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No. 27 .(iys Saturday October 14 1978 

Men's Quartz range from amend JM 9 5C-£ 7 5, 

CONTlNCNTA i. S6LUNG TOCS; AUSTRIA Sch^lS: BEICKJH Fr 25; DEMHARK Kr 3.5; FRANCE Fr 3J1; . GERMANY DM 2.0* TTALT L 500: NEtMtftLANOS fl 2.Q; NORWAY Kr 3.5; PORTUGAL 6ȣ 20: SPAIN Pa 40; SWEDEN Ki 3.2Ss SWITZERLAND Ft 2.0; EIRE 15p 


BRIGHT STEEL 

SARS /^N IjAaBOn 

BAR ( jB ) A a L s o V 

WIRE \^y STA-KLESS 

KIVETON PARK STfH & W'RE WORKS 

LTD. 

KIVETON PARK Nr. SHEFFIELD 


Pham Worksop 770 152 



GENERAL 



BUSINESS 


T„. - j 



quiry 
as oil 
tanker 
leaks 



lose 9.6; 
Gilts 
fall 0.49 


Tim Department of 


9 EQUITIES were adniwl) 
affeei't'tl by increasing pressure 
Tride nn the official pay policy. 


"» ‘■“■■j!* Into the Closing, or ^ cuttini:.’^! Acwnrt 
K round: ii“ nr tbe Greek tanker 

off Soulb Hales, where spray* 


mg vessels arc tackling an oil 
slick covering Ki) square miles. 

Two iiuht tankers were head- 
ing for the stricken 'Christo* 
Eiljs tu begin transfer ring its 
cargo uf 35.000 money of Iranian 
heavy crude* 

The Greek-owned tanker was 
en mute from Rotterdam lu 
Belfast when it ran aurmind near 
^1 'I ford Ilnivn ami was hulnri. 

iiuciirie- by ihr Depart- 
nH.Tii suggest the lacker wy* }»«> 
close in i he coast. PaRi* 3 



Pay policy blow 
as Ford and BOC ! 

i 
i 

offers are rejected | 

i 

BY ALAN PIKE AND NICK GARNETT 

TIic Govenimcnt last night faced the prospect of its pay guideline being not; 
merely breached but completely disregarded as the first two offers to break! 
the 5 per cent limit were rejected by union representatives. 

AFtiT a day iff ncuntiiiimn nn l he company had come “nowhere money would be ai affable for 
oeliaK uf 57 .QUO FOK13 manual near” the rcaponw the unions ncgutiatlou and payment regard- » 
woikei's' union officials rejected were seekihg lo their claim for less of performance. 



.<—• nr, o uc-io/inh-- 

25' 

Retail Price Index 

- ( Ehstrp: ncasoaal foods) -j 

20 

S\ 

15- 

1 


j 4 | 

. 

cr: V •; ; 




«. BIX SK'T'a? ■- j 

..... - f ... ... 1 


1976 1977 1978 


UK trade 
swings bac 
into deficit 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Rate of 
inflation 
falls 


495, 


480 


: Korchnoi level 

• v in chess match 

■ • . • Challenger Viktor Korchnoi beat 
Anatoly Karpov in the 31st game pu si lions worsened the situation. 

• of the world chess championship The FT Industrial OrtHnarv 

■ \ ‘ aiVSn*!?* e . ! al n flv r aI l: ®5 F** Index closed 9.U down at 49G.2, 

- _ aie needed lo clinch jbu tille. •; ;• 

’ ’ - • RaS^hX • GSLT& showed a downturn. 

- tse* rut butter accelerated by Indications <rf the 

■ About l.ooo Lebanese soldiers higher rate on this week's 

have moved into two. Beirut Treasury bills and subsequent 
• suburb? in an attempt to esiab- concern about interest, rate 
. nsh a buffet zone between Syrian levels. The Government Sceutk 
v and Cbristian militias. ties Index dosed 0.49 down at 

raSC “ 69.06. 

..Iran relents • sterling ; fcii on; trade 

■Iran has bowed to demands by figures but with lined 1>^ the 
striking newspaper workers for dollar’s late Weakness to 'rfosc 
an end lo Tress censorship ■ but 15 points up. at SL9S65,. . -The 

• Hie Government faces-, more pound’s trade-weighted Ifidw 
trouble with an Opposition call ^ 62.1 (02:4), 
for a general strike to siari on 

. Monday. 9 DOLLAR fell in late trad 

n l -l. _ -..-jm. -- - after a steady start. Its frailly 

pasque amfiusn weighted depredation Widened 

Two policemen were shot dead to 40.2 (.lft.1) lie* t chC ' ' 

. and -a third wounded: in an am- • • 

«usb by terrorists outside BUhafl * 'M BOLD /dosed unchanged at 
Spain’s Basque provincial capitaL- ^294f respite. quite active 

_ « . . • ; trading. The Ncw York Cbmex 

»Gai Snip DSLCK - October settlement price was 
The eat and mouse game 5224.30. ($223.40). 
between seal hunters and con- . 4I , o TR ™ T n », 

senationists continued when the * r\T?? c j 0i f d ®’ 3 - 

- Norwegian seal ship . Kvitungen 69«-09 before the Fed raiseu 
sailed back into Kirkwall Bay. *9 discount Tate by. 2 per cent 
Orkneys, Ibr the third successive to Si.pfr cent., 
day. Government officials went 

aboard for more talks. • U.S. money sn'ppTy: Ml fell 

- from tMUMin to S35S.9hn. M2 

' Second shooting fell, from SS64,3bn to S864brt. 

. The second security guard to be - 

shot in London inside 34 hours rPKinP cfppj 
is recovering in hospllal after ■ . . aiv,w 

raiders -stole just under £6.000 Trt. j 

. wages which was being delivered ‘ OllICC? pl3fl06u 
to Edgware general hospital. „ 

North London: Bolb victims— 9 BRITISH STEEL plant manu 
Thursday’s was shot dead— facturers and designers plan to 

• worked for Securicor.' open a permanent office in 

Peking, to represent British in- 

HIlQtAn in terests in tbe modernisation of 

unai.cn m . the Chinese steel. industry. The 

OTa t listen, leader. of Sweden’s Forrf Motor Company of the U.S. 
Liberals, became the new Prime has denied a report in a Hone 
Minister after a j>arliraentary Kong business newspaper that it 
vote in which most of tbe mem- is planning lo open a vehicle 
hers abstained. The new Cabinet assembly plant in China. Back 
will be announced next week. Page 
Page 2 

• RAPID rise in industrial rjut- 
U Wines inquiry put over the first half of tbe 

l : ... . TV . year appears to he slackening. 

1 ;• .Allegations that blended wine according to CeDtraJ Siatislieal 
was rela belled and sold as an 0fficP figures. But there are 

- expensive product are being in- s j^ ns that manufacturing pro- 

vesngated by the Ministry or auction is still moving steadily 
Agriculture and Fisheries. The ahead. Back Page 
allegations involve a wine snip- 
ping company based in Easr * MORTGAGE rates are likely 
London. Page 3 l0 stay at.fij per cent.. for .the 

rest of the 1 year, according lo 

Brief ly ■ the' Building Societies’ Associa- 

*; ~ . , tion, which reported net receipt. 

* ewi j 5 :V King 'Hassao of Morocco said a up to £S46m in September. 

. /ij major source or oil had been pa ge 3 
found, enough to cover the 

country’s present needs. . <p INLAND REYENVE has ruled 

Bomb scares halted several -ihot" investing institutions norm 
Ulster trains following ' Thurs- ally exempt from capital gains 
dav’s bomb attack in which a tax are not exempt when dealing 
woman. died ; - in options. Page 3 

Geoffrey Boycott, sacked York- n 
shire cricket captain, has been COMPANIES 

asked to explain to the county __ _ 

committee his TV interview wilh • HONDA Motor Company 
Michael Parkinson last week, announced a 15.9 per cent tail 
Man of tbe Week, Back Page in parent company profits lo 

_ T . - i Y7.82bn (£42^ni) for the first 

Turner - Layton, -of the Lajion . .. . f v. V ear from 

and Johnstone singing duo, left record Y9J29bn in the' same 


BY MICHAEL BLANDEN 


and leli the talks with no further Siopiovciuenj-s including a reduc- p.mv ihat.it was not prepared; 
nieciiiju planned. _ dun in working hours. lo discuss" ineasures to improve' 

Larher BKITISIl OXYGEN “Although they have removed einciuncy . until the basic pay 
sh*.»p -stewards rejected a similar iho shackles iff fluvernmcnt o [Ter was increased further. 

oner and demanded an eight- rut.lr.iini they arc still trying to XegoUalor*. for the 3,WM) . . .. . n 

muitili deal worth about lo per negotiate close lo it." h«; said. drivers driver-: and industrial gas |A*'L BATE of retail ppce innn- 

ceni ur a 12-innnth deal in give the offer was not sufficient to cylinder handler.- at British ! ^‘ aiopped lasl monin. All the 
ri.ic- un earnings nT 20 jier cent warrant either having further oxygen's gases division 
or mme. , . talks nr recommending an end urgent talks with 

yviivn I-nrcl. which has f:.ii-d a , ho ^nke. . next week, 

naliniijii sirike lor ilu- past three Mr p a „| R orj Ls. Ford’s cm- At the lay dclegaU*' meeting 
weeks, resmned lulks with the 


BRITAIN'S current account 
swung back into a large deficit 
during September, continuing 
I this year’s pailern of sham 
I iminth-io-mnnih tlui-tuations But 
j i here were several especially 
; unfavourable factors last month 1977 I st 
land the underlying trend is 
{probably around balance. 

There was a dettril of £II9m 
• in September, compared with a 
iMirplus of L'132m in the previous 
month. About half iho change 
'reflected the impact of erruiic 
! influences such as ihe mduslriai 
clKpule at Southampton Docks 
and variations in oil shipment:;. 

Imports of road vehicles rose by 
47; per cent from the low 
August level, though ihe langer- 
term rate of growth this year has 
■ j been less than the average for 


BALANCE OF PAYMENTS 
(£m, seasonally adjusted) 



Visible 


Current 


trade 

Invisibles account 

1977 1st 

-973 

- 478 

-495 

2nd 

-762 

— 465 

-297 

3rd 

- 31 

- 543 

— 574 

4th 

- S 

-512 

4 507 

1978 1st 

— 612 

- 295 

-317 

2nd 

-135 

- 333 

198 

3rd 

-269 

-22S 

- 44 

May 

-227 

- Ill 

- 116 

|unc 

-100 

-111 

n 

July 

-132 

- 75* 

- 57 

Auq. 

- 57 

- 75* 

-132 

Sept. 

— 194 

- 75 

-119 

* provisional estimate 


SDu-cr: 

Drparl.-wfn: of Ti-oJo 


seek !rtfcenc evidence is mat the 12- 

liiy company [ in Italian rate should stay manufactured goods. . .. 

|in smgk figures, probably until | n lJie marke'w. there had been nf £75Um for 'ne year, and the 

fnirlv accurate speculation about more recent sucaeshon by ..ir. 
Employ- the figures jusi before their puii- Deni.-. Healey. (. ha nee 1 lor. that 



t Ford’s w,,,, u b . e available in return for specific areas, including consoti- 1 prices m the past 12 month r«ll L„' n ‘ Swed The ftr 

nn the Production improvements, and dation of supplement,, higher | to 7.S per cent against S per cent cnni^ 

to hL ‘ ‘not talking about hair- shift and meal allowances and j in the year ,o Aunusu and a low } t h? in 

*■ MonniMS." r,iTlhr>r new-mnnpv nn niiH nnim r.f Ti s_ t. “ 1L “'UeA an 


further new nioney on basic rates] pioint of 7.4 per cent in June. 

The figures were in line with 


r / ‘ Q l 

? ta; 

A * A 

A ]{i 




“a - 


company increased its offer 
one averaging S per cent 
offer-, were conditional 
union negotiators appealing . . jes 

th The ri Jompan.v TO S!ide it clear ,n return for _a further in- in a dear to last eight months’ 

that if the strike was called uff crease ,n th ® offer Ford seeks Th *s w»«ld be in line with rpne a . f or -- as ,c t, v \i* p„„ 
and union offidols signed 0 an union s,, l-pnrt to ensure better the union’s attempt to alter the ! nifterslev 1 the Prices &LS? 

undertaking °fo help improve continuity of production, work annual negotiating dale from j „,u Ce p s „ T ® 

production “efficiency, a further tlextMlity imd more efficient use September to May and would bej l fl “ * u *Jj round S h pe? com fi? ‘ 

increase on lop uf the H per or resources. designed to gu_e nses_on average ; lho rod nf iKie .-a-, v 

con* would be offpred. The talks So Tar as the Government’s earn toss or about lo per cent 
broke dnwn when after a short pay policy is concerned, ihis during that period, 

adjournment Hie union side would not have the cosmetic If the company refuses to 

reiecied the new offer. appeal of constituting a prudur- negotiate eight-monih deal. 

Mr Ron Tndrt. chairman nf tivity deal. IT the unions signed the unions; will resurreei extra 

[the union negotiators, said that a declaration of intent the extra Contmueu on Back Page 


The pound, however, weakened ns rapidlv as previous!’- hoped. 

strnnger Hie main reason for the 
that difference between the likelv 
I me iraae-weignicu inaex dropped outcome in 297S and the April 
I by 0.3 tn K.l. forecast has been the rise in 


Mrs. Thatcher offers olive 



unions 


■w&‘. 


BY RICHARD EVANS. LOBBY EDITOR 


MRS. -MARGARET 1 TIIATCIIER reversals at the hands of the Germany and added: “What 
yesterday offered trade union trade unions at Blackpool last they have had is strict control 
fenders a goal they could not week, and lo present the Con- of the money supply, no rigid 
attain tinder Mr. Callaghan s servatives as Ihe only: viable Incomes policy.- less state control 
Uibour Atfuiihistralion, ihe intro- administration. . than we have, lower personal 

ducli on of ’’ reul.iM ip, responsible She promised a Conservative ux. and unions which are on tbe 
collective .bargaining, free from administration under her leader- side uf ihe future, not re-fighting 
Government. interference." ship would do all a government the battles of the past.” 

But -behind- the olive branch could to rebuild a prosperous She said she understood un'ipn 

offered during a skilful speech, economy by encouraging com- fears over jubs. but argued that 
winding up, the Conservative petition, free enter pise and the right way to attack unem- 
Parly ^conference at Brighton, profits. ployment was to abandon 

tay a warning— if the unions did Presenting a carrot to trade restrictive practices and to pro- 
not eo-operale wilh Conservative unionists, she declared: "We ^ uce m °re go^ds more cheaply, 
policies' they would have to face' believe' in making .substantial “The idea that only Labour 
the oconOrair consequences. cuts in the lax on your pay can talk io labour drowned in 
Although Mrs. Thatcher spoke pocket, and we will create con- the sea at Blackpool. Let me 
in cautious and conciliatory dhiuns in which the value of the how start our Conservative 
terms, there .was no doubt about money you earn and the money dialogue." she concluded, 
her - determination lo abandon you save can be protected. The Tory leader, predictably, 

any formal incomes policy, and u We will do all these things, did not mention her predecessor, 
tu allow full rein to market (ha l 1 promise you. We wifi play Heath, by name. But she 
forces. •• our pari if you. the trade union sought tu erase the four years 

She. came down decisively on leaders; play yours, rei | ip n nsibly.” of his administration by refer- 
the side of Sir Keith Joseph, her Then came tbe warning: It rin § on, - v lo the -years of Tory 
policy .adviser, rather Ihun on iyas. up- lo the unions tn act role U P ,u 

That of Mr. Edward Heath or realistically in the light of all Although Mr. Heath is now an 

Mir. James Prior, employment the facts. “ If you demand too increasingly lonely figure within 
spokesman, in the argument that much. -you- will bargain your the Tory Party in bis outspoken 
has been raging in the confer- firm into bankruptcy and your oppnsltion to the rightward swing 
ence" ,nhd "behind the scenes at members onto the doTe. No one that has taken place ai Brighton 
Brighton all week. wants that.’’ This week, there arc members of 

- Hflr first aim. in a speech Some of Iho warmest applause the shadow Cabinet who are_also 
directed more at the electorate came when Mrs. Thatcher con- concerned at the trend develop- 
than the party faithful, was to trusted Britain’s economic stag- ing in Tory economic policy. 
capitalise on Labour’s damaging nation with the success of West Conference Report Page 5 


Over the last week this index imports, 
has fallen by nearly l per cent: Purchases of industrial 
while the pound has gained materials and semi-manufactured 
slishtlv against the dollar it has goods in particular have 
slipped, for example, by just remained more buoyant than ex- 
over 2 per cent against the peeled In »bc first nine months 
Deutsche Marl:. This may partly 0 f 197S volume was 105 ner cent 
have reflected market anticipa- higher than the average last 
tion of a British decision to join year. 

the proposed European monetary ’ imports of finished manufac- 
system. turert eoods have also been rising 

The overall trade performance rapidly, though this was expected 
remains masked by variations in view of the buoyancy of 
. .. . , in the more erratic elements and domestic demand In the last 

the index which excludes the ; in oil. Tbe balance in these items quarter Ihe volume uf purchases, 
effecl of seasonal Food prices, i worsened by £279m between the excluding erratic items, was 51 

taken u\er j six-month period j second and third quarters of per cent 'higher than iu tbe pre- 

anH pxpros.i* i ui an annual rale. 1978 and this more than V j MUS quarter 
This slood at 9.6 per cent in | accounted for a £242m deleriora- However, after a flat trend in 
the six moruh* to mid^SepU-mber. ; tion to a current account deficit t h ( . first half of 1978. the volume 

of £44ra iD tbe JuIy-to-September D f exports has now begun to grow 
t,u iir ,er - ,, . . ■ steadily, in line with the evid- 

The result has been a.eumu- ence f rom recen t Department of 

lative debcit of tliUm in the Tr;ide and CB i surveys, 
first nine months nf Uie year. 

This compares with -the April- : - Table. Page 3 
Budget projection of a surplus Editorial comment. Page 16 


the rest nf tbis year. 

With the good harvest and tbe 
recent relative strength of the 
pound, the outlook remains good 
until early next year. 

The most useful guide to the 
underlying rale of price 
increases is normally given by 


unchanged from the level in the 
previous month. - This figure is 
influenced upwards, however, by 
the annual bunching of certain 
increases.- particularly for local 
authority rents and rates, in 
April. 


Fed. lifts discount rate to 81% 


BY JOHN WYLES 

THE U.S. federal reserve board 
today lifted iu discount rale 
from 8 per cent to a record 
S|. per cent with effect from 
Monday, in one of its most 
aggressive interest rate moves 
For nearlv two months. 

The Fort’s announcement 
came in a day in which most 
major U.K. banks had boosted 
their prime rates to 10 per 
cent In spite of a reiteration 
of President Carter’s concern 
abont interest rale levels by 


Mr. Jody Powell, the While 
House Press secretary. 

Chase Manhattan of New 
York started the trend when 
it raised its prime rate on yes- 
terday. Citibank Followed to- 
day and the other leading New 
York banks and banks in other 
money centres Followed suit. 

At the end of a week wbicb 
has seen considerable Foreign 
central banK intervention on 
behalf- oF the dollar,- the Fed’s 
move on tbe diKcounl rate may 


NEW YORK, Oct. 13. 

be seen as an important com- 
mitment gesture by the U.S. 
aulhorilies. 

Continued on Back Page 


£ in New York 


- ! Url. Io 

I Pi e* Knit 


>|.K 
1 llll-lltll 
3 iin'iilb* 
12 ■uontlifc 


: 1.57 i.3l .;i« 
5.fri?A>.|i- 


flJMWttS 

u.r*M).ao .h- 

1.6**- l.di* .ii* 


Rolls in £100m Japan talks 


BY. tYNTON McLAIN 




\ - 


.■ £24,855 net in his wiiL 


period ' thg previous year. 


Dc.. David Owen, Foreign Secre- page zj 
tary. left for talks with the South 

• African Government on Namibia, g geo.- G. S ANDES! AN S«ns 

- Feature, Page 2 and Co. pre-tax profits surged 

- ' Actress Elisabeth Taylor was front £17,000 to £457.000 for the 
taken to hospital in Big Stone first half of 1W8. Turnd'er was 
Gap. Virginia, after a piece of ahead from £5. II in to ia.IHni. 
chtcxen stuck in her throat. Page 18 


CHIEF PRICE CHANGES YESTERDAY 

*** “ olherwJS6 SHaSSa.- 3 S = j. 

jMicteaj . ... s34 - J2 

RISES: Glaxo 370 - T1 

Ash & Lacy 146+4 Gold fj eW Props. ... 73 - # 

City Offices 88 t GUS A 31 * ~ 

Imry Prop- — • 387 + 32 Hunting Assoc. S2S — -- 

More OTerrall So + 5 j^L ■*' 3 " ¥ 

Victor -Products -. 272 + 8 - Mothercare i'S ~ ® 

- . . FALLS: . ■ gW (H-) g " 

ESS 53 E- 2 SB'- 1 : ' ■ SaMPfiL-oSiS - 1 
g - 1 IS = ? 

"m’“ isn — i4‘ Whitbread A - 96s — 4 

cZbmrt ZnrSM- « - * - g« B«? P*” *$,Z f 

gSSSE.^:-::::™^ = :::::::::::: gi : .« 

SmS»Gombex J24-10 Southvaol 


ROLLS-ROYCE has slarted talks Trident and RAF Phantom u'on signed a risk-sharjDg agree- 
witb the Japanese aerospace in- fighter aircraft, and Rolls-Royce m ent with Boeing to build parts 
dustry on a £100in proaramme expects by 1990 to sell up to 5,000 of ^ pr0 „ 0 sed 767 airliner. This 
to develop the proposed RE 432 iff the engines For new aircraft. f deve , 0DIIieilt „ ri ,.. h(ar(! 

engine for a new generation of including the Fc.kker-VFW F29 development and others 

cisil and military aircraft aircraft designed to compete involving Japans biggest com- 

The joint programme, if with the British Aerospace 146 panies. including Mitsubishi, 
agreed, will have an important short-range airliner. Kawasaki and Fuji Heavy Indus- 

long-term bearing on the future Japan has a small and experi- Tries, are expected tn push 

development of Rolls-Royce and mental programme to develop . P an . inl , a *” e “me aerospace 

on '(he growing Japanese aircraft its own turbofan engines, industry leagne as Britain and 
industry. including the FJR 710/20, which France by the late 29S0s. 

Bfftlr tildes would have much will be fitted to a short-take-off Rolls-Royce was reticent last 
to; gain- from collaboration, with version of the Kawasaki C-l night. Sir Kenneth Keith, the 
Rolls transferring its technology transport, but the country is company’s chairman* did say it 
in return for possible guarantees anxious to benefit from Rolls- wns in discussion wpth a “very 
on Japanese outlets Tor its oew, Royce’s lung experience ui powerful potential partner with 
advanced technology engines. engine design. a view to producing the RB 432 

.The JRB 432 engine will replace Last month the Japanese Civil for an in-scrvice date of 1985 to 

the Spey power plant used on Transport Development Corpora- 1986." 


CONTENTS OF TODAY'S ISSUE 

Overseas news 2 Conservative conference ... 5 World Slock Markets 20 

Some news— general 34 Arts page 14 (nil Companies 21 

— labour 5 Leader page 18 Foreign Exchanges 20 

Mining -6 UK Companies IS- 19 UK slock market 24 


Mr. Murdoch and the New 

York press IP 

The airship dream closer to 

reality 17 

Namibia: Two perceptions 

of reality 2 

A week of action on the 


FEATURES 

nielats market 6 

The everlasting gold rush 6 
Facing the intricacies oF 

CGT 8 

Travel: Finding winter sun- 

- shine 10 

Gardening: An autumn of 


colourful trees 12 

A Briton depressed by the 

Paris Motor Show 13 

Goff: The fogbound match- 

play 13 

Collecting: Aspects of the 
oyster 15 


A9»ti<Kn>eni5 

Hr him - 

Cheat - 

CritatiM •• ' - 

Crroswerd Pwzl? ... 
Ecanwtnlc Qtarv — 
EWeHoffiincnt GbMs 
E urMpilwH 
Finance & Family 
PT-Actuarlos Indices 

Gordcirfnv 

CalT- 


22 

Hw re Spend it ... 

u 

Weekend Brief 

17 

13 

Insurance 

4 

tv and Radio 

u 

13 

Lc* 

28 

Unit Tresis . — 

25 

15 

Letters 

u 

Weather 

2£ 

20 

Man sf Ute Week ... 

28 

Your Savings & lire. 

7-V 

17 

Martel Reports 

6 

Base Lending Rates 

24 

U 

Motnrtnn 

13 

Building Ssc. Rales 

23 

U* 

Properly 

12 

Local Authy. Bonds 

23 

8 

. Racing 

» 

UK Convertibles . . 

23 

24 

Snare inlennaUDn ... 

26-27 

OFFERS FOR' sale 


12 

se Wert’s DeaHnps 

22-» 

Cart more Far East 

T 





1 


For latest Share Index 

’phone (11-246 8026 



Generali latBine ... 

VantrasH 

Criismoant . 

s&.p „ w .. 

Cenernli .. 

Tarsci 

Henderson 

Arfauthmat 


INTERIM STATEMENTS 
Grampian KldtK. ... IS 


A 


AN OFFER FROM M&G 


M&C has good claims to be heard, for 
i its American & General Trust has been 
one of the best performers in the 
sector over the 

1 TWO Wm TOINVHT i 

■ To: M&G GROUP LTD. THREE QUAYS, TOWER HILL. LONDON EC3R 6BQ „ 
■TELEPHOW: 01-626 45W The section lo be completed by all applicants. | 


M&G AMERICAN & GENERAL FUND 

The U.S. stock martel is currently more than 140 
points, as measured by Ihe Dow Jones index, above 
its thnee-year Ion readied on February 28th 1978. 

Although American share prices could decline again 
in the short trim, they continue to offer outstanding 
value, whether measured m terms o< earnings, yield or 
assris, and tors, therefore, seems to be a good time to 
lake a slake m the world's dominant economy. 

Tfy? IA&G Amencan & General Fund re designed Id ra- 
ves! in a wide ranje ol American securities, with maximum 
long lerm gwtrih as the main objective. Investmenl re 
partially Ihrough b.KMo-bach loan lacilrties raorder to in- 
duce ihe effects ol Ihe dollar preimxim The cslimalcd 
gross cunent yield lur Income umls & 1 "W- ai llw buying 
puce ol 55-Op on ilSh October. 197?. 

Unit Trust aiea lonfrierm inveslmenl and mil suitable 
lor money ilwl you may need al short nolice. 

The pnee ol units and tbe income Irom Hicm may go | r , , ■ . ■ , — , g ■ r, tanptete this section to make a Capital i 

donnas well as up JU Investment ol C1.000 or mote. Do not I 

rh^ S -hJ Lv ... yi u .,sihq P mu m 

charge ot j. .re me Hided in .ne pnet. an annual choige m you one aiu llic Stdlleniunl dale ^jui .. cm*m«c wd lollon Jn-ifly » 

of i^pius VAT is deducted irom the funds p oss mooine. | pi_£ng£ invest 



Dislribulions lor Income unrL die nude un 20lh fAau-Ji 


tin ACCUMULATION INCOME units 


WiuuiLVUlL'itiii IVI HIVUIII. IMNM U*v nwi, tv ■ , ■■ ’ll |_ ■ it > . > - _ 

and 70th Seplembcr net « basic mle lax and aie rein- | (delete as applies We or Accumulation umls will be issued) of I lie M&G 
vested lor Accumulation undo to increase ihe value ui ihe . American & General Fund at the price ruling on receipt of Hus 
units. The ncxl disliibniton dale lor nra investors ktU b*. I application 

L^LIh March. 1979 You canbnyw sell uni!'., on any Ihjsuvss ■ I <*cctor Hull I um noi n-.«!t-iii -nils-ik: Un- Umura hmiM.-m ihv Rumik-i I-J.iihl-.. 
day Conlracis tor purchases or sales wilt be diHnrstflic 1 ltu? (<■ Man t* Obuflji .rad I am nui dccuuinr. me iirriu .re itTcniirmn..-c ol any B 
1 iiersiin irsktenf puisuv |li,neTiinuii»r». *1! ynii ate uitiiLi'c- in nu^i inis ■ 


m.n<l •’ nr ? wnvlTr '->IPr |- ruvaNr- In ■ IWhlent pifla«?lli^eTiinUII»r..<11 y.ilure uu,:U'e|i 

nwnl - or J wceH. •■ter - -oramiss|On ^ payane In ■ iVciaMtmu yuu sltmilil.ipr'b Ihimirh j Umh ui :.iuc‘t»fii>M i 
aeaedilcd agenls Trustee Ltnvds Banklimled The Fund ■ 
is 3 wider-rangi' -i«:erify and ir. aiiihansed bv the 
reUryol Si ale Inr Trade _ . 

M&C is ,i member ol lhc Urol Trust Asucialiun. 


t»VC 


| SIGflAlURt 

?l^tT.ir.3Pgfcy 

■ 1 WISH TO INVEST^ 

® General Fund, t endose my cheque lor the first monthly paymenl, made | 


Complete Ihis section ii you wish !o start a Lie Assurance . 
- ~ bypayirgmonlMy|irefflums|irinmram£12amonthl.l 


! ejeh monlh in an assurance policy with b 
1 benefils linked lo ibe M&G American & B 


TWO WAYS TO INVEST 

As an alternative, or in addition to investing a capital 
sum, you can start a Regular Investment Plan through 

a life assurance policy with benefits linked to the M&G | payable to M&G Trust (Assurance) Limited. . 

American S General rend tor as Hffle as C12 a month. m 1 ""'invidnfi mai ihi-. p iymi-ni i-, "n»» pitr.-i -rauni jn,; iimi u« • ••ms .n-, iri! nd 1 

81% to tfependmg on your starting age) is in- I ■ , ‘- sun! rc K umri M nMm "* 1,0 ^ 

vested, eM^mffwfirritiwyearswfienanaiftfifi^ | occupation n r birth 

20 per cent is retained to meet setting-up expenses. wm. aku adokeLo of usual non or Hi- tfium Mreena- irjy iw nvuvi. 

On a £20 Ptan. lax rd*l ai pr^ent rates can bnng down | 

your net monthly cost lo only Q6 70, in mtol cates up- — — — - 

precjaWy less lhan Hw montWy purchase olurals on your I — — . 

behalf by M&G Trust (Assurance) Ltd. Regular investment _ - Aic yuu an lurehne MSG PUn hridi.-r'Yc-, Nn B 

of this troe means lhat the mewtaWp fhrciuations in Ihe I [tywi mim s«n pjh i oi mr Dceiawtiun ***• a wa '-fl" p jn " ■ 

through Pound Cost Averaging, because your premium IS ■ _ oov huitaous --.pi.<*u i J paisinrc ilu* I do ni< Wit m J»utiun ••Wj-nr H 

r 

i 


iced Id buv more umls when the once IS lour and lewec ■ pj -wofw on i-hjIic. inn Uvi| m-i pit{>c*ijl rn an inetuicvcitea.VM'pii hr 

Mhnn rf ’«* hinh (Si, jk-n art rram thmuehjiiit Ihr I I'^Sttl fllbn f«W Cl ilrtW Jll Uct'- JtU 6W| !l» mlKuSlitf IIV «.■«. Jlfcfll ,4 III,:, 

wnerr it ts mgrr roll also 6 « lw cover inrougwin Ine m n S..*u fltY In Iiuubl .Cl lo Ilk- 111 .wtf pjniisiLai rniMiaj.-irin. vru rnc4iM 

period olal least 180 times your monthly payment, rf your ■ i 

.»n a lan!r,,;rlUr,'.<nffor jn plcnwwl tA ktefrrtwrit *kn ■ .. P«IB.l.-»lif.-l!ulllic|BL-fflh^c*b^iu4lr, niksefl M mv yfuiv awf 

I W Dip t ol Ur piiinum- -.-.•I Mr msi-Vnl « thr U h I mn.x Hul jik odlaralL.-n nurte bv 
me m avwrJo-Ji ad) Hir, uiuov^il jltiffl bo Utu tw-is M Ihe CuRtioci !*!«• cn inc jiu ■ 

U.SG TiuTi i A r w otv: 1 1 1,1.. mil tliil I wD iwjoi IHur urehiouiy <4 I jo.iw 1.1 g 

| ti<Mm’i!3<ifiiiitiiprnii<iinui<i>ntm'c.-miunyniyiei)iM? lAMWonm.'iitB’ 


ogcal entry is 54 qt under, an element ot Me cover is also 
provided tor higher ages, up to ; 1. Ybu m? normally en- 
iitlod to claim lai ieM at cuircn! rales ol £!6 50 fur eacli 
U00 paid. 

il you cash in or stop youi payments dunng lhc first 
Jour years, iheie is a penalty, and Ihe La* authorities in- 
quire us to make a deduction, so you should not consider 
Ihe Plan loi less than live years. Y/hai you lermrnaleyuur 
pobev you rail receive a cash sum. 

MSG a n member of f he Life Qlfrcss' Association. , 

1 h£ iJJfer ts Pt'l ju j Jjtjh- lu u“ icWnts ui lh* fteputSu; (rabnd. 


■ aWrWBlij'jr irqurl | 
| SffiMATURT 


|mti 


-Jtopstoedm England Ho 1046359 Rw. Office » 



THE M&G GROUP 


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NEWS 









economic decline 
yen revaluation 


Cardinals enter conclave to choose a 



BY CHARLES SMITH 


TOKYO, OCL 13. 

THE REVALUATION of the national Trade and Industry to Japan’s wholesale price index 
Yen— by 53 per cent since suspend the guidance to major fell 3.7 per cent from the level 


hnuarv tflTT— is ciartia** to in dU3lrie s to restrain overseas of the previous year in Septem- 
January 1977 ~ 13 »»es which has been in Force ber, the Bank of Japan an- 

produce a marked denationar. 5 j nct? j a3 { spring. nounced today. The fall was the 


spring. nounced today, 

effect cm the Japanese economy The c1earest indicator of steepest since January, 1959 and 
the Economic Planning A«ncy ^L-limns economic activity on ! s attributed entirely to the 
said today in a monthly report. the domestic front is the im .P act of yen revaluation op the 
Tbe EPA stresses the recent industrial production index pr i£5 s . of im P° rt . e “ materials, 
fall in Japan's e\pnrt volume, v.-hich the EPA expects to show The import price index for the 
which is directly attributable to 02 per ce nt decline for the ™ 0I1 ‘*J was down 21.8 per cent 
Yen revaluation, as the main ibird quarter as compared with * asl year, 

cause of declining economic the April-June quarter. In the The wit in wholesale prices 
activity. Exports have fallen first two quarters of the year will produce a marked impact on 
from year-ago level-? on a volume the index rose by 2.9 per cent consumer prices after a time lag 
ha#is"for the past five months and 1 “ per cent respectively. °*_. SOl “ e tiiree to four months, 
with the margin of the fall rang- if the index continues to show This should mean that both of 
ing from 25 per cent during the a decline during the remaining Japan's main price indices will 
second quarter of the year to mm'.hs of the year pressures reach levels well below those 
over 7 per cent in July. v.-.il build up- for the Govern- postulated in the Government's 

The decline in exports js Sarcer 1 n i ’iu to introduce new economic targets for fiscal year 
than estimated in ihe Govern- reP.arionary measures either In 1978. The provisional target for 
morn's economic plan and could ‘he form of interest rate cuts or wholesale prices was a 1 percent 
prompt the Ministry ijf Inter- atHufon.il public spending. fail from the 1977 leveL 


sA/ 


JEL — 


i. 'i JL 


press settlement 


NEW YORK. Oct. 13. 


BY JOHN WYLES 

THE FIRST real pruipvct cf 3 machines according to schedules job reductions will have to be 

breakthrough in ihc c ■ t- pirated by Long Island's success- secured through natural wastage. 

has shut dov.n nvo of ,\ : ev. York ful morning newspaper. Newsd ay. This is in line with a settlement 
city's three daily papers for P5 At ihe New York Times this made with the typographers’ 
days emerged late :.-.*!vrt!.r-\ -fiiid mean that instead of ISA union in 1974 which has success- 

The pro-? men's union and ih;; pressmen working on an 84 to 96 fully reduced composing room 
publishers uf the .Vf.v 'i 
Times agreed in prin--:n:e «. 


on a 

formula to i-.m r.vi-.-'jati'.i •■■.er 
the next few uay-. Toe ! >. 
of the piopo.-als tj Th.-odore 
Khee ! . the I •• er-:n .-■! . to . . 
whose invol venom; p.-.-.r.ip: 

Mr. Rupert 'lur-fucn. !•■» 
of the New York fore- 

cast a “Soil out" .:!iu to s* Illy 
unilaterally v. it it the piej.-.oier. 
12 days afto. 


newspaper, the number manning from 819 to around 500. 
i be reduced to 143. However, the typographers won 

- New York Times' goal at lifetime guarantees while the 
t.,ri of the strike was a undertakings to the pressmen are 
in- level of around 30G. expected to run for six years. 

• formula also means that Murdoch walks alone— Page 16 


i. Inflation plan attack 


tr STEWART FLEMING HOT SPRINGS. Oct. 13. 

Mr. Murdoch v.-jij ;»u.>v piCJjr- , . ... 

ing a sveund Sund:;-. cJinun 'l'- 1 ** EXECUTIVES of major chairmen includes Mr. Thomas 

his newspaper tu-'a-. hut ip- t>>Lii L'.S. corporations attending the A. Murphy of General Motors 
the Fmaniial Tune's thut tri<- h.:!. r v vjrly Business Council and Mr. Irving Shapiro of Du 
cmergin- 3 '-r*'e;ne»i wj,.- p^-u- in Virginia are firmly Pont. 

much as he expected. " in>5v.»ij reji.-.-tin; wage-price guidelines Today they met senior Carter 
of having thv worn manniac m '.*.7cctiv B aoti-infiaLion tools Administration officials inciud- 
tbo world vv-J arc aoinv lo vv»n tnough the Carter ing Mr Robert Strauss who has 
the second wi-irst." he r>rcd«Cs-i rt fl A' l; Ministration Is expected to been heading the Adininiatra- 

Mr. Murdochs agreement with in' induce them as a key part of tion anti-inflation programme, 
his pressmen was ' '.>a«ed or. an it x fort coming anti-inJlation Mr. Strauss later conceded 
undertaking to implement what- package. that he was disappointed with 

ever manning agrci-mcnt is While questing their value. tde effectiveness of this pro- 

negotialed by iht- T inic- - and the Inm^ver. Business Council sramnte, aod implicitly con- 
News. In the hard r a .-gain in: ieadets jlress lhat they will do ftr ™ed reports that he is 
which still f:.i.v% them, these- t’.vi* evc-rv Thing thev can to follow unlikely to he in charge of the 
newspaper* nave agreed so gK- them. • next stage of the Administra- 

job guarantees in a ?! of ih>. city* The council includes the top tion's anti-inflation drive. He 

pressmen in return for ” •.•v.-c\i lives of many of the expects that it will be a week 

pel Hive manning." Thi= ■_«.uid largest U.S. companies. Its o r ?? r,r 5’ before P acba ge *s 
mean thaiih*' 1.500 |i-sim«.-n v. ill chuiniian is Mr. John D. Debutts. hnallsed - 
be promised emr.lir. i.h-:k p:v- chairman of American Telephone New York Stock Market— 
vided they agree to nun and Telegraph and its vice- Page 6 


BY PAUL BETTS 

THE ill voting members of 
the Sacred College of Cardinals 
will assemble tomorrow in 
secrecy for the second time in 
barely two months to elect a 
new Pope. This follows the 
unexpected death of Pope John 
Paul 1 after a reign of 33 days, 
one of the briefest pontificates 
in the history of the Ro man 

Catholic Church. 

Pope John Paul's sadden 


death has left the Cardinals, 
who will start voting in tbe 
Slstine Chapel on Sunday, with 
a difficult choice. According 
to Giuseppe Cardinal . Slri, 
Archbishop of Genoa, the elec- 
tion this time could take two 
or three days, whereas John 
Paul was selected after only 
one day's conclave and three 
ballots. 

Cardinal Siri is himself 
among the PapabiB, or 


possible ca nd id at es , together 
with Salvatore 
Pappaiardo, the Archbishop __ 
Palermo,. Corrado CarrUnal 
Ursi* the Archbishop ; v of 


likely. *o. chose .FjJ-lijf 


This tew emerged & 

dMifiaiK' af- 


SdSS mould of The late John . part de^o^ of ^nd ^ 1 
Se former Archbishop of nals who baz*- 

w ho was theologicany need of a pastond 

a wJ^rvallve but who in his 


the Church. 




Foma, Archbishop of- Bologna^ . mous sympathy because 

" simplicity and his pa^oral 

location. While the choice 
vocation djfflcnJt one 


. At the last election; Cardinal 
Slri, who is generally regarded 
as a conservative, is ontter&tood 
to have gained substantia) sup- 
port during the voting.' "T . 

However, the Cardinals are. 


dlcttee • BsbttfvCardhttK, 
the. . ArehUbshop ~ar?\life 

m „ oe - — ster, apd Ednaido^ck 

actual issues facing the Church ..gnmte ..-.an;. • JagentiarTw, 
have not changed in the past Itailan ^xtractioh, ftave_he^-‘ 
month- mentioned. ^ 


Lebanese 
troops in 
Beirut 
buffer zone 


By Ihsan Hijazi 

. BEIRUT, Oct. 13. 
UNITS OF the Lebanese army 
today moved into two suburbs 
of Beirut and set up a buffer 
zone between Syrian troops and 
the Christian militias. 

About 1,000 soldiers equipped 
with armoured cars and artillery 
established themselves at Al 
Hadass and Baabda, two areas 
which recently witnessed some 
heavy clashes between the 
Syrians and the Maronites. 

. Syrian forces retained their 
outposts at the edges of the two 
suburbs. The Lebanese will 
keep contTol of the road leading 
to the Presidential Palace at 
Baabda where President Elias 
Sarkis maintains his office and 
residence. 

The Lebanese army has a 


Swedish cabinet to be named next weUi 


W.-V.-i 


BY WILLIAM DULLFORCE 


MR. OLA ULLSTEN, the Liberal popular appeal of Ms immediate 
leader, became Sweden’s new predecessor,' Mr. Thorbjbern 
Prime Minister today with only Faelidin. He belong to-'-&e 
39 parliamentary votes from his Riksdag’s second -smaller- party, 
own party in his favour. In the which he has led for only seven 
349-member Riksdag (parlia- months. .. 

meat) the Moderates (Conserve- But at his first press confer- 
tive) and Communists voted ehce as premier this afternoon 
against hun but tbe abstention he stressed that his Liberal 
of the Social Democrats and government intended ta 'play 
Centre Party won him the job. more than a caretaker _T 0 le. * -ft 
Under the Swedish constitution would try to put together -pariia- 
a Prime Minister is appointed if mental? majorities for -action 
there is no majority against him against unemployment, reinforce- 
in the Riksdag. Mr. Ullsten will meat of the economy afcd an 
present his single-party cabinet energy programme which would 
to the Riksdag next Wednesday, include " tighter control™ over 
It is expected to include a nuro- nuclear power plants., 
ber of outsiders without formal Chance has played a large role 
links to any political party. in the political career' of 
Mr. Ullsten's appointment ends Sweden’s new Premier. This year 
the government crisis, which alone the surprise resignation of 
started last week with the his predecessor, Mr- ~ Per 
collapse after only two years Ahtmark, brought him. tp} :the 
in office of the first non-socialist leadersip of the Liberal party 
government Sweden has had for just in time to take advantage 



Ola Ullsten 


. v ; : T STOCKH(m^ c tvp 

In the previous V 
government 'he 'Wfe'^fesfannSjag 
for foreign aid. and .imrateaftjjg 
His i ' television appear 
showed that- he read/b^j 
and- was -unlikely: to ' oe-'-fc, 
ont on- ma'tters bf detait^ 8 ?— 
year, he handled- an - 
te rr ori st case'; with both 
and -political ’deftness. 

■IHs. party . is at the! ’inna^ 
iii ' decline. - Tn: the 
?i. . ; early .1960s, it was 
V to the Social , Democrals.:!^ 

11 per cent of the votes 
in the 1976 electtoa'-Tcpresa^t 
a - recovery but stijr ; left 
distanced h>' the » 
and 'the Moderates; .. V 1 

.“ ‘ It', has- two . 

Intel lectual; . urban ,- ■ t . 

and in the free, chureit-aitti-wg. ,-•} V - 
p era nee' movements. -.TawfajSS .jif 
Piffled U; towards-c^jS 1 
with the Social Demoer’" * 


list abroad as an 


latter la strongly anti-so^i 
" The: - . UberaJg ^ 


44 years. His task will be to of the equally unexpected Liberal — r . 

run the country until the next resignation of Mr. Faelidin from ambassador. . ■ - strongly for wom'fcn ^ 

general election due in Septem- the Premiership. . The new Premier is regarded grassroots democracy: afttyi 

ber. when, to judge by current Having joined the Liberal as belonging to the left-wing of shorter wrorlanff week for Mirat* 
ooinion polls, the wav is open party in the late liSOs .1 only a his party hut its young hawks with .-young cJtildren...,Tht'T;-Sijg: 


nominal strength of 7.000 men for the return to power of Mi*, few postal votes, kept him in the feel be has been pulled to the ti-ied to' re-1ntrodoce tht j 
but has been ineffective as Palme and his Social Riksdag, in the 1967 election, right by the aemands nF leader- doctor to the ; Swedish tIi 

force since it split between i Democrats. In the 1973 election he lost his ship- He has reputation as a system; ana want TO 'Etaij 

Christian and Moslem during Mr. Ullsten has neither the seat but got it back when, the hard worker, with a practical no- trade- unions -j from •'.r^m__ 

the civil war. Earlier ihis vear ! fincer-tip political touch of Mr. Social - Democrat government nnns».-nse_ approach to business their membere.donectiv^ififlji 

a Lebanese army force failed torP 3 ! 111 ® n0r Hie more folksy, sent the man above him on the and political prudence. SociaLDcrnocrar party, . i . 33 ;^ 


on the 


King talks on 


CMrau 6 to meet Mugabe 5 

• BY TONY HAWKINS SALISBURY, Oct. 13. 

Chief Jcreniiah Chirau, the one Mozambique capital. Maputo, in 

, ., , member of the four-man Rhode- response to the visit to 

DETERMINED move to brine 1 «an Executive Council who is Washington of the* four-man 
I siuin’s 4S-hnur-old no!* ticj I ; *lron?Iy m iavour of an all-party Rhodesian Executive Council. 


gaan crisis 


By Giles Merritt 

RIIUSSEL.S 
A 
Bel 


Oct. V 


J j-v,. 1 I . ■ _ UUUUG^ldU LlACLUilVC \^UUIII#U| 

crisis to an end b> I'urminv a contereno'. is trying to arrange Z AKV declared that the U.S 
wnt while av«.id:nc: a -meotui.’ with _ Mr. Robert had •• exceded its iurisdiction as 


new Govern m- 


a General election liecanie | Mugable. leader of the external a nle di 3 tor. 


apparent in Brussels today. 

Areoipts at ahurin^ up the six 
party rutin? coalition with'iut 


wing of ZA.YU. 
The publicity 


secretary of Acknowledging the right 


Chief Cm rail's ZUPO party. *be Carter Administration 


recourse to the baliot box ir.vei announcing this today, said the a 1 dr J l |* whoever it pleases, the 

been given a lead bv King; Chief was ready to meet Mr- sla iement continued: By the 

Baudouin. who yesterday called j Mugabe provided the ZANU *? I V® t 0 ^f n 11 ,s within our 

the country's politica! leaders to leader agreed rights to demand that states that 

the palace for emergen talks. | Chief Chirau met Mr. Joshua have no legal right or interest 
Although the situation remains ‘ Nkmiio. the co-leader with Mr. Rhodesian constitutional 

volatile, it seems likely, tb.il an, Mugabe of the Patriotic Front, s ' u jif ,nn should not have any 

in London in July this year. The p rcsencc a t an >’ future conslilu- 
chtef has been told by his party ti 1 ! 03 * conference dealing with 
executive to do hi s utmosr to ‘l? a ‘ t . er ; We m ‘ na ™ e the 


Christian militiamen 
border with Israel. | 

A Lebanese military spokes- 1 
man said the deployment of the: 
troops is only- the first phase of I 
a new security plan laid downl 
by Mr. Sarkis. He did not dis-j 
close the other stages or when ; 
they will be put into effect. I 
Informed sources said the plan i 
provides for Lebanese army units 
to move into positions at the two [ 
strategic Karan tin a and Naherj 
bridges at the north-eastern 
entrance to the capita] to estab- 
lish another buffer between the 
Syrians and tbe Militias. 

The final security plan is 


Dutch work ; Giscard ca 
on China 


harbour 

deal 


;or action on 



BY DAVID WHITE 


PARIS, CftL lX 


By Charles Batchelor 

AMSTERDAM, Oct 13. 


iransmonai employment .proo- porucraai represenrauon ra leeai 

tter to Prime j ems a0c i expedite the funds elections. in b«a towns 

Barrcr remind- which have been pledged. For the campaign funding 'lavs*]: &T- 

Jirlorltla-hv worst-mt sectors, in parUentar 


THE FRENCH President Valery bear in mind the aim of reduc- Tbe discuSsfon^wiHi 
Giscard d’Estaing. in com- ina social tnequality. ^u re o ,- 3 . - 

o1ianc< , with hi^ own .merial At the same time, tbe Govern- the President— Umitaiiopstmtte 
nf ment >hould concern itself with plurality of elected -pags;^ 

code of political etiquette, -has j ra nsi;ional employment prob- portional representatioh ra Iwal 

sent an open letter — ■ • ■- -■ — ■--- *- us ' ^ - 

i Minister Raymond 
; inn him of the priorities' by 
; which he expects tt* Gevem- »«>« 5*3,*“ 

expected to emerge' after the j coneuvISm 71 ram£[nfelr- r ^ i p e * ,er ’ a itgf* , d-to ** my "Th^Vird™ element in M. 
meeting here on Sunday by the | shortly to sign a contract worth { £ ea , r , Prime . Minister, . ; refers Giscard'^ exhortations involved s °? D .^.^. Usa ^ a ^ T pl3B Li 

foreign ministers o Syria. Saudi iar0 iind F14bn tS1.9Sbn) to carry | back to a similar missive, pub- cr j rae a nd the introduction ' of shipbuilding 

Arabia, Kuwait. United Arab ; out harbour works fo China. The i after the Govennnents new preventive measures. "The is intended to resdro me js 6 o» 

Emirates, the Sudan and ~ — — — ... ~~ J — — 

These states - contribute 
troops or money 

peace-keepiog foro^wen was * and Stevin. The specialist: ship- {! 


sent here two years hgo to end| bu a d i ns group: IHG» is expectfi 1 r ? sponsibility ' &C local authori- Ministers. " “ “‘’’ capacity in tfe^wje;cl 

h JtowpW»dn!d«in, equlument. Jj?*?*™ ha». meanwhile : WS “ 


Economic recovery topped the vited' parties on both sides of Korea. 



’inforniateur" will shortly he 
appointed ijy the Kin" tu (ieier- 
mme whether or nut :» new or 
reconstituted coalition j, feasible 
without elections being called. 
Should he decide thjl a cnaiiiiun 
is possible, a “forma leur" v;iii 
then he appointed as Premier- 
delegate to negotiate the new 
Government's parliamentary 
base. 


The meeting' which will be 
headed by President Sarkis, is 
to be held at the 
Beiteddin in the mountains 

20 miles south-east of 

Reuter reports from' Tet Aviv: ‘ £' ver . l .° , ™PJ , . 

Mr. Ariel Sharon, the Israeli j Shanghai and ZVankmg. ; ting back on inflation. Economic firm refusal 

Agriculture Minister said today! This is' the first major contract' Policy, he added, shou!d always iminists. . 
that after a three-month freeze ! booked by Dutch construction ‘ 1 

on new Jewish settlements in J companies in China, 
the occupied territories Israel < „ 

must strengthen existing out-; J he J 

posts and build new settlements re . ce P l ' l - lt l0 . b > a ^ r3d ? 

around Jerusalem. mivaon organised by the Dutch 

Mr. Sharon told Israel radio I Centre for Trade Promotion 

that the number of Israeli ! wL-JSlS? 0 - f 

settlers in 'the occupied Syrian .Transport and Waterways 



arrange an all party conference, ^u| l t d Slates as one stale j Golan Heights should * be j A senior official from the trade 
lb? ZUPO .spokesman said. which must never attend. (increased soon from 4,500 to i centre is expected to go to China 


Itlirliael Holman adds from A separate ZANU statement ■ 10,000. and the Camp David 

Lusaka: ZANU has demanded on Zambia's decision to reopen | agreements, would only be signi- 

the exclusion of the United her southern route through [ flcant it the Government 

States Government from all Rhodesia has raised the fears | carried out its plan for wide- 

future conferences on Rhodesia, that the guerrilla movement in- * spread settlements in occupied 
In a statement issued in the tends to sabotage the line. territories. 


I next week to carry out further 
talks, including a discussion of 
the financing of the deal. The 
Engineering Consultants Office 
for Foreign Projects (NED ECO) 
will carry out the design work 


THE NABHS2A TALKS 



perceptions of reality 


BY QUENTIN PEEL IN WINDHOEK 

AS THE Foreinn Ministers of The impending arrival of the over the high-profile conflict in mous in their belief that South 

the five western member states western ministers, including Mr. Rhodesia, is significant The fact Africa is now totally committed 

of the UN Security Council pre- Cyrus Vaoce, the U.S. Secretary that South Africa governs the to its elections in December, 
pare to visit South Africa to try of State, Dr. David Owen, the territory under a mandate from Although the overt reasons for 
and avert a direct confrontation British Foreign Secretary, the the former League of Nations going it alone were practical— 

between the Pretoria regime and Foreign Ministers of Canada and immediately places its actions an objection to the number of 

uie UN over the future of West Germany, and the Secre- there in the international arena. UN troops, the lack of consulta- 


Namibia (South West Africa), tary of State for Foreign Affairs Any supposedly hostile act runs tion, and the postponement of Soutl 

preparations for unilateral of France, constitutes possibly a very early danger of inviting elections until next year — the 

elections here are alreadv well rilP most hinh-nna-ar^ TTM urith dneti, »n*<- nnilArl»inn .... - -‘tS c ■ T»— 


elections here are already well the most high-powered combined UN sanctions, with drastic con- underlying reasons are seen as Erf 

advanced. far more fundamental They E 

A team of up to oOO electoral . - .... 



officials has covered the huge Dr . David Owen, (be British 
and sparsely populated territory Foreien secretarv in 

registering voters, and so far , ® * n Swre j , * r >» 83111 m 

claim to have done so for more London yesterday that there 
than 88 per cent of the number *s a slim chance of persuading 
they first estimated would be South Africa to abandon its 

™?n 92,U0 ° ° Ul ° f ^ J" 1 ™* •’Actions in Namibia, 
estimated 443.000. Mark Webster reports. Speak- 

Battle lines have been drawn ing before Hying to Namibia 
between the political parlies: f 0r weekend talks iZi 

three, all to the political right of. SurtS ? L *Sm kSSmS 
centre, have declared their ’ “ u MC 

intention of taking part. 


include a basic mistrust of the 
wrong to be optimistic but be UN, especially considering its such a solution will certainly not 


felt he could still persuade 
South Africa to change its 
mind over the elections 
because it was in Pretoria's 
own interest. He felt tbe gap 
between the South African 
Government and the UN pro- 
posals for the territory — 
rejected by Pretoria— were not 
very great. 


und 


traditional support for the South be enough to ward off UN action 
West Africa People's Organ isa- against South Africa, 
tion (SWAPO) whose guerrillas With South Africa adamant 
are fighting South African that it will press ahead with ks 
troops on the northern border, election, the area for compromise 
as well as a loss of faith in the would have to concentrate on the 
western powers. “Rightly or ultimate status and decisions of 
wrongly. South Africa believes the Elected Assembly, 
she has been taken for a ride The Ministers are likely to 
every time (in the negotia- press for a firm and pnblie com 
tions)," according to one senior mitment from South Africa to 
South African official. When revert to the UN plan 


Uiree, to the centre and left, delegation ever to visit the sequences from the extensive faced with pressure**at the" UN immediately after the December 


?5 v t_??_ n ° ut J£! d _ t _ h .f ir ,. d&cisi ?r r :f or V 11 provides an unmistak- western economic interests in 0 r from the ‘Africa’n lobby,' 44 the elections. Without such a com- 


l°~Jl 0 ,? C0t L Hmvvver. able demonstration, if one were South Africa itself. But at the weat buckles under/ 


officials are generally confident °^cded. of The growing western same time it is Namibia, rather EreJ, rnore^fundameaWfr S aft hey coiticfwarifoff t£esan& 

BEE. .^pa^asrsa w re o ^apsjas'ss 


It is this entire exercise, especially about the increasing a peaceful 


■a , . n inui. j ujdl o VF w * V/ m UQL “ “ ■» 0 — — ~ 

launched without any inter- possibility of South' Africa' Itself between““the' blaFatS^blte neVef * lven a chance t0 win ,?5 . thc 


national supervision, which the abandoning attempts at acconi- communities’ In^Soirthera* Africa, P°*5F !*! Namibia, appears to be 


western ministers arc hoping in moda tion. and setting for a'final alone" the" lines of^ the**wes"tem in 1116 a f cen ^ancy over tbe more 
head off in their talks in confrontation with black ^fr£a peac? pUtn Sr the tem ? tore Prag^stic school, which suggests Li° 

Pretoria with thp Sm.ih Afrirrm lih^rvm i,„„ ESlV -E _ ,i? r _ rather that South Africa’s eco- ‘ ns, de tbe territory— the Demo- 


that South Africa’s eco- 


Pretoria with tn e Sonlh Atricsn Olbc^rvers Here fear however That nlan f or a rpavflrA ----- >juuui Amoao n n ■ «»*___ . _ j 

GovemmenL It threatens not that th -e mission could be no free elections, might then have “S-K S-not to make * 


=£-£,. f^SL!?, b SSSnSSS ToS* ^ SSSTS-JM 


any snch 


painstaking negotiations for a Produce no _ tangible' ’resuits. prngre^Towirds “some”^ acco’m- J^efals regiine ' 


peaceful .settlement in the . That the Southern - Africa issue modation both in RbodVsiaTtself, ***** believed that s ^ Afri«“ GoreJnSiM?Md 

termory, but also to preciritntc has come to a head over the and ultimately even in South fJ^?^ w - 0Uld be prepared to fhe W^tern Dowere hire 

well-nigh irresistible demands future of mineral-rich Namibia Africa t®*® P 31 ^ 111 free elections.- Its iaSsMitu 

at the UN for. punitive sanctions with a low-level guerrilla war on The western ministers have t0 do so, under the poli ^f realitieL ^^^idthin 

agamst South Africa. ite northern border, rather than. until a Security Council meeting helped pre- g“g“ *£5 1 j5£ 

ssuSriKcS ^oSEsa:^ s p retect^ u e th P , a ^ ricas dwasiofl ssssa. wSsls'L 

Se on toSiow Western diplomat, place toeir di ™ r s e "“ 

and revert to the UN plan, which faith In the continuing. South .“Maybe we are intransigent” a 
would provide for substantial African insistence that “the door senior official says, “ but if- we 

1® sUU °r5? Q ’l for further negotia- went along with the Western 
K tS f 7 IbS t,0 " B -.. T . he Pretoria regime has plans, and something went 
5 * 2 L^ f rt? Ton? ‘n "?**• rt ciear tt«t this mea ns that, wrimg, we would have to live 

chances of success depend on whatever assembly is elected in with the consequences. The 

po11 ^ ^ 10 Western powers would not South 

Tiw eth i er 0r not to r ® vert Africa has to look' after its own 
J™S5£fl SSL !l fi* 1 -rSS? p,an - or pr «8 ahead interests,” Those interests, of 

0 f nh«™Lrf l0 ?n 3 n _ u nr ecogn lsed inde- course, include very substantial 

Observers in Pretoria - and pendence. The foreien ministers defence and nmnnmio 



i We are interested. 

I in the USSR feJf participant 1 


Any add Ittonai informal ion? Please contact; 

Fair Management HECKMANN AUSSTELLUNGUi W3, 
i kapeUenotraBe 47. D 6200 Wiesbaden. W. Gemany, 
»: 04186618, Ptwna: W. Germany 0 61 21/5240 7 1 


Opuilxon: HEOMANN W*JbBW 

.Ou-WflM-CwsunnflMmrewre - ttPf.TA VusstUtyf 


Windhoek are. virtue unani- are Uk* 2££L ^ 


12 


per 
annum 


paid quarterly 


cha; 
at ii 


The Schlesinger Preference &Gilt 
Trust is in vested entirely Infixed 
interest securities which offer the 
benefit of a high, predictable income 
and axe likely to have less risk and he - 
less volatile than equities. 

High income-low volatility 

By investing only in preference shares anil 
British Government Securities (Gilts), the 
managers can obtain higher levels of income tiiau 
could be expected from a managed equity port- 
folio. Whilst equities would provide greater 


. rcce ive SchJesioge'rs’ Personal . Ia vestinent ;V. 
^Management Service (PlMS) r iiteludmgLpoi^I®, 
reports, invitations tomeetings and ipv'es.triiBil^* 
iinaneial planning advice if required^ Yott.shwS^ 
regard your investment as long-term. 

The trusthas advantages for^orporawM 
Investments - a reduced inirial charge mayf%^ 
applied on company investments of oyerjCs 

• - . - -pr : 


Planned income paymentj’S 


In order to help investors pJaa.thcirincotf&C 
thc tlistTibu tions wili'be.paid.quarterlvon 
of May, August, Xovemhcr and .February, 
ing February' 1979 for those rn-vesting by ;"f#» 


opportunities for growth than fixed interest stocks, Uoccniber 20 . Based on thc current estiniatcil 
the latter are likely to be less volatile. gross yield, aii investment of ^500 is expect 

_ Schlesingers also expect a useful degree ot’ produce /’oo cross income per year, or /40 0 ®tw* 
capital appreciation from this trust, over the basic rate tux-; and an.iDycstmencqf^J 

medium to long term, when interest rates Call. Ill expected to produce X^ 30 i gr pss or £201 

1977 the returns from some fixed 

stocks were even superior to the 


return from equities. 

Schlesingers' 
recommendation 

Currently, some 90 % of this 
fund is invested in preference 
shares and 10 % in Gilts. 

Schlesingers recommend that 

every portfolio should include a proportion 
in fixed interest securities. Even when the 
prospects for equities appear good, it is 
important to take into account their, 
volatility and risk, and fixed interest in- 
vestment can often represent an ■ • 
a tt ra c ti ve alternative. 

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


Fixed interest 
offer greater 
security and often 
capital growth 
prospects. " 


year r payments are made qqnrtajfe 

A fixed price bffe 


PIMS-a unique service 


Minimum investment in the fund is 
jCsoo. Investors of £3,500 or more will 


■ To: Schlesinger Trust Managers Ltd.. 

I x-io South b erect, Dorking, Surrey. 

tt r eekaul an4£cemng A nsuphanc Tel . Diking {ojolS).S&t4t 

I I wish to invest f ” ’• 7 7 

(minimum 3 C 500 ) "ka 



. Units ar&on offer 
’ price of 24 . 8 ? xd (estimated ga>^' 

•yield 12 . 04 ”-;) forjnvestmenrs 

■ jreceivecf by October . 25 . Tlie h? 

■ offer iviH ciosc before October 
if the.actual offer price vari^By r :_ . t 

more- than, aj % from the r^:r\ : . . 

prices In this event units 'willheayailk^lw® ‘ -■ 
the- price- then rldingl ' ' “=-': :: .p? 


Schlesingers manage over £ 100 , y : j k „ 
million of privacy insurutionAl,ani : ■ * 'i \ ^ 
pension ftinds. -.i . f ; 




GtfQenllflformjrioB 

Tbiovflii,t»eil»c «nuBon pp yr U ed- . 





1 Mum, ifanJma 


tS« pi^Umimi Iwn, aboidi! than b, Mar4 iIbqwIi 


■ b. >W 


I in thc Schlesmgtt- Prr-fcrence and GiItTru*at’the- 
fixed pnee of a+jSpxil. •. 

| Iwahtohavemydiridends re-invested ■ 


Sunume. 


I I^WUldfifee furdierinfbnnacion, includii 
of Share Exchange stdicnj 



(MflfMSS/MISi)- 
Pirstmmos 


.(BLOCK LETT33 


Address. 




| to.. 


Sicrulure. 


Unr |k ejjaedrafjTntVpplicanonjH riiurt siipCi 



•irw»u 


- Schlesinger 
Preference & GOt Trust 




- 4-V. 


: i-.; ■. V.V.ii 


V 







..v. “ ■; - s - -i* i'fi 5 £; 


% 




■financial’ times Saturday October 14 1978 


HOME NEWS 



-t W. S 

=Ssi5 


p *pf4 s* t? : 

\*>rv 

ftr^. fc. ■ 

'U» j^taV 

* ' ills 



Mortgages expected 
to stay at 9i% 
until end of year 

BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


h. 


% ■_ 

:.-3 ■ 

‘v-J 
- ' ■.«• “ 
'-rz. M 

-J3 


A1URT<\AGE rales arc likely tu 
al =*; per wot fur I he r^st 
Hin ypjr. That was Hie gO'jfi 
iK-ws yestcnby (rum the Build- 
ln * Societies Ac^tfutiun which 
;;;i*ur:«d nei receipts were up tu 
—••tihn J jnj month. 

. Mr Norman Urisss. :fcc 
a.ssfieiaJirm's .M*i-ri'Ury senyrul, 
>jiO ilia! the impruvini; trend m 
building .ociojj receipts.' up from 
jus.' £1 47m net in- June and 

I'iOOm for the Iasi two nionth-s 
»ias OX pee I od to continue thmuah 
the autumn. 

Ac investors returned to the 
MK-iettes. the dimmer-lone run- 
down in cash reserves wilt flow 
-st»w a nd. rates -paid to investors 
and charged to home buyers. 
**' “-.iM'iri likely to remain un 
ehaneed during the months 
jmincdiaicly ahead." 


I^isl month s figures show that 
investors ;int £!.4tin into the 
societicb while -.viMtdwrawals took 
■El Q3hn. giving iwl receipts of 
£34Gm. 

fmrresr credited on depost- 
tors’ 'JCiMunts contributed £115m 
and £ 20 tym was received ih»m 
ipurip.-ntt repayments. Frum 
that ihf* societies lent £995m to 
bmnt burets m tire. month and a 
farther i‘7H;n was promised. 

Thi.s. takes' forward mortgage 
commitment;, 10 fLrfiba. 

Mr. Grigstt pointed u» thc'-con- 

Mstency of moriguce commit- 
ments in revent months in spite 
Of the previous i&w levels of 
investment receipts and the socie- 
ties* rifurt* to “damp down the 
rise in home prii-e.s," partially 
ny diver I in- about one-seventh 
of home loans to home improve- 


Tanker oil spillage 
inquiry ordered 

BY PAUL TAYLOR 

A PRELIMINARY inquiry into two or the tanker's fractured ihc tanker be towed 
the rausf of the Christos Buns tanks.. However, it appears 

tanker oil spillage incident oir 4r „„. y tinker Department of Trade 


j Express 
; wins first 
! round 
j of ‘Star’ 
legal fight 

local. THE 1 1 ft ST round of a legal 
officials battle to stop Express Newspapers 

lewspaper 
ended in 
Morning 

...ieials are prepar- Tradii's " handlin'' nf7]i«":i'iTafi : vessel should sail further uul to : Star. 

,. fJ J h f S 0 R , !| , | es -„5 ,r X'iuT’* olKeiah were clearly- chooslns fcM - i The publishers nf the Cora- 

1 iieaL^ B am n ’ P ° lon their words carefully Iasi nielil." Had the Department inter.! H ,unisl dji, . v - the Morning Star 
; Howcver.it appears Out there vened and taken control of the ; Co-opcratsi e Society, claimed that 

: * ,,v <* spraying vessels began are two main questions which junker, the Government would i there would h? confusion among 

j ngJiiing a ten by sis uiili: oil the preliminary inquiry will have become responsible for the 1 lilu Buying public if a new news- 
she!; eight miles riff the Welsh attempt to answer, first, how the vessel and for anj pollution ■ P a J ,er appeared with the name 
| coast, anil two lighter tankers tanker came to he so close to caused. ..The Department con-i’ 45 * ,a^, ” 

were op Ihc-ir way to the scene rocks, and. second, why there firmed last night th?t when the- ^ r - Justice Foster refused to 
I to begin unloading the tanker's was nn apparent delay in the captain finally reported the oil I grant a temporary injunction 
, cargo uf .15.000 tonnes of Iranian captain's answering a request ||. a k he was asked i»» slop ih e I 3fia ' ns1 Express Newspapers, 
i heavy crude, and lessen the from the Department to stop vessel, but that there was a “ cun- j which plans to start publication 
cnaticc uf the ChrislnN Bitas sink- when liu? oil began leaking. sidcrahlc’’ delay. Ii is under- ■ °f the Daily Star on November 2. 
In ~- Last night Captain Ray New- .stood that this do- lav mav have' He Wl, l 3i'e reasons for his 

Ejrlier in the day 13 of the bury, regional principal officer been as long as one’ hour. (decision at a later date, 
tanker's 32 crew members were for the Department of Trade, the * incident room to hpu withi Mr Christopher Myant. assist- 
taken u/T by lifeboat after the man ivho was in charge of the le^rriiv-S an J ed,,or ° r the Morn ' n S Slar - 

captain had reported that the anti-pullutiou operation said r i nrie \ H e ad * rna3S!i,2 1 w ^° was ln , ' oun 10 hear the 
vcsm-j was listing badly. The that th«. tanker was “ clearly not nflici-.ie ..rjlb ^ ! Judge s decision, said afterwards: 

53.OU0.iQn tanker, owned by the on course." ? h a . i°"' 1 ar " disappointed that 


Inland Revenue blow 
to options market 
in gains tax ruling 


Ministry launches 
wine label probe 



A * „ 


i OH Lt 

stat' 


BY COLLEEN TOOMEY 

A FI LL-SCALE itivei ligation vestiaating j number of other 
into aliened relabetlina of rasas. 

blended '.vine for seiima as an . Four of the six cases resulted 
ex pensive, qiialit;.- product. ha.s »n prosecution- b\ local iiuthori- 
■ been started by the Ministry uf ties under the Trades Descrip- 
Agriculture, Ki<hc-ne* and Food, tinns Act. including the case 
The invest i^-auons involve a nude against Averys of Bristol, 
.•-vine shipping company. Mason which relabelled bottles of 
UaiUey. after a **tip-ofl“' by an Hirondellc as . “Trfolea 
rx-etnpluyee. Rie.siing." 

Rex Read, a director or , Two others resulted In char«cs 

tlfason Cult ley .refused to discuss, brought by the Ministry of Affrt* 
a statement by a fellow director, culture— -the Barrett' case, which 
Mr. Paul Bnhaoc, and published the Ministry lost in August, and 
•n a national newspaper. another this year against 

Mr. Head said: "We arc §?“ ll ? ard an{ i c °^ **£■» two 
■ihviously taking legal advice. 10 

*nd will be notifying the Prcs-i c ^? r I ?5 s • 

md all uur customers. Until then 
l cannot comment." 

The Ministry said yesterday: 

The extent of rclabelliug may 
•uine to light only after a num- 
ber of further investigations in 
he next row mouths" 

Mason Catiley, a prrvateiy- 


from Milford Haven. wish to he." sttualion. 

After the vessel was refloated The Inquiry, which is expected After Dying over the area. .Ur. 
it appears that the captain to produce an internal report. John Morris. Welsh Secretary, 
decided to take her further out wit! also look at what happened said that fac was confident the 
to sea. either to reduce the risk after the tanker was refloated pollution threat could be con- 
of pollution or in an attempt to from the rocks. Under inter- tamed. A further 12 sprayin 


might prove critical. 

Express Newspapers said fhaf 
it chose the name Daily Star 
because it conveyed the impres- 
sion nf a popular, lively, brash. 
I exciting newspaper, which the 


BY JAMES BARTHOLOMEW 

THE INLAND REVENUE has 
ruled that investing institutions 
normally exempt from capital 
gains Tax are not exempt when 
dealing in options. 

The ruling is a blow to the 
\ounc Trade Options Market, but 
Mr. Peter Stevens, chairman of 
the Slock Exchange Option Com- 
millee, said yesterday that he 
still believed that the law would 
be changed. 

The rules un taxation of both 
institutions and individuals deal- 
ing in options were “inequit- 
able.” His committee would 
make a full submission on the 
whole “ area " to the Board of the 
Inland Revenue in a month or so 

He boped to persuade the 
Inland Revenue, the Treasury 
and “the politicians" that the 
law should be changed. 

The law concerning exempt 
funds, such as pension funds. 


could be changed by an extra- 
statutory instrument but the 
other relevant laws would have 
to be changed through a Finance 
Act. 

The Board's interpretation of 
the law as it stands is that 
institutions like pension funds 
arc exempt from capital gains 
tax only when dealing in “ invest- 
ments.” 

“ Options granted or sold, 
wberher traded or of the ordinary 
three-month type, and whether 
covered or uncovered, are not 
capable of being regarded as 
investments." it says. 

The Traded Options Market 
would be held back by this ruling, 
hut would easily survive it. said 
Mr Stevens Pension funds would 
be disenu rased from uting the 
market, but would continue to 
deal in a limited way. 

The ruling was not altogether 
unexpected 


reach Belfast. Ho later reported national convention, the Govern- vessels are expected to arrive to- new daily would be. 
that nil had begun to leak from inenl cuuld have insisted that day as are salvage tugs. 


The Board, which has . nine 
inspectors enpouered to visit 
the l.uno bottling plants and 
wholesalers In check that records 
are in accordance with EEC. rules 
and regulalions has yet lo! 
uncover a deception ease througb 
Us own policing operations.. 

So far. all relabelling cases 


More stand-by tugs sought 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


THE GROUP organising the sal- 
vage of tbc Cbrislos Bitas yes- 
terday called for compilation, as 
pari of the fight against marine 
pollution, of a list of ports 
obliged to grant access to ships 
crippled by accident. 

Mr. Tony Wilbraham, newly- 



. ■>. '.wned wine shipping company have been discovered " eitheri 
stabiished in 1S40 with, winces through an “inside tip-offr. or 
j_ .. .n Pennington Street. Stepney through a consumer complaint; 

• 'ells to supermarkets wine Mr Norman Dixon, secretary 
. tores, and cash-and-carry ware T of ihe Board, said that he was 
. ouses throughout the UK. content with, the role and powers 

• -'.The Wine . Standards Board, aiven to the Board. Some wine 

which inspects wine arid shipping merchants, however., regard it as 
. lerchants arid wholesalers’ slock having no- muscle. 

. " hccts every one or two - years The Ministry or Agriculture, 
" opending on ihc volume br their which has. a dozen investigators, 
rade. passed on information 
" ' clatim; to Mason Catliey at least 
wo weeks ago to the. Ministry. 

Since the Wine Standards 

Soard. an agency of. ihe Mims- 
-ry, was set up five years ago. it 
as known only six cases or 
clubelling. it is. with local 
uUioritics arid Ibe Ministry, in- 


added that the Wine Standards 
Board was working “as well as 
we would expect. 


coast to Rotterdam before port report on the Eleni V and Amoco 
authorities could be found to Cadiz tanker spiils. specifically 
allow U to dock for repairs and rejected such spending. France, 
removal of cargo. however, has recently stationed 

The salvagr union, which has a tug at Brest, 
just completed an appraisal of According to Mr. Wilbraham. 
policy at a meeting in Vienna, the salvage industry's earnings 

„ Is also concerned about the have declined in recent years 

elected president of the inter- scarcity oF stand-by tugs for use partly because of the refusal of 
national Salvage Union arid also in the event of accidents. shipowners to provide salvage 

chairman of the North British Mr. Wilbraham said that, security for their cargoes. 

Maritime Group, said that it was because of pressures un marelns Where the spillage of cargo 
becoming extremely difficult to salvors had been forced to with- involves pollution, this can 
find ports willing lo accept draw standby facilities alniust result in salvage men spending 
stricken tankers. completely, and so far most 

In one recent case a damaged governments had refused to 
200000 dwt tanker had to be finance alternative facilities, 
towed from ihe South African The UK Government, in a 


□o 


time and resources on preventing 
cargo leakage without any 
guarantee of payment for their 
work. 


Aycliffe 
looks for 
Scottish 


recruits 

■They have been responsible ^ 0 ^ wdf'sS StiuSTworken 
for foliowing up many com- - n hi h ^employment areas in 
plaints.” the Ministry . said yes- L he Wesl uf semland. This in- 


terday, nUhoueh it would not 
elabnraic nn the Mason Catiley 
investigation now under way. 


Name change order 
for Peat in France 

BY TIM DICKSON- • 

TE INTERNATIONAL. company will act as “eorrespon- 

ccounting firm Peat. Marwick dent ** of the United States. UK 
nd Mitchell has been compelled and other world-wide partner- 
ji change its name of operation ships of Teat Marwick and 
n France, where it practises Mitcbcil. 

nder its international name. This means that Audit Con- 
Other non-national firms .are tinenta] will be able lo use its 
eing forced to follow suit by parent's name on correspondence 
he Qrdre des Experts Como- and reports, while access to the 
* jbles. the body which controls firm's world-wide training, pru- 
L-rountancy in France. This fessional practice and other 
ollows a decision by the Ordre resources will remain. 

, high prohibits non-French firms The change, however, will 
runt using their international result in significant indepen- 
"" ■' , a mes there. dence of the new company's legal 

The development is also nnpnr- structure and decision-making 
jnl for firms with offices else- responsibilities, 
here in Europe arid signifies 


dicates the shortage or skilled 
workers even in the North-Easi, 
where .unemployment- is about 8 
per cent. 

About 50 boilermakers, tool- 
makers.' maintenance fitters, 
electricians, engineers and other 
craftsmen arc sought. 

Thfr search, centring on 
Clydebank, will try lo find a pool 
of about 200 more willing to 
move soon; Housing tenancies 
will be offered as an incentive, 
with a possible ESQO 'vansfer 
allowance, removal ' expenses 
paid and a settling-in allowance 

Unemployment in Aycbffe is 
low. Not enough skilled men are 
trained to keep pace with indus- 
trial growth or the 15 per cent 
natural . wastage among crafts 
men. 


Nurses to meet 
Ennals 


tie increasing opposition uf move would make 
onie countries to the big inter- difference to business. 


A DELEGATION from the Royal 
Colege of Nursing, led by Miss 
. Sheila. Quinn, its council chalr- 
Peat's-said in London that the i man is to meet Mr. David Ennals 



Anglo-French 
Airbus talks 
deadlocked 

BRITAIN AND France are 
nearer agreement on the terms 
for the entry o* British Aero- 
space into the Airbus Industrie 
consortium. 

Industry Department officials 
flew back to London yesterday 
after talks with officials in Paris. 
But both sides still appear to be 
deadlocked on the question of 
whether Britain should have the 
right to veto decisions affecting 
the proposed A310 version of the 
Airbus. 


New Ariel chief hopes 
to cure its problems 


Airoort grows 

A £3m expansion plan for New- 
castle airport, announced yester- 
day. will double the capacity of 
the main terminal bv the early 
1990s. 


the Rank of England to allow 
gilt-edeed securities 10 he dealt 
nn the system, something they 
hnrt resolutely refused to do until 
now. 

Ariel made 3n operating profit 
of £104.000 in 1977-78. compared 
with a loss of ES7.Q00 the year 
before Turnover rose to £100m 
from £S4m. This turnover rep- 
resents about $ per cent of that 
in the Stock Exchange. 


BY JAMES BARTHOLOMEW 

A new managing director has 
been appointed to Ariel, the com- 
puterised share dealing system 
used by institutions. 

He is Mr. Ciarry Arnoti, who 
will continue to be a financial 
consultant for N. M Rothschild. 

He hopes to overcom - some of 
Ihe fundamental problems of 
Ariel which have stopped it 
being a total success. 

"Dealers simply do no! like 
using 3 computer terminal." said 
Mr. Arnott yesterday. He 
wanted to adjust the system so 
that dealers could use the tele- 
phone or some other acceptable Mr. Huang Hua. China’s Foreign 
method instead. Affairs Minister, visited Pye 

He hoped that a way could Telecommunications, the Cam- 
be found to enable institutions bridge headquarters of the Inter- 
to take on the role of market national communications corn- 
makers tjobbers 1, which are lack- p a ny. yesterday, 
ing in the Ariel system. This ' 

cuuld be successful only, if \V<r}nc7 SIOPPTlfC 
stamp duty was not payable by 

the market makers, just as it MR W ANG CHEN. Vice-Premier 
was not payable by jobbers in 0 f china has accepted an invita- 
the London block Exchange. tion lo UK from Novein- 

He would attempt to persuade ber 6-16. 


Hua visits Pye 


Butlins faces price probe 

BY COLLEEN TOOMEY , 

BUTLINS. Britain’s largest of two adults and two children not due to be completed until 
holiday centre "roup and part of would have lo pay an extra £25 January 19. The inquiry is being 
ihe Rank Organisation vpsterdav or f30 - During the low season, carried out under section 4 of 

became the ^fatest company t?be ^ comparable increase would the Price Commission Act, 1977. 
ueirime uieidie*>i company 10 oe . uhout £15 1 nc * R«» 1 ine ha/i mn»a 

investigated by the Fr.ee Com- ^CclpLy said Unit ,he rise 


mission. 

The company wants to increase 
Its prices by an overall weighted 
overage of 15.17 per cent which, 
it claims, would he In line with 
increases proposed by its 


resulted from raising the pay of 
its 20.000 seasonal staff from a 
minimum £33.85 a week to 
£40.40. 

Another factor is that from 
nexi year Butlins holidaymakers 
will have an automatic insurance 


Last year. Butlins bad more 
than lm holidaymakers at its 
main centres— 2.5 per cent of 
the total 37.5m people in Britain 
who went on holiday. 

Butlins says that prospects 
look gloomy if the inquiry does 
not go in its favour. 

*‘We shall be forced to lay off 
some of our seasonal staff, and 
will have to cut our services — 


competitors. 

. A family of four staying at one cover in their holiday package. 
oT Butlins eight main holiday - We are in a highly enmpeti 

centres at Ayr. Barry island, tivc business." Butlins said. “It most probably entertainment.” 
Rognor Regis, Clacton, Filey, u, in our interest to keep prices Butlins. which includes eight 
Minehead. Pwllheli or Skegness, at a minimum." main centres, IS small holiday 

now pay about £94 a week. An interim increase will be centres, nine of which are in 

The proposed increases would announced next week subject to France, and four hotels in 
vary over the range of services the commission’s approval, but Britain, made a pre-tax profit of 
provided, but on an “all-in" basis a surcharge may be necessarv £7.6Sm on turnover of £47.77m 

.'during lhe peak period a family because the in vestisa linns are last year. 


liltle 


atiunal accountants. 

To meet French regulations, 
cal Marwick has formed a cum- 
any called Audit Continental, 
hicb effectively will be owned 
v the previous resident audit 
artners in Paris and Lyon. 

As from Monday, the new 


Tax and consulting services 
are not affected, the firm’s Con- 
tinental headquarters in Paris 
will remain, while “the same 
auditing and professional stan- 
dards. including qualify-contru! 
procedures will, of course, be 
applied by Audit Continental" 




Ezra stresses mining’s 
need for investment 


BY SUE CAMERON 

HE National Coal Board is try* 


ig to safeguard future energy 

ipplics by -investing in real 
■rms 10 times as much in mining in 


Social Services Secretary, on 
October 30 to discuss the fears oF 
professional nurses about the 
health service. 

The meeting results from an 
emergency resolution passed by 
the college's representative body 
at Harrogate in June, when the | 
Minister "failed to convince the 
members of the cnlleue of his 1 
appreciation of the extent of the 
problems existing in the NHS." 


The picture “Dropped from the Nest” (demil above) painted by 
Sir John Millais in 1683, sold for £35,000 at Christie’s yesterday, 
an auction record price for (his increasingly popular Victorian 
artist. The anonymous purchaser will also have lo pay £3,500 in 
buyer's premium. 

The previous best for a Millais was 30.UU0 guineas at Christie's 
in July J972, when oddly enough “Dropped from, the Nest" also 
came up Tor sale and made £6,825. It had changed hands once 
before at Christie’s, for 1,200 guineas in 1893. 

- The sale of Victorian pictures totalled £3+7,950. Other high 
prices were the £22,000 Tor “Liverpool from Wrapping" by 
Alkiuson Grimshaw; £10,000 from the Leger Galleries for 
“Sahrimi" by William Edward Frost; and £9,500 for Charles 
SpCneelayh’s “lie's worth framing," 


Trade deficit worse by £130m 


not do . this, would- be consider- 
able. That is why we must main-j 
lain a high level of investment 
coal, even though current 


BY PETER RIDDELL,. ECONOMICS CORRESPONDENT 

THE VISIBLE trade deficit 
deteriorated by £130m during 
the. July to September quarter, 
notably because of a reduction 
in exports of precious stones 




•rms iu da uiuvu 111 -- ■» . : — = 1, 1 r ■ 

injects each vear as it did demand id certain sectors, sum from an erratically high second 
. efore lhe 1973 nil crisis. Sir as steel, is al a 1 low ebb. quarter level, 

erek Ezra, chairman of the Investment in major mining Total exports rose by +1 per 
nard said yesterday. projects bad risen frum £14m in 

c ,. nJrU snwikin- at Inc 1K2 la 1 1977 prices) to an esU- 

■ ffSLS v in York ™l<?d £]40m in 197. The Board’s 
nnce o ^'« L oMierv in \ ork ^ ^ WQu|d pr0 . 

urc, said This tear and cierj yidtf 20m tonnes a year . of a ddi- 

f rtL a hn f ard wouW need 10 UomI capacity from existing pits 
e- the board would need 10 an(} an o,h P r. 20 m -Ionites from 

tvest 1500m. .?n _ the Indus rr, at mining projects, 
y resent day prices. The reeent improvements in 

This “ huge w investment was TO jjj er ,, performances— sustained 
elided to keep up capacity as over s jx months For the first time 
.idcr coal measures were worked f 0U r years — bad to continue if 
ut and to expand production m ^ Industry were' to go on paying 
te future. its way and -financing its own 

CoaJ would have to* start re- investments in the future- 
lacing oil well before the end Colliery output for the sis 
f this century, he said. This was months from April to September 
ecause oil supplies would pass this year had been 48,7m tonnes 
leir peak berore the year 2000. —just below the level for the 
nd natural gas supplies could same, period last year. But this 
tart to decline soon after. . • year, .there had been 4*500 fewer 
“1 kuow.’Of no other industry, mineworkers than last- year— 

-hicb has to invest .- *0 heavily mainly because of the lowering 

daj-, mainly in the interest oC ^,t ihe voluntary early rettre- 

e national economy and with- ment age. .. . 

ul anv; possibility of setting a • The European Commission 

turn on Us capita! for at Jeasl said yesterday that H bad 

wars : . . . . -approved a 7 £!3m loan lo ihe 

‘The risk ’ to' the country’s Coal Board to help finauce 1J 

lure energy supplies, if we' did projects. 


cent in value during the 
quarter, compared with a 6 per 
cent increase in imports over 
ibe same period. 

The volume increases were 
3J and 6 per ceut respectively 
on a quarterly basis, fbongh 
once the more erratic items 
arc excluded, the export 


volume increase is shown as 
5i. per cent against a 7] per 
ceni rise for imports. 

The appreciation of sterling 
has boosted the terms of trade 
index — lhe ratio of export lo 
impart prices— by 1 per ceut 
following a 2i per rent in- 
crease in expon unit values. 


Guaranteed Bonus Bonds 
from one of 

Europe’s largest insurance 

companies 



BALANCE OF TRADE 



Exports 

Imports 

Exports 

Imports 

Terms of trade 



Lm seasonally adjusted 

■ Volume seasonally adjusted 

* Unadjusted 

Oil balance 




1975 = 

100 

1975 = 100 

£m. 

1976 

25,424 

29,013 

1093 

105.7 

99.3 

-3,973 

! 1977 

32,182 

33^91 - 

118.9 

107.1 . 

100.7 

-2.804 

1976 1st 

5.654 

6,204 

106.2 

100.2 

1004 

-947 

2nd 

6.160 

7,109 

109.7 

106J 

984 

-968 

3rd. 

6J513 

7,645 

110.1 

109 JO 

96.6 

-14S8 . 

4tit 

7,097 

8,055 

113.4 

107.1 

983. 

-TJWO 

1977 1st 

7^12 

8.485 

115^ * 

109.4 

98.9 

-BOO 

2nd 

1911 

U89 ■ 

118.0 

109.6 

1003 

-745 

3rd 

8454 

. 8925 

124.4 

IM-d 

W.Q 

-M2 

- 4th 

8,187 

8,192 

117.6 . 

1017 

102.4 . 

-657 

1978 1st 

8,410 

9J0Z2 

119.9 

114.1 

104.9 

-646 

2nd 

8,759 

8J894 

1222 

1094 

1044 

—420 

.3rd 

9,152 

9,42t 

\U2 

11 to 

T0S3 

-509 

1978 March ; 

2JH7 

3,109 • 

1205 

116.7 

104.7 

-209 

- April 

•‘2,990 

. V98 

125.7 

103.7 

104.1 

-149 

H* 

2J154 

. 3,081 . 

119J - 

1134 

1053 

-155 

.. June 

2.915 

3,015 

12U 

1113 

1043 

-116 

: ‘July . 

3.048 

.3,180 

I27J) 

1154 

1044 

-229 

August 

3.020 

2.963- 

124.9 

111.4 

1053 

-104 

'• September 

3,084 ■ 

3^78 

126.7 

120J 

1054 

-176 

•Th* ratio -of export prices to import prices. 



Sourer; Oeportmeiu of Trane 


p.a. 

tax free 

« (*irM(UVI 

for 4 years, 
equivalent to 13 # 4 % p.a. 

gross to basic rate taxpayers 

These Guaranteed Bonus Bonds are single premium 
endowment policies lor a lenri of 4 yeurs.Tssued by the 
London branch of Generali - one of Europe s largest 
insurance groups u ith asscis in excess of I S S4.StH i 
million. The cumpuny has had an office in Ixmdrai 1'ur 
over SUj’cars and today tlic L.K. branch has assets or 
over C7U million. 

High Yields Guaranteed 

Here is lhe wuy to bcuefit from one of lhe highest 
invesnnent yields obtainable today. Invest LI .000 or 
more in these Bonus Bends and you are guaranteed an 
annual bonus erf l )% fur 4 years. Bemuses will be 
declared annually on the anniversary date of your 
Bond and are free of tax if you pay tax at the base rate. 
For such investors the bonds give a return of 13.4% 
gross. 

Surrender Option 

Tb receive an annual income you may surrender your 
bonuses for cash. If you wish to do this you should 
indicate on the application form. If the bonuses are 
accumulated, the value of a Bond or £1,000 after 4 
wars will be £1.41 1. 5b'. 

Death Benefit 

Ifvou die duringthe term ofthc Bond, the full amount 
of your investment will be paid In your estate together 
with ibe accumulated bonuses. 


Maturity' of Bond 

At the end 1 'I' -l years your capital u ill be repaid in I'ulL 
Because ol'Uie wit ravin r ruble 1 ei ms being olfereii. it is 
not prtssible u» accept requests for early nicuslinienl. 

'taxation 

If you are liable lor lax only at the basic rale 
tiiroughoul ihe term of this Bond, there will be no 
uddirinnal liabiliiy on die annual bonases that are 
cashed or on the total proceeds on maturity. Ifdiflerent 
conditions apply to you. then your liability Ibr tax will 
probably be affected, and delails arc available from the 
Company on request 

How to Invest 

To apply ibr iJiese Bonds you should complete the 
application form below and send ii together with your 
cheque made payable tu Generali. 

Then.* Ls a minimum age limit of iS years and a 
maximum of 80 years. 

A.K TWM^iTisHi'fdiwftiWrfi'n-srii'iH.'iiM/a'/j l>h Rci’ul.'lk.Thc 
hifiirvMlitVi i.iiiii/iiii/ 1 » fAe A/nmarnenr if hmi tqvn our 
hw1rn<htii>lKnt of ilfc' ■ j'r.-v/if liiLinl fu-iviiik* Lnniihl I *»,i, Ii c iifjcf 
lyoii i/i.-Julm'i mb’oi hix ill » 

Thin qjtr i< tin ihi Inniin! si hi miwi/ h’ niilJnmv or tlx tains 
irilsi'ilut iiiiifliiih'. 


Generali. 

1 1 7 FeiK'hurch Strccl. Imxkin EC 3 M 5 D\' 

in u GciktuIL 


I ttiilj lo initti 


Guaninleed Bonus Bond and cnchw my cheque for this 
sum. I am u iwkfcni of the United kingdom and 
understand ihor LbisappUfattan shall ftwut the basis ofa 
contract between me and the Company. 


fill. JMMErtllun; 


.inoREss 


JlYTEOF BIRTti . 


n rkase hxllraip with an X If pju wish 10 bunvnder your 

bonuses for £u-h.- 


5ICXATURE„ 


, _ GENERAT I 

^ r T 141QGB 




4 


Winter trading shows uninspiring 
performance with 9.1% increase 


INDUSTRIAL COMPANIES with financial years ending during 
the winter months showed an overall sninspiriog performance 
With trading profits Up by only o.l per cent, confirmation of the 
trend already established in our interim report in July. Both 
surveys cover companies whose year ends fall between October 
and January. 

Net return on capital remains flat with the 17.4 per cent 
unchanged on the previous year. 

But again there was wide variation between the best per- 
formers (distilleries and nines and office equipment! and the 
worst (radio and TV and household goods). 

Because of the often small samples in individual sectors, 
overall performance can be strongly affected by the results of 
a single company. So when we last reported on the companies 
whose financial years ended in the period between 'October 15 
last year and January 14, only one company had reported in the 


distilleries and wines sector. Since then (wo other large com- 
panies have reported in the sector and this has placed them at 
the top of the league. 

Office equipment, by contrast, has had no further companies 
report since our last survey and has lost lh number one position. 

The addition of two* other companies* reports in the 
distilleries and wines sector, shows a more xepreseniative trend. 
Return on capital is up over 7 percentage points on the year 
while trading profits rose an impressive 38-5 per cent. 

At the other end of the scale, electronics, radio and TV 
showed a drop of over 5 percentage points in net capital employed, 
and a 13.8 per cent fall in trading profits. There was little sign 
of any c onsume r boom in both consumer durables and non- 
durables. 

In spite of the sluggish growth In trading profits overall, 
industrial cash Bow rose by 22 per cent year on year. Overall 
net current assets have risen by 13.7 per cent. 


TREND OF INDUSTRIAL PROFITS 

ANALYSIS OF 635 COMPANIES 

The Financial Times gives below the table of company profits and balance-sheet analysis. This covers the results (with the 
preceding year’s comparison in brackets) of 63S companies whose account year ended in the period between October 15, 19<<, and 
January 14, 197S, which published their reports up to the end of September, 1978. (Figures in £000.) 


TOBACCO 


< 2 


1205,549.3 -t- 2.0 '173.064.4 .129.953.1 . 28.389.1 , 101.230.0 , + 57.0 40,122.3 +11.8 92.771.0 1.326.514.2 
Ii201.345.81 1 If 168. 04 1.6, >130.182.5)' >63.535.9) l (64.481.6) i (35.874.9) , ■ 159.553.5) '(1.122.513.7) 


TOY> AND GAMKS ...] 4 


1 19.105.8 1 + 8.5 

16.333.0 

12.354.8 

2.856.4 

9.439.9 

,17.609.9)1 

(14,936.9 

• 1 1.781.7/ 

(5.041.3) 

(6.663.7) 


TOTAL CONSUMER .145 
HON-DURABLE, 


11.730.47 1.6 +9.3 (1-412.411.4 1.202. 100 J. 517.316.0 650.699.4 +32.5 195.752.3 :* 14 
•i 1.581.302. 1, ■ Kl.2aS.£46. 7, 11.082.805.7 1 547.530.4 1)490.896.4 1 (171.428.2i! 


13.0 1388.725.1 
(15.0) It32 


K528.411.Si 


+ 41.9 1.819.0 :+13. 

(1.608.1J • 


l! 16.450.5 
I (7.061.3) 


59.017.4 

(49.157.7) 


27.7 I 30.029.6 
i3Q.4i I (26.742.7) 


A 755.989.0 17.528.450.7 I 18.8 12.59 1.824.0 
(587.595.6) (6.565.648.0, (19.6, *2. 154.404.6, 


CHKU1CAL5 ! 31 


OKFTCK hCjl’IIMI KNT ! 8 


1 1.262.559.5 +9.3 893.498.4 754.601.8 305.279.7 ' 419.896.8 +23.2 128.474.0 1+ 15.3 562.367.4 .5.065.425.3 ! 17.6 
fl.l3l.Sb7. 4) (825.959. 1,,< 700.547. 3) (328. 130-9) (34O.760.li; |f 1 1 1.44S.6>! I478.236.9| (4.732.880.9)! f 17.4) 

' 2 28.084. 2 +37/7 205.585.8 166.702.9 76.570.8 93.578.0 1+68.8! 17.947.5 \t 13 

.(16S.664.0i; /J41.7U5.9/,) 105.467.9) 155.124.0) ■ (56.617.6) . (15,820,6) ! 


11.955.282.6 
li 1.850.558 .61 


1.4 92.315.1 j 848.165.6 ’ 24.2 
157.191.3) (3U6.345.7) <17.6/ 


' 183.256.3 
.1 182,344.1, 


SHIPPING I 10 . 317.748.0 +6.2 1217.197.7,147.697.5 34.947.4 < 107.819.0 ( + 28.9 27.744.0 ;+16 

V299.391.6' '(207.790.0i (139.954.8) (52.029.7) ! (83.64 1.5) | (23.743.3) 


Ml-C. INlil'STKl.U, ...i 62 


I 541.917.2 +15.21429.672.3 1 345.735.6 159.620.4 165.083.3 ' + 38.5 54.7B8.3 |+30. 
[•470.528.5) !<SbB.eJ9.1) (284.975 5M147.504. !.< 119. 183.5) (4 1.895. Tj 


.8. 173.273.0 ,2.053.739.2 j 
,1 1 44.982.7), ( 1.9 19.655.2(1 


10.6 
• 10 . 8 ) 


71.376.6 
(95.648. 1, 


8 1 210.642.1 ,2.274.742.6 I 
II 167.494.5) i2.090.71 1.2)! 


18.9 

(17.6i 


694.963.2 

(532.031.6) 


TOTAL 1498 

industrials) 


16.4 19.657.6 +9.1 4.966. i 70.6 4. 122 .294.0i 1 .723.496.7 2. 237 968-4 + 29.6 658.348.9 
l.j.BBi 75x. 6) (4.552. 124.3, ,5.705.825.2, j, I.S S3. 458.4) .) 1,726.72 ).4l | !(5S6.986.7) 


+ 18 


2.2.830.753.0.28,615.983.5; 
112.521. 6c2.6) (25.081. 169.81 1 


17.4 

(17.4) 


; 9. 578. 280. 3 
.10.425.567.4 


OIL 


4.543.805.71+ 23.2,3.983.955.7 3.668.959 02.686. 103. Ji 903.563.0 + 34.9 175.993.0; 
1,4.0 1 7.232.2) i 5.626.4 b!. i, i3.270. 131. (!) 12.564.082.0) 669.897.6 •: itl54.444.li 1 


+ 11'. 


7. 1,284.06ii.a 10.122.743.0, 
1 1.000.297 .6) 19.551.679.9) 


39-4 

(36.9) 


(3,661.490.3 

1(3.588.363.5) 


BANK* 


,1,119.886.0 + 19.1 96L.S.94.0; 
'>939.930.0'' (79B.527.0i 


877.066.0 456.166.0 396.884.0 : + 23.5 84.460.0 ; 
•730.861.0] (385.020.0) (321.334.0), [ (72.095.0)| 


+ 17. 


2 465.310.0 
(335.396.0) 


4.856.722.0 

(4.231.447.0/ 


19.9 

lia.9) 


(2.045.361.0 

Jll.7n.lS2.0j 


HI lit PLKCHAi/E 


27.212.8 
; >25.202.5) ; 


+ 8.0 « 26.234.3 ■ 
! (24.440.8) I 


12.779.8 
(9.566.1, | 


7.001.1 | 5.706.7 :+30.0 2.494.2 
(5.069.9) (4.391.2) ] _ i2.162.3j, 


+ 15 


3 3.838.5 
(2.681.1) 


185,022.7 

(170.257.3, 


14.2 
(14.4 ■ 


, 62.628.0 
(57.643.0) 


IX SC RANCH ... 


...' 2 


200.789.0 
1 147.468.0/ 


+ 36.2, - 

. (— , 




(-1 


105.726.0 ^ +89.9 37.722.0 
! (81.361.0) (33.728.0, 


1X>L'RAM"K HHOKKltS; 6 


146.418.0 i 
, 126.995. Oi 1 


+ 15.3 124.524.0 1 
(106.555.0,: 


103.396.0 

>65.534.0, 


52.702.0 ' 
144.599.0) I 


47.995.0 

(38.210.0) 


+23.6 13*716.0 
>(12.114.0, 


‘IXVKST.M KNT 7 KLsT.- 65 


94.788.6 

IB3.32S.8, 


+ 13.8 93.675.7 
(82.315.9, 


75.544.7 

,63.980.2] 


23.853.1 j 
(24.728.6i ! 


44.981.2 

i37.3B6.5i 


. + 20.3 42.382.6 
>35.516.4> 


+ 11 
7l3 

-"Id 


a - 

t— ) 


2.968.035.0 
(2.723.7 1S.0) 


-71.431.0 

,36.791.0, 


2 54.186.0 
,.44.0 15.0i 


527.951.0 

,429.404.0, 


23.6 

,24.8, 


66.814.0 

(74.B23.0j 


PKurEKTT ! 20 


' 137.988.1 
(157.381.2) 


—12.3 133.593.5 
ilS2.TI2.Oi 


35.111.1 

>32.693.5/ 


12.720.6 ( 
,11.480.8/; 


16.983.8 , 
il6.675.4j I 


».l 11.763.2 

(10. 142.2/ 


16. 


8.314.9 

,2.105.3, 


0 6.159.1 
,8.979.3- 


. 1.779.166.8 
,1.557.931.2, 


5.3 

>5.3, 


32.250.0 

(11.388.1, 


1.756.436.2 

,2.024.537.71 


7.6 

,14.9. 


-10.456.1 

,-10.286.2/ 


.31150. FINANCIAL ...I 9 


25.263.6 

(25.693.3, 


■1.7 22.265.8 i 

>22.412.4, 


14.498.8 

i9.743.0i 


9.346.8 
(7.40 1.31 I 


4.2 IB. 5 
ll.592.6i 


; +202.9 2.484.7 
(3.211.5, 


3.844.6 

>1.642.2- 


101.516.3 

(117.547.9, 


21.9 

(19.1) 


39.775.7 

il7.055.7t 


TOTAL FINANCIAL ill 


1.786.035.1, 
■ 1.5lS.7(£.3i. 


17.5' 1.36 1.387.5 
1. 186.963. (. 


1.118.393.4 

932.367.8, 


666.79 1.6 j 
,476.293.0), 


616.624.2 
469. 172.7j! 


+ 31.4 195.022.7 
7167.963.4) 


+ 16. 


1 541.653.1 
■444.718.&, 


1 12. 154.85Q.0 
7i10.C54.S41.1i 


11.2 

(11.6i 


>2,138.453.6 
1 1.895.004.6, 


EVBUBks ... 


41.342.2 | 
(32.103.0, 


-28.6 34.972.8 
>27.191.1, 


27.657.7 I 11.972.8 ■ 15.401.7 1+130.2. 6.361.1 : +43.2 13.890.5 207.976.3 16.8 ) 34.156.2 
1 19. 197.2, | ) 11. 433.7, , (6.669.9, i4.443.9i- ,7.700.5) >219.023.3, ‘ >12.4, >25.082.4) 


ISA 


11.988.5 

,5.787.2, 


rl07.2 11.498.4 . 11.165.4 ; 7.338.1 3.776.5 >+127.1 

- ,5.378.6, i ,4.808.5, 1 >3.055.3) ' ,1.663.1, ; 


679.6 

,413.6. 


r-643 3.463.6 
1 1.526.8, 


20.100.6 . 57.2 3.878.1 

(15.767.0, >34.1) (2,431.3) 


TLX 


5.565.5 !t 5 1.7 S.139.0 
(3.667.9, )3. 156.4i 


5.139.0 I 1.245.8 
,3.156.4, j 11.028.4) 


3.128.5 

fl.681.4j 


+ 86 . 1 ' 


680.5 

1667.1) 


i-2-O 


2.812.9 

,1.471.7) 


11.309.3 

,10.950.3, 


45.4 - 8.734.2 
■ 26.8> ; (7.722-Op 


Financial Times Saturday October 14 1978 


INDUSTRY 

: I'.,*. 

1 

• Profits 

Tnulinu I'rtifiis ' be:,.n* Im. 

A Tax 

1 

>1) J;h<in:>e' (21 

Prr-Tux 

Profit* 

(3) 

Tax 

(41 

Uarnart fur 
OrHInory 
Dlr|,i«n>b 

1 * 

(6) (charge 

Ord. dirideniU 

1 % 

(Fi [chan** 

| 

Cub Flow 

i- 

Xrt Capital 
Km ployed 

(8) 

Net Re- 
turn >iU 
Caps 

<7i 

Vet. Current 
OjMI* 

(10) 

neiz.Di.Yi, 

M \ r+.)j| \L- 

4S 

56 

483.529.8 +0.3 >359.400.9 
•446.466.1' >321.123.1) 

306.541.6 
(275.444.5 1 

129,816.4 

1 138.359.3. 

165.331.4 
1125.480. 11 

+ 31.8 

52,744.1 , + 21.2 
(43.500.4) 1 

221.795.8 

(188.341-5) 

2.128.860.5 
1.899. 68B.4i 

16.9 

(16.91 

638.096.7 

(579.092.Z) 

COMKiriIM.A. 

iTiN-Tl.Ti Tli>N 

342 203.4 + 17.1 256.195.9 ' 220.784.5 
,292.244.6, > 2 13.950.9,,; 1611,257. 1) 

105.190.9 

i88.619.7i 

109.785.3 

,79.709.6) 

+37.7 

16.705.2 

(14.699.9) 

+ 13.6 170.897.4 
(131.792.2) 

1.273.139.7 

(1.113,489.4) 

20.1 

(19.2/ 

384.225.9 

<339.257.2) 

ELELlHI, ai.* 7 97.964.1 +10.1. 73.845.7 i 60.922.0 

lEX EI.KlTCN. ETC. 8B.975.8> ■ >65.4 69.9, | (52.106.1 1 

26.555.6 

,2S.431.1i 

27.229.0 

,19.163.31 

+42.1 

1 2.406.4 
(10.922.4i 

+ 13.6 36.667.0 
; (29.889.5i 

476,848.2 

(433.688.2) 

15.5 

(15.11 

135.449.1 
> 149.443.2i 

£X(tlX bKillXU ... 79 923.033.7 740.220.5 615.346.7 

888.573.9, +3.9 (7 19.281.9) (593.927.2) 

239.246.2 

(293.904.0) 

351.697.9 

i279.257.31 

+ 25.9 

106.256.0 '+26.7. 403.971.2 
(83.894.9) t (343,780.4) 

4.588.071.7 

(4,284,354.9) 

16.1 1.881 ASM 
(16.8) .1.684.B50.7) 

MACHINE TfnjLS 7 > 21.000 3 ‘ 16.773.4 - 14,191.0 

! 117.756.8, '+ 18.3 1 13.777.8) . ,11.208.9] 

5,703.8 

(6.985.2) 

8.310.3 ,+63.3 
(5,069.0) 1 

2.503.8 +31.9 9,212.1 
(1,897.8) | , 16.357.0) 

94.143.9 

(88.517.5) 

17.8 . 55.281.9 
(15.6) 1 (51.445 J) 

MlsL. C \ PI1AL 19 103.462.9' 1 86.493.0 : 74.920.7 

i,< >>*i| i< > 106.655. 1) — 0.2 >89.358.3) (77.209.4) 

35,716.0 

(37.846.6) 

34.907.5 0.7 

■35.136.7) ! 

11.342.0 .+ 16.4 41,436.0 
>9,824.9) | . (41.571.7) 

471,724.7 

(465.151.8) 

18.3 231.876.8 

(19.21 (141.305.0) 

TOT AT. CAPITAL 196 1.975.994.2 

GOODS ' l. 647.662, 3 1 

+ 7.2 1.532.929.4 
< 1.422.94 1-8) 

1.292. 706.fi 
(1. 172.151.6, 

642,028.9 

.591,346.1) 

697.201.2 

1 543.836.0) 

+ 28.2 

201.957.5 

(164.740.5) 

+ 22.6 883,979.5 |9.032.788.7 
j(74 1. 738. 4 i,iB. 284. 788.1) 

17.0 5.386.383.8 
<17.Zj >2.946.472.2) 

ELECT!, 'ON PC- 7 ' 56.102.6 

It \ 1 • l> * + TV ,65.904.3, 

-13.8 43.075.8 
.51.644.0) 

39.417.7 , 16.507.9 
,46.545.5) : >20.018.6, 

23,437.1 
■ 24.152.5) 

-3.0 

6.536.5 

(6,225.2) 

+ 25.1 

28.132.5 

>30.670.3) 

225.938.1 

>212.384.4) 

19.1 i 112.616.6 
[24.31 1(94.299.2) 

HOUSRHUI.I* l.m>l»>> 21 46.017.4 

. 1 50.260.6, 

-8.4 36.116.7 

,59.963.1) 

32.020.4 1 16.093.8 
, 36. 154.9 1! (17.331.4 

15.768.3 
> 18.460.3) 

-i4.e 

6,037.4 

(6.456.4) 

-6.5 

19,071.3 

(80.747.8, 

229.943.8 

(216.401.1) 

15.7 j 135.819.4 
(18.5) >> 130. 205. 3i 

MOTORS i 7 

OmiPfl.YKXT.- 

166.581.0 

,181.174.2, 

-8.2 120.448.3! 85.584.5 1 37.531.6 

(135.667. l)j. 102. 191.4/J >56.233.7: 

34.944.3 

(32.013.1/ 

+ 9.2 1 10.515.2 
10,213. 7, 

+ 3.0 

62.479.3 

(69.829.9/ 

971.965.6 

>925.615-8/ 

12.4 : 386.928.4 
(14.7/ ;i348.873.Bi 

3IOTOK 21 ' 95 361.7 

Ol!«THIIU"T()l{- (70.793.8' 

+ 34.71 75.235.8 
; >52.570.01 

55.676.7 | 20.082.2 
>36.051.5) 1 il8.219.5i 

27.569.0 
■ 17.152.6) 

+ 60.7 

8.S96.2 

(6.016.7| 

+42.9 

42.503.8 

(23.201.11 

384,826.3 

(326,659.4) 

19.6 1 119.849.5 
>16.0 ii82.831.0l 

TOTAL CONSUMER ' 56 562.862.7 i-0.9 1 374.874.6 ! 212.699.3 ( 89.21S.5 101.718.7 
DURABLES (366. 132.9). |(279.664.2)i219.925.3)j( 11 1.803.2), >91.778.3) 

+ 10.8! 31,685-3 
‘(27.912.0) 

+ 13.5 

152,186.9 1 1.812.673.6 
(144.449.1(1(1.681.140.7) 

15.2 <755.213.9 
>16.6) ,165b, 209. 3) 

BBKWKKI Bs* 

1 5.398.0 +8.0 , 3.134.0 

>3 145.0) 1 '.2 967.0i 

3.067.0 , 1.619.5 ' 1.447.5 
(3.906.0) 1 (1.550.0) > >1.356.0) 

+ 6.7 

589.0 .+ 12.4, 
(524.01 ' 

1,011.5 ' 12.531.0 
(919.0) ’ (11.194.0) 


DI-TILLLNIf? | 3 4.9710 >38.5 4.09 6.0 

k WINK*) ,3.589.0) > >2.708.0, 

2.262.0 i 1.014.0 , 1.240.0 )+ 1.43) 
>578.01 | 1496.0) >8l.Oi j 

425.0 |+4.4 

(407.0) ; 

1,424.0 28.399.0 

(274.0i (37.047.0) 

14.4 ! 7.797.0 
(7.3) . (8.843.0) 

HOTEL? ft I'AlblibU? 

9 81.802.9 :-27.6 65 755.4 1 45,690.7 . 14.444.3 29.701.7 i+141./' 9.731.9 +14.6 

■ 63.994.7, 1 ,48.596.4, : i27.1B5.6i (14.577. 2, (12.288.8i. ',8.489.8, 

34.695.0 . 511.895.9 
(18.208.4/ ,449.813.7/ 

12.8 ! 14.835.3 
(10.8, | <X.700.8i 

LE1SIRE 

15 143 445 7 -56.3 99.010.5 ' 83.092.1 38.929.0 43.354.8 +70.5 11.442.8 +50.3 75.991.3 434.740.7 

1 105.275.4- ,69.366.4) , ;5E-.189.&, >50.554.6, i24.375.6, ,7.615.5, -S 1.257.7) i355.269.2> 

22.5 -35.183.2 
<19.5/ .—32.ii6.9i 

Fi .01. 13 630.938.6+2.3 529.107.7 ‘ 474.618.5 . 225.436.7 235.446.4 +13.6 55.929.3 +10.7 275.594.7 2.419.813.4 21.9 1 110.932.1 

M \M’FA(. l'l'KIMi- >616.366.1) )52 1.009. li (47 1.027. li l236.988.6, (205.560.5. >50.531.1) >245.955.5, ,2.111.216.2): ; 24.7. <928.363.3, 

FOOD UKTAILIXfi ...i 7 16.562.0 —8.0 ! 12.306.7 11.253-0 

[ (ia.010.5i; i (14.246.5) (13.352.0) 

4.445.6 

17.324.2, 

6.700.9 +12.7 2.243.9 +40.0 7.368.7 70 371.7 

l5.944.9i (1.603.5) <6.521. 2| t49.232.0i 

17.5 15.159.5 

(28.9. >15.141.7) 

NEW.-PaPKII.' AM) J 22 125.185.5 + 17.3> 10 1.073.1 B7.392.5 

PJ BLISHKHSl ,106.726.6/ ,86.404.1) (72.600.8/ 

42.854.0 

(37.890.6/ 

41.451.0 i + 31.7 11.728.5 
(31.473.8)1 (10.263.1) 

+ 14.3 

. 

49.247.4 478.699.3 

(38.443.7) 1 (431.126.7) 

21.3 122.230.8 

<20.1/ <96,077.1) 

PACKAGING AND ' 10 93.019.0 -6.4 ; 67.959.9 58.871.6 

P4PKK ,87.459.7) ],59.171.0i ,46.330.8, 

21.662.1 

(23,358.8) 

32.781.9 j + 46.31 10.76S.1 
(22.405.9i | . j (8.941.0) 

+ 20.4 

45.027.9 

(35.700.2/ 

372.196.2 

<334.466.81 

18.3 163.460.3 

(17.7) U56.134.0i 

STOHKN 10,146.551.9 +16.3 128.304.6 115,877.9 

• |(126.010.5l (108.602.4, (95.212.7) 

62.144.6 

(51.408.5, 

53.567.1 

.43.669.7i 

+22.7. 25,168.0 
1(23,291.4) 

+ 8.1 

44.137.6 

(32.851.9. 

713.418.3 

(600.017.9) 

18.0 : 180.271.8 
Cia.l< 1 1 14.577.5) 

CLOTHING AND 34 I 71.711.1 1 + 12.8 57.677.2 51.270.8 1 20.891.3 

FUinWKAK j (65.599.4)' . (51.B51.3, i4l.66S.6i | 121.300.5, 

29.089.7 
(19. 883. Si 

+ 46.7, 8.576.6 
j i5.931.Si 

+ 10.9 

32.524.1 I 257.385.2 
• 23.229.6- j (232.090.4/ 

22.4 1 134.159.3 

1 22.3( !(108.168.4| 

TEXTILES - 

17 [ 188.401.0,-10.9. 150.790.9 188.411.21 53.091.4 
(189.871.7,. ( 136.465.0) (11 1.793.8), )5 1.922.2, 

1 1 1 

68.228.5 

■52.294.0) 

+30.5' 19.211.1 
j 1 16.347.5) 

+ 17J 

81.747.3 ! 843.468.4 
I67.619.6i | (781.702.7/ 

18.5 j 458.901.4 
(17.6< 1(401.574. li 
— 1 


Dl-COI. XT HUl : -K<*. [ 

1 1 3 5.687.0 1+145.8 

- 





! -4.071.0 1 + 84.6- 



t 1 



: '33.160.0 I - 

— ! 4.512.0 

M K HC H ANT HANK -ri.-.i 

ii 15.7 17.0i 

<-. 

( 1 

(-) 

•i-31.678.0i , 

C-) 

: i— i 

l—l 

1*51.551.0) I 

'(— 3T542.0) 


HOME NEWS 


Low fares prescribed 
for healthier future 


THE DECISION by British Air- 
ways to make a major assault on 
the cheap fare market over the 
next eight years stems from its 
conviction that world air travel 
is likely to continue to rise at an 
average 8 per cent a year. This 
will result in the airline carrying 
about 27m passengers a year by 
1986. compared with 16m now. 

Mr. Ross Stainton, deputy 
chairman and chief executive, 
announced .the airline’s plans 
this week in Los Angeles where 
he was attending the roll-out of 
the first of the airline's Dash 500 
long-range model Lockheed Tri- 
Stax Airliners. 

He made it clear that, after a 
major reappraisal by a strategic 
steering group set up by the 
airline board, it had been con- 
cluded that major changes in the 
airline’s direction were not only 
desirable, but essential. 

“The airline is going to be 
very different from the present* 
one In two fundamental respects,” 
he said. 

“First we are going to be far 
bigger in terms of capacity and 
in the numbers of passengers 
and the quantity of cargo we 
carry. 


NEWS ANALYSIS 

m " 

BRITISH AIRWAYS 

BY- MICHAEL DONNE . 


Far bigger 


“ Secondly, we are going to be 
a low-cost airline catering 
principally, though by no means 
exclusively, for low-fare pas- 
sengers. 

“To achieve this, we are go- 
ing to have to cope with two 
major requirements. We are 
going to have to operate at cost 
levels in line with the sharply 
reduced average level of fares 
that our passengers will pay; 
and we are going to have to live 
with the very serious constraints 
that will exist, such as in airport 
congestion, pressure on ground 
facilities, hotel space and the 
like.” 

By 1986, out of the 27m 


passengers a year.-no fewer than 
20m would be . on short, haul 
services and the ' rest on long 
haul. 

But, instead of about - 60 per 
cent being high yield — that is. 
higher fare traffic, as at present, 
the balance would .shift so that 
on short-haul- routes alone, about 
69 per cent would be cheap fare 

J iassengers and 31 per cent high 
are passengers. 

Th is mea nt that, although 
British Airways would be carry- 
ing more passengers, the airline's 
revenue yield was likely to drop 
sharply. 

More flexible 

“ We predict that by 1986. our 
short-haul yield will have 
dropped by about 42 per cent 
and our long-haul yield by about 
28 per cent. It most be clear 
that we are going to have to 
bring about some equally 
dramatic reductions in our costs 
simply to stay where we are. 

“ Even after making allowance 
for all the obvious cost savings, 
such as the benefits of more 
efficient aircraft, higher load 
factors on low fare services and 
so on, we shall still have to 
achieve further substantial cuts 
In our costs over the next eight 
years if we are to attain our twin 
objectives of hitting our profit 
targets and maintaining our 
present share of the market. 

“ There are a number of ways 
in which we can achieve this 
further saving, we believe, and 
we are working on a wide range 
of tbem at present 
“They include a more flexible 


layout of our aircraft .to take, 
advantage, of .seasonal 'trends; 
better aircraft utilisation; fuel 
savings through -mere, efficient 
operating techniques; and. ah 
improvement in staff produc- 
tivity;” 

Mr. Stainton stressed that no 
member of the staff would lose 
his- job as a result of the changes 
envisaged, but everyone would 
have to work harder if the airline 
was to be able to compete. ' 

The aircraft fleet would 
expand . by. about IP per cent to 
just under 200 aircraft; but 
because most of them would be 
wide-bodied jets such as Boeing 
747 Jumbo . jets and Lockheed 
Tristars, the total seat capacity 
would grow* by about 70 per 
cent. 

As far as narrow-bodied jets 
were concerned, the ' airline 
would have 19 Boeing 737s and 
at least 19 Boeing 757s, but all 
the existing Tridents, VC-lOs 
and older 707s would have gone 
by then. 


Off-peak 


With these new jets and cheap 
fares, the load factor would be 
much higher, running at about 
75 per cent overall throughout 
the airline, with a load factor 
of about 85 per cent on the low- 
priced services and a little less 
on the business or higher fare 
services. 

The precise fares levels the 
airline is thinking about are not 
yet settled, but a small start has 
been made recently with cuts in 
some off-peak and week-end 
fares to European destinations. 


These will be built up progress 
sively. ' - . - : 

British Airways is .putting 
heavy emphasis on the TriSJax 
in its new plans, and especially 
oh the new Dash 500 long-range 
model rolled out at Lockheed's 
Palmdale, . California, factory. 

This aircraft will take- over 
the longer, “ thinner” traffic 
routes from the- VC-10 -and 707 
jets- and will be used increas- 
ingly on long hauls, for example 
to the Middle East, and then to 
more distant destinations such 
as Los Angeles, San Francisco, 
and as one-stop aircraft to 
Australia. 

“In our judgment,” Mr. 
Stainton said. ** it is no longer a 
question whether or not British 
Airways should be in the low 
fare mass market. It is simply a 
question of bow we do it. 

“We exist to provide the public 
with what they want, and if that 
is low fares, low cargo rates, or 
anything else, it is our duty to 
provide it as far as we can. 

Competitors 

“This will not he good news to 
bur privately-owned competitors, 
who I suspect wish that we would 
get the hell out of the low fare 
market and let them get on with 
it. 

“ I must make it dear that, far 
from getting the hell out of it, 
we intend to go wholeheartedly 
into it: not reluctantly, but with 
enthusiasm and professional 
care. 

“ That does not mean abandon- 
ing our traditional place in the 
business market. We shall go on 
being a total air transport busi- 
ness, offering the whole range of 
products from a very high 
quality first class service to a 
good but very basic low fare pro- 
duct which may be based on 
stand-by fares or may include a 
simple form of seat reservation. 

“ Life from now on is going to 
he tougher, but I also believe- it 
will be healthier.” 


Jl(3i.-iiU.AA>-KOl> 

MIXING: 


327.2 1J.4 

)369.l) 


299. 3 
(343.3. 


283.5 

(336-1, 


102.2 

(141.5) 


181.5 ,-6.4 : 133.7 

1 193.7/ ■ | (127.3) 


+ 5.0 


51.1 

>69.4, 


2.712.3 
• 2.963.4, 


II. 0 ( —497.6 

I II. 6(i <— 355.81 


OYKKaEAS TKAUbKsi 


5 i 75.663.1 i + 28.4: 69.002.8 
1.58.916.3,; 


.. 69.002.6 65,896.8 • 31.264.0 t 30.565.0 -+37. 8 8.934.4 1-73.0 26.802.0 1376.432 5 25 0 .118.661.0 

. >53.226.3) >48.100.0, j >23.516.6,; ig2.181.ei , t 5.164.7» | . >21. 170.4.1 >216.574.7. , i24A) i (96.135.9 


TOTAL _ « • 1J4.S86.5 ( + 33.8 X20.9 12.3 108.14 2.4 51.882.9 > 53.053.0 +63.7 16.709.3 +55.2 47.020.1 518.531 O 23 3 ~164 931.9 

COMMODITIES !, 10Q.B43.5) ■ .89.295.7, >75.597.2, (39.175.5, .32.409.9. H0.81S.2, .31.938.8, ra65 278 7, | [1131015 8 


NOTES ON COMPILATION OF THE TABLE 


The classification follows closely that 
of the institute and Facuiry of Actuaries, 
which has been adopted fis the Srock 
Exchange Daily Official Ust 
CoL 1 gives iradins profits plus invest- 
ment and other normal incunw oraour-.v 
teJonsinrt to the (inanaal year enverm 
The flBune Is struck before char^-mic 
depredation, loan and other imere-d. 
directors' emoluments and other items 
normally shown on the oroHi and in vs 
account. Excluded are all excuwional nr 
non-recunUiB (lems such as. lur example, 
capital profits, unless (he latter arise in 
the ordinary transaction of busuv.-s* 

S.B. Certain companies. indue ms 

merchant banks. discount housr-* 
insurance and shipping companies are 
exempted from disclosing the full 


information required under the Com- 
panies Act. 1D4S- 

Col - Rives Profits l>?(orc interest and 
raj a i ton that is io say proms alter all 
iharw-s except loan and other interest, 
hu, n,.forc deduenru taxatiuu provisions 
and minority interests, in the rase of 
K+nXs. no fi+'iir- can be ->fiou~i because 
n! noi+dihcib?nre i see forenomR oara- 
srapn,. 

Col. .1 stives Pre-tax Prnnts (hat Is to 
sav profits after all ch+ixos including 
debenture and k>ao .merest bur before 
•Wuciins taxation provision and nunm-fo-- 
interests. 

i'll i emups jj) >-nrnora,,' faxaljon 
incliirlins nonunion. Colcnu) and FnreiRnl 
liability and future ■« provisions bull 


excludes adjustments relating to ore-.-ious 
years. 

Cal. j /oves the net profits accruing on 
eouitv capital after meeting— 

1— Minority interest*. 

7— A(l prior chArues — sfnKinc fund Pay- 
ment). etc., and Preference dividends 
and 

3— Provisions lor stall ana etopin>ees 
cession-, Cuds where Hus Is j 
staodard annual charee against be) 
revenue. 

Col. * <e(* out the nor .:ost of divi- 
dend on equity capital. 

C.nl. ; i, I ho capital ^orv-rar-n mlrmall, 
over a rear's tradituc. For Uie purposes 
oi ron/penson t-ouily earnings plus >J>-ore- 
iTyiion lev? equity dividend* u Hie recog- 
nised rncibnd of computing this figure. 


| Col. .« constitutes me miaJ net capital 
employed. This Is the loial ot net died 
i assets— excludes intamfibles such as 
jgnodHfU— plus current assets lees eurreor 
: liabilities, «zc»: bank overdrafts. 

• ’ +"or merchant banks ana discount 

. hous>-, a mure realistic figure (0 quota u 
’ balance-sheet i*»u| 


‘.oi. 9 renresebif the net rerum on 
t rapcal employed **ol. 1 as a percemaev 
■ Cnl. S provides an indication of 
. a rerase profiiabiluy. 

\ ’ Evriusrnv nwcnanl banks, discount 
. bous-'S. in-. 1 1 ran .■> c. 
j : No figure-, given. 

, ’-"I 19 n.-r current a«sef* are arrived 
at b- me subiracifi.qt oi current liabilities 
> and provision from current assets. 


Board provides 1,000 jobs in mid-Wales 


BY ROBIN REEVES, WELSH CORRESPONDENT 


E factory lettings by 
elopmenf Board for 
les have reached the 50 
r. Emrys Roberts, the 
airman, said in Cardiff 

Oerts, reportinz on ihc 
ret IS months said that 
its let provided 330,000 
jf apace distributed 
it mid-Wales. 


It was providing more than 
1.000 new jobs In an area whirb 
had suffered severely from de- 
population and lack of local 
employment >ip port unities. 

In addition, the hoard had 
provided nearly £500.000 in loans 
to small bUMncyje.' in its area, 
and over -10ft grants Inwards 
social . projects to improve the 
region*? amenidi-g. 

The board was now pressing 


ahead the building oF a further 
17 factory units totalling 142.000 
sq ft in area, and plans were 
also in band for a further 27 
units totalling nearly 100 .QQ 0 
sq ft Some factories under con. 
struction were already let or 
subject to firm applications. 

In conjunction with Barclay’s 
hank. Ihc board is offering £5.000 
to producers nf gifftvare for the 
best new gift idea io the lower 


price range. Board researches 
into the V.'ei.sb tourist gift market 
have disclosed a shortage uf 
locally produced s a °ds in ihe £2 
io £3 range. 

The judges u-jM be lonkmo ai 
the sales potential of the produci. 
ils originality, quality, and 
de-ign standards. and the 
feasibility of manufacture within 
a retail price limit of L5. 


Stricter 
rules 
hit drug 
industry 

BY SUE CAMERON 

THE FUTURE growth of the 
pharmaceutical industry is under 
threat from the increasing 
number of Government-imposed 
regulations on drugs, according 
to a new survey. 

The survey, by Jordans, says 
that introduction of more 
stringent tests in both the UK 
add abroad have played a major 
part in raising the costs of drug 
research and development. This 
was hitting smaller pharma- 
ceutical companies which cannot 
afford (he £25m average cost of 
bringing a new drug on to the 
market. 

The survey, which gives finan- 
cial information on 234 British 
aod foreign-owned pharma- 
ceutical companies operating in 
the UK. forecasts that there will 
be fewer and fewer genuinely 
new drugs being launched. 

The number of new drugs — as 
opposed to reformuladoos of 
existing ones — was already 
declining and the big pharma- 
ceutical companies would stop 
looking for cures for rarer 
diseases because of the costs in- 
volved. 

Companies would make a 
major effort to obtain higher 
returns on the patented new 
drugs they produced. As a 
result, the cost of prescribed 
medicines was likely to increase. 

“For about 15 years, the 
number of new drugs reaching 
the market has been falling 
sleadilly while costs and con- 
straints' have continued to 
increase. 

Regulations 

“The length of the develop- 
ment stage has doubled over the 
past decade or so, due largely to 
the extension of testings and 
other regulatory requirements, 
and is estimated at between 10 
and 12 years. 

“The outcome is that the cost 
of researching, developing and 
marketing a new medicine is now 
in excess of £20m and even as 
high as £30m — without expen- 
diture on plant. 

•• These escalating costs are 
pricing small firms out of the 
drug discovery field ■ — increas- 
ingly leaving new drugs the 
prerogative of large, inter- 
national firms.” 

Smaller concerns were also 
suffering from the “ increasing 
restrictions in the UK on prices, 
advertising and the level of 
prescriptions.’' 

The survey accuses the 
Department oF Health and Social 
Security, which runs the new 
pharmaceutical price regulation 
scheme, nF wanting to “ enter into 
horse trading over medicine 
prices” even after “protracted 
negotiations and detailed sub- 
missions.” 

Unfortunately, the danger in 
reducing prices too much is that 
v-ith the large exports of drugs 
from the UK and the fact that 
many foreign countries base 
thoir drug prices on those in the 
UK. the possible tosses in 
balance of payment terms may 
outweigh any National Health 
Service savings." 

In spite of these difficulties, 
the tola I sales of drugs and 
pharmaceutical chemicals made 
in the UK grew by 24 per cent 
last year to reach £l.294m. 

The British Pharmaceuticals 
Irduxt nr. Jordan Surveys. Jordan 
Holt*:. Brnnxirkk Place. London 
M 6EE; £75, • 


Computer confirms 
seasonal changes 
in stock market 


BY JAMES BARTHOLOMEW 

AN ANALYSIS of the London 
stockmarkefs performance over 
the last 16 years to determine 
to what extent its movements 
follow a seasonal pattern seems 
to confirm the old market adage 
“ sell In May and go away.” 

Brokers W. I. Carr, Sons and 
Co. used a computer programme 
made by the U.S. Bureau of the 
Census which takes aoy series 
of figures over a number of 
years and divides the movements 
into underlying trend, irregulari- 
ties and seasonal trends. 

This sort of programme would 
be used normally for analysing 
unemployment, industrial pro- 
duction and other such statistics. 

Its analysis of the stock 
market shows a seasonal pres- 
sure For prices to reach their 
low point at about the end of 


November, then rise until the 
end of April before falling back 
through the summer. 

The programme is capable of 
analysing how the seasonal 
pattern changes and the chart 
shows the computer projection 
of what the seasonal factors will 
be in the coming 12 months. 

The chances of the computer 
having found this pattern with- 
out it actually existing are 1,000 
to one against said Mr. Tony 
Bird of W. I. Carr. The source 
of this remarkable assertion is 
the computer itself,, but Mr. Bird 
said that the programme used a 
standard accepted statistical 
method in making it 

The figures in the chart 
indicate to what extent the FT 
Actuaries Index will tend to be 



above or below the underlying 
trend. This trend is also 
affected by •‘irregular move- 
ments.” hut these are fairly short 
term. They tend to be more 
important than seasonal factors 
over one-month periods, but less 
so over two-month or longer 
periods. 

- The seasonal pattern was mild.' 
in the 10 years up to 1972, but 
has become pronounced in the 
last four years according to the 
computer.’ The seasonal factors 
“presumably reflect cash flows 
in the economy,” Mr. Bird said. 


Sir Fred Catherwood 
switches to Tories 


By Maurice Sanwebon 

SIR FRED CATHERWOOD, 
chairman of the British Overseas 
Trade Board, said last night that 
he had lost faith in the Labour 
Party. He declared support for 
the Conservatives and the 
policies of Mrs. Margaret 
Thatcher. 

Director general of the 
National Economic Development 
Couoicl during the last two years 
of Sir Harold Wilson’s premier- 
ship. Sir Fred made his pro-Tory 
statement for delivery to the 
Cambridge Junior Chamber of 
Commerce after what he called 
“ 15 years of political purdah." 

In a passage which will be wel- 
comed by Mrs. Thatcher and Sir 
Keith Joseph after their differ- 
ences with Mr. Heath, the former 
Tory Prime Minister. Sir Fred 
said that in making the stability 
of the carrency one of her main 
priorities Mrs. Thatcher was 
“ahead of current economic 


opinion.” 

“ There is no conflict between 
growth and sound money because 
neither industry nor Government 
can plan for the future except on 
the basis of stable carrency- The 
countries with the hardest 
currencies have done best those 
with the softest have done worst" 

Explaining his- diSiluslonment 
with Labour, Six Fred said It had 
failed to become a broad-based 
party, had become “ divisive 
and class-based. 

The Conservatives, whom he 
bad first joined as a Cambridge 
undergraduate 32 years ago, were 
now The road-based party which 
could unite the country. 

In particular, they could 
restore the prestige of the pro- 
fessions whose practitioners 
Labour had treated as “non- 
persons." The Tories also had 
better policies than Labour on 
law and order and oh Europe. - 


Airline sponsors cars 


By John Griffiths 

British Airways has reached 
an agreement with BL Cars 
under which the airline will 
sponsor BL's two main entries in 
next month's RAC international 
rally. 

Two VS-engined Triumph TR7 
sports cars will run in British 
Airways colours on the 2.000-mile 
event covering much of Britain. 

No price bas been put on the 
deal. British Airways sponsored 
last year's outright winner, a 
Ford Escort. BL is also to run 
a third, similar car in the event 
under different sponsorship. 


The VS TR7 was to have been 
launched in the U:S. during the 
summer, but closure of the 
Speke factory forced the launch 
to be cancelled. However, pro- 
duction should start soon at 
Canley, and the car should go 
on sale in the U.S. .early next 
year. 

There are no immediate plans 
for it to be sold in Britain. A 
convertible version of the two- 
litre four-cylinder car currently 
sold in Britain is to make its 
debut at the Birmingham Motor 
Show next week; ' ; ' ' 


Electricity cost ‘straggle’ 


BY SUE CAMERON 

THE ELECTRICITY supply 
industry Is having to struggle to 
keep down its prices, according 
to Mr. Douglas Pask, director 
general of the South-West region 
Electricity Generating Board. 

The board’s regional news- 
paper says that Mr. Pask told a 
private meeting of management 
and staff that the industry was 
having to operate against a 
background of continuing 
increases in primary fuel costs 


on the one hand, and a swing 
towards cheap gas by consumers 
on the other. 

Large -modern plants were 
often operating in an expensive 
and inefficient way because of 
their excess capacity, he added. 
This was because demand had 
not been as high as forecast. ■- 

Mr. Pask .also called -for .'the 
building, of . nnelear ” power 
stations - so that future needs 
could he adequately met 


‘How to tackle 
Japan’ clinic 
for businessmen 


BUSINESSMEN IN South York- 
shire are to be given the chance../ 
to discuss exports to Japan in' 
individual counselling sessions 
with experts at a clinic to be 
held this month. 

The clinic is a follow-up to a 
highly- successful seminar on 
exporting to Japan addressed by 
businessmen, academics and 
Japanese trading company 
officials this year. The seminar, 
intended to serve South York- 
shire industrialists, attracted 
inquiries from throughout the 
UK 

The clinic will be held on 
October 24 and 25 at County 
Hall, Barnsley, and is intended 
to give businessmen the chance 
to talk about specific topics ' 
relating to Japanese markets 
with members of the British 
Overseas Trade Board and the 
Japan task force. 


Orwell prize 

PENGUIN BOOKS annual George 
Orwell memorial prize has been 
awarded to Paul Bailey for his 
article The Limitations of 
Despair, first published in The 
Listener. , The prize, instituted 
in 1975 to -mark Penguin’s 40th 
anniversary, is worth £750. 


OBITUARY 


Mr. Arthur 
Stapleton 


Mr. Arthur William Stapleton, 
founder of Advance Electronics, 
has died, aged 81. He started 
manufacturing radio components 
in 1S22, in a poultry Bhed, and 
established the company initially 
as Advance Components. Re 
retired ini 1959. - 

Advance Electronics was 
acquired by Chicago-based Gonld 
l&c; in 1974 and today forms the 
nucleus of two Gould divisions 
i& the UK — Gould Instruments 
Division at 'Hainault and Gould 
Electronic Components Division, 
with plants at Bishop's Stanford 
and Wrexham, 


t Financial Times Saturday. October JL4 1978 



CONSERVATIVE CONFERENCE 




LABOUR NEWS 


^. on, Ptlt 


Thatcher offers collective bargaining 

Conservative govern- who bargained, irresponsibly the but have become the chief Labour conference. Eriiain now can take over. H> warn to be problems of immijjraiion control 

..5 , • ' ■ toliDw a po.icy or money bad to come but or the ub->taeJp to your prosperity, had a Pfjhh: Minister whose party elected because we coul-i do had inspired Labour i«» a shanu.*- 

realistic, responsible collective peckers of those who bargained When two men insist on doing had disowned hia principle policy better, not because we couldn't ful attempt to frighten the 

bargaining, free from Govern- responsibly. the work of one there is only and destroyed Ihe chief plank puSMbly do worse." coloured population of Britain, 

ment interference." Mrs. if a government tried to Jeve! half a,> nittih fur each." in ill* electron strategy. Mrs. "Thatcher castigated the "Compulsory repatriation is 

„ i Jv . 5*!' 1 everyone down with “'year after She said that she understood Until Iasi week, that strategy f’-M’s television announcement nut — and never will he — our 

eacir, tola delegates yesterday y ear 0 f uiiaily rigid incomes the fears of the unions but had been Mmpiv — Labour would that there would be no October policy. Anyone who tells you 

in ncr speech winding up ine policies" then Yrdestroyed incen- emphasised that .they were play its- union card, the one general flection as "the first differently is deliberately mis- 

Lonservamc 1 arty. Conference. lives. wrong in their outlook. The culled "special relationship." broadcast ever tn present a representing us for hut own 

_ bne ruled “‘it the possibility of she attacked the Government's right w.iy in attack unemploy- The idea had been, site said, chrome case of cold feet as a end*." 

n.ved wage guideline--. an “ made p„] IC y u r employ ing sanctions to ment was to produce more goods that a group of union leaders noble, act of patriotism. Turning *.o th" subject uf law 

tl clear tnat pay settlements must - <t;na i 1} .p companies' Who more cheaply. Germany a rarf would try to persuade the when Par ha nient reassembled, and order she -void that when the 

vary according to the profitability breached the pay guidelines. .lapjn were doing this and hart country that if they were not she premised. Conservative MPs rule of law broke down, families 

of (he individual company. If »r A government enforces a large growing share of the allowed to call the 'tune there would do everything they coulrl were unsafe, criminals prospered DISTRIBUTION OF tomorrow's unless the Mail appears 

wage demands were inn high then [hbif . p 0 ] 2 CICS - A -|th the under- British market. would be nu »umc. as a responsible opposition to and the nightmare world of s an da\ Times colour magazine morrow, 

the result would be bankruptcies WU rLd sanctions of blackmail and "Both arc winning vour Mrs Thaieher nmcedi-d that end the. present damaging un- - A Cloekwors u-anae ** became 


Steel managers 
seek injunction 

BY PHILIP BASSETT. 

THE STEEL industry Manage- agreed severance terms nr from 
ment Association will apply for i‘4.000 to £ld.0OQ for workers be- 
an injunction to prevent the mg made redundant. A fur- 
British Sled Corporation from ther 2S0 workers at the plant's 
i-nding sti-clmakin-.: at its Clen- steel mills will be subject to a 
garnoek plant in Scotland until joint review, 
it has consulted the association. Opposition from the workforce 
The corporation and the Tl'C t„ any closure has been constder- 
i steel committee have agreed on able. Closure would bo bound to 
*1 cel making at the plant coming have a very adverse effect on an 
10 an end on December 23. mak- area with high unem plnjnicnt 
inq T-O wurker.s n dundani. and few job dim sot-cis. 

Mr. Robert Muir, general The conference was biller at 
secretary of •In* as.Mi-’iation. told the general lack ■ «f consultation 
its annual conference in Harro- by the curpurniinn with ns 
gate yesterday that it would be managers. Air. XI mr said that i he 
applying to ihe Court of Session corporation seemed "hell-hent” 
in Edinburgh for an interim on appeasing its blue-collar 
interdict to prevent closure at workers. 

the plant. Mr. Roger FoulUm. a national 

If the uu.ive is agreed in court, council member. ?aid that S:r 
the corporation will be unable Charles Viliiers. chairman of the 
0 # in begin closure of the plant or corporation, knew nothing about 

jnk -» ma — — ^ _| U , processing of redundancies. The steelm-ikine or the industry, and 

■ B ~ fl B I ■■ ■ III W association represents KJ.OOO that the “steel contract” — the 

■ £fl I Mm ■■III I manager* in the industry and has corporation's participation plan 

* m * M . i. » 1 B 46 members at Glen gar nock. with its workforce — was "as 

. ^ ^ The move is hound to anger the worthless as Chamberlain's piece 

take over. We want to be problems of immigration control TLTC s,cci co,n,ni,u **- v;hich has nI ^ er frum Mun,ch “ 


Sunday magazine 
blacked again 


BY AAULINE CLARK. LABOUR STAFF 


Mi.sh market. 


and more un 
Addressing 
trade union l< 
the Labour < 
believe in su 
fore, it cnult 
that there w 
between the 
major parties 


Mrs Thaieher concert i-d that end the. present damaging un- "A Clock worn u-ange" became 


> become 
seen the 


c— roar happened, me iuea uim siae oi ine tuiure. nui re-ugni- ~ -*• — >;'• '"”'"-'.1 nuhtw* nr rntv littu unripr- r “ " vv action last week Times News- mspaniywunuaiiyaurrorem- 

“ Responsibility ^ant be de- workcrs prospered with their ing the battles or the past. bnsed on hi h lhe ^ why is it right to Japcrs said reVterday ployees in Fleet Street, in a 

fined by the Government setting company Jew -out of the win dow. The Conservatives, she {jjjjjj !ev 0 i of unempfovmirn national interest " — before Ihe preach class hatred * Disruption of the colour maga- * trik e to-day. which would pre- 

• ■ ch> n - b VhH fi^lnlprnrt'^^.nrt ifS^Thav fcince the war. dou hied prices and government was finally dragged. zine comes a* the latest in a * en | publication of the Sunday 

‘ Restrictive practices SL K JS^SnSSr. 5MWS o r"So“r by coS5 m? “ 4 " re “ tafc “ u . , “teV " h“i e in tr The G IW w Herald aed 

are encrusted tike -sGj&Ji SS^SSL*?. 1 iiSTfflS? Bh'S zhA X 2ST« t %&TS£. «K£ 

barnacles on our of your members today and value of the money earned and t nT!^ t Mhmir'* n*i* when I oncer thev wait the harder DeaJ,ni 5 ' dtJl -foreign affairs. n « u . disnnre* n «* da > because of a dispute hy 

! compare it with the position of saved cuuld he protected. X„ h *YtftS. n ™ fSl But the Krtlw tS Mrs - Thatcher failed to make any ^eemem on . new dmn prlm workers over outside set- 

mdustrial life workers in other frete countries. fih. 1 . 1.1 "V^urtn LiiJ ’’ hVm r S* ^ mention of Rhodefib. although procedure whh _thc ju-int union, ljna Qr dispJay advertisements’ 


why is it right to 
preach class hatred * 


gSsoc-j 
J A3 


‘ Restrictive practices 
are . encrusted . like 
barnacles on oar 
industrial life ’ 


anyone 

a fixed per centage for everyone your ( 
because the circumstances are higher 


a,,lu in London and much of the Home The Record was not published 
Counties will be blacked by prim yesterda> because of an unoiii- 
P* 1 * 1 union members for the second cwl strike by the paper's 1S4 
ome t j nio jfjj 5 month. journalist.* over manning of 

1 lbe The main newspaper should brunch offices. They returned 10 
have uninlemipled production a* work yesterday to allow the djs- 

a result or an agreement reached pm* to 50 through procedure. 

tO with a different group of print . Journalists are expected lo 

4 workers who look unofficial J° in print workers, who are seek- 

’ action last week. Times News- ins parity with Daily Mirror em- 
tO papers said yesterday. ployees in Fleet Street, in a 

Disruption of the colour maga- slrik e to-day. which would pte- 
zine comes a* she latest in a ™ publication of the Sunday 

series of unofficial industrial dis- „ , , . 

. n ...»c whifb h-ii* Inrf Timt*c _ The Glasgow Herald and 


different S eve^Sm in the KEr tSS wS^vcnft Blacklo. 0 S Ml? •ftiOTSSlS U was also noticeab.e that the to brine' national leaders' of >e ica.dSon ofSOGAT'toaUow 

country, whether nationalised or spending. more investment, fSlr J£ P rl fhat^s a r^lt K cmw ^ho^t Wc donThone Kawaied recovery of the Common Market rated only a union inio tlntaijd dt*cu*sions publication pending further talks 

frc<i n she said more morp mnro - Thatcher 1 ciaimed that as at result to crew about. We don r hope long-awaited recoverj of the hlk(MMarm mMtinn in her sn( . pl . h on a reformed disputes proce-. on their claim, which is related 


* free," she said. more. more, more , : . ^ Z taken h 

Her message to the unions was: She asked where- that “more” of 1110 dCLiS10as tJken b i 
w It’s up to you to act realistically was to supposed to. come from, 
in the light of ail the facts, as There .could be no more wealth "WTl T J 
the Government itself must do. unless we all produced it .. . m/1/ A|*r| C 

■ If you demand too much, you - ■ "You can no more separate T f UJ| U.i3 

; will bargain your firm, into bank- pay from output than you can . 

• ruptcy and- your members on to separate two blades of a pair UNION LEADERS* “ ; 

. the dole. “No one wants that" * of scissors and still have a sharp - 

_ Mrs. Tliulchvr pointed oni that eultrac edge/’ > y Tn 

such an approach had’ worked ... ln this respect, she said, the ™ Lj, «„ tv 

. well in other esatltnes. It bad unions were often their own privileged to watch on TV 
also worked unfftrr T» years of worst enemies. Greater wealth chrome -case of cold feet 
- Conservative Government when Was Dot created because, too TO THE LIBERAL LSA 

" LaJ nn .r#.HmAJ L/iHav .C* ■- _ a* A? ^ • nx • (lit _r 


Words of advice 


Of the decisions taken bv the for a country in ruins ro that we coitiw lukewarm mention in her speech a reformed disputes proce- on their claim, which is related 

of the decisions taken by the for a counuy m rums „o that ^untry^^ ^ whe f sald: .. UnliUe La , )our . dure. to current nesotiations about 

Britain's decline sorane from we shall make a success uf our c , manning and wage levels for 

- ~ ’ * ".IfftaSn gUIerlSd A.r th! Pl«e in the Community." Study P»"t at Albion 

Z&'£l%'fi&SF h,an JaTiJS'K 7o , The National Union of 


These had included the illu 


« “ KS preaeherthltcKrwaOoir, >o be, on, to” .h, been', bat for To™ 


Britain had performed better often, restrictive / practices Steel, millions of Conservatives were among those who spent necessary and inevitable. “But UK she would do so. a week because of a dispute Leeklv naoers nubtUhod in \vr- 

than under the present Labour robbed the workers of the one five years fighting a war against racialism when he was still in if it is wrong to. preach race In her final passage. Mrs. involving members of the shire and Lanarkshire, will be 


Government. thing they had t*r sen—thcir s i lort t ronserS .'»“ 

There was applause as she said: productivity. ; . TO IMMIGRANTS: “Your rights and responsibilities are the 

"Lei’s make it work again. That "Restrictive practices are sane -as those of every other British citizen and your oppor- 

is our message lo the unions.” encrusted like barnacles on our . tnnitics ought to be the same" 


TO IMMIGRANTS: “Your rights and responsibilities are the to preach class’ hatred?" 
ctmip. ac fhnea of Av#*rv aIHat RHtlch rilivi*n find vnnr nnnor- ThOSC Who Claimed lilOt the 


She reminded the union industrial life," she went on. th T 4 WRRFAKRR "?■ » Vmi wtl! find in thn new Conservative were sland,D S trulh ,ls T e ame , r J n v ce ln ,ne wona jn “ following a breakdown in talks p 
leaders that if the Government " We’ve been there for almost a TO LAWBREAKERS. Yi on \rill find m th e new Con! Jervative hcad Soo too was ihe claim that that would become very appareni between management, chaoel j t 

took too much iu tax -everyone cenlurj 1 Government a remorseless and implacable opponent. the party was- racist if a Conservative Government representatives, and London 

would want higher wages. When "They were designed to pro- TO VOTERS: “We mast learn again to be one nation or one The Conservative deterraifta- were returned to power at the re-jional officials of the unioin. & 

the Government bailed out those tect you .from being exploited day we shall be no nation. That is our Conservative faith.” tion to deal with the very real next General Election. . . , 


hatred— and it is— why is it right Thaieher agin returned to the National Graphical Association, called out. If there is no si t tie- 
lo preach class' hatred?" L- f!3 e j of L. th iS differences that mct yesterday to consider its mt . n t by the following Monday, 

Those who claimed that the divided the conservatives from p riB jiion. The chapel decided on the other 70 journalisls »>n the 
Conservatives were a class, party Ihe Lahour Party. There was all Thursdav to adjourn for a week group's remaining 16 news- 
were standing the truth On its the difference in the world and following a breakdown in talks papers will be instructed to 
hcad. Soo too was the claim that that would become very apparent between management, chanel join action. 

the party was- racist if a Conservative Government representatives, and London The privately owned Tweed- 

The Conservative deterrairta- were returned to power at the regional officials of the unioin. dale Press group of Berwick 






Patients 
to come 
first 


Tories’ birthday bonanza 


BY ELINOR GOODMAN 


IT 'WAS all happy families in -A few self-deprecating jokes 
X-a-Mjri-4- Brighton yesterday when the about Catholics and Pope Jim 

1 H I ^ i Tory conference "reached its almost made the delegates 

' inevitable' crescendo with a forget their natural preference 

standing ovation for Mrs. for his deputy. Dr. Rhodes 

A TORY Government will put Thatcher.' ■ ' Boyson. 

the patient first in dealing with c0 ™ binatinn of a pre-election After lunch. Mr. Kim Brlnton 
the National Health Service. ™ thl P »SS 5S did -his bit to raise funds for 


Mr. Pal rick Jen kin. shadow ^Wrthdiv was heady^stuTf^or 1116 Party with a fair imitation Whitelaw. 

social services secretary, told ^ assembled representatives. tr °f a Butlins' Redcoat.. As befitted an occasion which 


laghan's charge that the 
Shadow Cabinet is composed 
of notorious villains, she let 
her eyes roam slowly over the 
assembled team. 

Her glance dwelled particularly 
lovingly on the patently harm- 
less Features of Mr. William 


delegates: "We must return H ■ ' ‘is 'everybody here a Conscrva- was essentially Mrs. Thatcher’s 

decision-making tu the point The conference halt took on me five." he bellowed. He got 'a nobody else tried tn hog the 
where patients are cared for. atmosphere of the Albert Halt -fai^y predictable response limelight. 

■■The rtftter rtf»pi*!nn.* are on the last night of the Proms .f rom ; an au( ij e nce probably The one person missing from 



Dr. Rhodes Boyson (left) and Air. Norman SL John SLcvas 


SS^SPSfmS 35 emte r t young Conservative ^re' familiar win, theses 'ThlsTreaVVeTehrati^nwasrof a a y , ^ a ! man,m ° ,Ji,y o^^y^r^y.bul 

ifihfu- *!ll waved their banners and 0 f bridge than housoy-bouscy. course. Mr. Heath. He is not Wi ,f1 110$) M fill TllPflP^P accepting a pay deal for the Press preview on Wedncs- 

l .Si nnt m- other chante ^ pal «, ut,c ^ And then the Big Moment. To thoupht to have sent her a UU1I KJlV'UfilV/ Then 1.400 tfontf builders day. 

? a , 1 thir«fi7i L' " * ThoroU2hly wholesome time of Happy Birthday, birthday card though he was X 0 were made an offer which sat 1 *- "From the way everybody Is 

‘“Sr Jeokm outlined -the Con- ' l3 ° Ur ' ' . ^ Mrs. Thatcher walked, in. J 00 k- undoubtedly at the closing LOCAL EDUCATION authorities science and the arts. They must don ed thei^^erief n ? "h n I mTv i ng at the exh i biti on ce n t re. 

serva'tive wav 'ahead Tor' The promenaders might have . ing elegantly Britannic. session in spirit. battlin’ to preserve grammar publish prospectuses si vine ^003 4* wi thin L 15 ^’ e3r th ^ w^will. after all. 

Health Service in a sun S I t? nd of H °P e . and Glory The audience took -some time to Curiously, it was the former schools were again urged to take details of their specialities and tS? w-heduiPrt f « e -. al ? ,e t0 * h0 ? p i 1 ? wo .'\ ,d 1,131 

n|»h- * better Imt at least the Tones respond to her speech but by leader of another party. Mr. their fight to the full legal limit achievements, including their , Bn«am can do it he said, 

simple plan. didn't muff the words of their .. the time she pot to the hit Jeretny Thorpe, who came by Mr. Norman St. John Stevas, examination results Bol £. 3n»ups had demanded The Duke of Kent will open 

cnni<« like thn Labour Partv did nhnnt- mittinn lyfae and strinr closer to netting nn the Dial- the vh-.Hr.w edupatim .... ' consolidation oF dailv attendance the show at 11 o'clock on Fridav. 


this great celebration was. of TTi J . 

course. Mr. Heath. He is not ffi 
thought to have sent her a AJltllVIl 
birthday card though he was 

undoubtedly at the closing LOCAL EDUCATION 
session in spirit. battling to preserve 


In Glasgow, the nianaceinent | as t night susnended publication 
of the Daily Record and Sunday 0 f jt s five weekly napers and laid 
Stall warned the 1.000 workforce off the sTaff of 165 because of a 
that redundancy notices may be strike by SOGAT graphical 
issued next week lo all staff, workers. 

Strike threat over 
at Motor Show 

TWO GROUPS of workers yes- tor of the Society of Motor Manit- 
terday called off strikes which facturers and Traders, said he 
had threatened to wreck the was "delighted.” All the workers 
Motor Show-. had declared their intention “to 

First. 300 electricians era- do fh ,? ir uUnost 10 make “P ,ost 
ployed hy contractors went back 

to work wiring stands at the *I r „ J err> K V^ 5 0w 

National Exhibition Centre, near “' d H Ihl at t ' V 

Birmingham, after unanimously “ o b . c a r i n %,T. l US 
accepting a pay deal. opening day on Friday, hut also 

_. . , ... for the Press preview on Wednos- 

Then 1.400 stand builders dav. 
were made an offer which satis- '‘ From the way everybody is 


n iii '.uoitnkld rr> smirro* to he »*««*»• -. me urac uy «r. iiuinidu ai. jonn aievas, examination results. ■ . j . , ^ . . . . . 

L heifib care to the songs like the Labour Partv did about cutting taxes and strict closer to getting on the plat- the shadow education secretary. •* M„ in „ a i - tan x wiII h consolidation of daily attendance the show at 11 0 clock on Friday. 

n^tn a nd ?n cm waTtin- llX in Blackpool last week. money supply, the represent*- form ■ Amid cheers, he announced LJS ! nr« int ° baS,r pay to and more i han lm visi,ors are 

people and la cut waitm^ list.. reconciliation and - tives had got the message and The Young Conservative* pre- that the first Queen s Speech i' * \ pen ^isc. but la prn- bonst uverttme earnings. expected during the ten-day 

• Responsibility restored to the TIw ««n of h reconciliation ana « na , raadc " the sented Mrs. Thatcher with a introduced bv Mrs . MarVarot ri d ?. ! £ 0a,s .. 3nd ,ncent,ves - ,0 Mr - Dav ‘d Gent deputy direc event 


,ils o, llieir speciali.ics and -X 1°$* ^ 

evements. including their Crt , H n __„_ r II ",; , ““r,, ne ’ a :; 

minatinn result* Bo . 3r nu P s had demanded The Duke of Kent will open 

'■ consolidation of daily attendance the show at 11 o'clock on Fridav. 

National standards will be allowances into basic pay to and more than lm visitors arc 


local level. 

• Waste reduced by treeing 
health authorities from petty 
restrictions. 

9 The burden of bureaucracy 
cut. 

O More resources channelled to 
patient care. 

"Whether we talk about the 
structure of the service, or about 
the system of administration, or 
about the pay and conditions of 
staff, or about the financing or 


"ODd will was in the air from enthusiastically made the 
The - first session yesterdav. Mr. appropriate noises at the right 
Norman Sl John Stevas '.time. 

warmed things up nicely by Not by nature a stana-up comic, 
sugaring th« pill of compro- . Mrs. Thatcher has. nevertheless 
hensive education with his own .developed a nice sense of 
particular brand of wit timing. Dealing with Mr. Cal- 


sented Mrs. Thatcher with a introduced hy Airs. Margaret ^ .-r \. mwm.vw. .a 

cuddly Paddington Bear, com- Thatcher as Prime Minister anTro'pu'f ^hin awi AT" Wr °° 5 
pletc with the sou wester and would include a Bill to repeal the rnr, 

Wellington boots so beloved by ]976 Education Act under which *°' d h c ^ n ." 

the former Liheral leader on the Government is now compel- I," r t " ce f I ha L h v e ^“ ,d "°* SL2 

his hnvercraft excursions ling recafcitrant councils to a , n ' j cl L ana n 

during the last election. establish comprehensive schools, threatened standards. O and A 


Vickers workers walk out 


sugaring the pill of comp^ - Mrs. Thatcher has nevertheless the former Liberal leader on the Government is now compel- Sy to anv chak J whicS 

hensive education with his own. . developed a ^ sense of M, !«wT S, !2 r "i C ? Undl 2 threatened standards % and A JP? E THAN ^ "ten at the that i. broke the Government 

particular brand of wit timing. Dealing with Mr. Cal- dunn„ the last election. establish comprehensive schools. | Pve j examinations would ' ,,c * cers engineering works at pay code. 

Mr. Sr. John Stevas. whose remain Newcastle-upon-Tyne went nn This followed the 'refusal of 

_ , SS 5 ' ’K.J'iSKS' *SSSi . Pt- . T- H-. a.«d™. from| i!lrl ^ e i’®sterday because the the enginering union s work 

1"| ITO TIlVYimflfT I? , i/^ l, | 5t adSStt^ PP la M® e -.,” n ^ d Ashfield. led on atlempt to ^ ompa . n - v withdrew from a self- committee 10 allow men to bo 

KrfiTiO^SlIS Itr SIOD liaZlllIlUilU! S a ^ 0r,ties t0 «irch Ihe emphasis of Conserve- «»•"««, productivity deal transferred from onu dcparN 

JL “*0 do everything in their power. rivo pnMcv tn enenura^e greater wh,ch 5 ave »hem an extra £4 a ment to another, as the urder 

* ■ ... , l Vl J bm , th0 ' 3 ™l t0 en ^ ur t th3, . I,0t rei-ngnitinn of the role to be ™£k. book demanded. 


to the Snevel wSi KS? X0 ? much iTlFtt. ^ grant s to owner tfcw.ku.nr this month. cerned n^Ty with 

reestablishment Of “effective »iS!S P .hr'.J S nwnn fessionai practices to shorten the occupiers *nd would also intro- The | n ™‘"8 ,_£ 0 J?rnment tenance of eranimar schools 

re-esraoiisnme criticised abuse which occurs ... ul viAh •» nm>> tho Hum - Miiutv sharinn srhemec m vould net on the basis that time -i at lie clnn tirlrimn mivcaIiiai 


'^JeSk'in said: -Thare are “ h ' n • ^ *?“» ' " S Z JSStT^to i^Ve '^.T “ owne^iiip "lor «s ef .he essence, and .he , h> , « VJUUUVC*r SiriKCrS SldJ UUI 

many causes el had industrial 0 ri s i"ji would-be' n purcha°scr in a S “'fj cnla j] ui e „ ur . P “^ r ' eduealien a'uthoritiesthe freedom jjj™j. e hensive cducaimn is here THE STRIKE over pay which om until Ihe company mates an 

bU ‘ % *5SSIS heavy losses. _ ch^ hSe far swiftS acE«s J5K » nrpanisc_their schools in ,he '°WSh ihe aereemen, of Dr. S’. 1 , .i'jSf •nMUS' ^ . on _ ... . 


... ln ICBBlUUdl UKI.L1VS.J su auunui liu r -.- - — . . . . vl,,. V.—I* .V . a- ICIioiist u, ui uiiiiiiui .hUIUUiy. y-s. . 

iohi ” eight weeks which is now the duce equity sharing .schemes to pci on the basis that time •• Let us stop kidding ourselves ( ¥ OftflVP5ir QtriL'Pr^ ctilV Allf 

le *VuI avcrace Deriod for the comple* make home ownership far Ui,s , fl . . Tb e , _ essen ce. and the we can nut the clock b 3 cfc VJvIUllYCtll MIIK-CIa UUI 


„ JSSm& IrouhieTnd S3& r JE? s Sy "S? ^"rTesTe •». I*?! iiriiccdu™ vmuid te^Sd re Sie^S ^“0“ - Ih ?. ye’ar ‘ planr" re' WoWeVh'am^oo ,h.‘r« ™*.™ ^ni'^nSe 

-.•jP we have certainly had." Si in wra S on ^umes and replies tosearcbcs. enable apptications tn be P™>- srhools in tiie DTivate , 3 . ccep ^ d ct ! mrat, < ; for five weeks is to go on. to be laid off bv the dispute 

!!’* It was . a “ trasedy " that £Suoipln“ wtuch they can put „ a' W recede *! ces ”' d fllr mor '’ s F cedi, - v rector if they wished to do se. siandarels in all tvoe’s ”“,chooY Tlw ^ s,rikere at a » hich has cost the company oyer 

»*•' Britain’s big hospita.s had been ? P ^ returned f JL .v, e vendor The conference adopted a reso- He looked To ihe.se provisions whether selective or enmnrehen- m3SS meeUns yesterday to stay £lm. 

U y allowed lo become “fertile a %£ “ oxt gcnera i ^ificate from the vendor lulion gtatini , that housing to aid the direct qrom schools Svf maintained^ o?indS2Sen" “ 

; " . breeding grounds for every kind ™ P° wer « ncsL *“ saying that the fcouae was m prob]pms CQulrt hest be solved by Un-oush the restoration of Ideal * lve ’ ll,a,nIa,npa or independent. , 


ground 


chaser having far swifter access muni tv Land Act and planning 


way they thought besL would chandran. 


the agreement of Dr. 


has brought al] car tyre produc- offer of cash on the table, 
tion to a standstill at the Good- The decision means that more 


CPSA rules broken 


service union, because of a ar \7‘ ai T ™ Fer 2' 

breach of the constitution. . L ?? L .? ver . President. 


- 1 ' r . 1P ^^iS^S^S Confere " Ce re P° rtS * ««™NCER «pu«d , .hey . ere required hy ,he 

. r^&f're^-W; ; It eaiied e„ fhe ne ? ftourerve- *» WclM«l Eva„S, £SSZ* .fT ^ SM' 

SieS^ SSSS ,vor 0wen ' ,ohn Hunt ■ f 3 

■Bureaucracy in the. Health' ■ He attacked The Lnboi'r to all. children educated in them that and Elinor Good matt. iunior^vtJpSl^rf 0 ^ as e r ,eC !w d Ri 2 bt-wincer. elected in Mr. Coli- 

. Service had become a “nighU He did not etaborate do the Govoraments icy ^mortgage An amopdmem w-a* .-jko thev had no need lo fear another rf 0 o.'.Kr e man ^ £ lace ' and said lhe con?ti - 

jiiare ” said Mr. Jenkin. The proposals. ^ ^ ratiqninc -and warned that. adorned, recopntsme that this on?a nisutiona1 earthquake. Pictures bv ServS^iuSriSin 1 ? D t * t S l,on - hac ! bcen breach «d across 

ronwrvafivfr solution was a are under consideration. ■ unless there was an increase in sfratpgy must he rnmolemnnied “ Comnrehensive* must he free ^ SS0c ’ 3t, [ °n . ,n May. The the union’s political spectrum • 

simofSion by abolishing the -One is that the. vendor would the flow- of mortgages, house hv the nr-od to tmnrnr, lining to M 2Sf2 JS! de £ Iared nuI! an<1 Tbe a^ociation wilfbavc' * 

Pimpiint.muu vy. kw. i. mmimumca ihn woullkbe hmlriin* »nnlH fatl aA f raniWIv ci.nrfunlq nn „ n ^l sucft as Fcai1{Iia Void yesterday because a mini. Tin,., h.lln* .L a l . * 


area- tier. 


have to .recompeufic the would-be building could fall off rapidly, standards on council, estates. foreijin languag es . mathematics ^ ^©ddlC Man$fl$ld 


^■wnnn-cirrmo / kiu- ma . ns P |ace - ana sa, a ‘he consti- 

na - C, - vU - and . pub lc htiion had bcen breached across 

pfJrtinn 8 ^f® 0e l al, . on ln Ma X- Th e the union’s political spectrum 

nu and The ass °e*at‘ t >n will have a 
Sl d «W! e A y b f c , ailse a num ’ "ew ballot for ihp entire 
her of branches did not vote, as national executive committee. 


f! 


E 


in 


i 


I 


f 




Financial Times Saturday Ot 


THE WEEK IN THE MARKETS 




Interest rate pressures 


NEW YORK 

JOHN WYLES 


Friday liic I3U» was a day the 
market will be keen to forget. 
A sharp jump in the Treasury 
Bill Rate (which would hare 
triggered off a half point rise 
in MLR under the old formulai 
combined with unhappy labour 
news took its toll on gilts and 
equities. 

Indeed concern over pay un- 
certainties had been overhang- 
ing the market for much of the 
week and share prices swung 
like a pendulum on the mini- 
mum of business. Small wonder 
that by the end of the account, 
following some rather disap- 
pointing trade figures, both gilts 
—falls or up to 1 point were 
seen on the day — and equities — 
the FT Index fell by 9.6 points 
— were looking shaky. 

Insider deals 

The City's new self- regulatory 
watchdog, the Council fur the 
Securities Industry (CSI). this 
week added its voice to current 
debate on how best to tackle 
the problem of insider dealing. 

There appear-; 10 be little 
doubt in the City's mind that 
dealing in shares un the back uf 
privileged and ’ price sensitive 


LONDON 

ONLOOKER 


information should be classed as 
■ a criminal offence. What does 
.worry the Takeover Panel, the 
Stock Exchange, the Accepting 
Houses and other members of 
the council is that legislation 
might frustrate the legitimate 
and desirable activities of direc- 
tors. institutions and others. 

The city's reactions follow the 
Government proposals to make 
insider dealing a criminal 
offence — punishable by jail 
sentences of up to two years — 
contained in its White Paper 
*' Changes in Company Law ** 
published in July. 

The debate has intensified in 
recent weeks with the posstbi- 
lity that the White Paper will 
form the framework for a Bill 
to be introduced in the coming 
Parliamentary session. 

The council’s statement how- 
ever. was disappointing. It 
detailed the serious difficulties 
of formulating comprehensive 
and just legislation but did not 
suggest how this end might be 
achieved. 

More constructive thinking 
may emerge at the end of next 
week when the council meets 
to discuss its reaction to the 
White Paper. Sir Alexander 
Johnston, deputy chairman of 
the council believes that it will 
propose certain modifications to 
the Government's proposals. 

The Takeover Panel has 
already said that it will suggest 
changes when it meets .the 
Department of Trade, while Mr. 
Nicholas Goodison. chairman of 
the Stock Exchange, has said 
that current legislative pro- 
posals are inadequate. 

The CSI's statement says that 


it would be a strong deterrent 
to have insider dealing classed 
as a criminal offence but stresses 
that legislation should not dis- 
courage directors from holding 
shares in their own companies 
or frustrate institutions from 
taking an active interest in com- 
panies in which they have in- 
vested funds. 

Legislation " must catch the 
miscreants but not penalise 
those engaged in useful activi- 
ties.” says the CSI. “An all 
embracing and un discriminating 
prohibition would' . cause in- 
justice in individual cases.” 

Glaxo* * s product gap 

G I axil's figures disappointed 
the market late on Tuesday, and 
by Wednesday evening the 
shares had fallen nearly 
5 (Jp from the 632 p ruling 
before the figures were 
published. Pre-tax profits for 
the year in -June 30 were 
£S6.4m. slightly down from the 
£87 .0m uf 1976-77 and around 
£7m less than what had gener- 
ally been expected. 

Glaxo has traditionally grown 
in fits and starts as the result 
of the long periods of 
time necessary lo estab- 
lish new drugs in the 
world market. This time 
there is 3 rather embarrassing 
gap as the company's older pro- 
ducts are showing only modest 
volume growth and it may be 
another year before its two new 
hopes. Trandate and Zinacef. 
are earning substantial profits. 

Trandate is a blood-pressure 
reducing drug which has been 
performing well in the year 
>:iice its launch, hui its contribu- 
tion to overall profits is still 
insignificant. The antibiotic 
Zinacef has only just been mar- 
keted. 

The last year's trading has 
also been marked by some 
squeezing of profit margins, par- 
ticularly in the broad-spectrum 
antibiotic field and in whole- 
saling. where Glaxo operates 
through its subsidiary Vestric. 
The group is rich in cash but 
short-term liabilities have in- 
creased by over £3Qm with the 
early repayment f through short- 
term borrowing) of a D-mark 
bond, and the acquisition of 
Meyer Laboratories, in the U.S. 
At the same time research 
spending is having to be in- 
creased: all in all the results 
underline the pmhlems. rather 
than the undoubted high 
rewards, of the drug business. 

Loophole plugged 

• The Treasury- has finally 
boarded up a sizeable hole in 
its dividend controls. No longer 
will a scrip Issue or fixed interest 
shares be a valid way of boosting 
shareholders' income. - The 
Treasury' has decided that any 
issue of preference shares or 
loan stocks at less than the full 
value will mean that the divi- 
dends or interest payments nn 
the new shares will have t» be 
set against, the amount paid on 
the ordinary shares. 

Desoutter Brothers started thp 
preference ball rolling IS 
months ago and there has been 


F.T. -Actuaries . ^ £ 

All -Share ^ / V V 
Index Xft — tTt 


2 — 

•I *• * . 

• ! I . T ' 


“GLAXO 




a ‘steady How of issues ever 
since. The attractions uf a pref 
scrip was that it enabled con- 
trolling interests to get money 
out of the company without 
losing voting control while at 
the same time outside holders 
received a good boost. in income. 
The preference shares could be 
sold or placed and the Inland 
Revenue treated the proceeds as 
capital gains and therefore sub- 
ject to tax of 30 per cent. This 
was ideal for controlling 
directors and their families. If 
the new shares were retained, an 
increase in income of 40 to 60 
per cent was common. 

Why the Treasury should 
clamp down now after so many 


THE TOP PERFORMING SECTORS 
IN FOUR WEEKS FROM SEPT. 14 


% change 

Electricals 

+ 1.3 

Engineering Contractors 

+ 0.2 

Textiles 

Oil 

Oils 

-1.1 

Mining Finance 

— 1.2 

Household Goods 

~\3 

THE WORST PERFORMERS 

All-Share index 

-4.4 

Toys and Games 

-6.? 

Pharmaceutical Products 

-7.0 

Banks 

— 73 

Insurance (Life) 

-7.4 

Insurance (Composite) 

-84) 

Contracting. Construction 

-85 


scrips have gone through is a 
moot point, . but Campari's 
cheeky attempt to issue 2p 
shares with a lOp dividend— a 
staggering 500 per cent coupon 
— was probably the last straw. 

But , Campari shareholders 
have missed out, The Treasury 
is taking the line, that any 
scrips already passed by a share- 
holders' meeting will be allowed 
to stand without damage to the 
ordinary dividends. Campari has 
not had its meeting and neither 
has Barr and Wallace. Startrite 
or Bejam. All these companies 
have had to withdraw their 
proposed issues. 

Both Campari and Bejam 
have seen their shares suffer 
since tlie Treasury's announce- 
ment. Campari "is trading lOp 
lower at I04p and Bejam is 5p 
down at 59p. while Barr and 
Wallace's share price of I62p 


compares with the 175p reached 
after buoyant half time figures 
were released on Tuesday- 

Toy Bonanza 

Toytown is booming- F° r the 
first time in about four years 
Britain's small band of toy- 
makers are enjoying a period 
of real growth, and the signs 
are that 1978 will be a record 
year. 

During 1977 retailers were a 
little nervous about stocking 
up during a period of low 
consumer spending and a late 
Christmas rush cleared their 
shelves. This year, consumer 
spending has been at record 
levels and there has been a rush 
lo slock up again. 

Traditionally, the pattern :s 
usually the same^-a slow start 
to the calender year and then 
a sharp build-up tr. the vital ly- 
important Christmas season 
when Santa Claus kindly buys 
up around 50 per cent of annual 
production. This year, however, 
orders are being, placed a little 
earlier than usual. 

This week Britain’s two main 
die-cast toy manufacturers an- 
nounced their interim results. 
For the first 24 weeks of 1978. 
Lesney Products' sales jumped 
by more than a quarter after 
stripping out acquisitions while 
Mettoy’s turnover was 13 per 
cent higher for the first 3tf 
weeks. Both companies arc more 
than usually optimistic about, 
Christmas trading. However.] 
whereas Lesney has been able 
to build up stocks. Mettoy’s pro- 
duction capacity is streiched ro 
the limit and if will have diffi- 
culty in meeting orders. On the 
other hand Lesney will have to 
contend with reduced currency 
gains and a much higher depre’ 
ciation charge, reflecting the 
£4m expenditure programme 
last year. Nevertheless, the 1 
prospects are excellent- and out- 
side estimates for the full year 
suggest a 25 per cent profits rise 
to £10m for Lesney and a 40 per 
cent profits rise to nearly £4m 
•for Mettoy. Bui since . the 
beginning of the year the toys 
and games sector has only per- 
formed marginally better tlian 
the FT-A-500 Share Index. 


JUST WHEN the stock market 
seems in- a mood to roll up its 
sleeves and get down to some 
productive buying in anticipa- 
tion of a Capital Gains Tax cut 
and good quality third quarter 
corporate profits, there is reces- 
sion talk in the air. This is an 
unpleasant distraction at a time 
when investors appear ready to 
concede the' wisdom of the 
Federal Reserve Board’s push- 
ing up short term interest rates 
in a bid to rein in monetary 
growth and lower the inflation- 
ary prospect. Certainly for 
much of this week the stock 
market has leaned towards a 
benign view of the economic 
environment 

Monday and Wednesday were 
both semi-public holidays, the 
one Columbus Day and the 
other the Jewish festival of Yom 
Kippur, and those investors not 
celebrating took the opportunity' 
to do some hefty buying. With 
third quarter corporate results 
beginning to flow, the market 
found rt difficult to ignore the 
fact that some famous names 
are doing extremely well 


indeed. -Eastman; ; Kodak;* 1 - lor "j 
example* ' whose earnings^ have V 
seesawed in the last fouryearv; 
but never exceeded the reforcT 
of - 1973. reported. , a : healthy/ 
surge - in third '.quarter.- .net 
income and_ is now' tgelL 4ti-. 
course to establish ;a”he?w>arii--' 
ings level.- . *' . A 

Computer and - office . equip-; 
mem companies are also’ having^ 
an excellent year abd .NCR cast . 
a beam of sunlight thfnugh Qie . 
New York Stock Exchange/ on ^ 
Wednesday with a\68, per .peat’ . 
rise in net earningSv Yesterj}ay : 
IBM, the great stnek’: market 
leader posted an 18 per.'cbht':rise 

in net income after two' pr^d* 

ing - quarters - ' of estreoaety - 
modest gains. ” 










t 


' . i 


mm 

rz 





l - 

a . , , ■ Limn 

U-LLL 

LLLLLL 



il ill IMIil i i iW A 1 M Ullil 


Yet others think the bubble 
of economic recovery may- soon 
burst because, of inflationary 
pressures for which the Federal 
Reserve Board is being held 
largely responsible. . The latest 
edition of '* Merrill Lynch’s 
bi-mnnthly investment strategy 
suggests • that the Thundering 
Herd is now distinctly bearish 
for the firm is unequivocally 
asserting that “we now believe 
that the economy will stip into 
a recession early in' 1979.^ 
Messrs. Richard J, Hoffman and 
Steven Resnick. Merrill's tjvq in- 
vestment strategists put them-" 


selves firmly on the line— they 
see a 2.5 per cent- annual rate: 
decline m real economic activity^ 
in the first quarter of next year, 
and a rate of just under 1 per 
.cent in the second quarter, 
v Mr Walter W’riston,; the influ- 
ential chairman of Citibank, 
differs with the Merrill analysts 
only on timing. He was quoted 
tndav opining that ‘Well cer- 
tainly get 3 recession in 1380. 
It's baked in a cake.” In common 
with most Wall Street econo- 
mists, Mr. Wriston was 

extrcnielv critic*^ pf th6 Fwfsl 

Reserve “Board for failing to 


restrain the . growth of ; 
money -supply. ; . ; 

These prophecies of recess^-’ 
will throw .. into sharper JeHfe’- 
tiie activities of the JTedaaf 
Reserve Board . over, the 4»&' 
three months. Comaie rriaFfy&fr - 
ing prime rates moved bp- tq'jjj-. 
per cent yesterday in "paiSai* r* 
flection of the Fed's n^warffisB^i ~ 
bn short term;. interes^njM-' 


Monday. . ' 
Tuesday 
Wednesday 
Thursday - 
Friday . 


..'•'rydr: 

*+W' 


Beyond the glister 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


Change on 
Week 


Ind. Or d. Index 

• B.P.M. Hldgsl A 

' Cartiers 

, Common Bros. 

7 Panks Gowerton 

E mpire Stores 

", Glaxo 

Grattan Warehouses 
: Hill (C.) of Bristol 

- Lee Cooper 

; March wiei 

•' Midland Educational 


♦. Mowlam (J.) 

o Reed Inti . 

- Ricardo 

Saint Pi ra n 

Sirdar 

. Victor Products 

Wallis 

West Rand Cons. 


- 6.8 
+ 12 
+10 
jrl8 
-f 22 
+10 
-57 
-21 
-10 
4- 1 8 
-23 
+45 


— 14 
+ 16 
+43 
+ 8 
+ 14 
+ 22 
+12 
+26 


Dou bts ab out future pay policy 
Annual profits above expectations 
in t erim figures due shortly 
Persistent speculative interest' 
Sc rip issue proposals . 

Sa tisfactory interim fi gures 

Dis app ointing annual results 
Disap p ointing interim fig ure s 

Heavier loss/ Int. div. pass ed 

Bctter-than- expected Int. fi gs. 
Lower first-half profits 


Average Oct. 

week to 13 

Oct. 

6 . 

Sept. 

29 

| FINANCIAL TIMES 



Govt. Secs 69 JW 

69*7 

70JI8 

Fixed Interest 71.72 

71.73 

71.94 

lndust.Ord. 50S.1 

504.7 

506.3 

Gold Mines 166.4 

170X1 

174J) 

Dealings mkd. 4,715 

4,723 

5,128 

FT ACTUARIES 




^Ti'TTa- r-in-M 


interim p rofit s disappo int 

Sale of Ree d Consolidated Inds. 

Earnings p ot ential 

Specula tive buying 

Good an nual r esults • 

_£ljm ECSC funding news 

Demand in thin mark et 
Uranium deal with Gold Fids. Props. 


^(Durable) 

Cons. (Non- 

Dura ble? 

Ind. Group 
500-Share 
Financi al Gp. 
] All-Share 


215.53 215 13 


! Red. Debs. 


215. 73 2T6.0S 

±2936 ±22 9 JO 
252M_2 52*9 
164.87 166.44 
*230.03 ^230.60 
“57.71 57.61 


INTEREST HAS been bubbling 
along merrily in the world of 
raining and minerals this week, 
broadening out from gold and 
platinum— which have reached 
new record prices — into dia- 
monds. base metals and the 
construction industry materials. 

The last-named area' is of 
notable importance these days 
to London's Consolidated Gold 
Fields whose Amey Roadstone 
subsidiary has announced a 75 
per cent advance in pre-tax 
profits. This has been mirrored 
in the results issued by tbe 
parent for the past year to- 
June 30 which show net profits 
of £34.5m equal to 25.15p per 
sbare, up from £25m in the 
previous year. 

Gold Fields’ policy in recent 
years has been one of lessen- 
ing its dependence on Senth 
Africa^ in' general arid on gold 
».n particular. 'The . policy has 
paid off in the past year with 
revenue from the construction 
materials side rising to £30.3m 
from £l7.7m. 

Of the non-gold mining opera- 
tions. the Renison tin mice in 
Tasmania has again done well 
while the loss-making Gunpowder 
copper mine in Australia and 
the- Cornish - Wheal. .Jane- tin 
mine have been.cldsed. the fat- 
ter requiring .a provision in 
the latest accounts of £11.9ra. 

Gold Fields* • industrial 
operations have done well, 
thanks to the UK Alumase 
. 1 Deration, which has raised the 
sales of its aluminium beer 
containers and dispensing equip- 
ment. and to the U.S. Azcon 
which has enjoyed better mar- 
kets for its steel business. 

Even so. gold still plays a vital 
role in the group's fortunes via 
the 46 .per cent. -owned Gold 
Fields of South Africa. During 
the past year gold was mainly 
responsible for the rise in divi- 
dend revenue to £16.3m and it 
is clearly going to make a larger 
contribution in 197S-79. 

The construction materials 
side cannot be expected to stage 
another strong advance, but at 
the very least earnings from this 
source should be maintained. 
Overall, therefore. Gold Fields 
should be able to report a 
further rise in current year’s 
profits. 

Although Gold Fierds is 
cushioned .to a fair degree from 
any major setback, in" South 
Africa, such an occurrence 
would still have an impact on 
the share price. On the other 
hand, if all goes well and 
bumper gold dividends are re- 
ceived. UK dividend limitation 
precludes the company from 
passing on the full benefits of 
this to its shareholders. At 
least, they can expect the 
current dividend of 9.1921p net 
to be further raised by the per- 
mitted maximum in the current 
year. 


Meanwhile, the group's South 
African gold mines have issued 
their reports for the September 
quarter. As I explained . last- 
week the latest profits are not 
strictly comparable with those 
for the June quarter because 
revenue in the latter period was 
given a once-for-all boost hy the 
change in the method of paying 
the mines for their gold. 

.The effect • has been . that 
whereas the market price of 
gold averaged about $178 per 
ounce in the June quarter, the 


MINING 

KENNETH MARSTON 


“bonus" payments received by 
the mines in "that period 
resulted in them getting.: the 
equivalent of around " S2il6. 
During the September . quarter 
they have received a normal 
market-related price which has 
averaged 8200. ' 'I 

Depending on the timing at 
which sales are made, the 
average gold price received in 
any given quarter by individual 
mines varies quite widely- JBuL 
as expected, profits for' the 
latest three months are 7 lower 
than those of the exceptional 
June quarter. In the main they 
still amount to good** earnings, 
especially in .the/ case nf 
Kloof and West /briefontein. 
but sharper fall?* have been 
registered by the more marginal 
Doornfontein an3 Venterspost. 

Moving to ‘the fascinating 
search for diamonds in Western 
Australia we come to the latest 
quarterly " progress report 
issued oil the Ashton venture 
iq which Conzlc Riotinto of 
Australia has a 52.6 per cent 
stake . with . the new Ashtoo 
Mining holding 22.4 per cent. 
AO (Australia! 4.6 per cent. 


Tanganyika Holdings 84 per . 3t might, thus. be. the 

cent. Sibcka 7 per cent and the country's big uraniumjrefr'.' 

Northern Mining 5 per cent.. ; ‘ tares fd'get the go-ahead beat .' '7 T 

CRA announces that the K 

join. « n '“i e ' s re “S n v 5 S?g^ -£3i 

. carats” uhere are 142 carats'to 

the ounce) of diamonds in the ! *^_^ n a a 7 SS 

period from start-up on August 

1 to end-Septcmbcr. The largest v ' et sea ®? n 

diamond so far . recovered s * a * «*■ wll! 

weighs 5.7 carats, but it is not ■ ne « A P nL ■ 

stated whether the stone is: of Nickel remains thcfbass=of* 

gem qualitv. Western Ml ning s JoThmea-'afla 1 - . 

The diamonds so far fonnff although. the rompany 
are a mixture of gem and ^-® few^to rnake.a profli.frw; 
industrial qualities, but the. this rqefiU. its earn* 
proportions are not disclosed 10 - a f t 
and CRA says that the extent to 

which the kimberlite diamopdi- CS.ftn),S& Artgjfik, 

fernus “pipes” contain .Rem out tittle hope ^ aqJ»pwfe ; 
diamonds cannot yet bd* deter- 

mined. A total of 26 pipes ? he Phort tem. bm hi+rpmmM-- 
covermg 599 hectares has been confident of western ^inirigj;. 
discovered. •. prospects in the- longer, term.:;.- \v. 

These are early days. CRA is Apart ■ from-tfle j 

sitting on a huge area that has. recovery jp. - 

been shown to contain dia- anticipated- flew income'- firani" 
monds. But it remains to be uranium; the company alSQ.-bis 
sen whether they are- in su£fi- its big cqpper^rantcm^np^eti 
cicni concentration in any part at Roxby" DOwns.--'ib Souft 
of that area, and to be, of a Australia^ the more , we fitill, . 
sufficiently good gem quality, to ifi e biggerit is’g«tia^” ,-Aid- 
justifv a mining operation. the background of AiiSMBis.: 

.. Only time and a good deal improved, .min i|fe-|tolitic3l-ri«' 
more work is going to “provide t ion ship' and 
the answer. All that caii be said to understand ^e '-diairnriB'S - 
at this stage is that the early confidence..... . _ 
results nbtsined are. highly- en- FinlUy . it is 
enurasm^ ar.d allowun- for the thM w Noort »iMtag S/ft 
fan that CRA is taking a cnol in wUc j, is a'W 

and conservative line-there ud^t-hasirou^r+sttwiif 
could be nn reaam Fur the group s third gas 8eW in the Kethfe 
doing .Otherwise-lhe .tenor of , ^ aector of Ue Wdrfc-S* 
the ofhcial statement barely j5 gool i news for.Ms-- 

Trust which hstds 8.Sg£ 

current nf excitement. cent 0 f Amax - Ineomeatoj*' • 


current of excitement. 5 ' 

Moving to Western Australia K71 3 provided f2.08rtf Sf SWf ' 
we come to the Yeelirrie tlon Trust’s p te-1ax- ret eo^ fcj 

uranium prospect of Western last' yeari- so tfaWfigt-r 'ry~ 

Mining. Sir Arvi Parbo/ the * 5 

company's chairman, still hopes ^ at J b * ^ A 

that approval for its go-ahead pected t0 double the 
will be given by the Australian r ** e ^ as delivery..,- 5 ®^*'*: 
Government by the' end of this ®>ean . a useful ; lncre«ae_^ ^ ^ 

year. : - income to the Dondon d 

. -i* . r ■■■• '• hi <3 



V. 


1968 ’89 TO ’71 72 73 74 ~75 '76 ’77 78 


METALS 

JOHN EDWARDS 


IT HAS been a week of records 
.in the London Metal Markets, 
which have come lo life with a 
vengeance. Record prices have 
been chalked up by gold, plati- 
num, silver and tin. but even 
they have been outdone by a 
spectacular rise in the lead 
market from £369 lo a near 
record £433 a tonne in the space 
of a week. The rises in gold and 
other precious metals reflect ihe 
renewed uncertainly in the 
foreign exchange markets and 
particularly the fall in the value 
of the dollar. And this has also 
been a major influence in the 
other meta! markets. Investors, 
or perhaps more properly specu- 
lators. have increasingly turned 
to raw materials as a protection 
for their funds during limes of 
crisis for ” paper ’’ money. 

But currency uncertainties 
have not been the only influence 
pushing metal prices up. There 
have also been some genuine 
supply-demand developments 
behind tlie sudden upsurge, par- 
ticularly in the case of platinum, 
lead and tin. 

Platinum prices have shown 


an astonishing increase this 
year. At the beginning of 
January the “ free market ** — 
that is platinum not controlled 
by the major South African pro- 
ducers — bas moved up from 
£96 an ounce to the present 
level of over £160. In dollar 
terms the S300 an ounce mark 
has been breached for tlie first 
time ever. 

It has been quite a contrast 
with last year when platinum 
prices were driven lower and 
lower by poor demand, so that 
the producers were finally 
forced to cut back output. 
Undoubtedly these production 
cutbacks, which have yet to be 
restored, helped reverse the 
trend. But since then the 
market has been pushed higher 
and higher by the withdrawal 
of the Soviet Union as a seller, 
apart from its contractual 
supply commitments, and con- 
tinued heavy buying by the 
Japanese. 

The major uncertainty 
now is when the Russians will 
decide to start selling again. 
Officially the Russians say they 
need the platinum for making 
■commemorative medals and 
coins for the Moscow Olympic 
games; But some traders feel 
there has also been production 

problems. 

The Russians have also been 
largely responsible . for the 


sudden upsurge in lead, and to 
a lesser extent in tin. on 
the London Metal Exchange 
markets. Heavy Soviet Union 
purchases of lead seem to have 
caught the Western world con- 
sumers by surprise, and there 
is an acute sbortage of supplies 
of lead available at present. 
Traders have been warning for 
several months that the cutback 
in lead production, as a result 
of reductions in output of its 
"sister ” metal zinc, would start 
affecting supplies, particularly 
as scrap supplies have also been 
hir by the lack of investment in 
new machinery and construc- 
tion. But prices remained 
depressed by the apparent lack 
of consumer demand until sud- 
denly it was found that a iarpe 
proportion of the stocks held 
in the London Metal Exchange 
warehouses, especially the good 
brands, had been bought up and 
were committed for shipment 
out, creating a ‘‘squeeze" on 
the market. So price's shot up. 
before com ins back sJtghtly on 
profit-taking. 

Consumers have • been 
similarly .caught, .in the tin 
market. They held off buying 
during -the summer months in 
the hope that . the U.S. 
Administration would manage 
to push, through Congress a Bill 
to authorise the release for sale 
of over 30,000 tonnes uf tin 


from its strategic stockpile. This 
release would more than make 
up for the deficit in production 
against demand this . year 
estimated at between 5,000 to 
lOiOOO tonnes. 

The tin stockpile Bill was 
delayed much longer, than 
expected, although there was 
news yesterday of a fresh 
attempt to approve ' releases 
which brought tin prices 
tumbling down. But in the 
meantime buying by the Soviet 
Union and Japan reduced 
supplies available to a minimum 
and forced prices in London 
and Malaysia to record levels. 

Copper and zinc values have 
.moved up strongly too -in recent 
weeks following the trend in 
other metals, and some reduc- 
tion in the >urpluses that have 
so far kept their prices well 
below the cost of production. 

It is normal to have a 
resurgence of buying interest in 
metals, onc-e the summer 
holiday months end and 
cotisumers study their order 
books and requirements for the 
months ahead, if despite the 
gloomy prediction of the 
economists, the present trend 
continues in joetal prices Ihe 
UK and U.S governments will 
have an even more difficult 
fight on their hands against 
inflation. - a fact already 
recognised by speculators. 


GOLD 

MICHAEL BLANDEN 


WHEN THE VALUE of paper 
currencies is in doubt, people 
still torn to gold. This lesson 
has again been driven hurae this 
year when, in spite of the effort* 
of the U.S. and tbe International 
Monetary Fund to reduce the 
role of the yellow metal as a 
monetary instrument and a 
store of value, ihe price has con- 
tinued to rise to record levels 
as a result of the unrest iifthe 
currency markets. Yet its sharp 
gains have begun to prompt 
fears that the market will suffer 
a sharp reversal if speculative 
pressure is reduced for any 
reason. 

The performance of the gold 
price has taken' it to levels sub- 
stantially exceeding the previous 
peaks reached in tbe period of 
euphoria which ruled towards 
the end of 1974. in -anticipation 
of substantial demand from resi- 
dents of ’the' U.S, when they 
were allowed to hold bullion. 
And it is arguable that the 
demand which took the price 
above' the $200 an ounce mark 
in August and has this week 
pushed it up to over $227 is con- 


siderably better based than in 
tbe last boom period. 

One Important factor is that 
the demand f»H- gold has been 
associated specifically wtth the 
continued weakness nf the U.S. 
dollar in the foreign exchange 
markets. This . pressure has 
reflected the uncertainty in the 
market aroused by the substan- 
tial U.S. balance of trade deficit 
and by the signs of a renewed 
upsurge in U.S. inflation rates 
this year. 

The flow of funds out of the 
dollar has moved into a number 
of other outlets as well as gold. 
The pressure on the U.S. cur- 
rency has. for example, contri- 
buted to the strength of the 
platinum price which, with 
reduced sales from Russian 
sources and increased specula- 
tive demand, has been pushed 
up to record levels. It has also 
been reflected in the sharp rise 
in other leading currencies in- 
cluding particularly the West 
German D-mark and the Swiss 
franc. The gold price is norm- 
ally expressed in dollars, but in 
tenns of other currencies its 
gain has been much Jess-: 
dramatic: in relation to the 
Swiss franc, for example, the 
price js still well below the 
levels reached in 1974 and 
1975. 

The fundamental equations of 
supply and- demand in the gold 


market have not. essentially riiary to 750.000 ounces a hi.&Jltt 
changed. But there have, beep compared- With 300.000 oinw® 
two • important developments during the previous six 
which have swung the balance ^ 

in favour of the gold-bugs. One 'AA L A “ 

is the ability of the market to But even this proved^ 

cope with the continuing flow temporary. . and the price h® 
ol metal from official holdings, moved oh' to new peaks since! 

It is one of the special then- • " - • " 

characteristics of the gold mar- ' +i. e a biiits’ of the market t* 
kertlmt. the existing hoards. In jjj™ ' oSSo^fe 

omd ^.? nd Private hands, out- official hold hies has been relate* 
weigh by many times the volume change’ 

of new .production. ... has SSj K Sk 

Even -modest sales from P Jfffrp obth* 1 ■ 

official holdings, therefore, can gains 

upset the balanee of supply and d ° nar - G ° rd traditionally gai^ . 


demand completely.' And the 

nrnenw^ nf a mnliniifnir flnw investors . at. times O* .CU t 


prospect of a continuing flow of ^X 5 n i“ l Z f 

tmm th* hniriinec r , f uncertainty. And the iacLtn+, 


one oDta -main factors vrfuch 2“Sl*£-«2i|fe 


VBf flUUJE -IUIUU iflUUfS llPBR'DIi' 
nw onw hnnfpwr "tho mavlrat 10 TaSJ ■ 


Bj now. however, the market 

has learnt to live with this addi- . f °r. nme b of 4UL&&U& 
tioit t*Hh* supply. This year, infiuwce:- _*of : 


moreover, it has taken'- iirr -its . rw*rtted I -las^pOTeffi 
stride-! wfh- only brief ’pauses, deroaud - ^n the , nEH**g*S 
for consideration 4he addition of appeared-- 4o he propor^^g 
sa les iirom "tlie Indian official : iBS $ t “ an “ •: 


holdings, aimed to cut dbWn'tbe -The.' ansbunf oT -SpecuXgtiBg^ 

iHeg^Tmport of 'the metal, andpresser'd" ffiQuIfed 

parti cuiariy froni the UiS,!.When price. .higher, tfa gjgfofhi,' 

the UA- Treasury announced in been £reH w Aqd~. -Jj 

August tifat it. was stepping up pressure otf lh«f tfolfaf i 

the level «f-$a)es for the sis . efficient to ssaiotsua intea-e^w^*! j 

i >" v- v * CT.'.'iW- 1 











Vv 



financial Tim es Saturday October. 14 1978 

YOUR SAVINGS AND INVESTMENTS 1 


.WU, 


PERSONAL FINANCE PROFILE 

Ust d taffita firerS for July 1978=£fifi31 ra 


BIHUfflifi SOCffYY/ 
^CHEQUE 


/| BtHlMNfi 
I / SOCIETY 

fjj WHIR 

OJ! SOURCE 


CHEQUE 24 7 


OTHERS IV 


Iwr- CfiEWT •• 
wfl^ TRANSFER 1,; 

7. STANDING order/ 

QgEcrKsrr n> 


Consumer 
complaint 

ON'K OBJECTIVE; of rhe self- 
refill,-! nun of ranee broker.* 
l.irou-h tlu* regi-r ration prowtfn 
w'^.i *ii irsTjKi:>h an official chan- 
nel fuj* coQiiimcrs So Jay coni' 
plainLs j^ainjt broniT? which 
cf»ul(j f„. investigated ' — -and 

i lie nm-vary action taken ;f 
proven. Thu week the uftichi 
maciunery in handle itimpJjiru- 
was vei up through a further 
ha teh iif orders mode under the 
iiisurantn Brokers f lfegistra- 

non; .\ct 1077. ' 

The fir;r order sp;s up ype 

imt-siisaiin*: Cninmstiee. Thn v« ' _ 

mss . ssjss'e How we spend 

hHcMraiion Council and no? 
more linn l-i nicrnber- 

appoinfed by the Council, CHLDIT CARD coin panics have for a similar atnounl. 

J*a*t ith-o-UiiM, nf whom must on,v managed lo scratch Hie Savings took 11 per cent of 
hr members nf :.he Council. But ^rfarc in ehansing.o»r spend- payments in .July. Half of thaw 
iner^ m:i.'i he .-it Ica-i three in? habits. I'nlike our American savings wont into buiidiny 
member.- or file Commutes- who t-uus,n>: - we remain a cash- societies, about 20 per cent into 
;.re iuii inuranie Urokm. orientated .society. - bank deposit accounts, about 15 

At first si"h:. it i?»oks .is. if Those conclusions have per vent into National Savings 

it will he a wavie cf t:Riv niaktnq fimerjrud from new tnarkPt ft* mii rales (which probably 
.* complaint., so heavy the research iiiiormaUtra “tm per- reflects the increaac in the limit 
ruas inward- broker.-. Bn; p "otiai finance apd discretionary on boldines/. The balance went 
has to hv r»- mem l>< -red Thai in spending, provided by AGB i«*o premium bonds, etc. 
nv.nv complaint- technical cjc- Research. Britain's only The discretionary spending 
perfuc nf in- ura no.- will i*c pubhcly-quuted market research profile also reveals that bnus- 
nercssarj :rj order to deal wit:-, company. mg. fuel and light accounted 

the inquiry. T*.ri many non- AGB has ju>( launched its f° r -*4 per cent of payments, 

broker •: cfmi.t load i„ puu:- now .service — Index — at a cost transport travel, and holidays 
handling nf a complaint through of over ffiOJ.OOO. more than any 1* per cent: food groceries and 
laH: i»r kn>iwiid:>' f: w>mi!d utficr market research project . 

have been preferable :.i have undertaken in Uitf UK. Its first **-**,-». 

. consumer spending profile is for CONSUMERS' 

the month of .luly^—whicli AGB 

ROfWBrajC 'ays is tradibonaliy .a low- ARNOLD KRANSDORFF 

spending period. 

ERIC SHORT Index's message for credit 

• aril companies, such as Barclay- general expenditure IS per cent; 
card. Acres*. American Express. hoiisehold/DIY (including furni- 
. . . . .... and Diners Club -is that they tiuvj around 7 per cent; doth 

had a v» od sp.u of tiie i .ammil- are o*ily used for 2, per ent ing about 6 per cent; and all 

tor between brokers and non- ( m value) of all transactions forms of insurance 4 per cent. 

. .u.S* 1 ?’ osl I ! y U T P . wlU over V. Index also discloses that the 

ir i i )' h , c icr brokers So much for the fable that country's lop nine retail groups 


Looking at the lock-away investments 


bank deposit accounts, about 15 
have per cent into National Savings 
market Certificates (which probably 
an per- reflects the increabc in the limit 


lack of [.nnwicdiv f: wv>u!ii 
have been preferable* :»i have 


BROKERS 

ERIC SHORT 


I WAS lalkina recently to the 
managers of one of the. invest- 
ment rrusts wlmsu policies are 
discussed below; and they said 
ihat they thought their shares 
would make an excellent luefc- 
away on a in year view. Well, 
quite apart from the minis of 
that particular rwotnmetula- 
lion, it ?.*■!. me wondering just 
whal one would buy if »nc were 
looking for appreciation over 
such a period. 

I ought, first of all. ti> enter 
a caveat, f don't believe thai 
anyone should put their money 
into a specific form nf invest- 
ment and then forget it for the 
next 10 years. There arc jusl 
too many things that «.*an change 
— for the worst*, or for the 
better— in ihc meantime. Being 
in a position io take advantage 
of liio.-c changes is iiiumt nf the 
secret of successful investment. 

That said, however, llicrc arc 
certainly circumstances in which 
you might want to invest on a 
10 year view — if you were pro- 
viding a nest egg for a godchild, 
say: and there are also circum- 
stances in which you might find 
that you havi* made such an 
investment without ever con- 
sciously intending it. We all 




know of- people who put their 
savings int tile building society 
a decade ago. on the view that 
this wits a safe temporary home 
for their money, and never sot 
around to taking it out again. 

Granted that they've had a 
high (though taxed t return on 
that money over most of the 
Intervening period, for half of 
it at least it's been a negative 
return. And. tn go by the 
movement of the Retail Prices 
Index in the meantime, ihc 
real value of their capita!-— i is 
purchasing power — has been 
reduced by more than half. 

■ In looking a; lock away 
investments, let us start with 
the assumption that income is 
not important, and that the 
object of the exercise is to 
produce an increase in capital 
value— an increase in capital 
sufficient to maintain your pur- 
chasing power, at any rate, and 
preferably sufficient to increase 
it to provide you with a real 
return on your money. It has 
to be said at once that there is 
no certain way of securing the 
value of your capital against 
the ravages of inflation — other 
than by buying the index-linked 
issue of National Savings Certi- 


ficates if you are of retirement years,' and up io seven if you 
age; and unless you’ve an decide to leave your money in 
income sufficient for your for an extra two years of index- 
needs. by the time that you linking and a terminal bonus, 
qualify an income-producing You can take the cash out in 
investment almost certainly the meantime, but in that case 
ought to take a higher priority, you’ll get interest at six per 

The best approximation to « nt tax frce < from end of 
The index-linked certificates, for the year) as opposed to the 
anyone who is of less than benefits of index-linking — 
retirement age, is the index- attractive enough at the 
linked Save as You Earn moment, perhaps, but not for 

long If the upward pressure on 
" interest rates continues. The 

snag to this scheme is. of 

INVESTMENT course, the lime lag between 

your decision to deposit capital 
ADRIENNE GLEESON and investment of the last of it 

in the index-linked vehicle: 
over that period the money that 
you have on deposit is going to 
scheme run by the Department be vulnerable to inflation, and 
for National Savings. Strictly the rate of interest that you get 
speaking this is a home for won't necessarily compensate, 
savings from income, but it's Still, though it isn’t certain it 
perfectly possible to invest is safe, which is more than you 
a capital sum by way of a build- can say for most of the other 
ing society-linked investment: forms of inflation hedge, 
you put your money on deposit, 

and the income and capital are This apart, the choice before 
withdrawn, month by month, to you lies between the purchase 
put into the SAVE investment, of real assets, m some form. 

Your commitment under such and a decision to take a flyer 
a scheme :s a minimum of fiveon a fixed interest investment 


ADRIENNE GLEESON 


It’s a flyer because you don't 
know what the rale of inflation 
will do in the meantime. For 
example, you might decide on 
Transport 3 per cent, 1978-88, 
or Treasury 5 per cent. I9S6-S9, 
in the knowledge that you'll 
have a 50 per cent plus increase 
in the capital value of your 
investment, free of capital gains 
tax, to look forward tn within 
the next 11 years: but that's not 
going to be much of a consola- 
tion if prices in general rise by 
100 per cent. 

“ Real " assets have in the 
past proved to be a much better 
investment in inflationary times 
—particularly those real assets 
whose supply cannot increase: 
assets like land, some forms of 
art and (to a lesser extent) the 
precious and scmi-precious 
metals and stones. The alter- 
native, of course, is to put your 
money into shares — but not into 
individual shares: not if you're 
planning to stash vour certi- 
ficates away and forget them for 
a decade. If you don't want to 
manage them yourself, let some- 
one else do it for you. Buy a 
trust — which is where we came 
in. 


*f££. - . 

. y-vsn-i. 


Chasing smaller companies 


CONSUMERS M 


ARNOLD KRANSDORFF 


broken. Still 
fell whether 


broker* 


i> 3 prtma lacu? case nf proles- follow up its ’service on . a per tent by value, 
signal misconduct, then the monthly and quarterly basis. The total value of transactions 
maticr will be referred to a reveals that no less than 61 per over £3 is put at £6,93 lm for 
Disciplinary Cnmmmec. An- i_-em of payments are still made July. AGB estimates that this 
other order sets up this c«»ni- ip hard t-ash. figure represents about 75 per 

niiMcc and lavs out its powers. Nearly a quarter; of. payments cent of all expenditure. 

These include the ultiniale gj e made by cheque, with an Index data is collected by a 
punishment of deregistration, additional 1 1 per cent of trans- panel of more than 11.000 
whii.-ft ii infer provisions of the ac tj 0 ns bping made 7>y. direct members who keep a diary and 
Act mean* that thp individual debit/standing orders.- Building fill in questionnaires. AGB plans 
ronreruert muhi mi longer trade society withdrawals by cheque to be able to provide the in- 
•-K insurance broker. Again the account for 2. per cent- of the formation four weeks after 
rnm position nf the committer i* total, and withdrawals of c^h collection, 
heavily biased inwards brokers. 

But the third order, which sets *•'; r_ 

nut the procedures, for the y* « * 

Committee, ensures M'SS ■ Strong turn of the law 

follow normal procedures of ' 

. British justice. • IT SEEMS squatting should squatters through- its five star 

However, the British Incur- never ^ taken lightly, * . insurance policy, is not particu- 

- ing a formal complaint. It feels And what Mr. John Davidson ^ tn P «n^ ner hniio To 

that in the vasi majority nr said about the Automobile t0 f 5 ®® P" 

cafes it will be able in resolve satiation, which since the be- t ^ 

- the problem* with a minimum ginning of th e year has offered J.^1 ■nr 1 **? oiS' “ 

of delay holidaymakers cover against d^dual ceiling of £1,250. 


• • 

Strong arm of the law 


of the Far East 


jiMii 

7 

%7lif 

u 




Bait performer of all has been Gartmore 

Far EaStCi’ll Trust \ Financial Times yth August, iqjS. 

Unit Trusts investing in Far Eastern Stockraarkets have 
pone rally out-performed others this year. The best 
performing trust since the beginning of the year has been 
Garhrmre Far Eastern, the offer price of vviiich Inis risen by 
72.1' r, in tlie first nine months of 197S. The portfolio is 
currently invested in 1 long Kong C3S?*), Japan (35%). 
j\ Iulaysia ( 14% ), the Pliilippines jJ, and Indaiesia (3%), 

with 1% in cash. 

We bcl ie\'c these markets still remain attractive, and you 
can now participate in them irom as b'tde as £10 per month 
through the Gartmore Rqpilar investment Plan, 

Generous Tax Relief 

Regular investment enables you to tsijoy tlie tax benefits of 
a life assurance policy': i 61 % tax relief op prerrmiras means 
that, from tlie second year of your policy onwards, the amount 
invested for you is actually more than you pay. It also means 
that you can take advantage of inevitable fluctuations in die 
price of units through pound-cost-averaging: more units are 
bought \\ hen die price is lower and few er when the price is 

higher. Life Assurance Cover 

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

If \ ou are aged between 18-55 w ould like to know 

more about the Plan, please post the coupon below, orphonc 
Alan Wren on ot-jN ; 1 5 1 r. No salesman u ill calL, 


t iMrlfniirv Fimd Martafitrs limited, 
a 5 l Maiy Axe, London EC 3 A SK*. Tel: or-oSj 3531 . 
Fhsw wiul iuc dcuihvr Hit (xsrrmna- Regular lmvstmcntPba 
linkwl lo the UaiW^re FarJaas to n Trust. 


yXJdn--' 


£ 650^^00 under Group Man 3 gexnaK Ti4lQ 6R[p 


The Yeoman gate iliusmted is 
qne -of our- range of craftsman 
made timber gates, constructed 
to give prolonged service. 

Other attractive designs are 
also available- for the garden 
or farm. 


Stnrf ?p tv a brtKbarc or Virt » ' 11 Wjiwl-n f T - M“'«- § 

Hritnh G«C« 3 Tfi»>brr ® ,d , d * ndrn ' ^ L 

T*i»phon<” B*drf«*n , t*o (.OSBO I $55 . 


SQUATTERS 

TIMOTHY DICKSON 


Mr. Davidson’s point is per- 
fectly straightforward. Most of 
the provisions of this cover, he 
says, should never be needed. 

Have we, he fumed, never 
heard of the Criminal Law Act 
of 1977? 

This recent and comprehen- 
sive (but complicated) bit of 
legislation, in fact, gives a 
uniformed constable the power 
immediately to arrest squatters 
or enter (if need be, by force) 
premises on behalf of a “dis- 
placed residential occupier." 

If. a householder, he says, has 
immediate recourse in law, why 
should he (or she) need to 
spend half the year in a hotel, 
and why should legal expenses 
be incurred? 

The AA does concede that 
one or two details of the cover 
are now "under review,” 
thongh little, if anything, is 
likely to be changed. 

It argues, meanwhile, that un- 
invited guests may wreak 
terrible vengeance 

It further adds (and this is 
endorsed by independent legal 
opinion) that the police in these 
matters are often reluctant to 
act promptly. 

On the .question of legal 
expenses, the AA agrees that a 
case would be unlikely to go to 
a civil court because of the 
powers or the Act. 

The Association points out 
however, (hat people may go lo 
their solicitor if they don't 
realise that the law will do the 
trick straight away. Our 
readers, of course, do know that 
now! 

Tlie most concise, if not 
strictly analogous point, is made 
by the Lord Chancellor’s office, 
which points out that the law 
provides every protection 
against theft as well — but we 
still insure against that evil. 


Decimal 

deceit 




LAST WEEK we got our con- 
versions into pre-decimal cur- 
rencies wrong— -the equivalent 
of 25p is ft/- and 3Qp is 8/-. 
Apologies. It would seem that 
one' actuary has been com- 
pletely brainwashed nver deci- 
malisation. in contrast lo his 

wife, who stiH assesses values 

in shillings and pence! 



I hull Huulletiin- 


O.V THE left you see the 
entrance to the noble (well, at 
any rale 18th century) halls 
from which K. and C. manage- 
ment conduct their business. 
F. and C. has been going, origin- 
ally as Foreign and Colonial, 
since the third quarter of the 
last century: and at the moment, 
in addition to a certain amount 
of pension fund money, they 
have five investment trusts 
under management mong them 
ib Foreign and Colonial itself, 
one of the giants of the sector 
with net assets not far short of 
£200m and a portfolio of blue 
chip shares: and, at he other 
extreme. Cardinal, which has a 
specific policy of investing in 
smaller companies. 

F. and C.'s views on invest- 
ment in smaller companies are 
worth hearing. In principle they 
accept that investment trusts are 
a perfect vehicle for such invest- 
ment. since their nature means 


that such holdings are never 
going to have to be sold to meet 
redemptions from unhappy in- 
vestors. In practice they' find 
that an enormous amount of 
time can be absorbed in identify- 
ing the companies whose shares 
are worth buying. It's a senti- 
ment echoed by other manage- 
ments who aim to invest a cer- 
tain proportion of their portfolio 
in such smaller companies: even 
the managers of trusts such as 
EDITH (Estates Duties Invest- 
ment Trust) who take it as their 
raison d’etre. 

Nevertheless, it’s an invest- 
ment of this kind that the trusts 
may find their salvation — par- 
ticularly now that recent budget 
changes have to a large extent 
removed the handicaps under 
which gross funds laboured 
previously when they decided 
to put their money into invest- 
ment trusts shares rather than 
buying them and their portfolios 


outright What the fund 
manager of such an institution 
ought to get when he buys 
investment trust shares is gear- 
ing and a degree of specialist 
expertise that he can't or 
doesn't wish to achieve within 
his own organisation. Well, the 
gearing is running off, and isn't 
likely to be replaced in the 
short-term — particularly not if 
interest rates rise. So their 
investment expertise is the 
distinctive asset that trust 
managements have to offer. 

Their problem is that a num- 
ber of the institutions — and 
nntably the nationalised in- 
dustry pension funds — are try- 
ing to build up a comparable 
expertise themselves. Pace 
Wilson, anyone who makes a 
policy of investing in small and 
promising situations will tell 
you, at the moment, that there 
is just too much money chasing 
too few opportunities. 


SAVE & PROSPER 



For some years it has been recognised that the 
area bordering the South China Sea and, in uartieular, 
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 
growthrates, often twice that of many major 
industrialised countries. 


Underlying this growth, and giving reason to 
heUeve it will continue, are the area’s immense 
richness in natural resources -including tin, rubber, 
palm oil, timber, and oil -its highly skilled and 
adaptable work forces and managements, the 
develop m e nt of local 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 Borne risk of recurring political disturbances, ■ 
the political climate, particularly following China’s 
policy of improvi og 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 
opportunity; to continue developing its potential, so 
that in the medium term it should take its place among 
the wrw1it*«n« ffiWia)ioR frraftrng and finnwgialTnurtrA tai. 

Investment opportunity 

To take advantage of opportunities to invest in 
companies operating in this area of potential growth, 
ond.to avoid the pitfalls, the experience of full-time 
and informed professional management is needed- as 
well as a suitable spread of investment risk. Save & 
Prosper has considerable experience of investment 
management in the Far East, and maintains dose 
personal contacts with individual mark ets in. an area 


OENKHAL INFORMATION 

Pealing In units. Unh> may normally Re bought and sold do say 
working day, Hownr, tn rarapdonsl draunsunces lb* Managers 
X ta e ive the rirtt to suspend price quotations pending their 
rovslnatioa. Pnors sad the yWd are quoted in ibe fendum nom- 
JMUmre. Dolt certificates will nonnally be (bnranial withm M ctaya. 

Belting units. The Mmsgea srill normally boy back mute (rant 
refOBUred holders, Sen of eommissioa, at not less (ban iba bid pnee 

craralsled oo^ tlie day yoar instructions sniwwwd. in sreonfsam 
sntb a fonnola ap pre reed by tba Department of Trade. They may 
sho bo sold bar* thnxsh an aotheeised agent srbo is entitled to 
charge coreml«ign. Payment is normally made within seven days 
of otzr receiving noouzmedcertiScaleCi}. 

Safeguards. The trust is autborfgad by tba Secretary of State fcr 
Trade, and is a Vidar-rangef bMnal under the Trrsaoe 
•Inwatmanis Act IS6L The Tnastae is Bank of Scotland wbo holds 

Charges. The offer mice currently inehafas an initi al aere ico 
ebanronot Bscaetfinr 5%. ■ndaT fmdltw - wWmtfiB nnt ootexceeunK 
Ibe tower of 1% or 1 JEn Out of this, camamsofl of ll% (phuVAT 
epjdieaJjlo) win bo paid to banka, stockbroker, eolxaan. 
<mn teats dna qnabSea insurance broken on appueations 
bearing tlwirstainp. in addition, a haltyeariy dm «»* 
Manajss'eypawB gad Ikiutws few are met. isdeduewdfiom tha 

tna^a araeta. The dwr^B u cnnvKly U.7M par ™ *b>ch 8% 
VAT Ik IMynhk^ matlnii B twtal il Mtl n - Him nf 20.35 p p 6f £100. Thcso 

cjiirgw are the maxinnxm priyntiy allowed by Cm: Department^ 

Tra&- ttflBww, Buptication Hm b wn mu ti w by the Unit Trat 
Association farlhe pennittod tewl of charge* Co be IncreaaeiLlf this 
application is granted, anftboidea in the will ha ashed to 
ssvravQths appropriate increase. 

Xneoeaa. Distributions of net means *re «ad» on jtth. June 
year, statin* in lfl79. Three e— be automatically reinvested in - 
farther rmltslf you wish. 



* Includes LandaHjuQtal companies operating m these areas, holdings 
of mhich art expected to account far aoBicl&i of the totvl portfolio. 

where local knowledge is crucially important. 

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

Save & Prosper 
SouthEast AsiaGrowtfaPuttd 

The fund is an important addition to the Save & . 
Prosper range of specialist overseas funds and in 


Save & Prosper Japan Growth Fund. 

Initially the portfolio will be invested in the shares 
of companies quoted or operating in Hong Kong, 


companies quoted in London or elsewhere which 
operate in this area, but therqjs the freedom to invest 
in other stock markets in the area if this is considered 
appropriate atany 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 prospects 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 a balanced portfolio. That haring 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 fund should be 
regarded as a long-term one. 

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

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


Britainb largest 
unit trust group 

Save & Prosper Group was founded in 1954 and in 
addition to being Britain's largest unit trust group is a 
major force in the life assurance, pensions and 
annuities field. 

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

How to invest 

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 at50p each until 23rd October 1S7S. Thereafter 
units will be available at the offer price ruling ou 
receipt of your order. 

You will be allocated units to the full 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 below. 

Units in the fund may also be purchased on a 
regular monthly basis, for further details complete 
and return the coupon below, ticking the aonropriate 
box. 



I wish to invest 




Application fora lump-sum purchase of I 

'SOUTH EAST ASIA GROWTH 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 t am over 18 and am not reskHent oulsidc ihc UK or other 

Schedule^ Torniones and that I am no! acquiring ihc above unfa as, the 

nominee of any poison auisdeihene Territories. § 

If you bo unable io meke this redden riel declaration 1: should be deleted | 

and tha form lodged through your UK bank, stockbroker ox colxsor. This I 

' otter a nqt avaUsble to residents of toe Republic of Ireland . 


(minimum £250) in Save & Prosper South East 
Asa Growth Fund. 1 enclose b cheque made 
payable to Save & Prosper Securities Limited. 
(Mr/Mre/Miss) 

First Name(s) ■ 

BLOCK LETTERS PLEASE 
Surname 

Address 


Signature 

If you would fike distributions 
Of income to be reinvested in 
further unite please tick hare. 

If you would (Ike details of our 
Share Exchange Plan please 
lick here. 


If you would nice dotaDs of our 


□ 
□ - 


□ 


AGENTS STAMP 


Limited, fa u wm bo r of the 
















YOUR SAVINGS 2 


Financial ' Times Saturday '•) 

■ ■ - -y 


^ ft 


§m^ 



Service charges 


FINANCE AND 


THE FAMILY 


PACIFIC 


'NlRODocroRy 

OFFER 

5 l °sing 

20 7078 


BY OUR LEGAL STAFF 


m m 


iwth area with outstanding potential 


Target announces a new fund fo 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 renewed 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. 


Successful Investment Management 

A specialist fund like the Pacific Fund demands specialist local 
knowledge which the investment managers, Dawnay, Day & Co. 
Limited, have wide experience in obtaining from their many world 
wide contacts. The performance of Target's specialist U.K. and 
overseas Funds over the past year is probably the best recom- 
mendation to you'of Target Pacific Fund. 

Target American Eagle .. 3rd in a field of 16 American funds 
T arget Investment T rust ... top performer in this sector 
Target Commodity ... 4th in a field of 9 commodity funds 

Source — Money Management and Unitholder— September igyg 


Your Capital 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, however, have income 
distributed if you apply for income units. 

Your investment should be regarded as long term. 


[l recently bought a fiat and 
bare now received from the. 
agents a request to pay service 
charges of over £600 for the 
years 1973. 1979 and 1976- 
Tbe contract was the Law 
Society’s Contract for Sale 
I (1973). One of the special 
! conditions was: “ The receipt 
Ifor the last rent accrued due 
i previous to the date of actual 
| completion shall be accepted 
as conclusive evidence of the 
performance and observance of 
all the covenants and conditions 
on the part of the tenant 
contained in the tease.” 
j Bearing in mind the above, is 
jthe vendor (who was the tenant 
.In the years 1973 to 1976) 
liable to indemnify me against 
any service charges I may 
have to pay to the landlords 
for periods prior to eompletinn? 
Second, in the service charge 


accounts for the year 1976, '■ 
there Is included a sum of . 
£6.456.20 for external . : 
decorations. Do you think 
5.124 of the Housing Act, 1974, 
could be applicable fo this 


Third, tbe lease provides 
(hat as soon as practicable after 
the expiration of an accounting 
period, the agents shall serve 
on the tenant a certificate ~ 
showing the service charge, 
payable for that period. ' Can 
the agents serve such a 
certificate relating to 1973 or. ,. 
1974 (or even 1973 or 1976) ‘ 


If you are obliged to pay tivo 
service charges, your vendor 
would be liable to Indemnify 
you. We cannot tell without 
tbe relevant terms of the lease; 
whether yuu are so liable.. You 


.should inquire of. the solicitors 
who acted on your purchase 
why the position as to service 
charges was not resolved before 
completion. It seem* likely 
that Section 124 of the Housing 
Act. 1974. applies— -however 
that section is so badly drafted 
that it is difficult to know what 
effect if any. the section has, 
-It is 'very doubtful if you can 
replv on that section to any 
good purpose. Your last point 
mav prove more effective, but 
much will depend on the facts 
of the case. We think your 
best approach is likely to be 
along the lines of your not 
being a contractuaJ tenant of 
the landlord and not being 
liable fur charges relating to 
a period before you became 
tenant t if the wording of the 
lease does not prevent such an 
argument). 


Probate not 
necessary 


Capital Protection Through Portfolio Spread 

Overall Target feels that the Pacific is an area in which investors 
should have an interest. There exists no easier nor more efficient 
v.ay of doing so than through a unit trust like T arget Pacific Fund 
v.»th its inherent wide spread of investments which the individual 
investor of modest means could not achieve himself. 


Share Exchange Scheme' 


Target's simple and cost saving scheme allows you to exchange 
your shares for units on advantageous terms. Details on request. 


■Separate 
I assessment 


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. 


Units Are Easy To Buy 

Simply complete the application and send it to us with your 
cheque (minimum investment £300) before 20th October, 1976 to 
obtain reinvestment units at 33.4p or income units at 30.0 p. 
Current estimated gross annual yield— 0-72 %. 

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


'ii-i- F'jrlD. *\'<i nfily Timet in|» national Fund war 
i-r<>najiiul'-a w ii n ih- aopiO'.-l al unit tip Idm 5 on 
19|n »»Olr-mbCr 1975. * D PuCATIOi:S *"8 
C-Mjiiotti.ill nnr tw- ar-inowl-i-Cgen bui ccMicaws 
w.ll br ., r nt Aiihm 42 Cay; YOU MAY SELL YOUR 
IJMTS hi a .iv lnw at a put* net IMS than |h«r 
•.'jitijisi-d bv Dfparrmen: of Trade ■ emulation; 
Favmanr Milt b» riada within IP days el receipt of 
me ranounctiP ciitiliaie. The one* ol unlu and 
ilo veld are Quoted daily in the national wess. AN 
INITIAL CHARGE or 5<f. Is included In the Mle 
price o’ units out ol whlcn the Managers' will pay 
cemntissran or 1 j‘> 10 qualified agent). THE 
MANAGERS reserve tne nqnt 10 Close the oiler 
: plots me dare stated If tho offer oilce varies by 
more than 2 is After tlta close ol the offer units 
•mil be available ai the dally pncc. IP YOU BUY 
KeIN VESTMENT UNITS income net of Basic rate 
!»« will be icinve'.tad on your bchiK so increasing 
me value d unus relative to lha income -unit. 
I‘>:d-rm unity, ti ewe vei. ovality far a distribution net 
c‘ basic ram tar on ism October each year, the 
nr it oaymr.n: Ii duo on 15th October 1979. An 
.irnual chif<le ol 0 375% ol the valve Of the Fund 
pus VAT mil bn deducted hom »he gross income 
ol tnr Fund TRUSTEE. Midland Bank Trust 
Lim-ted. MANAGERS. Target Trust 
Manag-r. Lmuo-n fa mrmlw of the Unrt Trull 
Association j Telepnone. 01-600 7533. 


^■HHOFFER CLOSING 20th OCTOBER 1978< 

TARGET TRUST MANAGERS LIMITED (Dept. T.O.), 

Target House, Gatehouse Road, Aylesbury, Bucks, HP19 3EB. 


I/We .wish to invest £ in 'Reinvestment units at 33.4p or ‘Income units at 30. Op (minimum £300) of 

T argot Pacific Fund and enclose a cheaue made payable to Target Trust Managers Ud. 

"Delate whichever is not applicable. 

I/We declare that I am/we are not resident outside the Scheduled Territories and I am/we are not acquiring 
units as themominee(s) ol any person(s) resident outside these Territories. This offer is not available to residents 
of the Republic of Ireland. 


Signature^) .. . . Date 

If there an tom l applicants all must sign and attach names and addresses separately. 

PLEASE WRITE IN BLOCK LETTERS - THE CERTIFICATE WILL BE PREPARED FROM THIS FORM. 


Names In fuIKMr Mrs Miss) 

Address 


Please let me have details of Targets Share Exchange Scheme □ Timed Investment Scheme Q Monthly 5avtngs 
Scheme □ Do you already hold Target units? YES/NO. 


(Target 

MMKBESa 


Fund 


Tmd Trust Manage** Limited 
RK. I" England No. 6*7348 at 
Tergal Nous*. 

SMahouu Rood. 

AyMbury. Buck*. 



uoAr.-nL-r-i- y- : ■T. 


Send your American business contacts 


: In September 1976 I married 
| a lady of independent means, 
and in March this year 1 
• applied for separate assessment 
j for income tax. This pro- 
jcipitated a demand from the 
I Tax Inspector Tor returns 
tin respect of previous years, 
jl have told him that I have 
j no means of obtaining any 
(information as to my wife's 
| financial affairs, past or 
(present. In the meantime the 
I Inspector Is deducting PAYE 
on an “OTT” basis, ie at the 
standard rate on my gross 
salary. If he refuses to 
;Mlow separate assessment 
;for the years 1976/77 and 
1977/78. what am I fo do? 
There is no real problem for 
■1976-77. because your wife’s 
Income does not have to be 
j aggregated with yours for that 
'year (because of section 36 of 
the Finance Act 1976). 

: For 1977-78. the time limit for 
' claiming separate assessment 
} was July 6, 1977. and Parliament 
has not given the Inland 
Revenue any discretion fo 
accept late claims (unlike 
claims For separate taxation oF 
a wife's earnings, where Par- 
liament specifically allowed the 
Board' to exercise their discre- 
tion over late claims). However, 
although the inspector has no 
pnwer tn accept your late appli- 
cation for separate assessment 
under section 38 of the Taxes 


Act, he has power under sec- 
tion 40(5i to obtain much the 
same result as would have fol- 
lowed a valid claim under sec- 
tion 3S, so there is no great 
cause for worry. 

What puzzles us is that if our 
wife’s hank presumably knew 
nf her marriage (since presum- 
ably she altered her signature 
to adopt your surname in Sep- 
tember 1976). but .ret took none 
of the consequent steps which 
one would normally expect ftf 
a prudent tax adviser— as far 
as v;e can tell from what you 
say. 

The simplest way out of the 
muddle is probably for your 
wife to give her batik the 
address and reference number' 
nf vnur lav inspector, leaving 
the "bank »n put the two inspec- 
tors in touch with pacn other.' 
If the bank does indeed appear 
to have heen negligent, no 
dmibt your wife will look for 
some measure of recompense 
for the resulting difficulties. 


If not would >' oa advise that 
the agreement be expressed 
and framed as a licence and 
for each licensee to have a 
separate agreement ? 

The sharing which you describe 
would not be sufficient to pre- 
vent the Kent Act 1977 from 
applying tn the unshared accom- 
modation, ie the bedrooms. A • 
licence agreement clearly so 
expressed and not incorporating 
provisions which are charac- 
teristic of a lease is in any 
case eminently desirable. 


Under my husband’s will l ^ 
am sole executrix mid - - 
beneficiary trf bis -vui* raodea £ 
estate. He has- a son by 
former marjage, who 
well off amt who gives .ibe- * >?' 
impression that he does 
altogether : approve, of these.. 
arrangements. i understand , :: * 
thdt.it is. not always rieeessari^ 
In small estates to obtain Jch 
probate,, but in .Hut .- : '"1^, 
circumstances, would ll be ~2\$. 
advisable to do so? 

Provided .the will -ha&l bwjf?’ 
executed in proper form there ^ 
appears to be nothing to 
your becoming absnltityiy- i 
. entitled to all the; property cs 
: which remains vested' -lit .-sniff: Jj? 
husband on his death. Whether* £ 
there is sufficient in bis estate^ 
to warrant your .proving' 
will is a matter which cah ^ 
be resolved after his death,. 6^.;^ 
it may welt be worth your whiled 
proving the will iii order 
to set your own mind at resb'*.v 

- 'PH 


Home for 
separated wife 


Forfeiting 
a lease 


I gave a mortgage and a long 
imu*. ta a man for a flat whic 


Licences and 


tenants 


If two tenants share a fur- 
nished Hal (without a resident 
landlord) each having his own 
bedroom hut nsing in 
common the lounge/ dining 
room, kitchen, bathroom and -•* 
wc. entrance hall and garden 
and sharing the co st of 
of services and telephone; 
would the Rent Act appj^? 


lease to a man for a flat which 
he has left and gone abroad, 
apparently to live. Another 
man now occupies it who says 
he is a relative. The lease says 
the flat must not be sublet 
without my permission. What 
do you advise ? 

You would be wise to consult a 
solicitor with a view to obtain- 
ing possession of the property 
by forfeiting the .lease for 
breach of covenant. This is a 
complex area of the law and 
the precise terms of the lease 
must be carefully reviewed to 
ascertain - whether there has 
indeed been a breach of 
covenant. ’ You should :• nor 
accept any payment of rent 
under the lease from any source 
until you have resolved the 
matter. 


Our house hi at present undee* i^*} 
mortgaged and I would flfcelo 
Increase the mortgage oh h 
raise the capital for a flirt Tor 
my wife; Could I increase the ; 
mortgage on my existing hot& .Vjul 
with my present. Bail ding . 
Society to obtain the necessary^: is 
eapital and obtain tax'relief . tfJ: 
on the increased sum, or atsoiii ^ 
my present Bunding Society 
unwilling, cquld’l mortgage 
total amount »1tb anoUu?t ^ 
Building Society and still ' ^ 
obtain tax relief ob the tatti :: M* . 
sum? ’ • ‘ 

The answer to both parts oi flw 1 . 1 
question in your second^ 
graph is yes. in principle..; 

You . will find "guidance 
free booklet . IRIi (Tax treat-.y^ 
meat of interest, paid) which 1g>? 
obtainable from most 
inspectors' offices, pie rules 
complex, and there are pitfah^ p 
so. read the booklet carefully. 
You will .find the points %iiicb • 
principally . . concern .you • . in ■ ■■* ■ 
paragraphs 9,. J6 and.:17in part ^ 
III A of the booklet '' 


No legal responsibility con 
accepted : by the^.HdnafpJ :TimtP.^ 
for the answerr?&iKn}4i* 
columns. All inquiries/ will 
onswered by post os soon m..j. 
possible. " ‘ ’• v : .. .. * ' . 




Alice in 


ofCGT 



American executives have nearly everything 
— except regular, reliable information on 
international business, edited specially for 
them. Now they can have that too, in tbe 
new Financial Times WORLD BUSINESS 
WEtKLY, published by the FT in New 
York every week. 

When we primed a pilot issue of WORLD 
BUSINESS WEEKLY earlier this year, it 
carried 122 reports of major international 
developments that we felt would be of 
■working value to American executives. 
Then we compared our pilot issue with the 
courage for that same week in the Wall 
Srreet Journal, the New York Times. 
Business Week, Forbes, Fortune and the 
Journal'of Commerce. 


fSorry, it's for deHvery 
in the Americas only 



We found that all of these distinguished 
journals — combined — had covered less 
than half of the wide-ranging stories in that 
issue of WORLD BUSINESS WEEKLY. 


As a reader of the FT this will hardly 
surprise you, especially if you have ever 
crossed the Atlantic and found yourself 
surrounded by U.S. business papers, 
■wondering what was going on in the rest of 
the world. 

Many American business executives feel 
like that, as we discovered in three separate 
and intensive exercises in market research 
over the past fifteen months. 

The FT ’s new WORLD BUSINESS 
WEEKLY will now Fill the gap. It will of 
course draw on the extensive resources of 
the FT itself — plus our Business 
Information Sen ice, our newsletters, and 
our other business publication*. - 
This is whaf American readers who receive 
vour gift will get in WORLD BU51NESS 
WEEKLY: 

World Business Digest: Identifies the items 
of immediate interest. Plus a complete 
jnde.s of all companies. 

International Financial and Company 
News: New ventures, new contracts, ntw 
experiments, new acquisitions. Case 
histories. Progress reports. Over the year 
every important decision by the world’s toy 
1000 companies will be reported. 

Industry News: What’s happening 
everywhere in steel, oil, mining, aircraft, 
shipping- chemicals, textiles, construction, 
automobiles, electronics. 

Products and Techniques: A rundown of 
the money-sa>ing, time-saving, material- 
saving innovations around the world. 
Currencies: Fullest coverage of changes in 
rates of all international currencies and 
markets, supported by tables. 


Shareholders' Report: On stock markets 
everywhere buttressed by current prices in 
1 9 different markets. 

Banking and Bonds: What the international 
banks arc lending, to whom and for how 
much. 

World Report: Economic and business 
news and developments. From every corner 
of the globe. In depth. - 
People: Detailed individual profiles on* 
personalities in the world of international 
business. 


F1NANCIALTIMES OFLONDON 

World Business 
Weekly 


■ FIN ANC1AL TIMES WORLD BUSINESS 
WEEKLY IS FOR DELIVERY IN THE 


■ AMERICAS ONLY 

Tn- Vtn.snil 1 ifflM 


Pins: Special business briefs on 
International Bond Market ■ Eurodollar 
Market • Eastern Europe • Petro money • 
Commodities • European Community • 
FT’s world-renowned Tabular Reports. 
Plus: Survey Of The Week. An in-depth 
report on a single major market or industry. 
A searching, thorough, authoritative source 
of reference. ' 

Plus: Editorials and comments on the news 
of international significance. 


™ To: Financial 1 imes WORLD BUSINESS 
■ WEEKLY (Aun, David Moody) 

2 1 12 Queen Victoria Sireci, London EC4P4BY 


Please send a full year's subscnpnon tc 
WORr. D BL'SIN*ESS WEEKLY././,,™ 
FINANCIAL TIMES DIARY lor 1979 asa. 
n gin Irom me lo 




• • • • 


Now you can send your American business 


contacts this unique gift, plus (he renowned 
FT businessman’s desk diary, for only 


FT businessman’s desk diary, for only 
£39.95. Send It now, m time for Christmas. 

• The diary alone sells for £14. It is bound 
In genuine calf leather. 

• The one year gift subscription would 
normally cost £50 on top of that. And we 
are setting single copies over there for S2.50 
(about £1.25). So £39.95 is a significant 
saving on a gift worth £64. 

You know at least one American executive 
who will remember your gift with gratitude 
throughout tbe year. Send it to him now. 


Company 

I ii! 1 enclose a card to accompany in? gift 
| '--i PK'J^ send a card »iih m; name on it 
I My oh n name and addr»>. L> 


ANALYSIS of association of 
ideas can tell a psychologist or 
psychiatrist rather more about 
the ideas-man than th* subject 
often realises. Those of us who 
do not relish having our heads 
publicly shrunk are therefore 
somewhat chary of disclosing 
too freely our own associations 
—took what analysis has done 
for Lewis Carroll. Had his 
genius been less, "done for" 
would be the appropriate 
phrase. 

With that preface, is it ap- 
propriate to admit that Alice 
herself has always seemed the 
correct association for the 
capital gains tax rules for chat- 
tels. The law appears at Bret so 
rational and logical that its 
sideways shift into fantasy is a 
never failing surprise. 
Curiouser 'and curiouser. as 
Alice might have said. 

Capital gains tax applies on 
the disposal of ail assets, but 
there are three groups of excep- 
tions. First, certain events, al- 
though in fact resulting in the 
disposal of assets are treated as 
not triggering off any charge- 
able gain. Death is the prime 
example of the non-event. 
Secondly, reliefs built into the 
structure of the tax eliminate 
liability on certain disposals, 
and thirdly there are specific 
assets which are exempted from 
the tax. Jt is in the area in 
which certain of these second 
and third exceptional categories 
interrelate that it is possible to 
wonder whether one wakes or 
dreams. 

If a chattel is sold for less 
than £2.000 any gain is exempt 
| from tax. If the proceeds are 
1 over £2.000. the gain is charge- 
able. But there is a tapering 
t relief where the proceeds do 
j no! greatly exceed that amnunt. 
!The fiafn is first cum puled in 
i the normal way as the dif- 
L feronco between proceeds and 
jeost: then that first stage gain 
I is reduced by the difference 
: between itself and five-thirds of 
the excess of proceeds over 
£2,000. 


eeeds.'and the first stage gain. 
Because the latter depends on 
cost as well, as proceeds, there 
can be n» single level of pro- 
ceeds which marks the point at 
which the relief ceases. 

A chattel :s. however, one of 
the assets which is completely 
exempted from tax if it is 
wasting. What is and what is 
not a wasting asset is complex. 
The starting point is that the 
asset must have a life 
expectancy of less than 50 years. 
Options are specifically 
excluded, and although leases 
of land start to waste when they 
have less than 50 years to run, 


that sale proceeds may have 
deducted from them only a 
" wasted *’ proportion of the 
asset’s original cost Exempting 
yachts looked like a good way of 
increasing the take of the tax. 

In the looking glass world 
which we now inhabit, every- 
thing is reversed. Business use 
would make a yacht into plant, 
but that business use would also 
make it taxable. Bur contrari- 
wise. a . non-business yacht 
seems, because of that non-use. 


to be outside -Lord -Lbi&Fe^a ^ 
definition -of plant.-- Therefore tti- .• 
can only escape tax^ if j one,.«aaj v, 
certainly predict'its life to be.; 
less than 50 years; Even ’thi ,.- 
experts are unwilling. to_roake--^ 
predictions about, the stajaRS - ■ 
power of modem construction \ 
methods. Anil those -same-_- 
experts would hesitate if oh? 1 / ; 
legislators were how ' to . s5fc£’ 
whether, yachts are predictaW^ 
profitable, or loss generating.* 
assets. 


TAXATION 


EfiMIUr BONDS 

INVEST IN GOVERNMENT 
STOCKS AND EQUITIES 


: . W 


DAVID WAINMAN 


FREE OF TAX 


Proceeds 


£2,960 

UOO 


: □ Cheque for 
Cl Bin my company 


Each gift will com £J9/»J. Bulk order- 
over 5 ■subject to totv discount please list 
rednienu on separate sheet. 


I TteFuiandilThM.] .raard, R<;. Of life: Biotic* c Home 
I 10 Cunuo Siroet. Londnn CCJP JBV. Kcenfcicd m 
Finland .NmnlKT Killer rlmrf 10 ll.'Sj, 


First stage gain 1,700 

Chattel relief 
First stage gain 1,700 
Five-thirds of 
2.906 minus 
2.000 1.500 200 


• • • • 


Chargeable gain 


£1,500 


l.nadm OffiM; 113 OtttM Victoria Simf. London EC4P 4B\ Tit: 
\ "ri, Otrirr; 7f KockcfflWr Pla/o . \r» lort. 1WI9 W . T«l; 


(01124ft MM AdsmUranK Manager; n»M Moodr. 
<2111 MS T7K4 Adiprtwnwnl Manager: lM«M Honnne. 




It will be noticed that the 
outcome will inevitably be. that 
the chargeable gain will be the 
lower bf two figures, namely 
five’third5 of 'the excess pro- 


the capital gains rules relating 
to them are different, and will 
have to fnrrn the subject of a 
separate article. 

All plant and machinery is 
specifically deemed to have an 
expected life of less than 50 i 
years. We are probahly] 
reasonably clear what 
machinery is, hut plant means 
different things to different 
people. What it meant to Lord 
Justice Lindley was “whatever 
■apparatus is used hy a business- 
man for carrying on his 
business — not his stock-in-trade 
which he buys- or makes for 
sale— but all goods and chattels, 
fixed nr moveable, live nr dead, 
which he keeps for permanent 
employment in. his business.” 

That seems explicit enough. 
If one's business is managing a 
marina and 3lsn hiring out 
boats, this necessitating the use 
of a motor cutter for checking 
huoys and moorings and 
rescuing distressed mariners, 
then that cutter would 
undoubtedly he plant, and 
therefore a wasting asset. 

Unfortunately, the Revenue 
recognise that taxpayers’ lives 
would be tciu simple if the law 
stopped there. -The marina 
manager's cutter is a business 
asset, and therefore despite 
being plant and wasting, it is 
specifically brought back inside 
the scope of capital gams tax. 
It seems reasonably clear that 
an identical cutter owned by 
someune who uses it only for 
pleasure not business is the 
asset which the legislators 
wished to take outside the 
capital gains tax. When the law 
was written, it seemed likely 
that boats would generate 
capital losses rather than profits. 
This was so even though a wast- 
ing asset computation requires] 


A ‘must’ For Every Eligible Husband And Wile 


i he Family Assurance Society is 


completely exempt from income tax and 
capital gains tax, because it is a tax-exempt • "4 
. Friendly Society This gives the Society an " ;V' ; 

■ .-advantage of about 4Q?o over taxed funds. . ~ -k- 

. The maximum investment allowed is £10 ' ' ’ 
a month or £120 a year (jess tax relief ) for ■% 

those aged 44 and. under, and £1 1 a month 
or £132 a year (less tax relief) for those aged. - 
- 45 and over. By law, it is only available to • 

■ family rhen and women. ■ _. ‘ 

If you prefer, a lump sum of . about ' - . ' ; i .> 

. £1,000 to £1,100 (depending on age) can : * 

• ' fund your annual investment, at a discount 
: .pf about 25%. - .V.:vi 

This is a uniqiie uriit-linlced investment, . v : v 
• ; hut unit prices can fall as well as rise. •. ' ; £ 

■.'.•However, the Society estimates that --’ ;.£- : 

r :- .-because the investment is tax-free;ihe value . . .- 
•of units will be more than double- the : ’. t 

cunourit of net premiums paid over ten - • - -/ 
years. So far, it has performed much better ' • ■ . ■ ■ '■*. 

' tfoan-this. • 


: . For further details, please fill in the: 
' -coupon below: 


| . Julian. Gibbs Associates Limited, 

I 9 Mandiester Squire, London WiM SAB or 


| telephone 01-487 4495.' 


TetDay- 











Financial Times Saturday October 14 1978 


YOUR SAVINGS AND INVESTMENTS 

& Household 



p, ' ol % in, 


changes 


THE ART of equity, investment 
is basically The ar t of switching 
holdings at the right time. With 
the larger investor, this involves 
deciding. when 10 buy particular 
shares and — » even more 
important— -when to sell. The 
smaller investor is likely to 


Means of indirect 
investment 


Company 


Equity funds 
available 


Abbey Life 


-.T>, 


* i.it., 

S{ . /‘•aft 
■•‘rr.j*.. 


'IW: 

u “ h, S 
i!-. 1 

' i 


Internal fund in 
vesting b o 
directly and in 
the Abbey unn 

.find that it is too expensive to l , ime of the switch. In particular, equity fund recently passed the H mhro rjf e Internal fund 
PERHAPS LUCE many another Ural directly nn the Stock the investor can now switch into £lD0m mark) that the propor- u a 

a cash fund, which is equivalent tinns are generally only varied 


;n 


regularly ( Excha nge tunless he is going 
'for a quick capital gain). But 




house owner, you 

have a look in the windows of w „ . . . 

vmir . he has two alternatives in such 

)our local estate agent to see direct investment. 

the value of your major The more well known is 
investment is moving. If so investment in unit trusts, 
you will not have been surprised Investors now have a wide 

of funds and they can 
out at- their own 

i..j- , --j. Qn *i»_ —i, ^ iu take advantage of 

*■ change of house pnees current trends- and possibilities. 

° V6r ® a£ * m °oths. An The small investor can still 
u ~-'— ” average rise of 21 per cent has experience the thrill nf picking 

~ been recorded, with little differ- w,nn ers from the funds on offer. 

ence between the average in- and ba v cklnC h: l or *** dud * 
crpa «;p ftf „ . . mem by switching into next 

"TZ-LSZ J 0 ncw and ^ 


c?,:* , ■ v'l 11 

‘^'S y ' 

see this week's statement bv c * 10 * <:e of funds 

■I-;.:' r: ; #%**^a^**» 


BONDS 

ERIC 5HORT 


Vanbrugh " 

, . . . Life 

ilenvoured to combine the u.m c am ,i»l 

choice given by unit trust in* m e 
vestment with the flexibility in 
switching which a life bond 
offers, by linking with a unit 
trust group and offering inves- 
tors these unit trusts as well as 
only one equity fund. Switches the in-house equity fund, 
are made between other sorts Llo . vds Life has linked with 
of investment funds, such as Gartmore and A3UEV with Save 
properly, gilt and managed Framlinglon. So, for instance. ProspeP 


vetting ir. 17 un: 
trusts managed 
hy Allied 
Hambro 
Internal fund 


to going liquid with a private by altering the investment of 
portfolio. new money— -which is a slow 

With many life companies, process, 
however, the investor is offered Some life companies have on- 

Internal fund to- 
gether with five 
mists in the Hill 
Samuel unit 
trust group 
Internal fund to- 
gether with most 
trusts :n the 
Gartmore range 
Most of The S & P 
unit trusts 

funds. However well managed The investor holding a Lloyd's Tndcnt*Life Three internal 
' L ~ ~ ; " “ ’ funds — UK 


Lloyd's Life 


The other medium available the equity fund, it is bound" (o Life bond can switch to Japan- 
So house prices have moved lo inves ti»r* is the life assurance he widely spread, with perhaps **se equities, through the Gart- 
at about twice the speed of the h 0 " 4 as offcrcd by the linked- a pan invested overseas. So m °re Far East Trust, 
annual rate of inflation, in the {*** companies. These companies investors going through a man- The table shows the choice 
past year, and ibis movement have raade .witching between aged bond do nut have the available to investors with cer- 
must be compared with the in- “ ,ei F’ own funds cheap and opportunity nf going for tain linked life companies. But 

costs s ‘* a: £“ lf orwan!, compared- with specialised sectors or over- you should remember that it is 

the com pi exi lie*, of switching seas in a big way. In addition, easy to get the timing wrong, AMEV 
unit trusts. And no capital gains some of the funds have grown and professional advice is 
tax liability is incurred at the to such a size (Abbey Life's usually worth seeking. 


crease in the building 
index of a little over 9 per cent. 


Kwejo, 

* **- . ii 


In more stable financial times 
it used to be sensible to calcu- 
late that the market value of 
the modern domestic house was 
the aggregate of the value of 
the land, an which it stood 
together with the building costs, 
but in the past few years, par- 
ijd ticularly in the 1975-77 period, 
building costs had been sub- 
jected to greater inflationary 
/ -i pressures than had house prices 
so that the mathematics of the 
equation had gone awry. Now 
the balance has to some extent 
been restored and certainly in 
r “'.. the case of most modern homes, 
market value should now be 
1 greater than building costs. 

This is important when you 
come to insure your home for 
■it is the building costs — or 
rather the re-building costs 
/ from the ground up assuming 
'■total destruction, for which you 
should insure, and upon which 
-insurers base your premiums. It 

- -is to building costs, not market 

values, that insurers index link OH DEAR! A long time ago, have written in to point it out 
---their household policies. How- when I was still fairly new to many thanks: to all of you 

- ever, in a few cases insurers this job, I discovered that it apologies. The correct table is 

— may be prepared to have market was dangerous to write about set out. 

/ value used as a premium rating tax. and above all. extremely The figures are worked out 

~- r -y^dsbek and as a financial limit dangerous to mention figures on the assumption that you have 

No subject produces more in no allowances other than 

— '■ — ■■ (initially) age allowance, which 

is cut back once your income 
tops £4.000 per annum until it 
is reduced to the level of the 
normal personal allowance 
Effectively what this means is 
that on a narrow band of income 


equity, American 
and Interna- 
tional — plus the 
Schlesinqer In- 
come and Extra 
Income trusts 
Internal fund 
plus three Fram- 
iington trusts. 


IN RETIREMENT: 

WHAT TOUR TAX RATE OUGHT TO BE 

Single person aged 6S+ 

Married couple, either partner of 



which is a; 

ed 65 + 

Total Income 

Rale of 

Total income 

Rate of 

(gross! up to 

tax 

(gross) up to 

tax 

£ 

V 

£ 

% 

1.300 

... Nil 

2.075 

Nil 

2.050 

.. 25 

2.825 .. . 

25 

4.000 

.. 33 

4,000 

33 

4,172.50 .... 

.. 55* 

4,810 

55* 

8.985 

.. 33 

9,535 

33 

9.985 

.. 40 

10.535 

40 

10,985 

.. 45 

11.535 

...... 45 

11,985 

.. 50 

12.535 .. 

50 

13.485 

.. 55 

14.035 

55 

144185 

^ GO . 

15.535 

60 

36.985 

.. 65 


RS 

19.485 

.. 70 - 

20,035 


24,985 

.. 75 

25,535 


Remainder...., 

.. S3 


S3 


* Because of reduction in age allowance: sec text. 

Mea culpa , mea culpa 


Introducing an Italian 


LAST WEEK a new name 
appeared in the list of life com- 
panies that market guaranteed 
income and growth bonds — 
Assicurazioni Generali di 
Trieste e Venezia. The bond 
itself has no special features to 
distinguish it from other bonds, 
although the yield offered is 
very competitive. But the his- 
tory of the company itself is 
fascinating. 

Known on the London market 
as Generali, it is one of the 
oldest insurance companies in 
Italy. It was established in 
Trieste nearly 150 years ago. in 
1S3I. Therefore, as students of 
pre-1914 European history will 
know, it was originally an 
Austrn - Hungarian business. 


since Trieste was parr of the 
Austro-Hungarian Empire 
shades of Franz Joseph and 
Vienna. 

But since it operated from 
Venice as well as Trieste, the 
company had a strong Italian 
connection even before the col- 
lapse of the Austro-Hungarian 
Empire at the end of the First 
World War and the incorpora- 
tion of Trieste into Italy. The 
group is now one of the top five 
insurance companies established 
within the EEC. and it writes 
both general and life business. 
It has operated in London for 
over 50 years and has been very 
competitive in the group life 
market. Now it intends to ex- 
pand into the personal life side. 


& 

■Mi 

& 

A-1 

ip 

i> 

f* 


vi 


st*S 


L’-i 


Craigmoimt High Income Thist 

Crdgnrrounl' announce initial offer of units. 

Over 9% from all-equity portfolio. Quarterly distribution. 




K-l 


»>£ 

SfJ 

jL-’i 

h 


Dpspite cr.TTent political uncertainties 
the climate for share investment la the UK 
Is better than ir been for some time. 

There :s a ifro\rint, r recognition of the 
essential part played by tho private sector, 
inflationhas slowed and North Seaoil 
continues to rr^ke a Trowing contribution. to 
our balance o£ payments. . , 

On the investment front, a high level ot 
income is currently obtainable, and the 
Managers believe chat the Trust's aim is a. 
realistic one: to provide UK investors with a 
high and growin^jncome together with long- 
term capital appreciation. To achieve this 
t he managers will invest, m both large and 
smaller capitalisation companies 1 n an 
all-equity port folio. The estimated gross 
Initial yield is UiS .. 

Units in the Trust are on offer aba fixed 
price of 50 pence until :2th October 1978- 

You >hoalci regard your investment as a 
long-term one. 

You should remember that the price o£ 
nnirsand rae income from them can so 
down jli wed a& up. 

Expert management 

The Executive Di rectors of Craigmount, 
through a widespread net work of 
professional advisers, have immediate and 
comprehensive information on the UK 
market, ♦.■cononuc trends ar.d company 

performance. They also have lonir 

experience m fund management in the UK. 

How fo invest 

The minimum initial investment is £1,000. 
You can buy units at the initial offer price of 
50 pence by completing the application form 


and sending 1 it, with your cheque for the 
amount you wish to Invest, before 
12th October 1978. You can normally aspect 
to receive the certificate within a month of 
purchase. 

,T-«ry.’ iHriyv ’ ' •> ■ r. T r.OT 1 

II I iVft r at, — — T f?- s mfitji 

FIXED PRICE OFFER 
h CLOSES 20 th OCTOBER 1978 



Other infoiTTKJtfon 


Di-;tribubioa of net income will be made 
cuar lerly. on tbo last day of February, May, 
Aneust and November. Tbe first distribution will 
to on 28th February 1979. . 

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

pricc.9. and yield, which aro published every day in 
je.vif nc newspapers under normal circumstances. 

The oflV'rpri&a of units Includes an initial 
charce of 5 ':.. An annual management charge of . 
fE - ,/- VAT' of t he value of the Trust is deducted 
from ‘the eroas income. 

To eell your units, simplvrcturn your 
certificate endorsed on the tack. You will receive 
your money notlater than 7 days after the Stock 
Exchange Account Day relevant lo the period 
curing- which the units are sold. 

The management corapauvls CralgmounC 
Uni t Trust Man airers, a member of tbeUnlflTnist 
Association. The Directors are: Kenneth M. 
Rer.ton (Chairman and Managing Director i. 
Richard H. R. Latham. RobertH. G- Ar mstro ng, 
and S) r Edward G oschen. Bart, DSO Cnon- 
exerncivci. 

Commission of will be raid to recognised 

^ TiioBank of Scotland, The Mound. Edinburgh, 
is the Trustee to the Trust, andas such holds tno 
title to all assets of tho Trust. 


*3 





y- y - v p 
*&'?■- tvr* -joiL.i 


SS3 

^ APPUCATO^FORM 

S To: CralCTBmnn t'nlt Tnwt M ar igpr^TJmttfdL 
• W Foain-Laae, l^adoa EC2V «HL 
TeliOI-tKKeL 

m 

z2 scituuM fit? ^ aagtf 


nf "■•ytrri e-fjx 


rrtl 


1 ’KretMCMS 


& 

Ur 


Address 


TUts efforts not ca -visile to residents aftktBcpubhc iff Ireland. 


, 1 WueaelowK .. IkWroeWga! 

i ™ : n />») TnCnucmour.s lur h. Iccoicii Trass at taa 
initial u«a price of to pea co per unit 
3 n.or>iuwn SS.COO "TOO units ETJtO 

S.COO units E^an auuOuaiw 

I, We declare that T im^tre ve aos resident oatslde tho 
Schedul'd Territories and that Ian ire are aotacqulrtag 
the usltina behalf of anyoor mlder.t oatsldc these 
t* m torlcs. (IT you ere vm ilc x this de circ :.‘ob tt 

rhoild (m (Uslcuil end the form lodged U-jouak <joxx bank, 
■efetrlvakrr or telicu'i. I aciWe arc oeer 18 . 

(i Or.’olci appUodtor-t. all sarzes eluuid z&r~) 


Plcnature'’^ 


Pato 


Cr^nnosiil Csii Tr^rj Jlfenceert £ urllcd. 

ILl- :t_*i .Ted op m 6th Flotrr. St. if era ns Hornet 
J6.X.Marhns-te-<!nzcd, London SCI A 4EP. 
AW-sureO is gnslcnd. namfler 13U3S0. 


FT 2A 




-if liability — usually where the j 
iropeny is old. 


Over the last year the durable 
, household goods section of the 
. -eiail price index has moved up 
• mst under 9 per cent and it 
to this index that insurers 
; ink contents sums insured. So 
' loiders of index linked policies 
: vhether buildings or contents 
lue about now can expect to 


RETIREMENT 

ADRIENNE GLEES ON 




INSURANCE 

JOHN PHHJF 


in dtheir renewal notices show- 1 
ng sums insured up by around 
• per cent and premiums by 
his amount as well. 

But as the winter months go 
•n it is not only the movement 
•f these indices that will affect 
he premiums that insurers will 
-ie charging. On the contents i 
ide it seems that many in - 1 
urers will be moving away 
rora the long standard 25p per 
ent basic rate, and that by next 
'"V; • . lunmer and perhaps sooner, 
-lany if n °t mos t insurers will 
7^ lave raised this basic rate to i 
and w_i11 be applying 
XTAr’I^i'iifferenL higher, rales in some 
the large prnrindal cities 
. nd in the London area. 

^ 1- 

1 j * 1* ■» A portent for 1979 is con- 
£■*•**“, eyed in the September 
Agents Information Bulletin 
ssued by Sun Alliance and 
andon which among British in- 1 
urers has tbe largest household 
asurance account. 

On contents, as distinct from 
: tiildings, the varying incidence 
f crime predicates differential 
ating by district, and SAL has 
learly been doing a lot of de-j 
died analysis of its claims 
-om all over the country. For I 
ie future SAL will hav e fo ur | 
Datents rating areas. Attract- 1 
. lg the top rate will be risks in 
. ie inner London area, and 
jese will have to pay 75p perj 
»nt, three times the old basic | 
ite. 

Those in outer London, the 
. [etropolitan Police area and 
]me of the dormatory towns 
irther away like Guildford, 

■ eading and Tunbridge Wells, 
ill have to pay 50p per cent. 

.t 40p per cent come ten large 
>wns and their suburiw, in- 
luding Qasgow, Birmingham, 
iverpool, Manchester and New- 
isrtle, while 30p per cent is the 
ew basic rate for the rest of| 
ie country* 

These rates are specifically 
ir new policies sold by SAL 
t>m November 1 and not for 
jnewals of existing business 
>r which more information is 
promised by insurers later. 
j* eemingly SAL is planning 
* ime degree of cushioning of its 
dating body of policyholders 
jainst these new prices, though 
is debatable how long it is 
•asible for the company to 
.. icur the administrative compli- 
vtion of two distinct rating 
tries and how long it is equit- 
>le to charge new policyholders 
tore than old. 


the way of readership response-, ip excess of £4.000 you will find 
Well, last week I ventured into yourself paying a high level of 
this territory again, and I rue tax. even though your taxable 
the day. The first of the minor income still falls well short of 
flood of letters about the errors the £8.000 per annum at which 
in. the table on retirement higher rate tax nominally be- 
income sent ns scurrying off comes payable. If yon have in 
into immense algebraic calcula- vestment income in a quantity 
turns, all quite unnecessary: it sufficient to expose you to 
was in fact a simple arithmetical liability to the investment 
blunder which did the worst income surcharge, then your tax 
of the damage. To those who rate will of course be higher. 


Howto untangle 
your tax affairs. 

WHh just a telephone call. 

After five bndgets in jus rover two years, do you 
real ly know i f you’re receiving all the tax concessions 
and al lowances you’re end tied to? 

Professional help is essential -the kind ofhelp 
Royal Trust have been providing to British taxpayers, 
resident here and abroad, for the past forty years. 

Those who take advantage of Royal Trust’s 
services need never fill in another tax form, and 
can rest assured that they're never likely to pay 
the Inland Revenue a penny more than they owe. 
All assessments mil be automatically checked 
and all available reliefs claimed. 

Ring Bill Coulsonor PieterKunzon 01-629 8252 (or 
alternatively, return the coupon below). We’ll show you 
how to save yourself a lot of tunc and worry. 

And, possibly, a good deal of money as well. 


fROYALTROST 

The Royal Trust Company of Canada, 

54 jennvn Street, London SWIY 6NQ. 

I Tlcase send dcrailsofjoorsCTfficcs byretum, 

-wi thorn oblipa non. 

Name — 



Address 


| — • m4/1 0_ | 


UNIT TRUST 
INVESTORS 


...Our Capital Gains Plan... 
creates TOTAL TAX FREEDOM 
with full Revenue Approval. 
GILMARTIN FINANCE 
LOOTED 
INVESTMENT AND 
FINANCIAL ADVISERS 
203 Victoria Street, London SWXE 5NT2 
Telephone 01-834 S644 



Please send me details by return. 

NAME 

ADDRESS 


PORTFOLIO VALUE £ g 

TOP TAX RATE % GFUT 4 



Ifs wimvestment we take 



Not so long ago investments of £25,000 were sufficient 
to command considerable respect and real personal attention 
from even the grandest firms of stockbrokers and merchant 
banks. After ah, such a sum was capable, even after the last 
war, of producing enough income to keep a person of indepen- 
dent means comfortably independent. 

Now, nobody would maintain that £25,000 is still the 
commanding sum it used to be. Inflation and escalating 
taxation on Tineamed” incomes have combined to rob it of 
much of its previous significance. As a result it can be difficult 
to find an appropriate level of investment management for a 
portfolio of this size; It is no longer realistic, for instance, to 
expect a stockbroker to give sudi a portfolio the daily personal 
attention which is the essence of his profession. 

The ‘investment revolution’of the past 15 years has, of 
course, ensured that all private investors have access through 
unit trusts and investment bonds to the very highest standards 
of professional management and constant fund supervision. 
But, in consequence, the investor with £25,000 is now often 
advised to settle for precisely the same investment manage- 
ment service as the investor with £2,500 —or even £250— to 
his name. 

Naturally, all private investors, large or small, are 


taxation. But at Vanbrugh we have become convinced that 
there is a point where some investors need a greater degree of 
service, communication and personal attention than others. 

For this reason we are introd uring the Vanbrugh 
Investment Portfolio service (VIP for snort) for private 
investors who wish to combine the advantages of a wholly 
modern, tax-effident approach to finanrial planning with a 
personal, ‘communicative’ approach to investment management 
(Any specific figure must naturally be arbitrary but in our 
opinion £25,000 is a very fair starting point for a service 
providing spedal benefits for the larger investor.) 

The main benefits of the Vanbrugh Investment Portfolio 
are outlined opposite and detailed in a brochure which we will 
send you on request The more you find out about what we’re 
offering, the more you’ll realise that nobody else takes a 
£25,000 investment quite as seriously as we do. But naturally 
you should consult an independent professional adviser before 
taking such an important i 



Vmbrugh Investment Ibrtfolio 

Vanbrugh Life Assurance Limited 
4 1/43 Maddox Sc*, London WlR 9LA Tel: 01-499 4923 
A MEMBER OF THE PRUDENTIALCROUP 


The\knhrugh Investment Portfolio 

_ The Vanbrugh Investment Portfolio (VIP) is available exclusively 
to private investors with funds in excess of £25,000. The purpose of this 
service is to allow investors to maintain exceptionally close contact with 
their portfolio and the activities of their Investment Managers. 

The VIP service is issued by Vanbrugh Life Assurance, a wholly- 
owned subsidiary of the Prudential Assurance Company Ltd., the country’s 
leading investing institution, which manages funds of over £5,000 million. 

Vanbrugh Life is an acknowledged leader in the use of investment 
bonds in order to make the inost tax-dficient deployment of an individual’s 
resources. Through Vanbrugh investment funds (Equity, Property, Fixed 
Interest, Managed, International and Cash) the individual is able to benefit 
directly from the Prudentials investment expertise) skills and resources, 
while retaining wide freedom of investment choice. . • 

VIPinvestors will receive: 

Quarterly Investment Bulletins. . . analysing economic events in the 
U.K and overseas... providing the Investment Managers’ interpretation of 
economic and other factors as they affect each sector of the investment market 
...detailing investment decisions in respect of all Vanbrugh investment 
funds. ..listing current holdings in each fund . . . quoting , fund performance 
figures, including compansons with relevant indices. 

Annual Fond Reports.. . reviewing the progress of each fund. 

Financial Bulletins. . . explaining how fiscal and legislative develop- 
ments may affect individual investment portfolios and suggesting new 
opportunities or prescribing appropriate comitcnncasurcs. 

Statements and Valuations. .. Statements arc issued after each transac- 
tion— and valuations too. on request. Plus a detailed annual valuation 
setting out all the transactions that have taken place during the year. 

Invitations to Investment Conferences. ..7o provide VIP investors 
with an opportunity to meet the Investment Directors and Fund Managers 
responsible for their investments, they iciU receive invitations to VIP Invest- 
ment Conferences, where they mil hearlhc Investment Dircdms’ interpreta- 
tion of current economic circumstances mid financial prospects. They will also 
have the chance to discuss with our investment band any aspect of their 
portfolio.' 

VIP investors can also enjoy: 

A more tax-efficient investment income... since tkcycanwiihdrawa 
regular income (within certain limits) totally free of immediate personal 
taxation. 

For investors subject to higher rates of tax and investment income 
surcharge, the \ 1 P provides the rare opportwnty to substantially increase 
net investment income. 

The opportunity to switch investments between omr Managed, Eqmty 
Property Fixed Interest, Intern at i onal and Cash Hands.. Initially investors 
can allocate their investments as they think best betioeen any of these 6 
Vanbrugh Funds. Subsequently investments can be suntchea at any time and 
investors enjoy the right to make one change free of charge eveiy yean 

A very advantageous exchange scheme for shares and gilt-edged 
securities. . . Quoted snares can be exdumged into a VIP investment on 
preferential terms.. .at a price lYi% above their normal 'bid’ price... and 
amtplelety free of commission, contract stamp and VAT. Gilt-edged securities 
will be accepted at ‘offer price’ and again completely free of brokerage 
commission, contract stamp and VAT. 


I 





.3 


Financial Times- Saturday October 14 1978 




Argentine Republic 


Ministry of £conomy 


Hidroelectrica Patag6nica Sociedad Andnima 
Alicopa Camples 
Alicura Hydroelectric Project 
Contract No. 533 — Civil Engineering Works 
Prequalification of Contractors 

In order to select Contractors From whom national and international tenders will 
be called to construct the main civil engineering works for the above contract. 
HJDBONGR S..-V will receive and analyse the qualifications and references from those 
firms and consortia of firms from member countries of lnte ranter ican Development 
Rank (IDB> that have adequate technical and financial capacity and wish to take pan 
in ibc call of tenders. 

HIDRONOR S.A. has started negotiations with Interamerican Development Bank 
in order i!i obtain the necessary loans to finance the works and it wilJ take into account 
the rules of such entity, when carrying out the pre-qualification and call of tenders. 


Lid.. V O. Box SC22 Zurich. Bellerivestrasse, 36, Switzerland, and SWGCO A.B. — P-0. 

Box 5Q3S 2 , Linnegatan. S-10‘- 41 Stockholm 5, Sweden, from October 9, 197S. 

The envelopes containing the qualifications and references of the firms or consortia 
concerned must he suhrmtted to Leandro N. Aletn 1074, 3rd Floor, 1001 Buenos Aires. 
Argentine Republic, before 5 pm.. November 30. 197S. 

The contract includes the following works: 

a) Construction of an earth fill dam, approximately 115 m high and 880 m long 
at cre^t. on the Limay River. 
b> A 750 MW powerhouse. 

c» A spillway of an approximate capacity of 3000 cu. metres per second, 
di Two tunnels for river diversion of about 9 m diameter and 750 m long, 
ei A dir charge canal, downstream the powerhouse, of approximately Z10 m wide 
and S km long. 


f) Auxiliary works. 


Rf3&*rcir jvnlaslc for *ale no*' town 
esnere In Millard H*«en. currently in 
u:o « Zmlir ' » D-POt 0*c-»H are* 
f.300 iqoire U*t with central emranec 
*"■1 wvfral builtjr-si. W-jjId be »uit- 
»bie fo - * civil or mrUiinicai company 
scetinj * but in this r-?*. 

*Wly: 

WULDTiTE ENGINEERING UNITED 
Station Read, AmpthiH. Bedford 
Phone: Ampth’ll 402767 


PERSONAL 

1 ✓—Fast lanning system — v 

! uVASuraBenches 
! andSunPaneSs 


For M Crlalls j 1 '■ »" '-;A 

ctio ir.io lo .j_ ^ ‘ 

►;iie'iwa<l ana send lo V.>^ 

MCBOiC SAUNAS LTD. V: 

Deoi jBMHelgate. Surrey Tel. *9451 

Or:V rvow or<rcum d iww 

SAUNAS lOIV BooMe' tOoi 
SHOWER ENCLOSURES SPa BATHS 



HOTELS 

BURNS HOTElT 

Barkston Gardens 
London SW5 0EN 
NEAR WEST LONDON’ 

AIR TERMINAL 
100 rooms, private bath/ 
shower, radio. television. 

English breakfast restaurant 
bar — fully licensed. 2 lifts. 
Special terms Lo companies. 
Details and illustrated 
brochure on request 
Telex 27SS5 
TeL 01-373 3151 or 7PS1 

* HARROGATE — ^ 

(01& Busan -Sold 

BBITAIS’S MOST DISTINGUISHED 
COXTEBESCZ HOTEL 

« a Conlarence Secretary o&r 

M Tel: HARROGATE 504051 ^ 

is* Knu iJOpb * j u Ml Siiw 
nwtiy EnhiMilN Hr • Pinal* bin *7S 
Knqatt Qiamg ]|0 + Bo4"ai Onotnitns 
3 haanaan + 11 a'.a. ic II *•■*. 
TELEX 5T«S OLPSWAN KAROCAT 
^Ona oJ Bnum i PEESIIGE HOTELS & 


TRAVEL 


, FLIGHTS TO ALL EUROPEAN destinations 
r Iron £35. Pleasure Holidays. 01-723 

{ 3023. 704 5341, 247 045 f. AB7A. 

I IRELAND CAR HOLIDAYS In cmtlm AM 
eouncrv houses. Gaelic Times. Za Chester 
I Close. London SWt X 7BQ. 01-235 351 ». 

PARIS. AMSTERDAM. BRUSSELS AND 
I BRUGES, individual IncluiUc holidays. 

1 rime or Ltd, 2a. Chester Close. . 
London SW1X 7BQ. 01-23S 8070. ! 

| YOU CAN ALSO TAKE YOUR CAR On 

■ our individual Inclusive holidays to Le . 
Tououel. Boulonne and Dieppe. Time 
09 Ltd.. 2a. Chester Close. London 
1 SWTX 7BQ. 01-23S 8070. 


FOREIGN HOTELS 


ARO&A — Hotel Phone 01041; 

ai!31 ia 77. Central and auiel site. 
Near to stiliR and skating -rink. French 
kitchen. Bar-tfanclng. 

AHOSA — Hold Bellaaisla ' * - *. Phone 

01041 .'81 ;51 24 21. ndoor-Swimmutg 
pool. 28* 07 x 8ml. Excellent tifrtcn. 
Oulet site. Trsnsler to sfrilHt Tree of 
charge. 

PONTRE5INA 'Grisonsl — The well-known 
holiday resort ol the Engadln. sunlit 
situation with excellent snow eondH*ons. 
healthy mountain climate. Tourist Office- 
CH 7504 Pontreslna. 


TRAVEL, 





.if l 

. r •> - 

it . 


PERSONAL 


SAMMY DAVIS JNR. ah the Palladium. 

Some tickets left far 6.1S oerf. Sat. 
i r- h Oct r 35 Mch . | n aid ol the 
I Blind. Tef. 01-958 9171 


Madeira is one of the 
favourite winter destinations 
for the British, and somehow 
retains something of a British 
atmosphere. Recent years 
have seen a few changes, the 
restaurant scene in particular 


has much improved bnt the 
basic charm of the island 
remains. Our picture shows 
the fishing village of Camara 
de lotos. spectacularly set 
against the high mountains 
of the island. 


they 


Together 



y a lot about 


the 




you dob 


ay 




mess. 










• \ ; v If you’ve ever experienced First Qass flyin&you’ll 

understand the difference it can make. 

Not only to the flight itself, but to the way you feel 

* when you arrive. 

And, of course,how you arrive affects the way you 

• do business. 

So perhap’s it’s time your company realised that the 
difference in price could be one of the best investments they 
ever make. ^ ^ 

As, indeed, could be the American 
Express Card. 

; v;fi It’s international status and 
UTr * — ':J^v x . . - rm acceptance provides the security 

'. . V- and convenience you need to 

make any trip enjoyable. 

h Wherever you go on 

business,you can use it to pay 
: your bills in fine hotels, 

restaurants and shops. 

^ Or to hire a car, with no deposit,from most 

international car-hire firms. 

And, of course, to buy that First Class ticket 
For details of British Airways First Class flights, 
call in at your Travel Agent or British Airways Shop. 

For details of the American Express Card, call 
Brighton (0273) 693555. 


airways < 




H%sssz 



Together we make travel 


Winters away 


BY PAUL MARTIN 

AT A TIME when many major : 
tour operators are claiming < 
record bookings for both, short- 
and long-stay winter holidays, 
the selection available is wider 
than ever. Add to that the con- 
troversy over a varied range of 
bonuses, whether as cash , offers 
or. in some cases, car-hire in- 
cluded in the package, and you 
come back to the old maxim 
that the eariy booking birds and 
the ardent students of ' bro- 
chures wUl always come up 
trumps. 

You also get exactly what you 
pay for and. during our own par- 
ticularly grey months, you can 
virtually guarantee your winter 
sun by travelling farther afield 
at greater cost My colleagues 
will be looking at the long-haul 
picture next week and so I will 
restrict myself to what is avail- 
able relatively near at hand- 
Tn the constantly changing 
travel pattern, several new de- 
velopments can only benefit the 
holidaymaker. Each week'seems 
to bring announcements of air 
fare reductions, children are in- 
cluded free by some operators 
at some hotels on certain dates 
and — a real breakthrough — 
Enterprise, - the . middle-price 
tour operation of British Air- 
ways, claims to be the first not 
to charge supplements for single 
rooms. .The single, holiday- 
njaker-has often and justifiably 
felt penalised up to now. 

- There has also been a marked 
increase in the number of self- 
catering' arrangements on offer, 
but, as I hope to cover villa Jtad' 
similar holidays at a later date, 
I will concentrate on the con- 
ventional hotel package. 

It is always worth keeping an 
eye out for the last-minute 
offers and, if you can travel at 
short notice, you will certainly 
save money. The choice of de- 
parture date can also materially 
affect the cost 

Enterprise is offering a series 
of party-time arrangements at 
Lloret de Mar, one of the more 
attractive Costa Brava resorts, 
at prices from. £33 for depar- 
tures between- December 9 and 
15. These include return flights 
from Gatwick and full board for 
a three-night stay at the Don - 
Juan Hotel. The- seven-night 
cost varies between £46 and £74 
and children between the ages 
of two and 11 are free on cer- 
tain dates, conditional on shar- 
ing a room with their parents. 
However, few hotel rooms can 
accommodate - more than one 
child, and Enterprise makes 
this very clear. 

Israel is very much in the 
news and an. increasing number 
of -tour operators offer the 
almost guaranteed winter sun of 
the popular resort of Eilat on 
the Red Sea. ' Twickenham 
Travel quote a lowest seven- 
night arrangement with bed- 
and-hreakf ast there for . £95. 
Tjaereborg, the Danish direct- 
sell operator, quotes from £149 
for ‘a seven-night half-board 
holiday in a two-star hotel using 
charter flights. 

If you are planning s two- 
week holiday— on a first visit to 
Israel many people may like , to 
combine a stay in'Tel Aviv as 

а. contrast, to Eilat— -Laker lists 
a mini mum, of £294 for a . 14- 
night holiday with half-board 
with one week spent in Tel 
Aviv and another at Eilat 

Madeira has long been estab- 
lished on ihe British market and 
this, lovely green island, with 
mountain peaks rising . to 

б. 000 ft remains a friendly 
place and one where the British 
have always felt at home. Same 
of- the luxury hotels are house- 
hold names. Many toiir opera- 
tors offer comprehensive 
Madeira programmes and Wings 
quote from £i:» for -yeven 

nighm with bed-and-breakfast ia 


roams with private facilities at ^ 
a Quinta with its own private T 
pool and within walking , 
distance of the centre of > 
Funchal. . j 

You can also do a permuta-- 
tion of fly-cruise-and-stay, either ' 
visiting the Canaries after, 
arriving in Madeira or going one ^ 
way on Fred. Olsen lanes’ ^ 
Blenheim. 

.While Madeira has retained^ 
its strong British influences,! 
Malta still seems to remain very ‘ 
English. Medallion Holidays,^ 
linked to Air Malta, specialise”* 
in the island and use the Villa., 
Rosa, based around Bay Rouse? 
as the central feature of the • 
seven buildings within the com* 3 
plex. This particular hoteP 
caters for children and, in addi - 1 
tion to a swimming-pool, there} 
are volley-ball, badminton and I 
tennis courts. With accoonnb - ' 
dation and private facilities andt 
including half-board, the lowe&i 
price -quoted for a seven-night \ 
holiday is £95 with reductions 1 
for children. The supplement \ 
for full board November 1-i 
March 23, 1979. is £l per day. -J 

While Medallion specialises iff i 
Malta. The Travel Club has done,; 
a great deal to put the Algarve; 
on - the - tourist map. Longf 
famous f of their minimal- book-" 1 
ing conditions, they now uncon-- 
ditionally guarantee every- 
brochure price. While a large 4 } 
part of their operation is. based! 
on some delightfully located;- 
villas and apartments, you can' 
spend a luxurious week at ihe^ 
I^pnin a Golf Hotel with demij 
pension tit prices - starting from-— 
£156. 

If you are looking fo.r virtu- 
ally guaranteed sunshine and 
some five miles of beaches. Blue 
Sky, part of British Caledonian, 
do a seven-night arrangement, 
based on half-board, at the 
Hotel Argana at Agadir, the 
modern, purpose-built Moroccan 
resort, at a starting price of 
£208. If you prefer full board, 
this is available for a supple- 
ment of £4 per day. 

ADDRESSES 

Mm Star Holidays, SJus sfry ' Hem 
London Road, East Grlmtaad. W. Sauna 
RHU 1HN. Enterprise Holidays. WcR 
London Tormina). Mr four 4DA Oomwsll 
Road. Louden SWT C6D. Fred. Olson 
Linos, 229 Resent Street. London WXR 
•AP. I mason. Leisure Howe. ElinfltU 
Road. Bromley. Kent. Laker Ah- Travel, 

9/13 Gorsvcoer Street, London W1X BEE. 
Modalllait Holidays. UM» EHgt rare 
Road, London W2 5YZ. The Travel Club. 
Station Road, UpraJnoter, Essex. Twicksn- .. 
ham Travel, 22 Oiurc* street. Ttofeken. 
ham, Middlesex. Wins*. Wins* Kaon. 
Welwyn Garden City. Herts^ i 

Code words 1 

NEWS of the £3,000 fine for 
the Intasun group resulting 1 
from that company's treatment 
of some passengers last summer * 
can only came as a ray of hope l; ’ 
for those who have irritating , 
dashes with tour companies."-' 
Intasun has admitted that some ■* 
passengers were not told that 
the hotels they had booked were 
not available and that .they : 
would have to go elsewhere, .and , 
was. fined by the Association of 
British Travel Agents. 

The ABTA Code is a lengthy ; 
document, but its main impact 
on the~ public rests in.tbosQ 
clauses -which say. a--- tour 
operator cannot materially 
change holiday arrangements, 
by .substituting different resorts 
or different departure : dates, 
•without - telling clients 1 and • 
making sure they accept- the 
changes. 

ABTA, is eager to be - seen to 
be keeping its house in order 
and thus fend off any move by 
Government to enforce further 
co nsuitoer protection; The Office 

of Fair Trading . monitors 
AfiTA’s - disci pi inary perform- 
ance- "If yoa are having trouble 

with your tour operator or 
■travel agent try writing to 
ABTA’ar nS-57. Newman Street, 
London Wl> 4AH. 














Financial Times 'Sat urday October 14 197& ' 

HOW TO SPEND IT 





by Lucia van der Post 





pme *# ■&£** 


THE ART OF KEEPING CLEAN AND DECENT 


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BATHROOMS arc normally lhc ntost neglected 
areas of th* house. Certainly, when we last 
went house-hunting, ju>t four years ago now, 
wc were appalled at the lack of comfort and 
the spartan air that surrounded bathrooms in 
houses in really quite high price brackets. 
I Kitchens seemed lo have gone through a 
i remarkahie transfonnatiun since we had last 
looked for houses (i.c. fifteen years before 
that! hut we couldn't face the thought of 
having to endure the bleakness of most of the 
bathrooms in the house we were looking at. 

Things are. however, changing gradually 
- and an architect friend of mine engaged in 
: designing for the upper end of the market, 
tells me that nowadays you need to offer at 
least two bathrooms cn-suite and one spare 
bathroom to be able to sell four or five bed- 
: roomed houses. 

If you aren't planning on moving and just 
want to update your own ( perhaps old- 
fashioned) bathroom then I can’t think of a 
better way of starting than to use Terence 
Conran's latest exercise in stylish Jiving — The 
Bed and Bath Book (Mitchell Beazley, £13.95). 
Full of a tantalising array of lull-colour 


Left: 'an illustration of an exquisitely decorated Arm rtage Shanks lavatory bowl and matching cistern, 
dated' 1900 -from the historical section on the watcr-closct. Above: the Conrans' own bathroom' 

is both targe and versatile 


Part of another illustration from The Bed and 
Bach book features a witty wooden cut-out which 
doubles as a to wet-rail 2 nd soap holder (the soap- 
on-a-ropc hangs from one of the Valet's buttons) 


. ’ ’’ Bathroom accessories are not one 
—* — j" of our most flourishing areas of 

design — -they seem to me to be very 
-1 good if what you want is a 

very modern, rather ascetic kind of 
room. There is plenty of choice 
in that sphere from Habitat's simple 
plastic ranges in rather good colours 
,__l_ through to the streamlined 
. j . anodised aluminium type. But if you 
' want a warmer, more traditional 
TT- look rhrre is not a great deal of 
jgg^ choice. Personally. I don't like the 
>■ 1 .. _ elaborate gold-plated fittings 
gar. which are some people's solution 
*“'/ to the problem. 

Yf hat 1 do like is a collection of 
wooden bathroom accessories from 
Italy, of which this lavatory brush 
and holder, photographed right, 
is just one example. The 
Satumo Series, as it is called, is 
all made from natural beech which 
has an aniline dye and is 
finished with a high gloss. In the 
. range is a single shelf or 2 triple 
shelf unit, a tumbler Holder, 
soap tray, round and oval mirror, 
a towel holder, towel ring, small 
and large towel rails and a 

bathrobe hook, 
and 

If you want to see what the 
tap. complete range looks like there is a 
ms) brochure listing it all which is 


pictures sftuirmg just what you could achieve 
if only you were as clever and/or as rich as 
the owners of these lovely bathrooms, ihe book 
U just the thing ro whet the appetite. 

Though here lam primarily talking about 
the bathroom, the buok itself deals with both 
bed and hath for be, entirely sensibly in my 
■view, feels ■ the two arc inextricably inter- 
linked ' and that cold chases from one to 
the other down draughty corridors ought to 
become a thing of the past. 

The main value of the honk as far as X 
am concerned is its visual stimulation. Terence 
Conran, it seems to me. docs for the bouse 
what EscoffLerdid for food. There is an attempt 
to give hard, practical advice in that the 
various possible sorts of flooring are discussed, 
safety aspects- are explored and there is a lot 
of introductory chat about how to plan and 
where to put the bathroom. AU this kind of 
advice though is available in plenty of other 
pubUcatjons. often at much lower prices. What 
is unique is. the quite stunning collection of 
photographs— smart town house bathrooms, 
lyrical country-house ones, tiny ones in amaz- 
ingly small spaces, witty ones, ascetic ones. 


mysteriously Eastern ones, sunken ones, baths 
almost as large as swimming pools, others, so 
old-fashioned you wonder where they found the 
ancient props — the collection must have some- 
thing for everybody and certainly provides 
enough ideas to cover almost every situation. 

However in the end, ever)’ bathroom is an 
individual design problem and needs expert 
attention — what a careful study of this book 
will help you to do it first, 10 know the sort 
of bathroom you'd like and secondly, to know 
more of the right sort of question to ask to 
make sure you get Die best out of your expert 
advisers. I don’t think it replaces the pro- 
fessional designer. 

Some of the nicest parts of the book are the 
historical sections — covering the development 
of the bath, the bidet, the shower, the bed and 
so on. Above are a few photographs from the 
book to give you a small idea of what it has 
to offer. 

While pictures in books are all very well 
there’s nothing like looking at the real thing, at 
being able to prod surfaces, turn taps and 
generally see the equipment in the round. A 
new showroom that opened last week seems to 


me ro offer a wry happy i-oni hi nation of 
stylish tie^ and utility — calk'd -imply Humpher- 
si'tK like ik other, older. &kowr>iom« at 
Beau for: House. Holman K->ad. London SWll 
and 55/61 lie3ln Hoad. Twickenham, This une 
ia a 1 . 164/6 Brorp.pt on Road. London. SW3. 

Hmnphersnns show a .••■mail selection of 
entrancing hathruoms and the great thing they 
have to oiler i> thar ail ni them are possible. 
None o! them :s dependent i!:ke some of 
the best of those in Terence Conran’s book) 
on some rare ouc-uff witty piece tracked down 
in a far-off place, or some special hand-made 
props that arc ihc decorative lyneh-pin of the 
whole room. Humphersons can supply and 
deliver it all. They will also do all the fiddly 
bits that making a new bathroom involves — 
they will carve the marble in the precise size, 
fit the surrounds round awkward corners. They 
pride ihcmselve? on their craftsmanship. 

There are also some very nice accessaries 
on view 1 all of which can. of course, he bought) 
— look out in particular for Elon Tiles which 
have a charming, fresh, slightly primitive 
quality about them and for the individual 
ceramic paintings by Ingrid and Heinz Siery. 


A5* ;.r \ 


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tScoCLamo} 

gui w^j - 1 I 

t oiRect p\ 

247 CRAFTMADE 
GIFT IDEAS FROM 
SCOTLAND 

The eodllngi^ autumn and 
Christmas OTtaksjM* horn 
Direct e certain to haw someCwwi to 
you— and aS the carefully '--riecTed 
items are splendid examples O* 

Scon till crahmanslup and de?*gn- 
Fiom the perfection of tradHiorwl 
pewter to beautiful deerskin 
handbags, from nrhteiuuiy 
rcprodiibon pisiofc. to superb 
Shetland sdverwoic. These are 
«MJUisne wiWJP e ceramic srul&urcs 
and a he* of rewefleri pieces 

reflecting the CeMe and NoitliC 

iiaddtons oJ Scotland. The voned blid 
5fe ol Scotland e> also beauLfufly 
captured in and nc*J The;- is 

R-weUety Itom under £4 nghi up lo a 
superbly created 1 6<X dwrnond 
brooch bom a “Diamond* 

Intemoiional Award" winner. 
Paperwertils wo, and a line selection 
o/ScoHish lood and dr«A. Alt mall 
a marvel Ions collection of gilts. !« 
yotmeU or others. F1H In the coupon 
lor vour free ZOpagecakwr 
catalogue. and iwr'B send lire boa ol 
Scotland dgta to you. 


ftw* -AUT-Inrir. I 


Scotland Direct LUL, 

The CocmUna Houae, 1 
Lust* HU talL Sea 


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Your move 




Showing 

off 


ALL the many readers who have 
been collecting, over the years, 
the small precious boxes from 
Halcyon Days of 14, Brook 
Street, London.. Wl, may like 
to know that there is now a 
small etagere, made from fine 
Indian rosewood, which has 
been designed specially to help 
display the collection. It is 
turned and polished by hand 
and is only 7} inches high but 
as you can see from the photo- 
graph the double layer means 
that it can hold a biggish collec- 
tion of small valuables of all 
sorts. 


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I DOJTT know how many 
households are as interested in 
the World Chess Championships 
as we are — we are all, for 
some unfathomable reason, 
passionately pro-Korchnoi and 
have watched his reverses with 
dismay, his late come-back with 
renewed hope. All of which 
makes me think that there may 
be other families who are 
sufficiently interested in chess 
to find it well worthwhile 
tracking down a really beautiful 
set. 

For the biggest selection of 
chess sets of all sorts, 
go to the Chess Centre, 
3 Harcourt Street, London Wl. 
Here you will find sets, old and 
new, costing from £2.50 for a 
plastic Jaques Staunton to £300 
for an Ebony and boxwood 
Jaques Staunton set identical 
to the one Korchnoi and Karpov 
are currently using. 

For a set that may well 
become an heirloom but which 
will give you infinite pleasure 
in the meantime, Aspreys of 
Bond Street, London Wl, have 


some really beautiful antique 
sets, starting from £90 (for a 
mid-lSth century English ivory 
set).- However, the set I liked 
most, the one that seemed the 
most decorative, the most 
unusual, was ibis Chinese Ivory 
pnzzleball set Again it is mid- 
19th century, the Kings measure 
5* f n high and the price is 
£475. 


Jeetively known as Treen. There 

are the small ring stands, and which unscrews to reveal a pieces. It costs £39.50 and is 
a selection of fine needlework thimble). The etagere fits in available by post for £1.60 
accessories (like an acorn beautifully with this group of extra. 



Family 

gear 




Out NOW 


A mosaz&B YOU csnT tfitoid 
to overtook. Not Just because 
irs new. tnz teems# ifs a 
magazma to peuplff with 
wBe horizonfc, people who 

caetoMbw propuTv - at 
tome in abroad, wlwenr 
that s - be it Snonctat 
concrete, or wooden 
people whose praperty and 
pwspedhiss take Own lo 
interesting pusses — 

haurioic or orfgtoafly rough. 
And people wnoef^oy the 
flawor of wine, food undo 

cataki amour* at 


WHEN MY children were small 
Spot the Style I could never find the kind of 
^ clothes for them that bedecked 

a Si P®€ es o£ EUe, that stylish 

French weekly. It was always 
full of- children dressed justlhe 
m L p-I T way I liked — the clothes had 

style but were never fussy. The 
colour sense was much more 
JL vl IUU sophisticated than that deemed 

• suitable in those days by our 

TJJ000 own - children's clothing manu- 

• , * ' , facturers. if there are any 

BEST buy of ihe week must be .. . ,, . . 7 

the 30p booklet called Spot the othe ^ mothers who have 
Style, which is a mini-guide to wondered where to find that 
architecture in Britain by archi- French look, it is now available 
tect and writer. David Pearce, over here — though at a price.. 


Period 

piece 




It isn't the book for those who 


French 


FOCUS ON — a speCioSzsd 
rnagazkwwflhQ broad ' 
ouftoofc — a owflozina did 
gives you to tecta os flwy 
ore — o magazine Itxjf 
delves Mm* to sutn» to 
imred tmusuoJ, orfgtnal ond 
. IrtaresHng I nfcwnn ta a about 
pegpte, property ond irtacss. 


Available through WH Smiths, John Menzies, 
Martins and all leading newsagents. 
Monthly Price: 50p, 

Or by subscription direct fiom 

Ktag. Baad M™*** 


already Know a great deal about company, which makes for both 
English architecture it is the aduhs and chiWreu and the 

S2M1 - -« - M n Junior's 

styles, to help them know the sutoess J s that the clothes. arc 
difference between a Norman really scaled-down versions of 
arch and an early English one, adult leisure wear— no twee 
between a Saxon tower and a bits have been added just to 
Gothic one. It is the sort of please the children, no pastel 
mini-guide I've often wished I colours, just sensible, comfort- 

j? 

tural guides no car we've ever sotu subtle, fashionable 
owned has had enough cup- colours., 
board space to allow us to fit in The ** carpenter's " cord 
all the maps and guides we jeans in the picture come 
might just happen to need. j n f aW n. beige, rust. 
Spot Ihe Style is tiny, 3 inches brorae. black or grey and 

bouAt for^just 30p and a letter* - ^ 

,Ued . stamped' addressed ®“ t " adulls -. « 

envelope. Write -to: P- Murray, an “ 8° up to f24, 

-a rm l i. I TVto “ nwovuIffltWiiM F > d<L 





1 52. EJlerby Street. London, 


grandfather" shirt is 


S\V6. It., could make a very ( made • from a soft brushed 
handy stocking*flUec come j cotton /viscose blend and comes 
Christmas, in a selection nf colours to tone 


with the jeans- Sizes again go 
from one-year-old up to adult 
and prices from £13 to £24. 

Bip of 69 Duke Street, 
London, Wl has the biggest 
selection of New Mao clothes 
for men, women and children 
in this country. However, 
smaller selections arc available 
from the New Man corner of 
the children's department of 
Harvey Nichols of Knights- 
bridge, London, SWI, Stripes 
Junior of Brighton, Just 
Kidding, Newcastle .and Billy 
the Kid of Nottingham. 


Finest Oriental Carpets 
and Hugs 

LIQUIDATION 

SALE 

S.n s- sue 14 it 1S-11 Qci only 
All reasonable offers accvpjofl for 
PtTf.jan rufts. niflnt-rs mid carpets, 
t itkoi Quailin'? '.'sqnisik drtiftnt In 
nt'h nds, auivmn shudi^ and pask'i 
tOlIi*. 

Doors own 10 a.m^b u m da ill' inc. 
Sal. 4 Sun. Call 

L:\CE\ALE 

ISA Mason 5 Yard Duke Strew. St. 
lamia's. London. S.wi. Tel: ffl*39 






available free from Cclmac 
Distributors. Unit 3, Ferry Lane, 
Brentford. Middlesex. 

The lavatory brush and holder is 
£27.50 from Harrods or direct 
from Cel mac 


How Bunch have stopgcdL busgSair 
alarms being an expensive headache. 


The Bunch Eivctroniv .Alarm has 
virtually \oh cd the m o imior prufaknc 
orbuigljraljmisyviL' > m^ 

Btrcaasc n’s losall v d.-cin 'mic i iir.icad 
of heinyelectn>Ricvli.inii.j|.likc most 
m lie r> avail a Wel.Jii tar k-i hku I y to go 
on'acadcnt.illy. 

And, again because .in .-Icctronic 
si ilid-staie sTMcm » easier ro nuke, a 
Bunch installation on oi ten cot 
dramaucilly lcv.,k's .ilsocasicc.aud lasie^ 
to service. 

On iopc*f iluf.Bundi Jon'taskTOU 
to rent a system and then keep increasing 
the rentals each v-ejx. InMcad, we sell 
oanslit. 

Nordo we tie you op with 
can iplicatcd and ex pensn e 
mainteruncc agieenK-nLs.Outs 
a re comple to ly opriona I..And 
cost sx>u |u«a £25 a vear. 

The simplest system to use. 

The system i> suiprisinglv simple lo 
usc.l fs turned on and oH by using the - 
Ch ubb tronr door key. So there ore no 
mud dashes ro get to the control box * 
w-hen you come in. And s-ou can never 
forget to turn it on wJicn vou gouut.rvcn 
if you’re popping out for jh hour or two 
in the afternoon (wlien most break-ins 
occur anywayL 

Re-introducing the deterrent value. 

There are other ways in which the 
Bunch bVMi-m is for better than anything 
else -an the market 

Far instance, tlie ringing bell is such a 
common sound tltot everybody now 
ignores it. whether if >a false alarm or 
j real break-in. So Bunch use a powvriul 
siren instead, which rc-introduccs the 
whole deterrent value. 

EunJi L [<.-ctnmick 1S*> Sloanc Su«t 

I I.CindnnN^l.t'Icaw.-wnd me>u«jrillu>iTatca 
hric h uil im ihv Eanch Llearon^ A Lino 
■A-len I under .1 and ihdl you’re nul lire 
I I iniJ • >f > • <nipjnv i h.ii will tend a rrpre- 
I :er.i jut., unul I ask lor one. 1 hank ;.oil *£ 


What the papers say. 

Pec auv. the Bund: Mem is -n 
raJji.ilit ditiLTvnt lo c-thcr. on the rearucL 
ihe pr,-.-. have featured :tnuQy times. 
This i ■ iu»r one qucee: 

'Tav. jwtally nite c'uos car.w around 
in put in . . . in one J iy.1 hes »« orkrd so 
iie.:ih and d eared up >o b-. juritully that 
I didn’t h.f. •: to till a vacuum cleaner 
ahem Jiri.'..TIiere urre.i couple or 
teej hingin’ lubles with the .»iarms>*sicm 
at 0 rsi but these were s« .-iii !y Wiled out by 
Bunch. It now- works a treat and l rind 
them an awfully mce company i a deal 
wuh...vcr.-.verv 1 obllguig. T he total cost 
was under £500.' 

A amcm. r c moicd by 
Lucia van der I'c-sur-inanaal 
Tunes, Feb. 1$ , t Auodicr 

company had quoted her no 
3 less thanXtoOtora system.* 
Send now ibr explanatory 
brochure. 

Bunch have piepjTcdn detailed 
brochure d <at show . you not only how the 
Bunch system is bctienbut exactly hew 
we cm produce the n:j::imum protcaioa 
tor the minimum cost. Ifs quite I rccand 
wi thorn obligation (and ceruinly no 
salesmen will c.ill> if you complete the 
coupon below and post it back to us now 

Ifvoure dunkingofhaviiigan alarm, 
it’s recurred reading. And it yonve 
dismissed the idc of luring one because 
you thought there wav noth regsui table, 
it'll corneas a pleasant supiise. 

Uo Sluiat Sltert.L.'isJonS.'n ■TttcpIiciiu'fll.D: »ii7L 

”““”71 

! ! 


J Name 

* Address. 


-Telephone. 


“Help banish 
backpain! 
make soft beds 

firm T, - Ato fc 


I \ 

BACKMATE helps banish 

twe i- p am . n slide v under t he . 

maaiess. noneedioramove 

bed dothus. Makes soft \ 

beds firm. Made ol 7-pty / 1 I \)^7 ^ 

Ance'l board, weighs less / \ 1 ■ J 

than 6 *ba end folds lor easy / \ l"/'T 

carrying - convenient ji I . \ «\//j ,y 

home or away. Gives as \\ N^i ~-~y 

much support as a solid ■ ’’■» 

board. BACKMATE can be // / V-’ ' 

used on any bed — even one f / J V l \ k / « 

hall of a double. Order one or - ' 

more BACKMATES to suit .'Aj^ - 1 

your reouirements. -\ 

Fn SmB Siagle tab order mil" nudihot M&.OD : Y^v\ 

fa Large Singta beds order me Sd'aidih ai C17.00 

For Standard DboMb bub onitri 2T mndifsto'*' L30.QQ 

For large Dordile beds order ora 27" end one 34' viidin Total C32D0 .. 

Far King Sira DaAk beds order too 1A" mdilis Tilal £34.00 

Please add£>50carr& ins per order. 

Send to Dept. BACKMATE a 3 ;iE!KS ^ 
CHESTER FINE ARTS LTD c-JMc cArdr.urr.be: 

15 Provost Road, London NW 3 4 ST. pr pt>oi>vC 1-722 3-^0 



Light 
to carry 
use at homo- 
or awny> f 


■- VT^» 



THE VALUE Of 
HOME GOES 


goes mm 


j JohnCrqssley ■; 

! " & Sons Ltd. ■= 

& -.'tARPET MAKERS \ 

f •’ V- 6T.B© ..j 

• ’ ’ —A 

Alasting tradition* 




V'r- 








12 


Financial Times 


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Deep in the forest 


BY JUNE FIELD 




WHEN ESTATE AGENTS* 
registers are awash with pro- 
parties, yet the climate for 
buying is uncertain, the lament 
of negotiators is heard in the 
land. In. contrast, when the 
market is red-hot with comple- 
tions, as it was in the summer, 
the cry is that there is not 
enough of the good stuff on the 
books. 

The problem is national. The 
latest edition of Bernard 
Thorpe's United Kingdom Pro- 
perty Trends quarterly survey 
played the same record ail the 
way tli rough. Abergavenny: 
Great shortage of all types of 
property. Bath. Bournemouth 
and Brighton, very few new 
instructions being received. 
Hereford, shortage in the 
£14.000 to £20.000 range, while 
Newcastle-Upon-Tyne took the 
figure up to £30.000, and Oxted 
up to £60,000. In this bracket 
Tunbridge Wells* supply was 
“ desperate ” and in Wetherhv 
it was “ acute." 

With a further supply of 
mortgage funds promised by 
the building societies in Novem- 
ber and December competi- 
tively priced properties are 
expected to hold their own. 
particularly in the popular 
fin. non to £50.000 ranee. That 
some vendors are holding back, 
or have even taken their houses 
off the market until the begin- 
ning of next year, in the hope 
oF getting an increased price, is 
inevitable. Unless, of course, 
they have already moved, 3nd 
don’t want to extend their 
bridging loan more than they’ 
have to. Bank interest, charges, 
arrangement fees, ef al, can all 
swallow up any extra gain. 

Generally conceded by most 
agents though, is that much of 
the property mini-boom of the 
early part of the year was due 
to a back-log of slow-movers 
suddenly selling, at figures 
often somewhat lower than the 
original highly-anibitious ask- 
ing prices. Then with the 
dramatic fall in interest rates, 
and the traditional appeal of 
better-weather buying, turnover 
was stoked up again to lively 
proportions, before simmering 
down. 

** A stabilised market ** is 
what most country agents 
prefer to call the current scene. 
Yet that circumstances vary 
enormously, according to the 
desirability of the property, 
even in the same county, is 
evidenced by the outcome of 
two recent auctions, both for 


cottages that needed consider- 
able modernisation. 

No-one at all attended the 
auction of- a detached two-up, 
two-down turn-of-th e-century 
brick and slate cottage in 
Marlin, Hampshire. “ Lt needed 
a considerable amount spent on 
it, and the serious problem of 
finding mortgage monies to buy 
let alone take on the high cost 
of conversion, obviously contri- 
buted to the lack of interest " 
admitted the auctioneers. Fox 
and Sons, Fordingbridge. Yet 
that same week Jackson and 
Jackson. Lymington, reported 
vVigeon Cottage, Keyhaven, 
near Lymington. built in 1920. 
•• In need of complete modern- 
isation and redecoration 
throughout” sold for £40.000. 
** Over 50 people attended the 
i>ale. and the bidding, which 
commenced at £30,000 was ex- 
tremely brisk,* the auctioneer. 
Paul Jackson told me. ' 

New Forest property usually 
commands a premium. The 
magical 140 square miles of 
virtually unspoilt countryside, 
once a Royal hunting ground 
called \rtco Forest a, celebrates 
iN 9(io years of existence in 
1979. As Donn Small, deputy 
surveyor of the New Forest, 
responsible for day-to-day man- 
agement. pointed out in a talk 
ot the Royal Society of Arts 
earlier this year: “Its present 
beauty and productivity reflect 
the forester's continuous 
struggle to manage this historic 
part of England as a natural 
resource . . . The forest could 
be likened to a spider's web, 
touzh. resilient, but at the same 
time, fragile." 

On a recent tour of the Forest 
T was impressed by the various 
measures undertaken ' to pre- 
serve the environment Car 
parks have been carefully de- 
signed to blend with the land- 
scape, made with gravel raised 
from forest pits which mellows 
and bicaches with age. Ditch- 
ing was found unsuitable as a 
boundary demarcation, and re- 
placed by posts at one metre 
spacing which allowed for 
movement of both people and 
animals without disturbance, 
while controlling the vehicles. 
“ Wild ” camping is no longer 
allowed, and the controlled 
camp sites f if one is sign-posted 
•• full *' visitors must drive on to 
another 1. well tucked out of 
sight, existing woodland and 
scrub used as landscape screens. 

In Fritham. a little way out of 
the village, on the edge of the 


Forest I saw Buddies Corner, a 
small just converted cottage 
with enough ground for a 
paddock, on offer at about 
£39,000. This cottage, with its 
first floor windows in the eaves 
is fairly typical of the type of 
Forest cottage available. It is 
not easy to come by them in 
the rough, although former 
semi-detached “ tied ” cottages 
do come up from time to time. 

Fox’s Fordingbridge Partner- 
ship has five offices within its 
group, covering the south- 
eastern part of the New’ Forest 
and also the Hampshire/Dorset 
borders, as far as the C ran borne 
Chase. Partner John Cros- 
th wait e-Eyre feels that it is 
interesting to note that proper- 
ties in different price ranges 
have undergone varying per- 
centage increases. “ In this 
area it has been quite apparent 
that the highest percentage in- 
creases have taken place in the 
lower price range, and especi- 
ally on new developments. 

“For instance, on January 1 
this year, a semi-detached two 
bedroomed bungalow (the 
cheapest type of starter-home 
built in the area), could have 
been bought for £11,000. Today 
such a property would cost 
£15.000, which represents a per- 
centage increase of about 38 per 
cent. We have seen the some- 
what tragic effect of such a price 
rise, as first-time buyers are 
now simply no longer able to 
afford property in this area. For 
while house prices have shot 
away,. their mortgage status has 
virtually remained static. Pro- 
perty in the range £25,000- 
£35.000, such as a detached 3- 
bedroom house in a village 
situation, as compared to an 
estate environment has in- 
creased in value by about 20 per 
cent. 

‘'Although demand for rurally 
situated property with four 
bedrooms, two bathrooms, and 
an acre or so is as strung as 
ever, it is surprising that price 
rises seem to have been limited 
to about 20 per cent, whereas 
on the face of it, one would 
have expected the percentage 
increase to be greater than this, 
as demand greatly exceeds 
supply. We have found that 
whenever this type of property 
can be offered for sale with up 
to five acres, the price obtained 
is often out of proportion to 
the price that would have been 
obtained had a similar property 
been offered for sale with only 
one acre. 



r-gciA 

' i i H iWMI i ii fW' 


Substantial Edwardian family house, Thomacre. North Weirs. 
Brockenhurst. surrounded on three sides by open forest. The 
bouse has 5 bedrooms. 4 living rooms. 3 loose boxes, and a 
li-aere level paddock, and is for sale at £85,006 through 
Jackson and Jackson, The House on the Quay, Lymington, 
Hampshire. 



Baddies Corner, Fritham, near LyndhnrsL five miles from 
Fordingbridge. a typical New Forest cottage for a weekend 
or retirement home. On the edge of the forest, with enough 
land for a paddock, the conversion is just being completed. A 
definite price has not yet been fixed, but it Is expected to 
be in the region of £39,000. Foil details J. G. Crostbwaite- 
Eyre. Fox and Sons, 5 and 7 Salisbury Street, Fordingbridge. 


“ In other words, demand for 
property with enough paddock 
for a child’s pony or two can 
effectively mean that the value 
of such an acre can be between 
£3,000 and £5,000; the larger the 
quantity of land.- the lower 
value per acre obtained." 

Fordingbridge is currently an 
expanding area with some 220 
new dwellings on two estates 
currently under construction. 
The most interesting of these 
estates is Manor Park by 
W. J. F. Shering and Sons Ltd. 
in that developers have gone to 
great lengths to break away 
from traditional estate layout, 
coupled with the use of some 
fresh ideas in design, which may 
be best described as “Swedish 
Cottage Style.” The properties 


are situated in small grouped 
cul-de-sac developments with 
ample planned open space. The 
effect is really most pleasing, 
and different from the normal 
“ box-like " appearance of 
modem design. For further 
details on properties in the area 
write to John Crosthwaite-Eyre. 
Fox and Sons, 5 and 7 Salisbury 
Street, Fordingbridge. Hants. 
WHAT TO READ: Explore the 
New Forest: Forestry Commis- 
sion Guide. 1975, £1.99 includ- 
ing postage from H-M. 
Stationery Office. Atlantic 
House, Holborn Viaduct. London 
E.C.1, and Where To Go In The 
New* Forest. S5p including post- 
age from Springbank Publica- 
tions, Spring bank House, 

Lymington. 


^THE WOODS are beginning to 
light up with autumn colour 
but, thanks to exotic trees and 
shrubs, the heart vrarmingfo*«w 
Started weeks, earlier jar those 
gardens that had been planned 
for iL As usual the first.to 
colour with m was. j&rtijms 
sargextH, Sargent's wik Cherry 
from Japan, whiefa/flts country 
gardens so much better, than 
the large flowered, -irianiiade 
hybrids that are sn m^gnipcent 
in urban surroundings environ- 
ment. It is lovely in spring, 4oo, 
with its pale. pink, single Sowers, 
and I rate it high among. cherry 
species. 

Hard oh the heels oft&V early 
colouring cherries come the 
Stag’s Horn Sumach hut they 
last a long time aridkrestill 
short of their pealt iu my 
garden. They vary qultora/jot 
in colour and X am ueverrqjiite 
sure whether this is an rhherited 
characteristic or' has more to do 
with soil and rituationLIsu^pect 
a combination of th6 r two for 
though it is in the hotter, drier 
places that Rhus typhina. sind 
its cut-leaved variety Lacfhiata 
colour best, especially, sfa it 
seems to me, if the soil-is also 
a little short of nitrogen; experi- 
ence with other plants indicates 
that genetic factors dcr play a 
very important role. It is quite 
dearly so with barberries raised 
from seed and, after a. feuryfears, 
it is easy to separate those that 
colour well from others of the 
same bateh that are. greatly 
inferior in this respect though 
they may be better m others. 

Many years ago tibe’ late 
Rowland Jackman selected a 
green leaved form of JSerberis 
thunbergii which. was qinte -out- 
standing for autumn colour and 
named it Vermilion. I remember 
spotting it at a distance in his 
nursery. and asking what itwas. 
lt seexfts to have disappeared 
from the Jackman . list and. I do 
not think that any other nursery- 
men took it up but no doubt it 
is still around in many gardens 
and others just as -good .could 
be found if searched for -among 
seedlings. • • 

There is also great variation 
in tiie leaf colour of different 
forms of Sweet Gam,' Liquid- 
irmbar styraciflua and ~ Scarlet 
Oak, Onerous. cocemetu-fSome 


Sweet Gums do little more than 
turn a rather dull phun purple 
before they fall but the 
like some of the wonderful 
specimens io Sheffield Park, 
Sussex blaze into brilliant 
shades of crimson and coppery 
red Again I recollect Mr. 
Jackman selecting one and call- 
ing it Worpiesdon and. -this, 
happily, » stm around. Since 
in small gardens titere is never 
any room for anything but the 

best it is to be a ^ le 
guaranteed star performers such 

as this. , A ' 

I hat e two Scarlet Oaks, one 
verv much better in autumn 
colour than the other but 
neither a patch on some I see 
in other gardens — at Leonards- 


At Winkwortb tbe 
grow side by &de 
and not tut 
less - well ' known 'butr4, 
effective, ptbdaeerg 
leaf Colour: Parrbtiai . cal-? 
purchased: readi ly , epba et^a li 
specialist.nimseriesr'b^^'. 
have always- 

•because^ tfa^^seldoxa^Ttti® - 

good -seed, I* ^icpwariSiF' 
few people seem to know wfiS 
to~ buy seed- abroad. The ta,, 
look ratfaet like tbose oi b2 - 
but the trees are nmeh 
and .slower growing 
colour at- its peakis-.^cort 
oraiige 'aha^yellow^ mbiej 
ring titan anything a- be ~ 

.«m- produce. 


gardening 

ARTHUR HELLYER - 



lee, near Horsham, for example. 
The poorer of my. pair nfever 
gets beyond the colour : of brawn 
paper, the other warms to russet 
red but the best do really 
deserve to be called!, scarlet at 
their peak. Here, nurserymen, 
have been more helpful as -a 
good form, named Splendens, is 
fairly widely available. But do 
not be tempted to plant Scarlet 
Oaks in small gardens.'.. They 
grow much faster than 7the 
English oaks and make . very 
large trees in 20 years or so. 

One of the best small trees 
for autumn colour is the Showy 
Mespilus, AmeUmchier laevis. 
The young leaves in spring are 
also bronze tinted and the small, 
white flowers, though' rather 
short lived, are so freely , pror 
duced that this is an outstand- 
ingly good tree suitable ...for 
planting on almost all soils 
including those overlying chalk 
or limestone. 

All rowans colour to eotne 
degree but the best Of the iote 
in by experience is Sorbtzs dis- 
colour which, for . a week or so 
in October and early November., 
can be column of vivid coppery 
red rivalling .’the maples. To 
see the latter at their glorious 
best one should pay a visit tn- 
the Wink worth Arboretum near 
Godaiming or the Westonbirt- 
Aboretum in Gloucestershire. 
Westonbirt gets most of the pub- • 
li city- and is -certainly better 
designed but when it comes to 
sheer richness of colour there 
is. little to choose-between tiiem. 



; The nyssas at 
l»ve. always 'been 
there js . also a lazge 1 : 
in William RtAasOTi's- 
Gravetye: r ’ 

fashlonabTe coimtry. 
restaurant. r Also at': 
Park- are some of-' 
Siramp. Cypresses 
in the coutty, , .Man®? 
hesitate to plant tfae$e : fagfi| 

: that they must grow. ~ 
water - bnt this is 
trees dan bie grojirn ^ 
drained land biit vare 
slower growing, thanf 
damjp soil. '■ "'Uizch' '■ 
seems ! to be. true, of- 
Redwood, or me ^ 
tree, very sinnlar lyyiS^ 
Cypress, in ' appearance;^ 
least twice as fast ia'H 

and with a very widest 
of soilv' IV grows 
cuttings and ■ T " am 
: tahat : -it is^-so . skw.'-in 
any impact' on- the jSi 1 
think :that mirserynj®f. 
take some of ."the faUime 
seem ! fiicredihly . si ow 4a'.| 
gating - it and distribati 
the garden centres' wL, 
would -expect it to sell - t ®| 

'One of. the -le^_ welj; 
gardens : that has 
autuihn colour is,;Higbv 
at HandcrosSf iSuisex^w 
: mile of ' ' Nyminsf 
. Ardingly. It was planted^ 
l^les Loder in 'toe.flrSlj 
this eentury,' i^very 
situated ori'te- side && 
and has a wonderful." * 

;of trees and sbrafas 
a whole range of rptoufc 
of : The lily bfrthe ya 
Pieris f orest i f it is hayi 
of its rare openings dn Ocra 
22. sdl : day; i fra.mXP 
and,, vrifb ■/, the 
gardens . I have meittiaaedi p 
vides a splendid opportune 
those living in the sautotf 


PROPERTY 


COUNTRY PROPERTY: OVERSEAS PROPERTY 
ESTATES AND FARMS: INVESTMENTS: 


. St . 

* ? . 

.-.-A. •. L- 


to see "just -what auhimn^coto 
can do foi -a garden vhea v 
chosen and sWlhiUy 

CAR 




ARUN DISTRICT COUNCIL 

NORTH BERSTED 
BOGNOR REGIS, SUSSEX 

FREEHOLD BUILDING LAND 

APPROX. 6.25 ACRES 

with outline planning consent for 


Residential Development 
For Sale by PUBLIC AUCTION 


at 


The Council Chamber. Towti Hail. Bognor Regis 


on 


THURSDAY, 9TH NOVEMBER 1978 at 3.00 p.m. 


Fnrtbi>r inrannatioD [rt»n:— 
Planning Officer. 

4 '3 Malirawre R<m 4, 
Uulehampfon. 
w. Snsvs BN'IT SEP 
Telephone LiitlehAmptmi R131 


Solicitor. 

P. l» Owrns. Esq., XA. B., 
Secretarr. 

Coaorfl 

LllUpiisnnXoa. 


JOHN D. WOOD 


NORTH CORNWALL 


Hear Coast and St Horan Airport . 

FINE COMMERCIAL FARMING ESTATE OF 639 ACRES 
WITH MODERN DUAL PURPOSE BUILDINGS 
36,000 SQ. FT. 

(SabstsBOal iu aUgvucH ooiaandtr.K) 

ParailKmse: 7 Bedrooms, Bathroom. 3 Reception Rooms pHu Suff Flat 
Office Block. II Acre Lake vfUi IrrtsatJon Licence. Larse Fields. 
Ftannins Consents for Leisure Development on 2M Acres. 

Fill Farm. Rosenanoon. -W Acre Stock Farm witii exnJIent Small Rouse. 
AccommodaOoo Land and Fleida from 17 Acres to M Acres. 

FREEHOLD FOR SALE BY AUCTION WITH VACANT 
POSSESSION AS A WHOLE OR IN EIGHT LOTS ON 
16TH NOVEMBER. I97S. 

Sole Aflems: John D. Wood 


k 

23 Berkeley Square, ft1 Qncrt 

London W1X 6AL. 01-OZV 9U5U 

j 

• 

a 

SAvXLLS 

a 



PUERTOLU2— MENORCA'S FIRST YACHTING VILLAGE 


TV Fr-rocbraan's Cate '■ nl Afrn-orca ia In fbe rananuc srtmts of die most 
mraenvu landscape to t>.- round on the unspoiled island at Menorca. 
iTi<- 1 st phast- of ih*.- drvvli>pmi-ni whlcti js ocarina etxntdi^fdn ban exceffuni 
-betti-red mnorlu^s ti'idiin a f.h rurd* of otk-'a (root door. Close to some of 
he finest virum biioch-rs in rhe UrJnrrmiit-aa where st-a bath I on ia tdoal for 
hildr-n Ttii.- M.-norcan styled apartments arc eonamteted to Usiter 
•Be-: ;tk-.t nons wiih fullrl eouipped kueb-.-ns. Interior desUn etMUite. Good 
-ulfina laeriKii-.i. Inspection fhefers availabb* now. 

Press from fla.IWO 

Enquiries SOLE AGENTS: S Milner Street, Lomtea. S.WJ 
SI-582 Bm '9/10. Tele* 9U087 



Residential 


Property 


— (ADVERTISING) ^ 
Only £2.00 per line (minimum three lines) 


,• ') /■ Y; 


Return this coupon with details ofyour 
property together with your cheque and 
publication will take place next Saturday. 


CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 

lO'CANNON STREET, LONDON EC4P 4BY 
• For further information contact Diane Steward 
Tel 01-S4S 5284 


EAST YORKSHIRE 

Bridlington 2 miles 


1,163 Acres 

York 42. miles 


An outstanding residential and commercia] agricultural 
estate on prime farmland on tbe edge of the Wnldis. • 
Home Farm— 649 acres including fine Georgian House, park 
and grounds, 3 farmhouses, 5 bouses. 2 cottages, grainstore 
for 630 tons, 44 acres hardwood plantations, mostly with 
vacant possession. 2 farms and small holding 513 acres 
together with house and 2 cottages, let to produce £7,999.44. 
Sporting in hand over the whole, 

Id all Lti>3 acres 


As a whole or In lots by private treaty. 
SAVTLLS London Office. Tel: 01-199 8644 
and Lincoln Office. Tel: (0522) 34691 


i/n' 



BELGRAVIA 

A RARE FREEHOLD 
JUST OUT OF 

BELGRAVE SQUARE 

Ideal for use as Embassy Premises, Company 
House, Residential Club Conversion 
or Multiple Occupation 


(01477/RTT) 

Knight Frank&Rutley 


20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 


The Commercial Licence and Building 

On a site 700 m. above the lake and city of Como, 
in Brunate, has recently 

BECOME AVAILABLE FOR ACQUISITION 

Originally a summer hotel of one hundred rooms with 
extensive public areas, it occupies a total area of 4.900 jq.m. 
and provides a total construction volume of 14,600 cu.ra. 

Please contact Mr. Nardi, c/o Hotei de la Ville, Monza, Italy. 
Tel: 039/382581/2— Telex 39496. 


\ w Ql-499 8 644 JU.GfOSvgior HilLLomlon WlX OHQTdex 2*3796^/ 


Highly Valuable Residential 

BUILDING ESTATE 

near to town centre of Hertford. About 5 acres in 
all with extensive frontages to three roads, including 
superb modernised period house and stable block 
(for possible conversion to house). All main services. 

AucUon 9 November 1978 (unless previously sold prlvaLely) 
at 3.30 pm al Bishop’s Stanford 
Illustrated Ruction particulars and plan from 
G. E. SWORDEB & SONS 

19 North Street. Bishop's Stonford - Tel: f027B) 52441 


HERTFORDSHIRE 

Bishops Stortford 3 miles 

AGRICULTURAL 

INVESTMENT 

305 Acres Arable Land 
with Farmhouse and Buildings. 

Shootiog in hand 
Currently yielding £4.995 pa. 
Reviewable llih October. 1979 
to yield an estimared 5 Vi gross 
and 42 acres of Woodland 

With Vacant Possession 
FOR SALE 

BY PRIVATE TREATY 
Offers over £165.000 are invited 

/ B4 DWELLS 

C bartered Surveypn 

Trumping con Raid, 

On* bridge 052 2LD. 

Tel: ( 022 021 ) 3391. 


I^Kmg&Chaseniore 


iChirlered Snrve.pr,. 

WEST SUSSEX 
OtMT Sintnertnirst) 

HE PLACE 

AMD NORTHWDOD FARMS 

la secluded position with Mnorunle 

. a»8r tweatltul conJJSwtfT* 

About 3H Acres Fertile Arable and 
Pasture Laud 

"rich long frontage to River &run 
Excellent Rough Shooting 5»o£enM2l 
3 bed Sunpalow. pair cH S b« mWi-oL 
Colt uAt-g, Ptanoioa Penniuloh' for ranh 
version of tarn building to 5 bed 
Bungalow ° 

3 Ramses sf Farm ButMtuus 
AUCTION November ISO, 
Details: Farms Dept.. 
Pulborough '(079S2-208D 



No 3: Co for experience? 

. After more than 185 yea ns of 

; every aspect of property, Farebrother Elfi^?n 

tgcJay.more than even a leadingforce inlhe ' 


the nation; 

Their services include:- 

Rwestment BuHdlng De^gn^ -i 
AcqufsKIons : Lettlng;:Valii9tiQQ^ 
Property Development - Manat “ 
Rating: Rent Review: Project 


' - Whatever your property problems, there's ^ 

.:Very good reason for consulting FarebnAher^^^-^ 


first 

■the professionals/ . : . - - 

Farebrother Ellis & Co.,Chartered Surveyor^ 

29 Reet Street London ECOY lALTel: 01-353 9544;^ ;• 






If you wish to buy — sell— rent or have 2 

REAL ESTATE § 

managed in the 2 

PRINCIPALITY OF MONACO i 


Write to: — 

AGED 1 




26 bis Bd. Princess Charlorte. Monte-Carlo 
Principality of Monaco 
Tel. (93) SO 66 00— Telex 479 417 MC 
Documentation sent free on request. 


INVESTMENT FRENCH 
RIVIERA 

Obporramty lor dorclepsn or invm- 
ro« interested >n highly profiuble 
rwidentfal development. Small village 
type project on beautiful site over, 
looking tea. designed for ulr in low 
price range. Antibee. Cannes area. 
Write; Incernatianal ArehiMcti Studios. 
Let Sapim. Alien F. Perrawd. 06600 
Anxtbe*. Hrance. 


CUMBRIA 

Ones and Ins yn manageable Period 
Mansi cm House set in approx I pilWly 3. 
4 cr **- 2 miles MS. 3 room, study, 
fitted Htchem. CH.. 5 bedrooms. 
J bathrooms (2 en mite), studio. 
Castellated cower. £67.000 
Further detulfi; 

Tel. GRA TRIGG (OS VB41 (g| *r 
CRANC&OVER.5ANDS 4036 


HOLIDAY CARAVAN SITE 
- For Sale 


Near DUMFRIES. SCDTUMd 
A n enablrsneo Caravan Park at 
8.76 acres, with further oevetoomem 

modern static holMer caravans. 

Full details from G. M. THOMSON a. 



DI ^M?*SMSad s ^ 


deacbed house ( j raue t 

aon-if^SS ££?: a Sr 

fa mily . heme wfthwtentui 
fppra daaon from laSrSs*S_2«^; 

i gigaiSSSH 




I tramniaats gin- 

P'rr aml l^dCBMle PlneT *^; 
•i® 1 i.1.25. El .SO. £5. cs . aiu 

rnceunt rromn 


10332 75011). 
UERMSEY. 


iGUOtHSEY. Charming open market 

INVESTMENT FARM or S I'm liar rrpuIrM 
O602 rt SMS9 , * ,Or ,0r CiClia ' 

ifeEiwapwt *«««« 




S d-ha^r 
inn (3 required. O u mT^l£{5*"g 
jlX. couph oWr fall rates tMgSw? 


te»i. turarfeps. epmmoaioua -rwktoS 
at T.£tfi9,,nraiarTa| TlnWiTfO. 


Writ* Bex x.aqtjw. Finanriei 
Cannae SUpqt. ECXP 4SY. 


v . Seal -Estate Investment 
. in Switzerland . 
j." ,'miastrial - Premia** 4.300 naan 
metres 5F.6m. PossibiUqr or extunston 
foe i-faruier 4,860 square metres. 

X Gits: Centro office buIKUoe 3.006 
nwk -metres SFJMm. . . 

*? anssses xvaUaMeforbotbpiemlseq, 

. VtOe Bor T.4B8S, Flnaoclal Times,' 

. W CamitRi Street. EC4P 4BY 


For -Sale^ J»jr Tender < 


DEVONSHIRE 






Frertold stocked 

prspatSSY 

Qmbalm*itr Miscib OSWB. -T*-; 
iei*h <aa»r.3»_ 


AUCTION 


cancellation 


V: HO^VfiESt DflOUSTRIAij ESTASE. : 






•^-V_ ’ 


tivertoiv, dev^v 

. - Sale of ^Warehouse 

. -C^GELLED . 

■fiy. by*:- diie r to Sale .by- Private' treaty ' :s 

MIL LER & CO., • - v ~^ — . . '-I , - 
;i.r > w . v .MansjqB H^e, Triaces 




















Financial Tunes Saturday October 14 1978 




Fogbound 

matchplay 


mostly rather untidy, as one change out of h:= immensely ex- a poor pitch through the 17lh legendary South African Gary 

expected it could be. perienced rival, green, and going way right of Player, five times champion in 

it was fairly natural for Nick tfarsh went four up at the par the I$ih. only to land a marvel- this event, would have as much 

Faldo, the only British sumvor, 4 1 Uh hole with a 12 foot birdie loos pitch stone dead, where- trouble as he did with the 


to have a mental hangover after pu n, and 5 clear when Faldo upon Marsh got in a most Japanese ace. Isao Aoki. who 
his brilliant first-round thrash- significant 10-foot putt for his reigns supreme in his native 

ingof the giant American, Andy ■ half in birdie 4. country 

Bean. And so it proved in his a*u hiam 


WENTWORTH, Oct. 13. 


WEST 


rlash against the defending 
rH, Oct. 13. champion. Australia’s Graham 
_ Marsh, who has had such a 

Course here depressing season in the U.S.. 


GOLF 

BEN WRIGHT 


emerged from the mists long a ^ rr his brilliant opener there 

enough on this unlucky Friday j n 3977. ■ 

thp 1 3th to allow half of the xhe youthful Faldo, a most 


significant 10-foot putt for his reigns supreme in his native 
half in birdie 4- country 

Simon Owen, of New Zealand. Aoki is easily the most inter- 
who so narrowly lost the Open esting player here. He is a lanky 
Championship to Jack Nicklous, man, surprisingly tall for one of 
Is emerging as the surprise his race, and he addresses the 
packet of the tournament. And ball in the most unlikely position 
nothing was more extraordinary with his hands held incredibly 
in his clash against the low — somewhere around knee 


BY STUART MARSHALL 


quarter finals of the Colgate nh , e ,. m atic sort who ha« vet to Mis * d **■? 13th fa!rwa >' t0 ** 0 ? immensely-long Spaniard Seve level. The purists would blanch 

World Match Play Champion- J, roV e himself ai a crowd-pleaser another shAt * Ballesteros than the two magni- at this address position and at 

ship lo he completed— a fnis- t ^ e natural succcs-or to Tnnv Thereafter. Marsh struggled ficent shots the slim New Zca- the wristy flick that almost 


ship lo he completed— a fnis- _ s t h e natural succcs-or to Tnnv Thereaftf-r. Marsh struggled ficent shots the slim New Zca- the wTisty flick that almost 

irating experience for all con- j acr klln was on ed"p f or most va h'antly to hold off his man. lander struck 10 the green at the always follows. But if this shocks 

AMT.-r.vT- w " — — eenied. ' f !lis mund. and up against it despite some indifferent strik- 571 yards 17ih hole to go 2 up the establishment, then the putt- 

. .. Tta Colt MM61X, (urap^n ttylmj »d o«rtotm,«o tnm |*». The iniliol a »1.v for fo- that too. MotlOi holod out., «t «von '«*• and did » ** e X *J Fa,d ? there ° f „ , A ° l i‘ “ »!?? 

second lar-wt ,. ar mabre'sind with a dioke of eight forward gears. htinc amund these stately trees and 12 for birdies at The lvasi usually -*opfui]v short with Ballesteros gathered himself unbelievable. His hands seem to 

■- . - ■ ' more TC^istenUy^an anvwhere ~co«d and sixth holes, and took his approaches from around the fo r a great birdie 4 at the last, hang even lower, and only the 

. mL h^vL l J SSC l . r p in ^h^ riSi wV* tatthrifr rhe Tnurth with an immaculate P”"*"? * ur f ac <*- however, which Owen played un- heel of the puner blade is in 

~~ ;T ' ' week’s Park C0 S«^S/J°Opi\ h n* caJJy ’ is not due 110111 19S0 ‘ as any of 1,3 European rivals almosl fi vo ^urs in duration birdie 4 to rake an early two Marsh got up and down from tidily to take S-— including three contact with the turf, with its 

/ as dnwnrart h °n«i e hn ~ Thc Marina/ Allegro successor. and better than many of them. Vot SU rnrisinalv this «ave the holes’ lead, having lost thr third ‘‘he left-hand bunker at the par putts— and so Owen goes into toe high above jt. 

.. . . - as downcast as I did. Our own T iX0! surprisingly, inis „a\e rnc ... •> ,, Th f r.r •> half in 3 fmm s w,ip n> n , r nut ths cum tots of thin 


The Colt T4G0GLX: European tty ling and performance from Japan, 
with a choice of eight forward gears. 


as dAwnracT n,ili e ln » Thc Marina /Allegro successor. and better than many of them. Vot SU rprisinolv this «ave the holes’ lead, having lost thr third ‘*ho left-hand bunker at the par putts— and so Owen goes into toe high above it. 

Motor “hit? Benina rodc nained LC1 °* is ewn ffl0rc « handles crisply, with rack plaver^ tno Inns" to kick when tangling with a bunker. 3 14ih for a half in 3 from S tomorrow’s second half of their But the sum total of this 

Fridifv at the Nattona” Exhfbi d ^P tirfllcl >' '***'** d * Pinion steering providing tl'eir heels and feed nn their The Western Australian was feet. Faldo, short here, had to match-staged during the after- exercise is most effective. Aoki 

tmn . Si* won 1 bp announced until 1982. responsive control and a good nervous systems and with the mu in 33 shots, two under par hole a a-foot putt himself. noon— hopefully aTter the fog recorded slx birdies to Players 

d d ^ o^h ih " ? i o n . Assuming that the Supermini lock. The nd " tzirly firm but Jv^onTr X American^ Rav to be three up when Faldo The Englishman gained his dears that has been forecast, four, and the little South African 
* . o • ? 5 j afld I/CJ0 art? fault-free from comfortable and fast cornering Flnvd and Tom Watson in the dropped another stroke at the only homeward success at the and. more importantly, for had to fight as hard as he always 

At Pans, there were new and t h c outset— and the BMC/ leads lo minimal roll. Road. fim'l match— and these two had 7th. Add thereafter, the tall par 5 15th. with a birdie, but he television, only one up. does to be only 3 down at Ihe 

attractive cars from trance. British Lcyiand/BL Cars track wind and mechanical noise is a battle roval the *»otf was English 22-year-old could get no made no further ground, hitting One never imagined that the halfway srage. 

(.ermany, Italy and Japan. And. record in this respect hardly well suppressed. Even for the ' . ■■■ — - — ■ ■ ■ ■■ ■■■" 

irom Britain? Nothing. ..c.:. ...: it .iuwa i i . _> ■ . 


inspires confidence — will there long legged, the driving posi- 


Our own once-great motor be enough custuiners for them tton is difficult to fault. 


industry seems tu be slowly 
dying fmm a thousand self- 
inflicted ruts. Can anyone 


tu be slowly m make ihrir volume produc- a particularly interesting 
thousand self- tion worth while? t feature of the 1400 fiLX model 

Can anyone My doubts «mring frnm’Jiav- is a dual range transmission. 


• , wonder why one motorist in two ins driven in the past year half In addition to the normal four- 
.now buys foreign? a dozen EuroDoan and Japanese sn^ed gearbox, ihore is an extra 


BRIDGE 

E. P. C. COTTER 


.now buys foreign? a dozen European and Japanese sp^ed gearbox, there is on extra 

Ju*t look ai our motor industry cars that the LCin will have gear irain rather like you find 
•-.dunn? the biggest new car to compete with three years in a Land-Rover. The idea Is 
■ • boom on rt-mrri. Ford, the only hence. They are excellent cars, to give you two alternative sets LOSS OF concentration is a 

£. ne of *he traditional ’“Big They arc* coming off the of ratios — in the case of the commonplace in sporting 

J . .• r our " apparently capable of assembly lines now. Sorae’flike Colt, one for town driving, with jargon. Let us see how it 

making real money from giving the Chry-lcr Horizon) are quick acceleration and high affected West in thU first deal 

the ear buying public what it already on ^ale in Britain; the gear flexibility, the other for from rubber bridge; 

wants, at a standstill, victim of others will be within the.itevt open road economy. 

‘••. a political confrontation he- six monThs or so. And still Alt you do is declutch and 
: tween government and more are coming— like the move the auxiliary lever into 
organised labour. front-drive Ford Escort replace- performance or economy range. 

••• Chrysler, saved from collapse mem, and small/ medium front- in economy, the Colt become* 
a couple of years ago hy tax- drive cars from Dfltsan and very long legged, doing well 


that East holds the Queen. The 
only correct play in order tn 
salvage a diamond trick is for 
West to lead his Knave. If 
South wins in hand. East’s 
Queen must take a trick; if he 
wins on the table and returns 
The. ten. East must cover, and 
West’s nine is established as 
the setting trick. 


COINS 

JAMES MACICAY 


LAST WEDNESDAY the Isle 


lowed are fascinating on account traders’ tokens whose wide- 
of the^r “blundered” legends, spread forgery gave the Manx 
inscriptions in which the letter- authorities so much trouble, 
ing is a meaningless jumble. Regal coinage was also prn- 
With the subjugation of duced under Charles 21 and 
Ireland by Henry II in the 12th James II, but during the Willia- 
century. the Hiberoo-Norse mile Wars of the 1690s the 
coinage came to an end. In its protagonists of Janies II struck 
place came silver pennies coinage of necessity, mostly at 


'-.payers’ money, is shortly to lie Toyota. They will be- well over 20 mph per 1.000 rpm. 

. *ah«c«rbed by Peutjeot/Citroen, established before the first which makes for quiet motor- 

which is unqucsrionaly the best LC10 goes in the showroom, way cruising and saves petrol. * K _Q 10 " 
• thing that could have happened Last week I wrote about one In performance, it zips away fj " 

: tto it. Vauxhall. lo judge by its of the cars ihe Supermini will from a standstill and allows ? J 9 „“ 

products, is now an offshore be up against— the Citroen Visa, third and even fourth to be used *20/52 

-riband of Onel, General Motors’ This week, I describe another, as traffic gears, 
successful German arm. It is the Mitsubishi Colt Standard features include 

And what of BL Cars (ex- Like the Visa, the Cplt made tintpd glass, radio, rear screen 
.British LeyJancD? Only an its international debut at Paris wash/wipe. inside tailgate 

incorrigible optimist can see Show, It can be seen at Bir- release and a rev. counter. 

. this sad and withered rump of mingham next week and the 1.4- There is a less elaborate 1.2-litre 

• the British, as distinct from litre engined version will be on version, but Colt Cars will hot 
British-based but foreign-own ed. sale here by the end ofthe year, be bringing it in. With their 
■" ‘motor industry remaining in The Colt 1.4 makes it crystal sales artificially restricted, they 
‘ business as a high volume, clear that the Japanese 'motor will market only the top-of-the- 


N. 

♦ J 4 

*' A Q J 4 3 
^ K 10 8 

* A J 6 

E. 


498532 

6 

O Q 792 
4 9 4 3 


W. 

4 Q J 10 7 3 
C 6 54 
v 7 62 
4 84 


N. 

♦ 3 4 
Q 10 9 
- 8 3 

4 A Q J 7 6 2 
F. 


4 9 8 62 

<r k j 3 

r A 5 4 
4 K 9 3 


S. 

4 A 6 

OK 10 9 7 2 
O A 5 4 ‘ 

4 K Q 8 


the setting trick. uf Man issued a crown in cupro- ^rucic Dublin. Cork. Water- Dublin. Crowns, half crowns 

In the second deal we find nil \ . f0 [ “ l -' n£ ‘ ral circulauon f or£ j Limerick in the name aud smaller denominations. 

East wool-gathering; and ir > silver proo* and uneir- of Eng]lsh m i ers beginning normally struck in silver, were 

culated versions for collectors. w j tl , j 0 h n> Lord of Ireland, produced in gunmetal. hence 

This is a tom with a difference, Counl of ^ ortain and ] a ter their nickname “gunmoney." 
for its reverse reproduces no 0 f E ng i an d. By the Time Some very rare halfpence and 

fewer than nine other coins. of ^ wars of the Roses in the farthings were also struck in 

tracing the development of the century Irish coins. Limerick during the siege ol 

island’s numismatic history over modened on , hcir Enfi i ish 1691. 

^ cars j . no , r to counterparts, were also being Irish coinage under the Hano- 
lb»9 base metal traders tokens pro< j Ucet i at Trim and Drogheda verians was often struck by con- 
formed tne basis of the cui^ ^ denominations of silver tractors using alloys of their 
rency. Most of them emanated half-groat and groat, own devising. The handsome 

from Ireland and were struck Rj e f, ar d m introduced the halfpence struck by Wood of 

by merchants m Limerick and Three Crowns coinage in 1483, Bath were rejected by the Irish 

Dublin, but many of them were go^Ued because of the triple who distrusted the metal, and 
forgeries and in a desperate bid CIwn motif on thfl reverse, sig- the coins ended up in the 
to solve this problem Tynewald. n jf y j n g sovereignty over American colonies where they 
the island's parliament, ruled England. France and Ireland. circulated widely as small 
that the countefeiring of base Thls sty!e was cnn tinued by change. In the reign of George 

— metal coin was punishable by Henry vu. but bv the beginning HI copper coins were struck at 

South, the dealer at game to death and that henceforth only of the 36th cnide the Royal Mint and the Soho 

East-West, bid one diamond, tokens struck hy the Manx mer- anemp ts at portraiture were Mint. Birmingham with the 
and North said two clubs. With chant. John Murrey, would be appearing on the groats. Under king’s profile on the obverse and 

legal lender. In the curious Henry VTII the coins had a the ^ f i s ^ ^ ar P 00 l ^ e reverse, 
fashion Murrey’s pence became heraldic obverse and a harp During a shortage of silver coins 
the island’s first legal lender reverse, flanked bv the initials the Bank of Ireland produced 


S. 

4 A K 
t?A872 
O K Q J 10 9 
4 10 5 


.family-type ear producer. i .dustry now knows exactly line 1400 GLX. At around mn imr Hp i* far ennd for nn mimns amt ihm heram*. thp - .>•<= o — - --- - ■ 

.. BL’s new Supermini, which what the European car .buyer £3.400 it is not cheap: but as SJJ heans and I myself SnalTnmct C S rh. n „, P n, .ri, of lh . e a ^ d whichever con- ?“! 

hy all accounts is not going to wants. This cross-engined, word gets around how good it approve of his club force South West ted the spade Queen. sort be happened io have at the JJ 1 *®"" ’ oI ®. ‘ dl j ."® S * f? h ^ 

be ail ihat much riiffereni from front-drive. all-mdepenflently is it should walk out of the „£pd to Four ciubs-for ail he East dropped the nine, and the BriUsh and Iris? coins circu- in^ rhT^mnnn^m^nf ’ 5 Shop exepetion ofl f?w p’atterns^n 

: the Mint ntecheni- suspended hatchh.ck is « good .showrooms. knew his partner had a club King won. After some though, »[Tf?"e1yZ theiS. E,f.e 5 m Jane“seymnnr Tnt 

•r-. * UIt — and North rebid four South led the club ten. West Ireland’s Barnyard series of Katherine Howard. Under the British coins until the emer- 

J ea ^hiH he nf° P fi™ r riilS. e pnfr’ 0 , coll “ ce,e b rates its golden j a ter Tudors Irish coins were eence of the Free State coinage 

Si H h -„ f diamon^. doubleton, and East withheld jub iiee this year and it comes as little more than modifications in 1928. 

^n°r? h Wh-c S, \iv JwitSSS* iPth d rtt a I n r „? a surprise to man > r t0 reallse of the contemporary English One of the finest collections 

heirtS Sn Ireland had a long and in- series, though often of a baser of Irish coins ever to come on 

Wino .„h S* *JS£! terestmg numismatic history' of alloy. the market is to be auctioned 

wh^rd/imJSS 1 its ^ stretching back to the The chief interest of Irish by Glendining on Thursday 

prr!»n “ mirrnr Z! S’ ^ diamonds, and H j berno . Norse kingdom of coinage under the Stuarts arises Novembers. Every period from 

In tit Of *11 that ho h*H DubUn ^ ^ e 10th century, out of the period of the Civil the Hiberno-Norse to the 

1 »™ Pr f l®, hi^ Incidentally, Professor Michael War. when coins of quite compe- Regency is well represented, but 

patterns in each hand. learned at ms mothers knee j us _ — a — — th. iv»w 



MOTOR CARS 


concluded the auction. 


I--' j*cv-, ' 


, v I n'~-v-7 ■* • - 


If you’re looking for somethmg special, 
fail, to the specidists. 


Af-N. Umtted rafconWorics, 400, London Road, Idewonh^B/Bddtesex. 
Telephone 01-560 101 1-Telex Also showroom an 

12-16. Madrid Fload, GuBdford.Suroy. Telephone: Gufldford (0483)38448^ 


(rumoThf two " “i? Snuld^ I ‘Claris are currently working utilitarian design were circu- century money of necessity. In 

trumps in two rounds, cashed m dumm>. East should navel Tu* ^ tr, min* 


Dolley and some other his- tent production but extremely the strength lies in the 17th 


muDsoi 



1970 42 JAGUAR 
; . E-TYPE FJLC. 
Immaculate condition. 
Outstanding Investment Car. 

‘ £SA5Q - 

Tel: CHEPSTOW 2940 


/?/y777/=77/m msfit 

I POraCHt SOEEALIETS ' 4 



iflOyEB' JfOfl OV£R>SO -YEARS ® 


6 H"U. A'£N'je.AMSRSHA.V..BOCKS. 
T;;Ar>:n!.-«irri(D3403)2Tr2 '' 


Real Estate Investment in Switzerland 

1. industrial Premises 4,500 square metres SF.Bm. Possibility 
oF extension for a further 4,800 square metres. 

2. City Centre office building 5.000 square metres ‘SF.24m. 

Mortgages available for both premises. 

Write Bax T.4965. Financial Times, 10, Cannon St. , EC4P 4BY 


THIS SPACE 
FOR SALE 

TWICE 


OWE ON 
SATURDAY'S 
MOTORING PAGE 
AGAIN IN 
MONDAY'S PAPER 


suit return would yield a ruff did not put his mind to the task l * ie 10t J^ but this has 

discard. West led the three of of counting the declarer’s - ve l^° be proved conclusively, 
diamonds, dummy’s eight was tricks. Five clubs, two spades. T* 16 Hiberno-Norse coins 
played, and declarer captured and one heart will not give him blatantly imitated contemporary 
East's Queen with his Ace. the nine tricks he needs, and English Long Cross pennies^ of 
South then returned a low before he can set up the ninth Aethelred II “The Unready * 
diamond, finessed the ten, and trick in diamonds. East will a * ter 3,1 these coins formed the 
made his contract. make a trick in each minor suit, bulk of the Danegeld with 

West did not concentrate. It and West will score three which Aethelred tried to buy. 
was obvious that if the declarer, spades. off the Norse invaders. In the I 


Patrick’s coinage 


FISHING 

JOHN CHERRINGTON 


the 1690. 


the time. On good fishing days, 
when lots of fish were showing 
and all the augeries were good, 
we had no luck at all. 

I did have a before breakfast 
spin on the Tweed when travel- 
ling in Scotland. The water was 


off the Norse invaders. In the 

— — — - . -»»««.- . . , . ’ . nng in ocuuauu. me water was 

who was marked with the I wonder how many Easts, llth century similar coins were THE SEASON ended on (he coloured, full of weed, and no 

diamond Ace, had also the who fancy themselves as struck in the name of Sihtric. wye with the river very low and fish were showing but I was told 

Queen, there was no defence, defensive players, would make king of Diflln (Dublin). These gj n dear. There were salmon there was one at the bottom of 

In that case West must assume the same fatal hold-up. and the silver pennies that fol- about, but they were old resi- a deep, dark pooL With a bright 

— ■ ■■■■■■ dents for the most part, splash- 2J inch minnow I searched the 


•T compared to Russia and Eastern Q-Kl; 24 BxQB. N-B3; 25 BxB. in S aimlessly around in the depths, having to take off the 

Europe. . KxB; 26 r.: R, QxB; 27 Q-Q2. stiller water, and showing by weed every time I reeled in. 

CHESS Rememberlne that erand- P * B5; 2 . 8 WJ3 J. (saining more their red skins that they were Then I did see a surface fish 

1 maS Hort also sbaref The mate J ial since Black has no real stale indeed. One morning I move in the stream. J cast over 
LEONARD BARDEN £1,000 prize at the Aaronson OxOBP arnved at lhe bank ™ b ' axiri 5 and caught not a salmon, but a 

. congress last year, how does he R.K7 for O-OBl- 31 KR-K1 O-RB; suns ^ ine ’ and despondent 2 lb sea trout very acceptable 

do it? Some experts still con- 32 Q-Bl): 31 Q-Q5 P-N5; 32 Shiilie informed me that he had to my host as it was the first 

slder weekend tournaments lead KR-KI Q-Kl (ir Q-Rl;’ 33 ^ en nothing for an hour, and migatory fish to have been 

TtTV cFPnvn iamnenn to ^chancy results, although the p-KR-ti; 33 RxR. PxR; 34 R-I’.I, nothing was likely to happen, caught on that beat for some 

THE SKUUjND annual Aaronson j ls t of pnzewmers above .\*-K4; 7T RxP. and Black lost on None of the other rods bad time. 


1 congress, held last month at the demonstrates the opposite — time. He could just as well re- bothered to turn up. 
Harrow Leisure Centre, featured niost hold international titles, sign, for if 25 . . . N-B6 eh; 36 While. we were ta 
the strongest weekend open so 'y t V le Emerson, who does not, QxN wins. cloud began to con 

r«, in ..j n «k.vi.. defeated two ills. j _ ..... 


opposite 


time. He 


BOTH FOR 

; JUST „ 1S , oa ST-S3. ?ssa? JS 

niUoF A*5t>Vv by Hort and Miles who . both initiative and rarely wasting 
1 rank in the world top 20. ■ - moves which might allow an 

! Aaronson Brothers, the oPP^nt to regroup This week’s 

1 For full details of other sizes , game, his best at Harrow, fea- 

*. JL J _| c ■■■ . sponsors, promote British chess tures a real grandmaster plan 

contact smnon mcics in an imaginative and important on move 18 where a pawn sacri- 

01,24a sits way. All .congress proceeds go to flee fastens on weak points in 

1 w the Aaronson Chess Foundation, the black position and leads to 

which supports British players in a winning combination. Notes 
• national and International com- are based on Hort's own com- 

petitions. ments. 

I PhAI MATIFFG ^ he Aaronson Foundation has 'J 0 *? f&echoslo- 

U " WL 1 sent young players to Hastings. *&kta). Black: B. Kouatly (Leba- 

Lone Pine and the European D00 '- Opening: Grunfeld Defence 
: _ No. st 01 iKs junior championships, provided f Aaronson Open, 1978). 

a!L £ S- B Dt^ta? t, Liv«Sii J dESm funds fora weekend seminar for The opening moves were 1 

Registry. fSrwm ■■.v." in «i» maun- junior coaches, and arranged the P-Q4. N-KB3; 2 P-QB4. P-KN3; 
«r batbman pROTHEKs demoutiun Aaronson Masters where several 3 N-0B3. P-Q4; 4 N-B3. B-N2: 
ySfS'iigpP a1 ^ Mlt1er British entrants qualified for 5 B-N5. PxP fosual Y N-F5): 

itoUce m hereby given ihai a red iron iniernatiopal title norths. The 6 P-K4. (6 P-K3. P-B4 gives 
lor it* winding op or ihe aunve-nonwi Foundation also .sponsored 40 Black few problems). P-T34: 7 
ISTfi x]ectBd ^ i0TS meet the P-Q5. P-QN4: S P-K3. P-N5: 9 PxN 

's^m.\rv^ strong competition a! Harrow (9 N-N5, P-QR3!). Pxp; 10 Q-K2 
■pijutr hire, limited wtwse rmLv and watch the grandmasters in c h - K-BT (ambitious; if instead 

ured oracp Is situated 31 273 Susses Way. ac ,j Qn . Q.fcr2 t h e endgame is a little 

Londw. X.ls in Uie Cvuniv of tireaier acnon - W hltp\- ti fcKti 

Land™, and that the »id fvmion is The Aaron son Open first prize better for wnile) * 11 ®* K3! 
directed to be heard before Ihe Conn „< ri non 1. 1 Cattinr. the theme nf thic 


far held In Britain and probably 
in Europe. Entrants included 


bothered to turn up. Tweed fishing of course goes 

While. we were talking, high on until the end of November, 
cloud began to cover the sun and I hope to have another go 


Hort’s success reflects his con- 


W- 

s« S f rj'S: 

*• -f . •Stt ./.I 


ENTERTAINMENT 

GUIDE 

35- T B-»assr- JT«rsr' s%?. 


OPERA K misr 

. . i f. eNOLISH NATIONAL OPERA 

V ‘ jr d ; ’'j torTt. Tuc. and Fn. ne*t J 0 * 

f ^ U seraoMo <#"»! Berts'. W *0 7-00 pan 


AMBASSADORS. CC. 01-836 1171. 

Niflhtry at B.OO. Mat. Tues. Z.*S. 
Sal. 5.00 anti B.OO. 

TONY •ANHOIT. PETER CARTWRIGHT 
SLEUTH 

Ttie' World- Famous Thriller 
fry ANTHONY 5HAMER 
** Seeing the plar again is in tact an 
utter and total tov.” Punch Seat Prices 
£3.00 to 65 00. Dinner and Too Price 
Seats £8,00 Inc. 

ENDS TONIGHT. 


S3 


f S 0 Seraailo ' lAnaF'eerts'. ' Wed 7-OQ pan 
f . j ( ratio*. Thur. 7.30 lelanthe. 104 

» L'^"-U r balcony . seats »«•'■ 'or all perfi. from 

io o o ° n d * y ^ - 

-OVENT GARDEN.' -Ctr- 240. -1066. 
'iGardencharge Credfr CartL 836 6603; 


r>" j 


THE ROYAL OPERA , - 
DER RING 

DE5 NIBELUNGEN • ; ■ 
Owem Garoeo Proms In assn with wo- 
und Bank. Ton*t S.30 
700 Stalls prom Place* ai E2 await 1 hr 
toSore curtain-ep. C2SO of. tsese 
fpitodem* until 20 mins before CifrtJin- 

UD, TNE ROYAL BALLET ^ - 

Ttiur. A Fr». 7 JO Marcnhi s. 

CADLER-S WELLS THEATRE, ««e»7 
EC1. 837 1672. Law two DPrtS. 
A *e. tu- saDLER-S WELLS 

ROYAL BALLET ■. 

Today 2.30 6 7.30 BrouHlardf N«w 
(LSSSwian Ballet called 6.6.7B. P»ane. 
The Rake's Pmoress. 


For full details of other sizes 
•* contact Simon Hicks 
01-248 5115 


LEGAL NOTICES 


No. St of 1978 


POSITION No. 337 

BLACK (Tinted) 

IT LtZfJ > 

ri | lip 


11 


WHITE (11 men) 


and all of a sudden salmon there if I can stand the coJd, 
began to rise. Not many, but one which can be extreme. It does 
every few minutes, showing that seem to be becoming an Autumn 
the river was populated once river and this Spring did not 
again. We launched the boat seem to share the fantastic runs 
and started to fish all the most enjoyed by other East Coast 
likely lies, using as always rivers. Some idea of the change 
advised in these conditions the from Spring to Autumn on this 
smallest flies. b ea t was th e record for 1958 

The water was glassy, and it when over 250 were killed by 
was possible lo see the move- September compared with a 
ment as fish every now and Lhen ien th of that number this year 
followed the fly around in the so far. 

slow current Someone had once while I was there the nets, 
told me that if fish only follow which have by now been lilted 
and do not take, the thing to do of course, were catching a lot of 
is to increase fly size. “Sid.” I fish. So much so that they could 
said to the ghillie, ” let’s try a be bought wholesale for £1.30 
bigger one. twice the size.’’ With per lb from the legal netters. 


„ . ^ some demur he did. and I 

Portiscb v. Bilek. Hungarian watched him make the first cast. 


sr hire, limited wtwse msis- and watch the grandmasters in riL K-B1 (ambitious; if Instead h] S advaniace to a win’’ 

?°XT?S ,1 u!r l oliiS S flf S ureaiw ac,ion - Q-K2 the endgame is a little 

n. jv.i» in uif wjunu or vrMlfr u/hitAV* t* c vot 


The Aaronson Open first prize 


better for White): II B-K3! 


THEATRES 

ADELPHI THEATRE. CC. 1 1. 

Lut .2 Berts j^ N E W 4 7 ' m 

YpUR LAST CHANCE TO SEE 
THIS UNMUSICAL 

MUST eND TODAY 
CREDIT CARO BOOKING BS6 761 1. 

ALBIRY. 856 3S78. CC Wes 836 1071-5. 
from S JO a.nu Party' rates Mon.. TuM-. 
Wed. and Fri. 7^5 s.ra, Thufs- «» “«• 
4 JO end 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL S ART'S 

- MIRACULOUS MUSICAL." Fin- Tljws. 
*itfi ROY HUOO and GIULAN BURNS 
NOW BOOKING FOR CHRISTMAS AND 
.. THROUGH 1979. 


COMEDY CC- 01-930 257B. Rert. Price 
»iw. Octoher 23 A 24 8.00. Opening 
Wed- October 25 it 7.S«. 

BILLIE WHITELAW • 

T. P. MrKENNA In 
MOLLY 

by SIMON GRAY 


SS MtjJmcfS of Z ^ m went 'o the top seed Setting the theme of this 
Gwnw’s Hail, william Braun sti««. Hort (Czechoslovakia), who, Same: White is trying to create 

Liverpool, in Ihr Mcrrapnllian Cnumr with St OUt Of 6. pbjypri like the °P en Hl*PS for D 1 S bishops be- 

world ; till, ou.di.bte he U » >*«» m » ke »P “» 

of the wid coin pa ny desirous io support Following with 5/6 were - GMs castiin w . 

or op dow Ibe making of an order on ihe Forintos (Huncarj-), KurajJra 11 . . . PxX: 12 BxP ch, K-Nl; 

szstjs: rsri sjsr£ ^ 13 “ 

uni purpose and a copy or me petition (England),' IMs Botterill and R-h» ); 14 Q-Q2, B-N2; 15 

nil] he formsiKHi hy uie undmiiffieff to (Wales), Flesch (Hungary) and R-Ql, TT-R2? (now N-Q2-N3 to 

‘iSS'mtota'.STSS .« lIJnSw ILetaram) and mBfled f?' d “5„'* ca ,^Sn? 'ST rp.' - 

of the renuieted chai^ for ihe same. players Avner '(Israel) and ^ B-K3! BxBr), 

BERMANS. Emerson (England). P-B4 (now ir li BxBP, Q-B2; 18 

sssr-ar . The E ia nt .kiuin g feat c f ». « .2* iflEufs * 

llTarpwi e u 1 2NEL J ul Ca f P>B4 weakens BIack ' s P aw n«^ 

note —Am? persmi who intemh lo Julian Hod^on s acbievement of J7 b-k 2. Q-R4; 18 B-Q4! (less 

SSTMTa^VZ pfnes.’and Nunn In’u.V Brat ton ^ 

SSSiaS a 2 e S CThe ,n ™»il?lli« «a.e ««"* J" 1 then drawing with BtB?VqxB. QxQ; IVbxQ when 
rhe name arm address or in* person, or Tony Miles. UT. Rhodes Boyson, white regains the pawn with 
J U s? JSL^taSl ta?SS Sf MP ; CQnservaUve education advantage »; 20 Q-N2. Q-B3; 21 


PROBLEM No. 337 
BLAGK( 7 men) 


I I I n Mil 


■sni[]P)inv 


. r ; 


WH1TE( 9 men) 


“l a? u V IQ » ann 1 T h‘S brings me to another 
watched him make the first cast, point which has always puzzled 
There was instant success, and me _ Everyone is deploring the 
within 10 minutes an II pound failing off in the number of 
cock fish was in the boat. salmon and sea trout in some 
Strangely enough, much the fivers which are caught by rod 
same thiag had happened about and line. Every one. who is even' 
a month before. The same sort nne , l^ames the Greenland 
of atmosphere, no breeze and fishermen, the drift netters at 
fish obviously following the sea. and the poacher on the 
flies. After about an hour or river. Yet no one appears to 
this I had suggested he uses his question the rights of the river 
spinning rod, mine was not set and estuary nets to carry on 
up. and at the first cast a seven- regardless, 
pound fish seized the minnow why should not the activities 
and was played in without much of these people, often enjoying 
difficulty. Both these fish were hereditary rights, be looked at 
beginning to redden but have in the interests of the “common 
eaten very well. good. Conservation is fashion- 

Tbe interesting thing about able now, and there is no reason 
this was that atmospheric and why estuarine netting should 
river conditions appeared to be not have to be further controlled 
hopeless, no fish had been in the interests of improving 
caught for days. In both cases stocks, 
the fish had been taken in al- The benefits would be 
most slack water instead of in enormous overall. The capital 
the current where one would value of beats, their rents and 


JSP spokesman, gave away the prizes SX“ « «S fi S5B ch. White mates in three moves. ™ ™ EL-’TS 22 ! 

Md^st Bei wend. «r. ir pw4«j. must and stated hia support for more PxN; 22 B-B3. R-K5: but now against any defence (by Dr. R. JJfj 1 be ]y ™g and raten would go up fast, based 


be s«n w wist in suffin-m «« ; i®j government backing for chess. White undermines the props of Goette)- 
readi (he _ rwt wter uiani clir rent!v much less in Britain Black's badly developed pieces) 

XE NoveSbtr. S than in Western Europe and tiny R-K2; 22 N--X5 ch, PxN; 23 B-B3, Solutions, Page 14 


where the flies would work they are on catches. Overall, 
reasonably, instead of which stacks of fish would be bound 
they had to be stripped in all to rise in time. 


m 











Enter Gilgamesh\ The Merchant by Wesker Prometheus 


Interval i talks are one nf 
those acquired tastes 1 have 

never succeeded in acquiring. 

However, t do sometimes find 
jnyseir hearing one willy-mlly. 
through sheer inertia. Thus it 
was on Wednesday nighi. in 
between the two parts of the 
Rozhdestvensky convert. I 
listened to Christopher Booker 
expatiating for 20 minutes on 
The Quoting Hero « Radio* 4. 
October 11). Mr. Booker pointed 
ro certain features common to 
alt quesU in literature whether 
-they have as their object the 
holy grail, the founding or a new 
city, or the establishment of a 
secure, fertile rabbit warren (as 
in YV'afersfiip Dcuc it i. He showed 
how marriage, or union with a 
beloved partner, marks the end 
of the quest and the renewal of 
the hero, with whom we all 
identify. 

1 began to prick up my ears at 
this point because I had been 
listening earlier in the week lo 
Margaret Rose's play. The 
noire r of Jmmnrtalitu (Radio 3. 
October 8) which was a 
dramatisation of the earliest 


ANTHONY CURTIS 


story of a quest to have survived 
in literature, that of the 
Babylonian and Assyrian hero 
Gils a mesh, whose adventures 
preceded those of the Hurd b" 
almost 2.000 years. This play in 
its fidelity to the original resend 
fulfilled all Mr. Booker's require- 
ments for a vin‘age quest and I 
thought he musJ be going lo 
bring it out with a flourish ai the 
'end. But n«j. he concluded with 
Dante instead. Even su there 
was a strong case here Fnr some 
“ I'ross-trailinc ” between ihe 
two programmes if anyone had 
thought of it. 

Unlike Peter Pan who ha* 
been much on our minds »n 
another medium this week. 
Gilgamesh does not mind grow- 
ing up and accepting adult 
responsibility; but as a mighty 
ruler he objects to having to die. 
His quest which involves him in 
a wrestling-match with a wild 
man Enkidu who afterwards 
becomes his bosom friend, the 
slaying of a Gorgon-like monster, 
the navigation of a perilous 
river, and similar exertions, has 
for Its anal the plucking of a 
small plant which will confer 
immortality on him. Radio is 
right for the dramatic recreation 
of such a quest* because it places 
it firmly where il belongs, in the 
imagination of the listener. The 
danger, though, when you come 
lo dramatise and lo make epic 
heroes talk in common or garden 



t Indicia les programme 
in black and while 

BBC 1 

9.03 am Cut and Thrust. 9.30 
Multi-Coloured Swap -Shop. 12.28 
pm Weather. 

12L30 Grandstand: Football Focus 
f 12.35): Golf <1.00. 2.10. 3.35) 
Colgate World Match play 

Championship — semi-finals; 
Australian Rules (1.15) Vrr- 
lorian Foniball league Grand 
Final from Melbourne; Box- 
ing cl.351 Light Welterweight 
Championship of Great 
Britain: Clinton McKenzie v 
Jim Montague; Racing from 
Asml (1.50. 2.20. 2.50): the 
1978 Cricket Awards (3.10): 
4.40 Final Score: Classified 
football results. League re- 
ports, racing and rugby 
results. 

5.10 News. 

5.20 sport /Regional News. 

5.25 iVooJ Edmonds' Lucky 
Numbers. 

6.20 Dr. Who. 

6.45 Larry Grayson's Generation 
Game. 

‘ 7 JO AH Creatures Great and 
Small. 

• 8.30 Little and Large. 

9.00 StarsKy and Hutch. 

9.50 News. 

10.00 Match nf the Day. 

11.00 Parkinson. 

All Regions as BBC1 except at 
Jhe following times: 

Wales— 6.45 am Cut and Thrust. 
9.10-9.50 Wir I Chi. 5 -20-5-25 pm 
Sport - News Tor Wales. 12.00 New s 
and Weather fnr Wales. 

Scotland— 4.55-5.10 pm .Score- 
board. 5.20-5.25 Scoreboard. 10 00 
Sports cene. 10.30-1 lj)0 Scotch and 
Wry. 12.00 News and Weather 
for Scotland. 

Northern Ireland — 5.00-5.10 pm 


dialogue is that they sound' 
embarrassingly portentous in a 
sort of sub-Kipling manner with ! 
the actors putting on frightfully 
significant entires and lots of: 
echo fur back-up. 

Luckily the producer. Li. me ■ 
Alikin, seemed aware of this and ! 
used the rachophomc sound with * 1 
restraint, coaxing some good per- ■ 
formancos From her starry cast. 1 
Nigel Anthony is a fine, ex- 
perienced radio actor and he 
managed to make the Herculean 
role of Gilgamesh humanly 
credible with his combination of f 
manly courage and childish fear.; 
Stephen Rea is such another, 
coming over strongly as Enkidu. 
and after his death the Irish note 
/which represented here the 
supernatural) was sounded by 
the Ferryman of Denys Haw- 
thorne. harbinger of death. to 
whom Gilgamesh must even- 
tually submit, -and who also 
served as the linking com- 
mentator on the action. 

I suppose you would need the i 
genius of a Jean Cocteau to] 
make this kind of legendarr: 
assault-course moving and funny I 
as well. The only time we had ] 
a gleam of humour was in an 
encounter between Gilgamesh 
and an ancient kins who has dis- 
covered the secret of immor- 
tality and obviously hates it. 
Thanks to a neat performance | 
as this weary monarch, very anti- 
visitors. by Harold Racket. the! 
switch to comedy was welcome, i 
Paddy Kinaland was in charge 1 
of rhe effects and he devised j 
some suitably Sumerian twang-: 
ins and hanging. 

fine of the pleasures nf radio l 
drama is being able to listen j 
from time to time to Dame Flora 
Robson. In July nf last year! 
she appeared in a play about an ! 
c-Id^rly nun. Sister Hiatt's j 
Nightingale: wc have had to | 
wait until this week to hear her ' 
again, in a new plav by the same ! 
author. Charlotte Hastings. The 
Soft September Air (Radio 4.1 
October 9) conceived of Dame! 
Flora as a widowed writer livins ! 
nn her own hut within rnnee oF j 
the campus of a new university. I 
She agrees to take a trio nf , 
students in as lodgers for the , 
year and thus becomes involved 
with the hans-ups of the younger, 
generation while they experience \ 
an unexpected cushioning . 
against reality from her i 
presenre. ft was a promising i 
beginning but somehow, even I 
with a helpful production hv ! 
Graham Ganld and a lively cust . , 
ii did not work nut as well a* 
the earlier plav.' Andrew Branch 
wns the civilised romantic 
student who falls more than half 
in love with her and Kenneth 
Shanley the red-haired radical 
whose girlfriend smashes uo thpj 
lady's lovely home. In so He of 
their efforts and Dame Flora s 
impeccable concentration the 
mixture went soggv .and tasted 
disagreeably sugary. 


Scoreboard. 5.29-5.23 Northern 
Ireland News, 12.90 News and 
Weather for Northern Ireland. 

BBC 2 

*3.3 pm Saturday Cinema ‘'Post- 
man's Knock” starring 
Spike Milligan. 

4.30 Horizon 

5.23 Play Sport 

5.50 Network. 

6J0 The Old Grey Whistle Test 
featuring Jtthro TulL 

7.05 News and Sport. 

7.15 My Music. 

7.40 In Performance ‘‘The Felle 
of Amherst." play hesed nn 
the life nr Emifv Dickinson. 

9.00 Golf; Coign 'e World Match- 
play Championship ( high- 
lights). 

9.50 Francois Truffaut Season; 
•‘.Anne and Muriel" starring 
Jean-Pier re Leaud. 

11.30 News on 2. 
f 1 1.33 Midnichl Movie: “Home at 
Seven” starring Ralph 
Richardson, Margaret 
Leighton and Jack 
Hawkins. 


LONDON 


8.50 am The Saturday Banana 
with Bill Oddie. part J. 8.55 
Sesame Street. 9.45 The Saturday 
Banana, part 2. 10.15 The Monkees. 
10.45 The Saturday Banana, part 
3. 11JW Taraan 

J22JD pm World of Sport: 32.35 
Headline: 1 15 News from 
TTX: 1 20 The ITV Seven— 
1 30. 2.00. 2.30 and 3.00 from 
York: 1 4->. 2.15. and 2.45 from 
Ayr; 3.10 International Snorts 
Special — Australian Rules 
Football plus Amateur Box- 
ing — USA v Cuba from 
Madison ‘“'quart: Garden. New 
York; 3.50 Half-time Soccer 
Round-up. 4.00 Wrestling; 4.30 
Results Servce. 

5.05 News. 

5.15 Cartoon Tme. 

3JW Happy Days. 

6.00 Mind Your Language. 


The Uerdinm rtf Venice has 
been a drain on the modern 
theatre's liberal predisposition 
ever since Stoll's famous essay 
denouncing it* antj-scrnili.srtl. Jn 
recent years. Jonathan Miller has 
found unexpected richness by 
establishing Shyiock as a con- 
temptuous participant in 
Edwardian mercantile society, 
while Charles Murowuz has 
attempted to re-work the play in 
terms of contemporary military 
Zionism. 

Arnold Wesker's suhilc re- 
tt-ritiag at the Birmingham Rep 
achieves a double and wholly 
unexpected triumph. It suggests 
that Shyiock, a dispenser of 
enlightened intellectualism in the 
Venice ghetto, at the very centre 
of an under-cover refugee opera- 
tion. is the true Jew. a man 
steeped in the literature of the 
past, whose business interests are 
only a means of maintaining a 
tradition of humane Judaism in a 
Philistine society. It also estab- 
lishes the merchant Antonio a« 
the conscieDce-ridder centre of 
activity, a cherished colleague 
who satellites Shy lock's bookish 
pursuits with a mixture of 
admiration and awe. 

In one sense, this is familiar 


THEATRE 


MICHAEL COVENEY 


Wesker territory, many of Shy- 
's nek's long speeches echoing the 
trust in knowledge as a passport 
to civilised life as expressed at 
the conclusion of Roof* 

■The first net or this complex 
play, seen briefly on Broadway 
last year. is. however, alarmingly 
iindraniatic. We encounter 
Shyiock dusting down his care- 
fully preserved library In the 
company of an Antonio wracked 
with guilt over his professional 
exploits. Shy lock’s table is a 
meeting place for artists archi- 
tects and travelling playwrights 
He agrees to a “nnnren-'e bond " 
over the loan nf 3 000 ducats to 
Antonio, who need- the monev. 
a« in Sbakesneare. fnr Bassanio’s 
vi ei * to Portia and her cskets. 

The lads oF Venice— Bas<anio. 
Lorenzo and Graziano— gather 
to dispute the meaning of 
nobility and power, their puny 
arguments exploded by the 
alien in their midst, whose 
religion land religion, he savs. 
■■ is" the condition of being 
Jewish " i and learning entitle 
him fo do so. 

Portia is a Frighteningly sen- 
sible girl, played with shining 
luciditv by Angela Down. She 
is both well-read and practical 
ahout the future (“We have nn 
soul without labour"), tier 
unravelling of the conn -room 
climax Is a mere matter of 
common sense, unhedgpd by 
manly disguise or flowery 
sentiments. And she knows, as 


130 The Incredible Hulk. 

7.25 Bruce Forsyths Big Night. 

9.13 The professionals. 

16.15 News. 

10.30 Twist in the T3le. 

lias Saturday Nieht People. 

12.10 am Another Bouquei. 

1.10 Close; A German landscape 
and music by Richard 
Wagner. 

All IRA Regions as London 
except at the following times: 

ANGLIA 

"00 am Cartoon Time SIS Th- Riih- 
hll'-s. "JO TV- \.-tt W.-rk Show 5 -IS pm 
ITow (he VVVsi won 6-55 Mild v«nr 
Lunguasx. 30. JO tVMvnr Cnm.'.ri. 
1240 am TV Scare! T-.t-v 12- "0 a; th*' 
End of the Day. 


".10 am Home Produced "..*5 Fo-u« 
no Socevr. 1005 The T.osi island ID JO 
Tiswas 545 pm SpUlennaa. 5.30 Tk* 
Rlonit* Wimun. 0-35 Doctor on th* no. 
LSI Mind Your Language. 10 30 SaiUMu? 
Cinema- “ Wail Until Dart," siarnni 
Audrey Hepburn. 

BORDER 

5.15 pm How the West Was Woo. * 33 
Mind Your Larunuae. tlOJO Film “ The 
Bare loot Cnntessa. " starring Ava Gardner 
and Humphrey Bnaart. 


JUg? 




pm 


Angela Down and Tim Hardy 


well as does Antonin, that the 
man she is ro marry is “ one 
••f whom it can only be said that 
he’s there." 

Christopher Morlcy's stunning 
design, a series of Venetian 
projections on a right-angled 
background, moves at the press 
nf a hutlnn from crumbling sun- 
baked porticos, to tree-lined 
Belmont and the penciled red 
mum of the court wher-* Andre 
van Gyseghem's magisterial doge 
presides over a poignant reversal 
of Shakespeare’s scene. 

Il is Antnnio who insists on 
the enactment of the pound of 
flesh, having lost his shins and 
his ability to pay up. Shyiock 
remains "silent, until the petty 
oratory of Lorenzo, blathering 
on about Jews and usury' 
weakening the fabric of Vene- 
tian life, is blasted by David 
Swift's magnificent outburst 
proclaiming that his humanity 
is a right, not a privilege. The 
irony is that Lorenzo is a: this 
point speaking Shakespeare. to 
whit the “ Hath not a Jew eyes ’’ 
speech. 

The law takes over the 'final 
denouement, but cannot destroy 
the central friendship of mer- 
chant and scholar. By this time. 
Shyiock is talking about Jerusa- 
lem. and Antonio is premising tn 
visit the potentially firecracker 


"J0 am Dii"Tor! "J8 Ten or Saturday. 
".*5 lassie. UUS Bunns:! *p.iri !• M3) 
riwa« U.15 Barman 'Win ?*. 1130 
Pup Son! 1135 T n »i on Smurday. IX.®) 
F'.kr Mantras UU0 pm Pop cy. 12.20 

T<-n on Saniriay. 545 Hw :hr w.*at 
Woo. 4-55 W’ui Ymir Lao :naa*> lfl-30 
Rum Cranbv- His Lifo ar.d 
MTV Cymru /Wales— As HTV r. v ntral 
Service ■■*c*-pi : 4-55-7.25 pm Sion a Sian. 


SCOTTISH 


".00 am F unity PhuiUam 1130 Th*> 
"•ram Woman 545 pm Huw llw Weal 
W..< Win. 4 55 Wind Your Ijmaiuice 
ID 36 Rina CroahT— His L:fi and LegL-nd. 
12 . 25 am Ure Call 


SOUTHERN 


CHANNEL 


ENTERTAINMENT GUIDE— cont. 


U4B pm PuITln'i Plamw 515 Cannon- 
Hitw 530 Ttw Life anif Times at Crtntr 
Adams. 4.30 Huppv nay» 4.55 Mini 
Your Lantma^e. 10.30 F^aiur*? Film; 
•' The tiroup '* 

GRAMPIAN 

",B0 am Snen* an Sarurday ;rj:luiir.5 
Rtrtiway and Th- S^cr--: L:v-:s 

of Waldo Kliiy. "JO S- sam- S:r«l. I0J0 
Thn R->aeheoTnber? U.D0 T-irean. 12.00 
Ttio Monkeys. 545 pm How tin W-si 
U'm Woo Inllowi-d br Area Wi*.i:h. r 
Forevasi. Highland Leaeu- and Shimy 
Reou/rs 4.55 Mind Vaor l.jrcna^. 
12. DO am RvR(>:riwV5. 12 15 Xuhi C! a tiers’. 

GRANADA 

"J0 am Fo'vs an Soccer "35 Sesame 
Slwi. 4 11.00 Salurda? Mann-e ■■ Tie 
l^nd UnJmovrn." 515 pm Hir' the w- >t 
Was Won. 4.55 Mind Your Ljn^li.u-. 
10 30 .Mi Andi'-m-e vijb Jasmr Carnri. 
U. 00 The Lai" Film: *• The Group. - ' j:ar- 
rlna '^indict Btrrayn. 


THEATRES 


835 am Tarzan. 11.30 l.'iran - " Hun. 
1127 pm ni menal V. L.nlar Forcoasi. 545 
tiftw lh" W»"l Was ".Von 435 Mind Vuwr 
I. d-icuate. 1215 am Havoc. 12^ Southern 
.Yea - *. 

TYNE TEES 

"JO am i.jn’s Lnok-In ".05 Th» Six 
JPIJmr Dollar U.m. 9JD Th-.* Gene 
Machine. 30.20 l.yn's LouV-tn 13 JO The 
Saiarday Murninc Film- ■■ The Helicopter 
"’iips " *tarrinc Rnh--r' Vsiu'w and Dav d 
MrCalhun 1215 pm Lra's Looh-In 5.15 
Hen- the VfMi Was Won 435 Mind Vrur 
Lanmacc 10 30 ”.papvi on a rawin '’ 
siarr.n; Sven-BcrUl Taubc. 12.20 am 

Ep'iOBUtr. 

LO.STER 

19.00 am s^mrdsy Mnrninz Mn-rte: 
*• "ift'R^ Pr*i:y.“ *:-arr«rc Ruber* Yonnc. 
Mibp-hi O'Jlara anl riifiroi Webb U.30 
S.-siti" Xtr-et 5.00 pm Snnrts **es»n»" 
5 15 lfo-.v the West We; Wen. 435 snnd 
Ynnr Laisua^". 10 39 Fcamre F'lm. 
•• pimpe- nn a Ch.iin.' 1 siarrinu Sven 
B-rllil Taub J 

westavard 

9.05 am T h »- Rnnra-a*-s "30 Sor— val 
10 20 S.ihirda# )|nrnin< pirrvr? ShnT - 
' xlnca-T- 'a> S>vi..; sumw Joha 

Mill'. H35 lAit: and fc'-e 12.09 Fu-.tis 
nr, Fnc. Pr. 12 25 pm Gii* Hon ,, il)ii""s 
Ri—h'la.'rs. 515 lliniwn l-m.* 5-30 Th- 

l.ile and T.nifs of n-.Tsly Adams. 4.30 
rl— D*- Days. 4 59 Mind Your L-insUnM. 
IB *0 r-ni-ir- Kl’m -Tn. nnnn " snr- 
r'i; Candici- Bergen 1 DO am Fatih fur 
Lite 

YORKSHIRE 

" DO am Th-. Amarine dian and itw 
f'h.ir. Cbm "JO Ssa-.e flhost and Dmo 
Po>. 1015 Th.- P d p"r LartJ. U.M I'^-le 
H 515 pm How mo Wes; Was won 


THEATRES 

DUCHESS. 836 0243. Mon. tn Thun. 
Evenings 8.00 Fit.. Sat. 6.15 and 0.00. 

OH' CALCUTTA! . 

"The nuflttv is siunning." Daily Mail. ; 
9;h Sensational Year. 

DUKE OF YORK’S. CC. 01-83G &'l22. 
Red price previews tram Oct 10 Mon. 
to F<-<. B » If 5a: S SO and a.3Q. . 

Oeens Nov. 1st at B o.ui. 

TOM FELICITY 

COURTENAY KENDAL 

CLOUDS 

A CaewdY b y MICHAEL FRAYN 

DUKE OF YORK'S. CC 01-836 5122 ! 
SW PertS.. Ends Ttmioht. 

BEST OF THE FRINGE 
"Cron Incontinence el the 3rd Kind'' 1 
7.SO - 

■■Hamakjnoayoricli" 

l-'s the Cambr'dge Pevue O 30 I 
£2 per show. £3 50 SO*n «nowc. 

DUKE OF YORKTir^CC O' -836 sTif : 
Tours. -Sal. S«>. P«r Is final Week. . 
BEST OF THE FRINGE 
— Nsmntiesl Girl In Ihe SehocH" 

930 

“Channel 4" 

7.30 

CJ ser sh ow. £3.50 boro sn<w<. i 

FORTUNE- B3G 2238. Eves' B Thurs 3 
Salurd’y 5 and a 

Muriel Pavlow as miss mapplE in , 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAO 

GARRICK THEATRE. CC. 01-836 460! . j 
E«nt 3 00. Wed. 3.00 Sal S 30 8.30. I 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAO'.D PINTO'S 
THE HOMECOMING 
"NOT TO RE MISSED " The Times. 
ikt ! WEEK«. SEASON MUST END 
OCTOBE R 2 1 st. 

^B.o^-I^n 4 ^ 1 7* p ;r?ss, 

^'de'nnVqUHAFY MJA LEVIN'S I 

A New Thriller- Dlrettert bv 

MICHAEL BLAKEMOPE 

•h nm THEATRE. Ol -a T ? ISC’. 

Ev 5 "- a isw-t. 3.00. Sa(. 6.00 8 41. 
PAUL EWiiNCTON. >LIL-h McKENZIE. 
PA UL E IAMIN WHITROW 

am < Cornea* 

TEH TIMES TABLES 
•• This must be the taminrt 

njova We*' , even 

KiMS TSrSSf: 

««« V&igf Tafc 0* M * 

A Comco* o! Tharnlon w.iper 


THEATRES 

HAYMARKET. 01-930 9832. Evs. 8 . 00 . 
Mas. wnd. 7.30.. Sats. 4 10 and 8 . 00 . 
GERALDINE McEWAN 
CLIVE FRANCIS 
NIGEL STOCK 

PETER PAUL _ 

BOWLES HARDWICK 

and FENELLA FIELDING in 
LOOK AFTER LULU 
by NOEL COWARD _ 

with GARY RAYMOND 

GREENWICH THEATRE. OI-SSB 7755. 

Prev Oci. 18 8.00. Opens Oct. 19. 7.00 

Sub evpt. O.OO. Mat. Sat:. 2 30 
AN AUDIENCE CALLED EDOUARD 
b y David Pownaii 

LYRIC THEATRE. 01-437 3686. Evs. 8 00 . 
Mat. Thun 3.00. Sal. 5.00 and 8.30 
JOAN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 
by Eduardo Fllllppo 
□ ■reeled bv FRANCO 2EFFERELL1 
' TOTAL TRIUMPH " E. News “AN 
EVENT TO TREASURE." D. Mir " MAY 
IT FILL- THE LYB'C FOR A HUNDRED 

YEARS ' Su-idJT Times 

MAYFAIR. s"2 5 3hj^r E»S- 8dV Sal SIO 
and 8.30 Wed. M^ts 3.00 
WELSH NATIONAL THEATRE CO 
DYLAN THOMAS'S 
UNDER MILK WOOD 

"A delight." Gdn. JO' n US Nov S lor 

the 25m Ann.v-— jrv P»rty. ShowIBuffet- 

Wine £ J O 

NATIONAL THEATPE- 928 2257 

OIIV 1 ER .open M*«-: Tooav 2.45 and 
7.JO. Men. 7.30 Hast perfs IP'S mrjmhl 
T HE W OMAN new play by Eaw*rd Bn no 
ITTTILTtW 1 nr^rentum Yndav 

3 and 7. 45 THE PHILANDERER bv Shaw 
W n. 7 45 Plunder. 

COTTfeVO* .small auditorium #■ Eves. 8 
until 07 21 AMERICAN BUFFALO bv 
Dsvfd Mamet. 

Man* e«c<*'Ienf 'bean sears all 3 rheatrei 
d*y of Perl Car par*. Restaurant 928 
2033. Credit -ard bdtXtlnflt 928 50 52 
OLD VIC. 928 7616 

PROSPECT AT THE OLD VIC 
TWELFTH NIGHT 

Eileen At! ms - a superb Viola." The 
Times Robert Eo-rison "brill. am Feme " 
Guardian Todav 2 30 & t.jo. Returns 
October is. 

Oer-k JkodI >n iyanov 
C hehhby"? ;nm«ov with Cfl*E Arrlnflelt 
Brcnrt* Bru.-e Micna*! Denison Lod.se 
Purnell. Join 5<ndent Jan» Wvmark. 
••Jacobi's tOumn-, - (j Tulcnrann. Mon. 
Tam »r1 7 30 

THE LADY'S MOT FOR BURNING 
Dcre* Je.-opi "eisy and vrrile au'IMrlfv “ 
l Stvndvrn EH^.-m Arlnns "rlverlnq 
pncslt*' II itc *v " Financial Tlmci "A 
■aem y a drr“orn-ince from flcMrf 
Er*d ms Vi-.hl* 1 !>-nlwn. Jnhr 

_ *rri Br-n^a Br.ic* |-»9 up I s " 
I aug ns " Guard ar R si urns October » 0 


OPEN SPACE. 387 6969 Krappi Last 
Tape and Endgame by BECKETT. Pre.. 
Tues. a. opens Wed. 7. Subs. Tues. ts 
Sun. 8 dm. 

palace. cc. 01-437 6834 1 

Mon.-Tnur. 8 . 00 . Fri and Si:. 6 .O 0 and 
8 . JO 

_ JESUS CHRIST SUPERSTAR 
by Tim Pice a»d Andrew Llo rd- Wehcyr . 

PALLADIUM. ~ 01-4 37 7373 

Oaenlnq Dee. 20 »or a Season 

DANNY LA RUE 1 

as "Merry" wi'or Twanvcr ,n 1 

ALADDIN 1 

ALFRED MARKS -s Eaeneier I 

Dllvs WATLING Br-jn MARSHALL , 

and V/AYNE SLEET 
Preview Deccrnae- . 9 a: 7 33. 

PHOENIX. DT -a 36 2294 E.en.nqs at S 1 S 
I Mats. Wed 3 0 Satur4.<vs 600 and f JO 
-TIM BROOKE TAYiOB. GRAEME 
GARDEN m»l. ■ n: "yubh O Mail 
_ THE UNVARNISHED TRUTH 
T»< Hrf rsmtdr t. wa--" «rrr-N 
" LAUGH WHY I THOUGHT 1 WOULD 
HAVE DIED" S-.n-av Time* ‘ SHEER 
DElir.MT" E. StandJ'n. G>Qr.iOU5 
CONTiNUr-n* r AIJC.HTE" ' T.r^es 
LA ST WEEKS' ENDS NOV 4. 

1 PICCADILLY. Ft-cm 3 30 in 437 J30S 
Creni* CirrH 336 10TI i.lpn -Tnur*. 3 03 
Fr.nav i, Saturday 5.00 a IS A.r-ce-id 
■- Dominating nn jn'toiy-ri guF ‘3 an: 

1 humour, me BROadwav *taB p E«P. 
SYLVIA MILE5 

"Towering Oa>'* Mi.l 

VIEUX CARRE 
By TENNESSEE WILLIAMS 
‘ - Wprhs live mifiic ■■ rinanr.ai Timn 
| -- There Has hard.. be"n - mare lofij'rint 
e-eninq m :"•? West End . -he BEST 1 
COMIC WRITING IN LONDON." Ob* 1 
“ Sc* running I've an e'ectr-r current 
FT. SEASON ENDS NOV. 18 

PRINCE EDWARD. CC. Of-4 27 SB 77. 
Evenings s no. Matinee* Thurseavs ane 
SaTurd>ir* at 3.00. 

EVITA 

1 by Tim Rice anr| Andrew Lid»7-Web9er 
O.re-ited bv Hare Id Prince. 

QUEEN'S. cT 01-754 IT 6 S 

Evfjs. ? 00 Wed. 3.00. Sa: 3 OO. 3.30 
I POY DOTRICE. GEORGE CHAKIQI5 
RICHARD VERNON . AMES tflLLIERS 
THE PASSION OF DRACULa 
- DAZZLING." Standard •• hideously 
EN lOY ABLE AND GENUINE TEBPOP ' 
S. Tunes. ■' Gnno CLEAN GORT 'UH ' 

. S Mir *■ MOST SCENICALLY SPEC- 
TACULAR SHOW IN 70V/N " Punch 

RAYMOND REVUEBAR. CC 91-734 1393 

A: 7 pm 9 Pm. 1 1 an- Osen Sun* 

PAUL RAYMOND snjsrnts 
THE FESTIVAL OF EROTICA 

Fltr, 

2UI SENSATIONAL 


• THE ATT) ES 

I REGENT lOvlord Cirrus?. 01 - 6 ST 9BSZ-3. 

1 Engs. 3. JO. M.-Si Fri and Sal. 6.00. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL, 

"A 'tine Financial Time* 

'■ Smart, swell show ■■ Daily E«ure*a. 

'* Sr enlo-nhlc." Sunday Time*. 

" Lvr,._s nave mere ^Tncance 
I than those far EVITA 

Mus'r mere bite 

. tnan that ol ANNIE ' Sunday TNegraoh. 

I Credit Cara PogV‘rgs— *eau Irom £4. ■ 

I — - - — — 1 

I ROYAL COURT. 730 174S Evd. 8 . f 
I Sat. 5.90 an-* 5.70 Mu*- emt N}/. 4. - 
| HI COL WILLIAMSON _ , ) 

A rlr- .e-e o.-'orm.l*" D Td. 
INADMISS'BLE EVIDENCE i 

' “his is ane a 1 th* Ip-v o-e* f - olivs 01 1 
the cent-jry." D Mall- 

ROYALTY. CC 01-40S 8004 • 

M vitfav. Thiimavv evenings 8 00 Friday 1 
S 50 and B 45 Saturday 3 00 and 8 00 
Lar.don rnn« Veie 
SUBRUNG BROWN SUGAR 
Best Musical d! 1977 
Tel bpgsings acteuicd Maior credit 

Pestaura*: r« ot- 405 ZAie . 

SAVOY THEATRE bT-BlB^BBaS ’ 

Cr-di- cards 714 4772 Ten Conn in 
WHOSE LIFT IS IT ANYWAV7 
A MOMENTOUS PLAY I URGE YOU 
T3 SEE IT" Guardian. 

Evgs pt 5 00 . Fn. and Sat. 5 45 and 8.45 ■ 

SHAFTESBURY. CC. 01-836 6S1 e -7 | 
. 01-516 :25E Evgs at 8 15. Msungef 
TI>-irs 3 S. 3.00. Sit. 5 OO 8.30 
| TEPENCE STAMP In 

E0W4OD GOBEY'S 
! CRACULA 

—tn DEREK GODFREY 
'•ABSOLUTELY STUNNING" 

STRAND. 01-036 2660. Evenings 8.00. 
Mat Thurs 3 Qo Sals 5.30 and B.JO 
NO SEX PLEASE.— , 

WE'RE BRITISH „ 

LONDON S LONGEST LAUGH — . 

OVER 3.000 PERFORMANCES I 

ST. MARTIN'S. CC - Ol .836 1443 
I- as. 8 00 Matinees. Tues. 2 4 S. Sau 
I 5.00 and 8 00 

AGATHA CHRISTIE S . 

THE MOUSETRAP 
Y/GRLCS LONG2ST-EVER RUN 
26;h YEAR. 

talk of the town, cc oi-73a S03> 

Air-O-iJrionc.! Frcm BOO D.n.ng 

Dt'c.r.-} ? jo. SUPERS aei'Uf ; 

RAZZLE DAZZLE 

47 11.93 PETER GOROENO 1 

THEATRE UPSTAIRS 730 2554 F nn 
P.—1 Tan';. j- t irn.gre and i«n lit 

NIGHTFALL o. Da.-o GaW 


domestic bearth of Portia and 
Bassanio. 

At the interval. I 'wondered to 
what extent the play would 
relate tn a non-Jew is h audience. 
In th; end. 1 feel it to be a play 
of considerable merit, warmth 
and importance for all. The 
director is Peter Farayn 

; Bubbling Brovni Sugar ’ 
director to take over 
lead role 

The replacement for Billy 
DameL". who has left the cast 
of Bubbling Broucn Sugar, is 
the man who knows the role 
better than anyone e_lse — the 
mus'cai's director and choreo- 
grapher. Charles Aug ins. 

Angina played a major singing 
and dancing role in the show at 
the Royalty Theatre, for the 
first three months of its run. He 
rejoins the cast tonight. 

CHESS SOLUTIONS 
Solution of Position No. 237 
1 KxP! ISf-KS (if NxN: 2 BxB. 
KxB: 3 RxP cb wins easily);- 
2 RxP! B-Rl fif NxQ; 3 RxB ch. 
K-Rl; 4 RxRP dis cb. K-Ni; 5 
N-K7 ch); 3 N-K7 ch. RxN: 4 
R-N7 mate. 

Snlmion of Problem No. 237 
1 Q-R3. P-K4; 2 R(B4)-K4, and 
mate next move. 


8JS Mind Your Lanjuacn. XD.W " Puppy t. 
on a Chain." "isimtus SvcB-Bcrtil Tanbc. 

Radio i « 7ra 

(SI SterYddhon lc bnatfcafl 
t Median Want 

5J8 am as Radio 2. *.D6 Ed Sieirart 
'•■■ih Junior Choltv IS*. U.M Prtcr 
ux pm Hot*- on is i 2J0 pau) 
■'•amti^pcini 'Si. 5JJ H‘s Pock ‘o’ Roll 
■ S* 6J8 in Concert <S* rjO-lW am As 
Radio 2. 

RADIO 2 bSOOm and VHF 

5.00 am Summary SJ2 Torn 

Edwards >S> includmu 1 03 Rarin? BuHe- 
1 UI 8-06 As Radio I. 10.02 Cnlf: CoLxaic 
World Match plat suml-finals 'rppnrl*. 
1QJ5 Ton; Brandon (S' im-tallnc 11.02 
Holt i fnnh.-'r rppom 12JB om Cnlf 
'linen nrwsi. 12-05 Two’s Bt-st >Si. 1.02 
The Ch'fky Oiapot-r: Tira-parr proSJ- of 
Mas 51 !l>r XJ0-5J5 jDorl on 2: Football 
Li -a cut Special 1J 34 .- 1 85. 1M. J.43. 3.4S'.: 
Golf i] 90. 2 «S. 2.33. 4 S0< Odaate World 
Maichplay Champlnnshlp—sumi Onals: 
Riichr 11.30. 2.05. 2.45. 4 »i Enaland XV 
v. ArK-mins: RaHna rrotn Ascol it.SO. 
2 00. 2 73 with a cIassiH“d check a( 4 Sd'.: 
5 JO Sports Hupari' Cla^lfiod FooihaB 
ch'-rks nr 3 00 and 5.43: Rndiy Round-up 
5 25. 6.03 Europe ix wi'h Nordrlnc R.ipnd- 
sbniit. 742 B^ar ®p Record. 7.30 Radio 
2 Top Timas (S* IJ5 John Leslie plavs 
jhe irrnrtihm iS». E.JO Don l.u.vhcr 91a 
Band In Band Parade (S>. "JO Saturday 
Y'shi with ihe BBC Radio nrohosTra (Si. 
11-02 Snorts Heart U-10 Polar Wheeler 
Wllh Th- Lary Show «S» inelndloe 12-80 
News. 2.00-2.02 am News Summary 

RADIO 3 464m, Stereo & VJTF 

♦735 am Woollier. 8-00 N“WS. BOS 
Aiihade »Si. "-00 News. "45 Heco r d 
Ron-iv' >S> 19-15 Ki..t"o Release 1 S 1 . 

11.40 BRC Sco'ilsh Srmntionv Orrhemra 
'Si 1.00 om New* 105 Ed«h Maihls 
i-'iij: rent*! >"». 2.05 Man of Act ion: 

Sir Fob^rt Mark chooses records iSi. 
313 RasiraPr Banwine iTmcort. part l: 
Han+d Br'Hra. Barb »S> 4.85 

P-.’d'ns. 410 Oonwn nari i. Rartijrt- 
P*ircpll 4 5" JiK Rorori Punuesn >Si 
5 PI D"r Rinj drs N'h-tunavn' Movie 
H-ima in ihriHi Arts bF Waj^iHr- '* GltNy-r- 
riSmni-rua: '' A-t 1 TJ5 CrlHcs' 

For* rm. inr? 1 S Iff rtnlmuiS rn^rtma, A-T 
C -S’. ".20 Cnilcs' Fonrm. p'T* 2 "-55 

iT.-.i>"-1.i*nm«"-iinF. 3 >S>. UJS Pomos 

nn phn'oernohr. n tn Nevrs 1150-1135 
Tn"'rh''« S/'-'.hnri Sone 
R>dla 3 VHF Only— 4J8X8.08 am Open 
University 

RADIO 4 

434m. 330m. 285m and VHF 

6J0 am News bJ2 Famine Today. 


THEATRES 


■The title of The Living 
Theatre’s Prometheus is some* 
times given as Prometheus 

Changed.- and change has been. 

Its lot since it opened at the 
Olympia. Dublin lo unsym- 
pathetic notices. An hour had to 
be cut before the first night, and 
almost another hour later on. 
when it rah three hours 20 
minutes plus. (What the plus is, 
1 will explain in a moment). The 
most uokindest cut of ait wan 
Yesterday’s performance, whicn 
was cancelled because, the 
Festival authorities say. the 
attendance figures and advance 
bookings were so low. 

The sliver- lining to this cloud 
is thar Estelle Parsons, who has 
been giving her one-woman Show 
.■Miss Afarparfda'." Way at the 
Edmund Burke Hall of Trinity 
College, can now give it at the 
Olympia today to a . bigger 
audience. Miss Farsons and 
Julian Beck of The.. Living 
Theatre exchanged affectionate 
compliments over the matter. 

Prometheus is unusual in The 
Living Theatre’s repertory — a 
whole act is played in modern 
dress with modern dialogue. The 


DUBLIN 

FESTIVAL 

B. A. YOUNG 


first act. more characteristic, 
deals with a moral issue of 
Prometheus’s theft of. fire from 
the. gods. It is fnff of poetic 
rtiTression 1 : not a'ways easy to 
| follow, and the classic story is 

1 foiinri m Include referenre* m 

Aeschylus. Pythagoras, the 'No> 

I Theatre. lo (the lady whom Zeus 

1 turner! in»o'a cowl and Mahatma 

j Gandhi. Often interesting to look 


at on Its complex set of scaffold- 
ing. its progress is too random to \ 
make -tbe emotional impact- 

intended. The audience is closely l 
involved; there was a girl in my j 
seat when f arrived, bound hand j 
and foot with a" black silk cord, 
who bad to be released before] 
sbe could take her place on thej 
stage. , . Players, some of them 
stark naked, wander about the 
stalls, 'sometimes with urgent 
messages For us. such as M .We 
will change the wind!” . 

The second "act reveals 
Prometheus' relevance. It deals 
with the conflict '■ between the 
Communists and the Anarchists 
ai the time of ihe Russian 
reyolution: Lenin is Prometheus, 
and the fire is workers’ power. 
But just as. fire brought distress 
to the world (** Who will pay my 
light -WH? My gas-biU?” Eo waits), 
so; Lento- brings- distress to the 
workers, specifically . to. the 
Anarchists, who bad hoped to be 
involved in the new order and 
found themselves in prison 
instead. Lenin. Trotsky, the Tsar, 
the Anarchists ' Em nia Goldman 
and Alexander Be r km an — they’re 
all there. _ 

But the core of this act is a 
representation of the storming of 
the Winter 1 Palace, for which 
extras are invited from the 
audience. The'- audience when I 
was there was sparse . but 
intelligent, attentive and patient, 
and a score of volunteers were 
' easily found. 1 

The third act is short The 
company, perched at. the top of 
the scaffolding.- annonnee that 
they are going to the Ministry of 
Justice for a - silent vigil to 
pretest. 'against the building of a 
prison for young teenage 
delinquents. . . They then . pass 
through the house and out into 
the street to do that thing, 
followed by the right-minded 
members of the audience. This 
is the plus. 


Barry Manilow 


"You’d better ring vour baby 
sitter and tell them. you’ll be late 
tonight because we are going to 
give yon everything we've got.” 
said Mr. Manilow 'as he creaked 
on to the staee at the Palladium 
this week taking like a cross 
between -a wooden puppet and a 
peroxide parroL It was pure 
moonshine, of course, because 
the "bow went according to the 
computer and we were pulling 
ourselves together after little 

(more than two hours, interval 
included. 

| Yet although you think you are 
> going to be nasty ahout Barry 
[Manilow. the lalest leaf, of -show 
|bjz legend, by the end the way 
he fails to be completely plastic 
and programmed is rather 
endearing. With, his New York 
backdrop and bis Las Vegas all- 
singing. all-gyrating backing 
girls, with his romantic ballads 


838 Youth FoiUrfuHy. 435 Wi-ailur: 
proHramrai- nett'" TOO News. 7J4 1 X 3 
Your Farm. 7.48. Today's Papers. 7 ® 
Yours Falibfullr. 730 It's a Barsam. 735 
K'Mtlrcn programme am. *48 (Yews. 
*J0 Sport on 4. I« Today’s Papuis. 
1 50 A .City Walk. 9.00 Sam. ».« Inter- 
nadonal Assignment. 9 JO CooimuKW 
Special: Tbc Conservatlyp Pa nr ireponi. 
"35 N.-w-j Stand. 18 IS Dally Service. 
18 38 Pick or the Wm*. JUS Thne for 
Verse. XU8 Wildlife. JUS Spiesl on 
Saturday 124* Nevn. 1242 urn A Be 
tor NoihiBS with Johnny Morris 'S'. 
1227 Thy . Jason Explanation of ULocht 
ISI. X2-55 Wcaihcr: . pmsrannw.' news. 
LOO Meur" JJL5 Any Questions? 2.08 Book- 
shelf. 2J8 Sarordir-.Ut<<n«KKi Theatre. 
UO Does Re Take Sugar* 440 Landlord 
nr Tenant" 4® Enquire Within. 548 
540 KaWdOSuOpr Encore. 538 Week 
Ending iS>. 5-55 Weather; programme 
nows .448 Yews. 4.15 Desm Island 
Dt«s. 4JB Stnp the Week with Robert 
Robinson. . 7.38 These You Hare Loved 
'S'*. 8 30 Samrday-Nizbt Theatre 'S'. 

"34 Weather. 18-88 News X0.I5 \ Word 
In Edaewars. 12.00 Lighten Our Dark- 
new 11 15 News. 1133 The Unforuet- 
taWel 1 S 1 . 

BBC Radio. London 

194m and 95^ VHF 
548 aim as Radio 3 742 Good Flshlnc. 
840 Rows; weather, traffic, shopplnff, 
sports new*. 845 The London Gardener. 
8.30 Saturday Scene. 10. W SooriS'«ne. 
UJ0 The Robbie Vincent Saturday Show 
248 pm Bob PoweJ udtb London CoubUT. 
4.38 Marjorie BUbnw wllh Clow Dp_ 548 
Between the Covers. 5J 8 Owe As 
Radio 2. 

London Broad^stinsr 

206m and 94J VHF 
540 am Morning Music. 4.00 AM; 
weekend news, reviews, fearurey, sport*. 
1440 Jellybone. 140 pm Saturday Spun. 
440 AR“r Six 4 30 Huoh and Vou with 
Hugh -W'lUiamiL 748 Geet Mala — music. 
Informal ion interviews In Rlndogfani. 
8.00 SanrrHay Music. 848 Xi gtltUiK. 
UO am MlaM Extra- 

Capital Radio 

2S1 m and 97JS VHF 
4.D0 am Kerry Jubjr-s Breakfast Straw 
■ S > "48 Capital Countdown with M«r 

Youne iS* 12.® Kenny Eve ten iSt. 
540 pm Afiornoon Delight with Duni-an 
jobnsnn 1 S 1 . 6.00 Crvg Ed ward’s Son! 
Spectrum jSi. "40 Nlr*y Horne's 
Mummy's Chart <S>. 1140 Kike Smith's, 
Araencan Dream (Si. 1240 Ulfce Smith's 
Backseat Bough- iSL Z40 am Peter 
Young's Night 'FUgbi rSi 


I CINEMAS 


and his fulsome chat there! 
should -be a completely cold and ; 
calciilarins personality. But 
somehow Barry -Hanltow still 
retain" some, of the gushing ner- 
vousness of a starter in the busi- 
ness rather than a star. 

Also his voice has ad impres- 
sive range and his Radio 2 songs, 
Mandu and f tcrife Ihe s arias, are 
very good of their type. He was 
better in the second half when 
the girls were. stinkier and Maui- 
low less exuberant, and. he was 
better when hiding behind the 
piano than moving stiffly around 
the stage. The band was good; 
the entertainment bland; but the 
wel! dressed ladies in the 
audience seemed to think it a 
fine night ouL And if Barry 
Manilow sometimes thinks he is 
abusing, his talent he has the 
money and applause as compen- 
satiotL 

ANTONY THORNCROFT 


Solti 


On Thursday night at the 
Festival Hall Sir Georg Solti con- 
ducted the first of. three concerts 

with the London Philharmonic, 
before he settles in as Principal 
Conduelor next season. His 
soloist in the most splendid of 
Mozart's piano concertos, the 
C major K_ 503, was AliciB de 
Larrocha. and they made a happy 
partnership. Solti's courtly 
deference to her cost fhe music 
nothing, for if sbe does not make 
an outsize sound her playing 
crackles with rhythmic elec- 
tricity. There .was not a limp 
phrase in the performance, nor 
any bumpy emphasis; tingling 
lucidity buoyed up every move- 
ment. and Solti scaled the pomp 
oF the orchestral part to a nicety. 
The suggestive swerves' -from 
major to minor and back were 
not allowed to loom — the. points 
were made with classical 
restraint, and serene elegance 
reigned. 

Bruckner's 6th Symphony, in 
A, was the other work. Broad J 
ruminative Bruckner perform, 
ances are not to be expected 
from Solti, and certainly ther, 
was an excess of adrenalin - ' 
this one: many a ritardando w, 


MUSIC 


DAVID MURRAY 


registered only at the ■ 
j possible moment, or not at i 
and most of the sections mar 
Ruhig (** calm ”1 were loap 
i with tension. Still, the Sixty 
I by Bruckner's standards ? 
toughly compact 'work, ei 
| impacted, and Solti’" relent* 
drive through it brought £ 
aspect powerfully ro the fi 
The four movements -. 
elaborately, coapntiy ' linH 
Solti missed nothing (if tf 
rendering the half-concealed d 
nections vivid and telling, f 
Needless to say.- this pener. 
ing exposition had nn a cadet 
flavour— Solti encouraged s 
orchestra to roar brilliantlvj 
all the opportunities provided t 
seems to recoil from the not) 
that a tutti might' begin a 3 
mere - mezzo-forte, let aJ7 
recede to a piano. The Lon-. 
Philharmonic achieved alnf 
the sensationally dear texts 
of the Chicago Sympho?, 
Bruckner under Sojti last mo'» 
and graced with distinctly m 
musical individual playing 1 . 

I well a" many more genuin 
[planissimos (if fewer than th' 
f composer expected). It was a ca 
I sistently exciting performant 
but neither breathless dor bruti 
only chivvied - eiong a b 
uneently; if Solti would occ 
sionally.. relax his impressi. 
j grip on Bruckner’s music &. 
allow Uuhigkeit to descend, ' 

I would blossom marvellously. • 


WEEKEND CHOICE 


SATURDAY; Having watched 
the -opening edition of Brace 
Forsyth’s Big -Night on ITV last 





Nigel Havers: BBC horseman 

week! have a strong" suspicion 


some people had suggested. V 
idea of having Forsyth 
: together li hours of light Crt-' 
tainment sounds like a wiot| 
hiit items such as the elect!--! 
TV-game ** Teletennis" ari. J 
weak that even the most left * 
gic viewer will surely ch#5 
channels. e? 

Personally I shall be watch's 
BBC2 anyway for Julie Harp 
portrayal of American %.} 
Emily Dickinson in The Belli.' 
Amherst <7.40 in the “ In % 
form an ce ” slot). S 

SUNDAY: If you turn on B^J 
at 7.15 for A Horseman Kld& 
By. which offered the srpl« 
• v; didly satisfactory com e-up pan 
of Aiaheila Cbdsall last we*__ 
and . sefe' the birth of Gracf 
first child this week, ynu ci 
. switch th ITV at 8.15 tor Lill 
Langtry's first meetine with th 


that BBCFs ratings winner All . prince of Wales in LUlte. Sav 
Creatures - Grtat and SmaH is. Wuthering Heights for the Fr 


ing to .'suffer as much as . dav repeat. 


TV RATINGS 

w/eOct.8 

1 CotxmaUoa Street (Wan.) (Granj iff « 

2 RoWrt-.Nes* (Tbnnes) ' 13.73 

3 Otonn amt MHdred (Thames) ... is 55 

d'tel (Yartcs) V-- w 55 

S PrvfateJaaaic . (l-WTt 1+65 

ifm'FMKH (LWT) 1*5S 

7 Mettemlrd (BBC) U 15 

8 MhMd RtaBhHts' .(LWT). 14.11) 

" Smcuv fTtMMMS) 13.73 

18 CormtotlMi Sweet (Wed.) fGran.) X3 TO 
U Rao Trade (LWT) 13 45 

12 CNMT (Thames) : 13.15 

13 Larry Grayson (BBO - ...^...1 13 20 

14 Croesroeds- (Taos J (ATY1 13.68 

14 CrOKsnuda .(Wad.) (ATV) ... I3H8' 


U Craysroatb (MoeJ (ATV) 124L 

-17 Cressrtads (ThorsJ - (ATV) T 124» 

18 The SallR (ATV) 

1"-An CrsCAnres (BBC) ..... KM 

20 UagahNtgamix - (Thames) IJ 40 

.- FiRurps -.'compiled hy A«dits t€ Gr&« ! 
Britain for dw JoIjjt In dnstrlaT Committee'. 
tor - Tele vision AdvertlalTW Research i ; 
.(JICTARt. ; t 

. . Vi Tap .Ten (HeUfOR rattaga) 

1 T»«a*s Company (comedy) (AB^I 309' ! : 

2 Mark and Mindy (comedy) (ABO Sr 1 

.5 Mppy Days (comedy) (ABO 9T.S ' 

4 HFL Football (sport) (ABC) ..._: 263 • 
5.BJ and the Boar (19m) (HBO Mil 

4 Tead (fftteem} (ABC] M ( ; 

TBarttey KID«r (comedy) (ABO — 0 i 

» AM Leas us (sport) (CBS) 53 » ' 

9 Carrie (1fl«n) (CBS) M 3«4 

U 48 Mtootas (Hews) (CBS) 34.3 

A Keflsen ratios Is not a nnmertcal 
foWL 


VICTORIA PALAC8. 834 1317. 

828 473S-6. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Eves. 7 30. Mats. Wed. and Sat. 2.4S. 
- BLOCK BUSTING — 

SMASH HIT MUSICAL." Daily Mall. 

•v a REHOUSE. Dcnmjr Theaire Cavan I 
Garden. a;6r6BOB. Ra»al SbakOMWare 
Compinv Ton'i a oo Stranen Poilakafl i 
SUQUT ACROSS THE RIVER ''Oufj'andlnu 
eroduciian mceptioril." F. Times. AO 
v*'" 'i - Aos. 0k9S- AldMvcb. Student 
siandbt El. 

WESTMINST6R*THEATRE. 834 0283 
RICE AND WEBBER'S "joseoh and the 
Atn.islng Trebnicolour Drcamcort " With 
PAUL JONES. Twice Daily. Opens Nov 
Z7. Tickc-J- £2. E3. EA. Book NOW. 

WHITEHALL CC 01-930 6692-7765 
E-YS. a 30 Fri. and Sat. 6 *S and 9.00 
Paul Raymond orosc.-'M. the Sensational 
Sn» Revue at tfic Century 
DEEP THROAT 
Osh GREAT MONTH 

WINDMILL THEATRE? CC~ 01-4 37 6312. 
twice Nizhny 3 OO and 10 . 00 . 

Sunday 6.00 and B OO 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

•• Takes tn unprecedented tlmlfs wflar 1 * 
pwm.ssililc On our stage •' Ey. Nevrs. 
THIRD GREAT YEAR. 

WYNDNAM'S. ‘ 01^836 ~30aT CC. 

fli-ns. B36 1071 from 8.30 am Mon - 
Thurs. a.oo. Fri and SaL SIS and BJO. 

' ENORMOUSLY RICH. 

VERY FUNNY.' Evenlnp News. 

Marv O Maiiey s smash-hit comedy 
ONCE A CATHOLIC 

" Supreme comedy on *e* and reUplOD." 
Daily Telenraon 
* MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 

YOUNG VIC 928 6363. Ton't. Tomor. 
T 30. Men 2 S 7OT. Tues. 7 Richard 

III. wed. 2 & 7 30 Tues, 7 RkMnt 
HI. Wed. 2 A 7 JO. Thurs. 7 Richard 
B* ShtKeioeare trllM« Adlan Man. 

YOUNG Vic! air 6363” Ton t''T“30 
Mon. 2 and 7 30 Tu«. 7 RICHARD III, 
V.'«*n 7 and 7 33. T>lur. 7 Fri. 7 30 
hamlet pari <j» Shakisoeara trilos' 
ACTION MAN. 

YOU NG — vie STUD io~9; r 6163 From 
c..i ' : v.- ins v.c Co >n T«w?e Green's 
BALLROOM. 


ABC 1 6 X SHAFTESBURY AVE. 836 
8861. Sep. P"rt». ALL SEATS BKBLE. 
l: Driver fA) Wk. A Son. 2. IS. 5.30. 
S.30. Late ihour- TDnlflhl 11.30, 

2: Dr War iA). Wk. & Sun. 2.00. 5.15. 
8.15. 

CAMDEN PLAZA. (Odd- Ca rodeo Town 
Tdbe.J 48S 2443. The Bob Dylan Film 
RENALDO A CLARA lAA I Vrith Sob 
Dylan A joan Baea Jn 4 track sterna. 
Props. 2.50 and 740 dally. 

CLAS S IC 1, 2. 3. 4. Oxtord 5tr«( 'OOP. 
Tottenham Court Rd. tube*. 636 0310. 
U and A Progs. Children half-price. 

1. THE DRIVER f Ai. Prog*. 2.05. 4 IS. 

6.30 B-40. Late show II o.nu Specie 1 
Matinee. All Mats ti.co the 5ILENY 
WITNESS (A) Progs. 11.00 12.00.1.00 

2. Mel Brooks HIGH ANXIETY (Ai. 

PrO"l 1.40. 3 35. 6.15. B.3S. Late 

sftow II sm. 

3. THE TURNING POINT (AL Proas 
1.05 3 30 6.00 8-30. Late show 11 pm 

4 . HEAVEN CAN WAIT iA>. Proas 
1.40. 3.55. 6-15. B.3S. Law thaw ti om. 

Cun*ON Cursor Street W i 4oa ’■'37 
I YVES MONTAND CATHERINE DENEUVE 
I m Le SAUVAGE (Ai. S«af *h sur-tisl«> 
i Progs, at 2.00 'not Sun i. 4.05. 6.15 
| and B.3Q. List 3 days. 

I LEICESTER SOUARE THEATRE. 930 5252 
; Kirk Oeuaus in a Brian de Palma him 
THE FURY tX<. Sen. Parts. Wk. 1 00. 

4.30 8 IJ Sun. 330. 7.45. Late NHWf 
Show Fri. A Sat. 11. 45 nm. Seats bfcbie. 
tor evening pert. Mon. -Fri. A all parts. 
Sa t. A Su n, ex cept Late Night Show. 

ooeon haymarkct. 930 2738 - 2771 . 

M'DNNMT EXPRESS (XI. Sep. PnSov 
Dry at 2.30. 5 30. 8.50 nm. Late show 
FfS . Sats. and Suns Doors open 11 15 
pm. Prog. a» 1145 pm. All seats bfcbtc. 

ODE ON LEICESTER SOUAREL 930 6111. 
( THE CHEAP DETECTIVE (Al. Sep. Progs' 
I Dhp Doors odm ZJOO. 4 - 45 . 7.45. LahS 
[ vbo w Fri. -Sa t. Do ors open 11.15 nm. 

0080N MARBLE ARCH. W 2. >23 2011- 
2013 CLOSE ENCOUNTERS OF THE 
THIRD KIND fA). Sep. Drops. Ooors 
Oden Mon.-Fr|. 2.00 7.30. Sat. 1 OS 

4 15 -7.45, Sun. 3.00. 7 30. Late show 
Fri. 4 Sat Doors open T1.15 om AH 
saata bookable. 

PRINCE CHARLES. Lek. So. 437 818 ] . 
1 Walsrian Baronrivk's 

THE BEAST. London X 
. Sen nerts. dlv rlec. Son.i 12 . 40. 3 10 
1 S 55. 8 35 Late show Fri SaL. Sun. 
; 11 15 Seaa bootable, license d Bar. 

■ STUDIO 4. Oxford Circus <37 3300. 
)li: CUYOurgh. Alan Sates in Paul 
Mhabrsevl AN UNMARRIED WOMAN 
* 'XI. Fron. 1.05 3.30. 6.00, 8.35. 

, Late UiO« Sat ’O-SO. 


c li 




muait - *3ft JVW 


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BY JUNE FIELD 



■*£• * 4 *- fcnplcw V retell l Condemned 

";■■'■•’ t . lOrfjfeil 
: ^ V ,jr vv<?r tw «r*7 wtfitv shiJf 
; .■■ "rj V. ^rmuned u> mi» c irhi’n others 
: '«;•“« pfr<?>e . . - 

Lf » mm iterated Cuwper in The 
’•- f '“*•!. fl*e fhf.wjr a«rf f/ie 

' ;-ri> irnAi/i:v rient ‘ 

_ . k H «-*nry Mayftew in The Stir*n 

' '*1 v' : jC. liter's l.,u tendon ISoi 

* . ’ : ii \ {‘-Kilted by Stanley Rubinstein, 

:r,-‘ =:< m \ m * s Jivan Press 1947). ivjlculaled 
-1 > That 124Jj(IQ.OOO oysters were 
>0, d by the coatermongervin the 
'•: vl • 7 ■ ,rn,, ‘t> every year at an avenge 
r 1 = i*‘ \ pviw ^ur 3 penny, involving 
r } in annual ex pend i run-, of 

£125,000. The peak consumption 
-1 .r- ; «>r oysters anpears to have been 

jJ 1 . noout IbtKJ-b4, am] measures for 
* ; controlling oyster beds were 
> ’included in the Sea Fisher.es 
Mj] | Act or 1 ML 

Tin -iv was a steep decline m 
Site .Consumption about 1870. anti 

. years laler the position of 

I* the oyster fisheries was so 
•• ,>r ‘ QUS That the Governmenr 

.^PPPwniecI a’ select commit lee io 
' } Jcoquirc into the scarcity and 

r - ■• .' 'bi"h prices of oysters. At the 

S-'2 fep customers gave Programme and mem* cow Colchester Oyster Festival. 24 October 

‘ . -i.' prnn '° rfh f V r * uhvf -' ,901 - on display among *50 transient printed Items at the Ephemera 

^Uinn 1v, ^-.e*« b theV | uas Sod * , Y* wrtliWtion. **AH The Year Round.” which opened this week 

. nVrt'd not t«,oh L 3 


a widely held view? 



M 


*; ^ i ii 


7 r, , . . •*> N< pendant. 

^ f rty^S\ W e. 1825, sol 

&&*■&' on 23rd Fi 

£$■■ ' •.*: ‘A 1C TO I . 


A Charlie Chaplin clockwork 
tov and original box. rJ9i0, sold 
on 26th May 197S lor ^130. . 


«! 

f 




?r hiitTvr once in twenty r*m»'s. 
3ui they’ll be frr.' with the 
aepper and vinecar." 


Dumas ptre nSK-1870), in- commitment to buy four books 
sisted that empires stood or fell (from £2.95 to about £10 each). 


. Dickens’s Sam m Tit * Pick- by their attitudes to food Helio- In addition you get Christopher 

i r; rb Papers commented that Jiabalu* had u historian juM to Ho- wood's Music nr Conn fr**e. 
“poverty and oveters alwavs describe his meals. Augustus and free membership of The 
r . io po to-jethA/* while Mr. only bothered to rebuild National Bonk League I find 
' . V vr, er remarked “You'd ha’ Carthage heca use o£ its a ndeiil the Folio books are a joy to 

7 " ‘ fna»ie an umommon fire euisine, and it was an attack of handle with their range of 

: pyster.” referrinp to Sam’s hulmiifl. or insatiable hanger, distinctive bindings— pictorial 

: i'wery good power o’ suction.’’ Ibat caused Esau to sell his doth, hand marbled paper. 

Lewis Carroll's Thrwnjk the ^^bright tor a meEs of portage, vegetable parchmeoL buckram 

.ookinn Glass had his four For many years Dumas had blotted in gold and leather with 
ouny Oysters all eager for the contemplated writing a. cook wo °d veneer sides. Send large 

- . tphl their coats brushed and book, and in 1869, feeling old sae or Iab «> for prospectus and 

fehoes dean and near— and unwell, he retreated to bookmark to John Letts, The 

• : 1 And this was odd. because Roscoff in Brittany, armed with Folio Society, 202. Great Suffolk 

you km nr. a collection of cookery books, Street, London SB.1. 

They hadn't any jeet. his own material on the subject. More of the mollusc ai the 

J . plus contributions from famous fascinating .4£1 the Year Round 

: .Sherlock Holmes asked in restaurateurs. After delivering exhibition of the Ephemera 

• mock delirium in The Arircn- the manuscript to his publisher, Society which opened on Tue*. 

...’ „ 0, v . The £“*1 De/erttrc: he set. off for the South of day until November ifi ai 

• • , Snail the world, then be over* france but was taken- ill, at Paper l»oint. Poland Street. 

• ■ run by oysters •’ In The Sign Marseilles after hearing of .the London, W.l. Among the 850 

V 1,10 Four Hnl roes i and Watson outbreak of the Fram»- period items- of transient 


lhared. oysters with the detec- Prussian war. He managed to printed objects of every day 
tve Athemey Jones. make bis way to Puys, -near life Is a programme and menu 

' Alexandre Dumas, creator of Dieppe, where his son had a -cover of the Colchester Oyster 
- Uonte Crista and The Three house, but died before the book Feast held on October 24. 
" ■» tfusfcetcers. who also produced went to prim. *:-I901. Colchester has owned 

i mammoth cook book. Le Grand Th rj work was mon- oyster-fisheries in. the 

CHO C 0.«*W«IW dr- ««» «■!». itoM mdurd 1 

Vr.VH „ hell jfl lg73 af , er his death. ■ 'SSSL ™ *«« OH® » the town in 1188. 

• . "- - lesignated the oyster as one f fJod - selections \rom the Grnnd an ancieni Proclamation dated 

t the tnmt deprived ntoll^ UW-WnR ttat the fishery 



1 V Aany people believe that Sotheby’s ^ 

- caters only for the rich. : : i?? 

It is true that we sell many items which ^ ^ 

make record prices (269 last season). •; 

It is true that w r e have sold the largest E*? 

indi\ndual collections in recent years. ^ ^ 

It is also true that some lots sell for seven 

figure sums. These make headlines in the ' 

press; they are news. 

VCTiat is not generally known jf x ,*v ' v 

is that over four-fifths of all lots X "f 

(303,000 in total) sold last season | ^ ^ 

for ^500 or less—and over 60% for i f 

£200 or less. \ ^ 

Thus the majorin 7 of items sell 

.for modest sums and no potential * ***' ■■■■ tor'iisa 

buyer should be deterred from visiting 
our salerooms. 

Equally no-one should be 
reluctant to bring in property for £[ ^ 

a free valuation and possible n 
sale. Many people owm property B 

which may be worth considerably -■ •- > 

more than they think. M | 

Every vendor will receive the full ^ i- • r - • .f$ 

benefits of our expertise and of our £■ :■ . 

international catalogue distribution- 
whatever the value of the item. Mfjj-. i 1 1 ;}% 

1 4 . 3 a /v< , f ' J* I 

Why not call or telephone one . ..t.il !| j ; " |i| ! i 
day? There is no charge for our advice and H . ;? fj 

no obligation, either to buy or to sell. ' -MA WU IjJJ 


‘M A gold and 
V, chalcedony 


c. 1825, sold 
on 23rd Fehnjan 
1C 78 for £'480. 


1 An early 
7 Worcester blue and 
white shell dish, sold on 
22nd November 1977 
lor £150. 






• «r i 




'i : li till 


4 ' ,us ,,u » V lished in a stylish edition by " Ul A u u ' c L 

n organ of sight, hearing or ^ Folio Society . Tlii diction- ^ Oyster Feast, which was I 
mell. It also lacks an organ . ‘ "f disbanded in 1835. has been re-i 

f locomotion. Its only exerdsv Uved. and this year’s festivities. | 

sleep and Its only pleasure is Bo ar w ith rherv ' satfee and when sonIe oysters are 

«t.-Rrt«nns to a current woodcodta flatnetf witt nim. “J3*? 1 “ ™tlsun.cd is on 
.. dry The oysters are going i. . October 27. For details on the 

•* I way.” he pointed opt that tlie To get Fobo books, which are Ejtoemera Society which has 
first* effect of this was to make not on sale generally, you need over 400 world-wide members. 

• jhe price of oysters go up from to be a meaner -of the societ>’. send sae to the secretary, 

’ centimes a dozen to one Membership is £IA0 a year for Patrick Hickman Robertson, 12 
franc 30 centimes. the quarterly magazine, plus ir Fitzroy Square, London. Wl. 


Sotheby^ 


A George III coliee jug by William Burn ash. 
London, 1812, sold on 6th October 1977 for £320. 


One of a pair of Japanese 
bronze vases, sold on 
29th June 1978 for £130. 


The worlds leading auctioneers. Founded 1744. 

Sotheby Parke Berner & Co., 34-35 New Bond Street, London WLA 2AA. 

Telephone : ■ 01 > 493 8080 Telegrams: Abi nitio, London. Telex : 24454 SPBLON-G Ak 




OF RETFORD 


8 Kins Street. 
Si -la mes s 
London 

SIVIY W. 


t0SB^h 

(jjf$ L. >y\ Tel; 01-889 0060 

fjR ^ o]|l Telex 91K429 

IS T<?legram!5 

-r^ .nv^/ CHRIST LA 



EXPERIENCE AND EXPERTISE . . .343 


CLASSIFIED ADVERTISEMENT RATES 

ample 


column 

cm. 

£ 

14.00 

8.00 

14.00 


lommeretal and Industrial Property - ; 4.S0 14 J 

lesidentlal- Property --00 . 8. 

ippoinunents - 

business & Investment Opportunities. 

Corporation Loans. Production Capacity, 

Business for S'ale/Wanted 5-5 16.1 

Education, Motors, Contracts A- Tenders 
Persona!. Gardening HI' ■ !?' 

.ioteJs and Travel f /5 . 

look Publishers • „ it “ ' 

Premlmn positions available 
(Minimum size 40 column' ems-) 

; £j JO per single column em. extra 
' For further details vcaie to 

Classified Advertisement Manager, 
j financial "nines, 10, Cannon Slreei. EC4F 4B1. 


OMBLL OALLEJIIES. 

FrcoUi MODERN DRA 
WlooerB BrNien 'MARITIME PICTURES 
42. Albcnurit -Stmt. Pirudilly, w ■!. 


KVC. 1*9. Ri-flcm StrtW. 7S4 0557. A la 
Carta or All-in Menu THre* Speciaciilar ! 
Flour 5h>es 10.45 12 AS and 1.45 tnd I 
WOSIC of Johnny HnWkcf. worth & Fr*#«J6. 1 


A CUcece four ootter hardwood bed mlold with ivory fijurrs 
To be sow on 24lh October 


FORTHCOMING SALES 

. WEDNESDAY, 18th OCTOBER 

Georgian and later furniture and works of art; antique and modern 
weapons: art nouveau and art deco including a figure by D. H. 
Chiparus— Retford Salerooms, 

THURSDAY 19th OCTOBER 

Georgian add later silver; Sheffield and other plate; jewellery and 
bijouterie. Including a Queen Anne' lidded tankard London 1713 
by John Martin Stocker — Retford Salerooms. 

TUESDAY 24th OCTOBER 

THE MAJOR PORTION OF THE CONTENTS OF WEST LODGE, 
R1PON. including English and Continental furniture, ceramics, 
paintings, rugs, household and outside effects. Including a fine 
XIX Century ormolu mounted commode, a rare Oriental four, 
poster bed, a Dutch mahogany ar moire, a Georgian secretaire 
bookcase, a Dutch marquetry table. On the premises. On view 
on morning of sale. 

THURSDAY 26th OCTOBER 

Oriental ceramics and works of art including ivories, bronzes, 
lacquer work and furniture. Retford Salerooms. 

Coidtofues 65 p each by past (applications to he prepaid) 

HENRY- SPENCER AND SONS LIMITED. 

20. THE SQUARE. RETFORD. NOTTINGHAMSHIRE. 

TELEPHONE; IVTT} 7M747 

THE FINE ART AUCTIONEERS OF THE NORTH. 






Copper m edit II ion of General Richer . 
tngi/rd Danui. I Sol. «; in. ft 7.4 cm ) 
High. Mule. I'Honrtujj. Uctober 23. 


Pierrisleiin David, called David d' Angers, was a prolific 
French sculptor who. in addition in bronzes and 
monumental sculpture, produced a total of over 500 
medultum& of historical figures and con temporaries. The 
example shown above is of L’eneral .loan- Baptists Kldber. 
When Napoleon loft Egypi in 1*99 to earr>’ out his coup 
d'etat in France. Kiober was left in charge of the army. 
War broke uui once again when the British Government 
refused to. ratify a convention m. the evacuation ol the 
French troops. After defeating a Turkish army advancing 
from Syria. Kleher was assassinated in Cairo on June 14. 
1800. France renounced her claims on Egypt when Klf-ber’s 
successor was defeated in a battle near Alexandria in 
March l«U. 

The illustrated medallion if one of a group by David, 
including Vidor Hugo, George Canning. Robespierre. SL 
Just. Bonaparte and others, which will be sold at Christie’s 
on Monday. October *23 in a sale of his English and 
Continental 19th Century Sculpture. For further informa- 
tion on this sale and tales nr ihis kind, please contact 
William A Knew at the address above. 










Financial Times 19T8 


FINANCIAL TIMES 


The New York Press: 


By JOHN WYL.ES 




BRACKEN ROUSE, CANNON STREET, LONDON EOfcP 4BY 


Telegrams: Flnantimo, London P54. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Saturday October 14 1.9/8 



Prosperity 


alone 




It* Tk yr R. RUPERT MURDOCH avowal that bis breakaway 

dS I I S% VI has derived considerable settlement was entirely the 

Ml/ HUll. iVA reputation, profit a nd his fellow puUishen 

f fm hi rtam> To tryin S to se ^ him Oil*. One 

EACH SUCCESSIVE economic has restrained prices. The Gov- , *y. S J ” “ f* “ man’s sell-out is. of course an- 
indicator makes it clearer that eromeat has threatened to check aece P l Prevailing ortnoao:aes. other man's compromise and it 
in real terms, the UK economy inflation through monetary With the Sun newspaper he is still unclear whether Mr. 
is performing better than for a restraint if its wages policy cocked a snook at the con ven- -Murdoch failed .to appreciate 
long time past. Inflation has proves ineffective, and the tional wisdom in Britain^, New York Times and 

stablised at about S per cent. Conservatives would make this W bi C h doubted the possibilities the DaiI T News were always 

and seems likely to remain at their main weapon: but. in fact, f SUCMSsfu u v huildine a mass p I£ pared t0 for Iess.than 

this level for some months at it is the exchange rate — a reflee- J ® 100 per cent of what they 

any rate: City commentators are tion, in a floating world, of c j rc ulaoon tabloid newspaper wanted, or whether he was just 
becoming increasingly optimis- monetary policy — which is virtually from scratch. During out of step In believing that 
tic about the outlook. Total already holding prices down. the last 18 months he has tried more could be won front con- 

output has risen- 5 per cent in Recent profit figures have to bring the same buccaneering fronting the pressmen than the 

the last year, and I2i per cent shown clearly what happens spirit to reviving a somewhat other two jpapers thought pos- 
from its trough in 1975. when companies are caught tired afternoon newspaper, the sible. 

These figures owe a good deal between cost pressures and New York Post, but it took a opinions differ as to the 
to the North Sea. and manufac- C nmpetitive pressures. The pressmen’s strike and an out- origins of the pressmen's strike, 
turins production, up 61 per recovery in margins which was rageously unexpected decision bu t j t dates hack at least eight 
cent from its low point and only an encouraging feature of 1977 to put Mr. Murdoch and his years when, divided and in dis- 

2 per cent in the last year, still has CO ni e to an end. and com- newspaper in the forefront, array, the publishers of the 

looks somewhat sluggish: but p an ies are once again having however temporarily, of New Times, News, and the Post 

past experience suggesls that tn borrow heavily to finance York newspaper publishing. allowed themselves to be pushed 

these statistics will be revised even the modest growth they By defecting from the pub- into conceding pay rises to their 
upwards . are achieving. Ushers’ joint- "negotiating body employees worth a compounded 

The trade performance is on The question now is whether and reaching hi S 0 wn settlement 42 per cent over three years, 
the fare of it ^ss encourag ns. cost pressures will intensify still ^ ^ pressineru Mr . Murdoch In common with Fleet Street 
with a sharp J™ in * „ .. further, as the Government s 5 managed nine days ago to bring today. New York newspapers 


. j : I _ .. . ... mnnopcu U1AIC uav ^ d \KJ UAIIJg iuuav t I UIA MCW flVdUPXP 

« rtl mainlv in' per cent ‘.""’T* *5 n ?J w ® his newspaper back to the New were then severely overmanned 

month, bul this is du a economic target, even if it is York news statK i s W hile its two in many areas -and anxious to 

JnT S? not a nab'e pay pnl,cy-is com- rivals, the New York Times and reduce costs through the intro- 

stnke, and the u de . petitively attacked by one trade thi* naiiv Noure u>o» hnino tn diipHnn n? naw tnnHnnlnm- tiacpfl 


flniMMMminnnt Fvnnrt peti1ive , J * attacked by one trade the Daily News, were trying to ducti on of new technology based 
figures are eni u a, n^ p union leader after an °tber. If neaotiate an end tn the nine 1 on the use of computers and 
volume is now nearly J P«r rent , he claims now being lodged are week strike Outlines of an modern printing techniques. 

1077— which was , taken at face T 8 ^* the outlook agreement are only now begin- None of the publishers was 
rpmarkahlp vear for ,s ^ rim inde * d - ning to take shape. It is still happy with his profitability des- 

omw^h ^The figures for ■ HoWV * r J ^ a matter of hot debate » n New pite fact their ranks 

p whniP vpar are irkpiv to he m some ,dSTan 5 es at eas V!!tii^ York whether the Australian had been thinned by a 1 14-day 
^ ..j . t 15 as °? u ^? Fhetonc as real mill- publisher’s escape from the printing workers’ strike in 

p 6p 1 tancy heh J nd the enormous per- strike was an act of couraee and 1962-63 which contributed to 

. ; t the hfl<«k«rrniind of h centa * e ^ ures being P ut U P- daring worthy of a wild cnlnniaf. the demise of five of the city’s 

hote market hl'Tn S L 7, hus V. „ S J° P f - l °rone of Machiavellian betW daily papers. 

home market boom and a slug- Vaushall have talked of their __ . Cf _,' . . . - 

nich inrrpicn in wnr M trade , •_ i; *„ 7rhe advantages in thp short strangely, in view of this 



because we -felt he wohlfi he fc 
■ liberal with our -money " M 
Fomfretsays at the-TimesLjtf 
' Murdoch,, fw h.is_part,^daini 
that the appointment pf 
"Kbeel was supporter by 
Tithes. against the, resistance^ 
. the Post, and News.;^Soine 
later Ahere was a secret mee - 
ing between the News and KSi( 
. . in which .- he won them .met it 
bis -side end left me m quite a 
untenabJe'rpositioH." -Slr.-'ift: 
docb says.- " r- ' ■> 


'As spokesman f.t the poj 
lishers “ they hiad made me 
public stances against Kheel ja 
then sold me^oirt withoutjidig - 
nie about It" Furhermore^Jt 
Murdoch . says. “ when;;sp^:|^ 
Kheel in it is a w^of refr^t . 
ing and cl early he 
some - reduction- 
put a price tag oh. it wf. 
make them sorry jthqy~n&f ^ 
the strike on orererfetheiS 
to spend these 
dollars.” ' : 

• * • 1 . v'-e". 1 . . . * m ■ 

Thus, Mr. Murdpcih-^j^^^ 
.ing a sellout setQeniem. 
no point in 

he did stick around' \Jter;|L fey 
more sessiems before w^draw 
ing . from- The . pUHislreis’Jteani^ 
Certainly thefe.^^.’ opt-, appea 
to . be.. . any y ^ mjeEwhefanjiy; 
financial pressures:^ h him v 
take this step£. 


ifSSkJi 


gish increase in world trade, employer's limited abUity to . ne sdvantagesjn the short Stra^ely. ln view of this 
this is a far better competitive pav term, are more obvinns. Since month s events, part of the 

performance than we used to t« s s n f muree far ton early ^ reappeared on October 5 the reason for the publishers’ lack 

achieve. We have probably held to conclude from one or two pf>st has been 3™*™ng under of cohesion then was the New - .■ 

our improved share of world tentative itraws that what lies the wrieht of its advertising, its York -Post Published by Miss Mr. Rupert Slurdoch. publisher of the New York Post, with! the first edition of the paper to 

trade in manufactures, and may hphinrf tHp 5 D er cent dam is a circulation has nearly doubled Dorothy Scbiff, of an old invest- come ont after be had broken publishers’ ranks *Bd~ settled with striking printers,-, 

even have improved it settlements level as low as 7 f™ 1 ? 1 thc pre-strike 625.000 ment banking family, the Post _• ' y: ; 

In any earlier decade, figures or g per CPnt _ city forecasters ^ 0 Pi® s * day, and it appeared had proved a frail partner cold-metal setting manning schedule and give breaking of union ran&s, dor a 

such as these would have been with a anod record talk of about ,ast 10 ’ ts „^'T st ' ever ® un ' 1963-63 strike and tec h n iques. An 11-vear contract them the right to decide how serious possibility of breaking 

enough to support an enormous io. This is far too high to allow da ^ ed ition. a 236-page mam- settled with its printers -8 days fQgQjpQratjnc lifetime guaran- manv. pressmen • would • be the pressmen’s.- union as. the 

rise in business confidence: but industry tn finance large expan- ”J otb sn successfn! that Mr. before tne other newspapers. ^ Qf emp ] ovm ent coupled employed at any given fimfe Washington Post did three years 

in the turbulent 1970s. they S j on- h Ut j e ss than niinous, Murdoch has decide to publish Thereafter Miss Sch iff was. in g enerous severance and That ivas a goal with wliich ®SO- But there was concern 

leave out of account two factors Meanwhile, the troubles nf a regular Sundav edition w*,ch the diplomatic words of Mr. uniting terms for those not- Mr Mimfoch' coi3S“ iShole. sniong the other unions about 
vrhich cast a shade over an the dollar are worryina the W «J when the Times John Pomfret, ^ist^it general , f redundancy, the agr^ JLJS T ; mm tohlilSS ^ apparent . failure to 

otherwise encouraging prospect: money markets. The dollar is ■»£ J h e News are back on the manager of the New York m | nt ftas been 0 not ^ ble negotiate. In early September 

cost pressures, and currency now being depressed by sell- c jree ts - Mr Murdoch says that Tunes, more susceptible to It bas SQ thinned the *i. an on{k denartment- - He Bie Allied Printing .Trades 

turbulence. j„g from the smaller central the Paper will be in the black making conce^ions which were ^ 5 Q f typographers at the Soted the TnriS V !o^ CounciL a grouping: of the 

Price stabUity brought at the banks, as sterling was in 1976. J n ^ l,art ® r of . ^ year unwarranted from the stnctly Times ^ its wage costs j n .jj e a . Publishers’ Association of unions involved, insisted on the 

expense of profits threatens As a result, the intervention for *e first time since he bought management point of view.’ ^“posing room are now lower P^^ence at the bargaining table 


that we may, after this interval which continues from strong >t. but that, he says, was going But in the eafiy Ifl70s than wben th e contract was when the Npws Post and Times of its- nominated adviser, M>. 
of, recovery, succeed only in currency countries is no longer to happen anyway. . Times and the News saw virtue signed * m , rf , bp( . _ 5l i- h ‘ _ }l5 p iT , to Theodore Kheel. Mr. Kheel is a 

P J _ r .1 IT c in.. nr- u... __ _ II: •_* : e luttimeo -slue U.v 51UC HUU UfllUC 


staggering from stagflation to providing funds for the U.S. it- The comments of Mr. Mur- in an alliance of necessity if Reducin'* the number of with the pressmen in -August lawyer-mediator of some stand- 

stagnation; and the unchecked self, and credit demand is driv- dock’s rivals have been pithy, one, the quality journal of pressmen the printing machine Havin'* failed to budge^the ing in New York wha made his 

decline of the dollar remains a ing up both the money supply “We have a simple situation in record, and. the ..other,- the operators’ was the next priority pressmen from their flatrefusal name by playing a leading role 

threat to the world trading and the rate of interest Sell- which the Post has become biggest circulation morning f or the Alliance. Manning in to negotiate lower mannimz the in. settling the 1962-63 news- 

A ... ......... .. J :_a.h*A. /a... , i-h-ilrn naiunu«U» pool-, fhn C ' ...aW. tA m.], n . . . . lU U 6 e UUOW ‘ uncl UMMII'U®, 106 .. — : J.. 


environment. Any realistic ing pressure and inflation fears another strike newspaper seek- tabloid in the U.S.. were to make t ^ e pres sroom bad been deter- ihree'newspapers posted revised P aper stlUse « 
sketch of our prospects must assure continued weakness for ing the temporary quick buck the economies necessary to com- mined by a formula dating back manning Eiedules /which w* had'*l 


»«* reuijAHiu, tue bv-uiiudjivs oct-cssaj..v to «IUI- mined bv a formula dating back mannine ccherinlpc /which tr* i. j 

allow for these two threats. the exchange rate. at the expense of its former pete with the fast growing to 1923, 'but the introduction of caused the nressmen towalk out a Hl ady v, CT °^. ed a^'- 

The profits squeeze is at the London money market rates allies.” Mr. Tex James, publisher suburban newspapers of Long faster, more efficient printing in Aueust- P ■■ ' Murdochs path when fheAtis- 

moment a fact In the last have risen in sympathy with of the Daily News, said last island and New Jersey whose machines and of light 12 oz u ® ust - / tralla1 ^ successfully 

year, earnings have risen 15 per Wall Street— though partly fOT week. That was a scathing production was less hampered printing plates, so the publishers ,^ Qtiun 8 much happened for won control from Mr. Clay 
cent and prices at the retail domestic reasons, as large bor- reference to newspaper* whfoh by the machinery and working claimed, had left them with 50 about a ra °nth- Tpe two sides fencer of _«ew York Magazine 

level only 7.8 per cent. This rowers have gone direct to the have sprung up durine the practices of the past. In practice pi »r cent more pressmen than had n . ura “ r ?*■' inconclusive in early 1977. 

has not all been at the expense market rather than borrowing strike to mop up advertising the alliance meant that the two were needed. Earlier this year tings under the auspices of |l£r. Murdoch makes no effort 
of margins; the pound has on through the banks; and the available during the strike, and newspapers would resist “mid- the Times and the News handed J f * <ieral rae ~ a . l °^ Mr - to be polite about Mr. Kheel 
average floated quite buoyantly squeeze on company finances which are not intended to sur- night holdups” by employees to the pressmen the results of a doch, encouraged, he says, by . and by impheation his 

in the 11 months since persistent suggesls that credit demand vive the strike. x demanding special concessions sophisticated study produced by Jbe T ^es anJNews. made some j nvo ] veolent m the newspaper 

intervention stopped, and import from UK companies will re- Discussing his “former allies” to avert a stoppage, and that outside consultants which pur- oeiiioose statements. I'ernaps judugtjy w j^ th e closure of 

costs are marginally down main uncomfortably high. It is during an inteview this week, one newspaper would cease ported to show that no pressman to .„f aisa PP 0 ' nEme o l five newspapers, and *is rrte 

However, while a strong in the money markets, then, Mr. Murdoch perched on the publication if the other was at the Times was working for pu ?,r 1 f. rs ' tne pressmens ^ jf fiW y ork City’s, labour 

pound holds down non-labour that the threat which hangs end of a sofa and soaked up shut down. Their most glitter- more than 46 per cent of the P'fketluaes were scrupulously affajyg with the city's near 

costs, it also intensifies compe- over our improved performance the view of Brooklyn from bis ing prize was an agreement with time for which be W3S paid, and b° MU1 ^« * y . workers bankruptcy. .All of the nub-' 

tveiuft nromienr knfk in Kn«w<v tC MoiWv Vt Cl Hi© ” 9nH Until in. nfRon iw Divct’c KutMincf (\A thp TTOCldTJITiKlCftl TTfllOn lit fhdt A ffiW IROTM Iflfori nrt DPlOn^lUE tO tflC OtjlGT DnUtlllS liniKaw nnn . n 


trail an/ publisher successfully 


Spokesmen fm;tfie Post fe 
repeatedly said' that the pape 
was actually* Idsinffrlesa i mohe; 
when the newspaper; was struri 
than when op^rwlngi Moreove 
the absence of the regular dew: 
papers has undaUbtediy inflata - 
the advertisidi ’incomer of -M£ . 
Murdoch's two other New : Yod 
publ icatidns. /Njew York - : MagsT"^ 
zine and tbe-;YriiageW( ’ r '*' 

M urdo c h 's,t critics ■ say}! . 
acted; 

agreements;' 
in -ff bicitj.-lie 
impl^enfwhafoveEjwasr 
settletf ^ 

Times:. 

Mr. aftu^chjiay^be . _ 

than tfii'v gainmg v the 
tunity to .seek therreiaaoyai^f 
-some, inefficient ;-woritirig/prii' 
tices and; to start bis presses'aj 
5 r aUL This prbvlslott wilfWaSfe; 
him to get Some copies of bi/ 
Post to. the newstands alotig^ " 
the Daily' News,- although -Mr -- 
Murdoch .says' be has no mlen£- 
tion of tnridng the Post iotai ' 
fivhl mornfog paper.; .vjgj. 

• The Times and the News ^ 
still slogging through_ difflctdf . ' 
negotiations ' althoi^i' it "i®... 
peered yesterday that the fraa»: 
work fora settlement based ’» ' 
job guaffanteesr^but : lre36cft 
m ami mg " through’ yoluotaff 
wastage was emerging; ' thawf- 
largely to the "efforts Ldf'3^.- ,. 
Kheel- ’ ”/ V ^ ■ 


Kheel;. ' .. --V. :y n Ti "V V ; 

The l^es js in iess daHg^: - 
of. losings xeaders: tD the Pqs '. . 
than is the News, - tratlpuMi^a _ 

'■ KoTTlV 


neither will admhT'Ho .bei^ 
afraid ot Mr: Murdodi^- Boff 
ever, the empty.; chair at- the 
n ego ti a ting . table ; is _-a^'g*1 lift? 
reminder- - ofUdamage-already 
done, to .the causebf p'uWjdiere 
utiivy. and, perha^ publi^ij 

pride. - .j'V-' ^v- r >. 


VWJW, Ai MOU ilUClldllltl Ui W 4 WVIUJII *« — "O I — ----- MV nuy tuiu , . . , - , J, . MOtiiu .All . UI IDC DUO- 

titive pressures both in home is clearly visible; and, until in- office in the Post’s building on the Typographical Union in that a few were occupied for no Belonging io tne otner pruning inters say they were not haDPv 
and export markets: and the terest rates tell a more cheer- the lower East Side of New 1974 which cleared the way for more than 20 per cent of the m<a “ . 5 journalists a b P ut being forced to accept 

signs are that it is competition ful story, our recovery will re- York. His case was the embodi- the introduction of new tech- time. The publishers’ maximum delivery drivers. ; Mr : .Rbeel’s presence “We 

more than anything else which main at risk, ment of injured pride and an nology based on the use of com- objective was to scrap the fixed Thus *hero was no apparent weft., umrasy about Kheel 


Letters to the Editor 


Energy 


Sandwiches 


From the Director. 

The National Federation of Clay 
Industries 


Sir, — Your report (October 11, 
Page 7) of the speech by Mr. 
Richard Morris to the National 
Energy Management Conference 
must be alarming to a wide 
spectrum of British industry. 
Surely, however, the recent 
swingeing increases in the cost 
of all forms of energy have 
already provided enough 
incentive for industry to seek 
economies in its own interest. 
Threats of further Government 
intervention merely create an 
uncertainty and delay investment 
in capital plant until intentions 
are known. 


From Mr. B. Gamble 
Sir, — I read your news item 
(October 10) about a Price Com- 
mission investigation of vacuum 
flasks with interest because I had 
tbat morning paid £1.35 for a 
new Thermos flask. It struck 
me as remarkably good value. 
The next day. however. I bought 
a Iamb salad sandwich from a 
Baker Street wholefood shop, ti 
cost me 63 p. Perhaps the Com- 
mission would be better em- 
ployed looking at sandwich 
prices, under the section of the 
Act which gives it power to 
probe prices of companies whose 
turnover is still, one presumes, 
below £15m. 

Brian Gamble. 

14, Vale Close, NWS. 


One vital point, however, 
seems to be missed in all the 
energy conversation which is 
going on. There is continual 
concentration on direct energy 
costs to the exclusion of con- 
sideration of the total energy 
content of various products. 
What is needed is a materials 
policy which wilt produce energy 
conservation. If the Government 
were to intervene, with an 
energy pricing policy based 
solely on ihe basis of direct 
energy consumption, it could 
face changes in energy usage by 
distorting relative costs for 
different materials fulfilling the 
same end use. For example, a 
change In the relative sort of 
fuel which would adversely 
affect the price of clay products 
compared with, say. plastic, 
could switch pipe demand from 
clay to other materials in spite 
of (be total disadvantage in 
energy terms of the latter. To 
divert consumption from clay 
bricks to other materials would 
do the same and also give insula- 
tion disadvantages in buildings. 

Surely the best way in which 
Officialdom can assist energy 
conservation is to give encourage- 
ment to the use of indigenous 
energy efficient materials and to 
exclude those which are oil 
based. 


Animals 


R. S. Redmond. 

IVeston Hiwtfi. tt'csrf Bar Green, 
Sheffield, South Yorkshire. 


From Cdr. Innes Hamilton, DSC, 
Former Chairman, RSPCA, 

The ( then ) Royal Borough of 
Windsor, Staines and District 

Sir, — I have followed objec- 
tively from Balfour onwards the 
arguments for and against live 
export of our animals for 
slaughter or further fattening: 
but. with respect, have yet to 
read the equal for naively of 
your correspondent Mr. Thorley 
(October 9). 

At present there are but two 
alternatives: live export with a 
risk of cruelty ana stress, or 
slaughter a* home and a 
refrigerated carcase trade. One 
day. there may be a" third 
alternative of export without 
risk of cruelty when there exists 
adequate EEC and national law 
which we can see enforced. 

To pretend at this stage in the 
development of a United Europe 
(of which we can hardly be said 
tn be the most enthusiastic con- 
stituent) that we can ensure that 
the EEC law or their own 
national regulations are properly 
enforced io countries other than 
our own. if they themselves do 
not see fit to enforce them, is 
absurd. And what beyond the 
EEC? 

We cannot enforce the Balfour 
Assurance. We cannot , enforce 
the safeguards required by 
O'Brien ur fhe .assurances given 
by Lord ithen Mr.) Peart in the 
Commons in January, 1975, to 


which many listened with a location In the world for U.S. a valid point. The word produo- The Increased publicity by the 
heavy heart. manufacturing investment. tivity has become so debased Department given to benefits 

And it is all so totally un- From 1974 to 1977, American during the past year by its asso- and the efforts of many local 
necessary. Rarely perhaps, companies in Ireland earned an ciation with bogus self-financing managers has eaused the 
economic, humanitarian, and average annual return on their productivity schemes that the individual claimant to have a 
com monsense arguments are at investment of 28.5 per cent. This real task of promoting genuine greater awareness of his rights 
one here: demanding slaughter was by far. the highest figure productivity schemes has become while we welcome this, we also 
as near as possible to the point achieved by American sub- more and more difficult recognise that interviews have 

of rearing and a carcase trade, sidiaries in any single European Increased productivity through become more time consuming as 
Britain imports £3m of meat country, and compared, with an the more effective use pf all 'a direct result of our own effort* 
every dav. Many of our abattoirs average return of 12.8 per cent resources— m a ten a Is, machinery, in this fleld w " 13 

are unemployed, a burden on within the EEC, and I2JJ per cent money and energy as well as 

British ratepayers and addins to for American subsidiaries world- manpower— is essential for the . ine nenents system at times 
our unemploy mentT 11 There Is wide. nation’s prosperity and for the ' come very , close to breaking 

enough refrigerated transport Another recent independent maintenance and eventual im- down ana in the end it has only 
We hand hides on the backsides assessment of Ireland as a provement in our standards of been the efforts of my members 
of our animals to the competitors country to invest m came from living. Unless we can persuade that have kept it afloat. The 
of our own industry . . . and Chase Manhattan, which looked managers, shop floor workers and problems have not disappeared 
on ' at one of the major American tfch general public that it is in and it would be very wrong to 

It is not strictly Mr Thnrley's sectors for investment in Ireland our common interest to strive for draw any Inference that some- 

pigeon, but mention ' must be pharmaceutical and health- higher productivity then our how there is slack within the 

made too of the thousand upon cafe business. Ghase toannaium decline as an industrial nation system that eon cope with the 

thousand of our baby cattle foh“d that four out of five will become irreversible. increasing problems we Face if 

.shipped while too young even to A® 611 ® 811 companies : in this Is there - not a case for a government believes In a caring 

drf ntL 3 & sector are re-investing their national productivity year to society and in 'finding jobs for 

How Inns before this country P rofils _ in Ireland. Again, hardly unite all in the common cause many of the unemployed, thpv 
puTsmoref Md^ationalS evidence of a seriousdisincentive and explode the myth of phoney could do so by increasing the 


• • . >-•” Vf.’* j.-r . ' 

■ . ; ’.; r ■ . v’* ’ 


WE’RE RICH! 






meats before the financial in- t0 


productivity? 


te rests of the relatively few’ Apart from the U.S. Depart- D. F. Bailey, administer both the supplement- 

Innes Hamilton menl °* ComHie rce figures, there S, Southampton Row. WC1. a ry benefit and contributory 

innes Hamilton. are n0 published statistics on the benefit systems. Ton often for 

VbnSS«w!nSr profitability of the Irish manu- political reasons, we have come 

A U UowuMr factoring plants of overseas com- Benefits under attack and found that 

From the London Manager, pa mes. But since companies from -f ’ instead of staff numbers heme 

Britain and other countries are From the Assistant Secretary, increased to .cope with new work 

taking advantage of the same Society a f dmi and Public in fact they have been decreased 

Ireland package of m vestment incentives, Servants Executive and at the very time that wnrt w 

_ # . and operate in exactly the same Directing Grades been taken on board r hnn£ 

From the Drrector--Creat Britain environment as the U.S. sub- Sic.— On October 5 you carried will agree thatitis timf thU 

l V /c ^ Ujltna ^ Development sidtanes in Ireland, there is no a report tbat the Public Accounts trend was reversed “ ,s 

Authority reason to believe that they are Committee had indicated that Chris Easterldn" 


Ireland 


number of people employed to 
administer both the supplement- 
ary benefit and contributory 
benefit systems. Too often for 
political reasons, we have come 
under attack and found that 
instead of staff numbers being 
increased to cope with new work 
in fact they have been decreased 
at the very time that wnrk has 

hofin f iib-A.m abb _ _ _ j r i 


We, Peter Whitfield and Bob Tenner, starting . 
with £75 each. — -have made millions Inshaces 
(Clubman's Club, Onne Developments,etc)- . ; : ; 

We have joined forces with Peter WeJham ; . 
(Formerly Assistant City Editor andQuesttB , 4 )f.lhe- 
Daily Telegraph) to prod uce The EflU%Besearch.„- 
Associates NEWSLETTER, a fortnigfftly^rivwte ' 
investment newsletter! . 

Equity Research Associates seekstmdety alii ed - • : 
shares — and tells you when to buy 1 L They 

give positive advice on bids arid nay/issues aqcf: . 
keep a keen eye on shareholderS'' rightslits^- > - 
distinguished list of contributors includes /- ^ - 7 - 
acknowledged experts on afj aspects of iny estinent 


Authority 


completingthe coupon (below). 

for detailsoff REE TRIAL OFFER, 
write or telephone now:. 


Sir, — Your Dublin correspon- any less profitable. productivity in the Department cepe 

dent’s article “a race to catch up" **■ Alston. of Health and Social Security „ 

(October II) is critical of Bruton Street, Wl. had fallen over the six years Southwark Street, SB1. 

Ireland's telephone system— “ by . from 1970 to 1976. The inference . 

far the wotbi in ihe EEC" — it j . • « could be drawn from this - state- n « 

claims. L title purpose would, be *r*ruitCTiVlty ment that somehow my members JreilSiOttS 

served by trying to rebut that From the Chief working in the Department now 

elaim. Ireland's telephone system British CtmnSl o/IESbfctivitu have a «jnslderably easier life R \ D W °2° 0 ®- 

certainly leaves something to be Associations 1 FToaucUmtv and this is far from the truth. B- M. BankesJones 

desired. Sir,— The members of the The comparison drawn by the l . ,ae| w me to a mole. 

What does need correcting is British Council of Prod uctivtiy PAC ,s a superficial one. for it ?f X ?^. unfaa f, Ular wilh the ways 
the assertion that the “state Associations were somewhat d is- faiIs t0 take account fully ° f Jf 1 ™ 31 creature I turned 
of Irelands telecommunications concerted by your cartoon in the changes in legislation and £ the Encyclopaedia Britannica 
may be a senous disincentive to Men and Matters of October 9 Procedures which have occurred for enlightenment, 

1 would like to reassure you durrag those years. Failure to .There X found tbat “moles are 
much evidence to show that the that the 40 or so productivity consider these and other factors disliked (jnst as Mr Bankre. 
tiois °hK e hari B " Bt * , *g Dn « which make renders any refereoce to produc- Jones says) on account of the 


To Equrty Research Associates 
Subscription Department i' 
- 35 Hoop Lane 7 ‘ ~ .. 

. London MWtf 8B^ ■ 


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iFRjEE TRIAL OFFE^pf theNEWSLSFTER- 


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* 32 ? p - ,be b — V- r*i»aai» SS *r« 5 S 5 A »«. S “g 

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A Mine testimonial to the pp ?*l f rt> “ the . the bandied per employee lush^-buf they are useful in 


fished cirlv fhi moe?h-¥» P ,he Zilt*?. p .™ , 5. 0 !‘.' , i. rc f l ' he , insurance scheme Bnt.sh:tinkin-ehout retirement 


lisherl carlv this month hu tho j . msurauLV SCOBOie suuui retirement 

SKW 5 &SJ 5 SS SffW 5 SS SS -. 1 " t0 c?early slands " 




fba'Trel^dTbv 3 ?^*^^^ faiujc^of ^ « a J nlond X ? tta 8 e . 

profitable and fastest-growing Nevertheless. & carbon made SSZlSwL 


tef :Qi-4!3$ 264* 1 f J 


'J 














naaadal Tunes Sattmtoy October 1* 1978 


17 


A dream takes on an air of reality 


BY MICHAEL LAFFERTY 


AIRSHIPS AND flying saucers 
are a never ending source of 
fascination. Now they are com- 
bined in a plan lor an inflatable 
airship shaped like a saucer. The 
story received credibility from 
an announcement by European 
Ferries— the cross-channel ferry 
company— that it was lo take a 
stake in the company which is 
t«* manufacture the so-called 
thermoskyships. And in cap it 
all there was the news that lead, 
ins London stockbrokers, Lains 
and Cruiekshank. were raising 
venture capital for the scheme 
from institutional and private 
clients. 

The man behind the idea :v 
Mr. Malcolm Wren, a former 
major in the Royal Engineers. 
He has been working full-time 
on the skyship since he left the 
army in 1974. The plan is to 
build a 45 m diameter, saucer- 
shaped vehicle, which will ho 
made b liny ant with nun-inflam- 
mable helium gas. Two gas 
turbine engines will provide 
horizontal and vertical propul- 
sion. 

; Among the advantages 
claimed for the thcmmsKyship 
arc manoeuvrability: it could go 
from city ventre to city centre 
with ease: and the fact that it. 
would r:iu$e no pollution and 
little nniso. It is cnviFagcd rbal a 
iky>hip would be capable of 
carrying 60 passengers or a six- 
ton load at a speed of R0 knots 
fver a ran7»* of ahnin 200 miles. 
On a reduced payload the ranpc 
fright be as far as 800 mile-. If 
inyihing went wrung oil a 
journey :t is sugpe>ti'd ihe sky- 
(hip — unlike conventional air- 
craft would simply float gently 
to the ground. 

Initially, it Is planned that 
th^rmoskyships will compete 
i'ith civil helicopters — a market 
put at some 200 units a year in 


the UK. But the sponsors 
believe that a wide range of 
military and other civil applica- 
tions is possible, including work 
in the offshore energy Industry. 

But from having what seems 
like a good idea, it is a long way 
to putting it into . commercial 
producuon. Major Wren’s 
tnerrooskyshij* is no exception. 
The story uf how hd has. got sn 
far with an idea that many still 
regard with- .good-nahirisd.' scep- 
ticism provides a useful insight 
into how British -inventors have 
to battle for iinanetal backing. 

Major Wren first , took his 
idea to the Government He 
recalls meetings in 1973 and 
1974 with Ministers, including 
Mr. Michael Heseltiae and Mr. 
Anthony Wrdewuud Be fin. But 
that led n. where — despite what 
he describes as a lot of 'Interest 
from the Ministry of Defence. 
Another line of investigation 
took him to possible commer- 
cial user*. Here fortune smiled 
— but only briefly. Three com- 
panies — John Lain™, Con- 
solidated OoldiieWs sod 
European Ferries — became 
interested in 1974. But all 
three dropped out after deciding 
that the Major's ideas were 
over-ambilious. 


of the Major’s two employees 
has come from two capital- 
raising exercises among his 
friends. So far X100.00U has 
been raised m this way. In 
addition, another riJOJIKKJ 
worth of capital lias been 
issued to people who have 
worked on the project research 
—leaving MAST overall with 
some 30 .shareholders. If ull the 
Major’s dreams are realised 
these people could become very 
rich. 






-ViJ, 



-K. 






m ''■Ss? 


Enthusiasts 


But he did not give up. 
Together wish a band of. no 
dnuht. devoted enthusiasts he 
has researched and refined the 
thermuskyship ta a stage where 
he has »»nee again been able to 
interest European Kerries, and 
its chairman. Mr. Keith Wieken- 
diiti, iii particular. Research so 
far has, been earned nut by a 
company called MAST— short 
for Mercantile Airship Trans - 
portal ion — of which Major 
Wren is the main, tihareholUer 

and chief executive-: . 

Money to pay for the salaries 


Hnldinc nut the plate to 
friends with a hit of spare ca*h 
is one thing. Gelling the 
millions of pounds necessary to 
get the sky* hips nfr the ground 
is quite another. . Major Wren 
has not only been disappointed 
hy the response of the British 
Government: financial institu- 
tion* in ihe City have been 
equally uninterested, he says. 

’• It was ihe typical chicken 
and egg situation," says Mr. 
Michael Sourer, an executive 
with Grindlay Brandts, the 
merchant bankers. Mr. Snuter. 
the man .likely lo become 
finance director of the manu- 
facturing company that fc-uu!<l 
build the thennnskyships. says 
the banks wanted tn see a full- 
scale flying model before they 
could consider supporting the 
project. But Jo get to that 
stage MAST badly needed more 
funds. So far only a small 
unmanned version has taken to 
the air. 

European Kerries' renewed 
support fur the* project may 
have resolved that particular 
dilemma. Present plans are 
to manufacture the skyships in 
the Isle nf Man. A company 
has been mustered there under 
the name Thermosky ships Ltd, 
and Major Wren ts sufficiently 
confident or Manx interest in 
the scheme to talk of starting-up 
production on a full-scale 
prototype within a year. Ar 
that rate the Bret commercial 


. / ; ../jj.V 




•^-cAxsajumh. • .^v** 

■ vW- ft*' £ 


j* -ss-Sfe* r+r. 









■x : 


Electronic sarveillance is just one of the many roles seen for Thermoskyships by Major Malcolm Wren (right), the founder of the company that hopes to 

manufacture them 


skyship amid lie operational 
by 1982. he says. 

The site identified as suitable 
for skyship production is Jurby 
airport, a Royal Air Force ba>e 
during the last war. But v-har 
happens next depends on what 
altitude the Manx Government 
takes tu Major Wren's applica- 
tion for financial support. 
According in Mr. Wickenrfcn of 
European Ferric*, feasibility 
studies suggest that additional 
skyship funding requirement!; — 
up to commercial production — 
could run to as much as JEBm 
though it may be only £4m. 
Under current discussions some 
£2m of this would come from 
European Femes, at least £lm 


would be provided hy invest- 
ment grants and working capital 
loan* from the Isle of Man 
Government, and the balance 
would be. raised from clients of 
brokers Loiny and Cru.ckshnnk. 

The man in charge of the 
matter* at the stockbrokers is 
Mr. Julian Benson, head r<f the 
firm’s corporate finance depart- 
ment. He strokes thai The 
scheme is still at a wry early 
stage, and — although ho has 
identified e list ui the firm's 
clients who might be interested 
— will not be going ahead until 
separate investigations have 
been carried out. Nevertheless 
he, personally, is convinced of 
the merits of Major Wren’s pro- 


ject. “There appears to be a 
prime facie case here for ven- 
ture capital, and I am very 
hopeful that the City can help.’’ 

If Mr. Benson is happy with 
the outcome oi his investiga- 
tions he will draw up a pros- 
pectus for those clients who he 
believes wj/I be n:o.-t interested 
in the skyship. His advice to 
Major Wren is that he should 
seek a* many shareholders as 
possible, thereby spreading the 
risk and avoiding the possibility 
of an unwelcome takeover bid 
at some later stage. Another 
plan is to split the new capital 
into two forms — equity, and 
either redeemable preference 
shares or loan stock. This is 


based on the hope that although 
the project may need all of the 
£6m at the early stages of pro- 
duction, that will not be the 
case for long. So some investors 
may have some of their capital 
back within five years, according 
to present calculations. 


Location 


Major Wren believes the Isle 
of Man location for the manu- 
facturing company lo be crucial. 
He thinks that the threat of 
nationalisation is one of the 
main factors which has deterred 
some possible UK backers for 
the skyship. But it does not 
end there. "We are starting 


what we are quite convinced 
will be a new industry for the 
19S0.5 and we want to avoid the 
problems ot the old industries,” 
he says. 

It may be too early yet to Fay 
whether the thennoskyship will 
become a ‘commercial proposi- 
tion. AH that cun be said is 
that the project seems to he 
something more than an in- 
ventor's dream. Major Wren has 
kept going despite many set- 
backs in the past four years.' 
He has convinced European 
Kerries that she idea has enough 
merit to take a £2m risk on ir. 
He now await; the decisions of 
the Isle of Man Government 
and Lains and Cruiekshank. 



Mounting 

hosts 


from the major cost of con- 
structing the exhibition, 'there 
is transportation, security, 
promotion — and insurance. The 
difference between a profit and 
a loss can be the success of the 
organisers in talking the sup- 
pliers of exhihits into placing a 
“ tow " value for insurance pur- 
poses on the invaluable. 






Taxing 






■ pTT. !* flt\ 


r°* IS fc ^ Vl problems 

Exhibitions have become a big 

- business and big business is in* The fuss which has surrounded 
creasingly interested in them. Mr. Eric Morjey’s rertnt dispute 
■ (vim the Gold of El Dorado wi * « he boa / d »? 

. opens at r,, Koy,, «« gSLT* ^ .“S 
neat month it will hate cost - B ulden. handshake - Iron? Ihe 
i £600,000 to mount, with half the group has focused attention on 
/ |c*wt carried by Benson and the tax position of nigh pay- 
; . Hedges, a quarter by Tones meins. Like many other areas 
Newspapers, and the rest by the °f personal tax thi» one is 
Academy Itself. The Pompeii extremely ramp heated, and the 
remains displayed two years ago nie f *PpB cable depen d veiy 
set back Imperial and the Daily °° *■' 

Telegraph £500.000 and the pro- J? 1 * pa ^JJ‘ nlar e k aSc ' T Tha } SR,d ; 
. visional budget for the great po.Uion is broadly as 
Japanese exhibition planned for *“Hows. .... , , 

: the Academy in three to four S “ ch t !^” atl0 " 11 0f l e t n,p J oy ‘ 
vears time is £lm. m * ot W™*** fall into two 

‘ But it is worth it not only categones-cotnpem,atiun pay- 
in prestige but also in money, ments and ex gratia payments. 
Pompeii made a profit as did . compensation pay- 

the earlier displays of Tutenk- ? CQt * a 

hamcn treasures and works of for example has an unexpired 
art from China. If over 500,000 sendee contract In a simple 
people visit El Dorado - the * director with ■ 

■‘gate” for Pompeji — the £35.000 a year contract with five 
backers are in the black, and to run^the compensation 

alreadv the bookings for group P^ent might l» £175.<»0 Any 
evening visits stretch into next 0^ termination payments- 
vear. In faer El Dorado is -and in particular any pay- 
hoping for a profit of £100,000. ">ejits ™ excess of amounts due 
a reasonable return for the-in- «oder compensaU on-are classi- 
vestment and the four years of fled as « gratia. - ■ 

nreoaration Having determined the nature 

One member of the syndicate of Die tennination payment, the 

"fro TZ R^ \cademv* St r.mw 
TO est .^ a coun^"d -A «•-««» element - in 
and ^rrently has an overdraft a recent financial planning note. 
, non It is making i0 the rase of compensation pay- 

of £ SSSf„rK under itenrSf- tins will normally be the 

amount of Uie eolden hand- 
dent Sir Hugn casson to im . 

prove its financial £10^00. For ex gratia payments 

makes a glam • w it is the amount of the hand- 

parties balls. ■“** shake less the higher of £10.000 

charges commiss ' or something known as the 

sold at itsi Summer _ Exhibition. SCSB (slandanJ capital super- 

hSS *"»«■«“» b ™ efit >-. is 


MONDAY— Prime Minister calls 
meeting of Ministers for talks on 
visit to Bonn. Meeting of EEC 
Finance Ministers. Luxembourg. 
Two-day Financial Times confer- 
ence obens in Rome on Outlook 
for Italy. Retail sales f September 
nro visional). Berwick and East 
Lothian: Pontefract and Castle- 
ford parliamentary by-elections 
nominations close. Evening 
Newspapers Advertising Bureau 
survey on advertising attitudes. 
Mr. .Anthony Wedgwood Benn. 
Energy Secretary, at East Lothian 
hy-electlon meeting. 


Economic diary 




TUESDAY — Prime Minister 
presides at full meeting of 
Cabinet EEC Foreign Ministers 
meet, Luxembourg. Cyclical 
indicators for l T K economy 
(September). Sir Roben Mark 


and Sir John McKay at Threat of 
Crime to Industry conference. 
Cafe Royal. Wl. Institute of 
Personnel Management statement 
on Code for Non-Discrimination. 
WEDNESDAY — Prime Minister 
heads Government delegation for 
two-day visit to Bonn at invitation 
of Herr Helmut Schmidt. West 
Germa n Cha ncclior — d iscussions 
will include Franco-German 
proposals for a new European 
Monetary System. Confederation 
of British Industry monthly 
council meeting— talks will cover 
pay formula and inflation. 
Vauxhall pay talks resume, Eton 
Lodge Hotel. Staffordshire. Basic 
rates of wages and normal weekly 


hours (September). Monthly 
index of average earnings 
(August). Prince Charles attends 
National Economic Development 
Council working party meeting. 
Mlllbank Tower, SWI. National 
Farmers’ Union statement on 
strategy document. Law Society 
conference opens. Pavilion, 
Bournemouth. 

THURSDAY— Mr. Denis Healev. 
Chancellor of the Exchequer, at 
Lord Mayor's dinner to hankers. 
Mansion House. EC4. UK banks' 
assets and liabilities and the 
money stock tmid-Sentember) 
London dollar and sterling certi- 
ficates nr deposit (mid- 
September], Plaid Cymru annual 


conference opens. 

FRIDAY— Prime Minister visits 
Hoover washing machine factory, 
Merthyr Tydfil. Trade and 
Industry publication will include 
sales and orders in the engin- 
eering industries (Julyi. New 
construction orders (August), 
International .Motor Show opens. 
National Exhibition Centre. 
Birmingham. British Rair 
announcement on improved mi! 
freight services Assistant Masters 
and Mistresses Association confer- 
ence. Bloomsbury Centre Hotel. 
WCt. Mr. Merlyn Rees. Home 
Secretary, at by-election meeting, 
Poniefract. 

SATURDAY — Mrs. Shirley 
Williams. Education Secretary, 
addresses Assistant Masters and 
Mistresses Association. 



El Dorado Mask: Golden attraction 


-" 4 r-r V C -J-~ ..T I 


handshake. Here the rule is to 
divide the taxable amount by 
the number of nnexpired years 
of the service contract, or by 
six years for ex gratia pay- 
ments. This amount is then 
added to the individual's other 
income for the year to deter- 
mine, the tax rate. Finally, that 
rate is applied to the whale of 
the taxable amount of the 
golden handshake. 

According to Dearden Farrow 
“It is still possible to make sub- 
stantial lump sum payments to 
retiring employees which fn 
some cases attract little or no 
fax.” But this, the firm 
emphasises, demands that there 
is sufficient advance warning for 
a proper planning exercise to 
be undertaken. 


day as we do in a year and the 
Italians— but then everyone 
over the age of 30 knows what 
continental water supplies are 
like. 


This country has no naturally 
carbonated water, such as 
Perrier, mi the bubble's have to 
be put in artificially. Sur- 
prisingly, until recently, few 
British companies attempted to 
do even this even though a 
□umber such as Malvern Water, 
a Schweppes subsidiary, have 
sold still waters for a very long 
time. 




every 





m uw annuation oenenii. mis is 

ploit the big extubmons held wor4 . ed out accordjng t0 the 

on its premises because it has formula: 


on its premises oecausv n , c formula; 

not taken into account ine extra ... . . . „ 

overheads of mounting such an director s his number ot 
SSSEr This time it has got average salary complete years 
“. Sms right and cant lose, as over last three X ofserv.ee 
long as the public come. Jears ' ^ 

The bis crowd pullers are on . 

top of the everyday work of the However, the SOTS is reduced 
Academy, which is most by the amount of the directors 




apparent in its continuous exhi- - 

bitions. But even a critically 

well received display, such as ' Spl 38 11P9 m} $**•■" -'i 

the current show nf the works * ■: • 

of Rodrigo Moynihan, which fdmF ■■ 

will be seen by around 12,000 . J 

paying customers, loses money. v-; - , ^ m 

more in evidence. Ev 

For 1979 a major exhibition 

of the Post Impressionists is M 

planned, with IBM providing HI- . ; 

£50,000 as good will towards the 

OHvetti is helping to^mount an 

horsesV deluding one of the -^:JR 

four horses of St, Marks in ‘jSSw- 1 ’’-.'* - 

Venice, and on a R^“ler scale jgMT . • 

Chandoiv are among the sup- IK.- 
porters of a display to celebrate . . . tfSTO ** 

the bicentary of the Derby. Moriey: departure ux 

Puttins oh an exhibition is an . ... 

- exereise. For - El pension that could be com- 

Dorado it involves many visits muted, whether this is done or 

m Colombia and much persua* not ^ 

L to St the Colombian The next stage is to find the 
rovernment to release some of tax rate applicable to the Ltt- 
jSi treasures. Apart able amount of the golden. 


Central to tax planning in this 
arris is the reduction of the 
individual's marginal tax rate 
in the year his employment is 
terminated. This can be 
achieved by minimising his 
other income in that period, or 
by creating more allowable 
charges or deductions. 
Nowadays this may be done in 
some cases by the Individual 
going into leasing arrangements 
—a somewhat sensitive area at 
the present time. 

Two other points deserve 
mention. Care should be taken 
if the individual is continuing 
to perform services for the com- 
pany following termination. In 
this case it is recommended that 
a separate contract for services 
(Schedule D) should be nego- 
tiated as opposed to a contract 
of ' service-^Scheduic E. But 
most important of ail, the 
whole tax benefit could be 
jeopardised if there is any pro- 
vision in a service contract for 
compensation payments to be 
made. 


Harrogate Sparkle joins 
brands such as Ashbourne, 
which comes from the Derby- 
shire Peaks, Strathmore from 
Forfar, and Crystal Water from 
Skenfrith, near Abergavenny, 
which arc trying to beat off the 
challenge of the imported varie- 
ties. And it got off to a flying 
start 


The Case for Recovery Trusts 


Harrogate Sparkle was offici-, 
ally launched on Tuesday but 
the night before the mayor, 
Mrs. Angela Matthews, told 
a conference of cosmetic 
chemist:>, which was holding its 
convention in the same room as 
the next day’s launch, of the 
great new product. . Being 
chemists they naturally wanted 
a taster and Mrs. Matthews was 
not the sort of mayor to pass up 
an opportunity, especially with 
so many Americans present 


Recovery trusts are designed to produce 
above average growth over the long term 
through a policy of investing in those 
companies whose share prices are currently 
undervalued because of past performance, but 
which are expected to show an improvement 
in profitability. 

Over recent years the performance of 
recovery trusts has shown remarkable 
growth and they have been widely acclaimed 
by investment advisors and the fi n ancial press. 


js Investment 
exclusively in 
‘Recovery’ shares. 


Interesting investment opportunities emerge 
from time to time. 

Henderson Administration currently 
manage funds in excess of £3cx?m. 


To Buy Units 


Excellent Prospects 


* Above average 
prospects for capital 
growth. 


Sparkling 


news 


So a couple nf bottles were 
cracked, and then a couple 
more. " Great." was the general 
conclusion, with the rider that 
it wuuld go down well in 
America. 

This unofficial launch wa& 
good news for Citra. which is: 
sending a bowser over from 
Wakefield, some 30 miles away! 
the other side of Leeds, tn pick; 
up the natural spring water. It j 
blows the bubbles in and is j 
marketing the stuff, so a little 
advance publicity among AmerU; 
can chemists did not come I 


THIS WEEK another sparkling 
water joined the growing band 




Moricjr: departure tax 


of drinks, led by Perrier, which 
are fighting to meet the every 
need of our jaded palates. 
Harrogate Sparklu comes from 
the conference town which 
rather prides itself on its 
natural water supply and is 
being carbonated and marketed 
by Citra Soft Drinks, of Wake- 
field. 

Fizzy waters are good busi- 
ness. We probably drink about 
14ra bottles a year wortb some 
£5m. Such if the growth m 
demand that it has been esti- 
mated that within live years we 
shall be consuming Wm bodies 
worth £20m a year. All 'this may 
be small beer (if you pardon 
the pun) to the Frenrh who 
drink as much of them in a 


The launch of Harrogate 
Sparkle (aiung wirh Harrogate 
Spring Water — its “ still " 
cousin) is the culmination of 
two years' research. Harrogate 
was once a spa town to which 
the royalty of Europe repaired: 
now it is a conference cen*re 
which attracts visitors by the 
thousands, from cyclists to 
politicians. Harrogate Sparkle 
is port of the different image 
which it has cultivated in the 
last 30 years. 


The reduction in the rate of inflation over 
the last 12 months, whilst beneficial to the 
British economy and partly responsible for 
die improved level of sterling against the U.S. 
dollar has substantially affected the 
profitability in a number of sectors of the 
market. Many companies in heavy industry, 
for instance, have had disappointing profits 
over the last t2 months as a result of a low 
level of industrial a cti v i t y . 

However Henderson believe. that the 
recovery prospects of a number of these 
companies are not reflected in their current 
share price levels and have therefore chosen 
this time lo launch Cabot Recovery Trust. 

Cabot Recovery Trust 

This new trust is likely to be more volatile 
tfum a conventional unit crust. It will invest 
primaril v in UK companies whose share prices 
have not kept pace with the general market 
trend as a result of difficult trading conditions 
but which in the opinion of the Managers now 
show positive signs of recovery in terms of. 
profitability. 

Additionally shares wfl] be purchased in 
companies that may cot necessarily have had a 
profit set-back but which are expected to show 
a recovery in share price following a period of 
under performance against the markci- 

The Managers may also select certain, 
attractively priced shares which, due to 
current poor trading performance have 
reduced or even passed their latest dividend 
but which in the medium term have scope for 
substantial recovery. 

Finally in constructing the portfolio the 
Managers have obtained an estimated current 
yield of 6% p.a. and the maintenance of a 
high level of income will be an important .. 
consideration at all times. 


ik Good level of 
income- 

estimated current 
gross yield 6*0% p.a. 


Phase remember that am tmit trust invest- 
ment should be regarded as long term , and Cabot 
Recovery Trust is designed for the mme 
experienced investor. 

The price of units and the income from them 
can go doom as tsell as up. 

To invest in Cabot Recovery Trust ax the 
current offer price of 50. pp simply return the 
application form below together -with your 
remittance either direct , <pr through your 
professional advisor. This offer closes on sath 
October or earlier if ike offer price varies by 
more than 3h%. 


Additional Information. 


★Units in this new 
fund are now 
available at the 
fixed offer price 
of 50 - 9 P each. 


Uni w will be available after 
the offer clones at the 
normal daily price- 
Unit Prices and \ tel dare 
published daily in leading 
ncwspapen. 

Crainur-slonor:* o*“lbe 
paid 10 recognised agenu. 
An initial charse of S ?« w 
included in the offer price. 
An annua! charge of i 


Contract notes will be 
issued and unit certificate* 
mil be forwarded within the 
weeks of payment. 

To sell units, endorse yoor 
unit certificate and send it ta 


the Managers. Payment mil 
normally be made within 
seven working days. 

Trustee : 'SFUliams & Gtyn*a 
Bank Limited. 

Managers: Henderson Unit 
Trust Management 
Limited, 1 1 Austin Friers, 
L-'ndoo EC=N z£D. 
iRcjastcrcd Olficc,. 
Kegi-Aercd No. $56563 
England. 

A member of die Unit Trust 
Association. 


(plus VAT; of the value of 
ihe trust is deducted irom 
income to cover 
■sifewimaarive costs. 
Distributions, will be mode 
on cth April and 51I1 
October. The first 
dimnbuutm on units pur- 
chased usder Uus offer “ill 
be made on sth Apnl 1975 - 


To; Henderson Unit Trust Mans Remem United, Dealing Dept, 


5 Rayleigh Road, Hutton, Brentwood, Ease* CAD3 *AA. 
Telephone enquiries 01-5S8 36*2. 


bSiSRf I /We irish to buy unin in Cabot Recovery 

JS Yjgr Trust at the fixed price of 5o.pp per unit (miaianim 
afir initial investment! ,000 units}, 
y l'VFc enclose a renunanoe of f. p ayable to 

v Henderson Unit Trust Management Limited. Afier the dose 
of this offer units will be available at the daily quoted price. 


mi ted, Dealing Dept^l 
a CAI13 xAA. | 

■ , 1 - 

SHARE EXCHANGE I 

r-.-. i i~ n r~ * 


Surname: Mr./Mrs./MiM 


elock CAPtrau ruus 
Christian or First N«nc(s): 


SHARE EXCHANGE 
SCHEME 

Our Shore Exchange 
Scheme provides * 
favourable opporrunity 
ta switch ioia this Unit 
Trust. For details please 
tick box or telephone 
Geoffrey Shircore , — . 
OI-5&8 5fi?2. U 


Address: 


A member of the Unit 
Trust Asooclntioa. 


I/We declare that I emrin are on resident outride the Scheduled Tezrinnica 
»nA rfcir T amber Mg not acaumng the, nwh* m rbr nntnwirf^ i) nf any neanuia) 
r crida aoi itridfl t h c a eTc rri tockt. 


Reg. No. 856263 


Tfcu 'offer is tv: tocBdic 
to Ttuacns cf dx Readlie 


Contributors: 

. Antony Thorncroft, 
Michael Lafferty and 
Anthony Moreton. 


Experienced Management. 

Investments in Cabot Recovery Trust will 
be managed by Henderson Administration, an 
investment management company 
established in the U.KL for the pasr forty years. 

Well-established in the City of London 
Henderson also have particularly strong 
contacts in regional cities where many 


to Tatdcrts ej the Republic 
of Ireland. 


I there ntjcuSi 


siepamayjT 



Henderson 

Unit Trust Management 


FT 14/TO 


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COMPANY 


/ 



Grampian picking up after midterm fall 


SALES OF Grampian Holdings 
fell from £3L74m to £31.07m in 
the first half of 1978 and pre-tax 
profits finished £382,000 lower at 
£756.000. 

However, the directors report 
that trading in the third quarter 
has improved and a substantial 
recovery from the depressed 
performance in the second half 
of last year is anticipated. Profit 
for the last full year totalled 
£ 1.46m. 

The net interim dividend is 
maintained at l.5p — last year’s 
final payment was 2.4925p. 


DIVIDENDS ANNOUNCED 


Tax for the first half took 
£393,000 compared with £592.000 
leaving the net balance down from 
£546,000 to £263,000. 


Current 

Date Corre- 

of spending 

Total 

for 

Total 

last 

payment 

payment 

div. 

year 

year 

Ash & Lacy int 

3.5 



3 

— 

6.63 

Ben Baiicv 

0.61 

Jan. 8 

0.25 

0.61 

0.55 

Bourne & HHngswrth. int. 

Nil 



1 -25 

— 

2.SS 

BrlL Empire Sees. 2nd IDL 

0.53 

Nov. 7 

n.45 

U 7 

U.li 

Courtney Pope 

1.42 

— 

1.16 

2.42 

2.16 

Grampian HJdgs. int 

1.5 

Nov. IS 

1.5 

— 

399 

A. Henriques inL 

0.4 

— 

0.4 

— 

1.8 

lmrv Prop 

1.4 

— 

Nil 

2.2 

Nil 

Jersey General int. 

6 

Nov. 30 

5 

— - 

13 

Mentmore Int. 

0.24 

Jan. 2 

0.16 

— 

0.92 

Moorhuuse & Brook int 

1.5J 

Nov. 27 

0.67 

— 

4.89 

Sandeman inL 

1 

Jan. 6 

1 

— 

2.31 


the full year — profits for the 
whole of the 1977-7S year was 
£534,424. 

Tax charge for the period took 
£103333 against £80.320 leaving a 
net profit of £112,556 compared 
with £81,744 last lime. The net 
interim dividend payment is 
stepped up from 0.1 55925 p to 
0123625 p — last year's final "as 
0.76171 p. 

The company's plastics division 
is recovering from a poor six 
months, when sales were down 
11.5 per cent due wholly to 
reorganisation taking place within 
a major customer. 



First half 


1B7S 

1077 


£000 

£000 

Groun sales 

31.047 

31.736 

Tradina profil 

?•» 

1.248 

Industrial services ...... 

404 

447 

Consumer soods 

nw 

159 

Printing .... — 

119 

— 

Interest, etc. paid - 

ins 

isr 

Associates 

i:t 


Profit trot ore tax - 

756 

XP3» 

Taxation 

■CPS 

S9C 

Minority loss 

4 

t4 

Available 

CBT 



Dividends shown pence per share net except where otherwise stated. 

‘-Equivalent after allowing for scrip issue fOn capital 
increased by rights and/or acquisition issues. JTo reduce disparity 
with final 


* Corporation tax chanted at estimated 
53 per cent. Implementation of account- 
ing policy lor deferred tax may result to 
the effective charge For the year bclns. 
as In the previous year, lover than 52 
per cent, r Profit- 


Ash & Lacy 
maintaining 
impetus 


• comment 

Grampian's first half results are 
much as expected, with profits 
showing a downturn of 34 per 
cent. However, there is a signifi- 
cant improvement on last year's 
second half performance, umch 
collapsed following poor trading 
in the construction activities and 
heavy costs associated with a 
number of disposals. The big 
surprise this time is in the indus- 
trial services division, last year’s 
major problem area. Profits are 
only a tenth lower, mainly 
because of excellent support from 
the transport and road haulage 
companies. Elsewhere, the 
printing and publishing activities 
have continued to benefit from 
the reorganisation programme 
started nearly three years ago. 
But the consumer goods division 
has been bit hard with the furni- 
ture companies continuing to 
incur losses while there have 
been substantial costs to bear in 
the U.S. venture by Mitre Sports. 
The reported recovery in third 
quarter trading suggests that the 
company might reach £l.Sm Tor 
the year (£1.46m). At this level 
the shares, at 66p, are on a p/e 
of S.3 while the main attraction 
is the yield at just over 10 per 
cent. 


FOR THE first half of 1978 Ash 
and Lacy, metal stockholder and 
perforator, reports pre-tax profits 
ahead from £605,000 to £876.000. 
and the directors say they expect 
the same level of profit will be 
maintained during the second 
half. For the last full year profits 
totalled £1.4m. 

Turnover for the first six 
months amounted to £14mni 
i£ 12:56m) and profit was struck 
after interest of £81,000 (j JTlM HiUi 
and depreciation of £232.000 
(£164.0001. Tax takes £455.000 
(£315.000). 

Stated earnings per 25p share 
are shown at 10.4p (L2p) and the 
interim dividend is increased 
from 3p to 3 5p net Last year's 
final payment was 3.6343p. 


buoyancy — or for how long the 
company's productive facilities 
can adequately cope. It does, 
however, assure the directors that 
a substantial recovery is likely to 
occur. 

It is not anticipated that the 
improvement will be fully 
reflected in results for the first 
half of the cunent year but, a 
year hence, Mr. Davies hopes to 
be submitting a more acceptable 
level of profits. 

As reported on September 30. 
pre-tax profits for the year to 
May 31, 197S slumped from 

£1.84m to 10.66m. 

Meeting. Hargrave. Northamp- 
tonshire, on November 2, at 2.30 
pm. 


Courtney 
Pope makes 
headway 


Mentmore 
sees peak 
for year 


TURNOVER OF Courtney Pope 
(Holdings), the shopfllting ind 
electrical group, rose from 
£1 5.72m to £17.98tn in the year to 
May 3l, 1978, and pre-tax l-'ofits 
finished ahead from £732.000 to a 
record £841,000. 

At the interim stage, when 
reporting an advance in protirs 
from £355,000 to £381.000. the 
directors said they were confident 
of reaching budgeted turnover 
for the year. 

They now say that the current 
year has started well and :rder 
books both For home and export 
stand at peak levels. They antici- 
pate that results for the current 
year will show a further improve- 
ment. 

Earnings per 20p share are 
stated at ll.SSp f7.Jp) -nd the 
final dividend is 1.4171 p raakinr a 


BIDS AND DEALS 


Reed disposal brings 
in oyer £25m 


BY ANDREW TAYLOR 


Reed International has raised a [J° T o^L S }? e rly repay- 

further £25.4m to help reduce its tbi= ♦ of Swiss franc 

mountain of deb: with the sale ment of £2wn or 


of its SO per eent stake in us borrowings. 
Australian ■ holding company. 

Reed Consolidated Industries. 

This means that Reed has 
raised just over £90m through 
overseas disposals in the W3: 
months. It also expects to com- 
plete the sale of the remainder o. 
its Canadian assets by the end o: 
the year which will lift the total 
raised from disposals lo wed over 
the £100m mark. 


Midland 

rejects 

Lonsdale 


Midland Educations T. Binnlng- 

^ ^am-based bookseller 

James Hardie .Asbestos. V, 3 rioner. has now opted to fight 

Australian building products and 5ns . ^fceover offers on l» 
pipeline group, is pari*? fronts. It has already rejected * 


cash (£30. 3m) for RQ but wu zet • " rash bld from pantos and 

£5.lm back from Reed which u -o «Werday rejected the «-*** 
retain RCTs Butterwortb publish- 


shares and cash offer -from 
Exchange roles Hardie wul now ^ inadequate. 


Midland said thar the Lonsdale! 


bid for the remaining 20 per cent 0 f lts sba res plus-SSQp. 


of R ^nar^ein'^ a \u3d B ins SlS pr l o- cssh'fo'r every five" Midland share* 
* . P imfinn Thp was unacceptable and achtso! 


paper, -p, e w3? unaccepiaoie a«a aaviseo 

d “h S, h5^P , d f AStfiO^shire shareholders :o take no aaknL'lX 
SlSJS IhfSme price »id that it would be outlinra*** 
HarfSoaid R^d reasons for the rejection after 

h sr.’n^riS' shareholders in R Cl Lonsdale’s offer document. 
will ■£» be offered a share alter- Lonsdale's offer -currently valw& 

Stive wHarife™ cash bid. The each Midland share Mjnod 
SStralian group is makm E . a 207p which compares with to 
4S24m (EMml cash C3ll on :ts nights dosing pnee , lor the 
shareholders — through a two-tor- shares of 220p. 


-to help pay for 


nine rights issu 
the bid. 

This is the third rr.3jor overseas 
disposal that Reed has *nsae 
vear. It has now sold -ts 63 Pf- 
cent boldins io Nampak. 


the 


total payment 
|2.1646p). 


of 2.4171P 


Strong & Fisher 
confident 
of recovery 


During July, normally a 
seasonally quiet month, Strong 
and Fisher (Holdings) received 
orders in value in excess of any 
previous month in its history, 
reports Mr. Edward D. G. Davies, 
chairman. 

He says that he cannot be 
certain as to the duration of such 


On slightly lower turnover or 
£4 ,27m against £4 33m Mentmore 
Manufacturing Company reports 
an Increase in taxable profits for 
the six months ended July 31, 197S 
from £151.264 to £210.389. 

The directors state that the im- 
proved trend in profitability has 
continued into the first two 
months of the second half; 
Christmas sales of writing instru- 
ments for the home trade in 
August and September are run- 
ning 17 per cent above last year, 
and export sales have made up the 
ground lost in the first half. 

They consider that provided the 
Christmas boom continues, both 
at home and abroad, the com- 
pany will report record profits for 


Ben Bailey 
second half 
recovery 


Sandeman’s growth strong, 
but taxes hit hard 


A second half recovery to 
£151,062 against a depressed 
£10,738 lifted Ben Bailey Constoc- 
tion from a midterm loss io 
taxable profits of £116,907 for the 
year to June 30, 1978 against 
£91,565 previously. Turnover for 
the full period was well ahead 
from £3-S9m to £5.03m. 

-The directors now feel that the 
company is re-established on a 
firm base for measured and con- 
trolled expansion. 

Net profit was £80.911 ( £51.935). 
after tax of £55.996 compared 
with £39.630. giving earnings of 
1.17p <0.99p) per lOp share. There 
is a singfe dividend payment of 
0.605p. the directors having 
passed the interim payment — last 
year there was a 0.3p interim 
and a final of (L25p. 


PRE-TAX profits of Geo. G. 
Sandeman Sons and Co. surged 
from a depressed £17,000 to 
£457,000 for the first half of 197S 
and were after an exceptional 
debit of £136.000 for the period, 
being Spanish municipal tax 
charge levied 10 years in arrears. 
Turnover was ahead from £5-llm 
to £5.94m. 


(£84.000 credit) and an 
ment last time for prior 
resulting in a credit of 
Overseas tax. took into 
credit for future tax 
estimated at £141,000 on 
year’s loss in Spain. 

Net- profit was subject to an 
exchange translation loss of 
£321,000 compared with £293,000. 


adjust- 
periods 
£80.000. 
account 
benefits 
the half 


The directors state that volume 
sales for nearly all countries 
show an increase and indications 
are that overall sales and profits 
for the full year will be higher 
than the £I2.63m and £l.4m 
achieved for the whole of 1977. 


However, after a tax charge or 
£357,000 (£134.000 credit), net 

profit was lower at £100,000 
against £151,000 giving earnings 
of O.S8p fl.33p) per 25p share. 
The interim dividend is main- 
tained at lp net— last year’s final 
was 1.31p. 


Principal markets where there 
have been the greatest increase 
in sales are again on the conti- 
nent: in Germany and Belgium 
sales for both port and sherry 
were greatly increased and the 
indication is that this will con- 
tinue. 


Tax comprised UK £93,000 
(£30,000), overseas £264,000 


Sales of sherry by agents in 
Holland showed a further advance 
over the substantial sales for 
1977 and sales of port were main- 
tained. 

The company’s UK distributor. 
Hedges and Butier, says there was 
a good increase in sales of sheny, 
and a smaller one for port The 
directors feel sure that total sales 


in the UK for 1978 will be higher 
than in 1977. 

• comment 

Unusually high tax charges have 
masked a strong first half per- 
formance by Sandeman. The 
trading profit at £932.000 is more 
than double last year’s figure. An 
exceptional Spanish municipal tax. 
higher interest charges and a lift 
in the tax rate in Portugal from 
44 per cent to 51.5 per cent all 
cut into the trading figure. The 
strong trading picture reflects 
both the increased demand for 
sherry in the UK and Europe plus 
Sandeman’s increasing market 
share. The losses in Spain, which 
were the principal cause of last 
year’s first half profit slump are 
continuing hut a at a reduced 
rate. With the sales of both port 
and sherry continuing to increase 
in the second half the company 
appears to be well on the way to 
meeting the chairman’s goal of 
pre-tax profits in excess of the 
£1.4m recorded last year. The 
shares at 66p give a prospective 
yield of 5.9 per cent. 


Findhorn 
advances 
to £122,851 


Pre-tax profits of Findhorn 
Finance advanced from £70275 to 
£122,851 for the year to July SI. 
1978, on higher turnover of 
£935.996, against £705.777. 

Net profit was £98.233, against 
£52^55. after tax £24,618 (£18.0201 
giving earnings of 31. Op (19.7p) 
per £1 share. The net dividend :s 
increased to 13.4p (13.2pl. 


ATLAS ELECTRIC 


In the half year ended Septem 
her 30, 197S. Allas Electric and 
General Trust achieved gross 
income of £2.79 m. The compar- 
able figure was £252m which 
included an additional £125.000 
of income normally received in 
the second half. Yesterday's 
report was misleading in respect 
of the additional income. 


Results due next week 


The “ interim season " continues 
next week with a good spread 
of companies announcing figures. 
In the consumer sector half-year 
results are due from two of the 
high street giants Marks and 
Spencer and British Home Stores. 
Interims are also expected from 
Rugby Portland Cement, Furness 
Withy and Hawker Siddeley. with 
final profits due from Brooke 
Bond Leibig. 

Last year's was slightly below 
expectations for Marks and 
Spencer. But following an 
excellent trading period io the 
UK, brokers are hoping for 
interim pre-tax profits, due on 
Tuesday, of around £68m (£52m). 
UK sales are expected to he up 
by roughly a fifth, with a 
significantly higher profits 
advance. M and S has traded up 
and this has improved margins 
after last year's setback. 
Meanwhile, overseas losses are 
likely to be reduced in Canada 
and Europe — indeed, given no 
more write-offs on store openings 
the European operation could 
break into profit This progress 
should certainly continue, and 
for the full year range forecasts 
is around £133m-£155m. The 
recent Introduction of credit 
facilities will not show through 
until 1979-80. 

Disappointing results from 
British Home Stores last year 


were primarily due to a poor 
performance from the food 
division. It is fhe changes which 
have subsequently been intro- 
duced here which will probably 
dictate the improvement in the 
company's interim profits, due on 
Tuesday. Analysts are going for 
£9.4ra-£10m (£S.4m) with estimates 
for the full-year currently 
grouped around £32m-£33m. Since 
the year-end, food departments 
have been removed from 19 
outlets while other stores (where 
food is served), have switched 
to self-service. The second half 
is likely to feel the full Impact 
of increased consumer spending 
while the planned 6 per cent 
increase in floor space (a major 
programme for a group of this 
size) will provide a further boost 
to profits. 

The consensus view in the City 
is that Hawker Siddeley has had a 
pretty sluggish first half and that 
the picture is unlikely to brighten 
much during the remainder of the 
year. The company appears likely 
to have experienced some overall 
profit growth in the interim 
period but most analysts estimate 
this to have been restricted to 
about 8 per cent giving a pre-tax 
figure of around £50m. In essence, 
the world recession is starting to 
catch up with the group. In the 
past it has been Insulated by the 


reorganisation benefits plus the 
growth in. demand for diesel 
engines and power generation 
equipment 

After posting a first half profit 
increase conditions have turned 
against Brooke Bond and the full 
year pre-tax figure, due to be 
reported on Tuesday, is likely to 
be down on last year’s £49-Sm. 
The average of forecasts by City 
analysts is £42 m. with a range 
from £41 m to £435m. Tea prices 
have fallen so the profits from 
plantations will be lower and UK 
domestic operations were affected 
by the confrontation with the 
Price Commission midway through 
the second half. As weU, volume 
sales in the UK are likely to be 
down as there was some destock- 
ing of inventories built up by 
retailers during the earlier boom. 

Estimates of Rngby Portland 
Cement's interim profits, due on 
Monday, range from £6.5m-£6.75m 
(£5.9m). Because of bad weather 
the year got off to a slow start but 
volume since has apparently 
picked up, though most of the 
improvement will come in the 
second half. The full effects of 
this year's price increase will also 
help profits in the second six 
months: the period just »nded 
only includes one month of the 
full 10 per cent rise, which was 
delayed by Price Commission 


investigations. Steel reinforce- 
ment, which fast year experienced 
very poor trading and turned »n 
halved profits, should be over ♦he 
worst. There is plenty of recovery 
potential which, if slow to show 
through, will boost the full year 
results. 

Furness Withy appears' to be 
weathering the general shipping 
storm better than most But. 
even so, its- performance has 
suffered. Its Interim results are 
due on Tuesday and profits could 
be in the region of £&3m com- 
pared with last year's 1 £13. 3m. 
Trading operations are holding up 
well but increased financing 
costs, lower profits from sale of 
ships, and lower contributions 
from associated companies seem 
to be eating away at the figures. 
The trading operations have held 
up better than most because* the 
routes Furness operates have not 
been hit by local troubles that 
have hurt other operators and 
because of its market spread- 
liners and tramps, conventional 
and containerised cargo thins, 
dry bulk carriers and tankers, 
offshore oil. 


Other results to note are 
interims from the UBM Group 
fon Wednesday) and Donbee- 
Combex-Marx and Gerrard and 
National Discount (both Thurs- 
day). 


Company 


DMsJcoA fp>* 


FINAL DIVIDENDS 

Panics * Sidney C.» 

Boulton • William ■ Group 

Brooki- Boot) Lie 01* - 

Pumrtpoi- tnv.-R' m--nta 

Dawnay Day Group 

£L-i-0 Holdings 

Font-an) TecBnoloja? Industrie* 

Kalamazoo „ - - 

London Scottish Finance CorporaUoo . . , 

Lowland Inrestmctu Compaos 

Mod minster - — 

Peters Stores 

ftalne En B -tne<*rUMt Industries 

Ruphy Portland Cement — - 

Sandhurst MarKetinc 

Spencer Gears iHoMlocs' 

Sun Life Assurance Society 

Tyzack <\v. .u and Co 


mem 

laisr year Tbis year 

due 

uu. 

Final 

Int. 

Frtdav 

1.1 

2.3 

1J5 

Tun-nlay 

0.4 

O.fflTSS 

0.44 

Tueeday 

0.73823 

2.00. j” 

0S31S75 

T*iur.<tuy 

ii 

11 3 

or. 

Wednesday 

Nil 

10 

0J 

■Plursdaj 

0.03 

1 091 

0.73 

Mondav 

Ml 

24) 

S.O 

Wednesday 

OSCj 

1.1111 

0323 


0.7 

1.0 

0.77 


OS 

1 S 

0.9 

wVooesday 

U3t 

1.O0S3 

Oil 


Company 


Genera) Scottish Trust 

Gerrard and Ma’lorui Discount Company 

Harrison and Sons — 

Hawker Mams 

Hawker Siddeley Group 

House or Lcrase 

Industrial and General Trust 

Jesse], Toyntjee and Co. 

Kode lotenuuonai 

Lilley ‘F. J. C.i ... 

Manchester Liners 


Fridsv 

Toesdoy 

Monday 

Thursday 

Thursday 

Wednesday 

Monday 


o.:; 

8 238 

I 67) 

0.201j 

D.19 

1.S32S 

0.363 


B.5SSS 

1503 

0.5623 

6.3535 

1.58 

OJll 


t.n 

0-236 

1.838 

0.583 

0.19 

1.712 

0.363 


INTERIM DIVIDENDS 

Alginate industries — 

Allehoiw and Sons 

Allied Plant Group 

Brook Street Bureau of Mayfair 

British Rome Stores 

frown aod Jackson — ^ - 

FSG International .. • ...... - - • 

Caoadlan and l-orewn Internment Trust. 

Central add Rtterntond 

City of Oslord loeeBttneiil Trust 

Coates Brothers and Co 

De Vrp. 1 RotdS and Kesiaurantj 

Dorrutston Investment Company 

Punh‘*e-Conrt»e* Mars 

Duport — — 

Ertflt snd Co. 

Farm Feed HuMItiA* 

Furness Witte and Co — — — 


Thursday 

Friday 

Monday 

Monday 

Wednesday 

Wednesday 

Mpoday 

Thursday 

Tuesday 

Wednesday 

Thursday 

Thursday 

Monday 

Thorsdoy 

Wedoocflay 

Tuesday 

WedriFNday 

Tuesday 


4.4877 
OX 
n.3 
1.173 
2.6 
Ml 
0.7 
1.25 
a j&s 
1 0 

0.77196 
1.99*15 
1.1 
1 fii 
l 50.-1 
1 iU7 
Nil 
3.5 


0.S 

0. -Wo 
.iim 
3.4723 
1.0 

1.1X3 

2J5 

II dlU55 

1.31942 
■ 2.K.-.6I 

1. E994 
-1.9W61 
? H71I.4 
3.04099 
floe 
4.671 


Marks and Spencer 

■Marshall's Universal 

North iM. F.i 

Provident Life Association of London 

Scottish Mortgage and Trust Company ... 

Securities Trust of Scotland 

Senior Engineering Group 

Slemssen. Hunter 

Smith Sl Aubyti and Co. (HoMlnss> ...... 

Spliax-Sarco Engineering 

Steel Brothers Holdings 

Tutor. - PalUster and Co. 

Tlmo Prod Orta 

UBM Group 

United Carriers _... 

United Engineering industries 

Webster s Publications 

Wedpool Investment Trust 

Wetrrro Rroihers 

wilmoi Ftecdnn < Holdings! 

Wood and Sons * Holdings! .. 


Armoonec- 

meni 

dsr> 

Thursday 

Thursdwv 

Wednesday 

Thursday 

Thursday 

Thurso jv 

Thursday 

Wednesday 

Tuesday 

Thursday 

Tuesday 

Tuesday 

Wednesday 

Friday 

Tuesday 

Thursday 

Wednesday 

Monday 

Tuesday 

Wednesday 

Tuesday 

Monday 

Frtdav 

Wedixsdat 

Wednesday 

Tuesday 

Thursday 

MVdm-sday 

Tuesday 

Tuesday 

Tuesday 

Monday 


1 .1 
4 0 
1 4?7 
1 ?«> 

1 S64S 
1.6 
0 ri 


Dindeod fp>’ 

Lasi year This *ear 
Idl Final Int. 
IJtt 
4.171- 
7.709 
4 SI 
2.7H1 

i.isoe 
i.« 

2.. WS 

3.0. 9* 

1 3 
4 lOtt- 
1.27715 
3JfiSI 
0.331 ■ 

4.463 
2.1 
32H 
0JS3S 

1 .4254. 

3.m. 

7 393 
9.U 

ZS7S 

1 

2 3142 
1 «us 
1.1106 
I i:ttw 


1.03 
1.0 
T (1 
a s .-i 
Z 173 
0 1~J3 
.7.7 
1.2 
7.-21 
(1.3375 
1.1SC 


1 «6» 

3.0 

1.3 

0.43 

1.7958 

O.SSKtt 

l.lIOfi 

0 .118 

1 0 
Nil 
1 1 
6."J 


2.k;i 

1 991.97 
0.3312 


INTERIM FIGURES ONLY 

Amhnrity Investments ... Tncsday 

Tehhitt Group Friday 

Vikms Resources Trust Tu--ria* 

- Dividends shown net p*nee per share and adjured lt»r any intervening scrip 
Issue, t indudus wooud urerm oi 0 4p. t lodudjus wcHid interim of fl.S5w. 


MEYER BLTLDSrlflP. 
LVTERNATlONAt: 
TIMBER STAKJE ; 

Vr . ^ pnneerr Montague L. Meyer, toe UJCs 

South African conce. - , ar5esl timber group, has buflt up 

For £59 m; raised a further ■ , T;> s hare holding in hiterhatlohaf 

from the sale at joint \wim Timbtff lo l323 percent, its move 
interest m Canada and na n ftas conJ e after Interantional Tun- 
disposed of virtua.iy ail o* i^» ber » s f or Bambergers "diluted 

Australian investment?. jts Meyer i s’ now intereaed 

The nest stzze :s .he sale o. , n 2 ^5S.SSS Ordinary shares .of 
the remaining Canadian interests Internat j olu j i 
and Reed chairman Mr. A.exaDaer Meyer recently converted the 
Jarrett said yesterday tnat j, 0 t^i n; T G f its Joan stock, : which 
negotiations with a number of Drot2 g bt the total of ordinary 
potential suitors— including 5lac- unil ^ up ^ 2^08^88 (12S4 per 
Mill an Bloedel. Canada s largest . . 

forest products group — were still •- '• 

proceeding. He hoped to com- ' 

plete a sale by the end of the year. NO PROBE ‘ . .. ’ . r • 

At the end of last financial The proposed merger of Sot ft 
year Reed had net borrowings of Bader Company and . Strand. 
£3S4m against tangible share- Glassfibre is not being referred 
holders funds of HTSm. It has to the Monopolies Commission, 
already used some of the proceeds 

from its recent disposals to im- _ i wwo • " - 

prove its gearing. ALLltU LlUiifb-.. . 

Some £24m of the proceeds from ALLIED BREWERIES* offer’ for 
the Nampak deal have been the convertible preference of J. 
released specifically to repay LYCXS has become unconditional- 


BTR now moving into 
Australian plastics 


The fast growing BTR rubber. International companies is seen 
n las tics and engineering group as a consequence of the acquisi- 
has made its second Ansrraiian tion. but this will -take plane 
•akeover move ir. n»o weeks with against the background Of con- 
she AST 3m (£760.000) acquisition trnuing growth, and job prospects 
of Injectapak. should not be Impaired. 

At the end of September the _ _ 

group announced that it was bid- TURNER CURZON -• 
d'ng £2.2m to acquire a 52 per «ri icpcnvnprt 
cent stake in Kencord Holdings, wjrtl^lDtU - . 
an Australian carpets groop. BTR Shares of Turner Cnrzon, the 
has already paid £550.000 
chase a 20 per cent, interest 

the carpets concern. - ... 

Injectapak will provide BTR discussions which ntigh^lead to 
with its first plastics interest in “ °? er f °r cqm^ny or to 
Australia. The company provides the disposal of one of its sub- 

nrecision plastics injection mould- sidmnes. 

ings iargeiy for pharmaceuticaL . Turner Coreon came into being 
cosmetic and industrial com- In July 197a as a result of the 
panics. merger of Curzon Industrial 

BTR sa vs that Injectapak — Investments and Ben Turner and 
which mane pre-tax profits of Sons (Holdings). The group 
around £823.000 in the year to distributes a wide range of 
June 30. 1978— is technologically capital equipment including con- 
advanced and will provide benefits struction and farm machinery: it 
to the group's other worldwide a^o manufactures chemicals, 
nfasric interests as wefl as provid- light and heavy engineering, and 
ing a further base for expansion includes a leading broker cf 


into F3r East markets. 


forest products. 


ARMSTRONG WINS 
CORNERCROFT 


RENWICK SALE 

Remvlck Group has agreed to 


Armstrong has won acceptances psLfeht %r 

from 932 per cent of the ordinary i 

shares of Cornereroft eligible for Jo BowateiB Uxuted Kongdom 


eligible for 
the ordinary offer and 82J8 per 
cent of the preference shares. 
Armstrong 
acquire the 
croft ordinary shares. 


Paper Company. 

The Renwick 50 per cent 


ut 


win now rnmmiicnHiv Ridham represented an interest 


■Knancial ■ 

ry 






TERMINAL losses in 
only £59,334 COBPM 
previous year's of £S5^Sfi 



um J* tobderaise , and improve the ' 
-aal’ earning poientisJ of 

left && Sd 

taxable profie of 14Z73TI tha^adds thatfacititks&r the flu ants 

nommal £5266 last tuufe...-. - under construction have b»P»» 
air. Arnold Dee, ijteutoal/man.' arranged. -. . : • : ; B 

says in his animal statemfent wiS Net profit- for: &e y«sd- came 

.. ■ - * . -ncrtJT? r™" 


the accounts that . ffilrttter out at £183,477 {£&2fifig 


in Belgium^ and, that ’jbg^mh- -EU&234. And after eteii XS :- 
sidiary o wni ng ibe Tuuperte thar e credits . of - £742.702 ' = ( £R3&74 r \ 
has been 'Xo'Id.v'V.*---; . . . wh ich, w ere transfeired te^pi^ 

Gross Tehtar- Jin&e, for tbe ^*5™’ 
period was njr^frinh. £j_95m to • a h«- otewmiffs £101405 

S^&n. net income fi.SSm against ^ 

a An, aj^jtitterihtesc finance ■ -T f : ’ -■% 

, charges, ;■ ett, -. of ' £71A37fi .Tne .e^Uwmmaiy eitalite: atose 

<£S6L9S2), -profit came out, at ' 

£506.711 (£330^02) - before the’ £j2 

fieStim 'losses' - . Belgimi sohM1ap f - \ L ? 

Offings per 25p ' share " are ' ^ 

shown as 4p -compared with. a loss -V°® 

cf Z2p and the dividend total -tor . 

year is 250l37p (nil) with a ' ■^■SSSP'S 1 

aet- final payment-of UOiZfp.Jgr.. 

Lee says that a'lfip net total was ^ onr IO per- anhuta. 

nyalfforecast last year,- int -in view -of . . ; .J-. 

the company’s' : substantially 'Tfir 
improved performance.: the. direc- H jPTITlft It AC'V' 

tors have increased- the payment, .-A AvIII IU 
subject to Treasury approval. ■ : j ■ , 

In their report the: directors 
state that the ^oop's. properties UvUmIVU 
ds-at March 31, ^ 1978. hil the- stxm • w ' ' ' ' 

.of £11.425576 have an aggregate minUfiO 1* - 1 - 

{open market value nf £34fim.Not -ill I- tl Y lutftJL • 

'rncluded in the valuation are the __ ■ i: ;•* ' -. . ‘ 

properties . in the Republic of PRE-TAX profits of - Artfeh 
Ireland owned by the group’s Henriques, cfo thing . ina^gac 
associate Harielgh. which gb^-ed more toan doutt^^g 

a value of £2m over^ the' amount _' l 5 L, 

in the balance sheet. *•** on ,, t ^ rDOT ^: flfef 

The chairman says that Har- ti;i3m lo tl.wn. 
leigh Is now beginning to benefit down to a' d«pr»K( 

from substantial rent reviews £7B.WH). . . ^ _ .L'./v-Vj 

which are falling due. The group, Mr- A- «?*«. Ih® diaimafi, ^j> 
he adds. Is also begihnhjg : to that _ competition . coBTituuf ^, 
obtain the benefit of .the rever- • remain intense, 7 but toat-eser:. 
Eionary potential of its own direct effort w bemg madeyto riaamceit .- - 
property holdings and. there are .the unproved sales^mkl profittc- 
several major rent reviews occur- -Vter tax of 'agains . 

ring during the current -year £26.613 net . 
fb/Iowed by further reviews -or compared with £1957^and-af^ 
lease terminations over the next an unchanged inteam ffivlrfendi 
five years. . - ' '-P“ 

Mr Lee says the company, can. mg £3.606,' the amount reiasa 
therefore, look forward to -sub- came out at S4WV 
stantially increased earnings from chairman has waived 
reviews of its current portfolio, oil the 1,087,165 shafts ' 

“It is the company^ -poliey to in ;his name. ; r 



A varied selection for . 
income and growth 




Most of the managers who are has a hefty U-S.- element. 
this week drawing investors* portfolio, and arotmd«) pettm 
attention to their wares are ofTer* of its money lit Australasia^ soyfi 
ing enticing prospects of either performance this year hasirt ha# 
growth or income: there isn’t as striking : as that of (he n* 

much that combines the two. adulterated Far -gast fa ndK cu fr - 

Henderson’s Cabot Recovery verseiy, of . 

Trust is, however, an exception to suffer' as* uruetrif ibtr b qoyapci 
the general rule. Although which these macfeehtfeie stowf 
primarily a growth investment^— so far this yearWar^to-evapdraic 
the managers are aiming for For the -income -Sttfes.thwK; 
shares in compaoies whose profits a choice between?’' an.;’ StoipiSl 
have been tb rough a rough patch fund — Crai g m o a n t HI^^JnconK 
—the estimated yield at the fixed whose units are yfekhne-^fu d 
offer price of 50-Pp per unit -is cent — and a fixed . frad 

6 per cent: and while that misfit ScMesinggris Gill 

not be enough to attract anyone The latter vieldsT2-prf tent; ha 
who was primarily interested m the income* isaf iBeely to rtse— a 
it certainly ' - " ' ■ 


interesting complement to the CraiCTiotiiit 


forms an any rate. not by.much::fiat cf ?ti» 


growth prospects. ■ ■ ought to do 

Henderson's managers warn income, is paid qoarieriy^ micuim 
that the price of this trust could seekers (or farYtnat m m Cfl L 
be more .volatile than most, growth seekers; awe there?*-; 
because of its specialised nature: reinvestment option) . .Wight ds 
ana the same argument might be intei^ted 
reasonably be applied to all the Bonus Bond rerehflyJiUBcfceff b ^ 
other growth* teusts on offer this Generali (see page B); The pel , 
week. .Indeed, M and G's is an attractive -9 per cent neM 
managers— in drawing attention b^c rate tax. toltproyKieswo V - - 
to rheir American and General formWable competition: Jor * i 

rund — agree that tf.S. share building society— though thee - 
Prices cquld decline again in the no provision “Jor ^neashml 


utyjwe - iu.uk no prOviaon :Jor -^eneasn^j^ 

thf L arff,e that before the mid of the -fote: 
the. king terra growth prospects period. . ■' 
will more than compensate. . Finally' two' . -more; gteef{jt.S ; 

It s Jong term growth prospects, services are advertised.- Moth , w “■ 
too, that the managers of the four bankers Schroder Wag? are dti V'.t ?T 
Far ■Extern trusts on: offer . tins ing investors attention totki ~ 

week are: offering to the potential four unit trusts; and "the 11 „ 

mvestnr. Two of these trusts— assurance rorapany Vanbrugh- J *£sr 
Save and Prosper South East Asia its new Vanbrugh Investee ■ fc \g. 
Growth Fund, and Target Pacific Portfolio. - This is a - life be 
--are brand new, but Garfaqqre i^lth switching facilitifis bebW 
Far Eastern — a top performer this its - six- funds — but . 

beeD SVtog long enough £25,000 to invest to take advM* 
to baud up a track record, and so of the services it offers in addM - 


baS- ArbuthnofS Par Eastern and to. -the conventional Hfe-Tw 
international Fund. The latter, range. . 


I Ml COMPLETES 


I97S since- when Renwick has 
received a dividend of £90.000. 
The contribution to Renwick 

r. .j . .. ■ . profits before tax and after 

Following the agreement m writing off goodwill for the year 
P" nci ,P^ announced in Septem- ended April l. .1978 was £69.000. 
ber. ISD has now acquired the Th e directors of Renw<ck 
specialist ^alve company Samuel believe the sale to be in- the best 
Birkett -together with its associate, interests of shareholders and .he 
Pneion and Moore (Engineers), proceeds will he used in the 
The companies have a turnover reduction of group borrowings, 
approaching £3na a year. ° 

Birkett wiU. remain as a 
separate company, but will form 


British Land acquires 
26% of City Offices 


A 2622 -per cent stake in City excellent, company fqr. Bdi 
Offices, ■ a . property Ulvestin.ent..Land to/be associated, witfar . 
group, with a -totally ungeared recent months .British Land^' 


ROBT. MOSS . , lr . , . . a - 

- -- Afbrifige and Company has PoriJolio of central London pro- made a number, of purchases, 

pan of IMl Valves International, TO ore than doubled its slake In Perfies,^ ^changed -hands yesterday stakes 1 m property companies - 
which comprises of DH Bailey Robert Moss— manufacturer of in a share and cash deal worth nearly always for shares—as m' 
°i-2? nchBS, t: r ; P ,astic injection’ mouldings— to t ' . to increase its own share tag 

pZ, ®" d , SA ’o b0tl ? of 10 - 4 P er cent with the acquisition The purchaser was British Lend to .acquire income or - ®t 

F .^- n £ e, u ant L DU Va,ve .Seri'lces, 0 f a further 300,000 shares whK5il bought the stake from S^eral of the stakes, h^h 

Which has five service depots in This compares with the 14.5 dpp Britiab and Commonwealth Ship- sold .shortly after the^sj 
r u u . cent stake held by Gresham Ring' tor . £t5m ki cash plus the acouired. .. 

ni? r ‘ i7 , i evar ^ am b- chairman of Investment Trust and the 10 5 oer lssue of. 62m shares. The result ;- ^ crw ^^ r V- yesterdasfs.. 

mi Valves International, said cent interest held hv inrh^J^ is that B and C becomes the ? eg:arde ^.® s a 

and Pt h^ U co ™ pI ® me ? t and Commercial Finance Corpora^ lar ^ est shareholder in BrlUsb-^ ^ rhe°tn7ar fe l^t®nf^nrrM^« 1 

and strengthen those already in tion. Jo the year to IMarrh laiuL with an 8.67 per cent staice ■ Pf borrovit^ 

the portfolio. Some degree of 1978 Dre-tax Stc ~r £ h ^ 31 ’ in the enlareed Mnh^ City Offices _ and. its recordv ^ 

rationalisation within Bfl Valves Mol fiSSo to £^?SSS <^^6. Growth. ^ 


New York & Gartmore 


.otters relating to Schroder Wagg say that >h. 
the bid by Bricomin Investments, are fair and ~- tnat l ve terms 


MhS? r .SS&-WBSS ?ssu. 

B7p (where the- market capital!- *• — ^ _ 

’ SHARE STAKES _ ; ^ 


sation Is £18ra) and British Ladd 

lost lp to end At 45p. Atilt ateL WUtofg Group-’ M V , 

Mr. John Ritblat, chair m an and K.- Sleet, a director of a si ^ \ 

managing director of British riiarv.' has nnrehased 1L000 siu '*<-< 



sent to shareholders yesterdav. 

In them Air. Lewis Whyte, 


ordi vif? 

.f 


. rentai. -Ihconie in excess of £L2m :ha s ;' : acquired 

ASSOCIATES DEALS **?Dowtat.tlW teceiu- : ’ ' awureo 

chairman of New York, ptiin'ts niSroiSSS? 1 ^ J,n Ba ". n S Brothers fe-JS?®® ^ 1t: "® aBcfr . .. oJ 

out that the offer price of 47p 22^00 ordinary shares ‘ j'. Butete, a director, has »ld 

a '"jHdant Group Printers at loop ‘ Wev have -no intention :of -.“A^noii-votteg. or dm ary sha;i;S ? ^ 
n , .2° Uctnber 12 bought 101.940 reHei3 . ma -'.l be s ^ ke . as a : dealing. .) BRA Group: J. L. Fenton, d o'U S 

n Dt ,l ’“ * counter.” he sa.cL ■■ and it wouTd tor. , sold lO’.OOO shares at S0( * 


per share cash represents 
premium ol ovei 15 per cent on 


estimated net asset value or New Same priee fo ^ ‘ts own - --- - 

York, a level w hich is favourable aB S?, nL c . w one .^ i ^ s PT* - -Kdpfeniber. SO: 20,000 at o?F 

compared with other recent , h ” so,d f or a con^de r _ bidding tor L/ ttig Qctober 4. and 43.450 at SOj 

offers for investment trusts, investment client Company. ^ , ■. October- .«, all from p ess 

Shareholders are warned that '°^ 00 . and General at uop said, .that be.-was ^ tidings: 

« “1, 1 Bannr> Rmthor, vrrv nfcased vrfrh the tran^ctlon - 


the offer is not conditional upon = n ^}? n ” ®, rotl , 1 fI s „„ has Purchased * 

a minimum level of acceptances » a Hd 118.000 shares in as - • p“toes 


jBidhnrst White HoWingtsri 


was a OTn- investments has sold T» 
ordinary Shares reducing be! 

iosea at that ”' , B nT c «oitungs. to 350.000 -- (4.66 per c* 

Sas Jess than j™? h ** bought 825 jWjgw Jwldlus ProP*»*e9. as. M id hurst is- 'the target of a 

total equity. ^J^.CwwuI, at I51p on ^ Wej ^ dhav ^ * e Dlltcb _. 


so could close on November T„ r,d . a l _ nt . Gro “P Printers at 98p servatfteJv.manaaed group 
If the offer is closed at that for r,!£ e ^eus Press HoldinU.^ a simflar attitude towards ^his 


s»w :iq.uuu shares in 

and so could rlom nn Vnrnmk.. Trtdant Group Printerc „ oo_ sehratfteJv * managed group, .with' 
l. J 

date and Bricomin has 

shareholders who have not behalf of a discretionary im-est- 
accepted will not - be able to men t client 
compel Bricomin to purchase . 5" non an ^ Coates has bou' 

their shares. 1.000 Bourne and Hollins^rth jnoye.fwmcn- waiJio- aiipw onnsu *£SFIES*'-? ■ 

^ ■aaggsssg-.- 

Tie -company -..secretary of: Cify , <w Scotland — a? 

. Michael Martin. Investment Office has acquit* 
remained cahefnlly neutral about interest -in a further 23,000 s® 

continue to invest in "\wTh iiernrmsfMr the ■ dwtige . J» the .shareholding. ''.“^ESP® total ., £2/Jl6^MJ 


- — shareholders Rsybecfc. 

should take into account. Is cn . _ _ 

Bricomin 's stai ed inve-stment SHARE STAKES 

polir^f. It will not necessarily Ch. Gold re i Foucard and S 

invest in North McCormack Products 


American recurit m-Ja* G o rdro i , ?< n ^ Cr « e ^dBwt^hllejhe com^rny (W^per- cent). - ^ J, 

York has done _ ° ,d ™ ls rhe had ' not been approached- by-' Broriss Group : of Cos-^-g 


other changes mav result ih W Fr^V V o" . #r “ ern ' e i , ® r B.and-t; or. antisti Land nas acquired. 

York losing its y stbttis S cent Orior to toe exriianRe, Mr/ RitbWr. and . A. G; Irwin has aCQ“ 

approved invesfmern tro.L dn have been sold had hrfomted Lthe ^OTmpany of the 

Mr. Whyio cnnpjudps hi-TiPt^r linJ™™ »«,>». *. transaction shortly before it -was Sllverthorne GrotEp— 

sharehnJders to which hr inn Esacopgg announced ro *the.S rock Exchange. Intt.. bas. purchased - 

financial adviser &. ,C j h ?J ds ' Aa ^ m shares' Tnttaj Cltyreaction totbe.deal 6;000 ortwianr shares -irtj 

rs , J - Henr y uia per cent). was .Qty - Offices -. was : to, aggregate-holding:. to 


In 

the 




vr j ; j 


_'rr+fj 


h. 




Financial Times Saturday October 14 1973 


ISSUE NEWS 


, ' V-t 

>■- v.y 

- I. -ov* 


••«•=» -T* -ii ' ’ 


r-.V. A 


'if . ‘ s-V fv % 

. - e J . .V'l.' 


Kitchen Queen offer 
at end November 


SUMMARY OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers c s? » ?r JX& interim statements 



. . - r, '. 




■- v .«, 
? = ” J v* 


V-!.. 

••r .^V. 


My* 


_ Funuture retailer ami ntimufar. 
turer Kitchen Queen v.ill | w 
coming to the market at the end 
of November with an oiler for 
saic rzisin-4 about Usm [or cu»|. 
m-4 shareholders. 

• ArwunJ 2n per cent of the 
C^uny JS betns sold, and Kitchen 
Queen is expected to have a 
nprkei capitalisation In o ice 5a ot 

i.m. 

The company will he comma 
m ' ,rkcI a forecast o' 
pro.ils o' Cr £i*m on sales above 
The company's profits 
siwUi has. been impressive, for 
r* ar ?. :, *° on -wx profits m»rc 
less toan innn.OQo. 

Kitchen Queen has t«u banc 
operations. The retailing side 
conccDTratcs cm kiichcn. htdronm 
.snti i.vin" rwiin Tumuurc liiruu"h 

three major sites. 

Titnre is a filijKK) sri ft mndem 
"archnuse in .Manchcsier with 
fiver V) kitchens displayed m runai 
setting. The company hj* 
expmulrd and opened „ 24 ,(riii 
« q r: K-.;e m Coventry and recently 

a ftl.Ottft so fi site in Lccd*. 

The manufatiurinz suit- pro- 
riuros flat pack furniture for rhe 
HIV trade under the brand name 
ui l-us-io. Some nr tln 3 is sold 
inrnusli its n-.-.n retail nutlets — 
) herp is •'* .small prototype Hieh 
street si ore in Hanley selling *h“ 

, 1 I- U .'' in range — hut mainly *lie 
furni.tirc i*. sold. to amor 
rprailcr*. Di Lu<*n i* sold Through 
over J.Olm nutlets including 


Martey. Texas Discount, Home- 
charm and ttonhvonhs. 

Kitchen Queen wds started h> 
Mr. Neville Johnson who U now 
in his mid-thirue* about 12 years 
a«o. He aoid out to .'what wa« 
then the Crmleuih Croup in ; 

I wo- part deal dunna IH7S and 
197-1. He inter bni«ht the com 
pa'ny buck tor Ci5Q.nuo in 1075 
Vlr Johnson arid h*£ family 

inti-n-hi*. control about 7S per con 

of the capital, industrial and 
Commercial Finance Corpora 
tion owns to.s per cent and othoi 
directors of . Kitcbtn Queen 
con-rol the baljnce. 

AH the existing sharehoWerj. 
w:!i >, ,'sdutiau th«:r fcoLfisc< by 
a quarter lor the oiler for sale 
The company wilt not "be nhm? 
any new money from .rhe offer 
'iam.-h^slrr stockbrokers Hulli- 
day. Sur.paiM arc iiandlir.s the 
issue. 


Vantuna re-einprscd in iho battle for control of J. Compton 
Sons and Webb, the unifnrm manufacturer— an agreed cuunier* 
b;d bjs come from Vantuna worth i’ 13.1 in. It an appruai'h 
fruin the latter eninpany — stibsequenlly rejected by Hie (lumptun 
Board— which prompted recent offers from Carrlnetr.n Viycha 
and Cmirtaulds. CarrmKton Viyella ha^ since vitlutrawn. hut the 
Hourtaulds hid worth £II.Hm remains on the table. The Gmiptun 
dircL-tors. [.risinally mi p porters of the ilourfaulds off«-r. ti»w favour 
the Van ton a hid which eompri&es f»B Vautona shares [nr everj UK) 
Compton. 


Valm- of 


•Mr. Xornian Gidney, the chairman of Warwick Knsiuecrin^, 
i.s making a third attempt tn absorb the whole <d Warwick *nio 
his private company. Gtdiiey Securities. La.^ June, Warwvh 
:mnotmced that 'it wa- a^ain huldiim talks which could re.sitlt m 
an ulu-r bcin^ uiadc for the 23. t per cent of the equity which 
Mr. Culney did not already own. The agreed terms arc -ilp ca.-Ji 
per '•hare which compare with the 26p per share original offer 
made in 


(.uslomasir 

Dawson 

KasFwuod (J. U.) 
(ilunlleld Sees. 
t InlH rcl Fun curt! 
f.yiins | J.) 

Mldliurth Whites 
Midland 
EduwHional 
Midland 
Educational 
Mowat (W.> 

New York & 
Gartmore 
Pluntalfnn HIdps. 
Tridanr Croup 
Primers 
Tridanl Group 
Printers 
Warwick '-fins. 

* Alt- cash offer. 


Price- 

\ aiue 

Final 

before 

nf met 

AceTce 

bid 

(im'si"- 

11 Bidder dale 

i!i’" 

l.Iit - 

.Muoluxa In vs. — * 

i:»ft 

35 li7 

Mm. Baird — 

«*t» 

.'Ji.53 

f aruill — 


07 

Legal ii. Gent. — 

7?* 

2 ::fa 

Mhra. Fonds — 

yr 

ii! 70 

Allied Brews. — 

47 

3.ti 

\V\VyreMtiinc — 

!>(» 

2 >15 

Lnndsile L’niv, — 

120 

2 Hi 

Pen ins 24-10 

■>- 

u±>3 

Jenib — 

4I> 

,7. 7« 

Bripimin — 

r<4 

!2 

Mulii-PurpoMr — 

55 

3.72 

Starwest lnv.’Ju. to 


INTERIM STATEMENTS 


Company 


Half-year 

TO 


Pre-tax profit 
{IfHlOi 


interim dividends* 
per share tp) 


Ar«us I'r**^* — 

Mr. .\. Gldney — 
uir! S For cam ml 


EASTERN 

FRODL'CE 

CONVERSIONS 

Haiders of £445.827 of 1 Eastern 
Pi-udure (Holdings) lbj per ecnl 
cnnverriiite unsecured loan stock 
m.VSiKJfJ hiiie converted thetr 
slock itilo TjhTi. 753 ordtnary sbiire'>. 

A Ural uf £139.7.14 o( the 
rori'.erribSe rt-niams in issue." and 
thv company is ^omy to exercise 
lis rishl so require' ■ Ihi-N To be 
converted into ordinary shares. 


Shares of Mid land Educational, the Birmingham-based book- 
seller and stationer, jumped .sharply on a surprise cuunter-btd 
■T'im Lous dale Universal. The latler'scash and shares bid values 
caeh Midland ,->hare at 2tHJp ami rhe discrepancy between this and 
i he current market price of 220p indicates that speculators are 
aniicipatinp mare action. Meanwhile Pentos. which is bidding 
-—•Ini m cash fur Midland, has extended its uffer of 15Ap a share 
ca^h mini October 24. Lonsdale is offering nine ordinary shares 
phis 2uf)p in cash for every five Midland. 

Direct. ir.-. of Tridant Group have withdrawn their support for 
the £3. Tin bid from Star west Holdings in favour of the £4.4m 
cuunterbid from Arnus Press, a wholly-owned subsidiary nf 
BntiMi Electric Traction. The Nt niggle for rnniro] of Tridam is 
still lar from cut and dnml as Starwest. holders of 45 per cent 
of the Tridant ordinary, have extended their offer unrd 
October 20. 

Dealings m Cenlreway and George Whitehoose have been 
suspended pending the uutcoine of discussions which may lead 
to a merger of certain oi their interests. 


* Am cash offer. _ - cja-ii alternative. "Partial uu! ; For camtnl 
tini already held. 1 Combim-d murker cim.i:iiisaiio«t Date on v.'hirh 
scheme b expected !■« hcc.vno noerjiivc. Sa«ec on 12'lfl‘TS. 
• 7 At suspension. ;* Esn muted, Slums ant! cn.-n r * Bavcd on 
13*10 TS. 


Adda Inti. 

alg, Power 
.VsSOc. ibst-uir 

Barr £r Wallace 
BotvShorpc 
Bronx Bngrs. 
ft run ions 

("4ir!uri>'.iit (It.) 
Christies 
Cott.'i* "Vtinson 
Dehenborm 
ltwek Group 
Kills <&. Goldstein 
I- mpfre Store » 
England IJ- K.) 

|*nri»- ! l Klcr.s. 

Feb Inti. 

Fogarty 
Foster Bros. 


July !l 
JunaJO 
Scpl - 10 1 
July 3 1 
.lime 30 
.Mav 31 


U0S I 
i 2.1131 ) 
I4.U2U1 
(U02I 
rj.uioi 

(3Hd i 


1021 
12 .M) 
11.4057) 
(Nil) 
10 . 75 ) 
(0.4 1 


Freemans fSH'N) 


PRELIMINARY RESULTS 


Company 

BPM 

Glaxo 

Cmn Props. 
Halstead 
Ifichlund Eleoi. 
Hurd. A: Wyndham 
Kent (M.P.) 

Lake i Elliot 

Unit' 

Lock woods 
Notion 

Pbtrf n-Hr loll. 
Prestwicb Parker 
Sirdar 


Prc-m.v i>roiil 
^ Cal "O (£(IUU1 

July 1 4.074 i T>34 ) 

.lunc;;ii Sn.nsn isT.irjin 
Jiim.-Jfi .ltd (27S1 
June 3D 7S.» < l'»: 

Apr. ar. .'.35 i4gn 
June 3H 313 m$ 
June 3D l.li*) is22 
July 3! J.B21 c 1.121 

July] 302 1 4.'|? 

May SI 22S T i2.24l 
Av.no 144* <14 

Anr :;n 22'J« c 2.0 17 
June 30 217 1 174 

June .30 2. !tu (IJ4H 
-i u l v 31 r.(i7 1 242 


hum -mis' 
jwr -bare i p« 

l32.?7 

4n.I 140 2 1 


Harr) von IT. C.) 

Moulin 


U!'. lUcnUs- 1 
per share i p) 


7S3 (I!i7» 4 3 

.".33 i42!»i :: 2 

313 MIS) 4ti 

uw lies) s .3 

1 . B 21 C 1 . 121 ) *2 

302 1 438) 22.3 

223 T 12.241 « IS.ti 
144' <14)L 4 ii 

222*1 12.017; 33 & 
217 1 1741 4.0 

2. Mil (1. 14(ll 2«.R 

1*417 1 24?) S.H 


(2.SIC.M 

111 i.21 1 

( 1.331! I 
ion2->> 
1 1.073) 

(Viii 

|2 0*J) 
c:.4un 
I2.3S7) 
1 3.00 1 
(2 0 ) 
(::w») 
(2 0 ) 

1 2.700) 
(I.IORt 


S*nnrt 
Hill (Charles I 
(IiinfinR Assoc. 
Hunting Gibson 


Staffordshire Potteries 


Value of Price Value Fina 

Citinpuiiy tuci per Market before ot bid Apc't o 

bid fur share*- - price*"- bid i£ni , i»i w Bidder dale 

PrlcK in nan cp unless HAerwhc indicated. 


— Offers for sale, placinqs and introductions 


/'**:; An un expect cd ur.-*:m nf the 
, r e:ijiUT«*s mo'-o asain*-* prefer* 
^ -i;;; hcc >t-rip i>-ues has turned U;>. 

' ’ ‘ "s- The icpnri jiul .'u'counts from 
i tatTurxlnhire Putlerics (Holding*.) 
■ ?Je,ivvJ ycsJcrrlay says that tiic 

• ireemrs were aoiny tn pninn-tr 
1 is-iue of JO per erni preference 
lares Uv wo y of a capital :*.aUnn 
^ t reserves. 

J .However, in an accompany me 
__ \ 41 vr the directors stale that they 

1 av e dropped these plans but v.ill 

* s cor.-is ahead with a scrip iv-ue 

»?A)rt i r ordinary shares on (he basis 
til ill Tflt f onefor-four. 


issues of piefcronce i.hare.s roljo"- 
ma the Ttei-.-nry’s nev mimu- 

(2l.T>pari i-niifirmsi thnt it will he 
ama!kamii*»nk Its “B7 ordinary 
shares with its erdmary. -shares, 
subject in >h»r* holders' -approval 
on November fi 

The* directors say that it is their 
intention immediateiv a norwards 
to declare a firM interim dividend 
of 0.5p per ’'hare on the entire 
capital tor the year ending May 
31. 1B79. 


Alidu Packaging 

I -In* 

|:t» 

l«S 

4.fi3 

Rockwure Grp. — 

Uamhvrgcrs 

7!ii;S 

7S 

SS 

7.S5' 

Inti. Timber — 

Itonsi-r Brig. 
Bourne & 

4.7- 

44 

:;r> 

2.70 

Kate Organ. 20-10 

IloSIiagMvnrtli 
Cnniplnn Suns & 

235- 

227 

517 

11 2S 

Kay beck — 

Welsh 

Cum |. tun Sons & 

7(1“ 

T"' 

,»9 

11.92 

Courta aids J7.IO 

Wehb 

77.3 

73 

73 

13.1 

Vaatnna — 


Rickmansnorth and Uvhrids*; Valley Water Company: Offer hy 
tender of £2!-m 7 ner cent redeemable preterence stack 1985 
at niioimum «.*f £y7.5o per cent. 

Scrip Issues 

Dankx Goaerion: One-for-nne. 

Howard and Wynriham: One fur fifteen. 

Rights Issues 

Fotbergitl and Haney: One for three at SSp. 


June 30 

Ss7 

(7sn«) 

5.445 

(3.0S5) 

June JO 

;?j2 

12971 

1.5 

t U!«4) 

June 30 

2.IJK5 

( 1.9171 

j2!5 

11.0) 

Judo 30 

:ni4 

(542) 

1.73S 

(1.5.'ili) 

Aua. 12 

■ijsiift 

(2.1170) 

1.77C 

(1.591) 

Juno 30 

112 

( 104) 

Nil 

1 Nil 1 

July 31 

6S5 

(4tiS) 

ft.OKs 

(Cl&»> 

Aug. 12 

2.H50 

(2.55D ) 

2.479 

I2J12) 

June 30 

114 

(511i) 

0.3119 

(02163) 

July 31 

1JU0 

i l.i:lni 

2..i79 

(2.31 1 

June 30 

204 

(133' 

O.i 3i 

(0.66) 

June 30 

1.03« 

|727> 

1.12 

1 (1.S4S) 

Am. SI 

3,951 

(1.415) 

1.394s 

1 1.03$) 

July i3 

7S3 

(4531 

2.5 

(2 251 

Auu. 12 

7.2 1 ft 

1 3.32ft) 

3.15 

1 2.421 

July 31 

315 

(395) 

1 .K 1 — § 

11.433) 

.\Q2. 12 

4.4C7 

(K.()!>t!t 

1.7S& 

1 i.rti) 

. June 30 

inn 

(1.047) 

2.'*2 

(2.12) 

June 3n 

1,52$ 

t$7fi) 

1.33S 

11.24) 

July 31 

440 

tS4»» 

Nil 

(Nil) 

Juno 3ft 

n5Ti 

(4301 

Nil 

(Nil) 

June 30 

LVfi.i 

(2239* 

0.45 

10.33) 

June 30 

SOUL 

(29 1L 

Nil 

(20) 

June 30 

2.5011 

(2.000) 

1.524s 

1 1 35) 

June 30 

182L 

(f»m 

(1 I 

fjft) 

i JunortO 

211 

125KI 

(1.502 

{0 437) 

June :;n 

2.4S41 

(1.400) 

1 .25 

lOfilft) 

July IK 

2,7Kii 

(2.44:1) 

1 17!) 

(1.058) 

June 3ft 

US 

(fiftt 

Nil 

(Nil) 

June 5ft 

1.195 

1 759 1 

2 4 - ’ 

(2.003) 

Anr. Hu 

52T.fi 

(5.390) 

’2.(1" 

1 — l 

Apr. nil 

247 

i2Ko)L 

0 2 

(Nils 

June nn 

tifi.L 

1 140)L 

Nil 

l\i!» 

June 30 

244 

(240) 

1 n 

(2 03 

Julv29 

131 

(115) 

1.33 

( 1253) 

■S?pl. ft.f 

1.5SI) 

( 1.249! 

1.2 

( 1.1151 

Dec. 31 Jt 

1SS 

( 1.330) 

15.(1 

( 15.11) 

June 3ft 

2.407 

(2.74SI 

1 .05 

(1.3) 

June no 

.Mis 

1 5 1 0 > 

0 2 

fil.2!ll 

Aug. 3 

1.012 

(7501 

7.1 

ll.O) 

June 3ft 

7S2 

1.772) 

1.5 

r t.i 1 

June :Ul 

430 

1 1591 

0.77 

(0 7) 

July ::t 

1,704 

(1.543) 

0 5!2« 

(0 45) 

JuneJft 

54 

fSS) 

ft. 75 

(0 73) 

.IiiIt 29 

1 .755 

(1.301) 

1.12 

1 0.S47) 

June ’ft) 

4.72(1 

(2.0211) 

0.75 

(0.542) 

June 30 

1.440 

(1.23n» 

1 125 

u.rn 

Aug. 13 

2R5 

1373 1 

0.0 

(0.3) 


Lee Cooper Juiic::n 2.4Sfi (1,400 1 1.2.3 ifitiiP) 

I.esney Prods. July IK 2,7tiii (2.44 :! I 1 . 1 7!l (1.0.58) 

Lever June 20 'J5 ir,(li \i! (Nil) 

London & Prvnel. June 30 1.195 1 759 p 3 42 (2.993) 

March n iel Aor. .Ill 5J2T.fi |.5.3!Ul; 2.0 I — I 

McLeery Apr. 30 247 i2KoiL 02 (N'll* 

Mi-N^HI ”n»np JuncilO flfi7L 1 140)L Nil r\il» 

Marlin-Black June 30 244 i24ii) in (2 9* 

Moss Bros. July 29 131 (115) 1.33 I! .331 

Me (I ay Kcpi.il.; 1.3SI) (I2i4!l! 1.2 ( 1.051 

r run t ea Dec. 31.*: 1SS 1 1.33ft l I 'M* (15.(1) 

Mow lent (John) June 20 2.407 (2.74SI 1.K5 (1.3) 

l*irklcs (3Vm.) JuneJO 31fi i5im 02 (0.291 

Rccd (Auslin) \uc.3 1.012 i75(n 1 A it.D) 

B •Fw*r. June 30 752 i3T2» 1.5 ri.lt 

Piihernld June 20 430 i15:n 0.77 (0 7) 

Selincoort July 31 1,704 (1,545) 0 512* (0 45) 

w .id Brick June 30 54 rS5l 0.75 10 75) 

.IiiIt 29 1.753 (1.301) 1 12 n).«(47> 

ll'alerford Glass June 'll) 4.720 43.0201 0.75 |0.5H21 

V— June 30 1.44f) (1.230* 1 125 11.01 

IVccks s<*-nc. Aua. IS 285 ( 373i ft.fi (O.j) 

(Fisures in p^ren theses are for correspondin': period.) 

Dividends shown net except where, otherwise stated. 

•Adjusted (nr x.nv imen-enme scrip issue. -•:»(! weeks. V Nine 
month.-* ? Including special dividend due to rhnnse m lav rate. 
1 Thi» figure was announced incorrecily on Saturday. September 23 
as £121.000. which \«as the after tax figure. LLoss. 


Edinburgh Industrial Holdings 


Section fr' 

growth i 


Bourne & 
Hollingsworth 


PREFERENCE 

SCRfPS 


^ Both Eoinm and Campari are 
i*; {:oppio3 ibeir plans for scrip 


D ALGETY — 90% 

naljretyV rights' issue nf 
ordinary’ shares has 
closed with acceptances of 
approximately 90 per cent. The 
bsUr.cc lias been Mild Toe. -the 
hrnefit of holders who did not 
take up their entitlement. 


CLIVE INVESTMENTS LIMITED 
/. .l Royal Exchange Avc., London EC3V :)LU. Tel.: 01-2S3 lift!. 
Index Guide as at October 10, 1978 (Base 100 at 14.1.77) ' • 

i*. Clive Fixed Interesi Capital 129.65 

Qjve Fixed Interest Income 114L20- 


ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTD. 
; : . 45 Comhill. London EC3V 3PB. Tel: 01-623 5314 

Index Guide as at October 5. 1978 

Capital Fixed Interest PDrtfoiio IDOftO . 

. f Income Fixed Interest Portfolio "UMBO - \ 1 


The Inns delayed rpMilts from 
Edinburgh Industrial Holdiucs. 
for the 17 months lo March *jnrl 
the overlapping 12 months to 
June nf this year have been 
published. 

The figures differ substantially 
from the forecasts made at the 
time of acnuioition of Southern 
Tankers laic last year. Those 
fnrecuMs were made at the in- 
sist erw-e of the Slock Ext-hanse. 

Results fur 17 month pLM'iod 
show a turnover of and a 

*4 roup loss nr £493.0! W after an 
exceptional debi of £2.31.000. Ih 
addition ihere were extraordinary 
rtebLs of £450.000 and tax 
amounted to 1.33.000. 

The forecast was for turnover 
or JE3.Hm and a net loss before 
tax or Bi5,ft0fl. 

For the 12 months in June 
actual figures were £3 .33m In 
ivienue and £373.000 iradina 
profit. 

The forecast (excluding £2 3m 
revenue and £143.000 profit relal- 
inp .to EIH Electronics, a subsi- 
diary sold during the periodi was 
for revenue of £S.7m and tradin'* 
profit of I2C3.nU0. 

Yesterday, Mr. Godfrey Bilton, 
chairmen, said that the discrep- 
ancies would be fully explained 
when the accounts are published 
in three to f.-'iir weeks' time. 

One chani*fl has been *he 
board's decision lo Lrcal all ships 


as trading assets and as a result showed an ouisiandtns unprovc- 
ihe profit on the ship Learns ment. 

account for the 1 7 month period Seven new branches were 
umiinms lo £446,000. largely us a opened in the year and two 
result of sales of certain ships relocated. Three older branches 
acquired with Southern Tankers, hate been closed. Since the end 


Thu profit to June included an of the year a further three 
element from the same source. branches have been added, brim;* 

In a separate announcement in « J*-. , 

FlH ihui Ohev Dn-finn Plans arc well advanced for 

ssn& » si’ Ain -" a u?r '"1 

i)h,. K Oil has si-ned a in.ircVr a ,,un,l3Pr ° r sites Which arr 
charter L eUntracf wiili ChiJ ,,0 * n ? developed. The croup is 

K'raiWreS? a MUW pnurabeT S kSS'E 

snip tor mi uiver .\ue. larper premLses in improved 

The Iran sacl ion is waid to locations, 
involve Obex in a t; row my md A separate company has been 
active market which will prove formed lo promote exports— 


bcneficiaj to the group. which durin*: rhe year under 

review contributed 1214.21 1. The 
chairman says lhai he is hopeful 
n lrQi miarfpr ,h;l11 in ,hp e ‘U rrc ' n t year this con- 

m. uai E|U«-*kv» trihution will show an increase. 

Vl A statement of source and 

3IIO r Iir*5 WPl I application of funds shows a 

au b UIJ ”'- u I2.nsm inflow, of net liquid Tunds 

£ la N~mf compared with a £19.000 outflow. 

tOr IVI r 1 Af M a. v 27 directors and their 

■ vx families held 35.3 per rent of the 

TRADING at MFI Furnttnre company. Other sharehnldinas 
Centres in the first three months included Mrs. J. W. Searle 21 RS 
of the euirent year is described percent and Philip La it and Com- 
by Mr. A. C. Southon. chairman, party 6.0C per cent, 
ns escelienu and on the basis or The ,\G.M of the company will 
iliis (rend continuing he looks he held at the Wembley Confer- 
rorward lo another successful pnCfl centre. WembJey. on \ovem- 
F car * ber 2 at noon. 

As reported on September 30, 
pre-tax protiLs for the year lo _ - t 

tl u iaSm 97 ^ m>ntd from “ S6m Extra funds 

iaSlMSSSS SILKS *K 

national eoveraRe and Increases 5r , °; l ? S Bank Gr ? ur ?' h j ,S 

demand from existing customers; extended the range nf funds, 

enabled the company to reduce Investors now have the cm nee 

posts of advert mine. pajToll and o f p, -ht new funds, inelnriins 

overheads in relation, to turnover, property, fixed Interest securiiies. 
Although there was u sliqht manaced. cash and equiiies. The 
reduction In trading margins dur- equity funds will bn linked in 
ing the year. In net terms margins the four Lloyds Bank unit trusts. 


First quarter 
augurs well 
for MFI 


N. FISH & CO. 

Consultants and Arbitrators 


For assistance, with your 1 
difficult financial accounts 


J Henry Schroder Wagg & Co. Limited n is one of 
Britain's largest and most respected Merchant Banks. Our 
experience and skills in world stock markets are such 
that many leading companies and institutions entrust us 
-with the investment of substantial sums of money on 
them behalf. 

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

Jnvestm ent objective - c apita l growth. 

SCHRODER INCOME FUND. 

Investment o bjecti ve - i ncom e growth. 

SCHRODER EUROPE FUND. 

Investment objective - to participate in the steady 
growth of well-managed Europ ean economies. 
SCHRODER GENERAL FUND. 

Investment objective-a balanced fund seeking 
income and capital growth. 

To find out more about having SchioderWagp manage your 
investments, please write to. Mi M. Smith. Scltrcder WaggUmrTrusa, 
■pc_-^t Martin's iiane.London WC£N 4 El or telep h o n e: 01-240 5434. 


96 Marsh Lahe.Leeds LS98ST 
Te(epHone;lee<is(0532)404S8 
Consumer Credit • ' 
Licence Ha-007353 


For the <i\ mnnihs m Au^irti 
14, 197?:. Bourne and Hollihps- 
worth reports a din-murn from 
pre-lav profits of £4.«h)0 lo a 
deficit of £75.Utift. Turimver for 
the period advanced (rum £3.93ni 
to £4.ftSm. 

In view of she offer by Bay- 
beck there is no mierini dividend 
Last year'- pavment \at lJ23p 
and the final v.as 1 n25n. 

There was a I3\ credit nl 
Bift.OliD t£2.nno chit rue I for I he 
first half Icavinu the net lose ai 
£3«i whi (‘-jjitift profit i 

Raybcck has sent out its offer 
document. In this the R and H 
chairman. Mr. Christopher 
Bourne, says that the Bourne 
family had been selline its shares 
for a number of years— to meet 
heavy tax bills. 

He said that the family had 
come to the conclusion that ii 
would he better tn dispose of its 
coni rolling interest in an orderly 
fashion. The family has a near 
70 per cent stake and has asreed 
to accept Raybeck’s offer with 
regard to a 59 per cent holding in 
B and H. 

The B and H directors and the 
group's financial advisors Morgan 
Grenfeil are advising other --hare- 
holders to accept Raybeck's terms. 


SHARE STAKES 

West pool Investment — Lewis's 
SelfridRcs Pension Scheme now 
holds 473.534 (lU per cent) shares 
following the' exercising of con- 
version rights pertaining to W«*M- 
pool's 5 per ecnl conversion un- 
secured loan stock. 


EUROPEAN OPTIONS EXCHANGE 


r*t-rl... 

V-l. 

la*l 

V..I. 

Ia»l 

V#,i B 

1 jl . | 

i-l» 

\K/ 

1.32.50 

16 

0.20 

49 

2 

20 

3.50 F.4I. 

40 

.lh/ 

K.55 

— 

— 

51 

1.40 

50 

2.20 


KK 

S. 6 Q 

9 


2 

T. 1 

— 

-- >641; 


KK 

5.70 

_ 


B 

2 *i 

- 



F.M- 

5.25 : 

31 

, *' JX 

2 

3;-. 

20 

5'., 528’" 

1 

F\L 

».5u ■ 



IS 

1 1 1 

— 



i.M 

5.60 

3 

4i-j 

30 

6 m 

50 

5>j 665 V: 

1 

tin 

r .52.80 

5 

7.50 




— 

- F.40. 

30 

Hi- 

K35 

7 

5 

- 



— 



Hi* 

Ff 7.50 



_ . 

1 

2 

5.90 


_ 


tin 

F40 




8 

4 

5 

6 !i 


tin 

K.45 

_ 

_ . 



36 

5.20 


I KM 

53.40 



i 

5 

52 

.. 

- S287 

1 - 

IBM 

1.360 

— 

l - . 

2 

331; 

" 

24 


IBM 

5280 

22 

1 9'i. 

11 

IBI- 

1 

. 


IHM 

5300 

25 

1 >1 

18 

S': 





kl.M 

F. 142.90 

1 

21 

1 

25 

_ 

- F.16J 

J 

k I.M 

F. 150 

5 

13.50 



... 

— 



Kl.M 

F. 1 52.40 

6 

11 

. 








Ii Lit 

F.160 

21 

3.80 

— 


. — 

— l( 


Kl.M 

F. 16 1.90 

1 

4 

10 

13.70 

— 

— 


KLM 

F.170 

16 

0.60 

19 

10 

4 

14.50 


Kl.M 

F. 171.40 

49 

0.60 

15 

9 

— 

_ 


Kl.M 

F.181 

— 


24 

6 

— 

— 


\S 

F. 108.90 

6 

1 1 .SO 

— 

— 

— 

- F.10E 

1.60 

I'H 1 

' F.2S 

49 

• 1.70 



_ . 


1 - F.26. 

70 

PHI 

F.27.50 



105 

1.30 

58 

2.50 


PHI 

F.30 




66 

0.80 

18 

1.40 


tr«i 

F.130 

20 

0.80 

59 

5.40 

23 

7.50 F.1SC 

1.60 

Ills 

F.140 

_ 

■ 

16 

1.50 

12 

3.50 


1 

560 



_ 

2 

3's 

— 

— S63?i 


1 M 

F. 120. 

NhV. 

5 6.60 

(•VI.. 

— - F.125 

Mar 

1.30 

HA 

550 

3 


_ 

_ 

_ 

- S 6 Blt 


BA 

170 

6 

• 3 *, 

7 

61; 

5 

0 

— S30 


IS\ V 

5.20: 

2 

t 

- 

, — 

-- 



TufAL vr.U ME IX v OXT Baits 



ewery Indicated at 

imiaian Holdings 


Profit before tax for the half year is £756,000. This 
compares with £1,138,000 for the first half of 1977 which 
was followed by a second half figure of £326,000. Trading 
in the third quarter has improved and a substantial recovery 
from the depressed performance of the second half of last 
year is anticipated. 

The directors are declaring an interim dividend of 6% 
(1.50 pence per share) which will be paid on 18 November 
1 978 to members on the register at 1 3 November 1 978. 


m 


Potential capital growth from expanding economies 

Arhuthuoi'jt gnxrth ii/tiTthiik e this tscek v its F.ir Eastern and hirt-nsaih'nji Fund .t&w 
portfolio reflects that bu/hrluiftf abour Hong Ktwg which see Jiscu.v more fully on /».i;v 7 -: u: fjet 
lit i* /wu/MCtV.* hare taken heary profit* in the i\S., and moved the money to Hon-’ ai mg, within the 
last tiro tr tvk*. The portfolio if now 2 S per cent hreened in. the 'State*, and 40 per /(/ Hong Kong: 
so if the Hang Seng carries on up 3 this tr/bi is going to baa striking beneficiary. 


-The unaudited results of the GrouD for the half year to 30 June 1 973- 


Hall yr.ir in 
30 June 1373 


-V* -: ; m: r 
30 J.O’C :??7 


j: Of. 


The object Is sustained 
gnrwthofcaphai 


Spread of Portfolio 


A^atlhe l.’II.Ollw,. 1S T S 


YOU’RE GOOD 
AT'- YOUR JOB . . . 


Yhawtfro you 7° u "5 

■retw cood a* '=• Or »« wBuW noi StiH 
i .c- Ndw. *»P «* a 

vniiro you ira »t year job. 

Tie main rc*»n k =*P« ri « rt ^- ^ * h “ 
ikei TIME Yeirs of edacanon. foHo»ea 
. •» on-the-job tninin* and then rtai-IJ* 
xperrenos. And (Jur 1* Jun wha: the 
l«t Scnrt Letter. Britain** oMni 
-nor. offers iB ^ in « ujncnt Beld ’ 
melt FSL took* at hundred! ®F 
'vi!itiHR the inwreitinc oms 

.*" ■ I " if *”5. If - 

:o >;«■ am Ifwwtor* an a*wag» or t«« 
Me mvwtmenr kl* a a ¥,,e ** 


N at unity our advice does nor stop cherr. 
A parr from covering cfcc poliucal 2nd 
eronoaiK none, and ho»» n. affects the 
Stock mariwi. FSL loliowv ti»rf ana ot 
its Company Analysis recommendations- 
Met onty follb*«. but also advises on 
uta when w* think the tune is right- 


■ The Arhuihnut Eastern & 
International Fund invest? in those 
emmtric. wlmsf eamnmics are 
already expanding - principally the 
USA, Hong K.uog and Japan- and 
in these count rin tliat will be ihe 
first to bcnehi from an. increase in 
world trade. 

The majnriiy of the pnrublio k 
Invr wd'in interaaiioaal companies 
jxiRKuJarly ihose^hich will hcndii from 
ihe rapid])- cxpaAdinfi Far Fast cm and 
.Middle Ha>irm economic-.. 



—V 

% 

Hongkong 33 

Singapore 3 

USA 

29 

UK 6 

Japan 

11 

Cash 2 

Australia 

.10 

Too 


with rhe Unidmlikj-TnJex oj' t^.f 
and the VTtffld Index nf 5 . 9 *' ... Since 
the relaunch of rfais fund on eoih .Mar^h 
19?? the units hate mavaseti hy 72.2 „ 
and ihe 1‘nnhnLler Ind«-s by 49 j"„. 

The Mnijxn bclurv-c ih.tr iht Fund 
Is well pb.i-d for similar Misiamed 
jjrowth huhe foroerrabk future. 


with banks and other pro fessional 
advisers in the Far Ecsl 

This micmarional experience 
minima.'- nsfc. in on invewmem arer 
which i» hj-ankws for rise mcxpenecced 
invoanr. 

The price nf units and the income 
from them, injv no down as well as up. 

Your musnnem should be regarded 
as ion" term. 


Proven performance 


Experienced, 
professional management 


Itvnl fi— (ArEaxcrn aud 

bimiiiml f osj kkvgglniBi obIi, 
liulmrj ninrn MJd IJ lialflcnn 
IKinivr 1+h. itt« J ID.k« («rUb* iblj 

pTHTlf hMETI. 

IJ.:-.".--;- r-einnutTMiHcj'-'nfhnm' 
biul - n.: !■'. n..fr lbj. 2( . 

Apr'- *»« • *v 1. £■■ J Uf :: 

1 .’Tu.ci^- nlr.-T - . rtiirai Tlw.ii:,; 

J-T-I3.IU5. • .- < *1 **-.-(-:•« J ,Ti.fiOL_J 

.IMirrb •• . . 1. -II B-’ L’r.imt Ti-viBinLuS 

b.-irr. !i, !-iUl ‘ .. T. i .f,*,-nl 

hi* 1 .1 ■•- >.-■ ■- :■ :• ''.r. h., . nr: .r 

n.- l.- 7t._L .be™*; 

-HuW . ■*. » |«hrl 


Let. FSL help you plan your invespnrKf 
That’s 'our job. Ask today lar a FREE 
COPY and full detaiii of the FImi Strcit 
Letter services to private investors. All 
you ha*e to do is COMPLETE AND 
RETURN TH£ ATTACHED COUPON and 
we'll do the rest. Without obligation 



To: Rccr Street Utter. 3 Fleet Street. London EC4T I AU. 


Address 


mV* FREE copy of FSL vmbou. obli-.tion. 


To: Arluiihnoi KnunTm Ltd., 3-> Queen 5:ra.*i, I.-unam iii '4R jRY. Tcierhune: 


tothlfrin me L'wl.-il 

Tiiwniro-*- . 

’ WN^'- - 


I tSmTSKniaTih rn* <7np>i Mi. Mil MUa 
r * fflliiilUfeHpinef. 


ARBUTHNOL, 


X AI. v-/ A . A JRO. - H X fcnWKhefi \Sz 5 . 

1» mm mm wm mm EASTERN 2c INTERNATIONAL FUND m mm a 


: 

£000 

cooo 

cooo 

Group Sales 

31 .067 

31,736 

64,793 

Profits from trading : 




INDUSTRIAL SERVICES 

404 

447 

219 

CONSUMER GOODS 

‘ 326 

799 

1,431 

PRINTING AND PUBLISHING 

119 

-- 

105 


849 

1,246 

1,755 

Deduct: 

Bank and debenture interest. 




I parent company and other 

expenses 

106 

137 

339 


743 

1,109 

1,416 

! Add: 

Share of profits of associated 
companies 

13 

29 

43 

Profit before taxation 

756 

1,133 

1,464 

Taxation (noTe2) 

393 

592 

4 


363 

546 

1,460 

Minority interests 

4 

(4) 

(35) 


367 

542 

1,425 

Deduct: 

Extraordinary Items 

— 

— 

38 

Profit after extraordinary items 

367 

542 

1,387 


Notes Sill Tl»a interini dividend of 6?u /. HI absorb Cl 5-.302. 

(2; Corpoiation tax has bofn chaifipd it an cstimaied rate c* £>7' ; . 

Iniplnmynijlior ol the Group’s accounting policy fer deferr-: o la -.ajion 
1 may msult in rhe effective charge toi the year being, as in the previous 

l , ,fcar.alaiatelovveMban52?o.. 


Grampian 


GRAMPIAN HOLDINGS LTD. 

Slag House, Casilebank Street, Glasgow G1 1 6DY 







Financial Tiroes Sfo^-.ggf^jg 


Undecided in slow trading 


Oct. 1 Oct. 


NEW YORK 


f ' ;®of* 


CoiniugOWw- 


’CPClsjt’rUtiSO.I 53% 


Almost Uin. ,/ 34>g 

.\ddre5«*5Mpii... ZS 


".Crane 

, Cmcfcen >‘ai 

; CrontZeUeriarii 


Johns .Uanvtile J 33% ! 32}® 
Jobnaca Jodfeaa Sl»« j 
JobtncKl Control i 20*6 1 29 


p ZZ 54 Ir'f fi4?j f-WaptoonkJ^ 


^YESTIVTENT DOLLAR cent became industry-wide and active trading. with the Toronto and IHC Holland slightly hJBber ^ %\% \ 21% ffS i 1*8 

PREMIUM analysts generally expected it to Composite Index down 10.0 to on reports they will get a Chinese A.ic*nAaj«ini«m 35% . Sfis - 4 ® " " 

$2.60 to £ 1 — «0J?,S (811%) go higher, despite a $ 2 bn fall in J322.7. , <>nl cr worth some billions of Ahr ^ ss 52% Ip,™ » 3i% ; 3 i% 

Effective S1JS65 37}% fSSlfo) f he M°°ey supply in the The Gold Share Index dropped guilders. 11 ; j 

latest statement week. 54.2 to 1080.4, Oil and Gas fell 53.6 Robeco lost FI 1.30 on its un- xu^oeay ftmer 17% Jf Deere £§% . 3|% 

AN UNDECIDED tendency P«- Firestone Tire topped the active to 1703.2 and Metals and Minerals changed stock dividend. mESsSE™!/ ts'-l i 11% \tSl£ST*ZZZ. 12% ! 12% 

vailed in slow trading on 'Wall Usi, adidng to S13(. declined 11-4 to 11S4.S. while btate Loans edged higher. 4ih-> ctahMn... 55% 35% 191 ® ! 18 % 

Street yesterday, as uncertainties Westinghouse Electric slipped Si Papers eased 0.36 to 153.52. But despite Bank Rate increase. AiiAX 48% . *9% I petmufedi*^.... xsa* ! 16% 

surrounding Tax and Energy to S22 despite improved third Banks rose 4.44 to 31100 and TOKYO—SIightly lower with *»«■<!* He-* 31% « [ i/i*moeiatroinri. : &■]* , 2 |% 

Legislation persuaded many quarter opera tin g profits. Utilities firmed 0-48 to I97.6S. fresh buying in “low-price" shares Amur. Airflow., s 17 17 ‘Diccariwne- . *“;■> j 501 ? 

investors to sit on the sidelines. Carirer gained Sll to 326J — Due 10 lechnical problems at alternating with liquidations in Aoer. jjrami*.- ; |i% '• j ^«7«-'+|Vr'': 43 % : 43% 
But analysts said the market It is subject of an unfriendly take- the Toronto and Montreal ex- popuiars. Volume 350m (280m) sbs£ 39 i' Dover Cvrpa.,.1 48% ’ 48% 

was holding up well in the face over attempt by United Tech- changes, closing prices were not shares. cranium; 29 = 29=3 i Chenne*)-./ 29*4 ' 30 

of a 10 per cent prime rate and oologies, off Si to S44}. available. Export-Orientated issues 3aK r. Dm.TciJ 29 * 28 % [Diw. — 1 si 


AlKad Chemical.' 36% 3 §J« 1 [ 1*1 Uonte — 

Mtieri Store* • 25 ri 1 2S% j Deiion*-. 

A!h« Chaltnen ... 55% 3S% | Deciaalv Inter... 


Uh< Cbahacn... 55% 

All AX 48% 

AmcrsifA Him Alia 


Dectnply Inter... 
ikuolt 


expectations of more interest rate Green Giant, being sought by 


rises and higher inflation still to Pi I Is bury. 


come. S 3 j;‘. 

The Dow Jones Industrial Simm ons advanced S 
Average put on 0.3o to S9/.M. _j, aCC epte daGIudna 
making a rise of 1<.0> on the ^accented a Gulf an 
week — the day's high and low was offer of SIB oer^ share 
902.20— S9 1. 55. But the NYSE AH ° cJrSn-Tertl droMl 
Common Index shed 13 cents to coV^on )o\rer tfird P o 
858.03, reducing its rise on the Sr 5 0 er Uura q 
week to 50 cents, and losses led Y Iftfons M «.d— thow 
gains by 853 to 536. Trading * J O?io!?r 

ofS , 6 dropped S2m shares to per cent. pany. 

" i7,„ , hQ tha Upjohn moved up Sll to 853 Uranii 

Reserve ffiLfffi J&fi'SS ^ £T!*£K 2 , ‘ ** *" 

to Bi from eight. rl ^^ n R W ^ qufl 4 

The prime rate rise to 10 per J 


unchanged 


by AUSTRALIA — Markets firmed generally lower in view of Foreign j a aw. Kieci.fewi 23^. 
a t slightly with B. H. South up Exchange Market uncertainties. 1 * 

another 3 cents to SA1.51 amid Pharmaceuticals higher on i 


ipBBB ; 3 iib ; 31 «b 

I Dart lodiiftrie*-- 44% j 44i» 

(Deere S 5 *'* : S* 1 * 

•DetMonw 4Zi: i 

j Delton* 12 ie ; 12 -a 

I Dectaahr Inter... W 1 ! : lWj 

j Uwweisfaaiiirk’ 24'e , fSjS 

j Dlccnpfctjirf j 19^3 i *?£• 

I UvziialEquip 50% ; 50% 

1 Dfcsney itv»in_..' 4|'i < 43 }2 
, Ikiver Cprca..— . 48% 4812 

t Chemical—.: 29*4 30 

j l_hT»vo. • 31 31 

I .. . ■ ^33? 


JoyJIiimtactnr'c 
K. Mar Carp. — 

IC.wml bunli l l 'm 

Kataar J admtrtes 

Kaber Sted 

K«y — ■ — 

llPBWmlT. 

Keor Mc&ee— . 
KfcMe Watoer— 
Kunberty Clerks 


396a J 39% 


UevnokU K. J.- 
Uicb'sou Terrel: 
Bcckwell Inter- 
I fiohm fc Haaa- . - 


61 i 60% 
26 ZBM 

38% j 40 


KovaiDutefaoW— j f**? 


87% l 973» 


IHCK — ~ 

Kgaltn... 




Kasans *.— — h i* - * ■ ss?" I 

sgsds & <***mm 


i, I Vjuer. bxpreaa_.j 
rg. I AmcsvHrtaie Prmj 


Amn. Medical ! 28% 


Simmons advanced *18 to *lSi persistent speculation of a take- vived buying interest tow ards j Amer | iic«wv .” 


; Eo^le Pitcher— 

I Eju* ALrltoer 

EastmaE KcdaL.. 


— it accepte daGIudnafSs SHS over by Peko-Walisend, up 2 cents dose, 
ih® —accepted a Gulf and Western to 5JH3. Some Public Works "iow-p need 

iV * s . offer of SIB per share. Queensland Mines rose 3 cents Chemicals and Textiles alsi 

A ‘l Certain-Teed dropped Sli to to S. 10. Renison put on 20 cents higher. Airwek 1 34 :-. 

S221 on lower third quarter pro- to U-30 on higher tin prices. B R u SSELS — Mix ed to mosuy niF ; 22 1 2 

dts‘ Woods reer fell ll cents to 2 lower In quiet trading. amp. 34 % 

! eq Motors eased— they reported cents on Federal Government's UK. Dutch, U5. and french ------ j I 7 ia 


Amer. >fti. Gm 


" I Aaier. biaRdanj*] 495 ® 


1 Eaton ... — , 40% 


algo I Ainer. Scores. , 

j AnKf.TeL. i Toi.j 


early October car sales rose 1.6 decision not to provide aid to com- stocks lower, Germans 


pany. 

Uraniums subdued in wake of 


Gold Mines also lower. 

American Petrofinu firm on 


Aboriginal land- second half year dividend. 


Steady. -Vocbor Bockixuc. 3D*« 
Animier Bosch. | 25z$ 

_ __ .Vrmew.. 22i# 

™ on 29lz 

Aumwra Oil 18 is 


cent rise i nthird quarter profits, owners In Northern Territory to MILAN— Easier on profit-taking. iej* 

THE AMERICAN SE Jlarket reject Ranger Agreement in its Bonds narrowly mixed. .Ashland ou 45 jj 

Value Index fell 1.36 to 170.73. pres ent fo rm. WNG KONG — Steady to ui • | 5 . E 

reducing its rise on the week to SWITZERLAND— Mainly firmer slightly higher in moderately a«u> dm« Pro.... s|£ 

a.ofi. Volume S. 11 m 1 3.BSm) shares, in quiet business. , active turnover. AwZZ™ 29:- 

Dome Poroleum topped the PARIS — Narrowly mixed in GERMANY — Prices rose Aren Product*... 58 4 

active list, and dropped 89 to strong volume. strongly in heavy trading with Bait. Has Elect.. 25% 

^ 70 ' it won't Lry to test two Bouygues rose FFr 2D to 868 in the index hitting a record high B«u/jt.r Ptmta.... 2 B. S 

Beaufort Sea weLs during the cur- generally lower Constructions on of S39.50, up 5 JO. seU 

rent drilling season because of higher first half year profits. Air The Chinese invitation to aurtero.s sesj* 

severe Arctic weather. Llqulde shed FFr 4 to 371, despite German companies to form a BwcterTravenor. 4i: a 

On the NYSE, Dome Mines, higher profits. Consortium and offer tenders to Heitnce Food-.. 2b:= 

which holds 26 per cent of Dome AMSTERDAM— Mostly higher a steelworks worth up to DM 28bn BertPaDickewn 3015 


] Ashland Oil... 

tof Au. tiu-hfiehl.... - 


FRIDAY'S ACTIVE STOCKS 

Chanae 

SiqcIcs CIn'.iOi; nn 


moderately J Pro.... 


yirestnnf Tire . . . 3V5.400 

Crtiuolcuni 254-00 

Vle<niiVRhonsc Elec. . '_;0.<i0a 

Cirri or L'jr.lOO 

UAL l-Oi.IWO 

B-ieing 204. ww 

Cirepn Gianf 100,400 

Amor. Hr ■'mi! a! Suo. 15S.1OT 
Pener.nl .. . iti.'Wi 

Warner- Lamhcn ... 1 72.800 


pneo day active 
it-: S70i - 


17 * Dteenfawne, , 

5133 ‘ UteiUlKquiP 3 S ? 8 

412; i Dwney itValtA-..' 4S-* 

59:j , i^nver Corps..—. 485* 

39 5^ i Dr-v Cbenocal— . : 29% 

28J- Jlkww. 1 3J, 

236> > ........ 4S% 

nn U--TWH- — . i35% 134% 

29% ■ E%lt Plteber— . 82 *h 

273. | Atrluwr 1 27a 

Sn ' Faaanrnu; KfrinL— t?4 

46 1 Eaton , 40% 

49tj 

56% K.&.AG.- ' 32% * 

63% ! tl Paso Xax. tns 17% 

33i= t E:tT» : 33% 

22: j j XrrerapaBJ'eccne < 343* 

54% j KxejyAirPr'ight. 21% 

17% i baiiiui ..." 3B% 

3C T 2 [ t( u.| 3% 

25ia lEKettaro 27 lg 

22-2 I h^nart 38% 

39% i Ethyi 24% 

16% ' tnon.. — ■— 52% 
ir;_ , FalrotiW Ckmera- 36'2 


Kroger Cow. 

Leuv^yDajM 

L«vi Suxma-,— 
Libby Ow. ford. 


LJggetGroap i 34l 8 i 

LUJV IBUJJ-. I 4908 ! 50 

Utton hmiu— * 26% | 27% 
LocVtteedAWft! 29% I 
LmneMaurlndtaMJ 26% 26Sq 
Ion* Inland 185a I 183 s 


at- Joe Mi neral* - 

SnnU^* Ind>-..- 
Sul Invert—— 

!^nn fnri^ 

SchBtaBren: 
Sablnmbw uer— - 

SCM ; 

Scott Paper 


Soovil Mrg ‘ 

ScuddefXhicUip 


287b 29 

3 35* , 53% 
35% 35% 

7 e ? 8 

8 % a 

13% 131s 

89% 90 

22 % 23 

18» t 17 

227 a 22?a 

8 % t ®a' 


f* Hsaaari fe'^i 

xl% SsSSSm! 


I Bank of Ma 
N tenkffOtatti 


[ S«e. Container „ 


LoowwraLuKLJ 25% 

LnMteM. 4758 

LocsySune* I 6 i= 

C'keS*aowstNvn 4 11 % 
HacXIU*n.„' u _ II i 11 % 
lUcyJBLH 41 

Mna. Hanover—. 39 5 b 

-Uapco 34% 

llantthaaOU., ‘ 60% 

Ihimi MMhwil j 175a 
AlandmU PtaW— J 217s 


25% I 26% 
475b *6% 

16ic ! 16*8 

n% 

113» ! 11 % 
41 • 41 

395b • 36'» 
34% | 39 as 
66 % i 65% 
17% LJIJ* 

217fi (222)3 


dearie fG.D.1.— inra 
Smra Bacbock — 23% 

6BDCO 40»b 

stroll Oil 56 

SbellTraa sport-..! 46% 
Signal -I 57% 




llcttermottr.— ...( . 28% 


MciXmoell floujii ‘ 34% ; 347 b 


it Perroleum. fell 84} to 888 }. 


but trading remained quiet. 


CANADA — Widely 


Bos Kalis. HBG. Volker, Stevin prices. 


was the main factor pushing up 1 6 m a Ho*eii_... 


Indices 


R.Y.S.E.AIXC0IQS.0H 


NEW YORK —DOW JONES 


net. On. 1 Oct. | On. 
15 • 18 I Ll \ 10 I 


Rises and Falls g“* * lWrter - 

: o«. ia ; or,. om. n 


Iki. i C-t. • Oyt., 

15 : 12 • n 


Ofl. :Ocr. 
10 • 9 


3mcel. , 'Om|.>llat'n 


&B.B5I B9.D6I 59.231 58^4. 60.58 , 48.57 
I : j i (11/9) | lfi(3j 


J«iw- irarted • 1.882 . l.8e3 ! 1.847 

RI«J ! 536 678 768 

S53 ' 774 604 

1 rjchangert 1 49 3: 431 475 


XewfJijrhs — 

Sew Icwn _ 


Lnd of trials— 887.09 896.74' 901. 42' 891. 65| 895.191 880.02! 907.74 J 742.12 ' 1051.711 41.22 

! , k. 9, ias/21 ,:ii.l/73i! Gfhm 

Hme ffnils*| afl.BO 88.55, 88.21 &8.2B,' 88.87' B8.32I S0.B6 80.73 | — ! — 

I , • 1 |4-1 . j Utiii i 

Transport ..... 249.B1 250.12 249.85 248.68. 24B. 50 246.8R 261.48 > 189.31 > 273.88 j 13-23 


MOKTREAl 


Bendcs 395: 

Bencuet (.Vms ■ B 1 4|» 

Betfalehem bled. 24% 
Blscfe A iferker.. 19 'i 

Boeing 68 m 

Boise Cascade 315; 

ts&nleo • 29% 

Bnrjj Werner 331; 

BraaiS lai 18 "- 

Bratuui ‘A* 15% 

Bnskii liters..... 55 
B Pet A Urit K... 18 :> 

BrocSway 8 ls.s>... 31% 

Brunswick 16*3 


1 Fii+rtone T>i+ _ 

I3ri 

13 

• Fit. \aL hexd. 

32 

32 

: Fie-: l*o 

20 T* 

21 

! FiiDlkattr.. ....... 

31% 

32 

, Fanlt Power-..' 

52% 

52% 

1 Fluor 

397 a 

3934 

f.m.c 

27% 

27T? 

. F'.ctI .-.lot or 

45% 

45% 

Mdk— 

21 

21 % 

: Fortcro..— 

36 

36 

} Frank lie Him — 

10 

UTS 

> Freeport Dinenl 

27% 

27% 

1 Frcetaui: 

32% ; 

32% 

j Fucfcra I oas 

12 % 

12 % 


MctirawHiU j 24tg 

-UeiBom_^ I 61% 


dim purity Fu_J 11% 

eftafrer— 18% 

Smith Kline. 92% 

StHitngn 4% 

Hambttawn - 40 

Southern Chi. UB. 26% 

ScvtbernCo ! 16% 

Stbn.NaL.Ue 35% 

Southern Pacific.! 31 


Verdi- _j 59% I 69)2 


Vemil r^Bch_.J 20% 
-M e<a Petroleum j 35 >6 
nun ) 47% 


UlnaMmaABUej 617c ■ 62 
hotm tierp_-VTri 71% : 71% 


-frsnrhtorf- ] 

sVt B»mi>harei.| 
Sperry Hutch | 

Sperry Kami ) 

Squibb 1 

Standand BwjadJ 


Uran«»«|^ 


Vat^BiJ.y.^.j 51% 


[ Uotnrnl«_-._ l 


Votpbyou.; • 56% 


.'VatH»co_ 

3ak» Cbem teats. 

A«Uua«| (in . 


sUl.OUtiahlonua! 48% i 48% 
sin. Oil IpdlanaJ 54% I 64% 

SHLIMlOtaia 39% I 39% 

Swiff ChmlralJ 43 j 45% 
Seeding Dru* i 17 : . 17% 


18U i 18% 


stndebBitac^.^ j 65% f 66% 


• T* 

30 •. '30% gpn— i- : '-V 

137a 14 Qylixm . - iRS 

23% 23% OtlMi-f- i wiZST iSp -vyi 

s’* tf* 

H? C 

37% 37% tWeMtb 

'HS SftS»^|vS: 

26% §5 . 

18i 9 15% 

35% 34% Uoeanm«JI3: 

31^ 31% C o n* .g 

307b { 51% Cnm^ ag * t * U :^ l r?-'.;i&-: 

29 28% Haem dSSTZ^' S- ^ 

21 ! 21% UoniaMf Miara^r ^ ’-£$> 

ss i is: , tesss#. i 
aras.ssasasJIg 
S5|:SS'Sse&3s^;aj T l 

653i f 66% 38L i . 


|Cbtt3Z*bt_ 




Ig.AJ' -• 

• linumKC. 


18 % ; tiea-Atcer. Ins.... 


Oct. I Oct. 
12 11 


Buyynis Brie. > 20 


281.48 i 189.31 
! <9/ll 


278J8 j 13-23 

TORONTO 


In<1uctn»l 

Comblneil 


210.15,: 221.41' 222.14' 221.84' 222.14,11/10, 
225.3f 236.81! 225.811 224. 228.81 (13/10, 


162 JO i K.Sr 

170.62 i50.ii 


Utilities. J 106.7? 106.70 106.97 106.7® 106.65, 106-29' U0.J8 • 102.84 1 185.52 ' 10-68 

■ ; J ; “ ! (Sill I (22/21 |ra0i4,t59V (28/4/42) 

Trnriini; vol.’ < 1 ; • 

iW.T | 21.920 30.170' 21.790,25.470: 19.7201 27.380 — ! — ; — ! — 


Compuuttej 1322.7 1532. 7| 1527.8,' 1324^ 1452.7 (12.10) 


JOHANNESBURG 

UoM 

Iraiuerml 


< 254.6 299.5 j 282.3 
268.6 269.4 268.7 


272.0 (HA i 

271.1 Cb/S) 


185.0 /50-4i 
194.8 <1A3) 


Haoi-ol Irolea uhan^wl Irom 24 


Bulov* Watch a:-? 

Burlington \thn.| 44sj 
Burrougtu..^...... 74% 

Law phell soup 35:4 

Laaaiiiiui Pacifit-. 21 
LS.nai Uanriulpli-' 11 % 

Carnation 32 

Lamer A tlenerai 12% 

Carter Hawiev 13% 

Crterpi liar Trai'(> GO 

CBS 56% 

CetaLts* D/rptL.. 43i« 
Ceoirai A S.n... 16% 


68;k G-A.l-A 295.) 

31% = Gen. Cable 175? 

29% iueo. OiTunia- 85% 
33% jGea. h:«rru»._. : 55 
16% t liea. fwi . 34% 

14?5 ? ‘jecera; liillr; ... 30% 

3*?3 ;• Genera: Motors- 64% 
lS - j lien. Puli. L'tii... 19 
i Gen- smnaJ ; 307a 

| 3 ._ • fien. lyre 27bg 

*5 -’ ;<iene«.t)..._ 5% 

J Crtcrcia. Parafe._.' 283, 
j Geoaource 3DSe 


14% > 14% 
45 % , 46 
11% ; 11% 
295) 30 

175? ; 17% 
85% ' 85 
55 53% 

34% , 34% 
30% ■ 50% 
64% 64% 

19 Z87a 
307s : 31 
304* 305* 

27a 3 ! 275g 
5% ■ 57g 

285/ • 29% 


-Vat. JJi«rlBerB_..i 217 b 


>ai. Service lud-I I5aa ! 1Si 8 

V— — i j- 1 


.\onooal Steel ! 

Nauanaa—^ 

XCH ; 


.Veptuuelmp.. « 26% 


65% j 665 b 


sun Co. 1 

aunamm 1 

dydteaL. — t 

i'cchnicoiqr. J 

lektrools ,.„i 

tctedina , 1 

— =i- 


225s I 22% 
337a ; 34% 
14% 14% 

12 : 12 % 
2a% ! 

26% 26% 


, Getty Uu .. 435s 


lori. dir. yield % 


(Year ago approx) 


Pro- > 1678 | 1976 
rioiu High j Low 


Pre- [ iS»s 
rims , b/^h 


Certain teed 22% 


STANDARD AND POORS 


AnoOuliarii) 5*>I^5ibba.52 ,£j«>.T9j411.N &pail1 1 

i I ; (22/9) (LJl o ww i„ 

Belgium III w.68 ! B0AO> 101.16. AW wetlBn ' 
i lB/6) , (25.1?, SvitjArld/ 

Denmark M.fil , 9J.4? ! 98.* 9*10 w “ ierifl< 
( ' 1 (146) (h,2, 

Franca (ttl 80.5 . 81J • 83.0 ! 47/t. Indices ai 
i ' (4/ltn : 16 , 2 1 1W except 


f.irt. I Ot. 'Ool. 


tSinoe Cnmpila'a 


Hitth I l/»w 


Jnilustnai?] 116.06 115.23 115.99. Ila.9ff 116.09 114J4 119.71 


tOm ponte | 1Q4.B& 104.86 105.19 104.46 104.5% 103.52' 108-39 

i . (IB. 1 ®, 


| 36.52 

1 134.B4 

332 

<S/3) 

1(11/1/73) 

(3016/32) 

! 86.38 

1 126^6 

4.40 

| rS/ii 

kll/1163) 

\lt6iSD 


L'e-uia Air-ra'l... 47io 
Jtub>e .Uanhaitan £6% 
k-iwmuui Ull- N V . 4i'-; 

Lhcaetirgb Prrfvl., 24% 


ft-’ tiiUetie 31 Ja 

32% f ticivirtcb h. F... 20% 

ill? Gouh!.-..- - 32 Jb 

BQ • u.-ai* W.lt. 31% 

e,g! - GruAtiaa taei «' 65a 

43% ■ tin. .\ortb Iron.., 26% 

igvj JUrevfctEiTiU .• liie 

O,.. : Gull A WeKtern..- 143# 

TS* 3 25% 

“Ji. ; Halibut on 74 


Avr Hngtand Si.i 223s ' 22% 
New England Tel: 33% • 34% 
■V topiua jUob*wk; 14% | 14% 

■VnuaraShate. i 12 < 12% 

Industries- ■ 2a% 2ii>s 

XoctoUc&Weatenij 26 % • 26 % 

■\otth 1*L Gas... 37 ' 36% 

Ntbn. states Pwn 25% I 25% 
Ntbwert Airlurosl 313) - 32% 
A lh west -hancorp 1 2634, 1 265s 
-Norton 5iuUai_J 195s 20 

ticwdentai Pebdi 20% 19% 

Ogflvy 3UUier_.f 23% 25% 

Oli»lMisa(u__.| 17% 17% 

Olia I 25% 24% 


I el ex - 7% ' 7% 

reoeco { 35% j 33% 

leniru Perrotcuni' 10 % j. 10 % 
Tex«»... — 28% 1-25%. 

I'etugulC— — J 22% 84 - 

Jexu laatern_j 37% 37%, 

iexas lufct’m .4 889# K '89% 

i exaaUll4 Gbs-4 31. . .30% 

Vmu CtltaUe* ...? 2 d "'20 . 

limes tiw 48 48 

tunes Minor-™. 33% 

II ailien : 49% ] TO 

traue 45 . 1 "44% 

Vrauamffica.-^.. 18% 1 1 B% 
IVsnunw ... ) 217g , . 81% 


Zj 25% 1 24% 


s-s&sfassi:.ja-3 

48% : S? -3fc.- 

315 W % 

7 % HafaonlVy-cUsS-- -W 
33% Hataai OU* Qa^ •*! 

, ■ LLu. -^-— n‘. jji*' .'(g-; 

1 J®: V?Sr 

m 1 * ter : S 


InisodXsnG 
lBCp-vPit* J 
Kaker Sm 
Oran PnuCb 
XobiawCoBi. 
Kcoitrniuoa 


Overaea* ahipB—I 28% 
Owens Coming. .) 31% 
Owens (Umou^.J 22 


PteiOe Gas. ,.! H37 r j 23% 


Id) 9836- 147 illn.ie cixt uwminu Ba.M . 44% 

• 1 . lam ill, j, LbcaetirRh Pnml., 24 % 

in; 375.15 ,' 375.49 ; 40c.C0 1 3L5.M CBw*ie htfsieui... 30% 

1 |4, C I I Mil CUi.-ap, Mruige... &S-2 

['( 287 J! I 387.7 Jii.i I it LB thrvwer 11% 

1 I ! SU,y, > .2b..y» C:oc. ill la ton.... 36% 


| Hanna liming— ; 35 


■ tUrci=cpieyer. ...■ 

‘ ttarr.» l urpn 

1 Heinz U. 

I Hentie m 


Indki« and' base dates (ali baw values I 


100 except NYSE "An'^Common'^SO 1*7,'^ 
Srandartjs and Prom — 10 and Tornnio | 


(6/3) 1(11/1/75) (30(6/32) Germany K1. 8®-50 865.60 1 853.50 7W.4 ^randards and Prom— 10 and Toronto 
B6.S0 | l2BhB 4.40 ‘ «b.l»* , t»7h, the last named based on 1973,. 

(Sri, !iUfll63i HWliZi Holland mt 66-® \ 35-1 7G.0 hoaAa *«» industrials. 


! fiewn? Paeftartw. s 87% 1 87% 

j Holiday Inna < 243, 25% 

j Homes ULke__ 38% 1 38Sg 


ftunfin ijghrtn #, 

Pan Pter."* It5~ 
Pd nAw Wort Alt 
Packet Haniutin. 

Pbabody lull 

Pen. P*.* L 

Penny AC 

B wuun ll 

Peeptee Dme^.. 

Peoples Gma 

Pefnko— 


11 * 2000 .. 217a . 81% 

leant) Union— — ) 36% 36% 

1 Im- w«y Intr’nJ 24 . 237| 

Itaw World AirJ 24% ,24% 

Tn»Htn ! 32% 39 % 

In Con linen laiJ. .18% i -18% 

irtloaOii £ GtuJ 67a I' .6% 

U1W J "38% I 38% 

AJthCemaryPuxI 36. T 3i»Ta 


Uoera Cora 


AoraadaSinak. 

AonM»8aeqer. 

Auro-.XmoeaL. 

ttakrtwdPeufc 


n% 

W. fa 

■Wi »i 

1 £2, -« 

f .37% I'STS, 

h*£> 

} -17- -vt 

| - 4Mc. . .40% 
f -*»- A4G 

hiar mAo 


iflt^CenmryPuxI 36. t 3t»T« rtrorfePetart*«w(." 4B ^^46l* 

C.AJ — ^ 397a j 397 b Wn< Uaa. PWax ‘ 35%.- 13B% 

CARGO ^-.1 -A0%:t:-29% . PlAhw ^25% 

LQl 20% j -20% -?jB% 

Imuever — 46% V'46% &*B.€toh*.fMi723fe: :A 23 


285# j 28), 


Year aeo (approx.! 


Ind Hir. yi»M ^ 


ln-i. P/£ Rann 


I^ng Gov. H»n.| yienl 


: 1 (11/9) ; (4/4/ 

Hong /Kong 639.14 1 658-65 707.70 , 3£3.4) 
iW _ ' l*/M) 1 (13.14) 

Italy (II ) 1 77h5 . 78 AS 1 H2.bSl ». 4 b 
ftarii du/ii 

Japan frd 433-58 1 45225 . 456.76 ' MAM 
. J ; ( 6 /lCu , (4/10) 
Singapore#! 374.46 1 37532 1 4L4hO : 262/1 
18.81 ■ (it, 1 1 


Cievetand Cluf-.. 30 

UcmColii..^ 1 44% 

Colgate Palm 19% 


Uooc>T»eti 69% 


Perkin Khnar_„l 27 4 


C.AJ .'397b ( 397b 

CARGO -50% t:-28% 

LGi 20% t 20% 

Imuever — 46% V'46% 

Coilever AV..^, 61% J 61 % 
Union Bantiorp_. 27. i 97’ , 
Luk» (.%rtiMe— 40% '40% 

Union Commerce! 11% I 10% 
Coloo Ou Gahf... 67- = 1 ' A6%- 
L'nwo Pacific — 60. I . CS% 


S 406 Indus trials. 4D Ddlrties. m Finance Coipwe Paim 19-H 

and 20 Transport. I Sydney All Ordinary, u'olims Aikman.. llT t 

, I! Belgian SE 31/12/63. ” Copenbagen SE Columtna G»v • 27i? 

VC73 r. Paris Bourse 1661. Comm err- Culnuibia I'ui.... 23 
n«nk Dw- 19*1, S5 Amsterdam industrial LV»ro.ln-l.i...?!Air 185? 
is™, r, Hang Sena Hanfc 3I.T 64. j:i| Banra Uimu^ruMi L’n;;. 37% 
Commercial? Italians 1972. n Tnicyo Lniiifiu-.ti.Hi E*,. 15% 

Nrw SE 4 1/68. b Straits Times 1S6G. Cm’*ui Ldiion. 27 
r Closed, d Madrid SE 3D/12 -77. e Stock- Uimm. .-itierlne. 44% 
holm industrial 1/1/58. /Swiss Banlr C/oiiLai ter Orient. 15i/ 
Corpora uon. u Lmva liable L.»m l.iirin. ui:- 


! H-x-vet 

[ Roec-Lorp. Amer 
i Houston Aat.tia 1 


■■■ ' a ! HunttPb •A*CBn:i 15% 


Pet i 

PfilMT -— 

Phelps Dodga 

P hHiuiplnh i« Klj., 
Philip llorna 


£1>S | riuiion «E.P.j • 19% 

?£? ■ ,x - ... 2ti, 

iJNA 44=>, 

ff;* ! 1 uaersoi. Harold- 595 h 

! Inifl. 1 3I». 361e 

“6** 1 loMice- 15'a 


PiilUtps Pesro’m J 
hWnn..._ 


PiWmry — 
, Pitney Bowe 
! PtttSWB~..., 


Unuqyat.-. | 7% J 73* 

United Brandi 13% t 15% 

UB Bancorp I M*-<> jB4% 

US Gyps am j 30% -20% 

Us shoe -27%" 87% 

US steel j *7,' E7 

US Tecbnohucies.! 44%' 46 
L- V ladtKtrtes 821* X. 23% 


27 97" ... PcrocrCorporafaf - 

40% '40% . •-• ; T-SBg 

11 % 10 % Qurtwtiiourood zM. 

57- - 56^- . tW 

60 ).»%_ 

134s ! la? i SfiitejcCf -5?^ 

'iftf £& “ 

30% { d eeptw i ffsomew; 




Pieuey Ltd AUK; 25% 


F.T. CROSSWORD PUZZLE No. 3.796 I sfain * 


A prize of £5 will be given to each of the senders of the first October u Percent 

three correct solutions opened. Solutions must be received by A^nd *3 

next Thursday, marked Crossword in the top lefthand comer of B«m» Binia'o"”""'.".'""! no 
the envelope, and addressed to the Financial Times. 10 . Cannon Admtico aooo/ 2» 
Street London, EC 4 P 4 BY. Winners and solution will be given Ban™ < SESnr"'.’.Z'.'_ 3 afl 
next Saturday. Banco Genera) 2fA 

Banco Granada n.OOOi Z46 


Banco General 

Hidrola 

Tbi?rdnen» 

Olarra 

Paoeleras Rcunldas 


rcnmf Banco Hlspano 

l * ame Banco lad. Cat. 0.000) 


Address 



B. Ind. MedUerraneo. . 198 

Banco Madrid 221 

Banco Popular 2S4 

Banco Saniander i250i 342 

Banco Uromjo iI.OOOi .. 291 

Banco Vizcaya 254 

Banco Zaragnzano 266 

Bankunion M9 

Banns Andaluria 430 

Babcock Wilcox 029 

CIC 082 

Dragados 258 


Potralibvr 

Peiroleos 

Sarrio Papalera 

kmsce 

Soueftsa 

Telefonica ... 
Torras Uostcncb 

Tubacex 

Union Elec. 


t-iMlll l.ltrln* 

Conrai-, 

L-MI Mw.il > V... 

Oon^ut F».iv. 

LVm-u 1 Xm G*v.. 
l4,"«mji»h?' Pnwer 
t-oniioeiirai iirj-. 
Lnntlneniai Ot!.. 
--‘ciK mental le>e 

•Jnnnr.1 Data. 

Jowper Jndu« 


• !BJ1.._ 

I i::u. F ai.xu- 

i irn.. Earcertw— 
{ tu'.s. MinXUiem 
, loti. Diiauoori*-. 

I lucu.— 


IntL Piixi. 45 


31% ; Int. KecoSnr.. ... 


1 lot. !e.. A 32% 

liaraBeer 42% 

; SU inertraMcmaiwi 12% 

I Jim Wz.ut— . 32% 


Pol* row _...; 62% 

Polomec Her 14 l s 

PPG Industrie*.. 30% 
Protor Gamble... 897* 

Pub Ser felod 23% 

Pul tram.—.. • 46 

Punst 16% 
Quaker Osta—. 27 
Kauid Anjcricim. 15% 
Uaytheon— — — .50% 

EGA 1 ; 29's 

BepnhUHrSraet:.. 26% 


L V lodurtrie* j 221* 

Virginia Kte-t. ...I 14%r 

Wa^reen-.. : ^ 

)Vacner4Ammin. 49 • >; ■ 49% IstaapU 
Winer- Lambert' 26% 1 96% tSmoC 
Waste- Man’meatl 88% . ! a8%'-l?bHSK>! 
IV el to- Karoo 307 B >■ 31% jTrthuCa 


dhercfatfl.Sl 
IsiotfKiao. a, 


»ell*-Lun> ' 30% 31% J XciosCan pint 

Western Banoorri ■ 29% • 89%"^ (’AnukedOLi 
Western 3u Anietl A5V : 35% 

Wcetern Union...' 19% f 19% )linfc» 


16% ; 18% 


ResortalnU- • 46% | 46% 


Weatern Union...' 18% 
Weatlnxb'M KlecJ . 82 
Weeyaco_..,„.„.| 29% 
Weyerhaeuner— J 303* 
Wb»npoot...™J 22 
While God- Ind„i 80% 

William Co- 19% 

WtaconsinEleetJ 28 ig 


Union ^a- 
(JfedLSiHoel 








.-I 

. . - 


BRAZIL 


GERMANY ♦ 


; PARIS 


AUSTRAUA 


+ ur iLrur 
— juiv.. 


Price + or 
Urn. — 


>ir. Vi'5. 1 
t .% < 


+ or. Uiv.'Xiii. 
- ,Frs.; t 


Aerw.u. I 0.95 —0.0113.12:1: 

Bunco dr, Brazil _| 1.94 -O.03j3.16jQ 


Inuioh.inl/ 

E 1. A rayon rasas 

Eapanola zinc 

Espl. Rio TiulO — 

Fecsa 11.000) - 

Fenosa 11 . 080 ) 

Gay. Preciados 

Grupo Velexquez (400) 


Bunco Iran PX ... 
Belsp M metre. UP 
Lurie Amer. OP.. 
Perrobnto PP— .. 
Pirelli np 


a 7.8 + 1.4 


0.95 —0.011 3. 12:1 1$5 AEti 67^ e 1.4 - - <UM:re4, ; 734.7; -O.i 

1.94 —0.03(3.16 8C4 Aluanz Veb-iifi... 519.5-2.0 3L2 3.0 ! AmqueUceid't’e.: 938 j— 6 

1.42 3.37|Zb.4Z H111V. 229 *3 28.0; 6.2 ' AsrLiqqide. 5/1 1-4 

1.13 ,-v-OJll 3.c£i7.07 u.\£F 1*42.7 *-o.4 V8.lfc fc.o . Aqattame I 654 (—1 

3.21 .J^l! 6^3 Bayer. 145.5 ->-1.2 16-/5 6.4 eiG — 528 +2 

2.31 I— 0.0 1 1 3. 13(5.62 Bavcr-HvM>.. 321 —7 28.12 4.4 touy/tuer — 868 tZ9 

1-47 —:0.16| 10.88 Haver- Verron^bk. 364 -7 . 18 2.5 1 b-b-X Gemn.. J 860 [+29 


1.13 ,+0JU 3.uE(7.07 1 BA6F 

3.21 .......... \6J23 I Baver. _ 


JZsn 2.41 | ( 0 ^ 219.12 Libalm..\M.wtt* la3 — - 

-d!m K n . ip « B -. 5.60 —0.15:3.26.4.46 Cmmneretenk.-.. 236 -D.5 2b.te5j 

■“ la'pRir. IfccePP, 1.11 -O-djO.ie 1 16.21 OjnnGtimmi .... .4.5-0.7 - • - 




Croryraa....! 


734.7;— 0.3 i 4%; U.6 ACll IL (23 ceau) 

439 j — 6 ,2Wloi 4.8 Acrow Australia 

3/1 |-4 ; 16-6r 4.4 AMAT/l.Sl . 

554 (—1 >86Jlu' 4,f Aropn K-vpkintlnn 

528 i+2 llS.dS 1 2.6 Ampol Pem4eum_ — «, . 

868 + 29 ; 42 14.8 Assoc. Minerals. 

660 + 29 - 40.5 6.1 Artec. Pnip Paper Si 


. . -'d 

, tokto* .:i 

7r? 


W.73 ; MS • -8 14 ll- . . 

f0.S3 /We ; 426 . M Ig J.4' - 

12.17 +0.81 n«+v- ^ «B +26 2ff » 

U.SS PA—*-- - -l 450 +6 20 A3 

tO.85 UU)l Dai^ppcdPrint 690 -ri— IB _US 

tl.56 — BW)rtSoriJ«. ‘636 CEP 16 SA 

fl-70 SSrin^^ri. ‘ 220 1 — S 3*-i*7- 

♦1.80 MoodeMctoe— .484 . +4 If £9 

tL05 H(naaRo(XUiwZ{l,X70. +10 S8? £3 

tL66 1+0.0! c. Hah 241 U-l if. fS 

t0.76 1+0.08 Mo-Yofewlo^riri. IwBBO +40: SO ■OR 

ta?0 HUM Jaces— i 765 7+0 13 Oh 

10.87 MY *±Jb — ^i^WWO L+10 ’^iS- 
♦1.25 KAorarJBoctJNir. M80 +30 

tl.62 — — Krt«nrt»n -/ •— y-AaO- . +l' v j l8 %3-._ 

♦2.00 li .rt > nn.; „ ; r -M . «W : pM 

stf es ssss^ns er | % : ■ 

♦1.73 -JUS JJIMnbtobt Bant. ' 281 -4 . 10 *f 

♦3 AO UKitabfeftLBflrty .117 12 M. 

*1.35 +0.02 Miraabtahj Corp.. ; 430 15; - 

Y2AZ LojW Mitsm&Ca^s-; 896 -1 M. » 

♦5.80 +0.W STO +4 20; A? 


AqAlGlM. 

P hono 


-MS Jrrl * : 5*5 «»♦«««— 


Turnover Cr.llS-Sm. Volume 62. 4m. 
Soarcer Rio de Janeiro SE- 


.... 


. -D.5 2b.te W UUt . 522’°5 + ?^ ! 7.6 Aott. r<mrtti£hr£iZ\ ‘ fij 

.5-0.7 — l.l.AKsitei 992 (-10 7.7 1 AJk.I. - ] It*, 

-8 28^11 4.0 (-'eUsncairo j 440.0[-4.fi I 12 . a.7 j Arolimca tO.' 


1 Dsi«%pobT«ta8 WO 

- WafinmiJD 636 

- MllrtiVi/ISj MO 

. Hondo MahM-*4 .484. 

- HpoSoRwrUw.ti, 170. 


1% susra 271 — 17 d.ii^ | unMedu«...„.| 

Denuu; Ib8 -3 11 3.0 1 JralK Com. FraJ 

L>eutacfae ISaab.../ 517.5 -s.l 28.12 4.4lCrt««H: Lcdt- — I 
UmrinerBanit .... 2b5 +2 26.12- S.5 j Gomez. — 

UvcberfanlT Zemt. 183.0—1.5 ' 9.38 2.6 • fr.PetreHea. ; 


tL66 >+0.02 C- ltab— L: 
♦0.76 i+d.tS Uo-Yotadc— 


1 1 -? 6 S I V”*’ 011 * ".‘.’-I taro HUM Jaass 


NOTES: Overseas prices exclude 3 premium. Belgian dividends are nfler UiwrtnerBa/m .... 2s5 +2 -28.12- S.5 j tiamez 655 '—2 

wlthUoJdlnR tax. U.vcKerbnlTZemt. 183.0-1.5 9.38 2.6 tr-Petroiea. ; 138 t—1 

♦ DM50 denom. unless oiheradse stated. VPias. 500 donum, unless otherwise T} ! J I *£!*** a * , * J ‘ *l£*-l* 

Slated. 4>Kr 100 denom. unless otherwise stated. ® Frs 500 denom. unless ** *!»< U oy») 106 ,+ 1 -lAJA M 

otherwise stared. 9 Yen *n denom. unless otbertnse stated. 5 Price at time ot i d V«*ra c'2 ! B ”* ! 

suspension a Flonns. nScUlnus. c Cents, ft Dividend after pending rights £ + 2 - ? ,l8 ‘ n e ’ b ( boi2i“ 1 nik IT! 

and/or scrip issue, o Per share. /Francs. c Gross div. %. h AswSnrfdnnSS H 0 "®* 1 , ??' 8 “'S' 1 , ah* »n ,2m 5= 

after senp and/or nghts issue, toiler local taxes. m% ux free n Franca. ^ or,en 171 's-3 1 9^6i 2.7 1 L«cnnd ... 1.938 [+26 

Including Unilac dlv. p Mom. a Share split, s Div. and yield exdude soodal kailunnfieiz • 1S6 : 14.04, 4.5 f Phenix.. 539 i— 10 

payment, t Indicated dlv. u Unofficial trading. uMJnoriry holders on&. v Merger {«rwa.U ...; 337 j+2.5 ,23 jM 3^ ! JJjvJeJin "6 ' — l.riOO ^-15 

pending. -Asked. + BiA 5 Traded. -Seller, r Assumed, xr Ex iSk£ Kaufhai- [ 252.3+0.5,18^, 3.7 Henneewv.i 587 +2 

dividend, xc Ex scrip issue, xa Ex ail. a Interim since increased. ^ Kioctoaer DU 130.1 94 i + 1 — — j 'ri , uiine« >a6^)!— 0.8 


244 -rl 12 . 2.4 3en. Ota?ideor«le.i 271^;— 2.0 1 8.! 

106 ,+ l -14J14,- 6.6 imeaai ! 68 —2 , 6 

170 —1 .iG.Ts 9.9 1 Jswiuw Bnrol. — 172.3^-1.2] - 

142.9 +0.7,18.75 6.61 ‘•tit* 241 (-2 lit. 

53,8 --0.1 - : - I j- Ureal i 765 +4 llo.: 

171 , t 5 I 9 .56i 2.7 1 Lfzna/t '1.938 +26(36. 


JCZ W ! 9 8 “‘“tiMGtceh GoW- .1 

BlD “ lQri l 

6f5 —2 JB.Jbj u.l Uoucainyflle Copper — ._.[ 
138 J 1 14.1fii10J2 iJambiM indium+M'. I 


12 . 2.4 j Sen. uccidootale.; 271^|— 2.0 [ ¥.SRj i.u J Uro^Bu^/lM^^dgnuyl^'.i 


68 2 , 6.7 8.4 66 l»uUl.,....«....„„.... , 

172.3* — 1-2 j — - canton United Brewery-..! 

241 |-2 (187? 7 JQ C&KfSl) 

Toe t ^ oclrtBjnl Gcment. 

938 [+26 (36.ft l.U i 


Klocimer DU IX. 1 94 1 + 1 — , - | 'U'uline* i . 06 JD — 0.8 ! 3 

KHti 19O.0 +4.5 1 18. 76 4.9 1 Wui'wr— ( 207.6 ...... .. U.i 

Kropp 1 117.0— 0.& 1 , — - {nwfcmoy . — ) iu2.5 — 1.6! 7. 

Unde j 286.8;+ 6.3 J 2S 1 4.4 ( P^KM-Ricarrl 328 ‘—3 J 10 

Lwenbnu 100. ! 1.680 —15 : 25 -7.9 : PaiKeouUlMpen. Dl4 '—3 !l/J 

Utthansa. ^.| 100.5^ + 3.0 0.36 4.6 P«Maiu 226.(>:+0.5: — 

I 809.3 +3.3 i 12 e.g rechnwjue. 480.0,-3.5' 27 

HaunenRUDD | 162 +I.B 1B.I8 4.7 1 3f k " 1, **"V 5a ® l + a ’ 5U 

Hetallee-_ J &c9 +S lO i 1.9 ' Ppu'enc-.j 1 0.1— 0.7 , 9 

.UimcbenerHuck. 848 +8 IB 1.4 1 ^ Urowtu^ I 160 . 0 — 5.9 ilAh 

■Vuigrt iumn 175 +0.2’ — ' — I “)■• ifiatvigliiM — . 1,88a — 10 ! 59 

Preus-** OJi ICO 145 '+! ' — ; — f 0 * 7 -•> £03 -3 ; 2a. 

Kbein Wert. Kle.-.l 166.0 -0.1 1 35 : 6.7 *f«uw»mque-... 845 .-8 ; 25. 

acherinc J 282 + 1.5 :28.12^ ^6.0 ' , “" llra,,n B rtro ,, t 268 1—4 '16.1, 

Siemens I 5u3 ! + 3.1 2o 4.1 ! ! ^2* ’ — 

tun Zueker 372.5—0-5 ,2(UI<r 5.0 ] "‘ 

iiivv«n A.G ..— j 125.5! +2.5 lU.lt- 0.8 STOCKHOLM 

1 190.5 — J.5 l/.lt 4.5 ! 

v kBA ! 131 • y.3Ss: 3.6 r-p?iS .Xor^Dir 

Verein-AWertBk- 300 18 3.0 tu.U 'Kronor I - Ik- 


156 : >14.04, 4.5 1 ^>*m Phemx.. 539 1— ID dB.t 7.4 Guns. Gofairicids Saul J 

337 1+2.5,23/M 3 JS • UirtWin -b" ,1.400 l— 15 \&2JA 2.3 Uootutner Mlt 

3E2.fi +0.5, 18 J9, 3.7 Jtel Hennessey.) 587 + 2 12.6 8.1 Uaame Clari 1 

94 i+1 - - inline* .nB-Ot-O.a! 3 2 JZ 

190.0 +4.5118.76' 4.9 1 2Q7.6, . U.dt 9.6 


i+io r-f i-r 
.1+30 - 


RACING 


BY DOMINIC WIGAN 


ACROSS to statistical report concern- Ahonoora is best 

1 Hide position next to precinct jng^ domestic employmeot 

5 Stray about like eastern 7 Gentleman in India has upset *tV^v> U atrvtv cf 

rubber (6) one band-leader (5) Jfii J5UV1S OlillVcS 

JO Witches acquire key to cooker S He's sorry to let salesman go 

XI Love affair on royal yacht (9) 9 Policeman born wonderful (6) BPSOM-trained Ahonoora. ing filly of late but an extremely 

12 Initial luition puts reduced 16 Girl putting on a little weight sprang the biggest surprise smart sprinter at her best 

burden on individual (6, 31 gives out (9) the season when producing Willie Carson, just one short 

13 Bird finds plunder at home 17 Song appropriate in sailor's £ ast ®®” y P ac ® t° 1116 Spiliers of a career total of 1,500 winners. 


ra.78 1-0X2 1 Aippro OenKw.jl.660 (+20 


SSraj^S 7:1 

« S=£k=^ 

mii ft a r' B-i r ic rrr - —.—.—i 


♦3.80 WUI7 

♦1.00 

♦L50 1+4M11 ^ on «« 


■\a:ia»ru u»nn 

PrvusrojE till 100) 
Rhein Wert. Kie v 


sr^E May^EEE 

Jeoio^ojiJfe J! 1 

1.88a -10 I 39 3.0 


i'i Setanui Ptefab+3 - SOJ +10 M 

bhiMUtot IIjLSbO. +20 20 OT 


aD3 1 — 2 
845 — 8 
268 1—4 


, 


; z&’fl l'n •n-lortrie^.L'ID tl.12 

iM f 7 J tl.ig 

_+i>.iw a./ i^tioar.i J t|JA1 

~~ * — .Meiiui kznlAtvrvHi * pi) do 


.... . [- 229 Hi 

LOll.^d^UbemioBiJ ; 467 + 8 .. 

I r DK»...,_ 4 J3T;2.I00 !+80 


J 40 X* 

— 1 i n; 

+8-.-1 15 M 

+ 80 ( .»jTO 
„™_llO-iJ? 


! ^obyoMarineL-! 489 j— 1 1* 
: isKCyohire+PWfi 1 nsn I • ! 8 


IliVB-en A.G 

I'arta __...., 

I VKB.\ 

! Vereira«A H'mW 1 


VorttKWXEpn 245.8 t2.8 ' 25 


BRUSSELS /LUXEMBOURG 


Ann ABiKrJOI...- 
AIC*%»v«llhrjj0)| 
V3EA tKrJOi— .. 


; utv M 

Price + or - Kn. ;i’in. 
Pr*. j — J .Vet ; % 


... o. j ' n > K , ’ 7, pi winners, a^.. „.2.4O0 ' w _ 

(5) carrier (5,3l Stewart* Gup a long way from looks set to achieve that land- ucraett **B" ,..2.5oii !+ 10 'llo 1 4 . 5 ! B | tct'iux‘B’(Krtc( 120 

14 Trimmer setting fruit right 19 Old woman soldiers consider 5 0I ? e ’ c ^ n take todays Bows mark in the opener, the Hyperion ‘-^■R-t>em«ii.....i.zoo —2 ‘ioo 1 b.b tnc+wo'B'jKrfon iae s 

_ f6) quite a dish in Scotland (6) St ^®f ®J w Ascot. . s . taJt “- popular Scot, who is — ja.^S -| l«w ; 7 fa 3 5|“| +-3 B i k 

l.i Debar CO from making fabric 20 Set in motion part of play fAhonoora. who landed odds of already assured of his third uia-irorieii :.,b. 7 ao i-ao S 30 ; e:S oim™ tFnxriZ s&.v^aa' — 

t7) you literally consumed (7) tn P 131 highly competitive jockeys championship, rides Pubnqiw s»n. ,s.ioo 4i70 5J5 0»^u*bBBkei»H 366 16 

18 ove^f. one m member hefl > re 21 p° v f 6 , t0 reach a paro ' b,ush - Pn‘ ’ o°th e 7“imS?l!il “tt pireL'St« PiI ” Pe, ' nel 1 " M |SS j=IS (tS j It SSS’iSSj ‘S =r“ 

20 . . . sailor posted missing (fi) 23 Part of the unseen nuisance handicap the Portland at Don- This well-made bay colt by Hourik«i»?..!i;";!2;i7B i^-so 1170 [ 6^0 *67.8 

22 Lonk after outside right io a is boredom (5) ca S?£- - ., ri tn ... n Arthur Budsett's firet Derbv IP^T 3 ™- ■•?**? ! / - 7 8 

fachinn (51 SOLUTION Tft PII7ZI.F Then? he did Well 10 finish a v,inn#>r RlaL-^i. 4 T» »• J- . K«rij«tbanii M ....,7,190 I...W....I30 0 1 4.0 BwwIrtfii'B (EfrtC 63.5—0^' a 

28 f ?, SOLUTION TO PUZZLE close _ fourth. Just . over two S “ er V “L °f Hiding ujh-WN^JMgo L_i— ■ fiS g} 


Oolora..... 114 

Uarvku. 179 

Gelluicm.. 232 

filuct'lux'B'CKriv 120 


— ~,L. — BxpJoranon^...„..! 

iilil UoMiniiB- I 

D.vw 

.'e»i ; I 

! , . rtce ) + « ; Olv. 1 . 1 , -V UioUto laiflrairtdoaal : 

Kronor! — ! Kr. - -Nortb iSmbm HMIniealfiO-]* 

; ’—L UUMtM. 

194 ... M ' s.6 2.8 

^ !.— — -.j b • a.5 'Jcwt tiptoncion * lta . . 

\5fcA [Kr^Ji^..] 87 1+ 1 - 6 J o.B rtoM ef 

AlUto L'op«.-0(kr{*l 121 ; O l 5.U ReukllAR IlMnum, 

Bilierun • 66.0; 4 71 6. t. broigb , r 


tl.12 | ti^oUectlWi 1,060 [ 8 TO 

tl.12 I fofcyiWMW F 329 — S IB 1.# 

tO-41 — J 140 +. — M 

T0.42 ,+0.® fwlwfc'OwpiJ.J 125 | H W. Iff 

12.53 Uij» Inyom Mnwg^, 8S0 V Ul, 
tL7l WSJ2 . SttiTM-WM. 


TL71 4-02 
♦2.75 |+Ott 


Sbnro-OToio Secarittes. 

- . itfMK 


H.Mi VIENNA 


Kn« j + or 


lxd+3 g,h< a 5 

tBRfi — la.aao s 117 ? • 7.6 »««*+«» j 95 4 a'S 

tiieiinyiell ib.7aO — ZO 4*0 j 6.4 Gnujec* (Free).. J 56.W-0.fi — _1 

)^b*iq'w S«it .3.100 i._ ilTO S3 OxndfesbwilMn _J 366 16 44 

(i~B. laao-Bm. — X420 r — 30 [130 to.U Uaettwu J 123 3 6*6 

f.eracrt '1.4U0 20 85 ■ 6.1 ilo Oeb DomrtoJ b3 — 1 1 _ J. 


114 j I jA ; ^_ 0 -ouch lam] Minina 

IT?*®-! ! S-7S' 3J2 RxptoratHm 

i 10 | 4.3 IS) 

6.31 5.2 ffwwn i. 

136 1- I 5 j 6.0 Wertera Minim. ibO -enra; 

B.b> a s 


tl.Bb 1 i 

10-76 l+OJ! 1 


342 I >10 

h nnjl? 8rt “* I WB«r Zi 271 — Z^' 9* 

~ =**W*v -J 631; 1—2 j 38. 

jijfi I stanpwfl-- .1 . 88 :■ _.i — 

iffiSSted Ot ti-1 s 


AMSTERDAM 


toil j JOHANNESBURG 


uBLlBnci L). — ,'1.590 +10 I 90 ' 0.7 rtiamk ■»’ JiraJ 260 iS.75 2.3 

lay colt by “o'**® 1 ?.»76 U30 H70 I 6.0 Kra.... 67^ -03 1 4.3 a.6 

T)0*>Kw Inwnxnn— — - — ;Lb40 L .142 | /. 7 ^«a<1 Rmdriwtai- 152 — 2 , 8 53 

KwriwW"* - ,7.190 | >290 i 4.0 62.5-0^' a a’.O 

at of Hiding La Hmr»le 8 c%i-.-j 6.000 J 1*325; b .4 J' , *4phoi ib — . 61 1 y — — 

inmible for Fan HoMiiich. .... 13,020 i .62JS6 2.6 V?* 1 " 1 1^- MD—- 81 [—3 1 6 7.4 


22 Lonk after outside right in a 
fashion (5) 

24 A golfer wants to travel (3, 6) 

25 Skeleton service provided by 
[ea shop (4, 5) 

26 Fashionable dog to suffer f5) 

27 Flu takes firm hold we hear 
<6) 

26 Set free for letting in com- 
munist (8) 

DOWN 

1 Pub takes note at scene of 
events (.6) 

2 Listen in to prospective icicle 
<fl> 

3 Start given to cathedral in 
race (7, S) 

4 Help dupe sound off (7) 

6 Response by receiver in court 


... 2,876 1—30 1170 ' 6io 


ttodvib ■»’ KraJ 250 
6-K.F. ‘B’ Krs.... 67, 


SOLUTION TO PUZZLE 
No. 3.795 


NUinnsiwt. a f-ifiiurrira?*] 

\uk7i ran SJ KI r\ 

acracG ranQ araEraac 
^eanQcnn^ 

Bf5rgf3?3 GHmCEHBIER 
n *2 ■ m m n m 


snnc50^ 
ci u ra 
nBHHDiDfS 

m m a 
nsne icinraga 
m a n n r-. 


cisnnRB 

ra n m 


H Fa W| 
MQRraa 
ci w ? . 

a rr. nl 


E^0RSF3afj 

s □ n k 

n^RHino^E 


SOLUTION AND WINNERS OF 
PUZZLE No. 3,790 
Following are the winners of 
last Saturday’s prize puxzle: 


Mr. J. E. Brown. 151 Kenning- 
ton Road, London SEU 6SF. 

Mr. -f. C. Burr, 17 Heston 
Avenue, Heston, Middlesex. 

Mrs. L. Sk inter, 42 Chesil 
Court, London SW3 3QP. 


snaa no 
a h b -a 
BE053BC3 

S'- 

HOBS m 
&rm m 
0H®E 
S 



EaECiHBBS 

a e m 
gQ|n| 

EBDE 

_ _Q 

B 

am 

i'ET S 

sssra 


[ESHOSGSE 



ASCOT 

2.00 — Elusive Pimpernel* 
2.30— Idle Waters 

3.00 — Ahonoora* • 

3.35 — Greenland Tark*“* 
4.10 — Lumen 
4.40 — Coqai co's Prince 
YORK 

1J30— Lady’s Slipper 

2.00— Move Off 
2 ^ 0 — Claudio Nicolai 

3.00 — Young Bob 
4J)0— Silver Bay 

AYR 

2.13 — Mark Henry 
2.45 — Current Gold 
4.15— I'm A Driver 


close fourth, just over two pi 3 M ,,r“ , 611 out “.f*®,™ u» 8jw»»e u*%y.^6.ooo 
lengths behind Loudon, one of SsSSilfiSB 

ASCOT Sl?tf te? e iJS? P h 8 ^ j+10 [140 

2.00— Elusive Pimpernel* lengths in a mile maiden event !teo ili® 

2.30— Idle Waters at Newbury last month. lTa loa Kto '' t — I i'im * + I° ’ 17 ° 


-110.160 * 5.1 

f?S JHS ! K COPENHAGEN * 


'216 j 6.-: 
■AilD 8.1 
!Z70 { 6J 


; Kroner I — 


Although this seven furlongs JJn^in-ju.-Toj I 842 i+io ; so I 6.c 

is probably on the sharp side for '.^Jtouua nd8.i6o |+ao 1 - i - 
Ml.® Dick Hern-trained twron . a 



6.0 Andeietjnaken__J 141 
— Uan«ke Bank..—.] 126% 


... 11 r» Q Moopjranaft 

Uandke Benk 126 %',—% ' i5 q ‘2 RmUer UJtfV. 

hrt*A.»t IC Gu_. lbU%P!„. S 76 

KlmiwUuincn 132%, + % U q'q (L 

!Sn^:z:~ ‘Sir 1 - “ P S3S&1 

ssneffis is- iv" ;i j* ssssas 

XordKatiel 190%. \z 63 “dlM 

Ullatrtnk 117 pa _ _ OgenWri.— _ 

Hrimttoinfc — 132% _____ oi Vutimnma 

Hroylttofaum 138%!—% u 70 IfokboeAJfJSOi 

Soph. Bennm_. 401 \ — % 13 3 Q ftaUMaJn. iQ) 

ioperfos— 171 {+% 13 7 j J%aSeh«W(F)j 


Elusive Pimperne) d 0 ^ no t h a v e | SWITZERLAND* 


a great deal to do. T take him 
i?».°n tpace 10131 disappointing 
Mill Reef colt Moulin, who has 


I + or DlV^Yfal. 

“ % I O 


8r>'ijirener_ 

For. P&ptr 

tilnri^ Mwnlf _____ I 

QJK'm’DiUKrSC; 


tS NBMdroKn.KA 

“ 5 - 3 


his 14 opponents here. On 10 lb beat 
better terms, Ahonoora is miles 


- moiuin ’ wno aas ; XoniKrtwu 

i,UOWQ , lirue Since going down Aiauunium 975 8 4.4 uilisktnk 

narrowly in two group races — the Bfc ti -a - lsio +5 10 sj Hi+ratbaais 

Coventry and Juiv Stakes. CitaGoiryft.ioo 9 20 +is aa a. 4 ** to y lt g h, »ui 

Two ftthot- Do. ftStCert. 683 — S SZ AJU “opb. Berenrccu. 

r* v 5 > interesting races on Do. Keu. 852 —2 82 4_o ooperfos— 

xnis itacegoers Club concession ureaitsohiBe — 2.170 +30 ie 3.7 

day programme are the Princess “*«*«»»« — i. 77 q«j 10 2.8 

S& StakeS “ d tte CornwaUis SffiteS.^Sool+soouw S 

Idle Waters, who failed to inrerf^S’L'.'^illeas +fo J 1 !? at is 


• . _ ; - : - mutes -;£c 

i«-¥o,-is^vff. ssriSu... c«*. .. ^st m 

yifc ~ . * * Qatar- CoasatmteoZ.... 

jiakI t T .00 ~aa 5“*- Driatootatn — isjb . 

328 4 9 Hammy ZZ -TO 

styjip AM v.B : — : » m 

aSh'SS .1^, 

9 ®-^ — 0.5 26 -fi.4 Sastbvaai - 'IBjW ib it. 

Ia2.0 +CL3 tOf 6-3 CriS gteUa^A "1 

,72-2] +0.1 26 7.2 D ntm Carpanma ZZZ2 5 « 

500-5] — 1-6 27J 1.8 De Bean Deferred f pc 

1 JJ- 0 — O-B 37J 5.3 Blyvoontttdclir agg »-x« 

71-81 md 4.B Bast Ram Pty. . "Z * «« — OJS 

38.6 — 0.6 to SJ Fftfir State Gedald ; , t ^68 J-U* 

99-fii + 0.8 14 I aji ft^Sldent Brand ism «-».© 

40.31+u.Z — — ^?sld«it Stem — u .35 H)2ai 

83^-0l3 12 aa gpgoateto flJD -.“«2 

161-3+0.7 8 4.9 31™”°.^--; - --* — •- — ■— 76-25 ' 

40JH08 IS 8,4 Jl*” Dtlenntetli — 245.88 ^ 

ae ilz ISLQ -4 , 6 .HoWtBga t3SJ» -*-WJ 


8U+CL2 — 
365^1— OJ5 A2B 
B&W+0.4 OO 

76J3xr &2S 

98.® — 0.5 26 
142.0+03 82, 
7aia+0.1 26 


141.01— O.B 37. 
71.g 94, 




11 SS«M 

1 2 6.3 “■OMU- 


o i >n in 

U in tWkboed 


USJZ ~0JS 12 6^ 

161.7 +0.7 8 4.9 

40J-CL3 IS 84 

E6>2 18.5 a,k 

108,5+03 48 4.4 ™«“™ Oee» tUM 

.66-2 +1-9 21 73 IHDOSTItlillS ' 

W 6 A+ 0.2 22 Birfiw vmii * «n sui S 

176Dj-G.fi 36 4.1 Qig^BSLsr j? * 

17 M Ss? ® f0ras -ZL 37.0 

7B.S+L8 — — . ErerKeady Sd. 2.08' 

76 J-1-3 A2M 7J3 FMerata L35 +*£ 

41.6—0.9 — — Gr ex t eiin ang aiora j' ' 'f ur . 

22.41 +Q4 - 1 &.S 3£ Owurdiaa AamraV* / at) jjso • &&■■ 

603-CL2 63.76 BJ *W«0 ZZZZ~_ZZ 3JS -Zf - 


,2*.7S - - -■ Jj' 

IBM ! r Wp.\ s 
2«.« ■■■■:*», 
5J5 . » 

7JB ■ % 

.is -«■* 

8.78 rf* 
♦S5J9 <-«» 

ISM ,-•£ 

10.25 HUM 
8J0 -*» - 

t*xs --418- 

t3U» -*-W» . 
Hfij)0 rAw 


Fordham over the Jeimon (Kp.iouJTI t!«»eo 
of the Princess Roya‘1 l00, -g-?gg 


strongly fancied by his handler. Stakes here last t 3 1 — ||.i65 

Brian Swift to rpwro th> h a C0 M W ‘.HaukonB t y.«u,te.625 


Brian Swift, to reverse The he worth u r e UU V* *-H«iik«iB t y.j W i 2 . 62 b 

nianin^c u /revere me oe worth another chance in spite Hiroiu^iH(F.too)J 301 

p 1 J*. k . . . .. . ?* the presence of the Irish St. '3.3W 

1 shall be disappointed if he Leger runner-un whuc U 11 - i‘»n 371 


)+25 1110 1^ 

+ 50 21 a.9 l>*.13 

-| 21 l.fij 

+ 15 laS6i 2.9!A6!ti 

..-..-JadSJ 4D[ttert«p 

+45} 15 ia{K« 


Uoboood 
Rottooo C 
Uotoato( 
Royal Do 
dhirente 


176.1HU A2t 
141.61—0.9 — 
122.4J+0.4 A 

lfiOaUtU SS.J 


^ tefaspfflsa }a-a + HL»ias-* ssaas? 8 ?^ 


.... - . - -- -Sger ninner-un Sorhns . . . - - - 

cannot establish a decisive early In the GwnwallUi 1 imMii -*iv Wi 

aTw-rtfSIS Ha I 

'S some significant ram. disgraced in going down to Devon ^'^iwiFr.ao.^sao 

Of the remainder 1 have most Dittv m thV Flm~ ll »wi 3.ow 

regard for La Rosee, a disappoint- Stakes £ DoncasfJ? S:, S2S? « ,nfc 1 - a2M 


fijlilrbliurCt KlOt 251 


lqcypJrtKVnHIfcJ- 

jlriSjl 4Dtttuto« 662 tfi [ ~ I — ^SSSSffSsj^ *41 

TO wlJEizrrziB tSofdri 

16 ■ 8.0 ( Oo.Fri v 2.136 1-34 16ui 7 0 OSLO ■ ‘ - 

; 2b : 1.9 I PiwUler 186 -S 1 Z7} _ s p-pg- 

r jfg 3.0 j luicememi 22,603 —850 6u0 2.7' Oct.' U ' ' I Kroa 

! 12 !4.a|iuima 400 l+ia i — ! _ 

1 14 4.9; VlfriwtMan — „ 1 .(42,950 ■— 350iljl«l< 2JB Bans Male 87.' 

Id . 4.3 ] Unnieiitonn,„._.. 271 — XI; — ! _ Uot-mriarf ,' - 7U 


|~52 l50j 6.1 
1—34 > lftnj i n 


.TJ - 405 


is some significant ram. 

Of the remainder 1 h: 
regard far La Rosee, a di: 


2 +OJI 43 

7-..ri.:.j£L 
+6- Si 


+ 1.6 1 80 l 8.8 LTA +' Z t2S +*SS 

- SJS “ct^rttsr Rfitfiray -■ ? v«- 

WrolBank . ■-• • , - r - „, +4» 

08 DK Daaa tnt 7.75 > 

1.0 «mtog SM rjg 

Xj 4 £r«tocto Oemant S6». 'T*-® 

— T«fotca KoitUntt „ „__ I.» . ->0 : 

Rnbrt Whim Prooertes rf*.® 


Doncaster last time oulI__ 


40 . 2.2 1 Pirelli .1 O 2.005 i— 33 

£0 , fi.3 Fire) ll •».)«_ j 1.082 [— IB 


125. 44 < 2.2 9»ui Dm.J 


— i — Uradi tf iM i h — 
140| 63 Kmikii+...'i.,. i ..-! 
BO; 7.4 KrediUPUWR) 


97.75^-1^ 9 
7L25I+L^ — 
113 j— 1- ) 11 
ae3,fi'-27JS[ 20 


•*+h)hran4r Group ■ 3.47 

R^tcp ass 

Saw* KoMInga U45 

SAPPI i.42 

C._G -Smfltl S Hpire 3.70 

S* Bmreiim ' : - 1.4* 

TlB»r Oats nod- WjtfL MTa. 116 
UBlSK ...S.L Lli 


■ 3 *r ■_ . 

t« +S.BS 

I. 42 

J. 70 

• 1.4*' • - • 


-13 - : ^ 


^- 5 * * 


ninuiu>^..arti«i.,- 498I8, — i.U Uniflac . '■ *' " • t 15 

^wrt'a^roftp«'j 2i7io{— sisrt Z 2 '44 -'"Sewiito Ruid f UA0.78 ■ ‘v 
-Swrabrand-. 1 95 j-4 . |\7. 7 A V. <DisTOUHt^f 36^2%) ; ^ vf 




'■p.-ii-T-"'.- #V- ’ 




jBsznz 3r:r.’ 





Financial Times Saturday October 1* 1978 


:£$\. 
'£v ■ E 
■!. 


INTERNATIONAL F1NANCT AI AND 





Honda profits 
decline 15.9% 


Dispute on naval deal blunts 
Tenneco’s third quarter gains 




BY OUR FINANCIAL STAFF 


HiirSToN. ucl. Vi. 


? 

-V^ ! 


r<T lialf sell 440000 mretnr <»reii>s and'. 1 " r “ fluinrr uiin trn* jihuuiils prcvmusi;. .Mr. ;,i;. i.,. 2 l« :J .ihi- 

urn (be MOOOt) vehicles cmnowfid u-lth ! rf^ Cd AcplemlHT 30. hill ihe rtvnrded fur thi« contiiici: Mi. iijiMuiisiu* ouiiunl- fa:- 1 Ni- si-si uf . 
Vmr KanSJS fiftito ^I'hjdisappo'nnntf .wllleiucnt nf K.rfaKvn t-aid Tran-vr at:!-’* ;i u .c..r l a ar. -^t.,1 ;v:illllR i; 
same d. 3.000 and 130Ma |g"Pufa with ib C VS. Xavy in.li.ile an afu-Max •eni.-dniw. of .„ :-i,ipnuiidin^ = 

-iinia-v «r t-. n cri *»*e ,ner«^ Mr J. K. abuui ?9m ih L - vuiai- i!u- •■•>,. n irud.i.-i!..n row. » nii 

« ! «3 55T Md thW ' :““r n> hJ ' 1 Pl - 1Md **. S «. Jn?" s - aBJ ;"•! 

i-S S r ‘ B '» «« W. Ui« quarter. r-cnu,. ,o, *, Ihirrt *.*r 

X“g ?^sks-ffifess- [rom! -«v aas frgr^ t ^"^;i 

m Thi S?eTOM^lM Sf ‘ motor <P! aa P «* * «»>* Mb »*?• . «ro ol*, ,. d . | 

results crdes. at 757.0W unltsL were uo: dl »! cd - P rwl '‘; ,Ci3 j J vt - r 5 Mron " r^ipiftal evp.-nd.-ur.-, f.i r I97s 


■4 

‘ ^ *|* ■> 
" V 

" v - 


s, n nionih. last year, and Yfl.obn sales of Y9SSbn (up JfLS per. 
in the ic-L-ond half of I977-7P. cenii. 

Hnnda. a-hrch list- v.-urld's — 

faadtiv* iiiunufacUirer of motor , , w x- • 

i-K-le-j. h;<< a.’tu i.een growing OrRIlfl UfllOfl 
r^'dly m tht* iimrur ear <evl.>r. UUIUU 

I^£."E r e sra; merger series 

VIM. r . iS2-Un» in die half- 


Shell Oil sees net rise in 1978 

LOS .WHILES. Oct. 13. 

SHELL OIL Company which is Shell Oil might irelile il-* c-:i fatal mir mral osnlur.iii.j-j ^nj pro- 


ELMWOOD PARK. NJ. 0cl. J5. ! P«?r t-eni owned by the Royal ^P^ndiiiiru during the m*M iliiciiun inw^i:uonN «o year?! 


_ • uvi L'lriu rrnin I riC" \ „4a in rRii , . . - . ^ * , , . - . Ifin •uu^iih.^ Ill uc* 

-i . lai; ftp-ha If Honda pointed out shares within the next; Mr. Bookout also said thai if the coming years — "although ii con 

. : .r‘ Ea mine's wr >harc in the fi-si- *?*.*•*•■ • | ,he necessary domestic acreage is probable that. thi?> .vill cunst;- imr 

h: j Ii foil to Y1322 fro-u Ylfi" 47 Rcu?er - • I was made ava ilab le for lease , tute only about li5 per cent of Ll-i 


limit till* compjjii s C!l „, ,u . i „ . . 

-.1 (Inini'vlii- r.il - > 1,1 H # -‘ 41 s " !M *IU thj. because the: 

. u 01 1 m “ nd oil products industry i jUire ml 
the long Ivrin. Shell expects i 
evpeilud signiliiNint "little ongoing ;n\ crimen;, 
furrign aeiuTiii.'s m beyond whai k nc-eded to keep. ' 
g years — “although il company refineries and distnbu- 
? that they >v i 1 1 runs!;- Him system-, curiipelitue.*' : 

about ^5 per ccni of Ucuu-r i 


;n mo =atnf- m-rmd a vear car Per. 

Honda phi ns to export AlO.iXiO 
;t'. >ior cycle* and 21 IO.OOO vehicles 
in ihe second half, compared 


SEC chided for timidity Hunts lose legal battle 


Commodity OFFER 40.8 
Trust BID 58.8 

Double OFFER 66.0 
Option Trust BID £3.0 

H Commodity & General 
Management Co Ltd 
S St Georges Street 
Douglas Isle ol Man 
Tel: 0624 M 2 


THE SECURITIES Ex- 

change Commission -Is flot Over- 
seeing the National Assoeiatibn 
of Securities Dealers siHRcifeatlv 
closely, according to the U^. 
General Accounting Office. 

In a report do relations 
between the two organisaltons. 
the Congressional watthdog 
agency faulted the SECs staff 
for its alleged failure 16 d,etl 
“aggressively enough" with 
problems in overseeing -the 


WAR MATE COMMODITY FUND. 

M WU» Slpt. 11»a. Ct0.44j £104? > 
WCF MANAGERS LIMITED — 
e.O. Bax' 73 

St Halter. Janay . 053 4 205 * 1/3 . . 
.Next dr.lrnt 3 lie Otiofc.r, -1*71 J 


WASHI.XGTUN. OCL 13. 
agency. 

Reviewing SEC inspections of 
NASD actions on brokeragn 
firms, the GAU found that the 
NASD had not noted violation.-* 
of its rules by some of rhe flnriv 
Il alr.o round, in some cases, that 
the NASD review had been 
"superficial." that there had not 
been am follow up nr the N \S'i 
staff deciding against report- 
ing certain apparent violations 
of NASD rulps. 

The NASD, founded in 1939. is 
the self-regulatory fluency fur the 
Over-ihe-Counter securities in- 
dustry. It has more than ‘LSOti 
member firms, a regulatory staff) 
or 445 persons and annual: 
revenue of approxlatmelv S28m. ! 
AP-D-I i 


BY DAYID LASCELLES 

I THE HUNT oil faimh yr-.?.T<lai 
I*.-'* the l,-i lest rnunri in its Ii.H” 
legal battle for $l3hn damage-, 
arising out of the Lio>an 
naiinnalisaiinn of foreign <>i! 
companies’ as>Cls in 1!I73 A Man- 
hattan court diiinis-.i-d the -inti- 
trust claims by the Hunts Hut 
the family later said it nimbi 
appeal. 

The case arises out of even is 
early in the 1970s when the 
threat nf nationalisation in Libya 
spurred the large oil concerns 
active there to farm the Libyan 
Prnduccrs Agreement under 
which companies said they tumid 
help each other out if thetr 
operations were taken over. 


NEW YORK. Ucl. 13. 

After naliun:ilis;t!|iin in 1973.: 
Oil* Hunts claimed ihji other par-; 
ins In Ihe agreement conspired 
In deprive them >d nil. and went 
t» court naming si'ci-itically 
Mobil. Texaco Sm-ai. BP. Shell. 
Exxon. Gulf, (leci dental. Grace 
unit Golden In a couiUer- 
claim, these viiinpume? said that 
Ihe Hunts had made a secret 
deal with the Libyans which 
undermined the producers’ 
agreement. 

lit his finding, the judue said 
the defendant# mu conspired 
to deprive the Hunts of oil or 
niiiiuse restrictinn# nil the Hunts’ 
right to re-sell ml ihey received 
u inter the agreement. 


Heavier 
loss from 
Creusot 
Loire 

By Our Financial Suff 

A STRIKINGLY braiier loss 
lor liu- first lull »{ 1978 is 
reported hj ( reiisiil-LoIre, the 
nuclear. hi*av > engineering and 
steel nuking arm of !be 
Lmpaiu Schneider group ubirh 
for the v.bule of 1977 
annuum-i-d a deficit showing a 
Iriilotd rise. 

At Hr UVin (SI5m) the 
Josses this year compare with 
Hr 52. .im for the opening six 
months of 1977. For Ihe whole 
of Iasi year the set bark was 
slrclrhrd l u no less than 
Wr 222 ii>, or 

The t'nnipauy said that if il 
appeared unlikely that results 
would improve up (ii the end 
of the year. **»er> rigorous” 
measures would liaie In be 
taken to ensure a heller 
performanre in 1979. 

When file 1977 results were 
uus cited in June, (hr company 
poioicd mil ibat ils troubles 
slcmmcil largely from sleel- 
uukiug. The oOicial forecast 
for 197S was that const meliou 
ami licaiy engineering would 
again make a •.uhsiantial profit 
but that steel would probably 
he hard put to do little mure 
than break-even. 

Order books in steet pro- 
ducts and heats engineering 
were at (he lime considered to 

he relatiiely satisfactory. 

Slowdown 
at ASUAG 

By Our Own Correspondent 
TLJAUVKR OF Allgciueinc 
Schucl/erische Uli renin duslrie 
AG (AKl’AG). Swit/crUnd’s 

largest watch industry group, 
ro.sr by 9.1 per cent iu’the Grsi 
half oT 197X to au unconsoli- 
dated Swlr 67.1m (K426m). 

This growth, however, dis- 
guises Ihe recent slowing down 
In business, arcording to a 
company statement. By last 
month, some || per ceiil nf all 
group employees were on short 
lime working and “ further 
adliLslmcnls of production . 
potential will probably prove 
unaioidahle in the coming 
motif hs.” 

Particularly, the ASUAG , 
componeiils subsidiary 
Ehauches. or N'euehalel. is | 
affected hy Hie dcterwiralimi in . 
the market. Safes hy Ehauches 1 
In Ihe Julv-Augusi period were 
more ihan ten per eenl below 
(hose for the same two months 
of 1977. The company, which 
is to mrct trade union repre- 
sentatives on Tuesday to 
discuss measures to combat 
current difficulties, is under- 
stood to be considering redun- 
dancies and the moving or 
capacity abroad. 


Bofors up after 
eight months but 
holds to forecast 


J BY WILLIAM DULLFORCE 

I BOFORS IMPROVED pre-tax 
learnings by 27 per cent in 
! SKr 39.9m (>9tnl in the first 
eight nionlh*. white miIlm climbed 
! !iy 22 per cent in SKr l-SSbn 
| <s;i52nii. Bui bcuuv.- n f (he costs 
' of rationalising iij tui bine an 
d test I engine subsidiary. Bufors- 
Nohah, ihu Swedish :ifm aments, 
steel and chemicals concern will 
i nut change its r-ariier forecast 
that 197S earnings will he only 
about the same or slight Ii higher 
than last year's SKr SKlni. 

A net deficit nf SKr ’i llil nn 
extraordinary iti-uis in fact 
- reduces the eight-month earn mgs 
gain in 11 nor cent. Bofors warns 
that as usual a r-.":«iivcly large 
share of hillings t ikes place in 
the last tour month- of ihe year, 
so that the eight -in onth result is 
not an accurate re licet ion of the 
annual outcome. Tut at sales this 
year a re ex peel cd So reach 
SKr 2.75hn. fur a gain of over 
IS per rent. 

The SKrStim in stock subsidies 
which boosted ihv eight -in on in 
result in 1977 have not been re- 


ST0CKH0LM. Oct. 13. 

pealed this year. On the other 
hand, depreciaton charges are up 
by SKr lDiii and the normally 
large financial income has been 
almost halved to SKr 20.4m. 

The concern’s liouid assets 
including financial claims fell 
hy SKi fiOm to SKr fi70m during 
the period. The decrease stems 
mainly from the utilisation of 
advanced payments received 
earlier on armament orders to 
cover manufacturing costs. 

Bo for# is also in the middle nf 
an extensive investment pro- 
gramme which hs boosted spend- 
ing on plant from SKr 95m to 
SKr 12911] in The report period. 
New investments totalling 
SKr 134 m were also decided on 
during the period, in addition to 
the purchase of ihe Treletmre 
Coinp:in\’* pla*fi>-s operation. 

The order intake grew by 13 
per cent to SKr l.SSHn in the 
eight months, leaving Bofors at 
the end nf August with an order 
book worth SKr 5.2hn. of which 
SKr 3.55hn concerned armament 
contracts. 


| Cement project costs 
j holds back Euroc 

j BY OUR NORDIC CORRESPONDENT STOCKHOLM. Oi l. 13. 
i INVESTMENT u! SKr 7110m ol 1977. Altogether the managp- 
j (SIBOini m the modernisation of iimnl ralcuiatps (hat the cost of 
its cement fnetoiie* i> holding ils new cement plant at Slite 
hack the current pnifli per- has added SKr 27m to deprena- 
formance of Euroc. ihe Swedish lion and SKr 22m lu net interest 
building materials and indust ml charges- If th«- effect of this 
group. Pre-tax earnings for the p'-njecl is excluded, the pre-tax 
first eight months grew by figure would be SKr 41m higher. 
SKr -tin to SKr 2Sin accompany- it is staled. 

to" SKr 5 i‘Sbn m «.ii i .5mt in “b 5 '^^£.“1! 

dcpivcialion nnd mt.-resl SKr :ffSin. of which SKr SMm 

V! te£ is attributable to the Slite pro- 

!" , a P cw-r tt ! . r Hin^i j ?cl - Gash and hank balances 
last years Shr Mm. jccordlnk dl . c | jru .(j bv gKr llOm to 

11 Tile 'tSS’- operating * Kr I«« L h / 


, 1 hi., nirin,h ' amnunied to about 

to SKr 155m. Tht- was at hh vi d mulndma lon n 4 enn 

partly through increased foreign ^ ” 

calcs and partly Ihrough Ihe suppMt rs * trtn,t **’ 
cost-cutting programme the Euroc expects a slightly better 
group has been undertaking market for its products during 
over the past two years. Turn- the remaining four months of 
over outside Sweden moved up 197S. Building investment in 
hy 3fi per cent to make up Sweden is expected to increase 
SKr 792m or 43 per cent of the for the first lime in five years 
total. but the upturn is likely to be 

Depreciation charges rose by weak and the increase in house- 
55 Kr 23m and net interest costs building will be offset by a 
more than doubled compared further drop in industrial con- 
wilh the corresponding period struct ion. 

l.G. Index Limited 01-331 3466. Three-months Aluminium 597-607 
29 Lamunt Road. London SWI0 G1IK 

1. Tax-free I railing on commodity rntures. 

2. The commodity futures market for (ho smaller investor. 


GOMMODITIES/Review of the week 

Stockpile sales bid hits tin 


KffiCT MIS 


— “77 BY OUR COMMODITIES STAFF 

— ?*TIN' PRICES tumbled on the 
^ London Metal Exchange yester- 
- '--da;- fallowing news that the U.S. 

Senate had approved a measure 
~ authorising the release of 35.000 

- long Lons of tin from the U.S. 

’ strategic stockpile. 

Standard grade cash tin fell 
be i’275 to £7,405 3 tonne— still 
£50 up on the week after having 

- traded :it a peak nf over £7,700 
’■= at one singe on Thursday. 

• The ri>>e in prices to record 
■; levels was Fuelled by a new 
'• squeeze on available supplies 
' . end expectations that the stock- 

pile release Bill would not be 
f passed before Congress went 
• info recess Today. 

Considerable uncertainly re- 
‘ 'i ni.it ned tn rhe roarkei yesterday. 

■; >incc it was ^ti'l unclear 
• whether the stockpile tin logis- 
latiun would receive final 



t . 1 • BASE METALS r-V. rbr- - niunms iTAi. on H 7. 67 Z. iff. Uanh Iw. 1 mC 30 

i._ %v Kerb- Torn- m<.iir|»> .-a., *1 ^ lull 

TC ■■VI COPraa-IjiW, Moa«J» III) Ilk; LondPli ALUMINIUM — Firmer hur n»> rsharf'i:.. J b.-i hi.n-t.i7fl. 

I X il i Mem Bxcfcjref. l-rtrvtjrrt m-i-l upeutd lt> „„ i„ jrt ttrMnt uu-ijI irurt.^l lots- 

Jl *7 cR «n4 nuived up in J7M IMinfls u ilbnl lurpiu liDiiis prior :o iloima on 

0/ a HUlMlaraut fall Rl »an.-lHHLW hlscV.^ , hf . U!e k. Hi Jl £KhO. Tlirll.il. T l.nuu x-n i I VC 

rfowever. ii Hit# potm ilk- tin niari»;-i laMn ,. s UKAIIaS 

bCRjm to slide and tnjip.-r fell in 

wniie- at hiohpr levels and s»ropatlij\ lalims to a ilavs Ion- of IT7( 

Him W 9 C 5-n(i> collmo ve«. ,n tbe altrmoou n*s* prior u, elosiRK ai Aiiiniiii'u. «.■■■. r+*ir |!+*ii wwli t»-amiuns 

them WAS some panic selling yes- £ 77 ^.^ on ISI- loic teasuis valur* « •nil . 1 . n- il»ur 1 — ULrwv, lu lj!a 

lord ay following the collapse in urouna u buiiu-r on in. wvi-k. Turaovi-r: — — 1 — e . 

tin and forecasts of a rise in i*-«“ mnui-h. ^ L ' . 


r.ki .1 Mini: --il jr-iu.Ni on ih«- union linur- •. mrkn n-pai lur ilk- \««-K »«p.mns pnu-s "-r> souk* tw imiiiu 

!:n.- k.-rf- Turi.m.-r: ( ''.Vi :i.riue» iluur hu-jii-^s day* only. Hriirs u allied ahov.- kerb l-n h as hnveri. »vre 

.|..roum <:.i-ti E Ur. M} Thr-v ni»mh% nhuui S'i uuuilh tn liebi iruditiK Friday's snmuiaied by reporis »i funh.-r i-ruarcss 

.,7* a.-. 0 .*. s). i!.V «.'■ K«-rb prl-is t»T pound • On. on ihe U.K. Suuar Bill. Some lurih.r 

Thr..v ni..n'»« 1365 .Ml.-rr.oun- C/ssh mnjooi-d unouoii-d: D.-v. d5.05-fl3 JO: Barn* n-Te recorded lal.-r. hm rtjul prnes 

rbr- •• mumbs rate, nn '. n7. 67 Z. «>. u«nh fli.l.i-iJO 30. May unuuoied-nuouoi.'d: showed tillJe chanse from rmi irad-.-d 

«»V Kerb- Tor-.- i'.Tn. tei -n- lull W.-ek's hich-lm» : k-u-ls. repons C. Oumikou'. 

ALUMINIUM— Firmer hur m. rJiad'i:. id b.-i hj.jB-ii3.7fl. Tlirnoier: 4“ lois «i4 Tale and Lvle rx-relin, -ry prl..- 'm 

n> mi .nr.! 1 - jd Fora-.inl mci.il irud.-d ims* uraunlan-d basis while suuar was c?o 4 sj 

uiibm lurmu Umirs prior :<> Joiiiu on ixann-i a inline for home irjdr- and 

i In- uie L-ti. ai fsin). Tnnmier l.nuu rDIIIVC £IT4.5« >117'! -jo. fur espon. 

lonn.-s UKAInS Inlcrnaiianal Sugar Agreement IS 

— - ... — — - ,„ r lhil IMHV pur pnand fob and slowed CanMH-an 

. . Tht - K in umja ry «K-fn. lent far Jftt par i— Priivn for On u ii:nly sihi 


The '.'K luuuiiarv co-ffi.i-’W for Ihe ‘ ',_Tb rl ,7., On i» 

'i+-.i w.k N-amnim: Monday, was expected ip Jg j-,- SLraia- s s.i ,s :"> 

ai • I n-il.-i* I — Burcast- lu ij!ak 


warehouse . stocks later revised - 

to another decline. u)H*kh: luih mi . — — 

One metal, however, which cun- — -r- — ; 

tinues to move steadily higher. L | ; *■ 

despite ocasional setbacks, is , 758 . 5 -g - 9 757 e 

free market platinum. Tester- imnum- 77«.b9— 9.s 777.5 b 
day the price climbed to a record 750 9 

£169.40 an ounce. £15.75 up on 746 .5 _ 1B .7 746.5-7 

the week. The rise reflects fur- 765.5 6 -iu 706.5 

ther heavy buying hy the rm’M-m mm - ^ 

Japanese und further speculative - .. J l i L - — — — — 


• 758.5-9 - 9 757 8 — 1.! 

lui.Mii- 77U.5 9-9.5 777.5 8 -2 
Mdl.’iu'm 759 -9 


_ . . 

:■ in-nill.- 


597.5 B 1 — 5.5 6001 '-4 


Multi . l.-j. — >-i.»r — 


WOOL FUTURES 


M.irui-w; Tlir<«- months I*. K-.-rb 
TUixv iii.onb-i tM 9 . Aiit-ntoon Thr.-i 
irumii-i i‘-kfl r,i,n i;gn..i, mu. i;n.'. .'i K.-rb 1 111 

rtir. L- lil> an lu. l.rtrtl 

j. -iii- ■•••. ii. "i nil. 1 511 per picul. «’ 
■ l»i* i.r. »i-n- iHh-m-.-ial clu-c h 


—O.T 6 80.90 

— ,i.D 5 oa .75 


0.05 86.40 


_ LONDON— Tlu- marked k..|>- .lull and 

fcalurvli-ss. ri-iairu. liar hi- llaLs>-« Milan. 

■ Pi-nce prr kilo i 

t-U.05 \II-IITII U.II |Vr-K-nir'- -f- -II IHI-IIU-- 
_ u |0 l.lni.i W...U l Iiim- ' — Ill'll. 

IM0 


SILVER 

Sik.-r v..- i.\rU 1.0 jp all ...i'll. »• kurt-r 


hii-tiiu-^i iI.mk- — W heal: Nn\. •S.o^sS. 23 . V/ ' l ‘ , ' 7 1 r 
. 1.111 ui iiu-w. Hu. Man'll r.: |V*| :;n. Mat " ' 

niaV'iMV. Salrt,- toj W.lS. Emrloy: Nuv. l ‘‘ • 

»l.«u-'H7.‘. '.in y; Mi-sr. m March 

A.7.W \la«- SjI.-s- m: Hjk 

LONDON FUTURES .HAI-TA — ' U'luMl 


n.- 1 -J .-r 4. 0-30.0 

ll.-.-F.llUl ... JJf.O-iO.II 

VI nr >36.0 Mr-.u 

»!■* Jir.iJ 4U.0 

■I .in J34.U 43.0 


Ip nartexe and further speculative r - • . “J! 1 *- 625 ... 'fls 7 1.025 ^ . fur .-i Pu i -i-i.».n in ih.; Uoflon bullion LOK don futures .i;ai-ta— 1 R'Iumi 

“hedging'* against continued cur- ii-n""."' ! [LV lu 

rency. uncertainties. , Vi U ;--» ’- r -7 ^ K - dn ’-‘' T ‘ i 2c- ftarcc-momb «W in.-. Value* rax* Sluauly oil .-wunry Mdbiu: Sal.-s \il .-jcir. to 

A Hkannftintin" West German r-T .V.i' ...'if; du, l" ” T '- u ' ■ *>J , n The main mu-r-si u» iu :1 k- n.-jrtiv SYDNEY GREASY 

A Disappointing * J|.‘ , 1 l '"j l ,f ' rcv niuiuhr. a Pit I '.Jl 4c .luu'ii i 7'. Thr ,, 0S1IluU , ojm ,|„. ttoNl , t- , .^lup k>«rr k--ll- r. WKIl.-— : -JI.-4-, 

coetia consurapUnn figure for the i£Li. Sskgdr j w jyiih uioiai op-u. <> j* J** 1 **- ' antl uark-y oi«-i.,-d jp bi«b<-r and nuns. to- Ul-i. jaa .:.so :itsi- 

3rd quarter of 1978 sent lUUires ;'*•»; '* Af^n^on- WlriAare. ftoM-d ,1I >I •— ’Dip *j»U-a»2c-. rrail.-d Ijp luub-.-r on XoM-mbi-r aud Jaou- :U7.5. -i4ru-.Mii.il. 10. 

prices down on the London ^. 5i ^Vj CflMN.ni«ctf i ''■'/S"* 00 rK ‘ af ? ,J ' «*•«> ta* a «**••, 2 1 ”' 

market yesterday morning but uw^ .ounihfl u. tk sitAKit u ; + - l.vu-:. + ... nS." "‘5 

values recovered as speculators I76&- lr }“ ., ■ ' 1 | u ; — to ia»»_ h«fc -r. nws ahi^_ ni n. »u. vuishii’-j. 


U.S. Markets 


Copper slips 

under 

pressure 

NEW YORK. Oct. 13. 

COPPER FUTURES dnsed uonic 0.70 to 
u.K. com-- iImwii in the ncnrby» nn e.>»- 
mai.-d v.iluim- nr 7.700 loti. Price, cainc 
under pr 1- — nr.- from anurc-i'-ivc ..-ora- 
ml— inn ii> . ii--.- /elliiik. Bu>lnct>.'i mi»lly 
inv.ilrcd pruMi-iakini:. 

Caul— Ui-C. itC7.uo I]K.;.13.. March 
lu" so >110 23. May hr: 4u July 1&< 10. 
S.-IU. lf>7. 10. Uii.. Ii' 2.i Sales 464. 

Coffee—- r. " Cniiiracl: Pee. Ijo.ij- 
137 HU - March 14S75-14S.94 il«.7ji. 

May l-U ». JuK ind.7il4ii.0n. Sopt. 1.17.50- 


values recovered as speculators ,Sj - Cathode*, ikrrc mwnus ires. i*-* , "'*"8 ! — • , — 

ahnrt Lips Bv TIN— VoUUto. Forward stumlard «"•< — J- 

l.-rf it#i> would receive fiflai . . covered earlier snort sates, py a]a , rrla j J( x 7 iJWJ and quickly — 

mnnivil from Congress. " the close March delivery cocoa stomped to n.173 fouowm« report* that 2®s.l5i. -3.» 298.4 ,. ^d .75 

-• pcnnrte from WaihinCTon said ‘’sweeieners’’ to persuade the was quoted at £1.932.5 a tonne. u» us. suuw Jwf p Nswd j butor ; bill 1 'f IS * Q6 - 1 '' ’°- 85 

■ that the tin stockpile measure Administration to agree to a lb £3.5 higher on the day out t-is tfVBr u1i: lhl , 0OI caw? I’t nii.uili^ 3:0.2j. -Jii — : ...... 

had been lacked on to a Sugar cents support price. - tower on the week. Hum saw itu- prici- raib- «o itjho v«Iu.-r 

Pricing Bin which proposed a Traders in -both the tus and West German, grindings in the M}»4i m ttobrn mi ^ i.b*.wi lme— T i,rn,-\ - iTiM mmi ka. of iuooo 
-minimum, suppnn price of 16 sugar markets were far from july/September quarter fell to flHPaori* JrSSt X P nr" r ^rn...a ^4. 

■ cents a lb fa. V.S Mtsar growers, certain that the House and 30.300 tonnes. 0.6 per cent lower damped .• a day* taw oi r.Mo UD in* ^ 

This conflicts with a Sugar Bill Senate conferees wllj be able to lhao at the same time last year. »«« m | tw niMn rb, a i.,ru.mu J Lr '^ rhrw St SS.s. II. aw! 

: paT-Ird C |jv ihc^ House of Bcpre- work out in the United time The' market had been expecting 'SJS ** 

fixin” i minivnuvn available a compromise accept- the figure to be unchanged to 5 i-oapud with « Q ri cavcnus. Tarnavvc: i 

Spnn of" 15 cenisnlb, «W«’to the Administration. per cent higher. . _ COUM 

'u.Lk *p~ Meanwhile, sue ar Drives were DK third-quarter grindings. ,■•***• i+ •*. . i..m. H- tiih mark.-i r . inamod su-wti ihroucbMit 


jri-L- mwiius 1766 . I«.f ii.Miiq , — - L-KMtf , to lop hiub.-r. r.-pons Aril. :7 I fl. ml. Mar. h ii"- 5 . 376 II 375 IH>-' “. 1 Cuuon — Nil 2 - D.n * 7 .B 4 --> 7 .n.'i .v 7 .ob>. 

Forward siuudard -« 4 - ' ,r “^ IMPORTED— Wheat: LWRS No 1 7 .J 1 Toi.it <ah-s so. Miirdl 6 tl.fla--M.eu JIjj 70 .W- 7 I <«, 

Jl CT. 36 D and quickly ~T, prr o.-ni. Ocl. W 4 :» Tilbury: U.S Dark MEW ZEAAND CROSSBREDS-Ctas.- July 71 U 0 -. I 05 , Oci. K 7.15 6 T.J 5 . Dw. 6 »j.I 5 . 

following reports «hai >|nfl ........ 2. a.J5|. -5.» Z98.4|. -0.75 \onhorn Sprint So. 2 14 per ienj. On, ' in ord.T biiymc n-lb-r, buslni-s, sal>-.<> March «7.1»6...KJ. Sjla*. ag.-u. 

ad pained a but or bill iiiw.iiUi-.-aii 5 .Bi. -»• 10 aU 6 .li- » 0.85 r^.n,. Nuv. £*u.m. Dec. Ivs .01 traiihhlp- Dn- I'Mu-lPin: March Wit-ixM: May ■Gold— on -4 "0 nil T 4 ov -•lu 

tlR anmdDieu llo w . r- in-iill.-,. 3 l 3 .? 5 p - 3 .M - mcui -East CtnP. MUtll: July IWO-lB'fl;’ in. IP: 0 - ,.... t sfcli rwc - •!« Ttu «» Sft “inrU 

Bto WU 5 aoi Hie caw? lY m-i.l h- S 3 D.Sj. -SX 5 — : Maize — U.S. French Ocl. Ilfl!. Nov. UOl. IMA; U.,.\ 19 ". 0 -l»; B: March urjil-l «7 0 . ^lu. Jumr 231 SO " \L’ mi so no 

r raUy to I 7 JEJ 0 Valiu-s _ _ _ Dec flK iraiubipmenl Ea« Coail; S. ToIjK ■sail-*- \ll -'43 in D>-> "in 41 ) Keb " 40 Voni 

“™ "««* ' h » « LME-Ttirn..vir 154 MMi tots of 10 00(1 'fnran While Ocl.-Nov. fl02 Clascow: S M F AT^VFG FT4 IU TS ~- K ** Jmw »l.7# ‘ Ams. J6ii'oO ' Sales: 

S?n ri.. ‘J? nr - Mamina Three irtonibs 303.4. 3.0. ^r.-.-an Vrttav fN.T z«l 30 CiLiMM. Itlf./I I TTULt Al)l.l -T |.i..i ll ii 

^ t- .J?' „ P 3S SA .xf rt-rtw Tbr..-e uumibh 2U3.7. . BaHey-Fuclish F-ed fob MCI. unq.. CMITMFIELD -l-rt.iv p-r „ rimM H 

rvllb rt fh 1 ITf WlLTim.m Tl.rr. v monlhs 300 2 fl 3, 6 2. •“i. *2‘ J " fc3SI Co *'f ; , Poullry: Clikl.-ns Ih to f. II. 5» »' , !h?T tf-N ' ^ mB s,0Jm - J ,J lri<,vi 

S'r-ilS a r u lT Ki-rlip: Three morubs 306.2. fi.l. 50 S. _ HCCA— l.o..auon rvfinu spoi prlo-s: inn; .juoik nv. r - lb ji n n. 4 jn Rab- , ‘ a,ni ‘- • 

?<! .vH.. 0 ! 1 ! l 5 e _.»a Feed wheai-Nortolk O-I.W Feed barley bjls .sfcimw d.- nimrcr 44 .u lu 43 A. XMalxe— (I--. JUj.-jil .. Mjrvli 

. dptni,ni1 _ — Norfolk !..■ 20 . Devon STT.oO Grouse- Vunwc ‘W -wn-hi IMHJ io 53 " a 241 . 240 ; iJJli.i. May J 47 - 247 : . July r'-U- 

l cacerm.. TurnaxcC. T'fVf' A 4 Pariridwc- Ymu.-> i-aih. 21 * il hi 2 »o. S-|.i.Mi.* Du. JJu;. 

,4-.., fbroH&haut RUBBER 


RUBBER 


'-'57 *J. Jiiih Jhl.Tfl AUii. 266 . 00 . Sales: 

l.l.lkill 

■tLard — NY prime sleaui 23.73 (rjcft-d 
I'amei. 

iMaize— -•ilj 'jil - 2 .-V -. Mjrvli 
241 . 240 : ■ J 4 l'i, i. May 247 - 247 :. July CHu- 


SPUUnum— i iu. .ui.uu-J2J 3u 


Hiirhflra 

L’arfl ' 


7340 50 -585 7391M20 -2«0 


' Lew nf‘i 4 rent's hy China. pared with last year to 15,900 Ca3i ; 7340-50 -585 7i«M20 -280 s . -«-i.i>-«e + lir 

’ rVe-idcni Carter, and Adimnn*- In the metal markets. heavT tonnes. Bui this was in line /ijo-sq -»= ••«»i ■ -•-• - - 

-..Alton officials have repeatedly profit-taking sales hit lead and with trade forecasts and had suadArd; ■ M 

s ratod ihev u ill nnj uccopt 3. zinc in the second tialf of me lirtle jrnpRCi. ^hIi 7340-50 '-mq 7590-420 27& ]?.j.ob6.o ,+ 15 inciBo-ifiSs 

xH^ar support price uf above 15 week. Cash lead surged fa an -The coffee market had a rela- -sis tiso s -252 !?5i.« rS .o ffio S» 

r"n« IS-mnnth high of 433JS0 a tonne tively • quiet week with the SEST**’: .. 7 g» B ’’ f 1 »■»-- ! -°- 75 Jg?-,- “ » 

The additinn of rhe tin on Tuesday, but by lag night November futurre position end- >w voo- J - ■ "i " ^ “‘r;;. 1^5 43.0 *£» Si&a 


, |i.m. rl- TI ih mark-4 remained woadv ihroncbout * prin-. ai r-nrewiiianvi- nuiti-iy on m-i..- . * v. ■ •' , 7 .. „.r.i ■im 

L n. -ihclni 1 — :i fc.iiurrl.--.* -lay Piwma wnbm 4 namttr EASIER Iin- nin; on itu- LumJt>n phT«ii.-j| n-r U ce— I'aiilr *Wflfip i^r pc 1 u -V'L, ' ~i. Sits-- • -A 

raiiKi- U.ior- .lasms iinclun^.-d to ih.- iiurto 1 fi.wto mi.'r.M a: iouer lrt.li UK-xh-.-rp 1:1 >-p n.-r H- >■>' .i^'- 1 '.. 

i; I 6 preuoti; pm.' re won j Gill and Lmifu*. tk«<ii4 UlMlr »l«no4r. l.wi« and PMi d.c «• ■ —2 7 ■- CB— Pit!* .17 ip i«-r Pu ' «' *' ■•••■■' niu - • -.n*-. 


pm-' re won j um 
1 • 'll•l.l■"\^ air 


r.-pari.-d b Maiujsiun wknfll price ol l-flfli. England and Wales — ftonta nuni- -Silver — 1 >. 
237 . . 239 . tvnlj tbio.-r Nov. t. bprs dawn 9 0 prr cmh. avi-raar pri.r i 3 .vi.iiii. jjc- 

— fl". 77 p > — u fl 1 , • : «iif-.-p nnnibrrs dnyn in * ■■ii.; Maj 


:! ."-'• 7.70 .336 JO., Nor. 3 SU Ju 
i .v«i 30 . Jan. 399 -in. ilar-.n 
r . I i.MU. July 623 60 . Ser-I. 


\ i .•ren-ais UiiMiir- WT ir W averw prlir .31 3p .-3A-: PW If.;2 441. Ucv LH .IP. 1 -Jli. tfJdSft. March 

- . . .■ . . numbi-rs dawn 32 prr rein. zrrriK- pri.r wi. :u. il j> .ii.yjo July b 7 H.hi). Sul.-': 

■ ■■■». 67 :lp i-flU. Scotland — Tall U- niimiwr- y: f,.,, 

down 7 6 prr <VPI. Jr.-raj: r- prli’i- fi» 44n Soyabeans— Nov. hOl.i.W . i,'-7 .. Jan. 

\ , LQC con si 7 S el gn 6175-60 541 ’ _n ,fl * ‘ niim*irn dohli 67.fi P.T .jir-apj, .fin;,.. March 7i1i.7o3 . J!j? 7 u 7- 

it • StftSf SS33 —■ -us.vgJS.? ;= *• ■« *• — ■ 


Mewls 

\ 1 1. Ml I II : U I. > LIIK 

] Market ..LI... M.IS,' '<■ 
\niuiu-ni WV'iJ-..- ^ 1 -- = 

Fire M*:Wvi't- , J'3.» ?4nV. ')?.-) 


un kc; 

: on 

• WrMi 

Yror 
. KO 

High 

Low 


fc-fell 

Si 10 

!X £0 

•r <3.0 

Jf 440:0 

St. 123 

Me". 


ft, 134, 

i: 1.4 a: . 

lll^is 

— 


8447c , 

82. !« 


3opper 
«k|i IV ii Itel- 


iSbi.? . 

..mu t*"- «*.... cv«H ; ••*** 

. rt ,i, i nthivu-s fi^'- *; ■ 

n..mtb H- *Vi 

V.1.1 lirr.v ♦ ! - 3 - 

lA-4-H.nrh ' • **!?'. 'V-f 5 

ui. •ntli" I 

\ |.' a ||f| ■■ “ _ ’ 

Flap UNri.dlLM.l-ib. Sl.lv/ 9 i-' 

Fteunum p»tf •• ’ r,. 

I'rte JUrkrt .iw w. ilw- 1 * 
^uickzi'wr >76ibk.i. »di6® • - j 
iilve. wi v?- | 


i'-SLS Ciir'.e . J*m _ 

XiSkTa ' £6^4.(C 
El ii.i» IiHJCf.= 
£■:.*).&■ til?..- 

5lbS.l±: 

JT*j 3.5 

£Sbijs-. xeifiJJj xztiiJat: 

* lli.'joe 

Sl.gft-S.O ■ *2.0 ’ SiJ ia 


; ££ lny.1 

'pertomi* on J 
union , 

, ataieri !; 

■ Wheat ' 

j .No. t K*d Spring. i £ 94 ^ ,tLD 
j An. Herd - 

I IVuMnftiJ t *“ 
i Eng.JCiuiflji'B** WH 11 ! — ‘. 

— ’■$). - : 

I'eiNter. *hwr. . i - | 

Htack - «-** ■ : 


fl . rarat ^ 1D COFFEE - 320 . i pis of u ionru- 6 . 

rapper coupled wllh Tiop-s of a latie * mv-sical claims prices . buyers i were- 

kiocfcs decrease saw forward metal mure robustas rreoveird early losses m. (I jr ,^i > 5 .- \ ov , tj ijn CSS IS;: 
up 10 1410 au ihe party-flre-marfcoi. lUwr- quickly 19 d-*al-r Ueder « 1 Uub was easilv V),... B .» , M -^ t 

ever. Up- rallapfie at ibi- nn markL-i and. ab»t>rhnl, r. parts Dreani, Bnrnhoio, ' " 

1 rtvWon of earlier Mocks rorm-asr- was Ljnihon. lslu.-s its-n remained at the rnv . nr . .ip. r 

followed by near Panic selltm; which upp.-r end of : 1 k- rerrni ransv until ihe 3 UI AHfcAix Irlr’-Ai 

drprrascd ibe uni-f Id EM} nn lb..- 1 tuv wb--i> jsr-W.-ssil e buyjns fmm one - ... - 

-B&J.D njominc kerb. A Me.vltar trend d^retaiwd dealer hil nil ^umnnsisun house stops. ,U-ita-lii. + w . imames* 

lu Um jficrnoau as iradc hmins Ua->vil I Hu I 1 -v. is w-m at the tuabi but E '*-* ] — hone 

Jtf &.'.76 on a. further RHK*K forecast u.nl: iu?-,,;nl irr ;Hlarly i.mj-d arotmd U?c previnua j — — — 

t> 5 .;- melaJ up 10 {NU on tile UK kerb, Turn- closv. Civ-iii-nnr 

oiler: tU.tM (Danes. .. 


; ii-.LUu 

[ M,Usi> 


Xo,UlV| Xo,duj 
RLJia, Sinja 


SOYABEAN MEAL 


.li-aiei-lai + m muinesB 
l 't~r I — IlOCie 

Kj vili -n tie- 


— - SSf.iOu 1 V?.Wa Sl.a 7 .-i 


I A.ni, |+ nr : iwn. +<rf- 
LEAP 1 Official I — . (. mifT i.riu 1 ' — 


■ .76ihO. ' - i iWVUB SUW? , FJBU 

,, r 29d.lSi. *aL2 ! 2S5.7p . oCS>!p - 2o0j» 

306 : 8 ,. -m • 272 .i 1 - ^b-wp; 


{Oils 

!LawmouPlulipTe»> 

j (jivunUnut n» • 

! Linseed. Crane 

■ I’aim UftlavfB 

j+Z&A) i 

jw.b 

iti47 

12£h 

?4,« 

8K2 U 
T770 

U640 i 

fi Mi.\ 
SW7 

WA5 

toS&PWUSffnw., Mto 

J boyabenni i.C.61- ; *235 

.1 

•+2 d : 

S335 

821 b 

3347-ri 
lito j 

S.47AS 

?2M 


\.-i-i>to\V ; ~ n,-|,4v-r 1 17.00- 20.0 - l.W 118.00 

,1— +iw! Ulivliie«. |i^ h„.I 4 -i . . l20.Jfl.iU 4 *2.85 I20.8fl-1B.00 

. — • ih.ne Kei.nuri' .... ; 131.80 22.(1 -2 55 i 72 . 8 fl- 19 .G 0 

j; («•:■ inline: 1 Ain-il 122.5P 2J.B - 2.15 - 

Ji.ftc 122 . 9 U -23 j , 2.?5 - 


Wont Inc; Cash Mir. IS. 16. Ibrre 4 hIv 1370 75 - 6.6; 1367-58 

mawlis MM, 5. fi. £, 4. 3. 2. re-. Homier J 1331 44 - 6.5 1330 25 

4W- K«b; Threr jmaiha CM W.5. M. Ai-v.-wm-r...; 1500-11 .—16.5 - 

97, 96. 93, 95.5, M. AftemDoa: Cast) M14. 


SUGAR 


3 u.«tb. i-er w- Wl* ’*>■* 1 

r... .„h Al.SOb +60.0 j 1C.BJS 

T.»l I a -- I 


LONDON DAILY MICE iraw KP^ari 
f 112.00 i (I II. U0i a lonne df lor Oct -Nor 


. ^ , . mu^SS^KSS’Tli^'M Jim s ' s^riisi as^i lottoirtoisr. «'«• ■ » •«» 

jOS-TOp: iij&Sp eemmodind* • ^ i-j Hil i emu A. 5. 43, 5, 5.5. & 4.5. ’ ICO Indkatar prices for Oct 12 (U.S. KlwpinenL White siipar daily price was 

fc-lj360 .lti.tiM Uop» oWpweats— ;■ ^2? - i . l T^ 5 „... £ , i 3 l i 1 l . riurj™», ,.a »n.,ai.. , fc - „ : ,a «nts per itoundj: Colombian Mild ti*« l at I1I..W inia-OOi. _ 

. is 717 Pts wax. iJliWW -»0 ( i 2,«a iiw^uwar in a reueniHs Wo wfla A r uhirn«; iiittrtvhed Arahirac • , 

SS SEES SIS 'S“*r ■=■ i 


jramfi 

dariev . 

Fuinrrs fc&>- 

tiaire. 

-■’rem-h .WV+in-w 

i.\nienmi?) L) 1 '- 


xa3.75 -aoo 


i-l.ii 1 


- I ■ | su^dr iluwi 

fioi.is, fiW-ib Vapioc* Se, 1 

'! I'M- fqu4.iil.T4 kito-- 

i !. r l ?‘* ,a iJ FI S5e.™ 


iM«d i — ‘ 
I7ju -I — : 
Ftp 1+2.0 


£l.b~70 

xutoi.: 


68.19c. 

7KB&C. 

IfiLSSe. 

iE71W 

iff 90 


«435 

fiMi 1 

[ ?4i7 

Mi. 

BSJSf P 


a ’188 

fcltK- 

' *IVV 

S5S0-7P 

S3® 

832ft 

fcsu 

fcll4 

£S1 

flat • 

1 irwo 

. Cl(d 

170c 

ItOj, 

1 I27p 

. 92p 

! *p 


38i!pkiln 

,ii4kil"p: 

SlJiUllO 


rings mrine id the weakne&i of tin and 
lead. However, a steadier ircnd rATTHIV 
developed la me afternoon with forward 9 - 9 -fi 


INDICES 1K!MU. Jilt}- isq.-iusuoii. .Mi;:. Itf.mi-ivr.ju. 

- - ■ — ■ — st-pi. i44 ao-iks no. n^r. ivi nn-i>i.=4i. 

FINANrt&l T1MCCL Susw— N«. M. -tan. i9.il i, 

rmaflURL March -»«4‘. May nT+si.sk. July 

Tt«7 13 ‘ on. tsIsiwirijfi'fiirTF* 

2_i Jail. 111. 37. Mariit bale:.: 3.»a. 

265.03:264.00 ) 253.63 '256.27 Tln-4Sv.HHito.llM < 70U 00-?2».00 

fBawt Julv il les'ciooi '■ ’ -Wheal— U l-c S 3;; -333 -tWJi. March 

JtS-MT! >245; •. 31 a v 34J. JuK .1291-329. 

REUTERS S.|,i 3321. Dn. J2SL 

on: 13 ; iM'rtibwih W1 NNII*Ei 4. On. II. ttRye-HU-i. inj.jQ 

n h *»V wtr hid i loo.vk bid.. n>iv. m4.0u bid ■ lira 30 

1515.1.1517.0 1482.9 1488.0 h1,1 ' 0< ‘ 1 '' ,IIBnu ’ Mjy ,I0,t0 ‘ ,uh 516 M - 

(Base: September 18 lS3l=iaoi ttOau— IKI. 77.70 '77. TO,. Dec. 77 jO 

a 'ki-ti ,77 7u- Maruli 73.90 atfed. May 

DOW JONES 7.1.80 a-ked. July 73.3U. 

'ik.w- «»,.| lh ., UBarhur— nil. 72.10 .TV 4ti'. Dec. 74 10 

i . i'’ i,' :■ ‘"fa; '■ ,M 1 74.301. Mari h 75.90 hid. Mat- 7a.ro asked, 

ILj.T. T - J« l - S M asS,d - 

S(»a .... 384.33 384.05 3t0.55 373 ^8 SSFIa*seed-»»Li . 2H7.su i-.'fifl.UO bid'. 
Fur urea: 384.46 384.20378.66 327' 1 1 N"». 244.3" J'-kcd -261.50 bldi. Dec. 260.00 

(Avcraar Ift'+-Vjs=iu 0 ) ’ b rt - «»’ - K!M J “bf -«■» asked. 

"Wheal— SC IV RS 13.5 per cent protein 
MOODY’S I (--iniini cil St. Lau-remte 17S.72 ■I'T.SJi. 

. All i-i-dk per pound t-* warehouse 

! ‘Vt. j lirt. Mi, min Year unless otherwise slated. * ?s per troy 

■ ; 13 ! 12 . a^n j »j-.i uunu— UW ounce loin. . ChieaUQ lOtae 

— ' — ' Si, per ioo |h&— Dept, of Au. prices pre- 

6ploLaunm6r;97S.5971.8|939.0 l Bifl.5 viuuh day. Prune me am fob NY bulk 

(December 91 imi'-~i “ lanl: vars. ‘Cento per « lb buslu-1 i-.i- 

( December 31. 1B31-1MI u-nrrhouv. 5.00U bmhel lots. 7 ft. per 

roTucnv — — : 7“ imy ounce for 30 or iidiie of 90.B per 

< a" j Nw»— Supply moderate, ifni partly delivered NY. 1 Cum 3 prr 
aemau pood. Prices ai snip's side <uii- imy ottnee ns -warehouse. || New ■■ b 
D er J !l ® ne: SMI cud £5.011- com ram in «s a short ion for bulk lots 
jffi fufwdiS/rBS- Jf rw haatfaet 100 deltoered fob van 

n-r?c* ill.. . 7*? att * n C-Xti- ctucano. Toledo. St. Louis slid Alton. 

mkb.’e'o 5 i»£ 1 * , « ,n « ,lun, "Conu P^-r «9 lb bushel in store . 

£ *irrf 5 .~ J ?' 13A0-f4.30: larue Cents per 24 lb bushel, *1 Cenrs ner 

Etdnned dosftab £7.W, medium 14.80; lame 4 s ib bushel cs-w-a rehouse IJ I'ents nee 
SS " A> ' '“ Ul1 XT ' 50; ““*■ f 5 M-wairhoiue, 1 .M 0 bosLl 


K per Uiuoe 


: Unquoted. -SomidaL s 


Iteib. 355-6 


EYim-west] - | . w ..!* 33.^4.S i 


1 p.m. 

;7-K>r 

| nriofUctal 


c 

1 £ 

1 568.5-3.5 

— 1.5 

| 36S-.5 ■ 

—2 


. ’ — HBY... ...I iriWi I.fy iWi W d M ef p 

typci Mtddlo Eastern flUpplJes mre MarehJl34A8-3B.OT;W4JlW4.7Si - 

predmniuani. . — . ~ - — 

HONG KONG COTTON— Weekly raw Sales: -L37S *3,415] lots df 50 -tonne* 


skinned dosfidi £7.W, medium £4.80; laree lb bushel cs-w-a rehouse. Ii I'ruts 
in 16 * -* au11 XiJO;. saiUw lb bushel n- warehouse, ljBOO ha 

fci.iu-c.iu. low. 'll SC per lonne. 







'Financial Times Sahu^? Qeto 1 bfer; tt : TS?8 /;- 


BRITISH YTSV9 PVS) 

a’jK Anrs. T9'.® '«® • *2 10j 
}|ii British Trjnspflr; 1975-66 63 •» 


. S^tw Ti*#*uf* - ■**. 1*77-80 93t*m* H 
3 -p« IrMSury Mk. 1979-61 H9*i® L ’w# 


Z :oc Con-- 20 ifl '-Q " 4 ® 'm 20 'a -i« 
4 pc Cpn> Ln. SS'.O 2 t ■ 

3^KCOn'. Lfl. Si >4 

* i ip." E>ch44-Li -956 ■ O 7 

Sot Ecncn 196! - i*0 ®'5 *■» ">< 


' 5bC Treaiury .stfc, 6S»i*rO 4*4® 5® 4*» 5*» I 

* i 4*6 5>j! j 

5‘;pc Treasury sac. 46 ‘mO ■-« 6'. 1 

3«iw Treacirfy stfe. 09'-» 6", 9'« i« ';{ < 


This week's SE dealings 


• - . •« - • ' ebiWio* fcUNSn** iHbtts-i (Mpi -fS-tttRKr ‘ 

. J«nM. Cattail tog ™- ,?Z z\\liai ' 7*jpcJ»#._5* (lO lO- • - ■ !*W 

.fwrmruc >«Dl - f WwenlirTi'nfc^r «5pi TS3T. • .I ? T 7£: 

jcsiw* CHWssJ !{n rs} " . 

I InMrvnt RirDCfl < 1 2 .PJ J. ™ -ja u; | PhAto-ltf p- UitL -4 5ttpt- (O ld - : ■ 


IfJgM M*y. October 13 «g I Wednesday. Ocijbej 11 }*» | ^ r "" " ^ ! 

x^rr^s-j.:! th. ^ ... ^ d» i.« rt ^ ^ ^ ^ «, ™ sh « * ^ ^ ^ • 
if! S£ ‘it j ^ ».*«. «" « a, ,js i zigjs. ’** 


. . 1 Johnson ws y”T£Jt — ..MKirmon ,*r« .sot 

— — 4£W Johnson Matth« 4 SB , 2 5 i»t g-e = ; 1 M 11 U <1 11 0 > 

(1.172 , jenraon-Oicliard* ■"■ " ■'• - • * pirellt Cw - C«Me-l 


‘ m ■ 

Wwka V PtZWIRLi^.- - . 


2dc Skrtion. 19E3 !20 "... : l - .<* I'i* 2 

1\ 2<i. - 

3'4(K E-Chcd. 1981 9S‘-» 2 s ■* 

6 i0.: Eichoa. I9B3 69 '• 

9-.C-. E.chnc- 1 922 91-..0 •-©. 0 
S3 64.^ ->.* *4 :■•■ '4 ••■- • M' •■ , 
9'jo: Eicnoi; "SGi 9<« -■'•# : ••• 

10«K t.cheQ 1963 94 1 '..® 'j ' 

1C .W EjChea 1995 AS'- 
lO'-oc E»<nea. 1997 86® S .0 
12ac Exchea. 1956 9S .,ZQ -rO 3* 


9 Treasury sth. 96 . 0 5> 


*- ‘ * ' l The list below record* all yesterday'* martins* and also Uio latest 

1 Tr^wurr lit. 35-.® •, U S >.® * i#. : .w. ... fj. oartnthcics}. 

T0 : ;ac Treasury „fc. 1979 100''-;W 1 i. ■•>. “* oale 11 parenincsc,/. 

i ? ini f.'eii?™ .Vt k •. bSI? I it.. . I Th_ numhee el deallnos marked In each section fontms the inn 


1ZJK Exchcc. 1999-2002 94 •\»0 
i ; iai E.chee. >992 93 a® 


12 •« E-Chfis 1994 990 3'./iO 
12 'iDC Ewcnro 19nt 1B1 "■« '.C •• -m 
133C E<cl>79 :gao 102 '|«® ">:® <>® 2 


11 ;K Trcajury hh. 1979 lCO®i»® •. The number at dealings markod In each section fan m J"?"!?*, rullv . price* as which WW 

M ; 0 C Treasury siv. 1991 99'.-* '*•:© >' seclioo. U a less otherwise denoted mares arc U fuHy Paid and stock U0 ° mlv 

1 Treasury ^k. 97’,.® ,.:® b*. piaW . stock Eachanso secamiw arc ouaiod In pounds and fractions af pond* dS's McW 

i 2 pc Treasury stv 97 '.s sh 1 or in pence and fractloils of rrntt- . . ■ a --.Ip diucIiuc t 

1 SK Treasury stfc. 105-'. ■,* S 3-6J«hs ] The list, below 9 '*es the price* at which barjams done by n,emb *E*-fJ fn *2rder^of cxccntior 

ICik Treasury nk. 105-ve 11, .® 4 59-S4ths The Stock Exchange have been rerorned in The Stock Exchange D*' 1 ^ In wdcr d excot 

g^'TreasuT- Cny. *k 99^ 7 >, McmbwI are BO ‘ " bH!Wd 10 ^ b * n " ln *' « CMrt ,P SP “'" * “ 

viViatde "uai«*Tfeasury sik. i 981 9 .ii52pcI » Bar«inji ai ai*-ci.l Pn.rs. A »«.;> ms done vriih or b^ru-Hyn imn-nieinhyre. ♦ 

-l l. 1932 9.- 


E3-1 il* a a only. btH later traoMatam estate Indaded Itt^thc fettowinfl . t ,-_. 77 8 ._. 

dw's Official Lnu He todicauo* to available as taj whether a bawhi nwirMywo ; 5a?am”i? S '»P“' 1 Q 9 a ' 0 ' 


M"a^s areiot MMetsaarfly i Kin Sd SMt^.a&m.pO® f0| 
fn rter ofpxccntion. and only one barsain In any one wtwiw.it any one . Kceuviie B 1 **®®. 6 , A 3 0 r 10 S «.i 1 L'O) 


P®rlirr. Ctuwarn A20iw..1M 4l2.«h 

fffHdl Oullry».«Di;aM 


In order of ewxotlon. and only one barsain In any one 
price is recorded. 


- KWimii. •'■ct.-.im 1 D 6 111 >v 
: Kelsey 1 ndustnes -4S°‘ ,i£ 1 O 1 

i ZE2Sf a ®!'. 75. 


p-ecdv t-B-ifredi rzs«& aa tstti; v;--r- 
. press rWjffiami Sen < 5 cj 3CS Sni^- - 
Prwtiqe Cr®. tiStw -l 7tr < 7 <T id^V- • 
.Primrose indstf. HMbtrji 


SA— lAasrralian. as— »H a ham 1 an: 


S' of Fund Ln. 1973-70 94?. , - 5' 

S-.nt Fund Ln 1957-91 64-.«4 •- _■* <. 


601 : Funa Ln. 1993 61 ‘.O 


S'lX.fuidl" 1936^7 76 j® 7-.«® 5 
’■-pc Funn «?k. 1999-2934 ib'--n ' O 

5 -0- Fund 51k. 1932-34 82 ,® 2C • 


fti-nc TrcA^.Ln ’99S-9E 50® ■-© -<S 59' 
60 

7 '.DC 7tc>%L«i I9B3-23 32© 1 • '1 
7 - .d< Tr-yai Lj. 20 "2- 1 5 MA - • - 
apr 7n?*sLn 2002.06 If J ' ■© '• 

6 ■ ipe Trcas Ln 1987-90 90 - ■ • I 
8 -B-: Treiis Ln 1950-82 92® i-O 


Eva loons. t 2 Spl 103 
Ewered Hldgs. T25p- 26 




srso 9*.»: 89. g.;pc 970 . 13>4dc 107 


Manchester Corn 3»cRd. 19*.- * 9 101 
1 Middlesex C.C. S'.ncRd. 93 ■ 12 10 - 


G I ea::r Ji?" -11 " 6'*K, 6 - :®- 7 <oc go. . Nortnujiibcrland Coimnr 7ncRd. 93 : 


Cna.Ln. 01': '12'10< 
Adams Gibbon '25P' 697 


Burnell Haltamshine HdldtnDS A •> 

I2S0J 218 17 

Bum Anderson -f • On. 54 iSI'lC; 


• e-: Trcas Ln. 19F4-S5 3Si. •>.. 
K .Pi TreasLn. 1997 74-. ■- . 

Jl pc Trcis Ln. 1980-82 92® 1‘ ..® 


?*PS 9 U- ' 9 ,i®L ! Pauley Corn 9'.pcR0 89 112 10 


Sec Trea:. Ln 1932-95 77'- 3 8 -ffl 7 

S'-OC T r**j » ’j Lr. 1999 *3'.© ’ n ‘ : ", 

ijpc T-cas L,.. 1983 100 *» 99' ■» :■ 


t; -o' Trcas. Ln 1393 100 _ 

12 iPC Trc.15'.-. 1992 102-' . 1 «_•' • 
12', nr Tre.is Ln. 1995 3d . 1 ® '»© # '• 

7 'j S',. 

iv.li: Tm—. Ln 1997 103 : -© wfl « \» 
1Z-&C Tcnas L" ?99J flO-'.® 

*. i p ■!> 

Id -DC Trc.lS.L' 1993 '• " 

■ S'lPC Trn>: L«. 1996 tll'r© ■> 

If 'in: 7i*esLn 1993 117'.® 16 ...® '- 
17 1 * ■ 

2 -c; Tneavur- s:S _19 -a ■■■ 

’rl Trcif.'v its. 23' 

“pc Trrivur r Sft 197? 95'. - • 

Jpc Treasury SI4 . 1992 ui ' .-8 '•« '■ 


Adda mini. MOD. 54;- 3 2 ; 3 : n Burreis fSol lit* 

Adwnt Gp. i25p> 310 9® 6 PCL". -.nd B urtan Group f ina l 754 ;1 3 10 i A Nas- 
5or.es t 61 1 1 2 IQi. BbcLr. !>-■» Via I50o; 370® i!2 I3>. Waraib 15 


F.M.C. i25p» 68 i. 11,10> - ■ I Lad?es° Pr>« ' 

F.P-A. CDr-srrpcJcn Gr». rZSpi 16'a 1 Lalnfl Ijonm ■>5®' ^rni® 

Fa'iba Irn Lactsen i2Spj 65*: >12 101 • l**? ancf U E <ii 9J, t 2501 57 

Fair-lnooh Constructor. Grp- (2 So! 69 Lancaster iSPJ 3 .1 ... 


FAir-touflh Construct or. Gra t2So) 69 ’■ Lancaster 


1 Jandafis . O ^ 

I Rii*k Oriaow i2Sai-Jtt2j^?i**A 


B-adford Coro. 3 :K 80'; (I 1 10) 
Brighton Corp. 6': at 98 <9 101 
Bristol 1 C,t * all 1 3 'roc 1030 
Camden riondan Borauph o' 1 12 ;nc 

•Fu'y P d.i 95V® 

Cardiff C.:v CiWlll line 92»* 

Cdrd'*f Cerp 7oc ad 04 •. 

CrordC," Cars, b'ipe E6'« '12 101 
Dunhifin County Council 9':PC 94'. 

1C lot 

Edlneursn C.lv oil 0,sl. Council Vanable 
Rate ‘T1 ’Saci 97'. >1 1 O 1 

Ed'nbursn Coro. S ,-oc 98°!. -• 1 Or 
Giasspr. Cor 9 :. nc go '1 rg ioi 


sw >500) 384® 1 LM Refrigeration '25Pi 1 

280®. 3.85PCW. ‘V^g 1 


^ w«ss?5' JS?K *"< 

J r^ 00 * ■ fi ' Do Ne 


(T2;J0) tS d T District Dyers 1250' »■ I W -- : - ' , - «« 

• , - , Leigh interests ,5 , p .*'?.?«pi 31 MOlOi 1 . 1®?ii , -®S" ??• i'* : s. I':., -10*«p®p 
■ JMH. I L^-Sh “»« 2 Parks* S ?10P' 1)617 I-hS&SAImU- vc.; 


APPGBMTMENTS 


Main Board posts 
at Brooke Bond 


SHORT DATED BONOS 
I FREE OF STAMP DUTY 

I 7 DC BUS. 99 722 99.726 99>>ia 
. 6 .pcBdS. 99-r 
I 7 nc BtH. 99 <9.101 
' 8 rpcBds. 99 M2 Id 
I 7-.«Bas. 99 '4 iIIMOj 
18 ;BdS. 99i. '9i101 

1 1 'iPCBds. ioo'i. 19 . 10 ; 

g -pcBds. 99'» 

9 rocBds. 99; >: 

9'PCBds. 99*1- HO. 101 
162 PC BCS. 99 'is ‘12, 10) 

10 DC BUS 99;® 

920CBds. 99 i9'10i 
9 JpcBds. 98 Dm 
1 0lncBdc. 99L >9 101 
lOi.-DCBrls. 992 <10 10) 

1 OipcBdS. 100; 112.-10) 

PUBLIC BOARDS (30) 

FREE OF STAMP DUTY 


Allied Textile QSn) 160 ri 
i Alpine Hides <5p) 75'.-® 


Alpine Hltfgs. '5pl 75'.-® 
Alnlne Soft Drinks MOpi I57w 


Amalgamated Inins. 46® . zip-. 4 ; 12 10 ; 

! Amalgamated Metal Coro 30#. 1 ' ' cane tndus-r es r2aa- 1340 

A l 49 l S* 2 JI 3 Cd POW,rr EnBin ' 0f ' nfl 25 Oman ih^lile Grp. H op) 1 : 


Cam rex -Hides.) (20 p) 5a Fida, Packaglns <Sb> 23 noio; 

Caskc: <5.i :Hteau iopi 34c ''4 '3'. Firth <G.m., >Meiibl hob) SB - 
earners -20p. 42 '12 13' A Non-Vig. Flrner .'Albert] Grp 10 


F,so=s 332© 40 5 7 30 5-'»DCLn. 43 


I Lelsure Caravan Parks l«0p- 
} Lennons HOD' 370 5 

ltS& P M?er C ”'0S. 191* ■» 


Amatlf (Ad) 175 (12 10i 

Amber Day Hid* HOm 47<:0 7 90 > : 


Amur Industrial Hides. MOdi 2 bO 
1 Anchor Chemical (25ol 69 , , _ 

: Anderson. Scrathdyde f25o> 6 J; 6 : r .- 
I 7 -•DC-11. 53’r® (12.10) __ .... 


Canlan Prstile Grp. {IOp) "f 1ZT3- 
CcxDe.'-Ne:ll (10c) S5 ; 5 6 7-: 
Ca-arans Irrtnl. -2 Cp) 73*;S 4 
Carless Caool ana Leonard <*£p- -34 3 
Ctrlsoc I ndustr.es 125s; 2250 TOj. 

13ncPt. 75 '5 10) 9 tpeLn. 71 
Carpecs Intnl. .'53pi 65 S'i 


1 au- >--ancvn. j.--.- ---- - 

63 5. 7i«Da.nr 57 'i® Levs’ J5 d' '“.i 


9 1 7 ■■« fii- - W - - • ■ ; 

• ■i-jSSS.-SfeS^WiW W.« BOC 
* SS^SSELPtert’^itf. • ■' 


Anglia Television Grouo (2a0' 9 j '0 ^7*' iPf„" - . * . 

Ana Id- Swiss- Hldg*. f25p> 3S -12 101 • Carricfson Virefla .4jc. 37-jC c-: b: 

Aniiieyard Group tZ5p) 95'; '12 10’ S o;»:Pt. S3.- 12 .u.. 4 2 ocDa. 3 . 

Acnascutuoi A t5oi 50': ... . Hi „ . ... . .. . _ 


A re diet me -Hieos.l <5oi 17 >9 10-- A carron *Hida»-) i2pb' s£ •« 70;- 

(5df 16'; T9 10* . 's M.tt.ng l=dusf es .par 

Arenson (A.) (Hides-' tlO»* 75 <1- '0; ( 1110 . __ e 

Ari.naton Motor Hides. '2Sn< J. 1 S Cartis-s Superiapds 20s, S3 5 

Arm. rage bnanfcs Group t250‘ 71 ®Jj 9: Cartnr BM fh-, IHIdgs.: TOP 74S 

c.-svs: s< -H'scs.i -iod* s;a 


Arm st -one Eouipment » 10 d* 85 ■' 4 ; 
Ash Lacy i25o) 143 (12 10 > 


Aaricultvral Mort Corn. 5pcDb. 1979-83 I Ash Spinning (25p) 48 


Ford 7 :-0Cl 
Formir-ster 
103r M2 
Forte Hida 
Db. 70.4 
Fo' t- ’ u.n , * 
Forward . 


Sir John Oickney and Mr. R. C LIMUiAD in succeKsion to Alr.j 
BohoriMin hat v been apiminJcd *J- 11- Edwards. 

(hrorinrs nf BROOliE BON'D * i 


l.rEBIG. Sir IdIid. who Whs chair- .Mr. Douglas Smith has been ; “wfobohmd ww^bm 
man of L'riiwn Agents from 1M74 pJccied id the Board of JOHN; North *c«t Lincointhi 


Cirirm- (II IHlto' 1 C.P 74 - Foteco M.nsep .2Epi 158® 3 ‘Lister >25nl 53': , 

c!Ti« s'- •H^r.joni.ala -i= -c>. "ggVS^ hoMns »?«• 7M , B*, ,U H.55J- t gSP.V 

FLcw top- 34 ft. .31 .O.ESpcPf. 125: Fa: berg: II. Harvey i2sdi 112 10 >12.10) I Lock -r -Tnomas' (H*dgs.J *S 

VtVtO) r2So ' 73 '* na> - - 9 ’ c : Foods <25P. TI7 

H S?Jt ■» 1 ^2s" ^jfacP* 9S 7i- Franl ‘- J * »*ark*f Il3pi20'- j London 'aSSSWaSs 1 * 

Q ^rLn B M - 45 *' ‘ 0 Pr 96 7 ' : - Freeman* (London SW.Ji r25p> 365 ’\= *9 '■ Q .^?un4tlLp. ^12« 

'- 25a •“ 2= fi'-aeJ-C- • Htea.I^MS aV'owfd:-'. - I London Northern Group .25* 


Assoc. Communicabons Corn 
121® 2® 19 18 <: 


until the end of hsi month, is FOSTER AND SON as non-!, 77 ,'^ 
chairm.in «.*f the Purt of London executive chairman. He is n joint ' stu. i 
Authority. ntanasini: director of Bridon. J J 0 

* ^ 1 mint 


GEI ItuernatipnaJ (20pi 94® 3 (T2lldi 
Mllaner bOCLn. 1983-85 73^ . 
Gailaora dmwlev ' 3 p* 65<? n-t.'IOi 
Garngr ScouUir (2bai 10 b. New 12 


t sr,ir w r?„r ~ 

^-sBriSt ®s>. >w rt 


Lanqton Transoort Hfcfcl* 7i2Soi"-740 j (LeM^ftVrj (2Sprj*£ 

.12 10* _ _ ... . HIChb^WKMrtM'Stalai! 1 ■ 


Mr K Rnberfson. mana"inc Mr. Thomas F. Aspcl has neon, registered and inscribed stocks AiSOt l#i 

director of Thompsons (Funeral appointed a director or WATER- s"* ! JS? m- 

Furnisln’rsi. has been appointed FORO GLA.SS. wai-ai as® 2 U 2 . sk 1977 . so 92 u I ag 93 9( 

m 'hn I-. , run 1 Rmrrl of tVRil 1 * tll lOi 6nc 1981-83 00'4 ASM*:. P* 

JO 'he iwrcni ttcura Ol I.'uALL ^ ■ Jamaica 7 'jncLn. 98-"« 3'4fl« 8H. (12 10) i i12;i0) 

INDl-STRIES '.Mlh responsibility Mr. S. C. Rcdrarn is to join the : New rananp s -pc 73 4 101101 . s>.« Atm. Sp» 
for the retail funeral directing. Board of HENRY ANSBACHER ; Mi. ni !*■. 6 p< 94 0210 ; r' : pc « ; SSSF'i-SS 

4r AND CO. on October :ll as an ( South • Australian SncCons.lns Slk. 24 Altwood _G 


Garton Li 

„ __ ruti w ki> „ Gartons 1 

^ ! COMMONWEALTH GOXTS. fS) auoc* F.snenes i25w 49® ! 112 id. ; Ch*mb^l»|e U Gro ( 2 Sa^ sre ^ /o^'af 0 ; -ia io' - . ' j&ffl’ 3 *' 

Mr. Thomas F. Aspel has been REGISTERED and INSCRIBED STOCKS a ?JS? L l*”^ ‘(si) °76® 3>- T : ocLn. Chanvberl.n ar.d H.II , : 25 p: 54 (9 ic C ^T'^> 1 E, - , 7 : 2-l t Di* n ‘' C<Hn ' *“■ C1USZi5fl> Low' Xm.* i3 0 0d- 96® 1 
mninled a director or WATER- Australia rcomonwealtw S';K Rm. SB'; SB';® ' Change WW X 10 P) 15. naw ’ai: 2T3 General Electnc C 2 Spi 336® 4® 6:® 29 Lb??? ■ 1210 

■For f'l , vi' *S'10J S‘;oc 1977-80 95 *10110). S'-.-pc assoc N-wspapere Grp. (25 p> 'E50 91 , y. L . i2acf«if. -10s) 20 ■It 131 30 41 23 33 27 36 21. BpCLn. 1979-04 - ' >"• ,2J '■ 

IRD CfLASS- iu.Ri.if J I, 7. firv lQ77.an Q2I- no OT Channel 7itr.ni*l ' = -a-- a.in. ti.«i h c^l .min. . cirvw^ Lrm .‘3 ■ 1 


_ © rr- . executive air 

The Secretary for Transport lhe cnrptJ rate 
has appointed Professor K. M. 

C , william us a part-time member „ 

nr I ho NATIONAL BIS CU.M- ^ rhe Trubiei 
PANY until Decenihcr 31. 1H83. CiALLERr t 


ienoral etJrtnc *(2 Sbi 336® 4a fa so Lucas lndu«r'« 314® -T2# .T2. 1 :.7'»pc J .Rosp.il holdings !5pi.25* T- - • 
xi» ai a- fiSr- S’ • UnweLn. 71 ; ? 11*10' • •• . iRouflcx Great BMalnMUu^lg;-® 

30 4 1 43 33 27 36 2 >- DPCLn. *979-64 . „ ,c . ,jn n i 63 -- rRatunrlnt' n(lm l57. - 7 <’ . 

76*; .g_j Oi 7 < 4 pcLn. 64 ilOJOi. Float- Lyon Lron iSSni 30 'll 101 ' i Rathatant lid. -B tlSHv) 64®: 3 :. 41 - 4 

■"9 Rate 99i® 'ill* Lyons *J.l 1 55- 7Pc2mlM-. 60 fll Ifli Rotoric (TOpl SO TIMO*'*!? - *— 9 < 

■eneral Engineering fRaadlMI (lOpl 1 3l«® | 6 '-ocUnsec.Ln. 66 '< 6 MIMD,.. 7Usk ■ RowaT- Gotten (23o) '$tk‘ ni>)oi’ '■ - 


General I 
14 - 

Gcs tempi 
A i£p 


Unsec.U. 37 *11 IO 


[ Rowptree Machir 


of iho N ATIONAL BL'^ COM- The Trustee- of lhe NATIONAL 1 !!£■ 6 f a-!?£i 73 oi 12 M?\(?, ,x ' 84 10 ' 10, • Auion-a'ro Secnnt* (Hidns . - iop- 107» ; rtarke 'T.-. mooi 26 'o 
PANY until December 31. 1M83. GALLERY has appointed W* : .,2 101 ^ 

P rofresor Gv.illis.ni is nrofeshor Martin Myld as chief re.siorcr COMMONWEALTH CORPNS. (2) m c ' ^ 5o ‘ 36 c . 

nf transport economics at i he from January 1. 1»*9 . l *•»*■«« 7tw* y:. ®«d! « 2 ® „ & 


Gibbons- Dudley :Z5»> 70 -;0 >0® 
Gibbon* S.i International f.ZSpi : 
Gibb* Dandy NV A (lOpi S9 
Gieves Group (25oi 92*: 

- Gi!I and Duff us Group (25CJ 16* 
I 60® 56 3 8 4 2 
* GiLtsour < 1 Op* 68 ':® 

I Glass Glover Group (Sp) 32 DOri 
Glaxo Group 6i«bcLn. 28 (12/101 


Micartnys PnarmaceutKal* (20PL.309- -< Ifagby PoyMand 'aspr-' Tfih® ■ Sait if i 

McCorauooale 296® 9U . • I • BocLn: -M|j ri2)101 - : . 


U2IWK ;;^jtti'- 


I'nivcrsny of Leeds, and a mem- s,0 | 1 >o Mr. Arthur Lucas, who , FOREIGN 
her of the Road Transpon retires Tron) the Gallery at the COUPONS PA , 
IndUitj'v Training Board. vnd or this year. Austria 4: ; pcstig.Li 

A- Bah** 'State ofi t 


.. . The manufsteturine consultants c !?'" 1 CV! „l'l , 5. G 

Mr. II >. Mead has been department of TI STEEL TL?BE' mVioi s^g 


Imlustrial! 

H-rt- 


7-jecDb. 68 Como Air - 25 p! 96 S: S. 3 tScOb. 


-iidos. sub: bsfl? . _ ..'Manners (Hidpa.i (Zteii 104 iizioi NSandamst Markpriiin rtaoi st. • 

i CR.i San* tEnginews: MDp» »4 . Manganese Bronae Hldos- *25p- 75® 3-: 1 Syifwr& tTSpl 83ML S'jodS. ^SM / 
> _ — „ ’ .. Mann Egerton SpcUns.Ln. 60 ilOIOi . LSa*ilH( Go»docj Q i llflpl 28 -. Ia-'S^Oq,-^ 

and Goicn K.dgs- G5ni-85I0, 10' : Minor National Motors New *0 : ;dcP1 t 5s*dv. ffiityi a..(10d) Tt*~- 
■Lmsi Gra. -Idpt 23 *9-10* | 109 vt* ;iz~lO) - 1 5caoar -Mni -107 -CO ID'.'' ' ' fepcbv' 61 

Caoaer :20n) “4® -aO, _ _ i Maole lHld«s.< t Dpi 20itt 5® 2 10'jpc ; ‘ '*1 HOI- ”■ ' 7 

m-Hkio*. (23o: 67 9 6 (®10» Sec. L n gg m<tOi ' ' Sowros f2Sp> 74 -3 tto 10i J> "■ '• '• - , 

in Television A Ord. 10pJ 43: 38 ] Msrchwler <25n) 120® 1® 12) BpcPf. Sec*r ^Rfltoymon 12501- AS'aflrlfTftttlJ 

, 102® (12 10) . ScotUSI-ABftttftaril FadsL-. URL 4 -T;.-. 

id. B. i “1% l2J "' » >:a»-istry«f?Ksaf.* 


h—i-iiw-IBIn' I- *■'? Enaiuupi 


■ Mun.Elec-Tram.i 5nrLn. 


I »■*:! ■■•i". 

K— • . . 

Fra-nr )■*•*• 
H:-> far . . 

R.imv f nil. 

In> :i.p|y» 
M»,w H— - 

Mi. ii '.'-nil. 


'ln.ps mu V | is.c4 

»■■-■•« ntn.l'L i" 


?,» "r? •"*"*** croup per- * FOREIGN COR PNS. <-) igl’WiVo 0 . 1 r. 

c.-hSE f;» — 4S7 

1 .M« - . HI .i.}'- *. Santos tC.tv on 7pcLn GS iIQ'IOi Babcock and Vdlcox (2 

7ZZy- Mr. Frank W. Show has hcen CK RAILWAYS (1) a $Vw* en ' 

*«•» appointed director and funeral n^QuI^m;. spcSb. 40 . 1110 , ®v ^(w.n.am) itia 

ii i'ini .iw-L*. i.d manager, steel supplies, at TI ,7, '“. # •■*»*( <»•»«■• Hidgs. 

Rubbers .MET SEC. FOREIGN RAILWAYS ( — ) orioi 

iLsri. Ijiiiiuil' .... + Brazil Rly. Bds £6 .12 10* “il?!* Houscholrf Sh 

! l ‘ ,w, '. Mr. Harry Gillen, company BANKS (127) SS£LTC^2S rt „K. 


d.;j« i .iw. hi. .(.?'• 

Winnie-.. . . voF 
t.-r- frmrr . .■’.LO 

I..-7 • tieniimi — i*.40 
l.'eM IVnlm Jai-k*. i.cl 
l. ? ' Rubbers 

;■-*.' I An. laiunii" .." 

I ; f-inii- ti.fi 


(t2’10) 

8 » I’m (C. H 


l'-'l 1.71 

I* i «■. 1 ■•< Tin* 

!('•• tin tali... Iiistral. tm.| 

>!i'.| .'. c ;a rt- 1 11*11*1.. „ 

Mini- INI' 1 . 1 . .',V Kvr.n-ir ; 


^ Braz.1 Rly. Bds £6.12 10* H ° USehal '' Sh>r 

Mr. Harry Gilkun. company BANKS (127) “JmKr7'?f) l rM D MoS. i 

secretary of GLANFIELD LAW- IJiiS?,. !£* , '*?■> 21 f c ' 12, !°' - aop* as® 
RENCE, has joined the parent H,dQS ' ,65 " 2n0U KS&W M&o X «i 

Board and v.'iii also become a A «*I?. ,,a -A , !5 NB " 2 ® a,an ‘ 1 Banking gp- 13 t : 1 2 ' ; 


-I 

-lull- I mi., 

it 'i’*f.l'l.... 


Kiu4iai ... . j 
L"*4 '"I f'l-mk.l 
I’. t«:iii" in *. 1 
’uiT-um 1 ..1 
l“l|.;LiiliH'>r.l 


director 0 
D. W. EH 1 
nf Hi \ 
dealership 
ioin the T 
Lever rel 
ships latei 


” issi 

■ ' Liu 72*: donaji.'j'/T-j*-'.-; : . ; 

1 01 Shakespeare ulaaKy~^1T att.~ 

»• Sbara* FlsAer tZSol^Ji ‘.CCV 

. Shaw Carpets (tow 7t 7lf. ; . 

- tBbeeiibndee . Eapin;- {2Splb725jJ3.v - SL ■ .*•■ , 

1 VJn? ' SnetteW Snck GfW; ftSoTSB* • • ■ i .. 

4 £?i P n - 1 Slwman (Szmotrfl-dDp) 12V«Zf101 
w *'-n. Sidlaw Imtust.. (Sbp) S4®-'i. Jusoa.t 
; (11.10) . 


: Hall 1 M .1 -2Spi 239® 

1 Hal lam Sleigh MOp) 33q 


1 Metal' Ind. 5pcPt. 37': MOdO) 
I Meudrw (Hides.) »5p) 52':® : 


• Hajma M «1°Y i25pi'/B® 7® 6 ; J 

'Halstead (JJ 'y 1 ** 5 - 1 ,10B, ZSj ‘* B')®- J Meyer (Montague Li «Z5p) 93 2 
1 ."Op) 1 5'MSCFt. 32 *9-104 Miclietln Tyre 9':pcDb 76 *. i9 10* 


' Slemsen Hunter C10n) S5 *11)101 . 

I Silentitight. Hfoin- (lOn? 108-.6----,.- - 
j Silhouette (LondotH A (20pK : 3 
I Sit vert home Grp.: (Htoi -22®.ttSJ81‘- 


M'chetln Tyre 9<.-pcDb 76 i9 10i I glmo n En giir. CSp) Z76® 

Midland Educational i50p) 224® H 2 ( 10 ) I Sttnoson* «S3^A. -(ZSPk.Hfb- W WU” 
i Midland Ind. i5p! 44® I jpcPI M (10, 10) M •; - 



a.,1^ 


^1^ 


**&•*'*•* 


WB& c#s2S&»* 

i vs— ^ tjpyis ew — 







Citicorp Co. Stk. H>US4) 19L® H2/10> i 5*5" and Portlnno Gro iZ5nJ 76 ; Crooa (UPOC) 7pcP1 49'- rtoitoi 

Clive Discount Hldgs. <20p) 78 7 ') 1 '10) i B i5i e yS.?l, Vorkstnre 'IOdi 77®. IOdcPI. i Crcsbv House Group 120)9 29 
Commercial Bank of Australia iSATl 2!2® 1 97 J9 1 0) ; Crosbv Spring interiors iIOp) la ;. 

Continental Illinois Corp. Shs. 'SUS5I : K!t?gr - »?iSl ‘l D ,-?c n 0 , W. 93 ilD'101 

SUS31 *a CI0/10) „ ISSufarrt J G?^IOn. 47 S . 1 ? in.’ ' Crcuch (Derek) 20p) 1 16 •) ! I0« 

Gerrard National Discount (25pi 176 . Crouch Groin* *25o) 72 


. Hampsoir InduB*. 'Sbi 16 Midland Educational i50p> 224® (12(10) 

I I 3 ; Hanger littess*. ( 10 ®> SO _ . Midland Ind. i5p! 44® 

: Hanson Trust (25o* ill® S 4 -s I Mlffiury J23p) 48 i9M0l 

T'utcLn. ' Hardy iFumbbers' ( 25 o* 40 ® *12 10 *. Milter iF.MTMftrtcsl iIOp) 49 ilO'IO) 

• A -Rcal.-vto.i *25 p> 38(10.101 Mining Supplies (lOpl 103 

II • Ha.- greaves Gp. (20p> 57. 10 'iPcDb. 81® | Ml Knelt Com Go. i25ol 46®. 4' : ocPr 

•*a® • } 2nd- 33. T3ocLn. 94 


iSpePf. 34(10,10) ; " ’ ;X 

I Sirdar C25DJ 90® 37 8 ^ 

I 600 Grp. (2So) HJ4® 5 4 6 . -fPddlf? 


Gibbs iA.i Holdings >25pi 54 '12/1 Of 
Gillen Bros- Discount Z20 .12/10* 
Grindtays Holdings (25o* 130 111.10' 
Gulness Peat Group (25pi Z3S 8 3 
Msmb'os Shs <25p* 192® 87 91 
HIU Samuel Group (25 pi 93® 2:® 2 3. 
Wrrts 2'i®. BocLn. 64 


Beazer (C. H., (Hldgs. > HOp- 59® 60® 60 . 


Crouch Group (2 So) 72 


Beckman (A.) <:0 p> 78 <‘2 10 


Crown House <2501 63 


Beech am Grp <25n) 700® 694® b® at; i Crystalat" ’Holdings' r Sa) 12 1 


IDpe ' Harris Sheldon Go. '25pl 52® 50) 2 
i Harris P. PHHdgs.i ' 20 pi 36 nofiOi 
I Harrison >25 bi 72 (9 IOi 
H arr (son *T. C-» 25P 116® 12 JO 
1 Harrisons Crosfteld tS »# k ’>■ 6 :pcPf. 

r J4 

1 Hartwetls Gp. (J5pi 106 . 12 ' 10 ' 


,1 IpcLn, a4-‘» Jx. (10(101 . 

. ISkrithlev i25o) IM'j*! '■ V 
Smith Neettew . Assoc. (VffiD- 


Hongkong and Shanghai Banking Coro. 

(5HK2.S0I 0296® 5US4.30® 0293 B I 

Jessel Toynbee (25oi 61 *121101 | 


Mitchell, Somers HOol 62® • • J Ln., 142® . *. •- - i ^ > j -jJ. 

Mixconcrete 'Hldgs.* i25p> 70® 1 1 Smith CDarid -S.) (Hold taps) jf*1W.| 

Moll r» (2Spf 140 *12(10) * I cl?4I 0, fw , u , AjmwT A 

Monk lAO i25p) 103® i<® 3:® 'it® l Son 
Monsanto Sot Gtd.Ln. 44). 6 .'*ocGtd.Ln. | »S?'n. *i ° r ^. - n t lS»«i - 
S3 1 ;®. . 5pcStlg.lDollarGtd.Ln. 123)0 51?® i ■J*S!: D Ki'"L. H 
Mention i KntttTno Mlllsi -250' 72 (9 10* 1 S 7fi. h , 


Smith CW.H.J Sob' (HMos-l' A 
160. B Ord. tlOP) . 29^1121 


245® 38 40 f Monument Securities (lOn) 71? 


i- UP*. Ln. .. 1985-90. I00»t 


?'*Ot.Db- 1 Moardpuse "and Brook i20o) £25 i9f10) Smurht O bfi erumo -j awi pfej IBy Wj 
Morgan Crudbte fZSoi 127 H2*TD> ’SSSfwL n J?HPW. , T" 

I Morgjn Edwards flOpi 72tj n2(10. 




12 5SJ* - a ‘ ' Beit and May -10p, 66'.- 

I £sgW i, tll-il. %SS i*j no f 0 ; 

|«°uS52. ,J i3 clm'miSll B.nk.n 0 Gro. M lr« <10®«« (12^10, 


5pl 24 (IZriOi 


--^= : • z ' .- ' :7-- -f.'/.v 'v'ur-r.v W •‘■“.sr-r* 

?:3SSs- - -U-'** I JT* 2id’-»^,.0*a 

Profit from 
professional weekly 
investment advice. 


JKo^^ =5 .L ,t /.5 ,#,,M ’ *** 107 SfKJSfejSr,^! I 

D^rrniDulh Inmii '5pJ 21 *rO hci! Hldos. MO '0^ Merrl^offi fWmi noni an ^ound Dlffiision f5oi A? JP 0 7 * 

' n^ v i CS /riSJ" 14 ? sW - *! 5 !! '¥5 in 010 ’ 1 Heath ,S.J i® 00 ' 300 5 '10(101 Moss Bros. f 2 Dpl 125®. 5 Southern C*nstructky*» (HWgij) 

I Davis 'Godfrey! '-5pl _99 B»: il.HOi [Heinz iH. J.c 5*:ncDh. 79) (12 10'. 8 PC Moss Eng. C25p> 70 fl'1-101 (G.W.7 Son* (20b). 

.Davy Corpn. i28pi 153® 1 90 2. New rjb. 7Bt 11210 ' Moss rRoberti IIOp* 36 ilDMOi Spear and Jackson- Intenitr. (?5{&;JZ 

| .')•* 155® 2 3 I Helene of London (10pi 25. IZocPf, 212 Mpthevearc- -flop) 176® 4® ' 70 68 ^ rw,lr (J-W.) Sons (25 d1 223T(J(S2 

ioq 2: ° ,9S; ® New IZecPf. 212 *12 10' Mount Cbartottn m 0 pr 22 ® 3 <12 101 S ?S^£T C ^ rk ***** ImtoWW W-, 

n 20 !: V.- f,B 25 s i T I U ?* 19 c 9 (Henderson (P. C-i.Gp. A Non-vtg. *10p» Mowat (Wise Sons HOp' 41 2 *9 10* Sn?J-2i icUnwf®* 

Dh La Rue I25PI 476 7® 5 7 94 m ; 0 1 Mowlam * Fobnl *25n1 123® 15 171- 19 - (George) ~(25p) 56*!® V—ft, 

Qeoenham* *25 p) 96 ;:® 4 '2 5 3. 7 *•« I Henderson- Kenton i20pi 87 8 (10 IOi Minrhead ' - 25 p* 210 H * S ? t'yTin tZSp, 

Oh. 1 991 -96 63 i9H0i 6 ';pcLn. 1986- 1 HwS r 20 cl 127® MYsdn HOP' 62 L-V a 

1991 59'*®. 7*«PcLn. 2002-07 56': 5>* ; Henri cues 'Arthur* * 1 Dp' 29 3 *11(10) S ?at o > ° *n 9 UN*rlng -. «»>> .■*** 

19*10). 7 -iPCLn. 57: (12 IOi. 1 1 peUi. [ Hepworth Ceramic HIcWS CZSpl S42i; 3 ... .V—O— .P 1 - ronof ' 

104 112 10) ■* •;. lD.4pcDh. 85 -O U— ’r 55 


MYsan (tool 62 


Soj - ** -Sarto Engineering . 4j5fll 
(9; 107 • . ... * , 

Spang end Co.' (lOpl 35 (9II0l.-„. 


N— O—P 


' Heoworth J. *1 Dp' 70* :® NCR *Bc Silg Dollar Ln. 931; 4 i s 3 

; Heron Motor Group (25o) 124® i12 10) niirloj 

1 Em? un ?".? r S2 ks rtSpl 38 9 ,n ,01 NaS Newsagents SocPl. 96i; * 11 , ID) 
Stcwarr Plant flop) 72 1:0 3 


I Souirrel. Ho™ nz:-oi 41® 1 : V t 

I Stafford id Ire Port erf as (Hp»W»>-( 1 1 


MrSar/ Charted 402J 3:. i3*..pcLn- ■!;* f„ r . d . “ 9 L n .HL? n !*S» ffii* 2i 


-rt P.a« MOP) 72. : ® 3 a •gSSSA ^£$"8* ”* ? " 

IHams Grouo (50p> 150. 8 p< NegreSJ d Zam'l£^* *25ol 89 
7„„. ,,rv.i , Neill (James' LZSol 87® 6 


1S0J® 3t® (121101 ' . 

SUdcv International (25»> 8 ■(*! 

B'jpcCpy.ln 2000-2005 33 riHlff 
stag Furniture HekUngs I28p» *«; 
_l0peP*.-9l aw- 


Standard Chartered 


Black (Peter) Hldgs i25p> 187® 


r-,. as •iuiiui I t--:- ^ , Neill I James' M&PI 07® b 

Dewlilrst it. j.i (Hldgs.) (10o) 69 iBiO). I! 2I2S- 55K eo a,£o «-».«* s Newarthlll 164 

S. 75 PCP*. 100 ® 1':® too Hlrtson Welch CHIdgi.) <50 o) Z24-.® 2 NewtocW ■ Burton P2Spi 57 

Dew hurst Dent (20 p> )5 17 Newman Inas l25t» 94 ij 

D amend Stylus ( 10 p) 26 *9 IOi Hta«& “wni « s° J i~ni Newman. Tonks *25p) 63 (II-IO) 


5taki*- (Reo.l Organfsatibn (lObfjBi 
Stanley (A G } HoidlndS !5 p) IS*-:; 


S*M»Sr CA-Cll Holding* (5p)1S» - 
Star trite Engineering Group. (20*1, f 
SUtus Discount IIOp) 196 ® 7 n?M 
Stave Iftr Industries 296 B (11(10;^ 
Stead Stmoson a (25o) .41® 


The Investors Chronicle Mews Letler brings you Ihrough the 
post each Wednesday recommended shares to buy pKos other firm 
investment advice on markets, sectors and other areas and subjects 
of vital importance to the successful investor. 


Each year the average performance of the News Letter's share 
recommendations is tar superior to thatot the market generally, with, 
for example, the News Letter's 1977 recommendations (as detailed 
in a comprehensive follow-up table appearing in the News Letter on 
July 19) showing an average gain of 54 Sf o against a comparable 
S.3 r d on the FT inde x (full details will gladly be supplied on request). 

You may have missed these and other opportunities 
spotlighted by the 1C News Letter, but by subscribing now to Britain's 
leading investment news letter, now in Its 33rd yearof pubScation, 
you can make sure that you do not miss them in future. Its editor. 
Feter Doye. who drew attention to the buying opportunities available 
al the end ot 1974, when the FT index was a round the 150 mark and 
talked then of it recovering to 500 and possibly 800 on the next bull 
market, believes a time ot fresh opportunities has arrived and that 
equities now probaWy offer better value for money than any other 
•investment assets ormajor alternatives 

Use the coupon below (no stamp required) to order your 
subscription now to receive the weekly information and advice 
(including selling advice) that you need to maximise both your capital 
gains and income and to safeguard and increase your capital. 


B™K iZSni 2DD 199 r - sni 3 2 2Q0: Down Surgical 'IOdi 49 1 ; Si - : Hollas Grom r5o) 64 *l(M0) (S»> *6® 

- n I-* 10 . 7v5eLn: 6 * ( l o 1 Di ® ’ 201 ° Dowry Groun iSOpt 269® 5 3 4. 7pcLr». Hott Llovd InHil. (1Do) 172® 3 02101 Hot« >25n) 93 *12,'10i 

e ‘ ' BorthwICV *T. I i 5 lp, SI® 2® I**;!® 1 rSSS 'l 2 ^ 10 i. n Him b Couflt, * S Newmapers i25p) go N tf** n ? hjn, «»5t , ?n , 5n , I* rl,TB lZSD, 1 4fi® 4 

L_ ne 1 ) -n, *5nultO" *W.> 11 O 3 I 21'.«B Dr»ke an® Scull HlOOi «-5p, 37-; 8 <9 10) ou 6'fflll. * 06 (9 TO) 

80 Bourne Hoilmos— orth '25p> 227 *10 u*) Dreamland Electncal Apeilanee* >10pi 36*; Hamfrav i25ai.42 4 Nova (Jarscvl Krnr i20m 3B*j (9»)0) 

n2 ■ T0 ' Bowate. 195 :® 4 ® 2-® 5*1® B5’- 92 n '\ £ i, 10 ' t}52*«r *259) 205. A*2So) 287 NUrdln an® D t? cock (lOpl B6« S 

Am iaia 8 3 1. S'-DCW. 43..® * *12 10) H ub . , ler -. Sp L Z 5. E «, irg?!‘L"*?! 5 -. W,d,fc «0 d» 119 Nu-SvriK IndMtrle* *5ol 29 

t2 *f’ -y-i* TocLn. B9-; g no 101 ‘ Ductile Steels (259* 127® Hortton Midland* rspi T17:-® 16® 

awii vJSD .75® Bowatrn NewfouAdland 4.;dcPf. 29!,. Oillav Briumastlc rtOpi 30 •:. IO-’.pcLi. House trf F rater (25pl 156 * 7WorPf 2 K (1929) .«0.50> 3E5 

, ■ *’0 10) - l0 ? ,J ... ,. 53 <9,101. 6ocLn. SOL '9 10) flu Ocean Wilsons 'Hldgs-1 i20Pi 86 (12 10' 

. Inv. Tit. Did. '25 pi | Bowl home Holoinoi nop 66' 7'-. S- Dunbee-Combex-Marx HOP' 130 26 20: 64 5* a H2'10) Bl4W: Ln. oce-Van Der Grinlefl Flwixe 9ocLn, 

Jin ; fSP.t* L t , . l- S. f1 9E' »9. n 1-101 Dund solan r20pi 41 39 10;10i CSJif, °* Lerose (2 So I 64® 1061* ,, ,. . 


•JO 10) 200 m 1 J J IZ5DI 32 

utlnaven >25P> 45 Boors i’Sb' 200 199 8 7 201 3 

MSSSsrSsiS '. v 0 f:: ,0 ' • a / vu 0 .* S i ® 2 ® . 

SSr^iio 'jm wsr 

2 ro rC. 12 ° Buwatci 195 :® 4 ® 2i« 5*i® 

B^fine/tlHLP.l Hk«s (25o) 141® fucLn. 'as : V'rtO Jof 3 ’’® 1 

BurtonvfODd rForshiwii s2Sd -7S® BOMAl^rs MewfaundJaxid l.-ocP 
*12 1 0‘ il 0 10) 

city of London Brew. »nv. Tit. Did. '25pi | Bowl home HolcfinQs 'lap 66>- 
64 __ 1 Br)hv Lcsl'c flanl aa lTI'101 

rijrv rMattnew) (HldSS-* *2 Sd, 138 40 1 Inlum Millar >10 d< 41 «12'10' 
2 Brill —ait'- 108® 10 il 2 IOi 

Couna- 7oc2ndDb. 65 ; OocZddDb 69'. Bramill iCDj <2Soi 860 (12 It 
Mflfl'. SVOrUns.Ln. 50 '< lOiBCUns. ?J! m !!* 'JJ ' *20 d) 103®. Ne 
Ln 34 ■« n2i*0l '09 IJ 101 

DinieH 4-wPerp.2iidMtO.BDb. 30 Sf"* I 1 - *'*2 'O' 

gssssra:w»M. °9? no io. tes.j5s ni 6«d , ff. \\o& '«* *° 

□Ist'llers iSOp* 205';® 7'; 200 I 199 Rrtdpnnd Proc^sv-i >Sd, 9 
200 1 ; * 2 S'lPCCons.Uns.Ln. 19. 10.5 B-'don <2 5"i 1151 9 It u 12 

prUm.Ln. 81 '< - 1O'10' 69 ilOIOi. 6 -'<pcLn SO (lO'O 

Fuller smtth Turner A3 J9 10; ■ g'ld/nui -Runfr* iHiw.w 1 t20i 

Grecnal! WBltlev i25P' 124 1 . BoePf. ; Pr'oh; 1 J 1 -z.Crji 34 nj'jjj 
900 . * Br'oray 'So F® *12 < 0 ) - 

Greene King Sons I25pt 303® '12 10* 1 B'l*,«h Alum 845 <12.'10i. Ord. I 

Guinness *Artnur> San I25p< 1580 9 8 6 ,' B55® 

60 57. 7iipcUnsec-Ln. 60. 10p;Unsec. 1 Rr*;'sh Amerir> n Tali 6ac2ndPI 
Ln. 79® *1® [ T-^Ln 76® .12 jg. 


^ 1 " ! sat &v 127 ®. 


Stroud Riley DnJmmnfid '25P 1 * 32.**®i 
Srurla. . -lOp) 140 13- .. .? 

36®: 12 1 01 ■ ■.£ 

Stvm ariocs (25m 75 ■ 


Lerose 1 2 So I 64® 


Stv'o Shoes (ZSbi 75 • 

Swnner (Freneui (HUgi.i <1thii- -7/ 

S'jnUffbt Service Grp. (TOBi SS, 
Svora Gro. :iobi 56 • ■ ■■ -.aj 

Suttilfte. SPnbman (ZSpi 62*» Otn 
i Seter Electrical (5fli 23 .-«r? 

j Swan Hunter Gro. 157® '• - 


Dunh'il 'Aflred' lOpi 395' '10 1C' ! M , 0 ,’'5Il n Bjan* Ci. (2S B ) 85. Rost vt» OW« and Bleciranic. Machine* C25pJ 

OualOD Hldqs. 50oi 73 2 3 :- 4 S'.pcPt. I *250) gs f!2 TO) * 1 * - 129*7 • 


T— U— V 


- iSlini O.MIIIcrlfi < 20m 140 39 
HI9MWIS Brwy 125 b, 80 Ml IOi 
Home Brwy. S'. DC Pi 44 Ml 10' 
Inveroardon Dlsrlllers iHldes.i >25 d 


(Non-vra.i . :iOo» iso iDocPr. ios: 1 fex^ hop' 55 »»,iO) 


Macallan- 

MmsAeld 

Maratan 



Seagram I 
South Afr 
Tornarln C 
Vlux *25P 
Wa:"cy N 
19 10) 
65-'* f® 1 
65 (9 1C 
Whitbread 
86 '< (12 


is "vusrs -sv? ... -sussas w » «.'*i l sr&A'aa , jg,„ aa „ . , ~ s*s«aj:%a. ■' " Rasiuir*??^ ■ 

w,,., c „„ ^ .isaswrwrt."--- -- 1 “•'E8E^»ifif*aLS!*»,. .. .fSKFiSrStSRiflife 

IHW •* "••• - rnance FOB INDUSTRY TERM DEPOSITS^ 

e ’» ?253?B2 « * - a2 i $ . ■/„ rrs - ,9 : * i S^) 4 '^"- 27 'Deposits or £1.000-£35.000 . accepted for 'fixed ‘Terms ' OE'^ 

■Kjjsfl* =571 65 4 112 101 I iiiis. oSwitein* mwK.1 * 50 ) 30 ..- 10 t'^3 i noioi 0 "' ,a3D, ,2B - l0DU - n - . - jwa«: Interest paid gros^ haU-yearly. Rates for dep^ 

‘ ?| hr, °' ' l^iiWTzi^r- 2900 M- Cm-W- wceived not : later than 3J1.7S.- - ■ '•••", I.".- 

SSlWH-^itoan.. ' -^nhs (^a») :j : 4‘ 5. : & '7' .5 . I* A 

Br^kw S BMw AL Ma Y!, J, i r il? nJ 1 i .Interest % 'll IH 1I{ 12 "12+ J2i '321 

Ln ^ 2ao%Sx L> ^ , 2 <2SM 508 t**- 7p * i € n «l4P0 «J. E-i (wailingtoni 5p. ZAiii - 25pj 23® 1 lj io v 

'"*• -w» ««« .-: t ™V-"-o. OT c. „0- ,6. »;'« •- -'«• *•>*»»•. ,»«. "kai»kiB 

Broihriiinort n-,,. , |ngi'i*i c>*d cidthing *25a> 94; ; :9 io •; )*<►»}. n toon* End -25pi 62 . 1 2 . io* informeUon from Tne .Chlet Cashier, Financp Tor Indusi 

^m.n^ I "•* 2 1 ^ JS^SrWsW** U V! M0 * Road. London SEl 8XP (W0K8 « 

»*nwn Bn*n i ^VT/'no iVnVS' • Ua^*!) »>ws .- 2001 * 1 3 -. Mi.io) Ext. 177>. ' Cheques payable ro ‘.'Bank of Enjdani a/c FF- 

VZlH&'J’L l ^ m ,0 - PhecoVa^^ooi 70 -io to, "FTl is the holding company for. ICFC ami FG1. 

o .ocun. 1990 9v 66 (IU10) j Crlih ( 25 pi - 97 >9 10) jjarvi* J.r Son* iZSo) 162 a!2 10. • ■ • ■ - — 


Time Products tlOo) 2 i )2 t 11 )iei : .. ' 

Tn m kins IF. HI «9pl 25®.. V. 
Tootal /25o) 47® 4iO 7.5b 6b €». 
Db GT - 71<DcLn. ’B4S "3 f12|i01^-' 


rinanco sircin 53*1 » Tnotal *2 So) 47® 4i® 7,5b 6b O*. 

Limns- H '« jo. ’FLlOi »97Q . Db G7 - 7S4PcLn. "64; "5 T12(?01^- 



FINANCE FOR INDUSTRY TERM DEPOSIT^/ 


CANAIJS * DOCKS (81 


Manchester Z93 M B'jpcOb- 94:® 
MerseyCbm Up 35 '« 5 6'* 4 *;i. 5', pc 

Ob 77*<. 6-(nc0b. 40 

Milford (23 


i Sortin' S’S"S “ Cds “On, 59 *171*01 | |l M i. Robbing ii5p. 88 Ml IQi ’’ 
' *in, H,M Pronrmury ;sA21 SUS10.20*. , Elswick-HeaPer (5pl 19 


Deposits OF £1.0d0-£25.Q00 accepted .for 'fixed ‘Terms " ft£;$ 
years: Interest, paid gross, - half-yearly. Rates for ^ep!^ 
received not : later than 3J1.7S, -■ . : 


COMMERCIAL (Z,7»n) 
A— IJ 


AAH *I3f • 1 10® 7 

AB Elnc Pro (11 Gd >25d‘ 1 Z 1 >9. 101 

AD Intnl, 9ptLn. 71® 02.1 Or 


*'A 

321..-? 


Kw *25P1 SB 




i 



-i«;V 


: . ; «•* f} 


Pinajiclal Times Saturday October U 197S 


«Wli, 


Mtm t*ap> ! v ??o^o? . JSStTM^fiRE. «*? 


..: ■; l v , 35»" "»»* «"'*>** c*ap>; ™e «rr M 7fi!RK.. ^ ' 

•V -.. ‘V s T i?'W tfco iso is : tr - **** . ,4 -* *? - 

■ *1 9';PCL*. Mm. S lSf2F" *Si ! llilfli >M»0« t«Q*. "fifl 

•-•»•. ''Tram ascent •; JM*s J':uJn' a» , ' 

;■-... :. ■ 45 ?* ‘ 2sb - l 8 '*- &«•*». V6-. • I.—.r ; -.Si i* us 181. ■ 10+.H 

;• . ^"kU* 65?°f? , foj SO ' U * rt ,3 J> 4‘j. ; »tw>ifilpc *CNrn-cgts <rSo. 92 (TT10. 

- .'■■ .^.SJ«53 g| .-a* 7- .. . I®***' Ac. .Ja 10 , 

. -A.; w*‘ * ; e,,nB ~ *? • •- 

.' UI XSn,«n •es«» ( scp, a: . 

,•--.. -V V^KfW? * r *»SJ »*& ?- ■* • ***** r - ai » 1 

■ ifi 7 34 Ujxn.ic MCfflT (2) 

.- .;■■•. !, v I»»p.. Vl KL. *S„ 7 3 «D* 66 ; « . ?«*<*> A raw. C*» 


:, ’ 8 rr?. N « »7: s . 

! . l ' ,ipi,c »W itu ra io, 

gn.. B ii | mcmit g t , 5 ipJ J ?1 


SM^II. I VauoB C5t. ln». «?•, WTM«. ?*, 


I TflUOO 

| WIOI 


UNIT TRUSTS Ml 


U.WfMuA l»U«i iwnd m, T>y-r r . n n ,«» * » 

rvti*;aa.-> i;cm ;ss» -ijio 1 nLub 103 (1) (p) 

1 law kpr-oKn ul^g < tup a? ;fi iq, . 


.CfW'ri 7M. wins. ¥19 

'Ucilrolui B h(» S0bt9 


>Jt J6S* US» • Sie 


Full*- SnUt* *rs Tu<—« A MO 
of : a Preset* Tri* - . n. 'C 
•jrtnsai lr u a lipwauOL.v uk £Aii 
Mias*. 39 

KffMvl HIQfaV COnr SuO.VjrnDIcLn. nk. 

43 

; lunirt mail New iz<i 

\ M-rung In.vkt. wan 50 4fl.j 
I NMW Comput'-ri 174 
I Njitonwidc Leisure to 9>; 9 S>: 

, Norton tfillur; Trluman b S!; 

O' ah am BrOACTV 0? 

! war QttVfi'C Sr r rite 5 ISO 
. Vrnmn 10!"!. S«i. Ca3i!Jl 47 
Vjnnifl mini Sfo income SS 


OCTOBER 10 


•»»«' 6-»o & ::= :j 
*i „ >■» r *ir' 6B 


Jl*« (4 
CBn.::-.a. 


Actuinuljtion 99.7 i13.t0> . Lani.'p Plantat.gn M>03i 

m m nu u second Gen. Tnm td Inc. laituii iC Brian • Tea ana b..pe« i 

iQ£ : '~Q : iU IS? ilj'lQ, WrLeofl nuucl 4.?acP» 3ii-a 4t. 

, 54 Tuan. 59 . 9 '0 

.nllSbb js.n»ii» hiib« tSa> ?c '1- sc 

Australian {,) iWirrVn Wanrafior.t H.d'j-. i?i 

HAinotan Goto Minirs 4n>n tsoi 1709 ■ '1? 40-)- New ' 2 So’ i?s i» 13 
4» 'Western Qootr^ 7» t4'd*>> 1 mt m ^ 

tviiirt Hatamob ivAO SO; J0EO I _.. r ..„, nTI , , , 

Neum Orotreit Hill Hlrfah. iVAfl-SOt 1 19 ■ TELEGRAPHS {— ) 

'.I2- 1QT Prrmuae ItfiO. tt 2 >t> ip- 

ParinoB M tire CxoCratron 3o; 77 b-,> , . 


Can. Pft im. £ta 

1%M 2 15 S>34 G»0V 7;.S-.C-r to: .. C< 

5 . 9 ocP» c n« b ?7 

• O'Cv^- Inn. tlgi ,. 

TCoePt ■ P“ PO"'- it i . ee Kevstra t94u 
1 2 Ip04- 2Gb 

ii 129 EirOr Con ua IS 

• let Mosul £240 

I B3h« t*n- T 755 

• Hacntn’’. 8 a* Mng jt'j «tt , 
lH.«:n.M» /1-dnBii : -piPt. ISO 
I mi'Tartr. s>nl Pi re it®:, 

; Janun* Mai’.-ic.- 2 b2 5 


«m.a t«i 453 Apna-ns A lift 

Beach Pell. b «-0 | _j|.j., lS 5 s Hs _ SO 

«: •- Ce. GPS ^“y 1 ; £J7 -‘ Aisr. finer*. 7t 

I ®4* f£ ,a * k FC ».:tS 

Dei Mo-t- Csn £. 0 i Cani&firje :n.iruir.«m :ipt 2 l- - . t ?5S 

■3iH S.94U ' ^ iia. ^.intir.dB* ln>:>rfment {10s5 ZV 

• ?PT l, n , fl a’O'c* 1 r U 4 . rrr.^.*^ 22 

. »e:*3*>n.te M.nm 3Gi. .. ta a'r ,0 H.O JI. 44 5 2 49 

L «a 5,1 Doiaiweim Hina: 25 4 

1 - s .... Cartoc.rrt: VW.Tjrr »5ifc» 2.CacPr J25 

■■5 'M I . M.ern Imoorium ’ F^Iief Smith ind Turner A 305 

-r-iPT. ; 50 ■ “ let*' '410 M ; ». s«. n 9 . P? e ; Ts: . 4 “ T u 

i o*. i Pinrotif.itertii t s te homr Eteni-i. saj 

s ■ c '""Blon> 275 . javelin dour, Ts! -AVO.SOt 17S 

, 5uW?JiJi l-S- r'.? s.? . K.ci:f.k rilC3». JC 

! -ri « Krlloik Hloai. Crr.tr.. -lit »cr«rjt 4Z 

I J.S. Steel . k nut. Mioc^ 13 12 =; 

! , Mann Are Svrrxea^ mv. let. A IS 

t. y ” T Y7" inn i a. , i Mon In. Ciw 50 49 

I BILE 1G3 (2) (a) .Nation* JO .e.su-e 10 :^ 

, ■ Norton VIII ier* T'lumai o : 6 Ji; 

| Applications gran ted for sped He : ap-ot cjs 

bargains in securities not .listed Q;^" 5 t wareeaise Hiast t J 

on ant Stock Exchange. Theren^HiaTv •ro'V uss i?« is\ 

r#inm;i- mast. :d is . 

OCTOBER 1 « 

1 A PAM C RAr-h a era 1 


PULE 1G3 12 ) (a) 


on an\ Slock Exchange. 
OCTOBER 13 


frd.9 


jArjr Ew;* 9j 60 

! Vienai FC £«65 


■> Vo 1 ? 

.■ %:* ”■'*? *** 

- L nw '"** Itoe* '?’-i> *!*•• 

■ • Mo Hlei.^oia A ku^r: 9 ’I- 10 ' 


' S-jIKur OZ.jJ 

2 (1C tfl! ; Cf.tr IVa.' 


VZ--J7 7?. HA ID. 
•Cnv.tr lva.‘ is tl'v £ ilO-lili 

f ’zrcr Mr .;s r .. » f. » j, 

3C • Murray tt.o. \le 

;Crejvt am l.i*. r-T .ript 63 4:. 

0 HlM . 


“£| 0. :* ‘V."i : h Vi \'\o? 9B ' ** I "a 1 BS.wT’.soSr V in- ,5? ; ' ' 1 

' itf: S1 * ! *■ «>,a»|H0 m .cut. c.pcDb if? i n n ”6S* , , ,>, i, %%'i^ 2 50 : ° TRAM WAVS (1) 


OCTOBER 12 


I A»»on vn ;j fc is *o:ni ttoa 9S 

1 Sot u r al te 5 

Cimtridse Injirumv-j . 1 31 : ; 

rantig:, instruirvrj ,i;al J 

COCar K!;cs. 5 PiP! 44 


j OCTOBER 9 

I Bdnams A 1 55 
1 B 595 S5 


'F&'r.an anfl Cd 


'onial invrtl Tit. 


Sain, Piran ..-ipi 7gi> ofeo □ 


I BartCrh TWUMR 95 


Aimer 10 

All. Biter -In >, 1 5 20 

Aio.r j*e 2!: 5 e 
8 l>vm t £7? 


CheMertlela Brewery 4aCDo £955* 4 
i Clyde Pet ti4 i? jo 


'■lor rc-jp. 050 b 

.JICMO. 

•'tom uooi :it 0 

' 'cXn'ePt 2 Sal 2C0 
Tiers 1 S9;s r* 7 

' ? ’ 0 5 pc Cum. 

*.ar Praaucrt i 2 £o 
nor. a Carer; .7501 
■'•"t ' 1 0 P' 29* E' 
•"!*» *'.’Da> ir.-o r 


;;eo-v Ovue;. < 733 . 76 
*»a.Tr, i43p, 
os«r u-;,,, j 04 ^r, 


M ■} A ■' ■ , !r;~ 

115 200 38 V 

>5ce 75:0 


906 93:0. 8 202. I -API 


"r : ' '■/ W—' V — 2 

• ■■“■£ f , 2'tf"?. e 1 * aw 61 ? 

£1 '10 101 

■ ' 'rflo/ 10 * , ' Jfr ■‘ ln, : “P* tu 

* Sr-iBw.s*" « = 

!"«u«r.a| ,25pl l £2 . 

JmVw )£!«« tTOrt I*:-:® 
lSC «bi is iii io> 

t: :!5? r S*«l| <■!», 2 S_. ‘XJ 


! WMr’fn' '-* r, *«* I Off. 12® 12 
. NMC In, Il2. : a. u, . 'to ?G. 

PaiaMHa it a. . . • •- - v . ■ 


: i E .3*1^1 ,o. 


VUWPr. SfMtntlder-.' . ;ai>i 10Si-*: K ?J" Ep«»a»IM4l«d Mines O ra -K41 ro re-^anc ^ns ,vir J.5 3 : m,. . i„., 4 . i? = 

12 'll' ‘ 1 ,4 •I2ii0' l.D .II-lDi 1 ikKfcrr O. r;r 'r. ,• 1 

Gieiiaere., .z^p, iflO® 100. Wrnts. b • ^"S*? Co |llfrv - t . 50 ^ 1 36 ! L S.l V fU CV i?f !«. 2 8s; ?b ,1J ,C| " ■■« • tAmm C«c* Gi: iSC 

.*12- to:. B i-«i 97 I 2 jhibi« Copse' InycSIi. U8DD24i 16*a Dll. 60 i !2 IOi 

Gipnmurra, R 741 - fin in. I >121101 ' M-d Kent Water 5 SotCuis. !£.■; 4 23‘‘ 

‘ 2 ®“ I Soutli African <«> ! A iXS *■ ‘ \%& .« 9 !D . OCTOBER 11 


EIRrlpge Pqoc: A 2T9 17 
I Fuller Sn-;:n Turner A Mo 
■GBA Pr sp Ti» 14i; 14 
; Ka«e 5:?nir| 3 
i xHIpcu Hides 42 

'Kurlilr Hloos. 14 11 '. 

, K un-.-k H'd.-S. h-'e-w ■* pel 1 1 
timer. NQrtcn 175 
! Mno l"W. Cpr 50‘- £C 43 
I 'in— «id- Lesuiv 10 
I Norlcn Villiers Trinn-.pii 7.. 7 
I 'Jldnarn Brewvr, !1 

IPMPA insurjnrv ;£ 

•banners FC "■:(] 

«»n-n Wrvipd".. ■. ;jn 71 
1 Star OPSHerp Se'Ylcei 1 
] "-rt Fr.—dl. l-.ur r , q -n 

; 'Jrrqilr Im* c r' ’i? n 

ivessea Water 5 p:Bm “• 


1 AC".irn? B 595 S5 
I A' in Encrc* 85 
aitoi v.i.s fc Vetel £16 15 

■ Bia-Hrurn Pe.erp FA 1C2 

1 Cantor Idgr Inst'liRieni .'pi 2 1*a 1.75S 

; Canity dee ImfoiMl '1 Col 3 
, Cmi: Ht3S» SprPf. J4 
Channel n::eK and P-irs. 21 •; 

I D.-i'ar Lana hisbs. 4C 
Doiio- ta-n Hices 25 4 
1 .. B T -r ft rro ?5 ;; 

, GRA Prop Ts:. 14 , 14 

( JCirhBV 6’2'i 32 

■ Kin.;. H.d9. '4 

M Hn; tn. Cpr 4? 

' Nasiii', c - * .vis.Te ’C : 19 

■ No-toi V I" *1 T-..impi 5’: 

, Jle'dm Brer<e' v CO 

i ; s 

lOpren S’ «V»*:iause .HlSJs 1 34 

I -■’ inn. 4 

Twir.'ecu ;i 23 ; 

[Valais in.j 


OCTOBER 12 


'Alice bill* FC >1 L '■ b 

1 Bar per TV A N..,tq ’ 5 ; 

. Burrcugn ijames. 124 20 

I CjDibriaue IrulruT.ert ipi r 




■ Yofifr.c/i in. a 

■ <’0?. t • 


13Sd ‘3. . 'la to). New Ins. G-f-n. :25a. S5AO 6 ';® 


SU54 50 

Bracken Mines .RO 90i p71 


B ®%s’"Sr‘,F 

mra_ Wh?,e ^a=:*^“s ”> i T a/ ,z - , o 
?-**••*£#. o®: 1,2 lo; 


Weir Hampahirc Wlr 4pc 26a. Bscao : El Pass Natural Gsi tufa 
: 23® I HOWIII carpr tL 550 :® 

SPECIAL LIST ' &?■■■£ ttSw ** 

tana lease Now 90 

Rwiiifw done In purities quoted SSCTa'ri^^ussz*. a 
in ine monthly Supplement. £«* ■. 


SPECIAL LIST 


JT»-aw aoAUnfl .ioo, j? . 

^'3?^? IC ; as ' *»- .**«■ * 

•asopii . ... .,'7 


Bowr.lC iC J i 
in 175 e» C 
Bn tar-.: a,;... 


:5al 97'* 

■ 1C ia: 


JSJM . 11 w 1 >Sai la 

*Ap‘ a- • .z .•« *01 


4r 3. 5 

Ea^!» 5iar '25* I4S3 
tcsie^aSMJI lr.surar.ee 


«S' 123 si 171|)1. IDeOLuV view 'Jial 97'.* 7 S *ri2-10l. 1 ,r ^ J** w Gedu'd Mines fRO 60. 5US26's | 

'.ip; 173 ill SO. [ ■Vi°o? h fiS ' ,C,10: Jwt " 120 ' 1 Free 5 ta*r Saaipiaaj Gold Mln>n 0 -Ri 

-Sp. 140i;» 30®?' 6 I tat. Orb r nn iSini 105 4 tll'lO) ! 84 ... . ,,, 

, . J Lonrtor. Lrinoi in, n». '25pi 56 '9 10- _ andn.aM — r-Crb CTAOI •BOO * 

*3 ; .J> * V ,,, Ibrd-V. Monliotr In, Tsi ,J5p. 195 gr"'.','*' MB »- F.nance Corp. rR2, 19. 

r.ce latxJnoPI. HI ! Its 10 . 1 no 101 | 


OCTOBER 13 
(Nil) 

OCTOBER 12 
(Nil) 


lordar. Provincial Tvt 


Gam Fiel 6 . 5. A. CR0 5V IS* MO 101 
Gain Field' ProD iRO 07>-l 6 S riO 101 
G-oot,Vi Propnetari Mines IRO 251 10? 


OCTOBER It 


Harmony Gold Mn®. rRO 50> U544 65 
Johan iteseuro Conscid. iny. iR 2 ) I 


OCTOBER 10 
(Nil) 


Meirlr £4* '« 

•Pacftc CPPrer 52® 

■ Pairotkra £7 £4 
bW'l-n MS'' ' £S2'i 
Raytheon IUS49-.:* 

5*n:a Fe I ’in' £26'i 
Siauffer Clem it. l !1 
Slarrere M.n»i 455 
S»nc Coro S.2’’: 

>itl livrj-ncn: £ft',: "I 

lonqaat G-aua U’e 
(Jh.on 8k o’ Sv.tw.ana £23v3 
W a‘i on 62 
A'esterr Baurpap £233 
( Western Qteen 21 b 
, Wheel oat. Mart. me 2 i J-i 


I CjD'briaitc lrulruT.eri 1 pi 2 2 

CAMRa .Real Ale) Inm t-35 
Channel Het?is ane Pr;e:. 23 
ICIairmace 25 
| Dollar Lana Htaov 44 5 
'Poigswei'a Hides. 2 3 
| Liendpe Pore a 215 
Eirnem Hldtri. 64 
GRA Pros Tit 14- I. 14 
I Ipiwlrh Port Author tv .*' : rcDbi. £22 
l.e "irnes 5tPrri 470 
: 5 crcll 'Y J.l HIQJ1. -rpcPt. 35 
Man, Pet. 10 
! ' -.— . Tsr 17:. : 7 
f Min-Southe-n Water Gr-.DI? £36 
| r. mw Comp utnri 1-5 
•:»t mwde leisurr ■■. 

I ■arnth Sra Alien 702 TOO 
■Norton Vlll'Vl Triumph ? b ", >• 6 5< 
I "l.lm (Irrwcrv ;i 5 
i ’I'Vim Firrwr-v SaiLh tGO 
! 7'oeen St Wa«»r.iir HiliS ' J 
1 iM UK 4.1pcP* 62 
' Tw.rloik 22 - 

[ ■ 1- ln,%. 1*6 5 

! Write, Water Au*v>,i>. : k £75 


! RULE lfi3 (3) 

| Bargain* marked for aonrored 


j companion engacod solely In 
I mineral exploration. 


OCTOBER 1= 


' Cl-rtr on uu 

■ Sietwns .‘UK, 330 27 4 


OCTOBER 11 


1 CCP N;rth Sol AlJP'i. £12'a 
, Clu» Oil M.'il 3. 


OCTOBER 10 


! Clu" O.: 422 419 75 412 S 480 
5-ePens UK' 259 335 314 330 


OCTOBER 0 


!CCP h-'in 5’» As vies LIZ'm 

i Cir.j.ii, ri *f» 

' Jj* one C"' At'eaae 93 
Uh ?:s 7 


OCTOBER 11 


OCTOBER 0 


I 01 t» ioi *’ 

, M-a'n.d 1st. >25pi 93 tlQ.lDi 
Monks In, T«t. . 7 spi 51* M 2 101 
B5® Montagu Boston Inv. Tst. OOoi E 6 * 
Moortido Tit. >25pi 104'. u w 19'iQ. 
RJP Throumorton Tit. Ine. 12501 1 SS 


Kinross Mim 'Rll 3031 I 

Kloof Go'd MCI®. .Rll bOOS 
l-sile Gold Mine® (RD 651 USV) E fit 10' 
Ubanpn Gold Mng mil 5!0 2 M2 10) 
Loraine Gold Mines (Rli 94 >11 10) 
ledniWur® Plat. (RQ.IS’jl 78 80 79 1 
ri 2 .-iQ) I 

Marieyrie CoiHditf. Mine* fR 0.251 USI7J2 { 

MeSiau tTrinsraat) On. (R0.50) 766 ! 

Middle Witwatenrand rw. Areas) 1 HO. 251 1 
USV2.60® I 

President Brand Gold Mug. tRO.SO) 955 1 


OCTOBER 9 
f.Nil) 


OCTOBER lb 

£60 


Ann s Tree: Brewer, I9J 
1 Cjmbridqe Inst rumen* 1 ■« 

Cedar 16 : 

□ □liar Land Hides 45 
fiastnhume water 2 9d< P f 125 
Eid--doe Pose A 222 


' Clui? Oil £4 . 4 
1 - -uk. 32S 6 4 

I -T b.E'-C THM A.F OSW ILY «UP -• 

[ >Bu pi'miiMuin .it (In* .Finn. 1 : F jrhnndO 

r Ji;ji|.-t|. 


Currency. 





. 1 2/10) 

lessee i25d) 74 Ml /to) 

Watson “Hides. 1 MOP) 21 Is 
lll'e Child 8 -nev - 2 Snl 120 2 • IC"! 

•*P*<V : » 01 ,2SW 107 t10 '«»■ 4.: 

.tiitehWiSd ■ George) iEng.) irsfloi n 
‘ 5i*‘ "B.1J11 iWm.i IHId«t 1 ()2>7P 
1C 1 01 

'holeisle FUtlms iJDpi 225 <10/1 
■ rf/ill .Henr.j 5sn '2So> 262 >.1 1 1 | 
•»»>ns tcano 6 '.DC?r. D Ob. 76 i9' - 
•'Ikes (Jnmesi t25p' 62® 


provincial insurance 25 ^-W. r 20 p)' SBH 
; J'’"*"*-* 1 :5a, 145 s > 40 5 4 ■ 

1 Refnoe fs»> 144 ® 2 43 


29 ”,; "t,; 749 * y * WatTlnl * “ Vurchase plXident Brand Cold Mng. [R0.5OJ 95! 
Mew Vor* Gartmore Inv. Tsi. ^5 p, 45- stern Gold Mr. fRO.SO) 8*6 

T&oVS??'#'™ Inv * T «* raiw 73 R Ne d w L tSa°i n 3p2?: p^-’Mono® f,s;,0J 
Northern American Ts*. iZSut 105l-». 5 ,,Hl MI H!” P| J“- USS1 74 t9 10) 


tils Gold Mng. CR2i 

1.101 

st. Mldgt. fRO 10 ) 1161 ;© 

3 8 8 

d (Rli ©775 '10 10> 

Land Exploration (RO 35- 


UK MONEY MARKET 

Increase in bill rate 


EXCHANGES AND BULLION 


•ilkes (jnmesi (25p' 62© ' 
•Ik nr Mitthc'l (JSPi 42 
lill-vcn Mrun 17J. load 


Ilk I- sen Mr-tch 17S. lOarlr. 91 >• , Acorr Si 

iltlams jan-es 'Enps.l i25P) M 6 © T 6 . . A.lsa <2 
'Sot PI i3S:t® g^.:® M2 ; 01 ■ i 4 im»v < 

Ht-ams > Ben) il Do: 22 ■. All.arre 

•Ms i2S». 58 j 6 (9.10. ,All:ance 

ilmot-eree-fn" . 25^1 b6'< j 33 711 . 

il*.on Bros. (2 Op- 44 UMOi 6 i) 0 Ctn. ! Art.tuwr 
. »2 (10 to. A,,* > 2 ! 

, .-son ro-nnilv . 250 ) 143 -12 10, Amer:eai 

■ Icon Perk TijecPr. 72 tfl tOl ciO.'ISl 

■ I Hon Walton Engineerin'! HOri 39 Angin-Ai 

.mpev '25i*. 73 u* S>s 6 7 4 nr Dp 

Inn Inds. < 20 p> 50 Anoio.ir 

•re pi»fiic mod: 39 noioi A:s-i i, 

•:tter «75hl S3'-* Ar.a-ft.gr 

- w Elecirle Tools '?5p, BS Ashdown 

'oisele,. Hughes f’Se* 224 * a 112 I0> Atls-SC 

• Mi»ieni*<.rme B'Ciue >25 pj • 230:® 1 10 M>-n 

• 50 Atijj, fih 

%nnbwe|i Feundrv H0p> 29 P* J9 

- 901 .tSm 49 p.nlerS' 

OOU Hall Tg\. IJ5 d) 96 S 1 R»rr* -J- 

Odd '5. W . ,20p> 43 ill 10> I -s'»h4 w 

aerts—d I — -S -Jin. ID'ip 7 . ttorrf-r 1 

Mfli". ** * wren ri 2 v !Pi 24 1 - ! •,<•.:• : 

ooi w*»-f 'z~ai 7or® i a; it . Br'i'-a 

•C’. 3 1*2 lj.'*ai 


1 ; INVESTMENT TRISTS (UW) 

) Aaerceen (25p' 142 40® 4 dcP»" jsr. 
,, » Aeprr S-res. Cao. «ln) 99 i-s < 50 p, ©; 
J 6 , i A.lsa <25»l 118- 5 p;P*. da ia 

I Alhany r 27© III 101 • "• 


SubVkn-’ - "'iD.V Tuli?'!"' ''»*• 50uin»asi 4B0.50* 1US7.75: 

U 5 ■ ,C n« R „tn C . N V, f ?„ "i ' ,FI 31 SHIIhntP'4 Gold IRO 30) 4U54 46® 
P605® U S.S8 .75* Tr a iU..u' Com. Land Ennlaratlm 


Rolinco NV iBr ) (FI Hi Ui.s 69 -al® 
Romney Tst. 3PcD6 


Traiu.aa' Com. Land Exploration HI' 
£13'. (9 10. 

UC In* iRI i p222® 

Uhlan Cnrnoratian CR Q 6 ■>) 304 M2 10) 


Bank of England Minimum 
Lending Rale 10 per cent 
(since June. J97S) 


~ B _ •’1'B A The U.S. dollar fell in late tinned to improve and touched 

r» I I trading after a fairiy steady start DM 1.8560 against the dollar 

.1 ’ IL/1U JL CM. LL/ in yesterday’s foreign exchange before closing at DM 1.8600 com- 
ma rkeL Trading was rather mixed pared with DAI 1.R7371. in Frank* 
There was a slight shortage of w ith sterling at its higher levels furt the Bundesbank was again 
day-to-day credit and the authori* * n *be morning before falling on active al the fixing and gave sup- 
ties gave assistance, possibly a the trade figures during the after- port to a number of the weaker 
lit lie overdone, by buying a small noon. However, the dollar’s weak, members of the European snake 


The Treasury bill rate rose by amount of Treasury bills and a ness helped the pound to recover as well as the dollar. The Swiss 


Aiwny to»i 27© :izioi ’ 5SSL?rtiL, 7: * ** i’!'! o) union” coinor'aMntii 06 ',) 304 <i2-ioi 0 5042 per cent iq «.S503 per cent similar number of corporation slightly in late afternoon together franc was also firmer at 

£!::s t,’„ u -W.,’”As,'. : J 01 ,u laSSKt^W-JgrxS^rKw, Sar'^SyaSME rsJS,' »» X**|'| tMdw ™a .>• ua,. all direct from the discount ukh . litta aenuine buying S»Pr 1.5215 iiulnn Thur-diy. 
33 in- io»_ 5 rtp*. 3 a" hwjo* . * 49 vuitripoii Cain mil 208 (9 ioi minimum accepted bid was £9 1 -il houses. Total assistance was still demand. The Bank of England close of SwFr l,.>42n. Using 


Hk'iSOP' 1Z19.*«4B >*509* JB3 I cV^ A J Ur ' -w 7,1 ,25 P> 126® 5«; 


AJ,» 'C5p> 155-, tlTIO' 
Amer:C4n ;25o. 44-. 


VUR'ontiflh Gold IR0 90> pSO® (12 1Q> 


Sa Jt LI "ke® In* Ts: Income 160'- Wvllhom Golfl 'R 0 .S 01 «US4 

c *Plti( 11 Dpi 62';® " Drtefpnleln Geld (*1i 2 




iS 4 °?s < (?i 7 ? 8 i (against £97.87 the previous week, termed as small and houses were did not appear to have intervened Morgan Guaranty figures at noon 
• 2355 ® *us34«.J Bids at that level were met as to paying between 7 percent and 71 but on an overall basis sterling in New York, the dollar’s trade 


LOCAL AUTHORITY BONDS 


geg.it>! UMIM IWMW* -asp) ai:. dJTbIS?' 1 V&, 1 ‘ W uncertainly m tne discount cent m eany aiiemoon. However f . - “ - --- - --- 

at25 »‘ °mo?o5v B407# 'i", 5 ®' sSssl.aa® hjoo market i s not only proving late demand pushed up the rate tinued to mSZ oveMhe SSteriS 
s S^ l , l, 1 *YAtr*dw 1 Mi 1 8 1 ti, K 398 9 403 uncomfortable but may well to S-Si percent. r*,tinn 

^»T. /,«»» . MMn . .-wwvw rJ W..M.WWW Rales in the table below are ration or pay - negotia lions at Ford. 


Authority 

(tctephriTic number in 
parentheses) 


Annual . 

gro*=s Tntere«l .Minimum Life of 
Interr*t pavable s U m bond 


S^ceng Grew Northern (25p. B7' 7 OIL (Ii7) 

"fSyini T, “ M 01 Stouano i2 5oi 195 AftocH ( 20 oj 84 6 (10:10) ' 

SMrc» ln«eu fSO». «rjtlgh.8orneD I10») isg (10 101 I 

eS!BSwS5iKfjL*A 8 ^ ,!, i 0 : Pe ^' u 74 9 ?2 3 ®i6' 5 i i c °v a »' 


prompt some measure of guidance 
by the authorities. 


nominal in some cases. 


Ramriev Metro. f0?26 2032321 

Bradford (0274 29577) 

Chorlcy (02572 56111 

Knowhiey (051 MS 6555) 

MHichefter » 061 236 3377). 

t trim 51 31. M) 

Poole (02013 5151) 

Redbridge i01-»7S 3020) ......... 

Salisbury tOISc 342115) 

Southend (0702 49451) • 

Thurrock (0375 5122) 

Tl-unrock I0T75 31221 

Wrekin (0952 305051 ) 


THE POUND SPOT 


The West German mark con- g..i.( U>.iin. u « fin.. 

iUIK-vi 


iBJui' 
Oct. 13 ntte.; 

i : 


OTHER MARKETS 


ri.w 

Upeniiij .. . . 

)I"nin:" h . . 


Sllcrn.'xm 


25n. 

•i-a.' < 4i s-.ss.477l> 
'2.$ S ><i7.2fl 
L"-.I47 £ I I6.6b8i 


111 

‘■vear 

2.V) 

11! 

I year 

.700 

1X2 

4*y«»ar 

• i.neo 

H5 

J-year 

1.000 

10 

t-yicar • 

. 500 

10! 

f-ycar 

500 

UJ 

i-.vear 

5<10 

m 

i -year 

200 

nr 

4-yc»r ■ 

inn 

10; 

J-year 

2.V) 

11 

}-vear 

. ,mo 

102 

i-.vear 

-IN) 


yearly 

1.000 


TrvhTioKw* Inrrtl. Tru*| (25 pI 107 b 7 2**^,' 

T J.T?'“ ■SJIW'rjl Trujt >2Spl 96 <12<10J. [Jjl "* 1 
_hDCLn. 78l)'(12 101 "CA 


«•> I“*OR- 62 (12-10) 

Hunting (25o) 94 
MCA tut (2So) 37 fi 


U.s. s 

Csnariisn S 


Trlbunr Inv. -zsg, 751 , 


, IFI 20)' 44l : s® U (12 10) ?Mt- 


8 l.-TeM.sS! 1 ' .1.-86* I.S87J 

FiV>’.M 6 S-a.# 6 M .a.:62'»-2.;6M 15 

SI*. 4.91-4.16 i4.«l4 4.i2i 

6 bS.2i-tB.75 7S.5u-SB.4U k'c-"' i«.t Pf*'-. 
B ■ I0.S55- 10.316 |0.2cj t0 2-'j AutiratiH L«'<i«.ir. 
S 5.88^-4.73*; 1.56-9./0 flnun.i lira-. 
U ! fll.au-8’^- 1 B8.cM‘.58 M'*-’ 1 I""?"' 


£ 

\<4e l(»t*t 


wnai (.0481 (wil HOP' 76 ( 10,10i -7-n«.»4m«c B . i S»Drea >60' 10® 

W-»e-l*«t 0 m < 2 So) 211 ': 12 '4 12 " ^ BC- 1 Vroocrtl^i ( 10 pi 374 

c a-nk * 7Bl; , . A ,2 ' 1 . 0 7 BeJcian raf< If tor cnrrrertQlc francs. 

lllMo"*’ 1380 9i * 'l-HO) B '2601 91 B (vai55" tore * re “4l ^IOdj 2M FinauUv] rronc C.00-62 10. 

Y--.ri. 4 v .tst- ies Beaumont Frooenics (2SpJ 88 i 9 , ) 0 > 


(leniiiiu hr«... 1. >45 1.749 U7B.43 860.4 'M,-tnn ,6.5-.-7.5 

A j:i n>'iH L*'H.ir. . ! 1.6995 l.'c 65 O. Bo 65 .-.:90 lut jfiinti - 1 5 r3 - 

VlnMiKI Slfich". . 7.04O-7.B55 .4.96704.Vi90'l*.-nin*ik • 10.2a Iu.33 

Him.-i 57.61 -a 8.61 : 18. 3 19.44 YiaiKr 8 «a8.‘0 

liro L Ilia hiia... .* 70.930 7^.667 . ia. 70 it. 58 . ■ cumins ' 5.&5-A.7S 

Hr.ny K'.ir.- I m >i mi. 'J. 3575 -9. 3800 ,4.726 J 4. >- 1 :ii»i) ' 160 -H3J 

ni" HU' 13' 70.40-70.65 all-3bl 

Kiiuhii llipnriKI''. U.5a2-0.a»2 ‘0.4 7 10 0.< • Bfr.keilmrUiuU, 4.00-4.10 

l4(Nt-nilv4jru I'lnn.- 58.3u.o6 4o ■ J9 36-4? 38 .\.ii-na> 9.60-9. FO 

Mnlni-ln 4.384.-1 rJ.221 -4.L 24- Ii'miiii-p- i 88 K4 

NterZnlaiol 1>-U. 1.65M- 1 .8610 0.9353-0.9u> 8 mm 1-.1 )-& 

>nu. 1 i Ln'.ih lin- 6. 56.61 5. a 175 4.5'. 10 *■ u.-rrlnn.i 1 3.' 0-3 '0 

Sluxm-n'* Ik'lUr. . 4.32 4.:4 J.lu 0-2.191 'I-ii.hm Mr!*- 1.S7I? 1 9BI 

>>ulli .llrI-0" Ifmiai , 1.7131- 1. >591 0.6624 0.&755 lV,ia-»lai ® I 41-5 


r,m.i Lmn: . . . 

d>*in— t ..»il» 

K'-UkCithtiiI . . .. 


L'l Ij-COJ' f«:ili.456l 


s.ineiun* 

i'i.I >.n i-i pit"- .. 


1 -SS <232i-?i41 

•V S; .VI 1 / 118, 


I'l'W 

nil- 

K'ii^viimii.i 


«h*l: b\ lg 

r-tl.--6di 

tit-ssi 


Nr> -'•■ven-ianv.. 

' 'l«l Wu^l- .... 


Swill li Airl-P" H*"i", 1.7131- 1. >591 0.8624 0.b*>55 I V.if-Ui m ... 

Rale Eivrn for Araemma U tree rate 


' fcla-ir-. .. 
S k* Ltii'i- 

m Kh"in- 


BUILDING SOCIETY RATES 


Abbey National 

Deposit 

Rate 

6.45% 

Share 

Accnts. 

6.70% 

Stib'pn 

Shares 

7.95% 

Aid to Thrift 

7.00% 

7.30% 

— 

Alliance 

6.43% 

6.70% 

745% 

Anglia Hasting* & Thanet., 

0.45% 

6.70% 

7.95% 

Bradford and Binjlcy : 

6.45% 

6.70% 

7415% 

Bridgwater 

6.43% 

6.70% 

8.30% 

Bristol and West’ 

6.43% 

670% 

. 7.95% 

Bristol Economic 

6.45% 

6-711% 

7415% 

Britannia 

6.45% 

6.70% 

7J5% 

Burnley 

6.4o% 

6.70% 

•7413% 

Cardiff 

6.45% 

7.25% 

S.25% 

Catholic 

6 00% 

•680% 

7.3(1% 

Chelsea 

6.45% 

6.70% 

7.03% 

Cheltenham & Gloucester ... 

6.43% 

6.7(1% 

7.95% 

Citizens Regency 

6.45% 

7.03% 

S425?i 

City . of London 

6.70% 

7.00% 

7.95% 

Coventry Economic 

6.43% 

6.70% 

7.95% 

Coventry Provident 

6.45% 

6.70% 

S.70% 

Derbyshire - 

6.45% 

8.70% 

7420% 

Gateway 

6.45% 

6.70% 

7.95% 

Guardian 

6.45% 

65)5% 

7420% 

Halifax 

6.45% 

8.70% 

7.95% 

Heart of England 

6.45% 

6.70% 

7.95% 

Hearts of Oak & Enfield ... 

6.45% 

6.95% 

8.45% 

Hendon 

6.70% 

7.20% 

— 

Huddersfield & Bradford ... 

6.45% 

6.70% 

i 

Leamington Spa 

6.55% 

6.80% 

0.26% 

•Leeds Permanent 

6-45% 

6.70% 

7.95% 

•Leicester 

6.45% 

6.70% 

7.95% 

Liverpool * 

8.45% 

6.70% 

$.15% 

•London Goldhawlr 

6.45% 

6.95% 

S.20% 

Melton Mowbray ...... ......... 

6.55% 

6£0% 

7.95% 

itTidshirefi - 

6.45% 

6.70% 

7.95% 

jlornington 

7.25% 

7.50% ■ 

~ 

National Counties J.. 

6.70% 

7.00% 

8.00% 

Nationwide 

6.45% 

8.70% 

7.35% 

Newcastle permanent 

6.45% 

6.70% 

S.00% 


*Tenn Shares 
7.70% 3 yrs., 7J0% a yrs. 


7.70% 3-4 JTS— 7JM% 2 yrs.. 9M% I yr. 
7.70*% S-f yrs.. 7.20% 2 yrs- 6.95% 1 yr. 
7.70 fT. 3 yrs.. 7.20®’, 2 yrs.. min. £500 
7.00^ 2j yrs.-. 7.45% 2 yrs. 


»r. s LONDON 

BriPW, L,ng (25oi 45.-6 H 5 *X 4 New 

m SSL. 4 VW ,m «’ 1fa »- 

Bnatan Eittte (i&a] 111 Ocl La 1 

^;^ht •: 

.Win) 82 UnALn. 49^ t days ooiice.. 1 

Estates (25M 328 ( 4s.m nr 

Ctrv OffitM (?5P) 63 2'« i dav* aw ICC... 

f * 10J 

cpntral Securities >iOpi 37H: i,; J«o m.vitbv . 


'iil-255 

>’j v ie; lira, 

■*H>r-hi» 

■ lilw-' ,, 
--t l-.-bAv 
■fi 1-52. 
-a-is- alt 
1- I6D- US 


LONDON MONEY RATES 


-t-frUof* 

on. lo ' Certificate 

lnt«rt«nk ! 

l(m . r» fteiawll 

! 


Loii 

A uilii. i nv 

depi-tt- 


£>.;* J 1 •>■)'. 
uu.'- >1 Mill- 
t- •('■i* 


Fiat ni-t- 

b.-.w 

ia»l>i-»t» 


' Dt.C-l'JIK 

( "f (» u V tuirkpi 

LN-p-iu ' ilei-v.il 


81 ? .9 

Ooc month.. . 9f£-9Tg 93g-10 

l«(l nj.uitb- . lOlg-10,^ I 9^-lOU 
three nmnih,. lO^-lOis I 10U-10;J 
'li m»iit )■>... ’ l 0 -;- 10 i, lOri-UU 
| .Nine month *-.. 1 10 Ts- 10 .i» J lO^-llla 


LN-p-ii* 1 iiei-v.il 
a'»i-av4 i . 7 8>: 
9fe ! _ 


Cli8lM« ' 

Bank ifmelrviie 

bllla® I 8 :llu* 


CURRENCY MOVEMENTS 


pomngion Investment • 1 <h >5 58® One Vtui — . . »' 

tnpiisn Property iaop> sauro 7 ., &-. n imusH 

h'rPtUniL" 81. 12 o*Uns.Ln 80 M I 101 — - - “ 


10r.-U> 8 


j One yen, lOU-lOf* lOri-lUs 


9U-9^ | 9TvlOU ' 

10104a 

10 I 10H-10 J » ; 

101*- 104a lOJc-lOi, : 

ION-11 >£ 
10 ie- 10 va ) 01 j UH 

Il4g-ll4a 


, 8l«-8l? 1 

94g-9*s ' 81 ) 9 i 0^-9’j I 9T 8 -9^ j 

I 9ij I 97 5 -9ra 10-10 : d! 

10i 2 . 95a-B-* I 9.'j 10 lOVlOJel 

- 'io. 8 u : 


Bank of Morgan 
England Guaranty 
Index changes 
teHC -ii"u 


6,D5°n 3 month*' notice 

7-70% 3 yrfc, 7.20% 2 yr>.. mm. £500 

7.70^ 3 yrsw 7^0% 2 yrs. 


— ' • 7^. over. £5.000 

7.45% min. £500 6 months’ notice 
7.70°T, S yrSw 7^0^ 2 yrs. (£500-11 5.000) 
SJOOo 3 yrs., 7.55% 1 yr.. mlo. £5.000 . 
SM% 3 yrs^ increment share— min. £500 
7.70% 3 yrs. min., 7.20% 3 mito.* notice 
7.95% S yrs- 6.05% 2 yrs. 

— up to 720% a months’ notice 
7.70% SyrSn 7.20% 2yrs., min. £500-1 15, 000 
7.65% 3 months’ notice. £1,000 min. 
7.70% 3 yrs., 7.20% 2 yrs. 

7.70% 3 yrs., 7.20% 3 months’ notice 
8.20% 4 yrs,. 7.95% 3 yrs., 7.70% 2 yrs. 
7.7(1% K months 
7.70% 3 yrs., 7.20% 2 yrs. 

7.55% 2 yrs., 8.00% 1 yr. 

7.70% 3 yrs.. 7.20% 2 yrs.. min. £1.000 
770% :» yrs.. 7 20% 2 yrs.. 6.95%, 3 mlhs. 
7.80% 3 yrs.. 7.30% 2 yrs., min. £1.000 
793 "u 3yrs.. 7.70237% 7.45 lyr. nun. £1.000 
7 35% 2 srs.. min. £2.000 
7.70% 3 yrs.. 7.20% 2 yrs., min. £250 


Ctrv Offices 17501 6S S'; /daV* Oftfioc..: - J 8l?.9 ! 9-91® 1 - . 10'« . BU-Bl- 1 S'.-rUns 62.D? -flj.g 

: (Joe month.. . 9fi-9T g 93g-10 ! SU-Sjg I 97S-10U 10*; : 948-91* ' 8»»-9 j 9^-9’a . 9 t 8 -9^ j lOij t 8 dollar 82.02 -1D.2 

Cwrtrof°s«ur)iiei^?fopi 37b- 1 - •« ®*«.N».. IOlg-10,% I 9^-101* 10-104a lGi t , ! 91) 91^' lO-lDifi! 10^ Cdhodian dollar ..... 73J3 -18 0 

Corn Exeiiange OOpi I6t 7 ^* ** Ihteenmiiih,. Ibig-lOSs 10U-10;j 10 I 1059-lOJj : tl»* 101? . 9Sa-B-» I 9.*j-10 lOlflO^I 10'j Aus tnan scJiilImc lOS-M +18 9 

Coumn, and New Town Prop^twv ,10P) 'l» m...ilh« ... ’ 10-^104, 10 r j- 11 h 10 i«-105p l0Se-10> 4 : 1H 2 ; - - ‘IO-b-H | 11 b"u" b 

PaflM’ifcni (a^»i ;,n* lAwMbs. 1 1078-10% j lOfe-lU* 10N-1H& - - ■ - PfHuan fr.u.c 1U.&S +M.S 

Dom^ga^lnvii^ent ® SB* j One yw, 10T.-IO* lOri-lllg . lOls-lO* 101. H*. - i - - - J I'an.Sh krone U7A2 +61 

£ 6? iSunuMi 'SOP' 3Bl>:o 7., 6:.- 8 j ' »'u van ! j^llig-llia - — — ' — ■ — i — iK-uiV-hv Mark 107.87 +08.1 

Utatei Agencv Hidos.^riSp) "a/ 0 ' 1 * T °‘ Local euthomy and finance tnwes seven days’ nedee. others seven days' fired. ■ Longer term local authority mong.iye ,ranr TTT'i 

itiain SSIShi'-c'.' 1 , rS-- IP- 10< Iratiti nominally three y^ars UI-I2 per cent, lour wars 1J-1S1 Per «vni. five y.*ars 12M2. per wr.1. <1* Bank bill rate* m table Guilder 122.BJ +19.3 

ilnsLn. r iJii ill 13) 5 * 81 " 7,,pc| ere buying ra'.-s lor prime paper. Buying rate lor four-monih-- bank bills lu; per teni: lour-murnb tr«de bills 101 per evdf. Frvri'.'h franc 98.78 — 6.0 

fcvans Leeds t2Sot & "l Aoproslmai-. sell mg raws for ooe-month Treasurr bills 99(6 Per cent: and mo- month 9 ■■ pot c'-rit: thro- monrh ( 4ra 55 ,*^ — 47.q 

Five Oaks izspi 6 5'» (ii-ioj 81-9 1 p-r :>i Approximate selling raic for onc-monih haul- hills *'-P*» p-?r enni; iH-o-motilh Bf-K p*-r cent: and ihr«-<- iso 75 + 53 7 

w - ’ "S- * ,50,,, 232® 20 ®. monih jo; p> r irnr. unr-nranth iraile bills )0t per cent: mn-moiuh 102 per cent: and also Ibrw month lut p>-r o-nt 

GjimiI Ini hMuni- 1 9h , ! Finance House Base Rates (published by the Finance House Lisouanon. 91 prr cent (torn Oonher 1 I9rs. Clearing Bank Based »n trid-’ n-eiahied chances from 

GreencMt Propwies* (5ni P ii^ , ^ ! , DhPooll Rales ■!"( small sums at *?ren days' noil.-et k- 7 per «m. Clearing Bank Base Rates tur lending K' per u-nt. Treasury Wj.-.hingio;i acrcineni Drc-mber. 1971 
Hale* (2Sp) 75 ft 1-101 - 1 1,2 10> Bills: Average tender rate-, of discount 9 6403 per cent. .tank ul EngUnd Index =100'. 


Green (R.t Pi 


ooerties -10pi 41 »s 


Greene oat Properties (5oi a t«P«6ii Rales ■ '"( small sums ai ®.>ren days' nori>.-e> «•• i 

Hales (zspj 75 (t i •' o" . '* f 2 101 tills: Average tender rate;, of dtsepom 9.6403 per cent. 

Hammer tan A r25oi 622 ClOnoi 


Hasietnei-e E-taira nor) 25 ; - , 

House Property (5DPI 170 111-10) 
imrv Hides. (25o) 370 
Intereuropean Hldos. MOpi SOU 

pPPJ^Os estates BocDb. T3H (igjio) 


EURO-CURRENCY INTEREST RATES 


Land Securer (SOrt 233 ® 2 5 T fmenu. : 

56 nOMC) 6-rtKui.Lo 56^ «*1- U ; Mr 

: 0 0 , ai : pcUn*.Ln. EE* 5A. S'^e . 


l a and urn 

Dniior 


Dutch Guiidet 


Wont German 
31 ark 


F'rtucn f-Ynni* 


■JflpiflW Ten 


•■*' !»"• « , :pvs> n ».Ln. ob® 5 ^. S'ux - — : , _ _ , ■■■■ - — - - 1 ■ 

Uwi3' 521: f«SSS" 8 - tn ’ 1A? ’ tnbriri mnn .. . 99l 2 9 ■ BU-H'o ' »6 18 i |®r-l a b-4l 8 i 7->i. 91; IJI- 1 4ig6l a 

Law Land Jfp. *7 7 day’* onticv 11 lllg | itj91fl ; Hij-«i. 16-13 . — ri( rls dlg-ila 750 74 b 14*3 1 &1; ?;- ; '2 r 'r 2v..-“rfc . 

London Clig 9f«weii!t 75 't® ■ Month t?W 12»* \ 9&* -10 9ta9‘: 16- lb'-* 1 — f, w 41 * 45# 87s-9tft ; »W » >3 &*s 8^3 5 il* j 

tug" iSS^ProSSHrl'M^'f*^ 2 ' 101 Ibrae m»iubs.. - 15l B ii6e » 1. -10 sH.ia 13 !« 135s U U iHr*^ ! bSe-«-7 B i5 16 94f |r!r3iV J 

CwSuni L^ 69 aSv> 79 *x month* : 1 =*b IbTb I 10 Id. . t .ir ' :i ; 101311 • He la , asa-3»i j 9( fl 10l B l 14i r -loi 3 10*1-* . 33e 34. 1 

MEke l»5Dj' 102 . «I;DCP». 32 11 1 ’ 10 ) tilw.vefir 15l|-lc3* : 10 ICI 4 V ! 9ti 9--1 ! 56 34 , 3^-3 r ,- j IU«-l k le I 14-15 lOit lbri : ' 

12^-0? SBA< ' 'Pcllfn.Ln. tofi® — * — 1 

Mid hurst White Hida*. nooi 07 The folInninR nominal rates were Quoted for London dollar cc-mnraies of droo sit: one month 9.13-835 per cent: ihrc-e mon:ne 9..U-B05 per com: sis months 9.55-9.99 

Mounnm-w Estates soi Bfi Per tvni: nn>- rpar 9.kJ-O.B5 per ctoi. 

M uckipw and J.l Group (25 di 133 i Loru-Ti‘mi Eurodollar deposKs- Two years £>£-9j i>-r «?n- iSr-v -ear.; nrr con;: lour years 8»|6 -BUis percent: five years 9 «m-9iI| 6 per cent nominal downs 

Noiiru. i 2 Sf>> 4 & -io ip. rain; Short lerai ran* are call (or sierltnc. U.S. dollars and Canadian dollars, inro-dav call fnr aurlden and s»*1f<; francs. Vlan rm-s for doflna rates in Singapore. 


9 912 
11 llig 
1Z'S 123* 
131® idOg 
is ss lcja 
131.1: 3* 


os* 9 
1 ii9l« 
9&. -10 
k i, -10 
10 1H. 
10 1CU 


16 18 
16 )3 
lb- lb 1 -* 
13 !e 134 b 
IOI 3 11 
0t. 9- : i 


7 ?!* 

7S0 75b 
8^S-9t£ ! 

b4e-c-7 8 
9 r g-10Ig I 
it)<-ikie i 


91; 131' 
141; .61; 
15N x ia 
is 16 
14 1;- lol; 
1415 


e-?-BrV 

6J* a-- 0 

lOrif 1* ri 
1*1 ldri: 


'75pi I0d® 


Stiti'.i'ci provided by 
dtr.a STREAM International 


kroner ty Seeutirv invest. Trust .sq». 114 


7.45^ 3 month.*!, min. £1.000 
7.70% 3-4 yre.. 7.20% 2 yrs., mm. £500 
S.00% 3 yrs.. 7.70% 2 yrs. 


figgian Frooertv fruit 5ei o>® - na tfli 
Puofonoi- Properties A («pi 74 ‘i- 
geglo Prooerry Hidgs B'tpgLn. 6'3--, 

Pufih and Tornslrins. Grcup >2 Sdi 11 iij *« « _ _ ■ .■ 

&amutj pf&ptrntt »25&i ajh !i-im Name and description 

•flgff .20pi loo 

j Second Citv Properties HDpi 05 ® i-«. Associated P ; *P er ®iPC Cv, 85-90 

S Wl/^5 5 '“®' 721 ’ 2a ,8 ’- 18 Bank of Ireland lOpc Cv. 91-96 

jtM® C 6® n Tc 0 sHK , Ln. ,25p ' British Land I2pe Cv. 2002 

Town City Propertie* tiopi I3i-a >- — . - ■ ■ ■ — 

Tiin 'e, nt^-rimii ■l <Bt i L r B - L V ’ English Pro per ty 6ipc Cv. 9S-(iS 
,IU, ^ English Properly 13pe Cv. 00-05 

Wf“! rnmn, J a r Hanson Trusl 8S4B 

•ftrs *•»» iso. fiiwcLn. i r — r 

warmer d 1 1 "vestment i (2opi 'S4i 2 1 Hewden-Stuart (pc Ct. 1995 

'ra b iV U BScnh > 7 *-' 16 ' 7,,KW - 47 »Slousi^ EstatfS lOpc Cv. 87-9U 

Wfffr* 2 ’- 7 ™»TtV Group (TOW 23 x Tozer. Kemslcy Spc Cv. 1081 

Winston Estates f25ai 42 t 1 -.- _ _ o r*- nr*- 

■ nUBKEK (17) tnramar .pr Net R.Q.PfJ. 

Apprfovie Plants- >flp> 7 rmim \Vilkin>on Matril II) pc Cv. 83-98 

Anglo- IndanMian Corps (2Su> -102 — ■ ■■ 

JffirwnUHraS) ' M 0>1 S Jl ’ Nunih^r ul • r * n *** *™ ^ 


S ffiLP^V ,J5 ®' 121 9 -Q 18b 18 


Stock Conversion and In*. Trust - 25 pi 
258® 6* Jit. Sbpcln. 252- 


New Cross 

Northern Rock ..****■• 

- .Norwich * 

Paisley - 

■-Peckham Mutual - 

. -Portman 

'.Principality. Buildg. Society 

•Progressive 

•Property Owners 

Provincial 

| Skip ton 

iSussex Mutual : 

■Town and Country 

Woolwich 


7.70% " yrs., 7.20% 2 yrs, min. £100 
7.70% 3 yrs.. 7.45% 3 yrs., min. £500 
7.70% 3 yrs, 7.20% 2 yrs., min. £500 


6-70% *10.00% 
6.70% 7Jo% 


7.70% 3 yrs, 7.45% J-yrlj','6.95% S mths. 
7.70% 3-4 yrs, 7.20% 2 yrs, min. £500 
7.95% Hyrv, 7:70%2yrK., 7.43 %3mi hs.no L 
7.65% 5 mths. not. 3.70% to limited cos. 
7.70% 3-4 yrs, 7 ; 20% 2 yrs. 

7.70% 3.vrs., 7,20% 2yrs . 6.05% 3mths noL 
S.05% 3 yrs, 7 75% 2 yrs, 7.50% l vr. 
7.70% 3 yrs-, 7.20% 2 yrs. *f Bias. £230 
7.20% 2 yrs, 7.70% 3 yrs. 





Con- 

Flat 

Bed, 

Prcmiumf 

(£m.) 

price 

Terms* 

dates 

yield 

yield 

Current Ranee £ 


Income 


Ipieap(-i-) 

toear(-)^ 


Current 


-10 io 2 


0.04 3S0.00 
5.50 1 6800 


12ii 1 iq 21 

■ 5 j -IP 10 “4 

47.4 -20Q to 4 9 

5.0 - 1 10 32 

■10.2 -3Q to 1 

11-1 a 10 1 6 

6-0 1 to 12~ 

14’ - 1 to 19 


24 to :w 2p.n 


'Rates normally .variable m line with changes in ordinary share rates. 


Chersoneie 'P_M5) MPoi 51 2 i, 
CoMolldatn) PUntv. (TOni 431,® ?.,o e. 
Warrantsi «h«. 97 6 'll 110) 

OBon-kiind'? Robber (lOoi 65 (fi in, 
Duniop pfanti. fcecPt. «s fi 1 -ioi 
G/ano LenlDl inv- Holdings (IObi 11 

^^n 54 !? 39:501 W - “ ,; ® : 

Harr lions Malaysian 11 Qw 108 


' I * Nnpitn-r ui or-iinan? <Bnrra w;u uhlcli rifrti rninundl vl ■.wh-n.I-W -'u.K i> .oi<v-fiihii- ■ 'I lir- .nr, mu ui utv.-c-ni, hi ,u nwivpriinh- - vpn-ssi-'l a* p. r cent uf H» 

2 ,® «. ! rasr of »h- wiuh? ln rh ^ vsemrAL' stock ; Three-muuih rjn fci : Intowr on nuin’irt ul orainjn xhjn-s into whuh rii« ui'niuul m purnvn||,i, shirk it convertible. 


■ ' f 

;U 


•;.i S 




y as pressure on official pay policy increases 

; index falls 9.6 to 496.2— Long GSts lose £1 


FINANCIAL TIMES STOCKS INDICE^S 

: Tt'c*. >.«*;• 

- ! 13 1 - 12 • ; --lfr: K T jgfc ; 


Account Dealing Dates 
Option 

•First Declara- Last Acconnt 
Dealings tions Dealings Day 
Oct. 2 Oct. 12 OcL 13 Oct. 24 
Oct- 16 Oct. 26 Oct. 27 Nov. 7 
Oct. 30 Nov. 9 Nov. 10 Nov. 21 
• ■* Now rime " dealings may take place 
from 9JS a.m. two business days earlier. 

Superstitions about Friday the 
thirteenth were justified in stock 
markets yesterday. The day 
started badly with both the 
miners and engineers exerting 
more pressure on the Govern- 
ment's pay policy arid worsened 
following rejection of the wage 
offers made by Ford and BOG. 

Closing, or cutting, of Account 
positions added to the gloom in 
equity markets, while Gilt-edged 
securities had their own prob- 
lem- in rh«- shape of a marked 
ri«e in this week's treasury bill 
rate v. iib ns implication* regard- 


ing interest rates in general. The 
longer maturities were particu- 
larly sensitive and sustained 
losses extending to a full point. 

The continuation of a rate of 
inflation below 8 per cent failed 
to restore confidence, but the last 
of yesterday's batch of economic 
indicators, the September trade 
returns. brought no fresh 
deterioration in the afterhours' 
trading, the deficit being much in 
line with last-minute revisions. 

Reflecting dealers' views about 
the general news background, 
leading industrials opened lower 
and at the first calculation of the 
day the FT 30-share index was 
7.2 lower. Thereafter, the fall 
was relatively slow and this 
measurement of the market trend 
was finally 9.6 down at 496 2. 

Secondary issues also reacted 
over a broad front as illustrated 
by the near 13-to-one majority of 


falls over rises In all FT-quoted 
industrials. 

A downturn in British Funds 
gathered pace on initial indica- 
tions of the higher rate on this 
week's Treasury bill offering, 
which triggered fresh concern 
about interest rate levels. .As 
selling increased, dealers were 

3 nick to take defensive action and 
ie result was that by the end 
of the day the longs were showing 


to 210p and Union reacted 7 to 
30Sp. 

Breweries had a drab appear- 
ance following a slow trade. 
Elsewhere. Ceo. G. Sandeman 
improved 4 to 66p. after 6Sp. on 
the profits forecast which accom- 
panied the interim figures. 
Distillers, however, declined 6 to 
I99p with the other equity 
leaders. 

Unsettled by recent poor 


English also declined 6 to 122p 
and Barton “ A ” 4 to 169p. UDS 
gave up 3 to 97p and De ben hams, 
following comment on the Interim 
results, closed a penny off at 94p, 
after 93 p. Ahead of their half- 
yearly statements next Tuesday 
and Wednesday respectively, 
Mar ks and Spencer softened a 
penny to S2p and British Home 
receded 4 to 209p. Elsewhere, 
profit-taking following the interim 


stimulate buying Interest in 
Victor Products, up S further at 
272p. 600 Group also encountered 
support and' put oh 31 to -206p: 
the half-yearly results are due to 
be announced on - November- 30. 


Bm^eniSr™. ! W-°*. «»•«; WV ^ ^ ^.75 

■ -”.421 7l -™ - 

•lodwirbu- — -i ao8.tt ;bo«' 

GmdailMf ,160.4 167.1 168.4, ; 

> k R Xfl S AS* h - A ' ’ - • 


liuia { • ' • 

Urt.Dir.VMM 5-4*. e-«l,^SI. MBf - 

g m in».rM«|lullM‘> 15-04, 14.79, 14.83'. 14.69; lUg: MM- Mg '' 
P/b limio «utf> ! 8J»a: . 8.9Ei 9H*lj •- ; .9^ ! iBjBdJ 'asr, - 


F.T.- Actuaries All-Share lades 


Tesco. a firm market of late, on 
bid hopes, eased 11 to top on 
light profit-taking. Other Foods 
also went a shade lower on .small 
selling and lack of support. . / 
Tmst Houses Forte slipped 5 to 
235p in Hotels and Caterers. where 
fan* of around 3 were . seen, in 
Grand Metropolitan. 109 Ip,- .and 
Ladbroke, 191p. Adda Ihter- 
nat kraal, at 54p, gave up a' penny 
of Thursday's gain ' of 21. which 
followed the interim figures and 
scrip issue proposal ■ 




ID am 4SS.B. It am OT '. Noon 4B7A -1 - .• . L 

2 pm 486.G. • 3 • pnt 48& L.-- * -j . - £ • • • ; ;«.*• 


lbkm indue n-att-SB2&y'i.. 

* Based- on S2 per nnl rorporallna if**. 1 ’ l - ; 

Basis iOfl Govt. Secs. lS tO'CSi Fixed lot- lSCfc- - UML dm • - - 

k* fU B'Ji. SE Aatniy July-Dee. 13CL -. 


highs and lows ■ 

i 197^ isni.i' l, ‘ in pi iii rii ia 

Hull : lr»U [ illicit ! ,WV : 


S.E.: 


nr\ r rt 

jJl L L 


Redfeam Glass down 


Fisi-i I nl.— I 


LONDON TRADED OPTIONS 


t-'in-JfuJ : tumty 

\‘o|. ‘.rf^r 1 Vnl. ; ..-I one 


F.T.- Actuaries Ali-Saars Index v K ' 

Adjusted wr Zniiaora \ U/ \ l.-i j 


DP 

up 

■ >i Fill! Ill 

1 ..(it i ; ni»n 
(‘•■it: l d 1. .a 
M‘U> Lit-.'l 


169 — 

139 — 

94 — 

69 

15 1 

131;' 11 

4 — 

36 j — 

24 — 

15 - 


j 186 p 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


CniirtnuM-. 
OlirTH‘ll‘1 . 


161- - 

11 — 

7 — 


1863 1964 1965 


1967 1966 1869 1970 1371 1972 1973 183 1975 1976 1877 S78 


109 — 

09 - 

69 — 

49 i 

29 - 

S5 25 

~ . 55 

!Ua 1 

2i a - 22 


id 

‘-dll I "»«■*. 
Lj.iI “(v . 


Iwr-i Sc-. ‘ C40 

f.Ho«l 260 

Uiiiwl **£» 


i jiv 


25 ■ — 

13 

4 , 25 

1 - 


75 - 

26 I — 

3 i 1 
230 


11^- 10 
95 • ~ 


53 

24 ! 15 


v' I 


i 177 


29 - 

20 . 

12 , 15 

7 20 

41-. — 

105 ' - 

63 | - 

33 

83 


IWM lull. 1 
0. 1 in .. 


7 • 7 

5 13 

16 . 6 

7 i 

s : 

11?' 25 


21 . a • 
12 ■ 10 . 


luiiM-r'd.riri. 30 
Imj-'ni) “■» 

if. 220 

i:r/ 

I f 60 

RTZ 250 


40 

26 . 2 
II. 13 


81?. - I 82p 

52 ‘ ” i 258 p 

65 • a • .. 


32 -I 
19 ; - I 


fall? to a point Conditions were 
also sensitive among the shorts, 
but the losses here were restricted 
to i- 

Despite early weakness in 
sterling, the investment currency 
premium drifted lower from the 
outset during the course of a 
good two-way institutional 
business and ended the day H 
lower at SOJ per cent. Yesterday's 
S.E. conversion factor was 0.7293 
10.7195). 

marks and Spencer attracted 
support in the Traded Option 
market ahead of next Tuesday's 
interim results and accounted for 
130 contracts out of the total. 64R. 

Insurances repeated the 
previous day's quietly dull trend. 
Royals declined 7 to 34Sp and Sim 
Alliance cheapened 6 to 540p. 
after 538p. Hambro Life lost S to 
395p as did Legal and General, to 
140p, and Prudential, to 141p. 
Casualties among brokers 
included C. E. Heath which gave 
up 6 to 260p and Sedgwick Forbes, 
8 down at 405p. 

Horae banks held up well and 
closed . near the overnight levels. 
Irish issues moved higher in thin 
trading. Allied Irish dosing 4 to 
the good at 218p and Bank of 
Ireland 2 dearer at 437p: the 
latter’s 10 per cent convertible 
gained 4 points to £197. Mirroring 
the trend in gilt-edged securities. 
Discounts turned lower. See combe 
Marshall and Campion gave up 10 


trading statements. Contracting 
and Construction issues gave 
further ground with Taylor Wood- 
row 14 down at 408p and Richard 
Costain 10 lower at 25tip. Acquisi- 
tion news failed to stimulate 
Norwest Hoist which eased 2 10 
9"p. while Y. J. Lovell cave back 
nearly all of. the previous day's 
rise of 7 that followed r. that 
the purchase of the Farrow Group 
was nearing completion. Brown 
and Jackson, firm of late awaiting 
Wednesday's interim report, gave 
up 2 at 2Wp. but still held a sain 
on the week of 14. Elsewhere, 
Tunnel B drifted fi lower to 29f-p 
and Magnet and Southerns 
cheapened 4 at 14Sp. but 
occasional buying interest helped 
Marsh nits (Halifax) improve 4 to 
138p. 

In line with the trend IC1 closed 
down at 3D0p. • Leigh Interests 
gave up 5 more to a low for the 
year of 130p. but fresh appraisals 
of the excellent interim results 
enabled WoLsteoholme Bronze to 
add 3 for a gain of 20 nn the week 
to a 197S peak of 2$5p. 


results prompted a fall of 12 to 
170p in Foster Bros, and Moss 
Bros. lost S to 120p following 
further consideration of the first- 
half figures. 


Stores lower 

Leading Stores took a distinct 
turn for the worse on the. last day 
of the account as prices drifted 
lower on small selling and lack 
of support. Gussies “A." 312p, 
and Mothercare, 170p, fell 10 and 
6 respectively, while Combined 


Electricals contributed their 
share of dull spots. GEC featured 
with a fail of 12 at 324p, while 
T&ora Electrical. 372p. and 
Elect roeompo neats, 305 p, lost 10 
apiece. Following recent strength 
on rationalisation hopes. Plessey 
eased 4 to 120p and Racal 
Electronics 6 to 330p. Farnefi 
Electronics. which reported 
interim figures on Tuesday, eased 
to 395p on profit-takj ng before 
cinsing 10 easier on balance at 
402 p. 

Light selling on an unwilling 
market left its mark on the 
Engineering majors, particularly 
John Brawn, which fell away to 
close 14 down at the day’s lowest 
of 450p. Tickers gave up 5 to 
ISap and falls of 6 were recorded 
in GKN. 266p, Hawker Siddeley, 
23Sp, and Tubes, 376 p. Elsewhere. 
Amalgamated Power fell 6 to 144p 
despite favourable Press comment 
nn the recent interim results. 
British Aluminium, a rising 
market of late, came back 10 to 
S40p, but Ash and Lacy responded 
to the increased half-yearly profits 
with a rise of 4 to 146p. News 
of the H*m funding through the 
European Coal and Steel 
Community to finance its 
expansion plans -continued to 


Widespread falls occurred ^in 
miscellaneous Industrial leaders 
on the last day oF the Account 
Still overshadowed by the disap- 
pointing preliminary .figures. 
Glaxo ran back 11 to 570p for a 
relapse on the week of 57. -flank 
Organisation shed 10 to 256p and 
Boots gave up S to ISSp as did 
Unilever, to 550p, while Reefcitt 
and Caiman receded. T to 498p. 
Reed International, at 178p, held 
the previous day’s rise of 6 follow- 
ing confirmation that the. group 
has sold its entire interest in Reed 
Consolidated Industries - for 
£30. 5m. Secondary issues were 
featured by a fall of 29 to 287p 
in Redfearu National Glass follow- 
ing the chairman's profits warn- 
ing: Rockware were marked 5 
easier to 138p in sympathy. 
Cautious comment prompted enrl- 
Account profit-taking • la „ ICL 
which closed 12 lower at 47Sp. 
while small offerings ahead of 
next Thursday’s interim results 
left Danhee-Combex-Mant ' 10 
down at ■ 124n. Further profit- 
taking in Hunting Associated 
brought about a fresh fal.fof 22 
tn 32 Rd for a rivo-day reaction of 
4£. BTR lost S to 346p despite 
Australian acquisition details. 
Bridon also gave up 6. to lOp, 
but Mcntraorc ' Manufacturing 
hardened a shade . to 17p in 
response to the higher interim, 
profits. Renewed investment 
demand helped Ricardo add. 10 
more to 357p Tor a rise on the 
week of 43. . Turner Oarzom lSp. 
were suspended at the company’s 
request pending further news of a 
bid’ approach. . - ' 

Underlying sentiment In', the 
Motor sector was not helped by 
news that the latest Ford pay 
offer had been rejected. Among 
Components. Dowty, 263p, and 
Lucas, 3llp, both feU 5. while in 
Garages and Distributors, Ford 
dealers, H. Perry, were note- 
worthy for a reaction of 6 to U5p. 

Newspapers mostly drifted 
lower on lack of interest, but 
BPM “A" hardened a fraction 
more to 68p, a rise of 32 since 
the announcement of annual 
profits substantially above earlier 
estimates. In Paper/PTmtings, 
London qmi provincial Poster, gave 
back 10 of the previous day's rise 


Ju.l. Ori 536.5 

Il4l9l 


Gold MiuwJ 206.6 
• 1 14(81 


I do. 7 a j 1*7.4 ! 49.16 1 

■ 70.73 ■ 15^.4 ; 50^3 
1 loM/ It'ilO 1 1*4?** tS'Uidt 
' 433.4 I 348 : 49.4 \ 

j t 2.o, r^b(40» 1 

I 130.3 • 442.3 I 43.5 ’ 

; |>H <Z2ib>ib, ^.10,71 • rothiv._„r.5- 




la’s..': 
160.8 - : 
4y.«: 
J107.5 -i 


• OPTIONS 

DEALING DATES Loved, London an& jiot&ii 


First Last Last For EnsSh 

Deal- Deal- Declare- SetUe- 

ings ings tion ment .- 

Oct. 10 Ocf.23 Jan. 11 


Oct. 24 Nov. 6 Jan. 2& Feb. « 

Nov. 7 Nov- 20 Feb. S Feb. 20 

Fur rafe indicorion., see -end of £ ^ ■ 

Share Information Service doubles were arranged- fti inJb 
Stocks favoured for the call Property,- British Eabai Btoat 7 1 " 
were English Property, Consoli- Dock “and Consolidate""^ 
dated Gold Fields, ICI, Filch Fields. ’ ' 


of 15 which reflected the interim 
report. More OTerrall put on 5 
at S5p: the interim results are 
due on October 25. 

In Properties. Imry featured 
with a jump of 32 to 3S7p follow- 
ing sharply higher profits. City 
Offices gained 4 to -gSp reflecting 
the purchase by British Land of 
about 2d per cent of the com-' 
pony's shares from British ar*i 
Commonwealth Shipping. 

Oil leaders drifted lower on 
persistent small selling wjhlch 
found the market almost void of 
support. 

.After the recent good advance 
on the agreement with West Rand 
Consolidated, Gold Fields Pro- 
perties lost 7 for a two-day loss of 
12 to 73 p, still up 10 on the week, 
uther South Africans to lose 
ground included. Primrose, 5 
cheaper at 55p. 


Poor week for Golds 


Sortth African Gold shares 
ended a generally poor week on a 
low note despite the overall firm- 
ness of the bullion price,, which 
although unchanged yesterday at 
$224,875 per ounce showed a $L50 
sain on the .week. 

The Gold Mines index fell S.7 
more to 160.4, its third consecu- 
tive decline and a week’s loss of 
12 . 1 . 

jShare prices were marked down 
sharply at the outset reflecting 


some heavy orernigiir uis’^eBhi : 

Thereafter, .‘they tended &■ c&i 

on modest London ahdiCap&W 
Jng - with'., prices additional 
weakened by' the furtfaecjfalf . 
the in\ estmem riirrency. premhM 

Among l Jaeavjweights vfess 
were widespread •- and - riftwi"^ 
stantial With . Rahdroxd^g:: " 
cheaper-' at: 1S24: Stt 1 

Gednld l .lower: at -:il7f-.-S < 
Hartebcest J down -at &n \r 
. West Rand’ ConsaH dated cm ■ 

4 16 142p bat 1 remained 

over -the w-eek following 

chase * of ’ the mming; titles of ti- ,- 

Luipardsviei and - 'WSpborij 

farms -from Gold Fietds-prt)p$- 

ties. 

Piatjsums fell ■'■away 
further profit^aking desptti fl 
recent >: buoyancy of ’ afe" ' 
market- metal price. ; Uteteafe® , 
gave up 1 3 io 'lOBpj leaving . 
shares 7 fractionally : harder,: 'ov' 
the -week; while Bishopsgate ea^' 
a penny tor JtBp. ~ 

An^rag..:- Lowioir r reg^t 
Emancials Rto ' Tlnfo-ZteC^' at 
Charter €ptisfc&&Bjted both tee® 
to t lose , ground. , 
latest ; progress report f frpi' ^ 
Ashfon- . diamond . Va«B£re ~4: - - 
Western Australia. . RTZ gave:'a 
2 to 258p and Chartcr S to lSw 

Au5trsdians.were mimi C^oS 
RlotlDto-ith£ majwpJtrtio^itS 
the Ashttra rventnr&Lfliftte<f-2-4f 


RISES AND FALLS 

Yesterday 


NEW HIGHS AND LOWS FOR 197S 


On the week 


BrltFdl FnndJ 

C^iijr.-.: cr.i. Dnm. and Foreign Bonds 

i.-idi.;:rij!s - 

F nanelal and Prop 

0"s . 

F- stations 

Mines - - 

Roccnt Issues - - 


Up Down Some 

— 32 <M 

1 2S 36 

51 647 832 

20 254 200 

— 18 IS 

5 7 19 

13 73 54 

6 23 IT 


Up Down Same 
S 144 2a 

16 52 242 

1.451 1£U 4^89 

472 550 MHO 

33 40 « 

30 33 44 

156 234 305 

M 48 126 


The following securities quoted In the 
Shore Information Service yesterday 
attained new Highs and Lows for 1978. 


46 UT9 1,260 


2.244 2,738 7JD3 


ACTIVE STOCKS 

YESTERDAY— 


Stock tinn 

P- \Ts D.-fd 23p 

!;P £l 

T. 'ccham 25p 

GEC 25p 

ICI £1 

Barclays Bank ... £1 

Boots 25 p 

Rf'od In LI £1 

RTZ 25p 

Royal Insurance .. 2op 
Di« : .illers .. .. 50p 

GKN £1 

Marks & Sppnrcr 25p 
Tran -port . 25p 
W’oo'wortti iF.W.i 25 p 


No. 

Denomina- of Closing 
tinn marks price (p) 


Change 
on day 
- 6 

- B 

- 1 
-12 

- 3 

- 3 

- S 


Closing Change 
pricefp) on week 
916 +1S 


T';e I'hore 11-.! nf active stocks is based on the number of 
rcr.ir.lLif Hcslcn-hj’i tn the Official List and under Rule 163(JJ 
rcyr-i'- o cri i ><•/<;[/ In Stock Exchange dealings. 

ON THE WEEK— 

No. 

Pcnnmina- nf Closing Change 1978 
Stock lion marks price(p) on week high 

F.P £1 63 916 +1S 926 

Shell Tr;:n*f>i»ri .. 25p 61 37fi + 4 802 

T.’*VT> DcM 25p 56 257 - 3 304 

ICI £1 54 390 - 6 421 

ni**o 50p 50 570 —37 648 

GEC 25 p 47 324 - 6 340 

R.-rf Int! £1 44 ITS +1R 178 

Reecham 25p 42 690 —10 743 

nn relays Bank .. £1 39 340 +10 368 

EMI 50p 39 154 — fi 190 

Murks & Spencer 25p 3y S2 — 1 94 

OUS A 25p 3S 312 -10 340 


397S 
low 
227 
720 
583 
233 
328 
296 
1B4 . 

102 
364 
343 
163 
248 
67J 
484 
61 

bargains 

(e) and 


NEW HIGHS (25) 

BUILDINGS (2) 

Ballov (Beni Marshalls (Halifax) 

CHEMICALS (1) 
Wolestvnholme Bronte 

ELECTRICALS (21 
Dublllcr Junes Stroud 

ENGINEERING (2) 

Ash & Lacy Victor Prods. 

FOODS (11 

Py,, " W ■ J •- , HOTELS („ 

Wheeler s | NOUS TRIALS (81 
Brvntans (Muss.) Kleen-E-Zs 

□enbyware Restmor 

Fotherglll a Harvey Ricardo 

James U.) ^Wir. 

Norton a Wrloht oTOBSfi| 

Brit. Car Auctions 

NEWSPAPER5 (1> 
Indeoendcnt ______ 

PROPERTY (3) 

Apex Proes. Imry Property 

Clt ’° ftces SHOES m 
G,„-r S cothUlr i<jMGS{i) 

Saint Plran 


NEW LOWS (40) 

BRITISH FUNDS (28) 

Treas. II'.-PC 1979 Treas. 9oc ■92-B6 
Eacheo. 13pc 19BO Treas. 12J4W 199S 


its London itwd Provincial Poster, gave ^hare prices were marked down S06p bat North mt Mhdrtg . ffl i r ^ 
1 to back 10 of the previous day's rise sharply at the outset reflecting I2 0p. ' V _ v *^7 ?! 

FT-ACTUARIES SHAKE INDICES H i 


..■/•.V' J.'/ 

H> — ’J T , ' 


tSTh-S 1981 Tr*a S . 9oc B2-|fi 
Excheo. 3'-=PC 1981 Treas. 15‘^K 1996 


, . . - | s. ■ , f ■; 

These indices are the joint compilation of the financial Times, the Institute of Actuaries and the Faculty cf 


Treat variable 1981 Ejieheo. 13 Upc 1998 
Exchcq. 12 Jjpc 1981 Treas. B>«DC 1997 
Treas. 1«Pt 1982 Treas. GLpc ‘95-98 
Treas. Variable 198Z Treas. 15 ‘jpc 199b 
T reas. B'iPC 19B2 Treas. 10'u»c 1999 
Excheq. SLiBC 1992 Excheq. 1ZDC '99-02 
Exclieq. BLPC 1983 Treas. 8pc ‘02-06 
Treas. 12 pc 1983 Trsas. 5*sPC '08-12 
Funding 6 '^k '85-87 Treas. Sac 1966 Alt. 
Treas. KUoc 1994 Treas. 2iiPC 

INTERNATIONAL BANK (1) 

5 PC StocK 77-82 

CORPORATION LOANS Cl] 

G.L.C 12'jpc 1985 

FOREIGN BONDS (1) 

Ireland 9J«PC ‘91-96 

BUILDINGS (1) 

Aberdeen Const. 

CHEMICALS (2) 

Alginate Inds. Ljign Interests 

INDUSTRIALS ill 
Trafalgar House 

INSURANCE (4) 

Commercial Union Legal A General 

Heath CC- E.l V/lllta Faber 

TRUST Cl l 

Edinburgh Ind. 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


ErL, Oct. 13, 1978 


FI cures in yerenUieme show 
rninbtf cl tf grtac per wi ^ 


Index Day’s TidA 
Ko. Gcage (MaxJ 
% . Corp. 



RECENT ISSUES 


EQUITIES 






isCM UnU-<liAium'ium..Nr» 1 BBo ■— !6 

j4o Fermnn New ,370 —10 

40i-m Du. Nil Hkid 27E[>ai, — 7 

ill* Mmuir Nat Gn>- M<ai l 31:': 1 — la 
DO KiL'biniBe !117 ; 


FIXED INTEREST STOCKS 


m le 


41 arks d: Spencer 25p 


GUS A 

De B*prp Defti. 


R0.05 36 


Onv. r.oiri Fields 2op 


BASE LENDING RATES 



A B N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 

Ainrn Bank 10 % 

A P Bank Ltd 10 % 

Hvnry An«havher 10 % 

Bancv de Billian 10 % 

Bank of Credil & Cmce. 10 % 

Bank of Cyprus 10 

Rir.k of NSW 10 % 

Ranquv Bel.’v Ltd. ... 10 % 

Ran nne du Rhone 10'. "ft 

Barclays Rank 10 % 

Rarnetf Christie Ltd. .. 11 % 
E remar Hold : ngs Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

a Brown Shinley 10 % 

rsnada Pcrm'f Trust... JO 

Ca>7.er Ltd 10 % 

Cedar Holdings 10}% 

31 fbarfprhouse Japhet . 10 S 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-nnerative Bank *10 % 

Cnrirrhinn Securities . 10 % 
Civdit T.vonuals 10 % 

Duncan Lawric 10 % 

Tli“ Cvorus Popular Gk. 10 "71 

Et/iI Trust 10 % 

l i 'rr'li' I li Transconi. ... tl 
F; r *i \'h 1. Fin. C.nrn. ... 11 !% 
i.'-i-tf \'nt Secs. Lid. ... II "ii 


I'';:-qF \nt SfCS- Ltd. ... II ti 

3 An‘i<py ijibbs 10 

i :n.-y hound Guaranty . 10 ’7. 

flundla'-'S Bank +10 

3*;u'pnnss VL'lion JO % 

I!:*‘.’jt.ros B;ink - 10 « 


■ Hill Samuel §10 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong t Shanghai 10 % 
Industrial Bk. of Scot 10 % 
Keyser Ufimann .... 10 % 
Knowsley & Co. Ltd. ... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Mnnson & Co. 11J% 
Midland Bank 10 % 

■ Samuel Montague 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Befson & Co 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesineer Limited ... 10 % 

E. S. Schwab llj% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 <K 
United Bank of Kuwait 10 % 
Whiteaway La'dlaw ... 101% 
Williams & Giya's ... 10*6 
Yorkshire Bank 10 % 

B )I-niiji-rs of the Accepting Houses 

Comm it tee. 

* 7-<l.i7 ri^pOTirs 7”+ . 1 -month dcrosirs 





241.02 -2.0 
20831 -16 
374.07 — 2JI 
56024 -3 J 
376.67 -L5 
190J4 -3-5 
167.90 -L7 


246.05 245.91 247.67 1 246.97 
21196 210.62 21235(21114 
38L66 383.85 387.69 
57836 58038 583.72 
38224 38L76 38232 
ISIS 19257 194.42 
170.78 170.42 17119 


215.44 -13 15.94 4.93 
26438 — L8 13.92 3.86 
18736 -08 15.90 6.05 
128.60 -13 1931 6.44 


JNDtBTElALGaOOPI495l 



218.70 21626 21934 |ZI8. 
26931 269.17 Z7131 
18840 187.78 187.63 
13030 12954 130.03 


5.75 
6.18 
5.12 984 
6.52 10.73 
5.20 7.12 
4.51 10.50 
6.11 727 
731 
4.56 1331 
755 J 739 
7.80 
5.63 
583 
6.42 
3.87 
5.59 
730 
634 


21896 
234.13, 

290.41 28900 
275.45 274.89 
214.10 212.88 
234.67 




.\u.uutnimc II^Uuv. I'm 

bean Burs. IDifc I‘rl._ 

unrfii- Wald works 't% Hn. rdej 

Carkei f>.| lOj^ t*ri 

uiwhd l)« Uroul lOJi Pn 

Hi- l -mills !•»& l-l Del .’WWl 

Hnwwnl sWyn-ilinni lr> L- 1, . Ln. cfr-jl 
Knisini!i"ii fiM LheSi^si Vtr. tii.in I-hj 

Lai tin in James 2% Vulu, Fr»*i 

Mimbmi- Uxiilns li/j Hr* 

Bni|i. 'Ef. In\. r* I'rl 

Piot. Leun-lrie- li'% L'liv. « 

KijiliLwiM.- lv%(.,in\. I n-. lf» 

TKHitlLWnrk Cnrp L‘h-4 Ku-i. I*i..,„ 

’Inlln-ll'lp I’m. ILn ■ ■- 1--; 

Wiwi Kent Waier V% Him. |ft-'£ 


,._|13>ap| _... 

—I 104p 

.... 10 I 

.... 107,-i 

.J 110,1 + 1 



39837 
14926 
205.00 
18829 
245 J5 244.07 
11736 D7.97 
21335 
300.93 
27336 
14035 
425.49 


1978 

High | Low 

25628 

(14/9) 

18895 

(2'3) 

226.68 

vm 

16630 

■ti'jl 

41931 

(14,9) 

28935 

(631 

F l 583.72 (10/10) 

404.47 

(23) 

38433 

aaw 

270.95 

.t63i 

204.75 

am 

14987 

f23»' 

182.91 

am 

15422 

<27® 

22635 

03/9) 

173.63 

0,3) 

28021 

03/9) 

209.01 

(3,3) 

190.17 

04/9) 

160.54 

(6/3) 

135.65 

(22/8) 

104.68 

(23) 

22823 

am 

179.46 

l2.'3) 

24157 

(8/5) 

204.04 

(27/2) 

30124 

am 

229.85 

<Z3) 

28133 

04/9) 

219.62 

i»3i 

223.85 

(14/91 

175.37 

(272) 

237.92 

04/9) 

176.53 

(33) 

42175 

04/9) 

26939 

(23) 

355.65 

(14.9) 

11911 

“05/21. 

21854 

am 

165.17 

<2/3) 

19L90 

02/5) 

160.85 

f23) 

26630 

(23,8) 

214.88 

05/2) 

12521 

am 

93.79 

(27,-2) 

22324 

04/9) 

' 17308 

33) 

31528 

04(91 

23869 

(23) 

29L13 

(14/?) 

22841 

«3.3> 

15875 

(13/9) 

117.48 

(33) 

483.01 

m 

39809 

(6/7) 

23636 

am 

17847 

<3(3) 


25628 (SVWTm 
23384 (S5r7a 
’41331 {14/917® 
583 72 11810781 
38453 tttM-; 
204.75 (14i9>». 
162.91 08W78i 


227.78 GOWTZr 
28021 H3W78+ 
263 22 f4«5fl»’ 
17039 115JUWI 


22823 tW» 
28L87 (281172) 
30L24 (W«ni 
329.99 llZ‘12/72) 
223.85 (14/9,78) 
244.41 (27.TDI77) 
42175<14.‘9r'78j 
155.65 11419,78) 
2M34 f]3i9/7& 
235 72 (3771/671 
339.16 (2-8,72) 
135.72 (16/1/7D>‘ 
22324 114/9781 
31528(14/9/78) 
29L13 QMm 
246.06 0/972): 
539.68 08/5/77) 




24143 04/9 


... lUJia 

L. VMj 

J B4p 

... 106|- + ia 
... 83 {—ia 

...21 I'm 

... 117 -1 

... 7>S -is 

... 8BU 

... 8^4 +»4 


FINANCIAL GB0UPO88)„ 

BanksvO)— 

Discount Houses (10) 

Hire Purchase (5) 

Insurance (Life) CIO) . 
Insnran ce (Campari te) (7)_ 
Insurance Brokers (10) 
Merc bant Banks ( 14). 

Property (31) 

Miscellaneous (7) 


"RIGHTS” OFFERS 




-L4 1426 
—0.7 — 
-LI 333 
-0.4 2333 


334 
-1.6 1 16. 26 
-13 15.01 


■■ i * ec; :7 1 > :i tt!M§ 




16679 167.04 
18639 18637 
20934 208.99 
155.48 156.69 
136D1 

12425 

10J03 33734 34234 
— 83.04 83.46 

5L61 262.18 260.56 
5.60 109.64 10939 


3L87 

7301114.08 
835 1 32846 


265.03 a 


16728 16632 
185-831 18335 
206.90(20669 
15733 
337.47 
12434 
34129 
10 1 8330 
.47126114 
145 


22331 197.07 
11L49 99.94 
32863 28612 


17939 19/8) 

20436 (23/1) 
22833 (4/1) 

170.55 02/1) 
15739 (9/8) 

143.46 (W) 
37227 02/8) 


(SjEEp 


f r.daj. - deiwfiiq on mm* of £10. om 

and ■ ind or ll l; .. up ia £25.000 TJ1 . 
;ind owr ria.uon T{%. 

I CjII •I'-piKiis nv.-r £1.000 7ft. 

5 Drmanrt and depnlis "i'i. 


Iwue 3 “ 
)'rk+ 
pi -<a. 


b.l*. 
iO* K.P. 
aaOk- F.P. 
Ou r.H. 
44 F.P. 
Ill Mi- 
ne K.l*. 


F.P. 

Ml> 
r.l*. 

FJ>. 

F.P. | bMO 
FJ*. 

Mi 

K.P. 

P.P. 

F.P. 

Nil 



INTEREST PRICE INDICES 


ra Aumiwki Hrn. 

V-. tf.I.U 

210 «>» iMml 

.<■ Llj«.-kw,.ci 

■)l iimi.li iviniiuv* 

lll|im Uofutr ff.fe* 

,.■> Cbulx>..._ 

298 IMujft* 

100 Uulst ttit'mui ic , 

ed :How<Um Un-iij 

jluilw evrvive* 

101; IFIKhoIiA Hnl.lltlj;. 

£%vm'Ux b«rvii-q„ 

97 |L>-n. & \J'-lian.l In. I. 

optnjHawmu 

dpm K«inil l»o-Urfi 

■»* Knioer- >de«’e"eni .., 
<0 Kenniiia Kmm««i ... 

Jrd ilimwlft Fiir. . 

dp 1\ 

| Ijitn Yi.rki;W« 


- 73 -3 

330 -% 

210 -15 

66 —2 
- , 53 -‘a 

148 —1 

309 —1 

■ m-.LnTfc.Qt 101 _.... 


British Government 


... ae |-i 

94*5-11* 

la'ri 

, .. 85iini!— S 
... 103 j-t 

.... ia«:pra,— 4ts 

... | 4-.luj 




245.79 125/4/72) 
175.90.(28/4/69) 
33768 (89/7® 


24230 (WWTS) 



FIXED INTEREST 
YIELDS 

Br. Govt Av. Gross Bed. 


Day’s xd *41. xd ad], 
change To-day 1978 
% to date 


—021 — 

-0.77 — 

—0.86 026 

-0J6 



9.21 813 62S 

U24 - U_n 936 

■32.10 1197 1038 


1230 1216 8.91 

12.45. [ 1233 t 1036 
•1064 ■ 


13.88 | 1L76.I 1642 


s rf. 

359 +9 

37 1—) 
linn! 


15 20-yr. Had. Dab. & Leans (15). 
ia lavesiBflat Profs. (15) . 
17 CornL and- Indl. Prefs. 120) 


Keimnciatinn . n»tc UMialiv laM nay nir ir«. 


'anil# iniy « nK'irn 


.. 672S if 12*97:6724 J17.K |57.7II 67.7B *7 .37 «?,70 (67.70 

J 6i3S : 6J.p?5/.» (57.65 -51.65 g|.?4 ,-51.74 2134 SUA 

. 71.65 , 153617 1.60 171.40 17129 9i.*b 71.57 l71.5I-l71.57 


DaM*o <in urnsne«ii> <v>timaiv. o 'Uvidfiut ann w«.in ^ l-qrtieaai diviniinrf- 

£■'!««■ r««en on prrviniK vear'« enrniua% » Uivirinnc. 4,-in V i.-M i,n „r.^ueui„l 
.ir mh»*f nlBMal wiiniatB* for ltt'9 g^nw, i l<uiir». • Unvpr >a Uuw-- 

I.,r om«cr«i»n «i »h»re> rmi >-ankiiiu it.r >livid-nrt .i* - >nfc |,,j ..oiy" fnr ryvirii-iH.i 
divuli'nd.s i Plunnu orloe f" u'lhlic. pi P<*nrr link**. <n*i»r«-].,. j i^nun 

tiw tenner. P Oflered to hnW-.-rv n( ..rrtii.ary .-h i re*. «. , n a *j** “ *• KmuvI 


bv vrav nf capHuhnaMnn. ss HPimrodurmi m issnm , P «-„,ii,|. P , ll1n r(Ji ircaoi,j 

n.m. uieryrr >ir lake-nver |!ll In iron nr: ion - ;l“<i-rt „ ri . !vr ^ n .e rviM«r, 


■ AlliiimoBi Ip'iew tor fully-wid). • praviuuu^i or ^rUi-yditl atnilnreiit leiter* 
■ic WiUi warrants. 


Section or Group 
Pharmaceutical Prndods 
Other Groups- 
Oocneas Traders 
Engineering Contractors • 
Mechanical Engineering 
Wines and Spirits - 
Toys and Games 
Office Equipment 


- |k|4 f5‘S? J •’ J <4Sh i 1 13.4^ ^23/ 10(65) ■ JT-Oj • § ■ 

S7.71 aim 60.77 i?Of7| I H4.41 tUA«S)- iS4XS^ 
H 76.40 78.ap-(-I‘bl) f -60.50 KUtTi ! ,114:96 V7il(M63t. f47.fi t-. 16 


Rase Data 
30/12/77 
3L/1Z/7Q 

strum 

-3) 02.(71 
31/12.01 

16.070 

160/70 

140/70 


Base Value, i Section or Group 


Industrial Group 
Miscellaneous Financial 
Food Manufacturing 
Food Retailing 
Insurance Brokers . 
Mining Finance 
All Other 

" t Redemption yield. 


Base 1 Daw 

mum 
mum . 

2tfwsr ■ 
■ 24.-12/67 
.21/12/67 
24/12/67 , 
tmt& 

A Hst- rf Uw 


Bose Value 
123-20 
128 .06 

‘ DW43 

11403 

9MT . 
" lW.DO ‘ 
100.M 


available' from- the ' publishers, ‘ The FlnancW 1 *. 
Brachon House, Caiman Street. Umdrt.'! SC4, 
UP, fir. nest Z6p. ' A 'f'artnfgMfg ‘iwoBrTV.SF^v 
subsection i indl ees,- divfdnfld yields - whI pawatiiS. 
since 1962,' wkb wartcriy" hWc» "and tews s': 
Indices, .is obtamahlo from FT Busipecs Fatal 


constituents hi I 10, Sob Court, - London, EC4. at £40 par MPt- 




^X/t-r'rr^r 




1 







































































































-Financial -Thants -Saturday -October -14 1978 



AUTHORISED UNIT TRUSTS 


... T «. 


Abbey Unit TsJ, Hnfn. jUd. ul Fnuoltagtan I'att Met.' Ltd un 

1740.1, whfl«s»|W 1 Yifabury . f B9T'*ll S-T lrrtund Ym**, El«t3liH 


-psi 

AN«w tnenear . Si 

A W»y r"*.Tn.iA.Gft 

AbhW.GMi.Ti*. « m] 4 

TfimiUa Hrofl T«i{696 


Minster Fuad Managers Ud. 


Provincial Life lav. Co. 


IPX +4J6J 
«5 -o 



.,„. -* ■ Grow? fawgf 

■ j ■ Mlrm. Eases. 

#-.• **{. ';. -*l <»r Crmn»on,l tfXZHi Cl 


Amcrtr-r-i^ >5? 4 

»«HlalTU_ '1»2 

lnrameT.-i. llkj 

lei Kr.rfvfl, V’d. .‘ . 

Da. -Actum. . J130J 


55fe* 


J*BOis . 
i:i5 
. uaa> 
1MJ! 


m ?w*tri Miimit 11m-. Arthur SI . &-0. tilJBa ulm niihojeirtte. Kr-. 


lli.lll-.lnil* 190 2 

iliEli Intone [125 9 




*s 


BaUnrotf Fuath 
. JlUHKii* lug 

■ *4: - riled - M? 

Sli# ,IW * Oe».y*5 

.' i AlKfd Capital., . fa 5 
:. H Hanaro Fuml Jinj 

<! Hn a a n i Arc. Ket IU5 •} 

, Ibcaw Fuads 

Hif!b Yield Frf. IM4, 

Hleh liw<fnr . Im j 
Aft EQ Itw . . • .|H| 
ta«wa«*ag| Pu«fc 
IrJcrrirtj'jnm . ... 1*7 g 
•. P*nfltru»)d .. to* 

i r tJiA F-mwo._N85 

*■■ iN ! w,,,w fund. 

’i Smaller Co Vi FJ Mil 
1 =MSmlr I-O^P.J Ufll 

Met. Min 4 1’ dig '« 6 

• -, ss^isirife, 5 . 


r .n»s «5j . _i s» 

. , ,1805 1MS*4 , I a.JS 
JO? Ml-A Unit 'Fra st IHgemst. lid. 

i07 lllflvurrn Mlv«l,Sft-] IlMJi:. 

Frl ends' Pw*. Uoif Tr. Mjrrs.p «■»»■«- - . 147* Mi) I 3.56 5Tu<tflrtial 

PixhamLu) porc.nf: itPWV.v Murray J oh lisJofir II .T Meat.? <ai ' . _ 

Pvtcmll Pro, . I'Ll . »] <9Lt . . . 3 *J ItfCl.itM >>,n UTH Ml —I '^"1 WUft' Co. UllV 

RiAenuu |»a *39! 3 67 XJLufuptw, (*J4 ' “nji . 7 i« Tim Stk Ttyrhknee. Ei^N IMP 

pH -1 C s.«9- GT. Vuil Manage rs TJd ? P->.l».ii Dm- Pndjv. uuadr-nr ;>■« Kit. 1111 ? J15M 

5l*i-09f S ZB - •- Mutual !'■•* Tmh MmmjwM f.u^i W»b»nilu.-«rar II 


LtAV .Save St Prosper continued 
0i-24T CU3 Scotfeitff Scciirilfc*. Lld.v 

-J }) 3 09 SrtUxl* * -iSES 4JJ.'-pr 

LM9!-!7; 7.U *i. t'-j icIH 5*? so Jr rsl 

PrudL Portfolio Mu*rs. LuLV (aKbKci S*5!«T. t - . J»5% 2 “ I " * 

iwhtwBaw.isciNasn m-wsiess .v.n.tu VJA-* . lie: 3 190 v ! 

[Uio 13*.«t-a5i 4-Sfc • I -n«i « will 27. ,«■: 


Schlcsifleer Tnisi Mnjjrs. Ltd. uhzi tl 


Txrcel Tsl Mfn. (Scotland) laMbl 

!3l tp *r~ ■ .«-;i.2a4SHr:r 

39i T rfl ;.s \H#fK«.lcr4 39 Cj - C 172 
49* Tl . ;«4 9sS-a*| 5M 

•>38 Ug 1 4*:;-0 3| 9B7 

;09 

*81 Trades I'niog I'nil Trt. ManajjersV 

ImUwrixKmr 1 .• Ill tf»WH 


13*7 Ml 




58M-0SI *W fiT. Taplnc 
7*S»1 -1 Cj «.« HiVr jl091 

rl.nl.. US* 

471 111 r.‘.*Crtt . ..Iws 

tiT .Jajifu &<■'**_ jW4 

J9« *" 

Tae^i . 

«:i-C3| 4 JO 

Cl. & A. TVust la UR) 
xf, a*U»W.sblU»,B»«g«wl 

1J9 


. bT.JlJdU&Uf*. rw« 
9«t.PrnaiiiE<j_.l4S7 

“S "e n *S CT hl 1 ■- } J«fc 

C T. Foo/ V<Wd ..aw 


lJsS-2^ 

379 11 -i« 
97S«-I0l 
JHg 4i) 


•IIBMI.C " u(ual V Bil TniBl «**«**»» laws) _ .... .... 

)» .s ■ flmimii Avc.ErsfiTiiu. oioKura Twllaocc I'oil MfR. ud.9 

3 So WiilS'-’I'liip. IMS 5401 -n*| *3 HelionrcH't.* .TuOtind£« Weil 1 -. Kt. 0KE 

8J0 2 u ! u “J I , !r T- 4 713 TOSrt-.'a 7 05 Owwitunity FH 1730 78 01 . 1 - 

7 JO **« g«llllui-i.1ii|i KM4 47 i - n Jl *58 S,-H, 1 r.JrT.iAce,_[4*S 4971-0;! S57 |nti>l lirooiii - -iii « 
0 fe] -I'Hu.il ilisl, Ykl..|u.4 OfcM-fld 819 :mA1«4<T.Iw ...-l4««^ *75i«l -fl4 

J g Naiionol and Uommcrclal 


"i SfS Aru.(iro«ui . -|7?I 


Tl* L2.. 


:S12 ... 


524 


7H FAi-mrt Uifili YI-1..I29 0 
Mrs. 27 1 
___ EtiraW TS -. »fc 
— ,l In'TanrDlrt- ... Jj2* 
*94 In** ion.Wdr»l _. ,37 1 


557 iRt.T.-* L'BlLs. ... 
.MartK litwiFU 
-NiiVield- 


... 77* 
i .. 392 
- 39J 
in 23 3 


S«7i.' -c- ;• 
3i *• -o: J . 

79 W -J jl 
:e5; -ot[ 
33.2' -0?! 
461 -C li 
3*9 

55 ?! -0 5[ 
39 5; -3-1 


I of 

7K 
« :: 

901 
9 06 


Transatlantic and lira. Sees. Co.V 

9J-9W\cu L.r-rM-ift't i.'Sean-MKHIfilt 1 .! 


(i »A_ -345 


«I6-U2l ■ 

JU7 ‘ "" 0 4 144 tortmarp fund Managers * 


S, 9* i»«r> ,\ir. Cc.lA SUP. 

(295 

JaW. -J, III .A,t : lid 8 
runvwMtm Shun*. <145; 


.3631-0.6! 4.51 
UNRI 

ai.pn.vui 


National Prorideat Inc. Mngr*. Ud.9 *«.n»iriMu R«i . AflMiiun 
*« '.r.r-i-r|„ jr ,-hSI Ki'.lPlUIH nJ-IGJOM N rqulty hirl 11734 IM 


5„ K*iratn*-oinfT-I. ;240 
«.fVE*4TW !»8 



0p> TfCiJ 


992J -0 !» «.I* 

S3to3-ii: am 
W3-07 4.7J 

96.4) -D 4 <41 
64.3 -CE 

. . 2407ia~Q*: «W 

*'*™ n T™* M “«"> Ud. !rSS2-'.:.Si 

im.Fenrhurrn.-4. EirU8ttn.\ ten (CM! iKl Jjroqr Vd 1*0* 

A»**no*V.T.. .1539 5814...; 4jd -H>*LTj..AccJ..!34.8 

An star her tnjt Mruji. Ca I JUL 
IWnlnEl.taVTJA 

lae.HoBDilj. Pu n d |17S ^ - - ------ 

„ 1 i3r..,«. (.fOAihir _,«I« **5> . . I 

Arbutbto* Securities Lid. (aKe) 4 «^ G far SEAL. ’ 

VT . Qimen st Loudon Eiarjhy 0! 298391 Deahi;*. -Tuts. frAod. 



0 10 
278 
3 47 
830 
050 


• >'l ■;ih\i|,T*t 1477 
■Jirum 1‘ailv* . {577 
MU. M-,... In,- 1 .1133 7 
'-V'-uni I’liitM** ,]K3 6 


50 3 .. .1 *48 
bl «! . . 4 60 

Ml id . 725 

.. — 192^ | 225 

,m >-t* ^8 Nr»l iWhiu: *(rl 7H. 

- ,, ;«rei Mt IM *. Sni Aral I ns IM lu. 

*48 **!*°nal WiMtunniilerf u> 

3 3? 1 ',rgpj,w. terv diTL. nuns atm. 


GiWis I An ton r! Unit Tit- Mgs. Ltd. 

"««« 615 JUI1I fSSL^ M 

1 :£:b?TcS£SSw"SS ^H:vi & x ‘2r« nt *- 


Rrtr* laromc Kd . 

Hlfh I nr. i'nnrf 

♦'Accum. l.’niLM _ 



, Wi'rW'e P,im. 
-*Accuin Lnilki. . .. 
Capital fund 
■ CaomoduyKic^. 
[• LArruirv (.|i!tfc*_ 

9 (losurdnni:..: 

-..- ' '¥1 ..fin 6 Prop Fd . . 

v : GUntfipniMl . _ 
i\ .farr-uin L'nttti. 

' »'- OhMI, k and J ' 

"* L *• ■Acrutn.l'nif. . . 
Smaller *'n r f-d 
'■‘ f PBMtn , ic ln»T K.;„ 
■ • . . .. OP* tt dnkl.lt- , 

S-. -PWriBuFd 

« Amer. AlnLFd 


urs 

429 

H17 


11971 io*2 GovtU (JotuDV 

S|:i| 3*9 77 ^onwrij.r.ci 

•Ag-OV 075 
26 7j -« 2) 37 71 
1271 


RidRrtieid Matugetnent U<L 

7.00 • , .X. AndmunqKjre PAnlninjIiasi 3MB1M jJun.KmnoIj N Mnn.'lmaUT Ortl 736 Hi’l Vrw.auiR Tran 

'vJcTl’Mf - IJS? I 5 58 HideriieMlm I T *1018 108 « ( 7 63 •’nnwft. - fej i 

lUWdlnrO.arlM 10*3 i 

ViLUBi I ... (Ml 6 1676) . I JU RothWhjM AS5« M8R8R£S»Ut (R| l h. ilnh Pi.u IM « 

iC98;<hi j. Henry Schroder Wagg & Co. Ltd.? 

M Riia'Kn .1-4. (iii n U2U| -i* 2«5 SBrnSFut^iSu* 

Vi.tnnmeKnnil. 1346 1643 -1 * 7» iirtimi - - 1359 

NI 1ml, K* nnrj 90 7 99W-05 3 39 iSrromlW-ifl 

N Inti Pd iArr >914 172 -95 1 39 u«uu Lnlto-- -. 

N 1 ‘ Snillr Cry* 7’rt|l58 7 168.93-1.61 «.*i f'iirrS fiffll ^ 

R other hiid 4 Lowndes UroH. <ai 

fit. ■iwiltlin' tkft-nr. lAn . IVI 0H26 « Tig , \rrum ValL* ” ’ . 

Nnta Kirn,K.-.IU3J0 141 Old r 3 45 «PaI,r.-h4*dSept36 
rnc«» ao RcMcvbct >6 NaidnuncDctoScr *si«w Ex CKt- Id ... 

18. *Roco%erv6ep<. W 

I” Bouan Unit Trust WngL Ltd.? U) 

CUVlliria Ksr , FioiburyStuECT. OI-OUG 1098 

S O 741 

L8 3111 
4 61 1 

861 
Ml 

no; 


52* 

0.89 


'gpftJM.Ui utn 1 

>-\lr,i In*' 
llKIVuM 
'.liiu-lh If.*- ,. 

lfnwQe 


|U3 
70 7 
34 8 
896 

J 7 * 

BS 


73.31 
760 .. 

374 .. 

163 .. 
40*<i ..... 
70 1 ...„ 

KJ 


4 IS 
743 


9*0 

635 

537 

340 


Aro«lrnniV-t 12 .( 
Seeuntie>«(*rt.li).. 

05 NEL Tni:a Manager* Ltd? iaMRl iVf^Lmtw^'le* 

M,li"r '.'nun.Dnrltinu.HiirrcF S91 1 IVI U . ...'«! 

•^xar _ ..147 4 CS6>f-tl( *77 I.V nun. L‘*lU> f ' 


*02, 

*0« 


S if: 

72f 

4*4 —9 1 
lOM-B 2 
oiy .... 
HSm . . ■ 
4321-02 
sab, .(m 
-0 j 

*7 71 -0 K 
31 2j 1 
M S +<L5l 
234+04 

ll2 ^4) 


S (ilr ft-i . 
1» Arc tun 


'John}? i-'l*!*’.. - (67 4 456-1 -nj * 77 ,.V mro. L'nilbi [W5X 

mtoU.Br£ 0IMB%3) Va rttLKS ’V ° ” r BOval T«. Can. Pd Mgra. Ltd. 

4) *244 a l£Jij i 2 SQ ^ orwr h l f ni«l VDSannce Group (b) r4 irrmraSim sW! 

nfutT^Sl US3lr:i im P»nu.4.Hta«M.NRMMS ■ I4TO2200 

Soxi OeaLr* Hay •* t. 2» .trout* T-t jh (3715 39L0J-S9I 5* uTc»ni-Frfl' _ r p0* 


205 0 
3061 
913 
111*0 
J* 1 

38 0 
180 6 
2864 

(2162 

For tax exon-ra 1 4 n't s rtalf 

Scottish Eflaitable Fnd. Mgrs. Ltd.? 

, ,, 58 St AnitrMraSft.E.liRtnsrai: tai f.VBMOl 
3 of Jnc-uneHnie*- (525 558.- .. . , *10 
;m AecumllliW, 1610 W9rf *90 

7jJ PCuliQ4 Cluj Mnlncviuv 

3 3? SebaR Uoil Tst. Managers Ltd.? (al 


y.mn.'jn.H-. U . 79* 

■ V.4URV l nit- '123 2 

RjrhEn«.!mua? '909 
tlucvriCn. ;2 .;B3 9 

• Vtuatb! . ..1139 

1 vliou'Jit i: ; . . |132 6 

iUni9 Vi,.'.- . 1616 

( ••m hlrf .SB s 

l. Arrow ’. nr'j,. . ... 6C 9 
t.lcn i>..l !>■ .. .573 

itrruin!'u:h ,719 
Sli*r!**.*rf*r-: '53 * 

• V**aa l » t ,'bl 5 
Vua fl«f, U*l .,522 

• Iccnm - W' . b5 a 

- 01 Vme'tmJ! 1 11 jSs 

■Arrum I r »« ■ . '4f 4 
12 ... U : 

■ Irrum I'm!.* 758 

't ick U| I«ri 13 . .72 5 

>6* Anum (£3* 


297 
- *81 
3:&-!*( 4 46 
71 5rt -0 ij - 
2e ?j I 1208 

MU 18 

485 

21 Of -0 ^ 485 


»5; j 
231 0 

lgl+92! 

: 57B 
63 3! . .- I 
»!?... .! 
78 S ... ; 

.... 

K#:rJ 

*$- 1 


OFFSHORE AND 
OVERSEAS FUNDS 


tlnandrr Fund 

17. 1 ur N-*ir-> : 'u?™.'. i.;i,i 

.Vlrx.in'fc-rk„„.f .; 51 . 

.Nf. Ju><l -..ilii,- * 


-nmniirc, 

7« I ...J — 

•itonor il. 


Jit*,...; 226 
14CP... 2 26 

213*' ... 671 

317 2' .1 6 71 

95i! . J 3 51 

ns 7] j 3 57 

* IS Tyndall Managers lid.? 

IB ■ 'Min.i Baud. BnsSol. 
InrniTH.- 1 *> I ! : 'ICS 9 

iVram Vn,l-- _ '194 2 
CapiuiiVt II .136 Oil 
lAnuBi l niLM .. ; K* 
E\,-nipt O! 1: . '315 4 
'Actus. I cue.-' -1633 
Int Earn 1 *rt 1 ! . (255 ? 
i v.-cuoi I'nit- . . 1289 8 
Krel Oct 1! 'IBS 2 

■ V.-iui tcib ,130 2 


ttT+Oil *96 
BOX . 496 

76 J; »5 tJ 781 
87 4{ -*0 t| 7 81 


5» 

534 r*’ 1 ' 

3.99 
<25 
* 25 
550 
550 
719 
719 
<20 
*20 
2 71 
271 
340 
3*0 
789 
6.02 
6C2 


34 2V1 
40*1 . . 
184? .. 
295 2l .... 
222 9r5 


232 
4 32 
34* 
4 24 


331 1H1B*nSU.BcUbrv H**..E."4 ninfun SL(a*UN..ia«bUIk 


110*} . 
20*0) .. 
142.6 .... 
2323 -- 
171 3 . . 

in 0 .. 
261? . - 
70* *1 
3M«j .. 
23021 . 


*M 

468 

(U 

206 

2.46 

Z«b 

*37 

2J7 

3M 

123 

126 

258 

106 


firt(«*on Management Ca* Ltd. 


SB'rfv.«SumS* . FX3P3D6. 
anrrmctnn rv.t 1 1 .122L2 
1 Scrum V-iMii 1242 1 
Rlnv !l ViMvt I* '1859 

■ Arn.rn l.'nlln . i220.9 
EMmr.>n IP -233* 

> “*ri up* U+JIV 343 4 

• ■rrch-Lx art. 12.. .1994 
ilmim IlnttB' .-103* 
Li tHrU 1 - «ir( 4 736 

•Aururn. Calls:. _ (77 4 


01406 44 


231 « 

m?3 ~‘4 

*31 7 

2**M.. 


18141 .. 

1074 +t; 

77 K ... . 

«09f — 


4 36 
436 
812 
817 
226 


Pearl Trust Managers lid. taKXKxi ■« *« 

lsc M ich HaHwm.tt'1 !V7Ui fliAASRMi Save 8c Prosper Gn)up 


W51+0 31 


■Jp04 74 2 -111 758 

13. Next dcaJuu Ort. 31. 


Pi-iirl <.rr*v*th b,l 
.V , UlTa t ‘inti. 
Pearl Inc 
lvnrl I -mlT-1 

• \,-* >,iK l'*,h> 


111 
37 0 

1*78 


*70J-0 2| 

MS -0 
6l4|-0 


2 26 pelican Units Admin. Ltd. (fiMs) 

s, r..i.* u .... «.. 


4 67 
467 
693 
4 75 
*75 


2 B* 
388 


SI Fau'nlkiiii M , Maori, Mrr Ofil 2 M 

IVluant nu- (891 • 95 8*4 -0.4 486 


388 Perpetual Unit Trust MoipaL? la) 
Goardian Rm-al EtXinJt Mgrs. Ltd. H*"iej«nTii«Mea moisabos 

t,nlt Trt - M*s- Me) RorJF-xrkxcvr ixapaus. maMbpu MccadiHv Unii^Tr.n^ (>Mht 

■.SIV.HiphHf.lhoe,. WflVTNL 0I4D1 «SU. (Mf'JaurdhillTa.- !»»4 «8|>Aid 430 P )cca dlll> t'nil Tnibt taMbl 

. Axrliwn* I'uihI .. |06B 9*3! 1 cu „ . ... . _ . ... 4*U«v (>Mg l'«H Thni Mnwni 

Rrtres «l u«. i Next tub. day Oo. 12, 




l 35* 


■^relays Unicorn Ltd? (agebg) in»ni'm»dli*»iw. 
i-rncornHo aURomKcttRiLCr. 01 &M 35M C K Rooia 


IK 5 
77* 


Uairarn Amenm 

On AM. Are ... , 

Do. All*. Inc . . UIB 
gnrapitji . K»1 

Do EiemfttTFi. |r» 9 
Do Extra Income Jz79 
Do yinanci*) . . |U9 
Do .W. . . |j9a 

Do (leso-si . mj 
. Do OrouiM ,\ce . J*J 5 
Do InfwinTfl . .*9 7 
•Do t*rt .Vtn Tm. (147 T 


: . Tr ' rvr ‘ *1 Seri 20 NfU hi 
. *' jV> Re+ivrn- 1*6 3 


320*4 


Rhwiv 

Do Tru-tce Ptnrt. 

Do W ld'+xJe’Tnt -jgj 


RXX lo. Frt Ine ... 
Do Accnro. . .. . . 



1 Ii4. 

_ .1. Iiedertck--. More. Old Jewry. E12R 8HU. 

P!wn:er IT .%doKhuS R-rtriekltowl Hultnn. OISAK4III 

‘ ■"* " QS77-&17ZM huni l„.-mne 

Stnalli'osld 
Clip, I ill Sun<l 


m her,i«!ry«...(48* 
L'iTMOMlir . UBS 
' >1ix«Mi*Aic. .. J89.7 


' Baring Bratfaers 4 Co. Ltd.? faKx) 
-8B. Leaden ball at. EfJ 

Stratton T-L |U46 

DoAccum ..l23U 

Next mb. day October 


■'•ixk 
C ap 

r«j> _ 

Ino-nr* rtvcti_ il&8 
HI <6 larame Ftuub 
Huft, Incow. . (MS 
■ *h<X Extra 1 r>r „*6C4 
r.,f«r»xJAu,it .1 
Mmr Fttads 
Finaacial* ITT _.I26 • 

Oili.'.at-nt. jsci 

IWrmdtail 

Cahrt . 

InlenialrfKud ... jlha 
WldWideori 11. ;778 
OmwM Fagd) 
AnstniUan . . ... HI 7 
Ekimpe*n .... (459 

KarEwi (887 

N. Am ..|5i 



Ini ... 

Pxivu!* 1 Kumi . 
Acrumhr 1-unA 
T*vhnel«*r> Hind 
r w F«»i Fd 

AmcnrAR Fund 


44. nl«*k(iib(iuTv *^| «*TA2RA 
IVjriuuIi c-1 11 . jlf*8 5 3M3ol 
kVcccui. Liul. .. . . (228.5 242 


305 

33* 

-0.4 

4) 7 

45 

-1 * 

403 

Ml 

-10 

<7.2 

ill 

-09 

37 3 

404 

-05 

685 

743 

-0* 

MS 

70 In 

-15 

298 

32.0, 



261 



(trmt St Helena. Luiidon KC3P SEP 
06 71 Queen St.. Citinhurgb EH2 4.** X 
OraUnc* 10 maat 0*99 «*r mi ra Ttst 
Save & Prosper Securities Ltd? 
lairnutia-al raada 

I'sprtal 1379 

ITIT-. .66* 

iiplv.ffroalh |715 

larrrasiBg I octane Fund 

HichVielU |S68 

ITifb locom Fuoda 
inch Henirn . —-[69.6 

Infotnc ....... ,[13.9 

IX Knads 

UKEquiU 145.1 

0 terms TnuMn 

Europe 192 7 

Jama . D£5B 

SRAsIBiTwtn Fd'. »5 

* Initial launch mull Oct ZJ 
Sctiar Kuadi 

Cpmtnoibti —...[80 1 

Enens . . - . 177 ■ 

Financial Seen - . (72 9 
QUB38HCI HWlFninlmum l^xtub* 

( 4 22 Selwl Int-mul 1261 9 276 
I 4.09 .Salrctinrome . _..J552 


20 


Saba* fanrtal Fd .[352 lifd-9 4 
seba* Income: Fd. . [328 33 7,d -0 4) 

Security Selection Ltd. 

Ii-IR UacoHFa Inn hrld- . Wr fll »C?I 6S36-9 
Uovir**T<* Ac*- - 124 8 26* .. .1 *4* 

InvIdthTUlM 1216 230’. ■ 244 

Stewart Unit Tit. Managers Ltd. iai 
4f.rtiarteaeSq.Fdmhi.rjt. 63! 2953*71 
TMcMort AJBTrtean Fund 
Sianda/rt Units . (672 TJ SI 

Ac r Lira iBIU 172 4 77 1- 

L’DlU.ISSb 


346 

812 


137 


ScU lor. «>rt 
s..-»*t. ,-jp.oci : 
i.v:rura t'aiik- 


WithdrawaJ Ldiu 


■Bnnii IriM I'gybifuU 


572, 


172 2 
;1460 

!U66 

Wall r.raap 

apilal Cm+C. .*36 2 
Do Ar.-urr ,40 2 

Eilrj In. Croats. JJ9 9 
l*o Airoir 48 & 

Kinjrr :al IT is.. ,166 
Do Vrfum J! 6 

tliznlnc rnc.Rp. 1671 
: sterna 1 ion a 1 . ;j: 0 
-spertaisiw .. .135 9 


101 Oi 

TO 


(CS=3S34I 
795 
795 
412 
412 
771 
771 
489 
*89 
1247 
1**7 
Q31S2S (IGSi 


Allen llxnev & K«s Inv. Met. iC.I ) 

ka«! r i'i.. -.f: >|e|,*.; . .1 ..,'1 ir k vi7T.;.'.l 
Aim ■■-it Ckiki ii ...jao oi io iom m 11.97 

Arbutbnot Securities iC.I.j lJmiled 
Hui JM 'll lli-linr .l«+, v -,. 061172177 

T»S .J**r*.*i< 11170 131 Of I 4J3 

Sc* I .Irulir : .J.cr i* iniier 24. 

*;iF tSec- T-i |99 1321 f 12. CO 

•\r\i *li\ilal:.' .lair *.., tulvr ill. 
EailSlr.lt Ten, t‘,15 L22>q 3.07 

Nca iH-uImt ilu,i i id. 


Keiselex Mnst.. Jersey lid. 

Tilhvv'W.M. llctil-r Trr*,^' . I.-.c .IjmCTTCn} 
f.xi^ li- . - | *■ r* 1 1»1 ! W» I 3.0 

lL.rfi.l~-T.-. . .. !::U77S ISte; — 

hel-eli-' i.'i|u'i l£I* b6 I — 

LeSiL U-.-41 . . !t: 37 C5 137.0? -i'0:j — 


King & Shaxson Mgr*. 


H-.-.jnni-i T,, »t ili-lirr : 
\ jili-i lie si IWi-r I «uc ■ 
TTI,*-rnav S(:,m :. lmu.-l.a-. I - 
itolHinn Jerry- ;£3S5 

i,-KTn:.ti| n V ;!25 7 

«;*,! Fn-l -:uvrr.«-.|t923 
Ind (khi seii 1c; 

1 ir< .’Ivrlin- . ;-;17 9! 

I-’irJ irU. .j'. .1P^ 


8 87.4 
'.lb*' 

9 25«T 

’.SOM 

"i 


inj.S4.rT4t 
. jisne 
ii(£;4>4(ca 

' UOQ 
17 on 

.. 12 00 


Australian Selection Fund NY 

starkrf li(»p.iri-.r*.t.,-% ■ 1, lf,-.*i Vihuc A 
■ Hith'»’«:tc I—. K*-o: :v %%.inn 

l Ml Shore-. | St MSP ! J — 
lint j— el ialur ,,(M«r 13. 

Bank of Amerii'* Imemaiional S.A. 

35 Rnule--.ini llrvi'al. I u*.,-n.a«arc ■! I> 

SCI, 1 1 n> rat ln,-i>ni". IW-iUeS 11*31-0 381 731 
1-nt+s ai »t*_ I*. Nr-t -uV.. dule OcL )& 

Baacfue Bruxelles Lambert 

KMC l*C ill RtVPhrr I: null Hruvels 
Brnlu FuudLP ..11926 1.98M -7J 7.74 

Barclays Unicorn Im. <Ch. Is.) Ltd. 

1 Channel "ro*.s St. Htrfirr. j r 0554 7374 1 


. Klein won RonMin Limited 

551. K*--n. r.urv n .1: K, ~Z 
Kur 'ivr-t l.,i*. h 
UlfriW.; In*. 

Du .lii'iini 
KB F.,i Kas: Frt 
KBIntl Kill'd 
KU Jjtvm Hurd 
KH I ■' i 3 

sitjnci IH-rr.aidii. 

•CnilnndJ .DM 


1 laW j 
MO 73 4 

85 1 90 b 

S-S13P4 
5LNI3 50 
51 v*I 92 1 
SlslJIM 
51.-5 25 ( 


’20 05 


:i :o' 


ifxmo 
291 
4 IS’ 
4 IB 
las 
1S6 
0.60 
069 
171 
806 


■KH act a.. Lon-ion pnymi; a^<.-nis oalj. 

T.lovds Bk. (O.i ITT Mgrs. 

r*i. Ilo. ins *11 llflu- <1504277411 

LlnriLTe: ••tea . ;6a: 654,7 ; 0.67 

Xi’il ilfU'liiil dale October 1C. 


527 
527 
8*15 3 8*41 
922J-0S] 969 
966. -0 S| 

47Sa -0 4i 
51 7" — 0 j) 
117J-01 
220) -0 J 
71 0, —0 7, 

33 1! -02, 

38.4) ♦O.l 


569 
986 
956 
46« 
464 
739 
2<S 
4 74 


3 77 Suadwii [1*28 155 2- 

289 Arniffl.L'aiu 1166 2 iso b| 

DeuKoR tTuir. te I- r: ‘Wwl. 

6L0«t -8 if 705 Man Alliance Fund Mngl. Ltd. 

Nun Alliaiic«lI»e.,Ifnr*hura M/CiWut 

7481 — D M 809 E£t*EaTj*.Oa.ll..|£Z37 1 24961. } XBb 

*73 -0 «] a<H rr&TParallFFil .1103 1 109(2-1 l| 

Target TsL Mngrs. Ltd.? iaKg) 


405 

405 


331 


TSB Unit Trusis iy> 

Sl.t'noiltn w..* »ra*,.er. Han*- 02WC2183 
Deal, n c ',*( 3»i 0432 K 


« h TSR '-.er.erai . _ 
'h'lk- \rcur-. 

1 1*. TSII lr»>i»ri». 

T *o A front _ 


46E 

jS! 

*6 a 


970 
570 
4.80 - 
5 10 
440 
3M 
400 
120 
14 


7?BScrxi:aii .. .803 
ibiDo.Accura — [96 e 


Sii^ 

67 2[ -OK 
70 B 

1022 ^ -ok 


396 

>96 

698 

698 

203 

283 


404(-09I 49* 3i.GmbRui5t.Eri; »mjjir*- C290SMI Oster Bank? tai 
*rf ... tarsetCWWabdUl J91 <20(-B5| 356 Wart n k - Street. IWfJ-J- 

-> 3 5JJ Tanrol Kina«i«U- Ui 65 73-0 6 4 41 lb, t_-lscrf.ro*:}> .,39 

>7id-0)) 15S Target Eonits— . .391 4? S -l 1 588 

“1—1 H? TWurtEa-pcL il-mj 234 1! .. 646 Unit Trust Account & Menu. Ltd. 

80 9) . 031 *Do.Alc Unit* - 302 0 317 « 6*6 »,„« u:~.c e, ,0 

CM.ZJ TarcntUlUfBBd . 1163 1223 -03 300 ^''^^•IliarnSt E\.»B 

Target GnmUi ~ . 29 1 3151-0 3 4.46 tnar'H'e Kunil |1M 

ft II —0 *1 III Tarc«PadIlcF«L. 27 9 30ffi~0 4 0 72 JJicIcr Orth Fnd jj- 

7741 -fl 2 169 Do Relire. L’mt*.. .. 31 1 33M-C4 072 Da .Ucui . — ..37. 

n *-°* ’■» ?SSo!l , »iT:'." W4 i^l Weler Growth Ft 

5* 2sj -0 5| 731 ^ Ttit. Special SUs. . 21* 23 0[ — Q 2] 449 .Vccun fr.-;> 37 


<2 7! 


02722^31 

. . ! 496 


014C34SM 
lTSOi ... I 4*4 
33. W - . 449. 

397; — 4*9; 


1 r. ATHi-as Ini-orm- . 146 9 *9 31 -0 2 IS. JO 

I’oidatlarTru.i. . ]24M+Oiii 170 Ltoids Bank Inti 

CiubosulTntot ...-IM.'SSa UMq ... .( 800 } n .,r»- Vu** \,r >•*,. 

Ban- lavs Unicorn Ini. >L O. Maui Ltd. 


International (fcneva. 
Hin 4 «b 1211 irfne-e ll, 

i.li»rt»lRt Grn+Tl. I'TJU IC5.il I l.bO 

LIujdi-jnL ir.*:ofia.'.j3r < S94 9 3C550| I 630 


1 -n>oi«a-.Si . DniiCl.l:. I ■■ IL 


l : nucm Au*t ul 
lio AnM Mm 
l*o ilnr. Pacific 
Do Inti Income 
Do I of ManT-4 
Do Manx Mutual. 


gi 

46 6 
263 


57 61-oTuO !H * <lnr0UP 

385 -Obi 150 T>,rCcQu.iis.T.-n»erl!:llE* , 3nnUJ A14C6468# 
74 ij ... "1 830 Atl.ir.nen. I l.j 111 ■'HI 3M1 . . 

24rf . 1.810 AUM Rx I’k'l !l i!l C b* 29b, . 

50 11+0.7 0 8 i.ld Ki .«■*■ ,V.ull H. -11*9 12 Bj . 

285 .... X40 l'ljn-l 1136 9 147 3id -0 ! 

(Accliml'nit.-, -197 > 212 *J +0.) 

Bisbopsgate Commodity Ser. Ltd. 

p«* fii>a4S.Douitla inM. 0024-2^911 Samuel Monlacu Ldn, Agts. 

.\R5Mf -Ort 2 (aai! SIT] . I — 1 u , 'W Henri -.t . E • 2 

i'AMUID*iki 2 iT092 1 15C( . . J ■- \r*Wlo IM 1 1. • ■ I IM45M 

rwp-njs 1^465 2 bl4l I 2 01 j a ^/4-*Vai 

Ur 1 finally imuix! ul -Si„ and '-tl U0. 4 Jv/sJ-'n 


43 IS 
13.18 


Bridge Management Ltd- 

P ■» Hex 500. Gra.i-1 1‘aiTun. C ji rn.it, Is. 

MwdufVl? . I Y 17 875 1 1 — 

MTr Box 580. Hon? H**i„- 

Nippon Fd. OCL 11 11Y-S1K S3C1 1 0.73 

Britannia Tst. Mnftim. (Cl) Lid. 
an Rath Si . St. Hciicr .'er>-.. 0534 1*1 14 

StertiiiL 

. (366 t\ 7] 


1 ITJctm'. «V| + Its 61 
111 IU1 M 


■<: .SS8A4A4 
4SB5|-0 2>| 3 75 
IS T5| DE8 

lilll ! 18b 
b.ljf .. j 0 68 
2189) | - ' 


100 1 
1*31 


% lVaMBwalrd Cdv. 

'■rowlh IlIVCM . . (366 
inlnl F.t - J92 1 

J»*r*ovEnero Ts. .1132 4 
l*nix*l 6Ts St: . K228 
Hich lM.btlc.Tst. (0 96 0.9 

13. Dollar nnadwled rdx 
l.-nixsl IT* . w.':3j; ski 
I nLl-iiclj liil. 1st 3 97 101*JJ... 


*00 
1 00 
150 
100 
1212 


Murray. Jobnsione ilnv. Adviser) 

lliif*. XI ,i2«tn« *'■- "41 321 .’*621 

-llnprSt r«S _ I 5VS42 32 (. I — 

■Jluirif Fund I 5IMJI5 ( J — 

.s.vv sepicraltr .'u 


Negit S.A. 

inn Pnulci.ird En* a!. l.u.rraS(*i,rc 
NAV DeL 6 J SCSI* 81 | .. 


I - 


I _ 

| 8.10 


Negil l*d. 

H.-mk of Bermuda Flrtc , 
NAV Oils iiTDJ 


Hnimltnn, FrnvJa. 

- I I - 


OI4C3 40E.1 
333c* . . j 449 
31 7j ...„.] 449 


0T3fiR=an Cabot Am. Sra 

JH3j I 3.41 Ennui Panda 

J813{ ....( 3.95 Japan Exempt . |:016 U5K..,.'t 

W ll. N.VnSxptT&L 13 (1288 134 3 - i I 

Bisbepfigate Pregretslve Mgmt. Co.? HiU Samuel Unit TsL Mgrat (a> 
e.BIstapxy-Mij.CCZ 01 58»62« *5 R«cfc EC2P 2LX ni«ani; 

B salePi—Oet.10 -1J96? 2097] . ] 32* fbjRrtU«hThia..._05« 3692-25) 584 

Aec r-i'.-Sep| 38- fol 6 MM.. 3*4 (gilatl Trial _ _ (387 * 81 ( *4)7 *77 

R Boto Ini. Ol 3 ....]18*.4 libif .. J ill WPcDtrlTiwI.- .jofl *88-0.1 2-3 

tAccunviiKT 3 12845 *173 j 2.18 (b.CopItfllTrws;. J30B 3S9-05 *61 

Next sub. day -Oct_ 17. ■•Oct 24. ,b<Floaoci»I Trust >909 97 Jo -Lb 53)6 

• . (bl Income Trim. . (ft* 50.2 -8.4 7.40 

Bridge Fond Uameenv faMc) ibiScniriiyThia BJ - 57.J -0.9 522 

Mites,. Tllr” sL EC4R ,b ' “« k Y * rtdTW -'« 6 *■* -M 7 * 

««L fli-caiftt. inlpL? (axg) 


. American*G«Li-|25 8 272 

Income*. .. ... 55 6 U}4 

Capllal Inc.t (02 42 8c 

Do Arc t 44.9 078 

: .feempet _ 1510 1610 

Trtetntl Inr.t., lrj 190c 

t-'^tfJNtAccr. ,P9.4 21 "2 . 

- - AMUog -Toea. tWed. fThurs. Price* Oct 3>'6& 

t; 'Britannia Trust Management fa Kg) 

3- London Wall BoUdlfl*% LmdoD Wall 


J-2 15. CbrtsMphcr Street. B C2 L - DW477M3 
jS loiel Inv. Knml, _|91.0 980| -U( 8ft 

IS Key Fund Managers Ltd. Wfe) 

*04 25.MH65L.EC3V 8JE 01-8007870. 

4JW Key Enercyln.Fd .Ma9 B&3t-iaj 3 

KeyEonUT Aden.. 1734 73J 


... J6oDdoa£X3M3QL 

<*4BCto (79 0 

-CaprtalAcs.--^.. , see 

- . ..'muni Istf-...— EL5 

>omnwdlty MJ 

; I’’ Oomeetic.—..— .. 9L2 

- 123.6 

- , £rtE0lnemu9 . OI 

».* 

ItMKwl Koca.._ u 662 
:oht & General ... . 9*7 
4lb_ .. _ ._ „. J7.T 


)ICES 


lift - tt Giwtb |74J 

]nt1 Growth .. . _.J67 J 

oveitTsjih arcs. .(408 

Minerals. (40 2 

S'at Hl«h Ine — 

vewtsoe »S 

Sonh American— 382 

Professional. 57Q2 

. Toiierts, Sbarex . 14.9 
■--- -s»leld._ ...... 479 

- aalui Chance 35 0 
Jniv Energy .. _ J34.4 


6Ker ExOTUKFd . 
Keylncomn Ftrnd_ 

Kr7F.1edIrw.Kd 

0tft8M7iiM79 *•** mOOAW. 


172 M lHJOn 
*66 914 

598 . 63* 

1128 U03I 



H43 


iSl 

714d 

523 

432d 

9033 

4li 

sni 

ihi< 
5lS 
377 
37 01 


—0.9 
-0 4 
-O.d 
-O.fl 

-0 7\ 
-2J8\ 

—38 

-iJ 

I 

-01; 

-0.4^ 


Klein wort Benson Unit Managers? 


OldS flOW 


m 


M.FenWuxrch SLE.CL 
KRUnHEd. Jnr_[Bf 6 
4K.R. UmlPdJM'._. U3J 
XB.Fd.liN.Tsa... 59.1 
KRJUln.Ttf.Arr 39 9 
jCp'xFtKoc. Mb 
iCtm FdAcc *96 

_ . r .V|di Fd lnr_. 469 

366 JUgb Ytd. Fd.Acc_.i469 

2.U L 4 C Unit Trust Managesnenl Ltd.? 

The Slock Echaoga. EC2K 1XP. 01-5TO 2KW 

}| Kjaa-acsa ttirjur 

Lawson Sees, lid.? fake) 

37.<7aeen'b Si .1 «ndon EC*R 1 BY B1.236WH 


97 5 .... 
123.4 .... 
642 . 

65 7 ...» 

52.6 

52b . 

i§|- 


5*9 

0.00 

83)0 


1.82 

378 

2B 

435 

449 

239 


l*he British Life Office Ltd.? (a) 

— ICliaace H«r ,Tanbnd*e Veils. Kt. 080222^71 

if.Brflirt Ufe (52B 555id-08( 559 

U. Balanced*— ... 512 5a?tf . -1 5 62 

IL Dividend* . . )439 470^ J 937 

•Prices wt if. Next dentine Oct 18 

trowu Shipley & Co. Ltd.? 

Jncrs. Founders O..EC2 
iS Units Oct. ID - ..[2274 
HMCCjOrtlO „Sai 


Maw.Mauruis . .M>3 
jrAtcwn. Ualtai . 458 

*Cnjmh Fond 57.2 

"(Aecura Units,. 63 D 
tniih and WorTiinL ul 
^American Fd . .. 244 

iiAcruml'-MLvi — . 



VeanJc TrtUU la) fg ^ 


'maunal — S53 

-KmcmJ . _ 184 

1 jnxth Actum *81 

jnuib Income 378 

tish Income ,.-.... 34 J 

TU 714 

.idex »* 


-verseas 20.0 

tdumntf .— — 62.1 
woreij. ... .... 22.9 
xanpi Oct 10 — (6*J 



„ _I2S4 

•Hl*h Yield . . . ml 

WAcnim. tinils) (702 . .... 

Deal Jttton. Tn*x ITWod jTbiirv ~Fn. 

Legal & General Tyndall Fund? 
dljmimn l*C“iy"e*B«d. Bridal. 02773X31 

oi-woaao Uta on. n. IW2 MB] . | 460 

?•?? lACCBUL Unitai — .JIO 0 Mai ■ 1 441 

Nett nib. day November 15. 

Leonine Administration Ltd. 

SIS “ Dnlm£t-L*doaW»««IP. a I -MM. 5991 

5 0* Loo Dun.-. B* B73J-1J} 4J4 

939 LooAecom |WJ 956(-14| 4.14 

Jg Lloyd* BL Unit TSL Mngrs. Ltd.? (a) 
310 ResVsrmr's Dept. 

. “ — 014S31288 


462 

*J7 


Worth, 1, c.B'etf Riumx 

RaUincrd IS3.I 

DofAepwni. ...1758 

Canada Life Unit TsL Mngrs- Ltd.? Do iae-cuci I p: 

eHlfhSa..PW*eT6Bw.Wetta - V Bar 51171 l??” *— 

an. Gen Did. (39.8 41«-08| 4 37 

o-Gen. Ac rum ...1491 517} -0*1 4J7 

Ok Inc. Plsi (33 B 35M-I ?) 733 

o.lnc Accum_ . |45 5 47.? -0.S( 7.41 Lloyd’s Lift* Unit TsL Mngrs. Ltd. 

apel (James) MngL Ltd.? T2«i.CxBehou»«tld . Ajteabunr uqmsmv 

O Old Broad St. EU2N1BQ 01-588 6010 PQdtty AccBM _...|X716 18S6| ....( 3.72 

- fit f 2SS IS Mtc Group? (yKcNz) 

^-Jces on'Oel+Next dealing CM. la Tkiur Oujpu Tower HlB. EOH RBQ, OMK» 45SI 


Do LAertunlJ... -„Ill98 

CnraliKome Ml 

Do. (Arrorru .J711 


57 0 -0.9) 
784 -1.3 
M2 -02 
765 -L0 
91>s -3.2 
1281 -15 
68* —06 
71.3) -arj 


4 43 
443 
217 
2.17 
5.96 
5« 
747 
7.47 


arliol Unit Fd. Mgrs. Ltd.? iaNc) 


.See also Stock Exdwac* Doollon. 
Alncnehn . ... “ — 

limn, Luitu 


- ub^Htuiw.Ne^attles.pon^ie JSSSSWST:^. BJ 

fteL-- ' ) |-5 fAreutn Lulls' J __ 57 J 
o.Arcum units, too mu . I aw t omniodiiy. ........ U a 


829 

829 


(Arruxo Lalto 
Compoond Orcrftth.1117 4 
Con reman Oowth|702 
Corawcian Inc . .pJ 0 
iMttdend [1276 

01^881815 ■ Arrum Units, B»1 * 

6.ZB Fumpraij. ,|S42 

— (Acetuo.llvllai. (55 4 

ExtraYield _. . . . J9L2 


o High Yield .1433 « 

■ a. Acconx Units |56.0 585] . 

Next daaltn* date Ortabor 18 
harities Official InvesL Fd? 

•' 'London Wall ECSTJ 1DB. 

ittffncAuBUtf ]5..[M2.17 — 

. ccurn AuEU»18-B7b.M , - ^ . 

■ lUoaulh. Only available to Re* Oianties 

Dr Chtftcriiom JipbH afic Jmes Finlay t^si^n 

hieftain Trust Managers Ltd.? (angj 

Now SL EC2M *TP 01 383 383C , Arriira L'oite< , . 

-rfw«-: «av« ,«jl H gSSw«;-; 

( 254 Hlth Irwome 

_i J) 41* lAccosu. Units) 

1 732 J>W 

rArmm milal.. 

■ Wedenttlou Fonda MgL Ltd.? (a> ' 

„ »t#»ncw Lane. Writ IRE 0 1.2420282 jiidiaod. 1. ’. 
• •wlbEund. l<7J *96) . •• i ^86 , Arrum Units'. . . 


S Income M7-. ... 431) _ 
national TA . JU2fc0 
. «sic Retnw TM. 278 
. cm Growth TM. . (2X3 


nrc o»«ry. 


usmopolitan Fond Managers. s accom. U ntvt 

. Pont Street. London SW1X BE.I 01335*5*5. Second f>n. . . 
JiFrl.1191 20.6J J “TO 
1 1500 53ftol +1 8) 10.90 


'■* TBntopohl.Clh 
^JBtcome Fd 



INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ui Crusader Insurance Co. Ltd. London Indemnity &GnI. Ins. Ca Ltd. Save & Prosper Group? 

I^S-Lpjul'Churcbwird.EU*. Ot-MSFUl Vincula House. Toner PI .EC3- 01826MU3I 18-20. The Fortuir. R.-jdinsSlOj; 1. 4. C'«i SI Hrica's. Ladn . EC3P 3EP 01-55* 88u9 


F.quiii l'und. .._ 
K'nuni A rr . _ . 

Prop.-r'-- Fii 

Pi ■■perl; Acr 

Sehriivo F'lrul 
Comrriihlr Fund. 
Htonev blind 
WTf-^ Fd, Sr r 4 
VHait. K.J Sit 4 . 
|VE<1ii„> Fd Srr 4 . 
Worn F«l Srr A .. 
VMoncv Frf Srr 4 . 
Pnm a! Ocl. J,l 


401 

i 

1*8 2 

ilSi 

TO 

119 7 
117.5 


'382 
32 4 
144 7 
,1549 

M2 
1331 
.123 6 
131 1 
1383 
Si 
113 7 

All 6 ... 

Valuation normally Turn. 

Albany Life Assurance Ca Ltd. 

5V Old Burtimilnn Jl , # !. 

12020 

1416 
1160 
114.6 
1105 
il714 
U412 
RB08 
1321 
1223 
1263 
121*4 


tith. Prop. Oct. 3 — |73.S 


832) | - 


Money M#MC*r- . 353 

W M. hcxibir 31 6 

KixcUnijeresS — _■ 14 h 


3B2I 

3J« , - 

34S| 1 _ 


Krjnily Kd . . 
rrofwrfy Fd 
Fixed I if term F. 
Did Drpr.il Fd . 

niATJjO® MxxedPd 

212 w +3 41 - 


BhI. In Fd 
Proprrl> Fd* 

Cagle Star Insur/Midland Assar. 1 “ DrotFdf ' 

t.TbrcadncrdlcSi .EC2. 01-5681212 The London & Manchester Ass. Gp.V compPrayFdr 

Eacle/Mld L'ulto — JS5.1 57.2) -1.0) S.9S U,nxlad«Par)LExr,er. 0382-52155 " 

fan. Grtwib FUnd 2*27 ( -.0 7| _ HSKTiG 1 ’ ’ 

Equity ic Law Life Ass. Soc. Ltd.? ^ 

Amer.vhmit Road. ILgb Wycombe 04H 33377 +Kxpt lev Tst. Fd 


1*9.0, .... 
122.0) +0.1 
llQ.fl +0 t 

182^1 +1 i 
253 » +4 5 
284.9 +01 
1391] +0 3 
1217] +0.7 
132.9j .. . 
235 M +1.1 


1193 
1 109 4 

m 

U38 


Gresham Life Ass. Soc. Ltd. 


147 9 

155 

+14 


1241 

1X22 

+$'A 

11*8 

1252 

+ 0 4 

918 

96.7 

-0.4 

185 

103 0 


1654 

1111 


loss 

1112 


96.9 

IQai 



C.I. faeb Fund -HB2 
0 I. JKnuUy Fund- .UJ0.7 
«: J. Cih Fund ... El 9 

vM.lnil Fund U&7 

GX. Ppy. Fund..-.. 


Flexible Finance— 

Land bunk Sees. . . 54.81 1 -.. — 

Lamfhanlc Sea Act 1181 12181 ] — 

V«. 61 & Super Pd.— £7.962 | 


95 


ItM = 


OFnuiK- Fd At . . . 

VFiM-dlni Ac 
•GldManinK.I Ac , 

(Wn'I.M/ui Fd Vim 
TFrop Fd Arc .. . 
iWrfclm Art ... 

Equin f’rn FdAcc. 

Flxxtl I Pro Alt 
U idHnn rVn \ce . 

Int) Mn rnFdAcc. 

Prop.Pvn Acc . 

H'plrlny Wn.Acx. 

AMEV Life Assurance Ltd.? 

Alma H*r . Alma RH . Ref gale. 

AMKV. Manured... 

AWKV Med h 
AMEV Moni"V Fd. . 

AMEV Equity Fa. . 

AMTVFixcd Ini ... 

-AMEV Prop Fd 
AMEVMf fPwi FA J „ 

AMEV MKiroa B-JlMS 
FIcsipto 
AMEVfFVamllDStou 
Amcrtesn. — ..-.|90S 
Innxnr . . _..|97 6 

Int Grain h . .. . . W.4 , 

P#r Aitumt Life Assurance srr 

Providence Capita! Lift Assurance 
Barclays Life Assur. Co. Ltd. 

252 Romford Rd, R7 
Rait-layUaMbi*... 129 9 

Ecu In. .. 12*3 

r.iS«tecd-. 1094 

Property . 109.7 

IrueniaUnnal ....... 964 

Manacod . ._. 1»6 
Bonn' . .. 1003 

M-WIVtU Acrum . 103. Z 
Do. initial . _ 41 6 
lull EdcPV'ns. Acc. . 97.1 
Do foiual ....... 13 9 

Money Pens. Acc. . 1026 
Dn.Jnllbl. .... W 6 

Current dull value Oriobrr is 
Beehive Life Assur. Co. Lid.? 

1. Lombard St. BC8 iil-iEiiaiB C^g'J 

Bit Bone CV». 2 .. | 133 70 I .... J — 

Canada Life Assursnee Ca 
=8 High SL. pot) cm Bar. Herts PBir 51122 
EqtyfimrdOcl.a. I 633 1.1- 

lU--imt F«I.Sent.7| 1261 | J 

Cannon Assurance Ltd.? 


. Olympic Vy, Wembley UAflONB 01 »««R» HcartxofOak,. . .D7.2 


125.51 -1.7] 

115 1 . 

1X3 1 -0* — 
105 7 .. - 

1191 -0 7 — 


2*27 

w 

160 9 
1196 
1*6 7 
648 
1009 


General Portfolio Life Ins. C. Ltd? 
OiUarthotaracivCt.WaJthmmCrtfts. VX3197I 

rorUolioFund 1 149.1 I I — 

Portfolio Capita). ...|428 44.*] ) — 


01836 

AroCrtcanFd BdL' 
Coot Deposit* — 
Equitv Bond** 

EX VleldiM-Bd*.. 
Family TM0** — 
Faun b 8 1 -80**. - 

8 Prlocc rJ Wales RH. B’moutb. 0UC 787855 GUI Bond 


Find Me Fund 

Inr. Trust Fund.- . . 

Pro perry Fund — | 64 8 + 0 4 

Cld. Deposit Fd.. | 1009 -[+01| 

M & G Group? 

Three ^ugs. Tower 1 1 ill EC3K uB V. 


+0., 


-Ofl - 


•jilT P»-ns Fd. 
Dep<riPi.‘ni Fd » 


113 J 4 
. 1597 
123 l 
1125 2 
_ 211 9 
193 3 

■» 

IWtl 


1<U 
1641> . 
1290 -53 A 1 
131 8[ .. 
223 0^ ^ 

204 l! -254 
245 1- 1 

996 -0 *J 
106S1 > 


Price* m SvpIenUHT iti. 
■ dcaJmfs. 



lmcrnnnl Boud**. 
Japan Fd Bd*...„ 
Managed Bd *7* — 

Per* Pen*i«i ■**.._. 
Property P d. •• -. 
Recwery Fit Bd. - , 
Price* ob *On. 


54 8 
1198 
,145 7 
M3 
170 1 
194 9 
207 4 
1081 

$468 
2S2 8 
1651 
713 


121 lj '.T 

”1 : : 



Growth & Sec. Life Ass. Soc. Ud.¥ 

Weir Bank. Bmy m Thiiaei. Berts. 0S28-3428* Merchant Investors Assurance? 


01-534 55*4 

134 3 

1309) -12 
1153 -0.9 
115 5 +o: 

in 5 -o j 

1140 -0 7 
105 0 +0.1 
108 2 
304? 

182.il 

IM.! 

103. B 


Leon Use., 233 Kicb SL, Croydon. 

‘ 'as 

377 J D 
143.0 
IK 7 
1307 
1438 
108.7 
1427 
107 4 
1058 


n,ow ! 

Property, 
Property Pens . _ 
Equity . . . 
Equity Pen* 

Guardian Royal Exchange 

RomJ Exebancc. E.C -3 O1-2JO7I07 Deposit _ 

Property Bonds— -|U7 6 195i*J ( — Deposit Fen*. . 

Manas cd .. 

Hnnbra Life Assurance Limited ? JSff . 

"Old Park Lane. Lon.ton.H I 014M003I Inll Manajsed . , 

Fixed Inf Drp... 
t+wl?. . . . „ 

Property.. . ... 

Managed Cap 

Managed Arc 

(xnun .... 

•jilt Bdcrd 
Amoriran Acr 
Pen .FJ.Dcp.Cap .. 

Pen F.MJep Acc 
Pen Prop Cap . . 

Pen. Prop. .Acc . .. 

Pen. Mon. Cap . 

Pen Man. Acc ... 


r Weekly 

Schroder Life Group? 

tjucrpnle Hou<c. Part- mr.„ lit. TGOfi 27733 

Equity I 

Equity* • . 

Fiu-alnt 4 
yunnaed* . _ . 

Money*. 

Drerrcaa* . ... 

Property* . 
i; & S Gov i <lecv 4 
B S. Pen Cap B . . 

B 5 Pen Acc B. . 

Mncd. Pen. Gap R. 

MowlFea Acr R. . 

F Ini. Pen Cap B 968 
F InL Pen Acc 3; “ 

Money Pen. Cap R 
Money Ten Acc P. 

Prop Pen. Cap. B 
Prop Pen acc. 8 


PD Box 902. Edinhurch KH 165RI'. 001 655 6000 


I 2503 

.. 

232 3 

2441 


13*7 

146) 


U7 2 

344 5 


1090 

114.1 


93.1 

981 


1592 

1671 


1216 

1281 


1234 

129 1, 


1354 

142 2 


213 4 

222.6 


2537 

267 2 


9b 8 

10211 


983 

1036 


968 

m 


933 


102 5 

108 0 


104.0 109.6| 

s' Group 



Value Ocl 6. Sell ileilint! WL 1A 

Rrown Shipley Tm. Ca i Jersey) Ltd. 

P 'J KoxSfD. SL Heker.Jccun 6CC4T47TT. 
SierUnc Braid Fd ..(L9.96 lO.OOf 1 1L75 

Butterfield Maoagement to. Ltd. 

Pi' 1 Km IBS. Kunulloa. I'cnui'lii 
RUIUe+x Equity BI - S2« : 571-0051 353 

Bull rent inromp pUXJ W 2Hj-00a| 787 

Prices, at On. 9. Next ub. d uy Nov. 6. 

Capital Internaiionai S.A. 

37 rue NoLre liirae, l.uxeralwuDt. 

Capilal InL Fund._| SCM981 | ..._.| — 


Phoenix Juternaiionai 
m llnx 77. St. I*rti-r P.iri. G'locnir • 
Iniei-DftlUt I'Unrt.'.U.** 26M*0<L'l — 

Quest Fund Mnipnnt. iJerseyi Ltd. 
P«I. Bm ItM.SL Helier.Jer>4?J 053427*41 
Duesl MIc.Kvd InL 185 2 90 71.. I _ 

Quext l Ml Spc+ IV.sd 914 0 M .... I 

Quc-JlnU. r.f ... |St : J 911 iflS) ] — 

Incc ui ucL IL Nexl dcutin^ L1L 18. 


Richmond Life .Vss. Lid. 
46. Acbnl <»wi . IKauyla Lu M 


Charterhouse Japhet 

I. Paternoster Row. GC4. 


Adiropa 

Aduerba 

Foodak 

Fondbt 

Emperor Fund. _.. 


Hixpaoo. lJUStLH 


DM316 
PM5153 
DUD B0 
DU2238 
5359 


3150+0*0] 
5410 +0_ipl 
3471 +03 
23 50 
3.69 

on 


.jThcS,herTnj:J 
Uh'hnt^riil'Tc; Bd 
TV, Plannutn Bd 
lln Diamond Bd , 
01-2483999 Do. Cm OT. IC Bd. . 


457 

4.29 

473 

494 

27* 


11130 
1184 
,153 8 
92.0 
163 8 


NS24 23S16 


115 81 -0 J] — 
124 0+0 2 10*2 
161 5 +9 8 — 
100 0 - 
172.4 -12 1159 


Clive Investments (Jersey) Ltd. 

Pu Bo* 329. Sl ileliyr. Jcney. 1)6343738). 

1'brt.MltltFd.iCl 1.19 78 9811 | U.00 

ChveGilt Fd. 1 Jay. i.|?7L 9 74) 


Rothschild Asset Management (C.I.) 
PO BoxSRSi. Julians 'lUucm'Cj 048128331 
5B6 bI 
172.5 
142 
162 2c 
1584 +06| 

30Sf 


O L- B»Fr S-pi a.|S5J 
«»C Inr Fd i*7i 3 . 162 2 
•IC.lntlFrtl. [SI 3« 
■K* SmCoF dScplSL (152 5 
<> i. '. Commodity.. |leB9 
LU* Dlri-Dnvftv.-r .JSZE 80 


Prirc' on DcL 13 Next rieuliru; fifi 


276 
679 
IM 
311 
4 07 
O.ft 
31. 


Com hill Ins. (Guernsey) Ltd. 

PCI Box 157. SL Prter Port. Gueraxee 
IntnL Man- Fd.__. |1778 1923] ( — 

Delta Group 1 

PO. Box 3912. Nassau. R.ihairuix. 

Delta lnv. OcL 8 _ .fJt'SilS 2261 | — 

Dentscber Investment-Trust 
Potflacfa 206 BJehorpawe 8-108090 Frankfurt. 
Concentni .. . ...[DU2U8 227W^I20j — 

h-.[DM67.6fl Mft-0.40^ — 


u 00 tlTicw on DcL 9. Next dcaJinc OcL 23. 
Rothschild Asset Dln^t. (Bermuda) 

Di Bex 6D4. Rif. id Bermuda PM. Bermuda 
Re-xerre Asxrts F<L|K'M? Mlflj . | — 

Pnce on DcL ll). Next dealinc Oct 17. 


Royal Trust I Cl I Fd. Mgt. Ltd. 
r fl. Re* 19*. Royal T<t. I Im; .Jersey 0534 27*41 

RT.InlT Fit... . |n'S94fl 1062J | 3 00 

98 0| 


R.T lnl'lU*y.»Fd 


. |n'599B 
1 |92 0 
10. Neal 


Prwet. ai OcL 10. Neal titahns OcL 17. 


la 


fll-6869171 lnv PlrSertri 1 


-0)1 

+01 

-OH 

+0.R 
*0 3f 
+0 3 

-°A 

-03 

+ig 

+0 9| 


lnv Ply -Senes 2 . . 
1ml Crab Dei 13 . 
F.K L'l Acc Orl * 
E* L'l Inc. O cl*... 
MCd- Pen. Orl 11 


f 

JH1 4 
S776 


110.71 +0.5 
11D( +0.6f 
104 fl +01 

1515 

147 5 . 
277 6) -01 


Solar Life Assurance Limited 
10- 12 Ely Place Loudon ECINGTT 01242 2906 


TmUillMi .Cop . 
Pm.G|ltEdk Acc. 
Pen. M S. Cap .. . 
l‘vn.R5 Acc 
Pen. D.A.F. Cap . 
Pxn.DAF.Arr. .. 


[127 0 
1916 

1337 

2017 

% 

166.6 

175 4 

1481 

1568 


184 5 

194 J 


12*8 

135 6 


1255 

1312 


1041 

1096 


129.2 

1366 


152.1 

166 2 


207 5 

218 5 

, tttt 

2698 

284.0 


2134 

224.7 


2774 

292 C 

..... , 

122.S 



1302 

137 j 

•■■■Mi 


1321 


*451 

152.6 


103 6 


1M0 



NEL Pensions Ltd- 
Miltxwi Court. Der klnfc Surrey. 

Nairn gq. Cap . IW.O 93 61.... 
NulexEq A.x-uin 1227 1291 -Ojj — 

NHex Money Cap 62 9 662 . 

Nolex Mon AcC 67.7 712 . 

NelcxGth Inc Cap. 53 9 56.1 .. 

NelczGib lor Acr 55 7 5B.6 ... 

Noi Mxd Fd Cap <3.5 57 0 . . 

NelMxd Fd Ac c. 7 52 j| 

Next Sub day October 25 


__ Solar Managed s 
Solar Property S . 
Solar Equity s . 
Solar Fxd Ini S 
Solar CaabS . 
Solar Inti s 
.SAIl Solar Managed P 
Solar Property P. 
Solar Equity P . 
Solar Fxd Ini P 

Solar CfchP 

Solar loti P 


|1315 
113 7 
173 9 
116. Z 
1018 
1013 
l«15 
111* 
173 4 
[1154 
,1016 
1015 


ij* a -n 
119.3 . 
183 i| -2 
122*| -0! 
mo o' 



San Alliance Fond MangmL Ltd. 
Sun Alliance House. Hor»bam 94036*14] 
nsixFdlnlOcLi: j£1592_ 1615] ....I — 


lnLBaUci.10... .( £1319 


J - 


NPt Pensions Management Lid. 

*8. Grarcchurch si , RC3P3HR. 01823*200 Sun Alliance Linked Life Ins. Ltd. 
Managed Fund .11575 _ 163.7] | — Sun Alliance Hnuyc. Uorobam 04O3G4U1 


Prlrox fKi 2 New deal log Nor. I 
New Zealand Ins. Co. lU.K.) Ltd.? 


Hearts of Oak Benefit Society 
IS- 17, Tavi.Mock Place. WCLH OS M 0IJ87502O SmaiJCo'iFd 


Eqoirr Fund - . . 
FlkvolniereuFd 
Properly Fund. 

Mmiiand Houm* Soul head SSI 2JS 07U282SS5 1 mcrnai i onal Fd . 


Kiwi Key lnv Plan 


(Ac«mnx L'hlu> 

SmatlrrCra 

(Acram LmtM. . . 

rzigmoant Unit TSL MgTS. Ltd.. spwUfiMif Fund* 

1* Foster Inne.ETSVBBH- 01 .0)89302 Trutfce 

. itffivmi mo —m 1 I — ,.vmm Lnn*i _. . 

' artU Amor, can-. £0 0 — [ - j — r5arthLri?MI J ° 

- 1 1 - SSmSStw-- 

■- reseeot -Ualt TsL Mgrs. Ltd. ia)Ut) Pena E a. Oct. b — 

■A^vtuecrw, Edinburgh 3, rcjj swAosi Manulife Management Ltd. 

1 n J L00 K.fi«in:r*ww fapienacc. D»38Niii» 
*61 Growth Umti (57 MOj - i 424 

1 i'97 Mayflower Managemeai Ca Ltd. 

i*; iailre4Nan SI ,RV 7 AU oi«sw«B 

iscretionary Unit Fond Mameers i araW rOrL ID . -(HID 11711 | 8.12 

- ' BlombcM SL. £C2M 7 AL. 014B8«D General Oct. 10 — 727 7&5T I 5*7 

;S^LbZ-m3 »0.9I+L5] *6* 

S F, Winchester Fund Mngt Ltd. Mercury Feud Managers Ltd 

d Jewry. EC2 OlftBBlff? W.Gi«l»mSL.Bi^P2E8. 01-4*0*569 

.Wtnch'er treH «!».* 22 ?) ... I 3 W 


rrt.' Abler. Kd. -- 

-ea.imenutf'l 

ns. High DHL— 



3.00 


Act Its Oet ! 1-1267 0 28* W 

Metv Int Oct. 1 1 1 71 6 76 2 

«s.sa&;:gf. -m 

'^SSSSTiiiSu »4 hT f r 7 

For Equitv Secwiiift IM. ^^land Bank Group 
see Abbey IWt Trust Magru, 


3112 


4 IB 
4U 
2.73 
273 
413 
4.13 


Tjwyhnni RcL Hlnh Wjcombf 0*8*33377 D o. Aw am — 83 7 

witv&uw — m ML54-WI Ais S?, 

*m» Finlay U11K Trust HngL Ltd. m? 

iH-WeriNUeStretLCla^ow. «l204Em income B?8 


rintoyln tetnat’l g o 
wumv>qi(6..+ — 

. Fhrtntncc**.— g-0 

FlnlBV Euro.Fln.. Z7.6 
• .‘iciuaTUiiits— . ... - 3!.0 
■/ FinlayPdlaTfl*. |10 
- mim. Units -1157 


Prices Oct 11. Next dealing 


H-- 

38U 
291 
34.7 

ss zl 

382 


Oct 1ft 


Unit .Trust Managers Ltd? fa* 

CeuiWied House, Silver 8UML K«,A 

7e|-07*27f«*2 

7*2 —0 419 

901 -01 
<05-0 3 

435 -D.3 
.384 -0.2 
332 -02 
57* -0 5 
678 -C * 

583 -34 
, 538 -0.4 
WOa -86 
758 -07 


251 DA.Accuzn. .|62.| 


251 imemauanri *65 

-828 Do Acccm. : .. . J9 7 

2J7 Hfffb field — HI 

217 Do, Aral oi ?n 3 ^ B 

4.00 Equity Ecenpc'. . J®*-?? }J®5 

6ft Do. AciWsl’ — 184.7x1 110 5 


4.99 
284 
284 
313 
313 
6.47 
647 
254 
234 
• 18 
* 1 * 
563 
563 


Pnras at Sept at Next deaunit ntt 31, 


CORAL INDEX: Close 495-500 


INSURANCE RASE RATES 

' tProperty Growth- - 10l<% 

“ fVaobrugh Guaranteed * ^. .^-......-..-^...-9.87% 

* f AtMrass Shown under insurance awl Property Pond Table. 


Equity Unite.. 

Property Unltt-. 

Wraifc 

Hal Bd -Etpc.l'oii 
r)njw,ii Bond ... 

Equity Accura. — 

Propcriv Acc urn „ 

Mncd. Accum. 

2n<i Equity .. 

2nd Property. - 

Ural Managed 

2nd Detroit 

2nd Giik. . .... 

2nd. American 

2nd Kq. TVm An 

ZadJ'rp Pmv.Vcc 
2nd lied. Pen» Acci 
2nd bcp.PcM-Ar,' 

2nd Gilt PCnsAce. 

-nd ^TOPv-n'.jActr. 

L1RS.1F..— 

l.*KSIF.2 

Current *Mne Orinhrr 18 
Capital Life Assurance? 
ronicton Houro. Chapel Ash Wion n»>2 28ft J1 
Rerinieti.nL -J 10503 (....( — 

PaceraakecInvFd.) 10741 I .. ..I — 

Charterhouse Magna Gp.? 



393] ....-] - TochwJptr, Fd 
Extra Inc I'd 

ntU Samuel Life Assur. Ltd? FwEwFd 1 

NL\Tnr . Adducombe RcL, Cray, 0I8M43SS Dll' Fdfied Fd. 


— ^Property i-' nils. .1612 
Propnty ScrlMA .1D51 

— Manascd ('nil* . 177* 

Managed S*rie» A . 1020 

— Man aged Scrt c*C 105 

— Mimcy I'ulla .... 122 1 

— Memy .‘•cries A. .~ 98* 

— Fixed lat Sor A 93 1 

— EquitySmexA ..9*1 

— Pn+ Uonascd Cap . M6 0 

— I'm Measure] Acc. 1356 

— Tns Glccd Cap 1*6* 

— J'nsG ttHil Ace . 1139 

— Pmx Ixjuhi Cap.. 1072 

— Pen v Equity Acc .1088 

— PnhFxdlnM'op 96* 

— T'n.N.FxiUw %n 174 

— Pen* Prop lap . M.4 

— IVm Prop Acc . J978 


169 

116.7 

182 0 +a.ti 

1074 +03 — 

103.7 +0.3 - 

12*1 

104.0 _ 

W.5 


llll 

if 

119.9 
1129 
114 6 
101.1 


♦ 0.1 


_ Con. Depot, r Fd 


1574 
102.3 
U33 
99 2 
UL* 
U9 0 

i599 

I960 


1623) 
167.7 
1193 
104 4 
1177 
1253 
1104 
103.1 


DePOSlI Fund - . 
Managed Fund . 


133 2 
1064 
112 9 
103 7 
98.2 
1126 


140 3] -1 7 
1128 -0 3 - 
mi . 

109 2 -0 5 _ 

103.4 - 

1186 -0 b — 


Sun Life of Canada (U.KJ Ltd. 

2. 3. * r/ncfcspur Si . £W IV *BK n; 830 >too 

Maple U Grth .| 2141 

Maple Lf Waned. I 1372 

Maple U Egt» 1 1351 


PerviL Pn 


2116 


lul Reatoolondi,. 

Dreyfus Intercontinental Inv. Fd 

p O Box N3772. Ninun. Bahama.'- 
NAVOrUO 1513673 -273ft | — 

Emson & DadJej TsLMgLjrsy.Ud. 

P.0 Box 73. St. He tier. Jersey. 0KH2ns9l North Amencan-t 

EDLCT. 11284 136 If | 300 " 


Eurobond Doldings N.V. 
llondeUJode 24. WillcOKUd. Coracoft 

A*«SOi t»«U IS Chrttfophet Su, ECS. 
TU. 41047 7=43. Telex; B8I4466. 

NAV per sharo Ocl. 13. SUSSB.K). 

F. & C. Mgmt. Ltd. lnv. Advisers 

1-2. 1 ju fence Houqlney Hill. EC4R OBA. 

D14C3 4680 

Cent Fd Orl 4 ,._.l SUS642 ( .] — 


Save St Prosper International 

Pcdlinc u<: 

37 Brood SS Hefiur. .Terxer 0534-30601 

1'A Mlar-flamdaXN Fund-- . 

Dlr.FxAlnL-|.. |929 487 | 7.29 

Inlenwt (5r -t .. . teos 071 

FarEas*em*t _ ..153.60 5795 

!*02 <29 

Sepro-t 1 15 96 17-Sl] 

Stcrllnx-deiKxni ruled Fnndc 


rhannel Cnpi<-il-> -|25T 2 265 ! 

Channel Islands*. 1155 7 1(01 

Common ***t . 1650 142.1 

.ci.Depr'SI - 100 5 1631 

SI Fixed -- -) . .. ]1143 120 1 

•Pili cos no Ocl- » ■■«>«. II. ' 


-W 


+01 


111 


035 
. 1150 

•CkL 13. 


Schlesinger International Mngl. Ltd 

41. La Mode Si.. Si I frlier. Jersey 05R4 735R8. 


+0.40 — 

-0 02| Z 


SAIL 

S .V.OL . 

G»r; Fd. 

Inll. Fd Jer^ev 
Intel FitLerabrj; . . 
•For Eosi Fund 


rn2 

95 

224 

I0B 

gl® 


■Next sub. day October 


Fidelity Mgmt. Sc Res. (Bda.1 Lid. 

P ■■' Box «® Homilioa. Bermuda 
Fidelity Am Ass. | SVS29JI5 
Fidelity Int. Fund. I fUSSSft +6.40 
FidUity-Pxc.TO . | VU56095 

Fidelity WrU Fd ... | SUSI690 l-ot«| - Schroder Life Group 

Fidelity MgmL Research (Jersey) Ltd p^rort- ,,OUM: rortamouth. 

Waterloo IlMt. Dot, St . SL Heller, Jert+ty. 

0534 27S61 

.ScriesAilnUil > I £433 1+0051 _ 

ScnesBiPacifici. | £10 40 |. — 

Sene* P lAm.Us.^ £1916 | ... . | — 


*7] 

100 
226 
114*1 -? 

12 <5 -0 7 
109 


18 


*33 
450 
1217 
3 22 

275 


First Viking Commodity Trusts 

a St Georce'a St . Douglas, l.oJH 

0E4 46fC. lain. Ap*. Dunbar & Co . Ltd . 


lalnwlouj Fond* 

LSqulty - .1114 9 132 21 

SEquity . .1433 152* 

£ Fixed In(erc-4. ..1396 14631 

SFixed lntereM . |l07 1 113 91 

fMjnaiml (129.1 137.* 

SManunwf [124 9 132-9 


53. Pall Malt London SW17 SJ H. 0 ) 030 7657 1=0. Cheapside. R.CJL 


J. Henry Schroder Wagg St Ca Lid 


FtfVIh Cm T-4 (372 

Fd VLDblOpTst. |6J0 


W 


240 
4 JO 


Norwich Union Insurance Group? 
pt»Box4.\ftnv„ hSRisNG. ■ wo 2=200 Target life Assurance Co. Ltd. 


Managed Fund 
Kqulty Fund 

Property Fund 
Font Inr Kurd 
Drtposii Fund 
ONor.tnitSpi tl 


219 7 
363 9 
1321 

"*} - 
107 5 1131 

22*0 


ni2i 
383 Oi 

159* -04] 


=a 


Phoenix Assurance Co. Ltd. 

4 5. King William M . FC4P4HH 0I4S6B876 g*-? Eft 

1 i ncl elan Ac Ken 


Torgr! House, Gaiehoufc Rd . Aylesbury 
Rucks Atleshuis dESGiSW] 

Mon Fund Inr . . 

Man. Fund Acr .. 

Prop Fd Inc . . 

Prop. Fd Acr . 

Prop Fd lex . 

Fixed ini Fd )ni 


Wealth Ass 
Kb r. Ph ax. 
Rb’r Ph.Eq K. 


(1155 121 

1.17 « ft 


Imperial Life Ass. Co. of Canada 
Impctlal K«uc. Guildford. 

Grt Frt. CW 13 (77 6 


PmaFd Cm IS.. .1714 95 2j +8 Jj — 

„ — «... t'nil Linked rortfoIlH 

SsfSr^^sa^dyis^ CrB,w - atorW «- r3 ,d " g! j3|hJ - 

wffipar ssu= as*ae-.-.lH. sshl = 


qty j; Do Eouity^d 
^ Flex Mono.. Bd 


3 ‘— l — MM-Yri 

•' — Man-Pun FdCsp. 

Prop. Equity * Ufe Ass. Ca? ftilpupScSo 
1 19. Craulord Srrcei. W1H 2AS. 01^060857 Prop Pen Fd.Acc 
R Silk Prop Bd | 185 9 ] ... | - ProD-Peu FdCop 

- _ 76 9 I — '7uar Pen.Fd Acc 

150 8 I J — Guar Pen Frt fop 
D A Pen' Fd Acc - 

Property Growth Assur. Ca Ltd.? da P« Fit op - 
Tram Houne. i;n»don.CR9 1L1I 


RdPlanfap Pen 

iFdA.-C 



i r 


Flensing Japan Fund SJV. 

n«* Notre-Pame. Loxcmboure 

FlemiD^OclJ: 1 SUF6637 | | — 

Free World Fund Ltd. 

Butterfield RlrtK.. Hamilton. Bermuda. 

NAV Septa) — | JI.S1962J J | - 

G.T. Management Ltd. 

Park IUc. I* Finsbury Circus, London CCS. 
Tel 01-828 813) TLA. flMIDU 
London .Asents for 


fhenpSOrL 12 — 
TrmfalkarSept 30 
Asian Fd «Vt Z . . 
Dorlinn Fd. *VL U 
Japan Kd. Oct 5 


IT 60 

+01M 

51';'- 137.08 J 


cn 


542 05 210 

.. 

R^D 9«b| 

.... 


0I-VS-W0O 

36 


242 
4 70 
0.42 


Sentry Assurance international Ltd. 
r*i Box 32B Ham, lion f.. Bermuda 
Managed Fund ISlftJH 25W .... 1 — • 

Singer St Fried! ander Ldn. Agents' 

DO. ('OnnoO KL. EL'4 01 24BOMB 

rvkafondc ...IHX7S0 HflO+O-Tfl 5ft 
ToVjoTrt.OM.2 | 6V.S40 90 ] . . ] 1 51 


Anchor'B' ('nits 
Anchor Gill Edge 
AncluirlnL Fd 
Mlrhnrli. Jwy.Txt 
Berry PnrFd ... 
Berry Pnc Sirlg 
GT v-i* Fil 
T Asia .Sterling 
G T Bond Ftmd . . - 
GT Dollar Fd - . 
G T Parlfn-Kd 
G T Ptilllppine Kd 


943«d-00« 1347 


*00«4 

+0.41 


f 'SUIB _ 1.151+0 01 
37 

Z* & 

5VbS833« 

343 00 358 ft 
5HKUD U4td 
61605 37^ 

SIS1433 
SUS7 67tf 
_ SL'SW 27 . 

tRT-UM U(U 


-Oil 

+009 


til? Stronghold Management Limited 


168 
059 
077 
084 
1 75 
117 
519 
1 30 
087 


jGartmore Invest. Ltd. Ldn. Aria 


Hi nhi+_ Honored 34 0 360 

fhnhse Kquiiy. . 34 9 364 

Uafraa Bid. 5oe .. . 134 5 

Magna Hartafutd . ) 151 0 

City of Westminster Assur. Ca Ltd. 
rrinctfqad House. 6 Bhitobomr Road. 


- Irish Life Assurance Co. Ltd. 
~ 1 1. Finsbun Square fCZ 

Blue Shp. Oct 13 .1714 
Monacpd Fond . 

Exempt Man. Fd 


Lonehui A Plan . S7 6 
9 Prop Bond 1452 

Wup (5PJ Man Fd|77.0 


rmdon CROSIa iii-ohikm. Prop l|od tvi i . 

WftdProo Fund... [61 8 65 . 1 - Prop Uod.Wh ... 

Uanaced Fund I1B4 J 194 0 . [ 

Equity rund 66 6 -0 6 

Farmund Fund. . 1*19 86 2 

Matter Fund 125.5 1321 . 

i. ih Fund. _ .. 61fl 651 -0.3| 

FL LA. Fund. - .1716 174 4 

Tens Mnftt cap. U4 3 1368 

Penx. Hncd Acc - 1360 136* 

I'ens. Money rap. . fa 6 SCI 

Pen* Money Ace _ W9 8 524 

Pent Equity Cop....|55 3 582 -U 

Pens Mu<ty Aec. . B7S ws£'15l 

Fund rurrunlly rinsed lo new Inreatmcfii. 

Perform I. nns . ,.| 2184 

City of -Westminster Assur. Soc. Ltd. 

Telephone o|«M sm 
First t'afts. ...|1323 13flg..-.( — 

Property l-'iuts. . 1540 56 7) | — 

Cmninercial Union Group Do .vxtun . . 

S.Udm'6l.l'odi-rshan.nC3. 012827500 ^uj ty lolt lul 

‘■rAn.Vcdci 14.. .1 59» l+flflll - SStiSSJta! 

Dr. A*K,.t> L : b — J . IBM I ■ ■ J - RTZIXii "~Z- 
Confederation Ufe insurance Co. lDil.lmfi*I ..!* . 

Do Anunt 

Managed Initial .. 
Du Annin ... _ 
TTofterij Iniljol. ... 
Du Accupi. ’ 



King & Shaxooa Ltd. 

52 I'arnbill. LV3 
Bond Fd Exempt 1101.1* 103.111-3 091 
• Artt dcUiU* date Oct. la 


Property Fund 
PropenvFundiX' 
Agricultural Fund 
Afirir Fund i A- 
Abhcy Not Fund 
_ Abbey- Not Fd.,.v 
ai026SS3 Imetuttenl Fund 
+0.91 5 N Investment Fd ■ M 
Equity Fund . 
Equity Fund i a, 
Money Fund 
Monet- Fund , 4i 
Art nan ai Fund 
■jill-odged Fund 
Gih-Kd*ed Fd A. 
01 40)5433 ORelrre Annuiiy 
flramed .Vnn'lv 


1887 
1869 
7874 
7«ao 
1577 
1575 
702 
698 
1811 
1431 
143 2 
1426 
1176 
1219 
U11 
IK 2 
1«75 


Proa Growth Prn»iM> & .loath 


All Vtber Ar 
•All WMiherTap 
91 ox Fd Viv 


Langham Life Araurauce Co. Lid. 

Unsham Hr, Halmbn»k Dr. NW6 01-2035X11 rS?®™ £/*■ 
JjinrliHn, A' Plor. I O II tHO I ■ Wll . Pe»li Frt . 


teSS ’ ”1 — f rr» Pof Cap. Li 
~ Man. Pm f/ 


Man. Pena Fl 
W aa Pens, Cap 1 1 
Prop. Pvsw. Fd 

Le^al & General (VoU Assur.) Ltd. ^P p ^ , 0 3 E l '.' 

Kingtwpod Hixi.t. Kiagxwood, Tadwortb. bi^ stir Cop't't. 

SsaSKT/.is, W"' !,sw, ‘ 


1383 1454 

1287 1353J 

MS 8 
133 1 
151. Z 
1551 
1525 
1385 
1585 
1353 
1349 
1224 


0i4KP0cna Transinternatioosi Ufe las.- Co. Ltd. !a.® Mai? v»e. Unxfox Eta 01-233 35.(1 

(I1^U»5C4(I7 IGartmorr FnCd Map. iFor EaM) Lid 

',303 Hutchlfm, Hie, ID liareaurt Rrt. II Korn; 
HKA Put U TU. .|bUi4DJ 4 w . .. I 1 90 


+01, 

-0U 


d3 


-1 V 
-11 


ft Ltd. 


2 Bream Bides . L''4 1 N V 
Tulip love* Fd 11094 

Tulip Maned Fd . **“* 
Man BondFd 
Man P«.i Frt ,7sp 
Mon Pen Fd Acc 
Msnffdlm Fd Inti 
Magalni FdAcc 


11*6 
1226 
126 9 
135 3 
1612 
1161-9 


. .pratM 
WS” - 


Trident Life Assurance Co. Ltd.? 
Rcn<l«h Huuw. 'IleuiWfr IM'i*36Sl 


ff.quUv Fund 

eMonocud Funtl. 
9P1P Fund , . 
ISmil. Pen. jink'd 


173 8 182 9 

191 3 2W9f 
4215 
rr»5 83 5 


1996 
207 8 
2591 
1411 


H216 
125 1 
1M.0 

mi 


Jiin<fsd Mngd.Fn ...pi 5 83.5 

^.rtlllpMn«lPen.., , 

Fixed Iniprn. 

Kriuitylirasion 
FTOpenyrpniHrtu 

Corn hill Insurance Ca Ltd. 

D'i. iWflMll.kCS. W-ao>M 

.npFebJd?pr. I5.U35P - ( | - 

SSSpec KcpUS - .... - 

MnGthFdSepL20..|l8S.5 1«5| j - 

Credit & Commerce Insurance 

120. Resent ft-. London Will M L 01-1 
L'AL'Mncd f ii .. 11226 132 0) . .1 - 

Crown Life Assurance Co Ltd.? 
Own i ufe Her.. Wiikin*. ft ICl I JEW MM2. 5633 


~ l«nol (k O+mt*) Unit Pcastnut 


F.mnpl Cush lull . M7.B 
Do Aecura . . . 100 J 
Exempt Eqty lull 1333 
Ho An-om 136.6 

Exutnpt Fixed inn 114.7 

Do. Accubi 137.5 

61 -B» 9410 E»cnq4 MnpiL Inll. 129 2 

Do Amiip. 1324 

Ktcmpt prop, tail . 17 S 
Do Aerura IN 2 


Providence Capitol Life Ass. Co. Lid. 
_ art. Us bridge Road wiSaTC 01-7490111. 

— Sef Hkt Fd lap 

~ Sei Miff Fd. Suf 

— Fctisioo Equity 

— i*euMWi Fxd Im . 

— Itcpoxll Fd Gao . 

— DeposIlFd Acr 

— Equity- Pd Tap . 

— Equity- Pd. Aec...... 

— Fid. Jm.i'ap .. 

Fxd InL Apt .. 

_ Inlnl. Cap 

._ Irani Aec. . .. 

_ Managed Fd Cap. 

_ Managed Fd Arc 

_ Ihopc ii) Frt c«p 

_ Property Fd Acc.. . 

Z Provincial Life Assurance Co. Ltd. 


Manacrd 
r . id Msd 
Property 
Lqurr'-Aincriran 
I'K Equity Fund 
Klsb Vicld 
Gill Edged ..... 
Mom?- . 

iDternstiunal. 

Flsrjd ... . 

CroulhCap . ... 

• ■roalhApr 
Pens Mncd. Cap 
Pen* MitRd Aiv 
Pcn+.Gld Dep Cap- 
Peps.ft;dDep Acc 
Pens. Ppi.y. Lap 
Pens Pis Arc 
Trd! Bend . 

•Trdl r- I Rond - 
- 'Cash cajup 


1268 
I48 6 
1514 
879 
113 7 
1431 

122J 
1124 6 
10b. B 
1296 
1298 
134 7 

UB6 
174 b 
1031 
109.1 

US 4 
1212 
37 3 


985 



1222J 
12 * 2 


91 1 

9W 

1087 

114 S . . 

U5 1 

iw3 . 

1J94 


47 4 

m 3 m 

*74 

Mffl ... 

468 

49 S ... 

468 

91 3 .... 

476 

so 3 

476 

m3 ... 

466 

<111 

466 

91 u . . 

478 

49. a ... 

47 0 

«3 .. 

*75 

.... 

47 S 

»ii 


1281 

+0 5 

175 6 

+ 18 

167 6 

-0 3 

108 8 

« 

129 7 

~C1 

153 7 


823 


1782 


280 4 


1812 


898 

..... 


I'm. Mauued Fd 

. — Pros- cih Fd 

fiuicjni Legal & General Prop. Fd. Mgrs. Lid l1 " 1 Fundio . ... 

01-2486916 EqStyftST 1 .:,:, 
31 ..... | — Fxd. lot Fund 


1291 

136ft 


1060 

1116 


ms 

121? 

—0.4 

1013 

1667 

109.1 

1149 

-13 

969 

1021 



Moufid Fund Acc...[ll}7 7 1133 

MsnJTd Fd. Idem. 165 5 207.0 

Matic'dFrUnit . . 1061 1116 

Equity- Fd .Ac r . .999 1054 . , 

Pi4tilty- Fit. litem... . 48.1 103 2 6-Oli 

Equity 5 d. lip t . »B IM.6 

pprpcrtyFrt Ace ftA 101 S 

PnipcrlyFd.Dinnt_ 965 10 L 5 7 59) 

Property Fd. Imt . . 95 J JM.3 .._J 

Ira Tm Fd an. 105.9 112 4 5-89f 

lnv. Tel Fd. Imm . 103 1 U«5 

Ibi. T« Fd lull.. 104-5 1160 

.FiMdlnt Fd Arc. 996 194 E 

IFni. Ini Frt litem. 986 263 7 

(Icicr'l Fd. Acc.. 1184 124 b 

In’Or'f.Fd.lnan.. 1284 124.6 

Moner FdAcc...... 972 202 J 

Miram-Fif innn. ... 9»9 99 E 

iDiAFll lnrm . . .1047 309.fi 

Kromt Hrt. in v/A - 268.7 - — 


1 1 tyuoen 'moon Sl. EC4N 4TP 
UrfiFrp Fd. Od 4 (98.7 103... 

, Nett sub day Nov. J 

_ Prudential Pensions Limited? 

6S6 Life Assur. Co. of Pennsylvania H«n>om Bor*. EC IN 

- IBU2 Vet* Rond S l.WITORQ 01-4HM86 Efbit.fU.Scpt.aO .ICMU »1' 

»9— I - % niS >9. IS 3 J 

Lloyds Bk. I'nit Tst. Maps. Ud. Reliance Mutual 
71.L«nbaTdK!. 1 ELll 01-S31288 Tunbndce Wcllx. KcnL 

Etcrapi — —(990 1W2J J 7.77 Bel Prop M, . | MS 3 


861 


for lift) premium 
Tyndall Assurance^ Pensions? 

18. i.'an>nfip Toad Bnyit.l VC7232241 

3-U'uvOcl 12 . 

Equity r (ct l " -- 

Bond L'ct ’.1 ....... 

Property iVS 5 
DMMIlVl ,2 
3-rffcv fS: Sop: 21 
u'SctsIni ihi ■* 

Mb.PiO-W uct 2. .. 

Du Equity On 2 - 
Dn BondiX-i J . 

Do. Prop Oct 2 

Vanbrugh Life Assurance 
4M3M»Mn5f..l^u WIRSUA (>1-4964633 

MnnaSnlFd 0518 159 S) -1 OJ 

Equity Fd ,..2466 2S9ffl -Jtf 

Inlnl FUwf 004 9 110 9-0' 

Fixed Ini err Frf 1675 176* -Q2| 

hawitilU .» .Juif l«a* 

CasfiFuort 11204 127 Ot . 

Vanbrugh Pensions Limited 

41-43 Maddox Sl. Jjdn wir.SLA P;-nn4S23 
Maitae^d - . - —(UR 2 16661 -Dal — 

Q1-4QS8222 Equity' |1696 )154j-L:| — 

... | - FiruJOlnlerttf. 98.3 303 5J . - 

; r propen>- . . fa 2 10* si . . - 

-■-■■I — Goaranmed wi- lnv. Rase Ra;cs' Libia. 


ne24 2»lt 
I ID 2D 
. . 2 M 


J3|un Fd. 

S. American Tm [n'jaU45 
Inti bend Fund.. .Bl'.-OBJM un| 
Gartmrr in umnu u Msjn. lid. 

PO BoxXL Douul+i )oU. 

■ iartiixtreliiU Inc 125.7 25 2] 

ilartmore Inti. L.rthj74 fl 79 6( 

Hambrn Pacific Fund Mgmt. Ltd. 

2)10. I'oMiduchl Coni re. Uonc K. .n^ 
fl'jr Eatf fret II BHHS77 ItyM .. I — 
Japan Fund* . luiOUt | _ 

Hanbras Bank iGnernsoi L idj 
Hsmbros Fd. Mgrs. (C.I.j Ltd. 


pH Box 3)5. SL llelior. Jcrscj i'CsW.7l4tf) 
I'omtlKcllty Triu.1 . J9J15 98 D6| .. .. J — 

Surinvesl I Jersey J Ltd. ixi 

Wu«TL' Hsc r«n n Rd si ifelicr. J-y liSM 27349 

Amencan Ir.d T-d |C7 79 7 951+6011 -- 

CoppvrTrutf £33 67 11 95 -0 IV _ 

Jnp Index Ttf llVOO 1123|*D321 — 

TSB Unit Trust Managers (C.I.i Ltd.’ 
Roc oi e lie ltd.. Sl Saviour. 0534 734 M 

Jcruv- Fund 151 0 53 7| . . I 4 47 

» iuem-cy Fund [51 Q 53 71 1 C 47 

I Tice? on U-L II. Sr-xf .-tjH. Jj> rirf. jg. 


050 


IfJ Tokyo Pacific Holdings N.V. 

iDUmi' Manacemcm N v . . jro. an. 
NAV t«;r xh.ire 9 SCtm-*l 


560 


PU Box 86 ftuerntf-y 


C I. Fund 

Inlnl Rnnd 
Int. Equity SI'S 
Int Slip. -V sua 
im Ftff. -h- u s] 
Pnctf. on i vt 


1544 
5US(1II975 
’112 31 
1X17 
L26 


(HSiaviri 
370 
850 
210 


1644] 

U77J 
Next dealuic On! 18 


Henderson Baring Fund Mgrs. Lid. 
806. ijsimon 11ou<e I ionic Kong 
Japan Fd Oct 4 ... . ItliWJS 2L4U 
Panfu- Fund* ] SI'S 20 [ 

Uanni; Itond Hon-I Fd UcL A JuSlii 0» 

. ■Lxclu'sue of an> prelim, chardca. 

HIU-Ramuel 8c Co. (Guernsey) Lid. 

8 leFehvf*. St . Peter t*un Gurrn«cv. (. .1. 
Gu+tnMryT>L ilM 5 173 9| J . ] 3.46 

Hill Samuel Overseas Fund S.A. 

137. hue Autre iRumr. (JixCUibtruti: 

l*|”»a a«|+fl|l9| - 

International Pacific Inv. Mngf. Ltd. 

P.i Bui R237. 58 PiU hi. hyrfney. \un. 

U a vc Ur. Equity T*t. I5<\2 4J 2S5J +0 «| — 

Jj.E.T. Managers (Jersey) Ltd. 

PO Box 1W Rjwnl Ttf ! lac.. jcrscvt&U 2744 L 
JJmey Extrnl T« . |1910 28401 . I — 

As av Sot*. 23 Nftiv sab. dov On, 3L 


Tokyo Pacific HIdgs. , Sea hoard) N.V. 

inlimi* Maiut^.-meni t'o V V i'ura.-jn, 

NAV per .tL.krc net. 0. 3L'hA3.4a 

Tyndall Group 

TO. 8u 1356 II and linn 3. Krnmirfa. 3-3760 
»w*l ll 
, \cium LTiiiLsI 
3-VV^y InL Sep 

2 Knit St.. Sl llelicr. Jer«ei 

TDF'Sl.iJrt 12 

1 \ic-um. Shares, 

,\meni-.in 1 v! 12 

, 'cl m ■.har'— , 

JiT^cy VU. (»rt 11 
,NunJ Acc l’l-.- 
r.',llFu„.|>kt II 
iAccuid Shares, 


at <U 29 ns] -0 uq 6 00 

m s2oi :i3-oo.v _ 

■21 Iuslw 10 — 


|£7 90 
U12 65 
910 
910 
|22i0 
|3I3 3 
lOhO 
140 S 


_ Manured hep . 21 


9 55! 
13 W 

si 

235 4 
332 5 
i08fi 
243 3 


.0 0 ;. 

+i 6 
-10 
+<6 
+^.: 
+o:- 
+8 4 


37331/9 


200 
6 69 
11J3 


Video Hou-r. Oauglas. Isle oi Man. #624 241 II. 


1362 


143,4] 


Jardinr Finning St Ca Ltd. 

4dlh How. Fan naught f'enlTe. Htmj; KOnr 


759 

in 


US 

' 44* 
20 00 
BJ1 


Uojds Life Assurance 
ai OI(WB:St. KC2A 4 MX 


MIItGt Seal- 30. .1. 

(hilS'APrOrtA 

OtiA'AlMOct r,„ 
OpS-A'HTtVi 3, . 
OpV.Vton net S 
G*r3 ADeptScpiZB. 


. 146667 

(146 6 . 348 0 

1420 344.S 

1575 166 M 

1575 lS.S 

1Z3J. 321.9 


TVcUare Insurance Co. LuL? 
OBKISSTI Winnladr Park. Cancr 0392-52155 

— 1 — Slum* anker Fd I 1092 ! -031, 

Fur Other fusdo, rIcbk rt-Itr 'n The Lotldua A 

Rothschild Asset Management Manchester i;»oup. 

»C myf* Windsor Life Assur. Ca Ltd. 


Vm jiub. day -T 1 ‘ 4 Ro» a) AJbcn Rw . Sheet h! . ft , nrtwr 

l,;fc!n» Plan? [76 < 7Z.6I 

Rwal Insurance Group Fuiut*A»vAGii>.a, 22 H ( 

Nr» Had Pl.ee LnrrrWrf. «B1 zr, 44- ^ 

R«m 1 Shield FA —I146A 355JL — j — iV^loi.<ltcr»iii.j205j liljj 


£8144 


I'td. IntnL Mngmnt. iC.l.) Ud. 

H Hulriv<i.-r btn-et. St. Kclicr. Jrr.-<T. 

V.IJ* Funj IRaUHa USE] ] 7.70- 

United Slates Tst. Inti. Adi*. Co. 

14 Due- AMrinser. I.u%cmtipnr£. ■ 

L'S-Tm Inv. Knrt I SI SHJ7 | -QJJ5] 0.88 
ud ancto Oct. 10. 

S. G. Warburg i Co. Ud. 


I'linr.i.M.'Tct- 12... 
”.r>fi Ini *K1 12.. ■ . 


.Men- Ehrl 1 tet II 


Warburg Invest. Mngl. Jrsy. Lid. 
].i'burinc('nbh Sl H«4ier. Jsy.<l 0KM 73741 


Jar Uinc Esin Trf. 
SarrtvncJ pn VB 
lardint-SEA . .. 
JUrtJJWFtemlnL. 
Inil P* Sew, Inr 1 

DtLi.Vnim 1 . 

MV Sept 3n 


SUS 19.74 
HK532.48 
JIKSM75 
IIK51490 
Kqnty Blent $1 


N«sl oub. Hit 13. 


200 

080 

Jft 


,-MKUrt septft 

,'MTUd. St-pi-Sa 
McfalcTtf ScpIJL 


|U*U« 

U439 

C12Jfl 


TMT'Vl Ut . . ..Itt’rjl M 


T5fT Lrrt Ort. la... 


U31 13 


-009 

-029] 


S87.2L 


World Wide Growth Management? 

ina Roulcvurrf Uni a!, (jixemhourt; 
-ft'iirldwide Glh Fd] JUS148J |-0.07] — 


NOTES 


bodk^ied ** c ri? where in, llrfflcd + unrl Are m pence unlcfc, nthcnxiiq 

h.Ho oil l *rWJ , L* ,M ivv^nini nllon- for all hutync expea<«v x iiffered prirM 

Eiu, > Tfl-diirAPnew e Yield harert m eHerprlctrt US I mated f TodSqra 

rrr ,DdJc P*™um mjuraitce ptanf . s Smei* 
r tuSrrprt ISySTi P 01 ^ inclurtr-. Mil nsjJwcs er.rppi ucent s craamt&lon 
t vJTtfi « hfweht thrmic mfliiO S c.--. 1 Pro, IOto djtTjSs^ 
T Net erf I&l to ualnert .-anilal wm. anle« imheatert t.v o 1 (ft«-n»*|- firm*. * SUipeSdeA 
♦ licid belwu Jenej uu. T Ea-subttntiiaa 


m 


& -a 

0I-RM455S H 

! si'MBo ; 

+ 002 




B 

. s».'s7^a 


fl 

artuw uss 

. ItlO 03 10.05| 


O.OOU 9 


1 





connoisseurs* 
cognac 


BRITISH FUNDS 


Financial Times Saturday October:. 14 197S 


FOOD, GROCEROSS-Cimt. 


FT SHARK INFORMATION SERVICE 


BONDS & RAILS— Cont. 


| f 

High Lem { Slack j 

55 42 Hunt; 24 A« _ 

77 M lpdsuidS;pi- 83-8H 

® 82% Ireland 'jpe 81-83 

«1 '8% ltaB'ipc'91 S6- - 

425 265 Japan 4pc 10 Ajs . 
87 68% Doflpr 83-88.. .. 

160 140 Peru A»Spc ... 
75p j 75p 5.G. | S.pc I9S0 . . 


Price + or nit. r r Bed. 
£ - Gnu Vleld 


IK* 

Hi eh Ion 


banks & HP-Continued CHEMICALS, PLASTICS---Cont. ENGINEERING-Continued 

J ’Price M S WSSlC 


* art Dtv VWf _ 
Price - Nn KM Gi'lPE 


IKS ( 

Hish Im I 


! !- ff Kr ! *Y1 

) Prire ; - | W ;rsiifir 


| IKS 
f .HigJi Lo* 


1978 

High Lot 


[ » uri T leld 
1 - ; lot. I P.«L 


‘•Shorts'* iLives up to Five Years! 


105*3 100,1 Troa-jr. Tl-.-p.. T^rr ; 100 .Ti- * 111 « ' 

97 '*4% Trcrf iir. — j 95%|-.i | 3 13 | 

97~i 85% cl*cmc4*4p*.' "4-79 I 96 % | — ,v j 4 39 ; 

104'; 99- a TWiii’j W’jpf Tk? [ lOOirt — : 4 ‘10.43 j 
96;. W% Flwjir pc TST? . 95‘jOlj 3 66; 
205*s Trcjuir- 13f^* I 97.J-‘ 921 ■ 

102'ft 97lj T.’ejjur. 9: ; pc Vin ' 97j.l|-% 9 72 

Q51> 42J, Trca=jr.3i;p-~4>J ' 93%-: 3 74 

9b! j 9Ji, Fundme.i ,pc TJUt'it; 94 -jl 5 54 i 

HOI, 101 V FicJn-tiucr IS;-: I!WnJ 101 V-** 12 7B ' 
1061, 99 1 -, Irc .iuc. I!-,ik lSOItr ' 99 'j l-% 12 59 

91*, 88% Tn- i-ur :t-pr ISCAS, ' 89 ; I 3 92 1 

101‘« 95% TreJiar'Blipc IS*'.— ! 95 ~s j - '.i 1017; 

97-1 91!% Exth S.pcIW: . 92 -i; 3 97; 

3004. 94 Etcr. £fi.fc iw; .! 94 10 11 ! 

87>* 855* F.\ch Jpc IB8I I 86 m -ft -338 

97,4 95V Tr-a; i arable Slii ' 95 fid 10.32 

111 101-. E.’.ch IJ'.pc !M!— ' 101% -ft 1259 

99V 91V Twr..8-;pc-6rHC-: .. ] 91%-% 9 28 

85V S2 ? * Treasur .%»■ «i= . 84 4 -V 3 54 

215-a 104’ , e rrei,L:r. Upc fiLrt ! 104'. 1- . ;13 35 

9b' { 94 Tr-ii ■.anahfcr’E.’a W -*: 11047 

96V 89 ft Trear-jr 3-.p- * r 89vl-, J . j 9 51 ' 

1 00% 90”, Etch fr,pc 13* ' 93 11017 

96‘1 88 >, Euh Ripe I9K* ...I 88% | 986 • 

85‘ 4 79V Ewh3|«W -- 1 3 66 1 

1141, 9*», Trcisar I2jt !5K!= ! 99%[-’. 12 03 I ! 

100% 89V Trearir. &-.pc El ] S9%|-’. |1031 | : 

Five to Fifteen Years 


S99 S9«% Tun nSpc 1991 . 594% .. 9 931 

DM*1 DMBLTun n iSipc 1MH. _ DM 91 ... 6'; 9 II 

97 I 94 |I rj Jtiayl'jpr -| 97 . | 3%| -3 61 

L'.S. S 3: DM prices exclude inf. S premium 

AMERICANS 


ISTT8 [ 

High Lot } Slock 

21V 13% AS 4 

60% 59 \MF a®. Coni’ "HT. . 
38V 22 AmatSl . . 


50 4*3 5 63 54 12 Man win r« ** 46 | I 

68 .... - 12 55 334 1 05 Urr. or. vc- . 113 

82% ... 7*3 13 09 190 330 Unite* It*. . 342 

78*3-1 - 13 01 £92 £78 l<n 7KMS4B £79 

390 -- - £95*. £82’; lv. lilVMttSP £87*, 

70 .... 6 11 25 64!’ 56 Wm« . 60> 

150rt 3 2 00 260 172 N.i! Ill An 4 S.\: 225 

75p 61. 8 67 81 66 Njluai t:rp.. 75 

',94Jj . . 9 952 293 250 \'m W^a £'. . 270 

191 ... 6!.. 910 460 350 S.hr*.Jw>£i . 445 

97 3!.» -3 60 255 190 SnnuntifM* £: 210 

ade ini S premium |2 70 ■’^riJ'S' Auh - 

452 37S Suiifd* hurt: I 

* A 1V<! S!Qi » SB*, Tr*1e IJw SI Sfl 

.4-A1-90 356 290 Kniim . 

I* or| Dir. I IVW 48 32 I'Ut. - . 

£ I — Graia [CrTjGKi £2 5V £35V WeiNFariiiSTi-. 

20.3 -v 80C - J 20 74 M - v 

34 -i' S3 a l| f 33 Purchase, etc. 


30V 21V .Araencan Lipre^ 24 *,bI -ij 51.60 — 33 39*; 26 1 , ' all!?': Ildi; *»9 
24 1« !1 Amer Medic Im 19*,-', 60c - D?3£7J!,£35 *;«f ll.rc Ir :*w. 


““ I5 ? j 969p AttA'uloe. ... . 
Li 29', 18’, BAerlmcl C’jrp 51 
S 191, 11V Bartm'irp 5#fi 
" 33 *; 22 Bendi.*. Corn S3 .. 

£ 23*3 !3 Pe*h.SiwlW 
*2 Is 625p Rmn'g Fw cISj 
14 857j> BransMK-kCorim II. 


11V 40c t — 1-8 8 8 i're»lH isiLi ;**p 

23% -I, 64c — 15 111 85 Ifcnd- 1 N ul 3ip 

181. - U 90c — 2.4 46 30 ljidSo4.F:n <191 

27*4 +*: 52.281— 4 2 14 8 Slmra^Wie- 'Hi 


8 rreilM Itilu i**p 


181.-*, 90c I — 2.4 46 30 ljiilSo4.F:ti !*ip 

27*«+i; 52.28 — 4 2 14 8 MmrdeVkT- *t> 

17*« -V 51.00 — 2 9 118 85 Pot. . Finam-iai - 

10*4 -V 50c — 2 4 26 15V Sirle 'toiil l«p 

11*4 — *, 70<- — 3 0 20*3 lOl; Simla H1.L 1 - Mp 


65 V 41 < BurmuehsCorp S3 52V*fl -1 51 60 — 15 48*3(38 |Haj.wo Finam* . 

51 30*3 CBS CM 39V -*, 52 60 - 0.0 

42V 28*, PC S*j _ 37 +*i 52 70 — 3 7 ____ 0 

49*j 32*4 ! aterpillart... . 41*. -% H.10 - 2 6 BEERS, WIN1 

:6V 17% KnaiHfMTunSiaS.. 25*a -V S2-20 -44 

22 13V ■TKwbmuehSl .. 17*. -V 94 l - 2 0 94 78 Allied Kim%.- 

11 765pf.-hr.lerS®, 795 p -12 51.00 - 6 3 46 26 Am-l.lh-i vyp 

22V 1JV LUKorpS* 20a! -V 51 16 — 2.9 371 137 R.i- ■ liar am. 

14 73?p 1 !iv In-. SI 25 . . - 11V«I SIM — J 4 2% 1% Bell Vthur**r. 

25 14‘j do Cm. Prf B SI .. lava! ->■ 52 — 5 4 5*r 3i Ma-.m Brohi;. 

18-, 12*, I* ol?a*«.p 51 13V 51 00 - 3 7 111 92 Rndrimarm. - 

3:*, 25'* •‘dilDd.SI -- . 26% 52 10 - 4.0 92 66 HnrrifT Bnr* . 

26 I5i. fm: IllinwSIO 21*,ri *1. 5144 _ 3 3 128 100 Knmn •Mallhnu 

25% 17 ‘ iur.LH.IS5 ... 20 *, SI 40 - 3 4 51 40 Bui klci - - Brew 

29*, 20% .-nmnZell S3 25% +V 51.90 - 3 7 157 114*. HulwrH P • 

47% 20% CaUw-HannMrSa 39% -U 951 4Q _ 18 174 140 BnnoiW.*«l. - 

?.2-i 22 EainnCip SO 30 _ 28*,-*. S225 - 55 1 jl> far. lief. _ 

26*’ 17*4 E^iaurk 191,-V 5184 — 4 7 168 114 1 lari: 1 HaRlw* - 

4G‘ 2S!, toon 11... _ _ 36%.-*.. 53.40 - 4 j 215 163 Distiller- % . 


Si -i HI E Is beers, wines and spirits 

17V -v 94 l — 2 0 94 78 I.Allieii . _ I 
795p -12 51.00 — 6 3 46 26 Am-l.l'i-iitb'p 
208!-% 51 16 — 2.9 371 137 I Ri^i liar'll, m. J 


94',;- ; 110 92 


95,1 93 Ex'hHw-MfB* ' 94',|- ; 

89% 80 V Fund! nc iLp: 8244. T S2 -, 

%% 86% TnffMir-»;rc I 38 

87% 76*j Funding 'Sr'^TT;: J 76* .id -!; 

895, 70*, Tr.-iL.ur. 7. pi « SO 

60V 60% Tnnsp.r3pc7.T4fe ! 63 482 

755g 64% Trwur-ow 6&S9 I 64% -K 7 75 

115% 101% T«a>ar- Bpc l?«r* j lG4' 0 |-% 12 £3 
89V 77% Tr»a.uin.®.87?e » 80': -S 10 63 

106*; 92% Trea'ur- U‘ip5 IM?i ! 96 ; 4l-“ 12 62 

75*. 63% Fund;njf5 ipe 87 P. : Z 63 *4,'-% 9 04 

112% 98% T reamr- 12 4 pt £C“ . 101% 12 93 

96 V 84% Tre*.ur. !0pc IM2 | W V - 4 12 04 

113 97*4 Exch IJVpc K . . 97% - T , 12 S3 

110% 96% Trvasu- L’ : prV%± I 99'- 12 93 

72*3 60% Fundus? Opr ISO!:: ’ 60*j -% 9 94 


Over Fifteen Years 


18-4 1 2 V !* i4;a*e- P S I 
’2*4 25'* I’oUInd* SI .. 

26 15% far,: Illinw.SIO 

25% 17 ■ ur.L till S3 . .. 
29% r0*j .’nanirll S* 

47% 2<1% Curler Hassmer 5a 
.12% 22 EainnKni SO 50 _ 
26% 17*4 EUmurk 
40 28*4 taonii.. , _ _ 

12*4 67Dp FirwinneTirc ll.. . 
19% 11% F:rM Chicago 
32% 20V FluorCwi' S%. 
41% 26% FnrdMmorSi 

25 ‘4 16*, iJATX 

44% 36% *ien F.I*wS3j. . 
24. j 15% liiUciieSl 
567j 28 Hiwreyueij SI j0.>. 
18 750p Huilor.EF.. ... . 
272 171 I R 'A furp S5 . .. 
52^ 34 Ingcrsoll RS2-... 
°96i* 73 5 p i 1 inrcrDBfional'i' 
:3% 13 Kaiser Al 5*. 


28*4 -% S225 

19*. -*4 5184 
36*4 .-% 53.40 
899p<d -12 51.10 
17 -% SUO 
271. a) -i 4 SI 20 
3t% +% f0% 

20% . . 51 80 


— 1 6 2 29 18 ■kmj'.m'L ‘IOp-1 

— 3.3 6J 43 lkxi-4h Bn» ■ 3^' I 


120% 1 104%|T«a<urs I3 ,?c 1S6C::! 
rHi.-jr. 14* 


", 1 13 24 I 


11 70 1 12 34 

12 B7 j 12 87 

653 996 

12.40 , 12 77 


32% 20 V FluorOorp S%. 27% >d -*4 SI 20 - 2 2 1;* 93 i.reenall Wlullc? 

41% 26% Ford Mm w 52 .. 3i% +% £0>, - 5 0 310 213 (.rwnetum:. 

:5‘, W, GATX 20% .51.80 - 4 4 191 153 '.uini«* : . 

4A% 36*< ' Icn F.lecr S2*j . . 36?, id -% 52.20 - 3 0 159 127 Hsslil ■» IKS 3*p 

15% HiUrtieSl . ZIJ,-** 51.60 - ?7la3 83 lir.en wbr.- . 

28 Hcnei-ueli SI 30. 48**-% S220 - 2.3 179 109 lrwhDL4i!ter- 

750p Huilor.EF 14 -C SO 68 — 2 4 410 270 Mj*.allar.i;iciL . 

* 371 IBM. furp S3. .. 198 -3 S3] 52 - 2 9 520 360 Mnrlanrfil 

52*4 34 Ingcnall RS2-... 41%.. S3.00 — 36 70 50 SaniVimaa. _ 

ao ei' 735p i I inreretfional'i 839p -11 95c — 5.7 72 62 vrcflNeuiIOp 

:3‘« 13 Kaiser Al SK 27% -*, 51.60 - 29 131 96 Tmnalin . 

;1 20 .Vinf Han. 1*557 50 27i s al S2.08 — 3.8 135’ 94 Vaug 

4I-. 265, Mon>an JP.rSS15 35% -% 52 20 — 3 1 JM 82% Whiilm-art-A ... 
17% 12 Kurins Simon Inc 51 13% .... 76c - 2.8 234 1S5 W..U nuillci. 

1£% 13% jimens-IIL S3 125 . 15 -*, SI 16 - 39 185 129 ViuuiBrew .V-Vp 


2i'j 14% daakf'r*>oi»lSS5. 18%'af[-V 51.20 — 3.3 
! 15% JMurreMS .. 23*4 +1% 15c - - 



534 |376 . ( 530 |-5 '*5' 

7;, lr*--” 1 -i;.|.- : £133 
IiapiMTi't,. . 390 

- r-’zl-l i.; 45-% 

„ hr irai.n 80 

91 l«fiwr.e>t’.%T: 113r 
130 Leiin-Iri'T - 130 
£22% WvkliK-'Ai .. £31 
■" l'K-. ;up 97 

rt3R94 4nnn ) 2 85 

Ri.T.infal ;i*p i 72 
Pcie-lcv — 68 
W \2 lad £: j 202 ; 

Stewart I1a*ii 166 
7 -si.--ar.-r>; 1 18 
% Wurdlc Ecr !*■?; 27 

Wnl^erilKaiw i 285 

2 Y<jrfcf*.ljeiB.« I 92 


DRAPERY AND STORES 


Allied Rriaii S&{ 112 
.tmterr^i lop 
Aqaaoaziap. | 51 

ti>A3p ! 49: 

.Aiuhmiocii rip.! 23 

3a*e.'V:.!ri Ivp 


Rem nils lup — 

Pfcna if«® 2>? 

BoaniTOcKLiSp -20 
Roitv. Tef. ;p . lZ -_ . 

Eivsmer- — 54 > . ..3.53 

BniifcuneS*.- 209 '-4 1&J6 
Brown i.V'lft:- - 44 
BoriunGrp !wb . 180 !-4 
Un-.VNV.96p. 169 1 
•.auors'.YSP? 43 j 
Casket >S l-jj? . 34c j 

Church 

KcmSiEr.-i 
CcpeSpoi'ac.. 
fohieri*Te*!i3p 

Gdt> A 

‘‘un+v .. .. 

Ca.'TwEj/n :0p . 

Dehed-Jsanir ... 
i Dewh^K Hp — 70*: 

Divots Ptatfn iOp 135 
EDii&ijdd.Tp. 30 
Empire Sleei _ 180 
» Evettr.eiNip— 53 
FairdaleTevl 5p 24^2 
Do ’A'.9c .. . _ 24 
1 FiM .V.Dei: 5p{ 66% '-1 il.8a | 
• MMUaMv.! 34 ! . Jrh2G5{ 
Fonfc«*yl«P- 154 -4 \*2A 
Fu^errte... 17D .-32(1289! 
Fnemanf i>* r - J 370 ;-5 |tfcC3 
fteifa”AJ.’3C'p.{ 40 1 <225 


li ? j!26 : 4 RrpXl iorp5j 27% +% 

17*, il KtuwnlSj 12%.... 

25% 14% Srrhdsn.-MrrilSl', 18*i 

581p;255p SauI B.F <51 476p +7 

28% I 18% Shell Oil SI 25 -% 

19% ll^j WenSlOi. . - 12% -J, 


8%al -V 51.20 - 3.3 

is si m = I; BUILDING INDUSTRY, TIMBER; 


88c - 35 
$1 06 -* 29 


AND ROADS 


Z7% 18% (Tranero 23% -% 52.2 

161 131 Do !0',LnS;k91« 147 -2 10 
97 5p 5G5p*7ewraPr I'SSaiB*,. 70 lp -11 - 
22 16% Te««iS6S _.. 17^ -% 52.0 

40 22% Time Inc . ... 33% -% 513 


28% 18% Shell Oil SI 25 -% 51 90 - 3.6 J?? W M«meeiu.mfl M«: 

19% 11^ ‘imsenSlOi. 127 a -% 80c - 3.1 1« 138 Aterttaw ■ en* 141 

38 22% SporerRandSOafl.. 31%al -% 51.32 - 2 1 13 UlicriHaal IUp 173j 

I 33% 18% TRW l«c. 31*. — 2&-% -* 8 51.80 - ?4 M \nnLWM5hRkn 70 

1:7% 18% Tennwo 23%-% 52.20 - 4.0 263 203 BrBln^ .-rjp .. 245 

H6i 131 Do 10', Ln. Sit 91-85 147 -2 10"b - 16.9 34 31 Rat-endce Uric 34 

973p 505p 7ewroPT I SSai®',. 701 p -11 - _ _ 16 10 RaHeyBenlOp . 16 

22 26V Texaco S625 _.. 17%-% 52.00 - 5 7 , 91 44 Bamher: en _ . 78 

40 22 7 a Tune lac . ... 33%-% 51 30 - 2.0 128, 98 Bomn Dec. TOp l«*c 

14% 065p r.-MsamencaSl . 12%*tf -% 80c - 3 2 30% 20% Bm-hmdlllp. »+ 

i 41-j 21*4 l-id Tech SL S5-. 3l% -% 52.00 — 3 3 31 la Benkjxjnp .. .. 24 

24% 17% l' 5 Steel SI ... 18%-% 51.60 _ 44 57 45 BwdunlM lOp 47 

17 11% WoolwuithiW*; 15% +% 5140 - 4.6 69 60 Bento<*2l)p - 60 

A°h 28*8 Seroc Carp SI 39% -1% 52.00 - Z6 83 64 b orldw> _ 73 

975p 385p Sonirslnc 10c 685p* . ... 7%c - 0 6 303 220 HiieCMfcteCl. . 274 

is- 10% ZapaiaCorp 25e .. 11^1+% *3flc - 13 87 61 BUmdeU Pj*nn.- 84 

21 5 SSE" ?? 

Conversion factor 0.7293 (Q..19S) 262 24 Bmun Jk>H 3ip 260 

CANADIANS 3 ,? t 2 Wfc.:' S’ ? 

■16% 10% BkMontreal S2 — 14%ir +% 5112 - 3 5 220 153 jMiJk H. 219 

lt>% 10,; BLNnoScM. .— 13%«d +% 51.04 - 36 ^ ”9 

42-? J0% Beil Canada S3... 37ad +% $4 2 _ 5 4 ^ 2 - l . J*J* 2} 

30% 12 BowV alleyl - 27*4 +*, 20c - 05 ^ 20 jlnAi.-.J.!^ 26 

10% 825p Rrascann 10*4*d -% 51 0 - 4 5 f i * ^T.J.ihn- . . 47 

■21 , l 14 Car ImpfikSS. _ l£ri +% 5148 - 3 .B 40 >,anm 60 

lo% 955p Can Pacific S3. 14ft-*, 97c - 31 l ®j S"55?P*S1? ™ 

37% 30% Du 4pr Deb £100. 32 -% 4% - 12 5 ^ omtoii.p l--p 34 

23% 16% Gulf Oil Caii-!l - 20%+% 51.14 - 26*58 157 UW-iuR.... . 236 


l5Cl +% 51.04 - 36 19° 170 K>R Julian 175 

37xd +% 54 2 54 43 2- «. Rnhcy A J'Jf> 41 

27?+% 2Pe — 05 “ $ 26 


30% 825p Rrascann ' 10%xd -% 510 - 4 5 fi l«r.Jnhn- .. 47 

■lift 14 CanImpEk.S2. _ lfijd +% 5148 - 3.8 w ■ arT " n ^ . &? 

lo% 955p Can Pacific 55... 14ft -% 97c - 31 m 

37% 30% Du 4pr Deb £100. 32 -% 4% - 12 5 ^ .£7 omtoii.p l--p 34 

23% 16% Gulf 0*1 Can.!l - . 20%+% 51.14 - 2 6 258 157 n>filflR . 236 

6>0p 315p Harter Sid Cans. 535p +5 40c - 35 « £ “"S'l.t?’ 

31"? 16% HoUiager^i 24 -1 %sQS 206 - 40 irf 

16% H% Hudsons Bays. _ 13ft« +% 69c - 2.4 80 CTnirh>n* Nip- 216 

S3** 24*i HudB.0»IGS»; .. 2S% +% 51.60 - 29 .^ « inuch-.-wu*... 72 

!>% 11% IsnpenainiM 13%-% 90c - 3.0 1°| 84 J- JjS 

1S% 945p loro 12%-% 80c - 29 “5 rjwnmei.R.NIp 145 

850p >85p lul Nat Gas SI — 645p +5 80c - 5.8 “3 * ^ 97 

lfl’m 610o Masiei Ferr I 755n +9 _ _ _ « 13 FPACunK G 17*2 

28% 21% Pacific PetSl 26% -l 91 6c - 16 ” “ WrdwrJiC.^ 69 

l?-4p 50p Place Gas SI 13Zp - - - 28 19 P^IrUlOp .. 27 

:?*. 15 RinAlsom.- 22 . . $108 - 2.3 ‘I 

24”, 14ft RmaIBk.fan S2 . 21% +% SI 80 - 3.8 *} ^ 4 ?i a 

20-1 13% Seagram Co. CSt . 19%-% 92c - 22 & 21 FSnbBiJ^fea- .(u - 34 , 

14% 955pTorDoa.Bk.Sl... 13»J +*, 96c - 3.4 ^ ’l 2 SSf tb R? U 1 

12% 880p Trans Can Pipe .. 10% +V 103c - 4 5 51 40 Franuvi, R, ,tp 47 

Sl * Usi Preminm 37%^ Ibascd on 5^3457 per El ^ 5+1, faJhfredBr 5p . 6^*c 

_ 36 25 ^ lrfhte.DVK.4 U p 3v 

BANKS AND HIRE PURCHASE 5 Jf “5;"^ 

I9m [ I |+ ari Dir I I Vldl 86 69 Hah Cooper 2(if 75 

High Lot Slock Price - No Cre Gr's PIE 31% 22% H. kT.ilrii IUp.. 26h*t 

41 21 Helical Ear..... 35 

13i ANZSAj 312 tplBc 311 3.3( 81 95 59 H«vfsn. A lOp 99 

ilO .-.letandersP i! 250 14 55 — 07 — 74% 41 Hcwden St h)p . 74 

£<*0% AleenumeFLIOO E126 R^23* 3 ■. 13 4 7 89 £SB5 £220 Dn TpcConv .. 

269 Allen Haney £ I 315 . .. . Phl9.49 — 92 — 154 64 HennoKm 5Qp . 

•■>1 150 Allied !nsh. . 218 . +4 7.61 — 5 2 — 93 72 Hiiiesilfill ._ 

4 150 Arbuthnm L £1 160 . .. 10^3 — 9.5 — 89 66 Hnerlmihan. . 

£13% Bark.ArawSIWa. £20%.. 094c — 2.6 — 85 55 I» Ret Vis 

315 Bt Ireland £1 _ . 437 +2 15.23 — 5 2 — 39 22 Howard Sh a Hip 

12 £137 Do. I0pc Canv .. £197 +4 Q10°i - f5.1 — 138 104 ID%20p 

21 14 Fk Leu mi 1U - 16 Q16% - 3 3 - 197 125 IhSochJnhwen.. 

i 150 BLLeumiiCKtfl 170 7.47 1.5 6.6152 145 108 InL Tnulicr 

300 Bk.SSW.5A2... 625 tO30c 2.6 3 012.9 66*; 41% J G Holdup IUp 

255 Bank Scotland £1 2630 tll.05 3.6 63 6.7 30 22 JCILlT 

*t £21%BonkeriS.Y.S10. £26%d QS300 - 5.3 197 162 JanrlMl. 

296 Barclays £1 - ... 340 -2 113.28 5.7 5 8 5J 123 90 JennincjS\05*. 

200 Bioth S hipley £L_ 258 ... 9.41 — 5.4 — 154 79 Tohm+n-RrchairB 

232 Carer Ryder £1.. 265 -5 h!7.17 — 9 7 — 17 10 ' Jones Edwd I0p 

04 67 Cline Djslu20p. 78 74.85 95 - 45 31 KeonXP>lflp 

•255 171 i'oro'1 AuviSAli. 210 Q16c 9 4.8 « £41% L14% LalarecS ARIJ0 

*E19 £12% ComibkDlHM. £17% Q18% - 2.7 - 226 121 LainciJoJini-A 215 

£15 Chgn-HbkKrlOO £17 Qiri - 68 - 130 84 LalhamiJ ifcl 123 

18 CorinOuan 10p. 29rt t0.71 7 3 3.7 5 0 109 88 Lawrence >W ; . 107 

+ £13% Cred France F73 £21% IJ9.B7Ni — 30 — -95 70 Leech IWmiSOp 

, 7 [*awes‘G R.i .._. 16 — — — — 99 57 Ley liinri Paint .. 

iLl , £89 DnirteBoklHCO £li3 Q1B% - 20 - 80 61 LitleyFJ.C — 

83% 58 F.C Finance. _ 73 .... T203 2.6 4 213.8 80 61 London Bnck... 

8*4 l*, FrrslNai IUp. .. 7 +% — — — — 123 74 b.*eUtYJ: 

1 % Do Wms 75-83. 1% -% — — — — 5** 37 A)c\ail<itiiop . 

O'. Fraser Ans I Op. 12% — — — — 156 11? Masnet i Shny . 

157 Gerrard Natnl ... 175 829 — 7.1 — 57 42 *j Mallm>on [ | ecnv 

37 Gibbs iA.1. ... 54al 2.23 — 6.2 - 105 84 llandemHMe*. 

195 GiHetiBros Cl.. 220 15.41 - 10.5 - 166 109% Man-hind 

19 Goode D-1 Hi? 5p 72 +1 0.13 - 0.9 - 93 73 Marten .. _.. 

96 Gnndlai* 130 2.79 7.1 3.2 4.6 D8 71 Marihall«iHi\i_ 

185 Guinness Peal ... 235 —1 10.31 — 66 — i 84 57 Wav« Hassell .. 

155 Karabros. 190 9.76 — 7.7 — j 31 13 Menr* Itm- . . 

01 HiU Samuel 93 -1 4.97 — 8.0 — 48 38 Mekillc li i W . 

207 Do Warrants ... 287 — — — — 99 73 Mown Wren. Li. 

203 Hong5hng.S3.30. 296 -1 hQ59c — 23 - ! 60 32% Hiftwuy 

52 JesrflTuyiibee. 62 h3.3Z — 8.0 — I 18 9 Miller:Sfan> I0p 

lbfl JteephiLetnEl.. 185 B.74 — 7.0 — i 75 52 Miccorerrfe . . 

52 37 Kcyner l llmann 49 -1 0.67 — 20 — I 48 35 Mod Entincer-.. 

Sh Kjn<6Sfaai20p. 62 3 44 — B.3 — Il07 79 MontiAi 

11J 90 Kleinmir B I — 9&d -1 +4.18 — 6 4 —'141 108 McmlemiJi 

297 242 UoydtU 257 t9.23 4J| 5.4 5.8185 138 Newaithill£l__ 

1108 79 NnrweiA Hnta .. 

i310 210 Stfl Brick 30p . 

1 58 40 i Vme Dei? Hip . 

114 97 Parker Timber.. 

175 138 Phaeim Timber. 


‘i<*wa»nEr.;p.Jll%ttS ._ >053 i 
ij'rananWiire....| 109 :-l j+5 64 
*TLUtr.e.TOi - 313 -6 837 

Du. A*,rd 312 jc— 101837 

Gre Kilitfh I'jp. 53*2 ■....! +178 
Hant-fR--. 39 
DO -.VAT .... 38 i 
Helene Lor. Wp . 23 
Da Ep-Ccv :’ri 215 
insde^c: K 7? . 90 

Hesncpe* A IUp 29 
Hefwuri.1 '.Op. 70 

Home Charm iOp Z32 I ltrS.6J 

taoiriwsr 155 1-3 r4£1 
itecolLtwe. 65 i . ,.[d3.%i 
Ities EraeK'hT 157 [-1 ifcS.5 j 
KDOBSEUUb.. 19 - 

++Kmick I£kfc> . 13 ■ .....£w.67i 

Ladies PritSeSSJp 53 1+hL' 

LeeCooper . 163 (-2 'ihL; 

Lheiiy 

!h>.Noa.Vn Oni. 

Uncroft X. ]Cp — S3*; j . .. . [ 354 
MRPVrW’ireTSF 13 «r -4 d221 
Maple lOp 22% (-1 { 


118 -1 4 37 491551, 

66 . +1 .+h?19 3.7 5|' 

g 11 1 

E - 1 a BifL- 

la 493 23 5.8 <8 

... t5.68 1.1 96 13 

63 -4 4126 4.4 4.7 

43. -1 1-46 31 5.1 

' ZlVi -% tbl.ll 2.1 7.7 il 

-i 1*1.47 35 5 4 

110 ajk 41 5.9 __ 

5D " dlO 47 30 ■*’ 

52 2%7 26 6.8 - 

6% h o.24 0.9 55 

84(1 -10 U500 34 8.9 

90 609 3210.1 

m . 1*4 75 22 7.2 ; 

63 -1% t367 25|.8ft- 
* 37 . 221 20 &9 

30 +1 tl 59 4 3 8.1 

« -1 *2.52 3 9 8.7 « 

32) -2 6 45 22 8.0 * 

I«0 4^8 36 5 2 81 

450 -M 8.84 97 2.9 

^ -1 1625 5.0 5.9 

45 .... t2 37 44 7.8 

. 79 . 2J8 4 7 4.5 _ 

.M -1 t3J6 Zl? 3 *" 

86 -1 2.14 67 j 

77 3.05 4 3 5.91 5: 

174 ,-2 h3.70 2 4 7 3 8 

47 ... . dl.83 31 5. 

107 -5 +1J1 6.1 1- 

55 -1 281 3 8 7.. .. 

8Z .... 4 46 3 9 8.1 

126-2 — — — 

165 5.51 48 5.0 

95 -2*i t3 67 30 5.8 

« . .. . +243 34 8.7 

‘36 ... rt21 4 8 87 

% +1.02 3.0 72 .. 

22 -u 089 3 9 60 5. 

te . 4*421 L4 9.7 W.- 

n ~i V b is ? !S .5 

m - J W Tl ii q 

2 .... tl 27 44 9.0 4.3 

25 i. . . ThO 67 65 4.0 52 

LMw -3 ha-53 31 5.5 8.7 

rfl.53 0.6 86«* 

73*i -% 520 1.7 10.6 B3 

45 +2.86 22 9.6 

150 -1 10.12 2 6 10.1 

126 ... t5.60 3 5 6.6 f 

31 ... d232 121121U. 

38 . . Z1Q2 - - 
123 -4 +516 3 8 63 

-70% ... 4.56 2 6 9 7 

t65 2 ... 6.35 3 8 3 6 | 

156 .... 5.41 4 4 5.2 5- 

9S 303 51 4 8 50 

104 ..4 87 3.6 7.0 4.7 

78u> -1 +3 74 IE 71 ID" 

L44 .... U7.59 23 8 2 8u 

37 .... 2 5 0110169 = 

91 . . 1+337 27 5.5 9 

2S*a -% dl39 3.0 8.1 *5 

73 -1 3 42 4 0 7 0 4 2 196 

92 -1 421 31 68 60 38 

88 .. M6J7 2.8 11.2 S 3 *259 

14 -% 034 - 3.6 — 52 

L09 -1 820 1.4112 9.7 83 

£fp» .. .. — — -- — £38+p 

47 -1 dliLZl 32 3912.1 203 
69 +1 4.30 22 9.6 71 743 

•66 -6 15 80 16 9D 91 27- \ 

31 .... d2.03 13 9.8 1&8 A3 

121 -1 t7.92 1.0 10D 16® -64 .j 

Lila! -2 M3 4.0 6.0 61 J4 . 

□9 -1 7.19 34 4.5 10.0 175 

LS8 635 25 6 2 83 109 

16k hd0.7 26 65 83 58 

23 . . _ L83 10 120 121 Ab' 

38 -6 4.14 5.7 2610.0 46 


rei FndCR-Tl 


Hx-lnt if« 


HOTELS AND CATERER^ 


INDUS1XULS (Miscd.) 


1 ! ^ : il 

rtLid 

261 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BY. 

Telex: Editorial 886341/2, 883897. Advertisements: 883033. Telegrams: JFInantimo, London. PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


82 iHftcluna 1 




MarteA-opwcer gz : 

Kacm.Vews — 238 » 
Merne ... 193 i 
Mi±«l:i*!0p . 16 

Mic EtfccsL SOp 228 
MclhercEreii^.. 170 
NxsNanflOp-. U4 
ilsniwei. 126 !-l 
raradaeiB 30f. 

Pair~W:W.l 

PWer»Sn.-ef 'iiF 
Polly Pact • Op.. 
Preedy-Alfredi- 
PiimacRi* 5p. 
R^narTetLSp- 9 

aulsersIOp 67 

Rnyhetk !t*p — 94 

Rcadicutap 43*2 

Reed Alims Y. M3 
aiia-Sia :0p- 18# 
Rosa'Jjp— .. 26 

Stf Stares E2»j> 22 
DaS'4H.?l*5p 23 
> Ssuciei'K A" — 157 I 
Selinccunop- _ TJ-z 
ShenmniS I0p. 13 
SmKs*s-vap 160 
Stanley X<i 3p- 160 k 
S ottas Disci, tup. 195 
SinnJwri; IPp — 18 

Sumneaip— . 32 
Time Proa? !0r- 197 
CDS Group . _ 97 

CpiumE ‘.V : 37 

V'antonfl3ip - 127 
W«de?-\ - 2Pp . %sf 
Oaiter Jas • — 110 

I*i v.v 98 

Wallis IUp 80 

Vlarir.c&Gilfow 132 
WeanMdJ.ip-... 36 

WbarfMillIOp*. 23 

Wiltnsn Warbtn. 84k 
Wool warn 71% i j 


ELECTRICAL AND RADIO 

130 85 A-B Electnmkc llBKl-2 15.66 

76 57 .Allied Insulate? 66 1-2 [+419 

36 25 AuitoFiddhylOp. 36 

10 42 Auta'ledSec. !0p 106 

43 99 BICC 50p 132 

86 BSRIOp 
135 Berec 
49 Best 0: May lOp 
48% Bouthorpe 10p 
63 Brocks 1 


3a -6 4.14 5.^ ™ 

80 t3.0 6 2 56 4 1 187 

20 5.14 3J5 64 68 79 

30 -1 £2.23 0.8 t.lM 39 

89k -% 14 7 26 7.9 8.7 303 

28*^ . 0.7B ♦ 42 * 

571; -1% +334 25 67 67 

36 -1 td0.92 52 3.8 7.6 
82 .... hi. 18 81 22 87 

70 -1 4.76 * 107 6 - 

66 -1 3 63 * 86 * 

*4 +546 3.4 5.0 8.9 

D2xd . .12.94 3.5 43 .7.9> 

55 3.9 « 11.1 « 

48 . ..333 3 410.6 3 9 
22% -% tL47 25 98 6 

62 ...._ 1437 17 105 8. 

36 .. . b254 1 4 8.4101 

68 -1 539 211L8 63 

20 ..._ 0^8 3.0 66 77 

18*2 • :• 0.88 3D 7.1 71 

104k **1 (675 31 9.7 7.0 

05 -5 431 3.8 3.0 14.0 

75 .... L91 -95 3 8 29 
30 .... +5.42 3.0 3513.0 
94 -1 v+5.02 26 60 72 
19*2 +1 +0.41 54 3J 91 
52*2 . . thl.05 5.1 3 0 95 
45*2 ... . t»H01 75 3.3 62 
00 +1 L25 5 5 1.9 13.6 

63 .11.59 67 3.5 4.8 

34 0.42 83 LB 68 

39)01-1 t7.26 19 7.S10.3 

71 4 22 . 2 2 8 9 78 

43 -%- 322 U 11.2 12.1 % 
87 M6.48 21 R4 4.0 2«. 

64 ...... t421 2.4 «*6 74 IM 

34 -3 +609 33 68 67 37 

NnroofW E,5p {34 %k -% HI 53 75 66 5.1 64 

regte-Haftriley..} 172 -2 7.31 32 68 6.6 ■&> 

Porter Chad. 2ilp Ufl 535 4.0 7 0 5 4 

~ “ 70 .14.88 L8 10.4 .64. 

90 -1 5 36 23 34 .64- 

£87 -% IJUVI. -. [136 - 

37 -f 1276 1411.1103 

13*2 ...... 0.88 Lw 9.8 8.4 

63 ....... 3.90 20s 93 IC2 


Jones GronplOp. 



42 « 

a? 67 

3.8 7.6 
12 87 
10.7 * - 



HKontap 


6£ 67 37 
66 5.1 64 
6.8 66 3Qi^ 


125 m-nsomsSikil laSrfli'iX 8A7,; J-29 6« 5.8 


EJee- 20p 


EDITORIAL OFFICES 

Anu-lerdam. P»». B.iv 115J6. lm?liTil3m-C. 

Tolos 1U17I Tel »W 5S5 
Birttiirighani liuorcc lluuw;. 1 ii-nriiv R><ad. 

Teles 33B8S0 Tel IC1-IA4 mua 
Bonn Fre^hau^ 1 1 UH He'i'j^alice 2-10. 

Telex RnflPTi-^1 Tel IIIWKH 
Bru>^clb X) Rue fiui-ale 
, Tele* 2Ti2a* Tel 5I2-W37 
Cairn P'i Kox ms40. 

Tel 938-n 10 

Duhlm- a Kii.'uillinm S.juare. 

Teles: 5J H Tel- TSKrjI 
Erltnblirilh :*T iVeent*- Si reel. 

Telex 72-KH Tel 031 22« 4 120 
Frankfurt I in SurhM'nbavr 13. 

Telex’ -UtBCS Tel SSSTin 
Jiihannccbuni l’i». ftu IIJ8 
. Telex S-tBST Tel. 838- 7MT. 

Li >l>i>n. Prw.u rfa .Metlri.i SH- 1 D. Lisbon 2. 

Telex 12333 Tel 362 5U8 
Madrid' K+proneeda 32, Madrid 3. 

Tcf 44 L HTT2 


ManeheKlcr- Queen's House. Queen Street. 

Telex tSU813 Tel 061-834 3381 | 

Muk'ow: SadoraSooiotcrliaaia 12-24, ApL 15. 

Tel..* 7Eino Tel 200 2748 
-N’i-w York Ti Roekel^ller Plain, N.Y. 10013. 

T elex 6S*S0 Tel i212i 541 4«25 
I*jn^ 36 Rue du Sralier. 750Q2. 

Telex 220044 Tel 236.57.43 
Rio lie Janeiro: Aver ilia Pres. Vargas 418-10. 

Tel. 253 4848 

Runie- Via della Hi’tede 55. 

Telex 61032 Tel 678 3314 

Siii-.'khclm' rlu Svenska Dajtbladet, Rinlamhisvafica 7. 

Telex 17603 Tel 50 00 88 
Tehran- 1*0 Box 11-1879 
lelex 213000 Tel 682698 
T<>k>n 8th Klnor. Nihon KeizaJ ShimbiiB 
Builiiinu. I D-5 Otemachi. Chiyoda-ku. 

Tele* J 27104 Tel. 241 2S20 
Tk'ashinBlon; 2nd Floor. 1325 E. Street 
N tt Wish I nut on D.C. 20001 
Telex 440340 Tel. I21GI 347 8070 


Sharpe &n«her 
SrtBrtiJ.i l«p_ . 
Scuihcrn 'on. Sp 
Stie«er.-Jiip-.. 
TannacoOr — 
TTn’IorWnoHraii 


95 

30 [WealJi.’kPn*L. 

5b Wetiem Bus 

40 Whatlui'Jx-in 

28 VThifch m 12‘-p 

22 WnminsCnn l«y> 36 

99 WilNKi'i'unnully' 141 

63 Kimpeyultjj .._ 76 


CHEMICALS, PLASTICS 


ADVERTISEMENT OFFICES 

Birminuham •l.-ww Hirti+e. ileonje Road. Manrhexler Queon'c Ilnuse. Queen Street 

Tdli-V naeo T«y 02 1 -1 54 0D22 Telex «WMI3 Tel’ D6I434 BOBl 

>:.imhttrch- 37 lU-oree Suvwl Yo ^7L I i? c . k, 1f, , J er .« l! S£« N Y ' ,0019 

Telex TC4tt* Tel A3I-22S 4139 Telex 23S409 Tel- |JiSi 489 8300 

FcanUiiH In* SaehxenlaRer 13. Par.x 36 Rue du Senriw. 75002. 

Telex 16263 Tel: 554667 Telex 220044 Tel: 2380601 

Lecd< Permanent House, The HeudruW. Tukw Knaahara Building, 1*10 UehlkandB, 

'hiyodaku Telex J 27104 Tel: 285 4050 

Overseas advertisement representatives in 
Central and South America. Afnea. the Middle East. Asia and Ihe Far East 
• For further details, ptca** comae’!’ 

Overseas Advertisement Department, 

Financial Times, Bracken House. 10. Cannon Street, London EC4P 4BY 

SUBSCRIPTIONS 

Cuoica abtamat'l*-' fro*** newMifmtC* And biwk-sinlls wnrtrfwiilp n r on mcttlar sn list ri|X inn frnn 
* SuD>crlMian livpartawnt, r inaatial flmes, London 


£11% 600 
302 250 
146- 84 

90 61 

79 60 

£57 £40% 

275 122 
‘218 154 
31 19 

■66 45 

14% 10% 

41 27 

49 41 

£95 £87 

£99 £86% 
£98*2 £86%j 
81 64 | 

79 59 - 

73 5+ | 

27 14 

68 4J% ; 

■40 16 | 

111% 69 

65 42 

64 36- 

394 325 
27 137+ 

234 156 


kK£o 

Ccmjiplnifc 
.Midal'a t LOp 
.Mid Colloid luji. 
tni'hor >rhem 
Bayer Vi DM SB 
Rlasder. Nnahcs 
Brent i.ViihI dp 
BnL RemiJ IUp 
iHntTarPnl liip 
IflurrellSp 
<’^iwiji[elinp 

.ualin 

CihaG'wTV, Lu 
DoflNCmRISH. 
£vffl. e <CnvE2S> 

•'oalirei.'hem. 

'.’wife Hr-r 

If- A \T 

i nriiHiiran.ir,p. 
i .-uililm !up _ 
■‘iwjMefy . 
Eilif k EierunL 
Etialnn narth-s . 
"armFijwl . 
Kmui«£] . . 

llaixtnal'J i iftn 
Ifta W«. J .ili5up. 


58 
57 
73 
«9* 

117 
55 
53 
62 
44 
60 

25*2 
. 82 65 

i 296 198 
I 106 69i 2 

i 15 8 

4b 110 [Spegr& Jackson. 
38 29 

21 15 

l 186 122 
I 147 64 

1307 214 
98 
35 
85 
23 
75 
05 
53 
710 
17 
72 
336 
60 
20 * 

26 
20t 

52 
160 
82 

138 82 

156 109 
155 110 

132 98 

81 55 

60 38 

40 27 

36 27 

133 103 

61 42 

36 18 

52 29% 


Vfcmai Wtm. iop 
Whilehouwj.Tfip 

Vniluun.,W4 
Wlrrb t Janx> 
Wolf Elect Toil* 
Woidyflu-jho. 

WTmell Krty. inii 
35 (Wyj<«li9W,3to 
28 re h «efti.xn la^i 


78 5.Z7 * 10.1 6 

88 -1 il.93 8J 33 50 136 

80 15.02 23 9.4 7 9 74 

62 tL84 5.£ 4.4 4 3 £28% 

32 938 •- 13 10.8 (73i « 

93 t3.87 4^1 6.3 53 T3 

60% 4.60 L71L4 80 38 

78 +3.43 34 63 6.8 » 

58 MULS 72 JJ 5.7 71 

68 A45 3.7 10.0 8 0 70 

29 dl.63 "J • E4 « 198 

25% L19 i8 6.9 7.8 90 

87 -2 46.63 L7 11.4 &4 176 

29 ; ..... 195* 23 10.0 5.9 lfil 

26 ..>..2.68 L615.4 6.2 140 

73 ..... 4.31 *17 as 9.9 500 
76 -2' +739 4.6 43 74 108 

06 +3*j 4J4 29 5.8 90 £87% 

13*2 • • 0-28 * 33 * — 

W -4 d932 L010.4ill9i 


35 d2.43 

19 .. h035 

66 -2 h4 .54 

15 at 3.89 

97 -1 . 904 


103 83 
43 101 
4.1 327 
4 0 4> 
4.6 6J 


12* -1 +3.66 4.S 4.9 51 

J5 . t9.69 32 62 75 

B6xd 14.0 3.7 6.9 74 

75 L27 3.9 7.6 42 

92 .... '4 55 -3.4 7.4 59 «xi r » 

Wl-^'2 1536 53 57 8.0 13% ^, 



56 I — 13.03 


8.1 43 39*5 


iHirapipe — xyf ...• t 
UnekGnup lOp. lli 2 -% 0 
DFte.J 37 ...... . 




1 4 51 18 u kc.UassUOp-J. IL 


% “* «L27 2.6 8.4 5 2 109 80 SdntadKr. ' « Z*. 4.5 

” 5 2 4 0 5.2 279 220 Qhar!u.k.»p-. 260 .. . tiaO 

S l Vi 12% Elbtrfa f x._„. 1 16*2 -% dlL3 

n ■ 5}^ 50 391 -* ElecPlOP -46 . _... fcO.78 

n - 1 <1fl7 33 71 63 M 36 Hen. Ini Sec _. . 63 ...„ +334 

5-2 LgS 6.2 23 15 EUharb'mlflp.. - 19 -• 0.25 - 

ll H 98 69 QsiatJtobbirtv 86 +1 +3.18 

5 8 L910| »21 17 QvxrickFperap .19 . +% a(W 

2-S 66 83 £35% £18% Emhart Corp. SI _ £27* s -% S20 
3.7 5.8 5.7 M ll" En*re*.Sen.Wp.. 12%#. .. . d02 

Jn 12% " 4 Emrrrjp — . — 

2? of ID M ‘z Ena tow'd Up -26 .. 0 7 

11 SS 84 72 Ens- CTrina Ll«rs S2% -% .13.97 

1| 7.7 43 163 122 &4Kanrali%p 140 . +^ 561 

IS ll f-2 143 99 EuroFtomes 128 -2 t284. 

„ 3-7 72 32 43 31 Ei«teHMs:.3to --41 . hl!6 

iJ* Vm H 20% EtrerG«itwil(5 , 3S> Z -% hL87 

243 22 6.B 7.7 136 90 Erie! 328 .. .. 530 

l, «V? 78 53 FmbainiLawsnn. 68 .. -. M5.Q8 - 

h* .V3& F*edesl0p — „■ 30 -2 L40 ■ , 

5S7iT 3 ll frf S-? 127 &u*r.a. Ba. 163 -1 +6.80 

JnS 15 ?5 f l V Pwiiuseolml’ — 119 . ... 609 • 

h0 89 3.0 6.0 6.7 38 24 Fertletomaap- 30 .....0.41- - 

f, \\ 9* 50 25 FnuflayiAR-.-. 46 -1 193. 2J 

‘il lS 4.5 7 j 4.2 51 37 FtiMCasUelOp. 42 . ..: +201 L 

ni If SP* 39 Ftoolto" 46xa Q615: .} 

ttl? IS H Sf JS? 128 FUadl » r **W„ 58 . +280 l 

+680 .38 4 5 J6 1% 53 Fotan3riEl r .„: 1© ^2 fW.59 9< 

lUc fin J? 3 128 Fosbco U insflp._ 153 -2. «.65 

, .£ ■ F.td»nBHapey. JJ3 . +1 56.94 _ “ 

%-| 236: 0,9+12.1 (MX B60 485. FrvnkliiaSnlK.^ 685 +-10 ,<^k: 

• .76 61 French Thax.-|0p ■ 66 . . SL84 1 ••-g 

112 85 KuedlandOet—. 103 . ... - +3.18' 


ENGINEERING 

MACHINE TOOLS 


Uo JSS , ’**h»nBy~| 

258 180 UpVSOp 
138 104 [achk T 
111 68 
}10 225 
165 148 
I 65 46 


■ ■ • . ii, ' 03 riieaianauci—. ku . ... - r>.ns 

food, GROCERIES. ETC.- % 1. t.Wl. 

.sirtBe.S.utliWp.- 159 -1 d6.70 221 t3iU.O. 222 160. i;ihhtm«i'S 208* . +3J5 '.31 

S' J T u ' l ? , n - 76 -2 +3.24 36 6.5 (4.0i 104 BO Oeriw inroup . , 94 . -V 4.54 3‘ 

AJBntFd*np 73.-2 236 4.0 4.8 7.6 .71% 46 Lffispur inp 68 -1 292 . 

Ayaiain® . 245 -5 087 179 0515.7 86- 58 iHa»S«eSaM0p. 84 308 

.\t»i Kbiheric .. 49 J38. 3 5 } 47 6?8 - 515. 570 -12 U.4 !41 

2»j Avanairfwip.Tp 58% -1-; 110 : 5.0 2gl06 62 40 CoomefWuip ■ 61 . '--2S4- .Z( 

T? ganfa-yAieyr ■ 75 ... td366 33 7.3 -fcO 25 17 (^dmanrH'l^. 19 ... --+058 j- 

11 Barter 6 EUQp. 13*4-%. -,. : 35J §6 65 UoomHldi- ._ r69. — iU7- '.LJ 

fg BaiT'.Vi. . . 80 thiiaU.l 4.1 9.0 ,72‘ M firanhuan FcSjs. . T &6. -1 4.05 ‘ Ll 

ill S an S’H ,,Ul, =- M tQBJt 1.7 215 43 125 84 Granada ’ACT,. 124. -1. +L97 ,4J 

OT 128 582 .2.6 68f65i « 1+ Grtneharoafr- -42~ - . - •*- 

48 Bntleyalufk Hip 75 . ^2 d3.66 26 7J 5 J 72 ?7 i^+naralslfo 63 ft.. 3;X1 r 

te’ftt’r ■ 59 ..‘ft 162' * .42 * {£ Crwet«U<Wip 22 ...ft 102 . & 

»2 BtnhClJin ICC 1 +C-M- ll If. na tQ Ua hunOanfiribv 90 MIU 1 


la SteSSP-"" '94 -2 bd2.41 ■ 3.3 3.8 87 W# 66 

« OMDam. 58 ..... 194 4.6 50 65 M- 7% 

33 Du. A kV _ 44 L94 4 6 -6 6 44 -65 34 

5 l ^ow.3flp - 138 -5 - 4J9- 10 4,7 328 1W. .120 

70 Do 'A 3m 1 % -a 439^ .10 4S323 1OT 72* 

IWi^BwAIT 110 ' .■?.. ‘fiJ4 .3.4 9.4 46]^ 84 
Mfj 8% , &hsdsUo.L.ap... Hi, +r. 1 . ft- 2434 25.; 2fl 

35 I 2b England >J E.:5p 2 b~ tL« .31 ft>S 5.8+ ^ ‘' Jt 




20 i&vdtti£3fJ~ 

'45 - lbA^ilfg,itifi% 56. I: s7..f 


. tolxcvk&W I 

• % |Uaj|ej.i..n ( (. 


‘rr^; 
































































R %rX, 


. m 

nigh lav 


^feaofiial jtlmes Saturday October 14 1978 
1 NDUSTEIAI£— Continued ] INSURANCE-Continned 




PROPERTT— Continued 


1NV. TRCSTS-Continned j FINANCE, LAND-Continued 


■ I • w erf Wv I Jvid! I ^mmueu JP1AANU!% LANU—^ontmuea 

iSLw Sr I ~i i^ij' L, "■? “ i^iss* *?*» i *«*. ifH»h-is ws 3 « ■ji.i m |m»m sio,u?s« ■■ ** « wssk 


- 1-W 

- J 7 144 
19 ff Iff 37 


Bu7 Ft, 


SHIPBUILDERS, REPAIRERS 


71 

-1 


258 

-1 

696 

205 


(50 

343 

+3 

14.68 


- I — 157 
6^111 226 
3 5 76 92 


» LB BSS&s: 1» ra*g 135 8S 145 fei* hSS -oolVT- -1 = 


DcM\lwp_ 149 -1 569 11 } 5 7(246 Cbi |£54i : !r*_ocn-H,^Cnv £5*; -h Q*Vi -8 61- 

wity Irx sip_ 217 610 05 lfl 6«H155 :<W 130 ITrcMitrd 272 -f fli* 5.3 lSl5| 

jSjte Dutur^ — fll -i h Les 111 34)395 §($ Ifrt ggjT 2 S 4 - - - 6 J 



€0??E£ 

70 {MesisifiC.-v- -l Ti. [-Z IS) i 


ue«r-. , .Et!d|i| 40 i-J.oj 23 % 7.2 ^ITCfTT ~ — .3 

-■■•■ v:.yr aip Jl*# B— — - — iti “ 04,£.1lUTJl. -J - - »5 

■fcrnslurhy iw»* US rQ30 q2J 2 9 25 6 68 35 IVst n:n I 52 <... .1 — — — 

ler-IBr or... . 235 65 44 42 80 ]7 9 |Ru.-rolini? 13 1 — — — 

ctt'T Kelt 13?p . 56 —1 315 27 3.4 152 * JCG 215 tOwn.iSur‘ 1 - 19c. ,1 2*3 I ft'?30c 2 6 i 

[HI apt Cat Bi. £94 08°. 180 186 _ 465 245 iNonh/acCS’. .. ..i *5 i...J — - - 

Citjlitsi-.lOp 65 thO 7b 11.0 1 7 79 263 164 |?.T2_ 256 -2 9J 2.2 5.6 


1 1 04 |31.qc.8j_ co 50 Sabaak&C5:_ 

£12 750 TaaE-rh 51. ... 

_ __ _ . _ _ 77 45 Teaitjt 5!ne.vl: lOp 

I\ CICAT C 185 120 VutaiCeutSl — 155 


AND SISALS 


*L?5 * 26 

u7c | 19| 2.2 


Price - Net (It Gfa 


-.1279 14714.0 


NOTES 


103 3.55 U 52 


17 ...... — — — I'nlKt Mbenitit Indicated. y te w ahd net fiitiifrndt sry in 

59 ->-1 41 73 10 4 4 prcce and draraainalian arr 2 Sr. F-MiEmU-ti price, carair.rn 
260 +5 s284 1.0 lti raius and nrmm based on latest anneal irpiir. and account. 

47 «i* +1 4hl4 12 4.(3 and. where possible, are updated an hali-visarly lignm. P/Jyt are 

43UrC Q3 (J Q 1 C ~ calculated on the basis d set rfvaribKiien; trarkrtM f igureu 

ill, 0 % <i 72 indicate 10 per cent, or mat* difference if calculated on -nil- 

347 15 23 1.6 6 6 dtaribnlinu. Coteru are based 0 = "nuilmmn' tDOribniuiQ. 


, S ,25 KkriRJjlop.. 36 . . b:5e[ -tlO.lj - 1 < 6 % 26 OiKt.IU'.' .lflpL 42% -* 2 tl.67 61 

. 159 101 R<xfc*arc ...._ 138 -5 .IS s 6 1 4 5j :a 9* 41 19 ^ 5/4 ftn .njircr-Sp 6 * 2 x 11 — *4 *10.07 — 

- • fS -v 2*2 2 -S g 3 5 S 1 se 43 uf^UctSr 74 ^ 064 27/ 

" ■■•55* H epp - v A.— 32 _1 Tifi 1 } 2L? 3 2? 541 , 35 WadbrnnStr. 3 Op. SO 72.23 2.1 


S ?;4 Slerliu* denominated securities which iseluds ia^estroeD* 

65 hOlsc 1.9 5.3 rii.'l I ar pnsatum. 

54 -1 I 49 48 1 3 9 1.3 • ~r..p" Stuck. 


TEXTILES 


210 157 \UMLk Honing. 196 


f 1 felrEiMipis HSiaissais ra mzz >§ pm 

172 [104 (PxjjJWowe — [171 ( t 6 «[ 8 3 5 7^33 9 { : I H l f 2 SLK*" ££ 

■ ~ ■ ~ L'Bnen.ncji. 


128 93 UuuAPrav. .. 117a: 

87 64 loa.Pm»fcr»Dal_ &4 

IMfjff a : ! aat A 

&2 5_g 3 6 58 48 UMiaBdlnc- . 57 


si as«s 


289 l.Oj 51293 


55 3 73 24^101 62 116 86 :; Ltin TsLfld_ 10^2 h4 19 fj 5^251 

83 2.92 6 2 sj 36 58 48 hambadlnc- . 57 1213 l.H 5.d»5 

77*4 -1 490 I ♦_} 9 7) ♦ 211 178 Hi hG Dual bc.lt? 209 -2 M12.79 10 91^184 


TEAS 

India and Bangladesh 


67U! |44221 2.0 4.9 * Hish- anJ Lows m-tried thus hat« been adju sted to allow 

85 1 Ahlii 1.91 2-7 \" r «*bL- usuvs for corh. 

t lnii-nm since ini-rc.t.«cd or resum^J 
; Intcr'm *ance reouccd. parcel or deferred. 

S Ct T.i . tree to no.-v resident, on apjdicaupa. 

* Ficurc' or r.?r«.tt tw-aited. 

. —I J„L ti Unit. -ted ^vurity. 

mglaaesa p Pnco *\ 1 »CW- ol suspension. 

I __ . 4 Indicated Jiv.dearl after pmefine »erip andfor riqhlsinvcs 

♦9.65 5.9[ 5 6 w retatta- tu pivtious dividends or forecasts. 

12.1 16 6 2 * XI error hid or rcorcani-otics in p roarers. 

711 I 3.7110 5 4 :■« rompsmelc. 


27 6201 lUil ] * intenm; reduced tlr.al aadiur reduced earnings 

utiC Pixif 1 ; 1 ' 332 hl5 —I 6 7 indicated. 

1 «>J Rlt>ei £J " 225 XT -2 13 5 26 90 * K«eee.iM ifnliiend: cuter on e.tminita updated t:o - laic?* 

■„.£! ’ jjc 1-n *[ t j inenm “Ulinv.il. 

‘niJT;‘i.'Zl' ’Ti -P, 7 r ,.<ni i '"■"■•r it'low- lor i utiiiT- inn of 'hare* me now raottnc for 

'SE, 11 • ,1' V tfWf 1^1104 i,j . idv*ndc or mnktnr ..»!• i t rclrlrlod dindnd. 

tnCTPIartS.. ... 128*t -1 n/ 44 87 f. omor d.^4 not .iHew tor .r.aroi » hn-h may .ilv rank hr 

J’.jaroo.i — 160 ™.. lio 42111,7 dividend .it a future dale No P E r -»t>o usually protided. 

o ■ V £tcliidine a f:na! dn ider.rt decLT^Iuu. 

on Lansa . : . iuv.i«u.i pn,.e. 

CUta£l — — — I 218 J— 2 1 558 I 15| 3.E J Tw Iroc. h ilrure- bj £il on rmipeiliir. crrtfcw cfllcial 

Africa ..-Jinule c *“enu d 1<I1 .d.'iid r.:lo rcc'l or payable d.i part 

alllU nl t.ipttid* .over *«n widuitd m tall capital. 

I rff, I I e nT £ > . 1 --^ e 8'dvn:|4iun iteliJ f r kit yield. * ,V .u-nc.l divirfcnil und 

5V,| la 12 -; > u'ld h As«.mud tilt ,detr I and tieli after scrip i-kuis 

OcjUtg- — . . .. . I x<p*C| | fJJ.it | 4 j p.^r.eni from capital jourcu.- fc Konya, a Intenm hi.ther 

ih.n fhth*« iMal. n Ilishli i*suu- pcndinc q txnmcs 
*|TvTjiQ |.a ■» I on pmli mmaryti i’ll r«h-. . Ln- idend and yield ccclurtc a 

ltlll'XEiO • sj»i \‘i\ payment l Indicated diMiiune. toit-r relates to 

pn-i tout .litiderd, PE nitio haiol nn loiiN annual 
fTPMn? & T T> IV IhJn enmmf. u K.xcrad di>:«K-nd cocer b-^il on previous year's 

V/*-x*N JUlUrVsJ cr.rnuli^ v Tot Ire- u;. :o ."Sip in ibe € w Yield allows for 

_ . _ r __ t > , ~\Lrj | pi I | Tu.-riT.c,. clause* « In c.it-n-f a;,. t yield t .■'■■ed on nwruer lirnt 

nL l in I “ I “ ‘ [ — s tli-.idvnil and ncM tnrluife a special f»ivm*nl* Ctrcrdoei-noE 
J IvS M i Tel Tr * J T ,, 4> '» T-i ■■•Hi jhit-nK-.il .\ Noi I'.ividenri and yield. B 

adfiil. n &1 K. L5Z*;[-iy tOJjflc ZJJ 6i> prt'fervnco plcn'l p-x ^*t or rteterroit C C.inai 1 iun E Issue 

SPJIXlKl 142 |“4 |tl}13c| 67] 5.5 pnr«- F hn .rji-nil and yield hL-.cd on fiwposliu or iHhcT 

orfi in' .'itirraif-.-s for IP?S- r JU ». Aituoie : dividend and yield 
T? A C T l r ’I J iM PI47TI jji»t ix.ni lint: s*rip.md.ur rifhr.. nmse. H Tut Mold end yield 

Ft.Aii 4 AjfiVls JRAiNO haa.-d on pr*i- |ic-*tus cr ish-.T otiici.il o-nniau- lor 

i'Xf K FiiMiriv. Ui **1 on pru^-cvlu.. ■>' utrer cificlnl 

KIIMSw . 65 -*2 Q44c 6 ^8.7 Liliculi'- lie l!CT M r>ic:di.r.J »•! yiylil ba»H nn piniwlus 

4 rifS^lFi! 23 -2 TV 20c L2 51.9 or 'H li'T ■■(facial e-.rnn.ilo~ /or UTS X l.'mrlond and jield 

IijOfWoO 350 -6 Ft} 50c — fi.5 Imm~I on or... 1 «— tu or ntlivr .-4>icixl •r-- , .:muf«-i tor IBT5 p 

Hir.KsJIlc 99 -8 t019r 1.E Ftjiarr . r-;.'sil on p.-cwruitu^ or o*h*.*r pfricial rsti nates for 

ims> R) 322 -13 Qa5c 6 10? lF/e"’ >1 riix-s r K-iparos .'saumed. Z iiiiidond tomi to 

•to we 51 -31; p?lc a mV iLuv v> ‘i icid wiftcn on a-ft-entpiioa Tnauaury Bill Rato rtaya 

nr.ulcRd— ?' 83 -1 ivibc 10 42 9 unchanged until maturiU' ^ oi Joit 

J J*Q5f 0 V Ts ^ rii;bl4: 


137 85 .Wivn.In.i.. 121 

- • 45tj 27J, star*. Hid,;* 46*; 

- 135 56 SMiiniivUji — 130 

. 135 57 [jq\VN-V\ - 130 

135 68 Seeunly.ieniie. . 132 

135 67 Oci.VNV.. - 132 

.140 69 Sterna Ware iiip 140rf 


« S* . at. a ItlP^ti « »-■ nii«Jii £. ‘JI.-1I.II- ouc jiac dc 

...:.. <7.54 ~1 2^16.51.92 =5 Hamel outlies.. 80 t4.57 

.... 43 55 4.2; 4.C- 6.5 t«U U5 Incl-pectei^ „ 180 +5 t6.60 

.. . flf.5 4.^ 4.5] 65,310 JW InL , n5»rswa;i-., 290 -5 blOc 

*4 nr 44 7^ 7.6'-49 230 duvent.. .... 238 -2 10 5 

... 5 67 40 J.fl BJP-S2 122 LnniP hM*i_ 130 -2 t7.37 


aT^MTTr rsi&ra . h« -f - - - - 


Africa 


620 390 I Elan! net l 

185 130 jPcoLiUei 


411 S3 3^10 3 147 as Haaw.l.Mp. , 139 -> *0.76 4 m OB ♦ 61 51 OiUAwIm. 59 2.13 1.15.4)25 

+2"td340 5l 34 78 110 79 HifbD«PM SJp. 102 7.24 I 23tl0 3iC9t 63 47 OoUnriibv 61 ....1.55 12 3933. 

Z la 19 |'|l 5 7 74 13'i 10 ij HteWhxoi.op .. 11'; ..— 0.76 2 W 9 § 60 137 «» rraliand tat „. 1241; -U 411 10 4«29.: 


MINES 


£151, £10 fSnedtsiiSLlcfiNi? £10 
177 r 7D [SwirePoVl/io»f 156 

358 93 gvlMoe 154 

2513 14 mtihf\5p 17 


2513 14 rait^Sp 17 4 |-», 1056! 37 4.817.3 1££ 

13*s 8 Tehbill iup 9 +4j — ■ — — * — fci 

J37 93 Thermal Stud— 99 tb 7 { «.l i i5> .fs 

11 71. Th TiwJr.ap. 9 t0.42[ 36 6.9 a 3 

20 li 7btrtii4ilelr,v..„ 20 I 2.4 7 54 TJ« 52 


+*“3rd ’Sifia'H® 65 83. — “ 3 98 15 7 2 135 60 

CU-7 3^t5'98& a3 l*> ClayBiciunl... 33 th2.57 35 4.4101 82 

-U 1056 3^ 4.817.1 pS g S ~ 2 & ^ R H 


atiRichardi.^ 33 bh2.57 3 H 4.fllOJ 82 58 KjttaA'K 74 d3.23 66 

died D son !0p 89 -2 ] +3.32 1 4 4 5.7^ 61 19 12 Pirkks-tt.ilrifc 16 \-l «J.7 21 

dtcrijuard — 27 L02 \ 13\ 5.8 82 lib C>, Iw^VNVIOp.J 9 Mg I $07 2.1 


Dehaaip .17 


- _ — 62.6 93 56 IR.KT.Hlp 92 +476 


65i 31 161 114 >ct* EasLlsv — 141 -1W14 57 1.1 4 3331 b3 .[ 31 lnu..u*el£jc 

1)110 45 34 ite. Enropeoa_ 44 1.52 11 5^25 5 

5 62 U 6 821; vntUJtlin 105 -iy t2.60 11 37 370 S«*D 1 

7.7j 5.6 128*2 94 UortiTia. 116 -11335 10 43 358 SAMS. 


>9 < .. _ 47 -4 Q25c 04^31 8 T .‘i, ' d * j 

. RI — 588 -22 Ql29e| * Jl3J r 

5c 46 -4 — I — ‘ „ ~ 

1 1 •• Rnrnnl I«ci'. 


Recent Issues " and “ ” Page 34 


FAR WEST RAND 


149 98 mUuuT iip— 
45 37 nuaUiiu R W r — . 


71 36>z Toy? 

167 116 Trafalgar K.2Jp. 
£30i; £211, TonaUn. l ; SSl._ 

84 63 Transport Lvn „ 

51 ' 31; TranuMJ iTp 5p 

*209 166 TlmifffcSeu £L_ 
1?J 4 9 ranter Curz. 5p 

168 137 UKO’mfl. 

109 88 eturtrcbdulfi— 1 

63 36 UniOer lOp — — . 


EU -15 USl70c 1012.4 


ITiSs Kwcf is available to evert' Ctnnpany dealt in on 
1 011-9 Stoat Exchanges ihrooffhout the I'niiec Kinsdatn for a 
ie j 12 4 lee o£ £4*8 per annum for each security 


IS! JW? 7 *i 


S8?= i Irgllf WM BBSMWAL 3&1AESETS 


5 B 42 Vaieriordap — j 56 .... #0175 2 7j 3512.0 

308 205 Watsbanrt — - 302 +7 4 i 3 4 .g 2 « 17 J 

105 48 WtonR-E-Stf J 103 L - d 2.40 3.0124 



26 Swddanl'A--.. 32 

23 Stood HflfTWd. 32 

23 Tert-Consulate_ 78 

18 TexPrdJrsr lOp. 33 -1 

46 Toajklnsons 64 

441; Tootal 46*j -l> 

31b TtawYM 52 +f 

27 Trail ard C&rpeis 32 


526 -35 1 021 c 10 2 4 
303 -9 jl022c 2.3 4 3 

£13 7 e -■■! hjlli; 33 50 
197 -12 Q25i- 2.7 7.9 
£23 -J«. W385i- 1 7 10 f 


if shares 
of Insh 
tecradfta. 


SWl Bi/r hrr. 63 ...... 

Sindall CIVze. i.„. 107 


TnwUlciOp._. 86 -4 11,86 6 2 32 7.0 ©b 

Vita-TeiSta. — 57 -1 335 A M 4 . £131 

Ynrts FlKW.Sflji 47 -1 L85 02 6 .C 1 86 


LGr wth_ 25al 2.0 1 1 11 91115 


38 .>...108 l-IM- 


FROPERTY 


TOBACCOS 


141 89 Wedgwood 120 -3 |h3.B0l 3.6 5*3 || 66 45 AJrdlnmfen 10p 65 -3 hi ,88 4JI14.6 

& S7 78. -A.-lS.tili W AihinSm-. 226 -2 *37 27 24.0 346 1267 IBATbuk [297 [-3 Jfl321 

AS* ^ H i&Wwfe % Aaiaanwliac. 10 -U ' = ~ - 3« 27 I Do .Wl_ 257 U I - 




5 . 7 105 SI*; Temple Bar % -i; b4.82 11 7 5 188 OFS OwRSRowtt 520 

Z^47.7 26 Zl‘| ThrSowWiL- 25m 2.0 11119115 U.r.O. PmoniR A'A* f7 

7.9ta7.?> 108 66 Do Cap. a 103 -1 - - - - U0 75 |Frw Stale Dei 50e 105 +5 0!V 2M 68 guj*"'"**" fi 

3js7.0 ©Jj M ThraenuitOQ__ 771* -1 445 10 BE 172 £207, £lli 2 F.SC«hiM50r-_ £17% -7, t&Wc 27 ai SfcTSrit 5 ? 

&&* £131 £1D5 lw>Aloan_ £12ff _.... Q»>%208 ibf - 123 59 FSSaatJaasRl- 65 -4 - - - fSKcId U 

• a I 86 71 rorbv«fl.lDC_ 8Hi -% 5.7 12 10.4 13.7 456 279 Kannonv3fc 325m -17 1055c 10 10.1 .ir" H ‘ 145 

_ 325 95 DoCbl-— 116 -1 057 - 0.7 - 134 66 LorabeRl 89 -3 Ofee 0 5 48 K Go 

192 142 rraast£emic_ 179 508 U4.2»9£ii%7W Pr»EMd50c_ 926 -33 WDflr 2 6 t 3 OH Slu C l. . 172 

81 56 Dntanelnret- 7S hl32 U 2.643.3 qqs, PraSiemSlc 831 -58 lO20c 99 1.1 HoUUroifSp.. 258 

bb 5»; mfeeUatfCli- 65 14.46 101Q.7142 uoi, 7D3 fc Helena HI 753m -23 l}190c 6 15 1 N-lhc tolfemih 67 

170 111 Ln Cental a - 3« -4 — — - 249 144 IW1 206 -10 - _ _ Pearce 'i\ H.l... 190 

1.111 fn Ka.^Tr.;.. I Ml s » IS Xfl MD 1 -rm 1M tr.n ... fmi- .. . . . . &«aM>,II. ?1 


Cnr.v £»-'« £ £901, _j, 

/Jl..ir.-.eiJ^. .. 73 

Answi 363 

Carroll < P J. 1 .... ^ 


jlOSU.7 456 279 Kannonv3t 3Hm -17 1055c 2W10.1 iTraic’Shmij 3 ..' 145 -3’ CMwetelwh'. 1» 


4.0) Hj»!!--*p- Brew. GO 


Hl-iIi n iHIco-i | 49 


926 -33 iCl30r 1 J O «1 SuuCI. . 172 +5 j Ins r.irj- 1£3 ..., 

831 -58 1«20c 99j 1.4 HoUUos iCSp.. 258 iRch Kc-pes ... 1C5 . 

753m -23 Ql90c 6 m 1 OThn i-clttonaih 67 | j .laeoh 1 vi -3 

206 -10 — — — Pearce fi\ H.».... 190 


91 trniat%B — 108 L-.. 3.45 la 4029.9 374 h90 weikoaSOc 325 -U HJ?=c 1W 6.4 |£S*y* , 1 , fcrr S 


ABa&aBWdiwe. 10 -% — — 1 — . - 304 1227 Do Md 257 -6 — - — 4.5 154 120 Trusts Carp 146 4.92 [ • 5.M * £24% 03** W.Edifiijgs50e £19% H* 

ApSTK-lOp. 276 +1 192 id Z.j« 400 &0 DunhliltA-ilOp.. 395 ..... 885 53 33 82 126 94 7>T«ttieIiir„ 115 3.91 111 5.11273 awv 1 ' 


Sbehidti Dnch | 57 


.. Sinlieim.. 53 +2 

„ Ti:r _.... Mats 


-h 5.75 
-1 2.07 
1B3 


<65i 144 lOtfaRmi tat Sees.- 4.46 


a 18 ItUd. Caimtals — 


.95 L0l 73) 215 1 


FINANCE 


M In KnHtS-MH 


- 0« - 


JA 47% BeUwayffldK-- 67 -1 ItML - j 6.S - 


TRUSTS, FINANCE, LAND 

Investment Trusts 


itar.£M 305 +3110.97 bll 54^25.4 172 U9 


81 30 WilsooWiaMlOp. 38m -2 3.23 #,^3 ?„i48 28 BnhshLand — « -J 

$4 36% IRnnlodiSSp— S^?m -Jj ^2|4 26 fa.fi'Elffl £118 tfclSpcCw.affi.. Q7W ... 

52 IS 2 -1 A7 H 89 Bruton E^atc — llOjfi - 

57 19 Wocd&Smrfp. 47 ..... 3 Qj 57 62 5 a 8.1 .gj 45»? CaaiCoealies. 55*3-1 

48 24 Wood (Ail bon 5p 40 0-91 B- 7 34 1 5.0 ?Q2 gg CmnatoDlm'-SOp 99 

101 83 Wood Hall 96 ...... $5.40 2fll 5L4|.7J|9i .«) Cnhwinri J 2^p 85 - 


60 1 49 jAbenfcenbTS.J 58 J |2J9 I L0( 6JI24J 104 69%WitaaJhv. 


800 -S 0115c 6 86 
154 -3 843 ql.4 82 


OPTIONS 

3-E2snfe Call Sates 


'21? jin IWinterhaafim.-. 212 --.. m67| 1^ 33)45.0)204 |l63 [Cm jEold fields, | 166 |-2 (9.1.9 


1 ffl 3.7(393 [ 25 17 EislRa«JCan.lOp 1B.1 107 


83 LC.I ?3 Ttahe Invest... 30 

7.0 A. Brew 6i? •'Imps' 1 h Utirlcror 35 

61 A.P. Cement-. 13 I.CL 20 Utd. rirupofy.. 71? 

68 BSJl _.... 9 Inveresfc 3 \ic!:ers 15 

7 § Babcock 11 KCA 3 WooiwnJuj.-. S 


INSURANCE 



53.171 7« 
3A 6.4 7.i 

- 83 - 

— 4.7 — 

— 84 _ 

- 7.0 - 


90 59 DnCap20p — « 

56 34 Chadded e}'.. — 52 -2 

160 272 CbesicifiekI 355 — 4. 

16%' 10 OwwaSees. — ISrf -- i 


3 « S 25 ft? 


44 tl.92 
-3 199 
..... 0.W 


81 480 51 36 American Tst-'B 1 44*;-% - 
42 284 U4 84 AnfitoAmSecS- 101 -1 3.05 
4.319.1 50 41% AnsMnLDlv... «U Z ...... 3.25 

33(511162.104 Dc. Asset ShS_ 159-2 - 


7-J rJ^rJ |4 I 26% (A«J to 


_ _ 6 9 510 (375 (Selection Tins — 476m -4 
1237 (161 Uremia I0r.^ 201 1-5 


1 mi = 1 r pSfe It- 

$** a i? sssasd h ss? Bn ?: I ss«" & 


iw 154 ComachmeeU)? 182 +2 2.03 20 1702.0 52*; 36 AnikrScoLlw„ 471 2 -% 11A3 1 

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1 Avitalpart 

of the Construction Industry 

Automotive Products Limited 


Saturday October 14 1978 


where 


“ ^REDtfW.COMPW^SCaSffej • ? - 


MAN OF THE WEEK 


Yorks.’ 

sticky 

wicket 

BY TREVOR BAILEY 


THE NEAREST equivalent to 
Cuuoty Cricket captain is prob 
ably the player-manager of 
professional football club. A 
cricket skipper decides, and 
directs, the tactics employed. He 
chooses the team, sometimes 
with the assistance, not always 
the correct word, of a selection 
committee, although in more 
than 20 years the Essex selection 
committee never met and left 
everything to the man in char; 

Like the player-manager, the 
captain has to try to keep all 
his players contented, even when 
they are dropped, and is respon 
sible for their behaviour, both 
on and off the field. 

It is also a considerable help 
if he is their guide, philosopher 
and friend, as well as being able 
to justify his own place by his 
personal performances. 

If a football team fails to 
achieve success within a given 
period, the manager expects to 
he sacked, even if it is not his 
fault, and. to a lesser degree 
this also applies to cricket. 

In these circumstances, it 
difficult to understand why there 
should have been so much fuss 



Boycott 

Prized but Jeic prizes 

when the Yorkshire committee 
decided to replace Geoffrey 
Boycott as captain. In eight 
years under his command, (be 
county has won nothing, even 
though there are no fewer than 
four honours to be shared each 
season among the 17 counties 

With their great tradition 
Yorksbiremen expect to do well 
and this barren stretch must 
have worried them more than 
most What manager would last 
in Liverpool or Manchester for 
eight fruitless years? 

It is true that the Yorkshire 
XI Boycott has led has not 
been exceptionally strong 
Nevertheless one feels that 
Brian Close would certainly have 
squeezed at least one honour 
out of this period. 

Unquestionably, Geoffrey is 
still a world class batsman with 
figures to substantiate this claim 
in international and domestic 
cricket. The acquisition of runs 
has been his prime concern and 
he has turned it into a very 
profitable business. His defensive 
technique is close to perfection 
and he has largely eliminated 
risk, but this means that he 
seldom dominates opposing 
attacks. 

As a captain. Boycott is tactic- 
ally very sound and occasion 
ally over-cauticus. as. like any 
true Yorkshireman. he prefers 
to het on the certainties. 

There is little doubt that 
under his leadership England 
would also have heaten both 
Pakistan and New Zealand last 
summer. He is probably bappier 
in charge of a high-class eleven 
than a limited county team 
because as a perfectionist, he 
must find it hard to' tolerate. 
Indeed understand, the second 
best. 

However, be is not a natural 
leader and it was no secret that 
the present England team were 
pleased when Bob Willis was 
preferred as vice-captain to him 
They had been unhappy on 
occasions with the way he had 
handled the side last winter 
when he took over after Mike 
Brierley's injury. They respected 
his ability and bis knowledge, 
but be failed to inspire. 

Boycott was bitterly 
disappointed when the York- 
shire committee, who only acted 
in what they believed, rightly 
or wrongly, was in the best 
inierests of the club appointed 
Hampshire in his place For 1979. 
He takes these setbacks very 
bard, as be showed when be 
went into self-imposed exile 
from international ' cricket for 
several years because he felt he 
should have captained rather 
than Mike Denness. He knew he 
was both a far better player and 
a superior tactician but he has 
never appreciated that he is not 
a natural communicator, being 
too withdrawn, seif-centred and 
suspicious of other people's 
motives. 

It is to be hoped that the 
county and their finest batsman 
witl.be able to sort out their 
differences because Boycott 
would be a great loss to York- 
shire cricket as a player, bui 
there is no reason to suppose 
that the county, as they showed 
on occasions last summer, should 
not do even belter under John 
Hampshire. 


British chase China 
steelworks orders 


BY ROY HODSON 


Carter’s 

energy 

chances 

improve 


the lex column 



steel plant 
in China. 

The potential prizes are big. 
The Chinese Government is in 
the final stages of appraising 


BRITISH steel plant inaoufac- fully representative of all British European nations — Austria,- 
turers and designers are planning steel plant interests. France, Holland, West Germany.} 

to open a permanent office in The groups consider thev have Britain— since Mr. Tang Ke,; 

Peking to represent British a g00 d chance of winning the * he C } im . e * Minister responsible . 
interests in the modernisation of engineering design contract foi for stee ‘ tonre “ Europe earlier.; 
the Chinese steel industry. thc t7bn p t a naed works in Hopei monilfaptTir t 

The Chinese are understood to Province together with a series . British steel plant manufactur-i 
support the move, and there is of orders for modernisation * nd design interests believe) 
every possibility that Britain projects. the Chinese will assess several; 

will shortly become the first A satisfactory performance on ™ • European bias before; 

Western country to estabilsh a the Hopei project would help choosing .the nation to lead .thei 
industry delegation the British companies gain pr SL ec \„ 0r • 

"most favoured supplier" status T^e West Germans announced) 
when the Chinese order the 0° Thursday a new industrial 
works hardware consortium backed by German 

— — - - .. - The plant is expected to b3 “*J specifically to tender for 

massive investment plans for two follow the general configuration tfa e Hopei plant 
integrated steelworks, each of G f t he biggest Western world British Steel thinks it is the 
10 m tonnes a year eventual pro- steelworks now being built. first European company to have 
duction capacity. Meanwhile, full information about the Hopei 

much of the existing Chinese u nvpnc project from the Chinese, 

steel industry is . to be '-' unc uvcua While the Peking office is 

restructured and modernised. That will mean orders for being set up, a Chinese technical j en ergy”p roeramme* tomorrow 
Each of the two new works coke ovens, blast furnaces, mission is expected in Britain! ^ p - - - - 

will cost about £7bn at current oxygen steel-making fed by in the next two months. It will { 
prices. Altogether the contem- liquid iron, continuous casting make a thorough examination of) 
plated Chinese investment in and ingot casting, and a variety the British capability to make 
new steel plant is likely to reach of finishing mills. steelworks plant British Steel 

some £20bn over a 10-12 year The Chinese are likely to Davy International and GEC 
period. K will amount to by require most of the steel to be (which provides electrical in- [ 
far the biggest concentration of rolled into sheet and plate statlations) will be among com-; 
new steel plant construction forms— vitai industrial materials panies visited. i 

anywhere in the world to support their economic expan- Sir Charles Villiers. chairman; 

The British Steel Corporation slon. The value of the Hopei of British Steel, and Sir John; 
and Daw International, the big- hardware orders alone should Buckley, chairman of Davy; 

^.est British steel plant makers, exceed £3bn. ' International, who is aNo a' 

are taking the initiative to estab- The Chinese have been con- member of the board of British • 
lisb the Peking office. But the sidering placing the initial Steel are expected to make a* 
intention is that it should be Hopei contract with one of the joint visit to China. I 


BY DAVID BUCHAN 

WASHINGTON. OcL 13 
THE FINAL outcome of two- 
crucial Bills— on energy and 
tax cuts — was still unclear 
today in the last-minute rush 
to complete action en these 
controversial measures and a 
long backlog of other Bills and 
amendments before the U-5- 
Congress is due to adjourn 
tomorrow night > - 
It is still possible Congress 
may have to sit on into next 
week, or be recalled after the 
November 7 elections. 

The chances of a final deci- 
sion on President Carter’s 


Industrial output slackens 
after first-half climb 


BY DAVID FREUD 

THE- RAPID rise in industrial 
output over the first half of the 
year now appears to be slacken- 
ing. according to official figures 
released yesterday. 

However, there are signs that 
manufacturing production, whose 
expansion has lagged behind the 
all-industries performance is 
still moving ahead steadily. 

Provisional figures released by 
the Central Statistical Office show 
that seasonally adjusted, the 
all-industries index was 0.5 per 
cent higher in August than in 
the previous month, which was 
revised downward by -1.5 per 
cent. 

This means that, taken to- 
gether, the average output for 
July and August was no higher 
than the average Tor the second 
quarter of the year. The slacken- 
ing follows the increase of 33 
per cent in the index between 
the first and second quarters. 


of British Industry’s September 
INDUSTRIAL OUTPUT • trends inquiry, which reported 
(1975= 100/ seasonally adjusted) that expectations for the volume j 
All of manufacturing output were! 

Industries Manufacturing quite strong, mainly, but no! 

exclusively, among consumer 
goods producers. 

Manufacturing areas which 
have seen significant recent 
growth include chemicals, foot- 
wear and natural tihres. Man- 
made fibres were down. 

Average metal manufacture 
output in July and August was 
0.7 per cent higher than the 
second quarter average. 

The ail-industries index was 
110.7 (1975=100. seasonally ad- 
justed) in August, compared with 
110.2 in July. Manufacturing 
was 105.0 compared with 104 1. 


1976 1st 

100.1 

99.1 

2nd' 

101.8 

101.7 

3rd 

101.7 

101^ 

4th 

104j4 

103J 

1977 1st 

105.6 

103.9 

2nd 

1053 

102.4 

3rd 

106J 

103J 

4th 


102-0 

1978 1st 

107.0 

102J 

2nd 

110J 

104J 

April 

110.7 

104A 

May 

109.6 

102.9 

June 

111-0, 

105.0 

July . 

- 110 a 

104.1 

Aug. 

110.7 

105 Jt 


were improved when the House 
of Representatives Titles com- 
mittee, voted to allow all five 
component .Bills of the energy 
programme to come to the 
House floor as a single package. 
Opponents of natural gas de- 
regulation had hoped to kill 
this measure lo free gas from 
Federal price controls, by 
hiving it off from the rest 

Owing To the continued 
delays in completing legisla- 
tion on Capitol Hill, President 
Carter derided to delay his 
departure for Camp David this 
weekend. 

The House may be able only 
to vote on a four-Rill energy 
package if (be Senate fails to 
approve the fifth Bill on energy 
taxes in time. Some Senators 
have threatened to filibuster it. 

The two legislative branches 
are still trying to thrash out 
their remaining differences on 
the tax cut RI1L The gap is 
enormous because the House 
voted for tax relief of Sl6.3hn 
for next year, while the Senate 
approved tax cuts of nearly 
S3f)bu. But the House has 
indicated it will go along with 
a Senate measure to cut income 
taxes by $142hn from I9KA to 
1983. if the Administration 
restrained public spending at 
the same time. 


Continued from Page 1 

Prime rates 

However, its symbolic value, 
domestically. Is also important 
and appears intended to 
reassure critics that the Fed 
Ls not shirking Its responsibfli- 

« «■* lies to bring money supply 

In the latest three months the ] growth back within its stated 


Source: Centro! StotiiUeoi o*« all-industries index was about ; 

5 per cent above iti> level in the) 
same period a year ago and about 


July and August was 0.3 per cent 12.5 per cenj ahove the trough in ! 

The picture for the manufac- above the level of the second, the third quarter of 1975. The' 
luring index is brighter— up 0 9 quarter. - equivalent rises for manufactiir- 

per cent in August on the pre- This seems to be in line with ins industry were 2 and 6.5 per 
via us month. The average for the findings of the Confederation cent. .. 


Police probe Sasse syndicate 

BY JOHN MOORE 

THE CITY of London Police over the management of the move of offering cash aid in the 
Fraud Squad is to investigate Sasse syndicate in May at the form of interest-free loans to 

the affairs of the Lloyd's of Lon- ™ S^inrorrect' ^ docimfnThad individual members qF ^ ndi ' 
don underwriting ryndicate been subin itted for earlier audits “J:* t0 hel P meet * he claims, 
headed by Mr. Frederick Sasse. a t December 31. 1976 and Decern Already, those members who 
It is thc first investigation of its ber 32 j ast year. The docu- bave underwritten a standard 
kind at Lloyd’s in more than 50 me nts related to insurances on sbare of the premium, have been 
years. Canadian fire risk business. asted P a ? £54-850 mainly on 

The fraud squad has been Merrett Dixey’s own auditors, 5i0m losses on property are 
asked to investigate the syndi- Baker Sntton. have been investi- claims in the U.S Tbe syndicate 
cate’s affairs by the 16 -strong gating the situation for some “ as been unable to recovei 
ruling committee of Lloyd’s. But. weeks. reinsurance payments from the 

because of tbe unusual nature of The Sasse syndicate is facing Brazilian Reinsurance .institute 
tiie problem. Lloyd’s first sought huge losses on Canadian fire which is contesting the claims 
advice from the Department of business amounting to CS5m the courts. „ " 

Trade, which advised that tbe (£2J3m), and individual mem- Tbe fraud squad said yesterday: 
matter should be referred to tbe bers who have underwritten a “ We are looking into the whole 
fraud squad. standard share of the premium Sasse matter. We will make a 

Llovd’s move - has been made of £40,000, could have to pay up thorough investigation." Lloyd’s 
after ‘ Merrett Dlxey Syndicates, lo £32.000. Earlier this week, said: “As it is a police matter 
the underwriting agent that took Lloyd’s made the unprecedented we can. make no comment/- • 


Norsk Hydro agrees UK deal 


BY KEVIN DONE 

NORSK HYDRO, the Norwegian 
chemicals, metal and energy 
group, has reached agreement 
with Conoco, the U.S. oil com- 
pany, to buy its UK chemical in- 
terests. The deal is understood 
to be worth £7m-£S m. 

The acquisition, under nego- 
tiation for several months, has 
aroused controversy in Britain’s 
chemical industry and initially 
met objections from several 
trade unions. 

Under the agreement Norsk 
Hydro will acquire a 50 per cent 
interest in Vinatex. the third 
largest polyvinyl chloride pro- 
ducer in the UK and a 10- -per 
cent stake in Staveley Chemicals, 
wbicb holds tbe other 50 per 
cent sbare of Vinatex. 

Tbe main shareholders in 


Staveley Chemicals -are the 
National Coal Board (45 per 
cent) and tbe British Steel Cor- 
poration (45 per oent). 

The deal is the first important 
step by Norsk Hydro, largest 
industrial company in Norway, 
into chemicals manufactnre in 
the UK. 

It could have important 
implications for future develop- 
ment of the National Coal 
Board's chemicals interests. 

The NCB is keen to enlarge 
its small presence irt petro- 
chemicals to provide a spring- 
board for expansion when the 
chemical industry changes from 
oil to coal feedstocks. 

It has been anxious lo 
maintain a partner in Vinatex 
with oil and gas interests. Norsk 


Hydro with its growing involve- 
ment in the North Sea and in 
petrochemicals meets - this 
requirement 

Norsk Hydro’s involvement in 
Vinatex and Staveley Chemicals 
was agreed at board meetings cf 
the two companies yesterday. - 

The deal opens the way to 
rapid expansion of * Vinatex’s 
PVC capacity. It has a 60,000- 
tonnes-a-year PVC. ‘plant at 
Staveley. near Chesterfield., and 
bas planning permission to 
double this capacity. 

Opposition to the deal in tbe 
chemical industry has come 
chiefly from Imperial Chemical 
Industries. It has - been main 
supplier of VCM to Vinatex. and 
will now lose this role to Norsk 
Hydro. 


Continued from Page 1 


la reels. 

The discount rate is the 
charge to member hanks on 
money burrowed from the Fed 
and the last lime it was raised 
hv a full 1 per cent was in mid- 
August when the dollar was in 
thc throes of a renewed crisis. 

Michael Blanden writes: 
Upward pressure on short- 
term Interest rates in London 
was reflected iu a sharp rise 
In tbe Treasury bill rate at tbe 
weekly tender. The rise in 
rates and the poor trade 
figures brought a drop In 
prices of gilt-edged stocks. 

There were growing fears 
Id the money and gilt-edged 
markets that the UK antfahri- 
ties would be forced to raise 
the Bank of England’s mini- 
mum lending , rale as a result 
of tbe internal and external 
pressures. 



UK TODAY 
FOG, sunny intervals later. Some 
rain in north. • 

London, S.IL, S.W.. Cent. _S. 
England, E. Anglia, Midlands, 
Channel Islands, S. Wales 
Dense fog clearing slowly, dry, 
sunny intervals. Max. Z8C (64F) 
EL, N.W. Cent. N. England 
N. Wales 

Fog at first, cloudy later, 
mainly dry. Max. 17C (63F). 

Lakes, NX. England 
Mist clearing, becoming coudy. 
a little rain later. Max. 16C (61F). 

Outlook: Cooler, some night 
frosts and fog. Mainly dry. 


BUSINESS CENTRES 


Ford and BOC offers rejected 


elements in their original claim British 
id an attempt to secure increases SJven 


Oxygen has already believed a responsible position. 

Although the manual work 


on earnings of possibly 20 to 25 f °«e appears in a very deter- 

oer cent in a 12 -month deal ■ General Workers Union mined mood shop, stewards have 

per cent in a u month deal. national secretary for chemicals, not yet made any direct threat 
As part of both strategies, reaffirmed that the claim was Of industrial action 

union negotiators insist that the related lo what the union side Last year a Tour-week strike 

company provide a detailed believed to be the company's by the same group' of workers 

staged programme for a shorter ability to pay. had such a widespread effect on 

working week rather than simply There was a “serious sap to manufacturing that more than 


commitment to enter into dis- 
cussions on the issue which 


be .bridged.” 
unions had 


Amsrrdm. 

Y'day 

mM-das 

•c 

F 18 ad Luxmbrc. 

Y'day 
mid-day 
•C °F 
FE 8 46 

Athens 

S 

22 

75 Madrid 

C 

19 

66 

Bkfcnin 

s 

nl 

89 Mancharr. 

Fs 11 

32 

Ba rcrlooa 

s 

S3 

73 Melbourne 

S 

14 

57 

Beirut 

8 

28 

64 

Milan 

s 

IE 

64 

Bella sr 

S 

36 

61 

! 

□ 

0 

R 

c 

II 

52 

Be 1 (trade 

S 

17 

Gil Munich - ’ 

S 

14 

Si 

Berlin 

s 

19 

66 ! Moscow 

R 

S 

4fi 

Birmshm. 

Fa 

11 

55 

Newcastle 

C 

t3 

35 

Brislol 

c 

12 

54 

New York 

C- 

21 

.78 

Brussels 

s 

28 

es 

Oslo 

c 

10 

SO 

Budapest 

s 

20 

61 

Paris 

s 

20 

as 

B. Aires 

5 

Is 

64 

Perth 

s 

17 

62 

.Cairo 

s 

at 


Prague. 

s 

18 

64 

CardilT 

c 

15 

54 

Reykjavik 

F 

7 

45 

Chleago 

c 

12 

54 

Hjo de J’o 

s 

28 

S2 

CnlOBoe 

s 

JS 

64 

Rome 

s 

24 

75 

Co&nhacnl 

s 

17 

63 

Slnnaparc 

c 

SS 

B3 

Dublin 

c 

16. 

61 

Stockholm 

s 

15 

59 

Bdmbrcb. 

F 

13 

S3 

SiTauhTB.- 


16 

61 

Frankfurt 

c 

11 

52 

Sydney 

s 

29 

84 

Geneva 

c 

11 

32 

Tehran 

s 

2S 

92 

GlasRDw 

s 

16 

61 

TTel Am ■ 

s 

26 

79 

Helsinki 

S 

16 

61 

Tokyo 

c 

20 

68 

H. Kona 

s 

SS 

S2 

Toronto 

c 

ll 

K 

JotJUTB 

s 

21 

70 

Vienna 

s 

21 

TB 

LI Ebon 

c 

17 

SI 

Warsaw 

s 

16 

61 

London 

s 

15 

3 

Zurich 

s 

16 

61 


HOLIDAY RESORTS 


Majorca 

Malaga 

Malta 


lie said, but the 30,000 people were estimated toL .. .. 

adopted -what he have been iai$ off as* result. i s_i,uanr - *- 


Ajaccio S H B 
Algiers F 27 SI 
Biarritz S 23 77 
Blackpool S 17 63 
Bordeaux .f 22 n 
Boulogne S IS 61 
Casablnca F !2 7! j Nairobi 
Cat*- Town S ?2 72 1 Xante* 
Corfu S 2fi 79'Xtco 
Dubrovnik s n Nicosia 
Flnraicr S 25 trl ROod-s 
Gibraltar C Jfl 6s | Salzburg 
rnjems*}, s 18 mi Tangier 
Innsbruck s 23 TT.! Ten -rife 
tavenws R to 3P' Tunis 

aar- i £ siesp' 


S- 20 89* Venice 
Fair. 


Jersey 8 IS M 
Las Pirns. Fan 
LOCarao S 19 K 
F 25 77 
S 26 73 

Ka i) 

C 21 VL 
S 24 76 
S 24 73 
C 2S S5 
s M s 
S 12 54 
S 24 Ti 
v IS to 
■p « j* 
F 21 S3 
S 21 7c 


c— cloudy,- R—HAitLj 
*S— Fog. f | 






Hoof. 


AVERAGE ALLOTMENT 
RATE OF UK TREASURY j 
BILLS AT TENDER 


The gilt-edged market, ; after 

three months of stagnatHra, has Index feU'9.6 to 496.2 

taken a distinct turn for the 

worse in the past couple of days. ^ ■ 

The pressures are coming from " 

the short 'end. The Treasury hill 
rate- at yesterday’s - tender 
jumped by half a point,' and a 
combination .of poor '- trade 
figures with unsettling labour 
news left the money markets 
distinctly nervous. Sterling took 
a knock, too. as the effective 
exchange rate index fell to a 
two-month low.. For their part 
gilts lost up to a point, ' 

Over the last- four . weeks, 
fields at tbe short end have 
typically risen by a point- or 
more and are now pressing up 
to 12 per cent .for twei-year 
stocks. Yields at ;tbe ions: end 
have only rises by around half 
a point over the same period. 

As a result 
the young 

brokers’ circulars have begun will be needed. MLR has not . .... 

talking in terras of a Two-point moved since June, when its nse British Land 
rise in Minimum Lending Rate to 10 per cent was seen as ab British Land’s acfniMitiiwr? 
to allow the authorities to regain artificially high rate designed’ a 



M J J A -S 0 


able throughout the gtft'fiaf 
will fea. powerful lurel0$t$ 
^ahd a rise in MLR wHV;be“ 
necessary.-- ' - . ' 

' -Bui . Qie -'.fixing, of 
monetary; target presea ts a^tj " 
lisb problem. The coimmW . 
to k 5 per cenr pay norm argi 
. for -a- lowering of the preset 
-fr>-T2 pe-r'eenf growth rariq^7_ 
MS-ryet that in turn wqnidr : 
quire a. ht^hear ^aonual rate^ 
gilt- sales'. . 

; -Meanwhile the lorig^ tap'fe' 
good 21 points adrift of rj 
market .and so long asit-M 
possible, that the.: rnaifcefei.' 
lurch mg . towards another 
age buyers wifi hbld/jjffiia 
prices drift. If .:the^iq®oidfi 
want te avoid traveiling,T:j£ 
"dreary old Ttjatf. yeragkin r tl> 
Avflf lisve^tosbow^th^-th^^' 
prepared to . 


of these pressures,. comma to. the yjew that sooner less prectictable' tvay$i.bf!sBfiii 
men -who. v 'write or later some' new; initiative, debt. . 

inlarc liflra hoaim ...ill kn ncarluri -Ml R hgJ nnl • ' *■ •* '' 


confrol of the marker and start to help the funding programme, offices — one of the coSS 
funding asam. So have the not- Since then, short-term inflation - . - r0 r> s *miati«.lv < firewS 

nm- the-cn* prospecu improved and -^U 

coont houses. The mark^ are ^ monetary aggregates have SntiSlrte more; British^'" 
certainly looking for a signal been kept un( j er controL Yet JS paving for'the deai-mamfei 
frnm on high, but U.S. interest rates have risen tbe ^ ^ iisue tif its “sharK 1 ^ Tdat 

as. asKwaJS cred " is™ 

natrate ^ cor P° rale sector has *«« increased capital) wb«* «tk 
hi ihP hlgh 33 ^ ecooom * “ a whole ar a .discount of about 

has strengthened, and: there cent ter net assef raiue^-Dw 
have been signs that ■ the this mean that; Britisli^Iafei 


houses may be left to their own 
devices. The authorities are 
giving the impression that they 
are not worried about funding. 
So far. the Governmeht’s gilt- 


Bank of England 
bought bills, at a non-penal 
to relieve a shortage 
money market yesterday and 

Treasure btif ratHhe discount monetary aggregates may be chairman, Mr/John Ritbiat,^ ^ 

* beginning to slip. The last not beUev& ius^own^'grtop- ■ 

banking figures— for the- month asset /Valued > 
to mid-September — showed . a seems. . 

sharp rise in sterling deposits The ipMwe-a 5eh& -iftafte 
with the clearing banks, a nn - rwo riiunts ' 

edged sales programme k-run- major-component of M3 and 
ning more, or less according to G^ermnem borrowing require- nB w 
Plan-thanks lately to^the ment was uncomfortably high in debt / 

orgy of sales in June, To comply September and August. In proved / Just ~ 
with the present money supply November it will arso be very At the end of^Srck TotaF de£r; 
target, it may have to sell some Iar R e « inflated by tax rebates amounted to glSa^snppinrte 
£2Jbn of stock to the non-bank and heay y National Debt pay- by . shareholder^ fWids^incBii 
public by April, which is by no ments And the lack of funding ing - revaluation 
means an impossible task. So w,u be making matters, worse about £62m. : >M 6 ^ fn)pOitat 
the authorities feel they have if it persists. - could be tbe i^pari;^iH:et)qr»- 

time on their side, and will be If LT-S. Interest rates stabilise profits. Af tt*: -fery (dtet^ . 
umnilling to take any corrective without tltere being a large out investment’ " 
action that might eventually be flow of funds' from London into dends well iir excess 
necessary while the outcome oF the dollar: If there are signs' bF servIcIrtglhe caSttelGfiifiQfc.V^* 
the pay round remains in the that the Government borrowing treated as *0 reSoa$fe' the .55 
balance. They would also like requirement is- not going to he 

to study the latest Treasury as daunting as now seems pos- But alf 'thfa i? joist cqsiiiffie. 
forecasts and complete the sible, if it seems likely that wage British LkniTs' ultimate 
promised review of the mnne- settlements as a whole can be could be either. to make aitiS 
tary guidelines — which probably kept close. to single figures, then over bid'. for City~Offi|teS l®| 
takes us past the end of the the market’s present nervous 1 ^ ^ or-r-as^ -it'.'hks' ^dnn'e in' a nuwi 
month: ness may blow over. - In that ^ of othef'c5ses=-3ft BfJlTheiftf 

But the gilt edged market is case, the -large real return, avail- on to someone ^ else- Mr. c*sVj 

^ . . /rf 



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• 




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Witfiin a short radius of the litde town of ■ 
Jamac, in the heart of the Cba rente, you can. 
discover die most celebrated names in die Iong^ 

■ lustory of Cognac - and one of those names is 
Hine. B ut it presents most French people with a 
big problem when pronouncing it. 

The reason is simply that the French don’t 
aspirate the letter H at the beginning of a woni .* 
So the French continue to appreciate Hine 
Cognac, while calling it een. Arid why not, 
(penserw4b) its a French name isn’t it?No, 
itisnot. • . 

Tliomas Hine was an Englishman, 
nom Beaminster in Dorset, wlio ivent to 
France in die latter part of die XVIII • 
century He founded dieffbuse of • 

Cognac Hine in Jamac but never 
relinquished his British nationality 

So when you order Hine in 
Britain by all means say it ih die English 
way It makes no differenceto the 
Cognac, which is superb, ih its own 
Frendrway : 


S' ^Sr 


Hine 

onnois: 

Cognac 


For an iniqnnam'e feafict on Cognac, serid a-pqstcan3 to 
Dcpc FT ,'6th Floor, l.Oxcndon Street, London SW1Y 4EG 


. HetnsienxJ at the Pott OfBN. FnaltaJ Sc CUimoii'a 

the Staaaaai Timas Lut,, Brackea Bo we, OaoiMb- Street, London. . 

; : - -® • _ j _-;- :• ...>•© : i»e