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Sam FINANCIAL TIMES 


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060434734 


No, 27,724 


Saturday November 25 1978 1-3^ 


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QUARTZ 


CONTINENTAL SELLING MUCE5* AUSTRIA Sd> IS; BELGIUM ft 25: DENMARK Kr 3.S: FRANCE Fr 3.0: GERMANY DM2.0; ITALY L 500: NETHERLANDS Fl 2.0: NORWAY Kr 3.5: PORTUGAL Esc 20; SPAIN Pea 40; SWEDEN Kr 3.25; SWITZERLAND Fr 2.0: EIRE ISp 


NEWS SUMMARY 


GENERAL 


BUSINESS 


EMS Green Paper 


US Prime 
- Rates 


Court Equities backs objective 


hears 


Thorpe 

letters 


gain 7.1 
on week 
to 479.9 


but wary of details 


BBC declares 
licence rise 
not enough 


J F M A M J J ASON 

1978 


BY ARTHUR SANOLE5 AND LISA WOOD 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


The prosecution in the Jeremy 
Thorpe bearin'; alleged at .Mine- 
head yesterday that millionaire 
industrialist Jack Hayward un- 
willingly funded a plot to 
murder Norman Scott. 


• EQUITIES resumed their 
technical recovery, gaining 7.1 
points on the week. The FT 


F.T. Industrial 
Ordinary Index 


The Government's Green Paper on the proposed European Monetary System j 
takes an unexpectedly positive view of the creation of a zone of monetary | 
stability. But it remains non-commiUal about the precise exchange rate; 
mechanism to be nsed. 


The court also heard letiers 
alleged to have been written to 
Mr. Hayward by Mr. Thorpe, in 
which the former Liberal leader 
described Peter Bcssell as “a 
bastard” and, on ar.utber 
occasion, wrote ** damn the man.” 

Mr. Hayward told the court 
that he first met Mr. Bessell in 
I97U. It was Besseil who con- 
vinced Mr. Hayward to make a 
siiblanual donation in the 
Liberal Party. It amounted to 
£150.000. 

In one letter Mr. Thorpe asked 
for £50.900 to cover “ an overlap 
on some expenditure l would 
prefer not to argue about.” He 
asked for one cheque for £20.000 
to be paid tn the Liberal j 1 elec- 
tion fund and one for £10.000 tc 
he sent to Nadir Dinshaw. a 
Jersey businessman and the god- 
father of Thorpe's son. 

Mr. Hayward also paid that Mr. 
Thorpe asked him to put 
pressure on Mr. Besseil for 
monev owed to hini f Hayward) 
and threaten that if Besseil came 
back to this country “ 1 would 
serve a writ on him for bank- 
Tuple' - .” Mr. Hayward said he 
took no action. 


I iimL raoswMwaiont 
40U | ^Mrsctesr. 


The Government says it can- porlant to make clear first that. lions and diminish business j 

not vet reach a conclusion on in the Government's view, the risk. 

whether it would be in the UK's choice to be made in the coming "To accept a Tormai commit-' 
best interests to join the ex- weeks relates not lo a European nient to eschan-ie rate stability | 

change rate regime of the Monetary System on the basis would not therefore represent a’ 

munetarv system as it finally laid down in Bremen (the last major break with existing i 


Prime 
rate up 
to m% 


BY DAVID LASCELLES 


emerges from the negotiations. EEC summit i. but in the nur- policy. 1 


NEW YORK. Nov. 24. 


Several times the Green Paper rower issue »F a parlu-uia. ex- The Government al50 sees “ 0,5 ? fun'her sure upwa 

draws a distinction between the change rate ■mechanism winch is objection of principle aaainst • per cent rise 

goal Of monetary stability and “«» »t ^lly negotiated. entering into inlernulional agree- Si YoU' n er et 

the detailed exchange rale " Some innv regard rhe system ments to maintain stability in the . pounced lie major 
arrangements. as hlile more than an exchange exchange rate w:i,t the help oi I brinrin~ the kw : 

This view underlines llie liktli- rate mcrluinisni. .uipuorted by cu-operativc credit and reserve; v \ 0s £ ihe’i” per 

hood that the Prime Minister central bant swap arrangements, asset arrun*:nv:it;. . . it j n j u | v 

will tell the other EEC heads «if ,. T1(| . comment »c e * ii as SU d - 0 '!- ^ Ji fp»S i x ' lWv thy a * 1 * 
government in Brussels m tun m uch uinn- than that. It hchcvt* r„?‘ un i" !I uth wr Wlli ' in lht Fed fu 

Jays lime !h:il the UK favours ,, u . it ., „. M c .meeiiv-d as P*?" - ' h,ch > pushing rates close 

the establishment of a monetary 1MOIV , h;i! , ih;u :ir Bivmcn and bc I‘'V cent, 

system but that >1 has rvserva- n veils in* i more than thm if it _^ Tf !L f L^f c, . i ® r 5 .S'* 1 *’ !? . a .Ei The move in the 


■ U.S. INTEREST RATES took a 


; further surge upward today. 


-'Alt-TMf HIGH . 
51*2 

I soil r*T7 


20 21 22 23 24 

November IS 78 


Industrial Ordinary Share 
Index yesterday rose 7 3.9 to 
479.9. Gold mines index was 
1.2 up at 134.1. 


CONTINUED restraint on lech- 'unable t<i err .i new wage »etlle- 
' nical und programme investment mem in 1975 ijut-iiu&i- of phase 
and the real prospect or severe one. Weekly stall had negu- 
' pay difficulties with broadcasting timed an increase before the 
(unions are Ihe most likely inline- restrictions look effect and Sir 
■ dial* results or ihe Government's Michael »mt| mat nn>- uf the 
; decision, announced yesterday, corporal i»«nV dii’iculties was 
to raise the BB<: colour television wage .inninulie*. 

I licence Ice fn»m i‘21 lo £25 and a chief mi pi teal km of the 
. the monochrome fee from £9 to licence foe rises is that the BBC 
; £10. is in no position to concede the 

; The increase. iu be effective substantial pay demands being 
for a year, fall well short of the made by its siatf. demands for 
£30 the corporation has been which the corporation has 
seeking and again restrict the expressed sympathy. Many staff 
; BSC iu short-term budgeting, have been leaving the BBC for 
1 The BBC had wanted the fees 1TV and non-broadcasting work. 
| fixed for the next three years. Tht . EEc bilS applied to the 
; ^ r : lan rreijiowao. director- ^, JVl . rn uieni lo (n.> made a special 


sharp f per cent rise in the prime- ?« ei ’ 4 i lh *! vase so that differentials betwi 

i rate io 11! per cent was an- i 5* n wc iks pay and that or l TV may 

v, ,Ii n 1 ft';- i flounced by major U.S. banks. : V 1 .? ^ d thaI Uie vorpora- ri . m , J v L -d. 

help oil. , , k J . ; Qu . re <. raiL. lion n<Jl now ' inal;t? 3,1 

mew lo* ih? I” ner cent Record 1 tbe iwpmwnient, to the service ^ 

J«iy - .. . Concern 


the service 


. BBC chair- 
Government 


Recently, staff hate appeared 


prime was 


and the Tories of '' r right Hi I unwilling m tvork uvcriimo in 
hypocrisy” over licence roes. order to raver the gaps created 
interviewed yesterday lor a l>y resignations. A pay dispute 


• GILTS were unsettled by Ihe 
rise in U.S. prime rate and lost 
earlier gains to elose unchanged 
at 68-2(1. 


Zambia Hostile 


• STERLING fell 65 points lo 
$1.9290. partly* because of the 
C.S. prime rate rise. Its trade- 
weighted index was 62JJ (624). 
The dollar recovered after a 
weak start to DM 1.9305 
(B5f 1^18711. Its. trade 
weighted average depreciation 
was 8.3 per cent (8.5 per cent). 


broader proposals had been Du^ible icon nmic imnai-t ° -Ability which sterling has on- sharp 2 ains against most major I te'eyision and m say that the said. 

successfully completed. p, _ ,D,e . n ,,IIC . joyed For nearly two years/ currencies, albeit oa thin trading I P llbh * n»t stand increases is Thr BBC/s ..bjeetii.n is that it 

This was hinted at bv Mr. Tlu ’ Government effectively The Green Paper discusses the horp dW(> tt> t he Thanksgiving I unlrue - potentially undermines bruad- 

•Tames Callaghan on Thursday rejects the argument that the possible impact on price com- Day j,ollda V lull ' ) If a government had the casting independence. There is 

when he told Labour MPs that UK's economic independence petitiveness and the balance of Slr ‘ eel however showed , courage tn say that the licence a constant fear that he who pavs 

' e was “damned good value." the piper will eventual!'" trv to 


when he told Labour MPs that UK’s economic independence potitiveness and the balance of ^- a |j Slr ‘ eel however showed i courage to say that the licence a constant fear that he who pav 

Britain would not lake a final would he threatened by pointing payments of ihe assumption— : , 5ule or no rcjc ii. m laraelv ! fee was “damned good value." the piper will eventually trv ti 

decision on joining the system 01,1 lhilt l »* exchange rate "for. the purpose cf argument " i because the move had been pre- 1 ,he PUbhc would accept increased call the time. 


Prospects for an all-parly 
Rhodes u conference in London 
look bleak, .with. President 
Kaunda of Zambia pessimistic 
and British envoy Cledwyn 
Hughes expeidetf To be- given a 
httitilc rcceptipn in Lusaka. 
Pitsc 2 


O GOLD fell Si an ounce In 
London to $291;. but -vas 53 
up on the week. In New.' York. 
LUrmex ■ November settiemunt 
was 15203.43 (S20I.3P). , i' 


decision on joining the system um . . v - . ...<r ...w C ..^u W v-u - ----- - -• 

at ihe Brussels summit. rannor he freely manipulated —that the average exchange rate . disable for a number of days. > ^Ir. Trvihowan said that the 

The Green Paper's emphasis to infills te the UK from develop- would he a little higher inside | r j^ a reflects continuing' Sir Michael spoke of ihe increases were bad n»r planning 

on the broader objectives con- men Is abroad. the EMS regime. ' uov.'ard pressure on interest ! . Guroora. lion's diHicu! ties, such as and bad in iirinciple. The one 

leasts with the stress placed dur- “ H.has in fad heroine im-r/vis- coatinueil on Back Pa-e ! rales. narlicularU in rhe short- j the independent television com- aspect of rhe unrvmncemeni that 

ing Ihe detailed talks of the last msly lmport.nn to maintain Deialis- Pasre 4 ' term markets, and the banks' • panies - abihlv to muhid ihe In- welcom-.-il llie prospeci 

five monihs on the significance reasonable stability of th- i raoidlv growing eo« of funds. ! corporation for curtain per- of talks with the Ibuu- Office 

i. stealing exchange rale m older imiwnai uonuncni ra P e in the’ latest three-week average i formers. He touched on the abuut rmure practice, 

t ir ini- to pro mole stable trading fund?- Italy to tom EMS, Page 2 ! for commercial paper is ; controversial London Weekend The fe** inerea-x-s hav been 

i about lol’O per cent against bss Television deal with the Fool ball dial l-' need by a u.-cup uf Labour 

— ... ■' ih:,n HI p**r cent Ia?t wiv»k. when League and said: “Wp could not back-hendier.-. Jed by Mr. Ale:: 

1^, ^4- '-»VA '»•'»- : banks nudged the prime rote mi: have oetmatr.br.d "CGm. Bui I I-J-un. MP Tor York, a former 

(TsSfln SllflaQ Slf y®5lrT 'ioIUkt^I. ^ nm know !!..»■■ would have IW f.Rice Minister They have 

feL B B H g P AJliJa.fi A • The' Fed’s intervention in ihe ; waned to.'* pnt down a motion to annul Hie 


that the 
planning 


of the technical aspects. 


stealing exchange rale in older 


The Paper says: "It ir ini- to promote si able trading condt 


Continued on Back Page 
Del oils Page 4 
Editorial Comment Page 16 
Italy to join EMS. Page 2 


£ Death to&I up 


m: WALL STREET gained 3.12 
ift xlnse ar 810.12. a 12-39 rise 
on The week. - 


The II.S. Slate Department said 
the death toll in the Guyana 
mass suicide could reach SOfl. 
More Than 600 bodies have 
already been found at the former 
headquarters of the People’s 
Temple sect where e U..S, 
Congressman was killed last 
week. 


Portugal riot 


O WILSON COMMITTEE un the 
City is prompting the big four 
clearing banks (o announce 
whether they will /reveal details 
of their had debt provisions in 
their next accounts. The com- 
mittee lias already notified the 
Committee ot London Clearing 
Banks Thai it would like to know 
the banks’ derision when it gives 
evidence on. Tuesday. Lex 


membership for a while 


I Fed funds market pushed over- The corporation a i cues that Home Uffic.' order to give legal 
j night rates up from 9 11/16 to ■ bad the fee kepi pace with effect to the increases, which 
1 19 per cent before easing hack to j inflation for the past decade, a operated from midnight. 

| 91. ihe level at which dealers now j 19 per cent rise would nm be \ 0MS \ualvsis Page 3 


BY ROBERT MAUTHNER 


I 91. the level at which dealers now -19 per cent rise would nm be \ 0MS \na|vsis Page 3 
. expect it lo slay till the early part necessary now. 

; or next week. ! Jis wagn bill is about £149jn. Brussels jir»bc s football deal, 

i The rise in interest rales j Many BBC salaried staff were Page 22 

i occurred despite a dn«p in the] — — - 


PARIS. Nov. 24. j basic money supply. Ml fell lo a 


seasonally-adjusted average of 


JAMES CALLAGHAN cryptic remarks 


arks, ii is understood participate fully in the scheme | S3fil.3bn in the wwk ■ J*ndi na j 
ritish Guvcrnnient is from the beginning, this would i woveinber la rrom S3B-..on the . 


Riot police used tear gas to dis- 
perse hundreds of youths wear- 
ing Nazi-stylc black shirts and 
swastika armbands who 

rampaged through Oporto, 
Portugal’s second city. 


Aj 


ftil? 

W-. 


t£Z \ !1 


Rates pessimism 

..The' Government has told local 
authorities to keep rate increases 
below 10 per cent, a view the 
authorities said Was at best 
optimistic' and at worst- 
unrealistic. Back Page 


• ROTHSCHILD BANK, the 
Zurich associate of the London 
merchant bank. has been 
excluded from - an international 
bnnd issue for an Algerian bank 
because of the Middle East crisis. 
Back Page 


hinted strongly today that Erilain that the British Government is Tram the beginning, this would ™e»noer k, ^ 

might participate in some aspects exploring the possibility of not have any . adverse political | week he ■ onmn the tour 

?( th. prnposhd Eurown utan* parr .n ^ nttm ■ °< «* r “'“ re of i ff 


Esso drivers reject deal 


BY NICK GARNETT. LABOUR STAFF 


Monetary System, without hecom- the EMS « credit arrange- Europe. v ihe Fed's nin'i 

ine a full member from the very ments, review procedures, the the French President me reos tars.i rjn.e. 

beginning. harnumisatiem or economic poli- pre>sed the firm hope that the < .. ,, . ■ 

e <,11, ' p. ,.; c cies and the relationship of EMS final decision to be taken on ■ 

Speakma after talks jn Pans }0 other airrcnc i cs> particularly the system at the European i£ m New \ork 

with Presmeot Gtscard d Estaing, lhe dollar. The British view is Summit on December 4 and 5f - 

Mr. Callaghan emphasised that thal such partJal participation is would he of the type which would _ Vll r - 


ithin j THE THREAT uf j dispute be- Offers due to be made by 

1 tween the major oil companies Mobil and Texaco are also cx- 

I and their tanker drivers wore- peeled lo be turned down. 

■ r'n*?'?? ne /' , ‘ The tanker men. '.hose claim 

■ tutors at Esso rejected ihe com- .... _ - , , 

1 panys pay and produciiviiy includes a forwji.l comnm- 

; offer. nient on overtime rales from 


© INTEREST RATE on invest- 
ment account deposits at the 
National Savings Bank is being 
raised from 91 per cent to a 
record 12 per cent Back Page 


world as a whole. " favourable for membership.’' ; 

. Ue also said that a Community rVngpniiPTirPS , T ! ie *? ritisb . 3 C ,J _i ren ^ h , 

scheme must embrace all nine V.-OllSequenceS leaders also reached agreemen 

member countries. But not all President Gi.scard. while not tbe conlrover4.\l question uf 


£3.5m spillage 


Trade Department says ■ thtr' cost 
.of the . east . coast Eteni V oil 
spillage was about £3.5m. The 
Government hopes iu recover all 
the money from the shipowners 
" or their insurers. 


0 DAIRY FARMERS in England 
and Wales have voted almost 
unanimously for keeping Milk 
Marketing Boards in a referen- 
dum demanded by the EEC. 
Page 3 


at me tore companies 
: held next week. 


supplies 


countries necessarily had to commenting directly on Mr. ^!, c r . ^ r« p r ° c 
adhere to all parts of the scheme. Callaghan's remarks about partial ^ 1 \ f.-if w Lih- 
Some might decide that they British participation, look a \!] m 


Historic auction 


O VOLKSWAGEN'S exploratory 
talks for a stake in the private ly- 
controiied ' computer company 
Nlxdonf have been abandoned. 
Page 21 


The first ever auction of bonds 
an'd share certificates, organised 
by Stanley Gibbons in London, 
raised £23.600 — aimosx double the 
estimate. Top prfee of £1.600 was 
paid for a Spanish Government 
bund issued id 3743. Page 22 


© ATOMIC power workers have 
rejected a 5 per cent pay offer 
from the UK Atomic Energy 
Authority and arc seeking a 
meeting with the Energy Secre- 
tary. Page 3 


were' morT concerned wiUl cer- sympathetic vIcToi Bntain's J£»[ » ^ Pnm* 

tain aspects than others. "S imS Slit ?!Tc 

It was the first time Dial Mr. iccium wLen t he scheme was s« Briiish tl^ernment. like the 
Callaghan had spoken in public French, intended to ensure tb3t 

of the possibility of partial p ' rbc European Parliament's 

British participation in the British nHicials parucularly powers should be strictly limited 
scheme. Though the Prime welcomed the French President's to those laid down in the Treaty 
Minister did not elaborate on bis statement that, if the UK did not of Rome 


I simply flew 
when he said 



m 


<*2 


Brussels fishing talks collapse 


Time running out 


Tomorrow's Sunday Times could 
be the last for some time. The 
group is only six days away from 
. Die' date on which it has said all 
publication will be suspended 
and the National Graphical 
Association is still refusing to 
attend talks. Page 3 


© BL CABS workers at Solihull 
have voted to reject a strike call 
and continue talks over their 
demand for. a Dew grading 
strucliirc. Page 3 


BY MARGARET VAN HATTEM 


BRUSSELS. Nov. 24. 


Briefly . - 


Two men were jailed for six 
. months at Carmarthen for con- 
spiring to damage television 
transmiller installations. 

Bolivian armed forces ousted 
President Asbun in a bloodless 
coup. Page 2 

Four people were hacked to 
death and a fifth shut in southern 
Thailand. 

Eight children were hurt when 
a car ploughed into a Glasgow 
has queue. 

Wife of Ronnie Wood. - Lbe Rol- 
ling Stones .guitarist, wants a 
divorce. 


COMPANIES 

a BASF, the West German chem- 
icals group, suffered an 11.9 pet" 
cent drop in its pre-tax profits 
from DM 863m to DM 760ru 
i a bout £2(>6ru) in the first uine 
monihs. Page 21 


EEC Fisheries Ministers broke 
off talks indefinitely today- 
after Britain pnt forward 
detailed and specific demands 
for. a share-out of fish in its 
coastal waters. 


© ROBERTSON FOODS had 
higher turnover at I37.42ui 
i£33.3Sra) in the first half, but 
pre-lav profits fell lo £768,000 
(£969.000). Page 18 


Mr. John Si I kin. the UK 
Agriculture Minister, stressed 
that these were “not the. last 
word " and were intended as a 
clarification of Ihe British 
position. But if he expected 
' this clear Invitation to 
negotiate to be taken np, he 
miscalculated. 


basis for discussion. They com- 
plained that ii violated the 
basic non-discrimination prin- 
ciple of Ihe Treaty of Rome 
and ignored the progress made 
in intensive bilateral and 
trilateral talks over the past 
month. 


©J. E. SANGER, international 
meat trader, incurred losses of 
£575,000. in lbe 15 months to 
June 30 compared with profits 
uf £1.1 3m Tor the previous year. 
Page 18 


The- other eight Ministers 
quickly derided thal the doen- 
nrent was written for a British 
domestic audience and was no 


Herr Josef Trtl. the German 
Minister and president of the 
Council of Ministers, said after 
the meeting that the Issue 
would be referred lo the EEC 
heads of slate meeting here on 
December 4 and 5. 

“‘So further progress seems 
possible at this level." be said. 
“ I am deeply disappointed 
with the British document. 


There is nothing new in it — I 
could hate written it myseU 
two .'ears ago with no help 
frum the British Government.'' 

.Hr. Finn Olov Gundclacli. 
the EEC Fisheries Commis- 
sioner. said afterwards thal 
many. oT Britain's major 
demands could be satisfied 
through the use of formulae 
slightly different from those 
suggested by Mr. Sllkin. 

British fishermen cuuld get 
iU- facto preferential treatment 
and quolas taking into account 
their losses . in thlrd-eouutry 
waters, but Mr. SiJkio had not 
been interested in diseussiug 
how this might be done, he 
said. 


0 BRITISH LAND has increased 
its shareholding in City Offices 
to 7.78m share®, a strategic 29 
per cent. Page 18 


CONTENTS OF TODAY’S ISSUE 


Overseas news 

-Home news — general 

— labour 

Arts page 


.... 2 Leader page 

.... 3 UK Companies 

.... 3 Mining 

.... 14 Inti. Companies 


16 Wall Si reel 20 

18-19 Foreign exchanges 20 

5 Farming, raw materials ... 21 

21 UK slock market 24 


CHIEF PRICE CHARGES YESTERDAY 


tPrices in pence unless otherwise indicated) 

RISES United Engineering.. 

Armitage Shanks 7->J + 4} St, * t ’ Dllfic 

Armour Trust 1»! + £ \\C.I 

Beech am 620 + < .sceptre Kc-s. 


FEATURES 


RISES 

Armitage Shanks 7-> 

Armour TruM I0i 

Arana 

Beecham 620 

BorthwJck (Thus.) ... 63 

Brooke Tool 51 

Capitol and Counties 62 * 
.Marlborough Prop. ... 22 j 

Mated Box .*2S 

NSS Newsagents H>6 

Parker Timber Vt2 

Raca! Elecs -"26 

Reed Tntnl. 1S6 


22 i + 1‘ 
;;2S 4- S 
11)6 -*■ S 

3."J2 4- « 
."26 + 6 
156' ■+ 'i 


BP .'. 

Sceptre Res 

Shell Transport 
Ds Beers Dfd. ...... 

Union Corp 

Wesl field Minerals 


741+91 
25H + 9 
t:J0 4 10 
936 + 12 
415 + IS 
334 + IW 
35B + 6' 

264 + 9 
:.’2U -i- 30 


3Ibw r industry' overcame its Building Societies' Insnr- Primitive and lonely 1« 

stage fright 16 unce liuked plan 7 Property: Price rises in the 

Not «|nite nice on the pro- Try a little luxury* 9 Iasi year ' 10 

mcnade ties Anglais 17 Afloat In the sun 9 Christmas books 12-13 


Saatchi and Saatchi... 1«0 + ■’ 


Rdtbeby.PB ...: 
StewartSasfics 
Tunnel B 


FALLS 

A XX 

Clark (Matthew) . .. 
FF\ Construction .. 
Itobertiion Fnods .. 

Sanaer tJ. E i 

Western Motor ..... 
NorthMto Expln. 


298 - 12 
130 - 4 
1.2 - 5 
HO - 9 
; ri - 24 
9U - 5’ 
440 - 15 


AppalMineui 

BrMse — . . 

Chess 

CvUecUna -. . 

Crossword Puale . . 
EcmmiIc Diary . .. 

Education 

Enurtaiameat Guide 
Ears-aptiORS . . . 
Finance & Family . 
FTVAaaariis indicts 
Canlcnlap 


CoK 

Haw la Spend H 
Insurance . . . 

Lei Mrs 

Lea . .. 

Han at ihe Week 
MoreHns 
Prepony 
Racing 

Sliare InrarmaiiM 


TV and Radio 
Unn Tram ... 

WcaUicr 

Yaar Savings & lav. 


INTERIM STATEMENT 
Tesca Stares .... .. is 


SE Week"* Dealings 22-23 


OFFER FOR SALE 
Barclays Ualcara ... 

C a rim are Managers 
Ueyds UIc asscb. 

M and C Croup ... 

S and P Craup . 
Schlesinger TrvH . 


ANNUAL STATEMENTS- 
Border and Slh. TsL 19 

Scoalsh NnU. TsL 19 

Base Lending Rates 24 

Building Soc. Rales 23 

Local Aathy, Bands 23 

UK Caavenibles ... 3 



For latest Share huier phone 01-246 0026 





PARIS 

Yfurih Penmnri LiJ., 160 fiumcs Lvtulon W4 3RG. Tel: 01^9^ 23 t: 












Financial Times Saturday November 


industry gives Carter 
tory over inflation 


BELGIAN STEEL INDUSTRY 


v.-'r; 


Rescue 


: fll 


BY STEWART FLEMING 


NEW YORK, Nov. 24. 


Deposed Pres. Pereda 


PRESIDENT CARTER secured traaL especially since the rest increases in the second and third s W ES i tj." ; ■'*«' . ■ I 

,.r. important. albeit predictable, of the industry is expected to quarters. • v '" ' 

victory for the second stage of raise prices by similar amounts, bincc the beginning of the year ; ‘ * ! 

hi', antj-lnflarinn programme to- Jt has been plain, however, the industry has put through :• '■■£1 «•' •’ ! 

rj.i;-. when U S’ Steel, the from an announcement earlier in price increases of about 5.5 per y ‘ I 

industry’s leading producer the month, that the Administra- cent, 1 per cent and (in July) \ 

mcounced it would increase its tion h2d effectively pressured the 3 per cent. It has also eliminated R^B 5&5 b!k^ > .. '• . j 

orii'es by an average of 3.2 per steel industry into compliance special price discounts of around 

coni from January 1. in return for a 7 per cent increase 8 per cem. BB 1 

The company and the Presi- ja the tri??er price in the first David Lascclles adds From New 9SS& j 

dent’s council on wirac and price quarter of nest year. The trigger ^oxk* U.S. railroads bowed to atMEjih to* 'JB&eS&ii I 

stability described the increase price, a system administered by White House pressure today and Bxs &MfBy 

as being wituin the guide- the U.S. Treasury, is designed to shaved just over 1 per cent from |Ig|gag^ 1 

lines set by the price standard of control imports of foreign stec-l. the rate increases they are a ^j n o rajasSSk . jBBI I 

the anli-inflaiioEi programme. Bv increasing the trigger price, for from next month. They n p 

The council said ihat during the Administration claims to be claim that their new demand V**"* Pres - *»"«» 

the b25t period for which the holding bacK imports, since » l eel falls within President Carters 1 

price srcndard :j set — 197H and coming into the country below voluntary price guidelines. A waMfr /klii/vP 

1P77— U.S. Steel had increased trigger price levels faces anti- The revised request averages < 1^811 V CIlIvI 

prices bv *n average of S.S per dumping investigation. Th s in- per cent, down from the S.l per J 

cent a ’car. The new programme creased trigger price also gives cent originally requested. , | 

allows 'the com par.v an increase the U.S. industry more leeway Accord mg to the railroads, this to AVAf 

of one half a percentage point for raising its domestic prices will be below 6} per cent net, iaiYV.3 T V* 
below that .S.5 ,x-r cc-nt/. or without having to worry' too because of lh e time it takes for 

v.nich no more titan half 1 4.1 per much about being undercut by increases to work their way nH/jj* OAlin 

cent 1 can be in the first half of foreign steel makers in its through the system dUCl tUUli 

t he vea** domestic market The railroads, which say they AT 

The council .=aid that adding Since the trigger price system face a total deficit of $203m on • fTz J* • 
ar -arlier increase in the price came into effect in April this iheir freight operations next |fl eSOIlVlH 
:»n plate fr. the U.S Steel year, its impact on the volume year, plus SS09m in fixed charges. 

,i.vi?:or' ^-in- - the company’s of steel imports has been ques- have been seeking Sl.Tbo in extra * 

■ner'-’j— tine* ‘'■crober l to tioned. But few doubt that it revenues. Mr. William Dempsey. By Robert Lindley 
’r eeni." ’ has been a key factor behind the the Railroad Association presi- rtinrvnc afritc vav 

■•'arter Administration will ability of L'.S. steel companies to dent, says The 1 per cent redue- *ut*v*A A0 ’ , 

ur-ldtibi^cJi- iio phased wiin su raise domestic prices by between tinon will cost the railways 2bout liv a h ujulj L. tt>b coup early 
rnjrji C a dcmi&nraiins of com- 15-20 per cent in the past 12 $200m a year at a time when today, the Commauder-in-Chief ■ 

niiance from j compary which months, increases which have earnings are falling and costs of toe Bolivian Army. Gen. 

hat >n the -ii 1 nrovod" recalci- contributed to handsome profit are rising. David Padilla Arancinia. de- 

‘ ■ _____ posed the four-montb-oid mih-J 


BY GILES MERRITT .. . . . ■’’..'f 'BRUSSELS. Nov;^ -^ ; 

PUTTING a precise figure on the it promised simitar, aid lor the much the same problems that - The detail^ -of the, state - par- 
Belgian Government’s plan to re- textile and shipbuilding indus- .were already known. Political ucipatwn m\ Steer are,, however;, 
organise and streamline the steel tries of Flanders. s ensit ivities, indeed, resulted io ^ittost certa inl y much' l.essz.Sifr ' , 

industry is understandably inside the EEC C ommissi on, a report that was marginally less nificant than"-: the .^n^caeon^. 
difficult. But -it is already clear steel industry experts point out gloomy than some of the calada- Tegaroing tbfereglaf ■Eurcpfead 
I that the BFr IObn sura now being that Is terms of industrial logic Kopy . already being bandied steel tiidiistry. aixd The EEyjC'S!^- 
! mentioned in Brussels is a long Belgium’s choice should -'be to about — it put redundancies’. . at missUnL' i Belgium’s .■>•• . 
■way from the BFr Mira (£Ibn) close its least competitive units 7.000 by 1981, while Belgian incidentally, sifll SasttriSw^tvi 
| that the scheme will finally add making long products, such as trade unions say that by ' the fied-hy^he ’trade, 

•up to. bars and sections, and eoocen-- early to mid-1980s around. 15,000 New Y'ear r .'fo)lows Jfi : Era9<»’j;: . 

i Put another way. the bill to the irate on fiat products, like, sheet jobs will be lost. • : footsteps of earlier- unaiyear* jitid 

Belgian taxpayer for buying an and coiL Political logic, how- -’The IffcKinsey team also put. thus puts the Belgian A T 
I average 50 per cent stake in the ever, in a country which has, at : &e cost of modernising and in .much, the .same. nationalise^ - = 
j steel industry’s half dozen 5.7 pe r cent, tile’ EEC's second restructuring the industry at" or largely natitmalis^ irtsifa'ttS : 
principal companies, cancelling highest tmemplovment level BFr i2bn to BFr 14b» by then, as France; Italy ^nd-tbe B^Se?. 




£.-* f* 
ikv 


Army chief 
takes over 
after coup 
in Bolivia 


force, will eventually total an required, but it is. nevertheless, ‘ almost : any figure is open to fllct with the 7 ;- 

1 amount that is uncomfortably a tough programme for the interpretation. For, in addition rules. ' 

jclose to the figure that was tar- Belgian industry to accept And to- the BFr 10 bn that The Bel- For Hie ^ Belgian ^OyetMMAftSr . ’. 

getea for Belgium s entire I STB proof of that Is the fact that it gian Government Is due to spend announcement ‘ - 


geted for Belgium's entire IS7B proof of that ts the fact that it gian Government is due to spend announcement • 

budget deficit has been under discussion m in wi«t ,g presumably, flie first coincides 


Yet the Belgian plan is a one guise or another since 1971. phase of its scheme, there must serious split ’ 

middle-of-ibe-road strategy, and under negotiation in much.be added at least BFr 30bn in divided the Ni ne ove r iMg;jsuhe - ' 

1 aimed at presen iog the structure of its present fonn for two -debts ' and unpaid interest ^ issue. West Gerntaayv^afiid^ t»yi- v j ■- i 
of Francophone Wailonia’s oldest years. barges that the state is owed.' the Brussels ,, C i^ agusslen,- . .. _ 

industry', while keeping job losses The difficulty of pushing Cockerill. the largest of the steel registered _.a stradg; otae^pfcjto. .^:. 
to a minimum. I! is no accident rationalisation through, against companies, with almost 5m national aids, such as.th^se.Jthat'v . 
that Belgium's caretaker internal industry op oosition and tonnes of the industry’s total EEC countries, with nationalises; / . . 

1 . j.j i ^ - a • - v # -> ■« a Ii. 1 cvttt rfonl 4 AatH tn nlp^Vaa k*^ r. - 


5y Robert Lindley 
BUENOS AIRES, Nov. 24. 


before the country’s December 19 step of commissioning a debtedness of the industry has bald - its sl^atare 

general election. 3nd it was no McKinsey consultants- study, at been- placed at a staggering agreements- limitjog^sTp^ttSpoiiSc. 

surprise that in the same breath a reputed price of.£{tn. to detail JBFr 77bu- ' into the . 


i.liance from j cftmpary which months, increases which have earnings are falling and costs 
has ;n the -.iit nr..vod" recalci- cnnrributed to handsome profit are tislnp. 


Italy set to take part in EMS 


lawyers report taxdonbti 


ROME, Nov. 24. 


A'--" '( 


ZY DA VO LASCELLES 


NEW YORK. Nov. 24. 


i3r>- regime of Gen. Juan i ~ 

Pereda Ashun. Gen. Padilla BY RUPERT CORNWELL ROME, Nov. 24. SUI^ilK tO^ .? 

v.^uld D be hel^eark^n ^79°so I AFT EK HESITATION’ and the 8 per cent first demanded by ! in the party newspaper this : . ^ : ' 

that power could b“ handed ,secofl d thoughts, Italy now seems Sig. Paolo Baffi, Governor of the morning still insists on the need O:- A rt 1 “ ' ' •' v ‘ " 

over 10 civilians bv August 6 ! ^ 10 take its place a 130132 Oie Bank of Italy, it is significantly, for changes in the Community's i - - 

Viih ihp romnwai nf i EEC countries taking part in the more than the Franco-German ■firon policy, and for genuine r 


! With the removal of Presulent ] ® EC coun ^es taking part in the more th 


no institu- dismissed because he reported tax code.” 

.^-.'errin’ <*i‘ tax activities in many of the hank's Citicorp said today that it had, 
■ tran.sactiuns European offices and tried to fil^d conies of the report with 1 
;\-n:;ed local tax have them investigated. the Securities and FNchmgc I 

Commenting on' hie 129-pr.ge Com:nwion._tbe comptroller of; 
report aim says report, released here tod; a. ^Ir J b»* cunenc>. the Federal Ee- 
■'ifi-'ink did not G. A. Costanzo, Citicorp'.,- vi.-<- Enarii and appropriate . 

inrcign 2uvc r n mental a'lthonliv? 


A o-.iinuinsque from ‘hvern- by Si", 
•iiorif Kou-'e in La Fail =.] that the Tre 


Filin' VJa-a Pindo'i ItTiilr oolilicLn< thV* X li™ But it concludes that Italy can ! of economic. boycott *. AP repoiis:., 
v-hp- S ““loin the scheme on the basii of from-Johannesburg. to 

1 - ■ a u he Mil na.e enough room ■ for. ' bc CQnd j tions la i d fl0W71 by Sig. Uo months, the trada'sar^f was j- • 


?< 


only . obviously jhte SooST. 


9 t 

•Vi ft t 


:.<i 5bj.nl of Citicorp, categorcaily that none of it*= now :ry m -cr.lf any tn far: He ” power in Jul' " if'e- 


year of about ;Sffl|0m. ... ^ .. j 


1 ■i””ar; o.-rvn» company .after transactions anywhere in the unpressed iax claims relatm-j 1.1 buncos Prevufeat ' Hiv-o 
it.'-.! former world violated an mlrrp.-olati.'.r. the foreign exchange mailers; Ban/cr. Ban/er 

eiiir-i-'. David Edwards. of some regulation." raided bv the lawyers’ report. ; 5‘ereda Ash urn for Pr<«nuii: 

in ih*.* elecnens t hu' ».ijn:i!. 

"T T r^** a • • j • •'H o o !-ii> the elections v.erv can- 

U.^. optimistic 00 oil Brice rise 


BY DAVID BUCHAN 


WASHINGTON. Nov 24. 


A\ "if. 'acreage n«-xi Zaki Yamani. til-’ Studi Oil 3 price riie of more than 1M 

i'^eni-au-.n of Minister, was cenpal to shaping per cent. 
p,-: r. r. . v. j. . , ;n - ni nos lhe U.S. view. He -'aid in* Exactly a -.ear a n: 
M,r!r ' : : iru-vitalee. country would urge a cnnnnua- Slur.ienihal toured Middle Ease 


in ih*.* elecnen? t ha’ ».ijn:i!. 
l.iii lhe '-lections v.erv can- 
L-e'Jcd uecauso of a *v«'i!muth 
voie fraud lavcuric^ Gen. 
T’eredj A>iiun. 

Two week* ago. Gen. IWeda 
A$bun caused Jiamay among 
opposition political parties. 
\ v.’hiL'h had oeen pressing ;or 
new elections next year, when 
he announced an election date 


Dutch wage Wheat talks adjourn after 

a j If v»r*r» a R ■ Mr. Pteire' Trudeau; the Cai 

pacttalivs differences over St OCkS 1 . 1 \ ! ma nb tm c ed Are; 


broken off 


■m*nn A -M - Mr. .Pferre' Trudeau,' the Canadian 

differences over StOCkS ' ! a nnb tm c ed ^T^Sinet ^reshuffle 

! pJactagnewemphasistm'manag- 

BY JOHN EDWARDS. COMMODITIES EDITOR rag the ecoaomy. Reuter reports 

1 1 from01laW».IfcRob^Andras.^ 

! XEGOTIATION'S for an Inter- David Buchan adds from Wash- formeriy ^^haktuan^^raf - Mfae- 


J been' given the sensitive portfolio 


! lion of available work. 


I America. 


the Chinese capital: A senior the previous .two -.months. -Darid.;: 
Agriculture Department official White , reports’ from 'Paris.- ,1M. ' 


iJUlcl ' — 1 . . » mnfi/lontliT „ r iiukul uuivioi a oj in.- :rj. 

coup. • Mr. Wiin Kok. chairman of the | ll , i 3 ”* 1 ^ said today that, disclosure of this Moiwry remained optimistic ih# 

1 . — * - • ■ ■ ■ . norTort T ri a r TnP ttpp r>T7 a niinv in . . ■ • - . » . .• _ e- 1 4 emv . » 1 * 


im®ia pessimism on 


Troops jnd tanks are on the. FM, said in the latest issue of » r Juft ^n°a^iew would make it more the rate for l975 as a.whoTfi^wonld : 

streets of La Paz and troops! his union’s newspaper “I da not I iJrwrint difficult for Peking to bargain not pass the 10 per cent mark./. -• 

surrounded the Interior I see much chance or a rentral r i^ na J 0QaI with foreign grain exporters.. He '- 1 -: . '. . ?■' ■ .■' . . - 

Ministry. .agreement. The employers are ^ ^T- _ _ _ e commented that it bad been the *, - T • 




BY MICHAEL HOLMAN 


LUSAKA. Nov. 24. 


! A Presidential Palace spokes- 1 opposed to shorter working while Trade Negotiation^ first time that any country had SlT Lanka cyclOHC , - ‘ 


and 


man. HIIU inuscu iu w iwuu----- miilri hp ncpri nfFsPt indiutrist * . a T'-. . « ■ v/uuue .»»«!«.. across - «rg*! - 

hed. said Lt.-Col. Faustino Rico !«•> hour week. It is totally un- JJJJJJ SSitc industrial of lt s import needs, and] areas -of Sri Lanka jesterdw,: 

Toro. the Interior Minister, f thinkable that this ran lead to , uaue agn-em uis. that Iff. Berg land himself had [Reuter reports ‘ from Ctikvaba: 


am c 


liJiviii Vijs vi nen -HrTjnassdaor :vi r. Th^ private view of senior: 

views of Stephen Low, and Mr. Leonard Zambian officials goes consider- • 


in .lanum . ir.-.iVd hi— k i.ra iv losiah Chrinainann and ewcu ri! A H«hn f.,/' “x imin w ! was arrested at a regimenTal j an ^asi-eement.” Negotiations for a wheat pact resperted the candour of the At least 65 people; were IdJ led. ami 

a :v,vrh’i - ..J.-’, c'. IjV Rhodesian leader, aubmining barracks ra La Pai after mid-i Ptospecis for an accord were failed earlier this year after six Chinese^ thousands were evacuated from: 

nuJk-lv -v ; . res 'i^nniM.i vm when US Ambmdor"' d {r? S! 1 " 103 pre f ss ? r *|" ! night. The spokesman said the no * improved by the announce- weeks of talks in Geneva. Sub- For the first time for several ttorfr homes, AF re ports feout^ 

SteohenLow alldM^Leonard arrest of Cni. Rico Toro | «n«t of a Fl IObn programme of sequent meetings between the years China has this year bbireht Colombo - . • ' • . 1 

s'vnmr officiul", Th^v ■ ..'■ or n. d that Allinson th** 'British Hi«h Com- SlS falhJtS itll* whiliw- apparently prevented the j Doolie spending cuts this major countries involved American grain to the amount nvucu. T»uas. di’iir except' 

Mr. r ii-dw-' M Hu "h.'s th. British raissinner disck^ed the develcra- nol>Hnn^rK^nn^J2!| S tha V nffi L n !l i !«‘ Pereda Government from : auhJ,nn - . Included in the pro- appeared to have ironed out the of 3 Jra tonnes of wheat' and 3 -S- snuscnpuM 

h,i-'i devel °P particularly annoyed the officials I nK-hiiisiric- itc f 0rr es to Drevent ?rrarime is a slowing down of the diffecencies, which encouraged 1. 9m ■ tonues of maize to be *■»' **VtpJ*m « gudf-, 

n"il -rbin ' ^ S ' 'Vedncday. is lhe claim of Mr James Calla- X coup P ! ol increase, of the salaries the bolding of new talks . delivered, in 1978. and -I97&. d « ?*»**.«*«■-■ 

.-rra.- ?!; ' ,J n LUjt,J - Mr. N’komn has frequently gnan. the Prime Minister, that I s Hernan Siles Zuazo the UDP' r,f P ufall c authority workers and _ - • ■ .■ . ' • - 

\J O’,. n>..., .»ci-x c.id. denounced th*- conference pro- toe decision to send an envoy j e ade? said he and e otheri of Parents to people on social 

pnsal as “ nonsense ” and sources to Nigeria and Southern Africa! rir . riri ' i .i\i nn ir..,dnrc railed ; security. The trade unions have B : , .- .- 




3 JA'/!D 


<ii»n when h* trir.'s in Lu.=jkj. 
prriuahiy it?::', wt-vl end. 


Mr. Nkomn 
denounced ih* 1 


pnsal as “ nonsense ” and sources to Nigeria and Southern Africa! ODt>os j\j on icadprs were called i security. The trade unions have 
Mr Jo, 'u:a Nr.'i'-vi. ieaii^r of close to ZAPU today said they has been welcomed by African . ii T.,e M.mpiry of the Interior condemned toe cuts, 
tile iiomahvo African Peuple s thought 11 highly unlikely that states. ...3 am i )fl 1,,:^ that a coup • The Lovernments decision to 

Union ('<APUi p. out e[ Lusaka 5lr. Nkomo would attend a Officials here maintain that! ‘ irnminem ; send its draft Bill on the social 

and there has been n,-, uHiciai London meeting. President this was certainly not the res-!- z' ua zo sLood as a presidential ' srcurily cutb aeks to Parliament 
r-sporw 10 :.)r. i km h visit. Kaunda. speak in- at State House ponse of the Zambian Govern-; '. an didatp in the -ihnrtive Juk ' .'’cS'Cday was strongly criticised 

But diploma vie sources >ay that this morning, described himself rnent, I ..... . • I hv the unions at todnv's mppiin» 


elections this year. 




les bared in Japan’s leadership battle 


3Y CHARLES SMITH 


TOKYO. Nov. 24. 


I by the unions at today's meeting. I 
1 A breakdown of the central 
• wage talks would mean disrus- 
[ sions would continue on an 
; industry and company basis as 
; has been the case in the past few 
1 years. 



b? 


DANGEROUS CABLE EXTENSION REELS 

A smai 1 number of cable extension reds . 


a:; INVESTIGATION into 
“dirty elecimticerinx " during 
ifte current election campaign 
fnr leadership *.f the Liberal 
Tietnocratic Party was called for 
today by Mr. Yasuhiro Nakasone, 
»me if tbc f'liir candidates. 


Addressing «n audience of 
fnreign journaiists. Mr. 
Nakasone said he was concerned 
that the list of party members 
eligible to vote in the election 
had been selectively leaked to 
election candidates. 


He also expressed concern 
about “a considerable flow of 
money power” during the cam- 
paign. Japan’s national elec- 
toral Jaw controls spending in 
national elections, but the LDP 
leadership election is not sub- 
ject to the electoral law and so 
there is no restriction on spend- 
ing. 


The campaign billed as the 
“first Primary Election in Japa- 
nese party polities.” began at 
the beginning of November 
when candidates names were an- 
nounced. It ends on Monday 
with the final count of ballots 
posted to party organisations in 
the prefectures. 

Mr. Takeo Fukuda, The Prime 
Minister, is still expected to win. 
But recently published polls 
show that Mr. Masayoshi Obira, 
LDP secretary-general, has been 
gaming support rapidly and 
could come in a very close 
second. 

This is of great importance, 
since the primary will not deter- 
mine who becomes the, next 
party leader. A run-off election 
between the two top candidates 
will be held in the Diet (Par- 
liament) at the end of next 
week. 


A dose result would leave the 
Diet free to reverse the verdict 
of the* Primary, possibly putting 
Mr. Ohira into power instead of 
Mr. Fukuda. Voting patterns in 
the Diet are strongly influenced 
by factional allegiances. 

Mr. Ohira has 55 members of 
his own Faction committed to his 
cause but can probably count 
on support from the 75 members 
of the Tanaka faction. By con- 
trast Mr. Fukuda’s support con- 
sists of his own immediate fol- 
lowers, numbering 78, plus the 
48 members of the Nakasone 
faction. A fifth uncommitted 
faction, led by ex-Premier Takeo 
Mikl and numbering 43 mem- 
bers, could therefore hold the 
key. 

Mr. Ohira's emergence as a 
strong challenger has been 
documented by a series of news- 
paper polls which suggest that 


the gap between him and Mr. 
Fukuda may have shrunk from 
300 points ('out r,f the total of 
1.525 to be awarded in the poll 1 
10 less than 100. 

The point system is designed to 
isolate toe two front runners in 
the primary poll from the “ also 
rans.” In each prefecture votes 
cast for the third and fourth 
candidates are redistributed 
among the top two candidates. 
Candidates must therefore 
ensure that they gain ' second 
place in prefectures they cannot 
hope to win. 

Mr. Ohira's rivals claim that 
groups supporting his candidacy 
have obtained the list of LDP 
party members in the Tokyo 
area, which commands 102 elec- 
toral points, and have used it to 
conduct an intense campaign 
which other candidates have 
been unable to match. 


Ward off 
Winter chills 


could render them. dangerous. 

Volex Reels are sold by many retailers and ■ 
cash and carries under the names: 

• ‘Handireel’ by Volex • ‘ExtendapoinfbyVIfeBco 
Electric Ltd. (Maroon Coloured 13amp30ft.),and 
the cable extension reel sold byWooiworth C 
and Vlfoolco. •' V • ' 


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I 


'Financial Times Saturday November 25 197S 


,Vjj. 



LABOUR NEWS 


plans will 
face opposition 


State ‘has to push’ 
oil groups to drill 


Sidiom I Seamen’s deal 


BY KEVIN DONE, ENERGY CORRESPONDENT 


; THE BRITISH National Oil Cor- companies, undertook drilling 10 be completed for less than { 
„ ' 4-iIJ noration had had to push oil work on the new concessions. £3. 5m in Win, compared with 

BY MICHAEL CA SSE LL, BUILDING CORRESPONDENT ; companies very hard lo start With unc exception, all the costs of about £2m same three 

. ; exploration drilling on blocks urging to drill on fifth round years ago- 

lilNlSTERS ARE' to revive pro- support any proposal to allow i awarded under the fifth round concessions had come from the ’ To drill and test a well now; 

possls to make' direct labour the DLO's direct labour opera- j of offshore licensing. Lord Corporation, he said in Glasgow, cost at least £4m to £4.5ui. ; 

building departments Inin fuUy tions fully independent trading j Kearton, chairman of the Cor- The demand, by the oil indu*- The very expensive BP well 
independent - trading bodies, in status. It emphasised that such j poration. said yesterday. trj- for more offshore acreage to could not even be properly I 

spite of the recommendation ora departments should at all times i Exploration drilling has fallen be allocated should not be con- tested, because of technical diffi- ■ 

Government working party that he answerable’ to elected repre- sharply this year, and the fused with a readinr-.-ts by corn- cullies. 


finite of the recommendation ora departments should at all times i Exploration drilling has fallen be allocated should not be con- tested, because of technical diffi- ■ 
Government working party that he answerable’ to elected repre- , sharply this year, and the fused with a readinr-.-ts by com- cullies. 

such powers were "'not desir- sentatives and that their opera- j Government is likely to con- panles to drill early. Pressures of about 16.000 lbs a j 

ahlc." ' lions should be conducted on sider tightening the work obliga- Costs of offshore exploration square inch were encountered at ; 

• Veit's of the more is bound fo largely the same commercial 1 lions placed on oil companies were rising sharply. The last the bottom* of the '.veil, at af 
start another round of violent basis as any private competitor. { bidding in the present sixth well drilled by British Petro- depth of about 1 6.000 feet. These • 
: Apposition from the private ~ Arms-tron-* round. I cum on Block 3/30 could have pressures exceeded the capacity! 

sector- of the const rmrnuj* p ar ii_ rpen » a _. Under-SccreUm- Lord Kearton said itial there been “ the single most c.vpen- uf any safely blow-out proven- 1 
industry, which believe -> that the . - ■ J TTnvlrnmneni i ,:i d been some belated realisa- sive well drilled in the North ters In use In ihe North Sea,! 
Government inicnds m use direct ^**^™*?*“ l ri on lhat wilh tma i\ vr licensing Sea.” Total eosis were estimated which have specifications up to, 

labour, operations as a major “hiil .kT th, ' rounds there could be a break at more than Ejftm. only 15.000 lbs a square inch. : 

Instrument in any plans to spread ^ervauons ox 3f lw yMr> Qr more bu(ore North Sea welU were unlikely Lord Kearton said. ; 


stale control within the industry'- workin - W UD , d “^ lood : 

The Government intended lo — particularly those relating to 
include provisions w a draft B;l! problem of equating the ser ; 
last year for in aktny such opera- v,ce nature of a direct labour; 
lions fully independent trading operation with -fte commercial ; 
bodies, capable of taking on mo*t needs of a trading body — Minis- • 
types «>f work in any area and of ters were anxious to see the ! 
competing with private contra c- proposal discussed further. j 
tors.- but the controversial pro- “ Such bodies would have to be! 
possls were never introduced subject -to company law and com- 
because or the' Government's mercial practices, but still 
shaky parliamentary position. responsive to iocal needs. I 

A Department of tire Environ- think it would be possible to suj 
meut working parly report in establish building finrts which j 
August said that direct labour would be pace-setters for the i 
operations could be brought industry. J 

much more readily into conipari- “ Pace-setting is needed, in J 1 
sod with private contractors. employment practices, in welfare ' 


‘Too many 
ships-and 
no profit’ 

Financial Times Reporter 


Talks soon on plans 
for shipbuilding 


BY LYNTON McLAIN 


meut working parly report in establish building finrts which j Financial Times Reporter MR. ERIC VARLEY. Industry panying yard closures and the i 

August said that direct labour would be pace-setters for tbe i Secretary, bos acreed to sei up loss or 12.300 jobs, 

operations could be brought industry. J WORLD SHIPBUILDING capa-) a tripartite meet tag with British Industrial action against the' 

much more readily into conipari- “ Pace-selling is needed. io. c 'iy vas twice that likely to be Shipbuilders and the Confederu- proposed cuts has already been! 
sod with private contractors. employment practices, in welfare needed in the long term, and it ij r , n rt f Shipbuilding and Engl- taken by members nf TASS. the. 

This could be done by allowing scheme* and in :be safety record J *’ a s hard to see hww more than nepriDg Unions, lo discuss the draughtsmen's union, at the 

direct laliour operations to acl -of Ihe industry." j a fraction of it could be useful. Slate group's corpurate plan fur Haverton Hill yard of British 

as trading bodies, giving them Mr. Armstrong claimed that ; *‘ r - Bonnie Sway ne, president of slimming the industry. Shipbuilders on the River Tees. I 

some of the freedom in choice of direct labour operations could ihe General Council of British <j- bp pIjn ^ as l0 u .j, h £ ), e The yard is likely m be one of i 
wurk and flexibility in pricing “show the way forward” in ! Snipping said last night. • Secretary or Stale by December the first to elose^. I 

lhat was open lo private com- terms of the industry's efficiency , “he problem reflected the : and 'is likely lo Lie SI ,^niit t e<I The men have refused to; 

panics . — a claim which the private con- ! slump in shipping. More thanj bv corporation early next release plans fur two refri-j 

Bur the working party did not tractors are certain lo contest. 5®* 1 '* dwl ions of shipping was ; month, a date for the meeting gerated container .-'hip?. These: 

] l! ‘»1-up around the world, with would then he fixed, the Indus- may be built for the Bank and | 

” j aoottt 10 per cent of it British. i r y Department said last night. Savili Line but only iT the plans! 

• - ; T/ierc was a risk lhat govern- An outline uf the op’ ions in are released and the corporation j 

E i\,Tn- wn W-fl- T , _ „ O Cl A ■ j _ | munis could prolong the slump the plan was given by Mr. John gains access :« tiie Industry- 

S' MbTSbPi j Sail j subsidising the building of i Chalmers, chairman of ihe cun- Department's £S5m shipbuilding; 

JL ulflLIl H/3£VJL Wik'U’lU. L/iiliv j ships when there was no com- federal ion's shipbuilding corn- intervention fund b\ Thursday. 

mil tec in Newcastle last week, a deadline undersu>od to have 
• U , 4 * 1 TV «■ i— The favoured option calls for been made wilh the corporation. 

aid for Coal Hoard (more home news I production capacity, with accorii- early 1980. ' | 


BY JOHN HUNT AND JOHN LLOYD 


Page 22 


r.„* 

tC? . 


THE GOVERNMENT was lu 
make a further £50m available lo 
the National Coal Board this 
financial year because of the 
“ difficult position " in which it 
found itself, Mr. Alex Eadie. 
junior Energy Minister,, said last 
night. 

Mr. Eadie said in a written 
Commons answer that the grant 
would cover assisted coal bum at . 
power stations, stocking aid for. 
coal and. coke and a coking. toai<: 
production subsidy. 

The increase *,iir come from 1 ' 
the Government's contingency 
• fund, and will not raise planned 
-Government expenditure for the 
year. Grants lo the hoard this 
financial year now total 1124m. 

The grant is broken down as 
follows: Assisted cnal hum.. 
£38.7nj,- stocking aid t n coke, 
£ltim; stocking- aid to coal. 
£10^ra. coking coal production 
subsidy, £3. 6m and further 
assisted coal burn in Scotland. 
£1.5m. 

The assisted coal hum in 
England had already been 
announced, and will enable the 
board to bring down the cost of 


con) to power stations, allowing 
the Central Electricity Generat- 
ing Board to move coal-fired 
stations up the merit order, and 
bum more coaL 

But- the announcement put The 
Government's aid at £17riL r :The 
extra £l-7m has been added for 
contingency. It was not made 
clear at the time that the Coal 
Board itself would contribute j 
£4m to further cuts in The -coy* 
of power station coal, bringing ! 
the total subsidy to rJ2.7jn.. j. 

Coke sales 

The grant for the stocking of, 
coke is part of a five-year pro- 
gramme uf support Tor the Coal: 
Ron rd's subsidiary, National ' 
Smokeless Fuels, to allow it to; 
adjust to ihe dramatically lower ; 
level of demand for coke. - 

The Board's suites or coke have J 
dropped from mure than 19m | 
tonnes four years ago to about i 
14m tonnes Iasi year. 

The total expenditure on the 
Diking coal scheme will be 
rik'm. and provision for tb ; s will 
be included in the next public 
expenditure White* Paper. 


Freeze on bread price 

mercial need, Mr. Swayne told * 

the Bristul Steamship Owners’ # * all 

Association annual dinner. These VlCArt f/V hrt OVlPflfl^n 

policies would add a shipping fi IU R/C CAlVllUvU 

disaster lo the shipbuilding 

trayedv. j BY OUB CONSUMER AFFAIRS CORRESPONDENT 

II was now impossible in! 

operate a large tanker or bulk < INDEPENDENT bakers agreed exempting the bakers' action i 
carrier ar much better than !. yesterday to extend the 1 r freeze from registration under the! 
break even on operating costs. ! an bread price rises during the Restrictive Trade Practices Act-. 

Many brokers had forecast j strike until at least December 9 i 

dull the dry hulk market would! The ass uru nee. made yesterday “ p - m-SJ? ! 

not improve until at least l9Su. | by Ihe -National Association ot J -5 ‘JLt/rdav tilt the nr&i 
and subsidies would prolong the ; Master Bakers, whose members oi f pn p , 

problems of shipping to beyond are not involved in ihe strike. SjhPe * 'Sdwm 

a piilni which could be borne . -vas given tn .Mr. Roy Hutlersley. «■«* ; },,a % r)k“ ‘ Ho S!5iS 
finoTicfaIi.v. ..... _ . .Prices Secretary.^ 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


Benn outlines power 
and coal strategy 


BY CHRISTOPHER PARKES 




BY RHYS DAVID 

BRITAIN would spend £24bo by 
the end of the century on new 
power stau'ou facilities which 
bad made il necessary in ensure 
continuity of orders for turbine 

and boiler manufacturers by 
bringing forward building of 
the Drax B Power . Station ahead 
of requirements, Mr. Anthony 
Wedgwood Bonn. Secretary for 

Energy,, said .yesterday. 

Mr. Benn. was visiting the 
Drax station in Yorkshire, where 
Piling, work for the new boiler 
and turbine bouses is under way. 
The site eventually will carry 
three 660 -megawatt. turbo- 
generator units beside the 
existing Drax A station of the 
same size. 

Completion is due by 19S6. 
eostiug £6S5m. Contracts for 
turbines and boilers have been 
placed with C. A. Parsons and 
Babcock and Wilcox. 

Mr. Benn. wbo met manage- 
ment and union officials from the 
Central Electricity Generating 
Board and the main contractors, 
would not be drawn on likely 
effects on electricity costs of a 


big increase in miners' wages! 
this year. 

He repealed his belief in; 
coal’s importance as part of' 
energy strategy, claiming that 
any cost advantage oil might 
secure over coal in tbe short 
term would be only temporary. 

Britain had the most efficient 
mining industry in Europe, with 
cost per tonne of coal produc- 
tion only £22. compared with 
£38 a tonne' in West Germany 
and £52 a tonne in Belgium. 
Subsidies last year amounted to 
£75m. against nearly £2.Sbn in 
West Germany. 

Mr. Benn said that there were 
45bn tonnes of coal under the 
UK and more under the North 
Sea. “Anyone who let coal go 
down the drain would be betray- 
ing the interests of this country.”. 

Mr. Fred Bonner, deputy chair- 
man. of the Generating Board, 
disclosed that coaJ stocks were a 
record 20m tonnes. Stocks bad 
been built up not against disrup- 
tion of supplies this winter, but 
to relieve tbe National Coal 
Board. ‘of some of the burden of 
holding stock. 


jHished too tow. most comjun.es j because of increased demand. for bread is also Lc:ng vigorously | 
would survive, as they hud lower: Since that assurance, »be /*n. r »ve?d during the strike. Mr., 
operating costs in a more' u mo- j Department of Prices has Robert Maclennan. Pari' amen* 1 
date fleet than most other ' received few complaints of river- tary Under-Secreiary at the! 
countries. .'charging by small bakers. I‘ri«vs Department, has asked! 

• There was no pro>pect i.t a! To enable the Master Bakers local authorities to make a l 
strong and long-lasting upturn in] to give the pledge, the Govern- special effort to ensure that the! 
the world shipping industry next ment yesterday made an Order prices arc not exceeded. -j 

year, Phillips and Drew, nock- [ i 

brokers, said in a review of | 

SSKISbl Dairy farmers favour 

a modest continued growth in I 

g 2&VS? Ku ;1 retention of boards 

There would be little improve j ^ ch R!STOPHER parkes j 

SffJli!*!*! 1 3K- in - lh !! DAIRY FARMERS in England doubt. 

rl<Jn ''inf f ani * VV’alcs have voied ii iiuost Even when all tbe formal 

J F _ {1 l ?w S | Pun F Se rt - 1 ? s1 “‘^ n,, !? s unanimously in favour of keeping rcquLrcmcr.is of the EEC authori- 

hnnnuMNiMr mtlk marketing boards— i llie m ilk tics had been met. there could i 

*WMJv!. U i ent COl d P ro%t? 10 ^ | collection and sales service on be further difficulties. Mr.) 

suort-Hvcu. which the dairy inaustrj- Roberts said. , 

depends. “There are still people in 

(''fin damn art finfc Their vole or confidence in the Europe who would like to pul 
V^wUiIvlllilC.U 114 to nioaopolisUe system also repre- us in :« straitjaefcet.” 

_ seated a resounding protest at There would he a continuing 

may IIP cnlr] I their disillusionment wilh the batiln for that share of the UK 

JVIU • workings of tbe Common Agricul- market the milk marketing 

A £184.000 council flats complex lural Policy. Mr. Steve Roberts, hoards could not cover, and con- 
ill Longport, Stoke-on-Trent, may chairman of the nnlk marketing tinuing attempts by overseas 
be reprieved from demolition board said in London yesterday, interests to limit its sphere of 
and sold to a private buyer' Reporting the results of a poll influence and operations, 
instead. • I in England and Wales — "a 

The. -flats were condemned referendum forced on us by ihe T 1 KiuMitm 
after a geological fault caused European Community' — Mr. 1WU UUuUUlg 
cracks to appear in walls, Roberts said that of the 46.66S • . • 

buckled window frames, and voters. 99.5 per cent favoured $()C16tl6S IflCTSP 
caused water seepage through retention of the boards. ° 

ceilings. If they were pulled In a similar poll in Northern THE TAM WORTH Permanent 
down. 42 families would have lo Ireland. 99.1 per cent of fanners Benefit Building Society is to 
be re-boused. voted “yes.” In Scotland, the transfer its assets to the Town [ 

Mr. Cyril Rayson, city housing result was 99 5 per cent in favour. Country Building Society, it was 
manager, said yesterday that an The poll in England and Wales announced yesterday. Ao appli- 
unnamed private company was was certainly the biggest, but cation has been made to the 
interested in buying the flats, only one of the hurdles to be Registrar of Friendly Societies 
which would have cost the overcome before the future for the merger to take place on 
council £120.000 to repair, and security of fjie milk marketing December 30. The new socieiyJ 
installing new central healing. system was established beyond will have assets totalling £270oi. 1 


Condemned flats 
may be sold 


Voe 

tankers 

delayed 

By Our Shetland^ Correspondent 

.AFTER MONTHS of delay the 
first North Sea oil is due to arrive 
today at the £750m Sullum Voe 
terminal in Shetland — but 
because of a last-minute techni- 
cality ihe oil companies cannot 
1 bring tankers into the port to 
take tbe oil cut. 

The oil industry and Shetland 
Islands Council, owners of the 
terminal site, cannot reacb agree- 
ment over a temporary operating 
licence for the terminal in the 
absence of a formal land lease 
to Sullum Voe Association. The 
temporary licence would -remain 
I in force until June next year. 

The industry is concerned 
about some of the provisions in 
: the licence, particularly an 
indemnity clause under which 
. the council would be reimbursed 
'if there was any oil pollution in 
'circumstances such as a fracture 
of either the Brent or Ninian 
pipelines. 

Assurances have been given 
bv tbe oil companies that they 
! will not trv to bring any taDkers 
linio the port to load oil before 
i noon on Monday, when both 
1 sides hope to hate reached some 
I agreement. 

Tbe council had told the oil 
[industry that if tankers 
attempted to berth to take off 
! the oil it would take “certain 
-action” 10 protect its interests, 
i In spite of this warning. Shell's 
iDonnvania. 70.000 tons, arrived 
[in Shetland water? on Thursday 
! in readiness to take away the 
i interface — nHv water which 
; comes through the pipeline 
[ahead of the crude oil. The 
j vessel is now anchored off the 
I north of Shetland awaiting 
further instructions. 

Tbe first tankers to take away 
the crude oil were originally 
expected to arrive at the port 
early next week. 

Tri-ang given 
another week ‘ 
to find help 

By Our Welsh Correspondent 

THE AILING Tri-ang-Pedigree 
toy company has been given 
•mother stay of exeiution by Mr. 
.Tulin Morris. Secretary of State 
fo- Wales. 

After the intervention of Mr. 
George Wright, aeneral secretary 
of the Welsh TUC. he has agreed i 
to maintain government financial! 
support for a further seven days ' 
tu al*ow rescue schemes to be 
examined. 

The decision came only 
minutes before 200 of the 350- 
strong workforce at Tri-ang’s 
Merthyr Tydfil -based plant were 
due to be handed redundancy 
notices. 

Earlier. Mr. Wright had held 
talks with Air. R. P. Rees, the 
Government-appointed receiver 
who has been managing Tri-ang 
for the lost year. Mr. Wright 
advised a mass meeting of the 
workforce to go ahead, if neces- 
sary. with plans for occupying 
the factory’. 

Only last week. Mr. Morris 
firmly rejected pleas Tor an 
extension of Government sup- 
port pointing out that the com- 
pany had absorbed nearly £4m 
in public fund-, since 1975. and 
that there was no prospect of it 
becoming a viable concern with- 
out heavy capital investment. 

That decision provoked a mass 
lobby of Welsh MPs In parlia- 
ment this week, by local coun- 
cillors and representatives of the 
workforce. 

Tornado No. 15 
is tested 

TORNADO pre-series aircraft 
No. 15, the first development 
aircraft to have production-stan- 
dard rear fuselage, taileron. fin 
and actuators, made iLs first flight 
yesterday at British Aerospace's 
YVarton ‘Airfield. Lancashire. 

The IPgbt lasted 65 nr'nutes 
and British Aerospace said that 
the Tornado undertook a “ touch 
and go before landing, an indica- 
tion of the pilot's confidence in 
the aircraft.” The Tornado is a 
swing wing multi -role combat 
aircraft 


low pay test 

BY PHILIP BASSETT. LABOUR STAFF 


BRITISH SHIPOWNERS' at- 
tempt to justify an $.75 per cent 
pay increase for 40.000 seamen 
is expected to test how far the 
TUC has succeeded in persuad- 
ing tbe Government to be more 
flexible over the low pay provi- 
sions of stage four. 

Low pay was central in the 
talks between the TUC’s “Neddy 
Six” and senior Ministers, which 
led to the failed agreement on 
pay. The TUC was trying to in- 
crease the provisions in the 
White Paper. Winning the 
Battle Against Inflation, which 
allows increases higher than 5 
per cent to an earnings ceiling 
of £44.50 a week. 

The General Council of British 
Shipping, supported if necessary 
by the National Union of Sea- 
men. will say that the 8.75 per 
cent settlement reached on 
Thursday is within the guidelines 
on low pay. 

The Department nf Employ- 
ment will scrutinise the deal 
carefully in the light of the 


White Paper, which says: "The 
Government would be ready to 
see higher percentage increases 
where tbe resulting earnings 
were no more than £44.50 for a 
full-time week.” 

The new deal raises average 
weekly earnings, calculated over 
a year, including overtime and 
leave pay, from £97.40 to £105.81. 

Tbe council believes that the 
minimum 40-hour week rate for 
an A£ seaman has been raised 
from £40 to £43.nl. It is pre- 
pared to re-organise the deal lo 
avoid Government sanctions. 

The union says that a Govern- 
ment refusal will lead to 
" serious problems " for " the 
industry and ihe country." 

Sanctions open to the Govern- 
ment include withdrawing the 
” limited moratorium." ils three- 
year breathing space for ship- 
owners unable immediately to 
pay for ships bought before the 
recession, and withdrawing poli- 
tical protection against cut-price 
Eastern bloc shipping rates. 


NGA ignores Times 
plea to have talks 


BY. CHRISTIAN TYLER, LABOUR EDITOR 


TIMES NEWSPAPERS again 
called on the National Graphical 
Association yesterday lo join 
other print unions in talks with 
tbe company, ' 

But it looks increasingly likely 
that the company will see no 
alternative but to carry out ils 
threat to suspend publication ul 
The Times, its three supple- 
ments. and The Sunday Times 
from Thursday night. If so. to- 
morrow's Sunday Timex could be 
the last for weeks. 

Last night Mr. Joe Wade. NGA 
general secretary, said it was' 
not the union, but the company 
that was putting people's jobs 
at risk. It only needed the com- 
pany. to withdraw it£ threat 
and normal negotiations could 
follow. 

Mr. “ Duke ” Hussey, chief 
executive of Times Newspapers, 
put out a statement last night 
after confirmation by j special 
delegate conference of the 
XG.Vs London members* de- 
cision not lo negotiate under 
duress, and a warning by Mr. 
Wade, that the union was pre- 
pared to see the conflict out “ to 
the bitter end." 

Mr. Hussey said: "It is slill 
not too late. We are available at 
Liny rime to talk to flic NGA. 
Every other union is negotiating 


constructively with us. Why 
don't they ?' 

Many NGA members were 
keen to operate new computer- 
linked equipment at The Times 
offices. No NGA member who 
did not want to leave would have 
to. the new technology would be 
phased in gradually, and the 
great bulk nf ihe work would 
always be done by NGA mem- 
bers. 

The union said that it had 
refused to negotiate because of 
the threat of suspension and 
because it was being asked to 
give up the principle that all 
keyboard work should be done 
by NGA men. 

By last night, still only one 
of the 54 bargaining groups 
covering the company's 4,300 
employees had signed an agree- 
ment on industrial relations 
reforms and technology. 

• Notices terminating ibe em- 
ployment of more than 100 
journalists, who have been im- 
posing sanctions since Monday 
in support or a £20-a-week pay 
rise in the provinces became 
effective yesterday. 

They were isued by Sc. Regis 
Newspapers, proprietors of the 
Bolton Evening News and six- 
weekly papers in the North of 
England. 


Leyland peace hopes 
receive a boost 


BY OUR MIDLANDS CORRESPONDENT 


BL CARS hopes of containing 
pay unrest rose yesterday with 
voles by mass meetings of wor- 
kers to postpone strike action 
and continue negotiations. 

At Rover. Solihull. 15.0U0 em- 
ployees rejected a strike urged 
by shop stewards in pursuit of a 
new grading structure at the 
company’s 12 plants. 

At Longbridge. Birmingham, 
shop stewards who hnd cj-iled a 
meeting of the -0.000 manual 
workers to recommend an imme- 
diate strike instead advised em- 
ployees to be patient and allow 
talks to continue. 

But it was not all good news 
for BL Cars management yester- 
day as it struggled to push 
through a pay package to restore 
some sort of order to its tradi- 
tionally chaotic bargaining 
structure. 


Some 250 men walked out 
from Drews Laoe. the key com- 
ponents plant where an all-out 
strike last week halted all Austin- 
Morris assembly and made 
30.000 workers idle. 

The latest unofficial action 
stems from management efforts 
to cls*mp down on slack working 
practices tjiiicli have allowed em- 
ployees tu complete their tasks 
and leave early. Some 20 men. 
who had pay stopped for per 
sistently leaving their work sta- 
tion'. gained support from 
another 230 colleagues. 

Austln-M orris said production 
nf front suspension units had 
been hailed and. should the 
strike continue next week, car 
assembly at Longbridge and 
Cowley would be affected 
rapidly. 


Traffic wardens call off 
action and seek TUC aid 


BY ALAN PIKE. LABOUR CORRESPONDENT 


No respite for a poor relation 


Cigarette promotion 
brings summonses 



BY MAURICE SAMUELSON 

A LEGAL BATTLE is imminent 
. liver a scheme to promote John 
Player cigarettes with prizes 
ranging from a free packet tu 
£5.000 cash. 

Summonses weer issued yester- 
day against Imperial Tobacco 
Company and some of its direc- 
tors and employees saying that 
the competition constitutes an 
unlawful lottery under the 
Lotteries and Amusement Act, 
1976. 

Imperial intends to defend the 
case, which is to be heard in 
Nottingham on January. 15. It 
said that it had been advised by 
counsel that the promotion did 
not contravene Ihe Act and was 
confident that “the views ex- 
pressed by the Royal Commissi oti. 
on Gambling— that such 'free 
lotteries have -no harm in them . 
—would be sustained.” 


The scheme, introduced about 
a month ago. has been widely 
advertised and highly successful. 
It is din* to end next month, 
although wins will he redeemable 
until March. Wins of £5.000 
and £1.000 have already been 
reported. 

It has been used lo promote 
sales of Players i^o. 6, John 
Pbver King Size and King Size 
Extra Mild. The packets con- 
tain cards resembling fruit 
machine windows— some with 
lucky combinations. 

The competitions appear under 
the names of Spot Cash, Trade 
Spot Cash. Special Trade Spot 
Cosh and Wholesalers' Spot Cash. 

Under the Lotteries and 
Amusement Act, 1976, lotteries 
'{flat do not constitute gaming 
are unlawful, except as provided 
by the Act- 


ALL IN ALL it has been a bad 
month for the BBC. As if the 
ITV deal with the Football 
League was not bad enough, ihe 
£25, one-year, new licence fee 
has come as a nasty shock. 

Now the corporation faces a 
winter of discontent among its 
staff and the unnerving feeling 
that it has slipped into the finan- 
cial leash that it has long 
struggled to avoid. 

The BBC is very’ much the poor 
relation of British broadcasting. 
While tbe commercial companies 
have aruwn fat from advertising 
over the past two years, and even 
some independent radio stations 
have starts paying the 
additional fees required when 
their jirofits become hefty, the 
corporation hag bad to persist 

with Its economy -drive. 

That means more than just 
cutting down on taxi rides and 
ending BBC biscuits with the 
visitors' coffee. 

It has led to constant repeats 
of old programmes, hulk pur- 
chase of cheap American mass- 
market time-fillers, regular use 
of old feature films and deep 
sighs of relief when a low-cost 
show such as Mastermind gels 
into the TV ratings. 

BBC financial stress lias coin- 


NEWS ANALYSIS 


THE BBC 

BY ARTHUR SANDLES 


cided with a time when ihe rest 
or British broadcasting is rein- 
vesting massively. Recent de- 
velopments in TV technology 
result in a need for substantial 
re-equipment. The BBC is not 
well placed for that sort of ex- 
penditure. 

Last year from its £262m net 
licence revenue receipts the BBC 
spent £162m on its TV services 
and a total of £67 m on radio, 
with Radio 4 the biggest con- 
sumer of cash. 

Over the last year, expecting 
a substantial licence fee rise, it 
has delayed massive pruning of 
those sums and, as a result, 
slipped deeper into debt It is 
£20tn in the red and well on the 
wav' to its £30in limit, an em- 
barpji ssi ugly high figure in these 


days of rising interest rates. 

The unions have been holding 
back on their nay claim, know- 
ing that the BBC has no money. 
"Many employees were caught in 
the 'pay policy gap, one that 
viosed after ITV employees were 
given rises. 

Throughout the summer tbe 
unions, tike the BBC, expected 
an election and thought that a 
new Government would give the 
BBC a big long-term increase. 
The Corporation hoped to re- 
move its overdraft, settle with 
the unions, and plan or foster 
programme investment all in one 
fell swoop. 

A 5 per cent pay rise would 
cost tbe BBC about £7m in a 
full year, thus the more likely 
10 per cent is £.i4m. Wilh 


normal ; nflation affecting the 
Corporation as badly as anyone 
else, the £27 m that the BBC will, 
get additionally in the currenl 
year may not be enough to stop, 
it from slipping c-ven deeper | 
Into debt. ; 

The dilemma is the fact That ; 
the licence fee, low by interna- 
tional standards, is a large lump 
sum and one that any govern- 
ment finds politically difficult to 
increase. 

The Annan Committee on tbe 
future of broadcasting agonised 
over the question but concluded 
that the system was still the 
most sensible way of collecting 
money for the BBC. 

The alternatives, such as a 
dlreet Government grant or 
advertising on the BBC. were 
regarded as unsuitable. The 
corporation would like an 
alternative, particularly one that 
would remove it from the winds 
of the political world, but it too 
has failed to come up with ao 
answer. 

For another year at least, the 
BBC is going to remain inside 
the political arena. Meanwhile, 
its management and governors 
must turn their attention to 
their employees. It might be a 
Chilly winter for negotiators. 


THE LONDON traffic wardens' 
dispute, which has lasted two 
months, is to be called off be- 
cause the Government has re- 
fused to allow it to go to the 

Advisory- Conciliation and 
Arbitration Service for arbitra- 
tion. 

Instead the Civil Service 
Union, which represents the war- 
dens. is lo ask the TUC to 
pursue what it sees as dis- 
crimination against public sector 
workers, a union spokesman said 
yesterday. In these circum- 
stances it had been decided to 
advise the wardens to resume 


normal working from Monday 
week. 

For ihe last two months Ibe 
1.300 London wardens have been 
imposing sanctions in support of 
a claim to have Ibeir pay related 
lo that of civil servants rather 
than to lhat of local authority 
employees. 

0 The Government announced 
yesterday that police forces in 
the public sector, whose pay was 
not covered by the Edmund- 
Davies report, ore to be the sub- 
ject of an investigation by a new 
committee chaired by Mr. Eric 
Wright, former Deputy Under- 
secretary at the Home Office. 


Atomic workers demand 
meeting with Benn 


BY PHIUP BASSETT. LABOUR STAFF 


UNION NEGOTIATORS repre- 
senting 4,500 atomic power 
workers yesterday rejected a 5 
per cent offer, plus productivity 
deal, from the United Kingdom 
Atomic Energy Authority and 
demanded a meeting on pay with 
Mr. Anthony Wedgwood Benn. 
Energy Secretary. 

Though a smaller group than 
the lm local authority manuals, 
who have submitted a 40 per cent 
pay claim, tbe atomic workers 
are traditionally seen as the first 
public sector test of Government 
pay policy. A further 4 000 
workers for British Nuclear 
Fuels are expected to get a 5 per 
cent offer on Monday. 

Mr. Mick Martin, public 
services’ national secretary of 
th&- Transport and General 


Workers* Union, said yesterday 
that the union side would ask its 
membership not to take indus- 
trial action over its pay claim 
until after meeting Mr. Benn. 

The authority made clear that 
its productivity deal, which is 
expected to yield a further £3.50 
a week, would have to be cleared 
by the Department of Energy. 

The trade union side rejected 
the 5 per cent increase outright, 
but said It would consider the 
productivity element if clearance 
was given. 

Tbe unions have claimed pay 
increases for craftsmen of 20 
per cent, with pro rata increases 
for other grades, a reduction in 
the working week, extra holidays 
and other benefits. 



••<£■¥ v».- 


Emancial Times SafciKiay^ 



GREEW PAPER ON EUROPEAN MONETARY SY STEM 

decide 


ready 





THE GOVERNMENT takes a non-committal view on whether the UK should 
enter the proposed European Monetary System in its Green Paper, published 
yesterday. 

The paper says the Government is not yet in a position to say whether it 
‘ would be in' Britain’s best interests to join the system. 

The Green Paper relates the proposal to the international monetary 
environment, and describes the kind of system which the Government would 
like to see developed so that it could include and retain all the members of 
the European Community. 

The proposals are due to be discussed by the Commons next 
Wednesday, and by the EEC Heads of Government at a summit meeting in 
Brussels early next month. 

Fnr about 3 quarter of a ins sn;.ke. including five mem- have particularly strong 
centurv after the 1939-45 war. her? of the Community plus monetary and trading links with 
the free world lived with a Norway, was not in question. Germany, has not proved an effec- 
S v«iem 'of fixed but adjustable There were also to be a new tive basis for a truly European 
exchange rate j which rested on European monetary unit called zone of monetary stability. The 
international .agreements rwched the ECU. France, Ualy and Sweden 

at Brett-on Woods in the U.S. in This now unit was to be have all been obliged to wilh- 
1S44. Britain played a major substiiutcJ for 20 per cent of draw from it— France on two 
part =n the working out and existin’ reserve assets. Exchange occasion's — usually with heavy 
establishment of this system. The rate 'intervention was in looses of reserves or the need 
inrcTstioncl Monetary Fund was principle to take place in accept exchange rate deprecia- 
set up to sun port and monitor it. Community rather than non- Unn - 
The foundation on which it was Communi’y currencies. A new 
built was the overwhelming Community credit system was to pi l_;i* 
economic importance of the U.S. he based on the ECU. and was ijlSDHS 
:n the nosi-war world. The U.S. .-, :l a much larger scale 

was mdy «: that lime In accent .j, a n ;ne present Communitv It has been c-pen to any 
r«:sr.on«i ijiii’y for the main cre jj. s ' a European Mono- niemher of the' Community tc 
reserve currency of the system, , arv p.. n >j was lr , become J° ,n Ihe snake at any Ume. Hoy/- tionar;. 
y £5.<iJt cc5-:rou-ly the recon* ro: ;„,.v P For settlement* ever. 11 Ls not <-kar that the g«p ou 5n 
‘‘ruction o r other countries of belwe«" " Communitv rentrai sna!ce is mpre likel > = f this h ‘, y [ 0r sltuatlon 
:he free world <e.-. through the v. e fl - -hr mechanism for moment to form an effective other hand, the govemm 
Marrhsll Pian» and ro make it '' , ErL; ._ for existin'’ basis for general European Vie stronger eurren 
for the central banks - ':y " " and f 0r Y re <m exchange rate stability than in it? reserves, and. a 

o‘her co-in’ ,-ies to rebuild ’ n ° the past - T,ie Government has domestic money supplj 

ii.c-lr r'' c ?rv«.-s of dollars. ar.-n^.me.. . no wish whatever io interfere irv 

™ •»'"» V'S" — » 2 

cv?!'...n.c r-i.es set up at Council a. so recognised the 
;-.d- rime under treat 



There is still a spectrum of current studies of the .action economic growth, and the iedoc* of. JknbwiiBS 
iews on this question in the reeded to be taken to strengthen cmh of unemployiiieaii. .... . toy, there wotildbe.and ip^-wMeh. 


view 

STtaour 7 presumption prosperous member comiriffi. in 'woT^mSTSd.* **«W *.- «*«»■' I;' 

bbge ihs divergent the contest of the EMS. ...: 


About half the the economies of tfae . lebv j aQ open economy heavily . 

nr nptciim*ihn-. nrAma-Aiu rnAmhor m .... . . ” Jli j" "j fl UCSr ffiaSV ■ I&CuUS. ■ ■ 


which would oblige ihs divergent the contest of the isms. ^jth '30 per cent of our GDP : : The Government. TiasI .viety. 

country to take appropriate going in exports, we are pariict^ iifedtifltt of 'puisulfig-ttife^saijie : 

action, unless exceptionally that «. ' Urly vulnerable to economic finn coimter-inDatiOnary ‘bolides 

country gave reasons for iViCSSUTCS developments overseas, whatever whoever; way the dfaaa ^.on 

not acting. One or two ' out exchange rate policy- may. be, tJ\e exchtogp. rate vegan*. goes, 

countries arc opposed to The heads of government 5ast g Te y ears have shown Circumstances .cmtM ariar ; in 
anythin; more than a general stated “such measures will be hovr much economic activity "which the. exrfiartge .jzte^-'w'as- 



manipulated «i ui&urau; u» »uui 7 • israAaJst srrr niirs 

s results of 'developments abroad: It has in ^Jj!” 

an ohtisatio-i *0 intervene this work were to form the basis #-«♦ hprnme mcreasinaly imoor- consider 

idios other remedial action) for “ decisions and commitments 7 :-4ant- to maintain 1 !^^ 

n a currency js identified as at 1 European Council *n .^bUity 0 f the sterling exchange^ , -Sn35iJlS^^i^^ 1 2S ' 
- •* has been agreed December. . . rate in order to promote ■t^-ESSTto'-aSaJS?^'^ 

mests should is Our partners agree uMm- g condit joiis and diminUh m ^ orts : 
riewed after sis rnously that one necessary condi- business risk. To accept a formal A higlier v^eiage' vercbange , 
tlon for ihe system to be effec-_ commitment to exchange : rate rate may make'Brttiflr-goods- and 
L ; ve and durable,. is that inflation fttahi1irv wmi i d not therefore servke&de»er;.fc^a)rdi«Mrs. but 


MB. DENIS HE.-VLEV • 
F'rincipoJIy nrivlred ::i the 
BUS negotiation < 


pvrL remains that diere should ducios a report. The 
be an obtisation ;o inierveae this work were to form 
fpend; 
when 

divergent. It has been agreed December, 
that the a rraa aments ihoald in 
any case be review 

mo nths __ ^ _ 

live and durable,. is that inflation “would not therefore services birt 

rates should converge at as low ^represent a ^naior break witb^ ^ it wHl^ ^ also-jpeusceu^^.^ 
a level as possible, without this.-gSS oolicy British business; 

having a deflationary effect. . - *. .. . .Lriie'tio lower rates ' 

They see the convergence of; The claim that joining, the £M5 increase.', irithbst .any;.lnjs.,;to^ 

inftatinn rates at a moderat* would involve a lOSS 01 economic lfainp standards.-- * TttfT 


Credit plans 

The Government has been 


abliliSn^uronSS ieveT as ^“mte^raT part” of* a .independence is only partially. tol^> dowoiTeos^ 

Unii, ? AwOTnti’lEU?“3SS wWer strategy aimed at achiev- ^ In any c^e the dl S cusaon S . the fai^ier exchangfe?S^^.. 
bo effectively available to debtor ins sustamed growth. gradually. ^Jh our^ partMK ^have^shovm tiete-'. , 

the outset. 


.. member* ai the outlet fSee leading to full employment, a ® at the y would not wish or fora .rfficiency.' ' 

fulTi-m immediate damac ? eiiner ^ Omnce^or convergence of living standards, «Pect any country to ^suffer routes tiie loss of.Prico^ebmpeti-. , 

through losing reserves or Pf d £? p i„ h ” S* and the reduction of regional economic damage through join- tivenessanay be^ *ease$-jflai.;j B w B --. 

through having to ado.-i deHa- Jj ** f "J™ Sj s dispariues. They agree that to mg the scheme. If we found a a : period. possibly^.^iEflhiated.: 

pobcies. or boih. nt wnu’d be Wcori- ecsure access of this wider Jocular exchange rate_ to be Qq^ ; a. - 

it has no rc??onsi- arrao.^emeai wod.a oe ,n accura slrale „ v aQd ln aIl0w a u untenable or unacceptable a emhaage rate; st^fi^-. .vtew6r- 

i to participate^ Realignment by agreement would costs. ..-groats? 
e greater con- be passible. •■ ■■•' "efficiency has 5een;r«di?^»d;'’ 

economic policies . ..... . efiects ; of any-iinilsLloss ■df *- 

■- . jrra _^. <be Community's - y « ,* ■ - - . - ‘ 1 price 

be c ^ 1 l n f * rdlC jvrn .aL. dfrj»is!#ir - matin? mechanisifls .'-. removed. , r. j.-xr -' t . 7.5,-', _• 


-<:.i r. ,r. '.,11. • 3 ‘ * I'^Os and vir- 

ii.al'y :o i:'. end in 1971 

• mo -oi, • . n i n :t;. : Ion wa 5 

jm •• i r . . ;,].-ji.,rou' ihc 

-j r.'.e 1 ' v- cn t : ie in- 

I ' ■ ..1 1 :\r .ls.»^s M .Mn' ; idUN- 

. ci.nrn*' * .ri'.ix.-scd 
•>•.1 ■>:' r-cuv- rv u f 

n < •• r. ••••.<••• - • . ‘ : r , -.- "ri—^ world. 

.j.. - ir.-r !i:-ny Mid .t :> n j n 
T.' •• .iv-civ ;:ui ih- US. ihourb 
•;,.i r.i-i t?:-i;iomy no 

] •j-’r«v cd ••‘“C -omc domin- 

j.:,\ liO'it-er 


It should be truly 
European and capable 
of containing all 
Community members, 
allowing for the 
divergences in their 
economic situations. 


- - PTf»cii* "rival ^ law. ow— ibijuAuuu vyav uidi 

tions imposed bv ihe par: tv grid, itieLhsaisms during tfae discus- they are satisfied that the timing wayinto prices in “Industries 

r thrv S the snake has - a tendency °o 00 ^ “ and nature ot-tlie afNemat-'islaoM t^*iatiiMand-^Bh 


Floating 


now in ihe snake to retain 
arrangements which suit them, 
li is entirely willing to see a 
hrorder EMS developed which 0 f it 
would fully nccnmnindale and c. , iV , . . . duration of shvrt-term credit 

respect this rtaht. But in the , l A Ihe fur da men ia. (KX or ^ ntf and the 

liobt of experience and of the !?;h very’ rhort-tem 
world oronomic 
rote situations as they now 
stood, it hi* f»lt that it would encourage 
br a mistake in bnse the new overjll. 

EMS on extending the snake, or The Government 
-onethinc very like il. to the for.vard two main or-jonsals 
tnroer countries which have designed to overcome Yui's dis- 
alroady found it incompatibie advanrag.? in the snake ivslem: 
wi^h iheir needs. 

Inflation 
Community 


_ . Much depends to ffie, 

Government sees ut> objec- ijrith which : the^ henefidal'todcts.'. 
. I principle against entering: move ' throu gh . ’ the . j- -^system. - 

vtiiHUissia vu ujc iuikuiuuiw vt.wUi international agreements to Similarly, the' duration of’a«y 

wnen its currency is ihe cause mvtt.um-termjireaiL. in.ere a.e 2 chie V ing more convergent .peav maintain stability In the ez-..ben^t .- ,to ;> I 

fonuance since there tas smaei change rate with the help of through 
times seemed to be an excessive co-operative credit and 'reserve on . the speed .withF 
concentration on exchange rate .‘asset arrangements. 


on differentials between l“T? e , Government suggested 
lity countries are much ' h3t . instead or o.vra-ijtg 
th?n when the snake vns *’•} basis of a pan'y gr;^. 


, J J. . rt ■ J -j* UU Mlb WMU ****^»“ « Atf -.CXj)OSGd- 

deflalionan.- policies L'i th? 1 S 0ar P^rtnars have also iwog- right It is wholly appropriate Detftiori. 

^ ^ 60 days after the end of the n:sed lba , participation in the that we should do- this within 

__ months in wmen me ceot is ejjs couia pose major problems tbe European - Community to 

put incurred i. for tiie less prosperous countries,- which we Belong. We adhered 

however determined the effort* to (he Bretton Woods agreement 
of those countries to fight infla- for fixed but adjustable exchange 
tic 3 might be. They might nlso rates for a quarter of a century, 
ace iong-term problems in 


* V :.Y ,T.-y V. if" * 


On one view^ Substantial part 

of. the - benefits to price -com- 


r-.r.r.jr.zc rst'Ji. but the tloatms measures needed to strengthen have a substantial surpiu?. Com- Each 
-*■' '» "managed’ the economies of the less pros- munity •'urrencics are differen- would 
heavy centrai ujnk in t erven- a^rous member countries, to be tially affected by sharp changes within 


1 *nri >! SM* l !!?. f-— entbmei paitidpa. a^ii’SkSSj tailiSSS^' 

greater th?n when the snake vas ,,ri lop oasis or a - p’"”- • »>«e E\ts should aim reducing firm m tno wpSp«m nta-rmnim. - •- •- ’ ra i e - w, » persist. , tor. .seven* 

importance of economic conver?- set up in*iw72 There sir® *riw exchange rate 

ence as a necessary basis for important riiJTeren.-es in balance should he related to movement m*nn « exi-rawc rau«. ui*re growta ana employment, oo iney govern its policies Whether SSSTtaiie^ wfflbeZtohTS 
.':n:c I9«- tne ••or!d na? lived greater monetary stability. It of payments nerfonnancc— for a way from the weighted average should nevertheless be provision need Community help t& Solve ^ UK joins q* exchange rate -ST tod ^ wSu \£ ^tounbt^ V 

vi- : . 2 s.-vem o' floating asked for studies of the example Germany continues to "f community currency values., for realignment by rautiial taese problems. The EMS must mech anism 0 f the Eifs at 'the idaSSy^R 

participating currencv agreement. It has also been pro- be seen to be compatiole .with DQ tcet nr not. As nart of fh*r 

be permitted to fluetuaie posed that there should be pro- the Comm unity’s Itog-tenn poticy tfae G(rv™rafiillvSrk ' Jfo b^StL : ' 

, . . — - .. ‘bv agreed margin on vision for temporary “!ca- e of objective to narrow the gap f or a continuation of. thefrom-alower exd^w>niS 

c.r; ;e arauvd That the carried out at the same time a* in the strength of important either side or its reference rate absence * (conge) from the between the more and _ less exchange rate stability 'which conte diilcklv miff thto -fferiitur--" 

p th» Com- ac:.in?r the “ basket " curren- system in exceptional circum- prosperous countries. V sterling has enjoyed for nearly' progressively. Avhile^e bOTefits ' 

•os comp-ising tne E-’ropean stances o, an essentially j; ie coinmunlry Budget is an two years. In 20 of the past 22 to > count^-inflatfonpu. policy -■= 

_-JErito.a.vhighto..'excn|ta^& , ’iWiei : -' 
come fairly slowly but thto bnild.- 

1 ■■■■■ ■: np. oyer a.peribt '■ 


1 oa tin; 


carried out 3 i the same time a> in the 
rale*: ?hc Tireoaraiorv work on the ♦•urrencins 


ntiKide 



;■ . . 1 1 » J !r.'.i.ryc'i:. rhe huae 

■i.;vr payin.-n-s - 1; r- 

: Use- in-f defi*:::; ■..t.i-’I; ?t;i: 

p-TS.Ji The«r nfipj-jn'.es have 

fco currency :n,'obiIiiy ,-.nd •>!:!’ 
"•revenr no world Tr-un ro turn- 
in? a sj -te;ii of fixed •.•xchanyi.- 


:« , n*: cjii oc taken and i-rnn- 
:n.:;n--,i< i-iailv .-i the Eur.tpean 
i'.omhii! meeting an December 4 
«ind 5." 


UK approach 


iron in; oiks. 

Govern men t bos urged tbrnuc]- 
•mt il.at ihe EMS a? n ■.iT.nlc. and 
iis ex«-han3P rate regime m 
paniculsr. should be suh- 
>?nn?i:(I!y different in charjeter 
from rhp snake. 

The characteristic* of the E’-IS 
envisneed r»t Bremen and 


Unit which in any temporary nature. essential instrument to' achieve 

?t as tne "numeraire” In the last resort any partic*- this. Community policy taken as 
■' "'Wat. a larticu- natme country would be able to £ -.vh^e. including resource trans- 

urrcncy reached Uiber of Iea--e the system altogether (in f ers through the Budget, must 
iurrn? there wou'd not the same way that several coarribuie to economic coaverg-- 
A'-i-iirdinely the n*y**.,n\y !»*» nnnthe - currency ccuntr-es including tfae UK have er . ce . it certainly shonld not 
ar it- own margin at i h? opposite left the existing snake). hinder it Tne Government is 

f » •• The margins and intervention concerned about the- present bud- 

arrangements which have been getary position of the UK in the 
^ so intensively aiseussed were Comm unity, and about the' way 

f PtrriopPV on!. 1 ' pari of tbe proposals made ia which its burden will increase 

a- t at Bremen for a constructive as the transitional arrangements 

European Alonetan*' System. The come to an end next year unless 

nfhi- t.iotMT.id or* riittHnuH ir*. . . l 


Thp ITFCwnnIH Tit^ a " V- TlMf initial efffet'pf.a .hjgher:-; 
.me UIN-WOUId URe a,_ .. etthange -iate-' iiite;- increased. 

positive approaeh-to . Teccipts Dpm .expo mx iirfoye^n 
^ relationship of the « 

EMS to the dollar and ~ .. - .-r-. , 


The •-urrency 


li.-nit 



tfae international 
monetary system as. a 
whole. ... 


: ... . rerain a!i members of ’.he Com 

•r n°H munitv an d ’"b:ch would in fact 

iVrlv nnv-'^nL hopMd. CO n. r i b u t.j io the objective o' 
.ti.ru...> nioic.in.nts nave orten nreatcr monclar- stabilitv. it 

hr Cn rhJ eai ,?id!5’vfn- 85 riated repeatedly, before and 

n> the underlying economic 



airrency ahd'. tp redtece foreign.;’ 

npportsi'.^ 

If- however, : the rffecc^fe tn r ’% 
reduce " exports’ - aqd ' increase '5 
- Imports, this . Initial ? ^ toprovecTr 
ment In the terms of trade may "U. 
■ after an : interval be more tbam- 
xrfEset, so that the; balance-or payu::. 

11- . 1 ments deteriorotes through: loss. Vr 

■ ■ ■ ^ competitiveness: . JT 

*..: 

i the -u- m r^no ir, “ontfas the. sterling ^fective T * ’. j v r 

mwo. Ottier ""niemher 'states ECU. or no the ECU., a reeerve J*", 2}& taUSO jgST of%u™S “Lj'- UlSenSltlVe 

have noi been prepared to accent assel or as a final pitan» of W e could become the largest net remained between 61 5 m>r m. * j- .-Fj ' . - • 

th?t the "basket" arrangement settlement. Because tfae parity contributor to -the Community jnH *3 - Mr : cent- "nf : th»' The • -trade ~oL toi&e coantriffi; •• 

Thp Gnfpnimont hp-»i»»\-e' th.-»t should be the sole basis of the ? r ‘d has been preferred to a Budget. This would have a damag- Smithsonian naiities ' f1fi7iv a 111 amne go ods 1 5. veiy ameu.- 
the bn.prn.rn.nt wue rate regime. There “basket” system in the exchange inn Effect on she Community as a *??? more price than, oteers- 


The acoroac' 


it' approach •:.* not on ! y in exchange 
if the fir 
Community, but 


'**• oil in the face of the economic 
!'n balance: of 
1973. 

At all events, there has 
developed in recent months a 
strong desire to move back 


resources used for it. and no . _, T _ ... „ 

,h- country, however powerful, can the EMS so that it can 

lb-.- y t ..rs since m the icn2 run ho)d an e , ;change accommodate ait members of 

rate i( the fundamentals are f ' 1e Communitv. even if that 

means -omc los*5 of umfomnty 
c " _ . , and some difference in the provi- 

-he jovernnient therefore 5 ; oa$ f ar various members. The 
_.ilF -kc, system should discipline of ithe system would 


asket” system in the exchange ^ effect on the Onmnuoi^ as a bandof tess tQ 3 ner cent Tn “<>« P t rtC€ ^eimave.t^n_ rthen- 

ntcro'-Ts of the firiure of h-'- however, been general sup- rate regime, the ECU plays only whole as weii as on Britain. Tbe the other two -months it was 

nnr: for the compromise arrange- a limited role in determining British Government, with the above -63 per cent. Like mo „ t Tffaterials tnay be ra&er'insensi- 

?hould be the n, ? r _ r described at paragraph 14 intervention. The European support of the Irish and Italian other — • 

Community action, 
ragruoh JO. nhe 

requirement Vtrould be to avangemcnf mere wouia oe a <?»«neni or reserve puviuig is prm cammirniem, over a umneo mark within this overall stability, 

"rarity- srrd. but within this yet m prospect. These aspects of Dut fixed period of years, to ^ price.. . - t .. • 

each curoency would have an tbe system could be valuable bring tbe pattern and scale of net ”“® . ^change ; ^te . a further ’very important .con- ' 

agreed narrower margin of both for the Community and for resource transfers attributable to mec nanisip or tne riMb couia help ajdpyation -fe :th^t ff a/ - failing, 

fliictnation. about a reference the international monetary C omm unity instruments into con- our “ght against inflation ti the exchange . rate leads to-’ an' 

r»fo dofnpminpd in rplatinn tn svsfrm as a whole But thev fnrmiTv with tho P/murwuiitu's mecnamsm W6fC durable' for a'<iniu,liinHnn nt ' jiJnvin" 


rare determined in relation to system as a whole. But they £0 rarity with the Connmmrty's 
the ECU. When 

reached its limit 


a currency remain to be worked out. 
against the 


stabltitv. ThFs hash'll 1 reflecfpd embody certain characteristic*:— thpri ^bernnro effective "because ECU. this would be taken as an - ... 

in the policies and statements or 1 — It should be durable and i l would he durable. Symmetry indication that it wao a divergent StfltjilltY ^uW institute a brospd guide- 

governments in situations as dif- effective. If it proved not to be in the obligations placed on the currenc. . tine tor siibs^uent decjsuKns by 

ferent as. for example, those of durable the stability of European stronger a nid weaker members is ‘J — -.As explained in the Chan- Similarly, the UK bas seen the the CouncM cf Ministers. 

• k.. is e Japan. Germany, currencies would be damaged equally in line with tbe Com- cell or of live Exchequer's EMS as a *^ e P. 1 ~* art " wt iT;._ _ Allliough 


— — •••— — — ^ , / or f ■ acceleration of mfiatiaja, mdiiBtry 

objective of bringing about con- begixi* to siiffCT w a. great variety 


vergence in the economic per- 
formance of member states. This s P ecuja u on - 


encouraged of ways which V themselves 
damage competitiveness— higher 
interest rates, a. demand for in-; 
creased working: capital, uncer- 


U.S.. 
e, tl 

countries of Western Europe. 


France, the UK and other with consequent damage to the munity spirit. memorandum, there is as yet no luonetaiy s 5??ii/4'u_. Ji. Budget must play its 


Money supply : : ' 

th p]ay C 1r"S M ,T b f rS « P ^ 3Che f 8 

what should gensrall, aucepled that the EMS 0,®,,! p „ijcy measures *3i 2‘jV* ton ot *Bon , :■■ 

a currency must act consisteotly with the reinaan the main instruments for an Smial weapon to the^jv? CtCT •“ : 

Tk j. a 2 — It should be truly European st ra> n by the exceptional (whether strong or weak) is pot lniencieu to brangmg about convengence in ernmentis armoury aeainst ?S*--conelBSum..irom - : all this. 

Rst€ StabllitV and should b f capable of con- strength of a sf-rony currency identified os divergent in tin* 'h-inge the nghts and obligations ihe economic performance of If sterJingwere*^!:® must.be that. it is extremely.' 

slftum V taining all members of tii which is fortified by a .large sur- way. The Government has sup- «f member countries nthelMJ member states. These measures Zr - taterroDtion iSt?' w :difflcuJt to - pat to the 

It was against this background Community, allowing for the P ]us on the balance of paycm-enis. ported the arrangement des- Bul wouia ‘ ,Ke 10 s ^ e nave, howevetr. to be compatible would 6e required to hold thp -effects . of a.bigher exchange rate 

that io preparing for the Bonn divergences in their economic that should not automatically im- cribed at paragraph 15 (iii) of a positive approach to tne between 4he partner countries rate down hy buyina foreien wia ? any kind :af confidence. 

iceir economic - - - - 1 ' "tionsbip of the EMS to other mA consistent with a wider Moreover it would be pure guess- 


This would tend to' 


taioing alt iiivmoers ut tne - — -- - — =»- --- ----- -7 g u ^ 

divergences in their economic that should not automatical ty tm- crihea at paragrapn ia tnu 01 3 positive 

economic summit in July, the situation and for the time that P ose obligations on weaker the Chancellor of the Exche- relationshi 

Prime Minister pur forward a is bound to be- needed to achieve members. The converse is also quer's memorandum. Under this majn cun -— . 

five-point plan for helping the major progress towards conver- true: but in that case a loss of arrangement, the financial autho- dollar, and to the mternational performance. supply,' tod mean that tb e - V 1 ® WOUjd fae in to: EMS 

free world out of economic gence. reserves and other pressures will rities of the country whose cur- monetary system as a wooie. j . i m « a - jan * * 0 unajj- i-imr monetary targets would be over- “change rate regSmej Or-whether. 

recession by achieving a higher ^ shou!d prQvide a basis for in any case oblige the deficit rency is identified a S ttnjnt There has sofaMieen little d.s- ^ Sov^nS shot. S^fSS^S^SJSSt =■ ; 

rate of non-mflationary growth 11.?^ country to take corrective would be obliged to intervene cussion of this promem view the choice to be made in Switzerland and Germany.- - - • - - - 


Under this ma | n c n f[, er l^ C , S ^ _ ^ : strategj- for improved economic fa crease the" domestic ^maxthy v ’°^ k Predict how: ^^muehiZrigher 


Parity grid 


IH markets to check Greater convergence in the the coming weeks relates not to . in the- autumn of lff77.- the - ^ ' 

ibe davergem movement of that economic performance or the a European Monetary System on British^ Government' ^had -4o COJlGiUSlOn 
currency. In addition they would participants is an essential the basis laid down in Bremen, reduce in terventionand allow " V U “ UU5IUJI ... 

V*5tS££ ? en,ent in 3 n d “^ E „ Mb : but to the narrower issue of a ster^to rise intte^e ofteS Pertaps 

suitations wite the other mem- Convergence cannot be imposed particular exchange rate meeha- riak. Convereely, white iB^v^ -woiSd“ to 


a :i&ir -ebnehudon 
to/that there -have cer- 


imt w* uyiriuuuui/iiai j aUfwuj . wuu Li . 

and reducing unemplo^menL action. 

This plan was adopted by the M 

hea ,1s of State and Governments J5KS 

as the framework for their dis- ^ 

missions and decisions. Two ' _ 

complementary elements in il u 4 ~f 0r ^ reason, the system jhis approach has informed bers of Che system to determine by a particular exchange rate hrisnf which k not"vW fuMv 

were the need for greater should impose obligations on its fae Government's attitude to the what economic measures they mechanism: it must develop negotiated. Smue^maj^T^^d Inftiidfy at least tendto Sv^ini^vtoteS^bSnc?^ 

exchange rate stability, which *irnngi?r members symmetrical technical questions described should take to restore stability from adequate co-ordination of the EMS as tittle mrn-et&an an the' domestic monev a 

helps to foster growth and with those falling on- ils weaker below . lr ^ wU the discus* ons to the system. The divergent economic policies. The concerted erohanse rate-meS ™ ™ Sf.te “ S" 

reduce unemployment, and con- mefatbers- w.hich have taken place on these country 

c-crted action to achieve greater 5 — Tbe system should be sup- technicai questions have thrown demand _ 

•■ompatibility in the economic ported by adequate funds for 3 on extent to which tervention u cu>o uuc- 1 » «». mi- yuiciauicm un»ciui« i«r- see u as much more than that thin? reinforce the a: 

performance of the major Indus- intervention on the currency potential members of the EMS another country whose currency gards as of critical importance xhey believe it was concedved as pressure on -the exchan^™?? ' 

trial Lsed countries, as a founda- mark ^- . u M fc kaiept the -practical implications was not also dtvergeuL but had the decision of heads of govern- ^ SnMiS « SSSaA SteSct wmdd thufte ftf; ^rSS&lSS&S^SS 

tion for stable relationships E™ °/ ** fundamental truth that been luwd in . interFenttv by the- f that it needs to be mere than 2Liges autsite tw ’£ia^SPSS^^S^SSr 

at uremen to commission con- that if it is l0 cont ribure to which, made other Currencies tries tto vDhirhe of exports" has 

greater stabiBty in the. inter- strong or -weak, could force ua Jielp up dn a .Striking way* in 



m | > - | VI U1V IMNVWJIVtUUlI bl UIU UW I » 

between exchange rates. f °r realignments of exchange durability of anv exchange divurgent country, 

Consistently with the five- “ . c ?“* 


point plan, the European Com- knee's made tiris' advisabte' certed action to achieve greater 
r U rte"y S fo^o^ried PU a r ctioJ ^Thes^em^uld reinforce ATVST aTo 

to increase growth and reduce worilKEffi' e a mi U shouJd ™** led the . maner and spirit in 

inflation. Member governments „ot be dofriraental tn other wfncfa , m “ nbers «« iiMy to 
are now taking the measures currencies, including the dollar op ^ ra,t Jf sJ^tMu us a whole 
this strategy require If the rate re3U,,tt 

Community pursued this type of ne ss of the IMF. wiram it. 

concerted action continuously, 8— The system should be The snake works on the basis 
that would provide the right accompanied by clear progress of a "parity grid” of agreed 
foundation for a new European j n making the operation of Com- exchange rates between the 
Monetary System. munity policies as a whole assist members of the system, as 

The Government therefore i n promoting convergence of explained at paragraph 14 of 
welcomed the concept of 3 zone ecooomic performance of member the Chancellor of the Exche- 
of monetary stability in Europe States. In particular there should nuer’s momorandum of Novem- 
put forward at Bremen by the be net transfers Of resources on her I. In such a system, two 
Federal German Chancellor and tbe right scale to the tes s currencies always reach thelr 
the President of the French prosperous members. intervention margin at the same 

Republic, to be achieved by time when the gap between 

establishing a European Mone- __ them rises to 2{ pur cent, so 

tary System. This system, as j hp CIBStKp fkat it cannot be dearly estab- 

cnitlined in the annex to the A -Jiflca.***- lished which is the currency 

presidency statement on the out- The Chancellor of the whose divergence is causing the 
come of the European Council Exchequer's memorandum to strain. However, whichever of 
at Bremen, was to have several Parliament outlines the history the two currencies is divergent, 
important components. There ... 

was to be a regime of fixed 
but adjustable exchange rates 0 

** at least as strict as the snake ” and for the Benelux countries. The government responsible concerned, 
and II was slated that the exist- Denmark and Norway wtoidv for the weaker currency then 


national monetary system. 


UK GROSS AND NET CONTRIBUTIONS 
TO THE COMMUNITY BUDGET T97J-B0 
The Treasury's latest estimates, on the basis of current Community 
policies, for UK contributions ». and public sector receipts from, the 
Community Budget, in calendar years, together with figures for past 
years, are: 


Independence 


1973 

7974 

1975 

1976 

1977 
197B 
1979" 
19S0- 


Gross. 

contribution 

131 
181 
342 
463 
737 
1,285 
1,430 
T-ASS 


£ million 

Net 

Receipts 

contribution 

79 

102 

150 

31 

398 

-56 

296 

167f 

368 

369 

555 

730 

650 

780 

760 

895 


either to overshoot or ffndershoor spita ~ of -.sharp ..exchange rate • 
oar monetary targets. . ■ ^ appreciation and -lower costs iiave :: ^ 
Thus, although, there .can be °®se t touch; of the effects. <ii the 
periods when no serious conflict appreciation. ■ iThe 1 Government ^ ; - 
. • arises, there is the' possibility of *?* ’-ite- P«rt^ vbaa- njade.^rt^eic- ' 

■ A b r^ CUSSJ<)n ^ -tto possible a conflict between a flT^ d that, it floes riot regard e xdhtog e . .. 

lmphcations of ilonking the ster- exch£nge : r?te policy and a policy - depredation:- as a--sdlutiun - 
ling exchange rate and -the rates for control of the money supply to . the. economie 'jttoJIdBs .itiii 
of other Community currencies ’• r ’.' facing the UK. ' ' ' ■ ’ 

ComDetitivenMQ ^ ■2f%5FZ3S£&*' 


Forecasts for 1979 and 1980 are at 1978 prices. Inflation will increase 
these figure* 

tUp to mid-1976. ihe moneary compensatory amounts which are 
payable on agricultural imports into the UK from other member 
SKtcs and are financed wholly by the EEC were pail? by the UK and 
included in tbe 11 o'pts shown above. Fro"i that date they have been 


re its SHtiS- Site " aSS S pari ly grid svstera obliges t»id by the exporting member State and arc More excluded from 
)d menL The S snafc, whiirSS: both currencii te intervene the UK's re«ipts. Thfe ctenge <*«**£* 
« tinuing to function for Germany simultaneously. Bud B e ‘ correspondingly reduced the cost of the .mporn 


ho U - is a majpr ; aiea of economic interests of the UK th iohi th® . 

and how producers, constanecs, controversy whether a higher exchange rate - regime o£. v the' ' 

average ^change rate SSS,MwSSSi4t toWf ftSS- " ‘ 

“ ' ca ? se '» lo “ Of exports through, the Tjegotiatious: Bowever;’ -the r -■ 
on eChe nature of the ssebeme reduced pnee competitiveness of Government’s basic 'ahfec&res 
^oflgoneraJsterte- UK goods and services, would .will romtoi unchtog^ Whatever 
meats are possible. The faWow- increase import . penetration, dedaUm fa tak^^e" Govern- ■:* 
fF^ nsa ^L^ pos_ dantafe-the baJanro of payments meht will ^gorously pm^^e > - 
of n a «*»*“• ware “d rednce domestic output.. - policies are ' • 

10 lL oa ~ The. first, question is how.* fair improving • growth^ ^tod rodiictefc -• 

1 — Our economic independ- the exchange rate would in fact ■unemploymeirU Hie foundation ■ 
ence. he - higher yrtthin . an EMS -for. : %Ite» PoIieies . must: he ^na: . ; 

3— The battle against inflation exchange >ate regime 
including the control of tto SI ^ e ; ^ ^ would pro-; .performance anff . vtetoty im : 

money supply v ‘de for exchange rate adjustr battle agaaast . inflation.". Only •’■ 7 

, «L«*i**„* . ™ents, so there could be changes these jan provide s : iMting. basted V 

3— Pnce competitiveness, the over a. period .whether. we were for;, stahaitr;' of the ' ^iww' v'' -- 
baJance of payments and hence inside , or but. ■ There is 1 - ho -way * ’’ • - <? ’ - ■■■■-•%••> Sg? .•••" 


p-# r>.‘c • •'ti *■.*.. .*_ ' 


■^nandal /nmes Saturday November' 25 1978 


THE WEEK IN THE MARKETS 



ess 


With bargains marked hover- have been .slowly rising comparison is with a period 
ing either side of 4.GOO per day throughout" 1978, :but margins which was already bctu‘filin’4 
. the equity market has \TSibly are still under considerable well from the launch of Opera 
been in one of its less ebullient pressure from both wage and lion Checkout. The figure* art- 
moods. A sprinkling of major raw. material cost increases. A put into perspective by looking 
company news was all that was recent , wage settlement has at Sainsbury’s interim figure i. 
left to stimulate interest. But at added around £10m to costs which reveal sides volumes up 
the end of the day there was no each quarter and the continuing around 16 per cent in llu- six 
decided trend in either fixed Teesside labour problems could months to mid-September. Hen- 
interest securities or equities, have, clipped S further £lOm however, the comparison is 
and the FT. 30-share Index from group figures- In addition with a period prior tu the 
ended the week 7J points spot naphtha prices have risen launch of Sainsbury’.s nwn Dis- 
higher at 479.9: by . around. SO per cent this year, count 78. 

• . ... Ob a more . positive note, Tesco is now implement ins 

JCI disappoints ' there are 1 signs of an upturn its strategy to change the sales 

Tmnnnoi in cratSnema] European mis in favour or high margin 

♦hSS P ®"^2 ie Z?!L IndUStnf!Sl economies and an increase in goods, and is selling an mcreas- 
third quarter figures were an- industry - inventories which ing amount of meat, and fresh 
tw t market on augur well for ICTs longer-term fruit and vegetables. Now that 

"« nuttsin. b.« builonu-cl ..... 

TZJ1 S , " iIb tl,C Tesco hopes to set- a siem/kv.,,. 

shares dosing a few pence - . , mtllrn it , lV ,„ h»ir 


Theory 

bears’ 

picnic 




DOW JONES INDEX 
I Industrial Average! 


lower at 356p. . 1 AMltftK! 

However, the share price LUriUUPl 

started to recover towards the ONLOOKER 

close of trading on Thursday 
and by. lunchtime oh Friday’ was 
.back to 365p. the pre-results 

level 

coo™ prospects. However, the 197R 
v?I^ PP ? r c 1 ik” 22 ™ m P rt ^tax result is estimated at 

J he t f ad * n8 £460m against £483m earned 
result ofEIttora was not too far , ° d ^ 0m jn 1976 . 

below market, expectations and * 

reeded general industry Aft er the nriCC War 
improvement from the poor / v rer ine j/riLK rvur 


net margins have bottomed out 

Tesco hopes fo see a .sigmliearii company has plenly of new The company also points out 

upturn in the second half and capacity m be rilled: in ailrii- that- it l> planning further 

through next year. Full-year pro- linn, the policy of cluaing down spending on the two piece can 

fits could be between £3Sili to loss-maker* K continuing. — cheaper, marc efficient, and 

£40m pre-tax. and this might CoumukK is aniicipatma its ?!?£? “!^hl abl V lhan ilS ol “' rT'U 
allow Tesco to take advantage llsual |(iajJ loward!j tht . SC{;0nd * hrtM - P<CLC wms, »“ i,ehlrid 

of the dividend cover provision. hilif ol lhe yt .., r . However. ^. ll « J u U are re- wh j Lh 

and give its shareholders a dm- niui;h wiM depend nn factors f» u, 5? d for h >' , “Handing and m „ „ 


— cheaper, marc efficient, and * untls and investment tru>»s 

more marketable than its old- pitirij; up vjm amount* of ea.-h 

fashioned three piece cousin — behind a dam of inhibition 

whii<> more rp<nnrn'c ar*» l-.*- ... . . 

which for on'.- reason i.r another 


SHRUGGING OFF the slack 
market llaccidity which is often 
evident during the week oT the 
Thanksgiving holiday in the 
U.S., tiic optimistic school of 
market analysis have wheeled 

out an eld friend. Cash On The probably, investors will be even little more optimistic hut the 
Sidelines a? a good rcH.-on for more cautious about succumbing widespread talk of a recession 
taking an upbeat vse*.v uf the U» the infeetious belief that next year and if there is one. the 
near form outlook The picture interest rau ‘s arc topping our uncertainty as io how severe :t 

is one of mutual funds, pmskni rhan did lasI l " lu \* h5 " h '" *rul how long it will 

, . ' . particular virus swept Wall Iasi will keep cash silling on : 

funds and investment mis.* street. the sidelines far a few months 


The timing then, it will be ■ vet - 
recalled, was the end of July and Or perhaps even longer, 
tiic slight fever helped take the little over 3 year ago. 


JS'.JS™' “ f ,n,lri ’ “ S? *’*' .T'™- ^K'JW.lSr'dS “=* " f -«* niart;cl. 

t i pmpiiadi. to rcdULL- Ek - sced 0 f whai should be a In their in “at fantastic 


ay start to crumble to the jj 0l| . {rj a (|f „ h D f »o7.45 from column encountered for the fii-.r 
vantage uf the stock market. i; . p ci , riiary s ; urap of 740. But The Dow Theory Bear who 


E ®f' J fte .™“* £46Um against £483m earned ^ capacity and the workiny* ‘ f d naun « duel between Metal 

JkSexr^tStio^and iast year ^ ^ 0in in 1976 ’ CottrtOUlds recovering Of! lie AIulli.FibreArrangemc.it. Bw’aid'ils big U.S. rival*. 

soneral industry A f* *U «•**/•« w/i After three years of unin.spir- Ai rln.s sisiye around £42m Earlier this year .Metal Box and 

aent from the poor tRG pTICC rvwr i n o figures. Courtaulds may at i>n>k* possible in the second half Continental Can broke utf a lon^ 

d fourth quarters of The joekeving for position last lie turning the corner. Ai- fur a lull-year tutal uf £70m standing agreement and both 

Iroup sales totalled continues in tile High Street as though first half profits are vtr- pre-tax (£5S.7m). The longer sides arc now free (0 move in 

in the period com- the price war rumbles on. But lually unchanged at JE27.4m. the Ivrm f.ictuiv remains uncertain on previously forbidden 


improvement from the poor ,, ‘ l - J 7 ' TV ** 1 ing figures. Courtaulds may at mu*;* puwibie in me sccunu nan 

-third and fourth quarters of The jockeviog for position last he turning the corner. AI- for a lull-year tutal uf £70m 
1977. Group sales totalled continues in tile High Street as though first half profits are vtr- pre-tax (£5:;.7iit). The longer 
£l-125bn in the period com- the price war rumbles on. But lually unchanged at £-7.4m, t he lerm picii.-rc remains uncertain 
pared with £1.156bn in the it is already clear that Tesco underlying trend is clearly but 111 the meantime there i* pastures 

second quarter and £l.l3Gbn in and Sainsbury are doing well, upwards. nSw.ij* the prospective II per ^utaijstsieei. total Box is, 

the third quarter last year. At Further evidence of Tesco 's Profits sulTered badly from ecu; ;ie Id t*» give support. on to a ead start illicit largely ■ 

the end of nine months, pre-tax gains came on Wednesday when strikes and slock losses in the 

profits (including exchange the group announced interim second half of last year while* Rnx rights 

adjustments) amounted to pre-tax profits £3.5m higher ai the latest figures have been hit ir2CiUl aju.\ * *■» 

£334m f£414m). £13.Sm. Volume is also running by the relative btrengih i»f >it-r- Following Bive/i nw:\ bumper 

The third quarter is tradition- about 10 per cent higher on ex- ling, especially against Hie U.S. t:i-lt call the prcviuits week, 
ally ICI’s weakest: the decline isting space, and cash takings dollar. The upturn in cun-umvr Mrtul B<«x coupled TtiC'dav 's 
in volume was 4 per cent in the are up at least 20 per cent in the spending is now bcvlrmin^ m inie-im annonnfciuoni with a 
latest period compared with a third quarter. This is a good stimulate boili the UK an>l Gmi- rights i*?uc to help 

7 per cent fail a year ago. Prices performance given that the linental tcxlilc markets, and the finance internal tuiul expanMtm. 


im ‘at fantssuc during tlr> heady July to Sep- has re-emerged from hiberna- 
tenber quarter when stock- tion. sniffed the wind and ten- 

brokers travelled to work with tativcly concluded that the mar- 

a *oag on their lips, we now ket may olTur very thin pickings 
m f7\i/ VA53K learn that mutual fund man- year. Dow theorists are an 
nttf * a-^vrs were keeping their heads arcane group tiith Ilian brainy 

1 l’u i" Ilia; is how they keep their foreheads whose analytical lend 

WYLES jobs 1 when around them many ‘ s a com plica ted formulation 

v. ere at timet losing theirs. based un the related muvemenl.s 

Two -uner, ot mutual funds' »[,** I"<'d="-lal «.U Transput <■ 

transaution- have esialtllshcd “o h , 1 ' ^ 

that durinu these three months emh"3 Oetoher A •10... eadin; 


JOHN WYLES 


id slock losses in the S-SlUri -h/.\vu i- m h h , ^‘ t that during these three months 

Ilf of last year while p rtv 2^" 1,1 001 fills, the optimists like n> rliv funds were selling more 

figures have been hit W*etLt bOA 1 tllb 32Sp. For instance. The company jre.iJ,, nf a great wave or ca.-b slocks Utan they wore buying 

lative btrcngih nf >lcr- Following Ucechnr>;\ bumper -i -- mv f ? ’ m *-' n '^ rolling from the sidelines, flow- so tliat their aggregate holdings 

dally against rite U.S. cash tali ihv previous week. * ^ ‘ 7^., - ; SlaK '" ing down Wall Street and carry- were S45-47m lower at ihe end 

ne upturn ill cun-umcr M.-tal Box coupled Tuesday’s * | ,”[Il in y 'be Dow Jones Indusiri*! 0 f the quait.-r than i hoy were 

is now beginning m inie-iin annotinreiiieni with a ... p . .. T 'J 4 ' . . Average into z great new bull al the beginning. Hus obviously 
bn! It the UK ami lam- XiSfi.Hin rights i»sue to help _ , ' «h h nther F ,,r the moment, of was a very much lower net scll- 

:xlilo markets, and the li nance internal iun.il expansion. : ' p . .? . .. course, the optimists would ing figure than the comparable 

££ o.hur Tm" ri«n «» ' lr S" S4 «*“ *“ !lw "iT*. r r “f 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


makers here anyway it is easy 
to sec why Metal Box. with a 
70 per cent share of the UK mar- 


than a great wave. They arcue and ijftiJflm in the first and 


is a complicated formulation 
based on the related movements 
of llie Industrial wid Transput ■- 
at ion averages. During the week 
ending October US 1077. leading 
Dow theorist-- opined that a 
genuine bear was prevailing ami 
many were highly dubious 
about the pedigree of the re- 
covery winch si a r led lust spring. 
Barron's the weekly lmsine>- 
magjtine recently surveyed the 
state uf opinion and found that 
during the last six \u-eks most 
Dow tb-.-ori.-us have been jiifll- 


Change on 
Week 


Ind. Ord. Index 

Exchequer 1 0% 1983 

Cedar Holdings 

C larke (Matthew) 

I - Courtaulds 

Cullen’s Stores 

Elliott G p. of P* borough 

Hous e of Fraser 

Metal Box ' 

C; , Milbqry 

j*> Myddleton Hotels 
■ K -; r Parker Timber ~ 

! Sabah Timber 

Scot, and Unhr. Invs. 

Sirdar 

. Stewart Plastics 

vjjj. Utd. Engineering 

W. Wade Potteries 

jfjg. Western- Motor 
Westfield Minerah 


1978 
High 
53S^ ~ 
£9Sic 
24 
168 . 

731 

153 

23 

177 

384 

62 

295 

132 

_ 69_' 

_137 

11* 7 

185t- 

77 _ 

I™* 5 _ 

130 

'335 


43 3 A Tech, rally aided by Ford sct’m't. 

£88 Fo rmer " tap " attracts demand RNANCIAL Tlf 

5 Bid from Lloyds and Scottish - Go*t. Sees. i 

..114 Speculative bid hopes Fired Interest < 

109 Pleasing interim results t Inaust. Ord. _ 1 

73 Revived speculative demand -Gold Mines 1 

__15- Return to profitability Do ( E:; 5 Pm.l 

120 __P°or third-quarter figures . Dealings mka. A 

1 8 8 Midway profits and rights issue _ | 

32$ Satisfactory midway results 1 

;T?0 _ Ladbroke300p per share cash bid _> FT ACTUARIES 

■ ±*1 r Revived bid speculation “ Capital Gds._ 22 

_J 1 $ f rrison s & C ros fi e :d Conrumer 

85 I nterim re sults due Thursday Durab.e _ 

_ 50 Continued bid spec ulatio n Durable) ] 

IPS Speculative d emand Ind. Group ' ' _ 2 

26 Acquisiti on of Link Syste ms fCO-Share 2’ 

22 Record annu«l"p~roflts .^nancia- Go. 71 

68 Lower p rofits forecast 'A'l-Sh-re 21 

80 . Uranium, oil and gas hopes ! Re; j Deb “ i 


Average 

Nov. 

Nov. 

Nov. 

j week to 

24 

17 

10 

FINANCIAL TIMES 



Govt. Sees. 

(8.17 

£8.21 

6831 

Fised Interest 

9* 

•O 

fh 

69.48 

69.89 

1ndu:t. Ord. 

475.5 

4-6J 

472.S 

Gold Mirscs 

132.3 

134.3 

136.4 

Do (E:: S Pm.l 

96-2 

96.3 

1C0.5 

Dealings mka. 

4218 

4.2C4 

4,194 


Dial the hole in the dam could clearly suggests that mutual ala,ni ' ,cl r,J "Hl'cate that 

-n n .r -ham n iri- bp sprung by a sense that luncl manaiof.- felt unahlc to 'mure damage maj. be- tJoru.- 

: interest raws nxv he do-0 I., -it on their hands dunn K a 10 >"» "“r*«- though: H 

Kit, la not unduly worried by rhrt - ° possible that tm* industrials 

the prospect uf a fourth. Europe JJ 1 b . .. . u \ ' could piummet to C5u while a n- 

where Continental Can has pre- JZ!’ L, anri ma ntain B V T th, * ir t ’ om ' ni(, ‘ 1 '- nt *•> ’ ht ‘ other, cannily avoiding commit- 
viously b?co dominant, will be f urD, n.-. inflation and maintain market remained cautious be- ting himself to a time frame, 

another interesting areua. Signi- ren * , « ini * of «««e they did not believe that was steel mg hmt-eff for a mar- 

ficant return® from the new ,nu «" ,,ar - interest rales were near their kel bet wen Soil and 500. 

capital are not likely until the This morning Citibank led the ceiling and neither did they be- 


ficant return® from the new 
capital are not likely until the 


FINANCIAL TIMES early 1980s. and after Tuesday’s march toward- an 111 percent 1 iove that the Carter Ailniimstra- ’ 

Govt. Sees. f 8.17 62.21 68.31 interim profits of £3 1.4m. estl- prime rate which is it mn*t he tion had assembled credihk- 

‘ mates for tile at II year st i ! i ipan admitted, progress towards an policies for dealing with Monday 

Fired interest ft ihe £C3m-£7dni range (£55.8ni*. pvenrtial peak in interest rates, domeslii: inflation and a vubu-r- T . 

i Indust. Ord. _ 475 S _ 4 7 fc J ..^ 72 - s La-t week, liuwetor. may well But where is ilm peak, and hot- able dollar. To the extent that y 

Gold Mines 132.3 t3-*.3 136.4 put a bit of >!i:u? into ihe :nnv 1-mg it will lake n» plant the the li.S. Government lies made Wc °nc^dry 


Close Chingc 
205 61 -r7.83 

804.CS - 1.56 

S07.Q0 - 2.95 


96.3 ibo.S pany’s historically dull stuck Isfeupoyt l-.v.ard, l«iwnr rato^ is prog rest on both front-, the Thursday closed -for Thanksgiving 


market image. 


anybody's supst. Mure institutional bivcstor may be a Friday 


Capital Gds. 228.19 _ 228.90 227.14 

Consumer 

C Durable) 201-32 209^7 199.22 
Cons. 'Non- 

Durab!-?) 2CS.9 205 21_20b21 
Ind. Group ^214.54 214.67 21135 
FSO-Sbara 229 50 239.27 *235 74 
, Fnancia: G 0^162.6 1 U 7 1S9 53 

i A'l-Sh-re *_ 215.70 2l8A6_2is.si 
1 Red. Debs. ‘ 55.17 55.10 55 74 


I Living quarter by quarter 

GOOD CHEER from the chair- development of a substitute for Net profils in the six months this basis Anglo’s income in the 
: man of base meLals producers lead acid batteries and the to. September were R103.3m second half of i he current year 
to their shareholders has heen reduction in the use of lead in (£61.S7m) and an interim divi- wtll be higher tliau tiic figures 
in short supply for the last petroL dend of 14 cents (8.38p) has ir reported th.s we ok. 

; couple. Df years. Even uuw the Both Sir James and Mr., been declared. Anglo has been But much depends on the mar- 

companics seem lo be Jiving on Anderson, however, observed changing its financial year-end keh Tiiere j )25 i, u . cn no indica- 

.- a quarter by quarter basis. look- that little new production is to March, so the figures are not . ' . , , ,, ,. 

; ing for a cent change here or coming on stream. This factor, strictly comparable with the * ln . r a ri h , s : 

-y there on market prices to prop spread over other metals as April-Septembcr period of 1977. uhoutV venue uom the "old 
- UP earnings per share. well, puts existing base metals B ut there are certainly indica- m , nvs in v ,,. w of ihe sh aip move- 

Since the middle of the year producers in a position of some t j ons that the group is un course UWlU < Hi- bul'ion pv=ce simt 
the search has been at least par- strength and, at the same time. f or a successful financial year. Ihc end ol dejob^r ax the dollar 
tially . rewarded, as Sir James gives shareholders who are pre- Markets have been strong in the lias recovered. And it is by nu 
Foots, the chairman of SUM pared to hang on a word of products where Anglos invest- means certain how the market 
Holdings, a major Australian encouragement. ment portfolio is concentrated. v .jil react to increased U.S. gold 

producer, made clear this week. “In the case of all metals. Over 60 per cent of it? income s, a [ eSi 

"But one musr be cautious existing producers have an comes from gold, uranium and . .. , 

about .assuming that this marks advantage over potential new diaoionds. . . ? weok , c . . uUlon ! 


OUR INCOME POLICY 

HIGH THIS YEAR, HIGHER 
NEXT YEAR, HIGHER STILL 
THE YEAR AFTER 


producers since the cost of If the net income is average " , 
bringing in new mines is now out. .then in the most recent 


This week the bullion price 
has been stabilising around 
$20(1 an ounce, dosing yester- 
day 31 $201.62o. It is not clear 


extremely high when set ag3inst half year Anglo was earning at *7*' . ’ . 

SUllMINf* -current metal prices." Sir James the rate of R17.2ra a month, whether the price has now 

: mlNING said.. This compares with a monthly a traomy Hoor after i!s 

PAUL CHEfiSERlGHT Existing producers have irt average of Rlft-Um in the 15 J . ^ SL 0 JJ,“ “ 3 “ V 

any case considerable unused mouths to March. 19iS. the cnu Ul wloopr ’ 

. . capacity. Cominco’s 1978 operat- group’s Iast full financial If it lias found a floor then 

ing cate is between 75 per cent period. this would no doubi suit Anglo 

. and 80 per cent, and ii is clearly • But within that 15 months, very well, because it would 

the beginning of a long term cheaper to build up to maximum there* were two March quarters maintam prices towards tin- 

upward cycle. There are heavy production and expand an exist- and it is in the March quarter higher end of the range that 

stocks in particular of copper operation rather than invest that the group's flow of invest- obtained between April and 

and zinc overhanging the mar- j n completely new ventures. ment revenue is strongest. On September, 

kei." he added. But base metals producers are 


This uncertainly about where - no t the only companies with ■ 

the companies are placed in the unused capacity. Rustenburg TM IlflTPIlTR PftHPARFn 

economic cycle probably owes a platinum, the world's largest . ”*l Uuiautu UUmrniiLU 

great deal to concern about the producer, reduced capacity at 
development of U.S. economic jis South African mines by 29 

policy. Mr. M. N. Anderson, the per cent at the end of 1977. Part •" J‘ r A 

president of Cominco. the Cana- 0 f this has been re-instated and toa ^ v 

dish lead and zinc group, had now demand has bull l up to the 

a thought about that. extent that the company can go Amal. of Nigeria (tin) *\ 

While there is a chance of a ahead with an K14m <£S-38m) AmJ. of Nigeria (columbite) ... | J 

recession in the U.S., “ 1 don’t scheme of further development. AyerliltanT 

accept the inevitability of a The annual report, published Berjuntai ...I!""!!""”’!!!!!".!!""! 217 

recession just yet.’’ he said. A this week, explained how con- Bislehl Jantar (tin) .... *1 

-recession could be avoided if tracts had been signed with the Blsichi Jantar (columbite) 11 

consumers maintain their nor- U.S. motor industry in 1922. j®** Trimiib Si 

mal purchasing habits. These contracts required . Rus- GeevSr* .T"" 86 

Nevertheless, the uncertainty tenburg to- make available Gold and Base (iiai i 

has tended to make longer range certain amounts of platinum Gold and Base (coluiubitc) % 

forecasting of company pros- each year. So far the maximum Gotwng i— .... 1S5 

pects a more congenial exer- entiticracnls have not been used. I* 

ctse than predictions of earn- ** But during . 1979 these Kent \ 

ings for. say. two quarters demands are expected to apr- KitlinghaJI 22 

ahead.. TTnw Mr. Anderson ‘pre- proach and indeed may. reach' Kirita Keilas 23 1 

diets long term growth in zinc the full entitlement,’' the KuaJa Kampur 2S 

consumption uf between 2.5 and Ruslenburg directors said. m 

3.0 per cent a year, a concru- There are no plans to expand ..“L.YTTTT.LLTL 138 

sion wirh which Sir James would production for general indus- pengkaien .!!"! *.! *\ 

agree •* A slow growth for zinc trial and jewellery purposes. . Petaling wi] 

usage is expected," he said. Interest in precious metals 

But the two nieo part com- lihe gold has of course, tn- |{: SthSS,, SM 

pany when it comes to lead. A creased as a reaction to the st _ piran—Thailand 98 


are watching- the long-term exchange markets.' At the same Southern.. Malayan 






Same 



Total 

period 

Or!.. 

Sent., 

tu dale 

previous 

197S 

1973 

(months) . 

rear 

tunnus tunms 

tonn s 

lunnes 

«J 

163 

RSG 

. <«) 

1,003 

« 


176 

<6» 

104 

1D9 

120 

456 

(4) 

596 

2111 

126 

6:4 

H» 

535 

317 

374 

2,243 

<6) 

2.492 

*1 


213{ 

(3) 

260 

«l 

«) 

23.“! 

18) 

245 

Sit 

85 

1,1 66 i 

(D) 

1,083 } 

c 


211 

18) 

208 

86 

89 

613 

<7) 

610 

i 

26 

22.1 

(9> 

238 

* 

Nil 

3 

(0) 

5 

1B3I 

162 

1634 

ID 

127 

13 

I8J 

1771 

(10) 


38 

21 

236 

(7) 

283 

9 

•1 

1621 

un 

4241 

33i 

IGJ 


(n 

33) 

23? 

29 

24i; 

47) 

2!)6* 

22 

2S 

152 

17) 

223 

30 

28 

162 

<G) 

1C3 

280 

211 

1,107 

<!> 

876 

138 

127 

381 

<3) 

472 

8* 

7J 

81 

m 

10? 

131 J 

121 

1.46-1^ 

(12) 

1.367{ 

■10 

73 

»4 

(4) 

246 

2.1 

34 

182 

(7) 

1»8 

200 

23G 

1 ’83 

(?) 

1.2HI 

98 

124 

721 

17) 

f25 

145 

150 

978 

(7) 

990 

xia 

I9U 

776 

(4) 

731 

221 

174 

1*247 

(7) 

1.10' 

12 

<35 

1ST* 

(9) 

196! 

38 

42 

167 

(4) 

187 

210 

191 

2.022 

(10) 

1^22 


Our Extra Income Trust has one simple 
aim.To give a high and growing income 
without 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.Thc 
estimated gross yield was $.54"., on 24th 
November 197S. 

As for capital, far from being eroded, 
it’s actually gone up 22. S"., since die 
launch. Over the same period the 
Financial Times Ordinary 1 Share Index 
has fallen 8.0",,. 

We’ve kept up this growth by investing 
mainly in a wide spread of U.K. cquiues. 
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 subscripuon form below. 


The minimum investment is £25 o and 
the current offer price is 30. yp 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 1st 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 
nther national newspapers. 1'be offer prices include the iniiuil 
management charge of 5 and there is a half-yearly charge • if 
u. "..plus VAT. Commission ar t ! "..is paid in authorised 
agents, but not in respect of Barclaycard pu rebates. You can 
sell back units on any business day at the bid price ruling \\ hen 
>’■ >ur instructions arrive. Payment will normally be made 
u ithin seven days of receipt of the renounced certificates. 

.Managers: Barclays Unicom Limited, Member of the 
Unit Trust Assodaiion.TruMce : Royal Exchange Assurance. 


BARCLAYS UNICORN EXTRA INCOME TRUST 


To: Barclays Unicom Limited, 252 Romford Road, London E7 9JB. 

Surname (Mr., Mrs. or Miss.) ^ 

1 B LOCK CAPITALS PLEASE.. 

Address . _ ... 

Lamp Sum I nv e stm ent I/We wish to invest > 

[Minimum £2 50 J ,* 


Forenames in full — 


I in units of Unicom Extra Income Trust and enclose 
[ a cheque for this amount. 


Jfyouvnsh to purchase these units through your Barclay card account please fill in 

yonr Barelaycard number here. 

If you owa your nez income ataouutiically rc-invarcd please lick here : ! 


I /We understand that units will be bought for me his at the offer price ruling on the day of receipt of this application. /I contract note shewing the 
number of units purchased adll be sau to you. Certificates tsill he pcstcd tcithin six rcecks. I 'Wc declare that I am; we are not resident outside the 
Scheduled Territories nor acquiring the units as the nominees ) of any perse.® v resident outside those Territories. If you ore unable to make 
this declaration, it should be deleted and the form lodged through your bank, stockbroker or any otiurr authorised depositary. In ihcca*ee>f joint 
applications all must sign. This offer is not az-ailable to residents of the Republic of IrcianJ. 


— Date 


Agent’s V AT No. 


FT251 1UX 


despite the recent strong 5 42 wi* ( 4 , 

demand and price strenrtb. Mr. id the . half-yeady Tronoh 210 191 2,022 <10) 1^22 

.'Anderson noted. Sir James, on announced by^Anglo American 
the other hand, was “reason- Corporation, the biggest of_th« .* Figures Include low-grade material, q Nat yet available, not- 
ably optimistic,” despite the South African mining houses. puis are shown in metric tonnes of tin concent rales. 


I Regular saving with Life Assurance and Tax Relief. | 

I lf you want derails of the Barclays Life Assured Savings ’ Igp3 (>j8) 5 

Plan, saving from £10.30 per month, please tick here. | 

■■■■■ 11 1 1 11 1 p hi 'pb ■ ■« 

Registered Office: 54-Lombard Street, London EC3P 3AH. Registered in England No. 589407. Ultimate holding company Barclays Bank Limited. 


-- t . 







Financial Times Saturday November 25 “ 2 S 7 S- r 


SEARCHING 
FORA 
RICH 
REWARD? 



( 


NTENARY BONUS 


jiv.'jvs fmd 3 rich reward at London Goldha’.vk 
Eij-l jinr v-M-etv And ne-t year. e.-en i'lcre so. because 1979 
vjr' one hundredth anniversar/.To “.irk The occasion 
v. •• r.v.-e decided to pay a Centenary Bonus on all of the 
sharer . rted below -vhirn v.iil ca fey .vs.. cl ah extra 0.25% 
interest throughoutl979. 

New interest Rates From 1st Dec. i?"3. current rates 
t*' *-r --.vJi be in-; i-a.-rd by 1 : ■. *-.* eh'ecr of this and 

t '-e ~-.ii 'len^nar; Sonus are shown hric 


• j ‘ 

-• '-LI'.TOJiR.ES'.-: 

:• -- I 3 . 25?0 | 

S. 50 % = 12 . 69 % 

3.75% ! 

9 . 00 % = 13 . 43 % 

: :v i 9.00% i 

9.2 5 % = 13 . 81 % 

-V •. ! 9 . 25 % 1 

9 . 50 % = 14.1 S?o 

I ' D 


- ; 8 . 75 % : 

9 . 00 % = 13 . 43 % 

c ^ . . .. 

F 4 EV 7 ISSUE We are also pleased 
- ; -r -v-r-iiic tion of our shares at 

io announce 
three months' notice 

■. • o- ,; *-.■ 

: * •. - -• • t- >. j ; ' ; ‘.hrou^hoii: i& 7 ?. 

•. -r.are i siio-.'.-n above 

» c"“ " •; r - x"-;r j- 3 K;' zj lending -hii col pc" 

I- 5 r-e 

'or stalls. 1 

1 



ELUDING SOCIETY j 

• ■ r 0 K. Lc -.dan r: :.Ts'. <?•??: S 23 j 

! -—iEHr^LJL _j 



and increasing income 




Onrtmore High Incorr.- Tru* r . is % 
primarily invested in L’K equine?. and 
.nm< to provide a high and increasing 
income •••• itfi<.*ut >amli<:!nc- norenda] for 
Mil; -term capital urovwh. 

Since the Trust a- launched in 
April 1075 the offer price ot units lias 
m-.r-.-.i;-— .1 1 v i ■. i ... i.ompared with a rite of 74. 7** in the Financial 

Tinii. = 1 ’rdii ..ir v 'hnrc Index. J n addition original unithoiJers have 
tv uaie ; ' r.« J > income 0r4.cs.G5 for even 4 A 00 invested. 

J ' .-mi-mlx r that t! ic price 01 units and die income from then 
con 30 d. .-.v n .1. v.ell as up. 

You 'h. mid regard your investment in High Income units as 
a i. >ng-t-.rrn om . 

T ■ »!.: .-ui invest any amount over £200. Simply fill in the 
o'-upon and h nd it to Ganmorc Fund Managers with your cheque, 
nr consult .iur professional adviser. 


■!! be uckno«1e4cr<J. ud c*n»icm*dl te fnrwanJfilKj i!m J 

*reka receipt • nur cheque. I 

m,.j, f I , L i 'u .■ X r. ehu *J j- the rurawi ‘td pfief Oflff' TaDii^bsnU 

Dei-:-. 1 . -• ■: Li.« .j the Alrq^n r »i« uv iu_: ■•roon.ed iulm 

: ” 1 - 1 - -j* ic-i# .] ii i,' 1 1 vs l^ 1 <uf«j < , htoAr. ir;. 

— . — r * » J.«r, 'I: r 1 :■*» ■*-» •— me* Tjs ■*■'■ -jwb *1^ [ ud T'tf dntaann/ i i mu. Em t 

•jr . i— I' ■»■ n* • '•Or#o r l-Jii .|l'» (fijfT'varoir.Xutkias. 

T — *-»• " * f.'Vofilirttlte .l^tcea'kjHtirciiBitaMncf 

• . .ih- — -■» ■ IV- a . 9 .j ■ Jk trM /.'l .t : • piu 'A P> :f de 1 4k uf ihstiid nfadaii 

I *r - 1 Jh-+u »H • , rO«T ci^rttr »:r!ajfrat*rw r!± • 

T>- ' 1.0 .'HaiI r-ji;.,,,. t !•'. IV i'Lntr" ntTf-rTn .- 1 on 1. Lin-*niFur^^ 

l ■ i _ “•_ '.-.iti'.JiONh 

I.'UK'i. t- 
- • f » I * ? 

Vj: «•-■"» aiL - *. ■ tj-jw .* -* — jbb- 


!»• Ii*v* <r - ik!>* j f ji ''leiiafli “he VTiiTtiia^sioaKav) 

gr. • inptrf AlL** UL, A,-L n. 




.,,s 

'V 


Flli in iJic coupon and send know. To: Gartmorc Fund M a a age m 
L id. 2 Si. ?• lary .Axe , London ECjA SBP. .v» rjfd. ^ 

I ■ . -h. . .jil liln 1. 1 hui" i,nirr.rui f e Hi yh I ncnnic Units roJic -.^ius of 'Mk. £joo ) 
.U tho ofiir once mine on the day you 
icvei .e this application.* 


1 We enclovc a remittance, payable to Gartmorg Fond Ma n a g gwiTaA. 
Twocjroihbnaj dienftr pii= of Garmon: High Income Units on 
: • :J N*>. jniivr. 1.171 was fit. jp. 

... ! I" " ..*i a ’nj:iiTQ^i , "iib; navmecrGuncumH'JTiKiiiiGa^. 

I tn-^. . Wl.^t^A..rF,W J l l lpMr^ ll I^T^I*i n .pllltfl M ... mrm 
ig.-^M Bu v f J «gu....p TJ irni rautfaitamife tfn Sctaifcilrf Twriaw. 1 11 '^nninMiB mtii 


SlWitMETDlMRS I.USS'.. 


FEST NAME1S1 L*: PULI.. 
khrmm 


SIONATPiSO*’. 

• l*i-* rfjf'i • 




FTssriHr 




iwryLaw^ ' 
1/79 concise 
hsidetoCTT 

To obtain your copy send cheque for £1 .00 to:- 

Towr> Law& Co Ltd 

Towry Law House. High Street, Windsor. Berkshire SL4 1LX 


FINANCE AND THE FAMILY 


A record of payment 


BY OUR LEGAL STAFF 


No ioget ccsoonvbilfTf can 
accepted by tha Fiaar.dol Times 
for :ne answers fiven In these 
cc/uftkis. M inquiries wifi be 
answered e/ post os socn c; 
possible. 


1 want to compile a record of 
payments made in cash to a 
doctor, but have been unable to 
obtain receipts from him. Can 
I insist? 

Since the abolition of stamp 
duly on receipt it seems thai 
there is no machinery by which 
a receipt can be required after 
payment has been effected. The 
only way 10 ensure that a 
record of payment is available 
is to pay by cheque or to refuse 
to pay until a receipt is made 
out. 

Restrictive 

covenant 

I live in a cul-de-sac of II 
bungalows. There is a covenant 

in the deeds oF the property 
that states no business is to be 
carried on in the property. 
Some new neighbours have 
moved in recently who recoil e a 
weekly delivery of guuds hy 
lorn.-, and during the course of 
a week about 25 curs arrive and 
collect cases of goods. Does such 
a restrictive covenant have any 
force in law today? 

Thorp may well be a breach of 
the restrictive covenant. How- 
ever its enforcement depends on 
:he precise nature of the formu- 
lation of th? covenant in the 
conveyance which imposed it 
and on some very technical 
rules which have evolved in the 
courts as to who may enforce 
restrictive covenant 1 :. You 
should consult a solicitor. 

A minority 
shareholding 

My wife and I are minority 
shareholders in a private 
company, whose directors pay 
themselves on siicb a scale 
that there is not enough money 
left to pay the cumulative 
preference dividend, falls this 
permissible? <b) How can l 
see wbat the articles of 
association provide? (c) How 
can I find out our rights if 
the company goes into 


liquidation? (d) What can our 
executors do about our shares 
after our decease? (e) Can the 
directors get our shares by 
offering us a derisory sum? 
fa 1 Provided the salary ia not 
so enormous as (0 be manifestly 
a sham transaction, the present 
owners can defeat your oppor- 
tunity to have a dividend 
declared in the manner which 
you indicate. 

ib) You are entitled, as a 
shareholder. to see the 
memorandum and articles of the 
company. You should write to 
the company's secretary at its 
registered address and request 
a copy, offering to f»ay the 
proper charges for it. 

fc) Your rights will be 
Soverned by the general law 
relating to the winding up of 
companies and by the Articles 
of Association. 

idi As the company is a 
private company, the ri^ht to 
transfer shares will be 
restricted. It is therefore likely 
that any bequest or sale of the 
shares will be subject to the 
directors' right. e.g.. to refuse 
to register transfers. 

tel In effect the value of a 
minority shareholding such as 
yours and your wife's may be 
virtually nothing; and any offer 
now made should not lightly be 
rejected. 


A second 
mortgage 


1 wish to help my daughter to 
pa> the deposit on a flat, to he 
mortgaged to a building society, 
and should like your ud'-icc as 
to hnw to ensure that, in the 
event, say. of a brenkrivwn of 
hrr marriage. 1 could claim the 
money hack hi priority to any 
claim on the property hy her 
husband. Is a second Tnortsn^c 
necessary to secure this? IF so. 
would it have to be reported 
t-» the building society and be 
likely to affect their willingness 
to cuter into a first mortgage? 
An informal record of l-ian <in 
writing) may be used, but it is 


Gains tax after absence 


A year ago a friend obtained a 
business appointment to last 10 
years some 120 miles from his 
residence according to which 
he was required to live in 
accommodation pruiided by his 
employer. He now wimio to 
»ea*e Ins own residence ior uie 
nice years of the anticipated 
aosenec. The Finance Act lSb'5 
implies that a gcuerai period 
of three years absence plus a 
luri.-.er spec; he period 01 tour 
Jean* (under these elrcura- 
itar.ccM iu ay be ignored, auci an 
CA'Ua-stalulory concession pro- 
vides that residence need not 
be resumed before the residence 
is sold, should his employer 
require llic owner to live 
elsewhere. In such circum- 
stances would a lease of his 
house for more than the 
aggregate seven years render 
him liable for capital gains las? 

It is not actually the Jea.-e that 
causes the problem, but merely 
the absence of the owner (and 
his wife ». Concession D4 helps 
a little— or may do so if need 
he — but the best hope seems to 
lie in section 50 of the Finance 


A. t ;y7S mi respect of .he part 
tiie period or absc.i-. wnn-h 
:jf s a. i or -July 30 ;1:S yed.-i: 

o<j — H i in ,ectiur. in ol the 
I'i'iance Act lUda 1 re; id' :ur pn- 
va'.c residences) after subsccti nn 
! 4 * there shall be inserted— 

" ( 4A » If at any time during 
an individual's period of 
owner* h.p of a dwelling-house 
or pari of a dwelling-house 
he — 

0 1 resides in living 
accommodation which i.- for 
him job-related within ihe 
meaning of paragraph 4A 
of Schedule 1 to the 
Finance Act 1974: and 
tb) intends in due course 
occupy the dwelling 
house or part of a dwelling- 
house a- his only or main 
residences 

this action <hall apply 3; if 
the (A'clllng-hous? or part of 
a dwe. ing-house were at that 
time o.cupied by him as 
resident \ 

(2> 'ihe new subsection 
( 4A) set out above applies 
where the time referred to in 
that subsection is after the 
passing of this Act. 


preferable to have a second 
mortgage, as you suggest. In 
either event it is desirable that 
clear written records are kept 
of all the transactions. A 
building society should be noti- 
fied of a second mortgage, but 
ii is unlikely to refuse or to 
modify the terms of a loan on 
that account 

An executors’ 
account 

With reference to the inquiry 
under An executor's account 
(October 21) is net the point of 
the inquirer that he wants to 
insist on money being paid to 
him before be obtains probate, 
which, you will agree, he 
cannot- do? 

We certainly agree that an 
executor who has not obtained 
probate cannor insist on being 
paid moneys due to the estate. 

A disability 
insurance 

I have a disability Insurance 
policy one of the conditions 
of which is as follows : 

“ If when a claim arises the 
Disability Benefit applying 
under this policy at the 
commencement of disability 
together with the benefits 
payable under any other 
insurances against disability 
by sickness or accident and 
National Insurance Sickness 
and Invalidity Benefit or its 
counterpart in the Republic 
of Ireland (but excluding any 
amounts payable in respect 
of children) exceeds (a) 75 per 
cent of average weekly 
earned income where the said 
income does not exceed 
£ T 0h per week or (hi £25 plus 
50 per cent of average weekly 
earned income where the 
said income exceeds £100 per 
week, the first yearis claims 
payments will be reduced by 
the amount of the excess 
and the payments thereafter 
will be reduced proportionately 
so Ions as the claim persists." 
Could you please put this into 
simpler language for me? 
Payments are not to be made 
in fuil if *he combined amounts 
or the Disability Benefit under 
ihe policy and all other insur- 
ances including National Insur- 
ance and Invalidity Benefits 
amount to more limn : 


ta’i “3 per cest of. tbe 
insured's average weekly 
earned income, where that 
income is £100 per. week or 
less ; or 
to) 50 per cent of the 
insureds, average weekly) 
earned income plus £25 
where that income Is more 
than £100. 

Thus the limit of 'benefits is 
£75 per week if the. average 
earned income is £100 per 
week; £60 where the average 
earned income is £&0 per week; 
and £100 where the average 
earned income is £150 per week. 

Possession of 
a flat 

My daughter aged 19 is a 
student at London University. 
She owns a fiat near the 
college where she will live 
during the coming academic 
year. 

Next year she will spend 
abroad as pan of her course. 

Is she able under the Rent 
Act to let her flat with the 
certainty of recovering 
possession when she need£ it 
at the start of the academic... . 
year 1980? 

Yes, -she can let as an owner 
occupier specifying in the 
tenancy agreement or lease that 
she will wish to recover possefr-J 
sion for her own occupation 
pursuant to Case II of the 15th 
Schedule to the Rent Act 1077. 

Withdrawal 
of services 

When the leaseholder of fur- 
nished dwellings, In one of 
which I live, applied to have 
the rent registered two years .. 
ago. he listed a telephone coin, 
box as one of the services 
provided on his form of appli- 
cation. After the lease recently 
reverted to the freeholder, the 
latter's agents had the facility 
for receiving incoming calls. 
removed. Is this not illegal ? 

The freeholder's action ..is not 
illegal, nor is it a breach :qf 
contract if the Tenancies do not 
-contain a landlord's covenant 
to supply use of a coin box. 
However, tenants whose rents 
are registered could appl# to 
have the registered rent 're- 
duced by reason of withdrawal 
of part of the services taken 
into aceour: in fixing the renL 


Home trtiihs^Wf 

LAST WEEK I reported the: considerable and mu&jaore 
intmduction of a new insurance expensive. --»-•• •• - ■ -7- " V 
leaflet for owner occupiers— “A Sc, unfortunately - . the . 

Guid'e To Buildings Insurance leaflet and any that immedwjely - .- : 
For The Home Owner'— pro-'dehve from' it, are nottfor fiki;” 
duced for distribution to com^ dwellers; owners Of nryJt^storey. 
pany policyholders hy the town houses. , houses . built of 
British Insurance Association. Cotswold stone, fcauses.-wth . 
This. leaflet concentrates on .the thatched rqofs JTpr r 

cost of reconstruction and pro-, all of these the ecpeifc^vic*': 
vides a guide based on a rehuiW- of a'loeal professional ^surveyor - 
ing cost per square foot of- floor or architect, 15 necessary Tiniess, 
space, for five different types of you are prepared to use Hife-BJA 
home subdivided into large table as a rpugh-^iiiSe-hcd^e 
medium and small, and analysed the chance tfiat the-iigui^^t ‘ 
by a geographical area. . . you- calculate. iSr ipugl 0 y_m fte _ ■. 

Over the coming months ”^ v i' V V ’ 

doubtless individual .company 
practice will var>" some may- A 1 ?* f h 5- 
issue, the leaflet to .all-iheir cal^labon 
palicvholders. some may supply building, anurtpa^-irf a 

only* on request, while ; others ^P^te_sa^qjc^vya^, r haye ; , 
mav extract a .part of the garden .s^^^eeahoqses, 
information and supply it to - 

■some or ail of their jwlwy- J} 10 ®' : -. 

holders in leaflets of their, own typical garage; -iyb^dtpg.. Cps^s, 
design. The best advice 1^ ^ can - 
give at this stage is this: if iron 

Xance Sm , X*. "oi «* 

rh - RTA ; . comparison tne^ relative figures 

^ . for pre-fa hricated garages "ari. : 

When you get the £M0 '-:W;SLS«^c4 >^^- 

have your own foot rule ready * ^ BIA . - 

• homes into large 
small,; but ta kes : mi ii cobdnt'“.qf , ' ' 
quality, , partly - • 

would have necessitated strean-' 
'siderably larger /tablef^f' r (asts " •• 

■ factors, partly. ’bedtuseV^^ty - ' 
for so many: T>e 0 ple :cab, : J>e;;a . 
nratter for subjective. Sp.^gmeet 
rather ' than ^ objective - ^-assess- 1 ;' 

remember that the application “"--But 
of the pound per square foot provided .by • BC£S^ oaq- ;ffirM . 
rate to your measurements' does Quality di wsioi^. ^asj^/good, 
not provide accuracy. Neverthe- and 

less once you hare done your naented however that . 


INSURANCE 

JOHN PHHJP 


liomeworK, compare the result- upper Itent to thie r ^oE 

alculation with your raooe - v people :can^pftml(m 


tng 


present sum insured: my ^uess 


their houses. 


i, thst you will be in for , «w . ' 

prise, perhaps even a ■ nasty- 

- . „ . I* j Jl^ its yardstick, so anyone whi* 

shock, and that you may., well .. ~r - i. ■ ■ .~i- .rr^-' \ lf : 
« • _ - r 1 1 An fi considers thst! he ii3S'3 uonj? , of 

find a snortfaU of 20 per ^ rte ^ s to . ^ 


30 per cent and perbaps.niore; 

In producing . this . leaflet. . 


something, perhaps between: 21) 


in proaucing nus .^ r ^ 25 wr trtit, '^n-to 

based on information assembled (jj e bIA’s figures. .. 

by the Building Cost. Informa* .The BCIS -report -cbm&ents 
tion Service of the Royal fnsritn- the-^lesients which show 
tion of Chartered Surveyors, ■ujq most vaTurtibfi: friim' the 
BIA recognises that it caters quality aspect are such items as 
only for the majority of owner .Kitchen amt ganitary - 
occupiers living in two-storey hutit-m cuphoards±andHlo' oti. 
houses or butigalows of standard ^-hile . finishing elements .; are! .. 
brick and tile construction. almost, as, variable. . -In •• the. 

Beyond these, there are far BCIS view another .espectjdtrid- 5 
too many variations to be' eon- lng go5d friim exceBetif Surihe 
tained within the eight -panels roof, design^, for more expensive t 
of the simple guidance leaflet, roof tiles require - a. : steeper 
and a handbook would be= re- pitch of roof, : ihit ofliec 

tfuired. Moreover the task 1 of the hand in the . modem . postwar , 
BCIS in monitoniig price move- home, central' heating; at one,^ 
mehte-jaxid ^passin& dnr the re- time counted -a^ Jmnte^improyfr- 
suhs of its work at regular, in- ment, lakenas part of .the j 
tervals would be much more basic equipment/.: r ' : . . 


INVEST IN 
STOCKS AND EQUITIES 


A ‘must 5 For Every Eligible Husband And Wife 

The Family y s issurance Society is „ 

completely exempt from income tax and 
capitai gains tao-:, because it is a tax-exempt 
Friendly Society. This gives tlie Society an 
advantage of about 40% over tailed rurids. 

The maximum investment allowed is £10 
a month or £120 a year 1 less tax relief i for 
those aged 44 end under, .and £11 a month 
or £132 a year (less tax relief) for those aged 
45 and over. By law, it is only available to ' 
family men and women. 

If you prefer, a lump sum of about 
£1,000 to £1,100 (depending on agej can ■. • 
fund your annual investment, at a~ discount 
of about 25%. 

This is a unique unit-linked investment, 
but unit prices can fail as well as rise. 

However, the Society estimates that 
because the investment is tax-free, the value 
of units will be more than double the 
amount of net premiums paid over ten 
years. So far, it has performed rpuch better 
than this. 

For further details, please fill in the 
coupon below: 

T 1 

■ Julian Gibbs Associates Lurrited, ■ 

I 9 Manchester Square. London ^"Uvl 5AE or r flFG . 
j telephone 0i-437 4495. 



For lump-sum savers 
Yes, there’s good news for Leeds 
savers: from December 1st, the 
interest rates on most of our sayings 
schemes will rise by 1.3% pts net, 
1.94% pts gross. That means your 
money will be working even harder 
for you, and growing faster or yielding 
more, however much you 
have in your account. For 
instance, the new Paid-up 



Subscription Share accounts 
will now earn 

9,25% net — 13.81 % gross 

to those liable to tax at the . 
basic me of 33% 


,TheP 

Leeds 

PERKIANEIIIT 

BUILDING SOCIETY 

Head Office: Permanent House 
The Headrow, Leeds LSI INS. 


Share interest rate'of 8%ron ydur : ’ - jv. 
money is equivalent to ;11.94%‘ grbss _ 
if you pay tax at the bask rate of .33%! 
Whether you’re saving to build capital,.; 
or looking for the best possiblereturn 
oh alump-siim, how more- than ever,'" ' . 
the Leeds is the place'to be. 

\ ; .Call in at your local 
branch to find out more— 

; the -address is iri^the 
YdlowPages.’ . 



For tixeti term investors 


. 3-year High Return-Shares - * r . E 
-‘ - will nbw earn ' . ' . ' ; ' ' 

9 net = 13 .43 %gj*oss - 
to those llabJe to W at tSeJiafele' !; f'i j 
. . • ■. rateof 33% 

’ - . S-yiear.teTTn.&haresi:...:,:;,, V‘... ; 
8.9% (basic rate taTrpaid J * 12^9%;- 


Say 'the Leeds’ andyou’re smiling 


.y.y : 























Financial Times Saturday November 25 1978 


YOUR SAVINGS AND INVESTMENTS 1 



Some savings plans are so good 
they cannot be advertised. y 
Erie Short shows how you. can get 
15 per cent net on regular savings 
plans. 


• I 






Middlemen take cut 





to 



saving 



i IS IT RIGHT that solicitors, as commissions, is hard to see. 
[accountants,' insurance brokers Free market organisations have 
and other professional people J ea ** the ^constraint that what 
I should be paid commission when 


they place a client's money on 
deposit with a building society? 

Several societies now pay up 
to 1| per cent commission to 
agents who m many cases do 


OPINION 


Royal's headquarters: interest rates reaching for the sky. 


. „ I 


ONE OK THE. best returns 
. available lo mo^t regular -savers 
is now provided by building 
society linked life policies. At 
current interest rates some or 
these' schemes are now promis- 
ing returns of up to 15 per cent 
a year over four years: yet very 
few investors appreciate the 
advantages of combining life 
insurance with building society 
-savings. 

' The idea is that the investor 
takes out a JO year life policy 
paying monthly premiums. 
The insurance company takes a 
small percentage for its ex- 
penses and the cost of life cover 
■ and the rest is invested in a 
special building society account. 
'The key to the phenomenal 
return . you are promised is 
these schemes qualify for the 


BUILDING SOCIETY PLAN v ENDOWMENT 

Returns for a man aged 30 investing £10 a month (before tax relief) 


Building society plan . 


10- year with- 

profits endowment 

Term 

Net preminms 

* Cash-in value 

Net 

yield 

Cash-in value 

years 

£ '■ 

£ 

% 

£ 

1 

100.2 

TOO 



2 

200.4 

214 


157 

3 

300A ’ 

340 


277 

4 

400 Jl 

536 

15.2 

414 

5 

S01.0 

700 

13.8 

560 

6 

fOU 

877 

12.8 

724 

7 

701:4 

1.069 

12.1 

911 

8 

80U 

1.277 

11.6 

1.116 

9 

fOli 

1.502 

11.2 

L339 

10 

1,0023) 

1,758 

1U 

1A0S 

* On current returns. 





drop, whereas the bonus 
on the ordinary policy should 


they pay in commissions may 
make it more difficult for them 
to quote keen terms to the 
public. 

With the building societies 
fixing both their lending and 
borrowing rates as a canel. the 
_ danger is that the cost of com- 
missions will tend merely to add 
to pressure for wider operating 
margins. 

There is a strong case for Uie 
societies abolishing commissions 
altogether. The case for invest- 
ing short to medium term in a 
few building society is usually so 


_ OTOC i little more than fill out _ 

raTCS ! forms. For a deposit of £10.000 clear-cut for the average tax 


sund up mil. That is Hie risk , d lilst wl)rks £13n . 

the budding society investor has 1 
to take. 


The table Is based on tax re- 
lief at 16} per cent. The higher 
tax relief from next year will 
enhance further the attractions 
of the building society' plan. So 
why are these plans not actively 


fairly typical figure these P a y er that most of the deposits 

the movement currently pays 
commission on would come to 
it anyway. 


The major societies, whose 
generally modest commissions 
are shown in the table, blame 
growth-hungry middle rank 
societies for rocking the boat. 
Medium-sized societies are 
accused not only of bidding up 
commission rates hut of being 


AGENTS* COMMISSION FOR 
EVERY £100 DEPOSIT 


marketed? The life companies! free-and-easy about whom they 
tend tu leave it lo the building j pay. The majors generally — and 
.societies, to keep expenses to a the Halifax and Leeds in par- 
mmimum and (he percentage ricular— emphasise that they 
invested as high as possible. | restrict their commissions to 
The building 
their hninch 


.Halifax 

£1 (approx.) 

Abbey National 

85 p 

Nationwide 

£1 

Leeds 

£145 

Woolwich 

£1 

There is 3 special 

reason for. 


societies claim , agents who have signed enn- believing that societies- pay- 
managers push | tracts and are in many cases ments shou!d be reTiewed in 
these plans with varying sue- ) providing sub-branch facilities. t h e case of solicitors, especially 


cess. Bui it is noticeable the ; Some other societies, it is sug- 


tbose who do not provide a sub- 


high returns are hardly adver- gested. pay commission even to branch sen-ice. Under Law 


lised. Thp explanation for the 
cirrumspeclion may he that 


usual life insurance tas relief — expected returns .from Royal shows the return you would get 

16} per cent at the moment and Insurance’s plan linked to the from Royal's standard 10-year similar plans, which were 

174 per cent from next April. Cheshire Building Sociely, w/tb-profits policy nn Die basis actively marketed in the early 

When the investor wants his wll,ch has J ust ^sed the ,,f present bonus raLes and sur- 1 MTOs over two-year investment 

money he simnlv cashes-in the ,Tllcre<; t Tates jt pays to policy- render values. On present in- periods, were the primary cause j r 

amount accumulated in bis holdcrfi - Somewhat surprisingly, leresi rates, even the maturity of the Introduction of clawback {j 
account Provided he runs the > ,,u the best yield ’ if you value cannot compete, while the 

pnlicv for at least four vears Msl3 ln after HwMwr years, surrender values arc far in- 

there are no penalties for 'cash- ear J. iest >’ m, u U J ^rior. 

_ tna nol ion tuithiant Ploti'haplr 


have no prior society rules, even- solicitor 
should declare significant cum- 


in the first place, 
is that if the idea 


people who 
arrangement. 

The Building Societies Asso- mission receipts to his clients 
clarion is now trying to get the and give credit for them in the 
top 20 societies to agree to pay fees h e charges. In effect solici- 
nn morp than a maximum of tors should not profit personally 
, - per cent commission from next from such receipts. To avoid the 
And the fear j January. danger that in a few cases the 

Considering that BSA mem- benefit might not be passed on. 


is too suc- 


cessful. the clawback period a f ew minor exceptions ought not the societies to give 


i agree not to compete with each 
with I other ■ on interest rates. — which 


jng-in. But proceeds from the policy witbunt clawback f)n jj le projected figures, in- toulri be c xlen dod. 

policies cashed in earlier will Pr°blen»s. The explanation is veslors t are interested only Equitable Life, linked — 

be subject lu “ clawback” of that your profit from tax rcltef j n sai nnr.s, would be better off Bristol and West, has no suehjare the one area where healthy 
the tax relief element. The ,s diluted the longer the policy in the building society plan, with qualms and uses these policies; if limited competition might 
building society may also make runs after the clawback period nil ] 0Ss investment xeioirify. in school fees planning ser-j benefit savers and borrowers — 


deductions to cover expenses. 
The table shows the latest 


ends. 


But if interest rates drop, the vice for clients. This is 


For comparison the table also budding society yield would also ideal use for such policies. 


an | the case for competing with 
leach other on such peripherals 


the clients credit direct in 
extra interest payments or at 
least draw attention to the 
existence of the commission in 
a note in the passbook? 

EAMONN FINGLETON 


0 ms 

TO INVESTORS WITH 

SHARES WORTH 
£2,S00 ORjgORE 

Send for details of the 
M&G Share Exchange 
Plan by completing toe 
coupon below. 

r^To: M&G Group. Three Quays. Tower Hill. 

J London EC3R 6BQ. Telephone: 01 626 458S. 

| Please send me full details or your Share Exchan ge Pl an. 

I 



Atfj IK.'lL 

IVU'r. iFOPrMAMRSl 

?Jr.: IAV.E 

addpp::- 

IIS! 

. 

POST coot 1 


I .Vet applicable 
| to £irg. 


M 


531118 



For full details of how 
M&G can help you meet 
the cost of your child’s 
education, please 
complete the 

coupon below. " :: £. 

^"Vo: M&G G roup. Three Qua vs.Tower Hill. 

i i cr-iD /Dll 




.. ■” J fl 05 || 

London EC3R idBQ. Telephone: 01 626 458l?. 

Please send me the M&G booklet on School Fee Bonds. 



Passport to cheaper motoring 





INSURANCE 

TIMOTHY DICKSON' 


YOU CAN make a hefty dent in 
ynnr car insurance hill if you 
can prove you sire a skilful 
driver. ■ ■ 

. Several’ insurance companies 
and syndicates .now recognise 
'that if you have passed the 
-Advanced Driving Test you are 
l ’.a good risk and will quote you 
’fewer premium rates. The dis- 
count can .often be worth 
'.between 5 and 25 per cent of 
the full top-line ” premium 
i'tshe' figure on which no claims 
bonuses are. calculated). With 
insurance rates shooting up by 
.. :j5' per cent- this year and a 
-further 2D per cent- rise 
-expected m 1979, that- can be 
xirorHv having.' 

i F^->Bw>ICers _- are- cautious v abput 
; '-Mamfeg insufers which provide 
.sfreb/-- discounts because your 
' entitlement 'depends on many 
yariaBl^'.' An insurer which 
sbaie- motorists credit for: 
. passirtg 'tfj'e test , inay not give 
- yottVany extra, discount if you 



arc. already getting a very keen 
rate because of your job, age 
and no claims bonuses. On the 
other hand, your certificate may 
count in your favour if your 
insurer loads.- against you 
because it does/not like the type 
of car you drive. . 

The test j£ run by the Insti- 
tute of' Advanced Motorists, a 
registered;' charity with 90 lest 
centres.around Britain. 

. it cjpRts i9.q0.and membership 
of : the. Institute (the passport - 
lo a^ disoount) is £3 a year. 
Through, one. of its 100 local 
groups ihe- Institute provides 
free tuition to .would-be ad- 
vanced motorists. 

The pass rate is 87 per cent 


for “ trained ” applicants and 
57 pdf cent for the rest. 

The\ test lasts one-and a- 
half hours, involves tricky 
manoeuvres, and puts you 
through your paces in heavy 
traffic, on main roads and down 
country lanes. 

.: The institute currently exa- 
mines four categories of driver 
—commercial, motor car. three- 
wheeler^ and motor cycle. 

. One .big insurance broking 
concern which keeps tabs on 
these discounts and has close 
links with several companies 
and syndicates offering them is 
Turret. 


Why Save & Prosper Property Fund 

is wellplacedtobenefil . 

fromctirrent investment coiidit 



in-based 





Op. a* currentgrossyidd 


The Fund comprises: 

British Government Stocks 

83°rt 

Other Fixed. Interest Securities 

7% 

Cash 1 

10% 


When you encash your Bond, anv 
profit made may be subject to higher 
rate tax or investment income 
surcharge (not basic rate tax). Lloyd s 
Lif e will be pleased to advise further. 


1 

I 

I 


$ince its launch in February 1974. the 
; i_Jovd : s Lif e Option 5 High ^ ield Fund 
has been the top performing fund of its 
ldtid,. according to statistics in Money 
Management Magazine, October 
1978.' The offer price has increased by 
63 %* and die current gross yield of 
3 1.1% is more than enough to cover a 
5K. per annum cash withdrawal (after 
tax and charges). 

The preferential tax treatment of life 
assurance bonds allows even 98% 
tax pavers to withdraw 3 % of their 
original investment, fxee at any 
immr.lu nr iuifolity to ulx. eacli year 
for a period of twenty years. 

Lloyd’-!: Life considers the Option 
3 High Yield Bond to be ideal tor any - 
investorwho requires these tax 
d eferred w i t hd niu a L. 

'• TO 

lfxou full c Cl/iOv 07 more uun/obL’ fen 'iwWnjPit 
and unuld Idx dcuuh of the Option 5 High- ^ ud d Finid, send me coupon to. 

Lion's Life Assurance Limited 
20 Clifton Street, London ECZA 4n.V 
Telephone; 01-247 7699 

' Name ■ „• , — ; — : — 

.Address — - ^ — : — : — : 



The Compativ formed 
by Llovd’s of l^xidon, 
the world famous 
Insurance Institution 


JlLjliHV 


I 

I 


Tc?ebjtQue XuiTiher— 


Work 


Wmc of In-umince Broker fit drv-j 


-—f- — J 


This year capital values of commercial and 
industrial properties have moved smartly 
ahead as rents have continued to rise. 

' Rental growth has been particularly 
marked in shop properties where increased 
consumer spending has led to buoyant 
conditions. Rental increases have also been 
noted in the City of London, in particular, and 
also in other sectors of the property market. 

It is our belief that the Save & Prosper 
Properly Fund is particularly well placed to 
benefit from such increases in rental values. 

Of its portfolio, 44% is committed to shops; 
additionally, the fund has recently made a 
substantial commitment to the City of London 
office market. 

Moreover, of the 61 properties held, 39 have 
rent reviews between 1978 and 1980, and the 
income of the fund should therefore be boosted 
considerably over the coming years. 

Rental growth has also reinforced dema n d 
from insurance companies and pension funds 
for prime commercial and industrial property. 
Indeed, they are continuing their policy of 
building up their holdings of property to 
20%-25% of their assets, despite rising 
interest rates in the money markets. 

This percentage is a proportion that many 
private investors might also consider 
appropriate. 

Past performance 

Since the launch in 1971 the fund has 
performed well, showing a 70.4% increase in 
the offer price of units to 22nd November 1978. 
Performance against the Money Management - 
Property Bond Weighted Index, which was 
started in January 1973, is'shown opposite. 


GRAPH SHOVING THE PERf OBMAHCE 0F THE SAVE S PflOSPER::,; 
PROPERTY FUND SINCE JANUARY 1373 - .V 



Investment policy 

Our policy has always been to invest in 
medium-sized prime properties in carefully 
selected locations, since such properties are 
usually in demand when economic conditions 
are good. Additionally, in difficult times they 
tend to remain more marketable. 

The fund now has a well balanced portfolio 
of til properties throughout Britain, and is 
currently valued at over £33.9 million. 


Analysis of fund by type of property 


i 


31^* 

m 

io« 


Shotr* WIiMi 

• Ineludn 8. 1l» development comaOmeal 

Analysis of rant reviaws 


ladosinal Cash 


Typtal 

piope rty 

Shops 

DHius 

faricstrial 


Data a! rat tmm 


Altar 

BbbiW ! 1378 1973 1380 1381 191? 13 BZ 

4~ 
3 


43 { 12 

ID | 2 

S i Z 


The fund’s managers are advised by Healey 
& Baker who specialise in shop, office and 
industrial property throughout Britain. The 
properties are independently valued at regular 
intervals by Cluttons, Chartered Surveyors. 


About Save & Prosper 

Save & Prosper Group was founded in 1934 
and in addition to being Britain’s largest unit 
trust group is a major force in the life 
assurance, pensions and annuities field. 

At 1st September 1978 the group managed 
£950 million on behalf of more than 700,000 
investors. 

5 %pa.freeoftaxatthetime 

If you invest £1,000 or more you can 
withdraw up to 5% of your initial investment 
each year for 20 years without giving rise to 
any liability to tax during the period. This is a 
feature of particular interest to higher-rate _ 
and additional-rate taxpayers. Further details 
on the tax position are given below. 

hi using this facility you should bear in 
mind that any rate of withdrawal that exceeds 
the growth rate of your investment will result 
in a decline in the value of your investment. 

Mow to invest 

A lump-sum investment in the Property 
Fund is made through the medium of a single 
premium life insurance policy — the Save & 
Prosper Investment Bond. You can invest £250 
(£1,000 if using the Withdrawal Facility) or 
more by purchasing an Investment Bond 
linked to the Property Fund. To invest now, 
simply complete and return the coupon below, 
together with your cheque. Ouce your 
proposal has been accepted we will send you a 
policy document within ten days. The offer 
price of units in the fund on 22nd November 
1978 was 170. 4p. 

You can invest in the fund on a regular 
basis and also obtain valuable tax relief. For 
further details please contact your usual 
adviser, one of our local branches, or 
Customer Services at the address below. 


EVERYTHING ELSE YOU SHOULD KNOW 


„ Unit pricing The Property Pond is divided 
into units winch are normally revalued 
fortnightly, though more frequent valuations 
can be mode if necessary. The offer price ie 
the price at which units w» allocated to your 
Bund and the bid price is that which 
determines the cash-in value of your Bond. 
The number of unite allocated to your Bond 
win depend on the offer price ruling on the 
day your application is received. All not 
inenme received by the fund is automatically 
reinvested to increase the value of units. 

Automatic Ufa insurance Should you rilo 
white your Bond is in force, your dependants 
would receive between 100% and 250% of the 
bid value of tbo unU that credited to your 
Bond. The actual percentage depends do 
jour age at death, and this percentage i? 
shown for sample ages in the Labia A full 
table of rates u available on request. If you. 
are in poor health whan yon purchase your 
Bond, we may have to quote yon special 
terms, though the amount Uneaten is not 
affectaL 


Am <xt deztih 

Percentage of the bid 
colas of your Band 
payable on death 

Dp to 30 

36 

.' 40 


170# 

45 

60 


65 

110% 

60 . 

106% 

65 

104% 

70 


over 75 

lWb 


Cbaitfw There 5a aa is&a] atnagsaat 
change of 6% plus a roonding adjustment 
(not nssoeding the lower of lp or 1%) which 
ia included in the offer price of touts. Thera 
is also an annual charge of 4 % of the valna 
of the Trad to cover Hfe iosoraoce and 
administrative costs. 

The costa of property management, valuation 
end other expenses of tire Fund, including 
having md n^Hiny piwpwrf m 1mm. by 


the Fond. We also reser ve the right lo amend 
the policy benefits, if necessary, as the result 
of any levies payable under the Policy- 
holders’ Protection Act. 

Current tax position You have no personal 
liability to capital gains rax a> this is aliened 
for in the price of units. Also you will have no 
personal liability to basic rate income tax in 
connection with your Bond, either while it 
is in force or whan you cash it- in. 

There may be a habuity to higher rate and/or 
additional rate tax if you arc, or become liable 
to these taxes daring a yearin which you cash 
in your Bond, or on your death. 

Withdrawal facility B.ssic rate taxpayers 
will have no liability to income tax on any 
withdrawals. Higher rata and additional rata 
taxpayers may withdraw up to o^o of their 
ondinal Investment each year for 20 years 
without glting rise to any liability to these 
rates or tax during the period. Such 
withdrawals will however, be taken into 
account m calculating any liability to tbeso 
taxes when the Bond is eventually cashed in, 
or at death. Payments are made half-yearly 
on the last day of the month you select, the 
first payment being not las n«n two months 
alter the purchase of yoor Bond. You may 
vuy yoor withdrawal rate or discontinue 
using it, subject to two months' notice 
being given. 

Switching facility At any tlmn you may 
switch your Investment, from the Property 
Fund to one of 22 other Save & Prosper 
Group ftaxafa. at low coet, and without 
incurring any personal capital gains tax 
liability. Full details of this valuable 
facility are green in tho booklet that is eeat 
to you with your policy drs- nn ,»nt- 

CtiMnf la poor Bond Yon may cash Sa 
your Baau at any time and receive its full 
eosh-m value based on the bid price riding j 
However, we reserve the right to delay 
repayment or switching for a period not 
exceeding six months. In order to avoid 
having to Beil properties dieedvantnceDOalj 
Thu right, woich baa never been e 
would only ha used in exceptional 
qgcumstanw . 


PROPOSAL FOR AN INVESTMENT BOND Li NKED TO 

SAVE & PROSPER PROPERfY FUND 


SAVE& PROSPER INSURANCE LIMITED 4 GREAT ST, 
Registered In England No: 322226. Registered office as 
above. 

1. I wish to invest C In a Sava & Prosper 

investment Bond linked to the Save & Prosper Property 
Pond. I enclose my cheque lor this amount made navabls 
to Save & Prosper Insurance Limited. 

BLOCK CAPITALS PLEASE 

2. Name of Proposer in lull Mr/ Mrs/ Miss 


First namefs}. 


Surname. 


3. Address. 


4. Data of birth 

5. During the last three years have you suffered from any 
serious illness or undergone surgery f If yes, please give 
details and dates. 


HELENS LONDON EC3P3EP TEL: 01 -554 8899 
7. Withdrawal facility. II this is required.- please Indicate 
the percentage of your original invesimeni Which you 
wish to withdraw each yea/. (Minimum investment 
£1,000). 

4% □ 5% □ 6* Q 7% Q 6* □ 

I should like the firs withdrawal facility payment to be 

made on the last day o! _lmomh) 187 

(year) and half-yearly thereafter. (Not earlier than two 
months- alter the data o! this application.) 

This oiler is not available to residents of the Republic of 
Ireland. 

Declaration I dedans to the host of my knowledge and 
belief thal I am in good health and that the answers to 
the (ongoing questions whether in my handwriting or 
not are true and complete. I agree that this proposal, 
together wnh any statement signed in the presence of 
the Company's medical examiner, shall be the basis of 
the contract with Save & Prosper Insurance Limited. 
I consent i j the Company seeking medical information 
from jw doctor who ui any time has attended me. or 
seeling information fiam any Irie assurance office to 
which I r..!vo at any ume made a proposal lor life 
assurance, and I authorise :hc giving of such information. 


Signature. 
Dele 


6. Name and address of your usual doctor. 


Agent's Sump 

448,'FT.l 


SAVE & PROSPER GROUP 




" t TT-ssrsn*! 





Financial Times Saturday 


YOUR SAVINGS AND- INVESTMENTS II 






& 


Wall Street 


.’./TER A terrifying tumble last 
-nonlii. Amiricin snares seem 
[n have found their Feet again 
— for Hie moment at least. 

The name Utsi took the Dow* 
.lor, is Irae:: trom its high of 
f07 in Sent-: 'it her to “So last 
•.eek i' aVjrnmg of the risk 
:.:vc;v-(i ii: investing in a 


nourstr;- 




major economic 


nrunlem v lu-jh iiill have to be 
sorted out. Eut the investor 
-.•ho trier to vail for tha per- 
fect moment usually vails toe 
long. 

There are pfcniy of reasons 
for being ’vary of Wall Street 
.’o try- short-term. America 'j 
inflation is sr:ii not under con- 



ting to hedge your bets 


-'Ac- 




INVESTMENT 


JAKES BARTHOLOMEW 


vnn trusts 


EAKCNN F1NC-LETON 


-roi — and ■•viiii'e it remain? a 
problem there :? alwayr the fear 
that a saiagp n:-'.'-' depression it 
round thu corner. 

One of the technical nish:- 
niares for analysts is that too 
many shares are financed on 
borrowed money: a mountain of 
" margin r.eb:." money bor- 
rowed by 'hare speculators. :. B 
■still *ov;er:na over the mark at. 
The case for Wall Street now 
:h?t the price you are payma 
for under!; - !!!? af s et.« i.? near 
Inc- low-:--: yrjj. could ha*'e paid 
anytime '.hi' decade. The typical 
pri'c-earnsr.j.- re'sn i : - only s. 

Or.c o: r.ic • .%ui.«.e-s!;il 
:i rm ;ru.?i- n 'ho fi-.ld 

M rnci '» American. which i> Sfi 
per cent invested through dollar 
:o-n-. /.-.tuiouiatiori uni is -..-ere 
vilhn? yesterday -fii.2p. An 
:p- estir.en: ip.;-=; :o look at is 
j-d in o - J r-eli American, which i- 
about fib per cent in American 
.-iiarev Its rhurv price llOp. 
•-••im-ii represents a discount of 
20 per cent an a.-?eit. 


THE TRADED option market 
has been miserable since the 
Inland Revenue confirmed two 
months aro rnat certain dealings 
by pension funds would be 
liable to la::. Unlike the resi of 
ns. pension lands are not used 
lo the id -a :.f paying tax. They 
wiLhdre v their custom. The re- 
c, j!r :: that last Monday, turn- 
over reached an all lime low oi 
299 co.- tract? j n a day. 

The ts:: treatment of individ- 
uals is much harsher than that 
of pension r.mds. Bur even for 
the private investor there are 
certain deali.ig strategies whi-.h 
do not :aJi iu'il of unreasonable 
taxation. 

The major lax problem is 
That n you make a gain from 
buying and selling a traded 


1 1 °Tni0 Bffd/Hsdnj Mn Of 


fill 

London Traded 
Option Market 



called away, you will only be 
liable to capital gains tax in 
a way that everybody would 
agree was fair. 

A variation on this strategy 
is a “ bear spread.’’ Still ex- 
pecting the shares lo be stable 
or fall, you again write an 
option at today's share price or 
above it. But this time you do 
nut own the underlying shares. 
Instead you buy an option to 
buy the shares at a higher 
exercise price on the same date. 
This means that if your 
neutral /bearish view is con- 
founded and the shares rush up. 
you are protected against a 
large loss. 

The tax on this transaction 
i-* less fab-. The money spent 


started in April. When the in- 
dex is over 70. options are 

higher than Carr's computer on the protecting option will 
says they are worth — so it normally not be allowable. But 
ha; been more sen^e to sell this option should be inoxpt-n- 
options than lo buy them. The sivc so the tax loss foregone 
index is named after the two will not be great, 
analysts at Carr's who devised With both these strategies, the 
i ; - investor has little flexibility. 

If you want to make money The only way most private in- 
got ii T "covered" optious— that -vestors cao gain room for 
is option? you sell granting manoeuvre is actively to buy 

option you will probably have someone tlie right to buy shares an d sell "out of the money" 

tu pay capital gains tax on a in your portfolio — it is best to ] 0 ng dated options — that is 
larger amount than you have make the exercise price either options where the exercise price 
actually made. This is because to-day's share price or a higher ^ a bo\-e the current share price, 
the Inland Revenue depreciate one. Say you have shares in BP if these are held for only a few 
the option ion a “straight-line" standing at 9l4p. For 41 p you months then the effect of the 
ha.-isi r-ver its life. It is ihe could sell someone the right to wasting asset tax treatment is 

depreciated value at the time your shares at 950p anytime up not severe, 

you soli the option that will be to next April. You may feel that traded 

used in calculating your “gain." This strategy, would make 0 pi ions are complicated enough 
In the Revenue's eyes the "cost’’ sense if you want to hold on without having to consider tax 
nf an option sold towards the to rhe shares but do not expect implication* at every turn. Ir 
end of its life will he negligible them to perform brilliantly over w h ;c h case it is possible to cui 
anti you may sell it for what the n"xt five months. It is a way t )j S Gordian knot and ask the 
is regarded a ? profit whereas it of making money out of a dull tax inspects to treat you as a 
is in reality a loss. Hence you market. dealer and any profit you make 

Unlike other uses of options, will be treated as income, 
this strategy is highly conser- otherwise one can set up a 
vn ire and actually reduces dealing company. But for most 
your risk. IT BP suddenly fell people this sort of drastic action 
lOOp. you would have -tip coni- is not worthwhile, 
pensaiinn. But. by the -same in any case there i< j-rnie 
sro.-khrokinc firm which charts token, if the shares rocketed, reason to hope that the next 
option values, the premium* you would miss out on the fun. Finance Act wsll change these 
paid for mo * ! options are higher From a tax point of view the law* anyway. Tax inspector? do 
than in theory they should he. strategy is usually trouble-tree, not like the current compiexi- 
The graph f above » shows the As long as ynu let the option tie* any more than the rest of 
progress of the market since it expire or allow the shares to be us. 



In this final extract from his new book on alternative yivesh 
Robin Duthy tells how you can make money coUect^T^fepO^^^ 
you have an eye for literary fashions. - ^ 



- • *J. 


Judging a hook by its cover 






can face tax on a loss. 

The mail attractive strategy 
fur a private investor is tu sell 
to .-(jut co no else an option to 
buy shares which you hold. 
According tu W. I. Carr, the 



He has now paid out the 
fourth dividend amounting to 
9p in the £ to most policy- 
holders eau?h; in the culfapse 
and this brings the total pay* 
73p in the £. 


meats to other policyholders 
but to the Government. 

The latest financial statement 
reveals that the Department of 
Tr.de has been paid nearly 
£4*10.000 in fees and the Inland 
Revenue nver £.700.000 in taxes. 


^Ar*.. r. : •< j>: A.vfc merit? to ware to i3p in the £. 

x ' But apparently many policy- 
S *-‘" J -*“***•«“ h<*l«« in d» iraoks « tV time 
• -g uf the collapse iu July 1974 can- rr> * 

fhfiStP Rnt »«■ traced. Sonic of them / dX CVUHCn 
[j jrj invested thousands oi r 

pound? and the repayments fnv V HOP VS 
v.ou'.d be vtfirih cletminc. J US U^Lt J 


Pay 


L\FL.ATIO.\' has caught up 
with the bank-’ convenient 
Bank Giro system fur paying 
household bills. 

The system allow? you -o pay- 


all thanks to the exemption of 
gains of up to £1,000. 

The basis of the Inland 
Revenue's new attitude is that 
dealing in Krugers is " an 
adventure in the nature of 
! rade" and therefore should he 
taxed a.- .-ell-employed earnings. 

Deluilte's adds: "The Revenue 
••r.n tends that the coins an- not 
ihe son lha? nuinismaiisrs 
'■nlleri and :hey have. Ive:i pur- 
i ha-ed v a view lu naiising 
a prill.'' 

DiloiDe’* experience has b?en 
irfifctec a'. -:n- Grieve m?:i Gran; 
sToc.khrekin.- iirm. Grieveson - 


heft} Relatives of policy holders SPECULATORS MOW cashm 

v.ho have since died are be- in iheir Krugerrands after the 
lieved to be among the non- recent big rise in the gold price 
claimants. Any wnlow vlio c-an could Le in fur a shock. 

remember her iu^band men- The Deloitte'? firm of accoun- Grahuiri Mann say-: ".Some .ii 

Honing inveslnieni in Nation i.mis reports that some tax mir r|in::.: haw had trouble 

electricity, ga?. credit card and - or instance, would be in<pei'iur« are now treating with ?he tax inspot.ior insmo 

•--lb or routine bills at any bank advised to search through y a ],«.-■ made from Krugers as distciy responsible ;-.r their 
branch. You just fiii in z Bank - ier papers. If anything is i’.u.rmu* — and ili.-refnr-' subject- nfl’a r> bu, v'nvi’f t:-.y ir.w 
«.Iiro counterfoil — wnich conies found, she should v.rsic to 2d ing their, tu isn-mis*- tas rates, tiiof longed the ruhr;.; ;i 

a? par; of most official bills ^ork Street. Twicfc ,'uham. Tradi*:u!ia!!r su-.-li gains have u-u;.li;. been reversed a: z 

these day.*! — a”d hand it over to Middlesex TWt LI . been ‘ abject only in capital higher level. Our sdnee : s 

hip bank with y«ur payment 11 seems that any money not gains xpk. Thai means a much fight any attempt to treat gains 
r.tner in cash or by cheque. The claimed goes no; to boost pay- tower bill nr — often— no bill at on Krugerrands as income." 
beauty of liic ?y ? reni for 



piismgiy since their ■ work ..strongly 

ebjoyed an enormous vogue in. books and. j uveniUa,, . wijera . " 
the 1930s which has hot been original coaditian is hatufally 
equalled since the literary even '-harder “to ’ 
coroners have been able to other fields. FirstAediriofeldf:? ;: :/ 

# .* ' Alnsetlli? . en*hv. r, .*r_V' - 



announ ce more favourable ffitd- ciu Idreft's ^kissi cs sttchii^^ s ■ - 
- - — He the Vatih', '^bar - ■- ■ 


rags'' in' 'the cases of E-.- M. MTKBit? 

FoFSter, Conrad and George Ftop^Bunnies,.Toai.?OJ^ ; 'a.nd-- ’ 
Eliot, whose works have hundreds m0^^_ . 

increased in value strongly been growing... ijt ^ Vahl^-^hut*" . 

during the last 10 vears. during 

D!' H. Lawrence and T. E.- childrpn% - . . 

Uwtatt nave both in ftrir apf^B^Pteaderis j. . : , 

different ways been cult figures, have nsfj - 

There was a surge of interest ia ^ , - - 

D. H. Lawrence’? work following collectors A ^ : 

the La/cht Chan erlcg's Lorcr trial they have missed 



-- r- 

CV - ^ 



LS.aw W wi 0 th e the W hUtoricd periphewH JMtgai a-/.- 

status of his Seteti Pillar* of been left oeluso- -ry 
Wisdom. As researchers come 


.r..J Wx* 

close ' to proving that large Superman ' ' ’ • " 

sections of his magnum opus .r . . ;.*.' " - 

were hallucinated. Lawrence This can be- al Saageroistr ii- i- • 


naturally loses status, arid his activity .. for .the. ^MngraV'S-;' ' ; 

cult following tends to thin out., materiai has often. h&eatjgifiHBd* - 

• ‘ Kw-' eanraie - :-ftw I - ■' 


Immaculate 


by serious ; eo Hectors ifor.'^aiwS.^^. 1 
reasons ' a&Jh ;.this. . case ■ 

there. Is- very.. Bttie • orlY^; ; - t 



■ his tory ivl _. — — ... -- -. ^r.-.st- 

although often conflicting, man cfcimlc sold for S8.Wfr aBtF;;-^J } 
explanation:; tnay-be offered. But -jhainy -• 


Poor showing: Shaw wrote too much 


• ■ ■ whatever justification . thereaway .so fat _ r _ ... . _. .. .. 

be for a writer’s rating in _the . n.ever fetch sucfc.' a-pric^; again, -'v 'Yl . . .. 
literary world, the 1 ' coricerri- - chil&«i'*a*-‘i’dfikx : l 5 '“.eaSias^v.T l , tl' r ‘* , r.':-. . 
BOOK PRICES fluctuate accord* value. But ,t ’: s also a more collectors now show for -the 3 field .whereinvesrors^h-.^^ :'y | 


ing to literary lastp ana the -ixcltiug f.eici in which tbe buyer condition o» 
foriunes of a nation's economy, can back his own judgmenL obsessive 


>» books has become;, their own . judgment.. v it; 
and is tending to have Been quite 'd^cult x£i)eUi.- ' 

WHfcll u _ier more so. The: uni ware.’ over 'the ; ' past r. ' ■■■ 

ng. particularly by libraries, established ana even many un- Stockhausen collection sold 'm of the cuU srpwing.Marad.^ie-. ; :, !. ;■ 
ras a major support’ for English established writers are now - so America in 1975 was famous for wtjrfc of J. R.'R- ToIXiefL'^DDhtf^T‘..TA 


ing. 

language^ material. But since Ion? that any real scarcity must the. immaculate condition of its accu m ula tin g , interest • resuKgcl g - 
die American recession a few lie a long wav in the future'. books and some of the prices in the sale of a firsf iedifibuj;.;;;-; ■ . . 
vears ago. library spending has ‘ realised were four times higher of T/it Hobbi# ip 1977 "fpr^pD-t'. 

in nianv cases 'been cut and f^rre* non Hence than the next best price foriheAnyone wishifag-tb takeaposi- - 

private collectors have also been 1 . same volume ever recorded: In tion r in tJals _ market: ha^.oply^;.,-^ ; » • 

hit. The last 30 years have shown. another American sale in lffTT.' to” establish • Aflflch.: . <3ti jarte !s /,. - 

Some of the biseest price a stead- growth in the values -a "copy of the Wind in the books out- - oT the^; a3}tu^ .. ^.:;.- i T- .. 
falls have been in 16th end 17ih of Thomas Hardy. T. S. Eliot, Willows was auctioned with its. avalanche have . been; reguferly " 7 

century Bibles 
modern first edit 

suffered. ner. A disappointing 




a team of "corutiers performing, of his works were themselves humble dust-jacket 

cndie*« autous::..* on the work #v large and partly because the. accounted for the diffe . ... ...... .... .*,^ 1 . 

of dead authors ‘as wes! ?£ evnc ctrucraoh manuscripts and price and the absurd situation Other- fnvestmentscoveTed 

: ■ . ,.ni4«ini ursc rea^hori whpr# Ap honk rbtAt' C.hinrjiC ceramics, corns, t ’^1 


st-jacket that Robin Duthir fs published by*: •• ’ * ■ 

the difference in Mich ael ' Joseph, at ; - tf tff! '•? ’ 

cftiian'firt tHhcr fnnr’il-ninrts mreTed 


afficionados is that by saving up 
several Giro bill? iu be paid at 
<.ne time you no; only sav® shoe 
leather bu; you can rut your 
bank, charge* by doing the 
transaction with one cheque. 

The problem arises where 
the total amounts involved 
come to more tiiau £50 rand 
increasingly these days they 
doj. I'nJess you use the bank 
branch where you have your 
account, your cheque may well 
be refused. The reason: the 
confused legal pn< it ion over 
who should carry the can il 
your cheque u- not honoured. 

For total payments under £50 
the cheque guarantee system 
provides the safeguard. The 
trail sacrion is treated as if you 
first withdrew cash on your 
guarantee ccrd and then handed 
over the cash in payment. 


BIBA’s new 
Ombudsman 


IF YOU ARE not satisfied with 
the service provided by your 
insurance broker, the British 
Insurance Brokers' Association 
will heip sort out the problem. 
At leasr that is my interpreta- 
tion of a press release this week 
announcing the appointment of 
Charles Hall as BIEA consumer 
relations officer, writes Eric 
Short. The pres* release stated: 
“ His responsibilities will pri- 
marily be to deal with requests 
for help or cumplaints from the 
public.'* 

But further inquiries reveal 
that Mr. Hail win not arbitrate 
in disputes over claims or 
whether the client has been 
sold the right kind of con- 
tract— two major causes of 
complaint. My impression is 
that his main function, as far 
as the public i; concerned, will 
be to lean on slow-paying insur- 
ance companies nn behalf of 
brokers who do not have the 
muscle on their own. 

Most BIBA region.? have, in 
any case, already appointed con- 
sumer affairs officers to deal 
with complaint?. So it may be 
bo tier to have \our grouse in- 
vestigated locally. 


Nation's Life's 
Fton-i 


HUNDREDS OF policyholders 
who invented with the failed fife 
company. Nation Life, are miss- 
ing out on an early Christmas 
present because they have nor 
regislerc-d a claim warn the 
iiqui'lauir Mi. C'mtv MVi&s. 



entry stakes 


EDUCATION 


MICHAEL DIXON 


admissions taken by children of the table, both were margia- 
friiin such families, apparently ally less successful this yesr. 
went up trom 68 per cent last t l 1>ra 

year lo just over 70 per cent 
this autumn. 

Moreover, as the accompany 


the Scottish and 
Irish category improved by 4. 
to 46.8 per cent, and those from 
English and Welsh State schools 
by 2.S to 42.8. 


mg table shows, these children s Among girls. Scottish and 
•success rates " — the pcrcen- Irish schools jumped from 23.2 

to 33.4. and State schools south 


THE UPPER classes have this 

year generally itrengrhened tage nf applicants who were 
their upper hand over the entry' accepted by the university — 
lo Cambridge University which, were better than the rates of 
by repute, is the hardest lo get youngsters from families in 

into. oilier types of non-inaaual jobs. 

Families in ihe "top four" and in agricultural and manual 
kinds of oceuption— administra- work. 

tion. management, and profes- However, while the success 
sion3l and technical work — con- rates of boys from independent the bet bet. But for boys, at 
stitute only about 16 per cent and the gradually disappearing least, the reputedly easy option 
of the population. But the share direct-grant schools held their of theology has fallen from 
of Cambridge bachelor-degree 1977 lead in the second section second to sixth place. 


of the Border from 25.3 to 29.3- 
At the top. independents rose 
from 35.6 per cent last year, to 
take the lead from direct-grants 
which declined from 42.7. 

The subjects section shows 
Classics as still far and away 


f All figures show the percentage of people accepted eut of total applicants in each category) 


(A) Best bets in choice of family background: 


MEN 

Parental occupation 

48J 

WOMEN 

Parental occupation 

33.8 


4S.I 


31.6 


45.9 




423 


28.8 

Manual and agricultural 

40.5 

Manual and agricultural 

27.2 


{B> Best bets in choice of schools to go to: 


MEN 


Type of secondary education to Advanced level 

Independent 53.9 

“Direct Grant" 53.0 

Scottish and Irish 46.8 

Overall average 45.6 

State-maintained England and Wales ... 42.8 

Further edneation colleges 25.7 

Other and overseas 21.0 


WOMEN 

Type of secondary education to Advanced level 
Independent ‘ J ' 40.2 

‘'Direct want” 

Scottish and Irish 35.4 

Overall average 31.9 

State-maintained England and Wales ... 23.3 

Further education colleges 22.8 

Other and overseas • 16.2 


(C) Best bets in choice of subject to apply for: 


MEN 

University subject 

Classics 

Mathematics 

Mathematics with physics 

History 

Archaeology and anthropology ... 
Modern and medieval languages 
Theology and religious studies ... 

Natural sciences 

English 

Overall average 

Law 

Engineering : 

Geography 

Philosophy 

Oriental studies 

Economics 

Music 

Architecture 

Medical sciences 

Veterinary medicine 


79.3 

55.1 

55.0 

53.7 


52.7 


52.5 

52.0 
47.9 

46.6 

45.6 

45.1 

44.5 

42.7 

41.0 

39.1 
39.1 
3GJ2 

34.6 
33.0 

s 


WOMEN 

University subject 

Classics 

Theology and religious studies 

Mathematics with physics 

Geography 

Philosophy 

History 

Engineering 

Oriental studies 

Mathematics ..' 


68-5 

58.3 

42.9 

42.4 

40.9 
40.1 
38.7 

38.5 
38.5 


Economics 36.f 


Architecture 

Natural sciences 

Overall average ... 

Modem and medieval languages 
Archaeology and anthropology ... 

Medical sciences 

Law ' 

English 

Veterinary medicine 

Music 


36.7 

33.6 

21.9 

30.6 

29.3 

26.3 

25.4 

24.9 
21.0 
20.0 



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. . .Financial Times Saturday November 25 1978 


Motoring/golf 




The 'Opel Senator: top executive transport in the BMW and Mercedes dan. 

Try a little luxury 


BY STUART MARSHALL. 


OPELi'S latest luxury cars, the 
Senator and its coupg deriva- 
tive. .the Konza can hold up 
their heads in select and expen- 
' give company. 

" At £9,500 the Senator can 
hardly be considered as budget- 
priced transport for the lop 
:«xecutive. Bat comparing it 
with even more costly cars Jibe 
: the BMW 720, which costs 
- £12.084. or the £12,749 Mercedes 
280SE, is not unrealistic. Nor is 
. the result unflattering to the 
'Open- 

Tile Monza really has no 
direct equivalent.- It is a 
visually exciting coupd. with 
„:two passenger doors and a mon- 
strous hatchback opening on to 
; a’ large, carpeted boot. Despite 
.. its sweeping lines, it is a proper 
./four- or five-seat car. The back 
seat is easy to enter and leave 
because the doors are so wide 
they leave a big gap between 
-the front scat backrests and the 
body pillar. And you don’t Call 
-.over the scat belts when getting 
: into the back of the Monza; an 
extension holds them out nf the 
.way. A second extension allows 
■a petite woman to drive belted- 
.^up without the - webbing rub- 
'bln? on the side of her neck. 
Other manufacturers please 
copy. 

Although they look quite 
different, underneath die sheet 

* metal the Senator and Monza 
are almost identical twins. They 
have 3-Iitre. six-cylinder engines 

• with fuel injection, developing 
132 horsepower at 5,800 rpm. 
Automatic transmission is 
standard. Only the Monza is 

•offered with a four-speed 
Tinanual alternative for the same 
•;price. 

>. Power steering, disc brakes 
: Jail. round andifulljr in dependent 


suspension are all part of the 
Senator/Monza package. The 
Monza looks smaller, but it is 
only faalf-an-inch shorter in 
wheelbase and the difference in 
overall length is 5 inches. The 
15.4 gallon tank holds a gallon 
less than the Senator’s. Per- 
formance is marginally better. 
In normal use you would hardly 
notice any difference, but a 
stopwatch shows the automatic 
Monza takes 10 seconds to reach 
60 mph from a standstill against 
the Senator's 10.5 seconds Its 
130 mph maximum is just 
3 mph higher. Fuel consump- 
tion is 22-24 mpg on a journey. 

What matters much more to 
business motorists than these 
trifling differences is that both 
cars are sepulch rally silent 
Except when accelerating hard, 
the engine can hardly be heard. 
There is a wbisper of wind noise 
at cruising speeds and a notable 
lack of road roar, regardless of 
surface. What all this adds up 
to is that in either car. the 
radio volume you set in town is 
still satisfactory on the motor- 
way. 

Both cars handle extremely 
well. They corner elegantly at 
high speeds and remain well 
balanced when pressed bard on 
wet or dry roads. The Monza is 
the better of the two, however, 
and that is simply explained. It 
has Pirelli P6 ultra low profile 
tyres, whereas the Senator has 
radials of more conventional 
cross-section. As always, these 
Pt> tyres make a good car better. 
Ride comfort is unaffected but 
they sharpen the Monza’s steer- 
ing response and let you -swing 
along winding roads just, that 
little bit faster. 

The big Opels’ good manners: 
extend to smaller things, .too.! 


Both cars fire up instantly on 
frosty mornings without so much 
as a dab of the accelerator 
pedal. Their transmissions are 
smooth to the point of being 
self-effacing in the way they 
change up or kick down. The 
front seals arc adjustable f»»r 
reach, tilt and height. All the 
instrument.*- are easily .--eon; the 
exterior mirrors arc adjustable 
from inside. The healing ami 
demisting starts working within 
a few hundred yards and keeps 
the front door windows clear 
of mist. 

The velour trim, uolnur- 
maichcd carpets and discreet 
touches of wood grain all help to 
create the right environment for 
a driver who may have to 
grapple with business problems 
ou a journey. And the silence 
is truly golden. About the only 
criticism worth making of the 
interior is that the windscreen 
pillars are on the thick side and 
the tinted strip along the top 
adds unwanted gloom to a dull 
morning. 

Finally, a word of comfort for 
any business motorist who would 
like a Senator or Monza but 
whose company secretary says 
“ no " because they are too dear 
and foreign made. Almost the 
same cars, though with 2.8-litre 
carburetter engines, manual 
transmission and fractionally 
less luxury, can be had as Vaux- 
hal! Royalcs. They are cheaper, 
at £7.956 for the saloon, £8,249 
for the coupe. 

And. who knows, you might 
even get away with calling them 
British. 




Experts in Vehicle Leasing 

- * Any make of carer light .van, availabl&in U.K., 

• supplied - many for immediate deliyery- 

* Choice of Leasing Agreement options. 
Tor-further information about our Leasing Sen/ices 

TELEPHONE 44122 {STD- Code 0783) 

COW/E LEASE LIMITED. MIliflELfl ffflUSE. HYLTOH ROAD, 
.SUNDERLAND, SR* 7BA. TELEPHONE 44122. TELEX 537065. 



Your weekend E: Austria 2o.a>. Belgium 
51-25. France *.«. Italy 1.M5. Greece 
S2J0. Spairr 138-25. Switzerland ill. 
Ills. MSS. source: Thomas Cook. 


TWO GOLFERS from Indonesia 
with the unlikely names of 
Suparman and Surname will 
tee-up some time next Thursday 
here in Kauai, on. the glorious 
Prim-eville Makai course, in the 
certain knowledge that they will 
be locked in battle with the 
Yugoslavians to avoid finishing 
last in the 26th World Cup I wo- 
man team championship. 

Someone else may beat them 
far that doubtful honour. But 
precedent decrees that these 
two natiuus are unlikely to 
finish much higher in an event 
that will bring together golfers 
from 48 countries in this garden 
paradise. The Indonesians last 
competed in 1959. when Salim 
and SJamsudin finished second 
last and last respectively, each 
breaking 90 but once. But 
Yuguslavian Mirku Vuvt 
actually took 407 shots in this 
72-hole championship- in 
Bangkok, to finish last in 1975. 
The significant fact, however, is 
that this gentleman improved 
considerably -to take only 391 
shots in Manila last year, when 
finishing last once again in a 
98-strnng Held. 

That fs what the World Cup 
is all about. It seeks merely to 
spread goodwill through golf, 
and. to my certain knowledge, 
achieves the aim of the 


A meeting in paradise 


sponsoring body, the New York- 
based International Golf 
Association, admirably each 
year in various exotic locations 
around the world. 

Alas. Waterville in Ireland’s 
Co. Kerry lost the event in July 
this year because polities reared 
its head and the country' in 
question refused to allow the 
championship to be staged 

there because the South 
Africans planned to take part. 
There has been a token protest 
against their inclusion here in 
Hawaii, but hopefully ir will 
amount to no more than that. 

But an event whose winners 
include such names as Ben 
Hogan, Sam Snead. Arnold 
Palmer. Jack Nicklaus. Lee 
Trevino, Gary Player. Peter 
Thomson. Roberto de Vk-enzo. 
and Mr. Lu will be missing 
many of its more familiar 
leading lights this, year. 

For instance. Sere Ballesteros, 
who has gained more prestige 
in his native Spain front win- 
ning the last two World Cups 
in Palm Springs. California, and 
Manila, cannot apparently afford 
the time to help his country 
defend the trophy. Actually. 


every player is provided with 
a return airline ticket, a week's 
free lodgings, and two meals 
per day plus S70O pocket-money. 
Similarly. Brian Barnes has said 
that he cannot afford to leave 
his Sussex .fireside to represent 
Scotland. 

In addition, because their 
domestic circuits are in full 


GOLF 


DEN WRIGHT 

HA WAIL Nov. 24. 


swing. Australia will be repre- 
sented by youngsters Greg Nor- 
man and Wayne Grady, while 
the Japanese «-ren had the tem- 
erity to sug!»'5t sending an 
amateur team. 

The IGA. which is sponsored 
by American Express. Pan Am. 
International Telephone and 
Telegraph. Times Inc.. Colgate- 
Palmolive and Rothmans Inter- 
national. told the Japanese poli- 
tely but firmly that this was 
unacceptable, and earlier this 


week Norio Suzuki and Shigeru 
Uchida were nominated by the 
Japanese PGA — a quietly form- 
idable combination. 

Bui the Americans, who have 
won the event no less than 13 
times since it was launched in 
1953. are once acain odds-on 
favourites. They ai l- represen- 
ted by their Open Champion. 
Andy North, and PGA champion 
John Mahaffey, neither of whom 
finds it anything hut a consider- 
able honour to represent his 
cou ntry. 

ifany years ago. in J958. the* 
Irish, represented by Harry 
Bradshaw and Christy O'Connor, 
won the World Cup in Mexico 
City. Bradshaw was only 
beaten by that ureal Spanish 
golfer. Angel Miguel, in a 
sudden-death play-off for the 
International Trophy that is 
awarded to the leading 
individual. Sin<*e rhen. thu 
British and Irish have never 
seriously threatened, and it is 
about time they did. In Howard 
Clark and Mark James. England 
have two worthy representa- 
tives, as have Scotland in Ken 
Brown and Sam Torrance. 

" Paradise " is certainly no 


exaggeration for thi." location 
when describing ihe man-linns 
three loops nf nin- holes here, 
simply and aptly named 
Lakes and Woods. The tir-T 
rwo will constitute the World 
Cup course, which will play 
6.896 yards, par 72. along love'v 
cliff lops with the Pavsiic roar- 
ing noisily below, and pre- 
cipitous peaks and rain foreo-? 
providing a must dramatic 
backdrop. 

Robert Trent Jones Jr. lias 
creaied another masierpivee 
here, which I first sampled with 
delight six years ago before it 
hud matured. That it has done 
so and become the besi- 
cooditioned course I have seen 
for some time is due mainly to 
the expertise of a Texan 
agronomist. Jim Eagle, whose 
love affair with good grass has 
turned a disaster area into a 
rare delight. 

The 180-yard third on the 

Ocean course, played downhill 
to the edge of Han j lei Bay. has 
been immortalised by photo- 
graphers the world o\t-r But 
the 200-yard seventh on the 
same section of the course i 1 - as 
spectacular as anything m the 
world, and uncannily reminis- 
cent of i he 16th ar Cypress 
Point in that ii is played from 
cliff top to clifftop with the surf 
boiling below. Need I say more'.' 




•M 




sit 


BOLEYN OAR 
SALES LTD. 

721 BARKING ROAD 
. LONDON EI3 - 

EARLY DELIVERY ON 

MONZA. AND SENATOR 


e- 


Leasing Specializes 

Tel: 01-552 0031 


-.7"^ •*">' 

** J *0 

£*• : , »•* 
£■ 


CITY MDTSSSS 

(OXFORD) 

EARLIEST DELIVERY 

ON 

KONZA & SENATOR 

Monza coup£ demonstrator 
"1 available 
. TEL: OXFORD 
(0865) 59955 


BRIDGE MOTORS 

(WALTHAMSTOW) 

LTD. 

LONDON'S MAIN 
OPEL DEALER 

Invite you to see and drive the 
new 1979 Opel range, including 
the fabulous Monza & Senator a: 
354 Forest Rd, Walthamstow El 7 
or Tel. 01-520 6717/8 

SERVICE AND PARTS 

Tel. 01-556 S334/5. Telex 896869 
Fleet and Leasing 
enruiries welcomed 




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We are rarely undersold 
LEASING AND EXPORT SPECIALISTS 


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. TEL: 01-160 6146 




NELSON MOTORS LTD 

MAIN OPEL DEALER IN 
G. MANCHESTER 
Demonstration models available. 
217 WIGAN ROAD, LEIGH 
G. MANCHESTER 
Teh (0942) 671951/672012 


HOUGHTON REGIS 
AUTO CENTRE LTD. 

MAIN OPEL OEALER 
IN BEDFORDSHIRE 
7 The Green. Houghton Regis 
Dunstable. Beds- 
Tel: Dunstable (0582) 62197/8 


PEAR MAINS 

The Southern Zones 
Top Selling 
Opel Dealer 
Tel: (03446) 2067 & 3821 




FOR 

OPEL IN 

WEST LONDON 

V 

LENDRUM & HARTMAN LTD. 

122-124 King Street. 

Hunmerainkti W4. 01-748 0821. 



•<ViV3L£V •n-.-O’i 
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FIRST FRONT 

1977 MetMdes 45ft SEL 6.9 ti="e- fc* B 

goSi. black loadier wpbolKerjr. Ay- 
con.. sun roof, wwhwripo. M«io 
stereo. 20.000 mile*. £23.350- 
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doth im* mot. Tinted glM- P-»4«» 
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TELt 01-755 5952/5 


CHESS 

LEONARD BARDEN 


IT IS a sobering thought for 
Western hopes lo challenge 
Soviet supremacy ai chess that 
the USSR already has a player 
lined' up to become Anatoly 
Karpov’s eventual successor in 
the late 1980s or early 1990s. He 
is Garik Kasparov, who won the 
USSR under-18 championships at 
age 13 and who now. at 15. has 
Ibe best results of any player of 
his age except Fischer and 
llecking. 

Kasparov has been coached at 
former world champion Mikhail 
Botvionik’s chess school, where 
Karpov also gained advice and 
experience. Botvinnlk has 
already declared that he regards 
Kasparov as bis best-ever pupil — 
implying that he is a brighter 
talent than Karpov— and boldly 
commented that “the future of 
chess is in the hands of this 
boy.” . 

The USSR has also for some 
years had a natural successor to 
Nona Gaprindashvili for the 
world women’s title in 17-year- 
old Maiy Chiburdanidze. hut this 
young girl’s achievement m play- 
ing right through the qualifying 
competition and then defeating 
Mona 84-64 in the championship 
match suggests I hat she is likely 
to become the best woman 
player ever. 

Given that over 20 or 30 boards 
British juniors would probably 
hold their own with the Russians, 
why do the latter do belter at 
the top? The answer is 
ultimately that the far greater 
resources available for chess in 
the USSR' provide opportunities 
which Britain simply cannot 
match. !□ terms of cosi-effeclive- 
ness. the small funds here arc 
more successful than the huge 
provisions in the Soviet Union, 
witness England’s gold medals 
ahead .or the Russians in the 
World Youth Championship in 
Mexico and our result at the 
chess olympiad in Buenos Aires. 
Bui in some areas ibe financial 
disparity is so great that we are 
unable to compete. 

One. such area is junior coach- 
ing where thousands of Russian 
masters and experts work on a 
full or part-time basis but where 
The small government grants 
from the Department of Educa- 
tion .aDd Science here do not 
provide for a single national 
trainer. That is where Chibur- 
dandze and Kasparov have 
benefited. . Besides attendance at 
the Botvin nik school, they study 
regularly with the strong grand- 
master. Gufeld. 

Similarly, the two Soviet 
juniors who recently took the 
gold -and silver medals at the 
junior world championship had 
regular grandmaster - sessions 
over many months. In Britain 
we cannot afford such facilities 
even, for such an exceptional 
talent as Nigel Short. 

.White: G. Kasparov. Black; 
S. Palatiiik. Opening: Alekhine’s 
Defence (USSR semi-final IS7S), 


Afloat in the sun 

THOSE who are already staunch to port of embarkation) range 
cruise addicts will need little from a minimum of about £15 
telling from me that this can be per person per day. but two or 
one of the most effective ways of three times that figure is more 
defeating the winner. For the realistic fur a berth in a double 
rest, the choice between a few outside cabin with private 
days’ mini-cruise to Scandinavia facilities. This, of course, covers 
and a 90-day voyage, with all not only the voyage and “ lull 
the permutations in between, board.” but an often lavish pro- 
may be dazzling and/or confirs- gramme of entertainment and a 
•ini;. And. to be realistic, not host of extras, such as an almost 
everyone makes the ideal cruise constant supply uf things to sip 
person. or nibble. The only main addi- 

„„ lional expenses are those at the 
Obviously the more acti e r b personal items like laundrv, 
mnre Rouble traveler is the °“ d ’ shore excursions 
one who will get the fullest H ^ quest! on of 

value for his or her money, F 
since the purpose of aruise per- • 

sormel is to keep you happily ~ ~ ”* ™ 

occupied or entertained most 
minutes of the day. But you 
have the choice of participating 
in everything or nothing, and 

there are few ships on which the - — 

more self-sufficient won't also 
find quiet corners of deck 

hardly ever visited by anyone cost two obvious points to look 
else. It's a wonderful *way of out for are the type of cruise 
seeiug a lot without Ibe repeti- and the pons of call. Fly- 
tious chore of packing and un- cruises, for example, have the 
packing, and with the knowledge advantage of getting you to the 
you will be pampered every sun quickly, and the luggage 
nautical mile of the way. restrictions on the flight are no 

Cruise costs (excluding travel ? reat handicap when packing 
- for warm weather areas. Some 

people, however, still prefer the 


TRAVEL 

SYLVIE NICKELS 



....... ... ... ; ports of call are frequent and 

White is following a well- raried enough to suit vou. 
known plan agaisnt tbe Alekhine __ , ; . 

Derenee (1...N-KB3) where he There arc a couple of perhaps 
hopes to stabilise the central j less obvious points to bear in 
pawn formations and then use mind. With The tremendous 
his space advantage to mourn a I increase in package arrange- 
king's side attack. Experience i tnents combining not only air 
shows that the best reply is— | travel with complete cruises or 
P-Q4 followed by...P-hB3. and j 
Black's inferior choice in thei 
game weakens the dark squares) 
round his king while giving few 


sections of them, but also with 
various land arrangements, 
quite a few ships or sailings may 
carry a proportion of sizeable 
groups, which does not suit ail 
independent passengers. 

The shipping company or your 
travel agent should be abie to 
give guidance on tills. 

Second, the main national 
content of the passenger list can 
make a big difference to the 
mood of the cruise. I men- 
tioned a few weks ago how a 
British accent won me a host 
of instant friends on board 
Holland America Line’s Yeen- 
dam in the Caribbean last win- 
ter when tbe passenger list was 
predominantly North American. 
On the whole, the Americans 
enjoy a chummier approach 
to the whole cruise programme, 
and their shore excursions are 
heavily weighted towards shop- 
ping. This applies especially to 
cruises out of U.S. ports. On 
another HAL voyage out of 
Singapore on the Prinsendam 
cruising Indonesian waters (now 
the only ship on this circuit), 
the Americans. like the Euro- 
peans, travelled a long way to 
get there, and their priorities 
were quite different. This win 
ter. for the lint time, HAL are 
offering four post -Prinsendam 
cruise excursions to the People's 
Republic of China. 

HAL is one of the leading 
operators in the Caribbean. 
Other companies with substan- 
tial programmes in that area 
are PtO, Cunard. Royal Carib- 
bean. Norwegian Caribbean. 
Carnival Cruise Lines and Costa 
Line. 


What the Caribbean is to 
long-haul winter cruising, the 
Atlantic Isles arc to the short- 
haul market, sometimes with 
the odd North African or south 
European port thrown in. Fred 
Olsen Line is a veteran in this 
area ( ex-London i. but others in- 
clude Keith Prowse Travel mar- 
keting Finnish ships (mostly 
ex-Malaga) and Soviet ships 
{ex-Southampron or Genoa). 
CTC Lines (ex-Tilhur>> and 
Saga Holidays catering for the 
over-60s (ex-Southampton). 

Finnlines have a good selec- 
tion of West African cruises 
ex-Las Palmas, marketed by 
Thomas Cook. CTC also have fly- 
cruises to this area. 

Special interest arrangements 
have broadened their scope in 
cruising just as in land-based 
holidays. The best known are 
Swan Hellenic's voyages around 
the eastern Mediterranean, 
starting in the spring, with the 
emphasis on archaeology aud 
backed by a quarter-century of 
experience. Bridge and golf are 
perennial Jy favourite themes. 
Of recent years. HAL has be- 
come known for its jazz and 
popular music cruises out of 
U.S. ports, also starting in 
spring. Food and wine are 


popular (hemes •'•n some of 
Costa Lines cruise* :n til*.- 
Caribbean. 

There is no space to si vs? de- 
tail of world cruise.*, but they 
remain in hig demand miicI 
featured by several major lin-.-s. 
such as Cunard. Royal Viking. 
Norwegian America. HAL and 
P & 6. A thought to put i n i n 
the minds of those who would 
like to sample the world cruise 
scene but may not have l Jr.- 
time lor he sure if they have 
the temperament) for a three- 
month voyage: it is possible to 
participate in one lee or an- 
other of such global itineraries 
through a number nf fiy/erui*e 
deals. It could be a good '.*.ay of 
deciding whether n*xt time you 
would like to go all the way. 

Further Information: Holland America 
Line. 56. Haypiarket, London 5W1Y 4fir: 
p 3, O Cruises. Beaufort House. 5L 
Boiolph SlrccL London. EGA TDX: 
Cunard. South Western House. Canute 
Road. South amnion 509 1ZA: Norwegian 
Caribbean. 63. Grosvcnor Siroal. London 
W1X OHU: Norwegian Amenta and 
Carnival Cruises, 11. Quadrant Areade. 
Regent Street. London W1R 6EJ: Costa 
Line. 16. Maddox Street- London V.'l; 
R DV al Caribbean. 25. Piccadilly. London 
Wl: Fred Olsen Lines. 22®. Beoen! Street. 
London WIR SAP: Ke.£h Prcw r Travel. 
74. Old Brompton Rond. London SW7 .-’-H: 
CTC Lines. 1-1. lower Rewt Sir:*:. 
London SW1Y 4NK: Sana Hoi'C-.r*. 
Sandgatc Road. F*|l:es:nnc Km: CTZJ 
2BN: Thomas Cook. Thorpe Wood. Peter- 
barons h PE3 65E, Swann Heller. «. 2*. * 

Tottenham Court Road. London W1P O-v 


BRIDGE 


E. P. C. COTTER 


chances for counlerplay. 

9 P-KB4. PxP: 10 BPxP, P-QB4: 

11 CM), U-0: 12 P-B3, N-B3: IS N-K4. 

N-Q2 (if PxP; 14 B-N5. Q-Q2: 15 
N-BB ch. BxN: 16 BxB. threaten- 
ing Q-BI-R8); 14 B-K3, N-KS; 15 
B-.X5. PxP; 16 PxP, P-R3: 17 
B-R4, P-KN4: 18 B-KB2. N-KK8; 

19 QN-B3. Q-K2; 20 B-B2. P-N3; 1 
21 B-K3. E-R3: 22 R-B2. N-Rl. j TODAY WE shall discuss two 
Finallv Black is ready for trie j deals from sessions of rubber 
counter-attack P-KB4; but now bridge. In the first the 
White destroys the opposing I declarer's vision was dear: 
position with a sustained sacri- [ 


he saw that the finesse was un- 
necessary. He played the King, 
and when East failed to follow, 
he threw W'est in with another 
heart and made his diamond 
King after West had cashed his 
Ace. 

But ibis declarer bad a blind 
spot: 


ficial assault 

23 BxP! PxB: 24 Q-R5. P-B4; 25 
NxP. R-B2; 26 BxP! RxB (if PxB. 

27 P-KB): 27 RxR. PxR: 28 N-Q5, 

Q-Kl: 29 Q-R7 ch. K-Bl; 30 QxP 
ch. K-JVl; 31 Q-R7 ch. K-Bl: 32 
R-R3! (decisive reinforcements!. 

R-Bl: 33 R-B3 ch. N-B3: 34 P-RS! ♦ 10 6 3 
(there is time to safeguard the | S Q J 7 2 
back row before Black can ] j io 7 4 


W. 


organise a defence). Q-N3; 35 
RxN ch! BxR: 36 N.-KB cli, K-Kl; 
37 NxB ch. Resigns. 

POSITION No. 243 




% 

. 




- 


. 






































— 







*■' ' 

. 









+ 10 


N. 

+ K Q 9 4 
■T 1 K 8 6 4 
v Q 5 
*432 

E. 

#875 
C 95 
v S 6 2 
* K Q J 9 7 
• S. 

• A J 2 
'7 A 10 3 
•: K 9 3 

* A 8 6 5 


N. 

♦ -no 5 

c 10 8 2 

v Q 4 

♦ A K 10 5 3 

W. E. 

* 8 7 2 + 9 3 

9AKQB • 7* J 6 4 

J 10 S 3 V K 7 3 2 

*87 * J 9 6 4 

S. 

♦ A K Q 6 4 
7 7 5 3 

<• A 9 6 
+ Q2 


t'.ligoric . v. Fischer, world 
championship candidates 1959. 
This is a test of your understand- 
ing of pawn end games: there is 
only unc move for Black (to 
move! lo draw, and Fischer 
found it. Can you do as well? 

PROBLEM No. 243 


— 

— 

B 

LACK 

Iff 

(8 

f 

Tien) 


T 







• . 




K 

k 


k . ' - : 




i 




I 



I 




& 

."'V 


I 


i 

£ 

* 




5 


2 


I 

i 

■’ X 

. .. i 





t : :' 


W 


-Ll: 



WHITE Iflmen) 

White mates in two moves, 
against any defence (by A. 
Vasilenko, first prize “64.” 1978). 
SOLUTIONS PAGE U 


South dealt at game all. and 
opened the bidding with one no 
trump, to which North replied 
with a Stay man enquiry of two 
clubs. This was doubled by East 
to request a club lead from his 
partner. After South's response 
of two diamonds North bid three 
no trumps, and all passed. 

West led the tern of clubs. 
East overtook with the Knave, 
and continued with the King. 
This was taken by the Ace. West 
throwing a diamond, and South 
studied the position. 

It was clear that, if East bad 
the diamond Ace. there was no 
hope, so South decided to play 
on the assumption that West 
had that card, and at once led 
the three towards the table. 
WesL of course, had to play low. 
and dummy’s Queen won. 

That was the first hurdle over. 
The declarer now cashed four 
spade winners, discarding a club 
from hand, while West threw 
the ten of diamonds, and East 
the six. 

Now r came dummy’s four of 
hearts. East produced the five, 
and South's ten lost to West's 
Queen, a desperate false card. 
West bad to return a heart, so 
he led the two. and East's nine 
drew the Ace. The declarer now 
led the three of hearts, and 
though he was pr&ty sure that 
West’s hand pattern was 3-4-51 
'and that the eight of hearts 
! could be successfully finessed. 


North dealt at love all. and 
after two passes South bid one 
spade, and rebid two spades 
after his partner’s response of 
two clubs. North now raised io 
three spades, and South went 
four. 

West cashed three heart 
winners, and then switched to 
the diamond Knave. South pul 
up dummy's Queen with no real 
expectation that if would win. 
East covered, and the Ace won. 

Now the declarer decided to 
run all his trumps, hoping that 
the forced discarding might 
embarrass the opponents, and 
then to play on clubs. If the suit 
broke 3-3 or the Knave fell on 
tiie second round, he would 
make bis contract. Neither 
defender was under any pres- 
sure from the five rounds of 
triumps. the clubs did not break 
and the Knave did Dot fall, so 
the contract was defeated by one 
trick. 

The declarer, who was quite 
a reasonable player, failed to 
spot Lhe correct line. After 
taking bis Ace of diamonds, be 
should draw two rounds of 
triumps with tbe Ace and 
Knave. He then cashes the club 
Queen and King, ruffs a club 
with the King of spades, and 
returns a trump to dummy’s 
ten. This draws West’s last 
trump and enables South to cash 
King, ten of clubs, and claim ten 
tricks. 

Of course, if either defender 
shows out on the second round 
of spades, the declarer draws 
the trumps, and Telies on a 
favourable lie of the clubs. 


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Financial Times Satiun&y\3S^^ 1$73 . _ «i* 

— ' ■•'■■ - ^ . T~ ? ~ - h[>* . 


BY JOE RENNI5GN 


HOW BADLV have we been hit 
by the rist m prices over the 
past year? If Fox' and Sons of 
the southern part nf England 
are to be believed, harder than 
we though l The firm are well 
qualified to make such an 
assessment as they are one of 
the largest agents in the coun- 
try and operate in the south 
and west. Their office report 
on the situation as Follows. 

Demand for residential pro- 
perty at al! levplv, in the Bourne- 
mouth/Poule/Christchurch and 
surrounding areas has remained 
strong throughout 1978. In the 
early part of the year, the num- 
ber of properties available on 
the market btv.-ame a* low. if not 
lower, than as during lhr? pro- 
perty boom of i 972-7?.. In line 
with the rest of the country, the 
area has exp^rtencr-ri a suh-tan- 

iial increase in property prices. 
The upward surer- cased toward?, 
the end of >-prin.g. hut renewed 
it««.*lf in the later summer 
months. It i«! probable that 
p res.- u res are rur-v i.-asmi: a: r ani. 
Iv.;: it i- tor. early to have cr.n- 
rrete evidence. Their records 
show that new developments 


with which they are concerned 
have ; n L r eased in price over the 
past 1- months by figures rang- 
ing from 20 per cent to 40 per 
cent approximately. ■■ These in- 
creases do not appear iu have 
significantly diminished demand, 
and ail :he new developments 
which wo are handling are 
selling at a satisfactory, steady 
rate." 

The effect of this market has 
boon :■» create considerable 
atuiar.fl :'*r land with planning 
approval .'or residential develop- 
ing::-:. There is plenty of evi- 
dence t-» ’-how that prices now 
being paid are up to 50 per cent 
higher thL-.n a year ago. 


First-time buyer 


Whil-.- ’hey think that ih? 
risv :n il’.e building society 
l**n^inv -ale to ll 4 per renr 
mu-t affect The residential 
mar?<-: • -v»?r the next few 

mon’iii - . :-‘.'.*y dn nor as;p?-» with 
the np:.-c <ns immediately e.\- 
pres-‘ n, l o;' some politicians and 
memoir- of the property pro- 
fe?si-aTJ s- to the extent «-f 
difficulty :: will create for the 


first time buyer. Offset against 
•he gross repayment increase 
must be considered the follow- 
ing: tax relief or the alternative 
benefit or option mortgages, 
reduction of the rate of increase 
in property prices and increases 
ia mortgage funds reducing 
borowing time, and perhaps 
extension of the maximum 
borrowing limits. 

The increase of 2} per cent 
in MLR will no doubt work to 
reduce Uie volume of output 
from builder.':, but this will 
probably take a little while lu 
work its way through the 
market. Acting against the 
pressure this will produce on 
costs sod availability, will be 
The apparent determination of 
the present Government to 
ensure lhai the tim: in real 
in-.-omes will be severely con- 
tained during the coming 
months. 

Assessing the above factors, 
they anticipate that during the 
next few months, the increases 
in property prices will reduce 
To a level morp in line with 
inflation, nut demand should 


remain strong enough to ensure 
that there is no property slump. 
Developers should be able to 
sell without any great difficulty, 
but it is possible that increas- 
ing construction and finance 
costs could in time make the 
current prices being paid for 
some land appear dear. 

Beyond this, they find it diffi- 
cult to make any relevant esti- 
mate. Property prices are 
closely influenced by the econo- 
my of the country and govern- 
mental actions. At a time when 
there are so many contrary and 
volatile elements in both, fore- 
casts for the future become 
merely guesswork. 

The Brighton branch of the 
business has seen a similar 
pattern in the market 

Owing to a greater relaxation 
on the money market and the 
availability of mortgage funds, 
they saw a considerable increase 
in property prices in the early 
part of 1978 and it became 

extremely difficult to assess 

values owing to the excessive 
demands for all types of pro- 
perty. A number of gazumping 
situations occurred as the 
demand outstripped the supply 
especially at the lower end of the 
market and it was felt that all 
the ingredients existed for a 
continual price spiral on the 
domestic property scene. The 
price increase forecast for 1978 
varied widely from 5 per cent to 


20 per cent according to the type 
of property. 

A point to be remembered 
when discussing this present 
area is the lack of building land 
available and this has caused, in 
the south east, a critical 
situation for new developments 
and has forced builders and 
companies to pay excessive 
prices for land- However, this 
mini boom only continued for a 
matter of months as the. mort- 
gage funds became more 
difficult to obtain and prices 
reached a plateau during the 
middle of tbe year but the 
higher-priced properties have 
been able to bold their own 
owing to the continual influx of 
foreign buyers, in particular 
Middle Eastern gentlemen. 

It is now expected with the 
increase in base rate and mort- 
gage rates that this will bring 
about a greater levelling of the 
situation and more negotiations 
with property prices, rather 
than it being too one-sided. 

In Shoreham on an estate 
started some S years ago. a small 
Regency style three-bedroom 
house sold at £16.000/££6,500 in 
early 197S. Today- the price is 
between £22,000 /£24,000. 

The biggest leap in prices has 
been in this £15,000/£30,000 
range while over the same 
period semi-detached houses 
sell in el for /21.000/£22,000 are 
now £26,000/£27,000. 



\0* 




Queen Anne and Georgian period houses in rural ■ 
settings -are always in great demand and the 
Northampton Office of Jadoon^Stops and Staff 
believe that Danvers House, CgJWortfr, will' be 
no exception to the rule. Ttoe^boirse, which is 
built principally of Northamptonshire ironstone 
with a tiled roof daces marijr fmn the reign 
of Queen Anne. - ft has many delightful period 1 
features including be autlfu H y proportioned sash 
windows with internal \rimkna_ shutters in all 
tbe principal rooms. The accommodation which 


requires some modwrusafifery cB^pnW^ riceptidn 


hall, three reception rooms. ; cloakroom, kitchen, 
five bedroqnu, two bathrooms; sttf -accommoda- 
tion. Outride titerc V are pine 

iooseboxes, • ' a summerhouse and r a- 1 pleasant' 
garden to the noth of tbe house. There are 
gardens and grounds of abwt 'li acres modi and. 
a further 4 acres can be made'; available if 
required. The agents expect considerable Interest 
in the property and are looking for offer*, of 
over iASJtOQ. »*■ - ' ' „ ~ 


v0/f> * 


ANYONE wh n trunk* Thai 
primitive Things are. by defini- 
tion, inferior things should con- 
sider The magnolias. They are 

among ihe^ earliest of ff'mvr.ns: RPj - Ki= , why ruvh pr-.mi- nr mare for the first sight of a evergreen. The best of the latter * air _ ty niga. saw sor a ***^8*1 CHINESE LEAVES, or Chinese — r— — —r- — — — T~T?r*- ' 

fa- ?' -«i? tive r.lzv-i which >'ame mm he- r* flower. In consequence These is M. grandifiora with immense. . it is.aotin- cabbages as they are sometimes • 

stun. thin* iik*. a hunr r. - w s, c . a t u ere „- as lkl G A f?£ IE ra fl F« G are plants for gardeners who ivory white flowers like water tended .or a large and popular called, are now a familiar sight • - -£O0JCER1 F c - 

‘ T^ltrc fa- atmosphere except UEI , intend to stay where they lilies but not usually a great ^ « » PW^IeOto.tt in greengrocers, and supeiv , l ;>V 

roamed the *nrla and So era R . jUirr - a , e5; bubbling nu; ARTHUR HELL.ER are or are willing to plant for manv at a time. It would be 00111(1 no - ^a.e been produced . mar fc e ts — and a most attractive -. PHIUPPA OAVBfffQRT . • - - 

of hogs, r.ould he* so ready to posterity. worth growing solely for its f* 0 at . tb:s pnce *****■.#* : 6oe . The first time I saw them ?■' V-- .:•/ 

So hohni'-u L” inw-J - P' u *'? T ‘- v.e pm- ggESSZ Fortunately there are other leaves, large. laurel-shaped and financial assistance of _.the j thought they were. a. gar- 

nc*- n-nip i,r ihpir iii-ra n-n* iluco nj s.iming she fuel* winch magnolias that are not so tardy, shining green above, often with ^_f rLey Horticultural gantuan variety of chicory The 

and tailed t*£ni i^pali * wr * [ ' ryT: in of fr,SMli- transnlant if they arc lifted Magnolia stellate, for example, a dense covering of rusty down ^ C ^-i ener0USly sapr beads are lon & packed r** C2anese4M^As& make 

Those o f ten ma^re blu<>m« s;,ti ' >n 1 " , “ ve no ,dea but thl? from open nursery bed*. II also which can be in bloom within beneath. It is arguably the most th « and v ^i7heavy:tbethii*jumy .:_- d ^ lad -_ ;; ^ t .- Mt _ n 

and indeed the whole character fact P.*n:a:,.s that magnolias are makc , them vulnerable to cult.- a year of planting, lovely M. magnificent harty flowering tree Mr. Treseder has nor only stems are i to ^er^numijc I mK' 

the ma^iia faim'lv hz* r». ;f| be seen oloom me happily be- vatinn which perhaps explains denudata with large white tulip- thougn “hardy • must be dealt with the temperate mag-, the length of the cruikly^ ^pale^ ' -bind- many -cwifl^atlons: and 


The primitive, but lovely 


ige. Why rovh primi- 


tive 7,{av r ‘ which ‘'jmc inm be- 


ing when there was Iitllo m 
pollu?.? !'»•■ atmosphere except 

tbe rnnirr ga«es bubbling out 
-r-i hiigs. -r.'iuld be sn ready to 
pm up w-i.‘ ii:<; fume? we prn- 
ilucc nj b.iminy the fuel* winch 
were th^n in process of fos?i!i- 


ration" by G. H. Johnston piffi*. W JF . 

iisbed in 1955 but it : Is * m /Jf/jTi 

comprehensive. authoritative: V/Cwf/C/vMi 1 
and up to cate. The price .is V^-. . 

fairly high, £30 for a 246-page CHINESE LEAVES, or Chinese' 
oook. bur clearly it is. not th- cabbages as they are sometimes 


f&M ^ : 


COOKERY 


ARTHUR HELLYER 


PHHJPPA DAVa*PORT 


tew ws?*aM*!r»«aiwasa , !T.‘ 


transplant 


- Raw C3ii nese leaves caxv ni ake 
very good saladsr^bixt '.dot’ on 


mained virtual!*- unchanged ai- . UU3J 

ihou-’h oddlv inis is nut a snd ever. v:o-e to factories. t n be seen in rather neglected pcwis me colour ox ripe * iciona survive severe ana prcuungea auiea genera mangueaa and ugnuy mgemer. mere is none oft&iiieseleaveswater- 

famdv that seems ever i o have Magnolias are also much more garden? where the soil lias P^ms and tbe many excellent cold if its wood has not been michelia. of the usual brassica wastage, erg^ a od^vocado I altow tl»ee 

“ jelled ” into species a< dwtinvt t,,iera " : nf S011 conditions than probably never been dug since forms of it. souiangiana a hybnd prepared by a good period of Although the bulk of the book no coarse • outer. boaches of • j wate«M3i : ; -two . 

and clearly definable as Those a«»l people imagine. the magnolias were originally made by missing M. denudata ripening, which is one reason ^ devoted to detailed desaip-.- woody central core. Texture is ^ - Avocado pears and: a few .- 

of many plants that have exit led Allhough they certamiy do planted. "’ lt “ i * m ,, ^ ora ' why it is often trained against a tions of species, varieties and' deliciously crisp (I am oue^of salad onions .for". -every half, 

for a much shurtfr time. This appreciate a good ration of Some kinds ai*o lake a rather These are tbe best magnolias sunny wall. hybrids there is much otb%r tiie many who -p^UBd- ■ or'so of-.Raely shredided 

indecision ha* given botanist? h u mu* and prefer the soil io be leisurely view nf iife. After all. lor general planting and they It is astonishing that a family useful information including a stems to ,^7 es ^: ® T1 “ ^Chinese' leaves^ Coat . the .mix- * 
a Jot of fun and eau-ed garden- m»'derau?Iy acid or neutral, most when your kind ha\e been 2r c also the most freely avail- of plants so beautiful and full of section on growing magnolias, A avour is far more delicate uian ^ and lemon 

er$ a Eood deal o:' puzzivment will mJcraic ltmc. vnm-;iiius around for a hundred million abl_e. except for M. denudata interest has attracted only another on their cytology and a t ^ ia ‘ of a ? y ot “ or . mcmber dressing. J : 
as Uiey h2'.».- watched '!ieila^*i- quite a lot i*t it a- the late Sir years and are still doing tine which has become sadly scarce, lw0 major chroniclers la Eng- kev to the subgenera and sec- brassica .temjy- AJline^- • ,- £ 


side many a busy thoroughfare u .ft v g 


to oe seen 


■..id trees are often like flowers. M. liliflora with qualified a little as it will not nolias but also those closely 1 green leaves and clasping them ^ unSted ? f nvourib^ rtm- 
in rather neglected petals the colour of ripe Victoria survive severe and prolonged allied genera mcuigZietia anffj tightly together. There is none f variripw lcs iv«; cater- 


ers a good deaJ o: puzzlement 
as they havv watched the damni- 


fication of i he g- nu* «:hangv Frederick Stern deinorialraled doptlc all ihe new fancied a while form 


with consequent confusion in 
nomenclature. 

But ihese are minor annoy- 
ances whi-.ii detraci not at aii 


.luiiAuau-u ccipiic ail me new langiea - i.sn yet so n was until a tew uens ot magnolia Dv tne late ' ^ A r rihiri<>aAri<»v^< 

hi-' chalk competition why should you be usually beiog supplied in its weeks ago when an entirely new J. E. Dandy who was keeper of L s,ored m vegetable- com* j hra^»n- 


XftiLS* -dS 


-• coitvincmaly m ni- chalk competition why should you be 
quarry garden at Highdown in a hurry to produce flowers, 
n.-ar V.'nrihmg. seeds and a new generation? Sn 

Magnolia rooi - arc rather f-.r -nine of the big tree mag- 


P ,ace - work. '‘Magnolias" by Neil Botany at the British museum 

Must magnolias are deciduous G. Treseder was published by and an authority of the genus. 


partment of a ‘fridge (wrap becotoe ^vKient. Like aji brass}- 
rhem up in a polythene bag cas/GiioeSeJeaves haye ^ ^ery 


Si <ur urauuouj ireseoer m^s puousaea d> ann an au.nomy oi me genus. — r hinh Wnr 'mntrn? -mil .Hi hni! 

many flower before the Faber and Faber, ft is not as The line and colour illustrations fir i r or ; flavour will be lostL . 


from the marcel I -hk hejuiy of fle : !:y and many nf them arc nnlias B nch as Magnolia romp- leaves appear or just as they magnificent as either of its pre- by Marjorie Blarney 


the be?i magnnliaA Tn*y have near : he -iirfacc. They do not be!//; and M. sprengen diva, the are bursting into growth but decessors. 'Magnolias** by excellent though I wish that the — ; — £ 7 ”“V" ihbmMohlwirr i£«r 

also matlr amends h. proving recover -a-:ly from injury and well named Goddess Magnolia, there are also summer flower- J. G. M»il3is published in 1927 colour plates could have been «n»**«ea ,l ? many househotus. ** , Vj7 a 

extremely rotr-rant •'! -iiir loch- •?«« r sn make them tricky to one mo\ have to wait 20 years mg kinds and -omfe that are and “Asatic Masnolias in Culti- lareer : Perhaps this is partly because 


Despite all these praiseworthy them is anathema^ in jfay-view. • 
features. Chinese leaves remain A brief hlanclnng^.; - Yes. jbut 




extremely rotr-rant >m -mr inch- *hic ran mak«- them tricky to ■'»■* limy have to wait 20 years ing kinds and some that are and -Asatic Magnolias in Culti- lareer. 









©y^TRY PROPERTY: OVERSEAS PROPERTY: 
STATES AMD FARMS: INVESTMENTS: SHOOTING 




Windror A rules. London 22 r>r I*;. t,\3 5 miles. K* o ;r-fes. 


pm ffajetier 'International Properties 


SPAIN, TAVEA 



©ME 


FILM SHOWS AND PRESENTATIONS OF OVERSEAS 
PROPERTIES IN PRIME RESORTS 
FRANCE, SOUTH OF SPAIN, SWITZERLAND 


Very attractive villa for i-jick sale. . 
comp'ne with ne«r fumithmp. Itnen 
and furrature. cxtellenc appoiittm-nti J 
and beaariful tiling. Large launge. | 
kitchen. J bedrooms. 2 oath room a. j 
a on-roof, re.-raee and patio. Potential 
apartment below. Approx- ?G 14. m. I 
living space aid wtod on 1.200 sq.m. I 
Main icrvitcs. • 


: we ct®r-conservative British are 

« slow tn accept new. foods, par- . SttrTiyiiig ^..tbe -qatektet-of aif » 

®ERTY S ticularly those we have* not methods, add. gi ves the gMrit.4g* ; ^ 

sampled on holiday' abroad! IWous;-rtsoljs. . Bruising is a^o 
Q gj OATIMr Perhaps it is partly because excellent^, > . ^ s 

dilvUI BBMH9I cabbage is not notably associ- Here are two Tectpesof.vrfMfh *£" 

ated with the best of British l am particulary fond- For lots • 

5^W. °'ii U bKMBE more delectable ideas I cannot 
o-w r uuckw, net. uw-jw. Chinese cabbage was first recommend too strongly Jaoe 
. dmiii m«v £200 p.w: writ* bok introduced as “a winter- salad Grlgson's ;Vege*tabIe Book (just . 
i 71 m * 5 ' 10 ’ vegetable/’ and ive envisaged published tjy Michael Joseph at ' 

! for sale, marbu arch, suoerb studio it as some sort of peppery £10).- This is quite .the most; in- - - - 1 

, r,tr - o=-ihie Room pptio. American coleslaw ingredient? Whatever -spiring amT the- most- beautiful . . 


liaJian tiled Baiftroom. Vesti-I 


the rea.sons. if you have not yet cookery- book^ T: have evejTseeri^- • - ' — 


Qu!*:. a? rear leu*. £25.950. pitoo* tried this delectflble vegetable, and, being Mrs. Grigson'i work. 
8B97M8 r urge you to now. It is a ; very it is ofi. course far more than 


^ superior cabbage. 

Sale Tatestooc 0225 »71308. 

LOVILT FAMILY HOUSi. SUSSEX. 2 Asne ram 

Garden. SiCm Fool. 6 bedrooms. Around . • V" -11 

LBS.OOO. 0.155 2- 353 7. . — ' .' . 

IASI SUSSEX.' CROWBORDUGH 18 rnlfes 

Tunbridge Welle. A detached cotug* ___ - . 

with acr* garden. 3.‘4 bedrooms. 2>3 IMS JHaJceS an l 


! £ L<< .VDON N’ovem be r 27 

, $ BRISTOL November 2S 

I * BIRMINGHAM November29 
i P MANCHESTER November 30 


Intercontinental. Park Lane 
L'nicorn Hotel, Prince Street 
Midland Hotel 
Midland Hotel 


OFFERS IN REGION 
£35.000 

Write Box . Ftnoocial T imei. 

1C. Cannon Street. £C<P 45'-'. 


just a cookery book. 1 . 


CHINESE LEAVES WITH WALNUTS . 
S»ves3^- 


ALL PRESENTATIONS COMMENCING AT *J0 pjn. WINE * CHEESE 
9 Milner Street. London. S.WJ. 01-581 0218/9/0. Tele* 915087. 


Dell Park House, Englefieid Green 
AN IMPOSING MANSION IN FINE TIMBERED 
GROUNDS SUITABLE FOR INSTITUTIONAL PURPOSES 
OR SIMILAR USERS 

'Subject to Planning Consent! 

7 Reception P.ocms. 21 Main bedrooms and !9 Secondary 
Bedrooms. Further e> tensive accommodation 
5 Conajes. Gardens and Grounds including Hard Tennis 
Court and 7 Orchid Houses. Paddocks and Woodland. 
FOR SALE FREEHOLD WITH ABOUT 26 ACRES 
Apply: Ascot Office ( cel. 0990 2-1732 1 or 
London Office (tel. 01-629 3171 p 

1 68785, TR) . 


WEST OF 
SCOTLAND 


FOR SALE 


For sale: Large fully modernised j 
farmhouse in beautiful situation j 
along with attached craft and | 
cearoom business. 30 acres of 
land. Possibility of further * 
extensive gracing and sheep i 
stock. ! 


NASSAU. BAHAMAS 


-f ■ SHROPSHIRE /WELSH BORDER. Superior | 
y Modem Bungalow. Favoured Village 
situation. 5 bed. 2 bath. CH. Sittwg 
room. DMtne room. Sun Terrace. East 
— garden. Garaec. £30.000 lor oilier sal*. 
Wnte Elba, Penv^arrer Lane. PanL 
Mr. Oswestry. Salon for fuH details. 

FOR SALE. MANCHESTER. Al residential 
area 10,75 mins, to City centre. One 
bedroom, living room. 2nd Floor Flat. 
C.H. Price £7.000. Tef. 051-236 1160. 


KFf 

+rL 


Ksiigfe Frank&Rudey 


W.-Jte So/ T.4de4. Fmentlel Times. | 
10. Cannon £'..-eef, EC*P 4 fif. j 


FARM ESTATE FOR SALE 


20 Hanover Square London W1R OAH 
Telephone 01-629 8171 Telex 265384 


Estace ol oromment U.S lamilv. 
Herse brcedina-cartlc Tar.-n. excellent 
A-.mng. sheet. no. nunttnn. Ackkox 600 
acres. 70 miles to NYC. Take advan- 
rao* of Ni thoro-jghbred nednq 
Intuntive orooramme. best In U S. 
3eaut,ful main house ard crotnCj 
iwimm no uoo'. - oihe.- no jscs. rtlrh 

Iftfilr lint.s'-v.C under 'wm, .ml, 

30 acres notdlard. Qflcrcd at 33m. 
Wauld cons'dcr terms mcludcng oari 
s:«l in Business concern. sYnte P.O. 
SOI 24 B. Fouqhsuai NY 12370 USA. 


j Home and/or Income. Spacious 
Colonial sr/ie house. n«»r beach in 
I best res'dtnoal area. 3 bedrooms. 3 
baths., huge living/dining "Pxhama" 
rooms, aif-condiciocnng. Hated car pea. 
etc. Lar-« wall ad garden, with 
| separrej I -bedroom corra^e. House 
■ let to bank SI 0.200 p.a. net /E5.300 
. approx. I. <Corca£e could be let for 
! adtf'l. rent 53,000 p.a. r£ 1.540 
! approx. ). total £6.770 PJ. TAX 
i FREE. RL-oninf perm, to build 4 
more cottage: m grounds, if lesired. 

I FREEHOLD: U.S.S135,000 

(£69.500 approx. j 

to me. furniture, carpets. apPiraisces. 
etc. (vacant possession can be 
i e-rangvd. or bank would s:jn new 
2-year icasa). 

Detail': Cav.es. Sorlinf & Co. Ltd.. 

I 9. V/esonirtstar Palate Gardens. 

Artillery Row. London. SW1 1RL. 

. Tel: ?22-4667. 222-0742. 


COMPANY NOTICES 


| NOTICE IS HEREBY GIVEN that a; NOTICE IS HEREBY GIVEN that a 
; Soeeiaf Meeting of Stockholders ot i Special at ecr.no 3 f srockftolecrs of 

• CAM I NOS TRANSMARES N A VEGA CION } tIZ Y°E Wii'™ 

| S - A - 10.15 a.m. -a Coroarat.'on duly organised undis- the 

•a Corporation duly organised under the [laws ot The Repubhc of Panama, will 
[ laws of The Reoubht of Panama, will j “? "JW o" Monday December 4th. 1678 
be held on Monda,. CMcember 4tb. 1578 ^ the" Connie G^'| STlKSSl. 1 270 
at the respective Kme designated above Avenue ol Americas. New York. NY. Uj a. 
at the Consulate General of Panama. 1770 I _ p Purpose ot me ASectinp H to con-' 


with acre garden. 3 m bedrooms. 2.3 This crakes an admirable first cabbage _ Chop thie WalTUltS 

recepi.w™ room*. Mtd.cn -bat broom. s«p course dish in itsown right, or coarsely. Blend the cornflour 

heating. oui«t mxiuo^. auction a ' fine. vegetable Acc ompaniment to a paste with a little of the 

December 1978 (or privately beforehand tO 'a main. COUTSC. - Like SH Vinegar in 2t:CUp. Stir ift T- Pmain - 

Kw , 'TLiUoLiSSr - t^!? brassicas. Chinese leaves seem ing vinegar. sugar.rwatgr anfl a 
crowborough <t»926i 3333. to - go particularly well ".with seasoning 'of . salt ,and : pepper. 

hamwtead. naar pia« Lane, charm mg pork meats: this recipe is. Heat the qil tij a wok. paeHa or 

swdio c27 ft. » ia 'ft... krichen. ubuw excellent with grilled pork large frying pan ^oyer medium 

SS^JSSi^.S^olt.JSSS d»w, RiMthtoiMM. Mjt-' ' - 

£B9.ooo Frwhow. Sunday v*w. tm. want a simple but - shghtly Whenthe oil is hot add the 
0963 932 555 unusual dish that is really quick cabbage cook., stirring and 

to prepare. . - - . 7 r V" turning eontiimdasly . with ■ a 

1 lb Chinese leaves, 1$ ex pair of spoons, for -2-3 minutes. 

watnat kernelS. 2 tablespoons Sprinkle on the walnut- pieces: 
j OTltf* ETC sesame or walnut eH, 2 : tea : - Give the- sauce a quick" stir and 

S EV&b? spoons cornflour, -2_ table* Vpoiur It into the pan, . Continue 

spoons' tarragon . vinegar; ; iTatfiTlhg and 't ur ni ng for". a : 
hteiim ni urxwnm m Rsmu tablespoons soft brown sugar, farther ‘.2^. mia ntes untH * the 

6 tablespoons .cold wateri salt: : sauce is. hoi,’ . thickened" and 
. notice js hereby given that a and freshly ground pepper' clinging to the]' leaves. . Serve 
>p * c '* stro ‘ 'man a at o ''compania Rinse and finely shred, the immediately.- 

NAVIEftA s_a vn a M ■ . • • •• • .. “i ‘ 



STUFFED AND BRAISED Q03NESE IJSAVI5 ‘ 
Serves4 - ‘- •’ 


i Av ” ue “* 


A first rate and versrtaexpenf' and cfook, stilring and|*tanuTig 


IM m2? t^ v M^r 0 *“ •*** dil *» handsome enough. io for aBput -3 iUl£?;. 


ESSEX EASTHORPE 

F.tlvodon 4 miles f Liverpool 5irceC 46 minutes) London 53 miles 
Charmin; period house Listed Grade 2. Delightfully situated on 
the edge of a small village and :st in secluded timbered ^rounds 
of 10 j acres Well situated for the commuter. 4 reception rooms. 
£ bedrooms. 3 bathrooms. s;aff fiat, oil fired central heating 
throughout. Garaging. Hard tennis court. Gardens. 2 paddocks. 
SAVILLS. S West Stockwell Street. Colchester, Essex. 

Tel: (0206) 47041. 


.01-499 8644 -ri.Cirusvcnor Hill. LoirJunWlX uH(1 



I steer rctrons retat+nfl to the settlement that mar come before the Meeting, 
of eerutn disoulcs tnvolvtno Ihe Corpora- rresidem. 

a on and 10 eonsMer env other matters 

I that may come before the Meeting. 


'esidential 



spKMt T, hif«t.nB oPsiornhSdws ot Wlat ’ « f™ coroStete*GowMi , “*Sd f-thank . ^odoMf) ^ ’continue? Xa : ‘ ^ cumin toxflake it .ffhi t b”. WjStl y 

j “ rRBtlA “To U i7 N t» <iAC,ON *■** make .and supply me -with ,&« spiced TtiXtWtit.Jum; much 

a Corporation duly organised under the beS * - BmtWUISt I. [have ' eVGT SfiaSOIUIlg yak WU! ' HEed “<&- 

haws 01 The Rooubhc oi Panama, wm »«« *nd «a i mn«er *» other uratters eaten. Mattesson’s.Bcatwurst are pends" on^the.^avfmT' trf The 
U r * MeCMnB - widely availabJejan^ - V " 

UttuS. ^ ~~ f » . Cut- ojit, a 'teangular. lwedge 

ne purpose of the Meeting e to con- Soociai 1 a best / S&BS&ges PtCteaftly, ‘-(about 2 4BC&6s/S0fiE)' f rtm the 


****•"■ serve for a party. Pr^iaratibu ■ Spread a=few spbdbfnis flf the 

taker time but is .wetL- worth' cabbage ahd •oalQ&'lii&tQra 1 ' over 
s^7'^W. S n a H o? R | t B orkhS l -^ 5 N oi tt,a ’ a tite- eff°rt and can be done- the haie of a. baking dish, ' Mix 
astro mandantc navegacion S.A. ahead.; Good .sausages - r are the' rest ; -wHh the boiled iice 
* J: or E n i* n ,? u,t wmmswj umier the essential.- Our local 'W’ihsWre and Baiua^gV -Se as on w ffi sal t. ' 
be find on Monlay. Dccemoer^ihf’ 1^73 batcher has now - retired' butr : Mpper, " crashed ; garlic •• arid 
« m?cS5S2^*c^S?ai . “•££ ^ ank goodness) continue? ^=;-cuxnin t&iOV&t 


AD^RTISDJGl 






14 NIDOrs; W1 -01-499 -62!>1 


Only S&.00 per line (minimum three lines) 
Kcrum this coupon with details of your 
jirripcrty logeihcrwith your cheque and 
publication wdl take place next Saturday: 


at the Cooaulatc General ot Panama. 1270 — — 

Avenue of Americas, New Yortt, NY. U.5.A. Nnr . r , ., uc -..„ 

Tie purpose of the Meeting a to con- Special Menrtng "^I^cWtSwot 1 at** * 


Nder actions relating to the settlement 
1 Of certain drseuin Imohrtog the Csroora- 


ASTVO MAESTRO COMPANIA 
NAVIEftA SA. 10.35 Am. 


J tion and to con&kier any other matters I a Corporation duly organised undo- the 
f rut may come before the Mecuno lam ct The Reoubik at punn, _,n 


that may come before the Meeting 

Pr as. deni. 


EXETER, DEVON 

only i; miles Iram .jty Centre 

RESIDENTIAL BUILDING LAND 

with Oetaif^l Fcnmuion 

63 ACRES 

*P0ly. TECVIL Office I B of 3 1 ( Tc4 : 0°JS 4064, :omrrs t c. 


NOTICE 15 HEREBY GIVEN tnat a 


Special Mcot.ng of SrcckfiolOom of 
FORTH NA ARMAOORA SJk. 10.10 *.m. 
a CorporaMin auly orpanued under the 
laws ol The Repulse of Panama. w|f, 
be held on Monday. December 4th. 19TB 
a The respective Hmc designated above 
at the Consulate General of Panama. 1270 
Avenue of Americas. New YoHc. NY. ll.S.A. 


Jam el The Republic of Panama, wiq 
be held on Monday. December dih. i«g 
** the respective time designated above 
at the Consulate Genera* cf Panama, 1 270 
Avenue Of America*. New York. Nr. U.5.A 
The ourposc of rbc Meeting fee u» ran. 

settlement 

al certain disputes involving tbe Corpora - 
S. 0 , 1 ! JT? d ^ con « 1 « r any other matters 
rtwt mar come before toe Meeting. I 

President. 


EVEXARD5 BREWERY LIMITED 
NOTICE IS HEREBY GIVEN ihat ,» pre- 


Bratwsrst, J lb oxdonsvfS a%- base ' oi eprih -j leaf.'.VPlacc. b 
rice, tin .tatter, strongly -sausage siMped -iiwand'h^t^ 
flavoured . ‘ chicken stock,' J stitffing just : aboye tbe nicfc' foJd 
garlic, cnmrn, salt and freshly : ,'tbe sides tbelea ves iveir the 
ground . pepper. Optional stuffing, then "roii up'frtini. haie- 
estiisr. egg yolks, - creanj, to tip fliake>a neat- parcel, 
lemon jirice. ; the rolls/seim side. down; 

Carefiiily peel away. 12 large, hakihg Top 

weil-^taped outer leaves. Dlhodi. ^tfar. pour ori * about 

in boifli^ WCoF fiiBter ior W : - and coyer tbe 


The putbosc of the Meeting 7s‘ «“«*-■ the pay w e gT of ‘t he'' 'Sin warty minutes, drain thoroughly, J>at ® ^ 0me ,°^ 

»Wer acoon* relating to the settlement dN'dend on the 29th December 19T8. the j ■ 7 - . - - (Everything tUD‘ to fiile l Ytin f 

of certain thspurec Invotefng the Corpora- transfer hooks of Sie 5 ocr cent CumuNtivr dry With KStChen p«jper towelff '*■ - t* uus -jwxi*. 

IK ■*:; c5..“ESi; SSSr T t? S-a- i^-ag and spread flat. Cook the rice' PreP»e4 aiaatf.) 

"■*» ■"t®**.* la cuam-skiac.' ; WWJMFM:* 


KID-DEVON/CORNWALL 

BORDERS 


LUXURY GARDEN FLAT IN 
GEORGIAN MANSION 




& 


*< 11 ^ 


Of tbe Hoard. in chicken stodc. . Heat a scant _; C<klk T, 

j. G. ROBERTSON, secretary, tablespoon of oU . in & Jam ; s** J?*** f’ ■■ S***® with egg 

* ..... - . o . nAnnlafl* i. .k I mS. 'Cm'.' 1 - c — 


!9J ACRE ARABLE FARM In a not'd 
district wltn 106 acres oi ttirAcr 
barley. Immaculate 4 bodreonic-d 
farmhouse and gardens. Modern 
ranee of buildings including 3 covered 
yards f 15.600 sn ft.i ane corn handling 
unit far 135 tons. Pair ol coLi.i-r:,-. 
m‘ need of renovation First class land 
ir ring fence: Auction price ' aunlo 
£1,1DO per acre. 


Set in Landscaped Grounds 
9 acres 


ART GALLERIES 


-UU 1 LJVMUU VX VW ,U 1 a uiaa, 

pan. Add the sausages, donned . 52S** :• A ?' - *£%- • * • 
and broken into nieces and wwiir'- tb ?°* 1»Med. fa -melted- 


KIVELL AND SONS 

AUCTIONEERS 

Holsworthy. Devon 

rfsItDhoM 0409 2538BBI 


Al! *ra:hc' tennn courts. Masetr 
bedroem, double bedroom. 2 !'*ing 
rooms. ItiKhen. bathroom. 2 £irjjc;. 
CH. gitio garden; convenient iHsth- 
fw Airport. Central London M3 2S 
miles. Leasehold 90 years. £42.500. 
Bar ■ Financial Time*. 10. 

Canncn Street. London EC4P 48Y. 


CLASSIFIED a\D\*ERTISEMENT DEPARTMENT 

FINANCIAL TIMES 

10 CAXXOX STREET. LONDON EC4P4BY 
‘For furJicr iurormaiion contact Diane Steward 
Tci 01-248-5284- 


ir^ ct The Republic 'oi~ Panama will TOICH'NG GOLO Ano silver.- soo| 
be neld on Monday. December 4th. 1978 vears 01 Hallmarlee. UntH No*, 

»t fhe respective time desigiwied above Free 10.30-5 JO daffy, not Sundav. 

at the Consulate General ol Panama. 1270 _ .... CDV c __ 

Avenue el America*. New York. NY. USA. ST - PAUf -V GALLERY. S Ave Marla 
The purpose of the Meeting is to con- E.C 4 toff Ludoate Mills. D1-248 

tM cr a nions relating to the settlement oil ana Watercolour Pahittnos. Scul 

of certain disoirtes Involvrne the Corpora- - ^ „.... in ,^i , 

tion and to consider arr olner miSors PnBlM ami Untr moed f ** Art | 

That may come before (he Meeting. • ductloni tncfudhiq Slgnetl LHnlled E 

■ President. Prims Ooen 9.D0-5 00. Mon.-Frl. 


NOTtcf is HEREBY giv£n that • I «■% b uTtks.bniE.i3 and broken Into pieces, aod cook ™ -* 

Speci al Meeting of Stockhoisen of j ...ui iioa,»Nr iviTm.w^ o_.„. UUuer WHO H -CtoVft OX CTBSuCd-'"'- 

ESTRELLA REIN ANTE NAVECACIOM S.A. j UDtl * UfiflUy CtrfOttred. Remove _ « arl il» ‘ Tn-aitavM*;** 1m 

10-21 a.m. GOLOSMITIC HALL. Foster Lane. E.C 2. VRlth .1 erwnn aiwA 6*srUC» HI aQaittOH, OF alteFBan.c 

a. Corporahon duly ««eanlaed under the! •• TfMimiNr. coin A»n ljivcs- W “J* . .■® } vL4.ta SPOOQ and-- tivsly if '5 *111 t Waqf an g ^^y m*-'" " - 


■ “•'Vi -** jvu iiuuu an acEum- _ . 

rear* of Hallmark* UntH Mo*. 30th 2&1Qe - , MnvklB Raitrt* clYaiv* rtff FHA - \\ . - 

Free 10.30-s jo da«r. not Sundav. 4rid tbe finely choooed onkme Stiafa Off Jhe. 

ST. PAL-LV GALLERY. S Ave M,na Lane. f« nT n bfaisfag HqBld.redUCe l t a. fi ttie ".V ^ V * ' - 

«ca ton Ludoate Him. Di-248 sis*. fae pen ana cook over low by..%St tidtlfag^ ijghazpgn'y^tf - ^ 

| O" wxorcofoor Pamttnos. scuimur*. heat for Iff ranges until tjtiste -' .lemwF joic*' . V 

l- fOTOfl and Unframed Fine Art Reero- e ft ff TnrrMCP V-ptrt* .-*24 - « - 

ductlonx inchldinq «ane<J LMWIed EOWon - a y« - tfa^eij- With ^egg yolk - - V * '* 

pnms ooen 9.00-5 00. Mon.-Fn. sitreaded neart ot ihe cabbage . creaB'liMSw’’ - 7 - v- 


; \P\ ' 







jftiikricial -Times Saturday- NovdaTaer 197S 


HOWTO SPEND IT 




Lucia van der Post 








. %. 


••-r, ^ *ww _ -c ; 




W f l 


FOR THOSE who can*tf ace the traffic, 
Die crowds,.' the overheated stores,, the 
Jostling 'and pushing that seems an laevf- 
teHe' piirt 'of the. Christmas shopping 
scepc, this we.ek's page Is almost entirely 
devotedto ways' and . means of shopping. . 
by post. Anybody Who has an account 
at a big store like BaiTods or Simpsons! 
wifi by how already have received their 
glossy^.eatajogues* and probably stfll be-. 
1 drooling over tbtfr enticing, g astonish* 
ingly -priced,' Warei ’ 

'.V-. There seemed. -Tittle point, therefore, 
Tn' drawfaig the eatalbgnes of the stores 
. tp- yonr attentioa bo, Instead,- 1 have' con- 
- eentrated an some of the lesseriknown 
.shops that ran mall order businesses on a 
-smaller, bnt mtf-necessariiy Jess beguiling, 
scale- • • 

• Each year I mention HALCYON 
..®AY$ of 14, B>rodk Street, London W1 for 
tel very-good reason that although every* 

Presents with 
presence Jj 

PARROTS, of 56. Fulham Road, 

London; SW3, Is one of my v* 

favourite present shops and 
lucidly for those who live out v j 

of London it has a very full, 
glossily illustrated catalogue. 

There are presents for the rich 
and square, the rich and trendy, 
but there are also masses of the 
small, amusing presents that 
are often so hard to track down. 

I particularly like their Pierrot 
dishes and ashtrays, their ex- 
quisite bedroom cushions cov- 
ered in finest Swiss lawns and 
their dotty pottery. 

The lazy or very busy will 
like to. know that Parrots will 
make up stocking selections for. 
you. There is a lovely felt stock- 
ing. monogramtned with the 
initial of your choice which 
costs £2.80. You can buy it on 
its own or have it filled with 
presents of your own choice — or America 
you pay /or the presents, of will fill thi 
course, but for extra charge of you just j 
£5.50. each one can be gift interests 
wrapped and the whole filled (£12.50. £L 
stocking sent to anywhere in the have a 
UK (highest charge for Europe initialled i 


Thing it sells has a definite taste and style 
. behind it, nonetheless there Is every year 
something new. There is always a special 
Christmas .enamelled bos . and this year's 
version Is a Regency Street scene of a 
family ^arriving with presents on Christ- 
mas Eve.. It costs £15.50: but for the full 
range of small, exquisite delights, both 
eld and 'xiew, send off for the catalogue. 
..JUST- GINGHAM at 44 Pimlico Road, 
London / SW1 specialises . Jn — you've 
gnessqd {t — gingham. They use gingham 
in sixteen ..different colours, so ' there 
ought tor he something to match almost 
.'any rodm? and; there Is a complete range 
of bed-linen ail trimmed with gingham— 
sheets, pillowcases, duvet covers, bed- 
spreads, vaJanees and blanket covers, 
prices start at £2.95 for a pillowcase, a 
single sheet is £9.25, a duvet cover Is 
£1&50, while bedspreads arc £25.51) for 
single size, £29.95 for double. 




Besides the bctliinen there are match- 
ing dressing gowns, children's clothes and 
toys, kitchenware (tea-cosies, egg-cosies,, 
napkins) and so on. Write to Just 
Gingham for their leaflets, sending 25p to 
cover costs. 

JACKSONS of 171 Piecadilly. London 
Wl (their Sloase Street branch has now 
closed), have a lovely, glossy catalogue 
mainly concerned with foods of all sorts: 
from rare and delicate leas to rich and 
fattening pates. However, they have a 
flourishing gifts department and some oF 
its most portable items are shown in rull 
colour at the back of the catalogue. Send 
55p to cover cost and postage and 
packing. 

THE ORMEAU BAKERY. 307 Ormeau 
Road. Belfast is a good source of tra- 
ditional Christmas food like plum cakes, 
Irish fruit cakes. Christmas puddings and 
the like. They have a clear leaflet from 
which you can order easily and. having 
dealt with them personally for years. I 
know they are very reliable and post to 
all parts of the world. Please order by 10th 
December. 


Irish charm 










Pretty things 









or America). Alternatively they 
will fill the stocking for you if 
you just give them age. sex. 
interests and price bracket 
(£12.50. £18.00 or £25.00 J.-They 
have a large selection of 
initialled items and this -hand- 


painted enamelled milk chum 
makes u splendid vase at £28 
with initials alone or for £39 
they wall paint on flowers as 
well. 

Parrots have to charge for 
the catalogue — send 60p. 


Weighty matter 

EVER SINCE my husband and 
I arrived at an airport on a 
homeward bound flight after a 
| holiday and were presented 
with a £7S bill for overweight 
I luggage. I’ve thought what. a 
good present a pocket balance 
would be. The Sailer pocket 
balance which is marked 
imperially up to 56 lbs and 
metrically up to 25 kgs is at 
£4.75. just one of the many 
useful present ideas in The \ 
Gardener's Catalogue, available 1 
from: The Country Garden. F.O. 
Bos 54. Burton Latimer. 
Northerns. Enclose a 7p stamp. 


IRISH HANDMADE goods 
often have a lovely quality 
about them — tweeds in lovely 
earthy colours, creamy Aran 
sweaters. tine Irish linens, 
charming cuddly toys — all these 
hare a distinctive Irish flavour 
which gives them a charm and 
Individuality that :s the hall- 
mark of a good present. 

The Irish Shop at 11 Duke 
Street. London. VJ has long 
been a favourite shop, full of 
just such desirable- good* but 
until now they have only been 
accessible either to personal 
shoppers or to those who knew 
exactly what to order and how 
much it cost. 


Just in time for this Christ- 
mas they have brought out a 
catalogue, very clearly illustra- 
ted. with price lists, sires, 
colours and so on. so that 
reader? from all over the 
country may now buy from The 
Irish Shop. The range of goods 
has changed little — there are 
the Aran sweaters 5 like this 
man’? cardigan) i which is from 
£30 to £35. depending upon the 
size, p and p £1-50*. cushion 
cover?. Galway Crystal. Tyrone 
Crystal and Green Connemara 
Marbie Jewellery, as well as 
Taraware Enamelled jewellery. 

Write lu the Irish Shop for 
the i-atarosue. 


GRAHAM AND GREEN at 
4. Elgin Crescent. London. W1J, 
and its sister shop just over the 
road (and therefore quite 
sensibly called Over The Road), 
have produced a charming 
leaflet which illustrates just 
some of the marvellous things 
they have in the two shops. 
Unfortunately not everything on 
the leaflet is postable— cither 
because it is unlikely it would 
arrive safely or because its 
weight in relation to its price 
would make the postage dispro- 
portionately high. Enclose a 7p 
.stamp when asking for the 
leaflet. 

Shown in the drawings above 
is 1. a marvellous little candle- 
surround of plastic greenery, 
red berries and pinecones for 
just lOp (they'll post half a 
dozen for an extra SOp p and pi 


2. is a charming travelling set of 
sponge bag and matching 
slippers which fit into the bag. 
In a variety of colours and 
patients (green, pink or blue) 
it is £4.90, small, medium nr 
large sizes. Postage is 60p. 

The marvellous cheese- dish 
with a little mouse sitting on 
the top is. alas, not postable 
since it is both heavy and easily 
breakable. It is 41 ins high, 
6J ins diameter and casts £3.25. 

Finally, the Christmas pud- 
ding candle is 95p and alas, 
they can't post it 

The shop is full of other 
desirable presents, including 
some marvellously heavy paper- 
weights in the shapes of extra- 
ordinarily life-like fruits — the 
lushly ripe peach at £1.35 is 
my favourite talas, it's too heavy 
to post). 


Charity begins at home 



Evergreens 


BASICALLY ALL I was in- 
terested in was the prospect of 
tinsel, pretty lights and mince 
pies. It was the others who 
started the argument, and all 
because of my new plastic 
Christmas tree. 

Five feet tall and £10.50 from 
the Hammersmith Co-op. it was 
Vh6 last one in the store of that 
sue: “We've had a run, on 
them" said the delightful 
Liverpudlian assistant as we 
| struggled in early festive to- 
getherness to dismantle the 
display model. 

She was right, of course. The 
pre-season rush for artificial 
trees is. it seems, taking on 
remarkable proportions. At 
Papert*ha5e, which has the best 
looking . mock-trees in the 
capital, they are eager to show 
off magnificent greenery large 
and small, but even there they 
shuffle a little when you inquire 
about the between sizes. “ Er, 
not many of those left." they 
tend to mutter. The Paperchase 
trees have the sort of oyer-real 
quality which makes you expect 


p HALCYON DAYS $ 

3978 Cnristmas Box 



Arming ;tirfi plants 
on Christmas Exv ! 

• . a vividly hjnd-co loured 

Bilston Enamel box made i 
in the :8th cauury tradition, j 

-V* This mark idmtrtic. a 

Halcyon Ds>V Er-imd 

lUnn E^i*.. i, Ihi-t S:rc*:. LuMmi Vi\ i, 1S 


1 Tu: Halcyon Days Ijntdon, Lid. 

I 14 Brook Street. London WiY iAA 

1 - n<BM wrff'" 

I _ ...'ChrnuruftBooci w £i;..«o 
| UX poM dSP- Ch-eruna Airmail L2 00 
j GnaToc cadoaerf '-«Joc 4 _ . 

1 Name . — : 


, 

z-.FTn) 1 


Bambi to come bouncing out 
frum between the fronds at any 
moment. 

Nearby Heals boasts similar 
trees to the Co-op but also a 
veritable forest of alternative 
offerings in various shades of 
green, plus white, silver and 
gold. Across town at Liberty's 
they have gone in for the arty 
droopy frondy variety rather 
than the spiky Nordic type and 
for ihe moment, have good 
stocks. “ Bui," confided my 
Liberty guide. “ People seem to 
have gone mad. I wonder -if j ' 
they'll run out of money before* 1 
Christmas? " With the Liberty 
4 ft display tree so liberally 
covered in splendid sparkling 
goodies that a buyer of the lot. 
including tree, would not get 
much change from £50 accord- 
ing to my mental arithmetic, Ij 
sec what she means. | 

Bur back to the argument* 
The point was that from one- 
side it was stressed that no real 
person would buy a plastic tree , 
nnd that the purchase or such 
a product consigned me to the* 
social dustbin. From The other 
came the argument that the 
annual British pine citil in the 
cause of n basically pagan • 
winier festival was barbaric. 
P.eal trees, like real furs, were 
out. It seems ymi cannot win.. 
But dn pines feel pain? » 

While you ponder that, I am 
off back to th»* Go -00 in 
Hammersmith. My Liver bird ; 
may help me choose some • 
mirtletoe — artificial, of course. : 

0 ! 

Co-op shops have sold 1,500 • 
trees in the last couple of weeks 
— so hurry. They range from t 
4 Tt at £6.50 in 7 ft at £28. Heals 
have three different types of. 
green tree: from a 2 ft Cypress. 
£2.49 to 7 ft Canadian pine at ■ 
£36. There are tinsel trees in 
eight colours from £4.25 to 
£7.49. i 

PapeTchasc. 216 Tottenham- 
Court Road, has trees at 3 ft 4 in. j 
4 ft 3 in. 6 ft and 7- ft 10 in | 
in various colours ranging in 
price from £9.35 to £58.65. 

Boots Department Stores have 
large supplies of trees, both 
green and tinsel. These range { 
from 4 ft 3 in (£2.60) to a 6 ft] ! 
pine at £16.50. Woolworths also' 
have good stocks including a 
spruce 6 ft S in at £15.99. John 
Lewis branches have green trees 
of 4 ft 6 in (£9.50) or 7 ft 6 In 
(£21) or tinsel in two colour- 
ways up to 6 ft 6 in at £12.50. 

BY ARTHUR SANDLES 


IF YOU like ro feci you're help- 
ing charity as well as giving 
presents to friends here is a list 
of charities that offer catalogues 
and a fall ma.1 order service. 
Many of (hem offer much the 
same sort of items as each other 
so I think the best approach is 
to choose your charity and then 
send off for their leaflet or 
catalogue. 

British Epilepsy Association. 
New Wokingham Road, Woking- 
ham. Berks. RGU 3AY. A tiny 
leaflet with a heavy emphasis 
on stationery. Last orders by 
December 8. 

British Heart Foundation, 
colour brochure front Heart 
Cards. 57. Gloucester Plan-. 
London WlH 4DH (Tel: 01-935 
0185). A good selection of cards, 
calendars and other stationery. 
Jigsaws. •stocking-fillers for 
children and fathers. Apart from 
some basic kitchen gadgets, 
there are some attractive aprons, 
tea cosies, oven mils, ere 111 
white covered wiih red hearts. 
La«t orders' by December 9. 

Help the Aged. PO Box 55. 
Burton-on-Trent. Staffs. DE14 
3I.Q. Full colour brochure 
strong on Christmas cards. 
Christmas decorations, kitchen 
gadgets and toys for small 
children. You may phone for a 
hmchure or make inauiries 
from Pam Richmond, on 01-359 
63’6. Hrip the Aged will dcs- 


WM 


Pretty apron (£1.£5), tea-cosy 
(£1.£S) and ov«n --nitts (£1.30) In 
white cation with red hearts. 
From the Zritish Heart Founda- 
tion brochure. 

patch right up tu Christinas. 

Leukaemia Research Fund, 
Medical Research Charities, 
Ynrfco Road. Croxlcy Green, 
Rickmans w»rth. Herts. WD3 
3TP. One of the better-presented 
caialogues, the selection of 
soaps and decorative candies is 
very attractive. Good range of 
soft toys — especially a gnoney 
lord « £6.95 1 v.h'ch walks an I 
flies if you use the puppet con- 
trol handle. 

Thor-.- are other stocking 
fil5e p s for jv.i-ng children as 
v:ci! as ni-.-cly carcrotccl wooden 
£0*cri3 a:r:l s-rr”!? hv: effective 


coat hangers (95p for four). 
Phone for the catalogue to 
01-405 0101 and orders will be 
sent out up tu Christmas Eve 
— or oven after. 

itlasenlar Dystrophy Group, 
from Medquest Ltd.. Dept. PX. 
PO Box 2. Central Way. 
Feltham, Middlesex tor phone 1 
01-720 8055). Nice cards, 

kitchen knives, gadgets, and a 
cuddly toy mouse (£5.95). 
Allow 10-14 days for delivery. 

Oxfam Activities. Kidlington, 
Nr. Oxford (phone 08675 4821). 
Ponchos from Eolivia, jute 
carryalls from Bangladesh and 
a good selection of hanging 
baskets. Unusual Brazilian 
pestle and mortar (£1.15). and 
oak cutting hoard engraved with 
folk art of Haiti (£3.50). Good 
range of tea towels, rugs and 
mats, very pretty dolls at 95p. 
Allow 21 days for delivery. 

Save the Children Fund. 
PC) Box 40. Burton-nn-Trent. 
Staffs DEI 4BR. Packed with 
desirable gondies, there is a 
large section Tor Christmas, 
including cards, calendars, 
decorations: sections for 

children (a 5-ft luminous card- 
board skeleton, £1.20). garden- 
ing leisure. 

Orders should be placed 
almost immediately as Save the 
Children requires about 28 days 
for delivery but will do their 
best to despatch by Christmas. 



Copper 

bottomed 

I FIRST wrote about the Copper 
Shop at 48, Neal Street. 
London, WC2. two years ago 
when it first opened. Out of 
London readers will be de- 
lighted to know that it now- 
offers a full, clearly iilusrraled 
catalogue so that many of its 
delightful things can be ordered 
by post. Besides showing the 
full range of things that can be 
bought— from beautiful sauce- 
pans. through to plant troughs, 
fireside accoutrement*, lamps 
and lanterns, kettles and 
measuring jugs, the booklet also 
tells the interested reader how- 
to care for copper, what its vir- 
tues are and advises them of 
their repair and retinning ser- 
vice. 

The leaflet costs 50p (includ- 
ing p-p> and the jelly-mould 
illustrated above is £2.50 (pTp 
3?p). 








V 


m 




irutifeMote fcrviji/jfie/iew 

0 t/ _ m 0 ^% m /tr 


-UaVietls 

SttiztiXfrLxJeci* 1X1XL 









12 


Financial Times Saturday .NovkhWe 2§;^^r = «, • 


* •• r 

fe'-'-* 


. h ■/ • v j 



Scene Changes 


OSBERT LANCASTER 

‘Sir Osbert Lancaster, wit, clubman, illustrator, 
cartoonist, author and hon. Fellow of the Royal 
Institute of British Architects is over 70 now. But 
his latest book is as inventive and wickedly funny as 
ever.' The Bookseller 

'Our finest satirical cartoonist since Beerbohm.* 

Birmingham Post 

£4.50 


Edited and Introduced by 
jRICHARODAIBV 


*?.L R. James i s the greatest master of the ghost story. 
Henry James. Sheridan Le Farr.: and H. Russell 
Wakefield ire equal seconds.' Sir John Betjeman. 

This i« the first collection oF Wakefield'* work to be 
published in Britain .since 1940. 

£4.95 


David Livingstone: 


OLIVER RANSFORD 

apisy. scholarly, original, realistic and 
lightly superseded.’ 


not :jc 


' >-V 


l riiio:onrapkA, 5 engraving* £S.50 
Published bv JOHN MURRAY 


CHRISTMAS BOOKS— 1 





BY C. P. 5 NOW 


H. Rider Haggard by Peter 
Berresford Ellis. Routledge and 
Kegan Paul £7.95. 291 pages • 




BY ANTHONY CURTIS 


Lewis Carroll admirers— and currants out of a bowl of burn- thing of .the Trench novelists 
Lewis vnrvu ^ popping them essence , has ■ been dabghr t>y 


who isn't?— are well looked after ine spirit and popping ... _ . . -- 

this Christmas. Methuen have into .'the mouth. The Victoiaaps Kobg&ffgjgg Jf 



reprint ed a one-volume edition placed' it before the m*8tc A Cdette Smpbook iSecfeej^d- 

t n^'r A 4, Mlm » c «n U'ftn, iintam chnn* Afl ChTiStH 


Graham Greene is always 
strictly honest about hi£ litesa r y 
influences. He didn’t spend h ; s 
youth devoting himself entirely, 
or even mainly, to works now 
considered fashionable. He ob- 
tained magic out of distinctly 
less reputable works— hi^b 
among them the novels of Riilor 
Haggard. 

In Greene's boyhood. Haggard 
was one of the most popular 
writers in the world, in this 
country, it wouldn’t have been 
easy to find a literate youth who 
had not read She and King 
Solomon’s Mines . Are the Hag- 
gard books stiU being taken out 
in school libraries? Contemporary 
taste has. of course, been going 
through another phase. Adven- 
ture stories in the exalted 
romantic manner were in vogue 
From about 1S30 till the 19^0s. 

R. L. Stevenson, who incidentally 
admired and encouraged Hag- 

major popular writer nowadays blacks, and bad empathy 


of" Alice's Adventures in Won- lantern show on Christmas day Warburg. £8.73^ ®3. pages ^nvitir - 
! derland and Through the Look- evening. It is one of many a generous heiptns' Of' Uhoto- 
fP'r".. «? -« ..j+u ./ ir- festivities graphs. , ; * ■ 


[ing Glass (£5-50, 221 pages) with features of their . ■: .j.- ... - - -- . M , ~ 

iMeiryn Peake’s illustrations an described in The ? rt#r, S 

-interesting contrast to Teuniers. Christmas Book by Antony and logo other ages have 
tn The H lastrated Lewis ttwML Jfeter-TIiaH (Dent, £5-95- M2, ■ 

edited be Roy Gasson (Jupiter, pages) which reconstructs m F e 
£7i0. 333 pages) there are four words and picture the _Wbole 
of Dedgson's own illustrations as festival,, from present-buying .ta Trtrii^nar 
well as some by Heath Robinson, eod-of-holiday pantomime, with ana Hi uasoti. iY BO, ?10 

— - — - - *--« — oons.i: - entries • are :®u«iirct. 


j {Arthur Rackham. Harry Fnrniss Chaim and scholarship. 


I rtXLUUi ndliuuuu. UUIJ lumas - uniii i «mu . _ .... j _ : ' 

jand others This handsome ./Hie end of the 


volume also contains some of his period -saw the birth of a great Gold^ is_ a syipbo^ 


■ volume aiso ran uuos svme vk u» j^uwa saw ui* «*■ - .. 

photographs of little girls and a many boys* magazines. Chuifls 
selection of lesser known items lWbed by CaseU in 1892 Was 

such as his parody of Hiawatha, ’edited first by Max ^enibeiitomiU^prnWse^eeJ-^^o^Jg- 
! , „ l, ... 'j and «nrvivpd until 1941 In The uubusned to be reewn mended 4s 

i In Songs from Alice (A. and (Cm»11 £7.50. John Hcmmmgs.'sTHeiSeatrhfto : 

! C Black. £2.95. 4S pages) colour- Whraer gives El Dorado; . veums&m* - 

; plates by Chari® Folkjrd, its ’ £&50-' 223 .pages):: ir:>rab£g 

)S£SAJBS£Sm stirrfe yarns with their narrow ' accorat- of -^iwa^thfiores ; • 


■ rBcent,r " 4 *™**™*: S&’SS^"s«3»* 

wiy cumposea a . „ — , — -j 'Chnsuiras. “is .not T complete 


; J g"* 2fr?M5 

I S2Sre, Wer jack lobbs 


One of Maurice Greiffenhagen's illustrations for ‘Ayesha: The 
Return of She’ first published in 1904 and now reprinted in - 
facsimile paperback edition (Dover /Constable, £L0G) 


wint sh. rmiTH< Spinners, 


stories could bo. They have been 



. . h «*« woiid W most uaTikelv To be them-cempare the character ot:^^ Jt^gWr'awl in tt C. Bmi g^**LgMgga^i 

succeeded b, . d.fferent and conm „ ed Mm , VoWor. . iSo^Xmr. SJL.S ■« I-***.. 


thoir>h l> H U a’aard uasa t a's°"e°tle an<l puI Dn ® oyal Con,missiI ’ : : s ' Except in action, though, j jg? i^^dra-aTwith minisenle the'^very fim the adpuaietance nf finala Dhha, 

tnouan Maaeara uasn tas .enue H ag?ard was an Intereftint Hanwrd woo got o ba»P7 own. • dolieocr. nolo th«T ataoaH g*""™ Tery 



Balzac Dickens Dostoevsky 
Galdos Henry J.ames Proust 
Stendhal Tolstoy 



MISTS 


*He achieves something far more valuable 
than unassailable literary criticism: 
he involves the reader in the lives of some of 
the most amazing people ever born . . . 
leaving you with an absolute determination to 
read their books.' 

Su'O/nf: l ’izhtezey, Sunday Telegraph 


£6.95 


Life in the English 
Country House 


A uis.l Architectural History 
Mark Girou^rd 


| ‘This enthralling and immensely 

g informative book cells with wit, 

U scholarship and lucidity, how the couners- 
2 house evolved to meet the needs and 
p reflect the social attitudes of the times . . .. 
fj Dr. Girouard has enriched my life and 
JJ will do the same for countless others.’ 
Philip Ziegler, The Times j£ 10 & 

Yale University Press, 
so Bloomsbury Square, London WCr 


numbers of The Dandy. The Charlie = Budcet j^ant - 

Beano. The Hotspur, The Rover about -bis exploits id to -fhe._ 
from 1921-1939. These are the .chocolate. faa<»y and great. 
isso.es for which collectors Rlass- elevator m one: vnl natt. - 

Hna^rd had ihe Tree-flow in- u-hichiVeornpcienr and'iras "a Fa ’her Forbade a marriage m a: Camniovedboard^S^es^^eairyentiy crave. 
in'-aination— -jnd fancy— which qtl0d dC2 j 0 f information 2 <o i: gir! he loved. He seems not to | would. 1 feel. °f v £ la _ , *'£. 80 “ uch “ ostalgl - a f* 3 * '• 

may be «*en:ial to cajnure a turn -of - the -century literary have sot much joy from fais ^nchznte^as^ A -as byJPlay^ Oppre^ve._ One^c a ^ ^ear jjbe 

l.i r^c audience. Actually, hss England, would have been actual 

audience wa% no: ;-s large as it improved if Mr. Ellis had been died at 

would be today. Mr. Ellis tells leg* reserved about his subject’s from a uuni> u i viuuicm - - r-^ — .— - - . — — -««jus“i •.*••«. — r— c- — • — 

us that the first printing of one personal life. Haggard was and sisters, but didn’t find much] more than 40 games with xepro- whieh the adventure tradition is plete. Woriti edited AS. .;«t*r - 

of his novels, when he was at honourable, a devoted patriot, a warmth or comfort there. Some factions of the original boards Ja seen pff the premises by members Alexander 

the peak of his fame, was 15.000 iioeral conservative, much iefs seem tn have reseated his : t ^ ie a ?‘ Ka ^ aze or near _ t ° !t * of Monty Python and Dr. Berr ‘Osc^ -br_BBC pjiBt. 
or thereabouts. frenetic than Kipling , .i , hn was success, an eider brother mor- the pieces to cut out. The games- pggg outfits. ,\nd if it is irrever- L..O0' (Collins' i5i® i P3ses),.lje.a' 

d. He was the bidiy so. Some decided that he ' are a mme of social history frOta eoce you arc after - try Peter bargain. v - 



Such 



major popular writer would most En-jiisbmen of his nine, bes-t to brin- encouragement, > ®" 3 l e J* esn ^6 book hf -Wales. Or if you want fo play 

cni]«ct nowadevs, with Tar less For instance, he reailv did Haggard had a sad and lonelv : Sat. The Super-Colossal Book of the Jtitford game all over again 
effort On the other hand, a cure about South African old age. t Puzzles Tncks and Games or there « Debrett's U and Ndn-li 

: — [Sheila Anne Barry (Ward Lock. Revisited edited hv Richard 

: £7.95. 640 pages) hails from Buckle (Deb rett/ Seely. Service, 
| Ame rica and is a vast compen- -£3.75.- n? pages) in which Prof, 
dium of every diversion from r oss updates (non-Ul the 
‘7 ? BY RACHEL B1LLINGTON testing your biorhythm to how original vocabulary. Anyone 

e>’ !to get started in ventriloquism; *ho enjoys Nigel Rees’s radio 

[it abounds with ideas for: show where panellists identify 


5 


A Christmas Card 
Theroi;:. Haraish 
£1.75. TS p.ves 


P;:ui 


.vi ventures in a snowy Fast in June 


Hamilton, 


st ■-•f America is both excit- selves 


Fa? Lips 


•nc*Jd 


1 ' ‘ , ca ".5 0nfine them- j charades, murder, quizzes, relays, epigrams may eont-st at leisure 

to labei.mg c 4?. ud f- s fortune-telling, icebreakers and “ Ono<e Uncraote " ilia- 

in; enr-Li’h for children and Cumulus. Stratocumulus. Mm b-> opt icai illusions. Dominoes by strate* "hv Michael jf 0 ivu FAITpti 

o.-'.sbal enoush for srov-Ti-ups. stratus. Cirrus — aimost as , D 0n ii n j c c. Armanino (Ward and Unwin ' f 3 50 06 paves). 

W-siter. The lonely hotel which is not s lyrica 1 in_ 1 X 5 cwn j.vay. The 1 Locl; £3jso. 128 pages) rehabilt- Eleanor Broo ns a comedian 



iography of a SelJ-educcted , 

I. Houdin) by Lynn Keid Bans*, made desirable by the wonderful Havister, ber latest story, is . arB ^ u ‘‘- 
Deiu. £3.50. 12S pages art-work of Latin American strictly a hamster's eye views 

T — T. _.. . j rr“ designer, t'sear Zarate. Tiiesc with neither symbolism, fan-! 

Arran iau Ballads and^ The j nc i ude .superb endpa,;?."- and ta.-y or much of the great ! 

t&S'a.M''" T;:c " Qry ' fe: ' 5 VOr!,i 


o:»rd on immi.crr.nt ship, is tures. Any pet-lo vine fhi id with- j 
>-c likely to impress adults a sense of humour will bei 


S.F. on screen 


The Boot Children by Nanette n ’° ... , . . .... 

Newm-*i. Franklin Watts, than cn:ldren. Tne hero whose delighted with such a know-all; 
£2.95. *JS Dunes ' extreme ugliness. “ short, fat. hero who prides himself on 1 

h?id . . . bulbous nose and hi« being the greatest ever escapolo- 


BY RAY LARSEN 


taking over the minds and. bodies 


What have Paul Theroux. ! ' c -‘ hlubbery and gist. Surviving dogs, birds, cats, j Science Fiction in the Moues 0 f a lojaJl American community. 

Ro>‘ Fredenck Interestihs to note . that only 


Arnoid Wesker Jim Slater A '* ?r " •'? essentially stood and an ilcohoiic neighbour (human), j hv 

Richard Adams' Lynn R e "id ns w th magic as The Beast. burst pipes, hot pipes and lead ; Muller. £3.50. 135 pages: $13000 was soenf on special 

Flanks. James Reeves and Nanette Unfortunately he has no Beauty poisoning, he even manages an;—— — — — -=-r; — ^ effects compared with the total 

Newman got in common? Ae an ^ no transformation. Only exhilarating l07e scene with- Ti “ love aiiair - Derween — • - - J 


Newman got in common? A? ana no transrormauon. un-y exmiarating love scene vnp t di^fn^ and science Sl9m spent on Cl«se Encounters. 

well as being famous as financiers. *; r j nnge tales and a touch of Oggl. a female hamster. His cmema ^rectocs and. science - - • ■ — 



seeing their progenvj fiction has now been going on. tVomen of Wonder, edited by 

its laconic, t far longer thao we realise. p^neli Sargent. Penguin, 
felt very [ Metropolis. Friti Langs silent- g(jp. 282 pages 


the stories of that - era 


James Reeve- has ( posthu- 1 massive publicity given to costly Nielacbemr 'man conquered ^.the 

... v... ... - ...... ... uuo ..louslyi two^htldre^ books out -epics such as Star W^or, and ^verse^while, an occasional 

combined efforts are acquired extraordinary hearing, this year. Both as good as any|£I°se Encoiwiers 0/ .ne ^ n,rd m 

ugh to please everv N-rav eyes, and soon aftenvards, cf his previous productions. Onel^. Iwi - But the particular attrac- role of femme fatale or docile 
.iih the help of a Fakir, super- A rcadfan Ballads, is a large scale j ^ on ^ s ,.'f sefu ?. ^ e C °v PaB ^rim 


natural strength. All this takes bonk illustrated by the ever ex-1 « that it lists all those low Now times have changed and 


a bit of time to explain but then ccllent Ardizzone. Although I 
we an? launched into an ex- have never had. much success 

children in 


I budget SF films that went almost there are many women stars; in 


’■"> ? • 1 7 ri'.f VI " * f* 

u oaSSUOs t»7 y J jii ^ = r - >-* * U 


slyAii 




sin 




"Inexhaustibly fascinating ... a mighty 
work of enduring human interest”. 


Over- ! classic, was made 52 years ago 

the urge stems from a desire to Jim Slater is on to a very whelmed ... I sent Oggi a rather | and the film version of H. G. jJ}™* i^ p J2Il rt SSS 

remake children in their image, different vein with G oMcnrnd. incoherent signal of praise . | Weils’ Thtnoi to Come is 4L ^or women wnten m the 

relive Iheir cbiidhood wTite a His eponvmous he>-c a little I am - '■* the Truth be told, really 1 years old. dominated science fiction 

sub-aduit storv or. hardest of all. hoy with golden hair who is horn better fitted for the physical than 1 The current vogue for science magazines Oi the 1930s and 40s. 

actually communicate with in India and is total! blind for ^ emotional trials of life." (fiction has raen rekindled by the In 

children on ?heir own terms, is ths first fi\e years of his life. By 
sometimes debatable. At very the time he is cured he has mou 

least their 
varied enou 

taste. w 

-4 CJirwtmas Card by Paul 
Theroux and illustrated in 

gS* U l? Y a a hen!5 d SSJtiSIS; tr emely exciting story of hi- with imerestin. 
m„s. is . labelled dangerously j ac t er5 and planes. Definitely other people’s poetry (they love 

nowever this turns not for in-flight readme. their own» This is obviously a 

ue enough for the Mature Day and Sight by volume to keep hope alive, 
family's ^Christmas Bichard Adams v.-ith gloriously Reeves other publication. The 
— — — . •— precise iliustrations and serious Autumn Book will certainly be 

science texts by Max Hooi>er is stolen by adults. The mixture 
an excellent Godparent Dresent. of prose and verse, old and new. 

It cannot fail to interest any obscure, well-known, sad. comic, 
inquirins child from eight u;j- a ‘i on Ihe theme of autumn, 
wards and would be invaluable makes an irresistible pot-pourri, 
for the nature " projects ” with Tne Boot Children by Nanette 
which schools like to test Newman, is an unpretentious 
parents. Children who refuse to poem translated from the original 
be moved n.v Richard Adams Swedish but iretaining the Hlus- 
lyrical descriptions. “ Almost my tralions of 'its creator, Sybylle 
earliest memory is of a meadow von Olfers. 


the perfect gi 


unnoticed on first showing and the galaxy of science fiction 
are now considered to be minor writers. A selection of their 
classics. stories is included in the present 

Top of ray list is Invasion of volume accompanied by.ap.ereay 
the Body Snatchers, I95fi. a tracing their growing influence 
chilling little tale of aliens since -the beginning of the- 1960$. 


A B>rrrait of. 


Jane 



L LUl 


David .freed 


“A. work- to buy Dofctp 
bbttow . . . superbly 
illustrated, very mov- 
ing and informative’ 


Observer : _ 

*Hisbook,from begid-." 
nmg-to eiid,is a ddl^ht - 'J 

to read.! bpe j!Ots it 
down at last' wd& .a ... 
mysterious : sens& '^joi <f - . 
having ktiowb : r. 

Austen petsonaliy - . . 
a very considetable. ^ 
featf : ;Margafet Lane, ■■ 
Dafy Telegraph ' • ; ;• ' ; . 


? ■ 

:i " • 


' r? '■ 
-• 5 - 


v - *! would unhesitatingly. 
pronounce tide bobk io . 
be the best portrait of . j 
herself and her work 
•that exists* 

John Bayley, TJsfentr 



. 5 u 


1 2 \ ! \ 


16 colour plates, over A 
50 black-and-white . 
jillustcations, £6.gy | 

" fe--; ' ■■v' • ! 









-iff 


i8V erases GY am 

“Contains twice as much wisdom as has 
been generated by all the political parties 
during the past ten years". Daily 
Telegraph. £6.95 illus. 


Bernard Levin £15.00 illus. 



The Searching Spirit 


“Beautifully done, graceful, moving and 
inspiring". Christopher Milne £ 4.95 illus. 


“It is a unique story, told with the 
directness and simplicity of all her 
writings”. Elspetk Huxley £6.95 illus. 



ROBEff? DGUGALL 

A Celebration cf Birds 


Here, in breathtaking colour, are the 
coral gardens of the Indian Ocean. Red 
Sea and Caribbean and their inhabitants 
great and small . £15.00 illus. 


“He brims over with enthusiasm for his 
subject”. York shire Post £5.95 illus. 


SCHWARTZ 



A 


“A delight to read' 
£4.50 


Yorkshire Post 


lern Schwartz 

“The historian of England in the 1970s 
■will find these photographs an invaluable 
guide to the intellectual life of the time \ 
Lord Clark £15.00 illus. 


IALD DAVIES 


“A book of absorbing interest to anyone 
who believes that there are more things in 
heaven and earth than science will 
recognise”. London Evening News £6.50 



n astonishingly rich collection of cotour 
lotographs covering aU the important 
yal families with supporting family 
pc and potted histories. £12.00 illus- 



'fi 


BY KATE MORRISON 


The Horseman’s Companion 
edited by Dorian Williams. 

Eyre Methuen. £6J)5. 566 

pages. 


All the Queen’s Horses by Bill 
Curlin?. Cbairo and Windus. 
£9.95, 146 pages. 


Tlie Badminton Tradition by 
Barry Campbell. Michae: 
Joseph. £7.75, 23S pages. 


*■ Go anywhere in England, 
where there are natural, whole- 
suiue. contented, and really nice 
English peopie: and what dn you 
always find. 1 That the stable? a tv 
the real centre of the bouwn-pld-" 

Shaw’s gentle dig :a a national 

weakness did not fall upon stony 
ground among his audience 
then, and nor. t daresay, would 
a ropy nr two of The Horseman/ 
Companion now. The material is 
su diversp, that even those who 
regard these animals with di.v 
trust will find something that 
appeals 

Among the extracts we learn 
that the combination of man and 
horse originated among the 
nomads of the Steppes of Asia 
and in the I6tn century Spanish 
explorers took horses over to 
America which subsequently 
benefited the American Indian; 
the Comanche, when mounted, 
“gracefully flics away like a dif- 
ferent bens.” Surtees. Sassoon, 
and Somerville and Foss are 
among the i-nntributors in the 
section “Horse and Hound 
together with Anthony Trollope 
who applauds the .good sense of 
the “Man Who Hunts and Never 
Jumps. - ’ 


All The Queen's Horses con- 
centrates solely on. racing. What 
might perhaps have been a tech- 
nical account of the breeding, 
racing and training facts of the 
horses ridden under Her 
Majesty's colours has. in fact, 
been enlivened into an exciting 
storv - . Bill Curling has used a 
great deal of first-hand informa- 
tion and it is the trainers, 
jockeys and those involved in 
looking after the horses who tell 
of a particular race and the idio- 
syncrasy of a particular horse. 

The photographs are an impor- 
tant feature oT this book, both in 
colour and black and white: the 
Queen has allowed certain repro- 
ductions of her paintings for the 
first time. 

The word “Badminton “ \yilt 
mean different things to different 
people. To some it is the game 
invented in the entrance hall 
during a wet afternoon, about 
150 years ago: to others it is the 
home of foxhunting where the 
b&v hounds are bred— the Beau- 
fort Hunt is said to have 
originated after the 5th Duke re- 
turned from a disappointing day 
with his stag hounds in about 
1762. Since 1949 it has also come 
to mean Badminton Horse Trials 
where onthupiasts of equestrian 
sports flock in their thousands, 
undaunted by the usual bad 
weather and mud. to watch in* 
trepid displays by horse and 
rider. Alt Badminton's associa- 
tions are covered by Barry 
Campbell in 71ic Badminton 
Tradition hut ,tbe Illustrations 
(none m colouri are disappoint- 
ing in view of such promising 
material. 



The Dictionary of Biographical Quotation 


of British and American Subjects 
Edited by JUSTIN WINTLE AND RICHARD KENW . 

"A masterpiece which will become as indiaponsabiaon thebooksheifas the Oxford ' 
Companion to English Uteraturo and the Oxford Book of Quotations.' 

— Auberan Waugh. Books and Bookman. - Over JO.OOO entries, S32 pp £JO;5Q- 


H. Rider Haggard by PETER BERRESFORD ELLIS- 


A new biography of a literary colossus whose many adventure classics include. Steand ; 
King Solomon’s Mines, illustrated E7,95 '• ... - 


Tennyson by PHIUP HENDERSON : : V-" 

'An admirable biography... highly readable ..Te n nyson would havefifced ft; . 

-John Bayiey, I77e-7Z77es UtorarySuppIemant - ISustratmJ ■■£6jJ5' 


Medieval England by coun platt 


man Conquest to the last of the Tudors. $3#'x 7Vz ms 7 67 Siustraifons 16 in colour 

•• : : : £8.50 


The Minister's Wife by HUNTLY GORDON 


This beautifully written story of a Scottish famBy has proved to.be one of the year's 
most highly praised hooks, 'a genuine small masterpiece. ' .. ■ 

- lain Hamilton, Daily Tsiegraph - L^.25 


Steam for Pleasure 


by P.B. WHITEHOUSE, J.B. SNEU. and J.B. HOLUNGSWORTH -L 

A must for the railway buff. Britsjn and IrelancL Europe, North Americe and the rest of 

ths world; g rea t trains and small, rail ways and five museums, aK are he re.- . .. •' 

lOkS’Ains Over 200 photographs 7 6pp colour plates £7.95 





‘'■•nun 


Adventure in Glide's Garden 


by TERRI LE GERE 

One of the most enchanting children '5 books this Christm a s. ~ j 

Using the traditional form of the. tory .tale, Terri Le Gere has 
created a modem legend. Illustrated ht full colour Ori& Press £3.7 5 


ROUTLEDGE & KEGANPAUL 

39 Store Street. London WC1 ■'. " 



:^hed" *- 

! 

;^Id; 


V--' ' ■ • -'r' “l* 


10 










Financial Times Saturday November 25 1978 


CHRISTMAS BOOK S— 2 




Aselectiwi of Oiristmas tides 


Faber 


M. Bs 8V EDMUND PENNING- ROWSELL 

Port bv Geor»> Rnh*.^cnn makia & jn the remote, often mention. Sarah Bradford’s The generally weighing down this 

Faber "ffi V) napp^ ^ sizzJmgly hot or fiercely cold. Englishmen's Wine, originally nominally fragile piece of furni- 
’ — H upper Dnuro valley. -This he published in 1969. has been up* lure. 

Croft— a Journey of Confidence tfulh. "Lbe most diflknlL and dated and reissued by Christie's. i n Vogue covers some 

by Oliver Knox. Collms, £450, expensive vineyard land in the while their rival. Sotheby s. has of grDUni j 35 Cyril 

140 pages world 1 ' — though the Moselle countered with Wyndham Ray - S hook as much of it is 

Fn K ii ct ,m, w - a wi w » ST cTTT growers might dispiife.lhat. What Fletchcrt Port; an IntrodiurtioB devotcd ;o 'cocktails and mixed 
1 0i J«?- Ta “ * 5 criraordinary about port is to its History and Delights. As Hrinkc and is more recipe* 

rhrbsn!?« lh31 ' 3i ade from an unusually I was asked to write an introduc- anc i e d Taken from the map a- 

.SSlWWi P “ MlB, “ w - ™»W •**■««£«. ■ 1,00 1 »Wnk I must eonflno my 2£“ ^mhoS ".JhUSHl 

— ' ' " ■ .. . VL ‘ r - ordinary table . wnc I s comment to saying that it is Re neralisations that glide easily 

Port: an Introduction 10 its turned uvo one of the in- largely the memoirs of the doyen over jts s look less convinP . 

History and Delights by dfcputably fine aiacs of the of the porr trade in London, in on t he m 0 re durable pages 

..Wyndham Fletcher. Sotheby. w?rld. This is partly owing the former head of Cockburn. Q f a book . especially when they 

P^rko Bcmet. £6 35. 124 p.q-s j^tbj ”££' £££ The title nf Cyril Key'. blest ?'»> "*>*>' **■*. f»« u ‘ «“jh 

The Complete Book of Spirits iny. here set out in detail: so that ‘s challenging. but if he 

and Liqueurs by Cyrd Ifey, George Robertson's book will be »•« omitted any spinl-byed ® L M ^J2^S«eSMn does nS 
Cassell. £5.9o. 139 pages as valuable to those engaged in drinks these are certainly * ,? t oes „°„°I 

Drink in g in Vogue by Henrv £ : *£££ S2 ttf S SSSSnJSdSSS. claret 

McNulty. Andre Deursch. £4.95 jj * 0r P crihel clearly. 1 concisely and should not be served at 46 F. 

161 pages "'FJSZl . "This « niiv*r with an occasional touch or the we!1 ^low th e rapted cellar 

The Wines of Che Rhone by John commemorative volume author's dry wit. Whisky. SoTVhan"-* 1 a" much 0 ?° grape 

LWngstone-Leannonth and on the tercentenary of George hrandy. vodka, liqueurs, eaux-de* h v »f D - 

Melvyn Master. Faber. £9.50. noheruson’s firm. Croft; and the w — all are included in Dranay . in tact .» per cent. 

235 pages hook consists largely of a series sequence, and if 1 might guess at The increasingly high price nf 

- . . ■ ■ ■■■■ , . of dialogues between author and the author's preferences they COte d'Or burgundies has in 

Although 1STS Is uni ikelv to be the company chairman. Though may well be cognac and the recent years turned more alteD- 
declared a vintage year m an unabashed work of publicity delicious and here relatively lion to the Rhflne. where good 
Oporto, it is certainly one for for Croft ports — surely admiss- little known unsweetened fruit value may still' be found; though 
books: on port For four have »*> for a firm That has -survived brandies, the alcools blanes. One they are rising fast enough __ -»r o ts 
appeared this year, three of them through three centuries and may wonder not only at the there too. For these a sound gyB g g 

new. one a new edition. several wars— it describes much amount of encyclopaedic infor- guide has been needed, and The #T B\/g]zljBp BSB3 * Ss 

mu a , lthn ^ of *h a more informally than the pre- marion coHected but at the Wines of the Rhdnc by two pro- JL W V wB &J3& S S’&'Jaai B Be 

i» U PnL«i v.nus book how port Is made up prodigious sampling entailed. It fessional merchants, who lived CjF C? 

i qtT f" 1 ihe Douro. matured and must hav e been at the end of there For some time, fills a gap 

u"" MeDded in the Vila Nova dc one such session that the meti- on the wine bookshelf. Their BY. MICHAEL DONNE 

unrhn' • # Gaia suburb of Oporto, and culously accurate author wrote on-the-spot experience has 

ro „f/ fc “IT thence distributed— now all in that the Rhine has Its source in enabled them lo sort out the — — - — i — — — — Alan rn|>h^m. -4 Time to FU.i. is 

Agreeable reading as far Lnke Constance. The text is varied wines that stretch all the Aviation — An ll.nsiraic«IHi‘- p r/> hably a wore stimulating 

as iX 5oes. one wishes it had enlivened by attractive produo Way from south of Vienne to ,or y» ‘-£jri>;opn'J r tbant. 13 | p jnr many of the middle- 



Wtlp : & 




t*-3 *>- 


~v 


The garden of a retired politician in sixteenth century China, one 
of the paintings reproduced in Maggie Keswick's “ The Chinese 
Garden " (Academy Editions. £15.00), a beautifully illustrated volume 
which traces both the history of the gardens and their subtle 
symbolism. 


Alan Cnbh’m. A Time to Flti. is 


K-.. ahi» frt'™.,*.’ „ hfohi.; as iX 50CS. one wishes it had enlivened by attractive produo *ay from south of Vienne to • taisr. ro r many nr me miaoie- 

!2«ionai aiwint hnih nF V f »ne more deeply into the past of Hon. originating in Holland. Avignon, to explain how each is Orbis. £7.95 ..-0 pa^s a2ed nf Tn dav. their bovhoods 

^ne srul Af Thp Iran in distinguished a port house, wilh well rhosen. excellently made 3nd to recommend the Th J7g War Machine iiv Or b< i'’**cn the iwo world war.* -.vere 
01 1 ’ - raae ia Oddly enough there is no men- reproduced illustrations of hot- best estates and most reputable lames F. D'»rrvn j'nr ’ arid v *' , l h ^porklsng tales of 

ror ^ K ' tinn of the fact that for a great ties, labels, glasses, along with merchants: and they are not others Salamander £595 271 this pioneer aviainr. whose dying 

After a rather sketchy part of the last century, the firm maps and charts; in short an afraid lo make critical assess- pages’ ' ’* circuses after the First "World 

historical section he continues and its port was always known as elegant, slim volume of more ments of both. Certainly an — — War made him famous and led 

with a detailed description of the Thompson and CrofL use on the post-prandial coffee essential work for all seriously Soviet Air Power, by Bill Sweet- eventually to his astomshin; 


The Greek Islands 

By Lawrence DuzreU. 
Second printing now 
available. 

Illustrated. £8.50 

Li via or Buried Alive 

A novel bv Lawrence 
Durrell. £4.95 

Day by Day 
Poems by Robert LowelL 
£3.95 

Cave Birds 
Poems by Ted Hughes. 
Drawings by Leonard 
Baskin. £5.95 

The Tell-Tale Heart 

The life and works of 
Edgar Allan Poe. 

By Julian Symons. £6.95 


Farewell the Trumpets 

An Imperial RcixcaL 
By lames Morris. 

Illustrated. £9.50 
Also available: Pa.v 
JirUdtuiica £5.25 and 
Jict 7i cils Comr.iwd £4.95 

Stanley Spencer at 
War 

By Richard Carlinc. 
lliustraicd. £9.50 

Little Eden 

A Child at War. 

By Eva Figcs. £4.50 

Hitch 

The Life and Work or 
Alfred Hitchcock. By John 
Ru ssell Ta v lor. Illustrated. 
£6.50 


Orbis. £7.95 320 pag.'S 


a god nf mday. their boyhoods 


mA 




arduous viticulture and wine- The other two books I can only table than most of the tomes interested in Rhone wines. 


mM 


Muslim palaces 


mao and Bill Guru-ton. Sola- f CJ ts of’ Inag-dirtasce flying', 
utander. £5.95. 1S2 pages opening up wbat were eventually 


BY ROBIN LANE FOX 




:.5S°5 & L»e S fa^ more 3 promising 0 

dSroS £9.50. 460 pa^ rQ ~ ~ ^ Co rp, should e^W become 

fl'finn -2M 1 Hudson - and the Medici chapel were against the culture and education on art in Islam by European German Aircraf of the Second r nf 

£I6Q0 ’ 288 pages somehow to be “ understood " as of the master architects and dilettantes. They also suggest World War bv .I R Sniih ? n .\ pi T', ,f me method of 

r— - r—TT an r—r - Christian •• architecture.. essential court patrons. Professor what needs to be done. and Antonv K.iv Pumarn ^ , £ V 5< £ 

I hK^^fi.o 1 7 0neS M»ei^ tslam1 ^ For Islam, at heart, . was a Grabar is now the uncrowned Far the richest Hrt-book on this £1150 745 rar«><; ' ’ h/ several air i-ir.es mda;. is 

‘ ^usllm rulers pnritan religion, and that heart vizier of short conceptual essays era is still Gervase Mathew's 1 — : indeed a moil remarkable stotr. 

have put up some jlonous omla- rema ined very strong. -It was in collective g lossy volumes on Byzantine Aesthetics, first pub- For Valour : The Air Vfs. by : °ld by the late bir Alan with 

mgs. many of which are well opposed to displays of human Islamic art. Singling out the lisbed by John Murray in 1963. ChazBowycr. William Kimbcr. candour, humour and gusto. 




late Sir Alan with 
nour and gusto. 


' - .‘ .l. Power, me M-onmp 01 saints ana expression 01 poiver. oe sug- to reaa it is not only to see me jua.nu, wo pases F inallv p-i-dcr- Pic Hul : i'.u 

SB*! S0 ^ & 7™*JS soc,al discrimination. Yet the gestively asks exactly why rulers art of Islam's neighbours through ■ hv ^ ,. p a rd m%£^uvotU} much" 

Better by far, those best buildings in this or any built so vastly io pre-industrial the contemporary education. A r 57' 10 h^noiw huf the of an 

patt ?™,. 0i r P L aJc rt ,5 r L‘?. ^ hlCh «ther book are forts, royal society. James Dickie, after a colour-tastes and aesthetic ideals fobham. Shenheard-Walwj o. hmon. hut the > J of an 

were paid for by the Seljuks or raaS q UeSi saints' tombs- and cloudy start, takes you clearly of the court and civil-service fb-50. -14 p-ir-c* immediavl- prior m the Reconri 

Jf rtH ?L U JJi7 palace-gates. “ Architecture in through the features of mosques, which patronised iL It is also to Raider The Halifax and its world War through its design 

and simplicity m the red sand- Mus!im countries’- would per- schools and courts. Guy Pether- enter the best book, paradoxi- Flyers Geoffrey Jones William iZZnn ir S’ r^LS' 
v 5 ,te taps b- a fairer title. The bnd;e dnes hi, best to reverse call,, on tnueh of the- art in 240 Ses 1 t ,1 « ?od 

■ p KS£ 1° tho f« _| rea ^ “distinctive Islamic” features the disasters of the bulldozer and adjacent Muslim lands. For. the ■ ■ — v ,-ioH niinmii 

i'S tb!h g S Singled out here, blank exteriors, asks important qoestions about Byzantine’s aesthetic was so During the last 75 years, since operational 

emperors. Humayyuns tomb in tiling, inward-looking plans,: are the neglected vernacular style in nearly shared by the Muslim the Wright Brothers made their ^ 

“ 5™ :™ :. 1 riva ir J .. t ‘?^ le3 , i„°_ at least os old as Nebuchadnezzar Islamic lands. There is far more patrons: education, in many first powered, sustained flight in a 

f nfl y t . „7 U " in lands which brought their here than a sympathy with the ways, united them. Often the a heavier-t ban-air machine, the 

rnT i 35 * nr,,u "5 own traditions to the dar-al- towers of Yazd and Sana'a. Muslim patron, too. belonged to romance, even the glamour, of TlXVH}.07 

l > azja Ghapei or Santa isOfia. islam. One approach to it, then, What, though, of decoration The “ tightly-knit club " of a aviation has attracted many JQTnjrvi 

Indeed. Islamic teaching led Is through the listing of Abe and geometrical pattern? They polished civil service. As in authors and publishers, for such 
to mosques and minarets as a “trad itionar and the "original” have led to more pretentious Byzantium, this milieu must has been the speed of develop- g s gs 

practical Deed. Schools soon elements. These crop up here criticism than almost any other have over-seen and influenced ment in aeronautics that texts O' p^Q) 

followed. But when Professor quite often, though more. I Feel, branch of arL Dalu Jones is not the court's displays of power and treatises have been often 1 /l 7 

Grebe introduces these essays as could have been made - of the always a stranger to the abstract through a well-sited use of art. outdated almost as soon as they O- J A » ■ / L/j 

a first step in correlating the late Roman and Sassanid Persian literary arabesque, hut she scores Like Santa Sofia, the domes, say. have been written, while every H n I 

physique of Islamic architecture ancestors, still too. little appre- good points, especially on the of Isfahan’s Friday mosque are new generation wants to learo 

again of the exploits of the S 


The Faber Popular 
Reciter 

Edited by Kingsley Amis. 
Hard covers £6.95: 

Faber Paperbacks £295 

Night and Day 

Tom Stoppard's play, now 
running at the Phoerux 
Theatre. £3.95. Faber 
Paperbacks £1.95 

Getting Through 

Stories by John McGahem. 
£4.25 

Ughtona 

Honeycomb 

A novel by David PownaH. 
£4295 


Benjamin Britten 
1913-1976 

Pictures i'rom a Life. 

By Donald Mitchell and 
John Evans. 440 
illustrations, mostly 
photographs. £15 

The Art of Bernard 
Leach 

Fdi :cd by Carol Hogbea. 
Illustrated. £20 
Also available: 

Beyond East and West 
by Bernard Leach. £8.95 

English Engraved 
Silver 1150-1900 

By Charles Oman. 
Illustrated. £15 

Magnolias 

By Neil G. T reseder. 
-IJIusiraied. £50 

Die Self-Sufficient 
Gardener 

Bv John Sevmour. 
Illustrated. £6.95 

The Finer Arts of. 
Bridge 

V'ictor Mollo. £5.50 



Fs 
3th C 



is not just anticipating “ many questionable way of appreciating seems to me to be crucial. It verbal conceits and spontaneous The last few months in parti- 
years of research-"’ He is chasms an.vthiDg. The bestTsarts nf these rens prominently through Mr. paradoxes, optics, algebra and a cul3r have been rich in aviation 
1 "'Lewcock’s essay on Architects brilliant grasp of maths. Mathp- publishing, with histories, bio- 

and Techniques, the best in the matics made visible: this is graphics and reference works of r-- _ l . . , . ...... , , . , 

book: we now have the original surely the key to so much Mus- all kinds pouring out — and HV0 hlindrSCl IS Si rathST SpGCial Dlrthday. and We V6 CeieDratSu OUTS 
plans of a 16th century master tim art and decoration. almost invariably chev have been . . , . . . _ ... „ 

^ of an exceptionally hi-b stand- by publishing some very special books. Two of them about ourselves : 


' ART AT AUCTION 

The year at Sotheby Parke Bemet 

1977-78 



Green Signals -"tSu 110 ,"' anally M or £ 6 . 75 , 'a fascinating and urbane history’, according to the New 

rv uirum Auiru “ rls “«h 5 «SS” t ' Statesman, and Nicolas Barker's The Oxford University Press and 

Sfdviofo^iiMDLm She Spread of Learning, £10 ('magnificent', said the Sunday Times). 
it™, tort, worid JXtoJ'I'SfgffX^rtSJS’t c^eV^Tl’a'Th.Xriish.’ Jan Morris's Oxford Book of Oxford. £ 5 . 95 . is 'a splendid compendium 
o h f , sf?'NleS d 'Grai«'?°™SSi Se 7 s”a“ 7 ra ,1 to“he«“?MM • - - ■ the ver y essence of Oxford’ (Evening Standard), and the new 
^e'SVo TnS TJc Mr' edition of her famous Oxford, £ 2.50 in paperback, is 'still the best 

B.»c £ 8 . 50 , £6 ^ ttoeTn i SWr,^. 1 mo 5 Si!? 9 uide to ^ En 9 |ish cit V’ a magnificently readable book' (T.E.S.). 

st 5?. ? r PI ? S o r o b 7 . p v S' d ^ Cril ? et l Ut 4 . has u be f- n e if e ' by a profusion of beautiful photo- 

SSliS^ortb p?°uidt 4 SSS to Uto S’Srtc" b .'?ou“SoM h to ' ISc- 0ur new biographies make good presents. The playwright Christopher 

Kegan Paul , £ 7 . 95. 236 pages account. nautical publishing. Fry has written an unusual one of his family and ancestors: Can You 

recenrjy 'deebre? rtTo^o? Noc? s dri*,i .uTsmSC' Zj wJmmS Find Me, £ 5 . 95 , 'surpasses all his past achievements (SundayTimes). 

tad^^SfSSSSSJTSS 32*g Th ? poet and composer Ivor Gurney, who died tragically and has 

be a ?Ssed S raat iV".oUc always been undervalued, has at last been given his due. Michael 

r ^X?eS r tiTmaJ,n 8 Te"p Si, JK eS„ N w e n ™ D .'£S HUrd ’ S Th6 ° rdea ' ° f ‘ V ° r Gurne *’ E5 ' 95 ’ ' s 'exemplary ... an excellent 

" n^*£r£SSrES ^ 1 book ' r.L.S.). Better known but perhaps equally underrated is John 

sed a home-dominated populace J^f^MaHraaFliiirSp valuable as referenr e woSs Tn Masefield. In his centenary year, Constance Babington Smith gives us 

up ..100 mph was Airships For he Future ' by the first full-length biography- John Masefield: A Lne, £ 6 , 50 . 

breached early this century; rival like electrifl cation , m countries wiUlam White Is a Jess aiubiiiDuV 

tfievi™ St U i«feB w F w thosl^o remain wedded S u,™ hhlS? of as Best ^ or rd-watchers r . Volume One of The Handbook of the Birds 

Se ne ilsr a few n yMrs?^l s, sortf of Sf^renn^ 6 d stl^ w /ot “ngaTtentioi^to thepSSuun of Europe, the Middle East, and North Africa, £ 25 , covers ostriches 
re< For* th^'raiiways^have^ad to worldwide wberaTteam ^ nntt J^TtLe of'increasing to ducks and is ’an essential addition to the shelves of any serious 

iff pSIers^G^Fre^ wSfUSZlEl iE 2 fue^ sho^es^w- ornithologist’ (Country Life). Flower-lovers will love Flowering Plants 

.ulSw fiSSLdSd «r. b <E£ ttlSSiZrS? a,r - ° nhe Wor,d > £7 - 95 : star-gazers Hanbury Brown's FJian and the Sfars, 

mented account of the chase for tourists and A,so fDr reference book- CG QR‘ AJI thrpp »rp wnnrierfuMv iUnstrntPrt 

speed, rightly according Britain enthusiasts. It Is somehow g jj e if t Putnaru is contiouin^ jls *- 0 . 170 . All Inree are WOnueriUl iy II LUbLid-tea. 

high honours for its High Speed heartening to see that the fi® 31 ™ long-running and bighlv success- 

0xford dictionaries are the authority on the English language, and 

rr, 4 ‘?; D S"pri SSrVS’SSk SS^ exceilent presents too. Give the brand-new edition of the Pocket, 

to 7SSSA jSS " Dt * X X2 d pS £3 ' 25 ' ‘ a s P |endid work ' (The Guardian) or the Concise, £ 5 . 25 . 

™'na a “ 4 , ?ol.7 n S,ph on T 5 B 5 wf t e“ E ,™L national institution ' < Tha Economist). The new Oxford Junior 

?nVc“;& hto’m.^VJito 1 ,' graces'* the' cJer 'of Dictionar y> £1 - 30 - ' s i ust right for 7-9 year olds : i he New Oxford 

— considerable value. Illustrated Dictionary comes in two volumes full of colour ; £ 35 . 

Mnnam Itmdll&SS BY BRIAN AGER more re ) £d 1 mood. have A different kind of dictionary is the Oxford Dictionary of Saints, 

been several general works of __ ., , , . . .. , 

considerable interest. For £ 7.50 worth of comDulsive readina (The Tablet). 

Collision Course by Douglas the fi SS Vatour: ™ C be 

S6 th pa r Sr L MacnulJan ' £3W- circuit; SJUrf^tate .of°JauIntiy a [n Sing a. carol round the fire or down the road : the new Carols for 

a woman is kuied by a crash- the track the pace slows/ lsls.^he virtoiii^riss^MbeeS Choirs 3 , £ 1 . 95 , has fifty including ’Silent Night', ‘In dulci jubilo’, 'We 

ing racing car. Her demented Yet it will still be compulsive awarded on 1,350 occasions, but _-_i „ +^_ no a a 

husband sets out to 3 dU the reading for anyone interested In only 52 of those recipients have three kings , and Other favourites, there S a record Of ittOO, £ 3 . 49 . 
driver. motor-racing who will find been airmen, and in this book 

These are the bare bones of Rutherford refreshingly know- Chaz Bowyer tells the stories of — , , ... . . . , .i ^ - , _ , . , . .... nAn - 

Douglas Rutherford’s latest book, ledgeable about the sport And them all. This not so much a For laughs.’ Kingsley AmiS S New Oxford BOOK Of Light Verse, £ 4 . 25 , 

They are clptbed with plenty of he has invented some delightful book to pick up and finish in a -r- , _ , 

good stuff on motor-racing . but Dames for his fictitious Formula sitting, it is too long for that. StTICh and relaxed collection (The Times). FOT pure pleasure. Helen 

precious little else. The charac- One cars. but one to dip into whenever ^ , , .. — , , _ . , — .. . ,, nr nc r-„ . . 

ters are little more- than card- Who fancies a drive tn a Tom one wants to read again of some Gardner S New Oxford BOOK Of English Verse, E 5 . 20 . rOf more laughs, 
board cut-outs. Cotton Special, a Romalfa or a young man or another whose , i r» .i . 

• It is the sort of book to be Shelf Squlirei? courage was rewarded, some- more pieaSUF©, JameS Sutherland S Oxford Book Of Literary 

read purely for relaxation with Better not. for Rutherford’s times posthumously, by the most nr +l„ n; rm ; nrt u art , n ne .»V rtAmmallrn fnr 'fho irfool 

the brain firmly engaged in race -tracks are not places for the coveted military decoration of AnSCaOteS, L 4 . 25 , the BirminQhftm POSt S nominStlGn TOT Trie IQG 31 

Rutherford has been described with crashing, blazing cars and But for inspiration of another Christmas present for a literary unclefor the next hundred years . 
as the Dick Francis of motor- spattered with blood. kind, the autobiography of Sir 


their ' c ^n c tent ex and en in e ’ thdr Peter Sutcl iffe’s The Oxford University Press : An Informal History, 


BY. NICHOLAS OWEN 


of £6.75, ‘a fascinating and urbane history’, according to the New 
Statesman, and Nicolas Barker's The Oxford University Press and 
^ the Spread of Learning, £10 (‘magnificent’, said the SundayTimes). 



Ed ited by Diana dc Fromcnc and Lynn Lewis 

The 1977 - 7 ? ^tron ar Sotbrb? farie JJcrcff hss been vnusmllr 
varied and miert^tine, crowned by chs in London ot the 
most valuable private collection of paintn^s, dnwinji, 
fiimiturc and work' of an ever to come >'p tor auction ; thsr of 
Baron Robert von Hirrcb. 

,irt at Aiitliau provides a rirb source efii'JprniBon on the s.-ae 
range of macnial which his passed thremyn Sothebv's 
saleroom^ world-* idv. All the o:nt importanr and hrant-Ai 
Object* arc itluacrated. over 4 Win cr-l^ur, and each caps nm 
includes the price and place 01 sale as well as detail. c-l‘ the work 
itsel£ . 

In addition, speoali-ts ftom Europe and America discuss the 
major items and trend* in collecting. _ 

496 pages, about 4 so colo*ar end -c<G TTror.ochrom- ill uit rations. 
ar*7rtirn ; outrun, dorl:, ^14 C^>= S' , bc'bre istjanuarx’ ty 79 ) 

plus^JP &P- 

Sotheby ParJce Berner Publications 

Russell Chambers, Govern Garden, London WC:E SAA 
Telephone: (01 ; r 40 1 09 1 . Telex: z2i$S 


DEBRETT. 

U& NON-U 
REVISITED 

edited by 
Richard Budde 

^The essential 
snob’s Christmas 
present- - . * 

£3.75 


AvdilaWetfrecrtfwn 

Defeat's 

(tJus 25 p post-’pariong) 

23 Wc-siffl) SI rea, London 5W3 

Or 3II good bOOkjIVjfX. 


DEBRETT 

The English 
Gentleman 

BY 

DOCGLAS SLITHER LAND 

FOREWORDBY 

SRlUNMOKOtEUTEOF mWILK. B,^r. 

PUBLISHED 

BY 

DEBRETT’S 
PEERAGE LTD 
£3.50 

AvafeW6dir«tfrom 

■ Defaretfs 

&*s25pdosL- packing) 

23 Mossop Street. London SW3 
orail good bookshops. 







me- 




lit 0 H€ 


rn impressions of the new 
7 15 am awakened 
, -lal oy the alarm-radio eom- 
.»n. Radio 4 in iii new Ions 
■ Dfi.ii:rr. hut with back* 


■p.lerference. Further 


’.:r.;ng when Fully awake 
-ji miDUte hiss. 7.45 am 
i'.'.c jo breakfast and 
rj“ •* pm-: aide*. Switch on to 
: nj find Radio 2 loud and 
■ «n new slot playing a 
J’.mruy Durante. 
:v.-f-r and find the World 
listen to account 
>>r ;t dispute at Fords 
■-J-: listeners. 

:.j-r.L. T vi I n:n begiinins 
ri ;i. Extend aerial 
..ft ■'•. jr <?::* o r firfisity 
r h •/*.■ v 2 i Sod F?.I. Find 
I c-iti got Radio 
'.i. :■■■.. VHF portion ! 
• ■ • !• -. : r \-.r 2 i ! : Eack 

"■ J - ?;• ;n'. : Richard Adams's 

*iu :i: t:>* day. 


ir?KDaO 


ANTHONY CURTIS 


v."'- •• •• the isrtn; of 

Ti'. • j'l.'-d / i T i v i 

• -r v. r. -w tran«!H:f- 

- tnrrv.J. Wan 5 

•> . + \ . :*nd S»on 
I . •. :li : !l Den ?l : *nd 

j- ■ v. hod room and 
• .■ . long wave 

r.. " . /-s'.-.: s laris ivilh 

v.-Jiy Irish 

•. : . •: v. . rj ,n 

I . . i culling by 


But this effect is also compatible 
with ordinary Jastenins on both 
stereo and mono. The challenge 
of binaural Listening is being 
taken up by several producers 
of documentary programmes 
with persuasive results. A bin- 
aural series is currently going 
out at 10.30 on Monday evenings 
on Radio 4. It is The Sacred 
Grave in which Leonard PsarcLy 
examines the symbolism and his- 
tory of the master-images (tree, 
water, fire) common to all 
religions. 

The location for the pro- 
grammes i.s one of the most 
splendid examples - of religious 
aVefaiteeture in the whole* 
country. Ely Cathedral. Distant ■ 
peals of organ music, muffled j 
touristic voices, and echoing I 
ecclesiastical footfalls provide a I 
background to discussions with 
social historians, anthropologists. [ 
and psycho, Agists. Certainly the 

mam set tint where many of the 
images discussed may be found 
in magnificent preservation is 
is given great physical presence 
by the binaural effect, and much 
of the discussion is on a fascinat- 
ing level: a sense of awe comes 
through: the imaeery does though 
remain primarily visual, and 
there is a limit to which even the 
most sophisticated aural repro- 
duet-on can go in suageningj 
what really needs to be seen. 



Prize-winnefs 


J The London Symphony cello— took a retieeirt, ataped-wtth a cool vppnxSafrm 

■ on&estn concluded this year’s spective line with tire hero. For of its emotional point. * 

•series of Shell Concerts on half the piece his m The vlolJtf - -Alexander Taylor 

; Thursday at the Festival Hall visible ***** eutKble. the -t.vi . — — 


audible: 


jsr-ja .as* *s**jSi SStViSSWi&SSS 


[its Adnio Slowed seal* with Cffltoly the solo part is * ^ 

her fail but soft-griioed teme. naninatiYe affair, but to Ha.-.fg gjSJS j n °the toss totit 

| o^lntSanVs^y 0 Sot~ ‘ 

• tenderly shaped "by Andre MUSIC 

. AF - eua'iiHlule- lli. J _ ; 


: one’s attention to stray occasion- 
• ally to the tame orchestral part 
! tenderly shaped by Andre 
| Previn. SDss Stamenova’s contri- 
[ burton was more than promising, 
! less than finished (she is coo* 
: tinuin? her studies, of course): 
: the long phrases were sweetly- 
! sustained, the fiddle-fireworks 


DAVID MURRAY 


starved of its jokes, too, but- the 
subfusc account we were-rgiveir 
of the entire work bad feW-' roVn* :; 
pensating virtues. . TSe"' slack ' 
dack of tastabetig; wbk3) intro* 

' duced. Tt was dispirit mg, .and" tha t 

was an omen of tbe 'pervasiro 
rhythm ic-jimpnesy.-to'ceiiaei' lie' 


tidily secure without much sug- some lofty estravacaiuce in the middle orcbestral-parts ^evolved; 
gestion of sizzle. Some overt raiditfion of it. Until Cummings in a gre y An glo-Saxon bareywith 
panache is needed to set off her began to wear the h rri g ft tiy all Debassy’S- tran^parent coionfs 
clear mnsicianly qualities: ' mantle with flair, diief- clouded^ 

The tverfonnaace of Stra ass’s ' rewards of this Quixote 'lay tn great distance ip . mi&Febniaiy. 

‘Don Quixote was of a - similar Previn's unsfcowy, sensitively The LjSQ touched on Sttaua^s 

I cast, for the soloist Douglas de&iled espbsition of the ondies- patches: of.: .lo qfl;. : coWnt ; Wtb. 

i Cummings — the LSQ's principal teal harden, ateosl every phrase infinitely more conyictiQit ■■ 


John Rawnsley, Eiiene Hannan, Robert Ferguson and John Tranter 


I M ti fBT M S $ A few years 2 go Boston (Mas. short bursts of physical rock, EUiottEastOn, is bebx-fii^edj-ijn, 

wM/ JLJy H Gs^sU b vwC' ‘ no * Lines.) gave us the J. Geils.wiiSch excites but does hotkey boards Greg Hawkes.i&tiny 

i Band, a rafisb group which threaten or disturb. It and . -Vidnerible; "-'and^'^ Daria 

After the opening productions, ful. Indeed, short of inviting moment by David LloyilJones. : should have taken the world by accessible music, ^^f.enou^-to ■druinhi«,^&'''c»n?-' 

all of works outside the dead cotrubas and Carreras up to I have seldom admired Mr. 'storm but did not mainly ^ SSSSS 

centre of the operatic repertory. Leed = for the occasional luxurj' Llovd-Jonesa conducting more- : c . au5e th . e -' were Amen can at a enoash '^ch tte y ini The pJete^ wylsiDehetond^sj^ 

I the new English Ooera North re-ini i don't see Wv anv ‘ ■ tune wnec rack bands were current hit My Best rnencs.. And -the JnftsiC. i7-ifi5idloi^^ 

settles down to the task of pro- young company could hope to do not^oWiSis^ScS 5 S 1 ' m o?so*of75 attra ® tfve wiUl an «feai6fit:^6r ; 

vid.ng the popular favourites. it better. Youthful exuberance ooif* b e T-5t 'tS-SS? 011 a m »* ?™winiilS <WhtoiaMe.--'i»ito vnBiniHha- 

Mime, which opened on infects ihe stage; the tone is :ime P fre^y allv^ ^ chance of success^ plea»nt persistence you wm Uke ^ ^ m0fe « 

■ Thursday. Is y new production sociable. robust, absolutely Pure ; n ;' 5 innumsrafcie orchestral! ,T*?? re ^ a c ® rta! ? ^ vie ««, obviniudv’ the fashioned, -virtues- nf, iSeavy 

by S’even Pimloii. in ola sets, natural. This is not, though, one r.ii.ttfo. • solidity a d out American groups,' The Cars are ooviousiy toe heat and a nice sonnd: ..lt ^ 


The Cars in London 


programmes ure ; 


•• . . -• .kP'P-rr 

• ‘ 'I. !i : ’•.•:-r , v;nn^l 

• I :, r cc.i- 

.'• •■*. * i r.j’d. Ono- 

• ;hv "soa'ch 

'.• L‘. _ " 

*..! .' • l-"-:.- itiggesi* - 

•. f • r*v;or 

:.::•••• ;j r- : r o:i 


engineer David Greenwood, can by S*oven Pimloti. in old sets, natural. This is not, though, one 
re-create 3 constantly shifting Margaret Harris's well remem- of those Bohermes in which 
■ ocation sn most palpable terms, bere'd designs for the 1&66 

We wandered from Temple Bar Sadler's Wells, are an e-:ac‘. fit 


felicities. 


; solidity a Dont American groups,' x ne wn uu, ‘ uu ^ ^ beat hnd a nice sbund- .-ft ,^ 
Iea e b v- the ^.“ e Z? U ™°LL e £!r a§ a-ibit utimbtlbaaK 


OPERA 


i a- trifle : of ' pafisfim, ' 
gihative ' rntrcductToas 


well a; ptnctraiin? seme of the Vii iiie ' Sohdm.' prnduvUoa of the 
C:ty c..’.:rche; ;n use far joth . p ar ^i-t emrpany down south only 


MAX LOP PERT 


. ? -rr.f»*« r.’i/rlcl 

•••■.: ••• •i.'.lfoom 

•. In;' tr;.:ng 


worship and mil s: cal acliviiiy«. Ljnderiiccs). The ei.stumcs all 
The >ife o. T. e City a® mark**! :n c | e? n: dawn v.-iirka:\s 

<o many d-fferent tfcinrs. omn arri .. e at ihc toll-gate dressed. 


= :-• P -? and 

■:-j •.••.! : :•••-• ” “ 

. :;j ?n *.vtih 

• ' hut ihe 

■ • chi . i 

. - ii* 

pj’i.nd lie 

.•■ • r. :n lilt 


vr^-blf and invisible ,,;;IS . apparently in th**ir Sunday finery, 
rant-ired «r a cunningly con- ;Bu; lha . is a ra;; .* on right 
na-iern o. autbenl.c. ..j Tac nmrn i« nn[ a sriicy .n 
round-, some cacophonous the • z , l)5 . e f l .- lS i.;p; the touch o: 

fiSST-i,™ I-Y- 1 »snry.i!nok i-retfintu docs it no 

formerly econnnnc c rorro*- • u n . ' 

no-jden* at the BBC did nnt bin- ' 

; eif 'peak in the prngramm?. If 1- iilssic- #1 every wav. the 
there was a narrator it was a . cvi.oing wji grjt'fyiagly suciess- 
rlver-hoa*. operator plying fo 1- 

bir-* alone the Tin m es and: ff 

be"r-v , .-*g rfnrnation about ihe; i»*jt iC . »'».?> tui 

on * 'iiillings and fhe:r fun-i 

The “J?! of the maJeri.il; The Royal Opera House, in 
ear;:'* from a \ a«t ranee of poop'? aS -. oc:jtl „n 7 ;-. e Frier.ds of 


romp: the ;er.d-;r '.yr'.cai asides 
and mamcoti r.f e.T,e::aaai 
exns nsi v ?nes - f yj n-i won is r- 
fully "'all-pisrti expression 
amidst the high £?:riu. and for 
this produce- and conductor 
.this: :ak? a 2 equal share of 
the credit. 


r -? ! . oa: ? 1 s peeling gilt and fading. Ocuek who wri:^ the songs and ^ 

ITicai afidu.Kd plush. ;s a t i*vS best in the -sings them, strikingly in black re to S tSwf* 

esr,a::saa: darkness, with a sudden roving, ud to his glasses, with greased. ‘«™^. xo a va™ vv-im.. a certain 
ni wonder- spoil: gilt picking out its ornate black hair crowning a tall thin ■- 

expression tatiiness, and The Cars is the body. The bassist, Ben On*, is AMThw 4unDvrar«T 
riis. aid for kind of group which rips off. blonde and pretty; the guitarist,-, hr* view. tpwnriL-r^/ri 


■ arrive at toe toll-gate dressed, everj'one on stage seem? 'o he t *- e . 

' V;ii . aprorenrly in th**ir Sunday finery, having and being such trenten- Eiiene Hasr.g-t f-* the ’I:ml: BUSI 
^i 1 ' Bui thru .is a fault on the right dous fun that the romance and her timbre is so afrecring. sad usual 
Tac nii ?rn i« nnt a sriidy .n the sentiment go short. Mr. her phrasi.ia s*i mr^iraf. that- LRA 


THEATRES THIS WEEK . . . AND NEXT 


BUSH — A Greenish Man. Un- Faustus. OUDS in a production fn .a double - bin . with 3rechfS 
usual comedy-thriller about of Marlow’s classic slimmed The Measures -Tofeca. at 'the 


rhe ra - 


••ori-* in riic City, frnti »h** 
‘P.v or ‘he Bank of EneCind 
:.. , o.i *et-i r,: ; d*:iv 

.*’ P.Ti’h-'iiM o^d a r.ri f 


e ._„ rarnn-mmuc rn« ' , ’' 1 '* Tot* nil ?r.*i i« nnt a sfucy ,n the sentiment go short. Mr. h er nhrasl.ia so mimical, that- IRA bombers, admirably pro^ down to strengthen the plot and Cockpit on fWedjiesdayi At, the 
h«rc m^diniK hTr Hi'r-nH iviiro-n; th«.* touch o; PinrloH ha* a precise, economical ih? fsw no;?? less than pure:*.* i duced. Reviewed Tuesday. - - remove the foolery. Reviewed Y6uhg^c, .13w -re7H2iesi. remr- 

4t,p -I v ‘ apn-lnm i'r- rnrroV : ,:or>, '" p ' ok P r « tt:ne3 * <loc - s St 30 fo«A. and a controlled under- taken matter verv lir.Ie. For SOHO POLY — Keep It ro. the Thursday /Friday. . pleies the trilogy called “~aSaa 

^Li.rthP HRr HiH Jil'm! landing of what matters in the similar rear??!, she is vrsi: Famflp. Rather slight piece ALMOST FREE— My Cup- Kdn- of Action" on. Monday^. \ . 

In :,i::u-.?[ every way. the matched ■.vi’h r-:bert Fergusii’s about disputed parenthoodi neth Over. CHESS SOLUTIONS- - : 

cvLnm-; wji si'Jt'fviaslv s;;c:r;33- In this he is supported a: ever*- ardent. un£?e?ted R-jf.tip'n: Mr. with a nice performance by ROUND HOUSE— Hoppla! torr Solution to Positlon No. 243 - 

Fercus.*m ?a“:ns :•> have de- Dcr ?en Mantle - (Lunch tune). Zeben. German cabaret songs of 1 . . K-Nl 1 draws after 2. 

a jf yj ttn . > ve’.i:- cl out of a'i re.Mtniiloi . Reviewed "Wednesday. • the twenties, in '. English. K-N5, K-N2; 3 K-B5. K-B2; 4P-NS, 

R'KiXWSil havies DYCIHICYC as singer nd acmr. Marcel sm 1 HAMPSTEAD — Comittps and Reviewed Friday. . K-N2: 5 P-N0, K-NI; fi K-B6,- 

•“ Musette. Jtihn ?.:v.T.s'?y ar.d G-g-rrr. Domestic , comedy . . . AND NEXT "•. K-Bl; 7 P-N7 -ch, K-Nl; 8 K-N5; 

T're Rov i' One-a T-m*j»e i* 1 "r-v "\Tju r!! s Sillem both n* The Morr-ir* 1 ? rlrrrrr:. bo‘h sirg. about multiple sex activity Two for the National— Has stalemate. Losing alternatives 

-V ;-rj "t>« Fri n ‘ v"a 1 I'lDera. Designs arc b'v 1 2 = and -re h-:h bi-"t nr. the rcr.b lighrly treated. Beautifully “ Wash mgtnn ". Legs?, a new are;.! . » K-N2?.,2 ^*5, &B2; , 

A ' -■ -i - VV, 7 ,u* SpuriinH ^ndearma- ro-.-roas iCi ie . rdayed. Reviewed Wednesday/ comedy by Charles Wood, pn.3 K-BJL K-Nl; 4P-N5; K-Bl; 5 

-a. to., v. • prer-en the Tn\i n reduction of Tee T 1-0 Sr>::.r rli-' r.z fSciv.'iar ii 2 nd 'Thursday. . ■- Wednesday at the Cottesloe, and P-NGr K-Nl; 6;P-N7, K-R2: TK-B7 

anc.’sn niviii; *.■0 voter f*q"-.-s U the first 0 ' «'v^| .-?hi Trjnr r 'CoTfr-’e* » give RIVERSIDE STUDIOS — Mori Galsworthy's only too topicaT and queens, or 1 .1K-B2? 2 

V. .‘I! D.r i-.s’ cuildv-r. 3 oacra. /7:- contributions to the Inter r.^rionri ser'irm.r?*. * fg‘! oi indivi- r! Mcrma. Great entertain- play about an industrial dispute, K-B5 1 or I .KKJZT 2 K-N5* ' 

7»r. 1 FWir; . 1*1 December *J. jt Year r.f the Child. 1979. 1: v.i'il duals'." *■ "’•-'J; m r-:-«*rr .went by a Catalan company Strife, at the Olivier on Thure- Solution ttf Problem Nos 243^ 


Maxwell Bevies premiere 


Cwnt Garden •.•.•ill present the 
Enrro-.h nreiii:?.*e of Peter Mav- 
v.'i.'f! D.i*. i*..C cn!Idr»n j oucra. fi: . 


a C.*v Ha:!. It 7»r.i FWir; «i*i December *J. jt 


n ,... ? .... ... 

oV'.-r • • r *■ 

rir^j 

•»." ' ! Jnci'" T *. 


— :f •■'.•••:•:• :* erv 5 ;;;n :■[ the Jeanertc Cnchnn? b? perf'rned bv men*.: of to ^uirkii-’s*. The -?i:rt: ••■ ?n with life-size puppets designed day. Two more in tiie German 1 N-Ql ftm^t_2^ B-B2), KxP: 

' “ * . 1 _ _ _L. _ • * m .. y Ah 1 <■ a hm mm r ~ A tflk-W “ — ■ *JO • n^.HT / r \ \ ■ • IV f* -Lf O 


'» -■•Cl*. . . 

much diversity 


’••.i'i*e. Tr.i.ohalds R-'i'Ci". V»*’C1. ih* Pimlico Scboo' fLu^u? ai***^»b!** n x rherr'ier-s *.vh rt ':v® f !hv Joan Mirfi. Reviewed season?— Toller's The Madfiine- 2 QxP br i/ PxNfQ^^ 2^ Q-K3. 

Th • epera v jil be produced by S 8 reel. London. SV.’li. also reset, and touch tise heert. Thur* day /Friday. ■ " v-^preptaro- «l. the Halt. iMmjeJi; 

:-.*r*i:.’*d Cre.'-nn and ••onduciod including the school orchestra. !?«*avii! ^ OXFORD PLAYHOUSE — Doctor Tuesday, and his Men qwdlffaases QxPtf.nor t r.\ ?? 


P:*.*h:.-d Crej-nn anrl 


THursday/Frld ay. ~ .l^vreckers. at .the Hall MoqxL ; ~ 




S ; .‘ i #.*S fitfii 
;• >' * _■ f 7--* 


v *'r*iK*ro Ireland— 5.0S-.1.I5 pm 
S ' v. 1 -.*j . .1. {.".“S'* North''!.! 
Iro : - | News. ’ 2 .r.r, am N-.-.is, 
Y>.,Ui.*r for Northern Ireland. 


lliuifji •« .triiiic in 

bt.iLt. :»:’J i.i-i.e 


BBC 2 


£.!!» ;.m T-. *■? / v.-,ar L-.f-!-. k-in 

':.*•»■•: •'•.; ■ : ■■■• • j S:ir.|>. 
li.i.j pm ’ it* • . -1 -' 1 : Fool ball 
i'-. ;•:- • '.v.l'" ,i. -r-r S.*nri: 

T... .r.’ .* j * ** I : \C R ji ly I report 
•• • 1 . : -<* P.-csog 
frv..vi •■» , .ry 112.53: 1.20; 
7 -T.” * : Ly*:i*i: from Wemb'ey 
ft i -}i»: D.tgjy Union (2.I3> 
E:i^;.-:rJ v .Yen 1 Zealand: 
G-n'j* Co’*ntry 14.0.=5) The 
.v’hv eni)c*s fntematio.nal: 4.40 
Final Score. 

Til** P::iT. : er Sh<- w. 


J.> • •’ .'•- n.i! Neva, 

j* - r: ; | Drurii Show, 
fi.-::; •."ir. 

G.IS La.r Gr.v.jon's Generation 
1 it. Tie 

T. :vj .tli Ci-er.iure-? Great and 

c nt -II. 

S.20 S-Tit-j :.!.•>■ her* On 'Ave 'Em. 
S.it.i Star*ky end Hutch. 

fl.?.*T 

lO.ns '. f .. : .. b of ihe Day. 

ll.o.l F^rvin- oi>. 


1 pm S’ turd 3" Cinema: 
•'Salty O'Kourlre.'' starring 
AanLv’d. 

! P.'py A'.vjy. 

Horizon. 

Play Snort. 

My Mu^c. 

The O'J C-ey M'h-r’c Te^t. 
featuring Tandy Neuman. 
News and Soori. 

Network. From BBC M r alcs: 
A Gue^i 2*1 Cm brldre- 
film profile of Dr. George 
Guest. 

"Tn«^7a" csimiil'nnenus v.-irh 
Prdin 2 stereo). Puccini's 

three-act opera starring 
Plscido Domingo. Sherrill 
Milnes and Daina Kabaivan- 
ska. 

On Che Record. 

Film International: "The 
Aopie Game." 

News on 2. 

Midnight Movie: “I Believe 
In You.” starring Cecil 
Parker and Celia Johnson. 


Rr.-itri-u-: no '.Vrenling; 

-.."d i.'r iiil.-s Service. 

5.0S Nc •■’■«. 

5.15 Charlie Drake as "The 
Worker.” 

5.20 ?Iir, i Your T.ang'ng?. 

G cr Rrucr F.- '•'••• •ft's 3 J g .Yi^'tt. 

7.20 TIte Incrciliible Hulk. 

S."t) S.-.!e of ll-? Century. 

S>. f “» Tr.g Pr.:rc;«:cn:ils. 

i*r?o News. 

1VS T-..*-t in the Tale. 

I’.lt’ Saturday Night People. 

11. .”5 T h p Prrgtw-?. 

12 ”5 Close: Painting by Fenair 
wlrh music by Cesar 
Franck. 

Af! IBA Regions a-; London 
except at the fallowing limes: 


4.C0 am DoctarJ 9J9 Ten on Satnrdar. 
°<U Las-io. ri.lS Salmon iPan l>. IDoO 
Tirrn 11.15 Batman iPan 2». UJo Pop 
S 701 . 11J5 Ten on Sauirdar. 1UO Stir 
MuiTrr.s. 12.10 pm Pop.rc. 1ZZ3 Ton on 
Saturday. S.15 The Worker. 3J0 Haw 
Pays. 13.15 The Satartlay I’ilin: •* Nevada 
San'b." siarrlnc Sieve M>:0uecn. 

HTV Cymrn/Waleo — As MTV General 
Service except: 5.33-6 30 pm V Eobl A u 
Can. 


R \ DIO I 


5.* cm A« H 2 i\c. :. E.W El 5-r-.-.-rr 
w:*fi Jgrj?r Chon-,'. 13 Vj r P?w«'i 
1CJ no ;.dr,— . Jr.re «S.. 2.M P’ 

nrrri’-r r r'i fS«. JI Poe’: -5.. 

5 30 I"- S-.-t* ‘is* rt-.i: 'Si. Ir. Ccr.rart 
•5.. 7JZ-C’c=e ?.Ld;o 2. 


rfcrer ac:s by Puccini. OJO Eat German 
Pi-*-/ of 7h? 70s •'iftlk by Arrijto 
S-.Vrri).. isos Carta Maria GlullnL Con- 
—rr -S -. lfl-57 Sounds lnr»rrj:in» «S». U45 
:.a-.vs. UJO-ILK Tomshrs Schubert 
Sens ;S*. 


WEEKEND CHOICE 




SCOTTISH 


fl.M am Casrau-ay. 9^23 Adver.mr.-s in 
R-inhow Country. 1130 Luran. 103* pm 
:-»t"rnai l onal Curling. 10.65 Lat.? Cali. 
I0J51 Feature Film: ** Phantom of Holly- 
v.-ooil." starring Jack Cassuly. 22.05 am 
G-.-nrse Bamilioa IV. 


SOUTHERN 


ANGLIA 

9.00 am The Dubbin s. 9.05 Cartoon 
Time. 130 The- Ne=t Week Show. 10.15 
pm Thv London Rock and Koil Show. 
12.00 At The End of The Day. 

ATV 


LONDON 


AM Regions ECC-1 except al 

Uie f*»!liiv. ini liiitcv: 

Wales — h.-iS am Take Another 
Look. £.10-0.20 Wir I Chi. 5.43- 
3.30 pr.i S”- ; r: .'iW's fer Wales. 
12.03 am No* - -. - * «nd Weather for 
Wylt-. 

Scutlnnd — 1.53-3.15 pm Scnre- 
b r 'srd. 5.43-3.5') Scoreboard. 10.05 
Snort-: ten-?. ro.2."-!!.ns Sing Along 
with Nun-shin*.* i Til Pnul BumetL 
12.05 an Xeir? and Weather for 

Srotlnnd. 


S.50 am The Saturday Banana 
with Bill Oddie. part 1. 3.00 
Sesame Street. 0.45 The Saturday 
Banana, part 2. 10.15 The 

Monkees. 10.45 The Saturday 
Banana. p.*rrt 3. 11410 Tarzan. 

1S.30 pm World of Spon: 1235 

Headline: 1.15 News: 1.20 The 

ITV Seven— U0. 2.00, 2.30 and 
.1.00 from Wetherbv: 1.45. 2.15 
and 2.45 from Wolverhamp- 
ton: 3.10 rntc-mational Sports 
Special: Motor Racing— The 
Race of the Giants from 
Macau: 3.50 Half-time Soccer 


9.10 am Play Guitar IT. 9J5 Make It 
Count. 10.05 The Lost Islann-*. WJO 
Tinns. 515 pm Spldcrman. 1115 Satur- 
day C - i>"ina: *' Puppot on a Chain.” srar- 
ricv Sroa-B'-riil Taulv: and AJ'^sander 
Knox. 12JJ Dun Au joist. 

BORDER 

530 pm Happy Days. 1005 Lore FTltn. 

CHANNEL 

12.13 pm Puffin's Plaince. 5.15 Carlotm- 
llme. 5J0 Happy Days. 10-15 Feature 
Film: ** FaUieTn.” 

GRAMPIAN 

9.03 am Scene on Saturday including 
Birtnday Grecunss and Culr Car. 9 JO 
The Beachcombers 10.33 Sesame Street. 
11.00 Lassie. 1U3 Jo* 90. 12.00 The 
Monkees. 5 JO pm Happy Days, fnllowed 
by area weather forecast. Highland 
L>?B{nie and Shim-.- Results. 19J5 lmi-r- 
national cnrUnn. 1X45 Donna Summer's 
Disco Party. 12.83 ReBccUor.s. 

GRANADA 


9.30 am Tarzan. 1130 Lacan's Run. 
Ii27 pm. Regional Weather Fort-oasi. 
5 JO Happy Days. 13-15 The One and Only 
Phyllis Ducey. 12.05 am Southern News. 
12.13 Police Surgeon. 

TtlSE TEES 

9.03 am Lyn's Look-In. 9.95 The Six 
Million Dollar .Man. 9 JO Rodeo Boy. 
13 JJ Lyn's Look-in. 10-30 Saturday Uom- 
itL; Film: “She Wore A Yellow Ribbon.” 
starrins John Wayne. 12 JJ pm Lvn's 
l.ook-ln. 5J0 Happy Days. 1325 *' sorlent 
Green." starring Charlton Heston and 
Edward G. Robinson. 122 H George Hamil- 
ton TV. 12 . 3 0 tun EpdOKiir. 

ULSTER 

10J5 am Saturday Mornlmr Movie: 
*• Little Bouse on The Prairie. '* UJO 
Sesame Street. 5.33 pm Sports Results. 
5J3 The Beverley HITlt'iUies. UL15 Qmncy. 
1U0 Honan’s Heroes. 

westward 


9.05 am Lncan. 9J0 Untamed World. 
1 D 20 Saturday Morning Picture Show. 
** Run Wild Run Free." starring John 
Mills and Sylvia Sun*. UJ5 Look and 
See. 12JH Joel The Job. 12J25 pm Gas 
Roneybiiii's Elrthdan. 5JP Happy Days. 
1025 Feature Film: ■* Fathom.” siarrins 
Racquet Welch. 12.93 Faith For Life. 


RAPID 2 

5 33 m S'lrtnury 5.12 T-.m 

EJ'-zards *i • irritsia:.- 
Bui'-rn. 3 35 •'a'c ’.. 10.^2 

Tony Eranion ‘5‘. — .’2 pm Ei ir Dati.-is 
with dt.tr :ho:.v -5:. 1.32 Th-- 
l- ri"-::. --.-th %.y S:o.-t 

on 2- r. Sp-’-ial it";. C.t*. C.?j. 
(V' e:i*!’.nl v. ?:•«• FcotbaD 

Leo *:e S=-c:a? •!.:?. 2 5'. 4 43-: 

P--r- Pri-n fe* bury 2 fil. -!3C» 

ntu? resul's fr:m oth-'r m-e':r .-3 and 
clas 3 ifi--.fi chock •£ «•: Cri.-t-c: <’.rc. 2 : 0 i 
O-vr.rtar.d rr.t'-.nd: i.’A Sr-Orrs Re- 
por:: i'I-jssS.-I ”r.'t'-»a : l ch-jrt'^ ar ’. 01 . 
5 IS. r-'chy ro.*nd-i*r 5.23. 5.2J Eu-t.p.-an 
Pop Jury. 7.12 B.-at Th’ Record 7J0 
Radio C Tor T.-.n .-5 ('■. 3J5 Ike insan.-s 
Don •?.. «2t3 Br-j«t :r. Coiccit fS*. 9J2 
Satiny..' v -N -’hT wi*b Th.- E?r ?a-i-n 
Orchesya »S». U.02 Sports Desk. 12.10 
Pay iloorv *.v!!h The T .re SN*i" «3i m- 
c’-Jd 1 -.; 12.33 Newt. 2.3C-2.22 News Sum- 
miry. 

RADIO 3 

7.35 am WoaUlcr. E.!3 N-vs. E.95 

-Vib tic '.(13 Nevs 9.23 Petard Pc- 
rl-.-v- f«.. 13.15 S:. r. n P.c1-.a.=c "S'. U3i 
Fslrbnr* F.-st:v»l '''Ts. n-jrt !• De"-t*io--vn 
■S' 32.33 IfWOC-v The iiasmon 

■ '!|<rtr.-.i.-d ipTSi. 12 23 sn y.i|zh-n-j 

r.-stlval J37v p.i-t 2; Slrcrlnsky 'S>. 1.09 
V-'w* l."5 Rich jrvl Berio ccnceu tSi. 
2.35 Man of Ar'wn: Lord Annan rhoa r es 
r'orrls <S-. 3.23 Mcrtc From P^hle 
Mil'. Concerr. parr Moran. 

5-*Ttanowi4ii i S > 0.93 In*er. , al Ttendlnv. 

fi 25 Concert, parr 7 Br.**Jmv?p. 5J3 J.’= 
H»rord Renuesm *9». 5.C5 rritif^* fonim 
6JS cmiccrnrs* Corner. 7 20 Personal v|.-w 
hv Deals Dcnnchuc. 7.43 ” Tosca " Krtmul- 
lant-ous with EEC! televisioni, opera in 


RADIO 4 


630 am ."ews. 632 Farming Today. 
5E3 Yours Faithfully 6J5 Weather pro- 
orarrmc new. 7.03 News. 730 On Vour 
Fnm 7.43 Today’s Papers.- 7 AS Yours 
r-.uwvny. 7J9 If* A Barsain. 
v.*'£-2ier prograenne ne-e*. U 8 News. 
2.11 Synr* tn 4. iC Ywxrday In Parlia- 
ment. 3S Pa r-v Political Bra ad cast by 
:•:? Lahaur ?>rty. 9J3 News. 9J5 Inter- 
n '-'.'nr-! Assignment: The -Slate or Europe. 
93S The Week In Wesiml osier. 9J5 News 
S-aod. 1335 Daily S»rs1ce. MJ 0 Pick 
cf The tvjrt tSi. 11-20 Time For Verse. 
11.39 WKL'fc. 11J5 5pi?'l on SaTn»?y. 
■vith Fnr* SpteAL 12.93 Ncwn. J2J2 pm 
Away From It AIL 1227 Yoo’ve Got To 
3- Jor:n^. says Cardew Robinson fS*. 
12 J5 Wcvh-?r: proeramrae nwi. U 0 
News. LU Any Qnesnons. US Shipping 
furcri m. 2 JQ Bookshelf. 230 Saturday 
Afternoon The a -re. 330 Does He Take 
FL-nari. fi.QD Noll: A portrait of Oliver 
Goldsmith >1723.17741. MS En Quire 

tv 'h*n. 5.B0 Kaleldnscnpe Encore. 525 
tvv.;k Ending (Si. 539 5hippma forecast. 
5.55 Weather: prosramme news. 6.00 
N'.'rs. 635 Desert Island Disc**. 659 
“ion The Week with Robert Robinson. 
7.53 Baker's Duiu 3 ‘Si. 838 Saturday 
NiKht Theatre. 10.00 News. 1035 A Word 
•r Elreways 1133 Lighten Our Dark- 
nert.. U.15 .Sln;or*« Choice. W-fi5 Jnst 
B-'tore Midnight. 1230 News. 


SATURDAY: Far tbe film of 
Tosca -wbich- BBC2 transmits 
tonight.' Elacidcb Domingo takes 
the part of Cavaradossi lii which 
be made : his Covent. Garden 
debnt Gianfranco de Bosio 
directed the film oa the “real”- 
locations starting with Sant’* 
Andrea della Valle. Sound is jn 
stereo on Radio 3 (if you .’can- 
find Radio 3; it's where the Light 
Programme used to be . . .).• 
SUNDAY r The most successfd! of. 
the . public participation shows. 
Reports Action, returns to ITV, 
as does The South Bank Show 
which opens with a programme 
on Stoppard's over-rated new 
play. BBC2 offers the ' bio- 
graphical tribute Paul Robeson 
wblcb has been three year? in . 
the making, starting before 
Robeson's death. Most, promising 
programme of the weekend is - 
BBCl's “Flay Of The Month," 
Kean, 'in which Anthony Hopkins 
plays the part .of the famous and. 


odd actor. /of •' early \3Sft& 

century; wlthr : ;-kn tidpresshbar 

female : - cast; .indteding'^ ChartR 
Lun^rL.and. Sara. KesCehnani-^CO . 






If V 


‘Pioy Of the month ’: Arrthopy 
. Hopkins as Edmund Kean 


\ro v4 f: 

: T ^u ii 




BBC Radio London 


FJKJ am As Radio 7. 7J2 Good Flsh'ng. 
3.30 Xfl«: weather, traffic 1 . Bfccpplnc. 
Tp-Tts n-ws. BJ5 The London Gardener. 
133 Saiurday Scene. 1030 Sportwone. 
U.J0 The Robbie Vincent Show. 2.03 pm 
Bob Fow«l s-Uh London Country. 938 
Mr.rjoric Bllbnw with Close Up. 530 
Sounds Good. From 6J0: Aa Radio !. 


TV RATINGS 

• . . . V 

w/e Nov. 25 " 


YORKSHIRE 


BSG ^a^ac Hew ^aveJengtlis 


BSC Radio London: 
1453kHz. 206m S M.9 ytrf 


930 am Make it Count. 9.55 Sesame 
Street. tULSS Sanirday Martneo: Cornc-l 
Wild in ” Ll le Bedns at Elcm-TWrry.”. 
5 JO pm Happy Days. 13.15 An Audience 
with Jasper Carrott. U^S The Late Film: 
JpIT chandler In ” Reiurn to Peyion 
Pla«." 1255 am UniJined World. 


9 .90 am The Amazing Chau and the 
Chan Clan. 930 Space Ghost and Dino 
Boy. IIUS Vop Con Moke II 12J0 Sts 
Million Dollar Man. 533 pm Happy Duv 
13.15 " Soy lent Green,” starring Charlton 
Heston and Edward G. Robinson. 124J0 
George Hamilioo IV. 


A 13531 Hz .gr-j.-n 

S ItS&Kz.ZGm 


3 ’j2=VH z7Hm 

a 90-923v!iF Keroo 


Caoltnl Radio: 

1548kHz. 194m & 95JBvW 


2 i--:>:Hrz.T?3 n 
95?!iMs:3J3ri 
it £3-?l/iif rtereo 


4 233kHzaS0£lm 

Si 92^Svhf 


London Broadcasting: 
USUtHz, 2 Um & 973* hf 


UK TOP 20 (Homes vleWkH m) 

1 Sonto Modem (BBC) UU5 

2 Conmatien Street (Mob.) (Graft.) 1730 

3 All Grcanres (BBC) r.... 1730 

ft Generatloo • Gum (BBO 17^ 

5 Wednesday at Eight tThmxmmi ...17 M 
b Camoattod Street (Wed.) (Gran-) 1838 
7 TMs Is your Life (Thames) ._... jjjfl 
B Mato. Hum and Weather 

(MoftJ (BBC) 16.00 

9 Robins Heat (Thamos) JS£S 

U Mastermind (BBC) 13.45. 

U Royal Variety Show- (BBO 15.40 

U Miss World 1778 (BBO - 15.4B. 

13 Lillie (LW7) -.1530 

1ft George and Mildred (Thames) .'. 1338 
15 Sate rf Century (Fri.) (Amite) .. 15.15 


U Edarard/Mrs.. Slmpsoa Crbames) 18, » 

17 Crossroads .Cnees.) -CATV) -^..,.^1435. . 
IS Mimpet Show (ATV) :. — IASS . 

» Chamadr (Wed.) (ATV) 14.TO 

20 Crossroads' (tdonj (ATV) 14.0,' 

-ngnrpa'OTnpflMr by Audits od -Great ' 
Britain tar- tb?- Joint Judustrlal Gotnmlttea .' 
tear Televtooti Ad<^rtialnK Research I. 
UlCTARi. " - 


US. Top 20 (ReDsea Rattoss) 

' X Linrm and SMrioy (umtedy) ' 

. CABO XOJL 

2 Three** Company (comedy) (ABO 29# 

3 Pa art (doomtestary) . (ABO -- 29^*. 

'ft Altca (comody) (CBS) 393 i 

. 5 Pearl .(ABO 20.0 

- -A Happy Days (tomedy) (ABO-.-....: US* 

-7 Charlie’s Ansels. (ABO -,. 284- - 

'8 Mark and Mindy (comedy) (ABO 28.4 ' 

.9 Pearl (ABO T. .. .. TtS.. . 

10 Whafs Happen ins (comedy) (ABC) M3 
A RcUaen ruUf> M( t nonwvletl 
total. •• • “ 


Ryou 

witss 

Pmctlc 




ENTE7.T;:JMS5EWT 


THEATRES 




CC — Th«-: theatres accept certain credit 
cares t>» leloph-vic cr *x Uic Bo> Office. 


OPERA & BALLET 


M.DWVCH. EH 6404. Info. 836 SU 2 . 
ROYAL SHAKESPEARE COMPANY In 
rcsertolre. Tonight. Mon. Tue. 7Jd. 
Da*.d Mercer'S COUSIN VLADIMIR. 
"Riveting theatre.” S. Telearaoti. 
‘Student stands r £11 With. AS YOU LIKE 
it rneti pen. Weal R5C also at THE 
WAREHOUSE 'see under W). 


COLISEUM. Credit Cardt. 01-140 S2S8. 

Reservations D1-o3fi 1161. 

ENGLISH NATIONAL OPERA 
Torigh: i Tu. near 7.20 Madam Butter- 
fly. Tcmor. e. Wed. Neat 7.00 The 
Marriage ot Figaro. Thur nej- 7.00 Tha 
Tiiicvins Magpie. ■■ srene orips :he 

attention " Tms. "A nsil to the Coliseum 
is essential.” D. Tel. 104 Balcon. sears 
avail, for all peris. Irom 10.00 on dav 
O-* »H 


ALMOST FREE THEATRE. 9-13 Rupert 
Street London. W.l . Tel.: ASS 6224. 
MY CUP RANNETH OVER by Robert 
Patrick iKenrarfy'i Children) directed by 
Anthony Matheson with Qorii GIRord 

and Erica Stevens. Until 16 December 
Mon.-SoL at 1.15 pm. 



THEATRES 


THEATRES 


THEATRES 


HER MAJESTY'S. CC 01 -930 6606 

Evgs. 7J0. Mats. Weda. and Sal- 3.00. 
THE NEW MUSICAL 
BARMITZVAH BOY 
"This stunning production mdauelv 
enleyable.” F. Tlnws. -The funniest 
mnsicaJ around, bar none." 5. Mirror. 


OPEN SPACE, S«7 6969. RAYMOND RE VUEBAR. CC. 01-734 1993. 

BECKETT, seld Out At 7.00 9.00. 11 p.m. Opera Sun. 

Brecht'S RE&PECTADLE WEDDING PAUL RAYMOND presents 


Book. now. Reduced price orevs. Dec. 7-10 

& p.m. Opens Ce:. 12. 7 JO P.m. 
From Ded. 13. Tues.-Suns. 8 p.m. 


THE FESTIVAL OF EROTICA 
Fully air -conditioned. 


CO VENT GARDEN. CC. 240 
Gardjncharyc Credit Cards 256 6909)- 
THE ROYAL BALLET 
Ton't 4 Wot 7.30 Los Sylphldes. Birth- 
day Offenna. Jezz Calendar. Mc*n. 7.30 
The Sleeping Beauty. 

THE ROYAL OPERA 
Tomor. b Tues. 7 00 L'Afr< 2 lne. 63 
Ampin* seals avail, (or all peris, from 
10 a m »n day g! peri, (hi'^rcn's Opera 
Xmjs rimilv Ewertjinment THE TWO 
FIDDLERS Peter MUir-cH Davies. Dee. 
27. IP at 5 pm. Dec. 29. 30. Ian, t. 2. 
3. a 3. 6 at 2 TO 3 5 pm. Joan norm 
Cachrany 7h TLtv El. SO from Royal 
Opera He us: -Tssl’l pnly-. Send S*E lor 
details to Marsel mg Dept. 


AMBASSADORS. CC. 01-636 1171. 
Ergs. 8.00. Tus- 2.4-5- Sat. 5.00. 8.00. 
JAMES BOLA-M 
•"A sueerti performance. ” FT 
GERALD FLOOD 
hi a NEW THRILLER 

"WHO KILLED 
AGATHA CHRISTIE . . .- 


DRURY LANE- CC. D1-83G 8108. Mon. 
to Sat. 6.00. Matinee Wed. and Sal. 3.00. 

A CHORUS LINE 

"A rare devastating Joyous MtwHUiing 
Hunnor.” 5. Times. 3rd GREAT YEAR. 


KING'S ROAD THEATRE. 01-352 7458. 
From Dec. 18 Div. 10.30. 2.30 and 4.00 
THE ROCKY HORROR SHOW 
DONT DREAM It. SEE IT 


PALACE. CC 01-437 6834. 

M&n.-Tnurs. Fri. and Sat- 6 and B.AO. 
JE5US CHRIST SUPERSTAR 
by Tim Rice and ftndrew Lloyd-Webber. 


APOLLO. CC. 01-437 2«3. Evgs. B.CO. 
Mats. Thur*. 3.00. Sat. 54M and 8 . 00 . 
PAUL DA NEMAN. LANA MORRIS 
DENNIS RAM5DEN 
CARMEL MCSHARRY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
** 2nd WICKEDLY FUNNY YEAS. Very, 
very tunny -great entertainment," NoW. 



LYRIC THEATRE. CC. 01-439 3686. 
Evgs. B-OQ. Thun. 34)0 5at. 5.00. 8 30 
JOAN FANK 

PLOWRIGHT FINLAY 

'FILUMENA 
by Eduardo de FIIHppo 
DIRECTED bv FRANCO ZEFIRCLL1 
"TOTAL -RIUMPH." E. IW "AN 
EVENT TO TRCA5UPC.'* D. Mlf. “MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS.' SuntfaY Times. 


PALLADIUM. CC. 01-417 7373 
CLEQ LAINE 

With the JSHN DANKY.'OTITH Orth. 
Smxlal Guest, JACK PARNELL 
KENNY BAKER. DON LUSHER. 
Last 2 peris, tadar 6.15 A G.4S. 


SADLER'S WELLS THEATRE. Rmebery 
Are.. E.C 1 . SJ7 1672 EigS. 7 JO [ 
LONDON CONTEMPORARY DANCE 

Tortiflhl i Tomorrow. Waterless Method * 
Of Snlmmlnp Instruct Ion. Scrlblon Pro- [ 
Hides 4 "d Studies, Class. Tue. and Wed. ! 
Sohlni. solo Ride. Ralnaow Sandlt. Thur. I 
re»r le Jet. Forest. When 'ummer's j 
Breath. Bax. Mass. 


ARTS THEATRE. 01-636 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

''Hilarious ... see it.” Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday 7.00 and 9.15. 


THEATRES 


ASTORIA THEATRE. CC. Charing Cross 
Road. 734 4291-439 8031. Men-Thura. 
a . 00 pm. Fri. and 5at. 6.00 and BAS. 
ELVIS 

BEST MUSICAL OF THE Y£A'R 
EVENING STANDARD AWARD 
SECOND GPEAT YEAR 


FORTUNE. 336 2238. Bus. 8 . Thurs. 3. 
Saturdays 5.00 and H.oo. 

Muriel pariow as miss mawpve In 
MURDER AT THE VICARAGE 
FOURTH GRLAT YEAR 
GARRICK. CC. *36 *601. C»es. BOO 
(sharp). Wed. 3.00. Sats. 5.30 and 8.30. 
DENIS QUILL EY In IRA LEVPN'5 
DEATHTRAP 

A New Thriller directed b» 
MICHAEL BLAKEMORE 
“THREE CHEERS FOR TWO HOURS Of 
MARVELLOUS EMTEPTAIHMENT.* 
Sunday TeiegratA. 


MAY FAIR. 629 3036. Em. 8 . 00 ■ Mat. 
5.30 and 9.30. Wed. Met. 3.00. 
WELSH NATIONAL THEATRE CO- 
DYLAN THOMAS'S 
UNDER MILK WOOD 


PALLADIUM CC. 01-437 7373. 

Oocnlng Dec. 20 tor a Season 
DANNY LA RUt 
as ■'Merry" Widow Twankey In 
ALADDIN 

ALFRED MARKS a* A&ANA7AR 
Dilya WAILING. Brian MARSHALL 
and WAYNE SLEEP 
Prevttfw December 19 at 7 JO. 


ADELPHI THEATRE. CC. 01-636 7611. 
EvffPirwrs at 7.30 

M*IS Thursday 3 00 . Sfllurdav 4.00 
An Enchanting New Musical 

BEYOND 
THE RAINBOW 

“HERE IS A HAPPY FAMILY SHOW." 
The Times. 

'■BOUND TO RUN FOR EVER." 
Evenmq News. 

"SUNNY. TUNEFUL AND 
SPECTACULAR. ‘ 

Dairy Telegraph, 

Credit Card Beokinqs 01-856 7611. 


GLOBE THEATRE. CC. 01-437 1-592. 
Evgs. 8.15. Wed. 5.00. Sat. 6.00. 8.40. 
PAUL EDDINGTON. JULIA MeKENZIE 
BENJAMIN WHITRQW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

"TM* must be the haooic-sr laughtw- 
maker In London.” D. Tel. "An lirestet- 
abty enloyaWe e«e™ng." Sunday Time*. 



PHOENIX THEATRE. CC. 01-836 3294 
Evas. 9.00. Wed- 3.30 $at. 9.00 and 8-30 
DIANA RIGG. JOHN THAW 
NIGHT AND DAY 
A New Play by TOM STOPPARD 
Directed bv PETER WOOD 




CINEMAS 


CAMBER ~ PLAZA. Canfcfen Town 

Tubal. IBS Z44B. the BOB OYUAN flhn 


-BCNALDO AlWD-CLftRA-CAA) . ' 
With BOB DYLAN 4 JOAN- BAEZ bt 


VICTORIA PALACE ,CC. 01-82B 473S-6. 
... 01.83ft 1317, 

Et&c. T JO . M aa. Wed. and -Sat. L4«. 
STRATFCWta JOHNS 

sheila Hancock 
ANNIE 

. “BLOCKBUSTING — 

SMASH- HIT MUSICAL." D. Mrii. 


4 track Memo. Peoga. 2-50 A 7 JO daily. 
12th WEEK * 


CLASSIC. 1. A' 3'. 4 Oxford: Street, (two. 
Tottenham Court- Rd. TUbfl:--63& 0310 
U and A p rops. Children, halt-pnoi. 

T. Menard' AdSm's WATERS HIP. DOWN 
(U). New with stereophonic sound. Pgs. 
T.45 4.0q..s,is, e.3S, .Late fMw 11 pm 
X. THE GREEK- -TYCOON (AA): • Prog*. 
1 -M i 3 JO. 6 , 00 . ;BJ0. .Late show 


WAREHOUSE.- Dorunar Theatre.- Coww 
Garden/ Box Office - 83C EHOfll Royal 
Shakaipeare Co. Seats a -nil able ton’t. 
Mon.. Tucx. B.OQ Ftannery'* SAYAGC- 

AMUSEMENT "A_ WrHrlng and 'ribraBt" 

piece of rMfetre” « = — 


PIRANHA (JO 11 .pm- - . 

.4.^5 UJY- RernokH. tr HOOPER (A). Pa*. 
■2.M.- 4.10 ,6J5i n.fto. Lata show limp 


SAVOY THEATRE. 01^36 MBS. 

Crorfl cards 734 4772. Tom CnntI m 
WHOSE LIPI IS It ANYWAY 7 
by Brim Clark. A MOMENTOUS 
PLAY. I URGE YOU TO SEE IT.” 



PICCADILLY, trem 8.30 a.m. 437 4S0G, 
Credit c»d bless. 836 1071. Prev. 12 
Dec. at B. Orros 13 Dec. at 7. Subs- 
Eves- at B. Sats. S.15 8 - 8 . IS- 
A NIGHT WITH 
DAME EDNA 
and a handlul of cobbers.- 
Starring tho InereasmpFv ocoular 
BARRY HUMPHRIES 
BOOK NOW. 12 WEEK. SEASON. 


Guardian. Era. 8 . 00 . Wed. 3.00. set. 
5.4s and B-ftS. 


WHITEHALL., . CC. frt-OM 7768. 
OPENS MON. Dee. -11. Mon.-Frt 1 .15 Inn 
Sat. i~. JO am and 2.1 Sum 
THE VYITARO OP 02 
Salts £3. £2, £1. 


WINDMILL THEATRE., CC. 01-437 6312, 


SHAFTESBURY 


936 6596-7. 


816 4256. Oaens Dec. 2 tj until Jan- 13 
JANE ASH ER. N IGEL PATRICK to 
„ _ PETER PAH 

OallY 2 and 6 . 45. Prices £5. £4. £3. £2 
Reduced Price on Dec. 20. 21, 22, Jan: 
8 . 9. ID. 11. 12. 


Twice '-NW>0y -8.Q0 and TO.OO. Sun. 
6 . 0 S and 8JM. 

PAUL RAYMOND 0 resents 
RIP OFF 

THE EROTICEXPER1ENCE OF THE 
MODERN ERA 

"Takes to unprecedented limits what is 
perm M M* on „ gw _st§pes." News 
THIRD GREAT YEAR. 


CAMBRIDGE. CC. 01-836 6036. 

Be* O Ihrc now open for 
TROUBADOUR 
A new musical starring 
KIM BRADEN JOHN WATTS 
Red. price Previews irom Dee. 13. 
Opening December 19. 


GREENWICH THEATRE. 01-3S8 77SS. 
Evenings 8.00. MU. Sat. 2.30. Urvtll 
Nov. 25. Stephanie Bcacham. Da*>d 
Burke. Susan Hampshire. Jeremy Irons. 
Da>ld Rijfh. Jeme-i Taylor In 
AN AUDIENCE CALLED EDOUARD 
by David Powttall .. 

From Not. 29. SEE HOW THEY RUJJ. 

8 .' 
IO 


OLD VIC. CC 01>9IM 7«1«. Back pjaln 
for a soeelil Christmas season 
THE GINGERBREAD MAN 
"A triumph . . . worth travelling mile* 
Id see." SBC Radio. 


PICCADILLY, 437 3505. 636 39&2 
Credit card bookings 836 1071. 
Richard Gooide-. Ian Talbot In 
TOAD OF TOAD HALL 
Christmas matlrw* Dec. 16-Jan. 13. 


iHgggjLSgB L*«£-T heathe <930 saw 

Y HE THIHTY -yHNE STEP* (A) Stairinfl 
Robert Powell. Davha w«nw, emc porter. 

• Karen DetrfcdPMf John Mllfs. Spo nroos 
KSa , '#?n S '°°' . a ’3 .SV" S-W- 7.45. 
sBkbte B.io. mvs.dr Wukonds. tata Fftohf 
ShffWRrt ft Sat ll, 4 s ' m ' ' . 


ODEON HAYMARKET («0 '2758*4771). 

wv*aS? IS KE l 5 ii™ PgBfc 

'Si S 1 *® PC’. Late show 

Frts. Sot. * Edits, doors open Tl'.is pm 
.pros, a t t.fts pm. ah scan bijble. . 


Toda 
MINI 
will ' 

•t 7.30. 
the Jhtnti . 

Ovayle'i Lear" 

Margaret C 

THE RIVAI 


James Aubr 
Cam a III* 
Martin. T 
Neeme "Th 
hare seen.” T... 

5k Anthony a 

The Tlmei 

Dee, 4. r .. -- 

LADY'S NOT 
s«c. s. 




PRINCE OF WALES. 01-930 85B1. Credit 
card booking 530 0345. Man. lo Thurs. 

S.oa. Fri. and Srr. 6.00 and a. 45. 
ALAN AYCKBOURN'S sm?5h M! comedy 
BEDttOOM FARCE 

** I* you do not laugh sue me."’ D, Evp. 
A National Thsitra orcdurtierr. 


a« € 




















15 


%Iar^/coixeciw^ 




_ A 

Coco and the clothing classics 


Jfe 


BY JUNE FIELD 


Ifv* 


% 


.•ONE bad as good be out of the 
' vrorld, as oat of The - fashion, 
tfpclared Colley Cibber (1671- 
;1757) in Lord's Lost Shift. The 
;2jgendaiy style Chanel has been 
ground since about 1913 when 
Qabrielle “Coco-' Chanel (1SS3- 
1571 ), financed by her current 
: admirer . Arthur "Boy" Capel, 
opened a hat shop an toe rue 
-Contact Bircnvin the centre of 
-SeauvjHe, and created a fashion 
that was aU her crenu - 

Not the first to liberate 
women from the corset (to her 
near-coo temporary Paul Polret 
must go the - credit tor that), 
but the one to promote farther 
Freedom by designing clothes 
that were comfortable to move 
; around in as well as elegant to 
k wear. 

r In The Best of Beaton (1969), 
Cecil ' Beaton acknowledged 
Chanel as " the most famous 
name In fashion of this century, 
another gypsylike character of 
cosmic strength (who) has 
developed her own appearance 
with the violence of her per- 
sonality . while Maurice 




Sachs- in The Decade of lUusitm, 
1932, pointed out : “She was 
not conventionally beautiful, 
but she was irresistible.” 

The origin of her nick-name 
varies. Was it her habit of 
riding In the Bote when the 
cocks . were still - crowing 
“ cocorico," or the- story that 
Mademoiselle . preferred, as 
quoted In MarceT Haedrieh's 
admirable book;. Coco Chanel— 
Her Life ; Her Secrets (Robert 
Hale 1972) : " My .father was 
mortally afraid people would 
called me Gaby. 1 He nsed to cull 
me Little Coco 'until something 
better should come along.” 

Former French Vogue editor^ 
Edmcmde Charles Roux gives a 
different derivation in ber more 
revealing but ! equally tosciaa- 
ting biography, Chanel — Her 
Life, Her world— and the noman 
behind the legend she herself 
created (Jonathan Cape. 197fi). 
Describing Chanel's . early life 
first as a dressmaker/shop 
assistant, then as a pozense {un- 
paid entertainer), in a beuplan? 
(music hall) in the garrison 


town of Moulins, she wrote : 
“She would start with a verse 
from Ko Ko fii J\o. Then she 
called in her second string, 
which always brought the 
house down with delight, Qui 
qu’a vtt Coco dans ITrocadcro? 
To call for on encore the 
soldiers chanted Coco ! Coco !*’ 


In Moulins she met cavalry 
officer Etienne Balson, who 
swept her off to Paris, and so 
began ao astonishing rags to 
riches story which resulted in 
a a impoverished girl from the 
French Auvergne becoming the 
head of the greatest empire 
built by a woman. A business 
which flourished entirely due to 
her own determination, skills 
and bard work. She never mar- 
ried, her strongest attachment 
at tbc height of her success as 
a businesswoman Was that close 
friend of the Prince of Wales, 
Hugh Richard Arthur "Bcnd-or” 
Grosvenor, 2nd Duke of West- 
minster {1879-1953), the richest 
man in England. Their associa- 
tion lasted from 1925-1930. 
sandwiched between the duke's 
second and third wives. 


experts from a Savile Row suit 
1 got ray first bank loan wear- 
ing n Chanel — not an original, 
but a first copy, made by Wallis, 
the famous British fashion chain 
headed by the talented brothers 
Jeffrey and Harold, who brought 
her style to the High Streets of 
Britain. In my fashion reporter 
days I covered some of Chanel's 
come-back shows after 1954 in 
her Paris salon on the rue 
Gambon, where she generally 
remained hidden in her 
favourite place between the 
mirrors at the top of the stair- 
case. 


r 


m. 




•••Vi • 

r - VJ- 


t ; ■ • 






SALEROOM 




Sotheby’s week of sales at 
Zurich ended yesterday with a 
grand total for the eight sessions 
pf £9,891,200. It was the most 
successful of the saleroom's 
annual autumn visits to Zurich. 

There was a very good price of 
£32.448 paid at the auction of 
Fabcrg6 works of art It secured 
a hardstone figure, one of only 
^thirty such figures that Faberg6 
. xarved from life.' This one 
^portrays the boy who swept away 
the snow in the courtyard of the 
artist’s St Petersburg house. It 
was bought for an American col- 
lector. The sale totalled £354,578. 

In the gold boxes a Paris 
dealer paid £30,970 for a jewelled 
snuff box of 1743 made by 
Francois Marteau while among 
the Russian 'miniatures, the best 
collection to be hold for many 
years, the Soviet authorities paid 
££491 for a' min at ure of the 
Empress Catherine n by Dmitri 
Evreinov. A miniature of 
Alexander - I by Jakob von 
Reichel made £4,748. 

Meanwhile In London Sotheby's 


disposed of furniture for 
£316,300, with top prices of 
£22,000 for a Louis XVI cylinder 
bureau, stamped Saunier, and 
£19.000 for a bo all e commode of 
around 1710, possibly north 
German or Netherlands. 

Two portraits by Reynolds of 
John, first Viscount Dudley and 
Ward and his second wife Mary, 
dressed in the robes of a peer 
and a peeress, made good prices 
yesterday in a Christies auction 
of English .pictures. They were 
sent for sale by Lord Dudley. 
Thomas Agnew paid £42,000 fur 
Viscountess Dudley white Vis- 
count Dudley only fetched £7.000 
to. Cdlnaghi. Reynolds was paid 
£84 each for the portraits in 
1766. 

Gibson Fine Art gave £22.000 
tor a picture of mares and foals 
by Clifton Tomson and Frost and 
Reed £15,000 for a picture of 
HTrtS Superb in 17S7 by Robert 
Dodd. A river landscape by 
John Ratbbone realised £9,500 
and a cricketing scene -.at Dul- 
wich, pointed by an anonymous 
artist in 1745, sold for £8,000. 


As architects of the past de- 
signed furniture to go with 
their houses to form a complete 
decorative scheme, so Chanel 
created a whole fashion pack- 
age. from accessories to per- 
fume. Her traditional classic 
suit had its own cuff-linked 
blouse matching the lining of a 
braid-edged jacket weighted 
with a gold chain stitched along 
tiie lower inside edge, the whole 
complemented with costume 
jewellery — a bar brooch. Byzan- 
tine cross, rows of pearls, or 
more gold chains. All fake. 

An oval filigree broach with 
four simulated emeralds and 
rubies set with paste was the 
favourite of the woman who 
owned a huge uncut qmeraid 
given her as a surprise wooing 
gift by the Duke of Westminster 
(h« hid it at the bottom of a 
crate of vegetables), and 
whose subsequent tributes in- 
cluded more emeralds and dia- 
monds, and a pair of bracelets 
of pigeon’s blood rubies and 
Kishmiri sapphires. 


A legend will come to life for 
fashion buffs and historians 
when some of Mademoiselle's 
own clotbes (suits, dresses, hats, 
handbags, shoes, scarves and 
gloves), plus a casket of cos- 
tume jewellery is auctioned next 
week at Christie's. They arc 
being sold by Madame Lilian 
(Lilou) G rum bach, who worked 
with Chanel during the last 14 
jTars of her life. When asked 
precisely what her duties were, 
Madame usually replies with a 
laugh that she would have been 
delighted if someone would have 
told her'- 


\ YX«S?."V ■ 


r S:.;^fr:r .■ ■ 






: '.-f-pciviV:* v — ■ ■■ .** 

••rate?* - ’*- % 


Susan Mayor originally organ- 
ised the sale at Christie’s South 
Kensington, but there is so 
much interest that it has been 
transferred to Christie’s Great 
Rooms in King Street. St. 
James's, where the clothes will 
be modelled at a Saturday even- 
ing sale on December 2. In- 
cluded are the horizontally- 
worked mink coat Chanel often 
wore tied round her shoulders 
like a cardigan, her working 
overall of white pique, and a 
white silk dress and jacket that 
she wore when the Duke and 
Duchess of Windsor dined with 
her. 


> * . 

■ . «3w> 

v & . 


.C ?»#»,: 

cor .. 


"’> -4, * 




8King Street; TcI:OI-S39!WS> 


London 

SW1Y6QX 


i T 




EXPERIENCE AND EXPERTISE 



Pierre Acmstc n.uo ir.- L-a Ct>ni\‘ra.Len. .iis ™ed. 
121 in bv ltf in <32.5 nn fti 41 <~m. Sale, TaesJav, 
December S. 


Painted in 1895. thin picture is a study for a larger paint- 
ing entitled Deux FiUettes dans te Jardin do Montmartre. 
The painting shows the garden of Renoir's studio in the 
Rue Cortot, Montmartre and the two young girls ore 
probably the daughters of Monsieur Alexis who lived next 
door. As in many of his paintings involving family por- 
traiture. Renoir’s attention is here centred on the affection 
and friendship between the two girls, rather than on their 
Individual personalities. It is a theme which constantly 
recurs in Renoir's art and is perhaps his most characteristic 
and personal contribution to the Impressionist movement. 

La Conversation is included in Christie’s sale of 
Impressionist and Modern Paintings on Tuesday, December 
5. For further information on this sale and other sales 
of this kind, please contact John Lumley or Carolyn 
dimming at the address above. 


The charisma of a Chanel out- 
fit inspired the confidence a man 


An embroidered bodice that 
she made about 1930 but often 
wore in the 1950s with a long 
white skirt, illustrates her 
maxim "old clothes are old 
friends." claiming with the inde- 
fatigable confidence she had in 
her work— "Chanel never goes 
out of date." 


Original Chanel outfit in Christie's sale of the personal wardrobe and 
Jewellery of Paris couturier Coco Chanel at 8 King Street, London 
5W1, on Saturday December 2 at 7 pm. The doihes can be viewed 
at Christie's the day before, and up to 4 pm before the sale. 


SALEROOM ADVERTISING 
APPEARS EVERY SATURDAY 

For further information please contact: 
RICHARD JONES 


01-248 8000, Ext. 323 



INVEST IN TIME 
Antique clocks and watches 
mafci excellerr investments. We 
would be pleased to advise you. 


H3dlcw Antiques 
1. The Panic** 


Tanjrids* Wells 
0852 29358 


A&T GALLERIES 





OMUL GALLERIES. Fin* BrrtlSB »nJ 
Hv-nt.t MODERN DRAWINGS *** 
Vatrm B-:l*li MARITIME HCTURE2. 
a 2 Axen.ar.-! Vireo:, Piccadilly. W1. 
LUMLEY CAZAJ.tr. 04 Dam.-* St-. W1. 
01-493 5351 C lift I STM A j EXHIBITION. 
Cr j.nal It ivs. 210-EI3D. Until 22 Dec. 
□RIAN GALLERIES, 1 Pore Sol er Place. 
V«. 01-72? 5473 Eolbllion of 

ORIENTAL PAINTINGS AND BATIKS. 
10-5 . SjS. 1C-J Tin 6 Dllrmbtr. 
GALERIE AZTZA. 7 Church Pd.. Wlrrble- 
ocn Village. jW 15. Rare collection ol 
warc-cokr-i-s b» C. G. HEATHCOTE 
>1841-10*3] TMirs.. F.i.. Sat. 10-5. Tel. 
0'-S«6 4777 and 7750. 

ASH BARN. unll December 23rd. 
Mlci>-7imai L-.ribltian ol P* kit I no* and 
sculpture. Coen daii* 10 m 6. Siinrtara 
2 :q i cl**.-* Mor.ray*. Altor OiriSTnni 
nesn t>v spoointnteni.l Wincecter Road. 
Sraii. Pcrrrsreld. Hamosfiire. Tef. 0730 








'-'i ~ •;* ~ - 


5LOANE STREET GALLERY, Rec»nt 
tcu'pv.ire* bv ALEXANDER In Stone. 
Marb'e. Br*n-o and Silver, isth Oc*.- 
30'S Nsv . 'Irn .Fri 1 0-S 30. 5a'.. "O-S. 

RICHARD COESN GALLERY. 36 Dover 
S*ri“»» l3-?0-> W1 . 0I-4PI 

CH=ISTMA T - FXHia'TION OF PA*NT- 
ING5 i MOP £.'C33 D*Hv lO.OO-^.OO 
Sa". JOQCI. -J20 U.tiiI Dzcrmtse- 7.2nd. 

RICHARD GPFEN GALiERY. 4 Nrw Eona 


•..'•v'u- j 

• I * 1'aK" 


S treat I.r- -on. W1 0*-499 5*?7. THE 
viCTOPTAN SCFNE. Da*l» 10 00-6.00. 
S»— . - 0 n-. 1 ^ »0 Until O-retrhcr 77r-. 


BLONB TIVE ART 13 S?el-vllle Str.Mt. 
I -’I*" 'on Wt. Tel 01-437 1230. CHRIST- 
MAS SHOW 9 "Rred c-hlbltten of oalm- 
Its* wa:> rroloiir* nn-l orint* b* 
Cherio**c Ai < Ib j r.e. Erie Gill. Duncan 
Cnv Mlc fc Greoery. Ar*ho*w Ctfll. 
Rudolon ihlea. Uaura Kn4ghL Dod 
pr«r-»e. *ho aNTCIRI be t*lreo tonlem- 
ramr- jr-All- Cnrl* tourer Arrofetv/. Max- 
well 3l?nr Hav-vr-t Tr-ompsor. Until 23 
r— mo- -r.-i. ■IJ-A- Si-*. l«-i 
AGNEW fiALLFRIES. 43. Old Bond St.. 
W.l. 01-E-9 DUTCH AND 

P.tNrH PlCTVftSS FROM SCOTTISH 
CM.I r.CTlCt*'. A :oan erhlbirnn M 
e* -he Ns-h-nal Trmt Inr Srotland. 
Ux-I 2 De-emnor. £n-ran>e .<*a BOo. 
And F.TAGWARD ORAWI*K35 lor 
0.-J.»"d' 1 Furl”*-*. UnRI Y5 CMY ember, 
Moi.-frl. <» 30-5.30. TBur* un«l 7. 
DWb CARRTT LIMITED. IS Djl-e 
Street. Si. Janet's. S.W.l. SEURAT 
P-:*i}.nri jik t Drawlr-Tj Unfit 15 Decem- 
ber. Me'.-Frl. -tJ.00-5.GO. 

I BROWSE f- OAPBT. IB. Cork Si.. W.l 
| John Cr'-ra - — Cr:n Picture*. Norma.* 
Adam-, — Fl:«er Plclure* 


■i-r- mm&m 




ART: ■ Museum of Money 
From bronze bar to check card. 

About the curious nature of money 
in art, science and life. 

Idols, primitive money, art dating from 
Picasso to Beuys. , 

An exhibition under the auspices of 
the Finance Minister of the Federal. 
Republic of Germany. 

Kunsthaile and Kunstverein 
Dusseldorf, Grabbeplatz 4 
November 18, 1978 to February 4,1979 

Tuesday -Thursday 10-18 p.m. 
Friday-Sunday 10-20 p.m. 


Robert Douwma 
prints & maps Ltd 


93 Great Russell Street, London WC1B 3QL 

Telephone: 01 -636 4895 

shop hours: 9.30-6. Saturday 10-1 





mmmmm 




St John and St Paul. Lombardy. mid-lSth century, 
■n an exhibition of itaiian miniatures from the 
27th November. 


ART GALLERIES ! CLUBS 


EVE, 199 R event Street. 73* 0552- A |a 
Carte or All-In Menu. Three Spectacular 
Floor strews IO-4S. 1SAI5 «M I.4S Mid 
mu ilc ol Jebnnv Hawkswortfa end 









ms® 



: .sa r ss&*v» 







1649-1724 

A fine reproduction clock in a 
limited edition of 250 Price £875 

GagardlxgXTuramas^doc k makerby maatii, oo]y30 willbe^-ail: 


dock from the worid-feraous specialists F.W. 
EUiotL The burr walnur case is modelled to 
an especially fine example of Daniel Quart's 
work. The hmxWinished 28-day mo\ T ement 

has a tripk fusee similar to thar used by Quare, 

and three types of chime are obtainaNe ar wilL 
The dock measures Y?£ high, including the 
handle. As only 15 can be produced each 


moadi, only 30 wfll be available by Christinas. 

Each clock will be individually numbered, 
with a si gn ed Certificate of Authenticity. The 
250 docks of comparable quality and 
i mp ortance which Garrard offered to mark the 
Silver Jubilee were all sold within ten days of 
the announcement. A deposit of £200 should 
be sent with your order. 

An illustrated leaflet will be sent on 
request. 


December Saturdays open 930am-Ipm esceptDeclfithj 9am>5pm. Re-open Dec 28th. 



bvapkuntmentto . . . 

=r=s« The Crown jewellers 

112 REGENT STREET • LONDON W1A 2JJ ■ TELEPHONE: 01-734 7020 


GAR 





£ 














16 


FINANCIAL TIMES 


BRACKEN BOUSE, CANNON STREET, LOSDOK EOtP 4BY 
Telegram?: Fiuantimo, London PS4. TeleE S86341/2* 883897 
Telephone: 01-348 8W0 


Saturdav November 25 1978 




THE PUBLICATION of the 
Government'? Green Paper on 
the European Monetary System 
i* in European terms better 
than expected. After rehearsing 
the strong arguments in favour 
of stability, and raising some 
technical doubts 3bout the 
means proposed to achieve it, 
tine Government remains sitting, 
nerhaps a little wistfully, on the 
fence — much more favourable 
to the central idea rhan has 
been apparent until now. hut 

r(* ? omnr what i* essentially a 
technical position. A? a Euro- 
pean. i he Frime Minister 
emerges a; Mr. V.'ould-be-cood. 


Commitment 

ViV will discuss this posture 
;o it; European and political 
■rontexT in due course; for in 
another sense the Green Paper 
;* the very reverse of fence- 
sitting. It states the Govern- 
ment's total commitment to a 
policy of a strong exchange rate 
and monerr.ry control in the 
mo ; t detailed, positive and 
hopeful form which it has yet 
inked. In these terms, the Green 
Paper i* an important economic 
event. I: clarifies the* Govern- 
ment's hope- and purpose? — 
which are remarkably like those 
•j e i he- Opposition — and incident- 
pi ly make.? it 'lear that from 
a purely domestic point of view, 
fleet- may nor, be very much 
difference in our future in or 
temporarily our of the EMS. The 
?;m. either way. j< what the 
i'i-eon Paper rails "a virtuous 
c-rde of exchange ia»e stability, 
i n *er costs, anri greater stimu- 
lus to efficiency." 


of the underlying reassurance 
Of North Sea oil. and the his- 
torically high level of our re- 
serve?— ii that it favours virtue 
and discourages vice. 

A high exchange rate protects 
the real waces even of those 
v.hose employers cannot afford 
large money increases, but 
threatens the prospects of those 
who try to push 3 presumed 
monopoly position, whether of 
good: or labour, further than 
the marker will bear. Depreda- 
tion save* fed? from t'neir folly, 
at the cost ff cutiins the real 
incomes of everyone else. Un- 
fortunately :nere is a price to 
he pain whiU these lessons sink 
in: for in a !inn monetary con- 
re-r. inflationary behaviour 
from any source — unions, 
management or even foreign oil 
supplier* — leads «o recession. 

It is clear that a virtuous 
circle may take a very long 
time to establish: in IS year* of 
exc'nanse rate stability and con- 
sequent low inflation under the 
Eretton Woods system, this 
country failed to discover the 
secret of faster growth. There 
are many possible explanations 
— !n«* of Empire and a slow 
adaptation to new realities, 
insular management and the 
cla«s .system have all been 
blamed. Certainly one cause, 
which was still not fully learned 
as recently a* last April, wan a 
constant drain of resources imo 
the public sector, faster than 
the economy could provide 
them. 


A long view 

In Lhis aim. the Government 
is consciously taking a long 
view. A? it explains, "the 
benefits to competitiveness from 
a lower exchange rate come 
quickly and then decline pro- 
gressively .” while the resultant 
inflation means that " industry 
oecins to suffer in a great 
variety of ways which them- 
<r-!ve« damage competitiveness 
—higher interest rates, a 
demand for increased working 
capital, and uncertainty hinder- 
ing investment." This may 
seem ironic at a time when the 
effort. io contain monetary 
growth snd support the 
exchange rate is itself leading 
to high interest rates, but as 
the Green Paper points out. 
* the benefits from a higher 
exchange rate come fairly 
slowly, but then build up over 
a period of years." 

What still perhaps needs to 
be spelled out is how such a 
policy operates. The real point 
about a strong exchange rate 
policy — an option which is per- 
haps only open to us because 


Encouraging 

Under present floating 
arrangement, monetary policy 
has emerged as the key to ex- 
change rate management, and is 
now an equally firm commit- 
ment: but the Government has 
only now possibly learned, from 
a financially disappointing 
summer, that a firm monetary 
commitment entails a clear 
limit of fiscal freedom. The 
policy 15 unnecessarily co*rly 
now because of excessive Gov- 
ernment borrowing. 

In spite of this, some pro- 
gress is visible. Inflation 
remains in check for the time 
being, and the economic indica- 
tors still show the recovery 
which resulted from reduced in- 
flation. Despite the Ford settle- 
ment and the miners' claim, 
there is also an encouraging 
trickle of evidence from other 
industries — most recently from 
the seamen — that realities do 
influence bargaining. In spite 
of silly sideshows over its dead 
5 per cent policy, the Govern- 
ment can claim some credit for 
this. Its real counter-inflation 
policy is now a clear commit- 
ment. set down in black and 
white in a Green Paper. 


Arts sponsorship : 


Financial Times Saturday November 25-1978 



its 




SY ANTONY THORNCROFT, Arts Editos 


H ARDLY A day passes 
without another company 
announcing its support 
for an artistic venture. Take 
opera, easily the most costly 
of the arts to stage. Within 
the past two weeks we have 
had a new production of 
L'Afncaine at Covent Garden 
made possible by around 
£30.000 in aid from Imperial 
Tobacco. Madam Butterfly just 
mounted by the Welsh National 
Opera in Cardiff owes much to 
the £15,000 contributed by the 
National Westminster Bank. 
On a more modest scale the 
Guildhall School's Albert 
Herring, presented on Tuesday, 
was aided by the Midland Bank. 

Even more money has just 
been promised to keep opera 
thriving in 197P. The new 
Magic Flute at Covent Garden 
in January' will be courtesy of 
the Creditanstalt Bank rf 
Vienna, while the Commercial 
Union is continuing i»s policy 
of supporting a production a 
year at the Opera House by 
providing over £40.000 for 
Parsifal. Imperial Tobacco is 
maintaining its 3id for Glynde- 
bourne and underwriting two 
productions next summer. Der 
Rosenkavalier and Fidelio. 
which must cost it around 
£40.000 each. The future nf the 
new English National Opera 
North in Leeds now lonks 
brighter following the announce- 
ment that International Business 
Machines Limited is putting up 
most of the money for The 
Merry Widow. 

Opera eats up the largest 
individual sums but mnre and 
mnre companies are prepared 
to make a contribution to a local 
arts festival or to underwrite a 
visit to their city by one of the 
major national orchestras. All 
told industry probably gives 
around £2.5m. a year to support- 
ing the arts in Eritain and when 
their organisational. pro- 
motional aod entertainment 
expenses have been added, the 
total could almost double. More 
significant than the actual sum 
is the rate of growth — the aid 
has probably doubled in the 
past two years. 

Ju*T hnw interested industry 
is in the arts was underlined this 
week when the A-snciati n for 

Business Spor.cnr«h;o nf the 
Arts held its first priro giving 
in London. W* f h hrlo fron the 
Daily Telegraph. AESA intro- 
duced award* for '•nmpanies that 
have made a •*n f 'cial contribution 
;n arts sr»'m« or* hip. 

Three of th*» biggest sup- 
porters in the U.K. — Imperial 
Tobacco. Marks and Spencer and 
IBM — decided that their involve- 
ment in ABSA was so great that 
they should not be considered 
for a prize, but among the pre- 
dictable winners were Benson 
and Hedges, in the single event 
section, for the creation of its 
own autumn festival at 
Aldehurgh: Harvey’s of Bristol, 
in the corporate programme 
Group, for its well conceived 
barrage of support from local 
to international level: Bryant 
and May, in the first time spon- 
sor section, for breaking fairly 
fresh ground in supporting a 



riacido Domingo and Grace Bumbry in a duet from I’AJricaine at Covent Garden- 

£30.000 in aid from Imperial Tobacco 


production made possible by around 


less than 4 per cent Df 'its"'" 
£9m .annual . ea^euditure , from ' * 
such supporters; the ’ English 
National.- Opera hssrreijlffw' ■?' 
business helpers; the orchestras- 
have extensive wabracts .Wlfh^'; " 
industry; and many-individual^ 
concerts .are fponsoradi bat ‘ v 
only get on average IO-perieht " ' 
or . less . .of theiri- incomes irony 
this 'source. -But .the fastest 7 
grav^:1s;likely '. tb be hr new ■: — 
areas- of- tto ,a^:in* 4 >alicifl 2 r ' c 
the tiaeatre^ Av/. •.•; 

"frr the; last'-iyear Bryairt and “ 

. M^'ha^aided SierM^cfimaken . > 

Sa ai» . bas^sponrored -a provincial - 
tour of Donkey's Years; Dtudop 
helpei^ ;Sp^«5bng; ‘and next . ’ 
month, Kate. with Britt'E^kland-.’ “ 

- • reaches the West End, Thanfa to 7 •; 
Imperial '^Tobacco.' . Oh. Monday, 
British; Caledon ran ''; ‘ 
announcinh' its support for a 
thriller, Woman of Straw, which . ‘ 

, ;wiir. tour The country. liast^’ 

; month GDC I^IBoti6hs, L wa^iet''7 , ,. 



pis;-. Thn Matchmaker: 

Lloyds Bank, in the 
devoted to young people, 

a<si.?tance to the National Youth sport, which receives over £2C 
Orchestra of Great Britain. a year, now seem: 

There was a good turn-out endowed. sponsorship. latest; ventures towns where it nas lactones ana inquiries -from burinessrjrepre;. .. 

influential figures from the At the mnm^nt mo«t com- have involved Guif Oil. active offices. But each year it selects ; a ^mny t . c?m ini.iiwest-’'- "• 

soring the one big national event- to m ent; money, and im 


worlds of business, politics and panies have 


decide in the North Sea. sponsoring 



tions had been made for prizes: There will alwavs be comDanies. Xerox to support Prospect . at of an award winning teJerision p] a js insfead of Ihe ; 4zaffiSdaal u 

■ks and Spencer being the the Old Vic in a tour of King film; The prestige ana 'publicity anEe i~. .'>7;...^ 



aod there was a feeling that Marks 
both ABSA. with ils $9 cor- classic exam Die. 
porate members, and arts 0 us towards 

sponsorship, had arrived as a tures but cauc.-ls mue iu '^^>0 — ••'**** “ —e- — TTU- finaiuv' cnnrosipfijt'- _ 

real force. Boards of directors return apart from an acfcnow- the usuai opportunities for en- to the winter exhibition at ^dveru^g 

now listen to proposal? for inng- judgement in the nro2ramme. tertainieg clients and staff! Royal Academy of. Post pay - '■ 

term and well-planned aid for At the other extreme land in Wills is another company Impressionists. The company’s sms Uie Boaipum^- m 

the arts: it is not just a ques- keeping with the future trend) which gains prestige and promo- bigger contribution, in excess piays ropranipjfi, 

tioo of siring £1,000 or 50 from i s the adoption of arts sponsor- ton for the arts for a modest of £100.000. goes towards the 
a vague feeling oF "social s hip for practical corporate outlay. It was early in the field,- European Community Youth 
responsibility." The arts are no en ds. a oriceless asset, and its span- Orchestra and it is backlog- a costa Utemay 

longer left to the charily com- Harvey's of Bristol 15 a case soring of recordings by the' Loit- new idea next year, the Euro- 
mittee: ~~ — 

feature 

bud: _ _ _ 

TTno pnmnanv ' -Mother ; new. - area . ia - Pbtei 
mouth Symphony Orehestre to of its recording costs and helps COmp^Dy 

visit Bristol. Its association with fund the next oaten of releases. . HaHiC ' 

the orchestra grew closer and In the same way Imperial • nrenVrp,* to £20 000- to 

Harveys financed, at a cost of Tobacco acts as an impresano As in sports sponsorship, 0 “®. rn u n p „^. - ■ . 

=20.000, a dea' v.-herebv the in Bristol, underwriting eight of the ke>-s to success m arts finance Sunday = concerts. ----- 

But most companies are still orchestra should record, on major concerts a year at the aid is to get a new event with More 

testing the water, and making RCA. new English music. This Colstan Hal:, sometimes making which a close connection; pre- certain.- , The arts logiy is - 

contributions in The £5.000- was altruistic in as far as mod- a profit, more often a loss. Im- ferably embracing company fflg to Jgd tte . . 

£10.000 range. Fortunately even <?rn music rarely makes 2 com- P°r:al ;s probsb : y the biggest name, can be. forged from the Lever Committee Iookingtato ... 

such medesr sums can have a mere! si success, bur the com- supporter of the arts in Bn- start. If there is a competitive this very subjert rank without 



*i A =? i 


-a, 


Return for 



cash 


far-rearhin? impact ABSA sees pany does ?et a royalty, as well tain, perhvps because of legal element involved so mudi trace, the probability^ of -govern- 
it* main role as nursing con- as publicity, on everv record rerrictions on promoting better.. The classic^ exainple js ment ^encouragement, th^onga . . 

.. ... . . . 1 1 m . , * J ...u fU A DaaVak -frir tfia fiAcrtav toIiqF ormvc .rimnowr -Knt ■ 


perhaps the Bonksr. ‘prize, ior fhfi besT tax relief ..grows stronger-. -But! v; 
ilitically novel of -.the year, awarded this industry will nnlybeable to %; 


?r:bii;-Ts of this kind, and sold. The success of the«e ven- tobacco orodeets. 

educating them about the f ur»-s enrouraged Harvey’s on because tnba-’co is a politically now« «i-.n<ir .vow. «w«mwu,una .T>iuy '■ u ^r aw " '.*- v . > 

benefits flowin'? from arts span- fn t-ic international seen'* arid sensitive industry, but also week to ;IrJs_ Murdoch.' Booker, help at the edges^. Tte Arts 

snrship At the same time it the sponsorship of the Leeds because it t-nn-v* its well estab- McConnell. has a bargain in tbis Council will. always be th e pnn- .>*' 

wants to help arts organisations Piano competition v;h 4 ch re- i;«hs»d "nvertmen* in the arts has assnefation. even If the prize ci pal paymaster, dretributing .-.v: 

to market themselves to poten- ceives world -.ride coverage. The produced a good public relations money has now been doubled £49rh this year to 1B0Q recipiT-H-.^. 
tia! suaooners and to make event, held everr three vears. reeirrn ?t a modest cost. - to £10,000. The Benson and ents. • Recently an irritating . ^3 

them realise that increasingh- proved a hapny choice. The final At the other extreme ' two Hedges Festival also involves dispute has eropted between the • 

element— -for Council and business, the 

Connell taking exception to the -, 
prominent publicity given to .••• 

broker, but one that concen- Press coverage produced a sub- terna! companv relations. The tion. . .. • certain sponsored arts even lias . 


I 

1 



trates on finding events for stantial advertising return for Commercial Union spends at In the past sponsors have against the tucked away acfcnow 1 : v-. ; 

sponsors rather than sponsors th*> £12.000 investment least £100.000 a year on the arts, tended tn huddle around the ledgi^ent of its own, invarial)^' ■ / 

for events. Ferhaps its most Harveys now spends £50.000 As well as aiding Covent Garden traditional performing • arts, much greater/ contribution. '"' ; 
tangible contribution has been on the arts but in carefully it plans to support Scottish Despite tiie expense opera pro- Now both sides seem inclined - 
to iobby successfully the BBC planned channels and it em- Opera's production of Rigoletto- rides prestige and wonderful to play down the issue for . the ,; 
into giving a sponsor a plug rdovs a professional consultant, next year, at a cost of £35,000, opportunities for impressing sake of the cause— the continual 
it it broadcasts a concert or Kellaway. to ensure that the with the bonus that its em- clients: the major orchestras flourishing of the arts in Britain, -- 
televises an opera which has ideas ?r? properly marketed, plovees Hill make up the play to millions of sought after To' date 7 industry has been. 
been made possible by help M-. Bill KeMaway is The largest audience at the dress rehearsal, customers each year. Both win cautious and uncertain in its - 
from industry. The certainty of of a vrnwio? group of arts It also has a long association always need more money, aid: in the future as the success 
such widespread media cover- adri^rs. Hp works for with the LPO and gives it Cnvent. Garden manages to ^nd . stories (as well as the disasters) . ‘ 
age. the very basis of sports niinmrou* client* and i-s at pains £30.000 a year. The CU sees its a sponsor for most of its new become apparent, there -wilLbe ' 

sponsorship, will doubtless to build up a cnntmuou 15 oro- help as "a bit of marketing: a Dmdnctionis yet still re ee ryes, fewer excuses for-zuggardlin ess. 


Letters to the Editor 


Engineers 


From the Director. Pirn 
Sir. — Geoffrey Owen 1 November 
17 1 made certain be would 
attract tbe attention of scientists, 
including has-beens like me. 
v.ben be headed bis article “Why 
Science is Irrelevant." But be 
need not have been quite so 
provoking, because I suspect that 
nci only many non-scientists bur 
aiso scientists share bis views 
that ihe status of engineers, 
designer? and marketing men 
must he raised, and raised fasL 
In the meantime, however, we 
must be very careful not to 
throw out the baby with the baih 
water if only berause It is prob- 
able that tbe really big industrial 
product innovations these days 
still depend in large measure 
on science. I need only mention 
that word “transistor." Having 
made the point. I do not believe 
we need worry overmuch about 
enough science being done to 
keep up tbe flow of ideas. What 
v-e desperately need to worry 
about is tbe lack nf. and 
tbe incentives for, engineers, 
tleugners and marketing men. 
Mr. Owen asks how we are to 
raise their status, presumably 
compared with scientists. One 
way is to pay them a lot more, 
something most budding engi- 
neers as well as scientists will 
.'u rely understand. 

Dr. N. K. Bridge. 

Fira. 

Rrindails Road. 

Lcctherhead. .Surreji. 


Skill 


practice, by people without quite 
the level of intelligence needed 
by skilled labour and here moti- 
vation does become necessary. It 
is noticeable that the higher the 
intelligence the less motivation 
need be given and while not 
wanting to stray too far from the 
subject I would add that it is also 
very noticeable how easy it Is 10 
motivate tbe less intelligent. How 
easy even it is to incite a mob 
composed mainly of the less 
intelligent. .A warning perhaps 
ngainsr having too many -with 
nothing 10 do all day. 

If jobs are deskilled the case 
put forward by Mr. Underhill 
< November IT » is relevant. But I 
was under the impression that 
the double hump situation he 
describes had long disappeared. 
For as soon as you deskill a job 
you are almost at the stage when 
it can he computerised. The re- 
cent confidential document of the 
Department of Industry, reported 
on November 13 forecasts that 
computerisation will raise un- 
employment to between 2.5m and 
3.5m. 

I go along with Mr. Gleadow's 
description of the intelligent 
person on the dole <Nov- 
ember 13). I cannot help feeling, 
however, that if the employment 
of unskilled labour were to be 
subsidised in some way a? be 
suggests it will discourage the 
advance of computerisation and 
may make this country less com- 
petitive with the rest of the 
world. 

G. H. Lisney. 

3 Proctors Wap. 

Bishop's 5fort/ord. 

Herts. 


From Air. G. Listieij 

Sir.— It v-ould appear that Mr. 
Cole (November 14) and I may 
have different definitions of 
•skilled labour." I apply the 
term to those people who have 
needed a period of apprentice- 
ship • or craft training before 
being able to perform their work. 
"While I agree that intelligence 
is not the only Factor, it is a 
very accessary one for this 
training. A problem of recent 
years has been schoolteachers 
encouraging students, with the 
necessary infelligenro. tn seek 
rm ploy mem where they will not 
" cet their hands dirty." 

A possibility would be to de- 
<t ?|1 rertain jobs t.o enable them 
:*.• he performed, afier some 


Shares 


Bill. In fact we anticipated the 
Government's consultative docu- 
ment on profit sharing and never- 
theless found that only 17 per 
cent of companies without 
schemes and less than a quarter 
with cash schemes were prepared 
to consider introducing a share- 
based scheme, even if tax advant- 
ages were available. Dr. Copeman 
may feel that we lack understand- 
ing of the flexible nature of the 
legislation, in that cash schemes 
can easily be transformed into 
approved share schemes, but the 
Tact remains that most companies 
are positively in favour of their 
cash scheme because of its 
“ simplicity, tangibility and ready 
acceptance by employees ” and 
these companies do not seem to 
want to change. 

As to employees wanting to 
acquire tbe foreign shares of 
their multinational parent com- 
panies, this may be fine in theory 
but on the evidence of tbe very 
limited take-up of share options 
by British executives in. for 
example, U.5. companies there 
seems to be littie enthusiasm for 
this opportunity. In any case, the 
already tenuous link between the 
individual’s performance and the 
company's share price Is 
stretched even further when a 
subsidiary and multinational 
company are involved. 

Dr. Copeman's enthusiasm for 
the concept of profit sharing 
should not blind him tn the fact 
that with all publicly-owned and 
subsidiary companies unable and 
private firms largely unwilling, 
few organisations seem likely to 
introduce approved schemes. 
Hano Jobannsen. 

British institute of Management, 
Management House. 

Parker Street. WCS. 


Republic of Ireland. These 
individual newspapers are the 
sole ordinary shareholders. 

The Newspaper Society, the 
trade association and employers’ 
organisation within England. 
Wales and Northern Ireland 
representing the provincial daily 
and weekly and London subur- 
ban papers, is not eligible tn 
hold PA ordinary shares, nor is 
any other employers’ representa- 
tive organisation. 

Ian Yates. 

The Press Association. 

S5, Fleet Street, EC4. 


Cars 


From the Managing Director, 
Quantum Science 
Sir. — The proposed changes in 
vehicle taxation will cost this 
company aproximately £140 per 
annum per vehicle on average. 
Fair enough. We do use the 
roads rather a lot on behalf of 
our customers. Would someone 
care to explain to me, however, 
why we should also bear an extra 
tax pimply because we Stan- 
dardise on cars which have a 
door in the back? 

Roy Jenkins, 

Quantum Science. 

27. St. George's Road, 
Cheltenham. Glos. 


equipment was imported from 
countries as diverse as China, 
U.S„ U.K., 'Italy, France and 
Germany. This equipment has 
tn be maintained aod spare parts 
kept. If different equipment 
uses different standards, e.g.. 
Whitworth threads in UK, metric 
in France, some modified Whit- 
worth in U.S.. then you will have 
to keep stocks of all these— even 
when there is no obvious dif- 
ference— because they are not 
interchangeable — e.g.. j-inch 
Whitworth will not fit 6.5 mm 
metric. Tbe result is that the 
odd man out does not get the 
contract. 

If you want to use one 
standard for foreign and another 
for domestic ' products you at 
once double the costs of pack- 
aging. I hope that metrication 
will go forward rapidly in the 
domestic field. Tt does not pro- 
hibit the retention of the older 
terms in colloquial speech — 
chooine and livre are still used 
in France. Consideration might 
be given to transferring the taFk 
of the Metrication Board to the 
British Standards Institution or 
to the Consumers Association. 
iDr.i Georee Discombe. 

12H, The Welkin. 
bindfield. Sussex. 


trees on our postage stamps, and 
more series depicting achieve- 
ments and discoveries of our 
country. No longer should we 
condense within a single issue 
of stamps, lasting only 4 weeks, 
100 years of efforts, as happened 
in 1967. 

We must, as Prince Charles 
says, put more outward exp res- j 
sion into telling the world of the 
good things that have happened, 
and are happening, within- this 
country. 

D. A. Potter. 

Dunbar House, 

Soutiiam Road, 

Radford Semele. 

Leamington Spa, 

Waru?icfcs#i ire. 


Some of the worst 
wounds. .. 


-> » • 


Wheat 


bread 
based on 


Petrol 


Europe 


From the Head of Research and 
Publications. British Institute of 
Management. 

Sir,— It is understandable that 
Dr. Copeman (November IS) 
should wish to criticise our pre- 
diction that the popularity oF 
“ profit-sharing ” schemes 

approved under the 197S Finance 
Act will be limited. But the three 
substantive points he makes seem 
to he based pot on reading tbe 
report itself hut on John 
Elliott's summary. 

Dr. Copemnn claims that the 
British Tiwtilute of Manage- 
ment's report was "premature" 
because it was completed before 
the publication of the Finance 


PA 


From the Chief Executive, 

The Press Association 
Sir.— The report in yonr issue 
of November 21 (Newspapers 
threatened in provinces) refers 
to the Pres* Association as being 
In membership of the Newspaper 
Society. This is incorrect 
Since its foundation more 
than a hundred years ago the 
Press Association has been 
owned on a direct cooperative 
basis by the daily and Sunday 
newspapers published in England 
outride London, in Scotland. 
Vales. Northern Ireland and the 


From Mr. J. Grafton. 

Sir. — The Government seems 
bent on increasing the price of 
petrol to accommodate 'with- 
drawal of tbe Road Fund licence 
fee. Perhaps it vould be a good 
idea to increase it a little more 
and u.ve the extra to provide 
third party insurance cover. 
James Grafton. 

C/o Barclays Bank Ltd., 

PS. Duke Street. 
Barrow-in-Furness. 


Metrication 


From. Dr. G. Discombe 

Sir. — I regret that the Scottish 
Housewives Association (Novem- 
ber 17 j objects so strongly to 
metrication, apparently on the 
ground that standardisation is ^ tUttlpS 
not needed because all you need 
to do ls to produce goods at toe 
right place, right time and right 
price. 

I have spent seven years in 
developing countries, where 


From Mr. S. Bavie-ThomhiU 

Sir.— I read with full approval 
Mr. Campbell's letter of Novem- 
ber 21.- I find the use of the 
common agricultural policy as 
a smoke screen put up by the 
Government to hide its obvious 
failures quite deplorable. 

Is it 3 coincidence that 
Germany and. to a lesser extent. 
France, find high agricultural 
prices 30 hand in hand with a 
healthy- economy? A yet more 
industrial Britain will make us 
neither richer nor happier: a 
truly united Europe should 
achieve both. 

N- B. B. Davie-Th nrahi.ll. 

Stanton Park Farms, 

Hinderelau Hail, 

Near Diss, Norfolk. 


From Mr. D. Potter 
Sir. — Observer's comments 
under “Family fanfare" (Nov. 
I61 reminds me tn suggest that 
we should have less birds and 


From Mrs. P. Oliver. 

Sir. — Tbe present 
strike seems to be b;_ 
three irreconcilable facts. The 
workers are getting below dole 
rates for a responsible job with 
unsociable hours and often un- 
pleasant working conditions. 
The owners are making little or 
no money out of bread and 
have no spare cash for improv 
ing plant. Yet tbe consumer 
rightly complains of ever 
increasing prices. 

How can this be so? Simple. 
This country is paring and bas 
fo>- several years hoen paying 
above — and sometimes way 
above— the world price for 
wheat The current EEC levy 
oa wheat imported from out- 
side the EEC is in fact almost 
the same as the world price. In 
spite of these high prices (or 
because of them; grain moun- 
tains are formed alongside the 
other Common Market moun- 
tains so well publicised in your 
paper. 

It seems to me that rather 
than waste time arguing them- 
selves out of existence the 
owners and workers in the 
bakery trade should combine 
with tbe long-suffering con- 
sumer to ensure the Common 
Agricultural Policy is dis- 
mantled forthwith and a more 
renSible and realistic price 
structure established to the 
benefit of all. 

(Mrs. i F. A. Oliver. 

30. Holmes Crescent. 
Wakinphain, Berkshire. ■ 



~rt 


It used to bet-ailed slidWiock.' Now we'Jmow more. 'We know there 1 

are limitations to the human mind. , i 




Soldiers, Saflors and Airmen all risk, mentai breakdown from- over-exposure 
to death rod .violence whilst" in the service of bur Country- Service... fn - 
■keeping thepeace no less, than in making war. • ; 

We devote Our efforts solely to the welfare of these men and women from alU 
the Services. Wen and women who have tried io give more they cpiilcL~; 

Some are orilylS, a few are neariy 50 years^f age, ■ 

Wehelptfaera at hpmeand in liosphal.Wcnin Convalescent Home, 

For Rotaei we provide work in .a sheltered industry, 50 that they, can- Ihrte 
without charity; for ethers, a Veterans' Home where they can see out their ■ 
days in peace. J...'..'..:.- 

These men and -women have given <£elr minds to their Country. 2F we are ‘ 
to help them, we must have funds. Do please help to repay thisvast deb t It 
is owed by all of us. 


“They’ve given more than they cookf- 
please give as much zs ycw can’V "• 




Orsmm 


“Jrrf.f 


37-Thurloe Street, London SW7 2LL, 01-584 8633.- 


;*;V' i: 


•ivT?; 


... '*>-$ 
, \ - V*. 

■ 

'*-r5 

4 




:<K 






Financial Times Saturday November 25 197S 


* S02£E22I.DiG is rotten on (he 
Promenade dos Anglais. It Is 
set just that the English arc 
h tiiwppeiirinK race, in Nice, 
ami that the famous palm-lined 
v.rterfrtmr. commissioned by 
t'lO English colony well over a 
rentury ajo. may soon have to 
.hr renamed tlie Promenade des 
jiounais. Outwardly, the 
r>ian^es in .this most nuTd- 
i.yianered of European cities 
;:rr. discreet. Even if the 
avenue’s motorists are 
?:e 5 v 2 rdcd these days by com- 

pfiier-cantmiled traffic Lights— 
ilie town hall's pride and joy — 
;i ’s the same stately row of 
hrite Opaque palaces, basks in 
r»e same lambent winter sun, 
and has the same wealthy 
sirollets and gamblers, 

Eut behind the facade, the 
Promenade has become - the 
centre of a growins and complex 
.■c-.indal. A pan of it has just 
beyun to enme out in the courts: 
,<:t unorthodox manoeuvre to 
establish a monopoly in the 
i-; 4 .-»nos, for which an examining 
isiCistrate has after some delay 
brought charges against a 
lawyer and a businessman who 
!-• a friend of the mayor, M. 
Jacques Mddecin. More colour- 
fi:. - , perhaps. 3 re the connected 
cases of a vanishing heiress, a 
L - *? nkrtrpt casino - under perman- 
ent occupation by its croupiers, 
:he Swiss police's investigation, 
.it the request of the French 
police, of a senes of Swiss bank 
accounts, and the fact that in 
it-sal offices throughout the 
town the wurri “Mafia" is on 
everybody’s lips. 

The local affairs of Nice, 
which always seems to live a 
life apart from the real world 
of France, Imve in recent weeks 
l'?rn.'the subject of increasing 
R-itiobal interest, particularly in. 
Peris. • And for three good 
reasons: There is -an avalanche 
nT rumour that money from 
Kaliin underground organisa- 
ji"RS.! is being laundered in 
yv.vl There are the controver- 
m* ! friendships of M. M^deein,. 
:• •■.taiwart of the progressive 
e'lnservani’e political faction of 
J*i ‘r.ideni. discard d'EsIaing. 
And. as some of the protagonists 
n a -rinvelesque situation them- 


selves admit, there is a good 
plot. 

We could .set the first tscene 
of the unfolding drama 50 years 
ago. , 

In 1928. the cote d'Azur, a 
haunt of English and European 
aristocracy since the 36th cen- 
tury. is beginning a new boom. 
Paid holidays for all have yet 
to come in France, but the 
reasonably well-off are flocking 
to the ■ beaches and clubs, a 
splendid new casino.' the Palais 
de la Med iterance, with ceilings 
nearly 40 fr high, has just 
opened on the Promenade des 
Anglais. In this year, M. Jean 
M&decin is elected .mayor, 3 
position he wfll hold, except for 
a brief interruption in the 
Italian and German occupation, 
until liis death in 1965. In 1928 
also, Jacques, the son who. will 
succeed him as mayor is born. 

We now cut to June last year. 
Enter ML Jean -Dominique 
Fratoni iq white shoes. One 
need know about him at this 
stage only that he is the boss of 
two of Nice's casinos, the small 
down-town Casino-Club and the 
modern Casino Ruhi. an enter- 
tainment complex in the base- 
ment or what was once the 
genteel Hotel Ruhl, now the 
Hotei Meridien, a glass-faced 

sore thumb at No. I on the 
promenade. He has for some 
time had Iris eyes on the. third 
casino, the Palais de la 
Mediterranee: but the chairman, 
Mme. Renee It? Roux. Kill not so 
much as speak to him . And her 
family stake is exactly 50 per 
cent. 

After a shareholders’ meeting 
on June 30, M. Fratoni steps out 
and announces: “We hold the 
majority in the Palais de la 
Mediterranee," As his surprised 
audience soon discovers, his 
take-over has been clinched by 
the chairman's daughter. Mile. 
Agnes le Roux, who used her 
voting right as a Board member 
to defeat her mother. So far, 
events point to little more than 
a family squabble: Mme. le 
Roux and her daughter have 
quarrelled over inheritance 
rights. 

We switch rapidly to October 
last year. Agnes makes two half- 
hearted suicide attempts, on the 






Some! 


jVVi, - ..Hi** 
, r • ' S$i 




■'I 


i-* • :L3r.’f^ ,r . 


v?: 

-v.'V- 


4th and the flth On the 27ih. 
1 he attractive 29-year-old bru- 
nette with the classic society- 
pirl education disappears with 
her Range Rover off the face 
or the earth. 

Meanwhile, back at the Palais 
tic la Mediterranee. thine* are 
K'ting badly. M. Fraiuni has put 
in an associate a» chairman 
who employees loyal to Mine, 
le Roux will laicr claim 
deliberately strangled Hu- 
business. Big-spending clients 
have their cheque^ turned down 
— the casino business's equiva- 
lent of hara-kiri. 

Six months later, on April H 
this year, having been declared 
bankrupt, the Palais de la 
Mediterranee closes its doors but 
not fast enough to stop the 300 
employees from occupying it. 
They arc still there today, 
guarding and cleaning the green 
baize tables, Ihe theatre, cinema, 
bar.--. Hi«hf-eluh and restaurant, 
coming in in shifts and playing 
cards — not rJu*nim-tl<?-fiT but the 
vulgar cafe game or Mole. 

After seven months or occupa- 
tion. things are beginning to 
come to 3 head. 

Bur first we must introduce 
M. Jean-AIaurice Agnelet. a 40- 
y car-old lawyer, human rights 
activist and amateur jugi. 
Mai t re Agnelet did some busi- 
ness for Mother le Roux, as she 


BY DAVID WHITE 

is known. Agnes at the ume was 
married, had gone with her hus- 
band ro tin.- Ivory Coast and had 
come back to set up African 
craft shops. . The couple agreed 
to a divorce and M. Anzelet 
was asked in am nee it. Accord- 
ing to lus cnurl testimony, he 
later became Agnes' Inver. ‘It 
was he who liaised between M. 
Fratoni and Agnes over the 
casino takeover. 

Maine Agnelet Icstified 

that Agnes was paid for her 
crucial vote, nod then that ;he 
wa* paid for her future right' 
in the Monaco holding company 
where The family interests, run 
by Mother le Rour. are 
effectively blocked until 1&S2. 
Jn exchange Ague's was to vote 
as instructed by M. Fratoni. 
The lawyer am! M. Fratoni have 
provided documents supporting 
her second testimony: but one 
is unsigned by Agnes and the 
nl her is available only m 
photueopy. 

On October 27. the anniver- 
sary of Ague- disappearance. 
Mail re Agnelet was charged 
with breaking company law by 
buying a shareholder's vide. 
Ten days later, after coni pi aims 
about how slowly the judicial 
machine was working. 3M. 
Fratoni was similarly charged. 

The charges mean that, first, 
both men could face imprison- 


ment and/or fine;, and -econdlv 
that the. casino takeover may be 
annulled. 

Police enquiries, related in 
court, so far show that Agnes 
le Roux opened an account at 
the Union Bank of Switzerland 
in Geneva, allowing M. Agnelet 
drawing rights, on May 13 last 
year. On May 16. the day after 
the agreement ?.L Fratoni 
claims to have made with her 
that 6he would vote for the 
takeover, SwFr S69.4UD (about 
£272,0001 was pud in. The 
funds, police say. were imme- 
diately transferred to another 
account in the same bank. Three 
months later, say the police, 
more money was paid in and 
the whole lot transferred to a 
third account, at the Swiss 
Bank Corporation in Vevev. 
where it was later changed into 
international bonds. And then 
in February Ihi.r year. M. 
Agnelet closed the original 
Geneva accmrat. which had a 
balance of exactly SwFr 41. 

Quite apart from the legality 
or otherwise of the takeover 
operation, two big questions 
stand out, and Mother Ic Kuux 
is not alone in thinking rather 
little is being dune 10 find the 
answers. 

The first is: Whore did the 
money come from ? The second 



is: What happened to Agnes le 
Roux V 

Mother le Roux alleges that 
the first road, if not the second, 
loads to the Mafia. A handsome, 
vigorous woman, former model, 
former violinist in 3 Paris 
orchestra, she has run her 
banker husband's affairs with a 
forceful hand since his death 
in 1967. Henri le Rons, who had 
managed the Monte Carlo casino, 
bought into the Palais five years 
before. 

Her opponent. M. Fratoni. 
known to friends as Jean-Do, is 
an equally striking character, 
who lives up to a more American 
image of a casino owner. He 
travels with bodyguards in his 
Mercedes. A Corsican, he came 
to Mice after receiving his first 
casino licence from the munici- 
pality 10 years ago. On heing 
given the gambling licence of 
the oid municipal casino, which 
vent bankrupt, he opened the 
Ruhl four years ago with a gala 
of ihe beau monde attended by 
such as Alain Delon and 
llireille Dare. 

The present case is clearly an 
acute source of embarrassment 
to M. Mvdec-in. The mayor, an 




amiable character with some- 
thing of a playboy image, a 
former journalist and author of 
the standard work of Nice 
cookery. he ha* recently 
assumed a less extrovert mien. 

After the occupation of the 
Palais (the authorities opting 
not to stage a violent eviction in 
tiie middle of ihe summer 
season!, he proposed that the 
municipality lake over the 
buildings and turn them into a 
conference centre, one of M. 
Metlecina's net projects. 

But the plan looks like a 
non-starter, since departmental 
funds are more limited than 
they once were. The casino is 
still up For offer, with facilities 
valued at FFr 70;n (£Sm) and 
an accumulated deficit of 
FFr 33m. including redundancy 
paymenrs. 

The croupiers believe it could 
go back into business and nut-do 
the more successful Ruhl. which 
caters more for package luurs 
than for traditional clients. Eut 
times are nor easy I or France's 
147 casinos. The Ruhl itself is 
said not to he roLIina in profit, 
and tlie Casino Municipal along 


17 

the coast *1 Cannes is losing 
heavily. 

There are not that many 
people left around who arc pre- 
pared 10 throw away several 
thousand pounds on. one spin of 
the roulette wheel. The casino 
cun tin w? to attract their addicts. 
Some just sit and lake notes, 
working like Latin scholars nn 
some invincible new system. 

But the casinos arc sioyyimrig . 
under a combination <>f heavy 
taxes and their own nsh;. such 
as dud cheques or dud croupiers 
u'-ui'lly working with a "baron"- 
or player-accomplice to c’.e. r r.-u<l- 
Lhe house of gambling chips. 

The Ruhl had its own little 
scandal in the summer, when a 
series nf charges were hroushi 
against croupiers fur era bee ali- 
ment. 

Next door at the occupied 
Palais. croupiers say. it 
happened because the F.'lhl 
has no unions and the mana?-'- 
luenr takes 2 .in per cew 
instead of a IP per cent cm on 

croupier^' ups — liio-r only 

earnings. 

It is also possible, thetuh' 
difficult legally, to nival: in? 
bank. There was a I'ammi -. 
occasion on July 8. 1H75. whe.i 
between S and lrt.3o p.::\ ihe 
Palais lost FFr 4.S7:n i£575.tli.M 
at current rates* on a r rcc; *.•-*:■ 
qiinremc card tabic. Short >y 
afterwards, the same pl?ycr< 
won FFr dm at Menton, v.-her** 
the casino had to chi?e and ha*, 
only just reopened uiuicr n-.v; 
manasement. One of in-: 
dinners was later found :n 
Marseilles with a huilIOL in h:s 
bead. 

The case nf -A.ene? !e Rn;- 
and the mr.ney paid :n htr 
name may likewise never he 
fully darified. Eut it seenu 
probable tiiat dealings m ;h^ 
casino monopoly 03 -e will be 
brought back to square on-:, 
sums of liic "bail atmosphere " 

1 to quote a local lawyer* 
blown away, and the amh:n-*n.; 
once endor.-etl by M. :lv;Uv.in 
iu turn Nice into u Las Vegas 
held in check. 

Queen Victoria's gne-.-r, :*ie- 
sumjc? • it winters m her 
favourite Nice suburh of 
ilimiez. vril! doubti.’s; he 
relieved to boar 



& 


esateii 


Sir Alex Page - 



n ~ m < 




An a\ c rhea t'd conversation — 
rcputrdJy about tbe price of 
paper sacks — between an 
employee of the CoutineDtal 
Group Land a competitor, . plus 
tne more momentous occasion 
.5 of- Britain's entry into the Com- 
’? iron Market, led to the renegoti- 
vationiof an agreement whit* is 
:j changing the shape of the M et al 

‘ Box company. But the decision to diversify 

• That seeminglv iimooent con- has proved very profitable and 
■ — > - uite ‘ s in an 

- jaGcn. by-the American Ana- m gdded tQ # rouple of vears 
Trust-authorities, and helped to ago by boiler interests of 
. prompt Metal. Box and Con- Ideal. Standard so that it is now 
' tinentdi. a big American packag- the biggest in Europe, 
ing group, into reviewing their But the central heating 
technical agreement which for success has not caused Sir Alex 
mnreL than 30 years had to go leaping off in ail 
effectively kept each company directions. There will be more 

ssrsiindr^sj^ss 

marketing tcintory. ^ group has built up its 

Tbb reo companies remain expertise. The recent bid lor 
_ “the be*t of friends," according ^bg Risdon cosmetic packaging 
16 Metal Box chairman. Sir Alex group in Connecticut is an 
Pa^c. but the way has been example, 
opened up for them to become Metal Box has never been a 
competitors for the first .time, company to seek publicity. Its 
The opening shots in the coming an( j ^ hold oh the manu- 
battle have ben fired on their facturing of cans business, 
hallowed home markets, with however, has inevitably put it 
JiletaJ Box going in with Standun j n public eye from time to 
to make cans for that ’ most {jrae. It has been investigated 
American of institutions, Pepsi by the Monopolies Commission, 
Cola, in California. Meanwhile, j t one 0 f tbe first three 
Continental has already ah- gn mp 3 pigs to be examined by 
noun red plans that it intends new-style Price Commission, 
making beverage cans in this ^ has had its share of the 
country. : limelight via its subsidiaries in 

I^or Sif-A-rex; Who is 64 years South Africa and Israel (the 
old and would normally have latter now sold), 
re tired. Jast year; the. new era Conservative it remains, says 
into which he .has steered Metal v sir Alex, ‘‘but never dull' — an 
.Box is 'a fitting farewell to his accusation which is often Jevel- 
42 yearsVitii the company. “To led at it. “We were always told 
me. canffietition is 5 f.i mulcting," ,hy the experts that we would 
says Sir - Alex with, obvious never be able to make a<i im- 
Tclish. He was chairman and pact in export markets. After 
chief execotive of ihe group all. they said, it wo«ld just be 
until last year; when be handed exporting thin air." . Just to 
over thfejatter.tasfc to Mr. Denis prove them wrong. Metal Box is 
Aliport. : ■ but ^elt he ought to sending tin boxes all over the 
stay on ft* the capacity of chair- world, and one of their latest 
| man uiitii -the 'group 'had been orders is supplying an Ameri- 
j firmly established on its new can whiskey blender with tins 
! course. ‘ printed in tihe pre-1914 style, 

• ^letal - - Box' anmranced this and complete with scratches to 
freek that -it is going to the make them that bit more 
stock market to raise £35-9m, authentic. 

Partly to ifinapee its expansion 
in beverage cans but also to 
consolidate - its market lead in 
ceniral -heating boilers and 
radiator^. .The decision, to 

diversify, was made five years . 

ago. For a group that has 70 The biggest of si! Mickey 

Per cent of the business which Mouse's birthday presents is 

firve it Us name, it might have likely to come popping through 
seemed an unnecessary digres- his Californian letter-box next 
sion. But Sir Frank explains week with the signatures 
Thar '* people *cah only eat so of some of his Japanese 
much canned food and we could admirers. The Disney organ 
see ourselves approaching a isation has spent the P®st 
static tnarkeL" few weeks completing details 

Menu Box's motto can be of what is probably the biggest 

snnimed.up as: "If it can be single franchise deal ever 

canned, we’ll do it." Tbe most signed — for the building of 
exerting part of a company £175xn Disney-style entertain- 
wiiich Sir Alex readily admits ment complex near Tokyo. 

Is " conservative " is its research Disney showbix expertise ana 
. and development programme. Japanese technology are being 
which is looking constantly for channelled into a project that 
Products that can be put into was planned some years ago, but 
ans. After aerosol cans, baby put off partly as 
foods, petfoods, creamed rice, energy crisis. TVrth prune 
lad potatoes came soft drinks Japanese names, ike Mitsui 
hui beer, and it is these last and Matsushita involved, Disney 
wo items which still hold a lot is not putting up any of the 
mr-rnemurn. cash, but is likely to lake a good 





Will die English pound buy more fish than the Irish Punt? 


slice of the profits. 

Apart from using Disney skill 
in theme, park design, the 
Japanese are very keen that 
Mickey and his men should help 
us with crowd control. At 
Disney World and Disneyland, 
the mighty' Mouse has shown 
himself well able to cope with 
25m people a year and not 
cause too much upset with long 
queues. So. While Japanese 
engineers have been poring over 
the mechanics of the Disney 
rides, American crowd-con- 
trollers have been looking at the 
likely problems in this oriental 
expertise. Among them is the 
alarming prospect of a first-day 
crowd, which is confidently 
expected to top 250,000 — big 
stuff, even for Disney. 


Floating 

Pant 


Taking the 
Mickey 


There are, at Dublin Airport, 
rows of desks for immigration 
officials but when flights from 
Britain arrive they’ remain 
uiistaffed — a symbol of the 
casual attitude still taken by 
the two countries towards 
border crossings by their 
nationals. Within a few weeks, 
however, this may all change. 
If the British and the Irish take 
different decisions about the 
European Monetary System the 
likely resultant gap in value 
between tbe Irish Punt and the 
British Pound could mean much 
closer controls over who is 
travelling where. It is fair to 
say that with the Republic and 
HM Government showing signs, 
of nerves of the EMS most 
money is going on the two 
parties deciding to stay out but 
the prospect of differing choices 
is an interesting one. 

Among tbe least amused at 
the idea is the Irish tourist 
industry. If the Punt is part of 
tbe EMS there is a general 
assumption that it will 
strengthen against the pound. 
This thought may delight some 


but it brings no joy to hoteliers 
and restaurateurs who have 
recently fought their way back 
from a tourist slump provoked 
by the Ulster troubles and the 
oil crisis. Last year the British 
spent £5S.Sm in the Republic, 
much of it in the West, an area 
still in desperate need of 
economic stimulation. Un- 
fortunately the West also looks 
To agriculture for cash, and the 
farmers too are regarding the 
prospect of an Ireland within 
the EMS with alarm. Most of 
them have done very well out 
of a Common Market argicui- 
tural policy designed to help 
the French but which has fitted 
the small farmers of Clare and 
Galway like a glove. A strong 
Punt might "nibble away at some 
of that advantage and the Irish 
could find themselves importing 
food from a low-cost Britain. 

The Irish arc hoping that 
more than lm British will visit 
the republic next year and are 
launching a substantial promo- 
tional programme to ensure that 
this growth actually happens. N'o 
one is particularly keeu to face 
a prospect where prices which 
have been carefully sorted out 
on an equality between the 
Punt and tlie pound are upset 
by changing values. The 
thought u£ a currency surcharge 
on Irish holidays does not 
delight the Irish Tourist Board, 
or Aer Lingus which would be 
faced with a tangle of exchange 
rates on its popular routes. 

There are some, however, who 
will get pleasure from the 
thought of an Irish pound, 
presently much despised by 
British taxi-drivers and 
publicans, being sought after as 
a form of payment in the UK. 
Perhaps in 1979 we will be ask- 
ing for Irish express cover 
checks and will the Punt replace 
the ry&I in Marks and, Spencer 
Oxford Street. 

Contributors: 

Hazel Duffy 
Arthur Sandies 


Economic Diary 


MONDAY— Sir Terence Beckett. 
chairman of Ford UK. at Depart- 
ment of Industry to hear range 
of sanctions by the Government 
miainal the company. Air. Jack 
Lynch. Irish Prime Minister, 
arrive* in London for talks with 
Mr James . Callach jo. House of 
Commons debaies oil .soilbce. Mr. 
Denis Healey. Chancellor tf the 
Exchequer, in talk*, on European 
Monetary System with Labour 
Party national executive’* eco- 
nomic and international coniraii- 
tec.N. EEC Council nieeiins. r - on 
education and on focial affairs. 
Brussels. 

TUESDAY— -Spec? j ! nieeuns of 
Parliamentary Labour Party to 


discuss European Moneiary 
System. Rail drivers' union meets 
British Railways board on working 
parly plans. EEC Agriculture 
and Fisheries Ministers expected 
to meet iu vet tiereement on 
fisheries issue. Fire Brigade 
Union delegates' conference on 
pay and hours of working. Con- 
federal ion of Briti-h Industry- 
monthly trend- i November*. 
United Kincdom Pilots Associa- 
tion conference opens. Penta 
Hold. London. Tvo-tlay con- 
ference by Financial limes on 
World Ranking omens in Zurich. 
WEDNESDAY — House of Com- 
mons debates European Monetary 
System. Sir Harold Wilson. MP. 
principal speaker ai City -and 


Financial Group conference "City 
and Industry— The Great Divide." 
Barrington House, EC2. - Sir. T. M. 
Edwards, former Commander -of 
Metropolitan and City Police 
Company Fraud Depart mem.' 
speaks al conference on Corporal-? 
Fraud. Royal Garden Hotel. Lon- 
don. Mr. Richard Nixun. rormr-r 
U.S. President, arrives - in London 
on private visit. 

THURSDAY— House or Commons 
second read inn on Merchant Ship- 
ping Bill. Prince Charles visits 
European Communities Commis- 
sion. Deadline to .suspend print- 
ing of Times mid Sunday Times. 
Posl Office slntpmcn< nn Royal 
Mail parcels service. Mr. Richard 


Nison speaks ?t Oxford Union. 
Enerey Trend* publication. De- 
partment of Employment Gazette 
will include unemployment t Ger- 
ber— final j: employment -a the 
production industries (S.-pi^ir- 
ben: overtime and .■■hnri-iireo 
wnrkina in mamifaci urine in-!u*- 
trie? 1 September 1 : and sfrijxv-ipr 
of work clue ir. industrial clrpuic-' 
t October 1 

FRIDAY— Queen vi*1i * the sr.^i- 
Exclmnse Hitrhcr mteie^l rate- -- 
by Building .Societies coni? into 
effect. 

SATURDAY— Federation r>r Eur”- 
pean Liberal ' and DonV.cr£T:<' 
Pfrties Congress opens. Church 
House. V/esimin-tcr. 



UK 

WG.1E 

Only Deltaflies non-stop between 
London’s easiest airport — 
Gatsvick- and the lJ.S~.Vs easiest 
gateway- Atlanta, Georgia. At. t 
hist, travelling to tlie L’.SA. and 
through the U.SA. has become much 
more convenient. 

Your key is Delta Flight 11. Its a 
"Wirie-RideL-1011 TriStiir 
powered by Rolls-Royce engines, 
leaving Gatwick Airport ;u 1210 and 
arriving in Atlanra at 1H25 every day 
Flight 11 continues on to New Orleans, 
as ;i Boeing 72 T arriving at 1830- 

By not having to make 
connections in other U.S. cities, you’ll 
save ar least two hours’ flight- time to 
Atlanta and many other cities in tlie 
Southeast And you can make easy 
Delta-ro-Delta connections to 50 U.S. 
cities from Atlanta. No other 
transatlantic carrier offers as many 
connections, ivithno change of 
airline. 


, . „.«ja 
7 U J A \mTni3ffY , .WFUJ 



■^Tiat's more, Delta has fares to 
13 1 eve ry budget From Lend on to 
Atlanta.> on can fly forjust£82 on the 
Budget or Standby singlefare. And 
you’ll enjoy Delta Medallion Sen-ice. 
with superbdining.nevv release fiims. 
seven-channel stereo and rhe- 
personalattention oftheDeltii 
professionals. (There is a smai 1 charge 
for headsets in Economy Class. ' 

Once you arrive in the United 
States.you can saw 30 to 40 per cent 
off regular round-tripDay Economy 
Fares with Night Economy Super 
Savers to most Delta cities. And 25 to 
35 percent oft with daytime Super 
Savers to all 86 Delta cities in the 
continental U.S. A . 1 The re a re advance 
booking and otherqualificalinns. ) 


For information arid rpservation*;, 
call your Trawl Age nt. O r call DHtain. 
London ar ( HI 1 t?rtS-0ft33. Teles 871S0. 
Or call Crawley 1 (1203 > 517*300 nt 
Gatwick Aiiimri . f lorloy. .Surrey 
FHOOPL PrifaTickel Officeisat 
J40 Regem Stn?et. A . r-j = u -fA 
Ltmd.m.VVIfl HAT. 5 *" . " : VT:.: 

London-Atlantn 
Basic Season Fstres 


Bmignr or Sramlliy Siiicin. Fw 

.iSA 

.i.'ii 

Bash; .APEX l Aiivunc^ Purchase 



E\,.-ursion') Romm Far** 



14-4“* Bay Basic J5 .\oUi>ioil 



Rt-i’jin Fare 

y_*7n 

*.o 

Regular Basic Economy Single 



Far. - 

SIW 

"O 

Regular First Ufass Single 



Fan: f\aii,l all year) 


?n 


All fjircs subject th uhtuisc without 
nut ice. 

Basic Hi id gee. Stan dbj - and A P FI V K'r'-- - i:e 
vali.1 until I mm "it 1M7J*: 14- 1-’ Pa-. 

L\i-iir>i-'ii :■ 1 1 1 1 Li nnn:ii' K.ir- - ** - «nin! -I" ■ 1-3 
M. I - *7!' Hu- rr-zi >lar 1'n si Clas-. Far.- js 
valid \» .ir-iomid. 



; - . - Tf'V- vVv . -x; : * 


| I— .■ -T-^.y-r^-t— -JJS^rf.V IT • — - 










Robertson Foods sees 
shortfall for year 


WGI doubles profits at 
midway: £1.4m acquisition 


Financial Times Saturday .Noveiftfaer 2S T97S:; 

• • : ; ; — — — ■— *£&:■;_ 

— M— — ■ •... ■ 

! BIDS AND DEALS ; ::.:M 


PROFITS, before tax. of WGI “ 

nearly doubled From j£ 4W».7$0 ro OTVTT^F^Vfl 

£972. 3S5 in the hair year ended 1/lTU/WW 

September 3 u. J97S, from sharply r _ 

increased turnover of HS.tiSm pzjrti 

against £.l2.97m. a. Holden lot, L5 

The directors also announce Irish Ofl & Coke int L5 


DIVIDENDS ANNOUNCED 29 % of City Offices 


payment payment . . 

A. HoWen int L5 Jan. S i — *-? British Land has increased its Q'ty Offices. He regards the STOOP, 

Irish Ofl ir Coke int L3 Dec 15 Nil — \rl shareholding in City Offiees to . a as “a very good Investment ” and 

Redlffusioo inL 0.87 Jan. s 0.S7 — strategic 29 per cent. But there as a “long established, cOnserva-' 

Robertson Foods int. L37 Jan. S L37 — ^ ar e no immediate plans tor a tively managed business*;’ .■“.There! . 

J. E. Sanger 0.1 — 2-65 70 J fulHeale bid. .are some . eompaQi^ -ni saysi; 

WGI int, 2.5 Jan. 26 - . — . • 3 f, ftritteh l and, which paid £t5m “where, yon can’t wait to get dbtb» 

Dividends ihown pence per share net except where otherwise statetu ^ Md s hares for British and the Board to make .sure the ship,' 
'Equivalent after allowing for scrip issue. tOd capita; Commonwealth Shipping's 26^2 keew< on the- right. course J. Bqt; 
increased by rights and or acquisition issues. 7 For la months, per cent staj<e in City Offices early we are very much more relaxed^ 
.^Increased to reduce disparity. ^ Total of 7p forecast. fa October, announced yesterday here." • ' - >- . 

^ that it had since bought a further 


LOWER PROFITS Tor Die fir»t 
h3lf are reported hv Knberlsmi 
Foods and the dire ft or* - Jia;.‘ it is= 


Dec. 15 
Jan. S 
Jan. S 


Corre- Total 
spending for 
dir. year 

I — 

Mi! — 

0.S7 — 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


..-Ifc-ar that profit Tor the year m h ' i: , h ,; r »niicip.ited Muck and the direelQr< are enmidenr xhe nun-has 

.UarL-h .11. I97 j. u ill nnr reach the j».- e i, ; :n ,i ro-i*. ««F dried fruiis. or unproved proiirabiJiiv Trom a the payme 
pivuou.v .rear’* ro*-*ird T'J.TIm. D; mi-.- ■‘iMjvdJary. -Lime* w idev base in the longer term. is>ue 


'turnover m ■ lie lir>L half ".a- Ruin.-:'! 
£:i7.*fclm aciainM i"«! '58 m hyi bon •-•hi ■ r. 

prolife before tav "•■re XTits iicii* .vnn *i l « - - 
I'uniparetT v ilh ilMiiUMHJ in the hMii*' 

^anic period 7!>M .•ej.r Iij' - v 

Earnini: - per -hare arc show n :n 'b*'_ 
auain.a T.n.ijv Tin* iiu< rnn 1 ll ” 
dividend i> niamiumcii at I ::7.:Sp • v *’ ; ‘ r 1,1 
— iit>l total v -i- ■'Vr.K'.lp ih, ‘ 

Thr fn.ir year pro.'ii i- af u-r |ir»-ra...n.i 

imprest ol fiiGH.iHiii u4S4.ii hui ,v ‘ 

be for* re or i.iv m r|0.i.iHHi 
compared v ith *i:s - j.wmi. ‘ r ‘!. , 1 ; 1 

So i;orpnra<iur. Ijv ha* fo*-* , « , 

.-h arsed ..n I.K prnt-i> a> M».« 

Board i* nF ih*. - opini'in ihai il ,M i.u 


, ‘ ■■ Ivjr 1 1 ;• . -.•.i-.lo.l IlH- III! 

*. b^u-r *-...; 


riofti'rr.fl ijv ir aili’iHat': t'i hi* *•! 
an; ii.ihili , i*' a * ihai ma‘. an*e m 
ihr fi>ro*v.<blv ful*ire. 


„ii*.. .iti«l Son-.. finit< .-tic TOtUKU) orUinury 25p shares which 

vir.-hi • r. -011.1 1 baM*. and 9 Comment ha vu been placed on betmJf of the 

r V1 ‘: ' «!IiS R«b«*rtM.n Foods «» clearly wide vendor with finanrinl instiiuiioiis. . 

:,n.« need Miroudi 1.. of Itae mart when >" - J un^ the '''f^ndation "enfftaLeSn/' and £275.000 and £217. 

n- * .'-' ii , chairman fnrecxst further progress m thp m ahin2 and sale of piling Profits declined 

TH” ■■■>;> -arli- r tniN , n the current year. A>suminy the c q U ,pment. It’s systems are com- months ended Do 

■ar in •lr,!- ; :i;.ii..» csv hJd '' n rompany is 3ble to maincun the pigmentary to those of West’s and amounted 1 

1,. 1 1. ‘V " rni^d'in current lev el of iRidiiiu. proilt? Pilina and Construction in WGl's There has been a : 

7': i r ; l . n ( . ‘ " l » hi? •nil ^ MO more rh.„ fun f»r the civil engineering division mat m the curr 

‘7!. . 7i . ill I ’ \| 1 1111I-. I if iii-.h f«‘" >ear- a dovnlum of 1ft The directors of WGI are .^«ets at Dec. 

-Vi- "in, i i- . ■ ■hie* ‘ ceii; The shun?* dropped Up to declaring an inlerim dividend of >loo<1 31 £b0, - frii - 

ri-.r-' . »■ h..c!. :u- ..iTeded :ho l-t 1 *! 1 . divine a jinisjiectivf p-e of 2.3p net aaauisl 2p and because 

-ilii'ihiiiiv'i.f ihi* ijujf.i'irk T’sv- ■ 4 vakine a line through the of rhr .-hare placing, the Trcavu'y 

iii:- juTinri. niUrim tas thtiruc. while tile has consented to an increase in Tumovor . • . 

1,7,. .lo.i 1 in. li.ildmv »T yield i* *»a per cent r.n h main- ihe annua! rate of dividend from £ rafit “* 

,1,.-.,', ! ,j"hcr *'<mV* ■.«lr*.Ti tontvj dividend Koher^on. in Just year- 3Jip to 7p. •'btproifi 

‘j j*m.I ; Til- !:ih- v ith many other food manu- Mr D H. Brooks, the chairman, ^xir-ord. crid:i . 

‘ .. .. witiiiror*. ha* been hil badly bj j;ivs he i« confident that progress Preference dividend 

I lii'ii.-l I I I f i.ii.ee tile connniiiiK! fall »’ tirnd 1 con- should cintinue. He beliere, tit? 


Jan. 26 


purchase consideration ol £i.Avm. oivklends shown pence per share net except where oinerwi! 

The purchase ha? been satisfied * Equivalent after allowing - for scrip issue. rOn 
by the payment of emi.OIS cash increased by rights and 'or -acquisition issues. 7 For 15 
and the issue to the vendor of ^Increased lo reduce disparity. 1 Total of 7p forecast 

7flii.tM.iU ordinary 23p snares which . ___. 

have been placed on behalf of the 


have been pMceu on oerra.i 01 me 745.000 shares. That takes rts iwri rnn 

vendor with finnnew! '^tuunoii, total bolding to 7.7Sm shares, oc l^NTOIS A BJDD.F0R 


Dov seu ls engaged >n piling and March 3L 1977. amounted to the group s range and geographical **§ -ocr cent COMPTfiN WFBft 

:<i foundation engineering and £2*5.000 and £217.000 respectively, spread and more importantly w- . j a hn Ritblat, ebainnan and ' rnvrnixrnrnn V A J - 

the making and sale of oilmg Profits declined » the map pn)videS considerable overseas ^SJSigSS at BriShlind. 


in the making and saic of Piling rroins oecuneo in me rise provides considerable overseas ™^rdireetor o£ British Land, *£■*?** 

.n 1 !«v current year, -^nmu; the v q UI! , men t. Its systems sre com- months ended December 31. 10r*. potential for the future. On its yesterday that as Oty 

rompony is able 10 maint;an ihe , l!eme mary to those of v. e,: s and amounted to £02.000. out etisang civil engineering side SS^harS had sUpped ^ 

current lc*. el n( tnidiiic. profits Piling and Construction in WGl's There has bean 3 marked, .mprov*- vrhere WGI been t v, P ft - n , chare cost' of tbe by^- VMJtona _wehi lHiCtBirai3qiial 

•till h*> no more rhun jrajm f»r the civil enrinecring division -meot in the current year. concentrating its efforts and the Sito*. P and Commonwealth i?S5!2* 


vv'Gl ar? -Assets at December 3L 1977. seC Q nc j haif^should see an even ourC hase. and as two lines of bought- a pairel of shar^ta 
i _r siond ai £l>0i .64i purcnase. ana ,, maintain ^ ifq strakp m, J. Fh^fp.r- 


_ better return. Elsewhere process became available, it seemed: 

ml* 5e, is77 engineering has probably seen the reasonable to take the opportunity ■^bSSSSZS^lSS' that 
£ 1 most impressive advance and a t0 fauv - But the additkmal ,--i a f t ° li ? ;Sa ^:T^ te ®? B ^ 1 * a . t ? , 5' 

K M«e Ua £i« further sizeable order is antici-' purchSes do noi necessarifr^^^.^^^^ l ^^|- 

JTT.SW 


mg hi. ’option.' o^n 

iTbT - side comprises a small part-of the -retain the holding as an invest- issue jvpmnyT|qtrt|y Capwal_ foS- 


1 K 

I. ” -,‘.*or-« 


Tn:.i : 

tl'"> r.iur*. • •• 

■ >-h r >n: r- 

PrXK before lax 


57.U1 


I •. .:I 

ln-^T-'fl. 
Jl >1 .J* . I 

■ !v I f. .. 
..-J •initi'!' 

■. ihai 


1 1 11- 1 l.-l I V I"! rl.M.i-l- 
: -iirpiu-. ..i-L-l • .*1 
*■1 Dr- '•.»i-!k-ii!:ii 
r r * -i.i 1 1 -..il"- mj'-yn* 
ien.fi the 

1 >• li 1- mi- 

:i. S \ v.ill :vi:*T«.-li 


i-lF - .ii -iinwnron •miplJd wilh rli*- ciTect'- prr-ll lability nf Dmvseit Piling can Added ro rrfMnexl 


niree; price Mar. i Jt . mcceusod substantially from m _ __ — 

ihr cumrijny bus Innirp mni-iglinn i.-irh V.'i.elV • COlTITTlCnL 


'if liic Uicli Si rue; prim* Mar. 
I *< c r ,'v jyars ih*- uunifuny has 
i" ni.iri.in*. fall from j 
huabbv r.ti ;n;r re m u». currentb. 
2 r *— v o.*n;. The mam problem i> 


i cars ih*- uumpjny has 4l , future s-fsociation until 'Vent'.'* 
mnrein*- fall frnm j Pilsnu 


iTbT - side comprises a smaU part-ot the retain the holding as an invest- 
o r-*S ov «2* LX market but while WGI'meiit, trade the stock, "raise wbat 

of^S ■«£[ l£lZJ£%m£ 


I I n u ^.nrf . W.BUMIM. 7Wni '..liVUUVM 1 , 

some acnon as ^e n s Q ^ff , Q f Cntnptan^s oiTlinaa-y shaprt 


ril prijiri. iii-vhi : he- m tne preserve*- tlivi-sion. v lueii 


u ! t i* vvpccie' 


ia*i •.»*.-ir consribulol half uf -aroup 


had in cnur.in-.-j- -tie*. Here, Robcrtsnn is rippar- t h e ^rouji." he says. % lident to buy Dowsett even though stand oc a prospective fully taxed u^nno formal approaches 'from 

•ns m ,nro:>iab;l:i.v cm!; >>’ine of d^sliani p r o,ii. before tax. of Don *e:i for ihe price does not appear cheap, p'e of 6.4 and a yield of S.2 per i^nd apart from the 

rvr'i'Jl- mn 


The High .<ire«! |-n*-u :i“r 

vhich •Tar'.i*d li-i .iKii'-hov - lime «h-iu!d m 
t'en nf ah.iiinv .r n*i 1 In- umiip 
alonu v- irlv Ainvr loud n'amil'.iu- •:-l .-- I*?"-;! 
turur*. h:*.- f.icon .• wry diRiculi ITiyr*.- 
iri-dini j-iyrii-id. :h- iliricior* -a; t-uuld m.ri 
firuu',1 -.tie* :n she 1 i-. . 1 I 1 tilt- tin- armip’- 

except imp iii b; c.'itfa-i 1 i-'-.il - .m«f V.“« fi : i:.- 
TriKl luico- luvc fnlU-n o:- b-.-i-n ui.inu 

ii:*iK- .*r*- tur'.ri 

The ii^i; liufun; iiuui- " hv 
intercit charges > >ali*failnf>' y rr*t: r». 

;n ■ iu»- "f tin- jimbl'/rti* ln*inq The 


ippr*i:-ch!iv.' i-*rcc.isi le*el- 
Tm^l *-- le* >if Chr<i:iia« 
hnu< -.trsH mir.cemeal tins 
li.iiijrf m.P'.i 1 I III* •■ rr;. 


:l:i.v cm!; l-iiinc ?»»ine of i>- share in Prn.it. before las. of D<nv?e;i for ihe price does not appear cheap, p’e 1 
■turn market where *ak— urtippen o:- i hu years ended March 31. luTfi. Admittedly, the move compliments cent. 

13 i»cr com nvr the period Else- ‘ 

;iuj- where, ti'.e canning aeiivny wji.n 


in-.- ,ni -Tii m nro'.i i ability cm!; losinq ^«»ine or us share in Prn.it. before las. of Dou*e:i for the price does not appear cheap, p'e of 6.4 and a yield of *S2 per g^^ch 10 i^nd apart from the ‘BEST WAY OUT- ’v 

I'i’ 11 -^^i; r - a V. I S- , >3 l to75Sr ,,,n,,,n ,htf vwrs eDded March 31 * ,u7fi - Ad > a htedly. the move compliments cent. ■ . . notification of the ; share-. '.‘FOR :TCRNHR -.y 

appr-."^"!!- i-»rf .... I le ^l iherv iii cannm- aciivttv ua.s deals. And at this stage, the .. The-Offer document from-jj. amT 

r-'C Srs!S.'K,a™;VS: T C« mn . lncc in nralrn nf 

S«=£«S ! J- Sanger toss in wane 01 waT^^ss-s i» 3 ssa»;:.>- 

: ur- *■■■ :.i--n haivnlun£ hrnkfait cereah did much beiler. valuation. Even on thqt breachqs ? f. the.bqrro.wing_.jM*.., 

' irr*v- l.f did c-^cijlly t«. th*- 1 X T O 1 ¥ v^uation. which Mr. . Martin The directed- have^lready 

t.-mr-n. . ..Lri.im . U| ;, Ea*f incraH liriimects 'V*ATQll Qilfl I W ifAllhlAC • describes as “ undershooting ver;- irrevocably awepled BerisforcTs .. 

’^VYh l 1 p: Eicin^'v^xchinco^^ist^pSice iCUIl 41111 UeO. UUUUICS • «o«irfen.Wy; the PfPgg^- Sp 

r» I -• I.ou*.-*-. rer*. s-ne«:aaii*»n. v* s-r Mcunu h.le Robertson • rent market value. Gity Offices net 195 -per cent stake is. coiKern^ 

r.. Mir'.* -'.l-.ii • „‘-„-i- II. -nn v pi h-i\e to iten up its divcr'iiica- .. . assets amount to just under- /Op and the financial advisers; -Energr 

ar* tur^-i*.... .aK. i, i -a ._ l. ' ii order in off-et “ N rL-R\OVER of £102iobr. for sion reveals that Sanger earned its retailing stores in the UK to a shar p f after accounting for its Finance aed-Generai Trust, Jetpm-: -•* 1 . 

inn*. J n-j-i p I “ 4 . jp.-tinin- 1 market !h '-‘ m,int h^ to June 3u. ik.S. pre-tax profits of between £700.000 cut losses from this source. But, recent acquisition of the freehold mends 'Acceptance by r'shafre- 

.. .... ,- nr ■ t rm\hdn* ajainst £R3 18m for Uic previous and XSOO.OOO from its traditional the huge Astromarket at Ilford 0 f the Baltic House office block holders. - -. - j-— 

fbu n... r.. i.j.*, .tii J j. . year. J. E. Sanger incurred looses meat me rchanting operations. The is still making losses despite & m the City). ■*. Iftheoffer is SiiccessftiiMIr.' j. " i SC 


r.cemeat tins ye-T <ielii)yrate!> *.ut back while there 
till ;-rr; jr»,u! v ere fli 3Sni l.'imch cosis to i?c:*r 
Ini: ir. utiiur are:*’ v. :ih CitP.dora. the new cake mi" 
r.* -till depre-Mid. orwfltict In onitraii however 

• -i-jii- i ha' vnlurtie- breakfast cereals did much be; ter. 

• i* certain ari*:i'. *if ;■> »lic rx-ii'rb. o , -;»ei'iaUy to thu 

Middle Easi mcrali prospect 
pj problem- f..ciny are* iinr.vcifint' o- lonx as the price 
c rer*. i^u-ni-jiiilnit- v s,r MciiiimIhI? Robor'.son 


J. Sanger loss in wake of 
retail and U.S. troubles 


• -U1A Kiums iu uciwccH iiw.uvu uul .umm i.uLu tui» dul. accent a^tjuisiuon oi ice ireeiioiu jaenob . 

r»u> and JESOO.OOQ from its traditional the huge Astromarket at Ilford of tbe Baltic House office block Holders/ 
*?s meat me rchanting operations. The is still making^ losses despite a in the Cityl. • •' - - ... Kthe'< 


‘Absolutely disastrous’ half £SSS™ 

Mr. J. E. Sanger, chairman, .-ays 

d* TT Th A j a 9 in view of the result.- he must 

tor rrA Construction 

thar results for the current year 
, will be helped by the reduction of 

KPA OinMnnriiuu i.mup pester- Oliphan; " I» is capable of the repor, in Tliureday r lssiic . he rela j[ interests and by the 
y rcvenSpJ jm lyut -Ini in.'i kinu *1 y.r^iiit uiui 'jr^^nT irnve ihe chiurintin ai Mr. Peter rcorjtinisation in America, 
rn round ir.tu los*. I ,, . , r ilu- <iv ;ilic-ni-«ui_ w.n be ar.en m tin- - Brindley. 7^p meat tradine operations 

>n!i?-i i-rnJorj June -"'i -he -.’roup problem The coiijlru'-’ioii.vl Pr ~ currently tradine *2tisfae- 


ycar. J. E. Sanger incurred losses meat rae rchanting operations. The is still making losses despite a in the Cityl. ■ •* - If the offer is successftiiMIr/J. 

of £->75.ir00. compared with pratits result is in line with last year, streamlining of the admlnistra- jir Ritblat is not anxidus to AVakeham . and 'two other - ditec ■ 

of £i.l3m, on sales £20m higher. Red meat tion and the workforce. At this. -'secure Board representation at 'tbrs lntend to retire. 

At the nine months stage group prices have been firmer in recent stage the company has given no - 

loss was £332.000 against sul months in the L’.S. ancL if this clues as to whether a return to * *’ V.. ; i; • • *• *' 

month.?' profit of £666.000. leads to better worldwide prices profits in the first half of the m' rlci C * ' - ; - ■ ■ • 

Mr. J. E. Sanger, chairman. .*ays it could mean a recovery in mar- current year can be expected. 1 1 P I llcI tl i TI 1.1 ' •>■■■' 

in view of the result.- he must gins for Sanger. The company The shares feH 2}p to 32p and- 1 '- x ’ vrA +**.***. '- 
strike a conservative attitude un has carried out rationalisation until more - information on .Its .- _ -J 'T” ' \-m % ' - ! ' • •••-'- -. 

the future. He adds, however, plans in the L’.S. and activities current trading position is avail- fkll\7'C HAH [r TTVW' |/~/ x y > - ' 


FPA OinMnnrlimi Griiup yester- Oliphan; ' D is capable of 

day revealed .* suiprut ilm inakinc „ '-rout .*;ul urgent 
lurnround ir.in los?. Fvr the <iv alic-ni.on be an en 'o rhi*' 

month* vmirri hint- :;n tibc croup jiroblen." The c"ii.-iruo!jni,.->J 

sho red j dcucu of iSJ-.Miun cum- ji*i haitinc subsidiary had 
pared n j;h .< pre-'.’-. •- 1 • u it of pruducrd <**iaiact"r> r°siilJ- 
£l!i7.flli'J fo: ib-.- -:.. r n>- j*-;-in.l i.i*i Detail- *»! '.he F'nn-. j:*n Pale, 
rear The -h. i-r. .i.-ll 5; ■ t-* IJu. and j •inierv.-ni on ihe continuing 


' !i is capable of thr report in Tliunsday s iasiie reLail interest*; and by the 


that results for the current year there arc now marginally into the able there is not much interest 
will be helped by the reduction of black. It has also sold most of in the shares at these levels. - 




Vo in term: dividend h..* wen 
declared, and ixiyinvni i ; unli'-el; 
for the res! o[ the current ; «ar 
and ihe nexi 

As pari of a drastic rc'irgaii'^*- 
rion programme .. /o;--nui-;n.v 
budding and contracting *ubs:a:- 
ary. FFA Fineqan i- tu oc sold 
;o Clugsion Ho]d*nc> fm lllii/nni 
in excess *»f the nc' -*.*'ul value. 
'.(• rirevem .I further si run nn the 
group's liquidity 
i.'nder trie term* of ;!ik cuniraci 
'-.uh Ouasion. Mr. Bryan Ward 
the former chairman nf KP.V is 


Trust 

recovers 


are currently trading yat'i-fac- 
i only and he hopes to have more 
encouraging news when he next 
reports to shareholders. 

A nominal dividend of u.lp net 
per lUp share is announred for 
15 montlts— last year's toiai was 
4.4p ith a final of 2.65p. 


Rlvington Reed seeks 
cash injection 


NORTHERN GOLDSMITHS, the recetre a Sp net dividend to he j 
retail jeweUers, has 'entered a palihy 'PTS before- the agreement i 

conditional sale agreement to is .declared unconditional. ?-\ ' 

acquire the capital of PTS (Manor Pre-tax ' profits of Northern 
House! Group, which operates a Goldsmiths , last year were- r 
national credit bookmaking £384,000.. Net current assets at,-- .. 
serrice. The offer has been February 28, 1978 were JEL&m ? ^ 'T. V 
accepted by 99JI per cent of PTS- • .. .... . ,7 

shareholders. .. . . ..x mnoni'C me ' r - - -r* 


Comp 


■j ; r.irn'T? 


*]< :\iui a final oi 2.B5p. Announcing half time profits Famworth was ciuaea in Aortnem uoiasmiin is to issue /*r»ivTDrer ng ' 

Pre-iax loss included share of down by £102.000 to £207.000 pre- August, and the continuing 471,226 ordinary shares and pay’ * 


Northern Goldsmith 


• v - IADBROKE HAS - t - . -0 T\" t j*U 

ith Is to Issue • -jP/vNTDm; nc ' ‘ ' *' 


.•.'.-T.'lJS.. 


yeste nia> ■.ha; h*. buped tii.it the 
’•iriiemcnt *• -•••* a ; ^e sent v eil 
witliin loii.- a»*ek». 


Irish Oil 
& Cake 
in profit 


i, * n TVRn i:\-n from > loco of JLV - L l J vicuit Li. »u.uuu Lduing un aimie-iiusiicia *v-i _ij*u — o cunsouuaiea pre-wx. i>*uuii ui cio Tnan*» tn*» . Launmne (xroup , 

rriiii-in V,» 1 I.rr-ns iroift” of ^, 2 ! » ins, a charge of £554.000. After by way of a rights issue of con- at Lttley. ... and subsidiaries ., exceed virtuailv certain. oLvictoiy itr ilSJ 

--Jlj'ouo is rraorted b* the d.rec- fimorities loss £13.000 (£1.000 verlible preference_ shares. However, the chairman states £100,000: -for. - the yeac eiding bid for. M^ddletou Hotels. Lad^ 

u„s of Armour Trust for tiie rear " rolUl - l “ 1 l a " rihutrib e ! ?=* ““e r , Th ? lssue 15 9 t cem chat , u,e company 15 seeking new March 51. 1979. ■ ■ broke now holds shares- and irre^ 

- - -- * mu at £472.000 compared with a £1 shares on the basis of one markets jot its weaving capacity - - - * — — - - ^ - -- -— 


le of con- at Lttley. and subsidiaries ., exceed virtualiv certain oi victory itr ilS£^ v 

res. However, the diairman states £100,000 : -for - the yeac eiding bid for JttVddletOM - Hotels. Ladf;*tt ■ J’” : ' ’ 

f cent that the company is seeking new iiarch Cl. 1979. -. broke now holds Pharos- and irre^r^v 

15 of one markets fox its weaving capwaty Further shares in ' Northern vocable acceptances of its <rfEer7^ L ’ ' 

vmy four and the directors are omfident Goldsmiths will be issued on .the' accounting for over --51, per -7.. 


if* rireveut .* further si mu nn the V. one of caurious optimism and a o.tiMon ana jn .unencj. in ooai r.idrj,ei K.>ingio 

group's liquidity ^ .-ready increase in profitability: stc P; have been taken to 

I.'ndcr the term- of tin* tunirad 2 M T ln conserve cash resnurce.s no eliminate losses, the buls of the H^mbros Bank 

-.11 h Quasion. Mr. Bryan 'Aarri. Jf| TJFOllT riiiUk-nd i? recommended Tor the "?5 e t | 1 so1 ? , for Tle ^ r : v lht r i^nH»iPrf r i 

liie former chairman nr FPA. is T* period isamei — the last payment ^100.000 Cash. At the Astromarket. *^ re -J 

10 remain sii h Fmf.cs.in, Ur KB0 - tI r ( ,rnnv.-r v.rtuMlv main- «« "2p not for 1373-74. Word, both adnuiustration and and Midland Cc 

Oliphan 1 in the mierim ljined ;il ts.Jiim against' ff.Tom, The year's result followed the workforce hare been Stream- pn _ate -onp« 

report that ' Mr. Ward has agreed lh ,. , rJ>h f , n ., n{t Q. kc has losses nf 12. lm fnr the previous lined and every effort is being Fe l ^f?. I l t rf cey ' 

to do this a-' in the he-i Teeu vend from lo-vt- nf £|«>.MMI f«nr years. And Ihe directors say made to restore profita bib ly 


W the middle of next year o£ 2 5.677 shares for every . of Myddieton. *' ' ‘ TZZr . 

f0rWaX d additional £10,000 profit and in The only Important obstacle tti- re .7" ■'-*• 
proportion for a lesser amounL success now would be.a reference^ 

Ai^nnirriiVX*' The maximum additional issue to. tiie Monopolies and Mergers-^ - 

di5c.ppoir.t*n 0 . the chairman, says ,..;n ;n-wor«hom-r^)mn»ssinrr-- biit Ihe... emnnanv — -i : 


r - ^ , and the directors anticipate a "*“ “^ “* *'.** 1 T“' TTl" ,,,w 7’j vocable acceptances relating to *7 - • . . 

similar rate of increase for the 9° ba 5 s J? f a ^ about 5.000 shares^ "So 775J92S ‘ 

ration HCFC) has final. price lor Northern Goldsmith ^ hares are n0 ic commitred to or 

m 375.0 Ofl new shares on November 20 the Initial 

rter of the issue) consideration amo unts to £333,003, {JW- -£'35® « ^ ' ' ‘ " 

i an agreement Rnrffipr YncCOC Tae m axi m u m additional cpO ; VyddJeton which has be^in- 

^ lOSSeS sldention would be equivalent to slightly jfy ionvLion of - V. . ... . ' 1 

L-p?h* flr t ^? t i»«r of T7If £130^00. some ‘ warrants. Ladbrokh has 

thl 1 11 % l -T lizroy Net assets of tbe PTb group at. bought well over half of the out- ■ — . 

x , " . ifarch SI. 1978 were £230,446. standing warrants not already 

.Ggmea show ales TrjvPCtmPnt PTS shareholders are to be converted. .- . - . - -V- -- 


iniercsis «*f FPA an-J mil leave 
ynur group lo take up hw neu 

p*>;iliun upon approval ol Ihe ,. l|>; ^... — — - . — . . . 

contract by 3 ha re holder- " Trad in- sin-.-.- rh..i .late remain- ^rter Penguin croup again in- .Vmerican losses occurred mainly ^ there is an agreement 

In paying inhuic t*» Mr Wanl. artory ,r..l ihe .lire- mrs created its profils to a record in the first nine months to Decern- Midland to ensure 
who iids huen v.ii'n the group for expect the ouli-mne fo. the year l*»'H and the current yoai has ber lHu f£?ner wfu MterSe tor a? ‘taut 

over :;n year.-, lfr Olfahant «;.»*■• t „ -hw. th.it Die re-over; ha., sorted well. Tr-lesurc- reported a The Uh meat division more 1 11 

in his staleim-nl. "he ha- made been maimnin.d prom and a continuing lm- than maintained its share of the TVu* h*Hf vea rfi«u tm thnw oIm 

mirk-or unA rrtnlnhiiro/l nrnfi ralilc- 1 ne n:ul Uguxes snow sales 


for h" he consnlidTied acvoimTs art no Regarding the U.S. current trad- Finance Corporation fl^C) has final 

h?«lf-.rear ° en.t'-d 1 Sepu mVi r N=«r ndijcet to a going cun- ing te proffiable both in and ^^'SSirter SHE JS 

cuin qualuicaiion. seafood out of one office; tbe s ~. res , ,a < * u ? r ier ox tne issue) . 

Tradin'* sin-- ih..i .laro remain- Carter Penguin group again in- American losses occurred mainly jnd tiiere ij an agreement linpfhpr ffKCPC 

it 5 nrnfiis m n record in thf, firs i nine months to Decern- between ICFC and Birmingham A Ul lUCl 


at Fitzroy 
Investment 


colleague- at 1- PA con.-ui with 4.4;i. and nn intvrim dividend or ptonerij imeresis nas conunueu Coverage within the has ' b *■ f , i nt - r « t For tbe 15 months ended Sep- 

hi* move " j.j,> j.- declared. \ v interim was ihe.se activities are now in- been extended and be expects this ' of «« 000 a-ain*?t tember 30, 1978. Fitzroy Invest- 

.Mlhoueh the bulk *>r Die ln.-v< pJt ,d last yeitV but a final of 1.23p cidental to the group f future part of tbe business to increase. ci&iofln ore-tax nrofibT ■» re* do w-n “>ent Co. incurred losses of 

have been incurred m Finnegan vns recommended when :h*? development. t*roup reserves, the Australia. France and Ireland The rights fissne ri made tn reduce £240^62 compared with a £2.991 

there have been deficit* in -roup incurred In--*- uf EC.uuo director* add. have increased for produced a substantial profit he hank bonowBm deficit in the previous year. Tutd- 

the group's properly develop- against .i £2:!1..I12 profit in the the nr* time Tor hvc years. soys, and in Holland trading has Dunns the half war there were over amounted to £L78m against 

raem subsidiaries. The losses nn JWV Joii* year. The results give earnings pc. been qiJ i et and the opportunity extranrrfi S eiSt of MMO 


propcniui; b*iv*.' 
almost entirely a 
rueem decisions 


heel) caused The direcMr- also report that 19p share of 2. Ip compared with was taken to 
. ;■ result oi the offer tu acquire British :i I 0 * 5 ° r ^- a P previously. The pre- management, 
on urgent M a rear me Conmanv. ha« been ta; * figure was struck after a * f-rthpr vunl 


ertraordinafy items of £146.000 


Doreen moves 
into UK retail 


strengthen the included in the figures relat- The directors say a substantial The retail -fashion chain, Joan Investments. -sold on " Its . behalf 


prior tn the saie of that company. 

In order tn -etilc imer-enmpany 

indebterlne.-'s v hich exceeds £1 in. GALLIFORD credit* 

!har S the -rouV'wTli^hare 1 [J’uikl DRIINJ HI ih* aUribuESte" &S? came'out lt,e chairman atlas. rinued losses at two other com- one of the companies within thi were-, made b, the isstatedtohave fae E n“Sn 

r.«Sw I'K hiifc m-' fariSios tSK»l> ULt I at £247000 (£178.000 loss; and - Ponies, Robert Farnwortb and dnnsion. January 29. 197S, and tbe^ forecast- behalf, of Associated Dairies, and 

The group's^ housebuilding The chairman of GalHfnrd there was an extra ordinary credit • comment MiUiamUtTley, and tbe cost of The l«s is before tax of £5373 fortiiecuirent year is S27RWQ. not associates. ... 

subsidiary FPA Mavr lev ha- nut Brindley is Mr Peu-r Gulllford. Tor ihe year or £39.1100 against a Stripping out the loss-making U.S. establishing the group s acquis;- (nil) and an extraordinary credit . Doreen Holdings is a Dubi% . - • . 

performed veil cither.' «*>* Mi. Because of .* typugnphici.1 error. 1717.000 debit last time. activities and the retailing divi- tmns_i n _ca^t yarn spinning and of £169.443. The loss per share is based ladles’ faXhion and^ retail T5m , rt nrriin , Tn . . 


to t.x charge of fl.OOU .£2.000 Sydney andT with S35 


recent dcrisirms mi Tiro*-m t; ,.. R-urc was struck alter a A r»n,. F i... u.. «» ir rt to expenses arising out of part of the loss arose from tbe Barrie is to be bought by Doreen J25.013 ordinary shares- of 

rfUn..~-.ic 111 IHU- V i h M inier '°-n T’r n.r^n char "in" i provision against in- A j£!i rlh K i!i 10 reorganisation within the group, reorganisation of Abe industrial Holdings for £1.4m, mostly in cash, MyddJeton Hotels (3.4 per-cent), 

cumiins i.rtn- from Fmne-ni rV e ' ’ ° f 9,J 1 1 terest rccekilSe the comparatives rtiodity brokiri^ held Ms the The chairman's statement says group Involving revaluation o£ Joan. Barrie has 30 outlets in at .29Cp and . 15,500 vvarranTs at 

nrior fn' thrl nf h- . enm v.n v 1 h e mi idmstVd and was subjcct •'‘cqutsition o f ol per cent of Ross, that lhc increase in sales largely stock and work m progress. the Midlands and North West of I32p. ..' - ' F .. . 

p . rt . -...‘.. c _J.‘ J.\ ._ '-il-i-i _r cia». .M J *u>n McConnel. Kitchen Lompany, reflects the acquisition of four This has given rise to significant England; .Jits headquarters .mid The. purchase by J. and A- 


companies. However, non-recurring losses to which has main, warehouse are in Munches- Scrimgeaur on Nov. 21 of 100.00U 


After minorities. £4.000 tsamei. ^ r m tm* add? d ' ° S proQtabIy Prefit^has^ been^ affected^ by con- to be added the cost of relocramig t er ‘ Pre-tax profits of J229.000 Apc^Retailers sbares at average 


the attributable balance came out 
at £247.000 (£178.000 loss; and 
Gailifnrd Jhere was an extraordinary credit 


comment 


carpet manufacture. 


2.0Sp (0.07p). 


Results due next week 

The major features on next condition-; and in the i* rowing the Bank of .Scotland were con- from two scrap price increases this 


week s Stock F.xrhm-e Ij-I are iimlildbillU ■»! Ihe group. sidered poor by ihe market, rising year and better profits from steel 

weeks mock wm,in„e n. i are i ~ ,,f P c chnufri enable the stocfchoiduis. Mare-in* here have 


Ivaglail XjTODCJrtV ShflW'S Further • UK expansion is by the unaudited accounts for tiie 

& * v r vx V Intended. —first five months of 197S-79 if 

• , EJectronic Machine .Company, j. . 

rhi^i«.»^r K J'pH.uh r 'wiih *! ‘record order bool, at interest ' rates 'shnufri enable the stockholding. Margins here have irC Alfl CAQI*C nciuitmwc wAThD - • in ''.efr^hr^to sharehohTers 

i bird -quarter u>ull.s rrc.ni british Raca j Electronics, analysts are National and Commercial Banking apparently improved since the kVtJ UlU 5v<llo PENNINE MOTO.R concerning disposals made since 

Petroleum, interim announce- expee iing a bumper year. Group, which takes in the Royal industry’s agreement to observe Pennine Motor Group is. posting April.. .3J), Mr. - T.‘ Palmer, 

ments from Racal KlecinmicK and However, the interim results, due Bank of Scotland and Williams BSC's list prices. Home and over- BY JOHN BRENNAN. PROPERTY CORRESPONDENT . the . circular containing - ' proposals managing. - director ' 'and chief 

the GOO Group and preliminary *.ui on Thur-dav. might look a and Glyn's more or less to main- seas demand for machine tools for the -reorganisation of part. of. executive-.- say*; that : profits iif 

figures from .Vatinnuf and lit (le disanpnrn ting mainly due to tam last year'* performance, has also been excellent though . . _ . rhe company’s Indebtedness and £27,000 were made in this tlfae 

Commercial Banking Group. a shift in ihe emphasis uf profiis Analysts expect full year profits, there are fears that the order PUDncauon or na^an snowing a total cumulative d^.- the . acquisition of; a private -com-i despite- the costoof rented space 

The increased imlUmq m Sulno towards the secund half. This hu« due on Thursday-. io reach around position may not be so buoyant by property rnurs accounts for cit of £22.1im, after revenue pany ; Alion Estates. - not being used. 7EMC -made a loss 

plus improved ir:.«i mu rnnriiiiur.s arisen because of substiintuii Hi2m pre-tax. compared with the end of the year. The mobile l»<7 and 1378 are only of his- losses of £1.4m in 1977 and The^ ^ -listing of ■ the company’s of; JM69^i5- Hi~ 1977-7S -indudipg 

in Europe are pushinu RP's prolics srouib of ihe leasing aciiviiy £«4m last year. Hints of a bad crane side is also facing more tone interest folio wmg its nn an- £946.000 in 1978. relate to the shares on the Stock Exchange will extraordinary rtenSs. . . - 

up to level* abe.ul nf those with ihe new VJ5. acquisition, debt wriit-back might mnke this competition though reasonable ciai reconstruction in July. subsidiaries created in July 4 he -restored, -with effect ; from ,r Our. tra ding prospects for the 

achieved in 1077 The ml analysts AlilKO, which has meant heavier figure a little conservative growth ts still expected in the first The reconstruction allowed pro forma balance-sheet for the November??. - --. remainder- .of the year look 

o.-umatc the third -quan v r figures, eo-t in ihe initial singes. in although weaker margins on half. For the fufi year estimates Raglan to shed responsibility for separate parent company shows '• -• reasonably - good" says Mr. 

to be released on Thursday, will addition, some large orders, w hich deposit accounts together with arc currently around H34m-£14m its £27ra debts to its principal net assets' of £357,602. around Id nr\k/nr T?rr - - Palmer - • - “The ..future reafly 

be around £12.im compared with had been delay e*l. w ill now- reflect flat loan demand from the com- (£tl.2m). bankers — First National Finance a share • JvW Uv-rl 1 ■ . depends ou The- further devtiop- 

approximately ffiflm 1 ;*m wear. The in the second half. Generally, pany sector should even il out. Other results to .note are Corporation, EBS Investments, And Mr. David Anderson, the ^Further .- de^-te of . Kwlk-PIt ment and ^ marketing " of oar 

big negative factor overhanging analysts expect a small increase Interim profits from The 600 interims from Airfix Industries, National Westminster and Klein- chairman, reoorts that th*» (Tyres; and ExtiaiBts) Holding’s -security and surveillance instiu- 

the figures is ihe currency loss from 119.4m tn around £23m in Group, due on Thursday are BPE Industries. B. Elliott and Co- wort Benson— by creating two ” internet* take full ad vantage £S50,0 ^LiS J * ^*£22?® .'**!?* -pvrt5^d sr»tems.r _ ■ ■ : 

related tn the conversion or BPs the first -fix months, rising to expected to be £fi.im-£nn i£o.4m). Johnson Matthey and Co. and subsidiaries holding the bulk of of the opportunity -that the £ m ^ at 1° faV 1 * circular- covers tbe s^e af 

dollar cash balances into sterling, about J£5m for the fuU year, Mc*>t of this is likely to come Scottish and Universal - Invest, properties. The scheme construction^ hS^afforded^f rt ■ l *" ho H“* ^ e .^r P^ax . .^immMt, Av^qn 

This lends to detract from the again.*.! £49 5m last time from a recovery the Iron and ments (SUITS) and preliminary ^Uowed^the oartflt comoanv to ^ Kwtt-Kt is raising: the ^cW»LAeti^tieff. ind 3 freehold.. 5Jte in 

general impro’.ement in trading Although recent residue from Steel division which will benefit profits from Swan Hunter Group. ^ tradhiE as a° fee oar? ^ wnrthwhfiS 1 » through are issue of 680,000 new Mitcham. It .^p^deafa fte. 


stores group. _ It -hopes that its EMC RETURNS : 

manufacturing operations wTO- Tf\ ppnnfTc 
benefit from direct involvement x - rA urii,3 


in. the" UK ■ retail market place; - 1 A return- to profits is indicated 
Further - UK expansion Is by the unaudited accounts for the 
Intended. 


PENNINE MOTOR 


BY JOHN BRENNAN. PROPERTY CORRESPONDENT 


i-t bOP 

-ii jr r . 


el HAL DIVIDENDS 

Avon Rubber Co. 

Rro'-'ii ■MilltUk'i and i.'-ft . 

Carr ijobn* iDoncafl'-r* 
i;«dh hadiovis'on S-jnicu* 

Dundee and LoikJoii ln\< xinirni Trim 
fenner -.1. H > and ■"«> 'HWsi . 
Or-.*-nco»' Pro»-r«:**» 


Muirhva-l . 

Vatiooa* and Co*p**v-r«al Kamr 
'*iu*i>Ri)id*.r^ liiv. «unviit Tru:.i 

.S\-au llnoi* r <.muo 

T*MW<ia-uiis i 

l mi.q| W*r • • .roup 


IMTERIM DIVIDENDS 

.tirnj )fi*justrn-9 

Alpine Son Dr.nlt» 

All wood Ga rases 

EPS Indus! ne< . 

findv industries 

Erick buiis*. I*udl*:v 

CDaniOerisin Pinups 

i.oufury U-.-nil'.-nien's A^onaiion 

CttSby spnna Interiors . . 

Cullen's Swr.-e 

Daily .Mail and 'icoeral Tmsi ... 

• Dyfcos U.' 'Holqinjjs* . . . 

TEJboit *B. ' and Co. 

"Cnsfisti and oivrvjt ln»e?0nen:s 
t-'inv. An DerelopDii-nig 

GiiUeur 

Har«r**ascs Croup 

Hi'Jciw Pemec.«i »nd Co. 

.lobnson Matthey and C*>. 

Jaokmins Bourn*- End . . 


Annuunce- 

Dividend ip 


hhjiu 

I.asi 

Viar This year 

%lu? 

lm. 

l-'mal 

lm. 

.. . \v«.ln<f-«lil 

4 1* 

5 *75 

4 U 

. ... 

1 II 

: h: 

1.' 

Tu* iAVi 

: 

U.'ilS 

H ,1 

Tu-wJjy 

!.>.i764 

i ‘wifi 

1 - 1 UK5 

. . , w.-dii' Vljr 

il 


il <i 

. uuntJa;- 

IT TS 

.i.i*: 


MoiHj- 

— 

— 

— 

i-i» 't'-xJi *? 

ri 5 

i. visa 

Ii. '.5 

u .fdne * 1<» 

•t 7 

;;.im.‘. 

’Z ii 

irnue Thuivl<i> 

1 

1 >s» 

1.175 

Toc»»1as 

n * 

L-5 

■ ii 

. . l-'rt'ta: 

.. *i 

r iv^-‘ 

ii 

tburs/U? 

-.ii 

i ■ 

■mi 

Tm*r<d3r 

! » 

2.» 

-.V 

TiKssdar 


1 guM 


1 ■ nd«v 

1M 

4.4 


Kiidar 

0.4U5 

n.£r,rt 


. . . wmnt^iar 

» 



. TUC3d3» 

! m 

1.73 




i iiioa 



■1 *1 

i i‘W 


. KondJ.v 

:.it 



... ThurMld?- 

f*ii ra 

ii 4;;iS 


Tliur<4t!a:-- 


r..(i 


. Wnlll-SiijJ 

J.:w 



-.vcdn-.-vJ-A 

N'll 

Nil 


iVr'dn* vlft 

J 4U 

- -^ir s 


Tuesday 

u Ii 

ii. 35 


. .. Tuesday 

U.» 

I mu 


Tliursday 

1 l» 

1 1* 


. .. T)iurs*ln7 

1 * 

i smr 


Tuesday 

: .WJ4 

4 XIU7 


Wndne-dar 

i; i* 

7 filJS 


■.l.-dnn'djr 

.V|{ 

2.M 



.'.farlisc Ind'i-IrNw 
M and <' Ski and Dual Trust 

Moss *Knbrni 

iiO'-in Wilaons 'HolilinKS* 

Parkland Ti-nll*.- iHoldlngsi 

Prop-ny and Revisionary Inv. i.urpn. 
It.Kjil riwimn/i.1 
KuUiMp- and K'-san Paul 
■SaiiKcrr <tr*»Up 
S.-4Pa ilniup 

Smuish and UnviTRal Jn»-*-inr<’ul* 

WMl Group 

Miinre- >.'Ioihi-> 

Sin*cur> n( ('nljlmms 

Miitr EWirtcal 

T-tairnm 

TrariepanMii Paper 

Tran-vood Group 

Wants Fashion Group 

Waiwn <R. Kclnm 

’.l>Hbrielr Products 
wheuay Watsun Uoldinns ./ .. 
Whlibouad Investment Co. 


due 

Int. 

Fraal 

Thursday 

«.i 

0.5321 

WedneDdar 

2.»5 

J,il ‘ 

Tbnrsdav 

I. ft 

i.ocra 

Wednesday 

10 

IA75' 

Tuesday 

1.35125 

;.si*2 

Monday 

i.« 

.1.16 

Thur5<lav 

1 7 

:• IR 

U-*.-dP*.-s*lay 

!.J 

s » 

Thursdjy 

1.8 

4.0 

1- nday 

:.44ii3 

.1.0 

Thursday 

S.Sit 

5 i* 

“tiursdaj 

1>5 

i.is 

ilmdjv 

Ml 

f.a 

Monday 

QS3333 

0J9fi 

Monda;- 



n.ass 

Tuesdar 

1 .7988 

I. CM 

Tnosday 

3.88 

0J55 

Ttmrsdar 

Nil 

NU • 

n'ednealaj- 

«J5 

0.73 

Moodar 

1.1 

1JS3J 

Wednesdax 

0.5 

U 

Wednesday 

8. ITS 


Thuzsda.v 

1.U24 

-J.E0KL 


Lamont ahead halfway 


Pre-tax profits of Lament Bold- Bow will be considerably en- 
Ings finished the first half of 1978 hanced. 

ahead at £84)55 against £2,9t»3 Pre-tax figure was struck after 


would extend tiie group’s network 197S- shows ■ ‘the. bank overdraft 
nf 'specaaiTBed depots^ — particid^rly down to £331, 00b {£832,000)" -at 
in the T Greater Manchester and April 30. cash up . at . £51,000 
Yorkshfre . areas where six of the (£2.000) and net assets -of £375,000 
hew depots are. situated, . “ . • ; (S48.0Q0).; . j ' r _ ..... r , 


CRODA INTL. 


SHARE -STAKES 


previously on turnover UttJe depreciation £38,636 (£40,065) and Groda International Has agreed. Hoof ray audCo.— Folia wing tiie ’ 

changed at £L24m compared with was subject, to a .tax charge of to purdiase J. C. Bottomley and aaie of 342.637 s&ares, Mr. J. 


INTERIM FIGURES ONLY 

Braswar 

Tlrlimh Pel rule um . .. 
Eunonw-uod Brewery Co. iFors 

Ev.it • • 

Muaniiilr and Mercantile HI Sot 

Muraan CrudWi 

Peo.v-ict Croup 

S and U Slores 


• r . . . ■ I a I » i «. m nuuse. .rum wruie rney are nope- ere 

imair and Mercani^io HJdOTff lz> \J - 1 I Ai ■ tul that this wilt be accomplished the 

aan CrudWs \}f a t within the next 12 months, the £8.7 

rfict Croup i directors are unable to make any loss 

id i; stores promises in that respect lOp 

ntsr-JSp ^ 


£l lSm. f20,D22 (£4.500), making a loss for Emerson, manufacturer of dye- H. Gilliam -is non-benefieiaily -. , 

Trading profit was £147,456 the period -of £11.167 against stuff? located .in Brighause: Interested, -in ~959.455v(fc22«t):: - : 

i £118.542) but, as anticipated, in- .£1.507 Ifst time. The directors Sbaretaotaefs have accepted : Bernard. WartHe— Rirm Wham , ^ 

teres tcharacs of £99. Ms .(£75,484) state that the group’s engineer- Croda’s offer and Croda has. given and ilidland Counties' TrtJSf fiaa - - ■ --■ ' *■ 

absorbed the bulk of it, a ’con- ing business is making progress assurances to tie employees and bought- -'845,000 'shares v 4^ih«diig - •■'•*•. T-. ‘ ^■ i ' 

dltion. the directors say, which with its subsidiary In South Africa staff thai tbe business wiD be. to 2,678,000 {14£4%); * "r *) 

will continue while the office fiourishing during the year, and continued from its.. present BesidbeH— Sritaimic Assu^nce * 

block development at Scenhouse that the high tax charge relates locations.' \ his' made, further' bu«his&:' att'd ' *V ' r :r — . 

remams unleL entirely to profits arising in: this The -net assets to be acquired -now' holds 1^315^)00- shares -eiB56>- - i. 

They add that with higher company. represent less than 5 per cent of- —previously 1^25,000. " ' •- ' ' v . ' _ ■ ; 

interest rates prevailing, the out- Tbe group's life assurance com- OodaV assets. - ■ Ndrihan'- MMliMttAFi'H .' ^ i C- ' :S| ■ 

come for the fuU year is not pany continues its steady pattern. • . ' - G. Scfaoenherg ; dlirctor ‘has : />■ - *? iff 

encouraging, being dependent on they add. . .. . •'■' acQuirod £»» .rTcbls iisiieRhaies'/' i- 

the letting and sale of Stevenson There was. m extraordinary ASSOCIATES DEALS. .; ^at 74pTben^'ciafdSl^ ^«K»:ahaW5 ^ = s ~ 

w} V e vi hey c I e< y of £L ? SS ^ 6 f 8 J, e l ,,t) for L. Messer has ..bought 125,015-. for, £Sj07. >5,000 for. -im' ah&fa ^ -v^« , 

tul that this will be accomplished tbe nix months and minorities rook Myddleton Hotels ordinary Mwres S OOC- rights, issue ran - t .,'v, i . ’ h -> 

mthm the next 12 months, the £8.770 (S4J907 loss) leaving the at 296 ^P, 9L760 - at -296*p and lhc V . '?***. 

directors are unable to make any loss at £17.554 (0^48). Low per 24.000 warrpats at 134p. oh; behalf -^ Walter ,Duncan^and^boSa«t.-i ' V'. ? ? » 

promises in that respect. 10p share is given as 0.0026p. 0 f Ladbnike Group. ■ " ' — Law^rlc Plantation HoidhS^^ ^ : ' v- 

However, they say that when A dividend of 0^p net was paid Raiding. Tiewspn-Smith,. as bought 23JS50 shares'- and -'hbw J ; <:i ; 

it Is sold both profita and cash for 1977 from profits -iff £l 61.000. brokers '. ‘lo ' "Mount" Charlotte .hold .439^75^ fSSLlgJQ. % ’ T ' 11 ’ 


**•'■* - .. : -- ■■Jn 

. 


t 








A'- Financial Times Satnrday NovenAer . 25 1978 

Cedar directors 9 



19 



SUMMARY OF THE WEEK’S COMPANY 


• -+ 


Company 
bid for 


Take-over bids and mergers 

Mr Sham Coop. stL chairman bens paid. As part of the capital 
ef Cedar jBtoWfags, fee frw«OTe<® extraction in ilafeh, 1975, the 

h was reamed toy its ordinary shares were split by a was the £52m ^greed bid 

- - t.EC s offer is S1B.& for each Ed^tional 


The major deal of ihc week, albeit of less interest to UK 

t tank which was rescued toy its ordinary shares **™ split by a rea, ? 6nts - was the £52 ™ Wed bid hy GEC for tlie U - S - officc M'dhnrst Whites 
[i - I. '• fnstttu&ooai shareholders friflow- factor oE2S. Although the shares com P* n 3 r ' A * B - Dick. ~— 

V'T to- the secondary toankang crisis, are stBI officially suspended, the share of common stock and par value for each S1QG share nf WUUiiaa 

"■ steeds to^Senefit by^ wSy Stock Escbanso tout year gave preference stock. The deal, concluded after only a few weeks of Educational 

noo.ooo on Cedar shaves that he permission under Rule 283 (2) for negotiations. will give GEC a worldwide sales and service net- Mvdrfivton 

bought from the institutions over specific bargains m the company's work in the office equipment industry. tnama on 


Value oT Price Value 

bid per Market before of bid 
share - * price** 


Bidder 


Final 
Acc’i'ce 
dale 


INTERIM STATEMENTS 


. j 
i 


Randalls 


L 


res m puce BBleu otherwise indicated. 

45* 

4S 

47 

3.60 

.NT Wereldhave — 

150- 

226 

]"n 

2.10 

Pen to s 21. 11 

24.1 US 

236 

230 

3.43 

A.PreedT — 

300” 

205 

215 

4.41 

Ladbroke — 

64 15 

65 

64 

12. S 9 

Multf- Purpose — 

113;*5 

ms 

98 

2JSM 

Uhltecroft — 

60s 

62 

34 

11.44 

Harrisons & 
Crosfield — 

100* 

100 

S4 

4.-TS 

Argns Pres? 23/11 
S. W. Berisford — 

8* 

S 

111 

1.74 

65S4 

62 

53 

6.67 

B. Priest — 

41- 

33 

40 

2.46 

Mr. ,N. GIdney — 


Company 


Half-year 

to 


Pre-tax profit 
(£000) 


Interim divfderuEjP 
per share (pi " " 




fe 


the test sue mo n th s .. ?E5^i»5!L^k,Ii!fe«.rf I?tered mi ° Lloyds and Scottish has made a £9.6m agreed cash offer for sahah Timber 

Earlier thi s w eek Cedar -siotKoroKeis. Cedar Holdings, the second mortgage group which was one uf the 

received an ^a-eed _ bid. from casualties of the secondary banking crisis. The terras are 26p T £15f?. t T i? roop 

cash for each Ordinary share and 7tip cash for each Preference Turner Cur*o n 
^»l CoorStis wife had TT-1 - <•• share, and it has been irrevocably accepted by the institutions Warae Wright & 

bought 400,000 shares from The i~tfllll0Tl ' which have supported Cedar since 1974. Cedar, now back on an ,£ ow Jf u ” i c , 

pension funds of Unilever, the evenkeel. owes less than £2m to the institutions compared with Ua T^in p?fh nfr«- h . *. , 

SS J-mnAon ' % peak ° f £56 '^ during the worst days of the crisis. Lloyds and no[ bHd 'co^mVm^ 

/}/]V9nrfi!s ' Scottish Intends to run the company much as it is now and has scheme is expected to become operative. "Based on 23/11/78. 
coStrofe 60 perMn? of Cedar) **"- ¥ ^ promised to pay. off Cedar’s remaining debts to the institutions. *? At suspension. ^Estimated. 55 Shares and cash. U Based on 

at a price oC2p. In July 20,000 • V - Ladbroke has expanded further into the hotel industry with -■*■■■ i*' 75 - 

dares ware sertd at ISp and tho TI1in*“Vfi3.r a £4a4ra a 5 reed hid for the provincial up-market hoteliers. 

balance is now. worth I96.S00. a a *4> 1 J v - Myddleton Hotels. The offer consists of 300 p cash or one Lad- PRELIMINARY RESULTS 

Mr. A, G. Glass, the managing broke share plus cash giving an aggregate value of 300p for each 

director also bought 100/000 THE DIRECTORS .of Arthur share of Myddleton. Ladbroke intends to treat MyddJeton as a Pre-tax Drofit 

shares from fee. snstksifioTis in Holden and Sob* report^a £53.000 separate division of its hotel business. Company Yeario (looo) 


Alten( Ed.) Balfour Sept- 30 

Allied Leather June 30 

Allied Breweries Sept 34$ 

AmaL Metal Sept. 303 

Andrsn. Strthcfyde. Sept 30 
Assoc. Newspapers Sept. 30 
Belgrade (B ’heath) July 31 


Black Arrow 


Sept. 30 
Sept. SO 
Oct. S 
SepL30 
SepL 30 
Sept. 30 
June 30 
Sept. 30 
SepL 30 


r 


Harrisons and Crosfield is bidding £12.5m for (he 40.9 per Akrovd & SralHiersSept. 20 




% 


f 

V-|f 

I 


April for 2p and snbscquentiy rise in taxable profits from 

^ctS°°Mr. jn Coo’S and 1 Mr! y£r°2nded SepSnbS 30* 107 ^ cent of Sabah Timber which it does not already own. offering one Brockhouse 
Glass should ywato af profit at Turnover was ahead lo £S.66m H and C share for every seven Sabah. H ami C wants to restore f 4 ihen t 

£ 116,611 (before capital gams against a previous £7J2m. Profit the balance of its business which existed before it increased its ripmbii fM J) 
tax) on tihear outlay. £10,000. for the 1877/78 year was a record slake In plantations. HnyyWhaii 

Ar yesterday’s annual meeting, £1 - G7m ' A possible obstacle to TVhitccroft's plans to take over Somporlex 

Mr. Coorsh revealed that before The Board states that In the Randalls, the building trades distributor, has been removed now SiochJake 

he was brought “ 

/p April, !S75 

pji reconstruction ... — L ^ HWV — .. IIIS - 

bad agreetf to make a block of region of £lm and capital expend i- offered by WhitccrofL These comprise one Whitecroft share plus 
shares available to him at some cure of between £3m and £4m has 134p cash For every two Randalls shares and the offer values the 
stage. been approved. latter company at around £2.9m. Earlier this year Ferguson 

' Under his chairmanship Cedar On increased capital earnings Industrial itself made a bid approach to Randalls. 

has made a surprisingly quick re- aro given as 7.1p <7.73p) per 25 p 

covery. The institutional support share and the . Interim dividend 
funds which at one stage stood is ruled from Ip to L5p net — in Company 

at £5fL5tn have been reduced to part a move to reduce disparity bid for 

virtually nothing and last year between this and the final pay- 


Earnings - Dividends* 
per share fp) per-share (p) 


revealed that before The Board states that in the Randalls, the building trades distributor, has been removed now 2 ,OCRJ 5 K * ; lar - V r 

ZJZ.SYhJISF lhat Ferguson Industrial Holdings, which has a 25 per cent stake 

ciion U the^SisShiSSB iocludill 3 ?^!^ control, is in the Randalls, has seen fit to accept the increased agreed terms IVIUhawSecs. July 31 

" <%■ mm 7 M « U - 1 J - AttaraH Kn UniifAfimfl TKa»-« fiAmnrlcr. TA/ Vi it n .^ ft nlux 


no ii.mIoi 
S epr.30 3.341 t2.613) 
AUC.31 3.0SD (U70) 
Aug. 31? 3 t87) 

June SO 743 (1.43(1) 
Sept. 30 4.550 ( 2.930) 
Apr. 30 1G3+ (77) 

Mar. .“1 X^SO 1 1.450) 

Town Cenrre Secs. June 30 SOI 

2,034 <62 J) 

264L (112) 


•i.O 

15.1 

40 

0.1 

3.C 

16.9 

10.8J 

24.3 

1.7 

6.9 


(S9j) 
(14 7) 

(2.5) 
(1.0) 
(0.7) 

00.41 

(5.5) 
(19.7) 

11.4) 

14.0) 

( 6 . 1 ) 


16.754(16.754) 
4.046 (3.624) 
0.663 ( 0.594) 
l- — ) 
(1.84) 
(4.948) 
(358) 
<2567) 
(0.317} 
<1.0/ 
d-32) 


2.03 

5.323 

3.77 

2.SSS 

0.912 

2.22 

Nil 


Buhner Ltlfllb 
CexUury Oil 
Capital & County 
Courtaukb 
Derritron 
DunhUl (Alfred) 

Dyson (R. A.) 

Elhott Grp. P*boro SepL 30 
Evans of Leeds SepL 30 
Extel 

Foikes Hefo 
French Kier 
Grampian T\’ 

Hinton (Amos) 

House of Fraser 
1CJ 

Leigh Interests 
Locker (Tho*.) 

Metal Box 
Mtlbury 
MK Electric 
N«tL Carbonising SepL 30 
Pauls & Whites SepL 30 

PtiweU Sutto n Sept. 30 

R’rdon Smith Line Sept. SO 


553 

U .080) 

12 

(L2) 

466 

1337 ) 

1.507 

n.36i » 

90J200 

(77^00) 

f 

(3.933) 

7.430 

(5.9901 

— 

1 — ) 

1J10 

(1. 191) 

l.U 

10.833) 

W10 

(7^60) 

2 034 i 

(1.852) 

19 

(79) 

Nil 

(Nil i 

171 

(140) 

0 7 

( 0.61 

405 

<425) 

U07 

(1.485) 

876 

(701) 

1.524,1 

(1-361) 

5S7 

(435) 

0.605 

(0.55) 

2,500 

1922) 

0.7 

(0.5) 

27.400 

(27,900) 

0.76 

(0.6S) 

300 

(312) 

0.55 

10.5) - 

5,190 

(4,600) 

4.0 

(2.662) 

144L 

(S(J) 

Nil 

(0.779J 

405 

(248)L 

0^!5 

(Nil) 

860 

1692) 

0.5 

(0.5) 


SepL 30 
June SO 
June 30 
Aug. 31 
SepL 16 
OcL 28 1 


1,330 

2.510 

3.300 

192 

852 

13.194 


SepL 3DU 344.000 


SepL 30 
SepL 30 
SepL 30 
Sept. 30 
SepL 30 


412 
1,030 
31,370 
55S 
3.S92 
90L 


(1.180) 
(2.950) 
(2.7501 
1 192) 
(9SS) 
(122)12) 
(414.000) 
(427) 
(1.100) 
(25.049 1 
1267) 
(2,662 ) 
i22) 


2.013 

0.44 

0.825 

0.8 

1.622.1 


1.45 

0.241 

7.37 

1.34 


(1.8) 
)0.4) 
f0.75) 
(U.7) 
(1.44) 
(—1 
« — ) 
iIJl) 
lOJ-Ml) 
( 6 . 6 ) 
(0.75) 

1 3.0) 

I — j 


Value of Price Value 

bid per Market before of bid 
share** price** bid (frn’s)** 


Offers for sale, plaoings and introductions 

_ Australian Farming Property: Placing of 2.4m shares at AS1.25. 


n™' Harris Qneensway: Offer of 5m ordinary 20p shares at I55p. 
Bidder date Scascope Holdings: Placing of 902.73S 10J per cent Cumulative 


Redland 
Reooid 

Rexmore 

Ropner 

Rothmans IntnL 
Tesco Stores 
Triplex 
Tunnel Hldgs. 


SepL 24 
SepL 30 
SepL 30 
SepL SO 
SepL SO 
Aug. 12 
SepL 30 
SepL 24 


Cedar made a pre-tax profit of ment— last year’s final was 2.25p. Bambergcrs 

a loSS of TfnMvn imrmi f u M i iT iK laranorc 


Price* ip peace unless Dihcrwise Indicated. 


Preference shares at 97p. 


Wheeler’s Rstrnts. SepL 30 


3,370 

(2,630) 

1.75 

U.3) . 

6.C60 

i6260) 

3.JI 


1.772L 

(2525)L 

Nil 

iNlli 

21,600 

(18,120) 

2.531 

(2.094) 

5,076 

(5.041 ) 

2.7 

( 2.6 1 

701 

(584) 

1.395 

1125) 

1.708 

f 1.383) 

1.19 

(1.065) 

44.030 

(37.990) 

0.8 

(H.73) 

13.795 

(lO^Sl) 

0.789 

(0.706) 

1.020 

(1.0421 

1 76 

(1.575) 

3.537 

(2,984) 

4.0 

(3JS5) 

494 

(317) 

1.55 

1 1.41) 


Wlth 3 1055 01 Holden manufactures lacquers. Cedar HJdgv 
l6-/ra ra I9i3-i4. coatings, varnishes, adhosaves, City of Aberdeen 

Mr. B. D. Oram, who is deputy powder coatings and printing ink. Land 


cn airman of Cedar and group 
investment .manager of Phoenix 
A-vuranee, Said the shares were 
sold to Mr. Coorsh and Mr. Glass ^ 
as “they had done a splendid 
job.” The price had been estab- 
lished by independent advisers. 

At one point before the 
secondary banking collapse 
Cedar’s share price bad traded as 
hiph as 4<ln bui thpv u-prp <ni«. ■ On 32 per c«nt I’K and SB per /-ru 

1 Q-T Frairos. and includes charset to dcb-rivd 

pended in December. 19 1 3, since taxation accsont. r EwJudJflfi extra - 

when no ordinary dividend has ordinary items. 


Tot sales .. 


197? 
£000 
.. B S5T 

1977 

1<W0 

7.922 

CK companies' 

S-lea 

- 1503 

4. IIP 

Export rrsde 


t.M5 

74i 

Rotdcn Earopr 

nlM 

3.IB 

2.90) 

Prone Mara tax 


.. ua 

978 

Tax* 


xr 

3l)R 

Nn profit 


.. 5M 

•472 

Stlnortly interest 


3 

4 

Aitribuublct 


* 301 

<C- 


Six months Compton Sons* 


76§§ 

72 

8 S 

7.47 

InlL Timber — 

26* 

25 

19 

9.6 

Lloyds & Scot. — 
Scot Western 

1034* 

100 

87 

0.93 

Trust — 

69 

74 

7S 

11.76 

Van tons — 

201 5 S 

1S5 

nsi 

25.07 

Dawson Inti. — 

10* 

23 

12 

0.04 

Unknown — 


Rights Issues 

Daiid Dixon Holdings: One for four at 93p. 
Metal Box: One for four at 250p. 


(Figures in parentheses are for corresponding period.) 

Di\idends shown net except where otherwise slated. 

• Adjusted for any intervening scrip issue. 7 15 months. 7 Re- 
vised figures. $ 12 month period, but current accounting period has 
been extended to March 3, 1979. A second interim of 2.99p is declared 
and it is the intention of the directors to declare a third interim 
dividend at the end of May. 1979 with the full results for ihe 17 
month period. -I Including special dividend due lo change in tax 
rate. ^ Third quarter figures. L Loss. 


APPOINTMENTS 


i 

jir 

las - 


The Scottish 




23% -Earnings Increase 
13% Dividend Increase 
10% Net Asset ^ Value Increase 


. TheieaiBs&rtheyear ended30fch September 3928.^:1 
are good and tbeaet asset value of 216p per ordiiiary : 
stock imitis another record. "I" 


rv: 


Bne to the constraints imposed by tie Interaatioiial 
Monetary Fund, we have enjoyed a moderate recovery 
‘ in this country and the rate of inflation has declined to 
approximately 8 per cent. With thexvay that wages 
negotiations are developing at this time, inflation will 
* * " probably worsen before getting better. The real battle 
on the wages front is in the public sector; the fact 
that profitable and productive private industry 
is willing and able to pay a' certain increase in wages 
isno reason for assuming that unprofitable state 
owned under taking s and unproductive government 
departments can do likewise. 


Since the dose of our financial year, a financ i al crisis 
has developed in the United States. Persistent balance 
of payments and budget deficits have undermined the 
dollar whose value began to fall at such a rate that 
emergency measures- were needed to stabilise the 
- position. Interest rates have risen, substantially and 
this will mean a considerable increase in loan interest 
. • charges in the current year. We therefore have to be 
cautious in our outlook for the coming year and, to 
•' offset the effects on our revenue account", we have 
repaid $3,000,000 of the overseas currency loan for the 
‘time being. 


Copies of the Annual Report, containing fee Chairman's Statement 
to shareholders in fuIL'rnay be obtained from the Secretaries, 
Gartmore Investment (Scotland) Limited, Ashley House, ,181-135 
West George Street, Glas®owG2 2HB. 


THE BORDER & SOUTHERN 
STOCKHOLDERS TRUST 
LIMITED 

Managers — JOHN GO VET f & CO. LTD, 
Five year summary of results 

Per Share' 
Anset Value 
including 100% 

Year ended Per Share Per Share Currency 

30th September Earnmgs Di ™j£? d Pl S n J“ m 

1974 1.0* p 0.90p 27'® P 

107^ 1.140 O.S6p 54./P 

U3& l.IOp 62.6P- 

}St? ; 1^4p 1.50P . 7S.9P 

1078 lB3p 1-70P 87 5p 

Total Net Resources £90,08&922 • 

UJC 63.9% North America 213% 

Points from Mr. C. Alan McLintock’s review 

—The net assets of the trust show some incise over the 
previous year’s figure but the- Increase wns not on the wale 
of that achieved in 1976/77. In percentage terms, net assets 
rose 11 per cent, the London market - per cent and Wall Street 
6 per cent. In sterling terms Japan again made a _ sigmficant 
contribution. There was also some recovery to the level of 
the dollar premium. - ■■ 

During the year our shares were split 5 for 1 and- adjusted 
for this eaoital change, net earnings per share rose from 1.64P 
SM of which total dividends of 1.70p are proposed 
compared with LSOp in 1976/T7. 

Just as we were beginning to hope that a period 
economic stability lay ahead, a renewed surgeof ^ttoaary 
fears and pressures has developed both at home and in the 
Unitpri- States Interest rates are again rising and -share prices 

S St t^QjD offliwus ttmtblc 

balanrp cheet date. It may offer only scant comfort n* tne 
SbSStTS ^(StSent as we believe to oe the case. 
Sh^Ssolute nor relative terms does tte London market. 

look-overpriced. 


Hill Samuel group 
executive change 


Mr. Michael Toogood has been Mr. John Goldsmith, managing 
appointed managing director of director of John Goldsmith 
LAMBERT BROTHERS SHIPPING Rrecruiiment, has been elected 
following the retirement of Mr. chairman of the recruitment divi- 
Ricfaurd Hope. Mr. Christopher sion of the COMPUTER SERVICE 
Allen has joined the Board. The ASSOCIATION, 
parent concern is Hill Samuel. * 

★ ' M r. Ian Mackeson -Sand bach. 

Mr. L. G. Sharp is to retire ch ' ef executive of Ernest Notcutt 
from his executive position and Group, has been appointed chair- 
as a member of the Board of T 1311 .?/ 

C. T. BOWRING AND CO. on A. NOTCLTT AND CO. and 
December 31. He is to become ERNEST A. NOTCUTT IOWR- 
chairman of BERRY EDE AND SE.\S). 

WHITE. * 

•*t The Secretary for Education has 

Mr. J. R. V. Davies Is to become 

a Deputy Secretary in the CfitTVC IL ^ffr DI four 

as a s. Sd'SX J 25 *S?«SS?Sfti SairS 

™T Tie £L of agj I *«*•". RecionaJ 

cecds Mr. B. D. Hayes whose pro- ^ ea *tb Authority. 


motion to Permanent Secretary 
was announced in October. 

* 


Dr. Terence FlitcrofL group 
chief executive of Unicorn Indus- 
1 , .vcm r tri ”> to be the new chairman 

KV MANSELL has made the fol- of Thl? Southe m Repion, of COS- 


l^appomtments: ^Mr. Eim FEDERATION OF 'BRITISH 


Lott becomes a director ot R. INDUSTRY He succeeds Mr 

: *"•*££* »S 

Kenneth T. Ryan has en made administration director of 

iWEST^STER) *■ MAN ^ ELL Norcros Mr. Raymond Tapp ot 
(WbbTMlNbic.ni. County Commercial Cars has been 

* appointed deputy chairman of the 

Mr. Alan R. Taylor has been reffionaJ council, 
appointed a. director and chief * 

executive of RAWLINGS BROS. PENTOS GARDEN AND 
from December 4. LTESURE PRODUCTS GROtTp has 


DavJd W. Diehl has been elected 


made the following appointments 
from December 1. rar. Godfrey 


i ssM^oaBatf^KBS 

Europe of HE1DR3CK AND director and Wr . cto Leake 


STRUGGLES 

London. 


INC, based to 


Mr. George Metcalfe has been 


becomes technical director on that 
Board. Mr. Ian McQueen has been 
made retail operations director on 
the Board of Casey's Camping and 


appointed managing director of Mr. Philip Vasey will be financial 
RENW 


ICKS 
INGS). Mr. 


FREIGHT (HOLD- controller and company secretary 
Gordon Fisher has of that concern. 


joined Renwicks Freight division 
as . operations director and Mr. 
John Townsend (commercial 


Sir Desmond Plummer has been 
Sh!?E!. d2EE HORSERACE ^SCTTTNG ^LEVY 


stole for marketing. 51 r. Dennis 
Taylor, fleet engineer, becomes a 
director of the company. 

* 

Sir, Dennis Sommersctt bas 


BOARD for a further term of two 
years. 

* 

Mr. Peter Lee S< to be senior 


joined JOHN BROWN AND CO. partner of STRUTT AND PAPKER 
with group marketing responsibl- from May l, 197B. in place of Mr. 
lity for China and will be Mark * Strait who is retiring, 
appointed a director of John Colonel George Judd is also rctir- 
Brown -(Overseas). ing on that date, bui both w>U 

.. become limited partners and 

continue with the firm. 51r. 

Mr. Christopher Stocker will be Michael Harris, head of the corn- 
made a director of STANLEY mercial department and Mr. Gay 
GIBBONS CURRENCY from Dec- Lysier of tbp firm’s agricultural 
ember 1. investment department, wfN he 

* deonty senior partner*. 

Mr. J. E. Jilliners. Mr. A M. 


Anglo -Swiss brings 
forward changes 


For the first half of t978 Anglo- month of the current year each 
Sw-bu Holdings reports an succeeding month has shown an 
increased pre-tax Ins? of IS7.0U0 increasing profit. The group 
compared with £70.000 on higher made a loss of £546.000 for the 
turnover of £2.25m against £2. 06m. whole of last year. The directors 
Tbe tax credit for the period was say it is imoossible to predict this 
£1,000 (£34.000). year's outcome. 

'Hie. deficit for all 1977 was Again there is no interim divi- 
£244,000. dend. The company has not paid 

The directors say the improve- an ordinary dividend since the 
ment In the performance of the en d of 19<a. 
screw company, which had been Pre-tax profits for tbe current 
quite dramatic in the first three period are after charging depre- 
months of 1978. did not continue, ciation of £104,397 (£116,115) and 
They now believe the funda- l 0J,n interest of £29.593 (£26.419). 
mental changes to which the Tax takes £22.170, against a 
chairman referred in the state- credit of £221,022. 
ment of May. 1978. must take 


place in a much shorter time scaie 
than they had hoped would be 
necessary. 

As the first of these changes, 
the director; have initiated and 
approved a drastic reshaping of 


Oceana cuts 
deficit 

On lower i urn over of £893.253 


the screw company which will be against £933B90, Oceana Holdings 
implemented during the next few reports a reduced pre-tax loss of 
weeks. . £136.440 for the year to April 30. 

This involves cutting out the 1978. compared with £215,324. 
unprofitable pans of iU activities directors state that they 

and a consequent major reduction continue to feel confident that 
of the work force, resulting in a 5teps a!readj ^ken will ensure a 
redundancy programme. steady improvement in the 

These charges are. in the view company, 
of the directors vital to enable There is a tax credit of £11.969 
the screw company to become , £1 131 char g e ) and an extra- 
viabla. ordinary credit of £167,512 (debit 

They have also taken and £29J32)_ including surplus on re- 
continue to take urgent steps to valuation of freehold properties 
strengthen and revitalise the £215.000 (nil). This resulted in a 
management of the companies in net profit for the 12 months of 
the group, and to effect Ion? £43.0) i (£245,687 loss), 
overdue improvements in the Again there is no dividend, 
administration structures. 


EUROPEAN OPTIONS EXCHANGE 


Sanaa , 

Jan. 

Vol. , Lost 

Vol. 

\pr. 

L*«t 

Vol. 

V 

Lr*i 

Sl.vii 

ABN 

F.sao 

1 

5.60 




_ 

F.36B 

AK2 

F.30 

10 

1.80 

1 

; 3.70 

— 


F.29.60 

A HZ 

F.J2.50 



— 

37 

■ 2.30 

50 

3.20 

• 

AKZ 

F.35i 




24 

: 1.60 

35 , 

2.30 

_ 

AKB 

r. 75' 


_ 

— 

. — 

3 

5.50 

F. 75.80 

F.K 

ibO 

3 

2i, 

— 

1 — 


— 

j F5B 

CM 

S 60 ; 

30 

aa 

— 

1 — 

— 

— 

' S55 

HO 

F.5S 

— 


5 

i 4.30 

5 , 

5.60 

F.35.50 

HO 

P.37.50 





21 

: 3.60 

8 • 

4.80 

.. 

HO 

P.40 





4 

: 2.60 

; 


1 .. 

HO 

F.45I 






] 

8 

2.60 

1 

IBN1 

BZ40 

1 

321* 

— 

1 — 

_ . 

— 

■5266*4 

1B11 

S380| 

2 

fit* 

— 

l — 

— ! 

— 

i '• 

KI,M 

P.130 1 

2 

6 

1 

112.40 

1 



jP. 128.80 

KLM 

F.iao 

IS 

1 

2 

4.50 

- | 

— 

t ■» 

KJjM 

r. 152.40, 

5 

0.90 

— 

1 — 


— 


KLM. 

P.160 

17 

0.50 

— 

1 ' 

- j 

— 

. .. 

NN 

F.lOO 1 



— 

1 

• 15.50 

1 

— 

;T.lll 

NN 

P.120 

— 

— 

1 

4 

— ! 

— 


PHI 

P.25 16 

0.90 

— 

- 

55 ; 

2.60 

F.24.60 

PHI 

F.87.50 

2 

0.30 

— 

1 

10 ! 

1.50 

„ 

PHI 

F.30’ — 



— . 

1 — 

110 . 

1 


RD 

F. 130* 20 

6.50 

2 

10.50 


— 

F. 124 40 

KD 

P.150 

79 

1.60 

3 

; 4.50 

_. 

— 


UNI 

F.120 

3 

3.30 

•— 

1 — 

— 

— 

.P.121.20 


TOTAL VOLUME IN CONTRACTS 


591 


CLITE INVESTMENTS LIMITED 
Royal Exchange Ave, London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at November 21, 1378 (Base 100 at I4J.ST) 

Clive Fixed Interest Capital 12S.99 

Clive Fixed Interest Income 113.69 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill. London EC3V 3PB. Tel.: 01-623 6314. 
Index -Guide as at November 23, 1978 

Capital Fixed Interest Portfolio 200.20 

Income Fixed Interest Portfolio 100.01 


Further fundamental changes 
in the group are under active 
investigation, and during the nest 
two or three months, it is the 
chairman’s intention to inform 
shareholders of the proposals tbe 
Board wishes to recommend. 

The underlying financial 
position of the company, despite 
all the vicissitudes of recent 
years, is strong, the direc*ors 
state. They ' remain optimistic 
that profitability can be resumed 
in the not too distant future. 


Turnround to 
£51.000 Drofif 
at Caird 



i urnover up by £134m to £530m (+33.82%): 


£3,514,000 increase in profits 
to £13,795,000 (+34.18%) 


■\ TtitiNROUND from a lo<s of 
£422 P78 in a M-vreek per!**! 
year te ? nre-»av nrufi’ nr 130.9GS 

wai achieved hv Cl2 ! r4 fl>v«it , .*'*l. 
space dyers and carpet printers, 
in the 28 weeks lo October 14. 
1B7S. 

The Hoard says that although 

I«im r-n -l*:-*, .pH i n 1^0 fl-Rt 


Stirling, Mr. J. D. Tilley. Mr. P. N. 
Lindrxa and Mr. S. J. B. James 
have been taken Into partner- 
ship with THOS. R. MILLER. AND 
SON and Mr. F. H. C. Efford. Mr. 
H. M. P. Lawford, Mr. V. J. 
Parratt and Mr. R. N. Read man 
have become associates - 


NATIONAL FARMERS UNION 
MUTUAL INSURANCE SOCIETY 
arid AVON INSURANCE COM- 
PANY have made tbe following 
changes from January 2. Mr. C A- 
Tbomas wfll become deputy chief 
general manager of the group, 
continuing as general manager of 
Avon, Mr. R. H. Catton is made 
deputy general manager of Avon, 
and : Mr. J. Bridgewater Hill be 
an assistant general manager of 
both com pan I es.- 
. + 


Mr. Ian M.. Barnes, secretary of 
the* British Institute of Non- 
Destructive Testing, has been 
appointed secretary' of the newly, 
formed INSTITUTION OF 
TECHNICIAN ENGINEERS IN 
MECHANICAL ENGINEERING. 
He takes up his. new post from 
January 1. 


Mid-term fall 
at Maxim’s 


PRE-TAX profits of Maxim's, the 
restauranteurs. slumped from 
£B3£25 to £14.598 in the first half 
to June -'SO. 1978. • The directors 
say the period under review was 
overshadowed by the French 
political climate. . 

Turnover, was down £7,060 at 
£1,027.000. French tax takes ) 
£7,298, against £31.627. 

For. the whole- of last year the 1 
company paid a single dividend, cf { 
5p per 25p share on pre-tax profits 
of £53,295. • 




The Board of Tesco Stores (Holdings) Limited reports on the unaudited results of the Group for the 24 week period 
ended 12rh August 197 8. „ 

fOOOs 


Turnover including V.A.T. 

VAT. 

Profit before Tax and Interest 
Interest Receivable less Payable 
Net Profit before Tax 
Net Margin 

•Taxation (see mein text) 

Net Profit after Tax 

Dividend 

Retained 

Dividend per share 


24 weeks to 

24 weeks to 

12th August 1978 

13lh August 1977 

529305 

395^91 

(13,648) 

(10.BD6) 

13,264 

9,737 

631 

544 

13.795 

10^81 

(2.60%) 

(2.60%) 

2.180 

— 

11,635 

10,281 

2.494 

2^»34 

9.141 

8.047 

(0.7888p) 

(0.7064p) 


Turnover 

The sales increase of 33.82% (43% pre-Checkout and 23% post-Checkout) is considered to be highly satisfactory. It 
reilectse very substantial increase in sales volume over the corresponding periods of the previous year. 


Every fortnight the Investors Review 
brings specialist views on specialist 
snbjecn. Intelligent comment and 
positfre advice on investment, share* 
commodities and penorui b nance. 
The current issue asks: 



Is it time to be going into Wail St again? 
And the do’s and don’ts o f trading widh China . 


Order your copy offavestors Review front yoor newsagent or 
complete this coupon and secure your free copies. 

Investors Rcricw;100 Fleet Soxtt.i^mdog EC4Y1QE. 

~^atwp _ • 


Address. 


.Postal Code. 


PI tm se ti c k «fpmpri«u box 

□ Pkaseinvcaccmcferl2mouth5Subscriptkm(TOm 19+ January 
1979 at the above address. 

O I endose a cheque for £9fbnny 12 months subscription 
cominendagl9thJanuaiyl979. 

1 understand that] will TtcdvethelnvestrasRcricw free of 
charge until 19ih January 1979. 


Taxation 

It is considered that based on current forecasts, no deferred tax provision will be necessary for either capital allowances 
or stock appreciation relief. Similarly, it is now considered that the deferred tax provided ior the 52 weeks ended 25th 
February 1978 will not be required. _ 

The taxation charge has been computed accordingly, based on the appropriate proportion of the estimated tax charge 
for the hill 52 week period, and the comparative has been re-stated on a like basis. 


Net Profit 

The record net profit of £13.795,000 in the 24 week period reflects the wisdom of the Operation Checkout policy of 
selling quality goods at the lowest possible prices. 

The net profit margin has been mainlained.Thisis particularly satisfactory sines substantial costs arising on the opening 
of eight stores were absorbed in the period. 


Store Development Programme 

During the period the following stores were opened 

location Net Selling Area { sq . ft.) 

Dundee 51,000 

Seven oaks 1 8,000 

Bicester 15,000 

Nottingham 60,000 


Location 
WaHcden 
Swansea 
Truro 
Pitsaa (Ba 


sildon) 


Net Selling Area (sq. ft.) 

65.000 

10.000 

33.000 

82.000 


A further eight stores will have opened by the end of the year which, together with extensions, will increase the total 

new store selling area for the year by over 600.000 sq. ft. 

During the period, as part of the store rationalisation programme, 55 small units were closed. 


Future Prospects 

Your Board are highly satisfied with the current trading performance and anticipate that their budgeted profit will be 
exceeded, ensuring that this year will be one of record profitability. 


Dividend 

The Board have declared en interim dividend of 0.7868p. per share which will be paid on the 1 st March 1 979 to Share- 
holders on the Register of Members at the dose of business on 1st February 1979. ...... , . ^ • 

The final dividend to be recommended to share ho Wars mil take account of the recent new legislation relating to fee 
relaxation of dividend control. 


TESCO STORES (HOLDINGS) LIMITED 


V 


ii-— ™. sjmr sir w"*swsi -urz 








•JO 


Financial Times Saturday November 




- v vvy ? , . 

wmm 

aftsBSfc--: . < !! sas«ftateffi 



er in very thin trade 


NEW YORK 


Scv P ' I 


5-W If 


fcl-.-»k 


- • \n. • • Nrf. 

.. •; a 


t.v. . 

31 


X/-T. 


INVESTMENT DOLLAR 

phetoi’m 

S2.SU in £1—82;":, (82! %» 
FiToctiip ftizBM (ne;°:.) 

■ VJTH MAN".’ trade*-* cr end<n" 
Thursday - * TliHnksjivins rmiidi.y 
i o liiv weekend. \’\ill Si ret 1 
evnericntcd u.*ry t hi n trading 
jeMeruaj. bur m mused u fresh 
mour*: imprc»veme:ir dc-^phe 
<.f further riscj in interest rates. 

The Do - .’ - Jones Induiirid! 
Average picked up 3.12 more to 
SJO.Ii for a ri.-e on :iie week yt 
1 i .X The NY.-T. All Common 
Index dosed 20 ecn:.? higher pi 
>.*i:j 44 make a nfl cents ;ain 
,i"or ;he v. ock. while :ii!vam , es 
euifeored cedi tie? by fWH to 
Trading: volume readied rally 

1 -{ .ip m sha re.-, co m pared » Ah 

20 f »1 m on ''/r.dne.idwy 

A? the ■-! eeV marker opened. 
CiLhar-l' ra: s ed its Prime Kmc *n 
II' front li per ten:, and other 
majn- b.'di ? CUlfcMy ffllltiwed the 
move. Ij:j”in , _* tin- sesM'-n. the 
Federal R«. -•<—-■<.• indr.nied m tb^ 
short -term money market that it 
•ji-is i.ehtcrini credit rwln y by 
raisl.-.e i 1 •: i.ij-jo: on i-oy I'ed fund 
ra'.os to from 4 ; per cent, anti 
.-ilop}.;crro •ntere-t r.it rt s rn«u 
•inrpl; foiM'nn-.' the Fed indir-.,- 
: on. Hov. c ei\ Wa’I S' •■<.■*?« had 
b«en a.fidp.attrsa a higher Pruny 
Kate i nd fur'h-r rod lishTeiin.; 

Help. n i tr.i.- market were Pres- 


Ahfiort La bo... 
Addresi-ORrap-P .. 

TrtL-T-n declined 37 io FFr 2J00. BSN IS I aSptoIuh *™!^I 

*OKjU to FFr 556 and Pemod-Rittard li J Akan Aluminium 

After gaming Tresh ground, the to FFr 29S. 
market partially reacted on proul- 
10 king to finish uitii a mixed 
appearance following a heavy 

business. The Nikkei-Dow Jones Stocks mainly drifted easier in 

, ^ M „ Average touched a new record a thin business, the Commerzbank a MAX 

P«k of 5,y94.SS before reacting index shedding 4.1 to S23.2. Smind* He**....: 

The company earlier tQ - ;1S5 44 leavins a modest net T Motors Volkswagen receded *"*- *“«"—! ll* 

5 1 " *{ Market DM 340 10 DM ^3?on news, of jffiS&i’j 353? 1 

j££inst .*- KS5 » g? - — - - ' 


report* tjuofing American officials 
•s* i^y’Pg '-bey believe chances are 
CO-’II ;h?: OPEC will raise prices 
ncr:t.:-? :n a range of 3-7 per cent. 

:rn.v.-c vf 'lie 10 per .-eni which 
hi:: r.si.r ■' idely expected. 

o; the niosi. active issues 
m fJ«i:?i!ig stocks. Bally ro.?e 

iu 

iii;* retell i*d tentative 

rfoern-. .<■ i n sear down -the Elcn- 


Gerraany 


I Aim 

AUeg. IjiMiurr..,., 
Allegheny Pon'er 1 
Aliie-J CSemteai J 

Altfed «orw : 

AKhUhftKnets....: 


32l 3 

22’i 

38* 

26 

32i t 

45T a 

15> 

17* 

30* 

23i, 

29* 

44* 

28* 


[C'.TTIing 
;CK Int'ro 

;C-»&e 

: '.'rcvii^r . v al 

J Cim Zeileriacb 

1 Ciimnuas L&stsc 


hewn H ,, : , .l Rojunda. which would a , d on Thursday 
d!,r.. bu;ld a larger Atlantic Ml % naI hoUday . 

A?.! 1C jd - . arced 4; to S23. The 
bo.t.-cs of AMiC and Merrill Lynch 
h: : ve ..pniviied .i dcli.niiive aerce- 
:r.. ■■.*. ,- "r :i'.? .Tc-rger of A MIC into 


Steels. Heavy Electrical 
.Machines and some low-priced 
issues were particularly in 
demand, reflecting a business 

.... ,, recovery in the steel and heavy 

:i . !‘?- T ' l- nen iubMiliary. .MerriU e ] ecLr ; c machine industries. 
Lynch s . to Sin:. Fonrie Textiles and Retail 5 


Cltemicals had BASF DM 1.60 
lower at DM 13420, reflecting dis- 
appointing nine-months" trading 
figures. 


Fnnric Textiles and Retail Stores 


Hong Kong 


Amcr. tan I 

Amtr. Crioauiicil 
Amer. Dirt. Tel.. 
Amer. tiled. Piwrl 
Amer. KxpreJ. 
■Vaier.Bmae Prod 
Adler. JleJksI 

Amer. 

Amer. Nat. Um J 
Amer. ataml*rd.| 
Amer. Stare*^J 



Canada 

k- Ilirthcr 


advanced 


market 

Exporl-onentalcd Electricals. 
Cameras and Vehicles, however. 


Swire Pacific fell 55 cents to f®¥® — 

HKS S.S4 Hni« Kong LaaJ « 

cents to HKS <.So. Hongkong Bank w | 

40 cents to HKS 16.40. Jardine A.SA. 



v* -■ 

7.1 i-i 1" ,; 7 '. 

Moirx^.ilitt.n Trust jumped C-S-» 
I. Fu'-c L'iiy Tru-f line 

oiTvron *. for each" Metro .-hare. 


Paris 

Bourse price* were widely lower 
in quiet conditions. 


Australia 


Annitn Oil i 

A»aroo»_..^..„...; 
Arbiaou Oil 
All. Jtlehnel.i..../ 
lutv L3mla Pro^.; 

A\-i» 

Atm Products- . 
B*!i. Gas FjoL-k .... 


. .After Thursdays good rally. 

L'Oreal retreated 21 to FFr 713 markets were quieter yesterday Punts 

after announcing a proposed although stocks closed firmer for i v ,: 
capital increase. Carrefour choice. ' 1 


y.y.g.E. Alu. ‘JOMiaON 


I sidle 


Mir 


Kiu» ,n-l r,.i, 
i \f>r. Z 1 \nc 


Bartw Oil ....—.J 
Bsxtrr Tmrcaol..: 
Bwrlw Food 1 


Nor. 21 


N.r. \ 


,\nr. N>.r. 


NEW YG^' i,0 ' A ' fo.iZo 


5S.«« 53.24 5C.36 Si-0-i, 


iHJ.Ss 
I j 1 -HI 


•Ae.ii 
it- a, 


lp-ue* ii»'Wi 

I!.«?.- J 

r ■! ! 

I n.rtmr.i;i,i i 

■V-U- rf 

>{« Is.vx- 


1.792 | 1.865 
865 - 960 

485 I 49«J 
446 ! 411 

13 ' 17 

16 - 25 


1,875 

733 

674 

468 

15 

24 


Bwton IHckis-oa 
Beil £ H'lm-elL...,: 
fiendix 

BenKuet Cons-B' 
Bethlehem sreeJ.; 
Black k Decker J 

BoeluR ; 

Boise Cascade 1 

Borden ■ 


aiONTEEAL 


‘ dl’ 


I -It 


:o -.c-i cs 


:j;V 


Hi (i.'ra 


In ■ 

l-r 


i n* 
ine-i 


;i5.55 212.31 712.76 312.25 
215.45 218.31 213.12 2 17.? I 


14 , UK, 

>2 .fcl -IV 10- 


Im.:'; iic j. 

i7ii c: ri : 


:i: 2 - j .2 


UJi 


TURUNT' 


1266.7 1255.2 1261. 1 124C.5 


It '.32 U.io 


jUr AN N fc.fc.bU Rb 


(■MII-1* 


228.7 224.3 222.0 222.0 
252.2 252.3 261.1 260.; 


2/V.U»J4e: 
■•>.« • i: 


Ui. j 
!•«. I : 


:t Oil 20.750 34.3'3 ’s.24j 


Hid- 


Pie- 

iTIisU* 


Hi • 812.5; :•:« $05.56 


5 9'j 


5.44 




rZASDABD A >3 PUU2a 


in--» i. .-rr. -i <itr 


. r i5t.35 ’06.04 10.-. ;0 


5s.CU 



H -■ 


! |; -.‘J- 1 1 ; .1 . 


il 1 i>- 
k • ■ • 


-.40 


Ausiiam 
Be^ium 
Denmark 
France 
German ct) 
Hoiiand 
Uonr Koiiu 
la 
Janao 

fcinvaootv.-. 


314.10 :ls.7S 


we.« 




• — ■*: 
101.1' 
•.-.fci 

iH-ci 


.Is pi 

c./lli 


fcui'.in >i 
Sweden • 
swi er.d 


£?.?4 SE-ii ■ 
37U.20 ' 3/2.73 
2t4.e 


IU-.I 

lii. 

M.. 1 


ai.fl 


■3* 


52c.i 


*5^.3 


62.? 

444.72 &i5.7ii 
rt.« w-S 

441.74 

337.^7 ist.«4 


. |4# lot 

I |r> Ivji 
V. l 
HI "i 
I l.l- 


ic i i 
ill.C 

ICJ . 1 


■ li.j 

J-Z.l- 
■4 - 1. 

tic.* ’ -cl.r 
‘ I*-.’ 1.-W 

Dec. 1933. 5! .Amsterdam Ialusuui Cna” 1 \UmharSn' 305 a 
;9.u. " Han* Sena Bank 31 7 64. Eanca Clienilial Bt.NY ’ 37t| 
i cmincrciale Ira liana 1972. c Tel.-yo i hZ--cbr "( 1 Ponrt 

New SE 4 I- 48. b Straits Time* D 


Bnr* Warner— 
Brank? lnl._— — . 

Biiud ‘A* - : 

Bn^ol lljeTB. | 

B.P« A Dnt H.„j 
Bradiair Gla>> 

BrumwleL ...,| 

Buirrru- Ene. 

bulova Wai^....’ 
Burtin^lnn .\ fh.a .' 
) liurrtn^ii- ' 

’-irafi'.-el I Sio|i..! 
.aoA>lian Pai-iitc- 

j (.'auai I f-i-rl.. 

1 Carnal i.-n 

j Camera Genem, 
t-Ter — 

Caterpillar Traci-! 

cits - 

L elsne-t- Cvrs-n ... 

'.'■■nrra A 5.W_„- 



I CeMna Airc-ran... 


37* 

as* ; 

243 t , 

2n» ! 
31*2 : 
285 b 
23 
5* 1 

40* : 

42 . 

si* ; 
eoj* i 

275g ! 
16* ' 
33 1 
14* . 
26* > 
345s : 

183* . 
23* ' 
16 

is* ; 

45* 

55 

30 : 
10 : 
23* 
52* 
26* 
30* 

29oj i 
545e 1 
245s ; 
40* , 
235* . 

32* 
i7 ; 
36* ' 
5* 
20 * 
17* 
64 [ 
25* ; 
27 ( 
39 

12 * ' 
13* 

SIT 9 


32* 

23* 

38* 

26* 

325& j Cams- w r.gut-. ; 
45* J 

15* i [Mon- 

17* I Dart laduttrif - 

J Ocrrc — ■ 

' Del 111 BAC - 

{ Dawn* 

j Denteplr Ini 

Detroit EisiwiR — 

D1amcin*i fctemrk 
I DletapbiJW — 

J Digital t^uip 

! Disney |W> t 

■ Di.iver Cerji'a 
j Dow Cbemira: 

{ Urav.-i 

Drewer _■ 


55* 

45 

24* 

25* 

30* 

355* 

14 


55* 

475s 

24* 

25* 

30a? 

55 

S37g 


i j-itu.- r«»*3'i l te~.. " Wi* 
: J*,biKu 9 Jo'rxvKi' 7Si s 
| Jcotircn Cento it. 

.'nyMeoam'.w’s: 

1^ 


30* 

23* 

295e 

44* 

28 

127g 

497 S 

36 

36* 

25* 

24sg 

Zlh 

315s 


275$ 

39 

32* 

41 

8* 

15* 

15 

19* 


4e* 

38* 

41 

27 

28* 

30=9 


28* | Dupont . 122 


i Eajfie Pitcher — 

I baft Airline* 

• barman a9U«» 
Eaton - 


20 * 

9* 

&C* 

35* 


Z7S; 

3953 

3276 

Cl 

8* 

15* 

15 

13* 

14* 

38* 

40* 
27 ■& 
28-s 
38Je 
131* 
»20- 6 
9 
59 
347 S 


isesAlwM'nrm, 
[ Sinner lnd«*tfcsea. 

( Kejrer steel ' 

I nay - - 

KcncB.'cn— ; 

rir/T MeGw • 

Kiride Waiter , 

Kuntweiy Ciart .. 1 

Kn7r*r>. : 

} liwl ; 


248, 
E9* 
237a 
Uj] 

2 

18* 
12ia 
23* 

285, j 
C4 

20 * ! 
4486 : 

i Krvaw l"-—- 54is i 
Lcararay TrmcJ 34 

\a-v\ irmus 34 a® j 

L-WjrOw.F*d-:' 24-- \ 


235s 

78=8 

243 4 

29 

233* 

33 

2* 

«!| 

12* 

227 b 

45 

285 4 

44 
20 
44 j? 
341 S 
53* 
34* 
24* 


fE. &. SO.- 

1 Ei ftt-u Net. Gas 

J Eltft 

• Etrt-rson Elevrnc 
i EaieryAr-Fr^t 
! KmSarr 

jE.M.i.- - 

j Hn£ellMU-i_. ...... 

i fon»rk_ — 

I Ethyl — . 

! Exxon — 

! raucbii-J L sir ere 
: F«. l*e-t. fct-.'rei 
. Firfeione T*re.... 
i f>T. Nat. Eo-i'.n. 
, Ftezi Van 

. t :lniL-.*<r_ 

I Fkinda Po^sr-.. 
j Fluor 


28* 
151* 
27* 
34* 
20 * 
34* 
2* 
£7 
2353 
SOs 
50 -*B 
505* 
32 
12*3 
265* 
15> 
39* 
31* 
32rj 


275b 

16 

27 

347j 

20 * 

34 

3 

27* 

25-i 

203; 

50* 

30-2 

31* 

12 * 

25* 

15* 

29 U 
31* 
32 


Liggett GrcapL— 1 .37* 

LUIy.iEiii 44 

Litton Industries 21* 
Lockheed Atror'tt’ 18Sg 
*ne fct*r tsdnst 193a 
i iy<ng lslaml Lat-i - 17* 
Lomsaas Laart_.i . 21* 
LuhnzfU 

Lrcky —i 

Lvkes Corps . 

liacAiniac ^ 


Mary K. B...— ..V 
■Urti. Hirw wr — i 

Ma;co ; i 

MaeaihonOil { 

M^T’OCMnlinniM 
Uaechail Fieid— • 


44 

■ 23 * 

. 8* 
-3812 
32* 
28 
55 

It 3 * 


36* 

43* 

19* 

30* 

17* 

.21 

437« 

2650 

ai> 

9* 

361b 

32* 

27* 

55* 

15* 

17* 


'Jej Uept. store®; 

MCA 

McDemi'TttJ 

McDi-nmeii Dov«: 
McGraw Bill. 


235a I 

2S* a i- 

227« ■ 
30* I 
23 * , 


; FJi.C. - 

i Fred Mokt 

; rorWM« lick.... 

! k'OTl-.'TO... 

| Franklin Alin; 

I Freepost jlin tn. 

1 rrachant— 

I nd». 


23* 

40* 

18* 

32* 

6* 

23* 

25i» 

9i« 


23* 

41 

19 

32* 

6 * 

28* 

262, 

fl 


18* * 
27* ; 
13* i 
16u : 
6 

38* 
71* . 
32* , 
2CI* 
9* • 
ZB7 ? 
115, : 
16* . 
563s . 
52* : 
42* ■ 
IS* ■ 
19* : 
19* : 
195; : 


G_k.F 

Gannett- 

’■ipg.A merJar. _ 

'GjV.r.S 

J Geo. C«ie 

j Gen. Dynsmica.. 
Gen. Eieiitr. - *... 

! Gen. Fwh 

I General Ms!« — 
■ Genera! Motors- 
• Gen. Pn?-. C:-.. 

jGea. i!cw! 

I Gen. lei. Eiect... 

I Gen. Tue 

I Gene^-o 

I v : V ■ i Psw* T c... 

( GefkAnrce- 

j Getty 0*ii 


11* 

4258 

10 

25* 

15* 

74 
49 S' 
Sl*j 
295s 
55 
17* 
£ 6 * 
28* 
23* 
4 -=S 
35V 
25 •«. 
38* 


10 * 

425; 

10 

255, 

15* 

71* 

49se 

31 s i 

29:- 

£4* 

17* 

27* 

29 

23is 


li unorr* . 303; 


Merck 

Merrill Lynch > 

U«m Penoieiun- 

31&M . 

Minn Mtn^ > Hiy ' 

MrJul Coip.^. i 

\^o n pTnT n - 

Moncan J. P- | 

M'jtornla. ' . 

Murpby Oil — - I ■ 

■Nalnseo 

Xalco Cbemtealai 
Xaticsal r » B * 


59 

.1678 I 
30*0 ! 
38% 
61% 
677; 
SO 
46% 
40% 
4830 
24* 
26* 
18* i 


23* 

40* 

2273 

30 

23* 

30* 

S85a 

17 

50* 

38 

61* 

67* 

60 

465* 

40* 

47* 

24* 

26* 

17* 


fcTonfc 


I.Ndti, 


I 


W . 


Re* kiti 5230 
jfevnolda Met*L.i 32* , 
llevnoldf* K. J. ...i 56* 
tBeh'wu MerraHI S3* 
Itockwell Inter. J- .38*; 
Bohm £' Haas—...; ' 327 s' 


Snr. 

22 


3370 

-US 

BBSs 

38*; 


Royal Dutch — J 60* I Sff* 

!iTB. J 10* 

few* Teas.—— 4 10* { 10' 
21* 


Uyder ^patem^l - 21 io ' 

naieway Stores ) • 39 Ss 

at. Joe MlnenliU 22 
^t. Kegw Paper _j '295; ' 
saata Fe Inds. — t <30* 
u I Invent-. 5* 

aason-lnris- — J 5 
heki ILe Btewlag j 10 - 
actUumbtxsnr. —} ■ 89* 

aCM J 17* 

rio«i Parer IS* 

swril Urg-. 18 * 

fccadder Doo-Capi . 7* 

rfen Container . ! 19* 

fceBfitam 1 . 27V 

searte t&JD.) ! II* 

hears ajehuek....! - 215; 

SKOOO^^— 51* 

shell Oil J 333, 

shell TtwapotlJ 44* 

signal 435s 

Slgnode Corp. —I 31* 
Simplicity EU-i ’ 8 * 

Singer 

smith inter. _ 

Smith BaaLJ 

tkrilttoa 

joubdiian... 

southern Ol-Ed.] 
Southern Co.-. 

St&a. Net. Be 



. j- -‘_r ^M0 v;;4.:^k, -rft-x - 
Stock -^T S* 


WoonnwiLi^-'J 
WWy 
Xerwt 




J- 19* '. 

4- 4 t-I 

J- 64..:L«*»t>y 

AnM RnUn . I 13." * 


. ....... AIM,*- 

Z/xhb B«dio..-J 13* ___ 

IfiSiTw-^Sd ISffg . i T933(i. ? - : 
US Trw?i^b r -ffl| ■ f79?s TOTS"'. 
etdiy-WUs:} 8J2S4'&fi8S - 



-i V: 


99*. 

2250 


141a 
: 46* 
«86 b 
. 3 
30 
26* 
■1412 
307b 


30* 
6 * 
SI* 
10 
88* 
17*. 
13* 
18* ; 
71* 

19* 

27* 

11V 

* 21 ' 

«* 

44* 

4W* 

32* 

9*. 

.14 

453 ,.; 

91J0 

27g. 

29* 

\i4t,; 

51V 


25* 
25 
37 "j 


{ G iiierte 

j G-.oi rtci> B. F.._ 

li'‘:-ivor I j* 

| GniiM..... — 

i Grace W.a — ... 

. G.-t-AJian Paclea 
! Git. Imu..; 

| Greyhound 
Guk' i WtrtUm- 
Guk Oil— 

I rl jii>u,rr,-n 


Z'JM 


li ■. 
X.< 


rt w. « Kifft'-iki*; iSSSSSS: 

holm indicttna! V L aR. 1 6* its Bank I i-£r«j«- 
CorporaGon. u Unavailable. 1 - — 


*81.7* 
.24 11. 


FRIDAY’S ACTIVE STOCK 

Change 


i 


d vv8K J,0S oi aU .- b ^-Ti iu ^ wokd 

i .N . .^r- A. I 'jrii.i. ja— ..fl r\ i \ Inn® 

.; v ‘- ??zr\*. nr i Tj ri r, - ,> ."Us ^35 

,tJ — - 1 I 1 - ‘ ^ HviiC'.iJ •> in J C'i , **|.. r ^yi r %1 i r^ IaTll **iA ‘iiu* 

£*•;*!«■« 4n. 1 MUMW T«i-e . sSIS 

a Rial Vra.fr. A" l tuples. i*> K"I.I 1 •; V.J-; Roehu.-i: . gisgae 


Stacks 

rradhd 

813.900 


* ib 


r) r- 


3 'j- 


Closing 

price 

' 8 t: 
m; 

■j. 


0.1 

Car 


-33 


Cine, llila-mn....' 

Cittonrp 

Cute Seme*..... 

City Invesilng 

Cleveland Ctnl... 

CocaCoU ..... 

Colgate Palm 

Ci’llms A!kraa&...‘ 


:iil 


•a: 


- I 


■*r1 Tr.n. 53 -»-t. * Sydn.- .vi "j.-.i -n.-ry. 

Z-'-i.jr ?t. .; - - cV>u nhaA-n -K p, 

! ' ■" ■* !'ir' ! r .i;; - Oitj-m.tt. ?.■ 


u.: 


Group 


i r?.:w 

in.Fio 

ISS.lOil 




F.T. CROSSWORD PUZZLE No. 3.832 

1 oj £-~ will b-s • r.rm ew.li *f ;J. p :.\iulc’ , s of ti:u fir.it 
"'•:CC cor > c >7 -.riui ;nr,-; r-ycnc'!. Si'iiimocs- n:n. s* rccei ';r<i D;/ 

rsorz Tl Tir.-.dc.u. »/./ Cr.>.::a:<>rd ,v r ;<■;» ir^-hand comer o 
rhe *1 ;re:-ip.?. ••i:'".' f/»v %•■.■ .*J fn fh.c Fic.rucicl Tinex W. Cnr.ncn 
"'ireer. L>-r,nrr.. LL-lP -iLlY. Wir.iwri end uOiwlfo.r u:U in- giver. 
7 cxi urthu 


.'•*nic 


Address 



ACROSS 

1 Inctonicnt coudiiion? tor hair- 
drj ti.4 i 

5 Noi out fur Mir- IT cep Hon 
i ‘2.4 i 

10 50-1 ipoiorvay in Easl-end 
has -some re.sirn.tion (5i 

11 Succeed wish addmon to gm? 
Don't 5 a> that i4.3."i 

12 Slud; links with crowd i9» 

13 Supporter's affected walk i5» 

14 Chang-j for your old- Fashioned 
bubbly ( 6 1 

13 Turned in confusion in •■rrion- 
tal teeth (7i 

15 Slnni while hln«hm? -ibou: 
altitude '7 1 

20 Inebriated Scots leader that 

people take to iheir Iocs (S> 

22 Able to leave 

hoarder ( 5 1 

24 Supplier of wrileis’ needs. 
Victoria for instance and the 
presen i Queen (Hi 

23 .More than one leading oars- 
man uses an engine i3-6i 

26 Jostle the Spanish missile 

launcher i.i) 

27 Snag youih i cud or easily 
picked up f S'» 

2 $ Aie she * 3 strangely icTl in he 
found on shore ( 3.5 1 


s 


Having nobody withdrawing 
completely unharmed (7.1.71 
Serious fault boy displays to 
imperial ruler i7j 
Classic t-oing for £1.050 (S.7» 
A tender bid (5 1 
Invested with right to he 
called iSi 

Threaten to bring mischief 
close ( 6 > 

How can a tunnel be impos- 
sible to defend? <9i 

17 Franarant odour floating over 
road junction (*(< fS» 

18 Remove the stain of a tyrant? 
(61 

28 Bar for hi^h flyers ( 71 
2J Tool found right inside the 
drier 16 ) 

wretched 2:1 Cry for silence dismissed f5) 
Solution lo Paz 7 .ie No. 3,831 


16 


RJHriUnH E33QC39HC1 


DOWN 

1 American siaic has one com- 
pany making cloth ‘fi» 

2 Svvci friiir to leave out i5Ai 


.SOLUTION AND WINNERS 

UF PUZZLE No. 3.S2li 

Foiiowin? zr* the winners of 
; la<t SPTnrday's prize puzzle: 

. Mr. A. F.. Da vios. If* Syden- 
ham Rood. Sin. ClKllcnhiim 
GL52 6 EF. 


Mr. A. Pitt. •”■4 Craobnirik 
Rise. Ilford Lsftk Ltil 3QM. 

- JIiS 9 B. Solman. ." PiKiwirk 
Privp. Sanchl. Wakeficlii. 



RACING 


BY DOMINIC WIGAN 


anlieu chosen for 
wide open Hennessy 


columns Cia5._.. - 
CruuniDW P;i ■?.... 
C >ni. 1 n -C.uii A a. 
c ciml'a«tK>n Ena. 

i C-.iObi.-,(:-Ti £•,... 

Rujr-'n. 
cVrasi- Ssieriite. 
Ostnpuier s-wau. 

CnT.n L;iu la- 

ICWint 

•;..c.K.li--D M'... 

j An-.*. Fi-.'l 1 ..™. 

Nat Gh- .. 
!C"a-omer Ki«m. 
v.\eitimoMi Grp 2 
, c'oD:iutr.;«. ull„ 

. ^•>uttn<a'a. Te:e 

! «.fia»nil Iteu 

c*vj«r lnno» 


5 ■ 
22Je I 
26^ ; 
51*4 
9TJ I 
305) 1 

25 ; 

53* ■ 
14 ; 

26>< ' 
41^; : 
17U : 
9Je : 

26 

20* i 
17* ; 
33* : 
ll-l , 
2655 ' 
393? ; 
Hi? : 
36:* . 
16-s ; 
221 - * 
22 ti ; 
345: • 
22 : e • 
27t* j 
27* . 
145, ' 

33i 5 ' 
47. r 


16* 
505* 
94: 
30 U 

25 
53* 
137 S 

26 
41* 
17* 

91? 

26'-: 

20 * 

17* 

335; 

11 * 

26* 

39* 

11 * 

36 

15* 

2253 

225? 

54* 

22 * 

27* 

27* 

15 

321, 

46*; 


24 is 
175* 
16* 
27 
26-3 
5* 
23* 
12 * 
13* 
25* 
63 
31. 
15* 
30 
37* 
2 S:» 


2460 

175, 

165, 

27* 

27* 

5* 

23 

12 

13* 

25* 

62** 

30!, 

145; 

30 

38 

285, 


Mat. Din±aX— t 
Sat- fcervtoe hub 

Nanunai atci *..... 1 

SatOt&Xa ! 

NVK J 

>e'.*une Imp 

\e» E'a^iaad £ J 
New Ec^lsBfl lelj 
' Niaeasa AlaBawfc 
Na^ux Share... % 

N. L NiMnc 4 

.v orroifc* Weaen* 82* 
Nuria -Nat 6 n_ ■ 35* 
>'r an. SuiaPvri * 24* 
Mtawew Air .their- 2753 
S litre* Bnnccrp: fi4sg 
. Norii-a 171 ^ 

| Orokienar 
| OitUi-T \UkWa-_J 

i oan> K-ti>»n_ ; 

OliD ■ 


% 8 * 

14* 

29* 

41 

587b 

20 * 

22 * 

36 

14* 

10 

l9se 


Bevte PtckAsd_.: 

Hi.-Hirtay lass 

Uome-takc. . 

Honey 

Brxrrer 

} HisspXor,-. A roer 
; Hr.u^iaXat.Ga - 1 
; Hum 'Pn-A:Cfcin 
i Hcncn i-S-Ki.... 

; l.t. iD-iu-rfrw ... 

I'NA 

! loiiersoi! ISari* i ... 

• isiano fcieel ...„.- 

j in*-.iu- 

269.37 268 


825, 
185- 
SO* 
65* 
11 ’-2 
87* 
25* 
11 * 
16* 
24* 
37* 
C 8 t 2 
54 a- 
12 * 


82* 
173, 
307a 
65 
11 * 
27* 
23* 
1 1 * 
16* 
24* 
37* 
487; 
34* 
12 


16 

20 

17* 

IS 


18* 

14* 

29* 

40* 

587a 

SO* 

22 kg 

34* 

14* 

9* 
19* 
£2 i a 
35* 
24* 
26* 
243, 
17* 
16* 
20 * 
17 
19 


Overseas -hips^.: 

1 ht Kfls 1 ‘ nmmg l " 

Useii lioniB*^.; 

I’MiaficGa ...: 

Pacific Lighting^.-? 

Pan Pa r. A £>g...| 
PanAmWarkJAta 
Parsec H&mxi5a.| 

PeaDodj- bm | 

PenP^Ai 

Peony J. 

Pea mob 

Peoprra Drn^'^.^..] 10* 

Pe^eaGms. J 34 

eep*ico .26* 


23h 

29* 

16* 

22 * 

205, 

20 

7 

23 

24 
80* 
31* 
28* 


23* 

28* 

19 
22 * 
205, 

20 
6 * 

23* 

23* 

80* 

31* 

29* 

9* 

33; a 

26 


Perkin Elmer. 
Pfcer 


.1 25* 
J 33* 

Pheit* Dudee-J 21 


Pfcil»lel|«hb Kle.(- 16* j 

Philip UffiTii....: 70* 

Pol lllpa HKn'B .1 
KiSI4 ury — . — _ 
PltneyrBowe*,.... 

Piisnei 

Plft«»ey LW ADB, 


30* 

335, 

23* 

18* 

19* 


243, 

33 

21 * 

16* 

70* 

30* 

355, 

227a 

18* 

19i, 


; lun. F ««-.: ur,. 
j lui;. Harre.ui.. 
i Inn. Mm a. t bem 
i la 1 ..' jliiiini.'O..--. 
: I net* — ......... 

• Isfci. Pa^e-..-i — . 

1 la:,. Beuiiiier... 

. I nr:_ ie-. A le .. 

; l'.u» U*- 

. Il limrwatlioa.. 
: -i-.ziHa.ter 


23* 

34* 

345, 

18 

la* 

39* 

10 * 

28* 

525* 

20 * 

27* 


25* 

34* 

35 

18 

IS 

39* 

10 

87* 

527j 

10 

277a 


Polaroid J 

p.^mnec- Etoc-.y.: 
PPG I miimPte...' 
Psvcter Gamble..; 
Pnti. ser: Eiecv. . 
Pulraaa. 

Pcrex I 

i^uoxer Oat ■ ' 

Kaj .M Aniarkan-l 

llayiheaoii :... 

IIC A ; 

hepumic -reel— i 
Be^crtu Iztl. i 


48* 

14 

25 

85* 

227 S 

34* 

la* 

as-* 

156a 

46*. 


473, 
13 >0 
24*. 
8570 
22 * 
36* 
15* 
237b 
16i, 
.46* 


I Si' _ 

fcourtwm Phcirfc.j 26* | -26% 

SouthemKairwayf '.4fe5 4 [ 40* 


CANADA 


AtriUU Pfcpw.l J 
Afpitao Kac^e.. 

AhMaAtaprinfinl 

-A*rnraSreef.: 
A»beoto«„^_ 
itankof StanUbaJj 
Bank-SotB-beotial 
BoaleEwourees^ 

-Bell Tel«ditme„ . . 

Bow- Vattm- Ind. J - SS 


1.-16% 

- f,-5* 


s*. 

463, 

w%- ; 


: 38* "l- 38*' 

r-.i-.-25?.. 


1*6S^l 4 T. : 
'24V ; 25* 
213. I 239« 

65* i 69% 




8 P Canada.'. 

Hrfrm , 
bflDTO. 


UamfieorfflnaH 


t 

15S, 

J8.50, 

.58*. 

OS®* 

12 

J* 

30 : . 


Canada a* 

iitfi lmn Hie PjiwI 

>81% 

Uul J 04* 

Uucftpiii: lor.r .K*.-j 
Gan. super. Oi*J • 70.- :■ 
UwHac^XeetH ;W t 
Gwetor Adwt4n j '.’9%. 7 

ObJefaitK 


18* 

16- 

48AO 


' 153- 
J2 
M; 
29 s, 
tei% 
24* 


63... 

4.30 

•9* ; 


J ,467ft, 1 

CntWHegL.^:.-.-..! 31* I 


'26* 


fcnothiaul 4 98* 

a’o’l Banoharea.’ 94* 
Sperry Hmcti-— i 355, : 

fcpenjr Hand 1 • 41* 

I 2870 

Wv. 


Squibb.. 


fctaataxd Hnnd^ 
fcifl.UuOailionnaJ 
did. Oil Indiana. 

aul. Otl Obtu. ; 

S binff CbeimcAl-| 
fccerunc 
fckndebaher. u . 

Sun Uo._... I 

Sundatmnd. 
Symet 


•48* 

t?i J 

3770 


. 88 * 

24*. 

18 

4i*: 

88 * 

23% 

46* 

-•53Tg 

37* 

68 


recfcnicolor.— — i 
Mu niiir .... 
■Teiedyite— .- — i 

Telex- 

Tenecu - 


145,1:14% 


57*' 
59 ‘ 

887a 

34 - 
10 * 
.44* 
94 - 
A% 
3079 


67* 
•'38* i 
• 88 * 
53J0 
10 % 
4470- 
92* 
.5* 
30r e 


leNmPetioteanii 
lauco. :.»..! 

Taic««jpif» •• j 

lexas Sa>tem._i 
Xexaa lnst’m^.^ 1 - 
t'erasOil A Gas, j 

1cm L*Cllrtic> I 

limes ins/: } 41* 

rimes Minor - 28* 

CiDiltan 46* 


8 J 8 
8»7e 
19* 
37* 
80* 
30*. i 
80 ’ 


Trane. 

I'raa-nwnus. .-j 

iraasen. „J 

Tcsa UnloB^.. — 1 
Tran- « ay lntm..j 
lean WnrM Air -i 
l rarrer^ [ 

( n^. ant mental ..i 


37% 

1620 

187b 

89% 

82% 

28% 

33* 


7% 

84* 

l9ia 

36* 

80% 

30 

. Z97g- 
41* 
88 J, 
46* 
367a 
15* 

.18% 

89% 

22 * 

17% 

33* 

17% 


i'moa Oil & &aa^ 

■rmv ;..j 


5*.}- 43,- 


« 6 * 


L^nCuyj’ Pmtl : 30.* 


L AP CO 

CGI ... ! 

Uniievpr.. 

CTol terer NV i 

Union UuicDrp.J 
t’mon Carbide. 

L mou f.timmart; 
UsWD Oil CalU..^ 
LTikM Ru^lir — --j 


(Jpiroyat.. 
United tkaoris _ 


L'S iianeorp„. ...I 

Iftl — -Z_ ’ 


31* 

44% 

17% 

41* 

695, 

27% 

36* 

- 8 * 

57 

51* 

8 * 

« 2 " a 

27% 


36% 

30* 

30 

•46 . : 

18* 

59 ’ 
27% 
36% 1 
8 * 
6710 
58 ' 


Ufc Gypreom < 25* 

Oi-fchoe... '^.-,...1 84% 

|T : S Steel ! 

Ltd Tedinnlojftej 
GV ln>luvines..' u | 
Virginia £iect....j 

tTat-reeu ,.) 

W amcr- Ci inm a. .1 
Warner- Lam urn Ch 
W aite- Alan'menT! 


Wdk-Kuso. 

ii Uancvrv 


Weitni 
WoMern N. A 


22 * 

38... 

18i B 

14* 

25* 

45* 

24% 

89% 


U^.Bali«irtt.J : -. ; 12 *. j 18* 
Cotuums Ga&~j 19 .- j .19 - 
Cme tteMnrccU 5.25 [ . . 6 }J j 
OauiB . - • ') tlO* 

XJudd Q^fa — U.J 12 % 

O anl won Sliuof j ilO, 

■Dome MlnEt--.—. 1 . 81* 

U Oftio P^xoteam4.8 1 * 

: Domintnn Bndc«' 88 -: 

Domur J 21 * 

'Uoponx._ I 1470 

Batabn'pe AtekeLj 30*-j 
"Foal Hutcx-CnnJ: 71 :f 


i tiOig 
12 i 8 
71* 
82 
Bll a 



-.BIS* 

15 

29* 

i7I 


Geoatv. 


:34*' 
. 161* 
34V 

44- 


SB* 

Gfaute Yeti*? JmileJ id* 

OnULUii L'anaijn. . * 34* 

Hawker ShLCpiu, -8 .' 

Hofllpeer. 40 ... 

Tfora^yKl j44ta'. ; , 

Huawn Bay Mnc ' 20 -j J . . . 

Hvuoe Hay_... 28%- {. 22 * 

HodMJoOuAGas 47* [ 46% 

CAX_ :• 17* 1 ■ 177* 

IcnaMco ._• 37 T 37%; 


Imperial OlU.«-i 24.. L 24..- 
fnco — _.| 1 8tp 'I v 


Inoa — 1270 - f =. iih 
Injsnd ^VaU Ga>4 11* 16a 

lafp.r.WpeUo^ * 6 %^f 16%; 
£alMr Ketouw* 18 L-.'TB*: 

lanrt Pin. Goat.- - 9* T S*. . 
Ujtrtaw Com. -B 1 -4JQ t 4.9i 
ifimid o UtooLJ 22kT.‘ 81*^- 
Stai«;- femurnn* '- 11 ep <13 
Ntcloiyee .—A..: 24% i-84r. 

Uor.ire Ccxjaa..t;., _J4 ' 35% ' 

Mountain fctatelll 3M [ '2J15. 
NonuMaUint..' 36* * -36%. 
Nuirea l^et^y 19* . O.IB.,/ . 

SIB. Telecom. ~i.j 36. - J- 
J^omiic Oil AGaS{ ' :25%-_j. 85^ 
:<Saircoa PetOMt 4^1^-- 4.70 - 
|4 J acidcCnpper>r]- X.SQ;1 ,1-7^, 

PacWcPetrriean) ' 60*-/. 60* 
Pan. UaruPein wml - 38* - 


PaUuo 

PeophaOept-fc—l 
OlofrihLl OpJ 

P lMUlI arMupmi 

Powgr LWprjntt "n 

’Pbee — lyyA— 1 . 

QaeoiirBiinsmi.r 4J84 

Baager •Uil 

-HeertSte nhwe lri lOivj 
liui AiKtun_„. M .f .33 ig.5 
Jbiyet 8 ^.ir CanJ 35%.^ 
HOyadCrcbt } 18* 1 


5% 

8 %: 

27* 

S47 8 

as* : 

22 % 

37*- 
17% 

14* 

245,-< 
i 48* 
f 24* - ’ 

i SS 2 - t TuHwn« u om.iMU t az * -i .• 

SHt- SIS r«w CafiPt|*Lar 1 8* 

23 I 23% t Elmos MoancUye:: 9 l 


U» 0 * 

-■ . 

iaapwi 32%; * . 

S B»S I Ulkili ;.t'16*,-f ."'.‘IB* • 

SberriU G.Mfnnj 8 . }, *, 
ile&euUlG: — 37* |. t 87%'. 

igfsfesd 

Steep Book linij’{9.69. Jr'^Tdr 
Tei»itMCanBda..:r_48 -' i 

|Ti»aaa Oi w .B t J T22 * 


■Warn utb'« Klc< .17*'; 17 if SfflESSSiSS^.So&i * 


26* i ' 86 * 

Z57 b ‘35% 
31* . -83*- 


Weyeeo_ ( 26* 

Weyerboeoaer. ...; 86 % 

Winn pool. I 20* 

White Con. Ind-! 17% 
Wrlllam Co. ._..} . 16 
WiaeoniiiD Blectq 26* 


.259, 

96* 

aov 

17%. 

15* 

-26* 


L nldimcoeXtatef 1Q% 
V aiier Ufcvn 38 ,, 


aaicer nine -j. „ 

W^^caat-aaSr dl% ' 
Wnam.Qfo— l. 2 &* 


t Blit . SAejced. 
.1 ■ IfWw 



GERMANY ♦ 


PARIS 


■f-i.T Dir. Y d. ; 



Sow. 51 


Price + Vi Die. 'AM. i 
Fr*. . - .'Fn. % ; 


AUSTRAthA 


Towrot 




Sot. 2* 


a small field, brought about by 
the continuing hard ground on 
many trainers' gallops in Lbe 
south and Midlands. 

All nine runners appear to 


a winner here — could well pro- ^ &K "- 

vide problems for all his 
opponents off the 10 st 3 lb mark. b*y*r-ve_-em-bk .i 

w a tricky event, for which 

have some sort of chance in this Strorabolus is still not a cenain 
inirigutug 3 J-mile event. runner connechonr " ‘ 

The new ante-post favourite in a ^ ,er . walking the course this| 

morning — I intend taking a 
chance with Banlieu 
Another race for which Morley 
has hopes is the 2-miies Berk- 
shire Hurdle. Here Banlieu's 
junior stablemate, Heluan, will 
bid to follow up a 12 -length j -• 


732 ; -i 
371 , — 2 
363 -3 
&o5 —4 
511 -14 
800 :-3 
556 —18 


njany lists. Approaching, seems 
fully entitled lo the support he 
has been attracting in the past 
few days in view of his fine 
record here, as well as trainer 
Josh Gifford* continuing runs 
of almost uninterrupted success. 


DtVJ»ra 

Ueirwg J 

LMil^-.-b- Dank ; 

Urwdtiirr Uauk_.. t 
UyckfcroolT Zeml. 
UijtehitfnuDg — [ 
IUj«<« Lc^vd • 

H*r| «oer 

HvMi -i 

Hoev-l,...._ 


79.9 +Q.2 —I — • IbHiie*...— ...... 

4s,2 —3 ; 31^i 3 8 i Airiquc U vt'Vt 

2*2 '-1 28.12' 6.3 | Air Liquate 

134.2 —1.6 16.76, 7.0 | Aquit»int_ 

139.3 -0.7 18.79- o.7 i iSIC - 

3i5 — l 28.12- 4.5 j B-.-m.VRue 

3k 4.5 —5 28.12' 4 4 B.fc.A. Umm- «. 

161 —3.5 -: - i t*rreiour 2,100 —37 

228. 1 — 1. 1 26 . » 0.0 [ '- -G.K 384.0 -6.5 

o7 — • — j G.I.I. Vioiivi — l.uOO —5 

335 -2.5 HO. 12 « 2 - Cir Uunm rv. ; «*>4 —2 

255 --2 26 ob' 5.2 Cl.i.. Mrt«rer..._. 499.9 —9.1 

1/5 — u.5 17.1b- o.9.t'itdu t-.vr.Pr'rt; 

311 -u.U 28.12, 4.r ; 1- rKj^.l Luu«, 

2-14 .*0.4 26.12' 6.7 ! Uuuwc -....' 

lol —O.S • 9 J 6 - 2 . 0 ! t'r. Petn.' e- • 

238.7—l.a .ldifi 3.8 | Gen L/ccideoia^ 

s9 IW.tR. 7.1 1 ImeMi — 

Jn i 

Lii/irve ' 


4*i 0.6 i AGMlL'(2ouefliiij. — 

21.16: 6.7 Uimr Anrfiwu....'.— [ 

16.fr 4.3 ; OIAT1L-M i 

2&2& 4.9 ■ Am;«i tbploracioo...-...^ 

18-85! 2.7 i Ampol Fteoteum— 

42 i 6 J ! A i*oc. Miaenl* 

406j 7.2 Aboo. Pulp Paper SI...—! 
76 _ 3 . 6 } Anoc. Can. Indannes^.-. | 
31.6; 8.2 Aunt-Tbandation Invert— 
76.501 7.7 j A J— 

72 • 2 . / 1 Amilnico - 


Ad st_ 8 


Major Derek Wigan’s Golden Wingfield victory over B rids tow. I K,n umis«i, 


1=1 —1 la.bii 5.2 
1*4.7 — 1.1 lfc./b. o.y 
u9 ,— o.# 1 — : — 
166 —1.5.9.36 3.0 
141.5 14.04 4.9 


33.761 5.1 
10.510.1 
10.3, 4.0 
5.7i 9.8 


to whom he was conceding the K* r »i"di 1 329 —v -23.44 s.t. 


NEWBURY 
1.00 — Chichester Bird 
L30 — Koiro Scott 

2.03— Ban lieu *- 

2.35 — Connaught Ranger” 

3.03 — Tree Tangle*** 

3.35 — Hauser 


best part of two stones, on the] 
Surrey Course. 

Hefuan put up a polished 
display there, hurdling fluently 
and making all his own -running, 
lo win as he pleased, but the 
value of the form amounted to | 
little. In this afternoon's tough 
affair, I believe that he will find 
both Connaught Ranger and 
Gambling Prince too good for] 
him. 


118.78. 4.7 


Uhew W«i. Eiec.j 


.-'elivriojt 

'wmai ! 


Connaught I ai*t Zudnr 


Vision gelding, on his only 
previous appearance this season, 
needed to put in little more than 
a clear round to beat The Song- 
writer in a match for the three- Fred RimeU's 

mile Lionel Vick Memorial Ranger, one of the best first- {■ST B _ | 

Chase at the Vast Newbury season hurdlers last term, proved VK ha 
meeting, but few could have his fitness with a win a few days ywwnrawrfc-tm . 1 
anticipated the complete mastery ago. and he is my selection. 

despite the formidable steadier 
of 11 st 9 lb. 

Tree Tangle, twice a winner 
here over the minor obstacles, is 
my idea of the likely winner of 
the North Street Chase, in spite 
of the lack of a recent run. -In 


Kviitb-jt | fc.50 — 0.5;1B.7S 3.8 

HL.<.liirr DJllOC-.i 92.1 

KHU. Ib8.5 — 1 

-»ru(j ( . DM I CO. .... ■ 105 ? + 2 | — | — 

Limit. _.j 2c 2 I—1.5J 26 4.4 

Lo«-eQlif0uUlilOO'l.93Ll *100 25 I 82 

Uiruianb* j 94.5— 0.5 1 9.36] 5.0 

1:29.5 — 1.5 'la./bl 4.1 
i<e. 5 '*u^ ins; 4 * 

2=8 I — 1.8 -16.6S. 3 0 
706 \-2 IZB.IS' 2 0 

* 0.2 - 2.3 - ; - 

141.3' — 0.5 | - - 
ItO -1 1 26 ' 

26 3 .*1 ;38.I2| 0.3 

289 j-1.8 86 i 4.3 

2i»e ■ 'J7.»6; 3.6 i 

116.9— '.8 . 17.18 i 4' ^ 

160.5-3.5 16.161 4.8 STOCKHOLM 

131 .-0 7 9.361 a.i I 

294 ' 28.12(9.6 

-* 25 I S 2 


7I-A.A 

U*uM-nuun 



UuDCn*H«' UltL-K.i 

.Nw-kenaann 

Din. 10?i 


128:0 -2.1 
61.0 +0.6 
666 -16 
139.0 —2.5 
260 0 -0.4 ; 

56.95 +0.43 
1 15 -5 - I - 

238.0— 4 5 16.77, 7.0 

burn: ! 713 .—21 ! 15.871 2.2 

Uranm'l -....’1.955 , + S '36. 7S| 1.9 

Uaison- Pbcvnifc.' 495 !— 9 '3s.8 j 8.1 

Mu belin 1.230 >—20 ‘22.38 o.o 

Vner R+mi»-»«rv_ 574 '—4- 12.B I 2.2 

135.1- 2 1- 3 8.2 

199 19.46 lO.u 

78.0— a.l 7.5 9.6 
298 —11 : 10 1.7 

4B7.5— 4.0 '17.® 3.0 
244 —1 ; -1 _ 

428.5 -3.5 27 6.2 
573 -8 3o o.3 
X 24.4;— 1.6 I 9 7.3 
t-2.8'— 2.0 14^8 10.8 
1,850 -20 ' 39 2.0 
93.8 +8.3 1 25.6 8.7 


17-26J 2-3 ! .104. Ou k Gw, — ..J 


12 ' 9.4 


MiHi.invx _..i 

Pant«> j 

I'wJjiihrj ... , 

hfrnoit fti»au»t ; 

Pfwjcert l'iln«n.. 

Poelfcm M ...| 

Ofliliv lVcbuK|ue.i 

k-ilouie _! 

Ubuue Ptnjleai ■■...< 

;u liutam 

-ki*. lio-Mgo 

Sue*... 


g,_g r leieraw-Hjlqiie....! 797 —10 ' 25.8 3.2 
' Tbom-m Bnukir.J 238.8—4^ -IS.ial 6.4 
L'.mor _...: 14.75 — OJ6 — j — 


1 Vuikii»«agn 240.8 — 3.4 ■ 


.v 


28 


I frw 

- k»4MJ 


+ or 


Bfrmhxi Cieek GoW_ 

BlueMeui lari - | 

Bougfrlnrllle Capper. 

Ursmbte, ItHlartries — .| 

Hnritea Hill Pnjprleuuy.— 

HH Stuib.. J 

uurltoo Cm ted Brewery... ' 

C 8 B <5l) } 

Cock l >orn U«ment | 

i;al«OGJ.l „J 

Cons GaJdli elds All*....—. j 

ConUtuer (Si).— J 

Coaztac Kiotiato 

Co~i*jo Air-Lraln ... 

Dun lop Bubter 160 uent ) — 

BfcCOk—. 

EMer--niiU)^ — - '. 

Kmferrour Besourcas 

BJ5. ludursrto' — — 

Gea., Property Trust.. [ 

Hooker- : — — J 

1C! AarUalia 

Imer-Coppcr - I - ^1-25 

Jennin^fr Lmiustrlef. J T0.90 . 

Jones (Davidi..-;: 4 tL15 

Imuncrd Oi< MII — . ..J tO,3o 

Jlentiv bzpiorMiafi...J...:.I] tO.sS 

• Memtrwr MiamJv «... 

j Mill HoHlinas 
; Myers Hmpmun 

J >etr* ;.,r. _j 

NichOtt* IntenmtKmai.;....| 


iui 8 

tC.9b 

t2.<>a 

U-20 

tO:7S 

tl -86 

tl.73 

ti-80 

10 Ji 6 

tl.BO 

t0.45 

tO.64 

10.16 

T0.93 

*1j40 

11.56 

18.20 

tw 

11.67 
13.22: 
H30 
12.15. 
15.38 
13.45 
+3.08 
11.40 
10^0 
10.89 
12JS8 
tojai 
12:68 
. Jl^PD 
13.10 
10.76 
12.06 


Ljf.OI. 

• 1 + 8.02 


|+a!ia 


j+0.06 


'^ot-24 


•Prices 

Tea 


j 4-oe l'Dlv.jTU. ' 

) -,-tyly . 


AMllI fUmH-j . 

Csnun — v.| 
Csno ;... 


f- 0.01 

l—o. ns 


Chinan: J 

DsiTfippod' Print' 

Fuji Photo— 

i Hi teahi - - • 1 

Bond* Motor*—, 


■W „ , 

447 pXvf>l2: 
899 f— I t. | 88 
,400 ... - J 20 
611 V-fi.rJ'lB 
556 -J; j IS 


WUH 


.* 6.01 

*0.04 


-04M 
S— 0-01 


1+01 

+0.05 


246 

481 


12 

.18 


l+a. 

ra.~i.I- . 481 • , 

HuaseFoori 1.080 '_JS5 

C. Ieoh- 238 j 

Ito Yofc*db,....r._ll,S20 ' +10 . 

- 759 4-1 

^.'2.78U f— 20 

Knnsal Elect. PwJl, 150 +10'. 

EamuBd.— —I 376 L - 

-KabOl* 286 1+1-1 15 

!--iC lo* • 


12 

30 

13 


10 


1.9 
13 
13 ' 
2.5 
Xfi' - 
1.3 : 
E4 
t# 
1 A l 
*£■ 
o.s-_ 


1M0DIT!; 

iocoa i 


..1 


0,4'. 

314 


Lfl .01 


wllh which he conceded 16 lb to 
that opponent. Lengthening his 
stride at halfway. Approaching 
jumped his way further and 
further into a commanding lead. 

At the post he had a full 30 
lenslhi to spare. 

David Morley's Bury 
Edmunds* representative, 
lieu, lightly raced in the 
two or three seasons, and 
time highly-rated recruit to now that the field has been 
steeplechasing, is reported to be reduced lo a particularly dis- 
in particularly fine heart follow- appointing turn out of nine. 


I BRUSSELS/LUXEMBOURG 


^..U- hi-j... 

A I* Um rhr a*. #| 


y&T. 


Hn * 1 + . 

1r-. ' — 


Dir.' 

Fr _ IV 

,\M ' ‘i 


AT. ml _... 8.050 * 60 

SL the opening event, Div. I of the 

Ban- Soeen Novices* Hurdle J :;“;^ oei,u -' 1 

past Chichester Bird does not appear kbe* "'a.ooo 

one- to have too formidable a task Ki«iro*+i. 'i- 08 ® 

Pannijue A«i 3.1 0 


llo 

100 


>i.ooa> 


1 1 DUO- 


.1 OOOi 


SPAIN 4P 

\ercmber 24 . 

Asland . . 

Banco Bilbao .. . 

Bunco Atlamico 
Banco Central 
Banco Extenor 
Banco Oknl 
Banco Cranad.i 
Bunco lii.'.pano 
Banco IniJ. i'ar. 

H. Id 4 aiiidlturraneu 
Hanna Madrid .. . . 
Banco Poyular 
Banco Santander *2." O' 
Canco (. rt)ut)o ■ 1-iHlOi 
Banco Viauara . 

P.an<-o ?.ar,nozano 

Bankuriion 

Emu* Anrialvcia 

Babcock Wilcox 

CIC 

Dr^vadof 

Ininoban:! 

E. 1. .Vra^OHefraS 

L'flpanola Zinc 

Ksjil. Rio Tinto 

VetSa 'I.OOvi 

Fcnosa il.iKIO'. 

Cal. Prcclados 


Per cen: 

Ub 

an 

278 

243 

3% 

200 

1 % 

231 

172 

ISO 

216 

212 

US 

318 

23S 

234 

143 

US 

« 

82 

1 « 

63 

36.50 

mo 

50.75 

ass 

59 

59 


flmro Vcla=<jn»r <490' 
Kidrola 

rbertuero 

Olarra 

PRPcicras Reonidas . . 

Pclroiiber 

Petrolcoa 

S.imo Papslcra 

Snlacc 

So?-*fisa 

TcKfonica 

Torras Hosicnch 
Tuba 'XT 
Union Eire. 


165 

63 

70-25 

TO 

37 

US 

171 

39 

« 

. 177 . 
78 
75 

TO 

59 


+ LB 
+ 5.75 
- I 


+ 1 


1 UB 


U.B. Inu-’-tSm X.t80 

umaen l.s40 

GHL.Bna L l.aTO 

dohoken 2.630 

ir.lBrwm .1.1:55 

KraJioiLaiik 7.100 

[a 1i*<\*ie Bfy^e..'b.i20 

Pan UL+'inu r 2 . 6 bU 

fetiiinnii o,293 

sue. « - mi. tAuque|3. 50 
vkj.G«i. B+i^e... 2.005 

TotiiM '3.248 

•••'*« 2.-60 

iifrction b ed ...Ji-790 

LL*B .1.250 

ln.Uin. i.lu. ,34 

V in ne Moo t*a ne.‘ 1.790 


\ KA.M-M.' 

Aim-! Lvvvc-' K I £'. I 

rlli etiui ! 

■Mi,-..... 

; -. «iUu _i 

j lejiun-fl 

— I t-n-i' iik 'ii'.kia^ 
a 6 ! c-nc vii 'b' -htcir 

8.5 I ,.* c -H- i 

" . I r'WrU I 

1 ; Umn^e* < Free i 

Hiin.lmiMikrn ,j 
ilnra- mi 


.^1 

I 


b.l 


177 

2U <3U 
—6 il7u , 

-rW : 5.8 I .Hn iaj, liuirtolj 
— 8 8 b i 6.3 | loutjrik *«' fir.. 
;+30 I 0O j 0 . 8 : ,.K.r. •«* fi^... 

rS gT j I S"*kiA.. 

■-.5 ;142 , 7.d 1 rau t^| K .ip. Krrfj 

;.. . ..:*9u j 4. 1 - l 'ilelio m 

325 ! 5.3 | V oi+o > Kr.ii i 

2.8; 

3.5; 


197 
147 
80 
120 
50 
llo 
IfcS 
226 
117 
K -0 
290 
98 
5u.O 
379 

125 '... 

58. 5 -1.5; - 


; Dic.iIThI 

^ | .Vurth Bnrtrw R'ltinn 

* . _ > rkb.-j— 

5 ' 2.0 


3.4 

S 6.2 

:*1 | 6 O 

I , 4 8.0 

' 'Ufa-S 1 

lu;4.4 

— 1 Id. 2a 


I 


Oahfcrtdf^. — ..} 

On omicb 

Utlor Bxjnonuun 

Pnmeer Uonrrcte. -j 

Kecfcrtt A Oi.m+n .1 

fcL C. 3!oit;h_.— 

ouLh lamL Mining 

I -pargoe ExplamiOB — \ 

4 . a I Titilh i Si.: j 


■+1 

1 


tO. 13 
' fZ.35 
+1.07 - 
1240 
10.95 
tine 
11-54 
10.09 
10.32 
11-69 
12.70 
tO. 63 
rOJt 6 
10-26. 
11-'/4 
.10.73 
11.56 
tl.64 


t+fl.BI 

-0:18 

+ 0.01 

1 + 0.01 

+0:05 

i-OJH 

-fl-to 


) KyobvCeramic... 

13,400 

(-10 

MutausbttabnJ— | 697 

L_4 , 

HisniblBhfrBankJ 280 

— 1 

.HituubfeiuHescyi Z2S 

+ 1 

SUfcobiriil Ubtp-| 424 ■- 

— 1 ■ 

Uiliurl £ (Jo _.l 298 

— 1 

Mil*ukt>shK...i._-j: ■ 637 

-6 . 

Nippon Denho.„ 

1,580 


Rlppon bhrapen: 

880 

+41 

1 Moton 1 . 662 

— 1 ., 

Pioneer — ... 

-1JS50 


SuiyoEletnc 

270 

+ T 

fcckJru! PYntaD..„ 

943-. 

-2 : 

Shiseido 

U» 

-10 

Bony'. 

1.620 

-40 

Ib+Ojo Marine— 

261 

SA 

r.Tafcoris Cbemical- 
TDK 

'45B' 

+ 11 




Tokyo Marine 

028 

L 3 f 

l i'okyoBle«Po»r*r J 

J.02J 

— io. r 

i'okyo oasyo 

343 

- 1 1 

JWa.c™. ............ 

174 

+4 - 

Toshiba Corp : 

146 

+4 j 

lopXM Motor— 

881 



- 0 .M 

♦— 0.01 

I ...-.f 


35 05: 
20 LA 


10 ! if" 


13 i 

-13' IMS 
.14 i 2 JLa 


20 

15 
IE 

16 
48 
12 
30 
80*. 
40' 
11 
15 


i. 6 - 

G.5T 

07 

13* 

1.5*. 


o:g- 

2.2 

1 . 6 - 


lOi 3>» ; “ 

« to; 


10 

20 


3&i. 
1.7 
2 .9 

3:4- ■ 

IA 


. Sourra-Kttko Secnnhex, Tokro 

VIB4NA . 


M 


:-#.024 GieMiUuutall 

+04 1 Pdlraon-er.— 


I+ojmI 


; «2.55! 

l +45 .lbu 

j _'2u4 

+ 20 '14u 
—15 :i IS , 
;+i5 *.\ -»u| o... 
:-tu i7u 
.+ 50 ■ - 
.T 14 50 

i + 60 1 - 


5.2 i i 

b i 2 8 i 'McKern Ulnuie t50o«nw:| 

4 j 41 'T\2 - 

-| 4 ;Ja^™bam_ j- • 

Olo**: | fi-iee . ^-.jr _ ;Di+. lYld 

_ ! Not. 84 Fta .!—*=( * 

4t5 -8 . 3.73) 2.2 ’ 


i — 0-0 1 J nrtient. 

J+fl -01 1 levrUiuh'B-— 
LO.OI I V+U. Uasruelb... 
I+0.B2 I 
1—0-01 1 "• 


row i -fr or | 
* 1 -- ! 


liiV.JYnl. * 

% U.-- 


342- ....... -10 2.9. 

2TO I. 9, 3.5 

615 .t-t 38 l 7.0 * 

6.1 — 1 - . . 

200 , B* | «fl. 

262 4— v»- * I IO 4J> '* 


58.5 -4.o I 7.7 

lol j u I 5.0 

1 4.0/ +0.5; 5 7.8 
58.0— 0.5 •- | - 
87.5, + 2.5 1 a 6.9 


AhobI »Fl. I5UI — - 
AfcmtFi. 2-> 


5.0 


Algem BoktFi.iOO' 
AfiF _ 


EV (FI.101-.I 
Amnv anfc (F!^Dl! 
Bljpnkrrrf.::.. 


112.0 -0.51*18 
39-7 + O.tf - 1 
368.0. + 1.6.j A21L' 6.4 
86 '..,.,....1 60’ o.O 
75.8. +U.4 i A23*j 6-2 
91.0—0.8! 4b \ 6.7 


‘ ik-ka Weatmi FiD)[ ' 130 ■. j ,60 j. 63 


6.8 


+ n-5o 
- 2 • 


I Switzerland * 


- 2 


BRAZIL 


piiii 




i. nu- Y''i 
Uiv • i 


Nut. 26 


Price i+w. D1 t.|Y1.1. 
■ - ! 5 I % 


- 3 

- a 

- 0-50 

- 1 

+ 0 .S 0 
1.75 


A »— -im 

bancom un/i ...I 
Ih-iiii luii HN ...! 
Ue 'Iir»i,rnUH 
lor*- \nr»-i . i i.l* • 

IVtnit-nt- HH. 

H.r» I i.li 1 

»•+<.•- 1 1 uz i»H ..' 
U:i- Hk : 

l - p ■■'in |V, .- HH. 


u.83 —0.020.1^14.11 
l.i 2 ; J.lt|9.30 


I A.uimnlora 
tua • a ' 


... 1.125 
.. 1.665 


L56 : ;'u:ii!0^v^.7 1 *L lu0 . 

1. 0 l-0.02<J4»fc(8.00 t* 1 '- 830 


3.18 
a. 11 

1.38 


-0.b2 J.Bt: 6.28 
J. 14IS. 16 


Ua Uey., 


642 


ij.lt: 11 J3 

ri.31 ,-o.v8;0.«J9 52 

3.7 , Jjisjj 38 

1.09 1 — 0.01: r.lr'W-51 


Credit 3in?H._...:2.i66 
bieulKmaU ......... 1.780 

Hi+ lrar il'icorgei. -43 


; — 5 : 8 

: io 

+20 I 22 

•+ 1 \ Z2 

[ r IS j lb 


iu ! 

9 


3.5 
2-9 i 
K.L: 
2.7: 
a.5 . 
A. l ' 
8 . 0 | 

4.5 


dotftuBD Ht Lcrt..t6.600; + 4c0-1100| 1.*, 


TumuTcr Cr.fr4.Sm. Volume 33.4m. 
Source; Rio de Janeiro. SE- 


nnccs exclude « orcminm. Belgian dividends are after 


NOTES: Overseas 
withhold. ias. 

• Dili! denom. jink-ss oihcnclw suiod. 9 Plas. 30fl denom. unless olnerwi* 
dared. ^ Kr 100 donoiu. unless ailn-nvise siatfd. <6 Frs aOfl denmn. urufi« 
otiiereisc sui+d r Yen 50 dt nom unless otherwise stated, i Price at time o* 
auapcnskiii a Hlonns. b Sciilillrus. c Cenu: d Diridtcd aPer pcndinC raMiU 
and or ^crip issu,.-. c P+r share, f Fr-r.« - Gwn illr. %. h Assumed diviaena 
after sen i* ami nr ngh:s issue, k After local uses, m % Uz frw. n i 

ini'ludinc Cm lac d-v. p hom. o Share split. , Div. and yield exclude W««i 
i iridicai*d div. a I’nofAda! trad ms. r Minoriiy holders out". »f Jaerser 
• \sfc-d ‘ Ful 5 Traded : 5-ller r Aisnmed v Ea nSt« 

xc Es scrip isms, xa Ex ail a Interim since increased. 


ifii. r-in».n b.525 

Inlonoud B -4.6 6 

Jeinioit ilr.lUOi... 1.-.40 
Ne<-I 1 Q [fr. Hi.".... 3,095 

O.X Hog 2.250 ! 

Uvrlltnn B< 2.600 

Pirelli o I H I E. kOi 2760 — 2 


25 
— 25 
-10 
—85 


110 

21 


1.7 

29! 


21 I 1.5 ) 


W. 24 

Hr Ire j -fr or 
Kronei j — 

jY 

jYff. 

1 * 


1401 J._ 

1 11 

1 

7 9 

Uxn+ke Hans j 

125i ? l 

1 12 

1 9.6 

1 keti A-iaiN.-(.a...l 

136+4 '— 14 

1 12 

8.8 

r raan-tniikdi 1 

150i<i+ 1« 

1 l * 

1 10.0 

Itrcraetlet 

341i+|+8l« 

1 12 

| 3.5 

Iiir I'kprt 

83 '-1, 



Hnnde.»iaink 

186 1«! 

[ 12 , 

1 6.7 

G.N'Ui'nH.(l\r*i' 1 

ZOOiij + la , 

; 13 1 

I 39 

Aupl Kal«»i | 

181 ;-i 

; 12 I 

1 66 

At, in Imlii-iri 1- 1 

223 -i„ 1 

! 10 1 

! 4 5 

■^■iciatn is | 

12514—5] : 



I'nvRtlnns • 

1301*' 1 

m 

9.2 

Hrokiii-Jajik ■ 

1351*1 : 

11 

e 1 

-,i|'h Jlcren-en.. 1 

370 ,-1 ; 

12 

5.2 

ujierfu : 

1631ji— S ij ■ 

; 1 

12 

_ j 

7.3 

MILAN 


From ; + or ■ 

Div. 

V .. 1 

- 4 * 

Lue I - | 

Lin-. 

ii 


burComTwrP'.-W 


. Hemehev «Fi. tob 


6.1 


\ H no let U-fFi.lOCi 
k.Ul. cFJ.100:... 
i iDr.MutleriFl^t 


142.5. +0.5 -A574 1 9.3 

71 | ;• 94.fr! 4.9 

38.4—0 frl UQ | 8.6 
24JQ-QJ3! 14 

' 35.S-I.lf - 

21 . 6 +o^ i 1_8 

i28.aUa.3i' is 

44 . 3 ! 1 19 , 

Ill Ul (48 I 4,4 
57.7 -0^ t 81 1- 7.3 


0.6 

2.3 

8.6 


JOHANNESBURG 

MINES • . 

NOtf^Ubersi - " Ranir 

Anglo .American Corpn. ... . A26 - 
Charter CnsdMsri' .....*. riffl 

East Drief anion — .. 1 126 

Elsburg ... ; US 

Harmony 5^4 

Kinross — U SJ38 

Kloof .. .w;..' 10.00 

Kosantrars Plantamri ..U . LSS 

Sr. Helena — T . . 15.90 

Sowhvaal ... lag 

Gold Fields S 8 ‘. -SL 2 S 


—nr— 
+OJO *• 
-Oln . 
■HUB 
-t.tl! 


-*•-25,;, 


•+04 

+9SS 


Union Oorporanon 

De Beers Deterred 

Biyvoorottdebt . 

Ea« Rand Pty 

Free Stale QdduUl - 

Preameni Brand " 

President Stays .. 

Stflftmteta 

WeSujtn ' .... 

West Dnefomein . ' ._ .._ 
Westers Hal (Unas 
Western 


+W 

7.95 

! S.70 

sj» 

2660 

10.30 

12 . 8 a 

5.83 

■74^3 

mim 


T* 1 A— 

+ 0 JB 

a 3# 

'*m tr- 
40.»- 


+0.30- 


NeiUlidBlt fFIJSO)! 2ia.tf + 0i5 i 22 i _&j! j 


«>GEAI .FI.IOl.. 

' nn OmiMreu.:.'.! 
ritltiK«a tKU20)..' ' 
Hhilllp.(FIJO;.._ 
KjtKfeu VertF 1 . 100 , 
C(*<eatlPLfiOj j 
KoImv-oiFl, Ul.... 
ICCTWU iPI^Oj— 
KojsiDuidfaiFUO: 

reubaxc... 

i wrevIn&tpfFl.iaM 
j Tokyo H+ 


.....! 17L0aa;+o.9|f 56 I 4.i ; AECI 


Deep +««»• 

18DQSTR1ALS u , 

^ has 


+0.S5 

+ 0 .K 

+4*fc^ 

+ 8 .W *» 
+ LW 
-«4»' 



28.7, +0 L gj • 8 . 0 1 Amlo-Amer. lodaxalal . .. 11 . in --024. 

144.5 +2.5 * — U 1 Bbrifrw Ttaild ~ ,-2... «.7» - *« 0frr 

45 . 8 ' j _ ! _ ) CXA lnvcsonenis if «e • ... 

24 5.' " r , ti ! R-a ! Corrie^ Finance 11 , 94 '. ;■**..- 

6o!3j— 0 . 7 * — ; - hldtastrial-..— .. 12 .« . ■' • — 

, r EdgMis ConsofliMted In*. . 185 UfrJE 

Kdgan Stores SS30 ~ ' 

ErerReady sa i.M ' ~ ■ ’ 

federal e VoOtSbelesstags. . tTS +ffia ' 

CreMecnans Stores 2 . 6 %d +0.05 


— ■ * » 1 w 
Si— o.7_ — -j — . 

j. 2 M 7 .B 


164 

132 

123J +U.1 1 19 Ji 5:8 


124.61+0.4 153.75 6 6 

239.8j + 1 4 | -20 ,8.4 ♦ Huft+ts ^ Tr” - '•i.ES% < rir- 


-■)«, J| 2.7 1 AX IL*. i 30 !„ 

*8fc./i 4.8* 


Tr \ ; K* ' SSS r? |S » fs 

— - xsa . 

r:r .is- 




IAa. pari l+ri-.a 
.St-nm-U+i l nKliXi 
snuer Ci i.Fr.l'Jii; 

ankiK.lub,: 


S»!a« iKeii r r_3ka 4.725 
Luicm tianu 2,960 


4a0 

276 ■ 

308 .—2 
787 —3 
i42 ,*i 


13 ■ !.*• Fwt 2.738 j + 61 r ISO b.B 

16 | S.«i U... Hnv..._ '2.150 I+116' 150: 7.0 

OSLO ' . • ;• ••' 

2b : 2.5 1 'laicmi-ui .21 390 —900 boJ 2.8 

12 , +.4 I iui-i icr 286.0—3,51 - i- 

■ +■ f U ' 

Nov. if ' J Brunei 

+ or | Die .JTtri. 

- ! t ] <• 


: + 25 
+ 10 


pJiTnpm 

p^ndina 

dicidend 


10 | 4.4 
10 | 2.9 
40 ; 4.1 
SO 5.4 


Alenin 10.700 +25.; 44 I 2.1 


Om-eiti Hri* 
P-tem 4 Lo.. 

P>i«i 11 fc;n. — .j 

tma l 'r«M 


11 x' 

riv 1. 

.&.... — -Jl.i 


275 —JO 
839 +4 

893 

765 I- 10 


IfcO' 7.1 
BJi 9.0 


Ufci gen tttol. ; 

ifrilrtsewr 1 -j 

Lmlitlanll..- f 

finsmar. .1 300 

trmMirlaaaeri.:U| . 1U -. . 
Nor»" dv-*t"*Erb I8L3S+U 


8.8 


1U2.0< c u 

62 5, + Orii, — _ 

117 8 6 
20 ' 6.7 

n i - si 

12 ; s 3 ; 


115.0' + 0.6 f 

IO I 


Premier 

Pretoria. Cement . J 

Protea Hold: mis 


Ra nd &O ncajPnwra$B + • 2;05.‘ _.+'eat> Jrt * 


Rembrandt Group 

Retco 

Sags Rowings 
StPPi .^ 3 ... 

C C. SmJrft Sobot -.:*..u..-.' 
SA BreTrerto. 

Tlser. Oats and Rati -8*1*. 
Unisec ;• i_. • 


3J0, : +9Jj3'2r .-.-* 

S54 - +-981 * V 

• xso- - j. • 

550' • • • 


5 JO 
U 8 
U 36- 

rt 2 


| fc ioretnand^. — ..•■■! 92-50j , 7 -['7.5 


I 


. v 

SctfuTifiesKaad : v 

/Discount of #.; *' 













^Financial Times. Saturdav November 25 1978 




IMEHNAT IONA LcFTO^N .C I AL AM) COMPANY..- VKWS 


W'Z'fZSvW -5 7 

— *•..■4 ' .J-. - wl 


- c • -"’V 

‘ • • ' 

, - ■ v - * t ’ , w i' 



■_»i 

.■’* .i- 


Volkswagen’is talks with FTC s«*s 

Nixdorf come to a halt I CoiEr 


BASF RESULTS 


Deutsche-Mark strength hits profits 


BY ADRIAN DICKS 

VOLKSWAGEN 1 AND - Nixdorf 
have abandoned -exploratory talks 
mat might have . led the motor 
bant to take -a stake in the 
. porous, privaiefy-con trolled 
computer company. . .Had it 
succeeded, such a transaction 
would have broken- new- y round, 
for VW by giving it for the first 
trine a major foothold outside the 
. $$r industry. 

•A brief statement >y VW said 
the talks Vitir ; Nixdorf had come 
to; nothing because of differing 
f jpws oq the size oF the share- 
holding it should take up. A com- 
pany spokesman declined to en- 
large oa this. 

' However, reports apparently 
inspired from the Nixdorf side 

made clear Immediately after the 
exploratory talks were first con- 
firmed ten days ago That Herr 


Heinz Nixdorf had no intention 
of surrendering control or his 
company. 

fa the absence "of any further 
information from either aide, 
observers here were assuming to- 
day that VW had. sought a 
majority which Herr Nixdorf was 
unwilling to Rive, up- li wa.« 
believed in f be- industry that VW 
was prepared tn • pay river 
DAI 500m (SCS5m> for such a 
stake. 

Attention now shifts to a Press 
conference which Nixdorf ha:, 
colled For next Wednesday. at 
which it • max give details ui 
alternative plans for broaden: n a 
its capital base. Speculation ha.-, 
.alternated between a -trirk 
market flotation for the computer 
company and a deal "vhercir - 
some other .large German 


BONN. Nov. 24. | 

industrial group would take up a I 
minority slake. 

Herr Klaus Luft. Nlxdorfs i 
deputy chairman, wjs quoted l»y ■ 
l he German news agency. DPA. • 
as savin” today that “an attrac- 
tive. 26-year-o!ri li.-mehlcr un- . 
riuuhicdty has several suitors." 
Herr Nixdorf himself ha*, ruled 
out the pnsMbihly lhat any uon- 
German company will win huG 
favour. 

Meanwhile. VW appears for the . 
time being <u have no other pox- • 
sible diversificaliun moves under 
as advanced a stale of discussion-, 
as those with ftLYdorf. .-1 imsef- 
ing of the VW supervisory Board 
today, ai which the Nivdorf deal 
was i ft have been raised. wa> said 
in have only routine business 1 
before ii i 


merger 


Tax plan for Credit Agricole 


’ BY DAVID WHITE 

■fHE French Govcrntncn: ha? 
reached a compromise with 
Credit Agricole, the country j 
J argest hanking institution, over 
Tft-oposals to regulate its 
activities. 

"The agreement, reached las: 
high! with M. flene Monory. 
Economy Minister, brought 
mixed reactions from other 
fianks, which have been (.Em- 
paigmng vociferously for niontlb 
against whai they claim to he 
unfair advantages accorded to 
Credit Agricole. 

The farmer;' bonk, a mutual 
credit and cooperative body 
v£bose capital is joint ly held by 
its 3m members, has effectively 
succeeded in watering down the 
Government's plan', which it 
refused outright earlier liiis 
frionth. 

.-Nevertheless, wo important 
restraints are being placed on 
its -privileges. First, its surpluses 
will be taxed as profits, and 


PARIS. Nm. 24 


secondly, it wifi suspend fo i 
three years the opening oT new 
branches in towns, where it has 
no official competence a lid where 
it is providing unwelcome coin- 
petition for th'c other tranks 
Both these measures are rather 
less stringent than they were 
when first proposed by the Gov- 
ernment. The 5tk per cent tax 
on surplus*** will, be applied to 
two-thirds instead of. the total, 
while -the Crtdti. Agricole's ci.r- 
rent plans for branches will be 
jilowed to go through. . 

■The two sides reached a com- 
promise on the bank's area of 
activity. Until now. it has only 
been able to make direct loan* 
in rural communities of up tu 
7.500 inhabitants. The Govern 
tnont has offered to extend this 
ceiling to 10.000. while' tbe ;ban!> 
sought to double it to J 5.000. In 
the end, they settled on 12.000— 
a figure which is expected to in- 


crease the Credit Agricole's ' 
number of t-lirn-Ls hv some iJm. 

The bank, whose balance-sheet 
plac'-s n number three .n ihe I 
« arid, v.- iff brt afiuwcd tn extend' 
)X activity in fin-ancmc bus!- 
nc-i'% engaged dn .storing, pin-! 
■ -and selling farm pro- 

dm Ls. including for export. 

Fro in darmary lajfl. it \\:il lie 
:ii(»}V.T-t| v, finance small and 
luedi'iiu-si^.-.d enm panics will, 
le-s :hnn lfiU employees <■! rural 
.-iiriimuni:i'--. even if they arc' 
um-onnoc; r -d with agricului-v. • 
The goujniiiv.'.nT has also 
.•illcivcti inr an easing of » :*i sf 1 1 
limits for farmers. It will pro- 
ud- for a sci level ol nou- 
Mib.-uliroii loan;, each ear. .*nd 
hangc i he present system .if 
.l.fte-hacked loans to give ea-ter 
ex* tu credit fur young 
farmers and stuck breeders. 


By John Wylei 

NEW YORK, Not. 24. 

GRAND UNION Corporal Ion, a 
subsidiary of Sir Jamrs Gold- 
smith's Gene rale Occidentals, 
is racing a legal haute with the 
Federal Trade Commission 
'KTCj which lias decided tn ir> 
to unscramble its recent SI Mm 
merger with Colonial Stores of 
Georgia. 

The FTC is filing a i-omplaiiit 
in a Washington DC federal 
district court, the course of 
which will hr closely Followed 
hy merger and acquisition 
spec ia lists. This is liccausr ihc 
FTC has picked on to its con- 
ventional complaints thaL tbe 
merger Is anti-rompetllii c and 
In violation uf federal securi- 
ties laws, llie novel argument 
that Grand Union hate chosen 
a more cumpi-lillt r route in 
Irving to break into the retail 
food business hi the south cast 
U.S.. where Colonial operates 
.178 stores util of its Georgia 
headquarters. 

The FTC alleges Dial lh.- 
reiait fond business in nian> 
towns ami cities where 

Colonial operates is already 
dumiiialrd hy a feu large 
chains. In • some market .. 

Cuibiiial is the leading rood 
retailer. The FTC argues that 
the harriers against entry are 
cignitirant. and the cnnthiua- 
tioti of Grand Union uilh 
ilolonial I* likely to make the 
|iros|ieel of fresh i-ompi-tilinn 
even less likely. 

A< s first step, i he FiT is 
seeking a cnuri order to force 
ttraiid Ciiiou tn maintain 

Colonial as a “ separate 

liable” entity until its 
administraitt e proceedings 
against the merger arc cum- 
pic led. 


i by guy hawtin 

< BASF, like its two main cuin- 
ipeiltors m the West German 
icheniicals industry. Bayer and 
• Hoechsl. has found 1978 to be 
a trying year. Altli-mgli voiuine 
demand has been i-easi>na!>ly 
saDAfaclnr;. r-r^H and sale* 
' tuve b«>**n h-ivi rj 1 1 !r. ihc fall- 
ing value of ;he d'..ilar against 
liie Deutsche- Mark. 

During the first nine nionins 
of the year cr-v.ij. » a |i— i «rt-*- l*> 

■ just 01 per cent — from 
; DM la.Sdbn mi ISRSon 

ikXIini — while group pre-tav 
profits were d<».cn 119 per cent 
frcin DM SKXin i DM TMini 
iSdflfitoJ. Un.- tlie factors 

jflcvuns profits js ;h.- decline 
' in the dollar’s iMfiii* whieii 
depressed the glovith rale ill 
overseas subssd:.iri.--. 


Herr Ernst Deiuei. BASF's 
finance director, said that each 
one pfennig decline in the 
dollar’s value took DM 3 6m off 
the group’s profits. In October 
this year some DM THai was ’o?l 
in iuieign exchange transactions, 
bill unis was offset by a DM 35n: 
profit un fnrcign exchange de3ls 
during the course of thw month. 

Some 40 per cent of BASF’s 
mvuicca were siinsniiled in 
Dcut<che-Mark>i. wiiiie herween 
20 and 25 per cent were made 
oui in dollars. The rest were 
Mi'.ntuied in other foreign 
i-uriencie* 

According to Professor Matthias 
Serf cider, chairman of ihe ton- 
ccrn. the first nine months nf The 
year were marked by utisfai- 
ti.ry production volumes, bin 


price levels were heavily under 
pressure, particularly iQ the 
bulk plastics »cctor. ’ 

For the year as a whole, the 
group was expecting cash sales 
to expand by a mere 1.3 per cent 
lu DM 21.41m. wt.ite Ihe parent 
company's sales were expected 
lo remain at 1977 levels. 

Pror. Seefelder was unwilling 
(o make predieiicms about divi- 
dend pro*speci< for the year. It 
was still unknown, he said, whai 
would happen (luring the final 
quarter of the year, and dollar 
fluctuations could have a pro- 
found effect cn the outcome. 

Overseas, ir had been decided 
to close the Wyandotte soda 
plant. Synthetic smias, said Prof. 
Seefelder. were nm compel it ive 
with the newly-developed natural 
sodas. There -.con til he redun- 


FRANKFURT. Nov. 24. 

dancies among the 600 employee-^ 
a I ihe t ’.S. works, hut tbe hulk 
of ihe salaried employees would 
be transferred to other BASF 

opera tion>. 

The group’s U.S uperaiirm 
this year was expected in show 
an operating profit, in haiance 
»heei lernis. however, they would 
f-nd up at best at neutral, and 
ai i.nrsi in the red Un ihe other 
tiand. nc.\i year the “spring 
cleaning" should mean lhal 
BASF’s U.S. operation would be 
back on a profitable footing. 

Losses in the plastic sector 
amuunted to DM 20m. while oil 
refining losses had been cul from 
DM 155ni during Ihe vuniparahle 
period of 1977 in DM 70m. Capi- 
tal inve-tmeni for 1979 was fore- 
cast in be as high as the current 
tear’s DM 1.751m 


Rise at Pioneer 


BY JAMES FORTH 

PiuNEEK «um:i:ktf So met*. 

the interiiational quarrying and 
building prod>ii-', group*, is ex- 
pecterl in I’ai-e ii- profii fur 
197S-79 .by 15 p«.r cent :»• 
\S22 5in. lh<- <-h.,»inian. Sir 
frislaa Atinv*i. i..ld -nareholdcrs 
; today at the .muo! jiu-etia^ in 
Svdney. Sir Tn.ian raid lhal 
-ie-pile conMniiing d;Hii.-:iH trad- 
ing eondmon-. pre-i:*\ profit*' fm 
the first four ini-nth- were ahead 
of Those I ur ih* 1 -jiue period 
Iasi year. Fun her improvement 
.•-•js expected from ihe n\er-ca- 
grnup operahnns lmi he warned 
'hnl U might m diilu-iili hi main- 
tain rhe level „i pi-.,ntabi:i:\ in 
Ihe Australian group 

A ronunuaium of -a; i.- factory 
Trading rexurr« v:a-- ox uecied in 
Hung Kong, ihe I’K. and l-raci. 
while operations in South Africa 
.md Portugal -hoii'.d entinue ai 
ihout ihe ^ame level* a-* in 1977 


SYDNEY. Nov 24. 

197S The major 3reas of con- 
cern were Spain, lral.v and West 
Germany, where recent results 
were un -at isfaci ory 
Sir Tri.-Um wa» *-jiiafied that 
detinue progress was being made, 
hnl the prolilein* \.ere nm so 
»imp|e a- )" mzble on over 
nigh) iraDsfoniiaiiiui 

lie also revealed plan* for a 
ASSUin mull Fell rivncy medium 
term loan which will enable the 
group in rc-arrjnge i*> nurriiw- 
*nu- from a secure basis in 
ii n mtu red. The faiility i» in two 
part- — ’.vilh I no Australian In- 
dustry Development i.uipuralion 
providing AS lam u-nn loan 
fund*, and ih*- Bank of New 
Smith W.de* providms bank 
line* of AM0;n. Haruliros Bank 
of London has taken the lead 
role in arranging hank syndic a 
lion of a further i;s<25m Euro- 
dollar tacihiy . 


Alusuisse warns of fall 
in earnings this year 


BY JOHN WICKS ZURICH. Xov. 24. 

THE Alusuis-se group, headed by D-Mark will not he felt until the 
the Zurich coni pan v Swiss Alum- final months of the year, i-osls 
i mum, expect a painful drop in »»«* decreased a« a result of 
. p . , me nujnetarv situation, says the 

earnings thts year, according to H[>ard h|ll ^ a , efeer ratc lhan 

a letter sent io shareholders n, mover. 

today. Gunsoiidated rash -How. Dcprc via lion is expected id i'C 

which had risen sharply in 1977 slightly lower in 197S than Iasi 
to SwFr 51I.»m iS2»Suii. may i»c year— when it amounted to 
down by some “fi per cent. SwKr 359.6m — also as a result 

Group turnover in the first nf ihe higher Swiss franc, 
three quart ri> nf 197S was lower Gapital investment will he fully 
hy 12 per cent lhan for ihe enr- financed by funds generated 
responding period nf last year, during the year. 

This r- u resit 1 1 nf the upswing Business of the__ chemicals 
in the Swiss franc exchange rate, division, whose IH77 turnover 
without which there would have had risen tu Svi F'r HS0.3ni. has 
hern .m mm-aM 1 nf 5 per d*ni l»cen disappointing, with turn- 
in the value nf sates. The full over down 12 pci cent Tor the 
impact of the decline in ihe rcla- first nine months. There are no 
live raies of the dollar and ihe signs of an immediate upswing. 

Increase at Hudson’s Bay 


France plans stake in Dassault 


L’Oreal rights issue to raise $87m 


Commodity OFFER 37.6 
Trust BID 35.7 

.Double : OFFER 68.0 
Option Trust BID 65.0 


Commodity & General 
Management Co Ltd . 
10*12 St George's Slreat, 
Dougfarlsle of Han 
Tel: 0624 2 5 015 


BY OUR FINANCIAL STAFF 

THE RIGHTS i«.ue proposed, by 
L’Oreal. the , French maker of 
cosmetics, will- raise some S87m. 
a figure broadly .in linn with flit 
level of long term debt shown in 
the' company's last published 
balance sheet 

The funding operation is 
planned Tor the early part of 
next month and is ihe lalt-st th 
a spate nf rights issues rececDj 
from French industry At ,-n«* 
Umei'last month the FmvH i-jnily 
market was shnv.-ing a gain of 
almost 75 per cent ;,ver,its lnv 


P'diu of February, and although 
;h:i* , '» prices lia\r ea»*d b'Wer 
*iiii«eqL.*ni : y 1 lie ciiiualc could 
**5 *1 ! be fa V* i '.»*■:! Id«* l.u* cnuipames 
, .vi*! , :';i» t r. jap church eiders for 
if;’' i ea;*t-t.». 

!• i’i; i - nr i.be m!I*t ate nin-fm*- 
lei';* .11 rl-’i "|!I{» a -hare winch 
r M i.r--.-'*oi j ..hscuunt nf . Mim** thine 
ii’ifc Gur-l »«*.er me current 
Mnc! market once for itu* L’Uivai 
‘•hati-i. The cuinaJiiy nukvs the 
jMlUf-ihai Ihe 54.7 pc:* eertt .*bare- 
itcMinc he’d by Sueieie •iesparal 
■■■.ill i.CJl change ui t rc*ull of 
!!:<*._ ujc re a>c iu c.iptial. 


L’Oreal suffered a sharp set- 
back in profits last yar when net 
earnings diupeil by jiim* -10 per 
ecru *.« l'Kr I95u:. During the 
lii si six iiioniht *n i97S rhe cmn- 
panv showed I'seJ? to hf ree-ix«*r- 
tng v.ith noi carman*’ rising by 
iiuarier on 15 per gen* groA-th 

sale*-. 

Tl*e rmunanv r>*lai'*i{ ih** 
reenvel * !u *i v i.T-eas c'.prfO-SMi!. 
j reduction in l*>ses ainuu*:< it* 
Italian J>ar|io operations and '■•■’.'t:** 

h deM*ribi*d jf " exccotuuial " 
arnwlli in tl.>; per fit mo and 
IkmiiIv division. 


BY OUR FINANCIAL STAFF 

i 

’THE FREN'GM Governinenl's 
pl»n to acquire a blocking mino- 
: ra;> uvterest in the private mili- 
’ I ary and civil aircraft company 
. D:*-::it!l Bresuel has reached the 
drufl st i*s* e. 

Under ti:e drafi Bill fur the 
197S supp’enienlary budget *ub- 
uvred to -the naimnal Assembly. 

Govern men i plans to take 
Ji per cent *>f Da.s*<a nit's capital. 

S.nce the «hai'*s will have 
voting rig-'nr-.. the Giucrn- 
.i will , obtain a hlocl-'ing 
iii'ii'.niy. 

The ' iJexv" Supplementary 
’iieigei. tiie year’s third, provid- 
•n; fi-.- additional aid to a 
ei-.ob.r of ttidiimalised or Stale- 


controlled enterprises, hrrags 
ibis year's deficit to FFr 29.Sbn 
compared with an initial estimate 
.if a deficit- of FFr S.Pbn. 

The Govvrninent'< move was 
fore* ha do wed in the middle of 
l»*t year v%hen the cabinet 
approved a partfeipatutn of one- 
rhird. Since the F)as.*au!i con- 
cern i* primarily a Stale defence 
con liar: or. the official holding 
ivlli give »hi* Government effec- 
tive control of it,*- strategic 
:levi* ’un-making. 

The Government, said then 
lhal liie stake was being .snufiht 
“in order to rationalise the 
■li uctiii-e* of the country’i air- 
c-afi ciui*tnicl>i«in tndustry.” 


BY OUR FINANCIAL STAFF 

HUDSON’S BAY COMPANY, the 
major Canadian department 
*tore. natural resources and land 
development group, lifted net 
income for the third quarter 
from Oii 10.67 m or 76 cenis a 
share to CSl 1.72m or 7-S tents, 
on sales revenues up from 
Cklhn to CSI.lShn. 

The dividend is 22 5 cents a 
share, an effective im-reay of 
4.75 cents over ihe previous semi- 
annual ran* of 34.5 cents. With 
I his payment. I lie Bay is chang- 
ing ili polity from semi-annual 
payouts to quarterly dividends. 

An extraordinary gain of 
CS4.6II1 from the disposal nf tile 


Bay’s invest men i in Glenluet 
Distillers boo- ted the final net 
income figure u* flk1fi.32m or 
C-Sl.fiS a share. 

The company is currently 
involved in a hid for Simpsons, 
the major eastern Canada 
department -tore chain. The 
offer price of C$8.27 a share 
values the Simpsons equity at 
CS3S8m. 

The Bay s»id that sales from 
merchandising operations con 
tinued strong from the last 
■luarter. and it expects this 
trend lo continue through the 
Christmas season. 


».«. Index Limited 013.il 3466. Three month Silver 317.8-3*0.4 
29 Lamoni Road. London SW10 OHS. 

1. Tax-rree trading on commodity futures. 

2. The commodity futures market for the smaller Investor. 


- GOMMODITIES/Review of the week 

- Cocoa price reaches new' 


cast-;." S. f.if" :•! !m>nic 

lji t - Tim.«-.-r -. i 

!: n.. - 


BASF: METALS 


-..BY OUR COMMODITIES STAFF 


COPPER — C amed ground U.rvualUiUl 

On iu- in lairij **m-i - o-i m* 

I.uRUuii M.-mi .’’isi-’i ir.f. Mi. r nn-ii:'.x 
ai L~:> io--. ar.l m.-:jl 0 in ilu- 
il-.<-. al ih- ■!.«> s hill-*. I- .iii a’ 11 , 
numb- r.-il-i-:n/s fer>i.au. • A a furil".- 
Ilall i*j •„ ar. iiaus.- mm. t-i I nTvar:! r»i.-iai 
s!ia.i>ii a Ns.- ..I arcuini :tl >iccr III. 

Tumuv.-p u.'-h 1 104*11-.— 


•iirmi.c 

*.*.• i.. .i 

1 1 nr.- r*. 


•+"' , I*-’" 

— ( n. -i.i. 


Ttirr- mo nl I is I*a>r. r.j 5->. * 
r i.-.iiii.|. ■ **.! ytr cmn. 

i. iiMifh.-n! ci.i-f. 


three, ntonihs quoin i ion was * -"■ l ' - <<9.5 -a 747 5U5-6 -' .i- •<> -*.•■-•■ 

L-11 75 un ■' ii-.iii* ii- “ST .0 < 6.0 7tB5 9 - V.S - — 

UP ’ . *.-u.’...-i.i 7M9.5 tH ..... 

Lead prices al*-i» ended the 1 1 <S| , »- . ’. 7a ... _■ 

week on a buoyant noli- follow-' Ain-il^in»:.\| m.IjI rranmi: r^>-.r;.ii tn.% . 

iiig predictions lhat wurehou ‘ > n d'- niMnmiK i-ni« wir. i.jr< irjii.-i - — • 

alOCks would he InwiT P 1 r ‘ :n - "’“*’ 1,11 ‘fc 1 *’ 1 ’ 1,1:5 ”•'*• ’’••• 31 l.ai- 

i«r i: U d , ( . U* .J«li .rn . mr... . 515.55, 

WitfKer yya/nst tht^ [ r.iuurhs nsr». nT.r- Krrii V. Jn-l'^r^ r.ibli JJ!.4 |i 

n'tovprv in Jilt* doJJjr h£?Jpc*d i ?:• Ati.r- ij JaS. 2|* 

biid-1 m'nial in . noon iv.r. har. .Hi - mil- •>. .. 


'iT .0 <6.1 TtO-jy 
149.5 -.a 


.SPECULATIVE BUYING pushed r_ ro«‘iDnm-"" A Otiioi* base melalv v.-c-rc gener- 1 + • ■ i--"* -4— r 

'. prices on lbe London 2,40 ^ - *^ - — — ally higher. As expected cupper ,,, i*cli: — — si^ver-.-.i vr 

> .figures market to new 1978 highs /ia/tai stocks'inLME warehouses were t llai;'. 1 

_ yesterday afternoon. Tifo March - CUCUA -* down again, after the previous wirobaxs . ^ 

- ppsition ended at £2.1Sfi.5 a tonne. week's fall, and further docliim ~ J6o 5 7 7c-o • e.4 •• .u :■ 

up, £33 on the day and £43 on the 2 ^00 - IBSMS -j i» torecs.M Cash wire ha r.s gaim-d l/uT'Xi -jhn 5^ '7 ,7e59 5 V , L :., . ' 

-; week. EarUer March cocoa had 2l$ PBSIHDJI W n4 - 5 >m 1761) a tonne while thciCithoAcn ' • i- : . -.^w 

reached £2.197 a tonne. [fiTfifife 1 three, niontiis quotation was , -"* 1 ' •• <<9.5 -3 747 5U5-6 -'’.i- • a .-».■• • • • 

^Dealers attributed ills rise P iBlIDia r £11.75 up. .......n.-.. t« 7.& <b/< Ttesv -v.s 

: tttrinly tD “bullish” sentiment. „ M. tJ ‘ . 1... „ „ , *,l^ , r' 1 ' 1,1 * q9 5 *•■.• 1 ... h.h:-., 

n ^ ^ 

• '• tfa. 1 i * W ' i!»g predictions that warehouse ' n nwriiiiiK 1 1^1. vir. i,jr« irju.-i - - 

-■ advance, they said L f p, SJJ . ^ -tit. ~... SM.ai- 

.ylh' the morning mghcr prices ill • w ^w U ./Ji.,, I" 1 ,, nct *•' , 8,u,,,d *' - :nr ■ , • -. 5:5.55, 

' Were encouraged bv rumours that 1 om _L a ■ Jl Wiaxer *torl*rig ayamst the [ r-iumh.. rjr.. ..t.: Krru v. ir.-iorv i.ssii ■, J2! <|. 

swre encourage a dv rumours mat i 800-k Ij .Lrth rvtoverv in ti/e dollar helped i iai mri- ui-r.ih- itt*.*.. t; au.y n jiS.z,. 

this weeks Ghana mam crop pur- j f IJr * ’ b..usi mV.mi v-iI.o.s in r.J.ievti ’ w.r.h ir . .0. - •>... 

■■■ ciase figure" would be only 12,000 1 I I ff 1-1 ' aiu J :S |n I- •». •■* ri.n lu .i.-a »ir e ..- mms. . 

” luhties However the figure was i*j Mlvi.r moved agaiusl 1 lu. > K.-rh wmi.at. mr. .- mmuhs nr:,, m. lm_— ." r| ...Mr 

; >S i V ,978 earher downward movement :*-*- >>- fV jV^* T? 1 

-xkb t n n(r«a in-.rL-oi ,.-uc t.600 1 :i 1 " . 1 . ' ' — t — “ — - * tn gold. The Loadnn bullion' tin—mowcii up r.iiimrinp ii-.-v-s m ibi* .m . ■>. , i u , ni’ 

^/The London coffee ntarkel was M J J A S O N Jiurkiu fivinu vr<t*-r<1:>c ninminf .lililuary I’liup in flnll-.’lM. AlUTi.tSinc.lo h.’ .,H . lii 

' dfflmnated by heavy support buy- v "- U-,- fi ?„ Vhi ' I7 - a !? *tr wani '" roI,<J '* ms ,h * ■Jou-mum ™ J : ,'n' l.s 

ina bclicvcfi In he nn behalf of , . .. . -15.50p up on the week af ,h.. p P nang marV.-i jii.| fonuaws .if , \ s 

' nrnrinAnti ed Mrhirt. e n ?„hpW ,he London Natural rubber 313^0p — an all time high in -an wi-ivaso m nud.< i^rwaru mcioi 

^.P^dueers which pushed the niarkci ro£c -. 75p yesterday to ‘•ter-'.-iny term^ •«•»»’ ?■?•*< *»' -he Uotivc. m 1 ' ' ^ ' ' 

'.-■•tpHiary futures position £S1 W E n , I.:,. n„i fha ... , ; coup n^ws. niL-rcalicr Hit- uncc not iual«*,t 

■’ hreher rm tho wpck tn £1 484 a ^ WI0. Blit dealers .*.aKJ ulC h roe market platinum values.; narrowly orlnr io cloiiiu nil Un tan- k-Xa-Uv/A 

- tnfnn 0n ' rise simply reHected the closing rallied sironglv gaining £12.05'^”* ■" f »r i itatnm- un u, t - w . lh ua i, i aill 

- aadtrlrlng med of tte J”' > > l Dec ^ h " •»- '"?”}■« I**8» •» *“« JS! 22 * - S5f. S'lSr. 

market appears slight!'- “bear- market was encoura B t*d nj news. • . iiuto -n< »• c*m 

Uh - ^ut with Latin American Tin prices rallied yesterday confirmed vcsicrday. that Ruslen- TlX ’ — i«.«i + - ” 31 r "- r,! '' 

Producers meeting in Guatemala following news of the Govern- ^45" Platinum Mines of *^?^th - - ■* • • i. , *i« i 

an j . a nmriiifwpc in monl coup in Bolivia— the Africa was putting its official High Brans l c - - ii.ih ■ i..- 

’ don'^bSh to dfscui price sup- world's second biggest tin pro- Platinum producer up from S2S0 !, "i’ ull *; TMatSS S I « “ 

•'port measures potential sellers ducer. Standard grade cash un ro woo 3 n ounce. Suri.-mt . 7400 +50 i»..- . .21400.; 

" are heins ’ understandablv closed £40 up at £7,365 .1 tonne With an adjustment lor the ■ Standard -Un.-i. . 2i.3B0‘ 

c«tttous Thf Guatemala meeiing but was still £145 down on the ft I m (he valne of rterjing !‘*^ Ib> :JS 72B59S ill S .. nH\ 

■ n> of tie eight-member “Bogota week. eai Her in ine week. -rhe 1 1\ plan- sc,i, eni -, . 7305 *50 . . .- 1&0.0 1 

’ g/oun “ which claims to have a In Malaysia the Straits tin- mun producer has now been ; kimmi-. h. Mesa iz . 1.,, cisao.i 

support fund worth ctl40m. price fell heavily dunng . the Ml tn its highest ever level nf . - fib7 00 s ' , -‘* '-'" J0S 

ytg- _ verv nnier week prices week from SMI, 93$ to SM1.F5S a fiao an ounce, up ±14 un the i .uomina siamtara. .jnIi i« ■&*'.. mr.-p sai-s ^ r* « ■ l . i > 

- nn'lh# uini-U Lnr iriarku pnilpil nirill reHecliaS reduced con- week. ! mcnilha £tJ9S. SO. M. C.JM. rrjwi. K«-rt». Inlcrn^lional Cot 

' Pn the world sugar market ended picui re.iecLLo &jn _ ^ _ imernafianat Nickel of r ana d a '»»"«=•"! Ihn .'’ .»*^ Af ™" ! 


SILVER— .-.I vr -.a. Iit-.il a. if on mill- • 
I I .r 1..1: li'-|l\.-r> HI III l.'. a.llr 
Ini' * V, «irJaj* al VII..'.. IS 

. I.' -Ml" j- M :,1i TiXiHS .v. n- 

-. .i; -. - r- a,. * V. ihrr. -innmti ..lS.Ni . 

* l.in-l, fiil 1. ■■■• i a- .i:i.l 

’ . L .-.*'i ‘ .. uu .'i Tn- i»i-IjI -n. -I 
i- -.'ll . ar rt tin-. .I j. 711- 

• it - • ■ 


•a, i..ii : ■ <i>rn n • om.iry «?Itmii uja 
• i*:.- nnrl.. ■ .J..-..1 lirm -III 
V 1 I r. |ii.r* . 

*..• ■ • -V/Iieai: la,i '•* .-n ^l iw 
*.: ••' .-'V i.i- i'i'.i-. Si-;«: 

. •'* Bmlev: Jji, «! 'M- 

I,.- . "Gl Hli V1-1 .-.« IV -A ..11 


IMPORTED— WhMlr • V.' l„* \o 1 Ii; 

Ji.-r ••I-..M. . *.4.*. T.l'inr.* I ?i. 

*-j Par:. r.i >iir.s-n '... j ;i p.-r .-m 

\i.'. '•!>«■ !'• . . .1.... a.|W Tram- 

fc'iiliuii-— I.’j. i .«j*: i ..<. !Iat il V. If,i-*r 
* I"' »• r -r.n Ij-, vr .*1 K.i*l .ia*i t'K*’ 

’.. Malic: t-.> Kr-in *i umtn.iu -I 

■’r.-iii-h . HU .'.il L>,. lUi.bJ. Saillli 

VI-.. .-.Il V.-.1-I.- Ml. I . Ja.1 I K. NiiHilt 

.v:ri> Ml V— 'Ii. . '.n. tj ..in. I.7.V* I i! 

. B-irloy: Knslivti. I'.-.-tl iuj unmiDI'd. 
.. . Sornhum: V > atj .i>;aiioi-J. Oa»: 

^ !“>• l’I.!"!ia' ■-!! f". |I -IMlUnl-J. 

.’. HCCA—I.j. i . urm* 

. Other milling wheat: \ui!-j‘v iiri.niji.-l 

..!i Ii.-i.." mi ■• 1 Feed wheat: \nrn-rl 

: , *- "ii I . <t **irl.-v *-. i.ri.ili --i.-rt. Ii.-, un 


ms me total Inr :hc *wi; io 9M mnnes 
■ n/aiiiM VY> loiinev in Ihr nr. vli.u. ni— h*. 
Small irnlir* h.-r- tv|K>rt"il ihn-lt** in 
Si.ii'h Vnnrl.i.,1 aud Vlrl.-ji, *at..*. i-wn 
-..-r.- -onii'ului <li.||.rril ir.'tii ;iiiri-li.i«ina 
n*. :ii- ifvil ni nrnrs uHiin jI m.-i *» 
■■ m« ii.t iimiithI i-.t-rf ai in. ir Inuli.-l fur 
IS inu.ilhb. 

SOYABEAN Ml AL 


U.S.lWarkets 


)i*u-nlij ... 
|’I..S|" — 


liiiiili.-H 

ffc.ll.. 


. Il . I l:-.ii -f- i.i- 

i.-.'ii- _ 


.4.1 310.4a). -2.25 

-r-OS 318.25;. - 2.9 


buust mcul values in general. . ,r ; ^Z “ n ’7 '• 

JiltViir moved Jgaiusl I lie ' K.-n> Wml.ai. Dir..- innnlhi IT7h. 7S j. LMS— iiri.Mli r Hi ■.*.»*. lo:< of I.i nftn iJU'- >ui i r .hin III hnJ mr ,--.-iJin,.— 

e.rtier downward movmciu ; a. «. «■ ^ ’■* ■■ J” r Z, [ “L. B, "?,’iiv,“ 

in gold. The Loadnn bullion ■ TIN— Mowed UP l.illm.-inp Ii-.v-s m I.v JW.J. 111 . . iuj. tf«.4. 1S./.192 Kert» Inr-- L4 - 7 -’ r,;,1 i »•»! IS" r. *i flu.;. 

jturktt fixing yesterday mornine : l- 1 ™ 0 ' ''"“U * , }? r mumh-: .ih: pi. V».‘ AiTimoon xnr-, *tr-:u Nfrai'tsm-:! it. re»: «■: ,r*n 

via? 15 Win nr, tin l-Kc week if 1 follu *dic i hi- .Jon-nuirri , IIO , llh . :1 n is.i ip.;, im ,*i ml ■ M.-ur l-\:i-«— .vh j*. or Miv.-J Vvh.-ji 

Ur 1. - ne af h ’’ Pp ^’ lg ,,,;,rl ‘ , ’ 1 l "• J*-: 1- :• 1 is- K-m> Thr..- and Itjv I bi'ir i:« « -lMM- Uy-fi.uir 


• ,l ’ Tli- IK 'fK.fj.-: -r» .v. m.irjii ti.r I In- 

i'- 1 i*.-a-n*r.na MiCitit. ’.air mhi-r T.. 
II r— in-in .'L iij:..-*i| 

, ... EEC IMPORT LEVIES— I.r vi- * amt 
_ ' or. 111:11:11-' ••!?' 1— j- •» inr \<u 23 :ii ord.-r 

1 >»rr« ni I 4 i'I.ip P,-,- .Un *ii.j f.'li 

P'1.111,11114. KI.Il n't -.-!>■■■ 4 -., .Ifjrl.',. 4)1 

1 SS 111 ul1 " * 1,1 a'liMiiit 0 -r mini.- i:nmmnii 

’jo 11 Ik il— 7> ir. r.-;i nil >7’).>‘ - . r.'-si nil>. 

Durum vh<-d'-!l* J*. rr'; i!:?.-:* r-*i 
H-1-. Rv — r*..-i. r-*> n:' r-vi h-;.. 

B..rl'V— ■*' 4 • r- i'll n**i a.-- 

||||« — "PIS roi 11*1 ■ T? -.a r-'v> :ul>. 

■Out M.U'. "ui’i-T .Iwn hiSn.J mr ,■ -.-din;. — 
vs T.'.f.; r. *: n.l r->i in! ■. Pln-I'.l)- il 

s . n *1 n:I .n*i r-»i ml- v?||Vi— 


Mr. ... 1 17.70- IS. 2 - 1.15 I/.90 Ic.UU 

I*. I 2. 10 24.7a. 22.50 

1JB.70-25.* - 2.70 27.UD 25.411 
I mic Ii4.bfl 2h.fl . 1.9b 

\ 1 . IJ4.5A 26.5 - 2.0 
'I.I..I.I-, .. IJ2.6D-2G.tl •• 0.7a 

. . 121.50 21.0 • t.O 

•S jl> * IVJ 1 74 1 li.lv bf IW tui.ri-*. 

WOOL FUTURLS 

LONDON— Hi.- uur^'.-i Aita.ii uii 

. ham;- J ii. u -h:.il« .l-ar-r, i.pnn* tta> Ii* 

■ I'rn. ... per kit... 

Idjmlhd V"*lt'i4.‘\ ..1 flu. inr-* 
l.lfl'l V >u.l * I*. .4 — |,.*ll.- 


1».-. e-..i**r 230.0-37.0 1.5 


m s u «i. ini.* Lononn niiinuu ii»-n««ra up i.umvinp ii-.vs m f.ir ju.j. |*». . 10 j. tft.4. is..i. iflj Kcrti> 

Jim rkw fixing yewtrd a.v 111 or nine : „ A, 1 l .‘ i ' r '/if’IlM,!® mm'ih-: .ih: pi’. i».‘ AtTi-moon 

, cm .1 « - igJ’P pr»*jiiari!i'i TDUu'Adic flit* uouiunrn lt1 , ll(hr in iq« .<> , 1Q - , 

W03 .15.50p up nn the week af ,,, , h .- fwn ....irk-. J>|.| ram avrs : 1 i*-„ . ’k-h!! 


ml. M.-ur |-\ Vv’h . 4 ; or ,'Ii\.*J Wli.-j| 
and nr- i i.i, * r r:.. w - i;<i 44 ■ uv* fi«nr 
— Ul li <l.*l .4- * 


III. 1 • I, ... 
U«v . 
tn. 1 .. 

1 1, i-.Ih. 

1 IIiIm-I 

VI vi. .. 

.11 v | .. 


2 3*4. D J 5.0 ... 

238.0- 40.0 

240.0- 45.0 . 

240.0- 45.0 

240.0- 44.0 . 

242.0- 4fl.il 

24 2.0 40.0 ... 


RUBBER 


K.lll. + III l". '"I. + "• 

■•irtu-isl — * D.iilu ml — 


lici'r, s 1.1 n.r«*-. Mt«rpl> up-.,-jrd . ii. o.-u 
h'idis -.tf 11. r-‘nijiii Kioadr ilinniahiuii 
ibi l.i- r.-pi.riv i:,|| jn.1 D.iilu--. 


UNCERTAIN opmina on rh' LOhuPn 
phnval marl- -. . invert h:3h-.-r during 
■be daj i-'tiv:iu a:i a >li;hn- Ki..idi<*r 
uni- l-.-i. s and P. a. ri-pori-0 fh- 
M4 < jV*lali iaddKIi pr.o- *raf -*-57 -*«m»- 
■•••iik a tilfi .hiij.r p^r.-mb.-r- 


.2150 0 59.0 
2 1 .550 97.0 
2217.0 IS.0 
2700.0- 12 0 
2 I £0.0 1,3.0 
2155 0 10.0 


38.5 2 153 0 2 1 IS . 
r 33.0 2 l?i.O 2 lib 

4?M 222B.0-2K4 
36.0 22 10.0 2 ISi >'■" 
23. j 2130.0 217* ■ «" 

25.5 2UK0 2l2f 


v... I Vr iim-'.vv 
MS.*. « I—.- 


-I. I. .. •-•112.0 22.0 -cs.h 

sal- 4 4 i*'i •‘.•‘Ci. In.* uf |u :■■■ in. - 

lirlcrnirtionji Cocoa Oig&niMiion 


uauie wona sugar morsel cuucu r , . j 1 t .Up Intprnafinnal Nirkpi nF r»n*it!» 'Standard ihn-v mombh £7.>s Afn-ninnn o-ihs r pi P-nP j-rn * for vm- 

. little changed. The London daily sumer bujtng inlcresL On the J" " r : dr ^S ;ft«i.iant .-aah ir.*w. frw >4,: i„u, t a-.. r pr .,- :: 

•price which rose 10 £102 on London Metal Exchange an un- warned vex ter day that ir may «. an. k.-Nj- staudani. ihrtw nunuhn r..i.i> ..-.-r..-- mi t; • nn.,v. .*-:-ii.u 

■Wednesdav ended £1 lower on expected rise in warehouse soon be forced to cul deliveries l rr s>o. «. *1. as. it.™ «-r~c •' 'mji-. 

: balance at £99 a tonne. Dealers stocks, when a Tail bad been ox of platinum as a result of the ; lea d_f inner aiiioiwti 3 joujc m«u- 

“tuairte ai wb a w , „r , fn r . liinplhv ulnkp urhirh tlariprf al 1 ^1? s hinhosi li-v-t.. lunv.irl Du**.til V.IJrrLi. 

- cottld offer no clear reason for peeled, and forecasts or a iur icnginj sinkc wnicn xiartea av. opj . ni . d Jt ^ MJd llluivd „ p . ;5M ... , 

• the mid-week ri«sp ther rise this week were do pros- its Sudbury mines on Septum- W1B , r 0 the \i.-aLn..-kv nf merlins .«nrt Jr ’i.r.-.n,, n- r , -ui-,-. 


the! mid-week rise lher rise lbls ' veeK w ^ re 0 

. . The No. l RSS spot position on sing influences on prices. 


WEEKLY PRICE CHANGES 

~ : 

! -SCh’jjw lew — 

per rrinne ' on **?’ u 
, iime*- •*eeW U W' 1 

rimed 


her 18. 


jlhe firmnevv of 'topp-.-r ^orn a-st-v 


’ .\ -lie ml-. -I Mdi.T .>;-.*i.))i: in i.ond.m -.p 

1 r*. itx.ivl |T' acikriiil «4-n:*ni. 11: rponv 4 
Uri-st-l Kumlnm Lanihirt fTi' .-s hi Id 
: ’ Vli'jitv ,'iroiul. Iho aflrrnoon and sonrl Cl 

!' voIhuk- hiLs.ui-s* wav u-cordci alihouoh *• 


5! 9.’- 65. 00 60.90 61.00 b5.05-6l.9b 
62 50 62 70 El 70-62.00 55.00 62.55 
52.EO-6J.60 62.45-62.60 65.00 
65.5(1 65.40 63. 15-65.20 65.65.95.05 
37.65 67. ib £7.50 67.55 61.9b 67. 7B 
49 95-79.00 53.75 69.85 76.00 69 PD 
72 In 72.50 72.05 72.50 72.J5 73.10 
74.50 74.55 74. =0 74.45 74.70-74.50 
76 75 76 90 76.60 75. »b ,6.30 


Sal-- U ■»- 31 i irmn<>> and :.i4 ilV»- 
u * nf I", luuilih. 

l'h>M>al -.)••■ :ns pr:«..-s >hn-rrs. w-rr. 
■ -.p jau. u? lip rj-. K-h 


■ , cuw'V 5 Th? wbu^.fhLT''' ■-olunH- huiaiii'vv was ncurded alihouo: 

m arou/d ^fJSn ill S X ,h ' rc *" r ' <*•«“ «•>■««««« miuiuaunn*. 


SUGAR 


Wheal __ 

No. 1 UetlSurmu.! £M. r 2 £> +0.2S £90 

Am. Hr nf 

Winw 'Vlrt.i' ££7.25 -6* J 

'-hjt.UtflinstaeT ei.-j,. £92.i ^-u.S 4-S--0 

T*V?e, £3,975- - 

Pefnw. white. . 12-7&C. -t&fi 

bfacL £1.715 -100.0 SE.»uO 

Oils 

roe.jiiuifPhlfif.-.'ein. Mt* +25.0 
Hrol mrin iit -** 1 — 

UjW«L Crude .... • £356 “1°. 

^WuUlatavmi S«iS S44J 

• Sfl wft 

Lfcpeu PbllippiDem.i S5W -16-0 *360^ 


Metals 

ITj,:- ! l-umiuiuiu.. 

. fiw VltlH -4-1- ■ 


|ttf iHtim * 
iiircv’ 1 
■TllrfHil 1 

“II 

WITH 

Vcm 

«si<> 

Ul K ll 

L-fl'-* 


LVrU 

ftli' ■ 

tl.lpO.lK' 

— 

fcp.vlli*.' 

■*1.200 


— 

J._. l'i* 

i 1 .**■*, 

iSi.ii76.7j» 

— 


02.1161 . 


i previous day Later ihe myrt.-i *as 
•neady with rorhard mnal Ltidinr ai 
. • 1393 J on ihe tat-: kerb, a week’s nv- of 
; around X12 Turnover S.S73 lonnei* 

j J a.ai. q- mi }..iu. + "i 

LEA II OitirisJ ' — ruxiln-im — 

I '« 

f‘.4*h.. - 407 8 +4.76 409.5 11x5.75 

‘Vmuiitb. . 390.5 1 +2.76 391.5 2 -2.2a 
1 .Sef-i 'lueoi ' 408 - 5 

. I'.S. ripH- . - . . '36.58 


ih- rc M.-n oiii-- iniiilnium flUL-iuailnna. LONDON DAILY PRICE >rav «ua>i • 

iffJ.iUi isanie. a fonnr »:r for \o»- -Dee. 
i •. .Jt-KU v r sliiMneni H'hn*- sttSur daily pnte was 

fi'KKKf 1 l.iir + Bhmi!.*** ijx-d ai i|iii.on ><ianie. 

• ~ — J "Hr I-tral LTNdLi W*re some jo points above 

- per i. m nr pr*-viou' . loaina level, anri ^inaU saia+ 

- • - \-..-re rrwjrdert. reiMirte • Czarnikou 

\...rti>l»i 1595-1600 -D5.fi 1600 1596 Hm.-i ifr. h»*nci uS'nnc* drvcluncd at 

-Ifiuiutr, 1463 1485 + 25.0 1487.1465 ih- Mali- anil Ule iliarkLl tell ha>.H. lailtr. 

\|m, I. .. 1 .>53 1354 -29.5 1355 I3i5 yironR Jiew Vnrk fain la non- taiised prlv f 

Ms, 1289 1290 -10.5 1290 UTo il- nmi.-r axaln and t lasins pn.-r. nw 

■ ul v 1238 1 255 - 27.5 1 2511340 only -iHiiMI' he|o- ih- h.- 

S. riejul-r-. . 1218 122* - 28.0 1220 1210 a.., K „ " 

N .wimU -1 . 1186 1200 -28.0 - t + -ui.lm . I'tat Ku-.n+a 


£e.0lt • 13.-V- 
5;.ij|. Sl.Tir 


; Copper 

i •riTWlI- L‘hi 
| .■ iuI.i l>--. I 1 '-. 
; Ljilii • 'B!lir*..e+ . 
J Ilt*-lllli 


£I fi 0.? +14. i _ ITr.hA.7b 

fnh.Jo 1 1 1.V‘- l>rf ■ £<*•-. V • aT-;a.j- J Tnliri 

£746 +15 , £fc4e Cl l*.-. Cnflf.-- ; mDr 

-+14.i> i lyii.ji i'lix £ol4.»-- 
nSOlaCa l.i ■ »ti-l.n'^.-. iM .Uf. hi' ••.!*-. , 
£410^5 +11.25 L'.>lT. W i4.V.? Lai. -.2 '■" L ^ 

Cobl.ib + 11.7b: £3h?.]2b X+U.: SU^i.i* \ g c ° 

C-.w Ct.’-nr 

-l.fcB/82 — i St.r.'AL.L* *:.l At. 13 ' 

£lie. + 14 £f«i.-.. Lly6 K * .}?* 


eilu 4567 X4ID^& +J1.2IS £>»7.r. 

A'a+is I i nu mil.* CoVl.ib +11.75: 

seat* fc»ii |NiW , • „ — ^ 

, tm M .4*182 - ; St .w,L 

I Kibiiiiuo. jh :.••• ••• 4Tls6 4 14 t £A:.' 
S610 ' S372.& I flev Vlarfcei ,.-i . / LI7L7S t£?.C 6; JL'92.40 

53U sa»+ j (juicksiu it '7611*...- $138 .1 SI27foS 

Oliver per c:+ ..*• oII.Sb - ;+-lo.ts] 

! 3 month* r^i iv... ‘ Jlfi.Njp ,+14.7 )' 

£2.211 , JCLAll )Tlu.ii.+li ’ *LjjBS :-»b j £6.B20 


— I-V' '-.l.'i* 

106.00 08.25 107.55-07.40 106.75 07.7V 


mild vtarrli .. 112.20-12.25 1 1 1.00- 1 1.05 1 12.60- 1 1 45 
li'.A 'lav.. 114.70-14 60 115.55 15.56 U5. 0D 14.DD 
Inn* \,. a . . I I8.M 18.10 116.9917.00 1 12.75 17.40 
VJ 50 •■.-! 120.30 20.95 119.75-19.96 121 15-28.15 


He.- 125. 15 23 25.112.05-22.50 125. 15-22.45 

Ums-ii 126.75 27. 4&i 126.25-26.05 


JS MI I WUUBI 1 . ,-at Wtl& • £2,ail i T iu w J-ind 

U& 6 : £LW9 ;*■' ^170 k I.4 do.: 1 5 r+127 

cSSpL’Kf l ’'’T"’'l Zsi ’ £l.t07.i,i£t-V5.*.: , fl-«k 'Tuncsu-u In i • - 1 — 

•SSlteir^SSl I MXcc Vlfc.;«L£. Wotf,.... - 


H-127^ £6.710 


£5M i + T.6. 
£364J> I+-6 
S720' . 


‘g?™- 1 *** ; SM#" ^ £e®‘ Ixtowiv...-* ■■ asw.s' 

'-90' «ia. .• bfcw FWf 3 nnmUis ’ **** ■'■*> &30UTU 

; ^ ^ S7 “ - £faa 

'*S§fc*L" w» . ^ : Gratae ! 

1 ' &EQ into Yli* t Henivrmurea £66 -+SA J £72.4 

Te * ’ l^ p • 7(1 ■ ‘£ ' ' id'p ' )m^h\«.JYei:rtw /_ ! ' j 

— — * unquoted. ' NomlnaL 2 Madatrascsr. 


53’t.f.' 'Gratae ' I 

£fil - Bariev ' . 1 

'£]<* -j Henn> rututw £66 ‘+u.3 l JCI2.4 

Uip i3buzc .. - - ” < [ 

rCt* ' ] French >’i*JYrl!«*r ' , ■ ’ j 

n 1 ' ,.\men*nn> JtliA.S . +l.n j tan.at. 


! MvminK. trash 1410 9. *. three numiirs • 

;nn. M.J. #4. fla. 84. j. M. 92. 91. Kerb S..l.;«- ■ lul* uf '■ Ivlin- •. 

i Three r numbs 09? j. 91 .MH-rnonn- t co i«8lv4 , " r P r ‘Ce* Iur Nuv ~i .IS , i.,,,.,* 

: Three mu.iihs era:. P+.S K. Kerb; Thria- " in* "er ^j.nmnti. > ulnnihinn Mild 

! months Eiftt. fci. 9.: ."i M, 1M.5. 94. 91 j Arahii *s r.:. '11133,: L uva ihed IV... 109.00 08.S5 107. 35-07. 40 106.75-07.75 

< lur - ui«fc_^ Arjhi.MS 11*1111 '.souii". mner mild Vlarrl, .. 112.20-12.25 111.00- 11.05 1 12.60- f I 43 

fcmST .IS. .^S. ''■'"I Arnbi-a* M44 9U- Rnbuslas li'.A 'lav.. 1 14.70 14 60 1 13.55- 15.56 1 15.00 14.00 

nl^lne Tn d ,9r *' , v - on ' ■ **'.■ HehTM** l«*A INU* v..* . . I I8.M 18. 10 1 16.90-17.00 1 19.75 17.40 

' fo^re'art mS^Whid a^ad 1 m irn'S D61,y awraie til 50 ■ vi. .. . 120.30 2D.» 1 19.73- 19.96 121 1 V28. 15 

:SKL ^^□S u S. c itSSy- ,, ,o , 2C u o u S V.:-.r i26 7b S;!»»n'S lv2245 

the lare kerb at UM.5. Heavy bnrrpir me GDA|\C - ” — l2n-75 - 7.46'l25.2S>B.t>5 - 

j by InflwnOM nrade uonrees eau«.-l the u vj _ ,|iin. !/.,< n r in .aenes 

SHgJg* i° 930 0i «3™ 1,W fro “ ««• LONDON FUTURES ,(7 a>TA*— D ie and Lvk et-rihn^j B^ I.'r 

TumocsT 3,9 j 0 umifts. markL-i uprned IHo hisher Wbcal values arjuulau-d bail* while suear Has I_'M *3 

! ■"‘i’. a.m a. nr 1 m +A_, r inrrv^sfd initially "n eond uunmercJal tsamr, a innni* mr hume trade and 

I zrvG OffleWl , — _ *** huyme but wme mmtncraj] nTS.iP .aoime, for export. 

I .——.-. .. /.--T!?”* 1 • 1 t - crt 8l ’ Mfl ~ selling halt. d ou a rally before lunch international 9u*ar Agreement .U.S. 

) o .. » 1 j. bui in the 4fiemiK.n session, values cents per pound ■ fob and slowed Carib. 

! r ._L ■ 3 r I - . . 1 ,- ,-a i . '•f. traded Vip biBhcr in close steady 53-63 bean pun Prices for Nov. rt: Doib 1 

K2«hr: w* ** hfr Bsrl " In FMd volumr *v T.n itAJi MO mroR Mi w. 

,£*^, *£;•« •■■■•■ 364 ’ 3 ‘'■“•' 5 ejceUi'iu %nnsnnir.r and eommereial WHITE SUCAR-Cloiv un order 

:bj„ 7„L,' ! ” a . ”’laT»i-c.' " buyer, xilvr. biiaincss sales'. Feb. 109.59. 

Prini.weu *~ .. 33.6.4.5-. WHEAT HARLEY Jlp.OS. m.Dfl. 40: Apn! 112.75. 114.00. 

I Normas: Cash £351, Ibn. 1 # months £SW- . 1 L''lenUr'* 4- <>* Ywlfljdae'r + nr lit* July 112.30. 13.13. 11S.50. 


j*+r a 1 - ! b F Inflwnoat mule Naurcer eauM-d ihe 
■ I coaiango lo narrow ro H04 from ir:i. 

6I59J> i Sl*£>a 1 Turnoeer 3,930 unuAs. 


2^.lp olJ.Cp 1 ! ;■ . - , , 

as ^ssi »«. !i*s, Wi-auiit* 

£6.710 £?.B46 J £r,iiii' , 7 . ~ 

- S 143.71 SU4AI io, . • «, £ - , , £ . 

Slft-79 ' H/C.S : Slavw : f Bsb -;r “; , *r4S-363 ; 5-4.a +4.76 

£889.5 -11674 ,L^3 3 ?L’- ■ ” - 36ft - S 

630LSib i KSti.i 5 38 1-5 ■ i < .. 


Print. wen-' _ *~ ' . . '* 33.6-4,5: . . 

Morn me: Cash £151. Urn.-* months £3W. 


Njl« a 1 '111). II,!* Dl 1 .lltll li 

5 YD HE V G R E AS Y— tIliHo 'll. i.rrl.-r 
I.,,/ >' I . r 'fiislii w laics- Micron 
CoolracL. Urt ‘MH.ii. '.49.2 “jn.l :4'*.'' 
ji- Jlar.-h m.i, J34..I. nil. H»S "• 
•>. '!. "V v> o 7. Jn|v :<■■*..: "...I ii 

"■ -.Ml'. -• ...I YJ *404.1', ,I|I t,. 

’inn a ml .i.r.-n :•>: .2 n'l 

Mil a-* 1 * •iT.i.i 1-sial 

Ml-* .11 

MEAT / VLG ETA BU S 

SM1THFIELO— \H lari-as.. m. al jin. <- 

■|tiii. « ii 

MEAT COMMISSION— .U: r...- :■» I 

i *r„«+ ji 1 1 ,+r -aiiaiii- in. ih i^ mi 
Nm. Itilj.-r .’4. CB i -alii. hi..«*p ;+ r I _ i -. . 
i-iijft. uk *h. ep ii2.hp ru*r l_ -i a i H. 
. - GB U.S*. "'ll per l.^.l 1-. ■ _• 4* 

Ed aland and Wales: Calllr ntitiili. i . .In-.i m 
i» r /.ni a- -raa. Hi. • mi*. 

.siii >-i. iiimin. rv up .1 : yar jt-n.' 
un.-r r,^ numh.i* t- * 

r i-m a, .rape pn-- n . _• I • 

Seal I and: i.alll.- nuiiilt-.-rn riov.ii 2.1 i* r 
• • ,»■ u.-ra~. pri><- <•"* 4’;, .-,17;,. >li.-. 1- 
tiiuiiu.-r* ,1:1 :>i per . »iir av«-rjs. ,.n •• 
!*• «■. , ,,, 

COVENT GARDEN — Prn-ra in -.'.-rlili* 
I- r p." ka,-'- 1 Sirw ••vb-r*.* r,i !■• r%. o- 

*:-:■ d Imparted produce; Lemon*— 
lialian l.'Os iirii ,-rop J flu-a..%ii. i7r+*ai-' 

4 *n-‘. Cyprn- Trays 4 M..V Ji hox-*.* 
144 In.: j-lfl-fi .al. .Vn/ona j 00-li 3l> 
TurLish. |,l IH,'- '2 40-*: on. Oranges — 
Spai.la \awl :%Mie||nas + «it.a *n; 


GRIMSBY FISH — Supply ppor demand 
2(,nd Prices al ohifi 1 * md<- 'iin- 
prot-ewed • per Mofie Shr-jr rod j" "fi 
£7,00: Cod lines S.OO-Xif.oa: Medium 

Haddock r5.4i>-fD.ou. iSmai Haddock i4 :<■ 
4I^0‘ l.arsr Plan/- uj.00-in.40 V.-diuiu 
Plait- 'h 0P-£4 4.1 Real Small P1 jj> «* 
13. 30-Xfi nn. RViiiiiad nusRsb 'Ians/ - f 9 nu. 
Medium IT 3n. Ro.'I'lish n^l. >a,lh- 
x" :n. 


FINANCIAL TIMES 

V -• in. \ 1 2. u. ,’j. 

_6'.96 62.84 6S.BS cl. 16 

• Ka-- .mb 1. :933- 1 fin. 

REUTERS 

-. --. \n in .1 ' , u . I.rt., a*. 

Isl9.a 1*14.5 1 28.5 1490.4 

• Ra*e: September is. iMt = in<v. 

_ DOW JONES 

t'-.-l 1 ■ .St * V|.»|||,I V»-a, 
f Mm 2* .2 I im,. ’ »a.. 

'•■•I . 307.43 4.8J 307.78 368. 17 

ir.ua. 39S.09 95 68595.37 320.51 
i.VTeraire i9i4-?5..’fi-ioa, 


. , .... ! loomtis £162. HU Afiemoon- Three 

L’fk'.'ft ]mornh* £W3. 62.5, 43 7 3. 4. Kerb: Three 
t momilfc £364. 8i 

fitf ; s y-Art ■ ALUMINIUM — Steady ui mhdued trad- 


-rrr ; **«- rjmf.r ZXfrz T-‘sef.'*sw saj*BsaBV 


M'nth 

IMIV 

— 

idnop 

- 

1 

J*n . 

a 1.95 

+0.95 

84.25 

■+D.65 

Mir .. 

S3. 95 

+0.65 

86.70 

•*•0.70 

Mhv . 

96.45 

-+D.60 

89.15 

-0.20 

F Ofil . 

89.25 

-8.10 

83.15 

+0.05 


_ . 

. ^ . , , 

..rt. 



i-ui.hu. 135.0V. ssJt*. rr. 

COTTON 


MOODY'S 


. - r .oin . aaS.3 _83.4 82S 9 12.5 
'December s!. 18Si=rl»' 


Sugar and ‘.t 
copper up; f ■ 
cocoa rises v 1 

xkw vouk. ::*»■. -u. 

fnhill*" S MtrAl.C ■ lu<+d nn a mixed ; 
uni.* ai eilv'-r rallird nil renewed specu- 
lative buying '-.hili- sold rus+d on lisbr 
arbiiraiie selling fallow ine sirrnKih in 1 
ih-- r s. un ,rc*h rnnrnilKfcinn-house 
iJiarri.i hiiynijr while kusar rallied on , 
i.illii indiL.inal pn.-e 6 »n it Cocoa- 

a.lvaii.-eil .harpiy nu irade huyfnx and- j 
+p. miji i\ .* Mien c«vemi4 lellowin* a ! 

hisln r market reports £ache. 

Co. oo— l'i-.-. li:oil .lalVVi Marvti 
1/4.. al > .Via- IM 29 July IS.T..-0. 

Sr pi L>.'< i;7*n March nil 

MU 4W 

Colfee— i «:«unraC! Der. 14fc.50- 
147 6-' ■ 144 6.1. March ] iS.13-U8.:« 

ri::> *.(•- Mjv i m.uu .inly l tA.fio-l ih 99. 

^.■eI I Jfc .»•-! IIH On 1:7.1111-126.30 
,V| Ur. I, I.I-'I-I .i*k. d. S..!e. MUI lole. 

Copper — Xui f.i. 47 HJ+.u-".. flee. h'S.oi 

■ ui. I'. -Ian 97 '.0 Man'll KA May Th.O.v. 

■lull 71 i.v. w|i: 77 J0. De. 7.145. Jan. 

March "4*5 Mat 7, 4.1 July 76.25. 

S--I-I 77 hi. Vjlra T.ldu l.ila 
Canon— Xu 1 H> i. o* V5 <*S 1U-. 

Mar. ii . uu :t.. m*v 74.so-74.s5. 

till v 74.4-41. Hi. Ol S'+U, « hid. D/r fifi.60. 

■fan n 4u lmi :,I»j «7 4', hid. Sales: 

-V ll.il, 

•Gold— .V|" Ml 4U ■•-Ml -0 Dr,- 201411 

■ .-in 4,i- .ljn :ui :n t eh •jn.'t.io. April 
•:u> »m .mu.- .-i-: mi .Mian*-, .'is.4i, on. 

l'. . r:4 :» r. >• la. :n April 

: .v :■> .mu. .•■,. iixuti .*411 :ii. 

7ii iin» 

.Lard— 'it. « :i,:.. lousr J 1 hi tsanie.. 

\ v prim.- -I'-jD, 2.7.VH iradC'J 'Some' 
■iMaiit— I, . v :<) •:><,. .*ra, • May Jin;- 
:w- ..Ml'.. V)J» •,*47:-?4Ii Jlih ■J‘.2j -V.Ki. , 

**- 1,1 n . ■-■ '.4 ; 

iPIMinvm - -J <11 ’. :? n.fc'L'4 i.Uh.M) .. 

vpnl v:4.«"- A' '»• ■ -Inly .716 50- 1 

n.l. Ifu Ou.'MI 111 a%‘r.--d .1*11. 

j: .«■. .4 , -.1 Apr,' :4u .V!« l.i .ln!> 

Ui *i>. :r- .111 --.ii * 1 '+•* I..H 

-Silver — • .1, nil, un iMC, ".n. p,>, UIU.P, 

• ■*14 nu. 1 :■ 1 1 n|4 im. March Slh.yi May 

i. 1 .nil* h.. - --u *,-|.| U4I.-A Der 

->'-I Jail ,.v "II Mar. h rt+.T Ufj. May 

1.7" "11. ini, ns,. <»i S.-J.I h05.-.'n Sales 
1- iiih. I.. 1+. Hal, .|\ and Hurnian spot 

hiilTl-n ,11.1 :•*. aiiahlr. 

Soyabeans — ".m n<4.-lif7 .nSj;-. March 

eU,-*,-e< 1 np.-.. • May TfM-TM Jill} 7«*-7n7. 
Muon, ;»i. S- pi Xov. Jan 

ohO-. 

Soyabean Meal — Hr, 1VS Ift-IST.IMJ 
•IW-'Oi Jan lU.7A.leO m> il«.20t 
Muni, IH* 1 PA. 191 M) May tik W-lSfl 00. 

.•iily 1 c, j.ii<i 1 *-*> .a, Aliens, iss.,70 Seni. 

I*G 7*-l#7 7A •" 1 l:*: SO Dtu. 152.50. 

Soyabean Oil— P+< •-‘4 +U.34.C.V 1:4.37., 

I all. ■T.AA.JMn ■ J.i 0A.. March 25.1U-2.5.1S. 
vi j: :.7.i*-. •:-. -ill .ini .- i -i.-.v-.w pd auk. 
jl.cj. S.-|ii 24 5,1. ini J4 lu- 24.20 Dec. 

Ofi.-: : >,’i 

Sunar— \i> :: ljn « i|-V*n •? |S>. . 

Mar.ii *.,>■— ur -s mi. May * SS-S.99. Julv 
n h,.pi e .li 9 44.N 47. Jan « Si- 

4h. 'tar. I, 9 AMA ill Sale* l.i*0. 

Tin — ,.,.7 "o „nni. - +*Ti, trf, riuhi. . 

Wheal— p.. :74i-:75: -IhTt- Mau-h 

.!*»,- '-lav -ill July 329.3991, 
mu' .!■!!. H" r.-- 
-.VIvXIV’Ki: 4\|.\ 24 rtRye— D*r 

-i9 Ui, hid ‘9* hid- May IIK.no bid 

. Ill', l*» >*l.+|. lull l-A ,H» 
f.oais- nr. *4 4.1 hill -V, «,. March 
lij.jf, nm .*,1*1, a*|-rd-. May TS.00 bid. 

July 7S.nt. .i*k.-d 

tXBarley— D>-. ~.A m* bid ■ 77. 1A hid., 

'lurch 7»<fcV • 77 IU hid. .’.lay 76.70. Jift- 
Tn Oil bid 

SiFlavseed — Xov 26! On bid '’fij.JO bid-. 

Mu: iu.fc.1K' r +71 .770 . . July .-67.6(1 artert. '• 
.1,-1 .V1..4I irudrd 

■'Wheal — STWRS 17 3 per crnl protean < 
.-on, eni ni St. I.awrenee 16 U ,149.921.. 

All »wn* por pound ex-warchoii4e •+• 
,i:ilr4< "ilw-rw-i.-t? -laird. ” S' oer troy F, 
niinif — UifVrtiiin, .» lul* ■ Chlcaso loot* ; 
% r prr mo lb/— -Dept uf A a. pneei. j. 
nreunu* dav ri-ime fleam Toh NY bulk. . - 
taul: car-. . Cent* per 56- lh bUbbei «- 
farrtwir-e. .".WO-bu-hel lm«. ! jv per 

ir Tar VO-iir unn* of 99 9 per ’,* 

•.1 nt purir. dritverrd NY. ? Cen'J> per •». 
ir«.« ..uii.-l- e'-narehttu-e. New *• B " + 

■ ■mra.'i in f< a nhori ion for hulk Inis ’ ^ 
•>' lull /Ih.rl l.ih' delivered fnb car- t" 
CIiiusii. Toledo. St. Lem* and Alien. 

Ceni* per 59-th bii*,liet in *u*re. J 
*■ '.en* per -4-lb budiel, "t I'enu per -* 
4V. lb bujhri ex-uaroJinnse. I : Cenw per 4 
vs-lh hushr-l eT.taarrlr.nve, i.000-ba<heJ 
|aiv. " C * per tmuie. J* 





era 


Em 


IpK A 1 BRITISH FUNDS (739) 

Documents plea mw?*- ■ 

»»v kb' i. bil. , I . ' li- * 

_ , * :uc k < in j-^ui 40 i. 

"TB “5J B • "■ • tJCnq. L*i. 100,0 ’■ « 

by Burmah Oil jfiKfiE? 

SS j^.P^ t.-;hq. S.t. 15W3 5u 

A flLAi.M °i “ CrQ-.-.n privilege " wiiiir.cld rc.r '‘the properl func- ib'^ £ t^ns! lit. 'i laa Vs*?:®' 
■•v«r do, union l- involved ' in nr ; n:rv -f the public >emce." 

r ■ mi ill"? t , l iMnsirlion*; ihiiuld ftt !*• ppliulng .li'llun Burittith 'u’rPs mtn. aik. 1M7 &S'«:i 


Z _dc Ann* 19 ,® l23(11i 

jBC Bn dsn Irnspt. 19i6-6B 61 .-!> 


• :o i i i ‘n du'<; 1 n I i • « oil'’ 

> •'ll' 6M *, 1 I (I'|n 

J ;s- Si* Zuu 0 '< 20 19 < 

talk kb'i b«. mZO * * a i'l* 

* :uc t < lb j-i.ui 40 <<h 4 ■< S' 

.j*3t t*cn4. L". 100,0 « . 

.PC LAkll^ ihk. .pt., OJ 1 "|-»<p ■> *. 

ioc e.c.it. si» ig<,i eu--ii-w ■: % "h .* 

'•■■-PC MCha Stk 1981 92 'in ’•:* 


This week’s SE dealings 


- Financial Times Saturday iVcwenib^r;; / ^ 

V..- .■■••... . * P.‘cO VHdgL- A -fZ&i- B& • 

1 * j -•. Piifc-ngt-v: Bros. .283 -80 ■ ■-'£*: z . 


Plsufo^ i fSeartjomuoW L2&U10S- tHz^tv 
• (apt 70 Jl 

. «» i W 

A.iOrf , pit ja MOar 1060 •• •- • • w. 

3.756: rm;. itOM.52 .. 

•'Vewai* Midov (2Sj»)-2J2®. EetUmoctf.fro* 

by . ts?»*'2t’lt> .. ' 


■j ii* k.CiiQ Su I3fl3 87 1 ir 
; <'.« t.*ihq. li.l. 1963 3u 900 
'*.3 *-.*> ** 

j-:ss Co.hu. *lh. 1981 98 '40 • luO 

1 0pe tycnq. >ih, 1983 89-,;® ''i*:S 


nr- :r;ihsi{S Thfl eoufi* ynl;. v-j 
re; " . <.■:■;■ *i .,;T,r.v " ■-•rounds. Vu.n 

-,..i n -■■■i fur Fumvijh (K 'Hid :n ^trisnv 
itii -if Np ;»•?.» I veslorday. };n-<r.v. 

ill* i.rdi'C.i' Dtiieir-n. QC. uakvi! *Jr. 

* v •.•■>::)■: ;■> 'iril'.T rti;cln%ure ul .*.t* o; 
I'Uifid'.-rrij’ I'M-nmriiij. n-«;n ‘rr-*! •* f ‘i’.' - 
r.v ipM ciiijjr.^n:. f«*r :■.*!■ in i -i!'] 
r-rr'.'ir.: iITf'r.i .v-lxm aaain-l (be Th*: 
K.vtk of KnsiiUd. i 

i'.ur.ii^li •■Is.iMvr.jnvj : II un >*n ’*’,'• 
r’.i.inz I the hieh-luivl 
r ■•!;'■■.■ . «r,me «f P , "d:.‘ 

v !i ■ <: r in'-'' - '*"? '■'■ri' i, ir» , *n»l' , nr. , e !*• T.* - •■.• 
n:i‘l '•■•'y. Minisiv?. «huuM b«- iiw'r.' 


........ 1 „> Rriiich Ppl Pfi e -."8 Sib 19Sfc 930 MO ■:,» 1 

i. •*••.. ■ ‘"--i ui r>rnivn i Pirn- t.^ne. >.k. iiu'j- 2 uii 2 93 - ; >«t •, 

.'fiiiree which Hu- Funk “*'■« »:c 2013-2017 91^0 1 . 

Ltfiiiivu n-.'fi Bnnn.’ih \va> in i 2 **k e«h«. sik. ism 97u« 


Friday. November 24 4,413 I Wednesday, November 22 ! ¥??***' N b e r . - 2 0 3^56: 32 .. .*fi. 

Thursday. November 23 3,980 ! Tuesday. November 24 4,126 ! Frida*. November 7 • - ~ 

The »m below reconls all vesierday * m.rkinp, «d also Uw laiest ouonhw d B r , 09 u* week of my *« "« ** * ****** ■ T« >™er ce« be E.stt.^sEed by - Powert Oe». ? * .:5W W 

»hc date On oareoUiesesl. . „ ^< 4*4 M.-Prjit .Fit25o' 6«- rwi-i >•• ... ^rz 1 

The number 0 . ora.me, o, eoeb «*m "g***™"*. “ "tS '&2^2!&'£SE?» ” t^Sof^SmtS 5^7^ 

wilon. Unless otherwise dcnoird shares »re U lolly paid and i!«U u«'on 10 2JS p.m »nw, out later "" hr Included » the l«K«wl«9 Prc-.-s ivt*s So. 5 pU.o' 60 v r 2 > 

paid. Slock Earn* wcurlt.cs arc 9««ied l«* nwnd. and fr.tuw^ nl oonnds S/oineWI bf iTSSS n “ -rhcibvr a baryau* ^ 

jvialay.ia: sM.— .Mcxii-jn. i.W.—r.*: o* SvaUnd. SS— ibiusapurr-r iL'S— sL'mJcd S:a:v*: P.Vi— .-*<* ..^ac . - • S"* l fn ft7 . r;,' 3 1 ' 


i.sustrjbir.: S3— S5a64airan 

tJd S:a:ei: P'.V;— iWn«* Ir^ac 


Ptc Hcldins* .(Z5u} ' W 


la Tfiv Ln 3002-06 65 ‘(0 


ll« 15 '23 II 


Enreneaos investigate 


Ellis and GottJstai.i •Htftfl'rsi: CSo> 26- K ode Ini. i25p' 122 '22 11) 

Pn:s.Pf. .'6BC1 ISSoi 19 r2D.'lll .T'.rfsl '10al SOU <9 ' . 

E'SOJ* ane Robti« :Z5 d. 8 ' >; . : Kvdic Save Discovn: ' 10 pl_EC -c 1 . 

Cijw.cV-Moopcr :Sci '• 70 17 •,- -Xyao^li lC C i 6 ':ocW. J. >10. ' "r. .• • 

Elrs "V'—tiCM.'ll fi'.Bitn. 69 »S 0 'T 1 l ’• 

?. E-^i.-e Stwes. ■■BrMfnrP: Z5pl 163 S ■ -. . f— -M 

g E.Trav obi TO.'- jSl’lii u 1 

*■’* E,ertr,w,,a ,0p ' 1S! S ; tCP HM9S. '.25o- a5-’*«. i/6 6 123-U1 


TV soccer deal 

BY GUY DE ICNOUIEflES. COMMON MARKET CORRESPONDENT 

ROUSSELS. -4. 


Soc 7r-., - n . i99;-96 76i.« ',0 
3 :CC 1 r.t LP 1999 UO'i*® 30 
IZo. T.,». Ln 1 5S3 98 ir.® 


■23 11. 

Licvds Sank ZGZO 2 3 5 7 7 

E6-; 33 11. 

Meriunr 5ecurir .ps ZSp> 1 1 3C .3 


Bo-*U<on>c 1 10 m 62 (22 > 1. 

7 ;jcLn Brabv Les'l: ..Op' 63 3 - 2l 11 
B'Arn Millar 110 b. 22 i21 11 • 
3 Brs.lnwa.t? !03 <23.111 


• - aait?:*‘.-*io>iKLiiv-76ii*- sh ■> ■;,•*■.. 

. Rank* Hons McBouwH OSp> ,|©i« «• 1 . 

• ; 50 •• 6 -*MKLd. • 80S;. J«ss<JLn.,- 

1 Jras.-u*.- ariadUL" w» -eaSiiy -.7 *•?■■ 
•• TvEanwnio Hoffmano--l»«ram r25co-62®_ ■£& 

: y 2. . 7oc». dEi. 8oeLo. -7S 


■Eansomes Stfnt jRfferles 1 55 ■I23rt1i‘-— 

' Rardiffj. «keii arldac) (25pj 92 • nO*»9t‘ 

r>»;mn«rs ?■"—.* 


Midland B*-fc 340 3 S 40; 3 7. _ 1 0 '.PC B/a.-nrncr _i’0o' 1060 •.'» 123 11 


*•'. .as; i 'Ji-i 

I2'*pc Tr<y. Ln. 1503 9110 7 1 - ’> 
I riV. Ln 1937 104-|., 4" •. 


■ Ln. 81 2 j'idcLn 79 ■: *53 . araswjy .103' 53 ‘22.11- 

Minster As;c;s Z5,t‘ 60^ ’ B recoon Claud h. i Lime Wcrks >2£a' 990 

•Kjl onal Com. flank Go. :ZS3‘ 71 Z-S 70 1; Bremner .J5pl 45 :21 11. 

‘ i Brent Chemicals liter. .ISai 1-0 

Nit.oi'i*! W-stmii-srer Bark 263-0 * 6 Brem Walker iSa* JC ; -23 It- 

70 W4T4IKS 99. 7iir.PI 59 8 'iOCLn BncuKo'ise Oud'ev <10s- 4- -i 

‘ 93': *23 11*. 9acLn. 75 -c •. andntnd Prorrsses I5 b. S-; 9 

• r>jv»i BarU cf Canadn ■1C2' 21 *22 ~ 1 * Br'don *250' 1130 12 

i £;n- 3 dc-i 397 Sr ’»* I5pi 6 -. <20 11 - 


• r: Ji, . Li. 1903 102"i.C* •.■fj 
14 : rc T's» Ln ipgi 170’,® ■■-.« ■■ 
Trvr. Ln. 1996 1 1 Z*(indP '« 


■ i Pi 1-i'. Ln. 1993 l 1 6*,0 Id 

mu" .-’.•jiion- are* ; ■«. *'«»'* S;i . .Pec » 19 .® .v •. 

■ : i. , '.nr» S *>. ■!» 23'-. 

* l*.i ..JI 1 !U3lLTl:il. lac Treaturv Slk 1979 95i, r >, •- 

ine>i ("111 !!*- ill till " r * ! Kr * 1982 83 ‘i.O - 

i;«ecit*ii tii»- inruury ;* r r-; A'v-- s:i . 1 ^ 77-80 ;R<“ii 9s>i® 

• |f i : i'* r ' l -i , i < " ,, f- ’ i? ri.-j.u. » 979 .n 1 ?r"«> ! e 9 •• 

'•<’ T ltl71»‘Ol:il <J » ■= Ln- 3 -' T ‘*rt«'r !•'. 1936-89 iRm.- 640 <. 


5 7 6 Brent Walker ISs> 48; '23 It- 
8 'incLn Bncuho'ise Oud'ev ilOs- 42 -1 
3ndq*nd Pretesscs :5o. E-; 9 
I22H- Br'dan *250' 1130 ;7 12 
Sr ’»* I5pl 6-, ‘20 11- 


: '.»ke Eilirt -25n 56 5 


ircjirbr Msrshall Cimo.tn ;rjj ,'25 1 1 < , Bril »h Alj-llr'ii" 840 


'• . .• -r Red ihair -J+nenan . nrtn* " 'iOoir MS- ' •- 

. tsonf : ib«j?eg*a»gM ■ » »*««£;; 

■ •■.; 7‘*t -. 7 ; ttvco jtnccntj« - bkI, ./ o. r; - ■ c 

1 *.23.1 1» : iJtee4,lntt»f,- imSJSSfi 2 4. *-*r*£Oh- 


64*. 1? OLt-Jlli: ■r.hncDb'. -.1598-, 
* -zorvt % 7ecLn;.-S&. .7 leocUiK- 
i-2O0,1 . 37U -<2iin.. HQedLff,. 


1 ■ i i : nf .il: i 

ii3;r"-s --j' 


* * r* ' a. r*,j.iji % :979-m iRm B9 •• 

r r*r,I171i.'^ I :il ‘iitlri- 3 7' r . 1936-39 iRe^.- 64C 

Il r ln:iin;ili J- xi'e..si.rf iVk . ZOOS- 12 *Rea * 46-‘ 


nitEUEIUE-S il. "Cl 


• is nk**!;.- in nr re™- 
■.1'5'ni !•■. -ic ;■* icga! pru- 

* prpii*n*. ;li ;»t. 
.im-Lsion aipi.-iii - ' t** 

*n» f'li-’airiin 
‘•iTi/tivri rfV.T ih.in 


' -f T *i*.u. , 5:1 . l "*2 SB fli 

9‘ er Treatur, Stl. 1985 86 ‘ .C 
9 .nc Tr-iiurv Stk 1930 97’ ® •• 
n; lr-i.. iv 5 : I 9 i I OS' , ' 

I Tmj.oi* Si. !9?2 £4 1 ,C 


sime Darby Loden HOpl 193 *23 II. »'5» 6b ' P ' 43 £■'*■ — • TeleS^ol '23a\ 1 l4- r *«!. ,,,dl f2K!7i 1 BrBW 1 «»"• 7twM - j .S£iv 1 2Si - * a, T . 

B * 3 14 S - “SH rw Vi'.” IP®. &: 9 . iC VSi « t22!1l. . . J ^ 'rz^. 01 aV *tZi»lV ' 

unieh \]S$3fr r & A $e 

. ‘ ,rr • ' * - . , Br.t-.S Dr-o= ne Ct. 25m 23 3 2S- HSSSLitSPcSf ®.7qn. a r '' £*lah " »r«r«» S 01 1140- >60 «9 ! Reoukll Grp. TlOor B9 03 111 ■ 

. J y ‘ "nv Brit. Etec. Trsct SecPIS. 59 : .23 1 1 •. O's fr'cjBh Gru. ^Spj 67 • W!1Btrii Grtua ■ 1 Of»* 320 J ® 2 « 3 ; Jtenwick • Grjj.-;.42L5*». 4 bncRI.v *Tt&r 

if-Wj L*fce« !*a* . inr! 120 ■. , 1,5 i'^o ^Tn'' 10 *’ * J ? \ _ ' . ' . :'d Pe5SS.|tei U w*c“in .J . 


5'« 1979 99 


: ! jjli Lv: 

• *01 2l 1 if »1 • 


. . : 1 * ■ r< • - 1 ’ • 

• Rpr"s l*.k- r,-- 
■Cv \ : 1 .iiI :-> : 
•%:;.*-h l'il a«- *t r 
•latCiir.*' .« r>; 

■i.r> - . - nr"" !P 1 :i< ■ 
rr . ,|-.,...li ;-st :fl 


•■■livid 1 ? iriisT'-'i?. The 
• jif-rd *jf -I- J ,, c|i!iin. 
’* -•• 1 ) 1,15 ;; •••('pi: ait*?” 
•• :- knri :iniL ,, : f ! h;i? 

■ ••rci'ir.sii.n * : i r* 7 ■■ :n:t; 

■ 1 '* *j ir. ;)i,|ii:csl 


>■ — T *»'*■■■. (•< ir"n ? 2 ‘ ® — 

"Jinpidirr 11 :PC Treasury Stfc (1979* 100- -0 


lr-,-ur, s.t.. *1991- 96 ■ O -C. 

6' : 90 1 l • : 

ti -OC Treiau". St* 1981 98 ,0 « . .O 


IreiM-i'f i‘l 19951 96' -I i . 

12 n: T. cas.f-r Sti 2003-05 t .. pa. 


■7 -p; T '■>•*. ry Cp. 20' 3-OS £151. 1 3 .- 
•?£>; Ti fjsirrv £tx. I9?0 !04’- - 98'- 

1 r ■>■ 7r». .kijrv SII 1932 104 ® -lii 


Ailied Breweries i2jo) 52 -® 3 : - * 4 

■ 5 ■■ 3 5‘:b;PI 45 ■ iJ3 TV 7 ;5CW 

1 62 i iPcR.’d-Db 1 97 5- CO 530. 4 ,p: 

Red Do 1979-34. 74 '. 5 oiftta.Dl: 

75 -0 4;. 23 11 6 i.p;Rcd DS 'OSi-SS 
v>. '20 111 6 'jDcRcd.Db. 1957-92 61 , 

122 11. 7 PC Red. Db. 72 22 11* 

r-uKSrd.Db 64 .21 1 1 .. (1 .g.'Ln 

-15 • ij: m 

Amais-.ir>a:;c! Distilled P.'OC! 'Cf ~~ 
■20 1 1 . 

B.'ss Cnarrmgton .2Sc' 162 60 29 61 
S'.otDb 44*12111). 8 s:Ca ijtt.ts 
96 -21 111 . aiuxOb 1 9c 7-92 69-0 

90. 7-ascLn 61*, ; *22 11 

6ass Cnarringion Brewers 6r;Lr>. 59 -. 

7 .ncLn, 39 , 

B:l-.aven Brewery «ZSD» 432 2.' "• 
3:H 'A.' !3Ca. 240 
EiKklsv's Brcvr-rv i25dj 4'j 
Sui-ner Holdings <Z5p 135 ’23 M* 

9 DtP! 102 *23 11, 


jjl .Aep G-eus -10oi Z45 123 -t* . . ; Rbstmor Gw U5W -GO d' - -• • ' . , 

. 40 • ;2t ii- ' ... • 'viPcxmiseB.jase) 67. OZ.l1> .. . r i^* 

<2 Sb* -a«iLesnev Pro; -xts 'St»* JO* .*3. Hi * Rhodesii -'temenl «5n) 9^ . 

<i5o> M «..-Xetras« intnl. -10o: 137 5 6 2S-H.1.; . iRfewfe ' Engltwera- 11927)-- C2Sp) 280 

• Leer. i5s. IS -20 11: • .•• . iZJMfl . . - • . 


~ ■■. ■ '‘Lsnjon* Brewer, !:• O n. _ 25p< 5-peke RtUn > ‘ 1 *^ > v '??□’ «-P 7 -. S*3S 5)'1r'-rr .« iirlW-4 6V* J-'llO ■ 

57 5 3 *23 11*. 6tK2nnPt 4Z ; ( 21 tl i.t yq-. - -| n e« • -i ;•«, Fln'aPb Cestpry and Wheel* lZ5«1 54- 

Cl.iri; iM i -Hnldlnss- *25s 1533 t 50 2 t r^c-'r. S'i", r-r - - ■ ‘21 11* 

Zaur.*?; 4 ,OtDb. 1975-:0 £9. '21 111 0--1 ~ T'-Jl «ns -er-n^ • Nines. 1 ■Zso» . A S ’ : .“SI ’ll 

6 s: 0 b BO.. 6 l-pt 2 ndDb C9 -C -Z3H. s' ” Fecs-M 'B .1 i 2 £e. 150 *21 . 11 * .- • 


Ob' 27'- '23 "1 


F'tn Lov'tl <2 Dp- 50V SOtr. 60 


* r. • :i • .- • : ■ 

Rj-W'-J- • 

fi.. i-:j 


•O IR ' 

■? ar.iv?!; •’■•n-fil!' c I-* ; 
r-'splir-n am.i-od in' 
tniiii* i.f ihp*r r*.*cRni | 


5* Treaturv Cr 


Slk 1930 97 '.O 


Rtl. Treasury Stl 19B1 96. 
V»- .Hi, Rate Tre».;ury Stl I98Z 94 


7 locln. 55 i20 I 1 '. 


E’**tiierPiooe iPeter* <SOd! 102 5-caPi. rr r <*M •jph'.i Help <?oi 24 <21 111. NoWV.. 


Non.V. 

London 
(23 li». 
Cnr.Ln. 
London ' 

London E 

I21.T1) 


i5-3i 1 7 M iZO 111' 


• Rouiiocne «e*Lif.78nia5p>’l9i.t2uJ't)' '• 

. * so^*» 5cu»n usa: Jtrxfo/rii •?: 


t 

':*r ' 'i 

i'.' 

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•1 l.l*. 


• ,r " ? 1 1 ' l----/' .I-'. 

.-• -7:1 - :*. <•'■;.■- *i:i i u f C* 

f i/i ,,, . , n! r - *' :'*n in M*:r;::i 


n#.. l'rv h;tli c- ‘it K I'ft’r.St’r 3 DC 96..* -.5- S. 

.. • . ' . . !' -r (j .o i. ,. 

. cr* i. '*m;*in;. - c:;;-.. g.,* m ,t a -i- -c * .3 


'*tl- i> in ; t 

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'i-i** r i,r ■-• V-cl:’ l-ist N"i*> r » Vs’iwi H.ero.Pi- e r ... eh 

v/l ■ \ \'n g*» • ,jT'|«a 

‘■•jl*i linrl'tlli-'fir.* 'iVlP licit Hern Ireland G-oc Eich. 92‘ :23*11- 


• ‘.jld unrl'iisi^orr.* 'i 
*l ' 1 C-d f <7 nflfi. 1 U'ilh 


•'ill 1.1) C'llll!- ."iZV'.-j: PfVi'rh Cill' 


Spanish 1749 peso bond 
makes £ 1,600 at Gibbons 


; 3r< R«-de*“>b:.*in SH 41*7® *. 

INTM.. RANK I— ) 

Ip. S’.V. 19/7.82 800 *23 11.' 

CORPORATIONS tofl) 

FREE OF STAMP CUT> 


Lc.idon Lav. il- 4 .iv. 1C. Ip. 22 -. 5 PL 
-a *2a I I- 5 ‘;pl 19.1-S: »i ; 5 

»6 j 2 -c 4 7 v • 1 . b :k lS-a-iC 6o-. 

_ ‘-o 1 1 net a > .. s <k 3S s : in 

--<•* vS.-dO.- a ,3; 9 j ‘, *2 1 11 .6 -p; SI 

J -Fv 9G-: i, tnc 100' — •£■ ,C 


L/.-e.t -r ttn;ir. 6 '.PL bl. / *-Pl ao 23 l t 
9 ;pr. 89 <21 11*. 12-.P-: 1382 98 .0 


Me-' ■ -d 5-rO <24 1 i ■ 

Scttt'S* Nenusrle Brews. <2Co 63® 2 
7-'-3cPf 631;. 7t,pdstDb 650 
South Afrirsn Brew, IRO :o 59 • '22 "1 
Tomatl.i D'ltlllers (2So< 121 -2Z <T 
-l: <w ir 1 1 1 r 14 i- 1* 


*«75t *30 

r-r». :=:e 15 


E'le'SelC Hirrev 12 


EY ANTONY THORNCROFT 

STA .’•'!. L V 1 1! I-;?: 1 i\'S h-id • 


M 14 ' Mitirthvs PnarmaceulhuHs fZOpl'.'.lOO | sandhunt Marketlnu MDpJ .• “sL •/.' 

157 9 B -Ptzr. B9U C«l inter -203; »io I. TOneLe. W |IW i 

1250. 72® 1 Si;PtPf. cJiier? * «li) - MsKecfinie ®FSh« { 25 °» ^ j T M»Ute fp*yU o«T~r J,~l *G*6yp. ItOpI , X2 !>."?.*• ‘ 

cS^ifnrJ G . <75i*« r"a nl ■ * -i Micphtrson COgruldl Groun .^lASD) .72 I 53 voy . Hotel ft HOP) BS ‘ - ; ■■*••'.. 

- rv 54-. : ,v: ■: L. ■ 


Brothers 125 dj OBCl 5': . 


S : J.!-::** 

*•••;•■ .•;<;•■.' 


•i;. 


Tv 

'•-«.:: i j r ».• 


•' n;v.< r,» 

ivlivl i: 


l-J'i'iVS 

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in.i rharv 

i. *:' 1 .-l ; 

■.■s'.crd.iy. 

MMi. • ; 1 1 . 1 

i-t cl*"iii 1. 1 ^ 


- .'**« 4IST U 

...» *A* «L- ! s» 


_.>>i ■;..■'< in Ir-sH. \ 2 vir.uii i: £'db*n. and an ■/lVnbu«f? I -25 Sii , <s' :s yt , . , l , issi 6 --kdi ism v 

•'•*:•; r.i'*n iri'i 0:i; - !ini. , 'iri Kmi.'.a,- S'liv-vir. r h.irr* L-orlifuVn- for ■ ,rt« 9 »ni go “ ' Doi;i * ,,fi ® * 3,: 

‘'•■7r. j:, 7<;- £'-■) 'I'ur*; oiiuuji.* of /5i)il -i-tciI V. Wei] 3 and Karan i22 f iT-* rs,h ' rl u: : 20 11 " 9 " : ' r 92 ' COM. HER Cl VI 12 420) 

iMi$ - i:--j firjo. ; ,.i,i u,.- £]«o. H-r.wi'^-.r 0 " - * Bo fr- 11 •* 93 ■ - 

n ,*r.i ri.e. > ,)i |t i ; _p s y v . 

,, r-r-‘ .••: 9 ,DC 97 •. A— C 

Her fO'tli hire 3 *.p« 91 •. 5- 6 < 74. 

. _ *21111 AAH *25bJ 1010*25 11* 

Employment sssurRiice ~'° 9t 


Pi: IILiji T i 'j .Vs n.?i p.ruain'e un- .if 2:r. — and ov* n 
n.i; - In;. : ;i *.* n i v.uiild .inri in r!-i; unemj'Inycd 
.iprvit r.”*-* v—ir -...rv ♦'Joldinz sm-pK-d a mutinn 

"in^ilic o.iiiiimii. • 

•' f '■’'•■■ l '- - - 1 ’ 1 •* ! «:i •.••ildtiia. !lll)rt . ‘iovtrr.Mcr- 

, .‘p'!rT-S—:-*' , i:<rj f«*r ilmployinvnl f.,iuba: the ^'-nbli 

!•« ■(:*• :*:•'< .nunlh--. un- ,,r - rr .°. d ^'. lve 

„ . ...... . Cony rvn live fror 

' J! ! """'" IVi! 1 -Ubsuntii.! 

..un rfin.nOn. :u- ,2*d. u*l <'r*in- .■■.mill ;iiinrn*.v iln 


M rj .or,:,h.re i'.pt 91'. 5' a 74. 

r.'-ssiti’ iJ'.ei 97.. 12 .at 97 •. 23 1'- 
U'.nc 102 »o ' 4pc 100 »d 
tcnsir.citcn ang C.'C'Sea V*.iabl- Rate 
•1 ,p:»:s 91.'. *23 II- 
'•c;: Ct.-vv 0 lacitk. S4i *23 1*' 
lanfirkih.re CC 3 :b: 98® i. -23 "1, 

ipSli d9 

■.ted- C=rp 2 ;p;S:i. »7 - . 

rc.-secl <Citv o'- 1 3 pc 10! 22 ' 1 . 

13 -p: ‘ 09'. 1 . >23 1 U 

L'ycrpr-r-l Corp. ji r0 r. 26-. 9 >:ci;k 


:• rla;. I. 

l.' nd*' ,"•£••'. 


Sunderland North i c <t 1 1 i n ■ ■ fo' Trf cfG’- c*z 5 jplSii 91 •. 231 ;; 

' * vm nil - I1J. N .-v : . M ,s. u3 6„. T ,n C 9-.PL5I1- 157B- 

snort- •soi’err.-.icr'i rnfahUroi 10 94 ■ 

i*««i»« l>;<: Ihc ^■’■RV-SSS^S ??:* 


Mr. r rod SilvesUr. f rom rhe 5c J , ' ;, f7, KOfl fiocsi*. 1931 34 
Con y-rv.-i live from bunch, said scj-sere-c-sca ^o-.sn. 921 -7m> 
fv;; .-ubsl jnttnl tax reduction CorD ’*•* 59 47 


AAH -25b/ 1010 *25 11< 

■* AB tieeironic P/dds Gd. ! 23t> 1 3*K* 0 

AO InlH y oCLn 71 10 : 20 1 ' > 

«c AGO Research *iOb* I09C 11® 9 New 
;l-jp: 112 *21 11 - 

4BV HlH. 91 . .30b' 196 *21.111. -Q joc 
1/ Ln 1 470 *23 1 1 > 

A VP Pros... 52 *21 1 1 J 
Aaronson Bros. -ICal 66 -23 1 *'• 4 *.abt 

I P! 56 -22-11) 

Aberd-ien Co-i:rucn Gs. *45pJ 78 
k A crow Non- ’* 19 . A i25o- 90. B&CLr.. 73i® 

= -22 IT* 

.. Acvdnce Lavndncs *10ai 2BO 
s ° Ad-v.SI Go. I25P‘ 266® 7:0 3'0 3c-:Ln. 

Airicm Lak;-, Con 275 3 '31 't 
A|m« Industries 7-:ocLo 6 ' 




C*r-.lr-3s ‘-3-/ tr . ; .2’rl 1 ■ 
i5si 412 


C.*r:!e'-i Hld?i ) tCs: 36: 

C^vrrhsn. 7^; Pi 44: !Gr:P' 54 S’.SC 

C?~:a w Ipc'sslriai HIcbs. *25pi 33 

Ca.-ccoi H tws. 25pi 137:® 7 :ocLn. 

62 .? 

Ct’es: on Industr -es 'So'- 28? :2S'li: 
Ce’t.c Ha/em 5ci 12 .21 I II 
Ctm«r.:.Roji*«oiv- SH“as- 'ZSs) 94® 


Port-an Conch HIHqs. '25ol 850 
Geueh Cato-r -Mo. 57 -23 II. 
r-TT'l-i Hldsr. -25p1 93* 


.May Hadsell '253* 6B_ tJOTK ! Simon' EcBlncerin® iW). - 

I M -wards' -7 So. 128 '2^t,1i . . : 5<l*fler comjwnir X5USl*J >a*r 'Z»l»p 

, Mtar* Bros. Hides >250)1 9 CM ID ; styJar. t25bi 117®._+S® - 1 * 

Melt trade SUBbOers (25p) 82 F21/1 I) | 600 G'Ouo - . ISpl TOttO S* *-«p * 'Z • .. 

■ Me minster i 10 b >.36 i21'11)-. . •■. I SL-atcbl«v. <ZSe» A - 


r«M *)>.■■-(. 


• lean Afumirium >UR. 133 <22 11 lO-.oe C'«:r.! arc Sfeerwcdd iSpJ JI'i-O 2>0. 
lh. 30 *21 111 . '.□Dtp; S3: <22 11 ) 

Alexanders Hides 'Sol 17*23, 'll' C’.'trai Marulactiir nq and TraB rg Grp. 

Alginate Industries <2 Sp.‘ 222 *ino. 55';* SC* 3o:Ln *57 <22 IT* 


.iun ron.iwiM. :u- *:iM. ml con,- woui,, improve Miu wi. nmny and 50^), 6 ;.oc ?: ** ^3 1 1 . 9 *. ? :s«) ^ur 26 (*e* 56 

VVl : ’ rUi,, ' N ' d ;i |CV - 1 tr - jlC JUb, ■ , Vi,*” ! A.& *2Sm 43 *'22 111 

i : j ioTi !, r d 0,1 1 ,2, * oc 34 •> , »;^ : i 70 


,ong-term wealth from coal 


J*jr-e, C« -ittY 6e:Stk. 9 1 ', >20 if 
Sw»n,»* Cora g'-pcSIk. 93’, 


" L'OAI. '.'Ull.O ofier ihv nation Oil'? lifo-ov;.*eciancy was <o he 
ilir j.p'-pcui nf |..rr.’-iorm rmnn- measured m decades, while that 
till.; •-■•nll-bcin-.*." Mr. A|<\ Eadie nf »n ,n cenluriea. 


I" r * f,*-e We.r cc IZoc 937. .23 ’ P 

V.'olssll Cws 6*ipf5*k 97 -'/ *21 1 i • 

■Vest B ro**l with S'-iwirk. 95'. 
w;- 7r : tr fc'ir on I’btSiL II 


SHORT DATED BONDS 


Allied Plant * 100 . 20 20 

Allied Retailers <10(1. i 33:0 3': S'-n 

1 12® 

Allied Supolmr? 6 D>:Ln 61 >20 11* 6 

vn 1992-2007 46 (23 III. 

Allied Textile Companies *25 d: 143 
Albino Holdings *5P' 6 £ 9 
Amalgamated Inds. 7acPi. 3/ ' ■ — ■*) 


Central ’.Yaopn 7'sjxLr. 105*. *21 - 1t- GrlmerroHs HWgs. *10p 62 <211 

SscPt Chamberlin *nd Hiil 2Sel B2t 23 11) Group Lotus Car riOpl *9 <25 111 

Ch *rg j wares Nee- flOri 14- .11 Hi G^-cst Keen NstHetoliJs <2580 7® 1 

Ck,--V Tunnel Inyestmects ' • =ji 65 2 ?, 9 6a -. 7 * fiZ<11 

■I'm Gutar Keen Neflefa-'ds .UK) S 

•Chloride Grp. .23a: I0< 5 6 7 ;ocDb B4)»iZ1tl). TO'sPCDb. 79'; <ZJ 

Ctiri::-c5 Inrnl too 133 7. 5 *J.A T Grouo >~0 p) 28i; 

C,^. Chr st-e-Tvler >1Dd) SO :23 111 H T.- V - C’DuP 'Z5bJ 111 *23 111 

B ' ,a< Chrftv Sr ss. <2*ej 4St - Haden Cairler i25p) 105 >22 111 . 

, Chrysler UK S'-ncDb 60', .22 11' 573 6<,0 

113 Chubb >20e>; 134 >23'1 1 >. EocUnsccd Ln. • „ „ 2iS - " r 10o* 187: 5 4 

... 52 >.22-ili H«(l Engineering (Hlags.) '50pi 

,• V .. Church :25bi 165 :22 1l> 4 , .t 42 11 


War ^>9 lS P i'ZSdI 97® Box iZZi 9*^6 7 3- 6pcLn. 90 J 4^ I "9 6. ' 27 •»- BKDb. /3 l2Q.- Xf}f 

- 6 ® m D i-i n SB cc M 3M * l - , M**t*J Closures Gra. «25 p) 98 <21. 1 ll _ ; smith Wh.twsrth 7!«*«- M 43 8, v 

GrMAeld ”»ii«» ffoS 5*5. - i •gS'.fTK t5Dl ****:■•*. '■ 4 ! Wi-JgS"*- * t * a : 2y **- - : 

0 , 1 ** n * Economlsw Go. iZ5p) 71 i Ve-tcv rJSp) 69 '. ' • Smiirtt (J-anrsoni Gn- -*2Snl 193, . ■ »«« .» - 

I-® 1 ',. / u rt?! , 1 1 ' Meiw 'fMontaauj L < i25a>"fif 5ah*anl*». iHldOS-i - Noil-no 110B) 83 " 


Mlled Redtern Si.-orLn. AS '20 111 


■ 5near Jack^cn' Irlemtl' "25PI130 ‘IS'llI 


, Mncr («unlev) H'tlci . P<3p> 11 (23:11) snegr- rj. W.'- Sons <2 So) 168. *21JJU- 


HriLDli 


Church :2So> 


Hall f Matthew) F25oJ 209 
Hallibu.'lon Cb. (VU32.50, - - 
Haima .10oi 3S i21 1 li 
min 

Halstead Uames) rHIdgs.) 
Hamilborne ' 12 >;i»> 400 
Har-.bso- Kids. <5o> .'fii-'j; 
Hanger ln*s. OlOp' 4Si< 
Hanson Trust <25pl 127® 
Uns.Ln. 74 12211) 


i-McHnS 1250' 131 2 (2311) 
.Monsanto SntLn. 108 <21-11) 


Stadccdshlrc Potteries (Hldgs .1 •125P1 
•nil'll. ' " New iZSpi - 117 (2*i1i>- 


£!,000 fellowship for FT writer 


Pt'BUC BOARDS (8) 

FREE OF STAMP DUTY 
Agricultural Mort. Corpn. 6>.pcDh. SB A 
| *23111) 7>.pcDb. (81-84) 79i; <21.11.. 


Associated Dairies i2Sp- : B40 7 CO 80® Ce-n«;i Radl-ryision rs B i 130 


80 2 77'.: 8>a-. New i25pl 183P 2 :0 Comfort Hotels (10o« 23. New -'ICei* 24 ■ ^Sfrn Id, W.i 1 Leslie rSOoi 
1 ® aoo 4® 5® j 79*: E0'«: , 121111 | 5pePf. *0 v2211) 

ASSOC. Elec:rlc*l Inds 6ncDb. T6-. 1 romoAir (25bi 82':® 1 Vi*?-i : ®» -an,. 

Assoc Engineering i25o> H2» 6oeLn. Concentric (IOpi 3S* : ® I- ' iS-wSw 

n?:. dr. Ill 1 r '»t <niiou< ST*»‘CA5rv l*Oori 3B Kf . nei?M OT Lonoofi WPCPf. 20, 


Hargreaves Group iZOni 60:- 60 <J1 m l tL ^?. 11 J rn , J Slock-ake '.HldaJ.^'ZSP'.-CO f23 ll» . . 

■u.ocDa. at- fl2;l1* i ^w^-ri,2> D rJ' ! »e n HR- . .-< Sloneh,!! Hldjs* FZSpl .111 C23'11) 

Harris Sheldcn Group f25o' 464 ■ ... .jbione-PIart <Z5p» 10B ^ij®-B 7-_ia-._ 

Humjon *T. C.) 1 25v} 106 CJ-lf) I iI.hm -in., jm i.’SfOIlHKrr ahd_PL1 215 po;Tl\ ... 

Hamsun* Crosfleld EM A*.o hi 1 ; ‘ tj22l ' SJS*?** t (tanSS" x-°" •* Strp»t®fA ol.Godalmlno flO»J 221*. rTS *** 

Hartwells Group 2 Sdi 104 1 it^m^r^hni' 1 ^'ni 32 i*n- 3 ' — n im Strong . and . Fisher rHIdgs.) USp>- 65* 

Hawker^ey.aSd* 222. 4, 10® ^ K5& « ‘fg' ^ i?° ’ '• hWi! ' r' 

iau? :pcPf - “ 7:PCD ‘ >> w n op>- t a®-- . 

Hawkins Tlpson I2S<H 67 6 <21.111 JL D Gp W 7fon ^ ss“?' 1 S ‘t 30 '.*^ V1 : 5u?®flam .WWw t^tos 41 . .. 

Hawley Good* 1 1 Grouo >sp. 14 MB I;® . MVHW w- •««" SS,'. .... -H«wa Grp > VOp. 5 1. -42^1 1 < -. - 

Hawthorn IR. W.i Leslie rSOm 72 iza.'ll) 1 .. _ _ - »uI?t Elcr'rits* <5bl I 31 <t® . * 


Sione-Platt Inds- -:2Sp* 106'^-B 7 -li 

xiwwrr amt "PLi 215 r2o;iiJ 


i I Sioimtt and 7*L1 315 rzo/Ti) ; • ' - 
.istr^»te<5 Ol. God aiming .MOp' 22J;. rT5 VTV- 


lldgs.) USp>- "65*- 


NCR Ld. doc-SHg. OoRar Lo. 8Z® 


[ '.won Hnnrer GrO 1S7« t; • 

I -Sykes IHenryi >2SpV8SU -8 122/111" 


I*.V V I ll riSIlLO'IK, <ciunce «r retrionj 1 newspaper nn a 
rd.in,- „r The Km.,™., I -pro- 

iia- i , <:cn n-rardud ,i II .000 rjuecr r,r tr.v Natural History 
felioiishi!* hv I ho 197S rjlaxo BBC B rtrtol. has been 

Fellowship* for FC«.: science 3 fL0 .° n 'ov.sliip for 

•Aruer: :»r Uk> arlic , r nf - rs, A 10 r ' r tP,evl ‘ 


Barrs P&.'r>*. television -pro- G«m' , wa«c? D ad n s-* 5 k ^s^zViti 
dueer nr the Natural History ”5?^!':^ 0 Ti\ ^ a !" 

Unit. BBC Bri ? iol. hi* been 3DC B ‘ 7 ' 


i t, " . , thc h «* Miript. radio or televi- 1 N H|j!? r " 

•<r> ariiclc or sion prM^ramnic on u science 1 '^.7.“.. 


(-me? «f a 'tides i.; a national ^ubjeer 


COMMONWEALTH GO\TS. f 10) 

REGISTERED AND INSCRIBED STOCK 5 


Aurera Hldas >.25o- 34 "23 1.1 
AU3*ln iF." iL'yiant <10<!i 11V >,) H* 
x • Jpn.cs* S'«n< Hldns <25b' 10 4 


CONTRACTS 


Norwich Union orders 
electronic exchanges 


1380-85 34 4- ; jm: 65-'.® 6® 9-- S-.: >,. 

5 DC 79 122 Hi. 

Trinidad. Tchwo Goycrnment 8 ',pc 91 


BAT Industries .25p) Z730 4® 5. 5 I Cr S?" House 'Z5 di 59-;. 7 ;KP1 

7 80 76. Did. <25pi 237J® «« 38® ■ 2T 111 


eiecuumc exenanges 

TEU-.rilONE lifcM \l> has abnut £1.4m v-hich includes sile n-liarS rpeo.' l>ipc S 77if t i2i^t:i ID 1 ' 
nrdrr-. ( oi.-il| :n-^ L74.i.fltm from ilie d *-■ vein pint- m. works, has been 65 (22 111 

Norn ich Union InvjrHncc* Group awarded lo GEORGE lVIMPET Offs/iora Mining ndi« 99.20 12311 
r*ir flic installation of Jive flee- AND COMPANY. UK RAILWAYS (5) 

Iron 1C, mill iiijU’ri. led. program- * Canadian Pacfiit {iCS) 14 'i 4pcDb 


440 2 1 40: 1: 2: : Crystal 

BBA Grp. >2501 55 3 .21 ID _ : Cufien - 

BICC i5D0i 124® 7 4 Gee IStPI 46-® 200' 

12311. S .•DCZniH'I 43'j® 3®- 7ucDb. . Currys 
70 LO 1 US 11>. Tr.peDb. 11) 

BL .SOP) 18® 15* 161 ® IB 171 21_ , Dale t 


7 .3(U 51 bf * ' Hickson and Welch 'Hldgs.l <50o) IBS® 5' Norerc* -JSo/ 931;® __ 

Courts -Fur richer s', N -V A .2=c> 102 '23 1-1*. 6pcpf. 76 5*. (2311 1 > ; Norlelk ■ i .C*»"la 4 C". < Sol .37 *23 

Ccwan. jj. Gmot i Dpi 62 i2l'l1-. oc. H; ^*d Bras (5 p) 9-*< Eleccrtcal Hld's. iJOrt 

ID -PSPI. 107 20.1 1 1 H-Ubs and Hill (23P) 6S. SocLn. 67ij|HOf«i -M_F.i 100* 2* 'J*' ■„ 

C jw.e -T i * 53-1 4 V. jy ll, • (23 111 , Northern Ena. fndusn .25 p) 12. 

Crasi Nijhc'sen *1 Ob' 63 H gnsing (25al 50 (22.111 ! 2$ 2 i3l\ , 3 T 0 ,, . 8 

Cr7da Inter 1 Obi S3 4 3 - - J Do : H » and Smith ;?Sp 64 (20)11). T4pcOb. j 3 -- ■ 8J»ocLh. 68J: <25(11 1 . 

Old. < 1 Cm J8:m 3G ■■ ID 23 " 99 t2 1 m ' Northam Foods y25pi 97 ’ • • • • 

'■reda UPOC> 7r<pr '4ti;: 23 111 -Hill 'Charles* ol B-lMcH 85 (21.111 .. ,7? 4 

Crotby House Cc. 124 <2111. Do. Mill <H. J.* 'lOp' 17® US 1 1) Norton A Wriglil Group ilOol 14B<i 

1 0ocLn 106 .21 111 I H-T'ardi 'lOfl' 223 * Q'-rf. f lOo) J 1 ^ 3 - ; ■ - V 

Crc-urh .o^ck* 70p. 100 Z2«1> Hiltons Footwear < 200 ’ 105 (22rlli ■ Norton- <W. E.) >HldBs < (5pi 30-:® 

Crown House USD) SB 1 ;. 7 : pcPt. 50'. ! H'nton (Amc.si and Sons 1IW 90 fzmn is2 ,1 ' , -' > 

21 "11 1 • Ho'thsl Finance lOpcLn. 136® 1,® ] NrtKfrighatn BrWr .50pi 295 _. 

Crystals te Hipgt . rSo> 32 . Hotfnurg IS. I and Co. C25cl 69® 72 . J ««t>"f'!»f".MMHjl4rtijrtfig r25bi 1 

Cullen's Stores 20tfi 149:. 00. A N.-V. • 12pcLn. 97 [ *- Z - a i , - Tl — " • 

20o' 139 ® <n i HoMm fArthuri and Sons I2So) 77 | 58 


lesco btares <Hiogs.v i&p. 511® Is i; 2 Sj- 


- NOrtharn (kmdi %25pi 97 - ji z'Z^^ C' JutCn WJ'' ■ • 

i ru -TiVl^ jt n 1 ,n 7 ?jin I -* a2 ijjj.‘ ' Tborn. Etcctrtcor Tn*. >2501 340*® 52® 4* 


; f,OBl N - cif ! ® 9 SO 2. aotLn. 9sf rainn 

JZLPS5' tn:.* . • ' i-P’O'.w T7ff 


NMefnghatn Brick .50pi 29S 


.Thnrgg/ Birpe* JlQp* '32 (23)15) ■ . , , 

Tilbury Contracting 2 HO® 77 (Z *,'31 1 . - 

f tllCitg (20p*-t22«a®.3'az4il J. B>»cLn. 


BLMC 6pcLn 35 7-:PCLn. 47. 8acLn. Dartmouth 


in.i hie prh;, it digital telephone LONGSTAFF AND SHAW. Croy- q 3 ®^ c „ :ra , B , r 4 pc 0 b. zb> ?? 

»•■.•L■n:^^ 2 L , : at iLs offices in cion, air eondlflonms. heatln? and mitFirv mrr wsvc m flls'imSi 
Norwich. Shvfiicld, Birmingham, electrical services designers and 4 , , . ,,1 s „ -'b^oid ®sr -iop 

Edinburgh <(iid Lundun. The ex- enntraciors. report building ser- " c ‘ 

eh ances ••‘ill form the basis r»f vices contracts worth over . u.anivs. ubsi -7 a 120 ■ 

th.- (*. n.ini'. muni 1, »i. AlWcander* Otscoitnt 242 (21- 1 1 1 5* *C 


45:. 7U0CL<>. 4E: B 50 _ t 

I23ni'flac Intnl. I25p< 67U. ; 8 SJjPtOb. 
' 7Z-'i <23 IT). SJ IfpeDB. 72"» 3 *31 11). 
11 ;PcDb. 68';® '23.1 1- , 

4pcDb BPB lndustr.es 15O0) 226 2: 7. 7 .'jdcLii 


Davenport 
D-»*oi M 

121 I |t 


Home Chum ri(h»' 203 200 Will 


ehanses •*‘•11 form the basis nf vices contracts worth over BANKS (165 1 . ?g. 

The Group's rniimry-A-ide private il.Tjm. I-irqesi Is air condiiionin; 2!SJ!^%Mf W i51^^ f 5usi , J's »zi id ®* lr9 
ncf.vnrk. for L-egal and tirneral |"7 , g,‘ r ^ A^i.”) ‘s ' £53 


ne jKi orh - , r w ror L ^! . and General ! /W-Woi s ' S5SBcii”i«a«-"ii»i T22® *r, a Mgtai < 2S pi rr* i. 4 :B c2ndPr. 33 i- i 

Other recent "rders Tor ihe Assurance Society and Bankers Austral.* and New z^iund Grp sc** ' ■ n ;„ l . 7 Ji« D ' rtl 4_ s 2 .ioj.pcD(>i). C 3: (2j.ii) 

mmpulerised PARX system. Trust ai Buckiersbury House. EC4 •«* M M f «3ii y BSS» B Sg^tj ^!' 7 » a*i»» * BmSSI? 1 V^VVS? m id • 

vhicii was inlrndiifffj earlier thii (£400.000). aink mcm<.si Nczi ,4 ,3, .2311. | a ?™. , ii4“ 57 ,w1 " b™T 0, 75 ,;|. Dp, J ! 2 . 1 

; c.ir. ham cwnu* from Scottish and nk 8 537 D| Nrr * s ‘ a4jrt W4, « ! ,Lo,, - R »s- 1 f c,J Barker Don>on Crp“ h'opi to**® 11 1 *® oewnir» n. j . -Hides.' (i op* rJ Z <Mi 3 i'i. 

\rnLM9lk* F.rev.-nt-i (1040.00(1 ). JAMES CLjVRK A- EATON. Brack- gw* «»«. iMjr* «•* mnL. Baraip' RpnjT .rVioi 201 196 ainil Eu^e 'lO'-ocDro aid 

i* erranu .i-:^viiUO f and John n eU. Burks., has a conlraci worth 61 ***** Go '" n ‘ or ’ 2,6 *° g-rr wa«« f £>>■« tm. <z»» h«* DifflS.^RXww G??.* 'zsii'w «9®| 


So» 2h <Z3 ID 


Baker Perkins Hlags . 50c 1 1 
Samhcr* ylores -luo) 142® 


.m»pr Grn. iZSo ' I2«>,Z3J1D • ’ Tr pica t pun dpti r25pi.85j fZS-Ul \.j 

TcnWe nHIdgs.i A -;rs»i 7Z<i . f Trust H ousts Forte -(ZSp. 2311;* 4 28S®r- 
< 6.1 Sons (Z5pl 41 ( 2 D 11 .- *. 32 1 7 ZSpcOb. 64'. (28 111 . 7.5ocDb,r 


Lewis r£4‘jf'J..iflO} — a intnl nf n in- some 3224.00^ fiw the design. ,r 
rialiMion,-* worth over £2.1!nm. supply and in^allation nf glass SlfS'G- 
* units at the* University nf Petrol- FYf'H 

V. nrk ha's >Uiricd nn seven cum ami Minerals in Dhahran. • — — - 
a.-lvnnri- fa r-M.-iis for ihe Depart- Saudi Arabia. The order is for X it . .. 

men! nf Induslrt m Riverside siboul 2*1*1 tons of gloss, including . 

Tiirk. 'iiddlc-'br'nigh. All are «if 12mm icu^hcned anti-sun bronze 

the 1 -.Trace lyjie. in tailing 27 in- glass, fimni clear float glass and Industrials 

HiyifIii.iI unil-. A rent ran worth double ‘-lazed units. u*.*l - 


SINGAPORE STUCK 
FXCH4NGF 


ID-- 1 1 >4 •- 10-i 

Binaw Rand <R0 101 201 196 >21 ’ll) 
B4rr Wallace Ar.~ald Tst. *25P< J46® 
Barratl Dvpl *lDpi 1 02® 5 4 6 
Barrcw Hastjurn Gro *Z5pi 35 ,, 

Base'll (Geo J Htdos r25pl 1 1-# J* 


Barrcw Hasburn Gro <2sai 3y n 1 Dinkic Heel (5p) 16 

Baiscu iGco] Hldas rZaplIU®' 1 . oipiama *25ni 175® S 3 6 

•Bath PtrlJand Gro. 'Zap’ s2 K-rll Ditdn ;Day|oi 5cn IZSoi 114® 

Baileys Yorkshire 'Idol 63®. lOBCri. a, xens Photograenic (10p1 12 
102 .0 *23 1 0 , Tchsr.n Park Inds *10b' :01® 

I BnaDi ijohni Assocd. Cos. 120P> «» Dai-ana Hit's* f25nl 70 f20 ll 


Inil Trust & Insurance Offers 


Uuii ... . — ... 
Oiu-laui O . 
U-iuslea-lGbi 



lj«o 


Ilntllal ra l'i- 
1 unfit Pul*. ' 
f; I'l Berlin ' | 

I .no L. Huijiiieerr' 
4.i<' U ; OvS Bl... 
•;..v0 IVeyinii.- 


Bej?,.V ' James* A Re«d. *W- (i5p) 120 °~|.'^ } '"ohon b < Hldg*. .25; 

9 121 /I- ' Oowdinu Mills f53' 27:-« 

fci<cr (C H i < Hlags 1 1 1 Op* S4® Downs Surgical (IOpi 43® .- r2j 

BecKiwan (A.: ilOpi 73® i Dowry Grp. (50pi 271® 63;® g 

£HCham Gra .-Imii 6Q9*E fl-® 14® 20 7ocLn, 2B0 iZOIIi 
Id 14 la 17 18.. New i 25 p< 34® S-® . Drakjs. Scull H1« s . (25 p> 33*- (1 
43 40 jfl 4-1 2 39 7 41 ^ 6 5. 4 , Dublllcr I to) 24 122 1 1* 


*'n<rr '«*► 4.tA - Ir— i«i 

Haw P«r.. ... 1.4? LUafiiliw.. 

Hi. me ln-1.... I.nu IV! in Jacks. 

]>it*u.ftp€.. .. l.no Rubbers 


fry relays Unicorn Group Limited 
Gartiuorr Funds Managers Limited 
Lloyds Life Assurance Limited 
M and G Group Limited 
?>atr and Prosper Group Limited 
Srhli’sinscT Trust Managers Limited 


Hi. me I ii*i.... 

Im-uiftf*.. .. 

‘.Is -«r )*)»>« , 
I iU>sy LV.il • 
■Im.lix im 
i Um*.*--. 

8» fc 

iSiriiiB'iri'L* 

.(Miinubi) 


rf*< ti Liiiun:* 
hempa: . .. ! 


Sint BridS? firp ^bi 2>, -Z 3 I D \ Denb^iifro^Z “ Vo7 “* 123,115 , Hun, Mescro/ rS^ ZTi; (21 H. . HAyrvan Zcchc.^. (1 UB . 1tj W . a DOor t ^ ' <23, v 7,6 ^k:Ci. 39)^(21.11) - 

BanVs (Sidney C.j <25pi 7S L23 1 Dentsply gpcUns«.Ln. 74i, BT 11) ; Hurtlelofi <10 p. 4« • Do. Near 46 , , pi^ PS-J2L |3S _, 17 . . . cgU-it, Z »*\?a b fil— 

Banro Consd Inos. (2uo) 57 <22,1' . Ocrftrcnd ^amplnc '50pi 1S2 <20, ‘Ml .Hurst (ZSdi 87/23-111 eUTn. r •'< isn-iil" »^‘ 0, ‘ 

d-.rg :t *2 Sd- 2a • >22 11* „ DiMutlc*- Bros (HIdgs 7 (25p* 1 28® 31 '5**’ 22-«® =1 3 - Do - Npw 221 i I nSi ? V-v? i - 6Z » rSS'iVi B7% . . • - i.' V- 

Bsnussa ar-^'at'Ln ' Knas^L? .*.« ; i & aiW'”' • ; =™ 

■io,*** ,,0D, PTl D'Mfi* Photogroonic (10b) 129 ® tt zor&b 5 ** ' pSSSS’^r ntoi ’ai - ' ; - -r u £5 G'C'lp -7297- 9J)., ^7^etDb. SS i® . 

-St.V'jA.-CS. A Bc„d. ««. (2SP. .20 & < N.toV .25P. «»! TIS2C !. ^ ' ‘ ■ / ! " 

9 121 M* ' Oowdinu Mills (5oi 27:-® *G| 365® 5*, 4 * .~ a .. 59® -6® . ferry (H.S Motors. <Zto) T16'S}:,D t Urh-orn Inds LZ5a;'98® ‘ ■ -^—i - tit ’ 

Bci*<?r (C Hi 'HIdgs j ilflp) 54 ® Odwps Surgical dOpf 430*.- <23 Mi I J'® 620 3 6 2 5 60 3 57. S 63: 1 PetbOW -HlBBI. -<*0p) 86«^ rtS.'l D • i— *Jj?iV,; V.' 

Beckman [A.: ilOpi 730 i Dowry Grp. (50pi 271# 63;® g ( 70, : 2: * .59 60 l: 1 3S. 5‘zBt.Ln. 451:0 j Pamrs Sloe’S HOa'. M ‘Uflioal** (23p* 67'-® 9 70 f -Al.nHili R}i4S--. 

dee cham Grp 2toi 609® 8:* 14® 20 7acLn. 260 BO ID S'jkLii. 99 (21 :1 D- T'.pcLn. MbiFi I Petrocon :Grg.- , (ia‘») 40 -" • ... Jvs&Ll&mw 

Id 14 la 17 18.. New <25pi • S'i'fS- MJOSS- * 2 ,5 p 1 33*- (22 111 > 3 '*® l'< 5-2 3^- BpcLn. 68V * j "Phjlllw Fnrance SJapcLA. .501? - — . -|ijni1cw -SSo). -SlB® "TO?!* 4t2 1 -'36' -Bt. 

43 4 0 53 44 2 39 7 41 6>« I* I Si * . DlAHItt IJbI 24 IZ2 1|* ; lOJjPCLn. 84l« _ I PhlHOS^ Lamps HIdgs. N.V <FI.10> BIB. 4»cDh - M 

2i 5 7 f: 1: 40: b. 6l^cUns.Ln. 76- . Durtil. Slort* I2 Sd! Ml -20 11* Imperial (25p) Bl N» 2 S'; 2 «i J. ID.Spc I PhH'lpS Petanf* 1 025 pi (T <23 1l)f •57^50: 7 r 7» f T ®. * “WCUI. 

aSuf.i. zfi 1*2 111 R-‘f<I'» .Birumashc ( l Op. _35®_e Ln. 79i? J*. BpAn. 7l_:j I Phoewk nmbof (2SPI f40 (231T14 ri 

Beiam GfP ( OPi Vi 2 ‘ ^ ^ :1 °P’ »• M : Ingall I'duwnes (IChrt 20 (21/11) Phrt'-Me .lBtrL S Obi 3d 8 • S-U<Mon^ Intnl. 6o«. “TZePF '^4^ 

^r^M^jy hop> 40 "ihSSB^r^ m 79.1,** ao ® 

•4n Bros. iZiu, 65 .21 -1 IJ- ’W«' « • °5?a”w l¥ ; * *23 1 1 L^lcOI.: ?j 4 l ‘"J^gg” 1 BKtr * 

ton’Jil' iop. 37 (2Z.11> lft : otSw To«m B'.-pcPf. 47 l T eres p/*? *■ SB* RS 

Bent-ma Ir.di. >25o; -»ai; >i23-HI ..... nuol- In,. Mini Jai, t i tSzr so - r-P-.r*ap) 


Pentos <I0P> 92 4 (211111. Itocunioca 

Ln-. 15a - 12011 1 I 


' Dowdinu Mills (53i 27:-® 

Downs Surgical I'lOnt 43® .- (23 id 
I Dowry Grp. (50pi 2719 63;® 9 ; 70. 


Perfcln-Elnw epcUmcCd Ln. 94 rzi ,ri 
Pcnry tH.S Motors. <2to) M6 <Ji:i,i 


7pc | UBW Grouo *25*»', Tl:.- 7JH-. . • 

; T.fUDS G'Ciu* -B94*- BJJ.. >7' S BtDb.' 6S s® . 
■ ' ; ,,6® IZSM 1*. 7 ;ticLn. ffS/Ml 

idcu. itJirD irtni. (ZSoi -146®. (2*2711 . 

_ : USMr irw.'jssii TiB 


33'- (22 111 


: • : USMr irrw. 3r.rcj». -fi® - 1 -' ; ■: 

iiTi- i uu ic<>- s r • 

[li . lUrtwrn^ Inds. lZ5B;'92e..'. Br^CLn. filL -, 

. ; <25p> 6?J:4 9 «0.' 

’ ' . S'JKH'S*!- ssr, «3ittl. > 

■ ■*- - UiiK.vrf ■Mm .'Urtih- jm 1 -tc- ne 


21 5 7 J s:T: 40: b. 6UPCUns.Ln. 7*..Durtilb Slaels (asp) ill -20 11. | 

Beffm'croMop.'Vl 2 282B^SSS3SS!SX»l^1&& 90 

fe £ CrP «.^|J . 3 Z S P) 32* ■K n r E f.L 0 « D, B 3 ?bcDb, I6>- 0M1. ! 

ft^rc^e^M^U’ry HP®. 40 Oum.m .A^ji' Mto, 370 ra«nn. 4.z oe ; 


bAipcLfl-. ,50** ■ -- • '[ Uditevrr tKcn .Siflfflvw xk jn .-ie- if. 

jTa'S V.i i Vr?*™-™ ; - 

(7 So I . 40 (2 SIT 11 UnlHfey: (FI 1 5> ■ £2A'.-4. fiO/T ti . *?"•• 


Pticf-Me IntrL SObi 3d8 
PkWei (W.I-lIOo) 16't A (1001 9 


0"/*w - ( FI 12)^ E24-V i 

•'•Umon^^Lnini. BorjPj.n, 


7pe#k-- ®B5SF-->* 


Bent-ma Ir.d*. '2So: Jai; .iZS-IJl 


*.b run | 

_.cn ( n*l 1-4 i. Am.} 

i.42> Ue* WltM.. ' 


i rou UjH .» . C.^aJ : K nmj* r . 


_4ili| <l,.rC'-y >.5i,' Kuuluil .• j 

i ie.>2.W U>«-er Pkiu*,. 

in*iv- 1'ir.c 1 1«.: 

;••} -,La« . ■s.o 1 - -i- '.■>.<!*( ..L?--.-lJfr 

l ,-■ l -'-«*• • •-■*■_ 

i Eiij Jr" " " • 9<fll*-r. 


B>bbv J.» Sens 277 23 ID 
BilurOted Enwr.a. 125b) 520 
Bird Co. lAlritai LI So > 16 _ 

fl,rm>d Quaicjjt >2Soi Si® '*• 7-.«Uns. 
Ln. 62><a -22 !1» 

BlrmiPRhaiT) M*ri {2501 M “S' 1 " 
Birmingham Palle' Grp. -103' 03 


_ _ . J.C.E.G. <25 p) 19 

E— F Jackson *J. H. I.i "3P> 34 '• 

Ismca (MMlriM) Inds- *20pJ 13*a (22(11) 
EMI <oOM 1 52® 48® 30 40 SI 2 i JMSUM (HIdgs., MQpl ST’S! BZ 

J.02_5tviP* 43o (22 11'. SncLn 36 - Johnson Barnes (12«:‘p\ TO (22:1 1 > 


Bla.l £«h-b-o.i .- 50.B1 554 .. 

Slaik Aiiari ••<« o/S! ■*? '- 31 
.V ,P -2SJ' 1 ■ ’• -zz : >' 


Blacy.uan Con no '21M» 71® 


J.OISbiP* 450 (23 ID. SocLn 36- Johnson Barnes (12':p\ TO (22:11 r 

■22 , l i. “pzln. 59 J i2D I1i. S';PCLrt. : Je.hiwen Firth Brswn i2So) 70 66 70»*. 
77® 6’; 7 ; : ‘I.OSpcP?. IM . ( 22f1 1). lOpctn- 91 !* 

f .'.F. Hid- i '25& 1 : 4 <23 1 1> -22.', I* 

early >Chariesi. Mamott (VVitner . 1 0p* " Jen ton Gre>*» Cbwrrj ,*2SpJ 102® 

2- : . jcfnscf. Mattney 449® ' 


V. FINANCE FOR INDUSTRY TERM DEPOS^S -- 

UepoaftB "rtf- £l.QQO'£2SiQOD\ accept pd ~- for &xkd iegnuT of 3-iff 
years >. Interest paid gross, -half-yearly.:: R2t<C_for dep&riKi 
received not later than l5.12',tS. . ^ : ■ .. J 7*.; 

-Term^ fycara) '■ 3 ; .4 .5' ■’ .7 .7 ?* • * r R •; it! tV-t 

Iplerest.% ;- .12 12.4 ' . laf vlqii.-'.. 12f '\2\. f 

Rates. Tor- farcer ambunK on-.reqaesC'Eteabs^ to andTnrtter 
information from . Toe Cjiifif Ca?h ler:- ' Fifiante Tor ~ rnffbsfey 
Limited." Sl.' WGtertao. 'RnadL' Lcfnd6.ii "5 Et. 5XP ■'(fttaag 7SES 
Ext 177L 




A*'; , 




Financial Times Saturday . November. 25 1978 

isfft 22 <% M »- S9CW. S2 ©HBMv JC4 J«0: 2% 5* U-; «M 111 

• ! *as35 

U>«i CO -i -22,11:. 10n M«uneU4KMlligt IruM 18^*0 Brunnrr 

< sj£L=2Sre W c8*>i *1Sk it f?- 5?® ' £-»2ne?i5tui<ritf J ^ Trost ' J OPi 20 <22 1 1.1 70^28 
y»<Hd hj^Kwoer* <zm» JIS ct*. «u. e:rw Natiadai Fin*«g HOpi A:-, • ®-:p* CiMtfun 

2350 70*2; ***** *° “"H cS?,?*.! 

‘«w«u.ISS&T&ra{?ft,i .'. i SBBJ* 

IfuBCWo-nd MM. (1«B.1 Y. :-H«ihp**ii Trytt ,SoJ ® CfS'lt?. ) iZJHj 


ftlttft. 90 
' [Tool 2S - 

yinlrn &D. C20o) 1400 
V,u-1a <SOb>- S 5 

. MUK’ (3&0J 1900 

IV— Y— Z 

tv 8<hbow> Hlaas. MOP) 51 3 (32/1 1 } 
- vV.fj-1. -i2aB) 121 
wmp Gro. lZupj 58 ' 


' | Hods and StoltllA dOe) SJ* ? * 


I Colonial S«tv Truit SpcPT. 170 
l Common Market Tim! (lot IS'j CO-'lH 
I Com i iM^u I Inouotrlal <2102 184 


London and Acooe. In wit. Ts*. ilOo.1 7 Corniixmiil Industrial '2102 184" __ JJ! J'' ... , _ 

i CUI11) " _ Continental Union Trust ttSnl lit I#r© St*" - c t- 44£> ;0 i 'Z2'1 1). 

J London and European Grftua ClOol 32. rii ,„. s -otOb. 71 '■ '«•!*» , ,_ SK?K ,b SS2 t " = nS •.«*«« 1 t. 


TvucsWe Inst. SocPf IO <22 11- • i2i ; -2t t?< 'nwvid M-nerdt- ijc« i 

Urtlltd Brltisn Sots l25ol 12D'-® |l; S ij.oorr Para RuDO*r 1 10 1 20 I 7B® 320 S SIS 6 

United Capitals. Invst. ro-acj TO ;/ 19: { Sooomana Groan ■ : 5s 1 l ~ in. .A I Walker iH.raml SU.S 32-‘-»® 

United SliKi Den. Con. CZSol 88 <g I22.T 1) j Sunaei _ Bfmu Rubeer Utim llOol i Wlnthrop Inv. (20c< 90 
tming Resourrei rrsol t'O I } 160 >23>’H> vniTuorn . 

West Coast ana Tr»aa Reg. (I0o) 7J 1 cnlPPIYC /*-i i /'WVtJUitn • 

rzi 111 I SMIl'I'LMt (oil A.-tflto Usd. 1*7® 8 


. BpggalnvfSe Coscwir J12 I Swan B n e ars, i JS 

i Cib* Ciegf Bprtom. £EI$ 1 Swnrt Pic. A :i3e 10 

i t 4 *’ _ U| - ° d-jjiraiu 285 ; Tli C.tesinfl Z2> 

OuH Dcwj, aU0 rreltAaiO M.ni. ZC4a 8 90 

■ tier. 3 n.£rf.fl Lu-'o 11 1 : I WMaiscK Miraen A 37'-; 

1729 1 73 N0VE51BER 20 

. £ tf l.fP as ; . Anglo Utd. 2120 

. Paneontinensal tS'aO Args In., ill 

, PniUms Pats. :-uo JO'aO i Auti/allan Cans. Mrs. 9 

.Peiraeu £73; - BeChienem Steel tij-» 

Scicast Ejl 250 GO S -Saw vallev Li2uo 

;>wre Pa-.mc A 1U3 I), I Cent. Pat. Mineral* 330 

!&i. fi SKiy , a%* ,s sjft.**®. 8 * Bec "*- m 8 

iwoodjide Pets. S49 tiaon Con * US'. 

)»e<S5U£ k alfnSSrt* r^3n S;; .n -e n-c* ! MuttlBcn Wnimou BS 

"VSiT^Si. !0 s ZoSO Jard.ne Mirtewn |?a 4 


• 1 BJaslPnim-Xri. 60 i22F1»i Crc scorn Japan lUol 180. Warrntt. 77 Wj*" 

J London Scottish Finance Cots. 1 1005 4ftO (21*11) * '»’ 

! 123111) [ Cumulut t2Sol 27 <23 11> _ YtOmM I 

J Wanton Finance Til. (20p> A2 S . I Dana* Cap-Shs. IIOpi Sk 122 11<- Writ. Voting Co 

/ Mm^^AUM^nl^^ioM*2n8 f* 10] D£bMlure Cdro. ‘2B0J 63. S^ocOb. 500 1 


nont liSnJ 70S ■ 23/1 11 ^ . F. led on la >n». '7Sot 443 .2; 

■vatk. I2&PI flb ; ® 89 3.4o<»l. common Crolhers. riOn : =,? 

1*1 SocDB fcS'i® bo tuns 1 Fuiness wrrnv 221 
1230.168(21,111 . (JOhn II 3B- 


NOVEMBER S3 

A.nglo Usd. 197a 8 
Ashton Mno. 68 

, Australian Guarantac Can. ilia 
! BH South 1 1 1 0 
Bse.ng £44 4.0 
BaucaWWe Cooper 114 13 


M ii-er and Hamer iLp) Die Ptwrlaent Financial Group (£501 890 9 • 6'iocLn. 93': 122-1 1 . .. ... 

S...M. d.-rt* 6MH Jdlagi. ypCLn. 67-.* e* 7oePf. S3 .■23. , lll Draston Con. <J5pi 131 121-tii. 


J Jarc-re Sees. 920 
• Nicholas intm. 72 

I ' Ocean Be. oarers 1 50 

Od Search EUO 
Otter bom. 24> 

Pan American S’ Sso 
; f arenls LTSC 59'* 

Swan Brews. 126 
Srr-re Pat. A IMe M . 9 
. Tal Cneung 2I-- 
T»rj Cxplm. <® :>9 
• western Queen IS 


: Cedar Hid?*. IS-:. SacRea.Cnr p;. fi 5 
. Central Eevloment B 390 

i Clide Petroleum 92 
i Dollar Lane 49 

j Eapooume W4»rwgrlCl iJ.Poc r-iex, a « 

. Elaridge P30e 214 
' GAA Praocrrv T«. 12 11': 

J Harvey and Tnomoun 1 SO 

! Home Br»*cr» 27i 
Jennings Brai 81 

Jersey Eiec/ntity SocDbv £60. SocCum. 
PartPf. 45 

Jersey Gai 5 PC A Cum. Of. 3 3 
I Jersey Nw Waterworks 5a:Cum JrtJP*. 

ISO 6-;PCMtD0. £90 
. K el lock H1C99. 42 Cny.IfTC.SUDVar.3aie 
. Uni.Lit. 44 

. Kondapolle Eits. Co. at Cevlon 7acCum. 
I Pi IS 

;Kocmaiie valley Esu. Co. of Ceylon See 
Cum PI. 23 
K umck 1 9 1 8'-; U 
j MeiTYdcwn Win* 32 
[ Minins investment Corps. 60 £9 9 
. Nsilonwidf Leisure 9 B 
I Norton Vnltcrs Triumen S 4-s a 
, Oldnam Brewer* 78 S 
Oldham Estates 128 
l Portsmouth water £23 ; 


M ft & E.rra Yield Income »*».. 

’* MiG Fir Eastern Income 32 9 <23- 11: 
'M ft G Gen Income 174<- (20 111 


ur - 84 ^ e « La - c%bW , »" • 

yrardi« : (BernartU (ICfl) 52m t,® 2 -■* ■ I United Dominions TSL . 250* 389 7Q. 

ty'ir.rg an*J GUlow rHIdasJ t20D • 'GocUnscc Ln. 128 <22 lit 

- Holamyi UOp) 36Q. A (lorn Si j Wagon Finance Con. *2So> 40 ITO.'IU 

S.J.W,) csoi v.aei.1) "&“« S,IO -‘ 1lOB De ‘ Pt - tl( 

sffljsss ss& *m <• gas <*> 

W«?On IR. Ketvmj .10a) 108 (20/ 11) -■ Alllanr- DuABn Cnniumtrf Gai S 

Sf alla ySi* k Cn> C vri* * 2S,,l 1) ' Imporiil Com. Gas Asaoc. 349D 1 

• nfcjnivrVl 3J\ (23^317 f SpcUffsce.Lfl 1fi6 i f > 

PDBHf Jborrt (5pi 56 5> i20jI1l ! 

. wedoorado ..asp) lice; is ie - TTCSintft VTR nan 


>- 12 

Electric General Invest- .25i£ MJ* »it 


Austral isa ( 10> 


im f ®5^a«7» 1, 2 >2s."i 1 1. 7oc i tgrrjBStfn i» 

10 " 24 j tnciis^sS^ York T'ukt (2 S o) 7i iuo >® ; ^°rmia B 7s^ n ir'V** 0 S °' * 

j ei^*ii4| 1> Seoul *h I2SPI TO .2311). 8 Weatarn .SAO-SOi 124: 2 


Alluo:* Dublin Coniumers’ Gai 97 , English niatlonal C"1. <2 So) B2.*« 3 rjO’lli 

imoerial Com. Gas Ataoc. 349D 9 8 8. Eoultv Income >SOe) 207 .20 m 
GpcUnsce.Lfi 166 Clll) Eslate OvHes Invest <25ol 7b'i a V't 1) 

■ INSURANCE (121) 1 M,ern *' ,w “- 7{ " Ln ,Ol ,?0 “ J - 


-Wee) i Associates 1 1 o,.j 2di: 

■we-r Grp. i2Lpi 992;® 7 8 > a 
Welko HldBl- 1301 24<s 
ftieiliuan kngng. ton. (2Sp) 43 <2 

.West : Bromwich Sprun <lOol ’s 
Westhrirk Products -T25p) 54 C22 1 
WeyHTT Eoard MUTs <:10d< 70 (2 
W<«S(I> Molar Hldgs." • JSo) 9oa 


Eiighth National Qfd. *2 Sol B2?a 3 <30-1 1 1 Miscellaneous (41 > 

EshiIiy Income <SOP) 207 <20tli AMEX rCUSl. Sl-'a i20.lll 

Estate Duties Invest (250) 7b't r21M1) Ayer rtlsam Tin (1Ma.li 3000 

External MvcsL 7ocLn 102 l20_1 1) Beralt Tin r^Sp. 54B 

First Scottish American <250’ B70>. Shoe Charter Cons. .25p. Reg. US 7 6 21.4. Do. 


jmr ov‘. fST a r>*i a 

line 32 9 <23-11: I6AI-I 

4'.- (20 11’ Assam Frant-Er 26E Z .21 i:. 

nd Income 109. SB . g^raaorj I7S0. 1530 ,2L 1 I 
... Camellia iiOo- MS® 

ti. lawrif 331 122 11- 

r low II. laeu.a 2089 

C n.io E stales •JSo.'a* '2C 11 

Sirglo llOS' 25 : 6 J j -.1 II 
■ ii(|i Surman Valiev <23p> 143 *23 II 

1 ‘ lU » . Warref. I2b0' >’3 -20 1 1 . 

.120 11) , Willljmtfn Tei HlaciL. I bZ '%0 M 

’so. ga s .21 iii TRAMWAYS (— ) 

> Anglo- Argentine 'in. M -21 li. 

*■ • Barton <160o' 97 <22 1 1 • 

ns (41) . City Buenos Ayres II >.23 1i. 

:ni WATERWORKS 104) 


Jenna Minrllle LlS~aO 
LC-ng lease Con. US) 2 39 
Nih-n Mn s . 7SC 80 
2uCf Mcester 23:a »:* 

P?: Cooper E Jo 
Panarg Ccns TocPf. £09 
PiilOurv U51 26’*e 
Fa.’a Leases U5S 0 220 
Reecs 90:e 

Swire 0*4. A uSS 1.570 O’ 03:: 
Sw.re Frees. 43 
Tal C’runj 22 - 
Trnciah Marbcur Tin 1C6-. 

Tri =cnbna>-tal USS 19 


NOVEMBER S3 
Allstate Eroitn. 12 
Amoarii Caron. £33'-; 

Amaol Pels. :3 

Ams:eraam Rorerdam Bank £260 


• Westfield Mins. 2490 BOO 7M 54 64 BO ; Queen St. Warenouse 2-'i _ 

■ 35 82 36 Radio Forth 50 9pcllns.Ln £60 

I Woalwcm iF. W i £i 3-x ; Portcmoutti Water 4pcPeiT>,Db. £25': _ 

Southern Newiosoars ’07 Now 107 

DT"1 F ler. fill / _ \ Spinnu. Clirinu EsolanadO Pier 505 500 

! n L lulu 1 D«j (J) IB) . United Friendlv Insur B ”2 . 2 

Applications srantvd for specific NOVEMBER 21 

bargains Id securities not listed ; tntnit“r£* ™so 

on any Stock Exebange. ' Ai:c,n vi'ia fc n .nm ti*-* 

Aaicrv Villa FC .15 votes, i. OP *•-1 
NO\R3IEEK 24 Camhnog. .n.rrunxmt -lol 2. '• 

I All (ngd. Lawn In*. CO £50 DOS. £2700 Camsnage InscumenS ilOal 3 3 

' Aran Energy 61 CJalrmace 2 1 

Arsenal F.C. £1M ' Clvdr Peirsleum 92_ 


Arsenal F.C. £160 
Asian Vil'B FX Ci 5 
.BueJis Water 4ocSk. (2036) £26ec 

. Burrcugh CJxm»j] i’’ 2b 


■ CJalrmace 21 

i Clyde Petroleum 92 
I Dclomellj Hldgs. 20 

■ Douglas Gas Light 2IS 
CRA Prop 1st- I'--. : 

• Gianvllle I nr. Tsi. 425 
I KelldcL Hldgs- 45 3 
1 Kehocw mao-.. Cn> Ln. 

unlev Hldgs If- 
I Mining tnv. Con 59 7 


Eagle Star fZ5o) 1390 40 


w ^>?? ouie Brake ' Signal (2i, B i 36 : ' 7 *! ,£ I Gi^g'di 1 Stockholders Tit. L25o. 930 

■ST.?.1> uenerat Accldcnr Fire Life <2501 ZOO® t<4-..nt I L Si- 

WCsrftnd A‘r-rrf» (2Spl 36 - ' ’2® ” (2 '4. 7 >rocU noee.La 60 ■, [ A"!' T ,“' 'j?*' »■ 

WiUvlrd Television C N-VSg. 'lOal 29o ; _*2 1-' 1 •- 7 recUnS4C.Ln. 39M 120.1 ’3 : Eurooixn To (23ol 63'- (ZS’l 1) 

Wbathnss <250) 37 f22,’1J Q Guardian Royal Exchange .-25u) 224 2. 1 Crw Ni^m^Tnv Til |2Boi 97 


Wbewiy Wot son iHIdgs.) 'tOdi 24 
Wmtecrat: (25gj 10SD 
wo'rteiev .6- 5 W.) (25a) 29® 

- CO-IMVj' iTlmotny) . 6iHKUiM.Ln.- 


Hamero Lite f25o) 3930 7 3 
Heath <C. E J i2Do> 2500 50 


V whitsinoiiam (Wm • tHIdwi fi2-. a y t, 1 “*■■■ General i5o’ 1 44 5 
! -.ill:: . .lrf-.oi 31 t London Manchester <5o: 124 /JIJM) 


Pf. 38i:« iZS Ili. 50Cln. S3’. <20 111 (Br.) 125 

Foreign Colonial l25o< 162**0 2:;® 2'.- ‘Cons. Gold (25e> 1710 70. ) iDccn. 59:. 

FuKdlnveil Income *2SoJ 3JJ. Capital | airpeLn. 67';0 

■ 2 jo- 56-r .21 111 V Oro ilDei 5* 

G T. J4o*n iZip. 179:- '22 111 j Geevor Tin <280- ’58 .23 11> 

Gen. Funds Inv. Tst r25p> 169 121 1 1 < 1 Gopeng Cons I25pi 295 .22 1 1'. 

Gen Stockholders Inv. Til. (IS'cp. 11 *• Hongkong Tin (2 Sd) 300 (22 si. 

■ 22'11i ; Kamunimn Tin t3M0.50> 62 <21 - 1 1 > 

Glasgow Stockholders Til. L25o< 93® . Milavan Tin (Bemad ' ilMI • 385 

Globe inv. Tsi. i250J 114: ; ® 15. 5‘:0C Ria Tinto Zinc Cora. r2Soj 2 34 3 8 5. 

Conv.unsec Ln. 91 Accumulating C25r) 231®. Warrants 25 

Go -et t European Tn. C25o> 63*: (23'1 1) , (21'I11. );2 Sk A CumPi. 37 -20 11) 

Great Nrthem Inv Tst. (25p> 97 > Sami Piran i 25 oi 77 BO 78 9 

Group Investors 1250. S9 i23/lli .Selection Trust i2 So < 4 34 6 

Guardian Inv. T« U5pi 73I : ®. 4: ; pcPI I S.lvermlne; ■Z-lDl Z 2 
3£(21'11. SocPI Jfl'iffl SauU» Crt)liy MOP) 61 .22-11.. New Or d. 

Hambroi In*. Tst. l25o. 94 «2‘11i MOP) 65,(20 III , 

Hill fPnillp. tnv. T e. (25PI 17) .„ Si.noe. B«. Minea Malaysia Bemad UMal . 

Mv.en. MlJr- L A MC n l T A m-lfi. K ' .190 


B' 1 ?? 1 W4lcr 3.SoeRe|PM977.7£ WrSlK^ Rorerd.m 
^i.'B-S/5T?J l Water 4 c'serRaiiPf fait m Anglo United 195 6 9 

“S4 n *:0 bSS « V ’V- ?2 ' Kawa? 4-O d C " 

■231.;. 3oc»ed.ab I9 9r».ei 60-.® Corpn. iNY. £ 

East Surrey Wtr 12« (*ml» God PI ; Cheung Kora 139 
58 Ld ;»*. »PcDb. 1990-92 6QVO i Onsumers Gas SU5ISI-. 

East Worcestershire Wirwvs 4 S3:: ilmlv. j Eastman KOda® £42 ; 
6’>PC' PI. B9 90 :22 11 > lEneeavour Resources 'a 


I CMlar 2a | KellocL Hldgs. 45 5 , 

iCeoar HTdi. 10 -Mk.Db. C 8D la 60 1 £* h f t J' Sf 2 St‘ fi.* Ln ' * r ‘ fl * cr1 "' 1 

Cia<rnACA 21 ; k unic 1, nxifli • 

iDo.'^r Land 32 1 SO i MlnUifl inv. Con 59 - ■ 

1 E $r ime WWr - C0 - 0 '*- 4l#, * C, !^Sl"yi..WS 1 “T?I^Ph 5. 5 

i Eldrtiot Pone A 210 I arch am EM: 133 ... 

J G r 5?* Prop. T.-usi 12 ill; 11 11’* . Pgyal AutemsEir* C.uo E'Jrs _ -to 

'Jennings BroBWs B3 , Sthrn. New;o4S'?rs New IDS # _ 

Kelleck 44 [ltd. Friensw ms-jrante B . . .0 

: "ffifrTm ,r 44' Su “ w,,r - ln ‘ lfc • NOVEMBER 2D 


Manerdale Group 30 
. Min'.M Inv. Coro. 62 1 80 
: N M.W. Ccrnpulerj 177 5 2 
Nationw-de Leisure S 


l Wa5 r ?S.^1S , i!l!tt. , ? # 1 lM ' ■” , -'H2Ab , Si In*. Ts^ViSu 3 . 8 ^ «2‘,U M 

ttspajsspwjp’i srr ‘ i3b1 1 34 3 . a?A ^ b 1 1 « 


Jail iHen nr) Sdn (25p) 2iiS» 
iglns Ttupe 4'rpe2ndDb. 84’« (21 ; 1 1 


, tanVs Con. Invexi. <50n’ 162 (21 11. 

Red Pf. OpcCuml rflOpI 91® (23 11) 

c ! Rhodesian f3) 


WU^iCbgrge. 'lo^ IHW,,., U5pl S7 J SoWiS-M* jtfaelSfc it & It* * 

^mo.jBi^r^midg.^aigs 60® i ;0 , j ISSUS?®,, 


Wi> HJO Brg*. I20or 37<s (22 1 II 
Wilson Walton Ena. (lOpi 351.; 


■. wMBev (George (2Sp) 78® h-i B- ; BB j ?? 2 T 

37 investment trusts am 


(2op) I 3 *72® ! cnv 1 .^. 1 t2D;1,, ■ 41:06 ! Rhodesian f3) 

m'iw Hlrtns fTAn’ 1 rr ,yy.,,. . Inlerml In*. Tst. I25pi 7)1* 121 ; 1 1 1. , Botswana RET tPuSl 20 <23111 

MoJaii iffirisSSSrl J 20 p> 56 ! !ub * 11 ,3M,fc 65 4' KD,, ■ 50 i ^?, ! * Coro ' ’SB 

plar^iSo) 232a "a 7 cn x Cni-oa « ■ ln*«Mli»g In Succrvs Equities (2Spi 156 | Rho-'rslan Com f!6i») 13: 

aSf® 8® 7< w (21/11) i Zambia SS ^ BD0 =4. 12 

ur*IJ 6 'VS l &?& «.•?„ iSSTiSr’-Tit!’- &i' *V-. 3*.. ; Sonih African (22) 

Jtcnhoul- Hldgs. (2SP) 5^ 3 K«uo» ‘in*’ fsonf I Anolo-Amerlcaii Coal Cpn. (R0.30) 550 

500 < e: -r L K ge“ o vTeJ n ri.: 5 ?s‘. , ciip?8 7 «,. c, m . tm 300 ® 5 * 


M'd Susie* ’5s*D9 1 02 'ZD i 1 : Narrnern M.nma 740 

North Suit** Wa«r («: B 42'r Pn'Ec Gas £15*i 
• 3: It. 7>*pc0b 6’C S3 Pac he Pen £26 4 SCEO'-.e 

Pornmn.i-h Water 3 S-i-Sri 3: - Par. Cinad.ar Pels £22. 

S S:»l*0rdShi re 4 9 k 5:< C 4S..rr i® Pan :sm. nerril £60 
! Sp»v S 2'«* *0 Cvf 1933-92 hc*.o Wjilsend 432L3 

.*• 9- orDa — rnu- Pn.il o My ms (Au«ri:.a: 475 

Sunderland S Sh.etd: 2 SpcP' 26 1.0 <iO. - Cun.-rusn 60S 
4 2e*Pi. 19B6-EB 62'.o 'a® TorDo. : 5w re Pae.nc A 113 it; 15 ' 

69 123 11: sw re Prjps SUSO 633 


NOVEMBER 2D 

Aston Villa FC £14 

Arsenal FC £163 . 

CamorlaBe instrument .’ol 2* •» 

U , _ 

Cambridge |n;:rumrn! -’uoi 2-. t I 
Carrs Milling Ins) 7 -orLn JO 
Celt.: Basin Oil Esplm 65 
Cli -mice 23 , _ 

Eedes as: cal insurance : SrtliiP'. 
GRA Proa 1st ’1 .. 

Gibson -Wt. 1 and So 4 blPI i- : 


w os: ex Water Auth.' 4m Pero. Coni. Deb. Granville in* 7s: 475 


4 2e*Pi. 1986-E8 t-'.Z <i0 TocDo. : 5w re Pae.nc A 113 u : 15 13; 

69(23 11: -Swrc Props SUSO 633 

TiMal Pviraleuhi £10’*® 

IPFfrAI I 1 1ST TnCrnsInenal £)2'a 

C.U.1L LIS1 _ W«s:fi»id Mineral’ 2660 SO 4E 

Business done in *ccuri tips quoted wesi.niniusv Eteror c LUNO 
in thp Monthly Supplement. *"wi<xa waroen a 43 
_ ...... NO^XMBER 21 


* N0VE3IBER 23 

■* ' Aran Energy 60 

;r«:.a: 475 . a. ton v.lia FC i» vc:e» £15 

Easier 17. H.) 7p;Pf. A 2 

i li ■ 15 13 - • S'rsrmpharn C'tv *C 915 903 

Bja' : Burro ugh •Jtircs: 129 

n:,0 . Cimbr dje Instrument Up) 2<t -: ’i 

, 'Ccmb.-idge Instrument >10rJ JU 2-'» 

-’660 SID 46® 760 i Ceaar Hides. 25 
_oeo sag aow '"iComml Bk. of Wales 90 


Han** and Thompson HO 
Ha-ve* ana Tncmoson £ .atm £43 
KellCCU Hldav. Cnv. Ln tst sers . 45 4 
-.Krousra luo-HKt 27 
M’-vcWvn Wire 3 2 1 . 

Mining |rv Cor s= 8 .-S 
Nvtls-wise Len.-e 9 I 
Nerten Viilifh T-n.-v.ssi 7 &'. 6 
Cldham Ests :23 


Lire view in*. Tst. (2bPI of> : . woo- Anglo. American Con. (RO.tO) 3000 5 4 

lIw® D ebenture Corpn MSe. M °° W 

L llM ll |i Mi Molyroad Tst. i2Sp) no | BI*voonjlbJeht Gold Mining tqo.25i 2B4® 


in the Monthly Supplement. 
NOVEMBER 23 (Nil) 
NOVEMBER 22 fXIIl 
NOVEMBER 21 (Sill 
NOVEMBER 20 (Nil) 

RULE 16.1 n> (e) 


i Conw.1 H B^*'af‘wales 90 RULE 161 (1) 

I Cnurch Army Hculir.g sec. 2 sPCLn. £1 2 | 

!E-!ir n Lan2 , HhMs' so’ 5 1 Bargains marked Tor approved 

i nii.v..»ni him! ’in® mm na nips ensaced vilely Id 


A-iwre an T*i. and Te'. £44':t 
: Anpio L'td. 210® ;o 
. a? a U 5\ r: 

A-nor Mlninu £9 
.' Allantic RiChhrld E39:ss® 
t a .xt. OH G«<. <K 
I BH Scuiv 11 IQ 
| Bdi.^alnvill* Ccoocr ICS 

Irvlar.ete Cpn E79!;t 

I "ica Gei&v F'.-prC-v £3B 

' Coiumsla Gas US' 2 ~ 

EiStn-an Kcdair £47 ‘.t 


■21 111 

tep/fnwnrrt lM I So 


•12<;B» 50 123 IT’ 


‘ A 6? to ( 3 ^ kan 93 - * KD * '' lr o"? n zIV; s'K^Bst" Gpdu,,, M,nci ,R5S0, ■ sus,6 ‘'' 


Bargains marked in securities : ^stman icrdjjr eji 1 .: 
which are quoted or listed on an ' H*.n» Kang r : ja.:o---. w-jit js» 
overseas Slock Exchange. : 

NOVEMBER 24 ; iiw?*iJ?4 "‘fijP’.zaV 0 

A'l.arce Oil Deve<:cmin:s :j-.c i ‘.-•-.iclii I'tnl 72 

Purirai.an Oil and Gas JQe r>-.n- -oe 5 t:v 1..3 

ms-tl Ev 95® jCI Sear-* 3 

A- 7:0 Unit’d J94 7 | •- - V -H -2B 

a - c0 l Pe-s 5° I ?p>nr Can Can ’da £ - 

8.P Canada £111.® 1 n,-^ Lean* US* 0 74- 0 26- 


NO V EMBER 2-1 

a " i. arte Oil Devei;cnnn:t :© .c 
AuMrann Oil and Gas JOc 

Amj?l Ev 95® 

•S'jio Un.tvd ?74 7 
a —col Pe-v S'" 

B.P Canada £MU® 


| D^toLweiia HiMs. 20 
1 GRA Pr4D. 7s4. 11# »x •; 
f C-lb-4 M-v A 550 40 
. K allot k HldaS. 44 
. LIlKuard Aliuranee 30 
Merrydonm Wine 32 
f Mlnlr.j Inv. Cpn. 62 1 : : W- SSI- SO 
1 NMW Camputera 174 
hiatlDnwIde Lelsun. 9 5 
. Marten Villic-s THuiroti 3 2 1 1; 1 
Muihail't fCiierarsi 7 pcP 1. 39 
Cueonll4nd Mines 233 23 
1 Queen 5i. Wf rehouse (Htdas.) 21; 

• P’d o Forth £0'i 
"ajn Fsrth 9acLn. £60'# 

■St. A'-5te1l Brewc>> SoclstPI. 32 
l , -:'1M Invs. 142 
! •,V«*:h*»ter lrn«'« T*-t 4 

l NO\T55IBF.R 22 

■ Alt England Lawn Ten"i< E50Db) £2.800 
: Ann 5:reei Brewery 475 
; a isr -,<iied Moteij i 20 
iCarrq-tdge instrument 3'i ■« 3 
' Cam.nridge inemmen: 3-'# ■: "i« -r 


j companies ensaged yolely Id 
' mineral evptoraiion. 

NOXT^IBER 23 

jGai and 04 a rris? 95 
1 Sietoens 262 52 50 42 
‘ NOVEMBER 22 

, CCP North S»a JHKiaW £1 1 
- Siebem -UK) 264 ;? 

NOVEMBER 21 

i ClLfl O'! £3-. Units c* Cnv A mares 
Income Wnts 'futtr od.l £4 
S.obcns .UK) 262 50 

NOVEMBER 20 

Clufl Oil £1 £2 : 

NOVEMBER 17 

Siemens .UK I 254 3 

•P-j prniironir I'n 1 •. 'n- fc F. i.-hnnw 


Ipniln Carburetter A. Rea. »50p) 7B 
Zcttcrs Grn '5nt Eo <Z3,11i 

>, ‘"TfNANClAL TRUSTS (73) 

A) -p.d Smirhers t25pi 200 3 
.Atncsr Truss CIOoi 9 4 
-A—tT-*lian AB"r:’i»lvr«l (AK)£9i 182 
. EtJSirad nop# 57 (22JI1I 


. Bankers' In*. Tst. i 25 p> SG 1 - 
Berry Tat. i25a) 71 1; <21 11* 

; Bishonigate Tst. i 25 pi 173 i2t*.U> 


■ MorrantHe Invonmcnt TsL <25pi 39 ’a. Leslie Gold Mines ‘RO 651 41 
I 4'sPcDb 2Si; JJ’III 4«-4»n)b. 76‘: Llbnnon Gold Mining ifl>) 4 10" i23 111 
i Merciianis Tst. <25p' 69 <33 j 11 i Loralne Geld iRI) U.S.50.92 <23111 


( urpency, Money *and (iold Markets 



^ r ^X? 2 H %Vi,? 5r0) Ht * Brltfir USffViL (MB. : 69« e 9 70 »H ^ OTTrT W Ku U Be^*k (W.^-’lBB 83 * 

CnJnerwsTGrw' 12 Sm 61® 59 aS>Ili 90 ? A ‘ Pf ‘ S8t ° 8i ' SseU ‘.''” 1 oTri*! 1 * 7-‘ \ , 70CL "' ^ H 't>v , '. 1 !l RO iSL *USS.S5 r21.'l|l 

^ ^ o> *«■ — 

,\li 11*. 5QCP1. fSOpi 1B4< quill British Indus, and Geti. lev. Tst. BpcPf. 37 North Atlantic Sees. Con. l2Sp» 84 >i® Uvan Cpn. rPO.RV 252 (22(11* 

— " ■ ■ - ■ I «®ri h’ VrKtsn Canadian liwtt. (23 pi 75® v^tersprst (RiV' ia4°' 501 B1 ' 240: ® 

LOCAL -AUTHORITY BOND TABLE »j$i ... s ss ; vay » 

Annlla , J ■/ • . SSSSS , |iai 1 | D lV? # ca" 1 |» [W..w.ters«nd Nigel irVz*. 3 T 1 (21 II. 


Din# MiM General Trust A '50 
UJ-lli. EocPf . (SOol 1 B4i (21(1 


UK MONEY MARKET 

Bill rate falls 


EXCHANGES AND BULLION 


L0CA1 AUTHORITY BOND TABLE 


Bank of England Minimum 
Lending Rate 121 per cent 
(since November 9. 1978) 


Authority. 

(telephone number in. 
parentheses) . 

[-Barnsley Metro. (022B 203232) 
j Barnsley Metro. (022G 203232) 


Annual 

gross Interest Minimum Life of 
interest payable sura bond 


•■■■ The dollar recovered from a rate down to SL9360-1.9370. By 

fTi | weak start lo finish on or around midday, however, it had recovered 

£111^ its best level against most major to $1.9400. News of ihe prime 

currencies. Trading was not par- rate increases saw sterling 

ticulariy heavy ahead of The rerraat to SL9385- 1.9395 at the 

paying around 11} per cent for weekend, and the U.S. currency dose, a fall of 63 points from 

secured call loans at the start and may have been given a little Thursday's close. Sterling was 

closing balances were taken assistance from central banks also weaker against .other 

hkin-oAn 1 1 1 ii* nor during the morning. However currencies and its trade weighted 


j feeler (039'J 778SSl 

12 

i-year 

500 

B-7 

r Knowsley (051 543 6555) 

m 

i-ycar 

1.000 

6-10 

\ Manchester C081 236 3377 1 

11 

i-year 

300 

.3 

;; .North Kestcven (0528 303241) 

I2i 

J*?ear 

1.000 

. 5-7 

Poole (02013 5151) 

11 

j-year 

300 

2-3 

Poole. (02013 5131) 

11J 

1-year 

500 

6-7 

P'o'oic (02013 5151) 

m 

1-year 

500 - 

5 

Tfidhridge (01-478 3020) 

iii 

4-year 

200 

. 4-5 

. Seflori <051 922 4040) 

12 

j-year 

2,000 

2-3 

" Wrckin (0952 503051) 

121 

yearly 

LO00 ' 

5-10 


7';pcPl. 52® 

Rl*er Mercantile Ts: 
<23-111 

River Plate Gen. Did. 
Hcbecc. Br.l •FI.30I £! 

Pro*. Bk. (Mam* J J 
Ralioco n v Ord. St 
•Bk. 'Nenn.l i 'FI.5) 
Romnev Tit. t2So) I 
•C"*.Uf*v.Ln. 79 B - • 
Roveoimgnd 'Z^el 52 
Rothschild (SOOJ 202. 
ia i2S1.ll 

St- Andrew Til. (2Sp> 
Scottlili American 81 


Lnnacr s*rm raies showed a 


THE POUND SPOT 


MARKETS 


GOLD 


BUILDING SOCIETY RATES 


Shelf Transport Trading (Reg i .75*1 S79® "■ 6-. 4iS{-4 i- 

86 79 »0- 7 -kimw'siv 1 75 ! Hnimm. 1 1 b vi 5 8.30 

t«Vd 0 i- ? ?.: a'iSl^m^s ft; 0 ' *. ,c m°g e 


Deposit 
Rate 

;■ Abbey Nationalf 7.75^ 

Aid . to Thriftt 8.25% 

.'- Ailiance't 7.75% 

r Anglia Hastings and Thanet 6.45% 

Sr^ifford and Bingley - 6.45% 

: • Bridgwater 6.45% 

f'nrLsIol and. West? 7.75% 

i Bristol Economic .. 6.45% 

v IMtar.nia 6.45 % 

;.:?Wrnicyf 7.75% 

: flivriiff fi.45% 

}' Catholic. 6.00% 

| thelseaf 7.75% 

Cheltenham and Gloucestert 7.75% 

f-Ciiiiens Regency! 7.75% 

-t'/ly of Londont S.00% 

^.-Cnyaniry Economict 7.75% 

’ Cy*€ntry Provident 6.45% 

■Iterfaysbiref • 7.75% 

Jr Galewaji- 7:75% 

‘ : G'jardianT 7.75% 

!. R&lifast 7.75% 

;. .Heart of England 6.45% 

i- Hearts of Oak and Enfield... 6.43% 

I- Rendon t ' 8.00% 

i' Huddersfield and Bradford* 7.75% 

l Leamington Spa 6.55% 

i«artls Perraanentf 7.75% 

f baicester 6.45% 

Liverpool 6.45% 

-London Geldhawkt- 7.75% 

[ Melton Mowbrayt * 7fi.-<% 

; ttidshires' fi.4o% 

|' : Monijngton 7^3% 

;'?-Sational Coumiesf S.00% 

[INaiiQnwidet 7.75% 

«. Jfewcastle Permanent. - 7.75% 

Cross _ 7.25% 

/Northern Rockt 7.75% 

; SjJTwicbt 7.75% 

Beckham Mutual 6.75% 

l Porunan 6.45% 

' Principality Buildg. Societyt 7.75% 

••&figrGssive .: 6.70% 

: Property Ownerst 8.u0% 

f^&yincial 6.45% 

; Slip ton 6.45% 

: Sussex Mutual 6.45% 


Share 

Accnis. 

S.00% 

8.73% 

8 . 00 % 

6.70% 

6.70% 

6.70% 

S.00% 

6.70% 

6.70% 

S.00% 

7^5% 

•6JB0% 


Sub'pn 

Shares 

9^5% 


7.75% ' 

S.00% 

9.25% 

7-.7n% 

S.00% 

953% 

7.75% 

S#30% 

9.30% 

S.00% 

8.30% 

8.25% 

7.75% 

S.00% 

9J)3% 

6.45% 

6.70% 

8.70% 

7.73% 

8.00% 

9^5% 

7:75% 

8.00% 

0.25% 

7.75% 

SJJ3% ' 

8.50% 

7.75% 

S.00% 

923% 

6.45% 

6.70% 

755% 

6.43% 

6.95% 

S.45% 

S.00% 

S.50% 

— 

7.75% 

S.00% 

955% 

6.55% 

fi.SU % 

9.26% 

7.75% 

s. 00 % 

9J5% 

6.45% 

6.70% 

7.95% 

6.43% 

6,T0% 

8.15% 

7.75% 

82:5% 

9.50% 

7.85% 

S.10% 

0^5% 

6.45% 

6.70% 

7.95% 

7^3% 

7.50% 

— 

S.00% 

S.30% 

9.30% 

7.73% 

S.00% 

9J25% 

7.75% 

S.00% 

9J0% 

7 .25% 

7^0% 


7.75% 

8.00% 

9^5% 

7.75% 

S.00% 

B.50% 

6.75% 

7.23% 

— 

6.45% 

6.70% 

7£I5% 

7.75% 

S.00% 

953% 

6.70% 

6£>5% 

7^5% 

8.U0% 

823% 

925% 

6.45% 

6.70% 

7^5% 

6.45% 

6.70% 

705% 

6.45% 

7.00% 

S.73% 

7.75% 

S.00% *10.00% 

7.75% 

S.00% 

01!5% 


•Term Shares 
9.00% 3 jts.. & 50% 2 yrs. 

9.00% 3-4 yns, R50% 2 yrs.. 8.25 % l yr. 
7.70% 3-4 yrs., 7.20% 2 jts.. 6.95% J yr. 
7.70% 3 yrs., 7.20% 2 yrs., min. £500 
7.90% 2] yrs.. 7.45% 2 yrs. 

6.95% 3 months* notice 

7.70% 2 yrs., 7.20% 2 yrs.. min. £500 

S.50 % 2 yrs.. 8.00% 3 yrs. 

— • 7% over £5.000 

8.75% minimum £500, .6 months' notice 
9.00% 3 yrs.. S.50% 2 yrs.. £500-£15,000 
9-53% 3 years . . 

0.35% 3-yra. increment share min. £500 
0.00% 3 yrs. min„ 3.50% 3 rnths.' notice 
7.95% 3 yrs., 7.45% 2 yrs.. 605% 1 yr. 
8.50% up to. 3 months notice 
9.00% 3yrs.. 8 . 5 %. 2yrs.. min. £500-1 5JJ00 
S.95% £1.000 3 months' notice 
9.00% 3 jts.. S. 50% 2 yrs. 

7.70% 3 yrs., 7.20% 3 months' notice 
8.20% 4 yrs., 7.95% 3 yrs.. 7.70% 2 yrs. 
9.00% 6 months, minimum £2,000 
9.00% 3 jts.. S- 50% 2 yrs. 

7.53% 2 yrs. 

9.00% 3 yrs„ 850% 2 yrs.. min. £1.000 
7.70% 3 yrs., 7.20% 2 yrs.. 6.95% 3mthi. 
7.80% 3 yrs^ 7.30% 2 yrs^ min. £1.000 
7.75% 3 JTS., 7.70% 2 jTii., 7.45% 1 >T. 
S^5% 2 yrs.. minimum ££J 30 Q 
7.70% 3 yrs„ 7^0% 2 yrs., min. £250 

S.75% 3 months, rainimura. £1,000 
9.00% 3-4 yrs^ 8.50% 2 yrs., min. £500 
9.30% 3 y«-. 9-00% 2 yrs. 

S.00% 3 yrs., S.50% 2 yrs., min. £200 
S.00% 3 yrs., S:T5% 2 yrs., min. £200 

7.70% 3 JTS~ 7.45% i-yrly., 6£I3% 3 aths. 
9.00% 3-j yrs^ 8:50% 2 yrs., min. £50Q 
7.95% 3vrp., 7.70%2yrs., 7.45%3mthsmot. 
9.00% 2 years 
7.70% 3-4 yrsL, 7A)% 2 yrs. 

7.70% 3yrs-,7^0%2yrs..8JJ5% 3mths.noL 
8.05% 3 yrs., 7.ia% 2 yrs., 7j0% 1 yr, 
9.00% 3 yrs., S.50% 2 yrs. 4< Max. £250 
9.00% 3 >'Dl, S. 50% 2 yrs: 


Tr« en trol i! 5 p> IS 7 
Ultramar f25di 22P® 2® 3ft 4 3 2 
7ptPf. 1S4 5 (22-111 „ * 

PROPERTY (S9) 

A <25M C fi P ‘ V ' HldM ' 9 ' :IKOeb ' ^ 
Allied London Proas, non. S7i? 


1 Hni-i. n • 
' K-Marv 
' Purl I -i 
: *|NII. IV# 

I Uni 


Fim-n-i >1- m«v. . 

)'i«.”i LHirpir ... 


7*1. ! 1‘ 

74 - i Uvn-i. hi 


Amalg, StcTCV (5o) fo '20 111 
1 Aigyfe S«a. f2pcD«b. B1>< 

Bank Commercial Hldot. ;i 0 p i j <# 

; Beuimani Proas. (25m es'j iZ3i|11 


SSli**?* y. ldB l' 7S>: (23 it. 

Bifkplr* Hambro i25a) ISO (23 111 
Bradford PI*. I25D> 252 

La no <2501 J 8 ■: ® a >- 9 15 pel it 


I v«i»n-iiKi 
Yen 

, iiwiiwe.il. 

; win F r. 


b>'. 4lSj-4 .'| . 4. 8 107 Ai-elHKl- tv ■ .. 

a .’i 5 - B.9B jfr.iO-ab.iO .1,,-ritiL. 1 <mi.«i . 

b ic..- 1 lo-.e >a.:t -lo Fin.-n.i >!•<«■*. . 

j a.rz-i./j- i..<0 /3 n«...| thiwr .... 

U lO.i9.jUa O.'o-j|...i i -iv oinv... 

S lib 5'! Isi.IO l.'-S S ■ (J8 70 h..h_# K.f j 

Idr l.Mfi.l.e 1 l.tAol I.KSg l:rn II:’ 

7 a.l <* 9.99 9.£4, 3.S5 K<.« v i II uunkll 

■»>•# 3.:b b &8 . i.;7 '■4.;8. , Lns#lill>i«i: li<v 

bij- H.55-6.53 . 3.L3^fJSi J|«i- . ,i M U> -»> .... 

Sic lib- a «S SJB-IBO %(-<• 7 #m 4-u-l I <..'■# 

4-v 27.S-27.43 27 4S 2i S7 (, e <-i.i I. « 

I 5.54- j. 57 5.i5;J.:S; .'.■m.-ai • it- |<.~.«i„ 


1.536 I.E40 946.6S-948.9S Miairlh 


ic..- 1 to..e 

a.T 2 .i. ft* 
■jO..'0-al.lg 


7 d.l 4 9.99 

Siv 5.:b s £.8 
bij H. 55- 6. 53 
Sic lib-adi 
4-C 27.S-27.43 
I 5.54-5. J7 


,|i,.n hi. I ■> '■.<*! ... 1 .7015. j,7- 'bS 0.S77O-U.B7B0 btilciun’. 


tiiwV I -i* ijinv.... 7 ! .1 5.72.6#-6 


7.k4.7.fc55 ii.0420A.044- Deninxik 

3b.. 0-59. 3D 19.75- J0.<5 li»ni( 

71.1 5-72. Si'S 36.7Q-37.6 u I.oi-ihhdn 

9.3*7,’-9.3o7 : 4.8310-<;.8jec li».; 

l:5-0-1a5*.l' . 70.40 70.7U -In;*.. 

L.j* 6 0.5£6 D. H 724.U.& 77t..\ ii herliiiirtv ... 
58.65 5B.76 30.24-30.27 Ncr.T«< 


K<>« v i II nuriKlI .. i#.Jt6 0.3£6 D.SJ724.u.&77t..\i1herl«iirt» 4.00-4.10 ik<n>t h M'vlli . 

Liis-irtl>ii<u SB. 65-58.75 3G.24-30.27 Ncr.*a* 9.85-10.00 KruA-nind. . 

«.lv W.L'.SOIO WaiiiBal 90-100 

r\f.i 7a'n^iM li.i-iri 4.2565 4.2715 0.BS40-0.95B8<S|jniu ! 139-143 f.-tprei-zu# 

Mini Lm'.i.i li v* 5.J66.5II 5.3600-3.3751 "VniiatTlADiI_ ' 3.30-3.40 

i*'iii;*i ■ ie I <■-<««... "4.25F 5-4.27 1 S a.lSBO-E.JOBOrniTmlSlMtM L.B375-! .9475 Old Tincrpiun- . 

NmiL Art i*n Kmiii 1.676 1-I.7L21 . 0.8B45-0.8760 riiBielm » ■ 41-43 


£ 

-Vore Rale* 

27-28 
BBir-61 
10.25-10 40 
3.50-3.60 
5.70^3.60 
1550-1700 
375-585 
4.00-4.10 
9.85 10.00 
90-100 
139-145 
3.30-3.40 


Gold Hnlin-n .a hoc 

buncti 

Clo'e 

0»*<OlD” .... 

Mormon lixluj.. .. 

A:i*l it- mil ti\i<ig... 

Iv.vlfl I" nil)’ 

>6..M<#-r|>nll« . . 
Krua-nunil. . .. 


57DU-20J S202,-:D5 

S20 1,-102,' .' i 201i-20I 
S202.75 «201.3S 

il‘ 104.405. i £105.056 
*202.70 S 202.50 

■i. 104.405. i£ 106.951- 


5S08..-711; 
-£108-109. 
SotH 6U 


S21U.2U. 
.f loan- :o8r - 
>60.-62. 


- £30..5i.i - CJI-JCi 


BcUun r:>u is for convert fblr frnnis. 


MLDeb. 104U (20/1 1J. 12KUnic.Ln. ! Fuuuuaal fr.#nv dP.M-60.10 

i : iyiLONDOw money rates 

72® ! V£s. B ii? 9 * 03 tr ’' eLgcUiiagc Ln I 

Carrington In*. .50p< 95® <23,tlJ ; ■ 

Kin D tft\^.ll B l?“ bL " M t2U,,i V" 

Cfi4ddrxlrv In* t2Spi 4S <2i 1 l < ' 1 • 11 

CJ 1 4(1*# poo Alliance TLtacUnsec Ln. 22 

JJO.I 1 J ....... _ 1 f|| n !•) 

Churchberv E%ls. i 29 p> 302 r 2 1 >li 'cinia'*- . ~ 

5vKL OIM Y WS* 123 11) 1 ***•'*•+•# " 11 

cofman it.Arao BpcUr^(?c.Ln 53 f20M H ' - !*%•»■» - 

asfffisritsfy^"*"* r , j? 


Country New 


■ 10a) 29:. 30 


Daelan Hldgo. (2 Bp) ’01® 2 

Dares Esu. i tool 17h • 

Enslhn Prooertv Corp. (50») 33 )»t 2 ! 

1 5® TOV,,! '« Ln ' 76 «••"*! 


•I*V- l « l .i&Jtfe 
■ Ia% » »■» 

• »tll» • 'rial If 
*■!«: iiwviiv 1 1 , 

Y4 •' II PffB j J r- 
- liter Ifli lllb 
■l\ vi la. IJ lb. ... 
\lfcJr III- II- 

■fie V«l 

nm^iiF,. . 


ll*S li'i 


Rate s:v-n lor Arstnuoa u- Iree rate. 


ll-v-.-IJ.I- 
ill ’I'n--. 


ll/g-121; US’ 1 Kb 
U 5a 


G.-MU- o ... . 

[iHt-riMiK’na'Iv . 
Kru”*.-rmL-i. . 


(:fl I-'nj**» 
Si? Ianh»- 
SI 


-■<53 6 1 
• J.'50c-51ji 


<53. 61. 
£50»-3l ,- 


a-soe.-cio. scoe-sin 

i IU7( ,0?; -£105,-107: - 
>v5 33- '54-56 


.'■vs aa- 
-L‘2T--2»* 
>58 el 
£iC;, 41; 
sl-83':B£ 
> US. 154 
597-102 


L'8l:-iB.< 
>39: 61; 
.L-JOL-tl/. 
f- s 2ar--2db 
•>146-151 
! e 67-10! 


la ,-V IK-V 

i j j .-* 

la'v-il-; 

H-l-lUl 
I I .-II, 


iKz 'a:? 
i- i *. 

li-r-- .- U 

I. Is i'< 
117* 

II, ;- J Ki 




lUi-iis? 
1#S- IV. 


lv la 12ii 
il'-a J J -i 
HU tl>8 
11-12.'= 
Ill) ll-i 
11*1 


lUi 111) 

iKt .llcrt*'.% 1?T--H'a' 
IK; THj.JlS, 18-iiflj: 

114, lJ^-ll^ 11*8-18 I 

lUs-Uri' 


CURRENCY MOVEMENTS 


Local author <• v and Bnance houi«ts feven dayr' noUc*. others s*v*fn dars" J- " Loowsr-ierm local author! [7 mortsaco Danifh krone 

rgies namJnall/ three reara per cpoi. fuur years 1I*-12; oer ctar fiv* 1SM2J wr wot. ® Bank biU rates ln table Dtrinu-h*- Mark 

arg buylos ra:— i for prime paper. Buying nit ler funr manih t*anl: bills ii--H-r.'.: per ccm: Cour-month trade bill* 1;: per hulls 'ran*: .. 


M,dB *- U'*W 52 <22*11!. *" v *' llr " ; I 

iWKI, 24<D 1 

EftTates Coofftl t rnmti, f?0pi 19 "21 ‘1 1 ■< ! . . . . _ 

Estates Pro oerrv lavnt. 7AepcLn. 60 *r® Local anihor^v and Brunet houw wen day? noU 

®«n-a a.. « r * , « s nomJnall>" ihret ivara per cppi. fuur years 

GrieSTsTpr^TTopj K u f!yi1< \ an . bai,as ra: '"‘ f ° r Pr1,llr MpeI ' Buj, ' ,,w nV '* T ^ 

Grrencat Preos. iSc'- 7>® cent. . _ 

Hammer son preo. invest, t’Sp* sao : Approsimat*- '••Uint rates lor on“-ntonui TreaBurj' o 

<2T'T1 1. A /25 pi 500 5 f2j-ii’ . lllijj-lli pr -r l*-:ii ALproaimare setliaF rote for one 

HeriM®n tSirnx ’B'- JiV! 1 ' 1 Diree-morun 11 --It' P* r retni. unc-muiith irude hills 1-1 d 
iSrv^Pr?^ HlSS?. i25pf 390* (23-lt. i „ F,n,Dce H »H« ^ HBtas 'PUfiDshed bJ IV FiiaiM 
intereuropean Proa. Hldgs 'iOd* jti-a i Deposit Raics mr '■-nail sums )' seven dm! no>lre )J p 
Vain® Prpos. tzspi 115 (22-'1 1 .. a'-2So ; Bill*: Arerase iL-nd-irr rau-S 0/ dlwoum ll.SKS per cent. 


November’ 24 

sirrliiir. i . .. . 

V.S. dollar .. .. 

Cbnadian dollar 
AUSirl.in Fchlllltifi 
Bc-lrtaii Iranc 


Bank of Moroan 
England Guaranty 
Indc* changes* - 


cent. GoJWir 

5#0 : Apprtnimai*- <-Uinp rat*s lor on^-ironth Treasiin' bills 117-1K» per wut: and iwo-momh ll'in-lU per erm: three-raonih French frnne 


Bsr*L of EPnlaiid Ind-c. - 100’. 


Land 5cu. hw«n. 'S0n> 230® 6 4. Sec 1 
Db. 1979-82 82 (23 11*. a;-n«Ln. 6S.‘; 
•nt Hi. S'.ptLn. ITT !MJ1 Uf s”gc 1 


Ln. 147 LZZ'II'.. lOpcLn. 145: • rSkJ-k. 

Law Land i20m 44 

London Provincial Shad (Hldgs. ■ iIOb’ 121 • — ■ — — — 

20 19 2o: x: 

London County Freehold Pros 6-UocDb. 1 >•■*. J4 

65<« rZS'll) ■ J 

London Shoo Proo. :25ol 71® *211111 * ... _ ‘ 

MWC <250) 139® at. SNbrtJh, 63s. ‘y^ 11 

SoM.it. 103 I 7 >1 pi » iiul 

Marl borough Proo. Hldgs. ISoi 22 i llimlb 

Mognivlew Estates '9oi 87® B 7 I23.’1 1 ’ ! Thn-n 

Muck low (A.. J.i.Gro. (2SnJ 11» *S : 1 D I J!"** <:i-*i'(‘ 
Fwdiev Prooertv Con. (ZSo) 80 ■ div inom li-.. 


-«! EURO-CURRENCY INTEREST RATES 


-iiirling 

l .\ Ipillxr 

1 . xnn-lixu 
tM!«r 

Dun n & .i’id«r 

jvi‘1 PrHd'.- ' 

Ifltl German 
Murk 

fV^ocfi f->aav«c 

Tla hrv 

.l-nn ? 



817.915 


B 

-Ij-pai 

5 If -3: 8 

: 6i t .i»3 4 

19-21 



9:.- 10 

8I.-9I: 


Sij-Bir 

— ' ■- uh r 

aig-3bs 

b.S.7'3 



1 Uimlb 

lnu.iOo, 

9ia IO 

1 

9 9ij 

l«" 

31l-3Ia 


14-16 



10:r.-IO’r 

104-10 


9!s-9ia 

Id-:# 


8.-H-S4 

13-16 




10 -TOr) 


8T t -9i- 

' • e 

A 1 ’-J 1 • 



ll'*4-13 

1 Ona ,Vnr 14-14JJ 

11, -la,; 

10./ -10.; 

_ 

evBor. 

Ka-u* 

4,«-4 r ; ^ 

. 10Hl0&a 

16I.-S7I-.- 



/*fgne»f I'm 


UiC. CONVERTIBLE STOCKS 24/11/78 


Sutisuu pro*ided by 
dcic STREAM International 


Town and CounU-YT 7.75% 8-00% *10.00% 9.uu^ j yr*., e.auyo * yn. vmlom 

WbohvichT 7 - 75 ^ S.°0% 0—5% fl.00% 3 yc*, 8.50% 2 yrs: 

♦Rates normally variable in line with changes in o binary share rates. 

*<-■ r Rates applicable from December 1, 18iS- 

AH these rales are after basic rale tas liability has been seiUed on behalf of the investor. 


^CHANGE CROSS RATES 


^rJvil 1 ). S Bo«Pf , ? r 77 n¥eSt ' Tit ' ^SDp, 111 1 The foDoninc nominal rares nvrc onoied for London dollar eeruhcaies of deposit: oce month l0.30-ie.« per cent: three momlw 11.C0-J1.40 per crr.i. *i= months 

Pag land Prsoartv Txt. (Spi 3-'« J 1 L65-n. la per c< r:’ one year 2L45-H 33 per ceni 

Rosaiian Properties (2Soi 2H-; (23'in ! Lons-term Eurodollar depwlts: Two years IDZ-ll per e-rut: three v?srs 70^re-10*is per «nr: rour pear* I03i6 lfl3is per rent: five rears ld.'sd-10-r*, n r o?m: nominal 

Bagkmai PraoeniK <25 b) 72 ;.A- 1 ekmnc rates. Sl<ori.kerm rales are tall For sierUng. U.S. dollars and Canadian dollars: two-day- call for EuUders and Sb-im trarcs. Asioji rues !or vIus’iik raws in 

i2Spi b 7 l2 O' t 1 J ®i— — — — 

Bush- Tompkins Grp. (2 Sol 92 I2i:in 'Singapore. 

Samuel Properties (25n) B7'j | - — ; — ■ — 

CONVERTIBLE STOCKS 24/11/78 ' 

liBiieh Estates r2So< 117 I __ .. 

s 5r,%^" ,vwi0 "' TK ' « s ‘" l6B , 1,11 J Cheapf+) 

Wi '»»-«,«, con- Preaiumt Income Deari-jO 

rSwn' Gtwe^secufmewzsn) 1 74® 3 1 size Current version Fist Red. ■ 

KitM^ k mqd om^Vr oper^ 0 ‘i 2 s p j ‘Ij J ’ ' j ' Name and description fan.) price Terras* dales yield yield Current Ran ged Eqn.s? Corn-.? Diff-'? Current 

United Besl Preo*rn* Tst. (25e) 298 ! 1 ■ ■ ■■ * . ■ -- I — — mmJ " ' ' ** ■■■■■< ... * " * 

W*StJninstd? h Pptr. B Gr^ flopi’ji ,2011) ! Associaied Paper Bjpc Cv, S5-00 1.40 105.00 200.0 76-7H 9.4 9.2 6.1 - 7 to ft 5-L' 4,7 - Cl.fi - 6.B 

RUBBER U 1) ! Bank of Ireland IOdc Cv. 91-96 1.20 180.00 47.6 77-79 5.6 2.6 - 4.3 - S io -7 H6 4.S - 1.0 ^-32 


j Name and description 

! Associated Paper Bjpc Cv. S5-90 
' Bank o f Ireland lOpc Cv. 91-96 
i British Unci 12ptTcv. 2002 




Con- 

Premiumt 

Income 

Size Current 


version. Flat 

Bed. 


(£ln.) price 

Terras* 

dates yield 

yield Current Ranged 

Eqn.s Conv.7 Diff.'? 


JSApy. i A 

n ?M hrcrlinij 
- J »fl>' J l1at 


Pound Slwltiw L\p. Uvllar . Ueurw-Jwmrk; Japuue Yen; Prgp^ti Praac j birtwyrani; [Umah Gollderj Italian I^ra | Canada lk<Uar . Belgian Fran*.- 


^■we-onu: 

IJKiO 


'Pnh Fjsw io 

f"SLEf*op 

Lin t .i 

irffciiT.imjEr 
'•tD 7r«ni>.Ki.> 


2.292 { . 0 . 8 S 7 J 1.085 

SB .66 . .1 ' S.S 59 • 10.75 


0.826 
- 8.039 


Aoertarie Plantations res) r:; (’i.-iji 1 — — — — — ^ — — 

R,ll,bt ' EsuUf » ,Sb1 67 *‘ »*« British Land 12pc Cv. 2002 
Berulm considtd. Buboer co..(,op< iok English Property BIpc Cv, 98-03 

[ English P roperry 12 pc Cv. 00-05 

I Hanson Trust 64pc Cv. 8S-93 
1 Hewtien-Stuari 7pc Cv. 1095 

iftlian 4ra ( LonaOa lK.liar , Hoi^ fW Siough Estates lOpc Cv. 87-D0 

1848 ^ \ J £5^£ Thom Electrical 5pc Cv. 90-94 

W9.0 1 1,177 j so.ge Tozer, Kemsley Spc Cv. 1081 

JlSi 6 I I | Ultramar 7pc net R.CvPfd. 

"~7a7^ — i ™ 1 — rrrr Wilkinson Match lOpc CvRa-os 


- 7 to 
~ S to 


1 to 2fi ' U.O 01 0 
- 11 to — I :i..> 00 

»S io 62 iisitl 4T9" 


0-04 38U.00 

5.50 158.00 

10,03 ioi.oT 
0.78 91.00 


6.1 - -AM 
^4 - l.ti 


- 16 to 1 9.0 3.4 - l.ti 

3 to lo 32.7 48.4 51.6 

- 3 to 3 o-O 4.S - 0.3 

I to 21 (-1 . 3*S - 4^ 

fl to 19 0^ GLU 5h9 

23 to 3S 2W 3S.8 . 


il-6 - 1.3 


- 4.3 -22.3 


.' L471 
. 5.786 


! - Number of ordinary shares into which £100 mwnmaj of convenlble atocX Ic conremble. 'The extra con of investment id vwi'f ruble uipruiicd as per c*nt of m* 

■ : coni of th* eaoifT U1 convertible buck, : Threc-montil ranae. glacoue M number of ordlnan- Shares into nhicb £100 nominal of coavembl.* <uorl- Is conrembi*'. 
; TWs Income, expressed in pence. 15 jmnmed from preseoi time until income oa ordlnair shares is creater than income on SUM* nominal nf .onvrnihlc or iht flnaJ 
conwrston dat<? wlucnever is earlier, income Is assumed n s»w at 10 wr cent per annum and 1 * present valued at 1 ? wr ■'{»' annum r income on HOD of 
■ I wm'emble. Income is summed unni een version and present valued at 17 per ceW pit annum, i 4 ; TUw Is income of th# convenin'’' !»ss incom* or the umKrt/rui*; enmu- 
expressed as wr rvm of the value of the underlring muiiy. Thi differener betwrtn the premium and idcmhic dUTerenre cvnrcssed as w.-r rom 01 uir vaiu* at 
• und-Tlyine equiir ■■■ an indicailon of relative Lhi'apn^jj. - It an lodlca'ion of rotative dfurnrKs 


Financial Times Saturday November 25 1978 



Technical recovery in equity le 
30-share index closes at highest 


resumes and 

of the week 


day in Australian Farming Pro- 
perly and from an opening level 
of i03p the price improved to 105p 
in a small trade. 


Foreign Banks easier 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Nov. 13 Nov. 23 Nov. 24 Dec. 3 

Nov. 27 Dec. 7 Dee. 8 Dec. 19 

Dec. 11 Dec. 2S Dec. 29 Jan. 9 ... 

•“Ho* time “ dealings mu mhe place ,.\ lisilc-s banking sector was 

tram 9 JO a.m. two business days earlier. n otable lor weakness in Australian 

The final day or ihe current Issues on I’nmeitic and investment 
trading Account in equity currency influences. AN7 dipped 
markets continued to be Featured 12 to 2 ; and Bank of New South 
by the technical recovery which IV ales f^ll ~0 l* 1 ■’Q.ip. while Com- 
began earlier in the week and merclal Bs»nk of Australia softened 
received added impedi* l«ilcr m l ,| "n Al’^r* _rrom Barclays 
through .settle men i of ihc two- which :> to :»4ip. home banks 
month-old wace duquilc at Ford were uncii.inged. George Slnrta 
Motor. Work \« due ;o report at gave up Ii l" Hip- among Hire 
the company's plants on Monday. i*urc!i.irO' ; 

ICI s disappointing thrrtf-qu ar/er Vl’ilh °Ph « onU* h *> iJjf 

figures ii»re ncaied a trading 2?nDt jI ir-wim with Phoenix, 
factor 5 yc^te relay 3 by tha*t Sun AUianvc- o08p. and Britannic, 

the worst of the company's prob- la&P. ol! unishmg 4 better, 
lems may now be over and leading ' reaso ruble two-day ' “ 

Industrials responded accordingly. Breweries .a. the leaders a 
Occasional cheap buying found Penny or n o harder Allied rose 
the marker *h«n nf stock ant! ilic J ° S3 £- '"V® a . 1 

FT :S!i-<i,aic hide:; clns-.-d onlv a r.l^vhere Matthew Clark 

lii tie bcinv. ifc- day '< '.■?•=? with a < 'lc'-uri-rd _ ProR'-^V.^ and re- 
rise of ::.t» .it 47!t.u rir.kh.c a gr in ac.'\. 4 n . s.l. r 7-lSp. 

of 7.1 n n Die t-cek. l nder|» ii:s !?\ Oiu+irMflion provided a 
sentiment h.i« helped by Priri-h nc:.i!'v d"‘‘ >' 11,1 dm|ip<rg to 
Osj g.-n'- niBcual worker*' do- !2n -.1 • :»■' '■ver - "5*e«Li !->• v 
clsion to ,icc*‘ ’ l - rli- compan: anil v 'ti'identls. »~i i ner* 


next Wednesday's first-half 
results. Wallis (-carted 3 to 82p. 
In Shoes. Stylo revived with a 
rise of 3 to 73p. 

Electricals closed firmer in 
places after a thin trade. Buying 
ahead of ncx; Thursday's interim 
results lifted Rami 6 to 326/. 
after 32Sp. while United Scientific 
gained 9 more to 2.*0p following 
renewed support in a thin 
market. 3ercc added 3 at 132p. 
while GEC and Plesscy finned 2 


the sector's only notable dull spot, 
railing 9 to 140p on the lower 
interim profits and the none-too- 
optiniistic statement. Elsewhere, 
recent speculative favourite 
Cullen's Stores found a. little 
fresh support and added 2 to l+5p 
for a rise on the week of 9. the 
half-yearly statement is duo next 
Thursday. Avana revived and 
gained 3 to fi7p. alnnc with 
Cartiers, which gained 4 i n ldOo- 
Myddlcton Motels, subject to an 


9 3 n-r cent p.'V nif.'r. 

.\ , ;h<Mi;l'. hti. i :■•:** m ih>* 

B|ipe:-r. i| |i> h.- inll'Ililv’J by th*: 

continuing stock shortage, seeond- 


Bu 1 .!-«Tipl:r.R« v^coimlered 
a i:eit*:: ■ -Jo t!v.-i n r -.ste ..n-1 
;e'Cra! .--lies roc-idod useful 
impt Va ' omen's. Initially unmove.-; 


week iif 

1 

f«n»l 

i ley wood 

M'JIPaFi* '■ 

'St 

on to 

144i. A 

■-•»vid p: it-: 

-.■I 

o r k-tc 

fll’lHWlpS 

th? iriiL 11 '! 


licurps. 

MSJhniy 

ad'led - m 


hc-h nr 

fi'Jp. for «: 


»V?7-7 

"c*i.- nufi 

the 

l-i'i?" in.u-j : ; i 

• • rt 1 1- . - v.'t 

■ck'4 

offer i:r< -'f : 

Ii;!!.-. 


L:ile ;n iho ■l.c-. 

iio' 

ihe 

shuM-j • ’■i-: '•I'- 1 '! 

- i:.^ nv. 


ln-.c-»tf. ll - 1;-, If-. ■ f 

. ■■ ! :i « 

till? 

med um n r -i ;«:t 

’Mi! 

ih? 


line Kiiu'cv iverr* said to bo bv the m i*.T>m resuitu. Tuanel 5 
attracting a fair amount of selvc- attricted new -time interest and 
five buying interest Overall, the finned m • ’ 2Si»p. while dividend 
trend was" to h'-rhor l.nels and ;^n«idcra*'ons foflowin: rhe mil- 
there vere several noteworthy figure* lifted Rediand 3 to 
movements in response to trading ijyp P;rkrr Timber cncounlcred 
announcement- further speculative vssporl and 

The unexpeclcd ;• per cent gained S i“ 132p. a m*/ on *hp 
increase to 1 1 per cvni in some 
US. Prime rale-- uh«f tiled IhC 
market in British Funds. Prior 
to the a n non ii cements, both Hie 
shorts 3nd longs h.'d made diet'd?, 
if unspectacui'ir. unward progress r,ji n on ||ic week of s. Sjim*- 
by various amounts c-xtemlittg to interest lilted Arm Rag* 

with sentiment helped by the thanks 4. to 73: p. 

Pr-. ;s comment on ICl's t h i - 
ni::Mer figure? cnc-yu.’ ig-. I 
* • • .1 • ur'fiyrt and :*n* slia*' 
rvy.ii rcd .;il of Thursday'/ loss uf 
"« .<; .'iiU,'. Fisuns picked uo ." :«'< 
Sttl'n Mid further -pwiiiaMvo 
inlvrr.%i i**:i S«e»an Piaslics up 
vvccpi.on the Itvi-heqaer .« m a J'iT.s pe.'.k of P«2,j. 

1U per i -g.t; I : ••■civ !■.■.*> n 
overuighi ‘^i K* TSw 

tap steel' ? -. :i , ' , d ihvir 

re.ypecii'.e iwi;? orve Is afa-r 
li.T. ing been lTvctio- :-!' -• .;a=icr at 
the oiicnur. A i.joe w,is 

done m the nrd!'.ir.t .svu«* !:u- -cry 
little in t'-.o tun: Treasury i'2‘ per 
2'in.': n.-« :Cio-on:d' slock. 

The in\esime.nl currency market 
attracted a reasonable two-way 
business, after which the prenmun 
ciosed i easier ai S2j per cem. 
following extremes of s' 1 ! and JIJ 
ner cenL Yesterday 1 ? SE ron’ er- 
sion factor was 0.7:?fit «0.734Si. 

Another lively business in Id's 
po«ilinns helped to provide 132 
contracts of :iie 4fifi completed in 
the Traded Option market yester- 
day. 

L'no/Rcia! dealings began ye>!er- 



S tores aissctiy Sr:si 

i'jii .•■ n c n;i:t ■>••'. rc'iinv 1 
t.’ »■" ‘f-.iihni 

ThU'—w..': did'oi-s «. ; i!:v d 1 - 
;<■ • i.*: i*v. tr-!r. , -co.'’r'< ? j:l j 
from of Fraser. F 'as?:**.* 

rallied 2 to 136p r.fior cemtn -n 1 . 
on t!ie figures, whi'v in’i rove- 
mem.'. of 3 and 4 re?pvc;iv:'y 
»c*-f s.-pn -n British 1 

and Gussies A. 3f>2p El 4 e ' here. 

.11 FI !i-.im,| renov.i-d .>n,, ,u .-i 
13i:n. h-t 3. and i.jh*»rtv l'rm?.1 
u like ai’t'Hml In |73;». \!n:i- 

nrder pno-cn Kr*»**H.«iix • 
,-idilcd .‘i SJnp .hi.! .NSS \r««- 
ngenu po* '■ i; l h-.- 

!:i!ier"< celimm.i-y rc-uiU are 
rlue *>n iJ£-;-e:::i>r.- ? AJwad >»f 


to 31Sp and 106p respectively; agreed 3H0p cash offer rru-n Lad- 
the mid-term results of the last- broke. h-*ld at un.jp. ■■■'lillc the 
nani?d are due on December S. latter, a dull market of Irto. were 
Dreamland, however, declined 3 a shade better at Itjdp. up 2. 
to 32 ;v. 

A rather quiet day tn Ihe 
Engineering sector was enlivened 
hy ihe cecavional feature mainly 
in response to company state- 
ments. 1VG! were prominent at 
!"'»p. up in fni-owing the good 
"i'vi-im: ri'ii".-. propuvrd :icqui-.>- 
iioii „.»■! iji* forcciisi. while 

nv.-\ •>? me 21.6r.i aCquisilion »r 
Lisii <*-:.-i:w *.i:muljtcd buying 
r.: l*i:icd Engineering, which 
c l fi; in tii«* gond ni T- 1 ''.*. 

F--iv • \i' «:'i»cnlit!v? ilcovml left 
Rr.-.k - Dioi i; more .it iIm. 

;-r ••. Vvj. Babcock and Wllvin 
rv-r.o. v r.h ~n unnroicniLni o f 
■> !y.;l R*» nofd, duorr .*• 

iv '• •,? l_'7n. con*i:'U’.-;l t« rvdc v'. 

•' • y.'lfi •'* *l..-eittvnf on »i-.*i ;i.|- 

h:.'f Hiding. BryHh\vai»c lirnu’d 
7 *m j.iTp .n a ry-irigted mai'.ct. 
while scaiiereii demand left 
U'ruSr Elcj'.rlc Tools 3 firmer at 
7Sy anil -I oh 051 m Firth Brown a 
few pency hotter at Tip. Leading 
is-mw r’.'f'e c little progres«. 

Vickers improving 2 to lfKlp 
!n-in?.l h.v -ht- now? r-f Ihe 
further na'innjlisMion compcnsa- 
tt »n payment. 


'Ah.lc loading Foods passed an 
tittd'stingiiished ^ssion. selected 
eondvy issues attracted an im- 
proved trade. Robertson provided 


Metal Box ap again 

Miscellaneous Industrial leaders 
ended the Account on a quietly 
firm note. The turther improve- 
ment was again m- i:Iy due lu 
liwbnica; intiiicoces a:.d cooim* 
ifv.-ii, v.cro aruLr.u ....•> btsi. 
Fjtouarbie inve-ln:e>.i • .mn.cnt 
in I lie wake ul l'uv.-J - ’.ctlcr- 
lliaiivxpvcii.'d in tern.; 1. - u.‘ » - and 
proposed d:it(lcnd-i:"«-i-:na r.uhl-. 
1 -sue Helped Metal Bsc. •-.•ns. out 
with a frussi ri-i* o' > iu t.2tsu. 
taking its rise* on lav veuic to 
L*i» t'lcechum rjliied 7 . 1 CJi'p and 
the New uii-paid , : ii.-.y • -oded 7 

t.-. 43:i preir.iuiTi. '• S’.egkllt 

a ml Colnau g/.mt-d 7 v, 435p a:;d 
Reed international put on 6 at 
lotip. after 137p. Secondary issues 
were notable for further strength 
in Sotheby's which jumped 9 
mnp to a 1978 high nf U5?p on 
com inning optmism ihjt the 
smup will announce -•h.'-r^ -slim- 
ming proposals with tr- annual 
rr«uit? due tievl ninqsh Christies 
Intematiwnul iceorderi ;• sympa- 
tlielic impro'.ement of t to l.lijp. 
lYhifrc-ofi hirdened : -o lOfip in 
response ir* Prt»# e--. w.nient and 
Johnson Mattbcy hardened 3 to 


450p ahead of next Wednesday's 
mid-term announcement. Hunting 
Associated gained 6 In 284p In a 
thin markeL while Carlton In- 
dustries i, firmed a more to 238p. 
Comment on the record profits 
helped Hays Wharf harden 2 to 
L32p. but further consideration 
of the interim loss prompted a 
reaction of 2 to 44p in National 
Carbonising. 

Motors ended the Account 
quietly, although a few isolated 
bright spots appeared in Pho- 
tons, which rose 3 lo 106p. and 
Heron, similarly dearer at 99p. On 
the other hand, scattered selling 
left Western Motor 5 cheaper at 
90p for a fall of 16 On the week. 

Associated Newspapers. 178p, 
and Dally Mall A, 350p, again met 
with profit-taking and fell 4 and 
3 respectively. Elsewhere, B run- 
ning eased a penny to 65p resect- 
ing Thursday’s lower first-half 
profits, while small buying in a 
market none too well supplied 
with stock raised Saatchi and 
Saatcbi 5 to 130p. 

Selected Property issues bene- 
fited from increased demand. 
I-and Securities firmed 4 to 235p 
and ME PC 3 to 142p, while Stock 
Conversion added 8 at 274p and 
siill reflecting trading news. Capi- 
tal and Counties put on 2i to R2tp. 
Hammerson A improved 8 to 595p. 
News that British Land. £ higher 
at 39p. had increased its stake in 
City Offices to 29 per cent lifted 
tbc latter 11 to 67p. while the 
smaller annual loss left Raglan } 
to the good at 41 p. Other- firm 
spots included Allnatl London, 6 
uo at 220 p. Peachey. 3 better at 
S2p. and Marlborough. 1-t firmer 
at a 1978 peak or 22J.b. The 
Australian farming and land sell- 
ing concern Van Diemen's I -and 
n as temporarily suspended at 540p 
pending an announcement. 


Oils edge forward 

In anticipation of next Thurs- 
day’s third-quarter figures. British 
Petroleum advanced 12 to a high 
for the year oT fiSiip Tor a gain 
on the week of 3*1. Shell, with 
the aid of Press comenL rose 10 
to 3S4p. Elsewhere. Kurmah 
found support and improved 3 to 
73p. while late interest lifted Oil 
Exploration 4 to 222p. Sickens UK, 
al 24Sp. regained S of the previous 
day’s fall of 22. but 4 till finished 
18 down on the week. Sceptre 
Resources rose 63 to -U5o on 
Canadian advices. 

Following the 15-month loss, 
J. E. Sanger gave up Si at 32p. 
In contrast among Overseas 
Traders. Thomas Borthwick were 
a good market a nr! added 5 to 63 p - . 
the final results are expected 
shortly. 

Armour Trust firmed 2 to 10. L p, 
after lip. in response to better- 
t ban -ex peeled annual results 
which showed a sharp return to 
profitability. Lament hardened a 
fraction to 17p on the interim 


figures, while Mooloya attracted 
buyers at 52p, up 6. 

Apart from Walter Ruodman, 
which softened 3 to a 197S low of 
58p. Shippings made modest 
headway in thin trading. British 
and Commonwealth improved 3 
to 296p as did James Fisher, to 
178 p. 

CourtauJds remained firm in 
recognition of this week's interim 
results and rose 3 more to 121p 
for a three-day rise of 9. Rtving- 
ton Reed, however, fell to a 1978 
low of 6to on the lower first-half 
profits and rights issue proposals 
of Convertible Preference shares 
to Ordinary shareholders, but 
recovered to close 1 up on balance 
at 64 p. Despite the return to 
profitability. Calrd {Dundee) 
remained unchanged at 20p; the 
company is reluctant to make a. 
full-year trading forecast. 

Westfield firm again 

A generally quiet week in 
mining markets was considerably 
enlivened by the erratic move- 
ments in Westfield Minerals. 
Yesterday the company’s shares 
soared u further 30 lo close 64 
higher on the week at 320p. after 
reaching a peak’ 335p late on 
Thursday evening. 

A month or so ago the shares 
were changing bands at 130p. 
Most of the speculative buying 
interest reflected uranium 
exploration hopes concerning the 
company's uranium prospecting 
activities in the Humber River 
area of Newfoundland. 

Yesterday the company stated 
that following reconnaissance 
prospecting and trenching in the 
area uranium mineralisation has 
been found in places and that 
bulk samples from a test pit have 
been sent for assay. 

Although not as active as 
Westfield, Northgate, which has a 
45 per cent stake in the former, 
attracted a fair amount of 
interest: after touching 465p 
earlier in the week the shares 
fell away yesterday lo close' 15 
lower ;it 449p. 

In contrast. South African Golds 
and Financials remained quietly 
steady throughout the week. 
Yesterday prices edged further 
ahead despite the late easing of 
the buTlion price, which closed 
81.0 lower at S201.525 per ounce 
but still retained 2 week’s gain of 
53.0. 

The Gold Mines index registered 
its sixth successive improvement, 
rising 1 2 more to 134.1, for a 
week's gain of 2.4. The ex-pre- 
mium index added a similar 
amount at 9S.8. 

South African Financials were 
featured by Anglo American Cor- 
poration, which put on 3 more 
to 506p on further consideration 
of the interim result i. De Beers 
were 6 higher at 356p. . 

In Platinums Rustenburg were 
3 penny easier at S7p despite news 
that the company has increased 
its producer price by 820 to 8300. 


| FINANCIAL TIMES STOCK INDICES 



2inV B f h Npr 

>or. • 

. _\Cir. 


\ rear- - 

' 


24 1 23 

3S 

21 : 

n 

Agn 

lii«rmnnii 



68-20 68.20 

68.31 

68.19; 67.97 

6B.22 1 

74-32. 

Fixed Iniere 

-1 

69.74 69.73: 

69.641 

69.53 69^5 

69.65 

77.40 

Ini1u>lna ... 


479.9- 476.0- 

478.6 

474.0 468^' 

472.8! 

466.0 



134.1: 139.9 

139.8' 


131.7, 

94.4[ 

139.4 > 

liu’d VIiiia 

Kx-S (im. 

98.8 97.6j 

95.4 

96.0; 96.0: 

101.4 

I t»nl. Lhv. V'e-«i- 

5.98 &.04- 

6.01' 

6.06 6. It- 

6.07j 

5.70- 


il-6-lu 

15.70 1355 

15.77’ 

15.92' 16. ie 

Ifa.Ubj 

17.30 - 

1 e-K UhIu> >nvU r"» 

8^2 8.15' 

8. 19 

8, 1 1 B.i*0 

6JJ6; 

8.26J 


4,413 S-BeCT 

4.301 

4.186. 4.368 
57.58' 45.09 

3-756. 

3.461- 

1 K/|intv liirrii 

\.er Cm ... 

— ' 73.96 

63.11 

92.60! 

8234 

| to* m 6 .-artMitr* Ii** 

— . 15.937: 14.636. 

14.850. 12.963, 

12.690; 16,111 | 

1 ~ 

10 am 478.1. u am (NJ. Noon <50.4. 1 pm 490.4. 

1 



S ms 480.0. 

3 pm SSO.IL 


"1 

I 


Latest Index CO-246 kOCl 


1 

1 


-SD 

=736. 



1 



1938. Ind. Ord 1/7*78. 

Gold 1 

1 Mines IZ/arss. Ex-S 

pur index started 

June ion. SB Activity July-Dee. ISCv'l 

j HIGHS 

AND LOWS 

S.E. ACTIVITY ..x| 


ll*/' ' IVUT L4NII|ll'nl..iTI 









>»»r. 

2* 



■1 (*( >■ 

i*.b [ Hurt. 

1 on 


23 * 

IjMVl. s«c .. 

<8.3(1 

>0.1- 

o'tSt. uri.4. 
(Li lli ,-J.l an. 

49ao ' 
.0.1 ■ IS 

— lhi,l\ 

(•■ l til-r' ... 
In-i|i tita>- i 

163.4, 

150.2 

133.5 

141^-- 


BiJtt 

6 a.du ioO.<t 



24.7. 

22.8 


•9*1. 

.13/11* . Je;l Lei 

-O-l-iiOi 

’ rbtais 

100.4' 

90Jj r 

lOil. Uni.... 

535.5 

4S5.4 o49.8 

49.4 



T 

■ Un*. 

»2i5< 14.x vr 

■ionite 




GoM Mine 

fetib.b 

L3U.O - 442.S 40.5 

w.*l> ^Jr.'S.ioi ! Oe.lCi-il 

.’-tayl eera-.-i 

Giii-b.ijtel .. i 

In ’ « (ria>- ... 

163.6 

143.6 

163.7- 

137.5- 


152.3 

90^ 567.1 

34. i 

'leni-MiK .. 

34.6 

25.6 

(6\-^ i n> 


l«.<. . .A-J.H 


Iiila 

96.0 

93.0 . 


LONDON TRADED OPTIONS 



1 

1 

•innuNrv 

s ... 

• 

J.,-, 




K^"iis» » • 

l-rtti* 

(•-► met 

• •fret J 

V..| 

L* ■ H| ll|>. 

Vnt. 

t.‘ lAlftin 

V.l 

fc'fH'l » •" 

• -»•*!• '•* 

Df 

850 ' 

107 : 

15 

122 '• 


142 ; 

w . 

935|> 

Bl» 

9oo : 

62 . 

ZB 

89 



106 


HI* 

950 

25 

15 

52 . 

.. 

73 , 




140 

11 


15 

15 

17 1 

— 

144p- 


160 ■ 

2 

* 

41j 

20 

8 - 

-- 

„ 

C.VH- (-1-1 

18 J 1 

7 ■ 

2 

12 : 



16 

— 

I70r< 


110 

Ills-' 

39 

16 



19 : 

* . 

120|. 

< '■■inl*|i*M* 

120 ■; 

5 i 

30 

10 ■ 


13 ' 

V 


130 

2 

5 

5 . 

— 

ai-i 

2 


tiCC 

300 

25 1 


37 

5 

48 1 

— 

317p 

GfcC 

430 | 

91* 

27 

19 ; 

— 

31 ; 

— 


l. KC 

560 1 

21- 



8(3' 

3 

— ' 




110 • 

41- 

7 

71? 

— 

U 1 

3 

107p ' 

ll I 

360 

18 

63 

27 



35 | 

■ 

364p 

1CI 

390 ; 

51a: 

14 

11 

40 

18 

35 


200 

. 37 

5 

. 44 ■ 

— 

- 1 


335(i '* 

Lftuii r-ees. 

22D 

19 ; 

3 

27 • 

— 

35 . 

— 

I«r>l ?e<-a. 

240 . 

61- 

5 

15 1 

— 

22 . 

— 

■ I 


80 i 

Blfi: 

36 

111* 


16 1 



85u . 


650 I 

42 [ 

‘0 

61 1 

_ 

70 , 

— 

8B9p 

Shell 

600 

8 is: 

4 

- 26 ! 

— 

40 

— 

Tula Is 

1 

{ 

: 308 
• February 

I 83 

J x*r 

1 1 40 

l August 

1 

1 - 
1 

KM I 

! 160 

8 

5 

\ 15 

- 

: I7x*i'| 



i ISOp ‘ 

EMI 

. 180 

3 

10 

! 7 1 

— 

! — 

— 

RTZ 

: 260 

7 

ZO 

! 14 < 

— 

! - ! 


| 23&p - 

Totals 

1 


39 

' 

a— 


“ 



RISES AND FALLS 


Briilth Funds ... 

Corporations. Dam. and Foreign Bands 

Industrials 

Financial and Property 

Oils 

Plantations 

Mines 

Recent issues 

Totals 


Yesterday 

On the week 

Up 

Omni 

Same 

Up 

Down 

Same 

3 

s 

>2 

1.0 


l-i. 

2 

2 

57 

Al 

12 

229 

321 

Ml 

1.01a 

L5i? 

1.231 

a C j -j 

1ZJ 

57 

332 

Ml 

257 

1.W 

10 

« 

23 

m 

AS 

57 

9 

5 

17 

22 

33 

ICO 

47 

21 

73 

it: 

1W 

3ia 

5 

1 

17 

27 

13 

75 

525 

2S9 

1.597 

2 ,S3> 

1.933 

7.-T2 


ACTIVE STOCKS 

YESTERDAY— 


Stock 
Beecharn ‘New’ 


No. 

Denomina- or Closing 
tion marks price 1 pi 


Nil Pd. 20 


45pm 


Change 
on day 


1978 

high 

iopra 


197S 
low 
28pm 
32S 
720 
484 
109 
ST 
163 
42 
132 
7S 
296 
233 
67J 
330 
102 

l h.: itfi.i it iisi ej uf(i(v .*;i 1 li’/.’s u bused on ike number of bargains 
rc’MfiWeii iw.erday in the Official List and under Hule 163(1) tej and 
i*vrtj(/(iivc jodug in Sforrf Lcc/uiiioe dealings 


1CI 

£1 

16 

-T64 

+ 5 

421 

BP 

£1 

15 

936 

+ 11' 

936 

Siteli Transport... 

25p 

14 

5S4 

+ 10 

602 

Cuurttiulds 

23p 

10 

121 

+ 3 

J31 

Grd. Melrupofitan 

5Qu 

10 

IDS 

+ li 

121 

Distillers 

50p 

s 

201 

+ 1 

215 

Uurniah oil 

n 

1 

73 

+ 3 

89 

Gunintercial Union 

23p 

7 

144 

— 0 

164 

Allied Bri.-wi.-nes 

ibp 

(i 

85 

+ 1 

M 

Barcljys Bank 

Ll 

Ii 

347 

■“ 0 

368 

GlaC 

23 p 

ti 

318 

+ 2 

340 

.Marks & Spencer 

2op 

6 

85 

+ 1 

94 

.Mul'and Bank 

£1 

fi 

345 

— 

390 

Reed Inti 

Ll 

(i 

156 

+ 6 

1S3 


ON THE WEEK- 

no. 


Stock 

Beecharn ‘New’ ... 
BP 

1CI 

Shell Transport.. 

GEC 

BATs Defd 

Barclays Bank ... 
Brown (J.) 'New' 

Distillers 

Grd, Metropolitan 
Hk. & Shanghai ... 
Marks & Spencer 


Royal Insurance... 
GUS A 


nomina- 

of 

Closing 

Change 

1978 

1978 

tion marks price tp> 

on week 

high 

low 

Nil/Pd. 

88 

45pm 

+ 12 

45 pm 

2Spm 

£1 

76 

936 

+30 

936 

720 

£1 

62 

3M 

+ 2 

421 

328 

25p 

36 

584 

+ 12 

602 

4S4 

25p 

52 

31S 

+ 1 

340 

233 

25p 

50 

244 

+ !l 

304 

227 

£1 

41 

347 

+ 2 

36S 

296 

Nii.'Pd. 

37 

44pm 

- 4 

64pm 

42pm 

50p 

37 

201 

+ 3 

215 

163 

50p 

34 

10S 

+ 3 

121 

ST 

$HK2£0 

33 

237 

-IS 

360 

203 

25p 

32 

So 

+ 1 

94 

67 J 

£1 

31 

79 

- 1 

ns 

76] 

25p 

31 

360 

+ 6 

425 

336 

25p 

30 

302 

+ 2 

340 

256 


BASE LENDING RATES 


A-B-N. Bank 12j<% 

Allied Irish Banks Ltd. 12i% 
American Express Bk. 12$ ^ 

Amro Bank 121% 

A P Bank Ltd. 12i% 

Henry Ansbacher 124'Si 

Associates Cap. Corp.... 124% 

Banco de Bilbao 12 J% 

Bank of Credit & Cmce. 124% 

Bank of Cyprus 12)% 

Bank of N.S.W 12)% 

Banque Beige Ltd. ... 12)% 

Banque du Rhone 13 % 

Barclays Bank 12 (% 

Barnett Christie Ltd.... 134% 
Breniar Holdings Ltd. 13«% 
Brit. Bank of Mid. East 12j% 

■ Brown Shipley 124% 

Canada Perm't Trust... 12)% 

Cayzer Ltd 121% 

Cedar Holdings 124% 

■ Charterhouse Japhet... 12J% 

Cboulartons 12J% 

C. E. Coates 125% 

Consolidated Credits... X2f% 

Co-operative Bank *12*% 

Corinthian Securities 124% 

Credit Lyonnais 12)% 

Duncan Lawrie 12 )% 

The Cyprus Popular Bk. II W. 

Eagil Trust 12i% 

English Transcont. ... I2}% 
First Nat. Fin. Carp. ... 1 2 ^ 
First Nat. Secs. Ltd. ... 12 % 

■ Antony Gibbs 12;% 

Greyhound Guaranty... 12;% 
Grindlays Bank 121% 

■ Guinness Mahon 12)% 


■ Hambros Bank 12;% 

■ Hill Samuel 112$% 

t C. Hoare & Co 12i l „ 

Julian S. Hodge 121% 

Hongkong & Shanghai 12' % 
Industrial Bk. of ScoL 10 % 

Keyser Ullmann 124%, 

Knowsley & Co. Ltd.... 144% 

Lloyds Bank 12J% 

London Mercantile ... 12$% 
Edward Man. son & Co. 13 J% 
Midland Bank 125% 

B Samuel Montagu 121% 

■ Morgan Grenfell . . .. 12$% 
% a t iona I Westminster 12 ; % 
’V.rwich General Trust 12 : ‘., 

P. S. Befson & Co 12-1% 

Rossmiiiater 121% 

Royal Bk. Canada Trust 124% 
Schlesinger Limited ... 12i% 

E. S. Schwab .: 13* % 

Security Trust Co. Ltd. 134% 

Shenley Trust 14 % 

Standard Chartered . . 121% 
Trade Dev. Bank . .121% 

Trustee Savings Bank 121% 

1 .ventieth Century Bk. 13’% 
fnited Bank of Kuwait 124% 
Wh ilea way Laidlaw ... is'% 
Williams S- Glyn’s ... 12 l %, 
Yorkshire Bank J2$% 

9 Member of ihc Acwplins Houses 
.Cwnmiv.f; 

“ “’■tj? dtT'Kila l-ntar.rh di-nnsi.'s 

into. 

t “-day dcTrtniis «-n -.nm^ of iinann 
and Umlvr M .'- un lo cs.OnO lo; > 
uvtr EM-Om 

r Call dvcDsiu imr £i.bod ipr,. 

s Di-mand depwn« lDn>. 


Lonrno. Barker and Dobson 
Bcart.. A.aua, Burcinh 


OPT 3 DNS 

DEALING DATES 

First Last Last For .... , . .. 

Deal- Deal- Declare- Settle- - J ac:iic Cooper. May 

ing., ings lion ment aii;i LusA r 1 iC». Duu.up. 
Not . 21 Dec. 4 Feb. 22 Mar. 6 *%■>**•*! , .uuu..es Properly 
Dec. 5 Dec. 18 Mar. 8 Mar. 2o Kouin l'ii::rio.lc invest- 

Dec. 19 Jan. 8 Mar. 22 Apr. 3 " ^ reporteo. 

.... . , nut duu ■>!•.* o.'tivnr >erc arranged 

For rate indications see end of in a - f j,^. r aUu 'jo::, on. Pacific 
Share ln\0Mnation hero ice t.u^yev. Au::a. v.api«al and 
Stocks favoured for Ihe call Counties iTui-eriy, Sel incourt, 
ineluaed iiletiils L'xploraLou. and BriiLsii Lund. 


I 


NEW H13HS AND LOWS F0S 1978 

n::y < tuj 


Tile 'alleging irrurulM «:uc;ed »i ric 
S ' .r« Irfo.-maMj-. Service vcitcroar 
r,:» H.ff.u ler 197^. 


M* r ,'d 
Mi ban 


NEY* His'ilS 1 14 1 

ilJ 


BUILDINGS 12* 

«.vler TinMr 
CHEMICALS <1, 

Sfc/rari PIui'CS 

STORES III 

MFI 

ENGINEERING Cl ■ 

Brc -.ke Tool 

FOODS *11 

A»j<U 

INDUSTRIALS (Z> 
Prcr.-incial Launanos 0:;-.ea» ?8 
MOTORS III 

Pla%-.on S 

PROPERTY SI ■ 
£.'IUjv M^rltjorcuan 

Cap ul ana Coua-.ics 

OILS ill 

Bn-.itn Pilrclcuin 


BAfiilS Or 

Hill Sa.-nk-H ft' ra.T: 

BUILD.. CCS ill 

F?A C:-:i:. 

CHEMICALS .2* 

Sj-ren •- ah.-., l.-idt. 

STORES ll. 

S-’-Jl WrS r-TiiC-'' 

ELECT.’.iCaLS i2» 


Tr^c:uii:s 
Hail 
Br^-iell C. D 
Bar*! F_ □ 

Kj'.lTi.n ( .V . 

P R . 


u.rusrR'ALs oi 
MOTORS Ol 
EA-Ef! (It 
SHIPPING >11 
EX TILES III 
TRUSTS H 


r anfliarisl I - :. 

OVSFSEAi TRACERS 111 

lOCtUM 


RECENT ISSUES 


EQU 9 TBES 


- H. a 


■ Jn ■ i ;4. 1 j At, i; In*' Ii 

■■!.«) K I' — i0 . .I.:...; '-j 

!a F.l*. — SI d Kiirii.ti '/• 

- ii - I-- I Si 




--J 

u: 

/•> 


j.* a.7 7.i 


5.4 6.7 4.8 
4.9 


F 3 XED INTEREST STOCKS 


I 'IT 

liar- i. 


.r* . i | - - nje- ........ . 

4 1 I * 

e E10 ■ iL’ i IlJ.H.-a- Vn;.. . W ... , i ' 

g'- 1 ■ j i-' 1 . - ' 

■.LL ; t.i'.i - v In- . > . , 

. [ r t.|j_- k; iso j n. '.I. 

■ • [ ilu ,ts i ; a. ! ., . ,, 

1 > i — I-* i i.i ..-_m * — i I.*.., ”• 


.*-• , fiu i-j l 
L !■- ! 


“ . + -< 


Vliis 

1 j7 . 

! fit. 

148 +6 

I »•*• 

IIS? 1 

i 46 lc 

9*-- ... . 


FT-ACTUAKIES SHAKE INDICES 

These indices are the joint compilation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


“RIGHTS” OFFERS 

1 • n 5” 1:. 11 

' ic ®‘ 

'■Jii:. Mr # (|| . ^ 

<l- _ . ■*:-■. m- ■ — 

SSu : r .1- . — 

SiJ 1 >. 

V/ ! r.,‘ .J* 11 
1 J . F 1*. , Id iu 
t-c .->.i : i / 1 i 

130 | .1 , — ; 

133 ,1.1 II: 

— i5.:.ia;|.JI l-1'.'ii.a. . 45. •■■■ — 7 

— , l -» "i i 1 - - .. . . t i 

J I/!;... 

11 1 . . I,,,.!, . -iu 

, d la! m r-a: .1 lit 

, - b,.n. lufui ■. . j 13cm 1 4- 2 

; viin-’ini;..'. - -mu iM.i.. . . . 1 5K|,| U 

; e »•; lr: •••.- . ; lbB ;->1 



EQUITY 

GROUPS 

Fri.. Nov. 24, 1878 

Thur 

\m 

23 

Wed 

Ntn. 

■H 

Tues. 

Nov. 

21 

Mon . 
Nov. 
20 

Year 

m;o 

1 jpproi 



Highs and Lows Index 

- 

and 

SUB-SECTIONS 

1 Cnrr, In pm-nlliMN sbr.* 

numtvr .i! socte prr scrtlui 

1 n+.-x 
Ni*. 

Hay's 

Oats* 

E'l 

Five 

1.-W 

• Max. 

■Jrosa 

Ui» 

KJ'i ’> 

■ACT 
V 33V 

FM 
PE 
Ratio 
■ Neil 

Index 

Nil 

Index 

Nu 

Index 

No. 

Index 

No. 

Index 

No. 

1978 

High | Low 

Slnr- 

Cumpi lalion 

High J Low ' * 

I 

CAPITAL GOODS (1711 

229.81 

-0.6 

17.18 

5 51 

7.98 

228.41 

22*16 

227.67 

225.90 

193.90 

256.28 

1 14191 

188.95 

(2-3i 

256 28 (14/9'78j 

50.71 031274, 

•» 

Building Materials<27 

195 58 

+0.3 

13.50 

5.79 

7.48 

194.92 

195.89 

19428 

19228 

180.37 

'22668 

i22.B> 

16630 

(33. 

233.84 125.72) 

44 27 0112 74t. 

3 

1 .strvTrcs.f'ejOVftiiH'aii . 

355 £2 

+ 05 

20.41 

4 44 

7.03 

36356 

363 91 

36149 

36L01 

305.88 

41951 

(14 9) 

28955 

(6/31 

41951 (14‘9.-78i 

71.48 .2 12 74>, 

4 

KlectricalsfHl - 

533.82 

+8.7 

13 75 

3.49 

10.02 

530 05 

534.19 

530.79 

523.96 

411.78 

583.72 tlO/10) 

404.47 

(2,3i 

583.72 ilO.-lO 78, 

84.71 i25662(. 

ft 

Enzincerins Contractors 1 14*. 

363.29 

+ 17 

17.93 

6.12 

7 57 

357 19 

357.07 

35688 

354.63 

270.15 

3W53 

rt8.'9) 

270.95 

.6-3) 

384.53 08/9'73i 

64 39 (2 175'*’ 

6 

MetbaoKal tneineeriiigrr;'.. 

180.18 

+0 5 

13.64 

619 

7.15 

179.35 

179.55 

178.11 

17724 

15236 

204.75 

(14, *9) 

149.87 

(2 5) 

204 75 04 9-78i 

45.43 ( 6 1 75 1 

8 

M«als 2nd Meal Ftmanglie. 
CONSUMER GOODS 

162.70 

+0.7 

16.86 

8.78 

8.24 

16161 

161.38 

160.85 

160.04 

15336 

18191 

on> 

15422 

(27.21 

182.91 08978) 

49.65 16 L'757 _ 

11 

(DURABLEH53). 

202.77 

-0.7 

17.13 

5 28 

7.76 

20143 

202 43 

200.98 

199 28 

1B691 

22655 

03,9) 

173 63 

(?.-3i 

22778 (21/4-721 

38 39 (61-75) 

12 

1 j ile*.-ln3nirs Radio, T\‘ . 16. 

250.76 

+07 

14 49 

4.09 

9.68 

249.10 

249 62 

24801 

245.89 

225 43 

280.21 

03/91 

20901 

13-37 

28021 03 9 78) 

*2.35 0312 74+ 

13 

Household Goods (12 ' 

171 50 

— 

17.61 

6.64 

7 79 

17L42 

17L55 

170.46 

16955 

176.20 

190.17 

048) 

160.54 

It?) 

26322 (4572. 

63.92 07 12.74/ 

14 

V>4orj Jnd [nsrihtflors i2a> „ 
CONSUMER GOODS 

120 23 

+0 8 

2169 

7.00 

5.79 

119.27 

120 57 

119.54 

118,46 

11257 

135.65 

122/8) 

104.68 

(2.3) 

270.59 05. L69) 

1991 16 1,75/. 

21 

ISOS-DVRABIEI H72l 

207 27 

+0.7 

16.27 

605 

8.33 

205.76 

20726 

20580 

283.51 

190.16 

22323 

oxm 

279.46 

(2.3) 

228.23 xH 9.73) 

61.41 032274+ 

s-».| 

Breweries (14) 

227.06 

+0.9 

14.94 

6.28 

9.31 

22501 

227 47 

225.92 

223.83 

21726 

24157 

(85) 

204.04 

(27.2) 

28L87 i2811'72i 

6947 0312-74) • 

23 

W 1 nos and Spirits 1 61 

28233 

+03 

15.60 

5.09 

9.41 

280.91 

28391 

28023 

278.64 

224.71 

30L24 

(14/9) 

229.35 

t2'3) 

30124 04/9.-78) 

78 88 03.1274, 

24 

Entenai n men L Catering ' 17.. 

258.60 

+0.6 

14.34 

680 

10.28 

257 06 

258.69 

255.83 

252.92 

24218 

28153 

04-91 

219.62 

(2 3) 

32999 0212721 

54.83 I9L75.-' 

25 

Food Manufacturing! 19> 

203 39 

-0.2 

18.73 

548 

7.12 

20259 

203 49 

20277 

200.66 

18925 

22335 

(M'Ti 

17557 

?27 2i 

223.85 04 9/78) 

5967 01/1274)' 

26 

Fool Retailing ( 15 1. 

222.40 

+0.5 

14.09 

5.34 

9.92 

220J8 

223.31 

220.55 

21693 

19685 

237.92 

(14<9) 

17653 

t3/3i 

244.41 -27 1877) 

54 25 ill/1274|- 

32 

Nenypapere. PnhBshingiL'i 

364.88 

-0.7 

^2.04 

6.65 

ft 40 

367.60 

37037 

364.75 

365.73 

32112 

42175 

(14/9) 

269.59 

■2.3i 

421.75 04- 9.78) 

55.08 (60.75 ( 

3!) 

Packaging and Paper (15i 

134.32 

+1.4 

19 77 

771 

660 

13240 

132.40 

13229 

129.89 

121.97 

155.65 

04-9) 

119.11 

05i2i 

15565 04 9/78) 

43.46 l6175i 

34 

Storcsi40i. 

194.59 

+1.0 

11.83 

4.78 

12.15 

192 60 

194 83 

194.12 

192.07 

1SL59 

21854 

ll3'9) 

165.17 

(23) 

21854 1 13 9,78) 

5263 (6L'75i_. 

35 

Textiles (2S)^_ 

173 41 

+1J2 

18.17 

8.32 

713 

176.2b 

176.01 

172.98 

172.04 

16263 

19190 

0251 

160.85 

i2.3l 

235.72 .171/67) 

62.66 0112741 

36 

Tobaccos (3i 

230 54 


24.06 

8.13 

4.91 

230.54 

23133 

22924 

225.68 

20996 

26650 

(23/8) 

214.88 

052) 

339.16 (28/72) 

94 J4 03)6 62) - 

37 

Toys and Gaines 16).. 

9434 

+01 

23.79 

686 

4.94 

94.20 

9333 

9333 

9065 

102B2 

12521 

04/9) 

90.12 (1711) 

135.72 .161/70) 

20.92 (6175.1. • 

41 

OTHER GROUPS (99) 

194 34 

-0.9 

16.02 

6.36 

8.02 

192 67 

193.67 

19233 

19084 

183.67 

22324 

(14/91 

' 173.08 

(3 3) 

223 24 04/9(75) 

58.63 (61.75) 

42 

Chemicalsi.19) 

274.68 

-1.1 

16 67 

6.68 

7.80 

271.77 

274.77 

27336 

27103 

251.70 

315.28 

(K9) 

23369 

(2 3* 

31528 04-9/78) 

7L20 <L12 74 L .. 

43 

FbarmaeeutjcaJ Product* <7' 

245 57 

+10 

11.50 

4.74 

10 72 

24303 

242.99 

240.43 

23644 

0.00 

29133 

(14‘9i 

22841 

13.3) 

291.13 04/97® 

228 41 (3 3 78, , 

44 

Office Equipment (61 

128.74 

+13 

13 87 

5.92 

6 32 

12713 

12101 

127.06 

12524 

11796 

150.75 

03/9) 

11748 

i33i 

246 06 iL’9‘72) 

45 J4 (2:175 (■- 

45 

Shipping 1.IO1 

40155 

+0.2 

15.06 

7 57 

S.42 

400.80 

399.75 

395.90 

393.90 

444 51 

453.01 

(61) 

393 90 (20.Hi 

539 68 08-5/77) 

90 80 i29'662i 

46 

M iscel i aneous (57) _ 

209.77 

+0 6 

17.95 

6.73 

7.37 

20635 

209.35 

208.11 

20635 

18932 

23656 

04/91 

17847 

i3'3> 

253 83 (23/72) 

60.39 • 6-7-75“ . 

49 

DiUL STVIAL CROUP I4»i 

216.03 

+0.7 

ib.47 

5.93 

8.12 

21432 

215.71 

214.22 

21724 

195.78 

24L43 

(14,9) 

. 18602 

H3i 

24L43 04/9/75) 

59.01 0312:74) - 

61 

Oi Is i 5 i 

523.43 

-rift 

13.35 

3.84 

8.13 

515.74 

51197 

51631 

511.26 

50211 

5Z3.72 

i23,81 

417.98 

(23) 

545 20 05/9/77) 

87.23 -29,5/62' 

59 

500 SHARE INDEX 

24136 

+0.8 

15.97 

560 

8.12 

239.37 

240.74 

239.14 

23691 

220.73 

265.03 

04/91 

205.42 

7231 

265.03 114,-9/7® 

63.49 1 13.72/74,. 

til 

t IXA.NCIA L GROUPIUOl . 

163.97 

+0 3 

— 

5.95 

— 

163 48 

163.63 

161.67 

16031 

257.75 

179 39 

(98) 

153.85 

(272 1 

241.41 ,11/4/72) 

55.B8 03.12, 74r- 



187.56 

-0.3 

2«.39 

6 25 

6 03 

188.05 
207 96 


186 01 
208.94 

184 94 
20532 

18S38 

204.36' 


17L58 

(27 21 

288 32 (20,7/72) 
29323 (2/5/22) 

62.44 0202 74* 
81.40 0002741 

63 

Discount Houses 1.IO1 

208.10 

+0.1 


8 45 


207 72 

19336 

228 33 

(41t 

18520 

03/4i 

64 

Hire Purchase (5) .... 

140.16 

-r-0.1 

17 33 

5.88 

7.54 

139 98 

139 03 

13948 

137.02 

15439 

170.55 

(121I 

136.39 

I6II1 

433.74 14:5/72) 

38.83 lll'2274I 

ftl 

1 nsurance (Life) 1 ID) . 

134.15 

+0.5 

— 

7 00 

— 

133.49 

13362 

130.02 

127.95 

127.78 

15759 

(98) 

124.97 

07/4i 

194.46 (15/3/78 

44 83 i 2/L75 i .. 

66 

I rou ran ce. 1 Compos le 1 i 7 i 

123.33 

+0.1 

— 

7.11 

— 

123.26 

123.54 

12107 

119.89 

12635 

143.46 

(Nil 

II5JL5 

(91H 

161.72 1 610/77) 

43.96 ( 13.12*74 1 

G7 

1 nsurance Brokers * lOi 

315.32 

+0.1 

15.10 

5.29 

9.45 

31615 

317.42 

31439 

313.66 

31123. 

372 27 

lU-81 

30120 

(62i 

37227 OL8/7® 

65.86 O60274J . 

68 

Merchant Banks 1 i4i 

76.14 

+0.2 

— 

6.44 

— 

7602 

76.07 

7621 

75.97 

78.23 

8748 

05,9). 

71. 00 

(272) 

278.57 0/5/78 

3121 1 77/75 1 

69 

Property (31) — 

254.84 

*1.6 

3 66 

2 98 

45.53 

250.77 

25L43 

25034 

24735 

208.50 

268.76 

(21 ’9) 

210.03 

04/4 . 

357.40 (9.H/73) 

5601 (204/65)'; 

7U 

Miscellaneous!?! 

1C6.89 

-0.1 

23.67 

7.76 

5.47 

107.01 

10696 

10675 

10679 

100.00 

117.64 

(23.81 

99.61 

(27.2, 

303.18 OB/5/78 

3329 07.1274/ 

71 

1 m est meat Trusts 1 50i . 

204.92 

+6.4 

— 

5.22 

— 

204 05 

20310 

7.01 66 

200.18 

191.60 

245.92 

00/81 

176.48 

(6.3) 

245.79 (25/4/78 

71.63 03.1274) 

81 

Mining Finance (4i ... 

100.99 

■*0.2 

18 61 

7.05 

6.62 

100.79 

100.41 

10035 

9917 

8604 

11520 

02/9i 

85.39 

(6'3) 

175.90 (28/4/69) 

6631 (30.-9:74)' 

91 

Overseas Traders (l9i_ 

298.46 

-0 5 

16 50 

7.87 

7.59 

299 94 

504 84 

302.24 

300.71 

26607 

337.68 

i8/9k 

26226 

(23 1 

337 68 (8/9/7® 

97 37 (60.75ri. 

99 

AUi-SH AKE INDEXI673I ... 

22035 

+0TJ 


5.72 

— r 

21885 

219.84 

nan 

21623 

20106 

24250 

tl4.9i 

191.15 

1 

12 31 

24230 04/9/7® 

61.92 03-12 74. 


or Oib. r dffiftaJ osunuM Mr 1S79 q G.-vss. r KiKar.R jssamvl 


FIXED INTEREST PRICE INDICES 


British Government 


Under 5 ye 
5-15 years- 


Overt5yean — 
Irredeemables.. 
Ah sucks — 


FrL. 

Nov. 

24 


103.40 

11199 

1U10 

1Z0.62 

109.91 


nn> ’■* 
chani'c 


■r 0 06 
*0 01 


-004 
4-0 03 


*r| arlj. 

T.-da, 


sd adj. 

1B7H 
So d.ilr 


819 
832 
12.55 
13 32 
991 


FIXED INTEREST 
YIELDS • 

Br. Govt A?. Gross Red. 


Lou- 5 years . 

Coupons 15 years.. 

25 years . 


Medium 

Coupons 


5 years.. 
15 years.. . 
25 year-.. 


High 5 years- 

Coupons 15 years...: 

' 25 years. 


Irredeemable*' - 


Frii. 

Nov. 

24 


9.58 

1136 

12.22 


12.65 

12.75 

12.75 


12.61. 

1329 

1334 


1213 


Thur., 

Nov. 

23 


958 

1153 

1221 


1263 

1274 

1224 


1259 

13727 

13.33 


1232 


Year 

ago 

(approx. 


737 

997 

10.66 


9.87 

10.78 

1100 


1025 

11.80 

1187 


1558 


iam 


Highs 


Loki 


950 120.111 
.1156 ' (Will 
12 28 (1011! 


1273 clOlli 
1275 1 10 111 
12.75 <10.13.1 


12.85 i9.Ui 
13.38 <20 11 1 
13.43 iS 6f 


1216 (Urlli 


7.05 (311 
9.12 l31| 
974 <31i 


930 *3*1* 
10.18 <31i 
10 34 13. 1< 


9.67 (31 1 
1L13 Oil 
1126 (3rli 


9.80 i3rl> 


Fn. >w, 


ln-Ji— Yii.-M 
No. % 


Tliur. . WbL , Tut*. Mun. Fn. ITbor. 
i Suv. • Ni>».. Nl.» . • S M v. >uv. i Xav. 
I ' a I SI 1 3* i I? i 16 


Wed. j Year ; 
N'yr. f ago l 


1878 


rflnee 

Compilatitio 


la appex. I Htgiia __ bi«> 


Higtaa 




15 iSG-yi:. Red. Deb. & Loans (15) : 55-22 1 13.48 

16 Investment Trust Pratt. (15) i 51.26; 15.60 

17 icosni. and lndl. Brett. (20) I 71.42 ! 15.10 


55.22 55.14 . 55.14 : 55 14 | 55. M : 55.10 j 65:10 ! BI.BI ! 68.67 (85/1) 


I 6 US i 5154 j 61^4 
I 71.42 (71.62 : 71.62 


51.64 5154 | 5154 ■ 6154 i 57.14 , 
71.82 71.01 ■ 7152 1 71.62 | 77 J8 1 


57.71 (11/1) 
78.80 (U/ll 


l)F t-ndi-r. (UI«-r.-l lo holdi-rs of ordinary ihrir- ; a-, 
5y w-jy of eanlijli^aiioiL jj a.-miro-luce/i " imrii m .-r., 
noil, uiersur or rak«Kiui.r. |, ' Inrrodurtlnn ~ Is 1 lo foi 
Q Allotment Irir.-— , mr fqlL"-P3id:. • Prortinnjl or pir:l 
* With urarranta 


in'licali-d. 
‘ rUbts." 


* Section or Group 

Base Date 

Base Value 

Section or Croup 


Bn' V alue 

PharmacQutlaii PfoSocU 

30/1277 

261.77 

Miscollaseons Financial 

31/32/70 

12tfl6 

s Other Grwop* 

si mm 

63.75 

Food Maoa/ucturbia 

S/12/67 

1M13 - 

1 Overwiu Traders 

sirwn 

100.00 

Food Retailing 

29/72/67 


a EnslBcerlra Contractor* 

31,12/71 

153 JW 

Insurance Broker* 

29/12/57 

9U7 

Median leaf Englneerina 

31/12,71 

mg a 

Mining flaaocc 

29/12/87 

. 1D0.03 

Wlau and Spirits 

U/1/7B 

1M.76 

All Other 

10/4/82 

mm 

* Ten and Games 

16/1,70 

175.72 

tRtdmpUui jrield. 

A list of- Ort 

censtttucnts' Is 

■ Office Equipment 

16/1/70 

12BJ9 

available from the PuW'ntwn; The Fhmaclai Times. 

• Industrial Group 

31/12/70 

3&20 

Braekan House. Caoocn 

Street. London. ECfi. price 


}HJ3 123-10/65. ■ 37D1 iSiliTSw ’ 
I (ISlSiffil I 34.46 i4(B/i4V . 

69.00(6001 I 114.96 (7(10*31 ! 47.67 r«iL7&,; I 


Sr irrt liin^ulSt Bmp and J } 

sateccliaB ttdfces. dhrUond ytaltfc ami earning* , 

adaec MU Anwimly hishs amt Inn at the] ■' 

Indicas, b obtahahtt (ram ft Business EaternrlsaKl * 

Ui Bah Caort, Land™. EC4, al £49 nor cnmr 'f • 

• f rom Wednesday, November the conpaiC ^ 
bud taedlnm.eimpBs BHlkh Omnimct noclakt, 

” ** *!**_ 8*QJW4 ^eviwal,. - Sknliarl^ t 


die Ughomm tend is Ql) a i-i9'i) Th 

(na-CBDpn band . suys: at 3%.73°t. 


>- s 









Financial Times Saturday November’ 25 1978 


pi^ai^-iiSii’^AtJTHOEISED UNIT TRUSTS 



Jo 


OFFSHORE 


T, • r AM*? Unit Tst Mops. LtiLji) FraaHogtan Unit »gt Ltd. <■» 

' -S *yt>«bttry. TOBfW M.lnillmilVMTLWWjflH. OI-HB«n 


7UMUU— 1HA 

«,-+ r 

•W.Wlw.Trt. Fu. 

Cqaits* frog. 

failed Hambro Group* (M!g) 
Stanbm Hsfe. Huttem. BeeOTurand. Estes, 
- ptst »t or BmMKHICin 21100 



U* 

till $» 

ai a' &icssa 



Provincial Lite lav. Co. 

nnjinrr.k'.ini. r.fz 

fTr»|if .«• > 'r,n 5 , ... »1 

11'pfc Incf^ne ,|1W 


Ltd.* Sate & Prosper continued 
oM'irnwt jsrnlhils Srtunii^ l.id.V 




two 

lfnJ-1 t-umX — ui 

=rit,.* he-. sin 

A IlHt im. 345 
•rJbPdCapjwf" . — Mi. 
ilsmbfp Fnn-I .... 10&.9 
. JjmihiDVt Fd — |UU 
omv fM* 

B y* — m.2 

ff 

FoMb 

il 12SJ 

J 2..W.7 

■ric»_|49T 

ipte 

-JirrUM Fautta 

Sms Her Cn:':.Fd-W2 

SndSBdtCo'JLFd- <04 
*£n nv**7 Kits. 02 

•gti. Mm fcf'dljL.. W3 
' f.tMS' Earnmcn. 58J 
Sxot Smlrt'o*., t lTOJ 



Friends’ Provdt. Unit Tr. Mgrs.* 

Pi ih* ra £r 4 . IVicfcf nC- IWWSOns 

ua.«i 2s 

C.T. X'ntt Binmeni Ud-f 
IRKlmbqnrQxrnsECSMnip ' 0I-C28S!^l 

nT.Cmlmr [796 . bUM-CAj 3 50 

Do. Arc. 963 102.4] -OH 350 

nr.Iw.Wfn 1559 3(3.7] —0 6] B 70 

GT.Oli.OCni 126 Q 

«;.t j jjv.tr* M9 

«GL PeniXOM 133 l 

UT.Jnt'i. tan* 144 « 

C .T. KMorYdsFCL— P*-* 

G.& A. Trust faXjft 

3 Rs9kilhBd.HnvMH4 (0277) 227TO 

G. A AJ — |J1* 4 S3 

Gartmore Fond: 1* reagent V <“H£7 
2. SL Wary Axe, EC3 A 8BP. 01-2833531 


1275 

94* -O 

»»7 

SM 


310 
1 U 
340 
300 
7 JO 


Minster Fund Miuugm Ltd. 

MlnM/i-ITod. fttfllUrM.EC*. 01-4331050 

MimrrW, 13.. 073 343] I 3 BO 

fc.Tcrnpti.irL pi _ IlOOO 104 6] ..| 558 

MW Unit Trust Migrant. iJhL 

'HU Queen Kl red. 1WI II fllG. 01 KVITtXT. 

-MUI-mii (453 47H....| 309 

Murray Johnsloue U.T.- MgnLV ]ai 

no iinp<-^rrp(.iiiii^nw.<32=nH n4i-32i nasi Qliiltor >Iunn cement Co. iJtdLV 

MJ Kw+CJin J80 5 05.7] | 1U HmMK.rwli.iniv. FI?V !HP. fl;-Ann+|T7 - 

Onilmt 0«r W'l»» QiHi-lr ini i -i. V.l .1100 <J 10401 t 4 ?4 I'.’ 

Mutual Unit Trust Managers* Marin) wu.-ln.rn l„ fu0 . - ‘iron 133 51 B+a 

K'-t'iDi-t MkL wrv. 
r> train..- Trt._ - 
L«3»5^m — 

h Ife Inc.Mr.Wdrirf 
5 M tmnl 
5 59 



. K»elf| 


If”.. 


I ft. Cui-UinllAkr^ EC3R7 Bl'. 

Mutual «vc l-hi*. _ (50.9 54 

Miilo:il lnc.T-4 ....1084 73 

Muf'iai lilur ■ 'In u m2 V 40 

JIuluu! Kuril VI J.. [5S5 SO 

N'atienul and Commercial 
i't.si. Andrew Square. Edinburgh 03 1 S569I:.! Hidgefield 3T.itMR<'mrnt lAri. 

Incum-Nm-. IS 1157* 163.01 I S BO 3U-«l. K-n«-*h JS. . Mm-ilti-rtcr L-tll =2Un.'.jt 

l.Smim-L'nitM 015 2 2ZJ.M 1 5 8ft RlrlcHif-I.Mnl 1'T |S3 Oft! 

•.upiNm IS ™.[1284 US 2] .... [ 408 W W ... i OftO 


K<,,i ■ U1C ' , Unit men. Ud.» 

-oil 73S Ha-luini*- II Timlrnl^aWtlL-. ).!- (jBR 
.J3 A Bl Iipfu-nuiill- ■ -1 .10ft 0 73il . ] 

*011 Oil KwhUfifc* T • .1440 J7«*0j 

1 KW.f,«-!i-T >,:■ .jo ."3 45 3 *0jj 


ftoScrum Uult Trout Managers Ltd. J 1 ™™ 
n.iaFwbnn*&,EC3M6AA-. S23SC31 {Syg.' 

i. &ndWMOCJ 1«9 3. 53.0] ] 5J1S 


uMdrOfm To L 

Bninh Tj».tAee..« 
Coounodltr Share _L - - _ 

JMr» hKono 1St_ 04 A 

(TfFar East TnM _ BIT 
HICH inenm* Tia._r 
Fund. 




. . jonriM 

IntLEjctapif Fd.-. tafti 
UilaU. Tst IAct» —128.9 


a? -j-. 


59? 


U4«*ft7t 




MAX 

942 

31JX 


*0J 




71 


tas 


OJO 
34ft 
3M 
a S3 
947 
014 
7 33 
340 
592 
095 


Acrom.t.’mui..- JlSftft 162.41 1 4 08 

National Provident Inv. Mnsrs. Ud.T Kwhsoliiid Awl Managcnxnt i fi , 

■vi nr K rrhurcnSL.K>Tn>3Hll UPUUU WJU' i.uainiHi.^ IW . Ijlmatiurv. ICtai Ml 

I’l MKUrLTsl„|43 6 *a ft 08 ... .1 S OS S 1 • VU'U’lU '‘r-i IM i llVoi^To' 

■ Arruni UnK^i* 56 ft MM. } 5 05 hOii Hi . T 4 |105 . Ill 9ii *0 . 

-NFl «r««s Tniit_ll32 2 139M 2 30 


.n«wlh . 

.... T-4 till" .. . 
M iik.'l Lrudur... 
■M! Vi.*I«r . 

Pmh t...llTnr;i 

_ I*ro|n.-nv .'2>urc!> 

free'dfJS! It 



t 

Target Ttf. Mgrs. /ScoliamJt laifb) 

:h^;F- r5 -.» nt .E.1li 3. All.saRttSUS 

29.6) .. . j X 04 
4ari3*0.2| 6 04 
64 0! -3.’! U.03 

nit TsL Managers* 
0I«S8*>I 

2 :49J 52 s ! 5 48 

Transatlantic and Gen. Secs. Ca9 

0|.wv»Lui«lni8<l C6ninwi«Mu24S5im 


K. 
V K 


23 2 
|36ft 

Irth X<cura.(22C 

Irtft 


19 0 


H.:toanN.» ■23...173 8 
1 XtruT. L'niti. ■ . 114 J 

tai.:r>-E\|>< TiclSJ. W J 
Hu. knm \» 90 7 

lAccum t.-'nlLci 099 

Crlr-MSm 24 USA 

( L'r:o.. 1550 

1 UTTWlI No. 33 SI 2 

iAklip I'ni'... S7JS 

lllrn Siii' 31 -51 3 

1 ft-rcuin. L'n.t%- (66 8 

MjrlSrru Ncu 31._|49 7 

».. — fS7 1 


lAci-um Unitw**^]l420 15031 ■ i 2 JO 

•*l*rtc0> OT| Oct. 2d. Nest ill-oil hr Nm-. ». 
*rnrC4 on Nan. 1. Nnl dealing Nm-. 11 
National Westnunster* la) 

141. -Ttmapkldc. EW MX - . 01*4X1 mi. 


N 1 \ in.-iiim- 1 1 
Nr lnlL KiL 
Hi Jntl l it 
n.tr. vmiiF -.i- 


,1-IS 1 

isi 3 

v.lllN12 


3 55 

2b2 

25JJ..<*0 4j 7 55 
B7 9| *01 
88 J *0 J 

lrtd-tM 


J. Heun Scbroder tVaRg t Co. Ltd.* 
1 SI. ■- ncaimrii.-. E * " i. 


lAccum. L'mlai. 

Van i.wth No> 31 |48.7 

« ti-cum. '.'nil-. 
Vun'H-Nvt 31 


1 52 
1 52 
4 81 


JUHhvchild Sc Lowndes Mjjmt. (ai 


Unsindier Unit Mgmt Co. Lid. 

[N0h!e.4uKC2V73A. 

lot Monthly Food 4175 


-ArbutliDot Securities lid. (aricl 

L Qocen SJ Ln«irtai Kf:4R 3BV 01-238^231 



E 5-PiShYielrt («A 

' *■ i Income Fd_ 104 9 

Inc. Fuad <13 

m L’nUai 57 ft 

Wdrvrt. Uixj 500 

nm Fnnd 25.0 

Acsbul Umtti.i— ._ 38 7 

Fund 184 

(fctrPnnd-. 58* 

Araan UniKl.__ BS 0 

hWdm'I.Uj 49 J 

APror-Fd. 

.1 Fuiut ... S70 

ra. I'niwi. 03 3 
h Faint tg 9 


Gibbs (Aatoayi UnH Tst. Kgs. Ltd. 

oidzaesT* 3. Krcrtcm- 1 s ft. ow Juvot, zcz. 

18*1 .— 1 «» 14'fAU. Income* |4U 44 

(■lAG.GlMhff.. 

U<A. C. Far Esir_. . 

DeaUitc Toe*. 


Caunal iAcquni.1 164.9 

Euniliw. 65 7 

linuncial JJJ 

>rir«w.1h Inv 0x2 


1 nc'irw? . 34 4 

01488411 1 Ifrcfnlloioi. Fd — n 7 
430 UnrranuU Ffljdi |52.ft 


69.71 


-l. Suithin.- I.i"c. L>!a . Wt. 


r^fiii.d Ntn- 21 - ~(J25 S 
t \c u/ili . — : 1— 6 

Infnii- r.m 2t 

i \crurr l.ml'i 

< k*ni-r«l Nin32 — 

■ iiiun t 'mis' 

EiumfN'ia 1* 

-rtiiin. Units 


70 ha 
358 
926 +03| 
3ft 9 *0 1. 
750 *0i| 
563a 


*0 21 4 47 NeitFl-LK.umie. .[a2Z0 U9fl| 


Dl+iQfct.BA -Fnft'.'.isFdNmil. 


810 
5 6L 


l-rirvr. 


i J 89 

I.*. Not rii.-alir.E !hA l^. 


... i Fv Nm- 7 - 
•Keen cry Not 7 


1®1 7 
,OCE 
IBS ft 
156 8 

SI 

167 J 
250 9 
197 J 


10« C-3 . ... 
127 0. _ . 
198 6. .. 
:95V . .. 
89 ll . . 
llltj _.. . 
34ft..f . .. 

17791 

25C6; 

203 2 1 


i> i -24U HU Vann Pei- N*»- . »» T 


■ iTvm. 1'nib ■ — _ 

KutrSn IT. 


'ArtiUl'iiili. (73 J 


ttitrln Not- 17_ 


Mb 

TOT 


«S7 
61 0 


574 


r<0. vrrum (79 9 


70 «| 

Jni _ 
9*5 

xm^ 

53 P . ... 
60 0' 

51 9( 

59 7\ -..j 

514( 

6J9> 

73 91 

£i| ” 

70 


.06^ *03| 

sutt+aH 830 


598 

598 

40* 

509 

509 

615 

6J5 

748 

748 

348 

548 

389 

385 

386 
386 
895 
687 
ftJBT 
519 
5.19 
8L50 


3M Managers LuL* 


18 Cuarmu- Bnsd. BrlstaL 

Incline Nm. 2.' i*-* 

i.lccunt Unit.- 1 

Capital Not- 


1« !U71 

= 1125 0 


•K'arlai fi'i+iH furd* .jntv Capital NOi' .v 1 125 D 

in Rawau Unit Trust Mngt. Ltd.* (at .Scottish fiioitebie Fnd. .Mgrs. Ltd.* tfticum. tai fti. — Jlgg 

i l> 'iiilvlk-r . ■ iiv.'ikii Si), P.7 DlitMl<t>i SSl IsdrBWiSit.Eii'nHiriih n]i.54BP16L SnS* VmU>._^M 4 


OS ' . = 342 41 
303 4T _...J 8.75 
i«» j! 

ra 


19L 

U1 

186 


9 ^a NEI. Trust Mamagra UdV taHJO 

Hr lion iJoort. Dortnit Surrey. Kill 


i ut Arnoit-.in Nni. z.i .163 5 
Siyunm- i'.n . 2! 'lfcC.5 


£6 5..‘ 

178 5 
55 au +0.: 


... nvUniUi 394 

-Sn#l ler f 'n> Fd. — JSM 
rastaraftlnllTd. BA 
ifi%»'drwlUla.l — 171 
FnreiKnFrt. _ — , ® 4 
N. mkt. A tot FdlzftJ 


47M 

69 *9 ..... 

112.8a 

445 . . 

621 +0_V 
S9J .... 

at ; :r 

14.1 .. 
62 Ba -0J 
915a -03 

•BS ^3 

39‘ 

487 
355 
423 
27.8a 
■ 24.2 — ai; 

gi- 0 - 1 

M6| 


ILK 
IX 74 
1095 


Gsvett rjotan)* . 

.. 77.UaadnnWaU.ETL2 

9tu Shir. Km. XT 0366 

225 DfcAeoimUnrt — IlMl 
12J9 

12.19. Grfevesen Mawapeii wi|t Co. Ltd. 

V«a 500lWi#it«Sl.EC3P2ftS. 

3 99 Bmuttm Nrx.^2_. (209.7 


Nel.-Jfir 1593 

N el star Rishlne.-.] ' 


62 41*03] 
5liJ +0 M 


507 

an 


170 1 n .-innc Untla l«« S2 SI ' 

4 35 AtrufiL Liiiln. 157 5 61 21 I 

Btft nanlmfi dsv K<*1nn>ijr. 


“2^ 5“ S**aR unit Tst. Managers Ud.¥ (a) *•'< 

100 7] ".'.'I 4M P> Km 7-1 1.BcklbTK lt~-.-..h. i. ! uliViftiCiO 


5.99 

387 

2.44 

249 

253 

256 

820 

148 

148 

1*0 


16C.S 

f Ircli 3 lil Nil :m„ bn 
■ ATUrri. litaK* i .....177 ft 
Mi>rlln Nn>.-12 ]77 5 

l.UiTUlL tnil. i. [936 - ... 

c* . pUfii F d _ 13.1 9 *5 y j 

■ OWWJjRn N'omrlch Union. Insurance Group ih) Royal TsL Tan. Fd. Mgrs. Ltd. : incnme Fti .(MS 32 2^ 1111! i 

» H sS po. B oxA Norwich. NRI3NC voassino M.JrnmT SiavtS '* ' 1. ‘iiecgfli’,; Security Selecllon Ltd. 

dMito* d«r Dec. 1. **roupT.«. Fd. PS5 9 374 6| . I 5 44 ■> 3 fl - - | ^ 

Pearl Trust Managers: Ltd. (aHRHri K^T^ni Nrn I - N.+t rtn.lilfiy Nee. 30. 

ZZZ Hl-h ltolbom. WC1V7ER ni-WSA+U , _ 

- 1237 25.5|. | 4 98 Save «s Prtwper Group 

bo 302J-OII 4 98 4. flfn-.il :;l Helen.-. Inndain Fi3Pin* 

t*2& JSlj .. 1 730 BftTA Q,„..n .<1 . VViii.i.urcft FU? AN:-: 

I9S+0N 51a o' :.ti svn ■■( minxai tti 

* "" »a— r Ijj 

(?5 9 
U-»4 
1671 


537 InL Earn Nm- 22 |2fi0 8 

5J7 1 \ccam Udihi 373 2 

rrctNm.SZ |lQ5 4 

.\ciura. Unit'. 11332 

Conic Si, Edinbu-'h. 

Sm tor Nix-,22 11632 

Seal. Cap Not-. Zl_ 135 0 

l.trrom t^mte- .1163 4 


i= 


*.73 

482 
AJB2 
832 
UX 
545 
5.45 
13 01 
U 01 


4.02 

C49 


1 Aerum. UaitM 2302 

Btnfc.HYiLNoT.23- 1753 
lAimnl’nitii— BH4 

Datan- Not 3f 214.9 

'Aeciim. UnttNi 224.1 

r.mctrdr Nov !»_ B9.1 
I'Aerum. Lnits>__ K5 
to-ABnln Nm.22_ 10.9 
(Actum. L'utlsi 174.5 


aaia _ 


Pearl (iraaUi Fd... 
S-T; Amim Unite 
Pwrllne 

8 97 Purl UnllTJx.-, 


8.97 

213 


I Ac* 11 m. Umlai_'._ptl 

3i3 PrJimo Units Admin. Lid. <gxx) 

3.34 Bl Fcunlai n ia, Mancheilar mi^3t>SG8S 

2* reliron Units |M.9 9LIJ-01] 4 94 

5 09 Perpetual Unit Trust Mtjgmt.* tai 


Sate & Prosper Sice unties Ltd.* 

1nlmuill»nal (indi 

OplUl |?S 9 

tiiii.Crwlh .. 


touha Hall GiMip 

lit. Lmmh h Inn Ki-'-ts. ft TS 01 JOl 6030-0 r jpital ilroitth >807 

I’ntlCrhTrt Are.. 124 4 163] i 273 L* .Wfum .-1*3 3 

• li.liilhTNlitf - IlLl 2753 | 272 Etlrn lcr.«lrOT«h_(S 6 

- ‘ |4* 6 

158 
14 ft 
W J . 
272 
33 6 


77 31 

IM _ ’ 48 Kan SI . Henlev on Thames 04B12WW1 1ncrva>inc Ircdrm- land 

xg$ Guardian Royal Ex Unit Mgrs. Ltd. PpnuaiGpriih. __p9 4 424] ( 4 63 

. . _ , Royal Excbon sc, EC3P8DN. 0i-ffi880ii Piccadilly Unit Trust (aHb) 

Archway Unit Tst. Mgs. Ltd.* faric) teoaiardhiUTo-lTRS 953] *0J| A5I Glh ^ l%B Trntl l4lt 

JETHicti Botooni. WCU 7NL. 01-J931 G233. afBXdCTXPOn AdmlSStratiOO* (aKcMgJ 3. Frederick - , place. Old 3er«y. BC2R BHD. 


Stewart Unit Tst. Managers Ud. ia> Pm^nc aVpr'rw — 

+:. * liariOHeSi Brlnuair;!,. 031 SSJCTl Im Ac/mn . ' 

□ Fnn 

■II 


135 


* Arc hway Food — .102 9 




%£■ 


Pncei' ot Not. 21 Ncrt stlh^nj Nol. 30^ rrenuer ITT Adrian, 5 Rayleigh R ai d. Htittoiu 

Rnmtmiod.Estax. 0277-217238 Jr s,r “ mc«ne___[2a 7 

Kniiill Cn'i 1-4 


ll:, h-Vl-M . . . |52 6 
lll«;h Iru-omn Fnnih 
Hi;:h n«mm 

lni-.»e 

• 'AL. Kunrti 


Jita24 


iMm« .Vnannran Fa ml 
Kl.'u.lnrrf l-nlls _ IS7 2 6C9I 

Ar'iiRi I'nlU .163 2 AftJ! , 

IViifj.-Jr.iwalUnrU. .(45 3 4S9|._.I — 

'Ninul Brldtii Cwni FonH 

2 48 SMiibnl — . (lib 2 14B6I I 4 70 

4 05 Arclim. Unite - llSE.5 173 0> . | 4 20 

196 Trirahni: IlSio- A >n -;TeH 

Situ Alliance Fund Mngt. Lid. 

5ft 5| *0.?| 7.66 fun \llran«sHse,H"r.'nrn. N-nniHl 

r.-.li l>(| T*4.tlei K._ |6224 9 2^;; .. .J 4 45 


HiEUlnc. Priority _ 

Inlem.ilmnJl 

Mwrwl Sl« 


253.. 

287 ^ „ 

111 V ... 

14l*| 

831 tss lies 

1714] I 9 60 

X4LV ... . 5 79 
271 ^ »...! 579 
MT73S41 
85H-0J' 6.45 
0961 -0^? 

4X3 *0 1 
SO 0; +0.1; 

16 9 *0.2 


20 « - 0.1 

65.5 \*02\ 

35 S — DJ 


645 

10.22 

1022 

5.15 

515 
886 
289 
5 47 


.33 r 

721S+0J 


Barclays Unicorn Ltd.* U)(cKxl rjc pw**, 

Unicorn Ho.2S2RomfOnlRd.E7. 01-5345544 fiabol Recovery ___ 


'Unicom Amrin^BOl 

Uo..4tMLAcr 69.4 

Jm AoN Inc M7 

ZVi Capda/. — - 664 

m Exempt Itt — ltffiii 
Do Extra Incamo .. 284 
- In. FliUMCtnl— - W 3 

t Ss*— Si 

ItfnwUi Ace — — 418i 

Income Tst. 958 

tun Prf An*. Tst- M5.5 
ft Prices at Oct 31 Next sub. 
Ba Recovery. . „.(442 4 

Os Trurtee Fund— US.8 
Jm.WTdwide Tst. _ *92 

frM.lnjraJnc M-9 

' JWi. Accujil — (709 


LH Cap. C.iwth Inc. 

1.91 Cap. Growth Ace. 

2.91 Income A Auets—t 
7iM+6& AM fltsb Ikoum Foods 



High Income— 

Cs bee Extra inc.__ 

CabocPratCrfillt ! 

fSecCor rna h 

FunaocinlA nn 

OH A Nor. Rea 

luferuUsnal 


bXS 
854 
S31 
ill 
680 
432 
6<S 

Caber 

In tBwafaQft&y . , . 

WdL Wide Nor. 24- 
OwtwOi Fnods 
Australian _ 

!3i 

Stariag Brothers & Co. Ltd.* (rtOrt , 

QJ-5B82SH1 Flmg t Fade 


37 ft 

Capital Fund 415 

InL Ern-.. &. AiaeUL. 44 a 

Pnvnte Fund - 34 9 

Acciiniitr Fund. — 6L4 
T«*-hniili>ity Kund.- 59* 

Far East Pd 258 

AnirncanFund, 122.2 


31J — 
40 7 .... 
457a .. 

47 ( +0 31 
37 < . 

666 . 

64 5a 
280 
241 . 


10 60 
730 
640 
6.50 

5 TO 

6 00 
5.10 
210 
290 


1 -Klein i(y ]4J 6 

<Hi-r*caT FbnfWrl 

Ellrnfvi (85 9 

Japan 104 3 

> £' .uhi . . 36 0 

I.' ^ 67 1 


7141+011 8 71 rri.i-F.-im.lrFa . IM 3 lOlji .. 

J55i+-0Jt 9M Target TsL Mngrs. lAd.V (apgt 

Hl.i'.mbaniSL- f+H 

■56 Bi +(MJ 551 Ti-r.-ci 1 Vimm.wJiiy 4 


3.97 


TSB Unit Trusts iyl 

SLdiantiy Way.Andm er. Hanta 0261 IC1S8 

tfeaiiT.CT lo 02M 634XJ-3 

ill. TSB 'icjicr.il (45.0 

ihilm \tcum ..._— 578 

ihi TSBlnrama 159 3 

■ hi An Arcum (63 9 

TXHFcntUM jBL A 

1 Pi Do. .'.rcu.-n. (BS 1 




Selur I u mK 

“1^ 1 IS Anirrican Fund'ZrlS.2 24lj '“1 2 90 Ift?" 

h 4 ZTJ lioo Invest. Co. Ltd.* O'hcl r.i!imr,.,i 

• ft4.Hk«nPliurySq.W!A2R.N DL-823 11838 muh-Hlnlmani Taivts 

3J25 Practical Not. 22 _.n47.1 156.5] | 4 SI M-lor! ImmuL 12-16 2 

UO Arcum M nllr. .pig t 225.7] .] 481 Select luvODM.- |K 2 

I 

y— * ■■ — •■- ■— — 




e3 3'd-b7! 
72. l| -0 ?| 
79 J( +<Jlj 
74 S| -0i| 

2 8.|?::| 


te. LeadenhaDSt.Zi.C3. 

". Stratton Tet HMO 

in Arcum [225.8 2352] . . 

*e Next mb. day December & 




ill Japan .. 

413 NAmcir. Nov. - 
Smaller Coo.. 



102« 392 

118.7)9 134 

100(3 7 M 


Eishspsgate Progressive Mgmt. Co.* Hill Samuel Cult TsL Mgre-t (a) 

|. Bixhnpsseie.'E.C^. 01-588 BfflO 45 Beech St. ECS>2UC 01-B2B1N11 


J - ffitePr»*Noi*l— 1780 

f ee (.'U.^NotJU- 21*0 
KulelnL Nov. 14- 16B ft 
kccism 1 Nov. 14^. |278 2 


228.8] 

170.' 

. W9L 

Nest aub. day -No*. 28. ■»: 


3-20 (bl British Trust—.' 

3-70 (gi Inti Trust 

28ft ip Dollar Tpia. 
ZJn ihtrapiulTnua 
ib) Financial Trust 
(blluromc-Tniw 


fridge Fund Managers (a) (e> 

Irjis Kwt, Ktae Wim*unSt,EiN. 01 0234051 rb)Rinh 
iMiiiiiCBf.SZJ 23.9| — 

1 1 = 



(biSecwnn Trust — 
Yield Txt_ 


m4 

U97 

^4 

Sir 

Q9b 


2563b -U 
37J -0J 
764 -02 
31 J +03 
950 +0.4 
. 283 . — 
55 J +02 
313a 


566 

1.08 

275 

428 

489 

: 7.78 

540 

851 


yjo InteL* (aMjt) 

3.92 15. Christopher Street. £CZ 01-2477243 
|-g lnM.lm-.Fnod 1853 92.4] +0.4] 7.40 

4*2 Key Fund Hanagen Ud. (aHg);- 


-7-1 t a 28Mikst.BcavaJE. 


Nor. 


Key Energy InJTiL. 


r todjaBSUSOIi 

tea» - - . --...P*0 



JHiTi 


Financial Sacs b4A 

General— g4 

1 ineSGimdLw wo 

• 2SrilGrc«th_ WA 

! Etv CT t T stSbarea- 
Mtoenik. ....P15 



'UeWsSr ^T . "' -PU8 



725 


4«d. iTbam.' 

• i 2U22SS. . K^&mlCrAGea— (66.<l> 

*• Britannia Trust Management (aKg) H\ 7 

* i Lwrilot. w«n BuUdinn UodMViU. _ ^nSdtoLFd 6M 
OI-638M7S047S KeySroall Co'x Fd_ (103 J. 


oi«M7mo. 

77.1l -051 3.78 
702 -02 5 JO 

1826 5.67 

872 402 1051 
643 32.17 

109.7 —02 . SJS 


3.77 Kldinmrt Benson Unit Managers* 


20. Fonrfmrt-li St, E.C3. 01 -*=38000 

?f2 KB.UnilFd.toc._M4R 
5s *KKUuitFdAc__ 1075 
IS KR.Fd.Inv.T6ts,- 535 
2-55 KRFd.ln.Tvt.Acc ^ 545 
fS XBSmUOo'nFcHiic. 480 
ig KB.Sm€a«FdJAcc. 48ft 
fS? High YW.Fd.Inc_ 457 
7 „ Hlfijl Yld. Fd. ACC (4ft S 

2A6 L*c Unit Trust ManagoDont Ltd.* 

3*5 Tto» stock Ecbanfio. 2CM XHP. 0J-5BB 3800 

a 66 lACZn&FdJ fMOJ 14J7f . — l *22 

421 L8CtoUACenFd.|967 99.7J — 2J3 

lif Lawson Secs. Ltd.* (a>frt 

2.57 37. Queen’s Sc, London EC4R 1BY. 01-2865281 


. 92^ —3.41 

1^7 -S3 

57.S — . 

S8J 

5X4 

51.4 __ 
*93« 

502 


558 

5JB 

4*5 

4JH 

6.76 

626 

B5S 

855 


499 *am*. Materials — p7.& 

IS 

.TOe British Life Office Ltd.* fa) ^SSuSlWsSSt “i 

. RelianpaBve,Tnibrfd(eWeUK.Ri.083222271 XAjneneanFd.__.aR 

BI/BriHsh Lite L5*JI S3a+03| 592 ftAceum UnlUl 122.4 

ItLBalnnood* fe? 5L2| 1 .60 


. BLDiridexur. J42.0 .. .. 

■Prices Nov. S3. Nest dsnUne : 


Oceanic Trade ra) 1 

FbjanrtoL 


486 -04 613 

464 -02 613 

S 3 264 

0 ...... 2.64 

402 186 

253 +02 030 

_ 242 __| 030 

DeaL ftUon- “Tubs. tfWedTiaTiunf. 


*. Ccnetol 

GttMhAnm 

-’?)MhI 

m 


5.02 

459 


JLS j hu I'm. xarau. tt"*h. o+buib. 

dS »«!»■“ Legal & Geaend Tyndall Fund* 

_ . - „ , ... B 15 Cenynaa Read. B rid d. 02723S-1I 

Brown Shifdey & Ce. Ltd.* xhv.Nov.it D9A 654 j 5 02 

Mngrs,Founde£i.Ct,EC2 O14OO8G50 tAccnza Unltii (753 . 88fl| ] — 

BS Unite Nov. 31 P153 235S J 482 Next Ub. d«y December 13. 

DO. (OCO Nov. Z1 J272R . 2953] — i 4R2 ^eOUinC 4/hninid Hirimi Ltd. 

36.41 +0 1] 484 2.Dni»St,I+»d0D WIMIUP. 01-4885S0I 

422 UwDtst J74.9 

588 LooAccn ni P P P 

548 
879 

l|f 

4.44 WarUdri^WenSuwcK. 01-1031288 

324 Balanced B07 545)4+1)2] 4 70 

438 Da (Arcum) 7L0 783 +03 4.70 

625 WarMwichi GntK. _ S3 5fe.fi +0.1 1.96 

EwnptdctI0__J565 592«H 1 437 DaiAccunnJ 66f 703+02 IW 

Canada Ufa Unit TsL Mngrs. Ltd.* JJSSSmu'HZ Stz utc few 

atUUch St, PoUers Bar. Hem P. Bar 51122 Extra Income p?A 6*2s| -tU 816 

CaaCenDid. 1386 40.6|.+02| 433 DaiAccum) 




S3 +oj 1 


LeoAcc nm 

Lloyds Bk. Unit TeL Mngis. Ltd.* (a> 

geiddrai^gD* ^. Gftr tngRy-Sea. 


jDoGeo Arcum..- 17 6 

Do toe. Dirt — 386 

Sorbic. Accum [451 


169.9 752J -02] 026 

^23 Lloyd’s Life Unit IW. Mngrs. Ltd. 
«71 7200, Gatehouse EtL. Ayieabnry. 028B3M1 
SqmtPAcctaa ■ flM 6 1703] 1 426 


Capel (James) MngL Ltd.* ft™™* i«VaV.i 

K»0W Brood SL8C2N1BQ 01-SB8W10 * * « Group* (7Ke)W 

OoBal (B2.6 B7.« I 3.43 ’JUree Qaam, Tower Bill. BOR fflQ. 01038 4588 

bune 180.1 852] — J 809 See also Stock Exchange Dealincs. 

SWh American |95-0 100-01 — — American .—1452 <82 — o.a 226 

Prices on Nov. 15. Next dcaUng Dec. 8 (Accum. Unto) 462 «2 -03 2.26 

Cariiol Uuit Fd. Mgrs. Ltd.* (rHc) «3 §. 4^7 §27 

WD*raHo«e. h^easUivapoiv-T^ . M W3 • jg-J ^ 

4JZ2 Cnmpnand Growth. [1087 117.01 -021 434 


“gS? 

1.6 


na = i 

SL 4 


Cadkd 

no. ^crom. Units 

- . - Nett denting date November 
- • Canities Official Invest. Fife 

77 London WalL ECZN 1DB. 01-5881815 

' toramsOrt.17 (137 .18 — ' I — — I 6 - KL 

•'RifflHn.OM.t7.-. B72.47 -- | — 

• ■ Wafflrtb. Only orailaMe to Res. Charities. 

fe Cfextesbsuse Japhet see James Fink* fu ^ Tks — jra.8 

■ ' dWtain Trust Managers Ltd.* faKg) ^3^“^ lftfts 

: llNnvSt BC2M «T. 01-3832082 (AremalWto OJ 5 

'MansEt? jaa a ®*E| 

+4 U _ojl ijj rAccmn.ilnils)___B792 
27.i _ ’* 

24.' 


CnmndoD Growth 6a0 

Conversion toe. — 672 
DivtriMid.—— UJ.O 
(Areata UnlUi— — ES4 

Kurepemi-- *7-4 

< Accum UDlt*)~ — 50| 

Extra Yield W.6 

(AccxiRL Units). — - 1J7-7 
For Eastern—— W.£ 

< Area m. Unite; — -(54.9 


Rich Income : ,{410 

gemaUooalTa— 12)218 
Bsxte Keocc. Tst 25.4 
InemCrowt b Tst.— Z32 


+02] 


432 

731 



Magnum — 19921 

lAccnmUntts)— 2SL1 

Midland— — 177.7 

<%*lederatioti Funds MgL Ltd.* (a) yuKtuoyntwi — wus 

■SOtfhoneewI^ne.WCSAlIlK 01-M203K! SSSm^JStwZT 587 
. (riMhPBnd—IMl 46.4] 4 424 second Gen. i??.? 

XtemepoHtan Fund Managers- ” i&x 

, toitoot Street, Lnadon SW1XBKX. 012358325. tAccnm. Unite) — _p09.9 

I'acMaes w 

- SSsr* assssJSSSSfcs; “V. 

.yPFctter Lane. Best 6BH. 01-00603® ChsiiW. Mew. 21 - lg.4 

-todrlncome »62 gAI +02 UL00 i Accum Unlt»i~_ IgJ 

American W71 5«L6j — | — Pens, E*. Nov. 20 _ [136. ft 144.. 

MAtoonOlighine.^ M-J «■ Hanolife Management LtiL 
Crescent Unit Tit. Mgrs. Ltd. faXg) SLC wre - sWw.sieieanse. ot^smoi 

' «**llleCMa,Edinb»rsh3. _031JS84im Growth Uml^ 1354 SUT+UI 4J6 

- ^.l “TJ 1M KUtyfltewer Management Cm Lid. 

-j^nnigb mat-W? 4fcW+oa 920 ]4 n6Grt0hamSt,EC2V7AU. “■*“*!*? 

--S&SSST** K-f IM laeonmNOT - .2l goy. *25^ • — I S S 

■ ..^np-Toluo [25 8 26.9] 1 1-94 g^b™! Nbk B -- - W.9 72^ 

: bj^rvUl OTtar y TTnlt FHnd Managers imam l. NOT. -1 — ]«-5 45.N oou 

2S.ai<xnfle!dSt.BC2M 7AL. 01-838+485 Mercury Fund Managers Ud. 
tUtoe.NOT.SI PHI lOOSaf-U] 5J2 30, GrBiRam St, EC2P 2EB. O1-W04KB 

f F. Winchester Fund MngL Ltd. S Z!! 

y <Hd Jewry. ZC2 ^ 01+3»2re7 £&. Int. Nov^ES— g.6 wa .—4 329 

iSwKhVff^usllTi il5“"i 4J3 Max R^JjOTJgZ! 2»7 

fenoon Ax Dudley Tst MngmnL LM. ^ 

■ afissESi’ Sa im rars lw.* w 

«ee Abbey Unit Trust Mugxs. UommodHa nGea.M2 

■ EqoKy & Law Un. Tr. M.* (aUMfcXa 


4.95 

4.95 


Td. 071379842 


)AsienduniB<L.ll>*fe Wycombe. WM33ST77 ^ Arana 

Ernhytetw 165 8 6921+02] 4« Do Acetim. _ 

Jan** Finlay Unit Trust Mngt. Ltd. 

.18.14, Went Nile Street. Gloacew’. 04X204UC1 intvmflrionftl 

: i HiJay laternatTttl2 

: Amum. Doit tz52 

“•^ntoyinctxne — Si* 

+7talMB| m n IL cft8 


J AcroniU nHcL _ RTr 
-l.nnliwFiln.TBt . 068 


•Aeeum.l'mlc 

■ Prices Not. sa 


— 

all "ZZ 


2.74 

2.74 


Do. Accum, 


+ 02 | 

+OJ, 


m T . 

Neat dealing Nov. *ft 


453 

4*2 

_. High Yield (“-' 

82S Do Accnm. — 

262 Eaaitl K»«mP** — l"gf JH-fl 

W H 

4.42 ^^ri^iTKSJrtNeat d^Siifi Deft ). 


asR 


68.0j+01 

80 R +0.2j 


tss 

282 

512 

592 

419 

44.7 

61.7 

6«. 


383 

27* -riLll 

553 
643 


572 
5.72 
335 
335 
4 06 
4.07 
6.40 
689 
330 
33S 
8.50 
650 
600 
600 
1.00 
L00 


€ 


CORAL INDEX; Close 478-483 


.INSURANCE BASE RATES 


.WSJperiy Growth. 

ITaubtugh Guaranteed. 


10VJ6 

JO.75% 




T.u «i+ Finft+rjal . 
3 » Tvfrt F/iuiiy - 
1 47 Tired F.i Nw.S. 
194 +l !.■ «-■- Units. . 
0 63 i.i IC ci>;m Kuud.- 
1 .-.rj-t 5in»lh . - 
7 rr r.-l P* i«c Fri- 
ll-. F«*-m« Units ... 

T*.m+ inv 

TiP Tr Not 32 

Ti? Inr 

7 id Prci 

5 I^..S|«<i.ilSlL>. — 
i 


l— .Mine* 03965SM1 UlsleT Bank* <ai 
4 12 Wunn.’Klre+t EcL-ic, 1 
4 75 (S.rislvr Grrmtb 137 0 


43b 

LSI 

3.46 

2 94 

7.95 



0B23E3I 

. ~l 5*5 


7 13 Unit Trust Account A Mgmt. lid. 


Kinj tfilium st EC4R dvr 
F rtnril! *- Fund_Q8 7 
Wiptvri.inn. Ksd-pS5 
IK. Arcum . . .. _|35.0 

Wirier Growth Fund 
Kins Wl I liam SL ETs R ;iftR 
Income L' ML- [29 8 

Icc UO. I'DILa . . . . (IS 0 


01-6=3405! 
40 H .... 1 4.73 

3)4. / ASA 

36.9. >....( 4 04 


01-6=34951 
31 ai .. .1 4*« 
36.9! I 4.B4 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. CroH-rt Life Assurance Co. Ltd.* LlnycU Life Assarrnc-i 
l-2St Paul's Cbarcbyard.ECA _ 01-=+8D111 Cntwn L:Io Kr-c .V/oki»*.GU=t l*W 0WKI M=3 20. rii!lm S(-. EC-\ +M\ 


Equity Fund B5.B 37 7 — SljnC -I Kuril Ar. : .. 1101 •. 

Equity icr ».B 1Z5 — M.ir.jrdF.I Incm.. I0I.3 

Praiwny Fd ..151 1 359.1 — Atonr H FiMnlr. .. ini ft 

Propt-rt.v ftcc 1613 170.0 — Fruity Fd Acr N5 + 

Sel veUiij Fund 90 7 95 5 ...... — Jjjuil-. Kd Inm— (93 7 

Con.wtihlc Fund.. 1341 14L2 . — — EquUvKd.'nil. .... W J 

VUonn«- Funr| 124.4 1310 — Pr«p.;tivFVi Arc ,.[%l 

•Pmn FiLScr. 4^ . 1323 1393 ...... — Ptun-rls Fd. Inctu..|9ftl 

¥M«n Fd. Jx-r 4 13+ffl 1412 — Propc-iT Fd. toiL-.m 7 

34 5 364 — — Inv.Tft.Td.Ai-c... 1004 

1114.4 JMJ _ lm-Ti»ed.lPa=...N7fl 

11122 , 11*2] . — Iw.Ta. S'a T|j*L — [93 8 

Vdltuiion normally Tuet F/cmim Fd Arc.. (1000 
Fwt JnL Fd. In«DL. 98 0 
lalr .- L Td Arc — IOC* 

Intvr'LFJ.Incnft—. 11069 

01-07 C9fl3 2il 


W+iuiiy FA Scr. 4_]34 5 
*Tonv. FH. Scr.t— 
0Mnnvj-Fd.Scr.4_ 
Plicus At Nnv. 2L 


10301 -01] - 

W63-01 *17 

106 i 


Albany Life Assurance Co. Ltd. 

31. Old Burl melon St.W.L 


TEqully Fd. Aei 

*Fi red InL Avc._— 
9GlxLMfTOr)F<LAe.. 
VlnilJU onJ-'d Aon . 

OProp.FrLAuc 


OM'pJcInv.Acc. pftao 

Equity- Fcn-FiiAcc. 229 5 

Fixed I.Pvn Arc 

CtdJUf on. Penjtcc. . 
JnULMn J"aFdAcc_ 

PmnppnJ.fc 

ICpto tovReaAc«-l207.7 


192.6 

1403. 

1162 

11076 

1129 


20271 
147*1 

17tB 
2416 
1*87 
1405 
1203 
1362 
2U3 


Mwiv--Fil1nem._. 955 

Pua-F'L lurin 101* 

Crown bit. to v. - A - _ 1592 


100 4 
93 bj 
992 
toll 
toll 
99 ft) 
lOSfe 
2029 
104 Oj 
1052, 
1D4 Q| 
224 3 
1M. d 

107 ? 

100 a 

107.7] 


-01 
-a i 

-I? 


* a ft] 

+o 

■rO.ft) 


-0) 

-01 


-+02( 


669 


Mill, -It Vor.fi. ... 1 26W1 !.I — 

Onf.'VlY VOT33-. !«4 1515 .. I — 

Iip.v vBor Nm22. U5-: 1<2 4 . ' — 

VVHv. Nor 13.. !554 163 6 .. .1 — 

■ •|i V UMmi.Noi‘23. 153 9 1621 

L<r«.YA'DpL.Var23. 123* 330 4 .....( 

V7S London Indemnity & GnL Ins. Co. Ltd. nlllii!.™. 
-- jn-jo ThvForliury.Rejdir.s 53=511. 

r_ Mur r v M.-uracer 132 9 75 4] —0 71 — 

7J0 Mil Fit-xiblv b9J 21 3 _ . - 

■” Xii-.M I Dll- raft 1343 36.2] | — 


Royal Insurance Group 

r.'ew Hail Place, l+i ertsoi. 051 =£74422 

Rojai Shield Fd_.n435 ULOj f- 

Save £r Prosper Group* 

GLSLIli'Ivn's, Lmln . EC3P 3EP 01-SSt I 


— Bnl.lnr.Fd 

Pmpftit? Fd*_ — 


■1300 


1L6S Th«* London A Manchester Ass. Gp.* 

601 Wiiwia'to PnriLFaictisr. 


122 7 

_ Jm i 

Comp PvaiFdT. |?073 

Equ ilvPvns rd. — 
PrTipPcar.Fd.*. _ 
fiillfcni.. Kd. . 

Dcpos Pen-- Fd+. 


3610 


0332-5=156 


OB3 6 

SS.i 

94 6 

.id: 2 

Prices on Noccmbcr 21. 

tWceftly dealinfft. 



JO.W — v lii . 

933 *t><Tipt Prop. Fd 
„ i»KxiH.Tn\ Ttt Fd 


Fk-itibic Fund 

Jm. riudFuod. — 


Ctvsader Insurance Co. Ltd. , _ . 

Vimul* House. TwvyrPl.EC3.__ . OJ-ffiSWGl oldD^ritFd: 

M & G Group* 


C0l Prop. Nor. 7_)73.9 83*| — | - 

Eagle Star Insuri.IGdland Assur. 


=323 

-34 

1382 

+03, 

962 


m 

+0.4 

+07 

13)9 

+0.-I 

619 


1013 

-rtl.l 


Schroder Life Group* 

EnlorpriiC House. Portsmouth. 


OTOE 27733 


Equity ! 

Equity 4... .. — 

Euedim.4 

Manaei-dft-^ — 

Kone? 4. 


230.9 

[220.5 23221 


1377 
133 6 
N97 


Overseas 4- (86 9 


Properly 4 — 


AMEV Life Assurance Ltd.* 


BSffi5fcc= 


I.rmvlldaucdk-SL.F<~=. 01 »81=12 Amrnracrdad.-_|«6 3 

Edoie/Mid. Unite— .|53 0 550] | 620 li+iv. f>r|- r+l* — _ 120.4 

Equity A Law Life Ass. Soc. Ltd.* R^S^rirtefeV 
AmcrstuinBaad.Hst’hUyctenhe 04343=7)7 L'-' 1 "'-'-.''!?"?” 


Three Qjoyr. Tow S . 11 EC3R 4B Q. 01-6=04538 K*S Cwt. Sees. 4 - 


.4921 
•* 26.61 .. 
14321 
8&« 


AMEV Managed — 141.4 
AMEV HbL R - _- _ 119.4 
AMEV Money 1-1- 1*7.0 
AMEV Equity Fd_ U07 
AMEV Fiaed InL— 90.7 
AMEVPrqp.Fd.__ 992 
AMEVMcdPenRd IMS 
AMEV MffdU>an.*8 110.6 
Finn plan ______ [963 

AMEV, 



& 

112.7 «... 

1167 

95 6 

1045 

116.4 

3165 

103.6] — 


892] +toH — 


MUMro, 



Fosi! !v r-l-W* 1190.9 

_ dll! Bond* ■* 1070 

_ tolvruatui 8 i>o(I**.i9S 4 

_ __ JiiranFUEd.* — |5S3 

+a_if — Jt«nucedEd.~" 

Pen. Pcnilon— 


General Portfolio Life Ins. C. lid* FroptnyBd** — lftft* 
SO BarthnlamewCt. Waltham Ciw s. WX31S71 Ms..ViI2 


_ Fonit.lioFii.nJ__.. I ML9 
_ FO|-U<’Ue Mauiiucd.l42.fi 
Flol!o.Exd.lrii K73 


drjr 


132.4 . 

3053 . 

,61.9 

144.0 +0 3. 

374.4 

70.6 . 

"Nov. 23. *"0cL £6. 


2622 
121 0 

B.S. Pen C+p. B 1245 

BS.rcn.Ave.B_ _. 1372 
M ncd. Pen. Fap. B _ 20R3 
MnKiL Pen. Acc- 3 . . 2510 
F. lnt. Pen. Capi B 9SJ. 
F. Ini. Pen. Arc. B 970 
M ones' Pen. Cap. B . 97.4 
Money Pi-n. Ace B_ 99J 
JProp Pen.rap.M_. 107.0 
Prop. Pen.Acc.B_. 1090 


1445$ 
14*7] 
115.U 
91 S 

al 

330.7j 

344-9 

119J 

264d 

3002 

132.1 

134.9] 


For Arrow Ufa Assurance nee 
Providence Capitol Life Assurance 


Barclays Life Assur. Co. Ltd. 

253 Romford Rd,E-T. 

1256 

ftiai 


Gresham Life Ass. Soc. Ltd. 

2 Pnncc of Wole-s Rd* B'moutb OHE 787853 KLVr^ 1 7 

t;.l_t'4«hF-und 198R 1040] ] — 

CiJ_ Equity Fond- J055 111 B 

r. i. tin: Fund Hi 7 117 

t. !. Inti. Fund 10*2 113 

C.l_Pj*>-.Fund 100.4 1U5 

Growth & Sec. life Ass. Soc. Ltd.* 


Prices on ‘Not. 

Merchant Investors Assurance* 

1 +son Rse.. 233 Uli* St. Crayrieu. 
Prot---rly 


Scottish Widows' Group 

PO B^rvi Edinburgh EU16SBX7 (Bl-€5SflD«) 


EquiT — 

Equit- Pens 

Metier Mariret. . _. 
^.miTMliLPes?.. 

Xlnpilllt .. ._ 

Il-.-pIr'll Pen? 
Managed. . . 
Jbowd Pena ■ . ■ 


01-5345544 ^®ir Bank. Bray-oo-Thamra. Berks. 0628-34285 j n u Kquiiy. . 



Interna 

Managed. , 

Mono- BOM 

MaiU'etuLAccum. - f?9.7 


Do. Initial. 


GUtEdgPensAcc.- 
Do. Initial — _____ 

Mmxv Pans. Acc. _. 

Da Into nl 

-Current iimis value Nov. 22. 


1323 +8.7 
124 4 +0.2] 
1148 +0J 
3163 -021 
92.7 +-0 3] 
315J +81 
1063 +0J| 
1051 
10X2 
tol.O 
97.4 
1091 
104.3 


Fieri bk- Finance _| 

l^ir.dtriok Secs... . _ 

XaodbarkScr Acc. 1116 7 119 

•j.ts Super Fd._] E7.903 


0506 

54JI 


Ml 


Dll Pfllb ... 

Inti. Managed. - 

Da Fen? _ 


1600 

+OJ 

169.7 

+0.1 

591 

+11 

1701 

+3.1 

143 3 

+0.2 

3875 

+9.4 

13X7 

*0.3 

1455 

+0.? 

107 *■ 

+X1 

34X6 

+05 

967 

+1.1 

100 0 

+L4 

98.4 

1088 



Inv.PIv Senna 
tor rtr.senesi — 
luvst Cash Nov. 24. 
01-0860173 Eel**- Acc. Nov 16. 
— EsViIoc.Nna'.lO— 
Mag. Pen. Nov. 15._ 


WJ, 


10571 +<li — 
305.6? *08 
1055] +82 

3*4.d 

1363 
26B9| +X7 


Solar Life Assurance Limited 
30/1= Ely Place London E.CJN6TT. OL2422B05 
Solar Managed S_..]126S 133 0| +8 31 


Solar Property b — 109.0 

Solar Equity S 1661 

SolurFxd. IntS — 1X52 

SotorCavh 6 1025 

Solar inti. S 86 J 


_ .. _ , _ . NEL Pensions Ltd 

Guardian Royal Exchange Mi!i. in .:o Urtl Dt,ikiiij!.Snrrcr. 

JtOfrnl F.\chat>&\ ET2. 0/0837107 Cap _pLS 

Property 2onris_...|189 8 19771 | — Nelci Fq. Accmr._ ’ 


— Hambro Life Assurance Limited * 


. 1168 

Nolox MonevCap .|62J 


70id Pjrfc lone, London. W1 

FiriimDcp 

Equity — — ■ 

Properly 

Managed Cap 

Managed Ate ■ 

Overseas 


Jidf-i Men. Acc 


Beehive Life Assur. Co. lid* 

71.LomhanlSL.ECa. 01-8231283 uui EUgca 

Blk. UarteNov. 1_| 132.08 I ! - MiKSSSSr 

Pen F LDeri-Acc... 

Canada Life Assurance Co. p«j- gop can. _ . 

38 High SL, P otter* Bar. Harts. FJar 5102 p„; Mjn.i'Vol 

SSCTafel SA Id- ~ 


Cannon Assurance Ltd* 

X. Oinntec Wy, Wembley HA0ONB 


Equity Uni 

Property Unite 

EqnitoBona/Exec_ 
Prop. Rand/Ekec _ 
RaXBd/Ezee/UnH. 
Deposit Bond ____ 
Equity Accum. ___! 
Property Accum. __ 
Mngd. Accum. 
2udEqal(y_;_ 

2nd Property 
and" 

2nd 

2nd GIB. 


2nd. American 

2nd Eq. PemuAce- 

ZndPrxLPnuBiAcc. 

2nd Mgd. Peq&'itocfiOXO 


M ?5fS!S{5^ 


2nd G 

Znd-Am-PptuuAc c. [82.4 

LlURjy ~ 


L AES-LF.2 

Currant 


0755 - [-0.M1 

a -atti| 

- ■ , 

-<un| 

_ . -: ii > 

(943 ^ ‘ «J -02] 

304? 

-15] 

309.8 

3088 

95 a — 

873 ...... 

Sa 


W87 
(09 9 

iJi 

N7R 

0130 


1024 


value Nov. 23. 


_ ap._ .. 

Pen. Man. Acc 

PeJuGillEdr Cap_. 

Per. GilcEdg. Are. 

Pen. H.S i'.ip 

Fen Biv Act. 

D-tv DAP. l"np 

Pc-h. D.AR. Acc 

— Hearts of Oak Benefit Society 


127.fi 134.6 


3B1.0 190 61 

■ ■■■■ 

170.7 174 7 


14? 4 15X8 


178.0 1874 


3229 129* 


I26J U38 


912 rao 

..... 

130.1 137.0 

. 

153.9 162.1 


213.1 223J, 


277 0 291.6 


2104 221 5- 

M ... 

Z74 6 289 X 


12X5 127.7 

^ M1 

1294 135.1 


3269 133.5 


3465 155J 


104 3 


106.9 

— 


01-4000031 'JolcvGiP Inc Cap. 49 4 
NclevGLMnr Arc.. 515 
Ncl Mid. Fd. Can — 49.6 
Mel MxA Frl Acr ...1515 


67 9 


.86 2 -28 
1229 -01 
65.7 +0.7 
71.4 +3.1 
520 -18 
542 -16 
522 +83 
54.0 *0.6 


— Solar Managed P__ 125.8 

— Solar Ptopcttv P — ]QB6 

— Polar Equity fr. — 1554 

Solar F«UnLP.__ 114.7 
SoliirCaib P 107 1 

5811 Solar InU.P [862 


114! 

174.9 *06 — 

3233 +82 — 

1089 . .. — 

9X7 -O.t — 
1325 +81 — 
1144 ._... — 
3742 +85 — 
120.8 *02 — 

3085 — 

91 1 —05 — 


Son Alliance Fund Hangxnt. Ltd 

Sun Alliance House. Horsham. 040364 141 
Exp Fd.lnLNrwR, .JEW9.2 159.6] — 

JnLBn.Nov.2L ( 0222 | — j - 


Nc\i bub. day November 25. 

NPI Pensions Management Ltd 


Son AD lance linked Life Ins. Ltd. 
Sun Alliance HMte. Hanham 0403 64141 
Equity Fund — —.(125.9 13261 _... 

FixedInlori.-slFtt „ 104.9 1105 — .. 

Propcrry Fund liftft i» 4 

48, Gracechuri-h St_ EC3P3H1I. 018=34200 Jntcrnmumal Fd.- 93.7 93.7 +831 

Managed Fund (1553 16X8) | — Deposit Fond 98.8 3048. J 

Price.. Not. J. Next dealing Dec. 1. Managed Fund „ 1Q&9 334.7] +02] 

New Zeaiand Ins. Co. /f_KJ Ltd* Sun Life of Canada (U.KJ Ltd 
Maitland Hnuw Southend SSI 2JS IT7a=B3»5 224,CockSpur5L.SWIY5BR 01-0305400 


Kiwi Key Inv. Plan . 1148 B 
Small to;- Fd . — 92 0 
TeehnoliCT Fd._... 1069 
Extra Inc. Fd B.9 

EMralcr.Di9.Fil 56 8 

Amcncan Fd. — . — 94* 
Fur Earl K<L . — 104.2 
GUI Edped Pd_ — X05.6 


Con, Deposit rd — 


a= 

_99fi 


985 




Maple Lf.Gnh 

Maple Li. Maned. - 
Maple U. Egj 


2024 
1319 
128 9 
205 4 




PersnL Pn 

Target Life Assurance Co. Ltd 

T arret Hdujc. Calehanse RcL Aylesbury. _ 
Bucks. Aylesbmy lOZ9oi 5841 


15-17. T.v. ist m k Pinre. - wc IH 95 M 01-387 50=0 Norwich Union Insurance GronpV 


Henris olOat 137.7 39 — 4 — 

Hill Samuel Life Assur. Ltd.* 

NLA Tur . tddi.scombc Rd, Croy. 

eFfopcnyVnib-.--. 1622 
Frepiiny Sertos A_ 105.6 

Muuaccfl t.' nils 1623 

JHanaitcd Sons A.. 9fc.fi 
31an+^ud Serie3C_ 924 
Money l ’alls - 122 7 

MnnnStfiP’ X 99 1 

Fixed InL Ser A 93 8 

KqulTy6cnia>A 91 1 

Piu.Maii&eedfajx- 14X1 
Pn-. Managed Aec_ 150 9 

Pn^G'Icea Cai* J-0?2 

Fn-ifilt+td-Aec 1U.? 


PO Box 4. NnnrichNRl 3NG. 


Capital life. Assurance* 

Coniston House-j’ Chapel Ash Wtzxi 0002=0511 
Kpy Invest Fd_ — | 9952, ] _...] — 

Pa cem iteclpvJd.il 102.96 j ___] — 


Fens. Equ Ity Cap __ 100 t 
— Fen*. Equity Acc— . 101 9 

PikFmL inti op 95.4 

J-nsFvdlnLAcc 97.1 

Pen*. Prup.C+p 96 7 

Fen*. Prop. Act _ (98.4 


Monnfi'd Fund. _ 

Equity Fund_ 

01-0804355 Fnipi-rtr Fund 


170.4 

1112 

17 L4 +0.4 

101 B +0.2 

972 *02] _ 
1293 
104.3 

98 1 

951 +03 
143 b 
1588 
2129 
3207 
1054 
3073 
1005 
1022 
10X8 
103 6 


— Fixed InL Furid — 11515 


2161 . 2874] +8 ] 
349 5 367.9] .. .. 

134.5 1 - J 


Deposit Fund __ _ 
Nor. Unit Not'. 3a 


Man. Fond Inc— 
Man Fund Acc— 

Pran. Fd. Inc. 

060322=00 Frop Fd. Ace. 


108.4 


23X2 

Phoenix Assurance Co. Ltd 

4-5, Elrq William Sl_ RC4P4HA. 

Wealth Ai-_ (132.6 

EliT. Fh. .Aia. i_. _ 802 


+82 
I +D 2 J 


~ Eli r. Fh. .n»* 1 

“ Eb'r PtuEq. £. (743 

— Prop. Equity A Life Ass. Co.* 


Prop. Fd. Inr — 

Fixed Icl Fd. Inc. 

Dep.Fd. Inc. 

RcL Plan Ac. Pin. _ 
JleLPIanCap.Peti—, 

llso Pcn.FdAee. 

Mnn.Pen.Pd.Cap — 
Gift Pen.FtXAcc._ 
81-628 9S7G Gilt Pen. Fd. Cap. _ 
Prop Pea Frl Acc. 
Prop Pen Jd. Cap— 

Gior.PcnJ-l_\rc_ 

Cnar.Pen.Fd.Cap. 




DA. Pen Fit Acc — WftS 


3 10. Cranford Suvet, W1H 2A5, 

a SHk Prop Bd. _ .1 1866 

no Rquily Bd. .] - 725 

Hcs Money Bit 1 149.1 


1866 S | — T 

■ SL id - = 


01-4880857 DAJen.Fd-Cap. 


96.3 10X4 

U9.0 1255 — 

U7JB 1245 — 

. 1510 

1150 .— 

IBS. 7 ... . 

2023 
77.4 +8A 
64 0 +M 
1342 
12X6 
340.6 
1304 
370.4 
169 4 
1023 
10141 

1015 

1016 


100.4 

E 

1155 

1335 

124.4 

162.4 
160.9 
97.2 
463 


96 0 


— TranEduternatioual Life Ins. Co- Ltd 


8 ream Bides.. Ktl.’.T. 


“ Pr o pe r ly Growth Assur. Co, Ltd* 


Imperial Life Ass. Co. of Canada 


Charterhouse Magna Gp.* 

Stephenson H we. Brunei Centre, BJelcMcy, Menaced Fund — 


Imperial Hau-< Guildford. 

Cn fM.Nm.24 1743 80.B +8.4| 

Penn. Fd. Not. =4 _ (67 9 „_7J-8] +84| 
llnit Xinted PmUolin 

B 99.71+0.- 


lawn House. Croydon, CRB 1 LU 
Property Fund. ' 

Property IViort i A i. [ 


Milton KrmwOeO&C41273 


R2 


Chrthae Enerzy 

Chrthse. Monpji.—.^ 
CbnJuw. Manned- (395 
Chribae. Equity —1362 

Magna Bid. Soc 

Magna Managed __ 


S7.4 

322 

4X3 

382 


Fuedlnt-Fd r 

Secure Cap. Fd. __ [ 

Equ to' Fund 

Irish Life Assurance Co. Ltd. 


33451 | [ IX Plnsbury Square. 3*32. 

15X0 1 J — Blue Chin Nm-.23._pS3 

B I Ce Sr II Noe 15_. 915 

City of Westminster Assur. Co. Lid MoSS'f'Tsct . 947 
RinKrioad Hoove, * Whitehorse Road. £*«*!*. Man. Fd._ UZ S 

Creadon CROSJ A. — 


WMt Prop. Fund 1621 

ManaRedFuqd— 1824 
Equity Fund— ._,. (S3 
Farmland Fund—. 81 1 

Money Fund 1258 

I" 63 9. 

PULA Fund 1735 

Pena. Mnjfd. Cap. 12X8 

Pens. Ungd. Acc— 126.9 
Pens. Monej- Cap. — 47.B 
Pena. Money Act. _ 505 
Proa. Equity Cap. — 53 9 
Pen a Equity Arc. _ 56.9 
Fund cnrreaily dosed to -new Invest pent. 
Perform UnUs___| 219.5 I __ 


OI+38490B4. S5£«£i - gti-pj 
PrpMd Grtii Scr.n |99 B 
KJnK & Shaxsou Lid. 
'52.ConiMli.EC3. 



79 91 .... 

.961 

2469 

997 

1195 

1991 

223 3 

105.0 


71=53 Asriruliural Fund 
Auric. Fund iA.- — 

Ad be i- NaLFnnrt .. 

Abbe}- N at Fd ill. 
Investment Fu nd-_ 
Inreslmcnt Fd.iA 
Equity Fund — — 
Equity Fundi.*.- — 

Matey Fund 

Money FnadiAi — 

01-6288253- Actuarial FYind.— 


City ef Westminster Assur. Soc- Ltd 

Telephone 01-fiM 9*84 

FlrttUniW [1292 13541 | — 

Property Units (54.7 57+q __| — 


_ Gih-edscd Fond 

Oll-Eageri Fd (Aj.. 

4Relira Annuls-.- • 

* rimmed. Ano’tv. — 

Prop Growth Penal 
— AH W-therAc. Cl 1 
" ¥,\U Weoihcr Cap 

— 4lnv Fd lilt 

Penrton Fd. Uts— . 

Caaov. Pena. Fd . 

M ( S£ .fe ?/: 15 

Bond Fd. Exempts [102 92 TW.25]-ft.01| — Man. Pen -. Can. I 

.Nest deallnc date Dec. fi. Prop Pens. Kd.. 

Laneham Life Assurance Co. Ltd £ r ‘ n ‘ i '? n&x ^' p t . 

Lancham Hs. KolmbicvokDr, NW4. 0l-S035=Xt B. 

Lanfham'A - Ptao..|665 69 

•Prop. Bond (1465 3S4_, . — . _ _ . . 

Wlap (SP) Man Fd (772 HL3] I — 30. L’xbridfie Boad.\VJ=8PG 

Legal A General (Uult Assnr.) Ltd sci'fUkLFd Sitf'“ 

Klnowori House, Klogawood, Tadu-nth. Pension Equity 


190.7 


nan 


aso.8 

7931 


15B.S 


158.6 


682 

+0J! 

67.8 

+0.2 

173.4 

+0.9 

1723 

+0.9 

344.4 

+0+ 

141.5 

+02 

1175 


120.8 


120 8 


187.9 


1535 


ou & Annul U 

es Lt 

152J, 1399 


125J 129.7 

141 6 


134.1 


1526 


135 S 


1519 


137 5 


15X6 


335 8 
33feS 


1235 



•Tulip LavuJt. Fd _ 

VTuJipMAn£d Fd. 

niiwiiHH VMao. Bond Fd 

01-680 OSW jjhu.Fen.Foi.Cap.. 

Man. Pen. Fd. Acc 


143.8 
U3* 

117 4 
120 7 

128.9 


— 9Mngd Inv Fd lnll»9 


— •Mned Inv Fd. Acc] 


1977 


01-40564R7 
15X4] 

119.7 

1235 

177.0 
135 6 _... 

10X4 __ 

102.8 


— Trident Life Assurance Co. JUd* 
RcnfiadcHouie.Gkiueetter 


31an«£ed. 


(1222 

|l 

!fi B 7 
138 4 

■15 

15 

“ Fiscal +..[1265 


Hid. Mud.... 

Property 

Eq u i tjV Aroc n c an _ 
V K. Equity Fund— 
Mich Weld- 


Growth Cap.. 

Growth ACC. 

Pens. Ungtt. Cap._ 
Pens. Moed.Arc.— 
Penn GldDcpCap. 
Peos.GULTJf-fLAcc. 
Pens. Ppty.Lap.__ 

Pena. Ftj . Acc 

Trdl. Bund .. _ 

-TrdLG.l.Bond . 
■Cash value 


045236541 
129.4] .... 

154.8 — 

162.4 

85 6 -Oil 
1172 +U; 

1465 . 

1377 . 

3322 

104.1 *M 

134.0 . 

130.7 . 

336.0 . 

123.0 . 

129.6 . 
un 9 . 

1162 . 

1238 . 

1305 . 

385 . 

992 J.. 

(or £!(■! premium. 


123 4 
U2A4 

m 

1104.1 
1097 
.1169 
123 2 
«v5 


lj.SU.' Cup. I’L. 

.'J^j — Providence Capitol Life Ass. Co. Ltd 


Tyndall Assaraace/Pensione * 

] R Canynftc Road, Bristol. CC723SS41 

3-Way Nov. 23 


Commercial Union Grasp 

M. Helen's. 1, Uudershaft. ECS. 

Vr. An. Ac. Not. 25. 1 5730 [+0A6J — 


Surrey K 120 BEU. 
Oayi Initial. 

Do. Accum. . 

P-qaity Initial 

Da. Accum. 

Kited Initial 

Accum.. 

toll. Initial- 

01-2837500 D°- Arrurn. — 


Do. Annuity Uts 1 18.33 


Naiuu! cd Initial— 

IK* Accum. _. 

Property Initial 
llu. Accum. . 

Confederation life lusurance Co. <* 

50, Chancery Lane, WC2A1HE. 01-3420282 


OEmittyFUnd 2686 377.1 

•Menaced Fund 1*63 . 195-i 

•PIP fund. 4103 

J'fnal P«l Mcvd 776 8X6 

SUII*(LMmSftL_ 776 8X6 

Croup MncdTpcn. _ 197 2 200 J 

FlaadtonVn. -- ^_2055 2065 

EouilrPonaiu 24&0 2545 

Property Pend on— 15X9 155.7 


Exempt Etfty. InlL. 

Do, Accum. •_ 

Eft cun [U F1S+.-J 2aiL 
Im. Accum . _ 
Etcmpl Jtnfid. lniL; 


— Do. Accum... [1334 


Exempt Fmp. lnlL 
Do. Accum. . 


993 
123 7 
1276 
116L 
1X9.T 
809 
903 
1180 
12L7 
100 J 
1035 


BLujh Heath 33466 Pensiqa Frdjot — 


104 6i 

330J -01, 
134 4] — 0 j] 
122J +Dj] 
1261 
93.6 -U ; 

3lH=U 

32*2 -D. 
1D5I 

109.0 +0.21 
nil PCSSionsI Ud. 

gtt* 104.0 

(10X7 1071] 

U33 2482 ,._j 

1372 34451 ^ 

3162 322.4 

119.7 1261 

1295 1364 


— Fvd lnt Cap.. 


872 92.2 


iS:S m 


117 1 220 7 


ttt 


« 0 47.7 


45.0 <7.4 


S4 


St Si 



Lm.- 

461 * 486 

<76 502 


K7.6 502 

. — , 


01-749 SI XX Equity Nor 23 

Bond Nov 23 — — • 
Property Nor. =3 — 
Dcpos li wov. 23 
3- Way PlL Nov. IT . 
O' -was Inv. Nov. 23- 
NnPn3.WNoT.i_ 
Do. Equity Nov = — 

DiX Band NOT. 2 

Do.Prop.N'ov.1* — 


124.9 





im 


— 

366.4 


— 

3012 

, 

— 

330 6 

...... 

— — 

149 6 

...... 



740 


— — 

176 6 



2738 

, , . 

' 

38X0 

, 

— — 

900 

— 



98.8 

1017 


1405 

104.0 

107-1 


Provincial Life A ss urance Co. Ltd 

222.Bistlop?iEJ*e.EC2. 01-3476533 


Vanbrugh Life .Assurance 

41-43 Maddox Si_Ldn_ W1R SLA. 

Managed Fd. (147.8 

Equity Fd. BOO 

Xninl Fund ■■ ■ — 982 
Flmjd Intent Fd._ 265J 

Property FA 14S 4 

Casa Fund — 12X5 


01-49049=3 
353 +021 — 

250.6 +0.71 — 
203.4 +0i] — 

374.0 . , 

353.1 +0J 
127.9 -MU 


Proi . Managed Fd.. 

Pruv Cash F d__ 

Gill Fund S4 - 

Property rtlDd 

Equity runrf.. 

Exd.tol.Fnnd_— 


(2274 

1067 

3362 

IMO 

,99.9 

W-7 



_ Prudential Pensions Umitetfe 


Cornhill Insurance Co. .Ltd. 

32. Cornbill. £C JL 014265410 

,sj=^ = 

Credit 4b Counuprce -lnsanmce 

teO.RejSeatBtiLoedtmWlBSFE. Oi-UOTOU 

lCfcCMngtLrH„„..p3fl 13»J|4U| - 


Legal & General Prop. rd. Mgr*. Ltd a 

IXQueenV.c.ronaSt.EOXNriT 01-3480873 Kd IntNov li.-pOM 1' 

UcCPlp-FttNov.7 fW.7 M3J| [ _ Prap.Fd.Kov.15- fOS-M 3 

Next sub day Dpt, 3. _ 

___ _ ^ . _ , , Reliance Mutual 

Life Assur. Co. of Pennsylvania mnbrtdceWeUN JteaL 

03M03 BBS RPL Prop. Bds. 1 209.0 


Vanbrugh Pensions Limited 
41-43 MaddiaSL.LdnWlRBLA 01-4994623 

Managed- (999 305. 

Equity — (IM I 130 

Fuixflaierest 177.9 10 J. 

Property— -llOOA 105. 

Guaranteed see ins. Base Rates' table. 

01-4059322 Welfare Insurance Co. Ud* 

51 — .1 — Whulade Park. Exeter 0392-5=155 

S ~ MoaermaterFd-. | 1M7 1+0.1] — 

1 ■* - Per other fund v pirate reier to The iJondBOS: 

Manchester Group. 

08P222271 Windsor Life Assur. Co. Ltd. 

I --! — Royal .Albert Hsc_ Sheet SL. Windsor BS144 


3»-c .Vev Bond St* V17 URQ. 

J-\rOFVnil6U— -B7.4 LW3| — Tfnihschild A5set -Uanggemant Life Inv. Piaa. 

JJoydti Bk. Unit Tat. IvIK S552^3--»-.*3n5M 

Tl.XnmhariJ SLEO. 0I4B SIMS y.c. Pro f . _ . -HTUfi 122 Ji J - rJ5?!S^SSS?!: 

Kiampt — ,.f?5.-t 3014— ..] 793 Neal Suo. day D«mbe.- =3, Flex. tov. Growth- 


7< -« -- 

39.00 

«.W 

lOLS^ 2 18691 




i. 


Alexander Fund 

3T. roe Nr*iw llaitx*. J uvetuheur*. 

1 1 — 

uliii Not. •£! 

.Alien Harvey & Rosa Inv. Mgt tC.l 1 

l.'.hnnneCra+L* SiHrlii+.J-e.i'f. 053+-7TT41 

AMUGlilEdt fed _jtto 15 1019) i 11 99 

Arbiflhnot Securitim; if.I.i Litniled 

]■ i» Bonaw.K. Hclio-. Jvrvr> 05WI72IT7 

■ "ap. Tji. i Jurw • [USD 11401 | 4 JO 

Nevt drjlin,- doin run.- 5. 

M*1SwTs .199 101l .-J 12 00 

■Vpm dr. -.line daic Nmi-mWir =t 

East adulXTsLiCl 097 304J 3.60 

Next dMUIAK dalr lift. T. 

Australian Selection Fund NV 

jbrkfi npponunilin. e a In -A YounK ft 
OnlhvOTjUu ITT. Kcfll Si . Mdnrr 

L 6S1 ShJiim j U'siaft | .] — 

Nn kwt l'+ljE .NnvrmSrr IT. 

Bank of America International S.A_ 
35 Boulevard Rnj-al. l.iKf-mhi+irE t> P. 


h'fjjifr I'llmann Lid. 

=5 HilfcStreol. 1.1.2V WF Ol^Ofiliria 

n-v ... _lrrl«S 1 CBM . ... I 3*0 
P-.nrt^.r.-v __ •r-I!9» liiri — 

• eni tfn> i-.C.ro_ llXM Id 138=61-0 0+f — 
King Sr Sbavson Msrv. 

) n jriDL- •_ rr-s.. >r lit Iilt. JiT^Pr .0SJ4'T1TIT 

\ .ill«+- H«-, <L Pcii-v Fne*. Gmi'< , .iO40|i ^4TfA 
1 Thnmj^ jlrrei. Pc>o:ln5. X<- M -06=4-4836 
■ lilt l-'und iJt-rvcw. 18 98 8 99! ... . | 1225 

tlill Tru.-til nV 1015 1D5 9i^ .. . 1Z 25 

fill: Fnd. i'.urrn«-ij9 41 448,- j 12 25 

Inli. Coil. Sfrv T-+ 

•( S:urlln2 - |£18?7_ IB : 


Fie+i Ir.u 


. _".(S 193 OT 3°3 ftjl 
Klein wort Benson Limited 

2|1 h'f-nL-hun 

F.tirnifft Li 


I+i Ak-runi — 

Kb Far Karl Kd . 
it Flnll Fund 
Kt J+naD Fund 
KRIS I. Ini B Fd. 
Smnt-t Bt-riauiij _ 


indinve»l ] r.i-omc- |Sl al!» IB 7J7 ' BP<300 - 

Prices at .Nov 3S Nwl sib. >Se Nov. 28. In'eniU.Ett. . O. ..prsiw - 


1,123 

r + xc 


iS 7 69 9«S 

B2 « 87 * 

SI 'S13.54 
SI Sll is 
SI 339 09 
SL-FLXJS 
St 64 81 


ft: «s«v m 

3 n 

-■ 35 

4» 

1 45 

2 00 
06> 
078 
1*7 


Baoque Bruxelles T-a/nbrrt 
2. Rue D+ la RUaicncp R ICflu HrUMela 
Rrnia Fund XF.._ _]1 90S 1.967] ... . J 7 88 

Barclays Unicorn lnt. iCh. Js.l Ltd. 

J.fhariniif rou. SL Ilchcr. Jr>;- 0534737+ 1 

*■-» crwuaii iDc-wne _{4n.7 44 21 +0.3 3220 

VnidotlarTrvia ItIFUST r.a*O01[ IBB 

X'nibund Trust pXsULTI 132 M] 85* 


190 

400 

920 

3.50 


Barclays Unicorn Tat. (I. O. Maul Ltd. 

1 Thomas Si . Dnnglas. I o.ML 00244656 

1'v+ccm EjtX.|47.I 50 9 i 1 B0 

I>o.Aui( Min. — [295 31 8*3 ... 

Pn.Grtr Pactfie |65 5 703 _ 

Pn. Inti IncraiK. 136 2 34 01.. 

I«o 1 of.ManT*L__W4b 48M+0J 

Ix> Mans Mutual — (24 D 265] 

Bishops gale Commodity Ser. Ltd. 

f >i Box 42. Douglas. 1 n 51. 0824-2JS11 

VRiLU'-Nuv 6 JSTD13 33MrJJ4| — 

AVRHO- r * No*- 6__IC3 ITS 1243 — 

OUST -'Not 8 U2.ft42 Xa55l 1 X84 

ririKrtUIIJ- issued ai -»!0 and *^J.00L 

Bridge Management T.td. 

PO. Knv SOT. Grand Caiman, layman Is 
N-bariu Nm- 1 - I V17.9S4 | ._...! — 

G P.C> Fox 590. Jlanc Keng 

Nippon >U.VnvJS.Jiri20JJ T3J9J 0.77 

Bribtnoia Tst. Mngmt. (Cl) Lid. 

30 Solh St_ 5*. Holier. J'.-r*<?y. 0334 73114 


Lloyds Bk. lC.T.1 l^/T 31grs. 

P Box IDS Si livlicr Jvrae; !JS34=75flt 
Lloj d'Ta 0--D' 15=8 55 4 I 3.43 

Next di-ftlinc dale r-oc ember IS. 

Lloyds Bank Internaiiooa! Genera 
rn Box jjb im C.i-iOT-e u s-wiBorlKid 1 

l.to'-dvInL ilr.OTin l'?WSa RUM I 173 

Xlnjd- InL ln.omc L*F?>!W K7Mj ....! 3.40 

Management International Ltd. 

RauX- of Fcnnu.lj But hi ins. Serraqda 
Caalerburv ‘-OT 17I3l'>3 05 I ] — 

311 A G Group 

Thretijua" TwrrHill ,- i2r'70 01-8264538 
AilanocNov -=| — |H' ,i 2.' : T 
iS 1 . FI W 

SI. :47b im . i 

11=7 2 1=68*4 -05 14.00 

183 J 3971 -0.7 *800 


Auvi Ex. Not =. _ 
llt'l li.Ur'ifti 22 
iNl.-inrt 

t.Airura X nil" . ... 

Samuel Mnnlagu Ldn. Agts. 


I: ' ; 


1 14. Old Rrn.ni SL t-' 2 


ni-SffiR+54 


HTGroupv 
117 Jersey Nn. 
lirjsj-iTsXOT- 


3.43 

0.86 

2 . 1 * 



SlerlinK ileaauu oared Fib. 

tirosth luicsl 

In ml Fd _ 

Jerrev FnwK“TnL . 

UmvcL 5Trt Sts.._ 

High Un.Sds.Tsi 

15. Dollar Draeoil noted Fds. 

i.'nlvsLSTfl — _|7l 55 J4 S31I+OOM — 

lnLHighloL Tst |ll Mb 0 991-41 03| 900 

Value Not. 24. Next dealing Not. 27. 
Broom Shipley Tst. Co. < Jersey) Ltd. 

r.o. Bax 533. S' Heli-r Jc-rscj 0534 74TT7. 

Slerlmg Bund Fd. _ ICQ 93 4.97] I 32.00 

Butterfield Management Co. Ltd. 

f'O. Bov 185. Hamilton. Rmraifb. 

Puitrcu F+fuily |H.S216 2241 J 175 

Bintresilnrooic.- ISi.'SlW 205j . . J 767 

I-ncra at No.-. 6 Nexi miS dnv Not. 11 

For Capdirex SA see under Kcjscr 
U liman LUL 

Capital Internationa? S.A, 

37 rue NotrePame, Xat-.-mbnurg. 
r npnal tot KoncL -I SrS17.29 | .. .. ]_ — 


Ar+'ltoFd Not SI .-V««0 4Tfi5i-=0£ 

If. _ --C-Tlfet 3* 72? .. .. 

ir._ r. ;iD3i u« 

15 . l5 12 561) . 

3.. :9i5 30151 - 

Murray, Johnstone (Inr. Adviser* 

105. Hope Si .Gla-cnw.* - 041=1 MCI 

'HoncSt Fd. | 5CS4045 ] .... I — 

•Murraj Fund _ 51-1044 { ] — 

N.AV November i5. 


?ffi NfCitS.A. 

1-00 10a RiHilciird 5-va!, In»«>rihnTrtr 

M - . Not. 17 ] 5151=41 ] I _ 

Neffit Ltd. 

Pbnk ■>( Berurj do Jllnfl. K^nuhon. Fimdi. 
NAVNovJT If654 — ]....] _ 

Phoenix Intrrnationai 

T-n litre 77. .<! I'+rr Ton. tiurn.wr. 

Inter- Dollar Fund 13252 =501 [ — 

Quest Fund Mngmnt. i Jersey i l-td. 

F II. Bt-v IW. SL Holier Jfmcy 0334 =7441 
QuonSlle.F\d InL 187 8 43 n .... I 32.60 

Quti4 inU.NOC* :> ‘39=5 Q9JB .. ] 3 DO 

QurMlndHd . ]=£ SO 910 St«l .. | 4 00 

Price at Not. Nc».L dealing Nov. 2S. 

Richmond Life Ass. Lid. 

+ft -Uh.nl Sir-t-L DoueJii. LO M 0(C4 23SI1 


i » IThc Sit.i-r T -UKL 
hu-hrauiiiliid Rrl , 
f'n. Platinum T.d.. 
JV- niamonilRd _ 


For Central Assets Olnjtt. lid see P-> Era I neqm-: ltd 
trader Key ser I 'llman Ltd. 

Charterbouse JaphcC 

1. Faicm osier ruw, E04. 


117 6 

ira.o 

1571 
C 7 
,165 7 
95.0 


1=05 
JJJ., 
365 
IM , 
174 4 
300 0 


205 +35] — 
JJ.S -OS] - 
656 — 

M7 ...1 _ 

74 4 . . I lift! 


'a rrl lion Ct/.l Jtd..] 1 
Roihschilrt Asset Management iC.f.> 
01=483089 PH Bnx M m Julian. <'1_GucrosOT-.0481 2«331 


Ailirnpa ...... .. 

4divi>rVin_ 

Fnndak. .. 

Fc+idii . .. 

Emperor FumL 


■Prlrcv on ,\n»-. I+. dealing Not. 30. 
1 Prices nn Nt-i. =1. "til dealing Dec. 7. 


01(19 JO 5. 1 Hi-020 4 71 O.CEq.Kr i»rL3l_ 53 J 566rf .... 280 

ff'lIMJO 5JUi . „ 441 UCIncFd. Nor. 1 153 7 3h35d _ ... 736 

Jl)NJl90 3II0I _. 4.94 oriBtWt . . . S122 X29! . .. ■ X36 

(niiajo 2X3*1 5=0 •X'Snit'r-Ori 31 ....14X5 14*3 3 »0 

IsJ M 3J0l"". - iil'.i-.Miiin-rluy - 14X9 150 « 4 2fl 

Hlri+<m> jfl -a?n 44iq 2.75 OC.plrConidiyt- 52807 29.06| . . J 0 67 

Clive Investments ijersey) Ltd. 

P.0 Em XZO.Sl Roller. JenK?. 0534273fil. . . ... , D ... 

CbvcGaiFd.iCJj.W55 9J6d J mi Rolhschild .Asset !Cngt. [Rermndai 

CbvcGill Fd. U jj-.i 1*552 953rf .] 3155 T'A Tax AM. F-L nf Rromuda nld_ Bermuda. 

' G „ u "^ y ( ^ NoJ. i 

P.8 Box 157. SL Pctcc Port. Gucnucr 

Intel Man. Fit 1371.0 XS&Oj . — Ro.val Trust tCU Fd. Mjrt. Ltd. 

OWS Deutsche Ges. F. Wertpapiersp f n Hn* iru. Tto>-ai t^l iisc.,.ic-+-r. iwj :tmi 


Grunctmrgfics 112. 0000 Frankfurt. 

Invert* JDU37.48 3X«j-CJ0] — 


-I - 


Save A Prosper International 


Jiealinp m- 
37 Broad M- SL IleS/cr. Jcrarr 


0534-20501 


VS. nallar-deiiMntxiacril Fanb 


]n:crn*L Gr.’t 

FarEastern-S — _ 


752 

4712 


K.T.IWLFd. .ISI-S486 «WnJ _... | 300 
I1T 1nll.U-; - 'Fl WO 87 D-q .. J 321 
Prices at Not. IM. Neat dealing Nor. 28 

Delta Group 

P.O. Bos 3012, Nassau. B ahama a. 
fell* tor. Not. J7_I31I5149 356] .. 

Deutscher Investment-Trust 

PosUar h 26£S Biebencassc 6-10 fiOOO FranMart. Dlr Fsilnt '':'_(9^2 

Concentre [0X20.70 22IU | — 

lnLRcnienfDndi_..|DSMtO 7DJ0| 1 — 

Dreyfns Intercontinental Inv. Fd. 

P.O. Bo* N3732, Nassau. Bahamas. 

NAV Nov. 21 RIS1S54 IkSH . — | — 

Emson A Dudley TsLMgUrsy.Ud. 

P.O. Box 73. SL Heller. Jersey. ' 063420001 SLi7cpSiHt~ I 

EJJXC.T. |X22jft 1305] 1 3J» SLFtaed— _ J 

«wdi® ,p ;ttoe££- : 

EJ^A^s^aS*.[£5f7S 50.77! SeWestnger International Mngt. Ltd. 

W wtfcaui Cm FdHjlLM 1L05), 4U jMoUcSL.SLnclicr.JtW. 053473588. 


North Amcnc+n*! .□ 68 


Suoro! — 


34.78 


SI ertins-druami noted Fi 


■. honnelCapiialA. 
«'hannell»tonds*_ 
Conuood **■=... 


I237. 1 

hsi . 

|33X6 

,10X2 

lira 6 


77H 

a.lQ -vj 

50.95 

400 ..„. 
J6J5| 

2505 ...... 

159.0 

JlE 


7.36 


LSI 

506 

825 

un 

23. 


S.A.OI, 

GdlFd 

lnlJ.Fd. Jersej-. — 
Jmnl.F d I - - . ra brfi — 

•Far East Fund 

•Neat sub. 


Sen dealing Now. 33^ ”Nc*t dealing Noc.30. s^jj 

Eurobond RoleSngs N.V. 

HamleUtede 24. Willemstad. Cormao 
London Amlc Intel 15 ChrWopbcr SL. ECS. 

Tel 81-147 7342. Tele*: 88144*8 __ 

NAV per share Nov. 24 Sl'S20«J. 

F. & C. Mgmt. Ltd. Inv. Advisers 

1-8 Laornie*. Poontuej HOi EC4R OB A. 

01^23 4680 

Cem.Fd.NOT.35__] SDS5J.9 1 .... I — 

Fidelity Mgmt. & Res. (Vdo.) Ltd. 

P.O. Bo* 670. HamUteB. Benmida. 

Fidelity Am Ass...'_i SOS2206 | . 

Flde!it>"InLFund_| SVS20 . 75 I . 

Fidelity Pac. Fd I SX'SS422 | . 

Fidelity Wrid Fd— | 5US13.94 J. 

Fidelity MgmX Research (Jersey I lid. 

Waterloo y*e_ Don SC, SL Heher.icrso". 

0534 27561 

Series A ilntnl.l (£353 j I _ 

Scries B 'Pacific J__|£9.Z5 ].....] — 

SericB DlAm_Ajs.i.ja45B | 1 — 

First Viking Co mm odity Trusts 

8 EL Grorgc'sSL. Douglas. I 'M 


79] . 

98 

13L33+602 
105] 


74 

0.67 

& 

|99 

day November 23. 


4.11 
4 89 
12.67 
325 

266 


Schroder Life Group 

Enlerpnir House. Poruunoath. 0703=7733 


SEqaily 

XFucedlnlcrc-* ._ 

Srlved Intcrco. — . 

5 Managed ..[120.6 128.21 .. . | — 

J. Henry Schroder Wagg & Co. Ltd. 

1=0. Cbeapsidc. ECU. Ol^iaS+OOO 


[1080 1348 


135 5 3439 

„ Sl 

137.2 345.4 


1063 113 01 



123 3 13X7 


120.6 1282 

- t 


C.he«r'5Nov.Sl _ 
TrolaliTHrCicL 31 
Auan Fd. Not. 13 . 
Darling Fd_Nov.l7_ 


155 


3137 

, SUS1Z330 
£152B p 2077] ..._. 

Japan Nov. J6_ PCS846 838 1 

Sente}' Assurance International Ltd. 

T O. Bax 228. Hamilton 5. Bermuda 


265 

5.70 

043 


0034 4882. Ldn. Agts. Dun her tc Co. txd. j 

53. Fall UalL London SW175JH. 01-B307657 JI*oa*ed Fund . — IttsCJB 




FsL Vik. Cm. Tst — I35J 371 

FsLVk.DbLOp.Tjt_ |65 8 684 

Fleming Japan Fond SA. 

37. rue Notre- Dame. Luxembourg 
Fiend n* Not. S__| 50S6297 ].._..] — 

Free World FHnd Ltd. 

Butterfield Bldg, Rumiltoc. Bermuda. 

NAV Oct. 31 1 SDS198L05 ] | — 

G.T. Management Ltd. 

Pork Hag_ IS Finabuiy Circus, London ECS. 

Tel: 01-S3B am. TLX: 386100 


London Acents for 
Anchor - B’ Gnils._ K 
Anchor GUI Ed**_ 
Anchor lot Fd — 
Anchor In. Jny. Tst 

Berry PSc Fd 

Berry Fv Slrtg 


Bt.rSB.99 LH 

[E432 9M 

®S4M 5J2 .. _ 

P7.4 MJ] -12] 

_ SCS5C60 
pl900 S3 3M. 

bftCS IS IBSti 

G.T.A5USu=iintt_.&iX96 14.01x4 


5 41 
148 


G.T. jVuatraLa Fd - SA851 9 93, 

G.T. Bond Fund SL'SU.67 

G.T. Dollar Fd.— . SDS6J5 _ 

G.T. Dir. 1 Strip. I Fd ffl.73 , 98rt-0.4i 
G TJ>«i5cF<£l_ _ SUSlt51 ] . .1 0.94 
G. T. Philippine Fd._BCS9JT 99.9B|-0_2=4 — 
Gartmore Invest. Ud Ldn, Agls. 

2 SL Mary Axe. London. EC3. 01-233 3531 

Gun man- Fund Mast iCl.l Ud. (a* hi 
41, Broad St. St HeCer. Jersey JSB4-73741 
Gift Fund) Jerser). (95.00 lHOjOj .. 


2i»i J - 

£Jjj Singer A Friediander Ldn. Agents 

=0. Cannon SuEC-t O1-24S064S. 

Dckafnrwts |Ii3C6J7 „ =7401 | 6.12. 

Tokyo TSL Nov. 21 ..) SL.S4000 155- 

~ Stronghold Management Limited • 
P.n.Rox3IS SLHclicr.Jcricr. U534-71480 
ConunodlryTrusl_{E3 33 93 19| ...._]" — 

Sarin vest (Jersey) Ltd ixt 
Queens Bic. lion. Kd. SL Hdier.Jsy 05.34 27H49 
American 1nrLTm._JF7.13 7.281-0 081 — 

. OtipperTnii* .|UL6f* 1X95| +Ll| — 

;0S Jap. Index T si. . ._jnoa7 lUOl-DJjJ - 

“ 05 TSB Unit Trust Managers [C.T.) Ltd. 

Ill BanaudlcKd .St.ftiivi-rtiLJen+'r 0534 734 M 

Jersey Fund . .. (46.9 444].. | 4.8ft 

Guern'cyFund . _ .146 9 

.22 Nc* 


0 82 
0.93 
X90 
2.70 


49 S| .. 4 4 Bft 
L-rt sub. d+v .‘sov. sn. 


Gartmore Fond 3tn*L (Far East! LUL laib 
1503 HntchlMui Hse. 10 Harcourt Hd. H.Konj! 
HK it Pac. U. Tst — [SHKJM9 IW-ltyjl 200 

Japan Fd. m siiLS. n| .... 0 50 

K. American Tst BTS1SJ* Mffl i 1.50 

Inti. Bond Fund-.-IStSULB llifl .. .] 5 60 

Guranot Im-estment MngL Lid. (u 
F.a Box 35. DougiaSjloM. 

Gartmore IdIXIdc .0*3 
Gutman lntL<Jnb]tfi4 


Price, on Nov. 

TSB Gilt Fond Managers (C.Lt Ltd. 

Bur at vile Rd .SLSatmur.Jcr»." M347MM 

GUI Fuad (980 1DLDI ..... | 13.00 

GUI FundiJsv . -J9a0 IDlOl .. . | 13*0 

Prices on No*. 22. yen su6 day Not. =9. 

Tokyo Pacific Holdings N.V. 

lmitnJs llannsemetu Co. N V . rnracan. 

NAV per share Nov. =0. SLS8290 

1225 Tokyo Pacific Hld^s. tSeaboartfi N.V. 

latum 3 Manacc-mcat Co. .N.V, Curacao. 

NAV wr share Nov. =0. SFS45.63 


Tyndall Group 

P.O. Bo* 1=59 H ami 1 1 an .4. Bermuda. 2-1764 

600 

6 00 


Hambro Pacific Fund Mgnri. Ltd. . 
=110. Con nought Cor- in-. Bong Kong 
For East Nor. 22 _. .BHKMJS UW...I — 

Japan Fund (k-SUS 303^+0054 — 

Bambraa Bank (Guernsey) IML) 
Hambros Fd. Mgrs. iC.LI Ltd. 

U. Beat 88 Guentser 


0 -bwNw.s |:vsi u 

0G2423PII 1 Accum. L'niO-t . -|SU5I79 
21 gj 11 to 3-Way InLNiiv. Id . |5T52fc9 


1J3 . — | 6 0 

123 d i° 


ISrwSL'I. Heller. 


850 

310 


CJ.Fund 1418 152 Id 

IntnLBmd SOS 10864 312.0ft 

InL Equity SUS 10.94 11.28 

toL Svcs. -A‘ SI S XBfc 3.09 

InL Svgs. ■B 1 SOSX12 1.151 - . 

Prices nn Not. 22 Nent dealing Nov 2D 
Henderson Baring Fond Mgrs. Ltd. 
tiDS. Gammon EnUAe. Hung Kong. 

Japan Fd.Nm-.22_ iSlSan UBS . ... [ — 
PnciacFd* Nov 22. r SUS8619 l . — 

Band Fd Nor. 23 | SU510548 -Oil! - 

Exclusive of any prelim, charges. 

Hill -Samuel & Co. (Guernsey) Ltd. 

B LeFebvro Si_ Peter Port Gunnery. C I 

Cuernwy Tst. 11*7.4 157.7^ .. .. J 3 80 

Hill Samuel Invest. Mgmt. Intnl 

P.O Bon®. J ersey. 0534=7=81 

HS Channel Is. F. .-1118.0 1262J .. . J 3.00 

Box 26=2. Bern. Switzerland. Telex 33425 
H3. Oroncas FdBL.’SUJB UBT.....J — 
CS F. Fd. tAreum.. SF14 M 16 W .1 — 
Crossbon-pd-IAcc. 1 SF3.80 3M*0 IW - 

ITF Fd. (Acc-lPL’SBJO - 6201+003] -- 
International Pacific Inv. MngL Ltd. 
PV) Bo* R237. 58 Pltl St. Sydney. Aobl 
J avelin Equity Tsl.|SA£23 234] . ..J — 

.E.T. Managers (Jersey) Ltd. 

TO Box S8 Channel House, Jcrwr. 0534 73673 
Jereey ExtmXTH -1171 0 181.01 ... 4 — 

.4a at Oct 31. Next sub. day Nov. 30. 

Jardioe Fleming & Co. Ltd. 

■HHh Flow. Connangbt -Centra. Hong Koae 


Jmpr 


TOFSL Not 
r Arcum Sharc8> — 

Any-ru-an NOT. 23. _ 

1 Accum xharari 

Far East Nov. =3 

1 Accum .-hares 1 

Jcrset Fd.Ncr.S2_ 

iNon-J. Arc. l.-U 1 _ 

0481-28521 Gill Fnnd Nov S3.. 

■j jo (Accum. Shan?.'. — 

— Victory HotriC. Dearlzs, Isleef X 
Managed Nov. ]6_|134.8 


£7.10 
IUX55 
79 0 
785 
83.5 
D5 . 
*210 0 
296 8 
102.0 
|139.4 


765> 
32i0 
833 
84 5| 
89 5 
89 5 
SSL « 
31*3 
104 W 
142.0 


BS34 37X11/3 


200 
200 
2_D0 
2. If® 
7.08 
708 
1X54 
1X54 

-•ftuftnn. 
19251 1 _ 

li nilii e Assurance (Overseas! Ltd. 
PO. Box 138S. Hamilton 5-3 i, Bermuda 
lnSi-rnl. Mnqd. Fd_|Sl SX46 _ | . ...4 _ 

Union-Investraenl-Gc5eHschaft mb EL 

Posifacti 16787. D Franklurt 16. 


AtlanUcfondf 

l.liropaicmdc 

XlniIon(l5-_ . — 


l.’nircnla 


_ _ pa 40 


TJniapcciol 1 . . - _. 


[1135 

2555 

1780 


12«J 
26*1- 
10 801 

SjSUju 


M = 


16015 

Ltd. IntnL Mngmnt. 1C.I.1 Ltd. 

14. Nulcasler SlreeL SL Helier. Jersec. 

X I.B Fund — |Si.nS3S402 B5SH-5J01 7g0 

United States Tst. Inti. Ariv. Co. 

14 Rue Aldrinaer. Luvembourg. 

IS-Tii. Inv. Fnd_. I5V5114T - C — f 0.96 

Net umu Nov. 2L 

S. H. Warburg A Co. Ltd. 

30. Gresham SireeL EC= 

5XS9M 

5US1721 

n-nui u«d n«.in7 

luo 12 30 . 1 a 


ilnv. Bd. Not 

Ena InL Not. =3 . 
■Ir SL SFd. OcL 31 _ 
Merc Fbd Not 22 _ 
NcrcU} HIRNot 20.. 


016004555 
-DOW — 


Warburg In rest. Mngt. Jrsy. Ltd. 
'l.rhanoc Si. llellcr. Jsy. Cl 053473741 
■ i--.iv 1 idi i-u-i "s 11KI 1 


Jardlne Earn. T«L ._ 
Jprdteo J'lm-Fd *_ 

JardineSELA 

Jardine FI l-ql toL.. 
lnrlJTOcfycs.riDC.1. 
Do-'Accnnu- 


HK537856 
HKS4Uat 
SUS17J7 
HKS1X73 
EK514.19- 
B (£51433 


NAV Not. 14. ‘Equivalent $1 

.vest Btb. Not. M. 


IM 

080 

2.00 


c:jf Lid. C'CL 28 

Ol T Lid 1JCL2&. 
aiHaL'Tsi Nov. 36 

TMTNOT.R 

TUT Lid. NOT. B 


|5raUi7 

£14.62 

£1273 

Si.-M3ft 

E987 


14* 
3560 
13.04 __ 
1021 «... 
3023 -.. 


U 585.55 


World Wide Growth Managements 

1 Or. Boulevard Rctj-al Luxemhoar*. 

Worldwide Gift Fd] SUS1457 I-BJ1J — 


NOTES 


Prices do not include S premium, except -where indicated -r and ary in nence unlcu otberwiM 
radicated. Yields % tshown in last column 1 allow (or ail btnnag esperwes, 1 Offered prices - 
itielude *11 expense, b To-day's primt.c Yield bnsed on offer pnre d Ertimated.g To-day s ' 
epenmcpricfc fa Distribunim free of OK. taxes, p Periodic premium insurance ptooa t Single 
premium inmrsuice-. * Offered price incluiK"- all cxjwiiwss Ctmn ager.; s commission. 

Offered price includes all ospaiwes il fc era Chi ihrnuEn mijancerL. z Previous day's price. 

Not erf lax on realized capital catm unless >rvhC3>rtihy e « p Sorpeadedr 

+ Yield before Jorecj' l«. T Ei-subdinaon. 


■-C" 

















'sKF? 

.4 i<h 


Hi* U* 


Managers of 
Gjr-jjierdaJ Property 


Financial Times Saturday November So 

FT SHARE INFORMATION SERVICE 

RAII5— Cont. BANKS & HP-Continued CHEMICALS. PIASTICS-Cont. ENGINEERING— Cwitinued 


BONDS & RAILS— Cont. 


light Frank&Rutley 


TOT 

HIjpi In 


Price UorlWv'J Red. 
£ I — Grew Virfd 


in* Low | Fuk 


l 55 I 42 l«;u:: 2* I 

| '7 I t»5 |J'.e!jrrifv.(j' Kwf. i 

98 ! 82% SrelarniT.-p. T.RJ 


BRITISH FUNDS 


i- -.rf Yi -W 

; — ! fni i Red. 


9: 77 [<rAjrf ‘iil-Of _ 

■*2? 265 J-por.H»‘;ii.»>s 
87 67 Lofipr KW? .. 

■C6G 140 f'KB.VtSpc 
‘ip »5p c .ij I Sjpc !S0O . 
VJ* 594% IuRUSpcIO/l 
: >'191 n.Mtfl Turin 138: _ 
97 94 i.'r^uav^Ui- 


«7 i 
68 

83 - j . 
77 . 
375 
67 
145 
75p 
SWj . 
DM91 
95 




3%| 400 


{Lives up to Five Years) 


rs. S 4 DM prices exclude inr. S premium 

AMERICANS 


t+_7T' ; 

'l.TlP.. .1 


. I 50 "!'!; 

. •>' K -<c 

' [ 

•• ■■'. ijcmi j 


> ‘<i: 


100 I 11X50 ; 
OS' ^ i I 3 15 I 

%V . ! a«- 

99V 10 57 

56-', 3W 
57 ,! I 926 * 
97 -» I 5 75 ; 

95‘C 368 

WVr ♦*{ * 5 43 * 
191-2 112B1 I 

We 1166 
85 ±i 393 
95, i 21723 
92 A ■£ 894 

BV* - A 10.W 
8S% -V 3.50 
96,:. 12.71 


I9TS f 
Hieh I-™ > 


I- in) Die. 

} _ ) Grow fnr 


101 

90'; • - 
33'- 
104.' 
94-Vc 

Hi : ; 

87- J - 

80 f 

*»• 

88V 


Sit I 13% w . . [ 16i,.r - 

M*i S* AVFS'.Cu';. W .1 59 

38^« 22 Atst.SI . j 3l<c - 
50'; 19;: .\i"w.-a-iE>ptess 22% 

24V 11 a™: SWi. ir.t 15% . 

;5-> 912p Iwniu . . %2n<? 

29-4 lr-i SaKvrir.r;i ■.‘■w S; 21 Vm 

l*j lli Pjn*»SF J$- .. 15% 

j2% 22 BerMixCurs 55 ... 25% 

2V. : 13 Be'.-: *«J« . . 

1? 625p Rtt»t : Fer 9l0i, 

]4 657p Er.of«eli»'<tfpn i 936p i 

65': 41- 2 Surwc^Corp 55 50 

51 301: CBSS2.V). . 36K«r 

4^2 28V l.-p.C 5; . 33% 

49* 32 J « Caterpillar- 39%xc - 

1-8% 17% CfeMMUr.su 3 21% 

22 13% Cfcewferm^fiSl ISps 

11 663 p ChivilerSfr - 682p 

22% 131? Cnimrpfc 17*2 ■ 

]4 733p '."iIvIb; 53-5 971p - 

25 14’, DnimPrfaSl. l&V 


1«CS I 


ffiSfe U* i 


Pritt 

WeJ I«2 


22 4J:ls9 


j 

.6 
51 
5fi 
53 

21 j3DH«r&? 2dp ! 4* 
15 
28 
98 


Lorth-CT.'.. 

L»‘.Vr;Sip 


tm 


Hire Purchase, etc 


:3V 11% (Cdpr-e-P s: . 


to Fifteen Years 

,- "‘s.\ \ SSjit!- . 


12\ 19?< ICoillnJ: S. 1 .. 

2t> 151; ICor.l. 5!hnfiS'5:0 

15^ lf>h Ccni'.iilS? 

^ 20J } K-pj*n2eJ! 35. . 

471; 201* IcuiUr ^L'lrurPTSS 


32-i I 22 E«rfli rp».Vi 


fiver Fifteen Years 


-ii*- i'K.q 






r.(C 

•i **- 

■ .*■ -1o 

'■ • 'w5t 


m 


^ 16 &• B5.rt 

->0 ZS>. Eo--i : | 

I2 1 . 670n nr->«i'nvTi« * 
ll’i Frr<'t<rax . [ 
52 : ; 20vi FIwr , ’ 'Tf S; 

41J 4 2<J: F»rt Uuinrtl - 
[>i i 16-j >1‘.T7\ 

44-'a 31 '«. r Eliyi L\ 

21- 15"; .ii.-WM-SI • 

22 r..vA.>*UV,& 

18 753i» Hutii-r.r r t 

232 I?1 i:.M«'<r=8 | 

S2‘4 34 •r.:x?iri-K5: 
9°6pi672p ; V '■•lerrJUi-rii 
?3> 13 teVdS,. 

32 20 CVS? 

■si:. 1 26^: Vi:.'ur. ‘P 4U6 

17' | 10 7 ; V.r.-T.S:r«i, Iik V 
iff'. -4 : ." I»4m.!il»2> 

14i j o-ij-eMat' 

2?i J 1 5-e H'J ; 

;r, I Sr-K N "i fi-rp ST- 
i7 : . ) 10*: P.irTinnJSI 
13-.j 1 14% pj.-t-i-r VjtII Si : . 
581p 25Sp *'4ul't!.F i, . 

:8v FMl'titSl 
ll'-j E32p f 

53 27Apl.<HrT Rir.-l $•> >r 
331; 184. l T p.tt *rc V.U I 

I 18^ l7Kir-.e-.r- . 

161 13 i Ilf "i ! :U >‘.i 5:% 

975n 4 95l> ^ L-S-i j*S 

22 14 -r iTei^-ro So i" j 

4C 22'* ihmel-ic 

]l? 4 365plT:a7i«iarncr.«’3S: 
41-7 2D. L’l-LTf-.t: SVSS 
24i ; 15^; L ASetiy. 

17 Uh IHooftcri. 1 : . .1 


19-’-. 23% Corp Si 
975 p 385p X-.fl.c- Nk- 
141; 74 lp j 1 \>ii 25 


15!j 

35 . 

971p - 

ii. 

m 

19i c t - 

n # 

35-C 
S75p - 
13V 
72\ 

2RJ 4 ffl T 
17Vrt 
34% . 
17% ic 
451; 

ll-'-ie - 

18&U' -r 

343.. c * 
699] i 
23»-.i 
25 

32 % - 
1 2Vff 
13*p« 

ifc 

227rr 

24:. - 
11-Vrf 
16S,tr 
385p 

- 

8& . 

Sir 

533p 

lT-«c 

los 
26:.! 
15--«c 
13 v<c 
371; - 

•ft!. 




S.M List I’rmriuin S5-V 


B31p|* 

ilusrtl on 


? 


1 




55 32 

5- 4Ai 
855 399 
IV 68 
I©.- 68 

7?; 

39 30 


Waaffl Finance. 


M h 2.09 1 23 7. 


BEERS. WINES AND SPIRITS 


33 ^ 

.53 g 


1 i ii 


■ ?S j3ai2Kf;F.:<F 


143 i 82 5rt»n6T3a*e 
’481217 iHrcstJcbai- 


17? 150 

54 33 


37 SS 2 

1 50 


cCL.D9! Z-l Si 1 64 


FtordtT Brew r. 



Empire f tares _ 
ExeeuiaSOp — 
FartaleTest 3c 


BUILDING INDUSTRY, TIMBER 


AND 


Comrrsion larior 0.T.IK1 


Indited 


31- [ |130E — 

»9i-t 1202i - 

34 V '1034 ; - 

2 3 *1 <13 08 j - 

:0%j-~ ! 12 65 I - 

IV; I !U0B - 


CANADIANS 

• !Vi 1 10= ; : v.xi«al ; la.--.:: 

. lO.i !?.•■■ V" 12 % 

•sr 7 . ?ov c.-. 37". -< 


irvTSHNATIONAL BANK 

•:* . • -w | 79i; I . I 629| 119*! 

CORPORATION LOANS 


37', -t; S4 
13 Vic h 

938p -2 SI i 
17", -% SI 
M,i -4 9 

30<;»e . . 

20%c -V SL 
460p 4i 


91% 10 08 

87 v 3 S3 

5&>* -V 1265 
98 1276 

90 +•'; 1054 

9I-: 574 

88ij 1103 

26 1395 

87 1079 

<J6 -*• 625 I 

S6V 637 


,T:. / 3fl: : ( Lt. 4 p- r»'- ilOn. 
2T- j 1*‘. j.'-i'l 1 1* i 
6?0n 515ri!t!j4-<«fS:d Car. , 

; ] 16 '; j'-XlinLlCV. 

'.i'i 11-4 ll-.'l— n -'«. i 

;»% I 22-'. S2‘. 

”•4 j |:rr«fruJ"i? 

'.5-> «4jpj!fni 

SV.'i'i iaSpiIn! Mi vm*S 1 . 
lri-t oldp M- •**.-; 1 

20% ii-. 

.1347' 50p ;!1 .i->*»m*5: 

— [ 25-4 '*5 Ii:- il r- -rz> 


24 l-V s?2 




24 \\ 14 V. 3.V.I - ar. U 

20 ; IV: - s: 

14% 955p T- : .»-.n Ki ■' 


12i?l680j.|7 rJ r,.j: ftw 
S.E. lj>i l*r«nium jjV 


14J* _i, 5i 
10W 4l 

6%9p -21 8 

664 o -4 - 

36 51 

105p -1 - 

20 -<* 51 

21-m - Si 
19 51 

12% 9 

105; j IQ 


ihasecf on Kiacih' per £) 


C*)f£!0>^EALTS & AFRICAN LOANS 


BANKS AND HIRE PURCHASE 

IW I I J- Ofj Dir I JVMI 

Hi* U*| Sack I Price j - { .Vi K'nlCi'sl Pit 


• i-r r -:« TTviii . . 

i -i V: :■ 
r '.J.- AV». 

{■r 1 r" i;V7:i 

1 1- 1 - :- z-yf: _ 


590 1213 
676 12 44 
647 1220 
9 67 1113 
10 62 13 95 


LOANS 

Public Board and Ind. 


'.• : 'l" ‘W - 59V 

; j- I'a-w ... 80rr 

;■ ir H- . . Z7V 

I 1 . > V 'M- - - U7rt1 

[ill ..jrrdlll . 8T-;iO 

financial 

i jrn i»; ioo% 

. u'-Ii:. 75 102% 

;v w . .. . ioo%k 

ll- V’P-. U*. t*MC 79- - 

|I< I---/ rt- -81 -W 72re 

r*- 19>-L'n?|ji-*.. 92% 

Jf‘ii lj» l«... 92 1 * 

- it. Lji HI 941; 

: ll*i 7.7' W-Sl. 64 

ii : :•*:•. -."I- ui-w _ 6i 

■i-h ‘j:*- •-. ■41-'^. 72% 

jvln SC97 ... 70 


FOREIGN BONDS & RAILS 


res ; 

Mi* tun i 


Price I + w Die. r , I Red. 
7 - Grass Yield 


! '- T J.v»ifi.nvi.iiRly„ 

\li i U, Sjypref 

-’ J -3 ii'-iiles]. Vm-<i . _ 
4-f. l>:fi j'i*nrjr.Yr.c 4' : pc 
3- ( 46 I’ ire*/- Tr». A-- 
f J 4-* Sitr--Jl.l4i\V._ 
I *0 *-ir.u*< Vs. 


23% .... 

39a: 

98 .... 
411 .... 

30 

49 


4% - 

3% 1720 


6 (624 

4 1513 


ANZS41 . 
Alexander, D £1 
AliMDcne FI 100 
Allen Haneytl. 
Allied Irish 
.ArtmUincl L £1 _ 
Bt LreJan»l El__ 
Da Mpc Corn . 
Ht l*euini I£1 . . 
FSiLcucn-L-Kit 

Ek.NSWS.vL.. 
Bank Sn*lon«l <| 
Banker^ % V S10 

Rvl-1u.;«l! . 

Mcpl*x£i.. 
i.’aier R»nerii 
Ciir? D::- nl a.'p 
i.'oml ,Au» ‘SAl- 
Conrhk DM10S. 
i3hnnH6LKrW 
L'uri/rtfcan I0»» 
Cred France FIS 
[hrwesiG H.i . . 
(•aL«?be Sank DH30 

F.C. Finance 

Rut NaL I0p 

Do Wms-T^ffl. 
Fraser .Ans.I(ft>. 
ilcrrard N^nl _ 

Gihh' i A: 

GilleU8ros.tl _ 
«>MdeD'lMiy.^i 

Crindbys 

(juinness Peat... 

Hambros-. 

Hill Samuel.. _ 
PaWananls... 
Hone5hn&£L5Q 
JesselT-wnhee.. 
Joseph iLeo-tl .. 
Kevser nimann. 
King & sh^ 20p. 

rOanwort 61 

i 


I-12IQ20.: 1 * I 42] 


Bara-.iiHr. lot 
f>ect.r.m«j lop 
Beni',-. -Xt-. . 
KerJor-l "l -Op 
LVSi Kr-> aop 


Bi':aneSI :‘mn 
Eret-aon Lme 
Era Drai^ir.r 
P.n«wr. Jur. a<t 
Bnrumlee . . 


B-neVAH. . 

Bor Editor. El 

•'. kUihe; .V Wp 
i.jlrdT -VJ-inp 
'.'jir i<rar. .. 


-1 iQ23:.V 

. ., Thl9« 

.. Hao 
10.23 
-3 K»21 “ 

QIO®:, 

,. Qlfi^i 
/ 47 
-20 032c 
.. tU 05 


11 % 

40 
26 
52% 

25 
35 
48 
69 
22 % 

B 

So 

64 

64 lEcss&HUL- 
66 Hoeeringnam 
55 I Da Res Vie. 
12 % 

104 


.. QS300 
-3 1D28 
t941 
. . ttilT 17 
t4.85 
-5 016c 

012 °. 
. rt.7l 
. Q987° 0 


Qir-. 

.. . t203 


+V — 

=912 

2,23 

15.41 

0.13 

279 

.... h5.15 
.... n76 . 

.B’V 57 


35 
34 
23 

205ir 
75 
26 
69 
204 
136 
60 
249 
25% 

18 

59 1 
167 
173 , 
:.«r.V!r Cr; 165 l-r 

150 

W 2 

m 


CT 

63 
48 
2b 

35 

w , 36 
&l [ 61 


34-r ajj -ti * 


0.68 6.4i 4 4; 5.4 


254 I 25> 5 

. Z.T: A ft -I 


[K067J 2 


Fsraw-iaw.y 


6.4S 
4.88 
F16S 
(6-25 
35 
233 
15.56 
«32 
105 
h3.70 
dL83 , 
tUI 6^ 
231 3.0 R 

4 46 3 9 9. 

975 - 10. 

*51 4£ 5., 

t3.67 3.0 6 
268 * lli 

dhl.3 4.1 9. 
tL02 3C 7.i 
0R9 3M 6i 
1246 1 
3.4 1 


a 

:*S G i 281 


1296 31 
t 2!5 5! 
r289 3J 


BOCInHfl-;: 




-2 hQ59c 

-1 thiJ2 

874 

0.67 

3.44 

t4 18 

fi-23 


FINANCIAL TIMES 


BRACKEN' HOUSE. 10. CANNON STREET. LONDON EC4P 4BY 

Te!e”: Ediluriai 88634 1/2, 883897. Advertisements: 885033. Telegrams: Finantimo. London PS4. 

Telephone: 01-348 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel; 346 8025 

INTERNATIONAL AND BRITISH OFFICES 



I 28* 
130 
49uJ 
ioa 
no 

63 
130 
68 
20 
37 
82 
62 

SEUer'StanHOp | 12 
Munmcrete .. 61 

ModEnrineer: I 49 


htO 
283 
t2SS 

aoe 

d253 
<35.86 1 3. 
311 1 

n.7s| o. 
12.74 
4 74 


61 
49 
. 96 

MmriemilL _..] 106 
NewaithUKl . 150 
Ncrwea Hc4t4 _ I 90 
Nutt. Brick 50p_l 300 
56 
132 


EDITORIAL OFFICES 

Ani t*.r*i.-.ni- P 'J Bot 1236. Anuierdam-4'. 

r-l-.-'. I-lTi Ti'lr -40 3SS 
J.iiininchnni- li'-ifst.- House. George Koad. 
1. i-\ :cs«SO T.-l 02M54 002U 


» , r'-*-h:,u? 11104 Heuvallce Z-10. 
7-lt-v WiSJSJJ TeJ- 2jri03S 


:i9 Rue DucaJe. 

1- If x VT'iv. T-l 512.903T 

f nr,- f*i Pit\ 3UD. 

T.-l 10 

ii' H KiiKnlliam Fquare. 

T* I-: HI4 Tel 7KVS-J1 

i. linl*;ir.'h -il lii’ircc Slrert. 

T.-l- • 724M4 Tel 4130 

y-.i;:i::'up !ni Sa. n->-nlnc-'r 13, 

[■ '. s 4I^f>! ■">.-( SSSTHIt 

!•«, K,,\ ^128 

1 KJii.iT Tel 8T<t^4.'i 
3 .- . ii j— .i«-a >1.» Ali-cna 38-ID, 1 isl-un 2. 
r i 1. 1. 3fl3 508 

F. .p'imi’i*da 33. Madrid .1. 

T-’ -HI d77J 


JlBuchester- Queen’s House. Queen Street. 

Telex 688813 Tel: 061 -tSH 8081 
Xloscaw: Sadovo-Samoteehnaya 12-24. ApL 15. 

Telex 7900 Tel: 300 2748 
Ke«f York: TO Rockefeller Plaxa. N.Y. 10013. 
Teles 6G390 Tel: i31=i 541 4625 

Paris 30 Rue du Sen tier 7S0O3. 

Telex 23W44 Tel. 23857.43 
Rio de .lanciro: At emcU Pres. Vargas 118-10. 

Tel: 233 4W8 

Rome. Via dell* IMen-eiJe 55. 

Tele* GfflttC Ti-I 67» 331+ 

Si.ictibolm c.n Sven ska Dacbladet, Raalamnsvagca 
Tele* 1760.1 Tel- 50 60 88 
Tehran P.0 Ru\ 11-1879. 

Telex 2 1 . 1500 Tel. 88208 
T--k>o. 8tn Fli^r. Nihon Kvirai Shimhim 
Kuilciinp. I JX5 iiienurhi. Cbivnla-Ru, ' 
Tote* J 27104 Te! 241 2920 . 

V.";,sliinuion 2nd Fluor. 1325 EL Street, 

H’asItinjRon f»C 200fH 

Telex 44H340 TeJ i2«i 3*7 667S 


77 

101m 

74 
28 
37 

H 

X 65 
49 
44 

146 
410 
280 

v&.lnoltLI 165 


Whit'gh rrr I3;p 



72 
34 

l« u % 

ttl t 

t&i 
188 
86 
91 
90 
62 
151 
I 93 




n‘«irzh’ V* 'ley.uc Street. 

Tel ic.il.^26 4139 


»VERTISEMENT OFFICES 

'jwren House. Ge»«rijc Road, 3fanche.-4cr: Queen'* House. Queen Street. 

■ !■-. ■L.’JSioii Tel 02l-4fi4 D5C2 Telex 666813 Tel: 081-834 5081 

n‘.!irzh- 17 '7/-u.i*e Street. .x\-«' York- 75 Rockefeller Plaza. N'.Y. 100 IS 

h-:-\ 7 -: 4 h* Tel 101*^26 4W9 Tele* ^38409 Tel: i212i 4& 8300 

iki-.-rt In: S..--h-i--nlaCor 13. Pan,- 36 Rut* du Sen tier. 75002. 

, !■« HL'K! T.-: 554867 Tfltx ^2004* Tel. 23686.01 

,i- l’,-m.j:u-i:i Huuw. The llfifldrisw. Tokj,v Kaxahara Bulldlnr. 1-6-10 Vchikanda, 

-I. us.ij 4 . 74 :,?-, Cli%oda-ku. Teie-x J 271M Tel: 295 4050 

0\-ersea.-= advert isomont representatives in 
Central snd South America. .4/rica. the Middle East. .-Vsm and Die Far East 
Kor further details, pk-ax- r»ai.u-i: 

Oversx.'a*: Advertisement Depart meat. 

Financial Times. Bracken House. JR. ‘ an non street, London EC4P 4BY 


.iiki,:r< In: S.i'-h-fi-nlafler J3. 
1 , 1-' lltlKt Ti-: 554867 


ii- l’.-ni-.j:u-i:i Huuse. The llfilldro'X. 

•I. >i7.e 4.74:*^ 


SUBSCRIPTIONS 


C,,pic'- n!,iamiic,le from ne - v?as- 

Nuh -.-ri|«'! 





«3» 

81 


52 

13.1 

HI 


70 

78 53 

205 154 
71 39 

67 28% [AvteaGtpup 


I 

6. 

05_ - , 
T.a 9XL. 
-3.«122- ; 

3II5?. 




78 72 

16V 11 
85 66 


95 55 

157 112 fBfeettiGeot 


98 48 

.25 L*% 


282 &82 
ao 190 


115 
258 
138 
111 
510 
165 
65 
52% 

172 
71 

146 

ft § 

» % 

115 92 

197 142 
163 107 
9*2 4*4 


170 90 

» [57* 


159 104 
33 23 

52% 43 
61% 48 
66 2 41 


no 71 

60 42 


52 33 

153 73 


152 70 

125 102 


24 8% 

35 24 


78 63 

% ft 

26 20 


77% 56 
252 165 
95 59 





14 1- . 
132 
22.3." 
7*Z 
5 ffZ 
&9- 


f * % _ 

*-l\l £ 


UmUai'utf 

Baida <A3. 


- f -i* 

SV . ■ * V 

'•P . ■ ft 

r*5 , . -a* 

f-5s 























































































































^inaaciaX Times Saturday November 25 1978 

^OSmaJLS-^mfinoed C INSUKANCE-Confinned 

«-M S'UHU jLt' ** LM S US! 

mm wit m teFii- 


4MDf. 340a- f+1 [ffi03« 2flUJ n.9 w 

'3®t z?r WWWRraWBS- 25 -1 1.92 itfl 5S »? 

m m&XA»K*.- 2 » 4* ig* «U3 mS 
JSfc |S®g*“K=- S3 — 7JJ 22 9.8 142 

fifr 49 ffittWsmJaE. 9a t&fu 93 41 no if; 

KaSiS^ ” 4 j — S 

-» 1 as _ 

. j3 . ZZ. lny«H » a. M p_ 29 .— . Igr it it «a JS 

*4? 61 tartaJSen&xft. S3 (5M Z6 Rfi 6 9m 4? 

25» s * lnte*OIMO|»__ 17 23 S3 1B4 Ha 679 

.¥.- I 9 K“!!5H^3fe-“ 5? — - 42.76 zau ujn 755 


flrtflSp 232 

Phoaiii- — - — 230s! 
PraoUert'A — 137 

Da-IT 130 

RradenluISp — 146 

Kt: mo«! 

Scd ^Fatc OOp 410a 

toAm»«£l„ 506a! 

Sunfc*3pu 101 

raekoSar- ET)R 
ftadelndramity 




m K ! jsss-bss- s - 1 * “=_ «_“? ♦ 
s’j'f 5 iSSife SJ 3" OS Si H i? 

46 32 tauRtmCXj I0p. 37 T2.93 2.7 11 1 40 94 

J?? H KriammolOp^ 34*2 . — 2,16 1,8 9.£ S3 79j 

!?' 88 Keisey lads. 97 528 66 51 4 fa 175 

- A? 2i KennedySm. lOp 35 l yj 3.1 am 7’? jig 

f!2 WB KeraluwiAlSpu QV-j — ij tl6J4 ?n ■ ? tI.tj. r>? 
7S b2 Ktan-EZe HUgft. 7B *M33 23. 83^83 Ufa 

:r.r 7fa ucj’.md*™! sfa 24 a 7 5.7 w? 

43 -1.32 LK.tafJ.tos- 37 -1 t rf>M 3 Q il l 52 41 

43. 33 I.KCInLlOp — 33 123 Ij, 102 8 2 65 

It-. 53 LaiSa 61 *-h! -ij 322 52 7J 26 135 

1W 128 Lead lads. 5C%i 14$ _1 t748 33 77 £9 41 

,130-W UadraJanSte^Bg- 130a! M05 4.4 43 70 122 

49 38 LeBasCEifl 42 J1.S5 44 66 52 32 

56. 41 leMIFoteMOp 4U Z {7® 33 6« 54 157 

-79: 36 LetasKanls-I 42 -1 3J2 23 113 £34, 103 
Ufa 76 Le.weCar.10p. 105 h325 23 46 U 7 13 

,g s 1 ^ —ms* a n a 1 s 

ll [«£= ^ = .« ? I 9 B | 

W 32 LttHkayfcWms.- 59 T3 05 3 7 7_7f 44 1H5 

151 128 Ltafcattws-i. 131 9.14 2J104 53 74 

•S a toLfc^ta-Gg, 3*,-*, «83 33 73 U 61% 

51 » UauBiDb^jen 51 — 160 6 4J 6 75 

% H ^?^ n ^ rafls - S3 «* 3.1 24 0.4 17 

92 68 LondaleCwvTd- 82 t4.70 23 66 5 4 33 

200- 163 LwrSBocarSOp 168 -2 tllOS 25 98 4 8 62 
76: 54 StY.Dort.iep_ 58a! +1 243 Ji faj &.S 

.•27- 5 teamtUifip- 24 — 2.03 oilitrua 


m £3.4, 103 
4.613.7 13 
2J 7.0163 


76: ?* stY.ftirt.iep_ 5M +1 zn , 

27 18 M»aratLdtfo?_ 24 2.03 flj 

120 86 Wc-ntaPtap. 99 440 ** 

£5: 60 HafedancGn.-. 82 1390 U 

19 10 UcOm^-L'A— 15 ...... M25 

26.- 15 MacLeUantP.SWj 23 12G 

81 L 55 Macpb€rsooUJj. 73 t2_68 

lffl-. 73 UagneliaGnwp. 122 td274 

291- 196 Kan.SJdptto.tl_ 264 +2 15JK) 



132 0.7 

t2-68 3 J 


MOTORS, AIR< 

2-1 - Motors; 


2.S - 
83 257 

55 7 4 30 | 20 
3 4 6 9 272 185 
85 12.7 53 37 


?¥* ^ Marto^lni 36ij — dliM 42 4 3 83 12^ 5^ RebtaMtap.- 

51 |S tonka Vtf -AL. 46 ...... td253 4.7 82 3.0 12t? 2 fa* 2 aofeBiswttrs.. 

Lffl 134 KnshaffsUnnr. 146 t6.49 35 66 48 L15 76Z VtiwOSa 


im 134 

67 45 _ . _ 

f a22 £86L [M-Tthcs«B -7 4 pc. £96 -1 drvsd 2J ffiJI — TVmwwpr r 

150 120 Marnnis25p_I 128 -4 i43 22 63 87 vmuuwv. 

36 29‘ M«faflns£ffl-J0p_ 36a! 2.03 24 84 IS 226 { 69V fEjLF.tHWCiU- , 

37 10 Mentnwre5p — lionJ tJ? W0.93 1.3 £7 138 & 4 9 jF«le!B«5ltai — 

384 288 Metal Bat u. — 328 +tf •U-OH 31 8 6 51 l» a 7fc feaklmesli lOp 

1MI. tt 1<I„ no 2. 2, 1 . . - i . ifti I c+i. lm 1 ■ 


PROPERTY— Continued 

+ H Dir {TOj 

fflSb law | Sk*± Price — | IM rrrlWtlPfl 

642 1527 Utavra-V. 595 *8 5W 1.3186a: 
30 22 totln!air<.¥a^ 25 ....^ 067 1.7 42..I5I 

211 HaJeraere uh« 240 -r2 3J5 23 2124! 

(H HKIjwiHiK. 112Lii-U: tWk U 4 ] IS 1 

2 80 !mry!‘nfrny... 300 2Z0 1 8 0 9 94' 

25 InlmaioftsmtOp. 37^2 4J2 1QJ 0.4 — 
37.1, l«nn>n Invffil . . 46 .. .. 1 o2 13 53 25' 

U1 LaiBJ I’Jupv 117 +1 uJ75 2 2 3.5191 

Urdlfivol 41 -1 <110 LI 3.0 36 

LandSeK^'p- 235 -4 5.40 15 M 77 

naiV'-'n'-.^L £190 +2 05 7 i% 63 0 3 - 

toa--C,w.». £150 t2 Q6<4*9 63 £4 2 — 

IVHPoOiv.-g:, £150 -3 <410% fa 3 ffa.8 - 

LawlJPd3>p 45 4l 1 02 03 3.4 M6. 

tanri Le.iv 3>Vc . . 210 y25S * 4 0 5 

La ITni Slip 1U|< 120<e -2 0E2 3 9 1.0 27: 

Lon ShWiPlM" . 71 t 1 303 ® fa 4 fa 

lewiwH.lfi iip 118 *1 2 5 23 3 2 18'. 

*fnv_ 142 +3 tl 73 1.9 1 8 44! 

llartbwrcidi.'p. 22 L +H ; bdO 33 5.0 2.2 9.'. 

Marirrt-4.ile«_ 33-1 g — — — 42 £ 

MrJmTracy ]flp . 31 2203 20 9 2 5' 

»l.-Jwj>Sv..3ip 280 ...1 59 * 0 8 * 

MelbDK Uli :w. .48 ... 

W.nuiiii.K S,. SB .. . tl 34 b 9 2.3 9! 

MurVInu t.V i; J , 118 <t 2.48 2 3 3.1 28.; 

\iiiitn. 45 ... 203 25 6 7,70 

PuRcbn . 82 +3 2n fa 3 7 * 

l*n«p Hl-iC A im-. 300 664 1 2 3 3 381 

Ptov* p-.wt'ship _ 98>1) .. .. H2 5 2 8 3 8 20: 

rwpiRCT. V_ 312 +2 5 34 16 £.5 37." 

IT,* Serin:.** 110 ... 1139 0.1 19 - 

Rjrl.in Prop £»p. 4>, rU — — — — 

Riv.idun 21 — - - . . . - 

licgiooul Bn* — 74 .... Ill 2 5 2.2 223 

68 Ill 2.9 24 29 5 

Kn. 1 * 6 T-impkire 93n! d2.91 27 4.7(90* 

SamuelPmp> — 87 ot . .. d 2 3 L3 i C54 

ScotMetropSlp 112 +1 1 97 1.3 2.642: 

SMimdCilvlOp. 40jrt hi 75 2.8 b5 bl 

Slwi'.h E«L< Ufa +2 t2 30 18 3.0 28 J 

; rmliP^.'ooi-.’a) U62a) -4 QliK« 13.4 £62 - 

■flock ftover-n- 274 t8 103 53 1.1253 

170 Sunlcy'R.lm _ 246 4 38 0 6 2 7 94.11 

31*2 Sn-ire t'ropi+tics 41*, ylB*;c fa 5.9 fa 

56 Town IVnlw 74 -1 D.91 « 1.9 fa 

11*2 Tuhii&i'iI. ll)p. 13 0.D1 - — — 

82 Trafford ILrk 117 4 09 1.7 5315.1 

13 L l Jv.lH V -rtj _ 22L T*; 033 3.1 2.216.' 

240 Ltd.BeJPn«i._. 300 5.62 1.1 2.8 48J 

119 Warner Edate^ 141 t2.70 1.6 2 4 34.1 

26 2 KanilonlInr.aJp.33B ....7.06 12 3J 39.1 

13*| Wwial*"irI-_ 261a.... 10 2b 5 6 .136 

16 WmnsturPSip. 21*2 - - - - 

30 WinsienF.-ls 40 129 1-5 4 8 215 


INV. TRUSTS— Continued 


| + «! Biv TO 

! Ww -IM Ctrlirt PS 


itlndfiCee _ 97 ■« .... 

itl.T-esi 163it; ... 

hrmtvomn'JJc 141 
Brjniwrlni- — 93 

njilMiu — 64 if +1 
aledonnilr- . 246 +2 
'aIedniuuiT<. 76:-, 

Da -O' .72 -1 

'Mtnan an,t ' rr. 92 
'tmeiliiln--- 1’^- 305 .... 

Vfl 4 101 

aptialLNnL.. 120 »1 

£ta-r 114 t-1 

todiaalUfd. _ 105 

lirlieJlnv 110 ...„ 

eilarlnt J 65c ..... 

fcan lUInc £! 150 !■ 

tta Cap . . .. 620 I .... 1 

.'barferTru'i 53*-l 

CWiCcmir:.. 2712].... 


ad 45 -1 MiJfa -1 i - 

*2*00. I2S -J 9^% 2L3I IBJ — 

-4 5.43 Zr 63 87 ,,, , 
erMp- 36n! . — 2.03 2.4J 84 73 226 69V 


109*2 77 BetaU3osnre5_ 9B 1427 2.9 65 82 

-77: 36 State® 70 12.15 52 46 49 73 45 frork Trailer lOp. 

£132 £100 OS1 Q5% 19.E E l - 

11J 2 6 KiwunatUp- 6 - a a COU 

13S Ufa MttRanOurMe U4a 1536 2£ 7.0 7.7 . .. 

55 34. BiorraUtAbelL^ 43 2.46 3 4 8 5 46 5S 15?. 

36 29 Uua(RllMJlQp_ 32 2.07 2.1 9 7 6.0 SfajS?* 

16 12 M»Ttt3l0p_ 13 ..... 034 27 3.8 M3 , IS L& 


73 51 JfcswGpIOp— S :™i«ua 0 9 2!8 4L6* 1 |? ! H 

ao 35 Ptob(J.F>S«s. TO 125- UW 77 g 

67 46 Nathan*B.«d.,-. 57 13.35 33 88 5.6 ^6 

54 32 NaCib'nsslOp 44 -2 1J5 _ « 1 

£W*j£58 NCRflfatUB. £83 04% IL9 f4.6 _ H5 

*41 72 .\«reOi ftZaafara. fil 3?8 13 68127^3 

IM 64 V«l£Cn , nrprtfln 114 +1 MM n -u in * 63 



SHIPBUILDERS. REPAIRERS 

62 IHmiluiml. •»* 71 -2 1- — 

Ui Kuan Hurler l: 158 +2 JfaOfa 18 66131 

Ztt 1155 Ko-pcr ._ 188 . .•■30 45 40 69 

345 |260 (iaiTbu.icip — 32 2 |5J5 fa 24 fa 

SHIPPING 

309 1252 IRrir irmHr 296 + 3 19 40 3 4IJBI92 

200 112 krmmwHrovfaq, 157 o' -3 <16.52 — nH fa 

180 Ill2 RmktiJ* 178 t3 1155 7.7 1.310.4 

F\,init..Vt , il'i; £1 235*C +2 t8.29 4.0 5 J 5.! 

HnrUncCiDsn *J 108 .... J5.17 — ±1 — 

JacufritJ LiJjip. 361.- . . .. dLB3 7.7 7.7! 2.1 
la* <«Va» Frtfk., 35^ +3 — — — ) — 

l.deshippm- . 128 14 97 0.5 5.9{55 < 

MaB Liner-a* 215«r . . 5.18 23 3.H151 

Mirn*-. IlLl'mN 32 L .. - - - l.< 

M-lfreillt.L-ii 116 2.72 fa 3W fa 


Do Cap ;£! ■_. 100 +1 

ilr&For. Im* ._ 70*j 

ny & Ealern't l_ 96 

’jtrofJorfrtnl . 72 

aierhou-w *>p. 81 -I, 

litoolmili*. 7* 4 

Oydestile In-. _ 75 — 1» 
Ua-R'-- . 71 -i 

Serslni 240 

mrlnete I & Ind 185 +1 

ChtlS'l L : Civq . 111 

Tres'W Japan %•- 17tU- . ... 

.iwamar- 78 

lift - 28 

,lnr.„50pi 41 -L 

DaiL'ap .'lDp .. 5»* 

Defaeotarei.ara 63*: +*, 

Derty-TttlneLl 204 

140 Do. Cap- 30*'. - 154 

172 Dominion ICeo. 187 

106 Drayton Cora ci_ 123 

123 JDaOons. 133**8 -ri 2 ! 

DaFarEi4err, 3?lj 

Do Premier .180 +1 

Dual >e4 Inc S,.<p 60 

Do. Capital £1 _ 202 : 

ndeeLLra . 61 

KhlraT* 110 -1 

Edm.lni.Df £1- 214 .... 

Jnv.Trt.. 111L +1, 

giion 75*2 

Eng. & Internal! 82*r 

“ tVYTnK 7l!j 

t.-Vo I In- 71 ... . 

•*il- 103 -1 
... . fin £*,'.1*1 1133 -1 

170 [Ecpi:ly In, +* 207<C 

59 E<areln,t.<.“ I 77 - >- 

7 iF.iM Fur.-rj • l 50 

Fam, Ivin • T-r ! 97 I . 

KJ'tfa.ft* -ir • 8&.- . 

F6re,-:,i 4, • ••! .! 163 »•> 

rr,:i7*xr*jt- 46-^, . “ 

FVnd:n:e»! !iu 34«c -*» I 
Df.ap 60 -f 

r,T i. ’.pan 179 
inm f. ,'„mm , J 139 
13 pier. • Vm-oldM 82 

125 Ji^neral Fund. 169 . . 

97 Doll’ll-. 10p.. 139 

88 liien. lme4or‘- _ 101 .. . 

721, 1'"™- m» i- 



* sa « 
10 4 5331 
L0 5J.27.7 
LI 5.9 238 
1.0 4 9 29.1 
1 3 5 3 214 
1 0 36420 

fa 65 fa 
49 1 0 308 
12 5.4 241 

1.0 5.7 2b.b 

10 5*6 260 

1.1 5 3 25 5 
L0 6 3 22.8 
1 4 10.0 ft 

LI 61229 
L0 10.0 14.9 


12 5 1 25.7 

0 10 5.3 274 

LI 4.8 291 
- - 2*0 
10 71210 
* 4.5 fa 

11 1L4 119 

MU S7 2Z9 
b3 0.910017.6 

5 To Ta Z3~2 

12 55231 
fa 5B fa 
U 3J39.2 
U 5 6 251 
A 10 115 143 

3 U 57 MB 
14 1.5 71.9 
5 1.0 4.8 30 2 
5 11 7 5 203 
12 33 412 
U 7.0 20.1 
L0 6 3 26 G 
10 52)290 

1 0 10 0*14 9 

11 6 4 219 
9 t a: fa 
E 11 UZ7 7 

11 -0147 4 
10 69124 5 

ID 4 9)*99 

5 1 0 5 5,43 1 
u 1 2 7 0)10 9 
fa 11 3) fa 

10 f 7(87 4 

11 a 5j22 6 

1 1.1 6 »fl9 B 


Planning ana 
Compensation 


Knight Firank& Rutiey 


MINES— Continued 
AUSTRALIAN 




Scotbdt. .. 83wi 
SThMr* llrp 113 . . .. 


W I ll to 1 I'WWI, 1 -1 Ufa L Itu J2- h fa| Ol 

• ^ {Tartar KjkiII I ©ir -5 j .'^41 ' 57 4 ^ b o 


Garages ant 


211 (Tilkiiigon Br £L 
£56 iPiIr y rawea Ii_ 


_1 W.M 4|j 3 1| 103 52 40 STJtoiniliflp. M 

It- {15 {HpJv'lutrTli^l ”34 -2 ' 8*fl3 IS 9.| g7 )§ « CaHsto J® 

f9 .1 45 l?rdnrartl0p._ 51 .... 12.76 23 72 « fm, £fc 

247 -Mb Pprjlv 2J0« -3 180 30 57^ 90 35 ‘ uSf S j3^“ 

3 |M« DowIipoffSOp IM .... 13015 P3 0 8^ 4 4 f| iS^iifflfo 


32 17 PresiWrai.ip..,. 27S- +*» 10 85 4.6j 4.6 72 -go £4 

1?J .154 Ptfc5,feCrnup._ 17B .....5.66 3.g 4 8 97 ^ 

43 28 WlciiardSvt> 3»j!B! +4* rl.51 3.7) 5 8 5 7 59 ±1 

}f A ^ aJlZ TV » ST CUSrnddLawr •- 

S3 4o R r.L> UDUp -Op 61 Lo 9.01 3.9 36 r , ■-, Km. 

a'-j io smuracpS^T- 14* 2 _ 22^ t,k 

• 0 25 RMianuil 15®. 34 1.93 33> 89 4.9 oiw la,. jSZZTi 1 • i 

S M 5 ISL «&£ rA U r, -ffl uV Ki” i 


Et * 1 SI 3| iMz £235 i aH TmTo^n^: 

262 Redfearn Glasic. 283 —1 F ltGB 5 5] 8 ■ 34 or ; 7- 

.42 ReedErac.5p_ 77 1279 2 « 5.4 107 S if 1^1™ 


54 « 1 « 


nenrnMtr.Vrp.. 
DolflprOii- .L £ 


68 RdycnPBWS... 94 +1 
145 Renown Inf "YSL Z70 

S gg" ,L - £ ;i 


23 66 182 *5i; a ^ CZteiZSZ 

f, “5 * 76 43 i^ kcr ...JI 

It ll 87 731- LyenMywi — 

?-S -r-r 36*3 271> Storr-J ui«ih 


Da'A'X-V 


y" SOS®: T= 3 & i! p Si EES 1 
* i ssfl » ir a i.< a t„ 1 « 

■ sfes: £ tl IV 7 li a ii 1 5 

» tterrz ;< Hb « Hi M f % I 

92 SpBToft-C W.COp. 92 1218 63 3.5 4 8 47 

■: 160 Spear J.W.r. 163 +1.90 16.0 1.7 50 

, '" r ' aSfr.Poffc. • 118 m: h3J6 45 4,0 63 


Dc3i>»Cnv ul 

Sta0a\Int j T-yf 

Stan Furniture— j 1W 

32 
ZB 
62 
no 

uranerfFilOpul 22*- 

52 
£9V 
99 



fss= yiri^ Uaipsffl* s WES'*] 

mtBoaea- 29 f!34 56 6.9 2JB - 30 1 ** » 

! Wots 165 16.49 01 £9 327 

l. a * 217 . "3 1” i" NEWSPAPERS 



: 106:- -i; 8 37 2 6117,38 

79-c .. 6W 0.9 125. » 3 
u". *•,<, +11 77 .101 _. 0 Z - • 

3? ] "■ 1 0 5 

5G !-2 | M3 75 21 ** S| 3 4 


SHOES AND LEATHER 


[ So 1 ; .... -I i? 201 e. el Tfl 7 

! 51 I .Ho 3 *13 0 34 
i 66 j ,1 <N 19 -II 99 5 J 

■ <N .. iJ*7 4j I 0 9 41 

. 47*t I 1117 7« 54 3£ 

. 105 ... rl 97 23- 7.1 9’ 

70 . . C30 50 J9 4 9 

. 49 . . 2.S «a 63' 

52 . . KW 30 S 4 55 

. 52 . .. tl 4 2 7 5.4 10 3 

. 43-c -2 12 El 4 2. 8ft 41 

. 37 .’lb 1?. 37 105 

65 -*-1 4 73 1.4! 10.9 102 

. 73 *3 1 75 3 2i 3 6 13 5 

41 till 13 3fl 4.5 91 

94 -1 M4 02 81 6 4 4E 

- 271; +: ; tl 33 26 7 Z 8.3 


Uftfitft&lt*. 94 -X; 

eIii^lelonln , .- 92<c 

Do -R' 68 d! .. .. 

Senmurraj Im 72 -1- 

l«b-B(Of I 70 -1 

iinh<‘ lr.-. I 115*- . 

5f fJimril £«:•*:».■ ' W I 

t>S Crar^eTr--: '75 ...I 

9T, <.V. \«n* r. I, . j 98 ' 

67 'irwnlrij'l: ; 93'; . . .J 
ke-hjnilii 1 . I 

iM-iiIr-i. r I 60 

; 7 4 . 1- I 
. I s5„* -l I 
> 173 j-1 
. . 74 - 1 I 

_ ; 70- ; '. 1 

- ! 

630 

hdix-inaiA,,* • 51V -v 

hilcin.rtUi,. j 73 ! . 1 

In* 157 -1 I 

lue-titf- t.ar 77 ..I 

Joidine Japan 1 162 

LmttnoV*. ID_V- 34 
Icr-ey E'l It i) 165 
Jerv;.‘icn£! 220 

<r HoWini.- 46 V 
Mtlr.: Inc lOp 45*; — t- 
l» Cap 2p 6 

Ir.i V> 132 
ijwVrwl'- 88<c 
lair-.g-lxr, 42 

Law DeeeMare 96 •*.- 

Lawdyi. Kr- p £11V ! 

U-ialr.* lr.. J’r 36 

Dn Cap 5|. 24 | 

la’Vallniiicin 32 

l/w A:l,-n!i> 64«! 

l<n;.A r ,ai1 i*ii 71 -1 

LndfllH-h.-r 111 ... 

1.4. A limn, - 50 ■; . 

L’n.ALv V|- 27 

I /fa .vlcnW 71.- -L 
i*fa. 6M*ao:—/* 180 -f 

! "I, 1 Pt*>. 1C8 -1 

J*t. 'T amrds.il. 75 

r.xi«r.«; 1 | c _ 41 -1 

I T4 fh-! _ 100<c -1 

L. «lj!i4lnv . 56 .. .. 

]7a 206 .. 

p-"P . 131 .. 

■jii:- . 71 -1 

^4 | Ip 20-; .... 

65 ILr- \ Mwjt- !«'■ 66 

40 '.VIilriRilir. 45 

33 M-'r ..iidelri.. 39'- -V 
62 IVr- *,xiL< T.;._ 69 

41 MiO-lTrrT — 47V- +1; 

48 r-M(>a!oti 50*- .. 

' £•*. A- M ..£!.. 28 

M, »*r.Web'. - 97 

M>»c-.*l*’Tni't . 93 

V*v.i s A fl".*"!- 885 . . 

.ev. Ihlm. I nc _ 17V 
Ia,,.V|x£! ... 126 -1 

*.v SVftWrrtc.. 22*- -1 
.1 inadinore. 46 .... 

laBlti.wl ... 66*n ... 

■ah VllrtlllcMf.. 86^1 +!; 
;Mhr. Dnencan- 94*- -*- 
vmhrm ft*« _ lU-u 
*.^li \.*o- In*.. 54 

47 '«iW' r. Inv — 53 . .. 

99 IVnUfaiiifT .113 

59 Vi ir.s. ;->p 60 -1 

I*pvi:.,iJ i'dies 26 

lurt.jra 1341- 

lrrr 36 

SisM •*!•:. Cap 28 . .. 

Ri'rluUfai. — 163*; +1; 

Kj-crl'lnielreL. 137*; 

Knl^.. 3r ■ HW E54^ e -j 
h-?,il-<h*m 547 -f 
Roliw.W FLiO. £44V 



AFRICANS 


.J 92 J .... 101d] 14110 6 3 
500 .... **?,. '24 T? 5 4 
i 117 . «ft- 4 3 102 2 3 

53 ... Pm fa ,?o fa 


>155 . . Q2B> 1 261J5 34 
. 60.c -1 fill. 20 110 2 9 

535 tyj:. 3 9 5 S 4 4 

.] 51 V»f 1.2 *2.3 7.0 

XTILES 


yaniLJSp L_ 12* a +*- _ -f ~ ~ WfVWOrAriVlW 

.-GotanFraHio: £23 ..... iffilsV L9 73^10.7^, .... ,, 

■dfaumup] ^ -1 \J] fl.ll I? 25| |i6| I 2 


7B 1-2 1 5.89 


H 311 3.ai4.7 


92 J 65 ukvdriabiVfa'h.l 



34 

32 

40 \ 26 


12 60216 
LO 6 J 24 4 
fa 3.0 fa 
12 39 3181 65 
1.0 3 0 50 9 Uj> 

LO 36 4L0 ' 

12 7 319b 

14 4 2 25 7 

11 4.2 318 

1 1 6 0 230 

12 2 4 512 

2 0 5 2 14S 

11 4 7128 9 
10 f. 5 264 
10 ? a 25 0 
ID fa 9^21 9 

12 9 jJl3 7 


BeruniaiSMI 



M30c 1 





14 
117 
60 
£14 
303 

Dnwr.jv Ifar- ... | 37 
21 
9 
54 
39 
14 
25 
114 
20 
30 

J 1 

233 
18 

80 [KaknnH.- 1130 

25 fiKdkck lOp — 45 
25 *DaQ»H*LUpJ 44 
44 fitch'll. Tartar lOp] 88 



I'nli-n oibrnuv IndlnmL prlrra Jru* net dlridrufa are In 
ppm* arid rfrniuninaiim, »r<* 2Sp. Rslknalnl pricP/enrnimw 
ratlin pnii<«! pr- arr ba-eri on Iiim anniuU rppnrts and acc mnU 
»nrf *»h*.rp po-*ihIi-. arp upiUlpd on half-jearlv Unurp*. PfE* im 
rali'nl3i<-l on lh*- hmis <W nri diurihotton: brarkrtrd figures 
Indiraip IP |»r rpnl nr more <|lf(pn-n>'p If ralculalpd ■■ “alF 
Ui-lritHillnn I'mrr- are hasp,! on "maximum" iflalrlbtttlan. 
\iWrl%aM- faax-J nn midfalp prlpp-. arr (mo, MtiuMed lo ACT of 
XI ppr rpnl and allnu- lor -alar of drclarpd di-tnhulnqn and 
rifahiv s.’curun— »nh drnram naiionw <Klu*r than •dPjrlinftwe 
quolrtl ipclu-nc u< Uie ln>ra<nml dollar premium. 

A Sterli r r .Irnmn, oaled u>t unties shlch include investment 
■Inlhr premium. 

* • Tap **!.» * 

■■ I Utfh •• mil I .«*- nMrt,™i ihus have beet, adjusted to allow 
far iiuhL- ! • u*— |..r cmn 
1 Iiiivnm -line in- re.i -.'il rr. invd 

loirmn •'»!• r-'l'i'.il i„- > ri nr deferred. 

£i Tii- fn-e ,.. nnn m-i.liml ,«n applicaUon. 

+ Kicure* nr reprut unaiied. 
rr l - nl,*r...il witrm 

* 1*rii*- -t unn- .H -u-r-.-u 

1 Indiviileo .li; ulrn.i nrl.-r |p.nriir~ -.-np andor righu iinie; 
r.-ver rrlau^ m prt. :> u- .1,' irtrnd-. ''.r fnrecasb. 

* Mercer tud rccrvaoi -iln.a ;:i i>roarc-' 

4 !.nl CMmpur.il.lc 

a N^rm- .uii-niri re-lureri nnat nnd nr redu. *.-< eara:r.e« 

lll>lH ..(0,1 

i Kdiwa-l di*-i.|p<,.|; c«..er aa earmejx updated 6/ lai*».t 

interim ., ait-muni. 

; < *,i. it ..ll . ik * li«r , r.iiUT'inn nf Mi a res nn( n<™- ranking lor 
■ Initl. inis r.ml.1,.; .inlv ‘..r re -in- ted ditia-.nd 

!t i ncr fas- n« .ill-u ,ur -nan- Khi. h m.** al-e ro;ik :er 
■111 |. lei 1.1 .11 a lUtiire .Ij-. I' I. r.ill*. u.-uaJI; proimecL 
V hiilu.lii.i: a linel dicdvDa dEtlarution. 
fa Reri r "'al |.nrc. 
par * alue 

Ti.-.- Tree h KiCi K- m pm- nerlu* nr n'fcprnff i^!-l 

«■ < piii- d I'ltidcnd role ivu.1 or p»i,ihle ^.n part 
Of rapil^l nr.f li.ir-1 •»ii -lr l.k-<.il or 'III. CApilai 
r BedemH >ei» .i.-Iil 1 KI..I I -M C \»uiipd rli .nlenit .inrt 
vi el. I h .'. -' im.-l rfiM/leiid aul i;e|*l nller :.rrip i-<u*?. 

) Paviib-ut ln.ru .Mp.lal -.ajr. ... a K* n> .. m Interim m.’lier 
than pnriieu* miHl n -fibrils i -<■!•• iP-nrym. q rariln;< 
bJtM-l i.rrliminun (icuri-- - Pr.iilrnrt ami * ielden-lu.lv a 
'pePi.il pqjna-ni I In, 6, ol.-l r1i...1<nrt .r..er rel.-ilt-i Ip 
prmiiKi.. .|. i irl.-n-i I F. r.iio. I... a-*! ..,■ i.iir-x .mriu.il 
eurnii.j- u l..rm.\t dr.idead . »>t M<r| .m pm, inu<<tar < 
carninu*. < T.i. fi—- ujii*. .Kip ir. it... f » Yield allew. for 
r.um-nv ■ I:iu'p v i.i\irl..|i.!an.i : ii.|'.l |.u-<-i on mem^icrm*. 

x Dnirla-nd ,|.,lin a l.l ir..*lu.>.i «<jp, ioI |slt n»-nt l 'fl,i»rdn. , innt 
appli !•■ il iqjlM'nl \ - .et rti- '"lend a>i.i yield R 

Prefeieru ■- .I.--.I- n.1 p.m.-1 <ir dcferri-1 < '.An .idiot* I! Icjip 
finu- * f.*-. j-ler.., an.t • i.'l-l :rl ...i i.rt-.iirl'.j or 01 li.;- 

official e -I i mute- lor l97liJ«i <• Ij-uIumI dn idend and nelil 
after peudii'.; - r.ji inrt ..r r.plil cue H t'lSidi .-id ..r.d ueld 
bare d ..,i pr.i.|*e« - ius .*r .llier iihci.il rsrim^u- inr 
ID7B-79 K Kir, .re* hjal on pr>e|»s<u- ..r Mi#r effarial 
rdjnuiivi ii'i II/Tu -I I - ..lend ^n.l ■. ,eld I.a**v1 ..r pre-peclu' 

ar i* her I ,~J*m.iie- lor I'fa, N lu-idend unil - held 

Jetirsf ,.i. pr-.,|-.. in* nr .ti.-T .iffni.il ■■r:in.ii«. <«.r IPTB I* 
FiBurc* b;r-pd ■«, |»"'P.-rii. nrniirr o|*i.-inl ..-iirrai,e* for 

1978-7*1 if'.rns- T hams .■khict-I / Lu-iricnri lolal ip 
d.fte. H “ii.-UI i.u-r-l mi h ..jmNion Icuasury Bill Rale days 
unchanged until injlmil* m aio-.k. 

Ahbrrti.it ion. itp . dr M- ml ,, e.< scrip r sue. rex rights: *»e» 
all: if c, <a rural 


** Recent Issues " and “ Rights " Page 24 


TfaiK sen'ii-e i>i available io eier>‘ Company dealt in on 
Stock JSL\rhance> (hmuRhout the t niled Kip Qdotn fora 
Ipe of £4fH> per annum [or each sccnrity 


REGIONAL MARKETS 


| The fnjlnwin; ;* a *H?lei 
preiiou>f;. t-nf. 

i-sue**. n»^.l .<f 'iln.'h 

Hrw as qur<»ei1 .’i< th- 

Alf-any Im -i'|> ?b 
J* A*hspinn*^c 64>i? 

11 Berra in 15 

7.9 Bda u.lr E ■ ■<*[« 323 
56 *"l<wcri 'r.*!, 25 

— Crate & R.->' ’. i 615 
lij-vnniR * > \ 35 

Ellis ft V.. Hd-. 66 u 

Evered 2* 

h'i le Pi ,r;e 52 ■, 

KinM* Pku ;.|. 21 

*7raicshu> : l W0 
HiiiiML-Bn-u.. 73 
Holx iJre.i S'Ti 252 I 
l.i * M. Sint i! 173 ; 
N thn <’;nld trail h 7 4 
Pcurce**' ll ■ 190 ic I 

Peel Mill.- _ 21 I 


i-T inn «.f Lsinthm qtinuii ions of .‘hare* 
in ii-eiifn.ii nuirt«- Pririri of Irish 
ore urn officially listed in London, 
In mi CAClwnise. 

I . ] Shqif.eld |tri>'k j 55 | ] 

I She:'. R.-ir>lim: 67 I I 

Kindall 'Wm..... I 114 |. I 


ronv 5r , SHd2 £B9V 
.Mlidiivciiur, .. 98 

", rii.HT .. 3AO 

r.irr..ll iP J i... . 100 

’'lrmrfalkin .... 98 

i 'im, r«e Prod* 130 

Heiu-n iHIdgAi 48 —1 

Ini I'nrp JfiO 

Irish Ropes 105 

Jarnh 52 

TMC... 180 

Uiu dare 85 


OPTIONS 
3-month Call Rates 


Industrials 

Hrc*« 

A P I'emerl 
F. S R 
Etahctk-I* 
Parvlni- ftaul. 
Eee>..ham . . 

Br>4< 
Fh.rtx.ner- . 
BAT 
Brill- in' 
Rnnvni.l • . 
Burton W . . 

■ '.irifiur- • 

■ 'wunaulil.. .. 
LWniuinii , 
rii-xillr-r- . .. 
Iluiilep . 
EflCtrSlar.. . 
EMI .... 
trt*n Accident 
lien. Eipcfnc 
tilxi-o . 
'inuuIMvi . 
'il'** A 
(■uurUiAn 
li KN 

lluuH - * - U‘ra-er. 


1 1- 1 20 

6:* "lui'v ■. 6 

IS I ' i 20 

9 Imi ere-k .. S 

11 h 1 ' ' 3 

25 f_iill.rr»kf .37 

?5 I .ecal /*• i i'.-r, 14 

IS 7 

lb iJ.'jil- F.<nh 22 

24 l-.f* 4 

b I ••■■■l.ni lirn-k 5 

W ljrTi.ii . . 5 

12 I —•■•».' Inds 25 

5 I.-. i -. . 10 

10 ‘ 'Pirns ‘ 7 

$ Mrk.- &. Spncr 10 
15 '.I, /Hand Bank 25 
7 ■- E.l .. 12 

11 S» We*: tank 22 

14 no WarranL? 10 

17 F’ftilnfd . . 8 

18 Plwfifa? - 8 

40 T. U.J1 5 

9 R«nkiirn 'A'. 18 

20 Reodlntnl 12 

18 Spillcr* 3 

22 Te . . 4 

20 Thorn 22 

12 Tni* l Houses.. 15 


Tube Invest.... 30 

I'm lever 35 

Utd. Drapery- 7*> 

I'trkers 15 

Weolwonhs 5 

Property 

Hnl land 3V 

Cap Counties, a*- 

EP. . 5 

lntrcumpean 4 
1-ami Sec*. ... 16 

MEF*C 12 

Peachey 8 

Samuel Props. 9 
Town Si City^, 1* 4 

Oils 

BnUPctmleunL 45 
EurmahWl^. 5 
Chanerhall_ 3 

Snell 28 

Ultra mar... _. 20 


ffiarterCoofi., 22 

‘"on* irfild J4 

Rio T. Zinc.... 16 


A selection of Options traded is given on the 
London Stock EichariRe Report pa£e 

















































































































,.v •■♦; • SBl - - i t 

- Vij 

. W 4 


PninsV/essc.v 





FINANCIAL TIMES 


■ • . . i : r. 


Saturday November 25 197 S 


*1 MiW* 


VjIcc1.5.i;. w.^ w 


OF THE WEEK 


Interest rates boost j 00 ™^ 
for National Sayings |^ p ^ te 


to 


3Y EAHONN FINGLETON 


BY PHILIP RAWSTORNE 


FEW OF Mr. James Callaghan's | 
appoin’-rneni' ii-jve been; 
undo r*ed v. iih >ueh v. arni j 
soprova! i>y ih\- Comment a? h:~ ■ 
ubo: to ih i 1 •:•<:- !* o f 51 r. Clod., y r ! 
Hughes Tor i Sic- R'.iuik-sian. recuc-j 
naiiiriL-e *n.-«!on. j 

Tne aJ: - parly acclaim :.«• u 
measure oi th>: j>e iSeoj 1 popu- 
lar ivy. e-iCfm and trust livai iho 
51 P fyr Anyei-ey "ru-; atoured 
during his -7 ear? at \W: t- 
m: ruler, t'vr 51 r. Hughes. the 
Rhodesia r. :n:? : ion comes as an 
unexpectedly drain a ‘if climax to 

a po.VJca! yarevr that is ti rawing 
to a close. “ Unpredictability u> 
one of tno b i s and charms 
i.*i politico i j.io.” he told the 
Comm or..- eur'.er : h : month. 

Havm, a nr. oil need hu mure- 
mes* at 'he nov General Elec- 
tion. he wo - a -a nJly iurprl-cci 
to find hack in the 

Co ;n in o r.i . j n o\ i n 3 the Lovil 
Add re-- \>> ■ r.*j Queen. at the 
oper. in :• :i jrorher -e-?ir>n. 

'• 1 an. no! /on - ;-' i f ‘ i»« here 
fur a ivSuii.' li.n.'.-r." he- confuted 
— -.rid L.'-nv.-.r MI'-. <n mutual 
p.’o.-ii re-eV-rfed hi<\: 
cnairr.iar. ,,f ir..,- y.rr , !:iinv'*f.:r% 
:-ari>. Th*? p.-r-ti.t-at. neiimti- 
toe-scecc s ;r du-io 1 v.h:t:i M-. 
Hug'no has ixi.-r.vd m that re*: 
<'ver the pa-t f^ur >■•.-;:! < avri.uni* 
nov f>jf much of the confidence 
pfa-.-ed in n.m .<•• ihe Prime 


BY PAUL TAYLOR 


general 


fr-c Of :.ii Lax to anyone who AslocFationV said: ' "Th e'c'o ve ra- bef^T'wecT oa i « “at" best optimistic and at 

holds for the maximum five :neni - s move serves t 0 confirm rates shot up oeiore it \.e.i oa , WOrst unrealistic." Tight 

ytari. The new issue will go on lhat hi „ h interest rates are with “J: .. c>, rM i spending iimiis and nncer- 

:,„»e fr..!., tne end of January. u ? for some time to come, and it * eh ® e J 'EStfmSi taint? over pay deals were the 

when iji*?-- of the current 14th j usudes intention of build- t er ™ merest rates con uni^d to i pro hi C ms. 

Mitw :,l? suspended. in- societies to increase their dec \ ,ne in the London none}; Fmiwm- 


sior.ers and the new rate will £ioOm of savings will be with- tender. ; Ura P ^announced vesterday 

enhance ii 5 attractions. Invest- drawn bv high-rate taxpayers in The bill rate dropped to 11.562a i nrovided for a “modest" in- 

;iv?r. • account deposits are with- the first weeks after the new per cent, compared with ll.i2S4, JL in , ocaJ government 
draw:.biB on one month’s notice. i SSU e comes in. per cent a week earlier. On tie 1 hat ^ aimed at 

Th<: it iahor rate, which comes The issue represents almost old market-related formula for- ma i nl aiding -giahllitv and con- 

in n.n January l. will put pres- unbeatable value for anyone determining the Bank of Eng-j t | nq j < .. - 

>ure on in r major banks to raise Dating more than standard rate land's minimum lending rate.- ; . . . . . 

their 'I- 1 posit rates. At present, tax. which was abandoned last May.‘ Overall, bo in the level or 

the? '•;?er 10 per cent on ordi- The maximum holding per in- this would again have produced j grab! and its distnnution, witn 

r.ar’y and for one-month rest or will be relatlvel}' low at an .MLR of 1-i per cent against: the exception of London and 

irsonry * 1 1 1*10.000 or more the £1.500. a measure which will the present rate of 12’ per cent. ,n parhcniar inner London, 


yesterday 


Syndicate excludes Rothschild 
Bank from Arab bond issue 


‘ 3Y NICHOLAS COLCHESTER 


SHI- 


; Overall, both the level of 
i grant and its distribution, with 
; the exception of London and 
in particular inner London, 
held few surprises and was 

: little changed from the 1978- 
| 1979 settlement. 

| Out or an additional £9 5m 
[ in grants London will receive 
j an extra £4Lm~ of which £2S~5m 
! will go to inoer London. The 
1 only other major, though not 
( unexpected, change m the 
package is that >lr. Shore has 
i finally decided to give the 
l “needs element" part of the 
; eranl. related to district conn- 


‘ 1* ' • 


:% 

• r:.v 


INVESTMENT bank with of Algeria’s state banks, the exclusion of underwriters with expend irii re, directtoth. 

.ic-i-i ». ■:■.«•. lions has been borrower had asked lhat Roth- .Tewi&h connectioni from inter- J Bon-me.ropoiuan R f? tr Jy i t *®““‘ 
i‘\. ..i-.'.-J from an Inicrnalional child be excluded from the national bond syndicates before c. s rather than to lac connne^ 


is-sue oecause of the Middle syndicate. The Algerian bank they would make their purchas-: In s P lte ® f Treasury pressure 

C.--- crisis. had emphasised that the requesr ing and placing power available.! for a rednepon m toe per- 

RDthjc.iild Bank, the Zurich was made only because of In tne Eurobond market.! eentage grant, 5ir. shores nas 

ass I?:.- ’ate of the London merchant political tensions. where underwriting syndicates i kepi the grant at 61 per cent of 

bank. wa« asked to leave the Mr. Gilbert de Batton. manag- tend to be assembled on a overa.l appro-. ed council 
'jyndicruc for a Sv.Fr 50m floating ing director of Rothschild in case-by-case basis, it has always spending which is T0 

nuic i--ue for the Bannue Zurich, said he had reacted to his been possible to chon? 1 . 1 synji- £14.109bn at November, i».h. 

i r.:*;.; .(Ai-crie. bank's exclusion “more in c aie members “ d';jioir.ai:>.aiiy prices. 

7;;..- « j, uUDagcd bv sorrow than in anger." He did an tl thus, to some .x'eiii. to| This includes local authority 

Rag V.i- G’U/.v.illfi-. Kurz. not really expect Gutzwiller to jweeo Lhe matter un«ler the; current expenditure t»r 

K is::---.'.* r. •: G-:nev:«. Mr. Jean- take up cudgels on Rothschild s carpel. 1 n2.l».*56m, a 1.6 per cent 




y fiQi' 

..Ar> 

-s-tf* 8 ?- 1 . -r^i: 


Sirs'. i 


Fru' ■■■■!■ sir/, general manager, behalf, iiul he was not certain In Switzerland, bov/ever. under-; Increase <ner Uie expected 
con fir.: i "i v.-icrdav that an ad that Ttotlischlid would participate writing syndicate.*- are cl ubs with I final lucal authority rxpendi- 
lif.c .yndieai e "had been in Gulzwillvr syndicates in permanent members. ;-Ii of ture this year, and abont 1 per 


a«-cui-'l<'<l fo<- the is*ue inciud- future, 
in’ two beak- that are not Difficulties 


resulting 


whom play tne i r determined part ccut more than budgeted 
from as each issue arises. : expend ituie this year. Total 


u-sual 1 :. member-: of the Gutz- Arab-Israeii enmity have been Guest members for any parti- _ grants for 1979-SO will be 
v.i'iL'- syndicate Saudi Finance much less prevalent recently cular issue can be invited :n. ; cjt.griTbn or which £7j258ba is 
Company and Arab Bank Over- tiiau in 1974-75. In the wake of as were the Arab !> 


inpany and Arab Bank Over- than in 1974-75. In the wake or as were the Arab banks in this; [he rale support grant. 

the Yom Kippur war and with case, but an ex’stins member' Mr. Shore has set a tight cash 
He >;i»d ihnt after discussions the Arab oil exp<irters in the first such as Rothschild, has to be | limit on expenditure— the pro- 


Clvdwxn Hughe*; 

Uni) HU nit W.VM'.V ;•> hit 
/,oi uiciii cmtvr 


hetv.e*jn Urn-? banks and the flush of their financial power, asked , to leave if it is not to 
Bannue Naiinnaie d'Algerie, one some Arab banks insisted on the participate. 


Minister and the Common*. He j 
ilia* not r.,.-,k l-=. jr- snii-fleciual . 
Ih'j'Juli h*> .- no meaii Welsh' 
scholar. Eu. lie ;.i politkally 
acute, independent of mind, and 
has the puckish humour and i 
gently beguiling manner that! 
wins acre ala ncv. 

In his African mission, he will : 
be ahk- to draw also on ihe' 
u-xperien-.M acquired a.- C.tnnin«>n-i 
wealth Minisier of Stale ::L ’be 
time uf Rhodesia's UD1. v. hen 
he headed Guvernmeni delega- 
tions to Salisbury and Zambia. 

Mr. Hughes's career provides 
nne of the supreme examples of 
The local liny wh** made good.' 
Bom in Holyhead, ihe son oF a 1 
Presbyterian Minister, he has 
retained affectionately close ties 
with his native barb 'ground. He 
is now president uf University 
College. Aberystwyth where be 
studied to become a solicitor: a 
freeman of Beaumaris and Angle-, 
sey where for more than 25 years 
he has presided at the annual; 
eisteddfod. 

Mr. Hughes played jr active 
part on Commons backbench 
committee? and when the Wilson 
Government took office in 19*54 
was an obvious choice for a 
middle-rank post. After two 
years at the Ounmnn wealth 
Office, he was promoted tn the 
Cabinet in !9*5fi as Secretary fur 
Wales. For a man who reckons 
to have conducted all but a hand- 
ful of hie election meetings in 
1Vel«h. it represented the summit; 
of achievement. Mr. Hughes* 1 
revelled in hi» enjoyment of the 
po?t and scarcely hid his dis- 
appointment on bis iransfer in 
19fiS to Minister of Agriculture. 

With humorous self-depreca-i 
tion, he teiis friends now that 
his only noticeable success at 
the department was erasing the 
little lion from the country’s, 
C2£S. I 

After Labour's defeat in 1970, | 
he remained on the Opposition i 
front bench as agricultural 
spokesman for a year. But as aD : 
ardent pro-Marketeer, he gradu- 
ally became detach? d from the 
Wilson leadership. Passed over 
for a Government post after the 
1974 elections, he was drafted 
by moderate Labour MPs to 
challenge leftwinger Mr. Ian 
.Mifcardo as chairman of the 
parliamentary party. 

He won — and in his conscien- 
tious and considerate use of the 
post as a iraisun between Govern- 
ment and backbenches consoli- 
dated thu respect of both sides. 
When Mr. Callaghan, a life-long j 
friend became Premier. Mr., 
Hushes declined to return tn 
the Government, preferring the 
backstage role of mediator. 

Mr. Callaghan had cause tn he 
grateful. The decision enabled 
Mr. Hughes last year to play a 
crucial and still largely unsung 
part in securing the Lib-Lab pact 
which guaranteed lire Govern- 
ment's survival. It was u useful 
grounding for his self-defined 
mission next week as “an ex- 
plorer of possibilities." if there 
is even a hint of compromise In 
Rhodesia. Air. Hughe.** is ihe man 
tn detect it. 


Belgians in £lbn steel rescue 


BY GILES MERRITT 


BRUSSELS, Nov. 24. 


THE Belgian Government has 
launched a rescue plan for the 
steel industry that is expected to 
cost about BFr 60bn (£lbn) and 
could involve almost a third of 
the industry's 45,000 workers 
losing iheir jobs. 

The Government has also, in 



UK TODAY 

A COLD showery north-westerly 
airs cream will cover the British 
Isles. Over Scotland, Northern 
Ireland and Northern England 
there will be wintry showers, 
more frequent in Western areas 
with the best of the sunshine in 
the East. 

Over Wales and Western 
Districts of England there will be 
scattered showers, wintry over 
high ground while in Eastern 
Districts there will be sunny 
periods with perhaps a few 
showers, ft will be rather cold 
everywhere. 

Outlook: Sunny intervals and 
wintry showers but rain with 
perhaps some snow, may spread 
to many North-Western parts 
later. Rather cold with night 
frosis. 

From tlic London Weather 
Centre 


advance of the December 17 
general election, promised com- 
parable measures for the textile 
and shipbuilding industries, as 
important to the Flemish 
regional economy as steel to 
French-speaking WaJlonia. 

The modernisation and restruc- 
turing scheme will span the 
period 1979-85, and is based on 
substantial State participation in 
the country’s half-dozen main 
steel-makers. 

Belgian trade unions have 
warned (hat the plan could cost 
15,000 jobs, but agreed to it last 
night in principle in negotiations 
with Government and employers. 

A final union decision will not 
come until the end of January 
after examination of- the rt- em- 
ployment programmes being set 
up with the backing of a special 


B Ft s. 2.5 bn fund. 

Under the plan, the Belgian 
State takes a 60 per cent stake 
In Cockerill, largest of the steel 
producers which recorded a 
BFrs.7J?bn loss last year, and in 
the Charleroi area in a number 
of companies known as the Tri- 
angle. 

State participation in the less 
hard-pressed concerns, such as 
the very modern Sidroar subsi- 
diary of Luxembourg's Arbed 
and tbc Clabecq company, will 
be substantially lower, at 20 to 
30 per cent. 

The Government's . holdings 
will be divided 50-50 between 
two state bodies, the SociiMe 
Nationale d'lnvestissmeots and 
the Socielie Regionales d’lnvest- 
issmenL 

Details. Page 2 


W. German trade surplus 

up DM2.3bn on last year 


BY ADRIAN DICKS 


BONN. Nov. 24. 


BUSINESS CENTRES 


AiTIftdlt). 

AUt-.-ns 

Eariwtona 

licirw 

Belfast 

Bi-lsratlc I 

Bi.Tlin 

Brmshra. 

Brtstol 

Brussels 

Bodapusi 1 

if. Aires 

Calm 

'..jpI.IT 

Cnli'aAU 

ClllOnEIC 

cor<nfuiii. 

Dublin ■ 

t.iinlmrjh 

Ironwun 

iTvnvv* 

'.Jljsao'v 

Hl-IsiiiVi 

H. Koim 
J o'l'iir- 
losion 
London 
Luxi-mb'*: I 


Y day , 
midday I 

1? “FI 


ie 50; Madrid 
lu 01 1 Manchsu-. 

M aS Melbourne 
;n e* Mexico c. 
C -K Milan 

2 SO ' Mom real 
n sa : Moscow 

S 46 Munich 
1.’ 54 Newcastle 

10 aO Ni-tt York 
1 74,0110 

-ji 74 1 Paris 
:• 71'Ptth 
i:i 3j I Prasup 
1 341 Reykjavik 

11 a'lRIodeJ'o 
]0 50! Rome 

7 4:i,Sinc2Dore 
■1 41 [StucKhotra 
.i 40 Stcasbra. 

U 43 1 Sydney 

3 41. Tel Aviv 
3 Tokyo 

JJ TllToromo 
”n Tii 1 Vienna 
14 .ii| Warsaw 
i:i 33 i Zurich 
" 3»] 


Y'day 

midday 

^ *C ’F 
*6 IS 53 
R e 4S 
F 17, 63 
S S3 TJ 
S S 45' 
C 4 39 
C 8 32 
F 8 « 
C 6 43 
S 11 E 
S 3 37 
F* 4 39 
R 20 89 
C 9 48 

v s a 

S a K 
S 15 59 
S 30 86 
S a 41 
S S 4fi 
C 3a ri 
S 2D 83 
C 12 54 
C 3 4fl 
S 10 50 
C. 10 a 
S a 41 


WEST GERMANY’S trade sur- 
plus during the first 10 months 
of this year amounted to 
DM33.4bn (£9bn). up by DM2.3bn 
from tbe same period last year, 
for October alone, DM4.8bn, the 
highest surplus for a single 
month this year was recorded. 
But this was the same as for 
October last year, and was only 
DMWOm more than last Sep- 
tember. 


- For -the current account as a 
whale, the surplus for the first 

-10 months of this year 
was DMS^bn, compared with 
DM3.9bn for the same period 
last year. Here, a DM500ra 
Increase to DM15.3bn in the 
“transfers” deficit (mainly 


foreign workers' remittances! 
was more than offset by a sharp 

reduction of the deficit in 
services (mainly foreign travel 
by Germans) from DM12.2bn to 
DMSBbn. 

The provisional figures issued 
by the Federal Statistical Office 
today continue to show a brisk 
increase in both imports and 
exports which, during October, 
were up by 10 per cent and 8 per 
cent respectively from October 
last year. 

The latest figures point to 
a continued trend in West 
Germany’s favour in the terms 
of trade— a development wh’ch 
senior officials have used to 
explain tbe' swelling surplus on 
the trade account. 


01-236 7831 


-i — •" - 


THE LEX COLUMN 


U.S. 





i ./\T i 
!<■ { '- : 



! * *• * 
i-: ,v 




lii 


below 10% 


IatereS -rales on both sides . 

of the Atlantic were moving in fafe y TOSC 3^9 

opposite directions yesterday. . 'liberal 't>^£Ts eveit vrant to . . 

Here in London the Treasury aboijsli fheivhpTb'imixnibtFj^ 

Bill rale at the weekly tender gilt edited market lpoks set- to 

fell for the second week nut drift into tbe Christcms 'feiK-t-" ••• : ' 

ning. while across in America', gay season and could start -mov* 21:6 ^ 

the banks were unusually hoist- mg ahpad e arly next; year 7 -bjr: case ^or; arapiiing _ther spect« . 
ing their prime rates by as .muca - ^^ niww irniwi t j^ifd 'accounfing • 

as half a point to Lly per cent have nearly finished its fundiiig “ . , 

The pound was slightly easier progr amm e and loan .demand'up ' "the^ riaggat^s^esp^ctaHs;.. 
following these moves, and silf- should be tailing off. ••• sin ce- Tue sday’s evideh ee • wti l 

edged prices were i 'a ■ shade ^ . ' releawd to the Press afterv^rds,- 

easier. But generally the UK Bank dlSClOSufC . .. 4 :7 . .. ; _ r -j-: _ 

financial markets appeared to . the bearing- bankers. SaVUlgS ■; --.t : ~ . 

The surprise 2i P e ^ n ^ ^shoul?hSi<Be Sir.midlig’^^S^.^^^^- 
potats rise mMmmram Lending , wils(n ,. s com mittee when^ they - 

Rate a couple of weeks ago now aDDear bef ore it on Tuesday,. Government is <?inuag^.i^ 
seems tn make much more sense si^Harold has already suppled fln ' 50urces of ^ nance 
since it gives the UK authorities >. with a list of ^ y* 3 *" ' or ' w<> SS® Lad ,b^ij 

a Uttle more flexibUto end US. r-jLSSS woSd 

prime rates will probably Tuito:- J. 1 --| nd i n „ W-h it ; savings , have : rec^Rtly.-Jieeo 

to top 12 per cent before they' bankinff s ^|er^S e'o topefr- ' m 

begin unsettling the UK.interes* aztiTVie ■»* month toward?, 4pe,Gpve?^ 

ratp smirtiiTP. - • ■ « lj - ..r TOtmTJs-.horravfiHar.rieattirentcw,.--. ■ 


+tii ( * 


rate structure. :. : ^ ? 0 r public P^erehip^f 

However, the rise in .US. hacking. But most immediately Together - With 
interest rates does make it that embarrassing for the dearers tax dep.osit — ; auother ^ndmg 
much more difficult for UK ^ penetrating questions device wfifafi ■"to'FbfMaa; 

T.„ <4- ' u,c . .. ^ .. M..O.. MMM 'aaorcsceltralTT 4 


suuKu u;uie m . oro the penetraung .questions ~ t , • 

rates to decline. Last week it ^ have been told to eipect nmefi more aggressively thaatf 

was still possible to find one or-. ' the sensit i7e question of dis-: 

two voices around the discount . Ifl . jno b bari debl nrovision. ' V Chanced over iflOflm 


two voices around the' dismast- bad aebt provision. .'V 'WT ■S9Wtia7&..cWW > 

market who thought MLR could ^ a _ ' 144- ^ - * government dd>t ^ditrih^- tB* - 

fall relatively soon. This per; - Th ® WHeimi Comn^ittee Jig jpast': three 'mosUis.^'-TIflbt' 
u.m . -arii,- ^vniaiiu 1 u-a<r sliesdv noted that a high level 


hap* partly explains the 'way. - already n oted that a xemarkablyi enough,- 

treasury bill rates are bRng^ 1111111 ^ 6 ® " d i ’Mn net '= • 

bid down and the slightly sur-' Ibe clearers last se<mities_xiveF tbe ijariod:'^^^ . 

prising firmness in the short into the issue °f bank ^ The. new- sayimre rates- awe 

end of the gilt edged imifcSL' sure. Eightmonths '^ V 

But with one year ^Its yielding np doubt Teels .it is ^ , \Sn e bf ^atibnal 'Saving* 

just over 11 pier cent and one -dealers -had some- answers.- .on .fc: w. ,^ai. ^ k-bdtia 

month money costing over 12 bad debts,. The . 

ner cent there is a limit to how, c3nsin e the maturity. -rtnictitffe i?P- ^ : . 

far prices in the ^hort end of ■ &f bank 

the market can rise. .. up. • »- i^jin -noiniMi 

Indeed, the stock explanation. Unfortunately, though ^over^kurSonC'-"' 

for the recent firmness of. short* ing the general r principle- 1 'of 'riuiito ' ' 

dated gilt is the absence .of a more disclosnfe of ' bad debt 

tap stock at this end of the mar- provisions, the dearers are find- "J* ® j ■ ' • 
kel By contrast the long and in 2 it difficult to agree. on the '* " 

medium dated tap stocks ai-e extent and the timing. Indeed ' 

overhanging the market at. the latest news is that'the JBig iFonr SiS-*iar : - 

: . . * 1 .* . u sLirRi,Trara?e. ! tne reuXrn is coni- ■ • • 


Continued from Page 1 

EMS Green Paper 


HOLIDAY RESORTS 


AJji'IIO S 

IS 

r ‘l 1 Istanbul 

S 

13 

34 

AUi'.r. s 

-11 

i,f | Jcrset 

c 

13 

54 

Kiamu Vc 

7 

4i l.afi Pirns. 

s 


Til 

El wb pool '.' 

V 

4i, Lcvarno 

s 

a 

K 

Rordonus j. ? 

A 

33, Majoren 

s 

10 

fill 

Uoutoui,'* c 

7 

45! Aialoga 

s 

!« 

(W 

Casahltira. S 

•11 

:n ■ Malta 

c 

IS 

B1 

Carx-Tuwn C 

31 

7u> Nairobi 

S 

22 

71 

Cor to v 




15 

59 

Dubrovinir < 

]7 

•Cl 1 Nil* 

s 

16 

St 

hait» C 

VJ 

hb ; i.'D'inu 

s 

la 

3U 

KUnvn-c 5 

10 

jn • ivnoiN'S 

s 

1» 

M 

lun*.3ii 4 

■-U 

r^'SaUbura 

s 


43 

ijibralisr y 

17 

•ill TiifsK-r 

s 

,hl 

7J 

i.iueriu.y i‘ 

II 

.'£• Tenerife 

s 

17 

A3 

Inns'mir-i,- s 


4* Tun if* 

F 

13 

39 

invi F 

4 

33 ; Valencia 

.s 

17 

rtj 

ilk m run c 

3 

4d- Wnicy* 

c 

13 

3j 

<— Sunny. |— 

-Fair. J-4— log. 

R- 

-^aln. 1 


It notes, for example, that 
“once a virtuous circle of ex- 
change rate stability, lower costs 
and greater stimulus to efficiency 
has been established, the effects 
of any initial loss of price com- 
petitiveness may be removed." 

The Government suggests, that 
“ perhaps a fair conclusion, 
would be that there have cer- 
tainly been cases where countries 
have improved their balance of 
payments over a period where 
their exchange rate fell because 
it was no longer in line with 
the underlying economic reali- 
ties. 

in recent years, however, tbe 


effect of changes in nominal ex- 
change rate seems to have been 
slower and less certain. 

" In some mud tries the volume 
of exports has held up in a strik- 
ing way in spite of . sharp ex- 
change rate appreciation and 
lower costs have offset much oi 
the effects of the appreciation. 

“The Government for its part 
has made it clear does 

not regard exchange rate depre- 
ciation as a solution to tne 
economic problems Still facing 
the UK” _ - 

The European Monetary in- 
tern. Green Paper Cmnd /-Wo. 
price Sflp from the Stationery 
Office, 


limit on expenditure — the pro* ; 
vision to increase grants in : 
line with increases in pay and 
price*. The £41 7m cash Umir . 
reflects both Government j 
poliey on pay Increases and ! 
Government forecasts of a 7.5 i 
per cent inflation rate on items 
affecting local government 
expenditure. 

Safety net 

The* continuation of a ! 
damping factor and a “ safety > 
net ” provision which _ limits 
i the grant lost to any individual 
j local authority to the eqitiva- 
i lent of a 2p rale is aimed at 
j slopping any major problems 
I caused by sudden grant loss, 
j Introducing the package, Mr. | 
Shore said that, with the co- 
I operation of local authorities, 

I the settlcmeut would allow 
I them to keep average rate 
1 increases below 10 per cenL 

Reaction of the local 
authority associations to the 
settle meet was naturally 
mixed, although none of the 
associations appeared to con- j 
sider average rate increases in ! 
single figures to be a serious J 
possibility. 

Sir Duncan Lock, chairman 
of the 333-strong Association of 
District Councils, described the 
settlement as “a move in the 
right direction." 

Mrs. Elizabeth Coker, chair- 
man of the Association of 
County Councils executive 
council said that for the sixth 
successive year, tbe non- 
metropolitan areas would lose 
grant and county ratepayers 
would have to pay higher rates. 

Councillor “ Tag ” Taylor, 
chairman of the Association of 
Mriropolllan Authorities, said 
that to talk of single figure rate 
increases was “optimistic and 
perhaps misleading,’’ and fore- 
cast “ hefty ” rate increases in 
some areas. 

Michael Dixon, Education 
Correspondent, writes: An 
overall increase of £2 50m to 
£390m in educational expendi- 
ture could be made in 1979- 
19S0. provided that local 
authorities did not continue 
underspending their budgets, 
said Mrs. Shirley Williams, 
Secretary tor Education, 

yesterday. 

Teachers 

Much of the increase 
allowed for In the rate support | 
graut settlement— represent- 
ing a .It per cent rise on the 
actual educational spending in 
1977-79— was due to go on 
teachers. 

j The grant permitted the 
I general teaching force to be 
mniutaiued at 8.590 teachers 
[ more than were technically 
justified by the declining pupil 
population— compared with a 
“ hnnus element ” or only 
7.600 forM had owed by the 
f07S-fi2 Expenditure White 
Pauer- 

The settlement also provided 
for enough extra teachers to 
enable the. numbers released 
from .schools for in-serviee 
training to he increased from 
3,000 to 9.000 in I97S-80. There 
was room for another 1,000 ex- 
tra staff to boost the teaching 
: strength or schools in poor 
1 areas. 


they are prepared to dip in and these, at least, wilt break ranks ifeturn "for s the-^present, igt. 
collect some more stock, in the next batch of - annual least,. The- big ^drawback-'’ “*£■'7 . , 

Against this background, the report^ tT'Jt: 





p L’rr 


Why all equities? 

Schlesingcrs’ Extra Income Trust offers ' 
one of the highest returns currently available 
from a unit trust invested only in ordinary . 
shares. 

A still higher yield could be obtained by 
including some fixed interest investments, but 
such investments cannot increase their dividends 
and also have less potential for capital growth. . 

The all-equity Extra Income Trust 
maximises the potential for growth of both 
capital and income. 

A current opportunity 

By careful selection of sound stocks ; 
i ncluding attractive recovery situations and well" 
researched regional equities, Schlesi ngers* . 
Extra Income Trust provides a ' P . ■ 

particularly high equity-based _ .. ■v 9 »^] 

yield from a diversified portfolio GCpjftl 

of mainly smaller companies. -OCHSTI 

However, the growing relative rjmu 

attraction of ordinary shares with . _ ... 
very high yields su^ests that ' ^ IIICC^I 

such yields may not be available ' " '• C 3 j 

to new investors indefinitely. V - yaa 

We therefore recommend immfediate ; 
investment at the current, high rate-' ■' •" 
of return to gain the potential of capital 
appreciation. * 

Since the Trust’s inception in 
1977, the unit price has risen 25% | ''■mw&w' 
and the FT Actuaries All-share : 

Index 18%. - ' V"i flKjlfc&h 

PIMS-a unique 
service 

Minimum investment in the fond .Ify 
is ^500. Investors of £2,500 or more - , ffi ' jk j*. 
will receive Schlesingers 1 Personal " 


atians to meetings and WLvestmentJfina ndaJ 


i-*Z tr 


your investment as long-temL' 

Quarteriydivid«ids 


■csti* 


estimated gross ytelc^ is expected to prodnfie^^ 
gross income J>epyear, or ^32 net crf basicrato : ; - 
‘ tax ; and an -in vestm e nt of jjf 2,50015 expected' ■ > . 
to produce ^240 gross br ^ooixM^ per year; . - - . 
payments are made Quarterly. ■ - ; 


High yielding 
equities give 
potential for 
growtfvof 
income and 
capital. 


Sept /stand pet. jst, atarting March iyjqfar:.:. 
new investors.- - : 

A fixed price offer ' 

alrlinn ^ • ’^its are on offer at thefixei 

-lUIfig pnceof 3 1.5P xd for' investments * 

5 give -. received by Decembetfith. The ^ 
al for .. : offer vriB close^before December 


thefixed. 


icg aspi.|- ■: J Remetober that the price: of • 

vsp3\ * units, an<f tbcincome fromtlgm, may 
go down as well as up; 

Schlesingersmanage over . 
filOdmillibriof piW^iasdtttdoBaC 
andpension fund&~ v 

K : l/r\^A Crt ^ 1JeUenmttcm 


Cnttfav^bcjosmAi&iffJmpnUrafa-iDbcl 

Amo, nriR«dh na. Thai 

InvMouBt bLOmPSSiStaiiLtba lUA Umnl y 


imdjfcfclba:;™* 
Wn pWCl 

gSSESiSga 


HI 


tftw. Jfanrti. 




■ “ft*- Krott*.-L«ilaaW.'i .: RnMI m EnftWa 


1 . -TT- 

I To: SchlumgerTnut Managers Ltd.,- . V'' 
140 South Street, Dorldng, Surrey. 

I WtekatdatidEvema A m^mte TA. T>orJdnt(oitt6 

I I wish to invest f - 

(minimum £500) ^ ■ ’■ 

I in the Schicsinger Extra Income Trust at the. 
OfjLSpxd. ■ , 

1 Iwisli to hare ray dividends re-in vested >• 


rtjl 1 ww na&ni m 
H - [■aUMRjralnnothr.imMB.M 

lUi apgSami 4orn riMBtt 
. ■WMduitBfi.MhisnaMUlir 
MafaEKancd, •• 


Surname- [ 

Fmt names.. 


■AddreM....l_J 


I 3 would like further infonnaucion.inctudiiu’. . I . 1 . 

i * details of ShareEschai^e . |. j 

A cheque iaendose d , made- payahte rry Nfifriarn t Rank 


.’Sunanbr —7 - * r 

(In diccaae of a kMnrimHtrtrlriviTl 



kesutered si «»ie Poet OfBu, .Printed nr St. TgTmcm'a Pt^^S’V'aXF ^ 

by tbe Financial Times Ltd., BrSdtwl Uooc<i f Cairann Street, KT.4P i4&Y' •<_ 

H '^-Tfte Fmaacfaljrittk^ t(i.,