,il .;«.\ii: ,,r l ■ 

UkiLVkl.hZtl:*. 


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£10 
225 
143 
70 
72 

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187 
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30 
43 

£92% 

£85’; 
£85’; 

70 
75 

71 
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30.i 
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90 i“2 
65C 
70.t 
318 
23 
212 


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♦6 42 
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712.18 
M3 17 
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282 
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211 


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55 


160 

76 

102 

120 

83 

80 


143 

54 

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48 

175 

134 

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14 

59 
228 

47 

200 

184 
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36 

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136 
57 

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124 
224 

23 
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77 
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190 

65 
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110 

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405 

42 
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150 
342 
340 
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29 

80 

238 

177 

67 

169 

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182 

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205 

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146 

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258 

200 

20 

263 

200 

121 

128 

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105 
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182 

45 

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199 

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141; 

190 

174 

196 

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34 

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111 

45 

137 

133 
120 

47 

134 
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DRAPERY AND STORES 

+23 


53 
33 
3> 
33 
15 
18i. 
3H; 
84 

25 
13 
12 
10 

, 47 
173 

30 
1103 

99 

25‘; 

13 
150 

73 

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S’; 

84 

162 

14 
82 
40’; 
124 

17 

136 

15’’ 

15 
15 
40’; 
2Z% 
80 

, 81 
1244 
32 
62 
10 
94 
266 
256 

31 

26 
24 
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15S 

42 

17 

54 
100 
1120 

51 
136 

10 

10 

3574 

761; 

119 

119 

49 

54 

13 

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206 

131 

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20 

ft 

% 

78 

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13 

11 

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138 

73 

121 

13 

22 


Allied Retail lOp 
Vinter [ay lOj, _ 
tquaxunimap.- 
rm --V 3p 

AurfHTtromc lOp. 
Baker ‘Sir? Hip 
pointer' Store 1 !6p_ 

ReanieiJ'W — 

Bewails. lOp 

Bltam & (.'on 20p . 
RoarrfmanKM.ip 
Bolton Text 3p_ 

Bremner 

Bnt Home Siii.. 
Rtituti 1 N 1 20 p _ 
Rimon'lnJ Alp. 
Du A\VV50p.- 
K'unlor- V3lri.. 
h>krt.S • Irtp — 
Ichurth .. . 

'on* Ens. I^^l 
(C ope Sport? ap .. 
lL'omeJLMrw‘ r ip 

■«itw.V 

iCurirs 

U^Uvnnch* Pip. 

Detenham 

'Dewhirs ltip . . 
iHiMxi.’ Pbrtt* 10p 
[EIIis&iKild.ip..- 
SEmpireSiores .. 
Execute, JUp. 
FainialeText 5p 

Do 'A'i 

Fine4rtl<e,? 3p 
F'jrdlMnn 1 10p 
Fumure-lerWp.. 
FwterEaw. ... 
Freemiif'laxit- 
'GeUer'A.li3ilJ- 

Wdherj \ 

[Goodman Br.ap. 
Grattan Ware — 
1'R. I'niierol — 

, Du A Ord 

[r.re Millet t*. )0p. 
HardyiFurni... 
Do'.VNV . ._ 

Helene Lon lOp 
Du 12pc Cn*. W 
Heoderwn K.30p- 
Hennques A I Op. 
HetmorJi'iiltlp- 
Home Charm Hip 
House of FraseT . 
Hou^eoJ l.rro’e . 
Jon^.EmeJ' Dtp 
KnoUtfill Hip - 
HKwiiik f tUu:: 
Ladies Pnde20p 

I eei'norur 

Li her,, 

Iki Nun tt'ini . 
Li nr nil K )0p 
UFI KnruUire l'<p 

[Maple tup, 

Mark? i Spencer 
[Martin News — 

MeimniJ • 

Michael <J 1 1 Op 
.MM EdncaLWp. 
Motfwcare Wp.. 
IhSSNewsJOp . . 
[i iuent iwm . . 
Paradise 1 B 1 IOjx. 
PawsoofW.Li ._. 
Tetere Stores lOp 
Folly Peck I0p.. 
Pieed* 1 Alfred). 
Pullman R. 4 J ?p 
RamarTetLnp. 

Ratner? lOp 

Ra'teckWJp... 
[Readicut 5p 
Heed Austin '.V . 
Ri'IimlD&S'tOp. 
RiBrill 5p . . . 
SAC. Stems 12M> 
Du 12® 
Samuel fRi'.V. . 
Sdincourtfip . 
Sherman 1 S 1 Wp 
Smuhtr.H'4 s^j 
S tanley .\H. Sp . 
Statu? DlscI lup 
Scinih-i^ttip. . 
Sumne'Jlp . 


82 

24 

108 

64 

62 

11’; 

74 

12% 

19 

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101 [Tune Prm 6 Wp. 


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'UuHeriJw'.' 

1«0 S.V ... 
Halil. I, Ip 
U’ann? AGiiluu 
Hcaraell-ip 
IVhiiri MjII iflpr 
Wilkiun Wjrhta 


61 |Uieiu<Hth 


136 

47 
41 
391; 

19 

41 

145 
129 

39 

2 ® 

18 

11% 

50 

193 

39 

178 

166 

35k 

34 a 
165 
307 

48 

11 

105 
176 

15 

83 

73 

127 

26i; 

169 
44 

23 
221 ; 
60 

35 
103 
153* 
345m 

38 

70 

11 

94 

298 

294 

44*2 

35 

341; 

22 

203 

73 

26m 

60 

214 

146 
56xd 

350 

24 
18 
58 

162 

170 
165 

49 
140 

20i» 

82x5 

210 

188 

18 

241 

154 

96 

115 

20 

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81 

99 

9 

61 

91 

42 

92 

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JP 

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144 
151 
184 
19 
32 
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89 
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118 

106 
94 
83 

125 

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1 18 
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1289 
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tli293 

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152 
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ELECTRICAL AND RADIO 


136 

7b 

36 

110 

143 

114 

175 

67 

70 

76 

31 

87 

150 

135 

58 

154 

39 

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318 

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362 

104 

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276 


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V B Elwtpnnii' 
Allied In»ul alar? 

Aihlio Fidelriv lOp 

.V'i\o 1 edtev.lth> 

Bli.T 50p 

HSR lOp 

Berw 

JWAUay Hip 
Bowthorwll^i . 
Bmckflup. 
Eulcin'A 5)i _ . 
.'aNe[iinni,i- 
Camphdl I-hud 
'hlwidoGrp 
Irbuni i <nell Up 
|Cun«t R f-:r. 5p 

■fiitH’lPmi. - lup 

tell'in Hi]i 
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I nh, her If... 
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FJhliiflp- lllp 

Eleilnun Marti 

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Enw^y-n’ Flip 

Eumthcnrlnl Wp 
FamdlElei Sip 
FlitelicvKad Hip 
FiTMidTerii ■ ! ®p 
CUC... . 
Highland EL 3[>p 
[Jnnis SUthjiI 
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M K Elccim 
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Muirhe.nl . . 
Vmmnn Ind' 
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NormundEl aip 

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FWbuu Flli/C Kip 
Philips Km. 3%% 
PhilitnlJi Fin. 
IJMmHIifec OH 

Lm .VJOp 

iPle^tSOp 

Pri*.' 4 k- lup 

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Rnlilfusinn . . 
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Sun, r« Yin _ 
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42 fWnstini !!■«'»■ 


Wiittturth El -Ip 
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65 

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106 

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ENGINEERING 
MACHINE TOOLS 


115 
258 
138 
111 
310 
165 
65 

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84 

80 

50 

64 

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182 
15 5 
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66 

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53 

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Stock 


Met 


133 

45 

70 

73 

56 

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136 

101 

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150 

56 

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104 

103 

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160 

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78 

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84 

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i±:&i 


-1 a336- 

+2 ffa.81 

. . . L52 -i 

23 
M7.82 
13.78 
-Lo- 
rn 62 

203' 

4.02 . _ 

A3i»4f'23 
183jJ 3-4 . 

4.86 43.4 4 

Hiss-- -.tf, 

383.. | 3.5 4 .| 94 


j 'Sr-' 


:A. *• 


wsu» 

1hl2 
12-26 
t280 z: 

117 ,- 
NO 6 67.9 6.! 
tl.6 :-A 
4 80 L9 
13.32 3# , 
15.19 33 5 
1219 3f 4j 

ffi a* 

i 0 4 

m * I a 


066 .: At iAl 
17.41 0.9 a. 
11005 AS 3.91 


•15.45 ls 7«ms;; 

S® 13 12 A ' 

hi 44 LI S. 4 J “ •-* 

10.60 42 3J 93_ , 

'•14 tr33 44 85 

go ; Z2rfe2 


0 20 

3» 

363 


ismr 


iaa 

7.1% 

36 

648 

bC 

25 

86 


w .in.' ...... I 

9i 3 ;,y 60 

732 Lul.U^S- 192 

.80 . i.,exi-.*.r.H:;i 37 

.46 Citlt : {n>T IW]..’ . , 5fc 

JR. f.Ju *!p.| 77- 

515 ill-ivitot. .. 532= 

59 - 
Itr 
63 «C 


;4 *indiimun 'll: Vtp.'j.- Itr 
,63 MaKBU SIhM - K 63 1- 
72 ] 53 ’•Kawdir. Str f 56 
125 • W. j'Jr.h.a'li .. .107 



39 

45% 

38 

W 

154 

m 

f>\ . 

.95. 

61 

7b>, 


+15 


-2 


-2 


-Vl 


ILibmlCts.. _ 
'imliurwu'* . 

'HajrkriTrsj?...-.’ 

; iwjpgrl.’r.fiEl 
l | jr.Teiie J ir'’.i - 

,Ksn.ci?jBl£d)K 
.... .'-!rt , Aii*5“:(hi. i i. 

zi.66 ', jJ. jtLi.., Saris. 
?[iM JlSO lilavi'iiaaii-.' 

I 7"!. 


. 

A3 - 

n x . 

UT£ ? £;’ 

ns 1 v-.y-' 

3im- • 


v i . “■ *■! y . .v.y. . - ' 

«226 -33 .Wj U. _ L . J :-V 

d2.32 .4.4,53 Of... i«-t 
ta58 37 LN 6.0 - . . 
13.41 33 7A £1 .3; • 





t 4 . 4 ? atf aa ij-.-T 

tlfl 0 5*9 GJ| 57 • 
dL13 3 J]0.rtia » , - -- 
1.94 I 6tA * ■■■*’*■ 
t3.04 23) 8.H 

025 -I , . - 

13.18 4.3^ 5 rt 63 

n.oo -as 83-50 : ; -"- 

520 -1 4,3 - 

dOl 4 121 ■*. 


03- 19 5.0l77i 
13.97 22 TAJS- 
567. 16 61 H2 

1284 53 .35(191% 
hUb AJ 4.4 6* ; 
hi 87 bZi 8.4 5.6" 
550 23. 74 9.7 

M$08 2 4 126 (5 4) 

1L4 31 66 .67 

1680 23 66105 
H6.6 2.4 S4 -69 
0 42 ■ r- 1 23 
n.93 23 so 67 

I Lfi 129 (62i 
12D1 L7 77 109 
iW! 13 lil3T5.v- 
ipk If 

(ln?.59 9:6 ?6 57 ' 

AiSil.fi 5?!. 

84, .43 ; b| r50 

It 

140T 17 42 38 - 
,T«7 .5 i ,f0 
i335 A3 377 
14 54 35 M 
292 7.3 Jj if .- 
388 ' .43 '« 59- 
li*:' 4.2 32 lO.f 
2.96^ 2,® ** l 0 - 2 

.6? * J, - 

4.05 lfl JLJ MO. . 

■ti? 

311 

102 17 « M 

lfl 26 <92 ,11 99 
6067 7.4 U M 
WJ85 $3, .3* 62-. 

“!?o $ '.as 
' 73 7 

w % 

434- - 23 Mtf"' 
-130L 7.1 AM ?;• 
405 1.2.9 ***£_■ 

~u «f§.. s : 

-U 5.gl|A .. 

31 13af29i 

43 - 

?4' : S«:. 


.5: 


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it. 


‘ ' ‘ 


if ”*■ . ^ e-i .u’. . 

74 tiT.'jShiiM. ~:z 





Mi 

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flnanelalTimesSaturday November 11 1973 




INDUSTRIM^-ContiBaed 

nwTLw'l Stock .-I Mre [*-} £ Iritis 

177- |119MHtihlJtitdlifi.Wp 
390 E93 mower ‘A* 


INSURANCE — Continued 


jDgtf'uw a** Pn\ e PL"! {£ L. IJ-al jwt j [+• « m* ; indf . I9W 

„ c „„ ' •'* I 1 ‘-nOrsIP.T. Rich U* Slot | Ite | - Nrt |CVrjr.f JffE | H |£ fjr ! 


TaiihoMar. EPK 945 
Trade Indemnm 167 
■i 7raider'5C5 < ) . £ 22 : 
ffiliisFahw 23S 


IEVSlTOir -O'; j :*» 17l- I - LilrtlO '? 

W. . J> J4 Miri-rk-ut,-. 34 -2 *_ 

3?. I 0? AngliaTV>._ .. BO 1+1 : 31t -ci i.a 50 M- 1 '"*-™ Hip 35 .. l.O«3 

,25'* ~ «07 35 72l50«2 fe »*fSP 275 -10(1.59 


OtalLettflOp 109«tfUl Vi 6 «i(i 250 Tr^t'Wu i, in*. 295 -8 bW 

rampian'A'lOp 3*3wlJ 22 - % J *123 bl hup (‘Mta.ip . 93 -1 IK 5 

-reenuroupllip .. ^'23 ?£ ll 2 <330 280 PruPiB*. V 305 i-5 5 24 

Ty NoojAlp _ 109 -2 on Ini25 ZS 119 81 fn-p ?*r in'. M|. . 108 -4 iL39 

MhitltuVlRl 1th. IZl »« u r> •• 


[Green Group Hip 65 
iHn NonVlp _ 109 

UtgtfiMedpLIDp.. 3 * 244 ltIiOI 55 *'« ' ^cia-nlYop ?f. 4^ .... _ 

!|Hm»a5p 121 MS 73 3417 11®! 24u a Kevlum ... 20 -1 — 

1 [HVrdBj-'dMp. 27 0* iS 37 7' ? 7 7J S«-e*"ca« Prop— 74 -2 111 

IlWTA 133 . Tb 23 * S 71 la 76 59 r 'v \V 66 -2 111 

tauBKAlX Np. SC +2 t5 &9 5a i t |2 323 89 Run * Tianc* 94 -2 rtt 91 

iNaUtcwideap .. 9 .... h015 2^’?->n7^>0 72 Sano-.-t Pn?r SS -1 2 34 

NonaftKiilDp. 122*c ..... d4 - 25 52 75 118 97 *coi .'Jetfe,-- ZOp 103 -1 197 


?« 2-7llOl[ 8 9 9.*, 




79 Norton *WrUl>p. 122 jt 
33 Pbotjj iliUL 37in 


11% IWobbiJos.'5j 
33 | 23 s ; tWestwaniTY ] 
62 |44ij ZdtosSp— 


ip,.. Mi, -.* tidO'45 42 4 a 70 17 U'c TmraiCiii \% 12i- _i 2 0.01 

]«p.. 29 I.. T j'a *S 23 139 « Traitor* Far*.. 116 4.09 

52 | —In | 1.3 I 5 71 3 71 7 0 S«i W I K D-nr. ny . . 22 0 33 

* 1 1 S7 I s- 71 70 710 240 ltd Beall'!** 2 S 6 «d -9 5 .bJ 


innQ 1 inpn , ic.3 uv eare-f tsij'e 1 ina -z tc.7Q 

UKo, AIRCRAFT TRADES 3b * K" 2 "a-fmliat »•- 338 -4 ;0b 

J 29 ilJij R s.-mr.S . i»? Iforf 10 

Motors and Cycles ;?=| !„• g!' K ,£ 


20 IB J-50p ...I 20 

" Kjen . Mis I'niu . 200 


1S5 Cai.jns I'niis - 290 I. i .'-7 
37 LwusCbtIOp 45 I _, 
51? Reliant 34 m. 5p... «H t L 
6312 Rnlls-RwreKtr: . 100 -li. «; 
62 VcJtoKtSO C12K ] / ;• 


.jy:7.5c 17 7.:-|| 6 8 


Rolls-Rwwiftn - 100 ‘’I-li.lMSK I ■Til 7 "j qt ^ j «id«tr.r> i Wp « 75 I -• 1 

VdkoKiSO I £121.; :or**.| ’3 7fl |l25 Sta: I 153 | 646 

Commercial Vehicle " ' ' 1 % ||g 52?.** . y! ® |-|S s iS ! 

126’ | 1ER F M 1 116 ' l ; 46 jl3 it 3 II 2 9 

69 | 49 iFedewiSOp. 55 3 55 6 2 1 S»7.Sl CrTTppfxT/1 


12»a|7ia IPeaklnveas-lOp 9 ±&; | 2 qi - ‘l- 

98 I 57'i Plaxtons ... .._. . 98 t h3 9il 3 3 I a a in a 


S I»h3 Hi 3 3 60104 509 [252 Sr . .. -Vn !-«. '■ 2 So [-1 p JO 

7J 1 4? p wk Trailer tOp | 46 |. . |iil2.17j 5jj 7.l] 39 :5P 111? ^rjpr i ! >r, M59 J_i | 0 ^' 

Components iisj '112 r- 1 - 1 ' 1 it? j.. .. 1 55 


, 1 3 m I 1 D . !-■? ,11 'I .'ill- .'.ll., 1 lau nt’l i 

52 AniirtWHM 67 hi 33 8 5j 3.1 5 7 255 izOG Mar; i..-.+rj '.TO. £20 518 

56 Btuemel Bros. .. 61 .. ?n 2 6t »I 5 7 59tail2’« Mi— ft. • t :' 1 33 I 

20*4 Brown Bn». lt»p 26»< -u l OS 3flbl 4S130 ! eb" ■j.ili.a-JJ' '-Hi.':! ( 11B -1 272 

DauLOfpSl— . £19i 4 y.U 37^ 33 B.5 150 .104 '.-a- :;-r 106 .... 8 37 

D«sw50p 251 +3 J SO JO 2.133 118 j M P i • Kf.i i i I 32 664 

66. Duntopwp 69 . . 5 jfl 1 7U: 1 6 2 140 ■ e 8 tou.-sSii 1 82 r, i 

96 Flight fttfnajliLi? 162 t’89 5.51 2 7 10.1 Jb ! 2«» i I-c •• Zv- -.3*7 .... 0} 

?? Hran-SnwkWp. 11 '> 0 25 1 0 3 3 52.2 115 ,54 ,njwinju C. . > 61 113.75 

3“ S»0-FilfiJaf5»ti 48 . flip 84 33 2.6, lit 

iAwaslmk.il _ 300 *- 1 o ■£ ?( j 7 a 7 

SiipraerocpiOP 50 -2 1I6O Vfl 4.814 6 SBkjES AND LEATH] 

Wimwt Breeden. 5Bo« .. -3i> : 2.3 a0i44; 

Bnodteadili. 90 -2 h 86 { 4 w q 4 4 8 50 [ 16-’ iAJicn. r.cJOpf J 27 i-N | cl 15 j 

ZeaiUr.VSOp.... I 79 +1 1 4 47 | 2 4l 3 4 7 3 63 1 52 1 £<-:•: h >.;r. 1 . ...| 51itfi [4 4b | 

Garaees and Distributors I i? r l tfi-UI 


Garages and Distributors ^ ! £| z t\ 

70 I ; ; J 1 3 c 1 9 41 5"> 60 I 30 : "Sf 3c . 48 

17:- _ ! _! 2 f 4 3C9 ; 64 !«i::./.v^i? .. :rs 

85 - M6 54 2 5I11 ii 6:9 ?i } ?? ? . , . - =•■ 

108 17 87 2 5110 U <3 ?4 [« UairfiVtSp . 51 


:';51 2.8|il.c; 5 6 


. 6 09 L9jl2.ll 5 5 

-I ~ j-!--! 226 

' ~3i 7 

0! s 



PROPERTY— Continued 


INV. TRUSTS — Continued 


FINANCE, 




+ Hj Uir rW I 1978 
I'M* I - l .V« Ctt Grs P|Z[ Bi«h Lm‘ 


1 - ar 

I Price — 


l.iVci - x; “ ----I.- lr i»r.L:tr..:i‘h5 .-.. ihJ!.. »? Kua?. 

I* 1 ® MJ — 7 1 - 307 mo ... 375 j -8 2» 

I - - I 'Si" I"- - l' J • 25 til- ft :t .n. Jrtp ! 35 -2 J tO 1 

I e < 1 -. kn ic-t-i. m Un.-! ! ii. h u 


167 * 10 r$i -IC-“ >« il72 Lr« ^ 220 -10 ^. 

£22' n ^ ' '* 125 I "7 ! ’i Pw- .%hplupl XU 0S2 

38" 'to “I ?? - 80 ! 55 ir-*- Sflt'P‘Te& 69>d! 1 3 03 

11 > T, -1 4 24| 5 7. 10 3 122 ll'jA i.-m.-rJidii.^lpi 116 i-J I 25 

159 |10» 131 1-1 I tl 73 

CSIPP 2(i. ; I 16 J7I..I- 1:- irtio:? 

rta 4* J4 btiri.Tk 24 -2 ♦_ 


“?lm 1.8? (Brit ind. fiGen, 96 — 3.M * 6.1| * 19m 1 13! s Lasio:t Hid* iflpr | 17 i.... 

1U . — 4.92 ID 4 6133 5 3b 13 l.wi turn tlrj, 31 . 


140 I 10 4 6133 5 56 13' l.wi turnilrj. 31 

Broafl4«ie Jjp.. 137 j I t 5^3 LO 5.7 265 77 3b lon.V!»"iehani 60ic -2 

Brunner Inr. — % t3 60 Ll 5.7 24 6 150 104 M Hldc» 5j* 127 .... 

63 21 « 5.1 o 80 50 Maxell. -In.-. !"p 76 


Brunner I nr, 
i.-.LRP.fnr 
CaJc<k>t.ti I 

i'aledenianl 


76 

. 73 

i.MDJnar.ar.c<rt-n 86 


297 i-i 8 56 1 2 5 2 23 * 74 42 Martin ■!: I 1 5p 58 

76 tJ .86 1 0 3 6U1 7|£lPj 840 A N 900 

73 - - 71 42 M.-k.a-l] - | 45 


900 +25 f 


ipii 

la 1 
irdl 
jrli 
.■da 
Chan 1 U in 
w i 

Charter T-j.t 


12|12 7.10 3 
4 5| 4 4 5 7 


>>\ , -4 Z9 2 

1 [ 3B| 37 74 


I ,W 355 1 1 62 23.1 20 14 MU< for* !2-.« 17 . .. i 

I 310 .._.. 703 4.9 1 0 313 450 200 VppceF-: *s M 4M .... 

| loiad t3 65 1 2 5 4 24.1 14 91. l ara^t c 11 

1 118 -i 4.6 LO 5 C 26J? 42 I 211 2 Part Hd.-.-iu. 40 { l .. 

1113 ....;. ... _ _ _. 247 Jl£,7 Pranr.^.i-Sus. 204 -1 6 81 3 6* 5 0- 83 

103 +1 t3.96 10 5725 5 14:. I 30 d it.wrr litp !12->ii - a 049 ! 10! : S!I5 2 

107 3 91 11 5.4 24 8 13! 89 S.w4Meir »• i 89 ... : 

63 . . 275 * 67 * i52 £40 > F -4^ pc Arn . £52 . . I 

150 -1 |J15.0 14100 4 69 51 Smith Rrf< 56 

_ 615 -10 — — — — £54 iZV-t Sui-iFit! \KitH 1 £46 rl' 

charter T-j t 52 t2 18 U »£2Z_3£:2 WO Trav am Tp Ip £11*4 

1 iii 4< nm Inc. 27', rl 35 1.0 10 014.9 28 22 V.sin SHw. Mb 25 

99-3 — _ _ 55.., 3{>, MV.: ul r:n;lanJ 47 ... 

M — -. 'Jb^j 3,, .'irL'tni In? . J 14ij . 

73«d ... 4? 1 0 75 193 87 ‘ 66 i.’li" WPH'p -| 65 |. . 

TliA +1 73.35 1 0 b «t 21 1 

80 3 86 ID 72 20 9 . . „ 

7? ? TWO Tl 34 40 9 Q L* ^ • 

71 — — 1Z5 70 n VrJ3 Esrtii £1. 7C0 | .. — — 1 — 140 • W (Ofo:*: ;i». 

240 -3 8 22 1 2 5.1 25.7 ”6 b6 VturkMp . 86« - -I- 131 6> jEHr.^h:-'' 

178 +1 +650 10 5 5 26.4 168 134 Bn: Hom+oiOp 152 . tbBJ 15 08 14 5 820 150 <’ic ra ia 1.. 

107«a -1 3 55 11 5.0 281 92b 720 Km I'rtrol m tt 884 ♦12»22 43 3.0 3 8 110 >36 1« -o-.r.r. w- 

183 7 6-> 65 P*8M«ftl.... 71U ... 5.6*. «2« 11 7 - ;7 «• Fnn-?-. .ter >• 

77 3 72 10 7 2 207 69" 42 Surcubil 69 ... — — - — 75 J 5 V. Ki!-...|l;i '1 

28 .... OBI 1.0 43 35.7 £62 *« £51 J>0p.-i4i3J £58'.-.* QS-j®. - -l-.' - b8 18 ll t.-.-na- < .1 " I. 

41 lj 3.15 Ll 11.2 120 tUk 750 mfPMh. Snail. £10’ 4 — - - - ;ifl 61 Harap.-. ir-v 4 p 

S>4 — — — — 40 30 WCanderraRes . 37 -3 — — -- — 40 10 'Mi • • . 

Sli ? +U th2.44 3.1 5 9 3 1 65 49 CeolunWIp 63 .....2.67 3.1 t> 3 61 223 125 M-iM.ISIL- ■<■■ 

206 fl3.6J 0.9 9.9177 30 21 CbanertiallSp . 21 k 22 10 Mtn^f.. Ifc r.u,. 

156-2 — — — — £26K £12% I'wFr. Prinks!. . £21 1 2 t^Ulfr 19 8 : 9 4 40 10 Moewl. ■JSZS' 

1DV Ttae 9 H # A 44 A «"A - 14P MiM.Ji.Vlfl 1 9*. Veu n..l .1 1/. 



1OT 

High I -on 


MINES— Continued 
AUSTRALIAN 


I- nrj Itit. ‘ [Tic 
Pnif . — ! Net jOrHJrs 


«? \-1 . 1 ... — 

117 1-1 * 14! 4.3 

IK 111 .. i _ ; _ 


'.VlOc 2.2 7 


2£ -2 1 --i —I — 

121 1-2 1 3;.5 | 2.D 4£ 

2b |-«, - . _ - 

156 1 + 1 JA' 17 3 3 


187 H85 LO 6 8 23.2 450 ' 325 m' lut/Oilfl 

121 -1 4 57 L2 5 6 22.7 3 2 l'o Ciu.'A’ 


— [ 7 I L' iNewrai-ijI !•: 


_ — — — 143 74 INVrli'. iltilfJl: 


5.2 4> 5.9^ 4> [144 88 [m:iidrlVlrt«lil | 88 -2 10? Bfcl 17 84 1 Ib-ilS^ l : ' ,h 


h4 65 3 0 7 9 6 2 90 ]2 Mh Mm.n; . 20 

. 0 1 15 3 0 5 14 1 178 117 1‘afchndaviAr 124 


DoFarEaaern 40 0.91 1.1 3.4 39 7 96 83 Hunting Pet ml 89 ... h4 65 30 79 62 

Da Premier.-.. 179 +1 6 80 1.1 5.7 24.9 33 24 KCA 31 .01 15 3 0 5 141 ... .. 

ahest lnasGp 59ri t4-64 L01L7 14.1 190 126 LASJM . .. . 330 t4 J 2 ID tnjilm.nM 

Da Capcali!.. 195 — — _ _ £Hfli, £97 L;SHt>UMS8!-S3 £981- -m tjl«a — — 70 » Pacm -t 

indeetLon.. 59 +1 t2J3 Ll 5.9 24 0 415 284 LASau-upMOo 345 — — - _ £15^ 750 Pantyr.i I 

mbur^Amru lu +2 LIZ 1.4 1 5 72 5 45 13 Mnrr« M-?l« !"c 24 - 40 12 PanwaHit^fp 


05 -c2 I vfi o 13 Jj 

S’- - ■ i : 

24 -j •li;,; ■ 19iiw 

26 .!• -I 

5b - j | - — — 

375 .! •- I — 1 — 

ia:.-. -1 


iiu. lev. r? ii.. 212 
ecira!ni.7s 110 
ect&iJen 75 1 


tb.85 1 0 4.H30 0 306 178 hiftipi 10p ‘ I 210 +Bj214 3 0 I £129 E ;.70 310 jl'.-kn-V-allvndlW ] 454 ‘ . 1 - 0 


g.&itrernaW.I 81 


.. H5.5 1.1 7W20.0 19 121; Premier '.nr.».Sp 15Jj . - — - 

..1.57 12 3 51 39. 6 £13L 713 Hanger .-'il . 837 +15 - - - 


_ _ _ I ._ T 300 50 [Sue: Mr- 


.43 86 1.1 7.: 19 6 Zi, 


[Kr-uold? Oti !•• 


JbJ 84 iSWa'toiS.-.; 132 


70 J +1 13.0 j 10 6 4J26.2|£49 £35S R?l Du:eh HM £42i £ +!<„ tp-TS'J 24 o3 70 


70 I 35 W.:!cp.-;.:«r ' 


Eog.1 aco: lm . [ 72 -1 2 4 9 1 0 5 : 294 b20 320 [Seep, re He; . ..371 -7 


Eqnin Con 
uo Ittfti.'i 


105 -1 687 20 98 151 602 484 Shel' Trans Re S 562 +7 115.94 4 if 4 : 5 8 30 i 23 |\=Ji *-.l. r,j 


TENS 


.vi ii 11 ' tl SHIPBUILDERS, REPAIRERS 

- ! ■— |1».3 or I : r,-_ : 77 P 


5.69 11 6 2 224 b9 57 ft.. 7=,p| £| 


Eclair In. jLtp . 213 +1 1139 * 8 -J * J 44 _’?6 Infiehen; i'S il 240 


SHIPPING 


. 75x4+1 ThlB5 1.1 3 7 3b 5 £64 £52 TeuruA-cSCie £53 . _ .... 

F.lti cnm.-jyt! 50 -i 7 ] 0 1 1 3 0 474 190 1J0 Tncemr,.! 1 164 +4 [r!34 5^3 TUI 

raai'x lr-- Tc 1 97 -2 14 5 10 b9245 28J 182 ' hrtmar I 228 +8 — - 1 — : 6 J 

F/rsi Srtd 4tn . .1 86 -tj 289 10 5 0 291 1b! 120 t'e Tp-Cm £1 133 -2 I 7'. 245 7b/_. 

Fnreien £CoL .,162 ... +383 10 3 5 42 9 195 Bo Mei-HNa' tin:, 160 -- - - • 

44 T . ; aijSi.i 12 7.5 10 3 1°5 8b ftp it'd end |fc _ 160 . .Iyl5> — S D| - - 

37 2 69 4. 13 3 $ 82 5b 'Aoi.Ciidc A50c . 59 [-1 1 - — — ' — 


. .. »J57 
-2 H1.7 

ta 47 

H2J0 


Fnreien tCo!. .. 162 
Fl GJT RtlJS-. | 44 

r undir.testln*- > 97 
lift «.ap 
G T. Japan 
en. t tv.3in cl 
en. uj.i . i 79 
eneral Funds.. 168 
Do '.'onv it* . 13a 
Gm. Imewn.-j . 99 

uen.Sco:'.i<h 84 
en s: hlor 13-p 112 


. . 4 9^.1102 1171- iJO V-r!:-;a, ? SM! 

-6 — — — j — oO 45 Fer.lr T.r 

IH'-*- — P V -- '05 IDO B.t'u-.-j iv; 

+4 Tl 34 5 8.3214 ei 65 m 

+8 -- - ; 64 11 8 ' .1 


: 3i [ 131374 


320 Ul5;v3ii4-. 0 5ii01 
55 ; »4P 4 4 114 

215 | 1 *11 0 

I/O (-5 ,5 04 i 5 3j 4 4 
10:..l .1 - 1 -■ 1 - 
315rt(. jilr ;t[ 0 9> 7.2 


2.02 I 10 3 7 88 4 
5.91 111 b 4 22 3 
+3 81 13 +2191 


OVERSEAS TRADERS 


r-50 22‘1 ['.-•ptr.e' "L. 

310 130 lllteieh«ns . . 
ax ?B Jidru !«:• 

; 1 7 [.'u.-iiir 12- ;• 

34 63 

b4fl 4 j£t |Kt!!i2£.-.ii: 

4 '0 2 SO 1'4-j i : f red-: ir..- : ■ 
78 40 LHiharr; 

78 50 ll'r'.ekaJ. M Kij. 

770 165 I He 1 Ji 1 


| 315rt 

I 295 ! 

Bi I 

I 1 

63 j 
1 630 

; 405 I 


i i!2 j ‘ 1 o' J 
- ! .. I _ 


68 4 77 1 0 4.2135 3 J10 224 \fr,c»r Ukc.s 285 - 5 h? 57I19 0J 1«' 18 78 50 IWkaV.i !■* 

38 — — — — 120 60 Aus Agr»< 30r . 102 y3.5t- ! 11 23)434 770 ]l65 HctJiir: 

99 -1 +4 06 12 6.1 212 155 9b Benrforf.S Sc * • 152 .. th4 j9 4.fJ 4 1 5.8 57 ! 40 Si:n' f'T.n 

84 3 40 1 0 b 7 24 2 lit 45 Pnrbayi.lliK j. 1 ? 58 6.2° , 1 lllb.' ,80, 70 ! 47 'm.iiJ ? 1 I'.-r. 

12 .23 <t> 31 i> 65 25 1; RoufleadJOp' 62>; .152 I 3 1[ 5 71 99 245 140 imi ,l .i!..V)wiVi 


63 ;. wi::e: 2.11 4.1 

630 : t i:‘5 i ; has 

405 I lt-: f 95,.! 03 ; f- 

52 -1 jijOnJ.! < 9J 

68.0 . 100O ■ 1 3|l4 5 

235 njOcIlfrtTA 


enb:Uar-L. ; p 112 . 23 * I 31 * [ 65 25'' Rojflead.lOp- 62'- .152 31 27 99 --45 140 lW- K..vaLv..i A 

Uiai;p»-:sldr, 93I-J+:. [+2.44 1 2| 3.9 31 bll?0 831- FtnU Jatne.. J 97 +5 u5 0 3.1 H 5 0 J40 230 !Sfn IVb -n £;i! 

l«HJew,lir. ! 91 +:- 1.85 10 30 5O.3 1bb °5 MHil'iiffu*. 142ifl . . K4 6* 23 3 1 9 0 240 1'4 l-nr;ii e^SMI 

' ■" Q12". 24 


— - - £68 Cjq i;i \'ihr, flu 


A.+ 1 205 

: 305 


26 -4 20’ 65' 7 5 

65 -1 !■: l c [ 2 0? * : 


8 | F5 55 £ - .|; I 


+X 1 j I73 1.0 3.7 421 575 3^ M n* M 6n» il 525 +13 622 11 22 0 3 M= MO 85 i+ir^rciM 


•t.-lJrc Obi MS 
ui'i \ I ll 9 - 
I'toji I 5 jl 6 S 
I Oe' - j : 1 

- in n +1 - n o 


69 .. _ „ _ _ q; tf, iloffnung.9 • . 76 4 32 15 5 4 ?J .00 74 !'-!•; *21 

111 5 D8 L2 6H 19.2 +45 350 Jnrlir3f+>:l 357 +2 1523 2 2 e; Bi 270 143 

64 ... 1 6 1.4 4 2 25.7 JO 21 Jackin .. 22 .... El 0 63 - 35 

75 . .+’.13 11 4 2 318 19 9 JatraifjSu^ar 201; - CO 

96*; +'-j +3.93 1 1 6 1 22.7 7 6 55 tevr.rhb ... 64 .... 6b5 23 If 5 -72. ,pj i s-- |v- 

921; -2 147 12 24 518 49 4JJI. Mt:,-hollt'«t> 43 .. 345 3 7 12 /1,60 1 1 " 

57 -1 2.03 2.0 63 143 275 JOS' Ntccnan Fl« £1 210 1340 0 8 «.! Z! MISCF* 

62 2.9 Ll 4.6 29.9 107 68 i-ean WTstii.20p 82 *8 292 2.9 5 3 74 , - 

73 .. .. 12 74 1.0 5 7 25 5 223 165 Pai't-s. 7t4h IDr. 175ai -5 8 D 1 4> oi J t-S | |r:.--."Ti.r. 

96 +1 3.81 LO 6.0 24 6 225 lhO D* AVl’IOp 370«d 80[-h 704- 27 9 taiirsw Kin*, i.-; r- 


cm I b 3|ia 

<32 16l3 4l94-.no I 7; | T .-.nuV:Ji ! -rl-: 5M: I 85 I U/ift’-i 4, 1C 5 
2523 2 2 bi- 84 270 jl<3 ■Jr-.nr.y.W J 220 j f luSS.-t 2 of ; 

v - .‘ 3 ”|- s COPPER 

£5? jjlsa-7 j- 1C4 ! b2 |V.c ,r., • 64 I • 1 i'tf-1).. 1 1 ?J + 

ss'f-fe MISCELLANEOUS 


.... IZI 0 6 3j — j 3 5 

.... Ibb5 Z ill: bj ? 2. 


. 345 7 7 i:n,6C 

13 40 DH 0.5 


•t« Mur •. he 

5- 


+802 1 0 7 1 21.4 54 27 Sanger T. • 10p. 34 .. ;4 43 13 Ji 61 ?00 IbO • --r* Mur He 

4.b 1.2 9313.7 9- 4:, S-'na Sugar 5l>r> 5{« . F- - , _ ! _ 4q> 245 V.-hiV.-« 5: 

— — - — 152 <4 iSintr Parbt JOp 1C5 +3 ?Q30 24 r^ZbEZbj 1+^ n., 

Q20c — LO - 250 175 S’celBrn* . 190id .+6 5 4 4lf2l6.4 °0 JO ?:b:r,a !r.si >^! 


S,ui “-"ir 

285 ) jWJOi 26 ? 

380 -10 -- - - 

I31oi[-l i == <2^1 


— i.U X I J .TVCIDtlK . *W«I . 'U J . O W.H v -- *■ l l . 

i30 _.... Q9.49 - 1.5 - 61 40 Twer Kems 20p 51 +-1 +315 2 7 9 41-47. +12 750 inr.ip'nSl I 825 -25 -• ( - 

49*d tl.78 Ll 5.4 26.1 £100 £87 DaSpcCnr.81. £93 I y3°»180fa7 - 86 43 tJ. Vi.-.in/.TO [ 30 . +1 9 

72!--:- t2.6b Ll 3.5 24.1 73 41 ! City Men-. Hip 49 0 64 t, Jh * 1S5 120 uw.or ' «. »i [ 14* I I ‘j.i | 2.9, 

56 ...... 2.94 Ll 2.849.9 72 41 IxUOpcLn 10p 48 -1 wl0“= 9 eifl- 

m ™ n GOLDS ES-S PREMIUM 


SOUTH AFRICANS 




TILES 


'Ale+cTtv::'* -j 

Vi. • 


164 . .. 0.86 1.2 0.ei5!4 

100 -3 lQ47c 1.1 5*172 

164-2 - - _ - 

224 TO13.0 Ll 5.015.5 

44 . 2 39 1 0 31 183 


. 3 55 2.1 1! H11S High lit* 


133 ^ 6 09 11 6°19 9 ,0J 4n«lo-lnd,>r,r- n 

86 ti44 n <3311 ni « b ; n^, «<«>.•. ig p 

43 L83 11 6 3 22 6 U’r g’nl-AInca 


RUBBERS AND SISALS 

- ! sieck | Price l- i 5 Iot!™ 


l.c+idon qmtiniie.n ; t,>r i<-i-ie<l \fri- an f.c4-4 n^ni-ii- 

h.ire+ ,n f > •.-nrren- i i-v-!uil:nc rh-.- ni'et'suni rtoiiar 
r-reimnm. Jhe--.- i>riu‘j .ire a-.inlbU*.- <-r,lj !»• no-i-+.‘K 


:: nr ” ,ii ssat - 

:: -281 mis 127 I] §,-2S7SkZ ■ 

.. dlS2 5.2 65 * l* Si 'Imn'I'-JUi-IHP 

1135 in 8 2 205 a t'0 ill ii'ilhne:! 

Jin 2:710535!?? eS 


: Sll". | ' i:n.; l3;ro 

885*- -10 ;- Mr 1710.2 
410. .-5 • - - 


iij.i ‘-•e..; sisi.-'i* 


-- - - ['<? jje, c |!**6 

+.« Sllicidt :.*J50. ! «• If. r.. 

510 ! ...+on. j j;j 0 


305- .-5 

«Svi- 1 •:?).=■ ill :? 
£.2®-- ... t.ijff. • i r:s-;> 
■ t22 . | •> •+ 

! MO-. I- 2 41 a 2 


90*- 1 ivso ill 1 ;'i»* 

MS.- ry 056 ! O 7; Ji;* {P--5 
330 -5 irZS 16i b*' 


08 1-1 Vjo5 L0 5 0 301 


330 -5 15 23 1 6t bet 
110 [-3 ri< 9 13' 5f 

104 tVI* J - I J 5 - 


>OTES 


|223 | 3 4j 5.C.i 4 1 


-1 75 j+1 14.98 


I Ll! 7 2' 9.8 


i.bo 3 0 8. 



+?44 69 !dn Suirutira 10p.. 178 I -2 *4 06 12 3 4 r+'+ taCuated. Fnc.“, mid n. I dr. id+nd- -r- in 

V, U 83 V. HalltuflVSl ! 67 +i M,« 15 c. 19 51 fv:,rr SB “ ««•■«» nM.-n- are Sjp. l.-l:nui«l rne-e.-rrnine- 

5 ’. hi 10K Mirar Filer IDn I 57 -1 i? I r q) ? ? +»' 'i» ••••» ■ u-.err. e.-«- b.vrd nc late-i annual r.-pnn -. and areoimu 

-1 +3.4> 1.0 P0 306 cc : , _l ! S *,- -7-1 -41 ‘ 7. anil wh >— • rxwiiole an- uponlrtl on ta»K >c:srl;. +,»ure» P'Es ere 

74 2.89 1 0 5.3I25.3 55 rL,Uy«illaa-. l-tp j 67 -- *h ?i[ i 2- “ - c*le::lal»iJ on che hist- «r net dinnbuilan. bracb'led f;Ru .-« % 

39 1.6 L2 6.1)212 Jl iungc. Kriaa lip. I 33 [... tb.ll 5. j 1.9, I •• InJml* iO p*t tent nr more dlHrrrner if 'alevlan+i en "n:i" 

99 +-1 H4.b5 2 0 7J]22 7 Ji-iabulioa. I »r. rr> a.-.- tju-i i>r. rnjsir.-jn: dlcnhulmn. 

54n! Z.5 l> 6.91 A npin * C -. I. id »r. bisrl en middle prire-, ire grie-. *rl,:l-;wl :o It T <if 

—1 Wlt7a 10 Olhac IKAJl .7'>>'r.pD! J«d allow fur t»lu» nf iWI»-rt! lit-iribotinn- end 

, J "" r:i,i. s*.-i.n:ie- “.lb •tro»t7baaii<iD« idher thin atcrlm.. are 

5.10 i.o io.7 i4.o India and Bangladesh :he «"«»»•“ * j,,ar crr,rJl - ,Ii 


57 
133 
111 
204 
2051- 
113 
188 
; 5^ 

76 
4fll 2 

39 

! 93 

40 
150 

45 
76 
56 
135 nr 
120 

54 

96 

55 

54 

71 
tu 
173 

56 

S107, 
5125 
24 
7 

39 
48-j 
lid, 


< 66 I 1.0 


iTinierhoftam. 
M i:sd Inr . . . 


265 [175 fA^am Unnarsil J 260 


385 ZBO LJssan FreniitrL’ 
S! 123 °3 |A<;am Ini', it 

25 5 -G 1 * ZD' - L'mpire I'lar.lr H*p 


I ♦*» o3 5 41 5.5 J 


283 1-2 30.15 4 4 5*1 


r-i.-p'+div'! -i-atii,. h i:„ ' .-'v :a. . ; w.a! 


?50 ?Z5 ! jkTUf Warns il - 332 

" ,1 h4E non ..JD„cr -Tfi I nc 


245 180 McLeod Rtjwl£1. 


4J0 :35 Moran -11 


e, . J9'- 22 SmglnHU;* !itp . 
130' 90 tt‘arr*-tt l‘ljr'- 


io< TO barren i-wr-- 

{^5 133 I DC |Hil!ia.n i nn£i 


.1 93 . . I’ll I 3 712 4 • 

i> K<p 251; . i+J0i ItJllS 

sil - 332 . . | b!5 - I 6 7 r 

e!£1. 215 . : 13 5 2 6; “J . 

335 . [260 4> 67 1. 

ktp. 26 . *"!J 3Z10S <. 

'• 111 n7ai 4 9 10 3 -r 

i I 158 :-2 J 32 5 42 11.6 t 

Sri Lanka * 


,. . : -. -i.i'f-ej ,li. - h..- •• + e,..-. r.r.-i ei "i- .-illw 

r I,. . i' ..••• '..r . j.h 
. "■ r ..•'.■■0 r---,:ir. .' 

■ • - r-. • ■ rt j- • >!. r -v--.fi <.r •-. ■■ -I 

> >-n a:jf. ., t 

: . • .r - 0- n ..va,:, j 


- 225 1123 11 •intt-.>£: 
132: 

221 


. 217 |.. .. ;3 56 | 1.5! -'S l 

.Urica 


■ >: ».-n ■■■•, 

• •• -.J Li t r ;»-r • -.r- •- -ir*-- • 
•• .1.- ,'S- n*-. - r •• 

1 “ - i'"'. i». i* i -| . . 


'<■•1 lita.il j • 


|-7, 620 j3°0 jE)-n;.:e-.i . , 600 1 150 7 b! 4 «12 6* 

195 (130 |Kdii£fUfc* . . 140 [-5 .rJ7:j 24| ; . 

1234 ' 

'“SI MINES 

19 5 ' 

26 *, CENTRAL RAND 

* 14; 140 turoanbwpa: [ 321 [-15 ! - i-5- • 

, - 420 244 Fa.;FjraPrpP.: j 2S6 *1 I — I — I — * 

iS* £42 £23 Handfoni nEsLF— £29:, i . ,t.7:55c! 2 j! 7 1 - 

r“-* 170 7S-; «ff:KandHJ I 97lj|+L;|+yl3c! 67| 30 . 


MINES 


t fv ir eirnr,;* ujc.,'--; • 

-.r-n- 

• -ir. + .r; nnl tr.r r, ,l. -(i< -.e 


uli.-i ,'..r hiir.-. 

■ a ' J r. 

-, . !.-a : 


• •? 
".r- 


236 +11 - 1-1 - .•! 

£29:, | . .Tij-afc; 2 j! 7 I ■ : 
97!j|+L;l+(jl3c! 6 7| SO J : ; 


106 57:- Frackenlfc . 

12 7 37 18' £j/t Dacca Rl 

_ 416 235 t'Kl.ti R4S£i 
l+n t 152 76 Groot'.le 1 30c.. . 

A, 444 244 Rinn.it P.1 . 
ait 75 35 Leslieffc ... 

11? 105 32 Mar.eiale RH2 : . 

171 73’- 3? S Ifriran Ld. Vc 
3fl'i 56 1 ; 31 Mahjoniein.^- 


EASTERN RAND ;; 

ickenlf'c. .j 67 i+ ; UJ44>- | 4> 139 2 r>" 

1 Dacga R 1 231- . i+VJ'Jc LZISO F , .,- 

Ll'ii'i Ri7S£i 30C -2 Fi'leOt* —100 •■a — 

tonic 30c 89:.-—- r.yod 1 9 136 • 

iniisRl. . . 251 •■€ ijSSc ] 4> D.l ‘ *' 

lie Sic 41 -1 421c « ?o.b jf- ■ 

rirtaleROi 1 . _ S4 +l'-;+ii4bi: 1042.3 ' 

ifriranLd. Vc . 54:- -U; _ I - _ P. 

ilconieinPv 43 +2 Q25c j 0 4 ?< 7 


mo Bb5“ 517 rt-ruielfcaatr.l .. 569 -10 wlje'.. * 13 5 t»--’ 

jig bi 51 WiL Nigel £v. .. 37’.-|-l - - — i 


29.4 4<5 J50 BI,Mnr25._ _ 
|47 3 011V 702 BnBels . 

43.8 308 b6 Ik+AraalSOTO _ 
— 401 2K OMrtikKi'.emUl . 
30 7 920 505 lV.il DneKJ . . 

40 9 280 lb? Flaad'rar.il-.ld M 
_ 15? 80 EliburcR! 

27 6 £16 890 HortebeeM P.! 

b57 406 KtucfOold Rl . 

14 8 652 4?2 Liban.-mRl . . _ 
42.0 blJ 4]9 y-'j-.n-.ul Jfi. 

29 6 '30 2D6 is-ljonl.-nVli- .. 
175 £17” 6 £11 V;.al Hee!» .. 
_ 239 123 Ver.ierip.iiiR: .. 

8 £29” ilb*- W Hrie -!! . 

1 241 129 Mr 'em 're ill: i 

1 970 569 tterlern In— p HI . 

9 2b8 lb3 /andnanni. - . 


FiAR WEST RAND U. 

,ronr25-_ _i 272 [-3 ji/63c ! 1 W14.6 \.'i. \ 
itfrti - ... 803 +14 til70c 18|125 2 

:+iXna: Ri) CP _ 61 !-■ I - ! - - 

MRil«n’.e,nr.l . 255 1-9 IQSC«. [2312 3 

ii! Dnerl I . .{ 618 -4 |iQ7Bel 1 7| 8 2 -• 

aadfrar.d-.ld m t 192 -4 - J — 


. i. "vl- . ,-d .i-o : .•*:>• .;,i 

n *j:» r-.- .l «•- : ■: g-. p.v". 

■ d.>ii!.ni! i f-l: a? ral 

-•■•rr. .--.J f risr. ..-1'i r . ■ -..n + .J .,n*i 

"i ‘ d.tirte:,i1 ..nd ie!tj ..!'•••• ,T : 

: -.'in -ai ni-vii. L m ,r.-..' + u-i.-p 

- n four:.: i'-,,. r-.-,^.: c n 

■ p.-.-. 'Jijr ^ !•■•..<!■ r. < ,vi.i • ,e .. .-,grii- 

, . r.-f i Ir.ii-c^i.'l rti-.i.ii-iiri •. 

o- -n- r.d t* F -niir. nav-d .ii •.-••• 

u .1 H: id-art ■ m. re nr. i 

- 1 . • tTf Hi .ul». in Hi.- i * ,.-11 

■ ••• iflcrt-i ji ii+ • ..-i-l Mi*.. 1 ga ■IH.T... - -rT- 

v.-ij! i-j- r v.i: i -it it I'l.-’ it a fl 

- . i.i- '.<i p>-. • d -,r ■+••!• •rr.-'i i * 

;■ . ■ • "i.-r.-i -“d ■- ,.-i.i i-ri.-rit' • *..• ..'i.r 

. rrirtP-m >. j.m-4 -a. -..I 1-1 

■.•n. • -r-i- 1 ni+ttj -.''ui- H rr! . -,.1 

f"i ft.l'., '.r ii'twr i ll . ...rr.„-.-. I - 

I. r : -rt r-.-fi. > -.1. - 

. . - ;'T8 M t i.iilcn 1 ! .nil -* n-1 ri l-«..i '. .*■ |..T. . pi .i 

- ,i .• :.:rj .- :;Tn . * . irf.-iit! - r.-r . :c 

... nr-f- '• ii"' .’r f!h«-r .iff I ••ou.'t- f r i !+: - i' 

•. . . |‘ . •• p.-.-- ,■•■•. II,.. Ilf ■■111. r ..f-'r-'i! i-i.r* 1 ''. 

ii -.rt • r a j- .‘ imi-'l £ ••••..•l-n-: ■••tn i 

■: 7ri.ut.re Hi:i -Id'-- Tj '• 


HI' I'll' d -iv 
. iniibliiei 


81 ... bv84sc 101 6’ 

47i ?P !*4 |i>40°^l afi l ii ' H*mpJ Jssups" and "Xijthia" Page 26 

44W 1-lok'lOtiv 20U42 ' ' 

433 [-3 [u’le I 1 0| 29 Th— r- >'* i* available- :v •••.'■rj fompanj dealt :n on 


»Tb +1 u}22r] 2 3 f 8 Sj .-.-l. !'.» changes '.hroushnu: the f.'niied Kirsifon for s 
1(2** l Qtfc 27 9 3 '■- *f '430 ner aanitn’ for each Mrcunij 

£20\- +'4 ]Q3S5cj 1 7*12 7 


129 !»{Jl?r J 7t b D 

724 • +20 twK. 5-1 2 41 5 8 
195 +3 5'.! 9 Ji: 7 


REGIONAL KAR3S3STS 


O.F.S. 


162 110 j 75 rreeVdScDo -.Oil 95 | ... jQ12c| 2 0 7 5 i- 

— £20". £11/- F.StferfuMMc . £13a+l-d !tJ3!5r 4 14 5 i.r 

1L5 1J1 59 " F3 SaaiplaasTM.. 71 1+1 i - _ _ .. 

- 456 256 Hannuni 50c | 276 |r5 (»Q55uJ 20 11 9 i 

29.9 134 66 I onuitv Rl . . 

34.7 £11S, 667 Fn->. BranaiOe. 


■ ■ ..■:• -:n n •<! I.' -r-'fi-.i ij jut .•! t..v 
.1 . it, 1- ,n r'V :••:,* I •nbrkei. r': jii - .. nf r 
•■•r.,-. I: :■ rv :,i-l ni!n ioM. Ified :l. Loi'*, 
'■•n i +■♦: :n a wh-iniie 


276 r5 +Q55u 2.0111 9 ^ -* 
67 -3f t/6- e 51 5< y -V 
777*1! -1 S Q150c 4- - p - ■ 


•13.71 ClO^apeS Ifre* SicjnSdr — 628u! +18 u80r I J j "{If-.: .. 


- £101,616 *i Helena K! 69S 

26 8 249 144 I niwl 152 1 

25.4 374 390 Weliom .VV* 223a! 

23? £2<7 S £D ; s ffJtddifijuSOr _. £155 f rt| 

S FINANCE 


6jB +12 |Q190i'j « |lb.3 ■• .■■ : V j 


M 1 

;;i 4 !: 

v 6o? I 


.-‘leff Hi./r'+rri' : bb ■ 
jindatl Ara • 112 *. 


C''.m ji' -• 8J I £P? 


223a!| :. k'65c * jl? 4 K •'*.:■*■ !'■" ’ «■ .... A:;-Pn.c'. , i:- . 53 \-Z 

n 51 '- 1 ! Wti^f. ':‘ : , ; I, :.. . i'“Ji 'i ! [ 


i I r.-l'ilc.r, 

• i'.n- :■•:< ?r< 


i ‘ ‘ irv . . 7? l-i !.iri:<«..ua^>! 4? I 

H 7J5 4J4 An! \R1 rrc-lntr- ' 560 i . . !O60e i 34[ hi '.i ;-p -252 I ln« .-..-f l283*r. 

.7. 373 Z4b AntioAmer lUc .. [ 298 +Z Jt|36jr JO 73 .775; ir:bK-+— . ■ 145 : 

5] | £20', U«1« AH2 AaL«oW?.l .1 £15 j-:» iglart 1 1 U.fc *■ • ■•■■■■"■*■• . : 55 : 

M * 950 b21 imi '-Vaif.?'. . [ 750 +25 v*!!Fcl 3 31 9 2 - ■- 1 « ,! , hi.iih-.t~. j- , 

*172 119 I'hars-fobf j 152 +2 843 iol4 9! >'• ' ■’ V I,'. V-- : « 

204 163 C«b .JnlrfFii-M- j 172 719 j 2 8! 3C ' - r ~ C l ' M • 

35 8 25 ]?:- u-i Rand' ■«( Dip 17 [ + :, 1 107 ; 13l 04 

~ £20 £14 Ji'.i-n M.tmc II: £16 i 2 1| e c , 

£19 + H-M F'ftd- ■> Ji;i £31-. | - * |vJ -5* \ 1 ?! , £ | OPTIONS 


+1 t Ll 3 J ..M .• • — 

i £18 £10 Jb'lwre* RT 
“■** 235 153 MiDd!c-\* i'Z.',i 
b0 22 M intent 12. p 


£12i* i«i!70. 36; fl.; 

160 -5 Itfi’yr : 15! 9 3 
60 • . :!27j 19 ; 2 


207 126 >1in.uen5P.ri: « J 154 i-2 I yl’c ! 1 5 j« 

153 95 N'eiv Wi; 5Tn- . ; 101 !-Z t;2S a .* : I’jn Inn.-'. 

£12-; BbO Pal inn \V F!* - il2 +-; 50*-- * ! 2.< - s 

jj '56-; 39 F;and Idtr.dgn iv I 39 1 ilO- J.OilS 3 • 

2 3 518 375 SeK-lmnTra-i ! 434 1-2 j 13 9£ ■ 1 9f n p P ■ 

70 257 Ibl Serirjtf Jih* ' 162 -2 * *j jO.- j 1 5* 9fi !■■"••• 

59 29 £ii''erminc. ; 2-D ....• 38 -*2*4 17; ; H'»r 

8 7 169 122 Tintsf JTi.iiitp ...! 162 +2 jylOO' 12 bi p ,s " 

ID « 78 Dn.Pre?Slp .. 90 «^,!163 8'-' U 

> FIS f.ll ITVaa! i.'cnt Ldl:! [ £12 I ..lijllOci * I 6b 


S-monia Call Rates 


. 4 | In:.- 

■ is J ; • i. 

' ii i'?:‘; r " >k 

J5 li . rii r.tk- 


. 20 

1 b 1 Mi* ■ - 

; :o i m iT-sf 

.8 •..■■:*: • 

■ ? v. i'ji.]A-.i"iii. 

! 17 


* £15 r.l! r«aaia-nadJ:! 
,78,278 162 W In>»! f:i 
53 M0 23B l.'nion Corrc 6LV 
_ 73 40 Vu*els2-;*. . | 


35 L. :al f. '!• n . 14 Pcperr* 

15 1 1.» n A.—, ire . 7 j;_ iT , j 

36 ji !•••*£• Bark , T2 •. t 


M -2 1tii.-8c[ lb| 8 7 JL . 

M 1-3 !»l£7' ; e- 10] 7.5| j»i r:-aV 


£ :.-r.don bruk \ 5 i n:ro _ r .. r .. 
ZG.d-.Krhr>.. | ■ li.drri 


s'i ! l3 94 90 


IZ j; In-lv 1 75 »f? r 
. iC ... .ui- 7 . 


34 £49 £30 AngUvAm iniLC-t 
7 7 468 285 Dr Been Df 5c. 
187 fll’i 925 IWWpoPfRi 

- 230 1J8 imr-alaFId: fn- 
♦ E3 54 L'deni.arc 12- c 

- 117 70 Lib 11a: Kv ' . . 


:• ;rb- v-^ n ' : 1 ^ 

• is , -. :ri!i\ri r.btir i 


91 i .. .; y&t 


• ■' 't j-. ! 9 ! 6 4 j i .. - 


n I :• •• • 
:-j [:. v 
9 ; ' -h>i T 


! ++ I Mill. 

H.'-.h 22 J . 
r.-.ir.'-’ 10 }. '• • 
•i , 3 i 

' 2 t - 




b! CENTRAL AFRICAN 

^5 210 JJ 55 Flslron F;i: 360 t/eji- s I'l 

i ll J; 1 : Kbrf». -n- [ ia;.- 1 ,?r ,7. 1.55 

SO 152 Kw. 1 ,w ■ Vc .' 73-3 .. 

i' A1 J 2? ilanmu-' in ]t*r 1 ... 29 , . W” - - i 'I? ' 

* 17’-ill0 iiaaCrr^tDOdll .., 12- j — i — 


I; -•—< l r.i:. 


7.1 * 55 ,. 


i t- ' la l ! -. i- 















































































30 


Cheverfon 






\ 



Saturday November 11 1978 


Puts the c&tipums 
where the people are 



-buSt for the job -6m- 23 m 

Cams, fate Wight. Tib Coma 7111 Taine 


. REDff^<XMPUn=RS^^ 

KS.VW WW^VH^^SUSSEJtC^T 


MAN OF THE MEEK 


Judge 

and 

accused 


BY QUENTIN PEEL 


JOHANNESBURG. Nov. 10. 
WHEN Judge Anton Mostert -was 
appointed last December as a 
one-man commission of inquiry 
into currency smuggling in South 
Africa, bis friends and col- 
leagues smiled knowingly. Barely 
two years after his appointment 
lo the bench — at the age of 44 
one of the youngest judges in 
South African history — he was 
already frustrated with the 
sedentary life, and was seeking 
Fome excitement, they surmised. 
They certainly did not expect 
him to succeed so spectacularly. 

As it is. Judge Morten's pub- 
lication oF explosive " evidence 
about the clandestine activities 
of the former department of in- 



U.S. will not block 


arms sales to China 


BY DAY© BUCHAN 


WASHINGTON, NOV. 10. 


THE U.S. has told its major 
European allies that It will no 
longer try to block their arms 
sales to China. This effectively 
opens up an important new 
export market at a time when 
the Peking Government has been 
scouring the West for modern 
military technology. 

The first concrete step taken 
under the new policy was the 
recent U.S. agreement to a pro- 
posed sale by Britain of diesel 
engines for Chinese coast guard 
ships. Other and more important 
proposed sales to China which 
are now likely to win American 
acquiescence are the Harrier 
fighter aircraft and French anti- 
aircraft missiles. 

Vice-Premier Wang Chen of 
China visited the British Aero- 
space factory at Dunsford in 
Surrey earlier this week, where 
he saw a demonstration of the 
Hawker Harrier Jump jet fighter, 
the Sea Harrier, the Harrier GR 
Mark 3. and the Hawk. 

However, American policy not 


to sell any U.S. arms to China or 
to the Soviet Union remains un- 
changed, and the green light to 
NATO and Japan applies only 
to “ defensive” weapons. 

Arms or defence-related sales 
by the U.S.. its NATO allies and 
Japan to the Soviet bloc coun- 
tries and China are monitored 
by an inter-allied co-ordinating 
committee known as COCOM. In 
the past, the U.S. has used its 
voice on this committee to block 
sales to China by other Western 
countries. 

But even with the change in 
U.S. policy, sales to China may 
not be removed altogether from 
COCOM . consideration. The U.S. 
is still opposed to sales of 
u offensive " weapons that could 
threaten China's neighbours 
such as Taiwan or Russia, or 
which could destabilise the 
military balance in the Far East. 

U.S. officials stress that the 
new attitude of the Carter Ad- 
ministration docs not go as far 
as actively encouraging arms 


sales by other countries to China. 
But the- policy coincides with a 
steady stream of high-level visits 
to Peking. 


In little over 'a year. Mr. 
Cyrus Vance, the- Secretary of 
State. Mr. Zbigniew Brezezinksi. 
the National Security Adviser. 
Mr. James Schlesinger, The Sec- 
retary for Energy, and Mr. Bob 
Bergland, th.e Secretary of Agri- 
culture. have all made trips to 
the Chinese capital. 

The Administration is 
normalising relations with 
Peking as fast as it dares, with- 
out being seen to ditch its tics 
with Taiwan, too abruptly. 

Even so. President Carter 
recently delivered something of 
a diplomatic slight to Taiwan, 
when be overruled recommenda- 
tions by the State .and Defence 
Departments, and offered m sell 
the Taiwanese a version of the 
F-5 aircraft which is consider- 
ably less sophisticated than the 
one the Teipei government had 
sought 


Zaire aid package must await 


Anton Mostert 
loyalty and defiance 


formation, in defiance of 
personal appeal by Mr. P. W. 
Botha, the Prime Minister, and 
The subsequent abrupt termina 
tion of his commission by Mr 
Botha, have transformed him 
overnight into a household 
name. 

Only last week the local press 
could not even remember when 


his commission was appointed 
has had 


In the last few days he 
to appeal to over-enthusiastic 
journalists to allow him some 
privacy and leave his family in 
peace 

The transformation is all the 
more remarkable, given the 
judge’s background. His appoint- 
ment to the bench was widely 
seen as a political appointment 
for he was an unashamed 
Government supporter. Among 
his regular roles as an advocate 
was the representation of 
Perskor, one of the two domin- 
ant nationalist newspaper 
groups, in court cases. 

The youngest of 11 children in 
an Afrikaner farming family, 
struggling to make ends meet in 
the depression years near the 
utterly unremarkable eastern 
Transvaal town of Swartruggens, 
Anton Mostert moved with them 
to Johannesburg's unfashionable 
southern suburbs, where he 
attended an English-language 
high school. Later as a student 
at the University of the 
Witwatersrand, be threatened 
the authorities with a Supreme 
Court action for compelling 
students to joint the Liberal 
National Union of South African 
Student; (MUSAS), thus allow- 
ing more conservative organisa- 
tions to be established. 

His career has. however, 
revealed a consistently indepen- 
dent outlook which finally cast 
him in the role of one-man 
maverick challenging the ruling 
Afrikaner establishment. A 
corporate finance specialist, he 
was particularly known for 
publication and censorship cases. 

The irony of Judge Mostert’s 
position is one which goes to the 
heart of the Afrikaner dilemma 
over allegations of corruption and 
the misappropriation of public 
money. The Afrikaner establish- 
ment is deeply divided between 
those who would root out such 
corruption at all costs, and those 
for whom party solidarity ana the 
unity of the “Volk" is 
paramount. 

Tbc maverick judge finally pub- 
lished his evidence because of 
his fear of a ” cover-up ” in the 
ranks -of the Government, and 
the Prime Minister’s refusal to 
instruct secret service officials to 
testify to him. His dismissal 
suggests that others in power, a 
majority perhaps, fear such 
moves could threaten the whole 
fabric of National Parly rule. 

His defiance of the establish- 
ment has been seized on in a 
flurry of superlatives as the 
vindication of South Africa s 
judiciary and its independence. 
His dismissal is seen as a threat 
to tbc entire constitutional fabric. 
Neither interpretation is quite 
true. Under the South African 
constitution, like British practice 
but unlike the American, Parlia- 
ment is ultimately paramount, 
not the judiciary. As for indepen- 
dence. Judge Mostert’s actions 
show that it still exists, but the 
total silence from his fellow 
judges on his predicament is an 
Indication that it is not universal 
in the judiciary. 

His revelations were more 
probably an aberration, the pro- 
duct of a defiantly independent 
spirit, in the old tradition of the 
Afrikaner people. Whether he 
has made “a contribution to a 
clean administration,” as he 
intended, remains to be seen, 


economy pact with IMF 


BY GILES MERRITT 


BRUSSELS, Nov. 10. 


THE ZAIRE Government has 
been refused a new aid package 
by a consortium of the main 
industrialised countries until it 
agrees to stringent economic 
measures which must be nego- 
tiated with the International 
Monetary Fund. 

Aid, expected to be voted by 
tbe Belgian-backed 12-nation 
Zaire “ club ” set up last summer 
after the Sbaba crisis, is not to 
be made available until at least 
next March, when a further meet- 
ing of the consortium is to be 
held in Washington. 

Meanwhile, tbe economic 
recovery plan prepared by 
President Mobutu’s Government 
i6 to be tbe subject of fresh talks 
with an IMF mission that will 
arrive in Zaire before the end of 
November. According to the aid 
consortium's Belgian president. 
M. Andre Ememann, the new 
negotiations are likely to last for 
three or four months. 

The refusal of the consortium 
countries to grant additional 
funds to the S90m emergency 


aid they voted in June emerged 
here tonight at the end of a two- 
day conference. It was attended 
by IMF, World Bank and EEC 
Commission representatives, as 
well as members of the con- 
sortium. -which, in addition to 
Belgium and Zaire, Includes the 
U-S., Britain, Japan. Canada, 
France and West Germany. 

Although U.S. officials have 
been making it clear from the 
first day of the conference that 
additional aid would probably not 
be available at present, the con- 
sortium’s decision to postpone 
a second aid package is believed 
here to complicate the Carter 
Administration's policy ambitions 
in central Africa. 

The U.S. is anxious to 
encourage Ihe rapprochement 
between Zaire and Angola which 
has developed lately, despite the 
incursion last May of Angola- 
backed troops into the copper- 
mining province of Shaba, in the 
hope of re-establishing some 
Western influence in the area. 

Until the aid consortium re- 


convenes in Washington, Zaire 
will be expected to draw on the 
remainder of its original S90ra 
emergency package, which con- 
sists partly of funds and partly 
of goods. It is understood tba* 
about $60m of that total has 
been spent, although there bave 
also been reports that some of 
the consortium countries have 
yet to make good the r commit- 
ments. 

With Zaire’s total external 
debt estimated at S3bn, and with 
unpaid interest payments stand- 
ing at $700ra and $S00m. it is 
thought unlikely that the Mobutu 
Government could negotiate any 
intermediate borrowings. 

At the first meeting of the aid 
consortium in Juno, Zai;e asked 
for new long-term investments, 
totalling Slbn, for Its transport, 
mining, and agricultural sectors. 
That investment programme was 
presented at the latest Brussels 
talks, but Zaire has been told to 
revise its plans further and pre- 
sent them again in Washington 
next year. 


Asda bid 


may lift 
dividend 
by 664% 


THE LKX COLUMN 



BY ANDREW TAYLOR 


As well -as prqyMiia^ cash for 


SHAREHOLDERS of Asso- 
ciated Dairies will get. a 664 
per cent dividend increase if 
the group’s merger with Allied 
Retailers, the carpets and 
furniture group, succeeds. 

Asda has sidestepped . divi- 
dend controls by forming a 
holding company. Associated 
Dairies Group, to look after the 
interests of both concerns. 
Under dividend control regula- 
tions the new group will be 
free from dividend restraint 
for the next two years. 

Under the terms of the deal, 
announced yesterday, Allied 
shareholders will get an 8 per 
cent slake In the' new holding 
group, and in addition will 
receive £20m cash. Of this Hr. 
Harold Flotnek, the chairman 
and founder of Allied, will get 
about £4m. He will join the 
new ADG Board as the largest 


Thursday’s jump la toLftbaa! . - « . . . 

certainly got the 1 5 tn 473.2 ^ ^ 

market moving, eves if . xSrtv In<,ex 1-3 IO .enables Brown's store price; to 

reflect ' the groinrs muctfvim- 
proved dividend payings potxa^ 
tiaL : Last ' year’s dividend was.- 

covered- roughly 10 ' taimiv.tbis; 

year’s payment is : tp xl^& by'. 


market, moving, even if; nn% 
downwards for - the moment— 


Varley may bar Communist 


BY JOHN LLOYD 


THE GOVERNMENT is believed 
to be reluctant to appoint an 
elected workers' representative 
to the board of the Post Office — 
because he is a member of the 
Communist Party of Great 
Britain. 

Mr. Leonard Willett, a member 
of the national executive of the 
Post Office Engineering Union, 
was elected to one of the two 
seats reserved for his union on 
the 19-strong board at a special 
delegate conference on Septem- 
ber 16. The voting was 57,000 
to 20,000 in his favour. 

The vacancy arose because one 
of the two original board mem- 
bers. Mr. Arthur Simper, also an 
NEC member, died in August. 
The union's other member is 
Mr. Peter Shaw, the head of its 
research section. 


Unions choose seven of the 
board members. Their con- 
firmatory appointment by Mr. 
Eric Varley, the Industry Secre- 
tary. is generally regarded as a 
formality. 

However, in Mr. Willett's case 
it is thought that Mr. Varley is 
reluctant to confirm the selection, 
and, further, that the Prime 
Minister, who bas been made 
aware of the situation, is simi- 
larly cautious. 

Mr. Willett said yesterday that 
he was “very concerned” about 
the matter. The union had 
lacked full representation for 
nearly eight weeks, and he would 
be taking steps to find out what 
was delaying his appointment. 

If it were the case that the 
Government did nnt wish to con- 
firm It “that would make non- 


sense of the whole idea of indus- 
trial democracy.” 

Mr. Willett added that he had 
not supported tbc Idea of the 
new-style board, ami would 
maintain a critical attitude 
towards it if be became a mem- 
ber. However, he wished to 
represent the interests of his 
union members. 

The Department of Industry 
has said that confirmation of an 
appointment could take some 
weeks. Prospective members 
would he barred only if they 
were “a very obvious security 
risk.” 

The duties of nationalised 
Industry board members were 
defined bv statute, and the Secre- 
tary of Stale has to take into 
account, for example, possible 
conflicts of interest. 


individual shareholder, with a 
1} per ‘cent stake. 

Allied shareholders are 
offered 37 ADG shares pins £79 
cash for every 100 Allied 
shares, while Asda share- 
holders will get one ADG 
share for each share they now 

hold. 

Mr. Noel Stockdale, Asda's 
chairman, said last night that 
Allied would continue to be 
run as a separate business, 
although there might be some 
rationalisation between Allied's 
Williams furniture stores and 
tbe Wades furniture business 
which Asda bought two months 
ago for 15.6m. 

The group had previously 
shunned the cyclical home 
furnishings business, but had 
looked for some time for a 
home for its cash balances, 
£24m in the last balance sheet 


Retail outlets 


Asda has made its reputation 
with its chain of food- 
dominated superstores, mainly 
In tbe north, which sell a 
significant proportion of 
general household goods, about 
20 per cent of sales. Mr. 
Stockdale said there was on 
intention of selling furniture 
and carpets in the group’s 


superstores. 

The deal 
opportunities 

expand its 


Tri-ang to stop trading 


BY ARNOLD KRANSDORFF 


TRI-ANG PEDIGREE, the ailing 
British toy company which was 
put into the hands of a receiver 
last December, will cease trad- 
ing by Christmas. 

The closure follows an an- 
nouncement yesterday from the 
Welsh .Office that the Govern- 
ment. which has pumped in 
nearly £4m since 1975, was not 
prepared to make available fur- 
ther financial support beyond tbe 
end of this year. 

This will mean the loss of 340 
jobs at the company’s Merthyr 
Tydfil factory. 

A workers’ joint action com- 
mittee at the plant is to make a 
further appeal to Mr. John 
Morris, Secretary for Wales, but 


the Government’s decision is 
thought to be final. 

Because of the "substantive” 
losses already incurred, tbe 
need for considerable capital in- 
vestment to keep tbe company 
going, and the prospect of fur- 
ther losses in the future, “the 
Government have with very 
great reluctance concluded that 
more support would not be justi- 
fied." Mr. Morris said yesterday. 

The company's Receiver is 
Mr. R. P. V. Rees, a partner in 
the Cardiff office of Deloittes 
Haskins and Sells. Most of the 
work force would lose their 
jobs “ within a matter of weeks," 
the office said yesterday. ‘.‘It is 
still early days yet how we are 


going to tackle the realisation 
of assets.” it added. 

Tri-ang's Troubles rtarted in 
1971 when ihe Lines Brothers 
toy empire, of which it was part, 
collapsed. 

In 197a Airfix Industries took 
a two-tbirds equity stake in 
Tri-ang in a joint rescue deal 
with the Government, but in 
1977 Airfix decided not to take 
up an option to inject further 
capital into the company. Then 
the Government decided to 
appoint a receiver, allowing the 
company lo continue trading for 
12 moolhs. 


Weather 


UK TODAY 
MAINLY DRY. Fog patches early 

and late. 

London, S. England, E. Anglia, 
Midlands 

Dry. fog early and late, some 
brighter spells. Max. 15C (59F). 
Channel Is. 

Mainly dry, sunny- Max. 16C 

(61F)- 


E. and N. England, Wales, I. of 
• Man. S. Scotland, N. Ireland 
Cloudy, some rain. Max. 13C 
C55F). 

N. Scotland. Scottish Islands 
Mainly dry, bright intervals. 
Max. AC 14SF). 


Outlook: Rain in N. and W., 
spreading S.E. 


BUSINESS CENTRES 


HOUDAY RESORTS 


Amstrdm. 

Athens 

Barcelona 

Belfast 

Belgrade 

Berlin 

BirmpJnn. 

En*wJ 

BruswlR 

Buds post 

Cardiff 

Cologne 

CopnhaHL 

Dublln 

Edlnbreh. 

Franfcfon 

Gi-nova 

Glasgow 

Helsinki 

Lisbon 


Y’daj 
mid-day 
*C °F 
Fg 5 W 
S JG 61 
IS rt 
11 53 


C 

c 
c 
c 

F 
S 

s 
c 
c 
s 

C 9 
F lj 


3 37 
l 34 


Y'dar 
mid-day 
# C *F 

London F U S3 

Loxcmbre. Fs— t 30 
Madrid C 11 S3 

Manehstr, C 12 54 

Milan Vg 4 39 

Moscow C G 43 


M Jfi. 
■1 3!>f 
n :tr 
12 « 


l 3D] 
4sl 
SO 

r. .Vii 


- nil ' 


41 


46 


Munich 

Wu-caftfe 

Oslo 

Fans 

Pracue 

Reykjavik 

Rome 

^lookhplni 

Srrasbrg. 

Tel AVlV 

Vienna 

Warsaw 

Zurich 


Alacdo 

Algiers 

Biarritz 

Blackpool 

Bordeaux 

Boulogne 


Vdav 

mid-day 
*C *F 
F 19 SB 
F 22 72 
F 79 66 
C 11 S3 
$ 14 57 
s ID 50 


Istanbul 

Jersey 

Las Pirns. 

Locarno 

Majorca 

Malaria 


~ Casnblnca. F *1 7f>) Malta 


l 53 

; k 

1 34 


2 .16 


F 13 54 
F 10 SO 


19 Sfl 


S IS Mi Naples 
S 13 a9| Nicer 
C 15 39 Oporto 
S 12 Ml Rhodes 
C 19 66 1 Salzburg 
R ill ui . Tangier 
S 13 SS| Tenerife 
S I'! 35 1 Turns 
R 7 45- Valencia 
P U mi Venice 

S— Sunny, F— Fair. C—Ckmdy: 


Corfu 
Dubrovnik 
Faro 
Florence 
Funchal 
Gibraltar 
GlMrAae? 
Innsbruck 
Inverness 
I. or Man 


Y*day 
mid-day 
■C *F 
ID 50 
13 35 


ID 59 
20 68 
13 55 
IT ei 
36 61 
17 « 
15 59 
19 AG 
2 36 
15 50 
C 18 64 

v i6 «r 

T. IS 64 

s id 50 


K-Run. 


Fz— Foz. £1— Drizzle. T— Thunder. 


Continued from Page 1 


TUC 


doubt thar Mr. Callaghan will 
shift at all from the Govern- 
ment’s tough line on wage settle- 
ments and automatic sanctions 
aaginst offending oempanies. 

Yesterday's meeting of Mr. 
Denis Healey, the Chancellor, 
and other economics Ministers 
with TUC members of the 
National Economic Development 
Council — minus Mr. Moss Evans 
of the Transport Workers — was 
to iron out the wording on two 
troublesome areas: Low pay and 
the relation between the private 
sector and the public services. 

Mr. Lea Mnrrav, TUC general 
secretary, and the rest of the 
"Neddy Six” will on Tuesday 
report first to the TUC economic 
committee and then the whole 
general council. ‘ 

The CBI yesterday -said that 
the great majority of settlements 
reported to it wore within the 
5 per cent limit but that there 
was still a marked reluctance to 
settle. Many powerful industrial 
groups such as Ford workers 
were already negotiating above 
the limit. 


would provide 
for Allied to 
retail outlets. 
Allied’s major carpet business 
operates largely In London 
and tbe midlands. 

The two groups have com- 
bined net assets of £6AIm. 
Allied will bring Asda 43 car- 
pet stores and 75 furniture out- 
lets, as well as its eight UKAY 
home-furnishing superstores, 
developed In the last two 
years. 

Last night Afiied's share 
price, having been suspended 
at 113p, climbed to 136p, 
while Asda shares were np 4p 
at 176p. This would Indicate 
a market capitalisation of just 
over £200m for the new group. 

Tiie Treasury has not 
opposed the deal or the divi- 
dend increase. Shareholders 
of Asda will get a net dividend 
for the year of 5p as a result 
of the merger. But there Is 
speculation that the Treasury 
may he becoming disturbed at 
the recent incidence of new 
holding groups formed as a 
possible means of avoiding 
dividend restraint 


Continued from Page 1 

Home loans 


personal loan from one of the 
big finance houses, may jump 
by 2 or 3 per cent. 

At least one finance bouse, the 
Lombard North Central sub 
si diary of the National West- 
minster Bank group, is already 
sending out instructions to 
increase rates. 

Tbe company plans to raise 
the cost o fits consumer loans, 
at present between 10 and 12 
per cent on a flat-rate baas, by 
1 per cent Hat 

This would be equivalent to a 
rise in the true interest rate of 
around 2 per cent, to between 
194 and 234 per cent 

Other finance houses are 
expected to follow the upward 
trend in rotes, increasing tbe 
charges made for instalment 
credit loans by 1 or 11 per cent 
on a flat-rate basis. 

The big banks have already 
lifted their overdraft rates once, 
with the increase in their base 
rates for lending at the end of 
iast week from 10 to lli per cent. 
They are expected to see how the 
level of short-term Interest rates 
in the money market settles down 
early next week before making 
any decision on a further in- 
crease. 

Following the similar move 
move made by National West- 
minster last week Lloyds is rais- 
ing the rate on new personal 
loans and home improvement 
loans from Monday by about 1 
per cent on a tree basis. 

Richard Evans writes: Tbe 
increase in mortgage rates 
shocked many Labour MPs, who 
feared it would do the Labour 
Party grave electoral damage 
and make more diTBcult the 
Government's attempts lo keep 
wage settlements lo 5 per cent. 

But Ministers believed the rise 
in MLR and the associated 
increase in mortgage rates could 
act as a warning to the trade 
unions of the unpleasant effects 
thar Inflationary wage demands 
would have* 


| the FT Government Securities 
I Index slipped 0.14 yesterday to - 
a year’s - low -of 67.92. TfieM 
Government broker had refused * 
ito supply the. long ; v.tap^. 

1 Exchequer 12 per cent' 1999-*’: 
2002, on Thursday afternooiL'al 
94, perhaps for fear thatithe.:' 

| monetary targets, which: had; 
then not yet been, announced, 
might upset the market, but he 
sold up to £50Dm .ye^erday 
morning to exhaust the tap -. at 
93 J. This presented tfi c lobbers, 
who had built up short positions 
in the stoc$. at 94, with a hand- 
some profit and led the market - 
i point lower to the- yield -level 
of the exhausted tap. .. . ' . ' ; . 

To say that the brokers /ware 



four-fifths./- Had. iLndtbeea-Tor., I 

dividend poiftrols. "• Jl 

may well tioLiiave been deemed-^. - 
neoessaty-Hso it is yet^oaft^ - . 

.. example, of how the • ' * >" 

have distorted, the capital;, 
markets. . ? 





A sizeable acqu ishaotL -fiOald:- >> v ^ 
come. arisr.tihie in the ae^'yesarr: . 
or so/ - Meanwhile"^he grmip .ig;; ^V.-o 
forecasting, at least 
. the year -to next March io^: -^-^ 
pared, with , 

That. "target, which Iooks conser-. - j' 
vative, reflects 'fiomethihg?^ a v ' 
pause on the gas .turbmersi de ^ - 


furious would, in many cases, iThfe banks ^ inhibited from after Iasty^ar’s excep^ : 

be putting it mildly. Many _qf-. . ^ b corset and formance, .. another leair, period:-.;:^. . 

h n „<rVit -buying STOCK oy tne corset ami ; 


them had bought stock tor ^j eties b « for machine tools, and , 

(clients on Thursday and were ^ /£.ant- jjrpgress/ in. \^uJSS8i^‘ 

* John Brown. There . OTbspects^ W(|sf ~ J ‘ 



-~ti - 


cueui* VU J.uui.*uajr *uu. wac flag Oiling liauldltv. 

amazed to see the price sub-. . ."John Brown. There. ^bspeGts^v-.L,..,.. 

sequentiy falling away -in the^ The most positive outcome pn>vide retidstipportfo"ra'iB^?^!r - 
absence of any apparent sellecs.jof yesterdays trading is yuit ^ capitalisation. befor^ : tije LV^ 

In the circ umstanc es some the .Government has con vine- - = — ■- 
brokers were 

that there had . _ 

market in the long tap.- But the.- have bad. But MLR at 12 J per 
rules of this parilailar-.game cent is presumbaly intended to 

are well known and the brokers 'have a broader impact ‘than n«ia| nuivu.nMuin|>.' .. y . 
were aware that their clients this, and there is little to sag- ~ J 

were taking a gamble on the Best that it is a short-term - When -de^tpgs . xetgKned;, ; - 
level at which the Government' measure. a yesterday . Allied fiet aifer g 1 ^.- , - 

broker might intervene.. The.;. . shareholders 

only question is whether the x_i_ M ' “ one . 

GB was too obliging to the, John Brown Amocm 

jobbers and should haye r John Brown had over £15m ? ut .■ffif R -:^i nh aiaft 

followed his. more: normal of cash and £61m of virtually fro^ the promise-.of - r 
policy of supplying in blocks -of ungeared shareholders’ funds in j* 11 * increase -in; tmr. drvBi^, - -^. 

£50m/£100m at rising prices the last balance sheet, and its nave v ery kttl e to^show^f qy-.the ; r^.: -. 
rather than remaindering his. i^h flow will more than cover dea r Effectively _ 

supplies in one job lot. • , spending on fixed assets and capitalisation fl or "; y " 

No replacement stock was 'an- working capital this year. So its Reran e r s n as : Co me ,o«vcf ®e : ' 
nounced yesterday afternoon £16 im rights issue, announced . . 

but the market failed to pick yesterday, may raise a few 
up, which suggests that it has 1 eyebrows. • becn offse L 

a degree of indigestion: ; The The explanation starts with Arrangements. .. -iT?- 

jobbers may still bare some 1 of- the fact that Brown wants to .There is * 

the Exchequer 12s, and the acquire a significant neW source that industrial ' syneiegyi;-;-^^ 
authorities have been operating ; of profits. There seems to be result from the; mamagev ^v^^ 
a number of stocks as unofficial plenty of long-term growth left food to carpets- . The ^actars^'.-V: 
taps. It may take a few days in its two major profits centres behind the deaiere ma 
for the market to absorb this — gas -turbines and - process mundane. To start w^th^jAsdd V .f 
paper, especially considering engineering — and there is a lot is, generating cash-^^Vfitdcker ’ ’ 
next week's -calendar of stalls- still to be done with its third than its fastmai 
tics— trade figures, earnings, main interest' machine tools, store operation. ckn>v 
money supply, and probably the where : , returns oh •; capital has. moreover,- a . micrereppie ~ 
official Treasury economic fore- employed are still very low. But dividend yield C0.fi per ; 

casts as welL all there businesses are cyclical, and a way of getting this ' - 

The demand for the ex- and Brown wants a fourth leg reasonable levels- is provided; by . 

bausted tap shows that the long- to hdp iron out short-term flue- the mechanics of the takeijy^^ ' 
term institutions are now tuatioas in Its profits. . - . Admittedly. Asda jay, now, have .. a r 

seriously committing themselves Plenty of dud acquisitions more clout ’In. ' 

to their end of the gilt market have been made in the past few ning applications. In addfitionT 
But the shorts, despite some years by companies anxious to Allied conld .provide ' : ’.‘ 

switching into the short- improve the “quality” of their something to develop beforetbe.” 7 1 
medium tap at 88 yesterday, are earnings.' - All the same, Brown superstore, idea gets sale-;--- As ■ ' 

not as well supported and the feels that, such a move would Asda accepts it pro bably\w2I . 
yield curve is flatter than ever, enhance .its market status. • within a decade: 1 -- v ’ ' 

-jT ri’ 









fcC- L'C. 






- i. v 


HlOT'jW^deluxe . • 

The number of stars on a botdedoestft teH you , ... 
much about the quality of the contents, but the ' 
name on the label can meana great deal.Taste Hme 
'&&& de luxe and you will immediacely know you 
are drinking a Cognac of qfiJityand distinction, . ; - 
stars notwithstanding. 

HINEVSOP .; 

If stars counted for anything long-^igedHineVSOP 
would command a consteHatioruThis is truly the 
Connoisseurs’ Cognac, appreciated everywhere - 
for its d^ 5 th and subtlety ; -> ; 7 > J 

HINH “ANTIQUE” 

A star of the first magniftideftiftte Cognac ' 
firmament. Rare, costly and distractivdy 
packed to make it a flattering-gift - a present 
you may prefer to give yourself;- ;• ; 

HINH “OLD VINTAOE^ ■ C_ 

Only small quantities of this superb { - 
ancient Grande Champagne Gk^nac are 
produced, and the price is inevkably ; 
astronomic. Ownership guarantees ^- .r 

vetitablegalaxy offiiendsl - v f? 


V’V. • . 


Hine 


Cognat 


Forun.^ informative leaflet on Cognac, sdt2a 
Dcpc FT, ddiFlooc iOxendon S 


ito 


iS5CTY‘4EC.