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JACKETS &TROOS£BS(=OBMEH ; 

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No. '27,682 


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Saturday October. 7 1978 


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For our latest ■views and PIMS 


reports write to R.K. Timberiake. 


19 Hanover Square, 


London W] a 1DU. 



coMrmairAL saiffto pmcst- AuraiA sa is; Belgium Fr as ; Denmark Kr ui .France Ff i,%t Germany dm j.bj war x wo? ncther lands fi a.D S Norway tu jj.- Portugal bc ms wain 40s Sweden & 3js t Switzerland ft z.d; eire up 



iEHERAL 


Ivs SI ;M WARY 


BUSINESS 


re-opens 



-*-t- 




Soviets 
Mnt at 
SALT 

summit 


: - oviet leader Leonid Brezhnev 
-Ji 'iH agree to summit talks with 
..^resident Carter if a new 
. tratcgic Arms Limitation 
eaty is ready for them to sign. 
' Andrei Gromyko, Soviet 
; .. oreign Minister, said in Moscow 
'■ ‘:-iat the U.S. had “ made some 
. , lifts in the necessary, correct 

; ni hr.. L recti on " during his talks with 
‘"r. Carter and Secretary of State 
yrus Vance. 

r Mr. Carter telephoned - Mr. 
rezhnev yesterday in an effort 
• ease the Lebanon crisis. In 
eirut, Christian militias were 
• . ider constant bombardment 
om Syriac troops. Back Page 


Equities rail trade link 


Gold at 



Rhodesia 


India to pay 
£1.2bn for 
Jaguar jet 


new 


BY OUR OWN CORRESPONDENT: LUSAKA, Oct. 6 


■ "«T10S Warned The country Is also facing great Zambia has therefore been un- weapon against Zambia, not 

io Wade, leader of the National .. _ • . -- - difficulties in exporting its a i>j e meet an IMF demand that against Rhodesia, so why should 

' raphical Association, warned on wages policy, leading- shires copper, which provides over 90 j t shorten the pipeline for pay- we starve ourselves any longer?" 

a ; . if Times Newspapers (The lost a few pence , and the FT P er cent of foreign exchange men t for imports from its present a senior official said, 

mes and Sunday Times) ordinary index elosed L8'down earnings. $52Qm to $450ra by the end of More pressing, however, is the 

rried out its threat to stop at 503.0. . Most of Zam hi as exports have i Mt month. transport crisis. Zambia sealed 

ibiication on November 30 the • • '••• _■ . been going to the congested port . yam hi on < e ils side of the border in January 

spute could spread through the • GILTS were qaiet.wiifcslight of Dar J5L_“S5 JLTrtiS£1£3E1S£ ™ ‘Smith. .be 

nup to its regional newspapers losses in shorts., the Govern- ™ llwa l' l '? e -.,. but maJor WasScetonStcu- iwloHiUOM Wh*““ Prime Minister, first 

id Thomson Yellow -Pases. the meat Securities hades 'closed K'““b s haTe built up aI ° n S wiSthflMF on^oficnlng thS cl “ a S. 11,e b “ rder J r ? m bis slde 

fig? sasfsss 

ail riot ends 62.7 (62^). The ffollv*; direct- transport problems along .the . Whlie IMF pressure is a major Announcing his decision mdav. 

w - ation narrowed slightly -.to- 9.6 Tazara route by whatever means influence behind Zambia s Dr K aan da siid ii did not rawn 
Ae riot at Gartree, Leicester, per eent (9.?K " possible. decision, there are other, equally. * h g entire. 450-mile border was 


m - fht riTV ToartN -remained PRESIDENT Kenneth Kannda of 
SsSS Zambia announced today that his 
quiet as lustltnUo^ economically-ailing and . land- 

appeared to await developments locked country would once again 
A i ' ' 'BSsgjggg-gga^^ begin using, with immediate 

S15 rczr=s= == ..■ .--""“I effect, the rail route through 

•LtTWEMDH - Rhodesia to import goods, includ- 

t— ing fertiliser, and to export 
510- f-1 1. - copper. 

• T The decision is one of the 

I.. I - . | biggest policy reversals in recent 
505 _ ■ 11 jw. - _ Zambian history and will have 

3 /TT. bolb domestic and International 

/.[ political repercussions. 

son®- r Fl WMfrffll I 0ne of tbe most pressing rea- 
3WU T hnflnaru faiflov sons for the change is the coun- 
' I | .. try’s severe difficulties in import- 

l ins ISO.000 tonnes of fertiliser, 

495 \A . — needed for the next maize sea- 
w j son. Planting starts in November 

“ and maize meal is Zambia’s staple 

. »« OCTOBER 1978 | f 00 d. 


ZAMBIA’S EXTERNAL TRADE 1 
Routes and Ports 

vfi-vRalWrays =™=Raaib ■ Ports 


1 A.W ZAPi 1 A 


MOMBASA ] 


«DAR-ES-1 
f SALAAM 


Eltiodrpf 


MofBl 

Zambia / 

Lusaka# 


QuMcxm. 


, N t 

N. Bulawayu 


Jr‘ ‘ALA'.VI 

L&rtima . 


I BORA ' " ’ 


NACALAI 


| OCTOBER 197S| 
2 3 - 4 ‘ 


•l o W. J BC-ISWAMAjr — /j? \ - 

i .. — — ‘ -Jp-* Francistovwi ~~j-gBwtfarid q B ; . jv.‘V 

country of badly-needed foreign pared to 'acknowledge, 
exchange. “ Sanctions have become a 

Zambia has therefore been un- weapon against. Zambia, not 


More- pressing, however, is the 
transport crisis. Zambia sealed 


'XI 

ug 

m&.v 

Vrs\ 1’ 
•TO-i*:. 
- 

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fr mm 

I/-?):.-- 

:■ 
: : 


•^L ifie Jl.- < i ir ^ , ? nes * 0-06 down at 69:89. 

The Daily Telegraph failed- to 


ipear in London today for the*. STERLING closed Slants 3' ’V**™*' made" condi tionai Offices in 

spul^withlh^NG^ 1136 ° f & do ^“ ** ^L9815 ’ , .trade- (a hout fl^Tm) aid packag??as Lusaka said the IMF . was likely 
spuie witn me -jnuA. weighted avenge improving to demanded that Zambia solve its agreed- 


spute with the-NGA. 

ail riot ends 


.. ne. riot at Gartree, Leicester, per eent (9-?K ' possible. decision, there are other, equally 

• aximum security jail ended' . 11 The IMF is reliably reported serious, factors- involved. being Viiopene^^ 'nr thawratie wa^ 

ben SO prisoners . occupying * .GOLD rose ?J: up' af- record to have told Zambia several One is the feeling in Govern- h i»in£ rp.p^iahiishdH u-rih 

- ree blocks gave in. They.jwere $223) La London, and- lh Now months ago it would be neces- meat circles, supported by 

otesling at allege d misuse of Y or k the Comex October settle- sary to re-open the “southern opponents of Dr. Kaunda. that 

inquilisers. m*nt' ' S22a ‘W route." To underscore the point economic sanctions- against 

mem: ... puce ... wa* ... l/mnim tnnnnr hnwa 


: ■ 
a:- — 

*• : ‘ * 

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4“.. .«■" 

. • 

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?--■ ^ ' 
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i- 

- 



£TC 


mallpox check c 

ispital and research labors- • WALL STREET drool ,3j>5 
■rjes in the UK are cbecldng "Hp -at 880.02. . 

-• filters on protective cabinets ' *»aWc .mm# 

."ier tbe discovery . of a faulty • A T*ARI5 COURT; has 
ter in tbe Birmingham • la bpra- ' 

-rv where Janet Parker con- Frenph banks .to -block Ni^gxian 

' • mttd smal^ox-and died, ^ - 

: r? % : ^igerja> continued -faflujq-.tw ' 
Annifi line of; --settle a< debt for. cemenV pue * 

enms upset - ^ -- chases -dating back .to :1975. < 
'itam took a shodc ^O lead Nigeria-r# involved 1% a $75pm 
the first day of the Davis Cup loan being raised .-bn inter- 
mi-final against Arotrali&''w4th national markets: Rack Page 
- ister Mottram and 'John Lloyd- *■' 

, nning. Sweden, and the UJ5. • EUROPEAN FERRIES will 
e level at 1 — I. ' provide a substantial part of the 


ronte." To underscore the point economic - sanctions • against 
a backlog of 140,000 tonnes of Rhodesia have been a failure, 
copper exports had built up . on which the West — as shown by the 
the Tazara line, robbing the Bingham report — is now pre- 


being re-established with 
Rhodesia- 

Official figures indicated that 
Continued on Back Page 
Economic and political 
consider! lions. Page 2 


BY K. K. SHARMA 

THE INDIAN Government to- 
night selected the Anglo-French 
Jaguar for the Indian Air 
Force's requirement of a “deep- 
penetration" aircraft in a £l-2bn 
deal with British Aerospace. 

The Jaguar was chosen iu pre- 
ference to the French Mirage 
and the Swedish Viggen, also 
in the running for the large 
Indian order which will consist 
initially 40 aircraft British Aero- 
space will then establish plants 
to make the aircraft in India. 

Tbe Jaguar will replace the 
Indian Air Force's ageing and 
obsolete Canberra? and Hunters. 
Tbe Government claims that 
there will, therefore, be no 
change to the strength of tbe 
Air Force although the new air- 
craft undoubtedly has far 
superior equipment and perfor- 
mance. The Jaguar has two 
30mm cannon and a maximum 
load of 10.000] bs. It can carry 
tactical nuclear weapons and 
“Magic" air-to-air missiles as 
well as air-to-surface missiles. 

The Government's decision was 
announced soon after Mr. Alai 
Behari Vajpayee, the External 
Affairs Minister, called "deeply 
regrettable” a decision he 
claimed the U.S. has taken to 
sell the F-5E to Pakistan. He 
said that this would set off an 
anns race in the subcontinent. 

The U.S. decision, said Mr. 
Vajpayee, was conveyed to him 
by Mr. Cyrus Vance when the 
two met in Washington recently. 
India's view is that Pakistan 
has already increased its defence 
potential when its' defence lia- 
bilities have been reduced and 
it does not need such a versatile 
aircraFf as the F-5E. 

The protest to the U.S. was 
clearly made by India to preempt 
criticism of its own decision to 
buy "deep penetration aircraft." 
A noisy exchange of protests 
between India add Pakistan over 
the aircraft is inevitable. 


NEW DELHI, Oct 6. 

The Jaguar was chosen after 
careful study of the performance 
of the three aircraft by two high- 
level teams. The Viggen went 
out of the running when tbe UB. 
announced' it would veto the deal 

(the aircraft has an engine 

developed in the U.S.). 

Detailed negotiations over tbe 
past two years were held with the 
British and French. Tbe basis 
of the selection was That tbe air- 
craft should be made as speedily 
as possible io tbe country, that 
it should be the best from the 
defence angle and also make the 
country self-reliant The "buy- 
back ” principle accepted by 
Britain wil enable India to be 
technologically advanced as well 
as earn foreign exchange. 

The Jaguar is the const econo- 
mical of the three aircraft to 
operate and its manufacturers! 
have offered the most favourable 
delivery schedules. 

Micbae] Donne writes: The 
Jaguar is a twin-engined low- 
level supersonic strike aircraft, 
developed and manufactured 
jointly by Britain and France, 
and has been in production for 
several years for tbe RAF and 
French Air Force, each or which 
has taken 200 aircraft. A num- 
ber of overseas deals have been 
achieved, including sales to 
Oman and Ecuador. Although 
officially an Anglo-French air- 
craft, the export sales effort is 
in the hand of British Aerospace. 
But Dassault-Breguet of France 
will share in ihc order. Rolls- 
Royce Turbomeca. the joint 
AnglOrFrench engine company, 
will also be involved, on ibe 
Adour engines for the aircraft. 

David Buchan reports from 
Washington: State Department 
officials today denied that there 
was any agreement to sell F-5's 
to Pakistan, adding that Pakistan 
had not even formally asked for 
the aircraft. 


Living 
standards 
reach 
new peak 

BY DAVID FREUD 


LIVING STANDARDS reached 
their highest level In the second 
quarter of this year, mainly due 
I to earnings rising as the rate of 
inflation slowed. 

At the same time, revised 
figures released yesterday by 
the Central Statistical Office 
show that the underlying profit- 
ability of the company -sector 
has declined. 

Between April and June living 
standards, as measured by real 
personal disposable income, 
were higher than the previous 
peak in the fourth quarter of 
1974. 

In 1975 prices, seasonally 
adjusted, real persona] dispns- 


LIVING STANDARDS 


Real personal 

Personal 


disposable income 

savings 


at 1975 prices 

ratio* 


£m 


1976 

74,184 

14.6 

1977 

73,082 

14.1 

1976 

1st 18,625 

15.6 


pay 


choois hearing 

r. Justice Browne-Wilkinson 
s reserved judgment In the 


Within TCI. the transport wor- 


Party donations, clashed ..-that -more than 




. ister Mottram and -John Lloyd • *' 

BY PHILIP BASSETT AND NICK GARNETT 

. ‘ - „ . ffim. costs Involved in developing . 

ChOOlS hearing pa.ssenger-carryta? helium air THE MOST definite indication Mr. Healey said that the Within TCI. the transport wor- 

_ Winn ships. Page 3>‘- - yet that the Govertiment is pre- Government and the TUC yrould kers. together with oi'ner signa-i 

r. Justice .Browne-wuKinson pared to compromise on its 5 per discuss what each meant' by tory unions will now try to force 

.. * reserved judgment in the • ASSOCIATE U .NEWSP APEKs cent pay limit — to avoid a winter “ responsibility in collective the companv to renegotiate a 

ph Court action, against North has emerged, ro. the main finan- 0 f confrontation with\ the trade bargaining.” Phase Three* 10 per cent deal. 

irkshire council brought oy ciaL backer ' h^p 1nd ^ unions— was made last, night by u, nrhnPf! the Primp settled only a few months ago, 

location Secretary -Shirey Ferries wbxdi will .operate^ Mr Denjs Healey, Chancellor of in nisrS i° an attemot to break the rule 

illiams over comprehensive Boeing the Exchequer. \ wwk^cLSol th « there should be 12 months 

orv cash UD ' uZ V v IS5^JJ?th^?nun? e fnr Slk^to tian could be ke P l under c 0 ^ 01 * T* 1 * 5 would be strenuously re- 

ory casn up * DA^TSUN UK executive has th * ®T 0U ^ P k bjfe G l n only if there was "the right sisted by tbe company. 

-mservative Party donations, clauned. -that more than 100 ^ ^.*i® ld Tr b J L"a e p e ° combination or fiscal and Union offiieal* warned that at 

Mainly from industry and bn si- dealers hayn had. their franchises a v d J monetary policy with moderate wivKJi °SlSr 

!®.« rncp hv 5(i npr ront in 1077- fnr J»nan»w cam revoked as a to Lry to heal the oreach over J Michelm there was a serious 

to tlMm^onroared with result sales restrictions in the && which was opened this week pay ncreases - possibility of . confrontation over 

!he £ nrevinS2 Pine ? 1881150110,18 * • Sthe Labour party conferee* The Transport and General the claim which was due to be 

p.3m the previous year. Back UK. Page, 3 in Blackpool. ^ • l WcI^ke^s , Union gave notice yes- settled at the beginning of this 

; ■•■nitMo' * T^The Chancellor, speaking in terday of specific assaults on pay month. 

^^rrorifit bomb v. Weds, said thit the ulks would policy within the MicheUn Tyre Last year the company nego- 

5 • ^NATIONAL Union of Journal- discuss “whether it U possible to Company and Imperial Chemical tiated a staged Phase Three 

slice in Liverpool are treating wiu decide in the next few ffet the right increase in overall Industries. deaL This gave varieties of 8 per 

" a serious terronst incident ’’ W eeks whether lo withdraw from earnings this year with more At Michelm, the union is not cent during the deal’s first 
e bomb which exploded under tjj e council — a. move which flexibility than the present policy only claiming substantial pay period. 11 per cent for the 

car outside an Orange could undermine the council’s allows." . rises above Phase Four's 5 per middle period and 14 per cent 

; il io LiverpooL It is thought ^ "adjudicator on editorial He said that other countries cent for 8.000 manual workers. f or tbe last months of the deal, 
have been wired to the «niduct on newspapers. Page 4 bad managed to show common- but it is also insisting that pay The overall settlement was 
oition. The driver escaped . . .. - sense . in wage negotiations with- rises be applied in a certain way. worth 10 per cent 

-rions injury. * • .'JOB openings .for 1 Britain s ou 't “ a strict and detailed policy The application itself would ap- 

, . 80.00&: university graduates axe ip^pay:” He hoped for the same pear to be outside the guide- Labour Party Conference and 

ledunaant birds expected to rise by -at least 10 -Britain “ before long.” lines. Labour News, Page 4 

• • per n® 1 year, says an - . - .. ' , 


previous 


Peking to let European 
companies open offices 

BY MARGARET VAN HATTEM BRUSSELS. Oct. 6. 

THE CHINESE Government paying fairly promptly and 
Uas decided to allow European proiiding (he Chinese Govern- 
companies to open represen la- menl is not directly involved. 

live Offices in Peking. Herr Wilhelm HafTprkunn 

It has also indicated lo the tfc ™ ■■ fferka “ p ’ 

EEC Commission that it is pre- * he , EEC Commissioner for 
pared to relax its stringent t-xtcrxial Affairs, said today on 
controls on the use or Western J ,s "turn rrora a 10-day visit 
credit for trade and resources J® China that over the next 
development. t?'® >® ars European companies 

Although Government-ln- should be able to lay a solid 

government loans are still un- ?. u " d ? t,0D 1 f ® r ?f l ri 1 lCip 5 ,,n 7 ,n 
aecepiuhle. Ihe Chinese Chinas industrial develop- 
authoritjes have indicated that meni. 

they are Interested In borrow- Energy, non-ferrons metals 
ing from Europe. and light industry would pro- 

However, this is providing vide the biggest opportunities 
they see a good chance of re- for the lime being. - 

IampMfew T-T 

wh 6 fl li 6 said • Hi I 


2nd 13,419 14J 

3rd 784161 15.8 

4 t h 18,279 12.9 

1977 1st 18.1*3 14.1 

2nd 17,954 13.7 

3rd 18,063 1L6 

4th T8JI82 14.1 

1978 1st 18,722 12.4 

2nd 19,31 4 153 

* Saving as a percentage of dis- 
posable income. All 'seasonally 
adjusted. 

Source: Centro) Statittiod Office 

able income totalled £19.3bn in 
April-June, compared with 
£I9.2bn in October-December 
1974. 

The second quarter total was 
3.2 per cent higher than the 
January-March figure and 7.6 
per cent up on the same period 
a year ago. 

A longer-term comparison 
shows that living standards in 
ihe first half of this year were 3 
per cent above those in tbe 
previous six months. 

The Central Statistical Office 
said that the bulk of the increase 
in living standards was due to 
wages and. salaries rising Taster 
than prices. 

About two-thirds of the im- 
provement was attributed to this 
factor and the remaining third 
to tax cuts. 

Consumer expenditure did not 
keep up with the increase in 
disposable income, rising only 2 
per cent between the last two 
quarters in terms of current 
orices. and remaining unchanged 
in volume. 

This meant that there was a 
Continued on Back Page 

f In New York 


Sprit SLfl7T*X97cO *LSB30-9?40 

I mnnth fl.51-0.Wi1l* 0.504), CS 4i« 

3 month* I.65-l.f0 .It, t.^I-LSl rti. 

1? mrmth* zi.96o.B0 rh» - -S.BV5.70 iH«- 


oition. The driver escaped 
-riocs injury. 

:edundant birds 



| 5 & f 


ie U.S. Air Force - is to save in graduate -employment . - — 

3(1,000 by halting the use of , - r -• . _ __ R 

Hs=r; sSS English Property chief change 

nlract with the Norfolk firm t0 replaced by Price Water- 
' ing Wings which still has two hoase . . .The leather group BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

ars Ld run. Jm^riarities ’ ^kf^Glasgow 1 ^^ MR: DAVID LLEWELLYN i* to Wereldhaye. role will give Mr. Llewellyn 

riefly . . - Rldiarv which. Barrow Hepburn step down as chief executive of At the tame of the bid the City more time for has own property 

_ * « Vnrir SSdoLd may cost the group a English Property Corporation. was alive with talk that Eagle interests. But he has no plans to 

*offrey Boycott, sacked as York- mscioroa^may co« in gr p - ;Mr _ u ewe uyn, who built the Star, the- corporation’s largest leave the corporation whore he 

ire cricket captain, will taiai coreoration into the second institutional shareholder with bolds one of the largest personal 

nounce his future plans on the imwAim whiPh wsw largest property group in the 273 per cent of the group’s shareholdings. 

1C 1 Michael Parkinson show •BLATEK which w® . TOU;ntry ^ early 1970s before shares, was pressing for a more Mr. Honeyman, at present Mr. 

night. i|t 7 shows a borrowings ran the group radical property Mies pro- LleweUyn's deputy and formerly 

incess Margaret left Sydney u Z n rk into 'serious revenue problems, gramme to cut its £}bn borrow- the assistant managing director 

r*Tokyo to resume her Pacific ^bruarTin its ^ “ at t he invitation of the mgs and speed the reduction of of Watney Mann’s property busi- 

- ur - . - - 7)oard, w agreed to become its its £llm-a-year net revenue ness, confirms that there has 

is i + ■ -c Bret woman S rst J? coount ^ f£ joint deputy ohairm an from the drain. . been no board room coup. “1 

in Dadds, Britain s first woman Rank g acquisition - of the com- beginning 0 f November. Mr. Llewellyn said yesterday: have simply inherited his (Mr. 

un driver, .began work qn pan y< Page 3 . ; -Mr. -.Stanley Honeyman will “There has never been any dis- Llewellyn's) bed of nails." 

indon.s District Line. • ■lnr ir then take over as chief ex ecu- agreement with Eagle Star on As part of the boardroom 

■ench rail -unions have called CDHPaIUES tWe. ; matters of policy" . reshuffle. Mr. Gerald Rothman 

J.. four-day national strike . Mr. . LleweUyn’s move comes He added that, after ten years will become Mr. Honeyman's 


.ro.ine^ena oi Iasi reoruaiy JU iu. apreprf to become its its t: 

ii.todepa^ha.rman from tl.e *-«. 


'mdon's District Line. 

-cnch rail - unions have called 
four-day national strike 
; pected next week- 


- lour-uay uauiiudx CTrYTTmT THY tT17TSION first “ ,Y W 15 ■ ““ “ — " u „ V ■ = 

• pected next week. 9 SUmTSH TELEWSION nrsi two 'months after the breakdown as an executive, “ one gets stale.” deputy. 

ulorfl -b fn , n( ipd .in riZ” 6 " L ror ? ::««« of takeover talks for the corpora- The move would “allow a fresh •English Property Corporation’s 
' - Ltmdon^accused of (£7 ^ Pa^ ** £fl,15m tion by the Dutch property group approach to the management” half-year results appear on Page 


' stody in London accused of 
juggling heroin worth £6m 
ie Netherlands Parliament is 


ie Netherlands Parliament is fr .- ABERTHAW and Bristol 
investigate whether Royal Channel Portland Cement reports 
itch Shell and other oil com* first -half, pretax profits dbwn 
mies violated UN sanctions from £8£5,000 to .£522,000. 
ainst Rhodesia. - Page lfl- -; 


KIEF PRICE CHANGES YESTERDAY 


BeleggingsmaatschappU His change to a non-executive 18- 


CONTENTS OF TODAY’S ISSUE 


Overseas news 2 

Borne Hews— general 3, 4 

—labour 4 

Mining 9 


Arts page 14 

Leader page 16 

UK Companies 18, 19 

XntL Companies 21 

FEATURES 


World Stock Markets 20 

Foreign Exchanges 23 

UK stock market 24 


i ' rices in pence unless otherwise 
s y indicated!. 

RISES . 

^'•mbere 130 +8 

■own & Jackson ... 246 + -12 ' 
irton A 174 + 11- 

iwson InL 199. +-4 

>TFC ; 8 + u 

y -ster Bros. 175 + 8 7 

' iwihom Baker ....... 75 +5 : 

tC Inti. 86 J + 24 . 

in. Merchant Secs. 351 + 8 

' .veil fY. J.) 113 + 5 . . 

. dlrarst . White. ;48 + 4J 

• ‘ jrris & Bfakey . 94 + 6. .-. 
iriter Timber Ill •+ 5 

■t- Zochonis A N/V 190 + 12. .. 
ioenik Timber - :.;.... 253 + 8 


Town. Centre Props. 76 + 4 
. Wolstenhoime Bronze 265 + 10 

Maiakoff • 67 + 3 

Falcon. Mines 170 + 10 

Jdhiirg Cons. £15} + 4 

Lydenburg 73 +• a 

MTM HWgS.- 200 + 5 

Minbrco- l® + 5 

Rusteriburg 107. + 5 

' FALLS ■ 
Aberthaw. Cement 14S - 9 

Beech am TOO - 10 

Bryant Hldgs. ......... 47 — 4 

Footwear 1 Ind. Invs. .70-4 

Glaxo 627- — .8 

Hawker Siddeley 246 -9 

Leigh Interests .145 - .9 

Robertson Foods , 158 •- 4 

SpOng ...... .33- — 5. 


The numerous problems of Zambia- opens Rhodesia rail Profile of Jock Stein 10 

' home loans IB R“k 2 The Citroen Visa 10 

I1F0 Vinaitk k Fash 1 ^ «>ate for winter 12 

The consumer movement’s Permanent life health 6 Birdwatching In Greeee ... 12 

- coming of age 1" The Dnnlop Masters 10 Time to run for cover 12 


Time to ran for cover 12 


^PfUllURMBtS ...: 

. BrUjw — 

Outs 

C*l lectins - 

CrKUWWlf Puzzle 
GcmbriIc Diary ... 
. EntBrtalflflKfit 

-BanHNitMBf 

■.yjaanee & Famnsr 
PT-Aetiartci lirtlew 
Guntenfia 

firif 

: flmw » Spaod K ... 


InsvraacB 4 

Letters U 

Ldx — — a 

Mn of the Week ... 28 

Market Reports ...... -5 

Motoring U 

Property U 

Rating - 20 

Shan: information .. 2427 
se Week's Dealings 22S& 
Tnmi — 12 
Weekend Briefs ... 17 

TV and Radio 1A 


Unh Treats 25 

Weather 2s 

Year Savings ft Inv. 4-1 

Base Lending Rates 24 

Bolin tog Sk. Rates 25 

Local Ant by. Bonds 23 

UK Cnmcrtl tales . 23 

OFFER FOR SALE 
Barclays Unicom... 4 

• Chieftain Growth .. 9 

CraigiaetMt America 3 

Gartanre Far East 5 

Ganarall Income ... 9 


Henderson Cabot .. S 

M A C Smaller Cos. 6 

SAP Far Hast .. 5 

Sctakshmer Monthly M 
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ANNUAL STATEMENTS 

Rayfaeck 19 

stcintaarg Group ... 14 




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Financial Tinies Saturday October 7 1078 V 


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OVERSEAS NEWS 

Ullsten tipped as 
head of new 
Swedish goveraipent 

BY OUR FOREIGN STAFF 

SWEDEN'S POLITICAL leaders Much still depends on the 
began talks yesterday on the successful resolution of the 
formation of a new Government nuclear issue. Mr. Fallden came 
■following the resignation of Mr. to power two years ago with a 
Tborbjorn Falldin, the Swedish firm promise to abondon any ’ 





| ZAMBIA OPENS RHODESIA RAIL. LINK 


THE 

LEBANON 


Prime Minister. 


Falldin. nuclear programme, and it was 


bead of the country’s first non- that which probably Upped the 
socialist Government in 44 years, scales m favour of the non- 
. quit after failing to reach agree- socialist camp in the last elec- 
ment with his two coalition l ‘ Qn - 111 , a pre-e I ecu on. pledge, 
partners over the nuclear issue. toeoutgomg Pr 1 ?S e M,ms L er had 
„ „ . , said that he would never be part 

.Mr. Henry Allard, Speaker of 0 f a Government which built 
the Swedish Riksdag (parlia- another reactor, 
ment). discussed the formation gy wa y 0 f compromise, the 
of a new Government with the coalition parties suggested that 
. various party leaders but no power companies must prove 
decision is expected until after ifcal they could deal with any 
the weekend. nuclear waste in a safer fashion 

Mr. Olaf Palme, leader of the than in the past. When the 
Social Democratic Party and Prime Minister looked as though 
former Prime Minister, was the he was on the verge of accepting 
first person to have talks with the compromise allowing the 
Mr. Allard yesterday. But Mr. construction of Sweden’s seventh 
Ola Ullsten. 47-year-old Foreign and eighth nuclear reactors, new 
Aid Minister and Vice-Premier pressure was applied within the 
In the outgoing Cabinet, is can- party. 

sidered by observers in Stock- it seems that Mr. Falldin then 
holm to be the most likely suces- decided to allow a referendum 


uni. rajLiueu uauie Jf- -r-m. T /“I m j 

e to^twndorT^ny UN SCClXFltV 

ram me, and it was • ** 

Council m 

ip in the last elec- _ „ _ _ • 

s£risun& bid to end 

would never be part _ 

ment which bnU. bl 00 dsh e d 


sor to Ur. Falldin. 


on the subject instead of agree 


The Swedish Pre«s ha* been ‘"S » demands of his coail- 
speculatlng that Mr. Ullsten *nn partners for a maximum of 
might Form a coalition with the *0 reactors. His partners relt 
conservative party led by Mr. 'hat the country needed nuclear 
: Gosta Bohma. It is thought that Power and refused the offer of a 
• such a coalition would hare the referendum- They have agreed 
.tacit support of Mr. Falldin's to act as a caretaker government 
. Centre Party until general elec- 1° handle daiiv business. 

‘tions are held on September IS Back page: Man of the Week 
next year. Thorbjorn Falldin. 

Soviet Union pledges 
more arms to Syria 


BY DAYtO SATTER 


MOSCOW. Oct. 6 . 


THE ' SOVIET UNION has in Lebanon and observation of 
apparently agreed to increase the M legitimate Interests' of the 
military aid to Syria following Palestine resistance movement 
two days of tall^s between Mr. in. Lebanon." 


Hafez Assad, the Syrian Presi- 
dent and top Soviet leaders. 


The high level Soviet Syrian 
talks were attended both today, 


A joint communique issued and yesterday by Mr. Leonid 
tonight after the conclusion of Brezhnev, the Soviet President, 
.The meetings said the sides Mr. Alexei Kosygin, the Soviet 
adopted “relevant decisions" Premier, Mr. Andrei Gromyko, 
after discussion of further Soviet the Soviet Foreign Minister, and 
assistance to Syria in strengthen- Mr. Dmitri Ustinov, the Defence 


.tog its defence potentiaL Minister. 

The Soviet news agency Tass g U ch attention to a visiting 
earlier today said that the Soviet foreign head of state is a 
Union pledged itself 1o give measure of the seriousness with 
further support to Syria and which the Kremlin views the 
.other hard Upe Arab states present Middle East situation. 

' opposed to the Camp David The. communique, reaffirmed 
accords -and — it was widely, the cUaftand for complete Israeli 


UNITED NATIONS, Oct. G. 
AS FIERCE fighting between 
Syrian troops and Christian 
militias spread in Beirut, the 
United Nations Security Coun- 
cil tonight agreed to meet and 
consider proposals for ending 
the heaviest bloodshed in 
Lebanon since the 1975 civil 
war. 

A UN spokesman said the 
debate was expected to begin 
tonight and members would 
meanwhile hold further private 
consultations on a draft reso- 
lution. 

' The UN action followed 
closely an announcement by 
the U.S. State Department in 
Washington that President 
Carter had personaly contacted 
Soviet President Leonid 
Brezhnev and other world 
leaders urging them to back in- 
ternational efforts to stop the 
fighting. 

Earlier, a UN spokesman In 
Geneva said Prince Sadruddin 
. Aga Khan, the United. Nations 
special emissary to Lebanon, 
would fiy to the Middle East to- 
morrow to try to halt the in- 
creasingly vicious conflict. 

Our Foreign Staff adds: The 
Christian forces in , East 
-Beirut yesterday appeared 
almost completely cut off by 
Syrian troops following the 
failure - of persistent -assaults 
by the Christian militias to 
regain control of the key 
Qamntina bridges, using Super- 
Sherman tanks. The bridges 
link the Christian -held area of 
the capital with the main 
JUar unite area of Lebanon. 

The bridges are vital to 
the port of Jounieh, where 
Christian communications to 
Israeli-supplied arnaments are 
landed. A communique Issued 
by the Syrian-dominated Arab 
peace-keeping force said yes- 
terday that two Super-Sher- 
mans were destroyed and the 
tejst ; driven back. The 


ZAMBIA'S decision to start using along this tortuous path' to 
rail routes through Rhodesia Zambia, the last part of it by 
raises profound- political issues road. 

—domestic and international— The fertiliser is essential for 
for President Kaunda. while Zambia's hybrid maize crop, 
easing, but not resolving, the which provides the staple diet 
country's deep-rooted economic for the country’s 5.5m people, 
crisis. The fertiliser must reach the 

Central to Zambia’s problems farmers by the end ^ October 
is the post-1974 slump in the 1d J 1 ™® *> r Navemb^ rains 
world market price of copper and “tons, ™ part, the remmn for 
the failure of the economy to President Kaunda's decision, 
mave away, from dependence on Poor copper prices and tran^ 
this commodity. Copper provides port difficulties have spelt 
over 90- per cent of the country’s immense economic problems for 
foreign exchange earnings. Zambia. - The country’s copper 

To this^have been added mines have, been running at a 
immense -transport problems, 1 °® and have been forced to bor- 
p reduced partly bv Zambia's row heavily from the Bank or 
landlocked position in tbe heart Zambia to keep going and thus 
of Africa and partly by the provide vitally needed foreign 
politics of the region. Since 1973. exchange. The overall balance 
Zambia has not used the suutoern of payments deficit at the end of 


BY OUR FOREIGN. STAFF 

ZAMBIAN ECONOMIC 
INKCSTORSi^tm^^, 
1977 ' 


■ BOP 

ili Total _ Copper 
— Kw223"5m Exports 


Copper 

Cash wire bars 


At the same time, the busing 
community is virtually united V 
wanting a pragmatic approach 
ease its problems and shnT 
sentiments are voiced in Par] 

meat. 

As it is, informed sources e 
coke from the Winkle Cr 
Mines in Rhodesia has alrea 
been crossing the bard 
Although coke is also hei 
imported via Dar es Salaam fn 
Italy and Germany, U baa be 
insufficient to meet copperb ' 
needs. .Rhodesian coke stopr 
.arriving altogether in May 4 
year, when Dn Kaon da faille 
"state of war with Rhodes! 
speech. But by December ho 
ups at Dar es Salaam meant: tr 
coke was not getting thtmi 

_ __ j ^ D.oirAk. Tr.n i . v: “ 


rail route for exports through »**? year was Kwacna jzam.. should be able to - begin called for reopening of the s buL The position was revie* 
Rhodesia, wanting to make a w hue foreign exchange reserves shortening the import pipeline. Rhodesian border as well as epen a t a Cabinet meeting in De* 
move away from dependence on were rirtuaiiy exnaustea. The opening of the Rhodesia, trade with Rhodesia and South ber- At that time the Rresitu 

political point against the Smith Last March, tbe IMF stepped route for copper exports will be Africa, immediate de-nationalisa- wa s still against takjw .m 

Government However, some in with a two-year aid pr»- a great help in this. . v tion _of certain State*>wned 'from Wankle hut by Msy-tri* jr m 
quantities of Rhodesian coke are gramme under which it would The opening of the route is w paras total ’* industries which co ke started crossing fteWf, 
understood to have crossed the provide $39Qm credit and likely to be privately welcomed 'dominate Zambia’s economy, and j n comparatively small amoah 
border since then. In 1975 the reschedule an earlier 54o.6m by the Western financial aid con- a searching review of the Socia- to . make up any shortfalL-ta Yl 
Angolan civil war cut off another IMF facility. However, the IMF sultative group, on which Zambia list-based humanist policies of requirements. The delay 
valued export route— the Ben- made the gradual disbursement i s relying for substantial addi- or Kaunda. implementing the deciW * 

guela railway to Lobito— and this of these funds conditional on tional assistance- This met in A fortnight later Mr. in part due to the faetthat'r 

has yet to re-open. Zambia meeting some tough tar- Paris in June and is to meet Kanwenwe's views on State- Rhodesians demanded piyma 

Thus, 90 per cent of Zambia's Th®® e in c 1 u a ^ a _ r . e ^ c_ again in January. The transport owned companies appeared to be in. advance at a time, wh 

trade has been going through tion in intern a I Government bor- issue was -raised at. the Baris raHpeted in a Parliamentary Zambia was severely short 
the congested Tamanian port nf rowing and in the budget deficit, meeting and caused considerable select Committee - report on foreign exchange. 

Dar Es Salaam, most of it along a reduction in the pipeline for concern. . narsstatals which cited m, » . -j.- 

the Tazara^Slway line hnkinf P^ments for imports and a However even with use of ££fftotency. poor management' "f 1 ^55," 

Zambia and Tanamia. However, reduction In borrowing by .the toe Rhodesia rente, continuing ^ corruption in many of the *“£ 

by the end of Juiv at least Zambian mines from Kwacha low copper prices means that rijp, thev examined F lC P 011 "”! unplteatio 

lUtS/cBHpSm&l 176m to irate. , Zambia’s mines still fece major report excluded “"S for BpUthern ^ 

up somewhere along this route However, difficulties In export- problems-— and GO * * does the . Goyernment-owned copper First of all, it is a substanti 
—about 15 per cent of annual ^*8 copper through D ^^.® s country In i*s efforts to reduce mlne c Roan Consolidated Mines blow to the Nkomo wing cf t 
production. Reasons include a SaJaam have meant that despite dependency cm the mlneraL “*J es - ^.% anfia Consolidated Patriotic Front, which onenS 


iuic, a muw Luxa-rouna nme ror u> a nmuwuvu frt rhp ■ State-eon- toe tnrousn route betnp- nvett ' 

trucks and inadequate handing then. The Zambians failed to on which former Vlce-Preeident an( j his call for the Zambians will now cm* 

facilities at Dar Es Salaam. meet an IMF condition that they Simon Kapwepwe bad tem riScuteE tute anattadc-ona kSzamW 

The problems on the Tazara reduce the Import pipeline by tempted to challenge Dr. Kaunda th « border renpemn 0 nmeuteo. .jure aq an^^n a ^amw. 

route explain why Zambia has about S70m to :6450m by tbe end at the forthcoming presidential Although Mr. Kapwepwe can- . President ^ Kaunas k 
tried to route its vitally needed of September and a Zambian elections, due to be held in. mid- not contest the Presidential elec- wakened Mr Nkomo’s bares 
fertiliser imports through team has just been in Washing- December. tions bis views may find backers ins pos ition m 

Mozambique and thence, across ton trying to renegotiate this In July this year, Mr. -Kap- among candidates in the Par- : . - ‘ 

South Africa and Botswana into issue. (Waiting time on pay- wepwe, announced his candidacy liamentary election to be held At the same time, Zambia h 

Zambia. However, as yester-' ment for iinports Is 15 months (which was to be: rejected on at the same time. -Thus Dr. strengthened the position of 1 

day’s opening -of the Rhodesian or longer) . ... technical, grounds .by the. .ruling Kaunda faces the prospect of a Ian. Smith, the Rhodesian Prii 

rente indicates, the. fertilise r was Set against this, some financial United' National Independence hostile Parliament in the months Minister, both diplomatics: 


simply not moving fast enough sources in Lusaka argue that Party) and launched a scathing ahead. 

Western bid to break Namibia ” 
deadlock with talks in S. Africa 


economically. 


assumed this support would take - withdrawal from all Arab -tern- - ° s ®I* helte*ed tojiiive 

the fonn of ntiUtary. aid. tories occupied -in 1967 and f!^ v . e A , o! 12 Snper-Shermans 

The Soviets ^and Syrians con- estabhshmeht of Palestinian „ ra . . , ei ‘. ~ . . 

damped Israel for interference national rights including the Reports in the .. left-wing 
in Lebanon . and “unending right to a Palestinian states press mi he capital yesterday 
attempts to increase tension and The Soviet side' said that the 'S® jested that Syrian troops 
provoke a split in the Lebanese task of rallying all. forces 55 . broken toe back or tne 
State.” opposed to the “ capitulatory Christian mlllrai? organisation 


provoke a split in the Lebanese task of rallying all. forces had broken the back of the 
State.” opposed to the “ capitulatory Christian milltaiy organisation 

The joint communique also line in Middle East affairs” «ter five dajs of shelling, bat 
called for tbe consolidation of becomes particularly urgent *“ e *** „ 

Lebanese Government authority under existing circumstances. up l ”J SUnc ® “* ,?» nD , pe or 

provoking international or 

— Israeli intervention. 

*10 p« The Christian forces would 

^ lAhlACC TlfTVlT*^G be * b,e 10 inffict heavy casual- 

•LF« ll21UH.Vk9 ties on Syrian infantry IT a 

* ^ major assanlt were launched 

reach 6% in September SS-SK 

^ 10 affect the outcome of the 

. WASHINGTON, OcL 6 . fighting toe Israelis would have 

THE UNEMPLOYMENT rate in Most of the gain in unemploy- 

America edged up from 5.9 per ment last month was caused by gEJJj 1 weapons 10 me 
cent to 6 per cent in September, persons new to toe labour force. TJle | Sfae j] naval attack on 
but the number of adult womeu The number of Americans with thp Pa j„ s ,i n : an naval base in 
with jobs increased sharply, the jobs advanced by 290,000 In west Beirut has momentarily 
U.S. Labour Department September to 94.9m, the Depart- raisef | Christian morale, but 
announced. ment said. without major Intervention Us 

Adult male unemployment But tbe administration bas miu h» iam>iv conm<>iic. 


BY QUENTIN PEEL JOHANNESBURG, Oct. 6 ! 

A VISIT by - the Foreign Speculation over the coming months’ preparatory period. 
Ministers of the five member, visit—tbe higbestievel combined Another visitor to Pretoria 
States- of the (W Security mission ever ‘to visit South today ■ was ■ Mr. Dirk - Mudge^ 
to South Africa is now Africa — has- coincided with a Chairman of the pro-South 
likely, and arrangements - are flurry of. activity on the ‘South African' Democratic. -Turqhalle 
being finalised, , diplomatic African . side relating to.Nami- Alliance, ohe' of bnW'tfcb parties' 
sources said here today. bia. Judge. M. T. Steyn, .the to haVe reglstBr'ed to take^part 

. The Ministers^ including Mr. South African Administrator in the elections; and hitherto 
Cyrus Vance, toe U.S. Secretary General in Windhoek, spent the insistent that they must' go 
of State, will attempt to bTeak day in consultations with both ahead as planned. He spent 90 
the apparent deadlock between the Prime Minister and Foreign minutes in talks with Mr. P. W. ■ 
South Africa and the United Minister, as well as calling on Botha. 

Nations over a peaceful settle- Mr. John Vorster. the former No statements were issued hy 
ment and- free elections in Prime Minister and President the South African Government 



Rail official*;: liner 
to discuss 
routes " '" !i ^ 




Namibia (South West Africa). Elect 
They are- expected to have talks Jud 


but observers still believe the 


The UNEMPLOYMENT rate in 


. WASHINGTON, OcL 6 . 
Most of the gain in unemploy- 


America edged up from 5.9 per ment last month was caused by 
cent to 6 per cent in September, persons new to toe labour force. 


They are- expected to have talks Judge Steyn is responsible Government to be sticking to its 
with their South African counter- for carrying out toe elections election timetable, whatever the IVgfBI 

part. Mf; Pik Botha, and almost which the South African Govern- consequences. AT * V * 

certainty with Mr. P. W. Botha, ment is determined to press The South African government T/ 7 ” ^ J„ 

toe new Prime Minister, as well, ahead with in December, with- bas promised its response to the 51 S IxGflVJi SI 

The>v will also wait the out UN supervision. Any oego- UN election plan, and its ** ^ 

Namibian capital of Windhoek tiations with the Western explanation by Dr. Kurt Wald- 

W1 ? h .- the J ntera al Powers will inevitably centre on heim, toe UN Secretary General, 

^ «rv? ca o^nisations there. tbe form and timing of toe elec- after consulting Judge Steyn. 

The most likely timing qf toe tions. Western sources here are Diplomats here expect this n; i.w n wnmii 

vhit is said to be toe end of the adamant that the December elee- response by Monday. They say By 1 " worraii . 

coming week, with the Ministers tions. under South African that while its contents will ■ r . NAIROBI Ort. 6 

i? et — « on irtP-“; £ D °ti-oI, will be regarded as both clearly affect toe position of tbe A T A snedal delegates meetii 

and visiting Windhoek top early and neither free nor Foreign Minister.-!, they do nof tf P C Sn nS 


^ 111 ° ur Own Correspondent 

- r - .- : ‘/te . AMI JOHANNESBURG, Oct 6 
5>v - -..-r- SOUTH AFRICAN raihw 

F • officials are expected to m« 

•Vi » JBg . '•/ their Zambian counterparts 
mli; 'V' r Johannesburg soon to final; 

Wt - r ’Pr f . - • arrangemffits for the carriage 

: Zambian traffic through Sou 

K&frT 4 rMmy- Africa. A railways spokesm 

*' said here that- so far no fii 

•EJVBk. %i - decisipu had been taken on i 

The ' most urgent problem 
jw_ M . solve is the transport of Zs 

bit. Arap Mor bia’s fertiliser 'which has b* 

offloaded at Beira and Mapi 
-n «- • i in Mozambique. South Afrit 

Moi chosen 

T7 - . Maputo to .toe Botswana bort 

QO |v where It has been taken by R 

ttiJ iVCllj' 4X desia- railways to Franosto- 


jmu juuj IU1.1CWU onaL|#ij a mw wwvmmvvm wj ^i»u,vwv ua, 

t>.S. Labour Deparunent September to 94.9m, the Depart- 
announced. ment said. 

Adult male unemployment But the administration has 
declined to 4 per cent in become increasingly worried 
September from 4.1 per cent in about inflation as rising whoie- 
both August and July. The rate sale food prices threaten a new 
for women declined to 6 per round of grocery price increases- 
cent from 6.1 per cent in While inflation has run at a 
August and 6.5 per cent in July, rate of about 10 per cent so far 
Teenage unemployment rose last this year, toe unemployment 
month to 16.6 per cent from 15.6 situation has improved. The 
per cent in August and 16.3 per administration expects a 5.7 per 
cent in July. But black unem- cent joblessness rate in- the last 
ployment declined to 11.2 per three months of 1978. 
cent from 11.7 per cent in Agencies. 

-August and 125 per cent in July. • Reuter adds: The Senate 

The report indicated that the defeated toe Republican Kemp- 
Jobless rate is stabilising at the Roth tax cut proposal to slash 
6 per cent level, compared with income-tax rates by 33 per cent 
6 .S per cent a year ago. over three years. 


west - Beirut has momentarily 
raised Christian morale, bat 
without major Intervention Its 
effect will be largely cosmetic. 
Ostensibly designed as retalia- 
tion for the Fatah attempt to 
bomb Eilat in the Gulf of 
Aqaba last week,, it is being 
interpreted as a warning to 
the Syrians of Jerusalem’s 
concern at the prolonged 
assault on the Christian areas 
in the Lebanese capital. 

The ehoice of a Fatah base 
so close to Beirut's battle-lines 
was intended to emphasise to 
the Syrians Israel's freedom of. 


over the weekend. However, no fair. The UN plan provided, expect it to be decisive in 
date bas been finalised with toe besides a large civilian and mlli- whether or hat the visit goes 
South A mean Government tary presence, for a seven ahead. 


IV DnVQ where It has been taken by R 

AVvllJ ft >3 desia railways to Franosto- 
-- for final despatch by road tri 

port to toe Kazuqgula ferry 
♦UVJl Zambia., So far, however, h 

more than 12,000 tons have b 
hn Worraii . moved In this way, put of 78, 

NAiRfmi rw c tons . landed .at Maputo. 
NAIROBI. OcL 6. ^e major bottleneck appf 
ineclal delegates meeting t0 be between Francistqwn - 
of toe Kenya African National Kazunguia, with South Afri 
Union (KANU) today atten- hauliers unwilling to cany 


Defeat for 
Basques j 

By Robert Graham j 

MADRID, Oct. 6. 


Pakistan 
trade talks 

By Chris Sherwcll 

ISLAMABAD, Oct. 6. 


I mlli- whether or not the visit goes 17 V Banners unwiuing-m 

seven ahead. d * d “’c P^P 1 ® fro™ extra traffic, according to £r^ 

. all parts of Kenya. Mr. industry sources. Rhodesia-.! 

U Daniel Arap. Moi was elected ways say they have been hand 

CJ AttiAinl by acclaim as president of the over the fertiliser to toe A 

,k5. til I j party and toe nation. Mr. Moi, P i ng agents at a rate of solne'^... 

who Is 54, has been caretaker tons a day. ... ... . 

S vn IT President since the death of Mr. There is no information V 

HI jOGlIIll Jomo Keuyatta. His election was on the Fate of toe 75,000 ton: {*% . 

■ a foregone conclusion. fertiUser wbleh had bhen-^i 

By Leslie Coliitt Every branch and sub-branch loaded in Beira for transport 

. e pact Rrmiv a of the party, which is Kenya's Mozambique railways and Ma 1 3 

L ‘ - titf nSnuic? iJZL * so'* potitical party, was repre- road haulage to Zambia. B. \ 


EFFORTS by Basque politicians PAKISTAN RESUMES talks on THE HIGHEST ranking U.S. seXed! P ^ “ P e Te? JeUable ^uSSTsTy A 

SSS^S^Bjb jmbm rsats; 

- established tour year, ago began iKMl 


v ^ - rV' 









mmis- agreement, and failure to make Minister, 
draft progress this time round wlU be „ 


before toe full debate , in the widely interpreted as a setback 
Upper House. * to toe improving relations 


undermine 


thewiwaji 






movement In the area, and 
possibly to relieve some of the 
pressure on the Christian 
supply lines, running north 
from Beirut to Jounieh. Dur- 
ing a previous round of fighting 
In July. Israeli fighter bombers 
.delivered a similar warning by 
overflying the capital. 

Israel has emphasised in tbe 
past that It would not allow 
tlje destruction of tbe Christian 
militias by the 30,000 Syrian 
troops in Lebanon, but Mr. 
Mosbe Dayan, the Foreign 


Hn h e toe Senate. Spain’s' Upper br ?? k - Patricia Deriau, assistant secre- j UUi m 0 i Juu" {Up Moi). Dele- 1 Railways sources say that ... 

tb e pasque ITie three-day talks are the tagy of state for Humanitarian gates threw their programmes in most logical route to carry 

amendment, thus reversing first for five months. In May, Affairs met Mr. Kurt Nier, East the air, sbouted and sang party Maputo fertiliser would 
earlier approval given by ihe negotiations ended without Germany’s deputy Foreign ^ones - throueh the eastern Trans 

Senates Constitutional dommis- agreement, and failure to make Minister. 8 iF‘ a short speech President raiMtok to Soekmekaar ioli 

g.’S.s«A*s jf Wffsssi AisSSsa^ paSsI 

f «ss? S&L5 1 ar ^sss^ssz^sssi M sassAJSsKfr 

s as S.-S&S sS»aStSr £« ** »£ SsS g w « sss» m 

Nationalist Party (PNVj. After Pakistan’s markets, but Pakistan toeir views. tohare been hefd last vwr^but Ul The nrobable route for a 

the defeat, the PNV ; reacted feare toe effect this wiU have on East Germany is cooperating were raMtetow » W/tUn^s biff coSSremorte would « 

cautiously. 3ay , ns that jk would local entrepreneurs. with West Germany to reunite of Jo^ Keif va 1 1 ^ U^/ as for Zalre's SpP 

m^tosto'at w-tom 1 tb'pTiSiSSrtim , T ” de fl5ures ® how ; to. at P akl - fumtiles divided bytoe wall and The first to 'announce bis can- along the Rhodesia railway* 

™ 3 ‘"* ™ *1 ' “ ’toe constitution stans expnrlH to India have ”, releasing 1,000 political didature as party vice-presidehT through Botswana to Mafefc 
comes to be put before tie coun- declined steady since 1975 to a Prisoners a year to West Germany was Mr - Mw a i Kibaki. toe and thence to East Londan.. 
™n».fc*£ n!,M,u 7,' J rohaW y mere Sll 1.000 while India’s which pays an average of Finance* Minister; who held a Although South African > 
w,tl h* 3 C8m ' exports to Pakistan have climbed Dm 40,000 per freed prisoner. Loecial news conference Hp ways are thouehr to have!' 
cnuqtoy urg- to S47.5ni. Pakistan regards This Past summer East Germany I SnocueDti to pnint^u^that the dent spare capacity to carry 
Q t V f, l h h , e ho abMP r«°.7 °r Won. this as unaccentabJn. sentenced an outspoken critic of ! S^iSSident of the nartf wal Zambian todE there have \ 

■.i| W ihl l Sfa, con v t,T !i! lon t OW ® v,r w The talks take place eqainst a the government, tfie economist I Hot ^mnomaticaily^ the P national reports of congestion on the. 


i „ w 'Jh the constitution now over The tai 

I fhe £SiS? na in.. ,m P r w» n * { « err Kudo ]r »n eight years vtoe-presidenL ’ 'Thut‘ lupoid dMian lines, causing cuts iu : 

fool men * now M?nis <oj relations. Thp two countries in prison for treason and it has menf is in the hand* nf th« desia’s export capacity- A 

rhp arguing that j recently decided to establish tightened its house arrest of the President- Nevertheless^ Mr ways official admitted here 

Ehcif potot P0l,,,c,ans h « e j consulates fn Karachi and Bom - 1 wiimj. Iodine d issid e nl Herr to the Sopite to? for toe the extra task of carrying 2 


Robert Havemann. 


national' vice-presidency. 


j Shah’s commitment to expanding political freedom 

araj.TC«ggj! si’SStei 


the extra task of - carrying ^ 
bian imports and exports “Wi 
not be an easy job. Obvio 
we. will make a plan to nano 
if our_Government accepts. ^ 

10 wide-bodiej 


r r ’W- . 


ff that is the way you feel maybe you 
should turn to Providence Capitols major 
announcement in the business pages of 
this papet 


line anrtn or tran eallea loaav xowaros grearer parnnpanon in of corruption, which has benn anHn .. „ • , j* TAT ill! ff 

n a ^ ban i °5l h £L ^ f °r an end to violence and all fields of life according to the one of the principal taJJete o" 2J! £cton wlto SlnSiS®™.; jetS lOr J'AL j|||f 

“« h »- «•«** that tte ex- 3J h. Z&W&SRr*' - ^“?h n ™.‘ , h i5 E b& Fa "S .TOE5ftoaJ«|\ 

criticised tbe Syrians for acting ! f ,ans,OD of political freedom P C Premier Jaafar Sharif-Emami. sisters present This was appar- JAPAN AIR LINES 4 

“very negatively." The raid ; would continue. In his first Speaking at the annual open- “It is obvious that mistakes ®ntl/ part of recent efforts to enounced today it baa 

will meet some of the criticism public speech since major in s of new sessions of the extravagance, waste and mis.’ k *ap lesser members of the royal a provisional order for -“'tfrfi 

within Israel that Jerusalem’s :demnn=i rations a~ain<it him led (Lower House) and appropriations, which naturallv family out of public affairs in bodied jets, worth lOOba-^ 

reaction to ihe sustained bom- I to toe imposition *of a slx-monih Senate, the . Shah said toe right caused dissatisfaction, had a fespimse to public feeling. (S53nm).. ’nr' V ^ 

hardment of East Beirut and i period of mania] law in major of Iran ’ s 34m People to have very important role in creation AJ? adds: Exiled religious order is f °r five r <- 

surrounding towns has been too I cities a month aco the Shah different views on state affairs and expansion of toe crisis,’’ the 7**der Ayatollah Khomeini, one f °ar Boeing 747 -eaSMn gar- 
passive. jsaid anti-government' unrest this was accepted. Shah said. of the symbols of Shiite Moslem aDd one 747 *' % 

Britons in Lebanon who do .year had caused considerable For the first time in public. He said it was also clear toe Shah, arrived 

nothave urgent business m toe economic financial and social the monarch acknowledged that "that Intrigue behind elosed g,^^ R SS m .S ,day !r °™ 2J J 1 ? to toe Uu 

.U 5 i? ot,id 6 ^ T r an - Sot despite the corruption waa among toe causes doors and extensive plots, which w as . t . aken Eurona 

SSf®* toe present atmos- of discontent that fuelled street were planned with special amt tmknbn^ fn »S? dB Slatw d Western Eu l» : ^ 

today. About 800 live jn ; ph«e of freedom will continue protests against his regime. He were in turn important factors fUffiS! 0 **’ They " ■ \ 

L^bsmon. most of toem, ta expand, and the. entire called for .. prosecution and In. aggravating the situation.” ^ JitoSitu' 01 * 8 * "wm* fn™ v -. 

P P ° f &a ” wU I> roceM niuMunent oi all people guilty . For the tost- time, the Shah ?ernam “mpSwily m™ r a “ ce t0 S* ' 

... . ..._ . h .... .... b -. . .. ; : _ _ - v' v ... ; 



- — - 




x'Mnand^^Hmes * Saturday Oetot>er 7 1978 


HOME NEWS 






Trimmed- 



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BY MICHAEL B LAN DEN 




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THE BANK of England has; made 
a start on recovering the costs 
incurred when It took over the 

■ banksag business of Slater 
*' aiker Ltd and certain assets of 
the Edward Bates group. • . ■ 

The first accounts published 
''for Slater since the Bank took 
control in September last year 
show a profit of £97,686 during 
' tbe 14-month period to tbe end 
of last February— brought into 
-line with the Bank's own accoimt- 
• Log date. 

They also show that the efforts 
made to trim back the Slater 
operation ahead -of the Bank 
' acquisition have begun to pay 
off. and that the Bank has made 
progress in reducing the size of 

■ the business. 

The Bank has made a payment 
to Slater Walker to satisfy its 
commitment of up to £40ra to 
meet losses on Joans and contin- 
gent liabilities: The effect of 
this has been to reduce the loans 
which the Bank has outstanding 
'to Slater Walker and, on the 
other side, to provide an addition 
to the company's specific provi- 
sions against bad and doubtful 
debts. 

As a result the total balance 
sheet of the company has been 
-cut from £93.7m at the end of 
1975 to £4 1 in. 

The amount due to the Bank 
has- been reduced from £54.2m to 
£P.5m. while total loans and 
'.advances outstanding have been 
■brought down from £60 -2m to 
IT 6.3 m. 

The drop in the company’s 
•on a bnok reflects some realisa- 
l'io.i- of outstanding loans as well 
amounts written off. The 
*ccr>unis shov' ha during he pas 
i-enumv show that during the 
. tiasi six months the company 


began to make ; a significant 
profit contribution. ■ . 

In the eight months to the end 
of August last year, ahead of 

the Bank’s acquisition, it re- 
ported a loss offfcl&n. During 
the six months, to end-Februaiy 
it showed a profit of £l£8m. 

The company, . an . authorised 
bank, was acquired by tbe Bank 
for a cash consideration of 
£3.5m as part of the support it 
had been providing to “the Slater, 


Datsun 
car cuts 


worry 


dealers 


BY KENNETH GOODING 


Walker group. It was purchased 
-Securi" 


from Slater, Walker -Securities, 
which has since !' become 
Britannia Arrow (Holdings), in 
a reorganisation which ended 
the involvemeoL of the Bank 
with the rest of the Slater group. 

Disclosed 


The Bank has disclosed In its 
own report and accounts that 
over the past four years it has 
set aside provisions shown at a 
total of £50. 5m against potential 
losses on its involvement in the 
lifeboat rescue operation and in 
specific situations arising from 
the fringe bank collapses. 

The Bank has .also', filed 
accounts for BBS Investments, 
formed to acquire and realise 
certain of tbe assets which pre- 
viously belonged to the Edward 
Bates merchant banking, group. 

Tbe acquisition was made as 
part of the. reorganisation in 
which the Edward Bates banking 
business was taken over by a 
consortium and renamed Allied 
Arab Bank. . 

The accounts show interest 
and other income receivable of 
£2. 88m for the period from 
Angust 31, 1977, ‘to the end of 
February, with total assets held 
for realisation of £63.7mi. Includ- 
ing £56.7m of loans and 
advances. 



Rail oft 
to disci; 
routes 



works’ 


< . BY RHYS DAVID, TEXTILES CORRESPONDENT 


JEW MACHINERY for the main problems affecting-small to 


Iothiup industry may help over- medium-sized companies?. 
“ 'OlllP financidl wnfllrnnccAe eiTft. __ . v. 


’s 




weaknesses sug- . •*. 

cst s a report published- y ester- .JSff twUE 8 — t 

•av hv the Bank of Enelartfl s ' - cientl y aware of 'the radge tof 
' : The report is bne of a small *j nancia1 1 wryices, source. *! of 
■ • umber commissioned "by the f. 0 *™*® , and Advice ;Open. to 
lank as part of its effort to he- lDenj - . : . J . 

r. nrrie more involved in British Mr- Koppel points out that in 
. •. tdustry’s problems. It was the course of the Inquiry about 
ratvn up on its hehalf by Mr. 150 companies were'given advice 
r ’ai Koppel, a former deputy both on financial arid organlsa- 
• hairman of Courlaulds. tional matters and he urges that 

Mr. Koppet, who was asked to a way be found to continue this 
tok at ways in which the advisory function, 
iduslry's productive -capacity -■ Following publication of the 
; ould be strengthened, imports . report the; Bank has held 
■ educed, and exports improved, discussions With the industry on 
occluded that there was scope its findings and one suggestion 
or substantial rationalisation, is that the Clothing Industry 
*ithin the industry. Productivity Resources Agency, 

.- - This alone, however, would not the newly-formed executive arm 
c enough, be concluded, and he of the Clothing Economic 
d\ nested that the Industry Development Committee, could 
bould move more deeply Into act as a problem-solver, 
igher added value products. The Bank Is also suggesting 
ncorporatmg a greater degree that the agency should establish 
' J^ s ° ,oa and des,gn - a close working relationship with 

The report cites management Equity Capital for Industry to 
tandards — particularly nr finan- . make sure that advice on finao- 
!al management— as one of the wal matters is readily available. 


MORE TUAN 100 dealers have 
had their franchises for Japanese 
cars cancelled in recent months 
as a result of the restrictions on 
tales in the UK it was claimed 
last night. 

The major importer, Datsun 
UK, has reduced its dealer net- 
work by 45 in order tn maintain 
a supply of cars to the remain- 
ing 450. 

Mr. Peter Fletcher, chairman 
of the Datsun Dealers Associa- 
tion. in open letters to the UK 
Department fo Trade and id the 
Japanese Ministry of Inter- 
national Trade - and Industry 
fMITI) called for an end to all 
restrictions next year. 

Datsun dealers fear now that 
further reductions in the net- 
work will be made. -“This is of 
great concern because we have 
responsibility for over 18.000 
employees and their families." 

Dealers had invested more 
than £100ra In their franchise 
operations, and 99 per cent of 
them had no other means of 
existence than the sale and ser- 
vicing of Datsun cars. 

“We made this investment only 
because Japan and the UK have 
binding international agree- 
ments for free trade, and we bad 
confidence in Datsun UK and 
Nissan Motor Company (manu- 
facturers of Datsun cars). We 
now fee] that this confidence was 
abused, and we have been 
seriously let down,” said Mr. 
Fletcher. 

Apart from the loss of income 
because car sales have been arti- 
ficially held back, the dealers 
face serious financial problems 
because of taxation technicali- 
ties. 

Their stock levels are being 
run down rapidly so that they are 
liable to lose their tax relief on 
stocks. Not only would they have 
to pay heavy taxes for 1978, but 
for 1977 as well. “This is an 


Ferry group backs ‘skyships’ 


BY IAN HARGREAYE5, TRANSPORT CORRESPONDENT 


EUROPEAN FERRIES. the 
highly successful cross-channel 
ferry operator, is going into the 
airship business, with a stake in 
a remarkable project to build 
flying-saucer shaped, inflatable 
airships. 

The company would not say 
yesterday how m^ch it was put-' 
ting into the Isle of Man-based 
Thermosky ships venture, but Mr. 
Malcolm Wren, the new com- 
pany’s chief executive, said it 
would be “ a substantial part" of 
the £6m development costs in- 
volved. 







extremely serious matter indeed, 
causing a very heavy financial 
burden," Mr. Fletcher said. 

The Datsun dealers have 
called for an urgent meeting 
with Mr. Edmund Dell, Minister 
of Trade, before they leave to 
meet MITI and Nissan in Japan 
next week. “We need to resolve 
the uncertainty, and know where 
our futures lies." 


Mitsubishi 
cuts Colts 
in UK 


By Kenneth Gooding 




V 

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Si?- 


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Its not who you know, 
its what we know. 


% 'j ■, 


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■»4 


We, Peter Whitfield and Bob Tanner, starting 
with £75 each — have made millions in shares 
(Clubman's Club, Orme Developments, etc). 

We have joined forces with Peter Welham 
(Formerly an Assistant City Editor and Questorof The 
Daily Telegraph) to produce The Equity Research 
Associates N EWS LETTER, a fortnightly private 
investment newsletter. - 

Equity Research Associates seeks undervalued 
shares' — and tells you when to buya/ief sell. They 
give positive advice on bids and new issues and 
keep a keen eye on shareholders' rights. Its 
distinguished list of contributors includes 
acknowledged experts on a//aspects of investment 


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FREE 

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To Equity Research Assonaias.t5ubscription Department, 
35 Hoop Lana London NWtl BBS Td of -4562844 
. Please send me details of the FREE TRIAL OFFER of 
• \ V . the NEWSLETTER 

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THE UK importer of Colt cars 
from Mitsubishi in Japan has 
altered plans for the launch of 
new models next year as a 
result of the restrictions being 
imposed on shipments. 

Tbe new Colt 1200 and 1400, 
known in Japan as the Mirage, 
was to have been introduced to 
Britain by its makers at the 
International Motor Show this 
month. Now it has been decided 
to put only the 1400 version on 
the market 

“This is the car which wBI 
make us the bigger profit, and in 
view of the restrictions it Is 
the car we must back,” a spokes- 
man said yesterday. 

Colt estimates that, free of 
restrictions, it could sell at least 
5,000 or the new models next 
year- But how many will be 
allowed on to the UK market 
will depend on talks between 
representatives of the UK motor 
industry and their Japanese 
counterparts next month. 


Super shift 


The new Colt model was 
designed very much with Europe 
in mind. It is the first car from 
Mitsubishi with a transverse 
frorit-whee 1-drive engine and 
rack-and-pinion steering. 

The 1400 GLX to be sold in 
the UK has a new gearing 
system — call Super-Shift which 
Colt claims Is unique to. passen- 
ger cars. It enables the driver 
to select either best performance 
or economy on any journey. 

‘ : Colt has set itself a target of 
9,200 cars registered in the UK 
this year, compared with 6 .300 
in 1977. By the end of August its 
sales had reached SJ300. and so 
its dealers are in for a quiet "nal 
quarter. 

The company is still hoping to 
be; aWe to start importing Mitsu- 
bishi truckh into Britain. Plans 
for their introduction in 1978 
were dropped because of the 
restrictions ob shipments. 


The rest of tbe cash is being 
raised from institutional and 
private investors by stockbrokers 
La trig and Cruikshank. 

Mr. Wren, who served for 24 
years in the Royal Engineers 
and who is responsible for the 
design of the craft, said he was 
confident that the required sum 
would be forthcoming. The pro- 
ject would be viable by mid- 
1982. when it had completed its 
third airship- 

Tbe 45- met re diameter saucer- 
shaped skin is designed to carry 
non-inflammable helium gas. 
With horizontal and vertical 
propulsion by two gas turbine 
engines, its backers believe it 
breaks new ground in airship 
manoeuvrability and control. 

It would be capable of carry- 
ing SO passengers or a six-ton 
load at a speed of 90 knots over 
a range of about 200 miles, with 
a range of 800 miles at reduced 
payload. 


mm/ 

j . zagp y 


; $ 

- * V 



An artist's impression of a passenger-carrying Thermosky ship 


Mrv Keith Wickenden. chair- 
man', of European Ferries and 
an enthusiast of Ihe airship, 
said: 7 “Added to our conven- 
tional. shipping fleet, wc see 
Thenhoskyships as an attack nn 
hovercraft. hydrofoils. rail- 
connected traffic and tbe airline 
market They also make a Chan- 
nel tunnel obsolete even before 
anyone decides to build one.” 

European Ferries is not com- 
mitted, however, to operating 
the skyship. which will retail at 
about £l-8m. roughly the same, 
as- the heavy-lift helicopter 
which Is the airship's main com- 
petition for such business. 


The helicopter market is put 
at ahout 200 units a year and 
Mr. Wren says that Therm osky- 
sbips aims for a 3 per cent share 
— or six skyships a year- He 
believes that a wide range nf 
military and civil applications is 
possible, including work in the 
offshore energy industry. - 

Mr. Wren has been working 
unpaid oo the project for four 
years and has had assistance 
from a number of companies, 
including Rolls-Royce and 
Plessey. 

He said the popular image of 
airships, coloured by visions of 
the Hindenberg disintegrating in 
1937, was quite erroneous. 


“The first airship took its 
first paying passenger in 1910 
and it was not until 1937. after 
50m passenger miles, that a 
passenger was killed. In any 
case, those who have studied the 
Hindenberg case believe there 
must have hcen a bomb on 
board." he said. 

Meanwhile, the first airship tn 
be built in Britain for almost 50 
years, will have its maiden flight 
from Cardiogton. Bedfordshire, 
later this month. 

Built by Aerospace Develop- 
ments to a mnre conventional 
design than the skvshtp, this 
164-foot ship is for a Venezuelan 
operator. 


9 


By Maurice Samuel son 


A POTENTIALLY pungent 
clash in the British and U.S. 
courts was averted yesterday by 
two companies who make rival 
products for foot hygiene. ' - 
The dispute broke out .14 
months ago between Scholl, 
which marketed an “ odour 
destroying cushion insole.” and 
Combe, another U.S.’-based com* 
panv, which sells “odour 
eaters." 


Associated Newspapers to buy Hydrofoil 


BY LYNTON McLAIN 


ASSOCIATED NEWSPAPERS is 
to buy a £6m Boeing Jetfoil 
hydrofoil in a surprise move into 
the flourishing high-speed cross- 
Channel passenger transport busi- 
ness. 


The group has emerged as the 
main financial backer behind the 
Jetlink Ferries company formed 


in June to operate Boeing hydro- 
foils between Brighton and 
Dieppe. The service will start on 
April *27. 

Associated Newspapers will 
also -hold a substantial part of 
the equity in Jetlink and will 
lease the hydrofoil to the operat- 
ingcorapany. • 

Jetlink directors include Mr. 
John Coote, a former group 


managing director of Beaver- 
brook Newspapers, now part of 
Trafalgar House. 

The hydrofoil company made 
a preliminary announcement 
about the service in July before 
operating contracts had been 
signed with the Brighton 
Marina company and the Dieppe 
local authority. 

Contracts have been agreed 


and work started last week on 
passenger reception facilities 
at Brighton. 

The Jetlink craft will carry 
285 passengers in 100 minutes 
between Brighton and Dieppe. 
A second craft may be ordered 
in 1980. Associated Newspapers 
will not place (he order until 
the performance of the first 
craft has been evaluated. 


In London, the case would 
have come lo court on Monday. 
However, Scholl announced yes- 
terday that it had accepted 
Combe's proposal for a settle- 
iment. Schoil has agreed to drop 
proceedings against Combe's 
patents in Canada and West 
Germany. 

At the same time. Scholl 
undertook not to reintroduce its 
“ odour destroying cushion 
insole " into its shops -in 
Britain. Instead it will launch 
a new product. 

The battle was not only about 
names. Scholl says that its "pro- 
ducts are recognised hy the 
yellow packing and that Combe's 
had an orange wrapper. The 
contestants called off the battle 
because, as one of them put it. 
'* only the lawyers are winning” 

Of the £2m-a-year British mar- 
ket for foot deodorants — insoles 
as well as sprays — Scholl claims 
about 35 per cent, and that the 
world market is worth more 
than £100m. 

The dispute about anti-odour 
devices had been Initiated by 
Combe, which accused Scholl of 
“passing off" products for 
which it claimed the -patent. 

Scholl vigorously counter- 
attacked. In the U.&.. the matter 
would have come to - court in 
about three years. ' 


Most late deliveries 


‘doe to inefficiency’ 


BY JASON CRISP 


THE BIGGEST single reason for 
a company’s bad delivery record 
is generally its own internal 
inefficiency, -according to the 
Institution of Production 
Engineers, which has carried out 
a- detailed analysis -of 200 indus- 
trial companies. 

This showed that nearly 40 
per cent of companies with late 
deliveries running at more than 
15 per cent gave “ estimating or 
planning” as the main reason 
behind tbe delays. A further 
35 per cent gave it as the second 
reason. 

Typical problems in this 
category are too much optimism 
or pressure when quoting, orders 
being taken in excess of 
capacity, understating lead times 
or underestimating tbe research 
and development element. 

In contrast, of those companies 
with a good delivery perform- 
ance — between none and 5 per 
cent late deliveries — only 6 per 
cent gave estimating or planning 
as the main reason for delays. 

For them, the most commonly 
cited reasons for missed delivery 
deadlines were problems with 
outside suppliers of raw 
materials — and sub-contractor 
delays. 


The second most common 
reason given by companies with 
less than 5 per cent late delivery 
recorded was problems with the 
custoa-.A This was given as the 
first reason by 24 per cent and 
as the ttdeond hy 2ft per cent 
These problems arose, when the 
customer's specifications were 
delayed, the order was placed 
late or modifications were made 
at the customer’s request 

The companies questioned 
represent a wide spectrum of 
industry and ranged in size from 
the small to the large. 

Of those in the middle range 
of delivery records — more than 
5 per cent but less than 15 per 
cent late deliveries — a less clear 
pattern emerges. A quarter 
gave the main reason as external 
supplies while another 25 per 
cent attributed delays to 
“miscellaneous” factors. Twenty 
per cent- blamed estimating or 
planning.- 

. Labnur - .problems did not 
feature particularly highly 
except in this middle bracket 
where 15 per cent give it as the 
main cause of delays and 20 per 
cent as the second main reason 
behind late deliveries. 


Japanese 


group 

expands 


By Robin Reeves, Welsh 
Correspondent 


MATSUSHITA ELECTRIC, ‘ the 
Japanese consumer electronics 
group; is to expand the range of 
products it makes at its National 
Panasonic manufacturing off- 
shoot in Pentwyn, Cardiff. 

Mr. Masaji Hioo, executive 
vice-president of tbe parent com- 
pany, announced yesterday the 
completion of negotiations for a 
Welsh Development Agency 
advance factory next door to its 
existing colour TV plant, to be 
used for producing National 
Panasonic music centres and 
Technics stereo radio tuners. 


£9,000 for locomotive 


Pilot production in tbe new 
50,000 sq ft factory unit will 
begin in the near future, with 
full production expected in the 
first half of next year. It is 
anticipated that the expansion 
will create 100 jobs initially, ris- 
inc perhaps to 300 or- more in 
three to four years. 


Roche likely to build new 
vitamin plant in Ayrshire 


BY SUE CAMERON 


HOFFMANN-LA ROCHE, the 
Swiss-based pharmaceutical 
group, is expected to announce 
plans for building a £50ni Vita- 
min C plant at Dairy, Ayrshire, 
in tbe next few days. 

Hoffmaan-La Roche already 
bas a plant at Dairy producing 
vitamins and' small batches of 
chemicals and there is plenty of 
room for expansion on the site. 
The group has looked at alterna- 
tive sites for its projected Vita- 
min C plant in many parts of 
Europe, but the final decision 
now seems certain to favour 

Dairy- 


Tbr company, which produces 
drug£ such a Valium, Librium 
and Mocadoo, said yesterday 
that it was anxious ro have fur- 
ther. Vitamin C capacity on 
stream by the early 1980s be 
cause of “the strength of pro 
jected world demand and the 
continued run or successful new 
applications." 

Roughly 90 per cent of Roche's 
present production at Dairy goes 
abroad and it is thought that 
Vitamin C from the new plant 
will also be aimed heavily at 
ihe export market. . 


Hitachi puts 


computers 
in car radios 


By John Uoyd 


M 

a 

a, 


FT16 


HITACHI, the Japanese multi- 
national electronics company, bas 
launched a “computerised” car 
radio-cassette player in a bid to 
increase its share of the UK 
in-car entertainment market, now 
worth ... an estiamted £66m 
annually. ■ 

The Hitachi CSK 501 uses a 
microcomputer to remember the 
waveband of six. pre-selected 
stations, and displays the fre-. 
queucy of each on a digital read-j 
out. Its recommended retail 
price is £269. • 

Hitachi believes that it bas aj 
lead. of several months over thei 
other , companies developing) 
digital radio-cassette equipment. I 
Tbe>. .main competitors arei 
Philips, the West .German com- 1 
party Blaupunkt and the Japanese 
National Panasonic. (Matsushita^ | 


Customs control deal 
for Manx Government 


AN AGREEMENT FOR the Manx 
Government to take over the 
customs and excise services 
.operated on the island by the UK 
Government is expected to be 
signed soon. 

.At present ail customs and 
excise duties and VAT are col- 
lected by. HM Customs and 
Excise under tbe Common Purse 
agreement. 

The .new agreement probably 
will not result in any big changes. 


The Manx Government will 
retain or renegotiale the 
Common Purse agreement but 
the move is a significant one 
towards the Manx Government 
being able to fix its own levels 
of duty and VAT.' 

The Tynwald select committee 
on Ihe Common Purse agree- 
ment, which reported earlier this 
year, recommended an indepen- 
dent Manx customs service as 
well as a change of name for tbe 
agreement. 


Belfast Cables factory shuts 


BY OUR BELFAST CORRESPONDENT 


BELFAST CABLES, a division 
of Reliance Cords and Cables— 
a BICC group company— will 
close its factory at .Newtown- 
abboy, near Belfast, wilh the 
loss. of 200 jobs. 

Tbe company, which started 
making, telephone cables in 
Belfast in 1959. said tbe require- 
ments of the Post Office had 
fallen drastically and showed no 
prospect of improvement. 


Excels capactiy in the industry 
and hiphly competitive selling 
prices had led to serious losses 
in the past few years. The 
dec'winn to elose was taken only 
after long and careful considera- 
tion. 

Half of . *hose affected are 
women. Talks are about to start 
with the workers about arrange* 
meats for the -rundown* . 


RHYL IN North Wales is to get 
back one of its 15-inch gauge 
live steam coal-fired 4-4-2 
Atlantic “B" Class locomotives 
as a result of Mrs. Mayor’s suc- 
cessful bid — on behalf of the 
town council— of £9,000 at 
Sotheby’s, Belgravia, yesterday. 

The iocomotive is one of a set 
of six built in about 1920 by 
A Barnes and Co„ of Bhyl.:and 
regularly operated on the Marina 
Lake amusement park railway 
hauling up to 60 people in each 
train- 

But the biggest London sale of 
the day was held by Sotheby's 
in the Royal Watercolour Society 
Galleries where scientific in- 
struments, watches and clocks 
fetched a total of £174.733. 

The highest price was £9,000 
from de Havilland for a small 
walnut month longcase clock 
with the dial signed “John 
Knibb Oxon fecit " which may 
be dated about 1690. 

A Dutch walnut marquetry 
longcase clock went to A. Allan. 
Brighton, at £5.400 and A and F 
Gordon gave £5,200 for a rare 
early 18th century German mar- 
quetry quarter-repeating long- 
case timepiece. 

Bush Antiques bought a rare' 


Boulle musical calendar bracket 
clock (John Ellicott) for £5.200 
and two other longcase clocks 
each made £4,800. 

Back in Belgravia, a rare 
Bing ‘Spider' steam-driven car- 
riage, a tin toy, was bought by 
W. Draller of Berlin while B. 
Guilliard of Stuttgart was suc- 
cessful at £2.500 for a. model 


BY PAMELA JUDGE- 


Marklin gauge ‘1’ live steam 
spirit-fired 4-6-2. “The Great 
Bear” locomotive. No. 4021, 
retailed through Gamage and in 
its original wood box. 

Old Masters at Christie's 
fetched £81.195 with two private 
buyers giving the highest prices 
of £3.000 for a Teniers and the 
same figure for a scene or Dutch 
shipping by van de Velde. . 

•Silver sold through Phillios 
amounted to £24.767. A George 
II hot water jug fetched £1.050 
and a canteen of Old English 
pattern • flatware of one dozen 
place set tines made £1.200. 




Craigmounf North American Trust 

Craigmount announce initial offer of units. 

Invest now in the economic growth of North America 


This new Trust aims to proride UC 
investors with capital growth throogh, 
carefully selected stocks In North American 
stock markets, using: proven fina-nring 
methods. 


How to invest 


Long-term potential 


The weakness of the US dollar against; 
sterling has created for UK investors an 
opportunity to invest in America on mere 
favourable terms. It has also improved. the 
cost competitiveness of American industry. 

Althou-rhthe US stock market has 
enjoyed a significant rally since April, the 
Dow Jones Industrial Index is Stillwell below 
the early 1977 peak. In addition US securities 
are still undervalued when compared with 
past levels of P/E ratios and dividend yields. 
The managers will invest in the shares of 
leading companies in North America. 

The managers believe that frequent 
monitories' of tbe financing package is vital 
to both long- and short-term performance. 
Part icular emphasis will be placed onregular 
review? of the balance of dollar premium and 
] oan components of the Trust, with, the 
objective of closely paralleling the 
performance of the portfolio to the unit price. 

The gross starting yield is now estimated 
at 2.2%. 

Yon should remember that the price of 
unite and the income from them, can go 

down as well as up. 

You should regard your investment asa 
long-term one. 


The minimum ini th> I invesfcmen t is £1 .000. 
You can buy uni teat the initial offer price of 
50 pence by completing the application form 
and sending it. with your cheque for the 
amount yon wish to Invest . before 30th 
October 1978. You can normally expect to 
receive the certificate within, a month of 
purchase. 


g HXED PRICE OFFER 
| CLOSES 20tfi OCTOBER 1978 g 


Other information 


Distribution or net income w]]I bpmadehalf 
yearly on OTth April and 31st October. 

First distribution will be on 30th April 1979. 

After the Initial offer closes, units may be 
bought. in d sold at the prevailing offer and bid 


prices, and yield, which are published every day in 
In* 


Expert management 


The Executive Directors of Craigmomit, 
through a widespread network of 
professional advisers, have immediate and 
comprehensive information on US and 
Canadian markets, economic trends and 
■company performance. They also have long 1 
experience infond. management in North. 
America. 



lead IE? newspapers under normal clrcnmstanees. 

Tba oiler price ofunits includes an initial 
charge of 5“-. An annual raanj. , renientrharsc o£ 

.8 8 V V < + VAT i or the value or the Trust is 
deducted from the irruss Incomp. 

To sell your units, simply return your 
certificate endorsed on the hack. You win receive 
your money not later than 7 d lya after the Stoct 

ExcbansB Account Day relevant to the period 

durinswhirh the unite are sold. 

The manawment comps n.v is Craigmount 
Unit Trust Managers, a member of the Unit Trust; 
Association. The Directors are: Kenneth M. 
Benton fCIttlmoftT! and Managing Director). 
Richard H. P- Latham. Robert H.G. Armstrong 1 , 
and Sir Edward Goschen, Earn, DSO (non- 
executive!. . 

Commis&ion.ofliVo'fvill be paid to recognised 

ae ^hpBankorStot]and. TheMonnd, Edinburgh, 
is the Trn ster to tbe Trust-, and as suchholds the 
title to allihe assets of the Trust. 




: APPUOfflONFORM 

To: CraiCTtjmffltt nttTreRt^armevw'LhnitWlL 
i&s 9>WFo«U!T Lane, London J5C3V SHH. 

TeliH-UIttK. 


T/Wflenrioscg i ., fncnimiBBiPUfaf 

fntesineniil in craurmount North American Ifcmt a£ 

the initial tod price erfifl peace prrunlt. 


Addrans 



Surname Dfrfclha'Mferi 


Wret names 


20 , 0 m wits s5.om 2,:«3 unus n^o 

5,000 BUIS SZ.W 1. pro nulls El .000 

T/We duelar* 1 thatTam/wr ar*> nnt resident nutddetho 
Kc'hrrtnl'.id Terri v?nrs and Hindi wn/wc arc nocacqiurliuc 
ibr pBitPiiu bcbelfof anyone rcridc&t outride tbc.-e 
terrll/Tl'- . » viol r JIii* dw.'iz-ollf-: It 
zUouJit N' rf.-.Vrrrf ird H :t wi a-Joerf ih ™udi iow SuuUu 
4*SLWriJ« iir w** <{"!■'. I iin'Et an* cerr 1EL, 

(FetjvM iWJ.'JCSfcr*?. pjrdts tAov!& tigru) 


CigTiatafriyi 


Unto 


XMc offer is not ocsOaMe Jtipwatoef Jrewmi. 


OiWW 1 Oj* 7>jr;,V3Mjc-'s itrwlfrf, 
Jtortiisnai cBce: bll- fat*. Si. Mirtps Hmoa, 
JSil .\forhrj-'s-Crc.si LonianEClA 4SP. 
HesWeei inSne nuwtv I3B8SS0. 


FT2B 


mm. m wm 




"W' 







g atrn 
oth; 
is hi: 
of Pa 
. catioi 
. optioi 
Mims 
pare 
sanct 
'path 
Tb< 
street 
being 
state 
that 
a re 
South 
surpii 
.of tht 
has d 
Mot 
men 
econo 
corne> 
sion. ; 
year, 
duct l 
virtua 
March 
Horwt 
, Fin an 
cautlo 
econoi 


rutuwr 
furthe 
official 
is for 
curren 
Minist 

6try < 
2 per t _ 
The’ 

dard 

refers 
Chat < 


Boom year ahead: Leading 
for graduates Tories 

in job market la ™ ch . 

J onslaught 


PHILIP RAWSTORNE ON THE LAST DAY PF THE BLACKPOOL CONFERENCE 

hour divisions ‘ah election dan 


BY COLLEEN TOOMEY 


| THE LABOUR Conference t« argue openly over its policies. tho* - rovirnin 'Jnt % ' and . Spe ?/ S also recalled Michael Sociahsm ** izi the election* -j|f 

tended at Blackpool yesterday she said. ‘ There has been no Si *£SL tft iE 2 i ILif £“«£ Tribune Tribune members to the exec* 


SF—FW JETS superficial F SrS £ woST to the TObune Tn bane members to the 

tPS-S*****"** »? <! ha ." ce _ s hS SSESL fSST a -”!Sl.r The deposing of. Mr. lan ^ * : 


Of victory in the Snerkl -tec™ enc«" The movement now had ation of the new national execu- general in the mght art ««« ™e d f osSn ? •«- *r. lan 
Mr n-SII!? 1 to assert its essential unity, she live committee which would-\be‘ him to lead you into battle the Mikardo. Uie veieraB Left-winger 

secretary SnDMliJl fnV Sv in => aid - “ a * rpad - v *5 ever *° s P, ite ^ following morning. . • should serve as a warning to >n> 

i the run-up tS the election cam- . On both wings of the paity. delLates. executive, memberwho allow*. 


NEXT YEAR should be a “boom National and multinational gr RUPERT CORNWELL f bad 001 birtcriv Q,nerei,c “ l su “ nuu ' u battles of OppositionT It claimed, had reflected rank and file feel- 

year” for Britaln-s 80.000 univer- compames have the bigges BT Kur “ ^ Caucua group5 Risht-wine and moderate " NtHine should believe tiiai "n B rather than that of - the semi- A }he< e“d Regales .over 

sity graduates, it was claimed recruitment drives- International LEADING TORIES LAST night party. ^ of® the CamoaKI far ! our new NEC or the' .balk? of Tory leadership.” wbeJpaingly endoreed an execu 

yesterday. Against a national launched a co-ordinated on- nare^for the eu!£tinl?%ihi P hc Labour Victory said ? iif a con- resolutions passed this week are The conference had rested on . al 

at least 10 per cent tor graduates, will be employed in technical _ SJg- *£3* ?» defeal “ r/r^c^Thould uTdlr^timate “The antagonism between th4 Jf a decision ‘in favour of auto- of j ^Labour Mmif! 


BY. RUPERT CORNWELL 


the run-up to the election cam- on nnm wings m me __„ h - . . ..I r own « ffofonates executive. mtxuyer ww aiiowec 

ffSL5? : «*:*srtL be jr i 2: sir £25 


as strong if we had not got so week's differences still echoed 
many little caucus groups inside bitterly. 

Right-wing 


moderate 


^ S? Scled'^nT 7.d 'J!.. fee,- 


at least 10 per cent for graduates, will hr employed in ttUSl ««. *Wch ended yesterday, 
making them the “employable fields. They left no doubt that the 

elite" oF Britain, according to Mr. Shell receives about 11.000 Conservatives will seek to make 
'. Tim Cornford. group manager of applications each yew. Next much electors capital as pos- 
Haymarket Publishing, which year the company intends to hire ... « h , lhe » 

»: launched fts Directory of Oppor- only 100 graduates— about the «*? ? i J* , Left 

- tun ties for Graduates yesterday, same number as this year- of the National Executive. 

: The biggest demand comes But smaller companies will Mr. Francis Pym. the shadow 
from the engineering sector of also be looking for graduates Leader of the Commons, said in a 
industry. Of the 540 companies next year. Apart from the 200 statement that with it? antics, fhej 
listed in the graduates' job companies listed in the directory conference had “mocked the] 
. guide, 20G are looking for elec- with more than 5.0Q0 employees, j. tn ,ij llri i. c ,ikb. . .. . 

-. tironic engineers, nearll 150 wit there are more than 100 employ- ^5 

mechanical engineers and 112 fewer than 500 people. Of votes of millions of Labour 
want production engineers. these, SO need more than 50 supporters. j 

Graduates' “scientific, technical graduates. Outwardly, the party might be I 

- or technological skills make them The average starting salary for I appealing and reassuring, but the I 
not only in high demand but vir- a graduate is £3,500 a year, week in Blackpool had performed 

: tually irreplaceable in many though many of the bigger com- “the essential task of letting the) 
areas of the manufacturing panies are now offering about light fall on the shambles behind i 
industry," Mx. Cornford said. £4,000. One of the Wghest rates the facade." Mr. Pym said. 

At least 80 per cent of for graduates is offered by the Th e rumbustious atmosphere! 
graduates will find jobs in Metropolitan Police. Any recruit of Labour's gatherin g is likely to’ 
industry 0 r the Civil Service nest over the age of 22 ts given a contra5l W ]th the Tory conference ! 
year. About 20 per cent will con- basic £o.000 a year from Septem- !which open;i in Brighton on j 
tinue their education through her 1 with extra bonuses »n Tuesday. This will if its’ 
on? of more ttasn 3.000 post* London including free accom- 1 njanacers have their wav be : 

■ graduate specialist and voca- ^9°^ E^nd iiStised - d^spite t 

tlonal courses while only about 2 and with 0 ' ertl ™ e - : rumblings of serious dissent on j 

. or 3 per cent will fail to get Directory of Opportunities fori^e of capital punishtoent.l 
work. Gradiwfes 79 Employers. ; 


ference 


under-estimate 


Contractors abroad 4 need 
strong home market’ 


Rejected 



NEC to start tali 
on steel jobs cuts 


BY IVOR OWEN 


THE Labnur Party's national resolution, including a pledge 
executive committee is to initiate no further redundancies Wifit^ut 
exploratory talks wilh the prior consultation. • i ; 
flovernment and the TUC to ■ h c sounded a warning" awo 
.secure agreement on new mea- though, about the likelihood : n' 
sures to reduce steel industry securing agreement on one of & 


redundancies. other main aims^-rhe introdap 

This was announced on the 0 f a work-sharine scheim 

final day of the Labour Party no - loS g of _ ._ e 


conference at Blackpool yester- 


day, during an emergency debate . **{• ■ tarn am 

in which the GovernmenT's stee ’ . Trades ■ ConTederatioi 


j The Government’s pay poliey 
t in particular, and its economic 


labour leaders join arms in the traditional Auld Lang Syne 


Ttfrry' itflr 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 


j policy In general, have been j 
rejected by the alliance of unions 
and the Left The executive elec- 
tions. meanwhile, said Mr. Pym. 
had seen the success of three 


; Left-wingers and the defeat of 


BRITISH CONTRACTORS have ins at Warrington. Lancashire, i two moderates. i 

^doubled the value of their oveiv said that if the UK. was TO stay I “The only Left-winger to fall! 
wnrfr -riww the «iart nr among- . the -toy. two or .three;— ‘Mri MIkardo — ' was loustert 

construction i simply because helri&. not. .Left 
future success ts Work' ibrna'd It - must .'have', a] 'enough, on the issue of autpTOalw 


State-control threat if Lucas 
Aerospace rejects plan 


BY : JOHN. HtiNT^ PARLIAMENTARY CORRESPONDENT 


in which the Govermnent's otee ’ ir.aaes ■ wmieter«i M 
handling- of the problems jnoved a resolution^ calling Jb: 
associated with plant closures 1110 nationalisation of those stee 
was sharply criticised. companies still operating ie-Uti 

' Mr. Alan Hadden, for the NEC, P r *y ate sector, 
refused to accept a resolution He accused the Government o 
which demanded full pay for all iTneging on some of the ppsirin 
redundant steel workers until proposals made in the Beswid- 
they were found acceptable report, such as the installatioi 
alternative jabs with the same of an electric arc plant a 
wages and conditions. “This is Shelton, and criticised the rel- 
a little bit rtoud nine,!' he said, of some backbench Labour UP 
He promised that the talks in producing the Commons Selcx.-. 
with Mr. Eric Varley. Industry Committee report on the stee.!’ 
Ftecretary. and Mr. Albert Booth, industry. 

Employment Secretary, -would Conference agreed to remit Un- 
cover other proposals in .the resolution to the NEC, 


•.litfeade&ar.!!hy:^^ "domestic ■con- strong and prosperous' dntnestle: re-election of MPs.*’ 


j A- NEW griverh'mMt lhitiative' In posals. and the confederation has ivitb Lucas; Aer.ospace ‘■hmt. had 


straiats, .HSr.. Frank Goathnfc. market underpilijred ‘by.a rtablel He preempted a fr-esb spate of . securer adoptionV’ of’ the “cor- said that any such switch must no power of . compolsion _ 

..president' ..of "the National level of work. -- Without u the attempts -to unseat moderate.} porate plail"" proposed by the be done through them. company was' private^ -p'jyned. 

Federatmrt- of Buildins Trades construction industry could not, Labour MPs. despite the com- ' sbop stewards combine commit- Conference overwhelmingly N’eveitheless, Mr. Eric Varley. 


.Emplpyers, warned yesterday.- continue to generate the capital > promise contrdversidliy adopted !lee al Lucas Aerospace was pro- approved a resolution that Lucas the Industry Secretary.^ was 

'Mr. Gostling, who was speak- and the skills required. I at Blackpool. posed at the Labour Party con- Aerospace should he nationalised having talks with Lucas and 

• . fercnce yesterday: by. Mr. Gerald if it refuses to implement the hoping to persuade the ebwpeny 

1 ‘ ~~ Kaufman, Minister, of State for plan. The motion gave full hack- that a planning agreement would 

.TT tty • 1 a C • . a • Industry. ina to - the plan and argued that be good for Lucas as well as for 

fi 11%. lnmrcrrv miCTH5lllyKQP6 CfriOk’ 7 He said that government stor>d it would help prevent 2,000 re- its worker*. 

lUUUiJil J Ul i i J i 911/vlV ready to call a tripartite meeting dundancies at the plant. Another speaker." Mrsi'Audrey 


Slim defeat for vote 
against money system 


BY PAUL TAYLOR 


BRITISH INDUSTRY was vast- the responsibility for inventory 
ing the chance to finance new and the cost of possession. 

! capital expenditure because of The UK's stoek performance 

stock mismanagement.” said was poor compared with other 
-Mr. E. B. Mervyn Grubb in his major Industrial nations, he said, 
^inaugural speech. as president of underperforming. by up to 40 or 
“the Institute of Purchasing" and 44 per’ cent - compared - with 
Supply. • Japan and West -Germany. 

Mr C.nihh - Tn- Kl-C - .-.hlrn' — T 


“ " ” Kaufman* Minister, of State for plan. The motion gave full hack- that a planning agreement would by ELINOR GOODMAN 

' • . -a m Industry. ina to - the plan and argued that he good for Lucas as well as for 

Ftll^tilSITISIfrPC He said that government stor>d it would help prevent 2,000 re- its worker*. A LAST-MINUTE attempt to cet rejected moves towards economi 

l R i Ekj g M Bl i li l g ViJ uLUvIi ready to call a tripartite meeting dundancies at the plant. Another speaker." Mrsi'/iudrey another vote against European and monetary union as part of 

representing ttie shop stewards It demanded that the govern- Wise, MP For Coventry SW, monetary union narrowly failed wider motion" on the EEC. Bu 

committee, the management of ment should enter into a plan- urged the Government to bring yesterday at an unprecedented anti-Marketeers on the can 

the company and the Confedera- n mg agreement with the pressure to bear for adoption of meeting nf Labour's national mlttee, led by Mrs. Bar bar 
reaponsibility for inventory He said there was a fatltire to Uo1 ? °f Shipbuilding and Engin- company - and take Into pqhlic the corporate plan In its rph* as executive committee. Castle, wanted -a. rate on th 

the cost of possession understand tiie ne&A for SSSne ®™ 8 . M u ?' ans - , 1 ?’ s 5 Du!d be ownership through the National the biggest customer of Lucas. That anti-Marketeers were able specific issue of the propose 
ic UK's stoek performance in stock management while in e L { the confederation c on- Enterprise Board those parts of She asserted thar the manage- to muster enough support for European - monetary system, 
poor compared with other other countries like the US the 5 ‘j£T ed lhat u wou j d *** lll ? , PTai- where the corporate plan was ment of the company -was such a meeting is a. measure of Earlier in the week she wo- 
»f IndimtriS MtioS, he Sd, sqbject had reiefved SSJ ! S u The rorporaTe f 1 ™ envisages not put into effect In addition. " terrified " by the plan. the deep passions still aroused the " mmitSf I fiDnP f f J 

irperforming b« upto 40 or attention. 810 . 2 tbe ' company switching out of resolution said the government Conference . also- adopted fan by Europe among members of ^ e . c ™”™ittees .® u .PP° ft for 


mapufahturing equipment and should prevent the company pro- emergency, resolution 


» Mr. Grubb, chairman of the 
Guest. Keen and Xettlefolds 


"Scientific inventory control I parts for military airdraft and during arms for export; 


the ■■ Government 


of the 'In' 1976 r "the total "value' of a f ra8 ^ to achieve, the optimuml into “socially useful cotnmodi- Mr. Kaufman, iold. del Mates Western -.Ship.' -Repairers - on .Ministers to 
:lef olds stocks in UK industry and com- baIanee between "customer and The management has so that the Govern ment hoped _ hi Meree.vsid** and. : .tp.- rrttep rate 'it debate j>n*Eu 


tinn calling on the pahy v s governing body, des- twse4 on the .assazap 

tir -.nationalise- pile 'calls "'for' some v^Gabinet Hon that the EEC Fioaaci 


cooL the., whole Miriisters.had 1 already agreed; ir 


uuest. Keen and Aettlefolds stocks in UK industry and com- u * 1<1J,rc uclwceu cusiomer ana ^ . u su , 'w'frnmem nnpro.m MPtiRpnj** ano . .. rp.- mtegrare it aeoatejm- Europe. . .- principle-. :p?opdsals-Fer 

•wholesaling arm, GKN Distribu- merce was- over £40 &b at 1976 company. "hut he warned that lar aranned to .adopt the pro- conclude a planning agreement into the shipbuilding industry. The conference had alread* pean monelarv system. 

j 1 ml "r vvr u .1 «. _ - . m ... 


• tors, told tbe institute's annual prices. The UK has a “ derisory - even this would rail unless man- 

conference at Stratford upon stock turnover and if the ageraent established a firm and 
Avon yesterday that industry nation had matched West publicised policy on stocks, 
should finance investment by German performance in 1374 In addition to the wasted 
releasing cash tied up in about £8.7bn would have been capital tied. up in stock, financing 
finished stocks and work in pro- released for Britain's reinvest- stock storage was costly. Greater 
gress.- ment programme. mechanisation of materials 

• He described stocks held by Mr. Grubb said there were handling could save up to £90xn 
companies as the “untapped tfiree main causes for the UK’s a year in the UK. 

mine of wealth" and suggested poor stock performance: the The cash for investment "is 
•that management. Government “6top-Start" syndrome caused ours for the taking if we manage 
and educationalists should turn by Government: unreliable to prise it From the clutches of 
their attention to efficient stock delivery performance: and in- stock hoarders and stock mis- 
management through examining ventory mismanagement managers," said Mr. Grubb. 


LABOUR NEWS 


F.T.-ACTU ARIES SHARK INDICES 
QUARTERLY VALUATION 


Kodak deal may 
yield 13% rise 


TGWU no 
to ‘phoney’ 
settlements 


Vauxhall to begin 
productivity talks 


BY PHILIP BASSETT. LABOUR STAFF 


By Nick Garnett, Labour Staff 


FINANCIAL TIMES REPORTER 


• - - COMPANIES WERE -tuld yesier- ! THE UNIONS and the Vauxfaali A bonus dispute caused, t' 

SENIOR STAFF at Kbd&k have negotiations if either the general 5“<r win , j nd if m ure j management begin intensive walk-outand the strikemsay tl> 
settled under Stage Four of the level ni settlements in similar So™, 1 !.. 1 **, .. Ji C “ r }. an ,asl . ! talks next week on - a productivity round-the-clock picket ov 

Government's oav nnliev for 5 ciimnanips nvronHi u«> s non-nnn . « 01 . puone.v prodoc- ! ulul j, s. j . -i. the wepkenrt cnulrf mean no Won 


shares indices as at September 29, 1978, expressed below in millions of pounds 'expect to yield m> 
and as a percentage of the All-Share Index. Similar figures are also provided ^The^ea^Ts^c 
for the two preceding quarters. 


EQUITY GROUPS 

& SUB-SECTIONS 

fFlKures Id lureailwaes tanorp mnntun- m -stodrt> 


iUrk-r 

e*plcali>af|<?D 


Sept. Z>. !»;? 
(Cm.) 


M*rtw 
uRpit*Utetioa 
as at 

■Tuna 30. 19TB 
'£m.t 


. % 
n{ at] ■ 

■bare ] 
lodes; ! 


Uarkw 
eapitaliaanen 
a* U 

March 31. 1378 
<£m.i 


1 . CAPITAL GOODS GROUP C171> 

2 [Building Materials (271 

a Contracting and Construction "(28) 
4 i Electricals (14) 

e [Engineenne Contractors (14) ... 
e Mechanical Engineering (72) ... 

8 IMetals and Metal Forming (16) 


0.324,5 

1.707.0 

1.005.3 
2.690.9 

B6J.7 

2.783.0 

1.173.4 


16.43 . 

I 2.88 i 

i 1.67 ! 
4.45 | 
0.93 | 
4.61 . 
I 1-34 ; 


B.581.7 
1.511 ! 
864.4 

2.239.9 
472.9 

2.416. B 

1.088.9 


8.1B2.B 

1.443.2 
807.5 

2.108.3 
454.4 

2.274.6 

1,109.0 


~ , «« » eirninRS * H tk T" . , „ , the suict wage guidelines. Mr. Geoffiey Moore, personnel ^wnwy.ana ujousbihk-ot jv 

idpd a e^rmpg^. The Department of Employ- 1 Mr. John Miller the uninn'c director has said hicher nutnut at Leytand (actoiy . a 

mea The deal is expected i> he mem expects that apart from LationaJ aecntuT for .heSls ! and p?o"du^fff^U be threatened from Monday ; 

reflected in negotiations be ween British Ley land there should he [said that this stance would he need over the next 12 months fumacemen in the heat treatise 

tbe company and its S.AOO m raual no renecotiation or settlements used by the uSVlS and ' t S. «n,™«7 h s^tion start strike action." 

porkers which resume on Mon- within 12 months, hut union force companies tn break pav lin T n h n C c ^ P w.?h ; T ^>r action follows the 4 *• 

... . officials who negotiated tbe ! guidelines in a series or ISi 1 1 ? I, I 1,1 1 Th , be . improved missal of a colieaque. for bet 

. ! One of the clauses in the sree- Kodak deal stressed that the ; cases in tile next few months *= i, n °S rangc co " rin “ ll - v ’ ,f pro- absent for s£t months in a>d 

^. u covering the 2J200 . enior rc-opener clause was an essential ■ The policy, pnniv ™wied it ?H ct10p ls ‘^PO^ant and more. pnte over changing Ilia job pr. 

,7/S iStaJI iriembirs or the- Assoda^on par^ . mmpanl". whlSl ^Mi«M “* ">«-»*» U. be rsenuted. . ffi! CM»«UV n.« 

' BAei * - chfUca 4011 b - e sel ^*® ei,T provides for a. Phase Three produnivity deals A strike by 25 supervisors at The tnan. Mr George Mers!| 

ielanv tn fravid» W fv»r**f! ShS IjlS IIS? e ! !n^,™t ala,:Ws,,V, ’ h ” s ® b» since been : the Lcyianfi national plant at said he stood to lose up to Si'V 

I clause to provide for fi rtuer increments and allowances. (Questioned, was tikptv m i.a Wnrkinctnn. Cumhria it nravont. u*oalr ndirl f r.r in-'l 


h " i S ™ J mp / oved niissai of a colleague.. for" bei 


Pot 


en 


A strike by 25 supervisors at The man. Mr. George Mers!' 
the Ley land national plant at said he stood to lose tip to 9pV 


11 CONSUMER GOODS 

I (DURABLE) GROUP (53) 
la LL Electronics. Radio and TV (16) 

13 Household Goods (12) 

14 Motors and Distributors (23) ... 


Staff at Dj. C Thomson 
reject role for unions 


questioned, was likely to i, e Workington. Cumbria, is prevent- week paid for operating ui: i ‘ 
applied at Monday's, pay necoti- ing the delivery ' uf component social hours, and there was. .'.. 


'ar 


ations for manual workers in parts and threatening to slop the agreement to force him to acciv 
.British Ox>’gen's gases division. ' bus assembly tines. a jobs switch. '« 

Mr. Miller warned. 

J Earlier this week, he alleged ! — : —*■ 

i that almost all productivity deals i i~r ■ . »» •. . ' ,, 

JSr" ' Tax staff in computer talks 

nolic-y, imd m no way met iHh;THE INLAND Revenue Staff Tbe federation esprutire ft 
* iover n men l s " solf-financinu Federation has called a special it has gained some concessit 

.enterja. ■ conference of delegate!? over a oh the issue, and wants . j 

Mr. aimer said yesterday th.ii computer inanmns dispute. members' backing to "cnnti? 


2,804.3 

1.613.1 

222.3 

966.9 


2.498.4 

1.368.0 

2087 

921.7 


i 4.47 \ 
j 2.4S ; 
1 O.S7 : 
I 1.63 


2.348.8 

1.340.0 

204.8 

854.1 


4 43 I RT RAY PERM AN. SCOTTISH CORRESPONDENT . Govern men fs " sol f-fin an cinu Federation has called a special it has gained' .■some coneesSH 

f ,#7 ! a hmkvp r.i , t , : cntena. • conference of delegate!? over a oh the issue, and wants, j 

0.38 I A BALLOT of employe** ai executive meeting in lhe next Mr. Miller »md>e*u»rday that computer manning dispute. members' backing in contnj 

1.57 ! D- C. Thnnisnn. one oi the fcrg ps| few weeks whether tn withdraw, he and mher Transpon and The conference, to be held heqotinfiri'’ - “ 

[non-union companie> jn Britain. Trom the Press Council. The . General negotiators were "nu; within 10 da vs, wit! decide the However if the 150. brai 

• : has rejected a proposal foriunion union said yesterday that ii had i longer prepared tn start a whole federation's, response lo inland delegates decide to spread . 1 

27 93 .i recognition. .J reached the end or the road in new round of charades based on Revenue plans that would meaii present poliev of non co-op 

3.03 ' A posial vnle conductedlby the trying to initiate reforms in the . finding devious ways and moans ' losing members involved .in com- alion in shifting work to « 

iju Electoral Reform Soeiet>" on council, which it helped in sel - of gel ring around wage yiu'di -- 1 puier w*o'rk to the rival Suciety of outers, there could be seri' 

2 25 behalf of the Dundee-based pub- up about jo years agu. lines.'- Civil anrt-Pnhhc -Servants -. ■ troulil*?. 


CONSUMER GOODS 
(NOK-DURABLE) GROUP (172) 
28 Breweries (14) 

33 Wines and Spirits (S) 

34 ‘Entertainment and Catering i" IT) 
2 B Food Manufacturing (19) 

26 Food Retailing (15) 

32 Newspapers. Publishing (12) ... 

33 [Packaging and Paper (15) 

34 [Stores (40) 

35 'Textiles (25) 


ri ifiO 


members' backing m "cimtiH 


36 Tobacco (3) 

37 Toys and Games (6) 

41 OTHER GROUPS (99) ... 

42 Chemicals (19) 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) ... 

45 Shipping. (10) 

46 Miscellaneous (57) 

48 INDUSTRIAL GROUP (495) 
51 Oils (5) 


18.371.4 

1.734.4 
854.6 

1.315.8 

2.801.4 

1.087.2 
243 7 

955.4 
4.66B.7 
1 .022.B 

1.765.2 
102 .a 

9.662.2 
3.211.0 

2.081.8 

637.5 
587.0 

3.144.9 

38.762.6 

6.672.3 


15.458.3 

1.632.0 
774.2 

L239.2 

2.451.8 
946.8. 
569.7 
867.6 

4.200.9 
944.4 

1.738.0 
93.7 

8.959.1 
5.1BZ.0 

1.842.2 
- 604.2 

S88.9 
2.781.8 
35. 497.5 
6.395.1 


15.143 5 
1.644.3 
777.8 
1.220.B 
2.338.9 

887.7 

494.8 
886.2 

4.239.1 

935.4 


The conference, to be held ' negotiating. 

[thin 10 days, will decide the However, - if the 150 brai ■ 


-I reached the end or the road in new round of charades lia^ed on Revenup plans that would mean present poliev of non co-op 

lucledlby the trying to initiate reforms in the .finding devious ways and incan.s ' losing members involved in com- ation in shifting work to «. 
Soeiefr on council, which it helped in se.l-nf getting around . wage uufdi-- 1 piuer wo'rk to the rival Society nf pulcrs. there could be seri' 


3.11 
J 0.17 j 
16.04 
| 5.70 
j 3-30 i 

j 1.08 1 

! l.oa ! 

; 4.94 I 
,63.54 ' 
: 11.45 , 


1.691.1 
87.4 

8.507. 1 

2.928.1 
1.782.0 

588.6 

58B.5 

2.619.9 
34.233.5 

6.027.9 


• a 32 tishing company produced "a vote 
: j ,.. of 1.723 emplo; ees againsl'aoion 
' ■ representation in negotialinn 

' on wages and conditions a)id 846 
7 89 i' n favour - About 400 people did 
J j ," not return their papers ^ 

_' The company. whiCK has 
j ' resisted union membership 

0.16 . among its workers since the 
15.69 ; General Strike, said .ii was 
?■*? pleased with the result. -I : r 
I ' Mr. David Emmersun. Scottish 


l.os i secretary 


National 


59 1300 SHARE INDEX 


: Graphical Association, sfcid he 
was disappointed but not des- 
pondenL The investigation by 
! the Advisory Conciliation and 
‘Arbitration Service into the 


: Yet 

61 FINANCIAL GROUP (100) 


. 

9.607.9 

; 15.90 | 

9,075.1 

i 16.24 . 

9-465-2 

17.46 

btimbt 

62 Banks (6i 


-I 

2,571.1 

1 4.26 ; 

2.464.2 . 

J 4-39 , 

2.569.5 

[ 4.74 

have ’ 

63 DUcouni Houses (IQ) — 

... 

...[ 

126.5 

1 0,21 < 

.125.6 ' 

0.23 • 

120.1 

1 o.afc' 


ing and journalist unions 
would continue, be said... 

*■ Some D. C. Thomson workers 


64 Hire Purchase (5j 

65 insurance (Life) ( 10 ) ... 
86 Insurance (Composite) (7) 

67 insurance (Brokers) (10) 

68 Merchant Banks (14) ... 

69 Property.. (31) 

70 Mi5cellaneouK <7) 


206.4 

985.5 
3.3*8 .3 

807.1 

394.5 
1,782.1 

406.8 


0.34 f 
1.63 
3.85 
.1.34 \ 
0.65 ; 
! 2.95 I 
' 0.67 : 


IQS. 1 
952.B 

2.296.2 

767.9 
364.2 

1.637.2 

391.9 


0.33 . 
1.71 I 
4.11 > 
1.37 > 
0.65 . 
l 2.7S , 
' 0.70 


196.7 

1A26.3 

2.459.9 

772.0 

361.0 
1.S70JI 

569.9 


7i [investment Trusts (50) ... 
si (Mining Finance (4) 

91 ■Overseas Traders (19) - 


ri ALL-SHARE INDEX (673) 


2^23.7 

1.148.7 

1.399.8 

60.415.0 


2.648.8 

1.042.6 

1.3062 


4.74 , 
•i .1.87 1 
I 2.16 ' 


2.592.9 
1.006 4 
10074t 


1 A 9 } port for trade unions would be 
4.54 discovered by the company from 
1.42 ! *“ e ballot forms anff had 
0.67 | removed serial numbers before 
Z90 returning them." 

0.72 I Tb* 5 bad made it difficult for 
— -‘the Electoral Reform Sotfe. 1 ? to 
i m j determine support for unions in 
ana different en'mpany offices. Mr. 
Emraersop said. 

too • The National Union nf 
^JcurnaliBtA will decide- Tat tn 



MNNEAUARMAGNAe IS AN 
J ORDINARY FRENCH BRANDY 
AS ROQUEFORT IS 
ORDINARY FRENCH 
MOUSETRAP 


T.-A V- 







N 



Financial Times Saturday. October' 7 1978 


THE WEEK US THE MARKETS 




i.- '■ 

fct- 1 !-* 


iO-r 


■ i 


'.>r . • 


-.rti : 

^ i .1 




NEW YORK 

JOHN WYLES 


it tor Mit 


.LC 


OIH^ S\ Ste; 


/TT.r - 
.*;* • .* 

=i? 

i-rr :*■ 

4*- : 

■a^r-. 


U) M 

■L \ t *•-> * m- 

w 

v luift 




i*r- *- • 


Ticking over 

A NET GAIN in the Dow Jones revealed that he had not 
Industrial Average of nearly 11 changed his mind since the end 
points by Thursday’s close is of July, when' he firsr issued a 
not exactly inconsequential. In prediction that interest rates 
fact it is something of an might peak by the end of the 
achievement given the generally year. Why the Chairman of the 
uninspiring news backcloth u.S. Central Bank should want 
against which the market has to stick his neck out on the sub- 
been operating. Yet at the ject when serried ranks of blue 
moment on Wall Street there is chip economists are unable tn 
no sense that the marker is see any ceiling on interest rates 
going anywhere in the short is unclear until it is remem- 
term. rather it is ticking over bered that President Carter 
waiting for something to bring complained to the world last 
the world into Focus. week that U.S. interest rates 

Monday's volume was a mere were too high. 

18.7m shares, the lowest since In trying to reassure the 
July 3,'the day before Indepen- White House Mr. Miller may 
dence Day. A Jewish holiday well tarnish his reputation 
and a key baseball game between which is no longer as lustrous 
the New York Yankees and the as it once was. In the same 
Boston Red Sox was - held speech Mr. Miller 'refused to 
responsible but one doubts accept that the underlying 
whether the present listless inflation rate was 7 to 8 per 
mood would have sparked much cent and . we do not know 

whether the 'publication of 

; figures yesterday showing a 10.8 

per cent > annual rate of 
increase in' September in pro- 
ducer prices is making him 
wish he bad -talked of some- 

thi no *l<u» The'- President 

thought, the figures startling 

enough to ■ mention them in a 
heavier trading in the absence lettcr seat t0 ever y Congress- 
of thpse distractions. man urging support for his veto 

In fact. Thursday’s session of “wasteful” Public 

was the tenth consecutive day Works gift - 
of trading below a 30m share WSth confusion in the 
volume and for the moment the outsl d e world, the stock market 
institutions have geared down has preferred to focus on such 
their activities. Many invest- as mergers and acquisl- 

ment managers appear to accept ^ Dcspite this year * 3 rally 
the techmcal view that the- host of strong enterprises 
market is broadly robust and M excellent eamings pros- 
r his could be the reason for the pects ^ relatively under- 
apparem deaf ear to some dis- J a , ued j ^ ^etandso the 
putting news on the inflahon prize 0 f cheap assets. is trigger- 

iT0 ™- _ „ _ ing. .increasingly .fervent merger 

The Council an TVage and activity. ' Cox Broadcasting put 
Price Stability, for. example, on $94 to rise to $59 y&t«;day 
produced a pessimistic report oa the news of . its attempted 
on Wednesday which confirmed acquisition by General Electric 1 
the somewhat obvious fact that for a cash deal worth a mini- 
inflation this year “will show a mom of $85 a -'share.. Olin 
clear acceleration" from the Corporation is another stock in 
rate of the past two years, demand because’ of ah agree- ] 
According to the report the ment to merge- with Celanese 
annual rate of price increases for the equivalent of HO a 
has now risen from 6 per cent share. One of the most interest- 
10 more than 7 per cent which ing speculative. purchases being 
is the clearest indication that made at the. moment is Keune- 
the President's, existing anti* cott Copper Corporation which 
inflation programme is not is facing a renewed proxy 
working.' battte with Ciirtiss-Wright fol- 

The Council’s report con- lowing a order, 
treated oddly with some-curious 
remarks made, on Tuesday by Close 

Mr. William Miller, the Chair- 
man of the Federal Reserve JJSnJLlay 
Board. In a speech delivered ■ THi^ifay 
in New York Mr. Miller Friday 


Blackpool calls the tune 


Even is at the Labour Party 
Conference have dominated the 
headlines .this week — and left 
the stock market unimpressed. 
Prices have bobbed up and 
down in the wake of the waves 
from Blackpool, but there has 
been very lit tie real activity. At 
the close last night, the FT 30- 
Share Index was Just a fraction 
higher over the week. Gills, 
too, went nowhere. 

Scanner losses 

Following the earlier warn- 
ings from EMI, Thursday's 
news that pre-tax profits were 
down from £64.7ra to £26m was 
nn worse than the pessimists 
had expected. Just as import 


taut, the company felt confident 
enough about prospects for the 
current year to maintain gross 
dividends at 14p a share. 

Later on Thursday came the 
news of a possible scanner 
settlement over royalties that 


LONDON 

ONLOOKER 


could mean a retrospective pay- 
ment and a future income flow 
with a U.S. competitor Ohio- 
Nuclear (which is currently 
under offer from Johnson and 


Johnson). By the end of the 
day the shares had risen I3$p 
to 15Sp. 

The scanner royalty news is 
a bull point since EMTs 
medical electronics division 
(which is dominated by scanner 
sales) incurred losses totalling 
£ 13.2m in the year compared 
with profits of £l4.7m the year 
before. This shortfall was 
largely due to the collapse of 
the- U.S. market for scanners 
resulting from cut-backs in gov- 
ernment spending. Royalty 
income would not totally offset 
the losses but it could reduce 
the impact somewhat. 

Profits from music operations 
were halved to £lfi.8m. Heavy 
start-up costs on a French dis- 


tribution centre and a factory 
in Holland are. to a large 
extent responsible for the 
decline. 

Elsewhere within the group 
the picture was rosier with the 
leisure side well ahead and 
Thames Television contributing 
a tittle more than last year. 

Bejam goes cold 

Bejam’s growth image has 
taken a knock following the 8 
per cent drop in 1977-78 profits. 
But the market has not given up 
on Bejam yet, and forecasts of 
a 35 per cent rise to £6m pre- 
tax this year are fairly common. 

Bejam warned investors at 
the interim stage that it could 
not match the exceptional 
profits nf 1976-77, so there was 
no real disappointment this 
week. In fact tbe company's 
optimism for the current year 
combined with a preference 
scrip issue helped push the 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


871.35 

867.90 

873.96 

876*7 

880.02 


Change 
+5-S4 
—3 46 
+646 
+2J1 
H-3-55 



us; — *• 

EL'^bJ . 


COW] 



of the Far East 

For only«Q0 per month 

’ “Rest performer of all has been Gasrtmore 

Far Eastern Trust” Financial Times 5th August, iqjS. 

Unit Trusts investing in Far Eastern Stockm ark els have 
generally out-performed others this year. The best 
performing trust since the beginning of die year has been 
Gartmorc Far Eastern, the offer price of which has risen by 
72.1 u rt jn tlw first nine months of t9“S. The portfolio is 
currently invested in Hong Kong (35%), Japan (35% V 
Malaysia ( 14'’,.), die Philippines (izVo)» and Indonesia(3?o)» 
with I in cash. _ 

We believe these markets still remain attractive, ana you 
ran now participate in them from as little as £1 o per mouth 
through the Gartmore Regular Investment Plan. . 

Generous Tax Relief 

Regular investment enabU&you to enjoy the tax benefits of 
□ life assurance policy: ibi'^.ftaxTeliefoapremiums means 
that, from the second year ofy our policy onwards* the amount 
invested for you is actually more than you pay, Ir also means 
tliat you can take advantage of inevitable fluctuations in the 
price-of units through pouiid-cost-averagrag: more units are 
bought when die price is lower mid fewenvhen the price is 

higher. . , Life Assurance Cover - 

The Gartmore Regular Investment Plan, underwritten by 
Lloyd's Life Assurance, provides a fobstantmi .element of.life 
assurance cover, which depends on your age when you start. 

If you are aged between 1 &*55 and would, like to know 
more about the Plan, please post tlw coupon below, or phone 

Alan Wren on 01-283' 353r.N0 salesman witl calL 



Gartmare Fond Managers Limited. 

. 3 St Mary Axe, London EC3A0BP. Tel: 01-0833531. 
Please said me denote of the Gimniorc Keyutar Investment Plan 
linked to tbe (jartmnrrFff Bwtrm Trust. 

Xante ■ ' - 


[‘ Address -t ' 


aSSgpflOOMOOoaader G rou p Management 


rnmaGRIP 



Price 

Change on 

1978 

1978 



Y*day 

Week 

High 

Low 


Ind. Ord. Index 

503.0 

+ 2A 

535.5 

433.4 

Pay compromise hopes 

Amal. Distilled Prods. 

32 

+ 6 

46 

26 

Revived speculative demand 

Anglo American Corp. 

376 

+36 

378 

246 

American buying 

Associated Fisheries- . 

50 

+ 8 

71 

39 

Revived speculative demand 

Bamberger? 

79 

- 9 

91 

44 

intL Timber bid terms disappoint 

Bambers Stores 

159 

+21 

159 

3U 

Speculative demand 

EMI 

160 

+ 17 

190 

130 

US. scanner licensing deal 

Farnell Electronics 

420 

+25 

430 

186 

Interim results due Tuesday 

FNFC 

8 

+ 3i 

84 

T3 

Renewed speculative interest 

Higgs & Hill 

78 

- 6 

93 

72 

Disappointing first-half profits 

ICL 

467 

+35 

480 

206 

Press comment /in v. demand 

News Inti. 

265 

+20 

283 

228 

Interim results please 

Northgate Expln. 

435 

+70 

465 

245 

Uranium expln. hopes 

Rustenburg Plat 

107 

+ 18 

108 

70 

Finn platinum /good results 

Wolstenhohne Bronze 

265 

+25 

265 

162 

Good mt. results & scrip issue 


! Average 
week to 
FINANCIAL TIMES 


Sept. 

6 


Sept. Sept. 
29 22 


Govt. Secs. . 69.87 70.08 70.64 


[Fixed Interest 71.73 

71.94 

72J2 

Indust. Ord. 

504.7 

506.3 

525.9 

Gold Mines 

170.0 

174.0 

181.4 

[Dealings mkd. 4,723 

5,128 

5.205 

FT ACTUARIES 

Capital Gds. 

244.68 

245.94 

254.39 

Consumer 

(Durable) 

215.53 

215.13 

222.2 

Cons. (Non- 
Durable) 

215.73 

216.05 

222.51 

Ind. Group 

229 J6 

229.70 

236.58 

500-Share 

252.83 

252.89 

259.95 

Financial Gp. 

164.87 

166.44 

174.13 

All-Share 

230.03 

230.60 

237.59 

Red. Debs. 

57.71 

57.61 

57.55 


shares 6p higher to G5p on the 
news. 

Profits in 1976-77 had 
bounded ahead due to the sum- 
mer drought which hit 
vegetable crops. Frozen foods 
were in demand and Bejam en- 
joyed both a good rise in 
volume and a sharp increase in 
selling prices. Profits jumped 
by 77 per cent to £48m. 

For the year under review 
the picture was very different 
Volume was only 1 per cent up 
from existing stores and prices 
crept ahead by only 5 per cent, 
leaving some decline in 
margins. 

However vegetable sales are 
.rising — turnover is up 20 per 
cent so far— and freezer sales 
are recovering. New stores are 
also being opened at a faster 
rate. The outlook may be 
better but analysts find it hard 
to justify buying the shares nn 
a fully taxed prospective p/e 
of 121. 

Dollar Land settles 

Hugh Brackett, chairman of 
Dollar Land Holdings, and his 
board have put their director- 
ships on the line over the pro- 
posals hammered out with the 
Atlas group for settlement of 
their ten year old legal battle. 
On October 27 shareholders of 
this unhappy company, locked 
in by share suspension since 
1968. can vole for acceptance of 
the proposals, or start looking 
for a new board oF directors. Ii 
is no real choice for the board, 
advised by Samuel Montagu, 
proposes a single U.S.S900.000 
f£453.000) paper transfer in 
full settlement nf Atlas’s £2m 
legal claims leaving Dollar Land 
as a clear, near cash shell com- 
pany worth S4p a share. 

The real choice facing share- 


holders will come later. That 
is whether to press ahead with 
a re-quotation of the shares, or 
simply to await a suitable take- 
over offer. On its own, it is 
hard to see what the company 
can achieve without a fairly dra. 
matic injection of new trading 
interests. It is far more likely 
that both board and share- 
holders would prefer 10 sit back 
and sift through the offers that 
its post-litigation form— .with 
sizeable American tax losses, 
UK cash, a single Canadian pro- 
perty, and a U.S. subsidiary-* 
are bound to attract. 

Sime Darby change 

The Sime Darby Board's de- 
cision to remove Turquand, 
Youngs and Co., as the group 
auditors is surrounded in mys- 
tery. The official reason is that 
Turquand is not as diversified as 
the mooted replacement, Price 
Waterhouse, in terms of its in- 
ternational coverage, particu- 
larly in North America and 
West Asia. But Turquand says 
that this is just an excuse and 
the real reason must lie else- 
where. Turquand itself does not 
know the reason or else is not 
saving. 

Outside speculation centres 
on the internal politics of Sime 
Darby which has seen two Board, 
reshuffles since Mr. Finder, a 
former chairman, was found 
guilty of misuse of company 
funds three years ago. 

Turquand will circularise 
shareholders, appealing to them 
to override the Board at the 
AGM on November 17. But 
Sime showed earlier this year 
that it can resist pressure when 
it refused a demand by the 
Kuala Lumpur stock exchange to 
reveal the purpose of £110m of 
new bank loans. Turquand can 
expect the same response. 


SAVE & PROSPER 



For some years It has been recognised that the 
area bordering the South China Sea and, in particular, 
countries such as Hong Kong, Singapore, Malaysia, 
and the Philippines have offered considerable 
potential for economic growth. Now a number of 
countries in this area have begun to achieve their 
potential, and in recent years have shown remarkable 
growth rates, often twice that of many major 
industrialised countries. 


| 

tnualgx 

1973 

414.2 

4111 

+T2J1 

+3-I- 

B 

i 

iamesti 

V 

+17.0 

+7.1 

+11.5 

+6.7 

cprodui 

1977 

% 

+11.6 

+7.8 

+8.0 

+6.1 

1 


+B 

+5.4 

410.0 

— u 

—1.4 
— Ofi 

— 2JB 
—1.3 
+1-4 

+3.1 

+6.0 

+6.4 

+0.4 
+4.5 
+52 ‘ 

+4.5 

+6.5 

Projected 


Underlying this growth, and giving reason to 
believe it mil continue, are the area’s immense 
richness in natural resources -including tin, rubber, 
pialmoiL timber and oil— its highly skilled and 
adaptable workforces and managements, the 
development oflocal consumer markets and its 
.strategic position in relation to world ^ trading routes. 
Until a few years ago political instability in the 
area was a major deterrent to investment. But while 
there is some risk of recurring political disturbances, 
the political climate, particularly following China’s 
policy of improving relations with its neighbours, now 
appears more stable. 

At the same time, there is now within this area a 
firm desire, coupled with the ability and the 


PROJECTED INITIAL PORTFOLIO STRUCTURE 
Hong Kong 60% 

Singapore & Malaysia 40%*- 
. Philippines 10% 


the world’s established trading and financial markets 


Lwestmeidopporttuilfy 

To take advantage of opportunities to invest in 


mid informed professional management is needed- as 
well as a smtablespread of investment risk. Save & 
-Prosper has considerable experience of investment 
management in the Far East, and maintains dose 
personal contacts with individual markets in an area 


GENERAL INFORMATION 

Dealing In units- Units may nonnally be bought and sold on any 
■wwtrTTi g rin y , Hn»wfer. in exceptional circairatanoeg the Manager* 
'reserve tbe right to suspend price quotations pending: their 
revaluation. Prices and the yield are quoted in the leading: news- 
paper*. Unit certificates will POPuaHy he ltarwanled within 14 days. 

fUMUft naifa. The Managers will normally buy back Units from 
rejpirtered holders, free of commission, at not less than the bid price 
calculated on tbe day your instructions are reedved, in accardimce 
with a formula approved by the Department of Trade. They may 
also be add bank through an authorised agent who is.entitled to 
charge commission. Payme nt is n ormally mada within seven days 
, of our receiving renounced certificatefq). 

Safeguards. The trust is authorised by.ibe Secretary of State for 
Trade- and is a 'tridarrenge’ investment under the Trustee 
Investments Act 196L Tbe Trustee is Bank of Scotland who holds 
the titto th- trngt*B mveatmente cm behalf of the tmiftholriprsl - 

Charges. Tin offer price currently indudes an. initial service 
^"re ?THitfT^ediflg5%.andaii)nnmngadhiHtinentnotft x« fifidiiig 
the lower of l%or LSop. Out of this, commissi on (plus , VAT 

where applicable) win be paid to banta^atockhrn lws . mliritora . 
accountants qualified, insurance brokers on applications 
bearing tbeir stomp. In additio n, a half-yeaidy charge, out of which 
Manager*’ expenses and Trustee's fees ate met, is deducted from the 


*Jndudea Londim-quoUdeompanies operating in these areas, holdings 
of whichare expected toaccount for some 15% of the total portfolio. 

where local knowledge is crucially important. 

Save & Prosper South East Asia Growth Fund 
offers you the benefits of all this in a single simple 
transaction. 


Save & Prosper 
South East Asia Growth Fund 

The fund is an important addition to the Save & 
Prosper range of specialist overseas funds and in. 
particular will complement the highly successful 
Save & Prosper Japan Growth. Fund. 

Initially the portfolio will be invested in the shares 
of companies quoted or operating in Hong Kong, 
Singapore, Malaysia and the Philippines, including 
companies quoted in London or elsewhere which 
-operate in this area, but there is the freedom to invest 
in other stock markets in the area if this is considered 
appropriate at any time. The objective is to maximise 
long-term capital growth; income is not a 
consideration. 

The improving prospects of the area have already 


been reflected in rising stock market values during" 
this year. While we consider that the prc«pects for 
growth will continue, you should bear in mind that 
•investment in these markets can be subject to 
substantial short-term fluctuations. We recommend 
therefore that an investment in the fund should form 
only part of abalanced portfolio. That having been 
said, the advantages of investing in South East Asian 
markets through an authorised unit trust are powerful 
indeed, in terms of simplicity, convenience and 
spread of risk. An investment in the fond should be 
regarded as a long-term one. 

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

You should also note that currency movements 
can significantly affect the value of your investment. 

Britaicfe largest 
- imittrustgroup 

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 «nq 
annuities field.. 

At 1st September the Group managed £950 million 
for some 700,000 investors. 


To make a lump-sum purchase please complete and 
return the coupon below, together with your cheque. 

Units in South East Asia Growth Fund are on 
offer at 50p each until 23rd October 1978. Thereafter 
units will be available at the offer price ruling on 
receipt of your order. 

You will be allocated units to the foil value of your 
remittance to two decimal places, calculated at the 
initial offer price. The estimated gross starting yield 
is expected to be 1.50% p.a. 

If you require further information please consult 
your professional adviser or contact our Customer 
Services Department at the address given in the 
coupon below. 

Advisers requiring further information should 

contact Save & Prosper Services at the appropriate 

regional office. 



VAT is payable, making a total deduction of SOJSpper £100. These 
charges are tire nundanum cmrently allowed by the- Department of 
Trade. However, application lias been made by the Unit Trust 
Association for the permitted level of tihaiseBtobe increased. If this 
application is granted* unitholders in the fund- will be asked to 
approve tbe appropriate increase. 

Income. Distributions of net income snemde on 30th June each 
-year, starting in 1979. These can be antacmtacadiy reinvested' in 
&xther units if you wish. 

Ssro &FjwpaSecoritie*TaiiiHed^ ta men*® off the 
' 4 Great St. Helens, London EC3P SEP. 


a (minimum £250) in Save & Prosper South East 
Asia Growth Fund, i enclose a cheque made 
payable to Save & Prosper Securities limited. 
(Mr/Mrs/Miss) 

First Name(s) 

BLUUK. LETTERS PLEASE • 

Surname 

Address 


Application for a lump-su m purchase of 

SOUTH EASTASIAGROWTH FUND UNITS | 

To: Save & Prosper Securities Limited, (Dept. 0 ), 

4 Great St. Helens, London EC3P 3EP. Tel : 01 -554 8899. 

Registered in England No. 788728. Registered office as above. 

I declare that l am over 18 and am not resident outride the UK or other 
Scheduled Territories end that 1 am not acquiring the above units as the 
nominee of any person outside these Territories. 

If you are unable to make this residential declaration it should be deleted 
and the form lodged through your UK bank, stockbroker or solicitor. This 

offer is not available to residents of the Repubfic of Ireland. 

Signature 



If you would like distributions I | 
of income to be reinvested in 
further units please tick here. I 1 

If you would like details of our 
Share Exchange Plan please 
tick here. 



SPER GROUP 



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" ; ; £, . financial Tlmies - Satni^y : Qcto ^ ; -7 I 9 ?jg ? 


YOUR SAVINGS AND INVEST ME NTS 1 


Limiting the benefits 


ONE BROAD division of in- PHI policyholder can look for 
su ranees- is into policies ol in- £100 or £200 a; week, or what- 
d enmity and policies of benefit, ever cover his pocket can 
'In the former category come afford, insurers .aim to limit 
”the whole range of material their actual ■ payments to no 
damage policies — fire, crime, more than, three quarters (and, 
money contracts, business lb- exceptionally, only two thirds! 
temiption policies, home insur- of the policyholder’s average 
ances and motor policies. In weekly income for the period 
making a claim under such a prioT to disablement. This being 
policy the policyholder has to so there is absolutely no point 
■show that an insured znisfor- in paying premium for cover in 
tune has 'occurred and that he excess of what insurers will pay 
has suffered or will suffer loss by way of benefit Moreover 
to the amount claimed. Under there is no point in going to 
a policy of indemnity the two or three insurers, in an 
policyholder is not, in legal attempt to get 100 per cent or 
theory, allowed to make a profit even more cover, because all 
from his loss, though in prac- 


INSURANCE 

JOHN PHILIP 


tice it may he impossible for in- 
surers to achieve 100 per cent 
accuracy. 

By contrast under benefit 
policies, such as life assurances 
and disablement contracts, the 
claimant normally has to prove 
only the happening of the event 

insured against — the death of insurers write into their, finan- 
the life insured, the fact of dis- c j a i limitations fhat the total 
ablement by accident or amount payable under all dis- 
injury— and insurers then have ablement insurances shall not 
■to pay the agreed sum. It does exceed the 75 per cent Tule. 
not matter in the case of, say. This kind of clause is wide 
life assurance that the sum is enough to include in the calcu- 
extravagant, and out of all pro- jation benefit payable under 
portion to the true measure of annually renewable, nnn.PHT 
the financial loss sustained. contracts. 

- This, however, is also a a. number of companies back 
matter of theory, rather than U p such limitations with a 
practice. In practice, when further condition positively re- 
providing disablement cover quirtng the policyholders to 
under permanent health con- notify the purchase of any other 
tracts. Insurers do their best to disablement Insurance, pri- 
■ensure that the policyholder is marily to ensure that a proper 
not better off by claiming on his level of payment is made when 
Insurance and staying away a claim is lodged and a suitable 
from work. contribution is made by ail the 

Insurers attempt to achieve other insurers concerned, 
this by use of special clauses in Looking deeper into the 
PHI policies which may appear financial limitations one dis-- 
variously as exclusions, condi- covers a wide range of varia- 
tions or limitations of benefits, tions. Some insurers specify 
Whatever policy you pick up, that state benefits under the 
you will find that insurers put NHI scheme are to be taken 
in some financial restrictions into account either wholly or in 
which in practice put the PHI part; some insurers require the 
contract somewhere about half value of any private sector era- 
way between true indemnity ployment disablement pension 
and true benefit contracts. to be included. Such clauses 


While In theory the would-be can substantially diminish the 


75 per cent of income prior to 
disablement that is paid. 

Normally PHI benefits are 
payable only while the policy- 
holder continues permanently 
to reside within certain pre- 
determined geographical areas 
— insurers call these “free 
limits.” One might expect that 
all insurers would include the 
whole of the British Isles, and 
— in these European-conscious 
days — the whole of Western 
Europe or the Common Market 
countries within these free 
limits; but in fact there is no 
agreement over the designation 
of what is best called home 
territory. Some insurers 
specify “British Isles”; other 
“United Kingdom”; others list 
the offshore islands in addition 
to the UK; some of the defini- 
tions do not include the 
Republic of Ireland. 

Some insurers are prepared 
to accept a degree of temporary 
residence, three or six months, 
say, outside the free limits, 
while others reserve the right 
to cancel or amend terms if the 
policyholder travels or resides 
outside the free limits for more 
than 12 months. Between these 
two extremes different in 
surers have varying rules, for 
example, as to the duration of 
payment they will make to a 
policyholder, living outside the 
free limits. 

Occupation, important in the 
rating of annually renewable 
contracts, is much less import- 
ant to PHI insurance because of 
the substantial waiting period 
usually arranged under such 
contracts. Occupation princi- 
pally affects the accident dis- 
ablement risk, and PHI in- 
surers reckon occupation be of 
little rating importance, if 
there is a three month or 
longer excess. Nevertheless, 
almost all policies bear a con- 
dition which gives insurers the 
right to rescind the contract on 
change of occupation, but offers 
the policyholder the opportunity 
of reinstating cover on terms to 
be agreed. 


Jfa sornrifir, hit ihetem 



Investing 
in a girl's 
best friend 


Offsetting a squat 


IF YOU’RE planning a spot of 
skiing this winter, - don't slip 
up on insurance cover. 

We realise, of course, that 
you'll guard against breaking a 
leg the first day. 

We appreciate that you prob- 
ably won’t risk an; continental 

cuisine without adequate protec- 
tion. 

But don’t, whatever you do, 
forget about the squatters on 
your return. A successful 
holiday could easily end in 
gloom with your once happy 
family barred from home. 

However, help is now at hand 
from- the motoring moguls of 
the Automobile Association. 

Since the beginning of the 
year the AA’s popular five-star 
insurance policy has included 
protection ag&icist “occupation 
of your house by squatters.” 

Five-star . insurance is a com- 
plicated package, but essentially 
it comes in three parts; Vehicle, 
Touring and Persona] security. 

The relevant option is per- 
sonal security which, for a pre- 
mium of £3.70 gives you. among 
other things, cover fnr 31 
days against loss of luggage, 
sickness, cancellation or curtail- 
ment of your" holiday, hi- 
jacking and, of course, the pros- 
pect -of linweloome guests at 
home. 

Protection • in * this last 


instance is limited to a total 
of- £1.250 per occupant (The 
legal kind, of course 1) 

For this you will be put up 
at an hotel or in other accommo- 
dation for up to 25 weeks, at a 
cost of up to £25 per week. 

The AA will further pay £500 
per household towards the cost 
of the physical damage which 
the less friendly type of 
squatter is unhappily liable to 
cause. 

Finally, assuming you’re 
anxious to repossess, “reason- 
able” legal fees incurred .in 
ending the squat will be met 
The AA does not mention a 
figure, but effectively it will pay 
for the services of a solicitor 
pins the expense of bringing 
the case to court, as long as 
your total claim does not 
exceed the individual limit 
One important condition is 
that the cover only extends to 
your “ primary residence.” And 
if you are lucky enough to have 
a second home nearby, the AA 
will probably insist that you 
live there for the duration. 

One claim has already been 
made against squatters but the 
AA unfortunately refuses to 
give further details. 

Meanwhile, most insurance 
companies offer standard cover 
against " malarious damage” 


INVEST IN OURTW3 
INCOME TRUSTS 





Income from Barclays Unicom 
Income Trust is paid in March, 
and September. 

Income from Barclays Unicom 
Extra Income T rust is paid in 
June and December. '■ 

Invest in both and you’ll get 
a cheque from us every three months 

But although a regular in-, 
come has its advantages, a 
healthy income has even inore. 

Between them, the two trusts aim for a high and growing 
income with capital protecrion.This is achieved by 
investing mainly in a wide spread of ordinary shares in 
UK companies and in the case ofExtra Income Trust 
topped-up with some fixed-interest stocks to give a slightly 
higher current yield. 

A HIGH AND GROWING INCOME 

Since the launch of our Income Trust 13 years ago, 
the gross annual income on an investment of £1,000 has 
risen from £69.90 to £166.60. And since the launch of 
Extra Income Trust 6 years ago, the gross annual income on 
an investment of £i,ooo has risen from £64.20 to £94.80. 
Furthermore, we believe the StockMarket will be 
attaching greater importance to the prospects of growing 
yields, now that pricelevels are higher. 

If you’re attracted by theidea of a regular income it 
makes sense to invest in both trusts. The actual split is up 
to you. We estimate that in the first year an investment of 
£2,000 divided equally between the two trusts would 
produce £27.95 before tax in March and September, and 
£ 37-5 5 ml June and December (as at 15th September). 

The minimum investment for each trust is £250. 

For this scheme, however, we recommend that your 
holding shouldn’t beless than £500 in eachfund. 



DIAMONDS MAY be forever, 
but not the diamonds ' into 
which Richmond Life is to put 
the holders of its brand hew 
diamond bond. On the -contrary: 
even in The .early daysj most of 
the diamonds held by' the fond 
are. likely to be .bought and 
sold within a matter of months. 
Now, if you like the notion of 
investing in. diamonds through 
a fund managed by experts— and 
there’s a lot to recommend It- 
erances are' it’s the idea" of 
diamonds as a store of value, a 
hedge against inflation and 
fluctuating currencies, that 
attracts you. Fair enough: but 
if you choose this way of doing 
it you ought to realise that it’s 
the managers' skill at- driving, 
as much as the underlying 
appreciation of the assets, that 
is going to determine the per- 
formance of your investment 
Or maybe more: for buying 
and selling diamonds is 7 not a 
cheap, business. True, the new 
bond’s managers have reached 
an agreement with their 
brokers, that commission ; oh 
deals other than the Brstr.will 
be very modest indeed; but 
there’s still the spread between 
buying and selling price (5-7 per 
cent on the sort of diamonds 
Into which this fund’s money is 
to be put) to take mte account 
After allowing for the annual 
management charges <3 per 
rent before taking into account 
the audit costs, insurance of 
stones in transit and various 
other bits and bobs), it lories 
as though the stones themselves 
will have to appreciate by at 
least 20 per cent per annum if 
you are to see a profit ozr -your 
investment. - - 

Well, that isn’t impossible— 
at least it isn’t impossible if 
you’re prepared to sit back and 
wait for the three to five years 
that Richmond Life itself re- 
commends as tbe minimum 
period of investment in this 
bond. But it’s certainly not a 
vehicle to put all your savings 
into: and in fact it’s not a 
vehicle for tbe widow, and 
orphan at alL • 

However, if you wen think- 
ing of putting 10 or 15 per cent 
of your portfolio into gems any 
way, and you don’t have either 
the expertise or the connections 
to do- it with confident your- 
self. -yon ought to do better 
out of the Richmond Diamond 
Bond than you would out. of a 
buying trip down Hatton Gar- 
don. This is for two reasons. 
In the first place the - bond’s 
managers. Diamexpansion, buy 
further back down tbe line of 
production than you could your- 
self, so that the element of mark 
up in the price won’t be as great 
In the second place Diamexpan- 
sion itself ought to know what 
it is doing; and Richmond is 
employing an independent ex- 
pert, Ian Norrlngton, to ensure 
that it does. Richmond, inci- 
dentally, is an Isle of Man-based 
life assurance company, owner 
of the Surinvest trust group. 



MR. STEWART JOHNSON is 
the sub-postmaster at Starbeck, 
near Harrogate (above), and a 
very busy man. Not so busy, 
however, that he hasn’t the time 
to come up with the. occasional 
bright idea. The latest of them 
is well worth sharing.. 

Mr. Johnson has noticed that 
some of the mothers who come 
in to get their child benefit 
(now £2.30 per child per week, 
tax free, and going up to £3 in 
mid-November) at his Post 
Office counter have been letting 
the money accumulate, week by 
week, with a view to spending 
it on something specific:- and 
he’s been suggesting to them 
that they should, instead, 
switch it into -an ordinary 
account at the National Savings 
Bank. The advantages are 
two-fold. In the first place the 
money earns interest (5 per 
cent per annum, and the first 
£70 is free of tax): and in the 


second, up to £50 'of it can j 
drawn out at any Post Offie£ . 
the land (you Can’t draw, iiw 
than two week’s worth of: 
benefit from any Past ‘ Oft 
other than that- at. which 
are registered). .' r \ 

Child benefit (which goean 
again to £4 per child! pe?.^ 
next April) is/ obvioag*^-: 
particularly attracUve 'io'nn i 
income- to any family 'ipton 
higher rate tax; but ifsjeasy t 
see why anyone wW-'fiitfn 
actually need the money Won] 
just let it accumulate. Hbweve’ , 
transferring it . to- aovKS 1 
ordinary account fbrttoff"s8 
of the tax free interest 
a lot more- sense-^aritcblSr 
for high taxpayers, for wto 
this is in any case a v* i ■ 
attractive _ investment,, k 
Johnson’s customers'' area 
necessarily higher-rate ta 
payers, but it’s still an idea j 
splendid simplicity,. 




With just a telephone cal!. 


After five budgets in just over two years, dp you . 
really know ifyou’re receiving all the tax concessions : 
and allowances you’re entitled to? " — 

Professional help is essential - the kind ofhelp : 
Royal Trust have been providing toBritishtaxpayers, 
res! dent here and abroad, for the pastforty years. 

Those who take advantage of RoyaTTrust's 
services need never fill inanotiier tax form, and 
can rest assured that theyVe never likefyto pay 
the lidand Revenue a penny more thari they pwe. 
Allassessmentsvyiltbe an toi rag ticafflyth^ted — 
and all available reliefs claimed. 


Ri ng Bi II Coulson orPieter Kunz on 01-629 8252 (or 
alternatively; return die co upon below). WUshow you 
howto save yourself a lot of time andwqrry. * ' 

And, possibly, a good deal of moneyas we!/ ■ . 


ROYALTRUST 


The Royal Trust Company of Canada, 
54]crmyn Street; London SW1Y 6NQ^ 


Please send details of your services by return, 
wiihoutobligadon. 


1 




Name 

Address 


. •- - 



. 


FT.7/10 


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. . . 
On 6th October the prices of units and the 
estimated gross yields, which can change daily, were 

Offer Price Yield 

Income Trust ; 97-ip. 5.71% 

Extra Income Trust ■ 3i.ip. 8.19% 

To invest, please fill in the subscription form below. 
You won’t have long to wait fbij your first dividend. 
Or, for that matter, for your second^ third and fourth. 

Prices and yields appear daily in theFlnancialTiines and other 
national newspapers . Income is distributed net of basic rate tax.The . . 
first distribution if you invest now will be on ist December. The offer 
price of Unicom Income Trust includes an irflrial mana gement 
charge of 3^% and there is a half-yearly charge of £ plus VAT. The 
offerpriceofUmcom Extra In co me Trust includes an initial 
management charge of 5% and there is a fcalfiyearly charge 
plus VAT. _ _ . 

Commission at i£% is paid by the managers to authorised agents, 
but not in respect ofBarclaycard purchases. Units can be sold back on 
any business day at the bid price ruling when instructions arrive. • 
Payment will normally be made within seven’ days of receipt of the 
renounced certificates. - ' 

Managers : Barclays Unicom Limited, Member of the Unit 
Trust Association. Trustee: Royal Exchange Assurance. 


ANNOUNCEMENT FROM M&G 


BARCLAYS UNICORN INCOME TRUSTS. 


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

Surname (Mr., Mrs, or Miss) 

(BLOCK CAPITALS PLEASE) 


Forenames in fuff 


Address. 


I/We wish to invest (Minimum £250) 
I/We wish to invest ( 'Minimum £250) 


in units ofTJnicom Income Trust and encloses cheque for this amrmnf. 


in units ofTJnicom Extra Income T rust and enclose a cheque forthis amount. 
(Owe cheque can cover bock trusts) 


If you wish to purchase these units through your Bardaycard account please fill 

in your Barclay card number here. 


I/We understand that units will be bought for me/us at the offer prices ruling on day of receipt of this application. A contract note 
showing the number of units purchased will be sent to you. Certificates will be posted within six weeks. I/We declare that I am/we are not 
resident outside the Scheduled-Terriiories nor acquiring the units as the nominee(s) of any person(s) resident outside those 
Territories. If you are unable to make this declaration, it should be deleted and the farm lodged through your hank, stockbroker or arty 
other authorised depositary. In the case of faint applications all must sign. This offer is not available to residents of the Republic of Ireland. 


Signed — — — — — Date_ • 

Agents VAT No. 


FT0710UIUX 

. 

BARCLAYS UNICORN GROUP 


I 


l 


ftfgffiP-TPri Office: 54 Lombard Street, London EC^P 3AH. Registered ia England No, SS 9407 > Ultimate holding company Barclays Bank Timrtwi, 



“SudfarfySmri BiHBiass has become voy big. 
flow tmjtme is-baddne 8k smaB business 


■ Simort lor 8 is written into tbe pro* 
nes ol al pr“- J ' 


* h poKfcaJ psrffes 
Ma nagement Today, February 1978. 
WSG his decided to rename the M&G Special TiBSt 
Rwd as 8 k HAS Scalier Companies Fund. It is Ml 
flat Vbs more truly reflects Sic nature d the Fund and 
jtKhoped Oat the new same Ml enable the mctail 
fenrestuKi* performance of ttns Fund to be brought Id 
H ie attention of more people. The M&G Soatar 
umpanKS fapd is d esigned to proroiecapaai growth 
by Inrestm manfy In smaBer companies and teas a 
^^o<afaoirt70hid<feigs,soraeoithanorEr5«s. 
Tnevafoeot Income units has increased by 286% since 
55/^ wsjynchedln ixy, compared to a rise ri 
37% on the F.T . Onfinary Share Index. In adtitkm, 
mcomecfstnbutKHis to unitholders have increased 

every year from 0-S^i net per unit in 1967 to 4-2n net 

per m*. an increase of over 400%. Al the latest twrine 

proforta^ ^ ri Wlp fte esthnated^S 
ament yieM is 3-92%. 

JW frutis are a long-term investment and not suit- - 
aUe tm money that you may need at short notice. : 

The pnceot units and the income tram them may go 
down as wet! as up. - 6 ^- 

Prices and yMds appear in the FT. daily. An iritad 
charge of 3i% is included in the price- an annual 
charge of *% plucVATis deducted CS 

K for Income units are 

made on 31st March and30 ttr September net of baste 
rate tax and are reinvested lor Accumulation units to 
increase, the value of the units. The next distribution 
dale forrar investors wi'l be 31sl March I979.Ybu can 
bu y pr s en umts on any business day. Contracts tor 
T-S? 1 ® 3 w11 •» due for settlement 2 or 3 
T ler » a ^ c ^ rtus £!. l !!J ? P^We to accredted 


f ...and the outstmdii^inanaganent group 

Uft was (wait for it) M&G, winch had _ ^ 
PW two in tbe top 10 aud no less than 
five in the top 25 trosts last year / ✓ 




. TWO Wftn TO INVEST 

! ?ri^nSri-L a ™ E lP UAY 5- TOWEfiHIlLiONDWI EC3R6BQ. 




SURNAME 

: • 

04 f ADDRESS 

- 




POsrcaoE 

| 90 1 YS 531018 f_ 


I Investment tmMnmm £1,C0D>. 

1 skill 


|U1 

■ Da sat send *ny money ia contact note mb be sent to 

■ men you owe and me ^nlcment date , tour cerUiuto m u tosaw shortly.) I 

• « ccrmrcrlT liP-IHCOME/ACCUMULATlON units | 


maSEOTESTfJ 
I (delete 



I (delete as applicable or Income units mTi.be issued) of the M&G Smefier 
■ Coaqunes Fund at the price ruling on receipt of this application. . 

"■fhJSJS'lJ'S* 1 arn grtg ridBnt Outside Hw United Kincdon. the Channel fcUwt*. 

SS2 l !lii? n TJir i 't 0 * K? u,,,n clhe umts as the nenaneeof an* 
p erso n .reside** mot* itomioriea. Ufyou are unaNe to mate this • 

| oeckraUHi you shmUd apply througi a bank or stoOUwotet) 

I SIGNATURE DATE - 



W&G is a member or Ihe Uni! Trust Association 

a twowawtoikvest 

As an Btenutive, or m adtithui to invest iiw a canftaf 

foepefKSng on yo» starting ml bfc- 

On a £20 Plan, tax relief at present rates ran brine 

cases appreciably Iks than the monthly purchase of 
unto on your ^betiaH f ta - M&G Trust (Aauranwl Ltd 
to* "“ns that tte nevf-' 

gettfecowttrcHighout the period of atfflRS 
your, mortify payment, tt your age at entry is 54 or 
under - an etenwrt of We cover .5 also provided for 

tax rebel at current Irtesot £16-50 iorearJinnn rairi 
H you your payments during theM 

fburjeaft there iis aurally, and the fax aSriS 
rMuwe ustom^atoJodJon.soyoushouidnotcoo- ' 

. . member of the Lite Ofttees-flsSw 

-ThjolfensodUMitaWetDresIbemsortheRjpJ^^^^^ 


OR £12 


Complete Hits sartHMi if you wish to stat a Lde Assurance . 
nwmtMy premmos batnhnani nz nmtfldj | 

^ t WISH TO WVFSt |£~ . - f eadi montii in an assiiancepoTicy nfth - ] 

■ lEZUfilX ^^, SH ^ C P n ^ anies FumLI 1 


(Assurance) LimBed. " ' r “' : f 

Joccup/mori owe of birth , l< - 

j| NAMEMVO ADDRESS OF USUAL OtXTOR (to wbon ideience mre bemads) J 

t 


B - • A re you an 

I * If you cannot Sen Part loltfta 
f«rr II declare tb 

■ to mftatnea the assessment c 

— — - 





THE M&G GROUP 



























••Vv* 


YOUR SAVINGS AND INVESTMENTS 2 


Many, retired readers are evidently in something of a quandary over how best and most usefully 
to employ their capital. This page has been put together for them by Adrienne Gleeson. . 


tSSTES&i 










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axman’s take 


r !f YOU have reached- the age of retirement, 
r . ’ ■ nd have capital which you would like to 

' •' ..‘ mploy in boosting your income and/or 
p roviding you. with an emergency reserve, 
• : aere are two matters, too often -overlooked, 

.. . r hich you should bear in mind. The first is 
-. .-' . ix, and the second is inflation. Here we 
'' low you how to find out what your top 
ate of tax ought to be: not until you know 
.'"aat can you make sensible decisions on 
r-ivesting your money. Over on the right we 
iscuss the impact of inflation on your in- 
. - ame and your capital, and the steps that 

au can take to minimise it 


- ' The -tables alongside show how much you 
have, to pay in tax at various levels of 
income assuming, first that you (or your 
partner) are aged over US, second that most 

; of that income comes from either wages or 
• pensions, and third, that you have- no reliefs 
"other than age allowance {for example, relief 
mortgage interest or .life assurance 
premiums — neither of which are likely at 
‘ your age. If. however, you have dependent 
relatives, employ a housekeeper, require the 

- services of a son or daughter, or are 
•^registered- blind, you may qualify for 

additional reliefs— check with an accountant, 
your solicitor, or your local tax office). 

..." Having studied the tables you might be 
forgiven for thinking that you’re not likely 
i .to endup paying higher rate tax on anything 
: but a small slice of income— unless, .of course, 
yotfve just retired on two-thirds of final 
salary from the chairmanship of a 
nationalised industry or a senior executive 
position with an American bank. The small 
Slice of income on which you will certainly 
have to pay higher rate tax is the slice 
between £3,950 and £4,422.50, if you’re single, 
and £4,000 and £4,S10, if you're married. This 
is the level at which the cutback in the age 
allowance {the higher level of tax relief for 
those - aged over 65) by £2 for ever)* £3 of 
additional income, pushes up your effective 
tax rate to 55 per cent. 

. If. however, a large slice of your income 
comes, not from present or deferred salary 


In retirement: what your tax rate ought to be 





Married couple, either partner 

Single person aged 65+ 

of which is aged 65+ 

Annual 

Rate of 

Total 

Annual 

Rate of 

Total 

income 

tax 

income (gross) 

income 

tax 

income (gross) 

£ 

% 

£ 

£ 

% 

£ 

First U00 

Nil 

1,300 

First 2,075 

Nil 

2,075 

Next 756 

25 

2,050 

Next 750 

25 

2.S25 

Next 1,950 

33 

3,950 

Next 1,175 

33 

4.000 

Nest .472.50 

55* 

4,422-50 

Next 810 

55* 

4,810 

Next 4,827.50 

33 

9,250 

Next 52165 

33 

10,075 

Next 1,000 

40 

10,250 

Next 1,000 

40 

11,075 

Next 1,000 

45 

1U50 

Next 1,000 

45 

12,075 

Next im 

50 

12,250 

Nest 1.0(H) 

50 

13.075 

Next 2,500 

55 

13,750 

Next 1,500 


14.575 

Next 1,500 

60 

15.250 

Next 1,500 

60 

16.075 

Next 2,000 

65 

17,250 

Next 2.000 

65 

18.075 

Next 2,500 

70 

19,750 

Next 2,500 

70 

20.575 

Next 5,500 

75 

25250 

Next 55,00 

75 

26,075 

Remainder 

83 


Remainder 

83 







•Because of reduction in age allowance— 

(Ie your pension), but from your 1 invest- 
ments, then you're going to find yourself 
paying the investment income surcharge as 
well. As soon as income from your- invest- 
ments tops £2,500 per annum, you’ll -have to 
add 10 per cent to whatever your normal tax 
rate is at that point. As soon as it tops £3,000 
you’ll have to add 15 per cent. 

So if, apart from the State pension, all 
your income comes from your investments, 


you're going to end up paying tax at 70 per 
cent on that slice between £3,950 and 
£4,422.50 (if you're single), and at 48 per 
cent even when you've emerged from the 
“shadow” caused by withdrawal of the age 
allowance. For someone living on what is, 
these days, a relatively modest income, tax 
of this order is a serious problem. It’s cer- 
tainly a problem you should identify, so you 
can do something about it. 


>!£ dumping up 
"JtL income 

? *. ’ : YOU are paying tax on your 

• ’ -..P slice of income at any thing 

; T ; ' „■ ss than basic rate (33 per 

: 1 7 •' ; nt), what you want is the 

* — — «. ^rt of investment that will pay 

u a very high income, and win 

— — y it before the deduction of 
£. x- That rules out the building 

H I It also rules out gilt- 

W stocks unless you buy 




wm through the - National 
_n_ -i, _ Jgg i vings Stock Register {enquire 
St jf p «st Office for a leaflet 

forms). . 

, . It is passible to obtain a very 

a <rf income from gift- 

** ' : v ‘ 1 w W. ged stocks: over 12.5 per cent; ; 

t to do so you will have to 
r*i ,; jv-- ■* - y long-dated stocks '(more 

'•M- an 13 years to maturity): and 

' you do that you wiH have to 
.t ?ept that the price is likely 

go up and down in a most 
5r*'.-/. . . ..^nerving fashion. If you don't 

.tx . ~ ve all that much in the way 

• ‘ capital yon would do better 
T-iPc i*" accept a httie less income' 
l rV c buy something due to 

1 / ’.’tare much earlier: that way 
nine. . v - . *yo U do have to seU to raise 

\ 'SZT.Zi'ney in the meantime, there’s 
ain-rvriizT; : — rr . .... 


5 • 

acka- 


mm* 

ix„ .'C . A ii 

more of a chance that you'll 

at least get your money back. 

.Your worst problem (undess 
you can look forward to a pen- 
sion, or an increase -in the 
capital you have available, for 
investment in a year. or. so) is 
going to be risangpriefcs. You 
must' provide for-some increase 
in your income (sbe right). It's 
probably sensible -for" sou to 
split your capital three . ways. 
Put one third into toe National 
Savings Bank : " Investment 
Account, so that you can get at 
it reasonably easily' (wttbdrawai 
at one month’s notice). Put 
another third ' into short-to- 
rn edium dated gilts,- bought 
through the National; Savings 
Stock Register. And putihe rest 
into high yielding unit trusts 
(not single equities — too 
risky). K you’re over 70, put 
the middle third into- . an 
annum ty instead — yoirtl lose 
your capital, but get - very 
much higher income. v 


The two-way 
stretch 

IF YOU find that you’re paying 
higher rate tax on quite a 
modest level of income — and 
it’s quite possible if most of 
that income comes -from invest- 
ments (see above) — don't try to 
solve the problem by bumping 
up your income. It will probably 
involve you in unnecessary risk, 
and the greatest, beneficiary will 
be the Inland Revenue. Tackle 
it from the other end instead: 
try to cut back on your liability 
to tax. 

Consider whether you can't 
arrange to take part of that in- 
come in the shape of capital 
gain. Capital gains are liable to 
tax at only 30 per vent (yes. it’s 
bad enough given that they 
probably don't even compensate 
for inflation, but it’s better than 
48 per cent). If your gains 
amount to less than £1,000 in a 
tax year and you are not liable 
for any tax; and if they're be- 
tween £1.000 and £5,000 you'll 
pay at only 15 per cent 

However, it is possible to 
secure capital gains which are 
completely free of any liability 


. ** ^ v> r-'-. ■ 

© v m 


to tax at all, by buying National 
Savings Certificates (the Index- 
linked Retirement Issue first, 
then the- 14th issue), and gilt- 
edged stock which is selling at 
less than its face value, which 
has at least a year to go to 
maturity, and which you intend 
to hold until it does mature. If 
you stagger your, purchases care- 
fully, you can arrange for a 
steady stream of tax-free in- 
come from the gains that you 
make on these investments. (If 
you buy gilts, remember to buy 
those with a low yield — a high 
yield will be more use to the 
Inland Revenue than you). 

Also think hard about taking 
out an annuity. The capital re- 
payment element is completely 
free of tax, so the effective yield 
to you. is very high Indeed. But 
don’t forget that you, too. need 
to make some provision for 
rising Income — don't tie up all 
you capital in obtaining a static 
return. 


Cutting out 
tax 

THE ALTERNATIVES open to 
the basic-rate taxpayer aren't 
so circumscribed as those avail- 
able -to his (or her) richer, or 
poorer, neighbour. If you pay 
tax at no more than 33 per cent 
on your top slice of income, you 
can afford to tackle the prob- 
lem of stretching it from both 
ends. 

It has to be said for a start, 
though, that if your income 
falls just short of the band at 
which .the withdrawal of the age 
allowance comes into force, it 
certainly isn't worth your while 
taking any risks to push it up 
if all or most of the increase 
is going to be taxed at 55 per 
cent. If you find yourself in 
this position and have capital 
looking for a home, you’d do 
much better to spend it. first, 
on ' cutting back on your out- 
goings (insulating or double- 
glazing your home. for 
instance), and second, on the 
sort of Investment that won't 
necessarily produce you much 
income now, but will in the 
future (investment trust shares, 
for example).. 






PUS/* 


Unless you have an index- 
linked pension you, like every- 
one else, are going to be hit 
by the impact of inflation. So 
you don't want to put all your 
capital into an investment on 
which the income won’t neces- 
sarily rise — like a building 
society.' Probably you want 
some capital put by somewhere 
accessible, “just in case." Put 
that money into a building 
society. But you should at least 
consider putting the rest into 
something that will produce a 
rising income longer term. 

If you're pretty desperate for 
extra income, and you own your 
own home, it's reasonable for 
you to consider the benefits of 
a home income policy. Effec- 
tively this means remortgaging 
your home and buying an 
annuity out of the proceeds. 
You will be able to claim tax 
relief on the interest that you 
pay. . 


Countering 

inflation 

FOR REASONS which I do not 
entirely understand, most re- 
tired people with money to in- 
vest appear to be a great deal 
more worried about preserving 
the value of their capital against 
Inflation, than about preserving 
the value of their income like- 
wise. Time and again we get en- 
quiries about the virtues of and 
the procedures for investing in 
krugerrands; and the letters on 
the Index-linked Retirement 
Issue of National Savings Cer- 
tificates (the granny bonds) are 
even more prolific. Neither of 
those investments generates 
any income at all. Yet in the 
case of most retired people it 
must surely be more sensible 
to generate a little more income 
to live on now. than a .little 
more capital to leave to the ten- 
der mercies of their heirs and 
the Inland Revenue. 

Of course the two aims aren’t 
necessarily mutually exclusive, 
though it has to be said that 
those who have gone for income 
in recent years have bad to put 
up with either a sharp fall in 
the real value of their capital 
(if it’s been put on deposit, 
say with a building society), or, 
at best with very sharp gyra- 
tions in its face value, (if it's 
been put into stocks or shares). 
Because our taxation system 
penalises those who try to pre- 
serve the real value of their 
capital by reinvesting income, 
the latter have more chance of 
seeing ■ their investments come 
right over the long term. But in 
the short term life might well 
be pretty unnerving. 

The possibility that your 
capital might decline in value 
if you use it to provide your- 
self with additional income is 
not however, an argument for 
not using it at all. After all, 
apart from the £700 that you 
can put into the Index-linked 
Retirement Issue of- National 
Savings Certificates, it s quite 


likely to decline in value, any* 
way. There's no certainty that an 
investment in gold, for instance 
(or an investment in any other 
“ inflation hedge ") will increase 
in value at all, never mind by 
enough to compensate for the 
effects of rising prices: aod if 
you simply put it under the 
mattress you will undoubtedly 
have to watch your purchasing 
power being whittled away. 

What you want to avoid, if 
it’s at all possible, is being 
forced to use your capital to 
supplement your income. If 
you have to do it once you will 
almost inevitably have to do it 
again: and because the real 
value of money is falling you 
will have to use more of it the 
second and third times round. 
Better, if that is the option that 
faces you, to surrender a part 
of your capital completely in 
order to secure an income that 
will last you to the end of your 
days, by buying an annuity (not 
until you're over 70. though, if 
you cao help it, since the rates 
become more attractive the 
older you are). 

What you want to aim at is 
the investment of your capital 
in such a way that it will give 
you an income sufficient for your 
needs today, and an increase in 
that income later to compensate 
for the effects of price increases. 
Almost inevitably that means 
putting your money into shares. 
The other options are to buy 
property (but the initial yield 
is low),' or to invest for capital 
growth with a view to reinvest- 
ing your increased capital for 
income later (but that’s a risky 
business). 

When choosing shares, 
remerabpr the golden rule: the 
higher the risk, the higher the 
return. Since you want a high 
return without the risk that that 
implies, spread your money 
around. If vnu haven't ennueh 
monev to bnv " a selection of 
individual shares (and I 
wouldn’t ev^n consider it if I 
had Ips? than £20.000), then 
buy spread and professional 
management bv bnvine unit and 
investment trusts. In fact, 
unless vnu bapDen to be on 
enthusiastic follower of the 
stnpk exchange, that's probably 
a policy to he followed anyway. 
And don’t allow yourself to he 
panicked into a sale by ups 
and downs of the capital value 
— not providing vnur income 
continues to come through. 




• " iOl 

--W 


3 




relief, no jess, on up to £3,000 a year produce regular income from your 
paid into plans such as Providence investment-with no immediate tax 
Capitol’s Personal Pension. Plaa liability 








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*■ Everyone in Britain seems to 
omplain abouttax. ■ 

1 And the more people are earning, 
ie more they seem to complain. 

And yet there are many tax eon- 
essions and allowances that almost 
veryonefeilstotakefull advantage of. 

At Providence Capitol, we have 
joked very closely at a number of 
npoitant tax concessions and have 
larefully built investment and saving 


Whether you are an employee, a 
company director or self-employed, 
you could very well be on the way.to 
. cutting your tax and Creating personal 
wealth by reading this announcement 

IF YOU ARE SELF-EMPLOYED. 

\ 

If you are, you have the ideal 
opportunity to cut your tax bill very 
considerably and to create a large tax- 
free capital sum and high income for 
your future. 

- What you are allowed is 100% tax 


IF YOU ARE 

A HIGH INCOME EARNER. 

A major problem is simply the 
taxman’s bite of your income. 

But you may have another 
problem too: that you are comfortably 
off on your salaiy-but you do not 
have a large capital sum behind you. 

Providence Capitol’s Maximum 
Investment Plan can create capital, 
tax-effectively, with the benefits of 
professional investment management 
and tax relief that can mean we invest 
more on your behalf than you save. 

IF YOG ARE A DIRECTOR. 

Providence Capitol’s Executive 
Pension Plan can guarantee very 
sizeable tax-free capital and a high 
income for when you retire. Contribu- 
tions can be paid wholly by your 
company and rankfor corporation 
tax relief. If you pay part of the cost, 
you receive 100% tax relief. 

Also, the growth of your contribu- 
tions is virtually tax-free and for 
directors and key executives this is 
one of the best ways to create personal 
wealth, without risk. 

IF YOU HAVE CAPITALTO INVEST. 

Providence Capitol’s Maximum 
Investment Bond combines expert 
investment management and tax 
advantages not normally available to 
individuals on their own. 

And if you want; the Bond can 


THE STRENGTH OF 
PROVIDENCE CAPITOL. 

Providence Capitol is part of the 
international Gulf + Western Group, 
whose gross assets exceed 
£2,000,000,000. It is an established 
life office with total assets of well over 
£70,000,000. And its stated purpose 
is to provide the most tax-effective 
answers possible to the savings and 
investment needs of private indi- 
viduals today 

If you would like to start cutting 
your tax biil now and look forward to 
a more prosperous future, simply 
send the coupon. No stamp is 
needed. We pay postage. It’s a lot 
more positive than complaining. 


| To Peter Oliver, Managing Director, 
j Providence Capitol Life Assurance Company 
Limited, FREEPOST, London W12 8BR. 

| Please give me full information, without 
j obligatioa about Providence Capitols: 

i — Personal Pension Plan 
| L — 1 Executive Pension Plan 
I 1— - I Maximum Investment bond 
j L_ — I Maximum Investment Plan 

| Name_ 

I Address 


PROVtiENCEi 



^aGulf+VWastem Company - • 







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\ NHVVLNIT TRUST FROM HENDERSON 
FOR FIXED I NTERES I INV ESTORS 


s 


V 



Income and Growth 
Prospects 

Ac present long-term interest rates are 
relatively high. This means that both 
preference shares and Government, 
securities are attractive investments for 
two important reasons. 

Firstly they offer a high immediate 
income. Secondly they offer scope for 
capital growth since the strengthening of 
sterling and continued economic recovery 
should reduce the general level of interest 
zates over the coming months. 

The new Cabot Preference Sc 
Gilt Trust is designed to take advantage 
of these opportunities. 

The New Cabot Trust 

The Cabot Preference & Gilt Trust is 
designed to provide a high income from a 
wide selection of preference shares and 
British Government Securities. In order 
to obtain consistently high income most 
of the portfolio is invested in preference 
shares but the proportions between these 
holdings and Government securities will 
be varied at the Managers’ discretion. 
Initially there will be approximately 93 0 * 
in preference shares and 7% in gilt 
edged securities. 

The Case for a Preference 
and Gilt Trust 

Preference shares provide the oppor- 
tunity of high income as they have prior 
claim on both income and capital before 
payment to ordinary shareholders. They, 
also offer greater stability and protection 
which enables the Managers to offer a 
consistently high income to unit holders. 

Government securities also provide 
high income but interest received from 
this source is subject to corporation tax at 
a disadvantageous rate to unitholders 
when compared with direct investment in 
these securities. Investment in gilt-edged 
securities is accordingly s mall . 

The Managers have discretion to 
vary the proportion and may do so should 
taxation laws change. 

Quarterly Income Payments 

There are many investors today who want 
a high and regular income. Distributions 
will, therefore, be made once a quarter on 
February 1st, May ist, August 1st, 
November 1st. The first distribution will 
be made on February 1st, 1979. • 


12 - 25 °/ 


Henderson Administration cur- 
rently manage funds- in excess of £300111 
including the range of Henderson Unit 
Trusts. 


PER ANNUM 

Estimated starting gross yield 

PAID QUARTERLY 


Where unit holders require greater 
prospects of capital growth, this can be 
achieved by coupling an investment in the 
new trust with Cabot Extra Income Unit 
Trust which is wholly invested in ordinary 
shares and with exactly the same distri- 
bution dates. For further information 
consult your investment adviser or tele- 
phone Peter Pearson Lund at Henderson 
UhfcTrust ManagementLtd. 01-588 3622. 


To Buy Units . 

Please remember that an y uxik trust invest- 
ment should be regarded -as long term. 

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

To invest in Cabot Preference Sc 
Gfic Trust at the initial offer price of *op 
simply return the application form below 
with your remittance : either direct or 
through your professional adviser. This 
offer doses on October 27th or earlier at 
the Managers’ discretion. 


ADDITIONAL INFORMATION 


Unit* will be available-after the offer closes at the nor- 
mal daily price. - - 

Unit Fried and Yield sre published, dbifo in leading 
ncwipopen. 


Experienced Management 

Investments in Cabot Preference Sc 
Gilt Trust will be managed by Henderson 
Administration, an investment manage- 
ment company established in the City for 
over 40 years. The Managers, therefore, 
have a wide range of contacts with stock- - 
brokers and Other financial ingrimrirvng 
over this long period. 


. Cbrnnusaanof lf% wffl be paid to iwawnmed agents. 
An. natal charge of 5% n included in theoEfer price. 
An annua! -charge of (phu VAT) of the value of the 
trust is deducted from gross income to cov e r admin- 
istrative costs. 


To sell units, endorse your unit certificate and send it to 
the M anagers. Payment will normally be — within 
seven working days. 

Contract notes will be hsned and onh certificate will be 
forwarded within six weeks of payment. 

Trustee Williams & Glyn's Bonk Limited. 

Managers Henderson Unit Trim Management 
Limited, rz Austin Friars, T JECzN 
(Registered Office). 


: Henderson Unit Trust Management LtcL, Dealing Dept!^T[ 
5 Rayleigh Rd, Hurt on, Brentwood, Essex CM131AA. 01-5883622 ! 


1/We wish to bny- 


iira in Cabot 


Preference & Gilt Trust at the fixed price of sop SHARE EXCHAN GI 
er Quit (minimum initial investment I-OOO imitsX SCHEME 


Address 


ayy par unit ( min im am initial investment 1,000 unto). SCHEME 

I, 1 We enclose a remittance of £ payable to: Our Share ■ Exchange 

^Henderson Unit Trust Management Ltd. After the dose Scheme provides a 
of this offer units will be available at ihedaQy quoted price.. 

Surname Mr. /Mrs. /Miss ‘ - ‘‘ Trust.' For details please 

Sr 5SSS5nvGJnS5 — ^ck bo* or telephone 

r . . . . . . Geoffrey Sfxsrcore erm 

Christia n or First NmneQt) Share ft Man- 
ager mi p-i 

01-5883623. I 1 


■*> ^ uui x uvl loiucuL uuuiuc uic ouacauicu 1 crmiTnes R-a. NO 8SQ2S2 

and thaz lam/we are not acoumng the uniu as thenanuneeta) afany penanls) 

resident outside these Territories. This offer is net mailable 

urtti&nu oftk. Republic 


! in&c de. 

1 and riwii 
■ resident* 

I Signature^) 

I ti^ thgr " ar, 'j n " Tt 

I — 


! that 1 sm/wc ore not resident outside 


A member of the Uni t 
Trust Association. 

Uled Territories RgO- NO. 80Q263 


tff Ireland. 



Henderson 

Unit Trust Management 


FT7/10 




ii I Jovcbn. I get extra interest and I still get 
= . Abbey National security. Fvegota 3-ycar Bondshare for SI, 000 

and In: going to renew it soon. Every six months! get anice 
■ - cheque for about £3S, so off I trot to London for a spree. 

If you can put money away for two or three years it's 
marvellous. Do you knoivjthbik 

> . Til start another...}) 



Mi/ 


THE FACTS ABOUT 
ABBE Y NATIONAL BONDSHARES. 

"You can buy Bondshares for 2 or 3-year 
periods. Minimum investment is £500, 
maximum -£lb, 000 (£30,000 for joint accounts). 

Although Bondshares do not guarantee you 
a fixed rate of return, they do guarantee you a 
bigger interest rate than Share Accounts. 

2-year Bondshares guarantee you 0.5% p.a. 
more. 3-vears L0% p.a. more. (See table for 
current rates). 

You cannot withdraw Bondshares until the 
2 or 3-year period is up. Interest is paid every 
6 months. 

You can jump on the Bondshare bandwagon 
today. Simply fill in the coupon and post it to us, 
enclosing your cheque. (No stamp required). 

Or call in at your nearest Abbey National 
Office. 


To:D( 

Baker 

I AI-. , 


To: Dept B. S., Abbey National BuSdizig Society, FREEPOST 
Baker Street London NW1 (5YH. 


IAVc endose a cheque, numbered— ' 

value 1' to be invested in Abbey National" 

Bondshares for the period indicated. 

2-YEAR □ 3-YEAR O Tick appropriate box 
I /We undersLmd that Tny/our interest will be paid out at 
6-momhIy intervals, and ihat the investment cannot be 
withdrawn earlier than the stipulated period except m the 
caseufdealh. 


FULLNAMEfS) 


ADDRESS 


DATE 

SIGNATURES) 


Current 

Bondshare rates 


Gross equivalentwhenmcome tax 
is paid at a basic rate of 33%. 


A bonus for savers who / ( 
aren't spenders /Get 
REHSEYynTmuni [the 


2- year term 7.20% ps 

3- year term 7.70% p-a. 


10. 75% p-a. 

11.49% jxa. 


Habit 




t -r '(T^T 


YOUR SAVINGS 3 



Amateurs and property 


BY OUR LEGAL STAFF 


No legal responsibility can b, 
accepted bf the Financial Time 
for the answers given hi tAe* 
columns. All inquiries will £, 
answered by post . os soon h- 
possible. 


My father who is non-resident 
of UK has some £20,000 in 
an externa] account in 
Government securities bringing 
around U per cent in interest 
tax free. 

I am resident of UK with no 
capita] but a semi-detached 
house built on a double plot. 
The architect tells me I could 
build another house on this 
i plot. 

Before I go into the expense 
of getting planning permission, 
eft, would it be advisable .to 
borrow from my father at an 
interest rate slightly above 
what he gets to build this 
house and repay him from the 
sale of one house? How do I 
go about getting money from 
the external account and 
would the interest in my 
father’s hand from me be 
taxable? 

Why not simply sell the plot 
(with, or even without, 
planning consent)? 

You will need Bank of Eng- 
land consent to pay interest to 
your father, and to repay the 
loan, so you and he should 
consult your UK bankers. 

You will have to deduct basic- 
rate tax from the interest, 
leaving your father to be 
assessed direct for any addi- 
tional-rate tax on the excess 
over £1.700 (or £2.500 if ha was 
born before April 6, 1914). 

If you have a copy of the free 
booklet IR11, which you will have 


seen mentioned in our cohnnoa 
from time to time, you will .find 
this point dealt with In para- 
graph 71(c) on page 23. If not 
you should get one from your 
tax inspector and read it care- 
fully before pursuing. your ideas 
too far. 


FINANCE AND 
THE FAMILY 


As you do not say where 
your father is resident, we can- 
not say whether the double, 
taxation agreement between the 
UK and his country may redeye 
him of part (or all) of .his 
potential UK tax liability on the 
loan interest 

The path of the amateur- 
property developer is beset with 
pitfalls, which could convert- a 
pretax profit into post-tax loss, 
so you will need skilled local 
professional guidance' from the 
very outset — and indeed before 
you make a move. 


each of us to transfer each 
year “£2,000 of my share of 
the bouse?” 

We agree with the advice you 
have received. The better course 
is to leave a margin for valua- 
tion- differences, eg in tne 
instance you cite. transfer 
1716th rather than 1/-I4th ana 
to review the fraction used w 
each year. 


Service charges 


To transfer 
a house 


My wife and I have been 
advised, so as to avoid 
capital transfer tax, to transfer 
to ear son a fraction of the 
value of onr house, worth say 
£56,000, In which case we 
would each transfer 1/I4tb ' 
part This would seem to 
lead to complications if the 
value of the house was judged 
to be more than this figure. 
Would it not be simpler for . 


and premiums 

My lease carries the following 
paragraphs regarding annual 
service charges: (1) “ Where 
in the first year following the 
acquisition of the estate the 
lessor has granted leases of 
fiats or rooms on the estate at 
a premium then subject to the 
payment of the costs of the ' 
acquisition of the estate and all 
expenses in connection there- 
with the lessor shall set all 
such premiums against the 
expenses incurred in the dis- 
charge of its obligations under 
the Sixth Schedule or otherwise 


contained in this lease. (Ther •= 
Sixth Schedule specifies the ... -.. . 
services to the estate by the ' 
lessor). (2). Where In any' 
year apart from the said fast 
year the lessor has granted - 
leases at a premium the lessor 
may at its own discretion set ■ 
the proceeds. . . against the. J 
expenses incurred under v/. 
Schedule 6 thereby reducing! * 
the expenses attributable to r 
the lessee.” From the first 
moment the management: 
debited all leaseholders with ' . 
very high service charges, 
although there is a huge Rtnpln 
from .the sale of premia prid -. - 
by myself and others. In'Vte^ 
of para 1 above, do yon think? 
this is right ? • 

If the premium which you (£jj, 
others) paid falls witHn-Jfc 
first year defined, in paragm; 

1 cited by you, you .vfeuldjH 
entitled to require that alTffle 
Schedule charges (sc. Sertig 
Charges) for that year .sfeuh 
be taken out of the total gnioim 
of premiums received 
extent thBt the premiun&nw, 
be sufficient to ducbargaihiisr 
service charges. You 
be entitled to require -fttfthe* ■ ' 
service charges to be paidoM^ * 
the first yea r's premium. 
that is less certain. . 


An order far 


Dividends and tax 


(n finalising my Income tax 
assessment for 1977-76, the 
inspector allowed an overall 
tax credit of 34 per cent on 
my income from dividends. 

In fact, a large proportion of 
the companies Involved 
deducted tax at the rate of 
35 per cent off the first dividend 
paid after April 5, 1977. and 
□one have given any rebate 
subsequently. What can one 
do about this situation in 
whirfa the tax eredit being 
allowed is less, albeit by a 
relatively modest amount, than 
the actual tax paid by 
deduction? 

You apparently missed the 
detailed explanation of this 
point (and allied points) which 
was published in the Financial 
Times on July 16 last year, the 
day after the Chancellor's an- 
nouncement of bis decision to 


fix the 1977-78 basic rate at 
34 per cent, instead of 33 per 
cent as he bad originally 
suggested (to supersede 35 per 
cent). 

First, it is important .to bear 
in mind that in fact no tax is 
actually deducted from dire 
dends paid by UK companies; 
deduction of income tax from 
.UK dividends ceased at the. end 
of 1972-73. Since April 6 r 1973, 
UK dividends have been treated 
in much the same way as UK 
building society interest' the 
actual amount paid to the 
investor (without deduction of 
income tax) is regressed for 
tax purposes at whatever basic 
rate of income tax is ultimately 
fixed for the year in which the 
dividend is paid. The provi- 
sional tax credit figures printed 
on the dividend counterfoils are 
of no consequence if the basic 
rate is ultimately fixed higher 
or lower than expected, and for 


1977-78 and 1978-79 ft is 
simplest to ignore them com- 
pletely; all dividends paid by 
UK companies during 1977-78 
carry a tax credit of 17/33rds 
(equivalent to 34 per cent 
income tax)- and all UK divi- 
dends paid during the current 
tax year carry a tax credit of 
33/67ths (equivalent to 33 per 
cent income tax). 

The parallel between UK 
dividends and UK building 
society interest is not perfect: 
as far as UK private investors 
are concerned, the great advan- 
tage of (a) the tax credit nn 
UK dividends over (b) the 
notional tax on UK building 
society interest is that one {a) 
is repayable but the other (b) 
is not. 

(Strictly speaking,, tax credit 
bn UK dividends should be 
described as “ payable ” to the 
shareholder, not “ repayable ” 
to him.) 


possession^ a 

I appreciate thatin order to - 
get rid of a thoroughly bad ^ 
tenant 1 most give notice to 
quit and that (f the court U ' 
satisfied that the conditions of 
the tenancy are not being kept 
it eaii give an order for~ 
possession. But could von fan 
me how long such a tenant 
could continue misbehaving?"- 
Must I refuse rent? Or do I 
have to refuse after getting - 
judgment? What do you 
advise? 

You must not only give notic* 
to quit but also apply to tt 
court for an order for pth 
session under Case 3. In lb 
meantime you can accept red 
as the tenancy continues tint 
the court makes an-order dete 
mining it. ~ -You should- m 
accept rent in respect of at 
period after the date set -fc 
giving up possession. Tb 
tenant can continue in oceup 
tion as long as the court doc 
not direct him . to give o 
possession, and there is n 
limit to such.: a period c 
occupation. 



Sun Alliance breaks with tradition 


SUN ALLIANCE is no longer 
just talking tough to its policy- 
holders about the need to pay an 
adequate premium in insuring 
the contents of their homes. It 
is now acting tough by putting 
up its premium rates, thereby 
bringing to an end an era in 
household insurance practice. 

A trainee underwriter in the 
household department, used to 
be taught that the basic rates 
upon which he built all other 
ratings were - l/6d- (7jp) per 
cent for buildings and 2/6d 
(12 Jp) per cent for contents — 
rates that were fixed as the 
tariff way back in the 1920s. 
When new-far-old policies were 
introduced a third tariff rate, 
3/- (15p) per cent, was added. 
Now trainees will have to learn 
a new rating system, at least for 
house contents. 


and on its new-for-oid contracts impose an underinsurance And according to Mr. Ps 
to 35p per cent. As fir as the clause, automatically, on any Bartrum, the general manaftf 
latter are concerned ' this rate contract, where the sum insured responsible for the home div 
«,ni ni w„ has not been reviewed for two sion, even this latest step Is nc 

app,y *” ? ,b “ d years, unless there is a good going to. get. the content 

existing contracts. But for reason for the absence of such account bade Into profitability 

existing indemnity policies a review. Further steps, including the u 

(claims paid are based on the The reasons for these actions traduction of . an . excess 1 

value of the items insured less by the company are not difficult eliminate small claims, ai 

depreciation), the rate will to find. At the half-yearly stage being considered. Meanwhii 
remain at the old level, at least it had lost £10.5m on under- Sun Alliance is keeping up i 
for the time being. writing, and most of this loss tough talking, with a Press a 

Thus policyholders with new- related to its UK account Its vertisbag campaign quotir 
for-old contracts will find that efforts to get policyholders to actual cases of underin surape 
at the next renewal their pre- increase . sums insured to a Of course it’s possible that tl 
mium will be increased on two realistic level has met with .company will lose .some, bus 
counts: first, to allow for this some success, but not enough, ness this way. \ But signs a \ 
new rate; and second, to allow policyholders are becoming that many of its corapetita 
for the increase in the sum more dai ms-conscious. and are going to foliow.lts. lead. . 
insured because of inflation, claims against theft are soaring. This is smeiv an area wbT' 
The new move by Sun Alliance Incidentally, the rates quoted #ll « ” 
does not obviate the need for above are only the basic rates, t ! ie Bntlsh Insurance Assoct, 


— — - ; — - * — o.iuis «« uui; uic udsic rates, ,, , ■ , 4- ' ■ I, x 

policyholders to review their applicable to the lowest risk tl0n “ uId do more to eCMW i| j : ^ 

sums insured (unless it's done areas. On higb risk areas, such 0,6 Public in the need for T - * * 

for them by index-linking) to as Central London, Sun Alliance Quate insurance: 


From November, Sun Alliance 
is increasing the rate for in- 
demnity policies to 30p per cent. 


evident 


Venture 

capital 


i O 3* -r» 


WEALTHY INDIVIDUALS or In- 
stitutions considering investing 
cash in a promising small busi- 
ness cnuld be interested in a 
new publication called Venture 
Capital Report* This monthly 
magazine has been started to pro- : 
vide exposure for ail those who, 
are looking for venture capital. 

Any aspiring entrepreneurs, or 
existing entrepre Queues who 
want to expand their businesses, 
will if they apply be seat a de- 
tailed questionnaire by the edi- 
tors of Venture Capital Report 
This will normally be followed 
by an interview, and then by a 
dispassionate write-up In the 
magazine. 

The founder of the magazine, 
Lucius Cary, is himself an en- 
trepreneur who came back from 
Harvard Business School and 
started a small chain of restaur- 
ants in Bristol. His new publica- 
tion will not charge any com- 
mission on financing deals tba* 
result from an article. But the 
subscription will be a stiff ' £95 a 
year, (possibly augmented with 
advertising). 

The subscription will probably 
limit the readership to those who 
are seriously interested in hear- 
ing what new ideas and projects 
are in need of finance. Cary 
hopes that his publication- will 
remove some of the ligwork for 

institutions, which would often 
like to back promising small 
companies, but can't afford the 
management time to go and look 
for them. He hopes that the same 
will be true for companies look- 
ing for an opportunity to diver- 
sify, or individuate whose tax 
status makes an investment offer- 
ing prospects of capital gain 
attractive. 


allow for changes in value. Sun is putting up its rates by 50 per there is still a need for explsa i 
Alliance has acted tough cent to 80p on new-for-old tions on what Insurance « 'ft*. 
already by stating that It will policies. about ij,? ■? 

r CITY OF ?$ !a> 
WESTMINSTER 
ASSURANCE ' 




WSJi 



is 

to think 1 




ii 

i i, 


■ i in 


There is no substitute for Property 
as an investment offering long-term 
security and the capacity to outpace 
inflation. 


An investment in prime commercial 
and industrial property-offices, shops, 
factories and warehouses— is indispensable 
to anyone who wishes to create a " 
fundamentally well-balanced portfolio. 

Such property is essential to the - ' 

■ industrial and commercial life of the 
country and, as such, it enjoys a unique 
capacity to maintain its real value in spite 
of monetary inflation. 

However, for most investors theorily 
way to obtain a well-spread portfolio of 


direct investments in property is through 
a property bond. 

City ofVCfestininster Assurance started 
the property bond movement and therefore 
has more experience in this area than - 
anybody else. The Westminster Property ^ 
Bond has also shown the steady growth 
sought bv investors and comfortably 
outperformed the Money Management . 
Property Bond Index. r . . - £ 

The Bond also ha* life insurance cover .' 
and valuable income benefits to high rate •*. 
taxpayers. j 

For more information, contact your i 

insurance broker or write to us for a free - i 
copy of the latest Annual Report onthe . 
Westminster Property Fund. 


* Venture Capital Report: £95 j 
per annum from 2 The Mali. CUT- ■ 
ton, Bristol, B58 4DR, •• 



* - q, * • , A lOmW WSURW^ 

Senoy House, 56 T x adcnh all Street, London EC2A2BJ.' . 


.- . 'fcAUdu ft.. ■ 


SB 




Ftoandal Times Satarday October 7 1978 

YOUR SAVINGS AND INVESTMENTS 4 









pi,'*- Fain 

■■ Gij- 

NEW deal for the consumer. 
i!a «rj, was °ne of- the main 

***? 2 p 3 « J H^easoiis for controlling the 
»k p V -t^^.asurance broking profession 
***** a/^j^ihrough self-regulation. Under 
2*a- a? A* 5 -V^“ e Insurance Brokers (Regis- 
J*«l>on) Act, 1977, . .persons 
Vishing to trade as .insurance 


Fair treatment for the consumer 


r^. 351 week the code was.. pub- 
deh;>J By and large, the 

venV' J,; I^J^fogistration Council responsible 
,? administering the Act has 

'.: = viven the consumer a reasonable 

h v ^t r , : '‘.eal, as far ay one can through 
,. r *■; ^''.legislation. - ■ 

first Item directly affect- 
I: I ;-? '"-3g the consumer is the rule 

t. “ v -'.r. hat brokers shall explain at 

: : V : le request of clients the 

: references in and the relative 

osts of the principal types of 
' isuranee which in the opinion 
-• \fC; f the' broker might suit a 

... .•••• lienfs needs. The code is of. 

articular importance. If the 
J-roker offers just one type of 
; ontract, then the 'client should 
' ;r ‘’;'-sk why. In these .days of 
7'* - ggresive competition in the 

r ’ larketplace. after all, it is very 


rare to find just' one ftype nf 
contract. • 

For example. If the broker 
offers a new for old type of 
insurance for household _ con- 
tents. which has a higher 
premium and therefore 'a -higher 
commission than an indemnity 

BROKERS 

ERIC SHORT = 


type, he should be asked to 
explain the difference in cover 
and cost and why if meets the 
needs. . The brokers Ton Id well 
be Tight to recommend a new 
for old srheme, but he should 
explain the alternatives. 

This rule is reinforced by 
another which * states that 
brokers shall ensure the use of 
a sufficient number of . insurances 
to satisfy the requirements nt 
clients. The .broker, should 
provide a choice of quotations. 

Another important require- 
ment is that, on the request of 
the client, the broker has to 


vi'tv 

Sr- 

T-«*.‘ 

ri+r:' 
•t* . .** 

M* 

: *?S- ' 


i. : ./ • 

ft * d * •' 


•jRc • •' 


; Marketing 

"S vip . 

^ niO/} 

- . HE STORY of Vanbrugh Life 

- ; \b-'. as been one long string of 
' - '• -.Successes since it came under 

Prudential's wing in 1974. 
7' wer the past few years it has 
r, f~ *- K b ecome a market leader in the 
■ ’ * - '■'■ale of unit-linked . bonds — 
u t-:’- lightly ahead of Abbey Life 

■■ 'nd Hambro Life. But this year 
' j‘7.s crown has slipped, for bond 
: JL ales at the half-way stage were 

-j. own by 14 per cent, against an 
-■ v-odustry rise of 50 per cent 
~ anbrugh claims to have been 
■■ - - le company most affected by 


Americans 

idvance 

". /that IS the connection be- 
.. . veen selling life assurance and 
■Joking films? Recently the 
j : ant U.S. conglomerate Gulf 
•.r id Western, best known 
.rough Paramount Pictures of 
... ; Grease” fame, relaunched the 
d Slater Walker Insurance 
unpany under its new name. 
— Evidence Capitol.- This week 
lother U.S. conglomerate, 
n ]} ransamerica • best: knnwt^Tor 
JH s ownership : of Uni ted: . Artists 
4 One flew over the Cuckoo’s 
est ’T, announced plans for 
;ie expansion of. its UK life 
- impany Transinternational 

- Transinternationars market- 
ig philosophy is simple: get 
le investor young and you 

*-ave him for life. The princi- 
-al requirement of the married 

- ran with a young family is low 
-. >st financial protection against 

le possibility of an early death, 
avings contracts come Jater. 

. -_.o Transintemational argues it 
: necessary to sell the young 
. tarried man low cost term in- 
jrance, with options to convert 
t a variety of later dates. 

The company claims to have 


the entry' of the traditional life 
companies into this field. . 

Vanbrugh's reactioirhas been 
to go up-market ' with the 
launch of VIP — -the Vanbrugh 
Invest ment Portfolio, ; a unit- 
linked bond with a m i nim u m 
investment of £25,000. Inves- 
tors have the same choice of 
funds as with the existing bonds 
(minimum investment £1,000). 
which they can split how they 
like; they have the same switch- 
ing facilities and. are subject to 
the same charged .The innova- 
tions are quarterly investment 
bulletins which will- inform 
them of fiscal and legislative 
developments, and a n annual in- 
vitation to a VIP investment 
conference to meet the fund 
managers. 


disclose the amount of commis- 
sion being received from the 
insurance company. The client 
needs to ensure that the con- 
tract bp mg offered him is done 
S') nn the grounds that Jl is the 
best to suit his needs and not 
because it pays the highest com- 
mission. 

The mi -thrills of maximising 
commission as far as liTe 
assurance is concerned fall into 
two categories. The first is the 
obvious difference in scales 
paid by companies which are 
members of the Life Offices 
Association, or its sister body 
the Associated Scottish Life 
Offices, and those which are not 
members. The latter tend to 
pay higher commission rates. 
Secondly there is the subtle but 
more important difference in 
commission rales between 
various types of contract And 
here there is real scope for 
abuse. 

On a 25-year policy the 
initial commission is 60 per cent 
of the annual premium. On a 
10-year policy it is 55 per cent. 
If you want a 10-ycar contract, 
do not be persuaded to accept 

In this latter development, 
Vanbrugh is following a path 
already trod by Sehlesinger’s 
with its PIM service and other 
life companies. Meeting the 
fund managers is all very well, 
but what investors really want 
in order to maximise their re- 
turn is advice on which funds 
are likely to do best in the 
immediate future. On this sub- 
ject the Pru is only likely to 
talk in very genera! terms. 

Vanbrugh Investment Port- 
folio is being marketed exclu- 
sively through “ top-flight " 
brokers, particularly those 
specialising in personal invest- 
ment and tax planning. They 
will be invited to these invest- 
ment conferences. 


a flexible endowment which 
offers you cash-m facilities 
frmn the 10th year onwards, 
unless you really feel you want 
it. The broker gets twice the 
commissi on. 

Another rule prevents the 
broker forecasting non-contrac- 
tual benefits unless The insur- 
ance company provide that 
forecast The inference is ob- 
vious. Some life companies in- 
clude terminal bonuses in their 
projection of the benefits on 
with-profits contracts. Others, 
especially the Scottish offices, 
adamantly refuse to include 
them. But up to now many bro- 
kers have simply ignored the 
quotations from The company 
and prepared their own. This 
practice now has to stop. 

Finally, brokers have to dis- 
play prominently in their offices 
a notice explaining that a copy 
of the code of conduct is avail- 
able. If a member of the public 
should wish to make a com 
plaint or seek assistance in re- 
solving a dispute, the notice 
gives the address of the Jnsur 
ance Brokers Registration Coun 
cil. 


The mine of the week 




iHf 


yst 

?0VR 

NOW 




f • * 


been successful in selling direct 
to the public. Now it intends to 
expand into the UK- broker 
field. ...... 

Transinternational believes in 
paying the intermediary the 
same amount of . - commission 
irrespective of the type of. con- 
tract sold, a practice adopted 
from its immediate U-S-iparent, 
Occidental Life. The company 
reckons that such a system en- 
sures the client is sold the right 
type of contract to suit- his (or 
her) needs. Yet from inquiry 
it would appear that its com- 
mission rates are lower tfia'n in 
the . market., though its ' pre- 
miums ate- higher.-, 

Accountants 

’ . * . i 

informed 

If. you let a part of your house, 
or have a client who does, then 
the latest; issue of the 
Accountant# Digest * will 
interest you. It provides a com- 
prehensive guide to all the fur- 
belows ; and curlicues of Inland 
Revenue practice .ip this and 
many 'other areas; the approach 
in fact, rather than in theory, as 
amended and recorded in extra- 
statutory concession, minis- 
terial statement, practice note or 


press release. 

It gives, for example, a run 
down of the circumstances 
under which the private resi- 
dence exemption (from capital 
gains tax on a sale) might be 
limited by letting a part of the 
premises out (no limitation if 
it’s a lodger living with the 
family; some limitation if it’s a 
rather more formal arrange- 
ment). It also gives a run down 
on the Inland Revenue’s 
approach when the “only or 
main residence” isn’t in fact 
being occupied as such because 
it's in course of construction or 
alteration; And private -resi- 
dences apart, it goes into- the 
falimd: Revenue’s approach on 
capital gains as its affects 
groups of companies, land and 
buildings, overseas assets and 
liabilities (and overseas resi- 
dents), retirement relief, shares 
and securities and so on. There 
is another section dealing with 
close companies, and a third 
with distributions. It isn't light 
reading, but the professional 
advisor should find it very 
useful. 

, 'Accountants Digest iYo. 67, 
“Inland Revenue Concessions 
and Practice." bfi J. Philip Hard- 
man. Price £2.50 from Publica- 
tions Department, Institute of 
Chartered Accountants in 
England and Wales. 


Guaranteed Bonus Bonds 


To be an 
actionnaire 

PRIVATE shareholders in 
British companies are an 
unaccountable lot. It came as a 
surprise, when I recently 
attended the agm (and egm— 
a free bonus) of a major com- 
pany, to find that shareholder 
participation in the business of 
the day was restricted to one 
more or less sycophantic vote 
of thanks to the board, one 
suggestion that some of the 
directors looked as though they 
were past It, and nne question 
so incomprehensible that the 
chairman- '..was' reduced to 
whispering to his neighbour: 
eventually he promised to 
“ come back to that one later." 

These whose duties require 
them from time to - time to 
attend the shareholders’ meet- 
ings of French companies will 
tell you that things are done 
very differently over there. 
Most French companies have an 
accounting year co-inciding with 
the calendar year, and they are 
statutorily reouired to hold 
their asms within six months 
of tbe end of the accounting 
year. 


SHAREHOLDERS 

MARTIN TAYLOR 


PLATINUM and gold have 
shone brightly this week with 
their .respective prices notching 
up new records. Over the past 
year or so. platinum's comeback 
has been particularly dramatic 
and this is mirrored in ihe 
results for the 12 raunlhs in 
August 3! of South Africa's 
Rustenburg Platinum Holding*.. 

At the start of ihe period 
Rustenburg's selling price for 
the metal had been reduced to 
$162 per ounce and production 
had been curtailed. Towards the 
end pi last year, however, the 
market for platinum began to 
improve and a sustained 
recovery laler developed in 
both the free market and the 
“fixed” producer prices. 

Free market platinum prices 
rose from SI 50 to S280 per ounce 
during- Rustenburg's past finan- 
cial year while the company’s 
own , price W 2 s raised in six 
stages from $162 to 8250. Tbe 
rival Impa la Platinum followed 
a similar course but, so far, it 
has- not goen along with Rusten- 
burg’s latest increase to S260 
which was announced a week 
ago. 

Because most of the price 
increase took place in the 
second half of Rustenburg’s 
financial year the mine’s 
weighted average price for the 
period was only 20 per cent up 
on that for 1976-77. Sales of 
platinum were little changed 
but. .the revival was enough to 
lift Rustenburg’s net profit to 
R25.8m (£15.1 ml from only 
R4-6m in 1976-77. The latest 
dividend has thus been lifted to 
S cents (4.68p) front 2.5 cents. 

Platinum’s recovery has 
stemmed from a drying-up of 
Russian exports which supply 
the free market: Western pro- 
duction cuts; a 10 per cent in- 
crease in the important 
Japanese demand which is 
mostly for jewellery manufac- 
ture; and a better demand from 
tbe U.S. And. as in gold, the 
metal price has also been given 
a boost by the weakness of the 
U.S. dollar. 

Rustenburg has renegotiated 
better prices for its saies to the 
U.S. Ford automobile giant (the 
metal is used in devices to clean 
up exhaust emissions) and, like 
Impala, looks to be set for a 
very buoyant year indeed. 

However, a great deal 
depends on what happens to 
the market when Russian metal 
supplies make a full return; 
their . drying up has been 
ascribed to several factors, but 
there has never been an official 
explanation. For the time being, 
the free market price remains 


confident at just under $300. 

On the gold Jront, the 
strength of the bullion price has 
again reflected the weakness of 
the U.S. dollar. South African 


MINING 

KENNETH MARSTON 


gold shares are up nn tbe week 
but, as onr graph shows, they 
have performed badly in con- 
trast wifh the gold price in 
recent limes. 

The reasons for this are 
mainly bound up with uncer- 
tain political situation in 
Southern Africa and. to a lesser 
extent, the fall in the value of 


the dollar premium content of 
London share prices. But the 
market is not entirely friendless 
and we have again seen the im- 
portant U.S. buying this week. 
. Next week will bring the first 
nf the September quarterly pro- 
fit figures from the mines, those 
of the Consolidated Gold Fields 
group which are due to be pub- 
lished on Wednesday. In the 
previous quarter. ' the bullion 
price averaged $178 per ounce 
but because of a change in the 
method of payment to the mines 
there was a once-for-all bonus 
which effectively raised tbe 
amount received by them to an 
average of S209. 

Profits for the past quarter 
thus cannot be expected to show 
much of an increase, if any, on 


Rustenburgs Net Profit After Tax 

_ a B • iH / (RANDMIIUDN) 

50 -Platinum ft- / 

H m Producer r 
1 Ml Metal J 


m 4" 


Price 1 _L_ 

ISPEROUWDI "I 200 


Dividends 

(RAND 
AMU ION) 


m 20 


fcll 10 



1970 ’71 ’72 ’73 ’74 75 76 77 78 



those of the previous three 
months. They will, however, 
still be good by any standards 
and will underline the continued 
advance in dividends. 

As for the metal itself, there 
is a general air of confidence 
and Mr. P. A. von Weilllgh, 
president of the Chamber, of 
Alines of South Africa, has said 
this week that the price should 
remain strong next year, point- 
ing nut that the problems of the 
U.S. dollar and world economic 
uncertainties have yet to be 
solved. 

He is atai bullish about 
uranium. commenting that 
world demand continues to be 
strong and that prices for the 
nuclear material remain a reas- 
onably” firm. There is, 
however, a tince of autumn in 
the latter comment and ii has 
appeared again this week with 
the annual statement of Mr. 
J. C. Friu chairman of the gold 
and uranium-producing Bnffels- 
fontein who has mentioned that 
fhpre has been a tendency nn 
the part of customers to take 
delivery as late as possible. 

He has added that the 
medium term outlook is “re- 
latively good.’’ This suggests 
that the summer flush of 
demand for uranium, which has 
been so enjoyed by the South 
African mines, is now beginning 
to ease and whatever the longer- 
term outlook, conditions are 
less inviting for the new pro- 
ducers. 

This may be producing some 
thoughtful frowns on the part 
of Australia's potentially b'g 
producers, and. indeed, on their 
new competitors who have 
made major discoveries in 
nothem Saskatchewan. Sellers’ 
markets do not always wait for 
the suppliers who mark time as 
tbe Australians have done for 
so long. 

None of the big new mining 
operations in Australia has yet 
received the go-ahead. A few 
weeks ago it looked as though 
the Ranger deposit of Peko- 
Walisesd and EZ Industries in 
partnership with the Australian 
Government had at last crossed 
the various environmental 
hurdles and with an agreement 
on Aboriginal royalties all but 
signed was to be the first io 
start up. 

Since then, however, the 
Aboriginal groups have been 
arguing among themselves and 
the agreement has not been 
ratified. There is now no chance 
of any construction taking place 
at Ranger until the - big wet 
season ends after next April. 


■ 1 ■ ' r r - - - _ — the constderaHesupport Chieftain has rccdi'ed fromstock- 

A i, t T T np brokers and im esrtTimt advsers. 

A New LIntt Trust • nmUs ^TT nS s^j naxne * Gm ^ h Trat s 


UTi B B * A ¥ T- TaxAdwhages 

Wl 6 rH W II / ^ B I 8 You can seD your units on any norma] working day 

■ 0 B H S H H I at the prevailing bid price. You will normally receive a 

JL Jl H H — m JR. JL m. JSL JL cheque within seven working (fays of receipt of your 

_ . renounced certificate. 

jg _ df _ f I ’ The 1978 Finance Act allows that unit trusts wffl pay 

Income & Growth Irust 

_ 1 T 11-1 ^ YT -a- x x A. ^ against Capita) Gains tax. Therefore on unit trusts 

_ _ _ ' vou should have no tax to pay on profits up to £3.000 on 

DESIGNED TO SECURE A GOOD AND GROWING INCOME ^ ^ fcjTiS 

AND SOUND CAPITAL GROWTH a * * « vcn higher. 


IF 

ST 

tic 


Europe’s largestinsurance 

, — ^ companies 

0! 



p.a. 
tax free 

(SeskfowJ . 

for4 years. 

equivalent to /U p.a* 

gross to basic rate taxpayers 

• 'hesc Guaranteed Bonus Bonds are single premium 
ndowment policies for a term of4years, issued by the 
ondon branch of Generali - one of Europe s i argesc 
insurance groups with assets in excess pf CS S4.80Q 
niUic-n. The'companv has hadan office in Londoner 
jver 50 years and today the LX branch has assets of 
>ver £70 million. 

3igh Yidds Guaranty . 

lexfi is tbe way to beuefit-fiom one of the highest 
nvestment yields obtainable today. Invest £1.000 or 

nca^ in these Bon us Bern ds and you are guaranteed an 

umual bonus of 9% foe 4 years. Bonuses will be 
ledared annually on the anniversary dale of your 

3 o od and are free of tax if you pay taxat the basic rate. 

?cr such investors tbe bonds give a return of 13.4% 
gross. ~ 

Surrender Option 

fo receive an annual income yoninay surrender your 
xmuses for cash. If you wish To do this yew should 
ndicato on the application form. If tbe bonuses axe 
lccumulated. the value of a Bond 'of £1,000 after 4 
/ears will be£l,411.5S. 

Death Benefit : ■ • 

f vou die during the tenn of the Bondi the fell amount 
ji vour investment will bepaid to your estate together . 

y{ththw»arriiTT»iTfa%nvwin^»«.'- 


Maturity of Bond 

At the end of 4 years your capital will be repaid hi full. 
Because of thcrciy favourable terras being offered, it is 
not possible to accept requests for early encashment 

Taxation 

If you . are liable dor tax only at the basic rate 
throughout the tom of this Bond, there will be no 
additional liability on the annual bonuses that are 
cashed orontbetotalprocveds on maturity. If different 
conditions apply toyoo, then your liability for tax will 


Company on request. 

Howtolnvest 

lb apply for these Bonds you should complete the 
application farm bdow and send it together with your 
cheque made payable to GeoeralL 
There is a rainimum age limit of 18 years and a 
maximum of 80 years. 

N.B. This I'il’crijinol available to reskkras in ihclrish Republic. The 

iniomialiPtt cjnbdatd. in the alwrtiscmait is based upon our 
uiklrrsiumlinrj of the pttsoit Jntn&f RevrmtcL/nvand Pnrlxe and 
upon the bask' i tile of tax at J.7%, 
jliti offer is sinrilg limited apd may he wllhiraen ar tlx terms 
nxisofat any time. 

Generali . . 

j . U 7 Fenchunii Street, London EC3M 5DY j 

! I wish to invest fi I In a Generali 


GuarantKd Bonos Bond and endoseraydteque far this 

sum. I am a resident <£ die United Kingdom and 
pnjaB tand flat this aoriicaHoasbrilfcggi the baas ofa 
- contract between me and the Company. 

fpT r XAME (BLOCgimmS pfcac) . ■■ _ 


/DIKBS 


i 171 ptcaa 1 tndkain Trith m X If von n bh to snttqidcr yoar 
1 . bonuses for cash-* 


SUKlTiTE- 


IS 


-DATE 


GENERALI 


Another statutory requirement 
seems to be that the chairman 
should read his speech from 
the annual report— everybody 
follows the text, as though it 
were the Divine Office— end 
that the • company secretary, 
(usually) should then read out 
the entire balance sheet, profit 
and Joss account, source and 
aipplication of funds statement 
notes to the accounts, and so on 

The most enlightened com- 
panies of al] give their share- 
holders .a ten-franc note (coin, 
this year) to pay the cost of 
their metro fare and to put to- 
wards a cognac afterwards: this 
helps the poor rentier get over 
tbe shock or seeing what a state 
consolidated cash-flow is in. ; 
This sort of reverse tipping, by' 
no means universal yet, is car- 
ried out by a uniformed man at 
the door. 

As you might expect (or 
might you). French firms have 
to hire enormous auditoria to 
cope with the rush. In 1977 
attendances were at record 
levels, as most of the biggest 
companies were in imminent 
danger of nationalisation, and 
the AGMs threatened to be the 
last ever. Querulous investors 
asked their chairmen what the 
shares were really worth— in 
answer to which Cartesian en- 
quiry they would not bo fobbed 
off with talk of net asset value. 
A shareholders’ protection com- 
mittee lobbied the meetings of 
the nationoiisables. and read out 
a tract that made the chairmen 
sound laconic. Shouts of defi- 
ance punctuated the source and 
application of funds. 

After all this excitement I97S 
was something of a let-down. 

But the best - informed 
observers, and those who 
looked at their charts, regard 
! 1978 as a mere cyclical down- 
turn. It is as certain as it is 
tli at the price of champagne 
will go up. that 1979 will be a 
splendid year for French agms, 
now that the government is 
creating more shareholders than 
before by giving them tax con- 
cessions. 


FIXED PRICE OFFER CLOSES ON 13TH OCTOBER 1978 


Closing Date 


Tbe aims of the ne^fy launched Chieftain Income & 
Growth Trust are largely impfidt in its name; to bring 
investors both good and growing income and sound 
capital growth. 

. Currently the grtss a renal vidd is estimated to 
be 7.32^ 

However, perhaps the mast n np c uiani aspect cf the 
Trust is that the income derived from an investment should 
grow year by year. In addition, the value of the units 
should also increase in the long term. 

This new Chieftain trust would seem therefore to be 
pordcubriy suitable for those requiring a reasonable 
income now; .but a larger income in die future; these 
approaching retirement for example. 

Fixed interest invest m ent s , like bidding societies, may 
give voa a fede more income now; but infedon wS rapkSy 
reduce tbe red value of your income and of your capital 
unless these have an opportunity to grow 

Neverthdes; it must be stressed that both the income 
derive! from tmits as wcD as the value of the units them- 
selves can go down as wefl as up. Although you can sell 
your units at arty time, the Trust should not be regarded 
as a short term speculative investment. 

Thai Chieftain is capable of sound m a na ge men t of a 
unit trust in which incomes an aim is amply demonstrated 
by the record of Chieftain High Income Trust, the best 
performing era* of its land in the UK since its launch two 
years ago with a rise more than doc&e that cf the FT 
Ordinary Share index. 

There 6. moreover, another strong reftsOn for viewing 

the new Income & Growth Trust as an attractive and 
appropriately timed Inv e stm e nt now 

Dividend Restraints Easing 
So Income Prospects Growing 

Vic refer to an important concession contained in the 
Dividend Act : recently passed by forhament. 

Under chic new Act, suxesdU companies whose profits 
have been growing fet will have me opportunity to 
increase their dividends by more than the 10% per year 
previously allowed This can only benefit the income and 
growth potential of die son cf shares in which Chieftain 
will he investing. 

(There is, of course; no dividend control whatever OR 
unit tnstsO 

Fbjarouo Balance 

The Trust will invest in some forty or fifty different 
stods awl dtares in order to mininnsc risk. 

A substantial proportion of die Trust will be invested 
in a selection of higher yielding companies. Within this 
category the tnst managers wifi take particular interest 
in dwe compares which fulfil the foUowing oriterB- 

They will be backed by good asm. They wiB have 
earnings which appear Iikdy to increase over the years. 


J I'llAJl a IUI HR. Ulia. 

arc slighdy out of favour becatse of mamgemenc 
dtffiailo®. s3£ or because sentiment has turned ajpinst 
the sector- * 


A careful selection df companies tf the kind can result 
in handsome prefits when thor share; recover. 

As well as these high yielding shares, the Trust will 
Invest in some moderate yielding larger companies with 
strong ea r n i ngs, some smaller companies with attractive 
prospects and some co mm o dit y shares. 

The aim wjD be to strike a judicious balance between 
the very high yielding and the moderate yielding shares, 
in order that the trust enjoys a blmd of good ytdd and 


■Whilst the portfolio may from time to time contain 
a small holding of overseas shares when the managers 
consider it appropriate, the bulk of the investment will be 
in the UK. 

Share Exchange Scheme 

If you wish to realise a port of your portfolio and invest 
in Chieftain Income Be Growth Trust, the Managers can 
arrange to sell your shares for you, and mil absorb all the 
usual costs of the transaction. This can give you a worth- 
while saving. The minimum purchase through the Share 
Exchange Flan is £500. Tick the box in the coupon for 
fail dptafle. 

\buR Reassurance 

Chieftain Tnst Managers Ltd was established in 
September 1976. Its Sve trusts, baling in oversea: as wdl 
as UK markets, have already attracted funds worth £1 J 
million. This ex cep tio nal rate of growth has owed troth to 


Until 13th October units wifi be avafebfc at a 
fixed price of' 25ijp each. Your application wiD not be 
acknowledged but you wiD receive a certificate bv 
2-lth November, YS7h. 

HU in the coupon, or talk to your financial adviser 
without delay. 

General Information 

After 1 3th October units wiD be available at the rfeily 
quoted price and vidd published in most newspapers. The 
offer will dose f the underlying price of units should differ 
from the fixed price by mere man 2 1 . 

Units were first offered on 4th September. 1978 at 25p. 

There is an initial management charge of 5% md tided 
in the price cf units. There is also an annual charge of ■*»% 
(plus VAT i which has been allowed for in the quoted yield. 

income is paid net of' income tax, but das can be 
reclaimed by non- taxpayers. 

Distributions and a report on the fund arc made half- 
yearly on 28th February and 31st August. Units bought 
now qualify for the distribution on 2Sth February, 1979. 
This offer is net applicable to Eire. 

The Managers of the Trust arc Chieftain Trust 
Managers Ltd, Chieftain Howe, 1 1 New Street, London 

EC2M -flF. Telephone 01-283 2631 



CHEF1AIN 

TriUST MlSU.fc; LIMITED 


Application Form ■ I 

Fill in the coupon and send it now to; Chieftain Tnst Managers Limited, Chieftain Hoasc, 11 New Street, * 
London EC2M 4TP. . J 

l/^twwildliketolxiyChieft 2 inIixxjme&(!W-thUnitstothe\*a}ucof£ at25.6peach. J 

. (Minimum initial hdding L25U.) j 

l/We enclosed remiHance, payable to Chieftain Trust Managers limited. , 

Tide box: 0 IT you want maximum growth by automatic re-investinent ot net income. j 

□if you Want to know how to txjy Chidtam Income & Grwth Units on a rcgiiar monthly basis. I 
Offyro would Bte details cf our Share. Badangc Plan. | 

l/'&fe dedare that I am/we are over 18 and not resident outside the UK or Scheduled Territories and I 
tfi 2 t I am/we are t»« acquiring the, units as nommeefs) of any person (s) resident ouside the UK or Scheduled 
Territories. (Ifvou are urabfc id sign this declaration it should be deleted and your application lodged through I 
an authorised depository) I 

SURNAME (MR/MRS/MISS) | ~ 

FIRST NAMEfS) IN FULL • 


SIGNATUREfSi ; i FTT-in 

<T7^H NAME? ^ i-nEC.DCfT<CI AS uni F£G Dr>?3“4PnS) 








10 


Financial • Times Saturday October- 7 1978 


MOTORING 



The Visa: a proper Citroen even though it is partly Peugeot. 

Citroen’ s way with Visa 


BY STUART MARSHALL 

IF Chrysler can be as clever as 
Citrcftn. they need have no fears 
of losing their separate identity 
after a couple of years under 
Peugeot's wing. 

The extraordinary thing about 
Citroeo's latest car. the Visa, is 
that although it is pure Peugeot 
204 from the dour down, it feels 
— and rides — exactly like a 
Citroen. 

The Visa is the first Citroen 
in years not to have a special 
kind of suspension in which 
front and rear wheels are inter- 
linked. It has a straightforward 
coil spring set up. But. when I 
drove the Visa in northern 
Greece last week, it lolloped as 
shock-absorbently over the 
bumps as any Citroen, even if it 
didn't roll quite so extrava- 
gantly on corners. 

There are two Visas. The 
cheaper is the Club, powered by 
a development of the Citroen 
deux Checaux's air-cooled, hori- 
zontally opposed two-cylinder 
engine and using the Citroen 
GS's gearbox. The other, the 
Super, has the Peugeot 104 s 
cross-mounted four-cylinder, 
with the normal Peugeot gear- 
box. Of the two, the Super is 
considerably faster — a maxi- 
mum of almost 90 mph com- 
pared with the Club's claimed 
77 mph. But I much preferred 
the Club. It handled better, due 
to more even weight distribu- 
tion. and felt nimbler on wind- 
ing mountain roads. 

It is always tempting 2o 
regard cars with only two 
cylinders as a joke and it had 
to be admitted that when the 
Club's motor starts up. it sounds 
like agricultural machinery. But 
al anything over idling speeds, 
.it is as smooth as it is willing. 
From the noise reaching the 


inside, you wouldn't know 
whether it was a twin or a four 
under the bonnet. 

Citroen have given their 
latest twin-cylinder a clever all- 
electronic ignition system which 
has no contact breaker or 
moving parts and thus has 
nothing to lose adjustment or 
wear out. They say it gives 
easier starling and reduces 
exhau>i pollution. It certainly 
helps fuel economy. During a 
fairly wild morning's drive, with 
miles of flat-out climbing in 
third gear. I achieved a fraction 
less than 40 miles per gallon. 

The control layout is typically 
Citro§n_ too, with what they call 
a satellite fit looks like a 
yoghurt put) un the left of the 
wheel to operate Lights, horn, 
wipers, washers and direction 
indicators. Even the heating/ 
demisting slides are within 
fingertip reach. The fresh air 
vents were big enough to per- 
mit dosed window motoring an 
the open road with a tempera- 
ture in the high 70s. 

The Visa replaces the Ami. 
which even by Citroen standards 
was a very ugly car indeed. 
(The bonnet seemed to have 
been sat on by a circus 
elephant). It looks most attrac- 
tive. with a sharply dipping 
bonnet that you can hardly see 
from the driving seat and a 
squared-nfF hatchback tail. 
There is ample room inside for 
full-sized people. The Clubs 
seats are soft and the blue 
polka dot cloth trim is in keep- 
ing with the car's chirpy 
character. 

Although the Visa made its 
public debut at the Paris Motor 
Show this week, it won’t be at 
the NEC Motor Show later this 


month because British sales arc 
not due to start until Septem- 
ber lM7fl. if the. price is right, 
it must compote stmncly in the 
Renault 5/Volkswagen Pnlo/Fiat 
127 class. 

While Citroen have been suc- 
cessfully trying to preserve rhe»r 
pre- Peugeot identity. Volvo have 
been striving to do the opposite 
with their es-DAF :»43 hatch- 
back. At last, they have won 
through. The Volvo 343 lias now 
been equipped with a manual 
transmission and has become at 
least 100 per cent better as a 
result. It feels » proper Volvo. 

A hefty four-speed gearbox — 
the same as that used in the big 
Volvo cars — has been built into a 
trans-axle with a sophisticated 
de Dion suspension. The gear- 
shift is quick and clean and the 
manual 343 is faster, quieter, 
more economical and altogether 
nicer than the two-pedal version. 

The 343 now impresses as a 
strong and solid car. It rides 
well over all kinds of roads — in- 
cluding some long stretches of 
gravel I tried it on in Sweden 
- — and retains its good manners. 
The one tiring the 343 could 
never be criticised for was its 
balanced behaviour, due to 50/50 
weight distribution. The re- 
placement of the Variomatir; 
with manual gears has not 
affected this at alL It is now a 
car a hard though safety- 
conscious driver can really 
enjoy. 

The price of the Variomatic 
343 is unchanged: the manual 
version will be £200 cheaper, 
starting from £3,350. At that 
figure it must at last start to 
fulfil Volvo's hopes or 
achieving substantial sales in 
the small/mcdium marker. 


BRIAN Hl'GliETT. playing 
his name soil and v.ith a a rent 
deal of vot-al enc^ura semen f. 
store tiic lead after three round- 
of the Dunlop Master* Tourna- 
ment here sir Sr. Pierre ihi* 
sonny evening with a round of 
fie that, after the first, two oT RS 
and 72. gave him a 7 under par 
total of 2ltfi. 

in second place mmc* S. 
African -John Bland at 6 under 
after round* of 72, fiS and fiT. 
Another British veteran. Tommy 
HorUin. comes next at 5 under 
par after a round uf H7. and 
the voting man who equalled the 
course record with a 65 on the 
first day. but who fell away jes- 
terday. with 74. Howard Clark, 
came back with 70 to-day tn be 
4 under and by no means nut 
nf contention, since a 7 here is 
possible at all times, due lo the 
profusion of magnificent, cen- 
turies’ old irees on an essential 
parkland course. 

At 2 under par, there am iwn 
players, another South African 
— perhaps more well-known — 
Dale Hayes, and the new tourna- 
ment Players Champion. Priati 
Wades. At I under par come 
Peter Onsterhuis. the best- 
known South .African. Gary 
Player. Huggeil's veteran busi- 
ness partner Neil Coles and the 
American "rookie.” Boh Bynum 
— the only ropresentauvp ol a 
strictly second eleven importa- 
tion iu be in contention going 
mio the final day. 

HucgeU is having a marvel- 


Huggett into the lead 


to say it. because I like the 
.people and the tournament too 
well, but Dunlops.have relied oa 

contract ural goodwill between 


Inns season at the ace nf 41 
after many years of yeoman 
service as une of the most 
courageous players we have 
bred in the modern era. In ail 
fairness, his courage has always 
been a greater factor than his 
natural ability, anil one has to 
think that he might agree. 

Hi- said, in a very happy con- 
dition this evening that ins im- 
proved form — he won the fln- 
iish Airways-Avis Tournament 
in Jersey earlier in the reason — 
was due to the fact that he had 
decided to “give it a whirl, ami 
become a little flamboyant” 

This has caused Huggett to 
hecome much longer than in 
previous years, and this is a 
great advantage — obviously — 
against the youngest generation, 
who are at the moment scarcely 
in evidence. 

Hugsetf-s rniinri was almost 
blemish Tree. He fealhered in a 
!Q3-yar<I wedge shot 12 feel 
from the 57(5 yards first hole 
for an opening birdie, decided 
after a bad drive at the second 
that he was always going to 
drop a stroke, and did so. and 
went along serenely unlil he 
reached .the 315-yard eighth. 
Here he hit a good drive just 
short of the green but could 
not putt the ball because nF the 
“conkers" that blocked his path. 


He tipped the ball straight 
into the hulc for an eagle two 
and so wnstiui in 33. 

Having misled easy chances 
af the toth and 12th holes, he 
hit a delightful two iron shot 


GOLF 


BEN WRIGHT 
CHEPSTOW. Friday. 


four fppt fri»«n ihe hole at the 
2 tri-yards 7SHi for hts second 
iwn. made an unlikely birdie 
ai the next by pitching over the 
trees From the left, and another 
at The 15th with a canny little 
pitch and run to two feet. 

Bunkered at thr I6th. hp 
exploded neatly to save par, and 
all hough his tee «hot slopped 
short nf the ere.cn at the uphill 
TRth. he got up and down For 
par to he a home in 32. 

There has boon a !nt oF 
adverse publicity because Seve 
Ballesteros, the young Spanish 
idol has withdrawn from this 
tournament, and so missed it 
for the third time in succession 
— an absence that is extremely 
hard tn tolerate for the sponsors 
— who run a conspicuously well- 
nrganised tournament year after 
year. 

Unfortunately, the time has 


now come for the Dunlop Com- 
pany to realise that for a tourn- 
ment- as with the prestige of 
this one. a prize kitty of £40,000 
is. in all truth . totally inadequate 
in modem terms. 

Obviously * Ballesteros is 
caught up in a web of intrigue 
that mostly concerns appearance 
money, which is the downfall of 
British and European, not to 
speak nf Australian golf, where 
the figure bandied about by 
managers .just to get a named 
player to ihe starting line are 
nothing short of astronomic. . 

The hard facts are that 
Ballesteros is not anxious to 
play here, or to be more truthful 
aeain, his management company 
don't like the idea, because he 
is not receiving appearance 
money: 

The sponsoring company will 
Just have to realise, that these 
are Ihe- sorry. facts rif life with 
whirh .anything away from the 
American tour has' to; "be gov-- 
erred. 

' The only answer. of course, is 
to put a great deal more money; 
in Ihe prize kitty. But despite 
their tremendous profits world-, 
wide that arc plainly visible tn 
the ‘ professional goffers in 
question, .Dun lops have chosen 
fn underplay the prizemnney 
angle for ton long. It hurts me 


themselves and .the players they 
employ to use their dubs and 
balls to appear for them for too 
Long. This was aU very well In 
the good old days before money 
became the most demanding 
yardstick in professional golf. ■ 

But now one -has returned 
from the World Series of Golf 
at Firestone Country Club in 
Akron. Ohio, where $300,000 
were at stake to be taken away 
by 24 players to a tournament 
that is supposedly equally pre- 
stigious — and one is not talking 
strictly In terms of money — 
where only £40.000 is at stake 
for twice that number of 
players. The fact ifi that Dunlop 
is a major worldwide commer- 
cial concern and the money pro- 
vided for the World Series has 
to be put up by the governing 
bodies of professional golf in 
the United States. 

■■■ It is scarcely surprising that 
the American challenge here is 
strictly second-rate . and that 
players pf the dramatic appeal 
of Balesteros have chosen to 
give this tournament the brush- 
off for the third year m suc- 
cession. 

It pains me to write ' what 
I felt is heresy tn pure golfing 
terms, but those have long since 
gone-, out if the window in the 
modern era of professional golf. 


HAVING MET Jock Sir.n nn 
many occasions it was ea*;. 
to understand why ihe 
chairman of Leeds United 
and. indeed all the staff and 
supporters are so’ di*appu:im-d 
to see him depart to become 
manager of Scotland. In bis 
brief stay at EMand Road he 
had already shown he was 
exactly the right man to bring 
back the success of their Don 
Revie era. 

Jock has proved himself to be 
a great, and that much over- 
employed adjective if used 
deliberately, manager with a 
track record to substantiate the 
claim. Under his guidance and 
with very meagre resources Dun- 
fermline won the Scottish 
Cup and Hibernian did like- 
wise. When he took charqc nf 
Celtic— the first Protestant to 
he entrusted with the job— he 
transformed this Catholic club 
into not only the finest in Scot- 
land. but it was also the Rr*t 
club in Great Britain lo carry- 
off the European Cup. 

In his long and distin gushed 
reign as the supremo of Celtic 
which began in the mid-fin* and 


Scotland’ $ finest 


ended earlier this year, they 
w’un every conceivable honour, 
usually mure than once. He 
wool d probably still have been 
in charge, if he had not been 
seriously injured in a car crash 
some three years ago. While 
slowly recovering. Celtic began 
to slide and Rangers replaced 
them at number nne, so that 
his directors decided to move 
him upstairs with the comfort 
provided by an enormous benefit 
as a mark of their application 
for what he had done for them. 

It is easy to understand why 
Jock Stein has hcen v :> 
successful as a manager. First, 
he knows how to handle men. 
Second, he • has a deep love 
for and is an expert on the 
game. Third, he possesses a 
keen intellect and a marvellously 
retentive memory- Finally, he 
is just as hard, and as tough as 
the coat he once dug as a miner 
in Lanarkshire. 

What is surprising is how 


Jock's association with Celtic 
began. He w as, not an especially 
good footballer and played for 
Albion Rovers, before joining 
Llanelli. While with the Welsh 
dub his home in Glasgow was 


SOCCER 


TREVOR BAILEY 


burgled and he returned im- 
mediately without a job. plus a 
natural disinclination to return 
to the pits. It was then that Bob 
Kelly, the chairman of Celtic, 
later to be knighted, had an in- 
spiration. He persuaded Jock 
to come and look after Celtic 
reserves in ihe early 50s. To 
everyone's surprise he pro- 
ceeded to establish himself as 
a regular member of the first 
team, a classic example of a late 
developer. . ■ 


Stein was an effective, not 
an elegant player, about whom 
it was sometimes said that he 
was the worst footballer, but the 
best centre half in Scotland. He 
also turned out to be a tre- 
mendous club captain go that, 
after proving himself with other 
clubs as manager it was only 
natural that the far-sighted 
Kelly should eventually invite 
his protege to take charge of 
Celtic. 

He quickly- showed his worth 
and won the respect and ad- 
miration of the entire football 
world — ho mean feat— for his 
honesty and integrity, as much 
as for his ability as a man- 
ager. Here was a man of prin- 
ciple. who was surely destined 
to succeed, a born motivator. I 
have the feeling that if he had 
never played football he would 
have developed into a brilliant 
trade union leader, because he 
inspires the trust and the confi- 


dence of other people to a re- 
markable degree. 

' After Scotland's disasters in 
the World Cup, both on and off 
the field, the Scottish Football 
Association had to make 
changes. Jock Stein was both 
the obvious and the popular 
choice, but why they should 
have delayed until he had taken 
over at Leeds is hard to fathom, 
and distinctly unfair on the 
English club. 

Inevitably Jock could not re- 
sist their offer to look after the 
Scottish national team and it 
had nothing to do with money. 
This new appointment meant 
that both his wife and himself 
could remain in the West of 
Scotland they love so much with 
the rest of his family and 
friends, while it aiso provided 
him with one supreme. final 
challenge. He did mach to make 
Celtic the best side in Europe* 
Can he now make Scotland the 
best team in the world? If any- 
one can achieve this objective it 
must surely be Jock Stein, and 
everyone must wish him luck. 


OTOR CARS 



Iff ywrirg todkosg for something specs!, 
talk to the specialists. 

Experience our experience. 

A.F.N. Limited Falcon Works, 400, London Road, teteworih, Middlesex. 

Telephone 01 -560 1011 Telex 261 135 Also showroom at: 

12-16, Madrid Road, Guidlord. Surrey. Telephone: Guldford (MS3I 35448-9. 




mRiRCLAY OF OXFORD 

. Tel: 0865-59944 


ROLLS-ROYCE 


1971 Series M Silo-jn finished In MofUl-ind o»*r Pettier E-'-jte 
hide upholder)- WM mil-s 

1977 Series II Sale«n finished in Sent* Pine. 81*17* hid- 
nrhnliiery 5.<i(W mil*:-. 

1977 Series I Saloon flnistv-1 )n V.ychelle* Blue wnii D:.v:V 
Ev»rflesr n»f. Bi-If* hide iwlMilsiurT. 9.00" mil*-; . 

197b Silver Shadow -Wlaar Saioon mushed in Scfchell*'. Blu<-. 

Boise hide upholstery. L! POO . 

1975 Silver Shadow 4-Uoor Saloon finished id Pofcncy Bmuc. 

Be i*. hide upfinlsf i. ry. ■•10V) miles 

1973 ■■ M Silver Shadow 4-door Saloon finish'd in Head! Red 
- i'Ji red hnl.- uphofeiury. only 0C.WA mile* 


£27.950 

E2S.9S0 


12.950 


ROLLS-ROYCE SCIJI 
1969 CONTINENTAL CONVERTIBLE 

White/red trim. 93.000. new power hood, superb value (annually 
maintained). History available on this famous car. £20.000. 

For further details, arrangements for viewing, cLe. 

TEL: 0362 5642 or 0953 453423 


COMPANY NOTICES 



75.62U 
II <902 

64 4351* 

IS 7704 

SO 66SS 


JOHANNESBURG CONSOLIDATED INVESTMENT 
COMPANY LIMITED 

C Incorporated in Uie Republic at South Alri-ai 

NOTICE TO HOLDER 5 OF SHARE WARRANTS TO BEARER 

DIVIDEND NO. IDS 

Pursuant to me notice uubllshcd on 30th Aufruit- 197a. members are 
inln-mnd that the rale ol ■■vciungc ■* which payment Of the above dividend 
wf'S be despatched bv the United Kingdom Paving Anencs o.- 1 3th October. 

tain li 1 Rand Ol 100 rent; duals SB iiSSSo Unit rtf Kingdom cmrerav 
The ones dividend nevabic bv ihe United Kingdom Paving Ag-nis is iherc'ore 
equivalent lo 75.6201P dor share. . , 

Holders of Sharp Warrants >o Bcarrr »re in'orm^fj nat A? * D'""* °~ 
dividend No IDS will tv made on Or -Her »G-b p C, 2?.' :r VJ7 B 1J „ I V. Dan 
surrender of Couaon NB IDS at the Lcndon Hearer Rrofot'o- One- Holhom 

Viaduct. London £C1P *Aj 

Amount PAyjnlc 
or* 1 ahjpc 
■ U K. Curihni.pl 

fi 

Equivalent In United Kingoon cn-'enev o* dinrt-M fletUr'd 
Less Stf*rU> African hMn-JJe*(dent Shareholder; Ta* at •« T 9"» 

AMOUNT PAYABLE WHERE A U*:. INLAND REVENUE 
A DECLARATION IS LODGED WITH COUPONS 

Less. United Kingdom |n 5«mc Ti« '■ * 1 D " on ,nr va ‘' 

" dividend lien Notes 1 and 2 briqw, 

AMOUNT PAYABLE WHERE COUPONS A"* 

AM WITHOUT UNITED KINGDOM INLAND REVENUE 

DECLARATIONS 

coupons -git ti- It.i-ti In nn terms oMaliuM- i>om thr London 

R-arnr RtVrption Offirr 4"tf dcpo-'iert 'ni "*»n-ina*M?n pr. an/ wei*sjjav iSarur- 

day eaicBum/ « BAB MATO BROTHERS LIMITED. 

London Secritanc-; 
D W. J. PHILLIPS. 

S«re:an> 

go Bishonsuafe. 

LONDON EC2M 3PC- 
6rti October. 1378 

, N t? T The dross amount *f the dN|S,bd for uie Mi "Undo- 

^ inA Surtax Dtiepose-i U 75.G£01r Oft share 

V- annlicablc »« ’hr dividend is allowable as - credit *gan-! «h- Unif-d 

as : ^swrVi 

s&kL*: ■ 



££Kf r 
MY 

PS&SOHAL 
E:-.PO?:T 
ENCUWE8 

V7EL.COV.cla 

HIGH RO. WOODFORD. I 

tel oi-rwa mac T £i.F' 

73915 




NEW ALFAS 
ALWAYS S?3 STOCK 


‘INCLUDING THE NEW I 5 SUD Tl 
AND SPRINT , 

78 Alfe Strada S' 1 < 

? C13-. 

77 Alt* GTV Pi»;t 


77 Ai’a 7000 Spldni 1 

76 'Ri Sp.gr* in ITim 
70 Sud 3o*i*l’ Me* 


"BIWl . 
L6975 
jlloss 
L4A9S 
r Ol 6 
I5J3S 
L4795 
r- 6 NJOm 
13615 

77 'Si Alfrtta 1.6 Fflf.IJn. £JB35 
76 Svd L - 1100?-" C1715 

76 modrl 1 6 RTV ’i . 100 ., E27?S 

LEASE OR BUY 

26 NORTH HILL. N6 11. 348 S1SI 


accelerate to 
Saturday’s 
motoring page 


■CT^'-^-awoTk 



ITS FOR PEOPLE IN A HURRY- 
SO WHY WAIT? 

New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every 
Saturday. 

Advertisement rate: 

£14.00 per single column centimetre. 

Contact Simon Hicks at the 
Financial Times, Bracken House, 

40 Cannon Street, London EC4P 4BY 
Tel: 01-248 5115 

FINANCIAL TIMES 

ON SATURDAY- 
THE FIRST OF THE SUNDAYS 


EUROPE’S LEADING SPECIALIST CAR AUCTION CO; 



& co. 


INVITE ENTRIES AND BUYERS TO THEIR NEXT 

BUCKINGHAM PALACE ROAD 



AUCTION 


OF CLASSIC AND COLLECTORS CARS ON 
SATURDAY, OCTOBER 14th at 11 a.m. 

If you have a fire classic or collectors car allow us to show it to over 2,000 prospective buyers 
and realise its full value. " 

Entries will include over 200 cars. Some early consignments include: 


1065 

1938 

1929 

1038 

1047 

1964 

1938 

1948 


1955 
1973 
1038 
1981 
1959 
1927 
19.58 

1956 
1963 
1968 
193S 


BENTLEY Continental 
LAGONDA VI 2 Saloon 
SINGER Junior 
ALV1S Speed 25 
ARMSTRONG WHITLEY 
ASTON MARTIN DB5 
ROLLS-ROYCE P HI 
BELAHAYE 135M. 
VAUXHALL Boat Tailed 
Tourer 

ROLLS-ROYCE Silver Wraith 
FERRARI Diiio 246GT. 
DAIMLER Light 20 Saloon 
MORGAN + 4 Coupe 
JAGUAR XK150 Coupe 
AUSTIN Nippy 
M.G.A. Drophcad 
JAGUAR XK140 Roadster 
Rover, ex. Royal Family 
ASTON MARTIN DBS6 
MORGAN 4/4 


1972 ROLLS-ROYCE Comiche 
1961 DAIMLER DART W/W 

1966 JENSEN CV8 
1947 M.G. T.C. Concours 
1974 FERRARI Daytona 

1976 LAMBORGHINI URRACO 

1967 JAGUAR 2 + 2 “ E ” Type 
1961 ASTON MARTIN DB4 

T967 ASTON MARTIN DB6 Volante 
1938 ROLLS-ROYCE 25/30 
1955 BUCKLER 36K Sports 
1961 AUSTIN HEALEY 3000 
1958 AUSTIN HEALEY 100/6 

1973 JAGUAR: V12 E ” Roadster 
1958 BENTLEY SI by Hooper 
1967 SUNBEAM TIGER 4.7 ex. 

works 

1974 ASTON MARTIN DBS V8 
1961 ALVIS TD21 Drophead 
1955 AUSTIN HEALEY 100/4 
1950 ALVIS TB14 Roadster 


There is still time to consign your car. Be sure to request your entry form today. 
Victoria and Co. have a permanent display of cars for sale at their showrooms in Bucking- 
ham Palace Road. Any car unsold at auction can remain in the showrooms on the sale or 
return scheme now being offered. 

ENTRY TO THE AUCTION WILL BE BY 


CATALOGUE ONLY 
U.K. £2 OVERSEAS AIRMAIL £3 

PLEASE CONTACT US FOR FURTHER INFORMATION. 

193 BUCKINGHAM PALACE ROAD, LONDON, S.W.1. 

Telephone 01-730 9438/9. Telex. 886838. 





r 











'N 



Financial Times Saturdav October 7 1978 



flnh.l*; _ 


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4.VsT,i«- 

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PROPERTY 



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BY JOE REN NISON 

QUITE A NUMBER of agents general' continues . unabated, sprinkling of Germans and so radios of London. Currently 
nave been giving- their views. on reports Paul Hutchings, country Italians are now making the there is particular pressure to 
what is happening or what has department partner of Hamp- pace in the market." the North West of London in an 

just happened In the market tons. “ Recently 'however, there One effect of this change has arc from Reading to St. Albans, 

recently. While demand seems have been changes in the been to broaden the range nf An exception in this general 
to remain as strong as ever there market Middle Eastern buyers, properties being sought The picture are t be Dutch who seem 
is again that distinct feeling for several years one of the huge and lavish country house to be prepared to go anywhere 
that the priee front is seeing a strongest influences on the is still very much in demand to look at property with land, 
period of quiet . country house market have been but latterly there has been addi- They have been quite active in 

As far as the upper end of much less in evidence this sea- tional emphasis on the good Norfolk. Suffolk, and outer 
the market is concerned Hamp- son (atthouglr they- are -still family bouse of. perhaps, seven Essex and also in Devon and 
ton report thus. Overseas active in central London). Their bedrooms standing in five or 10 Cornwall, 
buyers are still ' exerting a place has largely been taken by acres. At tfae moment, he says, there 

strong influence on the country continental buyers. ■ The Danes The area of most interest con- ^ a severe shortage of top and 

house market and demand in and the Dutch along with a tinues to be within a 50 mile or market properties in 

these areas and he points to two 
factors which have contributed 
to the shortage. "Firstly, the 
cur back in the construction of 
quality houses after 1972 as in- 
flation pushed building costs 
beyond market prices and 
secondly the fact that a house 
sold to a foreign buyer is not 
replaced by that buyer selling 
his existing property.” 

“In Hampton's awn case, for 
instance." says Air. Hutchings 
"we have over 500 purchasers 
actively seeking properties at 
prices between £70.000 and 
£200,000. We also have a sig- 
nificant number who are ready 
and able to pay considerably 
more than this and whose re- 
quirements remain unfulfilled." 

Such is the pressure from 
buyers that maintaining * 
orderly market is becoming 
at the flick of a switch, revolves, more and more difficult and the 
Can you imagine if you flop into obvious solution — an auction 
bed one night after maybe a —is becoming the order of the 
couple of jars too many and day. “In all the circum- 
CAME BACK from looking your back to gaze - into the accideutly press Uie switch the sianres,” he concludes, “a con- 
round a place the other day distance? condition you would be in next tinuing increase in prices for 

' fecline distinctly aueasv Suddenly there was this morning? Jet lag would be houses at the top of the market 
Phvsicallv there was a mild o£ trumpets. Very nice, heaven by comparison. seems inevitable. 

" nancpa nrnhahtv hrmiphr nn hv I -thought. Yes. the F.T. is a Electronic gadgetry abounds. Cellar Eggar. J! lth severa J 
nausea, probably brought on by quality oewspapcr but; really At the flick of a switch you can offices m the plushier parts of 

vertigo (or do I mean tliis was not necessary. .But all make a wall more, open the ^ Home Counties seems to 
verdigree, or both— well never it was was soldiers . down door put on the telly or the take a “ 0r e relaxed view. Gnv- 
mind). Mentally the effect was ^low j n the nearby St. John's high-fi The baths are ai ] eminent restrictions and falls 
. much more distressing: there wood barracks : practising sunken, the pile on the carpets ln the mflow of ***& have lead 
•' seems . 10 ** «*** of welcomes for visiting heads of sprouts high and th e taste in to a rao «S»Se shortage and 

creeping schizophrenia or a. now a possible rise in interest 

P T C e nC S P, tee 0 „ rb0 ^ Zn JM t £Tfi 5 

«-* in l" “ 

station with little likelihood of , st °rey apartment has been fitted ®"^ ? n, ght some have even closed their 

seeing home and family again * ut ** a man who worked on something out of the Plane- waiting , ists and others are 
and the possibility of ' being sets for the James Bond tanum. (See photograph.) talking of January 1979 as being 
hurled at any moment down films^-and it shows. While no There are three bedrooms the first available date on wbich 
into the seething maelstrom of doubt it is handly for the tube and bathrooms, living room and a mortgage will be offered. Like 
• the Finchley Road below you (if the Rolls has broken down) kitchen. This column has always the property market the actual 
would know what I mean. And living in it could - lead -to some had the mental and physical mortgage situation can varv 
there was this PR lady whose form of mental disorientation, welfare of its readers in mind from .region to region. It is 
intentions were no doubt One -totters around.the place so the price will not be men- thought that the net increase in 
honourable but who wanted to continually apologising to some- tinned. To do so would have half all building society deposits will 
point out the heights .of one else coming the -other way of you die of shock and the fall below £5bn this year, com- 
Hampstead in one direction and until it is realised that it is other half collapse with a fit of pared with £5.8bn lari year, but 
- the Post Office tower in the one’s own image looming in one the giggles. hopefully increased growth is 

-other. But. in .these circuih- of the thousands of ‘[mirrors. Agents are Chestertons and forecast again for 1979. Against 
'-stances would you have turned There is a circular betl wbich, Anscombe and Ringland. this background, agents Weller 



High life in St. John’s Wood. 


That certain feeling 


Eggar have been trying t« 
assess the property market and 
its trends in the areas covered 
by .their Hampshire, Sussex and 
Surrey offices. During the last 
three months the price rises 
have been only minimal and 
buyers are becoming more selec- 
tive, although ihere is still very 
little for them to select The 
mortgage shortage has slowed 
the market. 

It. can now take over four 
months for an ai r erage sale to 
be' completed, whereas earlier 
in the year it could be effected 
in half that time. Some, but not 
all the areas have reported a 
definite slight increase in the 
number of houses coming on to 
the market; some of these 
houses are being too highly 
priced however, as owners who 
may have been reluctant to sell 
earlier in the year hoping for 
higher prices in the autumn will 
not face the situation in the 
market at the moment. An oui- 
standingly beautiful nr unique 
house will still sell for an out- 
standing price and to many 
foreign buyers our houses are 
still inexpensive. but the 
ordinary British family with 
uncertainty over the Govern- 
ment pay policy and mortgage 
difficulties is becoming cautious 
of stepping too far " out of line ” 
and of paying too much for 
their home. 

Wellar Eggar. like most 
agents, find the shortage of new 
property is affecting all price 
ranges. The first time buyers 
often cannot afford to purchase 
even at the now cheapest end 
nf the market. People wishing 
to move from this lowest price 
range are finding it difficult to 
move into upper priced 
property, not because of the 
capita] outlay, but because nf 
the maintenance costs nf 
larger, usually older houses. In 
this middle range too, there is a 
percentage of applicants who 
are trying to move from these 
Belf-same larger bouses into 
something more economical and 
these facts are contribuing to a 
great scareitv of middle-priced 
houses. Weller Eggar see the 
market continuing to level out 
over, the next few months and 
they, hope for a return to more 
stable growth in the new year. 

From the New Forest Jack- 
son and Jackson: as they fore- 
cast in their Property Review 
at the end of last year, they ex- 
pected property values to rise 
in 1978, and over the past nine 
months they say they have wit- 
nessed a gradual rise in the 
market of at least 15 per cent. 

The demand for houses, 
cottages and bungalows has 
been keener than ever and in 
spite of the increase in mort- 
gage rates and the slowing 
down of funds. 


: : "1 



So many people wandering through my office 
in the last couple of days, having seen the 
above picture, and said "Oh. that’s pretty" 
or words to that effect. I ielt I must bow to 
public demand and reproduce It. It is of a 
delightful lGtfa century cottage. Rose Cottage, 
in a quiet part of the village of Bloxham, 
Banbury. Oxfordshire. The property is for 
sale through the Rams bury office of John 
German Ralph Pay for £32,500. The original 
16th century part of the cottage is of local 
sandstone under a thatched roof, with a brick 
and tiled extension and slate and timber rear 
addition. The cottage has been well maintained 
and was rewired two years ago and there is 


also a Rentokil woodworm guarantee. The 
agents say there is scope to improve the 
property further by converting the garage into 
a second reception room and possibilities for 
adding an additional bedroom at the rear 
subject of course to the usual permissions. 
The accommodation at present provides a 
dining hail, sitting room, kitrhen/breakfast 
room. 2 bedrooms, dressing room /3rd bed- 
room and bathroom. Both the sitting room and 
dining hall have stone fireplaces (although 
sealed off in the former) and plaster boarding 
which conld be removed to reveal beams. There 
is also a sealed-off fireplace in the kitchen 
with an ornamental pine surround. There is a 
small front garden and a garden at the back. 


Search for a new home 


A NEW SERVICE started in 
Britain this year to help home 
buyers acquire property some 
distance from their existing 
address, has been given an 
enthusiastic welcome. 

Over 4.000 families have 
sought Home Relocation's assist- 
ance since January, says its 
chairman David Morris. 
"Despite a drastic shortage of 
properties and in most places 
a sellers’ market our member 
firms were able to render valu- 
able assistance to those families 
who have to move from one 
town or city to another." 

Mr. Morris, senior partner of 
the London-based estate agents, 
Allsop and Co., says the demand 
for the service had been "almost 
overwhelming at times” At 
one point inquiries were run- 
ning at the rate of nearly 60 
a day but have now fallen back 
to between 30 and 40. 

Horae Relocation, which was 


launched in January with some 
70 firms with 230 offices, now 
has 122 firms with over 500 
offices. Its members, situated in 
or near ail the major conurba- 
tions of the UK and Ireland, 
pledge to give every assistance 
possible to home seekers with- 
out any charge or obligation. 
The only charges made are the 
normal ones where members 
are instructed to sell property. 

The service is designed to 
especially cater for those 
families having to move because 
of job changes. However, the 
service is open to anyone on 
the move. 

Case histories have involved 
people moving from Scotland 
to the South East, from London 
to the West Country: in fact, 
movements have been in all 
directions, and include several 
overseas transfers. 

It caters for all income 
groups. "Of eourse our mem- 


bers find it extremely difficult 
to help those seeking property 
in the cheaper end of the 
market," says Mr. Morris, 
“quite simply because that is 
where there is the greatest 
shortage." All Home Relocation 
members, stretching from 
Penzance to Aberdeen, are 
pledged to assist anyone trying 
to buy property. 

*’ Part of our job is to 
counsel applicants and try to 
persuade them to be realistic 
about house prices. That said, 
we are In their hands and will 
make every effort to find a 
home they can afford." 

An analysis of prices Home 
Relocation clients say they are 
willing to pay ranges from 
£15,600 in Bolton to £45.000 in 
Marlow. “There is no bottom or 
top to the price range where 
our members will provide 
assistance," says Mr. Morris. 


aittion 


PRO PER TY 


COUNTRY PROPERTY: OVERSEAS PROPERTY: LAND 
ESTATES AND FARMS: INVESTMENTS: SHOOTING: 



WILLIAM H. J 
BRgwm&SOfii 








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i-t* 

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■ P ' 

* ~ - 


A move in the right direction 

A move to bring us closer to our Commercial and Agricultural 
Institutional Clients. A move to expand our thriving invest- 
j meat, agency and building surveying practice. A move to 
I support our 26 provincial residential offices. Make the move 
| to William H. Brown at their new prestige offices. 

William H. Brown & Son. 

15 Albemarle Street, London, WI - Telephone 01-499.5281 
Offices throughout Norfolk, Cambridgeshire. 
Leicestershire. Lincolnshire, Nottinghamshire & Humberside 




LONDON -EDINBURGH - CONTI RRORY CHELMSFORD CHESHIRE - GRANTHAM 
HARROGATE ■ IPSWICH - LEWES ■ SALISBURY • SOUTHEND 

ESSEX -BILLERICAY 500 ACRES 

Billericay 2 miles, Chelmsford 9 miles. London 27 miJes 

A SOUND ARABLE AND STOCK FARM 

PART OF THE METHLEY ESTATE. UTTLE BURSTEAD 

Period Farmhouse— 3 Reception Rooms. 5 Bedrooms. 
Domestic Offices. 

Range of Traditional and General Purpose Buildings. 

494 Acres of Arable and Pasture Land. 

WITH FULL VACANT POSSESSION 
AUCTION AS A WHOLE OR IN 3 LOTS ON 27th OCTOBER 
(unless previously soldi 

London OTOce, Tel. 01-429 72*2 or C he I milord omee. Tin dal Hausa, 
Tindal Square. Tel. (9245) 84484 (Ref. 1DF5328). 

London Office 13 HrfI Street »:*#«. Tel- CI-629 7282 


*•?•*» *■ 
I tt. 
$1'* 


EAST SUSSEX — - between Lewes & Hailsham 
A FREEHOLD AGRICULTURE ESTATE — fi!4 ACRES 
including Three well-equipped farms 

LAUGHTON PARK. NR. LEWES 

S5I ACRES 

Pine Georgian House witft 5 bedrooms. 

2 baUiroanis. U recewifln. Cenlral 
heaiiiu. Pair of period 
Old Sussex Barn. ExK , n*ivr belldlnes 
ind. modern dairy 'unJr‘ witU cubicles 
lor U8 cowl 

To be sotfl by auction as * wtiele *r In I®** on NowiHber 7, 1978 
< unless previously sold> 

neurts from the Auctioneers* office's! Album House, Lewes. Tel «7S 


.CBLDHAR80UR FARM. NELLIHGLV 

154 ACRES 

Rimpalmr nr-fndrnce. 3 (unifies W™ 
buiiduj&s unhides Tor Mi. Broiler 
Douses , s two isq. f:. . -iM 

a LACK BARM FARM. C.HIDDINGLV 
- Wt ACFe* 

Runuluw. Riilldin/ss. uu-l- cuUitles rnr 

84. 

TWO PIC FARMS 


AGRICULTURAL INVESTMENT 
250 ACRES ARABLE AND GRASS FARM 
SOUTH NORTHUMBERLAND 
FREEHOLD AS LET 

FOR SALE BY TENDER BY 1st NOVEMBER, 1978 
Brochure from: 

HINDMARSH AND PARTNERS. F.R.I.C.S.. 

107 Northumberland Street, Newcastle upon Tyne, NE1 TAP. 
Tel: (063-2) 6100S1.. 


SMITHS GORE 


•A 


i l 


l 

I . 




n 




•»v 


NORTH YORKSHIRE 

. Ida fcm. * II flpbnafrwf-7 Vorft: IS mi!r« 

CHURCH FARM, STONEGRAVE, AND LAND ADJOINING 
ABOUT 437 ACRES (177 HECTARES) 

Witt vorcwi Pdsnswm ‘ 

A Highly Productive Arable and .Grass Farm 

»i in an aka of odlfittndiM counirrsHie 

TO RE OFFERED FOR SALE BY AUCTION . (unless pnevtow» «#«« 

IN THFFE LOTS. 

On Friday, Mib Nawmber, OT* »t. ibrJSrBBb Man Hotel. MaMen at 

For detailed particulars and plan apply to 
ALAN HOUSE, 48, BQOTHAM, YORK. 0904 5a894. 

Offices a:: London, Carlisle. Cbrbndge. 

N Rum artei. Nwwn. PSetarbcrtm*. Pefworrb.^oodb^- 
Warm i run <?r. Y«*. EdlnbWffb. Chititfnrt & Facbabera 


PORT EL KAKTAOUK: 
THE FIRST GARDEN PORT 
IN THE MEDITERRANEAN 
IS IN TUNIS* 



• A v.U=i’i; -, 1 'iiired ty- 

v.iT*iw 4 n wrt a* tii* •- of j (ong'iri* veHoar be*:" 

• A bvaio>jl pa'«. a! TbUaces on wh«.*i ni twen ijr^irucred 
WBirlftSfioi, 4 I jVjfv hc«t '■Uh CyTrJrt Kcinv, forte. 
Inltrnat'v^^ 1 C'aJi Mdrmi a vOfiiOeii'JOfi Gofl Cbjrsc. £ 
temre. dfiid 

• Ar. sobiidriwl ji >•: r,r. fo Term, a. 

• Ad origins cre^ii formula, t'rw credit", with promotArs batkrd 

br IPB Iwra; 41 I 1 -.till-. 

• An i;i\ep;ianaj «n.e ament - Ciudiarfrom tO 800 £. 

Porr £1 1 antawji - a reaiicaTion erf rhe Company fiord. 

Toferer/e-<<c lT .' , l*r ifc-jr^'i'iorird Pri 51 
n«- tx«H.'0<i ~ ifieptwei 

KENNETH WARD &Co. 

Chinerea .L'r.wr-. fn-jjrsa’iarj viyne 1 ! & Pi-nerr In-Mvhr-ML 
JI.L'm.eKt'tud ijMMig-jll A'.IOL S-»- gi-f 'eUWDlIItl.’o 

C r PORT ELKANTAOUI 

* s . Scbtfo-sa - 'll.*'** - • j’- ■, r. • 


Nam* 



BIDWELLS Trumpington Road Cambridge CB2 2LD 
chartered surveyors Telephone: Tmmpinglon (022-021) 3391 

LINCOLNSHIRE 

Grantham 3 miles 
CHURCH FARM GREAT PONTON 

344 ACRES ARABLE FARM 

with 

farmhouse and buildings 

FOR SALE WITH VACANT POSSESSION 
as a whole or in 5 Lots 
By Private Treaty nr Auction later 


EAST SUSSEX 

Hailsham 2 miles 

PARK FARM 

Hellingly 

RESIDENTIAL. ARABLE AND STOCK FARM 

with vacant possession 

LOT 1—116 acres arable grassland with range farm . 

- buildings. - - 

XOT,2~=47' acres arable and leys with rangj farm 
. ,-.".7:7. buildings.. 

LOT 3 — Farmhouse, 3 reception rooms. 4 bedrooms, 

2 i acres. 

LOT 4 — Cottage, reception room, 3 bedrooms. 

LOT 5 — Oasthouse with 4j acres. 

IN ALL ABOUT 171 ACRES 
For sale by auction (unless sold privately) as a whole or in lots 
at 3 pm 

THURSDAY, 26th OCTOBER 
at The George Hotel, George Street, Hailsham 
T. BANNISTER & CO 

Market Place. Haywards Heath, Sussex. Tel: 412402. 


FLORIDA 


Much mort than lunshine — ttr FT Review, 29(h September. Invert In 
Real Estate in U.S., fattest growing State. Holiday or Retirement Homes. 
Snuneues, High Income Investments managed in owner's absence, and 
Luxury Hornet. Statewide selection!, from the Atlantic to the Gulf of 
Mexico at remarkably o» prices. 

BUILDING PLOT5 FROM £1,500 

SPACIOUS HOMES FROM £14,000 

Finance available. Immigration Possible. Frequent 7-day inspection trip* with 
hotel, sight-toeing ere., arranged 

Estate Agents, Investment Brokers and Consultants invited 
to participate - Write or phone for further particulars' 
B.Stanbury 

The EQDO\ CONNECTION in T.,rd: n 

Suite 66, Kent House, 37 Regent Street, London W1R 7HF 
Tel: 01-439 7091 




MARBELLA SPAIN 

aiitftianding property, ibree miles from the Sea and ihe lown of EBiapona. 
sei in 4.000 square metres of well landscaped Gardens commandjnu superb 
. __ views at ibe MediirrraneaB. 

4 BEDROOMS, 4 BATHROOMS EN SUITE, SAUNA, 
L1YCVG/D1NING ROOM, IDEAL FOR RECEPTIONS, 
AND AN ALL-ELECTRIC KITCHEN 

Enensive lerracw and patina: Auiumatic wsieritut srmeni. 

Thr property » fully Furnished and compleicd io a very lush standard. 

PRICE: US$250,090 

Enquiries: 9 Milner Street. London. S.WJ. tH-SB. OSUfV B. Telex UWB7 


FINDON. SUSSEX 

A rtiannlnp Period CdTia^*-* in ih*' hear; nf this popular Village, dose 
Worth me * Victoria 10 mins*. 1 Beds. Boih. Drawmc Rm. Dimiut Hall. 
Cloaks. Kil. Sun Rm. Also s?p. Uueai SrudiO Coil with spauuus and 
attractive Bed sit. KU & Bath t*il CH D-’lmhifu! walled and wi-ll 
stocked Rdns Gantcr. iaa.OltO K'H me. cpis & clns. I fc l me. 
(Jomt Agents: AyKstord ir Co Hd K»n«s Rnad. J5W::. (11-351 CK3i 

LENNOX GARDENS, SW1 

A specious Ground Floor Fiat iwuriootlna and with um: of the Cardens. 
Superb Drawinc Rib a Dhmu Rm. r, dtlc Beds. - J Bath ti en Mtiiei, 
Kitchen, lnd. CH. Lease 37 its Low nuieompu fRa.OOO. 

9 MILNER STREET, CHELSEA, SW3 - 01-584 4501 


PARIS 16 ^me — FOR SALE 

Beautiful flat, 3rd floor, av. MarOchal Maunoury 75016 Paris, 
overlooking the "Bois de Boulogne," ancient woodwork, large 
recepnon rooms, 5 bedrooms, 4 bathrooms, garage fur 3 ears, 
dependencies. 

Write to : M. Jacques, 10, av. des Faisans, 1950 Kraaraem 
.. .... (Belgium). 


Moving USA ! 

In N,Y. area goad commuting 
distance ro city, a very super 
fully restored • circa 1740s cold 
colonial house with 5/6 beds. 5 
baths, siccing on 5 acres plus in 
beautiful Bedford village, large 
fireplace with bake oven in 
panelled drawing room, swim- 
ming pool, pond and stream. 
Eat in kitchen, dining room and 
study, owner selling. S2 1 0.000. 
&ox 39 h Bedford 
NY 10506 or evenings 
1914) 234 3417 


BLACK HEATH. Luxury wntllSUH Rat 
aver look inn neatn. Large lounge. Htcftpn. 
Ulner. 3 b»Urgcm*. 2 oaf t><ooms,. garage. 
OJterj above EU.EOO. PflMi* 01-A93 


w 


S7. JOHN S WOOD. Mansion Flat. 2 R«J.. 
I 4 Beds.. 2 Bains. CHW Heating. Balcony' 
; Carpets £ Curtains. Garage. Lease 90 
i YSSf? »»"*■• £85.000. Phone 01-2BB 
| 1971. evenings. 

^ INVESTMENT FARM or similar reoulrtv] 

I By private Investor lor cabin, prourtn. 
I 0602 324869. 

nosing 

I listed Georoian Couniry House PI Gath 
In snecimen tmitwen graunas. 
I commanding e.ceptipnai southern oros- 
S'o 1- ! ? as - J 6 _ £ crpt ^1 00,000. 
I Speed- Paddinuion 55 mins. 

I Tn ,l 2 Bo, r 40u4, - Financial Times, 
j 10, Cannpn Street. EC4P a BY 

i N< ?F T !5 AMf,,IOW »HIHE— AGRICULTURAL 

! INVESTMENT 179 ACRES Earn Sped 

’arm let tg long esuniishea tenant it 
J 1 !" cnl _ of E4.J50 tubicti to repairs 
| “"rfer 5.1. 184. Sbortt rgPights In hand, 
iK 1 * i? 0 " 1 *- JACKSON-STOP5 a, 

"t&j; sit. 5,r “‘- 

GUERNSEr. Charming. Ooen Marlet Bunn, 
low. 3 double hens 'srge lounge and 
dining room. £75.fi0o tv oiut fully 
fur m a hen II regmred Writ* Fo* T 49S2. 

ECOf'abyJ 1 '"**' tD ' Cannon 







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WS^r ■ 

. . Ptaasdal Times Sat urday October 7.1978 , . t 


LEISURE 



abroad 


TT WOULD be interesting to 
know what the fishing and 
farming folk of northern Greece 
made nf us: a small group of 
binocular- and telescope- 
wielding Britons, scrambling 
through ' mountain scrub, 
trudging round salt pans, 
ambling along gorges in pound- 
ing afternoon heat, squatting 
among the ubiquitous glasswort 
of rival deltas, creeping about 
olive groves — and acquiring a 
rretty good sun tan in the pro- 
cess. 

The occasion was one of a 
dozen nr so bird-watching tours 
arranged by Cox and Kings this 
summer in different countries. 
Like any specialist holiday, it 
had two prerequsites. The first 
was a real interest in the sub- 
ject for. make no mistake, it 
is taken with proper serious- 
ness i not. however, precluding 
a good deal of fun): the second 
was the loan or purchase of the 
right equipment. In my case, 
the interest went back many 
years, but the taking of it in 
any way seriously is relatively 
recent: thus the tour was an 
exhilirnting — and very chasten- 
ing— experience. 

In terras of equipment, the 
prime requirement was a good 
pair of binoculars, plus a bird 
identification book, casual cloth- 
ing, comfortable, and at times 
sturdyshnes, a head protection, 
sun cream, and something to 
nibble at when time got for- 
gotten. as tends to happen when 
you're out in the field. Our 
leader. Cliff, also had a telescope 
for communal use and a small 
library of books for identifying 
flowers and butterflies as well 
as birds. 

Our travels hy small coach 
took us right across northern 
Greece from the border Hilh 
Yugoslavia and Albania at Little 
and Great Prespa lakes, to the 
TSvros delta edging Turkey. The 
'two weeks were divided into 
three- or four-night stays in 
four centres: Fiorina in 
the north-western mountains; 
Salon ica, Kavala and Alexan- 
droupolis along the coast. We 
saw lovely scenery, countless 
cameos of the sort of rural 
aspects that most holiday- 
makers never see (though we 
fitted in some fine beaches and 
made good use of them, too), 
and took time off to visit major 
archaeological sites. 

The tour was based on half 
hoard at good or medium hotels, 
with private bath or shower. 



Pigmy cormorant 

This left us free to lunch at 
sometimes rather unlikely hours 
in tavern as (around E1.00-E1.5Q 
including local beer or retsina 
wine> or picnic-style with 
ingredients purchased at local 
super- or open-air markets 
1 around 50p per bead). Mem? 
hers of our small group came 
from scattered parts of England 
and diverse professional back- 
grounds. But. in fact, on this 
kind of holiday, backgrounds 
count for little: it's the common 
interest which binds most 
groups into congeniality. 

In terms of ornithological ex- 
pertise, I was certainly at the 
bottom end of the scale, but 
everyone else was generous in 
sharing both their knowledge 
and their better equipment, and 
our leader had infinite patience 
in clarifying what must have 
often been the obvious. Alone, 

I miphf have seen half of the 
125 species I achieved out of 
the group total of 180. 

As any proper bird watcher 
will know, however, it is not 
simply a question of “bagging" 


TRAVEL 

SYLVIE NICKELS 


new species. The whole field of 
bird behaviour is an inexhaust- 
ible source of fascination. The 
time of year — late August and 
early September-— brought its 
own additional tests: juveniles 
in different plumage, adults 
in varying stages of moult, and 
that seasonal border line be- 
tween the departure of summer 
and arrival of winter visitors. 
I found it consoling that even 
the experts often had to look 
twice. In the evenings, we would 
debate these and other knotty 
questions over after-dinner cof- 
fee or something stronger. - 
This is not the place to pre- 
sent a. string, of_ ornithological 


names, but a few may indicate 
the variety and the potential 
pleasures. Not least was an 
aerial ballet of migrating storks, 
slowly circling and then coming 
into land near the Turkish 
border; . a sudden -takeoff of 
egrets and glossy ibis, like a 
scattering of draught board 
pieces flung into the .sky-; a 
mixed bag of waders, all splen- 
didly available for comparison 
within one binocular field of 
vision: a pigmy cormorant 
preening on a post; the 
superb black-and-white geo- 
metry of spur-winged 
plover in flight; a masked 
shrike seeing off a red-backed 
cousin; the wonderfully 
measured wingbeat of grey and 
purple herons, low over the 
marshes; the long red legs of 
black-winged stilt lengthened 
by their own reflections; and 
bee-eaters bubbling overhead. 

In Salonica, we did a fair 
coverage of Byzantine chnTches 
and visited the Archaeological 
Museum. On special display 
were some of the fabulous 
treasures from the tombs cur- 
rently being excavated at Ver- 
gina. including probably that of 
Philip II himself. In northern 
Greece, it would be criminal to 
divorce history entirely from 
ornithology. Nor did we try. 
Note: the cost of this escorted 
tour was £363 (£42 single 
room supplement)* with all 
travel and half board; most 
other tours in the programme 
are less. Details from Cnx and 
Kings. Vulcan House. 46 Mar- 
shall SL, London W1V 2PA. 
Among other hirdwatching tours 
are those of OrnithoUdays, 44 
Aldwick Hd.. Bognor Regis, 
Sussex P021 2PW: and Pere- 
grine Holidays. 41 South Par- 
ade. Summertown, Oxford. 


Yon- WHk«d I Austria 77 M. Belit ti m 
61.15, Franc* MO, Italy UW. Grant e 
7050. Spain 1050. Switzerland 3JA UJ 
1.9750. Seven: Thdtnas Cook. 


TRAVEL 


Small World Skiing 


— great runs for your money 
Skiing his a downhill woutation lor 
running *v»av *ith vour mo nc» — unless 
you Small World. 

Small Warldltvj Is an excellent winter 
past-time Tor skiers in Austria, the 
Italian Dolomites and non France. 
Get our brochure and compare the 
worlds orires with bmjU World's — 
the diflerence is ollcn more than 
enough *or a two-week skl-oass. Motets 
available too a: eauaii- keen onces. 
France: Tlgnes rt Les Arcs. 

Austria: St. Anton and Kttzbuhel. 
Italy: Bormio. Selva and Corrara.’ 
CoiUnco. 

SMALL WORLD 

S. Garrick Street. UMidon.WCR 
01-240 3233 t chalets) 

01-330 7B3S iMtelm) 
ftVtftlMTOiMOV *UB 



WE, THE 
LIMBLESS, 
LOOK TO YOU 
FOB HELP 


IRELAND CAR HOUDAV5 In castles and 

country houses. Gaelic Times. 2a Chester 
Close. London SW1X 7BQ. 01-235 85)1. 

PARIS. AMSTERDAM. BRUSSELS AND 
_ERUGE5- Individual Inclusive holidays. 

. Time OH Lid,. 2a. Chester Close. 
t‘ London SW1X 7BQ. 01-235 8511. 

YOU CAN ALSO TAKE TOUR CAR on, 
' Our individual Inclusive holidays to Le 1 
'' Tououct. Boulogne and Oloppe. Time: 
■ OH Lid.. 2a. Chester Close. London) 
_ 5W1X 7BQ. 01-235 351 1. 1 


: Donations andinformatioo : 
Major The Earl of Ancestor, 
KCVO.TD., Midland Bank 
Limited, 60 West Smilhfiekl 
London EC1A 9D X, 


HOTELS 


British LimMess 
Ex-Service 
Men’s Association 


We come from both world wars. 
We come from Kenya, Malaya, 
Aden, Cyprus . . . and from Ulster 
From keeping the peace no Jess 
than from war Tve limbless look to 
you for help. • # ' 

And you can help, hy helping 
our Association. BLESMA. (the 
British Limbless Ex-Service Men's 
Association) looks after the 
limbless-fromall the Services. •- 
It helps* with advice and " j - 
encouragement, to overcome the •• 
shock of losing arms, pr kgs or an 
eye. It sees that red-tape does not 
stand in the way of the right 
entitlement to pension. And, for 
severely handicapped and the 


elderly, it provides Residential 
vheretheyr 


BURNS HOTEL 


Barkstoit Gardens 
London SW5 OEN 
NEAR WEST LONDON 
AIR TERMINAL 
MO rooms, private bath/ 
shower, radio, television. 
English breakfast, restaurant, 
bar — fully licensed. 2 lifts 
Special terms, to companies. 
Details and illustrated 
brochure on request 
Telex 27SS5 

Tel. 01-373 3151 or 7981 


■GIVE 10 THOSE WHO GIVE — PLEASE* 


Homes where they can live in 
peace and dignity. 

Help BLESMA, please. Wo 
need money desperately. And, we 
promise yon, not a penny ofit will 
fee wasted. 


CONTRACTS AND TENDERS 


FOREBGN HOTELS 


’path 

Tht 
street 
being 
state 
that 
a re 
South 

surph 

of th* 

AROSA Hot«l E«*s**-*. PhoiK! 01041' 

0K3i 18 77. Central ind quiet jit*. 

. Nur ia skimi and sLatlig-rlnfc. French 

. Vltehcn. Bar-dancing. 

AROSA — Hotel Bcllavllt*****. Phone 

.- 01041191111 2a 21. Indoor-Swimming 
' pool. 20" it 7 a 8 mi. Excellent kite non. 

Oulet SIM. Translcr to akllltt free of 
- charge. ... 

2 PERSONAL 


p - 

Mor 

tanning system 


UVASunBencSies 
and sun Panels 



Foi Serf's 
. Sip Ihi! M ip 

J1>; --nl to a> , 

NORDIC SAUNAS LTD. ■ 

D«pr jBIMHeigalB. Surrey rct.40451 
Ci -7- io g?nr- f.-i-uu- » - ■ ..■ fr-r**s: 
SOLARIA SAUNA* DU BpoMhi MU'- 
SHOtVEF ENCL-X-UNI:.. '.P- °4TH-. 


g 5 S 5 ng 


COMPANY 

NOTICES 


RAN SO MIS SIMS * JEFFERIES. LIMITED 


•'—NOTICE IS HEREBY GIVEN UiM the ■ 
Triit s<er Register !or Che O™* "2™ | 
will be • closed Irom rhe 16CJi October | 
to ihe 23th October. 19J8. both gato j 
inclusive, tor she preparation of Interim j 
dividend warrants. 

By Qra«r of *■" Board. 

(. W. BRYANT, Secretary. 


N.l'ton woiU. 
Ipswich. 


GOVERNMENT OF MAURITIUS 


MINISTRY OF AGRICULTURE AND NATURAL RESOURCES 
AND THE ENVIRONMENT 
BULK SUGAR TERMINAL — PORT LOUIS 
AUTOMATIC AND MANUAL FIRE ALARM SYSTEM 


CONTRACT NO. 20 


Tenders closing at 1.30 p.m. on Wednesday. 6th December 
1978 are invited for the following works for the Bulk Sugar 
Terminal at Port Louis, Mauritius, in accordance with the 
Specification, Drawings and General Conditions of Contract for 
Contract No. 20. 


The Contract is for the supply and installation (under British 
Code) oF an Automatic and Manual Fire Alarm System For two 
large sugar storage sheds, each 364m long by 46m wide and include 
For approximately 400 smoke detectors and a manual alarm system 
complete with mimic panel. 


Drawings, Specification and General Conditions of Contract 
may be examined at the offices of the Consulting Engineers, 
Macdonald Wagner & Priddle Pcy. Ltd., at Port Louis, Mauritius 
and at North Sydney, N.5.W.. Australia, and also at the 
Mauritius High Commission, 32/33 Elvaston Place. London, S.W3, 
England, and the Mauritius Embassy, 66 Boulevard de Courcefles. 
75017, Paris, France. 


Sets of Drawings. Specification and General Conditions of 
Contract for companies registered in Mauritius may be obtained 
from Macdonald Wagner & Priddle Pcy. Ltd- Rogers Automotive 
Building. Cnr- Edith Caved & Mere Barthelemy Street. Port Louis, 
and for companies registered in all other countries, they may be 
obtained only from Macdonald Wagner £ Priddle Pty. Ltd.. 100 
Miller Street, North -Sydney. N.S.W.. 2060. Australia— Telex No. 
20S36. The non- refundable charge for each set of documents 
obtained in Mauritius is 580 Mauritian Rupees and 60 Australian 
Dollars in Australia. 


Envelopes endorsed "Tender for Contract 20, Fire Alarm 
System. Bulk Sugar Terminal, Port Louis ” and containing a Tender 
accompanied by a Tender deposit are to be addressed to the 
Chairman. Tender Board. Ministry of Finance. Port Louis, 
Mauritius, and lodged in the Tender Box. at the Chief Cashier's 
Office. Accountant General's Division. Treasury Building. 
Chausse, Port Louis, Mauritius or posted from overseas to reach 
the Chairman. Tender Board. Ministry of Finance, Port Louis, 
Mauritius on or before the closing time and date. 


The Tender Board does not bird Itself to accept the lowest 
or any tender and wjN not assign any reason for the rejection of 
a' tender. 

Ministry of Agriculture B 
Natural Resources & The Environment 



, N '- - . •*;; t 7- 

la 




'••‘V a ' '<?">■■ 


•• i ' 

i. • . _ • t>! 






;T y . '. .. ‘j -- - ;:•.■• 
j'4 ■’••. •’ ■> 

• J-a ■: 


Photographed in front of the 
Hennessy Distillery, deep in the 
heart of Cognac, :is a Jacques 
Gilles coat in , burgundy 
"knobbly" rib knit It has stud 
fastenings and a ribbed high 
neck and is wonderfully light 
and <warm. The coat is £170 but 
to go with it there is a complete 
Jacques Gilles matching outfit 
which has the kind of simple, 
expensive look that the French 
and Italians do so well. A wrap- 


over skirt and long-sleeved top 
are both made from burgundy/ 
beige striped flue wool jersey. 
£120 the outfit 

The clothes and accessories 
come from Wardrobe, 17 Chil- 
tern Street, Loudon, Wl, or 
from Wardrobe at the Elizabeth 
Arden Salon, 19-20 New Bond 
Street London, Wl. The camel 
leather sandals are £27.95 from 
Galaxy Shoes, 40 South Holton 
Street London, Wl. 


1 AM SURE you will he pleased 
to know that the official message, 
ratified as it were by the hairiest 
of haut mondes, is that coate are 
back. Probably as far as you are 
concerned they never went aWay. 
Certainly, 1 myself saw. no way 
of getting through a a English 
winter without one. . 

It is true that in certain 
elevated and rather well-heeled 
circles, softest cashmere piled' 
upon softest angora, all- put to- 
gether in an ineffably chic way, 
did mean that you were teiflly 
quite warm enough to stagger 
from - car to restaurant: or 
centrally-heated house or office, 
no matter how chill the prevail- 
ing winds. 

Those of us for whom a coat 
has proved essential ail along 
will, of course, be delighted to 
know that we now have the 
fashion equivalent of the Good 
Housekeeping Seal of Approval. 

If you are thinking of buying 
a coat this year you'll be In fdr 
a shock over the price. I couldn’t 


find a coat that I really wanted 
for under £70. The cheapest all- 
wool coats that we could turn up 
were about £37 (at John Lewis 
and Debenhams). while- Marks 
and Spencer had an all-wool one 
at £3950- 

■ The newest looks in coats are 
not tremendously flattering but 
they are all-enveloping. The large 
military look is in. so Is the 
schoolgirl look. This needs care- 
ful accessorising but can look 
seductivelv demure if you can 
get it right. Simple double- 
breasted coats are back, too, but 
so as not to look dreary they 
need to be worn with an "air." 

We photographed some of the 
high-fashion coats, the ones that 
express the flavour of the winter 
of 1978, in the beady atmosphere 
of Cognac, in the grounds of the 
lovely Hennessy chateau on the 
banks of the river Cbarante. In 
the drawings are coats at more 
middle-of-the-road prices and 
more middle-of-the-road styles. 

LvdP 





Above left: Kay Cesserat -h 
famous for her wonderfully saft 
and flattering knitted garment* 

AIT her colours are soft aft 
blend invisibly and mysteriOHSh 
into each other. ; The iohk> h 
the photograph, above, is typtea 
of her handwriting. 

This particular outfit consist 
of a '^length coat with ai 
attached- scarf— the colours an 
the same as those in the waist 
coat and- have either a biege e 
grey background and' then ma; 
be striped In. various subtit 
combinations - (green /brown ~- 
blue or lrargnndy/la vender 
pink or dioeolate/tan or chece „ 
late /burgundy /tan). Tbecoa 
is £113.60, -the waistcoat, £30. 

Wont with the ebaf and 
coat is a Tong-sleeved blouMi 
top with a matching fulr sldrt , 
both In plain grey' or beige. Tin 
bionsoh is £30.28, the skir 
£44.80. ; f/ . 

The beat selection of he 
clothes ;is. at Harrodf “■ v 

Knightsfaridgc. London, SWJ ' ~l £ 
hut .at the. end TS.Oeh®* then 
wiif also be good, selections ai 
Stella NraTTiiaafe; T»ar 
meats. Cardiff, and' Jodn Ponf 
iiig, Birmingham; " ■ ■ -5 - ’ 


- i 


The three coats we have photographed, 
above, all represent areas .ot high-fashion 
— they are the coats to buy. that will last 
because if you buy them now you will 
be moving in at the beginning of a fashion. 
For those who cither can't pay those 
prices or want something more middle- 
of-the-road here are three of ‘the best eoats 
we could find for the money. 


From left to right: Debenhams major 
stores have succeeded In offering to their 
customers a wide range of reasonably- 
priced coats all made specially for them 
to their own specification. This cotton 
corduroy coat in a classic trench-style 
comes in wine, olive or rust and is £39.95. 

To me this next coat looks very like a 
well-known much more expensive coat and 
for those who like the style It is remark- 


able value, though not cheap. Fully 
reversible camel/cream or grey /cream in 
pure wool it is £55 from selected Marks 
and Spencer stores. 

Finally, a cuddly flecked brown 
55 per cent wool coat with lots of detail- 
ing like elbow patches, reversible belt and 
collar which makes it look much more 
expensive. 14935 from main branches of 
Richard Shops. 


Above: Photographed hr th 
Hennessy . DistiUeiy .agHinst 
background of a huge gleamin 
copper stBI is acoatfrem Walll- 
Shops who, as ever, provide, a* 
reasonable . prices*; 'the; ver lTt . 
latest Took. As yqu can-see, th. 
military look is here — wld' 
shoulders with epaulettes, an 
high collar are. its trademark! 

The coat is 65 per eent woe 
with 25 per cent polyester an. 
10 per cent other fibres and f 
has a co-ordinating scarf In 
mini-check .tweed which identic 
ally matches a buttondn. detaci- 
able lining in the same twew 

The coal comes in four &eatbet 
colours — blue,, plain, an 

brown. It is- £55 from WslH 
Shops. .-.■ :-. y~~t 

The “Camargue” boots InfA 
leather with cross-over - , strap 
are £49.99 from all branches i 
Russell and Bromley. The Sal 
Browne belt Li £5.95 and tb 
brown felt bat by Herbert Johi . 
son Is £17.50, both froi 
Fenwicks. 






Photographs by 
Trevor Humphries and 
Edward Holt 
Drawing by Sumiko 


There has now been sufficient 
cold weather to give warning 
that the more tender plants 
whidi have spent the summer 
outdoors must be returned to 
some • more sheltered place. 
They will include all the gay 
bedding “geranium-" r pelar- 
goniums. even those raised from 
seed since these will overwinter 
just as well as the rest and 
will probably perform even 
better next year, though — I 
must add that I have been 
pleasantly surprised bv the ex- 
cellent first year display I have 
had from Sprinter and Pace- 
maker. Daturas must also go 
inside, those richly seeoted 
Angel’s Trumpets which make 
such handsome tub plants, for 
terraces and patios, and so 
should bougainvilleas, plum- 
bagos, marguerites, passion 
flowers, particularly the bril- 
liant rose red Pas^ : i flora dhtio- 
quiensis which is a good deal 
more tender than the more 
familiar P. coercion. Th e big 
African lily. Afltrpanthus afriean 
will also require protection in 
cold gardens but the smaller 
flowered varieties usually sold 
nowadays as Headbourne 
Hybrids, are hardier and will 
survive a|] but the hardest 
winters outdoors. 


Time to run for shelter 


Tuberous rooted begonias 
must be dug up before the 
winter but, as they can be 
stored dry without any stems 
or leaves, it does not matter af 
these get singed by frost pro- 
vided il has aol been suffigientiv 
severe or -prolonged to damage 
the tubers, the. only part of -the 
plant to be retained. Much the 


same applies to dahlias though 
it is arguable whether these 
should be lifted at all. • The 
specialists will be In no doubt 
and will reply that all should 
be dug up as soon as their 
flowers and leaves have been 
blackened by frost, that all 
stems should be cut off 4 to 5 
cm above the tubers and, after 
these have been allowed to dry 
for a few days in a frost proof 
place they should be stored in 
a frnst proof cupboard or she'd. 

They are quite right if it is 
very important that all the 
tubers should survive but it is 
surprising how many will pull 
through an average British 
winter outdoors if rhey are pro- 
tected with a 10 cm layer of 
peat This saves a lot of time 
and may be entirely satisfac- 
tory for those gardeners who 
do not mind greatly if they lose 
a few plants, or even the lot 
during an exceptionally severe 
winter, and would prefer to 
take Oils risk rather than go 
to the trouble of annual lifting, 
storing and replanting. U some 
plants do succumb others that 
survive can be lifted, divided 
and replanted in their place in 
the spring when their new 
shoots come spearing through 
the soil. 

Camellias growing In beds 
are quite hardy and . so are most 
hydrangeas, though some of the 
large- flowered kinds may lose 
their terminal buds during the 
winter or early spring and then 


fail to flower properly the fol- 
lowing-summer. This can be 
prevented by spreading a large 
piece of hessiau or polythene, 
or better still the fine plastic 
mesh sometimes used for green- 
house shading, over the plants. 
It is a different matter with 
camellias and hydrangeas 
grown in pots or other con- 
tainers as then the soil as well 
as the stems may be frozen and 
that can cause problems. Be- 
cause of this, in some cold gar- 
dens it may be wise to remove 
the plants to a more sheltered 
place or to pack straw or glass 
wool around rhe containers as 
iasulation. In town gardens 


GARDENING 

ARTHUR HELLYER 


these plants usually- survive be- 
cause of the warmth radiating 
from many buildings which can 
raise the temperature several 
degrees and significantly reduce 
the severity and duration of 
frosts. 

It Is . much the same with 
fuchsias though with these there 
is a marked difference iu hardi- 
ness between varieties. Mar- 
garet. Mrs. Popple, Gracilis. Ri& 
cartnnii. Thompson!!,. Alba. Tom 
Thumb and Lady Thumb will 
survive quite a lot of frost pro- 


what it roust never do. is to fa •. 

. below zero. That is why son 1 . 
form of heating is desirab^._ 
because it is difficult to e.veJufl\- -. 

- " — JTuctur, c ri v 

ith 6 to 8cm of soil. Texas improvise with coverings •< 
Longhorn, Citation. Swingtime brown paper or polythene she® ' 
and Marinka are more tender Ing or one <»n line the greer 
and Gartenmeister Bonstadt house with one of the specli ' 
even more so but it would be a insulating materials made ft v.. 
bold man who would state pod- th e purpose like the polyther' v 
tively just how much frost each "quilts”, containing bubbles < ' 
would, survive. My own policy fet, but even so there will coir, v 
is to give them ail a chance but a .time when the frost outs# 
to hedge my bets by rooting a will be so severe or to hat . : . 
few cuttings of each, especially continued so long that the team's 
of those I believe to be at risk, perature inside will fail belo 
and overwintering them in their 0 diegs C. Then trouble arise . 
cutting, pots , in a, greenhouse more so, curiously, .'.lhan oq '• 
or on a sunny window ledge. It doors since the plants insid - . 
usually works well and ii saves have not been so severe! 
a lot of worry. The alternative acclimatised to cold and 
is to lift and pot some of the almost certain to be mot ^ . 
Plants and bring them under advanced in growth. The hea 
cover. If they can be kept In ing required is not great -ah 
a light- and fairly warm place nowadays can be provided in 
they -may. even retain a lot of variety of convenient-- way 
their leaves ail winter, start to including portable electric atf 
grow again la March and be in gas heaters. the latter working 
flower by May. It is an easy off bottle gas If a mains atippl*, 
way of prolonging the fuchsia is not available. 

Se f!° n ‘ . „ , Failing a greenhouse or corf 

The best place in which servatonr, quite a lot. can b 
to overwinter all tender plants done with a verandah, garde 
that cannot oe stored dry (which room, loggia, glazed hous. 
really means all those that do extension, well lit shed .0 
not make bulbs, conns or garage of even a sunny window 
tubers) is id a ugnt, moderately The less light there is the nrar . 

heated greenhouse. or conserva- difficult will it be to fceej'. r > 

tory. The temperature does not pitots in good condition or • 
ti* *>0 In fact it is prevent Jhera producing thin f *• 

hotter ftat it should . not tun weak shoots with pale leave* . 
above about 2pdeg&C with the which will be even nu>re at risl. 
average araupd 13 to Id degs. CT to cold .or damp. - Yet with >'■ 

Tt can CTenjornp in 7 degs. C at little care and . cninmoD 'sensi’i 
times with no -harm done but wonders can ’be'per formed.' 


jjv is J! 

fiSOK! 














Ftrmcial Tiroes Saturday October 7 1978 

HOW TO SPEND IT 




by Lucia van der Post 





mw 




Pf 

%£• 


tfl. = 


^4 room of one’s own 

IT SEEMED like a heaven-sent 
opportunity when Maples asked 
me if I ond about seven other 
journalists ) would . design a 
room, any room. at. an,, to help' 
celebrate the grand opening of 
their newly-built store at the 
top of London's Tottenham 
Court Road. After aufl* usually 
when I'm furnishing parts-of my 
own home I'm having to choose - 
something that will go with the 
carpet we're .stuck with because 
we can't afford to change it. ' 
or I may find just the sofa at 
very much just not the right . 
price. 

In my room for' Maples I 
Qunld choose anything 1 fancied 
— price nit object, colour no. 
object f“we'tj just dye it to ' 
match "! and people laid on lu 
run up curtains. cover - 

cushions, fiddle about with 
moving the furniture. I could 
just be in charge of the grand 
design — a role Tve always 

secretly rather fancied. The 
only real restrictions were that 
I was obliged, quite naturally, 
to choose the furniture from the 
ranges that were going to be *« ,v 

sold at Maples. Above is a photograph showing the dining-end of mjr aH-the-year-ro 

In the end 1 decided to do the can* furniture by'PuaUcaoe and Pieff. Right is a drawing of the i 

sort of room I've alwavs. Hayes lungljr fabrifrcoyerwl sofa, Crossley’s York carpet and the whi 

hankered after-^an. a lt-th e-year- . ' .v;. " white Ftokati rugs and green plants. 

round summer room. Ir isn't a . „ . 

conservatory (though that would of the cushions,- which sells for terned fabric. Havmq Telt that 
be lovelv you either have one £6-48 a metre. Both can be the fabric was just right 1 then 
nr vou don't) My room could ordered either directly from Os- discovered the virtues of the 
be created bv anvbody out of ^me »nd tittle of,304> Kings sofas it covered, 
even the most unpromising of Road - London, SW3 or from The sofas and chairs, by- 
box -like shapes - . . good-class decorating shops- Coliis and Hayes, are very 

Because I wanted it to con- 1 lucky ln thal sim P |v and classically designed, 

vev an impress^ of Ie™fy Crossley had' a 100 per cent and are very comfortable: but 
greenness, of summer sunlight ™ol carpet that exactly thej have on* ^ ad 'antage 
and of warmth, J chose a very matched the green^fttte wall- ;J* 0U S* J**) lookedbeau^i- 
pretty wallpaper from Osborne Paper for colour. Galled \ork. fully tailored and upholstered 
and Little called Willow (a it is a hard twist Wilton: the the covers are in fact loose and 
small Snof it is reir^uc^d colour rejoices in .the name of «*» * ere fore be removed and 
far right). It has a cream back- Georgian Green and it sells for cleaned as often as jou like, 
ground and is covered with about £16.75- a square metre or I chose one three-sea ter sofa, 
small-scale gentle leaves and £14.00 a 'square yard— from one two-seater, both covered in 
the occasional small pink Maples, of cdurse. : • the jungly ^ green and white 

flower. The paper costs £6.80 a" To further enhance .the leafy, print, but the single chair I had 
roll (the number for easy refer- bower-like atmosphere that 1 covered in a plain matching 
ence is 21la> and there is a was after I fell upon a much tuning green. Price of. a single 
matching fabric, used on several bolder green and. white pat- caliru-covered chair starts from 

i F1,> -V a two-seater sofa starts 

— Y ^ y, — v — v from £191. a three-seater from 

. ] _J .. Y • \ V . \| ' |, f. l m £253. Loose-covers are extra 

J Cj * ,_ | I . I I. - J and start at £65 for a low-backed 

rill . Vf 1 1 T M chair. 


.■.ijjHi;! 

1 1 • 1 1 ' i * i j j 
,i • , * 1 1 1 , 1 





* 1 

J 








J X 




Hln'tnnriiiih bu I'rrru Krrk. liruiriNti O u Frank WlavU'r 




Above is a photograph showing the dining-end of my all-the-jr ear- round cummer room. It features 
cane furniture by "Cjualicaoe and Pieff. Right is a drawing of the main seating-area, with Coilis and 
Hayes Jungly fabric-covered sofa, Crossley’s York carpet and the whole effect n softened by plenty of 
~ . white Flokati rugs and green plants. 










Quality durable peris. 
AH silver metal tops, 
plunger, pocket-dip 
and writing tip 

★ Four pens (2 blue, 

1 black, 1 red inks) 

★ Eicfi pen personally 
named in permanent 
silver leaf (same name) 

★ In attractive pocket 
- wallet 

Inclusive of post; 
packing, VAT 

★ No risk, full refund 
assurance 

★ Useful long-lasting . 
Xmas gift for afl age 
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NO MORE TO, 
L PAY J 


terned fabric. Having felt that , L JL Jt and dining-tables need shelves 

the fabric was just right 1 then i nearby so that bowls of fruit 

' ' Jw?. ' /S and platters of cheese have 

■ jf • 3 sumewhere to rest upon, so I 

-V' ■> : j 1 Put in two free-standing Pieff 
i- J rattan and chrome shelving 

"te *- j Tg units, fitted w-ith smoked glass 
' j . w shelves. They each measure 

^ 4ft 3in high by 1ft 3in deep by 

< ■ gj£.’ i? 2ft lOin wide and cost £198.90. 

Fleming Munroe provided a 
.. • . fc j mobile drinks trolley (£68.50) 

' ttM '*$ and a corner shelf unit I £72.50) 
Ml i.y<% both in rattan, for holding 
' VH - Plaut 5 ’ bottles, magazines and 
• I " *' ut f ier paraphernalia. 

f V ■' Two glass tables, again by 

print, but the single chair I had SiSK. -- • |- ,\ Pieff in raltan and chrome, 

covered in a plain matching 1 cost £198 and £185 respectively, 

toning green. Price of. a single ‘ and allow family and friends to 

calii-'j-covered chair starts from A photograph of two of Ann-Marie Le Quesne's stunningly cheerful have somewhere to put down 

£123, a two-seater sofa starts prints from Francis Kyle. She will be one of the artists whose work their glasses, coffee cups or 

from £191. a three-seater from h e w ni be showing regularly at his hew gallery at 9 Maddox Street, bonks. Rattan blinds were 

£253. Loose-covers are extra London Wl. chosen to give the illusion of 

and start at £65 for a low-backed sunlight filtering through, 

chair. Now the room only needed 

I saw' the room as more than the end I decided to use mainly a dressing-table, for which pur- finishing touches — masses of 
just a sitting-room — 1 wanted Qualicane because they offered pose it would be admirable — plants, of course, to give that 
it to be a retreat for the whole a particularly good range of the but here I imagined it being really bower-like feeling, 
family, less formal than a draw- sort i wanted. Their oval glass- used for a little gentle letter- Wedgwood, Coalport. William 
ing-room, more peaceful than a topped diding-table is just what writing: it's certainly not big Adams and Crown Staffordshire 
general living-room, so l allowed l could imagine for a family enough Fnr serious work. 39 supplied a marvellous selection 

plenty of soft seats just for lunch or supper parly. It is by 19 by 27 inches, it is of cachepots to hold the plants, 

sitting, a table and chairs for 64 inches long. 46 inches wide £115.00. Burgess and Leigh supplied 

informal eating, as well as a and 29 inches high and is Any true retreat needs books, their lovely white embossed 




china for the dining-table. 

Francis Kyle, who used to run 
an exciting gallery in Soho is 
now starting up his own gal- 
lery and supplied some beau- 
tifully framed prints by 
Ano-Marie Le Quesne. who 
uses a very individual 
colour spectrum for her 
work — very bright, primary 
colours are juxtaposed in a 
startling, but refreshing way, so 
that colour is used rather in the 
way that a child might do it. 
but applied with the sophistica- 
tion of an adult. These prints 
are all £45 each, ready framed, 
and are available for the 
moment directly from Francis 
Kyle at 93. Ashworth Mansions, 
Elgin Avenue. London. W9. 
From November 14 they will be 
in his new gallery at 9, Maddox 
Street, London, Wl. 

As to Maples itself, where the 
complete room may be seen, 
as well as many others by 
selected journalists (look out 
for Olive Sullivan's sophisti- 
cated living-room, and Valerie- 
Jenkins* Victorian parlour in 
particular), it certainly offers 
as large a selection of furniture 
as you are likely to see any- 
where. 





A small section of Osborne and 
Little's Willow wallpaper 

Maples is not the place to go 
for a small, carefully edited 
selection of one person's ex- 
quisite taste — in other words it 
is the direct opposite of a shop 
like Aram Designs or Co-Exist- 
ence. At Maples you will see 
everything, from the good, even 
the exciting, through to what 
I consider dull, pretentious and 
even vulgar, all cheek by jowl. 
By the time you have stalked its 
many acres you will be in need 
of a stiff drink but you'll cer- 
tainly be a lot wiser about what 
is on the market and what your 
own tastes are. 






Solve your Christmas or 
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personal and extremely useful 
Scripto bail pen sets. The 
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spring-loaded retractable ball pens are easily refilled. 

NOTE: Refills are the 'universal size 1 available workHwideL 
Do not d day -sendy our order now lor very soonest despatch. 

HOWTO ORDER: Compl at* ih« Ord« Fomrin Mock Ieltei«. Oofy om cfittsfian n*m« 
lor initials) and surname, each «l II more than ton different sets are required, unt 
separate sluNrt of paper tar ttwaddHional seta, *nd send togaftierwHfi Order Form 
and correct remittance, made payable to: MAMED GIFTS LTD, 

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r — — — — — - ORDER FORM fti — — ~ 

Write dearly names reejuired in BLOCK CAPITALS 

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If undelivered return to Name 

named GIFTS LTD Address 

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122.00 perset complete) {- 


{ Reg.Na 1 T 3 B 3 3 r 


WHY IS IT 

ANTIQUES LOOK SO GOOD 
ON CROSSLEY? 


" T • "O ' wg 






small writing-desk where per- covered with a 10 mm bronze 
haps the woman of the house gjass top. It is £295.00. The 
will make out her lists and gain chairs are £50 each and nerm- 
a moment or twn to herself. ally come covered with a brown 
To complete the garden-room seat pad — I had these covered 
atmosphere. I decided on cane with Osborne and Littles WU- 
furniture. There is now a great low fabric, 
deal of cane furniture in the l loved the little two-drawer 
shops to choose from, but in table — officially it is designated 


Mellow foods 

BY PHILIPPA DAVENPORT 

SUMMER fs definitely over now. End. of season tomatoes are 
being sold off cheaply. Pumpkins are appearing in the shops. 
So are fresh supplies of excellent young leeks, watercress, root 
vegetables, nuts and plenty of game. As the days grow shorter, 
my need to have my friends around me grows stronger. This is 
the time or year I like to have frequent, cosily informal buffet 
supper parties; it helps to keep depressing thoughts of winter at 
bay. 

SUGGESTED MENUS 

Cheese aigrettes 
Pigeon en gelee 

Rice, green pepper and watercress salad 
Pumpkin pie 

Paella 

Tomato and watercress salad 
Nutcracker podding 

PIGEON EN GELEE 

This Is. In effect, a gamey but not too expensive version of 
brawn. Poach three pigeons, breast downwards, in a large pan 
with four pigs' trotters, the zest of two lemons, a sprig of thyme 
(preferably lemon thyme), the stalks from a bunch of parsley, 
two hayl eaves, two dozen black peppercorns and enough water to 
cover generously. 

When the pigeons are tender (this usually takes 11-2 hours), 
lift them out of the pan with a slotted spoon. Cover the pan with 
the lid and let it continue simmering gently for a further 2-21 
hours to extract maximum flavour and gelatine from the trotters. 
As soon as the pigeons are cool enough to handle, skin and bone 
them and discard any shot. Return the carcasses and skin to the 
pan together with the juiee of two lemons so they add their 
flavour to the stock. 

Strain the .stock, degrease, and reduce to about two pints. 
Season it generously with salt and add more lemon juiee and 
pepper if wished. Strain the stock 1 again and leave until quite 

cold and approaching setting point. It should be golden in 

colour and syrupy in texture. 

Gently stir in the pigeon meat cut into slivers, together 
with 4-6 oz lean ham cut into matehstiek strips and some coarsely 
chopped parsley. Turn the mixture into a three-pint welled 
mould: a pudding basin will do, but better from a slicing point 
of view I think, is a 2 ih loaf tin. Cover and refrigerate until 
set firm. Unmouid and garnish with olives. Served with a rice, 
green pepper and watercress salad (the dressing should be a 
mustardv vinaigrette), this is enough to sene 6-8. 

NUTCRACKER PUDDING 

Unmoulded puddings always make a handsome addition to 
a buffet table. This one is deliciously flavoured with hazelnuts, 
cinnamon and coffee, and It is very easy to make. 

Toast 6 oz shelled hazelnuts, grind very coarsely (I use my 
meat mincer) and spice with cinnamon. Brash a Si pint pudding 
basin or deep souflfc dish with oil and dust with a little caster 
sugar. Beat five large egg yolks with 5 oz caster sugar until 
pale, creamy and thiek; blend in the spiced nuts. 

Whisk five large egg whites until very stiff, stir a tablespoon* 
ful or so into the nut mixture, then gently fold in the remaining 
egg whites.. Turn into the prepared basin, cover with oiled and 
pleated foil! tie securely and' steam for 50-60 minutes. 

CooL then chill the pudding very thoroughly— it will sink a 
little as it cools. Loosen with a palette knife and turn out on to 
a serving dish. Cover the podding completely with half a pint 
of cream which has been flavoured with a little veiy strong black 
coffee, lightly sweetened with Icing sugar and softly whipped. 
Decorate with a few whole hawipinti. 


..v: 






Of Food 



The small cane desk-cum-dresjing- table from Qualicane 


. .Ill 


autumn sale as a good way 
of buying some of their 
Chnslnjas presents early — ibis 
way they not only get the 
shopping over before the rush 
starts bui thpy also get high- 
quality presents at lower than 
normal prices. 

This year Elizabeth David 
(fur those who have not yet 
discovered the shop, it 
specialises in fine' cookware at 
46, Bourne Street London, 
SW1) is starting its autumn 
sale on Monday and it runs 
until October 2S: it is open 
every day except Sunday, from 
9.30 to 5.30. There is also 
an efficient postal service. 

Most things in the shop will 
he reduced but perhaps the 
biggest bargain nf all is the set 
of Sabatier nrofessional stain- 
less steel ki es and a steel fnr 
sharpening them on. A 4-in. 
6-in, S-in. and lf»-in knife (plus 
the steel) normally self for 
£24.78 bill will now be sold for 
£16 (p and p £1.50 a set). 

There are gratin dishes, 
white French porcelain rami- 
kins. coffee bowls, casseroles— 
in fact all those interested in 
cooking should find something 
they either need or want. 


• Some readers may remember 
the How To Mend It series 
I ran on this page some years 
a jo. It was highly popular at 
the time and I still get letters 
asking for old addresses. One 
of the most often asked for ser- 
vices- is for someone to Te-rush 
old seats. George Sneed Wood- 
work of Bacon's Bam, St. 
Michael, Bungay, Suffolk have 
ju>t started a new service 
which may well be the answer 
to many people's prayers. 

They have just launched 
what they describe as a nation- 
wide re-rushing service. That is, 
they will collect the chairs, do 
all the repair work required 
(this may include repairs to 
the structure as well as the 
re-rushing) and then deliver 
them back when finished. 

They say that they use the 
he?i rushes they can find and- 
add some, additional internal 
padding (of rushes) to give 
longer service. The charges For 
die rushing are fairly standard 
—seats up to about 14 ins by 
14 ms cost £11 each. Estimates 
for extra repair work are given 
before the work is undertaken. 
Combined collection and de- 
livery charges .are £1 per seat 
for up to 50 miles, £2 per seat 
for between 50 miles and 150 
miles and £3.50 for over 150 
miles. But if- you have more 
than six, they will be collected 
and delivered for the price of 
six chairs. 

It normally takes about four 
weeks after collection for a 
chair to 'be redelivered and all 
collection and delivery dates 
are notified in advance. 

• Many readers have, appar- 
ently. come to look out for 
Elizabeth David's annua] 


Hotrods Gift Boxes from our Food Halls 
make superlative Christmas gifts. 

There are hampers and boxes of all sizes 
simply bursting with tempting food and wine 
for the festive season, to suit many different 
tastes and requirements. Prices range from 
The Singleton at £14.50 to The Supreme 
Hamper /made of real English willow) 
at £385, 1 

There are also Wine and Spirit Gift Cases 
containing skilfully chosen selections for the 
connoisseur. Prices for these range from 
The Port and Sherry Case at £5, to 
The linen' Chest, containing a fabulous 
collection of wines and spirits, at £500. 

There are many other Gift Boxes to choose 
from, including several which are specially 
suitable for export. Large orders present 
no problem, whether for home or overseas. 

you would like to find out 
how to give a really satisfy- 
i R 9 Qtft this Christmas, write 

tat of Gift Boxes 
from F.T. Dept. 
Food Halls. 


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14 


ARTS 


Financial Times Saturday October 7 1978 


Tears , idle tears 

Thackeray is much harder to but Sarah Badel and Feira 

P* °n radio than Dickens. Morkiiam d<» sound terribly alike. 

D1 ck*ns. to pul it A.qain to play Becky is fiendishly 
t-h i- Vfas a ? reat ham. difficult because of all characters 
i nackeray is a preat tease, in fiction each of us probably has 
uicfcens is playing the whole the clearest idea in our mind's 
liP 1 ®. * or la U8hs, for tears: eye what Becky Sharp sounds 
a seeks a wry smile or like and no actress will be able 

■if 1 t assen .t- fo V’anitii Fair to compete. Early on the girls 
wmch was launched as the Sun- arc taken by Joseph Sedlev 
TKjpe&t drama serial this week (Timothy West). George Osborne 
rif,«fl°w 4- T P ct0 * )er and iot ro ’ t Henry Knowles) and Dobbin 
in' T*rJ , E-£ ro ? essor Philip Collins (Sean Barrett) to Vauxhall Gar- 
/LJi Title is Such a Good One dens. This was a clear pretext 
■Thaofcn *•. September 27i. for an extended sung-and-dance 
inii in .. r intrudes constantly, episode and 1 suppose one must 
action just as it allow the producer. David 
tifinc a flaa “-P° int - , He c " ndi ’ Spenser, a certain amount of 
ch a r 3 rtIL a K U lv des 1° 11 and , £i s 10»y improvisation: all the same. 

the urbanity of his it dld so on f nr f ar too long 
enta ry. Ideally on radi o without getting us anywhere. 

" Come on," 1 can hear some- 


RADIO 

ANTHONY CURTIS 


one saying, “admit that in spite 
of all you've said that you 
enjoyed it." All right: 1 did, but 
my feeling is that 1 would have 
- ■ — _ enjoyed H a lot more if it bad 

been more respectful of the 
the touch should -be in com par- spirit of the book. Professor 
ably light and deft the per- Collins's programme on the book 
formances full of litlie miracle* whlch contained a most interest- 
of timing, and all tendenev to JQ S account of its genesis and 
buffoonery sbould be resisted. iF place as a watershed tn 
we are going to «et the couni er- Thackeray’s life, as well as men- 
part tn radio terms to the ex- tioning the possible models in 
perience of reading the hook. real life for all the main 
So far. to judge the show most characters, hod led me somehow 
unfairly by only one episode, to believe that it would be rcs- 
this has not happened. The slap- peeled. Still, there are nine more 
stick has been plaved up and episodes before the puppets are 
the subtlety has been played finally put hack in their box and 
down. Moreover Alec McCowen t have tune in which to be con- 
has got off to an unfortunate verted. 

start as Thackeray In being I am not suggesting that in 
brought in at all the wrong adapting a classic for radio 
moments. The book, you rcniem- simply everything must be kept 
her, starts with a splendid piece a nd no radical alterations of 
of dramatic action, the joint structure should be made. A 

departure of Amelia and Becky g ddd example of a successful 

from Miss Pinkerton's Academy adaptation came on the following 
in Chiswick, and culminates in evening in Maupassant's Vne Vie 
Becky s contempuous flinging of turned into a radio plav by Joan 
her leaving present. Johnson s O’Connor as A Life (Radio 4. 

Dictionary, from the coach back n cto ber 2i with Angela 

i”. h _ er , teach * rs ' ( a F. es ,she Plea-ance as the heroine. 

powerful Written some 40 years after 
does the v’unii// Fair here is an account 
of how a vulnerable young 
woman was put through the 


have had a jolly 
throw). Only then 
author address us directly and 
not until some. TOO panes later at 

h?5S^ f m,7 e Jhp ,0 !2 h ««P* “ f ,lfe ^miandy much 

th e ima„e of the more remorselessly even than 

S' * -v,* * 11 i Beck Sharp. She suffers even? 

^. h0 * L. conceivable humiliation from 


Siegfried at Covent Garden 


Richard Strauss, in a moment 
of youthful exuberance which he 
later greatly regretted, dismissed 
Siegfried. in a letter as 
“ abominable ... It would turn 
rocks into scrambled eggs from 
fear of those hideous discords 
. . . the whole (expletive deleted! 
could be reduced to 100 bars, 
for it is always the same thing, 
and always equally tedious." I 
am no Wagnerite. but 1 confess 
that the Siegfried in the second 
of the current Ring cycles at 
Covenl Carden was for me a 
wholly compelling musical ex- 
perience. Whatever the wild 
alternations between tedium and 
sensation in Gotz Friedrich's 


OPERA 

NICHOLAS KENYON 


production. Colin Davis draws a 
line of studied understatement 
through i lie long evening, pro- 
vidinc a bedrock nf strong, 
vividly -colon red orchestral sound 
— always rant, never lax in its 
rhythmic shaping, cool yet 


powerfully unified — against 
which this solidly reliable cast 
project themselves with almost 
total confidence. 

Bent Lindholm. the new 
BrUnnhiide in this cycle (Gwy- 
neth Jones returns for the Prom 
performances next week) was 
powerfully sustained in her 
greeting to the sun and nobly 
tender in her response to Sieg- 
fried'* love, yet there was a 
dimension of subtlety missing — 
in this brief scene her transfor- 
mation should be total — and a 
couple or moments of unexpec- 
ted strain. As Siegfried. Jean 
Cox lost only at this point some 
of the effortlessly strong projec- 
tion which had distinguished bis 
singing throughout the evening: 
as a result, the climax of the 
opera failed to take fire as it 
should. But earlier, bis solid, 
slightly dry voice’ seemed to 
encompass all the myriad 
emotions of the part with equal 
clarity, revealing an essential 
simplicity, even naivety, behind 
them. 

The perversities of Friedrich's 
production have been endlessly misses Friedrich's Siegfried as 
analysed, most recently and most an “antic strip-cartoon " and his 
vigorously by Peter Conrad in whole Ring as an “aiienatory 
the .Veto Statesman, who dis- parody.” Certainly Paul Crook's 



Berit Lindholm 


crisply-sung, puckish Mime, 
Biggies-like in his welding- 
goggles, is a strangely comic 
creation, continually at odds 
witb bis music: and Donald 
McIntyre's vocally statuesque 
Wotan a poor diminution or the 
part's stature. But that is only 
half the story: much of the action 
on stage is serious and compell- 
ing: the first two acts are sus- 
tained with little gimmickry 
from Svofaoda's platform, and 
only in such extravagances as 
the overgrown Dalek with out- 
board motors provided for 
Fafner (Matti Salminen in 
authoritative voice) does the 
production overbalance itself. 

The change from the claustro- 
phobia of the forest to the bril- 
liant light of the mountain top 
is, as Ronald Cricbton noted last 
week, too violent for Wagner’s 
good. Here, though is the 
essence of Friedrich's resolutely 
theatrical Ring: a sea of pale 
green ticker-tape is a forest-] 
three fierce weii-defined and dis- 
tinguishable spotlights are a sun. 
The Ring happens, says Fried- 
rich. on “ the Stage of Coveqt 
Garden." Let those who have 
ears to hear occasionally close 
their eyes. 


Ibsen in Manchester 


Simon Boccanegra in Glasgow 


people scarred by time he pre- 
tends they are merely puppets. 


the infidelity of her husband 


On radio the adapter. SC £L* 

Kittermaster makes the puppet- a i.® 3 th ° j oat {| er rt . S0 .?' ® ven 
show the main *«■— after the death o£ 


brutish husband 


mean 
(David Buck) 


figure of the 

Thackera^a* 5 lorm* speech in” this ,lfe does not im P rf1v e nor is her 
vein before wS%ave bad any 

dramatic action at all. , p ‘ ng , °f misfortune (even 

Another problem seetns to be though we were let off one mis- 
the two girls. I hate to sav it carriage and the discovery or 

— — : — her own mothers adultery) was 

CHESS SOLUTIONS non-stop for nearly two hours. 
Sofation of Position No. 2.16 Somehow in Bernard Krichef- 
1 ... B x RP! 2 R x R. K-RT ski's disciplined production, with 
and While resigned because of its well-controlled switching 
P-N4 mate. from interior to exterior settings 

Solution or Problem No. 236 and its horrific climax when the 
1 B-Rg. If 1 . . . B-K4: 2 B x B. husband's love-caravan is 
N moves; 3 Q-KN2. If 1 . . . pushed into the river, it was tear- 
B-KS: 2 B-Q4 and 3 N-N'6. IF jerking!? effective. Dickensian. 
1 ... B x B; 2 Q-Rl (threat 3 perhaps, rather than Thackera- 
Q-KRll, N-Q8; 3 Qx B. yan. 


Simon Boccanegra. the first 
new production of the Scottish 
Opera Glasgow season, opened at 
the Theatre Royal on Wednes- 
day. Of the Verdi operas be- 
tween Tracinta and Don Carlos. 
it is at least arguable that 
Boccanegra offers an adven- 
turous company the greatest 
rewards, but at the same 
time presents it with the greatest 
difficulties. On Wednesday one 
wus conscious mure of difficul- 
ties faced than of rewards 
garnered. The performance was 
not without virtues (and, owing 


OPERA 

MAX LOPPERT 


to the illness of both the 
soprano and conductor originally 
announced. was an achievement 
nf snme valour in the circum- 
stances): but its weaknesses 
were discovered in j'ust those 
areas where a Boccanegra 
demands to be strong. 

To put it bluntly, most of the 
singing was undistinguished. It 
is not within the Scottish ooera 
budget to field the Gobbi-Chris* 
toff type of cast implied by the 


cut of the vocal lines and the 
character of the drama. Yet. in 
a theatre like the Theatre Royal, 
where the sound carries with 
such easy resonance, and where 
the stage communicates so inti- 
mately with the bouse, one could 
imagine a different kind of 
Boccanegra performance suc- 
ceeding — one in which, by quick- 
ness of response rather than by 
stern magnificence of manner, 
and by vividness of vocal detail 
and inflection rather than by 
vocal grandeur and weight the 
issues of drama patterned hv 
Verdi, Piave. and Boito, were 
cogently presented. 

With one exception, the Scot- 
tish Opera singers have so far 
achieved neither kind of 
Boccanegra. Peter Ebert’s pro- 
duction. tentative and anony- 
mous except where (as in the 
Prologue) it came up with some 
foolish small touches, was pre- 
sumably not great inspiration: 
even so. there was for the most 
part a signal lack of natuinl 
vitality on stage. Robert Lloyd, 
whose beautifully defined bass 
rang out witb absolute steadiness 
and clarity in Flesco's music 
(making a wonderful sound in 
the falling semi tonal phrase. 
“Delle faei festanti al barium?.'* 
of the last act), was alone in 
giving a performance that 
crossed the footlights, both 
vocally and dramatically. 


In the title role Jan Derksen 
showed an only routine command 
of the stage, and little of the 
strength or colour of timbre 
required to dominate the Council 
Chamber scene. After a muffled, 
shaky start, the soft-grained 
instrument of the Dutch baritone 
came into slightly better focus, 
and managed some sympathetic 
moments in the duets with 
Amelia, but these had to be set 
against a general blankness of 
personality. One felt that he had 
listened closely to the old HMV 
recording; some of Gobbi's 
unique nuances were reproduced 
—in a vacuum, as it were, with- 
out any of the genius that fired 
them. 

Linda Esther Gray having had 
to withdraw, the role of Amelia 
fell at a late stage to the Ruma- 
nian soprano Gahriela Cesoled. 
At once a slight, attractive figure 
and a nervous, blank actress she 
reflected these qualities in her 
singing, nice intentions being all 
too often vitiated by uneven 
vocalisation. Slack of posture 
and rough of voice, Allen Cath- 
cart was a sadly weak Adorno; 
the long, difficult sequences of 
the second act dependent on his 
youthful ardour and intensity fell 
flat one after the other. Malcolm 
Donnelly, a rugged, forceful 
Paolo, tended to substitute 


bluster for precise pitching of 
the notes. In this fault he was 
by no means alone on stage. 

The consolation of the even- 
ing was the sound of the orches- 
tra, a noble, deep-toned sound 
that '‘explained" the special 
character of the opera where 
elsewhere (notably the designs 
of Peter Rice, light and trivial in 
a toy town manner at odds with 
the music) it seemed only partly 
comprehended. Simon Boc- 
canegra is a “dark brown 11 opera, 
refreshed by touches of Genoese 
sea breeze, whose richness of 
viola and cello textures and 
melancholy splendour of trom- 
bones and horns are Battered by 
the acoustics of the Theatre 
Royal. It was a virtue of Henry 
Lewis's conducting that the slow 
dwell of the Verdi orchestra was 
appreciated and conveyed. Hr. 
Lewis was not yet on close terms 
with bis cast - he had only 
recently taken over from Law- 
rence Foster — and tempos 
seemed sometimes arbitrary, 
ensemble precarious; already the 
choral singing was full and con- 
fident. The opera was given in 
very variable Italian: a bouquet 
to the Glasgow audience for re- 
maining so quiet and attentive 
throughout, and for letting a 
quiet curtain fall reach tts close 
uninterrupted by applause. When 
has that last happened in 
London? 


For bis production of The 
Lady from the Sea, Michael 
Elliott has filled the circular 
stage of the Royal Exchange, 
Manchester, with a shallow pool 
of water, into which bis designer, 
Laurie Dennett, has dropped a 
clutter of rough rocks and two 
Wooden landing-stages. Too 
much of water bast thou; we lose 
something of the feeling that we 
are here, on solid ground, with 
only the rotten bathing in the 
fjord available to hydropbiles, 
while the sea is there. Far away, 
with its magnetic pull on poor 
Ellida. the stranded girl from 
the lighthouse. 

The tale of Ellida and her 
demon-lover (based on stories 


THEATRE 


B. A- YOUNG 


that Ibsen heard on one of 'bis 
rare visits to Norway) is really 
a melodramatic lubricant to 
what is a didactic piece about 
the retention of wives' freedom 
after marriage, a theme given a 
parallel but comic treatment in 
the relationship between Ellida's 
stepdaughter HiJde and the 
phthisic sculptor Lynstrand- 
Vanessa Redgrave, taking advan- 
tage of the theatre's usfnl acous- 
tics, keeps Ellida low-toned most 
of the way through the evening, 
projecting her with immensely 
subtle quiet. Her mystic obses- 
sion with the sea is imaginatively 
suggested by a sound-track of 
the songs of whales, creatures 
that live only in the sea and 
must perish if they come ashore. 

When her lover reappears to 
claim her. Miss Redgrave still 
keeps her performance re- 
strained, her surrender to the 
mystic forces pathetic rather 
than passionate, her return to 
her husband and bis family like 
the awakening from a nightmare. 


Michael Byrne plays the lover 
in rough seaman's clothes, just 
what Ibsen didn’t want "He 
does not belong to the ship's 
crew," he wrote to Hoffory, his 
German translator. “He is 
dressed as a casual tourist . . - 
no one is supposed to know what 
he is. just as no one is supposed 
to know who he is." In this 
production we know at once, and 
a vital moment's uncertainty is 
lost. 

Ellida's return to Vrangel, her 
husband, is marked by an out- 
break of universal delight that 
is uncommonly moving. Wangel 
is played by Graham Crowden 
almost in the similitude of 
Charles Pooter. a man of Infinite 
kindliness with little understand- 
ing of what falls outside ordinary 
daily experience, and to see him 
actually dancing with his 
restored wife is a moment of 
true joy. . . 

What could have happened 
afterwards to such a marriage 
is another matter. We know 
what happened to Hilde. the 
younger daughter; she forgot 
her nice sculptor (Christopher , 
Good) and wrecked the life of 
So l ness the master-builder, and 
if she were still as charming a 
girl as Lynsey Baxter makes 
her in this production, it was a 
world- well lost for love. The 
elder daughter Bolette (Sherrie 
Hewson) doubtless passed her 
days as the wife of her former 
tutor Arnhoim (John Franklyn- 
Robbins) at concerts and theatres 
and on cruise-liners like the ship 
that brought Ellida's mystery 
man back to her. increasingly 
maternal and intellectual. 

The story is made so plain, 
even so likely, in this pellucid 
production that such speculation 
arises, and quite rightly. It 
would he wrong- to believe that 
a play which examines three - 
potentially unstable marriages 
based on male chauvinism is 
really concluded by a moment's 
rejoicing over a single happy 
event 


THEATRES THIS WEEK 
AND NEXT 


BUSH— The Transfiguration of 
Betmo Blimpie. Interesting play 
by a young American about a 
fat hoy with unrealised artistic 
talent. Reviewed Tuesday/ 
Wednesday. 

THEATRE UPSTATES — Night 
Fall. Incomprehensible but 
sometimes pretty rituals 
apparently about fertility. Re- 
viewed Wednesday/Thursday. 
ROUND HOUSE— Future Shock. 
Energy outruns achievement in 
a satirical play with rock songs. 
Reviewed Wednesday/Thursday. 
VAUDEVILLE — An Evening 
with Dave Allen. An evening 
with Dave Allen. Reviewed 
Thursday/Friday. 

. . . and next 

Two revivals on Monday: at 


the HaymarkeL the Coward- 
Fey deau Look After Lulu comes 
in from Chichester, and at the 
Cottesloe David Mamet's 
American Buffalo plays a second 
innings. On Tuesday, the long- 
awaited Peter Brook Antony 
and Cleopatra at Stratford-upon- 
Avon: also at Stratford, Pin/ 
opens the- following day at The 
Other Place. On Thursday, 
Wesker’s The Merchant has its 
British premiere at the Birming- 
ham Rep. Joint Stock defy the 
stars and open The Ragged- 
trousered Philanthropists at the 
Riverside Studios. Hammer- 
smith. on Friday the !3th. 
Meanwhile the Dublin Theatre 
Festival passes into its second 
week. 



Ireland News. 12.15 am News and 
Weather for Northern Ireland. 


t Indicates programme in 
black and w hite 

BBC I 

SflS am Cut and Thrust. 
Multi-Coloured Swap Shop 
12.311 pm Grandstand: Fonthall 
Focus ( 12.33 »: World Valley- 
ball Championships < 1.00 1 ; 
Racing from Chepstow 11.21), 
1.50, 2.20 J; Boxing U.40i Alan 
Richardson v Les Pickett: 
Motor Racing from Brands 
Hatch (2.40. 3.25): Show 

Jumping (2.55) The Horse of 
the Year Show; Rugby League 
(3.50) Forshaws Lancashire 
Cup Final: Wldnes v Working- 
ton; 4.40 Final Score. 

3.10 News. 

3.20 Sport.'Regional News 

325 Noel Edmonds' Lucky 
Numbers. 

6 20 Dr. Who. 

6.45 Larry Grayson's Generation 
Game. 

7.40 All Creatures Great and 
Small. 

6.30 Little and Larre. 

9.05 Horse of the Year Show. 
1020 News. 

1030 Match of the Day. 

11.15 Parkinson. 

All Regions as BRC-1 except at 
the following times: 

Wales — 845 am Cut and Thrust. 
9 10-920 Wir i Chi. 520-525 pm 
Spnrt/News for Wales. 12.15 am 
News and Weather for Wales. 

Scotland — 4.55-5.10 pm Score- 
board. 520-525 Scoreboard. 10 30- 
11.15 Sportscene. 12.15 am News 
and Weather for Scotland. 

Northern Ireland — 5 00-5 10 pm 
Scoreboard. 520-525 Northern 


BBC 2 

ft.05-R.30; 920-12 15 pm and 1.05- 
1.30 Open University. 

2 55 Saturday Cinema: " Gallant 

Bess." 

4.30 Horizon. 

5 25 Flay Sport. 

3 50 Network - Front RBC North 

East: Manny— Lord Shin- 
well in conversation. 

6 20 The Old Grey Whistle Test. 
7.00 News and Sport. 

7.15 My Music. 

7.40 In Performance: Brahms' 
Ein Deutsches Requiem 
(simultaneous with Radio 3 
stereo). 

tB.05 Francois Truffaut Season: 
"L'Enfant Sauvaze" star- 
ring Francois Truffaut. 
1025 Real Live Audience by 
Nigel Williams, with John 
Fortune. 

10 55 Tennis: Davis Cup semi- 
final: Great Britain v 

Australia (highlights). 

11.40 News on 2. 

fll.45 Midnight Movie - “Body and 
Soul." starring John Gar- 
field. 

LONDON 

ft.50 am The Saturday Banana 
u-tih Bill Oddie. part 1. 9 00 

Sesame Street 9-45 The Saturday 
Banana, part 2. 1015 The Mon- 

kees. 10 45 The Saturday Banana, 
part 3. 1120 The Fantastic Four. 
IZ.no World of Sport: 12.05 pm 
Headline; 1.15 News from 
ITN; 120 The 1TV Sis— 1.30. 
2.00 and 2.35 from Haydock; 
1.45. 2.20 and 3.00 from New- 
market; 3.10 International 


Sports Special: Golf— -The 
Dunlop Masters from Chep- 
stow; 3.50 Half-time Soccer 
Round-up: 4.00 International 
Sports Special, part 2: Golf— 
Dunlop Masters; 4.50 Results 
Service. 

5.05 News from ITN. 

5.15 Cartoon Time. 

3.30 Happy Days. 

film Mind Your Language. 

620 The Incredible Hulk. 

725 Bruce Forsyth's Big Night. 

9.15 The Professionals. 

10.15 News. 

1020 " Deliverance”: starring 

Jon Voight and Burt 
Reynolds. 

12.30 ara Saturday Night People. 
L15 am Close . . . with a Rus- 
sian painting and musical 
background by Borodin. 

All IB A Regions as London 
exeept at the following times: 

ANGLIA 

V.n am Cartoon Time. 4.15 The 
Bubblies. V20 The NeXT Week Show. 
11-36 The Woody Woodpecker Stiffs-. 
5.15 pm Hon- The West was won 6J5 
.Mind Vour Lankuaae. 12 JO am At The 
End Of Tne Day. 

ATV 

<.10 am Horn': Produced V-S5 Fo--us 
r>n Soccer. 10. OS The Lost Islands. 13 JO 
Tiywas. 5.15 bib Spiderman. 5JQ The 
Bionic Woman. 0.25 Dr. On The Go. 
055 Mind Your LaaRuaae. 


Waldo Kitty. V-M Sesame Street. 1BJ6 
The Beech combers. U.M Tarzan. 5.15 ant 
Bow The West Was Won. followed by area 
weather forecast. Highland Lcasoc and 
Shinty Results. 4-55 Mind Your Language. 

GRANADA 

*29 am Focus on Soccer 9.45 Sesame 
St reei *16.45 Saturday Marine- Laurel 
and Hardy in •• Air Raid Wardens." 
5.15 nm How The West Wa* Won 4J5 
Mind Your Language 12J« am Gears? 
Hamilton rv. 1.60 wildlife Cinema. 


Mind Your Language. 12J6 am Faith 
For Life. 

YORKSHIRE 

9.00 am The Amazing Chan and the 
Chan Clan. 9J0 Space Chow and Dina 
Boy 18.15 The Paper Lads. 1L3B The 
Beachcombers. 5.15 om Hon - The West 
Was Won. 4.55 Mind Your Lan^uasc. 


HTV 


BORDER 

U 30 am The Beachcombers 5.15 nrn 
How The West Was Won. 4J5 Mind 
Your Language. 

CHANNEL 

11.48 am Puffin's PlaUic* 5.15 om 
Carioonilme. 5J0 The Ll/e and Tur.es nf 
Grizzly Adams. *-58 Happy Dam. *36 
Mind Your Laosuace. 

GRAMPIAN 

4-96 am Scene no Saturday, lndtriin* 
Btrihdar Grcennss and Secret Live* of 


9.60 am Donor: *-3« Ten On '-.mirdar 

9.45 LaiSie. 10.15 Baiman. 1BJ0 Tisvas. 

U.M Baiman > continued ■. U.15 Pop 

Spot. U.20 St.-r Maidens. 11-50 Tefi On 
Saturday. 5.15 pm How The W«i Was 
Won. 4.55 Mild Your Language. 

HTV Cymru, Wales— As HTV General 
Service except; fcffl-7.25 pm Sion A Sian. 

SCOTTISH 

9.00 am Clue Club. UJO Adventures 
In Rambow Country. 5.15 pm How The 
West Was Won. LAS Hind Your Lajvmwe. 
12.30 am Laic CaJL 

SOUTHERN 

9.00 am Tarzan. 11 JO Losan’s Run. 

11- 37 Regional Weather Forecast. 5J5 wn 
How The West Was Won 4.55 Mind 
Your Laa*uue. 12-30 am Southern 
News. 

TYNE TEES 

4.W am Lyn 5 Look-Iu. 9.05 The Six 
Million Dollar Mao. 9 55 Lyn s Looh-ln. 
10.05 Saturday rjornins F:lm: “Island 
of the Lott. - starring Richard Greene. 

11.45 Lv:i s Look-in 5JJ nm How The 
'.vest Wit Won 4-55 Mind Your Language. 

12- 36 am Epilogue. 

ULSTER 

18.W am Tanan. 11.06 5f«ln» 5tr«eL 
S.M pm Sports Results S.15 How The 
West Was Won. 4JS M:nd Your 
Language. 

WESTWARD 

9.60 am Cart DO a time. 9.25 SurrlnJ. 
*50 Saturday Morning Plrture Show: 
•' The Grizzly and The Treasure." 

Look and See. 1156 Foam on Soccer. 
1155 Gui Hcaerhun'i Birthdiya. 5J5 pm 
Cartooattme. 556 The Lite and Times at 
Grizzly Adams. 458 Haopr Dars. 455 


RADIO 1 247m 

(5) Stereophonic broadcast - 
I Medium Wave. 

5.00 am As Radio l. B.86 Ed Stewart 
with Junior choice iS«. 18.00 Peter 
Powell. 1.31 pm Rock On tSi. 236 
Paul Gambarvmi t5». 551 It's Rock - n* 
Roll -Si. 450 Id Concert tS». 756 As 
Radio 8.45 As VHF. 11.00-252 am As 
Radio .. 

VHF Radios 1 amt 2-5.60 am With 
Radio a.K With Radio L 10.00 with 
Radio 2. 150 pm With Radio 1. 750 
With Radio S. 6.43 Dan Lusher Big Band 
tn Band Pa rad- tSV 958 Saturday Night 
With The BBC Radio Orchestra iSi. 
1150-2.02 am With Radio i. 

RADIO 2 LWOm and VHF 

5.00 am News Summary. 5-02 Tom 
Edwards- «S*. Including B.03 Racine 
Bulletin 0.04 ,\s Radio I 1BJQ Tony 
Brandon iS>. 12.02 pm Ttvo's Best <S'. 
1.02 The Cheeky Chappie: Two-part 
profile of Max Miller. 150-555 Spon 
On 2- f-outbail Lcacue H 30. 2 "5. 3 05. 
2.-15. 4.42.T Golf < 1.30. 2 00. 253. 3.03. 
4.5D> Dunlop Masters Tournament: Tennis 
• 150. 2.06. 3 00' Preview of ronigbrs 
Darts Cap Inter-Zooc match: Racing from 
Newmarket 1 1 l*0. 1.15, T50. 3.30): 

Equestrianism n.38. 2.0B. "25. 3.05. 450i 
The Horse of the Year Show: plust Rugby 
Union— North Midlands * Argentine: 
Motor Racing— news of the practice for 
the Canadian Grand Prlx. 5.00 Sports 
Report: Classified Football checks at 
5.iU and a. 45: Classified Racing checks at 
4.50: Rugby Round-up 555: Motor Sport 
5.28. 4.63 Europe 73: The Irish Music 
Scene. 7-02 Beat the record. 750 
Radio : Top Tunes (Si. S-02 
National Brass Band Championships of 
Great Britain »S>. 6.45 Sport On S 

Special. U 56 Saturday Night With The 
BBC Radio Orchestra <51 loin VHF. U52 
Sports Desk. U-1B Peter Wheeler with 
The Lite Show (Si. Including 1250 News. 
2.06-2.62 am News Summary. 


RADIO 3 464m, Stereo & VHF 

TfJ5 am Weather. I.N Neves. 855 
Aubade iS). 956 News. 9.05 Record 
Review, including Building a Library iS). 
18.15 Sictvo Release «Si. U.15 BBC 
Symphony Orchestra: Beethoven. Schubert 
«Si. 1.08 pm News. 155 Heritage. L2D 
Annie Fischer piano recital ts> 2.15 
Woman of Action: Sheila ftitzlnger chnaemi 
records ■«•. 338 English Chamber 

nrchcMni concert, nan I <Si. 455 
Interval Reading. 4.18 Concert, part 2. 
5 . bo Jazz Record Requests > s ■. 5.45 

Critics' Forum. 455 Bernard Herrmann 
tSi. 750 The Garden In October. 750 
Brahm s German Requiem rs ■ isimnl- 
ta neons with BBC-2 television i . 955 

Hoydn. Mozart and Authenticity iSi. 
1050 Rousseau, Composer-Philosopher 
italic by Gerard Victory). 1055 Sounds 
Interesting rs>. U.45 News. UJ0-U55 
Tonight's Schubert Song. 

Radio 3 VHF Oflty-450450 am Opel 
University. 


WEEKEND CHOICE 


RADIO 4 

434m, 330m, 2S5m and VHF 
450 am News. 452 Panning Today. 
6-50 Yours Falthruily. 455 Weather: 
programme news. 7.88 News. 73B On 
A'our Farm. 7.48 Today's Papers. 7JB 
Yours Faithfully. 750 It's A Bargain. 
755 Weather: programme news. SM 
News. 0.16 Sport On 4. SJS Today’s 
Papers. 858 A City Walk. 9.10 News. 
9.0S International Assignment. 950 Con- 
ference Special: The Labour Party 
• report). *55 News Stand. 1055 Dally 
Service. 11.30 Pick of (he Week. U.2B 
Time For Verse. 1130 Wildlife. 1155 
Spies! un Saturday with Fritz Splcgl. 
12.00 News. 1252 pm A Bar For Noth- 
ing with Johnny Morris (5>. 12.27 The 
Jason Explanation of Education (Si. 
MLB Weather; programme news. 150 
News. 1.15 Any Questions 7 250 Book- 
shelf. 2 JO Saturday -olght Theatre. 358 
Does He Take Sugar? 450 Landlord or 
Tenant? 455 Enquire Within. 550 
Kaleidoscope Encore. 550 Week Ending 
i S>. 5S5 Weather: programme news. 

458 News. 455 Desert Island Discs. 
458 Stop the Week with Robert Robinson^ 
750 These You Hive Loved (5). .838 
Saturday-nlgbl Theatre fS). 951 Weather. 
10.08 News. 1055 A Word In Edgeways. 
1158 Lighten Our Darkness. 1155 New*. 
1153 The Unforgettable*. 


This weekend is. In - the 
nasty jargon of one television 
executive, “crunch time” for 
the autumn schedules. Presum- 
ably he means that it is the first: 
weekend when ITVs new 
Saturday night schedule com- 
petes with the BBC's which has 
proved so superior In recent 
years. It is not, as one might 
imagine from all the publicity, 
a straight fight between Bruce 
Forsyth’s Big Night on FTV and 
The Generation Game on BBC 1 
(which Larry Grayson has 
taken, over from Forsyth). 
Starting times don’t coincide. 

The crucial consideration, I 
suspect, wil] come earlier when 
the children decide whether to 
switch on Dr. Who on BBC 1 
at 6.2Q or wait 10 minutes for 
The incredible Hoik on ITV. 


Thereafter it is really a question 
of .whether Forsyth can tempt 
the ladies (and gentlemen, per- 
haps) away from the ratings- 
winning AU Creatures Great 
And Small. Call a plague on 
both their houses and watch 
BBC 2’s German Requiem in- 
stead (7.40) with stereo sound 
on Radio 3. — CD. 





Forsyth: ITY coup 


TV RATINGS 

w/e Oct. 1 


UK Top 20 (Homs vtowing ml 

1 All Creatures (8BO 15.05 

2 353. (Yartal 10.50 

3 ConeraUa. . Came (BKO 15-58 

4 CorMMtfan Stmt (Mm 3 (Crag.) 1555 

5 Rabin’s Nest mums) 15.00 

A Smency (Thames) .... 14.25 

7 Star Sanies (Thames) 1*53 

7 Cearse and Mildred (Thames) ._ 1455 
9 Little and Lane (BBO 1355 

18 M ast er mi nd (BBC) 13.80 

U Stanley and Hatch (BBO 1558 

12 CresarMds (ThursJ CATV) 1358 

13 Kryplaa Fatter (Granada) 1255 

14 Ran Trade (LWT) 1358 

15 Csrwnthra Street (WaU <Craa3 1359 

14 Cnssrsads (Taas.) (ATV) 12.M 


17 Crossroads (Wed.) (ATV) 12.55 

18 Sehnm (Yorks.) 13.25 

19 LHIht (LWT) - - 12-15 

20 Cower (Thames) 12.08 

20 The Salat (ATV) 12 DO 

Figures compiled by Audita of Great 
Britain for the Joint Industrial Connzutiro 
for Television Advertising Research 
(JICTAR). 

115. Top Tee (NcHsen Ratings) 

1 Throe's Company (comedy) (ABC) 38.0 

2 Laverne A Stdriey (comedy) (ABO SI.8 

3 Hwpy Days (comedy) (ABO 28.1 

4 MJL5.H. (cetnady) (CBS) 27.1 

5 Batttatur Galectlca (scMD (ABO 25 8 
4 Ch arils'* Angels (drama) (ABO... 24.6 
7 Little Haosa on the Prairie 

(drama) (NBC) H.4 
I Mat* and Mindy (camady) (ABO H.4 
J Barney MOtar (comedy) CABO 33.B 

U Tbxl (camady) (ABC) Z4.7 

A NeHsen rating b not i numerical 
total. 


ENTERTAINMENT 

GUIDE 

ssT? e .,?3S r “<rr. 1 ,r,ii, n sassj 

OPERA & BALLET 

COLISEUM, credit “ r , d V„ 0, ;^i? 5Z5B ' 

Riivrv » 1 1 on* 01-B36 31 Dl ■ 

ENGLISH NATIONAL OPERA 
Tob'L Tue.4 Frt. 7.30 lolMthe. Wed. 

7 30 The Seraglio- Thur. 7.30 Isst pert. L 
Ttie Roval Hunt of Sun. “A brilliant and 
hKisulro swKtacle." r. Tmj. [Bargain ; 
SSmII "lOdbaleow seats a. ad. for all ; 

mvSNT GARDEN. GC- 240 1066. 
tOardrocharoe Crrt^c-vd^l.36 6903): 

DER RING 
DE5 N1BELUNGEN 

ran'* 5-M GOtterdammeruno. from Mon : 
(Tavent Garden Prom* in *S»n. *' | W' 

Midland Bank. Mon. 7.30 Da* ; 

Tua. 5-30 Die Walkurc. Tnu. S 30 Sleo- i 
fried 700 Stain promenade £'■>« * *• ’ 
£2.00 avail one hr. before '.u'la.n-uP A- 
•*vi StaF\s Circle itandino | cke.s ava.I 

each da* of cerf. 

SADLER'S WELLS THEATRE. RotMery Ave 

* C1 01 ‘ B WELLS 

ROYAL BALLET 

Ta<U y 2.30 a, 7.30 Rhyme nor Reason. 

t*“t jrer-aa 

MacMillan °£»U«t "catted 
5^6 7 8. Parsne. Tha Rake* Progress. 


THEATRES 


ALDWYCM. 836 6404. IrfO. 836 5332. 
ROYAL SHAKE5PEARE COMPANY ■» 
reoertoire. Taaav 2.00 A 7.30. premiere 
production David Mercer's COUSIN 
VLADIMIR. 'A thoughtful, provocative 
olav." □. Telegraph tsuden standby £11 
VYh Red orlce pre*ie*s THE CHANGE- 
LING (from 11 Ocf.) As YOU LIKE IT 
meat pert. 18 Oct.) R5C also »l THE 
WAREHOUSE rsee under w.i. 

AMBASSADORS. CC- 01-836 1171. 

Nightly at 8.00 Matinee Tue*. 2.4 5. 

Sal. 5 00 anda.OO. 

TONY ANHOLT. PETER CARTWRIGHT 
SLEUTH 

Tha World-Famous Thriller | 

By ANTHONY SHAFFER 
■' Seeing :be nlav aga.n is in fact an 
utter and total lor." Punch. Seal prices 
£3 00 to L5 00. Dinner and Top Price. 

Seat SB 00 Inc 

LAST TWO WEEKS. j 

APOLLO. 01-437 2663 Evgi. BOO.; 
Mid Thursday S.ffO. Stlu'ifiv S and 8. 

DONALD StNDEN 
lAcrar ot the Year, e Standard! 

15 SUPERS." Nevri at World. 

SHUT YOUR EYES AND 
THINK OP ENGLAND 
■■WICKEDLY FUNNy Tune* 

From Oc: 16 the ne»< cast will Include , 
Paul Oincmafi Lana Moe-v Dennis 
Ram-olen and Carmel MiSharrv 


THEATRES ] 

CRITERION. 930 3218 CC. 838 1071-3. ' 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 

. - - snd 4 HALF-DOZEN LAUGHS 
A MINUTE 

SECOND "HILARIOUS” YEAR 
" Very funny," Sun. Tel. 

DRURY LANE. 01-S36 BIOS. Mon. to 
Sat. BOO. Matinee Wed. & Sat. 3.00. 
A CHORUS LINE 

” A rare, devastating, lovous. astonishing 
stunne r." Sun. T-mcs. 3rd GREAT YEAR. . 

DUCHESS- B36 8243 Mon. to Thun. 
Evenings 6.00. Frt.. Sal. 6-15 and 9 00. . 
OH ! CALCUTTA ! 

'■ The nudity Is ttunnmg. ■ Dally Malt. 
9rfi Sensational Year. 

DUKE OF YORK'S. CC 01-838 S1ZZ 
Mon.. Sal. Seo serfs 2 viVj. only, 
BEST OF THE FRINGE 
"Naughtiest Girl In the School" 

7. SO. 

"Gross Incontinence ol the 3rd Kind" 
Its the Cambridge Revue 5.10. 

£2 err show. £3 SO both shows. 


THEATRES 

HER MAJESTY'S. CC. 01-930 8608- 
svas 3.00. Matmees Thurt. and SaL 3.00 
•• INSTANT ENCHANTMENT." Observer. 

THE MATCHMAKER < 

A Comedy by Thornton Wilder. ■• it bom | 
sown w.th a deserved roar ol drUght." j 
D. Tel. For a limited season iintll Oct. 14. • 
"Hello Dsilr so nice to have vou back."; 
Daily Mall "A Masterpiece,” Tlmoa. 1 
■■ The man who wanted a glass Of bubblv 
and ttHram' show must have trad hist 
this i-i mind.” D Tel. 


THEATRES 

PALLADIUM. 01-437 7373. Lasl 2 PtriS. 
Today at 8.00 and 8.30 
In ONE GREAT SHOW 
LENA ZAVARONI 

and her Singers and Brian Rogers Dancers 
RONNIE DUKES AND 
RICKI LEE AND FAMILY 


THEATRES 

RAYMOND RCVUEBAR. CC. 01-734 1893 
At 7 o.m.. 9 pan- 11 P.m. Opens Suns. 
PA UL RA YMOND pres en ts 
THE FESTIVAL OF EROTICA 
Fully sir -conditioned 
21st SENSATIONAL YEAR 


LYRIC THEATRE. 01-4 37 3888. Evl. 8.00. 
Mjl - .!!!?[?• 5 -°°- s * 1 - S.00 ana 8 JO. 

JOAN FRANK 

PLOWRIGHT FINLAY 

FSLUMENA 


PALLADIUM. 01-437 7373.1 

Opening Dec. 20 for • Season. 
DANNY LA RUE 
as ■' Merry Widow Twankey M 
ALADDIN 

_ ALFRED MARKS as Ebeneaer 
Oltys WATIING. Brian MARSHALL 
and WAYNE SLEEP 
BOX OFFICE NOW OPEN 


bv Eduardo F.Ilipno 
D.rened a» FRANCO 2EFFE RELLI 
'■ TOTAL TRIUMPH.” E. New, " AN 
EVENT TO TREASURE " D Mil MAY! 
1T FIU - LYR'C FOR A HUNDRED 

YEARS. SunOS, Times. 1 

Mayfair. sz9 503E ev, b oo sit. sjo 


REGENT (Oxford Ctrcus>. 01-837 9882-3. 
Ergs. 8.30. MaU. Frt. and S»L 8.00. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
" A little lewel," Financial Timas. 
■‘Smart. iwHI shoyr." Dally Express. 

*' So emoyable." Sunday rimes. 

” Lyrics have more elegance 
than Those for EVITA. 

Music more bite 
Evenings 8.15. r than Hist of ANNIE.” — Sunday Telegrauh. 
BOO a 8.40. i Credit Card Bookhiafr— Sean from £2. 


! PHOENIX. Ol -83£ 2294. 

Mata. Wed. 3.00 Sat. _ . 

” TIM BROOKE-TAYLOR. GRAEME 

GARt T>tE UNVARNISHED’ TOUT H Mal1 ' I ROYAL COURT. 730 1745. Air-cond. 
The H,t Rvton i ‘’fW at 8.00. SaL S.00 and 8.30. 

■■ lIuoh tSpugh" 7"S6uld! .. . 


FORTUNE. 33S 2Z3S Evet 8. Thurt. 3. 
Saturda* a and & 

Mur. cl Pa,i«* as MISS MARPLE ,n 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


and e.ao.Weu MaU. 300 

CO ' 

UNDER MILK WOOD 


HAVE DIED.” Sunday Times. "SHEER: 
DELIGHT.' Evg. Standard “GLORIOUS 
CONTINUOUS LAUGHTER." Thne*. 


J 

j PICCADILLY. From 8.30 a.m. 437 4508. \ 

Credit Cara* 836 1071._Mpn ^Thure. 8.0. . ROYALTY. Crod 


. ... _. Tel. 

INADMISSIBLE EVIDENCE 
'This Is ene at the law great play, of 
the century." D. Mall. 


THEATRES 

*«an 33ss®\,js?' Avar?!! 

^I^r^TOurs. 3.00.^. 4.00 


CRE CMt^CAR D BOOKINGS 83 6 7611. 


teSNEWK'wS 

A TH OUS A N D^Vf Me|° WE LCD ME IS 

a ,nwua (> |Q N£ L flAP.T S 
K£5Y B 0 O DDKWro« CHP.STMM AND 


ARTS THEATRE. 01-836 213Z. 

TOM STOPPARD S 
DIRTY LINEN 

” Hifarteus . . see *t." Sunday Timet 

- Monday to Thursday 8.30. Friday and 
Saturday at 7.00 and 9.1 5 

ASTORIA THEATRE. CC Charm? Croit 
I Road. 734 4291 Mon-Thun, 8.00 B.m. 
Frl and Sat. 6.00 and 3 4S 
BEST MUSICAL^ OF THE YEAR ; 

EVENING STANDARD AWARD 

CAMBRIDGE. CC. SSfi 6QS&! McnT’tb 
Thurt 8 00 Frt.. Sa>. S.43 and S 30. 

IPI TOMRI 

1 EXCITING BLACK AFRICAN MUSICAL 
“PulMtlna MutJcal ” E New, 

Scat Prices &Z OO-iS.50. . 

Dinner and tod-price Mai L9.SG tnct. 
FOURTH GREAT TEAR 

COMEDY* „ b:~93a 2573 • 

Last Z Pert, Yomsht Z 56 & 8 30 t 
EDWARD WOODWARD 
BARBARA JEFFOFD .n 
THE DARK HORSE 
by Rosemary Anne Sista.i 
'•Eaeetfenf fam.fr eirfartyiirmifnr 4r*qnr ; 

a 1 any age •* !iM» :o enjoy s. Tci 
■ Damned good theatre./ Sunday Times. ‘ 
"AmefiMns will lP*e ■! " Gdn. ‘A laugn^, 
a mm«e ' D Te: "Ooportunides bm.- , 
i-amly ,e:ed by ftrsf-ra*e -aj: A mi-' ■ 
anraclvf and ""ITC.M'r.na a.mm- • £ . 

I INSTANT CONFIRMEO CPEDfT CA' 

I TELE PHO N S BOOKINGS ACCEPTEf 


GARRICK THEATRE. CC. OI-83G 4601 
£vgs. S 00 w-o 3 00 Sal. 5 30 3 33. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
in HAPOLO PINTER'S 
Th: HOMECOMING 
•• NOT TO BE MI55ED. 1 The Time, 
LAST 3 WEEKS SEASON MUST END 
OCTOBER 213:. 

GLOBE THEATRE. 01-437 159Z. 

Evgi. 8. IS. Wed. 3 00. Sat. 6.00. 3.40 
PAUL EDDINGTON. JULIA M-.KEN2IE 
BENJAMIN WHITDOW 
ALAN AYCKBOURN S New Comedy 
TEN TIMES TABLE 

"Thu must be vra haomet taushtir 
maker in London ” D Tel " An rrresiit- 
it>l» enloyahis evei.nj.” Sjndav ti-nes 

HAVMARKET. t.' nl'nlia 

Even, n, 5 a oqejfl: 01-246 5v. ■ 75 

ore- ■ 

GC 


MERMAID THEATRE Is CLOSED FDR ‘ 
RECONSTRUCTION BE-OPENING I9BC . 

NATIONAL THEATRE. o->> 71S X I 

OLIVIER OL-n vml . T , el ,-! A 25 lj 
7 ID THE DOUBLE DEALEr' bV Cor* 1 


30 Macbeth. 

'proster.um ,-age ■ Today * . 
4a PLENTY new slay BT 


o-e-e Mot 
LYTTELTON 
i : iS Vlon 
Da# ■> Mu,. 

COTTESLOE s.t» 

Cl E.es A • • 
n Da< d Mamet. 

Mm. eaten*-.* e-eao seat, al] 3 theatre* 
Car ojrv Rewurjn, Q28 
cars e.g, 92* 3032 


tUtf'tO- Umt- 

AMERICAN 


Until Oct. ; 
BUFFALO 


Friday and Saturday S 00. 8 IS. Air-cond. I 
■ Dominating with unfettered guild and 1 
humour the BROADWAY STAR.” O. Een. : 

SYLVIA MILES 1 

" Tbwcrtna oerformanen. ■ Oj.lv Mail. ! 

YIEUX CARRE 

BV TENNESSEE WILLIAMS I 

•■Works lAe maalc.” Financial Times. 1 
"There ha* njrd'r been a more tatiltyms 1 
evening in the West End ... the BEST • 

COMIC WRITING IN LONDON." Oil*.. SAVOY 
" Sen running l,ire jn electric current." 

Fm. rimes. "DIVINE INSPIRATION — 

AUDACITY OF HIS HUMOUR ‘ 

HYPNOTIC EFFECT. ' Dally Mil. 


Card*. 01 .405 8004 

Monday-Thursoa» evening* 8-00. Friday 
9.30 and 8 AS. Saturdays 3.00 and 8.00. 
London Critics Vote 
BUBBLING BROWN SUGAR 
Best Musical or 1977 
Tel. Bookings aceraled. Malar credit 
card*. Restaurant reservations 01-409 


Old 


W,C - a-. 

PROSPECT AT THE OLO VIC 

De-e'r Jjcso. ,n 


PRINCE EDWARD. CC. Otrtl37 8877. 
Even.ngs 8.00. Matinees Thursdays and 
Saturday* at 3.00. 

_ EYITA 

oy rim 1 Rite and Andrew Lloyd- Webber. 
Directed bv Harold Prince. 


. _ . THEATRE. 01-838 8888. 

Credit cards 734 4772. Tom Cent) 
WHOSE LrFE IS IT AKYWAY 
with JANE ASHER 
” A MOMENTOUS PLAY. I URGE YOU 
, to SEE, IT." Guardian. 

Evgs. at 8.00. Frl. «nd Sat. 5-45 and 8.45. 



FINATS 

ON 

THE F 1 RST- 


IVANOV 

" tr. CI >• Arrindeii 

l Den.icn Lou:sP , 

J F.‘ _J an « Wvinark • 

• iaav . :D i T io 
THE LADY'S NOT FOp. BURNING 

re:jrni '3:;;onr 9 
TWELFTH NIGHT 

-»} t --.. Oc-obe- 14 


PRINCE OF WALES. CC 01-930 8681. 
LAST r PERFS TONIGHT 
AT s.so AND 8 45. 
HILARIOUS 

BROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
-.tarr.ne ROBIN ASKWITH 
CREDIT CARD BOOKINGS 930 0046. 

‘ QUEEN'S. CC. 0»-734 11B6. 

, £<aS- 8.00. Wed. 3 00. Sat. S.00. 8 30. ! 


SHAFTESBURY. CC. 01-838 8598-7. 
01-836 4255. Evst. at 8.13. Matinees 
Thursday 3.00. Sat. 5.00. 850. 
TERENCE STAMP It) 

EDWARD GOREY'5 
DRACULA 

with DEREK GOOPREY 


STRAND. 01-836 2660. Evenings 8.00. 
Mat. Thurs 5-00. Sat* 5.30 and 8 JO. 

ND SEX PLEASE 

WE'RE BRITISH 

LONDON'S LONGEST LAUGH — 
OVER 3.000 PERFORMANCES. 


PALACE CC OT.JJ 17 8834 

Mos -Tff’jr. S.os. F” *Pd S4:. 6 00 AIMl ! 
e 

JESUS CHRIST 9UPERSTER i 

D» Thn Lka A!Uf Andrew Lk?v~5-Wseto*r. ] 


CWTRICE. GEORGE CHAKIBIS.'.y MARTIN'S CC 01 
I RIcHARD VERNON. JAMES VILLIERS • 5 E‘ M A 5fJi* *1 - .. 


THE PASSION OF DRACULA . 

' DAZZLING. ■ stand " HIDEOUSLY I 
ENIDTABLE ANQ GENUINE TEKfiOR." | 
S T.-r.^, - GSOO CLF4N GORY Fl|N ■■ 

5 Mr "MOST SEE NIC ALLY SP6C. 
TABULAR SHOW IN TOWN," Punch. 


E«bs. 8-00 MaHneea Tuem. ZJJ. 
5.00 «n4 B.M 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26th YEAR 


14*3. 

Sau 


THEATRES 

TALK or THE TOWN. CC. 01-734 3051. 


AT 11-00 PETER GORDENO 


Mon. W SaL 7_50. Lumlcr 
NIGHTFALL By David Gale. 


micro and Stan 


VAUDEVILLE. EYOS- I U. 

AN EVENING WITH DAVE ALIEN. 
“ LAUGHTER ON A CONSTANT BOIL," 
The Times- 

LIMITED SEASON UMfl Dec. 2. 


VICTORIA PALACE. 

828 *735-6. 834 7317. 

STRATFORD JOHNS 
SHEILA HANCOCK 

ANNIE • . 

Evgs. 730. Mau. Wed. and Set 2.45. 
"BLOCK BUSTING— 

SMASH HIT MUSICAL." D. Mart. 


WAREHOUSE. Don mar . Theatre. Covenl 
Garoen. 838 6808 Royal Shafceweare 
Company. Ton 'l- 8.00. Stephen Polia- 

koff's SHOUT ACROSS THE RIVER. 
"Outstanding production " F. Times. 
All seats £1.40. Ad». bless. Aldwyeh. 
Siudectt atandby £1. 


WHITEHALL. - CC. 0T-930 8692-7765, 
Evgs. 8.30. Frl. and SaL 6A5 and 9.00. 
Paul Raymond nretmi tha Sunmlona! 
Sex Revue n the Century'. 

DEEP THROAT 
Sth GREAT MONTH. 


WINDMILL THEATRE. CC. 01-437 6312, 
Twice Nightly 8.00 god iooo. 

' Sunday 8.00 and 8.0D. 

PAUL RAYMOND nreseota 
Rip off 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

Takes to tmerecedentad limits what Is 
— '—“-i- — - — - »«•■* E*. News. 


THIRD - 


WYNDHAM-S. 01-838 30% Credit Card 
Bkgt. 836 1071 from 8.30 a-m. Men.. 
-Thar. -8.00. Frt. and Sat. 5-15 and 6 JO. 
“ENORMOUSLY RICH 
VERY FUNNY." Evening Newt 
Mary O'Malley's smash-hit comedy 
ONCE A CATHOLIC 
” Sunranw comedy an sax and reunion," 
Drily Telegraph. 

“MAKES YOU SHAKE WITH 
LAUGHTER.” Guardian. 


CINEMAS 

ARC 1 A 2 fhaftobury Ara. 836 SMI. 
Sep- Peris.' All Seats Bookable. 

1. THE BIG SLEEP <AA). Wk. & Sun. 
2-BO. 5.15. 8.15> Late show Tonfiht & 

2. DRIVER' (A). Wk. A Sun. 2.00. 5.1S, 
5-15. Late show Tonight A SaL 11.15. 


CAMDEN PLAZA tOno. Camden. Town 
7b hoi. 01-485 2443. The Bob Dylan 

£lm. RENAL DO A CLARA (AA) with 
Mb Dylan 4 Joan Baez. In 4 track 
stereo. Progs. 2S0. 7.30 daily. 


CLASSIC 1, 2 3, 4. Oxford Street toob. 
Tottmhain Court Rd. tube). 636 0310. 
U and A progs. Children half price. 
1. THE DRIVER (A). Progs. 2-05. 4.15. 
MO. 1 40. Late Show 1 1 pan. Special 
Matinee. All seats £1.00. THE SILENT 
Witness (A>. Progs. 11 . 00 . 12.00. 
■ - 00 . 

a Mel Brooks's HIGH ANXIETY FA). 
Progs. 1.40. 3.S5. 6-15. 8.35. Late Show 

? _T&E*" TURNING POINT (A). Progs. 
1.05. 3.30. G.OO. 8.30. Late Show 11 dm 
4- HEAVEN CAN WAIT fAJ, Props. 
1-40. 3.55. 8.15 8.35. Late Show 11 pin 


CURZON. Curxon . StraeL W.l. 499 3737. 
YVES MONTAND. CATHERINE 
OSIOJUVE hi Le SAUVAGE l4> rErKlIlth 
subtitles). Proas, at 2.0 mat Sun.), 4.05. 
*15 and S.3Q Last 2 weeks. 


-EIGB7EA KHJARE THEATRE. ,930 
fg^IuigHLOgaaMB-Jn g_Brl« p_P8 Palma 
t B, T ¥%,; ru J t X, SSR: p5h. wv. 
2.-.90- 4J0. 8.10. Sun. 3.30. 7-45. Lafe 
JJJgM Show Frl. A -Sat. 11. «s o.m. Seats 
5ft We. tor evening : Pert. Mon. -Frl. and 
all Ports. Sat A Son. except Late Night 

SflW. 


ODBON HAVMARKET (930 2738-277)1 
MIDNIGHT EXPRESS (XI. iSs.ro! 
S&f « aj a. 5 S0. 8.30 pan. Late thoW 
Pris.. Sets, and Sam..- dears open ll.ta 
PQ«. prog, it 1148 pm. All seats bkble. 


is3o sin). 

JHE -CHEAP DETECTIVE tAI. SCO. Drags. 
DJy. Oopra, tipen Aoo. 4*5. 7,45. Lite 
Show Pel. A Sat., doors open > 1.15 non. 


MARBLE ARCH WJ »7X3 2011-2, 
-ENCOUftTERS OP THE THIRD 
(A). Seo. orogs. Doors oawn Mon - 
FrL 2.60. 7.30. Sat 1.03. 4 15. 7^45. 
Sun. 3.00. 7JO. Late Show Frt. * Sat. 
Do«r» open 1 1.13 p.m. Ah seats bktda. 


YOUNG vre, 928 63BS. Ton't 7.M HAM- 
LET. Thur-" Frt. T.Jfl RKHARB III part 
of shakBSPPBro tniogv ACTION MAN, 


PRINCE CHARLES. Lett. Sb 01-437 8)81. 

. Walertan Borawcxvk'z 
.... 'THE BEAST iLbndon XI 
= DI.Y- ,in «- Sun. I 12.40 a.io. 

is.g atjsr N,s " a ’ 


Okn. 01 -437 33Q0. 
Jilt CUvbnren- At*n Bates tn Pant 
Kff^rikr »■ A** UNMARRIED WOMAN 
f*! RfOBS. -1.05- 3. 3D. 6 Da 8.33. 
LXt Show Set. 10.50. 


... 








Financial Times Saturday Oct'ofer 7 IS78 



/COLLECTING 



15 




to DEKotiatp * substantial loan higher than the champagne 
that enabled him to purchase a bucket, approached him 1 with an 
hotel of much bigger scope in open aulograph album I felt ihat 
a commanding position on the something nf the Laughton 
sea-front, the Royal -HoteL His touch still survived, 
flair for design; his culinary When he retired Mr. Laughton 
expertise, and his desire that went to Jive in Antibes where 
his customers should have easy he wrote his memoirs after 
access to him as their proprietor some friendly prodding from 
sonn made the Royal one of the Graham Greene. He" called 
leading hotels in the North of them Pavilionn By T he Sen and 
England to which- -gratified they first appeared as a hard 
guests returned againand again, hack last year; now they have 
A particular triumph was the reappeared in paperback (Robin 
Sitwell suite in which SirOsbert Clark. £1.50). I recommend the 

himself once stayed and book as a fascinating four-star 

■ough, and afterwards ~ the indicated hfs approval- read, not only for the insights 

•ilion. Tom was the middle The Royal Hotel still exists 11 gives into the hotel trade 
• of three. His older brother in Scarborough.- ! happened to in the days before the inter- 
irles was sent into hole] sta r there myself one wet' week* national tourist explosion hit 
■k but broke loose to go on ead the summer. It is no 
stage, and established him- 


easide 


‘ ... " M LAUGHTON’S parents ran 
Victoria Hotel in Scar- 


* 

4 £. 

'fcv 

TTpr.J. 

;jj; . . 
TV.*,? 

UTav . 

&C ..r 

W : i 
t pf 
! JSC- 


m a career thar has become 
srt of theatrical history. Tom 
Frank also duly went into 
hotel business. When at the 
nf 55 their father died wd- 
!y. Tom Laughton found 
self in charge. That was in 
4. '‘Young Tommy," as 


PAPERBACKS 

ANTHONY CURTIS 




S THIS 

LND NEXT 


La 


i-Mf 

■S-, 


, r »>* ' • 

rfr 


**• y 


us. hut also for its picture 
of the author as a connoisseur 
of wine, food and contemporary 
painting, as a fisherman for 
trout, salmon, and tunny, as 
a lover of France and Scotland, 
as a wartime army catering 
chief . . . and if that were not 
enough for one lifetime lie now 
turns out to be a natural writer. 

... Some people have it all. 

tad been knowm to the staff, longer owmed by Mr. Laughton The world first discovered 
»me Mr Tom. \\ ith plenty and his fine art collection, as it thar Enid Bagnold was a natural 
upport from mother, a keen became, has gone, but-there are writer in 1918 when at 29 she 
tolic. and a loyal crew, he still traces nf his long and published. A Diary Without 
im e an expert hotelier. He glorious reign; the sweeping Dates, an account of her. work 
nt to recognise a good side curves of the double stairway as a VAD nurse at the Royal 
heef at the market and in the entrance hall* the huge Herbert Hospital in Woolwich 
eloped a nose for vintage how-fronted bailment, the pro- where she had gone at the out- 
?undy and claret. He also fusion of bars with glittering break of the war in 1914. The 
artistic tastes and put these mirrors and padded plushy short book with its poignant and 
practice in the interior counters. Nor has the hotel perceptive glimpses of the 
•ration of the hotel some- been abandoned by the theatre, harrowing life of the wards, the 
is buying the odd picture for I noted Mr. Danny La Rue hold- men she tended, and the regular 
self when he had any spare ing court in the lounge -in a nursing sisiers she helped, has 
which at this time was not chaste srey suit on Sunday even- shamefully been allowed to 
o- ing. When a little girl in a languish out of print for Tar 

>wever by 1935 he was able party frock, her bead ' hardly too long; now it has been 

resuscitated in paperback by 
Virago at £1.50. It is well 
worth reading as a feminine 
footnote to the more famous 
recollections of life at the Front 
by Blunden, Graves and others. 

In her Aiiiobinprnphy (1969) 
Enid Bagnold tells how she 
kept this Diary for her private 
perusal, it was her friend 
Antoine Bibesro to whom she 
showed it who suggested she 
try to get it published. She 
then sent it to William Heine- 
mann who met her, said be 
liked it, and published it. As 
a result the Daily Mail carried 
a leader on the unfeelingness 
of hospital routine: within half- 
an-hour the author was sum- 
moned to the Matron's office 
at tiie Hospital and given the 
sack. 



K nril 



The Bing Benz: small is beautiful 


Some early models 


The horseless carriage was a toys marketed by Lehman nf motto “Ives toys make happy; 
practical reality in the 1880s, Brandenberg. The ninre com- boys.” The Citroen company 
and by the ’90s the automobile plicated and essentially less produced a tine series of models 
was an established industrial realistic, steam car seems to of their own products — an 
produce. Cars were included in have been fairly arum supplan- ingenious strategy to instil in 
the 1896 Paris Salon de Cycle, ted. the French male an early 

and the first European motor , affection for the brand name, 

chnwe followed the nes-r vear The Bm S rar> Wl?re heauti- 

The Royal Automobile Club was fully, designed and made, and Nmejeen thir^-four brought 
established in 1897 definitely meant for the class * revolution in the world of toy! 

market. They came in different car s. when the older type of 

tin toy was superseded by scale 


With such a craee for motor- 
ing, it is surprising that it took 
the toymakers of Europe and 
America so long to get round 
to making toy motor-cars. The 
reason for their apparent tardi- 
ness may have been that auto- 
mobiles remained outside the 
mmediate experience of most 


COLLECTING 

JANET HARSH 


models made up of accurately 
moulded pans. Frank Hornby 
nf Liverpool had been selling! 
Meccano construction outfits 
since 1901. After the First 
World War he began his famous 
series of niudei trains: and his 
first Dinky Toys were intended 


Tom Laughton and friend 


CHESS 

LEONARD BARDEN 


N D 

**'«■> • 


-V . . 

' a* ~ 
r-/. ; ; 
•: : ,s_- 
try-- 


fcv-'- 

-ft:-' 

tsar ■ 

v ■ ■ 

Sr-:' 

££5- ‘ 

vci* •" 


events; a 2)-li success .over the the British Chess Educational 
U S., whose chess federation has Trust, Oxford and Cambridge 
five- times as many members- as colleges,, and the Slater 
the BCF .and whose team con- Foundation. International team 
sists of young professionals, try- play is one or the few areas 
ing to become the next Fischer; where Government support for 
and, in the decisive match/a. JM chess is adequate, although even 
victory over the Soviet Union here the DES grants only two- 
. . ' which has some 15,000 full-time, thirds of the air travel cost com- 
i.AND'S DRAMATIC victory chess coaches, against Britain's .pared with 75 per cent for teams 
e inaugural world youth Qone - .. .financed via the Sports Council 

- '"“"lionships in Mexico City was ' Mestel and Specimen drew - With “ FT there was one game which 

— i rst win in a world team the Soviet grandmasters Belyav- swung the battle for the gold 

and a shock to the "Soviet sfe y . *n.3 Kochiev, raulbut medals, it was this week's win 
VnUfU> w bo were hot favourites, defeated Mikhailchishin/ whose where Taulbut’s fine play earned 
a result highlights a fact grandmaster, title witi^be con- a valuable point and pressurised 
nown to international chess firmed this month : and, Tloodm an the Russians for the rest of the 
. enta tors, though ignored bv beat A. Ivanov. Scores in the tournament. 

•neral media here: that the final were England 261 nul or 36. • White: S. M. Taulbut 
British players are the USSR 254, Cuba 2;li. U.S. 221. (England). Black: A, Mikhail- 
. .t advancing group in world Brazil 171, Csmad 3 J5l. Colombia chishin (USSR). Opening: Ruy 
and could prove the chief 15, Mexico 13, Australia 12 and Lopez (World Youth Champion- 
lo the Soviet Union in the Scotland 8. Outclassed in the sbjp. Mexico 197S). 

198fls. final, Scotland still did well to The opening moves were 1 

- land won all nine matches qualify.- p.R4, p.R4 ; 2 N-KB3, N-QB3; 3 

^ final. These included a The England players went to B-N5, P-QR3; 4 B-R4. N-B3; 5 O-O, 

__ win over Cuba, where the Mexico with the help of a grant B-K2; 6 R-Kl. P-Q3; 7 BxN cfa. 

Government sponsors an from the Department of Edu- pxjj: 8 P-Q4 PxP- 9 NxP, B-Q2; 

1 grandmaster tournament ration and-Science. and additional iq . N-QB3 ’ 0-0- 11 Q-B3 

nances its young players. to support from the Aaronson Chess r.N3L . 

for experience in overseas Foundation, the Friends of Chess. 12 R-Nl, K-N3' 13 P-KR3, 

P-N3; 14 N-N3. N-R4: 15 B-K3’, 
R-Nl; 16 P-K5! Not only gaining 

. .space, but already preparing to 

' would be endplpyed. East would I group his pieces for a decisive 

attack on the weakened dark 
squares round Black's king. 

16 ..PxP (better P-Q4); 17 B- 
R6. R-Kl; IS RxP (threatens 19 
RxN! while if IS ..B-B3 White 
swaps rooks and keeps up the 
pressure), N-N2; 19 R-Ql, N-K3 
(Black is completely tied up. 
while the While rooks control 
the centre files); 20 N-K4, R-.V4; 
21 RxN! 

Eliminating a key defender, 
and clearing the diagonals for a 
queep invasion. The rest is a 
massacre. 

2L..PxR: 22 Q-QB3. P-K4; 23 
Q-B4 ch, K-Rl; 24 Q-B7, R-KN1; 
25 N-B6, BxN: 26 RxB. QxR; 27 
QxQ. Resigns. 

- A pleasing way to win a gold 
medal. 

POSITION No. 236 
BLACK (8 men) 


ordinary children: and children and in 1903 the largest as d e coraf >ve accessories 

tend to prefer the familiar to mo deI of the 'Phaoton Pattern for railwa y setups, 
the novel in their model play- Motor Car” rather like the one gy the 1960s. when Cecil Gib- 
thmgs. illustrated here, cost 29/6d — S tm produced his history and 

Mr. David Pressland, whose m0Te th . e weekJ y incotne catalogue of Dinky Toys, their 
recent The Art of the Tin Joy many British families at range of model automobiles, 
has become the authority on th . a f tim ?: Stin - if "L as V fit1e . d made over 30 years, went into 
the subject dates the history of ^th extra strong Clockwork, four figures. Dinky Toys have 
tov cars back to 1900 when the t,1e Car runnin 5 in an onginal a fascination for the collector 
Era of Mark! in introduced them fg-Mf.™* with Horn sound- which later competitors-Corgi. 
into its catalogue. I can, how- ,n « , Pip ! -^ Jp L n E keI e pl i ted Lesney Matchbox Toys and the 
ever, contribute a new piece of whee,s wth Double Spofees - n0w defunct Spot-On series can- 


S King Street, 
St James's 
London 
SW1Y 6QT. 



Tel: 01-539 9060 
Telex 916429 
Telegrams 
CHRISTIART 


EXPERIENCE AND EXPERTISE ... 352 



Charles West Cope. Z?_4.: Poor Laic Guardiaru;. 

Board Duy Application for Bread, signed and 
dated 1841, 40 m. by 60 in. 1 101.5 cm. by 
154.8 cm.). Sale, Fridau. October 13. 

Charles West Cope, R.A. (1811-90). was noted for his 
paintings depicting contemporary and historical genre. On 
Friday. October 13 at 10.30 aju. in Christie's sale of Fine 
Victorian Pictures, he is appropriately represented by the 
illustrated picture, which is an interesting early example 
of the great Victorian social conscience pictures. We learn 
from Cope's Reminiscences that while on honeymoon he 
was inspired by a visit to a meeting of the Staines Board 
of Guardians. Having made some sketches uf several of 
the members and applicants, he decided to make tbe event 
the subject of his next painting. The picture takes on 
greater meaning when we are given the ideality of various 
figures oo tbe Board: Harrison ‘ a jolly squire, warming 
his back' in front of the fire and Blaitbwaite ‘a rou£ 
Captain trimming 'his nails.' 

Cope, along with so many other popular Victorian painters, 
was greatly influenced by Lbe current liberal movements 
for social and legal reforms and his contemporary document 
found an appreciative response in the puhlic when it was 
exhibited at the Royal Academy in 1641. Cope was grateful 
to The Time r, newspaper who cited his picture in an article 
on the Poor Law. as * exemplifying * their opinion on this 
critical subject. This free publicity was a significant factor 
in establishing Cope's reputation. For further information 
on this sale and on Victorian ptc-turps, please contact 
Simon Dickinson at the address above. 



BRIDGE 

E. P. C. COTTER 


defender won the third diamond 
would be endplpyed. East would 
have to give a ruff discard, West 
-could choose between the ruff 
discard and a heart lead into 
the declarer’s split tenace. 

'Had West’s opening lead been 
a low heart, he would not have 
: HANDS require tbe most found himself in this predjca 
e timing if the contract is ment. 
fulfilled, others depend All four players were first 
some entirely .fortuitous class in this deal: 


of circumstances, as we 
?e from two deals which 
•ed at rubber bridge. Let 
ok first at the band in 
the declarer enjoyed 
fortune: 

N. 

* Q 10 7 6 
c? A 9 4 2 
M 75 

* K 10 

E. 

* 8 3 2 
O K 

* K Q 6 3 

* J 7 4 3 2 
S. 

* A K J 9 5 
r? Q65 

* 10 4 2 

* A 8 

th dealt at a love score 


W. ' 
*53- 
e> Q J 10 6 5 
OKQ2 
* Q 0 4 


N. 

* K 7 4 
? 8 2 

^ 9 43 

* A K 10 

R 


5 3 



♦ Q J 2 
OK7 J 
0 7 6 5 
+ J 9 8 2 
S. 

• A 10 9 8 6 
. V A 9 4 

O A J 10 8 

* 7 

South dealt with both 
vulnerable and bid one i 
to which North replied 
two clubs. - The' opener 


gave 

three 


jump preference 
spades, a bid 


bid 


* - ^ 

ssr 


; ;.ade, North raised to three support, and South 
and South went four, game in spades, 
cannot criticise North's West led the heart ( 
spades — we would all South planned his campaign, 
the same bid — but 'This . is the type of contract 

/rt tells me that the double which the average declarer 
is a slight overbid. never makes, because he fails 
t had to find a lead, and to appreciate the precision play 
*’ d that the singleton which is absolutely vital. 

. or a lead from either East covered the Queen with 
suit would be dangerous his King, and South ducked, 
ically. any of these three This hold-up is obligatory. 

would have been Without it, he will be forced to 
fly safe — so he chose a ruff a . heart" ' before it is 
Again, the seven would convenient 
.been safe, but West 1 ; East switched at trick two to 
' d to start with the Knave, the • Six of diamondSj and 
top of an imperfect South’s s Knave lost to the 
ice. In nine cases out of Queen> Taking the heart 
s would have been- all continuation, ■ the declarer 
but let us see what- cashed the dub Ace, ruffed a 
led. club, and followed with Ace and 

declarer concluded that King of trumps. A diamond 
ily chance of avoiding was discarded on the club King. 

. was to find East with the and another club was ruffed. 

V on King of hearts, so be Now at the right moment 
• dummy’s Ace, dropping South ruffed his losing heart on 
ng. He drew trumps in the table, and led the estab- 
.; rounds, cashed the Ace lisbed ten of clubs, discarding 
:ing of clubs, and cut- his last diamond from hand, 
with a diamond. . ' Whether . East ruffed 

.defence epuld take three discarded, the contract 
in the suit, but whichever delivered; 


or 

was 





XV 

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V-';- 

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i 


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K • "i 


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wt. 


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5 





evidence which places the Pneumatic Indiarebber Tyres not rival, 
earliest tin toy motor-car in Toys are a booming area of 

Paris in January 1899. A throw- the collectors’ market, with the 

away sheet of Nouvelles Scietir ed and ned as regular Collectors' Sales ai 

liflques issued by the French uiusirawa. Phillips’ Marylebone saleroom, 

magazine La Nature on January a s well as the Lehman cars Christies South Kensington and 
19, 1899. published a picture of cheaper mode i s were also im- Sotheby's Belgravia as the 
a rather primitive “Fiacre ported to Britain and America happiest hunting grounds. 
Automobile de 1899 ” which it ft. om France where the most ^'ces for choice specimens are 
said was already on sale in famous maker was Fernand hi Sb. The Bing model of a Benz 
Parisian toyshops. The writer Mart in. In American and British rar illustrated— almost mint in 
regretted only that the toy had tov nataloEues Bine and iCs original cream, red and gold 
”* “ vail i ble Ifjj™ f ° r Lphman models' were proudly enamel-Wis sold by Phillips a 
the 1899 New Tear holiday. a<jTertised bj mm unti , j 9H fortpljht ago tor £1.100. A Bing 

A simple toy of pressed metal. *•« m ? r 1 e D f* uti ™ s ' ! ' menu deseed fo“ the EnS 

the car had rubber tyres and a described as s, " ipiy market ("Harry Lauder at the! 

rather two-dimensional driver Parted After the *ar the Tivoin was gold earlier in tbe | 
perched up on the front. It German toymakers never en- vear at phiIljps for £1 950, 
was driven by a twisted rubber tirely recaptured the old ’ 
band — a means or propulsion markets. Bing, who had sup- Phillips also established the: 
which does not seem to have Pb'ed joy— with a minimum uf auction record for a Dinky Toy,! 
achieved °eneral favour amon** t:uf fingers and lead poi&nninc when a collector paid £370 for 
the first makers of toy cars ° -to the children of the world a Pick/ord delivery van 

since 1863, were swallowed up originally sold in 1934 for four- 

By 190L when the firm nf the jj V olher firms Lehman nf pence. (Inflation had already 
Gebriider Bing of Nuremberg. Brandenberg vanished into the taken hold by the late 1930s, 
which dominated the world mysterious East, after the however, when the price of this 
market of quality metal toys second World War. model rose to sixpence), 

in the years before the First Phillips’ sale of several 

World War, introduced motor By tbe 1920s boys were hundred Dinky toys and their 

cars into their catalogue, there demanding more accurate rep- contemporaries on Tuesday 
was a choice between steam refutations of real car types, promises no such record prices, 
driven and clockwork models, such as were provided by the though the bulk Inis of assorted 
A friction flywheel drive was American firm of Ives, with Dinky Toys might make useful 
used for the sort of cheapertheir “ Tootsietoys ” and their buys for budding car collectors. 



SpcrialiMs in die Sale bv Auction of Coin's and Medal's 

7 Blenheim Street, New Bond SireetWIY 9LD Telephone 0M83 2443 


TUESDAY AND WEDNESDAY 
!7lh and Uth OCTOBER, at X p.m. each day 

ANCIENT, ENGLISH & FOREIGN COINS 

In said, silier and cuppu-r 
'lllunraud Caiatogve t9 Plates i— Price Cl ' 


WEDNESDAY. 25lh OCTOBER, at 10 a m 

NAVAL & MILITARY DECORATIONS AND MEDALS 

Including a Victoria Cross croup (or Gallipoli awarded to Sergi. A. Richards, 
1st Bm Lancashire Fusiliers 
• Catatofjuc— Puce 4f>tn 

WEDNESDAY, Ith NOVEMBER, at 1 p.m. 

An important- Collection of 
ENGLISH HAMMERED SILVER CROWN PIECES 

iGUzabetlt i to Charles U 
the property of a West Country Collector 
rilhtstrinod Caioiaoue iS4 Plates’— Price Lit 


THURSDAY. *th NOVEMBER, at IS a.m. 

A Collection of 
IRISH COINS 
and Uie Collection of 

ENGLISH, COLONIAL & FOREIGN COINS 
fanned by Ur? laic Harold J Armarona ft! Leeds 
i lUuflralcrt CiiUUr-pue <6 Plates t — Pncc £ II 


WEDNESDAY. 15th NOVEMBER, at 10JO a.m. 
and 

THURSDAY. lWi NOVEMBER, at Xfl.M a.m. 

ANCIENT, ENGLISH & FOREIGN COINS 

ip cold, silver and hopper 

also a good series of 
HISTORICAL MEDALS 

f muffrated Ctuahmv - In course of preparation! .13 Platesi— Price ft I 


WEDNESDAY AND THURSDAY. 6th and 7Ui DECEMBER 

ANQENT. ENGLISH & FOREIGN COINS 

In said, silver and copper 

< Illustrated f atamaue note In course ol preparation 1 


Farther Catalogues For Sales or Cains and Medals are now In course of 
preparaGoa. Collectors desirous of selling should contact Glendmine & Co. 
promptly. 

Commission NOT charged to Boyers 
Vendors' Commission or 10% open to negotiation on 
Collections of high value 
CASH ADVANCES readily available 


LEADING SOUTH AFRICAN AUCTION HOUSE 

From October 9-11 Mr. Donald Martin and Mr. Adrian de Knoop, 
Directors of WESTGATE WALDING AUCTIONEERS, 
one of South Africa's leading auctioneering houses, will be in 
London and will welcome the opportunity to meet Fine Arts 
Dealers and now presently instituted in the South AFrican Fine 
Am Auction Market. 

For appointment please contact Griffiths on telephone 01-730 4702. 


ART GALLERIES 


BEN NICHOLSON, recent paint Inn on 
Piper at Waddlnoton & Tooth Galleries. 
2 and 34, Cork St.. London. W.l. 4th 
October to 28th October, 10.00 to 5 JO 
dally. 10.000 until 1.00 om Saturdays. 


BLOND FINE ART. 33. Sackvlile street, 
w.l. 01-437 >230. BRITISH WATER- 
COLOURS 1900-1945. George Blulll. 
H. BnUmxon. Horace Brodxky. Jacob 
Epstein. Duncan Grant. Frances Hodgkins. 
Gwen John. Bernard Meninsty, John 
Nash. P. Wilson Steer. Ethelbert White. 
Christopher Wood. Until 14 October. 
--Frl. ' 


Man, 


10-6. Sst». 10-1 


c MANOR GALi.EJtT.fi. Cork Street. W.l. 
01-734 4626. Recent Paintings and 
Sculptures by W. F. 2AGG. 26 Seot.- 
21 Q ct. Mon. -Frl. 10-5.30. SatS. ID-1. 


WHITE (8 men) 

Gajic v W. Scbmidt, Yugo- 
slavia. 197S. Blauk (to move) 
has got the white king stranded; 
there ..is more than unc way to 
win but Black, a grandmasipr. 
found the most precise. How 
did tbe game finish? 

PROBLEM No. 236 

BUCK (6 men) 


a 

V'".. 

ilj 

yrr* 

£\? 


it 

■ *T* ■ 




fa 


K 


& 



a 




T7T 

•S, v, 



| 

1 

1 




1 

1 

Q 

1SL 



~m 

- 

% 

_ 

I 




□ 

p 


1L 


WHJTE( 5 men) 

White mates lo three moves at 
latest, against any defence (by 
Dr- A. Kraemer, Kohtz Memorial 
143). 

Solution Page 14 . 


CRANE KALMAN GALLERIES. 178. 
Brampton Road. S.W.3. Outstanding 
British works dt in. Bsrbira Hepwerth, 
L. S. Lawnr. Henry Moore. Bon Nichol- 
son. Graham Sutherland. William Scott, 
Matthew Smith, etc. ALSO works by 
European and American artists. Mon.-Fr, 
’t* 1 P 1 - 5 * 4 T , 56 « CRANE 
ARTS. 331. Kino’S Road. S.W.3 01-SS2 
5857. Native Art Irom 18th. 20th tent. 
Also voung artists of unusual vision and 
•latent. 


DRIAN GALLERIES. 7. For cheater Place. 
W.2. Recent Paintings by HALIMA 
NALECZ. 10-5. Sat. A Sun. 10-1. 


FINE A RT SOCIETY. 14B. New Bond 5t.. 
W.l. 01-E29 SI IS. CHARLIE RENNIE 
MACKINTOSH Also Scottish Painting 
19th-2Qth Century. 


OMELL GALLERIES. Fine British and 
French MODERN DRAWINGS and 
Modern BrlUSB MARITIME PICTURES 
42. Albemarle Street. Piccadilly. W.l. 


Duke Street. St. James's 
1GS AND 


ROY MILE5. 6 

S.W.1. VICTORIAN P4INTIN 

OLD masters. Monday to Friday 10.S. 


SLQANE STREET GALLERIES. 158. S'oane 
Street. W.l Modem paintings, sculpture* 
and (graphics hv Interesting International 
artists Wide range of nrices. Tuts -Fn. 
ID. 00-5. 00 Sat. 10.00-1 00 


SUSAN SWALE’S SALOME. Flfldbome 
Gallery. E3. Queens G rwe. N.W.fl 
58S 3600. 


CLUBS 


EYI. 1B9. Reoent Street. 734 0557 A fa 
Carte or All-in Menu Three Spectacular 
Floor Show'- 10.45. 12.45 and 1 45 and 
music of johnny ha wkes worth £ Friends. 



Edited by Denys Sutton 


The world’s 
leading magazine 
of Arts and 
Antiques 

Published Monthly price £2.00. Annual Subscription £25.00 (Inland). 
Overseas Subscription £28.00. USA & Canada Air asiisred S56 
Apollo Magazine, Bracken House. 10, Cannon Street, London. 
EC4P4BY. Tel.- 01-248 8000. 


It was only a matter of time 
before the world's leading coin 
dealers became the world's leading 
coin auctioneers. 



OCTOBER 11th 1978 
NOVEMBER 29th 1978 
FEBRUARY 21st 1979 
AT QUAGLINOS - LONDON 

catalogue available on written request. 

Spink Hi 

Spink & Son Ltd. King Street, St James’E, London S\N’i. Telephone 01-950 7S88 (24 hours). Telex 9 16711, 


. .• x 






16 


Financial Times Saturday October 7 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4JJY 
Telegrams: Flnantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Saturday October 7 1978 


Leading from 
weakness 

MR. CALLAGHAN'S wages policy stick. The emphasis on 
policy was decisively defeated sanctions is also political: the 
at the Labour party conference Liberal* believe in a stern pay 
in Blackpool: the market fell policy, and the Prime Minister 
sharply. Mr. Callaghan made a will in effect challenge them to 
firm speech and said he would support tbe tougher party, 
carry on regardless, and the A Prime Minister making a 
market recovered. The City's gambler’s throw on a rigid 
reasoning seems to run on two policy, confronting a trade 
parallel tracks. One school holds union movement led by new and 
that nothing has really changed: insecure men responding to 
the unions rejected the Govern- shopfloor pressure, and mo- 
ment policy long ago, but m forced by their Blackpool 
most places — Vauxhail makes triumph — these men may not 
an encouraging example so Tar seem very likely to achieve a 
— the troops seem reluctant to peaceful compromise. This 
march. Ford is an exception need not mean that the country 
because it has always been ,s about to come to a standstill 
militant and is unusually profit- A Labour Prime Minister try 
able. A strike at one company in? to enforce restraint at a 
does not necessarily make a time when real incomes have 
hard winter. risen sharply may well stand a 

The alternative case for belter chance of limiting the 
optimism is a little more sophis- destruction caused than did a 
ticated. The Blackpool vole ha? Conservative Prime Minister at 
not made the prospect in regard a when the national di.v 

tn strikes any worse — it was bad Posable income was falling: and 
anyway; and it may have made Callaghan’s policy is not 


it better. Mr. Callaghan and 
the unions must now try to 


in any case as rigid as it looks. 
The productivity loophole. 


patch up a compromise to pre- according to some trade union 
serve any chance of a Labour officials, is as wide as the bar 
victory. It won’t save Labour. Saining skill available. This 
but it is likely to be less infla- means equally that we cannot 
tionary than a free-for-all. and hope for the kind of outcome 
less' disruptive than an outright which would follow from cn 
confrontation. In due course actual five per cent norm — a 
Mrs. Thatcher will come into a further sharp reduction in infla- 
relatively orderly inheritance. don. The Prime Minister has 

limited his own ambition to 
Too facile Staying in siugie figures. 

Unfortunately these interpre- The implied admission that 
tations look rather too facile. 3 per cent may well turn out to 
The Blackpool vote badly mean a good deal more rather 
damaged Mr. Callaghan's jsives the lie to Mr. Callaghan's 
authority, and he seems deter- claim to be the country’s per- 
mitted to reassert it. If he sue- sonal bulwark againsi higher 
ceeds. and the policy can still inflation. The Prime Minister 
be made to stick adequately, he has threatened, that he would 
believes he could still win an fail back on fiscal and monetary 
election — and his authority restraint but this may appear 
would then be greatly enhanced, on the shop floor as simply an- 
If he fails, he is a man with other aspect of a struggle 
little to lose at this stage, and against the Government for 
would probably genuinely higher real wages. Tbe lesson 
rather go down with the anti- which, it seems, has still to be 
inflationary ship than take to an learned is that high money 
inadequate lifeboat. claims — even if followed by 

The fact is that Mr. Callaghan, monetary ease — are the enemy 
supported by much public of growth, and thus of bnth 
opinion and one or two unions real wages and employment, 
representing the lelatively low King Canute had the wisdom to 
paid, has come to believe that try to convince his courtiers 
free collective bargaining has no that there were forces beyond 
place in a socialist future. It is the control of a mere ruler. Mr. 
not only inflationary; it repre- Callaghan, posing as Father 
sents what Mr. Sid Weigh ell i.r Nature in order to set ra- 
the National Union of Railway- elected, encourages militants to 
men has called *■ the philosophy miss the poini. 
of the pig trough.” The only Mr. Callaghan may still bop? 
question is whether the unions that while he Inst a battle a: 
participate in making the rules Blackpool, he can win tbe war. 
for an orderly wage round, or For the country, the lesson is 
whether the Government irn- less pleasant: for Blackpool 
poses them. Participation would demonstrated that the new and 
no doubt be preferable: but supposedly moderate leaders of 
failing that, tbe Government is our biggest unions cannot lead, 
convinced that the ruthless use Weak Prime Ministers can 
of public seclor purchasing either tap new sources of 
power and of discretionary strength, or go. The obstinacy 
assistance will convince em- of weak trade union leaders 
plovers that it is in their in- posqs problem- which seem 
teresls to make Government likely to outlast Mr. Callaghan. 


The daunting waiting list 

for mortgages 


BY MICHAEL CASSELL, Building Correspondent 


T 


HE GOVERNMENT’S 
insistence this week that 
controls on mortgage lend- 
ing remain in force makes it 
certain that the longest home 
loan queues seen since the 
“famine” oF 1974 will continue 
to confront house buyers this 
winter. 

Prospective purchasers are 
having lo wait up to three 
months or more for the mort- 
age offer, and growing numbers 
are being turned away from 
High Street branches and asked 
to try again later. Some 
societies have lengthened the 
period for which investors must 
save before qualifying for a 
loan and others arc offering 
smaller than usual advances to 
help make the money go further. 

A decision to remove the 
mortgage lending limits intro 
duced earlier this year would 
not, however, have eliminated 
the daunting waiting list 
because building socities can- 
not in any case hope at present 
to satisfy one of the most sin- 
tained and intense periods of 
mortgage demand on record. 

But the Government's deter- 
mination to prevent any signi- 
ficant increase in lending on 
house purchase, even in the 
modest levels which many 



at one stage to contain house 
price increases to below the 
rise in average earnings, now 
running at approximately an 
annual rate of 16 per cent. But 
the prospect of price rises of 
more than 20 per cent has not. 
so far at any rate, developed 
into anything remotely 
approaching a political issue and 
Ministers will derive consider- 
able satisfaction from that fact 
alone. 

Some societies claim that the 
present difficulties in the hous- 
ing market have been created 
by the Government's action. 
Potential house buyers, they 
say, were encouraged to enter 
the market because of fears of 
a home loan shortage, and all 
that has happened is that 
queues far mortgages have 
lengthened while prices have 
continued to rise. 

The major talking point now 
is what will happen in the next 
few months. Most societies, 
whaterer their attitude to the 
benefits or disadvantages of 
controls, are adamant that they 
should not be permitted to con- 
tinue for much longer. 

The societies are also con- 
cerned about the effects which 
a prolonged period of mortgage 
restraint could have on the 


societies could now contemplate, have now risen to over £100m increased lending for house without doubt, be allocating months of the year. The figures f*| ture 

means that there can be little a month compared to the more purchase by those societies more of their overall lending should, however, be treated Ias " ♦ FS # • “! rea . 

improvement in the current normal monthly figure of about which, because of the shortage For straight bouse purchase. with caution as they reflect su Sgesung that uncertainty over 

struggle for home loans. £40ru. of funds, have been failing to ooinions van- about whethpr Prices at the earlier mortgage H? t ^ 

howp«r Continuing talks with the Gov- reach even the reduced mort- or °{| ot th (^eminent shwld approval stage and the buying 1 ouraSt mTSS 

mdav bears ti^ ^mblancS ernment haVe resulted in one Sage advance limits agreed with have inte rvened in the first *** . »“* now become so S re^n to the 197? SS 

tothe dffficultDerlSoflSS marsinal relaxation of the the Government place. Some building society fetched thatthe latest position O fl35.000 againstanestimated 

when building societies were guidelines but the straight- The movement as a whole executives believe that a tem- 18 hard t0 determine. 155.000 for 1978. 

forced to accept loans from the jackeT remains. has. in fact been drawing pering of mortgage lending has But there is plenty ■ of This year at least has been 

Government to help to keep In addition to problems fairly heavily on its liquid funds been justified, accepting that a anecdotal evidence to suggest- a good one for the private house 

mortgage rates down and had caused by the Government s in- just to keep pace with the potentially damaging upsurge in that the private housing sector builder, with new house prices 

to slLh lending bv 15 per cent tervention, tin? societies have levels of lending now in opera- prices was possible and wishing is a good deal more orderly and rising by an estimated 20, per 

from the level of" the previous had considerable difficulties tion. Liquidity for societies as to ensure that, if it happened, stable than it has been for most cent plus and margins looking 

>ear over the summer months in a whole had fallen from nearly tiiey could not be held respon- of 1978. More properties are on more healthy than they have 

F’or the societies. 1978 will attracting a reasonable supply 22 per cent in January to about sible. Other society leaders still offer than at any time in the done for Four or five years, 

have been a period of unprece- of funds from the public. 18 per cent by the end of believe the move was crude, ill- past six months, prices have From the building societies’ 

dented success. Bv the end of I n the spring. Minimum Lend- August, with a reduction in considered and unnecessary, generally appeared to top out point o£ view, if they do now 

December, thev * will have ing Rate rose to 10 per cent, cash and investments from They continue to press for a and are continuing on a plateau begin to experience an upturn 

- l .... i ct eu Cc nu> .. ■ _ ■ i n . . — . . r . 1 . . E .i - J* , , . . ~ 


advanced as much as £8.5bn in interest rates generally turned E7.5bn to £6.9bn. 
loans against £6.7bn in the pre- upwards and the societies began 
vious 12 months. N'earlv to suffer the consequences as 

800.000 loans will have been their competitiveness declined, 
made, compared with just over receipts slumped front near 

400.000 in 1974. but even so thc £400m mark at the begin- 
tbeir efforts will not have "in? of the year to less than 
enabled them to match the fI50m by June and even the 


complete rejection of Ministerial after the sharp increases of the in the inflow of funds and find 
interference. spring and early summer. themselves capable of raising 

Opinions on the subsequent a few days ago. however, the lending to help bite into tbe 
effects of the controversial in- incorporated Society of Valuers backlog, pressure on the Govern- 
tervention are no less varied. an <j Auctioneers said it believed naent to allow them to go ahead 
Everyone in the building society prices were still moving up- can be expected to increase, 
movement accepts, however, wards and that, in a “free” For the Government, there 

— — . But despite some early signs that bouse prices in 1978 have market, a repeat of market remains considerable doubt 

apparently insatiable demand subsequent increase in their n f an improving outlook, many m0,7e d at a much faster raje conditions in the early 1970s about the outlook for house 
fu. mortgage finance. depositors’ — and borrowers — hoinebuvers remain faced with than at any time since 1972-73 was a strong possibility. prices. With a general election at 

t- .i rotDE hnrl little aITaM rtn mivra nil i f-lr Ui mnet . ... 


Exasperating 

wait 



were 

escalation 
was 

gestions dial the market was m ° .society uueresi rates oegan m , irtga o e situation— albeit from pnces aunng , 1S,B w 111 nave claim that if they had -not sensed - 

simply undergoing a short-term ,n increase nut. with hgure.* recon j levels risen by as much as 20 per cent, trouble early in the year, and The situation should come to 

readjustment after a four-year ««« nut next week whicn are _ rivanr ^ i a c t mn nth or even sl ' sl ?? y “ 0r<? \ In S0I ? e acted-on figures which suggested a head in the spring, when the 

period of sluggish price rises. ,lke, - v tn >how .September jV a( j ra °” l h n areas, notably London, the average prices were rising at an housing market reawakens after 

they called on the building receipts up to around £300m.. renamed at one ot tneir m ? n- prices of certain types of annual rate of nearly 20 its winter rest Societies could 
societies to cut back on lending, further medium-term rate fft e r e ete. reoecan„ eanier property have in many cases per cent, then the explo- be champing at the bit to start 
Although they had consider- adjustments now -eem unlikely. pr m^es, tot ] new actually doubled. The overall sion which everyone wished clearing away the long list of 

able reservations, the societies Tbe sort of improvement now situation represents one of to avoid might well have hopeful house purchasers and 

agreed and reduced by 10 per being experienced would, in 0 ° a “/' ^ aga “ sharp contrast to the 1977 taken place. Just how the Government may find itself 
cent the monthly level of normal circumstances, take « [ C ^ J 2 1 conirois were picture, when average house capable societies would have, in a .position where the difficul- 
advances for house purchase to ‘mme time to work through to “ rs t aeciaea upon. prices rose by about 8 per cent, been, given complete, freedom, ties in obtaining a mortgage 

a little over £600m a month, increase the availability of More significantly, however Third-quarter indices due to to pump more money into the prove as potentially unpopular 
The agreement did not cover mortgages, but little impact can only £603m of tbe August com- be published soon by one of housing market remains a moot as a period of substantial house 
lending on such items as im- be expected on this occasion mitment figures was for actual the largest building societies point. price increases. It may well be 

provement work, which is not because the hands of the house purchase against a sura are expected to show, if any- The Government cannot, how- that the chances of continuing 
regarded as potentially infla- societies are still tied by approaching £730m in March, thing, a further acceleration in ever! be entirely pleased with co-operation between the two 
tionary a<; loans Tor direct pur- Ministers. There may now. how- Given complete freedom of the rate of increase (10 per the pattern which has emerged sides will then be put to the 
chase, and advances in this area ever, be some scope for choice, may societies would now. cem) recorded in the first six because it was certainly hoping test 


Letters to the Editor 


revised) guidelines, and 
same time negotiated 


at the levels. 


fa same time negotiated a produc- of redundance- it u? likely that of the econom;-. 

From Mr. B. Counscll Jr. tivity deal whereby part (which ,| ]e w „]f are n f t h e redundant '*• T - Stride. 

Sir. — One of the greatest could be renegotiable annually) e , np | 0 vee wi'l be improved 1 mberfer*/. rartewlinm 

*«■ * h -* of of the workers' earninas u ' ae — ’■ — ■ - r rw.-„. v...-™. 


anomalies today is that 
relating amount of profit" to directly and genuinely geared to 
the size of wage demands. the company's n.e., their own) 

have been performance, and if. as they 
should, other companies followed 
suit to tbeir potentially equal 
advantage, we all might really. 


There is also the chance of 
lump sum termination payment. 
This can prove a welcome addi- 


Cpxom Dmcn a. Suirey. 


>ounzcr employee-. As a »:rie t September "JS 
benefir any emplov~~ 


Profits can already- 
used up in replacing previous 
losses, or in generating invest- 
ment moneys already ploughed 

back into the business to ensure d ‘ la->l - ometthere - 
the future of ihe workforce. Meanwhile. pending that 

■ Social Security benefi 

1 " ste c a .J \-Mh 1 us not make ,l more difficult to the new wage level. 

esoteric methods, our companies JJJSn*’ 'on™ somXf^iw °at A faV " uri J e l ‘ H '-' Lipal ' f ’ n 

should not so back to a simple fconomwis ." f l3 . lP -**-« been 

cash statement? This should 


For the first 26 weeks tapped entrepreneurial potential unable (or unwilling) to provide to a mental jelly as the exaraina- 

ev tended cover on a policy issued tion drew near. At the back of 
from their UK office and referred his mind was the thought that 
Crescent, my son tn their Swiss office, who failure meant the harsh punish 
then replied saying lhat they ment of bavins to resit the whole 
in their turn were unable to of Part 11 — a punishment not in 
effect an insurance nn any motor Rioted by many examining 
vehicle not registered in Switzer- bodies. Needless to say he failed 
land. As the Swiss Embassy had and with it has gone bis courage 
previously <aid that for a motor to face further examinations 
vehicle imported for less than a knowing that 1980 is his dead 


tion to the saving* of employee* Ppfisint 
near retirement. The opportunity * 
for moon Iighti og io ausmeni t'r< >tn Mr. .v 
Iheir resources appeals to the Sir. In 


i y-io»r (t ?r 
th' 1 ar;:cle 


by A-G. 


nn uDit-iinked ■; J i len n ? i a n r rr ^ ar re-registration 


oveeV s,i mnn * Rat , of in ,h *‘ country "of required - vour . Previous c< 

momentous anti-divisive' decision quentiy made redundant gain Fd tier is quoted as asking: * as O* 1- ' 1 discouraged an and 

nefi'.s related - Wh ‘. Al)u:d UYdo.f you were SBS ^ 


assist worker participators and. . ’ d eo-insel 
it seems, the Press and unions a „ re ^ differ 
to understand the position more v 7 Q" rev 
clearly. jo ^ rden Rood, 

Profits without money are tike Finchley, N'3. 
bees without honey! 


of 

least) perfectly clear-cut issue tr y and explain the phenomenon 
with another on which even 0 f 


will sensibly 


Bernard G. Counsell Jnr. 

10, Lake Road, 

Fairhairew, 

Lytham St- Annes. 

Lancashire. 

Productivity 

From Mr. IV. Grey 

Sir. — Perhaps sensing that he 
is fighting a losing battle nu the 
worker s 
B. A. __ . 

dragged in the red herring of 


Strikes 


From .Mr. .4. Scort 
Sir. — Governments, in varying 
degrees, seem to want lo set 
limits for pu> rises, but unions 
want to be m Ibe market place 
for what they can get. Very well, 
but this free marker should he 
self-financing. People should 
not attempt more than they can 


:er shareholding front. Mr. 3 jf or j There is no reason why 
. Cole has now (October 4j ^ pcst f U5 s f tolI | r | help finance 

in rhn rnrl hemnn uf . ..... .. r . 


the operation. Most of u« dn not 


insider dealing doubtless in the yet are' milked because 

hope of thereby tarring "ofb jEomehndy else happens io want 
with the same unsavoury nrush. sQmet hia s rr they «irike and 
By thus backing away from the requ i re public assistance, it 
merits of the case, however. ^ he should come a= a loan, tn be 
has come 
defeat. 


In an 


close to admitting repaid as a lump sum nr 3 long output prices indu 
with PAVE. One consequence V-'T. Although io** 
earlier letter (Sep- of this might, he mure thinking, through undeclared income. 


rising savings ratio*, com- 
ment has also been directed al 
the rapid expansion of the Ml 
defitulion of money aggrecali*. 
The two are linked — black in- 
come (undeclared 
earnings) 
clean assets through the . a vinsf 
industry channels i.e. natirmal 
savings, building society dcoosi:*. 
life assurance and bank depo>,t.,. 

The granting of higher ■■age? 
may enable the employer to i**— 
increased prices for hi* ri<j;ou; 
(under ihe provisions of ihe 
Price Code i . More ^ppr-*or:aTc 
manning levels may emerge, and 
there is the real possibility >if 
increased productivity thr.-ngh 
ihe inrentivp of ihe addition.,: 
earnings From overtime 
aml capital efficiency can 
improve. 

The Govern men: benefit* from 
fiscal drag increasing Inland 
Revenue receipt*. Th* higher 
addition:*: 
is suffered 


ine. That is his problem, but 
correspondents, 
her ones, now 
that my bon has 

■n reached so Tar as that company a point. 

Hi'* /("vni.r r5tir;?,?fri^ n a ,^»ded WJS concerned. Seemingly the council anc 

Finally, can I comment on the members of the Institute nl 
-U--, -~ tf 1S, 1 ’ij alleged difference in driving Chartered Accountants are in 

would d- 3 -' conditions. Many people find different to the fact that it is 
lhe >‘ are equally able lo drive their failure to provide adequate 
on 


!*?.■• 1 J [' U bad retired. on j e p t anj j t ^ e r jght. and training (and maybe their own 

di.er accumulating the ?3"ie that there are greater differences unfaraiiiarity with the subject) 

?£T. er i” un,,<i ' m a P® 1 " 10 !* between conditions in rural areas which leads to such a low pass 

, . . 1 • V:*'. a * <ia - v rete is the a0( j heavily trafficked areas in- rate. Recent Press reports seem 

laeciared monmign; answer •ipplicjb.e in the case of s jj e anv nne country, than there to indicate a certain comolacency 

1S ^ejng^tuj-ned mtn orie o: »he best-known umt-lmked are betv-een comparable areas *" the profession generally, but 

in different countries- in parti- l° improve standards, it js 
i-ular. the different priority surely their duty to see that 
arrangements at roundabouts, for everyone who has heen con- 
example. vary just a* much from mdered potentially acceptable to 
one (loniinenial country tn the institute, is given adequate, 
another as they do between a "d where necessary, special 
ihe UK and other European training, particularly in those 
••nuntne?. and it is not true, subjects which he or she find* 
therefore, lhat the motorist mos,t difficult This should not 
from one Gnnlinenlal European ^ t0 a ^ ew tu i tion .schools 
-nunirv will find no difference w-hose accommodation is sirictlv 
in conditions if he crosses a J? n L i , ted , aQ ^ ln tf l° se coni para- 
frontier lo annl 
both of them 


s -nemes. 

Norman Sumner. 

!■'. f.‘:v.*dou:re R-wti. 

Wimbledon. SW20. 


Motoring 


printed dfckiram.n which I had 

«anng that it was for ,; rird „“ 


teraber 26», Mr. Cole bad been shorter strikes and less inflation, 
sure that I “still underestimate A. H- Scott 
the value of worker sharehold- W2. Beeches Road. 
ings" as a direct performance Chelmsford. Essex. 
incentive. His latest has merely- 
convinced me even more that he. 
for his part, i* caught up in the tyfnifPK 
opposite error. Happily, the «5 
opportunity we have all long from Mr. J. Stride 
awaited for putting these con- s, Pi — n |c clear rhar the 

dieting theories to a practical private sector ha- an interest in 
test is ready in band—nf only "ranting substantial wage in- 
those preseated with it were, creases. 

unlike Mr. Gate himself, pre- jj a L .j alm private seclor 
pared to soap it up. unions succeeds, the members 

Yes. if only Ford management will be placed tn an improved 
and workers agreed a basic pay financial position, ll i* nf littie 
set* le ment within the Gnrern- consequence if as a quid pro quo 


J ’ " ‘ tem her I_*. c.n-1 f -vnuld he onlv Mr.— i read with interest the B 

. ' L ' '" rn ‘ loo ha pp- ir .. ha. be sav" in his !ol,ers n ‘ Mr& - Mincer (Septem- Fr °P t ,W . r ; ®- 

lav be purchasea. reply V^i'v '^crS t'hf ^ a "d Mr. Wooller Sir.-Mrs. 

o* he struct lira! bur 1 t-n assure him that my < Septem her ^7). May I be per- 


during the conversion from olack 
earnings to 
ment debt may 

There m 

benefit for th»> economy derived 
from increase* in private sector 
wages relative m in* 
sector. Such increa-os •*:»: 
oncouraae transfer* of isjour 
from the public tn the rrr.jte 
sector. This correct* ibe :;n- 
balance between *talt- and non- 
sr ale sectors w-hicn. n -.* a,!cgerj. 
is the root i;au-e of our oon,- 
economic performance and a 
tanjcihif threat tq ihe demoera*.:c 
traditions of the UK. 

Incident all”, the «i*e nf 


F-oir: Ur. f," Hotter 

S; r. — Having only just returned 
from h«ii:da\ i during wh'ch i 

U ,T,on a frir!** 1 rf,^' °hi frontier' I o' another!' just' because »'?*>; few firms who value" high 

n 1 r,n r "‘ "huh wa- a ,. r t h ein have n ^bl-hand tr ? mi n2 standards to the extent 

° that thev arc prepared to employ 

J , .......... Ilafter. be? l possible instructors for 

cnmesiif and pleasure purpose* 4fl rhurrh <trert 'heir staffs, 

pn*: I. I have only now s»*en Ihe l-:[ eic nrth Vi ddlrier M. Hudson. 

Setter i September 2ui from the /ia m male . ter. Dolphins Chart Road. 

Secrctery '>m-r.rl of ihe British Sutton Valeuce. Kent. 

In'urance A -soda tion. AcCOUntOJlCV 

In thd'. teller he «ecks to reply * 

i - my original letter of Sep- * - Ir ' M MttltS 

Sir. — [ read with interest the 


-on hid i he greatest difficulty 
in finding an;- company to pro- 
n::ii nb extended cover. 


Vide 

and :n parii’-ular found that n 
’ omruny oppranng boih in ih:s 
t-ouniry .-, nr j , n Switzerland 


Roole 

-Micheline Orde's 
(September 23) to Mr. 
milted to add my own comments Collins's problem of overlarge 
on accountancy examinations ? kettles . while workable, could 
I * niched my son'* battle with entail ihe purchase of a vacuum 
ihp Pan 11 finals over the period thus adding to the cost of 

1976 and 1977 which culminated producing the hot water, 
in his having to be re-examined The simplest solution, at no 


. which v- a * -,V- ! he w a* intend- the very subject, the elements cost at all (surely unique these 
in- in .tav v !n *. ,f m ii W a« nf fi " anc 'al decisions. At the days) is to place sufficient stones, 
qu'uf jnai.ini„i 1 w ' 3 * unable to believe his or similar, objects in ihe kettle 

-t ' ciui. !■. nii',1 ..ninmanr, —i.. in r]isnl:u-<* tt'alpr and Ins,, lha 


cynical comments about rele- to displace water and leave the 
i. would idt.c far too much v.ince tn practical accounting required amount lo be- heated. 
"■ J" detail all ibe and auditing, of the papers he ensuring of course, that the 

qtw’-ui.te? >r* r^n into Suffic** hart previously taken in that element is covered at all times. 
. ’IV nal otte very well-known nihjecl. it mereiy hein- a speed Brian Root*. 


sett e ment witnm me vinvern- consequence n as ^ quia pro quo inciaeniauy. toe «ne nf :ne cnrnp.n-- - 31 n „ hnfh tn this i a >i k„. i ..... .1, 

raent's mow perhaps to be the employer reduces manning black market radicate; the un- country' a=d l a Switzerland was to" see ium ^radMily reduced ^ " ° rtk * ate - 



Unmistakable 


Golden Blipse and 
18 ct blue coloured 
gold. They invariably 
identify Patek' Phifippe 
designs. They tell you 
that the watch was 
finished entirely by 
hand, in the manner 
practised by Patek Philipp' 
since 1839. The Golden 



Blipse was derived fc 
Patek Phifippe frorri 
the Golden Section, 
the principle which . 
already inspired the 
design of the 
Parthenon. The blue 
coloured gold of the 
dial is a bit of alchemy 
sighed Patek Phifippe. 


PATEK PHILIPPE 

Ennobled by the craftsman’s touch 

Catalogue and Hst of Jewellers from: Patek Philippe, Dept F # - 
P.O. Box 35. Maidenhead. Berks SL6 3BQ. 









J1CC 


BfeancSal Hmes Satui^y October'T'l978 

Today is the 21 st anniversary of the movement now known as the Consuriiers’ Association. 
David Churchill examines its past achievements and the problems facing it into the 1980s 




consumer movement’s 

coming of age 


HE CONSUMER movement in 
> ritain comes of . age today. 
; wenty-one years ago the first 

■ sue of a fledgling magazine 
died "Which? was published 

■ r a newly , famed organisa- 
. on, the Association for -Con- 
. imer Research (subsequently 
-■named Consumers 1 Associa- 
: in). In that first month, and 
!S Pite all the odds, some 
«,000 people took out a -sub- 
ription to the new magazine 
.hich somewhat hesitantly 
‘Obed into the world of 
.pirins and electric Kettles. As- 

-th all such ventures, the 
sedation started out with 

■ ithing— in fact, it was £487 

- debt after the first issue was 

■ .inched. 

Today, almost 600,000 people 
; bscribe to Which ? every . 
>nth and many of these also 
•7 the quarterly supplements, 
money, motoring, holidays 
d do-it-yourself. When the 
weiation’s annual report is 
Wished later this month it 
11 show that income this year 
.it £6 -2 5 m — is almost £lm 
ire than last year — and the 

■ urplus " (the association 
sfers not to call it profit) will 

almost Xl 68,000. 

This makes the Consumers* 
sedation the second largest 
isumer organisation in the 
..rid— after the U.S. Con- 
tiers' Union — but the- British 
-- can justly claim to be the 
•st comprehensive in the 
•ige of its activities. The 

- ociation employs about 500 
ff — more than the Govern- 

• nt's - Departmen t of Prices 
1 Consumer Protection 
to its 21st birthday, there- 
e, the association would 


seem in a stronger position U.S. hy Consumers’ Union — and 
than ever before adequately to published in a magazine called 
fulfil its role of informing con- Consumer Reports — was felt by 
sumers- about rtie comparative many to be too advanced for 
merits of various products and Britain. It was believed that 
.campaigning for mo'rii protec- UK libel laws were -too strict: 
tion on their behalf. VTHe con- that the Press was likely to 
sumer movetaezif .-Bit Britain, boycott publicising such tests 
however. m curronitljr dtf crossi- because of pressure from 
roads. In broad terns --it can advertisers: and preliminary 
be said that while , the 1960s market research suggested that 
were, a period ;of growing aware- housewives had no conscious 
ness- by the pubUc.tfnd* govern- desire for such Information. 
..meat of the emergipgjc^umer ^ ejMCt0figins of which? 
voiee. the I9r6s .teve^been are SQrroUT1< j e( j j, y folklore. But 
marked by- noi*£gM ve the generaJly accopted veriion 
. government action; te.ymldins ascribes the idea .to Mrs. Dorrie 
a legislative fraraewqrfe^, for Goodman a young,, newlv 
cpnsumer protertjon.-^rt at mar ri e d American woman 

e rJ ef i? n Sf^ who was studying at the London 

m Edinburgh the ' main qu^tion school of Dete r- 

*« , ? ,n * rsed "“"Cd to have a warm house as 

^? n ™ oveme ^ aun for protection against the English 
climate, she searched for the 
_ T* 1 *.. ?. a 5° n> J • ****** British cnuiva]cnt of Consumer 
Coundl which— althmi^r-wt up Reports s0 that she cou j d decido 
and financed by the Gov?roment which , enLraI heHtJng t0 

m 1975 — has managed to estah- i ns tal. 
lish an independent voice, made 
clear at the congress its belief 

that the consumer movement fVTsirKAt fpefind 
should try to establish a ICaUlIg 

credible voice with., govern- When told that there was no 
ment and become " a “ third such thing she set about start- 
force " alongside the CBI and ing one. She and her husband, 
TUC. The Consumers', Associa- with Michael Young (later to 
tinn, which ' has traditionally become Lord Young), and a 
maintained a conservative small group of economists, 
approach to such novel ideas, lawyers, engineers, and a film 
has so far remained, aloof. director established the associa- 

But if there is now some tion and prepared a dummy 
uncertainty about the develop- publication along the lines of 
irient of the consumer move- the U.S. magazine. ■ But basic 
ment, 21 years.ago .it seemed marker testing of this dummy — 
unlikely that 6uch an organise- simply by knocking on doors 
tion as the Consumers'. Associa- and asking housewives what 
tion would ever get ..off the they thought of it— failed to 
ground. Comparative product evoke any enthusiasm. Soon 
resting along th&- lines ‘carried afterwards, Mrs. Goodman 
out since the late 1930s in. the returned to the U.S. but 


Michael Young and the others 
continued to press ahead with 
plans for the launch of IVfcrcfe? 
They felt that, despite ail the 
potential problems, a magazine 
such as this was needed and 
could be made to work. The 
shopper, they believed, was at 
a continual disadvantage, 
especially as newer technolo- 
gically advanced products 
became more generally avail- 
able in the post-war years. 

Consumers' Association and 
Which? went from strength to 
strength during the 1960s. By 
the end of the decade subscrip- 
tions had reached about 
to-days level. (Subscriptions 
went on to reach almost 
three-quarters of a million 
before rising subscription 
charges brought them back to 
today’s level.) The association 
was able to establish extensive 
research facilities and braneb 
out into new publications, such 
as the quarterly Money Which? 
and Motoring Which? and a 
series of books including the 
popular annual Good Food 
Guide. In the late 1960s the 
association also opened iLs first 
High Street advice centre. It 
now directly runs six itself, with 
a further 200 advice centres run 
by local authorities, in addition 
to the Citizens Advice Bureaux 
network of aid centres. 

While the publication of com- 
parative product information 
was always seen as the associa- 
tion's main aim, it used to be 
quite reluctant to pursue 
vigorously a campaigning 
role on behalf of all con- 
sumers. . Its campaigning 
activities came as a result of 
making a surplus from its pub- 
lishing. Until 197.0, for instance; 


the amount of its budget allo- 
cated to campaigning work was 
merely ..the surplus left after 
al) other expenses bad been 
paid. Last year it was budgeted 
for at over £250,000. 

The 1970s, however, created a 
new. set of pressures for the 
association and the movement 
in general. One of the first acts 
of the. Heath Government is 
L970 Was to abolish the Con- 
sumer. Council, set up in 1963 
to provide some sort of forum 
at national level for debate of 
consumer issues. This closure 
left the association virtually on 
its own as a national force for 
consumerism. 

The Government's view was 
that consumer protection was 
best left to Parliament. A num- 
ber of T Pieces of legislation 
aimed to do just this were there- 
fore enacted in the early 1970s. 
The legislation included the 
Supply of Goods (Implied 
Terms) Act and the Unsolicited 
Goods and Services Act 

In addition. Sir Geoffrey Howe 
was appointed the first Minis- 
ter for Consumer Affairs in 
1972 and the Office of Fair Trad- 
ing. was set up the following 
year./ The Government faced 
with growing consumer opposi- 
tion to' rising prices, also back- 
tracked on its previous policy 
and encouraged local authorities 
to set up new consumer advice 
centres. 

But while inflation was spur- 
ring the Government on to pay 
more attention to the consumer 
voice, it was also creating sub- 
stantial problems of rising costs 
within the association. In 1974- 
1975 a disastrous trading defi- 
cit of several hundred thousand 





One of the Association's six High Street advice centres 


pounds led to a 15 per cent cut 
in staff and a rise in magazine 
subscription charges. Both 
moves created disgrun dement; 
the subscription increase led to 
a sharp drop in subscribers, 
and the cuts left staff with the 
feeling that the association was 
being run on too commercial 
lines. 

Mr. Peter Goldman, the asso- 
ciation's director since 1964, is 
still regarded with distrust by 
some of his staff following the 
redundancies crisis of a feu- 
years ago. But even his sternest 
critics have to admit that he 
has kept the association not 
only solvent but also profitable, 
enabling constant expansion of 
its activities. The underlying 
philosophy is (dear: the associa- 
tion has to be efficiently run 
and profitable if it is to survive 
and provide consumer inform- 
ation and campaign on parti- 
cular issues. 

Such a commercially orien- 
tated philosophy, however, has 
led the association to adopt ex- 
tremely vigorous marketing 
techniques somewhat akin to 
those of the Readers' Digest 
form of direct mail advertising. 
Last year the association spent 
more than £lm. — just under a 


fifth of its total income — on 
marketing and promotional acti- 
vities. Despite its critics, such 
expenditure and techniques 
mean that about eight out of 
every 10 subscribers renew their 
subscriptions each year. Which? 
alone costs £6 a year, while the 
total package including the four 
supplements every quarter, 
comes to £15 annually. 

According to Mr. Goldman, 
the association's development 
in the immediate future is 
twofold: first, to find new areas 
of consumer concern and 
develop these through the 
magazine; secondly, to continue 
the policy of campaigning on 
the consumers' behalf, especi- 
ally to press the UK consumers' 
point of view ar the European 
Commission in Brussels. 

But the association is less 
willing to be drawn into a 
directly more political role as 
envisaged by Mr. Michael 
Shanks, chairman of the 
National Consumer Council. 
This would involve the associa- 
tion being part of a federal 
organisation with a direct stake 
in national debates over eco- 
nomic and social issues, similar 
to the role achieved by the CBI 
and TUC ' 


The association's reluctant 
attitude towards Mr. Shanks’ 
scheme is based nut so much on 
competitive jealousy — such as 
dogged its relationship with the 
Consumer Council of the 1960s 
— but on concern about main- 
taining the association's inde- 
pendence and whether, in fact, 
the scheme is in its subscribers’ 
best interests. A change of 
government could all too easily 
see the NCC again being made 
a victim of political whim and 
having its grant withdrawn. 
The association, with the bulk 
of its income from subscribers, 
can afford to stay independent.- 
And it is not generally recog- 
nised that while the association 
has almost 600.000 subscribers, 
it has little more -than 2,000 
actual members who are 
entitled to vote at annual meet- 
ings. It only requires three 
years’ continuous subscription 
to Which? and another 50p a 
year to become a member— but 
only one subscriber in every 
300 bothers. Would the associa- 
tion be justified, therefore, in 
claiming to speak for consumers 
with government? Perhaps by 
the time the association cele- 
brates its next 21 years we will 
all know. 




4£ -X 

rm:. • 
i- » 


jV ’* 

-■ . 

r. 

SjtV 

i<‘.* : 




& 




X 


Veekend 


The marketing ebnlHenee of 
earth mover makers JfCB is 
renowned in a trauJewhicb Is 
. far more fast . moving - and 
. competitive than, the massive 
slow motion of the equipment 


Itself might suggest, but 
over the next couple of 
weeks even the normal 
JCB slickness is being 
excelled. At a cost of some 
£120,000 the company, still 


range 

sues 


some extent you could 
jathise with the digna tones 
he British Film Institute' 
looked around the thin; 
s Of those, gathered for 
. little party earlier ' this: 
c For some months, now. 
deadlines have been sniping 
r at alleged in-house 
merits at the EFT, par- 
arly over the appointment 
new director. The Institute 
rfy expected a big crowd- 
die last reel of this drama, . 

had arranged a trahs- 
"ntJc. sound link just for the 
5ion, but interest was small, 
viously a director is less 
-.worthy than no director," 
an official glumly, 
rcitement over the BFTs>- 
jobs is based on the fact 
as' the guardian of Britain^ 
o-visual heritage (running 
National Film Theatre, keep- 
the nation’s film and TV' 
ives among otlier things)/ 
^organisation comes in. fpr- 
ai'.s-..-fc,.^A..Arf§eat deal of flack.. It may'j™ 
ave eased that burden by* 
^-^Cv.^.v a^^ inting an American to take /— 
as the new director,- andT‘ 
ring prepared to. wait until. - 
into next - year before he 
up the job while their 
director, Keith Lucas, 
at the end of the.yeari 
rC, .s-V&Z&r.ti Perry,' currently Head 
and Humanities at 
. :|tiebury Gollege, Vermont* . 

7 :- 7.7 ~ l is regarded as quitu-a coup. 

■' " : ^be Institute. In his early : 



run by the Bam ford family 
but now in the form of 32- 
year-old Anthony Bamford, is 
flying In two jet loads of pros- 
pective American buyers and 
treating them to ye olde 
Englishe hard sell. 

For years the bright yellow 
JCB machines have been a 
common enough sight in 
dlfehes and on building sites 
the world over, but the Ameri- 
can market was a major excep- 
tion. With American con- 
tractors taking annually 
about. 20,000 machines which 
might roughly be said to be 
rivals of the basie£15.000 JCB 
excavator loader, some 5l.fi 
per . cent of the total world 
market, it was clearly a gap 
In the overall business. The 
Bamford clan moved In In 
1976 and notched a modest 
SlJSm worth of sales, last year 
this topped 910m, and the 
company is how weU on target 
for S20m this year. 

The first of two sets of 
Americans arrived hi Britain 
yesterday, some 150 of them 
from Chicago. The second 
load will arrive in a week’s 
time. Each will get trips t« 
typical British pubs, Eliza- 
bethan banquet -nights, tours 
round the JCB factory and, of 
course, the how famed JCB 
circus which puts earth mov- 
ing equipment through a big. 
top routine. As a finishing 


touch JCB plans to apologise 
for not taking the group to 
see Buckingham Palace, and 
has taka a Guards’ band to 
Stafford - instead. ** We ■ are 
very tiny (American rivals 
are people like Ford and 
Case) and we. are trying Like 
hell to show them why they 
should boy British and buy 
us." 

Our picture shows JCB 
Sales managing director Dick 
Ryeland, with star performer. 


p P f or^ h inase a^filra ?oyd, a focal point you're wrong- It lies in the 

;-;™V. nd areMvist and was « considerable amount of . pri- bowels of a large granite build- 

: . a time d^rtoJ of toe ^te UK film invertment money ingest behind Wall Street. 

“I 1 ”® fi y^ at the ^ nwraent. Boyd is now better known as the Federal 
if Art in New working on Sweet 'William, a Reserve Bank of New York. 

' departure^ from S ^“ce 3* ** F *t 

" ~. ly id stuff against Fort Kno^s 



set 

i 







W++* - 


tlV. 

f r \ ^ 

it? 


” S h ^ f . hV^s 'he^went T the ^ lea5t ^ortii^and'thatis at ^ the 

ise but ne says ne *em three are funded and there are official rat* nf *42 on a n nnnw 

ause my job was complete. ' a ^ of H jn various stages JJg overT'W 

tices a considerable cutm of preparation. With £lm being ai] -, un fJ B e stocks are worth 
y to come to the £ 1 — 000 - a fj^jy modest feature film flve tiTnpg _ re 
r-plus London job "budget these days. this makes ■ 

-ns he Is coming becauso Boyd a major fitm-maker indeed 

Bn is the only such ^ one of the* biggest in the f 

lisation in the world with uk Fed has about a 

_ hrna j rt n - 0 f the * . oulhon Ingots, each weighing 

Jm/ThP is that the A * uccessfu3 graduate from 27 pounds, giving the hoard a 
alfik for the hard - bat weU ft,n - ded ' wor] ° total weight of over 12.000 tons 

l ot teievisiar. commwcials. Boyd _ whi(:i) ‘ why tte 8oor of «« 

eing cost ettecuve. S(jnJe a?0 attracte( j the vau j t rests on Manhattan's solid 

attention of City financial l«nk granite bedrock because no 

fiian Roy Tucker and it js Tucker structure could carry such a 

- who, say& Boyd, has been able dense'weight 

to conjure up jgrivate support Fed proud of lts 

' . for the film projects. Boyd's en- treasure, and it throws the vault 

thusiasm for the film business (jpors open daily, to the public. 

■ is preparing himself - for as a successful Industry, is in- Throws ’* is perhaps the wrong 
il in the UK just as jhe,, factious. “The film business is word ^ describe a door that 

industry itself is in The ia for a resurgence. I am venr weights go tons Mt j ^sts In a 

of some glum self- optimistic. We should be bui- stee j and concrete frame weigh- 
sis. While cinemas -the-lfeh. about it.” One of his argu- ^ a further 140 tons, but it 
over are bulging at the meat* that just as British tele- conveys something of the 
; with much increased^ 7 vision is following Its American drama, 
nces, it does not take much' counterpart into middle age, so inside, the visitor is con- 
e way of incisive analy^s -a new generation of film-makers fronted by a series . of caged 
3te that they are being are coming on the scene and compartments, rather like a zoo, 
■ted by mainly American providing young people, with harbouring 10ifoot-high stacks 
Even the latest crop of good alternative entertainment 0 f ^ precious metal, glistening 
nanced pictures from the faintly. in the dim light But 

•; Grade and Delfont con- ■ j then* may also be a few odd 

* high proportion of pic- M IQaQ 111 P iles of P° Td » wor * a ®illion 

that are actual ly_ made in " - • ■ . . dollars or two, lying casually 

Jca, with U.S. stars. . Otllllfilt • • ' around like packets in a ware- 

.is nice therefore to find "V h ?^ % be S° red ’ A 

is an occasional ray of IF, LIKE .Goldfinger, you risk? Not really. W- anyone 
bred hope. In this case the thought the world's biggest tned . to slip one ia hii Po»5* 
e *- youthful film^makhr hoard f o£ gold lay in Fort Knox, (a ss u min g 


straight through the lining on 
to his foot) he would have to 
make it out of the building in 
eight seconds, which is all it 
takes to seal every door and 
crack, and flood the place with 
machine-gun-boring guards. 

. No one has yet taken up the 
challenge. 

The curious tiling about the 
gold, though, is that not one 
ounce of it belongs to the U,S. 
lt is all owned by foreign 
Governments and international 
organisations like the IMF. 
(U.S. gold Is in Fort Knox). The 
Fed looks after this hoard for 
others (free of charge), partly 
because the gold has always 
been there, partly because it 
simplifies international pay- 
ments when all that needs to be 
done to settle a bill between 
Governments is wheel a -few 
ingots from one compartment 
to another. (There is, how- 
ever, a charge of $1 per ingot 
for this service.) 

But it is. pointless going to 
. the Fed. to ascertain a country’s 
creditworthiness because the 
Fed, while happily showing you 
the cages, won’t tell you which 
cage belongs to ’whom. For, 
like the Zurich gnomes so often 
described, the Fed operates 
numbered accounts, too. 


it ..didn’t 


Contributors: 

Arthur Sandies and 
David. Lascelles. - 
Picture: Hugh Routledge 


SUNDAY— Hesse provincial 
elections: considered an import- 
ant indicator of political mood in 
West Germany. 

MONDAY— National Economic 
Development Council meeting, 
London. British Oxygen pay talks 
resume, London. Gen. Mosbe 
Dayan, Israel's Foreign Minister, 
addresses United Nation's 
General Assembly. European Par- 
liament five-day session starts in 
Strasbourg. EEC Justice Minis- 
ters meet in Luxembourg. De- 
partment of Industry publishes 
September provisional wholesale 
price index numbers. 

TUESDAY — Conservative 
Party annual conference. starts in 
Brighton. Fire Brigade Union 


Economic Diary 


conference opens in Bridlington. 
Equal Opportunities Commission 
statement on child care provision 
for working parents. British 
Overseas Trade Board statement 
od selling to Japan. China's 
Foreign Minister, Huang Hua, 
arrives in London for four days 
of talks. Chancellor Helmut 
Schmidt of West Germany starts 
fouiHlay official visit to Japan, 
EEC- Development Council meets 
in Luxembourg. Treasury pub- 
lishes September figures on 
central government financial 
transactions (including borrow- 
ing requirement). Bank of Eng- 


land releases U.K. banks' eligible 
liabilities, reserve assets, reserve 
ratios and special deposits for 
mid-September. Department of 
Industry’s provisional September 
figures for vehicle production. 
London clearing banks’ monthly 
statement for mid-September- 
WEDNESDAY — Conservative 
Party conference continues at 
Brighton-^Mr. Edward Heath at 
Conference Youth Forum. TUC 
Economic Committee meets. Sir 
Barrie Heath, SMMT president, 
statement on Motor Show. 

■ THURSDAY— Egypt and Israel 
start peace talks in Washington 


under UN auspices. Western aid 
donors start two-day talks in 
Brussels on Zaire rescue plan. 

FRIDAY — Mrs. Margaret 
Thatcher addresses Conservative 
Party conference in Brighton- 
Lord Chancellor addresses Magis- 
trates Association annual meet- 
ing, Guildhall. BSC/BISPA Sep- 
tember usuable steel production 
figures. Department of Employ- 
ment September retail prices in- 
dex. Building Societies' receipts 
and loans for September. Cen- 
tral Statistical Office publishes 
the August provisional index of 
industrial production, and the 
September balance of payments 
current account and overseas 
trade figures. 





Agrowth area with outstanding potential 


Target announces a new fund to Invest In the shares of 
companies operating in the Far East, This fund will be suit- 
able for investors wishing to diversify their capital to cover 
countries such as Japan, Australia, Hong Kong, Singapore 
and Malaysia. 


Outstanding Investment Potential 


Target believes the Far East and Pacific to be an area where great 
economic expansion is likely to take place over the next few years. 
The major countries in this area enjoy increasing productivity, 
relatively low rates, of inflation and firm currencies. China's 
increasing trade with the West should benefit HONG KONG, her 
major port, and JAPAN who is China's closest supplier of goods 
and technology. The momentum of MALAYSIA'S expanding 
economy continues largely through her wide range of minerals 
and raw materials. AUSTRALIA'S vast mineral resources are 
again attracting Yenewed investor interest as the economic and 
political problems are being resolved. And finally, SINGAPORE, 
a huge trading centre, is one of the most industrious and dynamic 
countries in the world. 


Capital Protection Through Portfolio Spread 


Overall Target feels that the Pacific is an area in v/hich investors 
should hava an interest. There exists no easier nor more efficient 
way of doing so than through a unit trust like Target Pacific Fund 
with its inherent wide spread of investments which the individual 
Investor of modest means could not achieve himself. 

The investments will be chosen from the wide range of sound 
companies operating in the Pacific for their growth potential. To 
reduce the effect of the fluctuations in the investment currency 
premium, a multi-currency loan facility of US SI million and 
backed by sterling deposits has been arranged. 


Successful Investment Management 

A specialist fund like the Pacific Fund demands specialist local 
knowledge which the investment managers, Dawnay, Day A Co. 
Limhed.have wide experience in obtaining from their many world 
wide contacts. The performance of Target's specialist U.K. and 
overseas Funds over the past year is probably the best recom- 
mendation to you ot Target Pacific Fund. 

Target American Eagle .. 3rd in a field of 16 American funds 
Target investment Trust ... top performer in this sector 
Target Commodity ... 4th in afield of 9 commodity funds 

Source — Money Management and Unitholder— September 19/8 

YourCapital And Income Return 

The major consideration of the investment managers is to- seek to 
maximise the capital return, income being of secondary import- 
ance. In order to help achieve this aim we are offering reinvest- 
ment units whereby the income is ploughed back into capital to 
increase the value of the unit.- You can,ftowever v have income' 
distributed if you apply for income units. 

Your investment should be regarded as long term. 

Share Exchange Scheme - - 

Target's simple and cost saving scheme allows you to exchange 
your shares for units on advantageous terms. Details on request. 

. Units Are Easy To Buy 

Simply complete the application and send it to us with your 
cheque (minimum investment £300) before 13th October, 1978 to 
obtain reinvestment units at 33.0p or income units at 29.6p xd. 
Current estimated gross annual yield— 0.73°-S- 
Remember the price ol units and the income from them can go 
down as wellas ; up. 


THl FL'ND. rcitm«TtvT«i*rt hwmaikwwl Fund mi 
lacomtimird wHh iha oddiowbI ol omrholrten on 
1BJ*i S«DWmb« 1978. APPLICATIONS in«J 
cfteaues'-viil not to acJuwwtedcml but comitates 
wHI be ten! within 42 de«. YOU MAY 5ELL YOUR ' 
UNITS at any time at a price not lau than that 
calculated by DcHfUiem of Trade regulations 
-payment bo marie within TO riant of receipt of 
the renounced certificate. Hie pice of units and 
th* yhiW are auotttJ riatly latlie neikmel puss, AN 
INITIAL CHARGE o ! SS iptnctudfid m th* Gal* 
pries of units out ol which th* Managers' will pay 
<remmBsl£>n of 1|* u qualified agents. THE 
MANAGERS reserve the ittfln to don th* offer 
twfore th» dais stand H the offer price varies by 
more tban li'i. Altar the close of The offer units 
will be available at the riariiv -price. IF YOU BUY 
REINVESTMENT UNITS Income not Of basic rate 
taa will be reinvested on your behalf so inci easing 
the value of und* retatve to the Income unit, 
income units, how*v«, «aWy fora disriiBution nef 
of baric rate las on 15th October each year; ih* 
nexi payment Is due on ISlh October 1979. An. 
annual charge of 0.37314 ot devalue of the Fund 
plus V.A.T. Ain be deducted from 'the gross income 
of the Fund. TRUSTEE:- MMIend Rmk T>u*l 
Company Umrt*4 MANAGERS; T*i9*t Treat 
Manners Llmhad {a **mV** -of tha Unit Trust 
MaoHiliofO TaJopiKfl#: 01-46? 7093. 


fTARfi 
P Target 


FT 




■■■■■OFFER CLOSING 13th OCTOBER 1978 ■» 

TARGET TRUST MANAGERS LIMITED (Dept.T.O.), 

Target House, Gatehouse Road, Aylesbury, Budu, HP193EB. 

I/We wish to Invest £ in 'Reinvestment units at 33.op or ’Income units at£9.6p xd (minimum £300) o< I 

Target Pacific Fund and enclose a cheque made payable to Target Trust Managers Ltd. I 

•fliete/e whichever is not applicable. „ 

I/We declare that I am /we are not resident outside the Scheduled Territories and t am/we are not acquiring I 
units as the nominee(s) of any pereonfe] resident outside these Territories. This offer Is not aveilable-io residents B 
of the Republic oi Ireland. 


Slgnature(s)_ 


-Date. 


If (here are faint applicants all, mu st sig n and attach names and addresses separa tefy. 

PLEASE WRITE IN BLOCK LETTERS - THE CERTIFICATE WILL BE PREPARED FROM THIS FORM. 

Names In full (Mr Mrs Miss) ■ — - 

Address ... — ■ ■ ■ — 1 — -*■ — ■ - ■ — - 


Please let me have details oT Targets Share Exchange Scheme □ 
Scheme □ Do you already hold Target units -YE S/NO. 



Timed Investment Scheme □ Monthly Savings 


ToihI Trial Maiuweti Limited 
hep. In EDQtind No. unu n 
re»SelHausa. . 

Gitnheuwr Read, 

AxItsMty, But**. 


Tof.i! F.uiii.f-:- rjhdi.ir :r; 


juemi.'nt'in rhfc Turqci Group £1 2 0.000,000 



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IS 


COMPANY NEWS 


English Property profit 
near £5m in first half 


Scottish 
TV looks 
for big 
profit rise 



Financial Tunes Saturday 0ctbbeF .7 : l9?8,. J 

Surpfisel 


bid for 




White 


Reported revenue before tax of 
the English Property Corporation 
rose from £4. Mm to £4.8am in the 
half year to April 30, 1978, and 
after tax and minorities, net 
attributable revenue advanced to 
£I-23m, against £l-17m. Aberthaw & I 

The interim dividend is main- Amax 

tained at 1 25p absorbing £1.1 9m Cradley Print 

t£1.17rai. The total in 1976-77 English Property fnt. 1.25 

was 22p. Firmin 1 

Six months A. Goldberg • 
ie:s 1977 Oceana Consol 

«w MW Richards (Leics 
50.W4 19JaO 
«14 
1J1.1 
17.42.1 

1*1 
4 m 
S.7B3 
1.221 


DIVIDENDS ANNOUNCED 


£12.8m bid triggered for 
Plantation Holdings 

- . A bid for Elaotatlon Holdings damentkl clearances " to cohnec- agement is stake property, group NV BeWSS! 

should be substantially ahead of w3s triggered off yesterday when tian with any Capital Cains Tax cidcd against Malay- maslsdiapplf Werehftare?* 

**“ i- M^iave.on Mmn«n« v»hiittiec wKioh rrvivh* arise as a in view of moves turned to the former oronl 


FIRt^T half profits of Seyttish 
Television are up from iT.Oam *o 
fl.OSm and the directors are con- 
fident that results for toe year 


BY JOHN BRENNAN, 

HAVING FAILED in iff hia j 
English Property “ 


,s believed.. o .hare 


Net prop. Invest. Income* 

Property profiisr 

Deposit imercki . . . 

Inrerest* 

Revenue bolero tax 

Tax i-r.-dit 

Nei revenue 

Minor lues 

Attributable 


•V444 Scottish TV 
as. 172 (i. \V. Sparro 

Spong 

.-.tiw Tanks Consol. 




Date 

Corre- 

Total 

Total 

Current 

of sponding 

for ' 

last 

payment 

payment 

div. 

year 

year 

...int 

2.79 

Jan. 4 

- 2.76 

— 

6.76 

..final 

555 

Dec. 1 

43? 

186 i 

175 


1.11 

Jan. 4 

0.99 

l.U 

0JH> 

...fnt. 

12.0 

Jan. S 

1.25 

— 

2.3 

...int. 

1.37t 

OcL 20 

1.23 

. — 

3. 68 

...inL 

1J3 

Feb. 19 

1.12 

— 

4.11 


0.74 



0.67 

0.74 

0.67 

...inL 

1.5 

Nov. 16 

151 ' 

— 

3.81 

...int. 

0.55 

Dec. I 

015 

— 

1.63 

...int. 

122 



1.09 

— 

2-36 

...int. 

0.96 

Nov. 30 

0.86 

— 

2.15 

...inL 

nil 

— 

0.44 

— 

125 

...im. 

4 

Nov. 24 

4 

— 

10 


- - --- — - - . - _ _ in view 01 m«>« Hutchison turned to the former ofinJn 

The rate of revenue increase Multi-Purpose Holdings Berhad. result of the reconstructoU. ■ / slanisation ana since high flyer JUidhnm White fflS 

has grown since July and forward bousht out the 27.31 per cent of Now MPHB says that it intends does not nave an, o^, Lags). . r 

bookings for the remainder of Plantation held for many years to continue the policy of investi- piantation interim fQr Midhurst, . once earmarked- 7 

the year are strong. It is not .by the Hong Kong giant Hutch i- gating the method of reorganis- Hambros “ the growth property vehiS-' 

expected that costs will take up SO n International. mg. the company, a .movfr vyhich MPHB. . City financier Mr. (Bhor'dai 

— - - - and the late Gabriel Harrfogr 


as much of the increase as in mphB already burned 20.73 per would ultimately result in - the ____ 

the first half, the directors say. cent of Plantation, together wilh " l ^ a 1 ^^° t ^- Ion 1 ’ 5 LRC CLOSES 


Sales for Uie half year were - lXs s j s ter company Malaysian wd palm °“ j rvCS M^VKER 

ahead at £9.15ra, against £7.53m. Multi-Purpose Co-Operative aiawjsm. - • • ■ ■ • ro.Mrc 1681711 yesterday afternootiTfl 

~C rsianna # C^flT flfMIl ^ / vmn .1.. h.viinht n .IflKHB ItSClI llBS Interests .in 'JJV FRAl<Lt *■* — 1 — * -* - • -- 


the failed property giant Anmv 
mated Investment and 


, .manv property development •. , , . 

These moves brought JVIPHBs For its part Plantation also has nsUon® 1 jn 


44 per cent of its shares had £ 

■ uaaM . - — - The trading activities of » loss* Acquired by Wereldhavo. In'* = 

making subsidiary of LRC few- Morgan GrenfeU, the 


France are to be .ter- group's merchant 
LRC is putting into advisors. - confirmed 


r Tax of £613.000 (£307.000) society (KSM). and also bougnt a 
ing s per non-voting A further 700,000 shares 0-73 per 
ordinary are given 

against 8.Slp. _ 

.TK interim dividend ii 1-216P st a k ‘e~in Pr a ntation to 49.97 per si J r^JL 'mte^te.^ibl^ mlnated. Lkc is iguj-s aavista^. - coimnnea yesfeix 
(1.0Mp). Last year the total was cent so it obliged to offer the £ g ?JS iSeotlfic instruiStS^Sid liquidation Its that subsequent^market pur^ 

2^o9ap on. pra-tax orobls or camp nt*irr» — R4.n — »o the remain- ~ instimer ?nd video -Gelds. ‘ jng com Dai 

9n .r...,.. E ... In its profit figures for.-'ihe detailed 

comment 


2Ha95p 

£1.74m. 


1 174 


* Equivalent after 

* After maHne transfers in respeL-i ul increased by rights 
4»rWopnicm properhe? iT.fiim i£LL28nn. j or 10^7 on .^CT reduct 
*■ Loss lows. : Cha rjte. 


The amount transferred tn 


"• p " - “ ” “rTB r j;Sfir a fl^f6r tte^»i'=rn* M . !f adon 

The cash offer amounts to a haIf 5ear p t0 June, published reviewed ail possible alternatives Midhursts board, unaware^ 

.-- - total of £12J8m for the outstand- 0 n, y a ^ptnighr ago, thestf^xm- -to make the subsidiary profitable, voting control has- passer! 

ter allowing For scrip issue- fOo capital Scottish Television’s 3 per cent rise ins shares and mirrors yesterday s , ri buted a third of total trading ^ LRC? last financial ^ear the . Dutoh gronpi last >>1 

and or acquisition issues. £ Additional 0.Q3722P in pre -t a x profits is unimpressive, market price. It is conditional pro fi tS of £1.4m. The group profits ending March 31. 1875 uepex advised shareholders to 

uclion. 5 Gross L T .S. cents throughout. The company got a 20 per cent only upon clearance from the themselves were £L23m Idwer made losses or- wwwjw, anu - 

increase in its rate card in March Monopolies - Commission _ as^ all jj, an • ~ 

and overall advertising sales in other c< 

cent relating 


development prnoertics has been an d a l«o because of the deprecia- £788.000 has been credited tn tf, e g ret h _]r ^ ^ |)e . r 

reduced from £U.3m to £7.6m, t ioo in Ihe Canadian dollar, the revenue and charged to capital higher However oro-’TS 

reflecting the transfer to invest- board do not expect the second reserve. This relief wa« not avail- expenditure bn, been oartici 


made losses of £384^000, and action on the 48 p a -share^M? 
...upui.^ man in tne previous half Tear, according IO , i^C ye 5 to ibay there ^ the market filidhurst^ ^ 

ter consents, particularly those largely as a result of poor palm were little signs tn 31 ™ er ^ rose 4Jp to the offer price, at t 
ating to MPHB's Malaysian oil crops — contributions from be any improvement in toe dose. 

1 ..a Lahmi AMnlrtOif r _ -i j j Ubi. Ai** -L‘ - ji fo-i r - linrUitireh'c Kaq p «1 * 


programme registration, have heen obtained, palm oil dropped by 3ff per cent, current year. Mldhursts board, ' ad vft&V 

, . — -- - - ------- expenditure ha^ been oarticularly The offer comes at a time when Rubber profits were also sub- Depex »as purehaged by Lazard- Brothers, is cousSdOTf 

ment category during 19*<wi. half year to make as large a con- able for the prerious pennd. heavy in the fim half Tltat is Planratlori's Board is proceeding stantiaDy lower. in 1975 for £280,000- The subsi- the offer. But Wereldhavep*? 

l hc Boursidiere development mburion to net attributable Foreign currencies have been not surprising as Scottish has only with a plan to hive off the Malay- Yesterday a spokesman for diary has been affected by a spate j 0 have achieved a fait aoumj 

— - - - - - !J ~ of the busl-' Rothschild and Sons, the merchant of problems. The last reported jn its ^ step into thii^ 

could offer bank advising Hutchison said that figures showed the effects _ of /ast property niarkeL . 

tumr - — - 

; sale 
the 



benefit or Hutchison believed that the price year’s mild autumn, which It is believed that the batit- 

• Ho ci. hn „ n< , — — , ... w v ^ it had received for its. shares was the subsidiary's safes of not water Wereldhave's initial 44 per.« 

4 1 n D hti.«l2r <£62 ,i .000» on the ordinal^- and sterling of approximately 13 i»r years Scottish is clearlv anxious Only yesterday the company fair as far as it was concerned. bottles, and the poor spring shareholding came from ^ 

af a hr*Vk- vahil nf D ^i ” preference dividends. In accord- »nt. If the figures w ere restated to fulfil its roil on the produc- announced that the Inland Hutchison had held the stake which depressed the sales • its holders of the '43^5 per cent 

ance with the group's accounting using the exchange rates ruling at tj 0n front. Tt did come in for Revenue had given “certain fun- for many years but the new man- swimming products. slake sold off. by AIFs liquid*! 


tnent. the site having been 
eluded 

ance W un me groups accounting using me exenangg rates numg at tj 0n front. It did come in for Revenue had given “certain fun- for many years but the new man- swimming proaums. slake sold off by Alp’s liquiSj 

Asa result of these factors and policies, revenue losses for tax October 2. 1978, the net attribu- gom e criticism from the Annan . in May 1977. At that . 

further transfers tn investment purposes have been offset against table revenue would be reduced report on broadcasting However, - _ ■' ' ^ AIP stock changed 'hands -J 

category in he effected during the capital gains. by some £200 000 programme expenditure has been DaxmJ 25.15p a share and the nij 

second half of the current year The resulting tax rebel of See Lex bunched Into- the first half and I lC|WCtfYfl l^Oiptf'TC ' KgJlM— ’ SlJlV S purchasers were and. 

overall this year the company if iJvlI A M-M *** stood to be a company con&olf 

looks capable of producing pre- . by Mr. David Heimann. MfiDnc? 

tax profits of over £2m cotripared - - ... - . m -■ . a ■ chairman, and investment <$ej 

with 0.74m. On that basis the «4*jnb#*Oi 1 1**/ VlVin AAAfirfl nlA^ of stockbrokers Raphael 2am 

shares stand on a fully taxed pros- lf||yfl||y C, tJIJL M-UlC Wereld have’s interest in a 

pecture p/e o£ 3.7 and the yield uuhvvv|I 4HV1V hurst focuses on the cwnpan 

•with a 10 per cent increase) is a . ' , 49^50 s»q ft long leasehold Bb 

5.7 per cent covered 7.1 times. As TERMS of the frustrated merger "totally unacceptable both com- Commission in the U.S. to Q ate office block near Londo 
a regional. Scottish's market rat- between Dawson International merdally and financially. “ authorise dealings to start by victoria Station. On a Febnfc 


Gas price increase takes toll of 
Aberthaw at six months stage 

PROFITS before tax down from year the group paid a total diri- penditure which is planned to be 
£535.000 to £522.000 are reported dend of fi.7574p from record pre- incurred before December 31. 
by Aberthaw and Bristol Channel tax profits of £ 1.86m. The board is very conscious of 

Portland Cement Company, fnr The first half profit is after the low rate of returns bein'’ 
the first half of 1978. Turnover depreciation £319.000 (£306,000) earned and is endeavouring to u£ 
improved from £8.17m to £9.S5m. and interest £148.000 (£210,000). crease profitability in every 
Because nf a further large rise Tax takes £242.000 <£406,000) possible way. 
to the price of gas. costs, have leaving £280.000 against £429,000. One of the principal means by 
risen considerably since July 1 In calculating the figures for which this can be achieved is to 
and the recent increase in cement lax for the half-year, capital allow- convert the kilns at the Aberthaw 
prices will be insufficient to pro- ances have been based on actual works to coal burning. Plans to 
duc-e any. improvement in pre-tax capital expenditure during the convert to coal were started as 
Profit the second half compared period. • soon as it became known that gas 

with the first six months, the The tax charge for the year is prices were uncompetitive. 
TO^ ors . “>• .... . . likely to be at a lower rate than But due 

The interim dividend is stepped that for the first six months in amount 0 
up from 2.<ji4p to 2.7992p. Last view of the substantial capital ex- Qjulred to 

sion. the earliest date ~fnr the 


See Lex 


ment from William Baird, which 
is now bidding for Dawson. 

The merger terms, says Baird, 
were "excessively in favour of 


EASTWOOD FAMO; 
BUYING BACK - 
CONTRACTOR 


ins is unlikely to match the larger . T . 

companies. bUt the small yield is a " d John Haggas are revealed for 
the major reason why the shares the first time m the oner docu- 
have not moved , higher. 

Cradley 
advances 

j n-jnp a 

ttf The rtaggas proposals -vere Payment iv aj be made in cash S“ IMf S « IW ,‘ “' c r to buy toe Adam Easfuc 

.As expected, pre-tax profits of ™ v :^! ed *»***• ,^ a ?. Iey „ F ‘ e,d - from existing resources and by a ^ for toe orierence £“^8 *** engmejrl 

Cradlev Printing Cora pan v im- BaJrd » chairman, in his position fiee-year term bank loan of made ■ Lfte P re£erenco business back from Imperial;.* 

"" " — ~ ■ ~ ■ a price thought to be o .4 

loan stock will be can- region of flra. . 

on the basis that holders Imperial which bought'Eastwt 


Tuesday. revaluation the building *• 

Ladbroke shares rose 7p to I93p vaJuetI at SJ5m boo^ 

_ . n _ rnf , last night on speculation that a a^ets per share to around 

CARTTERS PAYS ' LLS. "share quote was imminent. a bove Wereldhave's offer. 
£0.55M FOR ADRs are dollar denominated 

mnncTfiDCS!' '■ securities issued against shares 

ruuusiUKta beid by a bank or trust company. 

Cartiers Superfoods has agreed 

Haggas shareholders and wholly to acquire four leasehold food-' D .vDrrr 

inequitable from the viewpoint of stores in Colchester. Grays, New- RAidlIK Washwond famiW k w* 

SuWsrwsnSsrj: raM 
hEsr of about 30 <’•' -• in s&s fids*?* as 

Haggas proposals * tiJJPPA ffB SP J5TS." *!$ JV&MMS 


Stewart Plastics sales 
up 23% in first quarter 


In the first three months of liie The company had excess profits in pre-tax profits however, left stage from £70^9 to £90,378, 

£ ear ; lUrnov 5 r K 0f <S!,ft'y.nn of £325.000 at April 30. 1976, ,he shares a further 7p lower at 

Plastics has increased by £330.000. £150000 of I43p. With sales more (han one 

an advance of 22.6 per cent over “* -““SS fifto better margins are almost 

the corresponding period or last ,n and 8 further £800.000 halved at 5,3 per cent primarily 

year, Mr. C. Dugan-Chapmart. ihe >0 19.7/78; In the opinion of The due to the company’s much larger 
chairman, says in his annual board, the balance of £75.000 gas hill; a previous contract with 
report should be cleared in the current Ihe Gas Board expired and could 

In ihe present circumstances, year. only be renegotiated on corisfder- 

he is confident that business will During t h c year total raniral ab 'y less attractive terms. Clearly, 
continue to progress favourably j nv e =tme nt w as £291 mm !>f «hi?h lhe Immediate outlook is even 
and with the increased manufac- S« S (SS w « in5«£i to m iSff **»**• ^ 5 P«r cent price in- 

tltrinn fanonilr h*. ! mb, X-ld.UW W3S invested 10 addl- - • ~ — • - - 


completion of the 
autumn of 1979. 

A J. IS sieppea up ID. {.IUPJP rei ner nron p r ]y disrharowl wrthnin Hi«s- «q it ana tne net setting tne directors ot is. ana M. re- — " — r ;*" 

• comment top share compared with 0.99p the teS of ^the hL are ? by 58 -3°° «I ft to 176 ^00 commend the loan stock proposals 

A bad result had been antici- aphjpvpH nn $*>*!"* « «t - and the preference offer. <* J - B - " le * 

pa ted from Aberthaw and Bristol -irtif- i-t-rr m 

Channel but a 37 per cent stamp !, n l erim 


Richards 
(Leicester) 
to improve 


proposals,” Mr. Field declares. ^ ^«u u * „««. . the group at the end of this mot 

Under the planned merger, a , iccnruTr nr i T to join Adam Eastwood and: 

new company would have been LADBROKE AmULIA 1 fc, UbAL help m the development of oil 

set up to make offers for both Dealings hi American Depositary Caxenove and Co. has purchased family interests. 

Dawson and Haggas. Each share Receipts heldagSSdSroK 62.000 Ch- Goldrei Foucard and . rr . DD -, DCC . *.• w- 
m Dawson would hare been shares are expected to start 5 in 800 <’tdinary shares at 104ip on NO PROBES 
exchanged for one share in the uie U5. eariyitoxt week, accord- behaif of Northern Foods. In The- acquisition oft subsCaut 
new company, while for every j ng ta eam i > || ne ^ leisure 'aMUIrm to the 34 per cent of minority sharehoIdtngiin'A.Mw' 
three shares m Haggas, share- gr Sup last nig^ 8 t fl*e equity already Hrrevocabiy and CoJ^By Davy IhteFSMv 
holders would have received two . . committed under the agreed bid, the merger of Helena- Bn&histe 

new ordinary shares and 300p in Sate. Ladbroke Ndrtoern has now purchased a and Cotr are not to btFnSS. 

cash. 5v^,SLi d *K«’ ? Jd iW he further 9^9 per cent of the to the MonopoUes and_M«» 

in addition Dawson share- eipected ^ Secuntieg Exchange shares. Commission, 

holders were to receive an - - - 



Cluff rights to raise £2.7m 


tunng capacity, he looks forward TTonhJ m achin erv pan? nmom CTease in June wi]1 *» some help PIJni _ K , ' . . interim dividend of 3p per sha 

to a larger share of the market, mo u M ^ maC Wti h p q U jnmf n i a /l£ in the second half but it will not f r R 9 FlTS before tax of Richards while Haggas shareholders wi 

Sales during the year tn April V'l th / r d ™" d for offset the further rise , n gas (Leicester) ^were do«n from entitled to receive a final divi- 

30. 1978 continued to rise, says abroaiT^remaln to- h i^r COEts - Volune should be up but dend of 0.552p per share. The 

the chairman. Turnover reached fu,! F ea r profits below £lm of sales of £2.iim g rst dividend from the new com- 

£fl.27m. an increase of 12.S per o r o 2ra mm^ hv n?rip rto I^ Sflm) now seem highly prob- compared -with £2.64m. pan y would be 5p per share for 

cent, and trading profit was able - Next year’s conversion to ta progress against firm u,e year to next March. 

£1.34m. an increase of 5.6 per e ^ F ’ c °al should have a big impact on contracts were significantly board of Raird ha« r« Pr 

cent months of the current >ear this pro fj ts ^ w jjj not unduly stretch higher pn July 2 than the com- f. 1 '* DI Wro or Baird has reser- 

.VI though during the year The ‘J some ^208.000, sa vs lhe balance sheet. But a question parable figure at December 31 of^Dawson xtilh Haecaf 

Croup had approximately £400.000 lhe chairman. mark mu5 , hanR over the com . and the directors say this should f 5™! n , t !L“. HagBas - 

more on deposit and invested. Laie deliveries of some of the pany's long term growth pros- result m increased states and * Hau _£v e ,.,„„j3 5 ’ h , .. uua oa ’ a. private ou explara- on June 30 or December 31 in “close” for tax purposes, 

the general fall in interest rales additional machines and lhe peels given its limited geographi- higher profits during the second " tion company, is proposing to the years 1980 to 1984 inclusive. It is proposed to pay Mr. W..'. 4 :, 

reduced investment earnings by necessity of installing facilities cal field- of operation and heavy six months. -*7:'“ b ?i. a n r,g bto issue of Each warrant will entitle the Chown the siim of £10.000 as 6c 

almost £100.000. As a result, over- for a further IfJflflkw of power -.dependence on cement. In a -However, lhe continuing vn- y l " an nisionc ratio for uawson Lonvertible A shares and bolder to receive lip ner per half pensation for loss of office^’’ 

all pre-tax profits were LS£81 less supply, with consequent rartial sector politically unpopular and cerlainties facing the country Ul income warrants. v ear on June 30 and December 31 addition Mr Chown will onteri"*^. 

than ihe previous year. inierruption in production, i»o- bound by a common pricing make it impossible to be more * Haggas shareholders would get ‘he D -?, su the ls ™ e that in each of toe years 1980 to' 1984. a consultancy agreement with. 

Nevertheless, profit after tax incided with a period of ‘ high ragfeement the Fully taxed pros- explicit, the board states. £12.4m of cash, whereas Dawson offer @2.958 units of " 

shows an improvement of I14.6R3. demand for the group's products. -peclive p : e of 12 looks generous. Earnings per 25p share are shareholders would get none. Convertible ■' A" shares and 

a '21 per cent increase. Profits “We were r ihus prexente'd from “though" on a likely nil tax charge given as 3-Sp asainsi 7.75p. The “The increase in Dawson's divi- income warrants at a price of 4lttp 

— .......... .... - - — ■ • from P" unit on the basis or one unit 

for every four ordinary shares 
held on October 6. 

tax charge) adds support. £661,000. ings per share were last year over _ 9l un -2 nd old togs) which . . -- — — — 

39p per share." ho, ds 37 per cent of Cluff Oil's of the proposed merger of not already own In toted 

« On the basis nf the last nub- 222* 9522? 


See Lex 


“ ne retained and added to reserves fully benefiting during the year this falls to 5.6. The prospective interim dividend is lifted from dend would “only be from 

J °uh were virtually the Fame at from the tradine opportunities yield of 7.S per cent (covered. 1-2 Ip tn 1.3p — the total last year 3.75I9p per share to Sp per share, 

— £R42,747 as against £640,019 last which arose," Mr. Dugan-Chap- more than three times on a nil was 3.8087p on pre-tax profits of even though Dawson’s own earn- 


CHOWN MERCER 
DETAILS POSTED 


company for . two years. 

YORKGREEN JNV. . 

Yorkgreen Investments, wb 
is seeking shareholders' appro 


year. 


mart says. 


The full document containing for the purchase of shares it d* 


Results due next week 

The main features nn next terribly impressive but the the group reported a pre-tax The company’s poor catalogue . . , 

week's list or company announce- o ene ral fcetinn at the time was figure of £33m and the estimates the second half last time is es- * Q ^ b , 0 r their las-t’nub- ^sthutions. 
ments include full-year profits that ihj n ^ s wn uld ret better in fnr -'Par's first half arc pevtcd to affect the first six ]i h d bai.,..™, she eia. Dawson .„I hc balan ce of the issue, 

from Consolidated Goldfields, and Si? c 5 around £3m. Gross, margins months of toe current jiar. 3 ,,=1 S no ?'" s ?" 430.2.17 iinits. has been under-' 


would contribute to the new com- hv R»rto«; 

mnv m n™ „f „ a * WT '” en oy Baring Brothers. 

Tne directors, giving 


‘V M appear t« be getting better and Finally analysts are going for mid- f-Baih . 

support f anaij.sti.who th e tosses in the Food division last term profits nf £2.S5m-£3m SitoHaSm- tobuI«?S.2F 

■*£*J U !L >■»“■ aro thnught_to be consider- fiMfcni from Empire Stores, due h^nnuro S COn,n ' 

ablj ; redu 
be helped 
in consumer 


in his annual statement, 
a reverse Por ^ yg^ t0 Aprl | 39, JSw 

Yorkoreen’s profits slipped fr 
« t? r th ® £9.363 to £0,779 after an esc 
H°. ?;•. Marlborough Ilona! write-off of £31J16 

their amounts to erednine 7.IM7 4KR now ZL 


the stock market via 
takeover of Chown. 
The consideration 


„ nA the second hair. This view still 
interim results from Glaxo and *._. 

Tiebenhams. The mail order sec- es ii male 

tor eels a , triple look in with H uro du “ ltl be reported on £5j“ «« 
announcemenis Troni Freemans. W( , ndav . will be around £93m. abl> ™d“ced 
t. rattan II arehooses ami Emr»re cninpared w | t », | ;is i year's £87m. 

Sinres while lhe toy industry sees Thp nrn h]pni in 1H0 fip<» hair »•« . .. 

first half results Trom Lesnev /ailln- m-ir-lns inrf » dSX „ \ n . ,°? e Provinces. Afflicted D.v a gams coming through from the V” “ ""“ ra ' 1979. aner aeaucnng avatianto ms shareholders of Marlborough inn ‘X 7T™ « 

Products and .’lletfov. f* t E" ' llf 3 wasonal pattern of trad- new computer prnuramme:- Mail Meanwhile. Dawson s chairman, cash resources at August 31 laxt will own 68J!5 ner cLm" of°^h2 7. kerjD " assistance to 

, ° , .. ta “» ^ n,v ' ,h measured infl fhp | ifcrfv sfP , jne imnrove: order erouDs havn harf the .Mr. Alan Smith, ha* written m or rsncisj P*r..5 enr of . “• manufacture and distribunon 

Consolidated Gold Helds diree 
inrs Torecasl of increased earn 




ines is expected to be fulfilled 

when the results are released 

Wednesday. The average oT sra _ n *? d }|j e " has com ribuWd' slight ij less than Without the destocking .-prob- 

a ri3 ly sts estimates is £ilm with a Ffhrum^ , and slow I> filtering a firrh of the overall fisure. Jems of last year, and with the 

tiglil ranae rrnm liO.jm-to lil.am, th rtnish to world markets, will , ^ , ' . benefit of a sharn inj-rease in 

compared with the 1976-77 fi^ire ease the pressure on margins. The Three mad order rompanle*- JJJJJJ ^ g"P tS 

of £35.6m. Earnings from construe- company has indicated that the manufa^ Cor a 


riorT” materials' "companies were price inerea-ses unulrt add as much *™» ^""P'lre Sti>res-a re reporting S-Srt^’Sar^t'in it 

welt ahead at the halfway mark as £2m tn pre-tax profits In 1977- interims next week and a mixed f^tar 0 11 311 takc.s time to 


and a strong full rear result is and considerably more in wt ° f Its they are likely tn ^j^ n Up 

commercial compam^ are'mam- fro™- Wltf i^timaiwranginu C j?' ° r h ^ u fj 

, ai „ ins year’* p ?fr= JJ-J- ^ 

W n.r ton. - l ^ '*rs £? siss 



and (here should 
increases cnminc 


Fields of South Africa and share showed a small improvement on s h OU | d 


first six months. 


New trusts: a sign of the times 

.}* J! f - n -..?? n - ? n __ Jap ? n ' .> ou . ao torouqh its are prepared to deal in and out 


profits for the oral, or is it a sign of the limes Japan fundi, whereas Target's 


. , , The prospect of income gro* 

.■huu iin « nut more ihnn a U the blg attraction t0 Chicftal 



Cnliiiunr 

FINAL DIVIDENDS 

Pult-r 'Ben.' CoDstrucnen - 

BPM Boldins? 

Consol idai'-d r.old t-tel*!** 

C.14S0 HolUioa-. 

i.’M-n 1 K. • Proocnws - ... 

HJisi?ad 1 lami-s* iHoIUinssi 

Hisftiond Elcctromr^ Croup 

i»nr>' Prownr Hoidinus 

Lak<* sod EUiot - - 

Lawtex 

Loelaroods f-ood.*. 

1 -mdoo aod Sinubdvdi* Trus' 

Alorsn Tro MnMms* — 

Wotftwirh. fatk.-c 

Scoulsli M<-ironolitan Pmtvrty Co. 
Wonibwoil l oondre and EnRtn^^nng C 
INTERIM DIVIDENDS 
Aberthaw >nd Bristol Chan, Fon. LVm, 

Adda lnn-rwaUonat 

Allilund . . .. • . ■ - 

.A tn 3 Is u mail'd Power Ensmeenna 

.issoeia'i’d Blseuti Manuracturers -'... 

Asl» dt><l Lary . 

Allas Eteiirw and On-ral Tr*w< _ . 

Bronx Ensineonnu .Holdings 

Nrunions iMiws»*iburflh* - • 

OariwmhC '!< • Nulduias — — 

t hrlsul'S • iniemanonal 

Collett. DitMmwi. Prut re \memawwuil 

p^beuliains ... - 

Poiniuion and Uenor at Trust 

E^inljur?ti tnvMOoenr Tnrs; . .. . 

Empire Stores tBradlord. 

En^lan-l El* and Sons nvolllnxion- 
F.xiemat tnTP«fmrot Trust 

Fni-ncll. Eleclremo* - - 

f EB UttetnaMoal 


Dirufeml «pi* 

Lon. year Th.s ‘ ear 
IM. Final Inc. 



Company 


Tosarry -E ' and Co . .. 
Poser pros Clochioi .. . 
Kr*~man< •I.oodm Swo, 
i.rampur. Nolrtmca 

'".ratten Wjn-hou«~* 

'Tn-t-ns Ei'inonw.-r Croup 

Bamsoo »T C • 

Hfl-nc ot London 

K''«.fiv-n-S'aan plant 



1.3 

1 w 

1.3 

H.-ll -CharUs. nl Pnsiol 




a.fivsjfl 


Im-rciir loieKmMir Group 

W.^Jne<al»v 

U 45 

n ws 

0 4TJ 

J^ronJp <S 1 »ml Sons •Holdin«c- 

W VrV*I»r 

SO 

IH.O 

* n 

t.oopt-r Gmop 


TtwtvUr 

0.81i.'. 

5. 

vauj 

Li«s?> VroPuris jnd Co. . 

- . ..... ........ 

Timsdar 

fl.visit: 

n.31<C4j 

11 0 

Wamr-Rli'-k 

. ... .. ... 

Wntn^sdar 

0 sti 

0 WS!9 

0 .Vj 

Mcttor >.'o 

Mess Bros 



Tucsdav 

J. uni 

4.0 


Moorhens,' 4nd Prort ... 


Thursday 


<1 -IhfJU 


Mtf.lem r.totio- and Co 

. ..... ... 

Wi-dm’Mlsv 

1 1) 

.1 .1 


PUUk-% 1 Willem. «nd Co. 

. .. ...... . . 

Turtdjy . 

, r.r.i 

2 M 


R-rd .Austin Croup .. . 

.. . ’ 

Tuesday 

1.4U.WU.1 1 iWft 


R.-m Etecnuvr 

— - t 

l-rida> 

•to 

1 KNS 


Hubcroid .. -- .. 

... .. . .. 

Thutsdir 

0.6 

l * 


1 fVvn. ft > Sncx 

and C« 

ThUmdax 

0.4 

1 


Scliuanm ■— 


Thurwiay 


:i.8inr 


Sticnnitjrfu Hototnjt* 

. .. . 

Tar-wiar 




Transa'lantir Ji»l C.aoera’ 

Idve^nnenlii . 

Wi-ilntfsdar 

1. 0 

2 2712 


Wai-rfonl Hiavs 

- .... ....... . . 

WrtiKWlas 

I i-’i.. 

l ~\!\ 


W*l*» XiV-j B-'arn* and 

Co — 

Tnnr*da> 

i:y»i2 

17t&l 



.. 

Ttnirojay 

l.i 

r. 


. INTERIM FIGURES ONLY 


nimfptui ip*“ 
l.«st v.ar fhl» «ur 
Im. Final . ln|. 

OftSI 1 7U.1F5 • 

1 a.’.sftj i.b liars 

= 4 = 1 .i 2 .tr* 

1-* J.4XA ' ' 

T.TS a SO.* 

- u 2 1:115 

I ‘A 3.T« 

“ « 67#7 . 

" ItWTJ u. T1W3S 
:n 3 J6 
* : n.4 

".-I56S1S L’JiniH 
n.aisr; j -jrs . 

*»34 1 MS 

- n CD 


tb*! 1 tile launch of its South East shares iboth Taraet and Save and SOmc 70 f rom Henderson is not Ilk 

Asia Growth Fund marks .a retiirn Prosper say they wouldn't want ° f *bem overaea*, : to rise much at alL However, at 

to a more aggressive stance after, more than 50 in their porTfolios-i k* u^ r * s f w,d er spread already estimated 12-25 per cent. P 

several years of living in the and that all of them will he more 1 1 „i POrtr ° lo ‘ Th, - S is a quarterly, it provides other att* 

shadow of iLs illustrious rival M. aggressively managed than their *“ 5 J™ta«rous vereion ol uons of considerable weight, 

and G. And indeed, it probably British counterparts might be ■■ * G 5 Recovery Fund, tiiough 

does. The — »- " '** 

whether, 
lar market. 

Its return io me unensivc rauier man m«ir Civ counternart In thn - *»•«« juiuh-j toe — . — ; 7- 

late. eaw of these funds, however Hp to P so Wrformers. But. like the X^ n “ ,a I * coounoaly known 

nowever. the RecoV ery Fund, and the specialist Gener ali. one or the top msunul 
■ - - groups in the EEC. with assets 

“-S.S4.8lm. Its UK operation 1 


1 v 1 

1 JXR51 

n sr 
1 *» 

«a» 

1 1) 

1 run 

O.T 
j » 

0 45 


1.072 
1 WOSI 
4 S2 
.1.0 
•.3W. 
t«W7' 
l.M 
3.5574 
VH 
•1.771 


.Save and Prosper itself says delicate balance between invest Recovery Fund, and the specialist 
no: that whatever the gyrations tag in a specific area, and maini«" fuads , mentioned above, ft's f/S 

in these murkets in the immediate ine money, is still going in C- strictly for those in search of “-7 . — r- - , - „* M 

past, there’s going ta he a lot of lipped in favour of the former- spiral growth: the yield is only ™“ cil stntator. with assets of o* 
economic growth for them to re- ever Save and Prosper doesn't 341 P® r cent - I 70 " 1 - bu{ ‘ r ^ been «";***“ 

J* cl lf l the longer-term Tuture envisage going more than 25 per For those who. in contrast are fSiLJS*' 5 ? years : 

V: D h. 4°™ vieS^fS 8 Targe^^kon^on^ nSnmm "1 ^ch^se VS™**. f^krS 1 


I.KT.12U 


V..W.V, 

l.n 

n.S 


» r;M 
1 3 
•IS 



. Monday 

.. w>tto«*sd«» 

. MiWdiV 

.. w«dn««fay 
- Tu*-5d«r 
ttanKW* 


i.J 
2 rt 

uJai 

22.1 

o,« 


S.M 

2 

1 15i« 
7 S 
429 

u 


Pivcdr dnrao 
HrAim . 

I*rex 

TaiF of 


poiential of the forecast, \vhu> iup and downs i. anflllSnee thcltaed - 110 Wr,od lhe initial tovesooe 

:t aims to tap willi its Far Kastern The same caveat applies to the lEntl?fmMood onroSms nf to" 'l refurned * P |us _ thg 

Fund. North American Trust or the n-w S aSih SSSL? m ' l ^ cash bas ool been taken* 

. T hwre are differences between unit trust group CraignunuiL Like lnpn ^ the Sehlesiwe«* d Mi»* . but again _ there coaW. 

these funds: notably, that there the Far Eastern 
will be no Japanese content to vehicle designed 
the S and P. - -- 

"Mt SflVfi and nwavu o U* « aynwnmn uu i inff M ■uumueas vmr Inn . — 

in tf interest rales more 1 u*m . 


" „ Air” luc new come growtn. rna immediate re- vlaiuiv- h 7i. a » Thpro coatd ’ 

SlS T?f« SSJ? * li^hnny' Vito ihr f itM* 

**5*215*™'!* *SS&S*£ «S«"?a 


.£u«5i»di itorairt face* pur «tun. and "dedusted tar -tzyeuarv^nM «crty- the S and P. portfolio- (if you taJ growth through investment iri fl!md° I toterest content 1 , Lw f«urii than a batldinr 

a Prospers expertise a specialist market; anduoiessyou loiT 15 mgtter * but the investor is lock» 


S;-. 


-irtfc'-j?. 


w.y**w 








Financial Times; Saturday October .7 1978 


OF THE WEEK’S COMPANY NEWS 



:19 


5 Y 


* -jr.- 
>*Uy. 

V. .,.\_ 

fe';'- 

i 


<• v.\- 


- 

Qrp- , 
■ ’* 


juke-over bids and mergers 

-• icjj. Two British timber groups, Internatiooa] Ttaftir and 
{ ,F * Mbergcrs, are p lanning to merge in as agreed deal worth £7-8m. 

... I : i / j. wrnational Timber is bidding three of its shares plus l?0p cash 
r . ®yery seven Bamhergers shares. The price caused; some 

P^e in the City as speculators had been expecting a somewhat 
; •v" her °® er and . Bambergers shares, fell sharply to. 77p haying 

^ebed 92p - ahead of 'the bid announcement. Directors of 
ia;. ; ,/hhergers are supporting the bid and have pledged- acceptances 
"•^respect °f their 10.6 per cent shareholdings. 

j. Carrington Viyella, one of- the main contenders in the take- 
. j-v-r battle for Compton Sons and Webb, has withdrawn- its bid 
* ' 'Oh valued the company at around £10m. This leaves just one 

• " '*"• t on the table — the cash and shares bid from Courtaolds. 

cb values the uniform manufacturer at around £I2m. Bow- 
-*V r » Courtaulds may not have the field to itself for. very long 
-: x owing an announcement from Compton that' the company had 
Waived another bid approach. . 

ir"*: Terms have been agreed for . the acquisition by. Thomson 
. J ■ animation of all -the Temaining shares of EC (Holdings) not 
• ; >;ady owned. The offer is 40p a share. .. . . 

- .Garaar Scotblair is making an agreed £340,000 cash and 

res bid for A. T. Klogswood. a public unquoted company 
. •_ ' tufacturing and dealing in exotic leathers. The deal - will 

' 'ease tlie range of specialised lijtfit leather goods which Carnar 
. . . rs. making marketing and distribution more effective. 

' British Petroleum and Veha, West Germany's biggest energy 
. t-ern; are appealing to Count Otto Lainbsdorff. the -'West 
. " man Economics Minister to overrule the decision by the 
' era! Cartel Office blocking Deutsche BFa DM SOOm {£2 10m) 

. .1 for most of Veba's Geisenberg subsidiary. 

’ Red I and has agreed to buy Automated Bid id Ing Components 
’ • • r. Iiami, Florida, U.S., for about $26-2m. Agreement in principle 
announced in June but now firm contracts have ^been 
langed and the deal will become 'effective on January 3. 


Unilever has sold the major part of its 31 per cent slake in 
Ellis and Everard-— acquired during an abortive bid m 1.073— to 
1CI in a cash deal. IC1 has bought the stake in Ellis and 
Everard in order to replace a 80 per cent holding in Evcrard’s 
chemicals subsidiary which ICI is selling back to the parent group 
for £l_4m. 

Hosfcias and Horton has rejected a takeuvor approach from 
the Tulbcx Group because the former can see no commercial ingic 
in the proposal. 


Value of Price . Value 

Company bid per Market before of bid 
Bid for share** 1 price*.* bid lEm'sl** 


Bidder 


Final 

AecTce 

date 


Ahda Packaging 
Bamhergcrs ' 
Bon.se r Eng. 
Bourne and 
Hollingsworth 
Compton .Sons 
and Webb 
Curncrcrort 

Crosstpy Building 
Products 
Custnmaqic 
Dawson lain!. 
Eastwood (J. B.) 
Glanfleld Secs. 
(lOiUrel Foucard 
Lyons (i.) 
Midland 
Educational 
Mount CW.) 

NY nnd Gartmore 
Trldant Group 
Printers 
Trldant Group 
Printers 


Prim in peace artless Otherwise Indicated 


145* 

7WS8 

45* 

235* 

7(1* 

65“ 


. 105" 

20S§§ 

332* 

33S 

ins* 

134 

150* 

224* 

47* 

85* 


nn 

m 

44 

231 

72 

65 


104 
16 
J!l5 
15R 

335 

105 
152 

isn 

41 

45 

PS 


100 * 08 


ins 

88 

SB 

317 

SO 

56 


04 

If} 

156 

00 

305 

78 

07 

120 

27 

46 

55 

84 


4.03 

7.S1 

2.70 


Rockwarr Grp. 
lull. Timber 
Kaye Oman. 


11.28 Raybcck 


1192 

1.62 


7.07 

MU 

35.BS 

HLaS 

G.W7 

2.39. 

60.52 

2.10 

(1.225 

3.76 


Pentns 

Jenth 

Brfcomin 


10 to 


3 72 StarweM Inv. 6 '10 


4.38 Argus Press 

* All cash offer, t Cash alternative, i Partial bid. 5 For capital 
not already held. U Combined marker -capitalisation. ■: Date on_wnicn 
scheme is expected to become operative. *• Based on October o. 13iS. 
vt At suspension. Estimated. * R 6,1 
October 8. 1078. 


PRELIMINARY RESULTS 


Company 


Pre-tax profit 
V ear to f£000) 


17 10 


Courtaiilds 
Armstrong 
.Equipment 12. 10 

TiOwater 
iMnoloya Inv*. — 
Win. Baird 
Cargill 
l^egal & Genl. — 
Northn. Foods — 
Allied Brews. — 


Armstrong Equipt. 
Assam Frontier 
Bcjam Group 
P.rvanl Holdings 
Cope AUman 
EMI 

Grimshawe Hldgs. 
Harrisons MaJa>sn 
In gall Inds. 
levies (8.) 
MacAJlen'Gicn. 
Rama r Textile* 
Snga Holidays 
Sandc nwn Murray 
WiiUehvnse Eng. 


Earnings" Dividends* 
per share (p) per share (pi 


July 2 
Dc-c.ai 
July 1 
May 21 
July 1 
June :sn 
Apr. 3» 
■Mar. 31 
June 30 
June 30 
July 3 1 
Apr. 28 
Juno 30 
■lime 30 
July l 


8.667 (6.263) 
2.360 <4,2301 
2.US0 (2^40) 
64 12,660; 
9.180 (9.969) 

26.000 ( 04.7n0) 

29 (39 1L 

24.000 (24.3UU) 

347 (253) 

SO (744) 

(3fi2> 
1275.1 
(MIDI 
( 210 ) 
<179; 


4ir» 

206 

1.908 

149 

222 


8.7 

5t.4 

7.6 

14 6 
7.1 

2 4 

6.7 

3 1 

6.4 
192 

1.4 
IK 6 

0.3 

IJ.i 


(6.5) 
1110.91 
t:.oi 
I4.S) 
( I7J0 
<25.71 
I — i 
18.9) 
<2.7 1 
(16^) 
(14.41 
1 1-6) 
(12.2) 
16 i) 
(11. l; 


2.265 (24)27) 
12.1 <— 1 
1.621 (1.452) 
3.7678(3.424)1) 
3.502 (3.136) 
(9.24 > 
(Nil) 
13.5 1 
4 1.7 * 
(4.468) 
(4J6) 

( 11.21 J) 
(—1 
(3.103) 
<2.086} 


9.38 
Nil 
4.Q. 
1.S7 
4-0S9 
5.137 
0.302 
4 5 
3.4 65 
2.329 


= Offers for sale, placings and introductions 

Agricultural Mortgage Corporation: Issue of £2m 10£ per cent 
Bunds dated October 12. 1979. at par. 

Sears Roebuck: Lundon listing of common stnek- 


_ Scrip Issues 


i Share* and cfluh. !i1 Based on 


Sejant Group: One cumulative preference for 20 ordinary. 
Guinness Peat: One for one ordinary. 

Wolslenholme Bronze: One-for-nne. 


INTERIM STATEMENTS 


Company 


Half-year 

to 


tax on 

£000) 


June 30 
June SO 
June 30 
June 30 
June 30 
SepL 30 
July 26 
June 3d 
June 31) 


6.700 
1,450 
259 
fi,70t 
5.633 
2.120+ 
3.810 
275 
. 940 


(6.3801 

(1,190; 

(253) 

(8,0161 

(6.72$) 

(1^20)i 

(3*30) 

(207) 

(409) 


Inlerim dindends* 
■per share (pi - 


2.152 
2.5 
1.2 
3.162 
5.195 
2.03 
1.0691 
Nil 
11 


(t.927) 

(2.0) 

(1.0) 

(2861 

(2.904) 

( 2.01 

(Nil) 

I Nil) 

( 1.01 


Averys 
Beatson Clark 
Beau ford Group 
Bunzl Pulp 
Cspelndf. 

Ciivo Discount 
Currys 

Ex pin ration Co. 

F.C. Finance 
Finlao fJohnl 
Finlay Packg. 

Haded Carrier 
Higgs & HI!! 

Hifioos Footwear 
Holt Uovri 
Ingham (G.) 

Jacob ( W. and R.) 

Lai z (Percy) Grp. 

L/VSMO 

Marshall Carndsh. 

News lull. 

Rock ware Group 
Sanderson Kayser 
Sears Hides. 

Smnrflt fJeffrsn.) 

Warne AVrieht 
Wills tC.OO-1 
Wlsmhlni. Bronze 

(Figures in parentheses are for corresponding period.-; 
Dividend* <hown net except where otherwise stated. 

* Adjusted for any interveninn scrip issue. ? Including special 
HividenH due to rhanac in tax rate, j \‘et. f Gross. I. Loss. 

Rights Issues 

Crosby House: £3 nf in per cent convertible unsecured loan stock 
1987-90 at par for five ordinary. 

Yorkgreen lavs.: One-for-one at 12p. 


June 30 

21 

(56) 

Nil 

(Nil) 

June 30 

242 

(246) 

0.275 " 

(0551 

June 30 

1.025 

1793) 

3.0 

(2.75) • 

June 30 

1.560 . 

(1,2501 

2.218 

(1.9861- 

July 28 

408 

(205) 

1.356J- 

. 11.16) 

Sept. D 

1.060 

d.eoii 

3.5 

(2.751 

June 30 - 

21 

(22) 

Nil 

<NH) 

July 14 

314 . 

13«)L 

1.2 

(O-SIZI 

June'30 

313 

(683) 

I53f 

(1J2) 

June 30 - 

5.390L 

|3.4(K))L 

Nil 

(Nil) 

June 30 

574 

fUfiliJ 

1.34 

I1J32). 

June 30 

9.080 

(7.900) 

4.43 

<4.0; 

July 2 

3,550 

(4.390) 

o_22S 

(1.995) 

June 80 

580 

(5S3) 

M7 

(1.47) 

July 31 

31.900 

(18.500) 

0.5 

(Nil) 

July 31 

' 8X5 

(6.8321 

2512 

'(2.47S) ’ 

June .10 

674 

(636 1 

1.47 

cijsai 

June 20 

305 

(445) 

0.921 

. (0525) 

June 30 

926 

(MG) 

3.57 

(3.25) 


CLIVE INVESTMENTS LIMITED 
-1 Royal Exchange Ave.. London EC3V 3LU. Tel: 01-283 1101 
Index Guide as at September 26, 1978 (Base 106 at 14.1.77) 

Clive Fixed Interest Capital 129,76; - 

Clive Fixed Interest Income 1 1481 


» -NfU 

: -l i ;v 

•. • A I : < 


XEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
45 Corah ill,. Lon don EC3V 3PB. Tel: 01-623 6314 
Index Guide as at October 5, 1978 

Capital Fixed Interest Portfolio * 100.90 .. 

Income Fixed Interest Portfolio .100.00 




ancis Parker Linnrted announce their, results for. the six rrfonths. 
iriod to 30th June. 1978- . .. 


' Smooths 
wntM30:6.7a 
. ' ' ( unaudited) 

S months 
ended 2T.12J7 

3 roup Turnover 

■ £'000 
' 8,467 

£XX» 

....,.*15,375 

’rofit before interest and taxation 825 
nterest 690 

'.1,264. 
... 1-230. 

3roup profit before taxation . 
r axatjo r ha rge ) c red it 

. -.136. 
\lv -A *13) 

. 34 ! ’. : 

3roup prof rt after taxation for 
period 

122 

•••■" V - 

■ ; ".,-97 

- 


■ -w — 


IV" 


»-**> 




/ m 


These results are In accordance with the indications given in 
2 Chairman's, statement of 9th June, 1978. The lower interest 
arges reflect the further reduction in group borrowings achieved 

ice the last period. r?- 

The Directors have decided not to .recommend the payment 
an interim dividend as they feel it is still necessary to retain 
iximum funds within the group. 

FRANCIS PARKER LIMITED 

lead Office: Francis House, Shopwyks Road. Chichester, SusSe*. 


African 
Lakes to 
do better 

From turnover of £3.27m 
against £2.D2m profits before tax 
of the African fjikes Corporation 
were down from £575,115 to 
£443,576 in the half year ended 
January 31. I97S. 

But the directors say that with 
on upswing in trading in the 
second half, it appears likely that 
the year's results will not be sub- 
stantially less than those for the 
preceding year when pre-tax 
pmfits were 11.25m. 

The directors say the roam 
reasons for the lower first half 
profits wore that: The rate of 
exchange was unfavourable due to 
the improvement in the value, of 
sterling. 

The tea crop was slightly down 
due to adverse climatic conditions 
and prices were 'substantially 
reduced while Amropa Motors' 
profit was less due to the disrup- 
tion of supplies to Ethiopia. The 
situation has since improved. 

Over £113,000 
for Oceana 
Consolidated 

Taxable profit ahead from 
£90,510 tn a record £113.034 is 
shown by Oeeana Consolidated for 
the year to March 31. 1978. on 
ross revenue of £126,987. against 
04 347 

Tax took £37.739 (£37.202). Leav- 
ing a inet balance of £75,295 
'f£53^Q3J >r warnings per 23p 
■share of 36Sp (2.39p).. The net 
dividend is raised .to 0.7444p 
(0.6607pl • the' maximum per- 

mitted. . 

At half-time, when the surplus 
was up at £68.205 (£51.079). the 
directors said they expected the 
results for i he second half, to be 
roughly in line with the second 
six month of 1976-77. 

Kean & Scott 
£18,042 loss 

Kean and Scott, furniture re 
taller and manufacturer, incurred 
a. pre-tax loss of £18.042 for the 
year to March 3J. 1978, compared 
with profits of £59.429 last time. 
Turnover was down from £484.838 
to £388,0(11. 

After tax of X1.S63. against 
£13 £04. loss came nut at £19505 


(£45.625 profit) making a loss per 
25p share of 4 Dp (8.6p earnings i. 

In order to conserve the group's 
resources, no dividend is recom- 
mended nn ordinary nr preference 
.shares— dividends were last paid 
on ordinary shares in 1BB8, and 
preference shares dividends up to 
January 31, 1970. 


Tanks 
tops £lm 
halftime 


K 


Spong slips 
into losses 
at midway 

The directors of Spong and Co, 
hardware manufacturer and wire- 
worker, report taxable losses 
of £83.052 for the six months to 
July i, 1978 aiwinst profits of 
£55-^14, and they are passing the 
interim dividend. Sales have 
slipped from £1.2Sm to £1.15m. 

Profit for the whole of 1977 
slumped from a peak of £257.334 
to £36,000, and the directors then 
said that 1978 would be a very 
difficult year. 

They now stale, however, that 
the -benefit from a reorganisation 
of the rompany-i- sales force, an 
improvement of much of the 
packaging and promotion and the 
introduction' of some new pro- 
ducts, is being felt and should lie 
reflected in sales - during the 
second half of the year. 

Further new pnxlucts are the 
director's first priority, and a 
development programme is well 
under way which they feel will 
make a large contribution to 
restoring the company to profit- 
ability. 

They are confident that the 
right policies are being pursued 
for a profitable future and they 
hope that results for the full year 
will shbw a tangible improvement- 
on the first JmIT; 

There- was . no .tax oharoe this , 
time, earn pdred , with £29,023 and 
last year rhe company paid a 
0 44p net interim dividend per 
Iflp share 


MAINLY REFLECTING trading 
profits or Il.Olim, against £0.05 m. 
of the subsidiary. Elbar Industrial, 
profits before tax of Tanks Con- 
solidated Invest menu were steady 
at Il.llm against £ 1.13m for the 
half year to June 30, 1078. 

The profit was also struck after 
expenses and exploration costs of 
£381,192 (£331.014) and associates' 
losses of £130,027. against 
£62,036. 

After lax nf £fi30.3SS (I3S4.3M) 
earnings per share are given as 
1.15p -against t.4p. The interim 
dividend is maintained at 4p— the 
total last year was lOp. 

The directors nf the group — 
formerly Tanganyika Concessions 
— say that resumption nf inter- 
national traffic on the Bencuela 
.Railway, fin which the group has 
a large interest) is expected soon 
on a limited scale. 

No income from t'rtion Miniers, 
ic included in the interim figures, 
it being /: established practice to 
account for that company's divi- 
dend nn aii accruals basis in the 
second half-year. Tlie foreign 
exchange difference on (he 
dividend accrued in the previous 
year is dealt with in the results 
for the six months ended June 30. 

Foreign exchange differences 
arising from translation or foreign 
currency assets and liabilities at 
balance date sterling rates are 
treated as extraordinary items. 
For purposes of interim report- 
ing, extraordinary; items ■ have 
been excluded. :■ 1. 

Turnover of the trading divi- 
sions of Industrial, (exclud- 
ing in t er^ropg^iransa ct ions ) \f o r 
the six months ended June 30. 
1978 amounted . to £26. 58m 
(£22 Ami. 


K 






Industries 


Interim Report 1978 


fc- 'S 


^ Turnover- Increased by 1 3%. 

Group pre-tax profit down 16% due to weak demand 
* for fibre worldwide and friction materials in the U.K. 

Biiildihg and Insulation Division's profit up 57%. 

Half-year ended Year ended 
30 th June ■ 31 st Dec. 

1977 1977 

£m £m 


Turnover •; 

Profit before rnterest and ; 
taxation - 

Profit before taxation. 

Profit after taxation • 

Earnings per ordinary share 


1978 

£m 

87.4 


77.2 155.4 


7.0 

5.6 

4.8 

20.0p 


7.4 
6,7 

5.5 
23.0p 


13.9 

11.9 
9.4 

39.1 p 


Dividends per ordinary share . 3.2752p* 2.9044p S.2064p 

* includes special interim of.0.0804p relating to 1 977. 


Cape Industries Limited, 1 14 Park Street, London W1 Y4A^ 

Building and Automotive Products, Insulation Contracting, Mining 

^ '..J - ” 



EUROPEAN OPTIONS EXCHANGE 


Oct. 


4»n . 



Sonw 

Vrti. 

- L*«r ' ! 

Vm. 

to'i 

Vhl." . 

U-t 

• MhtIi 

ABN 

F.360 

3 

14.50 ! 

3 

23 

_ ; 


F 375.50 

AK/. 

F.3D 1 


— s 

3 

4.50 

, 



F.32.Z0 

AKZ 

F. 52.50 ; 

3 

1 0-50 

2 

2.90 



... 


AKJ! 

F.35 

_ 

, - 



15 1 

5 

■ 

.m:m 

• F.78.30 

- 

• 1 

J 

Z 

4 



•F.7B 

F.K 

460 

— 


5 

fill 




S63 

HO 

F.40 

- 

' — 



14 

5 

F.39 

HO 

F.45 

-- 

- 

— 



11 

5.50 


IBM 

5260 

4 

21)2 


_ 



S2791- 

IBM 

5280 

5 

5i« 

16 

14>. 

5 



IBM 

MOO 

— 


b 

71 j 




KLM 

F. 142.90. 

fr 

22 - 

. l 

25 



■ ^ . 

F 163 

KLM 

F.J50 

2 

. 1 15 . 



. 



’ 


KLJ1 

F. 152.40 

3 

13 ' 

8 

30 




KLM 

V.160 1 

11 

5 : 



i : 

30 


KLM 

F. 161.90, 1 

— 

r 

14 

14.50 



• • 

KLM 

F.170 1 

2 

' 2 

3 

10 

6 • 

15 


KLM 

F. 171.40. 

10 

; 2.30 • 

.22 

11 

— [ 



KLM 

F.1B1, 

5 

0.40 : 

B 

7 




KLM 

F. 190.30; 


; 

15 

4 

„ - 



KLM 

F.2OT.50 

76 

! o.xo 

99 

1.50 

_ . 

_ 


SS 

F. 108.90- 

3 

• 5.80 



_ 



F. 1 13. BO 

HHI 

F.27.S0 

21 

; 0.50 

40 

3.90 

63 , 

2.90 

.-F.27.20 

PHI 

F.50 1 

— 

— 

83 

0.90 

145 ; 

1.00 


PHD 

860 


. 

S 

2 Vi 


* „ 

jsaiii 

UU 

F.140; 

60 

j 0.20 

7 ' 

2 70 

11- " 

■«.BO 

T. 154.40 

Wfl 

• P.120 

8 

. 1 ■ 



_ 

_ • 


jK. 127.50 

UN( 

F.1B0 1 

— 






1 

4.80 


XOS 

S30| 

2 

' ai«; 

— i 


— ■; 


:*52i‘s 



Not.' 

Pel. 


Vav 


BA 

8701 

5 

' ’ 


_ 

— r 

_ 

<S641e 

OXY 

820 

— 


3 i 

l . 

1 

ZiailBh 


TOTAL VOLUME l.V COST-BAtTS 


.843 


10-2 


(^j per Jinnum 

paid on the 1st. 
of every month. 


The new Schlesinger Monthly Income 
Portfolio is specially designed for investors 
who require a high and reliable income on 
a regular monthly basis, with these unique 
and convenient advantages : 

1. Convenience - your 
income will be paid regularly, 
directly into your ban k 
account on the ... 
first day of every 
month. 

2. High Income - 
the portfolio is 


3 . A Well Diversified 
Portfolio - voti will be 


Regular ■■ 
monthly income 
helps you plan 
| your expenditure. 


invest 111" in over 300 

securities givi ng a 
use! til - spread ot‘ 
investment with 
il«v)d potential fur 
growth of capital 


invested equally in three jR£!SP>V and income, 
successfnl'-and high jt^T# 1 PIMS - investors 
yielding Schlesinger of £5,000 or more 

trusts - Income Trust, ffii receive Schlesingers’ 
Extra Income Trust « ’J Personal Investment 

and Preference & Gilt IManagement Sennce. 

Trust and yields V \ Minimum investment £2,000. 

10.3% p.a. Hit emiptm am for full detnfc. 

0: Schlesinger Trust Manap^rLtdl, 1 40 South Street 
I Dorking, Surrey. (A member of ibe Unit TnutAisodf.tfni) I 

I Please send roe further information. (A'<* to Eire) 


Ntme— 

Addreas- 


-(Mg/MBS/MISSj 


I 

I 

FT 7/10 ! 


SchjesingerMonthly Income Pbrrfolip 


The charge for tax in the 1078 
six months includes £564.833 in 
respect of Elbar Industrial. Cur- 
rent and deferred taxation will 
he reviewed when presenting the 
accounts of that company for the 
full j-enr. 

If lax is pronded only to ihe 
extern that n is payable in the 
(ore>ceabie tuture. it appear* 
unlikely that Elbar's profits would 
suffer a full lux charge, Lite 
directors say. 

Monument 
Secs, down 
in second half 

Lower second-half taxable 
profit of E1S.437. against f68 t $ , J6. 
at Monument Securities left the. 
full-time surplus for the year to 
March 31, 1978. down . from 

£124.890 lo £102.437 Turnover 
was up to £0.34 in at £2. 99m. 

The directors, say that tank 
indebtedness is being reduced but 
borrowings are still at a love! 
where they fepl a dividend could 
not be recommended. No pay- 
ment has been made since the 
0 P0S5p net per lup share for 
1072/3. 

Tax for the year took £52.620 
(£75.845) leaving a net balance of 
£40.817 (£40,5511. 

Tea accounts 
delayed 

Plantations and Investments and 
Singlo Holdings for the year to 
March 31. 1078 will be delaved 
because the accouois of the com- 
panies* Indian subsidiaries- cannot 
be drawn up until Indianisatinn. 
ararngements have been finalised. 

A. J. MUCK LOW'.. 

At the end of June this year 
A. J. MuckJow Group ceased to be ; 
a closed company ns defined under 
the provision of the 1970 Income 
and Corporation Taxes Act, the 
directors state. 


G. Sparrow 

slips 

£56,000 

A MARGINAL decline in taxable 
earnings from £570.000 to £514.000 
is reported by G. \V. Sparrow and 
Sons, crane group, for the firs) 
half of 1978. Turnover was ahead 
£0.9Gm to £6.22m. 

The directors say ihal there 
are indications of an improvement 
in trading conditions. Inquiries 
and work load for 1979 are build- 
ing up at an encouraging rate, 
when they hope to see lhe re- 
wards of the h»*aw investment in 
cranes and new developments 


(hey have made wiihin the 
specialist heavy lifting industry 
over thp past tuo years. 

The only' tax payable for the 
half-year is foreign tax anil ACT 
amounting t»» 1G2.0(K1 tlW.OOO). As 
before, no tax is payable on the 
IK profits because of the avail- 
ability of capital allowances. 

The net interim dividend is 
raised to 0.9G2p <0.862p) Last 
time a final of 1.2Pp was paid from 
record profit or £lJ8m. 

The group, whose activities in- 
clude the hiring nf mobile and 
crawler cranes and contracts for 
handling heai-y plant, has in the 
pasr maintained a continued 
growth pattern. However, in April 
the directors warned th3t the then 
current trading conditions indi- 
cated that J97S would be a diffi- 
cult year. The first half started 
slowly and business was hampered 
by exceptionally wet weather. 


0 


STEINBERG GROUP 
LIMITED 

52 weeks ended March 25th, 1978 

■sf Group profit before lax £502.576 (1 977 profit £21 1 ,757). 

w Final dividend increased to maximum permitted amount 
of .837p. per share. 

■if Record exports assisted by opening of overseas "shops 
within stores"." 

•ft- Order, levels being maintained and more buoyant retail 
; . .-conditions continuing into the current year. ■ ' 

f^riid frox tf*StAt«nentk90-e Chakrran. Mr. Jack Steinberg 
i: r.e Ann^f.Cenc^: ;.,Ve; rc on Ti.jtsaa/. October 5;\ 1973. 


The years ahead 

could be very 

exciting indeed 


Ben Raven , Chairman ofRaybeck 


Sales 

(£m) 


75 -B 


Profits before tax 

(£m) 


Earnings per 
share (p) 




0741975*76*771978 *74*75*76*77*78 *74*75*78*77*78 

Fourteenth year of record profits 

since becoming a quoted public company 


^ Sales for the year ended 
29th April 1978 increased by 
20.3% to £75.9m (1977 £63.1m). 
■^Profits before taxation 
increased by 37.4% to £6. 41m 
(1977 £4. 67m) ' 

^Earnings per share increased 
by 44.7% to 9.61p 
(1977 6.64p) 

“Sales forthe current year 
to date are significantly 
higher than in the corresponding 


period of the previous year” 
■^Approximately 65% of Raybeck’s 
profits now from retailing 

“ . We are now on the threshold 
of a new era ... sales to go 
easily through the £100m 
barrier in 1979/80 if not in 
the curent year target 
must now be to see how quickly 
we can achieve sales of £150m 
and then £20Qm with 
continuing record profits” 












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The 
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.hie.- \i ,<m ■ ■ 


2<r 




WORLD STOCK MARKETS 


Firm trend despite rising rates 


INVESTMENT DOLLAR 
PREMIUM 

S2.TO M £1 — 82}% ( 8 SJ V 

Effective SLSS15 3»i% (40%) 
FURTHER SMALL trains were 
scored on Wail Street yesterday 
when an afternoon rally barely 
overcame concerns about inflation 
and rising interest rates. 

The Dow Jones Industrial 
Average rose another 8.J5 lo 
SS0.02, making a rise of 14:20 on 
the week, while the NYSE All 
Common Index, at $58.34. gained 
15 cents on the day and 5fi cents 
on the week. Rises led fails by 
800 to &L3 but the trad Inc volume 
decreased 440,000 shares at 
27..1Sm. 

Analysts said the Slock 
Market's technical strength was 
a normal development following 
its steep slide from the yearly 
highs posted in September. 

Rising demand for credit is 
likely to put more upward 
pressure on interest rates, coni- 


But Oils. Paper-Pulps, 
Machines lower. 


and 


iugher in 


decide on anu-inllation guideline 
over the weekend. 

A Labor Department report 
that U.S. September unemploy- 
ment rose to 6.0 per cent from 


plica ting Federal Reserve efforts divest 1>0 per cent of its 23 per 


to cheek money growth. 

Events in the Middle East un- 


settled a number of investors. The THE AMERICAN SE Market Value 
UN Security Council scheduled a Index added 0.40 at 170-23. making 
meeting to consider a further bid a rise of 1-32 on the week. PARIS— Gemmrilv 

to end the bloodshed in Lebanon. Volume ******* **■"**?« active trading * 

The coming long weekend for national A dropped S3, , to S4o g an L D0 ( 2 v.i v baiter, as were 
New York Banks prompted some before a trading halt — the New aIotors> Peugeot tjoen up FFr 12 
liquidation as a hedge against de- Lhfco^ to 522 Hectricals also improved, 

vclopments in the Middle East ^Ith stor ** ra «® d * « v.ere Metals, 

and President Carter's Anti- most multiple En;?ineeriags and 0j]s . 

Inlialion Plan, analysis said. The ch pA K vinSfSs«n^MeiaI nnces Chemicals and Buildings eased. 
White House said there was a „££££?* LJSIEf* Fcrod ° slightly easier on plans 
rhance President Carter would shares 

Ihire^rtaberl!? lST^^TradS higher, German and Dutch issues 
®^ ber 3i> 18 3 - Tfad ° mixed. Oils. Golds and Coppers 

V The Metals and Minerals Index uttJe chafl S e d 

“ iutnyed 31.0 to 1306.3. Oil and Gas AUSTRALIA — Firm in quiet 
impact CCnt AuSUSt hdd little cose 5.7 to 1734.1. Banks 2.05 to trading.^ with continued recovery 

Non-ferrous 
strong. Inco 

Industries Sl-J io Ndir, au j<w . — =■ featur** 

the general trend. teanires. 

Inco moved up $U to S225, £?£"*■»«'■? II 

Texasgulf SIJ to $29, Noranda A$12^0 Kathleen 
Mines Si lo $3S». Dofasco “A” « nte *° and Queensland 

s; to $292 and Coroinco to 
$341 

Genslar added $2 at $37£ — It 



Minerals Sli lo $29 and Alcan 
Aluminium Si to S33|. Amax 
moved up 813 to 850? — it raised 
its dividend. 

Corning Glass climbed SI} to 
$30J — a Court will allow it lo 


cent <take in Owens-Corning will receive 970,000 shares of ITT 


FRIDAY'S ACTIYE STOCKS 




Cbande 


Stock* 

Clnstns 

cr.i 


• railed 

price 

dj y 

Famada ions 

. 670.400 

UK 

— i 

McOermon 

. 

27; 

t-; 

Applied Duoial . .. 

. 409.700 

101 

-i: 

Ineo 

. 

ID). 

+ 1 

Occidental Pet 

. 333.6M 

is; 

-i 

oHn 

W7.+-VI 

544 

- ; 

Scars Roebuck 

. 24V. I") 

•M* 

— 

Exxon . .. — 

. 21S 900 


+ 4 

VL Wdnstries 

. THAW 

“5* 

+u 

Texaco 

2IU0> 

23 

-l 


Mines 5 cents to 3.25. 

Bank of NSW up S ccnls to 7.90 
and National 2 cents to 2.52. 
Dunlop gained 7 cent s to 
for its 20 per cent holding in AS1.48 on its proposed AS24m 
Qumo Corporation. capital refund. Renison improved 

TOKYO — .Slightly higher after 20 cents to 10.60 on higher tin 
late profit-taking pared initial prices. 

gains in active trading. Volume Bridge Oil put on S cents to 

active trading on plans to merge 410m (370ml shares. 1.28, Santos 3 cents to 2.18 and 

wiih Cclancse. up $} lo S42J. Many shares rose initially on Tbiess 5 cents to 3.35. 

Gaming shares lost ground, active buying by Institutions and JOHANNESBURG— Gold shares 
Ramada Inns, the volume leader. Investment Trusts. narrowly mixed in moderate 

fell $> to 8125 xd. Caesar’s Pharmaceuticals rose on trading. 

World S4£ to S40J, Bally Manufae- anticipated good earnings pros- Mining Financials 3l*« mixed, 
luring $25 to S4S? and Harrah's poets. Green Cross up Y90 to Platinums firmer. Bishops up 
$1> to 8242. J. Ray McDermott Y2.650. Lkakeh Chemical Y60 to 10 cents at RLflS and Lydeoburg 
rose SJ to $271. Y3.050 and Eizai Y60 to YL550. 7 cents to RL45. 


Fiherglas without tax liabilities. 

Johnson and Johnson lost $]} 
m $821 — it plans to acquire 
Torhnicare. unchanged at $13. 
Olin picked up to $14* in 


pfeipl 

;f 1 jp 

n 


CTj-WlUft 


1 


n 



Indices 

NEW YORK —DOW JONES 


2T.Y.S.Z. ALL COXHOK 


Rises and Falls 


Cm. 

r 


Oct. 

3 


Oct. 

4 


Oct, : Oct 


j Sept- 1 
rj 1 


Oct. 

fi 

OcL j 
5 | 

j Oct. 

4 

1 I 1773 *“ 

' '3— j Hl^h 

Low 

S973 1 SinceOcma r-liat’n 

— r— 1 1 

BS.19| 

i 

66.03 

1 

' 6740i 60J» 

1 (11/9) | 

46.37 

l*/3> 


Falls. 


HIrIi 


UUjb I lyttr 


.\>tf Etifffi 
New Lo*- 


j Oct. 6 1 Oct. 5 

Oct. 4 

1.678 j 1.896 

1.878 

800 i 871 

740 

643 1 594 

696 

J 435 431 

440 


— 

.: - 1 - 



I nd urt rials— 8S0.Q2 876.47 875-8?! 867.30' 871.36 860.67! 907.74 
| 1 ■ io.9i 

98.521 88.21, 88.47 B8AS! e8.76 


747.12 


B’nae B'nds* 


Transport.... 
Utilities 


88.84; 


60.86 

(4/l> 


Tra-llmr vol.[ 

i00'*t I 


246.BB1 246.26 246JS' 244.401 244.74 214.11 261.46 
' | ' ! ; I •a.di 

106.281 106.17 106.06; 106.961 105.92 106.(2 110.98 

! I I 1 I 


lib 

166.51 

if / 1 1 
102.84 


I 1061.70 

|i 11. '1/731 

41.22 

<2,- 7/32) 

X02TLSEAL 




19 1 S 1 


fi ' 

& j 4 

3 ' 

Hi*b 

’Lw 

| 973.86 
|7/2P391 

I 193.32 

13.23 

(8/7/32) 

10.66 

Industrial 

ComWneil 

211.7a 
222 SS 

218.321 216.74; 215.43 
221.661 218.62; 218J4 

219J6 (6/10) 
222^8 (6, 10) 

162.90 (16)3 
170.62 <30/1 1 


EE5 


J290J 

1516.0 (6/1(1) 

896.2 (39/1) 


77.580' 27^20 26.140, 72.630; 1B.680| 23.610' 












*-.rA4 







* Basis of Judex changed irt'in August 24 


Ind. div. yield % 


Sept.® | Sept. 22 1 Sept. 15 j iTcar ago appmsi 


I CM. 
I 6 


Pre- 

vious 


187R | TB7S 
High ' I tt" 


< Oct. 
! 8 


5.48 


5.50 


9.59 


S.52 


STANDARD ADD POORS 


1973 'Since Cniupilat'n 


1 

Oct. ! Oct. ' Ort. Ort. 1 Oct. ;sert- ; 

. fi 1 6 j 4 j 3 | 2 j 29 | Hlsh 1 

| Lcnr | Ulfih * Liw 

l l iHlu5trials| 

(Cum f . who | 

114.841 U4fl7> 114.5E; 113.76! I14.22J 115.72] 116.71 i 

; J ■ ; ! <12.9, j 

I03.S2 105.27! 105-061 102.60' 102.88* 102.64’ 106.3b 

1 1 i ! : < i~/9) ! 

! 8S.S2 1 154.64 j 3.62 
16/01 7 ll/Ii' 101 ;t30:6.'32i 

1 86.90 ' 126.86 1 4.40 
ifi)3) |i 1 1,1/63) '/ lffi/321 


Australia! 'il 667.70 657.16 , 6*6.19 411.19 
| ! 1 1/3' 

Belgium <ii 99.es 1 99.73 Tui.ie 
. ■ i i */6> 

Denmark I s * 1 94 J2 . 94.34 I 98.96 
5 (14 |6| 

France (tt> 81A K.3 : 83.0 

! I (41 IQ 

German v Of 861.0 ) 853.4 • 8c»r.7 
' I ' i3;10) 

Holland itv €£- 4 I ee.4 ! 93,1 
(II.* 


90/43 

<J33.6l 

94.CO 

(6ft) 

47/ri 

taftl 

769.4 

(17/0) 

76.0 

1M1 


Spain 

Sweden 


97^5 


Id), 
l«' 303.10 


Pre- 

noua 


"1 9/3 j 19^T 
High Law 


Switaerldf r 1 271.0 



i prl - 4 1 

sept, tf j 

S?«/|4. SO 

! Year ajm (approx.) 

loti dir. yield % 

| 4.79 

4.86 j 

4.85 

j «, 

1ml. P/E Katin 

I 0.59 

1 9.43 j 

9.43 

9.18 

Tonj; Gn>, Bond yield 

j 8.64 

1 6.58 1 

8.47 

! 7.65 


Hong Kong, 614:93 602^8 ! 707.70 283.4) 

■ M/9) j (13.14 

‘Italy nil' 79.63 '* 

Japan 


I 1 »iw.l41 

79.43 ! e Aa2| td.45 
CtcJi ; ilO/li 
436.76 ■ 435.46 ' 436.16 1 3*4.0® 

! i (6.10. : (4-10) 
Singapore^*) 376.75 573.67 : 414.60 ' 252.0 
. (8,9) .9/1. 


97 All 110.78! 87 JH 
I (9,5) /17/3) 

1 57&21 4O&.U0 326.74 

. ( 4fc s ) (3(1) 

271.2 i 323.7 ! 261:6 

i . •_ 1 (W.-2)_,(26|3) 

Indices and hasp dates (a U base values 
Kin except NYSE All Common — So 
Slandards and Poors — ID .ind Toronto 
300— 1.008. the last named based on 1973*. 
t Excluding bends. 1 400 lndimrials. 

(400 Industrials. 40 Utilities. 40 Finance 
and SO Transport, f Sydney AD Ordinary. 
II Belgian SE S1V 12/ 83. *• Copenhagen SE 
1/I/J3. (t Pans Bourse 1961. rt Commerz- 
bank Dec. 19SX U Amsterdam Industrial 
1970. 61 Hans Seng Bank 31 7.-64. flfi Banco 
OomraerdaJc I tail an a 1972. o Tokyo 
New SE 4/1/ffi. b Straits Times 1966. 
e Closed, d Madrid SE 30 /12--77. e Stock- 
holm Indnstrlal 1/1/3. (Swiss Bank 
Corporation, u Unavailable. 


F.T. CROSSWORD PUZZLE No. 3.790 


A prize of £5 mil be given lo each of the senders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday . marked Crosmeord. iu the top left-hand comer of 
the envelope, and addressed to the Financial Times. 10. Cannon 
Street. London, EC4P 4BY. "Winners and solution trill be given 
next Saturday. ‘ • - 


iYame ■ 


Address 



ACROSS 

l Complete substitute 14. -1 
4 Safe as houses for a start 
with some members missing 
(Si 

10 Groom brings fricuon to the 
ground (3, 4> 

11 Sailor goes round West End 
doing the dirty on friends (7i 

12 What might be gained with 
pull t'4j 

13 Strive in vain tn go one 
better than dying (4. 3. 3) 

15 Burden witn mutton (R) 


5 A key to share oo exposure to 
atmosphere (8> 

6 Staff ai wedding that strikes 
in the end (5-5) 

7 Little by tittle boy acquires 
a girl (5) 

8 Useless to upset Georgia over 
railway sweet (6l 

9 Girl given vote to take over 
(5i 

14 Blooming grounds for taking 
river over county (6, 41 
17 Arrange a truce and go over 
to gas? (5. 4) 


16 Touching source of informa- Breathing sound making seT- 
tion (7) pent angry <S> 

20 Nonsense io say seer was hot- Declining to spend period go- 

headed (7 j l °S over part of Bible (S) 

21 Month to welcome a group of 22 Surgeon in the cavalry (8) 

eight (81 23 Bargain with oriental bird (5) 

24 Like sound of ancient cm- p rou i > i le , hurts . , 

pire builders making attacks 2< »»* nothing on lead- 

on reputation (lUi 


26 By Jupiter she was loved 
wit lie swan nine around (4) 

2S Fanciful conception with 
which to ring artist (7'i 

29 Take charge* before file team 
(7) 

30 Member of the opposition in 
the stores is terrible iSi 

31 Disguised in she ller t6) 


ins mao (4) 

Solution (o Puzzle No. 3,789 


get 


DOWN 

1 Pipe played when things 
heated 14. 4 j 

2 May first party lie given lime 
(6. 3) 

3 image for one lo study' (4/ 



SOLUTION AND WINNERS 
OF PUZZLE No. 3.784 

Following are the winners of 
last Saturday’s prize puzzle: 


Mrs. R. L. Adam, 9, Marline 
Avenue, Brom borough. Wirral, 
Merseyside L63 WR: 

. Major J. M. Langley. |R. Old 
Ca rap Rpad. Eastbourne. East 
Suss?* 

Dr D. -T. MacMillan. Bonnoy 
House. Modito’oham. Botus. 
Fleming. Saltash PL12 6 NN. 


\Bl£l*\r\r \ 
o] 

Uwc'BB 

\S\ClalirlP1Z\ 

tHSHa 

mA 


r^iir 

i*wSsfflr\ 


l^rurfTM 


A 

A 

£~ 
t 

o\ 

D\£ 
A/ 


HiMlI S 

enaonne 

B 

. Mn 

BBHBHHPBa HSOtita 


SPAIN • 


Ociobcr « 

Askuid 

Banco Bilbao 

Banco AUantlco <1.000/ 

Banco Centnil 

Banco Exterior 

Banco General ... 
Banco Granada >L400z 

Banco Hlspano 

Banco ind. Cat. u.OMi 
B. Ind. Mcdlierranco... 

Banco Ponular 

Banco Santander <‘230i 
Banco Urquijo il.DOOi. 

Banco Vizcaya 

Banco Zaragozano .. . 
Banlmitioo ....... 

Babcock Wilcox 

CTC 

Dragadoc 

inntobank! 

E. I. Arasonnsas .. . .. 
Esuanola .Z)oc ....... .. 

E»Pl. Bio Tlmo 

l-Vcsa tl.OOOi 

Fenosa ■ i.oooi . 

Gal. Prcciados 

Grupo Velazquez 

llidrola 

Iberduera 


Per cent 
12S 
293- 
229. 
304 
art 
24* 

140 

an 

us 

102 

252 

330 


+ 2 


+ 3 


+ 5 
+ 2 


Olam 
Pane! eras 
Petrol! bo r 
Petrolcos 
’ Sarrio Pa paler a 

Solace 

Sosefisa 

Telefonica 

Terras UosTcncb 

Tubacex 

Union Elec. 


40 

Beunldas ... si 

1» 

103 


+ 3 
+ 3 


+ 1-75 


30 — 

. 4S ’ — 

127 - 

70.58 - ITS 

70 - X 

SO-SO + 0-75 
6A50 - UO 


NEW YORK 


St. .At 


DcL 

6 


Oti. 

5 


Ahbou La.*w 1 

AiHrcwnjjmpb...| 

Aetna Lite £ CarJ 
.Viriavlnrf* I 

.VIcnnAluuiUuum 

Alena . 

Aliev. Ludlum....j 
A I IpRtieny pnwrd 

Alfinrl I'ltcjnlcal.: 

allied Slone*.. .. 

A lli. ClHUmer.— 

A MAX ; 

Amenula 


Amtr. Airline-... i 
Amer. Brand. 

A mcr. Broadcast—! 

A ruer. Cau i 

Amor. Cvansmldi 

Amer. Dl.r. 'JX-J 

Anier. Elect- Vow; 

Araer. Expren—j 
Amer.Hmne Prori] 
A ruer. Medical.... 
Amer. Moire*....! 


«4U 

273a 

4ise 

zau 

351* 

487a 

XBi* 

18ia 

S54S 

251* 

35S* 

503? 

313? 

1714 

60 

571* 

593* 

2930 

29 

2510 

sS 5 * 

283a 

?*4 


Avon Product*.. ... 
Halt Cm Elect— 
Bangor Punu — 

Ham* America-.. 
Bankers Tr. K.Y. 
Barber Oil 

Baxter Travemr.j 

Be*Urice Food.—. 
BectcnDlckenixm 
Bell & Howell — 
Betid be J 

etCons*B‘ 
Ueablehem ated ’ 

Black A Decker—! 

Borinjr 

Hoiae Cascade 

Boiden 

Borg Warner. — 
Br antg im 
BnuKan ‘A*_., 

brletol Myera ' 

BPet ADrftU.... 

Urtckway Glus.J 

Bnunwick— 

Hucynu Erie 

BuloraWnrcfa.... 

Bariingtrm N'tba. 

Bunvnigb 

Campbell Son p....| 

Canadian Pacific. 

Canal Moadolpb.. 

Carnation | 

IMrX Geneml’ 

Carter Hkw le>- . . . .1 


29 | 
Z7sa I 
37* | 
26la 
423, 

264 


57?a I 
20*8 
39l 2 
5ia 
24ig 
20 U 
t>3ia 
31 
29U 
33U 
177 b 
14J. 
533a 


cits J 

Ceiane^e Cbrpu...i 

Central & S.W | 

Certanteed., 
Cessna Aiiuratc. .. 

Chose Manhattan! 

CbeailcalBk.ro’ J 

Cbcsebrcli Pond. 

Cheaaieayrtem— i 
Bridge... 


Ch logo Bridge- 

Cbiyjdcr 

Cine. MUacmn.... 

Citunrp 

Ctties Senrtee— . 
City inveaUn^.^ 
Cleveland Cliff*. 
CoeaCo la..... ....... 

Colgate P«)m_.— | 
Collins Aikiamn.-I 

Cotumbia Gas 

Columbia Pm.^. 

Com . liuCo4>r Am 

Cotnbuscion EugJ 


Comhustlnn Bq— ( 


Cm'wtb tidittm.: 

Comm. Saterlite.) 

Com purer ScSaneJ 

lk«D Life Io* ? 

Coarse.. ....... 

ConBdlsonJiX_l 
Consul Foods..,.., 
Consul Nattrts- 
Consumer Bow« 
C<ox mental GrpJ 
Cootineatal Oil. J 
Couunenral TeJel 

Conn'd Data.. [ 

Cooper Indus | 


175s I 
3iT e j 
163* | 
203a 
83* 
45 a# 
75* 
Ml, 

20 * 

11*8 
3134 
13 
181* 
37 7 3 
66i* 
4214 
lets 
23ia’, 
453. 
557 b 
427* 
241 b 
30 i a 
67 
USB 
55 
271fl 
66*8 
16 
30 $b 
44Ss 
20 
11*3 

28>$ i 
211 s ! 
163* | 

381* 

15*8 

26 T» 

45% 
143b ; 
40 

Zl*4 ! 

l 

S4U I 
38*4 1 
24 ; 

3 Die i 
291* ! 
15 ! 

38U 1 
4BS* ‘ 


343a 
28i B 
42 
28>e 
343* 
* 49 
X 6 *« 
18 
25U 

25*3 

35*4 

49 

3Ha 

Ibis 

60 

57 

391* 

298s 

28*4 

2318 
35 
29 Is 
28*8 
6»3 
46*, 
49r 8 
34*a 
627 3 

3378 

215? 

35 

167s 

3078 

25*4 

317, 

30*8 

18*5 

16>4 

46*8 

64*b 

52l 2 

14*, 

30i 3 

6458 
26 U 
29*4 
27*8 
37*4 
2 E*t 
42i a 
26*4 
38 

20 *s 

39i a 
Sie 
24U 
20*2 
b37 8 

31 
291g 
33 
X7*s 
15 
33Bb 

i? 7 ® 

3iJ a 

16U 

206 s 

85* 

4314 

76*4 

34*s 

20*8 

11*8 

32 
12 % 
lBSa 
67*3 
66*4 
42 
lolg 

247a 
46 
55U 
4178 
25 
29*, 
a 6 l 2 
115, 
36 
261s 
56 1* 
16*8 
511g 
94*4 

20 1 2 
11*8 
28 
2114 
18*4 
38l ( 
15*8 
2 t>*a 
45*a 
141, 
40 
21*4 
24*e 
24 
39 
241 b 
301 2 
291* 
157g 
3814 
48*4 


Stock 


(WT 

B 


(hwin.fllM - 

C PC InL'xn tknal 

P rana . 

Crnkco Nik.... 
Crown ZdlediKfa! 


C mrwlyw Knyinp , 


CurcuaTVc 


Ort. 

5. 


Dana 

Dan Indpsrries. 
D«fw — 

Do! Moore- 

Uelt.iua 

Uenlaply Inrer^.l 


D w mbotCahamrir 

Dtcrephoue. .: 

L/l*ritallkjuip.....j 
Disney- (Walt).... ' 

Dover Corpa 

DowCbemVai.... 

Draixt [ 

Dreuer. ■ 


Bogle Ptccber I 

Bast Airtmea 

Kiit man Kodak. J 
Baton 





. »T'ip 















W' v ■ 
































E. G. ft G 

Kl Paso >'■*. Gas! 

Elba i 

Kmerton BPectrlej 
KnwvAirFr'lghll 
Km hart , 


K.M.J 

Engelhard. 

Bsniaite 

Kibyl 

Exxon 

FairebU .1 Camera 

Feil. Dept. Storeo- 

PirestonaTyre —I 

Pn. Nat. Heston. 

Plexi Van._ I 

F linftr^ ^ , I IIL j 

Florida Power 

Flonr I 


31*4 
17*8 I 
33*e 
54 
22*8 
39*e 
3*4 
26 
26*4 
2413 
52*2 
367b 
35 
13*4 
31 
21*3 
33*a 
ol&a 
40 


3114 

17*6. 

33l« 

341* 

2258 

39*4 

5>* 
25ls 
2516 
2458 
621« 
56 . 
34*8 
15 1 j 
30*8 
215, 
331a ■ 
518, 
401 b 


F.M.C. 


Ford Motor < 

Furemoot Mcfc 

Foxborp— 

F rank Hr. Mm ;. 

Freepost Mineral 

Fruebauf 

Fnqoa lnrtn , 


278a 

45 Ib 
21 
3678 
9*4 
2778 
32 - 
12l« 


27i 8 
45 
21*8 
37 - 
968 
27*8 
31T» 
12»a 


Morphy Oil 

Argico Gbemfoaia-i 
jTf^cnal Pan 


G^F.. 


14 

461< 

11*4 

29Sg 


Gnaneti .1 

GesuAmer. Inc I 

(rA-TA 

Gen. Cabin. j 17* 4 

Gen. DynamlnJ 6278 

Gen. Eleetnea 

Gen. Foodt ] 

General Mills. ...! 
(irtieral Motor*..' 

Gen. Pub. Gtii I 


Gen. TeUilecT...! 

(lo. lyre. 

Genesco I 

Georgia PooHC—i 

Georamf. _J 

Getty on 


325a 

34is 

30*2 

o31e 

1U7s 

31 

3U4, 

277a 

57b 

29 

301b 

43 


14 

tr* 

29*b 

17*8 

83 ia 

32*8 

34 

3074 

c3ie 

10*4 

30*4 

iOSi 

28 

Jl* 

291 8 

29*4 

42 


Gillette | 

(Joodricii B. F....J 
Goodyear Tire-.. [ 

Gould I 

Grace WAX 1 

GiLAUuhcTei 

CtrC North lron_ 

Greytioan.1 

Golf ft Western.. 

Gull Oil 

HaU barton 

U«mii. Mining... 

HamUchieger. „ 
Barrie Cotthj 

UMn* H, .7 
Hwiha'n 


32 

2ut 3 

17*2 
3 1*4 
32 
7 

27*4 

13*e 

1458 

26*4 

727b 

36*4 

feOU 

36U 

42*4 

*958 


32 

2U*b 

M*6 

321, 

3178 
613 
87*8 
13*8 
147,. 
251, 
72 <s 
36*8 
20*4 
36 
42a* 
*8*8 


Hewie Ekcisri.. 

Sotrdsy Inna 

Hreneirralte..,— — , 

Uonej-weii 

HoorerJ 

UopAlorp. Amer 
Hrenron fcot.Ga> 

Hanr{Ph A>Cbm 

Horton (E.F.) 

LC. Jodnstries^.i 

LN'A J 

lagereollKsnd-.. 
luisnd SteeL- 
Taalloo ... 


881b 

344 

371j 

66*8 

12*4 

3010 

n6U 

MU 

20s« 

287g 

441s 

59*b 

37Ss 

16*8 


877, 

267 8 

37*4 

665s 

12 *, 

30 

Zfil 4 

141, 

2058 

287 8 

447, 

59*b 

37*4 

IS*, 




lull. Fla voma i 

lull. Harrester— 
IntL HinftCbem, 

I nil. MulriioodE— 

Inco — , 

Inti. Paper....... 

InC Kecnfier. — 
Inc Tel. ft lei 

loss Beef. 

IU lneraatfouaI..| 

Jim Walter. - 


| 278.751 


! 379 


k4T, 

397, 

387 a 

2uis 

19*8 

44I B 

I3ia 

31H 

41 

1**9 

32*8 


26 

397, 

39 

2014 

18ia 

44*8 

13*8 

51*8 

40li 

taifl 

32*s 


-Stock 


Jotaa'MaBville.. 
Joknaim Jobnoool 

Johnson GODtrol. 

JoyMumfockur'g, 

KaHerA^Snl'mi 

*5^ 


KTSfcd 

tidda Walter.. v 
klmberiy cierft. 

ISE^ r-- 

RroeetCct-.-...! 
Gwtey Trans— 

lerititriKiBi I 

I Jbby Gw. Pord.i 


Oct 

s 


31>2 

821# 

28*4 

34 

267 S 

591a 

**» 

26is 

14 

28*4 

47*8 

346a 

46*8 

22*4 

47ia 
34*a 
367a i 
37 U | 
27*a i 


31*8 
831s 
271a 
54*8 
27t 8 
39 ia 
2 

26i a 

14 

28*4 

467a 

34*4 

46ia 

47 G 

34 

59*4 

36*8 

87*a 


I^ISSr: 

Xdttonbidnsc..- 
Lori^wdAirerTt 
lone Star I adust- 
laland Ltd 


LubcBdu; 

MccMilbu 

iiaeylCH. 

MttsL.'Sanoser-. 


Marathon Dili. 

Marine MidlaadJ 
MerefaatfSIeld-J 


33 ?z 
4 Bag 
27*0 
28*4 
26 
18« 
k4le 
4Sta 
10*6 
970 
ll*e 
41U , 
5B*» 
33*8 * 
53 U | 
16*8 
21 >* 


33*8 
48G 
2610 
89 ‘0 
25*6 
18*2 
34/4 
45 »n 
16*8 
10 
11*8 
41 
3BM 
33*» 
62*4 
16.1 * 
21*8 


May Dept, dtoreej 

MCA _ ; H i 

McDem»otl-„..j 
McDaone!l Douk 
M rtFiaw Sill 1 

Mammae-..—....; 

Mensfc 

MerrilJ I(ynch.. 
MesaPBBOleumJ 

MGM 

Minn ttlngft JUg 

Mob*! Curp- 

Moeoanto. 

J.P.. 


27 

63 i B 

27*4 

347s 

24*8 

48 

68! i 

207, 

38!a 

46*4 

59*8 

71*11 

57)4 

48*a 

43*i 

535? 

27*4 

£9 

18*i 


26 U 
53 
2b "a 
331 4 
U4*£ 
49 
58*5 
20i a 
a 6 s * 
49*a 
68ir 
72 
57*8 
477a 
455a 
6212 
27*« 
29 
18>s 


Stock 


Revlon- 


KejnotdB Meto> 0 . 
H«iio 1 d»H. J. -■ 
Klcb’son Merrell-] 
Boekweli later. 

ItabniftHaas-^. 


Of*. 

6 


62*ft 

38*a 

6170 

267a 

36U 

36*4 


Ort. . 
6 


62is 
37 T, 
BIS*. 
867 B 
36*2 
36 


oval Dut c h — —■] 

& 

oaa Tqgs —ri 


Ifoyal 
HTfl- 
Kuas Trigs 
Kvder hjTitem-.^ 
SaTpway /stores. 
SC Joo MJ oentls 
dt. “ . 
asnts re Inds-.-n 

Saul ln»e*v j 

Saxon Ireli.-...^.^ 

Scblite Drewim;. 

Scfalumhereer — 

SCM 


Soar* Pspee— ~| 
Scuvil Mt=— 
Scudder Duo. LA 7 ! 


6510 

13*8 

1V7 8 

87 

44U 

£9 

3278 

357 9 

65* 

7*e 

133* 

90 

217s 

l6*s 

22*4 

tU 


65 
14 
115* 
263* 
44U 
E7V 
32*e 
35 I B 
678 
1 

136, 

901, 

62i« 

16 

527 8 

6*8 


NaCDtetflira-.i 

Xiol^Ktvtw Ind. 

^OttcnaJ steel— I 

Nstomag ....... | 

NCB_ 


N eptune Imp I 

tf few England Ei.i 
New BnglanffTfei! 
~B(lBgata*Hoaavrfc( 
MsoaiaSbare— ^1 


useaia 

I.Rha 


Jnduatries. j 


BkrtnlkftWeateni, 

North KacUaa.. 

NUm. States Pwr 
Mbwest Airlmee] 
N Ih west Bancorp 
Norton Simon—. 

Occidental Petrol 

O-uryMatber—! 
Ohio KdtoZ-.J 
GUn 


21*i l 
I8I4 
iO>t 
60 
62 1| 
26ia 
22^6 
34 
14 
11*8 
23*8 
26*8 
36 
254 
32 
Z6*n 
lb.Nl 

ks5U 
17 lj 
244 


21 *« 

16 

31 

49*0 

63 

2b>2 

E2”» 
344 
14 ie 
11' 
224 
2o*b 
364 
26*8 
31*9 
2bbR 
194 
\2*e 
284 

17*4 

244 


Overseas 'Ships... I 
Owens Coming... I 
Owens lUwola— 

Pacific Gaa. | 

Pacific UsfaDni., 
Pan Pwz. dr L4J 
PanAm'Wnrrt liij 
Psrker HmlnlSn 

Peabodv Jntl ] 

Pen. JPw.’ft I*— ..1 

Penny J.C 

PeumoU — J 

-Pejpjes Dreg [ 


ss5*4 1 
32la I 
2 Us 
234 
21 1 
214 
84 
27B0 
27 
21*8 
374 
321* 
13 


Peoples G re—... .J a54 


Pfeptex..---..: 28la 


hSls 

32*8 

22 

234 

21 

21*4 

84 

£7I 8 

27*e 

21lz 

374 

314 

13 

354 

28$8 


Sea Container— 
SsUiaio.. 

Searic tG Jt.t..— 

scars Koebnek— 

dUDCU 

shell Oil — 

SbeJ 'Trans port- 

Signal - — - 

rJL^uo.ieCorp. 

simplicity Pat-.j 

dinner .........1 

iJmitb Kline— 1.1 
Srilltrun } 

tMutbdawn ....«..) 

dontbemi4l. Kd.; 

Southern Co. j 

Sthn- Nc*- He 

southern Pacific.! 

Southern la ay j 


27S s 
274 
157a 
22*8 
404 
364 
454 

=44 , 

5618 I 
124 

18*4 I 

94*8 1 

■ 

404 
£64 
154. I 
35 { 
507a 
65 1 


27 7 0 
274 
154 
224 
40i s 
36 *b 

457a. 

53*4 

3b 

114 

18*4 

934 

4*8 

39 

257 S 

104 

35*3 

32 

657b 


Southland, 
s'w’l, Banaharea. 

Sperry Hatch 

sperrv Hand. 

Squibb — . 

atandand Brabd.| 
s bt.C>i lUal Horn m 
Stn. Oil » "d true 

Std. Oil Ohio 

Stanff CbemUaL. 
Sterling Drag—-' 
blade baker. 

Son Col 


SunBtnnd- 
Syntex. 


technicolor.-. 

febucnlx-. 

Tafodyrir.. 

i’eiex— . 
Teneoo — 


i07 s 

281 H 

21 

44Sg 

314 

25*4 

48lfl 

537 S 

394 

43*« 

176s 

62 

45*4 

494 

357b 

14*3 

48 

1014 

77 S 

334 


ill* 
284 
201? 
43*4 
325a 
26 
48l 2 
b37 S - 
387a 
4a*8 
1778 
6 14 
43 7 8 
48*« 
364 
144 
474 
1024 
74 
oSi, 


Hereto Pctrotanni 

ffexaep — 

Fexasgtiff-^.. 
1’exas hKEos-., 
Tessa lut’nL. 

I’exiwUilftGeaJ 
Texas Utilities .. 

Times ins 

limes Slirrca- 

Timken 

fraiv 

l'nmsmorica ; 

Ptansuo— 

Tienb Union—. 
Ttan-rtav Lntr’n 
iW World Air J 
Traveler* 

fn Herat) nentaj-' 


10l B 

25 

244 

384 

90 

307 S 

204 

474 

324 

49. 

43*4 

lfc4 

VUt 

361, 

23 

25 

38 

19*8 


lQii 

254 

23*4 

3B1 8 

B97g 

314 

aoi fl 

481s 

31*8 

4B7 3 

434 

184 

20*8 

361 3 

2d7 a 

25. 

*8 

195b 


Perkin Borer.....' 
Pfet 


fiber-..—-.. 
Pheipa Dodge — 


PtUlade^hteElej 


YWIlfra Pfettn’m.] 

Filaburu 

Pitney l3ow 


PtessQ-LtdADUj 


274 

sa* 4 

354 

h6*« 

1*4 

73*0 

a4*e 

4£*b 

c6 

2S 14 

23*8 


274 

64*4 

364 

264 

175a 

727, 

3410 

42 

264 

£24 

237a 


Polaroid I 

Poxomec Klee. I 

PPG Industrie*-! 

Prat er Gamble. J 

PabfleriOect.J 

Pnhnan 4 

Purer— 

Quaker (Jets. — 
Rapid America □ 

Haythedo 

RCA 

He publJ ic SreeC. ' 
Resorts Inti 1 


514 

*•159 

20t 8 

864 

x3l« 

4573 

177a 

264 

144 

40 

29*8 

4” 


5150 

14*4 

29l S 

86 

k038 

45*4 

174 

26*4 

14 

47*4 

294 

26*4 

481, 


lrthra Oil ft GaaJ 

lirsv 

£0Ui Centuxy Fob 

U-A.L. 

UftUCO - 

UG1 | 

Ijntlever. 

Unilever NV 

Union Utmorp., 

-Union Oarb»de_. 

Union Commzxoel 

Union Gil CUil^J 
Uawn Partflc— J) 

(Jcj royal 

United Brands — 

US Bonootp.— , 

(W Gy jamm 1 

US Shoe.. 

US Steel 

US Technologies 

UV I odnstri**-.. 

Virginia Elect.-. 
Walgreen....™.. 
WiriKMiommn .| 
Warner-Lambert 
Waste- Maii'mcmt 
W e ila-Fugo— .... 

Weslern uincorp! 

Western N. Amen 
Western titnmx— 
Wnctngh’seKlec) 

Wcovaco 

Weyerhaeuser—,, 

Whirlpool — (.-!■■ 237s 

White Con. Ind.. j £0*4 

WilUartt C<X ! 197g 

Wlreonsdn BlecC..| 281* j 


6*4 
384 
35*4 
40*2 
<b76b 
20I b 
43H 
53 
26*4 
40 
' 97* 
654 
C41- 

75* 

127 B 

33*s 

3 17 a 

B74 

267, 

434 

824 

ii*a 

294 

48 

27*8 

28 

297 0 

30 

06 

19*8 

£24 

287ft 

299g 


6*4 

384 
35l a 
41*8 
k7*ft 
204 
dSS*. 
61 4 
« 
39*a 
94 
814 
64 


75ft 

127b 

35*b 

314 

274 

27 
43*8 

21*4 

14*8 

29*8 

49l 8 

27*e 

284 

29*4 

284 

355b 

196a 

22*e 

KS4 

294 

244 

204 

BO 

28 


Stock 


Jooramti^.^.2^ 

sshBed-a' 


UACIraaa.S^ia^ loaL 
G-8.9(Maybflb4 


ot*,; 
- a ■ 


If 


CANADA 


AMtftft fbpe-,- 
Agntco SagtQ 
AtnanAInmmmr^i] 


flank of Montreal I 

flank N ova Screw 

flash/ Keorein^J 

Hell TeiephonMri 
Bow Valtey btoA 


7*8 • 
41? 1 
k6 

db4: 

84-: 

307ft' 

4AKJ- 

46?.'- 


BP Canada- 


Hnumari. 

Mrfnco. 




i>4*ry Pbwer 
Cuilkn Minas.. J 
Uanada Ccmetn-.' 
OanmJa NW Lsj, 1 
CanJmp UkCcm 
Canada indust... 
Can. 

Con. Pacific lev. 
Con. Super Oh.. 
CarthgjO’Keefe^ 

Caasiar Aabeatosj 


SSSi 


12lf 

luaji 

2678 • 

mi* 

W4' 


Chieltaiu— 
Com inco. 


■430; 

JU»fc 

i 

34; 




Oaor. UutUnraUii 
(Axnmner Oa»— . 

Cowka Ueaooreti 

Ccwtain 

Dnrer Denei. — ' w?5 

Den boo Mtoa-J 

Dome Uune— — J ItavL 
Dome Petrotemni ^r| 
Dormnicn ftad wl - tSK 
lkimtBr._- 



S iaotlVjJ ‘wkaifo 

Golf OU Gsnada. 

HB.wkeriSid.Gsji, 

Bollinger—. »£■ 

Hume Oil 'A' — - 4a^ 
BndscaiSay Mno . 22 ,-f- 

HudBonfiay. — Jft 

BudaonOuftGasi 

^'Php; 


(mesco. 


Imperial Oil— J __ 
Inco 1- 1 


Indai 


Inland Xat.G', 
tnt'p.v 
Kaiser 


—.1 16^, 
Aat.GaB.J liS. 

Pipeline 1 , «£s 
Hcsourced lfiir 
Lauri Pin. Uorp- ; 31 ,- 
Wfiaw Lem. ■jy.'l 4;w 
McmiPn Bfoedi- . Jshl,.' 
Mserey KergMCnj : 


McIntyre..— -, 
Moore Corpa.—.. 
MonntxlnStatefh 

N’oianda Muiei— 

\orcen Itoergy^. 
\ifia. Tcxecoin-. 
Oalcwood pBtri’m 


Plujiflo Copper Iftij I.95 


Pan- Can. Prt’m.i 
Pattacu.. 

PeoplewDepti 

Place Gore ft fill 
Pfe 

PowerC-orpo^H 
Price. 




ScaptrelPi 
3»tn«„..L 
1 Canada J 

ShetrittG.iUne* 

Sicbana O. G | 

Simpson 
steel 0 / 
steep Kook I 
Texaco Gubl. 

Toronto Dom. 

TkaneCks.. 

Toms Mount 

Xrixeo 

UnVraGraa— 

Utd. siecoeMinert 

Walker Hiram—? 

Wmt Coast Xa^ 3J* 
Weston 


'^1 



1 460 1 


2SJ 
2*9 
150 
29 
12 
2 » 

70 

<3 

101 

*2 

**.75 

*2 

75 

1*S 

7125 

O’ 


+ 5 
+ 2 


- BRAZIL 


+ 2 




Price 

Cruz 


i- ur (Lai/ I'm 
- ; DlvJ 


- 2 
+ 2 
- (L25 


+ 0 JO 
- 0.25 


Acewta.— .... — .., 
Hanoi 1K1 Hrezn 
Saner Han P.\ „. 
BBn.jSinelriiir 
l/>a« Anier. OP.. 
PetWn. PP... .. 

Pirelli OP . 

•-iHiJi l.’ruz UP... 

1 mp PE ... 

Vsfo Kin t»».vl > P. 


0. 95 . 
1.9S : 

1. «l 
1.15 I 


3.35 + 0.BS- J.S 
2.3J ' * 0.06' J. 1 i 1 j .60 

' 0 . It; 10 - 6 t 

|J.2k,d.B0 

! >.l»i4.3t 

-J.lfcl5.r5 


5 *>•■«■« 

1 Price ! + or : 

! Dm. . — j 

DJr_11d. ) 
% \% 

“ A KG 

! 85.9 -G.2 1 

_ i _ 


. 518 '-9 

31.2' 3.0 

? BUM 

i 229.5 + 0 JI ,28.08' 6.1 1 


l.aO 

2.50 

5.80 

1.15 


+ 0.15 


Turnover Cr.TSAm. Volume 43.7m. 
Source: Rio de Janeiro SE. 


wilt* exclude S premium. HtiuMn dindends arc after 


NOTES: iirc/sns 
wirbholrlim; tax. 

♦ DllV) denom. unless otherwise Staled, f Pus. 5flo d»nom. unlew otherwise 
s:aicd. 4> Kr ion denom. unless otherwise v »iv«i. 9 Fts Mm deoom. unless 
oriK-rwise sidled, r Yen 50 denom. unless otherwise stated. ; Price ai linn- nr 
suspension, o Flonns. bFchilimxs. r Cents tl Dmtfofld afr- r peodiog rruhia 
and or scrip fame rftr share. 1 Francs. ^ Cross rtiv. /> .\ssumed dividend 
after scrip and- or rich is issue, k After Incal raxes, m*. r^x freo. e Francs. 
Including Cnilac dlv. P Kotn ■ Share spill, a Div. and ru-ld exclude special 
1 indicated d)v. it Unofficial iradins. o Mlnonir holdvra only, v Mcn/cr 
" Aiked. * Bid. { TrodwT. Z Seller. : Assumed, sr Ex rIS&U. xd Ex 
xc Ex senp issue. xaEr alL a iniersn since increased. 


payment. 

oendm- 

dividend. 


RACING 


BY DOMINIC WIGAN 


Dasman looks well 
in with 7st 81b 


JOHN SUTCLIFFE. 

Epsom stable has been 
quiet lime of late, with few 
notable triumphs, could weii 
land today's William Hill Cam- 
bridgeshire with that still 
improving gelding Dasman. 


whose not be ruled out if. a* reports 
having suggest, he has recaptured the 
two-year-oid form that had him 
defeating Celebrated at odds of 
25-1 on the July course last 
summer. 

Of the remainder i have most 


For a three-year-o!d with four fas aground specialist 

smart recent efforts and a Time- 5?S ,n .**•«. P ar t°cred by Pat 
form rating of 107, this chestnut ^haerj. who makes a welcome 
son of Tower Walk appears L etu ^? *P ^ ra >’- an ^ for the 
particularly well in with £o. Durham challenger Claudio 
si 11 lb Furthermore, that iN "™ ,ai - Th e last named, out of 
highly proficient apprentice racing for most of the summer 
Kevin Darley will be reducing aI> ° w *}** 1 USI nne recent race 
his weight by 3 lb. having no H Qdcr h . ,s belt, will strip fresher 


difficulty in riding at 7 st S lb. 

A reproduction of Dasman's 
most recent . form — a game 
victurj- over Smackover in a 
valuable event at Newbury — 


NEWMARKET 
1.45—’ Thatching** 
12(1— Be Sweet 
3.0R — Dasman 
•US — Shangamuzo* • • 

4.05 — Persian Sapphire 
4-35 — illormans Way 

3.05— -Virgin Soldier 


than almost any of his 17 
opponents, and it is to him that 
I will be lt/oUinji for The chief 
threat to Dasman 

Although ir is difficult to rngore 
the claims of Billion's eighi- 
lensih Doncasler .Cup erm- 
queror. Buckskin, in the Jockey 
Club Cup. | believe that the 
ground (on the fast side of good) 
will probably prove liis undoin. 
A better proposition seems to be 
the ultra-consistent Shanganiuzo. 
whij bus noi run a bad race all 
season, and who may Well, have 
been in need of tiio outing when 
third at Doncasier following a 
hold-up in his work. 

Both Count Carlos, and Virgin 
Soldier seem s-ure. to come in for 
strung support in the second 
division nf the Wcstley Maiden 


should give those who have 
backed him from 25-1 to under 
half those odds a fine run for 
heir money. 

Unlikely io be far away m the 
finish is the recent “ inquiry ~ 
coll Colonel Parker, from whom Slakes, and I find it. difficult to 
Neville Calagban has snapped choose between them, 
up Lester Piggott in the absence Bill Wichiman’s Count Carl us 
of the lame Home Run. did well to run Kilroy Hawk, to 

Although hr has faiied in half-a-lengih »r Cnodwoorl last 
make much impression this time out. but I shshtlv prefer the 
season and will he carrying 3 lb oace- raced Virgin 'spldier a 
overweight (Ptggott hein^ tbreeleogtb :-e‘rnod to Har'd green 

unable to make- the allotied w hen net fun wound up at the 
8 st 2 lbj. Colonel Parker can- last meeting here 


GERMANY ♦ 


IRAKIS 


HASF, 

Raver 

Baver-Hrpo 

Haver- VcreimbU.l 
i.'itdhi(.\e<i.wn» ; 
r.'i..iunierztMuL 



l/ainuer-Ucnz. ... 

Ueph* 1 

IVomj: 

ll. iilT.rlit Hank... 

litewlilerHank .. 
[ivektriwtlT Zeml .. 

7!ulelir.ffniiU|; j 

U»v*K Unyrt .... 

Hnn'ener ’ 

U'Whtl 1 

Hne*eb • 

Hurteii i 

Kali unri salz.. . 

Ramta.lt ' 

Raulbv-H I 

Rka-kner DM100. 

KHU 

Ktupp .] 

L/iide 

Urven/irau 10u.,..il.595 


141.0 + 0.2 ;I 8 ./ 6 I 6.6 
142.9-0.1 1 18.75; 6 Ji 
298.9 3R Wl 4.7 


18 ! 2.6 


349.5 + 1.0 I 

ieo ,-5 1 - i - 

234.0 -0.5 I26.S6; 5.7 




5.1 
3J! 

3.1 

4.5 

6.6 
8.5 
2.7 




Luirfeut*.... 

MAN. 

Manucxinann.. .. 

Hrtmllcv* 260 

U'in<. , bearrKiK-k.i 640 I — 10 

No-kertnana I 

I’ni.^ac Lill WO: 

Riicin Ifw . KI 0 .-.I 

-M-htrlu K ...„ ' 

■iiement 

"•/et Zucker..— .. ■ 

I’Ih»mai A.G I 

t’aru ! 

VKBA .. 

v mra>s WesiBk) 

•ihs-vavtai I 


75.2— 1.0 ‘ - 

344.5, -0.5 28.(2 
268.5 —0.5 , 17 
1«5.1 —0-9 ■ 11 

311.4 +0.9 ,28.12 

252.5 + 1.0 ,28.121 

185.5 — 5.5 r 9.361 

233.5, -1.51 12 i 

113 1 '14.2*1 6.2 

176 -1 .-tlti.Tb! 9.5 
140.9;— J.1 lte.78! 6.6 

50.2 ; - | - 

177.01-0.3 '9.361 2.6. --- 

158.0 . + 2.5 (14.041 4.41 ««>»on5 Pbenix.., 
334.B' — U.5 i 23.44] 3.6 
253 '-3 /18.72 3.7 

92.0 , - •! - 

183.0|-0-5 118.75 5.1 
115 ;+g r- : - 
285.0 -1.8 i 26 ; 4.4 
25 ' 7.8 


Oct. 6 


"PriS" 

Fn,. 


RcnteOf. i 734 

Ai nqnc UeeMVeH 446 

Air L/auMfe. 375 

AQuitalae I 555 

8IC.. ' 535 

I. 844 

fl-SJV. Geraas...-] 600 

Uarretour. ...'2.020 

C.li.fc. I 41tt 

L.I.l. Aioaict ! 1.094 


+ or; Div.iYiu. 
- i Fn. i % 


+4' 

-*-3 


! 41* 
31.16! 
! 16.6 
2225 
113.95: 
: 42 


Cie Uanceir*.... 

LU/h MciIIm j 

Ciertil Com. fi'tt! 

L reu-nz lot re. 

Lfouie^ ' 

Kr. 

Oeii. llcc/ilentaie.' 

Imetal 

lavqiich Bevel ! • 

Lo large I 

L’llreal ... i 

Legrap.1 


IS 

4-4 


438 

494 


+4 


1 

-2 
-19 

I 40.6: '6.7 
I 75 1 3.7 
; 31.5; 7.6 
176.50 7.0 
1 12 ; a. 7 
lUb! 2.3 
138.11-4.9 : 13 B.7 
83.0; 4. 3.2 • - I - 
656 >6 '35.7= 5.2 
142.01-0.9 14.10) 9.9 
278.8|—1.2 | 8.2s! 3.0 
70.9 —0.9 i 6.1, 8.0 
176.0.-1.1 - i - 

357 ; — 3 iUS.7/1 6.5 
765 i f 31 life. >7) 2. 1 
1,935 '-8 j56./b; l.JJ 

572 !+l ! 39.1 7.0 

Utchelin -B- 1.455 T— 31 >32.^ 2.2 

'loci Hennenaev.l 600 -r6 i 12.bl 2.J 

MreHmez I 1 40 ',5 | 3 i 2,1 

Parlies I 213.1 — 2.4 'la.*. 9.4 

t*m.-tmiey ! 106.6 + 3.6 i 7.b! 7.0 

feraod-HIcert ....i 320.1(4-3.1 r 10 | l. 6 
rieusoibllueen^ 638 1 + 12 |17.2t! 3.5 


AUSTRALIA 


1+ or 

Oct. fi 

Amt. 9 1 — ' 




*0.95 1 

AMAXlLfil „,.i 

t2.23 [-0-412 

\m)nlTixp)oaitiOn 

11-35 

linpol Petroleum- 

10.87 | 

Abw/c. Minerals. j 

11.60 I-0.0& 


\ TOKYO T 


HP 


11.67 

71.82 

tl.10 

71.77 

70.70 


99.aS-£o’ 9.3ft 1 4.7 ) jfolMH. ; 240 |*H . — I- 


224.5, — 5.6 . 12 • 2.7 i *rt*otqU8. 

180.4 + 0-9 I IS. 18; 4JQ ’ 

IO 1.9 
18 : 1.4 

178.1- 0.4, — ■ — 

107.2— 0.2- — — 

188.G+0.3 : 25 6.6 

276.0— 0.2 i2B.ll 4 5.1 
299.3 -0.2 25 ’ 4.2 

274.8 + 2.3 '-38341 4.9 
119./' — 0-2 17.16 7.2 

190.0— 2.5 *17. IK 43 

131.9 +0.3 *9.38 5.6 

299 -1 : 18 j 3.0 

239.0 -0-2 . 25 5.2 


..... 623 j+1 | 37 I 5.2 

i Llaaouce- I 634 )-l i 30 j 4.S 

Uhone Pouleoe „.l 1«2,U+0.1 1 9 17.4 

X.UoI«iid : 171.91+0.8! 14.4: 8.5 

5kl.i Koencnnt ! 1.826 —5 ; 59 ! 2.1 

»uer - 316 -*.2 ■as.bje.i 

leiemet*nii|uD_..j 874 ‘+14 . 26. 1 2.2 
Mi.vnaon Hnrvil.j 270 !— 12 15.15 1 , 5.6 
*--wm 32a 1 ; - ; _ 


STOCKHOLM 


| + or , Uir.iYM. 
I I Kr- 


BRUSSELS/LUXEMBOURG 


Ort. 6 


I Div. I • 

•■r { Fre. inn. | 
- . *« I S 


116 4.5 

I .1100 8.1 

1—8 — 1 — 

177 | 7.7 

1+50 k30 r 6.5 

' 170 5.5 

Ul6 1 150 ! 6.0 
<+ 12 1 B5 I 5.8 
I ] 90 • 5.5 


Arfied 2.450 

Berkcrt “B" 8.670 

UB.lt. Cemeos-..! 1.288 

t.VKkerill I 460 

KBlte 2.510 

Elortnrt*U 16.540 

Falnque NaL ..'3.1uO 

'i.B. Inun-Hm..., ]5.490 

lievocri .1.474 

GULiHtux Ia l,b «0 , 

HiJ-.krD *12.800 1-40 >170 ' 6.1 

Intent .Hi [1.623 1+ 19 !l42 1 Z.8 

Kmllenauh ........7.190 

lai ):.<\a<e Beige..i6.000 
Can H.Milinns. ... *5.020 

Fwnrtina *3.690 

'/+. lien. Banq ue3,L.66 
.It ej 1 . Be 1 ■{ "4 1 ie 1 2 .1' 80 

'-unw ;3.190 

■"•“vay 2.530 

liiM-lUHi Rlc-l .2.6iZ0 

«.» 1.20D 

11.M1U..I JO. ! 836 

V lw He Moniague2.U25 


Arh .VB (KrJjO)...] 

Alta Laval 1 Kr.tOj 

AabA (KrJtOi ! 

AUoa C>’pro(Kr2aj 

lHllonai >.| 

Bre ore I 

L^ardi'- .....I 

Cellnlnsi - / 

Fleet’ lus ■ B 1 (KrfeOl 
UnraW B'l KifcOii 

RoaeKe “B" 1 

Page rata J 

Grange* /Freci— 
Hnndleahnukeo .. 

Mara boo 

Mo Uch Uoniito.. 
aandvlk -B’ Kra_i 255 
5.K.F. -B- Kra..„! 68 

- — . '»lr«n,1 felnskll.la.J 
20 1890 1 4,0 I Tanilat i k *B’/ K rtjW 
50 -335' a. 4 Crt.lrtiolm J 


5.5 


£ 


66 ia! 


160 
63 1* 
636.1 


-25 1 205 
20 .140 
.J81S 


6.7 

6.8 

. 6.7 

t 30 A2.WI b.3 

;i| i s ° i 


SWITZERLAND 


‘/.-I- 6 


Priw | + or 

tt. — 


UIv.Vm. 


-Vili.nmiiin .... 990 j I 0. 

M’ -1,535 1 +20 , IO 

■ In <.eiSVfcl.IJL'’ ffiB ;+lO 22 
l"K I7RI'«| > 705 1—10 82 , 

!>■». Keg. ( 557 -2 j 1)2 

it*i<v '2,200 i—5 i L 6 

Rm-tiuBMit il.795nL 10 I 

n-i fiei iliavei'i. 1 545 ; — 5 ! 5 


4.0 


COPENHAGEN * 


Andeireanken.... • 

L/an-ke lhnik 

Uv AmmLii; t.'n., ; 
Fi oa oh/w n hen. .. . . | 

Brvgeener 1 

For. lM|4r 

Maxulc/rNuiL 


141 


152 13 
356 
88 
127>g 


.\oplKa)«?l .{ 

, Ulnlannk 

&.S J ftlvawnnk j 

JS.5 • l l wiiw«nli,.....i 
3o|.U. Urren-oo..., 
onperfw-... 1 


15JJI 

139 


1+4 

10 

4.2 


6-5 

9.2 

+ 1 

5 

4.0 

+3 

9.6 

5.0 

+ 1 

4. 

4.1 


16 

472 

-5 

8 

6.7 

+ 2i s 




+5 

5.76 

2.2 



4.5 

0.6 


8 

6.0 

+ ia 

b 

7.8 

+ 1 

7 


+2 

6 

7^1' 

+ or 

w*riiw’. 

— 

* 

% 


— 

u 

7.9 


12 

9.5 



12 

7.5 

+ «4 

13 

9.8 


12 

3.4 


12 

blfc 



13 

3.8 

—la 

12 

b.3 

44U 

- 




9.1 



11 

SM 

-u 

12 

3.0; 

+ «S J 

12 

7.1 1 


♦ 1.25 
»1.68 
f2.05 
t8.64 
1 1 .40 
tl.75 
♦3.45 
11.33 
*2.39 
13.85 
t2.80 
13.72 

♦ 1.85 
tl.48 


Aaar*.-. Pulp Paper Si J 

A»**r. Coo. Industries. 

Aim. Kotmlatlno InTeat...; 

A.N.l 1 

Aoriituco. _[ 

Auou.HH ft Un«_ ■ *0.72 

HohiIxk- Creek GoVt 1 *0.26 

Blue Metal Inrt I 

Bougulrmllo C.>pl«er | 

Krau/Mt* Iir.iiietxipa - 

Broken H»ll Pn»priPtar»....i 

V*u*toa Loiteri Brewrrv^.. 1 

cflitcsiL : I 

UdcftLami <.«meat. j 

*. ; 6*e«> «G. J.j 

Conr, GukKwhlfi Aimu... ...| 

Container lSl> 

Lbaziae Kiotioto _..| 

Uweni AunlralUt 

Uunwp Robber fSiu„ 

SSCOR-.; tO. 84 

Btder-5nutta ; t2.60 

Endea+reir Itewn/rces > 10.29 

LS.. InHuetriPa ! *3.10 

aen. Praoeny Tni« ■ 11.66 

Hoinerefoy... *2.50 

U<»wr. J 

ft. I Australia 

1 uter-Copper • 

Jeonioftb indu^iriee 

I ones. /David/ I 

lennard (>11 J 

Metaja KspUnation....' ....■ . 

MJM Hre.liap. 1 

Alyer Bujpariuni.. ....! 

•Vo** 

SfofaoUa iDteraalionai ?. 

North Broken 

Uakbri'iiee— 

Oil 

Utter Ex|rioraiioii 

P/oneet Concipte. ■ 

tto.-uu ft C01 awe... 

u. c. £*iau|i> 

southland Minioiit I 

atfeinjua isxnioration J 

‘“tb lit/ 

news. J 

Weourvj Ulmnu /60 — 

W.i'Vrerrh- 

AMSTERDAM ~ 


j+04H 


i.OI 
-9 A 5 


Oct- 6 

•PriceT 

Y« 

AaaU Glana, 

336- 


440- 

Uaaio — 

905 

Iftinnn r 

411 

Dai Nippon Print 

586* 

Fuji PJ/oto 

567 


217 


600 


•+4.01 


Honda Motors — ! 

Huuw Food— .(1,160 -| 

(A Itnti ! 841 J 

lire Yofcado ■ 1,880 .- 

J/u».n 792' 

4.A.L.. ..12.900 } 

Kaiini Mact.Pw j 1,160 ; 

548 
295;: 


m 


_ ... Jart.PwJI 

I -6.01 ) Knmatwi j 


1 I Iki/Unt *.— .^j 
; KyJtreCenunfoZl 


Uslauvbua Ind— 
■Uitsububi Dank 


! ilitMibwtrt Heavy] ■ 118 


A660: 1 
279 .1 


456 


*0.84 
*2.32 
*0.15 
♦ 1.12 
* 1.10 
*0.42 
T0.43 
t2.38 
♦ 1.68 
t2.5S 
*0.98 
rl.43 
♦1.74 
*0.13 
*0^1 
*1.83 
52.97 
♦0.70 
*0.35 
t0.44 


— ... i MmobiOii CropJ 
, ».... ' Mitsui ft Co... ' 

t— 9.0 q Ultfulbo«hi MfH 

• — - • .'f/ppera Donsn— «!. 

,+6.04 .VlpponrihmpsnJ 
, A /man Mnmra— . .1 

+0.07^ J'fooeer J; 

1-0.02 : flanyn Kfootrw. 
j-0.02 ' nreusui Pretab. 

, I ctuee/do 1.380 

*+0.02 1 la/tbo Marine.^.. | 229 
+0.02 , Iskefla Clieaucal.' 457 

!»0.01 ! 1DK^ |£, 130 

-0.03 j leyio 118 

1 Okro UarHie.....! 490 
iKk.vpkieutPov'r 
lekyofianjux..—. 

foray ....... 

Toshiba Corp„_J 




,-O.UI 


i+0.01 


1,000 

334 

142 

127 


+04H f Xarrota Motor \ 889 .|+4 , 


Source Kflcfco Secnrides: 

VIENNA 


r— 0.01 
- 0.01 
-0.01 


I-Vt. 4 


Price 1 + iT 


are; 1 


U.86iflML02 
TO^l 
+1.75 
+1.73 


j Croditanataa..... ! 
’ i Perttnooser 
, ...... [ 

I Setnpetil 

flte.vr Daintier— .;! 
Veit Mafimart ! 




f-O-DI 

- 0.02 


342. 

271 

632 

83 

221 

235 


i-l ... 


& 


Ort.fi 


Pnce | «f- or 


Fla. 1 — 


USTlVlrt. 

% I % 
j2a"i 4.7 


AhoiacFi-taJi : 119.0-0.7 

ftirofFi. an 1 32.4 +0.2 ! — I 

A'iiemBnhf F/.IOC: 375.5!— 1.5 '.+24^ 7.6 
AMKV /Fi. IC1....J 90.4—0.3 I 5U f 5.5 

Antr’ioank iFi.a?/. 78.0xi-' — 0.2 i,\235| 5.8 

BUeakrti. I 97.3'- 1.0 ! 26 , 5.3 

UokaUen miF.iO-.; lz 0.0' + 0.1' 82* 6.3 
,74.4 + 1.0 : 26 7.0 
308 ,+3 27.bi l.B 

144.0 +U.S I 37.5^ S.2 ! 


JOHANNESBURG 

October 6 

HINES 

Anjclo American Corpn. „ 

Charter ConBDildaied 

Bast Driefontein 




d.+finan n/.rtt,. ,’62.000 1— 250.1100' I 8 


MILAN 


i/.^ ; iD.SbO ‘—25 

lri[M|fi„i fl. ...... *,+Dfld '. .... 

IllNol iFl.IJ'r. 1.390 :-J0 
>e»lle i+r. lU*>. jft.li,0 

Kta 2. >90 

ValtknuB/F.rsJl '2.680 
ialP-- + ./A.'.i 299 
aiaiiw iV't. >ol'i..'S.525 
l>t Pan I'i-ii-.. anO 
ddiMn'r Cl ♦ At i 

i lot u i+r.lOuJ 
- lr«U> /Ft. 
virv Bak’.hr.ul* 
<*fi«k«iFr.2a«?.j4,700 
nico fciDH - O.040 


AS2 

2«5 

7B3 

a.i7 


—5 
.+ 10 
1 + 2 
-25 

!-s 

;-2 


no I 18 

21 ‘ AM 

31 j 1.5 
ite.b. 2.8 
•db.li 3.9 
lb 


Ort. « 


Prii.u 

Lrrv 


+ cr| U|».,Vl.l. 
— . tire 


!— 7 


1 + 85 


15 

2b 

2b 

12 

14 

10 

Id 

■*o 


bUO' 2.5 




'■irtrr. Ini 10.780 —ISO' 44-.2.1 


VMt J 82.00' + 0.25' — 1 _ 

fl+*i<hii^ ‘ 661 ‘ + 2 l __ 

■•4 J r i*l 13.049 >09 I 150 4 9 

a.0l Dffcpnv^ >4.210 . + 6U 15^ bfl 

1.0] rm-l.ifT ! 188 +3 • ~ ' J, 

Kaicemeifl.. 25.6B6; + 5 

ll*lri.ii*r, ,.] 379 j + 1 

UvliutM ura ....... *45; 1 00 > 6101 l.UOfl, Sj R 

ibneliiM i 289.75; - 4. ^ ^ 

«Kl*«ni Vrtv ;1,460 -69.5* — — - 

PltfU-iCri .. 2.041 i + 2l I 

Pirelli dp* * 

-nle Tncfi9*._. 


Hiifinn leUenafo.' 
U/eevler iPi-4)i...' 

Bnma.V.V. hoaiol 
/.niihm I «U /'A', 
lliaial Br.xnilo F.. 
He’uekea ’F/. 2t, 
llnomvensil-i^a:, 
Hunter U.. PI.SX. ; 
KJ_41.lKl. 1U>... 
)nt. Muller i IS/,.' 

>«*nlr» 'PI. I0l. i 
.VaU*ertlna(Fi.it.; 
ftwU.Eed BaiFiii 
AalDidBlU'i.'x'ii 

Uctr it i.A'i 

l>geoi 

Van (/fttmureu....; 

l I nfcbi*.« «>JPi 

I’ll i lips tFi. IJ,... 

ftjn=rti'’er(Ki.liXl 

lfr*f»ev.nt'.'30i : 

lloniH-o «P:-aCj ... ■ 
.Knreniu 'n.;0i... / 
liu^-ni 1 /tilcU. P- 2 C ] 
94nrrahur,{ i 

:II-niiffipi +I..V! 
iiM.riiPrtt.Hi.is.. t 
Uni/CBei <Fi.i«...’ 
/'■mis l»>~. : u.f : 
9 -i ,1 1 1 ■ Uvr hL | 

OSLO 


71.0... 


Elsfinrs 

Harmony 

Kinross 

Kloof 

PustenbUTE Pladmnn 

St Helena 

Soolfiyajl 

Gold Fluid* SA 

I Luton Corporation 
Du Eeurs Deferred ... 


40 4 4-0 i ’ a'o l E, 7 r o«™laicln . .. 

102 0 -O'l 1 ?2 ' t'l EasT H 4 nd Pl * 

“ ’ 14 3 5 j FT.r State GeduJd 

5-f j — ! — 1 President Brand — 

•IA.5 +0.1 ) 12 • 6.1 ; Presidem Siuyn 1WJ 


«» 

is 

.ess 

8.7a 

1IJ4, 

Ite 

15.M 

U.W 

6B- f . 

SB* 

(» 

6 .» 

19.0" 





Million rein ' J® 

IVeOwiD -Ji* 

Wear Driefontein — 

( Western lloldlne^ — I*** 10 

; 7.4 ■ Western Deep .. 

! 5.3 ! • 

4-0 J AKCI 

AiiRln-Azner. Industrial 

Bnrloiv Rnnif ..... 

CMA nvestmeius 

Cnrrle Finance 
Dc Beers 'Indnstrlal — .. 


INDUSTRIALS 


a.d 

4.7 

4.9 

4.5 

A.b 

3.1 


i.iift +ai 

390 * io 


150 

90' 


Ort. i 


Bcqrsn Bank ... 

UrtTMjawrt 

Predithank ...' 


•I 


b.4 1 Ktarnor. 

7. 1 ; -KrertituiMeR 
-• ■ ftor*hHtrir*-Kr-ri 
jwrebrend'. 


I 8 1 4.9 

46-5 . 19 8.2 

26.9 —0.4 : 12.S 4.6 
113.8— 0.1 I 48 ! 4.2 
57.2,0.6 I 21 
£07.0; + 0.51 22 
178.0' + 1 . a. 56 

i2 a -5i ’■° 5 ' « I 7.1 

15u.O.— 0.5 ‘ 

50.01-2.5 - _ 

i 7 ! 

*0 ? ' 2 «i 7.21 Edgars Consulldated Inv. 

tii h •*’ 0,1 i “ - J Eflsara stores — •••• ■■ 

*“.2 ; j 9.5 d . 8 ! EvcrRMdy SA 

£*4.0—0. 1 ,55-tel B.O j Federafc- VofitabehSUlMB 

f45- 8 .— 3.2 I 20 ■ a. 1 Greaiermans Store* .. - - 
J'®-*'* > 0 B7i‘ 5.1 Guardian Assurafico 

J4b + 2 ISO.So: 0.5 i Holeiis 

1 ?7-5 + 1-3 I 4d.e' 6.7 ! LTA — — — 

NedBanfc — 

OK Efiizaarr ~+ 

Premier Mrtlmcr 

Pteiorta Ccracnl — * 

Pron -8 Holrfincs — 

Band Mines Pro peri Ins ... 

Rembrandt Grmm 

5»sn IIiiMIiies 

C G Smim Su;ar — - 
B.7 ( ** Bnrerarh* 


35* . 
tcuai 

A23. 

titt, 

iff 

llg 

36.W 

£M 

)J» 

9.00 


4^.3 T y.3 ^a.io 

416.0-1,1 J5 1 


1.2 ; 
5.9 ■ 


Pr«M j 
(« nuiL-r ' — 


i/.» . Yi.i 


0.1 I 


• |awre&ri 


B9.6 + 1.S; 9 
J** 9+4.0 1 - 

116 ’-.1 . ti . 

-' _s '-20 1 b.T.TIs+r 0a'!» aM7ft*R 

220.5^? a 1 ] 4 . 2 ;. Seruritips Raflfi 
100 • ■ 7 • 7!*j • (Discount of 35.&>.li 


MIC. 


+.01 

515 

1S7 

7.KT 

•.fi 

zX- 

l.»J 

5# 

\4k 

.1.13 

1173 




\ 


'rr-T 








































it 


SEX. ?* 

‘i 

foiJ * ... — * » 


*■••• - . 


?N a - 
7 : ^S\ 

£ & 


TOaArfkTT?m^ -Satttrday 1 Gtetc^er ,7I97S 


INTERNATIONAL FIN/ 


MM El 


^exchanges 

^proposal 

^rejected 

, B / Anthony Rowley - 

^ . HONG KONG, OcL 6- 
\. iE Official Securities Com m 15 - 
; )n here has rejected a pro- 
sal from the Federation of 
3ck Exchanges that afternoon 
• 4 iding on the Colony's four 
; > ,cfc exchanges be abandoned. 

■ -Moves towards limiting trad- 
3 to morning 'sessions only 
. ' >me from the broking com- 
mity, which is currently in- 
dated with paper work (pro- 
./teing scrip deliveries) because 
the high levels of turnover 
. - the stock market. 

^ithough the Hang Seng 
lex,* currently standing at 
- Hind 600 is at only about one 


Dutch builder forecasts 
major profits advance 


■tVU, 


Arab tad for Reserves shown Chemicals 
Canadian , o j P lan by 

refinery DV CBC Sydney U S. Steel 


BY CHARLES BATCHELOR 

STRIKING INCREASES^ sales 
and profits are forecast: for 1978 
by the Dutch construction com- 
pany, Ballast-Nedam. 

. In' Its interim statement, the 
company said it expected net 
profits to rise by 3d per cent to 
around - FI 34m, or SlL6m, this 
year while turnover is expected 
to increase by 42 . per cent to 
FI l.Tbn, some 8825m. - 
No details of results in the first 
half of the year were 'given, but 
profits per share were estimated 
at about FI 15.70 for 197S against 
FI 13.80 in 1977. Following the 
placement of 250,000 shares with 
ao investment - group. - -Minefa 
Holdings, last: January, Ballast- 
Nedam now has 1.52m ordinary 


AMSTERDAM, Oct 6. By Robert Gibbenx 


shares outstanding. 

In a review of progress the 
company said its- FI 4.7bn hous- 
ing project in Saudi Arabia— the 
largest ever won by a Dutch con- 
struction group — was progressing 
according to plan. Profits and 
turnover of the dredging division, 
which accounted for 16 per cent 
of turnover in 1977, were dis- 
appointing, however. The market 
in Holland and abroad “ is 
difficult and this division will 
make a loss this year.” 

The construction and housing 
divisions lived up to the positive 
expectations though. The com- 
pany’s order book is currently 
around Fl 4.8bn compared with 
FI 5.5bn at the start of the year. 


Prospects for additional orders 
are "reasonable." 

Ballast-Nedam continues to 
seek a better geographical spread 
of orders. Its order book is cur- 
rently heavily weighted towards 
the Middle East. The company 
'views the future with confidence. 
• Two other Dutch construction 
groups, Stevln - and Adriaan 
Volker, have reached complete 
agreement on their planned 
merger. The joint statement 
confirmed the bid conditions 
announced at the beginning of 
September. The new holding 
company will offer 11 shares and 
one Fl 20 convertible debenture 
for each Volker share and one 
share for each Stevin share. 


Industry in Holland earns less 


BY OUR OWN CORRESPONDENT 


AMSTERDAM, Oct. 6 . 


’ 2 d T? f hS!L le *hi F jJSS QUOTED DUTCH-compacies in higher sales, while shipping and to the year before. Fixed asset I 

never beuS attained are industrial, trading and trans- airhne companies' net profits fell Investment rose by 13 per cent' 

jyhlv equJh to that no" port sectors saw net- profits fall « P« «nt on 2 per cent higher to Fl 59.4bn aftw falling by one 

■rv. . . , j- hv 7 nor rent in 1977 on. turnover ~® S- per cent in 1976. These figures. 

■ The proposal to limit trading I g - p higher than the year .Trading profits of the indust- are distorted, however, by cur- 


.. ‘TTY was nartlv madi uh for by higher uve . ra “ in net proms, casn rose. Fl 7bn in 1977 compared 

ndation of Mr. Ronald Li, earn inas on minority holdings and stoc,t dividends rose by 5.5 with an increase of Fl 4 bn the I 
urman of the Far East Stock ***?'*&?* Per cent to Fl 2.4bn. year before. Borrowed funds 


...... uu arw j , Inu-pr tax charge: «» ri j.sdd. year oeiore. corrowea tunas 

shango. . jz- ■■ . Invested funds rose by 8 per were used to finance 39 per cent 

'he Securities Commissioner, coma men in cent to FI I62bn compared wUh of assets in 1977 compared with 

- Uisdem McLones, declined 10 Statistics Office survey an increase of only 0.5 per cent 32 per cent-in 1976. 

te reasons why the proposal. £ ™ ■ 

icb would have meant a 45i°° the Amsterdam -Stm* Ex- ^ 

Heavier BP. France loss 

ss ssas « «* 

consideration. “j. en . A SHARPLY increased loss is failed to pay a dividend, 

opponents of the reduced trad- cove red matte ‘a combined net J* „{£?* 


BY OUR FINANCIAL STAFF 


on other principal stock 
hanges in Asia and in Europe 


most successful sector 


rir 55.3m a year earlier. that if necessary 
For tbe whole of 1977 the up the full offer. 


that it would lead to a com . prise ^. ^ 40 trading com- company turned in a loss of 0 Societe Ski Rossignol, a tead- 

■ Stic reduction is turnover. panics .which increased.net profit FFr 13-m largely as a result of ing French manufacturer of 

by 15 per eent on a. 14 per cent price controls and a decline in skis, has acquired the equity of 

— nse m sales. The. inter- consumption in the French Aero Inc. of Boston, Massa- 

1 nal, 0 t na J r s saw profits fail by market. For the fourth year chusseis, makers of aluminium 

KIhTHmV WllldMI F oearly 7 P er cg p t on 3 Pgr, ran* rnnmng the- company again tennis rackets. Terms. were not 



unmodify OFFER 39.2 
list BID 37.2 

wbie OFFER 70.0 
ition Trust BID 66.0 


Commodity & General 
Management Co Ltd 
8 St George's Street 
Dongles isle of Man 
Tal. r 0624 468? 


1HE OUTLOOK FOR 
COMMODITY FUTURES 

This monthly investment bulletin gives our view of the 
likely future performance of the principal commodities. 
Send for your has copy now or telephone 01-248 7811 
for a talk with one of our dealing staff. 
TccConwrtoj&jmmoifitlroUmRed Bridge Hous» 181 Queen 
Victoria Street London EC4A4AD I would Hce to receive your 
monthly inr e stm ant btJMin -‘Tha Outlook for Commottty Futures" 
Mr/KIb^Mke •' : 

Ariririwt . . 

-— . COMETCO 

Ted — — — The Commodity Brokers 


disclosed. 

The operation, through its 
American subsidiary Rossignol 
Ski Company, is the second 
acquisition in the U.S. in the 
field of tennis rackets. 

With the latest acquisition. 
Skis Rossignol has an annual 
capacity of lm tennis rackets, 
over 60 per cent of which are 
made in the U-S. 

O Societe Generate, the major 
French nationalised bank and 
Thomas Cook are to jointly 
issue travellers cheques 
denominated in French francs, 
beginning next Monday. The 
travellers cheques will be nego- 
! liable in 145 countries. 


' MONTREAL, OcL 6 . 
FIRST Arabian Corporation, a 
Luxembourg-registered com- 
pany controlled by Middle East 
interests, has now’ made a for- 
mal takeover proposal to the 
first • . mortgage holder and 
other secured creditors of the 
100,000 barrels daily Come-By- 
Chance oil refinery in New- 

fomodiand. 

Details of the deal remain 
secret First Arabian became 
interested in the mothballed 
refinery in m id-1 9 77 and this 

summer put in a preliminary 
bid. First Arabian is the group 
reported to be negotiating to 
take over the Puerto Rican 
refinery of the tronbled Com- 
monwealth Oil Refining Com- 
pany in the U.S. 

The chairman is Air. Roger 
E. Tamraz, _ 33-year-old 
Harvard - trained Lebanese 
investment banker. First 
Arabian controls the Common- 
wealth Bank of Detroit and 
has been described as a 
syndicate of wealthy Kuwaiti 
and Saudi Investors. Saudi fin- 
ancier Gbaith Pharaon sold his 
interest earlier this year. 

The First Arabian offer 
would mean rehabilitation of 
the Newfoundland refinery. It 
is reported to have been made 
through the Toronto offices of 
the Receiver, Peal Marwirk and 
Co., to the first mortgage 
holder, the U.K. Export Credits 
Guarantee Department, and 
secured creditors, bankers 
Kleinwort Benson, and the 
Newfoundland Government 

The refinery, built by the 
Shaheen interests of New 
York, was declared bankrupt 
two. years ago and debts were 
estimated at CStiOOm. 

At the time of the bank- 
ruptcy assets were shown at 
around C$400 m. it is believed 
the First Arabian offer is in 
the ‘form of a letter of intent 
and the secured creditors^ 
would have 45 days to consider 
the. terms. It would Involve 
extensive re-financing of the 
operation: repair and rehabili- 
tation. oil Industry sources 
say, would cost bet-wen C$25m 
'and C$50m and would take at 
least one year. 

A proposal to take over the 
refinery by the UK Ultramar 
■group was rejected earlier this 
yea r. The N ewf oundlan d 
government objected to sugges- 
tions it should be used for oil 
storage and trans-shipment for 
an initial period. 


WARDGATE COMMODITY FUND 
« 29th S*pt.. 1978. £10.44. £10.87 
WCF MANAGERS LIMITED 
P.O. Box 73 

St Heitor, Jersey . 0534 20591/3 
Next [dealing 3 lit October, 1978 


BY JAMES FORTH 


By Stewart Fleming 


NEW YORK. Oct. 6 

THE COMMERCIAL Banking made up of A$16.7m in contin- . .. h 

Company of Sydney (CBCS) to- gency reserves. AS95m in pro- U.S. STEEL, the company whicn 
day revealed previously undis- vision for long service leave, dominates the U.S. steel industry, 
closed reserves totalling A$31.5m A04.3m for accrued staff bene- *? * n an advance stage of nego- 
(USS 38.8m> in order to prevent fite and a AS1.3m provision for tiatong a major diversification 
speculation in the market price self insurance risk. • Sir Robert i°*o the chemical industry, 
of the bank's shares. said that undisclosed reserves The company is discussing 

The CBCS is the second bank had been maintained at an with an unnamed partner an 
to disclose its "inner reserves” appropriate level in the past hav- investment of $500m in a new 
since the treasurer, Mr. Howard in £ re ? art * the capital base, ethylene producing facility, 
announced last month that the For the year to June 30, CBCS Ethylene is the basic building 

banks would in future be 'earlier announced a strong re- block for several plastic products 

required to provide more infor- covery. helped by a combination including polyethylene, styrene, 
mation, of higher earnings from the and polyvinyl chloride. 

The CBCS would not be obliged banking operations and a smaller *. s steel already has a 
■? disc i°L e lh ® ie reserves until tessfrom significant commitment to tbe 

it reported on results for the six offshoot. Group profits were C h eni j ( , a i i n du<nrv with' assets 
months to December. 1978, but AW-Om {USW.la), less than the £ ^ ch 4i C al division of 
the Government owned Common- A$l0.5m earned m 1975-76, but ar()UJld u j as5im , ed 

wealth Banking Corporation has a solid recovery on the profit of neeotialions for a major 

already diacloaM add.Uonal AS61S..000 recorded in 187&-77. “ pa S “ f ae d i ci S ,oo m are 
reserves of about AS233m. Tbe major reason for the set- a ] ead j ng oi j company, since 

This was larger than generally back last year was a heavy loss this would ensure the company 
expected and resulted in bank by the finance arm. Commercial 0 f feedstock supplies, 
shares moving up in market At and General Acceptance, mainly - TS St , t f ahnut 

the CBCS annual meeting today because of provisions against one'ouarterofUS domestic raw 
the chairman. Sir Robert property loans. The CBCS and I production Abmt SiS^ 

Crijtfh ton -Brown said that the the Bank of America have since if S' annual sS£ 

Board believed the additional bought out the public holdings ° from 

information should be given to in CAG.A, with the CBCS now "fl.Ru, inSrvhas 

prevent any misunderstanding owning 81.5 per cent. The CBCS been sub iect to violent swines in 
and to prevent speculation. share of CAGA's deficit con- „ofiUbili?T «?d of 
The hidden reserves were tracted from A$5.73m to ASSJSSm. 

automobile industry, to intensify- 
ing competition from other 

. -- . | ( | . U materials, including plastics. 

Bushells m bid talks 

seen as a diversification into a 

BY OUR OWN CORRESPONDENT SYDNEY. Ott. 8 . 

•• • • which has greater growth 

THE REJECTION test month by Bond, confirmed that the UK potential than steel, 
the Australian Government of a group was still interested in pur- At present however, ethylene 
AS34.3oi takeover bid by the UK suing its bid. capacity in the world is running 

group Brooke Bond Liebig bas A new package was being ahead of supply. The company 
not deterred the board of of the worked cm which it was hoped must hope however that if it does 
tea and coffee group. Bushells wuuid be acceptable .to the make the investment, then by the 
Investments. The directors of Foreign Investment Review time the plant comes on stream 
Bushells today announced that Board and the Government the growth of the market will 
discussions were under way Tbe only reason given for the have soaked up tbe excess 
which could lead to an offer, rejection of Brooke Bond’s capacity. 

and advised shareholders not to original offer was that it was The company says that the 
sell pending a further announce- not in the national interest. The investment it Is considering is a 
ment. price was unlikely to have been plant that produces lbn tons of 

No further details were given a factor as the offer of AS5.565 a ethylene a year. 

but a representative of Morgan share was regarded in most : r 7 

Grenfell, the advisers to Brooke quarters as very attractive, it is q • fo«oe 

___. . suggested that one stumbling SWISS Dank taxes 

. block jwas that the ' Government ACCORDING TO a spokesman of 
SBC opens in Panama -warned to see a substantial local ^ Swiss Finance Ministry; the 
cwicc Rant rnmnrattan equity retained. Brooke Bond Government is next week to pre- 

SWiSS Bank Corporation, of was reportedly agreeable to sen t recommendations . on 

Basle, has established a subsi- allowing some local equity but possible new taxes for banking 
diary company in Panama with would not specify a timetable, operation*; to a consultative com- 
the title of Sociedad de Banca Presumably the new package m ittee of the Stiites council 

Suiza (Panama) SA. writes John would focus upon these aspects, reports John Wicks from 

* fr .° m Brooke Bond may not be the Zurich. No details are available 

Activities will centre on links only party holding talks as it is on what these taxes might be. 
with commercial clients, especi- widely rumoured that at least one since the committee will decide 
ally muln-nationaJ concems_ln major Australian group is also on whether they should be pub- 
Panama and the canal zone. The showing interest in making a bid. lished at this stage, 
new subsidiary augments the 6 

services already provided b y ■■ — ■ ■ ■■■ — “ 

Swi ss Bank Corporation (Over- , mGm tadex Limited fiI-351 3466. Three months Aluminium 583^589^ 
seas) SA, of Panama, and a repre- 29 Lamont Road. London SW10 OHS 
sentative office there which L Tax-free trading on commodity futures, 

maintains contacts with Central 2 . The commodity futures market for the smaller Investor. 

America. - - — — 


BY OUR OWN CORRESPONDENT 


SYDNEY, OcL 6 . 


At present however, ethylene 
capacity in the world is running 


the growth of the market will 
have soaked up tbe excess 


JMMODITIES/Review of the week 


Surge in tm 


pnees 


liflni/rr nrnnnTA “ ontte ». nt n, n. tub. rn* rare musikmbjsl MraMU 

MAkKm DtPflDTx 72, 71. n. as. 89. uKAJUlJ m o«l sn.wraj: m.#- 

nSruUlLl RLl Ufl |J ALUMINUM — Three months rnonUng IMPORTED — Whoa*: CWRS No. 1 IS} S7S.9: 8. Poc. S7XIK3T8.0: nil; olL Mxreh 

dose £56fi.2S (£SS4>: afternoon close per ceot Oct. 93.30 Tilbury. UJ8. Dark 87S.MJS41, _nfl; ntt. Total sales 88. 

D , Pr >|YYr l v o M.85 (£583.751. Trades morning: Three norrhirn SortuVo. s Mi per <*ni oa. I * E * 1 Z^SIAMO CROSSBREDS-CtaM 

BASE METALS ««>*■»* «. * ** n as. After. 

noon: Three months £586.5, 86. Kert: East Coast. US. Hart Winter 1M per “"JlL . 87 lRl-O-BS-B. Jour 

COPPER — St eady- Forward metal Three months £587, 8G.5. Trades 1.075 Mn t Ocl SC55. Nov. 85.55 cranshipment t9L.tod.ll. Oct. I«3.(S«4.6, Dec. ULML5, 

opened at £774 and edged to 10 £776 on fiOC). Ewn Coast. EEC wheat unowned. March 181.0-95.8. Sales: NIL, 

"" wwod. »SM par pvcaL Maize: UH^Vreneh Ott, MB, How. MO, _______ 

bad opened the rafl route to Rhodesia ton o reviews unofficial dose. nw ku transtnpment Bast Coast. POTTON 

S™™ 5 “- 11 «“«* “WH8 the price ■ ^African WW^Ott^Nw. sfiflGlaS: 

down to £771 hj early afternoon. A firmer SILVER S. Aftlcan Vellow Ocl-Nov. 61.50 Glasgow. UVERPOOl^-Spat and shipment sates 

Camex ooenlnn rhpn hplnral forward to T 1^14 ‘ V — o I u. n-. u « iai h, at ,i— .^.i 


Y OUR COMMODITIES STAFF - 

--.PRICES HIT record levels r— 
- Jie London Metal Exchange go 
" arday. . Standard grade cash 
. jumped by £110 to close at 
55 a tonne, up £345 on the 79 

c. 

' ire casts of another decline ' 

ME warehouse stocks 'of tin, 7 $ 
a tightening squeeze on sup- 
>, brought in some steady 
e buying that more than off- 74 
speculative selling. The 
end was also encouraged by 
rts suggesting that prospects 72 
fading for approval of the 
of stockpiled tin by Congress 
re it goes .into recess at the ■ 70 
of next week. 

-■ad also rose spectacularly. 

night cash lead .closed at ~ 68 
; .25 a tonne, £50.75 up on the *— 1 
c and not far below the all- . 


£ Ptfi TOMffi 


COPPER 

astmnuus 


U.S. IVlarkets 


Metals and 
grain ease: 
sugar firm 


T»i*n naim vr C Camex opeiihig then helped forward to t Bariev: Ensliah Peed fob Ott. 80.75, amounted to 81 tonnes, brinahu: the total n« 

r BMP a modMi ra lly w lthjho price finally Silver wes fixed OJp an ounce lower Nov. 82.75 East Coast- for the week to 210 tonnes (against U02j, CllfTO V* I IV*W1 

fell by 9B per cent in the third i773 - 5 on the late Kerb. Tnnwver: 2X600 fa Un? London boUffm market yesterday — report* F. W. Txttersalls. Limited opera- | | 1 Ig 1 1 

O Darter of the venr. The market lwmes ' at 29t.95p. U.S. ram equlvalantB or the wheat BARLEY Hons took ptara with only scattered 

had been ejecting a m of JS., M <4- SSSJSS SntriS.ISffi + SE. ?Sg«* HSTKM PMCIOI1I „ 1 1 

about 5 per, cent, but after dip- WHJc, down L7c; and 12-momh SSSJIc. Mnth Clone — ckwe — growths. . PRECIOUS METALS dosed tower on 

nine brieflv n rices rallied to car ~v~ I.oc. The metal opened at zw§- HONG kong commodity exchange wfcotodve profii-taWna prior 

L Wta.h«r, 295)p i'5B31-585c> and dosed at 3M-295P 0 M -WeeJdy m ration futures market «“» 1°« hoUd ay week-end land a stronger 

Close, pear the highs Of the day WinabarH __ _ _ (SSS-SStlci. Nov... ea.SO -a40 a 1.00 — 0.2S rewrt for week Oct. B: Prices doflar la forelKn exchange centres. 

with the March posihon at aSonSr 77l!s^a— a.5 +l S Jsn - f-9« §*-80 rose Sharply over the- week, with Earns Copper dnsed lower on renewed trade 

£1,971.5 a tonne, SettJ’m'ni 763 [—1 — SILVER 

Coffee values climbed. January Cathodes r «r 

gained £119 to £1,5575 a tonne, -IS H K* 585** +1 ' 7B troy01 - 


NKW YORK. Ott. 6. 
PRECIOUS METALS dosed tower on 


740.B-1.5 

760-.5 


~ SILVER ] Bullion +■ oij 
r«r .1 fixing — 
To troy ox. I price 


0.20 rose shandy over tbe week, with re 1 " 11 Copper dnsed lower on reijcwed trade 
I Mar...| 95.70 (— 0.4B[ 86.96 j— 0.55 up to' 38* points on Dec. delivery, hedge. selling despite expectations of a 

(+ or Mv 90.10 |— 0.4Dj 68.40 |— OJB Friday's dose f cents per pound): Oct decrease In LME stock* Sogar rallied 

I — Bn-ilDcss done: Wheat — Nov. 88.4048.78, nwmoted-8a38, Dec. M^5-64.30. March oa -renewed I Commission House buying 
Jan. 91 sO- M.4o. March 93.50-93.95. May 86^5^580. May nonntted. July 8680-88.00. Jpd trade price axing nver the possibUiiy 

'!■— g5 goAfi 30 Sales. M5 loa. Barley— Weelfa hlgh-lowr. Dec. 64.30-63.40, March "dUra on the dome stic Sugar 

kO-4 un. ati nun .15. Jan. R3.Stott.fill. March 6530-64.78. Sal OS: 84 lots (631. B, P Dr * or to Uie adjnurnment, Bache 


MAY JOB JUL AUG SEP OCT 


The upward trend was attributed Sq'M V JSTS^ Sn™ ' SLOSZ SSi 

to rumours that the producers u.*. hnuj 685 1 — -I b**b i — a monihs. aoa.SB^ Wo.2Sj30i.96 P 4oji KnUfioMw saieaT M3 ' reports. _ 

were supporting the market Amalgamated Metal Trading reported ? months. dl0.46p f+0.05| — to u. MPAT/VFfiCTART CC Cocoa— Dec. 167.45 H 87.30 i, T . March 

following the failure last week thai la the morning cash wlrebars traded 14 nuinih* 327.2p (+0-6, ~ I — - HGCA— Location ex-farm spot prices. M. / V dJE 1 AISL, 1 5 157.25 (j67.36t. May 1W.35. July 155.15, 

to reach an eXDOrt quota agree- 21 , X7SS> motllils 76 * ra - 74 * — : ! ! *••,■■0 wk * eat NO. Feed barley: 5MITHFIELD-N0 carcase meat prices Sw- Dec - U9 - 00 senlonentt- 

rnont 6 it,- t inn ^ 74 * 73 ■ 72 ' 1U. 72. Cathodes, three LME— Turnover 76 ( 460) lots of 10,000 Norfolk 74.30. quoied. ^ 

ment under the international months I700, nos. Kwh: Wlrebars. oxb, Morning: Cash SWJ: three months The UK monetary coefficient tor the MEAT COM MISSION—* verier Taistoek Celle*—" C Contract: Dec. 138.75- 

coffee pact. A face-saving formula three months cm. nj. 72. Afternoon: sou, 2.2. 2. Afternoon: Three mombn hoglnnlng October 8 win increase prices at representative marfceu on 1*7.00 rlST.SOi. March 148.25-148.48 

agreed at the coffee pact talks months nj, 72. 302. is, i.?. u. 1.9 , L7, lb. Kerb: i° 1 - =ro - o«- gb cattle 86.44p per Kgj.w. r, July « 

A , .. -nnrfin- nt ..urt 71^, 73. 72-5 , 72. Kerb: Wlrebars, three Three months 30LB. L8, L6. • n/\v a nniu wp, v (+0.881! UK sheep UUp per Kg-em-d.c.w. Sepi. l£.J-il3.(4, Dec. 133.75- 134.50, 

was that the question Of export months 1773, 73J, 73. 73. B, 74, 74,1 74, SOYABEAIs MEAL c+2.4i: GB pigs us.lp per kgJ.W. (+2.lJ. March Ul. 00-134.50. Sales; 1,045 lots. 


quotas and a trigger price would ns. 
be discussed again if prices , 


COCOA 


Fninrei moved tower 


nruln- Inni- IlnnUa. EnB 1 "*** 1 ■** Wale* — Cattle numbers up copper— Oct. 67.05 ( 67.35 1, Nov. 67^5 

aromld ,7 - 8 per cvat ' aroragB price 86,13p 1 67 JO i . Dec. 6S. 15. Jan.- 68.70. March 60.75, 


c ana not iar oeia.w ujc *ui- .- .... . .. ue tuscusseu a earn iz pnees , . , th i n martcp . aTU t riosed aromui **•" V""® p»««» B>.ig, md, w.™, nirca w.n, 

levels reached in March market with the rise m the moved ahnun f-prt-im levete. It °. n Pen 5 ng I 1 ®* forwan! in q UHt cowUUons values remained Jlf. hTv, to line ?dUi l+0.38i; Sheep numbers np 33.6 per rant. May 70.80, July T1.7S. Sept. 72.65. Dec. 

a Earn Dean orodneer Drice from I? 0 ?® Z. ajove certam ieve*s. It standard metal came under heav y pro flN , narrow range througbont tbe the days lows M line wim Chicago. average price I34jp t+3Jj: Ptg numbers 73. M. Jan. 74J0. March 75.10, May 75.90, 

. A Significant feature Of Che is felt that the producers are taMng very wen met by trade baying, day. The 9 £ per cent decrease in U.S. |Xe*ierta\| * or I UiMioew up 14.5 per cent, average price 68. Ip July 76.70 settlemenis. Sales: 5.080 lots. 

”** ‘ " Close ~ ' ‘ 


. A sigwacam zeaturc vi uic ^ ™ is ieit mat ine pro Queers are tamos very weu met w trace baying, day. The 9J per cent decrease In U.S. 

set is that cash lead has *° a tonne. In: the seeking to ensure that they do Y Wch 10 ^® 90 - ^ tidrd <maner grindings had Jinie m- 

7 d to a substantial premium U-S. domestic ^ price ^tacreasw world sugar prices ended the miJ % 5r^«SBw flaence ' reporta J m M Doffus * 


■r or I Uihummb 
- Done 


up 14.6 per cent, average price 68. Ip July 76.70 aettlemenui. Sales: 5.086 lots. 
I+2.I). Sratlanri— Cattle numbers down Cauws — No. 2: Oct. 64.96 >64.121, Dec. 

88-330 ,+0 l,l: 67.03-67.69 ( 00.41 ». March 69.40-60JO. May 
Stwep numbers np 9S.7 per cent, average 70.48-T0.50. July 70.60. Oct. 67.60. Dec. 


October 117 JO- 18.4^0.40 — 


price 150-Sp (+6.4). 

COVERT GARDEN (prices In sterling 


' — 

Llfi,. 

Hh «■ 

p.In_ . 


TIN 

fllftftgl 


Unotlldal 


High&ra 

Uub_,..J 

do & 
730B-I8 

£ 

+62.6 

£ 

7355-70 

£ 

+ 117 

* months. 

7070-90 

+62.6 

7140-60 

+SL5 

^fcWlenj*t- 

7515 

+ 50 

“ 

-.... 

CAnh IIMn> 

7350-6 

+ 45 

7350-60 

+ 110 

i months. 

7060-5 

+26 

7120-6 

+77J 

setuem't. 

7305 

+ 46 

— 


? trails H„ 

1*1696 

+ 9 

— 


New XortJ 



•668.40 

-Bfe 


ho-pContr'i! { KebniHrv izoioo jfl j[— 0^46 jSllSB-jS^O stared) — Imported Produce: Lemons f *“■ 

Dec. 1 ,1958^59-D +15.0! 1346 JM526 Auro!^"" . IM.l&-20-6Po.3fl 121.08 Italian: lSfl/158's new crop 5.50-6 JO: rfHS' Peh*' SKvi* 0 ’ Aneh 

March ..,.....:1S7L0-72JI +18.0:1972.0-1366 JJ.™ 2l0OJI.Bi-O.70 _ Spanla: Trays L5M.30: S. African: 7.50: °f n c : 2 mm' S'S 1 

M-y WUU +20.8 1880.8-1072 • SliKS^O 75 - Opm: Trays 3.0M.30. Oranges-S. J s “ n ,L- 

July......-..;iM6JM6JJ + 2^18.6.0-1971 122^^-0.25 - Aft**- Valencl, Late 4.8M.»r 24 J8 (24.50). 


December. ...1110.10- )BJj— 0.50110.80-18.00 P«r pattiage except where otherwise 


66-59. March 67.00-68,00. Sales: 7,050. 

•Gold— Ott. m.56 (324X01. Nov. 324.00 
(225.701, Dec. 226.50, Feb. 239.16. April 


Cyprus: Trays 3.06-3.30. Oranses— S. 
African: Valencia Late 4.30^.30: 


men's. Sales: 18,000 lols. 
tLard — Chicago loose 24Jfi (24.50). 


!»«._ ! 1 826.0-27 Jl +9.0 11826.0-1316 Sales: 04 iMI 

Mania ;'18M-B-192S +T7J! 1910.8 Cl IP A R 

Sales: 1.753 (4.147) lots of 16 tonnes. ollUAJl 
laternaliopal Cocoa Orflaatoatton (U.S. LONDON DAI 


Sales: 84 (Ml tots of 5 tonnes. 


the three months quotation for zinc, lead and copper were week virtually unchanged on the chartist baying as the price moved over jYerteraa'ya +'or Bmrinew tpertonne price 130 ap (+3.4). ' 90 Cent * avpr “ e °Sa]e*- 7 '”i)50 DW ' 

lighting the shortage of announced by, leading _ pro, London terminal market The bm- ** towrijiu ctadug tt_£T.xw, cocoa c tone - r*w October. ii7JHM8.4-o.m - . covert garden (prices in sterling L »i™ 

ediately available supplies. Queers throughout the week. daily raws price yesterday was ^ r i u ^_. Tnn ^ . W u.ocon.r-, ' uroember.... “ ao?«L apS 

feared that this scarcity may London copper prices failed to £1 a tonne lower lhan last Friday ms .1 oaSki Ui£Srf«i *>«. — iUM-g-H-D +w.oimsjm92s J25ST!!?” iSSJoIb — o!h SiS" 11 Italian: im/im-s pL u b B - fw 0, *^rti 

en as a result of sustained match the rise in other base at £110 a tonne. ™ ., OJ — March +18.0:1972.0-1366 JJSLlI 21 omi %-o.n - spania: Treys lswj.so: s. African: 7.50: Si «' IS' «n£ 

y buying by Far East and metals. Cash wSebars closed The main influence which High Grad, e £ s c “-y 3BBB tSSKK ^ 

munist ' bloc coim tries last night only m.75 up at £753 hroi^t recent a Jjmces to a S +90 MS ‘ W8 -® + ,1 - 5 i>” B -“- 13U Bnuuitan: vaj^ia i^te s!^l:eS; N v*^S^^ 3 «S5n -*5 2 f^6 00 

bly the Soviet Union. a tonne. The market was sub- standstill was the failure of the 7311s +so 71 Z 60 w™.-.. muum + 9.0 ib26.d-i 315 Safes: 64 1801 tots of 5 tonnes. AnRatine: a 4m*.4b. crapofrou- eSSiSimi: 

and comes at a time when due d by thrnSJs Sat ^mbia ^'.Congress to agree domestic Kfi ’'* «!*™* SUGAR SSTS£ta?%^ JFSmSt 

3 rv lead production has been wa = otennine to resume shinoine sugar policy, which means the ito*h 7330-6 +45 7350-60 +110 sales: 1.723 c4.i«> lots of . 10 tonnes. euta n - lSwm- « Se£ ' , ■ :-iT - Dec - =51 - 

rprf bv outniit cuts in its nffif TTC _ Lzu Smooth.. 7060-5 +25 7120-6 vTlS l-tcmaiiopaf Cocoa Orflantoatfen .U.S. LONDON DAILY PRICE (raw sugar) ^°nrT,hSr^ Jaffa CH J. S piati(wm-Ott. 285.10-2D5J0 (285.38) i 

ced by output cuts in im copper exports through Rhodesia . JJ-S. can Still not ratify the iettuan-t, 7305 +46 — rants per poumD-Daily price Ocl. 5: £1I0.DO isamei a tonne cif for 0tt.-Nov. , Jan - 898.5Wfl7J8 1207.10), April 300J6, 

r meal, zinc. The lead boom and that the Ben go e la railway International Sugar Agreement .-tniuH. maos +9 — ira.is utt^d. indicator prices ocl 6: shipment, whhe sarar daily price was r I 011110 J-.? 1 SO?. July 3WJto»3.4o. on. sos.sMoe.u. Jan. 

better than expected con- might also be reopened. Traders seemed happy with - '«bao -w, lin ‘ 17,: ° 4aF «ra«iy .round over- »"«'■ S? Aoril Sales: 

>r demand, also brou^t a- Q, at Zambia had told ^ lfrsta f t 0,8 by the new white Meaning: standard, rash £7.318, IS. r , r , r , rrc night levels and prices moved ahead as n?. P i!^~a £Lv i m; Bri r?. l 5 y HSilver— Ott. 576.00 (580.501, Ntw. 579.50 

ig advance m Zinc priMS. . .. fahri „. 0 it wouia cut SD S» r futures contract launched ^ M L. w> tr 5S V “■ COFFEE aeuera withdrew scafe-np. reports C. oSi?'pii 3 ? ■ 52 w *W.5DI. Dec. 583.50. Jan. 587.70, March 

7inr closed £31 UD on the j® a 9 1D S IMncaiOM 11 wquip CUI (-“T- . Mondav e. 60, 65. 68, 62. ao. Kerb: Standard. t ^ J Czanukow. Later higher New Yort Ty <lgman » 596.30. May W4.9fl. July 613.98. Sept. 

^ C cor.i 7! *? tnnne after their rappIl ®S un^er long-term • momla £7,065. £7.070. Afternoon: ROBUSTAS mor«l farther ahead today questions provided a ftirther Impetus to JSTH2" P^ma to 0 05-0 08. Russms cj.OO, Dec. 637 JO. Jin. S42.W. March 

■ at ° a . t0 ° ne aller contracts by 50 per cent, next foe aluminium futures market Standard, cash £7^46. three months £7,086. after InlUal hesitation, preset Bnrnham me rally and closing prices were at the , P ^ST~^. »» WlUlams 0.J0. 85! .50. May 661 JO, July 670.90 sottfemetite. 

Dg £13.025 yesterday. felI J i Kr th ma t*et ^ Faa successfully launched ®- »- “■ ^ «PBMJL, Deafer taking M- day’s highs. Whiles were steady all s2^^«„ P, T* r 7 Pe!r -«- Salcs: 1, 000 loU - HaDd and Hannan 

nrtnrprc now aoDBar to have year ■ eQ “ exclte “ e maEKet - on the Ltmdnn Metal Exchanee Kerb: Standirt, Hre* months £7,125. tinned In ihe aftenopn and the market day. Mariort*-* SewfllnK 0.12. Laxton 6.07. gpoi bullion 579.50 (580 SO). 

Oflucers now appear wiwvb Met(ln i sir j*. V?, V OT,aDn r ^ caan8e 30, 25,. 28. 25. 30. 25, 20, 25, 30, 32, remained buoyant mull die close when =1 ; Damsnw-Per Jb ■ o.w. T*mawes-Per seyabBuis-Nnv. 662.6B3 Jan. 571- 

tab lished control over the cocoa oela hrm yesterday des- this week. 38, SI. SO. values were E30 HI MB higher on balance. L . . .1 r , . J ^ . ... EngUKh LSO-LSO. Cabbages— Per 57jj i679), March 677+678. May 682, July 


ArnenUw-"- 'LBBIL4H ^rr ^i ii 0 ' NY prime steam 25.88 non. (26.00 asked). 
ftSSBS: . « aSSJrSw TMafee-Dec. 225+226 March 235f- 

uoimnican. s. Afncao: 48 s .2301. Uav i n to 244t.*>«s 

4.50: Jamaican: S.0M.40: Cyprus: J fid; SL 1 ’oJl f S i JMJ - 4 »- 45 > 

SPiatiwnn— On. 295.10-295J0 (295.361; 


btllDDine policy, WHICH means Uie »— ■ T-w idbu-uw THU 3<U»; i.ii-* WO oi-xg luunca. — — rtihin- 4 Oil-4 nn- lonnhi Tnffn innj e aepi. -■■■- uw. -ji. 

TTC Jy t -r .. S months. 7060-5 +25 7120-6 ImenuUional Cocoa Organtoatfen tU.S. LONDON DAILY PRICE (raw sugar) Promwr — SMatinom-Oct. 285.10-295 M (295.36 L 

Uodesia can Still not ratify the s^taem’t. 7305 +46 — rants per puundj-DaUy price Ott- 5: £110.80 iaame» a tonne df for OeL-Nov. T SPSt CZgISL J» n - S98.5frd97J8 (297.111). April 300J6, 

railway International Sugar Agreement ?tnluH u tfiees +9 — les.is imsu. indicator prices Ott. 6 : Shipment. White sarar dally price was h ^V~r -I VFJr ““ July 303JM03.40. Oct. 305 . 90 - 306 . 16 . Jan. 

- . Traders seemed happy with New xorkl - >668.40 - 9 fe mto ‘ in - 17 >= a™™, „ ^ ™ ™ SS tT 80 - April n2J0 - MX10 - Sale3: 


. jtahlished control over the Cocoa held firm yesterday des* this week. 


20. Kerb: Standard, three months £7,125. tinned In the afternoon and the market 4.. 
30. 25,. 2Q, 25, 30. 23, 20, 25, 3D, 32, remained buoyant until tbe close when 


IESCLY PRICE CHANGES 


Sfi. St. SO. vaiura were uu «* w maaer on oaiaura. ~TT* ,._,J „ , x, uunges— rer ffro 1 6T9), March 677+B7B. May 682. July 

LEAD-Hlstwr anal* In hectlra trading. TCtortig-t c ^: B dST^ ^ , hB ?lu! - 2S' Au «* 875 - ?<?Pt. 6SS, Nnv. 651-650. 

Further heavy boring of boih cash and l._ LUo™* R,.«i nM . Cl ^ lm - Cl °“ ® 0.07. Caullllowvn Pro 12 Lmraln L40-1.60. Iisovahaan Meal -Ott. 176JS0-176.IM 

forward metal look the latter TO do die COPFKK T_ n-,~. Con - Ru(m«- 8caM-Per lb Stick 0.10. Beetroot (176.56 1. Dee. 178.70-178.80 (179.98). Jan. 

day's high Of M18. with the backwardation £ per tonne 1 TZ,** i*' lb °- 50 ' ITS .88-178.78, March 181.06. May 1S1J*. 

widening to no at one point. Haw over, a *■ wnne “ l * l . e e u 7^r p * r lb aj2t - Couraetiea July 182.00-182.30, Ang. 151^0, SepL 179.00, 

revlKton of earlier stock dBdtne forecasts November 1636-40 +215 1654-10 Dec..— 115.28-16.!5!11J.M-IIB0 , H5J5-1SJ0 “P® - O wto ns p er hag 1.60, Oct. 177.80, 

brought some profit taking which pared Jtnuarv 1556-59 +34 5 1568^15 March. . 118.56-19.15 117. 15-17 .26118.80- 17.26 -»«■«■ Swodw: Per 2tob Soyabean Oll-Oct. 35.60-25.65 (28.101, 

the price 10 £408^ (Hi the late kerb, or 1463-66 1 27D 1468-36 Mav 12T.fll»-21.1i) ! I 11d.40-1&.4& 121. 20-18+0 0jM Tunil|«-Pe r 2Wb O.SM.BO. Dec 2a.M-25.00 <25.44i. Jan. 24.73-34.78. 

~~~ aboot £35 higher on Uk week. Cash ran mT,. looa.iu +240 iai4lsi6 Aui 125.60-35.66 l21.75.21.rt;itaL7U2.U) 4- March S4 50-24.45. May 24J5. July 34.0t. 

abom £50 TO the week. Turnover: 12X5 1366-75 +54.6 1376-60 Oet».-. 12b.7WB.Ub 124.76^4^128.00-25.00 CRIM4BY Pivu_ e . j 23.70. Sept. 2S.35-23.4fl, Oct. 23.BS. 

- ~ ~ - n p.-ff t~s:z aa :iK3S” fcBBbatt" S—HsSiffi Sra.“y-«-sn.-s 

LEAD Official — DnriHciai — Sales: Z^IE (3.6971 tots Of 50 tonnes. S*5r? ngs ^-^W-OO. targe haddock 4.70- 9 go sept. 9.93. Oct. 9.». Jan. 10.1T, 

Safe*- 7S5 (3A50J lots nl s umnST Ta,e and terle ex-re finery price for £«£«ock £3.89-£4J«; small ifljj bid. Safes: 3,660 lots. 

£8&& £63 Ji UaMi 416-.5 [+F 4iaf5-Z0 +7^5 SioSbTan MiS Sw** “Sm"St K T1p- 85*.00-B8I).M nom. (977.50 no».) f 

It! ‘ W7& * a + 1 Arebicas 1TWW (same;; unwaSbid ™ ^ *££ 


values were £30 to £40 higher on balance. ^ n *^ r 


COPFKK 


j ierterday'a 

(lloee -f-or Burin®* 

I — Done 

l£ per tonne 


U itert | 

price* IClTge 
per tonne oa 
un<c«> week 
otatni I 


Lat^n 

pricer Ch'qe 
per toano on 
onten week 
taxied 


b _ 

uium.....„... £710 — 

lorfcet c.Lf. .. ■Jl.OTOfftO — 
MV (99.6»_. — 

in rket (99.633 SZ46Q)600 — 

r I 

fire Bara £753 ' 4-13.71 

.Ho. Co. £778.86 -414-6 


’-atlHvlec 

th Do. 

«■ (XT. 

^»h 5 - 

-An $ — 


£680 £710 ■ £880 

*950/70 SlJWi 6966 - 
£&lbO I £i,dEb j £U526 
S 2 . 100 -n 0 i 62,475 t S 2 . 1 A& 

£696 rfiT78_& ! £612 
£70BJS £798.75 L CREATE 


Wkcs.t 

So. 1 Bed Spring. £»13_ 
Am. Bard 

Wlnw (OdL>j £84-66 
Bng Jailllngfnow Hop) £91 


Official — DnrfNcsai — 


6 manthaJ 406.5-7 i+S 407.M +1 
f»lJ £80.76 nett'mratl 416.3 +9 - 


iiu.uu tsaoprj lut cjuwi. rv, in, IB, uuKit.u 

WHITE SUGAR— Cltwe: ?eb. OSo.70- *«dnini a.flO; femon solea 


£741 . - 4-13.5 £686.5 £7735 

CMIUS 4-14.0 £698Jffi £795 J 

8223^75+6.0 8164.125 JE2SJ7 

C41BJE5 j+60.?£ £342.75 I £412 


£708-25 £7fl8J5fjHB4.76 
SfSbJa £775.6 JS0Z.& - 


Uiovfla — *3.976 
Peeper. wJsri®—. 82J00 

iiEST — . — sw 


-An i £407.75 +34.6 £348/75 

- t ~ t - 

torteteJJJb. 81-78(90 — 8L8Q/2.I 

did per ax.... £130 . — ■ • £94/Sfcfi 

lurtet per az £ 149.66 [+&06 £MA 

iitver (7Blbs.) . 8lED/8S'|-tO *130/1^ 

per 02 234.9t>p +7.7 263£6p 

itb» per ot—. 302 -ten +7JS 287p 

it £7^55 +346.0 £6^40- 

itha CI.122S 4-276.0 £8.840 

(ten Ind.— . - 8142.84. +LB8 . — 

m <S2LO*lb.). S142;<7 +L0 8142(47 

«h..„ £362.76 +3L0 £887^6 

ithB £369.76 -H-ILO £263-26 

wre--..^... 8675 I - 1700 


£698^M C795J £6l4.7S Ofla •' 

8164.125IJ2SJ7S 5160.125 UaomnKPhllipTea) *775 

£342.75 | £412 £215^5 Grocndnut 6S Jt 

£348/75 12406,75 AffOlJPfS Unsced, Groite-.-. CZ0 
t - £4566 Palm Malayan *610. 

tlMm 82.0 8L776 

£94(9ft& £133 J) £96 Seeds 
£86 j 4 £149.65 £96.4 CbpaMPMUpnina). 8K| 
1130(135 ,*Li£JS ,*122J Sayahran. 8S7S 

263£6n .209.7brf.8aOp- <fck*r .. . ' , 


- 1 £ 6.000 
+I75J0 *3,025 
flOO .0 52^00 

-10.0 *506 

— £047 

- £278 

*0 *455 


£86 j 4 I £149.65 1 £96.4 CopmfFWUppiiwta.! Wg — 

*130(135 Slitfl * 128J Soyaheana *S7B >+M | SS2S 

ffiiMn B09_7bp ESOn- • Other 1 

267p ■.3flfi.9&p'ffi35p Cemmoditiea 

£6340- £7^90 £6,690 Iferaa tfUlpmert*... +4L0 tt£U 

£8.840 £7, 067.fi £6,717^ rupdv*n ~. --— flTrtfi 

- *142*4 *13424 Coff« Btatatw J»- CU&L5 +119D £1.7136 

8148/47 8i'fitJ> *1300 Cotwa lode*. 

£287 JS £549.1ffi£23025 Dra. LtoranuL £«6 — ' 


13H.Y6 aett memi 116.8 +3 — Arabicav 753 00 (same): other mOrt white s«u«k-v.ibw: reo. uaue ^ 

ms U.**. bpotj 352.3 1 5 51^3 I _ ” mS’ St 

SB sr Arff tf*. k u hll JSSri* averaM 15248 s& sss ■■ Fl 

BL&75 Tl Th™* I 1 ®!-*!- £119.50; April CM.TWmoo: July 028.00- 

#L«o months £40,, 73, Aftaowa:^ Cub £419, DfTDDCp DSSSS. Salea: 228 loa of SO tonoeg. OcL B I 

ekw h W, tbree , fti l7 ' iiii f^» 7 » A K UKollK intunallaMl Sug*- Agroemeot — Ui ] 

Ism l* in c ,« M- 15* UNCHANGED opening to the London wn« per pound fob and nowed Carlbtean 860.86 1 

S2E6 “niiuSUhr' htahor Physical market. Oood interest tfanmgb- P«t. Prices for Ort. 5: Dafly *M (UK fa 

*«3 3 s?s«m' t sam ssrsi z&js’vSfsAt r&s ™ 

wool futures 


fenenJay’s Provtota Surinero 
Close Close Done 


LON □ OK — The market was steadier In . 
the middle positions, reports Bache. 

1 Pence per kilo) j 

Aosttallan [Yestcn1yV+ ort Buelneae 
Greasy Wool Cloae [ — Done 


BBC : 

« Future* — £83.3 

1 N'oJYeltow . . 

(America d) £103 ' 


£887^6 £34a.lffi £215^6 Ora. Uoorout.-^... 
SZS&S6 £368.76 £837.75 JntoLJABW Ofirte 

*700 . *S7d *550 Rubber kila._.~~. 

Hjn> P0ui.u.ii»H.i 

Sisal NO- i L— 

C76J5 1 T SnjSU-.tTOw)..^.— 

ms £87.75 £70.05 Tapioca No. 1 ™.».i 

- - . Tea (quality)’ kilo-. 

1 - - . . ~(pla(d) kito--L.| 


75.15c. +0J5 
£645 — > 

*502 — 

62.6p. +as 

£178 - 

S530 *10.0 
£110 - 1.0 


— f £750 

— *488 


- £198 

* 10.0 *600 

- 1.0 £101 

— £188, 

- ieop 

+L0 92p 


*5*7-6 1 *3725 fevel, aggressive baying of bath rash 0cL) ‘ LON □ OK — The market was stead 

9313 | 8834 ud. forward lifted the latter 10 a day's the middle positions, reports Bach 

high of 137! before ft dosed at £370 on 1. remenJay’s Provtnu Suiinera iPeoce per kilo) 

the late kerb, with tho contango narrow- Clow Cion Drew Anstiallan [Yestenly'sl-f- ort Boeln 

£2.163 £L611 ^ ^ and „ f0 ? panl ** - p Greasy Wool Cion — Don 

S8.flffi^ifil 4ffi^ amJ 08 bifiher refipecttvely to the week. I } 

) qffr ftln (W Tnnioven 18.400 tonnes. Nov BS JD-B3.H B2.7W* JO 6S.60-fi2.76 I I | 

re^So. 0L35u. I'm. + art {un. t+ar ll« 68.B5-B4.K 64.K-B4.2ta 64.00 Octwwr. — b22.D ^2.B — 

£760 £SL6 7.1 vn Official — ' Ouofflotoi — Jan-Alar 66-76- 56.75 B5.7M6.fl0j 65.S0-85.5fl December ._E2i-8-3fi.B — 1S\ 228.0 

8508 *437 — — Apr- J n« fifl.ltafiflJO BB.20-MJS, 68.404)7.86 Alarcb biB.WB.O ]+2& 2*8.0 

EJflp 4tt*p £ £ £ £ Jv-Sept 7D.55-7BJ3, 7fl.40-7fl.lD May „,.Ei7.fl-40.0 ;+S.0l - 

£1W filTf Uaab 5W-9 4-7.75 562-M +15.6 dot-ltoc 72.55-72-40, 72.40-72.10', 72.46-72.10 Jui^ „JzS4.M4J I 1 — 


pn j jg, 1 fitQB-76 1 ifiai » WooitroeMi Warp.1 Z73p idto 1 — . ' 282p Uk) 


iaa&aotndL “SoottoMl, * Madasaxcar. 


59 . 66 c- 7A8Se. flLSSn. 
£760 £760 mb 

*488 8602 *437 

5Gp fi2.3flp 40ip 

£198 £1W £117 

5600 *666 *620 

£101 . £U4 £81 

£188. £1*0 £172 

160p lBOp . 127 p 


>5: Nov 63JW-BS.H B2.7WB.Mi 6S.60-62.76 

+ art PJ«- lt+ar Dm 6B.B5-64.2W S4.K-B4.&I 84.00 Octorxir KH.tJ 1—2.5} — 

— I Unofficial — Jan-Alar 66.70- B6.7S BS.7W6_ao| 65.30-85.50 December 228-0-30.8 — 228.0 


FINANC IAL TIMES 

Oct. S' | Ocl. 6 Jttnntb ^ kWr tg,~ 

260.86 1369.78 I 861.07 839.B8 

flkr iqfe 1 iB52=uifl) 

' REUTERS 

Ott. 6 ■ OcL 6 Urmi ^ Xmi- 

1511.5 ^lBOa.2 | ~148al2 1499.6 

(Bum Seotemltw w \(nt=tN> 

OOW JONES 


| Ott. ■ Mmoiji A'eui 
6 D(fi wr> 


Uiuti 094-0 SbBJ»-d +I6.B utt-iwc fx.Ba-ja-jw i“ vury. — aae.iMeai — - — 

dmonthm.. *63-.6 + 7 - 369^-70+11 Jm-lto 74.40-74.60,74.40-74.50 74.40 Uctnber W4JMO.O — 

A’lmnl... 355 +8 — Apr-Jn^ J6.45-76-MS 75:45.76.70! 7B.45-76.15 lfe«*ml^r...i65£-45.0 ,™. - 

Prim.wort • 20.3 1 Jy-n+pt. 78.65-78.M 7&M-7BJi6 79J6-7«J,0 U.rHi...,„... JA9.IM7J) | — 


Morning: Three month* £359, 52.5, 58, 


Sates; 7 CO) lets of L5WJ kilos. 


’ LJ 0 * 5 BO, 5L6. KW, 80. Si, B2A «3, 53J. Kerb: Salas: 60S i486! tots, of 19 tonnH and ; -SYDNEY GREASY. Oofie. ilB order I- 
DpwTpktlo months £ 3 ®, BSS, 64. 64*. 65. 22 (11 lot of 5 wanes. . bdyer, Miter, bt*eu»« 3 . sales!.- Hierro J " ' ' . 


W»~- *80.12l57i«i48*.oJi73.e7 

fdture- 5B3 ^2j- 61.56 aV6.8^d 14.33 
tAvana* 'W+is-i(»=ino> . 

MQODY'fl 

' D'-L I Dtt. UltfUhtfro ‘ 
HoatT.- 6 L...6 - +v. Jw- 


AftenxwiK Cash 1361. 61.5. 82. 82A three Physical closing pnre* (hnyers) were: coelratt-Oct. 88.0-340.0; S40.0-3S9J: 14. 
monSrafiLfi. BbTbS. 87 j, 68 . SjTS Spot C.5p '«-»» Nw.- 63p CB.7B>; Dtt. MlHHM MLHffiJK Merch 
S, Sf ffiAfflrrerBIJ. toh" Three SSL B4J6P CM-8), 857^858.0: 358.IW57J; &. May X3S- 


;plg Unwin. U70.^|j66.6lJ37.9;8«.7 

(rwenhr Tl. ibti = 1»I 


338 (3402). May 334I-3M1, July 31H-3U}, 
SeoL 323 nnm., Dec. 333. 

WINNIPEG. OcL fi. ttRyc-Oct. B7.» 
rffi.so bid). Nov. 99.60 bid (99.50 tald>. 
Dec. 99.50, May 103.50 asked, July 1K5 S 0 
bid. 

ttOats— Oa. 75 JO bid (76.80 bid 1. Dec, 
75.40 bid (76.60 btdi. March 74.60 asked. 
May 74.60 asked, July 74.50 asked. 

ttBarioy— Oct. 73.16 (73.00 bid), Dec* 
73,10 174-50 bid), March 75.00 asked. May 
75.16 asked. July 7510 asked. 

S&FlaxCMd— Ott. 259.00 (281.40 bid); 

NOV. 257.40 asked (238.90 bid). Dec. 
25528, May 257M bid, July 257.30 asked. 

ftWbeel— SCWRS 13.5 per cent protein 
content cif St. Lawrence 178.54 t samel. 

All cento per pound ex-warehouse 
unless oiberwise stated, ‘is per troy 
ounce— 100 ounce lots, t Chicago loose 
Ss per lOO lbs— Dept, of Ag. prices pre- 
vious day. Prime steam fob. NY bulk 
tank cars, t Cents per 58 lb bushel ex- 
warehouse. 5.000 bushel lots. * h per 
troy ounce lor 50 oz units of 99J per 
r*>ttr purity dpltoered NY. S Cmbh per - 
troy ounce ex-warehouse. fl New 11 B ” 
contract In Sk a short »on for bulk Wo 
of 100 short ions delivered r.o.b. cars 
rtucaco. Toledo, Si. Louis and Alton. 
«c«us per a lb bushel to store, 
tt Cents t»r 34 tb bushel, . w Cents per 
48 lb bushel ro-warebOUse. IfCmts’ per 
56 lb bushel cx wa rehouse, 1,000 bushel 
kw. (1 1C per looae. 


V, 


J 





d 


M 

P 

tc 

w 

S. 

I* 

0 ! 

tfc 


at 

A 

tn 

Ft 

D, 

M 

"CB 

U: 


vl 

ye 

ru 

m 

At 

fu 

ai< 


an 

as 

ne 

pr 

Da 

>8 


eu 

wfc 

in 

wl 

cai 

tbi 

“5 


Pr 

Be 

La 

trc 

mi 

be 

sh< 

1 

Da 

vis 
Mo 
mo 
“si 
■ fro 
Ga- 
1 

the 
the 
obt 
we. 
roil 
aft 
wo 
: Cai 
pas 
tre. 
ope 
son 
M. 
* 
Syr 
acc- 
at 2 
the 
in i 
P 
to 
of I 
bad 
con; 
leac 
mer 
situ 
F 

fi? 

cun 
bet% 
Cbr 
' T1 
here 
min 
to tl 
; SUIT 

.the 
outs 
? Cl 

-COOS 

by -ti! 
strat 

; JlO 1 
viral 
line 
Joun 


•*Tm 

iutui 
leadi 
tnent 
If th 
augg< 
a tin 
natio 
Afric 
a mo 
realit 
It 

patrii 
Bath; 
in hi; 
of Pa 

catioi 

optio; 

Mims 

pare 

saner 

path 

The 

street 
being 
state 
that 
a re 
South 
surpU 
of tht 
has d 
Mor 
men 
econo 
cornel 
8 ion. : 
year 
duct t 
virtu a 
March 
Horwc 
Ftnaa 
eautio 
econoi 
be thf 
Yet 
iuimbi 
have 1 
jrunnir 
furthe 

official 
is for 
curren 

Minis! 

son 1 < 
2 per . 

The 
dard , 
refers 
that < 


22 


Financial Times Satax^^Ortote^ .. 


| SK Trass. S'k. 1«5-M (Reo-l »5J»* h* 

l 2 ' 


BRITISH FUNDS (6TB) 

2ijW_Annj. 19^* (5-10) { S:!BC."'Trw. Stir. 2pa&-12 CRca.l 471 u i« 

3WC Bntisn Transport Stk. 1978.88 B3U|t fir. 7 'is ^ * 

■'» 4 3*4 4u • 

2'spc CMS. Silo. 20's4 - 1 .-. 

4<x Cons. Stk. 32 ik w 
3 ;ps Conversion Ln. 34 ' 1 . *, .■* 

13‘<PC exchequer Ln, 80 


'» 


3oc Excr.cqucr Stk. 1981 8 SMI 
3pc Eicheqner Stk. 1933 821.6® TL«, 6 0 


This week’s SE dealings 


a'<pc Treas. Slk. 1982 90 
I* ‘roc Tre*s. Stk- 1983 90 *« i- w u„ ^ 

9iiOc Treas. Stk. 198o 98-‘nO !«.•.*» \ J« , 

?Q J « T™: ik. raL 9 !'^ fo Ytf ! Friday. October 6 - j.172 i Wednesday, October 4 5.038 | 2 Va r 4,984 

"re* 6 j:n '« 6 .Sis,* -, { Thursday, .October. 5 4,793 I Tuesday, October 3 4,429 I Friday. September 29-. .i.-—-;, • 4,842 


-C J- bn^UI, 1981*W 

■ • Lonrho USp) ^ ^ 

4 « C*"IO] '1,-rtail C25P1 90 W10} 
lonsdLc JJJJj® 1 ?? twIO) 

HT f “. 4wr »» »» 10 






B'.oc Exchequer Stk. 1981 93 ' ia 

C’.rc Exchequer Stk. 1983 E9-1: 

9'iPC EkCheauer Stic. 1982 92'«® l"r:» 

2>( 17, Z'lk 2 155.64th l*l. 


IOIibc Tre»» 100'i|4 *»«• *-'« 

. lO'.-W Trees. Slk. 1999 SBhi Jj-ii 
I 1 1 'site Trws. Stk. 1979 101 'te 20 >nO 
ilH.-pc Tresi. Stk. 1981 1009 99L.|tfB 


11 -, ? c Treas. Slk. 1991 97 r» "it u la J, 


9\pc Exchequer Ln; 1981 95>m® <«9 SMT iu 

*9E Excheouer Ln. 1983 9S*-» 4.1,. S , {J“ Tr*“C Stk. 1902 iog^o SO 6 
-4-“ *- 90 ' -- | 9oc TreM. Stk. Can*. 19B3 987|* ij 


12oc Trexi. 51k. 1995 97" 
- i. Stk. 


;v 

1990 tOfii^o.ii. 


lOUOC Ln. IMS S6*? p*f*, T rest CM iqits beo!: 

'SM **»"" Slk. 1997 86*. 

I2sc EMheauer Stk. 1993 93t.t 9»4 I *»d«. Electricity- ;pc _9S't® fh« in'M »i 


The list Wow records all sosierday's markwss and also the latest markinsu durlna (lie week aF any share Bet daalt la yesterday. The later can be dtsUosoMed hr 
the date (In p a re nt be ics). 


12nc i Exchequer Stk. 1999-2002 
l^pc^Evchequcr Stk. 1992 990 8> 

12 |I ;PC Exchequer 1994 99", O ‘j ■. 
12-'.pc Exchequer Stk. 1981 102 
13 DC Exchequer Slk. 1980 102'.- 
5Lpc Funding Ln. 197B-30 94'iO 


dUOC 9B-«* lf|e . 

1 Brit. Gjs 3pc 44J. •: 'j 
i Gtd. J ':Jt Bds. '192S' 540 : :0 15.101 
J Irish Free State 4'jpeBcfs. 53 >3 lOi 
! N. Irelind 6':DCExcheq. 92 ij .510' 

■ 3pc Redemption 43'xO -wo 


The number ef deallass marked in each section follows the name of the 
section. Unless otiierwlsc denoted sham are U rally paid and stack £JUB fui'r 
paid. Stock Exchange securities ore qsoud tn pounds and fractens of pounds 
sr In ponce and Fraction* of pence. 

The Ibt below ghn Ihc prices at which bargains done by members of 
The Slock Exchange have been recorded In The Stack Exchange Dally 
Official List. Members are not obliged to mark bargains, except in special 


cases, and Ihc list cannot, therefore, be regarded as- ■ contpfete meant of 
prices at which bnsfaesa has been done. Bargains are recanhni In tw oaichi 
List up la 2J5 p.m. Mb', but later transactions can be in. ihtTiibiMhm 

day’s Official LcuL Ne Indication Is available as t» whether a Bargain reprmenu 
a sale nr purchase by Buunbws of tba public. Markings are not.neremMl* 
in order of execution, and only one bargain In any one security at mm 
price Is recorded. . 


i t Bargains at Special Prices. A Borealo* done wUA or between mn-members. 'f* Bargains done previous day. 2 Barf alls d one tritb members of a recognised Stock 
' ' ’ ■ ' " — " bo ■Minna- In ” j.. - ,— J Ads'ralian: ^B—fBahaanxn; 3C— sCanatUan: SliK-tHggg Kong; SJ— ^Jamaican;' flif. 


rExohaniw. 4, Runuins done For delayed delivery or .... 

SMalayan: SMe — * Mexican; 3N2— Wiew Zealand: SS— BSlnsopore: SUS— SUnitcd Stales; SW1— 8 West IndLau. 


S>< 


5|iK Funding Ln. 1987-91 65-’i»» 4 J »® 

6 dc Funding Ln. 1993 fil^w ft "i« 
6 < 3 oc Funding Ln. 19B5-B7 77L'„® ■-« 
*i-® '»:# 'm *; s i* _ 

SI;dc Funding Slk. T9ggjt004 76-‘s® 

5 '.pc Funding Stk. 19E2-84 83: n® 

i>. 3 k f at 2", 

6<<pc Treasury Ln. 1995-98 6D** 

7-.pt Treasury Ln. 19B5-8a B2’i.fl> **i® 

7‘,K Treaturv Ln. 20 12-1S 65*1® i J0 


INTNL. BANK (— ) 

FREE OF STAMP DUTY 
5oc Slk. 1977-82 80 1 j (5Jl0i 


CORPORATIONS <5I) 

FREE OF STAMP DUTY 
London County 2pc 231, CS'IO). 5pc 79.',. 
5 1 -pc 1977-81 &7>i*. Do. 1 982-84 80. 
DO. 1905-87 70'- Ept 95*® 6 a‘*. 
6'«pt 67 , B'« 

Coro. London 5U0C 94 1 , i5;10>. 6':OC 

83';. 9', DC 89*4 12,101. 13'.PC 1071.-0 

Greater London 6 '*ps 63. 7Upc 91 

lZ'10'. 9'JDC 96 (2.101. 9I;PC 91 

■ 3. 1 12 .-PC 1982 100', 14. 1 Op. Do. 

1983 100 .'a® f» I; 'm IS; 10). 131* pc 

105 (4 IOi 

_ Barnet 12'.oc 99® 

B^TreasiIry lS ' 1997 75-,M> UP J BwiaV^m^ «ll#» 

9 nr. Treasury Ln. 1990 81 *« ■§ 


8oc Treasury Ln. 2002-06 C6‘. 
B'idc Treasury Ln. 1987-90 Bl-’a® 


S'. -DC Treasury Ln. 1930-82 92 "i»® *i<. 


B'idc Treasury Ln. 1964-66 S8>*h® 9's® 

' ; :® *i*« E"t« 9 1 * 9 a«!i>. 


Maidstone C--«pc 86', 1 Alletwrne Sony no 0 ) Ml, iS/lD). 

Manchester Carp. 3pe i1B91) 20^ i2'10l Uns.Ln. 43 iS/IO J ‘ 

Middlesex S'.bc 92';® 3® i Allen <Edi»r) BoRour <2Sp> 92 

Ncwcnue-uRon-Tyno 9>,pc 96 >2(10). i Allen iw. G.i rripton) zsol 54® 

9>*pc 89'j '41101 - " 


Nortftambarlana 7 pc 94'* 

Portsmouth 78!; |2.'10> 

St. Helens 11 1 , d« 94 
Salford 5'uic 64 : : 14/101 
South Tyneside 12',oc 98 >, 9 
Southond-on-Sca 112PC if.D.1 
12 k 'US »d.l 43 
Southend-on-Sea Carp. 9>JldJtk. 89 14-10) 
Southwark fi'ipc 78. IZ'tOC il.8.J._975. 


97\t9 «*. 


Allied Colloids Greop 'i 1 OdI' 73® 9 
ods BpcDb. 64 'i 


Allied Farm Foods epcDh, 64 'i ‘4.10I 
Allied. Retailers (10pi 108® 7® 9. 9 -'«pc 


Pf. 101® I, 1, ~ 
Allied Suppliers BDcLa. 
Allied Textile Cam am 'ey 


Gen Electric (25pt 3220 360 26;® cay 
30 28 6 4 71*. 4PCLO. 90rri 1Z 
Ln. 1B76-EVB7 *5T0L .-gpeLn l^gTS 
7Sii, S <*10l. 7l*pcLn. S3® <5?ioi 
680. • .Floating Rate 


- -- -nmDanles 6 (25oJ 180 (2-10» 

Alofne Hides. <901 73® 2 
Amalgamated Metal Coi^. 315 


7 ‘.P c L n. 
1986 99' f. 
Gen. Enflio 
•3101 


tnifineerlna (25 pI 


TZLPC (£10 Pd) 81,® 1SPC 104<a (2110) 
CTC._.7*,pC 97® (5110 


9 nc Treasury Ln. 1992.96 7»^|..« 


9 ;Dc Treasury Ln. 1999 811*0 

\ '*(, '."i.c 

I2dc Treasury Ln. 1983 lOO'i 
t2'.DC 1993 1 0 1 : :i ® '» 

1 2 ‘jdc Treasury Ln. 1992 103 ■*« 

'■'ii. 3 

17 '.DC Treasury Ln. ingfi 104",® i*,«® 
",n 5 4‘>i» ', 98>'i»i 9t T04H|* 9 S',;a 
104 "i»: 

it '.dc Treasury Ln. 1997 105':® '* \ 


IT'jdc Treasury Ln. 1993 110 ,A» it|*o 


14-,-pc Treasury Ln. 1994 112'.® 
lS'.rc Treasury Ln. 1S96 114'-:® ', 

15'idc Treasury Ln. 1998 118t® 17 I 3 


2*'DC Treat. Slk. 19 ;® > “i« 

?sc Treas. St". 23 '*® .DIO' 

3rc Treas. Stk. 1979 95x® 6'i>® S'.® \ 


3 oc Trees. Stk 1982 841.',.® 5'-n 5 1', 

3 : :BC Treas. Stk. 1977-BO iRcg.> 93i>, u O 
’» J, "is 

3 '.-oc Treas. Stk. 1979r-81 IRC9-' SS'l.*® 


I Berkshire 7 UPC 93 '*Q 

’Birmingham 3 PC 21®. 3 dc (1902i 20. 
. | 7UDC 86A. SBC 90U® I* (5,T OL 9Ubc 
" 94 iS. 10' 

BO^i* j Birmingham Olst. ISpc 1011* 1 I2T0I 
1 Bristol 7 ‘,pc 90 (2-10) 

| Camden Corn. 6':PC 9J-S 
1 Camden Borough 11 % i«pc 98 ,! «? 9 i4'10'. 
>s 2 T , i 121 .-PC <Fy. pd-i 99 <5 10>. Do. tlss. at 
£99 '«pc £50 DO-' 50t® (5|10< 

Cardiff City line 92'* <2.10i 
Cardin Cure. 7PC 34 1« i5'1Q) 

Coventry IS'.’BC 103 (5,10i 
Cro'dOn fi',0C Ob',® 

Drro* 13>;nc 103 
Edinburgh City ll-2Spc 97';® 

Edinburgh Core. B'-iPC SB's rS.TOi 
Glisuqw 9 ’jDC 91 U 
GloufstersfYrc S'joc ,92‘r (3,101 
Grampian 10'jpc 92 (4;l0t 
Greenwich 11-’,pc 95 1 * 

Hertlord'hlre 5'MK 1978-80 92 U (4:101. 
Do. ’ 932-84 79='. 6:,pc 75U (4.'10i 
, Islington 1 0ne 92 12 >,nc 97 

! kgnsino'on C-clsea 11 hsc 93':® >S|10) 
Kent 9 'jDC 95»® ‘5-101 
Lanarkshire 5"-DC 9S 1 ; .2’10l. 

'.teds Corn. 7':DC 99"i.- -3'19) 

Uvnrpaoi Core. 3 oc 25'* i5I10). 

95 >■ ' 7; 1 01 


Stirling . 

stack aart 1 ZI*dc 99® 

Sunderland Core. 5 ':pc 86 '1 (5.10) 
Trite and Wear l2pc 98'* 
Warwickshire 12 <;pc 101 »* tS'10) 
West Bromwich 95"i» 


SHORT OATEO BONDS 
FREE OF STAMP DUTY 


( 6t*pc Bds. Reg. 8.11I7B B9i>i b 
70S Bos. Reg IS’I li78 99"h: l4il0) 
8-,PC Eds.- Reg. 13 12178 99-,* I4..I0* 

7 "*PC Bus. Reg. 2I'3«79 99 
Upc Bds. Reg. 1 1i4(79 1 01 .947 101.952 
101.869 101.87 101.955 
9 pc BdS. Reg. 25,4-79 99*i* t2-T0> 

B-'jpc fids. Res- 2/379 9Bi.- ,72 TO) 

9’jpe Bds. Reg. 9.-5179 99 4 3- 64th; 


6PC 90J, 


9', PC 


APPOINTMENTS 


New man heads Alcad 


A SENIOR Chloride Group .AND SUPPLY is Mr. £. B. fllcrvyn 
executive bas been named as the Griihh, chairman of GKN 
neu- managin'; director of Distributors. He is a fellow of 

Chloride Alcad, Redditch — the the Institute and a past president 
UK's largest manufacturers of of the board of management, 
industrial nickel cadmium bat- + 

teries. 

Mr. Bryan Price, previously Mr - David Lewis bas been 
general manager of Chloride appointed commercial director. 
Automotive Batteries, Dagenham, Mr. Philip Hall, production direc- 
joined the Redditch company this lor and Mr. Simon Stretton, tech- 
month. He replaces former meal director of SIPHER 
managing director. Mr. David DESIGNS (ELECTRONICS) which 
Millar, who left earlier this year specialises in microprocessor and 
to head a new division of Chloride telecommunications technology 
America. Mr. Price joined the snd has strong links with the 
Chloride group 10 years ago after City, 
uorkins for many years In the * 

West Midlands with GEC Wilton. M r. Jonathan Hildreth and Mr. 
Shell Chemicals and the Bowrater Michael Wellman have been 
group. appointed vice presidents of 

* CITICORP INTERNATIONAL 
Mr. Si, W. Warren, secretary of 

BRAID GROIP. has been * 

appointed a director. Mr. Malcolm Thomas has been 

* elected chief executive at the 

The new president of the E NGINEERING CO. 

INSTITUTE OF PURCHASING iRADCLTFrEi, manufacturer of 


| (4.401 

9;K 


. .PC BcK. Reg- 1S<&'79 99<* 

9'jDC BOS. Reg. 2J-6'79 99ki (-3.-10) 

!■<« Bqs. Reg. 61 6.79 99i w (910) 
y'^ic B0s. Reg. 27 6-79 99k. 

1 Dpc Bds. Reg. 18:779 99-u. (210) 
lope Bds. Rc«. 2517.73 99-’ w® 
lO'rec BOv Reg. 10-10179 100 (6 10) 
Variable Rate Bds. Reg. (10.9375HO 97 'j 


PUBLIC BOARDS (15) 

FREE OF 5TAMP DUTY 
A9G- MOrt. Cun. 4i]pc 1961-91 53 

■ 5/10). SPC 1958-89 61 (5:101. 5'.-DC 

7 980-85 75),. Bpc 69 >4.10;. 6Hpc 
64 U«. 7 \rt)C 1981-84 B2':ffl iSel D>. 

9 -.SK 1903-36 84 1 J 

Finance (or Industry ISpctn. 1012 , <5 101 
Mancnesier Mtg. Con. 71 * 0 = 96Ai 49-64ths 
( 3. 1 □) 

Met. Wtr. Bd. 3pcB 27>n« 

Port London Avthv. 6 'jjc 390 70 <-5’10J 

COMMONWEALTH GOATS- (5) 

REGISTERED AND INSCRIBED 5TOCKS 


WM* PDWWr 

Jffi°cV^ S 'c^ D 0 . D, r 1 | iO „ 

Ai^eraon. Srratbdyde <25 di 65=:® 6i; 7'i 

Anglo-Ameriewi Asphalt I25cl SB® 7 
Anglo-Treiuyad] Induct In iRO-30) 123 

(2,1 0 JAauascutum and Ascouated ^Cos- 
IS-; 52 50 (2:10). A (Spi 51 SO 
Arcotecbrlt .'Hltfets.t- (Sn' 17 
Arenscm fA.) (Hldgs.) modi 78® 6 
Arid Indue. taSssl 39® 

Arlington Motor HWfli. (25o) 113® 
Anritsoe Shanks Group C25p 68 
Armstrong Equipment OOP' 614- ':C 
Assoc. Biscuit Manufacturers uZOd 


7PC I Cartwright (R.i (HIDgs 1 <10pl 75 I Geers Gross dOp) 42- (3,10) 

Casket >S.> (Hldps.i OOdi 35®. New <1Dp) i Gelter (A. j.i (20p) 39® - ■ 

35® 37®. IO-ZSpcPI. 1007® 

Castings (10pJ 47 (5 10) 

CatUe's (Hlgs.) (10 d) 37'j (5 10) 
causton fSK- i.» (25p) 24 .. 

Cavenham 7:;pcPI. 48. ; IOkM, 91 1- 
9 >,DCLn. 70® 70 <S tg>- , 10DCLB.70S 
Cawdaw Indvst. Hldgs. (ZSp) 29-j (5 10) 

Cawaods Hldgs. (25p) 141 C3 10) 

Celestion Pndnst. (5n> 32 (4 10) 

Celtic Haven »Spl <2,101 
Cement Roadstonc Hldgs. (25p) 96® 5<:® 

Ct-ntJ-J| ! stie er waod (Sp) 341;® 6 :. TOpC 
Pf. 101 S B7t (5.10). lOpcLn. 96-7 

Central 1 Mnlg. Trading (TOP) 61M5 lOI 
Central Wagon 7k«pcLn. 100 (4 10) 

Cent reway I50p) £59®. lIpcPI. 105 

UllUj 


81®. 


3.6SPCP1. 40 (210). Qp-Db. 7B'i 

(4110.1. 71dKDb. fi7ij 13,101. 6 : :0cLn 8S 


•4 10) 


Ino (Radrlittei- <10pv; i 4 i 3 

Ge~n. Momm .Pec. Receipts 2T7 rafioi 
Gcstetnm- Hldgs. A (25pi 176® ^( 5 run 
A C4P1.J25P' 170. lOpcLn. lIM i® ' 


Ciuntuerlaln Group (2 Sp) 49 >t® 
Fbipps (10P) *ljl; 


Lluunoertain 
Change Wares (TOp) 16‘j®. New <10 p) 
2® -‘a# 1 'jffi T-~ pm (5 101. T2BC«d 
liOPi 19'i 14/10) • • 

Channel tunnel Inv. (5p) 7fi (3 10 ) 
Lharrlngtons Ino. Hlogs- lOttfcLn. 

Chfo. 1 it.e Group (ZSp) 124® 2 4 3 6 
cnrisuc-l)ier uopj 84't <6.10- 


80 


ama-’b». (25 pi y\r Ln - 4* 

&6MH5 rS.) mini i25pi 209® 

Cp. f35p. 94-15/10' • 

GUI Duflus Go -ZSp) 164 6 
GHtspur (lOpi 66® 

Glais Metal Hldgs. (I0oi 80 (210) - 

dass Glover Go. i5p» 21 rS'10) 

^ISS.%4 6 ^ 280 raj - im - 7 ^"’ 
30 5 25 *** 
Gleesan (M. J4 riOpi 38b ' 

Glynwed (25o) 10BW 10. - IDApcUnsXlL 
81® 15/10). 6ocCnv Uns.LlL BSij wnsJJ * 
Gnome Photographic Products (I0p> 60 
Goldberg I A.) Sons i25p) 79 
Goldman (H.) Group HOP) 21 (3/10) - 
Golhrof fCh.l Fourard Son ’CZSd) 103® 


Assac. Book Publishers (20o> 233 6 Cnrtsiy "Bros. (2Spi 53ij »3L’10i Gomnm fitJuix. r7Sai kp 1 ! oto 

Assoc. British Foods CSpj 72. b>al»Ob. J Lhiissw '260) .fio®. t*V**2QM ,13»« * gSSJT' 9 .JSL 


75';®- 7 lapeDb. 85 4.', (2 19). 5'SK 

Ln. 32 i3 10>. 7'rpcUns.Ln. 29.; t5-10) 
A woe. CamimmtcaBDM Carer A I2L5P) 
1179 200 T8<3 17 18 17: (2 10) 


117® ZD® T8'j 17 IS 17: (2 
Assac. Dairies :zsp) 253® 4e 
^siKv-Etetrical Inds 6ocDb. 7S'i «5-l0). 
6‘jpcOb, 65 U 1 2/101 

Assoc. Engineering (25e> 107 9- 6-'»sc 

Db. 75J, (3 10) 

Asisoc. PisherlM tlEpi 50®. a'-otLn. SB 

7 ? ; i310) 

Assoc. Leisure ifip) 701, <5 10) 

Assoc. Newspapers Grp. (25 d) 186® 6 

<5 10 )_ 

A“°r Pa^r lndusWes .25pi 5S’j. 5':P« 
P*. 58* #5 10) 

Assoc. Sorayers (lOsl 560 (S 10) 

Assoc. Tooling Industries <25pi 40 


'3-101 

industrial Grp. 'lOol 24* 


i Hosiery) (25pi 56® 


Astra „ 

Atki", Brothers 

:s 101 

Aud'c Fidelity <10p) 35 >3 10i 
AwSotronjc- HUdgs. (10o) 25®. iSgcPf- 
(70p1 13 (a- 10) 

Aull and Wlborg Grp. iZSpi 41 :-® 


Australia 'Commonwealth erti Si-ocRog. : 5“^ .P 1 ?®-?, ■*®p) 97 4 (5 -lOi 
Stk. 9BN '51101. SijpcHeg. 197^-80 *f- r l'teir»a*i *lool Hu® 3 '5 10) 

94 7 i '2 '10). S'tpcReg. ini-82 32® J'if 0 " CJbnies: steel Hlngs. (253) 103 
',® U. &ocReg. 1977-80 SI 4a® 'S'lOi \ Automated Security (Hldos.1 «10ol 101 
6pcReg. 1981-83 BO-’s (4:10). 7ocReg. *“*»^!*« Products (25a) 74 Z10) 

(2 10) Avana -Gro. ls d j S71 a 

Jamaica 60oc5tk. 92/;« CST,» Airerys (25oi 18&b 5 6 4 

New Zealand 3'?pcStk. 72'; iS 10' Avon Rubber 196® s® ns 
4ocStk. 100 5'64 Jjj 13 10'. 5 '.pcSrk. Ayrshire Metal Prodoc/s 


40 (S' 10). BpcLn. 72 (3; 10). B>^CLn. 

Claurui Cu. CZ5oi 183 <2-401 

City Hotels L20PI 127 15.101 ■ 

Clarke (Clement Hkjjv) (ZaO) 81 (4 10) 
Cuv iRIcharg) .2Sp) 93 (5 10) 

Llavton Son I50a) 790 (5-10) 

Chfrcrd snail (5a) 37 
Clifford (Charles) 134® 28® _ 

Cliflords Dairies A Non-wejLMO 'a TQi 
Clutsom-Pann InL 7'aJC2ndDh. 66 1, 13.10' 

Coalite Chemical (25pi 73 2 . „ 

Coats Paions (25pi 702® 69': 70 1. 
4'aPCLn. 36®. b-'apcLn. 53 
7'iocLn. 62': 

Cock sedge i25pJ 83 i2 10) 

Cole iR. H-) I2qp) 122 
Colgate Palmolive 14-'B (3 10) 

Collins (William) r25o) 146 tSno). 
<NOn-Vgt.l 146 (S.IQi _ .. 

Com ben Gre. <10t» 30® 2. New 30 'a 
1 U 2 V'i»i 7 i,gcLp. 64 (5 10i 
Combined English Stores '12’:p) 134':® 
2® 2 1 

Comet Redlovislan <5p> 153® 1 
Comp Air i2Sp) 9a:-a 61:0 7 9'1 
Compton I J-> i20pl 729 3 
CcwentHr i 10 a> ^ 

Cook Watts 9-',pcUnsec.Ln. 6,5'-®—. 

Cooper iFrideneki iHIdos-i OOoi 20 '3.10' 
Cooper Industries HOpi 220 
Cope Allman Intnl. •'“* 


Goodyear Tvre Robber (GB1 AdcPI. 29 
'4/1 D) 

Gough Coooer <20o) 73® 


Grampiaa Hldgs. l25p) 66 '2/101- 
- - - - i25o) If 9®. 20 ■- 


Granada Grotto' A 

Grand MetroooHtBii >50o1 110*7® la® 9S- 
101/ 9 10 11 5ocPf 391- (3/1 0). fi'.M 
n 491 - ri/10). 7 boePf. B1 (5,10).-®tynr 
UnsZn. 95 (4/10) IQpcUus-Lji. T7® 
6 ’,® 7 — • 

Grant Bros. '25p) 110 

Grar-an Warehot»n- "25 Pi 1 29 3 

Great UnjycrMl Sreres rZSoi 320t 15)10). 
A (25 d) 128* 4® 7 4; 5)<0c<Iis.Ld. 40 

■5®. .. B >ipc 


( a i'j. 7':pcUi»sec.Ln. 78 . >3 10. 
! Cope sportswear <5p' 54® (S 10) 


13.10). | 39 . 7i,dcUns.Ln. 79 Ut® 

! Uns.Ln. 66', 

Greatermans Stores A <R0.E0) ISO 
Grrcn&ank induwl. Hl'his. >10p) 48 <3iT0) 
. J Greenheld MUIetn HOP) 81 (4(10). tape 
* 1 Pf. 95 i3M0) . 

v Green's EtewMWKi <2 Sol 6S - 
Group Latin Car 'IDs! 47« 6 '5/107 
Grovebrfl Group <5 d) 20® (5/10) 

Guest Keen Nonfefo!*te 2701® 66t® 9® 

7® 8 ® 8 9. B/iOcC nv .llnS.LR. . 80® 1® 

1 Ml- II- 

G-ni Keen Newlefoiris ((JlO 7ia>rG"*Db. 

70 15/10). lO'rocGtd.Db. B6h (3/10) 
H-A.T. (too) 25':® 7 'j®. ' New (IQn) 
26'-: 6 (3110). Sijftn. BO® 

H.T.tf. .250 125 iSIJO) 

301 70 to 3® i:;®iHaden Carrier *2So) 121 


-laggas ii.) -lOo) <38 -5.'IO) . 

Hail Ham River S-.-pcDb. 65 Is - 


it ;- 5 ai .1 IO) 1 Conydex (1 Dpi 35® iS.'IO' 

33 fsiOI. T.tPC j corah I^-^IQ.^^ 


H, 

Haii 'EnqlnVirTio - ; Hiid9s’.)"6ljpeW. 46'/. 
7-'i9CLn. 89 (5|IOl 


Northern Rhodesia SocStk. 902,® (510.'. BAT t2Spi 304® 5® do i vno 297 si^ 
B DCS !k. 1976-79 te® (5: 10) c , , 302 3. DfoTVSpi 259® 66* 70 M 61 E 
Nvasa and 5PCStt . 90 -'s® tSH0). SocSIk- SB: i Cl 


17® 201® 19 iHaram S'e ah C'-'Shm *iOp) 38 , «4/T0> 

. 18 is:' 20 ” j Hihna HOoi 44 (5/101. Tnctn. .67® 

i Ccsalt IZ5oi 67 6 'A'lOi ' 

Costa In (Richard i (Z5 di 2S2 4 '5-101 


ig76-79 90® 15- ID). fipcStk. 1973-81 
BS'.® (5(101 

South Australian 3 DC Ins. Stk. 24'. (3 10' 
Southern Rhuoosla kiyprStk. 50 1 15/10'. 
oPCStV. 56 (5 101. 3':pcStk 1980-85 
40 (5.101. SpcStk. 65 (4.'1 0) 

Trinidad and Tobago Garrrrmni. BUpcStk. 
B5'rt> iS-10' 


SINGAPORE STOCK 
EXCHANGE 

0 . 1 . s 

S 

CM. 6 

s. 

Industrials 


Snui-liarf't! 

iJ5id 

H-'Vi- 

C'.to 

Iinit, Pul*. 


Lk-l-luul L'm. 

:.-.2 


3.10 

Bi-utifltuiUiHl 

2.73 

I. . haaiiit*re' 

1.53 

liunii.n 

■ -^.2;4xti 

C. Cu-- bk.. 

J.BO 

K«.i 

o.btnl 

V>earnty .... 

3.T- 

Fn-w N.qtt 

i.iU 

I ract. .r- ..... 

cJJ.1 

Ri» l*Br 

l4« 

fieniKTi 1 .... 



Hume 1 ti.*. .. . 

Leirt 


iJtZ 

In./lK-ftfie, 

1SS .RubUtrs 

HaiAi Hi*u. 

i K li) 

brtlll 1,1 ilium; 

l.w 

M«l»iv Lflnl. 

i5.u 

fiuni/. Ksmic 

«:.51aJ 

Utjl.Hv ^ins 
'.'■••-Uiin.llk, 
I'au htoelll..- 

fS .if. 

s.&: 

1.12 

Keuiiatv 

aj>4 

li-il.ili -in (.'••. 

t'.tfii .Tins 


Kl.ll.lMUII 




*bei 

&.IU id. Penn hi hi.. .. 

• 

'•line Unrl.t . 

S.®> 'Ktui.wi 

:4.y 

U«M '(.'r«Me‘ 


Jtirlmi 

U'.i 

MnsilaMrein 

2.62 

'juwe 1 IVikL. 

iJAu 

MraKs linit.: 


•■-•ihi 10 - rin. 

t7 

il97oi Lul 

;7.0 .'IIPTMIII.L 1 -.. 

.T.'DyrN.iflar, 

■J.12 


products and waste disposal 
iment. The appointment is 
part of the board’s reorganisation 


ins profitability after the recent 


Mr. R. Ogden remains chairman. 


FELIX BOTTf.HER {UK {HOLD- 
INGS) announces that Mr. 


managing director of ail group 


continues as technical 


LOXRHO announces that Mr. 


has been appointed an 


«PC 


FOREIGN STOCKS (!) 

COUPONS PAYABLE IN LONDON 
Bulgarian 7pcLn. 1926 7'- 12 10) 
German Intnl. 5-i-ac 414 (4.10) 

Ireland (Rea. oti 9 Aidc 78UitQ is;10i 

STERLING foreign 
CURRENCY BONDS 

Citicorp Overseas Fltiance lOocOot.Bds. 
93'v i.430i 

Sears Inc lO'vpcBdiL 1988 91 v .4 ,10) 

FOREIGN CRPS. .(— ) 

Porto Alegre SocBds. 99® (5 101 

UK RAILWAYS {51 

Canadian Pacific CSC5I 13-V® 

Db. 32 >t® >■ 

FOREIGN RAILWAYS (1) 

Chilian Northern SpcDtn. 95 
Trnltzk 4'jpcBds. £5 (3.10) 

BANKS (112) 

Alvxahders Discount 250 (5,'10i 
Allied Irish Bank (2501 212® 

ArtwthDOt Latham Hldgs. ibo® 5 (S/10) 
5i;pcLo. 76® 151101 
Australian New Zealand Banking 
(All; 323® (5/10) 

Bank America Coren. (US51)iB-'« (5/10) 
Bank Leuml (UK) 160 13/10) 

Bank of Ireland 418® 2B (5-10) 

Bank ol Montreal iCS2i 14 15 lOi 
Bank of New South Wales (London Reg.) 
llA2i 61810 45 (5110) 

Bank of Nova Scotia tCSIl 12t» <4|10) 
Bank or Scotland (Governor) 2590 60® 
58® 8 62 

Barclays Bank 3280 81® 5 8 4J. BUpc 


ICC ifiOp) 140 >3® 40® 40 39 B 
i'rPCPl. *4 I5‘10l7 7pS)b 71® 

. (500' 17i® .20® 170 20 17 23 


6 . 


Gp. 


Ln. 


Barclay Bonk Internal. 7i>BCLn. 68 U 71« 

Brown Shiplev Hldgs- 260® is 10) 

Can. Imperial Bank of Commerce iCJ 2) 
16 '4/IOt 


Cater Rveer 26B (HO) 

da 






Can any other weekly 
news letter match 
our performance? 


The Investors Chronicle News Letter brings you through the 
post each Wednesday recommended Shares to ouy phis other firm 
inyestment advice on markets, sectors and other areasand subjects 
of vital importance to the successful investor. 


Each year the average performance erf the News Letter’s share 
recommendations is far superior to that of the market genera By, with, 
for example, the News Letter's 1977 recommendations (as detailed 
in a comprehensive foUow-up table appearing in the News Letter on 


Clive Discount Hldgs. I20p) 7B 7 (5'10>, 
94,pcPl. 92 <i® 

Commercial Bank of Australia (ASH 218 
Commercial Banking Ol the Near East 
(Ail) 167® 

Commerzbank AktlongellschaK /DM50) 
85 ii 13/10). Carts oi Deposit iDMIO) 
17 (211 0) 

Fraser Ansbacher (100) 12U® 

Gerrare and Notional Discount (23a) 174 
(4110) 

Gibbs Antony) Hldgs. (25p) 53® 
Gnndltrs Hldgs. >7SPi 129US® 

Guinness Peat Gre. <Z5o) 232 
Hombnw Ehs. (25o) 184* 

WH. Samuel Grp. 'iSP) 94 S 
Hongkong and Shanghai Banking Core- 
1 VHK2-S0I 291® 88® 93 U 2 
Joseah (Leopold) Hides. 195® i5H0J 
Xevser Ullmano Hldgs- (ZSp) 49 
KlelnwOrt Benson Lonsdale >25 p) IDT® 

Uovds Bank 243 B 7 TiypcLn. 86 7«s 
Ma-'ifoctarers Hanover Core. /JUS7-501 

am* 

Mercury Secmities i25p) 111® 14 13 
Midland Bank 355® 9 3 7 40t 35. tObpc 
Ln. 98L. 7'npeLn. SO >5-10) 

Minster Assets 'ZSol 60 ’l 
Natl. Commercial Bkn. Group (250' 73 « 
N»tl. Westminster Bk. 262® 58® 8 60 
59 62. Warrants 91 15 /IDi. 7prPf. 
98':. . fl- 1 , oc Unset. Ln. 9ii : <4/101. . 9oc 


UnsecJLn. 78'j; 
Royal B 


_ . Bk. Ot Canada 'CJ2i 21b 1 »* 

Srhmdets 450 3. BbacUnsec.Ln. 6BU 
Q'10' 

srandw^Charfered Bk. 410® 3. iSboc 
Union Disimunt of London 310® IS-MQ) 


BREWERIES (US) 

Allied Breweries (ZSp) 82.* 3 h 2. 5'jpc 
fft 46® '5.101. 7 (jpePf. 62 1 (5.101. 

SliOcDb. 3811® 151101. 4>,pcDb. 1979-84 
72 ip iS.TOi. 6<«0cDb. 1984-89 70': 
(2110'. 6 l.pcLn. 440 T ;ptLn. 54 V 

13110). 7J,pcLn. 62V ( 211 0/ 
Amalgamated OlsKUed Products (10» 
29® 30> 4 iSlIOi 

Bass Charring ton i2Sp) 164. 4pcFT. 33 
IJ '51101, 7 pc PI. 571: 7: (5/1 Ol. 

31, pc Ob 95 3i,peDb. 1987-92 45>; 
14110)., B'ujcDb. 70', -V (5/1 0>. 4 ■: nc 

Ln. 41 U 14/10), 7 -VpCLn. 61/,® 2V li 

13/1 Of 

Bet have it Brew er y Group <25 pi 489 9 
B 7 C5 f 10) 

Bell (Arthur i Sam (50a) £51® 4 
Boddlngtans Breweries '25p> 97® 

Brown >M.i (25oi 110 i3110i 
Buckley's Brcwory «2Spi 50 (51101 
Buhner 'M. PI Haldinos (2Spi 139 (SflDi 
Buttonwood Brewery (Forshawsi (2Sp) 171 
(5/101 

Cameron O. W.1 BVpCDb. 87 >3/10) 

City of London D/d. (25p) 67 '4il0i 
Clark (M.) Sons (Holdings) (2Soi 142® 
40 2 

Courage BVpcZndDb. 07 1-®. BncZndDb. 
_69 , « (Z/IOi. 10i:pcUi. 831, .J/IOi 
D avenports’ Brewery (Holdings' (25p) 84 
(5|10> 

Devenlsh U. A.) r25p) 197 (3/1 a) 
Distillers (SOpt 20 3 it® 1 2 Ij. S^pcLn. 
40:- fSUOi 7'jpCLn. 62 1; -’ 4 IS/10). 

10-SocLn. BO-',® 

Greenalf Whitley (25nl 12S® 3. A C3o) 
34 (3 101. flucPf. si:® e: 8 
Greene King Sons >25p< 307® .5.10) 
Guinness tArthar) Son i25p> 160® SB 60 
58:. 7 6pcLn. 50: (5/101 
Hardvs Hansons i25o) 183 
Highland CUllS. (2 Op) 1410 2® 

Holt (Joseph) <2 50) 257 
InvergoCdOn Dlsis. iHIpgs^ C25 p) 144 


BBA (25pi 58® 

BICC " 

5 

BL . 

®UMC 6pcLn. 37:, (2/10i. 7>;PCLn. 49':T 
7?,pcLn' T sli aBdUl '' 49 ^® 7: ® IS/10). 

69 ® 9 8's s: 9: s-vpc 
gb. 71 ij (2/101. GVocDb. 701; (2/1 Oh 
9pcDb. 83V (4-10) 

BP B Industries (5Qo. 243® 39 8. 7UPC 
Ln. 1450 6 

11 % ,z, ^ Ln - 

, N 5T2 M,S 4 °® 

sssrssnW C2Sp> 

Baird 191 (5,1 Of 
Baker Perkins (EOpt 119® 17 18 
Bakers Hous^iold Stores (lop. 43 >4.'10) 
Bsmbergers (25pl 76 
Bambcrs Stores HOP)- 1 Si SO (5/10) 

Bank Br'dne (Spi 3ij® (5/10) 

Banks (25oi 72 (2/10) 

Banro Cons. Inds. (20O) 65 (5'10> 

Barker Dobson II Qp) 161 ,® 1 3'-$ 14<# 
Barlow Rand (R0.10J 224® 1. Do. New 

10pm 

B DO A B NV e i56 , ° ld a5fll 152 ® 2 ^5 ' ,0, • 
Barratt (lOpi 106 

Ba rrow Hopburn (25 pi - 40. 7.75 oc PI. 60 

(SllOt. 12p-rt.il. 70), 

Barton (25 p> 66 C4iim 
Bassett (25 p> 130® 

Bath Portland (2Spi 66 
Baileys now 71 (4/l0i 
Baynes (lOpi 28 (2'101 
Beales (20p) 82 (4110) 

Beatson Clark (25pi 197 (2/10) 

Beattie A (25pl 12B GUIOi. Gi-peDb. 
84® 


Countryside Press. 'Spi 41 (3'1Qi 
Courtaulds i2Sdi 129:® 1® 12 »: 


Halstead (J.) 'Hldgs.) »10p> 24 b (2110). 
S':ocIM. 31 30 : : (5110) ' 

Himosan i5ot 1 5 , 

— - 7'incDto. 


. _ . pcOb. 

7o:* 1',® ',- 7 ',nc Db- 66';. 5 ':pc i Hanger Invests. HOp) 49t'®, 

UnKC.Ln. 47J,:® B 15 lOu 6*jm.Unsec.Ln. J 71 1; (5'10l 
52',® l.t 2 3 .5 10:. 7i;pcUrrwC.Ln. - - 

57U (4.10). 7>,acUnsec.Ln. SB -;® 

Courtney Pope 'Hldgs. ■ i20pi 64 >210' 

Courts ifuf rushers! A i25P> 122 <5101 
Cowan de Groot MOp. 66® 3 4 i510j. 

10 : ;pcPI. 106: 6 iS 10 


C rod ley Printing MOW" 19ij . 

Electronics l10p> 34 fA'lOi 


12 K 


96 'j 


Be . ufont.Go. (10p> 50 tl3»10l 
Beoaer C-H. Hldgs /TOp) 58® 
Beckman A. (loo) 77 (3.10) 


Hldgs riOp) 58* 

- — noo) 77 (S. 10 ) 

Beecham Gy (2Sr) 703® 700 998 705 
2 1 3. 6t«0CLn. 80U (5'10). BtpcUi. 
69 b. SscLn 274 (5'l0l 
Beecfiwodd Con. Hld9C ‘lOoi 29:.- ui'IOi 


Belam Gp. (IOpi 62® 3ij® 3 
Ben lord C 


Ben lord Concrete Machinery (10W 48 46® 
Benolm Hldgs. C20o) 25 (3110) 

Benn Bro-.(2Sp) 55 (S'lOi 
— 12 k 66 (5'10) 


Benson's” Hash5> -^Hldgs.' 

1 entails 'I0oi_40 (3.r0) 


entima Ind^ i2Sp) 42 

i) 150® 47 6_S 


Gp. '15n) ... _ _ 

Ben stood IS & W.) (ZSai 154 Z 1 


Berwle"' - Timpo (25 d) 70 
5^ affO May iltfin 63* '5/101 


Bratobeii (25a. 160 |5'10) 
.) 127 


Bestwood (ISd) 

Bett Bra (20W 52 (4. 10) 
Bevan D. F. Holdntgs (5o> 24t 
Blhny J. 739 (3-101 
B ddle Hldns '25n) 106 (4.'10) 


HfirtPted Enn l35o) E1 CIO) 
'16 (2'10* 


Bird i Africa i (25P' 16 a>1 
Birin Id 0 -'ilc’st-i 2 SDl 57® 5 b® 6 ® &H 3 
_7.’| c -3 1? (3 'TO! 
n-rnifeqham Mint f25ni 122® 

Bishop's Stores A Nnn-ytg. (250) 115 

Black i Edginoton rsne) lois® 

J arir (TV w Hides TS"! 181 f4‘1D) 
Blackman Conrad ' 20 m 206 (2'101 
Blackwood Hodge, rz5s. 66^0 (5'IOL 
Nev, Ord- CiSpi 67 (4 to,. g Dt Ln. 117 
Blackwood Morton .Hldgs,. i25P< 24*j® 


B&lft 'i(20p> 75 >3' 10) 

rd Conlec" 


Bluebird tontflCtionera Hldgs. '25p. BB 5 
,Pd c 3 1 70. 7 kDB- 

5B.,(2B 9|. 9c Db. 641: l4'10>, IQbDC 


ectlonery Hldgs. I25p, 


CreJion" D'ldeil .1dm 13'j (3 10). 

Ptpg.Ptd. <1001 15'j 
Crest Nicholson .lop. 81® 1 3 4 
Croda Intematl. dOD' 61 
Crosby House Group 130 
Cmsby Soring Interiors lOecPf. 

12 iw 

Crouch (Derek. >20o> 115 
Crough Group r23p> 67 l4’T0t 
Crown House <25p. 640 
Crown ZeUerbich Cpn. Com Shs. lUSSSia* 
£24 '• I4.10i 

Crvstalate (Hldgs. 1 <5pi 29 h 
C ullen's Stores '.20p> 148®. A (IOpi 148 
Culler Guard Bridge Hldgs. (25ei 26® 
5® S'; 

Currys I25a‘ 197 

Customaglc Manufacturing CIOs) ifi.j 


7':ocPl. 


Hanson Trvst (25p) 137®'T 6- 
70. fi.-pcLn. 80 .2 <2/10) - 
Hardy (Furnishers) (25p) 36. A (25p) 

Hare reaves '20o) 57® 15/10) • 

Harris Sheldon <25o) 5* 

Harrison IT. C.1 <25pl 110-(3|1O) ■ 
Harrisons Crosheld CSU® Js® -Si ''l h 

H.awVor ' Sid '25 d) 23 Ml 4^ 20 146 
52 44 50 48. 5':PCPI. 45 (2/10). 

7(,ocDb. 69 

Hawley Goodall <5P) 13 '5(10) 

Hawthorn Baker ‘ZSp) 75 , 

Hawtln 'So) 11»<® ■: '* . . 

Hav .Norman) '10p' 61 ■ 

Heal H'd-as. 16® IS 1 51101 - 

Heath >W I50P) 2BO -51101 
Helene ol tendon iTOal 7TL (9/101 
, Henderson (P. C-) A MOOT 93 CZ/1D) 

■ Henderson-Kenton (20 p< . 87® 

1 Henlys '20p» 128 7.(510 • • 

Henri ones (Arthuri HOD) 2# IJ-1IB 
Her, sc her nool _25Jj^ (Si 10) 


and Btmar GP-JSOP) 1« 


iauw f&h- 

C2SpT 200 » 4.1 0) 

’** 25 i ?r£. <y t aro' 'Cvnsman) (=W) 76 

Mor*trian« ' ifP ' 

' iSlIOi u ,25oi 45 12/1 O* 

essasar-BM-" - 

S£u'1ft > 5%SfttA ,0 S-S T, ‘ !f 

hi and era CH^} 

Marchwicl C2Sp) * 

Jifflw 82 ' 3 ,,s 

Money ®5P> 764 «> - 

Kffl 'Sfvcn^ J.’ °eL*' - a '» 


KS^ii rSjpma^ 

Marsh alls tHalhav) , reso . i « 


»«t^all'A..^l! er 5L4 2 S Sop) 43 »7 




SSortonak C |nl^^ «te)^ f 2(101 

isa5J?Ts:.S5|*2« 

Ksi« rm avriP.“ r '"'” 

Mrllrns I5 p) I2L 

Melody Mills '2Sm 1 07 MH10) 

Mentmore (Sol Ja 1 : 141 

SSS.-SJJfVBiS. 4BJ9- S’ ‘ 3|10 > 

Metal Closure* «Sp< 103® 

M»ia:ra* (5 pi Si® 3 

Mwe°r T r25p?'92?, 2 (5110). 7bbcLn. 89b 

Mirtcn'n Tyre 9 . 2 prph- 76® Lrtl 
Midland Educate"* ^ ‘SOP’ 178 50 

108H 

S\rr,r 0 p^^i!^r - 137,701 17 

mIUtob luopllw (IDP) 99 C5I101 ; „ 

Mitchell Cott* «2 Sdi 5 

(3'IOr. 4'^icH- 33ia <3HO). 1 SPOIL 

MTOrtielV Somers (IOpi 63® (5110) 
Mlvconcrefe (25p) 70® ' 1® 

MOhns >2501 140 OSiim 
Monk (25pl 102® (SITO) . 

Monsanto SocLn. 122® >:® 

Monttort 125P» 72 1 

Mon 'iment Secs. (IOpi 8* 

Morgan Crucible (2Spl 125^® 3 2. mipc 
Db. 76':® '5/1 Ol. 67iSPrLn. 43 i5'10l 
Mora in Edward* (10p) 66# 

Morris B'akev Wall Paper* r29pl 97»»®. 

A Non-yt.’- '125n' 95 
Morr'snn «W«n. Su»°ntiartcets) (IOpi 92® 
MO** Bros. i2Qp» 133 
M<K< .Robertl •IOp) 36 (3/10) 
MO'herv'aro HOoi 166® 3 
Mniiit riiariotw 'tOPi 21 'a® 2’* 2 .. 
MOV) iWm ) So", (IOpi 42® 40 15/10> 
Mqnlwn i ir.h«i. 175a) 132® 

M airhead i25n. Zfn <4,10) 

Myson Grp. ilOc) 62 




Phrfte^ Lamp* -- 
Phillip* Patents |l.. 
Phoenix Timber <2 


■wffl 


‘iS- 1 

ptHOgHWe^- acpi -too®. X iffjjgf 

piniington' Bros. 312. NeW- jiTA 
Pjttard Group OflpJ 47®. 


please rema (So) 7«'; 6_7 (snot ' V; 

Plessey. »50pi 120® 1 2. 3 4 an 

ptysu nopi S 4 | <2101 4 E 

Pochln's . i 25 pi lSJ. iUDi • — - 

Polymarit imernM. (io B ) 55h 

W “fin's?" 2300 


Porter Chadburo (IOpi lit 

_(7TOt 


8pci)« 


W ® n 9 ^5i 

62 'i (2 10J 


*biw 


fit’ll,.. 

rrp-j, . rern ami 'Opj ap'iC • al .U' 

Priest 'Benjamin) 059 ) B?Vn»ni.' ' 
Prin*re*e Industrla) CP0.10>^8 ivKir 
Senrtrna f5o) Mu - . 


Pritehtru Senriros rSo) 39U 
Proprietors ot Hays Wharf 153 ® =» ii- 

Provincial Laundries (S B i 14 U* . (9 1 

Pullman iR. ).> 150 ) 99 StTyBCPf.a, 

Pye 'Hides. (250) 84® 31® 7 fit, " 
Pve ot Cambridge S'idcPi. jb 3. 


* Q — R — S 

Quick (N. J4- (IOpi 40’ 3 . 


40 rtqoj' 


RCF Hldgs. 12 5 d) 39 13(10) 
PFD Gro. flOol 78 


RKT T enfles (tod) 86 - 

Racaf Electronics <7Sm 335 * 74 a 
Radlcv - Fasti Ion (25pi 55 U/Hn H 
Bine B-q. .v«>n)-14 '4'10V . ,l0J - -C 


... _ 1 ov 

Ramor Textual CScj 91, 9 
RandsMs (25o> 94 


Bank Ore. (2So) 266® 2®' - t*. \ ' d 
8 8* 7. 6UocPf 49? ■ 

C 210 ). lOhmcLn. 77ls®L . 

Roirka Hovis McDoiro&i! i25o) -gaL : 


Ransome Hoffman pollard i ’ui -.L!' 

7ocPf - 48,1 ^ ^ 


Ransomes Sims 181 (4/101 _ 

Prtcllfte CP. S.) 1250) 79 M. 1 (n ' ^ 

ii .gasp* 

Pflrr.erj rjewFflw*! <toci s%a 
•'**». .inil 72 - 

R ?5no) k ,10B> 93 ' 10w ite 

Report Inti. tSp) 42«t. 

Ready Mhwd Concrete (25p>- Tan .- 1 -re 
Recklrt Celman i'SOd) 515® in 
P# 41t®. SHdcDP- 6BH fttltto?^- ' 
Bororf Rl-gwoy .asp) 79 ’ - 

Rprffrore Natl. Glass <2Sp) 299 - ; 

PI. 47® ..r'rore 

Readlffusloi* (250) 100® 

Remand (25p) 1B4 2 60 3 . 

Redman Herman Inti. 7t0p) El»m f 


Roed (Austin) Group A CSp) 

9pcPT. S5‘« S <2/101 • “V*® 

Reed Executive (5M 72 1 4/10) >•, 


N-iWP 


40 


Db 851, (3 10’ ~6t,or , n 44-»,'(4llb) 
Blyndell-Permogl,™ Hldgs. (25pi 84 *1 


2 ’ 10 ). 

Board man OC .O 


.... . Int. 1501 2 Qli 

Bodvcote Int. (ZSpi 730 '5(101 
BoJIlnoton Textile Printers 6pc 933.1® 
100 :® 

Bolian Textile Mill (5o> 12® (510) 

Bond Street Fabrics nool 32 (4110) 
Bonier Enrx. (20 0 ) 43 ® 

Booker McConnell (50u) 2B4 6 8 
Boot (Henry). 5ons t50p) 144 
Boots ,125 b) 206® 8® 70 4 6 9 7- 
7'yacLn. 661, (41TD1 
Borthwlck (Thomasi. Sens (50oi 65 31 , 
3 14:101. 7 nc PI. 48 7’. (4,10) 

Bnurtan (William) /Group) OOp] 21b® 2® 

Beumc. Holl nosworih (25 pi 231 fS’ 10 ). 
6 >:pcLn. 49.-® < 5-131 


Bowaror Core. 198 S 7 4. 5’jncPt. 430 
2: (5,10). S'rocDb. 56',®. 7ocLn, 


BB I 


(5 10) 

Bo waters Newfoundland a.-ncPt, 30 (5(10) 
Bowtnoroe Hides. 'I 0 o) 63® 

Braby Leslie (lOol 82', 

Bra ham Millar Group (loo) 39 41 (4 '10} 
Braithwaite Eng. 106 15-101 
Brammer 'H.* >20 di 1 1 J 12 . New Ord 
!20p) 113® 15* 10 
Bniwiv 1 10&5 49® is ifli 
Bremner (Z5pi 52 1210’ 

Brent Chemicals Int. <10o) 201 
Brent Walker rsp) 59 (5(1 01 
Brickliouse Dudley HOp, 52® 4 (5,10) 
Bridgend Processes ..Sol 9i; 
gridonCaSp) 112 lOl.pcDb. S3 (2!10» 
Bridport-Gundry 'Hldgs. ) >2Dp) 33>r® 3 
_f5 10). &ocPr. 32 coTio) 

B 22iV« (J2 h . n > .Group i25pl 31 (8110). 

BDCLn. 57 la.'lo) 

Brlgrav Group I5n1 C'« 

Bristol Stad'um (5p) 12 (2 10) 

British Aluminium B 120 New Ord- 820 
13 10 ) 

BntIsluAnierican Tobacco SocPf. 41 (5'10). 
ttSXSE- *2 'aJJHOt. TpcLn. 78® S>.® 

^JSSr k;a . ,, _ Tot .acco I nr st*. lOpcLn. 
1 1 *2': 8 2°' 10 :pcLn - BS’iO. 9**0CLn. 

-5 enzo1 Carbonising (IOpi 30ff 
29':® M 

SKiS §Xd£X?% a #9M tuu > 50 
SSSbTSrwW^ 11501B 17,1 

British Enkolon r25p) 1 5 ,, 

B 7pift l 54® ? S,0IPI! * <2SD ' , 208 7 11 9 ' 


Dale Electric International (IOp) 1 B 6 ® 
TO 7 

DdnfsJi Bacon A 107 « 2 > 10 l 
Dinki CoweTton *2St^ 112 K IO) 
Darrmouth Immrmentfl Spi ZI]- 
Davies and Neurman Hldgs. U5p> 126 
izn oi 

Davy Corporation Z5pi 146* HI 50® T 49 
New 1461]® g i, g 0 
Dawson IntcnuHciul .25p. 197® 50 6 4 
5 (S IOi. A Non- Voting .2Sp> 194 S 10) 
Off La. fine C5ai 465 3. 3: : pePf. 25 

Oe^Vere Hotels and Restaurants -25p> 16b 
Debenham* ^5p) 94 5 6 . 7iooc2ndDb 
iq^- 56 eil0, ‘ ,,BeLn ' 

°ISV a 3 5 z m .3 4 1 & 0 6 f ■ W&SHS™ 

Dei son .IOpi 27® 

D»te MetO! (25p1 75® 41; 4. 6 pc 1 StPi. 
♦S'/®- 7imcD0. 73 'a (5/f O l T0A.PCD# 
aji, i4-.' io i 

Denbyware ZSpi 102 ® 

Denny (Henri" SdcPI. 3S 
Oemtron HOp) .24 .51<» 

°fS?toj er BrWm:rs 'SSoi 126 

Dewjtarst Dent* '2001 16 ( 2 / 10 * 

°?S , pSl". ' 2SD> 132 *• 

Dlnkie Heel -lo. is r, (4 10 , 

D ptoma imnestments (25pj 136 ( 410 ) 
Dixons Photographic -lOoi 136® 3® 40 
Dobson Park Industries ilOo» ll3.i® 15 

D ^. ra ( 2 2L°. 9 ‘74^ , n 75 3 W10 '- °°- 

r,*} 9 ** tza FI * ^ (4.-10) 

Douglas (Root, m.) (2sp> 95 ® (5; 10) 

Dowdrng Mills (Sp) 28-i sij (3:10) 

Oowmeorae (IOp) 30 

Downing £G, H.) (50pi 132 <A10i 

Gowns burg lea I (IOp. 52 

Uowty Group (50p) 273 2 S 

Drake Scull (ZSp. 371 ( 1 * 

259 4l » St I- (SOP, 

2 Steels (25p’ 128® (5/10) 
‘W'.PSSWlE 28: ISlIOi io.jpc 
(3 1 oii' PflJ 10D iWPCLn. Tom 

Dura/ Tltanlne 7bpcLn. 71 C2'10) 

s^l;sss„ o,n |3&r u 47* ,,OB, 140 551 

D "2 n, ^D0 E, iin (f.'ffi 0 *- '»M» S’- 
^TapeW^ISi?^ (o? Pl 59041 90 <51Q1 ' 

Oootop HlotWj (50p> 74J® 2’]® 3 4 2 
X9,' 4’7PCDb. 1972-82 

82i- (5/I0 l 6 >,pcDb. 6 S 4 fii, h (3|1Q). 

CGji.M'lJSjlOI.. SpcLd. 65 i« (5/10) 


lOpcLn. 106 


5 U0,e Intcrnoti. CSdi '20 

10) (ZSP) 69iy® 9®. 

D ura pjpg internaM. (25p) 159 (5) 10) 
Dutton-Forshaw (25o> 48 
Dykes (J.) (25p. 3fiij 9 (4/10) 

“2*®" U- J 4 * CMfl) 70® 70 (5/10L 
N-V U5pj 70U® 


Heoworrh C«ramlr Hldgs (2Set 831^H 2> 
Hcoworth fj.) Sen noo 1 72® ■- 

Herman Sm«h HOW 1Q»t® -- . ■ . 

Heron Motor Go. (250) 123. lOpcUlWSd. 
Ln. 200 

Hestalr .25 b) 89® 9 7 
Hewden-5tuan Plant (IOp) 630 5 • 
Heywood williams Gp. <50pl 182® 1 50 
Hickson Welch (Hldgi.) '50o. 213 
Weld Bros. /5p) 11 >3:10) - 

Higgs Kin <25p) 80 (510). SpcUnscd-Ln- 
78>a (Z/10. 

H.ghams <25pi 52 J2H0) 

Hlghgate Optical tndustl. OOp) *1 X5|10) 


Highrand Electronics Go. >20p) t4 101 
ill Smith (2SD1 76® (5.'10). 


_ . . __ _ New 77 

I4FS01 . T4KlstDb. i®. E990C. £25 Pd) 
261] (4*10l 


HOI 1 Charles! Bristol 102 

«1 106 7 


Hiltons Footwear '20o' . . 

H/rst Malllnson I20pi 34i] i2/10> . 
Hoechst Finance lOpeUnscdLn. 1990 wltb 
rts. to sub. or Shi. of Hoechst AG 134*: 
>5/10) 

Hoffnung (S.l (3PI 79® • 

Hollas Gp. <5n) 64© • 

Holt Lloyd Intent! 'IOpi 173® 

Homi Charm \10pi 230 iSHO) 

Home Counties Newspapers <25o) 78 (2/1 0» 
Itewer^ (23 d) 289® 60 (S-'IOL 'A- <2SD> 

Hockinsom Hldgs. <SQp) 120®' /’ 

Horixon Midlands (SPI 115 

House of Fraser (25p) I6i« 60* BT Z. 


GpcLn SOI (5/1 0 ). B'.DcLn. 641 5*i ' 
House of Lerosc '25 d) 63 .( 2 H 0 ) 
Hoveringh am (25w 87 9 f210i Restricted 
Voting GSo) ES rs>-10) 

Howard Wyndham QOci 30 'S’lOi. .A 
(20p) 24i, 3/10) 1 BpcLn. 100 (SflOi 

Howard Machinery r25p) 320 2 30 ZS.IQI 
Howard Shuttenng iIOpi 37 9 rwiO) 
riDWare T era* ns S*>. :Z5pl 33 37 .} 
Howden (flSp* 88 ® 7:;®. ord WFr. Pd.) 

15^0) 84,11 a,10K as ^ Z 2 ® otn 

Hudson's Bay 13 U Ut CS'IO) 

Mullets Cpn. ;Rli 4US1.3G (2M0) 
Hunting Assoc Inds. (2Sp) 37S 
Hunrieiph m Ooi 1751 ,® 6® 5 ® 

Hurst (Charles) (25p. fifl C3'TO) 

Hyman 11 . j.) (Spci 56® b® i] 


4l«pcDb. 

GtiPCDb 


H3L 469® 7Q® 70® GOO 7 8. 

25®. SirocOb. 711.* (5/10). 

»o(4ji t&no) 

• pc UCp) )36 Of 101 
-MI^SO* SOii® l] 9. 7LiPCLn. 

Ihsrock Johnsen CZSp) 183 
Illingworth Morris A 1 ZD 01 30's 1 f3'70l 
imasco A 211, P2M0) 
imperial Chemical Inds. 395® 90t® 401: 


NCR 4pcGtd.Ln. 8'^icLn. 79 (2110) 

NS5 Nevurgeflts 'IOpi 119® 

Nathan <B. and l.i 'ZSpi 6S>i 7 *3 | 1®i 
National Carbonising HOpi 35 t5/10) 
Neepsend .25p) ■43';® 4 5 
Neorett. Zambra (25pl 86® 

Nell Spencer Hldgs. «J0p) 119.^ 

Neill 'Jamesi rttidas.) (ZSpi 88 9 
New Enulpmcnl (IOPI 22® (5110) 
Newirthlll 170 (31)0) 

Newbold Burton Hfd-aa. >25p] 59 (3(10) 
Newman Inds. (2Sp) 97® 5<i®. lOispc 
Unsec.Ln 74 '4 10l __ 

Ncwman-Tonm (250) 62:. Do.. New <25 p) 
63 4 *4/101 

Ncwmarfc .Louis' <25P' 277® 


News Intnl. I25p> 252® 62 5 (5/10) 
Noble ‘ ‘ " 


...... Luna (IOpi 14ij >2/10) 

Norcrps i25p) 106':® 7 6>]. 15l»ocD«b 

113® M> 

Norioik Cap. Gro. (So' 36 (4/10/ 

Normund Electrical Hides- r20p) 45 (3)10) 
North British Steel Grp. . Hldgs. 1 (25pi 381] 
) 2/10 


-Norm (M. F.i (TOP) 23 5 >3/10) 
(25p) 


Northern 'Eng, Inds. (2Sp) 13d'a* 9' 

8® 9>a 7' 2 9. tHUPcLb. 69« 4, 0(10) 
Norrnem Foods (2 Sp) 103® 3t 3 4 5. 

B.ZSpcLn. 123 (5,10) 

Northern Goldsmiths i2SP) 630 
Norton. Wright Group (IOp) 210 18 

(3J10) 

Norton (W. E.) (Hldgs.) (5p) S2»i. New 
Ord. <5 p> 30* 

NorviC Secs (IOP) 20 
Norwesr Holst i25p) 93 (2.'10). 7ocU). 
as i3(io> 

Nottingham Mfg. (25p] 143® 5. SiipcLn. 
103>,® 4® _ 

Nurdin. Peacock (IOp) 84 7 CH10) 
Nu-Swllt Inds. (5 p|.30U 30 (5 10) 


O.K Biburi :19ZS) (RD.SO) 378 
UJ.S5 26 12/101 

Ocean Wilsons iHkfgs.) (20 d) 88 (4110) 
Oce-Van Der Gnnten Finance 9pcLn. 109® 

81 1 # 

Office. Electronic Machines (2Sp) 12&5 
8 (5/10) 

Otrex Group (20P) 115S 

Oliver (George) (Tootwear) A (ZSp) 55 

OLves Paper Mill (20p) 43 1 (2.10) 
Orme Developments (IOp) 55 (2/ 

9pcLn. 85 (3/10) 

Owen Owen (2 Sd) 120® 3 19 (5/10). 


/ 10 ). 


8pCLn. .118® 19® 


Oriev Print! it- Group. (25pi 67.(4/10) . 



Parker; line 
115 

Parker Timber Group 


OSP) 102 ® 

(35P) 


73 


(5/1?) 

Parkland Textile (Hldgs.) 

(5110) 

Paterson (R.). Sons (25pi 43 (4/10) 
Paterson. Zochonls (lap) IBO (310). A 
n0p)’17D (»'10). lOOCPf. 104«, (210) 
Pauls. Whiles (2Sn> 121 20 2 (4/10) 
Pawson fW. L.I. San (Sp) 63 U. New 
Ord- (50) 25fa® 41; 

P-ak Invsts. (lob) 7i» (3/10) 

Pearson Longman (23p) 224® (5/1 0) 
Pearson (S. • Son /25 p' 231® 3 2 30. 9pc 
U nsecXii. 94 (« 

Peerage of Birmingham (IOpi 62® 1® 3 
(5/1 Q) 

,T4 (5,0K 70C 

Pennine Motor Group <10p> 9 ® (S‘10» 
PentUnd, Industries (IOpi 23hO i510i 
P omps (IOpi 103® (5 101 
Perkin- Elmer dpcUnsec.Ln. 105(; 


Reed Intnl. 1614® 58® 00^59 ) 

7 >,pcDb. 1990-95 63V (4nm. isa 
Ln. 55 (5/10). 7-1PcUns.La. 9E2S 
10PCUns.Ln. 71 1 

Recd Publishing Hldgs. 3bPCD6. 5^,-g 

Db. 68. 4'iPCUnsXff. 30:. 9iShS 

Reliance Knitwear (20 p) 51.". Kew c 
.20PJ 31®. New rzop) thglh.t 
Reliant Motor iSp) 9>« unoi. ni 
39 ,2/ TO) - • f - • *• 

nlwon PSWS (2 Sb) 106 
Renold 132® 3© 2 1 6peRf. 42 (2n« 
Rentokll tlOp; 72 isno) ' 
Rwwkk I25p) 48® 8 -*!«10> -'r-Er 
RestnXW (2 Spi 190 M. 9 CJ<T0J 
Revert ex Chemicals i75d) 68 . - *.„ * 
Bgrmore >2Sp) 70 (4/10) .... ; • . 

Ricardo Engineers (19 27) 314. N*w-H 
3100. - 


Richards Wellington Inds. 'TOOT 85 BB 
Richards «10d) 20J. 1 '4110) . . 

Richards (Leicester) <25n) 04 15/107;; 


Ririinuton Reed >250) 78® 
* ‘ - ' , 1 , (4(10) 


Rty lO.) (5o) 6< 


Robertson Foods rzspl 159-60 15)1 B) 
Rorkwvre Group >2544. 


140 


RoHs-Rerce Meters Hidos. mm 1TW; 
Rooner Wdgs A -2601 39h® 
Rotniev (Greet Britain* HOpi 40 <3,11 
Roraorint -zew 39 (5.10< 

Rnuman^ mterna*»ona K niipi Ki 

Rctf-rk -lOoi 57 . ■■/" 

Rowllnson Construction Group tlOm 
(5 10< 

Rowmree Marc In tosh fSOix 3994,- 
Istori. 47 >4 Id. 7oC2ndprt 53 .2/ 
7>-0C3rdpl. 5fii; (410) 

Bowtpn Hotels ‘2Soi 152 5 <2*HM ‘ 
Royal Worcester '25oi 170 
bervea Groun <25o. 4C >] 38 1] 41 
RuberoVd <25e) 44 • . , 

Rugby Portland Cement '25P' 73*M, 

ruu~H 'cA/esrander 1 1®0' B9t 'STfir 
Ryan (L.i Hldgs. '5n* .13*, - 


S. and U. Stores n:»' 21 ‘i®. tsic 

12 ;P' .23li -3,'IDi ' ’ 

SOS Grti» 'JfSW 177® 
sursn: and saatetu tllhx 1 25 (5 
New UTO. -lOo. 126 4 filO) '. 
Sabah Timber 'IOpi 38 U- *3,10) 
Mondays I 20 o' 178® 

Sams&tiry (J.) (2Sp) 2261 8 7. Dpdx 
(4/10* 

^nit-botMin-Pont-A-MbbSaoa iflr 

l-Frl 66.651 166.85; - 
Saniue* H.) A UM 7® -VHM 
sande.nan .Goo.) (ZSpi 56 «2.10> 
sannerson Kayser C2SPI M 


sannerson Kayser ( 2 Spi ... 

Sandhurst Marketing -IOp) 30® ■ . 
Sanger J-E-. it Op) 40 1 ISH01 
iangeril Group (£ 0 . 8* 12/10*. SHl 

59 (ilOl . v; 

San Me Gordon O.i Group (IOB) Z8-- 
bavov Hotel A , low 79® 410) - 
scape Group (2Soi 107 (5,101 
schcHef (George H.) f25o* 276 (4Hff 
Scon Robertson U5p) 45<o® .. . : 

Sea tush and Univeraai (nveas. OSpl .1 

Scottish Heritable T*t. (25p) .aw « 


>'4 4 

octish 


Home*- Investment 125p)-. 


Scott. ». 

scatrish Television (tQpf 69 
Sears Hldgs. (25 p) 42i** 3Ha «• 4_i 

7 7^L?6t&' S, '° U ”>**■* 

U5*» 12u (2 .0) ' 

Sekers Intnl (IOpi 35®. _ ■ 

Sehncourt (Sp) 274,® 4, 8. 9WeM. 

Senior Engineenno Orono HOP) 2S‘i 

Shaw Carpets (10f>) S6U OI10) 

5haw 1 Francis, i20pi 26b 12(101 
SDeepbndge Eng. (ZSp) 7I.W® 2® h 

1 5.'10l 

Sheffield Brick Gp. (25p) 55 • 

Sidlaw Inds. (50p) 90 I21ID- I'Ara n , 

SwS? Gorman ' Hldos. (25 p) Z15 10*, ‘ . : 
Sitmaw" Hunter «10P) 637 
SVlentniqhl HMas ClOpt IOC 
Silhouette (London, A • '.20o« 53 (S'10 
Simon Engineering (Z5oJ 211* (5 ID) 

Sirdar '25o) 74^ . , 

600 Group (25 p: 102!j 3 2- f*» 

34 '3 101. a jpcLn. 71® i5MD) 

Skrtchlry (25n). 133>r 


cr 


64 


E — F 

^SOp) 158® 90 46® »riD 3® J(,® 
9 4 60 49 52 5 6 SO: 7 61 2 


74, 81, 7 


w°*V5L 5 ol !!!l er * f 25p) 56# 6 SI] 
British Northrop >sOd> Sfl .2*10. 

Irish 'Dirts. Gre. ti 5p)' 177 'fid 01 f lrii?sh 
Macallan-Glenltvet >25p’ 400® 39S® IS IO) * ■y.dPf a?f-® ^ B 5? ^Sl fS'lOL 6 iPC 

Macdonald Martin Dlsts. A ,5fip) 520® I cl£?Ar.', 6a ® 


Marland 5T7 | SrfS'i J) ar j r ri " 

Scotirsn Newcastle Brews. (20 b) 64 ; 3 :.- 3 
4. 5 /roll St Da. 760. SpclstOb. 651 ; 5I:J“ v i'4 '2S 

,5 ,2. 1 Gl. 7 : ,pc1sfD(i. 65-', -3 10) <ZS * 

Seagram IS-', 


3 S3. St.-pcLn. 98® 

3.5Pf.Ln. 37 .2.10) 

E-R.F. Hldgs. (25P) 11B 
tarty (Charles) Marriott OOP) 25 (5,'10> 
East Lancs. Paper (25p) 68 (5/ 10. 

I 95 ! Midland Allied Press A (25p) 64 
Eastern Prod. (SOoi 9B 9 IOO 
Edbro (25 p) 263 (4»10* 

pffiSfrti c -» < s »> 9! isno) 

Elb'cl (Spi 16® 

E fsVo“' a,,d ,Baus ’ Sl!es * 0301 634 3 
i10Bj 306 1a Ho " 

Electronic Rentals Group (10 p> 135 
Elliott (B.) f25pi 153 (5)10). 7’iPCDb. 

blQ 

Elliott (6.) '25PI 34® 

EhjblJgGroup of Peterborough ClOp) 21® 

Elljss and E reran] (25 p) 103® 

Elliss and Goldstein (Hldgs.i i5P< 20 1;® 
|-!tan and Robbins <25oi 890 7® 8 


EiswicR-Hoppor (5p) 18 

Brodr 


rmoirr stores (Bradford) (25pl 170® 
Emrav (So) 1 0 U 

Service* and Electronics 


England 
(a; JO) 


(J. E.i .Wellington 1 


a nop) 
(5P) 26 


EbgJJrti and Overseas 


Inrests. (IOP) 261; 


4® 3t® 4t® 71® 80® 20 4 
5, A ** 7 5bPCLn 45 h® U. 7UncL 
67.® 1 , 6b 7i], BpcLn. fig® 09 9L 7 


, 9*1 t*- _ UMiPCLn. B 5 L® Gt,' 

ST?' «S®) «0b 1‘i- ADCLlt. 89 
P 1 ® 1 : T-SPOLn. 56': . 10 -SocLn. BCH- 

•4 79lj. 8 petn- 69® 7&i- 
inco Class A TD'o® 13 
ingall industs. (IQpt 31 1* 2 1 : i»: fS'ioi 
! ,,ow S1 ® 3 ® 1 15 10 ) 

ft r " lc f CZ5P> 95®. N«w (ZSpi 96 

.SWlp'. BpcLn. 66 (4110) 

16L t,r lnw «*. Op. (20p) 161,® 171,® 
Internatloral Business 
(U555-197 (3/10) 
internattaiul Paint (25p) 79 (2,10) 
International Standard Electric Corpn. 


Machines Conm 


5'iPcLn. 701*0 

**«eLn. 37 (Sr TO) 
5 ?®- 7-,peLn. 58 HP (S'10) 
*'!l®rtL aHan »l Timber coron. <Z5p> 128 


(4/1 O i 

1 CSiTZl* U S^L T Organisation no ear 
505® 299®_ 8 (51 0). Rcd.W 


English Card Clothing (25 d) 95 
English China ' CMyj (25p] GO 1 79 
COI:- 70CLn. 564® 

Eng'ish Electric XocDb. 96 (4:i0l. Si-p« 
Db. n|77-82l BSb®. S'spcOb. (19?g- 
19841 79®. GpcDb. 79 b (Z.'IOJ 
Epicure Hldgs. (5p. 180 b# 17i? (5/10) 
E ri t ¥ff n ll - (fi®9-) (Kr.eoi ussig.; 

_(4 . 1 Ol 

rnth (25p) 93 (4.-101 

*Kngfio? ,M * and rramooft 

European Ferries C25pl 133t* ZB® SHS 
9# BH 9 

Eurotherm Intnl. (IOp) 189® g2® IS'Idj 
E ra Indus. <25pi 101% (S'lOi 
Evcred Hldas. (25p) 27 U 10) 

Evooo Hldgs- ZOO" 41 <5-101 
Ewer (Georpe) .IOp) 36'; 6 


Juty 19) showing an average gain of 54-5°- D against a comparable 
&3% on the FT index (fuH de ' " “ " ' 


te tails wffl gladly be supplied on request). 
You may have missed these and other opportunities 
spotfighted by the 1C News Letter, but by subserving now to Britain's 
leading investment news letter, now in its 33rti year of publication, 
you can make sure that you da not miss teem in future, (tseefitor. 
Peter Do ye, who drew attention to the buying opportunities available 

at the end of 1974, when the FT index was around the 150 mark and 

lafted then of it recovering to 500 and possibly 800 on the next bufl 
market befieves a time of fresh opportunities has arrived and that 
equities now probably offer better value for money than any other 
investment assets or major alternatives. 


Use the coupon beiow (no stamp reqtired) to order your 
subscription now to receive the weekly Information and advice 
(including seffing advice) that you need to maximise both your capital 
gains and income and to safeguard and increase your capital. 


B Ptoftao snlar ifiy nama as a subscriber. I wxSosa 

n t28LOOtorono year(E32£0 akmafl outside (BO (kicfextan fttno bmfer) 

m U Cl 5.00 lor » sb rrortria' Trial subacnpaon/CT?^)0*b7n»4) 

■ □PTeaaainwtoteE28XKyp5jMWBlefB<w a ppi Hp .-ia » ) 


| (BLOCK LETTERS PLEA^) 

i 


KN.2S 


Mr/Mre/Uax. 


Adtf/BUL 


P artaobtt- 


I TaMA»CET»IGDS»T..WVESTOHBCHROMaSKWLS8fflBS 3 OST.I : OTDONEC4B4(M ■ 
_ R^g. Addrasa GfayMokoPtaca.FWtW Lara, London 6C4A1KD. ftoO- Ha 905696. ■ 


Seagram 

5.A. Brew*. -3(0.20} 75!; <6 10) 
Tamailn _D.5ti. ‘!5p) 125 

Truman 7'tOCDb. 44 ; (2 101. 

fii 


swam Special lien Gro'. UOp) 1020 

Mans held Bren-ery 3000 4S-10I I _ 

Marita n Thompicn Ererened (25o) 82 . 

fSflOi 1 Biriisn >ypnon In35. ?Qn) 60 

Mariano ST 7 | MSS* Tar Prods. . 1 0 p» 55 1 " 

- 7, "*■ MOO) 23 

2 Sn> i'!f 13': 

4 10'. 1O<:0cDb. 83® , Evcal.bur jewellerv t5p> 16L'® '5.'10». 

lBu nh list's V *«"'« '» 

10 LDcDb.;|r^* E "R9 HJJOi. '1001 3) j Expanded Metal (2 5p( 7b I; 

-■ -- | B-Oare Bond L.eolo -25p. 40'. 8 - 7pcLn. ' 

Vaux 3 f errs. i25p» US 4 5 > S' 1 0) _ 7 |-°^ Ln - 611, (a id) . FMC (25DI 65 6 7 . 3/101 

Watncv Mann Truman Hloqv 6 ecDb. 55-'<. 1 700 Enao - 'Hldqi.} (2 Sd* 43® i £***' Construction Gro. (25DI 1 B® 

7'hOICDD. 641, /2 10. lO .-pcDb. e4l»* t ' BrSJn J,rfc, nn I Ef 6 7 '5/iOJ 

Whlttread A -2Sp. 9B«. » 7 ]. 6pc3rdP' §row3 tI«£? s: ® 

43. J’.ntDh. 7o;. bliPCDb. 62': .4 103. t I S7 , 5 i 0 f 

6 -<-,pcDb. 73 :. 7ocDb 64it 9’,ecDb. I Brown B?S2 r ‘ ATI 1 ‘,:2 a : S 9<B 

* JS2. «. iF SM5;; 

wS.wh/^tDtli'.i f DudieI 0 .I5.I"=27 j BulSI/r ,H, N ' V ,Sd > 

Young A (SOpI (61 60 .2.10.. 9 p=P» I SlJnTf P„Vi PaM P 0 f 2 *V; , I ,, ,2 &i S « = ■- — I 'S'lOi 

wo ■ g"raa Dean (25 dJ 760 ' FcrrantJ iSDpl 380 

CANALS AND DOCKS (3) Sa^i CMr ^-’ * h.v t25 P "" ' 

•juSIS 1 JsSf'S^ S"‘* , r , 0P> 3’, (3 tO’.. Oo.j H»:iam.|„ r , M ,_ =Q o , EET 5 !*™*! »"» HOOT 31 ,4|I0> 

Nm Old 5, < 2, 1 Oi 1 '3 10 ) A N-V ■’irt f.i ,WM *“ s Fidelity Radio ''IOp) 92 

Manchpiter Ship 2B2® 78. S'-:pcPcrp.Deb. Burni Anocrson .iJ si V 'Fine Art Dex (Spi 66 ':® 

25 . 2 . 10 ) Burrell rjai i,i. ■■■'- -- 

Mfrse* P«k» Harbour Un»Ln. SO |3'10I. I Burruugin Marh. s...~‘ L . n ,- .,y lTD i 

5 70 ' Warrant* 40«s. 9LPCLn, 

C03LMERCIAL (2,349) 


Fair* tough C(K15(rutUOn Grp. (250) 68 
Fa.rdale luhto >5ei 23.; r2/10i 
Fair VICK E*I,las -1001 12 B:. -. SO 
Farmer ISL W.) Grp. (ZSpi 14b (5.101 
F'rncil Electronics (20r. 423® 20 
Federated Land & Building (2So) 43 


■IOpi 30 (7, 'IO 


value .. 

(hilly pa Id i fZSp) 238® 90 42 39 
I fixer ask Gp. ifiOP) 66 ■: 

■?5-i.! il f* S -... l,0w , 60 /lopcpr. 97 12/101 

jacks Imiliam. (2bm 25'; ■ 4. 1 0 i 
jaefcson ij. and rt.d.i ropj 17 ku is/in, 
jamas Uahni Gp. .25pJ 52I-® ' 

James < Maurice j indiriL <20pi l"j 

, Clkt >W4t«. (IOp) 70 (5/101 
(JJ bans U5p) lb? i5, 10) 
jentsi Cauen iuccto. 9S .2,10) 
jenuque Hlaas. iJSpi 32 i5/10j 
jonnsoni-ir^, era mu us d i ;i ( 1 N . 

i*pcl(l° 80 w&jir 1 wh.'K: 

J 9e n ^4 n i5j U1 ' iri " ,H ' and ^ '- 2 SPJ 

■i“"“ (A. A.) (250) 162® 

isss isfi «•«. 

jounun (Thomas) ClOp) 42® (5:10) 


¥.*te«s (25p) 75® 5 (5/10) 
i) '34 1; 


KaiamoatM ffOpj 

Motur 7 6 7 pc PI. 52 u. 


Kent IGaoroe) BpcLn. 64 (Z(J0) 
(M. f.l (1up)-41 ' 

hxrsna» ia.j 1 S 01 lg® ' 


Knott MiH Hldgs. Mup) ig ij-iioi 
Koda Int. (ZSp) 145® 5 ' 


I'JMS) flop) S2»a® 4 3 

Kwik sate Disc, iiop) up® iscigj 


Ij — M 


.'-CPHTOa*. I25PI XMS 6 4 

LK Industrial iZSp] 40 
I.HC l-U, .top. asv. 3 4 6 4 .. 

r,u>..hoi . 140 C5 IO'. 


ini (Hldgs. 

LadnrciLc Up. 


JderMc U.P. •lUDI 1b»e fi 6 V on 
&. ,0T J 90,1 2 
•A'^UteB. (Zfifl) 211 >5, 1 Oj. a 


L-i'd^Crp. (ZSp; 98 7';. 

Laac . lltol i25di 48 i5/)0 

. H “warui -2poj 4/ . 2.-10 


ZSpi 


BcsLn. log 


Fennor >J. «.■ iHMssTi fZSpj 103 (S/lOi 

Fi— -■ -an InguiU.il riolpiitgs iZSpJ (21® 2 


Lane (P.» Group 1 IO 01 47 t|i{tO» 

t l 0 o'r^D4 na ^. (M 2 ( l , H o? d ' nflj ' J *13. 

Latham ti.i SpcPt. 80 (2<10i 

tsssis? 3yi1 


f _ 69« 

j Butterfield Harvey ( 2 Sd) - 7 „ ( 4 / 10 ) 


A— B 


C — D 



Caifrrn 6 ':pcP). 45 j-. ,* lrll 


10 ). 


&'». Cement ’ CamSm 

ifSKfjrfififti 9 ** 

1 Cane induw (25 d> 13341 
> SiPj^n Prohlfl Group flop! 

: '‘“oi as-!® I 


AJUL (25p) IOB 
AxB. 

AGB 

5&Vi*wr» •cr'.Y'iST**' w 8 M - 1 'Sarr .’t. st.. 

Aarenson 

Athoy '25HJ 36® 

A Der cam inw. iRO-30) TOO® fS.io 
Abcroren CnnstruaHTO I25PJ 07 
AlMrthaw Bristol Channel ~ 

<26o) 149 

Abnood KUchire Tools .Sol 
Aerpw a <25p) 99 101 

A cants G'bbon (25p< 70 >4 io> 

Adda inil, .ion) 51.;* 50"® 

Aovaqce Jjnndnes ilOp 1 : 26 . 3 . 10 ) 

^STO) Gen ' ,nstnmenti H7« Carcte Er4 ( 2 Sp) 76 

AMaJhdS. (IOB) 5SO. 7'rocUns.Ln. fij. : I “sio, c,Bel (Aonaro .-,0pV 3® 


^ ^ . Lawrence (W.j (i5p 

5oi " 90 “ «=! <>■'*' 
I LebaH 'S.l (Fobclt HOoi 47 
i *■'»“' Hiths. (ZSpi 480 (S.-10. 

Finlas Hldgs. .50 pi ~102'*'«3I10I I r2 ( a.7 s SSV d ?, 4?® DI , 7 , 8 'S"10 i 

FlnUy Uames) .2501 104* isrIO' 1 lSS 

F.rth -G M I (Metals) iIOpi 36 I4IIO. Leeds ^itr/eT* r?l^V S “e. s B 'S'l“ 

Fitani_I43 39 . 6pc2ndOb. 841, 14/101. ! rail* Dvor * finishers (2Sp 


G'rocZndDb. G3 


!ii2L 6 -?• T irocLn. 56 j te'Sh MhI^ZSp? 1 lV®,7of° 


72 


(25p| 


FlUwllten (2 Sal 461- 151 IO) 

FJWjtji RrtuelHng (hldgs.) 

. Fodcns fSOol 64® 

Foparty iE.i (23pi 188. IflijpcPl. 10E® 

„ i t S$ t £gW£fiS, l8n = si! » 6i * 7 - NV 

^7. 1 Footwear industry Inv. C25oi 73 ® 5® 
aoc ' Ford Intena [tonal Cooftal Caron. 1 


ln ; Lartsuro Caravan Parks OOpi iit. A 
167jLenitons Group {IOB) 32 n3 ‘" ® 

I Lesrtev Products (5p) 91® 

LetraMt Inicrtiatierui (ia B i 149 a 
Level (Sp> 1 sins 50 8 

0 1 ^rtnerahip SocPt. 37 . 411 a, 

J 1 ®?®! ,nw “- Trus * 6 >-Pc 2 ndDb. “j 


:?5R:. '"WKJEKrWW* - COfCn - Croud (25b. 36 5-: S . 


Kprm'initer riopi 1*61 !"*’ 1 QorPl 97i.-« ' . 8 j-. Second Series*^!* 3 ' New 


INVESTORS! 



Here’s how it 



The following table is a comprehensive, non-sefective list of'ti 
.'results of recent “sell " recommendations made on the high fti* 1 
share list, just one of the many valuable features included io tai. 
month’s Private investor's Letter; 

HIGH FUCHS’ SHARE LIST: PAST PROFITS TAKEN ' 

Share %Capitalga 

Fox's Biscuits + 95% 

L. Lipton & Co. 32% 

London & Overseas Freightera 
Parker Timber 
H. Brammer & Co. 

Grindlays Bank 
William Boulton Group 
Pork Farms 
Neepsend 
TBibex . 

Tarmac 

Hall Engineering Holdings 
Sta'veiey industries 
* Dealing costs are excluded, as are dividends, etc. accruing. - 
Based on this performance, . The Private Investor's Letter:, 
indisputably worth many times its modest annual subscription § 
its share recommendations alone. In fact it is far more-tfe 
a list of share tips; it is a comprehensive, succinct, reliable #3 
for the serious (and would-be serious) private investor. "1^ 
For details of a FREE TRIAL offer, write or telephone noW^ 



V 

+ 29%;'*Oi 

+ 79% 

+ 25%. : 

+237%. 

+ 22 % 

+ 92% ' 




+ 26? 


+ 19% 
+ 29%; 
+ 22% 
+ 21 %.-: 


To: The Prhrate Investors Letter, Dept. 1PW 'v 

13, Golden Square, London W.L 
Please send me by return post details of the FREE TRIAL offer" f. 
The Pm/ace investors Letter. ' ■•< 


Name 

Address 


dpi ufi 


j^Orj^ne^J-M7_7337^( 24-hour answering service) 


SIIAliSS OIT’FHK MONTH 


. mvest- 
■ibers.— - 


in ‘he stockmarket Is one 
Jt ^ st wvhat Venture Opinion gives s 

OffSBBjZ 

^JNrite to Venture Opinion, l 'ZA. Broad St., Brirtol 1. 


> ra r s^ WT '' , » r « .si®. 134 ; ^ & 9 •,o , ,■ 5o, 

«- 6-.ocPt 46 ,25,,> 11,2 « 


B 120P1 , P ^ P ^, W " ,,CD f2apr ,e '« 


’!# 6-. 


na 


AlrtSS? Sfroamliiw iDpcpi 95 7 .5 lOi I Cdrpni t5 fT 9>' 

Akan Aluminium 'UK i 162 i C-vES2fcK* n Js 1 J2S?» „ 


S 045 *' O' 0 - Clgthm-a i25pi 177; fi.jJ 3 • liTred^Kton^- 1 r- 3 ^"' 

'«* - Sori AS .itodu^ J ?i D o!S.n« fl «5rt °^4 S , f = ’J* 

• PtO 40 r4i10l “ ’ 


e‘' ilBS ’, 4 '"dl'.-L*. tjjo. 7 J 1 5, to. 


F 59 n - , ra P ioV fr ,QD - TW f5 ' ,,D '- ^‘)«Lh. i Llnroue H 0 rihn °'.25l») 1 


U — H 


AWnair l"ds. :25p) 258® „ 
Allffa Paetcaeing HOp) 157 (5- 10) 


c-rrero fHi^fw^oi 56 « rs^D) 

Cwhera aHBSnwB>T»V)*B 3 a 10 ^ 


64 -.1 (5(10) 


6IiPCPI. 


(ZOff) 830 


S tl Intnl. >3D0» 910 2 
HUHer 6pU.n. 1993-35 74k ft'IO t 
O-ilHIOrd Bfindl?- ISp> W-® ‘S’’.® iflfli 
9Y.2F N'.» <2 So) 104 >■ Vi (S/10> 

G»t« if. G.. (2&p. 48 (3.10) 


usror i25p. ssi..® 
LlreroooJ Dairy Post Erho 
Uqxd IF. H.J Tirortn. 62' 
London Mkiuw " 


29 31 2. 1 2 0t Ln. 

(3/1 0) 




andpn M4UM Inns. .7 So) inn 

tr,‘sri\ n u , *t - 

Lnncon Nlhrrt. Gp. (2Sbl S3* 5 j - ,; 

London Briefc fJSp 1 67® n*-® jn fim. 

Lons (On Tianuart Klegi. <25 m 73 , 2 . JBi 


FINANCE FOR INDUSTRY TERM DEPOSITS 

=>ecepu:<l for fixed term 8 jrf & 
icars. Interest pud gross, half-yearly. Rates for depoa 
received not later than 13 .io. 7 S, - - 4 

Terms (years) 3 4-5 6 7 S 9 10 

Interest % 11 11 j n|._ 12 jJj. 12 | -X? 

R ater f or larger amwnis on request. Deposits, to and furt)ie 

teSSW J he B Ch “ f Cashier, Finance for - Indu^ 

Waterloo R Qa d, London SE1 SSP 

Sk}"iuL M >‘ ab| e to “Batik of England, a/c TTl 

FFI is the holding company .for ICFC and JC1. . 


t 








Financial Times Saturday October -7:. 1978 

! tJU (KMwratr) (Iflp) .Si * 


Vc'; , *- .- 

tps. w» . 


: WallB (SSpJvz® ■ • ■ ■ • 

P3°^* w V‘ “ : ^ ‘ 

' ; i. VtilO| U " S “ tlOTO ? S®fc «0 b) 37 

-• • 2£iIK/?Y*' aspi s6 omo) 


.10 


c- > 

mt. V.-+ . 


vV- ^ 

.v-v.s ' - 


a . 

hf J 


5? 


^ *• 


BJ 


-A-'-'- - '■ 

a’ 

'■v. 


■ . -..tl. 

»- 


*<» 

»'. «t« ^ 

).'■ f 


H- : • 
Wi • 

'<2 ■■> ■■ 

fc 

r/v- ; 
." “-■** 
•.sH 

tv 

& : ¥ 

f fd. 


-l : .f A 

•*. •-. 

■V. 

ir.- 


' : .-•> <w.* aspi 56 ano) 

,. V ' ;L“ l, j!>*ion tsni at® " . 

:•* tsw> ,0 - 
•• -' V. ^f ek JP? (25 P ) 141 « 

... .'h, W.l <*?n) 21S t>10> 

• : . It c^ r Sf*.' 2 *** 26 cn» _ 

’• 0) C “ rtt M#taI ,Mu «- «0« 340 

: * :•* • S g»VHdK».> (Sp) 17 t 

: .re ST Wj? J2V } 36 

- VlO®’ “* * *'* ***• 7ocDb - 

■ . f >Nj <25 p) 167® 

‘ • 59 {3.101 

v . : , ^hlre Pmter Jw <HWos.) OSp) 150* 
■ •:• .2 i— P^bcLu. 304 Ci'IO) . 

■■'■ Vfi 1 °n>- {??*» SBi-ffl 9® 

.• ■ 3 ■ G-> Hldfl*. (Sp) T57 rs-10) 

- -• ■■• S BiEJ?' Group (20 b) u 12 TO) 

• “*■> 2X010 1,0 “ 
. : « «sp> 109® as 

T Vir-;:: "^«> ,a ?* «*■ 

S .. : -T*1 la® «*?> » CU1W. A 
-. , ' •- fJljJ « w »- , 2s»>ii* 

‘ . J* U, £, '*501 HI® 

Pitt 233 (2/10) 

1 CodBlmlnp H0a> 24* 

»‘T J. •* (MWOS.) i25p) G20 

. ’ ^ ,z 5p) 72 3 

‘ r i^L ,|4W « s > >5S« fl'TO) 

t CloHi« '20 P) 30; 

■ ,.^ crvkps ,,B P) 36ij 44/10) 

i . • i, ,0o \ S8« <R10) 

•: . Electrical LSpj 24 3/3 (5|10) 

' Huntpr 1S6S 9 7 

.- ( H> Mateo A (KSO) IOV C4-101 

T— U— V 

■t.' 5 JJ®»> 24S *sno>. 40pcP1d. 41 Op) 

'* ;'««'• 6f»cDh. 80’.® to (SnO) 

« <S?y 1BUO 180 

• ' f 1410 1 4 2. auxin. 6C 

- - 17G ^ 8 5 8t 9 7. b'aecp*. 

• .t"».5'»i>cOb. 72**0. 7 UitOa. 65. 
. j^ n 571, (3)10). 10l«par>. 7B'|® 

• '*• ,2Sb 1 7 2 iSl'lO) 

• 1200) 71 2 OMOI 

• WDodrmw >25p) 4540 

;• '7 So) 1460. S’tfCOb. 75U »s 

‘Sol 371? 0(10). A 1S0) 990 
\ .. ,4W »7. 

• . .orisulate <25p) 78 

. -. .., 5,ore * IHMOSJ :SP) 50JO 4 H, 

'; •• ibrwire* itOp) 56 

Jersey OOpl Jt i, 14(10) 

•i .; . Svopicatp (25 p) 100 *5/10) 

: Sh. i3?r:^ior SJ,3 ~ W - ss: - 

*°D. T ' lm e Caraaaos '22oi 54 '1110) 
.. |>ertn«i liw«*trte« .25*0 378 4 
. * ancLn 100 
.. e W.) HOP) 78 (9-101 
dr Baront MOP) 17"^> 

>» Contracting Grp. 298 i2:10> 

' 'Thomas) vTOo) 129S® 8':0 9 

: L' n 25 2S?-.i > i , .°- "i* 0 **- 74 U;,0J * 

.in. 7» 4 

. • Products (10p) 2040 

• • •** *f- H.) (Sp) 2S0 rSIO) 

• - 1 . J«*' 470 6t». 7 - rf>cLn. 6SU0 

U5P) 70 rS 101 
Kemsiey and MlllMurn (Hides.) 
'. s • • 56. 8 kU. 93 12, JO* 

. fl>r Hovse (20o) 122'iO 1 1:0 4 llj 

- > .. DcLn. 61 1» as- 10) 

: >»r#fit Paper (25pi 71 (Sno; 

OewtopmeM Grp. (25p) 75i* 5. 
Lp. » 1 ‘,0 -a® ( 5.1 0) 

.. - . . t>od Grn. uSo) ji. j, 

‘ •"*, Arnold (25 p> 183 2 

-••• • >N* M (10P> B6 .&MO) 

• •• Otp- Printers/ 25 o) 990 UTTOi 

tST'o” 110 " * IN °"' Vla - 1 < 10o > 
'. * 5 Foundries Grp. r2Spi 101/99 

Houses Forte OSPW4M1 2. 

• ■ Jn Warrants 'to tub.i 27'^ (9MO). 

DjDb.- 82*. 010). 7.875 pcLb. 591i 
.. 9-lpctn. 6»\ (2;i0) 

382* 5(0 80. 7.7k 
^ 10. . 6'jprt.n. 931; Hi'(SIO) 
t Hldgs. 8 rSOal 3061; 6 2 3 

• sno? Newal1 1W ® 4 6 - nwpeLp. 

. -• Cumon (So) 12U fS'TO) 

- • 40 'a (5>n 0) 

, : {W.) (TOP) ,22 ■‘S' IO) 

Go. (25pi 70':® 691* 

- - Go. <25o< 101 2. 5>«ocLn. 487 

- • infer. i25oi 162 h 3 

- art lies (top) 6 

TV Non- rig. A «25l» 96 <4fl0) ’ 

' - P .Industs. (25pi 1040 %0 

- _« HldK. riOpl 62 

e '^ai 740 ZO 4 2 3. 6IMKLH 

- ■ "96 54 UO- 6'jpcLn, 1992-97 74 

. w i25pi 560 57) 6. 4ptDb. B9li 
k, 60* !PeLn ‘ 4SU (S, * ,0, • 7WpcUi. 

- '. N y ' ' F ' 1Z > “5 ■, 1* C4fl 01 

■ •../“ , ?6pa c P W Vo 4 ?4^oi 7peW - 44111 
. H S ^pPi^ W 6“' 0 *°- S0 ' 20 ^ 

Wnite iHWos.J (25 pi 870 4.‘ HpcEttj. 

"Urrftr* nOpi 97 <5*1 Oi . ' 

• ■ ity Mercnants HOP) 680 <5ri0). 

■wfneerina Industs. flOpi 85 0(10) 
.uu Industs^rzsp. 6ij r-wioi 
' j c . wa P^ pg n «25p| 374Ji 5 >i« (5)10) 
■ClentMc Hldss. (25p) 343* A. S ' 

ioring 5 (eel -.Gp. (IOpI ZZ '*?' 

■ Jlre G*. *25 oi 68* tSUO) *• 

rojee Intnl. «.10oi 12 ' . 

j WaIVcr riOpi 79 13)10). ■ 

' l25 ? , _ SB ® 5 s',pePr. sot* tsnbi 

1* *20m 135*; (SIIOi- 
Slone (idpj 381*0 (5(10) 

- <*5b) 1«7* <5(1 •) 

* A 9 ®® 90 F9 92. 5pePI. (Non- 

• 84)0. 5 pc Pi. 521) (3/10i 


vtrtor Product* aSpV S50 (571 0> . 

Victoria Cantat psp)- 22 L2;loi 
Vhwri <1 Op) 2>5* J i&ipy - . , 

Vtntcn OOo) 14S* 4* W: DO. K«w 135 
U.-10) _ , . 

ViU-TSK UOoi 57 {4110) 
Voit«(25p)_2(M*-5: U/tO) - 

. . "w^-y — z .. 

W Rfbbons Clopy 68 '{4110) 

Wfll (25pi 1 34 iSltO) 

WaddCwtar Q5p) 208 
Wade Potteries lOpcFt. 980 (5/10) 
WadhM) Stringer (IDp) SO 
WttPn Industrial tWp) 1530 
Walker -<A.) HOpi 14-i2.'T0i - 

Walker. Hemar (Sot 14s (3J10J 
Wilder UC. W.) (25m 1270 (STlOi „„ 
Walker (J-> GL5p) 114 (411.0). So. NV 

100(4110) . 

WtUls Fashion New (10 b> 670 (S/10) 
Ward- Goiditcme a5ol 95 (Sflfli 
Ward <1 Op) 86 (3(10) „ ‘ .. 

Ward <T. W.l (25pi 75, ?]«*“,■ 7S1< 

(4f lOi. * IlldxLo. 83i) l*l10l.-7»iJKln. 
72(3*10) 

Ward WTvitw (28pi 1044 
Wsrdie (10p> 2M 7»i _ 

WBrias.GUisw (25n) 133 _ 

Warn* -Wright Rowland OOb) 531* A 3 
Warner HnlidaTS 410 m M <4110). DO. A 
31>aO 2'j 

Waterford Glass nto) 5 BO 

^?PV«|W(5P, 38* 
aw* l^$ca^oris T (fp) JkS*a- (3/10) 

Wedgwood 
wJHEa Asa, 

Weir Gp *25pi ... 

Welle o. Hldgs. <Spi 27 6>* (5110) - . 
wriijnan CooHneerlng Com. C25 p)(53* 4 

'deWartcb; Products (25p). 57 (5'l0) 
Western Board MlUs UOo) 78.»f«H 
Westing house Biiue A Signal (25p> 61 

wS? mpAff ' 1 


White 0 ' 


Child & 


Whitecroit'-faspi^oX 

nfiwrgel 


05P> 117 


ZO 140 


whites (Tiinothvj siiae aiiiO. Bne «9>-o 

Ingham (William) Midas <12 ijpJ 350 


1 (Henry) *J5n) 262 


-> Sans tl5D) 1080 70 E 9 
Rtnson (Hldgs.) (12>.-nl 29 


Whlttli 

(vlg&il 

WUklns and Mltchrll (25pl 42.{SJlO) 
Wilkinson Match 100 79. 10i* 94,.. . 

UnlHamc sod Jamas tny. (tjeiTli <2(10) 
Williams Hudson Go. B*<oc 68 UitO) 
Williams O-i (25m 53 (4<iO)- 
WH!s a (G ) Sons iHkjgv) OBPJ 55*10 60 

WM nipt- Breeden (Hldgc.* (25p) 68»aO 9* 

a*i <s>io) . .. 

WHnn -Bros. <20w 44HO *i' ‘ “ '■ 
Wilson IC.1 Hldgs. (25p> 188 CZMOJ. 
1 Q'iPcPI. 10So 

Wilson Walton Engg. OOP) 420 4l*a* UO 
(S'101 — 

Wlmpcv (G.) >25 p> 810 • ' 

Winn Indus (20w 500 ■ • 

Wire Plastc Prods. HOP) 38* <51101 
Witter IT.) czsp) 550 4 -— - 

WoW Electric Tools (Hldgs) - (2So> 82 
13*10) 

Wolielry- Hughes (2Spi 222 (4(10) 
WoistnutoJine Bronze Powders (25M 2570 
60 6 3 

Wood Hall Trust <25P> 960 
Wood <5. W.> GO. 1200) 43* 

Woodhead U-J 

WoodlKNIH R .._ ... 

Wool worm (F. W.) (25pi 6St* 8 9 8lj 
Wcrmalds Walker Atkinson- (Z5p) - 14 
<3.101 - • 

Wvan (W.) Hldgs. <Sp) is.tsriQ) 
Wyndham Engg. IlSp) 24® (S*10) 

Yarrow . (50o> 340 . 

York Trailer Hdgs--<10p) 800 1 50 
Yorkshire Fine WooUena . Spin ■ (20p> 46 
<3/10) 

Ymighal Carnets <HMps.) U5o> 39 Up 8 
(5*101 1 

*ew«rs Gp. (5p) 58 4 (4*10) ' 

ELECTRIC LIGHT (— > - 

Calcutta EJec. Supply 7* (3/10) . . 

FINANCIAL TRUSTS. -(120) - 

Ackroyd Smlthan <2Spt -204 (4i10)' : ' 

iKK r jTS. < ,'a ,, A. ,s -™ 

Btehopsgaw Prop. 9 8 

Britannia Arrow (2£p) T($0 15. GlascPI. 

_620 

thiriwyo^e^Group pSo) 630. S. 8*2PC 

Corintlwao (10p) 28 (5/10)' ’ 
paijy . Mail Genl. Trust (50») 383*.- A 
(5 Dp) 378*. SOCPf. • B). I,..(S1H»..' 
Dalgety 304* 300. Do. New M.pd.) 301 
MHO*. Do. -New 32*' 80 MS 8-9 6 5 
7pm. 4J)5pcPf. 51*i (3/101. Ipcln. 
864,0 • •- 

Dawnav Day SpcLb. 67h /SIOI- 
Edlnboroh Inch. (IZJip) 1Z (2f10) - -- 

English Dutch lnv,. Trust 619 (3110) 
Enkine House ln»s. S» a «Xo. SZh (3/T0) 

Ps L *r , iss , fi s ;i% . .... 

Exnloration 1501 27 (4/10) • 

Pint Natl. Fin. (10m 64,0 SW 8 .71, \ 
SH 7.1*. Wts. 160. -Shpcka. 
1992-in> 35® I* st, h. 9hoctn. 1982 
60 (5110) 

Fltzray liw. (25P) 20ir (2(10) 

Goode Damn Murray (So) 22k IVIOI 
Gresham (25o) 841- 5 (4/10) 

Grlnuhawe (20p) 3> . 

Hampton Tn.-tt .4ipct.it- 94 .(3P10) . 
Inchcape 3873* 93* 2m 90 87. . 1 21, pc 
Ln. 921.10 ' s' 

I nd. Comm. Fhumco 31-PcDb. 824,*.- 6 'jdc 
DO. 78 h- (4110). 7 ijpcADh,. 1969-92 

• /nv-Trvst Jersey 24T 
IOpI 23 (2*10) . . 

" ' I 90 . 1 \„. 

mv G. Group fStu '143® ' - ' 

Munson Finance BOp» .47 (3110); ... 
Martin—’ -- “•*“ 

Mills 

Red. _ . 

Moorgate Mercantlle.nnph lj cailO* 

P»rV lane Tny*. (10p) 40 2 

Provident Financial ,{25 p) 107%* 

JHme Darby Holdings <10p) 10W 7 (5*10). 

lOori-n. (London Reg.) 209 ‘4110) 
Smith Bros. I25p) 6Z 0*10) •- 
Stock Exchange 7 iwuGeb. -«r»« 3*- (AID) 
UnMec Group- HW.20) 57- 8 (3110) 


94*7* (5/1 
rnternatl.' 
(wobii 


: a Scottish (20P) 91 
90 European (lOp) , 

;. Group fSW 1430- 
on Finance (20p» .. .. .. 

l.latPf.- (50pi 73ii . f -H 


UnHed DomMona Tnnr Ofe) is f 
wagon Finance Core. OAp) 43 4 (5*10) 
Yertgroen liwe it ma m p nop) 13* U 
vailOi 

GAS (8) 

Alliance Dublin Cofl. Gu 72 
-S’?!' ' Continental Gal Assoc. Capital 
3W* 79* 840 BO. Oockn. 170 (3/tO). 
70CLn. 160* (5/101 

INSURANCE (102) 

B W?. S C T > 'SSpJ I* 4 ® 3- SKLn, 

J*» (3;10*. tOOCLri 174 
Bfenlme Beard (Hidos.) itoni 33 <4(10) 
oritantnc Assur. (5oJ 1680 7! 
commercial union i25pi- 140 39 41 409 
(311 0) 

EaWe Star iZ5m 136 
tnnia Finance lUK) OpCLn. 126ij (5*10) 
toultv Law Lilt (Spi 172* (5/10) 
General Accident Fire Life [26p) 204 5. 
£i-PCM> 421* (51 ID). - 719PCU1. 64ij. 
7*,ocLn. ESI]* (510) 

- R °T* 1 Eatnanpe Assur.' (25p) 
224* 8 6. 7pckn. 64' (3/1 D» 

(26P) 398* 400 

SS5L h ^ c -. E -’ ,20 »’ 267 

K?"9 Rohmsgn Go. (25 pi 207 (3/10) 
P£**5. IA> Go. HOP* 145* I i| 9 
CeneTi) Ass. <5o> 146 8 
H** 0 ” Manchester (5m ISO* 28 iSMO) 
WPWoa Ufd. In*, <20pi 1940 (5M0) 
M stth ews Wrighnon Hides i20p) lBZ* 3 
MHNR Wdii. >20p> 1894 90'a* UI7 
Ass. i5p) 22a 
£j*g*lx An. (25 b) 240 
Pruoent.N Asa. IS*) 148 6 5 9 
Refuge ASS. I5PI 140 
R*V*I Ins. flSpl 358* 5Q* 5 4 6 
Sedgwick Forties Hldgs.. H0p) 425 44 3 
|}*"M»“he Hldgs. i25pi JD7* 6* 
s “" Alliance London 3S0* 47. G’^cUnsec. 

Ln. 73U <4/10) 

S- Ute l5pi 107 

Trad* Indemnity (25 p) 172 M/10) 

Willis Faber (Z5e) 255* 

INVESTMENT TRUSTS (170) 

Aberdeen Investments <25«] 59 <2*10) 
Aberdeen Tsi. i2Sd> 142>i i5.‘10i 
A corn Securities, do) 100 (4.10) 

A Jia ln». Ivu 5pcPt. 40 1; 13.10) 

Alliance Invest. i25pi 109* *, 

AJIfance Ttt. i25(i) 2Z7ii9 5)^ 5i» 7, 
S'zBcDb. 71 «, (2 10) 

AiWuiid Capital i50pi 203 
Ambrose lnv. t«. Income QSp) 56* 7 
tS.-l 0). Capital i26p) 78 9 (510) 
American Tit. I25pl 45. 8 t25o 

'♦}D>. SpcPI. 39 13*10) 

Aboio American Securities Coro. (2Sp> 

12-ltf?' 35,1 lZr1D) - 4peLn - 97 

AnBIft-scattiui HIV. Tit.' C25pl 4B4 7>z« 
6 ‘:pcEH». 53)7 (3*10) 

AHidown in*. Tit. U25PI 135 
Ai antic Assets Ttt. (25PI 104 
Atlas Electric and Gun. Ttt. <25p) 6UU® 

A (aSo) tan * t,d ,ntnL Tst - KiOBl 101 
B 5J k ^2’ JV**- Tst - ras PJ S 91 *- 4, H>C 

Pf. 36 43101 
Berry Til. (25p) 75'* 

B Isn do spate Ttt. C25u> 198 *610) 
Border and Southern Stockholders Ttt. 
<10u> 62* 

Brazil Fund (Cr.1) USS 1Z 11*, I5M0) 
Bremar Tst. U5o> 25 (»'10» 

Bridgewater In*. Tit. «tOp) 71, MHO) 
British American and Gen. Tst. <25o> 4Vh 
Assets Tst. iU Sp) 79* 8. SpcLn 
T56 (2-10) 

British Emwre Securities and Gen. Ttt. 
’So) 11 lj <2101 

Bridsn Indust, and Gen. Mv. Ttt. Did 

_(£Su> IDS (4/1 03 

British In*. Ttt. «Mb) 1701s® 

Broad it one lnv. Tat: *2 Op* 1<56 (4/10) 
Caledonian i25p> B3« 

Canadian Fore-Ion (25o) 114 
Capitar National «25pl 130ij* 1 30 
Cardinal D*d. i25t» 111* 

Cedar (25pl 67 15110). 9oeLh. ITS 12 
*3(10) 

Charter Trust Agency (25o) 58 (Z/10) 
4*70rDb, 90 1, 151101 
City Commercial Capital 115 
£|ty Foreign t25o) 7B (2110) 

CHv oi Ovford i25o) 70* u® 2® (5110) 
Claverhfline i50p) B4* i5H0) 

Clvdesdale r2So) BO<, (3M0). 5 i25n) 

77.'* i5*1 D) 

Continental Industrial i25d) 203* 200* 
Continental Union I75pl 120H® 

Croesfrlan <25u) 79 12110) 

Cumulus i25p) 32* 

Danae Capital UOo) 6U ■■ 14/10). Wris. 

lor | Inc.. 1 Cap. 9 <4/101 ■ . 

Debenture Core. i2Sp) 6fl Dirt* 9t* 
Derby Capital i50o) 161 (5/10) . 
Dominion 1250) 206 13/10) 

Dravton Cemme*rl»l i25p) 1300 (5(10). 
B'mcLn. 101 12110) 

Dravton Consd. Tst. (25m ISO* <51.10'. 
4J)i>cDb. 931, (5*10*. 7 *tucUnsec.Ln. ■ T2 3 
12:101 

Drayton Far Eastern Tst <25p> 45* 
Drayton Premier In*. Ttt. (25p! 200. 3.5DC 
PI. 39 1} (3/10) 

Dualrest Inc. iSOp) 62. Cap. 2220 2 
Dundee London In*. Ttt. (25o> 66(3*. 
5pcPt. 401- 14:101 

Edinburgh American Assets Tst (2Sp) 
130* *5.’10l 

Edinburgh In*. Tst D*d. 238* S® 7t 
Electric Gen. Invest. <25pi BO 
Embankment Tst. 5>:PcDb. 57U Ji (4*10) 
English New York Ttt. CfSm 77 *1 8'j 
• 1. 4pcDb. 98 <A'10) - 
English Scottish Investors 1250) 81 
Consort lnv. Tst. 110. 


Canity 
148 

Equity Tst. iSOm 216 <4*1 0> 
. Tst. 12! 


D/d. (50pl 


Estate Duties In*. Tst. i25pi 81 
F- C. Eurotrust (2Spi 52 (2*10) 
First Scottish American Tst (2 


.<5,101 
'orel 
5 dc .. 
.60*1® 
dir 


Foreign Colonial In*. 
Pf. 39® ~ " 


Tst (25 d) ip»^. 


5/10). 4UpcDb. 1982- 


Fundlnvest Cap. C5 pi 5b: 9b 
G.T. Japan In*. Tst. (25m 165 I4*10i 
General Funds In*. Tit. <25m 183 (4*10). 
Cn». (lorn 146 9 *2*101 




^ how ^ 


: s c- 





:;s 


LOCAL AUTHORITY BONOS 

Annual . 


Authority 

gross 

Interest Minimum Life of (1 

(telephone number in > 
parentheses) 

Interest 

payable 

sum 

bond 

% 

‘ ‘ 

£ ' 

Year 

^rnsley Metro. (0226 203233) 

11* 

fyear 

250 

5-7 

adforfi (0274 29577) 

*. 11* . 

J-year 

500 

5-7 

lowsley (051 548 6555) 

HI-. 

tyear 

1,000 

6-10 

anchester (061 236 3377) 

-10 

*-year 

500 

.:.2 

-Ole (02AI3 5151) 

m 

4-year 

500 

5. 

idle (02013.5151) ...1: 

if* 

i-year 

500 

6-7 

Abridge (01-478 3020). 

,- ii* 

J-year 

. 200 

6-7 

!<uthend (0702 49451) 

- m 

*-year 

250 

3 

'turrock (0375 5122) . 

• 11 

J-year 

300 

4 

.lurrock (0375 5122) 

101 

4-year 

• 300 

3 

rekin (0952 505051) 

■ 11* - 

yearly 

1,000 

5-6 


(4/i „ 

Gtendeyon (2Sp) 1 00 CW10). Wmrts. to 

fub. St, 5 i3il 0) 

ifoSTTism ,iaw 2 m r. 4pcOb. 
884 ^IjlOl^^^'iPctn. 99 (4,10). 6>,pc 

Go«eit European Trust rzsp) 661-0 (4*10) 
Gross Northern (25oj. 104 '3 4 tTIO). 
_4V*cPf. 38 (4/101. 5ncP(. 39*4 42 10) 
Gresham House Bst. CZSpi- 720 4* ' 
Groiio Investors (25f>) 70* ■ ■ . 

Guardian (25p) Bt'a®.- 4ktacPt 34 Vj 
(3*1 D) 

H*"M»fOs (2Spl 106 {4*101 ^ , . 

i^l (Philip) <25 p> 187. 4iiDCDb. 74 1, 

Huma°iiWlgs. A l2Spl 79 [2(1 0). 8 (25o) 
78 (4(101 

Inoustr-al ; an* Gen. Trust (25o) 55 ‘ 2 ® b 
"» *a t. 4bPCDij. lip t3'ID>„ 

Intnl. in*. Tst (25pi 7i’jO. Wrntt. to 
- — 1. 4bPCf>f. 33*3*. 6'aPC 


sub. 37 


101 . 


BK-*V rt . 

Investors Cap. Trust (2»pi 84* 
jardme Japan (250) 167* 8* 
jers~r External Trust 178 (5*10> 

JO^Iiw, Tst. "Tl Op)' * 7 (2.10). 1 Cap. (2p» 

tftfisiK “a "t^^sp, 4*b 1 

mwio) 

London Gartmoro In*. Tst (50p» 79 

(5110) 

London A Provincial Tst (25pi 
London A StraUttlvde Tst i^P) ** U-lfii 
London Atlantic lnystnint. Tst. <25o) 69* 

toraon ttihffift V 2 

l 5^ -& , Wd l . al (Z5m jfe*\ 7 .5/10). 

jm. <2,10). 

Meirtwrule -Vrv B> Ttt. ^5p) 42 b U- 4ijoc 
MwaSl^fiL^ (2SA) 77 's U (5/1 01 
^S%36nWTfi S7 <5/10). 

^V-Z^SP) 102 (5110, - 

rogmorton Tit. J25B1 . 20J^>- 


ra. I'isfsr?" w',7: «:s».loss 


nn oi 

North Atlantic Secs. (25 p> 94 CS*10). 

7bOCLfi 107 b <3 J0) . 

North Britfsh Canadian Invest C25P1 72* 

Nwfteni American TW. U5o, 104*. 
5ocLn. ,91b <3110, 


•iW-' > 


BUILDING SOCIETY RATES 


Deposit 

Rate 


Share: 

Accnts. 






V*'* 7 ' 


rnA*-- 







* 




bbey - National ..... 

id to Thrift — 

llianco .' 

n^Iia Hastings & Thanet... 

radford and Bingley 

ridg water 

ristol and West 

ristol Economic — 

ritannia 

urnley — 

ardiif 

. atholic — - . 

;belsea 

' heftenhazh & Gloucester ... ' 

itizens Regehcy 

. in. of London 

oventry Economic 

^.■oventry Provident ^ 

terbyshire ; 

ateway - 

. uardian — ................... 

'alifax 

leart of England 

[carts of Oak & Enfield ... 

[endon 

luddersfleid & Bradford ... 
earainglon Spa ........... — 

«eds Permanent 

eirester 

m . jverpoql 

. -^ndon Gold hawk 
( Ielton Mowbray 
4 ' lidshires 

(Ijiornington ‘ 

'national' Counties - 

Jationwide . 

Jewca'sile Permanent . 
•Jew Cross — . - 

_ Jorthern Bock _ 

Jorwich 

>aisley ■ 

/‘’eckham Mutual 

?ortman 

- »rincipality Buildg. Society 

Progressive — . .. 

Property Owners . 

Provincial 

sklpton . 

iussex Mutual 

rown. and Couotry . 

ffoolwich 


Sub’pn 

Shares 


•Terra Shares 


6.45% 

6.70% 

7.95% 

7.70% 

7.00% 

730% 

. — ‘ 

— 

6.45% 

6.70% 

7-95% 

7.70% 

6.45%' 

6,70% 

7.05% 

7.70% 

6.45% 

6.70% 

7^5% 

7.70% 

6.45% 

6.70% 

8.50% 

7.90% 

6.45% 

6-70% 

7.95% 

— 

6A3% 

6.70% 

7^5% 

6.95% 

6.45% 

6.70% 

755% 

7.70% 

6.45% ' 

6.70% 

7.95% 

7.70% 

6.45% 

755% 

825% 

. : 


fi.00% 

6.45% 

6.45% 

6.45%. 

6.70% 

6.45% 

•6-45% 

8.45% 

'6.45% 

8.45% 

6.45% 

6.45% 

6.45% 

6.70% 

6.45% 

6.55% 

6.45% 

-6.45% 

6.45%. 

-6.45% 

-.655% 

6.45% 

.7d!5% 

-.6.70%- 

6:45%; 

-6:45% 

7J25% 


•BSQ% 

• e;7o%- 

• 8.70% 
•7,05% 
7.00% 
6.70% 

■6.70% 

6.70% 

6.70% 

6.95% 

6.70% 

6.70% 

6.95% 

7^0% 

6.70% 

-6.80% 

6.70% 

-6.70% 

6.70% 

a»% 

•650%- 

^70%- 

‘7JW% 

7.00% 

6.70% 

6.70% 

7-50% 


3 months* notice 


7.50%T •* • 7% over £5,000 ' 

755% 7.45%. min. £500 6 months’ notice 

7.95% . 7.70% 3 yri, 7^0% 2 yrs. (£500^1 5; 000) 

8^% . 8^0% J yrs^ 7^5% 1 yr. f min. £5.000 

7.95%. 8.04% 3 yrs., increment share— 'miiL'fSOO 
7^5% 7.70% 3 yrs.Tnin. 750% 3 mths.’ notice 

8.70% '. . 7JI5% 3 yri, 645% 2 yrs. 

7J»% — up to 7J50% 3 months' notice 

7.95% ' . 7.70% 3yn, 750% 2yrSn mmJE500*£l5,000 
7.20% 7.65% 3 months’ notice, £1,000 min. 

7.95% 7.70% 3 yisi, 7^0% 2 yrs. 

7.95% 7.70% 3 yttL, 7J»% 3 months’ notice 

8.45% 8^0% 4 yrs,, 7.95% 3 yrs., 7.70% 2 yrs. 

— 7.70% 6 months 

-7J5% 7.70% ? m, 7^0% 2 yrs. 

Mfi% 7.35% 2 yrs., 8.00% 1 yr. 

7.95% 7.70% 3 yrs^ 720% 2.yrs., min. £1J)00 

-•7,95% 7.70% 3yrs,,7^0%2yrSn 6ii5% 3 mths. 

545% 7.80% S yrs., 740% 2 yrs* min. £1,000 

8w2P% " 7 - 93% 3yrs^7.70 2yrs., 7.45 iyrjninJU.OOO 
'■= 7.95% 7.55% 2 yrs, min. £2,000 

'■ 7.95%' 7.70% 3 yrs^ 7120% 2 yrs^ min, £250 


.645% ,—6.70% 
6.45% 6.70% 


6.45% 

6.75% 

6.45% 

■6.45% 

6.70%' 

6.45% 

6.45% 

6.45% 

6.45% 

6.45% 

6.45% 


8.00% ' 7.45% 3 months, min. £1,000 
7J5% 7.70% 3-4 yrs., 740% 2 yrs., min. £500 

•8.00% 8'.00% 3 yrs, 7.70% 2 yrs. 

7.95% 7.70% 3 yrs, 740%-2 yrs, min. £100 

8J0% 7.70% 3 yrs, 7;45% 2 yrs, min. £500 

7.20% 7.70% 3 yrs., 740% 2 . yrs, min. £500 

7 . 95 % 7.70% 3 yrs, 7.45% J-yrfy, 6.95% 3 mths. 

7^5% 7.70% 3-4 yrs., 7^8% 2 yrs, min. £500 

7.95% -7.95% 3yrs,7.70%2yrs.,7.45%3mthsj)ot 

8.45% 7.65% 3 mtiiajwL, 5.70% to limited cos. 

7J5% 7.70% 34 yrs„ 7.20% 2 yrs. ■ 

7.95% 7.70% Syrs., 7.20% 2yrs, 6J95% 3mthsjioL 

8.75% 8.05% 3 yrs, ?.75% 2 yrs, 730% 1 yr. 

6.70% 4*10:00% 7.70% 3 yrs, 7.20% 2 yrs. *Max. £250 

"6.70% ‘ 755% 7-20% 2 yfS, 7.70% 3 yrs. 


6.70% 

735% 

6.70% 

6.70% 

6.93% 

730% 

6.70% 

6-70% 

7.00% 


Rates normally . variaWfrm. line .wl* Aai^as in ordinary share rates.- 


Northern SecurRtts Tit. <2ap) 129 0/10) 
Oil and ASHCU1M Wiwn. tm. C2So) Sir 
■ POndind ln*pn._ltt. 1230). J_24*i 
Rartunji^nwaat Tib UL6P) 127- 4ijOCLn. 

Rights and lasuei Invest. Til i2Bb) 30 
IJ.IO/. capital (25o) 30 *3-10) _ 

Rim and Mo ream ilr Tsi. i25p) 181 79 
-a.IOl. 5d«Hf. 3U.. (2 10' 

Rivor Plate and.Gpfi. Inutt. T». Did. <25o) 
.155 12 101 _ 

Robecg >fi so) Misaav.is, pios »i» »» 

Rpheeo iRdiioroamsih Besieging censor. 
num NV) (Dr) (FI 50) VJSllbV 5ub.bf.s_ 
(Refl. in the name of Nat- P*ov. Bank 
i Nominee*) (FI 5) SUS8.50 <5;:01. 
Rollncg NV Br. iFl 50* 47*4 )US67'i 

(2 lOi. Warrants il (2*10). Sua-Sns. 
iReg. In the name of Nai. Prgv. Bank 
Nominees) (FI 51 .4 76 1210/ 

Romney Tst. <25fl! 94®. 4*«PCLn. 34<s 
I2J10) 

Hoinscnild InvesL Tsl (50pi 205 6>i 6 
(5/101. 3-5pcPf. ISOp) 35 <3 10). 6'm 
Ln. 1 IS (5. 1 01 

Safeguard Industrial Invests. i2Sp) 7fi>» 7 

SI. Andrew Tm. (2Sp) 126* 5 

Save and Prosner ...meed in*. Tsi- Mta) 

S 160, is (5 10). Capital (lOp) 62',* 
ottish Ameriran in vest- isnto 93*^ 1, 
altlsh ana Mnrcantlfe Invast. (25p) gs 
<5*1 0). 7';pcf. 48 13,10) 

Scan IMv Cities Invest .Ttt A (25P) 160 
_ (4/1 01 

Scottish Eastern Invest- T,t. (2S P ) 1431.® 
Scottish lnv. Ttt.. i25p> 107'rt> 7 5fe 6 
SWt’s* Mom»oe T(l . (25p) ll6'j®. Snc 
Pf 39 >i® iS*10) 

seonlsh Neil. Tst (Z5p) 154 S (4/1 0). 
5PCDH. 91 15/10) 

Scottish Nthn. In*. Tst <25p) 1070 HO 7 
Scottish Ontario in*. (25p) 72® 

Scottish Utd. Intostprs i25p) 81. 4pcDb. 

B9<* (3/10). 4>.KDP GSUb 
Scottish Western lnv. (25p) 100* 99>a 9. 

B I25p) 95 15(1 D) 

Second Alliance Tsi. (25p) 194b 
Second Gt. Nthn. lnv. Tst. i25p) 89<i 
f4|10l. B (2 So) 84<t (4110) 

Securities Tst Sretfend (2 Sp) i93w 5® 
<5/101. 4<;pePI. 39 

SUeweli European lnv. Tst <10p> 85>« 

Sphere* lnv. Tsi. (25 p) 120b (4/10) 
Sterling Tst. <25 p) 179 
Stockholders I n». Til. i 2 SdJ IOO'j 
T echnology lnv. Tst. i25pl 107 1 .-* (5/10) 
Temple Bar lnv. Ttt. t25p) 95 
Throgmorton Secured Growth Tst. i2Sd) 
25 1 * (5*10). Csp.Ln. 103*. 7fePCDb. 
7S1. |2/10) 

Throgmorton C250l T8® h. B*»cLn. 124 

Tor" ln»M«.* Inc. CRSol 77 ■f, (i/1 Oi. Cap. 
iSSp) 1 15 

TnoloveK Inc. (SOP* 65. Cap. 145 
Trust Union Qppi 109® 10 
Trussed Carp. OSot 147® 

UnriM British Sees. (25P) I® 1 ]. 5ocPf. 

Unried ra s«Sis Generef Ttt. Corn. (2 Sp) 
1080 

United States Deb. Corn. 826p) 940. 

Snein. 99', (2,1 Oi ■ 

VfWng Resoerte* COSp} 89 
West Coast Tenas 61 Op) 77 
Wlntertwttom C2SP) JWW 
Wltan Invest SocDb. 631* ra/IO) 

Yeoman «ZSe> IBS* 

Young Companies B7* 

UNIT TRUSTS (11) 

M and G American 53*iO 54 1. Accwn. 
54.7* 56.3. 

M and G Australian 59 J ___ ,, „ . 

K anS % WnT 

M A Md , G 2 s2tm t ^i« Inc. m'^bi 4 
M and G Far Eastern Ine. 62.3* 61.4. 
Accum. 67.9 (3(101 
M and G General Inc. 1BZ 
M and G High Hie Fnd Inc. 116 J CSH0) 
M and G -Recover* Atcom. g*^® 9B.B 

hP^wl'c* Second Gen. Inc. 1*5 14/10) 

MINES 

Amctraliaii ( — ) 

SSTmThSI ^B.bd*im* 0 93* 2 ISMOJ 
Ntrthlttn Hm HUBS. IIAO^O) 119* 

Pzfinga MH9- Exoin. CSPf 3t*s J 3I J.?L. 
Western Mng. 13A0.50) 144® 7 i5H0> 

Miscellaneous (62) 

Ayer Hltam Malaysia Berhad OMii 325 

Beratt ’Tin WaKram (2SDl 4Bjy® 

Charter Consd. CReg.i <2So> 153 S. (Br.) 
<2501 154 (4110). SpcUnsCd.Ln. 64® 

c 7 e duSd.K”l.:’®iS. 4 

El‘ n 6r^ 8 Mng B Ex^n. 1 (10p) 60 (3/10) ' 

Geevor (25p) 14S (3/10* 

Go Peng Consd. (25p) 320 12*10) 

Malaysian Tin i5p» 37 l2rl0) 

R.o Tinto-ZInc Corpn. iReg.) 05P) |S3® 
dB® B 9 50 2 1. fBr.t '250) 257 6 
(5/101. A ecu it,- i25d) 248® 9 (5110). 
3.3Z5DCA1H. 39b® (5/10) . 

Saint PI ran [25a) 63® 2 
Selection Trust (25pi 474® 

Sllverinlna '2bPi 28® 7® 6 
South Crofty (lOp) 60. New HOP) 60S 
3® 

Southern KinU Consold. <M1 Berhad 
MSO.SOl 215® 20 fe IS (5'1 0) 

Sou-hern Malayan Tin Dredging (M) 
Berhad (MSI) 305 (5 1 0) 

Tanks Consold. Invests. (50o) 185® 5 
Trpnoh Mines Malaysia Berhad IMaiSI 
215® 

Rhodesian (3) 

Botswana RSF <pu2i 22 

Globe Phoenix Gold Mining (12bo) 59 

Minerals Resources Corpn. <BD31.40) 
U 5*2.51 2.49 13/10) 

Rhodesian Corpn. (16spi 15® fSIIO) 

Roan Consolidated Mines B tK4j 6# 
Wankle colliery tSOp; S3® <5.101 
Zambia Cooper Invests <B0sO.24t 13b® 
14 (5/101 

Sonth African (40) 

Anglo American Coro. S. Africa CRO.IO) 

Anglo American GoM lnv. (Rt) £)8>i® 
.J.26'1 

BuboostMtc PJetinurn. <J*0. 10) 94®_„„. . 

BlyvoornlclR GW [R0.2S! SlfS4.nO <3/10) 
Bracken Mines <R0.90i p»6 * U/tOi 

^ w , i , -mlC. Ail Slfeo 4 sa ' 1*1 ■ ’ l , " m>> tJm*! 

Consolidated Munhfeton (RO.IOl p242« 
Doorniomem- Gold IR1) p310® <51101 
East Dagga/onteln (Rli 24G-«S<10) 

East Dnefontein Gold (HI) p777# 
3U511.0S® 

East Rana ions. Cl Op) ISb* <5/10) 

Elsbura Gold RU p 106® <5f10i 
Free state Goo u id <Ra.b*» pi 905 £!*)<• 
<3110 1 

Fre* -aaipinas Go la iRl) SUS1.20® 

1.24 [5/10< 

General Mining Finance <R2) 18% <2/10) 
Gold Fields south Al/lca <R0.25* SU51BU 
lb/10) 

Gam Fields Property (R0.02b< p 60 t3/loi 
Harmony Gold (R0.50/ 350 (3*10) 
Hanebceitlontein Gold |R1) SU5lB>tut 
Johannesburg Cons. Invest lR2i 14 u ia® 
Kloof Gold Mining (R1) p605® 

Leslie Gold Mines tR0.65i SUSO.BO (5/10) 
U banco Gold Mining iRl) 515 (4110) 
Loralna Gold Mines (R1) 95 (4lt0) 
Lvdenburg Platinum (R0.12I*) p69® 
Marlevdle Cons. Mines (R0.2S) 90 (5/10) 
Messina Devet0pnient .iR0.50j susi 
New Witwatenrand Gold ■ Exploration 
(RO^Oi SU51.75 (4/10) 

President Brand Gold Mining XR0.5O) 
XUS14fe® p990i® £10 (5/10) 

President Steyn Gold Mining (RO.SO) 
ttlS13fe® 1 4 U® 

Randfontem Ests, Gold <R2) 5US51 <4/11)1 
Rusteqburg Olatlnum (RO.tO) PlOl® 3® 
2*-ust^o® plows 4 s sum ^z: 

St. Helena <R1) pSIOlib <5/i0i 
‘ ‘ * (RCLIO, SUSS. 10 (4/101 

-3.50) SUS8.15 (4/lOf 

_ -..50) p322« 5US4.55 

US lnv. rRD 2281® 

Vaal Reels Expln. MO^O) SUS214 4 ® 
Dl4®5» 

ViakTomein Gold tRO.90) 47 <4<10) 

Wrikom Gold fcKO-SOi 339® <5/1 0) 

West Rand Consd. IRl) SUSI .65 (5/1 Oi 
Western Areas Gold NCI 1 .180® BO <5/lo) 
Western Deep Levels (H2I. pB66® 

Western Hides. (RO.SO) P2108 

Wlnkelhaak (R1) p634 

Zand pan Gold (R1) 224® (6/10) 

West African (2) 

Gold and Base Mines 11 2 bo) 9 It 10H 

Diamond (14) 

Anglo-American Invest, Tst. (R0.50) 42® 
De .Bern Consd. Mines Dd. (Reg.i (RO-OS) 
SUS5.92® 0419® IU55.9B® p416* 18 17, 
iBr.J IRO.OS) 0479® SU56.77® p4760> 

OEL (150) 

Atrack Petroleum (20o> 831 
Britf so- Borneo Patrofeum Synd. 1 56 <3/1 Oi 
British Petroleum 9029 2S3t 904 It 900 
895: 6 I JO. 902 892. BOClttP. 69 
(5*101. 9oc2ndP. 75:®. . fiocDb. BO hi 
<5(1 0) - 

-Burmah 011 77* 39 4 3. 7UpcP. 46b® 
<5*10i. Boc. 50 <5/101. 7bncLli. 67>^« 
8b 7b (5/101. ObocLn. Bib 
Century Oils Go. 62 
Charterhall (Sp) 24® 2b 4 (5/10) 

Conoco 7bPCLn. 65b 5 (3/001 
Esso Petroleum GpcIatDb. 91 <2/101 
KCA Intnl. I25P1 36 7 
London Scottish Merino Oil (25p> 149® B 
-B. Oil Prod. Units <10o> 370 12(10). 
14pcLn. 99® b 
Mobil HUS7.50I 50 bl 
Dll EXPI. (HldBS.) <10 di 216 (5/10) 

Premier Cons: Ollhefds (Spl 1*>i® 16 
Roval Dutch <BrJ (Fl.20) SUS65bri» £45® 
45-80 

Shell Transport Trading IReg.) (25p) 572 
3 70 5 4 1 70: 671 777 fBr.f i2Sp) 

U s t UM10J - 7pcfi - 

Town Inti. Financial 4i#pcin. 54 (2/10) 
Tricemrol aSp) 178® 3 5 G 7 
Ultramar <25n) 22Bi® 32)0 2B9 7 B 30 

PROPERTY (99) 

AWaoce Prop. 73b (SIDs 
Allied London Prop. OOo) 65 
Allnat London (25p) 226 
Amalgamated Stores (Sp) 9b 9 la 
Apes. Prop. FIOpl .268® (5*101 
Aquls Securities ffep) 21 <4H 0^ 


ar. netena <ni) pohj^i 

Spfitros Begerk (Raid 
SouthvaaT Hldgs. tRO.S 
StHfonteln Gold iRO.SO 


Boc 


Armrle Sec. l2ocDb. 78b „ 

Bamptor OUgcLn. 53 (2/101 

Bank and Commercial (10p) 214 MflO) 

Beaumont Proa. 125PI . 83: . (5no). 

Ln. 571 i5.-ID> 

Bellway r25p) 66 1® fSHO) 

Berk el ny Hambro (2 Sdi 138 <4(101 
B/lton '■Percy) Q5o) 179 (2101 
Bradford Prop. Trust <25p) 258 J5/10) 
British Land 05 b) 44 3 4 b. New *2Su) 
43S -5 101. ISBClttDb. 106 (4/10). 

l2poLn. 170 

Brivton Estate (25 pI 110® 

Creltal Counties Q5p) 56. 9\ocLn. 73® 
2 b* (5*101 

Carrington Invest *500) 95*® (5/TO) 

itraf DIst. Prop, SboeL 


Central DIst. Prop, 


SpcLn. 5 lb# 

CentrovlnclM (20p) 79 C2<10). 


n. 79 I4F10). 


47b fd/101. 

Diariwaod A 


Uns.Ln. 


Alliance 7 r ,p(t.n. 22® 
Chosterileld Prop. a5p) 344 M/10) 
Churrhburv Estate* i2Sp) 320 (3/10) 

City Offices rasp# B4b 4 3b 
Comped Https, t26pt 118 <&10> 

Control Securities HOp) Xh <4.'10) 
Country »M. New Town Properties (1W 
280. TpcLn. 88® *5HO) 

County an® District Properties Cl Op) no® 
<5>10» 

Deelan Hldgs. (CtSP) 1TH» (Snon 
Dares Estates SgCLn. &1®- SOb 
Dorrlngton Investmeat nOpi S8b «101 
EngHsn Property CorooretJon oSGpi S9u® 
J 4 b b. G’jpcLn. BO) fS/IOl. I2pctn. 
81: (5ri0* 

Estates and. Agency Hldgs. OSoi 415 (Sfioi 
Estates an® General Investments (2 Op# 20 
*5*101 

Glnn&ett Securities (25b) 332 <3/101 
Greet Porria »d Estates <50 pi 3ib 18b i« 
Green flt.) Properties MOpi 39b 
Greene oat Properties (5pi BA® V GbPC&b. 

57 b fSTirt 

Hammoreon Property and invest Trust 
A *2 Sol G25 3 • 

Hastemere Estates CIO®) 252 (4/10*. 9>rpc 
Ln. 140 38 <4ri0) 

House Prooartv at London «SO») 167 
(5ei 0> 

Imry Property HW9S. fiSS®) 345 6 GM« 
Intereuropean Property Hldgs. f10« 32b 
(3, 10) 

Keno/ng* Estates 6bpeDb. 83k b (VlOJ 
Land liwCOMrs (2SB) 41b® (SJIOl 
Land Securities- In*. Tst. (50o) 234® 2t» 
3 4. 9peDb. 70b W10).- BbpeLn. 55b 
: C7-101. ffTfDCLn. 65 b® * 5k- Sfepctn. 
. 178 WlAv 8'apeLh. . WO®. tOpcLo. 


Law Land (200) 4* bo V# 

London Strop Tst. *25 pi 7® 

lynSn HU»- UWBI 126® 6 
■ MEPC U&N 143®. 4<;pcPf. 31 9. 4peOb. 
48 <5*1 0). Opel n. &3>: 9 (5 10). SpCLn. 
13d® la, 10) . 

Mor rw»/*t4n Railway Surplus Lands SUoc 
□D, 60 <3-10/ 

Mu) hunt Wfl.te Hlogs. (IDpJ 44 8b 
Muck low (A. and J.I Gra. tzsoi 130 
Noiipn ‘2hd) 4fi: u: 

Peachey Property Coro. ,2Sb) 82 
Property and Rjcwtionan* In*. Coro. A 
ij&p) 313 (3110) 

Property Hldng. and In*. Tn. <2Sp) 315 

pi«>ertv Security Tsi «S0 d) 110 (j io». 
Now (SOb* 11 3® 16® 14 13 (5*103- 
SpcRf. 79® 9 t5*l0i 
Raglan Pros- Tst. (5 p) auQ 
Rcai|i»n prop 1 25 pi IS*; 

Regional Prop. A >25p_i 74 1, 

Regis Prop. fl':P*Ln, 64 tsnoi 
Rush Tom pkJns Gp. i2So, lie® 

Samuel Prop- <25p) 92® 3 
Monish Met. Prop. iZObi 108 9b. 9 pc 
L n. 156 b 14/10) 

Second City Props. MOpi 42> (4M0i 
Slough Estates (25pl 1 17 16. lOpcLn. 
164 12(10* „ _ 

Sterling Estate BpcDh. 67 k 1. *3 10) 
Stock Con. liw. Tst i25p) 375. SbocLn. 
270 2 (4<10) 

Smiley (B.) lnv- Tst. (ZSpi 277 
Town Cftv Prep. HOP; 1Z> ; ® a*. 14 pcLp. 

69 (3*10) , . 

Town Centre Sec. *25p) 76 7 

Traflonj Park Ettates (2 So' 123® 0S;td) 

Untied Kinpdom Prop. i:5m ;si, 

United Real Pron. Tst <ssp> 300 
Warner Ett« he Hldgs. EbpeLn. 49 <3*1 0) 
Webb (J.) (5pi 16® 

Westminster Country Prop. <Z5o> 20 

Wlnnon Estates <25p) 42 b <2*1 Oi 

. “RUBBER (U) 

Aidrfg-HxJeiKsian <25p> -6 i3/10) 

Bcrsdin (Sp) 670 >5*10) 

Bradwall 1F.M-S.1 UOo SB <21101 
Chersonese IF.M.S.) ilOe) 47,- ,5/10) 
Cansolidnzea- Plantations ilDp] 42--® 2 
■5/ TO). Warrants 97 mW 

Dunlop 46 

Grand Central Invest. Hldgs. HOp) 111- 
15(10) 

Guthrie 339:0 44 

Harrisons Malaysian nop) no® 12 *5*10) 
Highland -Lowlands , ?-M a. 0.50/ 1000 9 

HalrraDd 13b *4110) 

Koala Lumpur Keoong Berhad <SMa.1) 63 
(3110) 

London Sumafra HOp) 182 14/10) 

Muar River- *1 Op) 57 < 4,101 

Plantation Hldgs. HOP) 68® 3. 20ocLn. 

117 12/10) 

Rlghtwiae HOP) 118 
Sopomana HOp) 175 >3(10) 

Sungel Krlan 1IO0I 80 

SHIPPING (26) 

Brit. Commwlth. <50pi 306 
Caledonia lnv. <25 pi 272* 

Common Bros. i50ul 127 (5/10) 

Furness With* 2J6® 4® 6 3 
Grain Shipping 140 ( 5*101 
Hunting Gibson 106® 7® 

Jacobs (John 1.1 <20p) 37 *3-101 
London O'seat Freighters <25o> 35 
Lyle (250) 125 <3.'10j. a <25o> 126 
14'tOI 

Ocean Trans Don Trading (2Spi 111b 
Peninsular Oriental SocPid. 37 (s-TOI 
Did- 91® Mb* 1 2 90b 2b 1b 
Rundman (Walter) <25 p< 75 !:• <3*101 

ibU* w,3ht s,h - Enaland 

TEA (6) 

Assam Invest. 99 -snot 
Blantvre Tea Holdings 620 
Lawrle Plantation Holdings 332:* 

Lunuva (Ceylon* Tea BuhhPr Esl.ilcs 21 B® 
McLeod Russel 4.2p cP*. 38 (5*10) 

Slnglo Holdlnns *1 On, 27 in, *2M0l. 1 0pr 
Pf. 123 <4/10* 

Warren Plantations Holdings (25pi 126® 
6 b r571 0) . 

Williamson Tea Holdings 159 (5*10) 


TELEGRAPHS (— ) 


Gt- Northern Telegraph 
110) SUS95 (4.- 10) 


(Denmark) 


^ WATERWORKS (14) 

BristPl 7J»Pf (£10 pd.l 9»ia 10 
East Surrey B 4.9pcMax. 44b®. S.BocPI. 
72b® M 


Essex SjSpcCons- 33 <A‘ 

102 (2,101. lOpcDb 79U <4.101 
Foikettone Dfet Z.SpcPI. 29 13,101. 10 pc 
,.Db- 67b CS IOl 

Hartfeppol 3.5pcMax. 33 (4 10) 

Mid Kent Water s.Soc 35®. a.SacPt. 

34 b *2,'10). 3.aSOtP1. 1984 5J i2J10i 
Mid Southern 3.5PC 34 i2/10) 

MW Sussex £.9pc Mu. 43 1 3/101. 15PC 
Ob. 104b (2110) 

Newcastle Catoshead 3.5pePf. 3514D 
North Surrey 7 PC 61. 4.9ncA 43®. 
3.5PC 30b <2*10). 3.5PCPC (tmlv. 500 
30 <2 i4/10) 

Portsmouth Water iQpeph. 92 (2/10) 
RickmanswDrtn and Uroridge Valiev Water 
7 :PcOti. 62-.o (5/10/ 

S. Siaflorosnire ww 4.9pcPf. 69b* 
IQpcPf. 10S <2.101. gbpcDb. 70 (2*10) 
Sunderland and 5. Shields W(r. 32 T4/10) 
Weil Hnmpjnrre 3.5PC 32 (4/1 Oi 
W-»t Kent Water 3-5pcCns.Qrd. 32 (A'10). 
7PCP1. (1951, (£10 pa< 9i- At 

SPECIAL LIST 
Bu/iiness done in securities quoted 
in the Monthly Supplement. 

OCTOBER 6 (Nil) ' 

OCTOBER 5 (2) 

Wade Potteries 4.2 rsP 1. alBo 

OCTOBER 4 (XO) 
OCTOBER 3 (NU) 
OCTOBER 2 (Nfl) 

RULE 163 (1) (e) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 

OCTOBER 6 

Am pal Ex. 100® 

Anglo Utd. 232 
Reach Pe.-s. New 31 
Bougainville Cpn. 131 
Central Pac. Mins. 475 
C'bd Gelgy BecCnv. £87 
Conrinc Rki Tinlo Anil. 304 - 
Dome Pets. Canada £56*4® 

Dud De*s. 55 
Eastman Kodak £44i-o 
Gull Oil Canada £19/>® 

Holllnger Mines A £25 b® 

Hutchison Wharnpoa 91® U® 

Kulim Malaysia 46® 7 
Magnet Metals 42® 2 3 
Matsushita Elec. 294 
Non Metal 5® 

Pac. Cooper 56 
prates Hldgs. 80® 

Romsda us.-- 14*-:® 

Sthrn. Pac. Props. JOV® 

5wirc Pac. A 144bO S3 
Waltons 65® 
v/estern Queen so 
Wheettck Marden A 489 

OCTOBER 5 
Ampsi Pets. 71b 70b 
Bousalnyjllc Copper 128 
Bridge 0,1 !0£«. Da. Now 65 
Canadian Tire A £15"i«:® 

Canada 4Apc 1982 USS 99 b* L® 

Club Med Iter ranee USS 
Cork ln»s. 13 
C osmoDol >tan Props. 24) 

Credit Lyonnais Floating Rate Nts. 1983 
USS 98 ->® 90 

DG Bk. Floating Rate Nts. 1902 USS 99 UO 
b® 

Gold Mines Kalooorlie 67 
Jarolne Matneson 254® 47 
K-Tel Intnl. 270* 

Lend Lease Cpn. New 94® 9 6 
Metal Ex. 55b® 5 
Metramar 17 

Nat. West Floating Rate Nts. 1984 
USS 99b® U® 

Newfoundland and Labrador Hydro 9A,oc 
1986 USS 99 i 100 
Nickel and Min. Search 9® 

Norsk Hydro 6 J.dc 1989 USS ia4"« 5 
Norway 4-VrPc 1983 USS 99ft® b® 

Oiler Ex. 44® 

Oudermeesier 28® 

Pac. Peu. £27 

Pancontinental £9.75:® 9.BO:® 9Ai® 

Rio Tlnto Zinc lAust. RcgJ 240:® 

Safeway £22UO 

Steep Rock Iron USS 3b« 

Superior Oil USS 302 >«9 3> 

Supreme Cpn 65 
Wheelock Marden A 50® 



23 


OCTOBER 4 
Air Lloulde USS M 
Aiiuwce ou Devs. 171 ® 
bh South 116 
SP Canada £10* . 

Black Docker fcl 2 bl 
Cunus Pacific 27 
Endeavour Resources 25 
Euion Cpn. £35 : s® 

Fiat (L500) 2700 65 

Holier ■*. E.) 4.0.7ncP<. £59b® 

Hong Kong ties. USt 1.3.' >1 
Hong Kong Land USs 2. 48, 

Hudson's bay On Gas USi 
Jennings inu- 93 
Micnehn FFr 1475® 

Myers Emporium 12>«® 

Ntnrn. Mng. 125 

Oil Search 11 

Peko Wallsond 478 

Pctrohna USS IlS 

Pioneer Concrete 146® aOi® 

Rem pranot Grp. 17«® . 

Siemens Lllo®. Wrnts. £40 
Thomas Nationwide 99® 

, ..yssen AG £44® 
r«th 150® 

Tn Continental £13® 

Utah USS 5.14S S.l 2 
tVooosIde Pels. USS 0.92® 

Wool* Orth tAustralla) 139® 

- OCTOBER 3 

Afrikander Leases 21 1® 200® 

Bank Hldgs. Cpn. 66® 

Carr Boyd Minerals 45 

Euriram Si®* 1987 USS 98 U C^r9) 
European In*. Bk. B‘apcBds. 1974-88 
USS 95b 5 < <29/9) 

Ha rale T-Bg. 120® . • 

lard Ine MatthKOn 257®. 7 ^dcC*w. 1990 
£14b® 

La tec 18 

Little long Lac Mines 155 
Mm. Lvdl 29® 

Nicholas Intnl. 73 
Olter Ex. USS Q.64b 

Reel Namoack 260* 

Roval Bk. Can.idi SpcDhs. 1982-92 
U5S 9eU b 129 9) 

Santos USI 2-42 £46 
Shercitt Gordon A 430® 

Southland Royalty £34 u® 
target Pets- 20b 


OCTOBER 2 


A the *1 on Antimony EBO 
Australian Cons. Inds. 1500 
Australian Cons. Minerals 12 
Australian Oil & Gas 64® 

Australian Paper Mlg. 96®' 

Basin OH 19 
Reaver Ex. 10® 

Brick h Pipe IOI® 

Bukit SemJMwan 60 
C5R 290 

Canada Cement 675 
Containers Ltd. 222® 

Crusader OH 72 
Drevlus InL £11 
E. Z. Inds. 250® 

Email 102® 

General Oriental 32 
Grace Bros 132® 

Hawker Slddttey Canada A 505® 

Howard Smith 342® 

rci (Australia 4 NZ) 189® 60 

LM Oil iNZ) 23 

Lennard 011 36 

MMiesOn In*. 7UOC £1 20b® 

Mrmvet Fidelity 23® 

Otf.hore 011 150 Pd.l 8b 
Rand Leases 23® 

Reef OO 20 ® 

Rovento I U 558 It 

Scudder Duovett £5.50® 5.S5® 

Sri anger Coconuts 68 
Spargoi 39® 

Suoreme Coro. 70 
Swan Brow. 1350 
Thloss Holdings 26B® 

Tooheys 112® 

Union Tin 30i 
Walker tHIramt £21»is 
Westfield 480® 

RULE 163 (2) (a) 

Applications granted for specific 
bargains In securities not listed 
on any Stock Exchange. 

OCTOBER 6 

Barton HJH Grp. 181 
Blyth Greene Jour da in ll.ZpcPt. 160 
-it Photographic Inds. 15 14 
Cambndce Instrument Upl 2 1.75 1.756 
Camorldce Instrument 1 ID 0 ) 3 2b 
Cedar Hidos. 19 15 
Cnannel KoteK Props. 23 


OaH-mace 24 Z 

Clucas Laundry (1946) !««. »b 
Clue as Laundry 11945) 2®S 


Clvoe Pet, 
Dollaj 


lar Land Hides. 40 38 5 
DokHweflB Hldgs. 25 4 3 b 
Douglas Gas Light 2>12b 
Gale (GeOrpo) £155 
GRA Prop. Tit. 141a )» 14 131i k 
Jennings Bros, fo 5 3 2 
Mining m*. Cpn. 46 
MMW Computers 178 S 2 
Nationwide Leisure 10b 9b 9 
Norton VillleD Tmjmah 6b 6 5b 
Oldham Brewery 72b 
Oldham Estates 123 2 
PMPA Insurance 35 
Soentor -< Isaac) (Aberdeen) 95 
Wessex Water Attry. SpeRd. 1992 £78 

OCTOBER 5 

Aron Energy 92 90b 
Cedar Hides. 5poPf. 44b 4 
Claintuce 23 
Estar Hides- 20 
Eiaridcc pqpo a 219 
Lichem Hldas. 60 
Grendon Tst. llpeLn. E7b 7 
Kart lev Baird b 
KurHck Hldgs. 14 
Kunlck Hldgs. New T4 
Lifeguard Assurance 28 
petroleum Royalties Ireland 160 
Queen SL Warehouse itlldgs.) 3 
■King Oil 121 

OCTOBER 4 

Darling Fund (ASD 155 
De La Rue HV. H.) 400 
Granville Inn. Ttt. 450 
Heavitree Brewery 525 
K cl lock Hldgs. 43 , 

KellKk Hldss. nwM. 78 
New Court Natural Resources 13b U IS 
insurance 35 
Sthrn. Netvsnapers Z« 

Wectabn A N.-vtu. 92 
W st Hampshire Water A (7 PC Max.) 350 
Westward TV A 28 7 
Williams (John) (Cardin SpcPt. 450 
Wlnotener London Tst. 1 

OCTOBER 3 
A«en»i FC £165 
Aston Villa FC £14 
Boom 1 Alfred' 200 
Gcad 5n works socOos. £14 12 
Eastbourne waterworks 4.9 k 44 
Hnav.tree Brewer* A 5(H) 

Hearttrec Brewery 4.2 pcapi. 153 SO 
ic’w New w- =terwiorki 9>;pcDH. £87 
Manx Pet. lD>is 

is "-a-k Rangers FC 115 
Roval Automobile Chib Bides. £12 11 
, 5.A. <vss 10/ £26b 
Utd- Frlendl* Insurance B 73b 3 
Uroaate Invs. 140 
Viking Oil 120 

OCTOBER 2 

Buenos Ayres L cxrrace Tramways 3 pc 
Cons Income Db. £3 
Gale (George) £145 
Trident Television 53 
United Womens Homes 6 pcP1. 25 

RULE 163 (3) 

Bargains marked for approved 
companies engaged solely in 
mineral exploration. 

OCTOBER 5 

CCP North Sea Assocs. £12fe 
Club OH £4J« b 
Slebens 'UK) 326 

OCTOBER 4 

CCP North Sea Assocs. £1 Zb 
Slebens iUK) 346 5 4 40 

OCTOBER 3 

CluR OR £4b k be 

Slebens OJK) 340 38 2 8 6 4 2 

OCTOBER 2 

dull Oil 437b 428 
Sodbens (UK) 330 

SEPTEMBER 29 

CCP North Sea Assocs. £13 12b 

Canoccca Resources 36 S 3 

dull Oil £4U 4 

Gas and Oil Acreage 95 p 

Slebens (UK* 338 7 6 4 30 28 4 

(Bit permission of the Slock Exchange 

Cnaneiti 


Cufr^nev, Money and Gold? Markets 


UK MONEY MARKET! 


Rise in bill rate 


Bank of England Minimnm 
Lending Rate 10 per cent 
(smee Jnne 8, 1978) 

The Treasury bills rates rose by 
0.1732 per cent at yesterday’s ten- 
der to 9.3451 per cent and the 
minimum accepted bid was £07.07 
compared with £97.71 for 01-day 
bills the previous week. Bids at 
that level were met- as to about 82. 
per cent The £300m bills 
attracted ; bids of £5S2.71ra and alL 
bills- offered were allotted. Nest 
week a further £300ra. will be on 
offer. replacing a similar amount; 
of maturities. • • 

• The average Tate now reflects 
the present MU) of 10 per cent 
fofkrwine the gradual rea>li«aiion 
that interest rates were unlikely 
to fall in the near future. With 
one eye on James Callaghan's 

THE POUND SPOT 


Del-6 

luma 

ratet 

% 

Dny’r 

spread 

Clow 

LI. .S 

5 

1.^776- l.bBfQ 

l.:B 1D-l.t82D 

Uainulian S 


2.3290-2.3409 

2. 3585-/. 3 395 

GulMir 


4.97*-4.]0* 

4.99^-4.99* 

Meictitn F. 

B 

53.05-6335 

63.49-58.60 

LWiieb K. 

8 

UL 42- 10.47 

10.46* lu. 46* 

U-Alfirk 

5 

JJW.7r* 

o.7BiJ.77J 

Van. Km 

1» 

83.59- 9 10 

8a.4Q-ft3.B0 

spnn. Pea. 

a 

140J&- 141.10 

141.00141.19 

Lira 

101J 

1,B20.1Jft7 

l.H<6M.6>-2 

brvren. hL 

7 

9.354-19.02* 

9.97} 9.983 

French Fr. 

Hv 

b,49-8Ji5 

B.BOi 8 511 

wortish Kjt 

pi. 

8^4*-8.b7* 

8.66*-B.b6* 

Yen 

4‘J 

ata-sn* - 

- 572-0/4 

Amrra seb 

Ife 

27.2ft-27.40 

27.5Q-27.40 

Fr. 

l 

B. 134-4.1 64 

5-. 133-5. 14} 


warnings on inflation rates, the 
market seems now to be preparing 
itself for a possible upward trend 
in rates. 

Day-to-day credit was in short 
supply in the money market and 
Che authorities gave assistance by 
buying a moderate amount of 
Treasury bills all direct from the 
discount houses. The Inner were 
paying 8-8} per cent for secured 
call loans at the start while clos- 
ing balances were taken down , to- 
& per cent The market wa$ faced 
with a small net take up of 
Treasury bills and the usual Fri- 
day increase in the note circula- 
tion. There was also the settle- 
ment of some gilt-edged sales to 
finance. The only real factor in 
the market's favour was a email 
excess of Government disburse- 
ments over revenue transfers to 
the Exchequer. 

OTHER MARKETS 


EXCHANGES AND BULLION 

Activity in yesterday's foreign 
exchange market was generally 
subdued ahead of the weekend 
and the Columbus Day holiday on 
Monday in the U.S. The dollar 
was marginally firmer against 
most major currencies In thin 
trading and was quoted at SwFr 
1.5S60 against the Swiss franc 
compared with SwFr 1.5837 J on 
Thursday. The U.S. currency 
opened stronger and touched 
SwFr 1.5980 before easing during 
the afternoon to SwFr 1.5780. 

However, Federal intervention 
later Ln the day helped the dollar 
recover to. its .dpsingL levels. The 
West "dermon- ‘ mark was also, 
sfi &h tly easier afDM;M02 5 aga tn st 
DM ' . 1S955 previously. - The' 
Bundesbank -Was again active at 
the fixing in Frankfurt to sunport 
the weaker members of the Euro- 
pean snake. 

On Morgan Guaranty figures at 
noon in New York, the dollar's 
trade weighted average deprecia- 
tion narrowed slightly to 9.6 per 


cent against 9.7 per cent on 
Thursday. 

Sterling opened at $1.9310-1.9825 
and eased on dollar firmness to 
81.9775. its lowest point for the 
day before recovering to 81.9830. 
After the dollar had received fur- 
ther Fed support, the pound 
closed at 81.SS10-1.9S20, a fall of 
just 5 points from the previous 
dose. 

Using Bank of England figures, 
sterling’s trade weighted index 
improved to 62.7 from 62.6, having 
stood at 62.6 at noon and 62.5 In 
early dealings. Gold traded 
quietly to. close Si stronger at a 
record dose of $223-223}. 


GOLD 


Ort. fi 


Belgian rale Is for convertible francs. 
Financial franc 82.65-62.75. • Bale for 

French FTanc on -OcL B should have been 
8.4SM.4SH. 


LONDON MONEY RATES 


Aigeoun* Peso.... 
Australia IJoIIat... 
Kinlnnri Markka... 
Brnril L'niie<ro._.. 
Greece linctum'.. 
Hi'inc Kritic Dnlbir 

Iran Kml - 

Kuwhii pinariKD) 
Luxembourg Franc 
’Mxuyi.ifi Uollxr 
Kesr&enlAivI DuIIxj 
NmMi Arahw Ely* 1 
Mncnpnre IViilxr... 
Rouih Afriwm Hath! 


1.728-1,736 
1.7025-1.7091 
7.i2fe-7J93i s 
37.51-iS.61 
70.969-78.707 
tf.n69.ca 
136-142 
0.533 0.^43 
59.40 59.50 
4.46)8-4.47 
1.8567- 1^C47| 
0.64-6.64 
4..-6.4.-71p 
1.7087-1.7348 


6 


869.04^71.06 

0.b590-O.Bo25 

AuMtia _!! L— 

4.0005-4.0025 




35 80-36.70 

Germiuqy 

70.46-1 0.65 


0.x713-> .<714 
29. 0& 30. 00 

j " 

r 

1 



0.9370-0^410 
3.3240-3.4 280 

3|»i)n_..„_...^„. 

(l-i 065-2. 5: 080 
0.8623-O.&-/55 

Unitiil Statre-.™. 
Y lyghnlavtn 


£ 

Note Rate* 


Gold Bunion (n line 
nonce) 

Close. 

Open inu 

Monrtng fixtng. IM _. 

Afterooon flxtajt.... 

Gold Coil 


87.0-88.0 
68.80-63.50 
10.40-10.50 
-8.46-0.56 
3.72 3.b2 
1590-1640 
371-381 

4.05- 445 . 

9.96-10.05 

- 98-108 • 
143-148 

3.05- 3.16 
1.98 -1.99 

"40.0-42.0 • 


domestical ly 

KniKemod 

New SoverelKtis— - 

Old Sovereigas— — 

Gold Cnim 


Rate clven fur Argentina la free rate. 


(DtenuiUoaxliy 

Kroeemad 

Sew SoyQra(gin-.~. 

Old Bonuelgnk,,^ 

820 BMtlw— 

S/a«s«(« 

86 Bacles;-,^ 


Oct. 8 


S2 25-2212 

5225-2251 

8225.20 

(£112.727) 

8223.10 

(£112491) 


S2«L2te 

(£116-117) 
9625-64^ 
'£*4-324) 
581 (-854 
(£51-32) ' - 


52294-251/ 

«U6H1S 

960-B2 

(£501-51*1 

|£5l-2i2< 
8506-508 
S 158- IS! 
8107-112 


Oct. 5 


82222-22351 
5223* -224 
P2SJ.40 
(£112.687) 
8222.70 1 

|(£1 12.355) 

1 

S22&J-Z51J 
(£118-117) . , 

k£515-w*>: 
5H4-B2*:; 
(£30Hlfi ■ 


8250-252^; 

(£11B*-n7B 

881^.^j 

(£51-32r‘ I-* 

8 MHffifr 


SM7-51D 
S 168-104-1 

5T9B-113 T| 


Oct. 6 

107B 

Sterling 
Certificate 
. of depMit 

Interbank 

Local 

Authority 

depnrite 

Ln<l Anth. 
□e/iot Ishie - 
bonds 

Finance 

Bnnse 

Depr«ili 

Company 

Deposrix 

Dismnm 

market 

defxett 

Treasorv 

Bills®' 

Bleptble 

Bank 

Bills® 

FmoTrado 

Bills® 

Ovamiphl 



6-9 


— 

_ 

B*,-8T B - 


- 

. - 

- • 

2 day* notice-. 

— 

— 

85a-9 

. 




. 

— 


7 dx.yx or 


flSB-fllB . 

87a- 9 

_ 

9i t 

BTfl-9 

8fta-8Sa 


3 

z 


flta-BA 

' 

tf-9U 

9BB-97a ■ 

91* 

9fe • 

8Tb 

IJa-ftk 

gft-SJa 

10 


9A-fl4e 

9SB-95B • 


911-9*4 

® T B 


Ul* 

Bfe-Sw 


10 


e*-95» . 

9iB-10ris 

B5 4 -97 8 

Bfe 91. 

lUfe 

10 is 

9*8 

- 

9J4-8H, 

101|) 


101,-lOfts 

101,-105fl 

93 4 -lUl4 

10 lOfe 


— 

** 

- 

IOI4-IO* 

id. 


105a lOfe 

lOffe lU*i 


10ij 10 Tb 


— 


— 

— 

— 

One ytsar 

105a ioig 

lDlj-lOJi 

10fe lUz 

id] 107 b 


. 



— 

— 

lWn years 






‘ 

“ 


- 


~ 


CURRENCY MOVEMENTS 


“ October 6 


Bank of Morgan 
England Guaranty 
Index changes % 


.SterliDB 


62-65 

8305 

T9J2 


rates nominally three years ii5-12 per cent: four years 11J-J2* per ceni; five years 123-121 per reni. ® Bank hill ra<es Jn labia 
arc bttylnc rales for prime paper. Buying rale for four-month bank bills iqih per cent: four-month trade bus 10* per cent. 

Approximate selling rales for one-month Treasury bills *Uu-B per cent; and rwo-momh 0i-O3i6 per cejx; three month 
99ss-9Sii> P”* cent. Approxlmaie selling rale for one-month bank hills Vijp-91 per ceot; two-month 91 ■ 3Z-9I per cent: and 
three -month K-SUu per cent. Dne-monih trade bills Sj per won iwo-monih M per cent; and also chreo-manih B* per woi. 

Finance House Base Rates (published by the Finance Bouses Assoclaima, 91 per cent from October 1. 1BTS. Clearing Bank 
Depottt Rates (for email gums ai seven days' notice) 6.7 per cent. Clearing Bank Base Rama Tor lending 10 per cent. Treasury 
Bills: Average lender rates of discount B.5451. 

EURO-CURRENCY INTEREST RATES* 


UJ. dollar 

Canadian dollar 

Austrian schilling 10.84 

Belgian franc UZ.03 

Danish krone 115^7 

Deutsche Mark u* is 

Swiss franc 205J2 

Guilder iwm 

French franc 99.02 

Lira _• 5541 

Yen 1SSAS 

Based on trade weighted changes from 
Washington agreement December, 1971 
(Bank of England Index =109). 


-5L1 
- « 
-17.9 
-I-1M 
+M.D 
+ S.6 
+39 J) 
+93A 
+18-6 
- 5.7 
-ms 

+5L9 


Oct . P 

Sterling 

V£. Dollar 

Canadian 

Dollar 

Dutch Rolldpr 

8vri» Franc 

Weat German 

Mark 

■French Franc 

Italian Lira 

Asian S 

Japanese Yen 


9-9 ij 
113x-121| 
IZse-lZSs 
1£7 8 1314 
1314-136* 

13-133e 

85* -a 

Ptf-9 . 

9Sb-97b 

B56-9TB 

97a-10i a 

97g 10‘B 

8(4-9), 

8i«-9i« 

®iV9ft 

93* -63, 
PftB-® 1 * 

22-27 

20 25 
1617 
11-12 
1011 
81,-91, 

trie 

pi-la 

In- 1* 

ft ft 

1j-5b 

3L,-3s« 

3*4- ’Sfl 
«b37 8 
35e-s4i 

3Sj 

35i-3t b 

7)4-719 
.7*j 8 
9ftHft 

9ft 9W 

07b- 10Tb 
lulg-1 . 5b 

1^17 

15-16- 

I4ig-I5)g. 

, 14-J6 - 

13 V 143. 

87*9. 

i Bg t.S, 

97* 10 
V7*-10 

- 3l 0 61 B 

- 

2t/)-BIg . 

3-3l B 1 

31(-3Gb ! 

3ft- 


The roliowlng nominal rates were quoted Tor London dollar certificates of dew sit: one month 9.15-9.05 per cent: three months 9.90-9.50 per ceni; st* month# 985> 

EmwMar ^M»«iiB: r Two 1, years 91-91 per ceni: ihree yearn 95-91 per com: four years W-M per eem: five years 9M» per ceni nominal closing rata*. 
Short-tern) rale9 are call for sterling, U.S. doUan and Canadian dollars, -duo day. call for guilders and Swiss francs. Asian rates for dosing rales in Singapore, 


UJL CONVERTIBLE STOCKS 6/10/28 


Statistics provided by 

dots STREAM International 


Name and description 

I 



Con- 

version 

dates 

Flat- 

yield 

Bed.' 

yield 

JTeminmt 


Income 




USI 

Eqp.g 

Conv.f 


Currant 

Associated Paper flJpc.Cv, 85-90 

L40 

111.00 

mm 

76-79 

8.7 

7 £■ 

7 . 5 JL 

-10 to 

2 

- 5-1 

4.6 

- 0.5 

- . + 4.7 

Bank of Ireland lOpc Cv. 91-96 


iio 

190.00 

47.6 

77-79 

5J- 

-19 ' 

“■■5,5- 

~ 7 to 

3 

11.0 

4.7 

21 

. + is 

British Land 12pc Cv. 2002 


7.71 

166.00 

m 3 

80-97 

7.2 

6,5 

13 2 

1 to 

22 


89.6 

61.1 

+475 


8.07 

$ 6.00 

234.0 . 

76-79 

7 £ 

7.7. 

- 5 JS 

-11 to 

-4 

8.4 


- 92 

- 3.5 

English Property 12pc Cv. 00-05 

15.31 



7654 

14.1 ■ 

14^ 

43.6' 


51 

Util] 

44 3. 

22.6 

- 21.0 

Hanson Trust 6 *pc Cv. 88-93 

4.51 

8L00 

57 J. 

76-80 

8.0 

8 B 

3.5. 

- 1 to 

12 

8.4 

• 8.0 

- S ;6 — 05- 

Hewden-Stuart 7pc Cv. 1995 

0.04 


564.5 

75-79 

2.0 


- 1J 

-30 to 

1 

9>‘ . 3.4 

- L 6 

- - 05" 

Slough Estates lOpc Cv. 87-90 

5^0 

167.00 

125.0 

78-86 

6.1 

IS 

15.2 

5 to 

16 

29.0 


14.9 

— 0.3 - 

Tozer, Kcrasloy Spc Cv. 1981 

0.78 

93.00 

153^ 

74-79 

8 . 6 . .. 

.10.5 

.7.9 

1 to 

14 

7.3 

3*8 

re 4J2 

- 12.1 

Ultramar "pc net R. Cv. Pfd. 

15.12 

L39 

0.5 

76-88 

7.6 

5.5 

15.3 

- 1 to 

19 




. +54.7. 

Wilkinson Match lOpc Cv. 83-98 

1 L 10 

93.00 

40.0 

76-83 

11.1 

11 ^ 

32 J9 

2 f to 

40 

29.0 

38.2 

13.3 

-19.6- 


-Number of ordinary shares into which AM nominal of convertible slock is conrarUble. t The extra con of Investment in convertible expressed as per cent of the 
cost at the equity in tbe convertible- stock, i Three-month range- S Income on number of ordinary shares inu which £100 nominal of convertible stock la coumtlble 
This income, expressed In pence, is summed from present time until Income on ordinary shares is treater than income on £HM -nominal of convertible- or the- final 
(©aversion date whichever is earlier, income is assumed to. grow at 10 per cent per annum and la - "preaenf valued' at 12 per cent' per annum. 1 1ncome on noc ta 
convertible. Income Js summed until conversion ' and present valued at 12 per ceni per annum. Q This Is income of tbe convertible: less Income of tbe underlying sanity 
amirf as per corn or the value of tbe nndertyinE emdty. O The difference between .the. premium - and income difference -expnesred~as per cent-of the reino <* 
undprlylns equity.. + is an Indication of relative chcapoes,. - is an Indication of rctatiw* dearness. - • - - 































d 


- V 

V 
tc 
w 
■ Si 
It 
01 
tt 

ai 

' A 
OS 

Fi 

Di 

M 

'ca 

U: 

' vi 

ye 
ru 
m. 
As 
fu 
. «» 

so 

ag 

ne 

pr 

Da 

ag 

eu 
. art 
in 
wf 
coi 
th< 
“6 

Pr 

Be 

La 

Ire 

mi 

be 

riu 

1 

Da 

vis 

Mo 

mo 

"s; 

- fro 
Ca- 

1 

. the 
the 
obt 
we. 
rai) 
•aft 
wo: 
Cai 
pos 
tre. 
ope 
son 
to. 
y 

Syr 
acc- 
at t 
the 

N 

to 
of I 
had 
con: 
leac 
met 
situ 
F 

& e 
cun 
bet> 
;Chr 
: T] 
' here 
min 
to tl 
' SUIT 
the 
outs 
1 Cl 
coos 
■by ti 
pcrat 
Oo 1 
vital 
‘line 
Jnun 

SO 


■im 
futui 
lead) 
meat 
If th 
■uggi 
a tin 
natio 
Afrie 
a mo 
realit 
It 

patri' 
Both; 
in hi: 
6f Pa 

. c&tioi 
■optioj 
Minis 
pare 
sanet 
'path 
The 
street 
being 
state 
that 
a re 
South 
surpli 
of the 
has d 
Mot 
men 
econo 
cOrnei 
sion. : 
year, 
duct l 
virtua 
March 
Horwe 
Jinan 
caiitia 
ect>noj 
be the 
Vet 

nurabi 
haw * 
ruumi 
furthe 

official 

is <0T 
currM 
Minist 

sory < 
2 her _ 
The 1 

dard 

refers 
chat < 


y 




25 


Social limes Saturday 


STOCK EXCHANGE report 


./ 


Little incentive pending clarification on wage talks 

-share index drifts 1.8 lower to 503.0— Short Gilts ease 


523 contracts completed, 238 were at 132p, gave up 4 of the previous 
done in EMI and prices of its day's rise of U which followed 


Account Dealing Dates 

•First DecLara- Last Account November 140, and February 148- Press comment and the chair- 

DeaiteW De^ss Day series jumped 12 to 22p and 10 man's favourable remarks at the 

sSr^nir y in to 20P respectively, annual general meeting. Am^ng 

Sep. 18 Sep. 28 Sep. 29 Oct. 10 * shoes Footwear Industry Invest- 

0ct 2 82: m ocl 27 N«. “ FNFC wanted ■»»' .*» " r .«*’• 


Oct. 16 Oct. 26 Oct. 27 Nov. 7 yy«x».cu ^ surprise news that the bid 

*" Proceedings in the banking sec- discussions have been terminated. 
Wit? "tartlKiSSSr ^Tv^ors' Still reflecting the prospect of 


seem in o I v resi °med to await de- FNFC isT,es which “ f °r a substantial profits from the scan- 

wlmmts^the Government/ fair amount of speculative.support ner licensing agreement with 


union We tail s and the disputes which left the ordinary U higher Johnson and Johnson of the US., 

« SP. after S}p._the Warrants * EMI were actively traded, up to 


‘Ltertfa^toiSSf inStive arketS dear ® r iL lip “ d *** ®* P* c cen * l«3p before closing a net_li better 
fl^«il?Sio!??Sri«rtI. Unsecnrtrf **“ ? P 0 ^ 13 at 160 p for a rise of 17 on JJte 


Dairies, o cheaper at 245 p- Robert- 
son Foods, at 156p. lost 4 or the 
recent strength prompted by 
rumours of a forthcoming bid 
from Rovmtree Mackintosh. 
Be jam, at 85p, held the previous 
day’s improvement of 6 oh the 
scrip issue proposal which accom- 
panied tbe results. 

Hotels. and Caterers were note- 
worthy only for a late flurry in 
Ladbroke, which unproved 7 to 
193p on hopes that the company 
will shortly receive permission for 
tbe shares to be listed in America. 


over £ 100 m. but the announce- 


cuiarly uneven^Ul and the leaders UP « *7; revived talk of a pos- week; the 8} per cent convertible 
drifted a few pence easier on lack sible bid and of recent suggestions hardened three pointsto £98 Else- 
SMSK’S that the group may soon be In a where In Electricals, Pye hardened 
first hour or sn This was illus- position to resume interest pay- a penny to 87p on news of a 
trated by the FT Industrial Ord- ments on the loan were the main design and development contract 
inary share inde^ reasons being Put forward for tbe which could result in orders worth 

points oflf at the 31 am calcuJa- sudden burst of interest 
tion and finally a net 1.8 down at Breweries drifted gently lower 
503 .Q. in ‘ light trading. Elsewhere, 

So. despite the Government’s Macallan Glenllvet rose 10 to 43 Op 
defeat on the 5 per cent pay on small buying in a thin market 
limit early in the week at the Amalgamated Distilled Products, 

Labour Party confrence in Black- at 32p, finished a penny cheaper 
pool and the Prime Minister’s following the recent advances 
stated determination leter to fuelled by speculation on the dis- 
resist a wages explosion, both of posai of the. company's Robert 
which caused volatility in equity Porter subsidiary, 
markets, sentiment in the end Timber Issues drew further 
was marginally firmer on tbe inspiration from the International 
period. Timber/Bambargers merger, an 4 

Secondary stocks, on tbe whole, in a lively trade, speculative sup- 
were equally lacking in interest port lifted Phoenix 8 to I55p and 
but isolated pockets of business Parker 5 to Ulp. Elsewhere Y. J. 
occurred in special situations and Lovell improved 5 more to 113p 
in some issues recommended by and, in a thin market. Brown and 
brokers’ circulars. Bargains Jackson gained 12 at 246p. Bryant 
marked fell to 4.172. the inwest Holdings shed 4 at 47p fallowing 
since July 14 when tbe figure news of a £2.6m provision:- for 
was identical. likely Saudi Arabian losses. -.and 

Conditions were just as quiet mirroring the lower interim‘-pro- 
in the Gilt-edged sector. The fits, G. W. Sparrow eased 2 at 
shorter maturities were reportedly lOOp. Francis Parker finished 
influenced by this week's rise in fractionally higher at lfljp foi- 
Treasury- bill rates and lost a lowing the mid-term report Dls- 
shade, but mediums and longs appointing half-year profits left 
held at overnight levels awaiting Aherthaw Cement 9 down at 143p. 
tbe la rest banking statistics, due ICI, 396p. and FIsoos, 343p, both 
on Tuesday. closed with marginal falls, but 

Among recently- issued Fixed WoLs ten holme Bronze put on 10 
Interests. Kent Water 7 per cent more to 265p, a two-day gain of 35 mwrt oT the sale of its C. M. 
preference 198.1. of which 46.58 on the excellent interim results. Churchouse subsidiary to Cromp- 
per cent was left with the under- Leigh Interests turned dull on ton Parkinson for around f Mm 

writers, made its debut at 9i in lack of interest and fell 9 to 145p. c» sb failed to ‘stimulate Berec 

flO-paid form. Provincial Lann- ' which shaded 2. to 148p. 

dries 12 per cent convertible BllTton pond The majority of Engineering 

2986-88, issued by way of rights ® leaders barely stirred from over* 

to ordinary shareholders. In con- Stores were notable for a night levels, but Hawker Siddelcy 
trast, settled at £22 premium, resurgence of. speculative buying remained on offer after the run 
after having opened at £19 in Burton issues on revived bid up earlier In the week and 
premium. hopes. Following a good- demand reacted 9 more to 246p; last year 

Another small and well- which continued well into the the interim results were 
balanced trade on both lnstitu- late dealings, the ordinary dosed announced on October 20. GKN. 
Vtonal and arbitrage account in 12 to the good at 180p, while the 268p. and Tubes, 3S2p, both eased 

the Investment currency market “A*' rose 11 to 174p. and the a few pence, but Vickers managed 

saw tbe premium touch a day’s Warrants firmed 4 f to 44p. Else- to harden 2 to I90p. Secondary 
high of 841 per cent before re- where, the revelation that A. G. issue? fared little better than ttie 
acting to finish a net 1 per cent Stanley has acquired over a 10 leaders in the way or activity. The 
lower at S2J per cent. Yesterday’s per cent bolding in Morris and encouragine statement on second- 
SE conversion factor was 0.7191 Blakey Wallpapers helped the half trading which accompanied 
(0.71281. latter’s ordinary rise 10 to 108p the interim result-: prompted an 

Reflecting opening activity on and the “A" gain 6 to 94p. after improvement of 3 to S7p in 
the Canadian bourse on specula- gap. Further investment buying Richards (Leicester). and 
lion of a pending bid -from left Bambers up 8 more at 159p. Ransomes Sims firmed a similar 
Canadian Pacific Railway, Inco making a rise on the week of 21. amount to 183p. Charles Clifford, 
were raised here late by 13 to Demand ahead of next Thursday's a recent speculative favourite. 
Interest in the Traded Option interim Gcures prompted a gain eased 2 more to 12Rp, while Lake 
market yesterday centred around of S to l73p. after 180p. In Foster and Elliot cave up 2 to 49p await- 
EMI in the wake of the results Bros. Losses of 4 and 5 respec- inn Monday’s preliminary results, 
and news of company’s licensing tively were seen in Cantors "A." Foods had opposing movements 
agreement with Johnson and 41p, and Midland Educational, in Batleys of York, 4 up at a 1978 
Johnson. Of the overall total of 175p, while Dixons Photographic, peak of Top, and Associated 


Glaxo easier 


The previous day’s quietly dull 
trend was repeated by the mis- 
cellaneous industrial leaders as 
buyers remained content to sit on 
the sidelines. Glaxo drifted 8 


better at 265p. a gain of 20 since 
the announcement. Id Paper/ 
Printings. Hawthorn Baker finned 
5 to Top in a thin market, but 
scattered offerings dipped 3 from 
Richard Clay at SSp. 

BHdborst Whites moved up 4} 
for a two-day rise of 7] to 48p to 
match the offer terms from the 
Dutch group Wereldhave which 
has already purchased 44 per cent 
of Midhurst's share capital at the 
same price. 

English Property put on If to 
405 p following the interim results, 
while Land Securities and ME PC 
made late progress and finned a 
couple of pence to 235p and 145p 
respectively. Imry were wanted 
ahead of next Friday’s annual 
results and improved 7 to S52p. 
Buyers supported Town Centre 
which added 4 to 76p and Mount- 
view Estates. 3 better at 77p. 


Win. Pickles gained a 


penny to 

£ IBp. , 


brokers review had little impact 
on the Tobacco sector. 



Oils drift lower 


lower to 627 p ahead oi Monday's 
preliminary resuM« whilt* bctcham 
eased 10 to 700p. Elsewhere, 
Spong lost 5 to SSp, after 32p. in 
reaction to the first-half profits 
setback and omission of the in- 
terim dividend. Wilkinson Match 
rose 5 to ISOp following an invest- 
ment recommendation. The 
announcement that the company 
is closing its loss-making French 
concern helped LRC improve 2} 
to 36lp, while Beat son Clark 
added 2 to 202p. Buyers came for 
Magnolia which improved 5 afresh 
to ISOp, and Diploma Investment? 
were also notable for a rise of 7 
at 20Up. Ricardo put on 8 lo 314p 
and continuing talk of pending 
U.S expansion details left Sothcby 
Park Rernet 5 to the uood at 31 tip. 

Interest in Motors and Distribu- 
tors was small and movemem*- 
were 'few. H. and J. Quick 
responded to Press comment with 
a rise of 2 to 40o,alons: with Asso- 
ciated Engineering, a similar 
amount higher ai Hop. 

News International made a fur- 
ther modest response to comment 
on Wednesday's interim stale 
ment and ended a couple of pence 


Oil leaders drifted lower before 
a few scattered buyers appeared 
towards the close and left final 
quotations a few pence above the 
worst. British Petroleum ended 8 
cheaper at 888p, after 896p, and 
Shell 4 lower at 572p, after -570p. 
Royal Dutch eased £ to £45} on 
currency and dollar premium in- 
fluences. Elsewhere. Trice n trot 
encountered fresh offerings and 
gave up 6 further to 174 p, but 
Siehens (UK.) picked up 2 to 
328p, after baring been down to 
320p. Lasnio eased 4 to 14$p and 
Oil Exploration were similarly 
cheaper at 21 On. Guff OR EeU 12 
to 4O0p following the proposed 
rights issue in units of convertible 
“A” shares and income warrants. 

Small buying in a restricted 
market gave a boost to Paterson 
Zocbnnfc the A rising 12 to 190p 
and the ordinary 13 to 195p. 

London Merchant Securities 
featured FinanciaLs with a rise 
of 8 to 151 p on renewed specu- 
lative interest in a limited market. 
Other firm spots included S. Fear- 
son. 6 to the good at 2S4p. A slow 
trade in Investment Trusts left 
prices narrowly mixed. 

Shippings were generally better 
where changed, P. and O. 
Deferred closed li harder at 92 ip, 
while Hunting Gibson, 103p, and 
Common Bros, 130p. put on 3 and 
4 respectively. 

Among Textiles, Dawson Inter- 
national rallied 4 to 199p and the 
“A" 5 to 199p following the 
previous day's reaction on a Press 
■suggestion that the bid worth 
208 p per share from Wm. Baird 
may prove abortive. Scattered 
demand left SEET 2 dearer at 68p 
while, in smaller-priced issues. 


Rubbers edged higher.-." Cher- 
sonese- hardened 2 to 50p, while 
Highlands, Ai5p t - and . Malakaff , 
<57p. put on 4 and 5 respectively.. 

South Africans had an- isolated 
dull spot in Gold FWds Properties 
which slipped 4 to 63p. 

Platinums up again • 

Platinums apd Rhodesians, held 
the stage- £n an otherwise dull 
mining, market. Platinums 'moved 
further ahead in response to tbe 
continuing buoyancy of the free 
market metal price which is 
approaching the $300 per Ounce 
mark. 

Also aiding the trend in shares 
were excellent results from both 
Rostenhurg and LydenbuiK, 
coupled with a broker's circular 
recommending Rustenburg. ’ 

The latter advanced 5 more to 
equal their 1978 high r - oT I87p, a 
week's improvement of 18, while- 
Lydenburg rose a similar amount 
to 73p. Blshopsgate put, on 3 to 
103p, a gain on the week of 14. 

Rhodesians strengthened follow- 
ing news that Zambia had re- 
opened the rail route through 
Rhodesia. Falcon Mines put on 10 
to I70p and Messina 2 ' to 72p. 
Zambia Consolidated Investments 
hardened to I5p. 

South African Golds, however, 
tended to drift In subdued trad 
teg, despite the continuing steadi- 
ness of the buliioo price, which 
was finally 25 cents firmer at 
$223,375 per ounce. 

Nevertheless, improvements 
earlier in the week tn from of 
the International Monetary. Fund 
gold auction left the Gold Mines 
index, 1 A off yesterday', 3J9 
better on the week arl7&5. 

South African Financials .were 
generally a shade easier in tine 
with Golds. A notable exception, 
however, was provided by 
“ Johnnies.” which advanced a 
half-point to £15} reflecting their 
substantial platinum interests. 

Among other South. Africans. 
Anglo American Corporation 
eased 2 to 376p but were still 36 
higher on the week .following 
aggressive American . buying: . on 
Tuesday and Wednesday! 

London-registered Financials 
held steady. Gold Fields were 
unaltered at 185p (n front of next 
Wednesday's results while 1 Selec- 
tion Trust dipped 2 to 472p despite. 
Amax increasing its quarterly 
dividend rate. 


financial times stock indices 

— -TfiS > Oct. f Oct I lict. I Oct. ; 


QoMtnBldtSrt*.. 

Fixed Interest—— 
Indwtrinl — — — “ 
Gold Mine*-— - 


Orf. Dlv. Tield 1 

K*mlnp*.XTdS V “Ulrt 
P/E Unde (net) (“Tl — | 
p — lings marked — — — — 
Equity 

Booilrg bargain* totol.J 


Oct. 

6 

Oct. [ Oct 

5 Li.. 

Oct 

-.3 

Oct 

. 2 • 

69.09 

88.9d| 

69.88 

'69.71 

71.85 

7132j 71.61 

71^9 

71.78 

sos.oj 

504.8- 511.1 

505.2 

499.2 

172.6 

173-91 174J 

1662 

'163.1 

S.54 

eJIll '5.24 

631 

6JI7 

14.80 

14JSj 14.79 

14.08 

.15,16 

8^4 

8.85] . . 8^6 

888 

878 

4,172 

4,7#jf 6,038 

4.629 

4.984 


69-83! «?-36 

52.-74 

63.14 


16.365 ] 18.202 

16.499 

14.764J 


m am S 04 JL 11 am 502 . 8 . Noon SQSJL 1 pm 3 QS. 0 , 
3 pm 50 S. 2 . 3 pm HU. 

Latest Index 01-246 BCL 
•Bued on 52 per cent corporation lax. tNQc&TiL. 
Balia 100 Gtm. sees- ISriftTM. F»«0 UU. MS8. lnd. Ort. 
Mine* JA'O'K. SE Activity Jnly-Oec. 1M2. 





highs and lows S.E. Acnvr$ 


— 

1978 

Since Compilation 



Hlgt 

L aw 

Hlgb 

Low 

Oort, ttwt- 

Fixed Idt_ 

fwH- Orri 

Go 1.1 MliKe- 

76.85 

(3(1) 

81.27 

(9(1) 

635.5 
(M/9) 

206.6 
(14/8) 

68.79 
(5/6) ' 
70.73 
. (®6) ' 
433.4 
{8/3) 
J30J 
0(1) 

127.IL 

OJl.«36» 

160.4 
(£8/11(47) 

549.2 

(14/9/77) 

442.5 
(28/6/76) 

49.18 

(3/1/7® 

60.35 

(3/1/75) 

49.4 
(28/8/40) 

45.5 
(28/10/71) 

—Dolly 

Gilt-Edged.,— 

. ladoatElea ... 
Spwnb&m- 
ToUia 

Average 

GvJt-UdgeiJ 
IndaacrtmlB „ 
SpeeolnUre.^ 
Tote Ir 

107^' 


OPTIONS 


DEALING DATES Money , was given for the call 

First Last Last For in Ramber, Duple International. 
Deal- Deal- Declare- Settle- Premier Cons. Oil, First National 

ings lugs tion ment Finance 91 per cent 1992-97. 

Sep. 26 Oct. 9 Dec. 28 Jan. 9 Grand Metropolitan, J. Halstead. 

OcL 10 Oct. 23 Jan. 11 Jan. 23 E3IL Cons. Gold Fields and 

Oct 24 Nov. 6 Jan. 25 Feb. 6 English Property. A put and a 

For mte indications tee end of double were taken out- ib' First 

Share Information Sennce National Finance. 


LONDON TRADED OPTIONSl?; 


•Itauarv 


Apn- 


• Iprinii 

tx'rcioe 

price 

U/CSLOB 

offer 

VoL 

Cfcwfup 

offer 

VvM. 

— 

L knlnn 
ilffer 

. . • 

vif; 


MV 

900 

IB 

3 

50 

1 

82 


■ w 


960 

3 

13 

54 

— 

64 

* 2 > 



10U 

9 


20 

28 

28 

.7!. 

-IS 4 


200 

lte 

8 

9 

— 


11 


CSC 

260 

73 

56 

81 

— 

87 

. 

585 


300 

33 

4 

47 


-56 

- 



3D. 

2 

- 

IS 

30 

25 

■ 4 ■ 

. ; 


120 

Va 


6 

5 

. . .842 

5 


ICI 

420 

2 

— 

15 

— 

20 

; i '- 



220 

16 

6 

25 


33 



Murk- x »!•- 

80j 

5 

25 

10. 

?s 

13ly 

— 4 

,83, 


90 

2 

— 

5 

10 

9 

— 



550 

28 

3 

47 

1 

62 

. . — 

5?I 

loLoli 



117 


95 


30 



N<«n*nttier 

Fe*»nwrv 

Mnt 



80 



2 

40 

3i 2 ' 


'SB 

EMI 

140 

24 

64 

87 

25 

35 


Oil 

(till 

180 

12 

41 

18 

67 

24 

20 


(till 

180 

3 

20 

10 

19' 

13 




KU 

260 

6 

6 

19 

— 

28 



249 

T.iinls 



120 


141 


20 

. . J 


GLC raises borne loans 
ceiling to £19,000 | 


BY MICHAEL CASSELL 


THJS BORROWING ceiling for 
Greater London Council home 
loans is to be raised from £15,000 
to £19.000. 

Tbe council will also be pre- 
pared to consider loans on pro- 
perties valued at op to £25,000, 
whereas before it bas only con- 
sidered advances on properties' 
not valued at more than the 
actual mortgage ceiling. 

The latest move means that 
since last year, the GLC will 
have raised its borrowing limit 
from £11.000 to £19,000. The 


present rale of interest ^ 
per cent and this year the , i 
ell - earmarked £32m for 7 
loans, of which about . £6i 
still available. 

Mr. George "Tremlett^ 
housing policy : leader, sap 
think the decision realistf 
reflects the way la . wbjeb , 
market has moved, in- the pi 
months and our measures 
designed to brin^ the chaftt 
home ownership to- air 4 ; 
people as possible." - 

Loan problems, FageilT^ 


RISES AND FALLS 


Britnii Fondly 

Corporations, Dom. and Forvlsd Bonds 

Indostrlals 

Finnciai and Prop. 

Oils 

Plantation 

Hines 

Roccnt Issues 

Totals .. 


Yesterday 

On the week 

Up 

Dowd 

5ame 

Up 

Down 

Same 

2 

19 

55 

127 

101 

152 

4 

3 

55 

30 

n 

231 

244 

276 

l.BU 

1.882 

un 

4320 

84 

117 

313 

542 

SJ 

1.492 

4 

1 ft 

14 

37 

47 

96 

n 

5 

15 

36 

21 

98 

33 

57 

«i 

222 

205 

268 

5 

* 

33 

55 

37 

124 

3B9 

SOI 

was 

2255 

2£» 

6.781 


ACTIVE STOCKS 

YESTERDAY- 

NO. 


EMI 
BP .. 


Stock 


GEC 

Cornben “New" ... 


Hawker Si 

ICI ..; 

Rank Ore. 


T> steely “New" 
Midland Bank 
P & O DefcJ. ... 


oomina- 

of 

Closing 

Change 

1978 

1978 

tion marks price (p) 

on day 

high 

low 

50p 

14 

lfiO . 

+ U 

190 

130 

£1 

9 

80S 

- 8 

926 

720 

2 op 

9 

572 

- 4 

602 

484 

lOp 

8 

S 

+ il 

Si 

I« 

2Sp 

8 

330 

+ 3 

338 

233 

lOp 

ft 

32 

+ 1 

32 

30{ 

*3p 

6 

303 


346 

267 

25 p 

6 

246 

- a 

268 

166 

£T 

6 

336 

- i 

421 

328 

2 op 

fi 

267 

+ 2 

296 

228 

25p 

5 

7(10 

-1U 

743 

583 

2-JP 

.» 

1-J0 

- 1 

164 

133 

Nil/pd. 

5 

37pm 

— 

41pm 

33pm 

£1 

o 

338 

— 

390 

330 

£1 

o 

02] 

+ If. 

118 

S3f 


Tiie abore list oj active storks is based on the number of bargains 
recorded yesterdau in the Oflicial List and under Rule 163(1) (e) and 
reproduced today in Stock Exchange dealings. 


ON THE WEEK — 

No. 

Denamina- 


Stock 

BP 

ICI 

SheN Transport ... 

GEC 

EMI 

Beecham 23p 

BATs Defd 23p 

Ttiom Elect. ...... 25p 

Dateety “New" 


tion 

£1 

XI 

25n 

23p 

50p 


of 

Closing 

Change 

1978 

1978 

marks price (p) 

on week 

high 

low 

63 

S9S 

+ 6 

926 

720 

64 

396 

+ 6 

421 

328 

63 

572 

+ S 

602 

484 

55 

330 

+ 10 

338 

233 

48 

160 

+17 

190 

130 

43 

700 

— 15 

743 

583 

43 

260 

— 5 

304 

227 

40 

374 

+ 2 

400 

308 


Nil. pd. 38 


37ptn — 1 


4lpm 33pm 


Rank Org 

ICL 

RTZ 

Barclays Bank 
Grand Met- 


25p 

38 

83 

— 

94 

67 

25p 

:is 

267 

+ » 

296 

226 

£1 

37 

4B7 

+35 

430 

206 

25p 

36 

250 

-F S 

238 

164 

£1 

S3 

330 

+ 2 

368 

296 

50p 

•13 

110 

— 

121 

ST 


BASE LENDING RATES 


A.BJM. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 ^ 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 

Bank of Credit & Gmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S W 10 % 

Banque Beige Ltd. .... 10 % 

Bauque du Rhone 104% 

Barclays Bank 10 % 

Barnett Christie Ltd. .. 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm't Trust... 10 % 

CayzerLtd 10 % 

Cedar Holdings 104% 

I Charterhouse Japhet— 10 % 

Cboulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank “10 % 

Corinthian Securities . 10 % 
Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 


10 % 
10 % 
11 °n 


Duncan Lawrie 

Eauil Trust 

English Transcont. 

First Nut. Fin. Corp- — 114% 
First Nat Secs. Ltd. — 11 % 

1 Antony Gibbs 

Greyhound Guaranty... 10 % 
Gdndlays Bank 110 % 

[.Guinness Mabon 10 % 


10 % t 


I Hatnbros Bank 10 % 

I Hill Samuel S10 % 

C. Hoare- & Cn tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile .... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

I Samuel Montague 10 % 

I Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Refson & Co 10 % 

Rossm tester 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E.S. Schwab lli% 

Security Trust Co. Ltd. 11 % 

Sbenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 

Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 1QJ% 
Williams & GIyn‘s .... 10 % 
Yorkshire Bank 10 % 

1 Monitors vf the Accepting Houses 
Commute?. 

7-day deposits 7%. i-iaonth deposits 
71%. 

7-day deposits on sums of fl 0.880 
and Odder op to Ej.080 7% ft. 
and o*er E5.0W) 7f%. 

CSTI deposits nvpf il-OOB 7%. 

Demand and deposits 71V.. 


NEW HIGHS AND 

The ftWIowino securities quoted in the 


LOWS F0R1973 


Share ln(o>matlon Service vestertlay 
attuned new Hill 


Inhs and Lours for 1B78. 


NEW HIGHS (351 


U4NKS (SJ 

FNFC _ Brown Shlolev 

Do. warrants 75-83 _ 

BUILDINGS 121 

Brown A Jackson Burnett & Hatlamsinre 
... ^ CHEMICALS lt> 

Wolstonftotmc Brnrte 

STOKES <3l 

Stores Owen Owen 

Foster Bros 

ENGINEERING (41 

Norton (W. E.l 
Richards (Leicester) 

„ ^ FOODS (1) 

Bejam 

INDUSTRIALS (71 

Lawtw Sandhurst Marketiita 

Macfarlane Grouo Staama Ware 

Magnolia Sllentnlght 

Relyon PBWS 

PROPERTY (Si 

Allied London MrOhursr White 

Ape* Frans. Stock Conversion 

Falrvicw Ests. 


(1J 

Pickles IW.J 

TRUSTS (SI 

Bisltoosonre Praoettv Lament 
•*»Tneilia Inw. London Merchant 

Kakuzi 

.TEAS (1» 

Warren P^nts 

MINES |2) 

Newmeta! PustertrenB 


NE1V LOWS (12) 


Da»v Coro. 
Martonair 


BRITISH FUNDS .’3) 

Treas Itijpc 1979 Treasury Var. 19B2 
Treasury Var 19S1 
„ _ AMERICANS (11 

Gen. Elect 

BUILDINGS (1) 

Aberdeen Const 

ELECTRICALS (1) 

Rotaflex iG.B4 

ENGINEERING 12) 
Braithwaite Svke« (H.» 

INDUSTRIALS fll 

Wilkes u.) 

TRUSTS (21 

Clifton I ms. AK-oyd A Sm It hers 

OlfcS (1) 

Aran Energy 


RECENT ISSUES 

EQUITIES 

I -= i " wrB 

■ci - ! -■§ t 

topcu 1 iSSTiMSS 

1 ” 1 *! * 

: 111 

I'riiv; S — 1 — Z— | 

p; ■* s K ! Biuli | Lo» 

775 F.P. 1 — ; 860 ‘E00 
os K.F. ! 51/8; -i i <i 
101 F.F. 128/11; 400 ; d4S 
101 Ml ,22, 10 oOOpm. WOpra 
*« F.F. 24/11 inij 1 ills 
• F.P. ] — | 122 .100 

BrltishAlum'lum.N'eniSSS j j S.4,9.0) 3.6 

uulwi yii^vriinai-...., 04 /.i r o.l) ^.*i| 7 A 

Ferraati New >378 u6.75,n.9> 2.2H0-2 

Du. Nil Paid- tflnm— 1 , «5./B 11.91 2.3! 10.1 

Mannr Nal Orru. Slolrs 53 • + 1 ? Ml. 14 l.d] 9.7111.4 
Richrwiso -ISO 1-2 1 - j _ > _ | 6-0 

FIXED INTEREST STOCKS 


1971; 


! 1 . 


Latn 


dtoefa 


Jdj. ( — 

, F.P. 
* ! KIj 
** i F.P- 


99p ! ull 

ElOJ i K.F. 
I» 9 s-/ V.V. 


ldrlO 

10 / 11 ; 

4>I 
10(11 
£l,Wi 
. 29.% 

! U,l)s. 


- , r.i*. 
■ ' F.P. 

. Ml 
.■ F.F. 
£991? £10 
rauri F.l*. 
£97 il £10 


3.11 

10(11 

10(11 


10,1 


la) Itttai- '-Vu.Uormnu.- u«». Fri 

top 'Sr Uenn Bun. I(% Frf ] 

10 Jh| 10 'BMjUoi WalerwnrWs 7 J Frl. Wtj ...... 

lol(. U/l,.‘L'ajUrt IS.I lUl 1 *, Frf 

I->«I UN<| 't'nttan Do On <ut 

i 3 S» ? £ 3 bl;.Hl- X S Willi 1 st 

101 J] - tOl Uirtmrrl BWcrnlhem Id 9 r«»-. Ln. 

dd and I'helsta Var. liale 1 Cj 

•JJl- It IaiUsiti James (.'uni. I'rH... . 

lOOljp ’.Uuyhail* Halifax l(’f Fn 

eO|.. *)p Pr**)-. !**—- luv. Vi. Prl 

E 22 ynrEWpui Pciy. \2% Cov. 

liSU lu> UlBlilwrW KiAUciv- t II*. Wits 

tl o • 9 <*u)liwark L'**rji UU 2 % Ifart. Ilji 

•N'j' ■ 47 I** *lnlt*-ivdf Ver. Hate l-*-* 

£ 91 * I ISljVfpit Kwt Haler Pm. IBS* ..... 



“RIGHTS" OFFERS 


IaI»L ‘ 

-lie =3 INjiiiiii?. 


197-t 


PrKv ■ : ~ 
I'l ' <- 


— • Hlffli ■ U 1 ® 


1 L-lOrinic .+ ut 
■ Prf«- — 
to 


BO , F.l*. 
*B6 ■ K.F. 
SIOOv f Nil 
SJ I F.l*. 
44 i F.F. 
12 , Nil 
11B ! F.F. 
FFlig. Nil 
*S 6 » i Ml 


19,9 <( 7 ( 10 : 
22 - 9 . 27 / 10 , 
22(9 13 / 1 -. i 
iO e 24.-1 1 
29-9 101 
IBilO SOdl 
21 . 9 1 dfll- 


63 
100 
65 p 
7 S 
65 
74 
ID 
77 
da 
38 

77 ..-I,., 
40 
42 
200 
35 ’ 


I F.P. 

F.l*. 
: F.F 
F.l*. 

' F.P. 


i 8 ( 10 , 17 / 11 ; 
xeialLSdo 
B <10 3/11 


F.F. 

F.F. 

f.p.; 

.Ml . 
Nil . 
. K.F. 
F.P. 

-• F.l*. • 
• Nil - 


29(9 15 / 1 L- 
6.10 lO'll' 
25.9 27(10 


11*9 27/10 
6/10 *7/101 


29 9.27.1b 

6,10 3 ( 11 ; 
25,9 8,11 
9/10 6 11 


fj ; Iff ■Nnn/fUK’a Uru> 

*0 ; 327 8.1 .It 

i/lpni ; 7 pm, Udi-uiu' Kami 

M tfb Ulm.>k<rn >1 

Sbt» til Llnii^ii l'nntiuu 

6)011 '■^ijpm.L'liauce Wart— 

Wa Isa jCIlulH*. 

llVrr>| jOfRii.r. It. Fr. Fotrute*. 

UpmiUtifttv.. 

■a) ■ i? ; 

110 ! 10-J 'DuieyBit'iiiiueiefv 1 *^ 
/in/esml Flmems... 

H 1 U A JtmlUi 

Uurduu Liroop. 

flliltinJ Bervhres^.^.^ 
lfl);. iitiiiialck Htihlln^n . 

HJpm i?/ pip fan cervic*-.. 

lO 1 * 9? ten, & Mkilen .1 ln») 
aS'«n‘ &j*in. Fnn v*n rtV.I,,. ... 

Ccn. 3 )*ui Latt.l londim 

2 i> ►•* turner-- .ivnciin,, , 

1*1 Up kiiiir. mr... 

32 V ^,3 ,lfi. uni.. Eaa- 

.♦■il So H'varotil 


73 ' ... 
340 ' .. . 

ISiu.i ^2 

68 + 3 

52 Is —1 

Z^l'di' .... 


Hi) 

S£- 

K3 

W 

M 


L'liv.Lo’BtLiJj 


W 

El 

o* 


I 


Z*SI*i 
140 

SOpitiJ 

S7n/ril 

• 75 ; 

too 

t* I .... 

78 ! 

88 ! 

06 • .... 
lats'-Kia 
86pu/:-1 
101 > .. 
24*( on — le 

7 3 r 

SO 1 
320 rt 

38 ...». 


Kennnctyinm gat e mu ain las( nay fur dealing tree m canir anu> o Kunrei 
DBard on yroaiieau? enamare. o Aunraei dWMieiid and yield. « Knrecaat fUvMettd: 
Mt«r l»Md *fl preridds year’s caroi hkx * DmaeiM and yield tnned on proweew 
nr oth-t official estlmaiey for 1978 u Grata, i Mcnnu assmtiwi. * Cover allows 
for emwarsino « snares not now rsofttna for dividend nr rankroH onls ror resoicied 
rttvnJBnd*, 5 PbSN price W public, pi Ponce mint ntttpnme indicated. I Issued 
py tender II Offered to WWoTb . of ordinary shares as a ■■ richts.’" t** laMian 
bv wav if capita I isanrm. ?J Remrmrtncud. » immkwi in connection with r*ar«antt.i 
imo. merarr or raKe-nyer. UB Inxmaodiion ■< loned tn rorrner artt+*ent+ Nnlrfera 
|| AlKmm •rneni (or HiltyHMMj. • Proffanul or partl»-n«wf anoimePt :Ikmh 
WM h WMMBU. 


FT-ACTUARIES SHARE INDICES M 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 2 nd tbe Facolfyof Arinarit 



EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Tiraa tn parentheses show 
(amber of statin, par section. 

Fi 

n., ( 

let 6, 1978 

Thur 

Oct. 

S 

Wed. 

Oct 

4 

Tl 

Index 

No. 

Day's 

CUige 

9b 

Eat. 

Eanrine 

Yidft 

(Max. 

Com. 

Tusa 

Gross 

Div. 

rn*n 

(ACT 

ami 

Est 

P/E 

Ratio 

(Neti 

Corn. 

Tatar* 

Index 

No. 

Index 

Not 

i 

CAPITAL GOODS U71) 

244.63 

-03 

15.77 

511 

871 

24513 

24832 

2 

Building Materials (271 

209.84 

-OJ 

16.6/ 

53*. 

828 

210.06 

21267 

3 

Conlndug Oastnriim 

383.81 

-03 

1812 

4.0* 

802 

385.81 

387.45 

4 

Electricals (14) 

S70 .01 

+0.4 

12.7( 

3.24 

10.8S 

56840 

580.62 

3 

Enginetme ContnrtorcU-Jj 

380.43 

+0.1 

17.46 

5.72 

7.77 

38013 

38L45 

6 

MechamtalEngifleeriiip(72)_ 

192.80 

-03 

17J3 

5.66 

7.75 

19436 

19670 

i 

Metals and Ifelal Ftanotfia — 

CONSUMER. GOODS 

170/44 

-03 

15.67 

835 

684 

170.93 

17237 

ML 

(PURAJBLEH53) 

216.13 

-0J 

15.89 


r +• 


w-.yi 

12 

U Ekdronics, Radio, TV (161 

266.73 

-0J 

13.80 

3.82 

•Tt) V 

267.08 

ril‘i> 

13 

Household Goods ( 12) _ 

186.06 

+0.1 

16.01 

ET 

yn 

185.89 

185.96 

14 

Motors and Distribute®)- 
CONSUMER GOODS 

128.10 

-OJ 

1938 

6.46 

7J9 


12924 

21 

(NON4MJBABLE) (172) 

215.78 

-0.4 

1537 

5.69 

882 

22665 


22 

Breweries (14) 

228.98 

-03 

14.65 


939 


23177 

fcj 

Wl nes and Spirits (6) 

285.40 

-03 

14.92 


f (fly! 

28682 


W 7 . 1 

EnUriainmentCaeringOTL 

271.06 

EH 

13.41 

6.43 


27142 

270.73 


Food Manufacturiiig (19) 

210.60 

-03 

1837 

5J2 

7.21 

ai57 

21278 


Food Retailing (15) 

229.20 

-03 

1330 

E)C3 


23037 

229.91 

l+l 

Newspapers, PnUldnngl 12). 

390.74 

-03 

1936 

817 

7.17 

39L92 

38738 


Packaging and Paper (I® _ 

14551 

-03 

17.70 

7.37 

7.44 

14621 

147.44 

34 

35 

Stores (40). 

Ti-xtiwasi 

204.03 

ISA BA 

-02 

10.73 

17.67 

22.91 

4.46 

7.47 
7.80 

13.61 

736 

5.17 

204.40 

18651 

24241 

20681 

18816 

243.99 

36 

Tobaccos (31 — ' 

24034 

-0.9 

37 

Toys an d Games (fi) . .. 

117.47 

+03 

1930 

5.43 


11694 

1187? 

41 

OTHER GROUPS (99) 

212.77 

—03 

14.74 

5.71 

875 

21337 


42 

Chemicals (19) 


ED. 

15.42 

636 

844 

29731 


Kwl 

Pharmaceutical Products (71 _ 

277.61 

-L2 

1033 

ran 

1X92 


284 J3 

ei 

Office Equipment (6) 

140.73 

+03 

17.27 

5.40 

6.91 

139.85 

141.91 


Shipping (10) 

428.35 

+0.4 

1431 

7.12 


42674 

43136 

fi 

Miscellaneous (571 


-0J 

16.41 

6.15 

811 

22924 

22912 

tix 



era 


B£2l 

mm\ 

'4^1 

E35Tj}j 

El 

Oils (5) 1 


sn 

±5ii 

EE31 

wm\ 


t--ir.v;>i 




era 


EE3I 

mmi 

'imi 

PRxtii 

61 

62 






5.84 



63 

Discount Houses (10) I 

207.91 

-02 

- 

832 




64 


158.16 

-0.1 

mi 

531 

837 


fL-Tirll 

1- 


135.48 

-03 


6.93 


13618 

13553 

lyj 


12337 

-02 



731 



12336 

124.79 

E| 


340.48 

-02 

3.93 

4.86 

1037 

‘Tiki'll 

344.83 

El 


8336 

+0.7 

’ 

584 


82.69 

fO J7 


Property (31) I 

26034 

+0.6 

333 

2.82 

5132 

25867 

E9.ri 


LaREiki.l-ui'LhaJmi 

109.10 

-0.1 

23.15 

7.66 

5.60 

LSTfll 

mi 

71 


223.03 

srai 

3.12 

4.65 

32.01 

223.92 

223 ml 

81 


11035 

-0J 

3.98 

6.46 

7.62 

11031 

■mttii 

91 


327.75 

+0.5 

,4.87 

7.02 

843 

52606 

324.74 1 

99) 

MlrSBAXE INDEXlWb _J 

230.25 

-03 

~ 

5.40 


23036 

mi 


Toes. -I 
Oct. 

3 


Index 

No. 


W2b 

Z10.01 

38438 

568.83 

374J6 

193.33 

170.95 


214.62 

26358 

183.24 

128.48 


215 it 
229 32 
282.72 
264.77 
21182 


227 Job 
384.25 
145.82 
203.06 
186J9 
242.41 
316.99 
21234 
297.93 
28138 


13926 

42667 

225.70 


MOO. 

Oct 


Index 

NO. 


24L08 

207-70 

380.85 

554.75 

36921 

19U3 

17030 


3207 

26022 

18251 

12693 


21288 

22535 

27724 

2023 


20955 

225J26 

379.11 

143,61 

20132 

184.05 

24183 

11652 


289.95 

29524 

278.85 

135.42 

425.04 

22232 


Year 

ago 

linm. 


Index 

NOl 


219.53 

208.45 
357.97 

475.45 
31430 
16831 
163.89 


20934 

255.40 

19038 

124.80 


210^7 

22162 

24854 

258.02 

21428 

235.74 

34690 

14021 

20032 

178.94 

23684 

10720 

207.71 

284.44 
000 

13739 

502.04 

213.45 


228.50 221 

50752 50178 


21920 


25230 


16426 

18103 

205.74 

15672 

13431 


340.97 

8164 


229.44 


24935 


163.05 

18026 

20333 

15531 

131.38 

12102 

34121 

8172 

255.00 

109.64 


22231 

107.06 

32032 


22736 


52337 


24429 


18239 

193.62 

245.60 

199.47 

153.73 

15951 

33924 

9732 

23534 

112.80 


20922 

10027 

28933 


22640 


Highs and Lows Index 


1978 

High I Low 


25628 

22668 

41931 

580.62 

38453 

204.75 

182.91 


(14/9) 

(22,3) 

a4/9) 

mo) 

nm 

(1419) 

omi 


22655 (1319 ) 
22021 03f9) 

19037 aw 

135.65 (22/8) 


22823 

24157 

30124 

28153 

22335 

237.92 

42175 

15535 

21834 

19190 

26650 

125.21 

22324 

31628 

29113 

150.75 

483.01 

236.56 

24143 


(14/9) 

<»5) 

(14(9) 

a*m 

04/9) 
(14, *9) 
(14/9) 
(14/9) 

02/5) 

(23/8) 

(14/9) 

(14/9) 

04/9) 

(14/9) 

(13/9) 

( 6 / 1 ) 

04fl) 


523.72 


04/9) 


26533 


(23/8i 

(14W) 


17939 

204.36 

22833 

170J5 

15739 

143.46 

37227 

87.48 

268.78 

117.64 


243.92 

11520 

33738 


(9/8) 
123/3) 
(4fl) 
02/1) 
. (9/8) 
(61) 
018) 
(1519) 
(21/9) 

>23/3( 

( 10 / 8 ) 

02/9) 


24230 04/9) 


FIXED INTEREST PRICE INDICES 


British Government 


Under 5 years— _ 
5-15 years 


Oves^lS years. 


Irredeemables 
AUatocks 


Fri- 

OrL 

« 


Day's 

change 


ad]. 

Today 


xd adj. 

197B 
to dale 


188.95 

16630 

28935 

404.47 

Z7a95 

149.87 

15422 


(23) 

C3/3) 

(63) 

(13) 

(63) 

(23) 

mm 


173.63 

209.01 

160.54 

104.68 


£33) 

(33) 

(63) 

(23) 


17946 

204.04 

229.35 

21962 

175J7 

17653 

26939 

119.11 

165.17 

16025 

214.88 

93.79 

173.08 

238.69 

228.41 

117.48 

39609 

178.47 


(2/3) 

mm 

(23) 

(23) 

(27/2) 

33) 

(23) 

05/2) 

(23) 

(23) 

05/2) 

(27/2) 

33) 

(23) 

cm 

(33) 

(W7) 

33) 


18602 1 13) 


417-95 (23) 


205.42 (23) 


153.85 
17158 
18520 
13652 
124.97. 
11823 
3QL20 
7100 ■ 
210.03 
99.61 


176.48 

8559 

26226 


(27/2) 

(27/2) 

03/4) 

07/4) 

07/*) 

(7/7) 

(60 

(27/2) 

04/4) 

(27/2) 


t63) 

(63) 


191J5 (23) 


’ :Y"Lti • 

Since 

CoinpUattoeT ' 
High ’ j la* 


256 28 04/9,78) 
233.84 (25/7Z) 
41951 (14/9/78) 
58052 (4/10/78) 
38453 08(939 
204.75 0W78) 
182.9108/9/78) 


22778 (21/4/72) 
28021 (13/9178) 
26322 (4/5/72) 
17059 £15/3/695 


22823 04/9/78) 
25187 8811/72) 
30124 04/978) 
329.99 (12/12/72) 
22355 04/9/78) 
244.41 (27/10/77) 
42175 (14/9/7® 
155.65 (34/9/78) 
21854 (13/9/78) 

235.72 07/1/67) 
339.16 <2/832) 

135.72 060/701 
223.24 (14/978) 
31528 04/9/7® 
29113 04/9/7® 
24606 0/9/72) 
539.68 (181 5/77) 
258.83 (2/5/72) 


24143 04/9/7® 


54320 05/9/77) 


265.03 04/9/7® 


241.4101/4/72) 
28832 £20/7/72) 
293.13 (2/5/72) 
43374 (4/5/72) 
194.46 05/3/7® 
16172 (600/77) 
37227 Qlltm 
27857 0/5/721 
357.40 (901/73) 
30338 08/5/7® 


245.79 (25/4/73 

175.90 [28/4/6® 
337.68 (8/9/7® 


242J0 04/9/7® 


50.7103/ 

4427(H? 

7L48-CW 
BL71-0 
,6t» 0T; 
45.V_.& 

«5S ' (B. 


3839 (& 
KZ&M 
63.92 (til, 
19.91# 


6141 03f 
69.47(1® • 
7688(13/ 
5453 (9f 
5957 (H f - J 
542S.0^ . 
55.08 (ft 
43.46 rtf 

szmM 

6256(13/. : 
9434 OS. 
20.92 <$/- 
5a«a;(?f ' 

. 7120 00- 
fez8.41.C3C 
4534- ei: 
9050 (291 
6039 

59.01(H) . " 


8723 Ot 


5558 (HJ 
62.44 02g 
814001 


44.88 Wi- 
43-96ffla 


312:5!* 

5601 (W 
<3$ 


6631 00/ 
9731 (6ft 
0.92 03(1 



fixed tntebest 
HELDS 

Br. Govt Av. Grogs Red. 

Fri.. 

Oct 

6 

Thor.. 

Oct. 

5 

M 


1 

2 
_3 

k*® 5 years.. 

Coupons is years..__ 

25 years..- 

9.05 

1103 

1189 

9.02 

1102 

1188 

581 

899 

987 

9.08 (2/30 ) 
1332 l5ft>) 
U.% (5/6). 

7.05 Off'.. ■ 
912 00 • 

934 <3(1 

4 

5 

6 

Medium 5 years. 

Coupons is years... ......... 

25 years. 

12.01 

1225 

l?2ft 

r 1199 
1234 
1824 

r~ 875 
988 

1014 

12.05 ®U) 
1233 (5/6) 
12.65 i®6) 

930.00 ; 
3838 Oft *' . u 
30J4 0O. . 

7 

8 
9 


3202 

1280 

32.94 

3200 

32.78 

32.93 

893 

10.91 

10.9B 

32.06 cum 

13.01 (S/6) 

13.43 (5/6) 

987 &l< 

1333 r 

H2b Ofii 

m 


.1171 | 31.70 j 

■EH 

1233 am) 



l Pn. (At. - , , , - 

— — Tlmr, ! Wed. Tm>.' Jl-it. ; 1 -n. .Tlurr W«l. > Ynr 

. Iddev View tht. | U*T. , drt. | Uut. JW, USv W 

.S) , a ! 2/ iapi'1-*. 


187b. 


UtaUr. 


...: 67.72 'fl2.346l.70 iE7.7B >67.70 
... 51.74 j 18^6,51.74 ,61.74 '51.23 
71.87 I )356>7Ur I7U7 I7l.il 




Scuioii or Craw 

Base Date 

8am dawn 

Phormaccnttoi Pralnts 

30/12/77 . 

2U.T7 

OlN* Graaps 

31/12/14 

*3.15 

Owereeas Trades 

H/«rw 

mm 

Euaiiteeriog Cantraeiors 

3102171 

15384 

Mechanical Ensbieerin 

3102/71 

VOM 

Wines and Spirit* 

160/70 

lftttt 

To** and Game* 

uom 

iu.n 

Office Eanlomrat 

16/100 

. 128.20 

Indoflrlol Croup 

n/12/n 

12140 


».7I >57.70 ,57.70 67.bS >«J5 
>1.87 151.37 151.87 6f.71 :W52 
7l.«7 71 


nijfhs 




O.I4 


rus ’71.48 78414 


ha-87 
B7.7I iti,Ii 
70.80(11.1, 


5ffCUon or Crnp 
MNeeJIamnn Fhiaadai 
Food MajJWoauriag 
Pood RaUilms 
Insurance Bralmrd 
MIMst PImhcb 
All Otter 


«.47f4)j j H5.43 (2J/lU.ttjid7.0i ft t* 
SU.77 (fifirt, I -U4j 41 : iWttfioi - 

69.60 ‘-JOrTM 1L4-.B6 tl(10>w5> ,4757 


Date 

M/ 12 /n 

29/12/67 

29/12/67 

29/12/67 

1*02/47- 

10/4/42 


Base varue 
128-04 
1KU3 
B4I3 

WM 

WM. 


Moose, .Cannon Sired. 

“f BM« On. A fortnightly racard 

fjj* wh* esBHsriy bisks «hd ***'*_“! 

N obUtoaBM frm FT OasvwM &**>"" 
ia. BOH Court. Lantoo. ECU, a* E 4 D per m»>' 


.■mil.hh!*^”!. yh, y- * Il« rt O* .wwHwnu h 

orollnhlo from Um Pu«hhers. The Financial Ttmmtr 


’’U 


NAME CHANCE.- Dayy lBlcnuflMi^-fiwjJ?,^ 
Z£* t» Dwy - CorwittM- tEw0M#to*, 


Ita 
Inictm). 






l 


j 


,rir 


























































FiwuK^lfa 1 1978 


AUTHORISED UNIT TRUSTS 



25 


OFFSHORE AND 
OVERSEAS FUNDS 


.v.oep l^it Tst MogrsXtd. (■> FranriiugtimEnit Mgt- Ltd. (a> Minuter Pnnri ha 

^w,A,wb«,_ - aaww — M„ w ,erH«.A°rt h ^Sf S ««r«a 

arfiS^En rfd-HKssas ■=» »«:”1 M 

in ire. Growth fa-— 1260 134 oj ... . 207 MLA Unit Trust Mgemnl. Ud. 

308 Do. Accum. (1380 -15J2t - 


;.e» Capitol BS4 

. tfFincome- «J 

'fl eplnv.Tsi.Fd_ SRI 

V'WfcT* .. I7S 

■ ; it« Prog. tcc.Ew.7 



-ted Hambro Group? (aKg) -. 

»«»*** Brentwood; Essat 
.. * #881 or Brent w ood (0277) 2114X1 


6“.*j 


1* . ; 


K. • '***■- 

:.r- ... 

3* *•'+-- . . 

I* (.OWs 


■^4. 


19 

%; . 

n 

Si • 


i - 


. need Funds ' 

t-dlqj Uj 

tads. Fund 669 

'c.ftlttc 390 

l; - S.JLL" 4 . Dcv.]J62 

.riCmiua. — 72.3 

. ibro Fund 1110 

' rhroAec.Fd._-|lZ7.J 
me F oo d s 
i UeMFd I7(A 

j:BS 

'• -Bsthmai Ftaofe 
national |2J7 

hd^Mi 

• 'Mist Pnod> 

jwco.-s7d._mi 
Mr Co* Fd. . 492 

«aysit£.._.. ML2 

^ Min fcC'dty. _ 04 

X •w.Earnlnju. 6L# 

■. smlr. Co’s -M 1462 


Fri e n ds' PWvdtljutTr, Hgrs.? 
. ptxhamEixDJertlnf . 

Friends Free. Uti_ M60 
.Do. Accum JH5 


2.07 Old Queen Sum, SW1HBJU 
MLA Unite |474 


ui-surm 
098| I 3 62 


Ltd.? Save * Prosper continued 
■ii.atThina Scotbils Securities Ltd.? 

%6>'? -V?l i®? Srothtis .. . I** 415(-0?j )« 

711 Sectri+M . 58t*s -0.2 693 

Prudl. Portfolio tfngra. Ltd.? laHbncj o 27*3 7° \ 2 ?j 

Hollmra Rani. EC1N2NH 01-W6BS2 Sc*. Bt. YM-fe_- -jj® » 1B97S . ... | 7K 


Provincial Life Inv. Co. 

222. Brdwpeeatv. R*‘ 2 
rretlfir Unite.... SO 2 - j 

High In romp 12*4 1354) -Oil 


fj*.GiT. Unit managers Ltd* - 

4.0 18. Finsbury Circus EC2M TDD 0l'-fl2BH13l 

457 G.T Cap Inc 1909 

431. Do. Art -- ttlftl 

5.W G.T. Int FAUn..... 6723 
«S 

GT- Japan 4c Gea~ 10.9 
I jim ;h 4fi.rau.EXA) — (143 1 

Zn 1| IS G.T. Jntl. Fund 064.9 

j _ £$8 GT.FocrVdsFcL: .£67 

+011 i is ■*'*. A- Trust (*Xg> 

+tL3‘ id- S.IU^ejfib Bd.B*entwc>od 

+9l\ 2.92 O.AA- —pie. 1 

+0ft 247 


TTudntiiil .. |1338 141 01 -2 5) 

Quitter Management Co. Ltd.? 

The Stt. Earhanse, EUSN l HP Pt-WO 1 17 

Quadrant Gen Fii 1)131 117 9) . ..j 4 01 


Cartnaorc Fond Managers 9 feXg) 


imw _ ... Prices at Sept 27 Neat -un 

'ojosansa a * urra . v Johnstone U.T. HgnL? (a) 

4911 -DJI 391 10HnpeSti ¥ ci.Gl&«oiw.022l»H 041-2315521 

«d-a»! J.91 MJ European. .|8J4 n7| J 291 r-T-naMse, tnr _ raw;.-- AgL E*wM— . 

tmallnr Daw Frtdav. Qu adrant Gen Fii (1131 117 J] — | *S Am CrowtJiZ . 

Mntnal Unit Trust Mauagenf laKgi “j 1 J * SSSSfiSL- 

IJ, I’opthaii Ave. & Tit 7DU. oi«ifl4«o 8o*«nee Unit Mffrs. Ltd.¥ ^raS^TSt — 

J® Mutual Sue. Mm |<at 5591 ->941 676 Rcliimcc H-.*. Tuahrulce WdU. Kt HSCSSTI jncoma Dbit— ~ 

jJS Mwu atlhc- TsL.. ._ 72 8 7i|-«.3 -6« Opportuttiry I’d- 171 6 7651 ,. . j 6M latUSWdrol- 

IS MBttial BJueCHih_ 443 661 fc&mleT lAsc. M6* .49^ 520 IntpUjlwOu.. - 

Mutual nifb Ylif. |M5 6SJ4 aOS| I3J SekfordeT Iw (44.4 47S«| ....( 52fl InvTiL Unite 

*g National and Commercial Ridgefield management Ltd. 

7M .St-AndrcuSqnarfeEiUnbiirtfiOOliSd 9151 3840. Kenned v Ft. Maarhtster 061g»giSgl Prrt ACmTrtg.- 

GSi JS?3 I fa BWerfeldlnLUT M16 1«0| .1 7U Propm?si«m- 

. _1_ tAwnnuytn 223A 2313 .. 5|B BidgoOeid ln*mua.|97 lMo| ...( 9S 

182771=7500 lAeeum Unit* i! 1" lui uz^ .. 3 M KothschiM Asset Management <ri 

^ National Provident Inv. Mngrs. Ltd-¥ 72-60. R it riwuir Bd . Arteshuo ®885B41 

^araceenurch^EOPaHH . «*» ft£ -^SaUBU 


449 at aepj»i ™ OtL 1 1 1W . «o D dS»ee..F-.: 2 

SchtesimTcr Trust Mngra. Ltd. (aMxi TtiuTOrt 2 _. . m 2 
140. South Sircet Doriur- 


Target Tst. "Wgrs- fScpUand) laKbl 

lRiUhol trrvfnl Edit j. 03! -2286021 2 
Target Anwr.Fj;!e;27 9 MW *03] 1 72 

Tarsut Thistle ..i486 45**0’ 5 AS 

Extra income Fd .1633 MSrj \ 993 

Trades Union Unit Tst. Managers? 

01028001! 
54 54 | 526 


0KC,{C4J1 
24 4bS .0 ;| 3 16 



.special SI. Tst _ 

UK GfUi Aemnn. 
V K. t jlh T«t - 



Transatlantic and Gen. Secs. C*.T 
81 48* New 1 wwltan Hd •ThMllMfMd 024301031 




1 g Bvt'iun Lkst .i 
J5 lArruni Umtfr - . — * 

2S Burh2NpLSepur7. 9a.9 
I® Buekmnn.5. ...1*45 

— lAeeom Lnn<- . . [1MB 

*2 CoimoOct B [1327 

8* (Accum. Uiuto 163 7 

CuMhMiVt \ .... (542 


426 


!.\crum r-ntxi . 
Glen Oct . 
i Acftun fails.. . , 
Mart boro * « 3 . 
lArcum. 1’SilB* . . 
Vao I ’rath Ort 3 . 


7^- 1 ^7*; 
rt 



NJ>J iRh Un.Tu. ..147J 
lAceum. Uuttse _.,B7,7 



W TRAQg,^ 


420 2, St Mars Aw.BC3.\8BP. 

<j/AmerteaaTat — (295 . 

4.75 BntohTBi.tArc.J_ M5 
4.91 Con u podUy Share. 1665 
4.44 Extra IneOBwTgt,. 23.9 
461 li.Far East Tnm „ 462 . 

(llfh JnrfKimTlI— fii.® _ 

team Unit Trast Managers Ltd. «2 

r enchurrh SL, ECaai 8AA. an am taa Agmcle ^., — 143T 

trsonUJ _(5A5 M.-. I-«JS jS5L£S!teC|8 . ... 

- bacber Unit MgmL Co. Ltd. QEbbf (Antony) Unit- Tst- Mgs- Lld. -T..-—. 

’> llrSt.ECZVllA 01-S23 637S i vimbri+i . m aw uwrv Fib D1JM4111 TWbUollW.M 1 742 

- tootwrE-od-nTs Mm ...I 920 ^SSSSSS^mr ^ .STtll 

nlbnot Securities Lid. (aHc) S5 Zr\ Ijo 

leenSXmdoaECtRlBV 014OR5Q81 DcuUnj -Tu«. tfW«L . 

I Income Fd_tU95 137. 

Inc. Knud («-5 « 


460 

4.60 

225 

225 





«B UbiUi 593 

WTfcsriUlaJ 566 
renreFund — 24S 

)m. Unite) 38.1 

nlFu&d 2LD 

ttj-Ftmd . M3 
_-Unlt3l_ . _ 928 
. <rdrwi.u.,_.._ 564 
■PropFd. .. .179 

e Fund 403 

■Ui Units] *73 

th Kirnd. MS 

m Unite i . OB 

er Co’s Fd .290 
mAinU.Fd.. 279 
• tlrwl.Uls.1 ,ti2 

£n T-M „. *74 

3CT. A IHL Fd. n 3 



IS emit CJebnrt* 


0« 77.LcodoaWan.EjCJ! 


S'tnr.OetO ll«4s 152 

tax Accum. Untr _ .{174 J 

1 ^ 90 Next doUec day 

473 


2*2 JjnO'»ou.Tnw.VJiS!7 

330 (Acetun Uniter* . Jl*3 6 

is **^L'* fc Sept. 2a Next deatine Oct 2& 

*-g "fthw on Oct 4 Next dwhnB Oct. 18. 

532 National Westminster? (a) 

640 161. Cheappde. EC2V 6&U. »Z-BM 6060. 

Capita] tAccumt. _(673 7291 . 4U 

7531 -0.1 7 4* 

373 5 42 

>4 96.1] — 0 2 5 41 

402^ HJ.l 638 
77fl -0 1 535 
6Z7|+al( 232 

NEL Trast Managers Ltd.? (aXff) 

Mllion Court, Dortang. bfflrty. 3011 

1 : NeUter- _(633 *A«d -0.4( 462 

^ 5SZ3W 7« Roya i Ts». Can. Fd. Mgrs. Ltd. 
JIJB85620 ^?^ c \ LTmo ° Insurance Croup |bj "* 0 i4 

' — ■ PO Btvc B. Norwich. NH.1 3NG 000322200 raplujFd M.t 


J. Henry Schroder Wa *g & Co. Ltd.? 


Bctra Inc. 1703 

ramM. — [346 


„ . 3»S3 

N.C. Income Fund. u55 9 1651 

N.C IrtJ. Fd (Iik.A 96 95.S *0 3 
N.C. Inti Fd. fAcr lW* 963 

N C. SmUrCwaFttflMB 1703 j«) -CL5| . 

Rothschild & Lowndes KfetnL (a) Wi 3 

Si StnUuna Lane. Lda BC4 010364396 (Accum. Unite). — ■ 38.0 

XawCl. Exempt- 10330 14LM J 345 •T>n*niaFdSeoce 1WA 
Prtees oe September 19 Ntorf deaunc October -SpacEi Scpt. i* - [?8< 0 


3J5 |30.Ch«.r««e- KC S- a , 
CaptteJDrt A--. 1097 
‘5 LVeroau- -r- — J£5 

JU Income Ort a.. 1995 

J-f* tAceum. Unite) |96* 

4 General Oct 4 — *8 


■RcrtRrtT 


is husz 


113 &| 
07 3 
2867 
3071 
84.5 
118 fi 
36 2r 
404 
1852 
295.8 
221 8a 


Botrto Unit Trust MngL Ltd.? (si 

City Gate Hse., Fuwbary S<^ ECS. 01-W8M68 


it 

i! 

CTS 

Acnun. L'nil^ • .477 

ItiekYQet '» . ..fel 

(Amun. Ln!ts>- . GS* 
UtekDirirte. J7L1 
Do. Accum. SB. 4 


Tyndall Managers Ltd.? 


Inrorae-Ort 4 . . 

i.lcvum Unlla i 

Capital On. 4. 



fieeuritloeOrt 3 .. 
HtSbYld OcL* .. 
(Accum Units! 


(760 

738 


1776 

187 C 


58.2 

612: 

-i i 

22.1 

86ft 

♦i t 

SS7 

90ft 

. 

P85.9 

111ft 



...074.5 3942J -6 7| 4 96 b5Sn.--%S 75 1| j 

Srpt 9 l Nert deaBnc OcL 


For lax exempt lumh. onlc 

ScaWah Mgrfc thLV bS&L«.7: SSi 

26 St Andrews Sq.Edinborch Q3I-S56BIOI 

Inc one Unite (514 ja7«J i 5 05 

Aceum Unite ^ — . (597 U3d ...| 5.05 

DeaJlnx day W«5nc-»di(y 

334 Sebag Halt Tst. Managers Ltd.? (a) 

J- 34 PO Box 31L Bcklbty. Use. E.0 4 015385000 I 4> i : ? t,e ^® fl * b S3S- 41 

lSSa2K:PS_ IS 


112 

3.99 

745 

746 


(Accum, Units- 

inL Earn. Ort 4 . . 
i Accum Vi!it». . 
Pret l*ct 4 ... .. . 
i Accum. Unite!. . - 


rixRA. 


027232241 

ItO 2 

1ML« 


8.10 

190.1 

2004 


aio 

139.6d 


016 

1873 

1972 

M111 

416 

1134 

119 2 


782 

160 ft 

169 3 


702 

250 6 

263 2 


5.02 

2M6 

299ft 


502 

102. S 

109.0a: 


IftftD 

138.0 

2370 


1220 


MS 

>18 


- Acmm 


P'JW 4 
. Unlts'- 


1738 




2 fi Grirveson Mamgewnt Co. Ltd. 

473 5SGr68b6mSL.EC2P2DS. ‘ 

209 Barrington OcL 4.-019.9 
246 (Accum Unite)-- ..2414 

246 Bing H- Yd. Ort 5 1S4.6 

238 r Acmm. Unite! D94 

*2 Dndeev Ort 3 013 

3.87 (Accum. Unite) 1395 

A27 Gtachstr. OcLB 983 . 

177 (Aiwm Unite) UL9 

135 Ima. Berts. OcL Mt 
TOO (Accum Units) - I7U2 


241.7 


CL-A 


Group Tat Kd 

P*arl Trust Managers Lid. (aMgMal **« M 

292 High Hoibon>.wciV7EB M-4»0t4i Save & Prosper Group 

m aM CH Peart Growth Fd-.. (25.1 27.* -DAI 467 4. Great St Helens. London EC3P 3EP 

— 38 “3- 01 tg 66-73 Queen SL. Ediubun* EH24N3 

k~SI ^T:. : t?? g^lnax it; 01-86 4 WWWI 

(.Accum umu) fo i £L*-0J| 4 72 Save & Prosper Securities Ltd.? 

Pelican Units Admin. Lid. (gjtd hmutwwl Panda 
81 Fountain Si. Manchcater 


& 

399 

799 

US 

235 


>s252 „;-v«Fd :^3 na % Iq it 

Security Selection Ltd. land-wnamm, 

743 15-10. LlncohJla Inn Fields. WC3 01 «18S5fr9 C-nnlUl Growth.. 1661 

Uuvl Gth TSI Acc — 124 9 2631 .... I 223 Do- Accum 80 1 

Unvl GthTrtlnc . -1217 23 if | 223 Extra lne. Growth. 41* 

Stewart l)aU Tst Managers Ltd. (at 

45 Cbartotte 8q. Edinburgh. 081-2283271 nff^SSonv^ ^ 20 7 


8S1Z2SI1SSI 

■iaS ...I !s 


13. 


208 

3*1 

3*9 


Pelican Unite pu 959d -A3) 4.84 

Perpetual Unit Trust Mngmt-? (a) 

48 Hart St_ Healer on TIisum* - O40I268C8 

• - pipotuaKhxGUi. MB 472 I iw 
■way Unit Tst. Mgs. Ltd.? (aMct Guardian Royal Ex. Unit M grs. Ltd. Piccadilly Unit Trust (aXb) 

Hfih HoJhoru, WC1V7NL. 01431623* Royal Exchange. EC3P3DN. 014068011 Aauwr cisw (%li Traw nin.nini m 

---» J ■■ ■ ^ - J (a*iGuardli1IlT«L-|95J 994^ «8 3 f ^ ck - B ^ e ^ wn> . 

Heodenen AdminstratitHi? (aXeXg) SSTiSLsw pot 

irn Ho 2S2 Romford Hd. CT 0.4B.8644 


081-2363685 — . 

Unir.' Growth 
IbomIbi I 
High- Yield 



257 


t S t r wa rt Aamrtesn FHnd 

Staodard Units £7 2 

Accum Units 1725 

Withdrawal Units |53 6 


fcgi Ml! i 57 

I Units |53 6 573( j ^ 


High lac. Prmrity 687 
ImcrnMicmal . ... 38* 
Special Sits. p5A 


92 31 _ 

96? +01 
445 . 

5U 

17 S <01^ 

221 *b5J 

713 
329 
37.9 -0.1) 


557 

5.57 

935 

915 

4.77 

477 

7.49 

2aa 

501 


“ 9BB Fu - - 


‘ces at OcL A Next sub. day Ort 12. 
lays Unicorn Ltd.? (*KeXe) 


or. America ..134 0 

jsl Acc 783 

jo. Inc. 615 

ipUaL 693 

cenmtTs! 1164 

cira Income _ 29* 
nasCTol. . 139 

O 197 

menu 153 

nwthAcc... -fo* 

cnnieTrt 895 

tf. A'ns.TsL H7J _. 
es at Set*. 2fl. Next sob. 
icocery. — 466 5 

e Fund _ 1208 

IdarUfcTsL... 525 

‘ uFdJnc. 666 

.-cun. ,1762 



HU L'.K. Funds 

Cabrt Recovery ... 

J-2 Csjl Growth lnc_.. 

Cap. Growth Arc. — 

InconM* Assets 

5jZ High taewae Fonda 

els H6* Income (455 

5-5? Cabot Extra lac. 1S99 

}« Saw Fwufa 
tn Financial 6 ITU _B63 

J75 OUAN&Xtea p07 

31. International 

544 Cabo* WJ 

492 imernatkmsl -065 

zaa Wld.WldeOct* (769 

4.76 Ovcrana* rniuli 
4.76 AmtraHan - j*) 4 



lai£ns. 6 Assets.. <7 7 

Private Fund 57* 

Accamttr. Fond -. 69.1 
Technology Fund.. 664 
Far Earth'd .... ..SB 
American Fund _ tS 7 


33* 
47# 
50*| 
5LW 
40.71 
74.7 J 

32.3 

27.7 




Bkxb laceme Panda 

Hich Ralum 170.0 

Inromc . (44.0 

L'.K. Funds 

UK Equity. - . - K* 
2“ Dvermas Fumfaai 
4.70 Europe 1941 

J 4» 8jSCdatbrth.F(t*' |<?5 

1% V *- 156 

3*8 
320 
150 


369 Standard — [1465 15291 

2.12 Accum Units — -IlhJS 170OJ 

Deuhns; tTues 6 Fn -vied 
7.09 Snu Alliance Fund Mag!. Ltd. 
San Alliance H-te . Horttun 

n -zi is isa-ui 

Target Tst Mngra. Ltd.? (aKg) 


413 

4.13 


TSB Unit Trusts ly) 

21. Cbnatr> Way. Andcner. Rants 026482IBa| 

Dmliturr to 0084 63482.3 


6O5d«0 2) 


<T)(TSB General ..(473 
■hi Do Accum. 60 7 

««■•*« ISlS’iteErjB 


372 

358 


TSB Scottish 09 3 

ib>Do Arcum.. . .J96 2 


SO* -03 
65 0 -05 
67 6 —02 
705 -0.2 
«b -04 
102.4 +0.4 


37a 

374 

694 

694 

230 

238 


41.91-031 4*7 3t.rSreshamSt.ECl 

Tarcet CamtenSity D9D 
3 86 Tartct Plnsoclal . .160 S 
0 31 Target Equity. [39 6 
150 S pet 4 - 12171 


Deatlas*- 0238 3M1 


SlJ.il iii 

■m 


ises hornet 
0 £19.000 

ra 


ig Brothers St Co. Ltd? (aMx) Far I 

Kfambsll SL. EG3. 010883830 Exempt 6 

leaaTzJBt ' m d a- i&sfe^ •• 

Next mb. day October 11. 





msgate Progressive Mont, Co? Samuel Unit TgL Mgrs-t M 

> “s"* t 2SRM.I.CI nrwDet.v •- nrjtea 


oposate. ECZ 
Pr*SepL36-Q962 
l*.**SepL2B.pS3.7 

Ini Ort 3 (164* 

xl Oct 3 (20* 5 

text mb. day *Oct 1' 



01 0806280 


-45 Beech SUEC3P2LX 
, ,, (bJBritjahlYiiM.... 155>- 

— J <x) InlT Trust 5*4 : 

• — ■( ?-5. (r) Dollar Trust— .. It 6 
S-35 (S3 Capitol Trast-. n* 
2 - 1 * Fin ancia l Trust 3.4 
(bl tncruoc Trust 2*4 

£ Food Mh o ag en t? (sXc) rbirngh^eSwl nl 
Regis Boose. King KTHimn SL. EC4R . ■ w . 

01-0Q48&L InteL? wKg) 


iW^3 

*7J +0J 
. 53.1 ->... 
97 b +0.1 
38.t .. . 
576a —0.1 

wj-4 


01-TO8DU 


522 

■ 2*5 

227 

\* 

724 

521 

7A 


■an* Goa4.p5* 


- 3!±=5 1 

.SseeS 

•Tue*. fWed. tTbon. Prices Oii WIS. 


772 

595 

423a 

472 

15*0 

1M* 

28.9 


139 
601 
345 
3 A3 


U,i3uidapiNr8Ml,£C2 
Intel, in*. Fond Jfl 9 


. 810477*481 

9Mj .._4 630 


V* Key Pond Managers Ltd (*Xg) 

4 .08 £3. SDOtSL. EC2V SIR. O10M7O7a| 

4 08 RnyEqa«7lRJU-iL7 . 77M -05)-.534 


in La Trust Management (aKg) 
m Wall Buildings. WalL 


EC2M5QL 


*Km- Exempt Fd. .. lfe*d 
Ecryincrann FirocLJ. B.9 
Key FVxod InL FtL _ 5^ 




0L«8MWM78 KeySmanco*sF«_ 

Klefuwort Benscra Unit MUMgers? 


CM 2ft F«j church St. S.C3. 

4*1 K* Unit Fit Inc. .-(88* 

3 »S 4CB. Un.‘tP)tAe„ U33 
666 KB.Fd.Inv.Tsts. _ 59.1 
*91 KBF'dla.TbtAcc., 999 
293 EBSaOrCtfsTdliKi «M 
4*0 K&SmrosALAcc. 19* 

2JA Hlch-YW.Fd.Ine_ 469 
Klah YM^M Art- (469 

u& L St CU«|t Trust 

The Stock Echapse. ECZN IBP. 

ra UCIoc Fd. J345.9. 138 

34, L*C Inti* Geo Fd 4l«>2 

15 1^™“ Sec* Ltd? <*Xc f 

251 37. Queen's SL. London EGffi IBY 

248 "Growth Ftod_ 5T2 
“(Accmn. U»tte)„^ 636 

ritish Life Office Ud? (a) trait and Warami 393 C 

tAmericaa Fd. 24*7: 


4JI023 BOOT 



' 5 x5g a 1 JS **Hteb Yield — 

S3T“ g|-t S3 "~-1 5-8 **tAccnm.Unit*) .(HJ . ... . _ 

fiwaFcQtet mSbVBlIl ; «*« * F «- 

1 Shipley & Co. Ltd.? ^ 

FonmtoenCL.W3 0100085*0 


027232341 
4.42 




. -is.-: 

' c3 ; '- 

- 


sk'.i- 


a9 «- ? ~E& H=l tS ^ 



3?3^ -4 ^ 


2*4- ....._ 

513 -02j 
403* -fl3 


22.7b% -01 
280 
215 
654 


-02 

-05 


Dt*.S«ptl3 — c__(64.« 
tio tAxcum Units. . . . 

_ Nn* nh dv OcWwr 

fawninrt -A dnihiirt tr a tiiOB Ltd 

ftBukaSL. London W1M67P. 010883001 

4S9 
«19 


5JO 

505 

940 

3.46 

4JO 

3 4i 

4J2 


LaoAccmn.1 ' ' ..(89* . 51 ::::.) 

Uoyds Bk. Urdt TsL Mngrs. Lid? fa) 


Bgfi- Gonna -by- Sea. 
VoetUns. West Susex 


01-8331268 


Mti — 602 Balanced S3* 57* -OJ 434 

643| _._J 455 D0.1Aenan.l___ 73.7 792 -02 434 

... - ., _. _ WrtldwUteOwth.- 56.7 683 -0 1 2.14 

a Life Unit Tot Mngrs. Ltd? Do.<Acmm) 5r« 7*7 ... ZM 

« «- Potto* Bar. Beru P. Bar Wm-gKXssrr Sn 9 « JK-Inj-sj? 

434 i« 4 ~° 2 I S 

• u taara income Mil hi 7AZ 

739 Do. (Accum.) 73 0 7*4 7.‘ 

7rCT . lioytfs life Unit Tst. Itagn. Ltd 
(James) MugL Ltd? 720e.Catehoo*jui. A-deshurr. onesMi 

Broad Si. EC3N IBQ 015886010 Equity Atcnnc . — p714 »».? -...J 3.25 

— S£3 ! 5^ » * .c g««p? wtex*) 

m* oin'brt Overt denUno Oct 1& . Three Quart Town JUD. EQR 6BQ. 01326 4S8B 

See also Stock Etthintt Dealt 

1 Unit Fd Mgrs. Ltd?.(aKci Amrimi.... mr^ssofTo 

How. Newcmtlempoa-Tyito 2lt« 562j-*«6l 

y§j (Accum. Unttail .__p7 7. 


W=1 


169.6 

un Units 6 • 

h Yield. .. (43 J 45 M . ...- _ 

jmUDiU—js&O SBSj ..... | *29 

Next draHnt date Oeiober 18 

Official Invest. Fife 
no Wall.ECSN rDR. 01-WB1HI5 

Antfurtl5..g4217 - 1 1 A28 

Aupurt 15_l276f* — I . f — 

Lh Only available, to Reg. CHarincs. 


. Commodity (80.2 

829 i Accum Units) 


vUrhotuw Japbrt «e James Finlay ySt ESiem - 
sin Trust Managers Ltd.? (aKg) 


W* «3 lo'l 

(Ynnpound Growth 116* 126.4 *0J 

Coovervton UrowOi W0 715 +02( 

C<iDV«reioa Inc. 71 5 762 +0 1 

Dividend 1273 . 138.3 -ri) 2J 

Accum Unite) — z 2413 2618 +B , 

543 57.6 -0.<d 

1 Accum Unite) S5« 59 0 -OJi 

Extra Yield. M3 4fc2* 03 

2243 132J +04 

58* 62.4a -0.^ 



'-'.Tt' 

' 4S- 


:«yLane.ffC!AIHE 

r'und ... .(46.0 Wlf --I 


Accma Unite)-... M.7 
Fund of Inv. Tstg.-- 66 9 
«v. (Accum Units)..- ■ BL9 

1.59 General * — i_: MU 

8 76 (Arcum Cartel - 2SZ.0 

Z99 High Income.. U13 

«TB l Ac i'il m UalteO— 1372 

732 Jan«o Id eons 1X27 

1844 


5L ECSIM 4TP. 
in l(ri»3 

'^MOlTrt... MI52 
Josrre. Tst® 8 

vjwthTrt- 123* — - lAerom Ceils) 

Tara l ion Funds Mgt. Ud? la) Magnum 

0I-M20» affl*s^r-|m 5 

( Accum U nitsi-, — pi35 

polttia Fund Managers. .JSwSSL'awZnlS* 

— " 28U 

-W1.1 

. - ISH s 

(AceuDL Unite'i 12283 

ncwnt Fntt Tst. Mgrs. Ltd;. - - spwisJtevd Funds 

icr Laae. ECSV 6HA. OI0Q8R282 Trustee™. M7R‘ 

mg | '..I — lAcrum Unite) 309.4 

- J ..J - 'CharibondOrtS. 

ntRigblne.J50.il 


ponuu rum .(Arcum unite' 

«TErt. London SWIX0EJ. (JI-2358S25. Second Coil 

.2X2K .. fS::::US 

M gre- Ltd.. 

L 0100882 

=■-13.5 


.. 1M3 ^ 

nurifdOct.3 — - [1540 156*1 
(Accum Units) R942 197.2) 

at Unit TsL Mgrs. Ltd <»Hg> F«»E* Grtl.- vlM?*. 155.1l 

leOes^EdlnburgbX Manulife Manapront Ltd. 


68.9 -1.U 
713 +02l 
872 -03 
19n7 *2 5j 
406.0 +3.1 

SK+w 

194 t +0 0 

196.4 +8.H 

238.4 -0.« 
382*-.. X J 
2029 +4 2) 
3360 4«5f 
' 95 1 +8.1 

9*9 +*1| 
200 1 
JM8 -o.y 

1912 , 

2Oi)-03j 

16651 -40 

^a+o.0 


192 
L« 
152 
152 
456 
456 
339 
292 
777 
750 
750 
328 
3.28 
800 
880 
254 
*54 
458 
.458 
851 
551 
798 
79* 
.213 
2 13 
3.94 
3.93 
639 
'639 
3*8 
3 .. 
*75 
475 
3.90 
3.90 

6 IS 
618 
10 93 
759 
759 
556 


-W.Fd. 
ernbtT — .. 
-gh. Di*L_. 

irrvM — 

'kyo— 


2L2 
61* 
460 
41 i 
25.0 


Si ^6'.i| 

261 


fan St George’S Way, gietensge. MIR SGI 01 

976 Growth UnUi.^—156* ‘ SlM+f.T] 3 79 

L« Mayflower Managenest Co. Ud 

c- j „ Mf . IBGresham S l, BC 2V TAU. Ol0(W«wi| 

denary Unit Fund Manages income gepta* —11115 U7.4J J *07 

itddSt,BC3M.7AL. 01030 4488 General S«t 20 —.{722 .• 7fc(W ..... 1 545 

topt-BE— IU62 . H*t{ J 4*5 Iaierosiiaspt 26., ttt.7 . 49*4 - -^1 3M 

(Vfncbester Fund Mngt Ud Siercniy Fund Managers Ltd. 

__ gca 010062107 30, Gresham SC,EC2FZEB. O106O*5S( 


Incbertc-tWl 

i'er OVenPU 




it* 

*-2i- 


'S'* 


20a 1 4 M tiMftOmOct*— BW.4 

2271 — J iX -Art. m*.Ort4— XL5 
. — .... **«rr Int-Oet 71 2 

& Dudley Tit Mngnmt Ud Aec.uts.QBt ^7 
jrtonSL.S.tr.1. OI-40B7Ka gg* 

7641...^ 3*1. 

For Equiias Securities Ltd. ME3I»d Bank Group 
L Abbey Unit That Hugr* . . UnH Trust Mangers Ltd.? 

Comtwom) How, Silver Street Hm4 


— 
27*0 n... 

S I r; 

mi = 


4J5 

4.15 

253 

253 

413 

4.13 


> • St Law Un. Tr. BjL? WftKOfr) •gjjggg^ 

'. up Rd, High Wycombe. ' O4043S377 dEa^S 

; :Law — j« 4 w.gsga: 

■» Ftelay Unit Trust Slngt Ltd 

Kile Street (BSxgovr. 0030*1321- 2^^“ 

!. .-UitenmtTBJ* ‘ - 

Slnlts WJ. 

■Incotne— 34 8 57 

■Euro Fin- 2*0 - 30. , .. 

;niLs H.B 3554 —4 

Fti.ln.TW 29* • 31 

3ni» 1*3.7 36- . 

-ee Oct «. Next daefliig 


Tbfc 0742 70842: 


8*2 
375 
4*2 
2*3 
J8.8 

54.1 

223 na Arran. &l1 

123 j TnKB-nntionjJ 467 

! it 

Do.Accnm.'_— -tM*J 


7*61 -05 

a=a 

Si ^ai 

512 -05 
562 -0J 
679 -0J 

f B 5 +0.1 
38+0.1 

6*94 -0.3 
752 -03 
1105* 

UBS 


4.97 

4.97 

2*3 

283 

313 

3J3 

645 

643 

232 

232 

*19 

819 

563 

5.63 


-Ini hnl launch until Oct 20. 
Sec lae Fund* 

Commodity. - _ _ 180 4 86A>d| +0 *1 

Practical Invest. Ca Ltd? (yXc) pj^i^seaT-'|n* SI ^o.il 
44.0ioacBbiiry Sq. WC1A2RA 81038803 niA0Unlmnm Fund* 
PrsctiemOrt4..._JU77 1674j|...| fU Scieainl*mrt_ ..(265 0 27961 -01 


Accum Unite 


451 Seiect Income 




150 ODo. Act. Unite 
TamMG ill Fund . 
Tarset Growth . . . 
iu Tarnol PaellleFo 
in naflritre UnhS - 

*10 TrtPref:". :~‘^6 

713 Tp Special Site. .(212 



nZ323S2*l 
4J2I-021 5*4 


Ulsler Bank? (at 
Waring Si rod. Beliak 
ibiUlsicr Growth 1 395 

Unit Trust Account & MgmL Ltd 

King WiUitrm Si. EC4R SAR 010884851' 

Mar* H m Knnd .065 0 174.01 -I 4 <4 

Wider GrtL.Fnd .fcl 3384 ...J 4.49 

Do. Accum P77 3*71 — J 4.49 

Wieler Growth Fond 

King WilltomSLEC-iRPAR O1034l»! 

Income Unite (328 34M . I 459 

Accum. Unite. ... (3 S 40 6) . ...| 459 


Abbey Life Assurance Ca Ltd Crusader Insurance Co. Ltd London Indemnity & Gni. Ins. Ca Ltd Save St Prosper Group? 

1 .3 St. Paul's Churchyard. CC4. BI-148MI1 Vincula Hove. Tower PI ,BC8 010288031 lOSQ.The Pnbury. Reodinc 383511. 4. GLStHeten's. Lndn, EC2P 3KP. 01554 1 


Equity Fund -.(37.7 59. 

Equity Acc.._. 

Property PH 

Property Ace 

SeJectlw Fund 

Courertihie Fund .. 

PHooeyFsnd 
VProp Fd.Ser 4... 

Wan. FU Ser 4. _. 

VEquily Fd. Ser.4- 

VCoor Fd ser 4_.. 

fMooe> Fd.Ser.4.. , .... 

Prices si Ort 3. QatasUeu normally 

Albany Life Assurance Ca Ltd. 

SI. Old Burlington Sl. WA. 


15* . . . 
1612 ...„ 
9*3 ... . 
140J ._... 

l».l 

13*0 

143.1 ..— 

li S ::: 

117* 


— Gth. Prop. OcL 3. 1735 


83 2( .... I - 


Bel. Lm- FH ..._. _ 
Property F<L+ 

Eagle Star IwurMkDmd Asssr. *■*««.•«— ; M '“ "“^7"i “ — t 

i.Threndnecdi+st. EC2. oi-MBir* The London it Manchester Ass. Gp.? Comp Pens.Pdf 


MJi Ftexlbt 
Fixed Interest- — 


— SagWlUd. Units. (555 57.6) -02J 5.91 winlade PstiL Exeter. 

— Cap Growth Fund 

OFTcoc.: 


O3830ei6S 


(3tri. Deposit Fd. 


♦Equity Fd. Acc.... mi 

fFtxwa lot Acc VU.6 

OOtHMooeyFdjte 115* 
WntUManJ-cLAcm . U45 

W»rop.FdAc«_ 1105 

WTpfelnr.Acc 1721 

Equity Pen-FcLAcc. 236.9 

TtxedLFeu.Acc 1*8 1 

fftdJtonTen Jtet . 131.9 

Tntlrtn P nt-Harr 122.7 

ProoLpeuAce 1265 

U^elnvPonJtec..@26 

AXEV Life Assurance Ltd? 
Alas Hse_ Alma Rd . Retsate. 


20921 „. 

149.8 .. 

122.9 ... 
120.0 .. 
1165 ... 
18L2 .. 
2495 ... 
1*95 - 
138* 
12*0 .. 

132.9 _ 
223.7 



npao 

126ft 

+02] 


U9J 

1150 




11S.C 

-02 


100.4 

1056 


- 

|m.9 

U9ft 

...» 


Eqalty * Law Life Ass. Soc. Ud? 

AmersbamRood.HiRb Wycombe MW 33777 *ExpLln» Tst Fd 

. Equity Fd. 02*0 126 Jl +021 - FlcobtePnid 

Toes. Property Fd D09J 115 « .1 - In*. Trust FUnd.. .. 

Property Fund 

Gld DepootFd... 

MAG Group? 

General Portfolio Life las. C Ltd? tewQiw T ower hiiiecsrobq. 

014D8 4588 


242 8 

-2 II 

1411 

-02 

955 


120 2 

-15 

1202 

-L0 

1482 

-14 

844 

-01 

1000 



EoujtyPeruLFd 

rTQp. I T'ltvl' d. 9 

Gilt Pens Fd 

Depos.ftns.7iLt 


0.2 


1 141.01 
16*7 
130.4 
1317 
22LZ 

2845 -85^ 
244* . 

100 2 
106 3 

■Pncos no September 2* 
TWeefcly dealings. 


— 60 Sart hu l ou ie a Cl. Waltham Cross. 




AMEV Mgd-TB'—i 
AMEV Wooer Fd.1 

AMEV Equity PH -.1119* 
AMEV Fixed ln£._w2.1 1 
AJa^PnMPFtTT..h*5 


AMEVUBdPertFlL 



wxsian _ 

„ ‘ 3196 

Bond**. fc 5 

FmnUy7M0*+_ UM3 

Gresham Life Ass. Soc. Ltd ' RS?j 

2 Pnnco of Wales Rd. H mouth. 0202 7CWB5 IcterustoL Bend*' 107 6 

GX. Cash Fund ... _)9*2 1051 1 - Man^edBd*** 1460 

G.I- Ecnity Fund [109.6 llsJ .... — PrcpertyB<r*_. .. 16*9 

GL GUI Fund UU UdlJ | — E&YWdTC. Bd.*..|07 6 

RrtgatertnOL GUtoU Fund—. D16B 122.' 

G L Ppty. Fund (97.9 103: 


2510 


w5 


XermmyFd.Bd*. M7 
Ascriran )UBd.*.p3 8 

Japan Fd Bd.* (U 1 

Prlcv o»- Ort 4 ••Ort -V 


161 - 


112.71+01 
113.1 . , 

^- ,51 
921 
735 
566 
M2 


■••Ort 


Schroder Life Group? 

En toryi s e House, ftrtwnonth. 0703 37735 

Equity 1 ( SC5 

Ecu tty 4.. .. . 21*3 

Fueialnt 4_ 138.4 

Managed 4 1368 

1 lone? 4 _.. 18*9 

Overs eas 4 — - 93 9 

Property 4- 159.1 

K& SGort.Secs.4- 1232 
B*. Pen Ctm B — 1235 
B* Pen Ace. B. — 1352 
Mngdftn.Cap.B_ Z10.1 
Mned.Pen Aetr R 2521 
F InL Pen. Cap B 967 
F lot Pen ak W9*l 
Money Pen. Cap. B 


248* 

145.7 
143 0 

114.7 
990 
1675 


167 

s& 

103 9 


i«.d 

101 ? 
103.4 
1019 
103 4 
108. tt 
18951 


1034 


AMEV Mcdftn'B'flM 5 
Fkadpiun. 

AMEV/ftamHwgten 

1st. Growth -fe-4. 9*4) +07| — 

f? Arrow Life Assurance nee 
WwUtew Capitol Ufe Aaarsscs 
Bariajt Life Aasor. Ca Ltd 


222 Romford Rd.KI 
teomsbood^....^ 


010345544 



Man^n&Aecum ' lSi 

Do. initial 978 

Moaerftua. Aoc. .. 1025 

Do Initial 9*5 

•Current unite raise October *' 
Beehive Life Assor. Ca Ltd? 
7L Lombard St, EC3. 


Siitl 

list 

VXU ......I 

U9.4 -05 
185.4 
1867 
183.8 
102.0 
9*1 
107.91 
1037 


iS79 

*14 



166J +20 

• >619 

31 

— 

1787 

♦13 


1429 

+0 1 



185 4 

+01 



1305 

*0.1 



143.5 

+02 

— 

1092 

+07 


1434 

+17 



1066 

+1 A 



104.9 

+00 

— 


Growth & Sec. Life Asa Soc. Ltd? 

. .WanJtnnlL Br-sy-on-ThOmcs. Berks OB5S04384 MerchauHuvestors-As s u ran ee ? • 

Ptertbtenoaure I qjm J | _ Leon Hae. 233 High SL. Croydon. 010860171 

Lnudbsut Secs. ■ — I 5481 I I — 

Equity Pens. 

Guardfen Royal Exchange K^MViftni'.: 

Royal Eschauge. S.C3 010887107 D^pSt, . _ ..j 

Property Bonds — (187.6 195.4f- ...„.l — DepoatPcus. 

Managed _.„ 

Hanfero Life Assurance IimM ? ffrtTtffiity*" * 

70tdParhLanc.LGndon.Wl 01*800031 InU. Managed 

PtsodlaLPep 0269 13151 

Equity .090 9 201.0 

Property.--. 0665 . 1755 — I 

mi :::: 

1361 .... 

1325 .... 

107.1 . .. 

136.0 .... 

1602 .... 

21*5 .... 

284.0 .... 

224.7 — 
mo ._ 

129.8 ... 

1375 ... 

132.1 .... 

1526 


Money Pen. Acc. B- 
Prop. Pen. Cap. B-. 

Prop Pen. Acc. H... 

Scottish Widows' Group 
PQ Bax 90C. Edinburgh EHJ0S3L* ®lWa«wl 

I m,' My Series 1.-0102 *“ 

Inv Vf* Seriest— 1839 
Inrt Cash Oct 3 .. .. 99.4 
Ex Ur Acc. OcL 4 ._ 1435 
Ex Dt Inc Oct. 4 . 1414 
Mgri Pen. Ort. 5 . . |277.7 

Solar Life Assurance Limited 

10/12 Ely Place London E.CJNSTT. 012422801 



Managed Cap — 
t Acc — — 


— GfllEdfied.. 


fife- 

0292 

02516 


11302 


American Acc ... 

PtmFXDcpCap 
Peu-F.LDepAcc. _ 

Its. Prop up. 

Pen Prep. Act 

Pen, Mon. Cap. 

Pen. Kim. Acc tZ77 * 

Pm.GUtEdX.Cap ... p25 
01023 1288 CS-WW&A 1 *-- 

Blfc Horse. Ort2_.| . 133.70 . ( J - 

Canada .Life Assurance Co. 

20 High EL. Potters Bar. Herts. P Bar 31 (22 
EqnGUiFdOrt.2- I 635 ' I I — 

Remit Fed. sept 7. 1 . 126J I .... I — Hearts of Oak Benefit Society 

Cannon Assurance Ltd? ls-rr. Tavistock Place, wem am olsst^oso sxmiic^'a Fd 

J. OtatPfc Wy.. Wembley HA80NB 01 8028870 HeartsotOsb (37.2 . 393| -...( — Technology Fd ._.. 


Pm. BE. Cup — „..026J 

Pen. a* Acc. 045.1 

Pea.OA.F Cap.. ..f 1036 

Pen D.AF.ACC.... J 106.0 


101.6 

129.2 

152.1 

3334. 


NEL Pensions Ltd 

Milton Court. Dorking. Surrey. 

NelexEq Cap 8 93.61 . 

NelexCq. Accum -022.4 12a« -L0| 

isries Morey Cap. M*9 662 _ 

Keiex Mop .AccJ67.7 712 .. 

Notes Gib Inc Cap\t33.9 56 7 .. 

Nrtis Gth Inc Acc-(55.7 5*6 .. 

Nel Bxd. Fd Cap . »*5 5L0 .. 

Net Mxd Fd Acc.. .|49 7 52* .. 

Next Sub. day October 25 


Solar XanacodS. 
.Solar Property S. 
Solar Equity S — 
Solar Fxd InL S... 
SoiorCuhS- .. . 

Solar InU S 

Solar BlaaasedP. 


11324 

0157 

07*8 

(117.3 

liai7 

1994 

132.B 


Sola- Property P.. 1U.4 

_ SjdarDiiiityP.. . 175* 


Solar FrdJnLP.. 
Solar Ca»h P. 


Z Solar loU P. |993 


117 0 
1ITL5 


13*0 
11971 
lffiH+01 
1233 -02) 
10B.V _ 

185-ti +0.3j 
139.3 

ua S 
1B4JB+0.L 
1233 -oi] 

1D7* 

1055 +03 


NPT Pensions Haaagement Lid 

4* Gracecburrh SL.EC3P3HH. 01 


— . MaaagedFand — [1572 16*7| . ..) — 

Z Price* Ort. 2. Next dealt hr Nor. 1. 


Son Alliance Fund ManguL Ltd 

Sun Alliance House. Horsham. 040364141 
ExpKdJnLSepL 13. (£1572 163.8) 
lfft.Ort.3-- . | 0325 1 

4300 Sub Affiance Linked Life Ins. Ltd 


Sen Alliance House. Horsham 


0403 64141 


New Zealand Ins. Ca tilK.1 Ltd? 
Maitland Hnn cc.Sootbend SSI 21S 070268965 


Equity Fund 

FriediDterestP*... 

Property Food 

[nlrraolhmal Fd. - 


Kiwi Key Inc. Plan . 


gq^Soo^Exec.. 

SSdJExecmnii 

Deposit Bond 

Equity Accjdd. .. 

ZndDepeeil 

2ndWa7_ 

2nd American 

2ndEq. PemUAce.. 
SodPrp Peas/ Acc. - 
2nd Mgd. Peea,'Aee| 
Sad Pepftnsf Acc 
2nd GlRPnia/Acc 
SndAmPde* lAcc. 
LABSLF- _... 


Cajdtal Ufe Assurance? 

Coqlawe House. Cbapel Aah WToe 
Key Invert- Fd.. — | 107.79 f 
Pacrortborltir Fd. | 114.76 I 

Charterhouse Magna Gp.? 


ida.» 



-005 

D0ft2 

. _ 


0210 

1280 

-oat 

0357 

1436 

. - . 

1359 

1A3S 

-001 

1327 

1195 


1960 


-io 

0366 




1574 

-i 

999 

1857 

-bj 

1064 

112ft 


1D0.B 

106.7 


980 

KS7 


987 

960 


945 

100 0 

-0.i 

183.1 

109A 

-02 

111.0 

1175 


1046 

110.7 

-01 

1011 

107.0 


91.Z 

96ft 


970 

1027 


40 0 

425 


as 

305 

— - 


Extra Inc. Kd 


1574 

1065 

116* 

M02 


Hill Samuel Life. Ass nr. Ltd? 


PUr East Fd. 


_ NLATwr-AddlacetBbeRdLCrrT. O10B8435S Gm Edged Fd. _»4 9 


•Property Unite. -B612 
Property Senes A ■ U&l 

11 Bussed Unite 170* 

Managed Series A- 1W.B 
Managed SerieeC.. 974 

Money Unite 1222 

Money Senes A 9*7 

FTxedlnt Set. A B.3 
Equity Series A 974 

Pux Managed Cap. 146.9 
Pna Manured Arc.. 155.6 
Pus. G-teed Cap.— 186* 
Pug GTeed. Acc- 113 9 

Pms. Equity Can 1072 

Pens Equity Acr lot B 

PtulFxuIiiI Cop 960 

PusJtydlaL Acc. . 974 

Pen* Prop Cap 964 

Pens. Prop. Are. — 197.8 



_ Coil Deportr Fd . . [W 9 


16231 ._. 
112. y 

»-■ 


American Fd.. ... 0094 1152 +0 U 


019 0 


1253 
111 4 
183.| 


+ 12 ) 

+oT 


1332 

1405 

-B 

106.9 

U26 

— 0. 

1129 

1129 

.. 

103.8 

1093 

-8.1 

981 

1033 


1127 

US.7 

.-fl: 


Z Managed Fund. 

Z Sun Life of. Canada Il'.K.) Ltd 

— 2.3.4. CorkspurSV.SWlYSBH Ot-«S05400| 

— Maple L£ Orth. .....| 2141 

— Maple U. Maausd ... 13*7 

— Maple U. Eqtv. - _ 1339 

Pereol Pnrd. — J 2115 


Norwich Union Insurance Group? „ 

po Bre 4. Norwich NBiasG. 080329900 Target Life Assurance Ca Ltd 


Alexander Fund 

37 rue NcSrr Dame Luzrmiwum 
Ahnander Fund | 5l'57J8 i . ..) — 

Net met value October 4 

Allen Harvey & Ross Inv. Mgt fC.I.) 
I rhBnniU'nn.'.S;. Heller. J5V. CI 1534-73741 
AHRGiltEdjLFd (*10 05 lflQ6| . | 1201 

Arbothnot Securities iC,U Limited 

P ft Bor 2H. SL Hclter Jcnrr 
Cap 7)4 iJerwy (liao 122 01 

NAit deal inc* date ■'ictubor lb 
Gm’ISecs Tn .. .. |99 I81[ . | 1200 

Next dralinz dxc October 9 
E»t &I11II TsL'CIi . |ll5 122 U| | 107 

Next deabnc date OcIciIkt 12. 


Ke.vselex >1ngt., Jersey Ltd 
POB4W98 St. Holier. Jersey 'EhK-0 1-606 7070) 
Fonxeley . .. PfYsUFI 1505! .. ! 2.7 

BonrUrira 

Keysrle*. Japan 
CcnL.VaacteCap.. 


4. Heiier. Jersey . iEhK-U)-«» 

;. W RH ^ : i - 1 

156-961 +0 70i - 


King & Shaxsnn Mgrs. 

! rnoring Cross. Sl Holier. J erser. i'JS34' 77741_ 
Valley Hue. si Prior rort. tinny. (fHRli 247W 

— - - .0824)4069 

) 12.00 
. .. life 
12 M 


W«™ ^Slra^M^ L0 8 J 8M 

I 4.10 GiliTnirtHuM •-.. 1036 106E 

Gill Fed Guero«.»i£«2 92*3 
lull. (tort. Sen. TsL 
First Sierhiu:. ._ JUfl.03 ia20[ 
FtrrtlaU IttSlAti 1»3 


Klein wort Benson Limited 

2ft FcnrhurrhSu EL3 


Amtralian Selection Fund <W 
Martri Opporfurfucs. r-o inm Young & 

OuUrwstie. 127 Sent SU S«x1npy 

U SSI Sharer | si’SfSB (^oy « 

Nrt teari value October ft 

Bank of America Inlernatlimal SLA. 

35 Koutettuti Hop) T.nxembourt; G D 
Wldinvesi Income 1SUSU527 UUS|*124 734 Sixnc( Bermuda 


Ennntert. Lut F 

Guernsey Inv 

Do. Aceum _ . .. . 
tvB Fur Enrt Fd ., 
KBlntl Fund . . 
KB Japan Fund 
K* L's Cwth.Fd 


Price* at OX 5. Next sub da:o (XL 11 


1,184 

1&51 TO 6] 

Sl'51432 
SI'S 12 35 
SU5U98 
SUS15.04 

suss 15 


O1023feM 
2 TO 
4.» 
4 18 

IS 
0.61 
*69 

i." 


-7- 


Ill' 


Banque Brnselles Lambert 
2. Rue Ue U ftegenre 8 100>) Brussel* 
Rente Fund LF .- (1.931 1.99t| .. ( 


7.71 


Banda ys Unicorn InL. (Ch- Is.) Ltd. 
1, Chan n£ Cross. Si. Heller. Jrn>' 063473741 

Oversew Income . (470 49 

Uni dollar Trust KSU] 

UoitMOd Treat tRSHlB 


UmlotHte'DMi (20.00 ZUOt-OlD) ftfe 

*KB act as London paying ajente only. 

Lloyds Bk. (C.I.) VfT Mgrs. 

PO Bo< 18ft SL Heller. Jersey 0S3427S61 
Uoyd* Tst O-sMte. |63 1 664id...| 867 

Next dealing date October 16 


Lloyds Bank IntL Geneva. 

1. Place Bel Air P.0 Box 438 121! iJene> « IT. 
Lloyds (nl.'.irwKb . jgPMB 


U Olds ini Inrtme |SF2940 fe5i 


168 

658 


Barclays Unicorn Int. (I. O. Man) Ltd 
IThoowsSL. Douglas. loM 
Unlrem AiudExt 


ix> auel Min . . 
Do.Grtr Psrekfit- 


Do. L of Mux TsL — 
Do Manx Muluxl 


541 

582 

366 

394 

697 

75.0 

454 

. 494 

450 

493 

262 

282 


06344836 ^ ^ ^ Group 

UD Three Quays. Tower Hill LC3R 6BQ. 01026 6S88 


+ 0.1 


150 

*30 

*90 

*90 

1*0 


Atlantic Ort 3 

Ada Ex. Oct 4 . . 
G Id-Ex Acc OcL 4 . 

Island 

lAreum Unite 1 



Bisbtipsgate Commodity Ser. Ltd 
P O Box 42. Dougtas. I.o M 
ARSLXC -Sept. < ... LSTSUA 
CANTOJO— St* 4. fcL065 1 
ITOUNT “Srpt 4 . |t2.402 2. .. 

OrtRinalty issued at Hi) nod **£100. 


Bridge Management Ltd 
P O. Box 50* Grand Cayman. Cajinan Is 
NTushiDcL?. ( 117.876 


Samod Montagu Ldn. Agt*. 

O6M0391L 114. OW Broad S-ECJ 61-0886404, 

-•] - Apollo Fd SepL30 ttnMf? 406S . -j 3*0 
■ 1 - Japfert Sep*. Si- mniM 153 -. J *88 

1-23 ll7GnnnOrt4 UTS1U7 HM+093) 1*6 

1 17 Jersey SepL28 .{£5.69 iM . . | 06* 
117 jEStrseSpXJST.. ftll30 IVBfl . | — 


GJ*.0. Box 5S0. Hone Kook 
N ippon Fd Ort. 4. WSZXJS 


van ... . I 0.72 


Britannia Tst. Mngmt. (CD Ltd. 

30 BAbSL.SL Heller. Jermy. 0534 73114 5 


Mnmy, Johnstone il&v. Adviser) 

18* Hope SL. Glasgow. CS 041-3813501 

■Hope St Fd 1 KIS4212 I . I — 

•Murray Fund I SCTS12.15 [ | — 

NAV September 90 



Madid Denominated ) * 

Grtraxh Invest . _. 0*6 

latnl. Fd. 93J 

J error Energy T A 1346 
UoiraLSTASte.... £2 
High luLStlg-TA . ..|*96 0 

4'uS. Dalter D u ro w l n s t ii l F* 

L'nlvsL 3 Ta .. .pC3554 S83I+O.OZ1 - 
lot High InL Tst. . . (0.97 LOlid+0.n| 8 90 

Value <VL fl. Next dculine Ort. ft 

Brown SJtipley TsL. c«. (Jersey) Ud 
PU Box 58ft St Holier. Jetwy 0534 74777 

Sterling BoodFrt „|£9.TO 10.00) | 11 75 

Bnttcifidd Management Ca Ltd 
PO Sax 19ft HamiHon. BerontU. 

Buttress Equity — (SU52i3 2.H .. . j 1.48 

Bucress Income—. BUSSJl iS . I 734 

Prices «t SepL II Natl mb. day Ort. 8. 

Capital International 5.A. . 

.77 rue Kocre-Dame. Lusembourg. 

Capita] luL Fund: .( SUR1*9S | 4 — 


10a Boulevard BoyaL Ixtsembourf 
NAV SepL 38 ( SUS12.66 j ( — 

Neglt Ud. 

Bank of Hertnuda Bldgs., Uasrilten. Brmda. 
NAVSeptfe. ... (£692 — I .... I — 

Phoenix International 
pn Box 77. Si Peter Pt»t. Goernroy. 

Inter- Dollar Fund \Z*2 2.611 .. ( — 


Quest Fond Mngmnt- (Jerseyi Ltd 
r.o Box IM. SL Seller. Jersey- 053427441 
Quest5ilc.Fxd.lnt.M4b 

Uuect Inti. Secs. pUSOW 

Quest Inti Rd ... .EaST 

Price si OcL 4. Next dealing Ort. 11. 


I- lumi^re 

*1:1 Si = 


Charterhouse Japhet 

I_P«ernosn}r Bora. EC 4 


Adirops. — .. 

Adlc«rt» 

Fondok 

Fond)s 

tjxrparnr Fund.. 


D4DL54 
MM xi 
1)43271 
new in 

oss m 


Hlxpano- penn 


01-2483999 
BUI-OJa 462 
39 S-OTS 
hm-otS 
s»0iq 

nnj 


Richmond Life Ass. Ud. 

4* Athol street. Douplas. LO.M. 
ix iThe Siher TruaL 
RiehmaodGdBd . 
no rtsUnunBd .. 
im Diamond Bd ... 

Do Em. 97-112 Bd.. 



*30 

4*3 

498 


Rothschild Asset Management (C.I.P 
PO.Box58.SI Ju hatted Guernrey. 0481 3B3S1 


282 


Ufe 

1100 


Clive Investments l Jersey) Lid. 

PO Box320.Sl Hriier.Jertev ' 063437361. 

CliwGmFdlC.il 1978 9 811 

CllroOTt Fd. acy.l |*75 9.77| 

ConihIU Ins. (Guer n se y ) Ud. 

P.O. Box 157. SL Peter Pott. Guernsey 
Intel. Mn. Fd . — 1177.0 l«L5f 4 — 

Delta Group 

P O. Box 1012 Nassau. Bahamas. 

Dolt* Inv. OcL S _.(St«i5 22610.811 — 

Dentscher Investment-Trust 
PoMtaeh 2886 BtoboxfUM 0-108000 Frakfnt 

Cos centra (TOQUI 22.481 -ftlOj _ 

InL Renteafonds.— IDHUUD 700^-0 io( - 

Dreyfus Intercontinental Inv. Fd. 
PO Box NJ712 Ncaxau. Bahomas. 

NAV OcL 3 --WSttU ? J7«I| | — , 

Emson. A -Dudley TsUHgtiJrsy.Ud 
PO 00*73. St Hriiec. Jersey 053420591 
EDXC.T. .11244 132.51 ... _] 300 

Eurobond Holdings N.V. 

Haadetekade S4. WUJemtfad Curacao 
htprton A«ertx Intel. IS Christopher SL, EC* 
TeL 41-247 7Z4* Trinr 041440* 

NAV per share Oct 8 5US2DBS 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence Pouataey BUL STAR OBA 
01023 4600 


58 6n 276 

1725 .... 6.79 

144 .. .. 1*1 

162 2a .. . . 3.11 

153.1 .... 4.18 

3846J . Oft 

'Price* on Fept STnmI dealing Ore 13 
tprices on Septra btxEl . N«t dealfns Octobw 
9 


fit Eq.Fr.Sept ® 155 J 
OClnc.Fd.Ort 2-162 2 
OC.InUFdt 11* 
OCSniC«F4Sep(2B 152ft 
O.C Couonoditr -- - 144.6 
O C. Dlr.Gomdtx 1— SZ864 


Rothschild Asset MngL (Bermuda) 

P O. Box 664. Bk of Bermuda BUL. Bemad*. 
Rw*ve AweU Fd] 5US930 l .. J — 
Price on OcL i Next dealing OcL 0. 

Royal Trust (Cl) F«L Mgt. Ltd. 

PO. Bex 104. Royal TcL Hae. Jersey. 0554274*1 

R.T. lnt*L Fd. BCB9M U4S J 3.08 

RT. Inti > Jq-.I Fd. .|90* 96^ —1 ID 

Prices re OcL 3. Next dealing OcL 1ft 

Save ft Prosper Intematimal 

DraHnt an. 

37 Broad St. St Hdier. Jersey M84r2M01 

Vi Mlar-dcoteDltyM Fund. 

Mr Ftdrnl"*.-.- 9^9 9* 

Interosi.Or.+t .1801 *1 

FarEatfenrt . . 52 D 571 
North American** 4 00 4J 

Sopro*** .. . . 1561 170 

Saribtd ' iii i Ui reed ten* 

Channel Capitals... fSO.5 2U.7 -91 

Channel Ixlanda* . 155ft 113.7 —0J 

Cammod.'-rt 135 0 14ZJ +2 

St Deposit .... 100 4 100 S -H2\ 8*5 

SL FuceiP+rt (114.6 12iti +M 1W7 

■ Price* on Oct Z **OcL 4. •■•SepL 3ft 


(*0U| 


7J1 



-i - 


Cent Fd SepL27— | SGS6*8 

Fidelity Mgmt. ft Res. (Bda.) Ltd. 
PO. Box 870, Hamilton. Bermuda. 

Fidelity Am. Asa- l SUS2*75 , 

Fidelity InL Pnnd..{ 5US2529 (+0.6 
Fidelity Pac. Fd ... 3USM.10 . 

Fidelity Wrld Fd.._| SUS16J8 |+0t 

Fidelity Mgmt. Research (Jersey) Ltd. 
Waterloo Hro. Don SL, SL HeMar. Jersey. 

0564 27S6I 


ScUesinger International Mngt. Ltd. 
41. umknc Si . St Hclter, Jereey. O5S473S0* 

SA.U — —.182 871.. -| *33 

SA.OX— . .. 94 99j ...- 455 

Gilt Fd. 22 5 227] . . T2ftl 

InU. Pd Jersey 108 Uff 

JnL-iLPdixinhis.- 1169 U 
•Far Cart Fund .182 18 . 

•Next sub. d«+ October IL 



Senas A Hated) 

Series B (Pacific), 
Senate D (AaaAs* 


iJ 


C428 

£10.89 

m«. 


1+0091 


Schroder Life Group 
Enterprise Houro. Partatawinh. 
IgMnaiinal Faib 
LEqnity- (1171 124 S 

SFixedlnlcretl (106.6 113.41 

[Managed . 130 8 1J93, 

SManaced |l24.Z 132.lL 


07n? ?7733 


Managed Fond . .. 
Equity Fund ... - 
Property Fund . — 
FutcdloL Fund.. . 
Deposit Fund. . — 
♦Nor.Umt Sp» 15.... 


M4 = 


526 139 51 ril l 

53.1 161 a -0 2\ — 

77.4 . m Oj 

2280 


Tareet House, Gatehouse Rd. Aylesbury. 
Burts. Aylesbury <0298)1*4! 


Phoenix Assurance Co. Ltd. 
40. Kins William St- EC4P4HR. 0)4 

Weahb.As.^ . ... |115* 122 0).... 

EbY.PhA.to. . — r 82.2 | 

EbYPhEqE ...|81.7 16.1 ..... 


Imperial Life Ass. Ca of Canada 
00023R9U imperial House. Guildford. 

■■■■ — Cr Fd Ort 6 — (77.1 . 

1 — PensJ^d 5enL20 ...|71 2 77 J| . _ ! — 

umt Linked Portfolio 


Managed Fund 


Prop. Equity ft Lite Ass. Co.? 
llB.Crowtnrd StyeeS.WlH2.AS. 01-498085' 
K Silk Proa Bd - | 185 6 

7UU Do Equity B.1 - .1 777 

«9|+0M - FlexMoairi' Bd .. i|- •• 1313- 

Property Growth Assor. Co. Ltd.? 


Man Fund Inc 

Man. Prod Acc. 

— Prop Fd |i»c. - .. 

— Prop. Kd Are 

Prop. Fd Ini -- 
Fixed lot Fd tor 

mu Don Fd Inc 

Ref nan Aq. Pen .. 
ReLPUnrap Ren. 

Man Ren ha Acc 
.Man Pen Fill'sp— . 

Gilt PenJ-'dAcc... 

Clli Pen Fd Cap . 
Pnpft« Fd Are. 

Prop. Pen Fd Cap . 
Goar Pea FtLAro- (95 9 
tiaor Pen.Fd.Cap. (953 
3 A Pen Fd An- 
ri A Pen Pd Cap . 



asssJ&KBS sSg™»-0B. 

™ “ “ “ 100.4 




OntteeEnenD 
CbrUiee- Money 
Chrthro- I4annfitd..[39 7 

CbrtJaa. Equity . . 1 

tdadns BRLSoi- 

MosaSMaaaied 


- 

■“^ft 5 * 
1510 


fl “;z Z Equity Fund |l 

if ”.™ — Irish Life Apsni 

1 1. Finsbury Square. 

_...q n..ci.- ne n n 


Assurance Ca Ud. 

EC2. 

City. -of Westminsfer Amur. Ca Ltd. SSuSfffid rjffij 2“ 

Xlngsteadjftowse. 6 Wb»l«*orro Bond. gxre ig. Man Fd- |11L0 _ 116 


Croydon CR02J A. 
WnrtFrpp: Fund- - (61 8 

MFund 184 3 

Fund.. ....636 

Hid Fmtd_.. 519 

Moon- Fund 1255 

GibFVad U.4 

PCLA-Fqnd f71 0 



Property- Fund 
Property- Fund -\i 
Aen cultural Fund 
Atertr.FuiwriAi . 
Abbe)- S'ai Fund .. 

"*■ Abbey KaLFd <.\i 

DI-SSBaSSr: Investment Fdnd . 
ft M In rest men! F<1 • A) 
— Equity' Fund 
— i Equity Fund' A' — 

— Money VVnd 
— Money Fund' ai . 
Actuarial Fund 

King ft Shaxson Ud.' Hin^tdiM^v 

Sa.Conihill.EC3. 01-0235433 •RettreAimiuty.. 

BoudFd. Exempl. 1102 22 163ftS-0OI| — rimmed- Ann ri 
Next dealing date Ort. I* 


“ Jteno H on-«e. 1 'roydoa. C R Bi Eu oi-6B0oao6 Transioteniational Life Ins. Co. Ltd. 


Oltwm Prop. Mod OrLl _ 


Prop. Mod. nth (201.9 


U0.7 



RuaiaVaed Cap [124 3 

Fens. MajKC Are... 03*8 
Pefw.Moq«y Cap. -[47 6 
Ren*. XfflX) Are. - 1*9.8 
Pwt8.5oiiiiyCaiL.-W9 
Pera Equily Arc -p95 - . . .. . 

Fund rutrenUy closed In new investment. 

Perform Units Z | 218.4 | 4 - 

City .oTWestmi nster Areur. Sot. Ud. I<egaI ^ g. General (Uait Assor.) ^ 1A&. 


Laogham Life Assurance Co. Ltd. 

I-aflshantHft. Hoi mb rook Dr. NW4. Ol-are-WlI 
1-ancltem'A 1 Plan -.167 4 

VProp Bond (144.4 132 

Wli^ iSPi Maa Fd |77-1 


IWWty. Ul-AQ.-CL 

■8=j = 


KlncSMtobd Hmae, 
Anrre>- KTTO BEU. 
Cash Initial. 


Telephone. 01084 966* 

FlrreUnits.— ——12253 rJlftj I — 

JTdperfy DoKk—.- |54 B 56.71 — I - 

Commercial Union Group do Arcum- — 

X‘V ,A »>££ t ' 7 ' roro r B, ®l " Fixed initial UfcS 

OftAnautyUs^J ip . I -~ l — -DO Arcum. 1282 

Confe de ration Ufe Insurance Co. ind initial 1026 

50, chanceir Lane. WC2AIHE 01-2420382 fcAcewn--—- — IB?.? 


•Equity Fdnd 

TM «os<ed Fund — 
TRIP Fuad - 
PmaLfen-lImnL.. 
Sraflet) Nnal Pr 

Fixed JntSa 

Equity Pension — 
Proporty Pennon- 


WJM 

»»« 

287* 

2S9J 
141ft 


MsMaed Ihltiai— 122 0 

Do. Arcntn. 125ft 

Property Initial— . 99.9 

Do. Arcum— 102 8 

fecal ft General (l oM Peaolonsi 


10*« 

183.7 _ 

1353 —0.4 
1392 -0.4 
1230 -01, 
126* -0.1] 
19*1 *11 
109.4 +10 

(U ^ 

ioT2 

ifej 


Cornhifl Insurance Ca Ltd. 


Kxrmpl Cash ltuL _|' 

Do. Arena — 

Kxempt Eqty. lull-. 

Do. Ar rum. 

Exempt Fixed IntL|! 
Do. .Accum.-...- 


3fi.CorofclD.EC3. 

Cap. Bleb. SepL UL. [135.0 

Sto^hFd Septlol (lBft 
Credit ft Commerce Insurance 


01-4263410 Exempt ilngd. Urt 029ft 


— ' I ..— .( — D&Aerum.. 


m J - 


132 4 


Exempt Prop. IniL .1978 


DpAccobl 


1002 


1030 

105ft 

1404 

143* 

1208 

123.7 

136.0 
139.4 

103.0 
105ft 


Ud. 


Proa, tiratrth Pra« 
All W*lber Ar l't» 
V 41 1 Weather Cap. . 
Vlnt.FdUte 
Pension Fd I ts — 
-Coar. Pens. Fd - 
Cnv. Prs, Cap. LLl 
Man. Pens Fn ...... 

Kan. Pens. c.<p 1 1 
Prop Pens FH — 
Prop. Reus. Cap CU. 
Bdu! S-if. Peh I'L 




1887 
1869 . 

7874 
780 0 
1577 
1575 
703 
69 9 
1826 
1815 

142.9 
142 0 
117.6 
123,5 
1235 
lUft 
1475 

ft Anauii. 

ffl us! 

m 

151.2 
135.1 
152ft 
13*5 
150ft 

135ft 

134.9 
1224 


-85 
-0.5 
+ 0.2 
+01 


Z 2 Bream Bldgs, EC4l%’V 


Tulip Invest Fd . 
Tulip vnnsd. FH . 
Mao. Rood Fd_ 

Kbd Pen Fd. Cap 
Man Pen Fd Arc . 
Maned lm Fit lull, 
lined int Fd Are . 


1494 
(11*4 
1222 
126.5 
U4 9 
100 9 
UL5 


1573 
124 6 
1286 
1331 
1419 
106 2 
1068 


First Viking Commodity Trusts 
*» Georges SC- Douglas I.O.M. 

0824 4882. Ldn. AcUlhuibar ft Co. Lid- 11M1 _ . 

53. Pall Mall. London SW11SJH 010307937 iai.Cheap»de. Et i 

Frt Vtk.Cm.TsL _ (37ft 393 [ Z<0 CheapS Ort in.-... 

FrtVfcDblOpTrt ^60 70 0) | 3 88 

Fleming Japan Fund S.A. 

37. we NotreOaore, Luxetnbourc 
FleimneOrtft ( SUS67JL3 | ....J — 


J. Henry Schroder Wagg ft Ca IftL 
01-AB849M 


Par line Fi 
Japan Fd 


< hasp* Mr*, in.-... 12J5 i 

TralMgar Au*. 3) ... SVK143 25 
AswlFdUcLfi IT310 227« 


Fnd Ort. 5 BA2.05 2 Hi 

Ort. A. pl'SStZ 9«| 


•BO 1 ! 235 

2*2 
. 470 

| 0.42 


Free World Fund Lid. 

Butlerfiold Bide . Harrolliw. Baneud* 
NAVAue.31 1 5US19491 | .. — 

G.T. Management Ltd. 

Parle Hso . 18 Finrinuy t'lrvos. fendon EC2. 
Tel 01038 8131 TLX; BBK100 
London .\jrels for 


Anchor ’B' Units 
AnrhnrGill Ede+ 
Anchor tot Kd . 
Anchor In Jay Tst 
BcnyParFd. 

Berry Pac St ric - ■ 

1 1 T Arm Fd . _ . 
«JT ArtBStnrlinjt. 
G.T. Bond Fund . 

T. IVdlar Fd .... 
<■ T Prit-iIn-Fd 


;.T PbilmfunaFd.. grans ntj 


114( 


(scan 

*94 2 . . . 

tigs? S« 

130 2 32.3 

, 5US58 44 

ggft 

106.14 17ftJ 
SUS141B 
»US7ft4 

SUS1735 


9 48 el -0 Dll 13 «0 
191 
1 01 
068 
093 
176 
1.16 
524 
OK. 
089 


+0 M 
oofl 


189 


Sentry Assurance International Ltd. 
rn Jto* 326. BanulUm 5. Bermuda 
Muaxoil Fund . .. tSVftUK 25*{ . ( — 

Singer & Friedlander Ldn. Agenlv 

3D. Cannon St. EC4 0J U8 JW4* 

nekaloods 1WI2737 28«<-t.ltt 5 94 

Tokyo Tst ore 2 ...| 51548 90 T | lftl 

Stronghold Managetyront Limited 
PC RokSl.i Si Holier. Jerro.' 0RM-TI44B 
CommodityTruft |93 15 96 06| . . | — 


Sunniest (Jersey I Ltd- m 

Queen* Hk (mn Rd SI Ilelier Jsr TOM ?T349 

American I ndTrt IC772 7 89i-OW| - 

Copner Trust U11.61 USfl-OnH — 

•lap. Index Trt. . glll9 114^-POfi — 


Providence Capitol Life Ass. Co. LtiL 
30. L'xbrldjw Rnad. W128PG O1.74B01I1. 
Sel Mitt FH OP-.r " 

Sel. Mkt r <1. Md .. 

Fen w cm Equity 
Pension F*d Int.... 

T'epoigllFdCsrc-' 

Deposit Fd Atr 

Equity Fd Cap. — 

Equity FA Act 

PmL Iul Cap 
Fxd InL Acc.——-. 

3 Mul. Cap. — 

Intel Arc _ — 


U.1 

961 


1017 

1148 


1328 

1369 


Ml 

1225 


474 

500 


87.4 

58.0 


(65 

49.0 


<65 

49 B 


474 

500 


*74 

501 

____ 

" 

460 

488 


460 

«U 


46.4 

493 


869 


..... 

*7.4 

MO 


47.4 

50.0 



Trident Life Assurance Ca Ltd.? 
Rerudude Houw.Clm>xAr[ 04523*41 

Manared (126ft 133 7J . .. | — 

citd Med 

Property — 

Equity-.' American... 

I K Equity FUcd . 

Hirh^ielri 

r»iii Edged 

Umrey— 

International 

Kisrui— 

Growth rap. ... 

Growth Are 

Ferre Mocd. Cap— 

Pern. XusH Are. .. 

Pens-GuL Gep Cap. 

Pen t.Gld li ep A c< 

Pen*. Ppty Cap — 

Pens PU Are ... ... 

TrdL Bond . _ 

Trdt fi.! Bond 

■Cash lajue 

Trndajl Assurant-e/Pensions? 

1* C.-myneeRoad Bristol. 02723S4I 


1262 

133 7 


1462 

1570 


1514 

1603 


885 

07 

+10 

1154 

1222 

-02 

1420 

1504 


1224 

1296 


1245 

1312 


1066 

112 9 

+0.6 

1289 

136 5 


1285 

1361 


133 4 

1413 


210.6 

125 C 


124 6 

1320 


103 9 

110 0 


1092 

1156 


U54 

1222 


1212 

1284 


J73 

39J 


, 985 



ManacedFd. Arc.- 

Property Fd t'an - 
Property Fd At i _ 

(Provincial Life Assaraaee Ca Ltd. 
2Q.0isfaOf>Wpte.E£A- 


3- Way Oct a ( 

Equity Del. 5 

Bond OcL Sl— — . 

rttmertjrOcL5, 

Deposit OrL 5 

3-wsy Pa Sept. 21 .. 
O'Seas tor. OcL S — 
Mu.Pnft-WOrt.2~ 
I>0 Equity OcL 3 — 
Do Bond Oct: 

l'n. Prop, ore 2 — 


1276 
173 8 
1673 
1383 
1296 
1537 
82ft 
17*2 
2804 
181ft 
89.8 


Vanbrugh Ufe Assn ranee 

41 ^3 Maddox SL. Ldn. W1R SLA. 


Pro*. Menaced Fd.0291 
Prov. Cash Kd (30*8 


tin^asrata-feottonWiRsre 010987061 ^P»l * *»*■ MgW. Ud gKS^-TfiK 

CfcCw5*Fd_-|I22.e 132-ti — | — II. Qnwn Victoria SI, EC4K4TP 0L948fe78 
Crown life Assnrsmce Ca Liif ' 


Manaied Fd 

010*785® Equity Fd 

136.0 -...l _ Intnl Fnnd. — _.. 
lllftl I _ Fixed Inters! Fd—. 

** ~ S3?»— 


1 97 1 

106.7 

115 D 
102.1 


raw* Ufa Hae- Wokint. GD2I IXW 0*8825038 


Hand'd Fond Are. JIM. I 


«Frieeg Next daallnc Ore 31- 

CQEAt INDE3£ Close 502-507 


•» 


INSURANCE B ASE RATES 

; Property Grenoth,- — 


* » 


Vanbrugh Guaranteed. 


-9:75% 


TAddrm shown under Inauranoo awl Proporty Bead TbbU. 


Msu'dFd to cm. 

M vot'd Fd toil — 

Equity Fd Acr 

Equity Fd term 

Equity Fd.Inlt-.— 

Property Fd Ace... 

Froprety Fd Incus-, 

inv.TsL Ed Inrat - 

tecTst-FATm! 

Fixed I cL Fd Are.. 
Pxdbi6FdIneBL. 

lutfcr'l.FAAcc 

IntavT. FA Inem, — 

sssate- 

Dlri FA teem. 


U«9 

1101.4 
1108 0 
a2 • 
mo 

Mft 

Wo 

'jgft 3 

Cl78 

B 

mi 


OWQ Btife ' ft a iM 1 — 


11371 
ZU4id -2.3 
1120 .. . 
305ft -OH 

183 fta -2J 
184ft -0.4 
391ft -Oft 
1015 +01* 
100ft -0ft 
112ft -Oft 

1( 5fS 

10*7 +0.J 
124.0 -Oft 

Su 

99.7a -25l 
109 fta -3 ft 


6.48 


6.03 


lAGTrp. Fd Oct ♦ M6.7 ' 1MJ| — J - FrtTm rtmd '—1*9 
Next sub. day Nov. 1 

Pradential rnriMi'LimtitiH 

Life Assor. Ca sf Pen asy I vania Hoibom«3r«. ecinz-vh 

35-42 New Road SL. WI70RQ. 01-4938395 Eqoil V* ScW 


152.4 
348ft 
1049 
1681 

147.5 
1205 


+ 0.11 — 



__ Vanbregh Pensions Limited 


4) -43 Maddox Si— Ldn. W1R9LX 0I4M ^ 


LACOPU-tte (998 U48U-..I - 27. 


Managed .11016 1070j -0 if - 

01 -MS 0222 Equity - 110 7 !16.a-0« — 

I Futoi lutcreNL ...... |96 2 103.41 .] — 

_ property-. pni 1044) . . | — 

■■•■-I — • Guaranteed sec 'Hk Has*; Rales' table 


— Lloyds Bk. Unit TsL MngTs. Ltd. Reliance Mntual 


7.90 


71 . Lombard St, EC3 


59 9 'Exempt ...|990 


0I4C3I2E8 Tonbnilxc Weils. KouL 
184 2ri 7.77 HeL Prop B«K- I 2K3 


sLoradunA 


j7„ Lloyds Ufe Assurance . 

_ 20. caatn a. LttA «HX 

836 Op5'*'M»a OcLS .1ST ft 1651 
— . OjkS'AT - — 


Welfare insurance Co. Ltd.? 

0HB=22Z7l Wl Wilde Park. Exeter OJSZ-52 

... I — . MoaevinBkcrPd- ,| 1095 I I 

• „ • Fur ocfaor tnodd ptoaso ratev t<> Tool 

Rothschild Asset Management NnrMe GroupL 

SLStdtfc.nsL«ie.i^d«.EO( OJ0M4SM vnvdsor Ufe As*ot. Ca Ltd. 

».C rrop— ^ Zlr ■ ■ ■■* - Reskj jjbmt Rn. sheet St. Windsor 88)14 

Lifblmr.PIsm- — 176.4 72 *( 

ntnraAnd Gtfcfav 


en. — y-s P^nireAsxd Giblbi.i «60 


— nafclax.< 


ar 


fiacbn 


XlLfl| 


totnore invest. Ltd. l^dn. Agfa 

ft- SI MaTJ Ax*. Iiimdrai. ECS. Ul 383 3S3I 

ritnuarr Fund "Maxt. iFar East) ltd. _ . 

IS03 Hutfhiami Hue. 10 Harr-uin Rd II Konc „ l S. 

HK* Par l:.TS1 ..-BFK4E3 4511 I IW Pnrete on n> 

JaptinFfi ... .. gnsMJIB ZS54S . 1 050 

- Amencar. Tst .. fu-sus) ul ( 1 50 Tokyo Pacific Holdings N.V. 

Iniirm" Manacement i'n K v. I'nrara*. 
NAV p.'r sharp <»rt 2 SC«tyl 41 


lull Bond Fund jSDdUU II 
Gartmure Imraimpul Mart. Ud. 
PU Bov 3ft UnuxlasL toM. 

Cart more I nil Irn- (23 5 25 0! 

■ Ian more In 1 1 Grth|74 • 79 s| 


TSB Unit Trust Managers iC.i.l I.ttL 
RHLatelle Rd . SI Sai iHir..icn+> «M4 Tt4M 
Jcrwrlllnd ISO 2 52 « (4 54 

nrnsey Fund |50 2 52 Q | 4 54 

Pnp+* on rirt 4 Neil siih daj- ri f ? ]|_ 


| 560 


ivsftt iftis 1 1 
J 10 M 
. 2 20 


Hambro Pacific Fdnd' Mgmt. Lid. 
ftllO. ronnAUghl enure Hnqj> Konft 
Far Cast (Jet 4 .... . |Ufl05Q 
Japan Fund JS 'SUni 


Sg.036| ^ 

Haashron Bank (Gatnaey) Ud J 
Hambroc Fd. Mgrs. (C.l.i Ltd. 

P.O Box 80. Guernsey . iuai ass 

Cl. Fond MIA 1613 

Intnl. Bond 5TS 10908 *11237 
Int. Equity SI'S 12.07 12.444 
Int bvg*. *A‘ 5LSL66 109 
Sits* 'R SU^l.25 127 

Nest dealinr rirt. 


Tokj-o Pacific Hides. iS+ahoarili N.V. . 
Inlunuc Man arena'll <.p *. V -'jrarari. 

NAV per nhare Oil. J Sl'SFftiM 

Tyndall Group 

P.O Bus 1228 H undine 5. parmuda. 2-2TC0 

618 


Prices on UcL 4 


II 


nendersoo Baring Fund Mgrs. Ltd. 
BOB. (Janunon Hoare. Hong KonC- 
Japan FA Ocl 4.._|RSMX 2S 491 . I - 
fian«5 fiend Bond Fd. Ocl 5 SUSIOO? 
•Exclusive ol -any prelim charpe*. 

HlU-Samnel St Ca iGaernscyi Lid, 
8-LcFehrre St. Prtcr Port Goernsey. C.I. 
GneromrTaL 1 15 93 170.41 +1 6]' 3ft0 

BUI Samuel Oversew; Fund SJL 
37. Roe Nude-Dame, Lmtemhoun; 

UCS050 ZLKI+0 10( — 


fivasOrl 4 . . HI'SIZ* 1A’! 

lAxram. L’nils* fcSlW 2lrt 

Mfq tel Sept ftl .. ({1167784 ?Wj 

^ ft New SL. SL Helirr. Jctuct 083427081/8 

TOFFLOcLS 1798 8» 

(Acrum Shanes) £32.60 13 to 

American Ucl 5 _ 90 0 965 

i \ccum shares) ..— 90.0 96ft 

Jersey FA Ort 5. . 217 6 230 8 

i Non J Acc UU )... 388 0 326 1 

Gilt Fund OcL 5 ._ 105 6 107 J 
lAcrum Share*) ... 140 2 143 0 


210 


680 

iTu 


Victor? House. Ibudn. bird Has. NUS4I1L 
Managed SepL SI .. |136 ft 143.4] . ,| — 


I'UL Intnl. Mngmnt. {C.l.i Ud. 
14. Mulcaxtor gtrnei. St. Hdler. Jersey. 
Ul.B.Flind P0S1WJ6 1S&SS| | 


771 


United States Tst. IntL Adr. Ca 
14 Rm Alrfringer. Lnxerabaurg 
US.minv. Fnd _| SUS11.24 1+8.84] 9.39 


Net Meets Ort. 5. 


SO. Giwcham Street. KC2. 


ItiterwtlmMl Pacific Inv. MngL Ltd. S. G. Warburg & C«. Ltd. 

PO Box R237. 5ft Pitt SL Sydney Apt*. 

JareUn Equity TSL. |SA2J9 Z.1SJ— 102] — 

IJ.E.T. Managers (Jersey) Ltd. 

|PO Sox IM. Royal Txl Hra. Jeraeyt634 27441 
Jersey Extrni. Tat _p97 8 20901 . ..1 - 

Aa «t August 3L Nert sab. day SepL 2ft 

Jantine Flnaaf & Co. Ltd. 


I'oov.BAOrt 5. — 

Em* InL Oct S 

r, r St.SFd Ant 31 
Merc Ebd 0cl4 


5US9.7S 

5L’S18.92 


hlfe0«W 
+8JB21 - 
+052 — 

z:. flint 


J ardi ne Ert n. TsL -. 
jBrdincJ'pa.Fd.* * 

Jijrdjnp S.E.A. 

(Junfioe FIcrlIhL .. 
InU ftecftccA-rtnc.) 

Do. lA cram, i 

NAV Sept 14 


1IKS353.70 
HKS412.61 
SUK1974 
11X512.48 
HKSU.75 
n H10l4.90 . . 
'Eanlralcnl RiSMB. 


N«t sq b. Orf. 8 


190 

080 

178 


Warburg Invest. MngL Jr*y. Ltd. 

1 . t'barinc Cross. SL HeUer.Jir. Cl 0534 77741 
<~MFL1A SepL28- .jBSBg KJfi . 

I'UT Lid. SepLSS -(04J9 14.76) 
Mreals7>u.Sept7]„pft38 1Z6# . 

TMTSept 14 .... BlSQM 
TMT Lid Sept 14 . |niJ9 U 69) . 

World Wide Growth Management*} 
libi. Boulevard Rnrnl. ijEtemtimni. 
Worldwide (Kh Fd] SL'S16 73 |+D U| — 


NOTES 


Igttfc iBnL ejeert Wtar* tmMcated * and are ip pence iretm etbWwiro 
ameateA. Ylato % (ahtyin In last cetnnn) allow tor all teyirr ex pennes. a Offered pnrer ■ 

^eWhwfeMoflcr priced Eslhnated p To-days 
ilcc-b PUtrib naoB treg of C.R taxes p PenriUc proTmum mrirtnra plan 6 s 5)ncl« 

insurance a Offerer! price includes aD nr - 


dpmins priraTfc 

premiuia ii 


tr — • •-I"' include* an cvncn-oc «Axept r ■jimursi+ri- 

□BerM price include* all I iktyrrar il bnusht Oirouch mnnxc+m t Prr-mu' riav's sir. 


Y Nat at Uz as maltesd 


i« L 


I cBBtlal anlu unJess ledlcated by t « i.ueraan’ am 0 S umhW 

♦ Ylald bate* Joagr tax. t aMitetolsunir^ 














Th« 
street 
being 
state 
that 
a re 
South 
surpU 
.of tin 
has d 

Mot 
men 
econo 
cornel 
sion. : 
year, 
duct i 
virtua 
March 
Horwrc 
Fin an 
cautio 
eeonoj 
be the 
Yet 
numbr 
have ' 
runnir 
futthe 
official 
is for 

curren 

Minis! 
6/iTY < 
2 per 
The 

dard 
refers ! 
that t 


THE SCOTCH 
OF A LIFETIME 

The 




FT SHARE INFORMATION SERVICE 


Financial Times Saturday Octolw 


| SfcK* IWaf-" 


M 

I 

' F 


tc 


: w 

11 

Si 

5 

tfc 

9 

1C 

01 

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lit 

It 

is 

at 

9 

9 

A 

11 

tn 

it 

4 

F« 

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ca 

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& 

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1G 

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an 

95 

S' 

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75 

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w 

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fltch. 1 V l!BJ 


Treas'irr llx-nt IS® 
£.rh. ITp- B60C" .. 
Fuivflii£3 i pf , 8MH 






SE 


y iKi 


m 


.t! 


^117. 
M I — 1 MJ 


Hire Purchase, etc. 


BEERS, 


SccttANe»2Dp_ 


M39 22 7.5 
0.76 U 3.! 
t<.91 33 43 
SJt * 3.0 


39.1, _ 

TO 

46 


1st 


INTERNATIONAL BANK 

S8 ;! H^z |Spc stock THE | 8U 2 1 1 6.14 1 

'■ CORPORATION LOANS 

«#« 92!. IS jhiIieib S hoe TM1 „ I W*l.._..l 9.81 I 
94t« KP* {BtL 
307 lSQ^lGL 
U2 H 
9P« 0 
94 9 

10?; 9 

29V 2 


gw mat 


45-1 


taLMLGasSI 


3(, m 

3.9 ^ 
53 3| 
03 51 
4.4 

«» 
iif-H 
ll « 

TCI 


J 27 

a* 

« g 

Hig 

£> 66*2 


1° lF«b. 
19 ) D* 
34 [Fed 

cl 


era 


1 SS 


1 1+ «i 

W« 

TV 

High Low 

Stock 

) Price | - | 

Net 

Cvr Gr * F 


6^2 S‘ 

9912 4' 
3*4 2' 
154 1C 
95»z JT 

10ft 10 
110 10 
Df 2 30 
35 r 
Sl'i 7- 
99 3* 

W* Bfi 


os.£3_ 

Goode CttMxy5p 


X. 


lhstakjams«i_ 


.B HnJdingslOp 


analogs SADa) 


250 1+2 ltf.23 


FINANCIAL TIMES 

BRACKEN HOUSE, 18, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial SS6341/2, SS3897. Advertisements: 883033. Telegrams: Finantkno, T ri nti o n PS4. 

Telephone: 01 -248 8090. 

For Share Index and Business News Summary in London,’ Birmingham, 

Live rpool and Manchester, Tel: 3tf 8026 
INTERNATIONAL AND BRITISH OFFICES 


New Group 


GeJferCAJ.)20p 


170 
116 
123 
23 
63a 
43 
9 
23 

PoEmanftiJ. 5p.| 99 
RmcarTe-.tSp-l 30 
72 
95 
42 
ICC 
184 


^ Kh. 

si 


73 5* 
i t“ 41 
* 150 
fi 48 

b 2 55 

93 gu 

lOLSig 

104 

103 

Tih. 

■ ,38 

'38 1 

50 
160 
138 
4 9* 
175 
52 
B7 
76 

- | 97 
&8 77 

A I 48 


ph 


3 

10Ji 
5.9jie.i 
2.4I15S 
4.011.8 

9.3 7.8 
53*34 
— J5Z.3 

7.4 5.9 
5u« 6.8 
L9( 54 
£310.6 
id 10.1 
?.fl 2.9 

-lzS.4 

114 

lfj 

16.7 

10.0 

122 

527 

*33 

93 


23 
72 

65 

£109 
116 
*25- 
23 
150 

34 
82 
45 

171 
244 

35 

136 

5 1 

^ IB 

107 87 

86^2 1 55 ' 
148 
20 
40 
94 
Z*z 
61 
99 
92 
2P; 

125 
£1U* 

52 
84 
2«B 

35 \m 

235 3A 
123 Id 
260 


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“Tfn 
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MAN OF THE WEEK 


Agony of 
a nuclear 


Russia urged to help 
ease Lebanon crisis 


BY OUR FOREIGN STAFF 


INTERNATIONAL EFFORTS to whose forces have been pound- the Palestine Liberation Or gani- 
stQp the fighting in Lebanon ing the Christian areas of sation. 

gathered pace yesterday as the Beirut with heavy artillery and Attempts by the Chirslian raili- 
battle between the mainly Syrian rocketflxe. showed little interest tias to take two strategic bridges 

I Arab peace-keeping force and in the plan, however. controlling the supply routes to 

the Christian militias increased The Security Council decided the north' are reported to have! 
in ferocity. to meet after the President, failed. The Arab peace-keeping! 

President Jimmy Carter per- M, Jacques Leprette of France, force said that two super-Sher-i 




Nigerian 
accounts 
blocked 
in Paris 


By David Curry 


PARIS, Oct. 6. 


sonally contacted Mr. Leonid reported that bis appeal had man tanks used hy the militia- A NUMBER OF lacse 


banks have been instructed by 


•■vnii r-ANnsrnT on romnro Brezhnev, the Soviet President, gone unheeded. The Soviet men had been destroyed. banks have been tnstructeaDy 

mkin* unlit vdi vour asking him to use Soviet Union and China are understood The Christian radio paid that a raris court to block Nigerian 

snn n °Th7«s U was hnw Sweden* JnHuence to ease the crisis. to have agreed that the time had It was impossible to give bank account because of the 

Prime Mr T^nrhfn™ Mr Jody Powell. White House come for a formal examination casualty figures because of the continued Failure of Nigeria to 

FalTdtn Sained his rSSnaS Press Secretary, gave no details of the crisis. complete collapse of cnmmuni- settle a debt lor cement dating 

railulD explained OlS reslKfiaUOn , -l_ D rnr .iJnn(V milh I, . , I.., <■ cihnnc <*, +>,« nr frnm I 07 . 1 . 


J?T«SS^* 4 am,.., «>«<• ch^n 


as the' anti-Socfalistvv'hD because I sotne influence in the region.” reported to be negotiating on there was no water or electricity, Instance upon Uie application 
as me anu-oociaii&i w no oeiausei ,> ht. v.,r> M - . . _ , rhi» mnn^. nr ih« Prmrh iraHiiie rnmnanv 


of bis conscience missed the 


of the French trading company 


of bis conscien^ mSsed the Meanwhile. Mr. Cyrus Vance, the text of a reisriution calling there ports added. r"® ~ — -■ — 

ODDor-timn- to sl^n the~ u'de of lhe us - Secretary of State, f or a ceasefire and a separation Mortar fire was directed at the Ipitrade- Some of the banks 

Elism in Sweden returned to New York to push 0 f forces. It will be the first u s - embassy in west Beirut involved are thought to be snb- 

sociai in oweuen. f 0r action in the UN Security time the Security Council has wounding 12 people, including a scribers-to the $750m loan now 

Ever since he came to power council, which agreed to meet to debated the internal conflict in U -S. marine sergeant. being raised on the Inter- 
in 19 r 6 as leader of the three- C0QS jder a further bid to end Lebanon British citizens who do not national markets for Nigeria, 

party coalition which unseated ^ bloodshed. In Beirut the fighting con- bave urgent business In if Nigeria persists in its non- 

the Social Democrats for the first The U.S. previously supported tinued unabated after the over- Lebanon should consider leaving, payment, there Is some doubt 
time in 44 years Mr. Falldin has the ca ji by France for an night Israeli naval raid on a the Foreign Office said yesterday, over the ability of. the two 

ben torn between his personal immediate ceasefire and the Palestinian base to the west of There are an estimated 300 French banks. BNP and Society 

conviction that nuclear power separation of Syrian forces from the city. Israel has told the U.S Britons living in the country, 
was unsafe and his political duty; Christian militias. Mr. Hafez that the aim of the attack was to Christians trapped id Beirut, 
to consolidate the nmt-Socia lists al-Aassad, the Syrian President, thwart a planned operation by Page -2 

election victory. Un Thursday he • 

sought relief from his agony. 


There are an estimated- 300 French banks, BNP and Society 
■itons living in the country. Generate, to make available the 


Page 2 


$50 m each is subscribing to the 
loan. 


On first acquaintance Mr. Fall- 
din is not the kind of man prone 
to such wrestlings of the soul. A 
hig. slightly unkempt, bluff far- 
mer. be appears to he safely 
buttressed bv his belief in the 
old-fashioned’ virtues of work, 
family, church and country. 

He emerged on the Swedish 
political scene as the antithesis 
of Mr. Olof Palme, the sophisti- 
cated urban intellectual chosen 


Gromyko gives pledge 
on U.S.-Soviet summit 


Confident 



The banks stated today, how- 
ever, that they were confident 
that the outstanding problem 
of the debt would be settled 
and that they were proceeding 
normally with arrangements to 
participate In the $750 m loan. 

The Nigerian embassy to 
Paris says that it knows noth- 
ing of the debt problem. The 
i Qua! d'Orsay, the French 

MR. ANDREI GROMYKO, the possible to say that the question and wants to leave for personal Foreign Ministry, has eon- 

Soviet Foreign Minister, said was resolved. reasons. < «*- ■* *»•«.♦ »»» 

tonight that Mtv Leonid Brez h; Mr. Vance goes to Moscow Last week ' Administration „ n _ — 

nev. the Soviet-President, would later this month to hold pos- officials, ' including President intervene to secure the lifting 

he willing to meet President S iijiy the last SALT negotiating Carter, held four days of talks of an order placed by a Paris 

Carter for the first U.S.ooviet session. with Mr. Gromyko- These conrt at the request of Ipirrade 

summu in four years if a Rmmvkn fhat ir «.« smoothed over most of the blocking the embassy's account. 

imitatlon thp Soviet view ihai a remaining obstacles, U.S. officials Ipitrade Itself confirms the 


BY DAVID SATTER IN MOSCOW AND DAVID BUCHAN IN WASHINGTON 


trealy was ready to sign. 


say. American worries that the events leading up lo ihe recent 


.. , — , . . meetine should pnd with “somo sa *- American worries mat me events ieaamg a|i iu rc«ui 

Speaking for a national tele- h« 1 Russian Backfire bomber could derision. But says that only its 

Vision audicDce Mr Gromyko ' "ijfl 5°"’ be used tu strike directly at the chairman, who is now overseas, 

made explicit what had always ? ™ £*• ™ D 5J n !gn i e n (L ra w J„„ r a " U.S. are now largely assuaged— cau give the latest details. The 


been a Soviet condition for a L mp ? r l? nl s . l 5 p in . rav ? ur 


been a soviet condition for a partly because the U.S. had in- court Itself declines to discuss 

meeting between Mr. Brezhnev g™” [L or £ "Z ? n f sisted on its OP 1 * 011 t° develop details of its derisions- 
and Mr. Carter-that there he a S 1 ° r n ; r a n n M ‘?.P ortant slep ,n a similar bomber as a successor . 

Arbitration 


to the F-lll. • 

Development and testing of 




mm 




Thorbjorn Falldin 
Sincerity and goodness 
cam e across 


- — — r,r “ aiiuiutr uuiuuer as a auccesaor 

document to sign — and indicated favour cf Peace. t0 p.jjj . 

in the process that progress in Mr. Gromyko said that Presi- Development and testing of 
the SALT negotiations had deni Carter had assured him of new types of missile had been a 111 1975 t* 1 * Nigerian Central 
brought a new pact very close. the Administration's commit- stumbling block. But officials Bank iss ue d Irrevocable letters 
Mr. Gromyko said that Presi- ment to a new SALT treaty and here now say it has been agreed of credit for the payment, but. 
dent Carter had expressed a expressed the view that Congress in principle that both super- apparently, cancelled them 
wish to meet Mr. Brezhnev and would ratify an accord once it powers tnav develop onlv one af, er shipment, 
the Soviet position had been that was signed. new type of land-based missile Iptoade invoked the zrbitra- 

Leonid Brezhnev was ready to B ut Mr. Paul Warnke. who until the SALT 2 Agreement pracedure of the 

meet President Carter if, of has served as Mr. Vance's chief nms out in 19S5. For the US. International Chamber of Corn- 
course. the relevant documents full time SALT negotiator, has this is considered likely to be and J|\ e ^l?**?* 

were prepared and. first of all, niade it known he will resign the proposed mobile missile P*”® 1 . a * arded 11 * 10m for 

the treaty on Um Ration of once a SALT 2 agreement has system, and for the Russians, a contract, 

strategic arms. been reached. Mr. Warnke has successor to their SS-I1 missile. . Nlgena refused to 

He said that SALT talks with had an exceptionally busy past There is to be no constraint. 1° arbitration or accept the 
President Carter and Mr. Cyrus 18 months as the head of the except of course in terms of over- J“d£“*em- But subsequently 

Vaoce, the U.S. Secretary of Arms Control and Disarmament all numbers, on both sides N'Sfna agreed to a private 


by Mr. Tage Erlander. Sweden’s 
long-term Prime Minister, to run 
the Social Democrat Party and 
the Government Mr. Palme is a 
political animal, brilliant in 
debate. Mr. Falldin Euinhles for 
words before the television 
cameras but the sincerity and 
goodness of the man come 
across. 


State, had yielded ‘some shifts Authority because of the multi? forging ahead with new types of ? p ' rad ? , for 

ander. Sweden’s in the necessary, correct direc- tude of negotiations embarked missiles that can be fired From • •o.om tu be paid within days 
Minister, to run tion" but that it was still im- on by the Carter Administration, submarines. August 1. It is tills sura 

icrat Party and which has still not been paid. 

Mr. Palme is a Since the expiry of the 

. brilliant in • g* A . rgi / period for remittance of Ihe 

Gifts to Tory funds up 50% 


BY RUPERT CORNWELL. LOBBY STAFF 


which has still not been paid. 

Since the expiry of the 
period for remittance of Ihe 
$G.5m, IpRrade has, ii is under- 
stood, gone back lo court to 
seek the means to Implement 
the arbitration award. 


He was thus a juitable focus THE CONSERVATIVES yestcr- trend is that lots or new contrihu- party* central income climbed ' i 

ir man v ‘Ju.-oripc rp.irf inn .. j _ , • . j. • I 


for many Swedes reaction day reported a 5ft per cent rise tors, including industrialists, are by about a third last rear to ; Px * 

against the increasing cnllec- | n donations lr> the party's cen- giving us money." F-»qm Thn hiMnn,^ 5 rfw 

:.v, sm of their society. But in t ral funds last year mainlv from * „ Thc bud 5 c,w » 


role as anti-nuclear crusader and ference. Mr. Alistair McAlpine, tions fighting for free enterprise It is believed that spending! wunnurgn, ininoee, 

anti-Snciahst leader that Mr. the Conservative treasurer you must include the Conserva- in the run-up to the election-that-i A *^ rf,e ® n - Glasgow, Moray Firth 
Falldin has not been able to admitted thar the last few months live Party,” was all he would never-was totalled • about L sunn Y periods. Wind S., 
sustain. In the 197fi election had seen a 'very dramatic' - im- say. £500.000. which is far below Ibel l«l h C cp stron S- Max. 17C-19C 


campaign he promised to 41 half proveraent in donations. “Thi 

Sweden's inarch into the nuclear — 

society.” a call which may have 

gathered enough last-minute Continued from Patrp 1 
votes to beat the Social Demo- llum ra 5 e 1 

crais. But the other nnn-Socialist 


The accounts show that the Labour Party’s claims of £2m. 


parties. the Liberals and 
Moderates (Conservatives), are 
prornuciear. 

Mr. Falldin made his first 
compromise by letting tbe sixth 
power station come into opera 


Mann Judd resigns as 
Barrow Hepburn auditors 


BY CHRISTINE MOIR 


LJvjng Barrow Hepburn auditors !?S2 
standards by chrbt,ne mo,r i business 

power station come into opera- ^i iarD ln thf> nppp « n , 0 _ 0 n( MANN .IttDD has resipied as best interests of shareholders ZmL'' 

tion but in return he got agree- income Sved Th^crsnnff^ 1 a ^ ld,t ? rs of Barrow Hepburn, that another firm of auditors •£ “£-! 

meat for a thomugh review of ^s rat^ rose from i « * f! ili • lhe leather group which re- should take a fresh view,” the -'tnvrtm c is si 

Sweden’s energy- alternatives Der cent h^ £,H Cently , uncovered “serious spokesman added. ^„ na 1 ^ 

and a law. compelling the power P „ ond quarte ?s Tbe SveraJe 1 arities " h ,n H ,ts £‘fS°w None of the hoard of Barrow ££jt" na f 

companies to come up with un- f 0 r 1977 was 14 V nor . <»ni P a8e 1 subsidiary, Schrader Mitchell Hephuim was avaiiahle to com- n.>icr.nj» s ir. .w ; 
r n r,toci,hl^ mi^ihnrlii Fnr «torinr. _ A?. P° r . .. and Weir. ment last ninhr nn RrrUn r? 14 37 


BUSINESS CENTRES 


MANN -fLJDD has resigned as best interests of shareholders, 


.Mn'iirlm 

Athens 


contestable methods for storing The j um p thl5 year is s, m j| a r! 


cnntestahle methods For storing The jump thj5 year Js slmi | ar l and Weir - , on whether the ^' e n hrn ^ \* 

radioactive nuclear waste before t o that which occurred between The surprise announcement company still intends to pursue nrs^m s ir (si|n^»- t 
they could activate any further the third and fourth quarters! that Price Waterhouse has been local action nver th e shortfall p 17 «'K**p 

reactors. last year. Economists expect thc : appointed to replace Maan Judd Schrader Mitchell. l" r !« 

For Mr. ralidin anil most savings ratio in fall m July- J comes while another indepen- fcaim x si -a-ivisn 

Centre Party members this law August as the increase, in firm of accountants, Whin- . • r !? MiE r S u 

spell an effective stop to further comes is reflected in higher I ney Murray, is completing its Continued from Pane 1 r U fiiiniiirti 

nuclear development. Not so for consumer spending. investigations into possible __ 0 . cnpnh^n. n ic 34-Rnm» 

the Liberals. Moderates and the Government statisticians have' frauds at Schrader Mitchell. / SSllli.". ^ ?. !5 ^'’sinsji 


Y »l«y ; V< 1 ?\ 

midtlayj mtrtrtai 

•r. -k! -r: ,p 

C 1« SI MancHrw. C 17 «3 

S W 75 Mr lhnum* F IS » 

F 19 .M Milan s. ik a, 
F lo 35 Montreal r n j; 

S is 39jM«rcnnr C 4 4r 

R 14 37 M'lnicF F 14 sj 

S 17 m Noti-cawb* F l? IIS 

S 17 (ktlNr-u- tfrlrr S .15 

F 17 itVNPVYort r 1ft hi 


F fi M 
r u r.i 
f ;n «s 
c is .Vi 


power companies, who believed made a sharp downward revision , Barrow Hepburn bas already 
that the conditions could be m the figures for underlying com- j disclosed that these may cost the 


Zambia 


S 31 -tt'ivrch F 7(1 «s 

S 17 fit j Praam* ‘ c i; v> 

C 1 1 y 9 4<i 

r ib Bi . pin iic j'n r 2f. sn 

B 12 .M'Bninn S 22 72 


S IS fil’sinojporr S 23 Ss) 


I Rf1lnhar«h F 17 fit.Srorthnlni r 9 4R 


met. This difference of inter- pany profitability. Gross trading , group as mucb -as £4.2m, of about 58.000 tonnes of Zambian 

h., - c._ .1 . _ j r.. i rin. i i ; i . .. ' H,-iMnr< 


Kr.inkrnn C is SBiSirashrs. 

Ilrn-wa S 1.7 ,73| SvrlrK-v 

■ ii.isoir |- j? fr:|Tt>hr.in 

R,-I«inki B S 41 (Tf I Aviv 

II Knna C 23 ^|Tok>-ti 

In'hnrfi S 21 Ts'.Tnrnnm 

l.lshon s 21 . 751 Vienna 

l.nnrtnn S IK MiWanumr 


HOLIDAY RESORTS 


pretation has bedevilled the profits of companies, adjusted for 1 which £im has already been pro- fertiliser was stifl at Maputo, jii' Knna r -s Tokw ,v 

coalition, which worked smoothly slock appreciation and seasonal < vided for. 4.000 tonnes in Francislown and | ,n-hnr(: s 21 TalTminui 

and successfully at restoring the factors, was 12.7 per cent below 1 The company has also called in 6,000 tonnes in transit. ^ it ' j'w'""* 

Swedish economy, but time and the original estimate at £2.65bn. | tbe Glasgow Fraud Squad over tn addition 30.000 tonnes arc ' iWmh-u r n 

again lurched to crisis to com- This moans that whereas thejtiie matter, and has said that it in South African ports awaiting ■* 21 ru- 

promise over nuclear decisions, original estimate showed profit- 1 is considering legal action transport. This will now be sent ur>, m7v"BEcnB 

Mr. Falldin’s credibility and ability in current prices slipping ; against^ 44 both individuals and lo Zambia through Pretoria. noupftT resor 

conscience became the pivot on by 1.9 pec cent between the two j groups.” M a f eking. Francistown Bulawavo ViUii 

which Swedish -politics revolved, quarters, the real drop is just i Yesterday a spokesman fnr and Livingstone Dr • Kaunda n l l /f 1 ?pi 

Mr. Fall din’s agony is over for over 16 per cent. 'Mann Judd said that he could said. 1 ' Aja--cin f j« urI Istanbul 

the time beine. He is now free The longer-lerm trend, far not make any comment over Tony Hawkins adds- fdom s sj u j-rw 

10 fight unreservedly for hTs anti- from being-more or less steady. , whether Barrow's statement tm- Salishurv : As' he Ip ft Salisbury SEJEifwtr c ?- Si' asPIms 

nuclear convictions. The latest as thought, is now in decline. In -plied the possibility of action today, for th U.s. Mr tun Smith i s 1 9 
opinion polls indicate that a 


r H 37 
R 12 34 
S 73 74 

s :s 71 

C 17 h.1 
B 10 35 

r 13 33 

R II .77. 
S U 37 


Vila* i 
ml'i/larj 

•r: f! 

F 20 I Istanbul 
S S3 7llj,.r«wv 


KJlear convictions' The latest as thought, is now in decline. In -plied the possibility of action today, for th ’u.s. Mr lao Smith ‘ Bom«jiis s » >5«[MS«rea 
jinion polls indicate that a the first half or the year, real . against Mann Judd, hut that “ if welcomed Zambia's dwisinn f « a u.b H 

ajority of Swedes believe the profits were l.l per cent below any action were taken, we should 44 1 Think this is coins In dn cl^ r"™ > w 


countrv should continue with) the level of the previous six , certainly contest it. 

1 _ ’ n... *.i • 2 «.. 1 onii thn A rfm ic nPast P r 1 “ U‘a urrinM arnim 


this coiintn.- a lot nf good," he Cnr-ru s 23 77:\» P h!' s 

ij> _ .. . .. I nnhrr»mlk Q -Vi ami 


nuclear power But thc minority montlfs. , and The drop is greater! “We would ar^ue that we had said, adding Lhat had the I ESS 0 ™ 1 * ^ “J"*" 


is large and, if Mr. Falldin can) when inflation is lakcn into ; done ^what we ought to have Zambian leader done this before n£we s m 


make nuclear pnweT the central J account- 
issue of the next election, his) Near)! 
party may remain the second 
largest in the Riksdag. What he 
has done tn tbe anti-Socialist 

.cause . is an other matter.. ..... 


there would have been “less initial v -it r, nbimn 


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Thursdav* eventiie ^'Vt'sums u n^a Mr - Brezhnev ' «*“P l com- Bishara' and Mr. ‘"James Fo °d and medicines were The derision was taken by 
man who mat iS^down in history meBl ,hat “ ,hc Soviets do have Leonard of the U.S. were reported to be running out and the Pans Tribunal de Grande 
man wno may go aown in nisrory ^ — „ mHn«nni in iHq Mvinn " 1 .:_u thi>n> nn «ii.pinpitv ln«(ann> nmn the aonlication 


William Baird is playing an 
artful game in its bid 'for 
Dawson International, its offer 
document is built on the White 
Knight theme, and is mostly 
devoted to' the idea ‘ that 
Dawson's own plans to merge 
with John Haggas were mis- 
guided, and inequitable^ Its own 
terms are mentioned almost as 
an afterthought- - 

Fair enough. But the fact is 
that the planned Haggas ; deal 
has been put on ice. at least Joe 
the time being. The 'only .-deci- 
sion which Dawson shareholders 
have to make at the; moment is 
whether or not to accept Baird’s 
offer.- And that is by no means 
compelling. 

Baird is. after ali, iapitalised 
at just over £3Im — which is 
exactly tbe value of the shares 
and cash which it would have 
to issue to- get the 7<Kperjcent 
of Dawson which, it does 
not already own on these 
terms. If it succeeded, Baird 
would substantially -improve 
its profits per share and 
its cash flow, and- Dawson has a 
very liquid balance sheet- . . 

So Dawson shareholders, 
should wart on their Board’s 
riposte, which is * Likely to 
include the promise irf a sub- 
stantially higher dividend, re- 
valuations of .everything in 
sight and, maybe, some rather 
brighter profits news. Contested 
bids do concentrate die mind, 
[f they decide to reject Baird, 
it will then be time : to think 
about the link with Haggas. 


Index fell 1-8 to 503.0 




YIELD ON 25 yr 
GILT-EDGED 
(High Coupons) 

SBnSnnnMSk 


Institutional liquidity . pre- 
sents no difficulties to' funding 
at the moment but investment 
managers, who are not exactly 
longing to increase, the propor- 
tion of debt in their portfolios, 
are likely to be rather demand- 
ing about the price at- which 
they -ventually buy. Fnr-some 
time now gilts have been sup- 
ported a little below tap levels 
by institutions picking .up lines 
of stock on days of relative 
weakness; as the market bas 
stubbornly failed to advance, 
this support may tend to 
diminish. 


pany. which was formed fi 
scratch- in ' 1972 by } J 
duff, is sekmg to 
in: a one for four 
The issue price is. 
which represen t&.-a Z -pe^ 
premium pn the pr ice the sl& 
are traded in under 
of -the Stock. Exchaog^^ 
over a year ago Cla|£i0| .. _ 
£1.93m in- another - 

when the price was 

What has happene^feS. 
meantime?. Well. 
achieved" the' status 
ator in Oman (thougii: ^ 
has yet been discovetea^jft- . 
closer to getting someirbya'. 
from the Buchan FieRj^' 
North Sea. The la'tteirw 
start production in 
year, and should bring 
least ffm a . year. . 

But the company cannot r^y 
Buchan alone. It heeds/mo 
now to survey the Qaiimit 
cession, for more:' wojfc' 
capital, and most of-.'air : ttf- 
in a credible bid- '-for : h‘vp 
round o pera tor licence:; iff; 
North Sea. ;; 


Gilt-edged 

The increased thrift of the 
personal sector in the second 
quarter, when the savings ratio 
rose to 15 per cent from 1 2* 
per cent, according 'to yester- 
day’s official figures, represents 
a crumb of comfort for the gilt- 
edged market, even if rather a 
stale one. 

Just one of the things that 
could go wrong for the market 
would be a fail in the savings 
ratio towards the end of- tbe 
year associated with a continued 
consumer boom and higher pri- 
vate sector loan demand. 
This, added to the upward 
pressure on sh r, -‘ •"*■»», money 
costs already resulting from 
higher U.S. rates could push the 
whole yield structure up. The 
effect that public sector wage 
settlements may have on the 
borrowing requirement Is an- 
other uncertainty, not to men- 
tion the exchange rate im- 
plications of entry into a 
European monetary system. 


EPC 

Yesterday’s news of manage- 
ment changes and a substanti- 
ally reduced overall- operating 
deficit added ljp to EPC’s still 
highly speculative shares, which 
closed at 403 p. As presented, net 
revenue before tax for the first 
six months is £4.8ra. against 
£4.6m last time. But a better 
picture of the underlying per- 
formance is provided by adding 
back the capitalised develop- 
ment interest and expenses. On 
this basis,' the net pre-tai deficit 
is £2.fim. as against £6.6m last 
■time: ■ * ; 

One interpretation of the 
management re-shuffle is that 
EPC will now adopt a more 
aggressive attitude to property 
disposals. This would seem to 
be confirmed by the new chief 
executive’s hopes that he can 
bring abodt-a transformation of 
the p and 1 account within a 
couple of years. 


With all this, it could 
long time before Cliiffyjga 
profits, making it very diR- 
under company law fOr tfieii 
pany to pay any dNrfisi 
Guff’s crafty solution hsepfi 
to attach income warhin$ 
each new Ordinary shar&j! 
warrant— which, is not-.4e£ 
able— will entitle the hcHdei 
income of lip per hrif-yesr 
is dependent on;- the- -Biff 
royalties, and could be gta 
This is the kind of device: 
a company like Quff-has'to 
ploit to play the big tea&tft-. 
result is that the righ&.g 
yields 8 per cent — and thCf 
always an outside' chah&>: 
one day Goff will strike^ 
thing big, !• ' v 


Slater Walker 


Qoff Oil 


Guff Oil, one of tbe minnows 
of the British oil business is 
coming back to shareholders for 
more cash. This time tbe com- 


No precise fijpires-flH&ai 
able, bur the balance^^B 
Slater Walker -L^rf-^T 
banking; stibsidia^i^pf^ 
crumbled Slater Waiter ri^K 
gives : a rot^ ;.i«5iresBiaa 
how much thfehusinessha^ 
the taxpayer. • Jt .. looks! 
though the 'Bdnfc of'Enfda 
support for; the depositors 
cost it the best 
Against thhf, it nOW.-tes;^ : 
appears to be. a profitable,? 
ness with net assets. ofl£iS 
for which it paid.£3ixa cast . 
the value of sosbe 
assets, which include £13Jfl 
properties at cost and . 
loan note, is open to 


tivism oi tneir society, bui in tral fuDds last vear mainlv from xi .x i , u - me ojjur e v* 

the early 1970s the environ- industry and business. , ^ S!5 * Vj, e _ accou !?| ts ' expenditure in 1978-79. exclusive 

mental movement was also mak- there wa f cv e e S ry sign that of special general election .pend- 1 _ ^ TODAY 

mg a strong impact on Swedish the inflow had quickened .still fur. “fieri that the party would have m has been set at £3.1 m. MOSTLY DRY 

Ev b nffcrin" l0 a "ptslfoZ" K? ^ ^ an election 6 Central Office also turned an! London. E., S.E., Cent. N.E. 

environmentalists that Mr. oJSSer General ^lec^on M h MrAlp, . De P cl f i im t Bd on,y £S2 I { 00 defic " ,n ^77 into a j England, E. Anglia. Midlands 

Falldin’s Centre Party gained Central Office accounts fir the 3 d T" ^ ^ 1(K \ surplus of £40.000. last year. ^ Channel Isles 

electoral support and displaced year to March 31. 1H7S. showed th? average corporate As usual - lhe vast bulk of 9 ,°7^5J|. penods ' Max ' 190 

the Liberals as the largest anti- that net “donations’-lhc cate- donations wLoSly aboiTfiMK? money for lhe P jrl > - came from 21C (6 Sw ? jLiand w,k 
Socialist party. gory which covers unspecified ao T naU ® n i"' as , y IT was used the consti- 

Mr. Falldin bimself was con- contributions from industry and Lord Thorn eycroft, the Tory tuencies. The local parties j fi c sunny 

verted m the anti-nuclear move- elsewhere — rose from £1.3m in chairman, declined to give raised an csiimated £5m, J™ 1 , strong on coasts, max. 

ment principally by professor 1976-77 tn £1.94 in. far exceeed- details of the money received m the year to last March thc ^ , j , , r M c ... 

Hannes Alfvcn. a Nnhel science ing the £6fi3.37G sent in by the H? 1 ?. “ e British United Indus- Conservative pubheitv bill in- N ' W ‘ ^ 11 “j „,°f, j’ S ’”- 

prize winner, who works very constituencies. tnalists- organisation. eluding advertising, ‘ came to .. ,, ot L aD .. N " Ire ! a . n “ 

closely with American anti- Presenting the 1977-78 annual “It collects funds for free £276.01)0. but this was before tbe j dry: s 5SP ny ,12. 


...‘ - : J ■ — 




The outside information 


closely with American anti- Presenting the 1977-78 annual “It collects funds for free £276.000. but this was before tbe '. ' s “ y , nr>4 ’i 1 " ,er/«r, 
nuclear scientists. It is this dual party report at a Press con- enterprise. Among the institu- arrival of Saafchi and Saalchi. winci strong. Max. leuteii 4 ). 

««*: - i j c nr H aii.i.i. > i n ^i.«: r . ... i. - _ i ■ . . i nfirfl Pf<:. Kmnnnr^h IihthIpp 


• ffiSF-BHFl. 

Cent. Highlands. N.E^ N-W. Scot- 
land. Argyll Orkney. Shetland 
Occasional rain. Wind S.. 
strong lo gale. Max. 13C-15C 
f55F-59Fl. 

Outlook: Starting bright in E: 
outbreaks nf rain spreading from 
i W to most areas. 


Ir is true you can.' t judge a book by its cover, 
but the authors name can be a good 
recommendation. 

It s the same with CognacThree stars, five 
stars, even seven stars tell you litde about the 
quality because they are a convention without 
legal definition. But there are a few names you can 
rely on, and one of die great ones is Hine. 

Any Cpgna c in ust, by law; be made from j 
me wine of certain grape types grown in a closely « 
defined area, double distilled in Charentais J9 

pot-stills according to rigidly con trolled Jjj*? 

ffaditional mediods, and theti matured 

That covers the bare mi nimum .sSSEfc ? 
demands ot French I aw but it is then up m IMEfv 
to your pal ate to pronounce judgement. 

A browse tli rough die comprehensive 
works of Hine will confirm to you thatits 
Cognacs are among rhe great classics. 

The inside info rmatio n js very . . 
convincing; 



T Hine 

The Connoisseurs? 
Cognac 










For an irdormath-e lt*afleton Cognac, send a postcard to 3 
Dept FT, 6th Floor, 1 Oxendon Street, London SVC1Y -JEG. “ 


HpJKt'.eroa ar me Post Offlco. ' Printed by SL ei> rn - nf - f - ' - 

by On FjnuciaJ Tunes TiBl.. Brsdren .Homs, l &n£ VI LBMk ; 


W’- t 

• ~ % n -.