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~' 9 2CjS 


FROM : 

John Williams 

CARDIFF 55622 




No. 27,718 


Saturday November IB 1978 



COWTtWWTJij. -SOUMS .PRICES, AUSTRIA S*h IS; WB^UM Fr ZS: DENMARK Kr 3,5; FRANCE Fr 3.9; GERMANY DM 3,9; ITALY L SOO: NETHERLANDS F| 2.0; NORWAT Kr 3-5: PORTUGAL Esc 30: SPAIN PO 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0; EIRE 13p 



GENERAL 


BUSINESS 




ease 




Journalists John Aubrey and 
Pa Dean Campbell were given a 
conditional discharge- for three 
■ years at the Old Bailey after 
being convicted in the Colonel 
. B secrets case. 

The third defendant, former 
Army intelligence corporal John 
Berry, was ;j*iven a Fix months 
jail sentence, suspended for two 
years. 

The total cost of the case is 
estimated at £75,000. Kerry will 
have to pay £250 towards defence 
cast*. Campbell nearly 15.000 and 
Aubrey a omit £2,500. 

Union leader 
attacks Times 

Times Newspapers,. which says it 
will suspend publication on 
November 3Q unless new working 
procedures are agreed, has been 
accused of a “oonchaleiu” 
approach to negotiations by Owen 
O'Brien, leader or the print 
union NATS OP A. 

News International, publishers 
nf. The Sun and. News of the 
World, may scrap plans for a 
£22 m London headquarters in 
Camden because of high rent 
demands. Pago 4 

West Bank ban 

Israel has banned public meet- 
ings on the occupied. West Bans, 
only Iwu months after 'lifting an 
il-year ban. The move indicate* 
that Palestinian leaders buv'A 
unwilling to co-operatc in the 
proposed autonomy plan. 

Tehran march 


drift; 
Pound 
falls 2ic 


• EQUITIES drifted slowly 
downwards in very qdtet con- 
ditions with business inond the 
lowest this vest, . The FT 



490 r 


4851- 


480 


475 


47C 


MMtur«nia«FTs 

#ematK. 



465f- F.T, Industrial ! 
Ordinary Index 

460- ' ... 


13 14 15 ■ 16: 

November 1978 


17 


ordinary' index closed l^ up al 
472.8, ending th eweek 0.4 
easier on balance. ' 

• GILTS made progress until 
announcement of the two new 
tap issues and the Government 
Securities index closed 9.05 
down at G8.22. 

• STERLING fell ,2.25c to 
$1.9295, its worst level since 
August 25. its trade-weighted 
index falling to 62.2 <62.5). The 
dollar's depredation narrowed 
to S.3 per cent (S.7). 

• GOLD rose S2$ to SlfiSs’ in 
London, in trading nervous 
ahead of the L'.S. auction. - 

• WALL STREET was 5.80 dp 
at 799.98 just before Uie~clos^ 


}. W'* v 
.! : T‘* 


Iran's Amy marched through •OrS: tREASI/RT .md^Feden 
.Tehran in a -sliosit.i?/ support Lsseryg. experts, are io have flit' 
: ;L r . -people -in the |ner - coiwiUlailons with West 

. crowded strets look little notice: £®r D !t , .!!- v : al ^. 1 Swit ? er i? nd 

' Treasury s Bale of Dmark and 

B * SwFt denominated securities. 

Terror ‘setback’ ; « '£&*'<# growth . or uk 

Yugoslavia's decision not to ueonomic activity slackened dur- 
- hand over four alleged, former the summer but total output 
members of the Baader-TVIeinhof between July and September was 
brought sharp reaction in- Bonn, 3 6 P^r cent higher than 
where the West German Govern- J' ear earlier according to the 
meat tailed the decision a set- latent Government economic 
back in the- imeroailonai fight figures. Back Page 
against terrorism. •OECD economic officials meet 

Hayward burgled Z w£ 

Police are investigating a break- tern industrialised countries are 
.“in at the Sussex home of million- purs uing are broadly the right 
sure industrialist Jack Hayward, ones, in spile of lower growth 
. -potential witness in the Jeremy prospects in the U.S. and the 
-Thorpe case in whiclr committal OECD, area as a whole in 1979 
proceedings start on Monday.. B apti ** a E 1 ' 

U mUSiDS U ° m thC • 1MSB export* dropped 6.3 per 
nouse. cent in October to £265m, com 

IIKctar rhanc par ® d VJlh ^S£.7m in Septem 

UiSLt;r UKi«ax»s> her.. Exports for tbe first ten 

Numerous bomb warnings jnvrdv- months of this year stand at 
lng parked cars, buses and trains £2.411bn compared with imports 
^brought havoc to Ulster and the of £3.1S3bn. 

; ecntre of Belfast was at a stand- 
still during the evening rush- 


Hopes rise for 

deal as strike at 
BL plant collap 

BY ARTHUR SMITH AND ALAN PIKE 

BL Cars 7 hopes for a 5 per cent pay deal rose yesterday with the collapse 


Tap stock 
issues 



Retail price 
total | inflation still 

£i.3bn I holds steady 


BY MICHAEL BLANDEN 


BY PETER RIDDELL ECONOMICS CORRESPONDENT 


TWO NEW issuer uf Gou-rnnientj 
■ slock totalling flJluc. were: THE 
by ihe 


of tlie strike 
Birmingham. 

Workers rejected a shop 
'towards' recommendation to pro- 
long the dispute, which has 
balled Atistin-M orris production 
and made nearly 30,000 em- 
ployees irile. 

Unofficial strike leaders saved 
face with a compromise resolu- 
tion urging a return to work so 
that shop stewards could consult 
other BL plants about “ co- 
ordinating ale-ions " in pursuit of 
a pa> increase of more than 30 
per rent. 

Air. Arthur Harper, the Drew* 
La rn- convener, put a brave fare 
on the rebuff, arguing that ‘"l lie 
battle" [ur the pay rise was only 
beginning and would be joined 
by all BL plants. 

Management must draw much 
comfort from the collapse of 
the strike after only 14 days. 
Support for the militants will 
decline and big factories such 
as Longbridgc and Cowley will 


by 3,500 workers at its components plant at Drews Lane, 


The blrung management line to leave. Management's chief 
(ms ben vindicated, with produc- fa«,fc will be lo wiion- that the 
tion Jo.sx»*s co mi ned lo Austin- .smaller work force maintains 
Morris, many of whose dealers output levels, thi:.- ;ua‘it:n-4 ihe 

are carrying mure stocks than & heme self-fin;, m ing within the . wave "nf tiuvinV "which” foiimved 
for several years. ~ 


announced yesterday 
Bank of E-l-Jland. 

The issues are i:t the medium 
and long run*.-".* «»f the sill- 
edeed market. Th 
iwu prei mu.s 
exhausted, as rap si neks held 
available for ilu* hank io meet 
market demrind 

Official supplies r,f these two 
stocks 'mmo eshau-ted in 'he 


UNDERLYIN'!.; rate nf 
retail price in II a linn shows no 
sians yet of any early or sign ill- 
cant acre lend ion. and the 12- 
month rate of increase should 
I easily remain in single figures 


■•■;/} replace. al ] easl unnl the *f;iring. 
sloe*-* now- The* Depart mem nf 


Apart from any impact on 
customer und distributor confi- 
dence. ihc Ijtesl strike should 
have had little elTeci on BL'-- 
market share, even though 
workers can he recalled and 
production schedule) built up 
only -jr.idu:ilh . 


Parity 


Government Pay vu Adelines. * iho adjustment of the cild-odaed 
Talks on {he Ford claim i marker |rt la>i week's sharp 
resumed in London jestt’rda’y as ; increase :» mirmr.ru landing 
the strike by i ho' company's ! rate from in lo 12.' per cent. 
57.0(10 Employ co* reached the I The pn-viuu-. lona-duied up 
end of its eighth w«vk. 'stock ran 

The union side mi ihe negoti- week and 
aling comnillti.-< em several .Tu^dav this w:— k. v*ith sales 
hours in srp.,ra;,- discussions ■ making a e/>nrr}J-iil»*>« n: nrnb- 
beforc nieotiru ii«' i"<maaiiy. :ibh ahum £Tuum lo financin'.' the 
Details of Ford's proposal for an f public sector borrow :ng require- 


Management has insisted dial 
ihe 5 per ecu l rise niUM t>e 
linked to shop stewards' ;n,-ep- 
tant-e uf 7 D00 voluntary redun- 
dancies m Ihe move tuwards pay 
parity — ihe same wage for the 
same job — b> November next 


allov.anci- scheme 
ovin'.inf-d '/V a suit- 
or ilia tors from 


find difficulty in acting similarly. • car - 
Th^ precipitate walk-out at Tlie partly programme might 
Drews Lane 
believed that 
key components plant 
force management to make con- Cowley, 
cessions, has brought the RL Whatever opposition is voiced 
annual wage claim quickly lo a by union leaders, their is likely 
head. in he no shortage uf volunteers 


a i tendance 
were then 
cum mitt ee 
both sides. 

There was no i:ulii-;,;ion ihat 
Ford was prepared to raise the 
overall value of offer r»f 17 
per cent, including fl.75 uvr cent 
on basic rates. The company has. 
however, said that is will relax 
ihe condition? under which 


uienl. 

The terms of : ’r.e th-'-' 
were felt to be is- -ire or le?= in 
line with Hie ?•??•>! "i market 
prices, which have settled uo»n 
aft nr Iasi wefc\ event? and thi? 
week's How "f financial and 
economic ru-ws. Thi* fm in-; 
eluded the money supply figures i , 
mid-October, the trade* P - L 


Deparinieni m' Employ- 
ment announced yesterday that 
the retail price index increased 
by P.4 per cent in ihe month to 
mid-October u> ail. I t January. 
1974 = 100). which represents an 
increase of 7..S per cent over Ihe 
last 12 months. 

Thai rise is the ->ame as in 
the year to mid ■September, anti 
means that the 12-munth rate 
Uun been S per cent wr less for 

also 
e 

c | rai»* in other industrialised 
I countries. 

Mi*. Hoy Haller-Icy. ihe Prices 
. Secretary, said ye-u-rdsiy Ills' l the 

'figures supported his June fore- 
. r-a-si liiaf pri'-e? would settle at 
thi- level (or the rest of 
197S. though he warned that 
■' i nudes t 1 1 pi urn in i nPa- 

linn is tn he expected next year 
ihe l'J per cent increase in 
unit labour cost.? in I be last pay 
round works through into retail 


,-viuu- lona-da-ed iap- Ua " ,,een * P« r ‘ r '! u ur ,! e . ss 
out -t ,.ru of lasi } * e%en months running. U is ais. 

i'k/ uirriiin.i nn -sliahllv lower Uun ilie average 
the -hu:. -me (I min mi, -. . 







'i 


Retail Price Index 

25 

- l.Hswpt ic.isnnrtl f.Midsl -11 

20 

" 

J 

15 . 


—A -j 

IO 

. 

\ 



5 ' 


■ - 'Yvt- 


) ■ 1 


■ r •- :ivr:..i.- 1 sor. I 

- . .j - . -.km - 1 

_ -i . :-.j 1 


1976 

1977 197 S J 


for 

figures, ye.iierday'a rvlail price 


. where steward? mean immediate pay increases employees wnuid qualifr for the i index and the Treasury (••.-onomic j wou jfl e dc 
: the strength of a of about I'lO a week at low-paid attendance a^mvanees. worth up I f'^ecasts. '9 per cei 

ents plant would fa« fnrces such as Longhrfdye and m £4 a week. — Dealers nail been expecting o j 


to £4 a week. 

Ford loses Pakistan deal, 
' Back Page 

Murray on pay. Page 4 


On Wednesday, the Treasury 
forecast that the inflation rate 
edge up to between 8 and 
cent in 1979. But this 
i assumes an unchanged effective 
exchange rule and a 7 per cent 


rise iu the in.le.x hy the end nf 
Jan liar.-- . 

A eunUnni:ig iiiudernie trend 
is: the sliuri-l'-rin ii» sugeesit-d 
huih the Price Commission 
index of mil UK'd price rises and 
b;. »bi* index fur all items except 
seasonal ftuids measured m-er six 
iii'>niiis’ and ovpre.-.-ed a I an 
annual rale. 

Tlie Jailer siuod at 7.7 per cent 
in mld*Oetoi/er. as.iin-i 9.ti per 
cent a uxinth before. However, 
i his greatly exaggerates any 
underlying improvement, since, 
the earlier figure was distorted 
hy the inclusion of Ihe large rise 
in April when there was an 
annual bunching of certain in- 


1- 


Bonn compromise maxes 
reflation certain 


. new is -ilu ai ihe k»ru end of the VJlcnaQ j. c ri( i,, un u a , pei itm uiHumui. >v>..nu ■*•- 

■ market, though the nic'hum-ddiea i earn j n n S j n the current creases, uoiahly m local authority 

issue came w a slight surprise. | p av rClI , n( j rents and rates. 

i reil cTi a n ' i o e ^in no» mep oi e n't \n \ , ?J osl ' ,uLs ‘‘l e commentators About half the rise in the all- 
mh-h subdued' ISdin* ‘"Ibeiteve that the rise in pay is ilcn)s ln( ^x in ihe month tu mid- 
jairi) .-ubdued tramng. >0 be higher than October wj< tbe result uf bigber 

, T5 cn H," ! w t S, r P n i ! ! lhl<t. though the outcome is still housing and motoring costs, 

bank with u siippl) 0: new ft Jjh . uncertain. Thus the exact path There were also rises in the price 

l oin e e lile in a n uduri n gDus b a n k * . nF lho ra{e of uriCP mibiion arit-r <tf c >othins and footwear, and of 

:ing month, which began on t be spring is unclear. alcohol 

. Thursday, am. with the Ion Until then it seems likely that 
stock, being sold on partly -paid Jhv i-j. mo nth rate will edge up 
lerms, will spread the inflow of 

figures. This is tn 


hour. No- 
-Teported. 


explosions ' were 


Angry Nyerere 

^aTBimian - President Julias 
Kye re re , demanded that African 
Wiuniries take . joint ' action 
: againsi President I«li Anun of 
^amla for the occupation of 
Tanzanian terrilory. President 
^?iy?rere 


• NORWEGIAN Government 
and the country's three largest 
hanks have agreed on a scheme 
io raise the NKr. S90m needed 
to finance Norway's purchase of 
40 per cent stake in Volvo of 
Sweden. Page 23 


briefly 


• BtUCEST shipbuilding union, 
the Boilermakers Society, has 
called Tor art. overtime ban from 
January 1 in reply to British 

accused Uganda of Shipbuilders’ proposals to axe 
and wanton - distruc- :f >U jobs iu the industry. Back 
Page 

• >1CKERS and the National 
Enterprise Board are holding 
talks which may result in an 
NEB-snonsored takeover of more 
of Vickers' offshore engineering 
division. Back Page 

Q BRITISH AIRWAYS Heli- 
copters has signed a £!7m deal 
to buy three Chinook helicopters 
from Bueing Vertol for sendee 
lo North Sea oil fields. Page 4 


-massacres 
'lion. 

Ghinacorde l 

J Bniisb Airways chief executive 
iffuFs -Stainloo says flights to 
£hiua via Hong Kong are a real 
inability froDi next year. .Tlie 
$rst flights would be subsonic 
with. Concorde taking over the 
route rlater; Page 4 


New auditors 
for Sime Darby 

... 9 SIME DARBY shareholers 

through the cull of 1.000 seals ^ ovc voted to replace Turquand 


Pope John Paul II is expected to 
; visit tbe Roman Catholic univer- 
’ sit.Y ' at Lublin in bis native 
.Poland next spring. 

Hunters in Orkney 3rp halfway 


'Which began two weeks ago 
Mtueral water salefi soared after 
S&mide was fund in Barcelona's 
water supply. 

Boy of she was mauled to death, 
ip Hirat3. Japan, by a dog trained 
fiir fighting. 


Youngs as auditors 
Waterhouse. Page 20 


with Price 


COMPANIES 

• WEDGWOOD pretax profits 
fur the six months to September 
30 were £3.Sm. marginally down 

grmei -champion Jackie Stewart ^ rif jS e la ^®e^. but hofh 
escaned unhurt « h Trj ^ and operating , profits were 


escaped unhurt 
overturned when he 
tomorrow's Macao grand prix 
circuit. 

Python was found asleep on hay- 
gage at London Heathrow airport 


r were 

buoyant. Paw 2fl 
0 HUDSON'S BAY Company is 
making a bid for control of 
Simpsons of Toronto. Page 2J 


Welkotn 

Westfield 


CHIEF PRICE CHANCES YESTERDAY 

^Prices in pence iiuless otherwise indicated) 
{Prices in pence unless o l hen vise gpjfbr'dge 
inrikratetl ) 

RISES 

AAZ 233 

&snn (D.) 114 

:Uo>-d jF. Hi) M 

'.3fcyer y Montague L.) ^3 

'Midland Bank ‘*>48 

(Chris. i 34 

Jmton and Wrjgin -42 

Parker Timber 11" 

P & O Dcfd 81* 

Pennine Motor 1 5 

8 aatchi & Santcbi • • 1 1“ 

4tandard Chartered 410 

fniparia lo’fi 


12S 

" £17 


4 
0 
7 
3 
2 

5 
12 
.1 


Minerals 
< . FALLS 

Peccham 

Clomlalkin 

Heath (C. E.t 

Hoskins and Horton 

How den ( Ales. I 

Rivingion 

Spear (J- W.J 

United Scientific 

■■ W " Ribbons 

Willis Faber 

Peta-ling * ; ; 

Southern Kintti 


lijB + 112 


915 

97 

2J0 

147 

134 

U3 

lt»5 

230 

53 

230 

•*ai 

lint 


- s 


BY JONATHAN CARR 


BOX.V Xov. 17. 


THE WEST .GERMAN Govern- A long financial poker game However, the Federal Govern- 
ment and political opposition has been in progress since raent alone has taken up almost 
reached a compromise early to- August, the opposition demand- DM 20 bo in credit in the first 
day making it certain that Bonn ing a bigger reUatio nary package. 10. months. DM 4bn more than 
will be able to keep its promise in particular wilh more tax in the same period last year, 
of additional reflalionary benefits fur business, and The Tbe Bundesbank is positive, 
measures, made at the Western Government iusLsting the funds too. about tbe economic outlook, 
economic summit here in July. were not available and that noting ih3f the orders intake nf 
.Herr Haas Matthoeter. Flaaace hom ™.n; could uol be increased, manuraeluring indutli? in the 
Minister, in evidently buoyant Herr MallhooTer points Ui the “l™ . J'Vl.fl* h 

mood, told tbe Press that West emerging upswing in ihe C , e "i 

ecomm.y. evident since about ^ams the second quarter and 
s.-,vs ihux u«-uu^ of by do less than t per cent against 


a period nf two 


funds over 
months. 

Th. medium -lock is ‘‘500m uf 
12. 1 per c*.-nl Exchequer stock 
19S5. It is ht-ino issueii ai a price 
of i'97i per cent, payable in full 
on appiicaliou next Thursday, lo 
give a ri'Jt yield uf 12.6 per cent 
and a return U> n-dernption of! 
12.84 per cent. Another E'JOOro nf 
the stock has been reserved for 
investment of public funds by 
the Naiional Debi Commissioners. 

The long stock is t'SOOm of 
12 J . per cent Treasury stnrV 


and tubacco. These rises 
were pariialU offset by lower 
price* for seasonal foods, parlieu- 
slightlj while remaining in single | jr iy fresh fruits and vegetables. 

Tl>lt ' ’■ s 5 P il c nf Seasonal fuod prices are on 


several n>es in the pipeline, average almost exact) v the same 
notably higher .prices for milk i L . v ,.| -j V eu r age. 

and petrol. *i lie lai*»st increase .. -s . 

in the mortaaac r.;« -. ill add Giuwlh r^te -im slows 

half a percentage point to the and Lex Back Page 


Bid to keep rates down 


BY PAUL TAYLOR 


Germany could now. with a goud 
conscience, urge us partners to 
keep their side- of that bargain. 

The total volume uf the refla- 
lionary package, 
measures. Will be about 
(£3.8bn)— or railier more than 
the measures of “up lo 1 per cent 
of gross natioual product" that 
West Germany bad promised. The 
increase is due to further steps 
demanded by tbe opposition 


July, and says that because of 


that additional tax reVenue of ^e third ^er last year. 

. DM 2.5 bn can now be expected. . , Tbc . d er . s _* ,n _ lak ?. _ I 
chiefiv ^t-ix That has enabled the Government 
■rn nu i4'.n lo agree tu some opposition 
mf)P , ih’ n demands without, it feels, taking 


action that could overstrain the 
capital market. 

The latter point is particularly 
important. The market, in addi- 
tion to normal demands, will 


Christian Democrats and . before long have Jo absorb the 
Christian Socialists as their price 
for Jetting tbe whole package go 
through the Bundesrat — the 
opposition - dominated upper 
house whose approval is essential 
on tax issues. 

The Bundestrat is certain to 
approve the package next week 
•so that it can take effect from 
January 1. 


impact of the U.S. decision lo 
take up foreicn-denominated 
loans to help Us baiance of pay- 
ments. 

In its report for November, 
released today, the Bundesbank 
notes that the public sector has 


the capital goods sector alone 
was higher in the third quarter 
than in the whole of the first 
half. 

Meanwhile. Economics Ministry 
estimates released today indicate 
that Wes; German exports next 
year might increase by about 5 
per cent in real terras, although 
imports should grow still faster 
by 7 to S per cent. 

Exports in the first nine 
months of this year totalled 
DM 207.5bn. giving a trade sur- 
plus of DM 28.6 bn. against 
DM 2H.3bn in the same period 
last year. The current account 


yielding 13.16 per cent fiat and 
13.17 per cem in redemption The 
price is payaole a- to £15 on 
application, u-iih another £30 due 
on December S. and 'he remain- 
ing £50 on January 8. 


.... _ . THE GOVERNMENT'S ram to even out the differences in 

2003-05. at a price uf £95 per cent, i support grant to local authorities, local authority expenditure 
‘ ' "to lie announced on Friday, will caused hy different costs or 

seek to keep average rale in- degrees of need, 
creases io single figures. Never- Mr. sh ore will announce a 
the I css. a com oi nation of failure p;iL .ka;.e that will allow for only 
could well result in rate increases i( niarginal expansion in local 
of up to 14 or Jo per cent. authorin' expenditure in 1979-80 

However, the major and will probably use a method 

iroverey among the local ,,f distribution offering very 
authority associations on Friday s jighi benefit to London and the 
will venire on the decision of metropolitan authorities eoin- 
Mr. Peter Shore. Environment p ar(? d -%viLh shire counties 
becrelary. to pay the Deeds H , expected to 

fhT<SSriS Sniffi 1 ? therVh-In bounce * tominuaSon of the 

IS the «X ™Sncfl, tash ,i . nii, P rn ' isi °". " " lch 

The neds element is designed Continued on Back Page 


t in ' nrL 


=*i— » 

I lludllll 
; in.. in i>- 

I*' iihhii Ji- 


Io 


•.•.V:\Al .11. 
5.I--I.I- • i- 


1 'rv« '”ii* 


*1 


nl- 

I. Il.l -*: *}•(!- 


been acting carefully and flexibly surplus loiaMed DM 6.6hn againsj 
in recent months so as not to DM 147m in the first nine months 
over-lax the capital market, of 1977. 


Angry BBC prepares for fight 


BY ARTHUR SANDLJE5 

THE BBC is venting its fury on 
both the Football League and the 
commercial television companies 
for signing a three-year £1.5m 
exclusive coverage deal for 


venture in audience research. 
01} m pi n» coverage and running 
discussions on technical matters, 
religion and education. 

In a remarkably sirongly 


Euglteh soccer by calling in the worded comment on the affair, 
lawyers and threatening other Mr. Ian Trelhowan. director 
areas of BBC-1TV co-operation. general of the BBC. said last 
ubi- ... . _ niehl that confidence in any 

ing all a!p m ^of'p?^ C nt BBC c - or,cr:,li “ n had bee " 


present financial muscle to hurt 
a poverty- trickcn BBC. "The 
gap (in financial resources) is 
dow so greaL that it must be 
unbealth} and bad for broadcast- 
ing in this country.” 

Earlier in ihe day. Mr. Cliff 
Morgan, BBC head of outside 
broadcasting and therefore 


ins ui present oou .. ,r go in“ to work “ I _ — “ ------- -- 

contracts and such details as they ioi „ v P.i, S L 0 5e Ti Llle sporls .coverage, warned: It 
can. discover about the new wis bio. as Sr Iooks Jlkc ? ar - u C,ear!y " ol ^ 

London Weekend agreement rod^ ihat misi hal' bien v P ?! !iev in? ‘hat he would be 
reached on behalf of l TV gener- severe I vrracSred lhooewe hindered hy a cash shortage, he 
ally. But LWT itself remains SJ Stbicfto wiisihle woririM laJkeri about the TTV move being 
confident that no loophole will be ie| a Honv^ but ■tTS? Ldm! ? onl - v Round ° De m a lon S fi S h «- 
found and the BBC' is not con- findTdiffi™ I to SiuSwS J “ Ir they wa , nt *£ play sam ? s and 
tem plating any form of direct be in- ablr in the future have a batt,e ’ then we wil] havc 

W Mtl0D - tTSUrn Tn ?„ fcffSLSSS »*"- A 0 ' d or t ^ 

The corporation has also with them on any issue.” baiue. ^And that is no good tor 

placed a big question mark over Mr. Tretbowan went on to an . voce - 
co-operation in tbe planned joint imply that 1TV was using its Feature Page 19 


CONTENTS OF TODAY’S ISSUE 


Overseas news 

Home news— general 

— labour ... 
Mining 


2 

34 

4 

5 


Arts page - 16 

Leader page 18 

UK companies 20-21 

World markets ‘Jfi 


Inti, companies 

Cum modi ty review 

Money and exchanges 
VK Slock market 


.... 23 
.... » 
.... 23 
.... 26 


iATA on course towards 

cheaper air fares 18 

The mv over televised tool- 

ball 19 

Building Societies: Avoid- 
- ing high loan surcharges 7 


FEATURES 

TaxmanS odd ways wllh 

children's income 6 

The forthcoming motor 

rally reason 9 

tVhat to wear this winter on 
the ski slopes 10 


Boom i" European film 
making 


17 


FT REPORT 

Coins and stamps 14-15 


- a 

Appotminenis 

4 

FiRMce A Family .. 

b ' 

Property 

12 

— ■> 

fast Rates 

» 

Fishing 

12 

Racing 

22 

— 1 

Nodes 

17 

FT-Arttf*riej Indices 

2* 

Share fnformarisn .. 

28-2* 

— 

Britt* 

y 

Garden ins 

U 

SE Week's Dealings 

24-22 

* 

Chess 

5 

Colt - 

4 

Taxation 

b 


CeJteetog , .. 

17 

How is Spend It 

11 

TroyrJ 

10 


Crossmi-d Ptult ... 

22 

Insurance 

b • 

TV an* Radio 

lb 

— Ili 

Economic Diary „ 

14 

Loner* .. 

« 

Unit Trusts 

27 


EatanaihmcBi Guide 

H 

lex ■ - 

53 

Weather 

30 

s 

-EUTMPltOBS 

21 

Mao of the Weak 

30 

Yeur Savings * In*. 

7-B 

- 10 

Fashion 

10 

Mot wins 

g 

Building Sac. Raws 

25 


Local Authority Hs. 25 

UK CMvertjbias ... zs 

OFFERS FOR SALE 

NPI 5 

Garinwe 7 

Chlcfian k 

MAC 8 

Midland Drayton ... 7 

gar clays Unlearn .. 21 

griuania 15 

annual STATEMENTS 
Took ah (Charter C.) 11 


For Inteiii Share Index phone nl-246 8026 



PARIS 

Wunii Perl tuna Ltd., i«i Tivjitti Kami, Lundwi V'’4 }KG. id c- 1-994 -3 /a 


t 











Financial Times SatiutfajriNovei^^ 


OVERSEAS NEWS 



Canada 
cuts taxes 
to reduce 


Trade talks agreem 


iFfilr Th 



sible by 



BY REGINALD DALE. EUROPEAN EDITOR 


GENEVA. Not. 17. 


By Cur Foreign Staff 

OTTAWA. Nov. 17. 
3N WHAT is iskt-iy 10 be the Iasi 
ftudcci before an election. M. 


Jesn Chretien. Canada's Finance! 


Mini filer h;«s brought d-jwn aj 
hu=i ness-one oil'd Budget de- 
signed l y boosi privy.:..- in-, e-.l-j 

mer.t and eonsumplitun while) 
reducing inflation through a cul j 
in ^iuleiaiv luxe.*. t 

Announcing tin- me«-riires .ii; 
the House of Coui:ik*cs -last flight, ( 
M. Chretien said ohc Budget] 
would uiiov; Cam a da to lake full . 
advantage cf Uie iniiwuicjncnt : n[ 
the c-rjh-r;.'' internal emal cvra- 
peiiLiie pr«:iion ti>.,i h.is r>e«.ni 


THE WORLD'S leading economic 
powers today expressed cautious 
optimism that the main outstand- 
ing issues in the Tokyo Round on 
international trade negotiations 
could be settled by the end of 
this year. It was clear, however, 
that the timetable now depends 
on the willingness of the nine 
EEC countries to agree to a 
rapid conclusion of the round at 
next week's Council of Foreign 
Ministers in Brussels. 

Mr. Robert Strauss, the U.S. 
special trade negotiator, said 
that mo?- industrialized nations 
and nun - developing countries 
were ready to move forward in 
the ia!k?--designed to revitalise 
the rule? of world trade and 
ward off orico protectionism in 
the coming decade — Provided the 


EEC gave the go-ahead. If the 
Nine were willing to conclude a 
deal, a final trackage could be 
agreed in a week to ten days of 
negotiations, he told a Press con- 
ference here. 

The optimistic assessment by 
negotiators from the U.S., the 
EEC and Japan came after three 
days of intensive high-level dis- 
cussions here appeared to have 
found j way round the major 
obstacles that have been blocking 
the ne vitiations for the past 
month. 

The talks have been seriously 
threatened by the U.S. Congress's 
failure to relieve the Administra- 
tion of an obligation to start 
penalising subsidised imports, by 
applying countervailing duties, 
in the New Year. 


The EEC have said th::t it 
cannot conclude the talk* uodcr 
the threat of the trade v.vr real 
such action could provoke*. The 
Community has spent mos* 
the last 'three days of talk* S-tc 
trying to extract the strongest 
possible assurance from lii* US 
that trade will n « be disrupted 
when the American legislation 
expires. 

As the talks ended tod:-;, inc 
EEC had not got- the '-Ti : ton 
guarantees it wanted. H’^'C-cr. 
Mr. Strauss undertook mar lei il- 
lation would be introduced m 
the opening days of toe oca 
C ongress to extend the waiver 
that permits the Admiui-:^-''^ 

to refrain from acting Jiai*:?! 
subsidised imports. 

The U.S. would al?o take 


“ every available appropriate and 
leva! measure" to avoid trade 
disruption when • the waiver 
expires an January 3 — before 
Congress reconvenes in the 
middle nf the month— he said. 
This apparently means that even 
though countervailing duties will 
have i-> be Imposed, the U.S. 
Customs ’-'i'll he instructed not 
to cr>!;e:t them. 

I!' this method fails, the Ad- 
ministration will seek other 
ways <. f preventing a disruption 
of imports. U.S. negotiators said. 

Harr Wilhelm Haferkamp, 
Etirop?;:n Commission Vice-Pre- 
aident for External Relations, 
.-j'd «he formula was good 
enough for the Commission to 
:r.ake a v'j: !:■-•'• recommendation 
;o :h •? Brussels Council that 


starts an Tuesday. Te hoped 
that the five-year-long negotia- 
tions could now be rapidly con- 
cluded. 

Herr Haferkamp said that talks 
during the last few days had re- 
sulted in considerable progress 
in some of the less controversial 
areas of the Tokyo Round- 
such as new codes of conduct for 
Government purchasing policies, 
technical standards and custom? 
valuation. He was also happy 
with the state of negotiations, oc 
new and International agree- 
ments on wheat, meat acd dairy 
products. 

The most important pu'.iutsl 
Issues, however, remain to be 
solved. These involve the ex- 
tent to which the European- are 


prepared to limit subsidies, to HJFOlliill " ^ - 

industry and agriculture, and • 
open their markets to farm, ex- rrv. g. ! 
poets from countries' like . the „ J ~ •• 

VS and Australia. -■ . . 1- VlJjt&LI ' 7 

The U^. have to decide, cu the ■ 

condi rions under which’ -the Iran's Az^^ad^.^ii^Uhs 
Community may be allowed ttf streets, of Tebran wr Fridssv and 
Uspot-e . selective- safeguards pledged its loj^ty lo thc^teh 
against creap imports ana -a final Nine columns df motorised'trpopB 
package of industrial tariff ^cuts criss-crossed aain "routes' ift’jfe 
remains *o be agreed; T-be Coin- Iranian capital, - as" 'jets :?anaf 
mission r.ow appears to 'have miltiary helicopters Jtew. overhead, 1 , 
accented that it will pot ba-pQSr mark A rm ed 1 • .Foriaesg, pay, . 
sf b'e_ to. apply - selective] safer reports- .Ksnt 'jIlBlwan. - 

cuard* without . prior const, Ita* Against a backgrbiHul oftensioa 
rio.o, a* tfc«> EEC had originally and iingerioir violence in-tw pro- - 
v anted But the next move Is vinces. today’s parade was poorly 
no-., up to the nine governments pnbl^^ and marw T^a^did 
—no* all of which are totally' 

Hcrirslpd ‘a TrtL— Pnimi j'r Ilf hfW. NO DCWSPSPSTS' • lPVC ' 

aeo.cj-ea -*o une iOKr,o Kound-s K „_ —.vt.-h-v 


over 

jiieor 


achieved i\. the reducniM! ini 

SHHr.'Tarvin r; i Hollaed 6 unattractive 5 1 

/mm 1 - per '.-h? Hi in rlie f-»-d*r:i-l ) 

sale* 1 st:, which i> jpplied 3; Ihol . o • - 

™ r:r :: p L , :x =!to foreign investors 

CSltvn. .v d» signed i<* ii'tid Jo.-nj <_? 

»he rate >i! ;nrl:-n->:i !«••• .m 

mated Ii^.r 3 utrwni^c BY CHARLES BATCHELOR AJWSTERDAM. Nov. 17. 

and .«la-j »n:nula.e c-ii.'.uni.p- HOLLAND is no longer seen as foars of the establishment of im- 


been published b ere. several 

weeka,. „ because ; ....o£ ’’gi^otj*... , 
Government actiouTiy-TDtirnalists, 


?to foreign Investors 


Weizman 
optimist!: 
on talks 


vanish Ford lays off workers - 

r.. ** •-••• met a /group oT.Amencatt^enatbf* 

_ v nRTn tv for about an hour oa Fridsyi -He 

■;Ci-R. GRAHAM M A DRIP ,N ay 1 < . l0 ^i tbein the -Spwri^k®;- 3^ . 

ErTANA has informed suppliers in Germany and Italy, factory, turd's application to the JSmLi 

it s Valencia but says that while these sup- Social Affairs Ministry for -its ""*&££? '3? 

of n-xt Monday pliers are raising capacity and -workforce to be - . officially ■ 


3 *-' r;C 33 RT GRAHAM 


By David Lennon 

TEL AVIV. Nov. 


Uft M ..,1 3n ! attractive by foreign investors, port barriers against goods and MT? -, 7FR 

accord, nr lo a report commis- services. This is remarkable in ' 


or r.i-XT Mona ay pi:ers are raising capaciiv ana «ors;orce iu oe - . umeumy reoorts 'InWi Moscow - 

h;rd will be laid Ford is restocking at Valencia, registered as being on Short time • . • .. **.•••. '/.'"V-'.'.-'fj- - 

.neks. The move short lime is necessary. As a Was turned down-. earlier this . y TbTjii T 

regardless of result of this strategy* Ford says week. Ford is 'considering LVL u f '_ M* 


f a return to work it can restart full production on whether to appeal. Official Kenya's President - Danal.'OArtjp 
workers, a spokes- December 4 — regardless of what acceptance of its • ■short-time j^ol flew Into Uonddd ott -Wklsy 


workers, a spokes- December 4 — regardless of what acceptance of its • "Short-time Mot flew Into Donfddil'oa 'JWdsy 

i happens in the UK. working plan would -mean the for a-o»e-day private visit ^nart 

r-r will be laid off Charles Batchelor writes from company could clsim S&per cent of his -first Eniro-pea o /toig 'ag ree 

. -, i - --c have been told Amsterdam: Assemblv of com- 1 °f the salaries of its workers becoming K«iya’s^-Pcesidenf: Jit;. 

r . ‘ fo; : v.-ork again on mercial vehicles at Ford Neder- hark from unemployment funds. August: He-had^taBcs tt:thB-etbr 
- J :*ur;r.p -.his period land's Amsterdam plant has been Rcuut acldz' from Cologne: 


lu-o rrmsulT:,nls M«K!n«e> has increased but insufficiently ; “ a >' Wllh Mr. Hosoi :p-- - -it: iluisy ^ar vo^me ?an> s la . .agones, me wjicn wording which was to be intro- Di% Owen, are teHered tb have- 

jnc-ri-.r 'rnm !>»■ ,r?rr' ^ lo compensate for the rise ini Egyptian \ice-Presi-jrn- haived to 552 company depends on deliveries, ducid at its maid plant fa centred on lhe-;^nfi]b»t:becweeB' r - 

nr nii,' %. r Z i 1 1 ■ r,.ur i. Th- r-;i..n was c-.:i."n --Ion-4 wage cost? and the increase j n i explained Cairo's pi-v --- - of radiators and parts . of axles -Cologne n^xt Mnndaj- because of .Tenaaata and Uganaai in.v 

Jr I07q\--o •■d Hun * ncr !" ’*>77 ;.V- .-rtractiie- ’he value of the guilder. .breaking the . sialema:-.* •:? “‘n . V ?s>p:. rrnduiiag aad gearooxes :rom Britain-.- . the lord in 9ri£a&C;;a Kenya' -had. offered -- 

cr’nt Durirg" Sr'piviui'ier nnaiinn o.' H*«idnd for fort tun in, High social security premiums i future of the Pales Unit r • •• oeea t!lc Daily assembly capacity Is 35 Fora snol'esman SilcL-. IS also; thouzM' -t«i'o'^3kbd v 


l$ also thought ' tile tw<r ;talfcM 
about the ' British •Volfty' •?ba- 
Rhodesia and SoutiiiA3rica.r . 


pons*' <<i'iucii<<n rii.ii laxpayer* - prunoivi hv the sh»*.?‘. - s leav<» taken by Dutch workers, .the Israeli and Egyptian .* 
nn eijim f*»r i|u> HCh year. ! of in.esinieni in Holland Although foreign investors , of the relationship uh!-.: 

This mein: a .-.nin-’ of $L7nm I s-nct ib75 compared wim li-.er?-! look first at Ihc return on invest-: exist between the bilai-:*.* • 
fnr over 5.Jni taxpayers I V.v?*Lrn F.un-pc. A Sou* -_*0 mem and anly ihen at factors; and the resolution uf 

The .Mir.i'ier m writing his 1 per cit." r.f 'AMckcr* in ir.dusir.. - C uch as tile country’s stability j Bank-Gaza Strip is» uv 
Buacef ob, mu-Iy k-pt in mind • are e:np:n;.ed uy foreign c-*m- ar Ihe role of ihe uninns, these! felt the degree of the ■: 
rhai' the Govern mom is faring • p.^niTS. " secondary Factors arc becoming! bad been con--:- 

inc fi;h: >*f ns life in nv.U year’s j A major surprise of ihc repar! more important. Issues such as ; exaggerated. “The Ej; 
summer elect son. h\* also had toj'va; 'he -’r ng r?>rr. ry- excess nroSi-sharing and the; are still keen To Cirr;. • 
worr;. in- ci ;•••■' jil.lv inflationary pressed foreign companies powers of works councils are.ialks because they ci.* ■ 

pr*»f«ure= arsung lr.»m too many ! about rhe rrnali slgo of the dr.rr.es- viewed warily by foreign com- achieve peace with 
i«v eu;«. hut at 'he ^ame time; tic market, due partly to their panics. commented. 

wanif-d to rive some impetus to Meanwhile, Parijaiuvn 1 :': 

the economy. . • -g-^o . port for the Govermv.i-r.. 


r ' '• • " tvn: Mm VIlUUglA Ul — iT I'’, 7 • . f, T V ; VYW-C 

V. T ; : ...n*. has si! the these vehicles are in stock in the kart? normally supplied by TliHcey^ -deOf TTO <iA. . - : 

. ^ ••«?. m Europe company's European factories to UK Ford ... J : Tu’rftey'-OTd ^Ult- bn 'Friday 

• .-i.- H'.vre. following the meet demand up to the end' of .As , result. ;he Cologne plant i signed ' a '~ .de^-?estriK?tiraij 

5..irgerts piun:. the year. The .Amsterdam plant will continue to produce 1.100 agreement in Ankara, covering 
• ,.;r -hi-.nage Ford could restart work within a week car? :• ciuj . However. yroddciron ; i goveameftt-tOrgoverEinent-'^loaKSu/: 
2 ». i :n parts to :er. days of the ending ol the at -he sinalier Sa3rlouis. p lait and-'- •Tu^^^slr'-. , debt Sritish - 

■ i. >rs and UK strike. reni?in* a -standstill with -fifost- •&uppi[eW‘CO ,l ]er^aiMy_".tng.^CpDj ;; 

r. -*• • .r-.-r: ii :**.e.-- ford here About 200 of 1,200 production of the S.000 workforce oa short 

I,:.-.. *-, -hi* i: has been staff come ia every day to carry time. ■ A?Sfto£5 ■: *8l" " 

ST, dr.d:g. afiaitiona: ou: maintenance work at .the Reu-vr - . : 

— 7 " believed -itoV be ,.artfiind;’ Si30n».'-^; 


jhipp 

iffec 


udget measures will provide | Eaoes certain Pinto will 

/rimulus to the economy. Invest- { • n ^ -a • . 

support of Parliament 

and consumption will benefit j 

frnm the increase in real spend-! DAVID MARSH 

ing power as a result of the j SR. Antonio Ramalho Eanes. defeated in Pjntiajnent in 
income and sales tax cuts. the President of Portugal, yester- September. 

Unemployment insurance j day said he was “ convinced" Summing up his three-day U.K. 
premiums in 19i9 will be cut.xhat Parliament will support the visit, during whicii ho held talks 
rcsu'.tmp in a total saving of : Government nf Sr. Carlos Mot a with Mr. James Callaghan the 
swum for workers and em-j Pinto, Prime Minister-designate. Prime Minister, and Mrs. Mar- 
nJoyers. For employees the which is expected to be formed garet Thatcher, rhe Opposition 
weekly rate will be reduced from [ next week. leader, as well as businessmen 

Sl.nQ to SI. 35 per ilOO of insur-j Playing down speculation that and trade unionists. Sr. Eanes 
aole earnincs. The employer ; p or t u -.aj p^jid ca |i an early said the two countries' foreign 
r *i e ®a 1 decliQe from S2 - 10 t0 [ general ejection to break its policy viewpoints largely 
. . 4 . I domestic political impasse. Sr. coincided. The strength of the 

The Budget also contains a , Eanes told a news conference at bilateral relationship would help 
more precise definition of tnejtiu* end of his state visit to speed up Portugal's application 
favourable small business tax ; 'Rritain thj.r «vi>n if Papliampnl fnr ITV.r mnmhmkin ho caul 


further today when oil. .if 


Belgrade ‘no 
o extradition 


Rhodesia delay welcomed HESSST/ 


Tf 1JJL Tactions in Mr. Menah.'r. Fi_ _ir i 

. ruling Likud bloc iplr. :n ■.« - .. 

ORnDtir Four of ti»e eight m-n: r- c ‘ — '- ,h - 

alllvlll the Laam Party said -lK-y -T-il !AN Supreme Court 
not leave the coalition *>u: -u'.d h^ 7 .r/-V. a pr-vioua Belgrade 

fight from within tn charge ;: a • J -rl ■= ! *"■” rot !c extradite 

Pjntiajnenl in !»>?«■. , ' l'?".,* .V 


_ r ' rest his beeniirestructiaWi: over .:• 

| BY TONY HAWKINS SALISBURY. Nov. 17. ym,- incfiidinsr -^tinee 

‘ MOST OF Rhodesia’s political ment.” Mr. Hilary Squires will gears’ .grace. J>e.bte :tg J 

oarties today welcomed the deci- move from the Justice. Law apd m ppunds ^wfll lave an jterert 

**» «? p«;j>»«' *• . ~&£-£ 3 & 6 fS 8 £y 


nZ ft&jg*****.***:'. 

"cl..,: ■“.■•: rot JSSJi" months un-J! April. 197*. ■ ■ • nw Mr. Chrl. Ando- *■»•?* •*?» ‘ - ■ 

! ,v.;,r i. e:»i German The Rhodesian Front Govern- h?s been made joint Justice ttp : 

id •‘oa* , -on tc-r-rN’ 1 '-.>?• Gorman-, but men:'? caucus of 50 white MPs Minister. y*v>* _ 

IU . . . . •«, ■ : .. Ik- J^Aininn uKilc Tl... 1...,n ltin.nl f-nramManf Mn» Rialnr. Tl ft - 


the Transitlona! GovemMlent to aiso banned tlie manufacture, sale t0 bm ceit; Stewart Fleming 
nbers abolish all racial discrimination and possession of T-shirts and reports from New York: Citibank, 
nand: immediatelv “to give the body vesta carrying the name of any ibe largest New- York - Bask; in- 
arres-i politic a chance to nea! itself." political party and the likeness creased its prime rale tlds more- . 
[legal i In a separate development, name of any political leader. ing, to be followed 1>jr Morgan 
(Mr. Ian Smith announced the An official statement said that Guaranty TnnU r Manufacturers 
rman i resignation of Mr. Roger in recent weeks there has been Hanover, and Continental BUnofe 
ir ex- Hawkins, the Minister of com- an increase in - inter-faction -a... , «•>■ . 

ioslav.’bined operations, on grounds of violence ..both in urban and rural IVlCIlfflStll 111 MOSCOW 
?xtra- ; ill health. Mr. Smith said he areas and ' the incidence of ^ Cot MenKistu Hade-^fariam. 
ional- 1 wished Mr Hawkins a speedy poiitical -intimidation had the Ethiopian leader, held taBw 


\r % a f ■ a -j .u aebninistration. Eanes said the country would 

rfN Cre H ea 1 j ,nore co ° 3 ' Sr. Pinto ha? been holding soon begin negotiations with the 
petinve Canadian dollar would {3^ on forming a government IMF for a new loam After this, 
not only improve Canada 5 -trade sj-nce hu appointment nrore than there would be no difficulty in 
pertorman.ee out would also lead three weeks nco as successor to raising the roughly $lbn a year 

SJS° re 1 “ Sr. Alfredo Nohre da Costa, needed for external financing, 

Grow increase capacity and wbose adniinislralion was he said. 

modernise equipment to take - 


bappy retire- increased.. 


S. 




11 newspapers face legal action 


in the* Kremlin on Friday with 
top Soviet leaders. There appar- 
ently wax disagreement over ways 
to end the separatist revolt- in : 
Eritrea, David Satter reports from 
Moscow. _ ’ . .v-"’-; ' • .v,.*’ 


BY QUENTIN PEEL 


advantage of new opportunities. 
A recent survey showed that 300 
large corporations are planning 
to -increase spending on plant and 
equipment next year by 16 per 


Giscard in Euro-assembly row 

BY DAVID WHITE PARIS, Nov. 17 


TWO NEWSPAPERS in South 
Africa are facing legal action 
over their reports on the cur- 
rent Information Department 


temporarily Trom his Presiden- assess his own evidence when 
tit.: cilice while the Inquiry he receives the report. 


cent Allowing for rising costs ! PRESIDENT VALERY Giscard terd ay that France would not be vorete^ih^rtalePresi- 


New Brazil 


cent, .arrowing tor rising costs rncou/w^ > I John Vomer lh* stalp Preii- 

tiMs .represented a substantial d’Estaing has been caught in the party to extending the European K mcrSsimtiv bcio- 

increase of about S per cent in middle of a growing dispute Assembly’s scope of competence. « Question " 

the vohime of investmeot about the powers which the But at the same time, the ca,lca ,nw que 1 on * 

European Parliament will exer- French president was understood Mr. Vorster. who ,vas Prim*:- 
IVTzixxr Drn c * s e after the firsr direct election to be resisting pressure from the Minister at the time of alleged 

ilCiT AJiaZIi next June. Gaullist RPR Party, the major misuse of public funds by the 

, A presidential spokesman to- partner in the Government coali* Department, and who has been 
money controls day expressed dismay and regret tion, to insist on limitation named in evidence about the 

* that “ senior figures in West guarantees when EEC heads of funding of an allegedly inde- 

By Diana Smith Germany" should have sug- government meet for their pendent newspaper with 


By Diana Smith 


newspaper 


RIO DE JANEfRO. Nov. 17. gested that an elected Parliament Brussels summit on December 4 Government money, has given 


THE BRAZILIAN Presidency might seek wider powers. and 5. more than three hours of . . 1 ne commissio 

has announced new measures The statement, referring to At a special congress last week- evwlence to the Judical com- im.iiumg Mr. 
aimed at controlling inflation recent declarations by Chancellor end, the GauUists called for EEC mission currently investigating evidence, in to be a« 

(now running at a annual 35 per Helmut Schmidt and Herr Willy leaders to make a “solemn the secret activities of the special session of I 

cent) and preventing overheat- Brandt, the West German Social declaration " that the Assembly's Department. * l,e said, 

ing of the economy in 1979. Democrat chairman, backed up a powers should not exceed those But a newspaper which *«r. Hrsler will I 

The full scope of these me a- Foreign Ministry statement yes- laid down by present treaties, called on him to step down in,id;ous position of 

sores will only be revealed after . 

the National Monetary Council . , 

meets on November 22 but after India’s former Premier meets friends and critics in Britain. Simon Henderson reports 

yesterdays meeting of President 

Ernesto Geisel and his senior — ea & 

® Mrs. Gandhi’s private visit cat 

take foreign loans in 1979 and 
would only be allowed to draw 

part of present loans in cash. HOW THE young police con- almost anything she does. 

stable outside Claridges Hotel Wherever . she has eone^-to v 

— j n London differentiated this private meetings with politicians 

week between those supporting to banquets, or to South Wales 

Mrs. Indira Gandhi's visit to and Birmingham this weekend—- 

Britain and those wanting to Mrs. Gandhi has met admirers 
demonstrate against her is not who stood by ber in her 20 
■Bu£Tin7nTi^H C l ear . But certainly, the former months of emergency rule and 

Indian Prime Minister has been bave been condemned for l 
i yliHt efiYSTt lira able to experience the strong allegedly failing to admit her 

feelings of both groups. faults. 

, TurbMmed Sikhs alonfl with hJ'S’reundS 


But a newspaper which 
called on him to step down 


c- n« in ned has been referred to 
tin- slate legal adviser by Mr. 
P. |V. Botha, the Prime 

Minister. 

T:i rt Cape Times, the Engllsh- 
'a ; - -iisge daily paper in Cape 
T-. said Mr. Vorsteris 
H:..«».-ura„ce before a commis* 
sl'.i: .set up by himself, "raises 
const Slut ional issues of tbe 
cr-ak-si delicacy." 

B;- law, the office of the 
President may not be brought 
k.:r» controversy or disrepute. 
Y.,-1 ihe commission's report, 
in'.tutfmg Mr. Vorsteris 
evidence, is to be debated at a 
special session of Parliament, 
tbe newspaper said. Moreover 
air. Vorster will be in the 
imidious position of having to 


JOHANNESBURG, Nov. 17. PflClfic fishing talks 
- The newspaper's editor, ffife Kance -and .japan - have reached 
Alistair Sparks, n< .DmtrN JSffiSr^SuSFS&S^S 


Mr. Botha told a pro-Gov em- Financial .editor, Mr. Hamlsh ’ip the .territorial waters. of French 

men! newspaper today that the Fraser, are doe to appear in possessions., in- the Pacific and 

editorial was " rash " and u pre- court next Thursday. elsewhere, AP-DJ report from 

mature " and he was referring Further clashes between the 52S£u2^iSS&?i2E- 
it to the state legal adviser. commission and the Presc are wge^niiits -and. levies. »n the one- 

commission ana ue tress are year agreement were not munedi* 


Tbe other newspaper Facing expected when journalists are ately available. 


action Is the Rand Daily Mail, called to give evidence on: : tbeir - .-. • 1 : 

the English-langnage daily in reports of th'' Information . 'frw»c ffnrfrficfs 

Johannesburg, which Is being Department's secret activities, g 11 . . 

charged with contempt of the Meanwhile se, end news^ Boui^’eois RightistS' the .demised 

nimmUsinn current I v investi- Jneanwiuie seierai news- and .sometimes feared enemies of 

SJ 5 H 5 ® “i-SSISiiL papew tnday quoted General Commirnisin, no longer ' exist in 

gating the Information Depart- Kohus ITsser. deuntv chief , of nhirn* Rfrhnrrh r vinfrnianh ■ rh. 


^■Sanu 
ii! 'es rno 


mng uie uuoraiauon ueparx- Kohus -Vtaser, deputy chief of China. Richard- C. Hoffniarm re- 

ent ' the'CXD. as refusing to rule-out . ports from Pefcpng. The “Rightert" 

The charge is based on an a link between the Informa- label has been lifted from the 

article which repeated evidence tion- Department allegations last of the “deviation ists” - who 

linking the department with and the ipurder last November -were' purged :in 1957 -.' for 

the Citizen newspaper, and of Dr. Robert Smit, former- allegedly . trying to . steer China 
suggesting that losses of R27m South African Ambassador to 


<fi5-9m) might . have b em ft,- Inlem.tionid Monetirr | .“S 


made up from public funds. 


Mrs. Gandhi’s private v 


tches the 


Movement" a brief 'period of 
-liberalism daring which inreDec- 
tual discussion was encouraged. 
Eariy .this year, - an - estimated 
100,000 Rightists Were still in 
detention. . 


Till 1^1 V/^ j Italian railway strike 

illV 1J B-ffl a J » wb/ 7 The Italian . Government on 

JL a/ Friday failed in. a last-minute 

attempt. to stave off a ^weekead 

condemnation expressed by Mr. inoculation _ programme because 

Bernard Levin in his column in of suggestions that it was covert ^ Transport Minister, .Com- 

The Times, and declared his con- sterilisation. .. munist and non -Communist union 

tinning support in a letter to tbe In the Claridges lobby, one of officials -said, they’ were going 

editor. her foUowers.bit upon the kernel ahead with -* nationwide' strike 

The visitor herself denied a or the. debate about her. “iodia which was expected to halt trains 
statement alleged to have been needs Jto be ruled with a. firm, lor- 24 -hours .from B pin)- (GMT) 
made on a stopover in Frankfurt hand," said the man, a recently- on' Saturday, AP reports from 
to the effect that she believed elected member of ihe. assembly Rome. ' ;■ . . ... ■ 

that Mr. Morarji Desai's Govern- in Pfiqie Minister Desais home - , • 

ment would fall within a year, state of. Gujerjt. . rFdlCn SfUplllS : - v 

"I think it will last,” she said. -Maybe; A less, prescriptive view The ;. run of smB inonthly sur- 
“It is others who think it won’t” Mine- from, a young and talented pluses oh France ‘s.^cbinmercia] 
Diminutive an«, attrarn™ k,,» Supreme - -Court advocate. "He balance of. payments, continued in. 

but spo^ of the need for consensus Oetobar, - ' ; giving; 17 , a 1 ifi-T^ntb 
mo f £» t GudU !t US P° u ti“ ta ,, Ind ^ white Papering seasonally' adjiJteA surplus of 
flSndPwwJfS* ,-«K5o S aDd S? over the alleged excesses of the FFr 2.6bn(£S07m> compared with 
°I a ' emergency. Such a consensus in- a deficit of EFr lO-Btm fXl^bnl 
< V ue S tl0ns evitably needs two sides and for the 'same- period last .year. 
j 0rt t0 j * point °, f abru P t- Mrs. -^Gandhi recognised this, he Da vjfl' Curry .reports, .Irani Paris, 
ness, demands for explanations safd. 7 The FFr'72Lm'f£8amT surplus in 

about her penod of rule were But’ he 'suggested that if Mrs. October again owes- about 
met largely with denials and, GandM rushed things now and FFr ^SOpq, {£23£m| , to ...cheaper 

occasionaUy, evasions. gained power through the dls- ene ^ ..““ports caused by. -the 

When questioned about her integration of - Janata some • 

who like hi? Indians , would not accept her - 

mother still faces legal action- rule.. -She .-preferred 10 wait, he Ecewt mGetS LuilS - — 
sL®* sa ‘d.- until t hi.- potentially dis- .Mr. Bulent. Ecevit, ihe Turkish 

low, w \ Politics, she ruptrve -elements had grown out Premiep. urged more emphexis^on - 
a v roJ ® a ® J eader of of what he thought was simple. Nato’s commitment 40- ' economic 

tne Youth Congress had been to loyalty to one small power base support, and seid it- was. -not 
oring greater organisation into and ‘ bad developed a wider supposed to be “ a - mere flalitary 
that body’s task in helping a popularity, or otherwise faded alliance,** Reuter report^ from - 
Don-political social programme, away. Ankara. Mr. Ecevil’a Government 

On the highly-emotive charge Mr* Gandhi honolf tn-»Ho it w ^ ois . help from ite fvato_ atlies 
of enforced stcrilisatioD by her h -jS L tS?whirSS«r^22SJ? to overcame.itoirtMaenreecopoJHiC ; 
Government, she said she nafa to Ten wnat sort of govero- problems. He. was speaking ai the 

Mver^vouredcomDulsIon JnH start 


! v; 








& C M 

MX* - 



iHS! °L°uL r ?. U * l h, r fil„aeH some of the meetings, Mr. 


It creates a real need tor adefi- 
1 ttaiol. knowledge. If you have 
recently moved into an interna- 
tional management position, you 
-and your organisation would 
benefit from your participation 
in the 

llth 

INTERNATIONAL 
ADVANCED MANAGEMENT 
PROGRAM 

Geneva, May 7 to June 29, 1979 

YOU WILL RETURN HAVING 
ACQUIRED, IN AN INTERNAr- 
TIONAL ENVIRONMENT. THOSE 
CONCEPTS AND IMPROVED 
PRACTICAL SKILLS WHICH ARE 
INDISPENSABLE TO SUCCESS- , 
FUL MODERN MANAGEMENT 
IN A COMPETITIVE WORLD. I 


religions strotied unchallenged HiSh. tte f 

into the hote 'obhy. aPP^entiy Brftisb to 

content to talk with each other. Claridges for a 30-mlnute meeting 
and 50 ™? tl 1 ™® s chn 10(1 emerged saying it was a 

? Inri m'.t G on Of Private visit and a private talk, 

darted to and out on a senes of 


mm#* 


For torther Information ptoass 
contact: 

Corporate Relations Department 


ceiiTEnRM 



darted to and out on a series of ^ ree Conservative Party front- 
engagements. benchers, Messrs. Julian Amery, 

Others, outside the hotel, at Adam Butler and Douglas Hurd, 
the airport when she arrived, or sa y they spoke of the political 
at the cinema in Southall where situation In India and her viait 
she spoke on Tuesday night, but declined to elaborate. 

“Nazi ,,t0 of ^ d ictftor ” UC They ^ conversation of Mr. James 
a threw missues suih JtS Cnhaghan, toe Prime. Minister, 
egg 0 Which smeared Mrs. Gandhi to have been suntiw. A 

as she was ushered into a meet- SJSXJJkjL SL. ¥?■ ha 5^2}! 
mg almost completely sur- 

rounded by police. "J m . . an .^ en “_![ a - r 

Mrs. Gandhi's ,Mt was osten- ln b » “ Pramer ' 

sibly private. But it was The most loquacious of those 
sufficiently publicised to Illus- who met her seemed to bave been Mrs, G&ndbi addresses a London meeting 

irate both her continuing impor- Miss Barbara Caitland, tEe 

tance in Indian politics and the romantic novelist, who said they • ... « .. 

curiously passionate love-hate discussed inflation. She had a political force- The trfxflith*. the Conservative 

relationship between Britain and accompanied Mrs- Gandhi to Miss make it harder- for toe Janata mp and -'ict-cbairrnan of the 
iis former colony. Fortified by Cartland's white Rolls-Royce to Government to press the legal Icdo-Btiiiffh Association, smd be 
her by-election victory at Chile- 8 meeting with Lord action against her fori £Ues®d oe.ieved she was a significant 

magalur almost two weeks aeo. Mountbatten, the last Indian abuses of power. ~ . P^scnt and 

Mrs Gandhi has been able both Viceroy. Shrewdly, Mrs. Gandhi- l».as let future. Mr. Peter Shore, the 


■ttifdi 


<nj> 


N i 


... ^ 


Mrs Gandhi has been able both Viceroy. Shrewdly, Mrs. GandhJ.'has'let future. Mr. Peter Shore, the Government of a propaganda said, and would be accepted by 

to shun publicity and also The meetings suggret that no others do toe runningTH* ^®5 sr ^ ar ^* ref, J se ^ ^, n,pa i? n w b»rh had led to toe the people if it satisfied tfaeti 

accept it as a natural part of one is writing off Mm Gandhi a s dieting her political iutura* -Mr. to oe put off by toe torrent of disruption of the cholera nnpd*. • - 


according »o time- and place, she Fc*Aira«fc.Tiwev .• danr.«cre 

said, and would be accented bv Smarts awf wmssn: VJS.. Sa&sctbtw* 
ikp nennip .f i, ihZZ (Sit *««&,>. *88SM '^W \IMU* 

tne people u 1 ; satisfied their ^rao(,iun--.8*6^riatetoarfc&« v *iiS'« 

ncefla. • - . wwYort, x.y, • . ... 


L 



Financial Times Saturday November IS 1978 


HOME NEWS 



3 ~ 


MP warns Healey 
over ‘bully boy / 
income tax threats’ 


Unions must 
strikes, says 



FINANCIAL TIMES REPORTER 


BY ELINOR GOODMAN, LOBBY STAFF 


it 


[THE 
• being 


THE CHANCELLOR was warned A “rag end ^ Government, 
yesterday that be harf already lacked the authority. '."neceswiry! taxpayers’ 
stretched the tolerance of Labour even to reach aftreeoient with j again ycsterdav by Mr. Patrick 
,MP S to the limit with his -bully iheTL'C. ^ jJenkm, the Conservative 

boy economic tactics. Mr. Leon BriUan. Opposition , , 

Mr. Robert Kilray-Sillc, a spokesman on Etbploymem. 
member of the Tribune Group accused the - Government uf pi e 


PROSPECTS uf strikers This idea, however, meant that As such, iu - v;*v.s arc likely 

deprived oc support from unions would have no reasuu to to strike 4 chord of 

munev watt raised P M - V :,n >' sirikc-pay. for the Slate sympathy ainonj '( nry yrass-n.oi 

Mr ■p-jtrt.-if wou ^ have to pay the bill supporters wh>. hjve been frus* 

iiislead. * traied at W ^ J| they naie seen as 

from The solution Mr. Jcokin the soft approach ot Mr. James 

spokesman on sucial seemed to favour was freezing Prior, the shadow EjupJuymenf 

: services-. lax refunds. Many strikers could Secretary. 

aod a frequent critic of Mr. eipiialing the strike' -at" Fords. • Mr. Jenkin. speaking on Inde- live fur Quito a lime on refunds .. Mr. ’’ ll '- -a:d that the 

Healey's economic policies, said “Make-believe” was- sometimes Pendent Itadiu News, said that «t " f ,ncome and thru seemed Gwernment ano concerned 
that if Ihe. Chancellor tried to harmless. but in' the 1 -. industrial . for the unions (u hear l lie ia :j mnisense. There was no ai ibe Quewji*,i «| i a:: refunds, 

increase the taxes of the lower* sphere, the Government's " delu- • vost of strike acliun, and not the ''I 1 v . I jl ? 1 ?, u i d _ n ol _ w ?} i addeu tnat^ii.an^ :>i-r>ple ft-ii taut 

paid be would face considerable ‘•ions and pretentions” had taxpayer. 

opposition from Labour MPs. actually done immense damage. = Asked whciher this nieam 
Mr. Henley was “ thrashing VI ; depriving strikers' families of 
around Whitehall, threatening tu rtlOneiariSIlJ . supplementary benefits, he said 

increase taxes if there was u pay The failure of the negotiations; this wuuld certainly be one way 


explosion.” " between the Government -and the: of doing it. 

That kind of “bully boy" TUG was probably healthier I Ano , hpr , lrt 
tactic came easily to the Chan- than the “ phoney _ success : su-ikei- to he 

5 ^««, Healt ‘ y Hn agreement teen i strike ' pa - v ‘ '^tether or nut ho recently by his colleagues with strengthening lb- band ’ofmoder- i bridge's structure, 
restricted such lax increases to claimed ted agreement . oeen iwas and thcreby uaIci|Iale a special resonsibHities fur dealing ate. sensible 

reduction in his benefits. with the unions. " members. 


be to deem :i 
drawing union 


uniil ihe end of the year for trade -union-s n:uj ! biven loo 
that. much power over ihe years. U 

Mr. Junk in whs not really would therefore r.i.f be a bad 
taking Conservative policy any thing if some way could be found : 
further than was detailed in 1975. to redress the balance, 
but his attitude towards the ir depriving Mrisers i.f tax- 
unions was. when pressed, payers' money ;. ( eanr that they i 

markedly mure aggressive than would think harder before" eoing : cerned at the disruption caused 

the conciliatory lone adopted on strike, tuen it would b<j: by the stream of repairs to the 


Whitehall 

considers 

second 

Severn 


crossing 

By Robin Rce*cs. 

Welsh Correspondent 

THE Department of Transport 
is giving lung-term considera- 
tion to the building of another 
crossing across the Set eru 
estuary, Mr. William Rogers, 
the Tran»port Secretary, said 
yesterday. 

Hr w a.- speaking on (lie 
Severn Bridge to seven MP* 
from SutiLh Walts and the 
Bristol and Gloucester area 
who have been deeply eon- 


Nuts and bolts 



inquiry stopped 

BY DAVID CHURCHILL. CONSUMER AFFAIRS CORRESPONDENT 


I THE Monopolies and Mergers 
I Commission ha, decided to 
! abandon its probe intn the supply 
and export of nuu and bulls and 
other metal fasteners. 

The decision i.- iho first time 
that the eui, mission has 
abandoned a probe it was Parry- 
ing out under ihe term* of 
reference laid duv.n by the 1973 
Fair Trading Act. 

Mr. Roy I tali tvs ley. Prices 


pins, nails, tacks, mid staples; 
rivets: and screws. 

The Director General of Fair 
Trading is understood to be con- 
sidering making a nv’v and mure 
Immed monopoly reference to 
the eninmisainn. 

Mr. Hattcrsley also formally 
announced the Price Commission 
sectoral exain ina uun into estate 
agents' fees. This examination 
had been foreshadowed by Mr. 


the higher income groups, he reached. " ... i 

risked Labour MPa' voting Sir Keith Joseph. Opposition I 
against Them. spokesman fur industry ana a i 

Reflecting a fairly widespread long-time monetarist, 'said in < 
irritation among Tribunitc MPs Leeds that the Government had • 
with what they see as Mr. learned only half the truth about , 
Healey's arrogance. Mr. Kilroy- montarism. • 

Silk accused the Chancellor of Mr. Healey saw only, one side 
having “bungled the pay negoti- of the equation, namely Inal, 
ations.” and ignored all the there was too much' -money 
warnings, from the trade union around. What the Chancellor 
and labour movement. failed to ask himself .was why , 

A more predictable barrage of this was so. and what had caused 
criticism was also launched ct it. 

Mr. Healey's policies by the Socialist monetarism - might u- 
Opposition parties yesterday. Mr. strict the supply of money, but. • 
David Steel, the Literal leader. iT lhi> were done without cutting 
said that the Government was iu Government spending. it 
da/Jger of throwing away ih** strangled only the private sector . 
economic stability gamed during and made things worse' rather 
the period of the Lib-Lab pact, than better. Sir Keith , said. 


il'ullC 


union 


Oil pollution fund hold-up 


lie said that In spite oF 
I maintenance problems the 
l bridge was very safe and 
I svt'urr, and uuuld continue to 
' provide a vital link between 
1 England and South Wales “for 
j a very long lime to come.” 


Secretary, said yesterday that Ute John Fraser, Prices Minister, in 
commission was not being given the Commons debate on TViurs- 
extra liiue to complete its investi- day on the Estate Agents Bill, 
yatiun. It had already spent two The examination is due in be 
years looking at the area. completed by the Price Commis- 

The main reason for the sion by June Id. 
decision to abandon the invest iga- A similar sectoral examination 


BY COLLEEN TOOMEY 


Feasibility 


Shipping procedures 
agreed with U.S. 


A DECISION on whether com- 
pensation for victims of oil 
pollution .should be duublcd to 
£39m for each incident will be 
made new April, only iwu 
months after Hie oewlv- 
jnnouneed liability limits by 
j United Natiuns convention 
become payable. 

France has been pressing fur 
an increase in compensator) 
limits since the Amoco Cadtt 
. disaster in March. where 
j damage* are estimated Lu be 
in the region oT ijtlbn. 

After a week-long discussion 
of the first Assembly of the 


ing compensation limits until 
mid-April next year. 

The Convention establishing 
the fund was adopted by the 
Inter - Governmental Maritime 
Consultative Organisation of the 
UN in 1971. It has taken UDti! 
thi* year fur forward agreement 
!u be reached. 

In October, conipeu.viiiun fur 
each incident under the Fund 
Convention and the now .-ui •pie- 
men ted Civil Liability Conven- 
tion ruse from 19.1m to £l9.5m, 


These contrite non* -.v 1 1 ■ be 
paid by companies or individuals 
receiving more than 130.000 ton* 
of oil a year. 

The total initial amount from 
the contracting parties will be 
equivalent to £.559, 9u2. 

A new du-fetor. Mr. Reinhard 
GantcD of tbi- Fvdoij: Kepid/lic*' 
of Germany iru, p.,*. n ^ivr^ed :i> 
director of the iniei naiionai Oil 
Compensation rund (IMCO) iur ; 
four years. 

Mr. Ganlen was a member of, 
the working group up to draft 


BY VINCENT McLAIN 

BRITAIN AND 12 other ship- 
ping nations reacted an under 


effective from February lb. 

The Fund Assembly yesterday the Fund Convention by IMCCr 
announced thai the amount each in 1970, and is deputy head of; 
contributor from the 15 nations the Transport Law Section of the 
International Oil Pollution Com- would pay would be based od a Federal Ministry of Jusiice. ! 

peusaLion Fund, however, the fixed suni for each too of oil The FudU Assembly also voted 
15 member countries decided imported intu contracting states to base the fund's headquarters 
lo defer any decision on increas- by sea. in London. 


The aim is to allow a settle-; 

r ... 0 meut to be reached without a i 

standing with the U.S. jn. London clash of national laws and with-; 
yesterday over procedures fur out infringement of sovereignly; 
Settling " legal actions . where of the nations.. . • j 

foreign shipping lines have In some cases, informali'm on ■ 
contravened contruverstal U.S. a shipping line may be collected . 
regulations un liner shipping, bv independent accountants, to. 

Arguments have raged for be agreed b> both sides.* ! 

months between the U.S. and ^ r , err> . Lanchiu Under- j 
tin* 13 member slates of the s eCre j ar y ni charge of shipping I 
Gonsultative Shipping . Group ^ ♦ ' 


Belvoir 
atom waste 
survey 
attacked 


Financial Times Reporter 


Worst ‘lump 9 abuses cut 
by new tax scheme 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


Uis department was cun 
>idt>riiu» the long-term lived fur 
auother crossing, but it would 
nut necessarily be a bridge. 

One possible option is a 
crossing linked with the pro- 
posed Svwrii bar nice for 
puvfr generation, which is now 
entering the feasibility study 
stage. Another uptiuu could be 
a tunnel. 

VcslcrdaiV meet ing took 
place as a result uf widespread 
complaiuts ut last niunth s re- 
in trod union of single-lane 
tradic on the bridge, after a 
trouble-free period of only four 
months. 

The latest repairs to the 
bridge’s roller bearings are 
causing considerable traffic 
hold-ups- but are expected to 
he completed hy the end of the 
year. 


lion appears in he that the 
original terms uf •••ference were 
too broad and ill-defined io allow 
[ the commission -to know exactly 
i what areas it was supposed to 
study. 

Terms uf reference had been 
, drawn up by the ufiice uf Fair 
'Trading, ana covered the supply market gwwih in mulii -purpose 
- ! in and export from the UK of aerosols. The examination is due 
nuts and bolts, cutlers and cotter to be completed by May I. 


into door and furniture polishes 
was alau announced by Mr. 
Hjttei-alev. Tliis examination wilt 
involve the Price Commission in 
an area uf manufacturing ibzt 

has seen u -number uf product 
changes m recoil i jyjr-*. and will 
allow analysis of the recent 


News group may drop 
£22m HQ scheme 


v r : u-jj Vw policy at the Trade Department, 

over the use of hidden rebut*. ? an j chairman or the group, saidi 
hy conferences pt foreign . Imcv i he Ia )ks had been a success, 
m win cargoes on trade to and An 0 f th c importance £te 
from the U.S. ITS attache.s to jhc talks wss 

There are heavy penalties fnr C | ear f run , ( h e high level df : CONSERVATIONISTS yesterday 
shipowm.-rs . . loniravenina. - U.S. .niffcialsia The delegation. It was I condemned a suggestion that 
law. and the' Federal Maritime led te Mr. James Attwood. { Pari . ot Ihe Vale of Belvoir. m. - j 

Commission has... regularly deputy assistant secretary for NoUinjhani shire, might he suit- . ^ ^ributed the 

demanded d^ntary evidence transport « the State ^rt- 1 for dumping nuclear waste. ; -nd us t,.^ 


THE WORST abuses or ihe 
“lump” si stern uF sun-contract- 
ing by the self-employed in the 
construction industry have been 
eliminated, according to a. report 
n-om the Construction Industry 
Manpower Board. jj* 

The report says there has iJ^.t 
a significant fail in the Qiiro9ws» 


Liverpool given 
£2.8m grant 
and 750 jobs 


I BY JOHN LLOYD 

j NEWS INTERNATIONAL, pub- 
! lisher of the Sun and the News 
i of the World newspapers, has 
‘said that >t will no) devlop a 
: £22ui headquarters office bhind 
! St. Pancras Station, in the 
London Borough of Camden, 
because Camden Council is 
demanding too high a reni. 

The organisation has applied 
for outline planning permission 
to develop a site near St. 
Kathermc Duck, in Tower 


Financial Times Reporter 



asie&sed as though :t were rack 
rented. 

News International had asked 
fur a 10-acre site, but that bad 
now been cut down to seven, 
although the rent demanded 
remains the same. 

Mr. Hardy said that negotia- 
tions had taken nearly a year, 
and that the cost of development 
had risen by £2ni — from £20 di 10 
i-”m — in that lime. 

, .....v. “We have been tossed lo and 

Hamlets, ns an a net native tu the [ rom .political gruiip Iu 
Camden sue anothei. Il i- an astonishing 

Laniucn ,Me. !,. n gtb uf lime t,, make a 

deei-ion. 

“ WV luid them from ihe begin- 
ning— if yun don't want ns. tell 

mem. Mr. Bert Hard\. the emir l, ‘ r! - ht ah ’ a - v - Th '- if . our 

Many's chief exrciuive. said thai new >pa| cr, supported the Labour 
he would mu pay the rent which Par,v ■ l “- wuUlJ there by 


It mjj no! rir.ir last ntslit. 
however, whether News Inter- 
nal tonal had finally mined its 
back on the St. Pancras develop 


he ' 1,1 

Camden 


now. 


Shutdown makes 


from lines alleged to have con- rnenl. and included Mr. Richard 
travelled the regulations. These Daschhach- chairman or the 
requests have been hotly refuseJ Federal Maritime Commission 


They responded angrily to a; 


i sssr^ 1 

UK Atomic-. Energy Aulhuriiyl^c ® 


suggestion l«y 'JS e _°J.?£' i/?*; scheme and the recession in the t(J L ., >n[ . ern }j :> . the h 



universal disapproval of their 
nse, and talks in Wastiingtoa 
in June Tailed to resolve- thesa 
difficulties. 

The agreement reached yester 


Anti-Rebating Bill which could 
have effectively banned " some 
liner i-nnferenees from o|«Tatin 

^ to and from the U.S. _ ^ 

day at the end uf a three-dav He refused to sign the Bill ini The conservationist* are fight- 
meeting with U.S. dfficiaJs. called order to give both. sides a chancering National Goal Board plans tu 

- rich coameiOK in tae 


, However, the aulhorilv sug- 1 i.s evidence of better recovery of 
; ees»ted that the conservationists; tax from uncertified suh-con- 
had been a little hasty in ; tractors and of a very substan- 


■ drawing their conclusions. 

The conservationists are fight- 


Ex-Samuel Trust chief 
owes more than £5m 

ESTIMATED 'debts oF £5.665m in trouble at the end of 
are likely to be claimed against and in 1974. ihe company 


for the group members to try to of reaching a negotiated settle- 

persuade lines alleged h. have ment. At the same lime, he. Vale a beauty spot. , 

operated hidden rebates, to insisted that the commission T Sib,n^rroun 

supply the U-S. authorities with up its enforcement efforts against of BelvoSr Pj oteslion Group, 

documentary evidence. lines offering hidden rebates. | stud that H was folly to 

- - ° ; mining in tbe vkIc. on one hand. 

then dumping nuclear waste, un 
the other. 

“They seem to envisage a 
second Ruhr here. Do they want 
people to fee! it is a choice be- 
tween mining for coal or having 
atumic waste dumped on their 
doorsteps?" 

The authority said that re- 
1973 ! search was being carried out to 


Ban on war 
toys could 
hit Britain 

By Arnold Kransdorff 

BRITISH TOY manufacturers 
are still trying lo assess tbe 
implications of West Germany’s 
decision to recommend a ban un 
the sale of war toys which could 
account for about a tenth of all 


thc former director of Samuel Operation." launched 
Trust, secondary bankers, ths Bank of England and 
London Bankruptcy Court heard 
yesterday. • 

Mr. To wiling, aged 4:\ valued 
hi s assets at £307.300. leaving a 
deficiency of £5.357in. 

' Total debts of £23.524ni were 
referred lo, but Mr. Towning 
told Assistant Official Receiver 


by 
others. 


w»«| identify areas of shale, clay. salTjUK toy exports to that country. 
Mr. Herbert Rainford TownLng, assisted by the “ Lifeboat [and granite, and the suitability of I Last year. West Germany 

-- - ihe ! each rock form for stonnu ladio-; imported mure man £L!m of 


mT Anbwy Davonport «K 1» Jowninp t-ji.. ^ ^ 


i active waste. •; British toys at manufacturers 

_ „ _ _ , „ .. . ! The section of the Vale or Bel - 1 priees, representing almost 14 

Tbe David Samuel trust > voir identified by the conserva- . per cent of ail UK toy exports, 
not survive the crisis, however. | tionists lay- in a large gulf or J Tbe West German Toy 

and Mr. Towning atiributed "'jjelay running through the Mid- [ Retailers* Association agreed lo 
failure to guarantees ne had j i atl( j s an{ j that area might in the . recommend the ban after an 
given on behalf or the company. , future be investigated as part of< U pp tf y| by Jlerr Haus-Jochen 

Thc hearing was adjourned | a Jong-ierm study. .'Vogel, the Federal Justice 

Mr ! At present there are no plans Minister. 

;:f to dump radioactive waste there j Chancellor Helmut Schmidt 


for four months lo enable 


did not expect mosf of the debts his transactions to the 


to be claimed against him. ruptey trustee. His 
He said that when many of bsted on the 6 

Britain’s secondary banks were Avenue Henri Mat tin. Pan* 16. 


bank 
address •« 
file as 66 


Building watchdog 

MR. PETER TRENCH has been' search Advisory Council, 
appointed chairman of the The National Hoiise-Euilflin* 
National House-Building Council, council includes representatives 
for three years with effect from Qf ^ tjouse-bullding industry, 

srsss w,EEs ”m< rw 


or anywhere else’ 


£1.5m factory 
lease signed 

VALENTINES of Dundee has 
signed a 99-year lease ior its 
£1.5m factory on the Dryburgh 
Estate, Dundee. The resititing 
expansion will mean 200 new 
jobs. 

The first Scottish depot for 


np^ 'h.r«ii to acceptable standards. > Koyo (UK), was opened in Dun- 
cerlifica- 1 dee by. Mr. M. uintkubo. 


welcomed the move 

There has been a campaign in 
West Germany recently to 
remove such emblems as Nazi 
insignia frum toys. The British 
ore thought to be (he principle 
manufacturers of such “ Second 
World War memorablia.” 

The latest development goes 
even further. “War toys” are 
thought to include all replicas of 
arms, pistols, guns, rockets, 
shells, military vehicles, tanks, 
aircraft, warships, and all 
J packaging showing fight situa- 
tions. 

Tbe UK manufacturers of 
plastic construction kits and die- 
cast models will be most affected. 
They include Lesney Products, 


U *j5t! Trench is chairman of The f^rh ^nroietTtV pur- i ing director. The company is a I Airfix Industries and Mettoy— 

Y. J. Lovell (Holdings), a uciti i scheme wh P ^ of ! !eadin g ball-bearing manufac-lal! quoted eompanies^-and 

director of the Nationwide Butlp- cnasers a^oiusi , hmr ami »h«» firct enm-> Rriiains. an old established 


structural defects ; turer and the first Japanese com-; Britain*, an old established 


UI me _ structural -- — 

ing Society and chairman of the ^emeilj in„ W ars. Ipany to set up in Dundee. 'private company. 

Construction and Housing Re- during Wt arst jo y 


Owen in row over Dublin ban on poster 


FINANCIAL TIMES REPORTER 

DECISION by Acr Rianta, the 
sh Airports Authority, to 
iect an advertisement from 
terlee Development Corpora- 
n has Jed to' a Labour whips 
nplaining to Dr. David P W 5J 1 ’ 
reign Secretary, about the 
ion of the Government or a 
low EEC member state. 
Peterlee wanted to site the 

ster advertisement at Dublin 

rport and aimed the wording 
U.S. industrialists visitin*. ire 
id. It urged them not to om- 
k Britain as a place to invest. 

\er Rianla Jaler objected that 
: wording gave Ireland a 
iarney and shamrock * image, 
’etcrlec altered the wording 
3 graphics, bul last «py. lb 
■eived a letter saying: Un- 
tuiiaiely. it is not company 


policy to engage in this area of 

advertising” 

According to Pete rice, no 
other explanation was gt^en. 

‘Exclude’ 

Mr. Jack Dormand, MP tor JEasr 
ington, said yesterday that he has 
sought the Foreign Se Cretans 
help in an attempt to e ° d -^t 
crimination" against British 
development agencies vnUmj W 
advertise in the Insb Republic 
He wants Dr. Owen to aPP™ a< * 
the Irish Govern me ot to explain 
Lhe hart and to ask ihe 
Commission lo investigate wnai 
h« believes is a breach of t - Ll - 

rU, '^Thi?re is n® doubt in my 
mind that the Irish 
through Aer Rianta. have taken 
a decision to exclude all advertis- 


ing by British development 
agencies from their airports. 

“This would appear to be part 
of a campaign which began in 
the summer, aimed at stifling 
competition." 

-PeterJee said last night that 
this was the first time one or its 
advertisements bad been banned. 
“Aer Rianta’s attitude changed 
from enthusiasm to opposition 
and we are concerned that this 
stems from their Government's 
altitude to competition.” 

Aer Rianta said: “The deci- 
sion on thc proposed Feterlee 
Development Corporation adver- 
tisement was taken by Aer 
Rianta on commercial grounds 
and the question uf consultation 
with other Government agencies 
did nut arise. There was no 
Government directive. There is 


nothing sinisicr here. 

“ It was simply that we did 
not want to advertise in that 
particular area of commercial 
advertising, although we do 
have some commercial adver- 
tising. We advertise British 
products ail the time. 

‘Acceptability’ 

“ Wc are delighted when some- 
body wants to buy space from 
us but then it is sold under 
certain conditions; for example, 
whether we like the artwork and 
copy or not. Our policy ts that 
■•ve will only sell advertisements 
that we believe will fit into 3 
general area of acceptability.” 

Tbe authority declined to 
define what whs “objectionable " 
ahout the Peter ice advertise- 
ment. 


lial reduction ■«, jb,. uj.^usc ur 
forgery or ducn munis. It ■.-luun^i 
that the securii.v of the new 1 un 1 

deduction :n is nuich tighter 1 ABriirr 750 jnl».» are lu 
than under tJ: 
enables 
ay a ins 1 a,bn- 
under 
meals. 

Bin thc rei-nn al^o adds that* The scheme, devi-vd by I.iver- jin a newspaper. 3nd that any 
the continued existence of self- i pool City Council, is being negotiations on rent would take 

developed in conjunction with j lime. A NORWICH shoe components 

ihe Manpower Services Coin mis- “1 cannot give him 3 snap company. Plastak Norwich, was 
ai"ti. j answer : there are a number m closed yesterday with the los>& uf 

Basically. i;io unit* are being p ‘^ p l‘\ ,y J be consultcil on this. HO jobs— even though it has a 
formed: » building unit, inih 500i and * had a difficult job in per- full order book, 
join, and 10 receive it.9ni in - ? 1 1 « t Cw,le “» ,se 7 . lu • , - re ‘' The company has orders for 

Govern men: aid in the first 12 L’ * nt «rnational s cum ing over lm pairs of component* 

month*: and .1 bnd>ca;>e tin It. '< ha _ , h/ mainly for export, bul delays in 

with 250 job*, receiving £883.000. * t sJl % jS« lb , Ann non f a - V)nent f i°. r &vers . eas s . a ' e * were 

/ - the first five year* at 1100.000 loo great. The receiver Mr. Roger 

L,r,l,nv ' 1 h:,s vol<? d in the first year, rising in Pearsor, said lhai about £ 150.000 
£UoU.»00 10 inc projects to £250.000 in tbe fiflh .rear. There- would be required to save Hie 

March. 19SU. 1 after, ihe properly would be company. 


i.oauciiun oi ine em pA/yed individtiaK paid on ai 
tax ueaucuon SU h.co:iinai basis 'till uives rise 


con- 


since. 

“The Government's measure- 
10 deal with associated abuses 
ha' - e been widely effective.” 


INVESTMENT TRUST COMPANIES 

The following extract is republished from the table of Net Asset Values 
which appeared on page 31 of yesterday's edition, as. due to alignment, then- is the possibility of misinterpretation. 


Tola! Assets 
less current 
Dnbi'lii .v, 
111 

Cm illinti 

Company 

12; 

1 

1 

1 

) Shares nr Stock 
| <3> 

Date of 
Valuation 
(4J 

Annual 

Dividend 

Col 

j Net A-c-rtfl Vame 

1 after dednetirtij prior 

1 chaTpe\ 

| lit nr"”iniil t at market 
, value / 1 ‘tiUnr 

[ t«D j 17) 

Imesiment 
Currency 
Premium 
Isee notes » 
(Si 


VALUATION MONTHLY 



Pence 

except where £ stated isee note di 

1 4T.7 

Alliance Tru<t 

... Ordinary 2->p 

31 T0/78 

7 1 

274.1 

2K2.7 

25.8 

S4.a 

\ncln American Securities Corp. ... 

.. i Ordinary 2.»p 

31 TO -78 

3.0 

1 120 9 

l:V».S 

13.0 

324.0 



SI /I0. 78 





27.1 

Capital & National Trusi 

... Ord. & - p. “ Ord, 2-ip 

31/10 7* 

-4.<; 

, 172.1 

3 74.M 

lti.it 

HI.S 

Claverhouse Investment TruM 

. 'ordinary 50p 

SI. 10 78 

n.s 

1 Jl,s - ! 

MIS.2 

0.2 

11.4 Crossfriars Trust 

Ordinary 25p 

:si.T0 7S 


314.0 

114.0 

_ 

T 

Dundee & Loudon Investment Trust Ordinary 

:ti to iN 


• 7 

7 

7 

S'Jl 

Bdtnburch Imestment Trust .. .. 

... £J Deferred 

:-t 10 rs 

n r.j 

> LT« 9 

■ni*i *» 

Iii.il 

4:J.!l 

l-'irsl ScoMish American Trust 

. . \«rdmary 2 Ai» 

:;t to ts 

2 So 

1 121. 11 

123 9 

]::« 

ll.S 

Grange Trust 

... Ord. Mock 2jp 

31/10 7N 

2 r 

i 102 9 

in: 

4.8 

•>0.3 

Greai X'orihern Investment Trusi 

. Ordinary 2.1|» 

::i .in 78 

SS7 

1 135.9 

iss.G 

8.4 

r,:.M 

Guardian tmesimmi Trust 

... «>rdi»ar> 2 .»p 

::i TO 7S 

2.U 

1 1H7 . 1 1 

111.7 


s 

Hume Holdings Lid 

& "B" «'rd. 2.»p 

::i in 7S 


■dM.O 

-U4.:: 

2.1 

77.7 

Investors Capital Tru<l . 

.. Ordinary 2.*p 

at ift.78 

1.7.7 

91} 9 1 

102.7 

11.7 

2\U 

Jardtne Japan Inve^tnicm lYu'i .. 

nvdinary 23p 

:H 10 '78 

0.N3 

• 2 1 T.ii 1 

217.fi 

49.7 

"HJl 

London & Holy rood Trust 

.. Ordinary 2.5, •> 

31/ HITS 



700.6 

Hi. I 

2.7.4 

London & Montrose Invest. Trusi 

.. Ordinary 2op 

31-10.-7R 

5.H 

•2-50.4 

200.7 

27.5 

4T.U 

London & Provincial Trust 

. Ordinary 25p 

SI 10/78 


34S.7 I 

151.3 

I5.il 

JlOil.i 

.Mercantile Invesrment Trust 

.. Ordinary 25p 

ai.T0.7S 

■ 1 2.7 

r.74.0 

58.3 

2.9 


Do. Do 

.. ,Conv. Debs. 19S3 

.1100 78 

14.70 

£S2 30 

IS7.S0 

£4.30 

2ti3 

North Allantic Securities Corp. ... 

... 1 Ordinary 2Ap 

31/10 ’78 

3.07 

1 192! i 

122.5 

11.7 


Northern American Trust 

...‘Ordinary 23n 

Ml/78 



I 


S.O 

Save & Prosper Linked Invest. Trust ; Capital Shares 

31/10/78 

— 

j 16S.3 j 

lfitt.3 


F 

Scottish Im-evnnent Trust 

.. urd. Stock 25p 

$1/10/7$ 

7 

< - ; 


r 


Scottish Northern InvesL Trust ... 

...ordinary 2Sp 

31/10/78 

3.:iG 

; 12S 6 ! 

137 0 

P.4 






95.3 1 



4*6 

Second Alliance Trust 

Ordinary 25l» 

31/10/78 

0 .: 

! 2XL8 i 

242.3 


4 0 

Shires Investment Co 

- 'Ordinary 5W|> 

21.10/78 

8.4IH 

i 156.7 , 

756.7 

- 

4] 

SlerlinK Trust 

..;Ordinary 23p 

31/10/78 


. 227.1 


00 2 

■ 27.0 

rechnology Investment Trust 

■•lOrdinary 2.ip 

31.T0.TS 


l 13S.9 | 

140.2 

31.9 

7.>.:t 

United British Securities Trust ... 

'Ordinary 25p 

31/10 iS 

4.44 

Jlls.n : 

109.3 

13.3 

31.1 

United Slates 4 Genera) Trusi 

-- Ordinary 23i> 

31.TO/78 


24^3 : 

215.9 

2.7.5 

SZA 

United Stales Debenture Corporation Ord. Stock 23n 

31 TO '78 


1 12.0 1 

116.9 

10.3 


Do. Do.' 

Conv. Loan 1993 

31/10 '78 

15.(10 

(12X9(1 

f I2K fil) 

£11.39 


1ANNKAI ARMA(iNA( ; IS AN 
J ORDINARY FRENCH BRANDY 
ASTHEBAYEUX * ^ 

TAPESTRY IS jl 

ORDINARY FRENCH . 'M I 
NEEDLEWORK - Wt" 

Janneau ■ -W , 

( irand Armawnac 

Ordiniuiu.it is not ■ v 


fvnr /rruu,s: 
"r *u 



Financial Times Saturday Noyemljer';l? l^?S^ r 


Cone 



by lynton McLain 


j TRAVEL to North Sea oil and and oilier ml fields nnrth-eait uf f iirr five hours needed nn-.v by j 
•;r 55 fieidi in the 1980^ v. ill be ibe Shetland*. oilmen who use fixed wKi^ai r - , 

[much r ; 'linker as a result, of a Th» Chinook was once med f r ?j l -Airport. 

I iT7m e^rilract signed 'e->ierd3v aioiost exclusively 
j between British Airv.Jv's UeSi- appiic^lions The U S Army had 
I co'-ip---: \nd Bonin" \Vrtn' f.ir 41 ,jr sev « ral hundred duno- 

BRITISH AIRWAYS S, ? h* ** ^ 


Manchester 
to have 
U.S.-style 
fashion 
centre 


By John Brennan. 
Property Correspondent 


By Michael Donne. 
Aerospace Correspondent 


China. v;« H.,ng Kong. first with ^ ,, r der follows Thu iT-*0n, 
subsonic jot airliners, but later ! cr , ntrj . : .. .^ned in Uarcn. when 
also with Concorde, are seen as ’the f.o; -il Air Force oroered 35 
a real possibility by Mr. Ross Chinoi-I”. 

Sif'nion. chief executive of thej The l-itest contract in term ? of 
airline. : value 

He ie!i? staff in this week’s . menr-i hv'.icopter 
Eri::?h Airvav.* News that the ever ‘.j.ied. and_ 
a , r!'. , i? h.i-- faced “ frustration . British Airways" 

fnijiration in getting the ' earr-tnr- more than £kl>ni Lroin 


Capacity 


-i: 


I _• 


rights we need to 
O ncurde.” But he 
• h;r ne v t year rnich: 

“ 1 lonmrdi' , « year" 

. - c-of.fiTl; Concord * 1 
: it: (,‘S open* tin 2 r:?r'; 

? .--.-I the airlm* was 
inr-r^-r its nichti J'* 

:r. \ Yurt' It al'O 
■■ '-n ;n dm the 
'•r-r^rnt with Rnnlff 
" » s nt »-ni:ld r:4'f Cnn- 
■■■• ■■■ r rcil 1 -* fmni Vash- 
. n-ila./Frtrr Wr.rth 
“ -, Tn;- inmort.int of all. T have 
? fppMn-j i hat we a ve eoine to 
fin-i .i •■••‘v abound fh* Smi^h-Eact 
; ! : .n |r before ton". *n 

c .*! c ,inr inn "-delayed 

~i~& Ononrrle service” j 
While ihv airline wmild tike tn ! 
h. j- e .i Concorde service aero”; 

:h r Soviet Vnion to Janan via ; i " _= " 
yn-nrihj-.k. "the b»e prire ' 


t'' u mtii'tarv land. before transferrins U> heli-! 

r° r m,lltarv copters for the ta“ trip to the /MANCHESTER'S Royal 
platforms. Exchange Building is to be re- 

Tbfc Chinook has 0\'-f l w *ce ' developed to incorporate an 
the capacity of the jaryesi hcli-j American-style fashion shopping 
copters now used on the North j centre. 

Sea. British Airways said yesicr- >. The Exchange building, which 
„. . . day that this would Jn-lp keep [stands on the site of Man- 

Tilt, changes in the design, the number of annual helicopter 'Chester's first commodity 
leadins io a one-third reduction fll5htJ lo North Sea installations 
. . m <ucl cnnsumplion. and lower w the present total of 60J0O. 

ihe biggest single com- n,J, j p- . compared with earlier The airline also look out 

ns nu, dels. an de u rowing need i«» options on three more Chinooks, ! Victoria's visit to the city in 
will i.-ad m U .P ej = lIlL : . l ? 0,1 r, « s and but. with the slowdown in North [i£5L will retain its 19th-century 

Helicuoiers P-'- ,du cuon _ platforms. were s ea exploration and ihe slower ; facade. 

among the raeiors that led lo expansion in helicopter Nights. ! But Mr. Julian Markhams 

me commercial contrails. the airline plans to study thejGlengate Properties, in partner- 

each Chinook will fly direct possible use of these helicopters j ship with Airfix. the toy group, 

from Aberdeen to the Brent for intercity flights between! are jointly to finance a £L5m 


exchange market, established ic 
1729. and which acquired its 
royal status after Queen 


an exclusive seven -year con tract 
signed this week with the Shell/ 
E ff -o consortium. which i* 


deveiorinz the Brent. Dunlin field in two hours, compared with London. Paris, and Brussels. 


internal redevelopment of 70.000 
isq ft of the building to create 
j a 50-shop sales area in space 
! formerly" occupied by Boots' 
department store. 


Murray warning 


on prices 



BY CHRISTIAN TYLER, LABOUR EDITOR 

INDUSTRIAL ACTION" most I think they want to -see sensible 
always be the last resort, Mr. negaUations." , 

L?= Murray, TUC general secre- ™^ of iudustrM aetim 

tarv. said lail niyht. against -the Government’s 5 per 

In his first public speech since cen t limit on pay settlements, 
the failure of t-*;e TUC-Govern- Mr. Murray said: : 

men? talks oa pay policy, Mr. “ I don’t say that mdusttlal 
Murray called or, union negotia- action can always be 
tors to carry out the spirit o£ but it must always be the last 
the joint statement on pay, prices resort after negotiations; /have 
and inflation that -failed to get been tried and tried again and 
the "o.*vkicg of the TCC general the members accept tat there i$ 
council- is no other way to pursue their 

Ke also said that the TUC’s jurt claim-’’ ; \ . 

relationship with the Govern- ' The TUC 
ment was “still very much closely and productive^^ the 
alive “ Tuesday’s 14-14 vote of present Government # 

the general council had been a «V olh< * r - 
setback, but was not a cause for fe® en ® a£y> 
desnair Sometimes there are setbaefa. 

F We have had one this week. 

That is a mater for disappoinl- 
i^omnutment went but not despairs 

There is no need for a post- Jf- >SK B t!K 
Despite toe obituary t™’ of Mr . Herbert Lisle, 




union 




. aV! 

Lv f " 


i' 


. "... t^Ti-5* 

"SKjJ* ■■ {'A. 


Lease costs 



i* a l>i£ potential j 
r* fur iriivi'llir!' [ 

t'o'V.-. •-‘.i h v a rfry . 1 • n • i p C fl iV of 
tn irr -J' :i.-. ihn fn^i s» TT.-c thny rtoc-d 
ar - n«-;f '.nnod. 

“Wo v. oil'd sisrt nfT with a 
'iirvo;,; .service via Hone Konc. 
h-r i h? r c is the exciting pn < ;?i- 
hi'rv that a Concorde service 
mil'll foHow. vis South-East Asia [ 
“ C'onc- rde is one of the best i 
t nines that hu> ever happened ;o 
us. arc China t* the sort of route • 
v. here i» could really put us. 
sh"Ld 01 the competition. j 
" .*!>- third ambition is to st-e [ 
us ii;.ir.c the i?ac» in western 1 
CaiLd:-. v. here we don't at ] 
nrv«;en' on- r.vc because we have • 


- t » s .. ■ ..“ ii-. . . 

tLT.u- -- - .4.*^ ■ • .'-j — l — % -1 ■ «*:. jliwr * — -aca 


no rra.Iic nchts. But it is a part 
r,r the world we really ought to 
serve." 

The aircraft ?.Tr. Sraimon 


“nvi-acod for that service was 
TnSiar Dash 500s. the first of 
which joins the airline next 
sprinr. 


THE GOVERNMENT is be! ns a^kt-d by Mersey- 
side County Council to make it a gif! of ifiv 
Ark Royal (above), lo be u>ed au the ccntrepivcc 
of □ proposed new maritime museum :n Liter- 
pool's dockland. The 4u.0U>t-i3it aircraft carrier, 
which was commissioned on Merseyside :u l!‘S4. 
is returning to Ix-vonpori early next nion! , i 
from a lour of duly in ihe Mi-ttilerranean. It 
will then be taken out or sc nice.. Merseyside's 
bid for the Ark Royal comes in a letter to 
Mr. Fred Mu Hey. Secretary for Defence, from 
Mr. John Last, chairman of Sh.- courcil's arts 
committee, which has responsibility (or estab- 
lishing the museum lo be built on part of ilr 4 
disused Sonllt Dock system near Lit er ; :un:\ 
city centre. The council is tr-ing lo buy 4i»n 
acres of dnekland from the Mersey Dorks am! 
Harbour Company to ensure comprehensive 
redevelopment of the area. Mr. Last's feller 


makes il clear that the council could not buy 
ibe Ark Royal if il were put up for sale at its 
scrap value. He asks Mr. M alley to consider 
giving the vessel jo the museum Jtuthori tics who 
could then be charged with preserving it. He 
also suggests discussions with Ministry of 
Defence officials on the likely costs of main- 
taining the vessel, and requests that before Ihe 
commissioning lakes place the aircraft carrier 
should pay a visit to LiverpooL The Ministry 
said yesterday ihat so far the letter from 
Merseyside had not been received but il would 
he given full consideration. It seems unlikely, 
however, that the Ministry, the victim of succes- 
sive public expenditure cuts, would be prepared 
lo forego the revenue from the sale of the 
vessel. The Ark Royal's sisler shlj). Eagle, was 
sold recently :p scrap dealers in South Wales 
For a sum believed to be at least £lm.. 
: 


Boots left the Prudential 
! .Ass ura nee- owned building in 
i September and the Glengate 
’Airfix scheme, which starts on 
Monday, is due for completion 
next autumn. 

Joint letting agents Haramoca 
Phillips Partnership and Man- 
chester agenti Dunlop Heyvvood 
and Co. expect lo let shops in 
the new development for average 
rents of £15 a sq ft. 

Allowing for the costs of the 
developers' 90-year lease from 
the Prudential, profit rents on 
the scheme suggest an end 
capital value of about £2m. 

Commenting on the toy group's 
j involvement in the scheme. Mr, 
j Ralph Ehrmann. Airfix f s chair 
[man said yesterday thar the in- 
vestment was sufficiently small 
to fall within the definition o 
“chairman's discretionary funds.' 

Airfix. which recently joined 
in another £lm property develop- 
[ment arranged by Glengate. had 
j “no intention of diversifying 
■into property." 


Gas tubes 




All clear 
for £30m 
shop plan 


By John Brennan, 
Property Correspondent 


CAPITAL and Counties Properly 
Company cleared the way for a 
£30 tn -plus shop and office develop- 
ment in the centre of Sutton 
(yesterday with the acquisition of 
!tbe High Street site owned by 
.Dover West Investment, the 
.private property group, 
j Capital and Counties has 
'acquired the whole of Dover 
j West’s capital for £406.710.^ paid 
I with a new issue of 739,475 of 

PERSONAL CUSTOMERS of The deposit rate !.s at present submission to the Price Commis- ! u_._ .i, a 

Midland Bank will face higher wwrallv at IP per cenL so that sion f ua^ a^bsta^ nari ofX 

i charges for runnin- ,hr.r cur- uSl"’!. JK2 SKL «£, ’gj SSL H^sSS!. ttt. rtSh 


BY MICHAEL BLANDEN 


F 

5y Roy Hodson 


„m.m- f ,r™ Ym-o-nhdr directly coocccted is in line with making an effort to 
rent accounts from November th „ Pl> , r needs of small eomna 


„ ... the resL needs of small companies, after i ^® se a -J?*?. 1 

!_7 as a resu.t uf a new tariff new scale of charges in- the commission's suggestion that! development with "O'er 'Vest, 

I announced yesterday. dudes increases in the cost of the banks should publish a tariJ • jjleh will retain a 2B Per rent 

EXPANSION OF .h. Natural G„ ! }™'™ . «,<«£ ! ?S2*h ’ S Suriou, Si uKSK 

r-dit uear- b 3i -jj^ service charges to help J Lewis Partnership, 
manually, small businessmen estimate their j The John Lewis group plans lo 
successful costs in advance. i build a 260,000 sq *t superstore 



io 35,000 tons. The development 
j<s to include a new £lni pipe 
welding mill, to be built next 
year. 


way 

charges earlier this .vear. 


Under its new Tariff. Midland 
is keening the minimum balance 


’ Mrs Indira Gandbi fnrmrr i ™>l> u « d for personal cusuimcr! 11 S§£fICy i 

Prime Minister of India, ?«?o" Vnflirn. hair™, ‘’The^ank niOIT 

day onened a new spiral welding I «», "JP/ > £% t *k£ n lX£l 1 FS-SOg TeSCUe 


mil! at the plant Mr. Svvraj 
Paul, chairman of the company, 
is helping to organise her British 
tour. 

Mr. Paul said that the expan- 
sion of Natural Gas Tubes would 
help Eritaio's balance of pay- 
ments by further reducing 
dependence on imports. 

Imports of lubes and sections 
were running al 48,000 tons for 
the year. 


estimated that about three- 
quarters of its personal cus- 
tomers would continue to have 
free banking as a result. 


BY ARNOLD KRANSDOP.FF 


Set levels 


Protesting 


Members of the Iron and Steel! „ „„„ . 

Trades Confederation at Corby. 1 ailowance J '*" ln s>L 
Northants. the centre of British 
Steel Corporation tubes manu- 
facturing. are protesting against 
the expansion of the private 
sector plant. They claim that it 
could damage British Sleel's 
trade. 

Mr. P. K. Brookman. South 
Wales divisional organiser of the 


SURPRISE TALKS started is to raise any false hopes. We 
yesterday aimed at saving have ynt to find out if it's a 
Triang Pedigree, the ailing commercial proposition. 

Merthyr Tyrifii-hased toy com- "If any funds are made 
For those customers who fail pany. from closing down before available, it would be strictly on 
to meet the criterion for free Christmas with the loss of 340 a commercial basis. Normally 
banking, however, the charge for johs. we don't get involved with lame 

debit items — cheques, .standing The ‘Welsh Development ducks or rescue operations. 

orders and direct debits is Agency said that its investment tin Wednesday, the Govern- 

bein' 7 raised aharplv from 9p a department had begun a fact- ment turned down an appeal by 

time"’ to 15p. “ finding exercise " lo establish the workers of Tri-ang to save 

t iL-o the. nil. or hi- h.nk« iviiri what the financial and ennuner- the com pane. The Welsh Office 

land i “intrutiucin- a flexible Prospects might be for the confirmed that the Government. 
i.u-Jnrp .^no charcer fo? company's range of products." which has pumped in nearly 

aiv ,„ ilJ w ho do not Earlier, the agency quriled Mr. since 1975. was not prepared 
quatifv for free hanking but keep Gray. ii 3 mans eing director. t« make available further finan- 
some money in their accounts. ^ saying that be could not see «■*“* support beyond the end of 
... ... _ . any way in which the operations lDls year. 

This is in line with the Price 0 f Tri-ang could be continued 

Commission recommendation on {^e present basis. 

that charges and offsetting allow- However, he had agreed lo T 4-c- (raff 

ances should ue inoro cloS0l> arrange discussino^ between the j ^111 

related to .merest rates. ««■£. “'^tmeel dep.rtm,Dt THE 0CCIDENT ^ „„ Consor . 


on the site and Capital and 
Counties hopes to win planning 
permission for another 150,000 
sq ft of shopping and a 150,000 
sq ft office tower. 

Mr. Ian Northern. Capital and 
Counties development director, 
said yesterday that preparatory 
planning work was likely lo 
‘delay building the. .590.000 sq Ft 
development until at least 1BS1. 
By that time, a development cost 
of more than £30m is likely to 
look historically low. 


mortem. — 

NtfSdv tta^TUC RSES Ki-ired T«cL. 

A °° h . fSt-t™ 0 seoeral Mr. Murray’s call was astiri- 
council doubt, taat p ate d by Engineering. Union 

Nor has any member of the members at the British Steel 
eral council any doubt that Corporation’s Corby works; 


genera. 


the commitment of the TUC to Northampton. Mr. -George 
cAiianc against inflation remains rii<tir 


mg against inflation remains McCart, distirtc secretafy: of the 
dear and firm. Negotiators can- Amalgamated Union of Engineer 
not ignore the fact that what jug Workers, said on behalf of 
they do in their own companies 9 non members: “ We are nmmiR- 


companies 2,000 members: “We are promla- 
aad mdustnas does nave an jug a six-month period free of 
effect on tne prices we all-in- disputes." Other unions were 
eluding their ovn members— being asked » follow ^nlr. - 
have to pay in the jumps.” Workers at Corby fear that the 


Inflation hit everybody, . and plant may be dosed. 3Tr. McCart 
was bad for emplo.vment, he said: “ We made a £30m loss 
said. “ Our people have hot for- last year. The writizrgia on the 
gotten the misery of the high wall, and it's time to. roll- up our 
inflation of the early Seventies.' sleeves and work;” ’ t 


Pay row canal men 
threaten shutdown 


BY PAULINE CLARK, LABOUR STAFF 


BRITAIN'S 600 canal supervisors "’ays supervisors, who claim that 
have decided “overwhelmingly 51 the gap between their pay and 
to take industrial action to try the wages of water services 
Lo persuade ihe Government to supervisors widened to 20 per 
treat them as a special case tinder cent within the first nine months 
the Phase Four incomes policy, of Phase One of the policy. 

Sanctions, expected to be intro- They say this is in spite of a 
duced within a week, could close recommendation - from the 
the country's inland Waterways Advisory Conciliation and Arbi- 
system to freight traffic and may tration Service, at the end of a- 
cut off water supplies:' 1 to- a week of industrial action on the 
number of small industrial sites, waterways in 1974, that jpay for 
especially in the North, of &ig- canal workers should move 
land. Holiday barge traffic is towards parity with the water 
also likely to suffer. service industry, ... 

The National and Local — .. - 


S/Abftface*: ■'•..yv.v. 
Labour Correspondent. - • • 

TIMES N^wSPAf^ER manage- 
ment was accused^ yesterfay of- 
approaching negotiatrousT Oh ns 
efforts to achieve industriaj reia- 
lions’ reforms to. n B ndachalaBi^ 
fashion by Mr. Ow^L O^tien, 
general secretary of the Nlraonal 
Society of O pe rati Ve , Printers, ' 
Graphical and -Med^ PetsdnueL 
- The company' hak announced 
that . it will suspend all publi- 
catitm -from the ead wE:-ais 
month, unless; it secure* agree- 
ment from - unions ou terms-oF 
employment* disputes procedures 
and related is8ues-. ,_ .; ,i. . 

. NATSOPA!; yesterday sent ail . 
Its mein here details-of con^spoti- 
dence which it- .has, exchanged 
with' the company since Asm. 

In a foreword. Mr. O’Brien said 
-that, although tils uuioiit.hsid 
indicated its.readidess'to meet 
the - management, ' as: e«ly. : as . 
May 15, the first meeting 'didtist 
take place until: .September :■ Sk- 
in the unions opiniou ^this 
lengthy ^ delay wes entircly due to 
the attitixde and jif.- ^the 

Times JflewspapefsmaiJagMBeaL’’ 
He also denwindea-.; 
duress - under .which Jie- -said, his 
memherr had. been placed shouki 
he withdrawtr. -and the cralbmary 
form of coUeettVa.- Bargaining - 
ma in tain ed. ••• •, •/: : : : ’ v ;‘ • / 

Talks ' which ; should -r iave 
resumed: between -Times Tiews- 
papem and thb N atLan al Graph i- 
Cal-Associalioa. oa-thc=eaihpaay , s 
propdwfcf for tL cinBpot^-iiasfd 
composing . room did not take _ 
plaice yesterday. The assecklidu's 
national " council decided on- 
Thursday not to attend.: ■, .• . 







to ac t 

By Our Labour Staff 


i i + - * 
•- 1 4 .' v / 


on 


Government Officers’ Association 
has asked the Gove^urfent to 
approve a pay rise aboye the pre- 
sent 5 per cent limit. to correct 
anomalies which have arisen 
since 1975. 

Canal supervisors claim to be CUSTOMS MEN involved in in- 
m ine same position as plumbers, dustrial . action at London's 
heating and ventilating pipe- Heathrow Airport have warned 
fitters and BBC staff, who have that vast . quantities of hard 
all asked for special pay drugs c 0 u 2 d-.be slipping into the 
increases because traditional pay UK because . of their action, 
links with other groups were The men’s union, the Society 
affected by the cut-off date for of Civil and - Public ■ Servants, 
pay settlements in 1975. claims ■ that its action,, which 

Under the Government White began last Wednesday , in.-. sup- 
Papers special provisions for port of. a staffing, claim has Jed to 
these cases, plumbers and pipe- a “drastic " cut in the number 
fitters have recently been of staff assigned to the juteas 
awarded 30 per cent rises. where the. drugs risk is greatest 

No similar solution, however, —including flights from south- 
has been offered to the water- east Asia. 


ABOUT 9JX» provincial journa- 
lists luKve been instructed 4n take 
to dustrial action from next Mon- . 
day aftisr their union. yesterday 
rejected a- provisional &7 per 
cent pay offen ■ 

'TfieNatlOTal UnicmPfJourija-' 
lists, wtiiclt- lias demanded a- 
£20-a-week pay rise -with other . 
fringe ffnprovemefltS: weH above ' 
the Governments 5 per cent pay 
guidelines, . told , i k. Newspaper 
Society employers that the offer 
was hot enough. Sanctions,, in- ' 
chiding . - disruptive' . mandatory - 
meetings, WoOId start-next week, - . 

Employ era;. proposed ah . " 
increase of about 9 per cent^hut 
ottiy if the Department of Em- - 
ployment approved it Tire 3WJ 
ihad# ft dear, however, ihat- ti , 
woedd-not be a party to any joint - 
approach to the GoveCnnleiif. 

Mr. r Noel . Howelfc” onion 
national .organiser, said that .a. 
vote ’ on industrial . acgpn ; was 
three to pneyin_favour. 

The Newspaper Society . «aid 
last night that the offer. meant 
an increase of. more thafl:£4 a . 
week for journalists -on small 
papers rising to £13.72 for senior 
journalists oh bigger papers* 


:3: 


is 

i: 


f. 


£2m facelift 
for stations 


LONDON TRANSPORT is to 
give a £2m “ face-lift ’’ to the East 
London section oE the 
Metropolitan Line. 

The work has been requested 
by the Greater London Council 
and the cost will be met by a 
Government grant. 


TUC call for ‘coercion’ 


BY SUE CAMERON 


Midland's offset allowance is and the company, which is bams . . 

Confederation, said yesterday ■ tn be 9 per cent at present, sub- run by a receiver. 1|UD1 has donated £200 -to each 

that his members at Natural Gas i ject to change when apprnpriale. The meerirm l>C£an yesterday of Orkney's lifeboats— -at Kirk 
Tubes were 100 per cent behind! The other big banks have all set morning, beaded hy Dr. John welL Stroniness nod Lo'ttghope— 
the company's plans. The com- j levels of allowances which are Norris, the agency’s investment j 3 x ~ecoin 3 iLion of their help in 
pany was already a big British I directly linked lo changes in director. An immediate decision difficilltv nrcirffni^i the 

Steel customer, buying sheet I their interest rates, at 4 per cent, is not expected. dimeiiuy uccidenlaJ operates tne 

bteel for use in the tube-making | or 1 per cent below the deposit The auency said last niqht : - 14 - ra 0lJ terminal of notta io 
process. ‘rate. “The last thins we want to do Orkney. 




e?y to pay 



BY IVOR OWEN 

THE GOVERNMENT is unlike]? fault" compensation scheme for in for future accidents only. for conditions such as bronchitis 

to implement the proposal bv the the victims of vehicle accidents "It makes administrative and rheumatism, which were 

Va'.rer.* r'nmm i«inr, *h,r would mean the provision of good sense, but I should hesitate common in the population at 

Pearson Commission that coni- benefits >t ratcs which wcre tD recommend a scheme which Urge. 

pensation for pereonal injuries ^ j^foer — sometimes a great deal ignored existing disablement." Mr, Ennals also promised 

sustained in vehicle accidents higher — than were available to Dealing with other aspects of further detailed consultations on 

should os paid by the State from or( ji nar y beneficiaries. the commission's report Mr. *| le tom mission's recomfficnd 3 - 

a central fund financed by a extension of benefits hv Ennals ^id that he had asked tion for the introduction rf P™- 

levy of aoout Ip a gallon on An i ^ Jen ^efite h> Ihe Injuries AdvLsury CuuociJ for ^et liabihty-as tills would 

P* trol - »n f tht ^flveri h „ f t h u, h i lit!' its views on the recommendation e . nablc people injured by defec- 

This was the clear impression IntfreiV n l ■■ « that the basis of compensation tive products to recover damages 

?iven by Mr. David Ennals. ® JL'l SinvJl for industrial disease? should be without proof of negligence. 

Social Services Secretary, in the ™P 5 4 * 10 our thinki e broadened by the adoption of the He ‘‘‘Cknowdedged the. eOPceg 

Commons yesterday, when he 50 lar ' proof system. manufacturing industry 

spoke or “ major snags ” Mr. Ennalj also highlighted Thi . f.nj.j.ip *h P r i a iniant the pos j e ? ect °P 
inherent in such a scheme. the problem of retrospection. tf succ Vd even if his disease nes s and the ]ntr 1 od “ c£,tf °5l J °*? f 


But he stresed, in a debate 


on the report of the Royal Com- W J® ople disease, provided he could show appfoach to'X^SaLn recom- 

niissioo on civil liability and ^ tbe *™niun«t> disabled from that it was a particular risk of ,^P n datio n s rtcS BS as ,l no 
Fa* n.isl roan accidents. oesc/ 


compensation for personal P 351 roa d accidents. bis occupation. bad tfifn'' " '*”by''^Mr.” Patrick 

injury, uhet the process of con- a considerable administrative As pan of a wider review, the Jenkin, the Conservative, shadow 
sultauoB i MB Still to be com- apparatus would bo required to advisory council would also con- Social Services Secretary, 
pletea. No final decisions had make payments on a retrospec- sider whether the prescription Britain would have to move pro- 

yet been tanen by the Govern- tive basis. The alternative, system should he continued or gressively towards a «XbP relien : 

ment. advocated by the Pearson Com- changes made which enabled sive and coherent system or 

The introduction of a “no mission, was to bring the scheme workers to claim compensation support. lor all the disabled. 


CALLS FOR the Government 
to take action against ehemical 
companies which refuse to in- 
crease Lfaeir UK investment, 
were made yesterday at a TUC 
industrial strategy conference 
on plastics and chemicals, in 
Newcastle. 

Mr. Roger Lyons, national 
chemicals officer of the Asso- 
ciation of Scientific, Technical 
and Managerial Staffs, said the 
Government should use Its 
partiepation agreements . in 
North Sea oil and gas to 
“monitor and eoerce ” the 
multinational chemical con- 
cerns into more UK invest- 
ment 

He told the conference the 
Government should consider 


threatening to withdraw the 
“massive subsidies” it gave 
to many companies in the form 
of grants and tax concessions. 


Snpport 


“Last year, the top 20 manu- 
facturing companies in the UK 
made profits pf £4bn, yet paid 
only £I45m in tax,” he said. 
“The Government should use 
all the support It gives to the 
so-called free enterprise sector 
to ensure that that sector plays 
a mere positive role In British 
industrial strategy. 

“The major companies in 
p*txochem3enl6 must come. for- - 
ward with ways of Implement- 
ing the substantial future fn- 


vestment programme favoured 
by the trade unions: - - They 
must take action to stop the 
decline of . Britain's 'market 
share In Common Market petro- 
chemicals, they . must look . at ' 
import substitution hi plastics 
materials,- and-, they must give 
consideration to' job-creating 
investment downstream,”-. - 
'.Ur, Lyons -renewed attacks 
made earlier this, week on 
Imperial Chemical ^ Industries 
and British -Fetroletun. He 
.called P» Government. Minis- 
ters to connder appointing a 
. trades .union director to the 
board of BF - to replace Lord 
GreenhftL who bas retired' as 
one of .tbe . Govenunent-mnsu' 
nated directors. .. 


APPOINTMENTS 


Senior posts in Bass Chanington group 


BAbS CHARRINGTON has made CORPORATION for three years vice for both the smaller and because Sharebex Willetts have 
the following appointments to from January 15, 1979. He sue- larger jprtvate Investor. -- come into an: association 'with 

the Boards of operating com- ceeds Sir John Terry who is * ' Blllson and. Grant (Lilting Gear). 

Buswell t ° f jf ta *director Ban retirins ' * nriSnted'^ianSin ^director ^ The Hbnttng^Gatc ‘ Group has 

Jhe Ch Crd“^ E cSio 3 ™ i0 ^nd Mr - J “ hn F J ””-' ™- i&Sg&«2 SffiSfira'sP'iS!- apP<Hnt«i.two-<iue£ for 

Company. Mr. Norman ChupMn. 


and Mr * John F - Jajncs - managing DURRE VBRM1CULITE in sue- 

Company. Mr. Norman Chaplin 5 ^ 2 ? S SS^S^S^Si 

commercial direcior of Mitchells JMmrng, has twen elected la retituw ■at. the end of the yraw. HUNTING, "GATE -CONffTRUC- 



be ginnin g oi next year. . . _ . — „ . . 

matte division), has become vice- Mr. B- A. Delation, who is -also 
president of the Society roUriha Ml* DftVW:. U. rme nas been 

THE PRODUCTION ENGINEER- me oocieiy. reurmg-. . appointed managing director of 

ING RESEARCH ASSOOATJON j - . Jj.- '.J ^- FOLYGaAJVT- LEISURE, .-He^has 

of Great Britain has appointed « to Me. Fsrquhar has been been, managing director-^ fiallo 

Professor W. B. Heginbotham os ^ ec ? me director of the appointed marketing director vof (Africa) sAflcfr!97B sssf win :«!per- 

ShSSenml " 3S aSST 2 S peering dlmion. of the P^AR DEVELOP - . thi Polygram- -Group 

1$; OTfSlfc D - F ’ GaUOm main Board on January L He ' *'• * ' ' ^ '* V -*- 

.^. L be€1 }, c ^ 3ief ^Sdlarv^ Bfe :poaaH * Macdonald -Ms ' -Mr. - MkkkeL WRson has. Seen 
summary. Mr. been appointed sales directiir_fflr.appcitated.'' dtoiity -chainaafi.V of 
as WCfrCLARES. ft E. TRUSS.; r .-.viv.tc-v- 

★ ' - • 

WIMPY INTERNATIONAL has - Mr * ^n F. Brqwn^^uef ^«M«cu: 


* South African 

Mr. A. C_ Firth has been appoin- Kenneth Stockwell 


retires „„ 

led a director of CONCENTRIC managing director of the engin- 
(PRESSED PRODUCTS). eering division at the end of this 

★ year. 


Mr. H. J. M. Thomas, borough 


v^usr and property surveyor. . MAN-VW TRUCK AND BUS ^ 


tlve Of the BRITISH -■tJjJEN 


London borough of Southwark, has appointed Mr. John Jackson JJJ2S!??2^ m ?SaS!iS?hS ia eP& 
has been appointed chief estates as .sales director and Mr. Riu ^Cton.Mx- &LG. ittainhere asS^nt ' 

officer, COMMISSION FOR THE Gflliham marketing director. b f ett • ^ a 5LJ rop ® 1 ^ 7 - 

NEW TOWNS, from January 2. r v „ * . • 

* Julian Gibbs Associates and j™** now S:3S™S»- - 

Mr. G. A Gray has been appoin- JhV'Jstffifltit Research of Cara- dir«tor. ’ - - 

h r«i-o Hin.o,o.r bridge have formed a conmanv * 


have - become assistant-- < 

ted sales director, home market, nrffi wa vr-f?? 3 w. - * ' „ „ The : Wnk is-^ 

it vices, with Mr. David Seroggle Oliver have been appointed to the • . . . . ■ - *- ' 

as the managing director. The B oard o f BILESON AND GRANT 


Th® iconrataM rr ^ me oumu «* oumwn a«v urutixi, - Mr."Dbir" F. BoadCila Kas 4feeh' 

for “ atle 1,35 directors are Mr. Julian (LffTTNG GEAR) btit retain fheir - ; 

SEES "'mSF* B T aD ^ s G,bbs and Mr - Pon «*- The Worships of ^fSmwn&g . 

managing dirwtar . m* company will provide an SHASBBEX WILLETTS. 

FILM FINANCE isveslment and tax planning ser- new .apjpointmeiun . have : uyiarihl~B»i g^aa<i?L ; v.-rr^ . . SL* •. • 


NATIONAL 


'<;. • . - •• - - .... ; 





' ‘V? . . . 

y.‘j_ j. .• 




■J'%; 

■ load 


oercie- 


rt jf# 

il r 


Financial Times Saturday November IS 1978 



THE WEEK IN THE MARKETS 


subsides 


Vu u£o 


After- an- initial Surry, which 
left, the Financial Times Indus- 
trial Ordinary' Tndcx with the 
largest daily gain for over a 
year oh Tuesday equities beat a 
last rctruat The market was pin- 
ning its hopes: on some agree - 
ment in the Govern ment/TUC 
pay talks. The breakdown of 


The trading- patfeni was more 
or less. he same, in' fiHts with 
the Government; Broker active 
early on— the short tap was ex. 
iiausted. on Tuesday— but little 
action was sceo alter that. The 
announcement -of .two. hew tap 
stocks failed to Jnp« W *wl 
impact. . : 


LONDON Composites smB* 


ONLOOXER 


these talks which came after 
hours on Tuesday was followed 
the next murnms by the mas- 
sive rights . isc.ue from 
Beech 3ms. Equities never really 
recovered from this- twin blow 
and by Friday bargains fell to 
under ;CSOO — the ’ quietest day 
this year. V 


li was all sweetness and light 
rh T?.- week at thV beadquartexa 
of three .insurances 'iiomposites 
.with the big USrJntererfs-- 
Commercial - Gqlpn.'-— * General 
Accident :#id .'Royal- : The re- 
pons at The mnojoronth stage 
showed an even better than ex- 
pected third quarter which com- 
pletely offset - the,.; poor. Jirsi 
quarter results:' ' list winter's 
severe wi-a liier -which- hit boili 
the UK and the' U.S., now 
appear* |jku a had dream. 


All three groups reported 
what has been a rare event in 
the past few years— an under- 
writing profit in the U.S. The 
effects of cut backs made in 
unprofitable line* and agencies, 
together with substantial rale 
increase arc now showing 
through. But possibly even 
more surprising was the third 
quarter improvement in the UK 
domestic accounts. The house- 
holder business is coming right 
al last — the campaign to gel 
adequate sums' insured is pay- 
ing off — while motor claims fre- 
quencies are stabilising. 

Given the usual good fourth 
quarter performance of pre- 
vious years, (he market is 
expecting the CU at least in 
break even on its underwriting 
and both GA and Royal to show 
useful if not substantial profits. 
Analysts are lookinf for pre-tax 
prujils of around £1-1 Oru fur 


CU. £49m Tor GA, and £l46m 
fur Royal 

The outlook for next year 
seems good. The market is 
arguing whether the U.S. will 
hold onto this year's recovery 
or start the first gentle decline 
of the next downswing. The 
UK and Europe are expected 

to improve. providing (he 

weather is kind. Canuda to 
remain unchanged, and Aus- 
tralia to gel worse. Bui 
investors remain unconvinced 
and the composite sector is 
bottom uf the list on 197S 
performance figures. 

Surprise rights 

Beet-ham astonished the 
market mi Wednesday by 
announcing a onc-for-ten rights 
issue at f.fiOp 10 raise about 
£S3m: tin* surprise stemmed 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


Change on 
Week 


Ind. Ord.- Index 
Gol d Mines Index 
Exchequer IQpc 1>gj 

A von Rubber 

B ere ham 

Chloride Group 

Cope Sportswear 

Dowry 

Gene ral Acciden t 

Hickson & Welch 
.Hoskins & Horton . 

jTc.E/5. 

M ilbury 

Northgate Expln. 
Norton & W righ t 

Ratners 

Saatchi & Sa atchi 

Sirdar 

Spear Q.W.) 

Westfield Minerals 


1978 
• Low 
433.4 
. 130 J 
£S8 
140 
.... S&3 

■ 94 
28 

• 1S2 
. .188 

.-.IS* 

' 122 

• - -1 4 

. 321' 

•, 245 
79 

■ 52 T 
*5i 

; so 

- : ;80 


Volatil e in thin trading 
Sharp fall in bullion price 
Exhausted “ tap " stock 
Investment recommendation 

£ 82jm righ ts issu e 

Dis appointing interim figures 

Favo urable Interim results 

Optimism about Chinesejsrders _ 

Good third- quarter figures 

A dver se press comment fj ACTUARIES 

Taibcx sell 29.9% stake ■ . . • 

Annual loss/acc ting discrepancies • — 

- — - Consumer 

_ Acting interim rc su I ts /Durable) 20 

45% stake in Westf ield Min es ConsT < Non- 

Speculative demand Durable) 20! 

I nvestment recomm endation ind. Group 21* 

Favourable press comment 500-Sh arc 2 3 1 

Speculative interest Financial Gp- 1 6 

Interim profits setback All-Share 2|l 

Uranium, oil and gas hopes Red. Debs. 51 


Average Nov 

wek to 17 

- FINANCIAL TIMES 


Nov. Nov. 

10 3 


Govt. Secs. *8.21 _68 J1_ 68.93 

Fixed Interest 69.48 69.8 9 7 032 

Indus c-~ Ord. ~~4763~~~47L8 477.5 

Gol d Min es 134J 1364 137.8 

Do ( Ex S Pm ) 96.3 TOO. 5 1 00.9 
Dealings mkd. 4.284 * 4.194* 4.610 


227.14 231.61 


from th e fa <-'i that Eeecham's 
fast balance-sheer showed net 
liquid resources of £t?4ni. The 
comply ptti Hied nut thal the 
cash it already had was all over- 
seas. a a d s.n<] that, it was un- 
willing lo repatriate funds lo 
pay for the heavy expenditure*— 
dividends, capital investment, 
and payment for tin? acquisition 
of Scott anil Browne — that it 
had to meri m ihe UK. 

The results announced with 
the rights issue were solid hut 
not exciting. First half profits 
grew Id P ,- r cvni to £76.1 m 
pre-tax on a is per Lent 
sales increase. The rights issue 
enabled ti<.-i*cham l u make a 
small increase in ih t . dividend 
above the Id per cent limit 
which effect iv.-iy lit is the yield 
by just under U per cent. Thu 
shares fell 27p in ij^op on the 
day of the a n on un cement, and 
there was some leeling that the 
rights issue price of otfOp was 
uncomforiablj close lu the 
market. 

Shell disappoints 

ROYAL DUTCHy SHELL'S pre- 
tax result fur ihe third quarter 

— £252ni before FAS S cur- 
rency translation adjustments 

— was lower limn many esti- 
mates. published by City 
analysts and well below Iasi 
year's comparative hgure of 
£3 17 ml 

Unexpected tax charges aris- 
ing from adjustments to de- 
ferred tax prowsiuns plus an 
increase in provision fur 
further looses ai Ueneial 
Atomic knocked about £4uni off 
the July-Sepiemiier earnings. 
This to a large cMuni explains 
ihe difference between the esti- 
mated and aclual figures. 

These exceptional items 
aside.- it is clear ihe group has 
not beoit able io Convert the 
slightly more favourable trail- 
ing conditions for oil products 
into profit growth. The Shell 
Oil Company in the U.S. and 
Shell Canada reported 1M per 
cent and 2 per cent increases 
respectively in their third 
quarter dollar earnings com- 


pared with 1977. Outside North 
America >ales volume- for oil 
product* v.i-,- 1 * per cent 
higher titan l::sf year. Tit'’ 
group a!*o benefited from the 
sale of moi'i: higii value ■'While" 
products, like sasonne. 

But on the natural ga* side, 
sale? volume was duv.n by 
6 per cent. Gnemiial .snle? 
volume was ahum 10 per cent 
ahead hut overcapacity :•? still 
limiting price increa.-e- and 
margins are being squeezed. 

The share price fell sharply 
on ihe news hut ri-f*v*red 
slightly in cl'^e a: 57fip on 
Thursday, a U*y-» nf »p Yrsler- 
da.v the price edged upwards t» 
573p — giving a yield -ff 4 4 per 
cent. 

Unilever advancing 

Third quarter - iii’un-> from 
Unilever ihL- '■"■•'■I •-•oniisr.i thal 
ihe food t«i :.»ac'.i»ginj giant 
profit* are st:il pn>h::’g ahead 
on the hack nf in- reusing «*»n- 
?ujiiL*r spending n: Kur.ipe. 

Sales lu ie by H per m tiie 

three muuihs ending hi.-; S»*i>- 
icmber. including m- poinK 
arising from volume ga-es. Thi< 
compare* with z 4 per vent 
volume r;*e in Ihe previous 

ihree ntonihs ami a •null dciltno 
in ihe first quarter. However 
ihis trend say-. "Jr tnn'-h al*-vj* 
ihe dullne-s of the n-mnarable 
pi- n till :is ir riues yu-»il3:ii cur- 
rent buoyancy. 

The la!e>5 quarter? pr lit <. 
shnwine an IS o.'r s.-.*su advance 
lu £171 2ni wore, n--i-.vei.-r, |.u:nd 
a little d: Dp-* snt.nc -i 
corners uf tile mar! ei. T!ic «nt- 
l»rnv i-uicnr m the ui-ieraTitr- 
prulii marg ; n from rmighly 6 t »» 

6| per ci*n: hi* u'-t ?i an ling 
bearing in ir.mci trial 'he --»m- 
parab'e period suffered iVmii 
slock iu-.-o- 

Even so ana.*;. -l* arc now 
talking in i-.rv.i- iff _ similar 
rale of -aie? gruv,:h in the 
fnu rih quarter lead’.rg in a rise 
of an eishih jii pre-tax prulits 
to aruiinti i‘62bm for ihe year. 
Beyond IU7S. a pru:it> nsv of 
around JO per cent n*.*':t year 
may be a reasonable hope. 


NEW YORK 

JOHN WYLE5 


BOMBARDED BY contradictory 
lurecasTs on the 12 month out- 
look for the U.S. economy, the 
.siock market has appeared con- 
fused and unable lo make up its 
own ntind this week and has 
looked instead for guidance 
from tlie foreign exchange 
markets. 

The sight of the Greenback 
appreciating in value over the 
ijiii two or three days without 
clear and \ isible propping by 
central banks ius brought some 
comfort to ilic stock exchanges. 

Elsewhere, ihe Senate Bank- 
my Commit tee has provided rho 
Forum tin? week for much 
diversity uf opinion among 
private economic commentators 
about Ihe outlook, while there 
hn-.c* i-een impiuTani noises off- 
stage fruin Ihe President’s infla- 
irun tighter. Mr. Alfred Kahn. 
His suggestion thal the U.S. 
ciiuld face a "de-'p. deep depres- 
sion" if inflation went un- 
'■heeked e.iused much gasping 
among investors and wiped out 
a promising rally on Wednes- 
day. 

Mr. <i. William Miller. Chair- 
man of the Federal Reserve 
Imard y»*>ii.*rda> applied soothing 
halm by informing the Senators 
lhai rho Central Bank expected 
real economic growth next year 
uf hi-lwern 2.fi-:i per cent, a 
•Irfhiiie slowing from ihe cur- 
rent pace but one which might 
take some- of the steam out of 
in Hal ion. He also unveiled a 
new set uf monetary policy 
uitjeelivcs. including .i new 
mono ary aggregate. All plus, 
whose significance few people 
yc-i understand. 

Bui nn-onc should be de- 
ceived as to the slock markers 
preiiy feeble slate. Trading 
volume has collapsed over the 
past two weeks to a daily aver- 
age of around 23tn shares com- 
pared with 43m for the previous 


two weeks and this is creating 
an unaccustomed illiquidity. In 
simple terms Lhis means that 
there are fewer buyers for 
large blocks of stock which 
means chat smaller trades have 
an inordinate influence on 
prices which are correspond- 
ingly more volatile. Institu- 
tional investors underpin 
market liquidity* and since 
-November's dive they have 
been conspicuous by their 
absence. 

As a result the activities of the 
private investor become more 
important and those hoping for 
a genuine rally this side of 
Christmas were confronted by 
one worrying statistic this week. 

On Wednesday the New York 
stock exchange re pur ted that 
margin debt had fallen in 
October hy only S3 10m from 
September s record $12.4bn. 
Liquidation iff margin debt has 
been held as a majur factor in 
the October plunge and some 
analysts hud expected that total 

debt would have fallen by &~Jbn 
in October. Jn a weak market 
high margin debt can be a very 
debilitating factor because it 
indicates the exposure of the 
private investor who is allowed 
to purchase stocks by borrow- 
ing 50 per cent of their value. 

If the stock falls in price the 
investors equity stake is equiva- 
lently reduced and most brokers 
insist that when the equity slake 
drops tu around 35 per cent then 
the investor must either 
liquidate tils holding or increase 
his equity. Fully 46 per cent 
uf October's total debt belonged 
to investors whose equity had 
fallen below 40 per cent which 
means that any further decline 
could force many investors to 
soil their slocks, thus reinforc- 
ing the downward irend. At The 
moment the Dow Jones 
Industrial Average may be no 
more secure lhan a 10 ton con- 
crete block hanging by a thread. 

CLOSING PRICES 

Day Close Change 

Monday 792.07 -15.03 

Tuesday 785.26 — 6.75 

Wednesday 785.60 4- 034 

Thursday 794.18 + 8.58 


A time for caution 


THE SEE-SAW which has g«»kl 
sitting at one end and the U.S. 
dollar at the other has tilled 
further in favour of the latter 
this week. . As a result of the 
recovery in the dollar the. price 
of gold has slipped below. $200 
per ounce for the first time 
since August 25 when the Gold 
Mines index was standing, at 
175.9. . . 

-The index is now -only 131.7, 
its lowest since the- beginning 
of the year. Largely because of 
South African political consider- 
ations the previously strong 
U.S. hedge buying of gold shares 
has been replaced in recent 
weeks by dealings in the gold 
futures market although ibar. 
too. is now looking sickly. 

Between March 31 and 
September. 30. however, Ihe 
index moved up from 15S.7 to 
over 200 at one time before 
coming back to JB8.6. Clearly, 
that was the time to t3ke profits 
and, no doubt, the time lo re- 
invest them will come, but not 
until the dust settles in the 
bullion market. 

It looks very much as though 
London's Charter Consolidated 
seized the opportunity to sell off 
part oF its gold shareholdings in- 
the March-Seplember period. 
The group's results for that 
period, announced this week, 
show that the surplus on realisa- 
tion of* investments advanced to 
an exceptional £9.1 7m, or 13.79p 
per share, from £2. 66m a year 
ago. 

."• The move would fit in with 
Charter’s policy of -creating a 
mare equal balance between 
UK and foreign earnings, ft is 
certainly the main reason why 
the .group has raised its haif- 
' year earnings to £14.46ra from 
£13. 16m in 'the same period of 
last year. The other major 
factor, in the latest result* has 
been the inclusion for the first 
time of trading results of the 
37 j per cent-owned Cleveland 
Potash operation. 

. Cleveland's results cover a 
three-month period and Char- 
ter's share of the loss incurred 
In that time is £1.9m. Thus it 
can -be seen - that the troubled 
Yorkshire mine's total losses 
were running at a worse than 
feared annual rate of over £20rn. 
Charter's partner in the mis- 
fortunes ' of Cleveland ' is 
Imperial Chemical Industries. 

Just how much longer the 
partners are prepared to carry 
Cleveland Temains to be seen. 
Meanwhile, unless there is any 
major, improvement Charter s 
results for the current half-year 
will have to carry the heavier 
hurden of a. six-month share of 


the Cleveland losses. ;. v 
' At the same time the excep- 
tionally high share. realisations 
of the firsi-half are unlikely to 
be repealed, so Charter’s earn- 
ings- for the second-half-, look 
like falling short of those for 
the first six months. And it way 
be significant that there : .;has 
been ho increase in the inodes t 
interim of 3.0’25p. « ' 

Caution also seems to be the 
watchword in the «.*ase of 
Lmpalo Platinum Holdings, 
which was formerly Bishops- 
gate Platinum. Mr; Ian Greig, 
the chairman, has .said that “ we 
could well see a further decline 
In. platinum prices on the free 
market." This year i hey have 
soared from under SI 90 per 
ounce to a peak of $393 at end- 
October. They have since 
retreated to : $309. but this is 


MINING 

KENNETH MARSTON 


still above the record $280' 
" fixed ” price charged by the 
producers. 

Mr. Greig makes the point 
that the rise in the platinum 
price owes more to the flight of 
money from the U.S. dollar into 
platinum and other commodities 
rather than ' to any major in- 
crease in consumer demand. At 
the same time there has been a 
virtual drying up of the impor- 
tant Soviet exports of platinum 
which supply the free market 

He argues, therefore, that 
once The dollar is regarded as 
being realistically valued, or 
undervalued, money will move 
out of platinum. And if the 
Russian metal returns to the- 
. market in strength — there are 
signs that supplies from this 
source are increasing again—, 
the platinum price applecart 
could be upset. 

But Mr. Greig likes tu keep 
his options open. He says that 
if he is wrong and the market 
is genuinely short of metal the 
South African producers should 
increase production: so far they 
have been content merely to 
raise their selling prices. But 
it will take some three or four 
years to achieve -any major 
increase in output and the pro- 
ducers w'ill only do this if they 
are assured of a worthwhile 
return on the capital expendi- 
ture involved. 

• Profits of Australia's Oak- 
bridge coal, tin and industrial 
group. have been striding ahead 
in recent years but the chair- 
man, Mr. Grahame Map-P, has 


warned that current half-year 
profits arc being hit by the new 
Slate levy un coal expurls, lower 
productively and labour prob- 
lems. He hopes, however, that 
they* are only short-term factors 
and has also announced that 
Japan's Snmitomo group is to 
acquire 15 per cent or Oak- 
bridge’s Li th go w Valley Colliery 
and will study the possibility of 
.doubling production of Lith- 
gow's Hermitage mine to 1.5m 
tonnes. \ 

%- Pancontinental's chairman. 
Mr. Tony Urey, has warned that 
Australia toll miss the uranium 
export boat\if the country is nut 
more vigorous and expeditious 
lhan in Ihe past. The excessive 
delay’s in giving the go-head to 
the country's big uranium pro- 
jects are playing into the hands 
of other producers, notably 
Canada and South Africa, he has 
said. Meanwhile, there are 
already signs uf a break in the 
previously firm spot prices for 
uranium. 

• The Rio Tinlo - Zinc group’s 
Rio Algono reports the discovery 
of three gold deposits at its Cape 
Ray venture, 19 miles notrli-east 
of Port aux Basques in New- 
foundland. A major drilling 
programme is to be carried out 
next; year on the deposits which 
contain fine-grained free gold 
and base metal sulphides. 

, • Australia's Metals Explora- 
tion, which is partnered with 
Freeport Minerals in the 
struggling Greenvale nickel 
operation in Queensland, is 
negotiating long term loans for 
its Longos gold project in the 
Philippines. It is estimated that 
a-, mining operation of 150.000 
tonnes of ore a year for the pro- 
duction of 67,500 ounces of gold 
could break even at a bullion 
price of $110 per ounce. 

• Canada's Noranda plans to 
fuily acquire its Mattagami Lake 
Mines and Orehan Hines group 
members in which the present 
holdings are 34.1 per cent and 
45.1 per cent, respectively. One 
NorandB share will be uffered 
for every 2{ in Mattagami and 
one Noranda for every six in 
Orehan.- The merger of the 
various operations is designed 
to improve efficiency and cut 
costs. But it is also suggested 
that by issuing more shares. 
Noranda is putting itself in a 
stronger position to fight off any 
take-over approach by Argus 
Corporation which now has a 
.strong grip on Holinger Mines, 
Nor an da’s largest shareholder. 

Noranda has also raised its 
quarterly dividend rate to 40 
cents from 30 cents. 



IS 










axman 


>yed? 










■vaf-s 


CHARTER CONSOLIDATED 



National Provident Institution would -# J 
like to point out that, with our help, the Inland @ 

Revenue can actually be very generous. 1 

For instance, you can cut your tax bill 
considerably by investing in a plan that will 
provide you with a high annual income plus alarge 
tax free sum at retirement 

Suppose a 45 year old man decides 
to invest £700 p jsl in an NPI Self-Employed i 

Retirement Plan. If he’s paying 50% tax his net j 

cost is only £350 pa. f 

When he retires at 65 he can expect 
an annual income of over £4.000 for the rest 
of his life. Plus an immediate cash sum of over 
£10,500 totally free of tax. All fromanet 
investment of £7,000. 

Of course, you don’t have to pay the same 
amount each year If your income goes up.so 
can the contributions and your benefits. If your tax 
rate goes up. your net cost comes down. 

NPI would like to point all this out because 
Sve were one of the first to provide this type of 
plan for the self-employed. And highly respected 
independent surveys over the past 6 years have 
shown NPIs plan to be consistently among the 
leaders, including 3 first places. 

We've prepared a booklet on our Self- 
Employed Retirement Plan, which outlines the 
facts clearly and simply. It s free. 

If you’re interested, get a copy of 
booklet from your broker or 
writ e to Barry Gillman, National 
JbU&SSP Provident Institution, 

' - 48 Gracechurch Street 

1 London EC3V0BB. 

Ml ^lWtw^^And learn just how good 
• the Inland Revenue can be. 






4£3. * m • s-. 








t 



r. 


INVEST IN GOVERNMENT 
STOCKS AND EQUITIES 

FREE OF TAX 

A‘must ! For Every Eligible Husband And Wife 

The FOTJlyAssurar.es Sods'r/ is 
ccrr.pieiely exempt from income taa and 
capital caiT'S taj-:. because is a tax-exempt 
Jrnendiy Society. This gives ihe Society an 
advantage of about 40:o over :a: :5d funds, 
i he maximum investment cdo'veais £10 
a month or £i<?0 a year ' less tax ^eLief f for 
those aged 44 and under, ar.d li i a month 
or £ i 32 a year ( less tax relief 1 for those aged 
45 ar.d ever. 3y lav/, it is only available to 
f amiiv men and women. 

If you prefer, a lump sum or about 
£ 1 COD to £ i ; ICO idepenriing or. age) can 
fund your annual investment, at a discount 
ci oh: out 2Z‘\ 

This is a unique urit-linked investment, 
b c uni : prices can fail as v/e£ as rise. 

Ho - ■ ever, the Society estimates teat 
bers' ise the investment is tar-rree, tne value 
•: r units v/ili be more than double the 
amount of net premiums paid over ten 
years. So far, it has periermsd much better 

LVciil tfiiS- 

Fcr further details, please fill in the 
cc ucon below: 


Conveyancing in Scotland 


BY OUR LEGAL STAFF 


No legal responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. AH Inquiries will be 
^answered by post as soon as 

possible. 


Dorm* drafted by solicitors have little or no UK income tax 

as suck The objeci of having a to pay (and possibly little or no rjPjJJJ / flttsu * 
mortgage drafted professionally UK captal gams tax), by virtue muSSaS 

is to avoid the technical errors, of fi) the fact that you ™ to T 5£ 

vhich could put the security at. presumably donucilea in one. of - L«ir >> v 


1 1 have a cottage to sell in piry of a notice to quit. In things right to which he said mortgage araftM by solicitors nave lirue or ■ no iur ^ vhat 

[Scotland and I understand the either case rent mav he there was nothing he could do. as suca. Tne o^ect of ^wng a topay (and possibl bv virtue amount shorild - I insure "fay 

law in connection with convey- accepted in respect of a rent tan our boundary be removed mortgage drafted professionally UK captal gams wxt, oyvirtue tn'-a--.conalderaMe 

anting is different from that period which falls wholly before off next door's deeds? If not, is to avoid the technical errors. of fi) the fact “ “* degree be answered in a 'new 

prevailing in England. Could ihe date on which the notice to what can be done? . which could put the security at .presumaoly donucilea in one. ol . _ . , produced - this /Week bv 

you tell me what these quit takes effect, and again after We think that you should risk. Provided the document is the United States, (iij the cur- British ' Insurance “ Associa- 

.differences are? service of proceedings claiming require the solicitor to procure certain and clear id its terras rent and/or prospecnye^aouOie • ma j nr member vonv 

In Scotland, contracts for the possession (but in the latter the necessary rectification of :t will be enforceable however taxation convention Derween tne p^gg BIAhaveaffbeen 

sale of rentable property are case as mesne profits, not rent). your neighbours title deeds. If lacking in formality are its. US. snd the UK, ana. maybe . . ^ ^ ^e preparatioa-.flf- 
struck by an exchange of he will not or cannot do this terms. '(Hi.) the double taxation con- - d so polkyhotdftm 


sale of rentable property are case as mesne profits, not rent! 
struck by an exchange of 
missives which constitute a Pefnhlivhaff 
legally binding contract 
between the seller and pur- y/C/? rfnim 
chaser. That being the ease such K^lUlIU 

transactions are normally wilb reference to your reply 
handled by solicitors. under Established^use claim 

Once the "bargain has been (October 21) is it eorreet that 
concluded in this form neither the established use rule still 
party is entitled to withdraw applies to use prior to 1968? 
From it and either can be held H as the planning authority any 
to it, ir necessary by Court other weapon than an 
action. enforcement as in Section 87 of 

This contrasts with the pro- the \ cl which appears to ha\e 
cedure in England where offers a four year jj^j, 

are submitted “ subject to con- It is ^ect that' a non-con fom 
tract which is a term alien to ing use which ^ been L . or 
the Scottish system. It timimislv in »virtano> For foil 


(m) the aouoie ^ leaflet- and w'-paUaMfitv 

you will have to apply to the r T - ' vention between Por^aff apd - eKpec t ' their- ■ company 

court for a declaration that the ]\Jg(>d fOT UJC It is not possible to r SSUTefS . - disfiact -. Jrotn 

boundary wall and fence on the * comment in detail without pre- Floyds’ Underwriters)- at least 

cast of your property belongs ft£W tVUStCS cise -fo-u and figures. - tQ jj aV g th e available 'W: 

to you. If you succeed in that. ... ... , rcauesL even - 

your neighbour would have to Along with his w idow I am the A distribute it 

pay the costs and would doubt- trustee of a friend's estate. If A SUSpCnUeU - . . . JWg™. k 

less seek to recover them from the widow was to die, could ! -.. The leaflet, e 

the solicitor. This advice alone continue to administer COITlpttfiy t6 Buildings Ii 

depends upon there being estate? _ i »«mi red a number of ordinary Home Owner, 

evidence of title to the boundary die de«tr. of one of the two . s-.ipan ro .*•• ■- hrieflv 1 outline 


A suspended 
company 


the Act which appears to ha\e vendor in 1968. snouid appoint a new tru 

a four year limit? . . order that any purchase 

It is correct that a non-conform- & Yld Tbe Trust fund can set 

ing use which has been con- f d receipt for his money, 

tiouously in existence for four /,/’ f'flip'f VPlltK r n » r 

years or more before 1968 (and U J c, “v _ , JLtOSS Of u€€US 

rnnrinnpri thfirao^A*> harp Mv uifp rprmflv inhprifpd J 


UbOUl Ul Wilt Vt Hit - . - r.lM-m r- T<f J V . 

present trustees Lhe survivor in 

should appoint a new truslee in a ^ er in y moth rirartly 


insurers (as f distin ct .-ita'ia. 
Upyds’ Underwriters): at feast 
to have the leaflet available tea 
request, even if . the^/dor^Mi , 
distribute . it • ' with ., annaal 
renewal papers,,- . .. - 

The leaflet, entitled “ A giude . 
t6 Buildings Insurance fpf !be.: 
Home Owner.”/ flrst .^of . ail^ 
briefly 1 outlines ;• the-: 
cover provided by- the avexage^ 
home bulldlbgs pblic^ V v 


a? ,Z+ . T Prior to the suspension of - ■_ home buildings pou^.v^.J^a 

purcha ! e r fr01 5 dealings on the Stock BxdiaJige. it -gets: - dowtt -oisc 

reL'p^^orMs moae^ 8t * S °° d Cw y° n teJI me how 1 oaH't/pt question — how, __ . muchy.^^: 


accordingly important that all ^'rs oTmore Mor e 1968 ,£d »J CHiej re/llS T f ^ J 

the relevant terms an d condi conlinued thereafter) will have Hy wife recently Inherited J 

become an established use some chief rents which produce jiq fiyoblCTfl 
'S.T X i?„?nnprrv in Sent. vhlch ca,uwt attacked- some £16 a year and are W I" "*'**'** 

land i S af».n handled bv Estate An enforcement notice is the collected by a solicitor, who I have been left a frwihojd 

only means bv which non-con- seems #n know nothine about house by my late father. The 


the share certificates . ' 
transferred to my name? 


some £16 


land is often handled bv Estate An enforcement notice is the collected by a solicitor, who 

Agents up until d exchange of means b - v which vm-con- seems to know nothing about 
missives 2- thereafter the con- to ™ n 3 us « be stopped- them. Can you suggest how U 
veyancing is handled by a P . r ^ , - set about getting rid of them? 

qualified solicitor. OteptatlierS Vou shnulfl requ;r? ‘ Jie solicitor 

— . ... ^ who collects the rents to inquire 


veyancing is handled by a o, n ., ■ - 

qualified solicitor. diepj (Utier S 

If you do not have a Scottish m£t - . _ 

solicitor acting on your behalf Wife S Yl&tltS 
we suggest that you contact the . 


Law Society of Scotland. Drums- 
heugh Gardens. Edinburgh who 
will pul you in touch with a 
suitable Law Agent. 

Rent which can 
be accepted 


illy mother left her house to me 
with a life Interest to my step- 
father. If he predeceases me 
will his present wife have any 
right to stay in the house? 

No. the right to reside in the 
house will not enure beyond 
the life of your stepfather him- 
self. 


them. Can you suggest how to house is registered and there patty’s Article! 
set about getting rid of them? 15 n<f mortgage, but the deeds register yoi 
You shnulfl require the solicitor be found. What action in any event y 

who collects the rents to inquire should I take? ... write to the 

of the persons who pay the The loss of tne deeds is not a require them 

rents th* particulars of their serious problem where the land interest, 

liability to pay. Otherwise it “ registered: You should apply 


question — how^ much^^t-.aniT 
gives a deal: of sound/ ^aflyice 

agai nst the : baekgroiiirf> hf ^ a 


If your mothers personal reprt- table of building costs^derigned 
sen ta tires have assented, the to lead fhe reader tJV.a^easpn^ 
properly which comprises the ajrie assessment, -rather#hii>.a 
shares to yon you cap require strictly accurate- pompatattfih. 
the Registrars (subject to -any For tiiis _ latter, . ^ 
express provisions of tfrs cem- qt? best course-: is: to-" con^tw^a - 
pany*s Articles of Association) survey or or anarchitect.'^^-._ 
register you as shareholder: ; jfecognising that '-this.r.ie. ;tfe.. 
In any event you should at ooce ag e 0 ( do it yoiizneif,. .and IfdA 
write to the Registrars end t&at few hbmeOwn^- ; *ant|=;to- 
require them to note yoot spend- £40- or t£50 -os 
interest. fessional fees to/get accuracy. 


will be necessarj- to pursue the r „° “ Je Land Registry for a T%aci<rn futllt 
history' of the rents through Lhe Suphcate land certificate, or UVaign J •***•* ;. 
estate under which your wife Preferably for a new certificate • * _ 

inherited them, and that may showing you as proprietor. after 1 In nlUlbUtieilV 
involve a disDrootirtionatc co?t. satisfying the i_and Registry .of ; 


BIA asked Beading- 
Inforiaatioh J S^rsiee 
Royal Tnst|tution ■; of .'Charte^L_ 
Surveyors > -to - undertake ^ ^.- a- 
detaHed - research projcvf ja# 


involve a disproportionate cost. 

An informal 


tail Trust & Insurance Offers 

Barclay I'nicorn Group Limited 

P 21 

Crillania Trust Management 

p 19 

Chief tan Trust Managers 

P « 

Gartmore Fund Managers 

P 7 

M and G Group Limited 

P 8 

.Midland D ration Limited 

P 7 

National Provident Institution 

P 5 


Under ■* An order for - • 

possession*’ (October 7) you IrllStCliCe 2/1 
state that a landlord, where 

possession is sought, can safely n hnutldaw 
accept rent until the Court ** J 

makes an order determining )Ve bought our property in 1968 
the tenancy. This seems logical, and our neighbours to the 
but does the Court take this east of us bought theirs in 1976, 
new? each of us employing the 

The position is that rent ought same fins of solicitors, 
nor to be accepted after the According to our deeds, the 
expiry of a notice to quit where hedge is ours and the solicitor 
the tenancy is not a protected agrees that this is correct, 
tenancy- ti.e.. under the Rent but. by mistake, the hedge 
Act 19« u. In the case of appears on our neighbour's 
a protected tenancy it is safe to deeds as belonging to him. We 
accept rent even after the ex- asked our solicitors to put 


your ectitlement by ^ t ” P 

pfbbate of your facer’s will and thr ? us *? l * m Jl- w ’ - 

* ~ «• 1B 
nr _ 1969. The builder Has closed - 

J. aX JOY a - down. It was a well thought of 

r , , - • firm and I assume he was 

regular visitor registered with the National 

© ,TTnncoh,nlil!n<r Ppg lti r a Kan 


INSURANCE 

y- joiw PHm^ : V' 


t am a U.S. citizen living in 
PorfngaL the whole of my 


this without engaging solicitors income coming from lhe U.S, 
and registering the mortgage? am thinking of buying a hotu 
If so, would an agreement on and spending up to five monl 
these lines be acceptable in a year in the UK. How migh 
Court? this affect me taxwise in the 


CHIEFTAIN " It is m 

New Quarterly Income Programme 

AN OPPORTUNITY TO COMBINE A GENEROUS AND CROWING enacted every provision 
.REGULAR INCOME WITH SOUND PROSPECTS OF CAPITAL GROWTH. X. r C 

hpninJft it noarlc nkinni 


This investment plan will be appreciated by those who SHARE EXCHANGE SCHEME times it is because if hs 


v a suudiue aasent .o youreeu.fr Jea ^ and firet in " "• 

mortgage Tax for a - ^ pwup . - 

My parents hold a second "J .... . firm and Z assume he was - ’ ^-.-‘’'T- "‘^T 

mortgage on my bouse and I YC9ULCLY VlSltOY . 'registered with the National 
wish to borrow* further money & -Housebuilding Registration. 

by giving them a further I am a U.S. citizen living in. : . . ConnriL If so. wBI they do the ^ w ^bnflding-hdaseK 

mortg^e. Is it possible to do Porhgal. the uhole of my repeirs or Is !tth* respoosilfltty 

this without engaging solicitors income coming from the US. 1 of the lessors? onbtohetT - 3 40-Danc -booklet 

and registering the mortgage? am thinking of buying a house You cannot assume registration ^ comment and with 
ir so. would an agreement on and spending np to five months ■ with the National HoHsebuiIder»r.j etai i ed kfafifetics on ~butidfug 
these lines be acceptable In a year in the UK. How might Council, but should ascertain coot*- {q -July of- -this-- yes p. 
Court? this affect me taxwise in the if a certificate of guarantee is tk 0 bIA leaflet sets nut lot 

I can always lend money on a UK? ; . with your title deeds.. It does separate rebuilding costi^on a 

supplemental second mortgage You would undoubtedly become not follow that there is cn JT'per- square - foot basis, 
evidenced by an informal docu- resident and ordinarily resident obligation on anyone to effect according -to the- type^and siza 
ment. There is no special atti- ire the UK. on the basis of. what repairs. You would be wise to of the property concerned, iits 

tude adopted by the court to a you say. However, you may consult a solicitor. age and location. The figures 

' ! — in the leaflet are for homes of 

T ,■ •••••• Whatr msurers ^>cail -standard 

~m" • w • f w • ’ r iff ‘ * - construction— Ariek. btrflt;: With 

It is not child s play 

^ W jT hous«. thatched houses; nor for 

. ’ - flats-' 'of ;any : '-ldfldL 

THE QtEt.N in Parliament is The measure of a childs in- Since, over these two years. s 0 me nJSurers'*avo already 
Sovereign. It is she. in that corne from a trust whose trust- the whole -of the income is been ’ giving ^ ^tcytrtflders 
emanation, who has created and ma > accumulate or may distributed- (after deduction i of guidance dn . tie --.tor ; W 

enariPri «vrv omri«nn in n„r dlslrioutc discretionaly is tne the la per ce nr additional rate), adopted' by the BIA; -but the- 

enaciefl e^erj provision in our amount at th** fticrrTniitinnc nr- thp KIR liohilifv nnmntofAtu n, . , J,-. '» 


-’■« '- -.J’ 

It is not child’s play 


This investment plan will be appreciated by chose who 
desire a regular income and yet who realise that regularity of ■ ■ r 

income i* ••if little benefit if the dividends do not increase over It you w 

the years t«.i -i-ffset the effects of inflation. invest in a Chic 

Through rhe ppigramme invescois bu;r units in two > r ° ur shares tor 
different Chieftain unit trials: the High Income Trust and the transaction. Th 
Income ■>- Giv-wth Tru>c. minimum purch 

This ensures a quarterly income, for Chieftain have Tick the box in 
arranged that dividends for the Income S: Growth Trust be 
paid on 3^th_Fcbnjary and "-1st August whilst those of the 
High Income Trust are paid on 3 1 st May and 30th November. ~ r = 

Vou may invest your money into each cf the trusts in iehain 

any proportions you wish. *.44% p.a. being the current esti- September / 
mated growth yield ligure for an investment spread equally. This^otc dona 

The growth of your income should be achieved because siderable suppor 

both trusts, in their portfolio strategy, lay emphasis on high investment advi: 
Melding companies whose profirs lookset togrow over theyears. 

!c is correct to add that investment in such companies Company-Ltd. 
is also a tried and tested way of stimulating growth of capital. 
as well as income. Indeed, it is an historical feet that income Z’"’ 

trusts hate a fine record of achieving capital growth. =^==== 

Cert iin!y it is the Managers’ conviction that investment . Pqp your 

in each <>l these trusts will prove a keener weapon against Income units on 
inflation than alternatives such as building societies and fixed estimated currer 
interest holdings. If is a conviction borne out by recent results. of Chieftain Incc 

— , =£===== " ■ . mated current gi 

A Fine Record of Growth. >■»** are P ubf« 

WhiKt the Income .< Growth Trust is new. Chieftain September' I9T6 

High Income Trust has enjoyed an enviable record since its on 4th Septemfcx 

launch in September 1 P76. There is 

At the outset, the estimated gross annual income intkf nrirvofun 
payable in 1 f‘77 was £ 1 30 for every £ I .§00 invested. In 1 97$. whiSih^ 

income payable has amounted to £ 146 gross for every £1,000 J 

invested at the launch. . ( ^? rnc 1 

Moreover, as we stressed above, the management of the r " ^, n01 

funds is such that capital growth as well as income growth is . Th® 

encouraged: and in this respect the performance of the trust 15^® ve 
has been exceptional: £ 1 .000 invested at the outset would by rebruary 1979.4 
today have grown to £ I 776 at todays offer price. The Man 

This represents an increase more than double that of Chieftain Trust t 

the FT Ordinary Share Index, and makes the Chieftain High Lniotain Hotse. 

Income Trust the best performing trust of its kind in the UK London 4 

since its launch. “ Telephone: 01-25 

Nevertheless, it must he pointed out that past record is I 
no guarantee of future performance, and the value of units in I 
either crust, as well as the income derived from them, can go 1 .. F :Lirr ^^ r ' 

down 3 , well as up. j L ., Ve ^ & 

Although you can sell your- units at any time, the | (MnHahbnKi 
Programme sh<:»u!d not be regarded as a short- term speculative ar « |n s °™ 1 1 

investment. j ' 

■ — — Tsk bo« U 

ATmely Investment | L 

1 1 1 ' * T-*3t'c«KclgrcU 

Now is a particularly good time for an income-providing j 

investment, because of an important concession contained in ! 
the recently passed Dividends Act. ' surname 

Under the new Act. successful companies whose profits hrst namei.s- i N RJ 

been growing fast will ha^ e the opportunity to increase * address 

their dividends by more than the 10% per year previously I 

allowed. This can only benefit the income and growth 1 signatures. 

potential of the sort of sh^es in which Chld'tainwiiibeinvesting. ^ 


enacted evert- nmris ; nn'in n„r dlslributc discretionaly is the the 15 per ce nr additional rata), adopted ' by the BIA; -hot the- 
our iav laws Sometimes when am ?, Unt °i ^ trio ut ions ac- the S.16 liability completely BLA leafirt, Ii 
°he changes the law - is T V? n -' made - Jrus« income avail- eUminates; vriiat would Iiave homeOVraef a faT better thance 
hPpanS .» ne«i? e i.hlr.tin*“fn»« ao]e for sucfa distribution wl11 be «n payable under S.17. And ^ reasonable assess- 

tten?wdirectIoS ?, 3 olhT alrc ‘, dy M per It may well be asked why S.17 neniFlTe Sgorieaof home 

time* it because it has ‘been ? °I may be 'J' 11 ^ 15 necessary ^ aU *. There are ^ instanced: detached^- house.’ 

found bv the Queers jud-e^ Xonn . of dindends regarded as two reasons. First it is enrirely semi-detached house, detached 
S!t the law ,S S ni an equivaleot tax poss ible -that the Income which banga l6w; ;• aeini vdetac&ed 


If you wish to realise a part of your portfolio and ^he law wHich she had " thVtolE 

invest in a Chieftain Trust, the Managers can arrange to sell aJu ,B f e IT* n?u-M . ' v * hat S I7 FA 1971 requires distribute n 

xxrur shares for vou. and will absorb all the usual costs of the otherwise defecrive It is ! 5 l ^ at J rustees should pay over might appe 

transaction. This can give you a worthwhile saving. The abundantly clear that in he? 

minimum purchase through the Share Exchange Plan is £500. Puvereign Parliamentary guise corae t0 a benefleiarv. The net cause for 

Tick the box in the coupon for lull details gng? MfK SSA 

Your Reassurance *-«-• " r 52, « S e S! S.M 


Chieftain Trust Managers Ltd. was established in assessment of her twees, she ted or distributed. But the sec- The secon 
r- . I m-j a ji.. irt has granted Letters Patent to tions do not duplicate liabilitv ^ napT ,t 

September 19-0. Its six trusts, dealing m overse as weH as the cllairraan o£ Ihe Board ot bf . cause Ib ° e 15 P p er cent pLTd S lU ^ 

UK markets, have already attracted funds worth £1 1 million. Inland Revenue— his authority under S.16 can be deducted from tranrition; 
This exceptional rate of growth has owed much to the con- stems from the crown rather the 15 per cent liability under came- into « 
stderable support Chieftain has received from stockbrokers and than from the crown’s ministers. s.I7. In "time, at 

investment advisers. Against that background, it “ dropped . fre 

The Trustee of all the trusts is Midland Bank Trist a-iticise our tax legislation. 1 ° TAXATION 
Companv-Ltd. lts administration. But there the classics 

. ... BAYID WAINMAN 


credit. theo trustees- have available^ to bxnrgalow and - terraced” house ■ 

What S.I7 FA 1971 requires distribute may be greater than these ‘ various, ■categories; are 


otherwise defecrive It is 15 ^at trustew should pay over might appear from looking at subdivided flirt: by ige-pre- 
abundanrlv clear that in he? t0 *^ e Kevenue an additional 15 the gross, and tax deducted, i 92 q. 192045 and 1945 ;td ; date. 
Sovereign: Parliamentary Ciise P e r cent when they distribute m- figures in their tax return. One ^d further subdivided, fetp 
she is absolutely « ^ntttied^ to ™?fL t0 . 5 a b ^ficary. The net cause for such a difference medium . ‘ and -steal L 

change her laws in a wav which J ,ist f ib “* ion hiH tb “J be could be bank mterest—the because costs vary from, one 
cuts down or cuts o'ut her S '? y ° 2 p f, r o£ the F 0 ** trustees: aria asses^d and taxed part of Britidtota another, four 
Judges' findings. S u 16 appl jf ? n , equivalent on last year’s interest figure, geogriphical^rtgiotrs are^eff; 

" charge to the whole income of but may be distributing out. of Londorij: South-East Kftglahd 

in order to administer the the trustees, whether accu mu la- the amount credited this year..- toge therewith Scotfend'TBYales, 
assessment of her twees, she ted or distributed. But the sec- The second and perhaps more North-West England. Yorkshire 

the Chahrm d an L of te th^ of I 0 " 5 d ° "w* d “ pl,cate Iiabilif T- cogent reason why 5.17- was and Humberside;, ihd fidafly 
f L- 3 J. be ? u *S.L be per cent pa,d originally needed was one of everywhere "feta. " 

Inland Resenue— his authority under S.16 can be deducted from transition.- The two sections .The -tabIttv«how ■tlWti’the 
fro ™ the cr ? wn . ra t ther 10 P er cent liability under came- into effect at the point modem, post-war hoti$a -. is 


General Information 

For your guidance, the otter price of Chieftain High 
Income units on 16 November 1978'was 4-4. 4p xd. to give an 
estimated current gross yield of 9.32% p.a. and the offer price 
of Chieftain Income & Growth units was 24.-Sp to give ap esti- 
mated current gross yield ot /.55% p.a.The quoted prices and 
yields are published daily in most newspapers. 

Chieftain High Income Units were first offered bn 6th 
September 1976 at 25p each and Chieftain Income & Growth 
on 4th September 1978 also at 25p. 

There is an initial management charge of 5% included 
in the price of units. There is also an annual charge of (plus 
VAT) which has been allowed for in the-quoted yields. 

Income is paid net of income tax, but this can be 
reclaimed by non-taxpayers. 

The first distribution that those investing now will 
receive will be from Income Sc Growth Trust on 28th 
February 1979. This offer is not applicable to Eire, 

The Managers of the Trust are 
Chieftain Trust Managers Limited, (raan 

Chieftain House. 1 1 New Street, « T 

London EC2M4T?. CHIEFTAIN 

Telephone: OUstfa 2Q?2. tjttzttz hbt tTS 

■ Application Form i 

| Fill ir rhi> coLri-jr. .inc it n Guettam Tpj« \Undjer. Liman | 

* !l\c» >0W Lnodon ECTM ■ 1 T t '. . 

I L-’\e-x0uW13ie to hu>; -i ^ie current fj'lerpncf. ■ 

| QvtRqin Hgfc tome Units to the ■-•al-je <s‘ C .min mini! hdvy; £250'; - I 

| ir<i Ousftim Income i Growth Ums to die' aloe or E ;<mn Ltoal hddngS«^. . I 

. ’ IAX c eadaa-a nenscuncc. pnciole n Gacfi jin Tnat Xtuusers Lmatai f 

j Tick bos; n > c '* '* ah ** 3W' nyiu, r> prw.th F' -uvjma-.c rc-LmesaUtf* ^ 1 

| c ~ net bkotk. 1 

J | j [r you wodd like deads a" r«ir Sfcjre Eschange Pin. . . | 

i (.■KcaedgreUMtlam-Warco^-o IiaoJnotTesidcntf*iia#ieihcUMtr5cW^ -j ■ 

I T«— juries, jjrf chat I Jirir'we are net aojuiraij: die unite as .Tomireefs'r rf ar.v sersaifcireri^ . 

1 ^ UW gthe UR or Scheduled Temiurto. > If -.vu are smabJii to v^-n ths decUntoc k fhoaUbc - } 

* drfc rrd trA r- anytoation lodced through -in jtffeonwd deroiM-i . ; I 

* SURNAME iMR.-M° l iAuS5^. ! — . „ ■ " j— f 


Against that background, it - 1 — - 

can only be l«e majeste to 

criticise our tax legislation, or TAXATION 
its administration. But there 

are some provisions about which t)AYID WAINMAN 

one cannot help but wonder. 

And one's wonderment is per- ■■ — 

haps increased by a strong 
suspicion that the Revenue fiqd . .?. w t Jj e ®® c ? ons °P er ®te can 

these same provisions as difficult bc dlustrated in a simple two- 
arW unrewarding to operate as y e ?r example: 
taxpayers find them frustrating. * e ®. r * . 3 

Sections 16 and 17 Finance ^ 

have 1 9 ™mnr^ e 22*“ W - hfCh Cash distributed "to 
ha^e prompted these musmgs. b enAficiar y f« r o^s 

Certam trusts are to be charged CTfth) ^ ** c 0 

an extra 15 per cent tax on. “ ' ” 

respectively, their income and 

the distributions out of iL The Liabilitj- under S.16 

trusts concerned are those in ico- f40n 

»htch income on be acciunu- equi^e^f'SeS) 90 
lated. even if no such arcumula- 


Liability undec S.17 




trusts where any distributions irttc rinn 

h* trust€es ’ exertise iqi^SrtrtfSf £15 

of discretion. Less paid under S.16 60 

.11 It should be recalled that some Available to carry 

years earlier laws bad been forward £45 

enacted that children s income 

should be aggregated with that Amount to be paid 
of their parents. Then, in to Revenue .T... 

■ 1971.' these law swere repealed. 

Income which a child -receives 

N from capital settled by his Year 2 

parents themselves is. and N Ct dividends received 

always has been, regarded as by trustees 

iS-2 theirs, not his. But if the 

•— 1 child's grandparents or uncles 

have created a trust for him. Cash distributed to 
the income has since 1971 been beneficiary (gross 

& 1 his own. £740) ?. 

| Almost certainly the vast 
j majority of accumulation and 
' j discretionary' trusts are grand- Liability under S.16 
* I parents* ones for their infant 15% of £440— (gross 
| grandchildren. If the children equivalent of £2951 
sf i concerned have little or no 
j other income, the likelihood is Cash in trustees' hands 

I that any tax referable to those epd of Year 2 

d .1 .childrens* income can be 
■ i reclaimed. Children no less Liability under S.17 
c j than adults are entitled to 15<¥i of £740 — (grbss 
I freedom from tax up to the equivalent of £395) 

- r amount of the normal personal less paid under S.16 
• t deduction. So. collecting an "Brought forward” 

I extra 15 per cent tax from from Year 1 ... 

" | trustees in order to hand both 

- t it and the basic 33 per cent back Amount paid to 

- I to lie child does smack slightly Revenue 

ii of Letris Carroll. ‘ 


^ ccut un «er came- into effect at tne point modem, port-war house -. is 

, lt - in time, at -which income-tax cheaper to rBhuna than.'. site 

~ dropped*. from 38.75 per cent older houses: for example"- in.' 

T A Y ATIAM to .80 per cent. The former the Home Counties the-inediinit 

I MAM I IUI\ was the Tate associated with sized v defected Chouse ' ' costs 

waiMu*.. the classieal corporation tax £20.50 pet sq ft to iphuild 

oayid wainman charged at'40 per cent, and with its Edwardian' predecessor .teats 

an earned- income relief.' The 25 per cept more^ ^Perhaps, -hot 

b—w— B tuuumuijwgc latter was the rate thought surprisingly, rebuilding - costs 

How the sections operate can appropriate. en the chaise to are highest ia. and around 

e illustrated in a simple two- “ imputation system of cor- London (BIA. .fix a. 20-mile 

ear example:— poration. tax brought in at 50 radius) and reckoned to_J>e^the 

Year 1— per. cent, •' -V lowest jp South-West England, 

iet diri den ds received Income undistributed in the the Midlands and East Anglia: 

bv trustees 268 trustees' hands on April 5, 1973, the highest . exceeds: .the lowest 

iash distributed to ~ would have suffered tax at 38:75 by around 20 per cent , ... 
beneficiary (gross per., cent antf it seemed Bef ore . using the- .per sq 

£100) 52 unrertionable that it should ft” figures in. the table, the first 

2 suffer -another full 15 per cent task : is .to measure as carefully 

£216 if distributed thereafter.. The as possible. the: '.area. of the. 
liability under S.16 traurttlonal provision therefore hpnse-^-as the; BIA. leaflet xayj, 

15% of £400 — (gross required: - that 45 per cent the best way of dping this- is to 

equivalent of £268) 60 overall 'should be; payable (30 go outside and measure the. 

per cent pi os -Jo per cent)', but lengthand.'breadth the.hom^ 

lability under S.17 ■ allowed trustees to deem that and multiply these figures 

15% of £100— (gross each pound of available income together,. ' (With ,a . terraced 

equivalent of £52) £15 at April 5. 1973, had already house ft will be neiiwteary partly 

Less paid under S.16 60 suffered -40 per cent of this. to. take iniemal- measurements 

Available to cany The net liability was thus and make allowance ' forTwVU" 

forward £45 restricted ter 5 per cent- - - , thickness).. ' . . /' - : -'- 

sas — But tiiere has been a -third -But ground : flqbr . area- ls 

Amount to be paid effect which - has flowed, from ins officiant— accoun t murt.he 

to Revenue Nil S.17. to the' great confusion of taken of rooms ' upstairs; ; .. In 

■ — taxpayers and Revenue -alike, many cases dt may be possible 

£156 Prior to Its enactment! each just to . double the -first' figiire. 

Year 2— and' every • distribution : was bat in some -detailed measure^ 

et dividends received taken tb 'have snffered tax 'at meirt'iharte^ec^eryi , - :^T;. ’ 

by trustees 295 the rate ruliiig when . it was -Suppose -. -ffiere ; talcufatibHs 

made: It the. trustees received provide approximately '! -300 5c; 

451 £60 net income when the rate ft ,The table in .the 4eafie^ shows 

ash distributed to of tax was r 40 per cent, and dis- that the^lA reckons: a:posti»r^ 

beneficiary (gross tributed it in. a year when the detached- house of- sucK-.-fihor 

f 740) 385 rate Kad.fi alien, to 38.75 per cent, dimensions to '.be- ?,medio»T 

the gross -income of '-the bene- -and attracting-. a, xebnflding=rate 

£66 ficiary- was.' £98. and tire tax of £23 4a L the odon area,r sb. 

lability under S.16 takes as deducted from- it £38. .that -the reasonaWB ^pim - i^a ired . 

15% of £440— (gross Under the S.17 procedure. Is -£34,500. .' ^ 

equi valent of £2951 66 such. a. L re-engrossmeot would home of rimakr florir aiim ensitta& 

not only diminish the income built In IMft-wtHildxbe counted 

ish in trustees' hands tax deemed to have been paid, “ large” ’attract’ a' rebuilding 

eqd of Year 2 Nil but ^so would diminish the rate rof. '£25^p ; qp - the- 

= trustees* S.17 liability for lhe counties and therefore a reaso^-- 

abMity under S-17 year in which ' the distribution able-suminsared. of £88^MlV t-.G : 

15% or £740 — (gross was made. The portion would .-’The square foot Grates G are 

equivalent of £395) £m then appear to be that the S.16 those appifcaW^ m - July jwften 

Less paid under S. 3 6 .£66 liability already paid in the. year th$ 'KIC$4.reseiKf% < was^co®^- 

"Br ought forward” of receipt -of income would ea> pteted: '■ because- Igflatioa^ h^s 

from Year 1 ... 45 111 ceed the S.17' liability for the movedon these retcs-egrcri3fc^ 

year of distribution. On the <0* ^arc alf^’^/a irttle aD- t^- few; 

Amount pai d to set. the excess looks' ’ a& if .' it- is side, apd^. must ’ser'ftirther- ;on'T 

Ke venue Nil repayable; but the Revenue do of litre uiffess rcguiar.revlSin 1 ® ' 

= not interpret^tiie law this- way. ; «re : made; - ’ ' £ •••>•• *. ti-'4 . iv.vt&i 


ash distributed to 
beneficiary (gross 
£740) 


15°p of £440 — (gross 
equivalent of £2951 


end of Year 2 






/ . J^h^roarTimes Saturday I^ovem^ er- l^ 197S 

YOUR SAVINGS AND' INVESTMENTS 1 



V. 


i house prices soaring, inore house buyers are 
being caught by building -society surcharges on 
• large loans. Michael Cassell looks at how the top 
ten societies treat big borrowers. 


.$OW THAT mortgage rates are 
back up to. near record levels— 
the new 113 per cent basic rate 
k only- ar i per cent short of 
the 1976. peak— potential house 
buyers would be well advised to 
take a particularly close look" at 
their home loan costs. 

For..- contrary . to popular 
opinion, 'the building societies 
do not all .offer "broadly the 
same lending termsj; especially 
when if comes to larger ad- 
vances. Some borrowers could 
now face a mortgage rate of 
wer.13 per cent quite apart 
from any additional charges 
arising out of an endowment 
arrangement. 

A look at the rates of interest 
charged for ordinary repayment 
loans by the country's ten lar- 
gest societies shows that the 
case for shopping around is 
strong. 

■ The borrower who hasn’t 
been put off completely by last 
week's events could find that 
while one society expects him 
to pay more than the basic rate 
i'f he borrows over £13,000, an- 
other will not make any extra 
interest, charge unless he 
arranges a loan in excess of 
£16,000. 

But four of the larger 
societies— the Halifax. Leeds 
Permanent. Woolwich Equitable 
and the Leicester— are among 
the few which have no interest 
rate “levy” regardless erf the 
amount borrowed. 

A major point of criticism 
has been that if . .the loan does 
incur an additional interest rate 
surcharge, then the whole of 
the advance, and not simply the 
top end, attracts the higher 
rate. 

The societies say that any 
other system would be an ad- 
ministrative nightmare . and 
that the extra, monei* generated 
by charging higher rates on 
small segments of loans . would, 
not cover the cost of the opera- 
tion itself. 

Societies claim they always 
emphasise -that additional in- 
terest ..*is- charged on larger 
mortgages and that-it is levied 
«n the entire loan. They say 
•that borrowers seeking an ad- 
vance only -marginally, .over one 
of their " (rigger- points ” . for 
higher rates are often advised 


Ringing the 


to keep the loaJi'belbw it^nd to 

raise the ;. addaUabal—nnanre 
elsewhere, .either- front an in- 
surance company orVf bank. 

Bui why do- the soefeues feel 
it necessary'- evcp.-Jo- charge 
more than tht .bas i fF: “w|' 1 sagc 
rate? As. the Provincial puts 
it: “We are having:,* 0 P. a - V 
■higher interest - r tafes'. .W in- 
creasing proportion-bf our in- 
vestment money awL2ff'P® r L ‘ ent 
of our investment -7 assets are 
now in some FotuvoF fernt share. 

- We have to Reflect: this in 
our mortgage rates; and it is 
worth remembering that the 
effective rate of; interest for 
higher rate taxpayers mkms our 
larger loans is much.uiwer than 
it at firs! appears": 

The Nationwide, -charging 
more for loans over .£13,000. has 
the lowest tfareshbol<L Tt 
says its policy !j“‘W® ec ?’ s 
commercial situation, in which 
societies operate ” ; and that rates 
for smaller loans.-;* re .-kept low 


principally to heiR ; ;firs[t' t,m ® 
buyers. Without .-their, “-social 
conscience.” says the -Nation- 
wide. societies would. .probably 
charge extra - for . the r-m any 
administratively’ tim e-consu m in r 
smaller advances 'apiS'less * or 
the big loans. .' 


The Leeds feels differently. 
As a spokesman said: “ We arc 
happy to charge everyone the 
same for any amount. Why 
should someone living in the 
south east, where house prices 
are that much higher, also have 
to face a higher mortgage rate?" 

Borrowers worried about 
pushing their debt into * 
higher interest rate category by 
taking on a “top up” loan for 
improvements have no need for 
concern, as societies will treat 
the additional advance as a 
separate eniity and only charge 
the basic recommended home 
loan rate. 

Those who already find them- 
selves with a more expensive 
loan could, of course, try and 
switch aver to a society which 
offers no strings attached to 
large advances. At the moment, 
however, they may find that 
extremely difficult because of 
rhe demand for funds and few 
societies take kindly to sumeone 
trying to change mounts in mid- 
course. They could charge Tor 
the early termination of a loan 
under such eircumsla-nres, 
which could go some way to 
offsetting the benefits of a 
cheaper loan elsewhere. 

You could, however, make the 



Bonds get 
seal of 
approval 


INVESTMENT 

< ANDREW TAYLOR 




ADDITIONAL CHARGES FOR LARGER LOANS 


HALIFAX 


Hone, 


ABBEY NATIONAL 
NATIONWIDE ■ 


’-Qym' £ 15,000 basic rate* + j%. 


switch the next time you nrnve 
house— but you need io plan 
well ahead by clocking up a 
reasonable savings rm»rd with 
a society which docs not operate 
surcharges. 

The societies point nut that, 
in terms of their overall busi- 
ness the number of large loans 
advanced which incur an addi- 
tional charge — endowments 
apart — is still extremely small. 

They are in any case obliged 
to ensure that no more than H» 
per cent of loans in any one 
year exceed the “ special 
advance " limit of £20.000. In 
reality, most societies come 
nowhere near that figure with 
the large ones allocating only 
3 or 4 per cent of loans in this 
way. And little of this goes 
to " individual borrowers, with 
the bulk going tn house builders 
who make lake £100.000 a lime. 

Figures show that last year, 
when the national average price 
of a house subject to a building 
society Irian and for a former 
owner occupier stood at just 
under £17.000 (it will look .some- 
what different at The end of 
1978 no doubt) the average 
advance was still only £9.R00. 
under 60 per cent of the pur- 
chase price. 


THE FLOURISHING new craze 
!for collecting old bond and 
hshare certificates comes of age 
i next week *hen the Stanley 
[Gibbons stamp firm holds its 
i first auction for enthusiasts. 

On offer will be pieces of 
paper which a few years ago 
■were next to worthless. Thanks 
ta the new collecting demand 
many of them are expected tn 
. retch several hundreds of 

• pounds ne.vi week. 

j it is only i n the. last two 
I years that Britons have woken 
up to the m«»ney to be made 
{ and the fun to be had from 
i “scripophily." as the new 
) craze has been labelled. Most 
; 0 f the certificates have little 
: nr no financial value — typically 
;They were either issued by pre- 
i revolution Governments whose 

• debt has since been repudiated 
jor they are titles to shares in 

long-defunct companies. The 
collector interest is in their 
[rarity, their historical associa- 
Itions and their engravings. 

The market has really taken 
i off in the UK over the past nine 
months; so much so that some 
Chinese bonds — still quoted on 
the Stock Kxchanse. though 
; there is little hope of early 
redemption — <-o*4 many times 
: more than British War Loan 
j stock. 

j It is not just the bonds that 
; have been shooting up in value. 


Buyers have also been queuing 
to buy share certificates of 
defunct companies, and Stanley 
Gibbons is putting more 
than £20.000 of bonds and share 
certificates under the hammer. 

It is. however, the Chinese 
and Russian bonds that have 
seen must demand in the 
current year. A £20 sterling 
Chinese Gold Loan 1908 now 
commands a price of more than 
£100— five times its par value. 

Most of the Chinese 3nd 
Russian bonds come via the 
Stock Exchange and jobbers and 
brokers have been doing 
steady trade in the nine months 
since Gibbons entered the 
defunct bond market. Already 
turnover from this business is 
running at around £$m a year. 

Robin Hendv. consultant to 
Stanley Gibbons, said: “At the 
beginning of the year we were 
offering around £120 for a £1,000 
sterling Chinese Marconi 8 per 
cent 1918 bond. Recently the 
same bond was fetching £450. ’ 

Mr. Hendv added that until IS 
months ago it had just been 
German dealers which had been 
buying defunct bonds — as fast 
as they came on to the market. 
“Undoubtedly they picked up 
some real bargains as rmbnriv 
was aware of the value of these 
bonds,'* he said. 

The most expensive bond so 
far handled by Gihbons. the 
£500 sterling Chinese Gold 
Loan 1S98. fetched a £1000 
price tag. Only 100 were issued 
of- which 83 were redeemed — 
leaving just 17 outstanding. 

It is not just the rarest 
bonds that have increased in 
value, according to Mr. Hendy. 
He said: “Last year a schoolboy- 
bought one Stockton and Dar 
lington Railway share certi 
ficate for £25 and also some 
Chinese bonds. Today ue 
would pay £75 for the railway 
stock and the Chinese bonds 
have also trebled in price. 
For a total investment of £50 
he has a collection now worth 
more than £150.” 


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 clients, 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 rhe Slock Exchange) 

Heron House, 

321 High Holbom, 
London WC1V7PB 


£l£061-£ 15,000 basic rate + i%: £15,00T-£1 7,000 
basic -rat* + *%: £17Ml.-£1?jW» basic rate 
-f- £19.001 -£21,000 basic rate + 1%: 
• K £2LM)-£25,000 basic rate + 1j%{ £25,000 and 
e oraj’ ■ Basic rate -I- H%. ' 


LEEDS 


Npria^ 


WOOLWICH 


None.' 


ALLIANCE 


£(5;001 -£20,000 basic rate + i%; over £20,000 1 
."“a matter for consideration." 


.;Nbne. 


LEICE STER ~ 

PROVINCIAL rr ’ T £15,W£2SJKW basic rate + 4%; £25 ,001-05,000 
PRO YIN ’ basV-rtte + 1%: 05,001 and over basic rate] 

•• 4:1*%. 



MIDLAND DRAYTON JAPAN AND PACIFIC UNIT TRUST 


BRITANNIA 


£rS.0Q££17-500 basic rate + i%: £17.501 -£20,000 
basfc rate + 1%: £20.001-£25.000 basic rate 

■ - " -4- K fe wer £25.000 basic rate 4- 1%. 

BRADFORD AND £14.001r£l4,000 basic rate 4- J%; £14,001-£18,000 
BINGLEY basic rate -r {%; £10.001-00.000 bayc r at e 4- 

\%X over” £20.000 “a matter for uidrodual 

: - negotiation." " \ 

- New basic mortgage rates .11} .per cent. \ 



COMMODITY investment was 
this week urged on the man in 
the street with . a r azzam a tazz 
rarely seen in the City. 

The recently-formed Carillon 
Manag ers this . week, unveiled 
the Carillon Commodities and' 
Gdt Investment Bond which,; it 
is claimed in an explanatory 
brochure, is “an exciting, con- 
cept that combines -high profit 
potential with sensible risk.” 
'-The'. /Carillon brochure ex- 
plains “since 1970. all major 
commodities have moved by .at 
least 800 per cent and many by 
much more— sugar, for example, 
has moved by 2900 per cent” - 
• it goes on. to relate how 
Carillon Managers developed 


COMMODITIES 

. TERRY' DGG 


■ exciting computer trading 
/system to proride bond holders 
with, the -assistance of the most 
np*o-date technology possible.” 
"But beneath the Carillon 
tinsel and wrapping is a simple 
package. Investors pay a pnee- 
orriy premium of. at least £1.000 
.for. a term life insurance policy 
and"' *»t)hin .this they are 
entitled to. units in the Carillon 
bond. The price is based on the 
assets held in the fund. Under 

the scheme 50 per cent of the 
amount is invested in gilts and 
the remainder in commodities, 
mainly through commodities 
futures cnntTacts. The assets are 
valued monthly. 

• The valuation will he made hy 
Euro com modi ties, a firm of com- 
modity futures market brokers 
and portfolio managers, which 
also has an equity interest in 
Carillon Managers. 

. The commodity section of the 

Carillon bond is held by ar i Isje 
of Man company, a wholly 
owned subsidiary of Richmond 
Life, which has been specially 
formed for the purpose- 
. The .direct, charges involved 
to Investing in bonds 
Initial 5 per cent plus 1 P er 
cent every year. Both these * 
to Richmond Life. CariUnn 
Managers gets a fee of 3 
cent ay ear which covere>nve5 
ment advisory fees, safekeeping 
and insurance costs. It also gets 
5 per cent of investors net 
realised profits. The tax P 
" ti’oa differs with eafb mdivjduaJ 
adventurer depending on & 

country of : resld?nce. . 

Not- for- widows and otynans. 



income 


<iiihn«ril nom* 1 -r-*-* 

(to Mi'lk JVawnfcr l “7- * 


\ Gartmorertigh Income TVust is 

primarily invested in UK equities, and 
aims to provide a high and increasing 
ii HXMTie without sacrificing potential for 
long-term capital growth. . ' 

Since the .Trust was launched in. 

T April 1975 the (rfftr price of units has 

increased bv iji+% compared witharise of 73*% financial 

Times Ordinary Share Index. In addition original unitholders have 
to i W received a gross, income of £58.95 for every £100 

Remember that the price of uxms i|nd the income finont them 

can go down as well as up. _ ^ 

You should regard your investment m High Income units as 

a kng-wnnCTw^ ve ^ t ^ amount aver£:o6. Simply fiD in the 
coupon and send it to Garonore Fund Managers with your cheque, 
or consult your professional aihiser. . . - . 



" j"^ r “ Tmnt'rS - 1 


»(h*iC*r, 


n Wm** ™ .™ ^ ‘ 


, rnP" l "*" J •* WW M „ ■ . . 


FUtiii the coupon and send it^.feGartmorel^ Managers 
Ltd. a SL Mary Axe, London EC3A8BP. 

I should fifcr to CeiVTPyrt Hi gh Tncwnc than » the nhwof Op*. £**) 

li\\* >houianEf w — j altbe offer pure (ulir« on the day ym 

\C J iomwAb application* 


I Weendnse a rooiaance, v-.- -- — 

-F« your smdaw o*r price tit Gaitawre H^Ixwtnellimatn 
, 6di November- w “ 61 TT- 


□ t» Inec™. 

|1V< 1 ■" ■« « UKadriuWIW**' “ 1™ ■« *» 

in, I I. > 




3LRNAME-MR.MM '•»*< 
HKtT NAMlJft IN FI- U. 

A DORESE 





An opportunity 
to invest in an area of 

outstanding 
economic 



IN 12 WEEKS 


STOCKS & SHARES, 
more profitably 


other investors 



RELIANCE SCHOOL 
OH INVESTMENT. 
.(153) Freepost. " 
London SW3 2SH - 


Many people make money from slocHf 
and Mures. You could be one of them 
— jabfelo.buy or Mil slocks. * shares 
and use money. ir«e shrewdly than _ 
-Britain's other two million Investors 

HOW IS THIS POSSIBLE? 
Simply through a unique 
JE-week home course. The 
Art ot investment, written 
by professional investors. 

slock Brokers and accoimt- 

' - ants. Step by step they 
show you how to-mako 
;money." 

JVQ RISK- It costs yoa 
nothing unless you ore satisfied 

Even without previous 
know-how — even wllh a 
capital- it low Ji El 00 
you could be profitably 
dealing in stocks and shares 
.In 12 weeks* Unit.' 

. FREE BHOCWURE 
<e»o stamp requited).- 


Every High Street bears 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 investor will wish to make pure of a share 
in such obvious prosperity. That’s why Midland 
Drayton axe introducing a unit trust that concentrates 
a/fits investment in the Far East, with the sole aim of 
capital growth — the new Japan, and Facific Unit Trust. 

The Japanese miracle 

• During the twenty years to 1970 the -Japanese 
economy grew to be. the second largest in the free 
world in terms erf output, exceeded, o n ly by that of 
the USA. Now recovering strongly from t he 
infiationary recession, of 1973-75, it is quite conceivable 
that over the next two decades the output of the 
Japanese economy may equal that of t he 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% io the Tokyo 
stock market in the last 15 years. 

The Managers believe that prospects for farther _ 
g r o wth are good, and intend to commit at least 80% of 
the fund initiall y to Japan. 

Hie resources of the Pacific 

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

Similar considerations should benefit the two _ 
trading centres of Hong Kong and Si n ^apore, which, 
are also likely to feature in the portfoli o. 

Hong Kong because of its position as a gateway foe 
Western trade with China, and Singapore as the 
gateway to its neighbouring gia nt. Indonesia. 

And with the addition of Australia and Malaysia, 
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 fromthe knowledge and skill of the 
investment managers, Drayton Montagu Portfolio 
Management Limited. They have wide experience in 
managing investment trust, unit trust, pension, fond, 
and other portfolios, and have specialised m Far 
Eastern securitiesfor a number of years • 

The Managers are confident that the long term 
trend of Far Eastem 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. # ^ iU 

The price of unit s 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 existence for the five years ended 
30th September 1978. Four of these five outperformed 
the Financial Times-Actuaries All-Share Index over 
this period and three also beat the Unitholder Index, 
as the diagram shows. 


OFFER OF UNITS AT 50p 

) until close of business on 
; : 1st December 1978 


Value of £1000 invested 
for last five 
at Sept 30, ‘ 



Y TON UNIT TRUSTS' 


*lndttdlnB M l i n mtwl iii car i« for bo th ft ictnMtinMNiloSo*. 


To : Midland Bank Group Unit Trust Managers 
Limited, Courtwood House. Silver Street Head* 
Sheffield. SI 3RD. Tel. 0742 79842. 

Iti'c. Ofluv £r/.>£ Poultry, London. EC2P 2BX. 

Ref;. jVe. XJ3f>57, Englund. 


I/We enclose a. 
cheque payable 
to you for: 


£ 


(minimum 

£500) 


for investment in T>i«t riV-ution UnitsQ 
Accumulation Uuil*- □ ilieli irhirhi __ _ 

of Midland Dravton .l.ipan and 1'ai-idc Unit Trust 
at tin- imtial •■'ffrr price of Slip. 

SuiiiiimciAir.. Mr-.. Mie?l 


Forenames in full 
Add res? 


FT 42 


Postcode 


Date 


The remaining trust is Midland Drayton High Yield 
TTnit Trust, launched on 17th February 1977, which 
had also outperformed the F.TJL All-Share Index up 
to 30th September 1978. 

How to invest 

You can purchase units in the new Japan and 
Pacific Unit Trust for any amount from £500 upwards. 

Just fill in the application form and send it to 
the address shown, or hand it in at any branch of 
Midland Bank. Clydesdale Bank or Northern Bank by 
Friday, 1st December 1978. A contract note will be 
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 box in 
the coupon. 


I 

I 

I 
I 

I Siminhire . - - 

I (in the cafe of joint applicants, all must sign) 

Pleas* »*nd me details of your Savjnp Plana^ and 




TAVc declare that 1/we sun/are not resident outside 
the Scheduled Territories nnd that I/we am/are nob 
acnuiriiurthe units as thentuninitjls) of any 
pcrsnnts) resident outside those Territories, (if yom 
err unable to make this declaration it should he 
deleted and the nppliealion lodged through a Bank, 
Stockbroker or Solicitor in the United Kingdom). 


□ktrOwtura Units. If voacboose t4ww. you 

rate ta* twice ywrfy. on AteH and. ltlt OStolwr- fl Mjnwf . f t iit 

^t»™toani5U,q 2 tab«r. ¥ n ? , 


Accumulation Units. IT swi™™- — . 

mmSamm sms 

the’ ns line otter wloe or cashed at my time 
tn which ease a ohwnp win ^ cant to >wi wltJUn a dsn recaivlm: 

ggaagmiM> 


pl a„ mmai imnrtce chanca nJ5% la tndnded In the offer erica of unlta, 

SneSnal sorrioe darp» of 1 of l%(jdu4 VAVi of the wine of tteTrnn Pund 
is dodacwl from Uw Trust's erase l ncon ie . Co mr il. vi lon of 11% wilt he sold 


to recoinlsed^fjen^. 


< are Midland Bank Grasp Unie That Huugni 

— — ‘^landameniljer oT the Unit 


Msnueu Lant..— 

Limilad, % suhshltiry i 

Trust Association- .... 

Investment Hanaement. Orayton Kastafn Portfolio Mougomue Limited. 
Reeiecra-s. Clplesdale Ba de Iiinu tad. 

TrUStVA, BOTlI A*ffiTnUif^ 

This offer b not opute realdeot* ef the Republic of Ireland. 



h fnidiand Drayton Japan and Pacific Unit Trust 

k* - - AMmLANDBflMKGBODPUNiriKOSr 





r financial Times ' Saturday .Nbye&Tfer -is 197S 


YOLK SAVINGS AND INVESTMENTS 2 


Repayment mortgages start out cheaper than 
endowments but are often dearer later on. 
Eamonn Fingleton reports on new research which 
could help home buyers choose between 
the two systems 


Cost each year, net of tax relief 

tfooo 60 ’i Tax Relief 


X90D - 



mstions of interest 


Scottish Arnica blc Fall Cost 


£700 


£,6001 — 


THE CASE for endowment 
•mortgages has been one of the 
most botiy debated issues in the 
Savings industry in the past 
decade — but most r.f the argu- 
ment "nr- been based oa little 
•pore than bavk-o: on-envelope 
:-um« 

N Sravcn Haberman. an 
jr-tuary who leisures at the City 
ITn’veriit;. . ha- used mathe- 
matical analyst to set to The 
•■ore of the problem — the differ- 
ri; impact oi inflation on the 
reai :.ost- o; endowments «.nm- 
->3 ,, i i d to the ordinary repay- 
ment method. 

Attempts to make rigid com- 
parisons are doiged by the way 
the repayment method's costs 
rise during :he term «f the loan 
whereas the endowment's 
remain the sane each year 
{assuming no change in tax nr 
;n'ere---t rate-’i. The repayment 
method starts out cheaper, 
thank; to r.vih tar: relief early 
on. hut usually ends up sisni- 
Sesntiy dearer — hence the need 
to allow for rho fa 1 ! in the value 
of money over the term. 

Using d:s.Oi:r.t:n? techniques, 
7*1 r Ha German has given valu- 
able ammunition to those, mo 
included, who have held that 
the repayment mot nod is very 
competitive for most people. 
But insurance brokers, building 


Scottish AmicabteLflwCflst 


HOW INFLATION CUTS THE REAL MORTGAGE BILL 


The total net real cost of a £10,000 25-year loan.” 

Legal and 

General Scottish Scottish 
Repayment low-cost Amicable Amicable 
loan <ea*y-start) low-cost full-cost 


33 ; Tax Relief Scottish Amicable Foil Cost 
T Buillng Society Repayment 


years lo be cheaper for a 33 per 
cent nan asa iS years for a 80 
per cent man. 

But for Mr. Kabemin- -the 
ultimate test is tr.s overall nel 
eoii oz each method expray-ed 
in r:-a! torus (after discounting 
for infcl!?s>. By using diiccuni 
rs:ti o: rive and 10 per cent he 
express! :z today’s values the 
real value the act payments 
over the years assuming Infia- 
lion a : . :V.-e and 30 per cent 
respective; y. In the case of. the 
f-ndov.-ments. the cash the policy 
will eventually pay vriil be more: 
than enough to pay off the mort- 
gage debt in ore gc at the end 
and the residue is a windfall 
for the borrower. . 

The discounted value of . this 
benefit was taken account of in 
the comparisons oi overall net 
custs in today's money and it 
makes a huge difference to the 
fuli-cos* method. 





No inflation: 
33% lax relief 
5% inflation: 

33% la* relief 

10 % inflation: 

33% las relief 


-Scottish Amicable LovGost- 


0 5 

Year of term 


No inflation: 

60% tax relief 17-220 12,9 

5% inflation: 

60% tax relief 9.0S0 7.6 

10% inflation: 

60% tax reiief 3.660 3.S 

■ Assuming basic mortgage rate is 9|%. 


managers and other enthusiasts 
of the endowment method have 
the consolation that their theory 
that endowments are the best 
bet for 'mgr. rate taxpayers is 
borne out by air. Haberman's 
sums. 

A feature of Mr. Habemian's 
exercise is that he included m 
the comparisons a little-known 
"easy- start" endowment scheme 
which is probably the insurance 


industry’s last word in attempt- 
ing to match the cheapness of 
the repayment method in the 
early years. It succeeds in being 
as cheap in the first year be- 
cause the premiums are speci- 
ally low. But in each of the five 
immediately subsequent years 
the premiums rise and from 
the second year onwards the 
net cost is more than for 
the repayment method (with a 


small mortgage protection policy 
added in to proride life cover). 
It is only after 15 year? of the 
25-year term in the case of some- 
one paying 33 per cent tax that 
the cost of the repayment 
method eventually catches up 
with the endowment Even in 
the case of a taxpayer who can 
claim an average of 60 per cent 
relief it takes eleven years for 
endowment to come into its 
own. 

The endowment policy is 
provided by Legal and General 
and it is offered by. among other 
building societies, the Provin- 
cial. 

Mr. Haberman also analysed 
the performance of a typical 
low-cost endowment mortgage. 


where the policy's sum insured 
starts out at only a fraction of 
the mortgage loan but with 
bonuses adding up over the 
years the hope is that the even- 
tual maturity value will be more 
than enough to pay off the debt 
at the end. The policy is issued 
by the Scottish Amicable. For 
good measure. Mr. Haberman 
included a full cost endowment 
mortgage also using a Scottish 
Amicable policy. 

As the graph shows, it is 13 
year? before the annual net cost 
of the Scottish Amicable low- 
cost plan becomes cheaper than 
the repayment method for a 33 
per cent taxpayer, and eight 
years for a 60 per cen; taxpayer. 
The full-cost method takes 23 


The table tells the story. With 
inflation at. 10 par cent— prob- 
ably a realistic assumption— 
Scottish Amicabie's low-cost 
works out best in today's 
money. But :r is only £90 
cheaper overall than the repay- 
ment method. And as 34r. 
Haberman points out, assuming 
inflation just a little higherfhan 
10 per cent would tip. the 
balance in favour of the repay- 
ment method. Legal and 
General's plan proved £30 
dearer than the repayment 
cjsthod. Current reversionary 
bonuses were projected -forward 
in the case of the endowments. 

For a 60 per cent taxpayer; 
the Scottish Amicable Tow-cost 
was again best, with Legal and 
General second and the repay-- 
mem method a poor third; The 
sums were based on a . basic 
mortgage rate of 9£ per cent 
The -new higher mortgage rate 
will enhance ihe repayment 
method's position in the 
comparison a. 


■We, Peter WhrHieltf and Bob Tanneiv starting * 
with £75 each — have made millions in shares 
(Clubman's Club, Orme Developments, etc). - • 

We have joined forces with Peter Welham - 
(Formerly Assistant City Editor arid Questor of. The 
Dailv Telegraph) to produce The Equity Research .. 
Associates NEWSLETTER, a fortnightly private 
investment newsletter. . 

Equity Research Associates seeks undervalued - 
shares— and teNs'-you when to buy ffrfselL They 
give positive advice on bids and new issues and /' ; . 

keep a keen eye on shareholders' rights. Its ; 

distinguished list of contributors includes _ - 
acknowledged experts on all aspects of investment. 

Ensure that you receive the next two issues FREE&f 
completing the coupon (below). 

For details of FREE TRIAL OFFER, 

write or telephone: -- . 


To Equity Research Associates 
Wardrobe Chambers 
146a Queen Victoria Street 
London EC4V 5HD 


Please send me details of the . , . 

FREE TRIAL OFFER erf the NEWSLETTER 


Name 


Address 


or phone 01-24^7032 



Tale of two candlesticks 


Go for gilts 


Investor? in antiques 
sometimes forget that 
prices can be as volatile 
as in financial markets. 

In this third or four 
extracts from his new book. 
Robin Duthy recalls how 
silver plate lost iwo-thirds 
of its value in 1060. 


ON LI factor investors in silver 
should remember is that price 
levels have proved more volatile 
than in many other areas of 
alternative investment. The 
bumpiest ride in the recent past 
was between 1967 and 1969. The 
background was :hai. with gold 
out of bound? for ordinary 
British investors, the price uf 
?;!ver bullion soared in the 
1967 sterling crisis and some of 
the speculation ted through to 
silver plate. 

High rate taxpayer-' in the 
UK had been investing in silver 
■with borrowed money and 
legitimately claiming tax relief 
on the interest they paid. This 
concession was removed by the 
1969 Budget which made in- 
terest paid on only a narrow- 
range of borrov.-ings eligible for 
lax relief. The second kind uf 
buyer was getting through a 
well-worn loophole in the estate 
duty legislation, which enabled 
individuals or trustees fo switch 
money Irani conventional in- 
vestment* into object? that 
could be classed as of national. 


scientific, historic or artistic in- 
terest and so could escape estate 
duty. This loophole too was 
closed in the 1969 Budget 

The result was that a pair of 
good George II candlesticks 
which sold for between £600 
and £1.300 in 3966 reached 
£3.000 to £3.500i in spring J969 
and by the end of the year they 
were back to £800 to £1.200. 
Investors gaped in disbelief thar 
a sector of the " art market " 
could have lost 70 per cent of 
its value in such a short time. 
By rhe end of the summer many 
dealers, who had watched in- 
terest rates rising and their 
stock gathering dust, slashed 
prices to such a low level that 
a few buyers were enticed back 
into the market. Quite a num- 
ber of dealers went oui of 
business. Even now the George 
II candlesticks have only 
climbed back to around £2.000. 

Regency and Victorian pieces 
have, however, now generally 
gone way ahead of their 1969 
peaks. 

There are not many 
American collectors of 
American silver, firstly because 
there is so little of fine quality 
to collect (much of the best is 
already in captivity in 
museums): secondly because it 
is so vulnerable to theft: thirdly 
because e\en affluent collectors 
find it increasingly hard to get 
anyone to dean it and lastly 
because there is a very large 


riTtr * a :J ircssixtsf. iff 

zjbbiiA ;j asA lA'UaS nil ■ 



WP 

l*- f K- *-•' 


m'w 


[ 1 J, 

«5$£Vf • |i 

askak s 


ENGLISH 

SILVER 

1750-1800 


:««' fMifiwjiffi. I 
iWVfJ7v£WT I 


1955 -M 65 'TO 75 '80 


quantity of faked American 
silver around made in the early 
decades of this century of 
which collectors 3rc under- 
standably nervous- 


The peak prices for certain 
categories of silver that were 
seen m 1969 seem to have 
coincided with a peak of 
l merest among American 
collector-*. Xu statistics are 
available but the impression is 
shared by several authorities 
that the Americans have rather 
lost interest in silver. Some 
older collectors have sold up 
and although many young 
people's interest extends to 
eating with silver spoons and 
forks, to collect other silver 
objects is often considered quite 
eccentric. One result of this is 
that mosr of the fine Conti- 
nental silver and a good deal of 
the tine English >ilver .sold in 
America goes straight back to 
Europe. 

Alferiief/re l nr cm men f by 
Robin Duthy is published by 
Michael Joseph ai £$.$0. 
c 1978 Robin Duthy 


WITH INTEREST rates at their 
highest levels for nearly two 
years, now may be the time to 
invest in one of the growing 
band of unit trusts investing in 
Government Securities. For unil 
trust groups axe at last tackling 
the -tax problems of running gilt 
funds. 

Their solution is to go off- 
shore to avoid swingeing UK 
corporation tax. A fund set up 
in the Channel Islands, for 
instance, pays a flat rate of 
corporation tax of only £300. 
The fund pays po income tax 



OFFER FROM M&G 


UNIT TRUSTS 

ERIC SHORT 


or capital gams tax — but the 
investor will be liable to both. 

Because the funds are tax free 
the emphasis is likely to be on 
high coupon, -long-dated stocks 
to maximise the dividend pay- 
ments and yet provide good 
growth prospects. Thus these 
funds are essentially for the' 
basic rate taxpayer who can 
accommodate any capital gains 
within his allowances. Higher- 
rate taxpaqers should go 
through an insurance bund. 

The recently launched TSB 
gill unit trust brought in £tJlm| 
in the first fortnight, while Gart- 
more's new trust received £lm. 


CLASSIFIED 

ADVERTISEMENT 

RATES 



v^r 

Smote 
ci'l ii’im 


//pC 

m 


i, 

£ 

Cfn:ms rc;al S: ladu-'U-iai 

Prop-.rv 

* yi 

14.00 

Property 

■: in- 

■i.W 

Ap^ir.imems 


14 00 

Euslnesi A Ir.Tctnn:n> 

Cppormnm-;.. Coraorj" 

:on 


Loany. Pro-lur.i.on 

1 .‘a ru . En 

For Sate '-Vanrod 



Slucati-in. liowf 1 

Conrads A r- nvr.- 

P.-tbon.it. Caro-:r.:n^ 

■l.J . 

i". 11 ft 

Hcrei.- ' Travel 

J i.j 

10.00 

Book Pi/h:i3r.^r% 

— 

700 


Punting in the premium pool urz j0 “ e 

EEC monetary system need 

as Europe waits for Britain = 

JlT Britain was a member controls 

should already have gone — it is the excess of demand over were maintained while other 

. extremely unlikely. Thanks supply. The system is designed countries in the Common 

largely to our still relatively to limit sterling outflows from Market have by no means 
> i^pica et W f* V weak balance-of-payment posi- Britain by making overseas removed all their barriers. 

Irl/Kiff BLPIl# T tion and the state of the investment a more risky and Gamblin'* on the premium 

country's foreign exchange re- expensive business. ix w 

TiH DICKSON serves, the Common Market up De mand. on the other band. nn . ; 

to now has allowed the Govern- vaj . ies considerablv. The most s P e ^ ulator; ‘ hau pooped bi 0 

bBBBSBmI ment to maintain, the barriers, important factor is the relative m the past. In the 19o0s 

And although some important appeal of overseas markets, par- the currency at one stage 
DOUBTS ABOUT the future of changes may be prompted by licularly Wall Street. Changes actually sold at a ‘discount, 

the dollar premium have the 'Brussels bureaucrats, most in exchange control regulations while in the past few years the 

recently made buying foreign observers feel Britain's economy and more recently suggestions premium has been as low as 
shares even more hazardous is still too weak to end the that the whole scheme may be ^ cent. Recentiv’ however 
than usual for small Investors, premium pooL scrapped add a further H T 

But although it is theoretic- The system dates back to the dimension. > ts b0£t0m lf effective level 

ally possible that the premiums start of the Second World War Analysts at brokers Hoare has generally been around 30 
could be abolished — under the when many overseas securities Govett recently argued against to 35 per cent, 

terms of the Treats’ of Rome it were vested in the government, the premium, but although An upturn in Wall Street 

_ it has since undergone man; bearish they do not foresee would almost certainly see the 

modifications and changes in its immediate demise. premium rise. 

size and scope and rough 


CURRENCY 


TIM DICKSON 


Premium Millions available 
(Minimum size (O column cm* 

3 JO per single column cm extra) 


f or farUir- ddOth write ». 
Classified Advertisement 
Manager, 

Financial Times. 

I ft. Cannon Street, EC-1 P 4BY 


Just Published 

CAPITAL TRANSFER TAX 
— A practical guide for 
taxpayers and their advisers 


Tbs strength of Far E3stefsrstock maricts has been 
a feature of the world feweslBert scene so far this 
year M&G Far Eastern aid General is among the 
leading unit trusts of 1973 asi isparfiaiiajfy well- 
placed to take zdvantage^ ^trf these specialist and 
volatile markets. About 85% o! tic portfolio is 
currently invests} in MabysifeShgapore and Hong 
Kong, and investments in Japan ahdAusfrafia are 
also included. The Fund aims to provide maximum 
long-term growth by investing in a wide range of Far 
Eastern seamfies. and yield js a secondary con- 
sideration. At the latest buyir^ price for Accumu- 
lation units of 63.4p the estimated gross current 
yield is 3-08’:. 

'.'"t ~.:‘z re 'ong-iernr imesimenrand notsuit- 
a t :- !*• = . that yea iraj neari A short notice. . 

7^e 5:i:s c* L'i*c and the income from them maygo. 
c a; :.i' ssus. 

Pr.ctt and j-ielc-; appear in the FT daily. There is 
.a charge o! Sz c -> irife^y and i'-i plus VAT annual^. 
Disinhuiicns a.^ nade on iuih April arid 10th October 
r.e; c-f baiic rate tin. The next distribution date for nay 
inveaers will be Ifllh April 1979 . You can buy or sell 
units any business day Contracts for purchases or 
sales -.ril be due ior setHanent 2 or 3 Reeks later. 11% 
conur.iss ! on is payable to accredited agents.Tnjsfee; 
Llcvds San!' Limited .The Fund is a wider-range secur- 
ity a.rd i: aidhorisad bytbe Secret ary a? State for Trade, 

M&G is a member of the Unit Trust Associabon* - 
TWO WATS TO INVEST 
As an aUemafive, or in adtEfion to investing a capital - 
sum. you can star! a Regular Investment Plan through 
a life assurance policy with benefits linked to BieM&fi 
Far Eastern and General Fund for as R8e as 02 a 
month. 81°i to 94% (dependmgon yourstarfing agejis 
invested, except in the first two years when an ad- 
ditional 20 per cent is retained to meet settingup 
expenses. 

On a E7Q Plan. !a?. retiei at present rates can bring 
dci-.vn your net monthly ^sf to only lI 6 - 7D. in most 
cases appreciably less than the monthly purchase of 
units on your behalf by M&G Trust (Assurance) Ud. 
Regular investment of this type means thalthe inevi- 
ta Well uclua I ions in the pnee at units gives you a posi- 
tive arithmetical advantage through Pound Cost Aver- 
5gin:j. because your premium is used So buy more units 
when Ihe price is low and fe.ver when it is high.too also 
getlifecoverthroughouttheperiodafatleastiiBdtuiies . 
your, monthly payment, if your age af enfrv is 54 or 
under; an element of life cover is also provided for 
higher ages, up lo 74. You are normally entitled fa ct&c 
tax relKial current rates oi £16: 50 for each £100 paid- 

tf you cash in or stop your payments during Hie first 
four years there is a penalty, and the tax airihorfites 
require us to make a deduction. so you should not con-, 
cider the Plan for (ess than five years. When yon tw- 
mmafe your poticy_you will receive a cash sum. 

M&G is 3 member of the Lite Offices - Association. . 

1*1 ■ ' •• n*' fHiiAl-h re-.-cer.l . ihs Pej-JMteoI lidaod- 


r TO O WATS TO INVEST 9 

I To: }W1 GROUP LT&.THREE QUAYS. TOWER HILL. LONDON EC3R 6 BQ. - 
| TELEPHONE; 01-6264588: Rbs seefion lo beOTHgleted by ^ appfeants. I 

- ■" -- I 

* ,SU«KWVte • - - • • < ■ 

1 i 04 ii ADDRESS - ~ . .. ' . !_ 


P05TC0DE 


EG 531123 


[ Comptele this' section to mikeaCanftaf, 
I faKestmid of C1.000 iwmore. 


f Da not send any money (A cunt'-K^MQi'nai ots^ni ibyou jitage^ctiy hcW-S 

ro^.ri-vv'L'ffr^fRSftieseHi'Jiwnlrtjit*’ ftiui-rerhfirjreA'iill'jlto-ANlwrtw) . - * 

| PLEASE INVEST j£.- ; in AqM^LATlpN'TRK^^ . f '| 

? tdetefias applicable or Accurmilatidn urat&wifl be issued) of die 
I Farlastem andg^alFbiiir aHfte-pritfe riding inr receipt of ftis 
appffcation. .- - . .v 

I 1 dectjrc Ihdi. I jm not tesiUen! -luUide Iht UniMKinidcitt Ihe Cfiarae! t#!tnds.' - 
. Inc Iste of CLo- or CibratUir.nnd ! jmnet ncqinnn£itv jr^r. actiie nomcKed jitf & 

I oerwwra,ideT>:.junictenrosaIerrs.:ries.^li>B« jrcLnabtf MiryKckiis I 

, 1 edi«l‘ 0 «yJiiar:..rjiJ apply Uirc-uina OarvliorikKKtmikei;) ' - ■■ '■ 

f. sirawiHt£ • ifttg.- * 

linVntaMlk section it WE wishio stela UfeJtssmnce - -I 

I.IHHSHTO 1KWE5T|£ 'earii mortthKianastiirance policy with > 

1 benefits Bnkedto the MSG Far Eaton and General FundJendase my -■ 
dteque tor the ifesl mwrtWy paymnt.nade payable to M&G Trust | 

| (As5nrance) Lmtiled- . . _ . 

. ! u'irtcr?tinilrhj: Ihri nnlv p'rrvifiondl »nrj ih^r rrLe-rp-nprfoywHI-not 1- 

■ n-.T4»n»» n<» until forma* noiilnafuic fl *• '.v*prjjx:p 1)^5 Jn»n i-.-.jea ■ 

* qaupenoN actoFa giM . ■ 

I ADDBt'jS Or USUAL OOCTOR dp nf>ftn rrfermc^ m.TrW nwrtfj ' * 


. Inc Isle ot QU- or C'brdfljr, jnd ! jmnet ocqmnng 05c eu»-w -mw 

I penoa rtbriercouftKiellKBi! Iernt.;ries.HiM >gp arc unable lojnaKe bv,s 
ilecta»5rt>(wyoiisr;^jid aRKy Uhrc-usna tanXw^ochbroliesJ ' - ■ 

|.Sin»A1Ufl^ • IQ 


Ar»- ygu an ncae ' 7 1 

If you cannot s «n Part I of lh* Detir rjlma bef o» dfiole i am ngn Pan V ■ 

■ Dec«ai«h»PARJt.t*^remat.Io[lKheiJoImrWi*rf 1 jtc in go«j fcatfh and ■ 

■ tree liom d'«a'e.lltal I IkivertotiwUanyscnous tUnei; opnraiwHV .-hm !' ■ 

■ donut . - . . 


- HCEuu'nu'ww-r.uitfiiiuveimraBjnyscmttisumeEJcr^ajoropfsnilimvaiat; ■ 

( do not cngaBC m any hazard ju s^portu nr «j rsuds. tiur r .to nol in avubon B 

ewwt ® a feidM>we paswngw on reawrased route. nwlTtint no proposal on 
■ «y hte has ever been edren,etj!lJwiBJ. tVSuowsf cfisckwsaB feds wtncfc hWv 

■ to wfluencettie assessment ot Um proposal If you artW doubtas to Urs rdwanca 
^ at am particular mlornutoon, you stiraU.dlwtese it. as feflure fn.dn so mar affect 
■ flw benefits oayaMe.l 
I PARTJlIc 

I ' ^ Itiepayw of the prerrmi no «ill be 'resident b» the U 

node by . me m ccrmcctioa vnth ttns prcruMal sfiaB be . 

bdarCT na atfiJ MSC Tiud (AssurancrjLw:, and that I wffl accept their customary I 
I „ Qi poricj i apefl to provide fitoroitairttecoflBaw e&v roqim 9 

■ {AspeojneoofrheiKiIieyformtSdvaiJribfeoorequesi .) g^ggg jHffH 

IsiGNAruRF 


THE M&G GROUP 









Ilf 


Edited by Denys Sutton 


estimates put the total premium 

dollar pool today at between TT cm 

£10bn and £12bo. HOW 1/16. A** 

Just about all UK residents 
who buy foreign stocks and 

shares are required to use PREJUUM is quofed j n 

these dollars. newspaper every day ui 

The pool’s size is constantly 


How the sums work out 


i lie poot a cunBiami* . .. 

It will increase, for 


PHILIP HARDMAN FCA FTII 
Russ Stanfield LL.6 
Geoffrey Wignall LL.B 
of Thornton Baker 

A mass of practical help and advice . . . 
Right up-to-date . . . Full references to 
Finance Act 197S. 


£3.25 plus 30p post + packing 
Only from 

Earlsport Publications 

17 St S within s Lane London EC4 01-623 2235 


example. « ’tt. ' of in. parity 

premium worthy ” assets the . otIl€r ( °f *um 

appreciates on overseas markets. P rcmil “ n ra j c > is based o 

. . current exchange rate In tne 

•The supply o£ iQvestmen t '. world's currency prar kets 
dollars wiU also be swollen if ($1.95 0I1 Thuisday). 
the Government decides that Both are expressed ® * 
new areas should qualify. This percentage. The " effective ” 
happened, for example, in 1972 rate most llsefnl ^ the lay- 
when ^ocks in what were maj[1 because it shows h°w 
then overseas sterling areas much ab0T ^ ordinary 
(primarily Hong Kong, South market price yon "wiU he 
.Africa and Australia) became required to pay Tor a dollar 
foreign currency assets. The yj the investment opreawy 
pool immediately doubled from p 00 j_ 
roughly £3bn to about £6bn. Thus last Thursday 
With a limited but changing effective premium was 


they invested overseas. It 

also, or course, means that 

anyone selling ~ premium 
worthy" overseas assets re- 
ceived an M extra” 42{p for 
every £1 of the underlying 
investment- 



supply investment dollars sre per cent. This means 
bought and sold as in any other residents were paying 
rflarket and the premium reflects for every portfolio 


On the $2.60 parity basis 
Thursday's close was 89J per 
cent To work out from 
this how many premium 
dollars you get for £1 simply 
divide 92.60 by 1.8979. The 
answer. $1.37 (against the 
normal exchange rate of 
$1-95). 

To determine the effective 
rate from the fixed parity 
basis, multiply $1.95 by 
1-89 "5, divide by $2.60. This 
gives the answer 1.423, which 
can he expressed as a pre- 
mium of 42: per cent. 


of 


Arts and Antiques 




Published I Inland). 

Overseas lull PB iNP^WWlllFII^BINiRltlllji I i'll 
Apollo Magazine. Bracken House. 10.'- Cannon Street, London 
. EC4P 4BT. Tel: 01-M'UQ& V f 


VH r 1 


r - f 

ii ? #t i r 


UIM 


1 ^ " 





IsMItr. 





r "V-- s ■'-■riKj; 


'J 



‘Sa>-- 



■■Vi, - 


V 

'v ^ JnJjT 


fH _ 

■* + 

: ' *■ - c " ‘ ■*x233.^! 

K -.i j;. _ . . 









"t v’;' :y~ '•’,!* •' ' 


Fm^dalTimes 'Saturday November 18 1978 




* r . 



I Nicklaus into ihe lead 


m 


Alive and small 
and kicking 


% 








BY BEN WRIGHT 


SYDNEY, Nov. 17. 


vv 


QUITE -. INCREDIBLY Jack 

Nicklaus has taken command 

'-of: 'the 197$ Australian. Open 
Championship at ■ the half-way 
stage here at thef- Aust ralian 
Grif Club . in the suburb t-F 
Kensington. He. lias-had rounds 
of 73 and 66 for a iive-under- 
par total of 139 to be four 
strokes .. clear . from. his com-. 
' patriot, . Rookie Bob Byman 
(72,/7U. and Texan Ben 
Crenshaw .<71,. 72 >. 


- Nicklaus has already won 
five Australian Open titles 
% against the seven of his. most 
' dreaded rival Gary Player of 
South Africa, and. it is no secret 
that be wishes to catch up. 

But the manner of his catch- 
ing up as far as the rest of 
the field here is concerned- has 
been absolutely astonishing 
today. Graham Marsh was the 
: overnight leader on 67 from 
Bruce Devlin on 69. Nicklaus 
was nowhere after a first round 
\ of 73. He had been fishing for 
one week off .the Great Barrier 
| Beef and had caught a black 
I marlin of 1.357 lbs, which most 
| golfing experts thought would 
A have ruined his, arms and legs 
W as far as .golf, is concerned, 
« since it took him. six hours and 


’.25 minutes to land the fish in 

V t-nnPKfinn rmp nf thp • lampct 


He went out in the. tahh'Of the champion from a A335.000 event 
humid morning and hirdiedThe to one that offers U.S.$2 50.000. 
first four, fifth', sere^h* ***** Packer has withdrawn his 
and 13th holes to {retard the sponsorship from the event, des- 
best round of the championship, pile the fact that he has spent 
This did not wm* than Sim on upgrading 

lariy sig nifican t c the golf coarse here and has 

Marsh took off wi&'X-idbtible made each Open Championship 
bogie ar the second ibnjjtWgies a 5tOm production as far as 
at the third andiOurth~end-an- television is concerned, 
other at the eigh&.tp- be. out The whole of Australia golf — 
in 41. while Devlinraalrfto ah apart from ^ GoJf Union— are 
eight at the 12th hoi^;a u.^as y Up j n anns aP out this ridiculous 
par four of 406 yards t* -smash attitude. The American profes- 
himself out oL contention... sionals vow that they will not 

Suddenly Nicklaus isrin com- play for anyone here except 
maod and almost ootain to i win Packer, despite the fact that he 
his sixth Australian -Open on]v pay tPem a$ 6,000 io 
Championship. It ul an «*a* appearance money . and they 
ordinary situation, and': even , , , . . 

now the mathematicians^ ore ? re f0TC ed to pay for their ait 
struggling here to final^what 

exactly has been -the -Stroke ***** while there are 

switch in his battle with Marsh. oXher sponsors m Australia who 
My mathematics ore elementary. W * kings ransom for people 
but I believe there baa been a ?re ready to accept it to 
13 stroke change around P‘ a y ln minor tournaments, 
between the two o£ them. . One can only hope that sense 
It has been a qiritB. extra- ^ill prevail, and that Packer 
online rv week. Nicklaus- came be consulted in 1979. Bui 
in here after mmonrs.of his pre- * doubt if it will. Packer is very 
mature death on the reef, the ™ uch concerned with his World 
newspapers haring assumed that Scries Cricket and it is 
the boat in which he wits fishing nnnoured *h3t the .Dunhill 
had been sw'ept Upon the rocks. Tobacco Company and The Age 


IF LIFE is hard for rhe major 
motor manufacturers, it's a 
great deal tougher for the little 
ones. In the last ten years they 
have been dying like flies. 

Who, i wonder, remembers 
Bond. I’airlhorpe. Gilbern. 
Ginelta. Healey, Jensen and 
.Marcos, all alive and exhibiting 
at the Eads Court motor show 
of 1968? None exists today. 
And one nr two others which 
were displaying their wares a I 
the 1973 moior show could well 
be out of business before the 
next one comes around two 
years hence. 

I’m not a gambling man, but 
T think it is an udds-on bet 
that one iudependenr that will 
still be around in 1980 is TVR. 
This Blackpool-based firm 
started making kit cars for do- 
it-yourself assembly uearly 25 
I years ago. Over the years 1 just 
as Lotus has done) TVR has 
expanded into a legitimate 
though small-scale car manu- 
facturer. 

Currently, it is making about 
300 a year. The Taimar 3000 1 
drove for a week recently 
doesn’t look all that dissimilar 
from the kit cars of the 1950s 
and is practically identical with 
the TVR 16 0031 I rested Dearly 
three years ago. But there is a 
difference. No longer do you 
have to risk slipping a disc 


stowing a we^k-rnd bag j P the 
tail. The whole lifi* up. hatch- 
back styte- t° reveal a carpeted 
lupgage platform oi modest 

size. 

The TVR Taimar * so short 
in the. wheelbase one might 
imagine it would ride with the 
choppiness of a juggernaut lorry 
tractor cab without ;t s trailer. 
When drrvmc si uwly. t lie hig. 
Tat Goodyear*- thumped and 
banked oyer ilu* limesi bumps 
but the ride gut .v, .-peed 

rose unlit, on the mmurway, it 
»’:» really quite <.-* mfonuhle. 

The driving push- on t> 
nothing like that -it a .-a loon car. 
You sit. legs extended, with your 
botiom apparently m--hes above 
the road surface. Viability is 
not at all bad. ihnugh the thick 
pillar can hide u «:rtr cumin" up 
on your nearside wh..-n joining a 
main road at a:i .ingb-d junc- 
tion. The view ir. ;b.-* rear is 
good. Even though may be 
distorted by the acuu-ly curved 
glass, you can easuy -ce the 
police car comma up behind. 

Haring used ull kinds or 
engines in the past. TVR has 
nnw settled down with Ford. 
Powering the Taiin.ir 3000 i? a 
3-litre V6 producing 135 horse- 
power at 5.000 rpm. i; tires up 
instantly on us automatic choke 
I >heer heresy for the traditional 
spirts car buiT* and can be 


TVR’s 3-litre Ford engined Taimar 3000. Now the back window lifts up for loading luggage. 


MOTORING 


STUART MARSHALL 


driven hard or lazily as the 
mood takes you. It pulls so well 
low down that third and top 
will cope with town traffic, but 
if you bang the tbrortJe open 
first gear goes up to 40 mph. 
second to 65 mph and third to 
jusi over 90 mph. From a stand- 
still. the TVR hits 60 mph in 
eight seconds, which puts it in 
the select company of cars like 
the BMW 633 i coupe and the 
Lulus Elite. 

Gearing is sensibly high. At 
70 mph the Taimar is loafing 
along at a little over 3.000 rpm. 
While hardly the kind of car to 
be bought by the economy 
conscious, it will do 25 mpg. 
gently driven. Hard used, this 
drops to 21-22 mpg. 

The steering wheel is tiny 
and the TVR is one of those 


cars you think, rather than con- 
sciously steer, around corners. 
Ir hardly rolls at all and the 
hardest acceleration does not 
make it lift a rear wheel. That 
— and the pleasant high speed 
ride — is a benefit of haring in- 
dependent rear suspension. 

Driving energetically, there 
is a lot of engine noise. At 
lower speeds with the window- 
down (by choice, because the 
fresb air ventilation is reason- 
ably effective) the exhaust 
burbles as pleasantly as a vin- 
tage Bentley’s. The gearbox is 
also Ford and the change is 
quick and Jight—onre you get 
used to shifting with your 
elbow bent because the lever 
is mucb further hack than it 
should be. The brakes are ex- 
cellent. though rhe handbrake 
lever is too short for easy 
application. In town, the main 
snag with the TVR is when 
parking, because the 36 feet 

turning is ridiculously clumsy 
for a car less than 13 feet long. 

Why buy a TVR? For fun. 
really. It is hardlv the kind 


of car ooe could seriously use 
for business "purposes because 
the ride is too knobbly in 
towD. the engine and exhaust 
noise would be wearying on a 
long trip and the body creaks 
and flexes disagreeably on 
rough roads. 

Also, it is not the easiest car 
to enter and leave with dignity. 

A cynic nughr say it would 
make mucb better sense to buy 
a Ford Capri 3-litre. Ii has the 
same engine and gearbox as the 
TVR, as well as four seats and a 
bigger bool, but not ihe same 
charisma. Whoever heard of 
Ford Capri owners flashing 
headlamps at one another in 
mutual recognition — something 
that kept happening to me 
when driving the TVR. These 
things count with the 300 indi- 
vidualists who buy TVRs each 
year. 

Price of the 3000 Taimar is 
£7.302. which is nearly £1.500 
more than a Capri 3000 Ghia — 
when, that is. Ford can import 
ihem From its German factory 
again. 


v - question, one of the largest 

\ j ever caught in the area. 

** 

Nicklaus is a self-confessed 
' -reraxant in th;s. area, since he 
played little serious golf 
since August. He went througb. 
y«pB a K|the motions, in the World 
.f aB j Series of Golf, but he has not 
JeaJWi taken golf seriously since’ the 
W W^last major championship, the 

f*$fcr USPGA * 

I a ]j Last, night Kerry Packer, 

; sponsor of this magnificent 

-^ ^championship, which puts at 
- - - ij; stake U.S.$250.000, threw a 
’ idlnner party for his American 
, _ - 4 . | invitees. Nicklaus. not wanting 
.to be outdone after his fishing 
g feMjp ^exploits. opted to play five sets 
tennis in street shoes. Not 
■ ’’'•^^surprisingly he .pulled up rather 
lame in the right shoulder, and 
» _ .= r spent the rest of the evening in 
an ice pack in that area. He 
•"-.vent to bed convinced that he 
— „ would not be able to play today: - 


Unfortunately for them/miaet newspaper in Melbourne are 
vutu«d nu-n. anxious to take over the 


Nicklaus had been away from anxious to take oyer the 
the boat on which he. wafi resi- sponsorship of the c-liampi ca- 
dent at the time on the evening ship This would mean that it 
in question. The boat had been move to that Victorian 

ripped from its moorings by a ejs*. But there is no one. least 
sudden storm, and several of all the Dunhill people, who 
members of the fishing -party wouJ ^ ^low Pac ^r to be 
were given the frights- Of-their smashed m the mouth by taking 
lives the championship away from the 

■ ' , ■' . Australian Golf Club, on which 

so much money 

lutely determined to have rim. npgrade iL so that it should 
He has been so wrapped up today one of the great 
with this championship that he championship courses of the 
was honour bound, to appear wor j d 

here In its last year. >. ‘ . . . . - 

. . . ; We are indeed in a crazj* 

The tragedy- of Australian situation, and oo one knows that 
golf is that the establishment better than JacJr Nicklaus biro- 
Australian Golf Union officials He knows fully that a 

are totally unable to cope- with, victory here would sway every- 
such a man as the 'go%etthig . thing in favour of his very good 
Mr. Packer. They chose . last friend Packer, and despite my 
year to quarrel" with him for: vested interests as a teli vision 
reasons b^t known' to themr commentator For the latter I 
selves and. so annoyed their can only hope that he will win. 
sponsor, who -has built up lids ^od that sanity will prevail. 


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WILL TONGUE TWISTING 
names like Tentti Airikkaia. Stlg 
Blomqvist and Markku Alen, 
belonging to assorted Scandina- 
vians able to drive at suicidal 
speeds along the world's’ less 
well-made and more tortuous 
roads soon become household 
names in the manner of motor 
racing’s James Hunt? 

As the juggernaut of ISO 
competition cars and thousands 
of officials and media men which 
together comprise the Lombard- 
RAC rally, prepares to set off 
tomorrow for this year's 2,000 
mile thrash round Britain, the 
world's major motor manufac- 
turers seem bent on acbieving 
just that. 

The past three years have 
seen a big upsurge of interest 
in motor rallying, by manufac- 
turers — now collectively spend- 
ing weU over £10m a year— and 
spectators alike. This year, for 
the first time, the British 
Tourist Authority involved itself 
in the RAC rally directly, pub- 
lishing 165.000 brochures in six 
languages and distributing them 
throughout Europe to satisfy 
demand for information on an 
event which will be watched by 
over 2m spectators during the 
five days that it lasts from the 
9 a.m. start at Birmingham's 
City Centre. • 

Bui the very popularity of 
ihe sport, and its greatly in- 
creased competitiveness, have 
resulted in an over-crowded 
world calendar and escalating 


motor racing 

JOHN GRIFFITHS 


costs, to the extent that manu- 
facturers are flndins both man- 
power and financial resources 
stretched to sit in this year's 
11 world championship rounds, 
ranging from Quebec to Corsica 
and of which the RAC is the 
final round. 

Irritated by the reTusal of 
the Federation Internationale 
de L'Automobile. to cut back on 
the number of rounds, the 
manufacturers are now banding 
together into a constructors 
association with ihe avowed in- 
tent of getting world class rally- 
ing organised on their terms. 

The outcome in likely to 
move rallying rapidly towards a 
situation akin to Grand Prix 
Motor Racing, in which the car 
constructors guarantee appear- 
ances and a small bur exclusive 
circus of “ n3me *’ drivers, com- 
pete for a world drivers cham- 
pionship on selected events, the 
organisers of which would be 
required to cover the manufac- 
turers travel and hotel 
expenses. 

Jo such a situation, the role 
of the private competitor, would 
inevitably be reduced and the 
cheery professional - amateur 
mix which still distinguishes the 
sport eroded considers biy. 


But rallying has become big 
business and while amateur 
participants may rue their 
diminishing importance, the 
gulf between the professionals 
in their 260 to 300 horse power 
cars, and the privateeers has 
widened so rapidly, that it has 
had a clear effect oo spectators: 
the tens of thousands who flock 
even at dead of night, to the 
450 miles, of closed special 
stages on which the RAC rally 
proper is fought out dwindle 
quickly once the top 30 or so 
cars have passed. 

So far ten manufacturers 
have signed up in support of 
the .Association, which should 
mean up to 30 guaranteed 
- works " cars on the events 
chosen. They arc aiming for 
perhaps eight events in the 
series, the best six results 
counting. Though this is only 
half the current number of 
motor racing Grand Prix the 
manufacturers explain it by 
ra I lyings mucb greater Iogisiti- 
cal problems of moving larger 
teams around the world, and of 
the need for weeks, of pre-event 
route reconnaissance and ser- 
vice scheduling. 

Such a championship is 
unlikely to get off the ground 
before 1980. however, giving 
rally organisers the time to sort 
out the financial implications 
of such a move. In the case 
of the RAC rally these could 
be serious. Last year's event 
cost £90.000 and the rally just 



‘.I ’ ’ .- 


broke even. This year, the cost 
to Ihe RAC of using the 
essential Forestry Commission 
roads, has jumped from £32.500 
to £42.840. Sponsors Lombard 
North Central's contract, 
covers 19 79. but thereafter 
possibly finding another sponsor 
prepared to Toot a vaslly 
increased bill to cover the 
manufacturers expenses could 
place the RAC in difficulties. 

The principle interest in 
this years event centres on 
whether Ford, which has had 
an unprecedented six wins in 
a row. can manager a 7th — with- 
out the benefit of the cars 
being prepared at Fords com- 
petitions department at Bore- 
ham This has been shut by 
the 6 week aid strike and Fords 
five principal drivers have 
been released to drive for 
dealer teams. But with compe- 
titions manager, Peter Ashcroft 
still very much in the role of 
Godfather, to the diffused effort, 
the 260 b.p. Escorts must still 
be favourite to win the event. 

Fords main challenger is 


Fiat/Lancia. entering two of the 
wedge shaped Lancia St rat os 
for what must be one of their 
iatt events in a long and dis- 
tinguished career. A single 
Fiat Mirafiori 131 the produc- 
tion based car with which Fiat 
woo this years championship, 
has also been entered. 

Turbo charged cars, are mak- 
ing their first major rally 
appearance in the form of two 
Saab 99 turbos although their 
short development history 
makes them an unknown quan- 
tity. BL will have the most 
powerful cars, three 300 h.p VS 
engined Triumph TR7s. two of 
them in the colours of British 
Airways. The team, still smart- 
ing from suspected sabotage of 
their cars in the Tour de Corse 
earlier this month, is led by 
Briton. Tony pond, making his 
last appearance with BL before 
moving to Chrysler, who have 
stayed away from the RAC to 
concentrate on developing the 
Sunbeam-Lotus with which 
they intend to contest the 
world championship next year. 


A BOOK such as The Pairs 
Game (Cassell £6.95) by David 
Greenwood. being entirely 
devoted to the match-pointed 
pairs, must inevitably appeal to 
a somewhat limited section of 
the bridge world. For all that 
there is much to instruct the 
average player who has not de- 
cided to concentrate on the 
duplicate game. The two 
examples I have chosen apply 
equally well to rubber bridge. 

The importance of counting is 
illustrated here: 


Judging the chances 


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South deals at game to East- 
West and bids one heart. North 
raises to three hearts, and South 
bids four. West leads the ten of 
spades — now over to you. 

You win with dummy's King, 
and draw i rumps. The 3-0 break 
is annoying, but not serious. 
Your contract is not in any 
danger, but in pairs an over- 
trick may mean a bushel of 
match points. 

What arc vnur chances? You 
can lead a diamond trom the 
table— if East has the Ace. your 
King will win. and you have a 
free finesse on the way back. 
First of all you eliminate 
spades by cashing -your Ace and 
ruffing j »pade on the table. 
Now you ploy the diamond nine 
and put up your King, but West 
wins with Ihe - Ace. Too bad — 
the free finesse is off. When 


BRIDGE 


In the second example a 
foolish signal recoils on a de- 
fender’s head: 


E. P. C. COTTER 


N- 

* J 10 6 
^‘653 
< A K 9 2 
+ A K 5 


West returns a diamond, you 
play dummy's Queen, ruff the 
ten in hand, and West throws 
a club 

You hare a second chance, to 
play East for the club King. But 
wait — have you counted West’s 
hand? He had two spades, three 
hearts, and two diamonds, and 
therefore he has six clubs. That 
means that East has a singleton. 
All you have to do is to play a 
low club from eacb hand. If 
East wins, he must give a ruff 
discard: if West wins, be must 
lead away from his King up to 
your Queen. 


W. 

* K 9 2 

Q J 10 9 2 
JO 4 3 

* 9 2 


S. 

♦ A Q 
O A 8 7 

0 Q J 7 6 

* 10 8 4 3 


E- 

* 8 7 5 4 3 
OK 4 

0 8 5 

* Q J 7 6 


North dealt at a" love score 
and bid one diamond, and South 
went three no tmmps. 

The heart Queen was covered 
b.v the King, the four was re 
turned, and declarer won with 
the Ace. West followed with the 


Knave, to indicate that he had 
a possible entry in spades, a 
suit preference signal that was 
to cost him dear. 

Four rounds of diamonds 
were cashed, and although West 
threw the two of spades. South 
decided to believe his earlier 
signal and rry for an end play. 

Placing West with a 3-5-3-2 
pattern, he cashed Ace and 
King of clubs to strip West, of 
that suit, and then threw him 
in with his remaining heart- 
West made three tricks in his 
suit, but after that he had to 
lead a spade into the declarer's 
major tenaee. 

Without the misguided play 
of the heart Knave. South might 
well have relied upon the spade 
finesse for his ninth trick. 
especially if West had followed 
with the nine of hearts at trick 
two, concealing the two and 
giving the impression that he 
had led from the Four-card suit. 
Besides, it was almost im- 
possible for East to obtain the 
lead— why give a signal that 
could not be acted on? 


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THE 1978 United States 
championship was staged at an 
unusual venue:. Ambassador 
College in Pasadena, closely 
associated with ex-world cham- 
pion Bobby Fischer. 

Probably there were hopes 
that seeing the championship 
which he won every time he 
competed staged on his own 
doorstep might help to stimulate 
the reclusive Bobby back into 
the chess arena. 

If that was one of the aims, 
the tournament certainly did no 
harm. Fischer is now negotiat- 
ing for a million dollar match 
with the veteran Yugoslav grand- 
master Gligoric and has 
reportedly already played a 
[ “ secret ** training series with the 
| U.S. international John Peters, 
winner of the Lloyds Bank 
Masters in London this year. 

The U.S. championship had 
, special significance as a zonal 
eliminator for the new world 
; title series. Three players were 
to qualify for one of the 1979 


intcrzonaL. and selection for the 
16-player event was from the 
national rating list Unfortun- 
ately the tnurnament began with 
an incident reminiscent of the 
Fischer er.r Walter Browne, 
champion for the last three 
years, walked out before the first 
round after a dispute over the 
lighting. 

In Browne’s absence, the 
favourites were Robert Byrne, a 
world title candidate in 1974. 
William Lombardy, Fischer's 
second in Reykjavik, and Anatoly 
Lein, the ex -USSR grandmaster. 
None of Lhenfi came through, but 
the even scoring and the high 
quality entry demonstrated that 
the U.S. can match any country 
bar the Russians to its strength 
in depth: Kavalek 10. Tarjan 9. 
Shamkovich and Mednis 8. 
Byrne. Lein and Weinstein 71, 
Rogoff 7. Lombardy and Benko 
61. SoUis and Zuekennan 6. 
Christiansen 5?- Commons and 
Regan 5. . ■ 

The winner s best game 
illustrated a P nin * of technique: 
can it he useful to develop a 
queen's bish" 3 at KN5 and then 
retreat it t n insin ? a tempo 
but creating a potential weak- 
ness in the opponent’s castled 
position? to Ibis game, the 
answer is “ye* ’ : but the winner 
prefers to it “a matter of 
taste." 


White: L. Kavalek. Black: 
K. Commons. Opening: Sicilian 
Defence fU.S. championship 
197S). 

I P-K4. P-QB4: 2 N-KB3. P-Q3: 
3 P-Q4, PxP: 4 NxP. X-KB3: 5 
N-QB3. P-QR3: 6 B-KN'5. N-B3: 
7 Q-Q2. P-K3: 8 (MH), P-R3: 9 
B-K3 fmore usual is 9 B-KB4. 
but White is already aiming for 
a set-up where be can castle 
long). B-Q2: 10 P-B4. P-QN4. 

Loss of a tempo? In Timman- 
Horl. Tilburg 1977. Black pre- 
ferred 10 . Q-B2; 11 K-Nl. 

B-K2: 12 B-Q3. R-QB1: 13 KR-KI. 
NxN: 14 BxN. P-K4, thus using 
his extra move for an earlier 
strike in die centre. 

II B-Q3, B-K2; 12 K-Nl (Stop- 

ping any potential tactics based 
on queen and king on the same 
diagonal). Q-B2; 13 P-KK3, 0-0 
{“ castling into it better 
N-QR4>: 14 P-KN'4! KR-BI; 15 
KR-N'l. NxN; 16 BxN. P-N5; 17 
N-K2, P-K4; 18 P-N5! (sharper 
than 18 B-K3. P-Q4 with 

counterplayl, RPxP (if PxB: 
19 PxN. FvBP; 20 N-N3 with a 
stronv attack for a pawn); 19 
PxKP ! N-R2 (or PxP: 20 
QxKNPi: 20 PxP. QxP: 21 P-KR4 
(forcing Black to advance his 
pawn to a weaker position), 
P-N5; 22 P-K5, Q-QB3: 23 N-B4, 
N-BI: 24 Q-K2 (threatening B-K4 
or P-K6J, Q-R3; 25 B-K3, B-QB4; 


26 N-Q5, BxB? 

After a stubborn resistance. 
Black goes wrong in time 
pressure. 26 . . . Q-R4: 27 B-K4. 
R-R2 would still give a^mc 
chances. 

27 NxB. P-QR4; 2S B-B5. B-K3: 
29 NxP. Q-B5; 30 N-B6 ch. 
Resigns. Male follows shortly. 


POSITION No. 242 

BUCK (9 men) 



kin (Rank Xerox i and R. Chill- 
eott (Co-op Bank! and lost none. 

The best game award went lo 
D. Daniels fElecirieny Council! 
but the chaaipion's narrowest 
squeak was in Hits diagram 
against D. Lechmere i Pruden- 
tial Assurance). 

Speelman (While, to move) is 
the exchange and a pawn down 
and threatened with both Q-B2 
followed by P-KN3 and with 
QxBP. What did he play, and 
how (uith a little help) did be 
via quickly? 

PROBLEM No. 242 

BLACK! 6 men) 


WHITE (8 men) 

Recently Grieveson Gran*, who 
sponsored the British Champion- 
ship. arranged a simultaneous 
display by the new champion, 
Jonathan Speelman. against in- 
vited representatives from City 
firms. Speelman won 26 games, 
drew three with D. R. Sedgwick 
(Equity and Law Life), N. Tomp- 



" 






£ 

I 

r_ 

r* 

¥ 





White mates in two moves, 
against any defence (by E. 
Holla day. Deerfield. U.S ). 

Solutions Page 16 


y 






Bcandal Times- Saturday ■ Novem'Ser lS 1978 


LEISURE 


ii’" 


ro 


Flotilla cruising |g 


Bold, 


TF YOU cannot adjust to people nest port and given the neces- 
who snore or stumble in from sary information about where to 
the bar in the early hours and moor. Armed with comprehen- 
msist on playing tape-recorded sire sailing notes and fighting, 
Vivaldi, you had better not in the bright morning sun, the 
embark on a flotilla sailing holi- effects of the previous night's 
day. When five people live oozo and retsina wc would 
together on a 28-foot boat for return to our boats looking for- 
rwo weeks sailing around heauti- ward to the day’s sailing, 
ful Greek islands it is essential \\> shared the responsibility 
That they accept the more per- f or skippering our boal—a role 
cooal aspects of their com- which -oon became known as 
pardons, otherwise their holiday ..f 00 j 0 f me day." 
could be ruined. Fears that the cruise might 

Earlier this year I took the turn out to be a sailing holiday 

chance and went with four camp were soon dispelled — the 

others on a cruise around the Aegean is one of the finest 

Saronic islands organised by cruising areas In the world. The 

Aegean Flotilla Cruising, one of itinerary of the islands which 
rhe smaller operators in rhe we were ;o visit included Poros. 




mi 


/map) 


*Sa i ■ •!; 
S-ii-'-X- 

It& M 





slinky 




IgSSTVW*). 


FASHION 




ARTHUR 5ANDLS 


i. «- 


business. None of us had a Aegina. Spcisai and Hydra, but 
great amount of experience — _______ 


some offshore and some dinghy 
sailing — and none had been 
responsible for a boat as hig 
35 the .Mirage 28 of which we 
took charge. 

Amazingly all went well — 
almost. We lost the rubber 
dinghy only once, late one night 
when it drifted out of Plaka 


TRAVEL 


DAVID RUSH8T 




•V. 




SKIERS are adept at rationalis- 
ing their clothing fantasies. The 
huskiest downhill racer will . 
explain that bright colours are 
accessary to avoid accidents - 
and that slinky styling cots 
down wind resistance. In. truth 
skiing provides the perfect 
excuse for both male.', and 
female vanity to be given foil 
expression. 

uooer • I a brief tour of the London 

night this served only a? a guide and mastered. However, the impor- in Greek waters for most «f the already has a fleet of 12 Maxilg^ show which ends at Earls 
Plaka was adjusted within reason lance of this initial period has summer and the Y.C-A. hopes 9os in the Sporades. advertised j court today demonstrates the 


Zea marina in Piraeus 


harbour. It was relumed early according to the conditions and been appreciated by only one of to have a fleet of them in the for peopie wishing to spend a p 0 | nC _ s j, ow ^ increasingly' 

the following morning by a par- desires of the flotilla members, the companies involved in the Spnrades for 1979. four-week holiday sailing nine _ t .i 0 fhj ne market, with shoos ' 


the following morning by a par- desires of the flotilla members, the companies involved in the Spnrades for 1979. four-week holiday sailing nine 

ticularly honest Greek fisher- Such flexibility provided the flotilla cruise holiday business. In addition to flotilla work, new Maxi 95s from the Canaries eagerly ~ gett ing~” their winter 

man. He obviously knew opportunity to visit the ancient The Yacht Cruising Associa- the new 30-foot boat and Mirage to Antigua. These boats will business 0 ff t0 a roaring start, 

nothing about rhe laws affecting amphitheatre at Epidaurus near tion. the originator of flotilla 2Ss will be available next year be ready for next season. »^ is colours seein 

salvage at sea. or regarded us Epidavros and also the ruins of holidays and still the only one for independent cruising in the Another organisation which is more Aggressive than ever^wi th 

as fools who needed caring for. Mycenae, the birthplace of the fully affiliated lo the Royal three areas in which the asso- considering establishing a base every stand boasting its array 

"We were grateful Greek civilisation. There was Yachting Association. runs ciaiion operates — the Ionian, in the West Indies is The 0 f bright reds, yellows, blues 

Others were nut so fortunate also time lor some unscheduled throughout the summer a series Sporades and Saronic. Boats Flotilla Sailing Club, one of the and greens. ' * 

— they losi anchors by dropping sightseeing in Athens at the «f three-day courses at it own for such use will be fitted our biggest operators in the business S kT do thing is pretty well uni- 

them without having first end of the cruise. R.Y_A.-app roved sea school with full navigation equipment with a fleet of about 50 boats, 

secured the anchor warp to the p or a ] n t of people such a based on the Harable. Anybody and a radio to call assistance — if Although its plans are not as 

boat, or even more unfortunate, holiday is ihe first lime that caD 2° 00 one of these courses, necessary. advanced as Mediterranean imuJM mau UMit 

for rhe crew of one boat, lust they have the opportunity to bur the *- c - A - b 3 * found that Independent cruising holidays Charier Services, it hopes to be wear is oer haos a little plainer 

rheir propel lor. Problems such handle a large jnchL their mo?t people . are there to gain wiU) lhe YCA are available only able to offer flotilla holidays in and ‘colours more strident, 

as these were resolved by the previous sailing experience experience with a large boat be- , 0 pe 0 p] e W ho have previously Caribbean next year. bQl ot j,er*1se the clothing is 

mechanic who travelled with the having been mainly in dinghies, fere going on a flotilla holiday, been on one of the association's further information: Aasean virtuallv interchangeable, 
flotilla in a separate boat, to- A s a result, thev have little or courses are designed to flotilla holdavs and shnv n rh^m- RMJIU cmisina, 13 . Firtr« Avenue. . _ • 

aether with thp flotilla leader uI.ji;.,, _ . . convert the dinshv sailor into 1 . , ' . . . Kniarf m-d. Cheshire, Rnoufcni <732 m«i There is. however, one deep 

who had responsibility for the un der power anchoring coming 3 cruising sailor who is sufti- experienced * stlfKUIU * tS :^ a Fui^ n Road. C LSK division in design thinking that 

?rmo n - d e domestic 3 «"*' ^ ^ FolIow^ on from the access S5uen« 

ihe moie domestic problems. using bow and stern lines and 10 ■* dotilla holiday. achieved in Greek waters, one Umi,on - w- 3 ® nw (lomu and plans influence .s suit strong y-ieit in 

Sailing day? started with a springs. The Y.C.A. is also the only or two charterers are now Sian 1 .* ' ImSS'aS i naddP H duvet-stvle. while the 

"skippers'" meeting on the Much is written about these operator to have had designed attempting to establish them- w». u-*® aro (Sporadw); sea- wl 

quayside or in an appropriate points in the sailing notes pro- a new yacht specifically for selves m the West Indies. ££££ Lomto?. I towards overall suit^ form 


Ski clothing is pretty well uni- 
sex these days, the differences 
coming in styling subtleties 
rather than basic forms. M'ens- 


the more domestic problems. using b 
Sailing days started with a springs. 
" skippers' “ meeting on the Much 
quayside or in an appropriate points i 


vni-i-ipnr-Mf Perry Travel. 2b0. Fulham Road. London, - — . 

£ . • . , swio. «■» aw csanmic and Ionian); involves both sexes. Amenean 

Following on from the success Fi«ijta sailing am. zu. Archway Road, influence : c still stronslv felt in 
L'hieved in Greek water-; one •-■"■■■■ w-mo tioman and plans I ? nue ” ce ,s *uii sirongiy^eit in 
Lnie eu in ureex water., one tor {tK Wj , rt Jlldjes) . that ski-wear which is heavily 

r two Charterers are now Charter Services. 22 . Woodstock Str«eL whit* th* 



# ■ 


iiAu. - 



Slimline overall suits like . these have, ptorty ftecibiirtjr in them 
to accommodate ski action, and tommies inflated by Alpine suppers. 
Both are from Head and stocked fay Simpsons (Piccadilly) among 
others. The women’s suK'costg £164 and the men's £175- 


bar when we would he briefed tided and within a few days the flotilla cruising. Two pro- Earlier this year Med iter- Yaehl cruising Association, 9 , The Broad- K - . , ‘ . . . rrr 

about the course to sail for the techniques are iismaiiv tnivno boats havo hnon eaiiino ranam fh^o, .. 1 , ,„v, crawiey, Sussex. 0293-33.7SL (Ionian, (bugging m heavy BtrttCfl cotton 


usually totj-pe boats have been sailing ranean Charter Seniccs. which sporadnand imfSt). 


Jf!!™ went that there is a big demand .* But tiife- investment of say 


Getting away for Christmas 


BY PAUL MARTIN 


.AFTER being woken at crack is the one time of year that be doing all the hard work. the fnur-dav arrangement. 


nr t Th* nSSS big perhaps), because when £lSfl for. a rsnit which might 

S ™ Sfl rhSSj I scouted some C and A dutfets only be worn for two weeks 

this there was a notice- is perhaps i" little extreme for 

outfits vld”!?' a^ablTtom able '« k 01 5,0di >- most of ^ 

£20 to £100. You are unlikely Given ample cash resources If you are realty trying to 
to find the suits for much less I would tend to - choose a suite 'k®®P ttt a:t>udget .the tmly essen- 
| than £60 and a more usual rather than the padded anorak/ ttal-htv.estmeBtsJtht Ki holiday 

attractive lake and onlv ie I price would be between £100 5 alopette mix.: Although the clotbtng^e trousers which are 
^ . . _ * . I j en=n _■ warm and watereroof and slDve 1 ? 




- . — a.-i Iiciu num. Ulf IMUI-Utf* di III. blu«i.uic lone an u. su r — — — . “ unm anrl nlnvou 

of dawn on a Christmas morn- we can all get together as a There are always those' who Galleon, opening some hotels miles from Salzburg. Departure and £250. suits give the. appearance of , w ^- a - , ““ ° ,G ' es . Tgg 

in? by mv own young, brandish- family. want to go away but disliking purelv for Christmas and the is on Saturday. December 23. Each year I am impressed being one piebe. most of them Main . srnmar- quanqes^ u you j 

ing tomahawk® and announcing Linked lo the seasonal bon- being highly organised, find New Year, can only accept will i return on Tuesday by the wide range of ski cloth- in fact have a hidden waist^ -rfe * r ® . -“f, ,4*“' ^ “ me V 

shrilly that the legendary figure humie and goodwill, tour that a modicum of paper hats, bookings from Saturdav. januar\- ■» in S 3)15 equipment available on which means :that yotr do ; not y®? ??-■ S5f a k fair 

had filled their stockings. 1 operators report heavy bookings glittering Unsel and streamers December 23. As an example. Blue* Care Southbound, part ^ British markeL Consider- need to be cacooned up in f«he •”»»«*-?» nours 
decided that, once iho.s«> same both for off-season holidays suffices for them. The delight- you can sample a Welsh of British Caledonian, quote in S ^at we are a largely low- thing all day long— and visits -<”* } our, twttmn ami without 

young had flown from the nest, abn.ad and for ibe now lone fu j Castle Hotel at Taunton Christmas at Gogarth Abbov in £99 with coacli travel and a !and country- and that for most to alpine lavatories need not-®?™^ waterproof .. wumih 

we would go away for Chris*- Christinas and New Year break, concentrates on fine food and Llandudno, with fully inclusive fully inclusive holidav— o f us even reaching the- ski become an occasion for crampetf 

mas. In the event, and like Mum will not be confined to the luxury in an historic setting, arrangements, for £83 • or. departure is from London 'on slopes is a considerable expense,^ gymnastics. - It is Posm.bte tha^“^ 

many other families, we find a kitchen and someone else will Their inclusive per-person including rail travel from December 23 with return on *** avaunt of ski wear avail- irc- a high- resOTt -tarflewmberl^Ww^. T.;" . 

tariff for four days, starting London, for £106. again with a Fridav. December 29— at the abIe is remarkable. However, orA January some suits migbl The Other essentiat;'IS^J^it" 

on Saturday. December 23 until four-day stay! Return air travel Hotel" Sonne Post at Lahr in the rhe demand is clearly there, be on the chilly side; but this ski cla%ifi£«Hdtgd^ 

HOTELS (Christinas (kifts after breakfast On Wednesday, by BL^ Southampton Jersey/ Black Forest. High Street stores such xaa J»e ; overcome by the*, use. able 

_ . i ‘ — December 27. with private facili- Guernsey is provided in tbeir Christmas is also, in French as C and A start promoting of a padded gtfet (waistcoat), apS .aiid tinngs cbn^/.iff^vety 

ties, full board and early morn- Channel Islands holidays where eyes, a very gastronomic period 5lf ^ ski innovation frtmr useful ^yqu 

nATrr SCOTCH SMOKED SALMON ' a ^ ant ^ afternoon tea included, they list £106 with full board and you will certainly eat in 

BURNS HOTEL )J lb *wc" o.io costs £115. plus VAT. and private facilities at Moore’s festive stvle at the Hotel de 

Barkston Gardens I, i&=== S?i2 Among major hotel chains Hotel in St. Peter Port. Dieppe in* Rouen. have told 

London SW5 0E.V fi.so cov «ring the same dates. Grand National Holidays, based on Lhristmas dinner includes an researUter, have told manage- free. : . :? . . - .. SlqpeS, 

NEAR WEST LOXDOY Gift Pack wrth Kmf e 7op .icwa MetroDO n tan lriP a s in h i. the nationwide coach network aperitif and a six-course meal 1 - • *• : • 

A?RKBMINAL° - XSfft5M£‘£S a ' feZTlur of the S.ouish -d again using the Decent- wlfh Aujjjum «d eoBee 

inn rnnmc npiv-ii.i hf.ih/ Salmon £9.10 nonit-ji in their nrhoninm. -.t ber 23-2t period, include lunch M iih departure on December >3 


HOTELS 


(£hnstm<is (bills 


BURNS HOTEL 

Barkston Gardens 
London SW5 0EX 
NEAR WEST LONDON 
AIR TERMINAL 
100 rooms, private bath/ 
shower. radio. television. 
English breakfast, restaurant, 
bar — fully licensed. 2 lifts. 
Special terras to companies 
Derails and illustrated 
brochure on request 
Telex: 27885 
Tel: 01-373 3151 or79Sl 


SCOTCH SMOKED SALMON 

Ulb*Mc £9.20 

2 lb tide £ 10 J5 

21 lb side £ 11.20 

21 lb fUc £12.60 

Gift Pack with Knife 70p extra 

Ready-Sliced Sides £1 extra 
lb picket UtMij-Sli:-d Smoked 

Salmon £9.10 


obviously 


market warn" while .leaving your arn&‘ then 1 L s^rihg^ng;, 
aanage- free.-‘.f - ’.actiom dowa the siqpeEri 


SMOKED TROUT AND 
MACKEREL 

1 » S «7 Smoked Trout £3. SO 

2 x 12 ax. Smoked M«ierel .. £2.30 

POST PAID IN UK - CWO 
ORDER EARLY FO? CHRISTMAS 


J. & M. SHEARER LTD. 

J Vietorra Street. AbenJetn At* I Ft. 
Tel: 0224 2S206 


ranitai in their nrnfn-a.nmp at her 23-27 period, include lunch with departure on December n 
Edinbureb’s Georee Hotel on outward and return journeys and return on Tuesday, Decern- 
! cS“rausle iTSUwS •« “ -S, of £93 for her 26 .!» jll-ta Prt» of £94 

thp Sl Andrew’s Chun-h Choir a four-day slay at The Red mejudes return travel from an> 
and Dixieland comes into its Lion, near the lovely cathedral mainland station of British Rail. 

at The Boxing Dav d nner- in Salisbury, A visit to the the Sealink crossing Newhaven- 
dnnr. k-nou- Z ind '»™1 panLomime Is also Dirppn and onward transfer to 


and Dixieland comes into its , aT h . ® r u 
own at the Boxing Day dinner- ^ Salisbury 
dance. I know the George and | oca * panb 


“~Vu incliidpd Rouen. This and a similar New 

can thosfiughly recommend it. «ociuciea. available 

The inclusive price is £95 with Erna Low features a ,. ea . 7 “ t™**i 

a reduction to £53 for children Dickensian Christmas in York. J Fr f“' L 5 h J ! *i*L S 


FOREIGN HOTELS 


AROSA — Hotel Eden* . Phone 0104ti 

31'31 ta 77. CeiTVjl and aoie: sl:c. 
Near to sri lift arid skating-nah . French 
kitchen. Bar-dancing. 


Chocolate Gift Bontlqne for 
M.ONDOSE Belgian pralines 
and creme fraiche 


between 3 and 13. 

I congratulate Trust Houses 


Long before Dickens, the 
Romans and the Vikings came 


Finally 10 the Holy Land, 
where the birth of Christ took 
place in the manger at BethJe- 


. tuM ? idiu.-ir nuoi nuufCT . . . VikinF Hotel in ' ,,are ,n 1,1 e ™anger ai joeime- 

Forte whose brochure lists their Sia „ jnc , nrovidps hem - Onentours have a special 


4 rentable tnnre or in aUmctire aiirf 
nntuiuil 0<H presL’n/aln-na. 


tuur wuiuuic hw u.c .. r i v prsidp sptlinw Drovldes wnnuoure nave a sproiu 

extensive arrangements under : ' ' - ,f' n ^ Christmas departure on Decern- 

I headings ™ch as " C.l.bration,-' hoMdo^here f stSanfi 1 wiUi ber « with all meals and 
(•■Traditional." and “Peace and The h0,lda - nere ' htartin fi WU1 -•* 


AROSA rcrisonsi Hotel Valiana. fcrsl class 
1 wfeek skl-holrtfavl /,-om S.Fr.575 — 
all Included. Indoor Swimming Pool. 
Indoor Skjf'nsj Hlnk. T«. 74 232. 


//-S-T6 ™ ;nd'™'dinr»rth on 

A/ / f.o.'idou. MV 11 . a per night basis, you can \ary n ecem », cr aa costs £07 and 
„ NMW r. - vour ]«?.«* W- ? every - { 


meals and 


AIU3SA — Hotel BelUetaU**-*. Phone 
01O4WBT r 31 24 21. Indoor-SwImmhiB 
cool. 28' il 7 I Bmi. Excellent kitchen. 
Qnlei arte. Transits 1 to sfcilifl Irse of 
charge. 

PONT RESIN A rGrrSOrtSi. — The «ell-kn0uin 
holidav resort ol the Enoadin. sunt.t 
situation wtih excetlen: in o'- conditions, 
heafthv mountain climate. Tourist ORilc 
CH 7504 Pomresina. 


afternoon toa on December 24 accommodation included as well 


Quiet." With prices quoted un cndinE with breaWas on as «**it s to Tel Aviv 

- »— ha = 1 * ! and cndme w,th hrearaasl on f 0r an a i].j n cost of £244. 


r , , “ ADDRESSES: Bine Can Southbound, 

includes rooms with bath, full Blue Sky Home. London Rond. East 
board and all VAT and service 

Charges. HER Travel Service. 15 Orchard Street. 

_ . . London W1H BAY. Eras Low Enjoy 

Several of our relatives Britain. S Bute Street. London 5W2 3EY. 


HOLIDAY 

ACCOMMODATION 


Cottages for the 
Connoisseur 

repuiedi: 1 :1 k bi;»; m Curtr* nil. For 
Winter 2 nd Sturrmvr hallda.es. Old 
World charm. cbara>n<:r and pnace. 
■Comfort and luxury including ior> or 
n'ehtsioro heatln* and colour T\'. 
Your own private sarrieti and Fabulous 
neus. 3 miles Polp-rro. Conaaes 
lor 2. A and S. Fri* hure front F. 
SlaiKhter. Si. Slaty Manor. Du In-, 
t.l-ikvard. Phone LanreaDi "VHt a;, joo. 


1 — ■ - 1 - ,, • .1 ,, iiiuiuucn iuuuio muii uduu mue war name. i.oiiaan Koau. can 

1 1 case full board, including the . . . .. VAT d serv . ice crinsteod. west smwx nmt ihu. caaie 

traditional Christmas lunch, is ”® ard and 311 '" AT and se e Hotel, Castle Green, Taut! too. Somerset. 

„,.,.nro,l |Tnr -> i-i-nrtirinn - 1 Charges. DER Travel Serviec. 15 Orchard street. 

cohered. For a uraaitiona London W1H BAY. Em. Low Enjoy 

DIIBI NHTirrc Christmas they suggest The Bull Several or our reiauveiv Britain, s Bute sitccl lomIm sm 3 ey. 

rUBLU. WU I „ Long Meltord in Suffolk, at modern Christmas traditions w" rt ™ .S’ 

nr* of Birmingham a price of £27.90. If originated in •lemiany and Loi1dt , w swiv ux. Galleon worm Travel 

gas and water a nnuities you are a peace-and-quiet person Austria and Lhe Prince Consort *&&&***. ^ l t ew, M " I 0 “ sc ^ E ^ h,fl 
notice is hereby given mat in you will certainly enjoy that at introduces the Christinas tree. M 2irop«i!iai» hhcIi. i Stratford Place. 

S^Mirj^Srv'iSr? ?K'AN^JffiTH 5 the 16th-century Crown Hotel DER, in conjunction wrth Mb. jbia 4 ru^ 

SSSSS? BnfB^oJSSSS* 1 ST & in Framlingham on the Lufthansa flying to Munich |;S 0 t r B N 2 ^ oS^ tLoS 
dates inclusive. strangely uneven Market offer a ten-night half-board Lid.. Kent House, w* Roy am street. 

Square - With rates here at h0,ida - v at the Pension Brand- t^bSSSR rIJS 

The council House. °" u " £23.90. allow around £95 for statter in Fuschl. set on the und« ws ssl. 


CITY OF BIRMINGHAM 
GAS AND WATER ANNUITIES 


REGISTER "HI 1* CLOSED Irom 1st 
December to I5lh December 1978. both 
dates inclusive. w _ s _ pAGE _ 


The Council House. 
Birmingham B3 3 AB. 






• W/d. 


oty of Birmingham WH.AT &o extraordinarily prn- 

mort — a l_ n longed Indian summer this has 

M 0 ^la"" Y win l ” N cL 0 SED r w been. I am still picking straw- 


2 KES- ? 97 S. Mh *u« b RiuS?ve. 31st berries out of doors without any 
w *■ JliSi-., cover and today I counted SS 


December 197S. both dates Inclusive. L, '-‘ 

w s. page. cover and 

Principal Chid Officer vuvci 

and CITY Treasurer Open FOSe.S 

The Council House. . , A1 

Birmlngbam, B3 sab busn Of Al 


P tcmra : . Trerw. Humphries 

Through rose-tinted spectacles SSSsSS 

u= .u ___ u hybrids. Where ! never felt they budvet criced & hL~ 



budget priced to luxury. Shown is 


Get Timely 
Advice 


bush of Aloha which I grow in VIP treatment most. They are maybe tnousanas of years. independent in nis approach, or Rosa pimpinellifolia, where . HCCat Simptons £150. 
that way rather than as a hungry plants and they like to There is very little in this Botanists divide the genus into they, seem to be in equally T _ — . . 

climber under which beading it push their routs deep into the book about cultivation, just 2j sub-genera and the largest of strange ■ company.. No. doubt szjil 

is usually listed. The soil is soil which is easier for them if pages out of a total of 290, but these into ten sections. Mr., many wilj argue with him' hut saws, Switzerland 3 J 8 , u.s. 

veiy dry. though evidently not it has been deeply dug. For Jack Harkncss was never a man Harkness devotes a whole i would' not dare be among them . 

as dry as that of a friend in once the manure or compost can to waste words and he manages chapter to each, takes a close for he knows his roses too well 

South Devon who is carrying go into the bottom of each to say most of what is essential look at the general character!- and ■ think* ahnnt them !too ■' 

cans of water daily to his trench as well as being mixed in that space. Hear him on the sties of the group, describes the logically to be taken -lightly. " I - §.' 

brussels sprouts io an effort to with the soil nearer thfi surface subject o£ pruning: “Pruning species in considerable detail . While ~on : the subject of I ' If I | 

make the buttons swell. for the rose roots will go in is considered by some a and then goes on to describe Scotch ■ roses I have a personal L»UvilL 

. search of it and il will help to mysterious art: just remind the garden varieties (I am pnede. The Double Yellow 

\et here w 0 are in mid- retain moislure without im- yourself that nature did it for delighted that he detests the variety;. -which Mr^ Harkness . A IS T il Alt 1 TU 

November, a tune at which rose peding drainage, which is counlless years with the crudest ugly and, for gardeners, quite thinks is the same as Williams’ ti ll I H tl If i l Y 

planting should be in full swing. ano ther thing that roses. like. of tools, namely frost, fire and unnecessary word "cultlvar” Double YeUbw, is to be seen & ' *1 U 8 II V III .1 E 
I suppose that some nurseries So many books have been the teeth of animals. . . - and suggests that botanlrts nearly every famous Scottish . ^ ' 

have teen able tu lift and wrillvn abinit roses tbar I Before the new season starts, should call their wild variety garden but hardly- ever sooth of D ft ftf il V ■ 



Sent to you evert' Wednesday, the IC News Leiter 
gives you expert share recommendations on the 
■right day for you to act, for the greatest benefit. 
Take a subscri pt ion to this unique investment service, 
and see the advantages for yourself. 


despatch and that in .some places j raa . 4 i ne d there was little more 
roses actually are being planted t0 ~ ax cerlainlv no completely 
but here in Sussex it would be nevt - approach t * 0 the subject l 
a risky business. There is no was wrong and Jaok jHarkness. 
need to worry. Rose planting sen j nr member of the famous 
can continue throughout the Hitchen firm of rose growers, 
winter whenever the ground is has founA lh . ( . sap an(J filled jt. 
in workable condition, which Roses, just published by -Dent 


GARDENING 


ARTHUR HELLYER 


“botivars”) that are associated the. border. Or am I wrong -and 
with each gorup. have .1 missed it In England?' 

Of course it lands him in I. used "to think- that if must -lie. 
some difficulties. Any bold and one -df those plants that require 
unusual approach is liable to do a cotfi and moisf climate but Mr. 
that. But the risk Is worth Harkness, who'll early loves it 
while when the story that except for its bad habit of faqid- 
develops is so much more ing oo to iB dead flowers, gives 


Baaseenlor my none as a subscriber. 1 enclose: 

B E9a00 lor one year iC32JM aJirnaH aufskta IW fifldUdVS Gins bmtfer) 
Cl 5 00 for a six months’ trUU s u bscrip t ion f £17.00 aftroill 
Please invoice tor E2&00. £15.00 {Oeiete as appropriate} 


lUr/Mrs •’ MSB, - 
{BLOCK l£T7ERSa£ASe 


TorMARKEIWGDffAHTWetT. 

ffii'3ESrORS CHRO«CLE. ICNV.FT FH^OST. LONDON =C4B4QJ 

CriBysbA4 Rsca. F«iex Laris. London BC4A 1NO. RegJto.9Q5S98. 


I 

JCNLFT | 

I 

V 

— I 

— I 

are ■ 


means neither waterlogged nor price £ 9 g5 is totally Cerent imitate frost and remove all the interesting than anything that nb Tunt df ffifficulty. Biit neither 
frozen. There are certainly from any rose book I : have pre- frozen and soft wood. You may could emerge from the usual does he suggest any hazard with 
advantages in planting early if viously read and Mr, Harkness recognise both by makings trial dull alphabetical (and therefore the double crimson -Scotch rose 
conditions are right but none at has clearlv eninved writing it. cm high on the stem and look- practically, meaningless) cata- wrnrnm m # rn<» rhnr 


IsMiMiMMH M M ■■■■ Ml H BH H M M H ■■ HBK Ml J 


conditions are nsht but none at has clearly enjoyed writing it high on the stem and look- practically, meaningless) cata- wimim EtL a rose ftat ref&ses 

all if bushes have to be lifted T his js a h ' ook a bout the iug at the pith. Frozen wood logue of names. to tolerate my garden : in which 

before they have dropped most development of the rose from has brown pith . . . soft wood Some of his conclusions will immediately ' suceambs to 
of their leaves and have to be Ihe original -specie* (botanists has crumbly pith.” I wish that annoy the establishment and black spot 

i replanted in soil that is dry and differ over their precise number all writers on the practice nf delight the irreverent He is What a tantalising subjectear- 

hard, as they also differ over their gardening were as familiar with firmly convinced , 44 whatever the deaing is. However long one 

One can scarcely repeat too classification, but J. .C. Willis, their subject as that and books say," that Bloomfield continues obe-has never done 

often that roses like it rich. I who I find reliable, gfres the capable of taking an equally Abundance is -nothing but a with learning^ Indeed I find that 

was writing last week about the number as 250) to the really in- original nne. rather coarse sport of the charm- the older I get the more ignorant 

five-pound hole for the five- numerable hybrid varieties But most of this book is about mg Cecilie Brunner and he I.feeL r :i ; . , ' - . V 


■EverySaturday the 
: Financial Times ■ 

; -jHiblishesatahle 
1 'giving'd^tails'oE:''"'. 
LOGAL aothojuty 
bonds . 

on ofEer to the public 


. wrv. 


For . advertisement details 
',v- pteoteTiTig S. Cooper ) 
Extn.700S 




-iV: 




0t)e f »l. 








U«TqtF£*2 






Xu* 






3£S3$r 'A^e^.'M'pppIKrtkiday *^fcat -kind'crf' t»rap«iii& •;■ 

«$ ^au,:^Ic^.,Ncw that you're. ; . You've certainly. fl^-s-tong 



fc^-S?rn» -j Vti-i 

^■^-.••‘t : ->- . »%. •>»■ 

gSS 

S80& 

Sg8$$ 

,__ ..' ■ - ***£-_£„ "A 

> - ni_ _ .■_ 


i ■'■ ! 


g^/^b^ryou’ve developed *a. ride from New !• I»s 

very ■s&ghti paunch -but.' that Angeles. I bet yoo'^lgiad^your 
Kafly jouVe -hardly . . damaged-. mother. had . SQJBeiC saw» -: and 
sfejce'd^days vehsh.You first they detided^te.ca^yWWsey 
ipofc tfia -world fcy.- storm. . « . I never ' dTd/ tbififc^JiOftinacr 

•f Ypa?re.'^ery InCky, you know; ' was much at A^ TtifXf^rSot : a 
tatpfc&'&l is * Qtflfa' «• .landmark mouse: it .cewaifiljr ■ a 
Vor : ' lxaraj^-^wliat ''wnh: this great time to.ka.tm^'bEJg ia 
h yoi^'a^t everywhere. /but yqq the. middle of the^great depres- 
irttji r least console yourself stoh. but you £eany;'S»fl#' how 
wiji Serti^ough't tfcatyoa -wtntt to ^ying/thlngaydB^y^b- 
h grew ^ 0 ^.- Worry . . about redun- And nowadays . I ; jvbhdor bow 
..dape^Ttr" .. pensions' 'Ond [you you feel to see^ yp iii^- 5 W*a»s: swirl - 
^ more than ade- ing round alarm ^oetei your 

- %^jjy; ; t*ousodi 1 • hem- yrpu're . face - embroidered .i?i-'Slfl®aiers 

.'stii^;,lionie; -^o. know, that e 

what with ‘ some ^ JS • a name more ' fsJirtms/#? they 
iniEticrfipMple annually visiting say, -even chan Gota^Ccdi'-.V 

*2?* Mickey- «S5lt has 
r^fi-oqt-inXstifor^ia .as .well. slroke ^ . gepjtisiabeut it 

-(ligather Wall Street still —somehow Mi ehrf-Sstorift ^opo- 
■Uaiiks. you're a very ' definable ifno and Musse Piff^sll.gsither 
cptamodi ts^-hot ter even than yod are- known in .Franc^/Haly 
. .^jh^'Ti^voIta, 'though ._T ; dare and Sweden) don’t wai , ih. t lu ite 
.**£ >oa Won't thin*' much . of the same wav. ' -5 \ £.* s, o r '* ; 


And 1 think your future looks 
good. You're semi-retired now 
bui there are a lot of things 
going for you. Fm worried 
about Minnie, though. She's a 
bit old far the new-fangled 
Women's Lib and I dare say 
she could do with a little bit of 
old-fashioned security; They 
tel] me she comes from a most 
respectable mid-Wcst family 
and after all. ' such a long- 
standing girlfriend deserves a 
little consideration now that 
she's past her best. 

Of course, people have found 
all sorts of deepry portentous 
explanations for your success — 
you symbolise the small man. 
they say. taking on the big, 
wide world and winning: you 
stand for courage and indomii- 
ability. but I'm not sure I 
believe too much or that myself. 
What I like most is that you 
were a lot of fun — so I hope on 
this fiftieth, birthday you your- 
self have a lot of fun. 

Have a lovely celebration 
tonighr. won't you? I expect 



Minnie mid Piuiu. Donald. 
Goofy and Clarubelie will all be 
there. If l could mist the posi. 
I'd send you some Blue Visiney 
fa sophisticated mouse like you 
I'm sure knows that it is » veri- 
table rihiasc cheese among 
cheeses).- but I'm sure your 
friends will not have forgotten 
you. 

We all look forward to cele- 
brating your centenary. 

from 

An admirer 



Mickey Mouse is 50 years old today and even those of you who 
don't find this any particular cause for ccfehnition might 
like to know that the Post Office is now authorising the sale 
of the Mickey Mouse pb one. pictured leff. It costs £45 
as an Initial extra payment (if you already have a telephone 
connection) and it will then cost you an extra £3 on the 
quarterly rentals. It is available now in the London 
Telecommunications area hut it will soon he available 
nationally. Inquire at your local Post Office. 




iJT .yyr- ,v 




















.ffeisitei 

- te r*. 4a 


yp-c * ".•■ f 




' y-- ' • 

[■- ?M&7’ • 


■'A- * • ' 


" ' *■ :- K ' ••. " 


MMffi tm 

if* 


#&s\> R 


; v - * •*■ •" 







Tret vr Humphries 

Lovely warm sweater with a 
big. bold Mickey Mouse on 
^ the front. Made from pure 
wool, it comes in two colours 
only — tan and grey — and in 
only one large size, from 
Fiorrued, 133. New Bond Street, 
f London, Wl. It is selling very 
fast; if you want one yon 
wonld be advised to burry. 
New stocks are on order. The 
sweater is also available, in 
two sizes, but in grey only, 
from Ferranfe. 15, St George's 
Jload, Wimbledon. London 
SW19. It costs about £25. i 



And in the world of finance— it' positively thrives 

Is it merely coincidence that male chauvinism is i at its most 
virulent where money -matters are concerned? We suspect 
not. The connection neiween money and power is too stru ng- 
Be that as it may, the brutal truth is that women are dis- 
advantaged. legally, practically and psychologically, when 
it cornea to money matters. Consider the attitude or many 
building societies; the discriminating tax laws or the 
patronising attitude -of so many niale advisers. 

To help put you on an equal footing with the »■« *“ 
respect of money matters, a .brand -new senwc, . The 
Weman’i "Financial Letter, has just been launched. Under 
the editorial supervision of Sheila KJadc. i? "Will ^ P ac ^ 
with farcop-free financial help' and Inside • information 
spedfiSy for yon in. your capacity as ifivestor profcssionaJ 
^businesswoman, or even as part-time money maker. 

To see your. FREE SPECIMEN COPY of 
»The Woman’s Financial Letter, 

simply write or telephone now. 

To: The Woman’s Financial Letter, Dept. FTA, 
IS, Golden Square, London -W-l- _ 

Please send me; a FREE , specimen copy of the 
Woman’s Financial Letter. ■ ' ■ 


Boots have, gone to town for 
Mickey Moose’s birthday — 
there’s a whole radge or 
Mickey Mouse embellished 
objects. A set of three bars 
of .soap— one with Mickey 
himself, the two others with 
Pluto and Donald Dark — Is 
(me of the nicest small 
presents and easts 89p. There's 
a Mickey Moose face flannel, 
toothbrush holder, tumbler — 
all at very reasonable prices. 

Perhaps, though, the nicest 
of all Is the small alarm 
clock. .In bright red with 
yellow alarm bells and a picture 
of Mickey on the face (his 
arms are the hands) most 
children surely would love it 
It has a -diameter of 4 ins, 
is 7 ins high altogether 
and costs. £7.50 from Boots 
Houseware departments. 

And for Christmas parties, 
look out too Tor disposable paper 
plates and eups (Sop for 8) 
which show Mickey Mouse and 
fils' mates enjoying fbe winter 
solstice. Made by Cross they are 
available from branches of 
W.U. Smith and John.Menzies. 


YOU CAN $ 3 :-' one itiiug for 
Zodiac, the Aerologies] Empo- 
rium at 3 KensiPcion Mall, 
Lfjodoa;. W.S; ii suffers cynics 
such as mys«r!f. »f n 0l giadjy, 
then amicably. Toe interior ss 
sombrely decorated iq dark blue 
bul Ihe. attnospiiero is n»>; so 
strange .that non-believers would 
feel unco'mfortahle. Iq fat-j, Don 
Busby, the co-owner with actor 
Peter Bull, is quite used to 
sceptics and keeps a good selec- 
tion of what he calls "fan,'’ 
products. 

For begfnners. he recommends 
Linds -.Goodman’s Sun Signs 
(£1.25) ' which i«e says is both 
aood and accurate. Sui-h a 
volume is. apparently, the thin 
end of the mystic wedge; novi- 
tiates .come bark, honked, and 
want to delve a liuic deeper. He 
iben suggcsi- \:an Oken's As 
Above, so Below <S3pi. which 
ventures into planci* and siyns. 
For those who ;.am w ssudy even 
further, he has a large selection 
of serious text 'minks, most os 
which come from the LT.S. 

Over bale i!ie stock consists 
of books, hut ihore is plenty for 
those who simply want to see 
their hirlh sign u«»ed for decora- 
tion: on tee .shin- iSJ 99i. ash- 
trays in rough pot terv but with 
a fine design <£it Irish linen 
aprons, belts i reversible leather/ 


If Macavity and Fells tickle your fancy and you have 
a secret longing for .Madame Zena and her crystal ball 
—read on. CHRISTINE BURTON has found something 

for you. 

Fortune sellers 


suede, £5). patches to sew on 
jeans, candles (coloured and 
scented for each sign. £1.20). 
There are paper napkins, taste- 
ful beige stationery, wrapping 
paper, greetings cards and a 19- 
inch diameter jigsaw showing 
all the signs of the zodiac for 
£1.25. At the moment there is 
a good range of mugs, including 
the famous black ones from 
Porimerion. but some of the pot- 
teries are not repeating designs. 
There is an even better range 
uf attractive wine glasses arid 
tumblers engraved with signs. 

Zodiac is one of the few 
places io sell ouija boards land 
responsibly does not sell them 
;o children), l; selis a dio-it- 
yoursclf kil for .spotting auras— 
toggles (£5 1 . and a booklet tell- 
ing how to use them, together 
with aura filters (£1.50). 

To an outsider the claims seem 
to verge on the extravagant; for 
example. energy generating 
pyramids t-1 in by 5 in, £5.95) 


are said to have special powers 
—if you place an apple inside a 
pyramid with a control apple 
outside, the control apple will 
rot whereas the pyramid apple 
will merely desiccate.. 

If you put a glass of plonk 
inside a pyramid, it will 
effervesce — I am told. If the 
pyramid's big enough you can 
sit in It to meditate. 

Apart from the large selection 
of 1 Chins books, there are also 
> arrow stalks to belp you follow 
the philosophy (£1.50 for a bunch 
of 50). or ancient coins (three 
for £1^0) also for use with 
I Cbing. 

There 'are crystal balls (dis- 
appointingly small, clear round 
glass), palmistry hands and 
phrenology heads. There is a 
resident clairvoyant who charges 
£4 per balf-hour. and appoint- 
ments. can be made through the 
sbop. He Is not so far-seeing that 
you don't have to bonk! 

Don Bn^by sends mail orders 


KNIGHT^ CUPS. 

Zodiac claims to hare the 
largest selection or tarot cards 
in the UK. This one is taken 
from the most popular set — 
published h\ Rider and Com- 
pany. it costs £5.40. 


to 52 countries and aims for a 
same day service — a refreshingly 
practical approach. Please send 
an sae for the catalogue. The 
shop is open from 10 am to 6 pru. 
Monday to Saturday. 




Pt-il Th<trr:i>i0n 

Lapel pin. U ins hide, band 
painted enamel un silver, £5. 


Evening bag in hlark velvet, 
11 ins by S im. Made to order 
by Cherry' Saltzer. this cal 
has big. green eyes. £15. 


Pussy Galore 


TUCKED AWAY in a corner of 
Covent Garden — where else ? — 
is a little shop trading under 
the name of Catz. The brain- 
child of Cherry Saltzer, Catz 
opened at the end of October 
and specialises in ail things 
decorously feline — no Qua 
powder, for instance. 

Cherry's own black tom. 
Prudence, is not in attendance 
hut the toy cats are remarkably 
life-like. Full vatsize toys, in a 
lovely soft fur. are about £IS, 
and the kitten-sire versions are 
£0.75. 

There is a very wide choice 
of china cats - hand-painted. Ui* 
smallest about 4 inches tall, is 
about £3.25 and the biggest 
mother cat ;«bout £21.50. There 
are cats from Chelsea Pottery 
and ashtray* decorated with 
cats. 

It seems that there is a copy 
of ail '-•hifdren'.s books about 
cats: including . Beatrix Potter's 
Tom Kitten, and my childhood 
favourite Orlando, the Marma- 
lade Cat. Catz also sells second- 
hand copies of out-of-orint cat 
books. Bruce Angrave's little 
books or cat cartoons are repre- 
sented; the work of B. Ktiban 
will also be on sale when H is 
published here. Kliban is 
famous in the U.S. for his 
unsentimental cat drawings and 
Catz is the only shop to sell sets 
of six of bis posters for £4.95: 
there are Kliban calendars for 
£2.95. 


Cats appear on greetings 
cards, Christmas cards and even 
on wrapping paper. And the 
choice of cats to put on your 
wails is also large; a couple of 
paintings by a local artist, prints 
by various' well known artists, 
framed and unframed (a Louis 
Wain framed print £22.301, Fells 
cartoons and huge original 
posters of Dick Whittington's 
panto. Tramed, for £70. Cherry 
Saltzer herself makes quilted, 
applique pictures which are 
really enchanting (also appJiqued 
cushions— a bout £S0 1 . 

Cherry has a small selection of 
black and orange tea pots in tbe 
shape of a cat (about £35) and a 
ssvoei cruel sei uf three little 
kittens (£1B). She is hoping to 
persuade someone to put these 
into manufacture for her. 

Before starting Carz. Cherry 
was in antiques, and several of 
her friends in that world are 
keeping their eyes open for her. 
One of her treasures ts a cat- 
shaped early Victorian inkwell 
(£751. and there are other bits 
and pieces from the 1930su 

Among the jewellery are 
wooden painted branches from 
France and lots of other 
enamelled brooches and pins 
(one is illustrated above). 

Catz is at 25 Bedfordbury. 
London WC2. and is open from 
11 am to 7 pm, Monday to 
Saturday. 


■ Juvenilia inter alia 


A GOOD source of original (in 
both senses of the word) 
Christines presents, will be 
Sotheby's sale of Children's 
books, drawings and juvenilia to 
be held at 1 pm on 23 and 24 
November, at Sotheby's Hodg- 
son's Rooms. 115 Chancery Lane, 
London WC2. Viewing is from 
9.30 am to 4.30 pm on the previ- 
ous three days; there is just time 


to send for a catalogue. 

On sale will be a group of 
drawings of Bunzo by his creator. 
G. E. Studdy. anu pen and ink 
illustrations by E. H. Shepard 
for A. A. Milne's poems. First 
editions include Winnie tbe 
Pooh. The Wind in t'ne Willows. 
The Jungle Book and The Hobbir. 
There are also some rare lSlh 
cenfurv educational books. 



<r 


CAPTAIN'S 
CHAIR IN HIDE 


LEATHER CAPTAINS CHAfft 
DIRECT FROM MANUFACTURER 

Th« elegant Captain's Chair i* no# available at only 
£1 89 inc. VAT — »i lean £100 below nw pnee. 
Upholstered in full grain ant<quo finish leather with 
hmd Polished solid mahogany R4lt*ry and les*- 
Swivel and tilt action. Swivels through 260’. lilts 
back 30.* 2ft. depth, lit. width, height 21-.. 6m -3ft. 
At «ilah l» m anrique (hades of giwn. -ed tan a' da -fc 
brawn. Send now for order form, colour samples and 
leaflet. Delivery free U.K. Mainland appro*. 4-6 
weeks. Limited offer at this price. 

O HERD AWN LTD,, HOWARD HOUSE. 30-31 HIGH 
STREET. LEWS. SUSSEX. TEL; LEWES 77»55. 


'»vviv:&'r r.-T-vC-' 



Su iizerlands oid to the uoild,-. • . 

o/.TVTy. v ^ 

- • •... : .. v : 



Tcapitals please) 


Address 


_ N i rta e*HiMMf«P* 


or phone 01-597 7337 

fsi-hour answering. service)^ ^ 


ff 


SWISS 

FABRICS 

inch finest printed 
WOOLS end JERSEY 
.■t‘ at remarkably 
- . Jow prices ” 
FINE DRESS FABRICS 

.87 Baker Street. WJ - 
01-935 5876 • 




■/ 

.‘T, • r- 


i.w'-.; 

■-■ms 


Hi 




L><! « vlu' --In — :,i -r?** £'lb .‘J*-** * /f v 

Delightful appliqued and quilted picture of a grey cat curled 
up on green leaves, framed, it costs £70. 


Tongkah Harbour Tin Dredging Berhad 

• ( Incorporated in Malaysia t 

Extracts from the Statement by the 

Chairman, ^ ir ^_ 

Encik Abdul Rahim Aki 

For the year ended 30th June 1978 

The grade of ground worked was lower than the 
previous year and is reflected in the year's production uf 
7.222 piculs, which compares with 10.143 picul* last year. 
The average tin metal price on the Penang market during 
the Company’s financial year was MSI. *170 per picul. This 
was MS320 per picul or 25°5 higher than last year's average 
figure, but we did not get the full benefit from ihi» because 
of the substantial increases in Thai government royalty 
rates which were introduced in July 1977 and subsequently 
modified In February 1&7S. After deduction of royally, 
smelting and other charges, our sales or tin concentrate 
were realised at an average net price of MS7S3 per picul, 
only 11% more than last year's figure. 

Although operating and overhead expenses in Thai 
currency have been held virtually unchanged, the increase 
in the tin price was insufficieni to offset the fall in produc- 
tion. and pre-tax mining profit fell from MS4.897.2Sfi to 
MS3.093.719. An interim dividend of 5 per cent was paid 
in July 1978 and a second interim of Id per cent has been 
declared payable in January next. Tbe balance of 
undistributed profits is thereby reduced to MS1.962.509 
from the balance of A(S2^46,961 at the end of the previous 
financial year. 

The dredge has continued raining operations In the 
Sea Leases and during the firsi three months of the 
Company's current financial year has produced 2.135 piculs 
of tin concentrate. This is an encouraging start, and if the 
tin metal price remains at or near its present level J would 
hope to be able to report satisfactory profits in due course. 

In the last Chairman's Statement, shareholders' atten- 
tion was drawn to the overall position in regard to the 
Company's leases, many of which will have expired by 
early L9S0. Applications have been submitted for new 
leases, and in conjunction therewith your Board is working 
upon proposals for the establishment of a Thai operating 
company in which Thai interests would participate, thereby 
sharing in our mining operations to a greater extent than 
at present. It is too early to report progress in these 
matters, bur they will be pursued vigorously. 

For more than 40 years Anglo-Oriental (Malaya) Sdn. 
Bhd. served as our General Managers, but that company 
has now been absorbed into a new management organisation. 
Pereas Charter Management Sdn. Bhd. Accordingly we 
entered into a new Management Agreement with Pom as 
Charter Management with effect from 1 January 197S. and 
I am confident that we will receive expert and efficient 
service as in the past. 

Copies of the Report and Accounts and Chairman's 
Statement can be obtained from the United Kingdom. 
Secretaries, 40 Halborn Viaduct, London EC1P 1AJ. 










Financial Times Saturday £8 1978 


The manors of Norfolk 






BY JUNE FIELD 


C-eor ge Sorrow said of Nor- 
v.-ich that it was “a fine city — 
whichever way you view it,” 
and although the centre has 
remained relatively unchanged, 
as the Norfolk Structure Plan 
points out. because of it, there 
are invironmental and conserva- 
tion problems. 

“Central Norwich, with its 
unique street pattern, 30 
medieval churches, cathedral, 
castle and many other historic 
buildings, is threatened more 
than many other pans of the 
City, by pressures for physical 
change." Positive action, in- 
cluding the designation of con- 
servation areas and the restora- 
tion and preservation of im- 
portant buildings, has been 
taken, but as the plan admits, 
more efforts are needed to 
prevent deterioration in some 
areas. 


The excellent Norwich Guide 
(TOp including postage from the 
Tourist Information Centre. 
Augustine Steward House. H. 
Tombland. Norwich), reminds 
one tha: Norwich can claim two 
“firsts." She was the first city 
to be chosen by the Civic Trust 
for their street improvement ex- 
periment, and the first to turn 
one of her busiest shopping 
centres. London Street, into a 
completely pedestrian precinct. 
(Going right into OpSe Street, 
look out for the stone in the 
comer which marks the sp.ot 


where a sedan chair once plied 
for hire.! 

A useful service to vendors 
putting 'heir properties on the 
market in the winter months is 
offered by Norfolk estate agents 
David Bedford. Following rapid 
expansion in the early 1970s. 
which resulted in 10 offices in 
J3 premises, the firm found that 
they needed their own repair 
and' conversion service, so they 
set up their own maintenance 
department two years ago. A 
team of three men work under 
the umbrella of Hollies Manage- 
ment Services Ltd., a company 
wholly owned by the partners 
of David Bedford. 

Although the majority of 
work relates to the firm's 
premises, the department can 
also provide a service for 
absentee c-wners who need 
thins? iike the draining down 
of water systems carried out, 
and ur-ent repairs such as 
blocked gutters. Faulty over- 
flows. etc. attended to. “We 
have even had to change the 
locks on properties for mort- 
gagees when their patience has 
run our." says Bedford partner 
Mr. C. Pointen. 

Bedford's publish a Norfolk 
Property .Veres. (20.000 copies 
copies distributed each month), 
and a glance through a copy 
gives on idea of what is, or has 
been, on the market: 

A terrace of three former rail- 
way collages adjoining the plat- 
form o: the halt on the Norwich 


Ely line (only one with vacant 
possession), was being offered 
at £6.000 through the Attles- 
borough office, and various ter- 
raced traditional brick and flint 
“town” cottages are on offer in 
the Swaffham area. Suitable as 
weekend' retreats, or, with a 
local authority discretionary 
grant, as ‘'starter" or retire- 
ment homes, most of these two- 
up- two-down cottages, although 
fairly basic, ciever-the-less have 
considerable charm wben done 
up, and the Norfolk district 
must surely be one of the few 
left in Britain where cottages 
can still be bought in the rough 
for around £o,500. And near 
Littleport in the Downham Mar- 
ket area. I noticed a little cot- 
tage. albeit with a closing order 
on it, standing on a good-sized 
plot, marked at £2.950. 

For a free copy of Norfolk 
Property News write to C. Poin- 
ter, Bedford. 7 Oak Street. 
Fakenham, Norfolk. 

Dereham. in Central Norfolk. 
16 miles from Norwich on the 
main A47 Yarmouth to Birming- 
ham trunk road, is designated 
as a growth town, and the Nor- 
folk education authority arrange 
transport for children from out- 
lying villages to go to school in 
the town. In their property 
folder local estate agents Wil- 
liam H. Brown and Son give 
useful information such as the 
addresses and telephone num- 
bers of the local education 
authority, council offices. Em- 



A ride on 


K}:y 


^ . a'A r > , ". 


Hard ley Hall, in 3 acres overlooking the 
River Chet adjoining Hard ley Floods. Norfolk 
Naturalists’ Wildlife Reserve, is a lGth century 
brick and flint Manor House. The west end. 
which is the most interesting part, has a 
pattern of diapered brickwork so loved by the 


Tudor builder, and the Tudor octagonal brick- 
work chimneys have survived: while during 
alterations in 1967 the original Tudor fireplace 
was discovered in the Great HalL There. are 
7 bedrooms. 2 bathrooms and 3 living rooms. 
Brochure from S. E. Pratten, Savills, S and 1ft 
Upper King Street, Norwich. 


.-'T ; 




' TO 


■ i * 




-tit*: .\IS5 !ir*Sf£T 


Lotton Hail. Norfolk. 6 miles from East Dcre- 
ham. 9R miles (156.8 km) from London, built 
1755-SS. is a «upvrb example of the architec- 
tural design »f Sir John Snanc. Commissioned 
by Lord Cram worth, formerly Brampton 
Guidon Dillingham, the imposing-looking 
house remains little altered apart from exten- 


sions on the south and east sides. The Hall. 
In 10 acres, has a billiard room, library, draw- 
ing room, dining room, 10 bedrooms, and 2 
bathrooms, plus a s.C. staff flat and stable 
block. Brochure from the agents S. E. Pratten. 
Savills. 8 and 10 Upper King Street, Norwich, 
and Irelands. 2 Upper King Street Norw ich, 
who are quoting a price guide of £85-£ 90.000. 


ployment services Agency and 
Norfolk Family Practitioner 
Committee. Currently on offer is 
a new' development at Farrow- 
Park. Greengate. Swan ton Mor- 
ley, three miles north of Dere- 
ham, where three-bedroom de- 
tached houses and bungalows 
are being built in the £11.950 
to £13.250 range. Folder from 
M. Thorp, William H. Brown. 5, 
Market Place, Dereham. 

S. E. Pratten. one of the part- 
ners at Savills, 8 and 10 Upper 
King Street Norwich, points out 
that the Norfolk residential pro- 
perty market has ben keen 
throuhout the year, and that 
some surprisingly high prices 
have been achieved for country 
houses, in whatever condition. 
The discerning buyer appears 
to be prepared to pay a premium 
price to get a property in an 
outstanding position. In the 
middle of the year Savills sold 
The Rectory, Wive ton. a small 
late Georgian country house on 
the North Norfolk coast between 
the popular villages of Blakeney 
and Cley. The property required 
considerable money spent on it 
and sold at auction after keen 
competition, for £45.000. Simi- 
larly, The Grange, Little Plum- 
stead, in 11 acres, an Executor's 
sale, made £67,000. while In? tea d 
Lodge, overlooking one of the 
Norfolk Broads, attracted eight 
offers as son as it went on the 
market. 

“ Little new development 
work has commenced in 
Norwich, which .inevitably has 
caused an increase in the 
second-hand home market. The 


developers have in the past 
years been hammered by legis- 
lation and taxation, and a 
general stagnation in the 
property market has given them 
no encouragement to build, 
especially where due to inflation 
and increased costs of 
materials, they are in many 
instances unable to build at a 
price to show them a reasonable 
profit, and one at which the 
building societies and the 
market are prepared to 
stomach." says Mr. Pratten. who 
in common with most agents is 
finding that the now-availability 
of mortgages is having a 
depressed effect on the market, 
as while people are still keen 

to buy. they are having to wait 
for their building societies to 
make the money available, 
which is inevitably having a 
stabilising effect on prices. 

Savills have found that the 
overseas buyer has not been 
quite so much in evidence this 
year. “We attribute this to the 
fact that the pound has strength- 
ened against foreign currency, 
thus making it no longer such 
an attractive proposition to buy 
property in East Anglia. Gener- 
ally speaking overseas buyers 
obtain their finance in their 
own country. The North Nor- 
folk coast continues as a fashion- 
able area, principally for people 
outside the county who regard 
it as a second-home area. A 
number of businessmen in Nor- 
wich. however, have their main 
home on the North Norfolk 
coast, and a secondary house in 
Norwich." 


Since the spring there has 
been a substantial rise in the 
price of agricultural land with 
vacant possession. Whereas at 
the beginning of the year a 
typical Norfolk arable farm of 
300 acres would have sold in the 
region of £L200 per acre, it 
would now seil in the region of 
£1.600 per acre. There have 
been one or two exceptionally 
high prices, but it is considered 
dangerous to take these as 
typical, for each farm sale 
should be looked at in isolation, 
taking into consideration the 
quality of the land and other 
factors affecting the price. Says 
Mr. Pratten: ‘:.’ : 

** The reason for this' increase 
in land values Is firstly, there 
is an underlying confidence that 
land values will continue to rise.! 
and that there is unlikely to- We 
any dramatic or permanent 
down turn in values. The second 
reason is that continental land 
prices remain considerably 
above the prices in the UK, and 
with the EEC this wiR inevit- 
ably influence UK land prices. 
The two categories of pur- 
chasers of vacant possession 
agricultural land ajre private 
individuals, who are in the main 
established farmers, and institu- 
tional purchasers. 

By far the greater proportion 
of farmland sold in Norfolk in 
the past two or three years has 
been purchased by private 
buyers*. Tne institutions are 
buying land in the county, but 
there is no indication that they 
are having any material influ- 
ence on prices obtained. ■ • - ■ 


I AM NOT .a great fan of other 
people’s 'fishing books. Not ' be- 
cause .their content' is bad or 
even boring, but because when 
I read them 1 am overcome by 
the most evil emotion, envy. At 
least I was taught that envy 
was evil- But then I wonder if 
there would have been any pro- 
gress at all in human affairs had 
it not been .for this mostly 
deeply held emotion. 

• This particularly applies, to 
those writers who have been 
fortunate enough to enjoy sal- 
mon and trout fishing from ah 
eariy age. There is no doubt 
at all that in the British Isles 
those who can enjoy the sport 
a tender years are either born 
the sons of daughters of rich 
men or the offspring of ghlllies. 
The sort of lad who develops 
a good casting technique and 
catches bis first salmon at the 
age of ten or so, is the most for- 
tunate of mortals. If fever we 
are all brought to the same 
level income-wise I would be 
hard put to it to choose, had I 
indeed a choice, whether to be 
born a ghillie or an earl. 

There is a third way,- and that 
is-to get great riches, or a posi- 
tion which brings the same 
advantages. But that entails 
hard work and application but 
before you suffer your final 
coronary, you may be able to 
buy, there is no other word for 
it, .some of the best salmon 
fishing there is in the world. 

I read a story once where 
the revolutionary squads were 
wiping out the aristocrats and 
these" although disguised vas 
workers were given away by 
their soft hands which stood 
out in marked contrast to the 
homy hands of the sons of toil. 
But today, when the workers 
all press buttons, only those 
wielding heavy salmon' rods can 
develop authentic calioises. 
Standards of selection for the 
firing squad will have to change 
or the aristocrats of the salmon 
streams will survive. 

But that is by the way. Over- 
coming my instinctive jealousy 
I nave been enjoying Lord 
Balfour oF Inchyre’s Folk. Fish 
and Fun as simply a good read 
for the enjoyment he conveys 
that he had obviously had . from 
the sport He has been for- 
tunate enough to fish , the best 
of Scottish and North American 
rivers and most -of them before 


FISHING 


JOHN CHERRINGTON 








COUNTRY PROPERTY: 
ESTATES AND FARMS: 


OVERSEAS PROPERTY: LAND: 

INVESTMENTS: SHOOTING: 


Stirlingshire 

Alexandria 8 mies. Glasgow 16 miles 

Oalnair House, Drymen 

An imposing fully modernised house 
suitable for variety of institutional uses 


BEDFORDSHIRE/BUGKiNGHAMSHlRE 

BORDER 

Between Hemel Hempstead, and 
Leighton Buzzard 


PRIVATE 

ISLAND 


THE MANOR HOUSE 
TORONTO, CANADA 


COMPACT AGRICULTURAL INVESTMENT 


Recently constructed residential block. 
Ample car parking. Lodge. Secluded 
and well maintained grounds. 


Attractive thatched farmhouse. 2 cottages 
Extensive useful buildings 
Arable and pasture land 
The whole subject to a tenancy currently 
yielding £2,436 per annum 

( to be reviewed. September 19 79 ) 

FOR SALE FREEHOLD WITH 
ABOUT 174 ACRES 


(FOR SALE BY OWNER) 

East Coast 

(Southern Tip Nova Scotia) 

221 ACRES 
SURVEYED 
SAND SURF 


Thi* najn*6c*tr: Engfiih Manor Mown, 
ltsh cenrjrjr. Si* been piKU- 
sakingijr rcco-HErycced on " a ie»eiy 
wooded two acre M e. Tha greundr 

include Wlfket Creek. The etHaavi 
a:xo:nmodarion prorrded include* a 
ba! I room /Con reran: c Centre, Games 
Room, CiroJar Bar and Indoo- Swim- 
ming Pool with Sauna. Whole property 
is air -conditioned, fully kliuizted wich 
fw* and security alarms. Traditional 
fcng+isA materials and details abound 
to provide a rare and Ijxurious 
Private Residence or Corporate Head- 
quarters. 


til At fill 11 


Modern Refurbished Office Building 


FOR SALE PRIVATELY 
WITH ABOUT 50 ACRES 


-Joint Agents:- 


Joint Sole Agents: 

HUMS ALL SEDGWICK & EDWARDS 
St. Albans (Tel: 56 54516-9) and 
KNIGHT FRANK & R UTLEY 

(65690/PBP) 


1.200 fees off Mainland. 

3 miles of sheltered beaches. 
Excellent swimming — warmest 
salt water north of Florida. 

Formerly supported three farms. 


C<W our brochures upon request 
For offers to purchase 
(US$1,800,000 or offers) 
or tone: 

R. DUftTNELL & SONS LTO. 
(Bulkier! since 1591 ) 
Braced, Westerham. Kent, England 
Tel: Wemrham 441 OS 
Ttfex: 957040 


Immediate Occupation 


FARM ESTATE FOR SALE 


JAMES BARR&SON 

CHARTS PEO SJOVEVQRS 


-jlhleph 


VIMCEfUT STREET GLASGOW G3 5QH 
one: 04l;Zae *32 21 • - 



Knight Frank&Rirtley 

20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 


$2,500,000 


Estate of prominent U5. family. 
Horse iireedlne-casle lama, excellent 
Min no. shooting minting- Acnwtn. MO 
acres. 70 miles to NYC. Take idnn- 


Wrrte Box TA974. 
Financial Times. 

10. Cannon Street,EC4P 4BT. 


Cage of NY thoroughbred breeding 
Incentive programme, best In ILS. 


WS? 


Knight Runk&Rutley 


Beautiful main house and grounds, 
swnrmng pool. 4 other hous«. High 
fertility, limestone under larm. aiwy 
M acres woodland. Oflereo st l3m. 
would consider arms including part 
3 tech In business concern, write PX3. 
Boa 248. Ponghquag NY 12570 U.S.A. 


MILLER & CO. 


Close to Underground & 
B.R. Mainline Stations 
Double Glazed 
Fitted Lighting & Carpets 
Substantial Private 
Car Parking 


8 Charlotte Square Edinburgh EH24DR 

Telephone 031-225 7105 


A PARADISE FOR SALE 
Costa Blanca 


Thf Mansion House. Princes Srneet 
Truro TRl 2P.F - Tel: 0872 4111 


WILTSHIRE/BERKSHIRE BORDERS 



ELAND 


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- COOxNAN & SOX, M J.A.V.I. 
iVIaynooth, Co. Kildare - Tel: 01-2S6 128/9 


Exclusive Hotel for sate. 4 Star raring. 40 plus bedrooms: 
planning consent can be obtained for a further 40 plus bedrooms. 
Fully equipped throughout and situated in a position which 
could be called paradise. Negotiable at around Ptas 150,000,000. 

Write or telephone for further details: 

' CHESHAM PROPERTY OVERSEAS LIMITED : 

28a Cadogan Place. London SWIX ?RX 
Tel: 01-235 0881/4 - Telex: 21120 Mono Ref: 1555 


S. CORNWALL 

overlooking Helford River 

7— i-nr-w '-.•rt-S',' ■.'—‘7 



Incertsdng Period Village Home 
scan ding in , acre, doto co 
Rennet ft Avon Canal. 

Meal for renovation and modernintton 
A beds., bath.. 2 recep.. kiKhen ft 
domestic offices. Cellars. Garage and 
Loose Bax. Large Garden. 
Auction Sale 14rii De ce mber 1971 


A. w. Nrm ft Sons. Marlborough. 
9672) £2916/5227* 


103 Mount Street, 
Londoo.WlY 6AS. 
Tel: 01-493 6040.- 
Telex: 23858. 



Baicombe, West Sussex 



Omijh I it 7 . ji// t / runimuil 7 / f/t.' 




£175,000 FREEHOLD 
ERIC MARCHANT & CO. 

Estate A8«'£*. 

143 South Rood, Hayward: Heath. 
. Telephone (0444) SM7S/9. 


Suuex 5:yl* Farmhouse rritii excellent 
views and Staff Wifij. Reeop. Hall. 
CTkrm.. Drawing Room, Morning 
Raom. Garden Roam. Dining Room. 
Kitchen. Principal Bedroom Suk» 

Bed roam, Dressing Room. Bathroom. 
2nd Suite with 2 Bedroom*. Dressing 
Roam and Bathroom. Further Bedroom 
and 3rd Bathroom. Stp. W.C. Staff 
Wing: Clkrm.. Dble. RccrP-. 

3 Beds.. Bachroetn. Large Gm* 61 Room- 
Swimming Pool. Tennis Court. C 
Htg. Gargjt Block and Outbuilding*/ 
Seablmg. Formal Gdns. Mid P^dock 
in all approx. 6: acres. 


Fine Marine Residence 

5 bed*. 4 reception 
Hal! 2 baths. Cloakroom 
3 bed. staff flat. 

Excellent order. Oil C.H. 
Extensive Office* and Garages. 

12 ACRES 

OFFERS FOR THE FREEHOLD 







FRANCE 

FOR SALE 


rV-\ X W \\\ v v\ V \ \\ 


CANNES 

LUXURIOUS PROPERTY 
AIR-CONDITIONED - PROVENCAL 
STYLE - LARGE ESTATE WITH LAWN 
SWIMMING POOL Uhildrer. ft adults) 



If you wish to buy — sell— rent or have 

REAL ESTATE 

managed in the 


Frs. 5.50(1000 

Write tor 
Me RENOUX 
V rretiue dn Bemrfiat 
0M00. Can net. France 


FILM .SHOWS AND PRESENTATIONS OF OVERSEAS 
PROPERTIES IN PRIME RESORTS 

FRANCE, SOUTH OF SPAIN, SWITZERLAND 

LONDON Norcznber 27 Intercontinental, Park Lane 

BRISTOL November 28 Unicorn Hotel, Prince Street 

BIRMINGHAM November 29 Midland Hotel 
MANCHESTER November 30 Midland Hotel 


PRINCIPALITY OF 


ALL PRESENTATIONS COMMENCING AT LJ0 PM WINE & CHEESE 
A Milner Svwrt. London. S.W-3. W-Sfi CSW/9#B- TMca 415087. 


Write to:— 

AGEDf 

26 bis Bd. Princess Charlotte. Monte-Carlo 
Principality of Monaco 
T«|. (93) 50 66 00— Telex 479 417 MC 
Documentation sene free on request. 




cscsswoewow^ 


My elients still seek freehold 
investments secured on shops 
and commercial properties. 
Prompt inspection and decisions- 
DetaHs please to: 

JACK MENDOZA 

FJS.Y.A. 

100 Blatchington Road 
Hove. Sussex 
102731 722795 



OFFICE INVESTMENTS 
FOR SALE 


Only &2.00 per line (nrihiihT niT three llhg^ 

Return this coupon with details of vour 
property together wtthyour cheque and. " 
publication, will take next Saturday* ■ . 



■ CHICAGO 
MICHIGAN AVENUE 
. : VS4.6SL «■ ' 

Tertants ht&vdci 

AMERICAN EXPRESS & 
AIR FRANCE. ' 


’ T J 1 W 
M fl r - 

IV -4 


i m 


either salisori -.disease of com- 
mercialism had taken over. 

He has bad a long inoings, 
and • while . nearly all 
reported e^carsions have in the 
end turned out to be snccesfn], 
he must have had a" great many 
more when the results were 
poor or non efistest The pity 
of' it is tiiat salmon stocks are 
now so depleted everywhere, 
that fewer and-- ffewer.. people 
will be able to enjoy days'such 
as he has, except at secoudhand. 

Although Lord ■ I&lfonr has 
had his ebare of luck bis; total 
catches hare not been as heavy 
as those of sea anglers, coarse 
fishermen, or. even, tiimt., lake 
experts. But weight fch 
caught is not the only aiterltUL 


The behaviour pattern of the 
salmon is ; absolutely : unpre- 
dictable: He is only occasionally 
in a taking znbod, 'and so far 
ni> one can . analyse. Just when 
that mood wiH be. It is this 
tinpredictability which Balfour 
.defines so well which keeps us 
trying till We can oast no longer. 

The pity is -that it is such an 
expensive and • exclnsive sport. 
In iny wilder moments, before 
I rtiuld afford it myself, 1 used 
to thmk the: answer would be 
to turn tiie sporting of the great 
open spaces, Scotland and Wales 
into .a public precinct. There 
for the payment of a licence any- 
one could fish or shoot to strict 
limits, as for instance in -the 
UJS. ■' ' . • • . 

The snag is that if this came 
about no one would rear or pre- 
serve game in the density thtt 
we have . .in • this country, 
although itt/the case of salmon 
this would not apply. All that 
would be. needed would be ta 
remove the nets, from the 
mouths of many of . the rivers 
to let the fish run unhindered. 
But that would be asking too 
much of any Government, even 
I suspect; a Communist one. 
Still. you never know. 

Folk, Fish andFun-by Harold 
Balfour. Published by Terence 
Dalton, Laveuham, Suffolk. 
Price £4.40. . 


■NEW YORK' 4 ' 
HFtH A.VENUE 

■ : ; . 

Tenants include : 

ANCHOR: SAVINGS &■ 
■SEIKO 


.Jvr details 6f Oicsc gvtf o&pr jtrirnc 
inn aa u ent opportunities, fn Uv? Untied 
.' sicua cotuanr- - . 


jf ftUies Andrew 

&Parttiers 


CIASSIFEED ^VERTtSE®rn , DEPARTMEOT 
FINANCIAL TIMES 

10 GANNON STREET, LONDON EG4P 4BT 

• For further Information cxMtactDfane Steward • 

Td 01-348 5284 ' . - - 




















/ tft L- 


* 

7j V V * s-m 
•'ll f f * £ 9 

“ ill li 


x '*’3 


t 




13 


* Ncw^fer^l978 





?* Vv - 
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"’•“ V.i 
? ;• * ?\ : . 

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. s *. *** 

. . ; *7.7. ■' 


..-W\ . 





Facades: -Edith, . Osherf and 
SadjeVerell Sitwell by Jo&n 
Pearson. Macmillan;. £9,B5.: '534 
pages . !,- - ' 

** GoO^bye," you delightful but 
deletericwrpatrj^obee exclaimed 
Sir Edmund Gosse, tasting bis 
leave of :0$ttert and SaehwereH 
Sitwell This-solemo valediction 
moat have been pronounced 
early- in-.-tfic 1920$. when the 
SUweUs: star ttad just risefl and. 
besides puling and scandottistas 
safari? critics. , they ' had.; begun 
tp fascinate c/ever yoticg men, 
among whom were . the future 
Jjjrd Clark, Cyril Connolly and 
Cecil - Beaton. "It was wonder- 
ful,'’ Claris remembers. M to find 
people so . liberated from 
accepted thought and values." 
They - were •* trail-blazers ” 
decided Connolly; and their 
appears nee on the London scene 
•* absolutely enhanced ’ -life 
while Beaton tells us that they 
opened before his ‘eyes “ a whole 
new world, of sensibility," .= - 
. John. Lehmann's book. A Nest 
oj Tigers. the - last authoritative 
attempt to .describe the Sitwell 
trio .and appraise their joint 
achievement, was published m 
l96S; and. now that Osbert and 
Edith. - alas, are both dead, the 
time: had- -certainly come., for a 
longer abd more detailed study. 
T am not sure, however/ that The 
present volume, is in -every way 
the book: we need. Mr; John 
, Ppuson. who has already given 
us a successful biography, of Tan 
Fleming, - Is- an . extremely - com- 
petent researcher, and has spent 
nearly four years collecting bis 
material and interrogating the 
SltweHs' friends. Facade* — a- 
somewhat provocative title — with 
its index and .list of sources and 
references, runs to well over .500 
large and closely printed pages. 
’ In his. introduction Mr.' Pear- 


son • explains . whs /he/ was - first 
attracted by tbe^suTijertti Euri n g 
bis boyhopd, ai;;^m -exhibition of 
Mexican art,"; he trod' bn 'Sir 
Osbert's gouty toe and lnbserved 
his victim's ":Jook ; 01*. anguish.'* 
which continued to - haunt him 
while fie “meandered* through 
the great man's autography. 

Left- Sand. ■ JWflfet «i". im- 
pressed him as a ' "^blahd - and 
stately Tr work? ‘both*- suspected 
that it might reyea!?*flSly. what 
its author wanted td^ippear- - I 
sensed * mysteryv! . apd. * the 
mystery deepened'.foi^mo as I 
read the other ^itweJJS- How 

had this trio : managed: to become 
a - legend?" •pbeir'-,": aeSthene 
"facades no doubt ’ ebpeeiled a 
secret. He then resolyedvt®: get 
behind " toe 1 egen d,; and vzi ng 
their real characters but’ into the 
light of day. - •- . :/lv 

Havin? known theS dwells for 
more than half - i ipentury. I 
believe myself that the secret on 
which he sets such-store, and 
the legend be - supposes-, they 
built up. are to a wty.- large ex- 
tent his own ertatfoau / ft 3s true 
thar. during their adventurous 
youth, the Sitwelis 'had quicfely 
discovered the Tiinffortatm*-..^ 
assuming a bold add -aggressive 
attitude, and. If they wished to 
be heard, a J arming juid; mystify- 
ing rather than cajoling their 
opponents. They won the battle 
and caught the puhfiefe $&?, yet 
never abandoned .their 1 belli- 
gerent approach. . Y.;..V. 

Osbert and -Edith: remained 
warriors, and kept their .weapons 
brightly polished,; .-though 
Sacbeverell, thanks to a-- happy 
marriage, preferred ..-a^.'tnuch 
more private rOle.-. But meither 
his brother nor bis . sister 
developed a facade in /order to 
eonceal a secret They esepfessed 
their real personalities through 
their decorative disguises. Even 


by peter quennell 

?? e Serious hats and jewellery 
that Dame Edith wore on her pro- 
cessional tours of the New World 
were magnificently true to type. 

One of nhe chi ef defects of Mr. 
Pearson’s survey is liar he takes 
less Interest in the Sitwells as 
a band of dedicated writers than 
as absorbing subjects for psycho- 
logical research. He duly men- 
tions ihelr .literary achieve- 
ments, and distributes praise or 
blame, but seems always glad 
to return to -their personal vicis- 
situdes. Both Edith and Osbert 
bad difficult Jove-affalrs; and Mr. 
Pearson, who has been granted 
free access lo much unpublished 
correspondence, from -which he 
quotes at considerable length, 
describes these ill-starred rela- 
tionships in unsparing and often 
embarrassing detaiL 

All bis friends knew that, for 
some 30 years of his life. Osbert 
Sitwell was deeply devoted to an 
attractive young man — a fact 
that his biographer could not 
have neglected, but ought not. 1 
think, to have quite so copiously 
enlarged upon. Unluckily, his 
private letters to bis companion 
have now passed into the keep- 
ing of the University of Texas; 
and, worse still, his literary 
executor (once bis trusty male 
nurse,) has inexplicably autho- 
rised Mr. Pearson to make what 
use of them he pleased. It Is 
deplorable that these painfully 
intimate messages— out of their 
context, letters of the kind are 
apt to sound a little foolish — 
should now be quoted and dis- 
cussed. They make no contri- 
bution to our knowledge of the 
writer, and provide no illus- 
tration of his literary gifts. On 
the other hand, they give some 
parts of the book the popular 
appeal of a journalistic chroniquc 
scondaleuse . 



Osbert, Georgia, Edith and Sacheverell Sftwell in London before the second world war- 

illustrations in the book reviewed today 


>ne of the 


Despite these failures in taste 
and judgment, and the fact that 
Mr. Pearson has a rough-and- 
ready prose-style and frequently 
repeats himself. Fumades is ;i 
rich repository of miscellaneous 
information. The Sitwelis’ next 
biographer will undoubtedly feel 
grateful lor bis diligent 
researches. Here are minute 
descriptions or their childhood 
and of the extraordinary life they 
led at Renishaw, between an 
eccentric, self-centred father and 
a childish, wayward mother; of 
their sudden rise to fame and 
battles against (he critics; and 
of the problems and emotional 
divisions that overcast their later 


years. There cjn hr* n0 doubt 
that they have made a definite 
mark on the hisiorj of mentieth- 
eenlury literature, and that as 
poets and Tirose-v.-riKTA they 
possessed strangely individual 
talents. 

Mr. Pearson e::p!aip? their 
literary gene-is by reminding us 
nf their anee-dra! origins, and 
suggesting that they had "made 
ihemselves epitomise the myth 
uf a legendary nunjiuic and 
literary’ arislu. rac;.." 

‘■Aristocrat" and "aristocracy" 
are words to which he is 
inordinately attached: but. 

although Edith sometimes 
claimed that she wac u represen- 


tative of the proud Piantageneis 
— she was rather remotely 
descended from John of Gaunt 
through her maternal great- 
grandmother — it is absurd to 
pretend that any of the Sitwells 
was an arrogant patrician 
aesthete, like the hyper-civilised 
hern of The Picture of Dorian 
Gra-’f or J. K. Huysmans’ Des 
Esseimes. Sackeverell is still 
the most sociable of men; Edith 
and Osbert were also very much 
a part of the contemuorary 
world. who«e praise* they did not 
disdain, and with whose inhabi- 
ts ni* they gladly mingled. The 
s.tory of the Sitw.-lis fabricating 
a legend ix it. self a fabrication. 


Heroic stature measured 


BY C. P, SNOW 


Franco incarnate. Sfonlin ‘ -did 


134 pages 


Foot. Eyre Methuen, £4.95. ^jin a jingling and hideous 



death. . He did not give-away 

This book is a celebration of a if 

e0P !f»Tri° Ur heJJn3' li!! dories and be reminded .iidw 
ftraT f. f n X incredibly brave men and women 

normal human limits. AU worked be couraEe Is. a 'great 

If El ^ ™ ost virtue, and there is something 

of them in France and Belgium. wr0 ng with us if we don’t revere 
One of whom most of us will it M h 0st -p Mp i e> probably.-ceuld 

™ ha ?« Ul Lu? W ' , w 5? a "putsome- wrt of face orthlngs. 

Pole, who deliberately got him- enough 'to behave not too badly, 
self committed to Auschwitz to t j, e re u-pi-p order arid- 1 disei- 
jud 3 e the chances of Resistance [fu^ ^ounT- 
ujere - of Jean Moulin, ’or • itaile- 

Thc only public figure of the Madeleine Fourcade, or WifbTji 
six was Jean Moulin, who was Pilecki, or any. of Foot's other 
the Prefect of a French depart- characters, is sopietbrng. wfi 'ean 
meat. He is now a national hero regard only with dazzled admiral 
in France, andt his aabes.- or lion— and i trace of envy. 
rei»c&--repuled- tO' be-hie ashes: * -an ^ interesting ^introdw:-' 

are buried in the Panthfion. I! tton, R. Y. . Jones, himsplf. jj 
he had survived he would have courageous- man 'with a- h^& 
been one ;of de Gaulle's closest of a father, quotes Winston 
colleagues. His politics were Churchill— -courage is “the 
much to-ihe Left of de GauIleJs, quality which guaraniees all 
but in essence the two were at others.” At this point, we have 
one. Both were the spirit of to bold on to our own experi- 


ence. In fact all six of Foot's will have similar speculations, 
heroes are splendid specimens How much, in Western Europe, 
of human character: but, dis- apart from the moral example, 
concertingly orten, abnormal was the expenditure or gallant 
courage has been associated lives in the Resistance really 
with no other valuable qualities justified, in the bard arithmetic 
at all. No one would claim that of war? Some who saw SOE 
Goebbels was in general a from the outside bad their 
specially desirable human being; doubts at the time, and still 
but he was a man of quite flaw- retain them. Yet. after the im- 
less courage. So were many of mediate impact of these stories, 
the Nazi bosses. So were many *t would go against the cn-atn at 
of the most atrocious thugs in present to enter into that kind 
the Waffen S.S. Churchill s of argument. Perhaps one other 
dictum is handsome and inspir- argument, though, it is decent to 
ing, but it doesn't stand up to mention. 

observation. admirable Bill Slim, one 

Great physical bravery is of the best of soldiers, is 
extraordinarily hard lo predict reported to have said that moral 
before the event. It seems often courage is much rarer than 
to be dissociated from the physical— that is. if wc take both 
rest of human personality. One at their highest level. Moral 
ortwVof the bravest men I have- courage ts certainly entirely 
happened to know were slngu- different from physical, and 
larly blank ip other respects, not springs from different roots, 
exhibiting any form of inner Lloyd George had as much 
life, mildly schizoid. moral cuurage as any world- 

Any one - readying Foot’s mov- figure this century (incidentally, 
ing book, written with econo- he wasn't courageous physically) 
mical and understated emotion, but there have been quite a lot 



Marie Madeleine Fourcade: (left) as she was before the war; 
(right) disguised as a housewife 

of human beings who have, in exactly what they were doing, 
their different ways, struggled as Some have been very valuable, 
vigorously as he did against the Are they more rare than the 
prevailing tide, taken risks, heroes Foot is commemorating ? 
made sacrifices, and known For myself. I doubt iti 



Van in and oitt of office before the war 


BY ZARA STEINER 



Vanxittart: Study of a Diplomat 

by Norman Rose. Hein emami, 
- £7.50, 308 pages / 

Norman Rose has written a 
balanced and judicious study of 
a man who was neither. The 
Foreign Office has had its share 
of exceptional figures but few 
heads like VahsittarL Van was 
one ' of those larger-than-life 
ambassadors found more often 
in -hovels -than in embassies. In 
terms of background, education, 
literary tastes and production, hi 
his delight in the racecourses 
and gaming tables of Europe, 
even in. his hope and ambitions. 
Van: was a 19th century grand 
seigneur though few of those, at 
the age of 24, had a play per- 
formed at the Theatre Moli&re to 
stave off a financial crisis. 

Van . began bis career in the 
orthodox faction, Eton, a year 
in France and Germany, top of 
the examination list, service in 
Paris under the “Bull." the 
fiery Francis Bertie, and then to 
.Tehran and Cairo where the 
young -diplomat showed that he 
"was not only a useful fourth at 


Bridge but a highly competent 
head of Chancery. 

Even after transferring from 
the diplomatic service to the 
less glamorous but ultimately 
more influential Foreign Office, 
Van was marked as a coming 
man. There were signs that he 
was not cast in the conventional 
mould, hix flamboyance and 
delight . in the good life - (so 
markedly different from his 
mentor. and chief,, Eyre Crowe), 
his -linguistic talents and even 
the writing ' and publication of 
The Smpinfl Crawm, but such 
oddities, as well as Van's notice- 
able restlessnes could be attri- 
buted to bis diplomatic back- 
ground. 

Jt was through a series of 
private secretaryships, first with 
Curzon, and then, outside the 
Foreign Office, with Baldwin 
and MacDonald that Van came 
to public notice. He was at tbe 
age of 48 the youngest PUS to 
be appointed since Charles 
Hardinge. also an ex-diplomat 
brought in from, outside. The 
appointment seemed a brilliant 
one. Here was a man of great 


ability who had served both 
abroad and at home and who, in 
sharp contrast to bis predeces- 
sors*' understood the political 
context in which policy decisions 
were made.- 

Despite his assets and enor- 
mous charm which could capti- 
vate. even bis sharpest critic, Van 
was neither an orthodox PUS 
nor ah entirely welcome appoint- 
ment. He was always the out- 
si der,- distrusted by the older and 
greyer professionals, considered 
too. ambitious for the bureau- 
cratic stage. 

Due to an extremely happy 
second' marriage. Van could 
create at Denham Palace a 
centre of diplomatic and poli- 
tical social life very much on 
the pre-1914 scale but rather 
remote from the crowded rooms 
at Whitehall. Moreover. Vau 
proved to be a poor adminis- 
trator whose prepared memo- 
randa, unlike his minutes- and 
conversations, were long, pon- 
derous, -elusive, and filled with 
epigrams and metaphors which 
bewildered his officials and 


bored or irritated the poli- 
ticians. Few men. in or out of 
the Foreign Office, were indif- 
ferent to Van, Even today his 
contemporaries speak of him 
with deep admiration or dislike. 

The key p.oint lay elsewhere. 
Until he was shunted out of the 
PUS's office to the bogus post 
of Chief Diplomatic Adviser. 
Van was an influential figure in 
official circles. And for most of 
his time as PUS and after. Vao- 
sittart argued that Nazi Germany 
was intent on war and could 
only be slopped by a massive 
re-armament programme. Aided 
by a personal intelligence ser- 
vice. be correctly predicted most 
of the events of 2938-39 and 
unsuccessfully pressed the 
government to seek an alliance 
with the Soviet Union. It is true 
that he was neither as consistent 
nor as prescient in earlier years 
' as The Mist Procession suggests. 
In a divided Foreign Office, 
Laurence Collier was probably 
the most consistent anti- 
appeaser. 

Van made bad mistakes in 


judging situations and men; he 
exaggerated Mussolini's power 
(the Ethiopian fiasco was a turn- 
ing point in Van's, career), over- 
estimated HenJein, shared the 
general faith in air strength and 
thought Hitler might he tem- 
porarily wooed with colonial 
prizes. But on the wbole Van- 
sittan was more often right than 
wrong in his predictions about 
Hitler s actions and in his despair 
about the pace of British re- 
armament. He criticised bis 
chiefs openly, kept close contact 
with Churchill and Dalton, and 
nursed his links with the press. 

All this did not endear him to 
the Conservatives in pow'er. And 
while he w arned of disasters lo 
come, his proposals even when 
they were concrete rarely gained 
the support of either the 
politicians or the Chiefs of Staff. 
It was neither Van’s prolixity, nor 
his lone, aggravating though it 
was, nor his jumpiness. nor even 
his political disloyalties and 
diplomatic forays, which were 
the real c;:use of his fall from 
influence, ft was bis insistence 
on repeating a lesson which few 


wished to learn and. when it was 
learnt- pointed only lo a seem- 
ingly disastrous course. Van was 
the Cassandra of his time and 
she was not a comfortable com- 
panion. 

Norman Rose has successfully 
reduced highly emotive issues to 
a more rational level of historical 
scrutiny and debate. His is 
neither a defence nor an attack 
on Vansfltart. Tbe difficulty is 
that Van has somewhat escaped 
him. His subject was a polemical 
figure, a passionate believer in 
the righteousness of his case 
about Hiller, the future of 
Germany, the Cold War. It is 
entirely in character that Van 
ended his life as a Cold War 
warrior. For him, the world was 
divided between tbe forces of 
good and evil; this was the 
source of his strength and bis 
weakness, if histoiy tends to 
diminish the reputation of such 
men, particularly when they are 
civil servants, it should always be 
remembered that Van’s name 
ranked third in that honour roll 
of men to be eliminated when 
the Narts crossed the Channel. 



backwards from Liberalism BY GEORGE WATSON 

----------- --J ■■ ■ • ; . • . . - TT 


‘Textile Engineering 
Experiences” 

- iasevnmwem . 

Aa entertain Ins as well aa sibmOailnE 
and Instructive book by a worldwide 
recocniscd authority . on spinning 

machinery. 

MACFOM ENTERNATIOKAL 
BCM Lincoln External 1 
_ London WC1Y SIX 
E&as 


The Thirties and After: Poetry, 
Politics. People 1933-75 by 
Stephen Spender. Macmillan, 
£7.95. Fontana. £1.50. 285 pages 


Any writer of years has what 
Mr. Spender calls a Bottomless 
Pit, where records of the past 
are stored and forgotten. Mr. 
Spender has been digging into 


V 


-/ 

• s. 


Hammond innes 

THE LAST 


£ 5.50 


y' 




VOYAGE 

Min cosirs Lost Dianr 

°s§iir 

measure of Iheanthort aiccess..* 



DailyTelegraph 


bis. The -result is a book that 
collects articles from -the 1930s, 
only 'slightly doctored in text, 
and down to the 1970s. woven 
together with five new prefaces. 

It is .a book to surprise its 
author as much as anyone. 
Amazing, Mr. Spender seems to 
murmur as be relives his ex- 
periences. the things one could 
once believe In. The hew pre- 
races are frankly embarrassed 
about what has been unearthed: 
From -.Oxford and Weimar. 


Next week: two pages of 
book reviews with 
Christmas and present- 
giving in mind. 


Germany, to Marxism and mem- 
bership of the Communist Party 
in February, 1937. following 
Fonoord' from Liberalism, and 
on. to. a cautiously hopeful wel- 
come to the Hitier-Stalin Pact of 
August 1939, which he felt 
might promise the end of 
nationalism, a more liberating 
brand of Communism, and an 
eventual ' end .to tbe dictators; 
and so on through memories of 
occupied Germany and the heady 
anticommunism of the 1950s. 
with America' as the Great White 
Hope. “How could the Germans 
bave.belieyed in Hitler?" gives 
place, to "And how could tee 
have believed in Stalin ? n And 
then resignation from Encounter 
in 1966, and memorials lo his 


dead friends Eliot, Connolly, 
MacNeice and Auden. The book 
is the monument of a survivor. 

A puppy will jump towards 
anything that moves. Mr. 
Spender is the puppy of literary 
Modernism; always eager to con- 
found liveliness with life, to 
board a plane for a literary con- 
ference and clash with BernaL 
Sartre or Karl Barth about the 
state of man. But tins is a book 
to make one Teel that puppydatn 
has its points. Most of it is hot 
documentary evidence from its 
own time, and not yesterday's 
dinner rehashed for tomorrow’s 
lunch. It is arguably Spender's 
best book. Al any rate, it is 
the book in whicb he tells the 
greatest number of interesting 
things. 

The best things are fragments 
that some one else will have to 
make sense of. There is 
T. S. Eliot remarking that he 
seriously considered becoming a 
Buddhist while writing The 
Waste Land, There is Louis 
MacNeice, languid at a party, 
being compared to a seaL There 
is friendship in Bonn with Ernst 
Kobert Curtius. that Apollonian 
if egotistical German. There is 
George Orwell protesting against 
Rolls Boyces in the streets dur- 
ing Attlee’s ministry, and 
remarking, as he lay dying in 
January, 1950, that Communists 
are tike vegetarians: ?The extra- 
ordinary thing is that they may 
start listening.” There is the 
frank love of squalid places and 
of tuft-hunting — highly com- 
patible loves in an age of culture- 
subsidies and the jet— and 


moments of self - disgust, 
such as when he ate an 
unusually large tea in occupied 
Germany because he had just 
met a survivor of a concentra- 
tion-camp. And there is the 
story of wbat Eliot said of the 
young Spender after their first 
meeting: “ l notice that Spender 
spoke of wanting to be a poet, not 
of writing poems.” 

But that was prophecy, and Mr. 
Spender is more poet than a 
writer of poems. He has worked 
at it with an energy that is the 
one consistent fact of his life. 
These sketches breathe energy. 


if the energy of ao intense rather 
than industrious man. The day 
will come. I believe, when Auden, 
Jsherwood and their school will 
be seen as master-journalists 
rather than as men of letters. At 
one point, indeed. Mr. Spender 
reproaches himself as being 
“ superficial and journalistic " 
in his thoughts, as if he were 
better employed in trying to be 
deep. It is not much of a 
reproach. It Is when he Is try- 
ing to be deep that he has better 
cause to apologise. The super- 
ficies of things hare their In- 
terest, too. 


In short BY BRIAN AGER 


The Other Side Of The Hill by 
Bette Hill with Neil Ewart. 
Hutchinson / Stanley P a u L 
£4. S5, l-kt pages 

. The widow of Britain's most 
popular n utor racing driver, 
Graham Hi 1- looks back on their 
life together and how she has 
coped since he was kilted in an 
air crash. 

It is an unpretentious, simple 
book which reRects Bette Hill’s 
basic honesty. She does not gloss 
over the bad times or ignore the 
difficulties of an ordinary couple 
projected into the limelight* 
■When Graham Hill died every- 
one with an interest in motor 
racing suffered a sense of loss. 
For the woman who was happy 
to be “the other half of a 
beautiful man called Hill,” it was 
ten thousand times worse. 

AH who have suffered similar 
tragedies -..'ill realise what she 


means when she says "the long- 
ing and the missing never stops.” 


French Gars from 1920 to 1925 
by Pierre Dumont, translated 
by John V. Bolster. Frederick 
Warne, £6.25, 197 pages 


Profusely illustrated is a pub- 
lishing cliche— but a description 
which this book deserves. It is 
well worth the price for the 
pictures alone. 

This was a golden age for cars 
with about 300 manufacturers 
active in France. So the author 
has had to be selective, choosing 
between both manufacturers and 
models. 

It is sad to reflect that any- 
one writing about the cars of a 
country from say 1970 to 1975 
would find it difficult to fill a 
book of this size and would finish 
up with a dull catalogue, which 
this book certainly is not. 


Fiction 

That 

apple 

again 

BY 1SOBEL MURRAY 


The Virgin in the Garden by 
A. S. Byati. Chatto and 
Windus, £5.95. 428 pages 


A Dislocated Man by David 
Batchelor. Seeker and War- 
burg, £4.90. 245 pages 



jvpV »- ‘S'-'v •• »- \j 

v-.-'-V'J 

- • tf. V.jk- A-feTi 
;<v- ■ s*; 

,Vw£4 


Acts of Love by Elia Kazan. 
Granada. £4.95- 443 pages 


Love Kills by Dan Greenburg. 
Seeker and Warburg, £4.95. 
277 pages 


A. S. Byatt's new novel The 
Virgin in the Carden is one to 
be reckoned with. It cannot be 
glibly praised or readily dis- 
missed: it is. massively, them?, 
and demands serious considera- 
tion. 

It is set a quarter of a century 
ago. in Coronation summer, and 
involves a large cast or charac- 
ters. many of whom are part of 
Che lavish production of Alexan- 
der Wedderbum's poetic drama 
about Elizabeth 1. It is a 
deliberately old-fashioned novel, 
with deliberate .slowness and 
detail, and it becomes a very 
long book. 

The main .-haracters and 
themes include Alexander, 
teacher as well a* dramatist, a 
friend of the family of the 
Potters. Bill Potter teacher 
English: his daughters are both 
in love with Alexander. Stepha- 
nie. the elder, is controversially 
vanquished by a large and 
lumbering curate, to tbe fury 
nf her anli-rclhpotis father: 
Frederica, the awkward, impas- 
sioned schoolgirl, plays Ihe young 
Elizabeth, deliberately acquires 
sexual experience, intrigues 
throughout. 

A major interest is tbe Potter's 
son. Marcus. He has some gift 
of ESP, or some psychic powers, 
and is manipulated by another 
teacher at tbis rather frightening 
public school. Lucas Simmcnds 
pushes Marcus toward nervous 
breakdown in bis qua£i-rHigious 
experimental fervour. 

I found the book absorbing, on 
tbe whole. But somewhere there 
is a hesitation. A. S. Byart has 
produced a study of the fiction of 
her friend Iris Murdoch, and 
the comparison seems inevitable. 
It is not absurd: this novel 
demands thp consideration, and. 
implicitly, the comparison. But 
the contrast reinforces my sus- 
picion that A. S. Byatt is occa- 
sionally self-indulgent- and goes 
on and on— and on. Particularly 
on the cosmological views of 
Lucas Slmmonds. I needed an 
imaginative perception, not a 
detailed description. 

At least, I thought so. But 
few critics will feel ready to 
make any final judgment on this 
book hastily: surely none of 
substance will reject it out of 
hand. I suspect that it is a flawed 
and rather important novel. 

David Batchelor's second novel 
A Dislocated Man is oddly titled. 
Oddiy because it reads as tbe 
story of a group, although a 
shifting one. not one man. The 
“ dislocated man ” has to be Nick, 
whom we meet as eighl-year- 
raacried comfortably-living art 
dealer, father of two. His image 
insists be drinks Campari and 
smokes French cigarettes, neither 
of which he really enjoys. 


V i 

■ 

.* 

- Nar^- 

'•*>* •• t’ : ' r;. 

• ■ f •’.»* - 1-_ A'-.-xii 

A. S. Byati; Eiiiab-sthan web 

And David Bjicnv - ..-/ can 
produce and dissect i!:i - character 
so quickly that we v..,ouei »hac 
rhe rest of i h.;- hook can h..« ;■ r< o ' 1 1 . 

He proceed. 4 in in l rod -.ice hi- 
wildenn^ tanety oi - c-i:. ■■aeter?, 
whose ultimate inm«Ttance ii is 
disconcert i oily hard to predict. 
Clearly of impi-runce ; = Vick's 
brother Larry, the -• cgue and 
rantasisin; c.-a-mv ’ c-C ;-.n 
advertising agency. Th.- no.uk 
takes utf v. ht-n La;.;. t - a> 

rootless yet si rets?, and maiTies 
her inside a ftinnivhi. 

Not siirpr:sin_'!/. .\’cr. aisn 
falls for Bay. and ihe deficiencies 
of his character are (spcard. The 
book become? .-sock : tic h *n F- a y 
disanpearf. early, a no Nick's -1 h- 
locaxion is seen •'■c ; o.il. Hi* 
wife geos <ilf with i he t-c. - uancM 
tif not gay i n..,;r.< 

Nick has .rg affaire v/ r f n tin? 
enigmatic Mart r.k.:. bt:i '.••• re i-s 
no future for bun here-: he 

a future : 

The last part •>.' tin,.,, novel .? 
short and' Nte-'s 

daughter Harriot, i-r.oran! ..'id 
steely, decide » ! t» <>-rt -i:t i 
problems — to ro-un.ie me 
parents, placate Vr.- te I arr; and 
have a h^npy-et-T-aficr ending. 

■■ Wnu! Just !> is t 

tribute t*i the .-'km v . im which 
David P.aicholor h.:« r.^r.iled ill!- 4 
potentially trite Material 
throughout that ibr road::r 
cannot help tasti::; utc bile of 
that end/n_>. 

Elia Kazan' 4 Arts .u Lot e 
programmed to bo a be M seller, 
and no doubt "ill &c. Tins is 
depressing, because one (eels 
That JUr. Kazan cm: 1.1 writ® 
better If he were not wi ning for 
the market that wili consume 
.tew of Lore. 

It will be a very obvious inovi*. 

It doesn't oven live up in the 
promise of the title. Few varia- 
tions on ’* acts of love ” are 
played, and fewer with any suc- 
cess. it is One of Those 
Blockbusting American novel-. . 
ail about a little piece of skirt / 
(called Ethel! • i. She i= burin? 
and promiscuous, but hardly 
titillating. She plays up to her 
husband's father, contwy to ht- 
traditional Greek ethics. But it 
need not go on this long. 

Daq Green burg's Lore KtiLs 
a less ambitious novel, and si 
more successful one. It attempt* 
nothing more than an ceric and 
frightening piece about a no:: 
freak in New York who choose 
several different v.cimcc to 
watch, obsessively. Each time ho 
begins by scrutm-sir.g her 
garbage, and ends by declaring 
Jove and feeling forced in 
murder. 

It’s simple enough, but on its 
own terms it succeeds. V.-'e feel 
for Max. the detective who is 
desperate in stop this obscene 
career, and for F.abeuc. who be- 
comes his girlfriend, and vho?p 
psychic powers lead her into the 
greatest dancer. Defiantly and 
unapoinsetically. a V' ,r, d read. 


Ultra plus 


BY JOHN DUN STAN 


Ultra Goes To War by Ronald 
Lewiu. Hutchinson, £6.95. 397 
pages 


In 1919. a Dutchman. Hugo 
Koch, registered a pa ten t for a 
“ secret writing machine.” By 
1923. Dr. Arthur Scbprbius. an 
engineer from Berlin, was trying 
to market the invention through 
his Cipher Machines Corp. He 
had christened the machine 
Enigma. 

Businessmen of the "20s 
showed no enthusiasm for encod- 
ing their secrets and Scberbius 
went bankrupt. But to the 
German armed forces, using 
every means to increase their 
war potential. Enigma proved 
invaluable. By World War II. 
the Nazi Reich had a head start 
in secrecy and security. 

In the shadow of German 
invastion, the Poles had managed 
to build two models of Enigma. 
As the curtain came down for 
their country, the momentous 


decision of the Polish General 
Staff was put into efTec': “in 
the event of war. the Enignn 
secret must be divulged to nuc 
allies.” So Enigma arrived in a 
diplomatic hag at Victoria 
Station, and Britain held the 
key to reading the enemy's mind. 
How Station X ai Sieichlcy Park 
— otherwise known as Ultra 
Speciai Intelligence Operation — 
broke the code was one of the 
best -kepi secret* of World War It. 
Churchill called lb cm bis 
“ geese that laid the golden eggs, 
but never cackled.” 

From these talented men and 
women — and absent-minded pro- 
fessors — came messages trans- 
mitted with devastating effect 
to special liaison units in North 
Africa. Italy, even the Pacific. 

Mr. Lewm has drawn on Pubfic 
Record Office document recently 
mode available, and on numerous 
personal interviews, to give The 
first panoramic v.ev o: the Ultra 
operation. 


Eric Roll 

The Uses and Atoss 
of Economics 

and other essays 

In a career sp annin g academic economics, the public 
services and business. Lord Roll has had ait 
exceptional opportunity to study the relation* 
between them. This collection of articles ;i nd lectures 
brings together his reflections during the last t’-venty 
years on a large range of copies ia economic,-, finance 
and government. A common theme runs through 
them : how can public policy be directed to a bettor 
ordering of economic affairs in our own country - , in 
Europe and in the world? European co-operation, 
from the Marshall Plan to Britain's entry ioto the 
Community, the obstacles to economic growth i n 
Britain, the financial system, and the machinery of 
government axe among the topics dealt with. There 
are also essays on recent developments in economics, 
the author’s sceptical attitude to some of the claims 
made being reflected in the first essay, from which the 
book takes its title. In. the fin al essay Lord Roll warns 
against extreme ideological attitudes when 
considering the relation between, economics, 
government and business. 


Faber & Faber 


^£9-75 net 






. artc -iy .-'eS; ; 


Tftees 


ru-‘_' 


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iereelse. 


Siam?-- hav-rhern our 

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Today's valnc 

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or Phan..- 

THE I>. ALAN GFUili 
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5pcdaii>j > ij ui ic b.\ic • »y . \i i>. i .j i pi s 

7 Blenheim Street New Scat- Sirs: 1 . » I : ?-D Te!s:kne 91-403 2445 



WEDNESDAY. a il< tSCSWds rt AT iS *.-r AMD 
THURSDAY. 7-.ii DECEMBER, AT 1 pm 

ANCIENT GREEK P.OMAN U.-INS 
ALSO ENGLISH AND FOREIGN OjINS 
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U!\ajfJ:n.- • ■■ .-• • •: ’■■ i. . ‘ •an:: -.w 'a os 

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fil'i. -1 :> T’i-.-i • - • ii 


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_r — • ■:: . •>.' : •cai’j: -n «• ; .r. daie 

WEDNESDAY. 7-.t> FE3RUAE Y 

CNGLiSH is EO REiGX <0!N> 


WeD:ic3D/iY. Zl.l FEBRUARY 

naval !:EfiiIiATWN_SJk MEDALS 

W^DJiSSD-'Y. 7l.i KAF!C” 

WORLD COINS 


Collectors desirous «!Sifi" jlisult! ccn.^ei 
Cwnat— q -1 Z. Co srimplly 

Commission NOT rJoreed U* Stp-r*; 
"Vendor*.' Com mi.s-.it> it •>[ 1 li* 1 ', o|K*n i<n m.-.-mialion on 
OinrHioiis iif vaJu*- 

CASH .*I»V.iN‘ ES rojuIJiy a\s:!:>:»li- 


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•iS_F I -- &'V -j".N r , S jg jg ; 

r* 77 s~' ri~-- 'ftW-jn-iS-***® : -= ] 


/rs’j i.i - 

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■• E /.VB.I- !-■■■■ -.- 

.i’.-.iV.vi './..-I IV"'-. -J.-.o/Z 

iNuaV—br - .'.I.' 1 ' • 

A Tandom V7lcs:in<-. o;’2j P.rd Slumps showed a compound average 
annual increase in .-.■uii.c-j-.- -.aiu-s oi in the > ran l l W»-l l >7S. And 
in J977-7S iheircauivp-a. value mcrea .sd lv- no Jess ih-n 

Inscsiors m rji-a sUnt;is Ka\e seen SPcirntonev urs'i'i at a faster rate 
than pracNc.il It any .uncr l >rm i.f iir.iM.uen:. bnli-.B shares, properly, 
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Now-lur as ln:l.- as i'H0-«-3U can incl m llii. lucrative market 
»ith expen j-uiJaa-.x- rhrijuph K-JJiru phila’ieiic jits'iMitaers Warwick 
& Warwick rh-.v will pu...h..v.- rare .unip-i J- «usinn -the lowest 
possible marvel pricc-un bchatl' Ot iiv.eMOr* and '* al] compile port- 
folios of any m»c flicrv are nu imiial oh.irees an-J the "hole of jour 
investmcni i . used lor Inc pursh.oc ol rare stamps. 

Karo .lamps oiler (he uv.cvior many adwnuiwf. They can he 
purchased nn,.:;. nr in auc guaniny, are rcjdily e.ailablc and arr 
accepiable any whs rein ihc-ss-rld. 

Like an; orher form *>l in.e-:r-cnl. she pasi -s i-.i neccsvirily a 
guide 10 ihe future and rare -.lamps can laii in '■a'li » ai well as rise, 
pjnicularly in Hi-* vert short term lk-v.cscr. wc belitie ir.at rare stamps 
have considerable funhe r sirow i h po:ent:ct. 

For full delarL .tnd an jpplieeison Ivrm. pledse 5 :ni off the coupon. 


lr :& 






Address. 


(Block Caps pleiiscj 




A^ 1 


Warwick &Wanncfn*fifl5teiH Limited, _ 

National Pbilaielic- Ccntre.3 High Sueet, Wanvk::.C'''344AP. 
Tel: Warwick i"092ffl -»4333 and -54354 


>, B 


\ ^ : i 9 


STAMPS, COINS, MEDALS AND BANKN OTES buyers ouipe 


-•'3 t?** 


Stamps . medals, coins and banknotes have been among the most rewarding fonns of investment -over the past £e\i years, 

up in demand and there is evidence that corporate funds are non being invested in the market . From the private imestors point of vie* the need 
for expert advice has never been greater. t 


„ r « 4 * 

j * s : " 



begin to move in 


IN THE 12 months since I last 
carried out a major review oE 
the stamp market there has 
been little slackening in the 
seemingly insatiable demand for 
the iietter items. A quarter of 
a century a?i». when I got into 
philately in earnest, the “betrer” 
<tamps were defined as those 
with a catalogue value of half- 
a-ei'own or more. In these 
inflaiionan- times I find that 
stamps catalogued at £. - 10 rather 
than "Op are a fairly useful 
yardstick. Above the £.10 level 
we arc talking of a totally 
different market, in which the 
ordinary private collector is 
faced with some pretty strange 
competition these days. 

It iY little more titan a year 
since the Penny Black crossed 
the magic £510 barrier. Six 
months ago fine used Blacks 
with all four margins were in 
the £40-£50 range. The Stanley 
Gibbons’ Commonwealth Cata- 
logue — the “ Red ” Gibbons — 
hoisted the price of the cheapest 
Penny Blacks in August to £55 
and the latest edition nf Collect 
Britisb Stamps, issued last 
week, lifted it to £70. 

The Penny Black is a typical 
hre.id-and-bufter stamp. A fair 
proportion uf the original 
edition oF 72m sccm= to have 
survived and any dealer worth 
hi* salt will have an impressive 
array in stock at any time. Its 
classic beauty and its pre- 
eminence as the world's first 
adhesive postage stamp com- 
bine to make it eternally 
papular. Incredible though it 
seems, the day cannot be far 
off when used Penny Blacks 
break into the three-figure 
bracket. Already superlative 
examples, with unusual cancel- 
lations, have already risen into 
the £10Q-£250 range. 

Unused Blacks have risen in 
the past six months alone from 
£650 to £950. The equally 
prestigious hut considerably 
scarcer Twopence Blue has 
already broken through the 
£100 harrier and has risen less 
dramatically in recent months 
to stand at around £130. Unused 
Twopennies passed the £2.000 
mark earlier this year and are 
now settling down at around 
£2.300-£2.500. 

Though ihe iin perforate 
stamps of 1S40 have enjoyed 
most of the limelight, it is their 
perforated brethren of the 
tS50s which are now exciting 
the greatest interest The 2d 
of February. 185S. perforated 
16 with large crown watermark, 
was catalogued at £800 in the 
spring, raised to £1,400 in the 
Red ’’ Gibbons, and now 
stands at £1.600. The principal 
rarities among the Line- 
Engraveds. the plate 77 Penny 
Reds in mint and used condi- 
tion. have each added another 
thousand and are currently 


priced at £16,000 and £10.000 

respectively. 

Among the embossed stamps 
of 1847-54 the 10d has risen 
from £350 to £1.100, while the 
fid and Is have leaped ahead 
in £1.500 and £1.600. l>ed nf 
course, the I0d has always been 
the best of the trio, and has 
g«»ne up (Tom £125 to £1S*>. with 
the orhers trailing behind at 
£90 apiece. 

Not so long ago the surface- 
printed issues of 1855-83 were 
virtually the closed preserve of 
the specialist collector. Perhaps 
the apparent monotony of the 
designs and the complexity of 
such features . as tiny plate 
nunihers and corner lettering 
tended to put off all hut the 
dedicated few. This was a field 
which contained the so-called 
Abnormols. stamps from certain 
plates which were not put into 
general production though a 


heard of choice specimens 
changing hands for more than 
£1.000. The £1 stamp of 1883 
with orbs watermark has added 
£1.500 to reach £9,000 but shows 
no signs of levelling off as yeL 


STAMPS 

JAMES MACKAY 


In the Edwardian and later 
series it is the £1 stamps which 
have shown the greatest in- 
creases in the past six months, 
with the 2s 6d. 5s and 10s stamps 
not far behind. The Edwardians 
have all doubled in value, the 
•• Seahorses " of George V — 
especially ihe short-lived re- 
engraved set of 1934 — have 
almost doubled and the Pl'C £1 
of 1929 has risen from £500 to 
£S0O. with fine used now stand- 
ins at half that sum. The 
George VI series of 1939-48 has 
shown little movement, how- 
ever. w ith the 2s 6d brown static 
at £145. the other values putting 
on no more than token increases 
and the 1 0s dark colour alone 
showing any real mark-up at 
£185 instead of £150. 


handful were issued in the 
normal manner. For years the 
|0d with emblems, watermark 
i known only ro have been used 
at the British Post Office in 
Constantinople) hovered around 
the £1.00(1 mark in used condi- 
tion. But v/ithin the p^si year 
or two it has begun tn take off 
and has risen by fi.ouo in the 
past six months alone tn stand 
at £6.500. Other Abnormal* are 
also in the price ranee £6 000 to 
£7.000. with similar or slightly 
smaller rises in recenr months. 

Further down the league, the 
higher denominations of the 
laie- Victorian issues, from the 
2s blue upwards, arp now a 
minimum of £500 in mint condi- 
tion. with the 10s and £1 
i anchor watermark! into five 
fi styes. The £5 stamp of this 
scries, the highest denomina- 
tion of any British postage 
stamp, always 'enjoyed a fair 
amount of popularity on that 
account alone but because a 
relatively large ntimber of them 
had been salted away in ' the 
1880s it has lagged behind the 
lower denoDiinations of the set. 
Even this stamp is on the move, 
rising in half a year from £2,500 
to £3.750. 

There is no shortage of the 
1883-84 high values which not 
so long ago were under £100 
each. They have shown the 
most dramatic increases of all 
in the past few months. The 
2s fid has almost doubled, from 
£186 to £325. the 5s has exactly 
doubled to stand at £450. and 
the 10s has shot up from £400 
to £900 — and since the cata- 
logue was published I ha\e 


By contrast, the pictorial high 
values of 1951 have been briskly 
repriced, the 5s and 10s virtu- 
ally doubling and the 2s 6d and 
£1 rising by 50 per cent in each 
case. The bicge=t surprise of 
all is the Silver Wedding £1, 
for £ - ears such a drug on the 
market 1 can remember a time 
— not so long, ago ar that — when 
one well-known dealer used to 
purchase these stamps from 
investors at a handsome dis- 
count off face value merely to 
use them on his registered 
parcels. This stamp suddenly 
came -to life and rose steadily, 
from £2 to £5. and Then from 
£5 to £20. A year ago it was 
around £3P and in March this 
year reached £3S. Today it is 
priced at £70 and there are 
indications that it will go much 
higher yet. 

In the Elizabethan hish 
v’alues the 195S De La Rue 
printing of The Castles set has 
now reached the £1.000 mark — 
nor a bad increase for anyone 
who purchased them at a face 
value of £1 17* 6d from the 
local post office exactly 20 years 
ago ! 



<*T J. 


r- 




Dealers at icprk: good advice is essential tor the private buyer 




however, it is the pre-1952 
stamps which are proving the 
soundest investment 


Increases in the humbler 
British stamps have been much 
more modest, though still keep- 
ing ahead of inflation on aver- 
age. A few Elizabethan com- 
memoratives — which, quite 
frankly, had been over-priced 
— have actually been slightly- 
marked down. I must hasten 
to add that one should not 
despise the current outpourings 
of the Post Office. The Archi- 
tecture miniature sheet issued 
last March with a face value of 
5-Sip is now a £3 item, mint 
or used, and some really crazy 
prices are being paid for sets 
of 9 showing the different back- 
ground patterns. By and large. 


Investment is very much the 
keynote of recent developments 

in the Briush market. It is 

significant that those stamps 
which have always had star 
quality have shot ahead so 
mereorically in the past few 
month?, while their less spec- 
tacular cousins have progressed 
at a more sedate pace. - The 
rapid escalation of the better 
classics is quite simply 
explained by the attention 
they have received from 
investors. As recently as six 
years ago there was little 
evidence of investment money 
influencing the stamp market. 
Investor? in those days were 
primarily private collectors 
with 3 very sound knowledge 
nf stamps borne of many years' 
experience. as philatelists.,' : 

All this changed when 
Stanley Gibbons and other 
major dealers began their 
investment portfolios, acting 
essentially on behalf of indi- 
vidual clients. Now there is 
strong evidence that corporate 
funds are being pumped into 
philately. In recent weeks I 
have heard of pension funds, 
banks and even one major 
grocery chain investing in rare 
stamps. Given the current 
economic climate, it is hardly 
surprising that the boom in 
British stamps is continuing 
with no sign of a let-up. 


Not for the 



AFTER A year of steady un- 
spectacular appreciation in 
price, coins appear ready for 
another periodic jump in value. 
Some sectors of this vast and 
complex market have experi- 
enced an upsurge in demand 
this season. For many years 
coins were a collectors rather 
than an investors market, but 
thai has nil changed and in the 
last live years there have been 
some sharp movements in price, 
linked to such external factors 
as the price of gold which has 
increased in price. Perhaps un- 
fortunately the buyers of gold 
coins, ofien from overseas, are 
not much interested iu their 
historical or aesthetic attrac- 
tion but in their intrinsic 
bullion value at a time of 
political and economic un- 
certainty. 

Thus milled gold coins Trom 
1660 onwards arc a very good 
market. A five guinea piece 
would have to be in a poor con- 
dition nut to make £1,000 at 
auction while anything in an 
extremely fine, uncirculated. 

condition, would go for much 
more. Sovereigns, too, are 
attracting renewed interesL The 
condition of a coin, especially a 
2oId one. is all important, more 
important even than it? rarity, 
design, or popularity. 

The concentration of investors 
in gold coins has made this a 
rather fiickle market and despite 
the improvement this season it 
s doubtful whether some of the 
prices realised at the peak or 
the coin boom at the end of 1974 
would be repealed. Then the 
disposal of the Captain Douglas 
Morris collection brought in 
over £550,000 for just 237 lots, 
with a Queen Anne five guinea 
piece selling for £26.000; a 
Pattern live younds of 1831 for 
£16.000; and a Pattern five 
pounds of J.S20, £21,000. The 
holders of these gold coins, 
which Douglas Morris had 
acquired in the proceeding 
decade or so. for prices around 
a fifth nr less of what he sold 
them for, will probably have to 
hoiri on to them for a few more 
years before they can sell at a 
real profit. 

This »n fact has been one of 




A rare sBlid silver £1 coin of 1642 


the reasons Tor the steady rather 
than spectacular rise in coin 
prices in recent year: after the 
dispersal of some really good 
collections no equivalent hoards 
have appeared on the maxkei. 

There has been a pause for 
breath which is now perhaps 
over. All the main auction 
houses* — Glendining's. Sotheby's. 

Christie's -and sales organised by 
Spink — have reported surpris- 
ingly high demand since the 
season started in September. 

But this has been au ocross the 

board improvement, not con- do not seem to have risen in £400 a decade ago could now 
fined to goid coins, suggesting value nearly as much as Greek, fetch around £1.600. The specu- 
that collector.?, too. are recover- In the S3me way Anglo Saxon Jative element is almost missing 
ing confidence and are prepared and medieval coins' are more here — such sets have the 
to bid for ilu* better quality popular among collectors rather security and stability of gold 
coins thgi are al last appearing than investors which means that bullion. However, rapid appre- 
in large numbers. Only a few they have not increased quite so ciation in price is onJy accorded 

far in price: in fact they also t0 rare coins, like the 

■ have potential. They tend to be ri? ^° r< i lor a British coin of 

a British market throughout the £37,000 paid for a gold coin of 
coin world there is a tendency *I aillies NT of Scotland in Los 
for Australians to buy their own Angeles in 19«6. But then all 
coinage, the Germans their coins have appreciated 

coins, and so on). One hazard 10 lin , e . Wlth t * ie Scottish 
with medieval coins is the n3 * on ^ ,s . t «®yemenL 
sudden discovery of a hoard . inler ? stl °§ development 


corns 

ANTONY THORNOBOFT 


specialised sen ions, such as wh ich makes a previously rare ^ 5 se _ as ? n _ has been the success 


Greek and Roman coins, have J W f lslami^coms. There w^r^doubS 

yet to join in the overall gam. the Prestwich hoard _ of En&hsh ^ tQ whether oil rich Arabs 


.n«u mi . i'ul Mime expert aiepnen. min tea in coicnester. jt< estimate, to Spink, and 

Umr the ignorance among new *, dl for £270 in 1975. but Q Ua jar coins from Iran were 

young collectors about our j US t £140 was paid in 1977 for a se llins for up to £2,400. Spink 

shared classic! past may hold very similar coin. reports that it has had numerous 


ports that it has had numerous 
ft is. however, the milled enquiries from Middle Eastern 


back interest ii> the future. Even ^ ^ , 

so the world record price for a ^"period ‘a fter^JSen buyers. 

Cr,MT ) 1S r j ie 820.000 Swiss francs W h, c |, are yj e ma j n i_T_*ntre of The coin market these days Is 
paid in Zurich for an Athenian j nrifreS ( ejjvor as well a? gold. ver ? complex, very' spe cialis t 
silver dekadrarfim of about 4«0 Q n(? 0 f t j,e most remarkable aod obviously not for the un- 
BC. The Swiss are the great p r j ces 0 f the new season was war y or the badly advised, 
collectors o faneient coins, par- jj, e £2.000 paid for a Charles II London is the centre, apart from 
ticularly rhe Swiss banks, but shilling. It was in superb con- ancient coins where Zurich is 
the strength «»f the Swiss dition but even so the price must supreme. More and more 
currency men ns that holders of surely be an auction record for frequently major sales of 
ancient coins there find it hard any shilling. Another silver German and other foreign coins 
to sell them on the international shilling, in less fine condition, are auctioned off in London 
market: collectors from doubled its usual value when it where apart from experienced 

countries with weaker ettrren- so id for £800. These prices are salerooms there are long estab- 
cies just cannot afford vbem. important because silver does lished dealers like Seabys, Spink 
Another factor restraining deal- not carry the same intrinsic and Baldwin. A dealer you can 
ings in ancient coins is the very metallic value as gold coins. trust is the first port of call for 
great knowledge aieeded— -a Gold coins of the 18th and anyone interested in coins but 
slight variation in the portrait 19th centuries are a very steady nothing can really beat a 
or pgrina can halve a coin's market especially the corona- genuine interest and feeling for 
value. However, silver Roi nan tion sets issued for a new coins with their unrivalled his- 
coins are a ^ix'd tip for invest- monarch, with a complete coin- torical and decorative 

meat and R'-zantine goh* coins age. A set of Edward VH worth attractions. 


Wednesday 29 th ^k>vemberl 978 


atQuaglint/s * 

Bury Street, Sj. James's, London 
10.00am and 1.3t)pm. 


A collection of Gold and Snver Coins, Medafe 
and Jetons of the Southern and Northern Provinces 
of the Netherlands. 

Coins of Brabant Flanders and 
other Provinces. 

Coins of France, Germany and Italy. 
Numismatic Books relating to the Netherlands. 
Coins can be viewed atany.time by appointment, 
Catalogue price £2.50 for currency equivalent). 

Viewing 10.00am to 4.30pm at Quagfino's;- 
Bury Street, St , James's, London SWT 
Monday and Tuesday prior to sale. 


•Sptnk-^fev.i^j 

5on ■* Ltd, King Street, St James’s, London 


Spink & Son *Ltd, King Street, St James’s, London SWI 
Telephone 01-930 7838 (24 hours). Telex 916711 


Postage stamps of 
GREAT BRITAIN 1924-date | 
CHANNEL ISLANDS and f 
ISLE OF MAN 

in superb condition 


THE ATTRACTIVE 
" INVESTMENT ' 


Member P.T.S. 


6 


THE STAMP, SHOP 


3 


Member U.SJ3JL 


39 STATION ROAD, NORTH HARROW 
MIDDLESEX HA2 7SU, ENGLAND 
Open 10.00-17.00 Monday to. Saturday Telephone 0L-S63 0155 

• Please ask for Investment Department 


j « 

V:i ’t'f't 1 

-• S is >. A I f 


SELL YOUR STA M P S 

WHERE .THEY SELL BEST 

through 

ROBSON LOWE LTD., 

the International Auctioneers 
Free Brbcbure on request from: 

50 PALL MALL, LONDON SW1Y 5JZ 

Telephone: 01-839 4034, Telex; 9i54t0. ‘ 


$ 

* 


Sjpenraas® 



A'- Ctwrfli? SI OM VrOOi let 1937- 
TVvertis rcaMaCd £IJ«J 


At our Retford Salerooms we 
bold quarterly sales of Coins, 
Medals. Post Cards and 
Stamps. Yearly catalogue sub-, 
scription £2.50. Special Two 
day sale November 30th and 
December ’ 1st cogimeneing 
lfcSO a.m. each day.- Viewing 
November ’ 29th 10 a.&. to 
3 -p.m. Catalogues 65p each 
by post. 

, HENRY SPENCER 
AND SONS LIMITED, . 

20, .The Square,- Retford, . ' 

. Nottinghamshire . 

Telephone: (0777) 705767 


WALUS & WALLIS 


Regency House, Albion Street, 
Lewes, Suijex, 


FOR SALE BT AUCTION OVER I JOS 
HIU- 


urrs of coins, medals, 

TARIA, ARMS AND ARMOUR. 


Well IfJonnRAi catalogue £2 .AS 
liK/udlnr porter*. 

TeU 07974 3137 


FOR SALE 

REASONABLY PRICED STAMP 
COLLECTIONS FOR PLEASURE 
- : AND INVESTMENT 

ANTIGUA— Q.V. buna I879-8S ill 
. used, in Mts,.(ac. X4<0) 021 
BAHAMAS — Q.V. zmf K.E.VJI issues 
vtlues ia £1 (eat. £700) 0*5 

BARBADOS— Q.V. tunes ’ 1852 to 

1886 (olc £1,410) 075 

CANADA— 1855 to 1875 inrfutfinein- 
. teres ting ' cover (cu.' £1,850) £285 
CAPE OF GOOD HOPE— 1853-1802 


Ind. TO Triangles. KEY L sets of St. 


m. (cat. £1,400) - £300 

ST. LUCIA — 1860-1936 issues Mini* 
fn sets (at £ 1 , 600 ) - £3*5 

ST. yiNCan— 1881-1897 issues 
Cat. £1.400). £390 

TRISTAN PA - CUNHA— il 952-1974 
. Issues fn oomph sec, etc. £180 
. Further details on' request. 

J. M: BANfN 

EstabOsbed ,1938 

ManfieW Mouse, 374-79 Strand, 
/ London WC2 OLR. 


Telephone: 01-240 1682 

-Bite 


Callers by appointment 


i. 3 i "i- 2T. 
■ - 





/* 


GOLD SOVEREIGNS AND 
. KRUGERRANDS 


Bought- and Sold in strictest 
confidence. 


- Shaw .Cavendish * Co.' 

(Bullion Dealers) 
Cavendish House, Chester. 
(0244-24315) 


M S 




Invest I it a hobby with 

' 'help frpnTj 

BM & SA Weeks 


Maters itt choke BneUsh GoW a SlWrr 
’. C^M & iredala from- 1 to date 


■ Poitof, or 'Hirers rtrietlf fcy' ' 

appal fitment- on) r - 
“ Cdprini," Va)e Read, WoedMb, 
Nr. Sriutaor, Wilts. Tel: 0725 20311 


i S' 


i 


l 



» ••• . „•» ... .... . v.: ■ 

*^y*£* 7 : ' 7 V*..' ’'jrr'lW'V 1 ! -•’i '■ ■•”’• .- . •' ’** • ?•' ■■- ■ ; ■". 

* V' - '-• * : * ■. * 

- ' Finimciai Timis Saturday November 18 1978 




COINS, MEDALS AND BANKNOTES 



15 




W 





»x 


■ vS; ?/? * \** f ; •'. . •• 


iVfPHErinarSct itj.Ceitn-- 
v jjaoctf nreigfl' stamps 
-ever; the 

A-f^rga "vafcue "of the 
. . mps - . lias . _ not been 

- Vn The r case 
\'Sjfci3pgS&Uatt& : V:A- year. . ago 
<ldiiimonweaitii' 
'' ^tamp ■issued-" npvtff 1 'the eiiid of. 

reijtti - . «£ ; . -George -V -Was 
a^i&Ui^^ .yalue. tnihe past 
■^■■^p^^huwflver,; prices have nut 
> . xiui; increases 

Vn<3etf.Htp he ;mor$- selec* 
;• "-'tlvif f-'-TOp- -pattern . of indis- 
, Wate increases right across 
been replaced by 
.ia^Ttt^^Oonal .picture. : Those 

-y j^rt tqries who sa'-classics ta mp s 
'.'" cpjffinufr- jtoy - in crease sharply 
regional as well 
'■\^^thteroaUfvnal interest is 

: ^53iiSpeeaec£s.tlie fact :tbat-the 
.j^aysi'jifJieTr a collector could 
46. 'take every, new issue 
v^trespective of the country of 
- origin, .so-, long as /r Was 
^EmjJirp.J*' .'-have vanished for 


issues 




-m% 


'• • 


^jfcofeEte'N- 

•2^. : r r JAMES MACK AY 


ever: Philatelists have been 
forced to concentrate on a small 
group of.cuunlries, often selling 
off their holdings m the Com- 
. monwealth generally in order to 
.defray the costs of maintaining 
the residual portion of their 
collections. This has had a two- 
fold effort, bringing 2 great deal 
of sound early and - middlc- 
-period material into the auction 
rooms and also creating differen- 
tials between the stamps of 
certain countries. 

Not surprisingly, the market 
is at its most vigorous la the 
case of those Commonwealth 
countries in and around Europe, 
reflecting interest from France, 
Germany, Italy and the Low 
Countries as well as from 
Britain. The Edwardian and 
Georgian issues uf Cyprus, for 
example, are well up. with the 
handsome Jubilee series of 192S 
, in great demand. Here and 
there, however, there are many 


underwriters, tp.the numismatic 
trade. 

quality coins bought , and sold 

‘ 521 , LYTHAM-ROADr 

BLACKPOOL. 

. Tel: ( 0253 ) 43081/2 


One of ihe ffamp££li'- 
included in the Queen's 
. Silver Jubilee, AppSeaE rare 
’ stamps portfolio by; 
Warwick and Warwick. It 
is a Great Biititt&lf&O 
. Post Union -Congress £1 
value in mint cmtgilion 
and was purchasedata 
monthly auctioh jfor £S90. 

sleepers among-.- the;: .late- 
Victorian and Ed Wardian^ issues 
which, given IheirloWmintages. 
have a considerable -way to go 
yet. : 

Gibral tar is a' sndilar case, 
with the well-tried classics— -the 
■is. 8s and £1 valued-showing 
quite spectacular' inc rea ses. 

whereas the first series*, a set 
of Bermudan . stamps .v over- 
printed fur use tn .Gibraltar, 
have shown a more nwdest rise, 
and the Spanish currency set of 
1889 has been undeservedly 
sluggish. Perhaps ' because 
Maltese stamps wepj th? sub- 
ject of heavy speculation in 
Italy a few yea hr ^ bade The 
market in them h'as^not been 
as active of late as rt-shimldbe. 
Yet even here there- are sips 
that the better stamps; jwrticu- 
Jarly the 10s and' il.vafoes; are 
on the move again. ’ • ; ' 

As with British stanips, the 
greatest interest -in the Com- 
monwealth centres op. the well- 
tried workhorses of "tli£ sale- 
rooms, the centenaiy sets of 'he 
Falkland Islands, St.VKltts- 
Nevis, Sierra Leooe and SL 
Helena. There seems to. be 00 
shortage of these stamps, : .which 
one was always led 'to [ believe 
were- scarce by virtue .of the 
fact that they wer& issued 
during a period of. world 
depression.' ■"■*. ■"■■■ 

These are sets where /the 
higher values have long since 
been divorced .from the rest'of- 
the sets and. are bought and sold 
separately to avoid the compli- 
cations of capital gains taS.;J)t\t, 
now fheirFal Mauds £1 is hovel- 
ing pretty close, -to the £1.000 
mark and other high denomina- 
tions of this set have put on 
substantial increases in recent 
months. ... 

The brisk market in the 
classic issues of Bermuda, the 
Bahamas and the West Indian 
islands reflects the "keen interest 



How much is it worth? 

This extremely rare George l 
Golden Guinea dated 1718, 
was one of four coins 
discovered recently with 
■ one of our metal 
detectors. Estimates from 
Sotherby’s and Seaby’s 
suggest a value of between 
£3,000 — £5,000 

SAVO- Whites Metal Detectors Tor leisure, profes- 
sional. industrial and security use are renowned 
as the finest range iii the world. Beachconber 
‘P nee Liu tD 




£29.95 

i'4.1.50 

£■19.50 

£59.50 

£87.85 


BC6D 
C.M2D 
CM5000D . 
CM5DHM 
CM6G00D 


£99.20 
£119.50 
£ry9. 50 
£240.50 
£299.50 



For Free Colour brochure and nearest dealer contact 
SAVO ELECTRONICS Longman Road Longman 
Industrial Eiiaic Inverness Scotland TcL 0463 56) 76 




- '• : n 


- . . , 315 Regent Street, London W1R 7YB 

^'SPECIALISTS IN GOLD 

Contact us on 637 7922 or 5S0 9922 for immcd'ote buying 
>ellmg quotes on bullion gvld. Ail nunnsmaac gold a 
discus sed- 


••-^i-JFinest prices paid for collections. 


Telex 25164 


rinbu^iag 

<■.. . l:j : ; sifiTOHT fiftT. » nocrjMSNTS 
•’ '^vCHEQUES -SHAKES -BOOlC S 
‘ J. r'SfotiSB'COLONIAL ■BANKNOTES 
‘ r -y.y sccmisH- ENGLISH -I KISH 
•’ " s '. FOBEIGN- BANKNOTES 
■ ;■ caicCTC'B um;*3S 

. . Dawid Keablfl A Co • 

•7 ® Clyde Rfi&d. Croydon. So rrey. IJK. 

tWuli'esa aetfl A m-esr tmu 


J:-- 


Fmd outhow about the invest- 
ment .potential of fine and 
1 rare Irish postage stamps 
j.frora Irelands leading pro- 
fessional philateiisu 

IAN WHYTE 

3 ;FHzwimani PJ., Dublin 2 
^ • TeL 76J383- 


Stamps font 
Investment d 
Pleasure 

Whether for profit or 
pleasure, why not 
contact: 

STEPHEN BRA1IAM 
Af fiTUipinfl Director of 
STEPHEN WALTER 

Orer 30 years philatelic 
erjierience — os n^oras 
your te/i ? photic or 

Staphe^'WofiieY' 

K1NCSLEY HOUSE 
vva KIKCSLE^ HOAD 

HDURSLOW.M.QDLesnXTWJWL 

TELEPHONE: M'S™ 


' PHQ CARDS 

p«t‘ Office pcsccwd* <1*?^*: 
raj'tomineinorsriys tcsmpj, Thrse a™ 

attncti» 11H «ll«tabie £««*» w " tn 
Very -Thm ted (WtfMairg .fijunn. 

• -Send foe & fatert f res IM 
.. .• ten Andrew > U.D-P-A m 
t M _Ktdmore End RdU 
Reading. 

- . TsIl 473 T3i (0734) 


«*"' aniss" 

iUi'w-s.’Sr^rjT.-'s 

ills M *, F - f h n rt 4d ,m, ?c. C ertC 

mete E •>' »*rrc r - 


nf collectors in the U.S. 
Biraiiarly the rapid progress of 
the better Canadian material in 
the past iwo years Is due tu the 
strength or (he indigenous 
market as welt as attention from 
south nf the 49th parallel. Here 
again, however, the main 
activity is confined to the Large 
and Small Cents and the Jubilee 
series of the Victorian period, 
the Quebec Tercentenary of 
190S and the Edwardian and 
early Georgian definitives, the 
dollar stamps sprinting ahead of 
the re si. 

The most dramatic increases 
in Commonwealth stamps in 
recent years have been in 
Australasia. It is significant 
that all three of the major 
London auction houses hare 
branches in Australia and Gib- 
bons recently conducted a 
highly successful sale in Mel- 
bourne almost entirety devoted 
to the classics of Australia and 
the Australian Stales. 

Here again there are certain 
items with a long track record 
which tend tn hog the limelight 
in the current investment boom. 
The £1 and £2 stamps of 1913 
now stand at £1.100 and £2.250 
respectively while their counter- 
parts in the 1915-2$ series have 
risen to £1.000 and £1.750. The 
£2 is now £1.500 and the £1 and 
£2 of 1934-5 are around £300 
and £1.410 respectively. These 
Kangaroos, as they arc popu- 
larly known from their principal 
motif, have a long way to hop 
yet. 

Among the pre-war commeni- 
oraiives the' Sydney Harbour 
Bridge 5s has jumped to £600 
mint and £300 used, and a hand- 
ful of them regularly make 
these prices in almost every’ 
large Commonwealth auction. 
The one that always staggers 
me, however, is the £1 Bobes of 
1938 overprinted “Specimen.” 
Time was when this was re- 
garded as a cheap way of 
acquiring the high value stamps 
of Australia and X have never 
understood why the £1 should 
be such a scarce item. Not so 
very long ago “specimens” were 
decried by all but the specialist 
collectors, but today this stamo 
with overprint rates £400 — a 
four-fold increase since it first 
attained catalogue status in 
1972. 

The most astonishing 
increases, relatively speaking, 
arc in definitives of the 1960s. 
The £1 1 and £2 of 1964. for 
example, now stand at £45 and 
- £95 respectively, though “stand” 
is hardly the operative word for 
stamps that are continuing to 
move up so rapidly. 

The early issues of the 
Australian States are among 
the international blue chips of 
philately, with strong interest 
in both the U.S. and Japan 
(now competing with the more 
traditional markets in London 
and Australia itself. New 
Zea’and's stamps have tended to 
lag behind biit now they are on 
the move too, with hefty in- 
creases across the board in the 
Clmlon Heads and substantial 
rises "In the later Side Faces 
and the pictorial series of 189S. 
The better stamps of the Pacific 
islands have also risen quite 
sharply, reflecting interest 
primarily in Australia. 



*• V * 

’ " "tr _ * 

U-? 


stio 



Top: The world's most valuable stamp. 
the British Guiana one cent black on 
magenta of 1856 is vote valued at 
£360,000. Above: .4 fine example of an 
unused 1861 Ca/>e of Good Hope wood- 
block 4d rcrmiiion “error uf colour" 
Tphidi is erpticted to realise £50,000 
in Stanley Gibbons' December 7 auc- 
tion. Right: Three £5 orange stamp.* 
of the 1867-83 issue, which realised 
£1.300 at auction last summer. 


^ __ ^ _____ 

* Nj3 5 :?g£ 

• •• eae* •• ••• »•<- ■ 

r ^ ~. ASt pipK -' v?gsa^‘gj&8^ 3 







. • • ^{iil 

./ ■ — H - . / 

J ' El . 

<mm 

c sA-ki ; :» 


T V/ £: F 1 o 


South African stamps have 
been sluggish for a number of 
years bur recent activity ran 
only he described as frenetic, 
with sume iiem? trebling in n 
matter of mnnths. The George V 
portrait series in particular 
has done exceedingly well of 
late, with the It values now in 
the £600-£700 range. The 
prospect of political change in 
neighbouring South-west Africa 
1 Namibia! has in no way 
.iffected the strong demand for 
the classic issues and the first 
series of overprints is now 
priced at £2.000. 

To the north the market in 
older Rhodes/an stamps is in- 
credible. Comparing the prices 
given in the 1978 and 1979 
“ Red " Gibbon® we can see 
thar virtually everything has 
doubled and even these figures 
have been overtaken by .ruction 
realisations in the past month 
or two. Rumnqr has it that a 
great deal of money from 


southern Africa is finding its 
way to the world stamp 
markets, snapping up good 
Rhodesian Double Head.- and 
Admirals at any cn«t. These 
stamps are allegedly being 
salted away m bank vaults as 
a hedge aea;n>t God knows 
whaL If any bubble in the 
philatelic boom is more vulner- 
able than most to political 
pricks it is this one. 

I have concentrated on the 
Commonwealth, bur movement 
in the foreign market has been 
closely parallel, with the 
emphasis on the stamps of the 
period before 1920 in general, 
and a more selective approach 
to the belter items of more 
recent times. The entry of 
Sotheby Parke Bemet into the 
philatelic market has brought 
some really stupendous collec- 
tions of American material to 
light, the climax of a spec- 
tacular season being next 
Monday's sale of the Kharasch 


collections of U.S. classics in 
eluding essays and proofs. 

Stanley Gibbon? Frankfurt 
GmbH. Robson Lowe's “ Un 
common .Marketeer? " in Italy 
and Switzerland and even David 
Feldman, primarily of Dublin 
but now well established also 
in Zurich, have all held Conti- 
nental sales recently and broken 
previous auction records for 
European classics with mono- 
tonous regularity. An interest 
ing feature of the European 
market is ihc current predilec- 
tion for anyilruiE esoteric. 
Truly, the day when one could 
speak nf ’‘dead" nr unpopular 
countries is over. 



This is just a front for a highly 
organised investment service 


Looks peaceful, doesn’t it • 

In fact, this is rhe home of 

recognised philatelic experts Urcn 
Holdings Limited and their Fine 
Stamp Investment Service 
showroom. 

Where, opart fn-ra acting as 
consultants to a v.-iie range of 
Investment advisers. Brokers ana 
ocher qualified int . rme diaries, 
they offer a comprehensive and 
completely confidential service to 
the latgc and snull investor alike- 

This service im Judes the 
regular selection, and purchase of 


stamps from around the 
Commonwealth, up-to-date 
valuations, advice on rax problems 
and a quarterly Newsletter 
publication, giving news of market 
trends in tine sumps and other 
items of interest for the investor. 

As with all forms of invest- 
ment, continuous performance is 
not necessarily guaranteed, and 
it's essential to get expert advice 
to mxdmisc profitability. 

So for full information on this 
exciting investment opportunity, 
contact the experts at the 
following address. 


LH FINE STAMP INVESTMENT SERVICE 

Urch Holding Limited, WChristmas Steps, BriMoI LiL - P- 
Tdcphone: Bristol (0272) 20+12 



Phillips 


Regular auctions of fine Postage st3inps in London. Edin- 
burgh. Montreal and New York. Commission rates from 
10^ (no premium to buyers). Future auctions in London 
include December 8th uiLh jrood sections uf Australia. 
Germany Liechtenstein. New Zealand and Switzerland and 
Dpcemher 15tb Specialised Great Britain. Catalogues 3Qp 
each (40p by post). 

PHILLIPS, The International Auction People Founded 1796 
7 Blenheim St.. New Bond St.. London W1Y OAS 


STAMPS & COLLECTIONS 

Wc wish to purchase single stamps, sets and 
collections of the world 

NEALEY & WISE LTD. 

61 St. Pauls Churchyard, London EC4. Tel: 01-236 9100 

The oldest established ttamp firm in the City of London (Est. 18S5) 



A rare unused margvial block of 12 penny blacks 
valued at £70,000 


Rare bonds for sale 


THESE IS always a danger 
when one saleroom dominates a 
particular-market, becoming the 
main buyer and the main vendor 
and also holding auctions. If the 
market is too narrow artificial 
price levels can be created. A 
few years ago there was a 
danger that this could happen 
with Stanley Gibbons’s involve- 
ment in banknotes and paper 
money generally, but now that 
Spink and other dealers have 
moved in, as well as the devel- 
opment of overseas auctions, 
this ig an interesting and worth- 
while field for the investor, as 
Well as the genuine collector. 
Banknotes are still remarkably 
cheap compared with coins and 
stamps — it is possible to become 
a -paper’' 'millionaire with 
almost worthless high denomi- 
nation notes for £ 1 — but in 
terms of their historical interest 
and their artistic appearance 
they are at -least the equal of 
stamps. 

Prices for paper money have 
risen steadily, if unremarkably. 
as knowledge about the business 
increases. Like most markets it 
divides up into specialist in- 
terests. In the UK the issues 
of the Scottish and English 
private banks is of particular 
appeal. There are at least 900 
banks that issued their own 
notes and although the Scottish 
arc perhaps more valuable be- 
cause they are rare, a very good 
specimen can still be bought for 
foO. The notes from the English 
banks range between £12 and 
£250 in price, although one 
issued by Fox-Fowler, the last 
private bank to issue notes (up 
to 1923) could fetch more than 
£600. 

In .the same way there are 
well over i-,000 American banks 
that jjroduced collectable notes. 
Many ..belong to the “broken." 
or “wild cat," variety— that is 
banks that supplied notes that 
they never expected, or were 
able, to redeem. These are often 


BANKNOTES 

MEDALS 

ANTONY THORNCROFT 


picturesque and are now bought, scratch, hut with a genuine 
on average, for between £8 and involvement in the subject. 
£40. although the extra interest banknote*, and the related 
in American notes Inspired by areas, could hardly be bettered, 
tha bicentenary pushed prices ^ * 

up to levels in 1976 which may 
not yet be equalled. This week Sotheby's sold a 

Another important area for VC for £S.U00 and Christie's, in 
paper money collectors is Geneva, a Gold Grand Cross 
notes connected with military Badge and Collar of the Prus- 
ventures. Some of the rarest sian Order of tbe Black Eagle, 
and most costly of all items — the highest decoration bestowed 

by the Prussian Royal House. 
— ■ for £23.148, a record for a 
decoration. Earlier in the 
summer Christie’s established a 
record For a VC of £8.200. while 
Sotheby’s in New York secured 
£27,717 for a single medal, 
awarded to Brigadier “Mad 
Anthony Wayne for bravery 
during the American War 
of Independence. Obviously 
worth around £3,000 -- are the medals and medallions, decora- 
notes that Mussolini issued for ti 01 * 8 and orders are a booming 
Egypt and the Sudan before he market. 

got around to failing to capture Once again this is a good area 
the countries. The siege notes fora the new collector. A 
issued by Baden -Powell in thousand pounds can secure half 
Mafeking are also very valuable, a dozen, or more, interesting 
as are Auschwitz notes, worth medallions, such as a “George 
perhaps £50 ten years ago but I Proclaimed King.” issued in 
now fetching £750 when they 1714 and now worth around 
occasionally make the market £180, or a victory medallion 
There are also notes with a commemorating Queen Anne’s 
long history. The earliest are (or rather Marlborough’s) vic- 
probably Chinese of- the 14th tory over Louis XIV, which 
century, and now range from might fetch £100. 

£400 to £1,000 in price, while Medals are most costly, 
a bill signed by Henry | V13I is especially VCs which vary in 
worth oyer £1,500. But‘ in the price according to the act of 
last year it has been more bravery, rhe nationality of the 
recent issues, in particular those recipient, and the war—VCs 
from Commonwealth countries awarded in the Second World 
in the pre-1920 era, which have War lor the Korean War) 
appreciated most rapidly. The would go for much higher 
attractive early Canadian notes prices than a VC given to an 
are much in demand; anything Indian sepoy for courage in a 
from the British Solomons: Victorian colonial skirmish. It 
Falkland Islands notes of 1898 is. the same with orders and 
—these are some of tbe most decorations— iF they went to a 
desirable items. There are famous historical figure they 
probably 20,000 collectors of are much more sought after 
paper money in the UK alone, than if t h e r_ were given to a 
as well as a thriving inter- forgotten aristocrat. Indeed, 
national market. For . anyone decorations tend to be a rather 
interested in collecting from narrow and specialised market 



Coins and Medals 


• Sotheby's has been holding auction sales of 
coins and medals since Tuesday i ith February 1755. 

• Today we have the largest specialist numismatic 
staff of any auction house in the world. 

• World record auction prices are held by 
Sotheby's in many of the coin and medal series. 

• Regular monthly sales arc held in London. 

• Sotheby's has more selling venues 
throughout the world than any other 
auctioneer. 

Postage Stamps 

• Sotheby's has recently re-opened a 
Postage Stamp Department in London 
after an interval of 60 years. 

• The first sale was held on 26th October 
when 395 lots realised £135,396- 

• The next sale will be held on Thursday 
23rd and Friday 24th November : 

1434 lots of Great Britain and British 
Empire sramps from the collection 
of the late S. D. Cramer. 


Enquiries about buying or selling should 
be addressed to Donald Crowther for coins 
and medals or John Michael for postage 
stamps. 


W01 id record auenon price 
lor an Islamic dinar 
. Andalusia mint AD 720'. 

£3600 



World record 
auction price 
for a campaicn medal 
(Dawkiu !S97.\ £2400 


A orm-r block of Tour unused 
1SS! 2?d blue Great Britain 
posuge’stjinp. sold in October 
1975 for £600. 


Sotheby’s The world's lending auctioneers. Founded 1744. 

Sotheby Parke Bernet & Co., 34-35 New Bond Strcer, London wta 2 a a 
^01) 493 SoSo Telex: 24454 SPBLON-G Telegrams: Abinitio, London 





Myers Stamps 
Philatelic Investment and 
Management Service 


One of the foremost philatelic houses in Britain, 
with a first class international reputation. 

For immediate professional guidance on Investment, 
and a copy of our colour brochure, please contact: 


Members of 


Howard Myers, F.C.A-. 
Myers Stamps Limited, 

1 0 Park Place. 
Leeds LSI 2RU, England 
Tel: Leeds C0532) 45S171 


Members of 


British 

Philatelic 

Federation 



Philatelic 

Traders* 

Society 


Myers Stamps Limited is a sister company of ir.yntanonai Sump Auctions. 

iw i iHi ii mn i M iii 1 11 mu 'i m — mu 1 1 1 1 r~ 











Financial Times Saturday Novetiiber ’lS- 1978 




, Eleventh hour 

Frjrs r:-?xt Wednesday at mid- are Simon Ravpn and Peler 
ni^at i r.“ha!l w a lapsed hreak- Terion. There is a nt** produe- 
fasi-iinie listener m Radio 4. The tion ot that radio classic Crater 
little Japanese portable '*e use .lfi'fk on Honda) al 7U0. 

in the kitchen, a marvellously and ifl«? a'fiolc of Kaleidoscope . 
reiia'ole radio and a modest on Tui'>day is devoted lo the! 
imbiber of battery juice, will nol dramath art of Peter Eionk. Hi*- 
be able to receive tbe service discussif'n with .Michael Billing, 
any more. 1? do^s not have long ton «i"uld be worth hearing, 
wave nor does it have VHF. So Last weekend Eadio 4 made, 
r-nnie Thur«dav morning it is 3 sustained effort in mark the 
roodbye to Libby and Brian Mth anniversary of the Arru is- . 
■ wittering away amid the alien tice. 1 ' the Guns Vfoppt'u 
cornflake*. We join the Over- Fsrinp (Radio 4. November 111. 
mre and Momma Concert set on produced by Alan Haydock was 
:: which w in stiif be available ro a rich mosaic of live utterance. 
u« on its new frequency, and we Tbe ma,a . s *vtion of the pro-: 
will have Brahms and Borodin gramme anout ihe 11th liour was ■ 
a* a background to our munch- saadwn.ned between one op tne 
mg. crunch in y scrutinv of the ,,v i‘ r iiie : J** experienced »n the, 
paper? and post. Or we will have Western Front and une on ihe; 
i? an alternative the option of P eace - - Narra tmn was kept to a, 
mi-rarin? m Ft -.din 2 vhi.h ha* minimum and apart from 


v. ,M.nri.uv , inifiK reijjjjoj.^ for instance, rn the 

"J ai-couni <>■ the demobbed Tuinm* 

who wa* told by his boss. "All 
101 a gx 8 nchL yo-jve had f on r years’ holi- : 
fcvJ’tEU'fiV day. you can start tomorrow." ! 

AwrwnwY riiOTK A complement ary prosramme. ! 

»-u«ira A Plcce called Annagerftfmi. . 

compiled by Kitty Black from 
Michael Moynihan's book and 
There arc a number of senior unpublished material in Ihe Ini- 
producer* and officials in Broad- perial IVar Museum traced the. 
Ceiiini Hou.*e wondering ju*t lives throughout the war of three, 





:.f- t-d \nr;OnEi l.-LSL UiC tu.c;- js iuc VU1U1'.U UI«. iumiauw • ■ — . . ~ ' 

; rV.iri'irv- u s-nv.* ; v coni ins down tours of small towns in the On the opening. -night .of the 
I from the Grand Ooera Huuie, Province.- No. wonder there aTe Festival: as a'cotPcapaeUyaudr- 

• *1-“' ulr . •• . - . - : ■ _• , .. UL i,:_ j _.c nnnd • n-ilnorM •' fnr 1 ha si. r. 




The Grand is one of arcaitecr Orchestra, in Northern Ireland, saeaoie ua u« uuier moc , f r (; 

\ Frank Matthau's finest creations. Evaiyftiii* is . different in ni the road waajobbying around . f -y / s ^ 

: Matthau was the man who Northern Ireland* . For a start Clay^ Sweatsc^n^ not Jflanying ; - r * 

I decorated Victorian Britain with there is a different local culture, ‘for have been r* * 

iirJSfiv hundreds of theatres, and the •• Am- Council ii as - 

i including the Coliseum and the interested in supporting Irish ' ' 

! Palladium In London and the folk music and folk lore as con- of the penonnance. part ofvtoe -r. 

! Opera House in Buxton. The temporary art: One of the great Festival fringe -stvtivUies Traieh 
[ Grand in Belfast, completed in cultural treats of the region is are ratm.* . shirape^ by: the 
! S j S months in 3S95. is vaguely the Folk Museum where cottas.es organisers in tnis . .puritanical 
! oriental and vaguely Third and mills, farms and & church, city. ' 

: Republic: inside it is dramadc. have been transported brick by In ^ sax ?S ,t ay tfce . TUn n , ng 
; with elephants trumpeting from brick frtm rural neglect to a controversy »he opening .days 
! the boxes and nouns peering permanent home nn .a - rolling ~ ,as * e SwKsS^^f 

’down from the paioted ceiling.- rural silt. Now two streets o? Council idea -art . e^hibitiott at 


•'yxMk* 


“ At DoJo an th« Brenta "—detail, by Canaletto 

The Grand Tour 


! And inside there is pande* - . 
1 rEDTihiHL 2 s workmen restore a. 

: building which after a descent 
j into cinema in the early 1960s 
finally closed down in 1972. Now; 
thanks ta i £I.3ra grant from the 
! Northern Ireland Arts Council, 
i it is due to open by the end of- 
i next year. 

i Its opening will be an event 
• of tremendous significance for 
i the arts in Northern Ireland, in- 


ANTONY THCRNCROFT 


the Ulster Museum of some 
paintings, winch . took a_. very 
sectarian view of -the . conflict 
there. Attendants- had refused to 
bang them' kad air the; political 
and religious ‘passion- Which -lie 
just below the. surface itrThe pro- 
vince ' exploded - into argument 
But there is-, a .-growing moral 
to; era nee . ■ ' and . sophistication: 
Cguun. with its nude Scenes, -was 
recently performed ' without a 


■ deed for the community as a working class terraces from whisper -of protest^ an unlikely 
! whole. Not only is it a tangible Belfast' arc being rekindiod in event a rew years ago^ 

. . n i . i - : i a 1 : i Tf tHo nfi'tir • ntlrl nti OY1 ic Utah 


^n-\ Radifi .?. | per ».eni: Radio Veoman^ a farmer'* son -vhn in I'Wtaod and Mauritius must 


Meantime v.e <tin have a half u 1 L J- hese - 1>r ‘-' sn,mi,,cs h,s: ov% ^ cultural identity dulled 
a uA: left under ihe old dis- ? J h ° wed radl ° at J ,s hest 35 a • somewhat, as he takes in yet 

reflation Wh.-.I Irenes are in ^ 0, ' ument | r - v raedium free to another alien wonder with un 

prospect" There is a drAa * fll, . ,d na *T** , v« hne un ’ ever wilder surmise. 

«S nmi^ uo nS Radm 5 ,,kp ^\ev^on which is rntered- Thc . rand lnurif:1 ,, r an p;il . lier 

-i rnmin- up nn hadio ■? t0 available visual material. a -, P v - on! ,h r o-*rt to , J i*rn-v- r r.r 

Ahi h v. ni provide plays lasting Listening to the voices «e . B J L ™ I 


humorous, some or it tragic. ,1U U - uu ” 1J,VU 

CHESs SOLUTION'S which the experience of the, -giB-javn^ 

lo Fo>ition No. 242 trenches Inspired. A fine pro-' £j jfSjiE^ I S^£5 

1 P-Ro i ?*np s one threat!. QxBP? gramme was made from this: 

ie;:her Rx.\ or Q-B 2 should win): poetic source bv one of tbe inde- * REGENT — Little Willie Jfs 
2 oQi: and n.»w Black should pendent stations. Radio Clvde Rc-su-rrccfu.M. Some birring 
piay 2 - . . Q\N: :t R-QSch. K-B2: called Under the .\rrl» of the ?oul Miming in a rather thin 
4 R-ijivh (4 QjJ7i‘h. Q-K2i. Gttnf Acainsi a musical hack- -dramatic frame. Reviewed Tues- 
r’-M i:n a draw— but. laken by cloth it strung together poems or day /Wednesday. 

•’U r r‘.'i*e. he blundered ajtain pari* of puems in 2 sequence n f PALACE. Watford — The Isitc 
ny 2 .. . QxF; ch: QxQ and poignant contrasLs without tell- Christopher Beun Welcome 
iot'i 3 few move.* later. ina us who ihe authors were. 1 1 revival of a good comedy, with 


bad sustained first that classical 
and then the Christian inherit- 
ance for two thousand years and 
more? OB to Rome he went, and 
to Naples and Florence .md. of 
course, to Venice. Hi* was an 
educated curiosity, and his* iaste 
in souvenirs was not he 

satisfied by tbe brass gondola 
that does for us. So not only 
does our national heriiace boast 
the plunder brought brick oy 
successive waves of enlightened 
visitors but a market sr»’W up 
to supply the demand for 
directly commissioned works of 
art. 

Colr.&ght has now pur together 
3 delightful anthology 0 : these 
things, not all of them master- 
pieces exactly but many of them 
very fine. The outstanding works 
are, in fact, by the outstanding 
artist of this kind, and the exhi- 
bition is worth visiting for the 
two Canaletto paintings no their 
own. The view of ihe iock at 


Dolo 00 thc Brenta is particu- 
larly fresh and vivid, crisp as a 
rose. But Ihe two Belioto views 
of the Tiber at Rome are also 
very good, as is the William 
Marlow, one of ’he many English 
artiSTs Jo make the trip during 
the lSih ccrrury. of St. Peter'; 
from behind, almost as lhocgh 
deep in the countryside. There 
are also three excellent Guardis 
of Venice, and two chancing. 
Antonio Joild views of West- 
minster and 1 he City from the 
Thame; seen ;s though it might 
be Venice. #0 active and decora- 
tive are ihe craft on the river, 
and so im nosing the Riva del 
Somerset House. Some grand 
Orizzontes. and Vanvltelils. a 
particularly strong and er.saging , 

Carlevarijs of the crowded 
Piazzetta. and ?o ihe list goes 
on through all the paintings, 
prints and drawings. The exhibi- : 
tion continues until December 
18. WILLIAM PACKER 


THIS WEEK . . . AND NEXT 


B-Kl: 2 BxQ. Elegant, unusual emphasis, the words of the tele- -the oops ;iro as via nu< a.« the 
play with three unpins of the brated merging with those of the • crooks. Reviewed Wednesday/ 
••••hire knight. rihscure. ‘Thursday. 


PLAYHOUSE. Oxford — Vanda- 
leur’s Folly. Irish story about an 
eccentric who started a com- 
mune and bow he lost it. 
murkily told by the Ardens. 
Reviewed Wednesday/Thursday. 

!CA — The Immortalisr Enter- 
taining lunchtime piece showing 
Janet Street-Porter interviewing 
a 278-year-nid man for television. 
Reviewed Thursday. 

LYTTELTON — Betrayal. Nino 
snort scenes played in reverse 
linie-seo.uence trace the origin 


of an affair now finished. Full of . 
sharp observation, tut not 
Harold Pinter at his summit 
Reviewed Thursday/r riday. 

On Monday. Coniines and 
Goings? a good new domestic' 
comedy from Liverpool come; to! 
Hampstead. On Tuesday, at the; 
Riverside Studios, a Spanish com- 
pany plays iis production of Mori- 
el Merma with ihe collubora'jon ■ 
of Joan Miro: and on Wednesday , 
at the Round House Hnplal icir > 
lebenl is cabaret material from! 
Germany. 


national touring companies — Although there is great entliu- Northern Ir elan d,. The Scottish 
, theatrical, operatic, dance— to siasm fur the grander arts, opera T%i_ e !!£ ■ 

visit once aeain. Theatre-goers on a Coven* Garden, or even a Glasgow .of one -^otifd oe^ veiy 
■ in Belfast still talk nostalgically Scottish National Opera, scale happy^ to appear at the Grand, 
about the National Theatre's pro- cannot live in such a small com-, an** fact that -me w«dFord- 
du tioc of “Love for Love" in nwnirv (onpuLation around Festival. closes ■within a week o, 
1966. During the tenor arts- 1.5:a l : the flourishing arts are Belfast opening earb year has 
starvation has been a real com- ci.thu people, poetry and paint- encouraged, fnmigbte w 16 
o!nini. a? in turn every, ron- ic^j-. the fiddle and the folk lore, traasferenee .of productions. 

= ceivaMe a::dnoriuai has been Tlirouchs.it the devastation of 3 e 

pu* out of action. - the past devode the arts in’. 

Tile Government is doing its Reffwt have been keof. alive by f " f..-, 1 , 0 ° e : 

oiL The Arts Council in London ihe annual festival hased no the . vra ?!P? . ? J W - 

has bad its funds forhousina neutral around of -- QueenY -niorc mOTW^nd the entbus«asin - 
the arts cut. to the bone, but in ' University. Now-, under the — . ] * ■ ?'l? son 

Northern Ireland there is a dirertorsiifp of Michael Barnes, poongh for apy art is t to venture 
Lheatrica! building boom. A new it brazenly claims to. he the aerws anff help norraatity return . 
theatre is emerging in Derry, at . second largest in the country. .J? V * r ^ a ^ tract ^ ve ^ art of 
a cost of almost £1.5 m. as well headed only bv Edinburgh; -But “ ie - L N '. ;. 

as smali theatres in Enniskillen where.:*' ynu mirbT need £25 in ■ ■ •' • j ■ - t ' 

and Newry. part oF an arts set Ccrmcn at Edinburgh: you ' SOlltii &t' tllC 
centre. The era of negleet is could see a or.cert performance *■. J.' 

over: in the past four years of ? previously unperformed TtnijAov Viw 

money for the arts has risen by opera by Donizetti— GnbrteUa di ■ Olfw MCr Ufa ■ 
almost 200 per cent to £3.6m. Vergn {reviewed here on Tnes- n j#. ■ T j . 
and the Arts Coimdlin Northern rfayi for iust £4 maximum in JLOfiiiOtt 

Ireland now receives 150 per Belfast. The Festival contains , - *• -. - - 

cent more, at just over Elm. nearly r.vn hundred separate South of- toe. Border, -one of - 

But if ti:e increase is greater performance*, and almost half the. Greater .-London. Arts, 
than on the mainland It is srill thy £110.000 com is met from Association^ . ' Ypimg Jazz 

behind the par capita expendi- the* box office. The Arts Council Musicians : award : winners, for 
tore on the arts m Wales and contributes £30.000; arid’ Guin- 1378-79/ will he appearing at- one 
Scotland. neks fs the leading industrial of the Jazz Centre Society’s. 

Much more money wiH .be spen^or. clubs, - the^ Red •. Deer. 279, 

needed. When the Grand Opens The cnarm of the Festival Is Brighton'-. Road. ■Croydon, on 
the Art- Council will have to •»$ routs, its closeness to the- Tuesday, November 23, in a live 
plav the role of impresario co.n;v.un::y. There are hip broadcast for BBC Radio London-/ 
underwriting visits from the e*-*>nts. like the first visit of the The broadcast will form the 

tourin= companies who. because TRE Symphon? OrHjp«tra to second half of Brian Priestlej’s 
of the higher travel costs and the Eelfrst in ‘ 10 years with local AH That Jazz programme, -which 
relatively mndest seating capa- gir; Heather Harper as soloisL is on : the air between S.30 pm 
city of the theatre i haired from but in the main it is more com- and 10.00 pm. .every Tuesday.- - 
the oricina! to just 1.100 seats) ct unity uccasrohs. like David" Special, admission to tbe Red 
will find it hard to break even, Mercer and Christopher Hatnp- Deer for this tjoacert. JS' £L0fr: . 
This is no new situation.' The ton discussing their .very (JCS . members!. 75p).- 



Ireland News. 12.05 am News and 
Weather for Northern Ireland. 

BBC 2 

. , , . 12.46 pm Saturday Cinema: “Who 

T Indicates programme in Goes There."* ?iarrinc- Nigei 

black and white Patrick and Valerie Hobson 

, 4.05 Now And Then 

BBC J 4J5 Horizon 

6.10 am Take .Another Look. 9.30 *■** f, la - v ,, S '’ ort 

Muki-Co loured Swap ihop. 12.13 s - 3 ° My 

pm Weather. 6.15 TTie Old Grey Whistle Test 

12.15 Grandstand: Football Focus 6-53 News and Sport 

H2.20I: Racing from Ascot 7.10 Network from BBC South: 

1 12.50. 1.23. 1.55*: Darts < 1.10. Two j n a .Million — GCE and 

1 4.1. The British Gold Cup; CSE examinations 

Tennis '2.151 Benson and ‘-40 Schubert 1797-1626: A 

Hedges Championships: Rugby Schuhcrtiad siven in tbe 

League »2.55) The Forward Organ Room. Glyndebourne 

Chemicals Test Serie<: Great ®-t® Qn The Record 
Britain v Australia: 4.46 Final 5.40 Film International: “ Impro- 

Score perly Dressed ” 

5.13 The Pink Panther Show 1 1.05 News On 2 

5.35 News 1L10 Tennis: Eenson and Hedge? 

5.45 Sport Regional News Championships (highlights > 

5.5ft 77ie Basil Brush Show til-50 Midnight Movie: “The 

6^0 Dr Who Great Mar..” starring -lose 

6.45 Larry Grayson's Generation Ferrer 

7.40 A?" 1 Creatures Great And LONDON 

Small gJO am The Saturday Banana 

S.30 Some .Mother? Do "Ave 'Em with Bill Oddit, part l. 94W 
9.ft5 Star.i.ky and Hutch Sesame Street. 9.45 The Saturday 

9.55 News Banana, part 2. 10.15 The Monkees. 

10.05 Match Of The Day 10.45 The Saturday Banana, part 

17.05 Parkinson 3. 11.30 Tarzan. 

.\il Regions as BBC-1 except at 12J0 pm M'orld of Sport: 12215 
the following times:— Headline: 1.15 News From 

Wales — 8.43 am Take Another ITX; 1.20 The 7 TV Seven — 

Look 9.10-9.30 Wir 1 Chi. 5.45-5.50 1.30, 2.00. 2.30 and 3.00 from 

Snort/ News for Wales. 12.05 am Newcastle: 1.45. 2.15 and 2.45 

News and Weather for Wales. from Warwick: 3.70 Inters 

Non I and — 1.55-5.15 pm Score- national Sports Special — 

board. 5.45-5.50 Scoreboard. 10.03 Skating from The Hague. 

Snonscene. 1U.35-1I.05 Sing Along Holland; 3.50 Half-Time 

With Sunshine with Tom Ferrie. Soccer Round-Up: 4.00 

12.05 am News z.nd Weather for Wrestling; 4.50 Results 

.Scotland. Sendee. 

Northern Ireland— 5.05-5.15 pm 5.05 News from TTN 
Scoreboard. 5.45-5.50 North ern 5.15 Cartoon Time i 

GUIDE ! ' theatres l 

i ALOWYCH. SZ6 6404. Into. 8S6 533Z I 
PMVBn'T AlUUFkIT 1 ROYAL SHAKESPEARE COMPANY In; 

ENTERTAINMENT ;'E rw l™-v5uV'iK« 0 A * "^r,, J 

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lC — T une ac.cni c«rt«ln credit w „ & Rowlnr'i THE CHANGELING rn ett 


.x3ft Mind Your tanging* 

6.00 Bruce Forsyth's Bic Night 
7^50 The Incredible Hulk 

SJfl Sale of the Century 

9.00 The Professionals 
10.00 News 

10.15 Twist In The Tale 
11.10 Saturday Night People 
11.55 The Practice 
J2.23 am Close: Derrick Gilbert 
reads a poem by Robert 
Herrick 

All 1BA Regions as London 


6.53 News and Sport *™ J,", ^ nuwn 

7.10 Network from BBC South: wcepl at ” : " 

Two in a .Million— GCE and A NOLI A 

CSE examinations -.’J" , a S 

1.40 Schubert 179. -l.?_ft. A pm r.-kbmv Concert; Jacf .lonts wilh 
Schunertiad given in the Edmomori E«mpnon.v On.hcbtra izoo 
Organ Room. Glyndebourne ,lw Ec<1 of ,h “ Da1 '- 

5.10 On The Record A TV 

9.40 Film International: “ Impro- ’-T 0 am Pla - V f^iuiar n i.js u 

nerlv rirp«arl " ’'onm. 10.05 The Los: rslanflp. 10. JO 

ii(K\wn-'i TKMuy 5.15 pm spld.-mias 10.15 

11.05 News On _ catundar Cinema: Man At The 

1L10 Tennis: Eenson and Hedge? Tov - sumn« Rvnn.-:h Hai^ Xaneiic 
Championships (highlights) * c<11,an Harr > ■'narews- kiw ban 


10JS The SamntoT film: -The Sons IV* nock '.S' BoU ««•. Ml In Con--.*r: sroatrunmc saws. TjOO Xev* TOB On' AS n '«* Sd fl S • - 

Kane Elder." starring John Wayne ar-d Dr. Fertwwd. Chas and Dave *S-. 7J0 Your Fare. 7.S1 Todays Pa;*:-. 7.45 | Btf vElVlVm 

Dejn Mnrn. Mlk* Read- .Music for Saturday NiaSr. Yours Firthfuilr. 7J0 It’s j Uarrain • . 

HTV Cjmrtj/Walos — As HTV General MjOMK am .is Hadio : 7^5 Weather: crosTgrame neve u . eiTinmir. Tn .t-irt am ndho n™. TH15A Annarto 

s.nice except; 5JMj» pm y Bobi .\ u n * nin i 1.500m and VHF New*-. 3.M - c 5ori on 4. e.« 5 Yes:cni?y : SATUitOAl . To start one of the rTTC, ana m Lillie Annette 

c*n cm _ sa Pariiasner.!. o.oo News. 04B inter- : nin^T elaborate and concentrated Crosbie who after Edward Til w 

scornsH e ssjt aws iRfysias? tKa : w 1^,. e™, paid « a .1^1= »««« . m a**** » 

9.W am Castaway. 1 JD Mremure* Ruifocn. 8.06 as padto ^ 1002 stand ajj oiily service- WJe Pick ' musicidh. BBC2 presents' A Queen A-wtona,’ contimies to 

In Rainbow Coumry. 1L31 Uican. Tony Brandon -S>. 12.02 »m Biny ar L*»e Wodt «5i. UJD Ten? lor Vorse. ; ScilDbertiad at 7.40. - Paul . Coker confuse -in the pleasantest poS- 

70-20 F eat ure Film. D»r.wK wth s*ar Cliolci *S- LB2 Thj jljo W!W!i(8. UJ 5 53.?sl on Saturday • ..-.j IpremV' Alkin hnth finalivts - fblp wav -with ■ her ' DerformancQ 

■■ Pork Chop " starring Gregory Peck and Stws Beddllfies with Ruy Hurtd. 1J0-555 v im Fritz StlosL 12.03 Xcwg i2JG pm Jerera.- aimu. Dftin BCdiisis juie . way -wiui. *ier =p«iinm«nre 

ilooree Peppard, Ii85 am Gtorgc Sron on 2: rOMball L?a^uc Snocini it 10. A Ea - jot NoUilaa with Johnny Morru ; ^ thfi BBC S nignty SUCceKful as Henrietta Labducfaere.— CD. 

Hanuhou TV. ' 2.:a. 3iVJ. S43 T.42': Crivkrr -1.33. 2.09. , s> . 12 J 77 the Jason ExrUuianon of ! Youilg Musician? Contest, piay. .' *. : 

SOUTHERN £SS SJT ! duals’ and a 'strong cast <* sinsere :?fir :^SSBS^W^ 

Regional "wpathar^ForecMt* SJO^ap™ TounamMt. plus i news of Ijte CoU ate 2.<K Bookshelf. 230 Samrdaj-’.Aftymwn 1 SOlOlStS perform Schubert 

5S?"“ 12M fattalSn ^2 Touraamem: Ru^br Lnl«n M TA. ? 3°. .l-OO' Theiire «S*. JJ0 Docs Hi- Take Snar" i SOn?S. ifflWWBt.-. i 

Sf.**- - U ~' H Auomexn oen. am Midlands v V-w Zealand, plus news of jog ijosi DesuicabV Rj.* t- V - • • ■ ' 

Poliee Surgeon. Bnvnm v Angrrella: Banns a: .\xn <1.J0. s!® Enquire Within. 5JB Kalcldos. oni S VNOA^ ! Fm- the actual day " - .,v' M . "■ j 

T 1 N E TEES 2 -^‘. plus results from oihcr meetings Encore. 5JW wi-ik Endmp <$•. 5^5 marking the 150th anniversary. of : ... gar-' ' ;r« 

9A* am Lifl's Look-In. 9.BS The Sc: a r ^ V va«her: programme news .M0 Nevs. Schubert'S death REC2 mounts H • 1 --mT r • 

Million Dollar Man. *50 Adventure Report. Classified Focba.l cheds Jt 5^00. m Desert Islacd Discs. *J0 S-oo Uiu l^nirlh film wriltnn ind ^a», "*•' 

Canada. W.15 Lyns Look-in. T10.30 5 ‘ 1 ’- Buaby B.uind-up n_.i S.K FV wwfc with Ruhert Hohin«on. 7Jfl E^l-rs fMttire length film wrilten and ..... , .r 

Samrday Morning FUra: "The Goldin £\>r Europe. 7 JQ Beat The F.e-.-ord^ 730 Dnton lSl . «jo Sarurday-Nicm Theatre directed by Cohn Nears and r. / tSE r ' • i 

Siory." starring John Mills and Erl'- ',c ,s ‘- ,J * w «®er. 10 -°° Nowv 10.15 called bv The name of the S0712 ’•' «?$< Th. - ' . -• vyfe • 7 

Perm in. 12.15 pm Lra’s Look-In. 5 JO ® n ll L y®. ??/ -* Word lo Edcew-ai-*. 11.60 Lu.*iten nin CV ni P ' A Winter’s JpUDiev with* TXkk* 'Jl- ' ' ' ''•■* * i 

Ranny Dai-s. UJ5 ■■ En; land Made Me." P 1 ? J and ^.! n w . 1 B i2 d .J Pa yS , Jl Darhoess.. 1145 Singers Cbnre vun „^ ,e ’ „ i „.,V ' iwl&F. . 




E TEES 2 .m>. plus results from other meetings Encore. 5J« wgji' Ending <$■. 555 marking the 150th anniversary of : 

Look-in. ».*s The Sm *"« weather: programme news .mo \*vs. Schubert's death REC2 mounts a '* 
Man. 4J0 Adventure Report. Classed Fooiba.l chocks Jt 5^00, m Desert blaod Disc*. *50 S-oa the- f M M irP lpnplTi film wriltnn -»nff 

ijns Look-in. T10.30 R-uind-uf. Si. i.O Pon week with Robert Roh-.ason. 730 E3-.rs £ atu ? e . v - r- Yf[ lltpn an “ ••< 

FUm; "The Coldlij Ovrr Europe. 7JD Beat ih“ F.e-.-ord. iJO Dnren <S». 8J0 Sarurday-.N'lchi Theatre directed by Colin Nears and 

John MiHs and En-' p r f?fl ,s ’-. 9J ? wfeaUt**-. 1M0 .xtw-s. lo.is called by the name of the son? 

m Lyn's LooK*l n. 5 JO r 5 jri ^ lhl •vcornijn *Si. U0 Ttx>. _\ 1 to Edarwa*"*. 11.00 Lur^tca Oinr rvolo ' A WinfprV Tpii mpv witn" " J 

E F.n=!aod Made Me." BI B Band In Rand Pflra.1-' ‘S . UJ5 Singers Cfcoirn vim A Winter s Jnuniej, Wltq 


tl 1^0 Midnight Movie: - The AUliU ' ! DnDnrD 
Great Mir..” starring -lose , „ dUKUcR 

Ferrer pm ksppf Days. 1045 Late Flint: 

" Tn<' :iakcd Runner," starrlns Frank 

LONDON Sm " n ‘' CHANNEL 

8^0 am Tne Saturday Banana lz.ia pm puffin's Pia-i>re. sjo nappy 
with Bill Oddit, part 1 980 Days, lo.is Fcarure Film " The Oscar." 


*»« ^huu H,y, .»<• ... .... .h Darkness. 1145 Singers Cfcon-c vim ! ir . ’ „ , » r 

starring P(w Fioda and Michael York. 0-» Saturday Niahi with >h« RBC R..4IO Douglas .'I; Beniamino GUIj. U.<5 I Peter Barkworth pUjmg .Josef 

12.00 Epilogue. ■•r.hosira ih>. 11-in Sports 1140 .|. IBr Before M'dmghl. 12.00 News. I Van Snaun. 

™ Bav Mmm w,ll, Thc Shnw BBC Radio London I Surino toe rest of the week 

206m and 9L3 VHF , there will be two Schubert prO- 


1400 Epilogue. r, J ,TL p , , cw “T* - |,|ET M'dDlghl. 12-00 News. I Van Snaun. 

ULSTER including *^400 New*. loM.ia* sJui BBC Radio London i Durinc toe rest of the week 

10.00 am Saturday Morning Movie. Summary. 206m and 944* \TTF there will be two Schubert prO-' 

"The Liule Rouse oa ihe Prairir " jj * nifl 2 464m Stereo & VHF 550 ant As Radio 2 . 7.32 Good Fishing, j grammes on BBC2 everv night, 
11.30 Sesame Strrwt. SJ» pm Sports KA UIU j swm.^rereaA nr 1JW ^ cus: weather, traffic, shonplnc. „„„ rrv 

Results. SJO Beverley HUlblUieA 10.15 7.55 am Weather. 1.00 News 8J5 spon» news. 845 The Londnu Ganl-iier. c,n ? “ na 0C . e .. ! ale -. ■ ll V 


■«-* aaiu Av'Hbi neauirr. triune. snnn?mt. ^ rr«\7 

Results. SJO Beverley HUlblUieA 10.15 7.55 am Weather. 8.00 Wu-j 8J5 spons news. 845 The Londnu Gard-iier. 1 c,n ? C l * rl S' “ na 0C 5.,J ale -, llv 

Quincv. 1140 Rolf Harris Show. 1U5 Aubade (Si. 9J News. 0.0S Raci-rd 8J0 Sarurdav Some. 10J0 Snortso-ne. today . Start a now Children's tea- 

Closedown. Review, in.ludm^ Building a Llbr.irr 'S>. 12 JO The Robbie vincen; Sarurtay Show. I tilTfe serial about The Famous 

WF^TW ART) 1045 Redln 3 Freouency Chanzo: 400 pm Boh Bowel with London Count r>. 

.« __ r .rr 1 t ni n/I.,1 Guidance: Cuidance for Lrt'ener? iSl 8J0 Manorie Bilbow vrtih Close-Up. 5.00 1 ! 

.. C 5 ?** *- 5 ° S " ?• 1040 stereo Release nl music by Buch. RaU. 040 -CIom: As Radio 2. ! 



Schubert 


Sesame Streer. 9.45 The Saturday 
Banana, part 2. 10.13 The Monkees. 


GRAMPIAN 

0.00 am Scene on SaTurtia;. including 


1040 Saturday Morning Picture ■ Show 
" Treasure or Thc Golden Condor." war 
ring Cornel Wilde. 1145 Look and Sco 


1040 stereo Release nl music by Bach. Rail. *J0 -CIom: As Radio 2. 

Cazzaii. Perri if > 11.00 Robert Mayer . , n , . . r . 

fomert for chi*>^i ■ si. 12.15 pm LiOncion Jiroacicasting | 
McnscRMrq-s Mi*im 4W tfann-MS 261m, 4I7m and 97^ \*HF i 


10.45 The Saturday Banana, part s f ^ d «' S^ enxi £V" d 17111 § <rm L ,«S5 

" sirtn Tam n ofWaldoKiHy. 1J0 Sesame Sirc-.-i. 10JO 

^ m ^ The Be acli combers. 12.00 Lassi-. 11J0 

1240 pm world of .Sport: 1Z2o j»- 9n 12.00 The Monvei-s. H45 pm 

Headline: 1.15 News From Reflections. 12.no The Snare Tyrci. 

ITN; 1^0 The 7TV Seven— GRANADA 

1.30, 2.00. 2 JO and 3.00 from 9 JO am Make It Count. 945 Sesame 

Newcastle: 1.43, 2.15 and 2.45 S'reer. lJJJS Saturday Maiim-c. Howard 
•• in t-i.. Keel in " Red Tomahawk." 5 JO pm 
from Warwick. 340 Inter- Happ> Days. 1045 An AudUuce Wilh 
national Sports Special — Jasper Larroti. tlOxo Th»- Laic Him: 
Skating from Tile Ha cue. Lana Turner In - * Pey ton Place." 
Holland; 3.50 Half-Time HTV' 

Soccer Round-Dp: 4.00 0.00 am Doctor: 9J0 Ten on Suturda;:. 

Wrestling; 4 A0 Results 9-® LajMc 1045 Barman iPart i« 

c.n'ire 1030 T lavas. 1145 Batman 'Pan 

EM v*jt r,„„ n-v 1L30 Pop Spot. HJ5 Ten on Saiu.-vi.u-. 

5.0i News rrom TTN 11.® Star Maldeiw. 1240 pm Popcye. 

5.15 Cartoon Time 1240 Toil on Saiurda;. 549 Harnr Days. 


12.00 Just Ihe Job. 12.25 prn CUB Honey- EnVmkSrin- S s, 2 BWomcn zbun,-4i/m ana Vi J V Hf 

bun's Birthdays. S.30 Ra»y Days. M45 ® r "vJLjfi. cmiih r h! ^ rr SjW Marnfng Music. t.QO A.h'.: 

Feature Film: "The Oscar." awrftw jLn^Sl 0 !*. J \ n Si Alf.lTin Weekend news, reviews, features, soon*. 

Stephen Boyd. Elke Sommer and Eleanor ' c2e° TtaUw^BaD oran 1^9 pm Saturday Soon 

Parker. 12J* am Paiih for Life. ‘t! luil is. ISTja ‘r.S? After six. *J0 Hindi and You 7.W 

YORKSHIRE ™ 1 « « ^ « “S-K* Mala-mmr.c. informailon. m:,r- 

MO am The AnuzUbz Chan and The 


Holland; 3.50 Half-Time 
Snccer Round-Up: 4.00 
Wrestling; 4.50 Results 
Service. 

5.05 News from TTN 
5.15 Cartoon Time 


records iS' 
■ Si. 4.05 
reclul • Si. 


,‘C- ege Th* l, W' JWir-miiaa. liiiunuaiiuii. ui.-r- 

rui^rr 1 rJ™ vi.-ws in Hindustani. «J» Saturday Music. : 

£ i, ar , K • N “ n , h 9.00 IXichtiine. LOO am Might Estra. I 


Chan Clan. 940 Happy Birthday Mickey. P8 ,f L r e «f- ' .. , .. 

10.15 You Can Make ir. lUO Six Million Tchaikovskr Si. Ul Tn lW of (he Capital RadlO 
m._ v. r. Rv7»nilnt- World 8.K Xnnh < I wr nr r 


Dollar Man. ' 5 48 cm Happy Days. B.vzanUne World. 8.35 North nwom 
10.15 " Eu aland Made Me." raarrinu f^ uv j l, . of •‘’ us 1 "-‘ P jrt 2 B-.v'Jhoren «S>. 
UUdesarde NHI and Peter Finch. 12.00 *-15 _ John Ireland •p..rs»no I ri-w by 


G>-orgc Hamilton IV ' Cvoffrey Bush*. 9 JO Georgian Sengs 'S>. T “ 

n g nirt . ' 10.55 Sounds fnteresilnc «S*. 11.45 New y \oung <S>. 1408 Kenny 

KAXJlO I UJ0-1L55 Tonlcht's SchuHen Sods on J-W pm Afternoon Delight 

(5) Stereophonic broadcast. Records. Johnson (Si. 4JW Croc t 

2 Medium Wave. RADIO J .Wwip ■?■. IM N, 

5.00 am As Radio 2. SJ0 Ed Stewart tlAL,l V„ 4 „„„ , SJurainj s Oiart <S>. U4M 

with Junior Choice. 10.90 Pieter PowkU. 434IB, ddOoi. 28.iin and yfu 1 American Dream is-. 12.01 

1.00 pm AdndD Juste <S>. 2-W Peul fc-30 am News faJ2 Fernuuc Toddy. Bnckseai Boogie ‘Si. 2J 
Ciamhaccini iSV 4J1 Rout on iS). SJ8 450 Yours Falihfutly. 6JS V.'edUinr: Young's Niglti l-Tishi (S'. 


194m and 95.S tTir 
4J» am Kerry Juby's Rreakfait Show 
■ Sc 9.00 Capirat Coumdow-n with P-.ter 
\oung «S i. 12-08 Kenny E’erett is- 


w/e Nov. It 

UK TOP 20 (Homes vlowrtitg m) 
\ Some Mothers Do 'awe 'em 


2 All Creatures Great and Small 

(dSC) 1S.CS 

y Larry. Grayson ICBC) 17.55 

4 Ttw Szrccncy (Thames) ... . lo.eP 


a . ‘15 Cnemmii (Thors) CATV) 74 85 

U Ratorn-Bf the Saint (A TV) — 14.6ft 

M Lillie (LWT) : .1.7 — 14.60 

m „ 13 George and M^drerf (Thames) 14 P5 

fl 19 The Professionals (LWT) 13.85 

“ “ . » Side by Side (Thames) 13.Pa 

tno m) Figures compiled bs Audits of •Great 

n Britain for the Joint Inan-nristi Commttiei* 

(BBC) W 95 :ar TekrlSion Advertising Kuseardi 


tJJUTAR*. 

U4. Top 20 (Ucliseo Ratings) 
l Utile Horae (drama). (NBC) . 57 A 
.2 Word (Part One) (drama) (CB5).3e.ti 


S' Corona Cion Straot (Mon) (Grsn) 16.50 3 Love Boat- (drama) (ABC) - 


1240-1L55 Tonight's ScbuBeri Sous tm i0 ° wn Afternoon Ddigtat wuh Dum.-sn 


Records. 

RADIO 4 


6 Robins Host (Tbimos) 

7 Mastermind (BBC) 

S Crossroads (Tnes) (A7V) ... 
9 Safe of (he Century (Anglia) 


Johnson (S>. 6JW Crec Edvard's Snui 9 Safe of (he Century (Anglia) 
Spri-trimt 'S-. 9Jffl Nicky Horne's M Crossroads (Wod) IATV) 
Ouxnms'o Chart <S>. 114)0 Mik^ AM.-n's 18 This Is Yoar Life IThames) 


.... 18 (U 4 Mark and Mindy (comedy) (ABC) 25.1 

... . la.Ua 5 Eight ly enough (drama) (ABC) 24 9 

-,5 20 . 6 Sixty Minutes (noyrs) (CBS) 54 i 

15.15 7 Charlie's Ansels (drama) (ABC) 34.1 

.... J.Vtti 8 What's Happening (comedy) (ABC) 35.9 

. 15.03 . 9 MASH (comedy) (CBS) .. . 31T 


434m, 330m, 285m and VHF American Dream <5>. 12.00 Mik«* Allen's; 12 Edward and Mrs. Simpson (Thins) 14 S3 13 Pa»y (stand (drama) (ABC) .. it.S 
I News 6J2 Farmmv Today. UiiVkseat Boogie >S.. 2J» am Peter 13 Coreraiiim Street (Wed). (Craii) I4.WJ A Nellsen ralius Is mu a numentaJ 


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-This stunning production — uniquely by Tim Rlt 
MlfoyaMe." f. Times. "The fun"let*_. _ . , , 
musical around — bar none. S. Mirror PALLADIUM 


THEATRES 


THEATRES 


13 Minet* Blessings (LWT) 

THEATRES 


CINEMAS 


AMBASSADORS CC 01-836 1171 
Evra. 8.00. Tues. 2.45. Sat. 5.00 8.00 
JAMES BO LAM 
"A superb performance.” FT 
GERALD FLOOD 
in a NEW THRILLER 
"WHO KILLED 
AGATHA CHRISTIE . . 


APOUJO. CC. 01-4 37 2663. Evgs. 8.00. 
Mats. Thors. 3.00. Sat. E.00 and 6.00 
PAUL DANEMAN. LANA MORRIS. 
DENNIS RAMSDEN. 

CARMEL McSHARRY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
2nd WICKEDLT FUNNY YEAR "Very 
very hinny— orca! entCrtalimcnL" N.o.W. 


ARTS THEATRE 01-836 2132 

TOM STOPPARD'S 
DIRTY LINEN 

"Hilarious . . sec tt.” Sunday Times 

Monday to Thursday a.30 Friday and 
Saturday 7 00 no 9 1 5 


SADLER'S WELLS THEATRE RoseBerv j *RMtL*^ 734 H 42vi-4 M ^03: Ch Mon?-'^iirs* 
Ave. ECt. 5, 37 N {j£^ : 0 p^j|^ oer, ‘ *- 00 pm - a ' 1t1 $ a: - 6.00 and 8.45 

Tanlehl 7.30- SEMELE. No* 21 to Dec. ! BEST MUSICAL OF THE YEAR 

7S Lnndon Contemporary Dance. ( EVENING STANDARD AWARD 

SECOND GREAT YEAR 


THEATRES 

ADCLPHt THEATRE. CC. 01.336 7611, 
Evenings at 7-30 

Mao. Tnunaavs 3.00. Saturdays 4.00 
An Enchanting New Musical 

BEYOND 
THE RAINBOW 

“HERE 15 A HAPPY FAMILY 5HOW," 
Tbe Time* 

■'BOUND TO RUN FOR EVER," 
evening Nrvn 
"SUNNY TUNEFUL AND 
SPECTACULAR." 

Daily T 

Crrtf* CJ.-2 Bookrn^s D1-&3& 761 1 


ALBERT. 8 JS 3678. CC bins. 8 36 7071-3 
From 8 30 am. Part* rates Mon.. Tues.. 
W« and Fri. 7-45 pm. Tb u rs. and Sat. 
a jc and 3.00 

A THOUSAND TIMES WELCOME 15 
LIONEL BART'S 
OLIVER 

"MIRACULOUS MUSICAL. " Fin. Time* 
Ml ' Sltn ROY HUGO 
GILLIAM BURNS. MARGARET BURTON 
Eviru Christmas Mats. Bag* Nat* 


1 CAMBRIDGE. CC. 01-836 6C56. Mon. to 
Thors. 8.00. rr,„ Sat. 5.45 and 8.30 
i IPI TOMBI 

> EXCITING BLACK AFRICAN MUSICAL 
"pmsatma Musical." Evening Ngws 
Seat pn-et E2.00.£S.SC 
Dinner and Jen price ceat fs.so Inti, i 
FOURTH GREAT YEAR 
TRANSFERS TO WHITEHALL THEATRE 
DECEMBER 6th j 

CAMBRIDGE CC 01-836 6056 i 
8 m Office new open lor 
TROUBADOUR 
A new musical srarruvs 
KIM BRADEN. JOHN WATTS 
Red. price Previews from Dec. 12 
Opening Oecember 19 

‘comedy. CC 0 7-930 2578. E»r». BOO. 

Tnurs. 3.00. Soil. 5 ’5 anrt 8.30 
; BIUIE WHITE). AW 

i "The mest Bey>eriui >em*Ic art inn seen 
| In London this year." Observer 

, T. P. McKENNA in 

' .MOLLY 

Bv SIMON GRA- 

| "INTENSELY MOVING' E. New* 

I "FEROCIOUSLY EROTIC,’ S. Time* 


DRURY LANE. CC. 01-836 8108. Man. 
to Sat. 0.00. MaUnce Wed. ana Sat. 3.00 
A CHORUS LINE 

"A rare devastating, loyain astonishing 
Stunner." S. Times. 3rd GREAT YEAR 

DUCHE5S, B36 8243. Mon. :o tnurs. 
Evenings 6.00. Fri.. Sal. 6 IS and 9.00 
OHI CALCUTTA 1 

| "The nudity Is stunning'' Daily Mali 
9th Sensational Yc-r 

' DUKE OF YORK'S CC 01-838 S122 
Evgs. 8 pm. Fri. and SaL 5.30 ana 3.30 
l TOM FELICITV 

COURTENAY _ _ KENDAL 

CLOUDS 

"IS BLISS." Observer 
■'Michael Frayn's funniest play." D Tel. 

FORTUNE. 836 223B. Evgs. 8. Thurs. 3. 

. Saturdays B 00 and 8.03 

i Murid PavTon as MISS M&RPLE ill 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 

GARRICK. CC. 836 J&01 E.gs. B OO ' 
isnaral Wed. 3 03. Sals 5 30. 8 30 I 
, DENIS QUILLEf in IRA LEVINS I 

I DEATHTRAP f 

A New Thriller directed bv I 

MICHAEL BLAKEMORE 
■ "THREE CHEERS FOR TWO HOURS OF 

I MARVELLOUS ENTER TA INMENT.' I 

1 Sunday Telegraph i 

'GLOBE THEATRE CC 01-437 1392' 
I Evgs. 8.15. Wed. 3.00. Sat. 6-00. 3.40 
( PAUL EDDINGTON. JULIA McXENZIE. ‘ 

i BENJAMIN WHITROW j 

I ALAN AYCKBOURN‘5 New Comedy 

TEN TIMES TABLE I 

I "Tnis must be tho hacoicsi (augbler- I 
I maker in London." O. Tel. "An irresisublv 1 
I cnhivaole evening." Sunday Timet. 

1 GREENWICH THEATRE , 01-958 7755 

; Evenings 3.00. Mat. Sat. 2.30 until 
' Nov. 25. Stephanie Seacham O^vld 
Burke. 5usan Hampshire, Jerem irons. 

David Robb. James Tayio- in 

AN AUDIENCE CALLED EDOUARD 
by David Pownall 

"A tnearricai coup." Ttmt-t j 

I HAYMARKET. 01-«Q 9832- £ v C f - *£?■ i 
Mats, Wed. 2-30. Sals. 4.30 anc 8.00 i 
GERALDINE MCIWAN ! 

CLIVE FRANCIS 
NIGEL STOCK 

PETEF PAU^ .. 

BOWLES HARDWICK 

and FENNELLA FIELDING m 
LOOK AFTER LULU 

bv Noei Ccwari. , 

with CARY RAYMOND 


KING’S ROAD THEATRE. 01J55Z 7488.. 
From Dec. TO Oly. TQ.3Q. 2.30 aod 4.D0 

THE ROCKY HORROR SHOW 
DON'T DREAM IT->-5<E IT, 

LYRIC THEATRE. CC. 01-437 3686. 
Evgs. 8.00 Tburs 3.00. Sac 5.pp. 6-30. ; 
JOAN FRANK j 

PLOWRIGHT FINLAY 

FILUMENA 

by Eduardo oe Filippo , , * 

DIRECTED BY FRANCO MFFERELLI 
*■ TOTAL TRIUMPH." E. New*. ’' *** 
EVENT TO TREASURE." B. MJr. ' MAY : 
IT FILL THE LYRIC FOR A HUNDRED . 

YEARS," Sunday Times- | 


Man.-Thurs.. Fri. and 5ar. 5. and 8.40 
JESUS CHRIST SUPERSTAR 
by Tim Rlcy and Andrew Lloyd-Webber 

'ALLADIUM. CC. 01-437 7373. 

Tonight at B.1S A 8.45. 

MARY O'HARA . 

SWINGLE II 4 CHARLIE 5MITHERS 


01-437 6834 i RAYMOND REVUEBAK. CC. 01-734 7553 VICTORIA PALACE. CC. 01 -828 4 7 3 5 -6 . j C AMOE N _ PLAZA_ i OP P - ^ Camden Town 


At 7J)0 9410. 11.00 nn. Open Sun. 
PAUL RAYMOND prnents 
THE FESTIVAL OF EROTICA 
Fully ak-candrtiened 


PALLADIUM. CC. 01-437 7373. Th , -./?* 

NovembW 20th lor One Week Only. Th4 Flrti 

with me JOHN DANKWORTH Orcn. ROYAL COURT. 
Spec.at guests: JACK PARNELL __ E»gs. 

KENNY BAFER. DON LUSHER PRAYER I 

Mon. 7.30. Tues. and Thurs. 8.00. Y/mJ. br 

8.45. 2 serfs. Fri.. 5*L 6.15; 8.45. ~ 


REGENT CC -1-837 9362-3 

Mon. -Sat. B. 00. Mats. Fri. and Sat. 5.00 i 
LITTLE WILLIE JR'S 
RESURRECTION 
The First Soul Gospel Musical 


R FOR MY DAUGHTER 
bv Thomas Babe. 


PALLADIUM. CC. 01-437 7373. 

Opening Dec. 20 fir a Seawjrv 
DAUNT LA SUE 
as "Merry-- Wide* Twanaet in 

ALAUDIN 

ALFRED MARKS m ABANA2AR 
Dllvs WATLING. Brian MARSHALL 
and WAYNE bLEEP 
Preview December IS at 7.30. 

PHOENIX THEATRE. CC. 01-836 2254. 
Evgs. 8.00. Wea. 3.00 Sat s.o and u.JQ. 
DIANA RlGG. JOHN THAW 
NIGHT AND DAY 
A New Play by TOM STOPPARD 
Qlr eg ed.hy P.EJ E R_w0p3 


MAT FAIR THEATRE 01-493 3031. 1 ^ 

From Dec. IS. Dally 10.30. 2J0_and 4.00 PICCADILLY. From 8.30 am. 437.4505. , 


ROYALTY. CC 01-405 8800. 

Mon day -Thursday evenings 8.0u. Fnw* 
5 JO and 8.45. Saturdays 3.00 and 3.00 


01-834 1317. I Tube! 465 2443. THE 808 DYLAN FILM 

E«ju. . 7 JO, M jli W». and Sat. ' 2.45 RENAU30 AND CLARA ;'i AAJ wlgi BOB 

Stratford johns. . dti/Oi ana joa» baez fn 4 track 

SHEILA HANCOCK STEREO. Progs. 2.50 and. 7.30 dally. 

ANNIE - ^ ; 

-■ BLOCKBUSTING—- .7 • • 

SMASH HIT MUSICAL." D. Mail. CLASSIC 1. Z. 3. 4.' Oxford Street (opp. 

— — — Tottenham -Court Rd.' tnbeL- «36 . 0310. 

WAREHOUSE- Dcnmar Theatre Covent u and A' preos. Children half-nnce. 
GardM. Bob Office 836 6B0B. . poyal n Richard Adam, WAFERSHIP- DOWN 
SbifccsBcari- Co. S-?aU available lonT ru> Now with slerwdhonic sound. Progs. 
Man. 8.00 for Pete Atkin's A. A R 1.45. 4.00:6.15. SJ4 Lata show Tf pm. 
-Pete Atkin's, playing (' as enioyatue as »i -THE GREEK TYCOON ' lAAV.- Progs, 
bis aaloguc" . Tlm«, Adv Bkg. Aldwyeh. • 1.20. 3.40. 6.00. B .ZB. Late ahow 11 pm. 

— — . _3t .Glenda "JackT<«i_ as'. STEVIE 1AA). 

WESTMINSTER. CC. 01-834 0285. Prcgi. 1.30. 3.45:. 6.05. 8.25. Late 
LAST WEEK . •■shom TEXAS CHAINSAW MASSACRE 

- Tucs-Pri. 7.45. Saiurday at 3.00.. tX-GLC)..1f -pm. 

A. MUSICAL ENTER TAIN M8NT Burt HCvncAte is HOOPER I A J. Progs. 

' • _....J-OVE ALL • S.ao. 4 10 . B 25. 8.40. Lkto show 11 pm. 


WESTMINSTER-^ 01-834 0285. 

TuM.-frL 7.45. Saiurday at 3.00:.' 

• *A. MUSICAL ENTERTAINMENT 
• LOVE ALL 

. - THE BUNNY AUSTIN STORY 


BUBBLING BROWN SUGAR .1 ■ -. Tnt " us " 

Beal Musical of 1977 

Tel. Bookings accepted. Maior crcan i WESTMINSTER THEATRE, 
cards. Restaara.it Ros. 01-405 2418. ■ Tim Rlre and Andrew. I 


MAY FAIR. 629 3036. Ev** 8 

5.30 and, 8-30. wed- Mat- 3.00. 
WELSH NATIONAL THCATRf CO 
DYLAN THOMAS'S 
UNDER MILK WOOD 


SAVOY THEATRE. D1-C36 36138. 

Credit cards 734 4773. Tom Conn in 
. WHOSE LIFE IS IT ANYWAY? 

By Brian Cla.-k. " A MOMENTOUS PLAY. 
I URGE YOU TO SEE IT." Gu*rd.ar. 
evgs. 8.00. Wed. 3.00. Sal. 5.45 3 8 4S 


Tini Rlre »"d Andrew. Lloyd Webber's 
"JOSEPH AND THE AMAZING - TECH- 
NICOLOR .DREAMCOAT." starring PAUL. . 
JONES. Twite Dally. Redured Prlre Pre- 
yiBW* from • Nt>v. 27. Odens Nov.' 30. . 
Tickets' £2- £3. «■ Book Now. Limited _ 
run. • - . - • 


B34 0283 I CURZON. Curt on Street, Wl. 499 3757 


YOU LAUGHED. AT HIS AFFAIR . 

NOW LAUGH AT HERS . . . 
PARDON MON AFFAIR TOO (AA) 
(English -ub:ici6S) Fiim.at 2.00 mot 
Sunday). 4.05. 6.20 and 8A0 


SOOTY'S CHRISTMAS SHOW 


'HOW 1 credit Cards 836 1071- Lul Pcrtf Tni. PETER PAN 

: 5.00 8.15. "Dommating with unTMtarM \ D,ilv 2 >ns S.*9. Pr.:et LS. 14 £3 £i 

___ -, e , , 9J»M> . and humour, ihe BROADWAY Reduced nrlce on Ooc. ZO. 21.32 

328 2ZSZ. 1 STAR." 3. Etc. 8. 9. 10. 11. 12. 

y due ynp-' SILVIA MILES ! — , — — 

Wfc- [ "Towenna ’ °»'l» M* IJ i STRAND. 01-836 26B0. Erenmgi a.CQ 

nvrutnB 1 u n. . V,El i X .. ^.,1 M 8 f Thwrt 5.00. Sets 5-JO and 8.50. 


SHAFTESBURY. CC: 836 6596-7 | W ^^N. S& nV&SXHKEi 

PETER PAN Seats £3. £2. £!. 

D.ilv 2 ano 6.«5. Pnces £S. £4 £3 £2 

Reduced nrice on Ooc. ZO. 21.22 j -n WINDMILL THEATRE. CC.. 01 -4S7 631 2. 
a. iu. ii. i^. TW i K Niamiv a.oo and itroo 

STkANO. 01-836 2660. Erenmas S.CQ PAUl"raYVON?I srnents . 

Mif. Thvr* 3-00. SaK 5-JO and 8.50. RfP OFF 

f !Sm»e X *ek!ft?F — THE EROTIC EXPERIENCE OF THE 

. „ WTE'RE BRITISH — f MODERN ERA 

c nrtn°D r G /mii i/iifrcT" [' ' Take* to nnorecedented limits vrtrat Is 

OVER 5 OOO PERFORMANCES ! oermluibl? an our stane V. Kwc 

: Z *1- . .. .THIRD GREAT. YEAR. .. .. . 

ST. MARTIN'S. CC. qi-836 1443 I c 

F.OJ- C_nn. MiIIiwk T nmn. ’ nr. e..T ! ■ . 


NATIONAL THEATRE. 928 ZZ5Z.‘ STAR." 3. EvD. 

PocsIlPliry of no oert. Monday due uno-' SILVIA miles ! 

haal strike aalon. Please cM« 1 -Towei-mg pertorewnoL* 1 Da.ly Mail: 

OLIVIER ICPMI Today 2-it *Z~S, VTEUX CARRE . 

(last 2 nerfs.J THE CHERRY GRCHARD : "Works U’-e magic." F.T. " There nas 
bv C hekhov trans. by Miehaffl *l r *? n I hardly been a marc satisfying ovaftmq I 
LYTTELTON I’.pmccnlum yfaoel ._T«L?y In the West End. "THE BEST COMIC 
3 A 7 . 45 . THE PHILANDERER WRITING IN LONDON." ObS. "5** 

,hYShaw. . 

™ ,t, W AS hI NGTON^ i-EC«7 New j PICCADILLY . 437 0503-856 3962 I 

cwMdy bv CM^re Wnod : Credit cam booklnga 856 1071 | 

*Ke*eii-ni ?h*»p W »aHran 3 theairef | R|,:h T *^, £ l, ^L dc T r, o ’ a D n . 

Chnstm^maS^ SS T8-jan. 13 


NO SEX PLEASE — 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH — 
OVER 5 000 PERFORMANCES 


E.g S . 5-00. Matins Tub. 2.45. Sat*. wYNWAM-S. - .01-836 3828. CC 

• AGATHA CHRISTIE'S BJ6 107* fronr 0.30 am Mon.- 


j 2033. Credit card booklnga 0*0 3052. 

OPEN SPACE 387 6969 

BECKETT. DIRICTS BSCKTTT 
Endgame — Krapo's LW* Tade 
Tuas. te Son. 'til Nov. 26 7-?° Dm 
Ring Soy Office tar 
Extended by public dHiund 

OLD VIC. I2,a 7616. 

PROSPECT AT THE OLO Y g 
Today 2.30 and 7.30 D*«K I 

IVANOV, c nek nav's comedy. «W> CNv* . 
Arrlndell. Brenda Bruce. Ml«h»l peni»n ; 


PRINCE EDWARD CC 01-437 W7T 
Evenings 8.00. Man. T.hurs. Sat. 3.00 i 
CVlTA ! 

bv Tim Rice and Andrew Lloyd- webbar 
Directed by Harold Prince. 

PRINCE OF WALE5. 01-930 8681. Credit 
cant bookings 930 0648. Limited run 
before New York. Mon. to Thurs. 8.00. 

s » ! - 6 -00 and a. <5 

ALAN AYCKBOURN'S .mjiti hit CflmMv 
BEDROOM FARCE 

”11 you do nor Hugh sue me." D. tan.- 
A Narlgiui Tneatre orodunlon 


^ 5.00 and 8.00 
AGATHA CHRISTIE'S 
_ THE MOUSETRAP . 
WORLDS LONGEST EVER RUN 
26th YEAR 


TALK OF THE TOWN. CC. 01-754 50S1. 
Air-conditioned- From 8.00. Dining. 
Dancino. 9.30 SUPERB REVUE 
RAZZLE DAZZLE 
. at 11.00 MATT MONRO 


Thors. B.OO.-.Fr-. end Sst. 5 15 and 8J0- 
- ENORMOUSLY PfCH ' ' 
VERY rtJNftrt'/ EvwnTnc Nnvyj. 
Mary 0 !MjI|»,'s smavb-hit • comedy ■ 
ONCE A CATHOLIC 
" Supreme cmnlr- en s-< and reflgJon.'* 
Oaifv Tyroeraoh. - • — ■ 

"MAver vnij SHAKE WITH .. 
LAUGHTER.” 'Guard lan. 


LEICESTER SQUARE THEATRE (930 5252) 
| .THE SOUND OF MU51C (Ur Sep. prog* 

I Wfc 2.50. -7,30.' Sim. -5.00: 7.30 Late 
show 5ai. - (1,30 tw - Septs bkWn. in 
advance by post or at Sov OSnrc for 7. so 
prenj. Mon. Fti. and ell procs. Sat and 
Sun .(No *ale show, booking t 


ODEON HAYMARKET (950 2735-27711. 
MIDNIGHT EXPRESS iX>. Sep pro^s. 
Daily 2.20, 5. SO. 8 30. pm.. Late shnw 
Fn.-Sat. and Son., devs epen 11.15 pm- 
prog, at 11.45 nWi ; Ah seats. bookable 


ODEON LUCESTER SQUARE. |930 bill.' 
EYES OF LAURA MARS lAAi. ' 5«F- 
or«j. Dly- doors open 2.00. 4.45 7AS. 
'-»!e show Fri, and 5at.. doors Open 11.15 
phi. - •_ 


ODEON MARBLE ARCH WZ f73S 2011-2) 
REVENGE. OP THE PINK PANTHER (A). 
.Progs.- com.. 3.75: 8.75 Tate am gut snow 
Sat 11.15 om. 


THEATRE UPSTAIRS. 730 2554. Prevs YOUNG VIC. g 2 R 6365. Tnn't. 7 3n RIBKCE CHARLES. Lets, in' 4S7 83 R1. 
from wed. n««r 7.30 Keskide* W^rk^hop RU"*»4BO hi. . Thur.. Fri 7.30 THE Walerlan Borowczyk's.THB BEAST LoMwi 
Production of MASADA by Edgar White. of - Shokesoeare trilogy * . Se l»- 0-i.WO. • a.M- • 8!.3S 

ACTION MAN, 


LBUiM PunwH iohn UfMMt. Jane | QUEEN'S. Credit card*. 01-734-llul 
. =fo demand I RICHARD VERNON, JAMES VILLIPRS 


LEAR return* Nbv. 21. BV 
there win be four extra p**p> " 2r,lr 
Lear Dec. 18 20. 32. 25 « 7 - 3 S- 

TWELFTH NIGHT returlW... . * Bvi* 
IVANOV return* Dec. 7. TH8 LA®’ ® 
NOT FOR BURNING return! Otc. 9: 


RICHARD VERNON. JAME5 VILLIEPS 
THE PASSION OF DRACULA 
“DAZZLING •’ E. Stan "MOST 
SCENIC ALLY SPECTACULAR SHOW IN 
TOWN," Punch "THEATRE AT ITS 
MOST MAGICAL. T imo 1 1>— Suj»,r, 


from Wed. n«»r 7.30 Koskideo Wgru*hop 
Production of MASADA by Edoar White. 

VAUDEVILLE. CC. 01-836 996a” Pr^ 
Dec. 4 1 3 at 8 00. OPENS DEC- & 7.00 
PATRICK GARLAND'S 
AdaaMtion of THOMAS HARDY'S 
UNDER THE GREENWOOD TREE 
“ a ricniv enloyabhe evening " Gon 

VAUDEVILLE; 8I6 - " 998a" Tcyes.' " B 00. 

AN EVENING WITH DAVE ALLEN 
"UND3UBTE0LY THE FUNNIEST 
SH OW-Pta OWN " Son. Exorn*. 
f 1 IMMIr 1 until Dec. 2. 


; CINEMAS . - 

' AKj and 2 SHAFTESBURY AVE. 836 
8861 Sep. Perf*. AIL 5CAT5 -SKBL-E. 
1 DEATH ON THE NIL! (A): WlL-and 
| Sun 2. So. 5-20- C..20- Late Shaw Totuglit 


tSiih; 3. 1 0. J AS 9.35). Lara. Shew fri. 
and Sat. 1*,.-13. Scats B/ble. Lkc‘tf Bar. 


STUDIO 1 amt 4: Oxford Clrcin- 437 3300. 
1; Jill Clarburgh. 'AJiui Batn m Paul 
Mirerekv's AN- UNMARRIED .WOMAN 
;X'. Proas- ’ 05. 3.30. 6JW- AS5- Lare 
, ihjy* JK»,: ar.rf S4(-' Tfl.SO; .' .' 

• A: Aoatira-- cnrtvie'S- death- On THE 


" 1(4,* • -. NILE -A'. Sen- Per+S. Dly- 2:13- 5 IS, 

Z DEATH ON THE NILE CAJ. yyk, and I H.1 5: Lsttr SbQiV Thurs. f A.; SaL J T-1 3l 
5 un. 2.00. 5.00. 8.00. ’ 'Seat; 8MR4ble. - '• 






17 



fr i 

*\ • 1 :< fy} ■ 


jjj 


In the course of making' a ; Uracula film in Delft, director Werner Herzog wanted to release 10,000 rats 
into the city’s -streets. Whenitlii'd no he went instead to Schiedam — which agreed, provided fewer rodents 

■ • ■ , u f • •• ' ■ , • 

- were involved. Just another incident in a busy cinematic year. 


jl . tvfgm 

. * . - >-aaKStg 


' •••’ • 


r sY NIGEL ANDREWS 

•t-’- . . . - _ 

iJBACULA -r iii ..Delft, a trap- 
sexual in Frankfurt, and 12 film 
stars hr.a'Hotne traffic Jajn.Wbat 
do they have in common? . The 
'ariSwer. it that, all are movies 
in" progress. _ • It has’ been . an 
eventful . summer in European 
' film-making, and one that firmly 
repudiates rumours of -the 
cmema's - ailinjs ■ health. The 
movies are a lire and well and 
living - in almost every un- 
expected- comer of the Con* 
-tinerit. The two’ countries that 
have : established -. cinematic 
supremacy iu Europe in recent 
years-^Gennany and Italy-— ftre 
as biisy as .ever, .and among the 
directors at . work this summer 
either filming or setting Up pro* 
dects for the immediate future 
have been Fellini, Fassbinder. 
Herzog, Wenders, Bertolucci. 
Comencini and. the . Taviani 
brothers. 

■ The summer has -not been 
_ without its setbacks and curious 
accidents, Bertolucci, broke both 
.his arins while shooting . La 
T.una in Northern Ttaly the 
tripped and fell while checking 
a camera angle through his view- 
finder), and the film was sus- 
pended for several weeks, 
Fassbinder's last film but one, 
Tiie Wedding of Mario Broun,, 

was mysteriously withdrawn 
from the Taormina Film .Festi- 
val in July and has still not 
been publicly shown (something 
to do with ownership disputes). 
Fellini has been blowing hot 
and cold about his next project 
The City of Women (now, it 
seems, definitely going ahead). 
And German. With. Wenders (of 
The American Friend) has 
been in a similar state of -.un- 
certainty ' about shooting 
Hammett, the life story of 
American novelist Da&hiell ' 
Hammett in Hollywood. " 

That is what didn't happen. 
What did happen .was J that 
Werner ' Herzog shot (and: is 
now editing) a new- version : of 
F. W. . MurnaoV 1 922 * vampire 
classic ‘ Noxferfau:-- Bainer- 



Werner Fassbinder filmed his Herzog has yet been involved 
own "story about a trihftfc*usl Tn in. He has an international cast 
present-day Fraokffe^Hrstory (Isabelle Adjani. Bruoo Ganz. 
that looks like a je- Klaus Kinski) and a budget of 

turn to. the“ *round a million dollars. But he 

crew individualism 5T*&b&der has still been doing things very 
briefly forsook, for fi^fioproduc- much his own way: housing him- 
tion gloss ot'Despiuri^m'Xjaiji self, his cast and his crew 
Comenctoi asfemWedj'jStl. all- commune-style in a large house 
star cast at Ratals, jCfnedtta in Old Delfr, modifying the 
studios for "a .film i-v called script from ‘day to day fand 
E'Ingorgo (The improvising ideas on tiie set), 

which, with shoO#Og-< just juxtaposing In the film 
finished, has already beerf un- moments of black comedy with 
officially earmarked ^fir-next .moments of visionary magic, 
year's Cannes Film FiS# vat One memorable sample of 

» the latter is a scene Herzog 

Pertnd variitftt£ shot outside Delft one summer 

reriVU VUmVHF evening. Standing in a huge 

Most -of the - field - alone but for a group of 
erupted, as * often horses in the distance, Nos- 

thc aetmties of TVerofer Rerzog- f eratu rai ^ a clenched fist from 
The director ot .\g»ir^ 0 rath under bis doak Md sudden]v 

of God, The Em OJ^Wtsper ODenj> and r i osef: The gesture 
Hauser and Stawsdr *?** *** is like a bolt of lightning the 
tjtngs by halves and^VluIe horses rear, whinny and gallop 
shooting his periodLj.ratnpire j nf0 t hp. distance. How was it 
film in Dcirt, he tnade.b^ ^P^ - done? Audiences can speculate 
sen ce keenly felt id t^tt.ptetti f nr themselves. Enough to say 

Dutch town. Herzog *° that a director who hvnnotised 
release JO.OOO .a^J>ra.cnJa s a „ Wjl actore - in bi$ , as1 

plague-carrying io llowet s. ^ ( Hearr ot Glo.«> and braved an 
through the harrow a b 0 ut-to-erupt volcano in an- 

the town said no turfrtoe^er- other (U Souiri1rTei is nM 

map director wag^. finilly short of bold' and ingenious 
obliged to take the rodents (in ideas 
smaller quantities), to.lthe.he&b- ' 

hour town of SchiedapL. j''^ Meanwhile, Herzogs ill us- 

Herzog insists that-fifi- hew ^ r,ou? compatriot Rainer 
version- of Mumatr’s ^tartans Fassbinder has been in 

horror movie (itsd^'Ms^f ^n IS nkfurt A \ car With 

Brad Stoker's Bracuio-);is-hot Thirteen Months. Usings as his 
just a "remake." “It -is .'mbre operations base a small' hotel 
than a horror film ” tcMliae. ‘ near the city centre. Fassbinder 
Nqsfertao (alias Dra«ti*)'--^is has been going out on the streets 
nor a monster, but an.:«ubiv» deploying his camera, crew and 
lent, masterful fofcer&r-bhange. .cast with an almost insolent 
His visit almost brings Paradise sense of improvisation. The film 
to the town. When the plague trtl* the story of a transexual 
threatens, the . people? Mr* 20 years after the sex 

their furniture aad- tb^pro- change he/she undertook to 
party into the streets; th^ ^ a maJe lover - recaIls ber 
card their lxmf»eois trappings. before and. after the opera- 
A new, -terrify ing kind-of-free-' tion. The subject is a typical 
-dom comes to: them.”' • : ; . -.. one from Fassbinder. frontally 

. As a rCefmaii^Frecch-Aaieji^.challenging his audiences moral 
can do-production, .partly 'Preconceptions, 'and forcing 
financed by aOth Cehtnry Fox- ^^m to. see a human story in 
this, is the bluest - project vbat rn other hands would be 
















Tbe produced Slrto Clrmcntheui, director Luigi Comencini on the set of L‘ in gorge (Traffic Jrjn) 


-5. < , t u 

= i »-il 


ft/sotheby 

ART MARKET REVIEW 




■ ■ 



' SOME filtdre historian, of the 
' art nsarket in the second half 
of the 20th century, might well 
feel it worth commenting upon 
one interesting eba racteristic 
.. which has manifested .itself 
among collectors during the late 
1880s and 1970s, a character- 
istic which, to borrow a phrase 
from the -electronics industry, 
could be described as. a drive 
towards miniaturisation. Over 
the last decade, many miniature 

• .art forms — Japa nese nctsufee 
and inro. European portrait 
miniatures.-. Oriental end 
western manuscript illumina- 
tions, art nouveau and art deco 

jewellery. smaller pieces such as tort* 

sicaJ carred gemstones, vertu, antL7n ^ m/t> The Bernard out ex- 
ga tauter le, eouis, stamps, et. « contained many fine 

-have shown qmte astonish mg eJcailipIes representative of most 
n^es in value. The reasons for Qf ^ i^d m g Turkoman tribes 
..tins are not hard to find. Tefcke, Yomud. Ersari. 

...A growing awareness of art. ^yj 0( jor, Saryk; prices ranged 
-and a coneamitant , desire to frQm £^50 t(V £1,750, with the 
. ..-collect it, have had to. contend majority o£ pi^ at between 
with an ever-shrinking living- £5^ and £goo. The most expen- 
space: thus for many people, sive Turkoman- piece in the 
•, the collecting of small objects show, however-; was not a bag- 
Kas become -a practical neces- f ac e but a Yomut asmaJjffe.with 
sify. . Added to this; however,, is an unscud design of three 
a powerful . oro Domic reasbp; stylised trees; ibis was sold for 

- many serious collectors of works the high price of £3.600. demon- 
r of art live in what they, at least, strating* that buyers . are pre- 

' consider rt> -he potentially un- pared to pay very large pre- 

- settled countries. For them, the. miums for pieces of unusual 
possibility is ever present of an design.' 

enforced and hasty departure; For tJje new collector, the 
.. therefore small, easily trans- prices of Turkoman pieces may 

• portable works of art have au geem a m}e daun ting. There 

advantage, over, sar. a suite of ^ however, several other 

: 18th century furniture. 'There area ^ which have not yet been 
is . also the point that certain ^ subject of keen competition, 
■art forms do not have obvious prices are still compara- 
.' value . -.for the layman, unlike tively m0 ^ e5t - west Persian 
r precious stones or metals- ■ ^ai pieces, especially Kurdish 
Recently^ one of London’s, bags> can o£te n be very inexpen- 
leading young carpet dealers, give In ^ Bernadout show, for 
; Raymond Benardout held the instance, there was a true excep- 

- latest of a series of annual Kurdish bag-face with 3 

'exhibitions he has organised green fl e i df one of the finest 

with his wife Linda devoted esaJB pies I have ever seen, 

to small Oriental weavings, ^jeh was sold for a mere £200. 
Although their Knigh abridge - _. a n weav- 

premises are not gargantuan. r Ano ^ e ^ hecome increas- 
Ofer 100 pieces were displayed !“?, w 

on the waifs — pieces from all is* the Turkish 

Te insWe Si mo. seldom more 

.it bin Tuitcy to Chin^* toe . - - 9 fapt squsk* 

largest exhibit measured just were made in most of 

coder 20 sq fl bntthe raaiomy woaTing Til- 

- were cpnsfdei^hly smaller, wd£- la 4/of north Anatolia— Ladik. 

.03 dmvu to a small hag- ace "0«h ^ 

mnn . Lunstan in western ri as we n ^ often 

Persia, which was less than one su^riative. quality, 

. made carl.er about wt^ftae wtmland rich^curs, 

the «* rel oj 

^r^Thf^rr ® isSissr^ 

sideraWc difficulties once his taiIli ^S f the ^ 0 f 

roUcction begins to grow, unless u ° f ^ Si5th 

^ pf Boor ana wafl ^ ngs of 

space. ■. .. . Thp Flemish and Italian schools. 

Among the strongest collect- Jhe^mi consWerthly. 

Ing. areas are Turkoman bag- trices m nualitv condition' 
faces: these range in sue from >« ur ^ 0 s » quah^nmu 
the large jotoU, . through to and colour (the pre^e 


synthetic dye will have a strong 
depressant effect on the values 
of these and all other Oriental 
weavings). In the Benardoht 
show, pieces ranged from £350 
to £2,350; - most ot the prices 
were strong by current English 
standards. " although at least 
three of the eight examples 
were 0 € the highest quality. 
Yastifc of reasonable quality 
can -sTiH be found in the sale- 
rooms for between £100 and 
£300 and are well worth buying. 

Pile-knotted Caucasian pieces 
of small size are comparatively 
rare. Bag -faces arc seldom seen 
and it was, therefore, interest- 
ing to see the two small mats 
and th'e two bags in the Benar- 
dout show. ; Caucasian weavers, 
however, are celebrated for 
their production of fiat-woven 
bags in . the so-called Soumak 
technique; ..these small, -ex- 
quisitely . designed artifacts 
have, again, been the subject 
of keen interest of 1 aie,~and a 
few spectacular saleroom, battles 
between th€ international trade 
has created a level of prices for 
the finest- examples, now in the 
region of £1.000 to £1.500. The 
Benardouts showed 'seven fine 
examples which were priced be- 
tween £400. and £600. sums 
which, by the standards of re- 
cent auction prices, seemed 
very, reasonable. 

Tribal pieces of- varying 
quality can be. found in most 
carpet auctions; in Sotheby’s 
Belgravia last Wednesday, for 
instance, there were several 
good- examples, including 
Kashgai (south Persian) and 
Baluchi (east Berdan) pieces at 
around £200. The Benardout 
show, however, offered collec- 
tors: the ebahee to see a wide 
range of small weavings of ex- 
cellent quality.' - A catalogue, 
whh 88 pieees illustrated in 
colour, is available from Ray- 
mond BenardouV 5 .William 
Street, Knightsbridge. SW1; at 
£3 and, although the sbow/is 
now over, a tew pieces are'still 
in stock, as well as' others 
acquired since the exhibition 
opened.. - • . 


an essay in Yellow Press sensa- 
tionalism. 

Volker Spengler. who co- 
starred with Dirk Bogarde in 
OesjHnr. plays the transexual 
and was to be seen walking 
about the Frankfurl streets in 
high heels, stockings and make- 
up. blissfully immune to the 
startled looks of passers-hy. 
“Rainer and I thought up the 
a too 1 together some months 
ago," he told me. "It is really, a 
fable about the courage it takes, 
and the loneliness that can 
result. when one defies 
‘normality* and goes ones own 
way." 

Macho style 

One Friday afternoon, on the 
street outside the hotel, Fass- 
binder was >' e P a ring the after- 
noon’s shooting. The German 
director's unmistakable mien — 
beard, beer-belly and all-leather 
outfit — matches his “macho, - * 
no-nonsense style or dereetion. 
Spengler was required to pursue 
a male co-star across a busy 
city street and. after the co- 
star had climbed into his car 
and started to drive off. run in 
front of it with pleading cries- 

‘Countless re-takes were neces- 
sary before a shot was taken in 
which passing cars, cyclist* and 
pedestrians all unconsciously 


COLLECTING 

JANET MARSH 


THE BEGINNING of December 
is one of the three traditional 
seasons of tbe year for major 
sales of Old Masters; so that at 
present there are rather a lot of 
important pictures lying in 
London, awaiting the invasion 
of foreign collectors and dealers 
to fight for them. Between 
them. Christie's sale of Decem- 
ber 1 and Sotheby's on Decem- 
ber 13 will make several million 
pounds, with a handful of pic- 
tures topping £100,000 each. 

For anyone with this kind of 
money to spend (and both sale- 
rooms say that there are still 
English collectors able to buy) 
Old Masters remain a Good 
Thing. They have always and 
traditionally been tbe most re- 
liable part of the fine art mar- 
ket: and though even Old 
Masters suffered from the un- 
certainties that affected tbe 
entire tride in 1973 and 1974, 
recovery was fast and complete. 

For reasons which are, then, 
obvious enough. Old Masters by 
and large seem to follow the 
paths of “ serious " money. 
Christie’s say that the major 
market today, in both direc- 
tions. is with Germany and 
Switzerland and rather less with 
the U.S. A remarkable 60 per 
cent of Christie's sale has come 
from abroad, though Sotheby’s 
put the proportion in their sale 
nearer one-third. 

A considerable part of these 
pictures will return abroad 
sooner or (via London dealers) 
later, with works of art tending 
to return to their original 
homes. Germans, that is, like 
German and Dutch paintings 
and Italians tbe Italian schools; 
while the Americans prefer 
English painting — rather more, 
it seems, than do the English 
themselves. 

For reasons which are not 
entirely clear to the salerooms, 
the Spanish market quite sud- 
denly strengthened after 
Franco. It is more than likely 
that one of Sotheby’s rarer 
| paintings, a still life by the 
■ 18th-century painter Luis 
Egidio Metondez— " the Spanish 
Chardin "—will return to his 
homeland. 

The movements of the Old 
Master market are not alto- 
gether unified and predictable; 
pictures must remain a question 
of taste. So. currently, good 
Dutch paintings, especially 
landscapes, and the schools of 
Canaletto and Guardi— Two 
areas which have never really 
lost "favour— are doing excep- 
tionally well, while, for in- 
stance, . French 18th-century 
painting (unless, of course, in 
the 1 Watteau and Boucher class) 
is rather slower. 

Recent sales have seen a 
remarkable renewal of interest 


co-operated in the splti-sec-ond traffic jam ts but one of an 
timing necessary lor lr»e scene, epidemic that afflicts the 
Taciturn, even surly between Western world .sometime in the 
shooting session*. Fassbinder ne3r future . . .). dirertor 
comes miraculously alive when Comenciui and producer Silvio 
the camera rolls, and watching Clcmentclli have gathered an 
him co-ordinate this ,-cene was international ca*t that inrludes 
an object les-on in ur.comprw- STa rcelio ulastroianni. Gerard 
mising control and determina- Depardieu, Mjou-Miou. Annie 
tion. , Girardot, Alberto Sordu L'go 

Eight hundred miles south of Tognazzi and Fernando Rev. 

Fassbinder's irnffb- problems Depanfieii. Miou-ifiuu and 
were those being tackled by Tog:ia77I were on the 

Luigi Coiuencim. The 62-year- d . L v , si(ed the set. Sirring 
old Italian director has token ^ calincd and bewildered in 
n\er a giant cliunk of the back- fj u ,; r car t \ wr wa rch a track- 
lot at Rome s Cmecina 5l |i, Pd rnnner Weavin5 his 

and built a motorway there. Or ct r ei . T!V0 W!iV a i 0n2 the road 


* King Street, Tel: 01-S59 5*63 

Stjunesi m fcl&gh Telex SIM» 

London \\L S 11 Telegrams 

SWIV6QT* VM ^yr^lv CHIUST,ART 




EXPERIENCE AND . EXPERT/SE ...358 



■J ' 


,sti:l Im ..j, i.i -Ml •‘•■'I'Ni . -i Mimd 

pink Silt:. <!■•-**< Will ><■! llkxllt.l nil Ins 

.•Vi: use .V’lJ* 1 , 111 1 W*. I.- 

r.hii'iil. ■•fun i nsril li»‘t !-<'( •itiiiiihl !•■-» 

Mi’iriJilt-rA mu’ ■> ■•‘••Ui-f 1-1 «■' »t“ti i 

Snl* 1 . Snnml-Hi. Ifci-inihti “ i 

Chanel is a magical name in modern fashion: timeless and 
legendary- On Saturday. December 2. at 7 p.ni.. Otrisilrs 
will sell Mile Chanel's .personal wardrobe and col'n-ettnn 
nf costume jewellery. This collection includes her braided 
tweed cardigan suits, suits with gilt hunons. litlle black 
chiffon dresses, brimmed han, gilt chained handbags, coals 
lined with sheared otter, all cul m perfection by Chanel 
herself and all as wearable as when they were made. Bar- 
brooches. brooches set wilh larye simulated emeralds, pearl 
earrings, jewelled belts, bead and diamante necklaces and 
other magnificent jewels fit for a Ranee iewet box. 

In 1926 the Chanel look was horn and Chanel remained ai 
the top until her death in 1971. A* I'icas-o said, she had 
invented "La Pauvrete de Luxe." Dior said of her. “With 
a black sweater and ten rows or pearls Chanel revolu- 
tionised fashion" Of beMcir she said. ’* .le n’ainu* pas due 
|*on parle do la mode Chanel. Chanel cYst tin sty It*. La 
□lode sc dvtniKl' 1 . Le stj-le jamais." 

liie dresses, acres Tories and jewellery can be newed at 
Christie's from 9.30 a.ni. to 5 p.ni on Friday. December I. 
and from 10 a. in. to 4 p.m. on Saturday. December 2. For 
further information on this sale and/or sales of Costume, 
please contact Susan Mayor on fll-aSI 2231 


at least a kilometre stretch of 


through the traffic: symbol of 


one. If you woke up on Hus set. lhe Bravt , v ew WorJd in w , |ich 
magically transported (here, you kgs t . arn , roan furTher an(] 

*? uld i? ,n ^ 11 wa * ^ real faster than wheels. Comencini 
htng The tarmac shimmers in ma , ler -minded the shooting 
the heat, the giant legs of a a veteran’s Skill; blowing 
motorway bridge in mid-eon- on a referee - s thistle for action 
struction straddle the road; to and coaX j n g the actors through 
your right is a big. gleaming thl , ir jad change of fadal 
petro -chemical plant to your expre ssion (mo<t of the 
left a dus^ red villa perched se q ue nee was in silent mime), 
on a hilL There is also a filling L7 „ 30r q u n as hee n the 

, J -2 an £r * an ? biggest ahd most prestigious pro- 
Action shooting in Rome this 

J a P T, t0 ™Z summer, and its apocalyptic 

itself, a huge army of auto- f 

mobiles rretting and steaming ■ ■ . . h , 

MW. „ comedy to suspense to a holo- 


RICHARD GREEN 

'''7>v a New Bond Street 

Daily 10.00-6.00 W London W1Y9PE 

Saturdays 10.00 -12 30 rjg? 01 -499 5487/499 S5E 


4 New Bond Street 
London W1Y9PE 
01-4995487/499 5553 


idleneiS 0f “ caust fi na :o - shoul.l ensure 
3anl ‘ that it makes a major impact 

F or this . comical -macabre when and if mireiied at next 

allegory of* our times (this year's C;m nes Film Festival. 


22 November 

a 

Waiter Dendy Sadtar RBA (1854- 7923) 
a A Gameol Bowls 

to J 

R Signed % 

22 December 9 

0 Canvas; 48 x 72in/122 X 183 Jem S 




Fully illustrated catalogue £2.00 including postage 


WHNREB & DOUWMA LTD* ' 

93 Great Russell Srreet. London WC1B 3QL. Tel: 01-636 4595 
Shop hours Monday-Friday 9.30-6. Saturday 10-1. 

MANUSCRIPT MAPS AND 
CHARTS 

An exhibition until December 2nd of administratis* 
maps, harbour plans and sea charts, plans of military 
and naval engagements, and estate maps. 

Illustrated catalogue sent on request £150. 


ART GALLERIES 


ASNKW CALUKia. 43. Old Bond St . MAAS GALLERY. Exhibition Of water- 
W.l. 01-629 6176. DUTCH AND ; colours, dranlnfis and oils bv JOHN 
FLEMISH PICTURES FROM SCOTTISH . WARD. R A., at ISa. CIINord Street. 


COLLECTIONS A loan frhiblnor >n 
aid or the totiora! Trust tor Scotland 
Until 8 December. Entrance tec- 80o. 
An« FRAGONARD DRAWINGS lor 
Orlando furloMj. Until IS Oeeetr-Oer 
Mon.-Frl. 9.30-S.S0. Thun, until 7. 


New Bond Street. W.l. Mon.-Frl. IO-S. 
Unt il Mo re mbcr 24th, 

OMELL GALLERIES. Fine Brnlih and 

French MODERN DRAWINGS and 

Modem BriTich MARITIME PICTURES. 
42. Albemarle Street. Piccadilly W.l 




B ANTHONY EVTON.' R^nf^ainnngwnt: ! BOV M'WS. b DuLe’Slreet St. ines'C 
Drawl nas. . S.W.l SIP A1PRFD EAST. ExhlbiSicn 

l until 24th Mawemher. Gallery hours: 

CRANE KALMAN _ GALLERIES. !7» , Men 10 Fri. 10-b. 

ir^ l ^orle4^'^ S '*5i>a^a^H^w ^ S■ t tB , I RICHARD GREEN GALLERY. 44. Dover 
L sTlowi-vT IHrhol- I Street. W.T 01-491 1277. ANNUAL 

son. Graham iSiSUSS^WilitaiR S:o:-. I PL, 3P ? R , T ' N ?« 5S , ?, T, J3l QS - 

Matthew Smith, etc. ALSO works b> ! Datly IQ.oo -t, o o. Sau, IO.OQ-I2.;o 
European and AmerKAj An.sis Moo -Fr. : sl 5a»IE STREET GALLERY. ~Rerw>t 
Itf: 5«t', ^ 5 S, 6 ; sculosuros by ALEXANDER in Stone. 

Road, S.W.S. H-SS-- . Marble. Bronze and Silver 16th Ot - 


5857 Nat! re Art from 18th-^Oth tel' I 
Alta vounQ artists Ot unusual vi» on and I 
talent. 


30111 Non., Mtm.fn 10-5 JO. Sat 10-2. 


CLUBS 


_ ... . M M . _ . rLIu COLNAGHI, 14. Old Bond Stroes, London. 

Guilio Cesar* Procacoiu, Madonna *nd Child w.i. 01-491 7*ob. pictures from ■ ine 

THE GRAND TOUR. T4 Net - 16 LLUoa 

Mon.-Frl. 10.00.6.00. Sats. 1000-100 

in early Italian painting of the sale, and boasts 3 distinguished covent garden gauuyV' cnru-oM ; 

“gold "ground ’• period, which provenance. Probably original- TgJ5?^K. ■*«. i» a « 

have till now never reeaiDetl ing in the Dueral Collection in JSSSSi: 20 . R u«eM stre et, w c.z ; Floor 5ho ^ 10.45. ij.<s ami 1.4s and 

lie popularity and prices they Mum*, it paste* to Charles I. ’tig. J ‘“" nv * Fr, '"“ s 


mu&ic ol Johnny Hawkeewortn 8 Friends. 


: ROYAL ALBERT HALL <01-569 8212 1 


commanded in the 19th century. Under the commonwealth it was u?r nttn j5 0 n?- d Fr?. re io^ Uftt “ 15 Dccem ' | — . 

Hence Christie's are expecting valued at £5 but was sold for drian galleries.'' 7. Porch «:er Place. ! CONCERTS 

a good price for a serene £7 to_ the paiuter Vincent M3 In. oriental paintings V*“ , »atiks! 1 

iJadonna and Child by Sano di In 1751 it was sold again, for — °:L gg: 1 0 ^ r - ~ r,M 6 iroyal albert hall . 01-559 02121 

Pietro, whom Victorian critics 'll guineas, and in 1864 iby this °d^ £R vHiMe! z s'w 7 i9 :,,ur£: Ra 1 ?^ 'co^^raT . 1 oreh«»raf an NW yeab^stblausTcon^ 
admired as the “Fra Angelico time attributed to Parmegiano) ^ ur c ' A H c E a t IH io-V '1^ ™u5" m “i s2& 

of Siena." for 25 guineas. 115 years later. _I * j j_gUS£ r?» 0 . SSS3i“*&8aSSi I?' a“«- ^"iuSSS 

A verv much rarer item how- 11 is estimated to realise be- “touching Sold' a3d’ , silv , e : r ■ sco purthai ' Jd « llmo lor ^ lh 

ever. nvrett 120 M 0 £30.000. Bg STW? X ™ °"' r 

triptych by Pietro de Rimini,] 

with scenes of the.life of Christ. ■ — * 

This has the special attraction AUCTION SALE IN GENEVA HOTEL INTERCONTINENTAL 

of being an entirely new dis- 

covery — it was found in an THURSDAY. DECEMBER 7. 1978. ai 7 p.m 

S^‘ b «Sr , SAl , i^^ VERY VALUABLE .COLLECTION 

ine’^ruVoTj"™,;' of JEWELRY SILVER and DIAMONDS 

do so well: while ” counlrj- OUTSTANDING SET, 2 STONES OF WHICH ORIGINATE FROM THE 

house " pictures, appearing on private collection of the late sir ERNEST oppenheimer 

the market for the first lime. Pajf of MrPi Ktnpriimg: 
have a spi-cial cachet. * , a , * J 


From lhe same collection as 
the Sano di Pietro, a panel nf 
the Resurrection by Bartolomeo 
di Giovanni has the special 
“jigsaw puzzle” attraction that 
often attaches to Old Matscrs. 
It proves to be the centre panel 
of a predella of which the 
Walker Gallery in Liverpool al- 
ready owns the side pieces. The 
altarpiece that originally sur- 
mounted the whole remains in 
the Church of S. An'drea, 
Camoggiau 0 ' Barberino di 
Mugello- 

A later Italian painting by 
the Milanese Giulio Cesare Pro- 
cacrini is o n e the most 
attract ivbe pictures in Christie's 


AUCTION SALE IN GENEVA HOTEL INTERCONTINENTAL 
THURSDAY. DECEMBER 7. 1978. at 7 p.m 

VERY VALUABLE COLLECTION 
Of JEWELRY SILVER and DIAMONDS 

OUTSTANDING SET, 2 STONES OF WHICH ORIGINATE FROM THE 
PRIVATE COLLECTION OF THE LATE SIR ERNEST OPPENHEIMER 

Pair of earrings cemprism^: 

0 I flawless diamond, pear-shaped "Rose Cognac" of 16J9 :c. 

9 1 flawless diamond, pear-shaped “ Rose Cognac " of 15.60 :rs. 

© I emerald-cut diamond “ Rose Cognac." V.Vi.. of 3 30 :ts. 

© I cmerald-cuc diamond ** Rase Cognac." V Vi., ot 3.4 5 ccs. 
surrounded by 52 pear-shaped brilliants (blue. white) weighing a total of 1636 cts. — Rinr com- 
prising one flawless emerald-cut diamond " Rose Cognac " weighing 2-4.29 cts. surrounded by 
16 Barion-cut diamonds weighing a total of 653 ccs. 

Collection of Monsieur L ( first pert ) 

EXCEPTIONAL COLLECTION OF DIAMONDS 
RARE DISPLAY OF 49 COLOURED DIAMONDS — FABERGE SILVER 
Public viewing: Tuesday. December 5. from 2 to 9 p.m., Wednesday, fitfi. from i I a.m. to 9 p.m H 
Thursday. 7th. from II a.m. :o 7 p.m. 

Auction conducted by: Me. Jean CHfeiSTIN. Huissier judiciaire. 

8 PI. des Eaux Vivas. 1207 GENEVA. Tel.: 36.22 55 ‘ 

In presence of: 

Me. PIERRE CORNETTE DE SAINT CYR 
24 Ave. George-V. 75008 PARIS. Tel.: 3S9.l5.97 - 723.47 *0 - 72 3 47 42 


FINANCIALTIMES I AT A Set 011 3 


- i, -J:- ; 


BRACKEN' HOUSE. CANNON STREET. LONDON EC4P 4BT 
Telegrams: Finantfmo, London PS4. Teiex: S86341/2. S8389? 
Telephone: 01-248 8000 


course for 




Financial Times Saturday Novernfer ; 1S1978 ^ , f. ■ 

■ " .• ■ . : • r* ■ • ■ ■ -v- V.-Vv?.. 1 

s’c ' • "• ' ; ■>?? !: ? f 

■■ : “■**.**>« t .tT-'-- -Ai-S --%•* is- 


cs- 





Saiurdav November IS 1M7S 



mgs 


cheaper 


air fares 


BY MICHAEL DONNE, Aerospace Correspondent 



STUP ME IP yrm ve heard Ihi* 1 
befor*. . '•udi i- tin. normal 
county between friends, hm. n 
tann<u be i-:;o« tied of Ihe TL'C 
nr ihe Trea-ury Thu market:*, 
however. uan com merit «ui events 
as eloquently as any unfuriun- 
a i e listener cornered by a bore, 
and rm the whole ihey ha\e 
iaken remarkably iiule notice 
piihcr nT the Treasury's gener- 
ally riepre*?:njj and certainly 
unreaiUUc fnreca.-t of ihe 
unrcah.-tic fnn.-ua -t <»| tiie 
economic priu-p'.-rt. nr of ihe 
TP',".-: inabiliiy In '-uppuri their 
own neJniiaiin^ ‘earn in an 
acreeme.'.l in -iifFer with the 
Govern mm! Fvi.-ryr.no e:: pec led 
growth «lnv down, ami every- 
one but Mr. Hi-al.-y had lone 
wriiien off ’oluniary restraint. 
Vniot and fi-revasi*: do rvt al:#r 
familiar real ill**. 


Facing reality 

The markets ar»' not alum- in 
facing reality. Thu news that 
the U.S. Federal Reserve is 
reducing iar^ets for mune- 
iary gr-uvih is welcome confirm- 
ain.c: "f wha! was implied with 
;hp Carter pack a »h:il the US. 
auih'»riiie* have at la>i realised 
that an i/curi'tiiiy van only iiver- 
fpend year after year with ihe 
aid of «.rerlit. 3nd that uver- 
?pond:.T2 wili -tup when credit 
i- liciiienetl. In more technical 
language. one can yay that 

reduced monetary targets are 
appropriate Tor an economy in 
detiiit: they r<-fl«?<-; tiie fact lhat 
paying fur imports drains 
money out oi the economy. 

The dollar ha* hi Tar been 
propped op v.-ilii rite aid of 
■••me heavy intervention, hut 
ihe u!*'ar dawning nf reali-.m 
•eems io ,iav-- viv-m i! a genuine 
hiii.ynn.y Tit- may now check 
ihe ff ! ghi ,.f dollar '-apilal. and 

require --ru-T in miornahnnai 
tinam-ia! market- more eh>i- 
lively loan any of the rumoured 
-•■hemes :t> control the Euro- 
market* 

In Britain. To-/, reali-m i- 
more apparent. The late-t 
figure-; for ;!)•.* money supni> 
-iiow that it- jrovrh on ihe offi- 
cial mca-nre lias been held well 
wirh-n official u.rset.s. hut also 
-ucee-t that ihe flamming of 
the <i flic: a i channel through con- 
trol? on ;he l-anl- has simply 
diverted part of the How of 
credit and liquidity mio new 
channel-. Tlic Eank n! England 
clearly reali-es tin — indeed, 
both Mir '.oxnrnor and the 
Chancellor admilird m llinr 
Mansion Mnu-v« -puiM.-he- that 
ntnuial nva -ures an- mislettdin^. 
Since pohey-tnakur- are not 
always decci\e<i by their own 
mumhn-jumhn. w>- are suffenn? 
a credit -duovze which reflects 
the underlying inflationary 
dan-’er? — nsinj -'O-ts. which 
entail n.-m-j borrow in?, and an 
-\\ce*si\ c deficit in the public 


«ect<ir'.- accounts. Private hor- 
rov.er-- are hem? crowded out. 

Jt i- ;n in :a respect that we 
are .-nil waiting for evidence 
of rcal:.-m. The facr tliat the 
economy :s now hampered by 
an exsc--ive demand for credit 
”oe- ba-.T to the April Budget, 
which contained an excessive 
ti.-ca! .-!:muiiis. This error may 
have arisen from a mistaken 
re.idinc of the private economy, 
or it may have arisen from a 
-urvivin't Treasury illusion that 
monetary policy is simply a 
device .o -oo the rhe silt-edged 
market' if it is satisfied, it 
seem- to he implied, the Gov- 
ernment van safely ignore, 
mo net ary constraints. 

Either way. this year's experi- 
ence -houM be educative. It 
sugge-t- lhat when a s-eriou* 
monetary policy is in force, it 
can prow. as depressing l»- the 
evon.-my to provide loo much 
fiscal -Mm til us a> too little — 
indeed, that if the Treasury 
uons.'-tvr.My behaves as if the 
ei-onomy ;< depres-ed. it wilt re- 
ins in depressed, -imply because 
of tiie exce-sive cost of credit. 
The Trca.-ury's innate pe.-.-imisni 
abo 1 .: 1 me nrivate sector thus 
become.- ? elf-ju.st I fv mg. 


F ROM ABOUT the middle 
of next year, air passengers 
throughout the world 
should find travel becoming 
progressively cheaper, as plaits 
b> the airlines to increase 
' competition among themselves 
come to fruition. 

During the past week, over 80 
of the world's biggest airlines, 
members of the International 
Air Transport Association 
(I AT A >. at their annual meeting 
in Geneva, have put the finish- 
ing touches to plans that will 
radically change the way in 
which they fix their fares and 
cargo rates. The changes will 
make their procedures far more 
liberal than they have been for 
the past 30 years. 


Less feverish 


If Mu- lU'-on can he learned, 
as other- have been in recent 
years, inure m everything to be 
said for the new realism in poli- 
cies and markets. A world of 
feverish ups and dowms 
favour- nobody but the gambler. 
The realities we are facing are 
noi on the whole pleasant, but 
a; lea.-t uncertainty is reduced, 
and nnj every thin 2 is bleak. Thu 
balance of payments at leasl 
appear- to be in balance. In- 
ve-tnie:ii remains at a rea-nn- 
abiy Iw-alMn level, and investors 
in the market can hope fur 
-ome real return on their 
money. Even on the wage front, 
where the “moderate" Mr. 

Jack -on denounces greed one 
day and claims 24 pur cent ihe 
next, there are occasional hut 
heartening glimpses of common 
-en-e — the Vau.vhail .-eri lumen t. 
tiie return tn work at Drews 
Lane, and th<* continuing avail- 
ability of bread in the shops. 

It would not be realistic to 
pin too much hope on this, nr 
on any other -urt den change in 
our affairs — a change of heart 
about the European farm policy, 
or catching tin; German effici- 
ency throush monetary associ- 
ation. Indeed, the cynical 
reception of tiie EMS project.; 

which rather disirc-^e.- some of 
our friends acvu-s the Channel, 
may he a perverse result of a 
national mood of somewhat 
weary resianatinn. But realism 
does out problems down to size, 
and the new stability of the 
markets is a healthy sign. If 
they and the new- remain un- 
exciting. we tan convalesce. 


The airlines are only just in 
time, for some governments 
have been growing increasingly 
impatient with the association 
jand with what many believe to 
be its cartel approach to fares 
fixing. The U.S. Government in 
particular, though its own 
agency, the Civil Aeronautics 
Board, has been preparing a 
massive attack on what it 
regards as outdated and restric- 
tive practices among the air- 
lines. even those which do not 
fly io the U.S. itself but which 
at some time or another carry 
American citizens. 

Inside the U.S., the assault 
upon high fares and restricted 
competition has already been 
astonishingly successful this 
past summer, with domestic air- 
lines enjoying high load factors 
and pr-'-fits soaring to new peaks 
as a result of the CAB’s efforts 
at what it calls de-regulation. 
During the past few weeks, in 
the light uf its success at home, 
the U.S. Congress has approved 
a de-regulation Bill that effec- 
tively eliminaies many m the 
post controls on what the U.S. 
airlines can charge and where 
they can fly. The result is that 
a Turiher period of increasing 
traffic and it is hoped, even 
higher profits will follow. 

But the U.S. is now trying to 
go even further and introduce 
these policies of cheaper fares 
and increased competition to the 
world’s air routes. Jt has had 
rwo weapons. First, it has sought 
to use the existing system of 
bilateral talks with individual 
countries to obtain new air ser- 
vices agreements which give 
greater fredom to the airlines 
involved to fly more passengers 
more cheaply. Recent examples 
or such agreements include 
those with Israel and West Ger- 
many which embody what are 
virtually “open skies' policies, 
with the airlines flying to more 
points in the countries con- 
cerned and setting substantially 
cheaper fares. 

The U.S. intends to persist 
with this policy wherever it 


can. conscious tit at it will not 
necessarily always succeed. For 
example, during a recent review 
of the Anglo-American Bermuda 
Two bilateral air agreement, the 
UK successfully resisted U.S. 
attempts to win freedoms for its 
airlines similar to those gained 
in Germany and Israel. But the 
U.S. is not too worried, for it 
has been preparing a second 
line of attack which in the view 
of the world's airlines is much 
more threatening. 

This is what is called a “Show 
Cause” order, issued by the 
CAB. whereby the Board lias 
told LATA that unless it can 
justify its existing methods of 
fixing fares through ■'set-piece" 
conferences, at which all the 
airlines agree to charge the 
s«ime fares on specific routes, 
the CAB will declare the Asso- 
ciation and its methods, as be- 
ins contrary to the public in- 
terest. 


Subject to 
sanctions 


This threat opens up an abyss 
for the world's airlines, and the 
very existence of it this past 
week has ben responsible for 
spurring them on to reshape 
their fares-fixing procedures. 
1ATA itself admits that if the 
CAB declares its procedures to 
be against the public interest, 
it could become subject to crim- 
inal and civil sanctions under 
U.S. anti-trust laws, not only 
because many of its memher air- 
lines fly to and within the U.S. 
hut also because many others 
carry' American citizens in other 
parts of the world. 

The attempt by the U S. to 
impose its will on foreign air- 
line- by attacking the .Associa- 
tion of which they are members 
has heen bitterly resented, 
espcially by arlines in Third 
World countries — Africa. South 
America, ihe Far East and 
South East Asia— which are 
weaker than the airlines of the 
U.S. and Western Europe. At 
the same time, because ol their 
smaller size, many of those air- 
lines have resented changes 
which LATA itself wants to 
introduce, because they feel 
these will bring too much com- 
petition too quickly, to their 
own detriment, even though 
such changes might benefit 
their bigger competitors. 

Thus IATA has been in some- 
thing of a dilemma, obliged by 
external pressures to seek 
radical changes while at the 
same time faced with internal 
opposition to such changes. The 
real triumph of the Associa- 
tion's leaders this, week in 
Geneva has been to convince the 
interna] dissidents of the need 
for change in the light of the 


assault from outside. The Asso- 
ciation is now going to set up 
a two-tier membership, un oue 
level will be the “ trade ” 
activities of the Association, 
such as legal, technical and 
safety measures — what the 
Association itself calls the 
bidden 80 per cent'* of all its 
work. 

This “ hidden ” work of LATA 
is far more important than is 
generally appreciated. For 
example, over the past year it 
has resulted in the reopening 
of short-cuts for airliners across 
the Indo-Chinese mainland en 
route between Bangkok and 
Hong Kong and Manila, which 
had been closed during the 
Vietnam war. This alone will 
save the airlines some Slom 
a year in reduced fuel and other 
costs. In air traffic control, the 
airlines are to appoint an 
independent specialist to adrise 
on improvements in Europe 
that are expected to save many 
millions of dollars in eliminat- 
ing delays. Efforts are being 
made to induce manufacturers 
to build more anti-corrosion 
protection into aircraft on the 
production line, because cor- 
rosion costs the airlines SlOOm 
a year in repairs and renewals. 
All members of the .Associa- 
tion will be expected to par- 
ticipate in these activities. 
The second class of membership 
will be optlonaL covering the 
fixing of fares and cargo rates. 
While the existing “ fare con- 
ferences" will continue for the 
benefit of those airlines and 
their governments which want 
them, it will be possible for 
other airlines to opt out of them 
and fix their fares between 
themselves and their govern- 
ments on specific routes, such 
as the North Atlantic, by direct 
negotiation. 

The point about these changes 
is that they do seem lo go a long 
way towards meeting U.S. criti- 
cisms that LATA fares-fixing 
methods in the past have been 
too rigid and restrictive. 
Whether the CAB will accept 
this view remains to be seen. 
But it will have a chance to 
make its views known because 
all the governments of all the 
airlines in LATA have to 
approve the proposed changes 
hefore they can become 
effective. 


. . . _ - - Cfew.pQtfa; 

Delta— one of the leading ILS. domestic operators — has already quit LATA entirely,. Ira* few 

others seem likely to go that far- 


Expected shares o! IATA airlines scheduled 
passenger traffic by region 


(Parcamage of Total Traffic) 


(JIHtP 

. ROUTES-'AHEAS j 


~J??0 o £ 
3 S'-. 


Hum 

AtLANfrC 


WITHIN EUROFE 
■ 12.4^ 


NORTH ATLANTIC 

2 i2?S - 


V3W- 

W'S^ i 


cet \ 
r*5 - V 

V S*'— S. ' 

X / sol-’m 

V WEST »>C *.C 


Via 5 SOUTH 
\A7LANTi; 

X-VBClS ^*1 

■ X EAST / 


NORTH. ‘ 

! AMERICA CENTRAL" 
AND SOUTH AMEPIM 

L^'-^^NbRTK f 

\ MIO PACIFIC . 
\Bi SOUTH PACIFIC/ 


muvAnd south ■. 

I ATLANTIC. 


EUROPE-MIDDLE; 
\ ■ -EAST 


'EUROPE lii&x C l AST.i 
.PAR EAST AND SOUTH l 
W€ST.PACiHCi 

^ ^ DOV 


1977 279 ^ , 

passenger - Vms. 


Soien IATA 


AVERAGE ANNUAL OHOWTH - H-7V 


1983 460 >; 

- . . passenger - Jems. 


The chart shows how the forecast LATA airlines’ passenger growth oL8J per cent a year by l&83 ; 
will be shared between different regions of the world, with, some arras, gaining Tn. -importance^ 

• • and others declining. ■ : - 


ci&tion's fares-fixing con- that LATA remains a viauu^ auauie imwotiy . ic umma un- v . j 
ferences. One airline, Delta, a force in world air transport certain. Itv ''seems clear. .Ufin 
big U.S. domestic operator with affairs. While many . of the policy of 'cheaper. -fares. j£n&- 5jnf|U 


viable, airline industry . remains ’ uik* 


big U.S. domestic operator with affairs. While many of the policy of cheaper .- fares jflid- 
limited international routes, has airlines in the Middle East', increased competition :thfr£. h» 
already quit the Association Africa. South America and the worked so successfully inside’ 
entirely.. Few others seem Far East do not like, the the U-S. will- eventually spread 
likely to go that far, because changes the IATA -is plannings to other parts of the^wodd^Jrtit" 
they recognise the value of they like even less what . the at a much .slower pace ‘than'ffje 
the Association’s work outside U.S’. is trying to do.; . U.S. . would like to see..'Tf the*: 

fares-fixing in settling many 0 f 1h _ ipssnI „ proposed TATAr changes are 

international, technical and ® ino fr * 1he L' approved by a majority of the 


imernawunai. ie cmij ca i_ .aim emerging from the Geneva con W u n 
other matter?. But for some of f Pr * n ~, that while i;q nrpe worlds governments tbej will 


Otner mat.er? cut tor some o fer , n cc is that while U.S, pres- ' 

the bigger La international in favniir of fr( , p - ,rade 56001116 effective progressively 

airlines, such as Pan .American S “"J e l n eZ^tH mn“ an^ durf ^ next year, and eonld 

and Trans World Airily, the " he pricJ^v be made m *■“£ , d n °X ‘"tr ? W,* 

wnrk.qdick-ly in U-S. : ,hey ^3^ tT.S. inwards -dje 


they fly ro many countries and are jj^ e Iy to come more slowly 

h.,-a ..n/lAiih’nn l- Innn^ T ITi .... 


It is possible that the CAB 
may decide to withdraw its 
"Show Cause"' order in the 
light of the changes now 
approved by the airlines them- 
selves. 


It is already clear that many 
American airlines are alarmed 
at the CABs attitude, and 
have already indicated that 
whether the IATA changes are 
approved or not. they will 
withdraw from the Asso- 


have undoubtedly found LATA elsewhere. Many of the bigger The airlines have shown that 
activities useful to them in the ?nd stronger airlines' -of they recognise- the need for 
past, especially in ach:eViflg W€Stern £ uropei with m0 r e t0 change, -and havg , moved to 

some degree of Stability m offer the -- U.S. in bilateral adapt themselves to the con- 

fares - negotiations, are almost certain ditions of the modem world. 

to opt out of lATA’s fares con- “The new IATA’ is a phrase 
L] ferences while remaining that has been on everybody’s 

laUiv members; at the trade associ- lips in Geneva this webk. 

_ ation level. But in the Third The new. president of the 

force World, the fares conferences. Association, Mr. Roman A. 

will probably be well patron- Cruz, president of Philippine 

The CAB’s " Show Cause " «ed: many smaller airlines io Airlines, summed it up by.poUit-' 
order has to be answered by the developing countries with ing out that even though some 
December 2D The IATA and less mature economies need the. airlines may choose ’ 10 quit 

individual foreisn airlines are stability and protection, that entirely, and others, to withdraw- 

preparing their legal briefs for IATA’s methods can provide from fares-fl^ng ; copforences. 
submission to the CAB. and it against a rising tide of U.S: — the Assodation will go on... 
is expected that by mid- enforced competition. *^A flat, tyre,” -be. said. ‘‘calls- 

January the CAB will be ready These airlines have lost little only for repair— not a re-invert' 
to announce its findings. time, in making it clear that if tion of the wheel:” ' The worid 

But manv other nf the . U.S. tries to impose its air transport system could hot : 
world's airlines are likely to “ ^f^Cause order on them; exist without IATA, and if 

resist the US Almost as a lt wU1 met by the fu!1 resist- IATA did pot' exist, Govern- 


January the CAB will be ready 
to announce its findings. 

Bui many other nf the 
world's airlines are likely to 
resist the U.S. Almost as a 


by-product of that resistance, 41106 of * 6ir governments. meats would hive to invent it. 


thev are also likely ro ensure Thus the future for the world “That is. why it wLU survive.' 


Letters to the Editor 
Credit 


Frmn (hr Hwi. 

.Sulii-iil .if Bii-snieis awl 
Miniarjenn;n: 

Norf/j U'orceslerjJiirc C'dirpe 


Sir.— In ynar repnn on -1 
nr Nnvcmbur 13 ym.i de'-enl'Crt 
how >ina!l nusinesso.? had. 
recently, tnld Ihu I'lm-i'minent 
lhat more rr-tiiycd credit lurms 
would be "ni* of The inosi use- 
ful ;niii;j!nu? from large 
companies M;r. I rO'-pcrl fully 
disagree with ihi -; |irenii>c. Tlic 
greafvjl nrutilem i.f small 
husinews ;n i>j;. experience i> 
lack of i.redii cinirol and a 
willinenuft- io f-su-nd uredu rn 
all and sundry v.iihoul proper 
care. The solution -jOrisu would 
lend in encourage this fail mg. 

A more effective means would 
i>c to ensure un adequate work- 
ing ..apit.il L aiculated on j sound 
financial ban:- plus the prompt 
payment of accounts hj hoih 
large firm" and nalionjlised 
underiakinas. 

At Ihe mriiucni. I can quote as 
an example the Gas Board which 
is taking thro? months to pay 
'iiian icniral healing firm.-. 
Good credit management gnrj 
adheren-P in moral and 
ir#mmcrcial dand.irds would go 
a long wav towards solving the 
problem. 

R. Jacobs, 

North UnreesitTsinrc College. 
Ftroms’jrnce 


any depreciation caused by the 
conversion of UK assets in*o 
foreign currencies or securities 
would he conn i or balanced hv 
Europeans and others investing 
in the UK: for example in farm- 
land and securities. 

The short term problem is real 
(ml could he dealt with quite 
easily by mam laming the invest- 
ment currency nremium in force 
on outward movements, but 
widening ihv currency sales 
which would ho made through 
it. Fur example, dividends from 
portfolio arid nun-portfolio hold- 
ings oversea'- could be allowed 
in be convened through this 
market. By iiiis means 1 am 
sure there would be some short 
term influx ■■■ the UK which 
would quickly reduce the dollar 
premium t" nil when this 
market could he abolished. 

John A. Newman. 

21. Mincing Lane. ECS. 


Currency 


I'rom Mr. .1. .\ cn-imiii 

S.r. — After nn letha- of 
,l Clobcr 5 1 recoiled a surprising 
number of letters personally. The 
conclusion that can he drawn 
from them is that there is 
unanimity m seeking the 
remnv,:! of exchange control, 
characterised as a non-productive 
industry which only delays and 
exacerbates the functioning uf 
the exchange market. 

The main concern uf those 
whn wrnie tn me was whether 
ihe abolition of exchange contri.it 
would lead to a decline in the 
sterling exchange rams caused 
by man) UK residents im- 
mediately taking ihmr funds out- 
.side the UK. My feelings on this 
r.rp lhat individuals would want 
m do this having been artificially 
eiinslramed for 40 rears. In Ihe 
[eng lent!. *1 ip forkings nf ihe 
currency eSLhauycs mean that 


Kitty 

l-'mni Lord Hrmrn 

Sir. — Emergence from national 
wage bargaining chaos depends 
upon ihe recognition of a 
number of underlying principles 
and the building of new institu- 
tions on lhat basis. 

Reeognitinn lhat the Govern- 
ment. representing the con- 
sumers. must defend them from 
the higher pneus caused by 
excessive wage awards by setting 
an annual legal limit to the 
amount by which the National 

bill cun be increased. 

Within government set limits. 

negotiations over rjiffcreniials 
can be settled onl> hy irrrde 
unions or employee representa- 
tives. Employers participation 
simply provides a scapegoat 
v-hen’ representatives cannot 
agree. 

Substantial changes in a 
pattern nf differentials require 
the agreement nnt only nf those 
who benefit but also from all 
who do not. National wage nego- 
tiations on differentials must 
take place simultaneously. 

Experience since 196S has 
shown that trade unions will not 
sermusly challenge - legislated 
limits nn pay tinie-s ihere is 
some really intolerable inequity. 

Fur example the miner? in 1973. 

These principles suggest the 
need for a new in^lihilinn repre- 
sentative of h'i the nation's em- 
ployees to divide up, differen- 


tially. the wage kitty established 
hy Parliament. Bui such an 
institution could not be estab- 
lished rapidly. In the meantime 
let us have some rough justice 
which lakes account of the fore- 
going principles. 

I suggest that the Government 
gives legal authority to the TUG 
in divide up the national kitty 
differentially and that simitar 
authority be given to representa- 
tives of all grades of employee 
within employing institutions to 
divide their own nationally 
derived domestic kitty differenti- 
ally as long as they could agree. 

Such measures would provide 
the currently missing flexibility. 
At first neither the TUC nur 
local representatives would be 
able to agree. But it would have 
been made ampiy clear lhat 
flexibility over differentials is a 
problem For employees and trade 
unions and one impossible of 
solution bv employers or Gov- 
ernment or Parliament. 

Wilfred Brown. 

23 Prince Albert Rood. N'VVi. 


per day per head and as high as 
26p in London. 

Bearing in mind lhat the cost 
of a firm's own catering is in 
general allowed as a business 
expense by ihe Inland Revenue, 
it is no problem for a firm to con- 
fer tax-free benefits of £1. or 
even more in larger cities, upon 
employees by the provision of 
staff canteen meals. 


Contrast this with the present 
treatment of those nf us with the 
thousands of small firms of less 
than about 40-30 employees for 
which staff canteens are quite 
impractical and who have to 
rely on the widespread use of 
meal vouchers. Only ISp per day 
is allowed as a tax-free benefit 
to employees. This used io be 
“three shillings" in the days 
when a reasonable lunch could 
be bad for that money and it bas 
never been changed. Why are 
small firms and their employees 
continually penalised in this way 
hy the Government via the 
Inland Revenue? 


From Mr. J. Ross 
Sir. — Mr. Alan Mills i Novem- 
ber 15) may well think he has 
something with hfs suggestions, 
and in fact they are not new. 
I believe it has been slated 
authoritatively that a basic Hal 
rate of income tax of 20 per cent 
plus 15 per cent on unearned 
incomes, whether for persons or 
for companies, would produce 

the same >ield as the present 

system of income ami corpora- 
tion taxes. I think, however, 
that he is over-optimistic in pre- 
suming that the Inland Revenue 
would welcome such simplifica- 
tion if it meant any redundancies 
whatever. 


R. C. Field. 

W. H. Everetr and Son. 
UK Friar Street. 

Carter Lane. EC4. 


Participation 


Jack Ross. 

16. John Dolton Street. 
Manchester. 


Penalised 


Front the Secret nrg. 

IV H. Ere ret I and Son 
Sir. — 1 have seen recent statis- 
tics showing that 43 per cent 
of firms large enough to provide 
catering for their staff are suhsi- 
flisinc staff meab over direct 
CO'S!- hy up In 40 per rent and 
that subsidies average about 20p 


From the Managing Director. 

C rrpeman Paterson 

Sir. — lt mu.il surely be 
regretted that the British Insti- 
tute of Management has pub- 
lished such a misleading report 
on employee financial participa- 
tion, as described on November 
14. This report passes judgment 
on the likely usage of the profit- 
sharing provisions of the Finance 

Act. 197S. but ita research on 
which the report is based was 
completed before the Finance 
Bill was published and even 
before The consultative do® 0 ®* 11 * 
on “Profit sharing: tax relief. 
Any judgment must be prema- 
ture also because the majority 
of companies have a financial 
year coinciding with the calen- 
dar year and thev are only now 
beginning tn make decisions 
about share scheme proposals 
which are due in go before tneir 
shareholders next spring. 

The author of the BIM report 
seems in lack understanding o* 
the flexible nature of this years 
legislation. In his research be 

found that 71 per cent of t* 16 


companies with some form of and other road vehicles with flar 
financial participation bad casb straight roads ibat would be an 
profit-sharing schemes, but he even" greater aid to fuel saving' 
missed the implications. Under and encourage the use of over- 
the new law. wherever there is drives and multi-speed cear 
cash profit-sharing in a company, boxes in cars as well as cummer- 
on “similar terms" for 3ll cial vehicles. 

“eligible employees." it is pos- As for oil running out by the 
sible to set up a trust deed end of tbe century- I tbink thi.< 
and rules for an approved most unlikely considering the 
share scheme and make the oil reserves being found in 
facility available to employees Mexico alone, and this is just 
ro take up to £500 of their one of the many countries of the 
cash bonus in shares which world that is rich in oil. 
arc “locked in" for tbe The oil shortages are caused 

“period of retention." thereby by political problems and if 
qualifying for tax relief. Tbe these force up the price of oil 
sort of company which already it will make it logical to use 
practices profit sharing in cash solid fuel in power stations and 
Is likely to find it hard to resist other fixed installations and use 
offering this facility to interested the high priced oil for road 
employees. transport. 

The same applies to foreign j‘n«« a {£!]3 011 ’ 
multinationals. The author of the 

report suggests that the new Hom * ate - * orth Yorks - 

UK share schemes “may not be 

an attractive idea" to them. He 

seems to have overlooked the A/fml 

fact that if the foreign multi- lTXU * 1 

national is a public listed com- From Mr. P. Totcell 

pany it cannot prevent a private Sir. — I was staggered to read 

investor from going into the mar- (November 1L Page 3) the 

ket and buying its shares. One amazing comment by the rnanag- 

sucb private investor could well ing o£ lhe ' PostaI Se ^ 

be a. corporate trustee actmg on V!ces that - it is poss , ble u, at 

behalf of UK subsidiary em- residential areas iriil not warn 

ployees. Multinationals usually (my italics) to retain an early 

adopt the principle of **ben m0 rning service." I wonder 

in Rome, do as the Romans do.’ what evidence he has to support 

It is nnt easy to behete that wild 3530,^,1- AnC j wbf , n 

r°/S SD i. P !2 ,, Lr , 5 P1 ^l2 he adtfs " If >0» thjnk ^ Post 
wjth . shares _w 00 Id 1 post- office is going to remain the 

Lively- forbid their UT\ employees same j n fi, e years ahead, then 

?h?n aPthJ same 3 time you wiU <* uick! - v be undeceived.” 
be/iefiL ^ tipn at the same tiTTiG c/mix* nf mc would u>r<h fhar it 

these employes would be demon- wou i d «tav\he same reraemLr 
strating their Faith in the parent ,j ays W 'ben the Post 

company by buying some of its Office offered a splendid service. 



share5. There are. of course, those of 

George Cooeman. us who like to see our mail 

Copeman Paterson. before we go to work, particu- 

23$. Tavistock House, Jar, - V " here *?"* of ft may be 

Taristocfc Square. WC'Z. urgently awaited. For myself. 

I would be glad if f could get 

my first post before 10 am and, 

Surely, if postmen are required 
Roads 10 start ^ eir rounds early in 

the day it must be possible for 
From Mr. A. WaOdnsan t0 work earlier and 

Cir EVrtm Vy Tmkmi'. 1 know of some people who like 

/v r ' From Mr. Tankard s letter the idea of h av j ng an afternoon 
(November 15) one would think fn?c . Perhaps Mr . Huberts 
that the bus had not yet been s houJd take more nntice ami find 
invented. In practice for many out wha , lhe puh , ic wam rarhp , 
years now buses have used much than what the Po?it 0ffice is * 
less fuel per passenger mile pared l0 2 : ve then , 1 

than trains as they are so much phiJip P. Towell 
lighter in weight. studio 92 . 

The conversion of railways Fishtojt Road, 
into roads would provide buses Boston. Lincolnshire. 


George Copeman. 
Copeman Paterson. 

23$. Tavistock House. 
Tavistock Square. WC'Z. 


Roads 


From Mr. A. Watkmstm 




Golden Ellipse and 
18 ct .blue coloured 
gold; They invariably 
idenfify Patek Philippe 
designs. They tell you 
that the watch was 
finished entirety by 
hand, in .the manner 
practised by. Patek Philippe: 
since 1839. The Golden 


mmPH\WPE 

Ennobled by (hi* craftsman’s touch 


Catalogue and list qf jewellers fromrpatek Phifippe, Dept 
- - P.O. Box 35. Maidenhead. .Berks SL6 3BQ. 





: ■*'$ - ! ~~r - :. "! 

.-:• Ttees Saturday Moyein&er 18 1978 

TOE; So* over televised SOCCER 


BY ARTHUR SANDLES 








* 7 :'■ 1 

j^ ifASyirr’tartir worth? ' of a 
White lie 


^’cu^JSnaL 
. : dtfesee^w*£ r .forming; toe ^th e 
' ij- wily ‘ vrtnger 

and 

wa* hf-th# neLheforaL 
opposing - tern 
# f.cricd'thB 
- ■ who '-: had ' * long- 
4&enn^es 'ia unbeat- 
jiM^ . J i!3fer -;than|ed the rules 
Hat^Tbere -Was - 
• «fctf a ^3nnt; «i ia '^slkie into 

- life war," 
:s^)frdTdsing captain-: . 

: ^: : tAjn«fon Weekendt Television's 
V^f&hwtcraiig o£the 3BC‘ in 
wgtring yp 'the ‘Football League 
f for-v exclusive:^ coverage of 

- gognsii cafnb. soccer next season 
has . very' much . upset the 

. Corporation; 

•/■’. tt la yemaitoiMev that. the 
negotiations between the League 
tadXWTV John Bromley, bead 
of ITV sports coverage; should 
hare ; fjbeen- kept so .secret that 
news of. them did not reach his 
rival Cliff Mor^rv. at: the BBC 
until the same time as Fleet 
Street Bat is demonstrates that 
filer ITV contract owes much ro 
-its grasp of the emotional back- 
ground to the new round of 
sports.' negotiations as to the 
financial background. The rules 
of th* game had -indeed changed, 

; lnd the BBC had not noticed. 

British soccer has be^n in 
coatinaaJ' crisis for some years. 
The league system was created 
at a time when soccer was a 
cheap -form of entertainment 
[or the masses. Today those 
same masses have , access to a 
much wider range of com- 
petitive past-times. The former 
luxuries of participatory activity 
— motor cars, home ownership 
with accompanying chores of 
. gardening and maintenance — 
ire widely available. At the 
same time the local football 
dub. like the local comedian, 
has to face competition of top- 
ranking football stars from net- 


iTV’s crafty flanker 


worked • Tel£rteioiv ■.-coverage. 
; Hartlepool's J performance is 
rated against tfeemidweek tele- 
vision showing af.TbraTjifadtfd- 
■*:’ The clubs , ftave: t wen their 

'attendances 
end fewer- rthafc- 
watched -home «an£. Rochdale 
lose io Port Vale while /ewer 
than 1,500 saw. HaEfsrdraw 
with Aldershot, - 
'^impact has 

however, on tbe seep nd-'dirfsion 
—home of tbe\ob<»*i*»*s^ an d 
the aspiring 

the: early 1950s 'aM.eariy'l^Ds 
attendances at division 

games were ■rfrtoilfir^Bfl»Sfod* ®y 
contrast first- division . attend- 
ances have held upqutte well. 
Spurs drew a _resp^sl#^W)0- 
plus last . week ahd'“Byetton 
came dose tc - -40.00fc.^Uver*aI] . 
however, attendaqc&s^JSi&e not 
been • enough to wartli off the 
clubs* cash problems Em with 

minimum entr^c^prices.' bow 
topping £1, duhs look- to good 
runs in the League Cbp,: the FA 
Cup or international -com- 
petition for lifesaving money. 

Smaller clubs 

•This additional casVis hot. of 
course, available' tothe smaller 
clubs which have to/ watch the 
giants not only scooping np the 
big receipts but also providing 

rival games on teletiriqn which 
further reduce their omtgates. 

It was no wonder .therefore 
that the past year has. seen « 
growing belief among the soccer 
dobs that the game telgbt be 
better off without television at 
all Under the present agree- 
ment the League gets about 
£500,000 a season rflw -uncer- 
tainty is due to receipts from 
foreign sales). This ffgdre v*Mks 
out at not much more 'than 
£5.000 a club.* Most r chibs 
reckon they could easily'-, make 
up this sum by attracting an 
extra 5,000 attendances. : Mr. 
Bromley and his team atLWT 


realised that this mood of 
antagonism towards the televi- 
sion cameras was more than 
Just a bargaining ploy. Alan 
Hardakcr, secretary 0 { the 
League, has made it quite dear 
tto me that M it was either this 
deal or nothing. I do not believe 
that the dubs would have 
accepted a renegotiation of the 
old contract There simply 
would have been no football on 
television." ' 

Although there have beon 
some signs of concern about the 
speed and secrecy of the deal 
from one or two clubs, notably 
Coventry, the vote in favour was 
near-unanimous, a clear indica- 
tion of the way in which ITV 


evening than the BBC which 
currently often waits until well 
after 10 pm. The contract would 
allow commercial companies to 
start their major soccer match 
any time afier 9 pm. However, 
to have the TV kick-tiff as early 
as that might alienate nearly as 
many viewers as ir pleases, par- 
ticularly because ITV already 
has an audience winner at that 
time in the form of The Profes- 
sionals. It is more likely that 

the companies will aim for 
about 9.45 pm. 

Already the prospect has the 
advertising agencies’ mouths 
watering. Soccer is a perfect 
vehicle for the promotion of 
male-orientated goods, and a 


£ Running feature films opposite the football 
match could provide family rows of course. It 
could mean Sound of Music against Spurs v. 
Everton. 9 


had rightly judged the mood. 

The BBC’s use of a major soc- 
cer match to round off Saturday 
peak-lime viewing has long been 
a thorn in the side of ITV'. A 
look at the ratings figures shows 
quite dearly that on Saturday 
night the BBC ratings figures 
suddenly overtake those of the 
commercial companies. A pro- 
gramme’s standing with the 
audience is judged in TV rat- 
ings rather than in millions of 
viewers, with 20 being a good 
measure of success and 3U-plus 
being a hit. In London recently 
Match oi the Day has been get- 
ting a TVR of around 26. while 
in Lancashire it has- been as 
high as 29. 

There is little doubt that ITV 
will schedule its own Saturday 
night soccer much earlier in tbe 


prime-time soccer game is 
attractive for many agencies. 
The current co<t of a 30-second 
spot on LWT in Saturday-night 
prime time is £4.700, and the 
agencies seem willing enough to 
pay. 

Paul Green of Media Buying 
Service? ( UK j said it was "ter- 
rific news.” According to Mr. 
Green "One of the biggest prob- 
lems we are all going to be faced 
with is getting our ads into 
the prime-time. Saturday-night 
soccer slot. It is perfect pro- 
gramming for all male-orien- 
tated products — razors, beer, 
you name it." 

John Ayling. of John Ayling 
Associates, another independent 
media buying shop-reckoned 
"it will give ITV' a tremendous 
boost to Saturday-nigbr ratings. 


although the BBC will probably 
retaliate by putting Star sky and 
Hutch or something much like 
it bang up agaia&t the soccer 
start. There is an increasing 
tread towards male and adult- 
orientated product advertising 
on TV anyway in the wake of 
the trend away from packaged 
goods. ITV has been exception- 
ally smart This is very good 
news for advertisers." 

It is .not. however, very good 
news for the BBC which will 
doubtless spend the two weeks 
of the option period negotiated 
by London Weekend trying to 
find some loophole in the deal. 
Mr. Ayling’s view of a Siarsky 
and Hutch retaliation is prob- 
ably correct if the Corporation 
should fail in it$ bid io keep 
at least some soccer. An obvious 
move would be ;o invest a 
similar sum to rbt- I5m com- 
mitted by ITV to feature films 
and to run these against Ihe 
football match. If the films 
were well scheduled and chosen 
they could provoke family rows, 
of course. It could mean Sound 
of Music against Spurs v 
Everton. 

Expenditures of these magni- 
tudes are not unusual for peak 
hour viewing. The E1.5m a year 
which ITV may end up paying 
the Football League still only 
means perhaps £20.000 an hour 
for its soccer, plus the produc- 
tion costs. This is much less 
than tbe companies might spend 
on making episodes of say The 
Return of Ihe Saint or the Bruce 
Forsyth Shore. Tile small print 
of the contract reduces this ap- 
peal slightly. The League is in- 
sisting on less concentration on 
the major teams and a wider 
spread of reports. This natur- 
ally pushes up costs and potenti- 
ally reduces the audience. 
Nonetheless ITV’s regional 
structure means that it has a 
greater ability to show local 
matches than might be the case 
with tbe BBC. 



TV sports chiefs: chief negotiator for the ITV companies John Bromley of LWT: Thames 
Television’s Bryan CowgtU, chairman of the ITV network sports committee and BBC’s head of 

sports coverage Cliff Morgan. 


What is particularly hurtful 
to the BBC is that the Corpora- 
tion has long regarded irs cover- 
age of soccer as a duty and has 
perhaps sometimes given the im- 
pression that it is a right Per- 
sistent claims by the BBC that 
it is better at soccer coverage 
have deeply upset ITV and the 
Corporation is sometimes ac- 
cused of arrogance. LWT seems 
to have countered this with an 
approach bordering on humility, 
and the tactic has succeeded. 
[TV's determination to bloody 
the BBC's nose partly results 
from the Corporation's persist- 
ent determination not to alter- 
nate the coverage of national 
sporting events with ITV. Tbe 
BBC has long said that cover- 
age of the Grand National, the 
Cup Final and the Olympics 
were crucial and a public broad- 
casting company cannot let 
them pass by. 

This view has been retained 
in spite of criticism from 
various sources and in spite of 
determined efforts by the Inde- 
pendent Broadcasting Authority 
to start negotiations on the 
subject. Oddly enough it was 
Bryan Cowaill, one time BBC 
king-pin and now managing 
director of Thames Television 
and chairman of the ITV net- 
work sports committee, who was 


most forthright yesterday in 
cocking a snook at Auntie. " It 
has occurred to many of us in 
ITV that this is the only answer 
to the BBC’s continued intransi- 
gence about alternating pro- 
grammes when they have 
refused reasonable requests 
from ITV to alternate, for ex- 
ample, the Olympic Games and 
the World Cup." he said. 

“ This intransigence is annoy- 
ing the public. Failing agree- 
ment to end duplication, the 
answer will increasingly lie is 
exclusivity." 


Exclusive 


If that is the threat of further 
excursions into sports it is one 
which is likely to be taken up 
by the BBC. Already ITV has 
signed up the gymnastics world 
while the Corporation has the 
fields of golf and cricket almost 
to itself — perhaps because the 
possession of a second channel 
gives it the power to offer 
lerffcthy events. There are areas 
where further competition 
might take place. In the U.S.. for 
example. CBS television — hav- 
ing outbid rival networks — is 
spending perhaps £50ra on 
exclusive coverage of the 
Moscow Olympics. 

But there is more to this than 


just the British television audi- 
ence. The BBC has steadily 
built up a good business, offer- 
ing its coverage of soccer 
matches to other countries 
around the world, nolabiy 
members of the football-playing 
Commonwealth such as Aus- 
tralia. This revenue will prob- 
ably now flow to ITV. although 
the present revenue break which 
currently gives more than half 
of such receipts to the Football 
League will be further increased 
in tbe clubs’ farour. 

What remains to be seen is 
whether the clubs are right in 
their belief that it is television 
which is helping to reduce the 
revenue they receive in the 
form of gate money; whether 
it is television which is in- 
creasingly focusing attention on 
the superstars and the big-time 
club internationals: and whether 
it is television which is pulling 
the financial rug from under 
the smaller clubs. Club determi- 
nation to cut TV soccer by at 
least half, and in the meantime 
make more cash, will at least 
put this theory to the test. 

Meanwhile there may be some 
viewers at least who will see 
such a dramatic reduction in 
TV soccer as a relief rather than 
a curse — and their reasons may 
be rather different from those 
of the BBC. 





Eastern 

clouds 


£V£Sj|JS 


J*2S: 


Investors are rustling tin* the 
stock naxket in Bong. Kong-Jike 
the people of Pompeii fleeing 
before the ./wrath of Vesuvius. 
Several' recent tremors warned 
that the market was overheating 
but tie- force with which tbe 
cap finally flew off and the sub- 
sequent outflow of funds has 
. surprised most people. 

.. A. few;-weeks ago the Hang 
■Seng Index touched the 700 
mark, having risen nearly 75 
’ pier cent since the beginning of 
the year, and it looked as though 

- euphoria, ' if not investment 
' v fundamentals, would take it a 

good deal higher stilL No one 
seriously expected the market 
’ to scale the fliny heights of 
1975 when the Hang Seng 
touched 1,770 but neither did 
anyone think the boom would 
biuret so quickly this time. as it 
did five years ag * '■* 

. It has— almosti-Tb e Index has 
slumped back below the 500 
. ; level (488.48 on November 17) 

- and there is no sign that the rot 
: its" stopped even ; pow. In ■ just 
. "ten days, since asecond rise in 
•'■• prime lending rate'signalied the 

vend' of .a prolonged ^beap-m on ey 

..cerf- in Hong Kongi- the Hang 
, ; Seng has plunuqeted by ; 140 
:> points or 22 per cent. : 

V \Th* change of mood has been 
dramatic, a few .weeks ago, 

_ China was lifting' 'tire veil of 
awcratability to reveal that 
Peking smiles upon the 
; ■ , tmedi um-terro at least) future 
; of: Hong Kong while Governor 
Sir Murray Maclehose was 
vieulerfsing, the Colony's position 
in terzus which even John of 
Gacurt in Bichard H might have 
■ envied. Suddenly, ; however, 
things are not looking /quite so 
good for “'this sceptred isle." . 
l.The spectre of inflation ..which 
Governor pointed to as a 
./ japan cloud op an otherwise 
^luight ; horizon has begun to 
Ukaa larger. To control that, 
to stem the burgeoning money 
. ajpply and to deal with' an out- 
fiow.ef funds and an overheated 
property market, the banks have 
-suddenly 1 “jacked up interest 
rates by a degree that matches 
the belatedpess of their decision 
to do so. 

Stockmarket investors, here . 
nuy hot worry overmuch about 
: the cross-over point between 
. Equity yields and interest ob 
deposits but when .banks 
begin, pressing ■ for more ■ 
collateral to 'support loans made 
for - equity ; investment thestory 
h different lit the past week or 
so, small, investors have been 
setting stock into a falling 
market— big institutions began 
digmvesti&g several weeks ago— 

, to. repay the banks, and the 
process has fed upon itself. 

Market nerves were put 
farther on edge this week too 
when a piece, of land at 
Isimahatsui in Kowloon failed 
to fetch its reserve price at 
Government auction and was 
withdrawn from sale. Although 
. the Government auctioneer 



ItflifiSv x j&ww . /' W-^ •- ” . WUniaBa- 

•' Hong Kong: an autumn fall. 


dropped dart hints aljout being 
“ringed” by bidders, the fear 
..that the land and property boom 
too might have topped out did 
property stocks. Ido good at all 
on the stock exchanges. 

Once bitten (in 1973), twice 
shy. small investors are 
scrambling to get uut of the 
market although many ot those 
have once again got their fingers 
burned, even if not so badly as 
five years aga Meanwhile, tbe 
institutions and bigger in- 
vestors, baring got out from 
under the smaller fry, are pro- 
bably waiting to. climb back in 
ou .top of them again once the 
.market looks to- have overdone 
the gloom. That however, 
could be anywhere between here 
and tbe 400 -or so level where 
the Hang Sirog came in this 
year. 

Power 

straggle 

IF BRITAIN decides that a new 
'power station is needed it now 
takes li years from the project 
being a gleam in the planner’s 
eye. ; tb the production of the 
first . electricity. That is a 
realistic if unofficial Industry 
estimate of current lead-times. 
The game, fe going against tbe 
power boards ' The advanced 
gas-cooled reactor nuclear sta- 
tion now being built at Hey- 
sbam, .Lancs, went ahead with- 
out even a public inquiry. But 
the Central Electricity Generat- 
ing Board’s latest project for a 
nuclear , station at Portskcwett 
on the Severn Estuary looks 
like- behrg dragged through the 
whole planning procedure for a 
second time in spite of the fact 
that permission for the project 
was given some years ago. 


If the British power authori- 
ties have problems spare a 
thought for the Americans. Mr. 
William McCollam. president rf 
the - Edison . Electric Institute, 
said in Loudon last week that 
the obstacles to power station 
buflaing in the U.S. are now so 
manifold that he would be sur- 
prised if any new station could 
be completed within a 14-year 
period. 

The Edison Electric Institute 
in its new form is a Washington 
DC-based organisation repre- 
senting the 300 US investor- 
owned electric utilities. It has 
been sbt up to act both as tech- 
nical clearing-house and political 
lobbyist for the US power 
industry. ' 

The companies fear a general 
U.S. power shortage by the mid- 
1980s simply because they will 
not be permitted to buHd coal- 
fired and nuclear power stations 
at the rate needed to match 
(erica’s rising electricity 
fnsumption. 

McCollam blames the 
unrealistically long lead-times 
upon the U.S. licensing pro- 
cesses. ‘ Every power station 
has to obtain a construction per- 
mit, a series of environmental 
permits, and an operating per- 
mit: “A tortuous process," he 
added.'. 

Tbe good news from the U.S. 
power scene Is that there are 
not likely to be more of those 
Eastern Seaboard power black- 
outs which have, in recent years, 
caused temporary chaos in New 
York and other cities and in- 
explicable blips in the birth- 
rate nine months later. The 
American power utilities are 
finding it difficult to build new 
power stations. . But they 
believe they have rectified the 
weaknesses In tbe power distri- 


bution systems which caused 
the failures. "Reliability is no 
longer a serious problem," said 
Mr. McCollam. 

Tbe bad news is tbat tbe U.S. 
companies have not felt justified 
in ordering a single new nuclear 
power station in the U.S. this 
year although they are 
unanimous tbat without an 
ordering programme now future 
power shortages are inevitable. 

Home 
news 

The Marquis de Sade, Laura 
Ashley, and a British lawyer 
turned estate agent are the im- 
probable cast of an improbable 
success story in Paris. 

The tale started last year 
when Philip Hawkes. an emigre 
lawyer tired of the law, was 
chatting to Clive Llewellyn, 
head of Hampton and Sons’ 
Paris office. Mr. Hawkes. and his 
wife Patricia, suggested to the 
surveying firm that it should 
add a chateau sales service to its 
commercial property business in 
France. The idea was given a 
Try. And in Jess than 12 months, 
with the introduction to France 
of the sales techniques that 
Hampton has used for British 
country houses t or generations, 
the husband and wife team has 
sold over FFrs 15m (£1.8m) of 
chateaux and have more than 
50 on their boolcs. 

One of the chateaux on tbe 
Hawkes’ book at the moment is 
the Marquis de Sade's 28 bed- 
room home at Conde-en-Brie, 
Aisne. And the rest of their 

for sale ” list reads like a pre- 
revolutionary knitting pattern, 
with counts, dukes and marquis 
aU drawn by British agent’s 
selling success. Buyers range 
from Frenchmen moving up- 
market, to wealthy second home 
buyers from all over the world. 
One of the Hawkes’ most recent 
sales was the Chateau de 
Remaisni! to Laura Ashley, the 
textile designer. 

One of the strengths of the 
chateau market, apart from the 
appeal of the buildings them- 
selves, is the French tax system. 
This allows the costs of repair 
work on buildings of historic 
importance to be deducted from 
taxable income.. And to serve 
that market Hampton now has 
a fast selling line of partially 
derelict buildings. 


Contributors: 
Anthony Rowley, 
Roy Hodson 
and John Brennan. 



The De Sade chateau; Hampton's Frentjj connection 


Economic Diary 


SUNDAY — Department for 
National Savings monthly pro- 
gress report for October. 
MONDAY — TUC-Labour Party 
Liaison Committee meets. House 
of Commons. Tl?C Finance and 
General Purposes Committee 
meets. Congress House. London. 
Companies Bill second reading in 
House of Commons. EEC Finance 
Ministers discuss European 
Monetary System at Finance 
Council meeting. Brussels. Two- 
— day meetlnes of the Agriculture 
Council and the Foreign Affairs 
Council start. Brussels. ASEAN- 
EEC conference begins two-day 
discussions, Brussels. Issue of new 
9* per cent British Savings Bond. 


Financial Times two-day confer- 
ence on World Insurance opens. 
Dorchester Hotel. London. New 
construction orders (September). 
Turnover of the motor trades 
(third quarter). Arts Council 
annual report. Scottish Airports 
policy conference, Albany Hotel, 
Glasgow. 

TUESDAY — Provisional figures 
for unemployment a nd unfilled 
vacancies (November). Social 
Security Bill, second reading in 
Commons. Introduction of home 
improvement loans by Trustee 
Savings Banks — also increase in 
some charges for withdrawals. 
WEDNESDAY — EEC Forei-n 
Ministers meet in Bonn. Italian 


Prime Minister Giulio Andreottl 
arrives in UK for talks with Mr. 
Janies Callaghan on EEC issues. 
Labour Party National Executive 
Committee meets. Transport 
House. London. TUC General 
Council meets. Congress House. 
London. Southern region train 
drivers’ one-day strike expected 
THURSDAY— National Union of 
Mineworkers’ leaders meet 
National Coal Board on pay. 
Foreign Ministers meet at 
Council of Europe. Strasbourg. 
Two-day meeting of EEC Trans- 
port Committee opens. Brussels. 
New vehicle registrations 
(October).. Bricks and cement pro- 
duction (October). Sir Harold 


Wilson. MP. at Finance and Credit 
conference. Connaught Rooms. 
London. Mr. Peter Parker, chair- 
man of British Rail, at Glass 
Manufacturers’ Federation 

luncheon. Dorchester Hotel, 
l^indnn. Third quarter provisional 
figures for capital expenditure by 
the manufacturing industries and 
manufacturers’ and distributors' 
stocks. Car and commercial 
vehicle production (October — 
final). 

nWD.tV — Prime Minister meets 
French President Giscard 
d'Rst.amc in Paris for talks on 
pr^posjd European Monetary 
System. Sales and orders in the 
encineering industries (August) 



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services to institutional and private clients in the U;K. and overseas on a discretionary basis for 
portfolios of £10,000 or more. These portfolios are kept under the constant supervision of a 
director who, by reason of the very close personal service rendered, is always in touch with clients* 

individual investment and tax requirements. 

Britannia Trust Management Limited manages the widest range of authorised unit trusts of any 
unit trust management group. These meet investors* requirements with growth, income, 

specialist and overseas funds. 

The advantages of unit trusts include the ability to obtain a wide spread of investments 
which meet personal requirements for a minimum sum of £500. 

Also, where appropriate, unit trusts investing in shares of overseas companies negotiate loans to 

minimise the effect of the dollar premium. 

For full details of our investment management services, please contact: Stuart Goldsmith, Director, 
Britannia Financial Services Limited, 3 London Wall Buildings, London Wall, London EC2M 5QL. 

Tel: 01-588 2777 ... or send coupon below. 


I 

1 To: 


| Stuart Goldsmith, Director, 
Britannia 

I Financial Services Ltd. 

I 3 London Wall Buildings, 

1 London Wall, London ECzM 5QL. 

| Telephone No: oz-588 3777 


Please send me full derails of your Unit Trusts 0 

Portfolio Management Services □ Tick as appropriate 

BLOCK CAPITALS PLEASE 


“I 


NAM 2 . 


ADDRESS. 


l 


r_l 


■y 







Financial Times Saturday NDyembdr^I8 L T97S 


dividends announced 



wood sales increase 

static 


Current 

nayment 

int. 1.4 
O.SS 
2.75 

0.5 

0.5 

1.03? 



ALTHOUGH pre-tax profits of last year was equal to_3.74p from 
Wedgwood at £3.$m for the half- pre-fa* profits of £&35m. 


comment 

continued 


Boddingtons Brew's 

J. BUlam int 

Eucalyptus P.M &d"inL 
R. and J. HIU ....int. 

Maurice James Inds ..int. 

F. H. Lloyd 

Lon. & Midland Inds. int. £-63 

Radley Fashion 2-5*3 

Sheffield Ref reshm ent int. 0.65 

Vfners jfiJ 

Wedgwood Jnt L73 

WeUco ; 0.95 

Western Motor int. 1 

Wintrost int 0.1* 

‘ W Ribbons .......... 2.05 


Date 

Corre- 

Total 

Tota 

of 

sponding 

for 

ISA 

patment 

div. 

year 

year 

Nov. 30 

1.33“ 

— 

J-SS-tr 

Jan. 5 

0.79 

— 

3.14 

Dec. S 

— 

425 

5 

Dec. 29 

Nil 

— 

Nil 

Jan. 6 

0.5 

— 

1 

Jan. 5 

1.63 

— 

551 

Jan. 19 

1.9 


4.S1 

Jan. 31 

2.83 

■L31** 

3.94 

Jan. 10 

— 

— 

1.S3 


0.95 


0.95 

Jan. 4 

1.75 s 

— 

3.74* 

Jan-S 

0.34 

1.12 

0-5 

.Tan. 26 

1^75 

355 

254 

Dec. 21 

— 

— 

i!w 

Jan. 26 

L275p 

355 

255 


Turquand 
Sime 




Sime Dartre now has new us one set of reasons and the '.cost of the former sort of deveT- 
auditors. At the annual meeting shareholders another we do not' opment. i*bW6ver. was. -so large, 


bringing to. share-, if Sime ionic! be given reasonable 


: s J* 


s'* 

.-'fll'S.y 

\rj* 

■r * 



year to September 30. 1978. were 0rder< remain ^atisfactnre— the Dividends shown pence per share net except where otherwise stated. The « 

marginally down on the OXm and Canadian 0 com- ^^'^ Jeicy rn^men^ m , ^ « »n«i« for scrip issue. tOa capital Turquand 

;n the same period last year, both , c , , re having a pood year {g}®!* h&lf*S SKS profits l ? a SP 
SS*,;?* 1 ° peralmS Pr ° fiti *** ?nd the ^ctunng subsidy ** - r ? r i*E 

3U0>anL - »ro,nerin ff m Australia. ^ josses on U.S. and 


compared with ILSm for Mr. Beaton said the controversial 
Turquand- reasons had been given, on the 

vote means defeat for grounds that they were. con-' 
in 115 biner battle to fidential Pressed again by shares 


k prospering in Australia, Foreign ex 

The operating profit at 142 m although cor.ditiorLs fnr exports Cana ^ ian lrade totalled £700.900. 
was S Per cent up but was after io th^t country remain difhcuH A chan ™ in traditional tourist 

^bsnrbins substantial foreign the directors report. ■■ 9 - 

exchnnne losses on the group's 
trade ?r. the U.S. and Canada. 


to maintain trustee status, 
ti Includes additional 0.0I93P for 1977. 



•.■G-we**- 1, 
l«7i 1M7 


These tosses amounted to over 


rartier 

£700.000 jr. the half-year compared oners— 

with «-vne £0.25m "last year and in»-r-;,r 
but for 
would 

1?. per con: in l.ne with the sales j;...., 
increase of 1-5.7 per cent to on.-j— 
itO.iSm. Kr--.n : 


-’me iti.-om ias-i >ear anu ini-r-.j. — 

Or ihK eperatin” profit e™ nt bc * t, ' l! 

have shown an increase of r> . 


ti j 


. n t 


In Uv \ iho 
•vervas oj. 
raws. 


Various factors make forecast- Jr .n 
ing n.ore ditocut* ’hi? year, ihc '•> 
directors sa> but 
the year will be 
the group. 

Net warnings per share arc London market have been con 
sJicm* n ;>r 7.2p iT.Hpi for the first firmed. although the trade 
half and the interim dividend is attributable to this source con 
effectively held at i.73p — the total Unites to be considerable. 


''pending patterns has also hit first 
half margins. The growth in 

i(aA package tours to the UK this 

wvk summer has helped sales of lower 
4.-15I priced, lower margin items. But 
smo !hc individual visitors, 
traditionally the higher margin 
c.-'vi product buyers by delaying their 
'■A visits until September, October 
, and early November are pushing 
.lisiN these sales into the second half. 
•n‘flac;uiion German and Japanese tourists are 
to some extent offsetting the de- 


=«oo 

jfl.ru 
4 :*i 
T90 
3.513 
’.!> 1 
2.-S7* 
-•"■5 

i.n*i 
r.f r»- 


F. H. Lloyd slumps 
by £ 0 . 7 m midyear 


expands 


A MORE than ilOO.flOOadvsnee. bl- 


and Turquand. . . _ peripheral' . 

Although neither siae would immediately fallowing the xneet- 
coirnnent vestercay. Sime has raid ing, Mr. Stanley Booton,. Shite's 
that it believes it has a pruna financial director who had sided 
facie case acamst Turqnand.. for with- Turquand, tendered- fria 
negligence relating to the 1972 resignation. He was immediately ^^Me^Drofit id 

audit, while Turquand has sought replaced by Mr. Mike Dowdy, who Lcond six months: left full-time 

legal advice over this arasation was already financial director gS* ?or S, SS TfcSg 

wnicn it complete!., rejects. . de SP a iu, irman .- irTr1r ,4.. tn th _ ahead from ^665.450 Ito > peak 

Yesterdays meeting, however. The chairman s address to the £301949 for the year to July 3L 

saw both parties sticking to the meeting did not refer to the I97S sales^ by the- rubber and 

original issue, namely Turqaand’5 extraordinary wrangle between rj^c-njoulder reached - fl3.63m 

claim that Sime’s reason for want- the directors and the auditprs. 

Tuu Tan concentrated on trad- ^ ^ 


they still believe Eure roan busmen continues to chnmg U..V foreign purchasinc th foundry 
a good one for ?rp .,- hu- e.irly doubts about the power so volume is not unduly u OVJ j 

volume o: tourist spending in the suffering. A full year hgure sepiember 3C 



3.S per cent 


its £lm at Interim stage 


ally lower at £30. 05m. 

£3 1.3m last time. 

The engineering and steel 
division maintained its trading 
surplus at £574,000 (£600.000 > on 


FOR the <iix months to September stake 


have not improved, it should 
. , produce a second half result 
the Ninlan oil field, yes- disposal and packaging, doubled similar to last year's £1.0lm. says 




1P7S 

£0W 

Foandrios 

En#ineerui5 and 
ExreiKioDal detm 

s-res! - "-. 

I. 1?“ 

103 






XwOOb 



597 









€73 





673 


.?il. 10T.?. pre-tax 


nrofits Of London cerday announced that it had won from £2.72m to £3.44m. 


Mr. Robert Foster, the chairman. 


comment 

bans Substantially higher second- Lioyd Cooper Mini-I^iill perforraed -y. h. Lloyd bad prepared the 
faviliu^s to service the develop- half profit should leave the full- better and is still operating at market for gloomy figures and in 
men: of the field. time total similar to last year's satisfaclory output levels. the event taxable profits one third 

At :ne time of its Interim profit £0.3Sm. Mr. L. M. James, the The decrease in the foundry j ow - er sen; the shares 4p higher to 


a satisfactory recovery in crops" Earnings “per lfip- share are 
suss 3tr. tseaton io:a sr-srenotaers since the droughts. stated 4J3p higher at 15^p ^nd a 

,?. 2 K that be believed the reason they n e also prof erred clues as to net final -dividend" of :L155p lifts 
- P 2l had been given — that Price where Sime might direct the pro- the total'tp L605p (lASSpU which 
itJ VTaterhoiise was shnply better ceeds of the 475m ringgit (£107m> £80^56. -A threer-for-one scrip 

cm placed to do the job — “were in- Joan it had recently negotiated, issue jg proposed; - “ 

ZJ22 valid." This reason was “ mconsis- although not one of the 600-share-. ■ . rtim = 

with the M controversial " holders at the meeting raised any SkS? 

i which were originally questions over this. - .tWs tom .by. £395J174 in 

ii7 given to Turquand and winch re- “Sime is continuing to .explore respect or .. stock, relief .•“d 
-I iated to accusations that Turquand opportunities for .downstream accelerated, depreciated aHow- 
lss had been slow to uncover the mis- activities based on oti. and ance s. ' **®*™ ;1 ** 

demeanours of Sir. Dennis Finder, rubber." he said, as . well as for £7774140 (£§62,063)- - jof which 

a former chairman. diversification into manufacturing £684,740, - against £477,913 was 

Why the Board chose to give and service-related atriyities. The returned, : 


630 


and Midland Industrials improved agreement for additional 
from £0 <3m ;•-> £lm ->n turnover 
ahead from £Pi‘4ni lo £i')..TJm. 

The directors report that . — . .-w~. — 

group operations and business figures, late !as?t month, the com- cliairman. forecasts. division was attributable to tne ggp Strikes probably cost about 

con’niuei ro expand and for ihe puny nid ^aid ‘Hat ii «3< seeking Parts of the group which had 013,11 heary foundry unit at r . H. £0.35m but the 55 per cent drop 

full jear :hev beiiete re-iilts v.ili t-> conclude ihcie negotiations. h e(?n yielding low returns or Lloyd and the forward order j D .^, c f oun< j-y and services con- . , _ . - . , 

prove 10 be entireiv «alisfactory. For tiio half year 10 June incurring losses have been sold situation shows no improvement. Ir jb un i 1}n largely reflects the INDUSTRIAL action and re- building enntrartor. rose £137,454 of and financial 

For tii* la--f full " year profits LAS. WO' 1 -Siarc of development therebv raising liquidity by more ihe chairman reports. seriously low demand for castings, development problems curbed to a record £643219 before tax os. charges, ..(£1,6601. 

i.?!-<2cd £1 sOm co-' of Nmian nmounieri tn jhan £500.000. A rapidly improv- Even so the general decline in f^e group's emphasis now is more growth at Boddingt on's Breweries £200,42S. compared with‘fia.42f Tne . i^erua aiVKiena ts. liftea 

Fir«! In.f earning^ ncr 23p -?hare XSf.nt. cnrupared with £69m For ing order bnnfc at Joshua Bicwood foundry business was towards the light to medium end in the first half of 197S. Including last time. Sales were ahead from from 0^P _to _l.C3p— last years 

are iiTT.vn jo hate ruen from ii.2p ihe ■.vho/o of the previous year, anrf Sons influenced a decision apparent some IS mom n« ago }j UI further spending on the heavy investment income down from £3.7pm to I7.5Sm. _^ mwt .^ m -Em r^ 001 '' 


Boddingtons’ shows small rise 


r> and ti'.* no: iriorim dtri- There n.-.? 
.s increased from 1 Op to nrodti'itlon 


been some delay in to pull out of protracted neuc- ^I n j e 
hu*. LAS MO c?:prci« tuitions lo .-ell this com pan 


neuc- ^ ,n S e when directors have foundry area y,^\ pay off vh en ISS.009 to £23.000. taxable profit With net profit lower at I+M.nti 

y. The n,at !f , a complete reappraisal of or[ j ers re t U rn. Meanwhile the for the six months came out (£492,338* earnings per 5p share .... 

capital expenditure anti .pent- ^nmmv mu?r hnoo that its £35.000 ahead at £l.3Sm. emerged at 5.l5p (5.&2p adjusted). __ . ■ — tw i • '• = 

reoeat The trading surplus was higher A net final of 0.95p lifts the total J r9yfnTfl' “l 2FlC 
_ Steel at £1.5 lm. aaiunst £lJ56m, on sales to l.l25p lO.opL A • “ - 

depressed and £0.34m up at £S.53m, The 12o per cent increase ,m j ran Fal In Art Wl A 

II 0 »□ Mr James and other nVrt of The romnanV-i although some parts of the sector The half-time result would have dirid end follows a major capital ICillOl UlV-UiUC - ; 

rws. %£> MSr^S USSSSSSs'-'to' Increase ■ a 

\hl interim in^ ^Soecte of "jftl -ffifieS JSt ta toe veW near success U evident from the much problems arising from the tonvmg electrical dtvMon* con- M the AGM. of Tnffor& Park, 

shares and toe S^intwJi on fumre improved associate profits while development programme at the tnbution came through rndniM Estates the -tihairman- raid- rente! 

the £fl7 0 6fl loan stock held by The whole project could be rhe decision to increase capacity brewery, says Mr. Boddington, the the directors pom tout ^Tbe com- income of the group. was very 

them’ iit year's final wai alS one rational in about IS months here demonstrates confidence in chairman. . P 3 "-^ h P? very successf^ .dtac- secure and. : should continue, to; 

0.5? ’ from final commitment and would renture. even if the niarijet So far secon d half performance in< * e , ase sat ^ ctori ^ dae t0 {J® 

ja TnfiurjK Tt sses^jsir£A ss — 36 

' An drfTC ^ e ***“? 

Iho erwwmnallv 

working ro capacity. The directors 
eatoer and a.rivo are j 00 kjng to expand this area 

AuSUS h~K- of operation. ^ 

year. pron L Sales of the company's Ertsel uvUlUbll 

" “ •” — ~zi — . . , light fittings for furniture indus- __ r*-i , 

Tne programme of redevelop- - r y ^ increased and the Board • f.ltieS TniSl ' 
ent however ;s proceeding on is very optin ,i st i C about th is area 


With net profit lower at £444,791 revenue; of £3144)00.' 



Sa!-^ 

I il'iTl'.rs 

Encr. <- as 
Cirwir-'-T Pro is. 

Pnofi: bororc lax . . 
Tix . 

ProEi »!■■:? >ax . 
E-cr.-orrt:r.ir-- 
.V.-aiiaM- 
P ; •! -Ii.-- 
f ,r <t .-..■vr- iR-.-r^: 



ir Milf 


r « A VERY small profit contribution surplus at £5S.0(HJ I £11). 000) 

:y , from the engineering division The group acquired the equity 

ir I’Tm-.lcH -A'lftn t'O’icr.nn l Iridiff" r> f r*!dA»<nA n.ilnrtr) olntkinn nhnU 


LASMO loans 
agreed 


had nf ]!>.S. of . 

S :<l<?s by ihe group, whore Prs-ta* prom* 
princoal activities include Tax .... 

generh' engineering and repeir J 

London and ^coiiish Marine Oil o' rail * ay •■ aronr. electrical and - (f ; r P J r 0T a'a^n^ni 11 ‘ 
Company, v hich has a 9 per cem mechanical engineering, waste a.suisstion profit uii Vsio.otioT 


t enhancing profitability, he adds, fractionally stronger second naif Wt 
Tax for the half-year took could see some margmal recovery - m 
r £731.000 (fl.lm) and available on the foundry side but Fuji year f 
r.rnfit emereed at £<575.000 profits may r.ot reach more tnan th ^ 


respective units -written biu> the - 
J eases. : . ..i .. . J. . 

The - company had agreed to 



| U rp- rk|4»| in w.^vx V • Aire 1IUU U| 

ZyL division has proved highly fruitful purchase a finbstautial property in 

A?™, and the existing factory is now Trafford Park.- 

raua: OX int i n-r rn nmMlv Tlifl rlirppfftrv ’ - • 


rc 5 D“Ct of 


Alexander wants iexible link-up 

Alexander and Alexander, the eventual merged interests of tors say), and 


Western Motor foresees 
full year shortfall 


meet 
schedule 


ana 


- .„ ,-erv optimistic . 

. . . toe benefits are D f activity. It is constantly look- Pre-tax- revenue - 7 of , Scottish 

beginning to come through. Phase j ng fo r complementary acquisi- Cities Investment Trust A«s little 
tvo has neen started and when tians. and since the end of the changed af £457,373 fifStw 
the programme is completed m year has purchased Lincass Hold- ended September Sir. 197S, against 
early I960 product capacity will ings. a maker of small domestic £456357 previously. . . 
have neen doubled within four products. . Earnings per 2np, stock unit 

ALTHOUGH pre-tax profits of the profit on toe sale of garage years . . .. . . 'The group sold two industrial, are shown at 91p„against ig. 

Western Motor Holdings show a premises in Exeter. The premises The net interim dividend is developments during the year at a and the final . dividend » b-op 

cm non rise to £560 000 in the first at Marsh Barton, Exeter have effectively raised to 1.4p iL33p) profit of £118.000. Negotiations stepping up the. total from. Sp to 

half of 197S. the directors warn been developed at a cost of per 25p share and an additional are now underway with a leading 8.7op.,' 

.... it is expected that that the year's profit will be less £260,000 to enable activities to be finai of 0.0193p is to be paid m insurance company for current Total - incorao for the year 

second large-:; U.S. insurance Bland Payne and Sedgwick group pre-tax profits for the year than last year's record £692,973. at one site. respect of 3977 following change and future development finance amounted to. £518.913 against 

- - - inn nnn ! . I S at fnp pntn *t*V» n Dnnaul vi >>n nnCnr A«tn*ilA«l itiifli mi fW 7 fl 


This is because of the contimi- 
ing difficulties being experienced HiUStOn V^dltrG 


broker, will strive to maintain its Forbes. It rould take the form will be' some £200,000 against' last 
business cnr.'actr with ntoer of a profit-sharing arrangement, year’s £302.000. 

Irnk-up w ith Sedgv ick Forbes and W^’win retain our indiv idual aMiT^aaainst sSspT 1 The interim ^1° tC j n tl?es ra t ^-h ich 

ht 3ddFd . -s, „ dividend Is lifted from O.TTp to iXt S "bSrtlJ 1 'In 


goes ahead 


Bland Payne soc* through. How- shareholders.' 
ever toe maiorny of its busine«s 

would go to its ne*» pariners. suen. But we -aiil go as far as O.TTp. - »— xl i C s ‘v U j cent of toe group 

probably under a profit-sharing we can to create the same effecL" Tax in the half year takes ^Famirvr* *nr th> Rr=r ?- st °”~r5!li re and is 511,5 growing at 

iciii >rr>n?inv . *arnings ” " 


s will nor be 3n acruaf. merger as 0,Sp — the previous final was also ? re j- n hoir mi . ^ per cent and represented 15 per 

s. such. But we -.i ill go as far as O.TTp. trading results for the second half The property investment group 0 f y, e group’s total trade 


in tax rate. The Board proposes coupled with a complete takeout £512,870. 
to pay a final of l-5ip lifting the at the end,. toe directors state;. . . J 
total to 2.91p f2.8254p adjusted). 

The company’s free trade 
during the half-year rose by 31 


arrangemc-nr. explained Mr. Jack 
Bnrardus. Alexander's chairman 
yesterday. 

One of Alexander's main con- 
cerns under the new arrange- 
ment. which Mr. Bogardus said 
would create the largest broking 
business a; Lloyd's, would be 
maintain 
serve 
fore 
brokers 

tionally done business, such as 


extraord/narv ^credits of £13 800 ha,f are shown at 20 ' 9Sp - a?ainsf - ,P - 4m to £1.325.000 for toe six ? g 1 ’ ilr ' Boddin = ton 

extraordinary credits of £lw,800 oo.B2p. To reduce disparity the months to the end of September 

Interim fim.roc f„r t u interim dividend is increased iflTS. Tax is £685,000, against 
interim figures for J. H. f rom g.66p to lp and a maximum £665.000. 

Marion and bon acquired in permitted total of 2.43771p is The group estimates that 
January this year have not been expected against last year's revenue for the whole year will 

220004 p. „ . be no less than in 1977. when it 

to £2.605.573, 

the “A" shares are owned 


P. Panto sees 
about £0.2m 



WeUco rises 
by £137,000 


wrr-rs wrs-77 
• E £ n f - 
Franked tnve-sL income ... 42S.M9 «Og»- , 

'- Ihv. iwma auO Hambly -f&53> 80.833 -j . 7 

DTs. Tynepower 644 2.KJ,' * 

Olher invest. J. 33S.793 31M71-. 

Nnn-rranked — 43.1H *4.3M’ 

UK 11J94 J4.IOC.. 

Overseas 31.140^ 30.SS._ 

■ ' „ Other locenie 46,518' fia.aah. 

Gross revenue of Progressive Total income 5u.su su^ta. 

Securities Investment Trust in- Manage., etc., charges — 
creased from £64.681 to £75540 fe«ninttre« usa 

?oro yea rt r end * d Ser>lem - '£S5SS hSw «Tjn ouw- 

ber 30, 19 1 8, and pre-tax revenue t« hubs iwgan:- 

£64,848 coronared with Net revenue 387.5501 3 Mj»7. 


Progressive 

Securities 


•- f 

V - * 


was £64,848 compared with 'Net revenue ...; 

„ „ £53,780 in the same period last — 

Profit of Wellco Holdings, elec- year. ^ "sirov 

trical distributor and manu- The pre-tax figure is after de- D ^^ r3acrt'irt""rf '"'investment uv 
stock conversion ano invest- facturer, property developer and ducting administration expenses Tynepower. 

- Trust, through Linden r 


Although half 


hl . n „, 0 , t "jS!» B . . , .... Provision has only been made Gardens' Triist. and ail the “B ^ ^ 

ZVI. TZ $ bs^«"sj ^dssa i£vB a £k f kMl Second-half slide at'. 6 W 9 Ribbons 

Mr. Bog-rdus sard it was too sions reported an increase. The wUl continue and sales of 15. The 1977 first half figures have ^ ▼ f AMMMVUL*; 

sa ^ e;cac tij what rela- second half i* progressing satis- cigarettes through vending been restated. "~ 

l d he established factorily lapan from continuing machines are expected to exceed Extraordinary items for the 
Alexander and toe tobacco price-cutting, toe direc- £im in 1979. year will include £240.000 being 


tionship 

between 


ts due next week 


ISSUE NEWS 

Underwriters 
take 44% of 
Crosby rights 


Three of the companies which (with currency translation effects the first six months fa)tbougb one of the packaging vide has evnerf- 

m -u ur ’. J the FT 30-Share Index included! compared with £483ra is expecting £40ra>. rising to enced betetr volume while central 

Tn ihT V !sl®^ m i5 r ' S K° 5^ ndUlon ^ iast year ' between £70m and £75m for the heating has apparently done well 

lex-ile in£-! : « 5 'n«i e “irl Allied Breweries ex-Lyons is fu ” - ve ? r - • _ in the UK. South A/rJca—vvhere Group's convertible Joan stock subsidiary 

i« X "^iii-VnMLriel announcing a second interim on Interim profits from Tesco. due Metal Box is exposed to problems issued by way of rights has been a H r „ 

S Tuesday following the company's out next Wednesday, are expected in toe pilchard industry— remains left with toe underwriters. 

,^- r.n , decision to extend its current to b « » n the region of £13m to uncertain. Ins " 

neriod* whfS ^Couri ! u i?k J!! accounting period to next March. Wm pre-tax. This compares First half results of Rothmans taken 
in" its half vp^rwuhi 'interims Brokers are forecasting pre-tax with f 10.3m last year though this International, due out on Thurs- leaving 

"1“ 1‘S nair year results, interims „ rQ fi ts between £97m and £92m hsure was depressed by J --- — • — * 

are also expected from Rolbmans 1 . ,u_,T 'L ,h„ fim due to ' ' 

inrernarinnil Mrul Rn* s.nri ‘£77m>, though most favour the aue to 

international. 3lcul box and bottom end of this range, indus- Price cutting 

VL;' j trial relations have been reason- Paign. Sales 

« jsg-ra *5is sa ISUIS SK MS . . ...... .... 

Skol thought to have lost “checkout” period, and in the growth will not be dramatic, been taken up as to >37 per cent. LolifL, the 


PRE-TAX profits of nylon and po rarity affected in the second' • Shareholders holding' 1^12, 130- 
polyester webbing manufacturers hatf by the introduction of a ordinary shares have waived their 
“ VV ” Ribbons slumped from ■ complem«itary range of con- right to the proposed final 
£l.08ra to £360,725 In the year to tainers. But the company is now dividend. Eaniings per share are 
the end of June 1978. Sales were benefiting from its increased shown as 4.32p (13.45p). 
also down, from £la.!7m to product range and is trading at • ' 

£14. 78m. record levels. 

All other 


The board sa>-s the results ^iL “ Ln T r c o®P an ;« traded 
__ reflect major adverse factors in sa tisfuctoriiy rontinue to do 

A >=rge Sl abof <SW H om e e.ch Mg = 

«™- e Mim-prtdvi. inan K ,n^ir r,3 - ns3 -‘ lv * me merman seat belt prdfits . on declJlie Ir * m 


The drop in sales there con- 



Standstill 
at Amber 
Industrial 


For the six months to Septem-, 
ber 30, 1978 Amber Industrial- 


Eucalyptus Pulp hit by recession 


is a^radi^ionativ ouie? m-rffid wilh Skol thought to have lost checkout period, and in toe growth will not be dramatic, been taken up as to 37 per centi Lolift, the UK flexible bulk anca they feU justified in paying - First ■ half, earnings per 10p 
analysts « rtlmw ihat JCTs' some market share. It is too second quarter sales were pash- which fits in with the company's Mr. Nigel Newby, managing container subsidiary, were tem- the higher dividend. ..... .share are given at shp f3^pj. 
ore-tox nrofit fimTre will he well “ r, y ^ f °r analysts to estimate tog ahead by around 20 per cenL A GM forecast that first half director of Crosby, said yesterday 
fariow the serondouarter’s fl3dm P rofits for the 17 months t0 Ttiree “* stores - including the results would be in line with the afternoon that he was not 
?. OST e«imaies rluster around Ma reh. These will include five new superstore at Pitsea. Essex, previous comparable period. The surprised at the result 
£l0?m eomnared with last rears month s of Lyons non-U.S. and were opened in the first half so German subsidiary f40 per cenr The company s decision to make 
iinim IFK^ cratioim qu"’«t that threc months of u - s - interests. Josses on these will have 0 r profits last year) Is being a rights issue reflected its urgent 

selling nrices have been rising Conrtanlds' interim results, due depressed profits to some extent, affected by slacker demand for need for working capital. Crosby BEFORE tax profits of Pnmhmtne rw _- nTlw » c .. 

throughout the past vear but they out on Wednesday, are not Analysts are expecting interim hand-rolling tobacco while in the said in its rights domunent that fp P by more T^o^fnd thia^mird 1 P 

an near to be harelv keeninv uo expected to provide much excite- pre-tax profits of around £3Q-£31m UK, severe price cutting on king compensation from Sri Lanka tor «ercentin the six mnnthc be ^? mes ' with, the effect of 
KSry? iSSreSS mSt Swimy because the con- (£25.2 m> from Metal Box on Tue s - size brands has squeezed margins, its tea estates* tncfcimg m but JJ r «« nTjStdSSSJd from •"*“ ^- ,a f ^ ' 58 per cent in 

are not show to^much recovery suraer spending boom is only day. putting the company on Other results to watch include cash flow is umler pressure. from to mai^ac^g co^ - fiterimg., 

The nuilook for The rourth quarter expected to slart making its target for a full year total of preliminary figures from Powell Fo E.- tJ l^,^ lf - y S2=C ooo from £6™ to^Siwrn ° ” P tiftettatfiSS aitoongh 

is clouded bv ihe impact of the impact on manufacturers in the £64m-£65m (£55.8mt. Demand Daffryn on Thursday, interims Crosb> made a loss or £136.000 directors «nv n H»i f 1ess profits would ha ve b een sufficient 

labour problems a t** 1 V? H ton and second half. In overseas markets for cans in the UK has again from Associated Newspapers on after payments of temporary m^fraw rS^Sia^eo^^Li f ?I . f ^I 97 I. interms todeciare an iterim dividend for 

by the increase in naptha prices the strength of sterling has also been flat but January’s 10} per Wednesday. Akroyd and Smithers. employment _subsidy amounting to in|1M , aw Mrfi „ llBrf „ c +S5 5 , A 3978, the Portuguese authorities 


which will by then be filtering been an inhibiting factor, cent pri 

through. The full-year’s figure Analysts forecasts generally absence 

looks ' like being around £465 ra range between £20m and £28m for have helped margins. 



The rest House of Fraser. 


Company 


Annmince- Dividend ip'* 

m-.-nl Last yvar THIS year 

dun Int, Final Int. 


Company 


PINAL DIVIDENDS 


.*Vr#s« ani 'Jmith'-r', 

Thursday 

.% n 

11.7S3ST 

.i n 

.Mil— J 3f. worKi 

Tu>-«url 

■ J5 

:.«ss3 


A 'Jan -a B3l'.l*nnr? & Chic. Rc«. Inv. Tm. 

Tuesday 

■;ii 

C.i 

Nil 

Pa non Transport 

WVdnvffday 

?:i! 


Ml 

3roi.Rhoos«- • •• 

Thursday 

IA 

l.nzto 

IS 

Dnnlfl inivmatinnal 

Tuesday 

Nil 

0.594 

0.3-1 

Fishar • Mbcrj • <'.rnuo 

Wodm sday 

(1.25 

n.'Wl 

0.35 

Four h Cnx & r.-irtim-rn'ial InscsUnrm Tsi. 

Wvunpsday 

Nil 

Nil 

Nil 

r.lvvsot •?.: J.> iCnnuaciorsi 

Thursday 

(1.W2S5 

1.13TS 

0.73113 

.lonnsoo sod Barnt-s 

W>*dnesdaF 

Nil 

Ml 

Ml 

Proprip'ors o( Wharf 

Thursday 

7. “22 

•1 j'ih 

T .toJi 

Sroitish lorpsuncot Trust 

Thursday 

n.9 

i.ptf 

1. 1 

Siai Lin«- 

Friday 

9. i 

7.6 

Ml 

SiovHakc Holdinss - 

ThursJ.-tr 

n.n; 

t.?145S 

Q.7S 

Wade PoUc.-i-s 

Tuesday 

H.G94S4 

0.809333 

0.441 

Yortuhir*- and Lancas(nr<? lovcsmum Tst. 

Tuesday 

0.4 

0.93 

0A 


INTERIM DIVIDENDS 

Aden lEdsm Bjlfoor - Wednesday 1.2 5.13 

AJIiod Lc^itvr Inditertes . Tbursday l.'^US 2.43375 

Anrtflr<on Simbdjd^ Tbur-nla? V.S-T333 t.5 2W 

Acacia i -6 N.’w-pdp'fi Group Vi>dn-'Sday l.ffM 

Btlsravr- •sls'*t>h' athi Tuesday Vil 2.SH 

F.U..V Arm** Gron; Tuesday *•.? i o 

Rr-snar Th»m Tuesday "3 if 

*.»j:.n»i£ firt'is . Thursdar i i»s 3 

Pulrr- r l urrS Ho.omiS- Wednesday I..>il25 I.744K 

Capnai anl CONUMS Property CnnspjKy .. Thursday 8 i 12 

.•'• rnurr 'uh Gfijup W tdrireday n .ti 3 il^lT 

rneK'-’la: -Huldmesi W-'lne?dav n.if.i 5.MK 

rnuriuuldj - • • Wr.diireday '.eiK j.IJii 

Dsnrniwti Invcsrmenis Thursday o.5u»rs n.WTfl® 

Pun Sil I • Mired i Thursday 2 nfHI <i !"» 

TS^»-.«! of L-*d» Tu—ifia'- ".i 

Ex-h-ia?® TTl'-iirjph Cmnaany • ffoWmcs i Thursdjy ! V>Z ,2*17 

Fashion and C^reral lainnn»n; Monday i “.is 5. B 

FolkCS H':fij iJolOi Wednesday 5.4 D.SMiTS 


Fr»nrh Kler Hold mas ... . 

iTramolan Tfllensioo 

Uamoros - 

Hi ot on >Amnn and Son* 

ImemaUonal Paint Company 

Locl>er iThomasi 'Hnidincsi 
London and Lennox Investment Trust 

Metal Box 

MK Uk-rtrle Holdinps ... 

Monks Invesimeot Trust 

Powell DuJTryo ..... 

Pj-ramld c.rooo <Pot>tl9tK‘rs> — 

Reardon South Line - 

Pedlffusion - 

Jtedland — — — 

Reoold - —•—••• 

Pennon? — • 

Rivttston Rec<J 

KObertson Foods 

Runner Roldina - — • • 

Rothmans International 

Somportof Boldines - 

Tesca Stores • Holdinesi - 

»• Th» Times " veneer Contoaoy .... 

INTERIM FICURE5 

Aiialxjmaied M^tal CorpoMlja 
An«lo Swiss Holdings 

Dvrntrnr. 

Honse 0! Fraser 
IrrnL-rtal Chumlval I 
La mom Holdings 

* Dindvnd? show 

Jmu*. * Secund inie: 
yenr to September 3®. 

March 5. i®78. 


Announce- 

ment 

due 

Thorsdajr 

Tuesday 

Tuesday 

Thursday 

V.ednrsday 

Thursday 

Tuesday 

Tuesday 

Wedncsilsr 

Wednesday 

Tbursdas 

Wednesday 

Tuesday 

Friday 

Thursday 

Thursday 

Mondar 

Friday 

Fnday 

Monday 

Thursday 

Tuesday 

Wednesday 

Tuesday 


Dlrtdeod te , ‘ 

Last year TUs year 
Tnt. Final too 
0.75 :.o 

0.7 u 

CT h-3 58 .*£5 

1.4103 1.4472 

n i» 1 812 

n 74073 B.82 j 


0.4 

B.5 

•J.K 

11 ii 

5.3 

0.344 

Nil 

o.vra 
2.ow 
2.8 
1 25 
1.63 
1JT3S 
1.0635 
0.75 
Nil 
0.7M4 

0.: 


1J8687 

SJ«« 

aj» 

1.0 

gj 

LOWS' 

1.1 
3J1« 
2J» 
6541 
3.8 
2.772 
4.3911 
l.BSffl' 
13366 

S.77 

0.9233 


NVT realisation phase is 




per cent in 1977, have said they cannot approve a 
— «— — ceniduring the Erst remittance tor this purpose from 
Crosby is suing Thomas Cook 3el,m Z pnees m the nine months of 1978. the “com pony's subsidiary, 

in a claim for damages of £l.lm nr ^‘™ 1 -. . An exchange loss of 38,800 aris- -.But they are declaring a second 

over a freight business, TCF, it a Jo?***™** ** the d ' m ' den 4 - interim .dhidend of 2.75p net for 

purchased from Cook. at ?n ia S 2f^i >U . P 15 n ? w f ° r 1977 ls 1150 provided for in . 1977. making a total of 425p (5p) 

The directors say that the com- tha T h hn4L 1 S :t0rS t al ?° ^ a£ ® cunts - Accord ingl? while for the year. Earnings per share 

pany’s Josses are to a significant Point out that harvesting in the .there u a 46 per cent fail in are shown 'ai (20 7 d ) ' 
evtent the consequence of the 
acquisition of TCF. 

TWO TAP STOCKS 

There is a double issue of tap - . . . .. • ....... ..... . .. .. 

rtocks. £500m or 121 per cent Uhc realisation phase completed circumstances, ' the board coa- 

Exchequer 1985 at £971 per cent vfn££ **" cniT f r »t year. ' siders propbrly made. Once the 

and £800m of Treasury 12* per sPSwL* 1 ? 1 the *** * accounts which - -are- bapk- has been paid. It is aspertS 

cent 2003-5 at £95 per cent. P rese “ t , ed “• ^ form of a that the ftront) -wiH be able' to 

The Exchequer is payable in 1“® J? ^wjties corwoUdated balance sheet ^ present accourite ^ in a conventional 

full on application and tiie w ^Wishing the Jegai entitle- statement of recovety pf slia^-fonn. , ^ a “ awnv ™4i 

Treasury is payable as to £15 on C ?i np ^ 1y “ V e ^°* ders ' show a surplus firirffionrip , 

application. £30 on December 8 ?"^ aI er £H& 1° J surplus on operations after "tax of '»^66d n " 

and the balance on January 8. fu £ ds now 1 W bank. for' year to July 3 L 1978. . w?^ ! « fe 5w Ce u^ du ® W 

Prospectuses will be advertised , However, better progress has Restatement of • recovety ir.* 4 S SU<L 

on Monday and the application l^ 11 l ™ de , ,n . ro^nt weeks new presentation and the board fJLf? 9 ; 14 ? ^ be “J 

lists will open and close on inasmuch as legal advisers are now considers - it-.- describes 'more HI ^ or 

considering a new plan which is accurately the objective? which it- Si suen dividends due on Septem?. 
aimed at postponing rather than has wnght since the Government : ^ 150 decl ? on on paynjent 

solving the problems but which,' decisions, or 1975. . nq? yet been made, . - . 

, hopefully, will enable the bank Tt shows that the deficit Which " A fomsar fetinc nf the shares 

T U1 ^° seth T ^ f®. c0 . , “P“3 r a "d then appeared at a littleovL-ilfhn^t Vl^^v^d^inSpS 

pa ' IQ R Per cent and 3Jo its active subsidiaries to he has nnw been Teduced to some-priate 1 mid ■ the™ oarf ba? nS 

^h? ninI*£ e , n,a S e i pre f er f ic 5 ™' ea t Md frora conUnued £5im- It is unlDreiy that there will Resent plans to s«k^. unS the 

solo da .l s ear,y : lustead ment «... be any. material further improve- company can. -fuiftl the conditio nit 

TcT" '7 , an *L* n **2j$MMni i»r £ repaying, them af p3r on The chairman says that it will men t during the realisation phase. ^ noTTOxliy- reanireri hr'-the ‘stodt-- 
SSTUS'ZrSSi* *ZS*Z £*SE V i J1 disappototoient if this The; 

repaid on December 22. objective cannot be achieved and several qu alificati ons which , in 



Thursday. 


BRISTOL WATER 


'* : y i. 


accouDLng period ba'ins beea. 








1 X±P 





SUMMARY OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers JSS .*■£?& interim statemen 

bid tor share** price** bid (tin's)** Bidder “ 

_ _ ' Prtes In peace unless o th e r w is e Minted. 


Dawson International has made a revised agreed £24.9m offer 


N* 


]!9 V A WOVE" Which' revived known as Earls Colirf HbW 
ruhtoOrs ot a second bULlfawdalK - In yeHe«Uy*s - letter { 
•* fRfe ' building trades- distributor, directors and ifteir.: .-'an 


^HTIOUU litLOUiiUVIltfl IICL 9 llldUC a -ILIIJCU tl^iCL'U UUCI 3 C-Q** 

fur John Haggas. the Yorkshire yam spinner. Dawson is offering M?dhiuret Whites 
.. ten of its shares, ex the recent one-for-one scrip issue, plus £9 Midland • 
cash for every nine Haggas shares. Dawson hopes to conclude a Educational 
ihree-sided takeover wrangle which began two months ago and ^ifeartoDal 
included an unsuccessful bid for Dawson from 115 major share* p^ntatkmffldgs. 
j bolder, William JSaird, The latter objected to the initial Dawson/ Randalls 
to Haggas merger because it felt that the terms were too favourable Tridani Group 


Final 

Acc't’ce 

date 


INTERIM STATEMENTS 


iheir. >»&isers to Haggas shareholders. No indication has been given on whether rmn 

* -offer i ; Turner u*™? 


;■ asJted -for Sts shares. -ttriie sus- Hmnbros Bank, say that Baird is lo oppose the latest offer, although such a move is not w™ wSSt & 

pended yesterday. ^pendiag;. an of 4Qp per share hi ra*; » fair anticipated by Dawson. ■ Rotrtart 

■ kknfriHuwment**- . and reasonable. 


.^^S^ a^Srtniglil -..pee the They point' out that 'BCHs A private individual has made a bid for furniture retailer ” ar ??jj«Si offer ^t Ca^h afiernati^ ♦Partial bii’TFoTcaiMial Etewick Hopper July 31 

^ni p^oOTance and manufacturer Kean and Scott of 10p per share compared with not already held. «■ Combined Soi capiTalisation. i Date on which vSojMher s£{£so 

bUJ frem White goft, the textile, poor to wamir.t ® the quotation of l2p; but the market price promptly went to 23p. scheme is expected to become operative. "Based on November 16. fiSfTTtJ^Slonal slm 30 

The Offer price values the company at 142.00b. » EslilD3letL SS Shares and cash. -Eased ££8* 

. £f^rts own shares- plus H4p. in June the equivalent J»eorC.-was Talbex has withdrawn from bid talks with Hoskins and J 2 a ^£ 1 ? , Z*:r Crsf,d - J ,“" e ^® 

. cash for^v-ery two Randatts. ' £88.000 low after ® Horttm and has sold its 29.9 per cent stake in the latter. The stake “ IMlkl " " SiSfa (C. E.) &N 

- Slcce riv al n^!^r ^.holdl?' Imbed to ^fomSr^diakruan *ifco was originally acquired by Artoc. which controls almost 30 per PRELIMINARY RESULTS Tlield Bros- Oeu'l 

'iicS'lSSlS cent of Talbex, and passed on to Talbex atl59p per share. Talbex - ■ '■■■ - — ■ ■ Key«r U1L Hldgs. Stpi.30 

•/ £ •• '-V: has sold the slake alt 16lp per share. „ v Pre-tax proGt Earnings* Dividends- Securities sept 30 

fes*. ^’ 2fi — MERCK/BUt : ^ v Sedgwick Forbes shares were suspended at 41Up pending v. sepr^o i 5io°% 450 > 7 ? V*' 396) v i * hoU r‘ id^ith % pt ‘S? 

“•C'btlt M _,l> CSt . *, e rc OFFER . 'V-'.'. developments in the .nerser dis«. s ..ns with Biend P.,-n«. wholly- fflSff 'foiTlsTlL % T> xf IjS* Ig^SStT^ S&8 


and reasonable. . . * ■ ’ 5 , 

They point out that TsCHs 


Warwick E»g- 


10* 

24 

12 

0.04 

Unknown — 

48* 

48 

47 

2. GO 

NV IVereJdbare— 

150* 

238 

120 

2.10 

Peatos 21/11 

2«n 

238 

230 

3.40 

A. Precdy — 

w* 

66 

64 

12. S9 

Multi-Purpose — 

10s iSS 

112 

PS 

2.79 

\Vbftecroft — 

TOO* 

109 

S4 

4.28 

Arens Press 29/11 

S* 

Si 


1.74 

S- W. Berisford — 

G355 

63 

55 

e.ri 

B. Priest — 

41* 

29 

40 

2.46 

Mr. N. Gidnev — 


Company 


Boots 

Braby Le&Ue 
BriL &- Com. Shp 
Chamberlin & H. 
Chloride Croup 


Hall-year 

to 

sJune 30 
Sept. 30 
Sept. 30 
Sept. 30 
, June SO 
Sept 30 
Sept. 30 


Pre-tax profit 
fXOOO) 


5wsS,n) Cope Sportswear June 30 
1,4 S-W.Beni.ord — (Godfrey) SepLSO 

a R __ Dixon (David) Sept. 30 

® - 46 Sr NGldnev H East Midland Press Oct. 14 
♦ Partial bid, J § For capital gSfjftE SET' S 3 4n 


^ 1 ■ i v^aaaiK cuu iiuuil . v * ■* MiU uaw- 3 * v* /i«k k l -on 

already held. r Combined markci capiralisation. ,■ Date on which AnolLpher 

cme is expected to become operative. "Based on November 16. 


■T.‘ Tor every two Raiktanv. --. t ■ SB.Q0Q loss aftg r » Hortou and has sold its 29.9 per cent stake in the latter. The stake ^ ^ 

- - 5?“^ (inked to was or 'Sinally acquired by Artoc. which controls almost 30 per PRELIMINARY RESULTS 

<£2ri3 ItoSteS hi Sd^ed 8 V- cent of Talbex, and passed on to Talbex at l59p per share. Talbex - ■ ■ » ■ — ■■■■-■■■ 

SS°irt«eisin« lt» hoIdinB: By has sold the stake at 161p per share. „ Pre-tax profit Earnmgs* Div 

MERCK /BUT ^ . . Sedgwick Forbes shares were suspended at -110p pending v. sept^o i 510°% 450 1 ^5 ^YiV? 3 / ' ^gr' 

these, wero OFFER '• developments in the merger discussions with Bland Payne, wholly. J£iS BlTte \br3i 'li ^)L - !-\ X?‘ 

unto ™ ^ : Octdber from The offer documeni lining uw ^ cc ^ subsidiary 0 f Midland Bank. Both companies are holding Kwlk^ve 1 Group Sep, 2 9.701 18,810) 7.S (U.7> 2.R4 

• : ffi6&OTtdP Ti^- the purchase 4l» terms of the f33*mbidcfr(wn exploratory talks with Alexander and Alexander Inc. with a ^TlHoltoKsi J ,Vl- a n‘ 1 T^S (11 *?22 , 1 t 2 »l 1 V*' 9 ! H b: 

boosung' FIH^ existing io 'per nferrk. the UiS. 'poulby-breeder view to coordinating their world-wide businesses. 1/ the plans j, ,“P. e ^, 1 t2- ,S ' L jL ( > o? 

rMk* ln-%tS7 npr OMlt ‘ fop RHKch Tlnhul AWEmi/udc O.tm.-. I. r_.sii .1.. i : -..I. ._ 1 1. : Klley fb.J-1 -VH* __ . 7-" 


Pre-tax profit 
) eano iIOOO) 


Earnm^s* Dividends- 
per share (pi per share (pi 


cent of Talbex, and passed on to Talbex at !59p per sbare. Talbex 

has sold the stake at 161 p per share. ^ 

Sedgwick Forbes shares were suspended at -UUp pending centri c — 

developments in the merger discussions with Bland Payne, wholly- jceG^ 


Sept. 30 1,510 ( 2,450 ) 5.3 (11.7 ) 2.675 (2.396) 


(47)L — 


' So^iOTrton TrusU-the pureba^ the term^ of tha £357miiidrfrmn exploratory talks with Alexander and Alexander Inc. with a 1 un^n 1 1 ono (U ‘^1 l ^ il H\ ^ 82 loir. fn^ceT 

boosung. FIHJ extsflnst W 'per nerek. the poaltiy-breexier view to co-ordinating their world-wide businesses. 1/ the plans 1 7q!: »»« IB l > -0 (U.!ft.>> Sekers Inti. 

i£c7 m « ^ ^-‘SriSJsTnThe^SiS SmA *»* s ' Ju ** 22 •^ ,20 * 505, *“ <280 ‘ 2:082 

2Sd?n?bj mS^ctob^ad to and ^k^S^^Sp^vr- 2 i. S}40ai - Offers for sale, p!aGings and introductions 

* thnr nprppmpnt hart incr ln»n ■ etnub an antKH -■ - Volnn of Vn 1 nr» Final _ __ ; ■ ^ 


(2^05) Rojal Oulrhy Shell Sopt30t 


2S5 
3^20 
365 
944 
451 
42 
141 
2,320 
66,200 
2U37 
1^30 
6p3S 
29S 
864 
1I.4S0 
2306 
OSS 
110 
2.004 
60S | 


July 3L 4R7 4.U 2.6 Kkelchlev 

July 5 22.087(20^05) 33.3 (28.0) S.092 1 7^*47) Smith (W.H.) 


Final 

Acc’t’cc 

date 


M b 


- ]Bffitia^ *id talks with Randalls’ The offer, worth MS^Sp *^«Te. '7 s " luuuUMfi H ‘ u “‘ a * u ^ n,uu nffnrn inr o. 

hnt.by mid-October had to and with an. alternative of acoepi- — ^l 40fn - ■ (JtlCrS TOl S( 

-announce that agreement had jng loan stock on: equal- terms, - Value of Price Value Final r , « nff 

“not yet proved possible*' over -compares with BUT*s last hahuree Company bid per Market before of bid Acc’t’cc vauej. w 

. 'terms. . Sheet showrag net- tangible assets bid for share** price" b i d (-Em's) 1 ** B i dder date preference Slocl 

^ 7,5,1 74 85 ™ sa^'n. - Rifllrts Issue 

S r . l lJy JVlAKxfi A £461.000. Merck had sales of Land 203 ! • 24 S7 0j)3 Trust — Beechams: One fo 

Negotiations are takingr place 1977 and made profits Common Suns & cumulative uos< 

fflr'the. sale by Faixey Marine of » . 69! 74 73 1J.S6 Vaniona — Foster f John): Or 

, c 4Mjuur' mariu oh the Riter * ■ _■ • ■ -Coldrci pnorani 103* 100 78 2.3!) Nthrn. Foods — . , ' a ti 

DA.WSON /HAGGAS-;- Haggas (John) 1905S 183 181 245 Daw^n lull. - Hoskins and Hon, 

pen Beheer BV, a major Dutch The revised terms of Dawson ■ . " - ■ 

company with substantial International's agreed bhT for _ 

jgiirepean Interests in marinas and John Haggis, the Yorkshire’jwrn Encland. The merger should be ]yy| nr _ invnctmpnf u 71113 
the -yjiehdnff Indostry. Zt- is spinner, represent a slgiuffcanc compleied fay the end of the .1079 1 VJi Ui C lDVcblUiLul business from ihc 
thought that the likely price will improvement on earlier proposals, first quarter. i_ nr 1 L 1,e company is inti 

be in excess of Ilm. Mr. Stanley Field, chairman of « 7C .. x; I)V i VZ2CK hand r a 5 der 

_ \nuiam Baird, Dawson’s largest NEWMAN INDS. iji-awiv means the divisioi 

NTHN. FOODS Shareholder, said yesterday. - - “ Tho French electric motor ^ TuTHPr a T ho C ^iio n h!! 

The offer by Northern Foods for B3ird s strong objectfonx to ; the. jn an ufaeturer .Woteurs Leroy- A U» licl 

Goidrei, Foucard. has been previous merger teems were the somer ha* solu ihe 15 per cent Increased investment in capital mcreasmg compel i 
accepted in respect of L871.GS9 main reason the earlier plans interest it held in Newmon Elec- and rc-layout work is forecast sequent tigmer nu 
ordinary shares, and- 1^71,689 were shelved and hew jproppsals^ trie Motors of the UK. b yMr. T. U. Reed, chairman of 31 home ana aoru 

cliome /ronrncimrinn TIAffnintfkf) ' . ’ * i l_ _ t.. aU... W ITamv Tnimo^ in On fhP E.C. S 


Colne Valley: Offer by tender of £3’m 8 per cent redeemable Warner Holidays July 31 


SepLSOt 112.400 
SepL30 215 
Sept. 20 2.7S5 

Sept. SOt; 4.07 i* 
•lime 30 713 

-Sept. ’JGz 26.700 
Sept. 30 467,600 


78i§§ 

74 

ss 

7.56 

Inti. Timber 
Scot. Western 

J03!* 

24 

87 

0.!i:{ 

Trust 

69, 

74 

73 

1 J.8l» 

Van Iona 

103* 

100 

78 

2_-)!> 

Nlhrn. Foods 

190§5 

isa 

181 

24 fi 

Dawson Inti. 


te preference slock 1983 at £98 per cent minimum. 

- Rights Issues 

— Beechams: One for either ten ordinary or £25 nominal 5 per cent 

cumulative unsecured loan stock at 560p. 

Foster (John): One for eight at 45p. 

Hoskins and Horton: One for nine at 130p. 


Sekers Inti. Sept. 30 215 < 133 1 0.75 (0.693) 

Sketchlev Sept. 30 2.7S5 ,1502) 2.2 tl.75) 

Smith (W.H.) Sepl.30!; 4.07# (4.627) 0.793$ (0.691 

Spear ,J. IV.) June 30 713 ,1.018) 0.719E (0.638) 

Ultramar -Sept. 30* 26.700 <15.400, — i— I 

Unilever Sept. 30 467,600 (433.000, S.63§ (7.64) 

Warner Holidays July 31 354 (301, 0.35 (0^51 

Valor -Sept 29 712 ( 523 ) 0.772 , 0.702) 

Wight ConsLn. Julv 31 255 (263 1 2.75 (2.75) 

Woolworth (F. W.JOci.Slt 23.034 ( 21,025) — <— , 

iFigures in parentheses arc for corresponding period.) 

Dividends shown net except where otherwise stated. 

“Adjusted for any intervening scrip issue, f Second interim, 
t Nine months. ) Tni-luding special dividend due to change in tax 
rate, i Eight months. <1 .Vei income after currency translation effects. 
L Loss. 


Valor 

Wight ConsUi. 


Sept. 29 
July 31 


WoolworUi <F. W.) OiM. Sit 


(1,730) 

(69,000) 

(47,600) 

(1,160) 

(15.670) 

(166) 

(7.222) 

(66.700) 
(70) 

(2.550) 

( 202 ) 

(803) 

(350) 

(1271L 

,53)L 

,2.070) 

(47.700) 

(1.140, 

(5,442) 

,284) 

,1.5201 

(S.0S0) 

(2.1091 

(3G7) 

(96) 

(1.S34) 

,1.053,;; 

(104.300) 

(133, 

, 1.S02) 
,4.627, 
,1.018) 
<15.400, 
(433.000 , 
1301, 
(523) 
(263, 
,21,025) 


lnierim dividends* 
per share (p) 

0.3 (0J3) 

9 .58 (SjS) 

2.5296 (1.078) 

2.0 (1.667) 

4.75 (4J5) 

1^2 (1J) 

1.557J (1.34) 

— (— ) 

0.101 (0.09) 

12. (0.77) 

1.1 ( 1 . 0 ) 

1.1595 (0527) 

0.45 (0.4) 

1.0 (Nil) 

XII (Nit) 

1.6 (1.456) 

— <— ) 

6.5 

0^25 (0.75) 

1.621 ,1.452) 

Nil (Nil) 

Nil (Nil) 

1.55S§ (1.5) 

2.3 (2.0) 

2.75 ,2j) 

0.S5 |0£>5) 

1.597 (1.452) 

— I—) 

0.75 ( 0.693) 

2.2 (1.75) 

0.7935 10.69) 

0.719§ (0.638) 

STOSI (L64) 

0.35 (0^5) 

0.772 , 0.702) 

2.75 (2.75) 

— 1 — , 


new ordinary shares (representing negotiated. 

. ...i. «... mis .... «... .r «h. -‘'Thu ■ n 


1% /T ~ ■ . .t n f... n »,F This move with the increased 

More lnvestmem harness from the new products 

_ _ the company Is introducing in the 

nV I V751 Pk hand S ar d^ n tools range 

A J LttWiV means the division should have 

& Titrnnr a successful year.” 

I III liCl The division does however face 

Increased investment in capual increasing, companion and con- 
and rc-lavout work is forecast sequent tighter marfims on sales 
b yMr. T. 1C. Reed, chairman of 31 home and abroad. 


The stake was bought by New-JW. Tyzack Sons and Tnrner in 


the E.C. side the sales 0 f 


Tr- ^ end became the total for the year Tj n . 

Viners expects pud on a pre-tax profit of KCV 

* £41.604. 

second half ^rT 0 gs be r dov??™^ ; ‘„ r I 6 „To for 

O^lp in the first half. 

nj/'l( IfD "Wr. liner says ihai the direc- 

M r tors propose to re-exaroine the 

Refiectins continuing trading dividend position after the year- v or th«i 
difficulties m the L’K pre-tax profit end with the possibility of declar- ' 
of Viners. the Sheffield-based ' n = a « inter, m dividend early ,n mcreasea 


Revenue rise 
for Northern 
American Trust 

Northern American Trust 


■pi each case 92.36 per cent of the ‘‘The market vnlue- of - ft® man industries, the parent which bis annual report for the year Id sales team "has been strengthen ed cutlerv and tableware manuTac- IS"*- 

shares for which the ordinary holding in Dawson taken interne OWTls ^ outstanding S3 per cent. July 2'J, 1978. and the company should be able turer. felt from £66.000 to £46.000 Turnorer ,n me naif-year November 1. 1978. 

Offer was made). Acceptances Baird consolidated balance sheet Lerov-Somer was also in the He says the company needs to to obtain additional business. i n ,he half-year to Juno 30. 1978. declined from £4.S19.000 to _ ^ dirl Hend l R5n m»r 

hare been received in respect of at December 31. 1977 w^K^-m process of negotiating the sale up-date its production methods adds Mr. *eed. In add. t ion the Some ^r.eant problems have £ " 6J0 > 000 - making a t«S of 3.05p aw"nst 

ITTf ffiSpreteenee rfiares per and the return was of its machine-tool subsidiary and machinery to maintain com- order rate has increased since ^ w be resolved P but signs of 2.S5p. Earnings per 25pshare are 

eenL The offers are unconditional gross, Mr. sa w.wj^ JHt Macbines-OutiJs Adam, in which if petit iveness. The investment will the year end. sales improvement in the IK irfflflMTC Hfl A V shown as 3 lOp (2.93p) 

and remain open. market value °f Hie J,as a 99 per cent interest. 10 be further discussed w-,th the As reported on November 6 ( lh secon( i S j X months com- ACCUlin 13 L/fcLA I 

a tt novf ^another French concern. Etablis- company's financial advisers. pre-tax pronts for the year S , he pT^ss and * t ^ u DAir ™ ,r^?of a V 0n Ux A “ I49 -?°° 

. RAYBECK/B & H . return during 1976 wiH-be ^orpe gemems Line. 5fr. Reed adds that an agree- recovered from £30.036 to profitability of the overseas sub- AT C- H. BAILEY i inrell ®> e, . <1 oterseas tax 

Raybeck announces that Bomme £385.00(1 1 gross ^but at the entan^J ment was recently made with £137,075. The final dmdend of JiKrte* Ind&te sSSe^e!oS5 UDpum ‘° n ^ 

and Hollingsworth, which jt dividend rate^ announced--.:by ]>JQ PROBE Halls Homes and Gardens, a l-®Jp n®t. mak^_a total of anc j 3 better result for the v«ar Posting of the annual accounts «- 6 - j24 (£4aa.bW). 

recently acquired has porchased Dawson for 1^ the rettamrm The pr0p05ed acquisition by Pcntos subsidiary, to supply 2.875p, against l.S75p last ume. ^, ys the chairman Mr. Roger for 1977/78 of C H. Bailey has Net asset value per ordinary 

the freehold interest in the island that year will be £1 ,34Luw B ross. ^ Arfmc Press Holdings of Tridant Halls with a sizeable quantity of In August Record Ridgway Viner. been delayed until November 29. share, deducting prior charees at 

Site in Oxford. Street, - W ,- on He- added , tba ‘ . Group Printers is not to be garden tools. These will be pro- acquired Central Manufacturing The interim dividend has been As a result the AGM scheduled nominal value, is 134.6p (122.9p). 

which the B &'H- departmental situanon greatiy reducetf tn«ne« referred to the Monopolies Com- duced during the traditionally and Trading Group's 26.15 per passed. Last year's interim was for December 11 has been post- and assuming full conversion of 


\ ;nli. u 
Ki- !r.* 4 


was the outstanding S3 per cent. 
Leroy -Somer was also in the 


(he half- 
£4,819.000 


id «»th trie possibility ofdeclar- . Sonhr \ n Anwri «“ Trust 
g an interim dividend early in increased net revenue from 
79. £0.93m to £im in the year to 

Turnover m (he half-year November J 1978 
declined from £4.S19.000 to _ . ... . ‘ . . . 

£4 630 000 The fina * dividend is 1.8op net, 

' * making a total of 3.05p. against 

2.S5p. Earnings per 2op share are 

ACCOUNTS DELAY *«m « imp f&« w . 

Corporation tax is £49.700 
AT C. H. BAILEY «£S4J10). unrelieved overseas tax 

£34,747 (nili and imputation tax 
Posting of the annual accounts ^ 96 -32 4 (£450,809). 
r 1977/78 of C H. Bailey has Net asset value per ordinary 


ACCOUNTS DELAY 
AT C. H. BAILEY 


i * n;nfcl 

r m 


^ _ .» . • w - 1 al - 1 V 1 UICU ty UIC lUUHUUUJlUh V-.UI 1 J I 

store stands for the sum of for . equity accounting Batocs. miss,,,,, 

£750,(KM plus expenses.' interest in Dawson.- . ..-It- J* 

•-The : freehold interest -was Baird’s intention to presepVT.lrs H4WTIN 
acquired subject to and with the profit and loss account in future ‘ 

benefit of the existing 99 year in such a way os to dlsdhguish Hawtin announces the acquisi- 
lease from December- 25, 1959 at clearly, between the actual gross ;t, on of Eschem MTtolexale sup- 
a rental nf £F..lOO per annum dividends received iri respett of piles, wholesalers of chemist sun- 
without review, already owned by the - Dawson holding add* such dnes, for n consideration 01 
B & H. share of the Dawson profits as £358,000 payable in cash on com- 

may require to be broiigbp.-'hv pletion. 

THOMSON/ECH under standard acconntjaff 1 Last audiled accounts of the 

The formal letter accompany- practice.”. . N WPJJT sjwwcd net «ssew of 

i n rr Thomson OreanlsaTionX offer ■ . ■*. ,j -.- £254,000 at June? 30, 1B78, vilh nGl 

Hr thJ Tpc? hS 5-‘ WESTMINSTER PRESS profits before tax of £105.000. 

Sngv— Thomson already owns SOB. .Westminster Tress has arid V cHi p p ctai/F^ 
per cent and has won support ;«»- a- a. -C ousOriWe of Edmbuwrh-’'. ^ ilAKb olAhhj 

StSreholdera will have to meet ^Brfatol:— M r. W. 

to approve the scheme on x«cem- iCJnion- Bancorp holders have B . B stoker has acquired 29,000 
ber 11 and Thomsons apparently, approved the proposed merger ordinary share*- Mr Stoker is 
ensured success could be jeopar- with Standard Chartered Bank chairman of Manchester Liners 
dised by the difficulty in contact- for 8378:3 or 833 a share. which owns 142500 Ordinary 

ins all of them. • The merger is still subject to 3521 of^harlesHlU mTrS 

The problem is that ECH has approval by the. Bo^d of ™ x f- ot Lnarles HUi (L " 17 ** r 
not been listed on the Stock Ex- Governors of the UJ3. Federal Brian, Groiin- — Barelavtrus 4 
change since 1969 (when it was- Reserve System and the Bank of channel Islands notifies the sai 

■ -• Of 250,000 shares (0.6 per cenf . 

leaving holding at 3,650,068 share 

P; EUROPEAN OPTIONS EXCHANGE ,6 /T SS2i m.„, T r» n 

I Jwu i Apr. July • | Merchant Navy Officers Pension l 

, Sene- . { V(J. | l«k j . Vo,. , Lut ' Vd. j U*t • Suvt Fund now hold 760.000 Ordinary' 

: H — - — 1— 1 1 ; diares J5J2 per cent. 

KSZ F.50- 62 2J30 - ' 43 13.90 • 20 ‘ 5.40 F29.90 Rip TInto Zinc CorporaOn:— 

",-akz r.32.50j 64 1JBO | Be : 2.70 ' . -5 10^0 Norwich Union Fire Insurance 

g -r '^r !' - i ■“ - ~ j - T - 76 S0 Society now holds 285.000 “B" 

r ' 7 s*m! f Z » - T s5Bi preference shares 9.1 per cenL 

lie US I 2% Z ! -i _ i Z : ? Mount Charlotte Investments:— 

?rPX0 ssq; 2 i<! — J — : — j — ;*24i« Mr.. R. E. G. Peel managing 

■"go. F.33,5d; B 3.80 .: - ;F.S7.90 director. purchased 19.000 

?'«o "y!.B7lra' *1 3 i Z ! Z" Z i Z " Ordinary shares at I9p. 

rwo . • • * f.«o( 33 . 2 - • - I — - — ^ — ■■ Sale Thney: — Globe Investment 

*2<u)l io 28ie: — — j ; 8261*4 Trust- (through its subsidiary — 

mil S06CK 6 j 14V . — » — J. . — ; ■■ Electra Investment Trust) is now 

IBM p280; 3 | 5M; 6 . * li 3 «i — : — i .. interested in 900,000 Ordinary 

,i: IIS..- -ii j H i E i ■ E >•* Sss.? 3 »r “ Dt OI u " 

^. *t!y .-r.i33i4n! 6 I S. 10 -r- ! — 1 — .. MqntTort (Knitting Aiats)3— 

£«,u -■’5.T40 t • 2 i 3 [ 7 ; 7.20 :• — • — .. trustees of.the RaphaelDjanogly 

L .' xtiU - r.iqisOf * ! 3 jo < ' — - ' “ v — -- . Charitable- Trust have acquired 

CSV ! “ ;• ■* ' 5 -^ ' ? . ! •• IISBOQ-- shares -3- per cent The 

: 5 " 0 40 s ‘2.30 ■ 1 - a : f on “ of - notification by the 

-S r.i7uS n 1 o:3o ! ~ : - ; - . — i ■. trustees indicates that this hold- 

t j.r r.l 18.90," S . 2.70 ■ -- i — — > — 'F.U4.40 mg is separate from the pro- 

'XX-:. F.iuoi — . I — -5 . li .. . 6 ; — . — > - viously declared holding of 

'phi FJ 35; 30 <■ 1.20 i i 5 f z.so r so - 240 'FJM.9Q Master 'Securities, Mr. Raphael 

/PH, • r. 27.50; 10 j 0.60 j SO I 1.80 } — ; — • ... Djanogly and Mr. David Djaxiogly. 

» fc, ’ so l — i _ “ ( — — i 141 ! l,3 ° t I* bo Scotcros: — Solsgrlth Investment 

En ■' ?-}SS la IKS' ■ - ! Z ! - Z ;■ Z Trust now hold a total of 579.000 

" an t'JH - - - ii 52 i 1^0 1 - i - I - Ordinary shares 11.03 per cent 


slack period at V.'illenhall. 


cent holding tn Tyzack. 


095p which with no final diviri- poned to December 21. 197S. 


loan stock 132.Sp t!22.0p). 


OUR INCOME POLICY 

HIGH THIS YEAR, HIGHER 
NEXT YEAR, HIGHER STILL 

THEYEARAFTER 


Sene- . J. 

Jim. 

V(J. | Law 

F.50- 

. 

62 

— 1 

aJBO-t 

F.32.50j 

64 

Z^O | 

• ’ p.to! 




F.7B.90; 

- 5 

lio ! 

*50! 

a 

' 8*»l 

560! 

3 

27 B | 

530; 

F.33,50- 

2 

2 

*4 

S.80 .. 

• • F.api 

12 

■ 4 j 

F.37J60! 

2 

3 , 

- ‘ 1 F.40 

33 

2 • 

52401 

10 

28i 2 ; 

S26CK 

5 

14, a 1 


Last ' Vd. 


43 i 3.90 
Ba : 2.70 


: 5.40 FBB.90 
10JO 

— T.76.50 


*341* 

'F.37.90 


•• -IB 31 8280; 

n,» *300; 

KtM P.iacfl 

~ra»I "• T.tStt 

-ktn v. 140 1 
v Kt.ll - r.iqaiPO) 
- v.iso; 


I 3JO I 


p.ieol — 

' -F.lTO* 5 


;-stm r .17 i.40i. 
r XX y. 118.901 
NX-;. F.1UQJ 

Pflf . FJ35; 

-JPB, - F.27.50 
HH1 E.30, 
do r.xzd 
..mi y.i3d 
•- EO F.140] 


30 !■ 1.20 I | 5 ! 2.30 


10 1 0.60 I 


2£0 'FJN.90 


— ; 141 i .1.30 i 


jj 52 | 1-50 ) - 

Ft*. i 

2H\ 1 I' V*r l 

' — ■ — r — | 

— ■ : — ; — I 4 

eifll - -i — i — 


10 'S83J* 
3i»i .. 
26 a ' 

— ,5665t 


T: TOT AT. VOLUME 'IX UOSTUAOTS 


: -.n 


rT- CUVE IWESTSIENTS LIMITED 
i.i Royal Exchange Ave., London EC3V 3LU. Tel.: 01-2S3 1101- 
' Index Guide as at November 7, 1978 (Base 100 at 1AL77) 

• : Clive Fixed Interest Capital — 

Clive Fixed Interest Income 11363 


. ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 

45 Corahill, London EC3V 3PB. Tel.: fll-62S 6314. 

■V Index Guide as at November 16, 19^8 

'• Capita) Fixed Interest Portfolio — - WD-Jf 

r • Income Fixed Interest Portfolio - 100.01 


S 


t • - 1 ' r ' 

. i ' - 


THE SflNWA BANK, LIMITED 

SINGAPORE BRANCH 
US$ 20,000,000 

NEGOTIABLE FLOATING RATE U.S. 
DOLLAR CERTIFICATES OF OEPOSir 

DUE NOVEMBER, 1981 

. fn accordance wiH> ihe provisJons of lhfi 
CerUtiates notice is hereby given that lorthe 
Interest Period from 9th November. 1978 to 9th 
May 3979 the Certificates will any a rate of 
'interest of 12 1/16S per annum. 

Agent Bank 

Baring Sanwa Limited 

Singapore Branch. 

• .' 10 th November, 197 & 


Billam sales 
and profits 
ahead midway 

Increased turnover and profits 
are reported by. J. BQlain for the 
first half of 1078 and the directors 
expect that Tesults for the year 
will - show-, an-, improvement over 
1977. 

From turnover of £959,010 
against £890,378, pre-tax profits 
rose from £138/282 to £154.055. 
After tax of £80,098 (£70.866) 
earnings per share ore shown at 
4.9Sp against' 4Mp. 

The interim dividend js stepped 
up from -0J865p to tf.878Sp — last 
year’s -final was 2.3562 p from pre- 
iax profits of 1192.000. 

The level . of sales is being 
maintained in the cutlery division 
but due to competition from the 
Far Bast, difficult trading condi- 
tions are affecting profit margins. 

The engineering division has 
improved its output and profita- 
bility. and there is every indica- 
tion thdt this progress will be 
maintained. ■ • 

AGRICULTURAL 
PROPERTY UNIT 

At a meeting organised b y The 
Pension' . Fund Agricultural 
Property Unit, Trust. Sir Nigel 
Strutt, a member of the Commit- 
tee of Mana gamer, et of the Fund, 
said he was confident in the- 
future -of British Agrlculture. 
Among the reasons lor this con- 
fidence was that through the UR 
membership of the EEC Britain 
would benefit from the greater 
strength of -Europe's agricultural 
vote.. " - • 

Sir-Nigel pointed out that the 
UK was a deficit country for- 
temperate < agricultural products, 
and had. to import some 50- per 
cent of its requirements. He 
therefore believed that the policy 
of any Government must be com- 
mitted to the selective expansion 
I of UK agriculture as ills now. 


Our Extra Income Trust has one simple 
aim.To give a high and growing income with- 
out eroding capital. 

Its income has climbed each year since its 
launch in April 1972. People who were quick 
off the mark and bought units then are now 
collecting 60% more pre-tax income than in 
1973, the first full year .The estimated gross 
yield was 8.63% on 17th November 1978. 

. As for capital, far from being eroded, it’s 
actually gone up 21.6% since the launch. Over 
the same period the Financial Times Ordinary 
Share Index has fallen 10.3% . ■ 

We've kept up this growth by investing 
mainly in a wide spread of U.K. equisl tes. 
Many smaller companies paying out higher 
dividends are included, together with a fair 
sprinkling of blue-chip shares to give stability. 
Around 14% of the fund is held in high 
yielding fixed-interest stocks. 

So if you're looking for a high income this 
year next year and in the years to come, please 
fill in the subscription form below. 


The minimum investment is £250 and the 
current offer price is 30.4P xd. Or, if you wish 
to save on a regular basis with tax relief, you 
can make a monthly payment from £10.30 
which also provides life assurance cover. 

You should remember that the price of 
units and the income from them can go down 
as well as up. 

You should regard your investment as 
long term. 

Income is distributed half-yearly on 1st 
June and 1 st December after tax at the basic 
rate.The first payment for new investors will 
be in June. 

Any branch of Barclays Bank can give 
further information and advice. 

Prices and yield appear daily in the Financial Times and 
other national newspapers.The offer prices include the initial 
management charge of 5 % and there is a half-yearly charge of ■& % y 
plus VAT. Commission at 1 ] % is paid to authorised agents, but not 
in respect of Barclaycard purchases. You can sell back units on any 
business day at the bid price ruling when your instructions arrive. 
Payment will normally be made within seven days of receipt of the 
renounced certificates. 

Managers : Barclays Unicom Limited, Member of the Unit 
Trust Assoriation.Trustee : Roj’al Exchange Assurance. 


BARCLAYS UNICORN EXTRA INCOME TRUST 


in units of Unicom Extra Income Trust and enclose 
a cheque for this amount 


To: Barclay&Unicom Limited, 252 Romford Road, London E7 9 JB. 

Surname (Mr., Airs, or Miss) For e na m es infuiL 

(BLOCK CAPITALS PLEASE) 

Address — — — — — — 

Lump Sum Investment I /We wish to invest ~r { in units of Unicom Extra Income Trust and enclose 

lMm»miff!jC250) 1 a cheque for this amount 

. If you roish to purchase these units ihTougkyotcr Barclaycard account please fill in j ) j 1 { i ■ 

your Barclaycardmtmber here. t > — > 1 1 j [_ ? ' - I 

If you toantyour net income automatically re~im)e$ted please tick here i j 

I/We understand that units will be bought forme/us at the offer price ruling on the day of receipt of this application. A contract note shooing the 
mwther of touts purchased will be sent zeyou. Certificates mil be posted tvithin six weeks. I/We declare that I sm/we are not resident outside the 
Scheduled Territories nor acquiring the units as the nominee(s) of any persons) resident outside those Territories. If you are unable to make 
this declaratteriiit shouldbe deleted and the form lodged Through your bank, stockbroker or any other authorised depositary 'In ike case of joint 
appUcasiansaU must sign. This offer is not available to residents of the Republic of Ireland. 


jAgenfsVATNo. 


FT 18 I 1 UX 


with Life Assurance and Tax Relief 


j ■ Ifyou want detSsof die j~J j 

— — — — s 

Registered Office : 54 Lombard Street, London EC3P 3AH. Registered in England No. 589407. Ultimate holding company Barclays Bank Limited. 







09 


Financial Times. Saturday November IS 'ISTS 



*>>•* S’ 


WSBSt 


WORLD STOCK 


rly moderate gains 


INUiS'lMEV! DOLLAR 
PRKMIL'M 

S2.B« Ifi £1 — M7"„ (»!>;■',, J 

KftCflii i* si. 9295 US, 1 ”, 

FURTHER .Ml f DERATE s:«in-- 
were -scored <m '.Vail Street ;. i.- ; - 
lerday. htijied b> .. firmer doi Inl- 
and yome hope Mv* h'piieral H*.- 
>crve will hold a .-K-Jiiy cr«‘t!ii 
posture for time 

By I p.ni. me Dow - 

Industrial Average ‘-.i- up - «s 
T n reducing il< *in Mu* 

week in I ' while lhe VYSF 


•:ii:ii ! v " of Blue » hip-- and 
- J. .:..•••••■- •‘re vi-ak. Du Pom 

MUI. fi«-nt*ra| Motor* 
sod ttumushs i', to 


CJosio^ priei-.v ami market 
re pons "ere mil available 
Tor Miik i-tliiinn. 


.Vi I Common Index, ai x52.“T. rf>s-.- 
L'K cents on r!n- day but v.;is -lid 
off ."i ten:* «iii Liu- '.••.•ek. Tn-h :* : 
volume hull crianue>l 

I .j.sjii.ii < IViium. sh.ire* ■•!!:!«■ 
n-c-s led fall-, i • y a ihive-in-uisi- 
majority 

Tli-? Iishr ■. nluiiie iml.- 

more :<n e.i..ni; *»f *ell!u- 

pressure in.m -umh^ lining 

setuimenr 

The dolii<r y.- ■ i> .is v—i'ei'iaiiy 
welcomed because i< sreined i»» In- 
rniRina -t ho til I'viitr.il Bank 
mter/cniion. 

Despite the bruad .«l..inee. ? 


j> .'iaMun I *4 to MM; 

in ... • • ir.alir.v — will 
i — Ih:.l n«-!cl«.T- rt'icpl an 
•ill. x "i *-’l a 'hart* from Dart 
liitiii'irii‘>. bird had ,..-l fo trade. 

f.v 51. nue i-ismhi'ii SI* to S$, — 
• > ■ i.- - -hr-f nrucr* fur nrv. kinclc- 
j,i:,’i" rt'iinc > in.se j:: per rent. 
PinUir IVlnik-ttm nldcd Mi to 
a-divt- ii::i!ii:v — directors 
b:,/-. ■ •; ■■•■.jfl.i.a/ij.ti.:"' prupn-ai m 

hi.. :'l “I rai'ii'n ri-lmicuni's 

....... • -".'..w. ......h 

t 1 1 - SK Mml-et Vs-lue 

1 r.... .. > l-T.infii 1 Til -n 142.T1!. 

■ ....... !■: :•» |t>s* n :i the ■.■.•.■eh fo 


c \\.\D\ prn— - -ire sharply 

i ; iv i;- r ..i-itu- :;n.i-il:i;. ir.it! mu. 

•■ii". f-xn-.ir.ilik* n-iic'ioii in 

i ; -i l-l’me-.-! 

::•••• 1 cftrifo rn:npu.-ilc li.dev 

■i .. >• !••• -i.a in Mvi^l- anil 

f. J . n - • ; ... 7..i in MiT!.'. 1 . t'il and iJ- 

inS4 7 and cold.- » j !•* 


[in III,: 0 <. or punt linn ro-e *|» in 
. -4 i-y-h Of. iiL ncl. - hile 
l! .->.11 urn- *-i»r\iri- ilruun vd^ed up 
i‘. i.i S>2 25 mi iiiuht-r ihird 


qujrtt-r earnings. 

TOKYO— Higher, led by Export- 
Uncnlaied Issues, following firmer 
dollar in Tokyo. Volume 27flm 
■ 240ml shares. 

Electricals. Vehicles and 
Cameras rose. 

Slccl« 3nd Heavy Electricals 
improved on Institutional buying, 
while Textiles. Chemical 1 ? and 
some Public Works firmed 
slightly. But Oils fell. Pulps. 
Printings and Real Estates also 
declined un prufii -takint:. 

PARIS — Steady with senLiment 
bellied by fall m Call Money w 
it; per cent and news of October 
trade surplus of FFr 721m. 

Banks sliuhlly firmer. Construc- 
tions steady. ElecLricals main- 
lamed. 

Among many companies which 
announced nine month sales. 
Thomsutt CSK gained FFr 1 to 
:JS9 nn higher turnover figures. 

Foreign shares irregular. 

riKRM ANY— Mixed in relatively 
quiet pre-weekend business. 

In Banks Bavernt t-rein shed 
DM 2 and RHF Bank eased DM 
4. 

Kngincerinss and Stores 
showed gams and losses of i.p 
lo DM i. 


Domestic Bond Market con- 
tinued to show signs «f recovery. 
Regulating Aiithorilics sola 
nominal DM 21.7m worth of stock. 
Mark Foreign Loans continued 
steady. 


AUSTRALIA— Special situation 
i.vsues came in for particular 
t slightly 


firmer 


attention 
markets. 

J. Gadsden rose 3 cents to 
A*2.03 and ACI 3 cents to ASI.S7 
on a partnership to take over 
ACI'sj Pacific Can operation. 

BHP finned 2 cents to ASS. 10 

after confirms lion of hydro- 
carbons in Fortescue No. 2 w 6» 
in Bass .Strait 

Among Mines. Renison fell -0 
cents to ASR.IK) and Peko 12 cents 
to close at A$5.2S. 


SWITZERLAND— Prices rose 
slightly with interest concentrated 
on leading Industrials, reflecting 
continued dollar recovery. 

in Chemicals. Ciha-Gcigy and 
Sandoz each rose nn heavy de- 
mand. 


BRUSSELS— Mostly higher in 
quiet trading. 

In Foreign stocks. L'K mixed. 
r .>eruians. U.S. and French rose. 
Dutch steady to firm. Gold 
.Mines higher. 


> . Y.a-E- ALL tiUJflJHUJJ 




1974 


; \ur U m V-*. t- Snv - 14 


NEW YORK -DOW JONES 


!l r V "' ■ : u . — l*-ihM in>lrd ; 1.B75 1.SS9 1.900 

c ! J ' H • Hi"h Laa (,'i-ei ■ SB3 243 


N.T. N .r 

:i I:. 


"ii :v L'-a-i-.laf *n 


s2 0S ST. 52 51.56 al.SS c>0.58 j 4S.47 

■ 1 itl.Oi i Kj.^i 


j 501 

* 'ii-iiBruierl I 433 

N<« Uii.’tia • 

Ntf— Lo-i » | 1 


561 1.340 
+40 317 

S 4 
91 13B 


1C 


if 


ihai. 


MONTREAL 


Innuirn*'!* 73*. 1J 7SS.50 73S.:V 752.01 S07.Cs >•' iT-. ,7s 
R S€*L 84 5* ?5.2i S5.I7 it I* it S* -t.i6 

:s’,4“ :os cos.*? :o? :;o i-. - >5 

; .... S7.i* 56 Ji ?.‘.0r r:..“ 5: jf : G.“ 

Ti»(*!rc -• 


747.11 

_• 


105’.. 7C 41.22 

•II!: '. / .'2. 


Sot. Sut. ' Sur. So*. 

IS I J5 ■ I* I 13 


High 


Lov 


Iihlii*irl*i 

Com! .inert 


— 208.87 205.43 205. 7fi. 222. M ill/iUi IS2.*0 l!r<2- 

— ‘ 2I2.IS 2 '0. SB J11.S4. 225.61 112/10' 170.52 isO.lt 


1 : r . £ l irj.Sj •.•J.ii 

i ] i I . i 
it>5.:2 10 55 


TORONTO Compcillt- 1230.0 1221.5 121 J.B 1219.Y 1U2.7 (lailu; 


drS 2 <:-C- l 


35. i? 
is II 


- 9*> 


21. £40 26.260 50 640 20.5- J it. 7:.' 
!#-*s . uiin^i... ;r- i., \ nj. 




JOHANNESBURG 

l.iv.1 

In.in-iiiAt 


222.5 230.8 25S.2 234.8 
263.1. 266.9 257.7. 268 J 


272.0 . 14, £, 
281.8 .1 11. 


1S4.0 Cj 4: 
ISO la.i- 


4 • :?7 iS -.r 755.21 


l*i*- • His lai 
Timi- , Hich Lr-’ 


Sm*. l*7i ' ■*• = 1*1* 

17 1 riuLis His 1 * G” 1 


tnc. 'i'.r r > 


V-»- . n.| ->■- 


5.39 


5.3? 


AuBtralia* 1 •■’L7 Mi*7 ■*n.l3 Spain 

Belgium ->• VSA* ini.tr ±Ai S Ww i ell , e y l0JX 5^.25 ;I; 

n - j ... .j 


91.40 • SI. :r !*. .*. *c ei.i-t 

SC 1 1 a 


SI AX HARD AJiD PUVRb 

v 


it 6. t .. ;j 1. 

Denmarkf* *'.« *.» Sunuerld.-* 2E4.3 2b2.(. *W.e 

3l J. . lit. -.1 

France ■ v v • 7c 0 7-.1 3&.J J ..6 — . — - 

iA’Ilii Hi bank D<*c. IM.1. tt Ani5;erai<ni tsausmai 


15 


It 


\.T. 

I- 


1 • ::*p..*?n GermanT ■ tt • cJC.Tu €31.20 ctt.*: <c9.4 lP#u. 5' Hams Seng Ban* .li‘7‘64 > 1 Ban*.a 

'H l*r- • I*. e« ComiTU-rciale ItaJiana I97. 1 n tokyc 

liiai. , u-n HoUand ■.»• 83-1 23.2 H.^.1 7t.u Nn* SB 4/1 ’88. t>srra!!s pynra IKS 
'll**’ • Closed, tf Madrid SE 5(1-12-77 «S'ntk 


:in -u-r.»- iC4.os 102 i* id 7i roi.42 705.37 iCi.se A.ji ■ iiJ.fi i.aj Hong Kong 4S6.4? 516.99 101.1O 3.-J-.* holm Indusinai I/1/5S. fSwira Bank 

i--4. 111.-,; ?*?«■ j£- • 1 *.91 Cl^4| Con 


=5.71 32.71 32.45 


?4.7 si : 7 ‘Js.r< ef.SU 123 . zj 

•l 1 


J.iO 


Italy 
Japan 
Singanore.: 


b9.of bS.40 St Jic CC..40 
.is-y. .10.1 


Cornoraunn. u Uitavulable. 


,43917 i37.» 88| ja .T4.-.4 THURSDAY’S ACTIVE STOCKS 


I-. .. f V. !.-■»! 


X-.1. ! '• 
5.J7 
8 64 
%.66 


• • 
a.ii 
« «1 




1 V-II 


d.15 


9.J4 
d -c 


1>.U. .4-10. 

— ocl.95 »li.rO 

.H~i. .1 1 

- • ’ ’ “ T«xacn 

Indi.es and n»sr dales 'all Da.*e values K-'-eina 

"let* |il XVSE All Cninmori - in K.mkamerica ... 

Manna Ms ann Pours - 10 and Inronrn Umroyal 

»«•— 1 .-in rh- last named nas^-d nn 19.5. ?• R. Malforv 

- hxt i.irtii.K d.ithis : ini ludcvnais v.‘. r. rjratv ... 

78 s me lnd»«nat« I'nl.iias. 44* Mnaute llJiru.Ja Inn- 

■ ann jr Transpi.n * S»dn»v +11 rirdmirv S-.-jr- Roebuck 

Kpla.an SI- II -12 '*i ** Hop"nniBen ’(en-ral Xlnrors 


Cliidse 
Stnci: > C!ot:C«: or 
iradcd price da--- 


4.78 


5.42 


345 108 

7::; 10‘1 

21‘rf. :i»0 
V.fl 
•J4J .’fin 

■;•.! ‘.ne 

194. inn 
1“> ".HI 




5. 

4i. 


-i 

-li 

-« 


1-171 *- Par>« Hdiirne 1MI. -1 f.imm-nt- Par., vi.u-r Airways IH. 


:-:i 

ni 


NEW YORK 


Stock 


SlOtk 


Vnr, 


Abbott C*bs... — 1 
AiinesoOgtaiili..., 
Aetna Life ± Gu 
A i rfirodlM. rs . . 

AlcaDAIuroiniu.-n 

A lif ,a . 

Allen. Ludlutu..'. 
Alteglieay I'ower 

Aliiert Lbemmi— 
lllie.1 Store*.. 
Ulu t haimeK....j 

A RAX 

Anemia He**.... 
Amer. Airline* . 1 
Ainrt-. H.-URI. i 
Amer. flnnacasLi 
Amer. Can ; 

AroCr. i/mumM) 
Amer. Ksl. lei..' 
Amer. U«.t. Pow* 

AairvMvrrit PjoU- 

Amer. Moliial...: 

lu:er.-M »,.!> ;■ 

Aincr. Nat. Caa..- 
Anver. staflaand.! 
Amer. More* ... : 
\L.-cr. Te!. A TeLj 
AtuetcL . ... 1 

AM K : 

AMI- . ! 

Ampea I 

An.trjr H-Jukia^.i 
A obeii -er Buwh .j 

Arm. f 

A.r.A. . — i 

lainen Oil. .. 


i-infl .. .. 

Asbia.i.i Oil .. 
Al.. ilirbuciii- . 
Anlo Data Piv- - 
AAV. 

Aif, .. . 

Ar.io Pn>lctL3 .. 
Ball. Ga» tleir . 
Banjul c P.iiila.. 
Ban:. Amen.-*-. • 
BacLerr lr. A.V. 

BarLiCr Oil 

RarterTwrenoI- 

Beal. -it* Kt-od.. ... 


Bectra Dickuuca 
Belt & Uunei!.. . 

Bes-iu. 

Bebtfuei Coat -B' 
Bciiilehen. steel-' 
BU' A A Decker .. 

Butin* - 

Guise Cascade 

Bonien 

Bum Warner... .. 

llraalft Ini 

Ui-H-A-aii 'A' ■ 

Uairl*-: liitrs 


3ar a 

20’-* 

a7'-« 

25U 

33i* 

44 

14T S 

ldie 

507 B 

24 

29 
45^ 
21 ‘2 
is 1 !* 

4S5« 

355, 

86 

E45a 

25^ 

ais*. 

£8 
19 In 
6U 
587" 

If 

60Sj 

2S5 s 

16 

507s 

13!* 

i71, 

Z3TJ 

19 

232j 

137* 

13 w 
*51 a 
£47* 

30 Tj 

B 

2li, 

52S S 

243* 

197; 

H4ia 

33ia 

23 

39:2 

l3i; 

327, 

165* 

a4is 

3 

197g 

16!« 

625s 

25 
26H* 
29 1* 
1153 
13:, 
517; 


31k 

201 * 

361s 

257* 

521* 

43aj 

IS 

lb!* 

307: 

2358 

287, 

423* 
263* 
12H 
4H5j 
3478 
3534 
241* 
23 - r * 
215* 
3ll* 
37 Zi 
1B1* 
5’-* 
58-s 
401* 
31 5s 
60i< 

aais 

1S7* 

307; 

13 
27. 
23^3 
1873 
332; 
122* 

14 
43i* 
53 U 
30 

e 

202 * 

516* 

341; 

191; 

24! } 

525, 

22:* 

391, 

23 


Coming G lana .. 
CPC inl'ra'fciJ'ii 
Cnme.. £....— 
Cracker Sari—.. 
C^>tt 2 Zelierbac s 
il.BCSsnj.^KBgiaf 
CurtUi Wrfgit 


SDar.i 

Da.-: Ind^ainea- 

Deere 

Pel Monte 

Pe.:ooa 

DeEt*-p.v 1st... -. 
DetJV'ii tdLva .. 
p i»m. .ni~. ^narariL 

Drsiui Rqi*”.- . 
Dirfley CV.Xt. — 
D<>*er Corr.'a .... 
Doe- L'bemiou — 

IWt 

prefer 

I DliJnMIl. 

■ Ragle Pilcher-... 

j East Airuaea. .- 

I tjnxu Kcrtak.. 
Eaton 


, Johns JlmwiBe-J 
j JekasoB Jotuuoni 
! John *jn Contra!.; 

■ JuyManoflKtur'g' 

■ K-Mxr Corp_ 

i KalserAlatnlnTiiL' 
Mtw ladustnea 
NaJie? stwL — 1 

‘Kay ... 

. KeoMtun 

i to Mi-Gee. 

} IvKtoe Walter,....: 
| k£!Si»*rfy Clark,- 

I Kcppers - 

1 h’=!l 

t Krager Co. ....... 

) lMD>way Tran*.. ' 
| Leri Si'nice....;.. 

j Libby 


24 + 
773b 
S3 
29 
237* 
52J* 
2 

195* 

il’9 

227j 

44 U 

2S-'i 

44s; 

1953 

44 

32U 

315* 

33J* 

23 7g 


251* 
76 
22 15 
28SS 
031* 
3 ?:« 
"<"*s 
19 
12 
227® 

43 
266a 
43ia 
19H 

44 
315s 
31 
531* 
23 ?b 


J Revloo — . 

l Itevnold* MetalaJ 
Keycoida S. J.\£.| 
Kieb'ana MenvIL' 
luwkwrai 
Kohm 8 Raes.,-J 


611* ; Sfli* 
308ft." 30 
566s > 55 Sj 
225a ' Zfiij 
32 aa ! 32t e 
3Zia 52J* 


YfWwwtiur.~_T 

Wyly 

Xmm - 1 


; r. g. t fi 

! £1 Paso Nat- &** 
| Elisa.. . _ - 
JEisiery.'a E.ei-trlc 
! EmeryAirtV^hl 

jEdiSaiT - 

JEjLI 

Engelhard — .. 

t‘nail . 

E'-hj: .-. 

Eu.cs 

I'aio.-aiio'.-a^.e-s 
; F#\. Dtt~- 
; Flnstune Jw. . 

- Fsi. Sal. BusI-.ir 

| Fiais, Van 

• b'lint.k.ote.. • - . 
J Floraia Power.... 
I rinor .. 


Liggett Gratia....; 

j Liily'EIP.. ......... 

i LhJiin Lxuhxscrin 
i Lu.. V^ee-i AliL-r'rt 
! I* ac ^Lar fnduvT' 
1 I*?3*j Island Ltd. 

[ l/isttsUsa land . . 

1 LuLR.-:i 

1 Luciy ctons 

! T/fceVtiogn'vn.' 

■ T liu'lH'1-n ' 

I Hkj L. B 

j Utti. Hanover.... 

i Ha pin 

| .MusLhcnOil.. .. 

; Msrtzellidkcni... 

. AtaribaB Fieid. - 


36 

«57 a 

sou 

197* 

2935 

hi, 

2012 

427. 

151* 

bt; 

9’. s 

37:5 

31*4 
2 E 1 -; 
£4<i 
14-s 
less 


34U 
433ft 
19»S 
19 . 
19 . 
17 U 
203g 

41!* 

151* 

61* 

8?* 

371; 
4 IS, 
27 U 

£2'S 
147 a 
16.-4 ■ 


( Hoval Dntdj ’ . 

! RTB.. 

! tto»s Toe*....: • 

; Ryder by metn-..; 
-Suawftj more*.. .1 . 
jf. -lut atnenle*- 
St. Begis Papfcr _i 
MIMS. Ft) Imta . J- 
t»sl Inrot 
bsaoa Intifc. 
Sd-GtsBrewhy;-. 
riciiluaitiesger. ,-r 
SGMi 

ticotx Paper. ! 

SeovD 
Scodder 


59 ' 
10 

203, ; 
39lfi 
7«3B : 
29 1 a • 

60 Tj 1 

a .J 

■Ri 

i?. B l 

15 

163* j 
.713.! 


60W 
10 U 
lv)l* 
20i, 
391* 
233* 
2913 
303ft 
5 

■43a 

97a 

86 

-17 

145b 

165ft 

6j 9 


181ft j 177? 

35b* 3U» 

XttWUi.l. ®3 [ 613* 

Zapata.:.' : J 12 113* A 

Zenith fiadfe ; 13t* < 13:* if 

'SSfcSSffS W 

t^.*pteis*ijre®i 807s ; -tsoi B 
L;.S.8p*teySll4aJ5 t iXMR 



Sen. Cmitataar '• 

tfaagrun.,.- ' 

Searte CfrJ>.j^,...| 
Sena Rr+Amdr.,..: 
SEDCQ..,-.-.^.’ 

■Shell. Oil. J.-i 

Sbcll Transport..;- 

Signal : • 

^lyngde Corp. .... 

clmptidtj Pat^. 

Singer ■ 

brattb inter. .... 
Mnltb Ntifw i . - 


323* 

161; 

345? 

25, 

193* 

167* 

603* 

24!* 

295* 

lli* 

131* 

31!< 


If.v.c. . ' 

[ Fo:-rI 31o:or — ..... 

| Fi'iniiOi! ATck. . 

I Koiburo. ... 

! Franklin Mint ... 

| Freepost Khca. 

I Franaaut - ...... 

| Fosja lad, 


; Msr Deni, Stnnei 

! liCA 4..‘. 

} Mi-Dc.-moir.. 

1 M.J.>raneC Do 111; 
j IL.-Grar. Rill... . 

; jlcnsevex, 
j Mcrrt . ._ 
llemll Lyucii... 
M£j» Peiroiewm. 

MG It . 

Mien ADna IMiC 

Aliiiil Locp ” 

Motuanra 

Morgan J. P.:.. . 

■■ Uorarnla ;..... 

-.'Hu.-ttyOff. 

( VaWico ... 

i N'aJcc Chenucal*.'' 

Aaticnat Can .... ' 


*25* 

37-’* 

30 U 


29^ 

bB!; 

16>, 

27 

35! 8 

59:4 

ot.-e 

497, 

A* 5, 

40 

•♦7!; 

1:3 A* 

263, 

153s 


223, 

a7!a 

23';, 

29:3 

tfl-i 

27. d 

57 

157, 

26tft 

5676 

38 

65T e 

493a 

44’.* 

401* 

471? 

S3 73 

265g 

147* 


B.l’et A UrLt R . 
Km-Lv ay Ola-s . 

HruiLa>* i-.-V. . 

bul-J— lie Erw. . 
Hull', 1 .* VVaiii . 
Rnrtingiotk Nthn. 

Bu.-TCLSb 

.'a iiim"-.-!! VHip 
L auaVlian PatJny 
Canal Radcidipn.. 
Caroatiuu . I ... 
Carrier A Genera 
,a:tcr Havley . 
.■atero::iarlrai.n 

cus.: 

.'elan&e Orpa .. 

; ecu ml A S.tV... 

Certs in teed 

Ge»na Ain-raEr.... 

tumpiem I nr or. 

. base Manh&run 1 
Cfaemieal Bk.VY.i 
L'hesebrgb Fond..' 
' .hvAiie jrrtm,. 


Chicago Bridge... 
Cbmhr ' 


F.T. CROSSWORD PUZZLE No. 3.826 


A prize if/ £-f mil I‘f fit ten hi utirh i •/ .i. >: 0 } liie fir*l 

rhrre twrect i^fieneti v«»h<."»fa.. -mit.’. hi? wared by 

f,FjT Thurulnii. mnikal Criw.*ci-i«r»l t» H:c mu Irjl-hnufl comer nf 
the cutelope. and •idthys'-Kti ;•• ikr innim-nr Tunc:, hi. Ottin<»i 
St reel. London El HP 4FtY. IFnincr.-. and ■utinn n ill be yiicn 


nr.rt Sot urdn [i . 
Xante 


A del rets 



21 


28 


29 

no 


.ACROSS 

«.'.ovei-nnv>nt stuck uf water 
1 3. 5 1 

Fnreiun r rf *ri brings Kinyway 
close 16 > 

Position in Bciit in share with 
island in. .>i 

Playwright fund of milk': ( 6 » 

Find relative pusitmn of 
rising sun before lea break 
l9i 

Music suitable for nurviry 1 5 1 
Bill aod the governor suf- 
fered from Thi? i4» 

Stick out for enterprise tT) 

A Liberal Romeo soi-c every- 
where (3. 4> 

Thought it could make a bat 
14) 

Family on riaht of ship i5i 
Vole to account for bird i9» 
Tell how to undo docker's 
work <6» 

Shame Roman Catholic hy 
cathedral in violent fashion 
fSi 

One lune per side is a record 
16 1 

Pays 3 1 close of play <«. 2) 


6 Cake v inning a European 
record to. 4i 

7 Involved hem" iied up in the 

famiiy i.-ti 

8 Lessen «reed to a new form 

aSi 

II Cry fur TUiaM piano 1 4> 

15 Dries >-he sell insurance and 
ill ay all! tie?) t»y way nf iliustra- 
tion? 1 5. 4i 

17 Top army men in tiftht over 
cricket urnund Uf. 5l 

18 Board nm upset by sea-food 

f Si 

20 Torture hagyase carrier f4i 

21 Trade-man with rosy pros- 
pects (7 1 

22 Several people going off the 
deep end tS> 

23 Tea%r made to face the slope 

id. 2» 

26 Spirit used in the south-east 
a* arn-luxin i5l 
SOLUTION TO PUZZLE 
No. 3,825 


DOWN 

Skinny enyrsniny takes a 

heHiiny (6» 

Parent has one row hanked 

(4. 21 

Per^unal transport needing 
Polish support (5 1 
Ignorant of French and 
English articles being pui with 
general merchandise ( 7 1 


n hsh crE ni s h 0 h a ra 
R 

EugsQBssBEapiasmeii 

h 
Q 


SOLUTION AND WINNERS OF 
PUZZLE No. 3,820 

Following are the winners nf 
last Saturday's prize puzzle: 

Mr. F. Davidson. Courtyard 
House. Harrinsjwnrth, Corby. 
Northani.'. 

Mr- J. K. Laine. “Abb»>ts- 
knowe." Humly Road. Melrose. 
Tlorihurghahire TD6 9SE. 

Mr. B. R. NiohoM. Pry 
Farm. Slaley, Hexhain, 
Non hum berian cL 



RACING 


BY DOMINIC WIGAN 


Night Nurse faces 
tough fencing test 


IT WOULD he a remarkable 
foal if Night Nurse were in 
graduate from the top or the 
tree in his former role as a dual 
Champion Hurdler lo reach a 
.similar pinnacle as a chaser and. 
for me. the most fascinating 
feature of today's spurt is the 
seven-vear-old's 'appearance al 
Newcastle. 

Although Peter Easlerbj's 
ultra-game gelding has only 
three — Belton Curse, Lord Urey- 
stoke and Ousky — to bfeat in the 
Embassy premier Chase quali- 


ASCOT 


1.00 — Even Cooler 
1.35 — Oyster Catcher 
2.05 — I'm a Driver*' 

2.40 — Atlantic Bridge 

run— Exhibit B ft 

3.40 — Vaubezon 


NEWCASTLE 


1.30 — Lc Gauloise 
2.00 — Sea Pigeon' '• 

2.30 — Nigh! Nurse 


Ger. the race will almost 
certainty provide his stiffest 
test to date over fences for he 
will be trying to concede 7 lb to 
the in-form Penrith representa- 
tive. Lord Greystoke. 

1 was particularly impressed 
by the way in which Night 
Nurse made all his own running 
to out-class Roman King over 
two miles on this course at the 
beginning uf the month (with 
just minor error at the third 


from home to detract from his 
performance) and I cannot 
visualise Lord Greystoke provid- 
ing too uiany problems. 

Night Nurse's trainer and 
jockey. Peter Easterby and Ian 
Watkinson. could be on the 
mark earlier with Sea Pigeon in 
the Beil way-sponsored Fighting 
Fifth Hurdie. 

This remarkable character, 
who has arguably put up no 
or ihrec of the most outstanding 
handicap pertormances under 
Flat and National Hunt rules in 
the last few seasons, is likely to 
have the edge in fitness over 
last year's winner. -Bird's Nest, 
a challenger from ina drought- 
sir icken West Country. 

While Newcastle stages an 
absorbing programme for North- 
eastern racegoers. Ascot offers 
Southern enthusiasts an equally 
impressive card. The feature 
event is the Buchanan "Whisky 
Gold Cup Chase, in which I shall 
not bu surprised to see I'm a 
Driver, a reconi victim of Night 
Nurse, upselling the favourite. 
Ireland's .Tack of Trumps. 

Oyster Catcher is given a ten- 
tative vole in the nine-runn?r 
Buchanan Whisky Hurdle in 
which another five-year-old. 
Stucc.ito. could provide the chief 
threat. 

tn what seems certain. to be 
another intriguing race for 
Camden's Colonial Cup in South 
Carolina, Grand Canyon may just 
find the experience of the U.S. 
dual winner. Cafe Prince, giving 
the home-trained gelding the 
decisive edge. 

The Tote has Grand Canyon 
clear market leader at 2-1. Play- 
boy makes Cafe Prince market 
leader at the same price- 


5FAFN ¥ 


<1 006i 


>1.006' 


• 1.000 1 


N«r. Ii 

A->land 

ii Hflbaft 

Hanoi Atlaotien 
Hanoi Ci-niral 

tJ.llii.-M EM«n»r 

Hanoi lit-ncral 
Hanoi i:r*njda 
Larim MiNDunn 
Kaiiim I iid. Cat. 

H. Ind. lUtllUTTam-ii 
Hanoi Madrid . .. 
Hanoi f-’iifiuiar 
Kjiicm •'antanorr cio- 
Kamn U«|0II'» • 1.000 • 
llaoirt Vt2i'3va . 

8anc-i Zar3po;;n*i 

ManHuni-M> 

Banu< Anrtaldcij 

H-ibi-Uidt Wllc'o 

CIC ■ • • 

Dranado* 

inuji.bantt 

E. t. Arapoo<>S9S 

EsPaoola Zinc 

tsrai ai-i Tinto 

KcCvn • 1.000. 

kvima (1,00ft i 

•jaL Preoadox 
«.rup<i Vciaiquea MOO* 
Hldrnia 


PwceiU 

121 

273 

38 

m 

25* 

23* 

14* 

231 

172 

ISO 

21* 

246 

13* 

321 

-23* 

244 

137 

1» 

20 

82 

m 

*0 

37 

101 

52.56 

*2 

*1 

S 

1«5 

66.75 


- 1 


Owduero 

"Isrra 

Paovloras Rouoldas 

I'vtmUW 

Hcin»lei»» 

s.trrlo Papalora .... 

Solve 

.. .. 

TcJefoaua 

TMTTrfv HvMCnCH 

Tuhaocs . . . 
t'nn.n Elw 


0.75 

78 

41 

US 

17ft 

34 

47 

127 

71 

7530 


+ 1J5 
+ 1 
+ 2 


+ 2-50 


-r 1 


858 

-t- 850 
+ 0.75 
+ 2 


+ * 
- 2 


BRAZIL 


Xi« . IT 


h-icrr+«;§.“i'5I?- 

t'nia • ; — -l u,v - « 


■litnla 

U*lfc»M*i Umy.il .. 
U'-nvo lUtu PX .. 


0.BS 

1.80 


-O.01^-12lt3-B3 

4AF«|0. 1618.88 


- 

3 

Bt-ld MineiraOl’- 

1.05 

— 

2 

\iuer. O.P.. 

3.14 

+ 

2 

I'clmbnie I'P I 

2.17 , 


— 

l*irelii i.ip 

1.40., 

+ 

2 

Sfwira i.'ni.- l.ip...< 

2.32 , 

+ 

1 

l'id|i PB ' 

5.60 | 


1 

Vale U10 I Kara PPi 

1.I6J 



Turncircr Cr.100.0m. .’ 

+ 

MS 

Source: Rio de Ja 


1 61 j+0.0t'0.3? , 245fl 

L05 i+052;0.06;].61 


i-OJ4j0.2Oi6.36 
^0.04 0.13)539 
— 0.10 ■0.16' 11.42 
+o .U1;0^3{9.4a 

0.2Sj4.46 

+0.010-1 8 1651 


NOTES; Oveneu ftitces MCliine i areinium. Ktljian iUVide«IB *«i «Hoi 

•vnhmldiive 


'♦’ilMMi'fleinim uiiI?fs> ninerwira siairo. v Hiss, uw nennm. ““)*** 
na'cfi * Kl IW n-'iinm nnl»s* flilirrwise naien. « Hr* 308 dea»in. «jpim» 
uihvrwLsc Slated. • Ver » rtenom. unless iiherwifie sraien i tTitt « 

rtispniMim. iiH iorins. o schiiunas « mvtiienn i«« 

„ml oi « rio is-u- >- P« unare. 1 1* rants eOriK* div. %. it Asmmw 
-jMi-i svriB and *» i*""*- • •«»' "> *'■ la' '"Sum *w«ai 

iiirrindiin; Umiae di» i» Nora, obhare *ol». <ui« aim naW 
u.vm.ni i iMiicaied div. n Unofficial trad in*. » Mmnmv nnldern «"» * 
urndina. * Asked ’ BIO I Traded, t Seller. resumed vi K*. 10 “* 

dividend, xc Ex scrip Issue, xa Ex all. a Interim since increased. 


JiDc-ytilai-ron....' 

Citicorp ‘ 

Uties Mirlit,,.. 
itj- love^iiap.... 
Icveiaikl Cliff ..’ 

■mCrtla 

Co’.ftale P*l«*i . . 
Aikman... 
-•■l.niliia Ha...... ‘ 

CDiuitH-a fu-t. . 

vm.!n-i.V».vfAai 
. .H.1I HirtM'll Rag. 
.t-ombusiiouEn .. 
■.‘‘iri'ivih Krtiwr-n. 
Comm. 5a ter! lie. 
compute.- 
C-juo Liie Ina... . 

C'nn-m- 

C\in.lyi:..in M'.. 

r>.oil! 

CvDiol Nat Ca> .. 
•.‘oo.uraer Power 
C/> at i oental G r^.. 
It-uiiiuatal Oil.. 
Coactnetinl Tele. 
Ce-nirai Data* . ... 
Cooper Indus 


I7»j 
28 
12*3 
16 
5i-. 
A7:\ 
71 3j 
3i:> 
19 5 
BTi 
28bj 

lliS 
161* 
36 '3 
5Uft 
41J; 
14'- 
17:« 
18 -s 
lbL* 
297; 
37i« 
uisa 
2fi!; 
51 
Si* 
281; 
*4L; 

5H« 
13L 
2bJ( 
41-« 
17t* 
Bis 
26.- f . 
17 is 
163, 
35 
Id- 
as 

38 

10 

o4s* 

131* 

22U 

21ig 
337j 
22 
277; 
a 7a, 
1 4i* 

30!ft 

43h 


17 ij 
271; 
121 ; 
16 
5»> 
37ij 
70 
311* 
195; 
9is 
28:* 
U-2 
16!, 
55:-> 
511; 
40 >, 
14J, 

17U 

185, 

191, 

291; 

38 

211 ; 

261; 

521* 

9Ij 

27!; 

.54'., 

51U 

131* 

26 

40*; 

17! t 

9 

255* 
16., 
161* 
a4L* 
10 
aaa, 
37. s 
9:, 
345s 
131; 
221s 
22!; 
341, 
22 
281* 
271- 
147; 
29. a 
43 la 


; G.A>.- 

j Gannett 

■ Gen-kJaerJnv. .. 

■G.A.r-X. 

■ G«n. Cable . . 

! Sen. Dyna'.v.r*.. 

jGen. Eiomrlca.... 

■ Gen. Food* 

[ Ueceml HtZ».. . 
[Geoeial MW«i.. 
|Gea. Pub. ftir.. 

I Gen. SHn*- 

| Gen. TieJ. £leci... 

i Gen. Is* 

I r»«snee»i>. 

iGeoijia RarJic 

(Ge^auuree 

'■(•eirv OH 


Nat. niatillers.... 
>'«- service ind. 

[ Xatwaal Steel 

i NaUnuu ..!...;... 

Inch — 

{ Neptune hup — 
i New Vjigtaml 


! A es»- -England re! 
agara Alncaivk 


Giileiit 

Gonorlvn B. F. . 

Gccaynar Ise. . 

Gould. 

Grave H'JL 

CnJlIuAtTM' 

Grt_ Iran.. 

Gre.rhn-cad 
Cruli A WtAern.. 

Galt thL-- 

. Hatibunca. 

j HennB mmm 

HatsiTcbleger.... 
Uarei* Cerva..' .. 

Hein* H. J 

Henbern 


} Niagara 
j Niagara Share 
j N. b. Industrie- . 
j .VrslolLtWeitcrc 
j N-Irtb -Nn; Ulor.. | 
■ Nthn. SUievFut- 
i.V Unreal .Ir.'mto 
;Mh?cer< BuKiep 
- r .ViiftoB Simon ... 
j UtciiltoulFtuoi 
! tijilrt Mather... 

Ohk-< dixm 

Ota: 


18Sg 

14 

30 

38 

381 1 
SO Is 
22i; 
S2H 
1-5, 

9- 1 
181* 
22 
3&!» 
J41* 

24’. 2 

2s 

lc!; 

I5ie 

20 

lb=E 

16 


19 
14 l a 
295a 
373* 
S7U 

20 
22 
31*3 
14\a 
10 
18U 
22 
33), 
24 

24 

25 
16 ig 
15li 
20 
lt*l; 

151, 


i »olitnra.-r._ 

Southdiraii. 

S-4jiberti caiJJd; 

I -s until era to......: 

j Mlin. Saw' Kn ) 
| Snufii era Pacific. ■ 
j -5 *j uthernitai ro 
SrtlittUftDcL---. 
S'«'[-8ani>liar«i.. 
Sperry Hutch—..; 
Sj.wy Kand._ _; 
S<iiiiW>... 

StaudaM Braqd... 
St d .OUUa Sifnrnlai 
Sid. OU Indiana-! 

Std. OU Ohio ! 

Stauff OhemLeal.- 
-sterling Drag....! 
SnnMMkcr. 

Suu Cq..— — .h.— j 
jiniunml...^.— i 

-Hyaxex- 

Technicolor..... 

Tektronix. - ......... 

Teledyno^.-..-...- 1 

Telex. ....... 

Teiwco— 


181* - 
tots . 
Ill* ! 
aoifi : 
315ft 
a3ift 
44L« 
41ift : 
321* . 
• 9 
I3-* 
425ft . 
SO 
z:* 

28i, 

*41; 

14 

313* 
275ft' 
47 ■ 


Zel* 
«4J, ■ 

l *ft 

4H* 

57 1 

431*- ; 

•43a ! 

317ft j 

361; I 
39 V* , 

;• *«e •: 

■54 ] 

-'6-i* ; 

-21U-I 

alt, j. 

' 958 
4B '. ' 
89 i 
43a- , 
301* 


18 

251a 

ml 

SOI*. 

3H- 

sfifta 

45*8 

415a 

52*b 

&5* 

13ia 

■414.1ft 

-feGJ* 

2 T b 

27 
c3?; 
141; 
321ft 
27 i a 
461* 
281* 
447* 

1*3, 

*»W,. 

Z6 t b 

23 

4312 

-51 

385c 

39Ja 

141* 

5312. 

-37- 

42 

3U* 

■' 3 d * ' 
42 

861ft 

4N 

Z95a 


He-vie Pacicari... 

.. .. 

HaxesiaAe. 

Hoaeyn-eL 

,H«xrter I 

r Hosn-Corp. A:;:er 
) HviateoNat.Gaa 
! Hun; -Ph-A l'-im 
Hi=t E.F. , .. 

] 1.*-. InouMJ-.e, .. 

j INA 

I Inzer*-:: Land . 


Overran, 'Ship*... 
Owen* IViiain^.. 
Owen, lUmoJa.... 

PkL-uic G*-, ■ 

Pacific Licbrinc.. 

P*n Pwr-iLtz... 

PanAna World .Air 
Phrkec Hanni^n.: 

Peebodv fntL 

PeniVarL ! 

Penny J. C. ' 

PcmuoD 

People, Drag. 

People, Ga« 1 

Pepsico ' 


21 '2 
28-, 
l»i* 
2* &} 
20 
191, 
6-* 
24 
215, 

2* I S 
324, 
*71; 
10 
a* a, 

^Sla 


21S, 
27sii 
I0: a 
221* 
B X *. 
195ft 
el* 
24 lj 
2E 
SO 
321ft 

26tg 

9-a 

321ft 

Z5m 


L'tooTc PelrWcum.- 

Texaw 

Texaaj'uU— 

'leans Eastern 
Texan Imt'm.- 
lesaoOit & Gas_ 
Teta, full ties 

Ttaiea tne ■: 

Times Uinur..,...?- 

1 irr-k^n ■ 

Trace. ...' .' ■ 

TraoMDerlai 1 

Tnnsco — 

Tran Union..-.- :. 
Tran-way Intrn,., 
Tran World Air-1 

t=a\etrt — -! 

Tn-cvintmentaL.^ ; 


:>u ; 

2$ 
195ft 
337 8 : 
■783ft- j 
271ft ! 

1958 • 

39 

2U 

45Sb 

35i2 

13. 

18 Ib 

30 . I 
211ft . 

Ifiift.i 

327B } 

171* l 


7 ®8 

327a 

19i s 

433*. 

Taig 

ZSsa 

19 

3EUft 
B8X;- 
45«®. 
361* 
15- . 
Wi # 
30 U 
ai* 
161* 
38a* 
17U 


i infers 

Inlan-t s:e*i. 


Perkin Elmer 

! Peu 

! Pfizer ’ 

Phelps. U-.-lge.. . 

| Philadelphia Eic. 
Philip Horns . ... 
Phiihpi, Pecro'm.- 

| PithJnur 

' Pitney. Borre*.... 

i PiiMon- 

! Plesray Ltd aui; 


24.-, 

34 ., 

= 2i* 
2**. 

70 

30'>* 

*61* 

*C 

1,13 

2U 


24 

34i 4 

31U 

20J* 

162ft 

69 
5Um 
57.‘g 
'215* 
A /If 
20>2 


: lessee 


: i'su 

! tuu. FU.tou;>.... 
lur!. Harrwter . 

tail- Mia k them 
lots Mulriioxis... 

Ibcc- .... 

tat!. Paper. 

I Ini:. Itecnfier..... 
: im:. Te:. i ie - .... 


| low* Beer. 

IP loiernarioai!. 


Jim Wallet 


298.12 

23 m 

a 3 m 
34 

17 
151* 
39T, 
8i t 
27 : a 
495* 
luia 
27 


Polaroid 

Pctctuec hie*-.. . 

J PPG lodtiftrie*.. 

1 Provtej- Garni- r.. 

J Pub. Set.lflect.. 

{ Puhntw .-r. 

Pares...-. • 

Quaker Uat« \ 

Uapid Ainenraa- . 

ItavtheaOD 

KLA- 

KepcMicoteet... 

; CerartJ. loti , 


46:» 

l*-'- 

25U 

t43s 

22 as 

*31g . 

ijlft 

*3!* 

135 4 
442; 
251* 
2a U 
27i, 


44S* 

14 
251j 
B3U 
aPij 
32 

15 
233ft 
131* 
43S* 
247, 
23H 
27 


Triton Oil 1 Cras.i 

TBW - 

20thCeninrv Fox’. 

o.aji.:. 

UABCO I 

L'Gt ...J 

Unilever—. * 

L'aiiecer 

Chlon Baeboqi..L 
I'ukia LarfiUe...,! 
I nuun CoBumtad 
L’clou Oil Calif...; 
Union Pacific — J 


Uiiueral. 

L’miert Brands...; 
L'6 Bam.-oiv— 

t/3 Gyptuiu * 

I'* Shoe - 

Its Steel 

L td Technifingim 1 , 
L'\ liiitortrle-i...., 
V infill* Elect-..' 

Walgreen 

Marnerl'omuiD... 
U'aEtieF-L&nthen.'. 
Waate- Mm'diHK' 

Wei U- Kb ran ■ 

WeMecn bancon! 
Western N. Amer; 
Western Fawn,..; 
W'estingh'se Bee; 


. “i* r 

5^8 } 
253a 
30 
40 

ieift ■ 
4 Us' : 
68t a I 

■477ft- i 
441* 
ESi 
cSi'a 
bla* 

53a' ! 

83* ■ 

261ft ! 

243*-, 
Mils , 
■2V.se 
36i 8 
17*g 
14 3ft 
Ealj 
40 ' • 

2313 

*ai* • 

241, 
B33, 
l33f : 
165; t 


43a 
344, 
24s| 
29 Ig 


Wejiw 

Weyerhaeuser. — ; 

Whirlpool. ........ 

White Coo. Ind... 

William Un.— 

Wiscotodn Blecs.i 


241* 1 

E43* 
2U3* ! 
177, j 
ioU - 
283, ; 


im< 

4i7a 

:«• 

u7Ib 

343“ 

- a 

.633ft 

'52 .- 

Sv, 

8o* 

253a 

233* 

210ft 

Bel s 

36 

171* 

141* 
23Sft 
393* 
443,1 
24 
25*a 
■ 1*4 ■ 
23 i B 
15Sg 
1638 
233* 
243, . 

zuia 

173ft 

151* 

25% 


CANADA 


Abldbi Papw:._ 4 16.U 

Agnlco&ffle 5lg 

A/oan Al iirnthT m 38 
AJsotm5EeeU^-. 25 1 8 
.\shcsty* ^*4 

JJ*nfc-<j, iloncre;? 2a 1 8 
Bank N(w*%aHi! Si. 
Basic BmooittaJ 4.00 
BeU.7VleptKme_~ 61 . 
Bow YaUw lndl^ 21 


161* 

38 
24?ft 
tWl* 
ZS 
2 Wft 
4X0 
61' 
_*lft 


BP Caoarf*.-.:.-.-' 

H PfEfn, ..... ' 

Brttwh'. ; 

Crtl^ary Power ; 

CmmBfiv lUhe*..j 
Canada Cement..’ 
CanutajrW.Len- 

C«ii-linp Bk Com' 

Canada iadn*t-._ 

(ho. Wtcittp^. J. 

Can. Pacific la«.‘ 
Can- iopcr Oii„.i 
Carlin^ O ’ ftecte. ^ 
UiMiar Astiei-pia.: 


I8S9 t JSij 


16- 

t&25 

• 123* 

iat e 

59 


1213* 
235ft 
221; 
-XEUft. 
• 4.9k> 


lBsa 

S.5j 

12 

• ® l a 


0»nfiBt» 

Ctif-IMhunt...'- 
C mimir 0*o.,_ ' 
C webr Beraumesi' 

Daoir Owet , 

Deni»enSlinet...i 
Dome iljpeau.j...^ 
IVwie Peitolcum.L' 
Dominion BrSieej - 
Domtat- ; 

riip^nr 

Fakut'gh; \Trk?l.; 

Ford Atotor-Gaa.u 


261* 
.ZH 
34% 
X86s 
495 
1=4 , 
111* ! 
82 ‘ 
79 Si 
7STa 
Zf* 
217 B 
143* 
U 
711® 


.*!?« 
23tg 
. Z2 

415 

'. 

*Mt; 

oZi* 
34U i 
181; . 
4.95 
tKJ * 
»l«a 
821; 
81' 


nn®. 
1*73« 
. 213, 
14*fl 
1 3Jl» 
71W 


Geridar— 323* 1*35 
Gian LT eZJw knUej ~TD3* ’ 

OhtfO»Canad«-rt 533* 

tWtfir Sid . 73* 

■HnlllBpr,— I 1 -;- .43 
Homo Oil* ..AiL.*'.. i 421* 

Budaon Bay Ms*!; 191®. 

Budaoif id if.,-- al 

itodBOn Oil £ Gas; 44]^ <-44 

I.A.C., 173a ' . 18la 

laeaw...: 1 .del* - A5%- 

Impertal ufcL- ....;' 23 Jg ; 23 

lm-o'A’...:.: ! lhJe '. I8,i* 


-in, 
35U 
?a* 
..43- . 

■:411* 

Mlj 


iifiieil 


ISO 


121* i i4>*. 
in* I ii!* 

"-i.j-ias, 


inda...'. ,i ... 

Inland'-Aat. Gm._ . 

. luCpivJPtjieLine 163, 

|-Ka»et EeMmrcet; la 1 *' 
lsitiri Fltk-Corpi.'. — - 
labhRv Cbm. - ■S'i..4.-i5 
lloml'n Bl9fld.. M 22 
Maw-ev Fergu»onj 103* 

Ml 1 I ntyr*. r 231* 

Jlnwe- Ccr]OL : £-4 

Mountain SuieJl; 2:72 
JSoranrtalline.... 1 a5l« 

Xortea Ene»io' — 1 . Ic-i® 

Atifi Iftleiwoi— "344 
Oaktrevd PnrroiW 4.BS-. 
hudffcCtrpperEL] iv78 

PxctficPfetrofcunil.: — 
nukCMuPeantm; 57 , 

Pm too l Jtafc-j 

Peoples pept.6 '. : Wa 
(Uet Uani-t-OwL 3-7^..^.. „. 
PtaoecDentoptnL *5ia J~2fiJjr 
PDvwCtirabail'ni 19T*T CflEF 2 

Price v* / 1 

(jutas.SurKMiL! . LQ5 
taiiggr J8./, 

JeddPtehbwra.-; ItiTg. 

Rid AlipKn.._;.L^ A3 j 
[uyaiXbdf.CanJ =45* ! 


1»4 

• :7a* 

4.W 

taij 

42ia 

2.70. 

aS. 1 * 

- 'L303 

•45*- 

415 

■1:75 


LT-X77 


RcyalTruai J 18% i 19 


SccntreBcMuTees; *> • 5t,. 

- 30 293* 

•Shell Canada r *5i; 15 . 

slicrriU G. Ultra*; 7»a - ;7:j.- 

SieheiisO.Gi — 3'iS; • a/ij 

Sin*pM>n VT® -• • 6H-" 

Steel o£ Canada... 167; .26 m- 
Hteep Rock Iron .. . ,5.70 f- .SiTO , 
Texaco Canada..., <71* ['tfgt:- 
Tdronro Dom-Bk." 21 
Trans CaaPipBlrai 177® -lTisf 
liana Jio«int,Oj4 S-S -"' j - ? 4 *! 

Tnaec...- Tl&5« t^f 

Union Ga4..^.—. ; > 101* •ylMtj 
UntdBiecoeJGhe*}' 9U 
.Walker. Hiram ...j* 353*; 
VtCCrsrtW 111® • 
WotemTJeo-....!, 19*4 i 181®^“ 



-t'BML. 1«ML -f. Ull a i 

JltaraWb 


: HUES 


GERMANY ♦ 


PARIS 


i'or. 17 


“Price ,+ or' Dir. T!d. | 
Dm. - I % . *5 


Sav. 17 


Price. 

ft- 


UlT'V . 

Fm. *. 


AEG 

Alliaace Versich.. 

ninv 

BAST 

Bayer 

Bayer- H > pu 

Baye:'VerrJnsbL . 
'.■il*altu.Xed-nrt» 
Ainriimer/hank.. 

t'-rtli f.rummi... . 

fiaiinler-Ben*: .... 

I>egiF»a 

Deniag 

Heuludie Bank. 
lireMiurr Bank... i 
Dyckerhoff 2eratJ 
Gurchofrnunf.. ..J 
H»[»s Lluyd .... 


BO.4.- 0.2 — . — '■ Kerne 

494 j- 3 31.2 3.2 1 Airsque Oc»n*t't e. 

224.5 —0.3 28.1212.6 » Ai: Liquiie 

135.5 .18.76 7.0 Aouiiame....- 

140.5 *-0.3-18.75 6.7 I dlC 

312 —1 Z8.1L 4.5 i Houccue. 

326 —2 28.12, 4.3 : Gerr,i- 

155 " 

230.5- 1 
66.5-2 

339 28.12 4.1 ( -:e Banuaire 

258 -0.5 26.56 10.3 1 out- Medicer 

179.5 17.18 9.6 ! Credit font. tV * 

312.1-0.9 28.12 4.5‘t.wiM* Uwre. 

244.8—1.2 28.1! 5.7fUume*. 

180 9.38 2.6- n. Pei roe- 

240.5— 1 7.6 fGen. HcMderr*;' 


379 
383 
535 
505 
B~7 
586 

_ . — • UatTemur —.2.145 

26.56 5.8 i : -.G.fc. 305 

— _ iu.I.J. 7.000 


7S5.8-2.21 0.6 

—1 '41. la- 5.6 

'-2 | 16.;! 4.3 

da.2:i t.v 
la.rs. i.t 
*2 I a 8 
40.b! 6.9 


- 1 

-7 

t8 
— 2 
T 2 
-1 


i'= 1 5 

51.7 IS 
So.tI: t.l 
446.5 — J.5 i /d , 2.7 
514 -4 ; ll.it; 4.2 

130 —1 ,1/1 9.-e 

61 I - 

6B5 —1 li;./-. 4.9 


AUSTRALIA 


Not 17 


Ault. 9 


!+ «. 


9.9 


98 


Harpne* [ 153 — 1 


Hcechst 

Kl«L : J 

Kali und 5alz ■ 

ITlKTidt j 

Kau7G.it — 

Knorkncr DMl'lOl 



Krupp DM100 j 

Limit- 


133.2 

49.4! 

160 

142.71 


'14.UB 14.4 ; 
: 15.63 10.2 


Us enbranDlUOO 1,490 


U 0.2 1 18.79 6.9 

il — o.i. ; — • — 
9.36 2.9 
U0.7 14.B4 4.9 
329 Ul I23.44. 3.6 
251.8'— 0.6 <18.78 7.4 
93.3 +0.3 • — ; — 
199.8 -0.2 18.7S 1 9.4 

106 +1 i - ; — 

281.5 +0.6 | 25 1 4.5 


Uirtthanaa 


96 


26 < 8.4 
■ 1.2 . 9.3Sl 9.8 


II— 4. \. ... 


I metal 

iaoauet Bore. . 

IXllRIt 

L'Orea 


142.0' -‘-0.3 ' u. 

260.5 | lU.r! 4.u 

58.0 -O.I 


Maison* Pbeonift 
iliehenn ■•H".... 


ilou'inex.... 


Manner mann j 


233 .-—3 <18.76 8.0 
180.1’ 17.16 9.01 


Melanges j 

MimcbeaerRuck. 

Xwkrrtnann I 

Pniwiaj; Ihn. 100.1 
Kheirn Wen. Klee. < 

ochejiDa 

oienienr J 

Sud Zu-ker 

Ili.r.-.*.-ii A.G j 

Varta I 

VEBA ; 

V ereins A M ess BlJ 
V o lara-s gen I 


268 

655 

165 


Pendent Citroen. 

i'odain... 

Hullo Tet-bnique 

Heioute I 

Knone I'ou enc... 


.- 162.0 

*05 

_ 

., 240 

+ 6 

lc./ 1 

■| 742 

+ 9 

Lb.Sr 

.: 1.936 

+ 2 

5b. ft 

! 511 

-2 

d*. 

.1.240 

—8 

A.fc 

; 583 
. 141 

+ 8 

12. fc 

4 

. 200.8 +03 

*■ 

l-.fi 

. 87.10 

-1.45 

7 c 

. 313.5 

+ 3.0. 

id 

1 499.9 

+ 2.9 

1/ 2> 

.[ 224.5 



! 438 

+ 1 

21 


7.0 
2 .2 
1J 
7.8 
d.G 
2.2 


9.9 
a 6 
I 6 
3.3 


14X-.Bj + 1.8 
181.21. 


?U Gcbain — ' 


15.68 6.1 _ 

1 + 20 1 28. 12; 4.3|.iy.-V- _ 

■— 1 • — ; ~ lriue« 

OE ! c o ■ <.e.eme>»niiiur.... 

I ! iMs+m Ur-n.ll 

262.2’ + 0.7 28. 121 5.4l,.. m „ t 

£92.5 -1 . 25 I 4,2 ■; - - 1 

252 .. . ir.96: 7-2 I u 

118.6-0.2 17.16 7.3 ; STOCKHOLM 
184.6 +0.9 1B.1E 4.6 

133.0 9.36 3.6 

294 +1. 26.12 9.6 

247.4 +0.9 25 ' S.l 


501 +1 m. 

142.9 * 

143.6-2 3 14.9* 
1,829 -11 ; 39 
293 - + 3 ca.c 

797 f 16 da.p 

-61.0 +0.S li l- 
Ztj. _ 


6.2 

1.1 
1.5 

10.1 

O 

8.7 

3.2 

c.l 


BRUSSELS/ LUXEMB OURG 


■>or. 17 


I 1 DlT.i 
Price ; + or Pn~ |Y Ld. 
Fre. 1 — .Vet; % 


n 


Arhcd 2.140 

Berket 1, 8" 2,530 

C-.BJl. Cement. ...11.166 

C'oekerfll I 395 

KHReL- 2.370 

Kle.'trabell ....,7,186 

FabHque Ast 3.100 Ml +20 

G Ai. InnoBm .2.500 +10 

Guvaert 1.390 

CiBLfBruz L) '.1,510 

Hoboken 2.700 

Intercom 1.870 

Kiedietbaok [7,290 

La Eoyslc Beige. J6, 140 

Pan Holrtlnge IZ.BOO 

PetTotina >5,265 


30 i — 
,—10 ;116 
,+4 ^10O 

{— 15 177 

' .'...430 j 

-* ,170 
•150 
— 10 | 85 
.—5 I 90 
j+40 [170 
'-a . 1 142 


4.6 

8.6 


7.6 

6.0 

6.5 
6.0 
6.1 
6.0 
6.3 

7.6 

1+40 -290. * 4.0 

*325: S-3 

! 's«.S6i 2.8 

+ 25 -180 [ 5.6 


doe. Gen. Bungne 3,265 j — 10 204 ! 6.3 j * . - 


Nor. 17 


Price j +or . Div. TM. 
h nninr j — ; Kr. S 


V£«AB<hr-*U<....J 
Ain LaraiiKrJGi 

AlKAfKr.bO 

Atlas C+jjjoi>fKr3bi 

Billerud I 

Bofon ...j 

Csrdo - f 

Cellulose .1 

Blcvt'iiix 'BIKrcOi 
Kru-aaon -B' iKroOl 

Es'oite ■*B" J 

PeKerrta 

Granges •Frwl....] 
Handiestianken .J 

Marsiiou 

HoOch Do ms to 
fiandTlk '8' Krs. 
b'.K.F. 'B' K_r» ... 
>land Ensklida. 
Unrt-dilt'JSTKrfCf 

LMdeholm 

Volvo (Kr-bOi... . 


5 

5 

5 

6 
4 

w4 

5.75 


10 i 4.6 
|5,25 |-<Kt> 
5 i 5.1 


195 ;+i 
143 i+I 

81.0 +U.5 
116 +1 

47.0 t 1.5 

112 ) 

184 +2 

219 +5 

119 +1 

123 •...;.... 

290 1+2 
96 ‘+1 . . 

51.0—0,5' — 
383 1+5 j 16 

125 I a 

60.0+6.5 — 

260 I .1 5.75| 

60.0. j 4.5 

159 : +3 8 

62.8+0.5 5 

69 -1 \— 
87.5+1.5 | e 


2.6 

3-5 

6SS 

5.2 

8.5 

3.6 
3.1 


2.6 

4.2 


4.2 

6.4 


2.2 

7.6 

5.0 

8.0 


.6.9 


COPENHAGEN + 


■Stjc-Gen-Banque 2,010 

S;>dna 3,305 

*k>lTay 2,585 

Traction tin t .... 2.735 

UCB 1,160 

CnMin. (I TOi ’ 730 

VieUlcMnuta^ne. 1,800 


5 ‘140 


. 7 -° 
— 30 ‘31G 6.5 
;+25 'A2.16 8.3 
_ ...170 i 6.2 

1-2 


•t2 ; 50 6.9 


SWITZERLAND * 


Not. '17 


Price 

Frs. 


.Un mini ora 1.100 

BBC 1 A ' 1.830 

Cilia Gelgy Fr.100 1,050 
Do., Part Cen...i 830 

,Do. Beg ! 833 

Ctrilit Sulara. <2,176 

ElectrmraK 1 1.820 

Pi schor fGeorgel. 670 
Hoffman, Pt Con- 16 3,250 

Do. fSmalD 6.650 

intcriood B- -3,675 

fofDhiti (Tr.lQ0t...:iA3Q 
Nestle ikr.l00i'....j3. 190 

Do. !a,275 

Oeriikou B!F.2aO).2.600 


+ or| Div.ind. 


J-15 
+20 
! + B 
1 + 20 

a 

-10 
4-45 
+ 10 


+ 500tll01l| 
+ 50 


110 
21 
21 

+ 40 blfi.E 


+ 10 h»S.7 


+ 10 


Pirclii n IP rF.l<»), aeoui + 1 


Ssndov IF .... 3,473 
Du. Part t-'crtp.-i 425 
jraliindlurCtiFlOQ' 

.Sulzer Ct iPr.lOO[; 
"‘■nifiiodr i PrJM).' 

Swiss Bnk/Pr-tflOj- 
Snu (Kei<.Pr.26af 4,750 

L'tfion Bank' 3.010 

Zurich Ins 10.700 


260 

506 

788 

343 


85 
+ 8 
+ 1 
+ 15 


i+2 


[-10 


Sot. 17 


I Price , + or fDw7 
; Kroner , — i ^ 


3.8 

3.0 

2.1 
.2.7 

3.5 

3.7 

2.8 

4.4 

1.7 
L7 

2.8 
IS 

2.7 

3.8 
114 

5.3 

1_S 

3.1 

4.6 
4.6 

4.4 

2.9 
2.1, 
3.3! 
£.1 


Andelibanken 

Danske Bank I 

Kfcht A»iadeCo... 

Pioanrhanken 

Hry gut tier 

For Psyrr 

Handeisbank ; 

G.;Vth’nHjKt90,' 
Sort Kihel 
Xorofoduitti JJ.S 
Olieiabnk .......... i 

Pri vat bank... 

P^OtrifiabailL | 

Soph-JBeren.-efl.,,.! 




140 • 

1251*; • 

136Ui +2ij | 

129 ! -a ; 

334 t*- + 4i* | 

lZBU! I 

202 : : 

179 j + 1* , 

222 1+1 i 
117 ! + i j . 

1*01*- 12 

1361*: a 

371 +2 j 12 
159S, -l* 12 



Milan 


5ov. .17 


.OtlC i 

Baatom 

FtaLJ.... 1 

Do. Prir.» ... 

Pin«ider...— J 


row 

Uni 


\ Lll f L it- (rent’ll 

*crr<w Aa-traiia ] 

lMALIf.ll.... ,« 

Antpni Bxplorariiia... I 

\mfrti PeinHeum 

V soc. Mineral- 

A.SOC. Pulp Paper 1 1 ! 

Assoc. Con. ltuinMne' I 

1u«l. Fuun-iiil ion -Invest...! 

a.n.i ; 

libtimco. ; 

An*t_ Oil A fiiv I 

Bimhnii Creek Gold... 

BiucBcUi ln<i— | 

tireigainviiie Copper j 

ununMe* liblustnes ■ 

BriAen Hill Pmpnehirv...J- 
HKtibarh:.., • 1 


tU.69 

10.91 

12.09 
;l.22 
fd.74 
fl 25 
tl.75 
11 B7 
tU-93 
tl.eO 
U J 54 
:j so 

T0.17 
•0.98 
tl 37 
H-69 

18.10 

11 35 
1169 
15 20 
11.35 
12.08 
13 50 

12 55 
t2-93 


l-OAl 


Lfl’.oi 


1 + 0.02 

j+J.05 


1-0-0 1 
:-0.u2 


TOKYO- T 


ita 


-Nnv. 17 


’Prlcea . + w , Div^SK 

tan 1 V j % | Xi- 


r> » 

? 

£ 


ea 


.'isahi Glass I • 354 — 

canon. 441 +9 

CaaKi......^.. f 920 i+33 


Chinou 

Win Nippon Pmn< 

Puji Photo... J 

Hindu.—, 


380 

612 

565 

234 

477 


i+a.ui 

1-0.01 


j+T.02 


-0.06 


10 85 
12-B6 
1U.0U 
12.80 

H S>8 l 

12 . 10 . 

tO.77 

12 10. i+0. G 
:-tD.riU 


vSKiei.fi.: : 

Cock hum Cement.... 

Ciilra iGJ.i ! 

Cons. Goldfields Aust -| 

UrawinerfSD 

+r*lilCC llprlDln 

^LOteiO Auatrill -1.50 

Dunlop Ihihher iSii tI-47 

KSCUR — ..... 

B«ler -Smith 

BnUeavdut. Keanu ives.*. j 

a.Zr. tn-instnes _.| 

Gen. Problem- Tnut_ • 

dsimniej ~..i 

dooket 

ICI AUMtl’II 

(oter-Cofiper — 

iennlUKS lortnu ries 

I ones lilaWil) ; 

Omiani Ui> — .1 

Aletfiw Pxfilnntlinn I 

Metramar lljnemis j 

51 1 U Uixlniiit | 

V vims Kmpuriuni i 

>em. : 

Nuduriaa InterTMUonal : 

.Vartii Broken U‘>1itikSioOt-ij 
u+kLHtae, i 

Dii ; 

uaer B+i<lenilKin 

Pioneer Lk>ccreie._.. 

UecklU- A Coiman .] 

d.,C. >kMt?h — ... : 

xmibianrf iltmnc — j 

'uarKoe Kxpmration^.^ ( 

roeth.iW ;. 

Wanna 


I+-I+-S 

(-3 

1-0.04 


Honda Motors — l . 

House Food -j 1.120 

C, Hoh...:. 1 236 

r.1,750 

Jaccs I 760 

J JU 12.810 

kHiwiil Kieci. |4rJ1.130 
Komalsu........^...! 368 

KuOUa— '. •- 289 

Kj , otp-C-eainfc..- , 3^0p 


'->-1 

h-2 

1+35 

i+i. 

•m? 


.Cfo 


+ 16 
I — 10 
’ — 80 

! + 5 

1+2 


14 

ia 

25 

20 

IB 

15 
12 
18 
55 
12 . 
30 i 
15.1 


XX 

1.* 

L< 

2.t 

U 

u 

2.1 

li 

1.1 

a.’ 

o.i 

o.i 




10 

ia 

15 


j-o.06 

1.07 j A Ippon ■ahjnpaa. J 859 
1.05 •' l“Ar- Motors 660 


702 
280 
120 
430 
29B j-1 
607 .[—I 
L600 1+10 
+ 19 
+ 8 


j+210; io .j o;t 


2 

pi 


lUliiufhlta Ind. 
liitambialii BaokJ 
Ifiuisubi Han 
Mitsubuht Cora,. 

mimjia'cw: -1 

lUuukoshi 
. Alppoa Deiun..— , 

|r8.07 ' 

1-^' , 

Iw.* j Wmeer 1,550 3 + 10148 

j Sau.vd Kratti.- I 870 .+4 

-0.02 I senitui frenh, ! 942 !+l 

itiiswio- -L300 j+IQ 


t+3.f G Amy ,-.ii;560 

l r taiaho Marine 1 


IhUfio Marine ' Z5Q 

taken* Chemical.- 448 

‘Wk -2,040 

raijin i&3 

. oo 1 « .. . ,MkV0 M«rlDt.-., .< 516 
T j 88 ..j-0-fl! j Ltik.vo M«-i Po*!i;1.120 
tl. *4 : ; i nk VO lam-o.......! 341 


1+50 

! + i 


1+10 

fs 


Western Mfnfntt >60 cental 
ffjmvmrtlx..- 


1J.20 

rd.Ol 

:o.i4 

r^.25 

ri-56 

1Z.S5 

tJ.90 

rl.24 

tl.66 

to.su 

10.28" 

tl.M 

rfi.75 

1D.6a 

10.25 

JJ.30 

il-69 

t0.74 

11.57 

11.50 


,-0.01 

-0.01 

l-O.Oi 

1 + 0.01 


1+442 

-j. E 
+J.14 


+ 0.01 

+0.02 

-0.06 




-06! 


AMSTERDAM 


No*. 17 


Price | ■+■ or iDlv.- 
•Tls; ; - ! % 


Ahold (FI. 80) j 114,3*. r *18 

Afcsi I FT. SOI.. 29.71 +0.8 ; — 


AMmm BnhfFI.100, 
AUHV 




32.25-l.7Si | 

494 j+5 I _ I _ 
2.690 +83 ( iso' 5,5 

,’-5* !:s ! l “i « 

Italemeon <23.510 '+1.0M 6 oqI g.6 

fUlstder ... i 329 |+17 ^ j _ 

Medic4naca.-'.^-|3fl.500 ' + 500. l.UDoJ 3.0 

Momedlwn... ! 174 i— l I _ , _ 

Olivetti Prir 11.395 j + 41 ! 

Pirelli A CaL. -1.85S ( + 23 J ijol 7.0 

Pirelli Spa. ..I 903 !+10 ; so' 8.8 

■SnU Videos | Bt2 +hB 1 — ,i 


(FI. 101 _..i 
Amrohank (FLOOl 

Blienknrf... .... 

Moka Westm |F^0)< 
Biihrm'Tetterrde- 
HlMwi«(PUJO)._! 
EnnisiV.VJMretj 
HtmDomTstiFLlO) 
G IstalBrocadeslPI 
Heiacken (PL 86)1 
Hoogovena iTLZOil 

Hunter D.{R. I00i 

kj+il tn.iom... 

Tnt.Miiner(FIJOi 
Mat.Ne4liuLin.iq 
NcdOredBk [FJ-Stn 
SedilidUkfFl jO) 

0«(PL2ffl'. I 

bOBM «FI.T0|+... 
Yan-Omoietei..^ 
FhLhoed (FLSCq... 
Phillip* 1FL10).... I 
Verfn.lWj 

KfihewiFI^O) 

BolitKOlPUity | 

Horen to (FLKD.. J 
Boynl Dutch (Ft JOJ 

Slavenbuora t 

SterlnOrpfFLLaOW 
[Tokyo Pac.Elds.S 
Unilever (FI^O). 
Viktor 
Wett.Utr 


3 70 A +0.5^A25J: 


50 


Yld. 

* 


4.9 


6^4 

5J3 


Aasji 5.8 
26 ; 5.7 


B7.2. + 1.0 

76A: 

9Z;3 +0J 

130.5 +0.5 
72-7-0.1 

288 2 . , ... 

140.5'— 0.7 ■A87t‘ 5.4 
70.3 + IL2 ‘ 94J: ’5.0 
35.4.+0-4 1 SO 13.61 
97.0 +0.4 


t_OTX\! 

L'reliiia i^icp. 1 

lift-nt* M<-+<i | 


161 

138. 

887 


i+100, 
1-1 | 
‘ + 1 


i + 25 


ih 
60 
aO 
40 
11 
IS 
50 
lu 

11 [ A. 
b ! 3. 

12 ; 1 . 
10 ! 3. 
10 I 3.1 
VO L 


Source PTikSxi Senuldes. Tokyo 


VIENNA- 


Nov. 17 


t*n«e 
- % 


Creditanstalt — +| 34 2 

Perinjoonw... , 270 

Seleut a.. ...... J 612 

Sempedt .4. 82 

Stevr Daimler 1 201 

853 


+■ or | iJiv. ' r Tid 

- 1 S 


+ 2 


10 

9j 

38 


2.' 

3.- 

7.1 


8> [ 3.' 
10 4.i 


JOHAN N5 BURG 

' HIKES 


*80 ] 6.2 
26 7:2 

27S IS 


Nov. 17 

Anglo American Corpn. ... 

Charter - Consolidated 

East. Drieftmn eta 

Elstwrg 

Harmony 

Ninroft® -• - 

Kloof . 

Huateuhurg Plktlnsm 

5t. • Helena- w-sJu—m-..-:... 1M.M 

Sotubraal a as 

Cold Fields SA S2+0 

Knhw Corporation ^...; 359 


14 1 3.5 


37.31+0.21 
1.2— 0.3 


1.2 

•3 


21 

ia9.2r-0.8. ™ 
44.5i+0.lJ 19 , 

114.4^. I .481 

58.2; *0.7-1 21 

aos.ol+i^ .22 
173ta|+l -J 38 
29,0]— 0.1 1 25 

138 f - 

46^1™ 1 - 

24.8!+ 0.1 ■ ‘17 

168.51+6151 25.^ 7I9 
131.4i +0.9 j Bj— ., 
123.4, — J 19.8 33 
i8S.a.- ;as:75; bs 


.5.7 

2.3 
8.6 
4-2 
.7.2 

5.3 
4,2 
-7J1 


7.1 


239 J +1.3 
9fl_3 +0.8 
134 +1 

119.0*1+0.2 
38.9 + OS 
422-0j+5.S 


20 | -6,3 

5 SS:? 

43J| 7-1 
SflJB. L3 
53- i 3.8. 


De Been . Deferred 

Btyvoondttictit ... 

East -Rand Ply. 

Free' State Cednld 

President Brand- 

Ptfeiidem Stern — — 

StHfonieln 

welkom • 

West Dri*ottt«n 

■Western fiDUingi • 

western Deep 


BJJ5 
-5.35 
10.60 
1 300 
!+oB 
13.35 
5.ti0 
4.40 
39.75 
37.30 
X4J5 





INDUSTRIALS 

AEGI ■ 353 

Anjon-ijner. Industrial ... lfljfl 

Birlaw Rand -*.*3 

CNA investments ....^ ^.ai 

Currie Finance ’. o.« 

De.Beees'Indnstrial ■„ HJS 

Edms Comnlldued Inv. 2.95 

Edgars Stores- 133-39 

Evfif Ready SA 12.13- 

Federale VoUcsbelezsIitss . 1.75 
Great ennans Stores 

Hulrats 7 ■ 

LTA 


-ffl 

-0.1 


- 8.0 


■ HI.S' 
-U 




-8i 


McCarthy Rodway 

JoadBamc' 

OK' Bazaars 


OSLO • • 

• •? 


. P rion • 

• Snv. IT Kroner. 

or {BIS? 

* 

Beraen Bank :__j ' 101 j J .9 

Born»aaid 64 "I -1' '[ — " 

Oradifbenk .-. llB.75: + ff.2ti l'l 

Koemra. J .262.51—7,5 1 gq 

KrtiUtlaiMM.. i --I 11 

A'onik Utdro Kr8; 185 -5 : 13 
Stcrebraod 1 • 87 .Si— 2.5 j ' 7 

BS. 

8,6 

■7.6 

9.6 

5-2 

8.0 

<. ^ 







Premier MUfins -i.™:-.. 
Pretoria - Cement 
Protea HnHUnor 
-Rand Minds Properties 

"Rembrandt Group 

Retco - ..:.....z 5..— 

SAPP* 

C.jj. Smith . Sum 


t.6.1 


ts jo 
2J0 
3.00 
0J0 J 
AT! 

7^0 • 

s;«- 

tSJ5 
' L3S 
1J3 
-3.57 
A38 . .. 

2.40 - 

.5^ ,-.+«4 - 

Lja 

:i.o»- - -02 

>< 1.18 - -lUff' 


L. 


• -+0JT 
-50 • 




Tisar oats and KaiL Mia. 

Unlrat- . I... . 

■ Securities Ruid $U:S.0.6^ 
■ (XWscounr tft w&7%y ■ : 


T ' •- 


feK 


_ »i 

^Se* 
















23 





J^naft^' Tlnies Saturday November i3,197£ 


• Cl;- 1 . 

'iirv "'sv-i 

i. . rf j 


Norwegians agree scheme ^ h “ Ue " ge , 
to finance Volvo interest -KT " 8 




i JAPANESE TEXTILE HOUSES 


j) ^ 





pr fAY GjESTEft 


OSLO. Nuv. 17. 


f r. ^THE NORWEGlAX ^ovenunent tag rigbtsin the neW.co®p»jy- shares. The shares would then 
T-- •. fV An& Norway’s three largest coin- Also significant & ifce ft** “at. be gradually resold on the nor- 

■ ■-■fr. r_» Iwnl., •* ~ .... ... “ ’ ■■ *»“ 


Bay for 
Simpsons 


BY RICHARD C. HANSON 

JAPAN'S general trading com- up 2.2 per cent — trith Itoh one per cent cent. Domestic sales were down 

panics today reported almost of only rwo traders to show an Mitsubishi, like others, has 1.6 per cent. Metals trading f32 
uniformly poor results for the increase — to Y3. 144 fan from found that its Traditional depen- per cent of the tola]} was re- 
half-year to September 30, as Y3,076bn. This, however, was the dence on raw materials to supply duced 9.S per cent, foodstuffs 
business and p’rnSu were cur result of merging the business the basic industries has to be 17.6 per cent, and machinery 16 


with Simpsons- 
a major retailer 


i further decline-:. 

; The nine companies reporting 


i. • '^SsPJtL'J? * SP £S P a • tiM he ^ermiluUonr^t 1 ^ 1 ^ d l 979^ 

freeze. pr0senl — - “ 

: '% ^inuounce.d^n^Deceraber 8.:° eight years, of NKr -300m, both The three banks involved— Den 


eafaUvnir ST 'EgSS \ Si’ 


hit the hardest, with exports 
down 9.1 per c*m to Y4.7S3hn 



Half-year to 
Sept. 30 

Ybn 

% change on 

first-half 

1977-78 

Half-year to 
Sept. 30 
Ybn 

% change on 
first-half 
1977-78 

Mitsubishi 

42.43 

- 9.5 

8.04 

- 4.9 

Mitsui 

3.963 

-10J 

4.14 

— 19-3 

C. Itoh 

3,144 

- 2.2 

1.47 

-36.1 

Marubeni 

3.050 

- 4.1 

2J09 

-• OS 

SumitoiviD 

ZJ60 

- 3.7 

3.67 

- 1.7 

Nissho-lwai 

2,080 

- 6.8 

2JS2 

-t-70.5 


Agency, were approved then 
the merged companies would 


For 60.7 per cent of the total, 
were down 1.7 per cent while 
imports dropped 23.$ per cent 
and exports -.S per cent. For 
the whole year it expects sales 
to he down 3.1 per cent and dp! 
profit down slightly. Sales in 
the half-year of metals, 
chemicals, fuels, foodstuffs and 
textiles all declined, while only 
machinery and construction 


• eigm years, oi nwr -wmB. ioc uorce oanKS mvoivcu — uen rS3hn Sears Rnchurk would ' n. 

?3*S*!1*!**^- I S£ ™ ^out one third of the ^nies were ft-rccc 


h/thTla^rZnS retail- and imports dropping 16.2 per ?•* ™ «P 19 cent, but petroleum and fuel down 1&4 per ^Ts gained 

Ing group in Canada, wilh cent in value t« t-t.nsbn. - 1 -?' "!!! *Th* Un h.- r«a choVne^n Marubeni had a net p 

combined sales of about Jn lhe scramble m maintain a f Vs- Ho,.™* L , I- “ Th^ <>* p - 5 Per ceni while s 


r Mitsubishi Corporation, the increase was construction. The ,, 

of in. com- 0 f the traders, nod a net move will be towards more trad- p 


profit rise 
sales fell 


. , Y ~ . An important feature of the and the private sector. The Bank 03 Kreditkusse and Bcr- ih<- merged com- 

.J. : .agreement, however, is that it remaining finance of " .ab out gen Bank — said today they would 'panics 

’■ 'tprovides 1 for. private interests to NKr 290m will be' arranged shortly be sending out prclimin- * The" terms or the offer 1 

o' .' piuup at least half of the capi- through the issue by Norsk Volvo ary invitations to subscribe lo w hich will he a combinalion of 1 ine 

; needed. This should appease of a bearer boDd 'low, under Norsk Volvo shares and bonds. CR jjh and securities, will he an- 
. .Swedish Volvo shareholders, state guarantee. Initially, invitations could go to nounred on Monday morning 

‘ ■ .r.jjfho have been , worried at the The plan is to raise ' share af / the country’s commercial before the start of trading on 

...prospect that the Norwegian capital, initially, through a pri- hanks, the largest savings banks, | be foronin stork Exrhange. 

.. " state might end. up controlling v ate share issue- to' investors .pre- and hoih life and non-iife in- However, finnnctal analysis 

. - Qxofe.than 20 per cent of the vot- pared to take large.' blocks, of surence companies. here sav that the Bav package 


^TT !H 3 £^’!SsS s »^ 


Amons the other trading 


sales dipped 9.5 per cent to declines. 


one to post a rise in sales, ud 


sales fell 10.2 per cent to r ent on a sales drop of 6.S per 


Montedison in fibres merger 


Vf OUR OWN CORRESPONDENT 


MILAN, Nov. 17. 


conditional on getting 6fl per 
rent of Simpsons' 47m shares, 
that would pul the offer in the 
C$225ni range. 

The Bay recently acntiirert 
control of Zeller's Ltd. of 


^Details arc beginning to emerge capital, together forming a Bill selling out conditions for Montreal ror £S3ini an<l . J:?™ 
-of plans for Montedison, the majority, and the balance Is ex- such parttcipanons. before cam- 1 Ba> ‘ sl V* r< ^- , ";* 1 acipiikmon 

■financially troubled ^ chemicals peered to be provided Uy banks. mlw * J '** ««* \Z ' 

■-lebtnpany, to reorganise. its fibres Although lie opentioo. « wemseives. j gwi . -cmiJed »n Canada and the - 


year. Its overall rc-venuci were d«juiestic revenues were down 4.1 

Kawasaki steel dpubies 
net income in half-vear 


vO" 

v-. M 


BY CHARLES SMITH 


TOKA 0. So- 17. 


The Outlook for 1978/79 

Inter Comminodities 


tJSW JSCtf Sl for ■ kawasaki steel ,;or P or,., on n,,,,, Sopu^or. Th, 

' flhre with rhiiRP of Snb Viscosa iecLs Dlanned elsewhere tn the i?-® 00 wrkers. However, Monte- the merger with Simpsons was 1 has annoumed a ten fold increase company attributed this to im- 

??rchemitils mnZrVSS iShancSicalstadSfry.Bolh ?} son *•» f£«49 indicated that a f( . ar that a third party would : m earnings hof-r,- tax and extra- proved yield, and the successful 

:&vSSSSJS SS«£ *“5 g? wihJS? I b l e r w[,ujd J,ke lo cul DUID ‘ hid i nrd/nar ^ /lems - !°\ ,bline 

-.' -.feent—in a new company to be cals croup are negotiating -.with Der ‘ Micccssful bid by . nurison .s | of nct income for the half-year non programmes. 

.- ^called Snia Fibre. Monteflbre and banks over plans - for their Meanwhile. Montedison has B ?>. w 2”Il. sc ?iJ e /S' “5™ landing September an. Meanwhile vales revenue I 

Snia Viscosa will each hold an rescue from pressing financial tested oil flows from a second Dr ^ I The improved results — com- showed a 3 J per cent decline l_ 

gqual share In the new company's difficulties. Under the Snla fibre drilling in the Mediterranean Roebuck 15 p f ®" [pared, with the same period of from year earlier levels, totalling . . . ... 

project, banks would be called south of Ragusa in SicUy. and duee a counter-offer ror jg—yg^ however, do not reHect Y45Sbn. Export sales fell more ■ To obtain a copy oi this report pleasemnte- 

upon to take a direct minority results are understood to be posi- Simpsons 3 shares if i ne mn n> any uplurn , n production or sharply, bv 20 per cent, to i Derek Adler 

stake in the new company, .pre- tive. The company has as yet re- Hudson s tsay appears iiheu m sales _ profit improvement was Y 133.4bn and amounted to 29 ■ Inter Commodities Ltd 

sumably following the lines of a leased no official details of the sticceea^ [achieved as result of reduced per cent of total sales. B 3 Llovds Avenue Londc 

simUar project for ,SfR. .Banks oil find, hut a third test drlUitg operating costs and. the impact Kawasaki ,aid that it had „ Telephone- 01-481 982; 

are understood to be awaiting «s planned shortly nearby, to con- . of yen revaluation on Kawasaki s rte ?,^ ,J l v .f,hhold pavment of B leiepnone. 

finalisation by Parliament of. a firm tne extent of this oil find. Newspaper gain ! i, H? an interim dividend for' the half “ 

— — '~T~ r ~ : NAN\'ANU PRESS Singapore, ; verir {ira0 unled‘ i ' tn Y9.2Sm > ear -, T^ ^^^ny bas xun re. | N ame • 

• _ . the leading local Chinese news- l (1T s$ 10 j m >. up from Y9l2m. J"®*** ^ pl^nnej* cjiw*** 0 Address - 

Ft _ a * paper publLsher, has reported n^ e} j n r 0 ine vas Y4.l5bo com- diturc in fiscal 19iS to ^ 68.8b jg 

tighten restrictions a sharply improved perrm- pared with ihe previous, year's thc expenditure fl 

' . ZURICH, Not. 17. t «» ■ Te.ephon.No_ 

the.™* jrra&TuSUiK sKSssis ^ ■<* ™. r =. 

modified: some of its rules that ^ foreigners could no longer while turnover rose by II J i per depreciation. Japan s big hve _ integrated sieel- | G . ludex Limiit-d fil-351 3466. Three mon 

restrict the infiow of capitaL ; “ e ^ m ^ lum of gome mutual cent to SSJ7.4m tUSS8m). The bigger y.ngie cause of im- makcre reported B * J ct *Jf’ 29 Lamont Road. London SWlft OHS- 

cfosfnff a loophole that was being tfnnrfc tn mncfpr -their invest- However, as a resell of a 160 proved profit.' during tbe naif- come naa risen d> o---* per ceni ... , 


Specialists in Fundamental Analysis oi the 
Metal Markets 


The First V iking 
Commodity Trusts 


Commodity OFFER 37.7 
Trust BiD35.8 

Double OFFER 68.0 
Option Trust BID 65,0 


Cotmnadjly ft General 
Management £b lid 
10-12 St George's Street; 
Douglas hie af Man 
Tel: -0624 25615 ‘ 


Swiss tighten restrictions 


ZURICH, Nov. 17. 


m —j «aa CS2 ESS9 BEI P^t ESS ESI BEE CCT SS BB Bol ' 

To obtain a copy oi this report please write or telephone >- 
Derek Adler 
Inter Commodities Ltd., 

3 Lloyds Avenue, London EC3N 4DS. 
Telephone: 01-481 9827. 

Name-*. — : 

Address 

.Telephone No 

■ — m mb ffsn ra ra iaga taa B3 rxtn res bbb BOlSSam 


Japan's big five _ integrated 1 steel- I G , udex Lbniud fl]. 3 Si 3466. 
makers repnrted that its net in- . . 


Three month Silver 308.7-311- 


per cent increase in me o-i ' r e. „ 

provision, post-tax profit was manufacturing costs from business term to \4.8Rbn. Sales 
almost unchanged at SSlMva. Y404hn a year ago to Y372bn in were up 3.4 per cent to \430.3bn.| 


2. The commodity futures market for tbe smaller investor. 


COMMODITIES/Review of tbe week 

Costa Rica cut hits coffee 


lUTMKIS 


Wdwi fSn^SS ! "b«ley ^?Km.T.SrSa r 1 .™Su5iffil 

met a l up from W to a hish or £607 Il'eftcttl«vW + or :V<-^erciH\ M + .-r jiff* 11 ? innin^MirS 

pn«r ii» a rinse on the law kerb of clrt * , - j c i«* - XlS* nT-T 


'ftJS.IViiirliHts-. 


• BY OUR COMMODITIES STAFF 

v^'COFFEE PRICES fell sharply 
r this week in response to a signi- 

• .'Ucaiit break in the producer/ 

• j 4 consumer deadlock; which has 
: \Oiept the market trading in a 

“ very narrow range recently. 

• The breakthroogb .came on 

• -i Wednesday, when Costa Rica 

c ^announced that it had abandoned 
mini mum export price 
? Requirements, thus allowing its. 

-' ^ . iCexporters to reduce prices to 
; r^oarket levels. - 

-This pushed the January price 
:r3own- to fl.364^ on Thursday 
:'«4ind. even after a £38.5 rise yes- 
■^.^terdsy, mainly on weekend book- 
l^quaring. . January coffee still. 

• ;iinded the week £ 64 - lower on 
3 -balance at £ 1,403 a tonne. 1 


, E Wn TIBU £ 

: LEAD 

~ LONDON 
:CA5H METAL 

1 

Jr— 

— 

A r 


FAjuf - 


BWV JtHJ Jilt *B 0 stt 1 

net mnr^ 


BASE METALS — — 

COPPER— Mowed ahead on On? London Aiumtn ni, 

Aleial Esriiarwe. mainly rrfleenns the . • ‘ 

wakness of sierlins bur also on fi-recaos ,. 

nf a decrease lo warahnuie slocks over 

Ow> ««t After easlnc w I 7 C 1 on tho apo*.. ------i . 

ore-market D»- 1 n« to trade selltna for- 3 niuiiiii-.; 

H-anJ meial pn-Jied un simnply to r 765.3 

nn the raornlius. In the aiwnwnn a Ti.r-e 


HteS. wwe wines. l ams .nm i ai 25 ^ Uo 15 9 . 7 + 9 Ja. Week’s hlsh-Iow: March S. 97 *.r:. 

( . ; *-»-•« May 0 . 1 «.S 8 . J 01 F 9 .M- 9 .J 5 , Seat. 9 .®- 

Aiurntn-n., «.nu t ; .ni l+v j”™! ®° ;8 ° ||; 55 9 J 9 . Turnoeer: 35 lots .Mi. 

i — ! : — “■v-i SS-2? -2’? SS-i; 5 . r::-™ WHAT mTITBK 


f. 03-4 + 7 . 25 ' 604-5 . + 4 


SS.1 as -oil SB !-uiva WOOL FUTURES 

Business doae— Wheat: Nov. 88 .tS 4 S. 95 . LOHDOM — Featureless. Bache repori 

jjn. w March 92 .M-W.t 5 . Mar i Pence per hilm 

95.50-9S.4fl. Sept, un! rack'd. Sales: 53 lots. .\ii«tni'laii I V’alerdy’vJ + ori Uunont 
Barley: Nov. Sl. 20 -S 1 . 20 . Juu. S 3 .M- 5 t.'iO. f; nm«v W.to I tkw — * l^n» 


day when the market was o P enin S ^ ernnw M7«g skWA mw sept. - i 

suddenly hit by a wave of specu- coupled with laeakaess ;n a*un 55; ^ er b^ Tlirce mJShs 1*0? , M. ~ ' U Import ED^W h'eat -'"''r'Vi'F 5 Nn. l. 15^ I 

lative selling, despite a tmutest level ’’of rna.3 on tht late kerb ’Cema net pound. 1 s *W M p er prenL P»r cent. Nov.-Dee. 94 W Tilbuir. U.S. Dft,'Dit«r...ZCB,Oai.O ! _ 

in warehouse stocks. The ta1or fo a cllJlHe £ 770 . 5 . Turnorer ton previous unofficial dose. park Northern Spnmt No. 14 per cen:. jj w i, aai.lJ-ib.D 1 .. 


highest level or £ 752.3 on tht late kerb 
prior to a cluse ol £ 770 . 5 . TnrooTW " ' 


premium over the three months 


SILVER 


narrowing of the cash price 25.175 tonnes. c1TV rn *"■ 

premium aver the three moolis EiTTC. SILVER aVSUftiaSJi JS A fc gKff! 

quotation suggests that the COPPER Of 1 lL-I«t | — I Caodlni . - Silv.-r was fafld T.ltop an ounce hlKbpr EEC ursdes unquoted. Matae: U.S./ m Lr ssswbj 

SUDD} V scarcity is' easing. i — — for snot dcli^n In UK LomW" | bullioft rrcnch unquoted.. French K«r. iflSSO. * "f ?57 


although another modest fall Wire bare! *” i ~ ! * ! I^iuts-j'ienis of tbe axiri levels were: Grade* 1 Oi re. Jdu*. S? AtricanVelJow! X«y.„.._....... l ! 40 .IW 4 J \ 'CMd— N. tv. 1 99 . SO tlK.SOi, Dee. 

in warehouse stocks is forecast G^,b 3 7 «»S. 5 . 4 +I*. 5 | 745.5-6.5+ll.S spot 577 . 5 c. up IHmc: three- month aS9.3c. Grade One. Jan. M. 50 . EaHcat: EtqtUsh Sale*: NU tsaawi lots of 1.500 k«. Ja 2;, iS 1 F , el> - 303 - fl - *P«1 

In Pfrnanp nricefi DSummeted 5 wonih^l 764.5-5 + 15 , 766.5-7.6.+ W.S up !>. 9 e: s'n-nomh sos.lc. upS.oe: ami feed fob DeeSSM. Jar 56 . 75 . east cnan. SYDNEY GREASY-Clu-e ,n frder , L n J , 4 T ft e liJf C UeHS' \ 15 3 !'J 2 f^n 3, ?- ,W ' 

in Penang prices piUinmeiKU 7^4 + 14.5 — I 12 -nionih 624 9c. up SJc. Tfic metal Sorghum: U.S. Arsentln* unquoted. Oats: btcer, seOer. business, sales). Micron 3 - *»■ I- eb-KS.iQ. April 232 . 60 . Jnue 

on Thursday, falling by ro Cathodes * I 1 opened Ji s-m-wsjp tWOsnlicl and Scandinavian feed unqinuwL Canirua: Dec. 34 S. 0 . 348 . 5 . MS.o-WS 2. 15: A “C- A 1 .63 

£M 1.^38 a Dicul. This compares tVh 731-2 i+U.?: 732.5-3.5 +H dosed at Ml 2-3«.2p isssi-o^lei. HCCA— iJtcation es-Urni root prlcos. March 332.8. 353.0. 35S.0-352.fi. 9: -May tLard— Chteaao loose KJ.75 fsamet. 

Ufirti thp niuime Deak of SM2 085 JntMUht..’ 752.5-8+ 15.2| 754-5 .+184 ; i j j Other milling [wheat: .Norfott 'BS.00. Feed 356.0, 3^^, 357.0.3585, 10: July 3S9.0. NV Prime steam 25 25 traded (raraov. 

-Si. J,I£r' ' Selti'u.’nti 732 j+ 14 ^ - HILVEK »«Uo UM.t. L o. •*-« ~? r n r S ,Ik „ £S3 M r - -f eed harl0y: M 0 . 0 . S 60 . 5 - 360 .M. 28 : Ort. 390 . 5 . 2 * 1 . 0 . SMaiae-Dec. 2261-2261 f 226 *,. March 

reached the previous week. gas ' 1 *7 z •• s i w “ h ^ , Norfolk f 7 s.no. d>-™ £««.»• ^ _ jfc.wsi.s. 12 .- Dec. ku jw.o- 23 i*- 23 oi taasi. war 2444 . juiv 2404 - 2 <si. 

in-a alco hit hard hv — 1 1 — ^ • VJ..« l — 1 ” UK monetary cneffidem fur the weeS 363.0. 23; March S65.5. 3>«.0. 3W.6-366.0. Sep:. 2-»2. Dec. 332. 

... ,T? uw Amalgamated Meta] Tradlns reporred irov«. ; *- . \ I from Nov. 20 wtU be unchanged. 51 ; May 367 . 0 . 3 B 8 . 0 . 3 B 7 i- 3 « 7 . 5 . 10 . Total fiPbti num _t.r. w -il-m-s ■■> #««,-« 

speculative, selling, but the ^ w u»e umnuna cash wucters uadea Bn r- - sales: 129 mis rm. Aonli SST» w.m iSoT jui. ml 

market rallied strongly yester- ai t -rr«- IobbS lire ios'lS ^b'b RUB3FR HEW «oss B (*ED-ua- 30770 . om. sm.io. jan^ 312 .S. awmi 

da.v after an announcement -y “A a - w i MS * i nu ’ *U 1 1' lligi P \ traded Close Itu order buyer, seller.: 210 59. July 31S90. Salts: 1.53?: 

“T sT^,Ji n \f™Tr,o tn rom>, j’ s -- K SI h , : bmaiiUi». I Sl 2 - 5 p +S. 7 | — | UNCHANGED opening on the Uinrtim Dec. 180 . 0 . IS 8 . 0 : March 192 .( 1 . 1 S 2 . 0 : May csiivcr— Nov SSI fit) i 5 fl 9 -n,rw wn on 

Boliden -that It was having tQ Wircbam, three mnnth.; 1745 . 5 . Rj. « 5 . 12 mnnt!)- 336 c |+ 6 . 9 . — . —•• pfcyslca | market. Fairly aetke throush- 1 S 2 . 0 . 155 . 0 : July 1 S 3 . 0 . X 66 .D: Oct. WsO. , 571 -.n^ai Mar* ' smTo 

halt output at its Boennskaer Afimmn: wiretam .dm niwilis nw. \ : 1 I ml th,. dal -. cIosins on a Steadier note. iM.Or Dec. 192.0. 196.0: March 192.0. j u | y %i3.iiL ’ Smi Al' S£* 

cnieltoi- hsMiice nf a ehftrtape of bl ' w : s ’ 871 **■. 0| '-. K UH.' luE^Tnrnnivr AHi rmri lots nf KUKifl Lewis and Prat reported ibe Malayan 1 W. 0 ; May 192 .U, 198 . 0 . Salta. nU 'samci. 


an, juty m.-w-u.m. aepi. y-u+a./.’. vci. NE1 ..> VilRK Nnr ta 

r+ 9 ^ 0 . Week's high-low: M-'.rch S. 37 -«. 72 . Nfc ''' Y0RK * NOT - ,8 - 

ay 9 . 14 -S. 59 . July 9 . 40 - 9 . 15 , Sept. 9 .« 5 *- Cacoa-rDec. ISii '3 OW. 5 U/, March 
30 . Turnover: 35 lots i 32 J. 3 S. 7 i 1 192 . 75 ). ilay 1 S 2 . 50 . July ISljar, 

„ rr4 » r r^trrTTirkrr- s *o L 17975 , Dec. 175 .B 5 . March niL 

WOOL FUTURES n 

LON DO N— Fea jwcless. Ba cb.:- retried. March 731 . K^uksi? 1 Akiy mi™ 

tPoncg ^ * l ‘ Jrked. July 126.20 atkod. Sept. 124.50 

iiiatni'tau lV’*i«dy'»i+ ort Uurinew asked. Dec. 121 . SS asked. March 119 . 75 - 
WV W.u» I Ckw — ‘ I'. -ne Il'fl.oO. 

1 I CopperwNov. 65 20 'W. 2 i)i, Dec. 65.70 

• • IM. 4 O 1 . Jan. 6 b'. 3 a. March 67 . 75 . May 

> ; ». 05 . July 70 . 15 . Sept. 71 . 25 , Dec. T 2 . 4 «. 

anther ... 229 . 0 - 3 L 0 • _... — Jan. 73 00 . March 73 . 90 . Muj- 74 JO, July 

nrrh - 2 aA.D 4 b.il j — 75 »j. Sept. 7641 Sales: 5 . 1 U 0 . 

'SI'S'S '2 l — Cotton— Xo. 2 : Dec. tHl. 65 -M .70 107 . 41 1 . 

>‘y 250 JI-J 9.0 — March 69 . 95 . 70.03 i 70 . 47 i. May 71 . 65 - 71^1 

:tO , «er . 250 - 0 - 58.0 — July 72 . 23 . Ort. 67 . 00 - 07 . 20 . Dee. 65 . 90 . 

Ken 3 '*r„ 'J 56 .IW 9 J : — March 66.7Ms.90. SJjv BS.7OS7.S0. Sales: 

Men ( 251 . 0 - 39.0 I ; — S. 9 B 3 . 

*y — i 240 . 0 - 14 J | — 'Gold— N.-, 199.50 1 198 . 301 , Dee. 199.30 


l^mnr \wn jJl mb «r uci nm j market rallied 

day after sin 1 

International Sugar Agreement. BD]ideIJ j 


tSlLVEK 

, ti.-m.io 

j+ °rj 

UM.t. 

i+ « 

l«r 

1 liMOa 

| - 1 

-.■I <*e 

1 — 

irov ■«. 

i jm* t 

■ 1 




296.05p 

+7.05 

30O.Bp 

H.E.45 


303. B 5 d 

+U./b 

508.7p 

•+6.D5 

b monriiv. 

1 312 25p 

+ «.7| 

— 

1 

It monib- 

336|- 

1+6.9. 

j L 




1.50 1309 . 70 -. 


STS.-SS® » S a«a 2 

'■Jr ftnnoun cement as ap. a « ein ”t to LSSSSSif to f 29^m l 5 .-, 000 V ,tlD . es <> F ,’ ead aflnual , 1 ^ wM^T^nrits. m.’ io. s >. 


i a. bis a kilo 


SutlDlfft 

Dr. 11^ 


MEAT/VEGETABLES the latest " US. commodity prices 

meat COMMISSION— Av.-ruac laiMOtk were available. 

prict-s at reprvficuiaavc znarkL-ifi. Not- 17 . — — — — — 

GB CBltn> 06 JCp Dei kK-Lw. I+ 0 .V 5 -. UK ta 7 .u 0 . Jjn. + 1 \ HO. March 651 .®, May 
siieep 132 . 0 o Per kfi-csLdj.w. ■— 9 .C.. G 3 fifil.ifl. July cn.SO. Sepi. fiSi^fl. Bands' 
piss 67 . 9 p per kiuLw. l+lj<. Enpland and Harman spot bullion NY 573.90 
and Wales— Cattle numbers up 4-1 £** ' 573 . 001 . 

cent, average Price 66.47D i-0.n3-: shi-.P Soyabeans— Nnv. r&4G«i. Jan. 

down 25.4 per cent, average ) 32 >r- »-*- 0 . 7 i: tg.W!K March 67 J^rr 4 . Mmv dSO-eTx. 

Pigs down 5.5 per Cent, ax-rasu 67 . 9 p July «fb- 6 S 2 . A up. 650. Sept. 655 , Nov. 


■■ r, -announcement as au aucuu>i w — ^ . ->q Qq,,, w.«w iuuues i icau urnuu;. . ncl , „ 

T. -rennter the impact ‘of ** Cost* O^er lead nel tore are __ also The higher 

.^.JUcan news- Talk of such a fund tonnes from tne -a.iwn ui rumoured to be cutting output imww. a 


been known for some time. rubber « a result of the scarcity of 

^ they said. w?5!L«KrrRW mot concentrates, aggravated by mins 

A technical relly boosted cocoa market took the -0. closures. T1S I, 

Mces this week and theMarch iS!”hnr ^prterdav the price Forecasts of another decline : — t— 

position ended £75.5 hisdier at b i}ni^f r fiOD a kJJo in warehouse stocss, already at Hj-hGrwlc 


.-..Jfflsmon enaea a/u.a aurucl 2 --™-—, ------- |-ij a ID ware no use chocks, aiieauy -1 

;-5flU«J5 a tonne, * ° n ? n ° fhe week ^e lowest level for four years, 

r['l Dealers said the advance was down .--sp on tne wee ■ . was also boosted prices yesterday 

j niiiHif. j.fa *n vruiMtT.ciivp bimos Dfialefs said that tne ... voMrrhsieiu rhp spvpriiv nf the 


Thv hlghrr lev. ^ alTjmirf rwnW-Ta ins. J j^u 60 . 90 - 6 1 . 4 D, 5 S.S 0 cC.M en. 9 D-M .40 ci-ai. average price 66 . 47 D 1 - 0 .IC-: *!w--p Soyabeans— Nnv. B 4 Sr-Mk f 642 ;i. Jun. 

i{^la l ^kprh M at e r 7 S 445 . ba Tun+ Jou-JInr: 62 . 15 - 62.40 .O.SO-i 0 . 9 d' El. a) 61.50 down 25.4 per cent, average ) 32 >P r-'O.'*'.' i&W!k March 972-tf-i. Mmv 6SO-8TX. 

,.I)Cr t to ionne^ K " 1 r ' Prices n.mairwd wilblu a narrow ranse. Apr- Jn..-) S 4 . 90 W. 95 1 5.55 1 5 .K S 4 . 3 o- 65 i >0 PiB 5 down 5.5 pvr Cert, siwwc 67.93 July fiSb- 6 S 2 . A us. 4 SD. Sepu 455 , Nov. 

over 1.730 lonnev. ta tejmri . 1 ,, bS ^ndilious. dosing silbgiiy Jivaeuti 67 . 10 -B 7 . 2 B £5 7 d E 5 . 6 U 67 J 5 -K .70 t+l.S*. Scotland-Cattle op l.i -icr teni. W+ 613 . 

i aim. H-or: fkrn. 1 + W ,. eaM .r Gill :ind Duffus reported. Dctr Deci 69 . 40 . 69.55 6 35 6 3.00 B 9 . 20 - 69.00 average 7 a. 2 p 1 + 0 . 38 »; sheep do>m 2 ^.-l fltr i.soyabean Meal — Dec. ISO jO-lM.nO 

TIN ! Ofiidfll 1 — [UnoffirtMi — , Jan- H at' 71 . 70 - 71 . 75 ' > 0 . 10 . 0.45 71 . 70 - 71.10 itini. average 123 . 5 p f- 3 . 51 . MS 0.10 . Jan. 192 . 0 fl-lSl. 6 o f’.SI.OTi. March 

. 1 — — ; A.^tcrt«j'sT + W| JUi< 1 ue*« ^, ir _Jnei 74 .D 0 - 74 .D 5 : . 2 . 45 -/ 2.50 74 . 00 - 73.25 COVENT GARDEN (prlct-s In sierlins J 53 .«.]fB. 5 fl. iTay 193 . 06 - 152 . 56 , Julv 

HiirhGnuip « I *: 1 : 1 *! COCOA '<*+ I — U“*)e i v -Se>Dl I 76 . 20 - 76.30 7 S. 6 B-. 4 . 66 . 7 B.B 5 - 75 . 8 fl per packaee untefis staled)— Imooricd Pr»- ]C. 0 u.:S 2 SO. Anc. 183 . 50-1 S 3 . 00 . Seoi. 


the lowest level for four years, 

_ . . ■ . . I > moat nn 


‘ 7600-20 + 20 7300 - 20!— 75 
1 . 7440-50 V-ll-S, 7420-40 1 - 52 ^ 


[ — Lhme iv-»*pt i 75 ! 20- 7 6^30 74 . 60 - . 4 . ffi. 75 . 55 - 75.80 pnr package unkfis si a led j — Imparled Pro- ic. 0 ti-:s; SO. Anc. 183 . 50- 1 S 3 . 00 . Sent. 

1 . duce: Lemons — Italian; 120 s mw crop 161 . 50 , Cicl 17 i. 00 -i 77 . 50 , Dec. 157 JO. 

! lT« 5 Tonn^ ._SOMbc« Oiy-Dec._ SUM .SJI', 


^fijtfnly due to speenlative buying sealers sai Q ia - s Nevertheless the severity of the Standard j | Ls& ’ ■jireojJ'u -55O2i78^M0 

l“dfSm ? 0 d te ed ti»?!^ek £9 dowJ ?SSEi 7 «S° iSEEEsiS&K 

^^430,000 foi^ast reMOtly. Lond M^tel . e i]i a ^ maioly regained earlier m«u« : o* irja. » «. ■ %SmiU fc.s. 

- Sugar prices were little -neculators Standard grade losses yesterday, cash wire bars tow nmihs irM •«- »■ »• w. wottMM und': Duly price lor nov is-. 
• S^.^^hJTSSSS Ssh “52 *Sk lowe? I«t closing £6 up at £746 a tonne. 

4?S*Sr. , £S c i£SXS m*. «* **»*«£*«** SKfpBTi rs? Z STtaa-sr sss ii. sc sss,*^ •■«->• ' ' ~ 

■ SSU'ifctAfcJfk COFFFE 

■■^»?SSwSL“? tt AtafK Tie biggest fell was en Moo- of a fall to watehoese stoaa. ^ S? 


a. 3 u. Juepies — r rcnca. uoiat-n ucuu™. & S -9 77 . Mar.-h I fl 15-10 IP c»lo t - 1 lun 
30 -lb 72 3 . 411 . 84 1 . 60 - 1 . 80 ; 40 -lb 135 15 '. 175 8 31arLn 10 -la- 10 -lD. Sales. 4 . 060 . 

4 . 50 - 5 . 00 . Juniblv pack per pound o.iii. S:arfc Tin — HO nom. iG 9 S. 0 fl). 

Crimson 20 -lb 72 1 . 80 - 2 . 00 . S 4 MW: jumble "Wheat— Dec. 35 S- 25 S 1 135411 March 

pack auoror. 30 -lb 150 - 1.50 Cranny as . WM 

Smith 20 - a K 2 . 40 . 84 1 . 50 - 1 . 90 . laftW ««>. sem «i Dee 330 i 

heruc iiv.lU'in iciuae :*■ J ‘ 1 "... 


COFFFE 


Weekly price changes 


: Luot 
; pricea Oh'eo 
, imUbuib op 
. unieM week 
! -sweri 


j £98.5 j £»-b !.»>«« -IMj SMHGQ ] 81,200 . fttbb 

1 I SS-” ' sSi^SSl + 52:^ I 


“±L U free U-MiuliUbS'il 5 £ 67 fif 7 a 61 + 76 . 0 j* 2 , 7 l». 7 MI 92,700 | .sere'nwnt 399 (+ 15.51 - Mhv„ 1235 1 37 , + 33 . 0 - 1 ^ 40 - HOB _ _ 

£IC& . p"lr r *. ; ! 1 I Ujb, bpw.l - ! - 36.36 I J„|V J 204 -I 208 I+ 23 . 5 , la 17 -UB 5 JMiHPr : 

: W.O 1 £ 856.15 £ 778 Jj £613 ~T 7 ;„ T CTCT .~~^iT~fT ^ ^ . 1 .— ■ Sertumber.. 118 ^- 1 187 . + 34.0 1115-1165 Vrei. ;V«WtxtajV. Previous 1 Business 

2S$ g$ stSjfc'K ; SS'- as £S S.nu.r., nei irnKsWiieo-na, u*. co* ; u™. 

S 2 ,«c $L 6 V& CMhOtttodw fed A- K* I Sis M. 5 . S 3 , 65 . 5 . . 85 , ST. S 8 . B* 69 . E SA. ! : » ! ! 


«■» ' per lunne on ( ugn [ . ' . imiw» weekf a«o ; men : us* 

! Mjles* I week j | “«•> | -sweri : 

. ‘tow* ! I [ — -i — i — -[ — 

V^vSSJnOpuJ £87.75 U.76 |. = 5 “L6 | «■» S^rerTOI+ ^.O A-tJ 32,'tOO 15243 

■■ s E*tTs" f - 1 sssjaBSSs^®^ 
ii^ss |s s» as Safa iss. ss-isk i® 

>.,fenni«nnr3S...-!! i* “ £®I I %3Sh CSOS i months : ““ p»-° £ ®, 3,ia | \7Zj* 

®' :mji ! ** I *“ *“ afrifl? i s? 

■ Beads • 4.. ' g-rjj 1 9F10 1 I312LS i?ree Markrt po* 031 £,w - 7 j^* 2 - 6 £92 - 4a ■ £1B7 - 3 1 e3EA 

kfiassteai ^ tssi !£»■ •*“ i ■— sar issaiss 

s Bar .... )- i I | ' i'-*, Sift ASKS! 

: w ftH l M fliaes . i [ -> n M.rifi ! £2.199 . £UM Tin osio ■ «7>it l_seon «mn fi^rsuA I je:_71 


Umu of a luriber reduction In warehouse i n cvklon,'--- from the trade ibroughom December -..M 17.20-17.4 ->-2 05 117 00 
slocks, confirmation of a force maienre .h, Dni-I Burnham reported. Laie Kebruury .~..|i2l.5+2i s +2.90 i I.EO-1B.50 

at Balkten and a posable force maJeurc hMyin- prompirtl by a strong New York April ,22.0 —2.7.t2. 35. 12S 60 19.50 

ai a UK smdier. Forward material ■ , c’ eoniracL caused the market io dose June.........,..! i22 50-.CJ ^-3.20 Ii2i0-22.5U 

opened M0trr ai i385 anti sained ground at or near jn .- -ninhs." K»-E40 btglter on Am.m» :u3 0+<5-6 wZ.70 l26.Ofl 

throuGhout the day to touch £391 prtnr balance Dealers bate the day’s up- thrust Uutol^r— jt22 OJ-25 V w-2.55 — 

to cuslnn fractinnafiy on the laic kerb ^ a roacnon m re pent heavy decline s. Dewmiwr. — :]g2.0»-2«0,+0.5D — 

31 S38TlS - Turnover 11.400 Youvoipy*» Sale-..: 174 M50i 2ou of 100 tonnes. 

I0nn>i;;i - COFFEE • l -' m * +«! Uti'lnwa 

a-m. J4- or! p.m. >+ fir - — i Dene • c"TT4^ ATS 

LEAD Ofllcla 1 J — : Unofflcw ( — jrpertnnn^ MJvlAK 


"eSimmS iS'IEZ 

i 4 A .1 ja lpiinr* p pr i-» 1 - 0 . 3 i- ed nnm *• Oec- M .70 asverl 

MtalCS 0.50. Apples- ™>- MW 1W.5H asked. July 110.00 
Per pound BramJer 0 0441.0 >. Lent DcrbJ „ . M M ... 

n O 4 - 0 . 05. Cox’s Oranac Pippm u os-on. _ 5i d ': 

wrirmmtr Pgarmain fl ftin r.T Rui-^ti . - 1 ! , v _ n ! a . ' ,u OSKM M 3 , ■ <->.0 


loMi -.-. . — ; |22 Od- 2 ? U ^- 2.55 — n^it-rr V^~LmrntrM a ^i T-'n'i'i ^iT" ■'’7 SSPIaaseed— Xnv. 256.00 bid f 267. 59 

wi ; njiW;-..jJ i I . 0 »J* 0 1 + 0.50 - ESSSSr SwrtJMw' cJln£- a -' kcd ': Pec. S»" S'ked CM nsked-. 

Sale:.: 114 « 150 i leu of 100 tonnes. Per 2 S-lb 0 «wt. 7 B Cap*tai'mi-Pir pound 

0 . 3 WJ 5 . Ctmrsettea-Per pound 0 -™- ’JJ* ffSl'^SwUee KiJil 

CTTf^AlZ Onipn* — Per bag l.&WJO. Plckkrs 7 . 29 - cimteat M. LJtiTenN 1 SL .4 ( 1 S 4 .. 4 I. 

JUVI/tA 2 . 50 . Swedes — Per 24 - fb 9 .W. Tnmlps — All rents nor pnend eK-trarehoase 

LONDON DAILY PRICE fraw gpgar) F’-’ r 2 ^ 1 b O.TW-ttO. Parsnips — Per S-Ib unless wVrrie- srar.'d. _ Mr irny 


I I k 1 * • ■ hovemiw... £ 1 l »00 fsamei a ionhi* cif for Nov-Dee. fi-fiM-W- Sprouts — Per pound u. 044 m 3 . ounci>— lOO-nucicv lots : Cbicuao loose 

LU-'b—,—. 39^9 ■+I 6 J. 30 & 4 OO +12 Jauunrj'....... JJOJ+SB-S; 14 o 5 -l 5 t 0 B h IP mea( Whlto su^a" dallr aricc uas Cobmns— Per pound Kent D.JD. per WD lbs— Dept, of As, Drier* 

i monilia^ 387.5-8 j+1*I 388-90 j+11.6 Slant.. . 1288.1289 +34.0 1 298 .256 S flZ r-K, vrmma rta". Prime steam fob XV bulk 

-scre’msnt 399 I+ 15 .SI - Mnr_ 1=39 1 37 , + 33 . 0 - 1240 - ii 09 hXrtl at Q fl^. - | inh olrs ; Ct . nU per ^ b buah< ., es . 


S 2 . 4 &:; 5 LB 76 OWJmdM «; |T 7 ’S «, | | ICTaW M. 5 . S 3 , S 5 .S. 85 , ST. SS. 88 j, 88 . 68 -i. 1 : 

! , • i “J? 01 ? ??■ : 6 i 93 , 62 Bl— 0.0 SlPl. 62 WS 24 b.i 25 i blbb.UOr Sales: 3.621 i’J.IMj lots of 5 tonnes. 


r .. j - eioatsw’ onl *Kct meJavto l«.i »Im« I5& OB . ^ ".mu. iwm axioms 

SS IS"-"---; ite 5 i,*S tco , i ,tfica[ " P n Jff* cmSl'an® Mlki ^ , 110.60 -U 70 110 J 5 .I 0 . 7 S:l]l 26 v 9 . 7 & 

S8 SS ^ ^ S SSiiS£«jl!»SiSil5S SS 

VwcM*ritetoi.<- ,b -. ^.i'Po 80 I Sir 2 IIIC— Firmer Is qulei traffing and Arabics Aug.™.! HIS j- t 8 . 25 j 118.45 I 9 -Sa|li 9 .a 0 i 8.»5 

Ftorinum perM.— [T jSS- & WfiHHV t^MUng ih? .strength « WWW tohoi J?? Ucl. — il 22 . 2 it 24 .ib I 22 .S J- 22 J» 0 J 182.40 21 25 

SdO I I 372 J ifreo Markrt pe* oy £,w " , U2 - 6 1 £M -’ 15 1 £lB7 - 9 1 £9fi - ,b and- tend, allhnugh forecasts or 8 tan 1976 Hl-aO tl 4 b.OOi. RObigiag lLA lMe ^ h. 4 75-« 05 Ii 4 j: 0 - 2 «.? 6 |MM 

MLi S 354 Oiiiob&ilver f 761 fc*-)' S 135 H 0 I+ 2 U) 8127/32 I 5137 ^ iSlBLb In warehouse Mocks alsn ewtriUated t» 14230 »M'- M3, uaus OTer “» W.C Mw „ ,^lZB./ 6-?9 0 WB. 4 fl.S 8 . 60 iU 9 .iW 

v i yuieK 6 iivcr i, oog w; i n | av i» i jjaOtj tbe overall ‘.trengrh of tbo market. tl 4 a.a 4 ). ■ — — 

*' * Kfi^p j+ajfl 2tBJp ' JW.TOpj ^ Forward metal opened a shade easier at -- , C3 - T ^’ lo« of so immes, 

t ,,, o nuwtiia per »-■ I 090 kojM KS5 bat quietly recovered to 1361 beForc R A s NS Tal ? Lyle ex-refinery pnee lor 

gv 199 £IML TrnoMb 07 CI5 iJmq St'wS ' cMslug on (te late kerb at D55S.S. Turn- UlVt* 1 grjflul4t«J bas/s wtute sosir C2U.bS 

£.163 £L43b-b 3 niMitlu™. — sklgR-l ’ ’ • aiuTl siaiT 1 BV(? r 4.T00 tonnes. LONDON FUTURES (GAFT A)— <samei l tonne for home trade and 

LwwwS CL0F2 Tuiupaen | ~}fS I S -T/* : — - - - ■ , . -- - — ^rz. rt ralos opened unehansed to 18p tower. £178.00 <£174 ooi for export 

18.^ 61.60c. WoJfRun rriLMib.i-, -5.0 , F1/J.D . Q ^V 1 + °*l .. l t+or Trade wm =«»rJly. veer thin. Wheat WHITE SUGAR-Cto* -in order buyer. 

«#£ ££0b Zlno^b " JS!% Z«NC , OfficlH. j -[Lnofflela, _ ^ ^ burtas interest for the JeUcf. bosmes-g. fa ] eS :; Feb. 1I2.M. 

«16 S 437 5 months i ^19 ““ ■■ j— ^ ^mercai swtwrt at around »m uniraded: April 118 . 30 . ne. 73 . 

! *e.=J> Pwtoeen ; 8780 - •*« 5733 ! ’ SB0 .. . ,3 R .*:• s_ fc »^io^r. i»n -liMancs the market closed 116.75-1UL35. A>; July 121.00, 132.S5. 121.58. 

£WO £1T1 ! - 1 • ’• ^ Vi l ’i?K fSo 2 ? SitaLr :o iSa lower. Bar«r mumlly 13; 5epi. 125-W. 126.50, uniradeu: Nov. 

fhtf I SbEO GFrainB I ' 3 ^ia. I^V 5 . S&9 ' 9 ! +l saw * Vur -■■H'T*. bu! commercial and 32S-00. 13D.IW. untrack-d: Feb. 133.00. 136.00, 

Im J2J1 Beriey - «- n i ^ 7 * Bans *■ r® .erei.«( iradc buyina merest at around 20p lower umradod: Aoni 136.60. 14U.0D, unlraded, 

SihD £172 BtmoTulam - £72 - < [ £ ® 7 - 15 ; * 7aas j ~ r ....i*«^4.5 i ...... V*’ market steady. Very few sellers Sale*: 05 lots m3). 

IflOri 127p Malae i I J i MWOWB: Three month? i359. 3SJ5. 59. were apn»reof ai lbj» levels and prices laternaUoiml Su#ar Agreement fff.S. 

fflS- 60p RBBBh XfcSWtow , , ^5, «*■ M- K»b: Three nrnntbi £33j. elosed bp Wtdipr to Up lower 00 Novan- evota per pound) lob and Slowed Carib- 

arfStoaSTe&j*. L Mnericanr £10 p-8 , 1+ 1.3, 1 ^ ^ Afternoon: Three months £359 her V.r cruw were a*un neg*«ied. ton pm. Prices for Nov. l6: Duly 

- ---- 58.5. Kerb; Tbreo uonto »*. Adi reported. 7.53 <7.w>; 15-day arerage sja <8.4»z; 


ICO Indicator Prtot for Nov. M (Ui. 


*. per ivuue 

HO.be iJ 701 10 ^ 6 - 10 . 75 : 1)1 K ^ 0.75 


| ™ .« f « *., tin^sb £S,820 £6. 

! £2.199 I («“«““■ : £7.415 1-260.3 £».71Q £7. 


P.Be*. (immut .1 £646 


|JeeUA£W Cpdc 5491 - ' • ae.co, 

?!tow 60p_ J-BL60| W-OP £190 JBlTf 

rrSwPead — ! • 4^78 ; - 1 abbfi 


rCV+SHflMflwiiml ' l f *k£A 

’•■Nciapr (Uaw)-. - £100 i+LO 

•Tinuto-ICA.I . 4*.1KK ! — 


8516 i S437 


3666 SbEO 
£1M i»l 
£lb0 £172 


5 monlhB i 

Pr-xlcwr 

ffrains 

Beriey 

Homo Future* 

Malre 


S720 


£ES£ P+0.T& f £72.4 


wop i } St _ i 

A USuJtfi* -*=* * ? £ ^ ^ ’ 1 ’ 3 


81V8.0 3U0JJ j r.di. ]+ orl n.iu. lf-fr 

£374 EfiibJSi ZINC Official — I'hofflcla _ 

£3^1.75 | £237.75 !_ 1 1 

5720 ! StoO 1 | £. 1 a* 1 c 

! Ca*h 3 347-8 i+B J- 348-7 U 5 

i i maths. J 358-9 j+B.75 1 368-9 ,+ 1 

1 8'Boent...., 348 +8 i' - .... 

£87.75 , £7£W5 j tVim.«*esi;_ — ‘_\ ^... l*5fi^-4.5 i .... 


Sales: 1^32 f 3.753) Inis of 50 tonnes, 
Taie and Lyk ex-refinery price for 
granulated basis while 5 usar was s 2 M.f» 
<samei a tonne for home uadc and 
£L 76.00 <£174 001 for export. 


£106:751 £69,5 


ss.5. Kerb; Three 


FINANCIAL TIMES 

Xnv.lfiJNiiv. lb Jlnmh ap. l7-»r iS" 

857.28 s 856.57 1 ^c 0 .a 0 ~ ;^ 4 Q ~83 
iBaw: July l, iOM=;nOi 

REUTERS 

'’■w 17 j Nnv. 16 Sinrith apTi"i'pir «p 

1508.9 1 1 503.2 1 1 5 liT 1 " 1486.5 
■ Base: September 18 . IKI^IOOi 

DOW JONES 

Urns’ Suv. Niiv. 31 . nit b lem 
-Innea 16 15 Hgn j «$!■ 

Spot. .... S? 3.42 iyd.llj. 96 2i;4ljl.28 
y»r,urft. <8M.6ah90Q7i_Ba 52 >18 88 
tAveracu 1 W 4 -H- 26 = 100 ‘ 

MOODY’S 

1 a, w. iK.f 

Mgvdy 1 ' I 16 j 15 i H-jC i HP* 

■jple Ltommtv'868.9-965.7 j js sl ^* ■* 
■. December si. minion > 


Hvrvhousc. S.nnn-hush^l lots. * { s per 
irny ounce fnr SAot units of 98.9 per 
ct*m purliy rtellverrd ftY. r. Cents ner 
irnv ounce t ^-irarrhituse 1 ! Xew •• B ” 
atnfTacr in Ss a short wn for bulb lois 
ol lflfl short ions delivered fob cars 
Chirajo. Toledo. Ft Louis and Alton. 
" Cenri ner 59-fo bushel in store 
« Cents per ? 4 -lb bushel it Cents per 
4 Wb busbrl es-u a rehouse. fS Cents per 
fifi-lb bushel es.warehonse. l.imO-bushel 
lens 57 CS ner tonne. 

LIVERPOOL CDTTON-Spoi and ship- 
ment sales In Liverpool amounted to 414 
tonnes. brinBlns the total lor |he week 
in MO loanee, is s^slOFt 1.415-Krnnes the 
previous week. Business recovered after 
the limit?! demand of the past frw days. 
F. W. Tatiersall renont-d. Renewed 
tr:rrest was shown In African supplies. 
'% nile Korin -'Terlcan and .Middle Eastern 
sty 5 < Kur- ; ncpl-reted. 

HONG RUNS— Coilon futures lost about 
Si' aotnis on T ho wack in Ueht iraduit. 
clnsnx yeswrday 91 ‘cenis per pound ■ 
P.< 67.0flffi.s4. itwch 7I.75-n.7B, May 
r.’«flT3.W. July T3.S-T53. Oct. 73.55- 
T6r.0. W-.ek's hlph-low: Dee. ST fifl. March 

Ju^l.iu. 3!ay Turnover: id Iom> 




' Financial Times Saturday November, ia 


BRITISH FlTVns (7K'. 

2 «*OC 4"” 

2‘.»- &-)<« ;i j~ 

2 r: Br.r.^n 5 P *. 53 . j 

2 ■* 2 a - ! ■ 2 V. '.i 53' 


V- ’ 2 '«pc 97 rij -.11 

•-- C^TC "S -p, 56^0 
*i.. ... 2 ‘ " 5s.-. *») .• 

■!» - •• 3 9,0' PV:J -7 4 «:> 

-•<-<•' -- ■ o -a; .9 ■ i<* : i 

.-.-.i ;.• '■■■■ . C-5 p-; g? ..C 

_k ' ** '-C’urTv Cn'jn: i 93: ; 


This week’s SE 


' ' • “ ' ■ ' mm .’ZC L - j4 ' ’i A 
- E - - - M*j jr -- LT . 1 '3 - ‘ ? 


IP. <,*. 

3c: £i::y. - -. 


Friday. November 17 
Thursday. November 16 


3.756 Wednesday- Ne^cmber IS 
3.909 Tuesday. November 14 .. 


■Q-rR-^S 


}<iiC 19T1 --r 

? ■$; E*<>irc„ ■ 
9 <»' £*;k>bj<: 


1?;: 57 o . 
TS ?2 ?9-«.® '-t 


5‘.P‘. E.’. 1 — 5jc- :5S1 92 29.64‘!j-3 

lie: ">37 [»'ic .a --:o 

<s:.: 3 - ' n , 

' I'jK 1993 55 1.9 . . . 

1 0'iOt Eic^-auer 1957 <15 . -, '• 

12 K 1 99 a S 2 ’- '•. - ;.0 ■> 

"IZK tii'.Kj-r 1959.2003 92 -t 
4 •» - '•* 

12 si E.cmrsj^i- 5012-17 ?’’■© 

:2 ; *p: §»^n«3uer 1992 97 -© “m : 


'*•« Friday. November 17 3.756 1 Wedn^day. N.vcmb.r 13 4.W6 I M.nd^.- Mounte r 13 W&.Ri «***• «■ W .' 

r^-r.r dated BONDS Thursday. November 16 3.909 ] Tuesday. November 14 4,247 ' Fr,d3y ’ No m “ r . - . : . .gg^L b^l.'Veae ?a> no. if. -i-'- W^S 

Y'\ c - __ . Thc 1151 hc,ow records all reset nja» » markings and also the latest markmsa during the week of any share nut dealt !n ycsicnlur. r can - ; jeh-s:-f- ,w - ,nd R :* Queens Moat House* SocPl. "o’, iu iii 

r c l OB • 5 , I? 5 '" Hie dale (in parcnihon). ■ , ; ,. v /.iV'S 3 ! 3 tu- ( 2 Sb)T 46 ■ . .. 

£ ' ‘-tYB *iS 5 «ai.-s sr & szasuvs “* •» >' -* 

7-3. J - 79 9B ■ , t ”«*■ Sl3tJc Exchanae securities are Quoted in pounds and Fractions of pounds tisl UP IQ 2JS p.m- Bntr, bm later irann whether a Safsaw rcorwenfcl ' 5tr?-3 .Hides J C25p’ 102 fllll i Rattier Fashion Gp.-(2Spi SB cIB'llj 

Fes —se 7 -tq-. Is . ,J5 :i) or "» «nce and fractions of pence. raaiws v * day** Official List. Kb Indication .s a.ailaa.c m » wteth^ a aar^ . JaTss- T-:s.« I0*» 39 ft 411) R»ioe top. trusts. < Up; 1* - ■ ' 

f /7 'SS7 79 99- 14 11 The list below gives the price* at which bargains done by m-mMr* ni * sale or purchase by members of I . . „ KSSiw^SSf' ' 

%’ '’V.iSJ o: - '13 11! : Thc Slack Exchange have been recorded in The Stack E^J^j- DailF in order *F e»cutie»i. and only one bargain m any one *e«**«y y w . k Shoes :Z:t_ *•'? ' 

,ri‘if>°vV m*.'-13 6 11: > ' °? cial Lisl - M embe« are not obliged to marie bargains, except i" 6 « cial . R,™i^ ri S-( l4 n^Su^da- * =s vh icnMurs pf i r^jausi Sioclt ;' SJi^T^ar: 1? 25 pJ 22 1 •t4tll, ■• b'rftcPJ. S S\q V. ItKrtfit^ 77tj 9 ^° *’ 
f-t :oo -14 17. Rawins ai Siwuei Prkn. A Barea ns imnr with or between nnri.pu-iiio'rs. * Banwlas " ‘1“:'^ r~c_e-g.- a r„- z U— -'amaicaa: SMa— i Kin- e d* 5ma> >'50t»i 370 5 n&nj Ranks Moris McOowaH ~T25pi 5i w S-,* 

R«. i Z l 1179 100. ! SvSuiim. * barnamr. non- for d-bvd dcliwry or “no boma-in ” p.w4A««*IMn: SB-jBalufr.ian: Sc-SCansiaa. SoK-S3 -- i -» - *«cr Cm. 69: -o 70 n. 4fi. 6 %pcLi«.^5v .is-tn. 8-«u 

P.L1C BOARDS .26) : ™ iMwrfBS&iwKK 4 &a:«i *««»• ' •, ' ' 


5 at B • ' ■ 7 £6 75 -I?-- MU 

5 jc2c: Cr -7- ‘2C 6 791 99 .. 

a c.- P.-3 92-. .• 

10 .r:S:: _ s --. ,j - - g 5p ■ , t 

Itc.S- F:; JC 7-T9-. 9 b . ,13 11) 

4 --• r -7 'IS 7 79 95‘- 14 11 

g. - .r- pr 7 15 a 79J 0? • 0311! 

-■> c:Z- p :i .31910 gji. lit 1 t) 
- : :3 - • '24 10 7?, 93'. *13 11: 

1 : ?-?-• f-t :q3. .14 17 1 

:: .=.3:- Rc5. fji 11 79 iooh 


j’L'BLIC BOARDS »2«> 


Ramsr Tertile* fSpi tOvO"-- 

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■ B'nckwr-d Merton Sons iHltff.s 1 :2 Sbi 22 Ca-n-e* -Hid«s.< '2Cp 430 
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M#'*nj..- int.ii. (JOB. 204 (14 11) 1 Smith Nephew Assoc MOp> SB Spc 

Mai*4t-Fergjsoa 617 (14(1tl 1 Ln ijj IIB'IIV 

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5" He-eni -Me: Bars ■ 91 ; H4.i J 1 . 74*14 111. 5 ,7:DS, 76. oocDb. 76 ; 

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5&utneit-on-5e > Zi a IS'.o: 9S>® • Bass Charnnstsr. ,.25o. 160 1 59- 5 <pr 

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• C tr-irai 


i Central M(g. 
. BpcLn. 66© 


! LV 7 *r sVsiij 


BS. 425P) IM C13I11). 


BY LYNTON McLAIN 


‘Perhaps the bravest mas I ever knew...’ 



THE GOVERNMENT published safery and health. The Bill calls IfKMST IS .‘H'W j "’oc ri ii’ ‘ 

a revised version oT the Merchant for powers for the UK Govern- jehmsier uk *dcdo. 700 1,6 ■ 51 5:oc ■ H ca”c<» : ° : V dd : ', B 49 sc 

Shippins. Bill yesterda.%. with meal to ratify international con- c ?5bh 6 a®ni sm’czooi iss tie m. 8 .:®e ! &v*«*i*‘ Gm. *ay ?4 
tne addition of a clause tliat pro- von dons and protocols covering ' p:- 47 ®,_ 16, ,y ,»,*, • 97 s^ L i! ^ 7 - . " w ® ” 5 "* 

hibits the transfer of control in the building, equipment and • c.T'Hm-lf "cso®' 113 10 .-15 n- !^e»V ’ ' a ,, d >> »«i!t{e ,o| «.o; k j 

a UK shipping company to a operation of oil tankers and , ci» r ^2 ‘n’TSm’ cwibi^so. 59 - eo I 11 . So.^at sc 'ism ‘ 
oon-resident. powers 10 take more action when ! 1 ; -la.-nt ‘ ’ ’ i u . T - -_. u _ 

This is the most important iSC'fiEa.- 

change from the White Paper ^\. P n \.lA r ^rRilf in nJommP i ^ 5 - ^ 5l ” 69 e i H^ : ^g^ n "H l og Q “.' ’sen, mi 
which outlined the likelv pro- sm up under the Bill to promote ; Cr ,, u b,,*. ^ 73 .;* 3 a ' 2 £3 : . Pfl ■^nr.^nho. /os .16 : ; ■ 


7poCnv.Uwi.lA* - 
1 1>» 06111) “ 


lie 111 lQ-flcD* SC (13 111 Mr. ChariDSb Inv i)DD> 11 

•’6111 _ ,, 
H.A.T. Groop ”Oo- 2T>0. SaiUnsoc.Ln. Mowat (Wm.) Sons «1°o' 53 
SB .15 11. M*Hd«ltnn' Hatris »50o' .20 

H«der. Carn«* '2 so 104 '16 11* Mvsoo Go. (10o) 54 116'lli 


Mothers* re nnpi lasjj-s© ■ • , ti staoehin Jiwo*. o»pi iyo 

Mt. Chariot: Inv HDD’ IB’:® 19 18'; j stone* Platt Indus. (258 1 104. 7PCD*>. 67^ 


(16111 

isssaa’iSiiAt "m »,. <i*”> 


TU m 


MXc: 


N— O— P 


SturU Hldgi- OOP) 12'-? (1S/11) 
Stylo Shoes (2 So) 69 


j pollution and safety at sea. traditional shipboard fines levied I c'o^JJ.'ccm 31 m n- n«, r-jot” 23 | s'-ocunm.Ln.' 76 4'f >i6 n.' 


pilotage, discipline at sea, and by the master of a ship. 


NHS to phase out 192 
hospital pay beds 


-'15 IH. 7’<-)rLn 64 flS.1i * 

Comoirwd Engllih Stores H2:*oi ’09© 10 
8 (1611). 9’MKLn. 71 n-3/1 1) 

(oin«! RvrtlHvltlr- 5vt3. ISO' HI 'IS ’1'. 
Com«or7 Hotels iTOol 24'; ilAII). Nyw 
ilOm 23 ! ' 

i- cn-nAJr *25 pi SO® 79® 

C cm 3? on (J.) Sons Webb I 2fl!l 73 04-111 
,-iHwentrlc (10o> ?©'-® i’6in 
r oooer Industries (10oi 21 U 041 1) 


NCR 4pCLh. 32® '<© 2 
NSS Newsaaents (lOoi 96 H4ill’ 
Nash (J. F.i.Secs. (250} SB t!Ml) 
NalL Carbonising dOol 44® 5 
Ncemeno (25o> 4o i’S-'IIi 
N epre-ti Zambra -ZSd* 82 1 ■ 

i Neii Spencer Hid?s. noo> 106 (15:11’ 


Sumner (F.i OtHW*.' (10ol 15 (16/111 
Sumrie clothes t20o> 30 . 113/1 IJ 
Sunbeoin WoIsbv" i25o» 40*:® 

Suora Go. (10p) »1 »&;11» 

Suter E'ecrrCcal (5p‘ 29 8’: n6'11) 

Swan Hnnter Go 196© 5 (16/11) 

Swire (JJ Sons 6. SocPf. 67’t© U© (16.T1) 
Srltone C25P) T42 (16*111 


Harav Co. (Furmsrtersi i25di 350. A . Nell I Uame*) H'dgs. i25pi 85® i16.11) 


•JSp. 34 113-11 1 Nelson Dyvid *Sp) B© - . I ■ . 

Hsrgreaves Group «20P< 60 NewarTtnll 146 (1311). 8'<pcPf. 62 <2* Tace f10P> 24 (14/11) 40pcPf. flOp) 

Hams Sheldon Group i2Sdi 47i<® f16 11i lr * ne-.11> | 30 flJ'IIJ 

Harrison ’TL O l25oi 103® NevrboU Burton HI09S. (250) »T . ■ Talbex Cd. (Spl 1S»._i4 _ 


X — U— V 


u^!S^ ,T r,5wi.wH So r4 j-- - c I NevrboW Burton Hloss. «'25o) 51 Talbex Go. (Spl TS*. U _ 

H f Ti5o7 s ■ - i rc f?5 1 ^ , .** * s 4..,.. 5V | Nrwman lndul . ,: &DI ^8I, 82;© 77. New Tarmac «50i»r 144 2L 6'jpeFfi Sgti 

■ 6 : .? cP1 vAl:' l ._’jj 1 V - I rTSo, 2'j 3 ij. pm. New lO'apePf. 100 flail). 7ljpcDb. 1992-97 BISaO 

b Internal*. G5l» 24 ggyj,, ^ I16.il). BLncDb. 66-114/111 

lai £JSril> Group . 250 . 99 ® \ Nr-man-Tonla AM «3 <161111 Tale trie 1 77® 9© S® 9 6 H Ti. IM 


New* Intenrt*. (25o’ 24 5 Db. 68 116/11). fibPCLn. S7£.. ISoCLn. 

5 Nlrhols <j: N.i rvimlo’ 1250' 222 3»; 104 

Noicros.' '25n' 92* 1 : ; ©. 5pcW 54 Tate of Leeds (25o) 70 ^ 

II S': ”.- 1 4ocUncccLLn. 104'* '141111 I Tavlor Woodrow (25p> 400 3 

2® N ? Ho,k CBO.ta. Gj_ raw ST 6 i KS!! I. 'Si? A N.V r'sel 


S**M J** ^ 


u 2 o 


A FURTHER 192 National Fever in Scotland. This brings j r^, # i n 'R^ham * zsc ] Hav^Noi^nam* «ioD» 64 iiaiii 

Health Service hospital pay beds the total cut in pay beds since 1 ^^^V^TTru 5 !®* 4 ! ! Hrie^r^Ton^'oop"' 2 & n .’iaVi . 


NHL Bnt. Steel Go. iHldBS.i *25o) 41 T *|pfii»lon i i5ol 33© (1SH1I. A N.V (5 p) 
tig'ift I al »16*1H 

Nr-rts rjameai Sens 7i:t>cUnwd Ln. 6 IT: , Telephor.e RentalS '25p> .1 33 1 ,(S6‘1 1 ’ . 
114 11) J Tenneco lOpcSUg^DollarLn. 134-2 <1«/11) 

•lorf. .H4. F.i '10 d> 22© I Tern-Consulate I25pt 71 (14111) 

N-r-hern- Erg'n«-»rlm i-dustrtes <2So) I** 4 ®. Stores (Hldgs.i (Sp> 52© 2 3 2>* 



1 . 666 . There would sdso be four Services is bound to accept the..”,, f , iPOCl 40 * 
fewer pay beds in Wales and 35 Board's proposals. House ’ 1 5 ^ <sj* ’ 0 ^. 


and 


beahl 


irx-rooT-rnuR sergc vvr “Tiny*’ G*l*T*e, DCM.. was perhaps the 
ii bravest man his Colisnel ever knew. 


Communication ‘main 
source of conflict 5 


1 '■rosbv e-M-ine ’On’ 75® '15 ’1- i H.e'd Bros. _jSp» 1 0 <h© 

I r-*nvrS Grmio '’S*: Fj (15 11. , HI-MS Hill *2Sp. 65 

r rown Hmiv» '2SV- 59fl< H-ghlano Elcrtronics (20p. 3 

ru<|H|‘| Ctores -2001 T?9 '14 ”> I Hill Smith (2?P- 04 (T6 11 

CBi— Guaro Bridge Hides. (2Se. 21 i «'» «£.’ . . - . 

1 *14 i :1 i Hillards nop- .10 *13 ■ i< 

] rurr«* ?5n* * 73* 69 i Hiltons Footwear^* 1 Dpi 104 


Kicking Pentecost '50 p 104; 

( Hickson Welch (SOo; 192© 
i H.e'd Bros. iSp> 101a© 

Higgs Hill *2 Sp. 66 

. H.gnlatifl Electronics cap- 36 4i. u (14 1 1< 
; Hill Smith iZ?P- 04 (16 11. 


7.K. Bttaa n H929) 'P0 50) 3M 

n— »n Wllvens 'Wnldlngo TOnl vg© 


Toolfl 45 6. SocPt. 39':©. * .oepr 

32’.®. 7'jpcDb. ESIi (73 111. T-'mcLn. 
6£'>© (T6:'tlr 

Tpcthill'.R. W.l raso-i 3B (14:117 


i 1 f l 1 cctrii IhlerilBaiHf riot*' 164 1 J HoSh«" l l ,l 0 p?Ln!‘l? 5 '; ^*16 111 

I Dartmouth investmona <5o> 19® , , ' iwS^29S?"77 9 nx* iV ' 

Dawncari Knlrwvar (IOd 75': 5 (IS'iH | «???,?., M .N il 

nK,'.” 11 A CNan - ; Hril" BrSs. (25p. 64 IIS 111 

I ta. -nSii'i/ Uir* T gf. -is*- 71 Holt Llord Inl-r. (7 On) 1S8 r’6'7 1. 

I ? lin 16 ■ " (Home Chrrm HOp- 20S MS-’l. 


O-e-Van Oer Cri<*t-»n Finance SocStlg^ I (25 p' 60 (15.11) 

Guilder 100 116 HI |T«rtr. KemslAV MUbcurn vHIdos.i ItOoi 

n«r-» rtre.ro <2 no} IOS . | 50 49 

rvivoc Pwrr.M.’l J20o! 41 iTrtrialcar House 2CO'-1’Si- 16 17*. 

riiwiBO"? liwrttnifnK <R0.l2--tl 17® | PI. -55<7 (15'HI 7 9ctins.Db.- 43:0. 

Ow— » riwnn *25o1 117 ll«'.1U. BpcLh. I SncUns.Ln. 61 (13.111. 9Hor.Uns.Ln. 


117 (14'1D 

Oxhnr Printing Groop !2-5o) £7® 


Pmdrn- Knoll *25o) 85t 16-11 ‘ 

•ar»*r Timber Group (Z Sol 115 
Parkland "Textile (Holdings) i2Spi 74 
om..'2S0! 71 11511) 


69-*j (1F/111.- IOi.ocUn«Ln 76t©H6,'1’l 
i i P I'OcUns Ln. 76t®. (15 111 
( TraBord Carpets (Hlrtns.l '25oi 25 ■ I6 i 1 ■ 
• Transnarem Pa oer (25ol 65® (I.S'11) 

I Transnort Oeveloo. tISpi 66® : : 7. G’.oc 
i Urvt*.. £0 114, '(Ij.- 8 i.pcUns.Ln. 65-'* 
(16-11) . 


Bnt now, afar seeing serv ice in Aden, after being booby-trapped 
and ambushed 3 gain more recently. Sergeant “Tiny” cannot bear to 
turn acomer. For fear of « hat is on the other side. 


FINANCIAL TIMES REPORTER 


l nJIl 1 eSiSr r ^'an lid ( Home Chrrm ■ 1 Op- 20S (1 S' 1 1 . Pum'™. Ztctionls -10oJ 1 72 . (14/1 1 1. Tr,ws ..Arnold ft Spi 160 ( 16 1 1 ; 

• r siS? pa- . tire ' Homp Counties Newspaper* (ZSo! 73 lOnePrf. 10V- '151111 • j TV'tovIllo 60 • . . 

D !i^!‘wJ fl ?f?irSi J oo 25 8a *‘ 0rt 'i ,, 3 11i . _ Pa uK Whites (25o) 114 12 I-went Television A flOol 50 ’ 


Nan.V*. (2501 90 89 


It is the bra - . c*t men and women from ihc Scniow ”■ no suffer most from 
mental breakdown. For they lute Tried, each one ■il iheru. lo yi\c more, 
much more. ;ha n they cou Id ir\ the service ot our Countr . 

We look 1 after these brave men and women. We help them at home, and 
in hospital. We rim our ov.n Com. descent Home. For some. »c provide 
work in a sheltered ind:i try. >o that they can live v.iihout charily. 
For others, there is. our Veto rani' Home where they can sec out their 
day 5 in peace. 

These men and v.onien have uii-en iheir m;nd< to tVcir Cinmir*'. Tf v.c 
ztcio help them, w e nuts i haieruraN. On pk-t.se help u^uiili a donation, 
and vdih a !eg.uy ;uo. per Imp, .The debt is owed by al 1 of us. 

They ’re z’ivi.'n more then they could — 
please give as much as you cur. " 


LACK OF communication of “ don't know#.'* 27 p«r cent. ; CMtfbnh^rm '2 5m 02 0 36 2 
between managers and workers on a qucsiion .seeking methods i 
emerges as a more important of improving industrial relation? | sg, ; . i-ncto «>. ' “ 
reason for industrial conflict other than by straight wase . 33 ^ pi. 30 s. sScunVun 7 * 
than wages or pay differentials, increases. Better productivity ; Dcia^Mewi - 2 Sd. sb. 
according to findings from a deals were suggested by 16 per ■ oriyn 12001 ia 14 - 11 . 
Gallup poll. rent, better communication by • jgJEJ* -F-T.* u 

The poil was commissioned by la per cent, and employe*? in- J » r «- » asn 

Mr Graham Kemp, managing volvement in decisions by 10 per j P; p*. -oi ':3 *i* 

director of Graham Kemp Asso- cent i ^Tv Parener A NanV 

dates, public relations con- " - newjurst Drnt :root 20 -i4 

sul tun is. He disclosed its find- SSNGAPORL STOCK I DiriL-r** Heel 5P' ‘5 


8j*Jrt.n 44:© 116 117 


1 M»rt*>r*Jlr *250) 158 ‘14.111 


--Went Tplevi*!on A flOol 50 '16'11i 
Trust Houses Fort* (25<s1 231 2 29 

(16-111 Oo*n. WriTts. 27'-*. TJSpcUnS 
f*b._ 65, .-' 1-3' I * ’ .. ’0 5ocOt>. 81'. «. 
7 B7S*w*Uns.l.n. 59* (14.11*. 9 lotUiif. 

L". 6B': 16 Hr 

T-b- !■’«*• 369© 8®, 70. 2 4 68;. 6i*pe 

Uos-Ui. 66© 

Tunnel FWo* B rsOol 276® 2-”B'11i 
Tamer M*wall- 1T3® -3. 10.4pcUPl.Ln 
80 (14-11 i TtJ^ClPJS.LP. 90'.; (15:11) 
Turnor Cur'on (Sol 8 (15*11) lEocUn*. 


sultiints. He disclosed its find- bHNO^ 
in?S yesterday at a conference rvruivrr 
of the Institute of Public Rela- t.wnAi>Vjt; 

Uons In Bristol 

Of 1.000 men polled throucb- x*.i. u . 

out the. country. 27 per cent had 

said that conflict between man- [ ^,^ , 1 , 


I §>^ H ^3n 5P 173® SO ! \V ' P^rnOlV BrW. 278* 5 

D-ror rt»4ri0. Sot. H.4,* 230. .03© 1 ?«« >” ?*cw K55SS" , ?9cJSftt2§l.| ,, l , *5iJ 

w4w Phctograrhir *iOo. :i 6 ! ' Sn ' 23 ® 3 ,,e T " - *?' & 

I Cctjsor P-rk inch. "Or. 100 , * Con,waDr * (‘'ncCh. 

I SSuofc H tSB* S %kw' M M© 1—J — K PolvriVrk Intnl. ItOpI 51 

: /’S i n ?R M H S S *' i cl 429 6acDb 62 PUTUH MW91. (25«i 205© 

j Oownlnp 1 G. H.l ’SOP) 120 l M ’ <250- 54 ’<* 5© 4© ■. I- S 4. 71KLH n^l^5^ ^ r50^ ,, ^ T 3 ' 

Down, Suro.Ml HOB. 43 (14.111 , IVi. »* *' P St2 H »?6^7i^ i rSOD) 187® 7 « 

Dowry Group <50P'< 261® 29 5 6 7 1 Urstoor Jodns-n -2Su> ’64® p£u? rt?) Eng Con «25o) 6B( 

iOrakr Scud HMDS. i25o/ 35 <14,11) Ill no-yortH Mnrrts <7 nr.- 26 '■ ■IS M.. A S25i« lilfc-Si Son's qsdi 32- 


n v i • 

p-flrrnoion BrDS. 278® '5 


9 I \|K. 17 , 


sam rnai cnnmci jKumn mao- Iadliatrlil5 -^ WItaT SS^ WW Vet*' 

agement ana workers arose tv.vi. n.;? : riraes pub. ; f Drake scon hmbs. i25bj 

through lack of communication. h-.u-u*.j <>.. :Lb ) Berb*-b £» ]g^!l!j® r s , l ®“J s 2 4 5D , Kao 

i Imnnn nrnfpssinnal and pypcii- wBiotwiBh-l 2._r L. tns* Ilt * n ; I Du?av Eitum«t(s .IOd) 29 3T 30 28 


Plcsv-f (59o) 103® 4 5** Al; 5 
Pltssev conneaoR 7 <,pcCb. 79: 

«is:ll • 

Pnlyflirlt Intnl. IfBo’ 51 

Portal* HIM*. *Z5®J 20B® 

Parxcr Chailbum «20 p« 90 (13-11) . 


U U. Tniile « lop, 4<: •14111. 

Unicorn i-dustri« «2So> 96© TB-’ll 

Unliuto <2501 GB :© 9=7 8 I- 70. S’riKDh 
63’: (SB/lli. 7’racOi) 67ij (15.1J1. 
6>*pcLn. 1991-86 521. fi’ipcLn. 1992-97 
67 ’s® 

Unlle*cr C5ot 5*0 35 1 8 5 6 7. 4ocOt>. 
88’,*. G'.ptOb. 70’« 5’,ocLn. 4? 
••WIN. 7 i.pcLn: ST ‘a© 8© 8 7' a 
UnHzrtr iN.V.) Sob -5 hi. iflij) 24.88 24 lr. 


Powdl Dtrtfryn (50oJ ie7® 7 S. GtUXDob. I 7ocPT. 225® N6'1 1 ■ 
pf3f y f - - ■-! I Union I nil. 6psPf, 4 


. Pratt if ) Eng. Con. <Z5p) 600 71,® 
* Preedv ‘Alfred) Sops QSp) 32® 


mcriTfiL lyeiFfiK^ soa^r/ 

27 ‘ r '.'j;’oe Street, London SV/72LL. 01-534 8633 


I Among professional and execu- \ i;g!iCi Toe 

!nve grades in the sample. 39 per - 5 . a o lrcon^* s.i* i nunb«#-( 


ttve sirades in the sample. 39 per ^.ao 1^,^ ! i nunm^cmriyi-Mirt not*) a*':© 

cent gave that answer, compared Fn.^- v«,*r ;.*<> .in©Mr ! r *-^ i oSSSii i'2iire«T?opi sto iiem 

ii-ilh 23 ner cent of workers.^ — "-so i htnii*,— -i - ,6 D-minp hhm. •soai' 65>^» 4i>© a 


Union Inif. 6psPf. 41 ftartll 

Unltech riQo’ -155 . 

Utfl. BrtwtfB ’MWss.) (26 p) 82 t 3. 8 PC 
Db, 62>i tt4H li 
UM. Camera HOP* 90 (tSftli 
Uid. Cllv Merchant* ClOpJ 40. 1 0ocLo. 

- «18p) 45 rtBlTI). 


rz 


v Tisi’ mmm i 


.A:i veu need to mal e money :n ’h- sTockmartet is one good invcat- 
ment idea. And that's |usi ■-■-■ba: V*r.;uro Opinion iji'-rs subscribers ... 
i".,<Ti' rnoi'ith. Onu top ii)»?slni?(it > do- - ). IhC.re/jV’iv i-ieirchod and 
fully p>p!aincd.Ser? Tor voursdi hov: it wo^s. bind today s Ircc 
cod,' o: our latest Issue. Ir co-jld sunt you o:) d*a road to rerjular 
Stc-ctcmarkot piofiis. 

Write to Vsrpire Opinion. 12A. Src-ad jt., SriSiO' i. 


wilh 23 per cent of workers. \ , *4® ihemwvr-i 

W»s« «« *lwa « «•» "•hi Sr: K kJKS*-| 

reason by 20 per cent and pay - h^iuUmuik 

differentials by 10 per cent. iuiav **«inr. ihmipfimfr' 

U^i.Ux-iiu - Kemp** 1 • , -'" 

Tn response to another ones, -i^- ctnn.itL 1 j.-d ; 

rion. la per cent “T workers i*»” w-.-tn., i.o 
iiBncd ind. unljm .h, lc.A Sf-LM* 

ing cause of con flirt. Asbeo the . l|>Hi W j u-rjmiM'-- 

best wav to resolve unemp'oy- ,nn* L?«ri,.. ’i.ve •kinu©r— — 
men), only 3 per cent su*eest**d ■i*' ~f»<r»ii«’! j-Si KmiuMj— ! 
nalionatisaTion. while 33 per 

cent supnortPd Rnvemment in- 107 -., un. — ^ucaneCt-, 
cen lives for private indiisrrv _____ .r"rn »i.« bU*rj. 

There was a high proportion tsuror. jsaii et. 


. f , 6 5 1 * '•rt**-ri»i r -ia Sioraoe aim 5 >iddi, «ro zs> 

^ Ill'll'. 6>sPCPb. 100 ,14-111 

Db. 65 (16'H). 8 pc J jrno^r. .] (z,a ,-26n’ 81 -• 1 BO: 2’- 4nr 

-w a s it, I Ln 6 9or'.n sn.) Il5l1'. 1 0.5p<- 

cPf 43 ® • . __ -B-. n _ 7(ll . J 


9 3. 5‘tPCPr. 431' ili.'ll'. 6J;PCP0. 

66’: (16 >D. 7ptDb. 65 (1611). 6oc 
Uik Ln 67-:« 

Dunlop T«t|h» 6’-BcPf 430 
; DuP'4 Inti >5n 231,# . 

■ O(J0Crt 'ZSp'J 63 . i . _ , . j ' 4 X _« - b ie 1 1 ■ 

Du«pi» low. (2SB! 135 <-16 111 . 

Dutii»n-Fors’i^» Gttud >Z5b 1 44 I; ila-TI’ t l , _.^ nr 1 ' .»<•,-. to, ... .. 

, DrtOn ij. J.l A *250’ 6*';® 4 r7 -o * - 1 ■ U S S5 ‘ 

! I IPIW7* <w1 pslo* ’7Tn, 73 

K F I In*'"*»*,cn*' s-fr**' F '-"CLn. SO'* -IS 111 

" n CTl* IS 11* 

6 .C, Cna rlOo.i 91 .* i 13 , 11 j ! I "■<•,*■ ■* 1 *-*jI niom*on Orpn. 2 * 0 * j 

: CoK.UnS.LO. 96 "> 7 I l** TV,. 21 ^® 

; f.B.F. -Hldpi ) i25p) 11V®. lOp-Bf. 100; i Timl»r Cftrn (?5p-< uji.p 

f *16111’ 

, fast Midland All’ad pfe*= i29p'< 73 l~i-~«U rtr-rtm (COm S!. T'rpcLn. P: 

' (1 3 ; 1 1 ». A iZSbi S3-.*S 1 i»* ; *1» *1' 

| e«5'ern Produc -Hldls ) -SOpi 79© 81 

■ 16/111* 10i«ocCr¥.UiB.Ln. IU J. B. Mm»oo» rt0®8 57b rt drill 


FINANCE FOR INDUSTRY TE31M DEPOSITS 


I e.w*Mns ia*- 1 

■'iiirtni4.-l -s 


. rnnuLa hUorJ 3S.5? 
TSuror! F Sailer, 


Deposits -of £i,000-£25,000 accepted for fixed terms of 3-JO. ! h i s ,r,^ _ 
years. Interest paid cross, haif-yearly. Rated for- -deposits ■ . 

received not latex than 24.11.7S, r 


I Wiwnwii Orpn. 2-50* j 

| P, *I>. 


Terms (years) 3 4 5 . 6 . • 7 S " 9 10 

Interest % 12 12i ■ 124 » ; : TSJ-. I2i . 121 13i . 12| 

Rates for larger amounts on "request Deposits - to and further 


^C5 


information from The Chief Cashier, Finance for’ Industry _ 
Limited. 91 Waterloo Road, London . SEl SXP (PI-928 7822; - 
Ext. 177). cheques payable Jo "Bank Of England. a/c FEl7 
FTI is the holding company for ICPC and FCI; " ';*. - ' 


25 




' e.’%.+ i C.-V" 


;l\, f_.'l *.^.v 1 

s -. v" j * • 

n.'- ■ ■ ~ 


W), ^ |J2i 


%E&Kjjn^ PTovemBer : 3 Sl 1 97 S - 


' Sd. G^JLUlcLStm.. 
• \ + .SS, ifMrw^tWdBO 


r, . 

UbW^-' IZSn> 3£ <1 Si1 

,T : u 5 w**Wtori't>f - 6 * 041 M, 


! ...» - ... - . -- . :', ' .-ar • ■-. ■ '. f««ni Inwsi* * 29 l£. 1 * 9 l\t» I lb > 14 - 11 / ■ Tynnlde in... Til. iZSp' 99 il 6.11 

• *‘ : r •. - W*i«l*-Cis« .51 • ■■„.•. . ... ^ HQlUfMiOie.Bfliswww* V . Caledonia.-, Ttum - 25 i„ 7 G‘> 7 „ (lbiin U,B - S«s .JSpi UB» 

11 * (Iftrltt. 4 -?. Efsicna hmbi 12 &P' 3 BO " i: '•••;" . Capital National flip, 113 ®. ■ i 25 n) UW Stiiei D*n. Con. ( 2 Sn> e*'j 3 . 

•. ■ .<{, . . p&f. _ . t tx-tw^s : obi i s jts n J ■ ■ . ■ • - • _ ' i « r i : *n V, ‘ , w. 42 •• 1 6 1 1 1 . i kui> s < j . in. 90 < 1 1 


' •• Vr„ V uiSnMlI Mpwrs 7pcGta.Urr£Lo. S*>r- 

1 * v »fW« -HW> (Fieri* * 3 90 . "Sm 

. • • .* rr. 51*5 o*in» . •- 

.-*«•:? - yctor Pi*sauctr tw*tumd» . use* 1 

• ■ wJSTnew . - • / 


1 s f.pa* on *r 

? 1 Central he Mini. :«( 

i 7 ? -'.4 lij’ Dominion Founann * £*. *-'»• 

1 El Piui Nat. Gas £ 10 ;i 

! Eom Can. Ei*. 1 . 

\ Horn Vena Lane 1 SO* 2 M 7 
... ! MiJOtCfl'l Bar Oil »n C Gal £ 7 B*« 

: ..V Jarg.nc Matnown 19 ; 90 

,Q .Ursine SrCI. 910 

I Jci-s M HI 2 1 

Norwiu Mir.m, A UO-i 

■ 5 Op 2*20 Northwest E'-vg» Ptg Cti. £17 

Slratr.f -Lev, l USi 33 .. 

1 ''.d'lli Tii-Cant.nerul Con. £12 'a 

1 . 1 1 » .'.Vnlktlj M.m. 276 ZDS 2=0 27 3 D 


UM IrT-l-n s«s ’SM 11 B® M » , _ , „ . , Sllitl "Lewi U 4 t 3 ST. 

li!5 - S^iV f'nn Se J»^n?^ai. i aSne Caledonia *»? s, v l J“ Sp ,' I »«0 » '-.4'ili Tn-Cantinerwl £ B n. £12'» 

W ij Mfilli' Com in on BfBT. ' 50 =. I E .7 (il-ll. .V.ntbalj M.m. 2 Zb 70S 2C 

iffl: 13.il? u?: :<ffiVi"a4S-ffiV 1 V 1, 'fh S 8 os.ni , 

VlKlnfl ^rvouicci aZioi Cl Fur|Wtt \SXin 2 |0* , iV • X^IV‘TTMT*PR 

Wwivu Inv 374 ® 116111 , Hurting g** g" 1 r ' l .^', ' ' > ,. NON EMBER 15 

iS 1 " 1 °" l " f , - S ‘” 3S : ;*l..,<nai m r^ Cnn. ClVaC 

BSs.iV-ni^ a5 ’-- ,16 n ‘- 8pfDh locU XfaiBPon r-c.-e . 25ll( ;IM . : 4 ■^■5“- «" 6 |"° TW ' “ J 


UMLfl. 9V,B 


' ■; w w4mw Hicjw. neoj seo i».-- '!»>.•». jam. tk. » 2 e . 

; ..;■•*•- -Sai 47 ci*fll» vlim. !m. Yrt. JMMV - 5330 - 

•/■•: *:• ' - . . [ Uowti Scottish iZfart" • 


: O' ;.: sSBSJSB tUSKZ •' 

'.Vs 1 I waJffr Goldainttn sil»vnmH>> ‘ Ma? 

■p «oo.V.,fas®. 100 ’ Mid 


S Ajioe nop* 


Cru^hj.ri Truil [ 25 bj 76 
Dari> lni- M |«ome »S 0 B 1 41 MVU 
Csniisl iIQdi S'.-® il & 11 > 

Oebenturp com. ( 2 Sm 61 ’.15111 

B'.orDt 47 ’. iibn l, 


AUilO.i Mr.t 66 


Y roman In,. T -,1 : 25 0 i 164 • 1 3 * 1 1 1 P»p insist 1 OrLnrila 1 Sl^a.n n jw . q'o 760 ■ bk South 111 

UNIT TRUSTS (II) R »,"* " ■' ”■ * “ 

! “an'SS ” a C « n "*• '■* "V'Sff m- :?2«V. ; 8:01 0,16 
ottSf^oAK J fl WV „n *io ;«... 

m c fSSfV ! waterworks (n 


Kau»a.nwllr Ceaarr 1 1 


9 .- 4 *can CUli A Cr» Ora m.p.t.i -l-lCtn B eet C.l 1 1 C 


i Bridge o.i B 3 :* 

} BoufBinv.lie Cep per 1 1 B« 18 17 
CjrtLoa u:a. Brewi. 13 * 

C&TliirK. Rip Tints ZSO® 

iCpavKt Ea. 3 US 403 

- Cu(:u» Pacific 13 

C.S R 250 

£ i ? a u.‘ R.iOU^CW 1 SOj 

HwMI Pacb.ro £ 50 : 

Hong Konq Li>V 1 !' . g ; 

rludUn'c Bav till and Ca^ US! 
mas. Cauiiy Ord 160 
,'jrd nr Srcv SO 
Kui.it Malli 5 > 43 ® 6 
Lrpnard 0.1 1 b O 
Magre* Metal 23 C i: 0 > 

. Wd.il £■ . 25 : :Q 
. Morin Welt Mining 2 1 ® 

Ncm Metal 4 S 4 
Morin Hinder*. 'S 
: o:ter e, 270 
I C-l fearer, a 
?cear. Rrsaurtet ii 
Pcka Wallcmd 4560 


m gs££ 2 r \Jl"£JSrK 11 . waterworks (n 

M and G Hun incjmr Fund lie 110 70 Cambriiise 72 '14 - 11l 

110.7 IP 5.5 I CPln* Valley wtr. 8 ivPi 99 . .13111 

M and G Japan mg G en . Fund Arcum . 1 tail Siarev ”” 4 ‘Pi -imlg Opel 

160 lull. : H 6 ' 1 U 


• «"flHMI -• l 'l41lk Allen (nil. <3061 IBM' rtOI*"» ■ l :srL» 112 .IS 111 

. jSfciJ ;Tiwmwi {ap>. ii nesin . . f h.m jcTi^s- :i 2 »ST i 6 nSm> prav«r, f», F S » n t». . 255 : 40 u 

-W|d>* FaltKAP^raTtlOBl 79 fl 4 J 11 l . ‘ mx lau ^i M iWUI, I (, r*-m,n l fci®:. 7 u . 25 p 

*•. ware GaiSatonc t 35 pi S 2 .. - ‘.PnewdSt Pi iSncnJ OrSw VWl »« I ’. , - a : p ’ 3 a .14131 sec «. _36 ■' 

' : S»r§ H«ddinin , jww 351 : . •• ■ ns'irj. 7 peP£«i rtsytJ .* ; V ; ■ 1 ‘ , , 4 p f 9 ? ‘ 7 

*• Sard Crhoci W.l <Mp> 70 ' t. : lllnctlna lit- George Amt* J'“ 11 7 :PcLn. A 109 M 3 / 1 1 1 

*' 9Z' ; n*H). 74pcCny.UfljXn. Ti i s 2X_ 1 9* ,, »y *J§g‘ '.' T 3 gEnpMJt * ; 17 is v ”- I36:® n6 iii 


UB. a.® . q lib. • -i ■ (racCti .163 

; C.ta One. i'.KCn. £47 

n.'ll’ Ce-n.iie. £ 1 ( 1 ',; 

H117C /it 1 Ccna.B: Rio 7m:o 2«3 

■«KS ( 1 ) Ei ,, c;ai. Mineral! 2 

Ds 72 'Will £»,cn Con. £J3'«T« 

•' 99 • .13111 Fal;»-re. ic,e Nickel £l 7 ';J 

P 4 •'mil Cpcl Prt C:I(J Mum Kalficsrlie 530 
I Hong Konc Lar.a 128 
■•"I, feix ■ Pi 71 Imp O.I A U$» 22 .0 
■ Matneser 1 90 


ust ’ ass 
r Bk. 8 pc 


Kemhrjnjl Gp. 1 700 

Sapl-va Ind. 41 
■ Sa/.re Pacific 123'; M 
1 TI..IM'. Nationwide 94 

Ti/qei Rets. 14 
' r.-iCi.itinenta 1 £1 2 
. Wat»in s jDtin&cn £ 11 «»: 

Wtkltii Q.'eeri 14 c 

I Woadsioe Pell 59 > 3 


iC'HTii'icf 70 
Clyde Pm 9 3 as B 
. eidrieoe pobc a :sS 
Gra Prop- 7 &t ,2: . “.i? 
iHeavtn- Brewery 4 . 2 pcAPr. 1.9 
] irlafi Press 250 

1 HiJ;>. 1 • scPf 7 S 

i Mrr*'rpou -n VIMrfe Ji I 
Mnu.i: Im Can 69 „ 

. NU.V Csn.auier, ! 7 T 5 1 
Norton Vlllicrs T'ljmph &■: S 
■ Quern St. WirghMitt .Hiatw 1 2 'a 
, 7 winter/ 12 PCLn. £30 
Vlkins O.I >02 


NOVEMBER 14 

Arsenal PC £160 S 3 
A<on V.f fa FC £13 
BeJfer Grp. 9 pCLn. £91 
Birminih.im Cl;, FC 875 68 
CjlTj 5 fr-an Offshore 5 'i 5 

Cambridge Inltr.imenl Mpl 2 l j '■ 

C.l it. 3 rid jr ln:.;ruP'Cni -lCp' 3 2 ', 
Clip - 1 Pi-froleun. 90 £3 6 
a-iirn-.e 1 Hidgs.j 14 13 
CPA P-np T.f 12 ij 12 11 '. 10 H 
H-Jw'ifj Br,— ..pr. 4 . 2 pi*P/, 150 
Hid'd Hoici Eaiioouriie 133 
lr.s .5 Prns 250 
Javelin Sc.. - .* Is:. ".69 


Gooderra.r. ar.p Worts A KaiMe-.-r Inis. iAui: r alla 1 190 BB 6 


■ sU52f.,:s 

Wheetsclt Maraen A 42 13 1 5 

Wntral.i. Sands 9 

WeFrtaJd Minerals SUS 1.41 I 70 r * 5: 
'573.88 W L Nl.'d Mardnn B 4 


Ngrlh Brtke" H.U r»A 0 . 50 J 103 5 


SPECIAL LIST 


Riisioess done In ipcuririce q unit'd j^cJ jSv :3 .;© 


Pan.ont.nrnul U-‘iP 
Ra > 0 AjJsend 442 
ST'ausv ".evu L 22 ',e 
P. 4 . 1 S 65 

Tfias lns::uT.rrts £ 55 * 
TN.ess H.dos 2330 . 


, RULE 16:5 ( 2 ) (a) XVI? 0 ?*". cL"° U l r 

... .a Mc« Court Naiurai Br. 

i Applications k rallied for speriRe Mon:n vir.e-s Tr.umcn 6 
bargains in scvoriiies not listed pJ^pT' irJu'r .n*? 37 


ir«:io-i HV. 1. jt 

Kelloc Hidns llocPf. 83 77 

Ketl:-.V Mian . env Ln Cng s«rt 1 45 X 

Ku.ICk HI;*.*. I* : IS 17 I 

Mjurc-rfj inv Hltjs 1 3 d 5 

M-d ns T >1 17 16'- 

Moirveiourn Wine 14 3 

M r.n) in,. Car 59 « 7 

M(« C 0 u r 1 Haiurai Br.gurco 12 


' * JHIdO* v * 25 rv 101 

■i •. '■ MuUnt f2S»* 3070 
i.! s - yr.HM ana .PtlUtP Cl Obi 55 '114 
v. KelvHil nopp. 104 
watts SUka Bearne < 25 «r '119 • 
. ..UHnt.Sni a op' 26 - . 

KSrvmlr-'S** 5 S ft«.l 7 . 
(Lworc ^abllcairoM (Se' S 4 i. 

* S^SUgnd £ 250 ' 10 B 
.'VK^AMoerstes CIO®! 23 ': <\ 
.i . w»tr Gro- ( 25 b* IC 

ftettco- Hldos « 6 o' 22 ^ • 

' - Wellman ing. Cpn. ■ 25 b, 42 '- 
! , . _ . iiriitTr-;*** ProdrA ( 7 Sp) 54 <14 

■ Brake nM 5 >bim 1 . 

1 ,** • " WMtlaiut Aireraft ttS*>7 37.^ 4 
’? : ‘ tn - i r •; FTS-M* 

witiaward .Telev'sw" C w-vig. 

• , ■ — — ni ; i li *.' ■ ■ 

* * : . .* M«w 05®! 7«- {1«:HV 

- 7 gpimusv -WiHM* IRIHVI Fl Ob) 2 
*■ i" BYWrdl £ 25 B* 105 f 16 'TT‘ . 

- f wMuieJev «B 5 .- am W.» C 25 b« 2 
• -WUHMShaa, CWHibitjI fHKfg*. 

- .. . y^ofall (Hanrvl t 29 »' J 34 »* " 

. .SmgiM <anwr. flflo. iZ 0 371 
- BficrmiDs Tnape 4 '-or 2 naOt, 64 C 
._•. ;--'W 3 Wfls and Mttchell < 25 e> 38 C' 
gBlbew'p Matcti' 173 ® 3 - 12 . 

* . ..43 (ISM 11 10 ROU 1 . 90 ’s a 

■ .. ■'•'.'flilll 

-'yrttkinaon Wartnirton liSpi 76 (1 
wummt and James (EmrrsJ ( 2 i 


1 Wfttern Sell 
.*.,. • 13 511 11 

• 1 1 * VtwLnrsAn Im 


Item Se!ee»uoo ' Oe»Bt- ‘dW ' 


IF anp C Eurofrust 2Es» 4? i14 11 


3 : 3 - 13 . 11 ' 

I Bni.ll Tin W j]>*in 43 a. 14 


Jn Ibe Monilil) ’snpplemrni. 
NOVEMBER 17 (11 

.ot Fiinerle* Bpr Cm.. p r | 3 ; 

NOVEMBER Hi (Nil) 

NOVEMliKR l.T (,\if ) 

-NOX'EMRER 14 |Sil) 

N 0 \ l.MHEH |3 


T- i-RVO Ccr:«r, r c - £.1 *C 
-V-slSirt.H Minerals 16 ? 
V.Ker!?'* fi* 6 r(*?n A 43 43 

m. 3 -CfciHv r-:* 5 f 


NOVEMBER 14 

I Aistcm M p.ng 7C;® 

:• im.iti rtin »«i«r.-j", B>- £26 

.C-bJ Gfu. e-.oci'n/ £ 65 * 

1 Calun.bu Cnr Srstgir. £15'.: 

! Zzr\. C:'sr:l 2 *. tuvl il.j 278-1. 

i'.**d Trrl.lc. 2 5 5 « 

I Ll-lsunit. '. Ur s LSv ll-.e 
I Crux, i 2 Fiiite. £21: 


] ' I 3-efdrr- b, £B 9 5C 

3 ; - {••on Cct U?V S 3 ',' 

1 n ,., r> . » _ , Fi’t: Net'. Bo-.ler. Cor £'S' 

' RliLE l(l-> I 1 ) (|»\ Gm foal-. Util. i m £ 11 : 

v ' 11 ' . Gvlc Minr*. *t»l:.;cr.. e bOC 

. „ . , , rtin '1 SO': Land 112 

Ktirsains marken m svenriries Hi*.:n. .!■> -v-.,mn*.» ro : 


London and Mar.th*s«r 'Sp* * 22 , 


iBE£'$trns ; 


<16:11i ’ An«1o Anierican Corp. S. Afiita |P 0 . 10 > 

nittiar’. Capital Til. * 25 pj 77 ® 6 \p® $'• i 2 Q 2 ® 9 

aid i"* JJ 5 »an Inv TM. *2 Sp* 163 *® ^ijAnslo American Gold in*. iRIj 14 55 50 
»?b l|J I 70 * 15 '! I • 

frw C?i*n' ln». Tsi 221 ' 1 «'J‘ I lltvwr Culd Mining .RO 25 . 27 S® 

O.e Inv 1 st Income < 10 p. 45 H 5 nll i ; SUS 1 60 3 55 : 116111 * 

Can.ial 'ioi b ' 15111 * l Biacke.. Mines (Ro. 90 : d 7 T- < 14 . W 


Anglo anenu" corp. s. At, ■« a i«o.io> He«.di Motor £ 16 ' 1 

* 7 ??iS 4 , M. r,CM 001,1 ,n, ‘ |R, ‘ 1495 50 Huieh.rfsor? V/hamno .'V'X pr '.uSio 0 
llintr Cu'ld Mining iRO 25 . 77 SO Hu .Hinson Wnamoo * .61 ■ 

1 sUSl 60 3 55 : 116111 * jird'nc M,:uw ' •?: .c. 4 i 

Biackeo Mines (RD. 90 : p 71 •; < 14 . W ■ J^r j: - e Secs. 9 Du 
Cons. Murenison .ao-lOi oi 95 tis-ii> '-ui .n Kuli.il/ 

Oedkraal Gold Mnlno *lt 0 . 20 > 8 B ««•' *« : 0 ; 

Ooormtpnte.n Gold Mining «R 1 1 2306 g , 'J c “ lfl eMI Mines 4 . ■• 


■ Norm West M(n.nq 20 

Roodepocrt Dreo iRH p 303 Ojl'oi.dge 1267 7 

PeVnar. Minna 4 J 

l Cons. M Dp> 17 Renrer Corp. o' C.l. -n. * : I 

t Go/d Minina (RO Z 0 > 196 JW . 

re Pacific A T 03 \ 

3 ,-id Mlnli.n iri ■ 79 .. Sr- .e Press A !-7 * 


' **e B-a-.-rs £*< •. 

Sto-Vs end Hidg- 6 '-oc Cn. £65 

, .',ir. ?.c A 1 !2C *5 

■ r.ssmr.-, fS« 

T.-nc- I*.. 1 5 * S'. 

■Vi.-'n Eie 77 () 

'.'-•lerrj Mv -F, 20 . £4* 

. H 5 T:- -Of 

. Hi. am £21*12 

O-i ~rn 1 5 

■-.-■■..-id M.re.a*' *699 
I '.Vr*!-i' .r. *aiw*-. ! 3*9 
'viSrt- I M»rrt-S A !*'( 

NOVEMBER 13 


■ on any Stuck Exchange. 

! NOVEMBER 17 

Aston Villa FC M >o:e. £14 1 J 
Batiersbr 7 pc Cum. Nan-Pan Prt. 9 
C.nbr lflge lost. Us' ; . 

Cam pr doe Inst. Mpl 2 2 -. , > >, ; , 

Cembr.dae Inst > 10 o. 2 ■>, 

Celtic &as.n OH C.ofor.:.o-. 60 
Cnannel Hotels & Prop 26 4 
C la,, mace 23 

De U Mare <W.H) 5 pt Cs.n Pif 40 
FoMcsione Race Course l’u 
G.R.A. Prop. r*l 12': , i ; 1 1 
Cjl: iCforW £ 1 55 
Kei.nare Oil Esolo.alion 26 
Kumeb IE 
. Ku-i-d. IB*. 

Mane Petroleum 15 
Meoenr. Trust 16 ', '.* 

Me'rvdown W/nu 32 ’: 1 
M ri.no Inv. 54 
I N M W Computers. 172 
. NatlonMicie Leisure 9 4 

■ Newbury Racecourse £iac 7 B 
' NerTPr, V tillers Triumph 6 

' PortsmouLh Haroour & Fair, 116 4 

I R-'ev ■£ J > 12 k Conv Uns Ln 93 

• Stria Bar'll Shoes ?p: Cum. H. 4b S 

NOVEMBER )6 

Aril.ated Cleaning 7 .pc Pr. 34 

Aran Energy 7 D 

Arsenal FC £160 58 

Birtfi Green Jaurggn 152 

Camh-idge Insfrumenr . fpi Z *i 

Cambridge Insirun.ent -iopi 3 ‘. 3 2 '• 

Cla.rmace 21 

C:vde Pet 92 

Darling Fund 133 

D : liar Lane Hides 51 

GRA Pros 1)1 12 '. '. *. Z 1 ! *. .10 

Gifal.j Ce.lor. Tea Esis. 5 

Jesse i T*: 

• K'jn.ck Hidgs 18 17 
Vsi'iasuB W ne 2 -! 3 

■ NS r.mj In, Cpn 59 • 

• vjl.ocu. Finance S 

I f/e-iun u.lliers Tnuniur. 7 £ 
l PM PA lrsurar.ee 77 


5 *-r:iiS-( WtrSteds anj Aooilens 6 .SPCP Club 0-1 £ 1 ', 


Oldham Es:> : 10 26 . 6 

rsue-jn 5 t W 4 ren:-uW ‘HifliS.i 3 ’: 

Parsers FC 833 775 

Si Pane, as Hpus'na Sot. IhPCln. C .1 4 

IV .■I'd ’ 3 M.s*i»;<n,- Hies;. 52 - 7 

Wes* BroiKH. :n Aisi.-n FC £750 


NOVEMBER 13 
Arce-al E ( 60 

Be.s-f r Go. Esc Ln £91 P-: 

B.rrr Ir.sn am C.t- 375 50 
'C.«l»id» lns‘fumer .1 2 'j 5 

:.T"b'.aw Ts - . 2 •• 

• C nannel Heels 2 3 
] Daiveitn .tens.. 9 

! G F..A. Tv: 12 : 12:0 11 * 

1 Hea, -ree Brev. 4 . 2 p.;PI a 1 13 
; Jenrirps Bros 79 
1 lessel Tji 13 DCPI. 33 
* -Ha l. il ten. lira Lr. 4 ? 

■Kuril. |f. ,? 1 $-. 

L.!e-.*uard 25 
Merrvaown A'lne 34 
Mining In. j? 8 50 

■ Tnrron Ll'SO 1 f 0 16 

RULE IBM (31 

' F.amains marked for approved 
j cimipanics cnirased solely In 
1 mineral csploralinn. 

! NMl'E.UBER IS 

. CCF Norr. Sea Ass. £I 1 I» 

. C io*i on £S • 

■ Slebens .UK. 264 2 60 SB 

NOVEMBER IS 

.'CP r;crtn Sea Associates £ 1 * £ 10 . 8 ! 

C -v and Oil Acrcaac ?3 : 

. S-Afu-M 'UF. > 266 5 J 2 SB 4 

NOVEMBER 14 

CCP Mt-in Sea Aispc.ale* CiQ*. 


Wgndhouse Riyspn (HldflS i ( 12 :.-p> 26 


id Mlnli.n mil 75 " Sr- .e Prgsv A ' Allvl lie E- :e 

Gedu'd Mines -RO SOI n 122 b* Westbeld Minorall 246 :- ;oi 17 2 * 5 ! Am- .- c. T-s -r.d Te'e-j 5 USS 8 *.*® 

• Wool warn ‘f. «• I C:*n.r. £• 1 ■ J Ashlcn Mrnu 70 


. 2 B < S 

'ST Tancras Heus.ni 4 sc 2 -;PCLn. £ 1 J 
Star Offsncre Services ; : I 

ir-ip e.v/atl S*.c,ei 7c pi. 45 
1 Urniate in,s. 145 
•-Val.'c-d Murif/me nia.--. 53 7 

-.Vo' Sinai on Br*j,.;i , a.p.-'.stDo £75 

NOVEMBER 15 

Ann St. Bigwer- 4 ?s • 

, Arsenal FC £100 S9 S l 1 
! Cambridge lr.»‘rtiniei.i Ipi 2 . *- *.- H *, 
Cambridu- Inttrumenl :g ; .- J 2 ■, 

I Central COH'BnwM It ?9t 


Clulf OH L'n (sCnv aihc Wrnts 1 
Gas . 1 .. a Ol! Ar-cage M s ! 90 
Siege ni IU«/ 25 ? 5 4 2 50 4 3 * 

NOVEMBER IS 

■ Cun O'i £ 3 * 

. Sieben: L'K L 46 32 


i sielicnt 240 IS 
1 — ( : 1 1 i- 'li.is;.n.ii 


NOVEMBER III 

0 IS: 3 7.6 


-In, t ' >V*hn» 0 P 


Aaiclo American Secs. 'Corp. '. 2 Sp» 
incDtj. 68 ': 7 »s _ _ 


: v. I Mi 

- 90 .-] MC 
I Me 


Kinross CRT ) 244 116 111 

Klsol (Rll vUSb.SO 
LID, nan <R 1 * UJ 55 . 9 Q 
Lvdenburg Plat. iR 0 12 :>i 64 



: ELECTRIC UGHT * t«. cm W-RsiWaS 1 # ^ t'&V^i^oTi* 64 1 

• S6.5 ?- s -;‘cSafc3&f ; 3 ^: il UK money market exchanges and gold 

■’ -■ FINANCIAL TRDSTS (02) . f Spt*^ N,i£teen Tweniy-Eigm i«v. 7*i. ' 2 sdi New wiiijatersrand Gold t«B(n. (ro soi *7r^ • *■ 6|| , The dollar eimlinti^ti lu improve Mi>r.:;in Ctnranly fisures at noon 

42Si5"S8!SL£* s .ai3?5ii < . , *3?i N«i; Asian:, c s-cur.tM* • <>»»■ 63* *MSi i S r.nd iro.so) mss-. 1^ O 1 1 111 ill 1 1 TQTD strongly in >esierti..> b fnreien in N>«- York. 1 he dollars trade 

*^1 /iSsrvT^. «•* I t-S.i..-?,*.! , , : Dill idle s 

,^* HSSo’^ r** i n.rtf^niWn.uR l.«ns a, ihe Sian before rate Germany would encnunicr a "%£5 U * perfurmance during 

• -- - — • ~ ' '~' 7 n„ lev T,f ’Sp. Ii 2 *'.® t 4 . Pi - 7 rans,uai Cored. Laud e.d»p. iRij us j Lending Rule 1 U' per c-ent finished at Jft -101 per cent. There reduction in their irade surphiKn the morn ini: i«iis reflected in its 

f — * ’ ■ - ... . . l . '' l-.VT fl Cnv-Unstn. so ' ; * 1 4*1 * i «-£• ■"* tshcc NiiveiiilHT 9. 197H) was a siTiail number of Treasury next year. Trading li-ruled in he inde weighted index which stood 

,nw . TST ' ,nco,nr ,,5p ' uni°« n i GMSK 0 VU52 61 2 68 niii,' The Trcnsurj hill rale fell by bills matnrins outside official active in .spells hvir thin Tor ihe P.2 al noon from an openins 

Ri.*r' Mercantile T«. Gtspi 1 6i nun venigrtooM 'Rii i44p* .16UI . 0.^174 iver cent to II 72S54 per cent hands as Vi ell as an excess or most part. Sterling held up well level or IS2.4 and H24 on Thurs- 

S!^ ■R^dSSn^BrttuiMimH^ w Bneimiein i«i. suS2t>>o I7-. aois>ja' yesterdays lender with a Hmernmeni disbursements over during the morn inv hut sulTered da v. However, the closlnc fiffu re 

flam N.w.i -FI so. 57 r ; . lub-sSi. »r »9 J** 11 * . minimum accepted bid of £M7.07{ revenue transfers to the as a result during the afternoon, showed a fail In «2.:(. Apainst 

' J^fi jTi^os^i^fi * 7 i 9,at '^ rc> *'^ lE ' wSwrn iroIso" ti 3 k | compared with IPK.ni l i he previous Exchequer. In New York ihe dollar was ihe dollar, the pound opened at 

rbji'iko n:*? rFiso'46i| ■ »P |, k. Keen* competition for the The Bank of England caused a reported to he firmer still. The SI H.iXa-l.fl.vt.i and touched *1.956*1 


, Monev and Gold Markets 

J/'.' - *.v • -» . •• * -vcL' '7- Nr* ^ *■ •' -ii* 




Fall in bill rate 


LOCAL AUTHORITY BOND TABLE 


Authority .... zrosi 

(telephone number m. ...intent 

parentheses i • . 

... _ .. .. ... .. - T i S - 

Ra msley Mctror rdZ2t r 2032S2T -' 1 2 ' 
Barnsley Metro. (0225 2032S2) HJ 
-Chorley 102572 5811) ............. - 111. 

Exeter (0392 778S8) .* ’ 12 

Knewslcy (O-Al 54R 6355) 121 

ManehesJer 1061 238 3377 1 ...... 11 

-North Kcsteven 10529 303241) 114 

Poole (02013 3151) .....: . .U 

.Poole (02m ?}5li. ;.... Jf| 

Poole (02013 5151 ) Hi. 

.Redbridsre f01-47S 3(tt0) U> 

Refton (051 022 4040) H‘| 

-Southend (0702 4M51) . 10J 

Wrekin (0932 505051) : 15i 


Annual 

gross Interest Minimum Life of 
interest payable . sum bond ■ 


Rights am) luu« In*. Tsi. In com* r?»pi Union C»n. 'RO.OS'.i 2 <fio 
SO'? *13 111 . Unlvel GM Shv np» \US 2 6 ’ 


Rank of Emilaiiri Minimum 
Lending Rule l'i; per vent 
(since November 9 . 197 H) 


50 ': * 13 l:i 

Rl.*r MercanTlI- Tit. GISpI 1 61 MH 5 


Unlsfl GM Shs np, \US 2 61 2 68 (15 11 : 
Venl«rSDO*T 'R 1 * T 44 d» -16 111 


4 -year r 
*-ycar 

1-year 

Hear 


Robeco ' Roller cfamsrh Bfegqlnjscariar- " u'.cicmrm mi . iusjsuo // . iuiso 
Tlum N.V.I 'FI SOi 57 1 -. Sub-Shs. |R% ' (16 111 

. In the nine ol Nlt PrD*.Bk. iNomlneex ' Rl D nVn D 

«FI. 5 i D 56 B 6 71 WMWrn Hldii. iRO. 50 ' £ 13 H 

Rallnco N.V fFl SO' 46 ■■ KWInkrthaak 'Rl' VUSB 20 M 4 11 ' 

'jESTuhuI' toms? 1 ? f1S ' 11, ‘ 4< ^ c SSTmVi VUM 90 °nVnf* f 4 »»m bills on "iter produced few raised eyebrows with the U.S. unit finished at its be«t levels heroic easing back 10 S 1 . 9 S 2 S 

‘iot-dimo'na Inr Tm Cap. Shs rasp- 75 ® \ITST 4 KRIC 4 apiilirsitinns* of l). 43 K.Slm and all issuing of two Treasury stocks against most major currencies around hmchlime. With u one- 

Llfi'ti i * , | * hills ufTered vere aliened. Bids totafiinn £ 1 . 3 bn. The consequences with the D-mark .u DM 1.9220 way hie-inexs cleveloping in the 

' d rSOp> 3 S ^ W 3a '’* 3 : lGSJ! 1 Ynd a IS , M T Mrai B i : i 2 H. > i , to , >- ' at W 7 . 07 J were met as 10 about 31 or such a move on the liquidity enmpared with DM 1 H 127. 1 on afternoon, it slipped to S 1.9270 

sf Andrew t 25 o> l.n® tis ili. 5 »rDb j ' p r r ceni against 1 per cent laM situation should become clearer Thursday and a best level yester- and closed al SI. 9290 - 1 . 9300 , a 

‘s’.cVnd Projprr .unked inr. sh*. iiop*! D eB^r» on imm* j«« 39 ® 4 ’ 4 : week. .Vest week I 40 »)m will be on towards the end of next week. clay or DM l.tHHS. The Swiss fall „f 2 . 25 e and its worst level 

144 . capital s*u. oop 152 '; M 3 m l ius 4 70 , offer renlavlnj.’ maturities or In the mierbank market over- (ranr suffered more than most, since Aiisum 23 . 

< Ml 522 Rir S ^f' N^n 1 v rasp. 90 - orI - i r.'jOOm. night mnny opened at IIM 2 per this bein" a reflection of ns very Cold opened at S 199 - 15 W? and 


1 ,- 03 lfD American "5 Dpi BO' -a 79 . 

XOlHsh Mercantile A Ndn.V ri 5 pi 90 : W<1 * ,,iH > 

'14 11 : I Ci : tisl»- 8 o.-neo 1 Do' 1 S 6 (16 111 

S'otlMv Easiern ' 25 p- 128 9 . 4 'fKFI. I Brlilsfi Peiroleum 90 S® 900 2 8 900 : 


124 

i-ycar 

1,000 

B- 1 Q 

il 

(■year 

500 

3 

Uf 

4 -year 

1.000 

5-7 

U 

J.year 

500 

: 2 -:t 

Hi 


-500 

r ,-7 

lit 

i-year 

.500 

5 

u: 

. ?-year 

200 

4 -r, 

Hi 

i-year 

2.000 

4-7 

ioi . 

j-vear 

‘250 

3 

13 i 

yearly 

1.000 

3- 10 


; r.'iOOm night mnny opened at 1 l;-J 2 per this being a reflection of ns very Cold opened at SIP9-1S9J and 

. i The authorities intervened in cent and eased to 11J-114 per cent, sharp appreciation last month eased during the morning on 


S-c?t'»h Northern Invest. < 2 Sp] 99 '? 6 
3r*0fi 223 


Centunr Oils 'I0?i 63 


Svdtl'sh Ontario li*V«M. ' 25 ol 64 ® 3 Lcfarlcrhall .Sd* 23 ® 3 

ti(LH) 5 «H 39 : : '16 111 Hunting Pr:rol<ru>n : 25 or 87 

VrtJlsS United fnvcSTCi- 4 ' * 2 Spl 74 5 dc KCA Inlernalional ISp' MO '*6 111 

”■ ■ 

A "'* n " ^sw 1741 .. 3 'HK.Db. on LvoloratlOA (Hldos I TlOol 228 ® 30 

M. 3 ?»- .. Premier Cons. ( 5 pl 14 S 15 ': 

VKomi Great n/rthm. ' 2 So» 82 ' 1 S/ 11 * . D ^„,| n - k ... 

Seruones Trust ol Scotland a 3 o' 172 *:® S!r. 0, .« J 


THE POUND SPOT 


OTHER MARKETS 


GOLD 


Premier Cons. f 5 pl 14 \. 15 '? 


270 ».; 5 b 0 1 290 I .- 300 


S-ifier" invest. > 2 Sp) 105 OSH.' 
Jlerllrfl Trust ( 25 pl 162 1 US-Ill 


BUILDING SOCIETY. RATES 


Rnval Dutch Petroleum UIJOl 42 S 2 i '. 4 u«%li*u * IO^j J ?635 ?. S 05 (J ) 2845 2 2680 . 

Shell Transport Tradin'/ Re». <25oi 566 ® fiiuatei 6 » 4 , 0 ' J w. 4 81 4.12 \i tt ..m.un (Wi I fill 1 .815 938 60 040.6 A if. In* 

na* urrf'*mJ a .^?ii sT.iri, 6 "i; ttPhtwi f -5 3 # 30 MB S 8 35 n 4 i \„.„*!(« luJIar... 1 6976 » .046 d.e 741 -O.n 753 .I'a-fg ilim I 

I 44 i. “Y*s IU 7 'orPf. 5 i.*'S 0 !e "ill" h B 10-4 10 613 10.14 10 26 rinliNil llvrLkn.. '.,9 7 80 

I Trlcentrol < 25 o> 16 B. Do. Ord iFore' 9 n U-Un'k i i .,0 3 74 ^ afO. o'l’. n,*r,i i i l ,.*ln. 37 55 .8 56 

uiuSni'r’crJ’iiH r.n V,.-. Id “0 SO 3130 0 35 0 85 71 604 7 ; 355 

Ultramar f^Sol 227 9 .Dtpld. 13 S® S,®„. i 118 51 1392 * 1-8 0 ■ 8 70 jj.,,,. | . 9 2 ti. 9 ill.- 


„ Abbey National 

•_ .'Aid lo Thrift- : , 

Alliance, 

‘ Anplia fiasUnaK. & 'Thanet... 
Brad ford and Bingfey ...... 

*.j • Bridgwater . 

Bcistbl and West : - 

"Bristol Economic 

Britannia- - 

""Burnley 

•; ' Cardiff" -. 

•'Catholic .: 

...Chelsea - 

; Cbeltenbara & Gloucester ... 
’Citizens Regency 

r£Uf : Of: LOIld OD 

-•• . .Coventri' Economic 

.Coventry Proi'ideht 

i ■ Derbyshire 

^ Gatewaj- :.... 

’ ! '.Guardian 1 ■ 

Halifax--- ....!.: 

. ^Heart of England 

; Hearts W Oak A Enfield ... 
i Hendon ; 

• If udders field & Bradford 

jlieajnington Spa 

• Leeds .. permanent 1 

..Leicester - 

: Xhfrpooi :... 

Ebndqn Goldhawk 

ilellon Mowbray .. 

• f.ifidshlres .: 

.--Mornirigton 

: NaUpuaJ Counties -.- 

. Nationwide - 

-Newcastle Permanent 

t ‘ Jfew Cross 

Northern Rock ' 

• . - Norwich 

Paisley . • 

- Peckham Mutual 

v Portmsn 

Principality Buildg. Society 

r Progressive 

« -fitiperly Owners 

. Pro\-inciai 

.Skip ton J ..... 

Susses Mutual 

...Town and Country 

- . • Woolwich. : 


Deposit 
Rate 
6.45% 
7.00% 
.6.45% 
-fi:43% 
6.45% 
6-45% 
8.45% 
6.45% 
fi.45% 
; 6.45% 
6.45% 
- 6 . 00 % 
6.45% 
6.45% 
6.45% 
6.70%. 
6.43% 
6.43% 
6.45% 
9.43% 
6.45% 
6.43% 
6.45% 
6.45% 
6.70% 
6-43% 
6.53% 
6.45% 
6.45% 
6.45% 
6.45% 
8.55% 
6.45% 
7^5% 
6.70% 
6.45% 
6.45% 
7.23% 
6.45% 
6.45% 
6.45% 
6,75% 
6.45% 
6.45% 
6.70% 
6.45% 
6.45% 
6.45% 
6.45% 
6.45% 
6.45% 


Share- ; Sub'pn 
A cents. Shares 


hrt«n ' 25 r»l 17 S 714 111 I'.m 

Ultramar f 2 S«l 227 9 7 oeP 1 d. 1 3 S® ! SjlM , (v , 

PROPERTY (67) juia* 

Ate BHmant mini. lOpcPf 102 '* y. I '• **S"- h 

fis 111 { Kivih I. r, 


if 4 iQi*B 4 : 

i a# 30 M E> ... . _ __ __ 

8 I0..1I&JU 10.-<4l0?s |T„|, HI | llvifiLa.. ,..9 7 80 4 0080 4 0100 I ■.•iiiirark.... 

s 3.iQS7«; 5/9. Oil’. Hrv ',1 l m-* a l„. . S7 55 .8 58 l- 45 1^ 98 fu.ii..- 

IH “0 SD al 39 0 3b DBS i.,„. k j.. 71 604 7.- 355 37.10-800 

i lie St 139 1 * l-B O' 870 l*-’'i'i . 9 8 bi^ 9 31 1-. 4.79L0 4 .fe5 i l'i'« 

101- i. S< I r S f.t 54 l.'36 j,aii'i. I fai . . 165 7 137 40 70 40 ,0*0 .l*|«n 

] ?.t3*i2 ; l 5 l< hnv vi l""«"kli , ' 9 39 0./7Sb-O.U',S6 ' i-llr.-rtalul. 


4.0080 4 0100 I ',-iiinark 10 *2i» 1C '3 


... ' .i .70 : Eu 

... ! Its I70U 


•Term Shares 
7.7(»% 3 yrs., 7.20% 2 jts. 

7.70% yrs^ .7.20% 2 yrs.. 6.05% I yr. 
7.70% 3-! ynU 7^0% 2 yrir., «.95% I yr. 


1|»:". K 1 ?.t3*l2 ; i 5 l< h<ivv" l""«"hli , 9'.- 39 0.'73bu.^,36 'Hlr.-rtaiul* 

_ - -- _ i Kh-ih i, I, ji at-0«(7 , 8bl,'. • ’IJ Uvaila'"* Finiii fie35^84a SO. 5 30. V 8 V,n»m- „ 

Afr.ance Ppiv. Hidvi. 9'.(KDb 74'. -n«li.|,k,. - 47 - fi ■ il 47 49 \| ,i. k -■> I g. l*,.. 4 .29 : 5 - 30B5 .* 2 1 1 2.2 1 • O l*..n.iuiil ! 90 ICO 

All'rd (.ndn Proos alDoi 57' V'-ir >l >-2 E2 3.8 78 ti '/rvlariil K.;l«i 1 ’ 430 1.; 5 O J.IN17 0>5|8 *|«in Ii9 1*. 

Allnatl Lndn Props. i2Sp> 21F n« III Vi.-ii IrO- 1,. 1 27 15 / .‘0 Ii 05 j. 15 n „|r (ni*. If.i,' 6 S"’5 3 3*00 3 3 00 -« " /rtiunrl ..... J 25 a : 

Amlgtd. Store* iSoi 10 '13 Hi -m.. IV I a .7 ■ 34 ‘Jl'-iS* | a.Kj,, . 4 84 29'- J 202* 2.2 35 I -firt,-.... . 1941* 

SSL'' sS-IDlS* 14 #' liPCOb 80'? .. -„7l, Mi iiv ■< llii ' U8.1 1 7130 0 8676 0.t809 ,1 bum i « ^ 

■fepw Hld9i D »- cso rrilK '' KkM K.vrn I..f 4r«nHM „ «re* rule. 

Bnk. Comm HMgs <10p) 1 :« I 250<h:® 

Bolgmam Prepv. .25 di 85 U 6 I 1 . . LONDON MONEY RATES 

Be/lfvgy Hldos '2Spi 73';* 2'.- 3'.- 4 UWI7UUI1 lliv/iis-l nn i m 
B erkrtcv Hambro Pot*. '25o> 131 <1S Hi 

siMon ip, /2 Sp> its* ii«*iii ■ - : ; — — *7 ; ~ ; rr “ r : 

Biadrnrd Ppfv. TrFI i2Spi 2S5 116 111 -li-ll'liy ■ L,«.’il \Uil.. | l"v.'.niill Kr|JI".- I 

_7oeUnS.L0. 53 '14'11 • ,\..\,I7 i.llihc*!. , HiiPr'«r.k I Vuil^-illi m-c.'llpM. ' Hm'-' .■ Ui(*U\ ulrm-i lr-M«u!,[ Hknk -.•iru-l 

^Tl 1 ?^^* I*. -1 .i.-|..,n : ||-,.«|'. *w.i» 1 Ip*|v»,i. Hm. .|i. i«-~ii Hifc® _ IIii'i* . »'■• 

Cr'icton estate <23 p> 107 .13*1) , - . 

Cap. Cos. Ppv»- t25oi 571^ • 11*111 i UrliVi-iil.. „ - 7-12 - UM IQ 1 I >1 — — 

9 'jocUns-Ln- 77/, 1 1 3 H» .l*v« h.«il— — ■' - JJ'a 12 •• — ■ — , — 

Carnnnton* 80 CP 1 . 47 1 > IIS 111 '«»' "MK .. _ ' 121. _ -i_ ; _ 

ChadcffjfrF l»»st. '2501 *41® 116 11/ "J»ir«.4 “ ! ' 1 ?,* Ills 111. , 

otv Offices I 2 SP 1 64 , ■(■*-- not M.-> . - • 1I»« 12'a 12 1*1* - l£'i • ! 

Coairol 54CS flOp> S5 4 114 111 1CI«12.' 1 12 - IK'* 11.. IK') 12-12* 181-a 12J« 12 II*. I?.,', j 12 

9 ?” liiu ipi; il |y.* l» a -lkM iw.* • 12 >S >2 laAs. *»;; 12 ... ! is 

Oac'fan Hldos. I25P1 1020 3 ilnw ill'- 12>* 12V* 12l«-13e3e 121» ISSU J?! 5 * Jj, 5 * Jf 1 ' ' _ 12 ilS-ll*' He 15 

Dares ESW. <1001 171: 114-111 -IX flMill.. . . 12 l 1 1 1 ; * 12.', 11 >4 I I 1 L »* 11VJ? H * - * 11^11.. U 

£ 2? l ^ l f« Pf 71fl 5 n "l't?Ln 77 ; * : 'IIMllh4.ll... 1 1 »• 1 »«* lliMl-.* U J» - - - ■ 

J G- , necvli" aJopcPt . 1 9 >: . -V*. Uh-U-t I»* IVs-llh , = “ III 7 

COT Of Leeds -25P* #6 /1« 10' »• lee.. .. 14-1*1* ' ‘ 

Great Portland Estates «30o1 216 ® 13 14 — — ... - — 

Irnrv Prop. Hidjs. »25o' 3750 i.m-.il niui'.rnv anrt Itnaai-o fuurs.? ■g-x.-n da vs* muur. ..fli-.-ry --c.*» .lad hs^rt. _*Lona.T-lf>nn I'KjI juihnrliv in.-r' 

Ll q" 6 s:-KU %?# “ S ?« ®Ln *rs rw-» nmnliuny Afv« v,- jr . 12 ? IJ. o-.t o-m: moi >var. 17. U. n.r g. -m . ftr- n-art IJ. V- o-r . * Rant; ^hlU r.". - . 1 . 

!>«pcLr. B i/ffi lOo*Ln." 149 'ism art buying r.i:. - i"f prime pain r En ins rail, fur fuiir-munili hail*- h,l ‘‘ U , -’i* P 1 r sviif. faur-raumh iraj.- hills l_. p.-r 
Laur Land / 20 pi 42* 4uprozun.il' ■ ■ ilms rait< lor nm -mn:i:b Tr- a-Jirj' IMIs ll'in P<r L.-ai: an'1 P< MiUIh 11 p, r crtli: lhr« ■■ " 

London Proxlnclal Shop Centres IHIdos.i 1 12 - 1 121 -. p, r • •-"! Approcimaii' v-'liiii.' rale lur tnh'-Rlonlb baiiL ("Ills 11* -"I* P ,r i>- , ii: lud-nuiiiin 1115m Pvr ,iiu: 
. *J S '!' M « llhr-yin. wh rf-ll'-lu B.r «nr ou-. -D,o!.!h trj/ir- bill -1 lj; p-r ■ -Ill IJ -moiuh JJ j. VI**)' and aiau I ihr-V-HUMIb IJ.* P-r 

MFor tlsSf -ISO 7 socVn 59' Spc Fioante House Base Hales rpiil)U>ti .-1 hi ih- l-*uiaav; Hun*. \ -Srt.-' Jfinn . m urr cOl inmi Nai-obr I. 1PM Clearing 
Ln Wi^O 102 ■ Depisii Rates |uf small sums al s. ivn day*' ii"lln 14 P''r , -'Ii: Clearing Bank Base Rales lor l.-ndius l-l per will. Tre: 

Marlborough Proo Hldov >5oi 20 19 Bills: Arm/, i-ihlir rales ol liis.-miiil II r-JM |i. r t<m 

Midburst White Hldgv ' 10 pi 47 H3 1I* 

.2S.1 1 1B 

.V: euro-currency interest rates 

Propert»Bf«rtne'sh<B* < 2 SP' 95 </4 f i> I 1 . • [ W«t l.wnwti « 

I bSc?»! V 7I^ ,, ?iS ii , |' V,. 17 -lei in* ! I ■<.. .. IL -. a. . -ir is l n»i, | Milk ■ Prwnrlr Krtli. 

R”a?Ian P ™raps. S ?2S»i' 23 ‘14'11» 111,12^ ’ 7T- 9 ,, e': 91; 8’i 9 - 2 2<g 6&a 6.; 

^ue, T ^pSi? S .25DT 861^ . ( .«iV -21 a a '[*9., ! 9 *. 2 21, . 

St«. Mer Pro* I20o'l 104. O'anclxtMl 1 ■ 12i& 13U 10i; lOb li i I U S’* c'i --il 2 ... 7»* 

Deb 741; HT'1I). OoeUns^.Ln. 158 | ljM , j3:*imi, 11 . II. I lO'/tO^ 8 '.- c H 2l8 2l» Dig »i, 

-"-id 1 city HOP) 40 I15H11. Do. Ne* ! I'*.... ,ls " rnf' inf* ; 8 o!* *1 *• 2sh 2^1 

flop) 40.-. «15!iT» I'll, 1 -*,... . J4*a ,435 J r 101,101a /■. 8; 4 1 ij >, t *.4 > 1L,1 iC„ 

"Mil Estates ^So* — — 

Mjmer C °Be?n»rtl inyfchp' 250 il5'*l) The lottu vi'u: uaounal rates were queied lor Loudon dollar vcrifie^ies of drpxsn. i>n«- month 11 IO-I 1 JO per v-m: 


S', 5 Jt5 
5.4*7 4.C 7 


r,..i,l lliiuinn is lini ‘ 

■siinr' 

il.il- FISSi 199 F19bi l 9 Sj 

H 89-1999 '> 0 J,- 7 M; 

U. mint: us . iik > 135.50 "197 10 

iC 10 1.5361 L-CO.SSZ' 

mi^i-iii-.ii rising > 137.35 4198.30 

■ 1 ' I0i.921i . 4 Ml0.ib4i 

I...I-I I ulus 

- ■Ii.itie-.l I,* I 1 | ... . 

Kn,-e,-,xii.l *i 207 . 209 . s:oi;-:osi 


6.70% 

7.95% 

7.70% 

6.70%, 

8.30% 

7.90%, 

6.70% 

7.95% 

— 

6.70% 

74)5% 

6.95% 

6.70% 

7 95% 

7.70% 

6.70% 

7.95% 

7.7d% 

7.25% 

8.25% 

— 

•6.80% 

7.50% 

— 

6.70% 

7.95% 

7.45% 

6.70% 

7.95% 

7.70% 

7.05% 

8^5% 

S.30% 

7.00% 

7.05% 

S.40% 

6.70% 

7J5% 

7.70% 

6.70% 

S.70% 

7.95% 

6.70% 

7^0% 

— 

6.70% 

7.93% 

7.7U% 

6.95% 

750% 

7:65% 

6.70% 

7.95% 

7.70% 

6.70% 

7.95% 

7.70%, 

6.95% 

S.45% 

8.20% 

7.20% 

— 

7.7(1%, 

6.70% 

7.y5% 

7.70% 

6,80% 

9.26% 

7.55%, 

6.70% 

7.95% 

7.70%, 

6.70% 

7.95% 

7.70% 

6.70% 

8.15% 

7.S0S, 

6.93% 

8.20% 

7.95% 

6.S0% 

7.95% 

7.55 %i 

6.70% 

7.05% 

7.70%i 

/ .50% 

— 

— 

7.00% 

8.00% 

7 . 45 %; 

6.70% 

7.93% 

7.70% 

6.70% 

8.00% 

8.00% 

7.50% 

— 

— 

6.70% 

7.95% 

7.70% 

6.70% 

S.20% 

7.70%, 

6.70% 

7^0% 

7.70% 


Bvls'.iii ra:' '* lor ecDieriiliie franvs. 
Kln 4 n* 1 dl Irjn.. jh.-'/Lj# .**. 

LONDON MONEY RATES 


Kx'e tivrn Inf Areentiua is tree rule. 


"tetniL-iu.. .. 

.f«V> 1 ,. Ik.—.. 

I.lHV'.-l 

,•(■!> nnfM. 1 . — • 11 >| 12 ’a 12 121 * — 

me III.., rJU- 12 .^ 12 ._ l*u 11 - Z 1 ««J 12 - 12 s* 

• mu izi* , iJf.:- Ur,*. If>! lih 

line, laediii— 12 >* ie»* 12 * 4 - 12 It 121 * 1 SSU IZihUdz 

-ix fig-ul,.. . 12 ; III; • 1Z,-. IV >4 117* U»i U5*-i2 

line ni, m Hi*. 1 1 1 i&/» lliJ-ll..* Ii*:- *3^* 

<m- vrni I !!(■ II',- IJ'; J Z'i 

**• «r«>. .. 14 - 121 ; 


•Irll'lia ■ l*oii 

,'ilihvat. , iiueri«r>k j \nllv-illt 
•1 .lv|.*ll r .le|. •» l> - 


117} 12 
12 121 * 


L,«.ni \uu,.| (unit,-* 

■ I|.S.'I1R>.I. ! Hmi,* 

r.m. 1 , * li*|-,.-il» 


| I'K'-ulll 

Uit**ii\ UHr-g-l 

l*K|..ll. ICI--II 


10 1 lit - 


• a,: 30! - v“- m 

fates and Gen. tnresls 4 . 9 pcPt. 19 »; <m- vrai 


12 

12 

12 


ii;; 

11 ;--lli* 


«A i 
is,, . 
12 

ii/i 11 :. 


9.85 9.95 

Ai.» 'i 4 ,irl^j|,... 

. > 57 .' 53 - 

# 54 .- 5 Bi' 


£ 29 . 40 . . 

l 2 » 25 


"•1 ... 

S 99 6 I 

> 56 . -bO, 

1 1 , S 

42 44 

l ..in*. . . 

1 ni > nidi i.'Im;i« . 

iL-JD ; 51 ;, 

£':0 si 


* K i J „ . . 

« 204 . 206 , 

■ Slot 107 ' 

.' 20 1 : : 03 , 
LiOi 104 . 


,'i'H ^ •» ... 

,U-B 
•UZJ 2 S,| 

- 54 . rS, 
£’,* ?> 


1 II I |.| i: i(; 1 1 - , . . 

. > 33 - 5 1 
j.ESOv 4 IJ.I 

> 53 .;. to* 
L.U .1 


<:v l-^ai*- 

. ,-*=251 294 

>.-93 2 ' b 


> i. i.«aU' 

. > 155-137 

> 1-6 159 

) ■ Ui-**® 

5 l*n*i.n- . 

1-102 105 

•112 Ii 5 


CURRENCY MOVEMENTS 


luv.il ipi*i>,riiy aurt hnanu (iuum? di«v noiu.e. ■■! u-.-r>- «ivii -lavs hzert. ■LonaiT-lemi I<kj 1 auUmri:*- inur'saBi. li.-iilsvli.- Mark 

II,.!, nninlfu Hy Itirwf war* I 2 !- 12 .' > t o-ni; mm year, l?.-l!'. inr o-m. fiv- Fcarx l.W: p-r vent. * Rani hill r .nr- m >*■*" wan*. 


No*. IT 

Bank nf Morgan 
EnglHnd Guaranty 


Index chanseF *. 

Slvrlinii 

. M-Jfc 

- 41.8 

l'.S dollar . . 

44.68 

- BJ 

f.'jnailikff dn) Ur 

. 80-25 

- 17.1 

AuMnan svhillm A 

144.20 

11.4 

1 '.. lauu Irani- 

. 1 U.« 

v 14.8 

ri.mish Lr-i'i, 

U 6.56 

+ 6.6 

ii.-uli.vh. Mark 

147 . J 4 

-. M .9 

ini', tram . .. 

. 112.23 

+ 82.2 

iIuiM.-r 

. 123^2 

- 20.1 

l r.-iuli Irani- 

17-12 

- 6-5 

Lira . . , . 

54.61 

— 48 J 

V* ii 

149.48 

• 47.1 


Finance House Base Hales * piUju>fu«i hv ih- Pmanv: 
Depisii Rates lur small sums ai >. ivn day*' imiii, in p.'r 
Bills: Ar^ra 4 . i-n* 1 sr rales 01 liisr-miiil II 7 N |i. r «IH 


EURO-CURRENCY INTEREST RATES 


Clearing Bank Base Rales lor l-ndiu; Ii; per will. Treasury II .ishriuimi a^n-cnidil Div.-nlber 1W71 

ilijuk hi I;ru:!jnd Iiidi-x l|iv)i. 


W ni l,e, mvi 
lliis 


,, in - .1 l ||i*.... 
"/i 1 . .. . 


H’l 12>* 
• 2>3 a 
12n. 13U 
, 3 :* im a« 
l-M i- ia 
J41, ,4Js 


VIJ 9*4 
10U 10.%, 

11 . 11. ; 
us* 1 :,- 
11 2 J , 


e» s 91; 
el~ 91/ 

I U 
10<4 10s* 

10if! 10>, 

10 Is 101/ 


7 », - 

Oig &ls 
95 ft r.t 
1L,1 iC;. 


J 0 ■ 4 MU 

13 1, **lj 
!-» 15 
151- lo'. 
151; 161? 
lb 17 


9-.i. 10 
10. 10 
lim 11»E 
12,-1 . 

I r if I 1 U 


1 3 

- 2 .,- A 


The [qUu vi'il oonunal rates were quoted lor Loudon dollar venfieaies of drpxsn. on* month 11 10 -iuo per vein: rhr-.e mnnihs 11 . 15 - 1 1 .- 1 ’ P-r «eni. an moniha 


Tjmn Crty nnai 12*-:® 1 K'iJlJ ?« IJ .'.iMl.nii per ..m' «ic year 11.(6. jO per win. 

I |«KUru«c.Ln. B1 (15/11). 1 4p«Uasec. V. Lons-lerm Eurodollar doposiis: Two years MrlO 


Lone-mrm F.urodollar doponis; T«-o years Wi-IP; per ceni: three years IC-Hi P-'r cenr lour year* 10- 10. ts-r Hie yrars ’U-mj p-r com: iiomuiai 

ifne ran*. Shon-fenti rate* a vail for merlins. U.S. dollars and C*nadiau dollars: two-day call lor guilders and S-*l*s Iran-*. Asian rat.-s Inr oIosidb rales in 


7 . 70 %, -1 .VS-. 7 - 45 % I-jrly.. 6 . 35 % 3 mth.i 
7 . 70 % :i ~* yrs... 7 . 20 % 2 yrs., min. £500 
7 . 95 % -!yrs. 7 . 70 % 2 yr,s.. 7 . 45 % 3 mths.not. 
7 . 05 % a uith*. not, 5 . 70 % tolimited cos. 
7 . 70 % 3-4 ync, 7 ^ 0 % 2 yrs. 

7 . 70 ‘V, 3 yrs., 7 ^ 0 % 2 yrs.. 6 . 95 % 3 mihh.uoL 
8 . 05 % 3 yrs., 7 . 75 % 2 yrs., 7 . 50 % 1 yr. 
7 . 70 % 3 yrs. , 7 . 20 % 2 yrs. *Max. £250 
7 . 20 % 3 J" 5 *.' 77 0% 3 yrs. 


;; V 6.70% f 10 . 00 % 7.70% *> i yrs. «n. 

S W ; £WS 7.20% 2 yrs., r.f.% ,3 yrs. 

0,WKft .. artoh ,_ in line w i»h chanfips in ordinary share rates. 

•Kates normally variable tn lmeMnn on ^ on’behalfV the i 

All these rates are alter basic rate tax iiabuuy nas . 


Town Centre Secs. f25pi 74 dOs-ins ran .slwn-rerm rafen a vail for mernne. L-.S. aoiurs ano <.*naaiau non 

United kingdom Wv. i25n) 22'- 3 <14,111 | sinsapor- 

w^rnfarrt ln». fTOpI 333 »13 IJ 

Webb IJosepSi <5 pi 1«jJ» ‘isnii - — — 

-SM"*?*’- UJC. CONVERTIBLE STOCKS 17/11/78 

KUDDfin IZVI j 

Aberfovlr Pl**i*. fflp) 7*-,'14 Til . , — , i — — — ■ — l— wmm ■twtb-| 1 

Annie- Indonesian Con. «25pi 96® 

BrsdwsM iF.MS» Rbr. E«. I10o> 56:* > _ 

'IS'111 C0H- 

Castleneld 'KlangJ Rbr. Esi. ‘ 10 o) 250 

risnn Size Current version 

CMrwoesc 'F.M Sl fits. '10 p) 50 MSJHJ .... *« s - -i- 

consd. pun ijopj S7:e Name and description f£m.) pnee Terms* dates 

□anion Flint. fiacPI. 43': - I 1 1 

G Ur h 5 et.in? n 67 *"< 3 iB ii® 15 '°‘ Associitied P:tpcr, 9 Jpfc Cv. S 5-90 1-40 ] 05 . (JO 20 U.li 76-79 

HidCPfl ESI. 1 10 b' 10 113 II) _ - . -1. — 

« Bank of Irel an d IQpc Cv. QI- 9 B 1 .M 1 SUW 47 .fi 77-73 

London Sumatra Pirns. <i Op) 162 British Land l 2 pC Cv. 2002 7.71 160.00 333.3 SO-li, 

MalakoB Berhafl rSMSl) GO 

Muar River itOol 56 7 '14. 11) 

Narborouqn ri'-M-S-l ft Op) 22 ISiTIj 
P adang Senanp Hop) 50 (1 X'l 1] 


5 Lit nil a provided of 
dato STREAM International 



Con- 


Premium; 

Size Current 

version 

Flat 

Red. 

rfm.) price Terms* 

dates 

yield 

yield Current Ran^ef 


Income 


Cheap( + ) 
Dear (— )0 


Ran^ef I Equ.SjConv. J j Diff/a Current 


1.40 105.00 

1.20 isi.no 


4.0 - 10 II 


2.5 - 6.1 


j British L»nd tap e Cv. 2002 
Eneiish Prupv» y 64 pc Cv. 9 S -03 
English' Property I 2 pc Cv. 00-05 


Hanson Trust 6 ?pc Cv. 88-93 


Hewden-Sluurt 'Pc Cv. 1995 


Slough Estates IQpc Cv. 87-00 


.04 3S0. 


5.50 159.00 




— S m j ii.u 4 .S 

1 to 'Jii 0 0 90S 

- 1 J to “3 3.5 0.1) 

-20U 10 50 25.9 44.8 


- 1 10 


1 lo 21 


9 10 !R fi.O fil. 


25 to 38 29.;; 38.7 


5.2 . 4.7 - 0.5 - 4.5 

li-ti 4.S - o!ii 
























Financial Times. Saturday. Npyen&erlS- 197$' 




new tap issues provide feature in stock markets 
equities smallest so far this year 



I/i-uling Dale* 

*5 IT' i ihelura- Last Aero mil 
I **;:i lin f ion*> V>i-aliii^r> Day 
«»(-■. ::o Nim. !• Nin.in .Nm.il 

W. I-! N’nf, 24 Dec. -1 

\o\ -7 live. 7 I»i*c. Ji Drr. !!• 

• S"*i -im? dsaliri; ma? lafcc pi.'ite 
from $ jo j n. iwa hujirctt dcayi earlier. 

T; i_. i • )li! !irf Inv yv-- 

. .1 r irtct* :,) T nc 

c.. i • i :*; !•-. «■•( ;h«- ;r.«nnu 
C<;t. 'iv- h; d .i pirC'ii- 

i.- -■* *!.■.•* ilu- in*.trt i 

lii.-i'.; h»,j |.ul)'i. «::• 

r^'isct'Ti i" •’•unmiJ 

■*i • m- i :> . • ••rr.-.- fi.ii ■ 

• !.ri:i»h 

: . i. i .. I'ghtly h:iri'*T 

I«U -Ill> 

r. ; i. • .r»!'M»mi , * , nu*i-!* 


•'•••• t« 

■ »:i- -j;-— If I«1_: :■ rlcfcn- 

• . ::i .111 I ;i.l : i> >'■ 

-! i>;ii.-r:ilr-f . 

fi-KHIi'll' 

• i :"i :i-l iif .in* 

• .:•••'• iin-mi'.lv 

• v . . .in *i 

i< • ilih |, ii.‘li 

;• . i :!i- ;u:.r 

.- ■ ■■» : i : ! ry 


/,r- 


i '. r. i- •: 

i ■ • I . i 


A i 


. r - '■M-hnaii-n 

f -f‘ rvr: i u> 

• i Hi 

-.-iT- ci :-nd r.tnlicr 

■ 'i:: I • v i ■ i 1 1 i ! !i.- 

* •{■•i'U'e =*' ':>••• 

:!i 

'•■f f'u- ri'iifibcr m: 
'•■•■■(I i<>r i hr- 
r: - 1 ■ j • >f •iii'ni"* i ii.i : 

I Tj 1 in*- 

■. 10 .mi ■•.'I i ] » ;> 
i I- ..«•-! i.ir* - mill". 
1 1 *l ■ .:lu! li T 1.1 S ! • .1 
•• -t 7 -_\s. :r.':-r 

1 mu] 

•r." - * i". i" i Mu' fill In- • 
-. :• :ii.lr\ i-n 
.. ».-{ i.M'iyr wii 


•'!. • in;:c- sn.ntv ft!"- 

; v • ili.-- •; - •■.--.i:! ..‘1 >liy 

:T ,• i: [•■ v uli ihr 

- • ■ n;'.\ f.ii.ui«iyij 

!.• i‘- i- :« *».’r « cn‘ U'v'.. 

>i M. - • ; t- •■.ok 

.j : ."■r: ^ . !'p.i hi7<i‘ , i'. 

■> •-••••' or* !»•:; -.hi-n 

.- , r. • ••!.*• pi. n I !:•:».• 

. - •• r- iii'i'icvi. !(,•;!! «’.r 

.. -I •• .•••._ : >n i?*:n- 
. mnn; ihe 

......... v. i-rr 

• • ' ■:::•■*■ • .ini • iif yr'vl 

■■ : ■:*: ]•• (•!* ..fl*T 

,t..- • i-T - 

r.t -tori*- Tin' 

• ; iv*. * :.i nnr- 

:. i" :. 'i*- :’:i : : v -h.’.iily iifii.-r 

:.• • • . • |irr- 

’i-. I,.;.- ilp-aiirL* — vi‘i’ 

• r -I i. ' • liri-:’ 1 'i|M<- I* 111 

I : i- uii .■ 

ii- • 1 1 • i' p:i f i;*iy':iv I he in- 

-I ii; i.’i- ■\c. , ikm , *‘. rif 

• ■ -*ci * '!:«-n 


..m,....- t ,f* j| i n t'lticp (ln\t n on 
: ; u,.y at S7. aiirr SSI per rettl. 
Vf«; .• r ray\ S£ run or. -si on rector 
v:i- lU.TUill. 

M ; r-i'»rin ’ ih*' ^iji-iiy of 
hij* ■ :n the eou.iy marker, 
mu r. tn Tr-Jvd Options 

eor‘ider.-:ily ..i«l ihe 
•••'■ e *n!ric: r c-jii 
■ r me 27 1 compared ’■ i;ii !h»* 

f.rr"i ,, :> ah.l and 1 '.it-srlay's 

l.'JM' 

Jus. brokers react 

i ’.t y'n !. ie r if/e 1 .: non rli?i 
s»-il 5 «ii'k Fiirlms p‘on* in mrri:« : . 
■ . K.mhI Pa;, ne and rhea 

;. ,: iiiT<; thi- i->i;>ih;ned bu^ine*^ 

^ : ':i Ai-"..ir.dtr Xleyander 

'hi- L.S -c..:rWi;»l r<U a 
[I lire; •>.’ mipri-.i ir. >i[)ivr hi-n r- 

: in.-' W-rp .'ij'liTil.iv Doaliivj*' 
in .-..i 1 _»MCh. '.xhicii v.erc 
.-i;-;- i.ii.'il a; ^ 1 Hr • roinr to the 
remaimd fm/ni 
■ v.ii ;••• levt-li-iiiniyni.*. Share*, nf 
Alrvanilrr ilowiirn. ..hich ha- an 
t* i ■ >:*. A.. ■jn<i A >er‘. ire*, fell 

7 [<> tihili. - ||***>*- •«! 7 anit 

* : — . veJj v. t r*- *een in ( . F. 
lli*ii lit. J'>0tv 'in.1 Willi- l-abt-r. 

Mailhrvi< Wrizhtsun 
■;il • • . • •< •*.<• * 4 in Hi-;,, ailyr lii.ip. 

sli.s" i*ohin-nn rear ltd H to 

i 2 -;i- 1 »n fhe o’m>r hand. 

f'lirMupluT Moran clu-eii 4 !i:uhor 
v ’.i • Ara-iu funipo-iic-. 
Itnjjt*. .:-ired •; i *) fniiovin" 
Pn -' c» a i! nielli on Hie favnurahle 

!iiiri'.-f.*j.i:*te r tV -ii r^' :uiil Unnihrtt 
l.jlr. ' :i n!er at runtinuni 

•.>. ■' Mi ■•'r'.-n.'lli fru.n a lipilii'i''* 
•■ii 

jr.'--.--- in :'i* ni.iior rlrarum 
ii. r.!' • • i ;'»»!;» I Miiiianil rn*r 

f-dli'v. in-. - m-'- « «if 


(Uiuntte^ Truil doc? not mieriri 
io launch a full-scale oid: BMC'- r 
recently announced that it had 
iionyhi a 10.2 per com slake in 
’d'ardle 

Stores quietly liriu 

fVuiet rtnidilions in-evarlod m 
loading Smrc- which ended ihe 
veet on a firm nolc 

Dcsoitc a paucilj nf busuie.-'. 
Kli-c;ric.-J Ipadcr.-i displayed a 
■ lichtly lirmer (rend. Fnroura^ed 


Lack of progress itj solving the 
hread -trike “failed io dep-"-^ 
A.B Koods which impro-.ed >\ 
nenny to KDp and RUM which 
hardened I to .11 .'.p. t.’rher Food? 
marked time and close'! virtujll.v 
tinHiAn^ed. but Kwlk have c2serf 
a I'enny f u: - a two-da> fr.l! nf 
fi io Sip on the annual results 
Rowntrce Mackintosh pnivided v 
notable firm spo: v itii a nf 

« In SUlp. after yP4:v 

In quieily firm llnicls. Tpecu- 


its near no per cent siake. Haskin? 
and Hurion fell n io 147 p for a 
decline on ihc week of 23. Thurs- 
day's confirmation :ba! bydro- 
varhon.' wisi al the Foruscue 2 
oil welt helped Broken Hill Pro- 
prietary appreciate 10 more :o 
liT-lp. 

The cnniroiersiai television 
vorrer vonlrau neuoiiAted with 
the Football Leaeue JlfTt-d LV.T A 
2 to 14r;p. a sood market of iaie 
on Press- m .-.pi red bid -peculation. 


nit.r -•% 

-l.!i if. 


- Fir:..- 

• .-h Ii* V 

H’-ilH P:i. 

• -IL-- vi.-'i: 

“it ‘. ,; i.‘ 


mil'll 1 i..n 1“ 
ii.llv-u- m-il -tub- 
lie firm iner- 
'i-i.tiiri'tl -it :» 
•n \N/. i»n hii>- 


F.T.- Actuaries All-Share Index 



F.T.- Actuaries All-Share Index £ ?_ 
Adjusted for Inflation 


v f ■ - 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


l-n3 1«W iflnS I9M 1967 l«l IMS 1970 1571 1972 T9 73 


IJ75 1576 W 


m.- :.'n-,'ii: of M->ni|.i" « nri-I:ili.ii:.r> 
r*. - 1| ? - . Standard l hant-ri-rt 
■j. in .j IJ I.* 41"" hill ll.ini: K.uis 
ami 'ii.inshji Jti.-iim-'J v )»» l'.wi- 
T i.-sisp-i |irr.v:il»-fi rhe «m!t 
i:i..' i m n'* "f !!>'•:• m -iih-liH-d 
K’l.'ii'n-j • Moil l a urn- I.. Mrjer 

•i— i -rl :! to si'.j} m •.-•■ii I : li ■!•'<] 

p.-.-p. -i*o :o lh-.- £ s in uifiiii-ilio-i 
..* r..>u-.'; ■*.-;>( N.irni .n. .mrt 

I*.irk*-r •_ 7 I" 117" mi l!v 

.».. ••■v ."H'V O! .< f-'V hlivcr* 13 
.. r r. ; i ni ckel. Ma“iu-i ami 
Siiulhcrns j.'-u fminu - iiiip.irf and 
1 7n ;■ r - 1 rc-iJ 2 'o 1 L!;cv h?--.-. 

Moilrrn I'nsilict-r^ of UrKtul. .-if 
4-, :-r-» -T- crcd - i*. Thu r il:it ’« fail 
- ihai <i Cio mi .I from ihc "-ilh- 
rlr.i- -if rcc^m • pucn !:il"c 
sir -iii-r. lju! Ihsiork Jt»hiiM*n 
• *i*.i 4 ;o 1»H" \lv ul 

Moirir.y * interim ilaivnicnt. 

Ru^h> Pun land rcmcnl pill «*n 
j prrsty 7flp. -.-h : :c hmi- - c- 

’.i iil-l-.-r*" >lllhur>. a ri-ni” marki ! 
r»i-i.-" - .l> oviiinn.- the inlcrim 
rc-.uli-.. hc-ri ar .»+i). 

Ant--:-: "f Tlrjr-t 1 : y‘- ilirrtl- 
miij-dc- 1l-u:cs. IO -h. • tied 2 M 
:|i'.2i.. ioi -*-■ ri<c un Ihc eck 
of s . v-hiSe Hums -'ased 4 l" 

I •-.-a f-ir the of .'507 1 • Rcwniiv 
Iiriii Bernard Uarrflt* *ht*d a 
pi-nn:* to :Uj.- un Ihe uci"? lh:-i 
Birmmjjhi-m und Midland 


liy ihc opiiniislic ten nr nf i In- 
fill] report. K.MI t-d-.-cii up - In 
l.'lp tiKI! ii;«r<U-m.-tl tin- 'Hint* 
niiwuni in li 1 7|. fnr a rise nf !' 
mi ih»- mvk. wliih- Thorn tni- 
{■rn'.ccl ii in :iri4p. RNcAlu-n-. 
I nilcd >t'ieiiti(ic. a puri't-uUuTy 
spi.'Cnliitivt- m.irkcl. i-;uiic on oiler 
ruui toll I ii io -JIM 1 1 (Aim plie!) and 
LlierwtH.d niitr up .» in 1'J.iii. hut 
Uaral i-nniiniit-d iirmly and pm 
on anoi lu-r - io 

Kn^incerinu lcadt-r-t p;i»-.i*d a 
time! and uneven t ful M-%aion. 
'•vtMivJary is>ues pre.-»en7cd -** 
mixed appearance. Amwi: the 
bl ight -p>ipi. bi-iter-than c-xjiccied 
hnir-yi.--jrly ro.-ulls left I-'. II. IJoyd 
4 hi u her ar Hup. while Ihc reiurn 
io iirufilabk- (radintt mi the half- 
M.-r-.-e prompted a penny ^ain 
m ISp in fl and J Hill. Kuiloiuh 
mil on 4 io I .*.0p and -jam.-, of -T 
were marked auain>i Martmiair. 
2 1 up. and Northern Mn^iiiecrins. 
i:ill» RatrlilTc Industries hardened 
*2 to a peak fur the year of «»#p. By 
v ay of i-mitnisl. Wad kin t-n- 
••ounterpd 'CtiUercd o|ferin4S ana 
H - e un •> io l sup. while S«*rk 
t-:i*'.'d 2! io T7p A moil? Ship- 
builders. Swan Hunter hardened 
a penny in l-lSp following a re- 
port that the emupstny t>i)l short }y 
announce dclail- of us reeori- 
•urticiion scheme. 


la live interest Jified 

■ io 2 lap. 


J. W. Spear down again 

Narrow ii i f.^ulji < e t:t o*<- 
jnems were the order us me <la> 
m the miscellancou- Indusinal 
leaders followin'; : lie quiete.-l 
(lay’s iradc of ihe U-.ir -.n far 
Bee chum rhea pencil 3 :•> fil-Vp. 
making u fall of -im -.• " ednev 
day’s shock annoum cmem oi the 
proposed £S2im ri-.-l’l* nsue. but 
Roots rallied ii to 1 !'.>p "ii further 
consideration of tin- inierur. 
results. Wall Si red influences 
prompted an impwemcn: of 4 :o 
244 p in Rank Orsanisatlon snd 
Metal Bus becunie a sieadicr mar- 
ket ai 302P ahead of Tuesday s 
lir.sl-half litrures. 

Elsewhere. J. W. Sp**ar -lood 
out ip'ain with a lunhcr relapse 
nr 2H making a iwo-doy drop of 33 
follow ins cormnem mi ihc interim 
proiiT*. setback. r»i«:.ppiiintiivi 
anmiiij results left "W" Ribhnns 

down at .i"p and Yiners -vfien. d 
a penny in 24!p after ihe umis.sion 
of tin- interim dividend and 
reduced half-year earmns' 
Sharply lower interim t>rofii« leM 
Maurice James Industries only a 
frad ion cheaper at J2jp while. 
<nll r't-llcclina di'apptununoni that 
Talbex. ; easier al 13; p. had sold 


.•l\ddletii» Norion and Mri?hl encoiinicred 
per a i -le m .-nirdl buy ins and added 
it io 1 4_'p for a r:.-e on the vi.-ek 
of 2ii. 


The e-?ni;;i\icG .dj^e/’ce uf n 
.-olution to liv. -Ford ? trike lef' 
Motor Di-iributor- .v.arair.aliy 
lower. ( jilTjns. !*7p. and Charles 
Hur-*). ^*r»p. boih eJi.'Cd 2. Western 
Motor lo-t 4 in 30*jp after fore- 
cast inu in i he interim iisuemeni a 
downirrii in ychrly iraam? profit. 
Pennine Munir bower, met 
'mail bu;. ins ar.d r-?.-e 2 to a J97S 
hi-sh of Ifip ESsev here. Oowi? 
ro'c 2 for a sain of 14 on the 
week to 2«o-j on oruItniiT. .ibout 
u> Chinese contracts. Lotus 
hardened another couple of 
pence io 49p on luriher eonsidcr- 
ntion of the De Lorca r. agreement. 

in Paper Priming*. Clondaikin, 
..i W7p. "avc back 3 of the pre- 
Viou- day’-* jump o: 12 rrra: 
stemmed from an investment 
recoin m end a l io r. . • vh ;» 

Kitcaiuplus. STp. were- unmoved 
by ihe interim result? 'announced 
in laic dcaiinss. Elsewhere. 
Sautchi and Saatclii cnn'.nued to 
benefit from Press- com men: and 
ruined u more to li7p for a r>e 
on the week of 22. 

"Propcriie' cio-ecT ai. or near, 
overnight level-- ;'a!!"v. in^ - r ;. rt r- 


ticjiarrv s;©» trade AJtead of 
re v- Thursday? interim re soils. 
Capital and Counties hardened a 
f*?cr;or. -o 5S»p ARd. ahead of me 
expected annual results. Tob-h 
C entre tinned 2 ‘o 7Jp. C- H. 
Rea/cr added 2 to S!p op. recovery 

hope?. 

Oils mark time 

j j 1 5 . sharos iradtti fiiirBiUBly 
quietiy a.nj rarely strayed far 
tf roir. " ovcmsii* closing, level]?. 
Shell at 372 p. picked up 2 of the 
previous dsy'* loss of 7 which 
foFo'-'Vu the disfeppoinijns third- 
quarter figure?-. British Petroleum 
;::*o escec up 2 to ftflfip. but 
Rn>al Lluich. ; lower a! £42f. 
reflected Ecilar premium influen- 
ce?. A ic- pence easier at I2Sp 
at or.s Stacy. Lasmi. picked up In 
cio^e without alteration at.lSSp 
folio-.* ‘-py the announcement that 
the additions? bank facilities Tor 
the developir.tr.- of the .Vinian 
field ha-.c beer, satisfactorily 
concluded. 

lr Uver-ea-- Traders. Great. 
Northern Telegraph 'added ' 3 
points io iit« or, investment dollar 
influences. 

Amort t Shiprings. British and 
Commonwealth responded . af ref h 
to the iicTicr-thpn-exnected interim 
rcsul:? v ’t>. a further rise of 6 
to -297 p. — hlte P and 0 Deferred 
rali ed 3 to SOp or. the company's 
nen .a; ;ha: :t as seeking Govem- 
men: bid. Elsew here. Mersey Docks 
units riC’.ed 5 ; to 33p xoiiowing a 
Pre»j reoon that the company i? 
rot selling us South Docks 
Proper- > . 

Textiies closed 
TUi rnr ■ ;y mixed, where changed. 
FoFowina forecasts of improved 
slur. I result ■*. Radley Fashion 
touched a ibTS peak oZ fiOp. before 
fca 4 .:r.4 ; .o "jpp for a net rise of 2. 
David Dixon again attracted 
inter*'-, after Wednesday's ?ood 
and ended 4 to the good 
?: 174;- Ahead of next week's 
inter. m lenient. Riviaetea Heed 
siipp-ec 3 Jo a H»7S low ol B5p. 

Golds better 

A r.-.odesi raJiy in’ the .bullion 
nricc. v h:ch closed S2.823 better 
<•- <1 L , S.u 25 per ounce, enabled 
South African Golds to end. a quiet 
■.■vc' 1 on ^■,eady note. 

Tbc Go d Sflnes index rafiied 2.4 
to ;01 7. bu; remained 4.ff lower 
over the week, while the ex- 
prcn-.iurr. index rose 2.9 to 94. A 

The share market attracted ? 
modes: buying interest during the 
morr..r.a anu started to pick un in 
the & # ;e.--hotirs* trade as American 
buying became apparent. In ;he 
heavj-v -eights Western’ Holdings 
rfewO' ered ; ;o £14. 

Lo-.-.er- priced issues generally 
made r-rogress with gajr.j of 
between 7 and 11 in StHfontein. 
273n. WinkeLhaak, .oSflp and 
Welkom. 217p. 

South African Financiais traded 
auiet?:- throasrhou: the day. Do 
Beers hardened C :o 34(Jp in 
rcspon.se lo Cane support, while 
Anglo American nut on 2 to 29S*i. 

Lon don -registered issue* edpied 


FINANCIAL TIMES STOCK INDICES 


>w. : Jfw. ■ Xw. ' 'Hot. * Xor. " 

r IT ] 16. "• Ij l« .• M • ! 


.10. . «RO; 


Lr-.«»K "IPCr. 

F-x6.i j=lcre-.L. . ... , 

tn-iMM-vi 

G-j -i Win*'... ..... .. 

.\! :i^r* b i-S ^-rn . 

C»m. D— . Y:c.u. . .. 

£.-t Kiit-.- net* i*. 
Iies'-cz* marked . 
b'1-iry lursiwer jJm... 
T 13.1.1 01 tBUL\. 


SK33-.--WJCT; 
69.63 69.56 
472^ 472.0 
-131.7, 130.3 


94.4 
- 6.07 


; 91.5 
6 . 02 : 


Ifi.Ofr 16.06. 
- ' exfe «-j»: 
iiTse:;. 3.9oe 
~. - .64J& 
• ■23.402 


6B.Z8: 

69-52 

475.6 

155.6 
95.9 
5.72; 

13.99 

- a.iv 

4.936" 

74^6; 

14.545 


6fl.2e’. '67J9B. 

69 .4 1. 

487.91 ' 474J.' 

■ 436 . 4 ' 

99-7; 
5.7 V 
15.94. lBu97, 
8.30; - 8.1* 
- 4,24 T, 4.373'’ 
. 72,10: 65.78! 
14 J 2I*,13.373j 


100.3; 

5.59' 


67.9iT 
6986'. 
473.8 
136.5 
99.1. 
6.75; 
16.07 
6.07 r 
. 4J9S 
. 75.43! 
14,329? 


76.59 
79,03 ‘ 
480.5 
143. J r 
1° 9 A. 
8.5fi" 
16.81 
&M 

63u2£. 

1Z557- 


1 pa 


10 am 473. L U am «2.j. X«m 673-4. 

; 3 prc 472.;. 3 pm 4»2'«. 

Latest Index 31-236 Stttfr. 

- • 'MUIJS. . . : ^ . > 

Has;? ■.SO c«v:. Scrs. LYJ<* 2H. Fixed int- IKS- Indr Ord. I ?/ts. Gey. • 
Maes 2 S 53. Ex-5 pm index Maned Jua*. 1973. SE JVctJvily Jtjii' J DBC. 13c. - 


HIGHS AND LOWS 


s.e.: AcnvrrY 


ISir 


•' "'nrt- t.<,m|Hlnt<iiii 


H.SI- 


Hw - N 


v k«. 
i? . is 


F“.w?> In' 


Id-'. 1 


M ne 


t.x S . rn . 


le.Pb • «j7.9«_ 147.4 «9.lo 

. io.i u .f«*J»' ’■j-'iiKei I28 : f>' 
61.8? 1 68.40-' lsO.4 _ &0.6A 'peco^cms J . 89.?'. 51.1. 


legi 

• it - 


434.4 

' s49.e 

. 49.4 » ' 

.L-.'i 

M'o.ii. 

■ i».*s40. : ■ 

130.3 

-P.J, 

-*4Z:a 

7s 

4 < f. : :*dByAte»^p • 

SS22K2: 

90.3 

a33.|. 

. 3*-J 9onn>*ni<v«>,„ 


■ le-4, 


forward in line with the equity 
marke:. Cliarter Consolidated rose 
2 io 12Sp but were- still 4 lower 
on the week reflecting disappoint- 
ment with the half-year results 
announed on Wednesday. 

ft was a poor week in Aus- 
tralians with prices drifting trr 
line with overnight Sydney and 
Melbourne markets and business 
down tw minimal levels. 

Diamond exploration stocks 
continued to. faH away with 
Cou/inc Riotiuto another 3 easier 


.HI 245p and Akhttm 2 cheaper^ ‘ 
56f» Oh the other -band, The - iSa 4 
. p reducing; 'OekbriiUtBi-SOM ;-4rV : L 
12SP despite — the" -~cf£iinnatf 
warning at the annuaJ meetip :• 
tharhaff : year profits vriHh&ibwe 
Else’.vhere, Westfield . jumped’: ‘ 
further J22 to 250p— bripgloy-th , 
gain over the week", to 
renewed London; and -Car^alq _ 
buying following the latest pis 
gre^ report, fitorthgrste, nel 
holds 45 per cent of WestBfek ' 
rose 5- more to.44Bp- ra sympattr 


LONDON TRADED OPTIONS 




•VwA 


Ex'-ci-* 

'Wh» • 


| .i->lliii 

Lff*i r'-Vbii'.: 


ido-nis 1 '; -'• 

? offpr , Vo*. 


lU«iQy 

offer, 


. - Equity . 

A>-. ; , ; 


l'l‘ 

BOO 

40 

S .. 

. 72 ;• 


'■ 90 • 

— 


■ V 

950 

12 

- ■ 1 

■ 39 ! 

2 

65... 

— - 



160 

l»i 

4‘ 

* i 

— : 

•••'- 8 


■i ~143p : 


160 

19 i 

4 

26 1 

c 

- -2*Z 

■ -w 

; -itop.m- 


ISO 

Jt 

29’ ; 

12 

IS 


m 

L-.a >6uU • 

ZOO 

2 ■ 

- - 

5 

-io 

10 - 

— 

- . .. 


no 

■ .a : 

• 4 . ■ 

1112? 

— 

- • 14 j 

— 

{ ■ 

ti ft • 

300 - 

a* . 

28 

34 ' l 

io 

i 44 - 

— 



330 . 

8 

to 

17 ■( 

— 

27 

— 

: 317p:-j 

ill;' - 

360 

Si« 

-TO ; 

• -aia! - 

9 

' ' - - • 

— P 



120 

1 

ii ; 

4 

l 

- ‘ St = ! 

5 

! 105 p;... 

M ! 1 

330 ■ 

41 

1 

91 : 

9 

' . 

— 

562 p r J 

...1 ! 

360 

20 . 

13 , 

. 28' l 

. 

; .- 3a 

— 

.*■• ■'} 

:i ! 

590 . 

eij. 

a ' 

12 , 

• 6 

-V 20 ... 

-• 

. - m y 


to ; 

17 -. 

- .* 

ip : 

. 1 

£1 

S 

85;> ~ 


80 

8 - 

2 - 

12 


■' v 14^-: 

— 

’ £ 

l--- 

90 1 

- 3 15' 

6 1 

- 7 , 

c. 

81® . 

. 

* ■* ■ 


ICO 

-V 

7 • 

3 

: -6 

- . | , 


• - ... ^ 


500 ■ 

ao . 

__ 

92 . 

1 

• - - 

— 

1 57Bp^..: 


550 > 

31 

5 

92 . 

. -- 

- 83 

“ 

*. 

1 

600 

6 ; 

11 . 

23 

4 

35 

-• 


TiRBl* i 

• ,■ 

1 

154 " 


74 

• . 

18 


r 


.Vr'venitw*. '■ 

Fr*»*rit«r\ 

*- Alar 



1 

200 

2 

5 

11 


19 

‘ 

! J27p^ 

■’ll l 

140 

• 12 - 

. .5 • 

20 

10 

*-• zo - • 


JSip-.. 

EMI 

160 

‘2. 

" < 1 

at«> 

■« 

1 . 13 

*■■9 

»• 

’-’H 1 »*, 



10 • 


. 10; 



v< 


” 


‘ 







RISES AND FALLS 

Yesterdav 


Up Oswn Sam? 


On the week 

Un Dawn Same 


p- p 11" - 


IS 

3 

57 

llZ 

11 

205 

C' 1 r-i* T-.'-n 

ir-I Fnr?l7n Bunds 

JO 

5 

J% 

M 

33 

31 

f ft r *.,1- 



s* 

754 

i.n* 

1.47J 

4.434 

rinqnoql 

Prnr 

30 

103 

551 

514 

533 

1,458 

o,-« 


I 

5 

;« 

57 

34 

<M 

B l»niAI'pn 


1 

U 

i« 

10 

47 

•4 

Min*'. 


*7 

42 

sz 

L57 

2S7 

2*1 

Brr^ni l« , JH 


5 

1 

u 

23 

18 

7b 

Tn-al- 


500 

531 

1.5»" 

2 -uT 

2.430 

6.847 


ACTIVE STOCKS 

YESTERDAY— 


J.- 




N'n. 

nf 


Closing 


Chan 3 a 
on day 


197S 

high 


197R 

low 


r -v < >. pf. •'(*,. 

it 

II 

sn 

— .: 

J IS 

1 » 

PccrV-r.] 

-•‘ft 

1 

«*»> 

- •* 

742 

:>S3 

F'-'ir-.b.- Bank 

(■; 

s 


- z 

r.tis 

296 

shell T;'. : n . 

:.»j. 

s 

■)72 

,1 -1 

«02 

-IS4 

R \T* D.'f.l 

'i-'p 

T 

23S 

— 

:w 

•WJ 

U*v.f|« Bj.i-.V- 

r ; 

T 

2-i.i 

- 1 

■j'.lT 

242 

MarL -V. Sjicnevr 

2-"|i 

7 


— 

9-1 

fi? * 

Merrf-v lifick.s L'ik. 

— 

7 



■m 

12} 

Boot' 

23ft 

R 

ms 

-4- .« 

217 

1S4 


f'.r-r- :i 1.1 . ' N'i.-w ’ 

•;kc • - - 

ir. i 

HT7 ... 

*i' i mi ri Ch.-Tior-pfJ 

i.’m lever 


Nil pd. 
2-«p 
£l 
23 P 
£1 
25p 


-12 


iff pm 
.740 
421 
2«.H 
432 
«D2 


fiipni 
2.73 
32R 
ffi4 
778 
476 


fi 4Spra 
a 717 

fi 342 

i; 234 

fi 410 

fi .338 

The *i h.'*, c h..i ‘V icni e ^loclrs m bused on rl:e number of harnains 
■> n'flc't I err/, i ;i :w ifir Official f.f.si under Rule 143(1) ( cj and 
■,'t -id need •■'.f/fi/i ix Stock Erchnnge dealings. 

ON THE WEEK- 

xo. 

197S 
low 

7-»n 
4S4 
328 

•>*i“ 

2Ufi 

233 

.183 

1571 
236 
164 
J06 
S7 
1S4 
226 


Itr-nrmm.i 

■ iif 

Clnsint: 

(Jh.ir.~e 

ItlTS 

Sr.-.r -l- 

pen 

marks price ip) 

nn week 

high 

F-r 

ri 

77 

nnH 

2*2 

n->fi 

'h-T| Tr.mspnrf 

2.1ft 

7fi 

172 

- 7ft 

fi02 

;r;; 

£1 

lift 

102 

t 

421 

BAT* P-.-fil. . . 

2-‘> ft 

12 

225 

- r 

504 

F ir*.l:,yv Bank 

£1 

nn 

:I4.» 

T- 3 

.fits 

GE«" 

2.1ft 

42 

.717 

4- 3 

34ft 

F * Ci psTrl. .. 

i\ 

42 

Sft 


IIS 

f>r,-ha-M 

21 p 

41 

fit! 

-2ft 

74.1 

/ ,t rk ,V Spencer 

21 ft 

4ft 

S4 


94 

i;r«' A 

25ft 

::s 

noo 

4- fi 

540 

HTZ . . .. 

2-i p 

::k 

234 

+ 3 

2(53 

ri.ici! EIO-.'-. . . . 

2 -ift 

;:.l 

31» 


562 

Gr.snd Mei . . 

inp 

24 

105 

4- 11 

121 

B-ioi' .... 



19S 

■- A 

237 

R^nk «'Tg . . 

21ft 

PS, 

244 


296 


BASE LENDING RATES 


A. C :%. Dank 

Allied h'i»ii Banks Ltd. 
American Express Bk. 

Aiitro Bank 

A I' Bank Ltd 

Henry An-d.nclitr 

As.snci ;tic» Cap. Oup. .. 

Banco dv Bili'u«* 

r.;.n5; of Credit & Cmce. 

Bank ni Cyprus 

n.utk Ilf N.SAV 

F*.-'W|ui? Bclpv Ltd. ... 
Banni:..- du Khont- 

B. irLl.'j's Bank 

r.iirn»;li Christ if* Ltd. . 
r-reniar ilnidm^s Lid. 
P.rii Elar.k nf .’it id. Eh>[ 

h Briiwn Shipley 

i..i>iada ferm't Trust .. 

Cayrnr Lid 

Ccri.ir Holding 

O i.-iMrltThnuse -L»phct ... 

* lioularions 

i' E. Cun let 

C'lnsiihdaled Credits... 

' /i-oji,.Ty;ite Bunk 

■jurinlhinn Securities 

credit Lyunnai? 

Duncan Lawrlo 

The prus Popular Bk. 

Engl I Trust 

i rr’li>h Tt , Hn>a , :iL ••• 
Fi.-'i N 11 I’ in. Curp. ••• 
1 11-'; S'.'C.s. Lid . 

E \n;onv 1 iiMi.s 

i.r.-ynoiind ‘.u.-raniy .. 
<ir::idis.s* Bank 

E3 ; .u;nP r -- : Muhon 


121% 
12.'.% 
121% 
c:-% 
12;^ 
121% 
121% 
121 % 
121 % 
122% 
121% 
121% 
1-1 % 
121% 
121% 

12 ?% 
121% 
121 % 
12: % 
121 % 
121 % 
.12*% 
12*% 
12]%, 
12*% 
12. : n n 

i2i'-i 
121% 
111 % 
12s% 
12 !% 
12 % 
12 % 
1 2 * % 
f2‘% 
I2J% 


■ Hambros Bank 121% 

■ Hill Samuel 5 12+% 

f C. Hoare & Co 121% 

Julian S. Hodge 131% 

Honekong & Shanghai 121% 
Industrial Bk. nf Scot- 10 % 

Keyser Ulimann 12|% 

Knowslcy &. Co. Ltd.... 1-11% 

Lloyds Bank 121% 

London Mercantile ... 121% 

Edward Munson & Co. 131% 
Midland Bank 121% 

■ Samuel Montagu 12J% 

■ Morgan Grenfell I2i% 

National Westminster 12i% 
Norwich Ct nerai Trust 12*% 

p. S. Ref son & Co 121% 

Rossntinsier 121 % 

Roya 1 Bk. Ca □ ada T nisi 12-, % 
Schlesinger Limited ... 12* % 

E. S. Schwab 134% 

Security Trust Co. Ltd. 131% 

Sher.ley Trust 14 % 

Standard Chartered ... 12}% 

Trade Dev. Bank 12} % 

Trustee Savings Bank 12}% 
Twentieth Century Bk. 131% 
United Bank of Kuwait 12±% 

i niieaway Ladd I aw ... 13 % 
Williams &: Glyn's ... 121% 
‘■■.'■kshire Bank 12.}% 

■ Mrv v -r*. it .-he Ar-n.-puna Houses 
■pjirr.iiipi. 

- 7-0 jv U'-i-'O.’.o !(•'-. imionili deposits 
10; 

7-iIi" d-.pf.i'r xn nim? iw IW.W 
am >>-i4cr it' T - Uf- to £33 **0 tot'. 
And ‘.'r liSO-M 10*- i 
: I’.afi dipoant *-‘cr fl OW »*<>. 

! p?FP*nd rf"er*;'« }il“.. 


OPTIONS 


DEALING DATES 
First Last Lasi For 

Deal* Deal- Declara- Hcltle- 

inss ings lion meni 

No\. 21 Dec- 4 Feb. 22 Mar. fi 
Dec. .• Dec. IS Mar. S. Mar. 2ft 
Dec. 19 Jan. 8 Mar. 22 Apr. .1 
For rate indication s see end of 
Share Information Service 
Money was given for the call in 


Lorainc Gold. Burton Warrants 
Ladbroke Warrants. Valor. Bar 
ker and Dobson. British Land 
Lonrho. Radley Fashions. Town 
and City, Premier Consolidated 
David Dixon. Francis Parker. 
Ultramar and Talbex. No puts 
were reported but double options 
were arranged in Stonehill. Bur 
ion Warrants. Leigh iuferr-'l* 
and lniereuropean Property. 


NEW HIGHS AND LOWS FOR 1978 


Thu following securihci auaierf -<i t«* 
Shjrn Information Service *e««rd»/ 
iiu.ntpd ner, Highs and Lows tor 1978 


Mori ar.d 


NEW HIGHS (10) 

BEERS >1) 
BUILDINGS 'll 


Parke, Timber 

ENGINEERING HI 
RAUliffe Industries 

FOODS HI 
Edwards >Lou-s C.> 

LEISURE ■ 1 1 
Honor, ard Wriont 

MOTORS >11 

Pennine Motor 

TEXTILES >1) 

Raolev Fashion 

TRUSTS <2> 

K«Hoclc Do. Conv Lear 

OVERSEAS TRADERS Hi 
Gr-at Northern 


NKW LOWS 1 1”) 

BRITISH FUNDS ,1) 
E*<h«nu»r 3 b>: 1 931 

CHEMICALS <1. 

F.SDOJ 

ELECTRICALS «S> 
Unired Scicni.hc 

ENGINEERING >21 
CampAu Serrh 

INDUSTRIALS >61 

CsnircH 

Johnson 3. Bjrnr-, 

Soear .j, W , 

Turner Curre" 

W R, boons 
wood Hail 
TEXTILES 'll 

Kivinfilon p,*s 

TRUSTS I2> .. 

SPLIT I nr.. OoloSwnfM 

MINES fXI 

Lorain*- Kamunling 

Rand 


RECENT ISSUES 


EQUITIES 


i.«ue '!.«£■ Si* 1 
Pnw s — i s- 


19 W 


01*1 1 1 Lor 


Plrv-t 


? ; ; 
| : if + oir 1 1 1 5 r- 'j 


4aL-, t.K 24,11 4* ; Ai Amcliffe -»3 a2.b£, 8.4 8.8 6.9 

A 90 JO F.P. — 70 1 64 .Vsblon Mining bft.-„. .. 66 — 2 • — - — - 

K.p.ffltl *Oj I 04S temintl New 363 b6.7oI|.9 'tA- 9.6 

K.H 8411 56ir 27is' Manor V«i Urp. Mol r* 30 iB.14 1 \.s 18.7 10.4 

r.r. IS2 • 1W • lltchin-i-c- 113 - ~ - 4.7 


lul 

e* 


FIXED INTEREST STOCKS 


19,8 


— g C. ~l ' Hii-h ' Le 


r: + 


LflHlj 


L'lOC 


H.l'. 

LIU 

r.p. 

F.r. 

r.i*. 


C97'>: UQ 
f.l*. 
£50 
1310 


U991: 


Hat Bill- Anjciwt Varwl'ie t»ce 

I Inig' -**»• tiririr,. VaiemvrV, i\ |*n. 

II 107 101 i',*-«.ln- H-iiimi- I«HL'-iii, . >'i.w — • 

fi9l ■Wi ..Non man Ind» tv.. 

10 I -r lla Kr.n Lnuu-li ,r- 1.^ >.in.i,.or ..... 

1 -I Kii-h mao? "i-rlli i I sl,.n.j^H Wnlnr'EJ V6 

, l.H Klsl'>* , >h > llf,tiiHt. I l,.. |.lu ./ 

1 4y ari >-utliwarL * I'lljL J.-e.i l^i.. ... 

1 'll* Wm%i k-n. tt *,*, i > I*,mi l-*^\ . 


. BBi? 

, io 

103 

B9f 

las 

9\t 

125 

4£ii 

0>- 


- S 



“ RIGHTS " 

OFFERS 









Ctaun* -f- C-l 

Print, 

Uatc 

Sire* 

Pris* . — 

e: : : 

• > ■ ! U«pb i ; 


(•; ' 


30 K.e.i < J l-i4,l I 46 : 63'*:A»tbury a Medeies. . 

58 t.l\ . 30.6' 4411 »> zl B *i C c'..... 

350 'U — — 64pm «Spm, Hryn-n ( J 

67 '« 29/11. 5il. > l»piu 4 t2i»iitAp4«N.Veni... . . . 

la -.1* 18'lO iOU i* : is Lltnuue 'Varv. 

88 ‘M’, 1/11 O ils 110 10* ■F»Rben.-i»' A Harter , 

74 A|| -- -- Nr*iJin»i foil*. . ... 

ISS r.i 1 e ll 8-1* t7o ,.nir 


68 ... 
57 

48pm *2 
Sini m - I 
14 -i? 

110 

Si;- pm •• 

170 


R-a.irtciati.,n rtaie nmallr las* *** tar tfcdlin, free nf aunW 
aasen -n Drtcwecnis esumme. tf Assumed divirjenri and yielft “ *2^,, 0 rn„SSi». 
,i>T pr hw-en r.n Drprinus vear’s esnwi»i>. r OiTiilcnrf and vieM rL _ D j?' 

nr mlrf.' Affinal is'iniaies lor !»■•» o Crn.s, i Kuures ai*niw««- - ‘'"J", ’ 

frir cn*|T*pvinn ihurfiA nm onttr raukims fir <tl7id#n-1 m raDkfUA 
nwidPiip. > Piacinj wtee m public, pi Pence uni**-, niberu , s e ^ 
nv irerar. •' nfieren in holdirr «/ ' hil f e - ** ’ "11 «iih rwreanisa 

0* -..ar -f raaiisliTaUnn. « R«nrrnmiP«1. ?*I'vipiI ,r. «*««■ BpimM-rs 
w n T,-r K nr n- ta |miF«r. .f • IflimaiiWMB HInh ,,, ; m " r ,f T !5wmPlK l«ier> 
■ MTvjt.t! Ipnnr.s tor fully-paid... • Proeiinnal ar DarU?-Di«i lUOfrnKK 
Ir W:Ui varrutii. ^ 


FT-ACTU ARIES SHARE INDICES 

These indices are the joint compilation of the Financial Tiroes, ihe InstUate of Actuaries and the Faculiy of Actuaries 



EQUITY 

GROUPS 

Fri 

.. Nov. 1 

7. 1978 

Thur. 

Nov- 

ie 

Wed. 

Not- 

ts 

Tues. 

Nov 

14 

Mon. 

Nov 

13' 

Year 
ago 
nnm • 



Highs and 

Lows Index 

. j 

• and 

SUB-SECTIONS 

Ficurc' in snraDIheK* •no'* 
nurnhrr p, aiccfc* per trciion 

lnd?* 

No 

DV5 

flow* 

EjL 
c inner 
Tie.4 ■« 
,-Max.i 

Grass 

Dlv. 

VWS 

■ACT 

*33-.' 

Est 

PE 

Ratio 

dell 

Index 

Nn 

Index 

No. 

Index 

No 

Index 

No. 

index 

No. 

1978 . ' 

High | Low 

-Since - - - - • 

Compilation 

Hish . Low - " 

1 

CAPITAL GOODS (1711 

22738 

+0^ 

17.18 

' 557' 7.99 

Z27.04 

229J8 

23234- 

227.96 

202 16 

25628 

i»9i 

.183.95 

i2.'3i 

25628 il4 978r 

50.71 (1^127 

2 

Bui ldi ag* M aleri ai s < 27> 

193.17 

+0.2 

1629 

5.87 

7.52 

192.87 

195.69 

196.86 

193.67 

189.30 

226.68 

(22 8> 

166.30 

«3>3‘ 

233.84 i2'5.7?) 

4427 ai-lZ‘7. 

3 

icmrKcmtCdiisrdction iSSi . 

361.85 

*0J 

2051 

4.48 

7.00 

360.84 

56532 

368.73 

360.20 

327.40 

41931 

(14,‘9l 

• 289J5 

(63 1 

419.51 (14,9.751 

71.4B.iZ0Z7' 

4 

Electricals 1 14i 

531.33 

+05 

13.78 

3.50 

999 

528.59 

532.04 

544.91 

532.95 

42620 

583.77 (10/10) 

404.47 

(2-3) 

56372 (IO- 10:78) 

84.71 (25/6'K 

5 

Engineering Concacuirs 1 14i. 

358.71 

+05 

17.97 

6.20 

755 

356.79 

363.51 

367.92 

361.21 

278.83 

384.53 

llE'9) 

270.95 

, (63* 

38433.059/75) 

64 J9 am 

6 

Mechanical EngineeringTCi. 

178.04 

-0.1 

18.69 

6.26 

7.17 

17617 

179.80 

18L63 

177.88 

158 78 

204.75 

<14-91 

149.87 

J2 3) 

204.75 /14;9,-78i 

45:43 (6175 

8 

MeUismdBNaf Forainff I6L . 
CONSUMES GOODS 

160.8? 

*02 

1691 

8.B9 

8.22 

160 46 

16198 

16431 

16174 

15862 

182 91 


154 22 

127/2) 

18291 tia9(78t 

49.65 (6L7* 

11 

<DUBABLE)(S3) 

200.12 

+0.6 

17 58 

5.35 

763 

198 88 

201.67 

20283 

198 87 

193.29 

22655 

03/9) 

• 173.63 

(3.Ji 

227 “8 (21.-4:721 

.3839 -MTS 

12 

LL Electronics. Radio. TYilB) 

247.59 

+0.9 

14.68 

4.14 

9.55 

24536 

24887 

250.54 

245.76 

234.10 

2B0.21 

1 33/9i 

209.01 

(33/ 

280.21 / 13 9,761 

42.85 (13/12/7 

13 

Household Goods 1 12».. 

169.82 

— 

1600 

6.70 

7.63 

169.82 

170.72 

169.82 

169.45 

182.23 

19017 

il4 ; 9» 

16034 

<6'3i 

' 263.22 i4.-5.72 1 

63.92 (1702,1' 

14 

Motors and DistTibutam25i., 
CONSUMER GOODS 

118.49 

+0.3 

22.45 

711 

5.67 

118.16 

119.99 

128.80 

117.86 

115 60 

135.65 

(22.’8i 

. 10468 

l2/3) 

■17039 "(15/1/691 

19.91 (6/1/75 

21 

lNO,V-DURABLEi 1 1 72l 

204 54 

+0.6 

16.29 

6.10 

8.28 

20339 

205.51 

20946 

203.13 

196.51 

228.23 

04'9i 

179 46 

a 3* 

228.23 (14 9/78) 

61.42 (13.021- 

22 

Breweries (14) 

224.66 

— 

15.10 

6.34 

9.21 

224.59 

226.16 

230.27 

223.36 

225.17 

24137 

(.a 5) 

■ 204.04 

I27--2) 

28137 i28'117Zl, 

69.47 iD/Ufi 

23 

Wines and Spirits (St 

27a 89 

+0.8 

15.40 

516 

9.58 

276.61 

278.65 

28331 

274.70 

232.97 

301.24 

04/9/ 

229.85 

(2-31 

30124 04.9, -78i 

7888 (13:121 

24 

Entertainment. Catering < ID. 

254.11 

+0.7 

14.59 

6.92 

10.00 

25231 

255.09 

261:41 

253.74 

252.60 

28133 

(14-'9l 

219; 62 

(2/3) 

329.99 (1212.72J 

54.83 (9;l'7f 

25 

Food Manufacturing 1 18) 

201. 83 

+0.8 

18.85 

5.52 

7.08 

200.25 

20236 

205.731 

20(170 

193% 

223.85 

04:91 

175J7 

.27/2* 

223.85 04,938) 

59.67 (13/12/1 

26 

Food Retailing (IS)... 

216.69 

+0 3 

14.15 

5.46 

9.84 

216.00 

22174 

224 91 

220.37 

201.25 

237 92 

il4/9i 

176.53 

(3;3j 

244.41 .77.10771 

5425 OLT2fl ■ 

32 

Newspaper?, Publishing i!2t 

367.81 

— 

21.49 

6.58 

6.58 

367.69 

370.64 

37L78 

369.08 

33279 

421 75 

iMrfi 

269.59 

(2/3) 

42L75 H4.9'78l 

55.08 (6,0,71 

33 

Packaging and Paper 1 15/ . 

13162 

+1.1 

19.57 

7 56 

6 73 

130.23 

13212 

13Z8S 

130.91 

127 20 

155.65 

04.-9) 

119.11 

f 15/21 

155.65 (14/978) 

43.46 (4W75- 

34 

Stores i40i 

193.48 

+07 

11.89 

480 

12.09 

192.09 

193.60 

19A99. 

191.18 

188 57 

21634 

03(9) 

365.17 

(23) 

21654 03,9,78) 

5263 (biim- 

35 

Textiles, 251 

173.46 

-0.1 

18.82 

843 

6 89 

173.66 

175.69 

17679 

17333 

164 44 

19190 

il2(5i 

160.65 

. 1-2.37 

235.72 ,17:1-67) 

6266 (1L02 1 :. 

36 

Tobaccos i3i 

225.68 

+0.7 

24.39 

8.31 

4.85 

224.19 

225.67 

23030 

22121 

217.72 

266 50 

(23'8) 

21488 

05,2) 

339.16 (2,8/72) 

9434 i!3 iQjk 

37 

Toys and Gaines i6l . . 

90.12 

-2 9 

25.15 

7.17 

4.65 

92.77 

94.74 

9529 

94.25 

107 JO 

125 21 

04/9) 

90.12 O70U 

135.72 (16/l'70i 

20.92 (60/7! - 

41 

OTHER GROUPS (99) 

192.16 

— 

16.34 

6.43 

7.87 

192.25 

194.74 

19733 

193.48 

190.18 

223.24 

04:9) 

173.08 - 

(3,(3i 

22524 04.9/78) 

5863 (SO/7! 

42 

Chemicals! 19) 

273.70 

-0.4 

16.73 

6.91 

7.78 

274.84 

277.97 

ZS3.02 

Z77J0 

258.86 

31578 

049) 

238.69 

(Z'3» 

315^8 04/978) 

7120 (102:7 

43 

Pharmaceutical Products ,71. 

240.96 

-0.4 

11.98 

4.78 

10.11 

241.82 

244.42 

K0.49 

245.49 

0.00 

29L13 

04/9) 

228.41 

■<3/ 3) 

291.13 049/78) 

22841 (3/371 

44 

'iff ice Equipment (6V 

126.72 

+1.1 

19.17 

6.0Z 

6.22 

125 32 

126.50 

126.90 

12551 

122.65 

150.75 

03/91 

11748 

(331 

246.06 0-972) 

4534 (2/1*7!'. 

46 

Shipping ( 10) — 

400.63 

+12 

15.10 

754 

8.40 

395.78 

400.83 

40330 

400.42 

46435 

483.01 

ibn> 

395,78 06-12) ■ 

539.68 ria-5/77> 

90^0 

46 

Mi see) lan eou s ( 5Ti .... 

206.66 

— 

18.26 

6.82 

7.28 

206.57 

209.98 

21161 

20636 

197.91 

23636 

(14/9) 

17847 

)3-3i 

25683 (2/5,72) 

M39 \6nm 

48 

INDUSTRIAL GROUP (4851 

21353 

+0.3 

16.62 

5.99 

8.05 

212.81 

215.21 

121838 

21334 

202.86 

241.43 

04/9) 

18802 

■2/31 


59.01 11371ZC 

51 

Oils (51 — 

509.82 

+05 

13.71 

3.94 

7.92 

50835 

51L88 

519.11 

512.41 

507.66 

523.72 

123.87 

417.98 

- (131 

543^0 (15,977) 

87.23 (29/5,6 

59 

500 SHARE INDEX- 

23R01 

+05 

16.16 

5.67 

8.03 

237.23 

239.75 

243.44 

237.94 

227.80 

265.03 

(14/9) 

205.42 

(23). 

265.03 049.78) 

63.49 I13.12C. 

61 

FINANCIAL CRODPnWl... 

161.12 

+05 

— 

606 



16035 

16135 

163.47- 

160.46 

16122 

179.39 

(9/6) 

i5365 

(27/21 

241.41 01'4V72) 

55.88 03:12:- 

62 

Banks/ 6) 

18653 

+0.7 

25.03 

628 

■5.99 

185.23 

18839 

19119 

188.57 

184.06 

20436 

(2311. 

17158 

(27!2i 

.2863? (207/72r 

6244 02/12/' + 

63 

Discount HouaesdO) 

204.75 

+05 

— 

8 59 

— 

203.82 

202.79 

202.79 

19987 

20L60 

228.33 

14.1) 

185^0 

03/4) 

293.13 -fiJ'S-TZ) 

8L40 00/22' 

64 

Hire Purchase i.5i 

137.13 

+05 

17.76 

601 

7.43 

13639 

137.18 

137.92 

138.26 

164.34 

17035 

02/H 

. 13639 (16/11) 

'433.74 (4/577) 

38:83- OinZi" 

65 

Insurance (Life) (10.. 

129.11 

+0.7 

— 

7.27 

— 

128.26 

12932 

130,26 

12A48 

135.40 

157.59 

(9/31 

124.97 

(17,4) 

194.46 (15 3;72i 

44.88. (2.0.7/ - 

66 

Insurance iCompositeuTi... 

120.25 

+0.9 

— 

7.29 



119.23 

119.03 

120.79 

118.69 

128.07 

143.46 

(61) 

115.15 . 

(911> 

161.72 (frl0,77i 

43.96 (13/12 - 

67 

Insurance Broken (.10) 

314.12 

-1.6 

15.21 

5.33 

9 38 

319.24 

32L58 

323^75 

31434 

315.63 

372.27 

ai’8) 

30120 

<h?r 

37227 01/678) 

65.86 OA12--; 

68 

Merchant Banks (14). 

75.80 

+0.2 

— 

6.47 

— 

75.67 

76.29 

-J6J9 

7612 

8L63 

87.48 

05,9) 

71.Q0 

(2712) 

278.57 (1'577Z1 

3121 f70.'7t 

69 

Property (31 1- 

248.64 

+01 

3.71 

3.03 

45.08 

248.27 

249:78 

254.03 

245.05 

21936 

268.78 

(2L-9) 

210.03 

(14/4.1 

357.40 (911-73) 

56.01 120/4.6 ’ 

70 

Miscellaneous (Ti 

106.92 

+2.1 

23.66 

7.36 

5.47 

104 74 

104.71 

104.M 

104.74 

10195 

117.64 . 

(23/87 

99 61 

(272) 

303J8 (18/5/72- 

3329 0702'- 

71 

Investment Trusts,. 50). 

200.01 

-0.2 

— 

5.33 



200.49 

201 33 

20138 

200.49 

“194.41 

243.92 

ilO'Bl 

176.48 

<631 

245:79 125.4721 

7L63- 03.02:: 

81 

Mining Finance (4) ... 

100.94 

+0.8 

18.62 

7 05 

6 61 

10034 

102.95 

105.00 

302.71 

88 79 

115.20 

ami 

• 85 39 

(63) 

175.90 1284,69) 

66.31 130,90. 

91 

Overseas Traders ( lSi .. 

305.48 

-0.2 

16.17 

7.69 

7.75 

306.04 

309.49 

309.46 

309.05 

27529 

337.68 

(89) 

26226 

(2/3, 

337.66: iB9i7B) 

97.37 . (607. 

99 

ALL-SHARE INDEXIG73).. 

217.31 

+0.3 

— 

5.79 

- 

216.60 

218.80 

22184 

21726 

20907 

242.30 

114191 

19115 

(2/3) • 

242J8 049/781 

61.92 03/12; ■ 


FIXED INTEREST PRICE INDICES 


British Gtr/crnment | 

Frt . 
Nov. 

IT 

Pay> 

chance 

xd adj 
To-day 

xd 9idj. 

1378 

Io dale 

1 

Under 5 years 

103.14 

+D 10 

- 

819 

2 

5-15 years 

11199 

— 

— 

832 

3 

Over 1 3 years 

11625 

- 

— 

12.55 

4 

Irredeemables 

120 J9 


; ' ~ 

13-32 

5 

All stocks... - 

10925 

+0.04 


9.91 


fixed interest 
yields 

Br. Govt Av.' Grass Red. 

p-n . 
Nnv. 

. 17 

Thur.. 
Nov. . 
16 

Year 

ago 

(apprise , 

High* Lon»-. 

1 

2 

3 

Lmv 6 years 

Coupons . 15 >ear* 

25 years 

963 

.11.46 

1216 

9«- 

11.44 

1215 

■656 

9.W. 

. W 26 

' .964- ilO-llv 
"ii52 . cniiii 

12 28 (10,11) 

7.65- 

. 912 (S/1) . 

9« ;(31) : 

4 

5 

« 

Medium 5 years .. 

Coupons .. IS years - 

25 years 

1262 

1268 

1268 

126i 

12.67 

1267 

' 9.Z8 - 
1057 
10.60 

- 12 73 GO/11) . 

12 75 (1011) 

12 75 iiaili ‘ 

" - 136 Q!h ~ 

1001 i3.1i . 

1034 am 

7 

8 
9 

Hi/;h 5" yearn.... 

Coupons 15 years....' 

23 years. - 

12.62 

13.22 

1329 

.- 12» . 
13.21 
.13.27" 

V-9.74 

. 1140 

11.47 

• 12.® f«ni 
3T.28; ao.71) • 
.■■"-7M3-.(5,V 

• . 9X1 01 H • 

1L13 0,31.' - 
" 026 tSh • 

10 

Irredeemables 

1203 

Kill 

lfl.17;: 

' .1206 -113011. 

■ 980 m } 


Fri. Nnv. li : • m , ; . i • 

Tbcr. '. Wtvl. lues., Mmo. '. FrL :Hmr. i Wert, ’. Year i 

I iniex • Yield ! Nov. -. >ur. Nov. Nos. I Not. Nov. : aija > ■■ 

*' ' “ I 16 • Ui | W : VJ ! 'M fl I * **ipns.'! . 


1475 


. CorapUaEkBi. 




Loth 


High* 


Xom 


15 30 -yr. Red. Dob. ft Loans ( 15 ) 

16 IuTeaiaisnt Trust Prefs. tl5) 

17 Co mi. inri Zndl. Praia. (20) 


35.1* H3.« , 65.10 55.19.55.10 55.07 ; 55.15 66.25 ' 56.06 ' 62.19 6J 67 (13/1. 95.07 ilaUll. -1 1S.48 i23>Mi(ai ■ 374) 1 iStlf. 

51.5* I6A7-M{4 61.6* 51.54 . 51.45 1 51-40 ! 51.55 ’61.88 ! 67. U • 87.7-1 lU/lj 150.77 ,2<>l7M 11A*1 

71.61- 15.06 -71.52 71-aa 71.56 71.80 : 71.78 • 71.76 Tt.TO , 77.70 • 78^0 fl 1/1. >-69.50 (TO- h T 114.96 CMQ'KSi 4T 67 'wifi" 


Section or Croup 

Base Date 

Base Vania 

1 Seen on pr Croup 

Base. Date 

..Rasa Vatwr 

Pharmaceutical Products 

M/w/n 

2M.n 

: Industrial Group 

31/12 78 

12120 

Other Group; 

31.12/74 

kl.K 

< Miscellaneous Financial 

31-'12>7B 

,UI« 

Overseas Trader^ 

31 '12m 

WM 

Food Mamrfaeibring 

- M'12'fc? 

IW-li 

Engineerin'! Contratinr* 

n/um 

JS3.E4 

j Food Retallinp 

39.12/07 . 

U4.ll- .- 

Mechaiwcai Ennlneerina 

3t/li n 

15J.4* 

1 inun-ance Krnkori 

■ n *12/07 « 


Winn* *nn 5mrll< 

lO-t'70 

114.10 

J MiniBB Finance 

20 '12. 07 j 

^^^**** 

Tori «nn Cimrt 

10 'i ro 

135.77 

j All Olher 

1D/4-62 1 


OITIcr eaiiinrni>nt 

li’1'79 

1« ?0 

' t Redemption rl*ld. 

A -list of tlJ 

r 1 If 


-araJtable jFwn tbo PuWUberj. th« FtarndBir n«\ 
Bracken Uau* 8 , CanBaii SlreeL LuruJoa, EC 4 >-.A-, V 
Up*. >»»i 22b. * tarmlfjhiiy recerd aT^rstm '■ 
. tabsceiMw imkm.- diytafiRt yndbr aM atammu .bit 
jjtabi ] »nf 

sailneu . CiiLnjH’t 

t -j .nu - jAg-Ag-gag-: 

11 1 '■ • 






OFFSHORE AND 
OVERSEAS FUNDS 


tfotf TSL.Mftgli. Ltd; laM - FondlnStos llDlt figL. lift - ■.■ Minster Fuad Managers Ud. Provincial Lite lnv. Co. Lid.* Saw* * Prosper continued 

AtWUio ' OZScSMt S7.Jre<SrKJ Vjrfl.£r^»4DH- DI-SB® 1 ?! Minster H--,.. xni,i,i-4i EV4. illJCC irisn r.'iKnJiop««-»" K«' * ni -jTBfCI Jxcnthits Securillev Llii.V 

. 4 > i _ . . I -ior kl, "' <A - ■ ■ — ... — * 


4*15 Aiamran .£414 

£3311 SAT £3££3ft ?rT.‘?^ a L ' SMB ,M °i i = M HifhYncoiriv .(ii4S lS.7^ +6$ B07 l^yTeUt . . 

jft -vas ZB£; 

:r„,, 8 z, “ “e 

f"»*cnim . ^Ssi 5?2>a3"-a«5 MJEwropcun - REO OTJ) | 363 TlicSih uij*in.«iTT Am ■• 

7DJt*W! 5 77 y- _ .. .. . ' - X ' -' M»y l-riday Gmrfr—t liro I d 1103 2 I075.il . 4 39 

ms-S*’ Manaa«ra Ud* • . v ." . Mutual Unit Trust Managers* laXg) w«^n.m ir.ronw |imj msi j 7 56 

'JMT'+fl.S _SM ..»®.FlC!*KWC!rcitiEC2S17W>" IS. • ‘at 4IuJ I A t «■ . F.* _*f I TBL B1 dnfl4fT3 PnHnnr* finil Movu imm L empl Mit IjU 

****21 AS8 -ilT.Cpiiiir.. \...(7W- . Mutuals |.|„ v ,h* *4 01 1*41 640 1,11,1 MRrs - E-irt.lnr fj 

£5 fiUArv-...- ® 3 232 :Jutu.U Inc T-i ui 71J -D1 7 W Krtlamr IH- . Tunw ,U iC A v :|. |,i 035L- 22271 ir.mmc Dw .. 

SI Ho UHf- -JKi -fi? "Munwi W ho 'A iio U; 6 41 .' 68* •WwiontirM |66i 7i y i 6 os irr.np.&drwi 

lZ9.fcd^ -C.W .‘■■T WfJ -?iS MomjJ Wjfih yj<T jKJ 59JH .... ?“ UklordcT ■ in ■ «t 47 7 ?l S 7J h>rnl '.n»nn. 

**•-« .» a«asj*Jfe, iS is Kaim.i »« cLxu '***"• ■«* »n tarjia- 

n| 3ti| 709 3 J - fa > Andrew Aqaarc-EMinhurSh 031.566 WM Ridgefield Hanagrirent Ud. ■■iilYirfd . 

413 -1 Til G-T.ftM-AteW. 5a^ . ^ 7.» tarocm-Noi- 15 .11577 1*3 H . ... I SJO WO Kenn«+1yhi . Ma.icl.escr rtfl! SBWJl £* Vj'-JilEl!! 

p-_* A-Trua i«») • . «r: SSTthc.-JBi aid » tasaaiuiB a i ts 5?®^ 


A 12S Mincer \,u u 
;*_■ &rrnj« Q^, ji 


rs»- Mnnw -ji . _noo o im^ "...j 

MIA Unit Trust Mpcmnt. LUL 


JJ8 PmHfl.-Urllv 
Sit HirhliKomt' 


E ll J 74 Cr.JI.if. 

14 5 iS2.7*i+O.Jl 607 rt.l . . 


t! Jfem^ro Group* i aH «> - . 

'top.' Rim. Rnmtwwil E'ft.t. 

i or Brentwood item 2<i4es 


PrudL Panfnl 

UlUbwn Hat' k-C 
PniUrnlul 


Target T^t. iScotiondl lanbi 

l<t I.U tt. J. .T - 

■or 4TJ T.ir ■■' \mcrF^.:le?J2 24*' +P' :« 
*?.' 7« Ta->- Thi^-IO 13BS 49 0»*o:‘ 6 IS 


.. . Nrni lutr- -- I5Z,** n .. f ‘ ’’ ! 4 74 Kur-slieomi F4 . !S9.2 Ut. . .. 1DC8 

ol in Mnuix LltLP luUhnci f.%. <.ih ■ . l ll t 

ElciNSMH hi-iMOTn is.-ih.E-; V 1-L-. . l"J-* , , fl -I 745 Tradunt Union l nit TM. Managers* 

«« w«-«t i» t38£mK^'»^M>~:t 5!i 


.. - _ . Keysw Ullmuin Ud. 

Alexander Fund 2v.iiiikS:r«LF.'::v8.'E B4RBn< 

:f7 rj.* furre. UiNPisirciT: Kun«;l*-» . Lffl 3.09 

,4 .Vaji dec Pend | If'SiM . . i — Honttc(c\ If:! IS 15 ”<15: — .< — * 

N« Hf'«t tiijf Nt a Cent .V5v«4y Cap 'tl37G3 137^7] *DllSt — 

Allen Haney * R«kb lnv. MRt. iCM Ko>-»Iv<l Jaiun -;j:e i < - 

:.ClarinjSCrfc% w .Hel«fr.J!*. 'M. 05a*- 7X74 1 King 4s S hast >ian .VlgrR. 

A I IB' ill" Ed C Fd .;£ 10.12 10 IP ... I 11 « n-dW, S, „rlnr.J-r,C: 

Arbuthnot Securities iC.1.1 Limited .T. 1 .., 1 ■ V* tnA I" 

Bo-:2St St !I»-I|.T Jcr*e: 0534T.’177 ,.,]i v'nn,|' i.-i'.- ' T“ W ' B9?i 

'.'ij M Jer..n- illSB 119 0] . | <20 i.j; Tru-J I .i '■! • ilOC.5 IDJlc^ 

Nrn dcnliof date No.ernht-r ^!I ___ (J.li V-.(l 'iiwr.i-fBJS 4 W 

\to»\X*>7>4 101, I 1200 .a, ^ T « 

•■j .en-^WW^lS 1 * «js nwtSrfriinfi^ ,£38 M lBASi 

Li>? Alr,.l.Trl •<..* .|l»4 I *•: I rirrl Inll 519] U 193 94 

N'&r dealing dal- \n- emh M r 33 1 ^ lsl J m 1 

A u st tail an Selection Fund NV Kleinwort Benson Limiied 

Marte« L'pimn-imtin. t u Ir.oi Vutiojj It 20. FcachuruhS: KO> 
i "jlhvialu-. 127. Kepi Si. .v.-A.k Kunnie&i |.o\ F i 1114 j 

I'st: jliam I Sr.sl «9 I-D.07I — tr.c .. 14S7 699ia 

‘.it b-ri - alue No" etiiber 17 Do \ccum. _ 132.4 erfal 


UU.mJITT 

, a 14 
I 75* 


- } • 1' *• tB P , « ,r - 7W - 

.*51 . 4J2 .DO. Arr . , »3 

^2 H2 S-S-DV-M On . 133 O' 


704 Jt?’*£!L&"4a , —^5' *S2a— at. St. Andrew .-Vqoare. EMinburRh 031-566 !»lil Ridgefield Managl-Wtlt Ltd. 
7U G.T. Four V dij^d _ |M 1 - .fW.- r *C.» lM«nie!|tov 15 . .jl57J 1*3 D| .... I 5» riWO Ken nvrtj-M . Ma.icl.es cr rt 

G» & A. Trust iaK*) ’ -H52 jj'^tcriew jm it in %i 

3 . Rayleigh Rd, Brentwood ‘ '. uomSTWa Unilv. /"Ilf*.* Ftidfleflofd Income (42 «| . 


I ill *>.hjUi Blrcetl OWi'J' 1 - 
-\iu Esenqn .. 

i.IR'Im" 111 • IS* 

Am. im-iHef *. tr» ...gj-i 
fiieinff Hitn VW.-JS* 
r. empcUlJ 

5,-lr;.lpr r»l "J 


Mir'.ri Itwim 
•"111 Yield - 
lYrl A t.lll Tnixt . 


<W|3M»i3l i^perty'Jiarvs- 


■♦on".*-™ & * A - P2-0 _ 's«*4+djj'.-j*® Xntiona] Provident lnv. Mngr& Lid.* Rothschild Asset Managrinent tg» 


,M U K >7rih Accnlbpl 2 


Gartroore Fund ybatafters * (&X8) <a.cmceth U rchst.,EcaP3itH 

_ '. ■ " 4T - ? . . o_. troi rrk Tf_ ^—1 l.ei f mm 


3*3 -■ 

4 92 -0 . 
IDLE -0, 
41 a« -0. 


4„ SL stater WEC3AHJP. 

S «-igagiS7 1 "- 

_<}J «0 unifwlilpilarc.. 

472 Evtra Income Tw— 

+Cj jjj iiifu RuTniii 


m.-wnr yit »P.f-Cth.un.T«_ 
Sjo KiSTRtli-'oJi*''-- 


Snv Turn 

J lArrum. L'niU^- 


A— MSA 4BAf4 ...._ 5.85 

— BA* 60J{ SOS 

H . .Rfejr 13993 2)0 

v. 1142.0 1«H .. 230 


■*"*■<** s* 

a CbU Trust Managers Ltd. 

ireltSt, Ei3M 8AA. 833SC31 

U.T.-...|*LT .5421 :i 9J* lWntLTrtX7i:_^J 


nurnwi 7J4».Uale)io9yClW..A'l«bufV « 
J SB N. C. Equity Fwr^.UM 4 J7S41-01! 

•• -} IS Xf.Biff.ftBTAllJ5 120.U: *!.? 

, « K.C. Inrome Fuad . 144 2 lS?4a +0.3 

IS N C. Inti Fd tine.' B1.S 070+0.4 

N.C. lnlL Fd.iAcr.. 824 802+10. 

Nr» 'ii N-C. Mnllr Cay* Fd 150 4 160 -0 3 


MSB AO* ! 
■.Oil 3 57 


l K-iirtl. IV*- - - 

J. Henry Scbrodei 
l-JO cr.eipwde, E-17 t7_ 


i : J.- . 

5; 8* *° : 

.7 J, _c . 

27 0' -I 

ji y- 

44 j ; 

n 7' 

3 1b] .,>;•• 
!* 4 - 4 ;• 

-o*; 

,o : 

75 C 

22 Oi t 

31 :: .fl*: 

23 3c I 

20 l.Tl ) 


■WaRH & Co. Lld.v 


3” Capi^N^K— mi 
tPS lAectm.. .. 3g* 

?M 1 promt- Nm 14_— US* 


Volt Mgmt. Col Ltd. 

BCSVUA: 01023 

iWyfund llTS • XB5I . .- i 
not Securities Ltd- (axe) 
iSDlddOoa EC4R I BY 01 ■& 


MiSShf&S?®- M^SI is izssivS^^mi 

*21 National Westminster* (a> Rothschild Mr Lowndes jugnn. ia> * 

jCLjTh^fpiiidq. E3CV CEU. OI OOG «W0. SI. Svnihin* Uaiw. [.In. E«.*4. Ol +Sb 4JAC >PnK+'haF.10cl24 ■— ' 

Cat^aliArcunil . tt4 5 ,WJ) t 0 J 4.42 Newn Evmip*- . 11122 0 1248J -3D( 3 B4 *<|vrt» V<» 7 - 

nSiri£l.. mi witoi !ri mc« on No., ife vu dealm: Dec. 14 «Rerov«yNo.'.T 

Gibbs tAntom-j Unit T5t. MgS. Xtl M* 572 Rowan Unit Trust MngL Ud,* (a) 


i.-xcain. Uoib'-... 
General No\. 15—.. 


Prlc«. on No#. 


■Sco dealing f>«. 1 + 


Rn-neiyNo'.t n4#3 
■Kor iw 


:d,* tat Scottish Etjuitablc Knd. Hgrs. Ltd.* 
nio.Hi.jce -jbsi. AndnjwiSq.Mmhurri- iui VfiBIf.i 


4I1t PMl/olialm ><r.'|ni ne +03 sas Cllyllulo Hs* . Plnstmry.-w, R.77 ni «H liME VH si. AndrewcSOI . Mmhurrf 
971 Uni«r>»a] Fd id*. k« STlaj+OJl 254 AmorlrpnNu* 18 |M5 635.4 | 177 tpromc Lnltr -\!R1 52 W 

378 vpi -r_._iL.-I_- , Swwltim. Not. H . llbB 0 l7Bd 4 15 Munl nu. 1?74__ 61 6i 


e so - ■—■•-- -■-■ 

5 ■ S 14 JVPira.1 *.-/'• . 13. ;?4 0 
./.I ■•.WJOV fnw- 1114 8 

9 70 f.iiPit.tpl *.ur Ua- 198.7 
; , L\ !.<■- i.r.m ■:<■•• 10. 083 
. vr.ua* Unr -. !441 

,} -.- in . otP»\.». 17 124 0 

it' 5 oi ■ r n (i. iiMfl 

'> 3 5 93 1 omlil !.‘w I ■- |51 7 

a _ . \,+ um. Cni-i. . J57 4 

1 13 vj ,.ler„ Vii'.H -pi* 
t 1 V.iiir l*iiii>> .|67 2 

fl *' 5 G MarluoioNc" 14 -3$ 0 
i *M V19B Club-'. -(57* 

k tX Van *i»ih W.- 14.1441 
n ,.jy ■V-.'invl'ml-. . . *1 0 
0. LIU.* Wn „,^. !*.. 70 0 

1-:V.‘.n.n *ib[ T'fr'lo. I1..HI44 

; 3 *7 1 Vw-cii* L'nrf. . . . W64 
2.67 WukY'.cr HI. .|Ug 
1 7 18 . Ac-jin Unit*. ..7J1 
• 718 Wi.-I.pl* >Or 17 .*5 7 

4 M Lw .\rciim 77 1 


Tyndall Managers Ltd.* 

IKCo>B3P Brunt. BriMnL 
Inr.on'Noi iv 144 4 11 

. Arr-im Uni!' (183 3 It 

■'.-.pi-a! r.n. 15 175* 13 

> Vavjiiv L 1 nils' .1177 8 IE 
E*«li| 4. No: 15 '100* 11 


52 5. 

So* 

i. Sri-*. Ca* 


,a 'r/i : 

786-' 

5 ST 

1211. ; 

£92 

93 i 1 

*« &l 

03 u : 

3 21 

10321 . i 

521 

130 6' -12: 

*:o 

l*: r. - .Uj 

6 K 

5J2 : 1 

75o 

(A £' ' 

7 56 

55 01-'' j 

5.:; 

71 7 1 

5 17 

£2 3 

3 61 

fcCI^ . 

3.61 

51 1 . .1 

3.E3 

fcfli . .. 

383 

74*i . 

B 47 

«*7, . . 

6.74 

46 B . .. 

6.74 

*< - . 

5.15 

77 > . 1 

515 

70 1..- -9.% 

85* 


85* 


Valle* il.+ M I’--! »-i J'nrt. 
1 Thfiim- Mr.s'i ;»r,cin> ; 
I'.ili 1-iinil l.-i'i- • IJ 90 
i.J; Trjj I .i '•! ■ ilOC.5 
U.KV'i.l <:ii. , r:-»-}-i4 35 
IntL (iw. T«i 
Fitrt SiOrlinu (L18 54 


•®i , 'rii 

.0481' 2-jTOfl 
■0624 4836 

i 13.25 

I li35 
! 13 25 


iir.r: tm . iwr u<; Tir+i Tnll 5193 U 143 94 

ym dealing dal- \n- wnh^r a 1 ^ lsl J } ' 

Australian Selection Fund NV Kleinwort Benson Limited 

Martef «.ippmtuniti»-n. jc « tr.-ft Xutiog L ID. FcachurchS: KO> 

* "jihwalli-. 127. Kvpl Su Svdi.« KunmiKi l.u.\ F l 1114 

t'si: jlum I SI 'Si 49 I-B.02I — ■* umw Ir.c .. I6S7 694.1 

Srt b-ri -.»lue No- ember 17 Do vccum. _ S2-4,_ 47 * 

Bank of America International S-A. KBimfFun/^. ..' li'diiu ■ 
XI Bonlerard Rural. LosemLours G.D. KB Jawn Fund...- ■ Sv'o41.26 

Wldlnvest Ineome-lfl'SQt V ia«l-fl07! 763 K;® K^™. h if d 
Pnre at Nov Ift Nu »h dale Sov- 22. S^«Bs^muJa ,,. 5^84 

Banque Bruxelles Lambert _ . . _ . _ . „„ 

2. Rue Dr U Regen ce B I«W Brussels Lloyds Bk. IC.I.I L/T >Jgrs. 


I clem 11 B.1 FA . IsrFlCO - ! . 

Lloyds Bk. IC.I.I ITT -Vgra. 


ui ■&nvm 

• 5 314 

435 
« 35 
. . 1.45 

-&J3 2.04 
.. 061 

0 73 

U6 


Rena Fond LF._ 


1940] SI 748 P O Eo* 103. .sl riel. cr Jcr.-e; 


61 -2385281 Deal n>8 *■ 

Gevetl (Jotuu* 

10 4* 77. London Wall. EC 2 

.. *45 S hir Noe. 3 n* 

.4.45 Do Acrum Oan .JXS 
.*-<2 Next dealini 


Ltd.* laxg) nicb Yld .Nov 17 

-v gni. i.Vccntn fnllr- . . 

o — ij , — Merlin Nm 15 
Sm|" 2 1 801 'AesuiiLlinii!.' 


55 4a »Q4 
804 -0 « 

82.6 I 

1014 1 


4 15 Ai-rutn I nns _ --1}* 4 61 *1 1 5 SI i.Vtum Ui 

874 Deoiinc da* Uerineil^ Pref I 

Schafi Unit TsL Managers |jd.¥ (ai wnm Li 


, 6i-jiini I'nils- 1562 
| 5)1 lar Enri V’m 1.1 . 243 4 
! SB I,vcum Lnilv. . 2764 
Pref Nor li. . . 105. b 


>S.l! 


. . . u'«»u vuiHiiy j uni*, in. tnenme ]u j UiU .» )l Ttst — _ ’ . " Ereimil \u: i.i JOB* 

01-8038378. 3 Fr«Jrnckin..CiWJcwii.E«. «lj084«lt Porttolioim >d'..'|70J nf 5K CIl;. HuloHsr . Finsbury m, Ep« ni «H 1-M6 -jb M. AndrewcSfll . Fdinhurrf ail M&lf.i , ^jem fml s- (1562 

1851.. -| 4JB9 f«rA.G. Iiwooie* 140 A 442ri _.J 57J UniwwJFdid*. 57 1^ +o| 3M rtmm ranNm 16 |M5. UJal 177 Ip^omeUnlU ..ffij I 5 » IgrEwiV* U .*04 

■ ' | ai K Q.G*Xrmjnt i»M ■ - 1 5.W cti m>- - - . 4JM «-*«-. SwuTlliej.Not.M- Ibflo 17B K 415 Aifutn l nith ]57 *1 fcl Sm l 5 11 i/Vcuitl Inilv. . |27b* 

4- (a kc) fjuv. G.VxEx#'- St f SS ZZJ ^ ELl XruKI »“aauer» UiLV laXgi liicbYM .%<« 17 52 7 ssaj *on 8 7fl i>caiii»c^ »«irn:-«fcv prd \u* ij. . . has.b 

r 61 wH 5281 Dealing *Tnn. -rtVed - Mltton Conn. Doriun c lurrcv 3B1I l .j'5S” A. t > l ii‘ • ■ S? S3* 06 a« Schafi Unit TsL Managers Ud.V lai • wiki. Uoii-s . 133 « 

Gnvell (Jotuu* jSSSSmshim.- -{58 bo? 'Acmim-unu.- ®o m? 1 fcifffe'w'W* 

“* T T ^ a S? , , WaU ' ElC n. 2 . „ Norwich Union Insurance Group (hi Koyal TsL Can. Fd. Mgrs. Ltd. tVhSjiiSoMFd Ji*« “i 85* JSSuV^'nib. Ia 166 o 

5« D^^S^DSf' ^H ,5gfl^~J:|S pD B^4.vvrrw 1 rh.NRi3NG ova*** 5«. Jermvn sirwu * w i oi«»«S2 Securitj' Selection Ltd. 

4-a Ne^deoliSiu- 35^7. . . CWWpTm. K(L. . 1353 1 371 71 -»0.4j 5 60 Capital Fd. ■ .[66 7 70 41 ..I 3 71 15.1s. Lmcv>ln*4lnn PlrM ci «£r,9 CapSal h^ P 74 5 

1'nvlSS T^In? ".|»j 21 S ; HI El'u*ir.^-,r.Mt-*. pi 

3:95 ^SB wirT^Sh TT jSS 2i31 “^1^2 save Mr Prosper Group Stewart Unit TsL Managers LtcL <ai S* 

«■« Ermtira Nov.I3__|213j 2BIS ...~ fS Arrnin Unitb 27.4 M.ffl j 5.02 4. Crral St Helens. London EC3P .1EP 4iChnrToneSq Edinburg. fo: 2?0 ^ti ;<« a < ivri . . _ '193 

6 figfl »— r 5SSB1SS UW 5H S3 --s-,- I-S ea-n Queen SL Edinburgh EH2 4NX iMwarv Amndcae Fund H.ch In .\ Prion f*'. 622 

m - :fs ^^1 n SS"«- saarss?i^p5 an j i» jssrer 1 -. M i 

2.47 Pelican Units Admin. Ltd. (gXxl f"* “ Prosper Secnnueo Ud.* wnhdne*ai“ ■»-!«• ... 1 - ___ _ _ 

ujfAi U4 ft* Foe main St Mn-irlim.-r «n-zHlsns l#i*nu8oul 1 amb 'Sitwi Briddi Cwui Fuad TSB l nit Trusts I) 

gi:i 55 +0.4 - 3.44 pelican Units-" Jw.l 404<4 | 4^ "Izio as 53 2S iifjj ■ -I J™ Sl.Cnaatu «*r. Andmrr 

ig £33 Vuit Trust MngmLf fa) tiScro^r”® J i.« ’tSfcfiGS \ 1 4JB , bn BOen^^ 

LU r ,, miji -ABHart Si.. Honley miThamos 048128B8B |nrw«»lac Iwnnx rend gun Alliance Fund MngL Ltd. . t>i Do. vmia [573 


<>S Rrrpgloa Nop.15 

«'«£ lAccnn* Units) 

IS ®»»S>tVfNne-.J8 

.■j i Accum. UDtiai . 
Endetv. No>-. 14 

fAi+nm L'Bllii. 

Crncbstr Mm. 1 

TyS EAecum. l-niru r 

2.47 


;-f« ; !5SZraS.r_z® fi '2 ° l w T 0r CO1 ^7f. 1 . 

r' Pelican Units Admin. Ud If Vi 1 Sav ® * Prosper Sec nn ueu Ltd.* 


laieraaUMUd Fnndn 


3B 3] -fC 1 1' 

MM..:..J *£ Xmimfhnial^PHB 173.S ' .'.J 4ifl 
7X8n __..[ 1.47 tisallJig tines L Fn -'.lod. 

Sun Alliance Fund MngL Ltd. 

34.11 +8.1J 7.72 Sun Alliance Hoe- Hor*h:un 0+J3OIU1 


ivi GUilMAn-lgJ 2J J] ;.39 pr, A.-.um . (83 ! 

W ' l nvUjthTfl Inr . POJ 21b, ! 2 S4 Extra 1«-..- •‘.nwl-i ..|38 2 

Stewart Unit TsL Managers LtcL iai Igi 

Ij.ChnrrofleSq.. Edinburgh fo; 2Mn27l ur ^ '. . _ 'l9J 

iMeMi* Amntcan Ftand High In Prion f* - . (622 

Standard L'ruU — if* 4 59 5: I 1 54 ImumbmuI . . .1271 

Ve"m Un.U - &2 64.11 . - Spec M in.- . . >33 4 

Withdrawal Unit? ..|4< * ->7.«1 ... . ( _ . __ 

'Sltwi Bride* Capital Fuad TSB l nit Trusts I] 

2 50 Slandard ^.^..83*2 1<8« . .1 «jo ’i. Cnantrj War. 6nd»« 

<42 Ari-um. I'nils 1158 5 I73.nl . 420 r— , 


U2T2MS41 
1040- ’ a 64 

142 4 1 8.64 

-.32.01 , 4 77 

1B6B> 4.77 

mr; . S3& 

164.2 ! • 8J6 

255.6- 536 

790 41 5.16 

1 120 1 12 06 

141 61 I 12 86 

«3 1 ss rics 
17321 : 947 

144 555 
174 4| ; 555 

037+ 3=341 
85 01 i 7 01 

se 9 7.01 

42 0 20 29 


Barclays Unicorn InL iCh. Is.l Ltd. 

: i - h*nasi^ro»&.St.Helier.Jrs\. 0334 73741 
Dieraee« Income ..(466 MM ^).2( 12J 
l rido! lar Trust _ 11 ItilS .. .. 1 834 

L mboedTrasJ . fcsfSUJ? t'.Otf .. . [ L48 


UoidaTrf O'*.'*’. 152.8 55*1 -I l.« 

Mm dualmu dale Pecentber 15. 

Lloyds Bank International Geneva 
P.iM Box 4.18. 1211 Crane II iSu.itr's'l.'wd' 
IJof-dllm Ilrowih |s|-nc.0 291 OB; I 198 

Uojrds InL income |>=3»53 .niSOj ! 5.U 


Barclays Unicorn InL 1 2. 0. Man l Ltd. „ _ ... „ . ... 

iTbMu«LBM«MilAM «B*«S8 Management International Ud. 

I'nicom \ua_ExL 1483 52 01 -05 1.70 Bank of Bermuda BuiWmS Bermuda 

rk> Aca-Uiti .- 30 0 37 3.IS-0.9 1 110 Canlerbuiy Oel 27 )$.>! B5 I | 

Do.Crtr Pucific..— 1665 71,fl . . - _ _ _ „ 

Do. inll Income .|3M 19.6J . . 8.80 M Me G Group 

j»i w3'*. 1 !» T?™ ir rr * ’ l , i r 5R 01 ? 


Btsbopsgaie Commodity Ser Ltd. 

C O. Eor. 42. Deufil as. 1.0 11 0624-2391 1 

ART.tAC im. 2. ... Ili-ISJUB JUSI .. ' - 
.WTlKO- No-.C. II 175 12461 .1 - 

OU NT— Vov 6. . . t&MC 2 «3 IH 


,3 I ThreeQuayiv.To-erHilIEnRffliJ 0]-SH45B8 

Atlantic Nov . 14 .IV. ’J78 JOS . I - ■ 
Ltd. A«9LE».N« II - llVS? 95 MSI 

Gld.Ex.Acc Nov. 15 R-.-S5I5 It 2» .1 - 

624-23911 , iiand 127.0 134 i.d -0.* «4.06 

•• - i Accum I'niL-i- . |lB5 0 19*4 -Ui 9*00 


ivnjiO’- ND'Tc. (ii m 12 49 .1 - ' 

w wX C «Jf SF-sto'a — tioo. 1 M 5, ® nta f.“ Ldn - AS 1 *- 

_ . , ' _ . H4.Uld Brnad M.EC2 l 

Bridge Management Ltd. ApoiloFd. Vac. i5_isf420s 45 kj- 


_ .. - , L80 Guardian Royal Ex. Unit BCgrp- Ud. p^ecuaj.; P GOi _. |34.4 <24) „..j 4*3 High- Yield [52.2 

— * XT „._ Real Eichmcse. EOF 2DN. 414B888U Piccadilly Unit Trust ItNbl KUh Idcmox Fko4> 

« ^ tawOuaidam Trt~J40.4 91 1] dMf «57. ^ ctMw unit Tra*t Sbuugm Ltd. High Return (65.9 

ijg^ S Heuden»n Admlnstration* W9(cXg> p^*=- cm ecsr uhd. I??*?. ^ 

* Hoc. 1 ~N«t aj. day N». S3. 5 £Sl~. . . l2« 38.7! -0J 1838 mcfa.u.ty 

Unicorn Ud.* faKcKg) .wiCa'.Fd B7j 405-0.1 7« ihmnii 

H». 2X1 IWord Rd E7 014USS44 C^sS^verr.. ,»5B 4*i -0.0 MS S^.^^rsei.' <n SJ *50 to2T ' ' 

America -^.7 »l*+0«( Lg ^Growth In*’. .Mi yg -e.i{ 3.04 Mva^f^nd K? J7S H sS Z£^* 

2-9 In’S J-2 Ac - W5 7 JJJ Accumin- Kurd .ftl4 665 -0J *38 US.. 

Income *A6 «u..|S 3 0 » II .71*1 *» Tecbnolt-cy Fund 58.6 63 5u -0.2 6 70 Wl _ 


TSB Unit Trusts ry> 

*20 zi.v-'nautr; War. \ndowr. Uani* 

<-20 PcaHcc a 10 DS&t £5433-3 


America 
Ac** 
JiK'And Inc 

-^ L t- 


30.7! -0J 1888 UKtquily .. _ _I«3 0 
405 —0.2 7 40 memu Funduxi 

45.1b -01 *50 Europe [89 1 

47.7 +4J *50 Japan i069 

37.9 5X0 SB. Asia . D6 7 


la* -»0,4l 4J9 High Jscok Fundi 
...J 650 Htsh Inrome . .. M 


** . 526 Cobat Prx-'Mfsii ".: JWi 

»3“ D1 taMta* 

5 a in, K2 Fmand JTlTt:.. ^5-0 

«2*«* 2^2 OUANatBOf* ^265 

JOS 5 2532) . 4.« Jogiianoaat 

N«vt rub^dj- N S5SSiiiaai;-;P 

124 jj *0 i 527 WtfL Wide Nov- IT. ,722 
52.M -0 M 2JS Ornwi Fanda 

-04 5.47 Australian M3 

— “feo 

Brothers & Co. Ltd.* (aXxi N.A*n,-.~I for 

hail st. £.cm ‘ oi-saaaasb Ca b ot to sw.. — f«3 7 

M ja.J«=i-wfiSI3£rtH 


iM Hish Inrome ... UI 5 
*M L’jftiv Extra for — VSM 


*«2 434 

bSO 
.1 4.9S 
r Nov. aa 
-oil *12 


b5Orf-i0.1J 7.96 An . _ 

51? ^o:( u® Practical Invest. Co. Lid.* (yMct Fmiinrial Seo |3i 

^ 44.Kc-CHnsi.ur> sq Wi i \2KM 01-0238883 Iligb-Wlalniain Funds. 

266i4 -oil 327 Freer i.-nl -«■.,• l.». |146 1 155 JJ *1.41 4.55 .select Inicmul |24J 2 

28^-8^-281 Accum I'nils .. |2109 2244] *1.9j 455 Sclvct Income |51 4 


FarEasl Fd 
Americas Fund 


ailioil fig tSS5Sf d ‘ IJ 


KiPE^TW. Nova -1014.9 226 Sj 
7021 -*0.11 8.61 ^Tnc FamJlj- Fd --I9* J 108-Ji . 

*s Jf -*o.if 9W Target TsL Mngrs. Ltd.* iangl 

31. Gresham Si. EGt- Iw-jlings ds 

<6 2| +0 21 5 38 TarjLt '.'otrimodity. 58.1 37 Jrf -0.7 

... , „ Turret Financial gj b^bl -0 i 

5 Brf ♦0.91 3 25 Turret Equity .. JA5 J9J| 

lid.* ♦O.d 1 43 TariS Ex Not » . 149 0 704 53 S 0 

*4 41 - 1 51 1.91 *rM \r- l.niw. ... 27*7 291^ -1( 

71 0] *1 0j 8*4 Tuntrt i lilt Fund ■ ■ 117.1 123 9 ; *0 4 

Targei Grnvalh. . 27 7 29Bj-Gi 
78 1) - 0 bj 4 41 Tur-ctHwillr Fd.. gg 26-<i 

71 IS *0 3 186 I *•> Ten n> l niti 77 9 JO W 

3» Joyin' 11 M^-Cl 

T^i T r Mm la - 154 J 162 4,d 
T.’l liv- 27 4 ?0 O.i 

56 W 'OH JM i; : i fTrt . . UJ 14 7| 


■bTbBGencr.il-. -144 5 

■ tu Do. VniEL 57 J 

i tii TSBlnct-vne 593 

■ oi pc Accum. 63 6 


47.71 -o.: 

*i!s *o.i 


?5u? 25? TSBScotDiJi bi 

1OTJ! . | 4 01 ip, Do .wcum ?J£3 

id.* lahgl 

twjimfis oniiMi Ulster Bank* lai 
37 7rf -0.7| 4 04 Waring Street Bella -4 
b2j| -0 ij 4J3 , b il’ Istcr i : rcxit*. . 1364 

7W5J -eol 7 ji rrnit Trust Account 


> Britannia TsL Mngmt. iCII Ltd. 
0264 fill B8 l 30 Bath Si. Si Heller. Jersey. 0334 
' furling DranfoBrf Fdi. 

Growth Invest 35 8 378-051 

Inml.Fd. J*i «g-2.g 

Jei^e>- Encr® Ts« . U81 127 71 ♦2_W 

L'nirsL 5 TsCStR. ... D.47 2 0^ - 0.07^ 

Hlcb IniStbj.Til_p0.9fc 0.9q-OHU 

UJ5. Dollar Draeodnacrd Fib. 


♦ 02 743 

■ O.: L23 


Bella -t 023235231 

IB. 136.4 J91I . | 5.44 

Account & Mgrai. Lid. 


I'nivsL STa I5US4.99 528-0.141 - T , . 

luUlieb mi TA (5151.97 N|-0 0l| 9B0 Neglt Ud. 

Value .Nov. 17. Next dealing Noi 20. Bank or Bermuda EMcs.. Hamilton. 
Brown Shipley Tsl Co. i Jersey) Ltd NAVNot. 3 ...[r*4* - 1 

p.O. Bos 583. si. Helicr. Jersey (£34 74777. Phoenix international 

Merlins Band Fd .{£489 4.13} . I 1288 po n<n 77. si Peter Pen. Gucrmev- 

Btrtterfieid Management Co. Ltd. lnwr-Doiiar Fund ]5?:a 2 4^ 

P.J Hot 1M Hiumi.ou Bcrajrta Qnesl Mn!tmtll . , jersey 

au-S^'r ir«™i' ' 91 :ij( .[ 7.W FO em>xI<m. 5' HcJi.-r .lcr*v> 0 

Prices 41 Vo-. 6 Next tfjb dii> Nov !I (jucsl Stic Fvd Ini 137 4 97 51 


IH.Uld Broad Si .EC 2 nv -5886404 

ApoiloFd Nor. IS. SF<2 » 45 fcf!- 1 701 4J1 

van Is JapieANov.lS. . H3513U imj-U0 0 86 

I _ 1 17 Group. \ot. 15.. R=M3I !!s51-DN 2.1* 

1 UTtci-^ Vo- I _. CSJ* 5 S2 .. 0 72 

f Q75 117J«yO'»OclS&. £9 65 lD15!-0?i - 

Ltd Murray. Johnstone (lnv. Adviser) 
033473114 163. Roj>« St. Gla^ovr CC. (M1-2216K51 

-HnpeSlFd-. ...I SI - >40 45 I-3J3I - 

jj5| 2.M "aurTay-Fund 1 SI.S10.44 |»01l| — 

-2.9, IM NA V November 15. 

too Negit S.A. 

j.OU 12-20 !0a Boulevard Rovai, Luxemhoyrs 

NA v N ot 10... - f 51' 912 JO | .. J — 


Bank of Bermuda Bides.. Hamilton. Brmda. 
NAY Nov. 5 . .-.|£64* - ‘ I — 


13 UK WilliJiti 5l EC4RSAR 

I 5vs Knars Hst? Fund. [r38 9 
194 Wirier I ;r>. Fad. 79.8 
1.9J 1*° Jrvum P5 0 

! cm "’i e| tr Growth Fund 
* 8 78 Kin:'Ai1li.>ni w E>'4R9\r. 

17 30 In: wnel.’n-l- |29 8 

I a <J Accum I'ml 35 0 


25* M ‘0« 
5« 7[ .0 }] 


7 91 T|h.SHi<M**ilB — |w* 

I 


uijszusei 
41 D| | 4 71 

11 4| I 4 84 

36* 1 *8* 


•l|-t£2 4£A! 
: 484 

I 4M 


Pncvs ai No-. ( Nrn sjb da> Nov !I gucslMIc r\d 
For Capdirex SA see under Reyser Jnrf ii< 
Ull man Ud ^tOiSl’S. 


Inier- Dollar Fund ]52Z8 2 471 I — 

Quest Fund MncpnnL (Jersey) Ltd. 
PO Box HH.Si HcJn-r Jer-cy i»?42744l 
OucstSlIo FvdInM374 9751 I 12.80 
uuri InlT 5i-<» Ustrc IW; 3 90 

wuoi inti (m |;iare awl i 980 

Price ai Nov 15. Nr« dealing \o» — 


INSURANCE AND PROPERTY BONDS 


[Abbey life Assurance Co. Ltd. 


« M , ftssssteEH iftizdw ijssasssf",™ 
“.*2— " fe=E; i i = ; 

Mil I 4J6 fh) British Trust D47JI 15&lrf ♦8.7 UA Salcctive Fund — WA 95.4 - 

aS 'l ll* tgrlntl Trust fcj 37S+4IJ 18S Ccavertiblc Fund . 1339 lilt - 

lmd' — I Ip Dollar Tm» 59.4 74 3 tlO 2Jtt aMoncvFnod 1243 1309 - 

#3 ' 5» <b)C»j*rriTnret _.5l2 3lJ+0J 4JS ©Prop- Fd Srr.4._ 132* 1394 _ 

*‘K» 5! *M Financial Ttust 66.9 9*« +8J 5TO IPKiul F d. fccr.4 — 133 8 140.9 ...... - 

IW *- 31 - <bi Income Trust _§£l . 2R0uj +0,1 7^ «Equ1ty Fd Ser.4.. 34.4 3*3 - 

Fund Managers (n) (C) fh> Socurtty Trust -goil 5431 +02 5m icomTFtL Ser. *.... 114 J 120.4 - 

. iwSrna man-m , tb»H(pi)floldTsL-PM 32$ W4wU9' Fd. 5er. 4 . 112 1 1111-.... - 

I..»anc William «..£«. °1-«23^I } r . .. tried at Nov. 14 Valuation normally Tn 

*823 “■■ IS-ChnAoPberSiiwdECi 01J972M3 ... - . .. 

«3 ■■ 3 06 Intel lav. Fund |SS( 92.5} .. .t 7J8 A4™»T Life Assurance Co. Ltd 

248.81 . . 579 ms , tlJ . _ . 31, Old Burlington St. IV 1 01-4375 

u!m,.. Ha . K*y FanM Mmaffera Ltd. (mHg) ■ «qoit>-Fd. acc... iulb »L9| . ...i - 


Crown Life Assurance Co. Ltd* Lloyds Life Assurance 


t-®SL Paul's Churchyard, ECU 01-3I89U1 Crown Lite Hse, Woklne, GU21 IX W 848623033 20, Clin on SL. EC2A 411 X 


Equity Fund— ■ . 

BguRy Acc — 

Property Fd 

Pioperiy.Acc 


rone? Fund 1243 

trop. Fit Ser. 4 — 1324 
Can. F(L Ser.-t..- 1338 
Equity Fd Ser. 4.. 34.4 
Swv/FU S«r t... 114 J 


Hue- F3ng William SC, EC-4. 01-627 485 
ran A Gen. J.. 217 2291 . . LA 

e* 494 33.7 b .... 7.0 

lallncrf... .: S5.B 382a .... 3.9 

Ace t 40.0 42 6 3.9 

ieaiprt 139.0 nan .. ... 37 

leniU. Inc.T .. 158 16.9B _... 45 

y.Acc.t 177 18 9 45 

wUuC -Tviw. l^miur. Prices Nov. KeyK»«^n^d...| 

ritannia Trust Management laHg) 

London Wall BuilcUnci London WalL Kw* Fixed Ini Fit . I 
EadouECZHAQL m-TOflOvTSAHTO KJ BmallCo* Fd .fc 


l«taU9-Fd.Ser.4 .J1121 1W.U _...J - 
Prices at Nov. 14 Valuation normally Toes. Fixed InL Fd. Act 


Moan'd Fuad Acc. 
Mang’dFd. In cm. 
Manp'd Fd. IniL 
Equity Fd. Are, 
Equity Fd. InCfo-. 

Equity Fd loll 

Prop«tj- Fd. Aw. 
Property Fd. lacm. 
Property Fd. IdU. 
Iov.Tsl FdAw.. 
nv.T*.Fd. lucia. 
.nv.Tst. Pdloli,. 


+03 8J 
— 


M1H.GI-N0r.a~ 
8J» opA'A'Pr. Nor.16... 

— CipJ'A'EqL Kov.lfl. 

- OpA'AHy. NOT.1B-. 
70S do 5; A -Man Nor.Ift 


L36841 . .. — 

94.4 1520 ..-. - 

154 142.6 ... . — 

550 1*3.2 .. . - 

54.0 U2J ... _ 

23.6 130.31 . — 


Rov-il Insurance Group 

New Hall Place Liverpool. 05152744 

Roj-al Shield Fd _ (143.4 151-71 — 4 - 

Save &. Prosper Group* 


(apilai International S.A. 

J7 rue NMit-Dini Lutembuuiq. 

CaplLal lai. Fund. .1 SCS17 48 | [ - 

For J'SS?lCaiS» t fIIImS*lAi d *** Po. PlauruimBd. . I|44 5 152.1 -09) _ 

under Scyscr LUlmaa Ltd Do. Diamond Bd . 95 a mo a -0 7 - 

CM. ±. t.ii.,,1^ i-nh-s do.Era tncomeSd 165 3 174.0 ... 11*1 

Charterhouse japhet Lariiioacommod? 

1. Pal entailer Row. EC4. 01-3483900 rGilt Un. Bnd.. . |95.0 1000 ... — 

0513374432 j KSjj# §S^jS 4.m Rothschild Asset Management (C.I.l 

Poo dak Djm.99 ill 4.9J p.05o* 5& St- Julian? Cl Guernsey. 0481 2BS31 

F cm tbs — -r~— D«UI .» O.CJEq Jr. OcL 31 -153.4 Sfc.&d 259 

Emperor Fuad 5338 3^W - Q CJnC-Fd Nov i- 153 7 16J5« .._. 7J6 

Ulspano -Rcttltt «P1 2.72 O.CJalLFd-t SI. 73 1_J0 US 

Clive Investments (Jersey) Ltd S^SSSSfBw*" mH iSI — Im 

PO BoxmSLHeUw Jw^ “W™?- CR68 3QJ?| I. "I 5^ 

l lnv If ill Pd. IL .V.) . I9.S4 I ^ •Prieo* nn Vrti I- \i«cf Hpulln* N'lW !V1 


Richmond Li/e Ass. Ltd 
48 Athol Si root Du jsIh -. I O.M r«74 =3014 

• xmie Sliver Tron. 111.4 114 71-2.81 — 

Richmond i,'. d.Bd . 101.3 1153 -1.6 _ 

Do. Plaunum ad. . 144.5 1521 -0 9 — 

Cm. Diamond Bd . 95 8 100 u -0 7 - 

Do.Em tncomvBd 165 3 174.0 . .. 11*1 


97 2 +OJ 7 0S Cipl'AltfanlVov.l&niAO 1*2.3 ... I - a.I lnv Fd 129 7 

97.7 *tU - 0&?A , DptNov.l£lSE:* 1302] .) -- RS|S*-W-— U*4 

OLfi z: *75 London Indemni^ & GnJ. Ins. Co. Ltd Si£LS3.‘ Hi'S 

— 1»<S0.TlveFortWT.RMdillc3IBSll romp!petuLFd.r__'. 287 0 

t!=Ji asKSHTrU = S5SBB5?=:S* 

“5 -“-f - Fixed Inrerest.. -PM 3*J| -0l{ - Gilt Pena Fd 7 


- 4. CR.St.Hriea'B. Lodn , EC3P 3EP. 01-354 8890 I Ulspamo BTB«Z*Z 


34.91 -03 - 
ZOfA-M - 
3* I) -O 1 - 


454 35. Milk Sl. EC2V8JE 


DFcosTarm.' 

77.61 '-121 3.7* 
70il*0.« SJ8 


irficcdltlL ACC. .. .11401 
StdMmeyFd Ac.. Ill *5 


ipital Act.---— . 54.7 
mdsv — *‘m$ 

Bp ~2 ». 

JugWotne 399 

S^SlTSo®^.'- 63* 

^WK5etfoca/.... 760 

Tjwtti IQ2 

C AGrtJWlh MO 

('[Growth —...1592 
w«*-T«^liarcsu W4 0 

inerris — 31 X 

at- Wsh Inc [7*5 

avaloauo 

orta American.— 125 7 


2D.7| -0 
*8« -MJ 
O.Tj -3 
87 3n* +0 


*?*. lai . Kleinwott Benson Unit Managers* 
fftiaftFenetnirebSLiRCa^ '. l)l«3aoa 
Ini *K B> Umt Ptf Inn - . 187 7 *• • 95*1 .... I. kX 
tn$ 5 ca •K.B.UnltFd-Ac... 11.0 120.9 . ..I 52! 

IS o Im JC3Fd.lBvTrta .535' ST1 1-4K 

15 ? ? K KJJdJn J*LAw . 54 3 587 .. J <■« 

rY. s i 2 2 KBSmbCoraPdlae . »«* 5L4 -La .*.» 

** S»' KB-Stu.CatFd.Acv. 4*8 51.4 -1 3 -*Ji 

In? HiehYId-Fd Inc - <6.4 m2 ..( 8Z 

Ida 809 HtthYld.F0.Acc.K68 • 592 ... . | 82! 


Ft.A InL Fd Inca. 
IniQfT.Fd. Acc.... 

Ltd IntcrT.Fd.lDcm. 
(11471^019 Money Fd. ACC - 
01 , aWE Vonpv Fd. Inrm. 

• -■) — Dlv* Fd Incrn 

• • I — CrownBrt lnv -.a -|159.2 


ib 3 -o.i - Flx ‘ d '«*««. '0l| - 

104.1 -oil 12.07 The London & Manchester Ass. Gp.¥ 

114 7 In’! Ifll Winslade Park. Ekeier 0W3-5CI5S 

I0i8 - Cap. Growth Fund .[ 232 7 I -0.11 - 

100.4 +0.'i 10.00 *Flex. Fjcgmpi Fd | 137 9 -0^ - 

106 8 -*.0 1 9 51 


— Crusader Insurance Co. Ltd 


eExcmpl Prop. Fdi 
*RMU lnv. Tot Fd I 
Finn hie Fund . . [ 

lnv. Tran Fund... - 


" ' • GTdMmv.Pcn.4cc- U33 

aagersf ma»inJ > nFd.4cc. u*j 

ni ’® 3 ““ ®^iro^i:|§7 0 


(TncutaHouDe. Tower PI .ET.T 0I4E8803I gSffnSgaQlW “ 

Gth Prop. Nov. 7 ..|73.9 M8| . I — . _ 

. M * G G™"* 


_ Cagle Star Insnr/Midland Assnr. Tbreeguaj-K.TowcrHUIfcV:*HfiBQ 01-6284M8 k * s Govt. Sec* 4 121.8 


f~ omp, Penn F d r 120 7 0 217' 

EquityFenn-Fd 1183 0 143- 

Propj'ens.Fd* .2328 2*51 

Gib Pena Fd .'94 7 99! 

DepouJ’eniF'lt . -|l02D 107.' 

’Prices on Novombcr 
tliovkly dealings 

Schroder Ll/e Group* 

Enterprise Hotwv. Ports mouth 
Equity l .... - 2316 

Equity*. .. . 222.0 2331 

Fixealni.4 1361 1443 

Managed 4 .. .. 134.0 1*13 

Money* 1016 lit! 

Ovenij*4 . . 88 7 9Li 

Property 4 1621 170 1 


137.3| -... - 

121 j) -0.1 — 
132.6) .._. - 

717 9 . . — 

143321 ,41.4 _ 

245 2 .... - 

W n +0.3 — 

107.4[ - 


~ Clive Investments (Jersey) Lid 


Cltva GUI Fd 1 C.JA . 19.54 ISSrf _...J 11.52 
Clive Gilt Fd. rjay.i. |i.50 9Jlii 11J7 
CornhiU Ins. (Guernsey! Ltd. 

P.0 Boa 137. St Frier Fort. Guernsey 
Intni.UMFd il7L8 186. Oj | - 


‘Prices on Nov. 14. Next dealing Nov. 30. 
♦Prices on Nov. 7. Next dealing Nor. 21. 

Rothschild Asset MngL (Bermuda) 

P.Ci. Box 664. Bk. of Bermuda Bid Bermuda. 


rami, uiui ro.--...|*#«i ^ 1_ - Resen . e Aacto FdJSl'.SIffl 9M| .. . | - 

DWS Deutsche Ges. F. W ertpapiersp Price m Nw. t Next dealing Nov. 14. 


Grunebanrweg 113. WOO Frankfurt. 

Invest! 10113771 HM| ) - 

Delta Group 

PO. Box 3012. Nassau. Bahama* 

Delta lov Nov 17 |J15149 ISM ....( - 

Deutscher Investment-Trust 


— Poulach 2085 BiebercasscB-lOWOO Frankfurt. Dealine to 


Royal Trnst tCI» Fd MgL Ud 
PU Box IMRovriTs Use.. Jersey 0S842744C 
R.T Icl'L Fd... . . 159.09 4 6Srf...| 3.00 

R.T. Ini'l iJw 1 Fit po 0 860nj ■ I 321 

Pneen at Nov 14. N«t dealing Nov. 2L 

Save Me Prosper International 


<« lAAfEV Life Assurance Ltd* 


“3 -l A IS -Uma Bsc . Alma Rd. Rrigate Reigue 40101. ^eWFd. -‘.".L Rut 118.' 

it a©- afffc. mi isa r gasaaw-: jssi ™ 

S8J|:.:v| 5a A*^:&Fd.. i#*9 - wkuffiz .rrSui ii?; 

eemenl Ltd* \ME\-mJ?inL_''9D7 95.N-»J I General Portfolio Life lw 


Niportr Shares _ 142 
..<5.4 


8 01. “ 1 A31EV Equity Fd. .. U8.6 

5-S L & C Unit Trust Management Ltd* AVEFm«rint- so 7 

390 TW Slock Ed* once. «SN 1HP. 0I-0W) 2800 «2 

« UmCbnlV 11:51 -IH IS SS®® 

2^ Lawson Secs. Ltd.* UOici. , AMEV/FramiiiiciM 

L68 27. Queens Sc.. London EC4RI BY .01^305261 Hot? 


■ he Brillsh Life Office Ltd* ta) 
BftanceHffc- Tun bridge WeUt. KL089222Z71 

-WSfcil JS^ltS 

Lockout- M2.S ,45*d. ..| 987 

-Prieto Nor. 15. Next destlln* Nov. 22. 

wm Shijdey Mt Co. Ltd.* 


•(Aecora. Units) — 63JJ *a*t .. .1 

rtGlit and Warrant |37 7" • 40.71 | 

lAraerican Fd. fcl.4 23.1) +0.*| 

TtAccum Units) 34-0) +0.4) 

Deal. iMcm. -Tnoa. ttWed. jThurr. 

Legal & General. Tyndall Fond* 
16, Cmtrnge Rood, BristoL 02723 


61 5 2.64 

«aH .. . 2.64 

• 40.7) EB4 

23.1) +0.4 0-50 

34 jfl +0.4 030 

fed. tThurr. 


;}sl £ 


l.ThrcadnoedlcSL. Ed 01-5881212 AnwriconFd.Bd.’ 1*5.9 *8. 

EagielMid Units- 152.4 54 9| | *21 Conv. Deposit;.. . 1205 126. 

Equity & Law Life Ass. Soc. Ltd.* ExllcldFdBd Wj «8 
Amcraham Rc-ad. Rich Wycombe 040433377 Family WW-’- UI 

ttWfeL-7u.HH MS^-WSS-yrR! m 

s3ssffl--m wm= fiSSB^-gt 1' 

MitedFdZ . . - 312 J lH 40j| - Ut.S - 

General Portfolio Life In^. C. Ltd* Property W ■■ . .. i*sa 174. 

ponioi|i>ManacMl.|424 44.N .. - Merchant Investors Assurance* 
PTqtla Fad. I hl . |47 5 500| . .. ] _ LeoiiBK .233H.3hRt Croyrton. 01 08 


_ BStVat'ap.B. 1243 li 

BS Pen Acc B Ufc.8 1- 

_ MnsdPwt Cap. B.. 283 b 21 

_ Mned.rcfi Acc B . 251* 2i 

_ F firt. Pen Cap. H 95.2 II 

_ F. InL Ptn Acc B 97.0 U 

_ Money Pen. Cap B. 97 2 II 

_ Money Pen. Aic. B_ 99 1 U 

_ Prop pen. Cap. B 1070 li 

_ Prop Pen Ace B 108 9 11 

“ Scottish Widows' Group 


Ffqtla Fad. Ihl . |47 5 50 « . 

Gresham Life Ass. Soc. Ltd 


- PO Bnx 902. EdutburCb EH 16 SBC 031-6556000 


Concentre Ipmn SHI I - 37 Broad St . St 1 

tut Rentenfonds HMMJI 71541-0301 — w Dolliir-4™ 

Drei-fus Intercontinental lnv- Fd- plr Fxd ini — S 
PO Bov S37J2. Bohan**. ftrS Eero'?.™ 

NA' Nov. I . . &- S1545 1*0} I -- North American 

Emson & Dudley TstJfgtJrsy.Ltd, Rcrrot 

P O. Box 73, St Reiter. Jersey 0334 2050I M>S*MBali 

FJJ I.C.T. .... 11226 13851+131 3.08 i-gSSS} faSKSi 

The English Association c«rmnod 

( ForoSIrt-eLECa. 01-3887081 a Fix«r-* 


37 Broad Si . St Helier. Jeraey 
13. nollar-deaeNdualMi Fund* 
rilr Fxd Ini "J — 19.1* 9 73 

tnienrut Gr -t 17.73 836| 

FarEutenrf. .. ISUI 55.461 

North American-; . 3.75 4 10 

Scprot }15 05 16.451 


Cormnod -~i. 
SL Dcponl* 


|15 05 16.451 

pjo"* 748.3) +1.' 

W M-i: 

;ioi2 _ loi il +o.; 


Property- - .. 


For Anew Li/e Awn ranee «*e 
Providence Capitol Life Aaaonuce 


Cant, FBUBdereCt. ECS 
SFoituNov. 14 ^..(2135 
Q^iCCtNov. K — [268.9 
>mfo Trains it) m 


W.-jI 


07*6008220 tAecota Unlfsi. 


=W &3.-.-.I - 


35.7 +0.1 
19J* +03 
.413 +0.1 
38J5» +0.1 
3L5 +0.1 
207 

mm 

58.7* 


4JB Next nth day December 13. 

*■* Leonine Administration Ltd 

S. Duke St. ."London W1M0JP 01 

Hq- LeoAcSini.fi. !.l - _Tp?1 5.'3 


: m ^ S^r&m.Acc 

195 207 3.4B Regtaueria Dent. Coring-by-Aea. ^ , 0&0 Do Initial- 

•• ton 25.4 +0.1 4 47 WortUng. West Sussex 01-6231268 -Cnront 

1&9 282 +0J 3-26 Balanced ..585 53Jrf +0 J| 477 

r .mui*e— ^ -5S4 .58.7 U 459 DafAccumv- 69.9 735+0.4 4.77 _ .. 

twinj ---„ ZLO 22.3 b lu. wSrUwideOfvRh.-. n.o 55.1+a.i i* Beehive Life 

-W^WlO — |56J 99.l5j 457 Do. lAccunu B.4 TO3 +0.1 l.g Tt.LumhanlSL.I 

" i» Ule Unit Tst Mngra. Ltd* u3j- U*3 tol kS alk I 

iSL.qottoiyBflr.H«T5 PINarS*® Extra Incoroe- ... 99A &i« +0.1 &1* . 

a Du*. .."-{381 ' 40.11 +0J1 456 Do. fftcmuO . 169.4 74*| +6.1 AI* Canada Ufo j 


burr. Barclays Life Assur. Co. Ltd 
ind* 2*2 Romford Rd..E.7. 01-534 5544 

027232341 BarcUybomfa-— - 1125.0 131.61 .... — 

i k m Equity .111*8 123.0 +104 — 

MOJ 114.0 ... . — 

10.5 21*4 - 

92.1 +04 - 

IMA ...... - 

m+nfiiPOi Moi)w...m. j— • - — 100.7 ID* 1 +6.1 — 

Mon raiaAccum .. 1M.L 205.4 .... - 

+9-3 I K Do tnltiai— — 965 IDLf .... — 

+05} 451 GiJl EfiKPenaAPC .. 95.8 100.3 .... — 

LAdVlU Do. Initial 9Z.4 975 — 

Sltmej; Pcjm. Are _IB3 4 108,4 .. .. - 

Do Initial.. -^-.|999 2043| .... - 

11-623 1^8 -Currant units value Nov. 14 


Prope . 
lnternaUonal 
Managed 


2 Prince of Watts Rd- B'mouth. 030= 787655 E5J!2 ty pcn ' ■ Wff 

GX. Cash Fund.. .(96.7, M3.9( | - ' ' 1W>9 

- - MoStt MwfcjK . »g.{ 

S±a!. l .»:rL}S iB| ::J “ «t| 

G-LPpty.Fund hflOJ 105.6| . .. | - SSgSStl PW* " 1»| 

Growth & See. Life Ass. Soc. Ltd* KfSdiv,;; £»? 

Wejr Bank. Bray-OO-Thamrfc. Berta. 062B24284 inriajulra ’ 99.8 

Flexible Finance.. I 0.50* | . ..I - Do.Pan* 1000 

Undbank Ser*. — j 54.11 1.1— Tall Kanafied.- - , 97 0 

Landbank Scv Acc.1167 11981 .. -. — Do. Paaa..__.- . 1000 

r *±f aPPr r- ' „ “ - ■ 1 " NEL Fenslons Lid 

Guardian Royal Exchange MuumCoun.iwrkinp. Surrey. 

Royal Exchange. E.C 3 01*2837107 Nriex Eq. Cap . .- [845 t 

Property Bonds. —|1898 1977) . | — NelwEq Accum |U55 12 

Hambro Life Assurance Limited* NriS C Acr Kta ‘ 
7 Old Park Lane. London. VI 01480 M3! NelexGth IncCup 512 5 

Flv«Unf n+r. 1327 6 33441 I — N«es lith InC ACr . 1531 5 


17. Inv.Pt-c.Sen*^ L [1841 
fnv Pfr.Scries3. .. 9C9 
“ ce¥ I nva Cash Nov. 17. 100.0 

o; 4809171 Eet L Ace. Vov 16. 138 5 
+0 li — Ut Inc Nov |Q _ 13L1 
*0 - Mae Pen. Nov 15 . 267 7 


r 2 -La _ 
>3 +01 - 

1.4 rO 6 — 


Si - 


~ So Ur Life Assurance Limited 


::.... ' +Hes. 

•NckrdeallosNov 2£ -’Nrxt deallnc Not ao. 

Eurobond Holdings K.V, Schleslnge 

Kandclriuvdc 24. Willemstad. Curacao < l -V. M<laeS 

London Ac m it: Iniri. t5 Chrittapker SI- TCZ. * -- 

TeI..81-2» 7243. Tries 8814488. 

SA V per abare Nor. 17 5US2090. 


•Prices on Nov. ta —Not. 15 —Nov 18 
J Weekly Dealing* *D«ily Pealing 

Schlesinger international MngL Ltd 

4 1. La None Si. St Heller. Jmcy 0634 73588. 


_ 10- 12 Ely Place London EAT IN OTT. 013422905 F. Me C. MgXXd Lid InV. Advisers 


01-6231288 -Currant uhlls value Nov. 14 

+0J| 477 

^ . , . , toa tw Beehive Life Assur. Co. Ltd.* ..... 

pt Ori ID 1 563 59.1<d I < si Do. i Accum. i . — K.4 -J23 i IS 71. Lumhanj SL. EC3. 01623 1288 GIU Edged - . 

ida Life Unit Tirt. Mngrs. Ltd* }S2SnSm!CZr„ S^7‘ rill 62? Blk Horw Nw.l...| 13208 | I - 

& SLPoJfdr^ Bar. Herts ftRarSIlffl Extra Income— ... 59,4 *ASnf +03 &1* Pen F.I De^Arr. 

- 40.11 45* Do.i.Vcusvi..- 1*9.4 74*1 +6.1 8.1* Canada life Assurance Co. ££££« • 

5^ Lloyd’s Life Unit Tst. Mngrs. Ud -js uuh St. Powera Bar. n«ta. P Bar 51122 rS: MmTcap: 

cfaun',... p47 - 47-3 +0-3 8J2 7>ao.G«ahoaaelW-Ajdeabuiy. 03D65»4t ggmRhFffll w 1_ | U_1 I .1 - Wgrtiv... 

V-I^nmi-MMf.'LlA* Equity Accum. -PM 17L3| _ ..I 4.23 heuat FedNor.S .1 114.4 I -J - 

I'BriadSt.EGiN iwj 01-5888910 .» & ® Gronp* &Ke)&> Cannon Assurance Ltd* p 2L Sis a«. ” 


Fixed Int Dep 

Equiy 

Property... .. 
Managed Cap. 
Managed .\cc. . 
Otenett 


NeiexGthlnc Acc. 531 55H .. . .{ - s , m---- 

NriMxd.Fd.Cap. H9.« 5191 . . — »“«» .\iJianCe 

Kel Mtd. Pd. Ace. . |S0 8 , 53 «| .. -I — Sun Alliance Hou, 

Next huh <J3< November 25 Equity Fund . . 

NFI Pensions Management Ud SSmSSSST" 
48, Gracochureh ^t- r*."3PSHH 01623 47CO intenuviionaJ Fd 
Managed Fund . 11553 ■ 16L8] . I — Deposit Fund . 

Prices Not 1 NvrU dealing Dec I Maanged Fund 


— Solar Managed 8.. 125.9 132.61-0.6 - 

— Solar Property S. . W?U 114^-63 - 

— Solar Equity S_ .1*4 5 1733-13 - 

— Solar Fxd Jnl.S.. . 1153 12Lri -02 — 

— SriarCttihS. 1024 lORffl .. ... - 

— Solar Tati. S 8*1 Tl^+Jt - 

— Solar Managed P. 1354 132.ll -0* — 

— Solar property I'__ 108.6 U4 41-61 — 

— Solar Equity P. . . 1*3 9 172.W -1.: - 

Solar Fttd.lflLP._- 11*8 120.W -03 — 

Solar Cash P .. . - 102.0 lTOf) _ 

soil Solar Inll t\. . ..|0*O 914| *23 — 

“ Sun Alliance Fund .Mangmt. Ltd. 

— Sun Alliance House. Horibam 04036414 

— Exp.Fd InL Nor 8 _.l£M9.Z I59W f — 

— im-Ba.Nov- 14 I £12 22 I > — 

~ Sun Alliance Linked Life Ins. Ltd 

— Sun Alliance Hou.+c. flnohairi 0403M14 


1-J. Laurence Poontnoy HIM. EC4R DBA 
01-to 4600 

Cent. Fd Nov. B.. —| SL'SSJS |. I - 

Fidelity MgmL & Res. lBda.1 Ltd. 
P.O. Boa 670. UamilUm. Bermuda. 

Fidelity Am. Aaa I 5US2167 f ... J - 

Fidelity Int . Fund SUS2B.75 -0.4« - 
PidriiD'Pac- Fd.- .1 SUS56J9 I . . .. - 

Fidelity Wrld Fd....( 5USI3*1 +0 07 - 


SAJ.L 73 

S..VOX - -.9.85 

Gilt Fd. — 222 

Inti. Fd. Jersey 91 

inmLPdLcrobrg ... 10.67 
■Far &ut Fluid... . 100 


o.wj*oii 

- 

11 23 -aw 

106 ..... 


v f\ z Fidouty WrtdFd....| SUS13A1 |+0 07| - SFixedlnt 

■2 j| - Fidelity Mgmt. Research (Jersey) Ud 

. riH B'aicrlooHst. Don St , St Heller, Jen#? . 8 

bw«A.iai 0534 27861 J. Henri 

Series A tlmnl.t — 1£3 53 >-0031 -- ,« rhZn 

- Series B. Paclflo- WJ8 |...| - 

1 — Series DtAavAw.i |tl3.69 | 1 — StSS?**! 

First Viking Commodity Trusts 


-Next sub day November 22. 
Schroder Life Group 
Enierprue House, Portsmouth. 070327733 

International Fuads 

£ Equity .1109.1 1X60 — 

SEquiW 11384 147 2 . .. — 

fFixed Jniercxt — )U7 5 J4*2 . — 

SFixed interest .. .1105.6 11L3 . . — 

f Managed 124.6 1325 .. — 

SMananed . .. . 121 8 1295 . . - 


04036*141 & Si George’s SL. Douglas. Lo.M 

►0 31 — OfflM 4682. Ldn. Agts. uunbar U Co.. Ud 


131.4) +0 3 - 
110.1] -0.1 - 
122.* — 

102-0* -0 3 - 

103 9 — 

115 a 


^Managed . .. . 1121 8 1295| . . | — 

J. Henry Schroder Wagg & Co. Ud 
I2U. Cheapsl tie. £ C2 0-588 4fW0 

Cheap % Sot 14.. I Sl’SU.05 I . I 261 
TraialearOcLSI. JIS12330 I ... - 

Asian Fd Not. 13 trsari J#77| . . .1 2 65 
Dari Inc Fd. Nov 17 JsAl 86 11«-DKa S.7B 

Japan Fd Noi 16 Bi.‘SS.tt 1W 1 D43 


,Vew Zealand Ins. Co. rL'.Kj Ltd.* Sun Life of Canada iU.K.l Ltd 

Manland House. So.uhend SSI US 0702 82955 2.3.4. cockapur Si .SWiYSBH 01-5005400' 


*tes**f .8SrdlS 

^American ^F95Jr 10C.O) | - American — — — K« 

;Od«to on Nor. 13. Nest riwdlng Dm. & rArrnmUiUU) J5-1 

Afei Untt Fd Mgra. Ud* faHO ?*£S£i}£krzZ ^0 

-H® OwurtKljtjr.j ... 75A 

KflA: . IAC7 utid J K22. r AccillD unilfl»— — 

- 5 ^° * — J B.94 Convertura Inc. — 573 

55^ • - J ®*^4 DMftcnd— 119.0 

I -vvT "ifct daik.. *+•>*■ Nwerabcr 2a. uSunt UnHsi Sa.4 

Invest. Fd* EuropeoJi— «3 

DB. O1308I815 E^yjiS t5 '’ 843 

« - I -f Ml K&lZgM 

**• — . ! I _ -■ Far Rh^ftni ... . 5LB 

ilc to Reg- Charities (Accum Unrtsi 573 

bet see James Kutlay Fund of Irf Tii — 583 

■tag era Ltd* (nggl ..IHl'-'.Z u*3 

. 01-2839832 lAccum Uflitsj 2583 

I* ‘ 21 11+0 i|LW High Income M4.7 

* 25« LOT lAccum. Unllsi-i — J762 

4«3 •" Japan-.-—- l«-7 

17 1(4 44)1 2.B7 fAccurn. Unilsi— - 1783 

11 27 3 431 Magnum 199.4 

24^3 . .7 bl * Acc um Unite)— _ ^7 

is MgL Ltd.* (a) y^umGniazr vn? 
LIKE ' 01-242OWI SSJScafii^i: *73 

** I SSSidCerv-. m.8 

Fund Managers. SfflSopSCzi ^.5 

London SW1X9EJ 01-2388325 lAcenm Uni tat PM3 


— Pen. Man Acc . 1274 6 

— Pen.GillEdCl.'-'ap. I121J 
Pen. GiliEda. Acc .121.4 


Pen. Gill Edit. 
Pen. B.S Lap 
Pcn.B.S Arc. 


~er> 'A ream Unitnt — — 

«a SfcEBKBi 1 <vSSh 

0 M loarentoa trroinjj 
2S Cancerxianliic.— 

“-V* D+rittond 1 — 

(Accum UnUsi — 

European 


pS- oafa!?: 


P«t .(4B0-. 5L0«q -0*1 1130 

out Unit Tst. Mgrs. Ud. 
LaBftECTVOHH.- 01-6068582 


1— -..445:3 50.01 -031 101 

II a 5-« 


t Accum. UnitEi BfiLO 

!rS ' SnnllerCoc - [X64.4 

01-2388325 t Accum Units) 1*013 

"5’JI -v^m Rpoettliaei Poods 

1130 Trustee 1 .--— lg3 

: Ltd. (Accum. UnitH — «*■< 
iHaname Chari bond Nov. 14 U 
OHS06HS8* CJtffifd.Nov.il— TO-? 
-031 10.00 iaccuhl LfnU*i_— 1W.6 
+UB — Peua. Ex. No*. 13— -P36.7 


1 46.9 +0.9 

L 40-0 *04 

» 52.1 +)» 3 

I 53J +0.3 

! SO I -1 0 

t 87.4 -LI 

l* 11&2 —Cl .9 

J &J.9 —0.8 

t 7L7 -0.3 

0 129J -L3 

.4 244.6 -2* 

5 52.V -8.1 

. 53.9 -0.1 

1 90.4 -0J 

.7 124J -1.1 

I 552 -1.6 

I 61 B -18 

i - - 

r 77.4 

3 177.1 -1.6 

3 275 6 -23 

.7 1115 -0.9 

2. 1876 -13 

.7 187 lu +2.< 
3 189.9 +14 

.4 214.4 -33 

.7 270.6 -43 

7 1882a -Lu 

.7 311-2 -2.7 

r 9Lt -08 

1 93.9 -0.8 

t 18*4 — L4 

9 2332 -2.0 

.4 178.4 -0.3 

2 227.0| -0 3 


232 Equity Units— — £17.22 
232 Property Unit*-...-. C10.4S 

2.13 Equity Bond/Erec,. CU.44 
? 1 v Prop Bon d . F . W — 0335 
514 BHl. BdJExcciTJnU. EUJta 

5.14 Deposit Bond —vi U33 

4 u Equity Accum. — 179 
347 Property Accum. — OXO 
54? Mncd. Accum. . L 
IL2g 2nu Equity — 932 

2nd Property 1076 

2nd GIH. — B9B 

2nd. American: 712 

2nd Eq PMi'Acc.. 969 
andPmPenk’Act .. 112 7 
2nd UCd. Puns'AN 102.6 


XL - 1-0 1 
jm iIiu-o!( 

35 Mis . .. 


Pen. D. A F. Acc. — | 


- Hearts of Oak Benefit Society 


Kiwi Key lnv. Plan 1488 1534 .... 

Small <ViFd 918 96* -0J 

TochnriDsvFd 1041 1104 -04 

Extra fnc.Fd .. . 40 4 -2.3 

Extra I pc. DIM. FI. 95 J m.3 -8.3 

American Fd. - 89.1 93.1 -2.4 

Far East Fd _ .. 106.1 HL7 +03 

GiU Edged Fd . - . 1055 1U.1 +0.2 

Con. Deposit Fd . .W83 10351 ... 


Maple Lf.Gnh. 
Maple Lf. Manfid 


tS-n.Tavtaock Place. WciHSSM 01^187 503Q Norwich Union Insurance Group* 
Hearu. of Oak [J7.7 39.81 | — PO Bon 4. Norwich NR 1 3! VC. 0603323 

-d - UiU Sawuel Life Assur. Ud* MWK:.“|Si5 MS3I = 

NLA Twr.. Addiacombc fid- Croj 1 . 01-6664355 pfoperiy Fund . -Il34.4 14L4 +03 — 


Persni m Fit . . i 2073 I - g.T. Maaagemei 

Target Life Assurance Co. Ltd." Pw . k h*c . to Flash 
Tarcet House. Gatehouse Rd . Aylesbury. Tel. 01 -tea 8131. TL 
Bucks Aylcxbur 1 it<296i5WI London Agents for- 

Man. Fund Inc. .. 19*0 10L1J .. .) - Anchor •B U mis — C 

Man. Fund Acc. .11188 US.If .. .( — Anchor Gift Edee...* 

Prop Kd. Inc. 11178 124.01. ..I - Anchor I nl. Fd ft 


0024 MBS. Lrin. A*is. Dunbar U Co.. Ud Japan 7 d .not it. pi.s 
NlPaUMalL London SWI75JH 015OO763T i ,a 

Fst.Vtk.Cm.TBL.. I35J 37.7] -IB! 2 60 Se3l *7 Assurance lnternaUonal Ltd 

Frt.Vk.DbJ.Op Tst. 1*5 0 6&0| .... j «50 PO Rux SM Hatmlivn 5. Bermuda 

Fleming Japan Fund S, A. mbho*««i F ond . plsjm ?s»l r 

J7. rue NotM-Dam*. Luxembourx Ni tiger & Fricdland 

Fleming Not'. 14 -.1 Sl.1Sfc4.84 I .... .1 - jo. Cannon St .tt'4 

Free World Fund Ltd. Ljekafwids . .. ipu2*. 

ButteTfi rid Bide. Hamilton. Bermuda Tokyo Tw uei. 31. | SL: 

NAVOct.3i _ .. | sus IH.05 | . .1 — Stronghold Manage: 

G.T. Management LUL ro Box 3is. si. Holier, ji 

Park Hac , 18 Finsbury Circus. London ECZ. Coaunodip-Tnirt |B853 
Tel. D142B 8131 .TLX: 880100 .. .. .... 


il:3 = 


102.3 -0.7 
mil ..... 


2nd Usd. Pana'Acc 102.6 1086 -0.7 

2nd DMk.PriW ACC. 102 2 108.1 

2nd Gill Pm' A ct. 90 4 95.7 .... , 

l-ndAmFen^/Acc. S0J 84.J +2.4 

L6ES.1.F- 385 4L0 -05 

L&E5JFS ^.P75 295 . .. 

Current value Nov. 1“ 


Capitol Life Assarancep 

Cnnirtan House. Chapel .Ash U~UM 0903 28511 

Key Invert. Fd j 9952 j . .1 — 

Pacemakerlnv-Fd .1 1021* 1 ..._.| - 

charterhoose Magna Gp.* 


^Property Units .. - 1*2 2 
Property Senea A .. 105.6 

Managed Units 160 2 

Managed S'trtey A . 945 
Man seed Seri es V- W O 

Money Unity - 120-0 

Money Series A . - W-J 
Fixed InL Sw. A... 931 
Equity Sene* A .._ 89 8 
Pqs. ManasedCap. 141.1 
PttK Managed Acc . 150.9 
Pda. G'teed- Cap - 107.2 
Pits. C irri. Acc . !M 1 
Pens. Equity Cap. . 1001 
Pens Equity Arc . 1019 
PnaFisLIoLCnp ....|?5.4 
Piut.Fxd.Int Acc 
Pens. Prop Cap 
Pens. Prop. Acc. 


170 4 ... - 

U12 .. — 

168.7 -0J, — 

915 -04 — 

95.8 —0.4 - 

129.5 ... - 

1045 .. — 

98.3 +0.1 -. 
99.6 -0.3 — 

14&« .... — 

1588 .. . — 

112.9 ... . — 

1207 .. ._ - 

105.4 ... - 

107.3 . — 

1005 .. . - 

102.2 . - 

101-8 ... - 

103 M .. — 


— Flsed InL Fund -(lSi.4 JS9S .. I - 

— Dapuvil Fund . . jioa2 IU 9) +fl.il - 

— Nor. Unit Nor. 15 ! 2112 | .. ..J - 

H Phoenix Assurance Co. Lid. 

— 4-5, King WllUarn St . £‘. <P 4IIR 014060b 

~ Health Am.. [1111 117.11. J - 

— Eb'r Ph. As* . L, 88 * J •• • I “ 

“ Eb'r Ph Eq E. 179 7 83 it . . . I - 

— Prop. Equity' St Ule Ass. Co-V 

— tJS. Crawford Sira-ev '.V1H2AS 01 -488 ft 

_ H. Silk Prop Bd I I«»* I - - 1 - 

— Po Equity 8d J}2 I ... -j - 

— Flex Mnqer Bd. I 3<86 | | -. 

“ Property Growth Assur. Co. Ltd* 

— Lem Hou«r.Crx+'dvii.<.'/!0 ILL' 01-890 w 


10L1) .. . - 

US. 1 1 .. . - 

080322300 f4ep. Fd ACC.'” . T" 'lSI B**' j ”. — 

+0 JI — Prop. FvL lnv 115.0 — j .... — 

+0.4 _ Fixed In I Fd Inc 2685 105 «.. .. - 

+03 - Dep.Fd.lnc 97.1 M|... - 

— Ref Piatt Ac. Pen. .. 78.1 76.TJ +fl J — 

+0.2 - Ret.PlanCw.Pcn ..58 0 62.J+0 2 - 

.. ..J — Man.Pen.FdACc... . 125 2 131 El .... — 

Man. Pro FdCflp U3J 119 5/ - 

'• CiltPen.FtLAec...- 132 5 11951 

01 <060878 Gilt Pen-Fd Cap. 1235 120.01 - 

] _ Prop Pen. Fd Arc. 1624 170.9! . — 

Z Pr.ip.Pen Fd Cap.... 1*0 9 169 4 - 

_ Goar Pen. Fd.A«c.. 97 0 102.1 — 

Guar.Pen.Fd.Cap. 96 2 I0L S — 

DlV D.A Pen-Fd Acc .9*5 101 9 

Oi I M fUi*? D.A.Pwi.Fd.Cop.. 96 0 101 01 

...I - Transinieraaiionai Life Ins. Co. Ltd 
— • - 2 Bream Bldg* . EOI1NV Ot-V'56497 

1 OTulin Invest. Fd . 142.* 150.2 

. Ud* VTulip Maned Fd. 112 9 118 8 

AiJHinMi VMivn. Bona Fd . .. 11*4 122.5 — 

OI-OX7 OOW Man. Pen FtL Cap U9 7 125.9 

- Man. Pen. Fit Acc. . 127 7 1344 .. — 

— r M Bed lnv Fd Ind 961 1011 - 

— VMngif lnv Fd Ace 969 1011 


Imperial Life Ass. Co. of Canada 
Imperial HnuMvGutldiurd 712 

Git. Fd Nor. 17 |74 0 80.41 +0.11 - 

Prits. Fd SOV 17. _ 1*7.6 73.4) +0j| -. 

. I'irtt Lintu-d Portfolio 


Stephetunn Hoe. Brunei Centre, Bletchley. Fond . ..- n< 4 ,233 t24I ~ 

Mirfwt K*ynto09t(HN1572 FUedlnt Fd .. g* J00.« +0 J - 

Chrtbuc Energy — M.9 57.* | - ftHSKftl "" 5l lOiS *0fi ~ 

Chrthsa. Money— -B0J 3}X — Equity Fund .975 102.6} -0.6} - 


6.% ChrtfaM. Money. . 
*9* Chrtbro. Btonagad. 
1157 rhribar. Equity 
B15 Msfma Bid. Soc, 
805 Mafffl* HlflUfled 


Irish Ufe Assurance Co. Ltd 
] t. Finsbury Square, EC1 01- 

Blue Chip Nov, 15-174.7 


Property Fund. 
Property Pl/nd . 4. 
71235 AEneuttiual Fund 

+0.11 - -'RV-CiMrt*'' • 
+03 — Abbey Nat Fund 
1 Abbey Val.Fd* A> 

+ejr _ JnveaimcAiFund. 
+0j} — Investment Fd vA> 

*0.1 1 — Equity Fund 

-oil _ Equity Fund ' A. _. 

J ? * Mooey Fund 

Id- Money Fufld.AI — 

01-8288233 Actuarial Fund..... 

S* GifeffiFd^.. 


.Anchor B' Units- _. pl'Sl.tt DM 

Anchor Gift Edge... C9.33 9J9) 

Anchor 1 nL Fd Mjfl IB 53M 

Anchor la. jty.Trt 28.6 Mjl 

Berry PacFdL— ._ ^SfESS.tr 
BexTvPacSlif *25.0 340.M 

G.T. Asia Fd SHEMJI uS 


G.T. A^ia Sterling... 
| C.T Aartraiia Fd.. 

G.T. Bond Fund 

G.T. Dollar Fd 


14.34 15.29 
11.81 104 
SVS13.S2 
SUS*52 


linger & Fried lander Ldn. Agents 

~ 20. Cannon St . U'4 01 -2430648 

Dekafonds . .. IPU26J7 27 Wt ... .1 6.12 
TokjoTo MCI. 31. | SIS42 40n ] | 1.44 

— Stronghold Management Limited 

PO Box 315. SI. Helier. Jenev OW4-7I40O 
Ei.'i Commoditv-Tnirt IB8 53 931*.. | — 

Sun n vest (Jersey) Ltd. ixl 
118 Qaccns Hw Don Rd. Si Uelier.jR>. 0S34 27349 
13J| American IndTrt ..IE728 7.43(*l)2a - 

Dg .‘upper Trust . . Ell 45 lL72l+o51 — 

J-07 Jjp Index Tm . IE1L20 11.43)-01l) _ 

037 TSB Unit Trust Managers iCJ.l Ltd. 

2 Z? Bagatelle Rd-St Rat luur.Jen-ey. 0534 7M94 
f: Jetsej-Fund - [47* 50 1J . . .1 4 79 

5»1 liucrucv- Fund ,..[47 6 50.lj . . 4 79 

.« Gil' Fund ..1980 lOO.ffl .JliOO 

_ Gilt Fund tJcr<4>-j9Sa lOOO) J 12 00 

0 % Prices on Nov 15. Ne\t <uK day Nov 22. 

" Tokyo Pacific Holdings N.V. 

iniunix Managctncai Co. N V. Curacao. 

H531 NAV per >hare Nov 13 SLSF7 02 


G.T. Bond Fund. „ SVS13.82 -0J:1 533 ^ueroi«+runa .--g+J su.y . 

G.T. Dollar Fd .... SUS652 -0 33 153 G«l' Fund . — ..198 0 lOO.ffl .112.08 

<",.T. Dir. i‘Strla.1 Fd £830 O.M -O li - Gilt Fund lJcr«y jig 0 10O o| J 12 00 

G.T.PacilicFd. SUS1*40 _c*.™ 0.16 Pnccs on Nov IS. Next *uh day Nov 22. 

r- , “■» " . - Tokyo Pacific Holdings N.V. 

Gartmere InvesL Ud. Ldn. Agls. lmmt ManBgcrncal Cl , & . CuracjM 

-, Sl. Mary Ajtc.Umdbn.FC3. 01283 3531 NAV per >hare Nov 13 SVSR702 

Gartmere Fund MnaL iC.I.i Ltd. lath) 

+ 1 . Broad Si . &t. tteiier Jor»y 0534-T57+1 Tokvc Pacific Hides. (Seaboard i N.V. 


41 .Broad hi. St.Hclito J«*qy 0534-73141 TOKyo PaCIHC L _. . 

Gill Fund.J<*nse> •—196 00 iM.Ot I »-» ro.tnn- Mnnajtewen. Cu N A . Cur-v- 
»■»- ‘fjf Etoll Ltd •■Hfei NAV per »hsre No, 13 SL’lMam. 

, 1S03 HutehisM Hse. 10 Hon-ourt Rd H Ken? 

HKAPacU.Trt [5HS3J15 3<M|-D24| 140 TvndaJl Group 

I Japan Fd... ... .. jHTalMI 26» ... 6JB 0 \. ujl 

N American Tst pfS972 1*3 . _ J ISO , PO 1 -j« Hot 

InU Bond Fund |K':T«32 II M . 5 to 0<«vNj>> 15 . 

H ar t m or e lnYnuueol Mart Ltd. iai ■ 

P.O Bov 32. Douglas. loM 0824 2391 1 a >' 1 n * *^rl 10 

Gan more I nil. Inc .. I2D 7 M M +0 TJ U 50 S New SL. St. Keller 

Garimore Inlt krrth|60.4 72 S ] J.40 TDFSLNtr 16 


P.O. Bin 1256 Hamilton S. Bermuda. 2-276# 


Trident Life Assurance Co. LUL* ™ oLt b T . 1 * 

Ren.-J.dc HHMvClouctoier 0452 36541 Hambro Pacific Fund Mgmt. Lid. 


+0.3 — 
+ 0.2 - 
+o.: - 


Fd— _(2LS 23.4x4 +4U 

5*2 *o3 +03 

W*L_ 03k* 46M.-0 - 

■TO* 58.7 4151 +0.1 

t 255 -27.M...: 


' r- J* AfanuLife Management Ltd. 

Jd. (aKg) Rt Geortte 1 . Way Stoveaage. 043BSS1O1 

031^64331 56.* +L0| 4.47 


City of West ml osier Assur. Co. Ltd. 


Un{t Tst, Sign. Lid. (aKg> c, Geargri* Way. Stavenuge. 04385G101 RrocrtrBdnMfB, 8 Whltdwr** Road, 

tm^ Etfin burgh 1 - 031^264331 tM.l 56.* + LOI 4.47 Croydon CBOSA, 0l-« 


loo Mayflower Management Co. Ltd. 


“Md-i UWCroxhawSL.ZayVAU °1- 

• E-SKT*""® - ? JiaH rifl Income Nov. 7 104 J M9-R — 

g5J -27.% ... -.| L94 Gcner> i Nov. 7 WJ S-3”" 

.wretionarr Unit Fund Managers Intent*. Nov. 7 — 1455 w-*.-- 

/»8uflBldSL,jr2M7AL 01-6364485 Mctcbit Fund Managers Ltd. 

“«» Jfov.ro. — flTOJS iSZJTrf . - -( 5.48 3(1. Gresham SL. BCZF2EB. 

T-W adiMter FMd Itlngl Ud. " 

a*w» mb; gyaX'»- sh » -■ 

pae«SiBi M..-I jsgygi^r-gfi m r 

^BV t Dudlfy Tst. Mngmnt, Ud. 

S«a.S.Wl 0MB9t5.il “IfflSiS’SL^LE Ui* II 


4-1.01 4.47 Croydon CB03J/ 
x *8 tv«u Prop. Fund. 

“U* „ ManaBeoFund. 
Q1-CM5S10P Equiiv-Fund-- 

1 8. El Foi+nlund Fund 
5 BS Mmo' Fund 
3 80 nth fund 


Fund 

ca Ud. MonpR. Fd. Bar. I J 
iai feonipt Man. Pd. 

01-084 SOB* 

i " PrpJfdGrtlLSwJl 


9*1 +0.7 - 

29*3 +0.4 - 
995 +0.2 - 
U95 ..... — 

1991 - 

ZZ33 — 

105 J} - 


S3 - VSSStESfSzj ^ 
z~: z SMKWSKfTjJ 

- W^.FduS‘5 a „ P V 1415 

— Pension Fd. Uls. 

Conv. Pens. Fd. J5-* 

Cnr. Pns Cap. Df iff* 

01-S33433 Man. Pent. Fd }5L9 


I +03 - 
- 

- 

— 

- 

-Oi - 
-flj] — 
roestmonL 

4.40 | 3’erf own Unite J ZWJ I 1 — 


King & Shaxsoo Ltd. 

52. CornhilL ECS. 


id. Pena. Mnsd-Cap. 

0lAM)4aS5 Priu+MnciLAec. 
4 4+ Pros. Money Cap. 

TS pros. Money Acc, 

? S I'ehs. Equity Cap 
J g pens Equity Act 


Bond Fd. Exempt -1102*1 104.45|aO£B| — Map Rapa. Ca* L't 
Next dealing dote Doc. & Prop. Pens. Fii . - | 

Laugh am Life Assurance Co. Ltd. 
UngbaiuHy.HoImbroofeDr.NW4 01-203 £U1 RMoTSoc Cap t'f I 

JSfl rmummo*f 

Wisp 1SP1 Man Fd|772 ffli) — | - 30. Uxbridge Road V 


Menaced 1227 129.9 

“ C.td. Mud. 1J6.2 1548 . .. - 

" Protwm- 1533 162 4 ... . - 

t'qvi't> .'American— 797 8*5 +06 — 

Z I'-KEoiiilv Fund-. 1»8 116 3 +05i — 

Z HiuhlielS- . - 138.7 l«-9 ... . _ 

If Gilt Edged. 120.6 127.7 .. .. - 

Monet — - 125.3 152.0 — 

_ 1 menial ional — 974 103.7 -Oj — 

“ Fiscal- 126* 1343 

Growth Cap--.— 1243 131-6 ...... 

GrouThAtr. 129.3 137.0 —. 

” Pens. Mn g-1 Cap.— 1161 123.0 

_ PensMngd Act — 122.4 1796 

_ Pe1iK.Gui.D4p.Cap.. 104.1 • • - 

_ Pens.Gtd.DcpAec.. 109.7 1162 

_ Pens Ppu.taP.~- 116.9 123.8 ... 

— PMS-PVACC 1S2 13E5 .... 

_ Trttt. Bond 363 383 

_ TnltG.t. Bond.. , 1*8 ..... 

— *170+11 value for f 100 premium. 

— Tyndall Assurance/ Pensions* 


0110. Connaught Centre. Hone Rone 

Far east Nov. 15 tSHKHM 15711 1 — 

Japan Fund .JiCSI.71 ILflj | — 

Hambros Bank (Guernsey) Ud/ 
Hamhros Fd. Mgr*. (CJ.j Ltd. 

P.O. Bar 88. Guernsey 0481 -2GS21 

CXFund 1440 153.4rf .... 3.70 

Intel Bond SVS 10872 I»j3 S.50 

Int-Eqirlty SVS 10.85 11.1* 2.10 

i«t &»".(■ svs 1.0* Lo* — 
InL Svjfl. -B’ 5USO.U U* - 

Prices an Nov. 15. Next dealing No \ 22 
Henderson Baring Fond Mgrs. Ltd. 

605. Gamnion House. Hong Kong. 
JacnFd.Nor.ie-n.S336 24JJI .... | - 

Par ificFd* Nov.l5_| SUSS. 8*7 _ 

Bond Fd. Not. 17 SUS10599 -dot! — 
•Exclnsre of any prelim, cnargej 

Hill-Sanniei & Ca (Guernsey) Ltd. 


II tt ■ " ] 5U OwtoNwv 15 . |3L'S115 

4i 1 '.VH.-um.VmL-. , S1.«1S1 

0824 23911 3-Way Int Mrl 10 lil+JJE 

goj+OlJUSO S Sew SL. SL Heller. Jrr-w-v 

72*| J 24Q TOFSl.No- 16 [7 05 

fn—* | fjl 'Acl-uci. Sharcii [1125 
LUL .\imsrtranNm it 7b 0 
C Kong 'Arcum share.*!. . . 7*5 

15711 ] — Far East Not. 18 84 5 

1*2* — ' \rcunt shares. 1 845 

, J , Jer-,-% Fd Not 15 212.2 

W Ltd./ i.NiiufJ, Acc. L’ts.i. . 300.2 

■) Ltd. Gill Fund Not 15. 101.8 

0481-2S21 1 Accum. Sbaresi— 131.2 
Ud .... I 3.70 Victory House. Doncias. Itl 


[7 05 7.651 

£11 25 12.15 

76 0 815n 

7li 5 B2.M 

84 5 910 

843 910 

212.2 226 6 

300.2 318,4 

1018 103.8a 


3.70 Vlciory House. Douglas, lalaof Xaa.0tt4 S411L 

ISO Managed QcL 19—334.6 14UT--J - 

— 10 LsUife Assurance (Overseas) Ltd. 

PO. Boa 1388, Hamilton 5-3!. Bermada 
— InicritI.Mngd.Fd. |IV5I tt — | | — 

' tcL Liniou-Inrestmnit-Gesellscfaaft mbH. 

Pmnlach IS7S7. D d 000 Frankfurt 1A 

Allan tirionds 11135 UJOI-OJM 11 J* 

_ Europaionds. ... 2555 2*10|+04.oj 25ja 


«WH»ll«yT«..|7Ll ■ 76* I 3 81 Gnu 
4 **r amJtas Sttchties Ltd SStrid^ia “a’ 

Abbey unit Trnst Mngrs. *23* *u«n 

uw ui». Tr. sl* uMMcKii 

W^taBjRtLWfih Wjwmbc WW^ 77 rfrq‘i| itm j 

*^6Lra_._(64.7 *8.11+0-3 &> P Accum - 1 

^8?iiilBy Unit Trust MngL Lid. — . — 

AWatNltt Street. Gltoflow. 041204 *32* . Intri*iWfioaal 

naarlnteriegi f7< + " ri a l 2.72 !». .U«uin 

si 27.0 2.JE DlKhlldo 

! ! "iylnCiaj|B_ 34,4 37 o 8*5 Do .yeeam— -— — 

^^BmjLFfcL- 27i ‘ 29J 7-6® E+iuJr?' ENrfmpt — 

02 Mb :. ... 2.W rx. Aecnn^ ~- 


75.iI lid* (ai I L.1C7 m itwiuaiiwt 

3 81 Vml Trust Managers Ltd.* (a j Telephone Ot-dM 8664 


City of Weatnd lister Aasnr. Soc. Ltd. c£E?iE2S5!L(IIl1 


{S58BK i"- -II& lllrl I = Prorideuce Capitol U/e Ass. Ca Ltd. 

W|Tp 1SP1 Man Fd |77 3 ffl jj - 30. Uxbridge Road W_I23PU 01-748811 1. Equip. ... 

Legal & General (Unit Assur.) Ltd. SSS&S&Sr. i59:::\| z 

Kingrunod Houae Srogsu-ood. Tad »orth. Pension Equity .. 125 1 121 a .... — viuiVpn it ' 

Surrey KT206&L*. RuryhHcalh 5345* PntMon Fxd Ini i«*» -- 1 - v.! w s 

CtohlnlDal £61 lofa , I - DepKii Fd C?p . « { g-fl ■ ■ ~ Mn^?WW" 

TlA VAriim .. . W91 104.3 I _ ruromutFrt »«■ ..l<74 58 0}.... - oS'^ititv Not 5 

Do Rood .Vov i! - ; 


Da. Actum. 991 

KqqltyHiirlfff ...1|?5 
Do. Accum. 12* J 

Fixed Inina! 11*0 

Do Accum. ui* 

InU inula! — 87* 

Do Accum . - B9.2 


4 05 SL Helon a. . Updmluft. EC 3. 01-363 7*06 fejB fcifiSr" ??7 2 j 

-0] 4.D5 Vr..\o.Ae.Noy.I3.| 57 24 +0.941 _ ffSeSni" — 1210 

-i- *W Do AftniatyUa 1833 I ... I - Property lniiud 1802 

-0J *® Do. ITccugi 10SJ 

*..... 3 34 confederation Life Insurance Co.- pwl^ rH S'teu .^iS*^ 

+5-H fS SO.tbaneefpU06.WC2.UHE. ■ 01-8420282 DS^Kum_ _l! :0 9 


anutt_ : 

.^WlnCuaK™. 


' N«. li. *4ext dealhis Nov.-: 


2.72 Iw.Wum — - 

2.72 DiKb^ldn 

8*5 tto .Vccam 

2*0 EquIij E^Pf— 
2.60 Do Accum* ~.-—- 
8 15 Japan ft PaelHe— - 
4.45 Uu A ccunt 
r «Prtcev rf Oct 


*3.9 -P-2 

45.9 +0J 
488 ...... 

65.9 +94 


*52 «a . 

- *S-9H 
b*a ,713 H 

ms Mjg . 

102J 108.21 , 

*70 g-lfl ■ 

170 50M . 

Next deeding 


122.2 -01 
1254 .... 

92.5 

93.5 +D.1 


Da. Actum... U210 127 < 

Property 1 nil mi [1002 10SJ 

Do. Accum -llOSJ IMi 

Utgol A General K nit Pwitmi 
Exempt Cash liuL -1983 103i 


mS +D2 

*o3. 


Deposit Fd Act. - r; 7 
Equili PdCdp. ■■ rj} 
RqUlb Fd. A« <S • 
Fxd Int Cap. ... . 

Fxd. int Acc - .• <2 J 

Inlnl.U&pL <5 6 

Inuil ACc . . - *5.6 
imaged Fd. Cap- ■ <*' 
Managed Fd. Act - <6* 

Property Fd. Cap. - *i J 
Property FM Acc . 47 6 


18 Cnnyng* R tod Bri«tu! 
a-VavSo' 16 . . . 124 9 

Equity Nov 16.P —. 1*2 9 

Pond Not . 10 165 9 

PTOpuiyNOi- 16 1091 

Dcrwi-.it Not. 18. . - 130 5 

S-W»\ Pn. VW.17... 1*9* 
Ureae .(m. Nov. 18. 73 7 

Mn.Pi».3-'A' Noe 3 176.6 

Do. Enmlv Nov. 2 . 2738 

Do Ratal Vov j . I 281.6 


0272 '/■ 3 76 VIA. IntnL MngmnL iC.I.i Ltd. 

Hill s «nuei Invest. M*nd. Intnl “TwWwiTT 


L'Difnndw .. . .. 17.95 

r'nircnia ... - . .. 3830 
L'nifpc-L-ial I.... 60 DO 


18KU .... 17.18 
..... 3832 
631Q-D4D 60.04 


Hill ^ornii sl Invaet M.,_i 14. aiuicasiw street, st rieiier. jerxey- 

H1U amiuel invest. Intnl L I B Fund ci-rui U9B| . . | 

Pu BoxBS.Jersn. tas+iTsfii 

wsrharmcf ir. F. ...TJ7.ff ' 126 v ; 3oc L'nrted States Tst. Inti. Adv. Co. 

wq B ,t rP 'r S nn ? -^y id 14. Rue A Id nn ser. Luxembourg 

- «TM+» IShSM -„ ms >.v 


Ho Prop.r:OT.2..-.,| 90* 

Vanbrugh Life Assurance 
4 1-43 Maddox Sl Ldn.ttlftflLA 
ManacpdFit — ]1**6 154A 

F4W^Fd [234 5 24f5 

Irt^. Fond. a_ i9*B Ml A 

Fixed intent P4-. .. 1655 174J 


-. - - '<• Ruc Aldrinser. Luxcmbours 

, H.b. i.n.ersea& rlwaJE 18331—0.14) — i > cTi 4 *i FnA n: agai 

_ C.5. F. Fd 1 Accum. > 6F U 59 15«+D5J' - 1,5 T ‘ 1 ^Hi+riTvov- id 

■ I .. Cnj5iboH-Fd(.\cc 1 SF3.67 • J.7«+fl64 - • « a -- wrta Not l& 

•;;;; _ itf W. .Aw.to* 8«J,oofii - 5. c. Warbiii? & Co. LUL 

I - International Pacific lnv. Mngt. Ud. M.0re-lt-i>iSireti.EC2 

PO Boy *237. 58 Pitt Sl Sidney, au^. i m.Bd.Nu*. is .. I St:S9 20 
01-400023 JB'ciia Equity Trt. lS.u.23 2J4)-0 0B] -- tnL N ot. IS. 

+0.3! - J-E.T. Managers iJersiei'i Ltd. 


154.4J +0.3J - 
24h*+0.4 - 


VEqultj-FMnd-. 
ini fManak-edFund 


— I *07 j' 

—“■I ?nn vPrPFund 


* , 177 JM 1 - 

W B 1:d = 


rrioAf TWiiF.X: Close 470-475 


vroupMn ' 

Fi see tni . _ 
Equity Pendtm-_[S5U.4 
property PmutM .-1581 


Exempt Eqty. Imt ^ 1540 

Do. Acrum. 137.7 

Exempt Fixed InU- 115 J 

DO. ACCUm U85 

Exompt Mngd Inlt KJ9 

Do. Accum “13L5 

Encmpi Prop. mu. . «3 
Do Accum 100 9 


Provincial Life Assurance Co. Ltd. CtoE?Sd^.l!.-.-!iSf H7.f1 . 
^Bishopsgoie t-L-J ai-^T6533 Vanbrugh Pensions Limited 

Kw'caSffd Fd M * 7 1 I 2 .SJ “’III — 41 - 43 MaddesSL.Ulfl.M'TRaL .4 ( 

®waL.:'.'':aiH mu - Huumi mi -mum 

Properly Fund .. - 

St: Bl 


»0° - 
■M».l - 




Jaielis Equity Tst .|SA2.23 iii-OOBl -- InL Nc>» L5- SL'SIfc M 

TFT lU-lffRFf J Ifl TM ll 1 frj '' r ^ SKll Oftll „ St S7.10 

J£,T, Jianagers ijerseyi Ltd. jfercEMXot.M... luSWt? »u 

PQ Bent 98 Channel HouwC. Jerwy. 0*3473073 MereMuyXktNOT- 6.(P0 10 10.11 

Warbur « l5 »esL Mngt Jrs>'. Ud. 

jartoie Fleming * Ca Lid. 

4ete Floor. Connaught Centre. Hong Kong c JIT Ltd. Ocl 28 . .j£14 *2 15 Do 
JardlneEsoi Ja._l HX5378J* I ... I 190 MciakTm.Oei- 19. L12.90 13.22 



Corn hi II Insurance Ca Ud. u5KS.FdN^!‘ |«7 

32. Coraliiir.'EA.'JL 0J-GSB4T0 Vest sub -1 

ftijSSS I J ^ A PSU r. ca of 

Mn.utb.Fd Oct 20 . (171 5 1W.« .... ] - 30-42 Vrw BoqdSL. WT 

UCOPLnitt ... .[97 4 

Credit & Commerce Insurance Ue>ds Bk. Unt( Ti 
120. Ragem 51- London a'lRJFE 01-4337081 TI. f ombafd SL El 3 
OkCBntfbnt^ilSa JSZBi ( - Exempt [9*4 


— 'luff 9 io*i! - Prudential Pensions Llmitedl* 

i+rfi+i a- rinnorai Dnut fh . ,, Holbom Bwa &71V 2- v H „ o >■+038222 Welfare Insurance Ca Ltd.* ■ 0 BUD - Wm 1S - 

FravaTP - EOwtWw »«• lifjS 14*3 " I ~ WiMtede Part. E*oler KSMSItt — 

U.Qucen ' »clort»*i..tL4N4TP 01-K80B7B Fxd.l»LOtL 18 ..’U? ?“ IJ+jl I — Moneymaker Fd .1 lD3.fi I -041 — 

IpicPrpFd- N ot.T- |9B.7 10*-3( — I — Prop. Fd. Ocl 18 28M} .. 1 For other fundi, please refer loTn* London & NOTfch 

Next sub ddp Dec. X. . Reliance Mutual ManchMier Grojp ._. ... 

Life APSUr. Ca Of Pennsylvania TunbHderFrtU Kent OBffiasSTl Windsor Life Assur. Co. Ltd. Price* do oca include i premium esrepi ■+4t«retfuliesieri lv. .Jnd .ire in tx-nce unleje Mhenrise 

30-U S' vw Bond SL. tt r t 70RQ. Ol>4S3B3&0 b+i Am. 1 2M9 f I - Rovsl xthen H«t Shc« Sl Wtnrixnr «tii Vfeldt. ^ i+OO-tt In la* «. - BiTaj.».a!lc*«f for a,l bu-ine expe.-t:** a nftered price* 

LAttJpiaiu MT* tmn i „ . include ail expusOT. 0 Todu' a price* c VnJd based mi «!■*■< price d E*i imaled. c Todv’s 

L\COr Lnru — -r«< i.er .. . [ — RothEChlld Asset Management *S!E,„JS.aSSr*w» ■ ^ 3 om 74 ® -• ■“ opening pnce.liDINribJlionfrc*^ of V.K l^* P Perlcda- premicm im-uranwplatw s Singje 

Llovds Bk. Unit Tst. Mngrs. Ltd. ,, ■ A n dpn.D"4 lv. .1^ 22 — premium inrur+nce. + OBeiwJ price include 3li e%i+,v<.^ I’-ircpt aqeni's tniwrusision. 

!r .“r *«,»,«« SLS ' tl,h,n9:jne ’^™ a "i»w I £SJ u [ 4A ^ Gth,bl >•••■• ~ * Ctfwcd pn'.-e melucL-.-! ui: Sspc.i^- ■: i.'oudh' ihrt.urh manjCttr. r I'm imu di>v priv. 

.l.lombard^LEiJ Ol^Bl^W X.C.PTOR- - v iduR^aea - • • Xe of US on «aU,«d cMiiial «un. unless indiraUrf' by 4JJ Gtiernwi-grusa. fi Suspended. 

Exempt.— ———.[0*4 UL4| —4 7.93 Next Sub- day otsemoar at Fitts. hn. Gravelly (IcLo IDS* „„,j — « lield befere /wrfy Us. t Ex-»u!tdi\wvn. 


llaiiaced- I99J 1045 *DA — . 

Equicy— 1S35 109.0 *5.1 — 

Fixed imercol. 98.8 1*3.2 -01 - 

Property (1W-1 105.4) — 

Gunraaioed to* Tna. Bumc Rotes' table. 


0I-4»«33 i"3! D «5aJi J« -I 54X537854 


JaidiueJWFd.*_ HK5432.S1 

JardiiwS-EA. SUS2M9 

Jartflqq FlraUflU. HK512.42 
fUfArJaMfiaep. TTKS15.M 

Do. lAccum ■ HKS1596 

SAV ucL 31. *Eouiv«ieQf i 
Xcsl HUD. Sov. IS. 


SPitb-” 


1 78 TMT Lid Not - 9 . 1*9 07 ID 13) ...j _ 

- World Wide Growth ManagementO 

~ 10a. BoulOT*rrt Royal. Ltnemb-jurc 

Worldwide uUi rd| SUhll 59 ]-Q 14| — 


NOTES 






Wali Street ! 

UK. Equities : 

U.K. Gilts 1 

For our latest views and HMS | 
reports write to R.K.Tiffiberbkc. ! 
19 Hanover Square. j 

London W1A JDU ' 


FT SHARE INFORMATION SERVICE 


I'inancial Tlnses Saturday XovembeT^i8 iS78 ^ 
FOOD, 

I WaFlew i' ■ | litre J*’^. ■ft |i a krjnS[f)B 

1252 1165 IIIrtlaH-iCp . 


_ , 213 +1 4.9+.- 5.9j 13 Ei . 

95 59 lSaomA .top- - 89 531 4.g 5$ . 

£W*j £2S- KrartSi*). - L»x 7 t __..j&2i!C .♦ NJ} ifc' 
1171; 70 KwiV^areWp — £ “1 .2.64. j'J -s.W ♦ 

.41. 27 LeaikHtup 10p 33 ..... fili? -i3-7.6i.65 

176 128 Unfiwl Wilts... 132 9+3 l.LlB.7hZ3.. 

122 100- Loriowork 182 A 12., 

SS 20 LoreU-C.P . - 56 — ^Z2.8 — 1 — T-_ 

126- 93 tmiiWnuaip_, 96 612- • * M B «j». 

157 72 uWj. - 153 . ..J-KTM 02 7.3 

174 120 Ma'ihw'B' - 162 ...... td9.29 5.1 


BONDS & RAILS— Cont BANKS & HP-Continued CHEMICALS, PLASTTCS-Cont ENGINEERING— Continued 



, , Price j+ orlDrv. ‘rj RnL JO l , _ _ 

ffigh Low I Stock I l 1-1 Gross 1 Yield High Low | Stock j Price | 

55 42 Runs. ‘24 Ass 50 41; f5 66 54 42 Hanson Fin 3b. 92 -2 - 

2 65 Iceland ftpc'B&ffi 63 - 12.80 134 105 HstuitSws— 111 i 

<w 82 V LT!land7.jnc fii« 83'; 71; 1309 *390 350 Midland £1 348 +§*' f- 

.71 77 IViftiipc ■91-96 — 77V - 13.42 £92 £78 DaDj%ffi-g3.. £79xfl T i d 

*S 265 Japan 4pc l0 Ass- 375 — — £95' 4 £80i; Dal0V.9MB_ Oft*! .... S 

87 67 Dofipc StW 67 -1 6 1220 64i; 56 Hire ter Assets,. 60a ' 

160 140 Pmi Assape 150 3 2.00 260 172 Nm.Bte.AnsJ S.U 200 +5" U 

75y 75p SGLSjvMP&_. 75p .. . ft 8.67 ft 66 NaL'.'miCip „ 72 -1 t 

S99 554 jj Tunn9w]981 5941; ...... $ 953 258 250 Nat West- £1 265 +2 f 

D^91 D.US1 runnGNp? 1384 — DM91 6>; 8.45 460 350 SchrodetsD 400 i 

97 94 Cru.Tiayftpc ....... 97 ft 379 255 190 feroORibrMC&l. 200 

V.S. $ 4. DM prices exclude inv. S premium 92 70 Smith SC Auh — 80 . * 


Wee _ 


ICTP l 
High Lc« | 


BRITISH FUNDS 


* <7| »W 
— i in;. ! Red. 


50 — 41; f566 54 42 Hanson Fin 20p. 42 

63 - 12-80 134 105 HaTUirS«s._ 111 . 

gft 7>; 13 09 *390 330 MidlandEI 348 +| 

77V - 13.42 £92 £78 DaDj%ffi-93._ £79xd T 


.41 27 Leafkutup lOp ,33 ...*.{ <ki?. 

176 128 UnfiwlHW*v.. IS. .-J9.-3- 

122 100' Loriowcirts M2 . ,..: 412 . 

SS 20 Lovett 0>V ; . 56 

136- . JO] UniWnvia)p_. % ...JfcU' 


53 *-6-1 •16-4" ' X ■ = no ff Miuiwrn r wo . tb j.fj . j.oi 4; 

51 ___ .12 39 21 TJ 1D9 70 XurdinFTt.IOp... 74 -1 triL37 5U 3,i 75 

22 r.: dI35 17 « 31 21 ^rtu.p.JOp.- 26 ■ ..... {155 z| 931- 7^ 

5Hz +i; H 45 12 73 30 ft-fce.WJ..Wp„. 73 -..MW. 0.« 1412211 

122 .. .. 4.93 23^0 15 ^ „ fbtQvnGrplOp 1&23 ..... - ■ -1-1- 

BB *5.68 11 W135 ^ 45!i r h.M. . .... 5l‘i aJ 2 ty4 tdffl 97} 8f 

57 $2^6 4.4] |.j| 5-7 jg_ ^ RoW ^tsnFc«t 142 *1 j|iQf2l| &2p7T 


“Shorts" (lives up to Five Years» 


AMERICANS 


lD3f, T rea.j;r !>pr ISJTit; 


9 25 11.34 Si' 22 ' ,n “ 51 ■ 


32».«c +1U S120 - 35 


Hire Purchase, etc. 


DRAPERY AND STORES 


73b \5»i 


~ s i+r 



.?>; Uvv:-.-c-. K ao>; 3 

114^1 9": [Trw^r •> ! 9S- C | >X- 

IOC*: j S:'| ■T.-c^.-r K: | ES=;|-;. jia. 

Five to Fifieen Years 

95 ’ I K 'E- 1 N :<v 1H?. . 38-v; . i :i 

| - Lflpc ;.«• E97- : . ... '-2 

V'- St-? 7 r :'i ; .r-E-:-*- W4joi:. 87 U iv 

8'5, 75^ rundn.C^'BWTt? 7S-’a .... S 

W*J 79^ Treasur Tlpt 3:-^ Ed's . 9 

(&}* 60-- Tfan<porr3pc-B:vS8_ 62 .... C 

75 s ; 6?4i T reaiur- - 5nc "3M9 .. ... 7. 

11 5t 10I s j Treaar iViWnj;. 1KV .. . 12 

8^’-; 76 7rea?'ir. e> 4 «79As 76i;.: 10 

Ityy: °2 ! ; TKaqtft HhfKl&i ®6-> 22 


-i. Is II S'.la teassl.TOW^tija 

E h? H 11 H HOTELS AND CATERERS 

J 88 3,6 5.B 7-Z ^ . r . "■ • 

-i" P165 4.9 6J <U Fair Adda see Casafeat- - 

J tt25 5.0 6 2 62 SOtjmblBewl'J'FrWO. £25*» .... V- 
3 5 Z610J) 5^ 68 35 Errat Walker ap 50 ..... 127' .-1.9 

238 4.7 5J 5.4142 73*4 Cltj' Hotels Kto.. UO- -1. k&122 4.2 4; 

-i" +?36 2.4 &7(5.fa 271; 15Ac jCoirfart Ini. lwp -- t!A34i 5.5 0. 

4.11, « 02 3 7 82 3 8 176 148 De.VcrefWet.. 154tf +1 Utt.72 15 .4. 

+1 2 305 43 6.1 57 -20 10 Eptcurenp 15 -K MB4ht3.3: 

h3 70 2.4 7.2 9 0 121 87 CramJMfSSQp- 105 - +1 fj.31 35 6 

dL83 3J 5.7 87 96 75 Kirsaal(M-|tri5 % .. . «1?.A0 

*131 6.1 2.6 9.6 215 154 Lmfcrofcc l<)p - . -158- *2 ALU. .45 K 

■-'■■>81 5 0 86 1 45) 23i a 15 MLCJjarlcae lOp 19 . ./ 050 - 33 3.' 

T 1 4 46 39 95 A1 270 1EO Mydfleton50p. .215 t5- J 3 

#73 - 10.4 82 44 25 Norfolk Cap 5p_ 37 -1 t061 33 

' a 51 48 50 45 28 18 North iM.FJ10p » ._.. th84fi 33 

-3 1-3 67 3.0 69 66 9B 2Wt PrinceoTWaifiF . 75 tb03S 68 

>68 * 11.2 * 45‘; 21tj Queen's Moal5p. « _ Td034 . 23 

rfhI4 4.8 9.5 32 170 138 Rowton Hotels- 138 -1 1*36 U 

tl02 3.0 8.P 6.4 87 5S Sany-A'iup- . 65 t1 K104 -4.7 

0 89 3.9 54 51 41 20 StakisiEwj'lOp^ ..34. 0 JO : . 35 

" *;«21 L4 9.7 148 20 9>; saan £>an Ini Sp 1 9 ._... 4t>-25 pJl 

4 t2,J6 1.4 10.2 10.7 BO 1 6i Fnisltt Forte... 231 -1 -i ZA 

3 4 1.4 85 9.4 39 22 R'anit'ikfc-.VWp. 32 .„... 128' 30 

+3i,03J 4 rc - 47 — SO 195 WbedtisWp — 355 .... h4i& 47 


INDUSTRIALS (MisceL) 


_ £510.5 25 15 r«L V.b 21i?ff 123 3 7} 62! 4.9 1171 147 

iMacaOan JRen- gO 514 25 VV 73 / 1 f>7‘; 40U Fine Art DexiSp Mij -i a 136 2 6t J.M7 l« 114 

Horbnd£l 525 +5 14 41 ? J £ $ ♦ 36 2IC Ford WhiM*- 36 .... . tn2.05 lJSI 85|12.B 35 3) 

sandemaiu M -2 234 *5*1? ?? HO 30 FrrmRserlOp, 101 .... K2.83 4 6( 4^ 7 8 38 IS 

lsc<tftANe«-atp. 65; +1, 3 j 6 2> 81 6 6 135 81 p«>qer Bros- . _ 155 t289 5 


Over Fifteen Years 

120 ; «1 102 ; - ITr-saruc- 1 V 4 pr VXtA 102>*.i 
128-. 120i» Trwi'Ur i— .-pc 120Ai 

lMlIl 975; E...rh £-;p ’.iW . 98^4 

597; [ 7ft Trea---jr yr> 7^ 

10b>4| 93 -c 61 . . 961* . 

51 4?: ; tiuV &•.%■• . 44 .. 

*5 1 32 4 >£• . r. J« 4 - -.• i ^ - 35 : j 

11 j ■-.* c- |; Kir -v.r 97‘. 

'•j-. ' 7o ."r-r— - '■•:• .-- - 7b-. i 

lir.f'wi -r r- 112' - ! 
li'Nj’-C !f„ ■- a- :f* 100% j 

?•> I 42-^ If . .<•-■*' > 431. ! 

lift 4.!* "Tr 1W',; 

! £-- IT. '.'J-T J P5i*; 

SoiJ ~y : •- :.rv ' ’jCi 7.V-. I 

J 5*<- Trei-vr ■ I 


2-7 144 114 Descutta' 130 T660 

2.8 35 36 Do*3fchrae](b 31 td2J2 

7 3 38 151; IhAekSnriJ-, 35 -'2 ZL02 

? 6 136 11D Dortile Steels— 113 5.41, 


sears 411, 26'- Mom^.jpiussis 33 

IViK 13 37 1 15 31 in? 10~j N nrtun Sifrvm Int S !_ 12'**a 

110 13 4CI133Z 18> 12>n I'racnr-nJ S3. 125... 

^ 13.14 1322 21 >5 14ig Quaker • >ats l.'SSS . 17i 4 

76 1 4 . 2162 12 47 285 e 15«. EdiJnreS'23. _ 23te>a 

9«* .. 15 Cl 1315 317 a iy 4 ?.ep. V •‘Vp SS . 234 

C4 ... h l 1 ' i5 17>j If-!, new.*"' . IZffl 


17112 7.9 122 92 AAH. 180 +1 618 23 a3 72 * 

12 103 6 & 121 594 ACT Research— 109 h259 25 33189 

2610.1 5R *81 50 Aarons® Bros, top 66 . — QS .td-Wi&A 

3J 64 6.7 42 32 Abbey Ltd 32 Q334 * 10< 

L2 11.4 167 57 43 AWhln* 20p . MI -J .' .M M3 fU3l 

5.9 7*2 36 Alpine Hides. 5p Jgb . ZJffc -.2.4 5.6 1UJ. 

42 72 33 352 268 .AmaLMetdtfni. 278- -4 tl6Q5 :8Jfi fife- 

2.6 10.8 43 67 48 AflgAm.Asptett_ 50, 27 13 8J MA; 

32 43 69 . 82 . 34 •’ Aronson CAJlOp. 80«i 2.13^ •*- 

4.4 Si 5.1 D1 98 AsocdCottroA', 1M - r l S.65. £5 F-T.9 72- 

53 4.8 5.0 60 27 Ass.SpnpenlOp„ £5 i; ._. -V- 227 

3.0 8.0 52 13\ MutinFiL^ntb- 1£»« . ... <».6l 2i 7.7 .86 

1 S 8J -8 9 226 160 AvonHnboerll, 176 +2 9.41.* 53 KB 2A 

23 B.6 7.6 M 45 BBACronp-— - 5te +1 72,42 33.6:7 ,43 

02 11JJ 63 9 125 95 BZT.Dett — W? + , 5^3- Z9 81 M 

3 0 9.C 4.1 79 63 BOClmnl -67J; ..., flrlB 38 .7.1 .%?. 

AD «7 3.4 *354 181 8TR_— — 319 . .. tlLO 3JU 51 HS 

31 79 52 196 145 RardiWmiQ- 171a! -1 tlDJ7 -3S.90 -4R‘. 


.1 210a! -4 
>\ 36 — 1 


1 3 5 1: 1 5 ' 116 i Ui Z 11 ^ e 0 22". "iwh. 2T; *-l' S130 - 2.3 “Jgi, Fewhv-3l!)s.' 271? ' I fij 9«!iio I25U 

’■y' i |Vv. • 92%.-; . 'Utsl^i: W A &5n Trawaner^ S' l? 1 * +•* fl-M - *5 31' W Derio* Jte _ ' 2? ‘ "J : - : - j - 2fa 

| • -r -.-?. 8v . U2 3- - - ; *272 4*'; 2-i cHiwh,:... 26-c ■*■ i — 3.F- 57 45 Bealwc>tlOp. . 47 . tL5S 1 4 i ! 5 9) £.fi fc> 

'%>!. c; -4 i7- iV.-.‘ . £2'; 12 “5 ! 12 37 a'’:* 15*, jl..* Sieei ji . . -*1; Sl.cfi — 4 9 ^ :,5 Bt-n Anx dp 55 ’’ iri» 7 ■■ li 4 ii 6.6 *32 

46-j 1 9" • ll. 'v-'t 9<a — • 13 Li 17 11.* jW<.>lK.irn-.£J; lSPcfl * a 5L40 — 5.1 fj 2= ^>|ei«3hi 63 ’ 40i 9i 42 220 

*2-z / 3^-4 ir>ir - v 5 J >- 1 ? c r ! "2 2j *»?*- • 2jT? J-Xurc**. L"or7 5J 39 : j rlk S?.W) — 2 6 ^3 -jo BlyfWeu " ryj if j&Jg 3* 5 <J 29 

■- - [-:* 1 : -Wta EQ5 ’ [SS14 1 23 IT iff Sr 3t5pJXonii. S«e . 6Kw .... Vge - 0.6 97 M -1 42! 52 »?!« 

M*i ! 6r ! . T w.r .1 65 ’j (11 It | 12 J!| 1«; |741ji:rapa'ni cm lx. . 3C9p +53 631k - 1< 108 75 £ree^ou'Jai?" K XX 1 ll 5 4llD 7 U46 

=?■: i J £ ; - 'Jwvur A;r-y-!>= ] c* 3 :I^-£- Usi Prmcm -40’.^ <ba\rd or. L'A4t.84aJ per £1 41 71 Eril.thedjtas.. 26 - - - J — I 5 

iZ' S? .'. re f7 r -‘i.-S *- • !ri?= I Conitnioa factor 0.7155 ,9.7iKU ZS0 24 En«* jtu '2p 210 m nl j2 272,' C 7ll?.l Lfj 

9a- 2 | W 4 |=AJ* !'4p. 1L-1. - 91***t| 74 481* bwnl:* -- 69 .... £ 12 7i:50142?5§ 



37% [ 3D ; : |Cr,nwJ*4pc . . 32 ‘ 

37“ rr ? War L-jar. .UraX. - - 29i 
3® 1 . 53 1'7 ‘jti- V.pr ll ‘ifl . 343 

28SJ23 -wu*ur-7l-:'«5.\J: - 2^ 

24% t iv„ .:cnv.i. r r - - 20: 

it I I**. |7:»a iitJ-id - • 19^ 

INTERNATIONAL 

35 1 70*.* |-pi *•>.! -J*. | 793 

CORPORATION I 

I «i: f I Birin lum Air 7WI 1 91? 

■941* Sp/. Eneoir.rcTMl - an 

107 98i«KI.':i2Jjr<!C. . 


B 7.0 3 3 46 26 Black AntwJSOp. 42 .._. 

ao -5J 192 125 Black f?) Hides- 184 . 

ifflii 86 58 Bodyc^elntl-. ] 82 

8.1 74 42 28 BcgodWA’lOp- .42 : , — i i -» 

A21Sfl »» 127 aSaffHcC.Stp. ZTBxd ; . 4 

92 64 161 102 BootiHenrj^SOp 110, +2 |rf932l 1 


t3.3> AS 96 30. ‘ 

■«4 oa6c bI-sjms .. 

_.. 1524 -4.7 

5 13238 237 56 112. 


... .45. +3 174 -25 -52 20.4 
_ 64 . +2.49 A7 51 :56 

i- 64 J3 SA 34.7.1 '67 

-143 W.6& ‘ L8 10.1 (6ft 

_ 99 fd677 I31flik5 

,. 50 +1 «3J5‘33 8ifJ 

,i <3 +2 tjl9 O m -22 

p. 42 L61-. 23 .5.7(8* 

I 184 6.42 -3S 52 82 

. 82 ..... 1276 42 5.0 67 

i_-.« — 20 Ah 7.1,43 


52 3 9 7.4 07 184 

27 MJ (A) 163 

usun § 


184 Boots.— 
|17V Bonr-w. 


198 +3 


LakE&HHot 54xs ...... 3-9 

n &=» 

[fed Sid If 7 

Eaaafflbzz a.^B 

L^toi^a-d. 101** !-. ! *675 
3!L Boldin*-.- 170 . 431 


r &w 


f Leslie Wp. 67..: +1 . H4R8 3.4 

^iDds-'A’. 56 -4 353- — 

nerODato- 106 tti284 35 

mdRocSn. 8 , — — 


102 325 

iSli 

50 67 
7.1 AS 
60 A2. 

12 1 63 
-4i 136 ' 
+i 

83 86 
313 13- 


iglHS S' Bate 1 

129(62 ^ Pj tekaedCMSt. i 


BPaH 


117 \Z3 


385 aaPlopSM- 675 +10 fdBD^c 2ffl 22 

3*a Brown Bav. Kent 47^. && 35.75 

101 . BnmtonsIMiw). 110. Wm l^lfli 

59 BurtoDem, 68 f3.7H 32j 83 

Burndeneojiu— IS 20 OS 93 

16 Barns Awh'niflp^ 77 +1. !h»81 46(45 

26 C Hindis lOp^. - 30 283 ijmi 

.44- Camrea2to^— ’ 44 -2 4.K 3.003.6 

56 C*mingiWJ— v. 63 -1 13.94 2393 

108 CapelSustitoJ 223.- ]833 53iai 

62 : L'nplia Proem XBf U6 ’ 3L4 66 

66 CaimaKlnuMp 71 ,e iiJi. t4 69 43} 9.9 

146 Carttoalnd*. — 2a9 «*..* 555 . Iflll 


92V 

Awt. 3tpc 7TJ*) 

93 V 1 


5 91 

81V 

Dc!Ssk%-82 

SIVI+V 

6.73 

92 

Ni^r*-TWn. 

937. 


643 

7ft 

r>0.7-;p--:lW6. . _ 

76"j«s|+V 

969 

R9 

SUt .VTicu^p. 7M1. 

89V 


1C. 66 

75 

Stfc P.nrrf 2Vnc 1&70 
Dcl 6pT TR-81 

53 

86 


10.66 


, _..a3&s;3sa;.Jfe-J3.8S- 

s, h - saeast a ? ,;? 2 tit. 

WO 180 Certrw»50p- 2800 ...- 1226 4.4 65 52 -• 

56 43 OamberiaiEGp 43bxd _... +280 72 9i 

49 36 flart larPIilOp. - « 2.17 3L4 -7.! 52 . 

'4 M. 13 Change Wares Up 14. +i 2 ND6. b75 64 21. _ 

*22*4 13V DaOrrCteFLa^ 16- 426- 05J -rj*-. 

85 65 Ctui?tte-T.l(lp.- 79 ..— 4:80 29 9.1 85- 

37 70 - ChrisbtelntJOp 131 +1 t232 33 3.8 US 

*142 106 l+mbbSto— I34 h! +1 *539 33 5i '7.^ . . 

82 58 Ctateirtonenb 81x£ |Z39 42 4.0 « 

36 90 ColeiRHU — !- 100 —. t3J7 53 5.6 34 .... 

74 25 CH?mWebhH)p .74 ..— +290 b2.9 33135-- 

aft £187 s Conti. Grp $1^. £2t?> J2.20 - 54 

40 32 O*n.Sbn®710p. 54 236 24122 M- .. 

73 1 ; 53 CupeAlInxHi5p- 65aJ 35^ * 80 J -, 

38 27 Copi'dezIOp 37 . +1 t2 77 1.4 92124. - 

82 40i z Draft SliA ..... eZ26 53 5 ? 3.5,.- 

73 55 Court* H*e2to_ 71 — .. 142 4J 51.61 . 

70 47tj CwandeOlKJp- 61 -1 d2J2 4.4 5J 47' 

98 ,140 Cieanil.iaOp 290 1838 .3.7 6.7 JUT.- ■ 

90 64 Crest NfchoflOp. 68 t3.41 33 75 62. 


LOANS 

Public Board and IndL 

Ml; 581; A?nc J5t Apr *5089 — 59'; +1 

90»* 80?4 .-McanlOi'pcW-W .... 85vC ... . 

3ft 26Jj.WcLWtr.VB - 27> 4 

154 107 U.SALC.Sp? ISS2. U6ffl +1 

.W; B7 Da witnoul Warrants.. 87ijxc 

Financial 


»ie4 <1 3 5 83 70-2 60 Samfcrwn fc*rc- 624 — 4.45. 2710.6 75 70 471; GnraufcOl Jflp- 61 -1 dZJZ 4.4 SJ *3- 

-rl" t?.i5 11 7.4181 -«*i IT 1 ; SaiiHeG.iWp^. 31 — d263 2.0 7.5 9.4 198 . 140 Clean il iaOp — -290 18.58 .3.7 67 >3V 

tl’3 13 b.6 12.7 20 21 Senior Enc's Up 25 tl29 2.8 7.1 75 90 64 Crest NfchoflOp; ,68 tJ.fll 33 73.4+ 

-2 5 3 3 0 69) 6.6 97 ! ; 77 S?reh_.. 77 -2'; «6.63 1.712.8 7.4 *167^123 Crosby House £J . 122 +7 - 

-5 194 10.1 3 5 43 40 27 Shatesp'reJ.Sp.. 27 L95 2510.8 55 lft P> Crosby Sa’i IGp. - lSa .-. — 0.66 4.6 6.4 5:1 

Jl t522 2.0 7 7 7 3 31'; 25 s ; SfcauFrimDsaip.. Z7. -...2.68 16 14.8 6.4 140 108 DaiiesVNWi: 137 +1 77.41 05 82 19. £ : 


SheepbcdjK__| 6W +1 t431 1710.1 8.7 500 230 

Simon En^’g— (a7rf : t7.89 4.6 4.6 6.9 M9 68 

1; fOOCrouD ]• 93 1 434 2.9 66 7.9 07^ £71 


t»Crouo:_J-93 | 1 434 79 6^ 7.9 £71 neBts&toCVHl* £72 +1 

rmthiWhiLlSp.i 12izL. JcB.28 03] 3^234.4 18 W 2 DUmonJsi«Op 17 -1 6466 5J( 5g 5.7 


Dariet&N'mmi: 137 +1 t7.41 0.5 821?i 

DeLaHae 372s! -3 tM-05 45 4.0 46 

Denlwrare _ _ 10B .... d5.45 U 75 10.2 * 
IteBteijteCvei* £72. +1 . QW 12.4 fi25 - 


1918 

Hicb low 


J rici: |+orPii. *r Fed 
£ — Gram Yield 


117 155 Hjmbrvi 163 9.76 - 8.9 - « ^ uSHuii iTw’ in 

ICO 81 tliiHSjJnueJ— 84ts +1 t4.97 — 8.8 - ™ BSSlEi 1 ?; 


3 lft 10'; iwhjri'A H>p 15 

W-H Z 3 30 20 powdingiM.5p 29 


24 17 Av.di::'orjT. 23 

41 33 r«.*.pcrTe.* 35 

■ 98 98 Chilean Mixed — 98 

415 350 uerman Ynji-P;pc 411 

54 46 »;red:7pc \ss _ _ 50 

51 46 Ho«ro3SL>b .to _ 49 

44 40 Do-ipc Mitel Ax.. 40 


23I.-+1 - 

35.6+1 l';P 
98 


m; I W^v 

6 {634 

4 £5.13 


5.2 4.7 1* 3ft 
9.1 a Ufi? 


I. i2°o - f3i - 146 110 SpearAlacUcm; 328 — d952 LD 111 iDJh -17 6- Di Okie Heel 5p _ IS ...^ t— _ 

. 175 3 d 2.515.2 38 29 S^enrer.^taOp 32 — cC.43 1.7 113 7.8 209 128 Djntom -. 374 t* 2 3 85 2|33,9i' 

71 or 2.li J116B 21 15 SpenrorGeanSp- 17ri 0.6 45 5.5 45 *122 67 DobsanPaili iOp 101 +2 b4.06 -2.7 60 7.5- - 

1195 21 44 164 136 122 Spirax-Sarco— - 158 th4.54 2.E 4312.0 85 63 DronHldgs. Ito., 83 ...... rf4.67 14 8.4 12.C-- . 

0 74 |3 4513:0 147 64 sStriS.1’ 115 Z..3M 62 5.0 4.6 Eft C4>; Oom-fSpoSL £291; .... - 0.6 

tO. 84 171 3510.8 307 214 SUn-elev InSs Q. 266sl H10.05 45 56 5.4 52 3D Dm Ml Up 44 ...... . L» 1« 7.6rttr? 

. 1.21 2 7 6.2 9 0 12? °8 Stone-rtatj 105 73.66 45 5.2 4.7 'ft 2ft Dutoftamlto 31 +1 thl43| L9( 69llli'- 

35 5 8 62 253 135 Sioihert&Pitin ZUM fl2JB5 * 9.1 * 162 84 DaDfaeeQmJQp 88 - -2 5 

VI 01 L'S 6.4 125 102 74 SrtesiHenjy). „ -74 14.0 3.7 ai 63 45 28 DnnttadeoaOp.. 42 . h 

938 0 7l 9.3 214 31 23 Taceltte 25 127 19 7.6 42 24 12 Dupielnt5p — ^ S*a J 

QBi**= 12.0 £9.0 - 93 75 TavlorMliker. - 09 ...: . 455 3.4 76 5.8 1M 93 Durapipe 140 ...... 4 

th255 86 1 4 12.8 *1M 105 TeralemiL 129 +1 *556 53 b.4 7.0 ^ ft Dw*f5mpl8p. .10'; -1 0 

_ -J— — 70 45 Tea. Ahrtti Jpp. 46 +1 3 03 3 9 9.8 3.7 3*i 23 n?tes(J ] 35 ..... 

5 08 25 6.11*76. OO'a 710 Th>->t«r.DinlO_.. .900 - +10 QI1% 1.0 32 3L1 74 54 DysMiiiAJ.i— 71 ...... 3 

i<)3 4.0 3C.123 25?: 17 TjrrfdnsFILSp. Z1 -2 0.97. 3.4 6.9 63 72 49 Da\V.._^„ .65 ...... 3 


f 162 84 DunbeeComiOp 88 -2 5.66 3.2 96 3.f - 

63 45 28 DuadadanSOp.. 42 W.44 'U 5.1 03®*--.-. - 

I 42 24 12 Dupteln*5p. - 23*2 HJ.bO 42 .3S.lSr.-~ 

5.8 160 93 Duraproe. 140 ...... 414 33 4.4 .Rf * • 

7.0 13*; ft DwekfSmpiep. 10»; -1 020 9.0 22 5./ • 

3.7 3 ^ 25 DytesUl 35 - _ _ 

3L1 74 54 DyswiFi AJ.i 71 ...'.3.63 3.1 7.6 65- - 


117 97 Parker Tinier.. 1 117 +7 
175 138 Phoenis Timber. 140 


J»5 145 97 Uor^-ardT*>'h.5wp 128 

B1D40 233 ljE«”. _ 317 +2 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. CAVNOiV STREET, LOIVDON EC4P 4BY 


1172 82 IPDchins 135 d5.15 5.a5.H4 ?r49 2 1 Hi^lanrJE3 20p 36 

156 107 (RALC— 125 +5.S6 7% 7.ffl 76 l0 7 82 ^on+.Sirowi.._ 101 

|173 116 medhrnd 154 4.25__ 3.^ 4.^ 7 * 133 77 Riodelni 124 


rtj 4.0 30)123 Z5?: 17 Tan*insFH.5p. Zl' -2 0.97 . 3.4 6.9 63 72 49 Da\V.__ M ...... 363 33 83 5 .t\ .. 

H35 Lei d 3 0(168 MS 72 Triplex Fdries^ 85 ...... 410 4.6 83 43 18 ^ EcCase-ito M'; +U - - -- 

tb 7 3.2 2S150 43 d 33b TuhelntesLs.£l. 372, +2 t2127 26 6.5 61 109 75 &dwnPmlS^.. 8D . +f «A2 M 82 1J... 

t4 21 1.41 9.010 9 q 3 60 Tumri 82 ...... 239 52 4.4 4.8 279 220 Klbarlnds 50p- 245 BOO 54 61 5;* 

b 91 17| 8i;i07 77 20'; T/wkiW A.ilOp 7S -„, 1.42 . 35 85 5 Q gj; lg; QbieflOp: l|i; .. . dL13 ,pl0.9{83 - 

-07 6 9) 1 c !ll 3 77 26 ttd Eos's llto „ 65 t2S 26 5211.1 50 39.* Elccr JOp . 43m -1 L94 * b.7 + . • 

rill? S.'ri 5.1J1L0 32 20U L'tdSrmnB l6i._ 27 -1- tl.47 33 8.2 56 64 36 Elect twt Sec _ S^jat -J» *3.04 Z1&3 if..-. 


% 70 R'ch'ds. WaU IOp 77 

BRACKEN HOUSE. 10. CANNON STREET, LONDON EC4P 4BY Jg g ^ fjV 

Telex: Editorial S8634I/5, SS3897. Adrertiseinents: 885033. Telegrams: FJmmtinjo, London PS4. 33 20 Rcwiiason i!>pv“ 2s ifj;; dho62 

Telephone: 01-248 8000. tl x* 40 ~ 1 .. tz3 

For Share Index and Bnsiness News Summary in London, Birmingham, +1 g-* 

Liverpool and Manchester. Tel: 246 8026 *0 % satahTtofel^:. 35 Vi A 

INTERNATIONAL AND BRITISH OFFICES “ ^ &?, 4r ,fl? er 32 » r JS-S 


a ?3f-W2 1=5 98 Lauren«.Sr.w«_ 102 .... 505 3.1 ^ 53 LS 4x K u-torProdnct*. 110 

23 60, »6 87 W LecRefn; 76 M263 5.0 5.2 5 9 138 32 Kf.i. J 120 

1H651UZI3 137 H.K.E!«iric._ 208 -2 5.9 4.3 4.3 64 156 h09 (WadldnaOp. 130 

63| 33|_7.4 j£35 ^ Mutt<oiaS3 £29 i* |(}SL0| 4Qt L7|lt2]lS5 |U0 ptogon Induso'l. l'Mff 

Mnirhead 187 


90 66 RngbyP. Cement 73 +1 {3.96 16 8310.1280 

188 135 SCTGroup 158 J53 3 33 5.0 7.8 50 

40 311; Sabah lta£er Bp.- 35 |l65 4.8 73 43 £107 

50 3ft Sharpe* Fisher 49 hl.92 22 5.9 94 145 

55 36 Smart 1J.1 IOp— 39 +l d2.03 29 7.S 66 £», 

10J; 6 SoalhemCniLSp 9' z — — — — £Lft 


L::i 


ittHMig 


-5 t5.95 37( 6H A9 K 11 EmprasSoT.Hft 
+1 7.72 24| aa 7.4 12V 4 Emray5p._^ — 1 


EDITORIAL OFFICES 

Amsterdam- po. Box 1296, Amsterdam-C. 

. Telex 12171 TeL 240 555 
Bireunpham: Gvorpc House. Georco Road. 

Telex 338650 Tel: 021-454 0822 
Bonn: Presshaus l l/HM Heussallee 2-10. 

Telex 8868542 Tel: 210039 
Brussels: 89 Rue Du calc. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 3M0. 

- TcL- 908510 

Ilubiin: 8 FI re william Square. 

Tele* 5414 TeJ: 785321 
Edinburgh: 37 George Street 
Telex: 724W Tel: (Bl-226 4120 

Frankfurt. Im SachiCnlflCcr 13. 

Telex: 418263 Tel: 555730 

Johannesburs: F.O. Box 2138 
Telex 66257 Tel: 838-7545 
Lisbon: Praca da Alegnu 58- ID, Lisbon Z. 

Telex 12533 Tel: 362 588 
Madrid- Espronecda 32, .Madrid 3. 

Tel: 441 8772 

ADVERTISEMENT OFFICES 

Birmiaghsm: George House. George Road- 
Telex 338650 Tel: 021-454 0022 
Edinburgh: 37 George Street 
Tele* 72484 Tel: 031 226 4139 
Frankfurt: Im Sachsonlacer *3. 

Telex 18283 Tel: 554667 
Leeds: Permanent House, The Headro*’- 
TeL 0532 454969 


Manchester Queen's House, Queen Street. 
Telex 666813 Tel: 001-834 9381 


55 36 

101; 6 
38 20 

174 124 
474 330 

313 233 
194 129 

314 225 


!•? u 50 39 ■ 

I q 2s a[J7 tw t 
5-2 22 145 73V f 


Jads — 78xr K6C 2 311.7} 3.8 81 55 WsrdiT.Wi 71 J+l i4M 7 

IcLouis. 253 -2 6.76 £§ 4.0 7.S 33 nKaneVrikMHp.i .g K? 

ID20p 43 +1 2.37 2.H10.H 51 27 hrntickEng 20pJ 39 !:.u_ P+LO 5. 


I Ptrtln-EIinetftJt- £93 +3 Q4°« - £4 4 _ j 6 23 Weeks A: 

V PetbowHldalftp 88 ._... hd4J8 53 7 4 52 133 97 WeSrGrou 

i; PtuiipsPSnaR £5112 Q6V*. - 01.71 _ 61 42 WeilwmS 

I PtiilipsLuFlO.. 865 +5 Q17 0 o 2.0 S.ffllOO £ IS W BroroSp 

'-•jW&a)p. 90 -2 3.01 4 E £« 63 52 29»* Westland. 

•A’5)p 85 -1 3.01 4 8|?5|59 63 Wbes»oe_ 

cn_ in* .9 c ifl l a v 1 i:. J 1 ai*—.— ten. 


Tc-Iex 666815 Tel: 081-834 9381 ^ Z3 i nmuryt- tfitl Z/B ..... ffli 

Museow- SadOTC+SemOtechnay. 12-34, Apt. 15. IS tw^ r V® T 74 -M 

Tele* 7900 Tel: =00 2748 3 « 225 274 1LJ4| 

New York: 75 Rockefeller Plata. N.Y. 10019. 3g 24 VedisSlooe IOp 3t TlS 

Teles 66390 TeL (212i 541 4825 200 155 V1broplanU_. 183 106 

Paris: 38 Rue du Sentter. 73002. 42 32 WardHldqs: IOp. 35 cE-6 

Tele* 220044 Tel: 236.57.43 63 35 Warrington 48 ..... 3J8 

■WtfKF Acen,da ^ Vars “ 41fria “ S — B 

"Tri^i^OOK 1 TeL , 67l1a| S 4 5, ^ ^ «?S- S* z£ 

Si.xkholm; c!o Svenska Dagbladet, Raalambsrogcn 7. 57 ^ WkgmsCon.I§p If L6& 

Tele* 17603 Tel: 50 68 88 147 99 WteoWConMlhi 125 tdZ.* 


fos IOp — 21 172 3.4 ML: a.6 U2 84 fifcofO&aBp- «J -2 3.01 dfi £0 63 

ac50p 146 t9,95 U 10.2 SJ 109 84 Da’A'a^ 85 -1 3.01 4^55 59 

rWoodn*. 403 7.72 §5 ,2.9 9.6 125 87 Plera^50p 106 +1 549 1 9^7 7,33- 

«yC7g£l_ Z78 2QJ4 25 10.9 55 108 SftPtewclOp 96 5 0 * *7 « 

sA.Aro^L 160 d3.87 -62 3.6 6 J 114 77 Pit Hide? 82 -fl 3 62 4.1 W :.l 


38 32 W.UJ _ ' 120 I..!. 5.B9 7.5 13 7.6 £3ft £lft Emtart Carp SV_ J23 +l 2 S2J0 — 4.9 — T 

(-2 F.9 4.6{ 4.3| 6.4 156 109 WadbUiSda. — . 130 -5 t5.95 37 6.8 49 K 11 Emprai|SsT Hft dO.l $ 12 

I — t. QSLO 4 0 17162 155 110 Wogon IreWL. ‘Mff +1 7.72 r 74 82 74 12V 4 Ensay5p~™ MV ....:. =- - - - 

t503 3.6 4.013.9 1^2 98 iV.iferiC.tW.i_ 114 -1 H66 4^ §6 .AS ^2 SiCfrUWrslOp 22 ...... A7_ 2.9 UlU. . 

K6C 25 11.7 3.8 fl 55 Wsn3iT.W._..._ .71 +1 f 4 JA 23 77 Mg 72 Enfi ChUfiOpys 74 . -I.p97.i2 80 9j:.- 

6b 33 WanieWrizMlOD 62 . -1 4t2_68 K2_! 6.4 64 163 122 Esperam 13*® - 125 5.67. 1.G 68 11^ • 

40 27 nEckB st 39 :.^F*L0 5.0 3J 78 143 94 Wto ' -323«l +t* t2.f4 5J 3.4(59/* 

36 23 Weeks Asor.lOn 23 : tL32 4.7 8.6 23 43 31 &«ie Ffldpi 20p 39-.....: bL16 4.7 4.4 6^ r 

31 97 WorGrwp. lOOnl ...... t528 3.7 7.9 43 ft OT; EwerGetHgel^ 321; -1; hL87 b28 |£ 5.£ 

61 42 WeilmuiEjKS_ 43 -2 2.43 7S 64 63 136 90 EueL. 114 5.50 21 7.2 M,. 

36 is WBroraSp»1to_ 25 *6 rha.9? 4.9 5.9 5.1 78 ' 53 Farbacji Lawson: 64 r M5.08 2.41LB(i7.. 

52 29T; Lt . *3.18 L0 1 CJi ,34 28 F«devHlp„„ ,34xC fl4 - 3.16171.-’: 

97 63 vc wfSr . 76 -1 Wj67 3.8 9.2 43 172 127 Fenner ■* Hr..- 1S5 t680 2J 6A10.:< ' 

:4 12*a WbewwWlsilOp. 24 ,:L. hO.83 3.0 5.5 73 130 87 Femisonlnd^ 122 ...... kb 2.1 63 IX. - 

15 75 Wli i tenure 50p„ 1154 233 69 3,1 7.9 38 24 FaUemnMp.- ‘ 29 0.41 — 2.1 — 

25 21 WilliamtwSi: ^ ■*> dL15 45 7.0 43.50 25 . PinterA.Rji_ -1 TL93 23.62 6f . ‘ 


ccfcs Assx.iOp I B L-Ltt 


IS (W.BromSps. IdpJ Z5*d| — 


19 7 7 .33- tj 1 12lj VbeHarWIailOp. 24 hO.83 3,0 5^ 73 130 87 

A + 115 1 75 \i1iitebouse50p„ 1154 L33 69 3.1 7.9 |8 M 

4.5 6.61 fl 25 1 21 Willians(W>*__ 241; +1, dL15 45 7.0 43 ,50 25 

6,1 19.12.6 ’1171471; WJmrt James.. Ml ~f 1 2-49 4.9 3.7 MUJ- * 


50p_..W +1 b7.S2 1 16UZ.7Wfcr. 
10p_} -30 j 12.01 I L7} 7.9jlD;(--, 


314 225 runne) Bftfp — 274 1L14 79 6.1 73 362 196 Raeal Electors... 316 +2 3.94 6H 19,12.6 *117 fib TMAw. 1R ■ S J2.49 4.9 3.7 64 117 - 86 RnkfHW«.^_ .. W +1 b7.S2 L«12.7f63^: 

771; 64 UBM Group 63rd -2 1437 13H 96 8.7 304 86 RediRusion 92 486 lS 79124 106 78 Wolf Hen Tools 78 ...... bl|9 73 2.5 8.1 51 37 n«Q^el0p_ 38 ... «31 J.7J 7.9 M.}' - -. ' 

38 24 Vedis Stone IOp. 38 Il50 10 5.9 |7 5S. 37 Rataflct G B. IOp 40 rib 3.| 6l 5.6 230 47b Wc-IsJ^HnahK.. 206 -2 7.48 53 * 52>i 39 g®---- 46 *Q51 

200 155 VlbraplanL 183 10.69 2.0 8.7 88 305 253 ScbdesiOHl 305 ....18.52 1 5! 91 1C 5 33 IS WtoreUF^.llJp. 33- +1 134 - 5.8 60 J.O 54 F tecetto UA W.. 54 tiTO 35 7^ .. 

42 32 Wardkldq* IOp 35 d268 LffllL4(T2ii 740 456 SanjCdYSO — 573 +2 050% * 1.0 * 48 35 WaodiS.tr i30p_ 42 -I M3S 0-3153333 196 53 FtertycBte _ ■ , TOOT 2.5 5|- ■ 

63 35 Wamneton 48 3J8 LW W 16.1 52 33 Sound Di6m5p. 49 dl.24 4.5 3.2 63 34 2T»; ffh'scBixp i&p 2ft .— 236.. 0.9 1Z-3|Q4.& lg, 128- Ftfceragtosep^ 151«i +1 «.« 1% 4.6 « 

125 95 Warts Blake 115 — . th2-84 3.S 3 1 10.8 43 32 Teiefuaon5p_. 34 132 17 5S 14.1 " * Lfl-9.6®r', 

66 30 West brick Prods 54 t52 3-L 4.2 9.3 42 31 Do'A , Nrt’5p_ 32 17 61 133 -- 860 400 . FnmHinMicBi 405 -10 - 3.7 - 


42 32 WardtAdq* IOp. 35 ffl.68 Lfflll.4(Ifb' 

63 35 Warrington 48 3J8 W M S i 

125 95 Warts Blake. 115 162.84 3.«3il0.fl 

i 66 30 West brick Prods 54 ...... 152 3 3\ 4.2 9| 

116 56 WeOernBros — Sirs t529 0.7] 9.| 783 

46 37 Whatlinss»>_ 37 2A1 3.M105 4.8 

45 28 WJurgh'raI2U_ 33 1(H 4S 4 5 61 


RotafletG sTlOp 40 rL6 3,| 6.J 5.6 230 »17b WuWWHnahK.. 206 -2 7.48 55 52>i .39- RWrigcft..-—. 46 * tQ61 imp; v 

SchdesiOH) 305 .. . . 18.52 ill 9 itlC 5 33 IS Irtmell F®. IOp .33- +1 U4- ij-S- 54 . peateflo U-tW- --- ^ 


Tohran: PO 8o* 11-IS3S 
Tele* 213830 Tel 6B288S 
Tokyo 8th Flow. Nihon Keizai Shirabun 
Build Ine. 1-9-5 OtemacM, Chiyoda-ku. 
Telex J 57104 Tel: 541 2830 
W.-islirngion: 2nd Floor. 3325 EL Street, 
VW.. Washington DC. 20OW ' 

Telex 440340 Tel iZEl 347 0676 


■Manchester Queen's House, Queen Street. 

Telex 666813 Tel: 061-834 6&1 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 238409 Tel: >2121 489 8300 
Paris: 36 Rue du Sen tier, 750Q2. 

Telex 220044 Tel: 238.80.OI 
Tokyo; Kasabara Building. 1-6-10 Cchikuda, 
Chiyoda-ku. Telex J 27104 TeL 295 4050 


6 WetteniBros Sin t529 0.7 9£ 7B3 L56 111 TdeRentak— 132 -1 i593 20 6711.4 

7 WhatlingsSp— 37 2A1 3.0 103 4.8 400 308 nwroHect 354 +6 U62 34 49 8.9 

8 WhajfrinEU. 33 LOl 4J 4 5 6.1 £109 fW Da3pcQir.»«. £101 Q5»i 1L1 £5.0 - 1&I 

_2 WkemsCoilOp 33 L66 75 7.5 7.9 82 52 Three F.W.lOpJ 76 -2 L63 <t> 3.2 6 m 

1147 199 W&CMMlhi 125 3.0 5.0 177 88 Umlerti IOp. __ 155 -1 405 27 3.913.9 jg 

1101 I 63 WiirpeyllJeui 78 ft69 13-2 L> 86 382 236 L'ld. Scienufic_. Z36 -16 M609 80 3.E 9.5 -mf 

106 83 Ward 4 -laid.— 91 . 4.5S 25 75 7.9 7? 

CHEMICALS, PLASTICS g Ts * !t. tns h IS U H 

0 uraj ieuuu.1 _ 1 — 1 — ! — ,2 ,!3 - ap 3 A H IS w 


FOOD, GROCERIES, ETC. 112 . Is ^is 

™ h 2 ^ 145 .& h ?:! p'' 1 


£1174 600 AKZiJ ElOIg T l* — —A — 240 122 [Whleate FUaip 210 5 

302 220 Alginate Ind* ._ 221 to +1 tdWJJ %■} ^ t? & [wi ^lall [H. j 228 V 

146 84 Alida Paris IOp.. 143 1*6.42 21 JM t,s 1 1 * 

90 61 Airdi.'olloid (Op 69 +1 X70 \2 g-jlf.7 


282 1182 fl!fty0.ilF~ 278 H..- +6.70 6. 
200 flW Hstop’sStaw- 149 h2. 62.63 r 3. 


90 61 AirdCutWd IOp 69 +1 \\ % Hi ^ v,“ 

£57 £401; Bvnr@SSL% £53 +>j" ^ Hwl ENGINEERING pg M +S 

% a pmss s? b M machine tools 1 a m =: » * 1 

♦66 45 pSK^ulp 4?^ — Jll lid 10.0 115 105 ACEJhchinayJ 115 3.43 2.9(4 5 U.9 86 ^3 4 Bluebird Ca2_ 82 ...... 23 

WV 9, arrein to ^ 09 MU' 258 180 .VP.V.SOp 195 t58 4^4.4 72 159 104 Bril Suqar50p_ 136 - -1. tMl 

4K 27^ “ iMasCmriiL 32 " ?93 33 4.4 &8 138 104 Aero* 120 +233 42 32111 33 23 UfiL VaicTg lSp. 23 tH5 

«■ fl ^ C ■••’■■“« L910.1 Will 68 Da.V 87 ..._. t2.53 4.2 4 4 8 0 52 ; 43 BrvwfceBoodZ; 461; +1* 3.09 

£95 £87 rMAU fm 07V * fB.0 — 310 225 AAvedGnxip_ 291 .... 100 3.8 5.1 7.7 611; 48 Cadhun-Srh-p^. -54 +>; 3.09 

fnq ^4 SjbtSl-W <St ■ OBS % 19.4 - 165 137 .■UmAluirimV 139 -1 9.9 2«U 4.7 66 41 CarrisMUUnsZ -64 t2i 

Iqm fS rJSKSffiffi ^ IT (JS l R.8 - 65 46 Allen iBBtfoar 56 4.40 17hl7.6Z. UO 71 Ca ittas20prr %a) bdZ' 

7n i+1 T® 4.7 6.0 5.4 52V 3ft Alton WC_„ 44 ..... K56 3 ^ 87 39 60 42 Cliltad Kries. 58 — L94 


B'PBSSh 


3J1 4{n 7.9! 41 


£981; £83 OoJB^Cnv-Sl* £») +1 


Overeeas admtisement represen tatires in 
Central and Sooth .America. Alrica. the Middle East. Asia and the Far EasL 

For further deiail-v please contact: 

Overseas Advertisement Department, 

Financial Times. Bracken House. 10. Cannon Street, London EC4P 4BY 


..... +5 36 54 62 34 52 33 Df A'S-V 
h239 2.8 5.3 *7 bit 153 73 Cull«rns2&p_ 


SUBSCRIPTIONS 

Copies obininable trim nea-sa^ents I 
Subscripiior. Li 




\3X 


65 40' z LTodalnLlop 53i; +2S 

34 30 OwtolatOeW. 32 .... ,-r 

*40 16 '^Tdalaiesp _ 31'; — L ®i7 

Ul'z 69 QlisAEvenrd- 93 ..... 5© 

65 42 Enalna'FlnstjeSn. 65ft 458 

TC 36 Farm Feed $9 roO.67 

394 307 Flswist! 307m -4 +13.W 

27 13V HalitoadiJ.ilOp. 22'a . ... OS 

234 156 Hksn. Welch jOp. 195 +1 


h239 72l 5.3*7 bit 153 73 Cullensfflp 137 +1 439 LB. 4. 

- -I- - 152 70 Do-A~3ip__ 135 ..... 439 l.ffl 5; 

Td67J 2 4 69 9^125 102 Danish Bca'A'D M3*d 6.74 ill. 


' — 1522 3.1 6^ M 146 111 A4h4Lac+ 146 Too 73 2* 6 « 92 102 DanirfiBcu-A-D IffJxd 6.74 3 

- • T _ -ft 5h Ass BritL'A lSjp. 7 B — I — f — I a I 22* a ft &iu\foLoaCi5p_ T2h +1 - - 

T SI 67 5 4 3 2 8.7 45 25 A»*.TwIin2 - 40 .. .. 25S I LC 9aib2j 35 24 EnsUdfJ Ei* ‘ 25h tL44. .3. 

2 <C0 LC 7.6188 271; 1ft Astra Indl t*Jp_ 24 +1 1.15 i 3d 7 163 78 63 F3IC 7 . 74 -1- 4.0 1 


j-w 8 a a a s Bg®afc g -a 

1 ;i il f t i » ! * ttsesi: « «»:• 

!■?} i-9 I9^3_66- - 34 tol^w.WW :64 73.05 2Jf.7,H.«.‘ 


M .r tAw 


70 ^-2 164 .120 Haj'vmiaiin- 129 :.. «02 13 5^32^- 
aa W 9.- itopwrtfcCnre.. 79., r .i„ 335. MM -fit-,- 

74 Uedar - L&.99 -faiMM-. 

n + 'rna 25 2) aWWtl.ISp - 24 LOS. -43^ 6.5 Si ~ 


- . - .... 


1 































































































































































THE SCOTCH OF ALDEEILME £ 


The ri 
Buchanan t : 

Blend iai 


FINANCIALTIMES 


Saturday November 18 1978 



Make friends' ’with 

HO PI P;! 


1 


tires: or nil dr? Sherrie*; 



•' r. 1 . v-w^- 


OF THE WEEK 


Union to ban overtime! 0ECD 

i . . i , ! agrees on 


THE LEX COLUMN 


Defining over ship jobs threat 


Fund 


ers s 


the right 


economic 


5Y PAUUNE CLARK, LABOUR STAFF 


N'u TRADE UNION leader ha? 
been mure conrmeni or voci- 
ferous m hi? contempt for “free 


T7IS EIGGEST UNION in ship- plan is not due to be published Reaction from the yards most; 
! Sv.::!<l;n:i called yesterday for an until next year. affected by the redundancy pro-) 

iov.riimc ban from January I British Shipbuilders has since posals were gloom v and angry. 
! ip •.nly to British Shipbuilders all but conceded that the pro- yesterday. Mr. James Airlie.i 
! pr:- -'-.?3!s to axe 12.300 jobs in posal would make redundant stewards convenor at Goran ship- j 
j *hc .oss making industry. about one third of its present builders on the Upper Clyde, said j 


policies 


on 



A yw- &t|{fl<?S 




BY ROBERT MAUTHNER 


r ha? t:-.- decision by the national merchant shipbuilding force of cuts would be opposed" by any PARIS, Nov. 1*. Uniting to sit firmly on the side- 

voei- c :.‘cutivc of the Boilermakers' 33.000. means. He has called a stewards* ^ . lines, volume in the equitv 

‘ free follows a special dele- Mr. Chalmers made clear that meeting for Moodav to discuss TH * WESTERN industrialised market y ester da v was the lowest 

i this pate conference »f shipbuilding the overtime ban was not inten- the proposals. ‘ countries agreed here unlay ^ vear ia te ^ ins 0 £ bargains 


■ - .^01 

With t*ne institutions con- ^ ^ ™ and the present, price fry?!-*- f 

tinuing to sit firmly on the side- Trifle V rose lj8 to 472.8 s ^ ares - 

lines, volume in the equitv lnoex ru x *° lu retrospect. But if bulhoij mere; 


that their present economic A Jz 

policies ore brood* He rish. S 


hut. if his view* are unpopular 
in the movement bi.- personal 
popularity seems quite un- 
affected. 

However, this week even some 
of those union leaders who agree 
with Mr. Jackson's concept oi 
wa;..' planning fell he went too 


ineral public. John Chalmers, general at a time when it is being situation We chocked b v and the OECD area as a whole 

re unpopular dreary „f lh e society. Mid severely hit by the world ship- ^ disclosure ^on «df.ndande s - ne « >“ r - 
bi5 personal i feSr niant that the overtime ban pins recession. . . jj,. Charles Schniue, ehair- 

quiie un- •■.”.< designed “to spread the Only this week, it announced ae said the yard wa» surviving President Carter's 


ones. in spite of tite proses back and let prices drift is. it 
for lower growth In the U.S. seems, over* helming: 


P OECD area as a whole One good reason is that at the 
ear. moment it costs nothing to 

Charles Schnitre, chair- remain liquid. Yields on one 
of President Carter's month money are well above the 


lifflMlOli) 
PRICE ' 

l30l£- V* 


SPOT FW£ OUNCE} 
FTC — 1 1250 


wa;.> plannin- fell he wont too Other unions in the Con- conference for January 16. It ^security arising from a hand- 

far "when, in front of an audience deration of Shipbuilding and will include representatives from to-moum eisstence. 

of Parliament rv journalists, j Engineer ms Unions could decide lhe independent shipbuilders and . tne run-up to the New l ear. 


tee. said there was a consensus 

;ar Miitrii. hi < kiii k ui auui>.-iii.T -*■- .. ... ........... ....... . --- -- .. . Vn i that no major shifts or policy 

of Parlian-.eni.arv journalist.-. Ertcineerma Unions could decide lhe independent shipbuilders and . jn we run-up to the New i ear. i u , ere re «|uirecl in the foresee- 

Mmifier.* and UPs. he heaped i < folio--- the boilermakers, but repairers, the Ministry of Dpuermakere shop stewards will ab j e f uture- 

hut coal's on the he-id* of iho.-e any timber decision on action Defence dockyards and those also he seeking collective views | nf 

who had voted asairat the state- unlikely to be made until its working in British Shipbuilders 00 ‘be inew ^fi ormul la. introducing . hSTwIcoSIeSHhe reemS 
riient on sav. prices and inHatioR next meeting on December 6. subsidiaries. d common date for annual wage) f®** 8 !*?„„* 

worked oulVilb the Government. Mr. Chalmers disclosed at a The union s shop stewards have shfobuidere ****** *' Hh Brilish ; package as the right approach 


three-month interbank rate. 
Yesterday's announcement of a 
new high yielding tap stock in 
the medium term range will 


worked out with the Government. 


tu m9 ; nritv nf Ja1a _ probably help to keep the yield 

giSThfd welcomed ibe recent “J™ “P ae 

II S r>cnn nm ir and finanrial IDClCStJODi SZS that SnOrt (£CTQ 


fy GOLD — J 
100 !_ MINES INDEX: 3 

Six S PREHIUK. V 


“ .mm shiobuilrif>rc •• package as tne ngnt approacn 

delegate conlerence of also been instructed not to enter &Q1 P DU “hers. to (he U S s internal problems 

-deration in Newcastle into any agreement with sub- The formula would mean that' an( j t (, 0 se of the world econ- 


As president of the TUC. h-i ?pvc:i.I delegate conference of aiso been instruc 
v.a : - in :he cba?r at ihat faieiul th confederation in Newcastle into any agree r 
meeiin’ of the general council, on Thursday that British Ship- sidiaries of Briti 


meeiic’ o; the general council, on Thur-day that British Ship- sidiaries of British Shipbuilders a proportion of employees will , omv 

When 'th** council .<nlit 1-1 — U. rudders want to cut the until the executive council has have to wait between J7 months: 

re had nr, option out Jo declare try’s capacity hy 3i‘ per discussed the redundancy plans and 2J years for their next basic; . . 

Ehn .r.oiior. msf “ Ir is un view vea: n 19S0-S1. Its corporate with management. pav rise. • ad ®’ 


rates are going to remain high 
in both real and actual terms 
for some little while. 

So the institutions see no need 


retrospect. But if bullion mere; „ 4- j ; > S' 
holds its price - the.-, steady, --rfc 4 .0 L. I £ . 

in aiine_ operating casts-^- 20 ; pi 4 [ f ^ ** 

cent- a year or so— wohk3:eroc * ® 
the mines’ aiLimportant ^v 
dend cover. ': ; ' 

Over the next, month . oir") 
the- professional r gold. maA...' 
traders will have Cun pup . : 
ing in and out to pickle 
dividends, bur a re-ratihg pf tf 
sector . against other, equjti^- 
and against the bullion >riee- 
looka an extremely unceit® 
prospect • }' .-iv. 

Insurance broking -7 

Awe, greed, and. fear 
among the more' visible rga 
tions In - th insurance brokii 
community yesterday. to”T^t 


day’s news of another 

Uncertainty ab on t : the bullion tran sna onal link up iv'itbrn Tf- 


price is the most sfrioufr con- sector: 


laucmai imic up ^vithm Tf 
i; The' iaheer scalS 1 


51 r. SchuUze stuck to his 10 commit themselves at a time slra jnt a t present; -when gold, proposed '-merger, between -tS.eii 
administration's official fore- when the outlook for company xv ‘ s last below $200— but rising wick: Forbes and' Bferitj, 


Th:n xhc irade union movement 
ha* IfjM. i:e v.ay." he toid his 
audiinct ihc- next da>. Certainly 
the vote — and some curious cross- 
voting of Lef; and Right— did not 
cave the junaek of decision about 


p. r 



Growth rate still rises 
but at slacker pace 


i cast that GYP in the L\5. profit 
. would increase by about 3 per unusual 1 '' 
: cent next year, although a - = 

number of private economic 
Institutes in the U.S. and else* tn 

where have predicted that it “it* 1 
will rise hy no more than 2 new issn 
per cent. fluttering. 

He emphasised that what was thumped 
important was not so much the this week 


profits and dividends is _a 0 ld share indices were about an'd^ Subsequent pooling 

uirasnaJly cloudy— projections a tbird higher Than they are mems with. ATexandty itn^Afe, f.Z-' 

for profits growth next year nD „.- Certainly monthly Jim 1 ^nder of the U.SL. was 

range from almost zero to a ounce u.S. Treasury sales would first talking point: itreoaii-ja^ 1 "‘i' 1 ' 


fifth or more — and when the - oe ver y difficult to” absorb over, duce a group witii pre^taxfrb® 
new issue market is showing Ka -. a noriod of a vear unless of J^Qm/azi more amLV maria 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 




THE RATE of growth of 

I et^n :*r.UL- activity slackened 
! si iy in the summer from Us 
.earlier upid pace. Nonetheless, 
I'.'-aJ o'.uput between July and 
5- Tier.’. ^ r was stiil 3.6 per cent 
higher Than a year earlier. 

Thi» indicated by u pre- 
iinnar;. i-?umale for Gross 
Demos 1 it- Product in the three 
nv-nih '1 to ihc end of September, 
.jwod f>n mi t put d3ta. published 
i- rday V. The Central Statis- 
i Offic" 

! r Is ••-timased that total out- 
r-’U This period was 10S.7 fat 


ECONOMIC ACTIVITY 
Gross Domestic Product at 
constant factor cost (1975 = 100) 

1973 103.8 

1974 101.9 

1975 100.0 

1976 102.1 

1977 104.7 

1st 104.6 

2nd 104.2 

3rd 104.9 

4th 105.2 

1978 1st 106.1 

2nd 108.2 


and there are often fluctuations! Improved 


will rise hy no more than 2 new issue market is showing 5a -. a period of a year unless '.-.of JETOm-pr more ani^ntarki 
percent. flutteringi; of life. Beeeham the dollar was faUing shar|dy. capitalisation of oyer £20^.^' 

He emphasised that what was thumped out a big rights issue g uT j* Qgj] j>e argued that, if- The . - Second cbisceni^' jth; 

important was not so much the this week, and Midland Bank is the dollar was stable the sales reaction of other- U.S. b&kfri 

aggregate growth of the indus- likely to drain out further funds prosremme might be cut back, companies to such a close 

trial ised world, but the balance with Its planned divestment Thp steeD fall in eold shares between on e of tbe biggest ll.; 
of the growth rates of the from the insurance sector. . Tbe * l **P f 111 ' companies and wbat would 'ik 

major Me^whllc. the announce- A “*“* S’®'? uie 

raent 0* wo stocks amount- " ; P friee.^Sf 8 lareelv k e r 's- Maybe some wilTWanUt 


has . largely 


from quarter to quarter. i Everyone at the meeting had 

The strength of the under-' agreed.' he said, that economic 

lying recovery of ouiput over the ! de ' * a v nd mn i!Ju SP ^ S 

, h . over the past six months had 

last year is shown not only by. improve(L ^ roY1 ., h of domestic 

the 3,6 per cent rise in Gros?- demand and ouiput outside the 
Domestci Product since ihe third i „s. had increased shmificantJy 


in; to £1.3bn has Rut.the lid on J on ^ m over evOTts switch .switch feir fiusinesste 


demand and ouiput outside the anxmu? to preserve the present momeD( in re | atioD ' ta the- Payne, niight-.not be aitogetfe 
U.S. had increased significantly ;;; er ® £ * # .^ te o ^* t “ re -' continuity' of gold output, is happy about the creati^j -pf 


than in the previous half-year— j substantial effeet next year, 
an annual rate of increase on . . 

more than 5{ per cent — and , Thc reduction of ilie sur- 


TOM JALKSWX 


r-’H This period was 10S.7 fat 3rd 108 ‘ 7 « P er ceQt above the level in 

eur.s tan* prices seasonally B ^ €d ® n 0Ut P ut a* 4 * seasonally the same six months of 1977. 

SfSSrinuv Output should be boosted in 


week's application date. 

The 1983 stock, in particular. 


five-year credit for South Africa P 3 * 1 n ®' P rov “ 
is symptomatic of a lessening fraught affairs.-/ 


r 4 ugm imiin. ■ ■ -f.‘; 

But this brave talk Iiide* 


'w iruuv.tvu U. ,ut JU,- *iit irou muck, ih f nn |j* inst | f pa «. J.mmw IllP . “Ut UUS DntVe I3JK iuoe 

lonk^unalluringiy remimsceni in^Cn^bom genuine -I'onstemation, ^- 


mies, and the wiping out of the 


recently exhausted 


'The trade union twcntei it 
h-ii l Oil tli unij. ' 


dehc.Ls- of some of the weaker Exchequer 10 uer cent 19S3. If munity, 


The Central Statistical Office dustrial disputes. 


oTssssns ^ w srsasrhSi-affi ******* * 

JSSftrMff J 35 H !0 1 “ ,5 ,o exSe n JS$r rZ T 

slacken in the face of a much ® Gold shar 

slower rise both in consumers' Although growth in the so- 
e.vpenditu re and in fixed Invest- called “convalescent countries." For some 

tnent over the next 12 months. S1| ch as France, the UK and shares hare be 


ally among the medium sis&j 
companies, about, the rad/e§ 


it matches the longevity of that A far more important aepres- reconstruction which is 
stock it will still be tapping the sail on gold shares has been un^r way j n 2 ie sector. iEtei 
market at the end of the the development of the gold ginc ^ Eowring. announced if 

Futuroc markers in NnrMi j ii? 


futures mailte ts in ^ ar Jh proposed; link with Marsh.au 
America. These give gold. *t»T onT ,~ n _ — $\\p -hion>s4. -droa 


Perba:-. what up-n Mr. Jack- tributinn, v.-hiic the level of in- the most reliable measure nf published on Wednesday, pru- 

.*or. most v.'i 5 -hat what hr. saw dustrial production changed short-term movements. the jected a 2 ner cent rise in Gross 

aw a chance »rj move in the right little. This in turn may have figures are subject to revision Domestic Product between the 

direction — n:- direction — was :0 ° fc!?n affected ay changes in the when later data are available second halves of 1978 and 1979. 


unexpectedly And nu dt.uU, 
Lf one uf the habitual >upporier.- 
of incomes po.icy h^dn'i de- 
manded j vote— i«j that ho could 


vote acainsi — the Thing would 
have Mid ihiouih. 


Much of v.'ha:. Mr. Jackson 
says about incomes pwlicics — by 
which he means wases planning 
and redistribution, not blanker 
controls — is endorsed by other 
union leaders, especially, of 


Yickers-NEB talks may result 
in takeover of subsidiaries 


stability to exchange martlets, p i i America. These S ,ve • MdLennan^-the '-biggest -greiE r-... 

Although growth in the so- “ SftareS speculators a far more ^ighly- yj the ’world— iq September" ; ‘ 

called “convalescent countries.’' For some weeks now gold r °Y estn,eDt T? ,11cle . otiter : Lloyd’s .brokers have se?f 

such as France, the UK and shares hare been trading around msnuig shares provide, without the need to tie down a maja 
Italy, had not been as great as s historically low relationship the political risks. In the final SO urc» of -U.S; business, 7b 
expected, it was generally the bullion price. Divi- phase of the recent rise in the accepted wisdom now seems . t 

. Uml these countries dends for ^ currenl half-year bullion price U.B. interest in be that the future lies betwee 

; nriorpv i n° "fh "h f ° a -mfn ^ will probably give ex-premium sold ^hares was very lhin. the small man, who can : give 
! inflation. ” ° ' yields of 20-25 per cent on a Should the dollar recovery specialised service, and the giai 

I , number of quality mines but prove abortive after - e few which can handle anythip; 

i ® ! ohlr. buying interest has been months, gold may be re- Those in' the middTe could by. 

i S^TCWha’LTSlS: «■»■«*• estal > listed wel1 w ..ww-wtu, 

: lion at present of switching lo 
I a more expansionary stance. 


Cautious 


course, those with members in thf \vtto\it 

ihe low paid public serv ices. But 

the way lie says it often upsets ®°_ ^ lc ^ ers 


| In this contest. Mr. Schnltze 
admitted “ the sustainability of 

BY ANDREW TAYLOR | growth in tbe second half of 

THE NATIONAL Enterprise other offshore subsidiaries — while Vickers-Slingsby provides J question." n,ainCd *** ° Pe ° 

the w-i v ‘ iu*~ <s'^ v<; it Zn Board and Vickers are having Vickers Oceaoics and Vickers- much of the offshore division's . 

uie «j, nc Sd^s li onen ups^iS . . . . . .. a m ^ t _ reswreb «ir/l dtivcioomcnt work Tnis cautious assessment was 

union audiences. He t<?IIs them '?Iks which may result jn an Sljngsby. and mikes „ lass p re tnforced not shared by some other dele- 

he is u better Socialist than they NEB-spon sored atkeover oF a It is understood that the NEB plastic submarines for civil and sates, who openly expressed 

are because hi.* idea.? are esali- further slice of Vickers' loss- has been investigating the possi- military- use fears that the slowdown in the 

ta nan. and claims theirs are Horn making offshore engineering bility of providing funds for Vickers’ offshore division has second half of next year could 
of ^reetl out or industrial muscle, division. another offshore company to faced i ncreas ing difficulties as he quite serious. 

The general secretary of the Vickers, which is already i?, k ?_°« r the subsidiaries, with the Ievel of wo “ k 0Q North Sea Concern was also expressed 

union uf Posl Oil j cp Workers - -■ Vu,kpM ,Ikp,v ro retain a - »-- - - =' - J ' — 1 -• -• 


Vickers, which is already the level of work on North Sea ( Conceru was also expressed 

i.»r uhu-r hiii - iwvra negotiating a possible sale of ils . .UHeiy to revam a projects has Tailed-off and re- about the stubborn and per- 
has disliked free bargaining for offshore (Projects and Develop- n]inonly mlere51 10 ine lW0 - search and development costs sislent rale of Inflation, which 

a long time. It is sometimes said me nisl subsidiary to British Vickers Oceanic operates a have soared. In the first hal[ of ! appears to have levelled out 

thai it was the shock of defeat shipbuilders, said yesterday that fleet of nine submarines and five this year the division lost about; at about 7 per cent in member 

in ;he post stake of 1971 rhat j t h ad ;^ cn diking to “NEB mother-ships, used for under- £3m. compared with overall countries, as well as the high 

shifted Tom Jackson from Left officials ai.^ut the future of two water engineering and repair, group pre-tax profits oF £5.2m. level of unemployment. 


not shared by some other dele- London. SJJ,. CenL S’, and S.W. 

gates, who openly expressed England, E. Anglia, Channel Is. 

fears that the slowdown in the Mostly cloudy, a little rain, 
second half of next year could becoming drier. Wind westerly.' 
be quite serious. . Max. I2C (54F). 

Concern was also expressed ^FnE^and C \v!li« 

about the stubborn and per- Rrifht N ’ " a es , 

sislent rale of Inflation, which r ..Fn Win fS 11 ; 0 ^ as,0 , n , a J 

appears to have levelled out [g^p. ' Vuid westerly. Max. 1IC 

at about 7 per cent in member j _7. T nf r 

countries, as well as the high rls "’ ,^'5* Poland, 



UK TODAY 

I CLOUDY, some rain Tempera- 
tures above normal. 


to centre las he described him- 
self in iiioi>c days i well lo Die 

Right. 


But Mr. Jacks' m rose — very 
rapidly — in the UPW at a lime 
when the Post Office was part of 
the civil service, and the post- 
man's wage rise was linked lo 
pay rises in private industry. 
When the Post Office became a 


Ford loses Pakistan contract 


BY CHRIS 5HERWELL IN ISLAMABAD AND HAZEL DUFFY IN LONDON 


Borders, Edinburgh. S. Scotland. 

N. Ireland 

Cloudy, occasional rain. Wind 
westerly. Max. 9C (4SF). 

Moray Firth N. Scotland, Orkney. 

Shetland 

Mostly cloudy, outbreaks of 
rain, clearer later. Wind westerly, 
strong to gale. Max. 8C (46F). 

Outlook: Cold, windy, with 
showers and sunny intervals. 





Corporation there was no new FORD HAS lost a £12.5m con- Supply Co-operative Corporation, its plant at Basildon, Essex, so tractors should be made between j night frost. Snow over N.’ hi lie* 
system. Suddenly, it was free tract to supply 4.000 tractors to arrived at Ford in August, and this particular order equalled September and next April. 1 
collective bargaining. Later, in Pakistan which it had assumed confirmation that Ford would about one month's work. Next c.me a letter from the 


mm 


V Cay I 
31'd-day 
•c ‘F. 


1974. the UPW got. like every- was safely concluded. The con- supply the tractors was sent to After two very good years for customer telling Ford to suspend 
body else, a wage rise of 30 per tract has gone to Fiat instead, the Corporation on August -6. agricultural equipment, this year act i 0 n until the order had h«> n sndSLI 

cent or more. By the end of ti, aL and marks a valuable foothold Ford .said yesterday: “We has been much less buoyant - SaliSSrf hv tbe- ™ r nn«tS^-« H**? 

year. Mr. Jackson says, bis by the Italian company in a worked very hard and. put a lot ^rd. along with other tractor ™ J,"™.™! £ !? C .» « 

200,000 members were worse uff market inw hicb n has been try- 0 f t j me affort into this project manufacturers, was particularly boaid. Senior Ford marketing * }• sms? 

ing lo gel eatablished Tor some u was assumed from tbe letter badly hit by the sudden cessation executives went to Pakistan to Barcelona s h n !»!£££ c >7 fi 

time. 0 f intent that the order was of business from Turkey last , sort out the muddle. £ w »: e. s » w 

Ford managers eonfes&ed ours.'’ spring. They saw Lt. Gen. Sawar Khan. " “J J'Mii*" s n aa 

rora managers eontesseu ui^a. that IHp tho marli.it law adminicn-ar.-.r • Mwur. :.i s j.«i 


his union has drawn up a 24 per yesterday they are still puzzled The order was seen by Ford 


indications 


the Ibc martial law administrator j Birmnrtm r n jKljuSlft," 


rmnirno ij w -Romo s ik «L 

c-ipntiagn t- U -"H.pjnBjiMrH s rjj Ri 

r il ' h ’ ,n . L : ti "-IS'tii-WiolHj K 4 30 


Continued from Page 1 


years m me navy during tne war. t0 take account of subsequent meets me cost ro mcai auiuun- a uiggcr revenue eo»w - 
When - he returned hp joined the pay and price changes. This will ties of giving domestic rate capital spending. The increase 
Communist Parly fur a brief be set at about £700m m line- relief, will remain unchanged at in spending other than on these 

lime i many of i'm? present TUC H -jth Government anti-infiatioh 1S.5 per cent in England and items is Forecast at about i pet 


v.IJnhunih F j|. 32|Sfrasbrg. 
r rank Tun S 9 .Syrtuc-v 

•itiKva S 9 4^rT.hran 

P H a? i Tk«l a vn 
«vl>-‘nki F | M|Ti)J-yij 

H Kong S ?• iTnnmw 
■Oi'hiirs S 3< Ti jVirmu 

Lisbnn S 14 ST • Warsaw 

London S IS 54 1 Zurich 


man of sophisticated tastes — ■ - 

antiques, bonks, phmnsrauhy and n'.ihim ^ t: {{ 

pood food. The best of which he J a “1 _ ~I ^linhvrsh f jt. 32(Sfra S b 

Bio to keep rates down continued from p*e 1 sr i j ^ 

vsis horn years in Leerls . * " vvwnkt f i bi t^q 

jn*! ;| m^ssen- ^ ^ ^ iTflrwn 

get- boy u I 14. He spent three allows the P^nts to be increased The domestic element, which on higher interest chapes and much as a / e ^ i t ^.^ ra r nt J°f 5 ' s 55 S'Sn 

vears in the navy during the war. t 0 ta k e account of subsequent meets the cost to local authori- a bigger revenue contribution to However the regression formula ^don s is 54'zimch 

,.i*— -u- — . ,*.„ t ,ay and price changes. ThS will ties of giving domestic rate capital spending. The increase selected by Mr Shore to wurw 

be 1 set Jt about £700m in line- relief, will remain unchanged at in spending other than on these out the I9id-S0 allocation i< 

lime (uiuny of in? present TUC H jth GoveromcJit anti-lnfiatioo 1S.5 per cent in England and items is forecast at about 1 per expected tu cosure ibat rar 

general wuncil. Rfelit-wingers as policy: 36 per cent la Wales. cent. , fewer local authorities fail into 

wpIi as Left, went tn the same i„ vc i 0 r MS », i S The needs aad resources T ?. Is .‘5 rather mo« than the the safety net. 

uchooi'i and then pitched into expected to ensure another elements, which combined are prediction in the public expend!- The decision to pay the needs 

union affairs, having grown the rr .u n< i 0 r touch bargaining with intended to enable local authori- lure White Paper but most of element to the districts in the 

famous moustache to hide his tn e local authority sector miions. ties to levy similar rates for the difference is accounted for shire _ counties will primarily 

youth. He reached the UPW The final wa"e settlement figure similar services, will also remain by revised estimates of likely benefit the urban districts at the 
executive in 1935 and was general w ju nrohabrv be the crucial in the same proportion to each expenditure on public health ana expense ofthe rural areas. icasabuica s is 64(Xam>h 
secretary by the age of 41. factor in determining the actual Other. , c . . other local environment services Although the precise details j Tu. s 22 kSx^ 

Tu- rirpsiilcnc*-- nf thn Tur level of ral^ increase Overall, the level of local where, according to- the local the grant distribution are -still I b ,, r fu . 5 ‘i “iXitp 

Tbe pres-iuonc? of tn_ Tt- lerei .V 11 - *“5 e • ..., ndt-i ivii- on ,nthnnr.. Whitehall not clear Mr. Shore is iimJer. 


* 4 » 

F 7 45. 
S 34 7S 
SMS? 


Tot Aviv S SD BS 
TO»TQ h' » f 
Toronto B S 41 


B 5 41 

S IT S3 

S S 46 

S 6 « 


HOUDAY RESORTS 


Y'day 1 Y’Jay 

MM-darl Midway 

r. 1? j3 ’Jersey F 12 54 

S ff»|Las Plmas S 21 70 

3 13 59; Locarno S 12 34 


*• round OI IDU2I1 0 ar 2 aiuj.Be Wltn luveiiuou * “r— ... . , . : - . . — Diirnii a j.i WL>ocarno 

his t h e local authority sector miions ties to levy similar rates for the difference is accounted for shire counties will primarily Blackpool n 11 K'Majorca 

PW SSL 1 £1 JaS s2ttteSSi™SS5 similar services, will also remain by revised estimates of likely benefit the urban districts at the s u vibta 

anl Jill nrebabfv To the in the same proportion to each expenditure on public health and expense of the rural areas. p fiSfi S S SiSm 


Making your capitiil provide you widi a high • 
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capital growth, should be the aim of Jail 
investors. . . . . ' ' . 

But unless your capital is efficiently managed, 
you may not lie achieving; this.- - 
: Joseph Sanders &: Partners provide air expert 
and personal advisory service over funds in . 
. excess of £20,000,000. ' - . 

Beardless of vour age or tax posiliori w'e 
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’’without obligation, ' ^jotappi^abieto eire - 


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&Partners 


THE INVESTMENT ADVISERS 


Overall, the level of local where, according to- the local the grant distribution are still f JI 

... _i s i _?!— WVlitohriTl wir.* n In«.« \1« CK.-.M nuhriivniK S l. 


Ilfs SS«s~- « sa££.:: sr&aSSS SSr-s-^^ls: mcL., 


3 19 oa 

s i9 es 

S 19 86 
S 2"i 

s t.» : 

1- IT I 
if i.i .m 
3 17 6S 
I- 1? V 
S -• i 
S 21 1 
1 1:4 W 
s 17 a 
* i:; « 


UUtfU I.UI W _ - - , 

jo no local authority suffers too sculemcnL