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s RNE BRITISH SUITS, 
JACKETS & TROUSERS TOR MEN 




." No* 27,694 


Saturday October 2 1 1978 


** 15p 


Ask foe them at your man shoo 




CONTINENTAL «IUN G PRI CES: AUST RI A Sdt 15;- Fr 21; DENMARK Kr 3. 5 t FRANCE Fr 1-0; GERMANY DM 2.0i ITALY L SO P ; NETHERLANDS Fl 2.0; NORWAY Kr 3.5; PORTUGAL Est 20; SPAIN Pta CO; SWEDEN Kr J.JJ; SWITZERLAND Fr 2.0; EIRE ISp 

iNkomo vows revenge for raids over border | TT , i 


SEKERAL 


BUSINESS 


plea by 
Ennals 


Steepest 
week’s 
fall on 
Wall St. 


Rhodesians agree 


on basis for 


all-party talks 


Weak 
dollar 
boosts 
pound 
to $2 


U.S. growth 


and inflation 


rates down 


BY JUREK MARTIN 


\V.-\ S HI l .ITU \\ Oct. 20. 


BY MICHAEL BLANDEN 


LJlAAiaU • WALL STREET suffered Its 

worst ever weekly low ’’after 

closin'; 8.40 down at . 838.01. 
?aticnLs had died as a result „f fola , de4 . line ovcr g Fe .sessions 


BY JUREK MARTIN, U.S. EDITOR, WASHINGTON, Oct. 20 


hospital 


Rdustriai action by hospiui ins 39 1 » pofn^aikL^Sised Air. Ian Smith and the three black members of the Rhodesian Executive 

vorks supervisors. .Ur. David rLscs i>v 1.331 tu 142 lit utrading Couneil agreed today to attend an all-partv conference to determine the 

innate, Social Seme os Secre- volume of -13.8m shares.-Page 4 future Of the COUntTV 

ary. said last audit. ** For God’s „ n ,i i ulc U1 LUC WUUU J‘ 


ake. go back.** ho urged unions. 

The talks have now broken 
lown Tn r the fourth lime since 
he action be;:jn a iiiumh ago. 

In his latest appeal for a le- 


ant! Lex. 


A mooting at the State Depart- Ahc-1 Muzorcwa. Chief Chirau 


I 1 The dollar fell yliarply against 
other leading currencies yester- 
day in a further burst or 
. speculative selling, and the 

a Khnripcian ! » ,ound v,aiiCd aI above 52 for 

,6 Kflouesian EAGCUllV e i the lirbl time since March 1976. 

rence to determine the, The pressure on the dollar 

i has been maintained through 
I the past week iu spile or sub- 
The U.S. has snu-lu lur some; s,antia I official support and 


THE L.S. ECONOMY grew at an duel for the fiiji nine months, 
a nmjai rale or 3.4 per tent in the although both the first and 
third quarter, according to second quarter figure* uer^ dis- 
prelimioary estimates released torted by ihe tool strike and the 
this morning by the Commerce severe winter. 

Department. Thiv , _ 


uepanmcni. This slowing down m ihe rale 

Although this is a sharp drop of growth, ciinhiuccl with 
front the S.7 per cent advance increased economic aetivilj on 
recorded in the second quarter, pari °f the cuuniry's "mam 
it is almost precisely what the bading partners, is seen as an 


the apparently favourable news 


Carter Administration predicted ,m Portani facln,- , n narrowing 
and constitutes the sort of lbt * iar “ e Am e»'ic;in trade deficit. 


r»sy" and of ''blackmailing" 
aemhgrs in asking them to r»> 
jint to work because patients 
vere d>iny. rage 3 


Mozambique. 

Mr. Joshua Nknnm. one yf the 


an all-parlies conference.'* 
Bishop Huzorewa. distinct ly 


leaders of the Patriotic Front, cool to the notion in comments 
was reported from Lusaka to this week while in Washington, 


Michael Holman in Lusaka j 
reports: Guerrilla leader ■h*>iuia | 
Nkoino vowed it- venue today 
for yesterday's Rhodesian 
bombing raid on a Zimbabwe 
African People's Union camp 
-jiilsirk- Lusaka, in which he said 
226 ” non-com »«a i ant a " wt.-e 

Killed and 629 v.oundcd, six o t 
whom died in hospital. 

Meanwhile informed sources 
here believe that Rhodesian 


VI id east peace 
iraft revised 


WUJ. rcporicu irmn LiMSUKU 10 »«.■» wime in u^uiugimi, rarrjpH mir t wmnfl 

have d is mussed out uf hand the said that the prospects had been toda? on a z\ PL' M mni! 

possibility of an all-party ccn- improved by today's discussions. Ma ?amo ^^[^0 hS 
Terence, and the Slate Depart- But the recent Rhodesian raids _ Q ? cjmp l! > ai P To ne 


be U.S. has submitted a revised 
raft of a peace treaty between 
I^ypl and Israel, said Mr. George 
hernian. spokesman for the 


JilLtTIME KUSH 
V»! •• 

• wumr 


ment spokesman acknowledged hung heavily over the delibera- 


October 1978 


that the attitude uf the lions. The L r .S. yesterday pub- 
Patriotic Front would be critical liely deplored the incursions, ^ 
in deciding whether one could and reportedly repealed its Doraer - 
be held. objections at today's talks. Oflici 

The spokesman noted that the 


south of Rufunsa. a small town 
about 120. miles east of Lusai'a 
and 50 from the Rhodesian 


Officials at the ZAPU eampj 


Bui both Mr. SrciiC. and "ishop reported that at least 20S were 


™Hn. m W wS-to7t« Co"?- • srnivata iim 

rnmter. *• "* Highest W|lKr 
-f ihe Uru»Jt Government Tnev March 1976. but was gemraU? 
uu!d re burn to Washirigiim to wwikcr. against other curreneKS. 
unthtuc the talks m two or Its trade- weigh led average- JeU 
• Tree days. Page 2 lo <jj.fr <62.1L its lowest since 

early July* The dollar’s 

■feath rfft : - - cialion vt idenevi to a- ret ard 

videns : . 

he rift between Air. Edward Lom/osf anTMif \ew Iwk^h^ 

tiuth anr! rh» TVii-v LOHUOO, and llt iVeW 1 OTk thC 


a CIIT<; alt rrtnmi seen l,ere !,s une o f killed by the 3Uack on the Earn- General 

• . . T _ » n M “. nu this. bian bases, and amusing Mr. strongly 


am* General Kurt Waldheim 
Mr. strongly condemned yesterday's 


The five-point discussion plan Nkomo of refusing to disclose Rhodesian attacks inside Zambia 


acceded to by Mr. Smith, Bishop this fact. 


and Mozambique. 


Plan to scrap road t; 


and raise petrol d<ity 


•Sth aod Ihi“ Tory S JL V ad ‘*^ *** in New Verk the '■** -IAN: HARGREAVES. TRANSPORT CORRESPONDENT 

eye toped into & major row last price THE GOVERNMENT is planning of the industry Depanment and effect. About. S00 people are 


igbf as Conservative MPs was ^227.70 (S225.4U). to phast out the £50 annual road the Treasury. ’ expected to lose their "jobs at j 

Hacked his recent speeches on 00 „ (tWn , co - TO ,--„ h - lax Tor cars and vans below 30 Industry's worry is that any the Driver and Vehicle Licensing 

ages policy. JL ‘ V, ^ X. c r re h ^J> ,“‘ 1 ® hundrcdweiglit. change tending to favour smaller. Cenire in Swansea and another 

Mr. George Gardiner accused 2?5w to the*^ per * eent wage The'move will mean ihc loss more economical cap,- will 1.300 at regional centres. 

Jr- Heath of living in cloud UmjL L JJ ° ar) ! , ^ e I “ a “ e 0 f 2.100 jobs and probably lend expose British car manufnclurer.s The 'merit* of the pian in lhe 

.jckou land while Mrs. Jill to the'- price of petrol being to foreign competition- to an even Departinent of Transport’s view 

.nigliL said.. she . was incensed -at fr FRENCH amis deal, worth increased by 19p a gallon. Com- greater degree. Of the smalF cars * that it will tend' to reduce 

is speech to Chelsea -Conserx a- about SS50m to supply China mercftil vehicles are not affected, on tk® ™ a . rl f e l ln ® r ! tai 5* .°, n !- v fuel consumption, remove an 

ves on Ibursday night. - with' French anti-tank and anti- Steps will be taken to consult the BL Mini is purely British- unnecessary layer of burenu- 

.... aircraft missiles and possibly industry and Lhe public about built. . : . cracy aaddeal" with road tax 

Namibia dGCISftOn Mirage fighter aireraft. is now in the. change shortly alter lhe rne Treasury s anxiety is that cvatlers . w ^ 0 department 
. .. , ... , an advanced stage of negoUa- Queen's speech. a single uncomplicated taxation believes are costing The Treasurv 

he body elected m Namibia s tibhs. Page 2 ..A Cabinet committee has device is being surrendered in between £50m and" £70m a veai. 

irihcoming internal elections already accepted the proposal, favour of one subject to the ups . 

■ill have the final say on whether -r-i . ■ , which has the support of the a Qd downs of consumer demand. Loading vehicle taxation on to 

lere is to.be a UN-supervised r 1 OFU tO Prf me' Minister. The Treasury The present plan, as advanced P° lro1 Wl| l probably favour the 

lection in the territory, senior • and the Department of Industry by Mr. William Rodgers, the Pnvaie motorist, whose annual 

outh African officiaLs said hfiln appear to have accepted defeat Transport Secretary, is to intro- mi eage average^ less than 10.000 

esterday. Page 2 uwu on issue, which has been lhe duce the change gradually over m,Jes - 

_ ' . O FORD, whose manual workers, cause qf one of Whitehall's the next three years. This year, revenue from road 

ranker praise have been on strike for a month longest-running -inter-depart- Road tax would be cut step by lux is expected to be £1.12hn. 




This int- lulled President 
<rarter*s .success in geltiug his 
delayed Energy Bill through 
Congress and the revaluation 
of lhe ll'esl German D-mark 
uilhin lhe European snake 
joint floating arrangement. 

The market has remained 
concerned oier lhe U.S. 
balance of payments and 
inflation. The pressures uere 
inereased yesterday Ln un- 
usually heavy Friday trading 
on the European foreign 
exchange markets. 

Alfenilon was again con- 
cern rated on lhe D-Mark, which 
rose sharply to a new peak 
against the dollar and took 
other snake member currencies 
with it. The D-Mark also 
showed gains against other 
leading currencies 

The dollar's weakness was 
reflerled in its trade-weighted 
average depreciation as 
measured by Morgan Guaranty 
af noon iu New York. This 
widened fo a record 11.2 per 
cent compared with ifl.S per 
cent on lhe previous day and 
10.2 per cent a week earlier. 

The dollar dropped sharply 
against the D-Mark la a new 
closing low of DMl^fiTa in 
London, compared with 
I)ML.8->50 on Thursday. It lost 
ground against the Swiss franc 
at SwFr 1.3175 againsl SwFr 
1.53 and the Japanese yen at 
Y 1 81.8 against YIttA 

The pound rose against lhe 
doilnr. touching n high point of 
£2.tl06. It dosed in Loudon at 
$2.0915. fpr a gain of 70 points, 
the first-., timo It Jhas finished 
trading, above the S2 level stSce 
its sharp decline early in I97C. 

Sterling lost grortnd against 
other currencies, however, rail- 
ing by over 4 pfennigs against 
the D-Mark lo DM3.62. Its 
rradc-u righted index against a 
basket or currencies slipped lo 
61.9, its lowest since niid-Jnly, 
against 62.1 on the previous 
day. 

The gold price recovered 
after Thursday's fall, closing 
with a gain of SI! at 5228L 


modest growth the U.S. economy- 
needs. 


The rate of inflation also fell 
appreciably in the lhir<] quarter 
to an annual rale uf 7.1 por cent, 
compared with jq.k per eent in 
lhe previous three months. 


Pressure 


From a dome* lie standpoint, 
growth in this range is consid- 
ered sufficient lo prevent unem- 
ployment. currently at 6 per 


Although encouraging this is Payment, currently ai 6 I 
noi going to obviate the need fnr fro ™. sho-dins “U 
additional anti - inn-.rinn-.i-i- The inmislraiion has i 


inflationary 


measures. These are diie to be ^>n si durable success in cuttin? 
unveiled oarlv next week prnb- ,v r ‘ ,lc ". dunng the last 

-v.K- on Ti.«vH-.v i„ .. two years, in spite of historically 

-uhslamial increases in .he 


Carter 10 " hy PnM ' 01 BSirlit!-. IT “ 

mafic th3t growth ii unemploy- 


ment iu Lhe moiths ahead would 
Mncolo bring mewed political pres- 

JYlUjUt. sures on the Administration for 

stimulative policies at a time 
Yesterday, ihe President gave when it is more inteni on con- 
his general" approval to the new trolling inHation. 
package which it is known will The third quarter GNP figures 
establish voluntary wage and nevertheless enntained items 
price guidelines designed to which the more pessimistic 
limit the increase in wages U> 7 economists will construe as 
per cent next year and that Tor evidence that the U.S. is running 
prices to 5.7 per cent. the nsk of a recession next year. 

If There is a surprise in the 
package, it will be the extern ip 
which Mr. Curler seeks to back Y rOQUCUGKl 
up this voluntary approach with 

enfnrcemeni measures. Expenditure on consumer dur- 

The latest word is thal he' is aides, for example, rose by only 
determined to pul some muscle S1.5bn in the quarter, compared 
into his efforts, largely through with more than S14bn in the pre- 
Gnvemment procurement vitms three months, 

policies, deregulating some The Federal Reserve's Indus- 
industries and even allowing trial production index has shown 
additional imports of certain slackness in this sector in recent 
commodities into lhe country. months, only compensated for 
ftp (lie growl h side, the hy the continuing strength of the 
Administration is still predicting construction industry , in spile of 
a similar pi: riorum nee in the high interest raii-.i. 
final quarter g< 'his y-iar i>> ihaf Inventory invest oicni also pm- 
in the-' third. This 3-4 per cent cocdcd at a slower rate in the 
range, lhe Commerce Depart* Him! quarter, while lui-dness 
menl said'th. in any case fixed investment rose by barely 

been ihe underly^g rale of 'a "third of the rate of ihc pre- 
advance in Gross National Pro- ceding three months. 


Gold Mines ex-premium 


TCthcoiuing internal elections 
•ill have the final say on whether 


£ ill New York 


hi liuve lutr midi say uu miruiei -w— i . a . 

lere is lo .be a UV-superviscd OFU tO 
lection in the territory, senior 
'uuth African officiaLs said hnlfi tell 
esterday. Page 2 IIUIU lal 


Tanker praise 


>l»-i I 

1 nmnlli ' 

■V mi-ill li- 

M ili- 


: 'l.dO-v.yo Ji- 
' .lit 

.t.7b-'?.S6 ill- 


• he. nntiiirirm iii-H-it fron. thp 5“ a ^ eed ,1 “ ld , “ ^ 1 o ra t o p’ mental battles. Step to a point ar which reffi-slrd- compared with petrol taxi 

iw- loniU discussions with leaders of the Successive transport and tion would be required only in revenue of £SOOm. 


FR031 next Wednesday, lhe 
Share Information Service will 
include a section of South 
African gold mining shares 
quoted in London in U.S. 
currency and excluding ihc 
in vestment dollar premium. 

The FT Stock Indices on the 
Stock Exchange Report page 
will eonfain an additional index 
calculated on ex-premium 
prices of the same 25 securities 
on which the established Gold 
Mines index is based. 


The existing index has been 
re-eaicnlated to exclude the 
dollar premium content from 
June 1972 when the constituent, 
shares were redesignated as 
Overseas Sterling Area foreign 
currency securities for ex- 
change control purposes. 

The effective base for Ihe 
new index is the same, Septem- 
ber L2, 1955 equals 190. »; for 
Ihc established gold mines 
index. 


iM.jm 
§# w & ’ 


amanprf firJli- junior discussions wnn leaaers or me Successive transport and non would be required only in revenue of £300m. 

■itvcOmuifi h. r,f.rL,7ur unions, a move that could lead Environment Ministers have ihe interests of maintaining It Is not yet clear how the 

leriroir Kiis mnlll?' Hw-'prtnr lo , lD caW ol J * he sl,,he ; sought to get rid of the road tax records. changes will come about, hut as 

(WT-intm At V au - xhal1 some of the manual in favour of higher petrol taxa- The gradual approach also has the first stage will simply vary 

rn*cnrir?n e ? iert, w*fh* WOI * ers -“ t lhe Luton factory lion, but Mr. -Peter Shore and the merit of softening the the levels of existing taxes, it 


raiffljl Ihb fttarnif.n cua Iha V , — Vs — . * “““t oiiuic -uu ui lusts, n 

, a demonstration against Mr. Anthony Crosland were both employment problem by allow- would presumably form pari of 
jHpOuq pre» EUf pouuuon as .an tfjg union's CilU tu Strike m 10 rlAlMlbrl hv th® pnmhinfwt fnreps ine nalurai WHStaop tn inkp -i Rnrt«»b.f (hlpmnnt 


Jig® £ 


lhe union 's call tu strike in Wj defeated by the" combined forces ing natural wastage to take a Budget statement, 
^pmxncius human achievemem. days' time, and demanded at ■ ■ * 




Jbel damages 

luslnessman Clive Ttussell was 


secret ballot instead of a mass 
meeting planned for Tuesday. 
Back Page 


BL CARS has halted work on 


warded £50.000 in libel damages ils £ - iSOl ‘ n prQi - raiame l0 double 
f»er Die Bank of America production of Lund Rover and 


Costain dividend control move 





i,er me wnn or America production of Lund Rover and BY JOHN BRENNAN, PROPERTY CORRESPONDENT 
lational Trust and Savings R an u e Rover models at Solihull , . . . . 

-association had returned to Hnt ji t h c un i Dns concerned agree RICHARD COSTAIN, the inter- shares remain unchanged. operating subsidiaries. Alihouch 
„ four cheques marked tn doubleshift working. Back national construction group. News of the reorganisation the reorganisation was seen 

Account Closed." Page. BL is to announce an inccn- plans a complicated company helped Costain's shares lo close primarily us a management 

* " .. . . live bonus scheme based on reconstruction which will win it 20p up at 252p yesterday. change, its form "is not uncon- 

- , < ^ ^#oiumn scaled hi ghcr productivity which willi two years freedom from dividend Mr. John Sowden, Costain's nected with i the dividend relax- 

cr'wtt men scaled Nelson's Column add up to £15 a week to workers j controls. chairman. .said that the reorgunt- alion. “ At just 10 per cent a 

.-Jp t lYafalaar Souare vesterdav pay packets. At the same time Richard Costain (RCL). pro- salion was Intended to un- - ve;| r it would have taken 14 
i- r" j he end of their 184-foot inore l ^ an 2.500 workers at the poses to form a central holding scramble a share and manage- years to gel to a reasonable 

■ ^^Hmh ihcv unfurled a hanner Cowley plant have been laid off company. Costain Group ment structure that bad become dividend.’ 


Tb understand the word you need glasses 


^ £ f hmb. they unfurled a banner P° 1 w lf y .. p ] an 1 t I,ave be - en l?.L d ° ff *****?• 

- a-btestiogat BriUsh involvement ^definitely liecause uf a dispute limited, to 

or -UI ir- t »«. nr nliuCmn mini I ti tmTaiW nh » ua 


a South Africa. 


riefiy . . 




indefinitely lwcause uf a dispute Limited, to acquire all the “ slightly cumbersome.” Group RCL has no plans to follow 
at BL's transmission plant in issued share ' capita) of RCL. turnover has grown from £S6ra John Laing in doating-off any of 
Birmingham. Page 3 Ordinary shareholders of RCL 10 years ago to £432m in 1977, its property or building subsidi- 

AnrepcwiOT Tine b« win be offered four ordinary and and in that time the group's aries. But Mr. Sowden does say 

• FmESTONE TiKfc.nas reacoea one defen-^j share in. the new overseas business has grown that, although he does not take 
an agreed settlement with the C0 njp aiI y_ f pw jj^L Prefer- from 40 per cent to 67 per cent it ton seriously, at the baek'of it 
c . a . rt " AGmmiiitration over its ence shareholders will be of the total work load. Mr. all one is always concerned 


v-ias coinfurlahL: ‘in Charing allegedly defect (>T I bought out for cash — 70p for Sowden and the group’s advisers. a kout the nationalisation threat 

inct m-qht belted_radial tyTe, which could I** * •• pMforen-p etnek and 64 d Lazard Brothers, believed that and about ways of isolating areas 


v^ross hospital last night. DeiieunaiairjTe. wnicn couia “A” Preference stock and 64p Lazard Brothers, believed that and about ways of isolating areas 

cum P an > n J ore for the “B” shores. the proposed holding company of the business threatened. 

. fLicd £25 after &200nj. The company has avoided 'fjo Treasury has agreed to would-be more io tune with the Shareholders will- be asked to 

- hild \ fine , aad ft C °J n p U i M "’ y ret ' aU ° f tteatthe SSed holding ^oup new shape of the group than the a PP™ ve th h e sc 0 h ® meat ® Bering 

: ..^^rltmuino stuir» lhe tyres. Back Pa„e K a new C0D1 p an y wlrh two existing structure. on November -3 and if approved, 

ma" U „ U 1 the „ Erot „ ers has jjarj- frerf ;m fr 0m divided Mr Sowden said U «o,„d be a 

* • ' . aP launched a £24 6m agreed cash control. Otherwise. existing year at least before lhe manage- J,inu * ir > ' . ’ 

.-■> Minloff. daugnter of the ... . Holdings the Aus* sharehoMers' rights and the ment reorganisation had any Dividend forecast Page 16 

■j=;Ld lesc Prime Mtmsicr. was ^SnuftSurer of plastic un dcr]ytng net assets of their effect on the structure of RCL’s Lex Back Page 


^.Ldtcsc 

=?/ n,.A fl 


Minister. 


•^naA Finn fn- ihrnuimi dun- in ‘raiian nmsiumciurcr ui 

.-^SAS2 BS ■“ 


_ Thatcher, the Tory leader, ” ’ 

Madrid for the Inaugural • ITT has rejected merger pro- 
- ... - '■ -^msras - of ■ the Union of the posals between its UK subsidiary • 

: - . - ^eiudcfatic-Cenire. Page 2 STC and Plessey. Back Page HamT^e^g'eneVal ‘ 

—labour .. 


CONTENTS OF TODAY'S ISSUE 


Leader page 14 

UK Companies 16 & 17 


IEF PRICE CHANGES YESTERDAY 


Arts page ..1 


Mining 


Inti. Companies 19 


World markets 4 & 18 

Foreign Exchanges 18 

Farming, raw materials ... 19 
UK slock market 24 


ces in pence unless otherwise Norton and Wright... 242 + 10 
- indicated)-- Pilkington 315 + 18 


RISES 

cheq. 12jpc '81 ..m£102*' + 'iii 
taheq. 12pc ‘99-02... £95 j -i- l ' 
abcock and WUcox 161 t 5 
Urisford (S. and W;) 161 + R 

iihby (J.) 274 + 10 

i looker McConnell ... 294 + 6 

nisway 56 + fl 

rown (J.) 455 + 7 


Upton fEL) A ... 
Wallis Fashion 
Rosehapgh 
BJshopsgate Plat, 


105 + 11 
104 + R 
S32 + 20 


Mount Lyeli 
Rustenburg Plat. 

St. -Piran 

Union Corp, ... 


315 

+ 

13 

242 

+ 

7 

44 

+ 

y 

95 

+ 

5 

203 

j. 

17' 

115 

+ 

7 

£155 

+ 


40 

+ 

5 

114 

+ 2 

S3 

+ 

7 

304 

.+ 

8 


FEATURES 


President Carter "comes out 
• of the doldrums 14 


The joys of being wir* 
employed 


The television set of lhe 
future 15 


Insurance cover for young 

drivers ' 


Platinum goes through Ihc 
roof .' 


A century or rock gardens 8 
Properly: A chain or 
buyers S 


Travel: Long haul to (he 

sunshine 10 

The Motor Show at ihe 

NEC 10 

Collet Ling: Whatsit* aud 

Thingummies 13 

Something new in the UK 
Umber industry 20 


Wirh so ivuiny mines ro choose from, how* 
can anybody except nn exp err <»o ubour choosing 
a Cojcnac- 7 

First, muke sure ir is Costae. A hundsomc 
bottle with tin impressive label, fiill ot stars and 
symbols, can contain a very ordinal^- jjrapv brandy, 
bur the word Coqnac is protected by law and can 
only be used to describe Cognac brandy which 
comes from rile wine certain ^rrape t\pes «*rowii 
in a closely defined area and double distilled in 
traditional Charentais por-stills under the mo>r 
rigorous local control. i 

That rile bottle nvay have been in jj 

somebocK's cellar for rwent>' years tells you Jg 
nothing either. Cognac has to be matured JgK 
in oak. and once ir is Kittled it does nor 
improve.There are two further tacts you j mg ' 

can rely on. 

The first is the name, and the name 
Hineon a bottle of Cognac tells you ir 
comes from one of the few great Cognac MllSt 
houses, founded in the heart of the 
Charente in 1763.The second is your 
own palate A single glass offline Cognac 
■will confirm tiiat vou chose well. 






Cartiers 

Sustain (R> 232 + 2 

Jalgeiy 821 + 7 

? amess Withy 352 + 7 

fiawker Siddeley . ... 248 + '4 

ntereuropoan ...... . 88 + 4 

Ceyaer Uliraau 55 + 5 

jondon Brick '74 + 4 

Lucax lnds. . 321 + 6 


■Wining Supplies IIS + 5 


FALLS 

Avon Rubber - 178 

Common Bros; ....... 153 

Helical Bar 28 

Midland Educational 245 

Peters Stores 47 

Stylo Shoes 74 

Anglo Utd. Devs. ... 230 
Northgate Exptor. ... 3S0 
’Westfield Minerals ... MO 


AppammeBts 

Boohs 

Bridse 

Cheu 

Cdledinj 

CrtttMH Pazzte ... 
Ecoaomk; Diary ■ . 
CntfialimuK GnUe 
BgnMptlM( ... 
Finance & Funlfy... 
FT-Actrariec tad tec 
Gardenias 


Golf 10 

Hew ts Sficml it . . U 

liuarnncc 7 

. Letters 14 

LOU ; 21 

Man af the w«k ... 2 B 

Mat wing 10 

PrapoAr a 

Radas u 

Stiara Infarnutmn .. 30-27 

SE Week’s DetUnsF 22-3 


7ra*el 

U 

MAG Monthly .. 

0 

TV and Radia 

12 

ProvidHiu Capital 

7 

Taxation 

b 

Schleslnsar la cams 

6 

Unk Trusts 

3 

Target Pa rifle 

5 

Weatker 

ZB 

Tyndall Scottish .. 

17 

Ysnr Savings & inv. 

5 

INTERIM STATEMENT 

OFFERS FOR SALE 


Taylor, PaUbter .. 

20 

Earclay llntcorn . . 

1 

Base Landlits Rales 

3 

Erflaiinia Eamlly . 

17 

Rulldtas Sue, Rates 

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OVERSEAS NEWS 


Dayan says Mideastpeace 
talks are at impasse 


WASHINGTON, Oct 20. 


MU. MOSHE DAYAN, the Israeli 
Foreign Minister, said Israeli 
and Egyptian negotiators at the 
peace conference here were at 
an impasse over “ fundamental 
principles ” and the Israeli dele- 
gation would return home (or 
consultations. 

Meanwhile the U.S. has sub- 
mitted a revised draft of a peace 
treaty between the two coun- 
tries. 

Informed sources said the new 
American plan deals with issues 
revolving around Egypt’s desire 
to link the peace treaty with pro- 
gress on the issues of the West 
Eank. Jerusalem, the Gaza Strip 
and the Palestinians, which are 
not directly relaied to relations 
between Egypt and Israel. 

Speaking in an Israel tele- 
vision interview from here. Mr. 
Dayan declined to use the term 
** crisis " to describe the negotia- 
tions. but said at least three 
times that without concessions 
by both sides M there will be no 
agreement." 

Mr. Dayan said his delegation 
would return to Israel on 
Monday, but the television 
reported that his departure was 
moved forward to tomorrow in 
a decision following the inter 
view'. 

Mr. Dayan and Defence 
Minister Ezer Weizraan were 


likely to report to Prime Minister 
Menachem Benin's cabinet on 
Sunday. 

Sources close to the bargain- 
ing said President Carter had an 
unannounced meeting in the 
White House with Mr. Dayan 
and other Israeli negotiators. 

. The new American draft was 
presented to the Egyptian and 
Israeli delegations after Presi- 
dent Carter had intervened 
yesterday in an atiept to resolve 
problems in ibe week-long nego- 
tiations, Mr. George Sherman, 
spokesman for the talks said. 

Dr. Osama Al Baz. Under- 
secretary at the Egyptian 
Ministry of Foreign .Affairs, had 
down io London for consulta- 
tions on the plan with Egyptian 
Vice-President Hosni Mubarak, 
now on a tour of European 
capitals. Mr. Sherman said. 
Vice-President Mubarak would 
be returning to Cairo to pass 
Dr. Eaz’s report to President 
Anwar Sadat 
Agencies 


Rami Khoorl writes from 
Amman: The U.S. Government 
has apparently failed to over- 
come Jordanian opposition to the 
framework agreed at Camp David 
for the West Bank and Gaza 
Strip. 

Mr. Harold Saunders, U.S. 


Assistant Secretary of State, met 
an apparently solid wayy of rejec 
tion during two days of talks in 
Amman with Jordanian officials 
and Palestinian leaders. 

The replies he gave to King 
Hussein in reply to his questions 
about the Camp David accords 
generated further queries and a 
commitment to keep studying 
the matter, but hopes of Jordan 
taking part in talks on the West 
Bank and Gaza remain elusive. 

in a three-hour meeting last 
night with seven leading Pale- 
stinians, Mr. Saunders was 
bluntly told that he was wasting 
his time looking for Palestinians 
outside the framework of the 
Palestine Liberation Organisa 
tlon to take part in any proposed 
negotiations. "We felt that the 
U.S. was telling us to take it or 
leave it. to put up or shut up, 
one participant said. 

David Lennon reports from 
Tel Aviv: Israel’s Cabinet met 
today for the third time this 
week to discuss the difficulties 
which have arisen in the peace 
talks with Egypt. 

• Saudi Arabian troops took 
over strategic positions from 
Syrian soldiers in Christian areas 
of Beirut at dawn today as part 
of a security plan to prevent 
renewed fighting, the Right-wing 
Falangist radio reported. 


Sino-Frendi arms deal progress 


BY ROBERT MAUTHNER 


PARIS, Oct. 20. 


A DEAL worth hundreds of 
millions of dollars for French 
arms sales to Chins is now in 
an advanced stage of negotia- 
tion but the French Defence 
Ministry today denied reports 
that it had already been signed. 
Nor did the Ministry give any 
indication when the agreement 
was likely to be concluded. 


The value of the arms 
package, which was first dis- 
cussed by M. Raymond Barre, 
the French Prime Minister, and 
Chinese leaders during his visit 
to Peking last January, has been 
estimated at some 5350m, but 
some reports put the figure much 
higher. 

The Chinese are interested 
mainly in buying all Hot and 


Milan anti-tank and Crotale anti- 
aircraft missiles from France, 
though originally they were said 
to have been anxious also to 
purchase the latest Mirage F-l 
fighters. The French Govern- 
ment. however, is understood to 
have told Peking that it was 
prepared to supply China only 
with defensive weapons. 

The reason for this reticence 
is France’s wish not to offend 
the Soviet Union, which is sensi- 
tive about Western arms sales 
to China.. 

While the arms negotiations 
have still not been completed, 
France and China today signed 
an agreement at the end of a 
one- week official visit by Mr. 
Fang Yi, Chinese Vice-Premier. 

The agreement, which comple- 


ments a similar document signed 
by M. Barre in Peking, covers 
mainly co-operation In the fields 
of physics, space teeb oology, 
biology and biochemistry, mathe 
matics, oceanography, meteoro- 
logy and social sciences. The 
two countries will exchange re- 
search scientists in all these 
areas. 

M. Claude Pierre-Brossolette, 
chairman of Credit Lyonnais, 
one of France’s three biggest 
nationalised banks, will fly to 
Pelting tomorrow for talks with 
the Bank of China about new 
credit arrangements to finance 
China’s purchases from France. 
Credit Lyonnais is the leader of 
a banking consortium already 
financing the construction of a 
petrochemical complex in China. 


U.S. acts on 


local radio 


By David Lascdles 

NEW YORK, OcL 20. 
THE FEDERAL Communi- 
cations Commission (FCC) 
which acts as watchdog over the 
U.S. broadcasting industry, has 
taken the first steps in an experi- 
ment which could lead to 
sweeping deregulation of com- 
mercial radio. 

The Commission instructed its 
staff to bring back within two 
months suggestions as to how 
some rules and regulations cur- 
rently applying to radio stations 
could be eliminated on an 
experimental basis in certain 
major markets. 

The FCC’s move was taken in 
the light of radio’s declining 
importance vis-a-vtis television, 
as well as the competition among 
the extremely large number of 
radio stations that serve popu- 
lous areas. 

Page 20: Before the mid-term 
elections In the U.S. 


Petrol price up 
22% in Portugal 


By jimmy Bums 

LISBON, Oct 20. 
THE Portuguese Ministry for 
Industry and Technology tonight 
announced an increase of about 
22 per cent in the prices of petrol 
and industrial and domestic 
fuels. The price of super will 
be increased as from midnight 
from ilS escudos per gallon to 
140.7 escudos, malting the price 
of petrol in Portugal the most 
expensive in Europe. 

The Ministry justified the rise 
by commenting on the increase 
in the price of raw materials 
(affected by the recent devalua- 
tion of the escudo, and the 
Increase in domestic consump- 
tion throughout the year. This 
went up by 11.3 per cent in the 
first throe months of 1978. In 
August last year, petrol prices in 
Portugal increased by 31 per 
cenL 


Thatcher in Madrid 

MRS. MARGARET Thatcher, 
British Tory Party Leader 
arrived in Madrid yesterday to 
attend the inaugural congress of 
the Union of the Democratic 
Centre tUCD>. Spain’s governing 
party, David Gardner reports. 
She will address the closing 
session of the Congress today. 


Caretaker Belgian cabinet 


formed but impasse stays 


BY GILES MERRITT 


BRUSSELS, OcL 20. 


A CARETAKER government 
headed- by the new Belgian 
Prime Minister. Mr. Paul Vandeo 
Boeynants, took office here today, 
ending the latest chapter in the 
country’s Flemish - Walloon 
political crisis. 

Following the Premier’s 
failure to reconstitute the pre- 
vious ruling coalition except on 
a temporary basis, the Vanden 
Boeynants administration will be 
calling general elections between 
three weeks and two months 
from now. 

-All ministers in the previous 
T in d emails government have 
retained, their portfolios, with 
the exception of Mr. Leo 
Tlndemans himself. Mr. Vanden 
Boeynants will continue as 
Defence Minister in addition to 
being Prime Minister. 

Mr. Tindemans triggered the 
latest Belgian political crisis 
nine days ago when he abruptly 
submitted his own and his 
Government’s resignation over 


the Issue of opposition inside 
his six-party coalition to the 
Government’s reglonalisatlon 
plan. Known as the Egmont 
pact, the plan alms at defusing 
traditional Flemish-Walloon ten- 
sion by splitting Belgium into 
three separate administrative 
areas. 

Objections to the plan have 
intensified in recent months, 
particularly inside Mr. . Tinde- 
mans’ own Flemish Social 
Christian Party (CVP1. Mr. 
Vanden Boeynants, president of 
the PSC Francophone Walloon 
wing of the Social Christians, 
has clearly failed to overcome 
this opposition. He was backed 
by King Baudouin and had 
hoped to re-form the coalition, 
thus forming a government 
without recourse to the ballot 
box. But now Belgians will have 
to vote on the issue once more 
and there are already fears that 
the election results could exacer- 
bate the present Impasse. 


Dutch neutron protest 


BY CHARLES BATCHELOR 


AMSTERDAM, Oct. 20. 


THE DUTCH Government has 
expressed concern at President 
Carter’s decision to approve pro- 
duction of new warheads which 
could make development of the 
neutron sheil easier. 


In Parliament, however, the 
Government defeated motions 
aimed at setting it to take a 
stronger stand against neutron 
weapons. Bur a motion express- 
ing its regret at President 
Carter’s decision was passed. The 
Government has been asked to 
transmit Parliament’s views to 
the U.S. 

The American decision in- 
volves production of new war- 
heads for Lance ground-to-ground 
missiles deployed in Europe. 
Fissionable material could 
easily be replaced by a neutron 
warhead without major design 
changes, U.S. officials say. 

The heated discussion in the 
Dutch Parliament revived 
memories of the debate io March 
when the Government defeated 
strong opposition to Its wish to 
keep its options open on the 
neutron shell. 


Holland is opposed to making 
any commitment to use the shell 
but wants to retain It as a 
bargaining counter in the East- 
West arms limitation talks. 

Mr. Dries van AgL Dutch 
Prime Minister, said the U.S. 
decision made use of the neutron 
shell more likely, but there were 
still a number of stages before 
it could actually b deployed. The 
U.S. had said it would consult its 
Nato partners before going 
ahead with production. 

News of the development of 
the neutron warheads has pro- 
voked strong protest in Holland. 
Mr. van Agt, a Christian Demo- 
crat faces as much opposition 
from his own party on this issue 
as from the Opposition. 


New post move 
THE CANADIAN Government 
thwarted in efforts to end a 
national postal strike, will go to 
the courts to prevent picketing 
by postal workers, Justice Minis- 
ter Otto Lang said, Reuter 
reports from Ottawa. 


German ‘go-ahead on AWACS 5 


BY ADRIAN DICKS 


BONN, Oct 20. 


* HANS APEL, West 

an Defence Minister, Is 
rstood to have agreed to the 
iase by Nato of the Airborne 
ing and Command System 
ftCS*. provided the U.S. 
nistration is prepared to 
■ra in writing its willingness 
lace a series of military 
orders in West 


electronic equipment orders 
worth about DM 650m which 
would be awarded to a German 
consortium beaded by Dorater, 
the U.S. Defence Secretary. Mr. 
Harold Brown, has Indicated that 
other contracts would be forth- 
coming. 


IB}. 

Bundestag’s Defence and 
it Committees are due to 
s West Germany’s partid- 
i in AWACS next month. 

; share would amount to 
DM 1.15bn (about £300m) 
a total DM 1.9bn, covering 
iiiiqn and outfitting of 18 
g 707 aircraft, it Is 

addition to avionics and 


They include a DM 200m U.S. 
army order for trucks and a 
DM ISOm order for a new military 
t el ecom muni cat ions network in 

Europe. 


Some politicians and officers 
here are still sceptical that 
AWACS e$ needed, but the 
consensus m Bonn appears to 
be that Herr Apel will win Parlia- 
mentary agreement for his pro- 
posal. provided the U.S. contri- 
bution to the 44 two-way street " is 


forthcoming in a dependable 
form. 

The Bundestag today approved 
the main elements of the 
DM 12.25bn tax adjustment pack- 
age. proposed by the West 
German Cabinet in late July, in 
order to boost real Gross 
National Product growth by 1 
per cent in line with its promises 
at the Bonn world summit. 

The package includes cuts in 
persona] income tax rates, higher 
children's and maternity allow- 
ances aod an increase next July 
in Value Added Tax from 12 to 
13 per cent. 

Agreement was at risk because 
of a row with several State 
governments over the abolition 
of payroll taxes. But this has 
now been settled. 


Chinese 


deserts 


yield 

treasure 


By John Hoffmann in Peking 


TWO THOUSAND years ago the 
merchants of the Roman 
Empire developed a taste for 
Chinese silk — richly em- 
broidered fabrics from the 
looms of Lancbou. The only 
way to get the precious cargo 
(literally worth its weight in 
gold) from seller to buyer was 
overland,' and so the fabled 
silk route was opened up from 
the middle kingdom to Samar* 
kand and beyond. 

For a thousand years the lucra- 
tive trade went on, luring 
caravans of cargo across some 
of the world's most inhospit- 
able territory. In nortitwest 
China the silk route clung 
precariously to a chain of oases 
along the line separating the 
desolate, stony Gobi Desert 
from the arid and sand-duned 
Tarim basin. 

Both deserts make up a large 
part of what is now China's 
largest province, the sparsely- 
settled, autonomous region of 
Sinkiang which covers one-sixth 
of -all Chinese territory, an 
area the size of Iran. 


Strategic post 

But it is easy to see why the 
present Chinese leadership 
would fight for Sinkiang. 
Apart from its strategic posi- 
tion as a frontier with the 
Soviet Union — an uneasy fron- 
tier oa both sides of which 
military muscles are being 
flexed — Sinkiang has become 
important because of what it 
has concealed for aeons: some 
of China’s richest resources of 
oil. coal and iron. 

The region, once looked on as 
having little potential except 
for its marginal, bigh-aitilude 
pasture (snow-covered for 
much of the. year), now ranks 
as one of China's future major 
industrial bases and raw 
material sources. The list of 
recoverable . . minerals is 
impressive: coal, iron, asbestos, 
uranium, mica, manganese, 
gold and other rare metals. 
Sinkiang has abundant oil — a 
sea of it, according to the 
Russians who fraternally pro- 
vided their prospecting tech- 
nology in the 1950s, and 
enough to justify confidence 
that the region will be one 
of the 20 new major fields 
China intends to develop as 
part of its modernisation pro 

' gramme, according to Chinese 
industry officials. ’ '. . .. 

Mr. Chi Shu-shau, a division chief 
of the Sinkiang regional eco- 
nomic commission, , said 
recently that large oil deposits 
had been found in North and 
South Sinkiang. “That is 
without question,” he said but 
he refused to say what reserves 
had been proved, or whether 
China could deal easily with 
the production problems posed 
by the area's remoteness, a 
factor which bears on Peking's 
shift of emphasis to off-shore 
oil development. 

The region, with three major 
refineries in operation, sup- 
plies its own petroleum pro- 
ducts and exports a surplus to 
other provinces. Total produc- 
tion of crude from Sinkiaog's 
developed fields is “ several 
million tonnes” a year. 

Sinkiang is a coal exporter, with 
rich reserves of bituminous, 
anthracite and coking . coal, 
according to Mr. Chi. Urumchi, 
the capital and industrial heart 
of the region, ” is sitting on a 
big coal deposit,” be said. 


Namibia assembly ‘will have final 


■ ... . - - 

Financial Times' Saturday October 2ivi?7g... 

sdish 


say on UN- 



BY QUENTIN Pffl_ 


PRETORIA,' Oct 20. 


■Whatever assembly is elected 
in the forthcoming internal poll 
In Namibia (Sooth West Africa) 
will have final say on whether a 
UN-supervised ejection is ulti- 
mately held in the territory, 
senior South African sources con- 
finned today. 

The elections— regarded as 
“ null and void ” by the Western 
members of the UN Security 
Council — will produce an 
assembly which will also have 
powers to draw up an Independ- 
ence constitution for the terri- 
tory. 

But it will be up to South 
Africa to. decide whether or not 
to implement that constitution. 

These indications of the South 
African interpretation of their 
agreement with the Western 
Foreign Ministers, thrashed out 
id three days of talks this week, 
suggest that the Ministers failed 
to persuade the South African 
Government materially to change 
its position. 

The only major concessions 
South Africa made was to agree 


to “use its best efforts ^ to per- 
suade the internal leaders chosen 
in the planned December elec- 
tion in Namibia— without’ UN 
supervision — ” seriously to con- 
sider ways and means of achiev- 
ing . international . recognition,” 
the sources added. •' 1" 

Undoubtedly, the South African 
Government is pleased with the 
deal negotiated with the West; 
An official refused to be "drawn 
on whether, any Westers -assur- 
ances had been -given to veto 
moves for UN sanctions. *’ .’ 

But he said it would- be. a 
“ complete contradiction "tcT sign 
the joint statement: seeking 
further consultation, yet support 
any sanctions move.. 

The December elections would 
produce a constituent assembly 
empowered to write an indepen- 
dence constitution, the sources 
said. But it would be up to 
Judge M. T. Steyn, South African 
Administrator-General in Wind- 
hoek, to decide whether , or 1 not 
to implement it. 

The assembly would also’ be 
entitled to make recommen- 


dations to the Administrate. 
General on other matters, the 
sources went on. 

These would include any 

agreement between Judge St^rn 

and Mr. Martti Abtiaaan, UN- 

special representative- for 
Namibia, leading to UN super- 
vised elections next year. : On 
this, it was stressed. the assembly, 
would have the final say. 

The sources suggested . one 
possible alternative’ plan:,. An 
agreement might be - reached 

between Judge Steyn and Mr. 
Ahtisaart before the December 
elections. . . • ‘ . 

In that case, -the A (fou n ts '- 
trator-General would consult the 

political parties taking part in 
those elections, and H -they 
accepted, would finally approve 
such an agreement 
m Reuter reports from New 
York: United Nations -Secretary- 
Genera] Kurt '[ Waldheim V will 
send Ids special representative 
back to Namibia only if -.the 
Security Council gives.-the word,, 
well-informed sources said. 



BY CHARLES SMITH 


TOKYO, Oct 20. 


CHINA’S VICE-PREMIER Teng 
Hsiao-ping arrives in- Tokyo on 
Sunday for a one-week visit 
during which there will be a 
formal exchange of instruments 
of ratification of the recently 
signed SLao-Japanese Treaty of 
Peace and Friendship. 

Mr. Teng. the first top Chinese 
. leader to visit Japan since 1949, 
i will he accompanied by a 42- 
■ member entourage including 
'Foreign Minister Huang Hua. 
He will have talks with Prime 
Minister Takeo Fukuda and 
other Japanese Cabinet 
ministers. 

Mr. Teng will be received by 
the Emperor on the day after he 
arrives in Tokyo, a privilege 
usually reserved for visiting 
Heads of State. The reception 


Coal deposits 


The abundance of coal and lime 
deposits has enabled Sinkiang 
to establish a self-contained, 
although not yet self-sufficient, 
iron and steel industry. The 
region makes locally about 30 
per cent of the finished steel 
it needs and the quality of 
Sinkiang iron ore suggests a 
sound base for major develop- 
ments in the industry. 

High-grade ore with an iron 
content of 60-70 per cent has 
been found deep in the Tien- 
shan mountains. Extraction is 
believed to present some diffi- 
culties because of the isolated 
and rough terrain, and explora- 
tion has not yet proved .the 
extent of the reserves. How- 
ever, Mr. Chi said a start -had 
been made on exploitation of 
the ore and high-grade furnace 
feed was being produced. 

Sinkiang reached self-sufficiency 
in food-grains last year and 
grows potatoes and other* farm 
products for tile rest of 
China. In addition, about 60m 
hectares of pastureland, much 
of it marginal, supports 20m 
sheep. 

The traffic on the old silk route 
has reversed its direction and 
now it is a coal, oil and wool 
route. Sinkiang’s sheep pro- 
vide- half of China’s wool pro- 
duction. and factories in. tbo 
region export woollen goods 
and fabrics to Japan, Hong 
Kong. Korea, Vietnam, Kuwait 
and West Germany. 

China's central government has 
been generous to Sinkiang, 
recognising the importance of 
strengthening the region not 
only economically but stra- 
tegically. The first farms were 
established there in 1949, 
when the Communist Govern- 
ment won power, and they 
were manned by units of the 
People's Liberation Army 

The central government has 
now pumped millions of 
people into the region to till 
the fields and staff the 
factories. Sinkiang's popula- 
tion has doubled since J949 to 
11m — still not much more than 
1 per cent of China's popula- 
tion — and it is believed that 
Peking will not feel comfort- 
able about the security of its 
north-west corner until 100m 
people has settled there. 


being prepared for Mr. Teng in- 
dicates that Japan regards the 
visit as one of prime importance 
in symbolising the new entente 
between Tokyo and Peking. 

The timing of the visit is par- 
ticularly happy from the point 
of view of -Mr. Fukuda, 
can claim overall responsi- 
bility for the success of 
Japan’s China policy. - It conjes 
only io days before the staff or 
primary elections for the Presi- 
dency of the ruling Uoeral 
Democratic Party (the post 
which carries with it the Pre- 
miership) at- which, he will ■ be 
seeking re-election to a new two- 
year term as Party Leader.* 

China is stressing the symbolic 
side of Mr. Teng’a visit The 
Vice-Premier will he going out 


of his way to meet political 
leaders (or the families of dead 
political leaders) who have 
played a role In improving 
China-Japan relations, including 
ex-Preraier Kakuei . Tanaka. 
Negotiations on detailed econo- 
mic issues will be left to a high 
powered mission which arrives 
in Tokyo for a . four-week . slay 
on October 2S. the day . before 
Mr. Teng leaves Japan . fot 
Osaka. 

• The Japan Exte rnal Trade 
Organisation (JETRO) said 
China's foreign trade during the 
first half of calendar 1978 
reached an estimated 89.10bn, 
exports and Imports combined, 
an increase of 44 per cent over 
the same period of 1977, Reuter 
writes from Tokyo. 


Datsun dealers take quota fears to Japan 


BY CHARLES SMITH 


TOKYO, Oct 20. 


THE CHAIRMAN of the Datsun 
car - dealers' association. Mr. 
Peter Fletcher, who has been 
visiting Japan this week to pro- 
test about the recent sharp cut- 
back on car shipments to Britain, 
will meet “top officials” of the 
British Department of Trade 
early next week to ask for an 
increase in October and Novem- 
ber shipments. . . 

Mr. Fletcher says he is hopeful 
that the department will agree 
that shipments of Datsun cars 
due in December should be 
brought forward to November so 
that dealers can cope with the 
peak demand for cars expected 
in January. The Datsun dealers 
are not requesting any overall 
increase in shipments in 197S. 

A spokesman for the British 
Embassy this afternoon thought 
the department probably would 
refuse Mr. Fletcher's request 
given the sensitive state of 
opinion in Britain about car 
Imports. 

The Datsun dealers claim that 
the Ministry of International 
Trade and Industry “dis- 
criminated” against Nissan fthe 
Japanese manufacturer of Dat- 
sun cars) in its allocation of car 
shipments to Britain to be made 
within the Framework of its 
overall commitment to "freere” 
car exports. 

They also say the recent severe 
cutback in October and Novem- 
ber shipments (made under 
strong political pressure from 
Britain) ignored the fact that 


shipments made In these mouths 
provide cars far sale in January 
when demand is. at a pealC"We 
do not mind if Nissan ships no 
cars to the UK in December," 
Mr. Fletcher said today (because 
December shipments leaveSJapan 
too late to meet the. January 
sales deadline). 

Mr. Fletcher says Datsun 
dealers now have about one 
month’s stock of cars on hand, 
whereas dealers in Mazda and 
Colt cars (two other Japanese 


makes) have stocks for five 
months. It would be necessary 
to turn away large numbers of 
would-be buyers of Datsun cars 
in January if current shipping 
schedules were adhered to. He 
stressed that the reallocation of 
shipments between December 
and November would make no 
difference; to Japan’s share of car 
registrations in 1978 .since the 
care :to be shipped in ■ these 
months would not be sold until 
next year;, . 


economy: . 




By Wnftun Duttforce- £ ; 




STOCKHOLM, Oct 20, 
THE . SWEDISH economy : ji 
new firmly on the recover* 

path* to judge by the latest 
report from the . Nation^ 
Economic Research Institute.!! 
expectsrGross National Produe 
to grow by 2 per tent (his yeaf . 
•and by -fiver. 4- per cent in 1979 " 

This contrasts with earlier pro 
dictions oLalper cenrtncreasf 
or. less . this year.- 
The principle factorbhs beef 
the steady improvement in' tfc, - 
trade balance. It will pnibabh 
■show x surplus Uds yearj);. 
SKr. 53tan _< £Wftm) c om parpi 
with the SKr lba .cautious): 
anticipated in the badgeh Thi 
p&ymeuts •' deficit/; wWl 
reduced to -nearly . SKr - 5bo . 
according lo the Institute, ; 

““ The bettering of 1 the: trad* 
balance is -partly due .to; fai 
domestic demand; and' a shari 
decline in Imports. This. oil 
not be repeated . next yeak 
when private consumption :^ 
forecast to rise again by 3 . 

cent and Industry, haySsg ga 

rid of its unsold stocks, .wQL/th 
importing more raw materials 
But .the institute;; believe 
exports will . neverlheleK 
advance by some Bfiperjtehfft 
1979, export : price ; Increase : 
win outstrip. import price; rise 
and Sweden ; can adittvf 
another trade . surplus' :yo 
around SKr 6 bn. Higher 'deb 
repayments -would boost’ ifo 
payments deficit slightly, fi 
over SKr 8bu. . 

Most significantly, rc^hi 
institute' anticipates-- a 7 pai 
rent rise 1 hi private invested 
• in 1979 after three saecesSjFt' 
years of decline. . . -• 

However, * the outgoing 
Economy .flUnfster^'Mc. - 
Bofaxnan, generally regarded^* 
the architect of the ecenojak 
recovery, yesterday warned -fit 
the risk for resumed ptfa 
Inflation Inherent to the i«fsa 
badge! deficit ' 




Expansionary 


Malay budget 


T-; <* v y . 


By Wong Sufoi^ V'// - 


Bid to free Nigeria loan 


BY OUR OWN CORRESPONDENT 


PARIS, OCL 20. 


THE DISPUTE over payments 
due to be made by the Nigerian 
Government to the French 
trading company Ipitrade, which 
is holding up a large Euro- 
currency loan to Nigeria, may be 
settled next week, it was under- 
stood today. 

A representative of the French 
company will meet lawyers 
representing the Nigerian 
Government in London next 
Tuesday when, it is hoped, a 
compromise agreement can be 
reached. The two sides, it was 
k-arnt in Paris, have already 
worked out a blue-print 

li was announced yesterday 
that a consortium of West 
German and Austrian banks had 
decided to participate in the 


loan, pushing it up from $750m 
to S1.15bn. Apart from the two 
latest participants — Deutsche 
Bank and Commerzbank — the 
eight managers of the loan 
include Chase Manhattan; 
Citicorp International, Dresdner 
Bank, First Chicago, Midland 
Bank and National Westminster 
Bank. 

The loan was put on ice by 
the decision of a Paris tribunal 
to block Nigerian bank accounts 
in France because of Nigeria's 
failure to settle a debt for 
cement dating back to 1975. This 
ruling involved at least two major 
French banks— —BNP and Societe 
Generate — who are understood to 
be subscribing S50m to the 
Nigerian loan. 


KUALA LUMP OR, Od. 

THE MALAYSIAN Govern- 
meat today introduced a mfidhr 
expansionary budget ior next 
year to susiarn tto eotnrtrjfc- 
growth In the fero of siaggish 
: performance by tfielnduairial. 


ised countirie5.^ : >^i‘' ’ 



Finance 

ment that' :MaIajeiak : :real 
growth f or^titls.rjttr. is 1 ;e*\ 
peeled to be ^A pcr cent-Tbe 
target grewth fo}: uext jwflF E& 

72. per cent. He«aW modi viffl 
depend on the GECD eauB tries, . 
whose economic peWbrauwee 
has recently - bee ir- revised 

downwards. ' . - ■ 

The Government wffl . adopt 
a stimulative bndgeL 
peodiftre risfcg by-fijerwntf.'n a * > 
to Khggitf UiSTdnc. ■&:%****• U 
Operating, expendtor# jaB 


be Ringgits 8,709m, andrwe-.’u L 1 f r 
estimated at li}:' 


nue is r . 

9,048m, giving: a rnrrent-suc 
pins of Ring^ts 'S39itt-7-thfi*’.i.;r \ 
seventh successive gftplis 
year. . : ' ■ 

Development spending ; JO* . 
defence and internal security . 
bas been cut by 9 per cent to . 
Ringgits 510m, reflecting . 
proved security within Malay- 
sia and the region. • -. 

There has been a^TirpeJ 
cent increase in develop® en] 
spending on social services, 
with allocations for hoao»* 
rising five times io Riflggfo 
540m. . . ... . -iVf-'-i 


TM 


POPE JOHN PAUL IPs INAUGURATION - 

Polish pilgrimage to Rome 


BY PAUL BETTS IN ROME 


Warsaw 

rescinds 


-;-:w 


THE SIMPLE chapel of (be pon- 
tifical Polish institute in Rome 
was unusually crowded this 
muroing. The congregation was 
swollen by a party nt pilgrims 
from Rhode Island in the attire 
characteristic of Americans in 
Italy. They had come to l he mass 
Sief.-tn Cardinal Wyszynski, ihc 
77-year-old head of the Roman 
Catholic Church in Poland, regu- 
larly clebrates at S am when he 
is In Rome. 

But th is was not the usual 
rooming mass celebrated by the 
Archbishop of Warsaw. There 
was also a Bishop, and Cardinal 
Wyszynski told the Rhode 
islanders of Polish extraction 
that he was saying mass for the 
new Pope, John Paul II, and for 
“the great gift bestowed upon 
the Polish people.” The mass was 
in Polish and Lal'm. Between 
the customary responses some 

members of the con sreita lion 
look photoeraphs with instamatic 
cameras and flashes. 

On the eve of the Installation 
on Sunday In St. Peters Square 
of the first ever Pope from a 
Communist country’, and the first 
non-Ilalian Pope in 455 years, 
Polish pilgrims are filtering to 
Rome from all over. Between 
R15 and 930. according to the 
Polish embassy here, are coming 
from Poland by charter High Is 
after the autlioritiM-s. jn an un- 
precedented gesture, granted 
visas with uncustomary speed. 
Manv more, of course, would have 
warned to come. 

After a somewhat muted initial 
reaction, the Polish authorities 
have publicly welcomed the 
surprise election oi Karol 
Cardinal Wojtyla. The Polish 
head of state, Mr. Henrich 
Jablonski, is expected to lead 
his country’s official delegation 
at Sunday's inauguration cere- 
mony. which will he attended by 
as many as 250,000 people, it Is 
estimated, including Dr. Donald 
Coggan, the fiiwt Archbishop of 
Canterbury to attend a Pope's 


installation since the Reforma- 
tion. 

By electing Cardinal Wojtyla, 
the 111 Cardinals clearly wanted 
lo demonstrate the universality 
of the Church. In turn, in his 
first homily to the. Sacred College, 
Pope John Paul emphasised that 
he intended to pursue the work 


Czestochowa for the celebration 
of the 8th centenary of Poland’s 
most venerated sbrine. The late 
Pope Paul VI had also expressed 
the wish to visit the shrine, hut 
was unable to do so because of 
Polish visa difficulties. 


call-up 



of the second Vfetican council to 
p roi.no Le ecumenism. 

But in what was tantamount to 
a preliminary, policy statement, 
in which he also advocated the 
resuect-of human rights and of 
Church discipline, Pope John 
Paul also made specific and 
nostalgic reference to his native 
Poland. Indeed, the new Pope 
is reported to have telephoned 
his diocese of Cracow which, he 
Is expected to visit- next ' May on 
the occasion of the ninth cen- 
tenary of the Polish -patron saint, 
ST.' Stanislaus. ; . .... . 

At ihc same time, .he -intends 
to Visit the Black -Madonna of 


Pope John Paul's first public 
appearance this week was to 
visit the Polish Bishop Andreas 
Deskur at the Rome Policlinico 
Geineili. Bishop Deskur is 
paralysed and is said to be 
unable to speak. With his ex- 
perience of the ways of the 
Roman . Curia, be would have 
represented a precious asset to 
the new Pope in these early days 
of his Pontificate, since’ John 
Paul has little" if any experience 
or Vatican administration. 

At the hospital, the 
unexpected visit of The former 
Archbishop of Cracow caused an 
immediate and enthusiastic 
public response to a man who on 
ihe night of his election Was 
virtually . unknown to most 
Romans. But like his predeces- 
sor, John Paul I, who reigned 
for barely 33 days,, he has 
already won widespread 
sympathy in Italy for his appar- 
ent - ..straightforwardness and 
openness together .. with bis 
knowledge of the Italian 
language. 

While one of the key questions 
his election raises is the future 
of Church-State relations in 
Poland and in the Communist 
world as a whole;- fn -Italy ait 
least ihe country is -still adjust- 
ing to ' the fact that a : non- 
Italian . is - now head of the 
Roman "Catholic Church and 
Bishop of: Rome. The Marxist 
newspaper “Lotia. Continual’ 
which normally does- not devote 
much ; coverage to . Vatican.’, 
affahs. this .time led . oil the 
unexpected election- of Cardinal 
■Wojtyla^ ’ It put ii- this" wayf 
“After- the world, basketball 
championships. Italy has - now 
also lost -the -Pope." 


By Christopher Bobinski '■ 

WARSAW, Oct. • 

TWO SMALL' but Signi$«nJ 
incidents indicate that’ 

Roman Catholic Chnreh . f 

Poland intends, to lahe.Jm 
advantage of the election. <>fvfe h 
Polish Pope. S foremen ts-by tb« i jfjpf! 
Polish Government shoWthal 
it expeets this to lead to belteC 

Church-Slat e-relations. •••;'• 

The day after Pope JnWi -• 
Paul ITs election, the mflitaR . 
authorities 'In .Cracow, wfiefi . 
the new Pape had been Blsboj- 
since 1963, called up 12 Iocs’ 
seminarists. The next day tto 
Bishop of Cracow s&id this *. 
strange way io celebrate- Off 
Pope’s election and was con. - 
trary lo the 1950 Church-5 la t< 
agreement . which exemptec 
seminarists from duty. 

On Thursday.. morning. 

Ka 2 imiere Kakol, Minister ri 
Religious Affairs, rescinded the 
order and said the - «!!■«! . 
was "blunder by the lore, 
authorities.** 

Also In- Cracow ihe Caihoiti 
.weekly, Tygodxuk. Pqwszechnyi 
asked ' the central authoritier 
tor_. permission to incretu^ 
their print run for a special 
Post-Papal election - edition 
beyond the 40,000 li«uL 
• Pope John Paul 11 todaj 
Pledged to-cpBtlttue the Ra 
Catholic church’s policy -oCGfo 
upholding, - the rights of lB- 'Idh 
dividual nations, bat appealed 'll; 
to all countries to - respect . • 
religious ' freedom. " Having. 
diplomatic relations with- A.’ - 
country ART , not .necessarily : , : 
mean approval of its regime* 
Instead K demonstrated the ; 

.will to have a dialogue, the 
Pojms. said. . -sv--..- ... - - : 



stfwfmwtf 



am and fariUbn. wt. wb*rtt>nm: 

"U&S.W 'nr Dulii ^ 'aw** ' 
MW raid aj Km VwV. - 






Financial Times Saturday October '21 1978- 


HOME NEWS 


LABOUR NEWS 


nan 


^ "" "" 1 

C ‘An ordinary 

bankruptcy 


BY JOHN MOORE 

WILLIAM STERN’, former Rem 
j >ead u£ a iSU-eompany proper! v Kjgg5 
-_‘:--mpire. appeared in Hit* London itreL 
lankrupu-y Court yesterday for a fap 
...... ■ 1 .iia persunui bankruptcy e.vainina- 1 e°fS? 

• • Although his £I04m pi-r*.nal K*s£ 

^ lankrupu-y is th« largest un taBy 
•' ecord it was described b;« Mr. gs*?? 

•. Alan Sales, the OUiciai Receiver. ggj§"_ 

•. V "a very ordinary bankruptcy 
r • noughts at the end ” BSgy 

During the examination, which mg"-- 
• i aa adjourned until February 14. figSI * 
Jr. Stern . was asked detailed 6Sjg£- 
; lueslions about his domestic tjasi? 

* . financial arrangements by Mr. BKISE:' 
> ' vionel SwiJ'L UC. counsel for the SagM 
onkruptey trustee, Mr. Oeorae EjSSp! 
; ..'j-iuger of Lhe accountants Stoy 

:• Mr. Stern. who stood through* 
ut the I>.*hour hearing. said that 

• w Jifc style before banKfuptvy 
J -~ j’-.'.' ••.■as commensurate with that of a 

erson worth IlSm. 

He said that in the seven years 
before his bankruptcy. £WO.UfiO 
-i :<as spent on household and pel- Ml 
j. 4 unul expenses. His home in t.inl- 
:-ers Green was virtually rccun- 
t ‘ . -trucieU. the house was furnished „ 


How time 

1 

ran out 
during 
Big Ben 
enterprise 


Government intends 
to press ahead on 
insider dealing law 


Tanker 

pollution 

danger 


‘Action causing 
patients’ deaths’ 

BY PAULINE CLARK, LABOUR STAFF 


BY CHRISTINE MOIR 


THE Government intends to in the attempt to catch wrong- 1 fiyrTjr of the industrial action taken by upset differentials between 

press ahead with legislation to doers poor wording cuuld hinder hospital works supervisors over supervisors and their senior 

lss A 2 sl?se ^ *«. 

-r n h ?>V"s m.“ Em^^r'uSs asi-s ^ ssss ; 

of the Council for the Se cur ilk a lice, too nskj > for directors and; ej..:.. Rhas should he over began a month ago. works supervisors would leave 


BY PAUL TAYLOR 


HR. DAVID ENNALS. the Social ment side and the Government 
Services Secretary, said yesterday would not give in 10 a pay 
that patients had died as a result demand which he said would 
of the industrial action taken by upset . differentials between 
hospital works supervisors over supervisors and their senior 
a pay claim. Talks between officers. 

unions and management broke The unions claim that, under 


tice, too risky for directors and ; gJL , rs£, - -wmlm h. IS began a month ago. 

mnnlnvAPC tn hnt#I ch-,u^ l Christll* BllOS sOOUid be OVef ?_ 9 ,,.. 


bis appeal for a return to some of them worse off than the 


In dust O'. cmployeesto hold shares in their n S£ today Mr C “or™ Kin- In bis appeal for a re,urn 10 some of them worse off than the 

« In two separate announcements companies, or uf hunting the m n na .,j n ., director of the BP Mr. Ennals* statement, made craftsmen who work under them 

yesterday. Mr. Edmund Dell. contribution ot investment Tanker comaunv *aid last nieht during a visit to his North and whose earnings were boosted 
... Ih . , . ,, Secretary of Stale for Trade, analysts to the full and fair dis- g,, • L-sierdav all but" Norwich constituency — “consult- last September by a 33 per cent 

NdiLm-H Kn^.rnti^ J pnL J.lf^kcd for wWe ««*ultaiion un semination and evaluation of 6 000 tonnes ‘of the 1 ’ tanker’s ants 1 res P ect have told me bonus deal. They have been 

nm £? R?n P Tr^ ?L n ‘! draft Bill on insider dealing information.* ™o of Ionian cradl had bwn patients are dying and I believe told by Mr. Ennals in previous 

w. :. B ttial aiope i anf j Mid he was prepared fur . pumned from her Si WeatS them "-seemed last night to meetings, however, thar any 

Im.n -.1 V d L- r “ r r a fu,,da ’ changes after the Bill was intro- Tightening Up SSmiln- Uie ODeratton^Sould have diminished the chances r.f improvement on the offer was 

mi-ntal lark of seriousness— j rflI - Pf | Al thp CMmP Him. til- r et S. r nn ' I!in . : ”. ine_ opcraiion snouja ... . ..niik*.lv to be aceeotah e to the 


MM 




vJr-fu u i injaiiin rruae Qua oeen - — «r . - — - — ■ — - — — mm r — — 

pumped from her tanks. Weather ,hem "—seemed last night to meetings, however, thar any 
permitting, lhe opemion sholild ^ 


V " r seriousness— Iduced. At the same time the CSI Neither did he have any in*en- be completed thia mornine settling the dispute in the near unlikely to be acceptable to the 

Z‘ ^'"hSUS !MIS“!!S , J!L«;!! , b “ ffiiSs ^T££&5sr r^SS, .. 2 kse=“ berause of «•“ pay 


the Bnard has sold Thwaitcs “ t - 1 11 ”, , Uon of miroaucmis a system Mr. King said the operation 

and heed the compani that olt? , pr0 .K° S which ** looks good in the Statute te save the ship and preveni It met with an immediate angry guidelines 

bin u and’ retains the maime- !h C «' n Department with Book, but has no practical effect pollution had been “an enor- response from the unions who Hospital 

,u It-lUIUS NIL IIIJIIIIO lh* lilniom desnatch. I >• > __I_ = n r»_ imntpW him nf “ hlnpL-ni.il •» -■ n#l hppn l.ltm 


the utmost despatch. 

Mr. Dell told a group of Liver- 


supervisors 


in the real world.’' 


• r " ,,,u "‘v anair are even less Me 

^ i f l|n u>' than the gags. icr: 

i Q l, ito simply, the Board has lost Ian 
' 11 bum £-150,(i0d on Its invest- u-j 


UiibA X fl Mtul 

MR. IVILU.VM STERN 
Empire collapsed 


amio 


; -r . derest-frei.. loan front his which will require investigation." | 

'' ' . I'i'sUir group uf eompann.-s. : — — 

130.0UU was spent on renovating in a y\i»r» 

- . .nd rebuilding his house. Tu do lOSt UtUCC 
.' its he engaged a subsidiary of t 

filsiar. A further £30,000 was ff) hiij rl £77|H 
jent on paintings, uu 

. Mr. Stern was tackled on hlfhl^Lr in r^itv 

• hethcr he obtained the best UiUCIk 111 

- 7 ! -assiblp price when he sold his B 

: 3use lo his late father for RL&S5SLndiit - 

. 1 10.000 in 1074 because his wife Pro P ert T Correspondent . 

/as under pressure to repay her THE POST OFFICE is -to : build 1 
, . ; an. a I27m, 470,000 square foot office!' 

■- The house was .houejil fur blwk on its St. MartinVle-Grand i 
— -ore than TaO.OOO m 1965. He site by St. Paul's Cathedral in the ! 
r* .id the court that he had City cif London. I 

i..\r?r:» , :iined the best possible price, The 2.3-acrc site has been one) 

• Mr. Sales said liie matter was uf the must productive uf the 
‘ d familiar kind in the bank- City’s archaeological digs. since , 
d)2» iptcy courts. 1 1 was the slorv uf 1974, when the Post Office 

• company director who had demolished the remaining build- 
:• ■•ejL-ven personal guarantees and mgs of its Central Telegraph , 


*S:-&32 nance contract 5 ur hal^ UIn, ° Sl despatch - in the real world." mous human achievement.” He accused him of “ blackmail" and been taking action throughout 

! inmiurtal Umemoce Mr. Dell told a group or Liver- « The CSI also announced yes- praised the co-operation from “playing polices with patients." the countiy Many hospitals have 

• iTh.. n..„iv -5 . u .! .iPod accountants yesterday. ler day that it was setting up a all involved. Mr - David Williams, assistant been closed to all but emergency 

•, . fr„m IS? il ^ t «CL n er u.«i!! i ? sider dealing. carefully committee to discuss a possible After outlining HP’s role in general secretary of the Con- admissions because of rwtnt. 

! runuv Ihan 7hi 'css 'defined, should be made a tightening, up of the Stock the rescue. Mr. King said that federation of Health Sen ice Em- uons rejJairs 10 

in,. 5 i u . . ernmnat offence. It is wrong. Exchange rules over the circum- the exercise would make future ployees, said: “This unprece- hospital machineir. 

i W' 11 -' J'U'ipi.v, the Board has lost and making it a criminal offence dances In which a companv cootingency planning for oil dented outburst Trom Mr. Ennals Yesterdays talks took place 
if-,** auiuu £450,000 on Its invest- will act as a powerful deterrent.” needs the prior approval of tanker disasters a lot easier ui ust caii in t° question his for the first time under the 
SE l » n 17 'i bought His words were echoed in a shareNolders before making a “because tve did it right." judgment. umbrella of the Advisory. Con- 

^ iflhjitt-s and Reed m May last statement from the CSI issued bid. He had “no idea" how much Wa categorically deny that ctliation and Arbitration Service 

■"™7 year from family interests after its meeting yesterday. The The Council said that the the operation to pump more than Patients have died as a direct and are believed to have focused 

TERN represented by the company Council stressed that it ‘ein- matter had arisen following 30.000 tonnes of oil from the result of dispute. We will on proposals for an incentive 

t$ed •■nainnan. Mr. Geoffrey phalicaily and unanimously re- Allied Breweries' bid for tanker’s shattered tanks had demand a substantiation or :e- bonus for supervisors. The two 

„“7“* n r; r yr £240,000 and has endorsed the support it had al- J. Lyons and Co. thi ssummer. cost, but pointed out that the traction b >' letter.* sides parted after seven hours 

u- -ro-u-hprf ' Ju*l sold it Tor lib.000. ready declared” for the prin- This raised the question whether company would be rooting the normal working, the Minister with no plans for a further 

r 3 tcjiuvu . Ljs f year lhe company I|ladc a lciple of legislation. the existing rules rvoersented bill. made lt clear ^le manage- meeting. 

luf -s or £170,000 on sales nfi Discussion will now focus on the right balance between the One* Uie vessel's cargo is 

,r an ad- ; ,,n, - v iI20 -W*0- and this ycar ; I"* details of the Bill itself, powers of shareholders and unloaded it will be for the 

-iisit-e -had i lussia art- likely io lw aboul! T * iert: rcma * n serious fears that directors. Department of Trade in consul ta- T^T A A A 

i material - f- uo - UOu - again uulstripping Uun with the ship s owners and A I Wl 1 |i A fllQlIC! 

jstigation."i tlir,,0VL,r - the salvors to decide whether to IH/X X 01717 /X 

!. , rri T» yfrk A * j sink her or tow her to port. If F 

e ,mports -lory MPs lash out t:ss;£{s^sp& ^ nno ii • k rCkyrrk u 

ylm TT „ ro Queu mk revolt 

?.; ra . sss.-*?, ?eu!s$£&rE$ oyer Heath line sijsfiss B y OUR ^ 

dy sro r ssstraia ss; ?r rdam ,o or ^ ^ en, ire , y on ,„ r iDfc 

notion th-ii ni.i- h.,f k' a BY J OHN HUNT, PARLIAMENTARY CORRESPONDENT Asked about the tanker’s past biggest print union are planning The company said last night 

nt - inspired bv iiS J5S? safety record. Mr. King said there action next week to end a revolt that it had faced a series of 

I «!•».. SLi^rd^r* ««7 ‘"•ap Heath 1, nip- ™ ' ">>1? orie hi* iMident. in ?J»« ;it,“ embe 3 t . who “ .„°™ r * b ?, »•* 


turnover. 

Imports 

The Enlerprisu Board confesses ! 
that buying of Thwailes and; 
Retd was a “ high-risk mvest- 
meni." It felt at the time that 
uie company could he turned 
into a successiu) exporter, a 
notion that may have been 


Tory MPs lash out 
over Heath line 

BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


NATSOPA plans 
to quell ink revolt 


BY OUR LABOUR STAFF 


is months, all unofficial. 


ourts. It was the slorv of 1974. when” the Post Office The inconvenient strength of the a ndTcb£ ^ onfidan Tnd TdS meeting- -The VESSr alterna- *** • “ 
any director who had demolished the remaining build- Sww franc made proper cost- o?^ Vre MaSawt ThSchJr fie Uve is a rSSe for Srter It 
ersonal guarantees and mgs of its Central Telegraph ^ mg tmpossible. _ Consprvati^ip-,, Lr Cr * ^ ™ £ n- . 


good workhorse *' iValker’s ink and roller factory f 0r a period early in the dispute. 

“ n Londons East End to return Mr. Dave Hutchinson. 

■ ■ «o work yesterday. NATSOPA branch secretary, said 


free market approach to pay incomes policy. 


The un,0D ,s expected to been solved. Another chapel 

, Dy toiieen loomey summtm lhe rebels to appear complaint that the company had 

\ THE UK film industry mav tike ' ,e *o re a local branch committee breached procedure in talking 

H™ wooi op”n i.7 gate# In ’■fll' "«« M«n» hU e tbe about pottslble rodunOaoelM 

public scrutiny if planning oer ’ , . r,kers are threatening to send was “untrue. 

; mission fni a new miml milMnn ■»«$«** Ffeet Slreet »° vreyenl The companv said thar it had 


o - “fateful day in . 1974" when excavation. 

McAlpine agrees to lift 
Alliance high and dry 

. BY MAURICE SAMUELSON 

- DECISION will be taken on Ove Aarup, the Danish consul- 
: ' ooday on how to lift an L100- taotB. The trustees are to chouse 
-.-in steel hull vertically from the. °" hl i\ 0 "? ay ^ et ^?J!!.V,° 8 A h „ e 

• * c ihm.vrinn fin fi cnmnilv pnri- 


»k at Portsmouth. That will 


submarine on a specially con- 
structed concrete raft, or on a 


docks Elliott has a wide over- reber firms which should be is going lo takd/off again and to Beacunsfleld Council to open - u " =* u "- 

seas sales network a coS abhort * nt 10 cv e r >‘ Tory? Or by attempt to aoticjp ate the in- to the public seven days a week 

memory model range, anti wan ^" ls lj* l (p. n the kmd that. pro- crease by massive wage in- during the suntnier and Svt n 

manufacture Darts f 0r lduced his own showdown with creases, then the thing we most days a week during the winter. IcAfinlfl Cl 1*1 \Z A1*C QOT^D 

Thwaites and Reed clocks ! the miners? ' dread will turn into a nightmare for the first time since it began IVCllvIlU kStlllJ&Clol <l£klCt/ 

Hastings by small modifies- T-^v^ e r^p , \ se , rv3 , t rt Vt +l rs ; °f ^ ea '>ty-' . in 1936. , . p -a 

lions lo Us tooling machinery. J d' knight, Edgbaston. said that Mr. Francis Pym » to take It is planning a studi- flPQPP 

she was incensed at the speech over as Conservative spokesman village with a film museuo. IU UVuLC iUjl JLllUJ.^1 

Tmilfllp made by Mi. Heath to Chelsea on Foreign Affairs “ for the time demonstrations, workshops an: * 

llUUmC Conservatives on Thursday night, being" while Mr. John Davies catering facilities geared it. BY OUR LABOUR STAFF 

... .... .. in which he spelt out in detail is recuperating in hospkital after “family excitement and enter . 

f ® er * a “ 1 1 J.?,, his thoughts on pay policy. his serious operation earlier this tainraent in a studio that * MASS meeting of 1,000 There are signs elsewhere that 

LlUott takeover. Mr. hlltoU, “The only thing that was sur- week. normally a closed shop," Mr engineering workers at the the industry's special paydiffi- 

wno is cn airman of ine Kniisn p r v S j n g was his statement that he He will still carrv on as Cjril Howard, raatiaging direc- Kenold power transmission cullies are leading engineering 
a!!?. he prepared to help Con- Shadow Leader of the Commons lor °f Pinewuod, said yesterday factory in Coventry, accepted a workers into delaying pay 

a^ncj th^°p 1 f?to?n^ici , Rna^r - servatives beat Labour at the and with his responsibilities for Visitors wnuJd take an hour- formula yesterday to end settlements, although engineer- 


• • :* ihe slrippetl down weight of cradle slung between piles which at the time and predicted that 1 

iiiance, Britain’s oldest surviv- would be sunk alongside- the company, already making 

• 13 submarine, when she is The overall cost of the museum losses, would run into 

• ' oved on to dry land to- form will be £350,000. of which „ ueeper trouble. 

ie nucleus of a submarine £210,000 has been raised. The Elliott lns ists that he is not 

• • u-euin. appeal hoped lo raise some of being given Thwaites and Reed 

The dual purpose of the opera- the balance io voluntary dona- on a . P* al . e Lhal £78,000 is 
. on is tn save Alliance — built in lions from visitors to Oberon. u a , fair Price for the company. 

' H6— -and lo raise revenue Trout moored lor the past week oppo- He intends ju keep its producls 
: ie museum for dcpendcnls of site the Tower of London. aad ove S. I . PP erall0n distinct 

tbtnuriners. For aevurul years. The last visitors will be allowed ;.._* ro i? I . .^'"Otl s. 

Iiiance has served as a floating aboard this morning, ferried Tree v l u?l !j - 5.il, 

. lowpiece for school parties. II nf charge from Tower Pier. P r £f u B -°, ar f hejias dealt with 

\\ .tv 1 now planned to pur her on land It is believed to be- the first ^ P RoTrri 

\ » --’-‘’t aside f«.r the museum. time visitors have been admitted *°" a * ‘ h '“ 

Sir William McAlpine. lhe id a British submarine moored Jr l ° Th a tes and 

’..TlIMinn i.. .,nrl»r. iV,.. Tl.-.m,..- iV’icilr.rc I., * asl Year. 




EEC Council must act 
to ensure energy supply 

BY KEVIN DONE, ENERGY CORRESPONDENT 


long tour through Pinewood': iheir four-week strike. ing unions are on the point of 

100 acres of landscaped grouru' Th ^ company was believed to starting pay negotiations with a 
by air-conditioned trams. They he the first affected by a big number of major employers, 
would not interfere with the dispute over the Government'* Between August and mid- 
function or making films, Mr insistence that the national October only 80 members of the 
Howard said. .ngineering agreement earlier Engineering Employers’ Federa- 

The project which follows a - his year, which boosted earnings tion have settled, compared with 
feasibility study by Pinewood by 11 per cent, should he costed 209 in the same period last year, 
and Rank Into fee-paying studio against the 5 per cent pay guide- At Renold the unions said 
tours, should take up lo three line. that the company's offer amoun- 

years to complete. The idea H was understood last night ted to only about 3j per cent in 
was conceived last year after that a productivity deal is the real terms'. The Coventry strikers 

! RA AHA afi.'i nnu rl ThfuitnK nrint'inal fflamonl in tti.i Onnr.M MnnAnAitlArl 


S/r Winiani McAJpinc. = [ imo^te. .nd ^““t ua. W n« |trtjBn| • Wpkh demand 

. .j.uildin? ci mtractor, is under- m the Tliamcs i Visitors luj^ fact nothfn-^’ so became lhe Thp. ennhnuin-* wnHri rwee. • Assistance for production and I tMMl UCllIdllll 
Ijtoofl to have agreed to dp the ReifasL the museum frigate 1 Bna -j asSts 'uithdravval Troin cin^nMniHnn Mles of Community coking coal; n ]n n /»vif 

i v* ' orfc at an estimated cost price moored alongside Oberon. are the clack and watch business arMl coke for 84661 industry | CUl 

■ w.000. .. eonpuitation w„„ ^ n.m, SSrJ ts 1 ,f u puTJi unemDlovment 

s-1 !*«i in its press release: We oi i crisiSi countries still had to Mr- de Bruyne. managing! uuciujliujiuwn 

• believe this merger to be in f ace t h 0 problem of ensuring director of the Royal Dutch 


the clock and watch business. j mo complacency. Eoven ir there ***““ a “^ 

Or, as the Board itself pul n was n o reapt of the Middle East 1 urp 
in its press release: "We 0 ji crisis countries still had to Mr - D - de Bruyne. managing 
belleye this merger to be in f ace t h 0 problem of ensuring director of the Royal Dutch 
the best interests of the com- sufficient energy supplies later Shell group said yesterday that 
puny and its employees, and thjs ce ntury, when oil and gas ev *n with a low growth rate for 
of the British clock industry. passe d their peak. the world economy, demand for 


unemployment 


v-vr*-. PI j • mer M,r#l ‘umw**!* Ul ,uc sufficient energy supplies later s™up aaiu ytHiLtrruay mat j 1 ® 151 ]? Re eve *> - 

•*' y%/ BrSA lie A fit PlPPirnniP p L ,n ^ a 2 d - U ? wnp’w 6 ** an ^ this century, when oil and gas even with a low growth rate for Welsh Correspondent By fAN HA pQj^£ AV c5 

.. Vt liitT SJ&C Wi ClCt UUII1E of the British clock industry. passe d their peak. 4l ? 6 world economy, demand for nin FPATFS AT Plaid Cvmru's 

• v • ^ /'bOjfV m m lb — wImm “That ciiis for decisive action Jjil was unlikely to be cons^ained ann ual conference in Swansea TALKS BETWEEN the Port of authority's crisis is undermining 

FBI £18 71 fiXUOCtfifl in 19H0S Martin Taylor now THd esp , i 1 lp f short-term next a o^vears SUPPy W,thjn condemned the Government's I,s ,rad n * U, ^ r L * l ?™ ers ' confi d 6 n«- 

- ■ I * Btf -aAaJt VA|fvVlVU weakness of world enersy mar - next 0- years. economic policies towards Wales “ 8, .® n _ s _ al i uU .. f >n *-’ 1 ^' r ° ur .Mr. DerM - 1 ® , ’1V chairman 

EV IOHM iLOYn T'* J. j. kets— so that countries are ready ^ . yesterday, demanded a national J? 1 ,- ^ lhe p0 , ^, 8 yf [he Lond on wharfingers Asso- 

BY JOHN LLOYD Jq J* 0T)^|J* with aJ tentative energy supplies. firOV£ 1*111116117 P ,sm a im6d at rcdacing unem- “PP" dockj, were continuing last cution (the private riverside 

. LECTRONiC MAIL— the trans- The UK Post Office, which has „ , I he great £ st opportunity for ^ 1 ployment, but welcomed West- n intended lo be a day %ai ihe?e 

Lssion of text through tele- a postal and tolocommunications ftpnfpr fniilf European Community countries fanfArv Hr I VP mins, lT- P f Webh final sesSun before “the n^an the nrteaie sect' rand uSLd^tiS 

- tone iines-wiU not gain wide divisions group to study the neaier I4UU is to safeguard mdigenous coal IslL-lUi J U11VC assembly. blf^re a fall Board meeun? Govemmem to ta’ke note ^ Jhe 

.-.•ceptancc as a means or com- effect of the telecommunications- ■ mgugu supplies far into the future. r T TIctor Tbe conference demanded the of the autboritv on Mondat^ b? aviation's interes“s * in a*5S 

' unication until the early 1Mb. based | text transmitters on the 011 9,700 CSrS Sir Derek yesterday was IOE UlSlCr “ replacement of the Welsh Seve- Sialo mESBIS btoJl S help for the auSSori^ 7 

axirding tn a consultants Postal service, is understood to 9 elected chairman of the European By Our Belfast Corresnondent lopment Agency with a dynamic t ), e re fusaJ of white-collar U was essential, be said for 

. “dy. forecast a dec me m thc i-osta. FlAX is reca uin E 9,700 Mirafiori Goal and Steel Community’s con- THE NORTHERN IRELAND development authority cnarged workers 10 j oin oUjer Q in CUS Lomers to eraember 'that 

. .. The reuort. which is still being service fium the mid-19-S0*>, as jmjj 132 c3 rs in Britain to suliative ennunittee. In his Department of Commerce is with spearheading a determined du- agreement. there was a separate and private 

.- 'mpleled. was undertaken bv the* new tech no logics tpB-? oji*r m0 ijjfy switches controlling address he pointed to lhe Com- building 11 advance factories and drive for new ventures lo pro- a j iin p r0 nn S es 1400 body of port operators. 

•i ; ackintosh Consultants for the j»n increasing amount 01 me h eu t er f ans j t was a onounced munity's dependence on imported modernising 20 in this financial ] ride new j ol3S - voluntary redundancies in lhe One c sequence of the auth- 

uropean post and tdeenminuni- !i u VM',* Mj!' Me * - v esterday.. energy, which accounts for nearly year, said Mr. Don Concannon,. On the call for a national plan, next year, half among staff, hair ority’s attempt to shut its en- 

iiions authontieft- Lusting W «-ithinir.sii nas ; jiim si- 1 u The Italian car company said ,60 per cent of total requirements. Minister responsible for industry 1 Mr. Earns Roberts, leader of among registered dock workers, closed doc 1 on lhe ur per river ‘ 
• lhe ■**' !hp U f'imnin Sv t S^n1 ’ i'„ 1 ih^t one car had caughl fire, and 1 Approval was needed from in Northern Ireland, yesterday. 1 Merthyr Tydfil District Council. . Mr. William Rodgers. Tran- m'flhl he an offer of generous 

■ ^ V.V L .i.iv ih." pITmi* .»f nit .-j.iltwa* found thal heater switches • t j, e council of Ministers for a Six of the new factories in the j said that official requests to the spun Secretary, has asked Tur severance pay to dockers. Under 

hi Spririmira i.n Viunni n.-.u ' i were overheating. " ! package of measures that has £2.5m programme are for the Welsh Office lo update the joint agreement on manpower Hie L--k labour scheme, that 

. - ' ,e yeara* - businl*S The Iifi.lv wU ‘ iw L "sb ' the I Checks will also be carried oul \ already been advocated by the areii > oF highest unemployment , Government's 186/ plandins changes and proposals to lake the offer J* jve 10 be •• 

■ IL Si ?.nri tf. Svileh frem impact ' of’ American .r.d on SOO of the cars to ensure ! Commission. These include-- West Belfast, Newrv and , uutde lines. v 4 Vales. The Way pon towards financial viability S :d . aie ?- the 


Unions and docks still 
talking about job cuts 


Martin Taylor 


^ SSSniS’-irejS^g ; ^ SJ5J» "confidence. 

weakness of world energy mar- next Q - 3 ears. economic policies towards Wales _^ a ( . o n «--in-four man- Mr. Dcrw . - chairm 

kets — so that countries are ready yesterday, demanded a national power reductions at the ports of 1 he London Wharfingers As: 


the world economy, demand for j-p ATR'q AT Plaid Cvmru's 
oil was unlikely to be constrained tn 


BY fAN HARGREAVES 


annual conference in Swansea j BETWEEN the Port of authority's crisis is undermining 


Fiat to repair 
heater fault 
on 9,700 cars 


ivru av luut \.uumnv-p v ichuj 

with alternative energy supplies. ( T OVPrnmPf1I 

The greatest opportunity for VJUVCIIIUICUI 

European Community countries fn pfnrv HriVA 

is to safeguard indigenous coal IdtlUIj UtXVC 

supplies far into the future." r j T| c f « r 
Sir Derek yesterday was IUI 

. elected chairman of the European By Our Belfast Correspondent 


economic policies towards Wales; un »°ns auou: onu-ln-four man- Mr. Dem . chairman 

yesterday, demanded a national power reductions at the port's of 1 he London Wharfingers Asso- 
plan aimed at reducing unem- docks were continuing last elation tthe private riverside 

ployment, but welcomed West- n, v 4- . , . . . . companies) emphasised yester- 

m raster’s plans for a Welsh _ At wha f « intended to be a day that there was no crisis in 
assembly final session before the plan the private sectr.r, and urged the 

' .. Sues before a full Board tneeimg Government to take note of the 

The conference demanded the 0 f the authority on Monday, lhe association's interests in any 
replacement of the Welsh :-eve- stumbling block was still help for the authority, 
lopment Agency with a t> dynamic t h e refusal of white-collar U was essential, be said for 
d ?JP l workers 10 join other unions in customers to eraember 'that 
I with spearheading a determined a j;r eera ent. there was a separate and private 


■ ic next few years, businc.* The slir.ly will ;.*.smss lhe Checks will also be earned oul already been aovocaico n> uie areas, ui 
' -iers will lend U> switch from impart or American ^ndjon SUO of the tars to ensure j Comm ission; These include-- West f 

-■ adiiiouul post to cicclronic -lapanese mirrn-clectronu - scch-jihe steering wiieei is safe. <• Increased sales of -Community straoanc. 

ail. nology and products un cJumpu. 


ALEROOM BY ANTONY THORNCROFT 


Liebermami record price j THE British Steel 

HE TWO-DAY SALE rf previous best Of £39.393 in 1973. J t _ dnV f u 

onUnental pictures ended at and. was far above the pre-sale i,™ ^ . lu „ 


■ ontlnental pictures ended at and. was far above the pr 
. hria tie’s yesterday ■with it tola] estimate of £10.000-£15.000- 


m on SOO of the cars to ensure ! Commission; These include:— West Belfast, Newry and ; guidelines. Wales: The Way pon towards financial viability al ’ rceisiercd men. and the 
h- 1 the steerme wheel ix safe. • O Increased sales of -Community Strabanc. I Ahead, had been firmly rejected- as a precondition for the release Wharfingers are worried they 

6 of lhe first tranche of the £35m “‘Shi lo se th eir own labour. 

: ~ promised in July to meet 

i Rebuilt foundries seek orders Wmm “ y 

employment opportunities and „ . 

BY RAY PERMAN, SCOTTISH CORRESPONDENT . the need for investment. Uon will be resumed 1 " Vn * u ? 

THE "British Steel Corporation they could reaefi 100 per eent, eompanies using steel castings to S per cent grant from the ywertfay ^e^ue?. Cowley‘faeto% ot™ raday. a^e? " 

, launehed a drive yesterday for there was potenUal Tor another buy British. „ ^ . reglOOTl am und^ tl oo of .invc!” 7 Yn the Upper a shutdown lasUng nearly a 

ordere fur Us Craitneuli ^ ' lisl]t an g medium what is probably the most modeip presented with a paper by the ‘‘h'jj, 10 , bee! Je The assembly lines stopped 

rrlT;. JSSS 1 :. L““ I i?5i e5 «S8?*2L P ™ dU fS 1.“”%“ '".K ?. K J' “” b L“ cd The ( .«t£>rlty considers tha, because of a shortage of suspen- 


BL factory 
to resume 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


Foundries.. Moihcrwell 


Craiuneuk ^ JobsT . He said: “BSC has provided At the works Mr. Mllbn was Docks L likeiy re bSiTK week. 

n tlh>h The light and medium what is probably the most model?] presented wilb a paper by the. SeSHn iv iromineni The ass 

n. ^ hlC ^ foundries at Craigneuk produce foundry complex in the UK, if combined unions committee. The authority considers thal because of 


>beif by Max Liebermaon. "Helping. Mother *' by Giovanni ‘ rbundri6s an d enaineerina depressed by the low demand for improved condiuons for the replace the present hand m tils. Uon of cash 14jighl everse J lbe refusal to let them go home 
The picture, painted about Torriglia. A Parisian street forces, founanes and engneenng su?e{> Cerioin other markets, workforce by reducing substan- The unions said that those docks’ decline. * when they had finished thei? 

- $85, shows a young woman scene by Laureanu Barra u 'sold sectlon - employ about boo men, such as shipbuilding and the tially such problems as fitmes could be established at Cralgneuk The authority lost £4.7m in daily work quota. 

Bitting, it received an award for 115.000 and an interior by but are running at less than North Sea oil industry, have and dust, whigh.are traditionally at a cost of £6ni, compared to the first half or this year and The cuinpany said vesterdav 

.r merit when first exhibited m Johan vun Bremen for £14.000. three-fifths of capacity. proved disappointing. associated with foundries.'* . • £l5m on a green-field site, and will face a liquidity crisis hv thal after talks on their 

.. - r . icrlm in 1888, and then di* There was a very successful Mr. Edward Kara, works Mr. Bruce MilJan, Secretary of The Government has assisted would secure the future of the next spring without 'Government the men were workin« norm-Itw ' 

ppeared for 40 years. oriental porcelian . Kile at manager, said that output needed Stale for Scotland, who formally the iniprovement programme 700 jobs in the Craigneuk rolling cash. and 2 600 laid-nfF 

t The price was dn auction Bonham’s with a total of £103, S»5 ! to be stepped up to three-quarters opened the. modernised works with a cranl of £T.2m under the mills and reduce overheads for Private employers in the Port were heins >eca led to 'll! 
ecord for the artist, beating ihu and a top price of £17,500. jnf capacity to break even. If yesterday, appealed to BriUsh Ferrous Foundry Scheme and a the foundry. of Loudon are worried lhal the production 


4 


Financial Times Saturday October 21 197S 


THE WEEK IN THE MARKETS 

~ — — | 

Soothing words for gilts at 
the Mansion House 


The interest rate scare seems earnings up U4 per cent to 
to be over, for the moment at £10.4m on 21 per cent higher 
• least. Period rates in the money sales. 

- markets dropped by as much as Another encouraging feature 
half a point yesterday: gilt in the M and S results is the 
edged prices were noticeably improvement in its European 
firmer: and equities shook off division, which, after excep- 
their torpor of recent days, tional costs are excluded, turned 
That seems quite a fair return in a profit of around £}zn. The 
■far a couple of cigars, a glass group has also been re-organis- 
of brandy and a few comfort- ing its Canadian interests — 
ing words from the Chancellor closing down unprofitable stores 
and the Governor of the Bank and opening new ones — and 
of England on Thursday night, although the operation is still 
Of course -there was a bit showing overall losses the 
more to it than that. Short underlying position seems to 
rates in tbe money market were have improved, 
already easing off well before Both companies are optimistic 
the appearance of an euenurag- about their full year figures: 
ing set of money supply figures on current trends M and S 
on Thursday afternoon. The should make around £160m pre- 
statistics also confirmed what tax and BHS £35m. On top of 
the authorities have been hint- this. Marks may be able to 

ing at for weeks past — that the increase its dividend by a third . 

Government is well ahead with under the maximum cover rule 

its funding programme, despite of the present dividend con- „ .. , , 

the apparent absence of tap trots, as the Treasury is likely. “° re K than u D ? M t J ad 

stock sales in the past few to allow it to exclude ex cep- b a gained for because just five 

months. tional items from its figures in ag0 company felt 

For the first time, the figures arriving at the highest historic c . on ®dem enough to forecast a 

included up-to-date details of dividend cover. TmL p!<S i t 

the official sales of gilt-edged The M and S share put on 5p S 

securities. Up to now. it has P rofit - S eaniet * “ VItaI! >- 

always been argued that pub- 
lishing these figures would 
reveal too much of the Govern- 
ment brokers' hand, and thereby 
foul up his day to day tactics. 

Maybe he has got some con- 
ning new scheme up his sleeve. 

However, there is no doubt to S7p on Tuesday after the TOP PERFORMING SECTORS IN 
that the Mansion House results were announced and FOUR WEEKS FROM SEPT. 21 



1976 


1977 


1978 


LONDON 

.ONLOOKER 


important Christmas season will 
more than offset the first half 
deficit, clearly 1978 will end 
well short of last year’s £6.5m 
pre-tax. 

The UK— riding high on a 


% Change 
+ 1 S 
oja 

- 0.3 

- 1.7 

- 1.7 

- 1.9 


THE WORST PERFORMERS 


All-Share Index 

- 4.4 

Insurance (Composite) 

- 7.9 

Pharmaceutical Products 

- S3 

Office Equipment 

- 8.7 

Insurance (Life) 

- 8.8 

Contracting, Construction 

-11.2 

Toys and Games 

-13.6 


speeches also played a part in jield this level over the next M - 
yesterday’s market rally. The two days. BHS gained 2p to Textiles 
theme was currency stability, 21 2p after Its Wednesday Engineering Contractors 
which was presented as a cen- announcement but the share Oils 
tral aim of economic and financ- slipped back lo 209p on Thurs- Overseas Traders 
ing policy. If earnings grow too day. Hhousehold Goods 

rapidly, then fiscal and mone- 
tary policies will slow down DCM Shock 
growth and raise unemploy- , . . 

menL A tough prospect — but t ^, e .- pr ^? US : — T 

one which the markets find “*? £*•»»• i!? "™" (O myt.) 

infinitely mere ..active than “W* OlikXS?-? 

tberelaxed policies of the early when Dun bee -Corabex - Marie 
1 ‘ < us ‘ clocked in a £3m loss -in the 

CoilKUmpy hnnm first half - Prlor t0 the announce- 

consumer OOOm nient. DCMs shares had 

The slore vector has been slipped around 20 per cent consumer spending boom — will 
very much in the limelight this over a three-week period ahead give valuable support, but the 
week as both Marks and Spencer of fears that overseas results full year may provide group 
and British Home Stores have were going to be disappointing. P rofit! > of only £4m. This will 
• published interim figures. The They certainly were— and the h,; the first ^me in 16 years 
effect of higher consumer spend- shares dropped again, ending ^ iat has suffered such a 
ing was evident in both cases, the week a r lOOp. The problems setback, 
with volume gains of around 14 arc blamed squarely on opera- y\ 

per cent coming through in non- tion* outside the UK. In the **uunu iH O QT MJuwSOn 
sales. • U.S. fmore than 40 per cent Dawson International’s rather 

Marks and Spencer showed a of sales in 19771. the company acrimonious circular to share- 
dramatic improvement in tried to integrate the new holders recommending rejec- 
trading margins, with a 19 per acquisition, Aurora, into the tion of William Baird’s £31m 
cent rise in group sales giving Marx business in too much of bid for the Dawson shares it 
a 40 per cent increase in pre-tax a hurry, and the disruption to does not already own posed a 
profits to just under £73m, but production had • damaging small problem Xor the London 
BHS. to some extent affected by results. ■ In addition. Schuco Stock Exchange earlier this 
reorganisation of its sales Boors, continues to incur substantial week. 

only managed to push pre-tax losses in West Germany. This While the document con- 


formed to the listing require 
men Is it contained a sentence 
which the Exchange's quota 
tions department felt could 
involve tbe Exchange in 
possible defamation action. The 
Dawson directors saw the 
sentence as a material fact 
which their shareholders were 
entitled to know and they 
dispatched the document with 
out the official nod from the 
exchange. 

The rejection arguments 
were the usual mix of higher 
dividends, the promise of 
large asset ■ -revaluation, plans 
for a profit forecast that “will 
not disappoint anyone " accord 
ing to chairman, Mr. Alan 
Smith, and just a hint of 
Scottish nationalism. It also 
contained a call for the resigns 
tion from the Dawson Board of 
Mr. Stanley Field, Baird’s chair 
man, because, in the Dawson 
directors’ view, there are con 
flicts of interest inherent in his 
continued presence on the 
Board. The call was rejected 
after “ careful consideration 
by Mr. Field. 

The Dawsnn directors also 
emphasised that, in their view, 
there is no commercial benefit 
to Dawson from the proposed 
merger. They pointed out that 
Dawsnn is a specialised manu- 
facturer of high quality textile 
produets geared for the export 
market. Baird’s textile division, 
they argue, is concerned pre- 
dominantly with a variety of 
ready-made garments for the 
medium to low price sector of 
the home market. 

But for Dawsnn shareholders, 
the main consideration is the 
offer price. The Baird bid values 
the shares at 203p compared 
with a price in the market of 

206p. 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 



Price 

Y’day 

Change on 
Week 

1978 

High 

1978 

Low 

Ind. Ord. Index 

500.2 

+ 4.0 

535.5 

433.4 

Bishapsgate Plat. 

115 

-rlO 

115 

64 

Black (A. & C.) 

152 

-(-20 

152 

70 

Brook St. Bureau 

86 

+ 6 

39 

55 

Conzinc Riotinto 

278 

—28 

336 

148 

Coro Exchange 

245 

+63 

257 

154 

Dunbee-Combex-Marx 

100 

-24 

162 

100 


Awaits guidance on pay / economy 


Average 
week to 


Oct. 

20 


Oct. 

13 


Rise in producer price to $280 


Park Place acquires 10.6% stake 


Edinburgh I ndustria I 
Edwards (Louis C.) 


Excellent first-half results 


Poor results from Hammers ley 


FINANCIAL TIMES 
Govt. Secs. 69 20 _ 69.60^ 
Fixed Interest 70.96 71.72 


Oct. 

6 

J59.87 

7L73 


16 


+"41 


_2Q 

164 


Bi 


Geevor 

170 

-i-2Q 

170 

111 

S 

Hawker Siddeley 

248 

-§-10 

26B 

166 

li 


_Bid approach 

_C2.96m half-ye arly l oss 
Poor preliminary figures 
Bid speculation 


Strength of tin price 


- 4 


London Scottish Finance 50 

M.l. M, Hld gs. 192 ‘ 

Management Agency Z Music 94 

Midland Educational 245 

Mining_ Supplies 1 18 

Pacific Copper 67 

Saint Piran 83 


Steel Bros. 


200 


-18_ 
_+10 
-4-25 
+ 18^ 
+" 9 
-4-12 
—35 


19 

_ SZ I 

_223 

98~ 

263 

J22 

__70 

83 

250 


InL res ults above expectations 
Disposal of sugar interests 


Indust. Ord. 496.7 

505.1 

504.7 

Gold Mines 155.7 

166.4 

1703) 

Dealings mkd. 4.482 

4.715 

4,723 

FT ACTUARIES 
Capital Gds. 240 SO 

245.52 

244.68 


3 0 I ncreas ed dividend & profits 

125 Weak Australian market 


Consumer 

(Durable) 


214.28 218.14 215J53 


6 9 S pecul ative bid ho pes 

77 Bid battle intensifies 


5 4 S peculat ive buy ing 

Tungsten deal with BOC Minerals 


30 

49 


175 


Propos ed board cha nges 
Disappointing interim report 


Cons. (Hon- 
ourable) 213 JO 

!nd. Group 225.91 
5PO-5har e 2 49.65 

Financial Gp. 764.35 
227J2 
"56.67 


217.24 215.73 
230.19 229.36 
254 03 253L83 


166.48 164.87 


All-Share 
Red. Debs. 


231.44 _230.03 
57.51 57.71 


Collapse of stout party 


LIKE AN over-ambitious weight 
lifter dropping his burden with 
a thunderous crash, the New 
York Stock Market has this 
week surrendered nearly 60 
points and walked away Irom 
the gains registered since late 
July. Based on the illusion that 
interest rates were at or near 
their peak this second leg of a 
rally which began last April has 
finally succumbed to a pessi- 
mistic interpretation of current 
ecoaopuc reality and to a 
gloomy view of the short-term 
outlook. 

It is now clear that the Fed- 
eral Reserve Board's raising of 
the discount rate (the charge on 
loans to member banks) from 8 
per cent to a record 8} per cent 
on Monday was such a cold 
shower for the market that it 
drowned any possible positive 
reaction to last week-end’s Con- 
gressional decisions on energy 
and tax cuts (including a signifi- 
cant reduction in capital gains 
taxes). Monday's extraordin- 
arily sharp fall of 21.92 in the 
Dow Jones Industrial Average — 
the largest daily decline since 
November 18 1974 — testified to 
the fact that the Fed’s actions 
had suddenly thrown the con- 
tinuing upward trend in interest 
rates into sharp focus. To tbe 
general alarm of investors, not 
only are higher interest rates 
failing to have any appreciable 
impact on the fortunes of the 
dollar but it is feared that they 
are also threatening the future 


of the economy. 

No one knows, least of all 
the Fed. at what level interest 
rates may dampen or even kill 
the prospects of continued 
economic growth next year. 
But memories are harking 
back to the 197+75 period when 
the Fed swung sharply from a 
policy of accommodating a 
large expansion of the money 
supply to an excessively restric- 
tive policy wbich pushed op the 
key short-term interest rate, the 
Fed Funds rate, to 133 and 
which is thought to have un- 
necessarily prolonged the 197+ 
1975 recession. 

Despite the evidence that the 
Fed is still treading cautiously, 
there are signs that the Central 



DOW JONES INDEX 
Industrial Average 



NEW YORK 

JOHN WYLE5 


Bank is alarmed at its failure 
to curb money supply expansion 
and that it now fears that the 
economy is not slowing down 
sufficiently to impose a natural 
restraint on credit demands 
through into next year. The out- 
look could then be higher infla- 
tion and excessively strong 
credit demands. 

Goldman Sachs. Economics in 
its latest analysis sees an infla- 
tion rate of close to 10 per cent 


in the first half of next year and 
argues that President Carter's 
new incomes policy, to be un- 
veiled next -Tuesday, is likely 
to have only a small impact be- 
cause it is being introduced at 
a much later stage in the busi- 
ness cycle and at a stage when 
past incomes policies were 
already beginning to break 
down. Thus the burden on the 
Fed will be as great if not 
greater than now, prompting 
Goldman Sachs to swell the 
ranks of recession forecasters 
with the prediction of “a signfi- 
cant tightening of monetary 
policy and a sharp slowdown in 
the economy, culminating in a 
mild recession next year.” 

Still rising interest rates, a 
prostrate dollar and a possible 


recession are not the stuff ofs 
which bull markets are made.) 
hence this week's extremely! 
broad decline in share prices.)- 
Despite the enormity of Mon-a 
day's drop in the Dow, somes 
analysts took comfort from thee 
modest 24 -6 in shares traded bute 
when volume leaped to 38.0 7me 
on Tuesday with secondary^ 
stocks on the NYSE and thea 
American Stock Exchanged 
suffering heavily, then tbereS 
could be little doubt that' we*o 
were seeing a significant exodus 
from the market. 


*- 


Close 

Monday 875.17 

Tuesday 8663 

Wednesday 859.67 

Thursday 846.41 

Friday 838031 


The inexorable rise of 
the costliest metal 


Change^ 

-21.92 s 

- 6* 3b 

- fijje 

-13J4- 

- 8.4ttt 

it 

d 

i- 

7 

a 

\- 


NOTHING, it seems, can halt 
the astonishing rise in platinum 
prices. Yesterday the free mar- 
ket price rose to a new all-time 
peak of £174 (S348.25) an ounce, 
£8.60 up on tbe week and £85 
higher than a year ago. Rusten- 
burg Platinum Mines of South 
Africa also announced it was 
raising its official producer 
world price by $20 to $280 an 
ounce (£142 in the UK). This 
followed the decision by Impala 
Platinum, the other major South 
African producer, to raise its 
price on Thursday from $250 to 
$280. The only disappointment 
in the market was that Rusten- 
bur? didn't "leapfrog” further 
to S300 in view of tbe strength 
of the free market price. 


JOHN EDWARDS 


Less than 12 months ago the 
producer prices, at which the 
bulk oF world supplies are sold, 
was down to $162.50 an ounce 
before starting its dramatic 
climb last November. 

There are two fundamental 
reasons for the rise in platinum 
prices and put together they 
form an explosive combination. 

One — possibly the most 
powerful influence — is the de- 
cline in the value of the dollar 
aod the general chaos in the 
currency .markets that has 
driven the price of gold to re- 
cord levels. Traditionally plati- 
num has been an alternative 
hedge" to gold for investors, 
or speculators, seeking to pro- 
tect their funds against the 
declining value of "paper" 
money either through currency 
weaknesses or inflation. 


There is a direct link too 
between gold and platinum in 
that they are substitutable in 
certain industrial uses as well 
as jewellery, so their prices 
tend to move in the same direc- 
tion. In many ways platinum 
as the more expensive metal, 
supported by a producer price 
based on the cost of production, 
is a better investment " hedge ” 
than gold. But it is less sensi- 
tive than gold to monetary influ- 
ences. since platinum is also an 
important industrial metal. 

The second reason .for the 
explosive price rise is that in 
addition to the monetary presp 
sures there is also a strong 
supply-demand situation, with 
an apparent shortfall in produc- 
tion to industrial consumption. 

Last year when prices were 
depressed the South African 
producers decided to cutback 
output rather than go on pro- 
ducing at a loss or a very low 
return. These cuts in output in 
production have not yet been 
restored, despite the steep rise 
in prices, suggesting that the 
producers have decided it makes 
more sense to earn profits 
rather than expand. 

•At the same time there has 
been a sharp cutback in sup- 
plies from alternative sources. 
In Canada for example, severe 
cutbacks in nickel production as 
a result of very depressed con- 
ditions in that market,-, have 
meant reductions in output of 
platinum as a by-product. But 
the biggest influence on the free 
market has been the virtual 
withdrawal of the Soviet Union, 
normally the biggest supplier, 
as a seller. 

The official reason given by 
the Russians is that they re- 
quire to retain more platinum 
than usual for the minting of 
special commemorative coins to 
mark the Olympic Games In 
Moscow next year. Hence they 
are only meeting their con- 


tractual commitments, and not 
providing the usual extra sup- 
plies to the free market. In- 
deed. at one time they were 
rumoured to be actually buying. 

Traders, however, as time 
passes are becoming more and 
more convinced that the real 
reason for the Russians with- 
drawing as sellers is production 
problems; they are for example 
becoming more reluctant sellers 
of platinum's sister metal, pal- 
ladium. which is not used in 
commemorative coins and 
medals. The situation may be- 
come clearer shortly when the 
Russians start negotiating their 
supply contracts for 1979 with 
consumers. - * 

The demand side is clouded 
by speculative baying, often by 
companies using platinum in- 
dustrially and stocking up 
against possible shortages, as 
well as by investment funds 
prepared to hold stocks for a 
long time in hopes of a big 
capital gain. But the Japanese, 
who buy something like 50 per 
cent of the world production, 
for jewellery purposes are still 
eager buyers having stepped up 
purchases already by an esti- 
mated . 10 per cent this year. 
They are. of course, encouraged 
by the strength of the Yen 
against the' dollar, which greatly 
reduces tile' impact of the 
higher work}' prices. Impala 
Platinum recently announced a 
campaign to popularise pla- 
tinum for jewellery purposes in 
the Western world. But the 
move, planned some time ago, 
seems to be rather ill-timed 
□aw although it might provide 
a longer term basis of higher 
sales. ; • 


fttOr 




h60b 


£ PCS HOT MKE 




too 


PLATINUM 

UOMMW FHEEURKET 



Mar Jon Jut Ann $m Oct 

1978 


Another big expanding mar- 
ket for platinum is its use as a 
catalyst in the car exhaust sys- 
tems, now being insisted upon 
in the U.S. and Japan to reduce 
pollution. European cars sold 
into the U.S. are also having to 


meet these requirements. The 
big automobile manufacturers 
have bought large quantities of 
platinum and palladium in re- 
cent years, with Ford recently 
concluding another long-term 
supply contract with Rnsten- 
burg. This is in addition to its 
traditional outlets as a catalyst 
in petroleum refining, cbemieal, 
pharmaceutical, glass, auto- 
mobile and electrical applica- 
tions. 

in the years ahead scrap re- 
covery from the car exhaust 
catalyst systems may provide a 
new source of supplies. For the 
moment there is little on this 
horizon to stop the upward 
spiral in prices, except for a 
resumption of Russian selling or 
a recoyery in the value of the 
dollar which would bring heavy 
Investment destocking. But 
there is obviously a point, not 
too far away, where consumer 
resistance and' speculative sell- 
ing would bring supply and de- 
mand back into balance. 


*t - 

l 

3 

if 

3 

4 


r-\ 

#1 


-* 



stormy seas 


NE OF these days the tnar- 
?t for nickel will recover and 
anada's Inco, the world’s lead- 
ig producer of the metal, will 
? able to turn its big unsold 
ocks of the metal to good 
:count. In the meantime the 
lant company has to battle nn 
ith little sign of any improve- 
iept on the horizon. 

Also hit by the continuing 
rike at its operations in Sud- 
jry. Ontario. Inco has reported 
fall in third quarter earninas 
i U.S.S9.8m (£4.33m) from 

!3m in the previous three 
onths. The total for the first 
ne months of the current year 
uount5 to S67.7m, nr 70 cents 
?r share, compared with 
15.2m in the same period of 
177. 

The outlook for the current 
tartirr is none t»*»» bright and 
i/.-n has halved its quarterly 
vidend rate to Ifi rt'iiU mak- 
q a total for !U7S of Til cents 
:ains[ Si .25 last year. At 
ast. the Sudbury strike is 

■lpins the company in its 
ilicy of reducing the big stock- 
le of nickel which was 
wered by 40m lbs to 291m lbs 
the quarter. 

At the currently depressed 
■ice level of under CS20. Inco 
iares could be interesting to a 
iyer prepared to take a long 
rm view. It has been suy- 
sted that they could attract 
e atleutions of one of the 


cash-heavy oil majors, but the 
sheer size «if Inco might be a 
deterrent. The market capitali- 
sation is over C¥I.5bn. 

ironically. Inco’s major by- 
product. platinum, is booming 
but the company is not reaping 
the full benefit of this because 
of its nickel mining cutbacks. 
The combination of rising de- 
mand for platinum, notably by 
the Japanese, and the virtual 
cessation of Soviet supplies to 
the West has resulted in the 
free market price of the pre- 


KENNETH MARSTON 


cious metal advancing to new 
peaks of over $340 an mince. 

This week the General 
Mining - Union Corporation 
group's Impala 'Platinum has 
lifted its “ fixed " producer 
price by S30 to 32S0 per ounce. 
The new price level has also 
been followed by the rival 
Rustcnhurg whirh raised its 
price by S10 in 3260 at the end 
of last month. So far. however, 
neither of the South African 
mines have announced any in- 
tention to increase production. 

They are probably keeping a 
wary eye to the possibility oF 
Russian material returning lu 
Uic market uud it is hoped that 


a clearer idea of Soviet inten- 
tions may emerge at the London 
Metal Exchange annual dinner 
on October 31 when Soviet rep- 
resentatives normally negotiate 
the following year's supply con- 
tracts. 

One of the few companies 
which is making good profits 
out of copper at the currently 
low prices is Rio Tinto-Zlnc. 
This week its Palabora opera- 
tion in South Africa has 
announced a further increase in 
production but fingers are being 
kept crossed in the hope that 
the troublesome autogenous 
mills can be kept going until 
their replacement shells can he 
fitted in the first half of next 
year. 

The group's Bougainville 
mine in Papua New Guinea has 
the important by-product of 
gold and her« again, production 
is on the increase. Latest 
figure^ show that Tor the first 
nine months Bougainville has 
produced 151,301 tonnes of 
copper compared with 13L.134 
tonnes in the same period of 
last year plus 18,199 kg of gold 
against 16,072 kg. 

On the other hand, RTZ's big 
Hamers ley iron ore complex is 
suffering in line with the world 
recessioa in the steel industry. 
September quarter earnings 
have wilted to ASl.S4m (£i.luu. 
making AS 12.88m for the past 
nine months against a restated 
A846.37m a year ago. 


Adverse factors m the past 
quarter have included lower 
sales, the weakness of the U.S. 
dollar fin which iron ore 
contracts are priced), reduced 
prices and industrial stoppages. 
RTZ has already warned that 
unless there is a recovery in 
metal prices the group's earn- 
ings this year will be lower than 
those of 1977. 

This week has also brought to 
a close the South African gold 
mines' September quarterly re- 
porting season. For the most 
part profits have been lower 
than in the previous three 
months when they were swelled 
by a once-for-all bonus arising 
out of ihu new system whereby 
the mines arc paid the full mar- 
ket price fur their gold on 
delivery, thus eliminating the 
previous time-lay. 

The other notable factor has- 
been rhe continued rise in work- 
ing costs which tend to erode 


much of the benefit of higher 
gold prices. Vnof Reefs has 
been one of the few exceptions 
and the mine's South Lease 
area, from wbich Southvaai 
Holdings draws its income, has 
p.oduced a good increase m 
profit. 

Earnings have taken another 
stride forward at the East Rand 
Gold and Uranium dump re- 
treatmeot operation which is 
now close to capacity working 
while Union Corporation’s St. 
Helena mine has done well with 
higher production as a result 
of an improved gold grade and 
lower costs. 

On the other hand, Haxtebecxt 
has suffered from lower produc- 
tion and higher costs. President 
Steyn has had a similar experi- 
ence and its latest final divi- 
dend of 50 cents has been 
below expectations; even so. it 
makes a year's total of 80 cents 
against only 20 cents last time. 


The best dividend announce- 
ment has come from Free State 
Geduld which is paying a final 
of 180 cents to make a total of 
315 cents against 240 cents. But 
from a sharemarket angle. 


rising gold prices and mine earn- 
ings have cut little ice against 
the background of political un- 
certainty as the accompanying 
graph of the Gold Mines Index 
shows. 


GOLD MINE NET PROFITS 


250 

S PER 

FINE OUNCE/INDEX 

* "■ 1 


1 






















— 







0 ** _ 


200 




t=GOLD price: 

- 









V 


A* 

- 


150 



CV^i 



n 







— 

t — j— 






— 

— F.T. GOLD 'MIXES IXDE3 

t — 



1QD 


— l — -i — i — r— i — 

— i 



* 

JAS 

FEB 

MSB 

APR MAY JUN 

1978 

JVl 

AUG 

SEP 

OCT 



September 

June 

March 

December 

quarter 

quarter 

quarter 

quarter 

noons , 

ROOOs 

ROOOfi 

ROOTS 

R.393 

8.215 

6330 

4,489 

1.757 

LS58 

1.439 

009 

11,876 

94177 

8,724 

8,724 

24)91 

3.816 

2,588 

2,780 

fll.847 

f 14150 

tew 

+77 1 

:i9 

}I7S 

2140 

t403 . 

22,813 

23,046 

20,446 

25447 

3.628 

1,188 

881 

__ - 

t678 

f 1,979 

+721 

+14)65 

703 

1.669 

603 

479 - 

' 20,604 

23.464 

17,798 

16.729 

UI4 

1.163 

1,168 

• 1*529 

104)34 

12.443 

7,026 

8.623 

11.287 

14.378 

11.796 

9.403 

3.520 

32144 

3,144 

3,1 19 ! 

1049-10 

11.134 .. 

7,642 

6426 

1,033 

1.212 

597 

528 

4.133 

4-921 

3J183 

4,155 

+985 

f«7I 

• t439 

+940 

699 

814 

142 

867 

16,077 

17.188 . 

11.032 

9,531 

8.786 

12,309 

7.605 

. 10.098 

19.913 

18.282 

13.337 

14.675 

7,305 

5.107 

094 

4,859 

*470 

$613 

7342 

tl.315 

1,115 

T86 

+8 

+21 

4.7T0 

f 4.1 17 

1.858 

2.741 

35,882 

39.727 

19.614 

32^40 

7792 

•01,325. 

■tizs 

+L058 

148 

436: 

156 

•128. • 

3,660 

3^72 

. 2,479 

2£6ft 

25,787 

26,715 

32.JH8 

23,703 . 

+243 

7L131 

+470 

.+519 . 

7,086 

7,314 

3.422 

7«fi 

20.782 

20,216 

14.221 

15466 

11,958 

124132 

' 9,250 

:• M» 

. 5.639 

5,313 

-L418 

4559 


Blyvonruitzicht ... 

Bracken 

BidTel.sfontein ... 

JDoo niton tel n 

Durban Deep 

E. Daggafontein... 

E. Dric fonte] n ... 

ERGO 

E. Rand Pty. 

C. Transvaal 

F. S. Gednld 

Grootvlet 

Harmon}- 

Ilarlebeest 

Kinross 

Kloof 

Leslie 

Libonon 

Lorolne 

Marie vale 

President Brand... 

President Steyn... 

Randfontcin 

St. Helena 

S. African Land... 

S. Rnodepoort ... 

StllFonteln 

Vaal Reefs 

Venters post 

Makfontein 

Welkom 

W. Dricfonteln ... 

W. Rand Con so Id. 

Western Areas 
Western Deep ... 

Western Holdings 
Winkelbaak 

* toss, t After receipt or state okl I Net surplus rnciaoes me 
or capital items following cessation' of mining , f pre-tax. profit D After 
state aid repayment 



Count your lucky stars... 
.you've found a 5-star hotel 
right in the centre of 
charming old Amsterdam. 
The Amsterdam Marriott, 

In alt 400 rooms, 
individual air-conditioning, 
minibar and colour-TV 
(with free in-room movies. 1 ) 

24-hour room service, 
plus two popular restau- 
rants and a lively lounge. 
Ultimate In comfort arid 
convenience: You’ll thank 
your lucky stars you 
found us. - 

‘Amsterdam 

Marriott. 

Stadhouderskade 2 1 , 

. Amsterdam. Holland. 
Phone:020-835151, 

. Telex 15007. 

- London Sales Office 
01 * 4938592 . 

Or call your local 
Suprarialional office. 


* ; 

,4 

'or 

K 


%■ 





Financial Times Saturday October. 21 1978 


5 


YOUR SAVINGS AND INVESTMENTS 1 










income bonds are back after five years in the 
ilderness. Eric Short assesses the new crop. 

An investment to sleep on 


DO YOU LEAVE your money 
yins in a building society 
account, simply because it is a 
;ecun\ uncomplicated invest- 
ment? ir > 0*1 are a .standard 
rate taxpayer, you may be better 
jff switching to one of the new 
-*rop Of inenine or growth bunds 
jow available from -a growing 
lumber of insurance companies. 

The lablc shows some of the 
eturns available — and in each 
ase they are a percentage pnin; 
r two better than you would 
;?T from a corresponding build- 
ng society investment. And in 
;omc cases you rnjov the 
td vantage lhai if you need 
11000 )' in a hurry you can eaj.h 
.n. The ca.sh-m value before the 
'till term is up is not "tiaran- 


HOW THE STANDARD RATE TAX-PAYER FARES 



Term 

Net 

Early 

company . 

(years) 

yield % 

eash-ia 

Provincial Life 

s 

9.1S 

Yes 

.Yational Mutual 

5 

9 

Yes 

Targei Life 

ft 

9 

Yes 

(liarterhuuse Magna 

5 

8.6 

Yes 

) ileal Insurance - — 

4 

9 

No 

Generali 1 

4 

9 

No 

Canterbury Lite — . — 

4 

9 

No 

Windsor Life — 

4 

8.6 

No 

Kb Assurance «... 

-I 

8.25 

Yes 

Target Life 

3 

8 

No 


l''irjurcs '■up plied bp Planned Savings, 


he full term with no possibility 
if cashing in early. 

The only problem with insur- 
•inve bonds is that they are 
if ten hard to understand and 
ire usually offered by relatively 
^-uiknuw.n cum panic's. 

So can inventors make the 
'witch and still sleep ea*.y ? 

The failures >»f Nation Life 
•ind London Indemnity and 
Tenoral are still too recent to 
jo forgotten. And it was the 
missive sales of guaranteed 
nernne bonds on the wrong 
erms and on the wrong invest- 
nent strategy that brought 
ibout the troubles. 


V*. 

b'J- 


.eed and it may turn out to be ^ond musl be matched against companies very closely, 
nuch less lhan what you put a h>ur-year fi.\cd interest, invest- for basic rate taxpayers _ 
a. But even that is better than m - nl whose security is first guaranteed income bond is very 
■juilding society term shares And because the -caSh-in liuie different from a building 

which usually lock you m for l£lrms no lunger guaranteed, society contract. The investor 

llic company is well-protected can opt to leave his money in 
a^ain*r a change in investment the bond to roll-up so that It 
conditions between now and accumulates just as in a build- 
when the bond matures. Income ing society. Or he cashes in 
amt capital are secure. the bonuses to provide income. 

The authorities are. watch- in either case the payment or 
:ng these operations much more roll-up is free of basic rate tax. 
closely. Not only are they There are complications Tor 
scrutinising the investment -higher rale Taxpayers, who 
policy of life companies, would be heller off choosing 
especially the new one->r they from a range or oilier invcsiT- 
are ensuring that companies meat vehicles from life com 
have an adequate capital base panics. 

from which to market their Why can life companies offer 
products and this is the subject a better return than building 
of continuous monitoring. societies? In the first place 

The Insurance Companies Act they can invest in fixed interest 
J9T4 gives the Department of securities that provide a higher 
A lot of lessons have been Trade very wide powers.. The return than gilts without loss 
earnt. or relearnt, from the DoT's monitoring work is of security. Almost ail life 
roubles nf a few years ago. The strictly confidential bin life companies invest their 
mportancc of matching assets company executives say pri- guaranteed income bond money 
■gainst liabilities has been vately it is very much aware of in local authority stocks, 
tnderiined. Now a four-year its responsibilities and monitors But more important, new life 

companies are in a special tax 
situation, since their expenses 
exceed their investment Income. 
In effect these bonds offer in- 
vestors the benefit of invest- 
ment in a virtually tax free 
fund. But the companies hove 
to keep a careful watch on the 
situation and the amount of 
bonds on offer is always limited. 

There are two basic methods- 
of providing income bonds — an 
endowment with guaranteed 
bonuses and a back-to-back 
combination of temporary 
annuity and endowment. Higher 
rate taxpayers should check 
which method is used. On the 
guaranteed bonuses, hieher rate 
tax is paid on the return above 
5 per cent. With a temporary 
annuity, higher rate lax. as well 
as basic rate, is paid on the 
interest content At the en.1 
of *the period in each ease the 
profit on the capital returned 
suffers higher rate tax on the 
top-slicing principle. A tem- 
porary annuity provides a 
higher net income, offset by a 
higher tax liability on the 
capital returned. 



INVESTED IN UNIT TRUSTS V 
OR SIMILAR FUNDS ? 

Let us show you how a simple alteration to your 
investments can, inmost (^cumstances, produce, 
tax-free income or tax-free capital gains. ■-> 


GtLMARTIN FINANCE LTD. ;y- 

INVESTMENT AND 

FINANCIAL ADVISERS 

203 Victoria Street. ‘London SWIE5NE V 

Telephone: 01-834 864% ; -. . 



I Please send me details by rcltirn 


I 

9 

‘9 

I 

J 

I 


Name .... 
ADDRESS 


Total Capital £ 


Top Tax Rate 


9&.GFTF p 


THE GOVERNMENTS option 
mortgage scheme is now a bad 
bet for most middle income 
borrowers. 

The scheme’s appeal is likely 
to be drastically curtailed once 
changes now planned are imple- 
mented. 

Option mortgages get a direct 
subsidy instead of tax relief on 
interest— and the size nf the 
subsidy is usually changed 
regularly fo keep it exactly 
equal to lax relief at the lowest 
rate of tax. 

The Government is si ill 
dithering over what is the 
appropriate level of subsidy now 
lhai the April Budget has intro- 
duced the special new 25 per 
cent lax band. 

Whatever decision officials 
arrive at is likely In leave many 
borrowers wrons-footed — and it 
will probably prove an unwel- 
come extra public relations 
burden fur the building 
societies. - 

The scheme was originally 
designed to help people on 
such low' taxable incomes that 
they did not qualify for full 
tax relief on mortgage interest. 

The-subsidy level has usually 
becn equal to the standard 
rate of (ax — and now it stands 


An option to pay more 


at the equivalent of tax relief 
at 34 per cent, the basic tax 
rate before April. 

But it looks as if the subsidy 
will soon be cut to something 
between 33 per cent — the main 
lax rate for most people— and 
the 23 per cent rate that applies 
i»n the first £730 nf taxable 

incline. 

For anyone who has sufficient 
taxable income to claim 33 per 
cent tax relief on his nuirlgagc 
interest, the new level of 

subsidy will be a bad deal. 

Probably nior** lhan one- 
quarter of the country's 800 . 1 MK) 
option borrowers aro in this 
category. Until now th«- scheme 
gave them a subsidy which was 
usually exactly equal to what 

they would get from tax relief. 
The scheme's attract inn for them 
was just its simplicity and the 
way it Freed them from one 
extra complication in ihcir tax 
affairs. 

Now they will be bolter off 
switching to an ordinary mort- 
gage. And to accommodate 
them, (he Deparrmeni of the 


MORTGAGES 

EAMONN FIN G LET ON 


Environment planning to cut 
the uMial v.jsnng period before 
switches arc possible Irom four 
years in one. 

One »»( I he worst C-onse- 
qucnccs of whatever new 
arrangements are adopted is 
lhar they are bound to com- 
pound the already great con- 
fusion among many borrowers 
ahum lh>* various mortgage 
possibilities. 

If. as seem? likely, a cum- 
promise subsidy level of say 
30 per cent is fixed, ii will 
otten he very hard to say which 
is the belier bet for many low 
income borrowers. The confu- 
sion will he acute for hnrrowers 
who. if they chose an ordinary 
mortgage, would h e setting off 
the interest against income 
partly taxable at 33 per cent 
and partly at 25 per cent. They 


will need to do very exact sums 
tn know which system would 
be bertcr fur them. 

A further complication is that 
the proportions are likely to 
be different each year depend- 
ing on rises in the borrower's 
income and on increases in tax 
allowances. 

The new developments are 


unlikely to endear the option 
system to the building societies. 
The societies are already livid 
at being used as fall guys in 
the Government's efforts io 
control house prices. Now it 
will be up to them mil only 
to explain the complicated sums 
so many borrowers will have 
to do to choose between the two 
systems, but to cope with the 
time-consuming paperwork 
when someone finds himself 
with the wrong system and 
wants to switch. 


A bargain from the Burnley 


IF YOU want a cheap mortgage, 
try the Burnley Building 
Society. Thanks in its unique 
method for calculating your 
repayment u. it claims to be 
slightly cheaper for ordinary 
mortgages than any other 
society. 

Its sums arc based on the 
same interest rale used by 
other societies — 9.75 per cent at 
the moment for mosr mortgages 
under £15.001)— but the Burn- 
ley’s advantage is that it gives 
you immediate credit fur each 
month's reduction in your total 
debt. Oilier societies wait until 


the end of each financial year 
belore giving you credit for 
how much of the debr you have 
cleared in ihe meantime (they 
work on a “yearly rest" basis). 

This means that fur a £10.000 
mortgage over 25 years, the re- 
payment bill is £89.15 a month 
at the Burnley, compared to 
£90. Ill at other societies. 

Like most other societies, the 
Burnley charges higher interest 
for mortgages over £15.000 — but 
here again it gives borrowers 
credit for each month's clearing 
of the debt. 


Are you covered for 
bonfire night ? 


GUY FAWKES may have 
failed — but festivities in mark 
that failure have since claimed 
many victims.. 

If therefore you’re having 
a party at ■ Hallowe'en or on 
November 5. check your 
insurance cover. 

It's a time or year likely to 
send shudders through any 
insurance company— crowds of 
people (mostly children) gener- 
ally gathered in a confined 
space close to fire and other 
potential dangers. 

If you're having a private 
get-together however (siriclly 
no paying guests) any house- 
hold policy from a leading 
company will provide cover 
against liability for injury to 
third parrie.s and their property. 

These include the policy- 
holder’s family, friends and 
employees ' and the policy 
usually provides protection up 
to £250.000. 

It does not. however, cover 
tin* pi.ltcyhnlder himself and 
only applies if the claimant can 
prove negligence — and there- 
fore liability— on the part of 
his host. 

In ihe case of a child, this 
should usually be relatively 
simple (if. he. or she. gets hurt 
bis can almost certainly be 
blamed on poor supervision)" 
but a tipsy adult, for example 
who strays ton near the bonfire 
and gets singed will not be 
covered. 

On the other hand, if you are 
planning a public fireworks dis- 
play in your home (through an 
association, dub or guild, for 
instance), the organising body 
may well be ultimately liable 
for claims though the claimant 


HOUSEHOLD 

INSURANCE 

TIM DICKSON 


will probably have tu sue you — 
and you or your insurer in turn 
will have to sue it 

For tliis type of party most 
leading insurance companies 
have public liability policies. 
Find out if the headquarters of 
your organisation has a blanket 
policy to cover activities any- 
where in the country, and check 
that bonfires and firework dis- 
plays are not excluded. 

This type of protection tends 
to cover a whole year but the 
Prudential is one company with 
a ” Special Events ” policy 
which can be taken our for one 
day. Premiums are based on 
estimated attendance figures 
and cover for one individual 
claim is again up to £250.000. 

If the, event is a fireworks 
parly, the premium may be 
loaded and remember the com- 
pany will only pay up if 
negligence can be proved 
aerfin<t the organiser. 



. Children at risk: They may sue for poor supervision 


The only way of ensuring 
against your own stupidity or 
carelessness is a personal acci- 
dent policy — but that would be 
expensive if you want cover for 
just one day. 

Finally, if you really are still 
thinking of having a party, it 
is well to remember ihat the 
insurance company expects you 
to take adequate precautions — it 


will not be pleased if you 
build your bonfire beside the 
garden shed, for instance. 

• Bonfire parties organised by 
schools and held in school 
grounds are usually covered by 
normal lire insurance policies. 
The public liability cover would 
indemnify the school against 
its legal liabtHy concerning 
accidents to pupils, parents and 


other relations attending. But 
ihe person concerned would 
need tu claim against the 
school showing negligence. If 
organised by Ihe parent-teacher 
association, then cither an 
extension tu the existing 
insurance nr a separate one-off 
policy would most likely be 
needed. The school should 
check with its insurer. 



RGEI 




Agrowth area with outstanding potential 


F 



Target announces a new fund to Invest in the shares of 
companies operating in the Far East. . This fund will be suit- 
able for investors wishing to diversify their capital to cover 
countries such as Japan, Australia, Hong Kong, Singapore 
and Malaysia. 

Outstanding Investment Potential 


Target believes the Far East and Pacific Io be an area where great 

2 economic expansion is likely to take place over the next iew years. 

3 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 
1 1 major port, and JAPAN who is China's closest supplier of goods 

land lechnology. The momentum of MALAYSIA'S expanding 
Z ^(Kecondmy continues- largely through her wide range ol minerals 
;and raw materials. AUSTRALIA'S vast mineral resources are 
again attracting renewed investor interest as (he economic and 
political problems are being resolved. And finally, SINGAPORE, 
“ ’ Aja huge trading centre, is one of the most industrious and dynamic 
jl countries in the world. 

af; 

^ ^ Capital Protection Thrtragh Portfolio Spread 

Overall Target feels that the Pacific is an area in which investors 
ssHes! should have an interest. There exists no easier nor more efficient 
^3l£way of doing so than through a unit trust like Target Pacific Fund 
with its inherent wide spread of investments which the individual 
investor of modest means could riot achieve himself. 

The investments will be chosen' from the wide range of sound 
companies operating in the Pacific lor their growth potential. To 
reduce ihe -effect of (he fluctuations in the investment currency 
premium’ a multi-currency loan facility of US SI million and 
backed by sterling deposits has been arranged. 


Successful Investment Management 


A specialist fund .like ihe 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 Trust ... top performer in this sector 
Target Commodity ... 4th in a field of 9 commodity funds 

Source — Money Management and Unitholder— September 1973 


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. Tri 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. . 

Yotir investment should be regarded as long term. 


Share Exchange Scheme 


Target’s simple and cost saving scheme allows you to exchange 
■your shares for units on advantageous terms. Details on request. 




Units Are Easy To Buy 






THE FUKD. .Vihiv’l, Trfr?-: l-.fnmahanal ftlntf iws 
» con-.*i!u!i >8 * itn tV- jPpi s' un,tliuldi;i» on_ 
73 i*« S-Pli-mUfi * 9 ?S. APPLICATIONS and 

ci.nai^-H tfvill not t- j> ln,'wl-.^B^l 1 ii'*l iL-iiilirjic. 

wiiruc :e m wiihm 42 dev.. lOU M* t S£i-t voua 
UNITS 31 an* - Tim< at a piiC- not !*=•■' I*** 1 * SMI 
calculated o* Otwitmem «l Yu* icnulaiio"*. 
Payment will bn witlvrv 10 d.<v* of iccnm ol 
iho renounced ccisifnar*-. tin.- p*w of win* ■>«* 
(lie yield arc quoted daily m tin national Dices. AN 
INITIAL CHARGE ol 5 'i «s included m iho sala 
nrico of un’in out oF which lliu. MsraflM will - pay 
cwnmralon of li*i in oMSiflad 
MANAGERS ■•nerve ihe liohl io cloM tha bHV 
before ih>r taio siaiid if me offu {men varies by 
more than After tne cluto of the irftw iwm 
will be available ai ihe daily one*. If 1 0 U .BUT 
REINVESTMENT UNITS ineanw nei nf Da«e m:* 
t*h will be remvesied on your bciulf so incmaaipq " 
Ihe value ut Umit -leiahve to me income mu. . 
Income umu. hbwevei. qualify For a dfrtitouilan nai 
of bnic me tax on iSiti Ocintuw oeeh roar; ihe 
next payment is due nn iSm October 1979 . A n 
annual charge of 0 373 % ui in* value of the Fond 
Dlus VA.T.W1II be draur.od rram the «n»s Income, 
ol me Fund TRUSTEE- Midland Ban* Toot 
Comnanv Limited. MANAGERS. Tuiqai Tiu*i 
Mvnafier;- te memoer of ibn Unn Trial 

AswUftien) Telephone: & 1 - 60 G 7533 . 


"Simply complete the application and send it to us with your 
cheque ( minimum investment £300) before 27th October, 1978 to 
obtain reinvestment units at 33.5p or income units at 30-1 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. - . 

OFFER CLOSING 27th OCTOBER 1978 ■■ 

TARGET TRUST. MANAGERS LIMITED (Dept T.O.). 

House, Gatehomo Road; Aylesbury. Bucks, HP193EB. 


■ TARGE 
B Target I 


FT2 




I 


I 


1,'Wn wish to invest L i« 'ffeiovestmenl uiiils al 33^0 or 'income umlc at 30. F p (minimum £300) ol 

Targel Pacific Fund and enclose & cheque made payable to Target Trust Managers Lid. 

'Delete whichever n not applicable.- 

IfWe declare that "1 am/wt are not resident oulside the Schoduled Territories and 1 am, ’we are not acquiring 
units as the nomineets) of any person(s) resident outside these Territories. This offer is not available 10 residents 
et the Republic of Ireland. 

SiflnatureCS) — . - i : 0*1® ; 

IfUietc are joint applicants alt must sign and attach names and addresses separately. 

PLEASE WRFTE IN BLOCK LETTERS - THE CERTIFICATE WILL BE PREPAREQ FROM THIS FORM. 

.Names in full (Mr. Mrs Mis*)-- * — — — * 

Address ' ' — — — — — — - — 


Please lei me haw details ol Targets Share E»change Scheme 0 T»med Investment Scheme Q Monthly Savings 
Scheme D Do you already hold Targel Units? YES/NO. 



TirgM Tim si Maiugsri Limttfit 
Re?. In England No. MJWS at 
TaraaiHMJM, 

Gjl*te>un>> Raid. 

Aylesbury. Burta. 


. Total Funds under mannyement in thu Target Group £T 2 0.000, '000 




AMERICA AT A 
TIME LIKE THIS? 


Although the dollar is notyet respondiogto 
treatment, the idea of investing in America is 
appealing. American Stockmarkets are attractive, 
despite economic uncertainties. 

Company results arc good. Institutional 
liquidity in the US A is high and further overseas 
. cash is waiting to be invested through Wall Street. 

The political authority of the Carter 
Administration seems to be itn proving - his success 
with the National Gas Bill is one indication. And it 
is expected that interest rates will ease next year. 

We believe that America will offer the 
outstanding investment opportunity for 1979/rhe 
problem is, however, that when the upturn comes, 
it will be difficult for the average investor to catch 
that important early rise - which is where Barclay’s 
Unicom comes in. 

If you want ro make sure of the opportunity, 
investing in Barclays Unicom America Trust could 
be one way of doing so. Barclays Unicom is part of 
the Barclays Bank Group, one of the largest 
international Banking organisations in the world, 
having a substantial presence in America. Barclays 
Unicom is thus well placed to take a view on the US 
-its economy, industry and investment climate. 

There has been a steady flow of money into ihe 
Fund over the last few months and it is now valued 
at around £iom- a good size for effective 
management. 


The Trust’s aim is to obtain maximum capital 
growth through investmentin the shares of 
companies in the American Continent.Thc policy 
for a number of months has been to buy quality 
stocks. 

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

You should regard your investment as Jong 
term. 

HOW TO INVEST 

You can invest in Unicorn America Trust with 
a lump sum of £5 00 or more. Or, if you wish to 
invest on a regular basis with rax relief, you can 
make a monthly payment of £ 10.30 or more. Please 
fill in the subscription form below. 

The offer price, which can change daily was 
34-9pperuniton 20th October, i97Swithan 
cs rimated gross yield of 1 . 26%. 


Prices and yield appear daily in the Financial Times and 
nrher national newspapers. Income is distributed half-yearly on 
1 st January and 1 st July net of basic rate tax .The offer price 
includes the iniria! management charge of 3 J n ; and there is a 
hal f-yearly charge of { plus VAT. Commission at 1 J " n is 

paid ro authorised agents, but not in respect of Bardaycard 
purchases. You can sell back units on any business day at the 
bid price ruling when your instructions arrive. Payment will 
normally be made within seven days of receipt of the 
renounced certificates. 

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


BARCLAYS UNICORN AMERICATRUST. 

To : Barclays Unicorn Limited, 252 Romford Road, London E7 9J B, 

Surname (Mr., Mrs. or Miss) — Forenames in full 

(BLOCK CAPITALS PLEASE) 

Address ^ 


I 
I 
I 
I 

| If yon want your net income automatically re-invested please d ck here j J 


Lump Sum Investment I/We wish to invest F r 

(.Af inimurr. £500) L"__ 


in units of Unicom America Trust and enclose a cheque for 
this amount. 


Jfyoutnish to purchase these units through your BarcJcry card account 
please fill inyour Barclay card number here. 


Agent’s VAT No. 


X/ We understand that units will be bought for me/us at the offerprice ruling on day of receipt of this application. A cataract note 
shotting the number of muts purchased tmll be sent toyou.Certificatcsznfl beperudmihin six weeks, I/Wc declare that I am/we arc not 
resident outside the Scheduled Territories nor acquiring the units as the nominees) of any person(s) resident outside those 
Territories. If you arc unable to make this declaration , 11 should be deleted aid the form lodged Throughyour bank, stockbroker or any 
other authorised depositary. In the caseaf joint applications all must sign. This offer is not available to residents of the Republic of Ireland, \ 


Signed. 


-Date. 


I 
I 

1 1 

[FT2I10MS | 


Regular investment with Life Assurance and Tax Relief. 
If yon want details of the Barclays Life Assured Savings 
Flan, investing from £10 JO per month, please tick here 


* WU) WIWUU(^ Ii uui^fiu^u pti iuumui piuuu uiki 


I 

J 


BARCLAYS: UNICOHN GROUP 


Re g L UfT cd Office: 54- 1 jmhard Sgeet,LondonEC3P3Aii. Regmer edln England X n..sa0A07. t ht-imar* ho lding cQm j *gpy Ra ^ | n j t H anfc 1 









Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson U 
number c 
were corn 
paign agai 
Party on 
1974 Gent 
The for 
allegation 
lowing th« 
affair. Ml 
was. had 
an orches 
himself. ( 
Lady Fr 
Murcia V» 
The Pr< 
Sir Haro 
drawn so' 
Subseqi 
Mid the 
did not 
pnetci rs 
instructed 
round 3 
muierial.” 

The Prt 
to hear 
Sir tlaroti 
formal co 
On the 
ncain?t t 
council s: 
It oval Cc 
that ther 
Labour hi 
The Pr- 
is one n. 1 
Iished tod 
In ano 
council 
against ll 
Daily Ex- 
picture c 
Henrietta 
death in 1 





annum 

paid quarterly 


BY OUR LEGAL STAFF 


_,$osr*'W«.c 


1 1 sold an upper flat freehold your horn ugh . library. A copy 
to A, the conveyance containing can always he purchased 


a covenant to insulate the 
floor against noise. Nothing. 


was done abent the insulation mention is not concerned with a 


;Why all equities? 

Schlesingers' Extra Income T rust offers 

tone nf the highest returns currently available 
from a unit trust invested only in ordinary 
shares. 

A still higher yield could be obtained by 
including some fixed interest investments, but 

such investments cannot increase their dividends 
and also have less potcmial far capital growth. 

1 The all-equity Extra Income Trust 
maximises the potential for growth or both 
capital and income. 

A current opportunity 

Ry careful selection of sound stacks 
■including attractive recovery situation* and well- 

lircscarchcd regional equities, Schlesi ngers* 

.'Extra Income T rust provides a • / y. , 
'.particularly high equity-based “lyn ] 

Uield from a diversified" portfolio equiti 

|of mainly smaller companies. pOtSO 

■However, the growing relative arow 

tattraction of ordi nary shares with Inrwr 

£verv high yields suggests that InCOfT 

■such yields may not be available cai 

flo new investors indefinitely. \ 

' We therefore recommend immediate 
investment at the current, high rate g 
q’ot" return to gain the potential of capital jL" \9 
‘appreciation. ;« 

Since the Trust’s inception in MayJ^^ 2 i 
1 977 , the unit price has risen 31 % 
and the FT Actuaries All-share ns ’** ' \ 1 


High yielding 
equities give 
potential for 
growth of 
income and 
capital. 


Investment Management Service (PIMS), 
including portfolio reports and valuations, invit- 
ations to meetings and investment/finandal 
planning advice if required. You should regard 
your investment as long-term. 

Quarterly dividends 

An investment of £.$ 00 , based on the current 
. estimated gross yield, is expected to produce ,£46 
gross income per year, or £3 1 net of basic rate 
tax; and an investment of £ 2,500 is expected 
to produce £232 gross or £ ! 55 net per year ; 
payments are made quarterly. 

Payments are made on March. ist, June rst, 
Sept; island Dec. ist, starting March 1979 for 
new investors* 

A fixed price offer 

iolriinn ^ l" nits are on offer at the fixed 

leiding price of xd for investments 

® give received by November Tst. The 
ial for offer will close before November 
Of ist if the acrual offer price varies 

e and 1 more t * 13n 2 - ° 0 ^ rom l ^ e 

tf <ailu price. In this event units will be 

Ital. available at the price then ruling. 

/ ' Remember that the price of 

units, and the income from them, may 

rjaf ( go down as well as lip. 

i & Schlesinjgers manage over 

£100 million oF private, institutional, 
and pension funds. 

/" irtunl Inrimniiloi 


and A sold the flat to B and 
then B to C The tenant in 
the lower fiat now complains 
about the noise from above. 
What can be done about this 
situation? 

As the covenant imposed is a 


I ■ _ -No fegnJ . A 

An unenforceable covenant .. : 

your borcush'kbrar,-. A copy ' ' ~ — - V ' - - ' *b <* W. 

FINANCE AND 
THE FAlHilMfe-iSST 

cheoue or with defamation, but ' ■ ' . wit* you (»ut 

owned by you), you may have now that me . ; nusnie5S rjta N 

, . , , . * A f-u hack on concession A17 -.moved.: She. shou.ld-.aao.tHMaf 

have a garmshee °rjer en a you pay up at ^ ^ hour.. -^ fld T0U may have to repay some some estimate of ; the- ‘jprfc*i$i 

bank account in which the You do not say which year or a ii 0 r the dependent relative would Have to pey'for tfce“xi 
dehtors husband had an j or «» , r T . ..... . ..... - . . » 



through law stationers or a law 
bookshop. The ease -which you 


FINANCE AND 




cheque or with defamation, but 
only with a creditor's claim to 
have a garnishee order on a 


. , r an capital gains tax demand re ii e f for past years. If you version, as ahe may not wish t . ,<si 
interest. You may be looking for relates to, but presumably yon have 'not read concession A 17, pursue, her claim if the pac fifth ^ 
^ ses * lkc . ;^ Ien v - London have given notice of appeal, ou should ask your tax is likely to be more tH'an sh'i*' 

f’nnntv anrt Wpsrminster Rank u,i*Kin rha in • . r »' • . . * 


I ... - , « , - ----- — mwt v vij mi fluiir^i 

S the ! County and Westrain5Cer Bank within the 3(Way time limit. L7n ec tor for a. copy of the free wishes to spend, 

was sold fieehold there is no Limited f 1915) 112 L.T. 9S9. An From what you say. we do not hvJklpt of concessions. HU • • 

means of enforcine the covenant .oka d,-v- ,• . — -w.* : ... .w .T; ,lwl booklet ot roncwwvMJ. “ * . 


IrUh case ' ltl I95 °— v - see that you are chargeable to ?^ th e a 1977 supplement) . 
against a pei^on who has bought Hibernian ‘ Bank Limited also capital gains tax for any near W . 

From the original purchaser. If demonstrates the liability for and so we suggest that you tell _ 


K« nVcy i nt if . to . the ori ^ al defamation if a cheque is the Inspector that the capital t ftf 

a covenant wrong f u uy marked- ‘'Refer to gains tax assessment should-.be UJ 


Established 
use claim 


vacated, by reason of section 
2216) of the Finance Act I96&:. 


■ a gift 


I own a field In which { keep * 
caravan. The council have just 


conveyance . or Thj-ec people own a field jointly, noticed the caravan add have 

nv n r coroieitn . . . > . ■ — 


transfer by way of security of t0 them bv their father, 
an asset or of an mterestvor Tora has Just died leaving his 


• • _ • ,, • * 1 ifiu iia^ jim#i — 

right in or over it, or transfer sliare - 10 m y two sisters, Annie 


Removal of 
a fence 


PIMS-a unique , f \ r , 

service \\ f ^ 

Minimum investment in the fund V ‘ 1 ^ 

is / 500 . In\ estors nf £ 2,300 or more 
will receive Schlcsingers' Personal 

I ^^Tn: Schlcsingcr Tru« Managers Ltd., 

1 40 South Srrret. Dorbine. Surrey. " 

S Weekend and Ercntnn A raaphnne Tel. Darh,£|OM6U|ff£ 

1 wish to invest /’ 

I (minimum £5001 W 

I in the Schlcsinger Extra Income Trust at the fixed price 
0 f.ta. 7 pxd. 

| 1 wish to have my dividends re-invested n 




removed part of my fence, 
dividing our properties and 
posts cemented lit on my side 
of the boundary. I have legal 
insurance costs cover, so am 
prepared. If necessary to go 
to law. What should I tell my 
I solicitors to do ? 

[ You should instruct your solici- 


- - ana wary, m eq«w 

by way of security m or over on absolate iy" But Mary (my 
Smmi C i UdlI 1 f g a retransfer on m0thcr ) diqd three yeays ago, 

2 m w be ’Tail'd)' D™££r* ber 

purposes of this Part of this “^ 5 U ^ to aS* as the 
Act as involving any acqulsitjpp ^ TOr of the two sisters 
or dwpoaot oj the asset. ■ .. /kv me as 


Dependent 

relatives 


asked me te remove It. -Am! - 
right Sri supposing that after f ' 
four years I have established a ' 
right to Keep it wbere jt is? 
Tpere is no longer apy 
a? you describe. Noq-ooHformb 1 
use could becozpc an esfalrii^ 
use if persisted in for four ydi 
.prior to January 1 13S8. II *i 
part of the four . seif pd|5’ 
falls After that date n& - ' 
established use wil] lie. .. : 


For some years my aged 
dependent parents have lived 
rent free In a house I' own. 




T.-v u -c the a.viufwvn pivildril » iN »•» 

1 I ■ lA^! u n|«iMi, u >J . J -V n't--! U^.t-U's *1 it* .«.n«»<irr» 

• rrty -jt. I'USiHi-r : <i>r ■Jiime n.iher. r 4 |i)^ri/rei 

-l»r in .-■> p-i.f.i.h ^liniPi.raH* i-m- The mlnUiiuill 
Involrutm m I he FuihI f- The K tin *rUe jn.1 -ir]J j-c 


B r'Mi M.Ui' mWirtpn^ -r-^ rr> T«v*vell ‘irr n.-.r.p,- r ruyprour 
9 rrt ri. >». ippi rri’N . pdi>' -r J • ^ l» I. to«(.wmi.n.^ib. nud * 1 

“ ‘ “! ,,r “ ,v '*»» I' f mrmn J in- ’cJ are <■: 

' i| . if'.U P»iJ ■ ii »vTu^-i /,v i; >■ l hiirfii v: \airiiirj:.htfr<r >4 t*. 
•w.l'vlfdinih I’lfTp-l', \ . 'lAf.r 1 » ir. -tnujl life .11 1* . ip|<> 1 \Ti 
..»iV»e m'.tir r, ht l'j:.iir.,V«lj. t 41>ivnn,w rr^ 
iri'i'. i vr~n its TrufctL’o - VlkJi^iJ flipl 'lejoi'.. j,(.l ludlhm: 

P *•*' 'Ln»i.» 1 liMh II a i •• MmMMv: SinviniTi I ru»i Mj(] >cti^ I 


l iH^nn -1,041 -- (at Jon It i n. FnrJj[*d 

Mcmben i4 the Lull Truer IvNodalfiM. Um off n uniaj- ^lAlr i< 
rthulen- * .4 ib* I'itviMi*- >•( ri>l<irl 


**W " I 4»' lerc *Ju» I •«. r»r r*.Vioirf muf -4c the ^nJ-iHTcmiwio and dwt 
I in iu* inpiinnc ib* mi . r* * iwnvfAv /i| juj perontaadatfojinic Mr 
Ti-n-frA ll ‘Wirnmll. luind 3 rJn. Jc Jufi-wi. 11 i|ouUk4el"ft4Md 

wi. 4?rL* n'un “v n ,h mi4 ihm b. b-dnd ilirii’idnoor L.K henL, vtiicfclrMilrr 

1 •Oiriiiv * 1 Jlw, . iruiit U rarnu-joL hof u vah EMi mhub 

^lKfCu(tnl. 


Surname . .. _ 
I X R/MAj^MtriAJ 
h*rt ix names 


^ BLOCK 1-LUtW* rUA£ l\ 


I v. nu Id lifct- further information, inrluding 

drblils Sharp (■ v.-hun,n> 


I ~~| Addre-i^.. 

n ----- 






to insert a fresh positive cove- c j rawer •• seated, by reason of section */ 2 i r mvn a field in which! Ltiu . 

nent in any conveyance on. you u • • -3*>fft) of the Finance Act fflfis- U &ltt I own a Held w watch! keep a 

mav be able to sue on that tv t t* r r -vm ot me finance Act .1965. caravan. The coundHave jus 

covenant. but otherwise there is Not liable tr^sfe/by wa^oTSritv' Vt Thrrc p£>opIe K 0 ?u 3 the caravari add bavu; 

inn remedv save far anv claim transfer oy way of security of j e ft to them by thetr father. asked me to remove it. Ami 

the tenant of the lower flal may tO tO.X nzhTm oVoferTl Tm. Cm Jm( 4W Iwlw ^ r^lUii MPPMtogOwt rfter' 

ba abieto — e in nui “ n “- sariaSBTfjM- 

Removal of 2LMS5S-SSSSS **»**&**#*** 

Mwmuvui OJ £3,500, the market price. redemption of the security) ' mottort d M ■J®' ^ you describe. Noq-cOHformJ 

a fence My br6ther did not havc ^ shal1 wi be treated iw - tiie S MaSr$ <h use could beoMpe.M tf&&k 

u legal fees, deposit, ett: purposes of this Part of this ooly ^ foutyei 

)Vhen I returned from holiday therefore the deeds remained Act as inroleina anv acaulsittan bequest (a) goto Annie as the .prior to January l 1888. If! 

I found that my neighbour had in my name. In 1972 my or dSpi"K"L sum™ °I . " P»« of the four 

removed part of my fence, brother obtained a mortgage mentioned, (b) cojne to m c_as ^ faUs after that Cate na citin' 

dividing our properties and and I got my £3,500 less TlaTUiii riant Mary’s heir, (c) become part or established use wfl] lie. •;*; 

posts cemented in on my side expenses. I told the Inland the residue of Tom’s estate, - 

of the boundary. I have legal Revenue of this deal in 1965. vvlntixurv - - - ' -svhich goes to a person outside • Vj . . 

insurance costs cover, so am However, they insist that I f CtltMFeo : the family? J±0 eXeCUtQJTS : 

prepared. If necessary to go owe £300 capital gains. Could. For some years niy aged „• Assuming that the three owners 

to law. What should I tell my this be correct given these . dependent parents have lived ' ft e ld held it- in equity as fiCCOUTlt '■ ' " '^v. 

solicitors to do? facts? rent free in a house I own, tenants in common and not as r '" ; 

You should instruct your solid- it is a pity you did not give us which has been financed wiOr j 0 jnt tenants, the bequest by I am the sole eiefcutor oi. t 

tors to bring an action for more precise facts, as this -the assistance. of a mortgage. . Tom w ju operate as a gift to will of a relative and : estiBpd 

damages for trespass and for answer must be based on a fair I have Men claiming interest . Annie alone; as Mary did not .1 shall have to' pay sevmi vi 

injunctions to restore the fence amount of guesswork. relief on the mortgage and- ; survive the testator and the thousand pounds CTT on 

and to restrain further trespass. If the contract for the have also claimed dependent sift to her will have lapsed. estate. The Various banks. 

This should be done in the Purchase of the house ff or relative allowance, the * building societies when iota* 

County Court. We cannot say £2-350 ) was signed on or before expenditure on which it is . . belonging to the estateis'Jot a 

what your position as to iosur- April 9, 1962. then you do not claimed toeing the mortgage iPllVCn.GLS£ OT ' have been sent copi& «€ tfic£ 

a nee may be, but it is most appear to have any tax liability, interest payments. The .. . x L J wiU and they. hav^wiSei^ 

unlikely that any normal policy on the bare facts given.. Interest payments have far Cvnnlsn Irl ' saying that oriWlit of 

would cover this. On the other hand, if the exceeded the tax benefit of U JVeenOia prolSte they WuSSdwseS 

pnrduse contract was dgied on ffce interetfvelitf the • The builder of the house of - to me. T have opene^-an' < 

A figure for £ ^ ? £ SSUSMiSSjBffT S 

damages SA SSwS 1 ” *»»*■■-*« *?»*«» 

J befo r reS7a W .Kd e r” se SSmAIJ “f 

sf rSSHSF 

know wtorv* t can obtain this tax charge on short-term gams putmg ynur total income, under she, at not too great « cow. probate. 

work** by section 10 of the Finance section 528f5)fa) of the -Taxes thc rreeho,d - We see .no- .reasons 

Wanv" rears -beo I read of a ease Act 1962 ‘ However, if no Act) in respect of yoiir own The leaseholder probably quaii- should not do .as yod .aigg^ 

„ T v* income tax assessment was in property cannot, in our view, lies to purchase the freehold however, you can in-^ny m 


mentioned, (b) com P -to m ®- 0 S falls after that date rid ctwp: ' 

Mary’s heir, (c) become part of established use will lie. 
the residue of Tom’s estate;. 

which goes to a person outside ■ ■ *£, 

the family? . Aft eXeCUtQfS l 

Assuming that the three owners 

of the field held it- in equity as QCCOUItt ■ ’ ' ' Y;i 
tenants in common and not as - .•.-T"'. 'i> 

joint tenants, the bequest by I am the sole eiefcofor of tj 
Tom will operate as a gift tc will of a relative and 
Annie alone; as Mary did not I shall have to pay several V-v 
survive the testator and the thousand pounds CTt on 
gift to her will have lapsed. estate. The Various bauks^ * - 


survive tne xesraior 
gift to her will have lapsed. 


would cover this. 


Purchase of 
a freehold 


A figure for 
damages 


in your Issue of July 1 under 
“A figure for damages" you 
state that Kemp bn Damages is 
a standard work. Please let me 
know where I can obtain this 
work? “ 

Many years ago I read of a case 
Harrods y Tester, where 
damages were awarded when 
Harrods wrote to a customer 
“your cheque lsdlshououred." 
The cheque may have been 
returned for some reason such 
as “ words and figures differ." 
Could you tell me more about 
this case, or any others you 
consider Important? 

There should be a copy of 
iKemp on Damages available at 


The builder of the house of - 
which a friend is leaseholder 
died some time ago and his . 
sons to whom she paid the ■ - 
ground rent have disappeared 
from their former business 
premises. What should she do 
about paying the rent? Could 


building societies when moMj 
belonging to the estate is ftlgi 
have been sent copies ir •- 
wiU and they, hay^roflfcfei " 
saying that otr'^iit #f ■- 
probate they WilL rriMae firii* 
to me. I have open«l'an < 
executors aceounf at ^bcal'v^ 
bank, arid as 1 wisli t 0 -avi^ r 
the expense invph^d laL ^ ^ 
borrowing the money. tri^ay-V - 
duty, can I Jribfid 
be paid frito fills acconiit by ^ 
various lustitotforis $fSre'.;>. . - 
probate 7 ‘ : . ’ . ■: • ' 

We see . no^ reasoit " vttif . 


fact made on or before April 5. properly be described as main- reversion pursuant to the pro- either endorse charues/overt 
1971. on the basis of the details taining each of your parents at visions of the''- Leasehold pay money in; tp.yqilr- exeriitoi 


19/1. on the basis of the details taining each of your parents at visions of the Leasehold pay money in; te.ydilr- ex«&it#i 

which you reported in 1965. it your own expense. If yoii do Reform Act ,1967. That act has account ' if ^yahle .br Pffldvi 

is almost certamly impossible not actually make - £100 contrl- specific provisions . and. pre- some, other accpuritTri; the.Se .. 

for the Tax Inspector to make butions in cash or kind to inain- scribes the form of notice for instance. I .• '.'■■'f .. 


TAXATION 


DAY© WA1NMAN 


,Y^ip gil-SS' 

• - m v+ . s.-‘«v'A*Ur - 


TABLE 1 



MONTH 


AND LET YOUR MONEY 
MAKE MORE MONEY FORACHANGE 


Regidar Investment Plans with life assurance provide 
one of the most cosi-effective methods yet devised of 
accumulating a few thousands pounds. For every E you 
save through the MAG Regular Investment Plan you wflf 
be able to claim l&p in lax relief, provided you pay tax 
at least at the basic rate and not more than one-sixth of 
your income is used for Gfe assurance premiums. 

This offer enables you to start a Plan through a life 
assurance policy with benefits finked to whichever 
MAG Fund you choose- On a £20 Plan, tax relief at 
present rates can bring down your net monthly cost to 
only £16 70, in most cases appreciably less than the 


effective the Plan can be as a way of building up capital. 


investors should regard unit trusts as a long-term 
estment and not suitable for money needed at short 


investment and not suitable for money neededat short 
notice.and should remember that the price of units may 
go down as well as up. 

Regular investment of this type means that you can 
take advantage of the inevitable fluctuations in the price 


30/6/78 


take advantage of the inevitable fluctuations in the price 
of units through Pound Cost Averaging, which gives you 
a positive arithmetical advantage, because your regular 
investment buys more units when the price is low and 
fewer when it is high. You also get life cover of at least 


monthly purchase of unfis on your behalf by M&GIrust 
(Assurance) Lid. Anyone over the age ol 18 can join the 


(Assurance) Lid. Anyone over Hie age ol ! 

Plan and there is no maximum age fiimt.The mini mum 
is £12 per month. 

The future value of your Plan will depend on the 
investment performance over the years of the Fund you 
choose. A man of 35, for example, who started paying 
£20 a month into a Plan linked to MAG Recovery in 
April 1971 (when the Plan was first used in conjunction 
with this Fund), would have secured units ol C4.436 hy 


18 can join the 
The rraniraum 


180 times your monthly payment throughout the period 
if your age at entry is 54 or under. An element of life 
cover is also provided for higher ages, up to 74. 

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


the end of Seplember 1978 for a net outlay of £1,505. 
This Fund has been the best- performing MAG unit trust 


This Fund has been the best-performing MAG unit trust 
in recenl years and its exceptional performance may well 
not be repeated. It does, however, demonstrate how 


^ ...andiheoutslandingmau^ement 

group was (wait for it) M&G. whic h had *— 
two in the lop IO and no IeS!S 4Hk^^ ■ 

lhan five in the top 25 trusts last year, S 

SUNDAY TELEGRAPH I 1 7H ✓ ^ • R 


To; M&G GROUP LTD. THREE QUAYS, H . 1 ™. r ; ve j n the top 25 trusts last yea 
TOWER HILL. LONDON EC3R6BQ. B Sunday telegraph 1 . ; 

TELEPHONE: 01- 626 4588. 

1 WISH TO INVEST IE I each month {mimmum C12) in an assurance policy with 

benefils linked lo the Fund of my choice (Circle the Fund ol your choice.) i enclose my cheque 
lor l he first monthly payment, payable to MAG Trust (Assurance) Lid. (Understand lhal Hus 
payment is only provisional and that the company will not assume risk until formal notification 
of acceptance has been issued. 


riejic circle Uw 
1 umJ wheeled 
(II iw Fund k. ■jHceh-d 
viuif pfcmojm M a 
nilomalicillYbC 
ifiuwled m Ihe MAG 
Manacert Bond Fund I 


SUWWAMt • ~ I I MANAGED BOND 

0« llAPUBtSS . i j GENERAL j 

; HIGH INCOME 

pi-srcm * ; 90 i F5 531018 "| RECOVERY 

OCCUPATION _ _ _DATEUF_BIRTH AMERICAN 

NAME AND ADDRESS OF USUAL DOCrORUov¥hainieIefencemavtremade» AUSTRALASIAN 

FAR EASTERN 

Are you an cxr.twg MAG Plan holder 7 "frs /No 

If vuu cannot sign Part I ol Ute DA.-Ur.ilmn Iwfrw. fWel>r ii jrvi sign P*rl li ~ 

DKbrttiM Parti I dfsLirc Ihat.lo It*.- I.esl u! mv b-du-t 1 .1111 in r.u.-d he.iHh and lie*- from d'Si-as*-. Ih.ill ba«<> nnl tvfd'nv 


THE SELF-EMPLOYED are 
going to be assessed on a cur- Accounts 
rent year basis. This informa- year lu 
tion has not yet been made 
public, but everyone knows "that , n/R/ -, 
it is so. The "preceding year" ' fi 
basis, under which tax assess- 30/6/75 
ments for a fiscal year were 
based on profits of an earlier ,^ 7 - - - 
period, is to be chopped. JU/o/ib 

Everyone knows; but their _ 
knowledge seems to be based 30/G/77 
on an extreme, shortage of facts. 

AH that the public record shows ~ r jz , , Kgl — 
is that Sir Wiliam Pile, Chair- 30/6/<8 

man of the Board of Inland 

Revenue, told the Public 
Accounts Committee in March 
that his experts were studying — r — — — 
whether the existing assessment 30/6/79 
basis could be changed, and 
that he hoped to be able to give ; : 
advice to Treasury Ministers in 
the autumn . ■■■■ 

What had prompted the Total 
Public Accounts Committee to ■ -»■ ■ — 
invite him to attend them was 
an earlier comment made hy ■ '■ 

the government’s audit watch- 

doe. the resonantly Titled Con- - — 

trnller and Auditor General. He 75/76 

was struck hy the fact that 

thirteen major partnerships 

whose accounts and tax compu- 77/78 

tations he examined, had paid -o ~ Q 

tax on only 73 per cent of their <8/<a 
profits over their life cycles. 78/79 

The Public Accounts Commit- — r- =— 

tec did not think that this was ,9 ' S( * 
aood enough, and their recom- go/gi 
mendaTion was that Sir William — — 

should bring to a speedy (and 
successful) conclusion the 
studies he had di^clnsed — that 
assessments for all should be a middle 
basod on current profits. would den 

Many commentators have soinewher 


Profits 

£ 


Year of 

Assess- Assessable 


Profits 

£ 


ininrn 


, 30, - 1079. aFe assess two* 4E 

. three-quarter tiine 6 , .sa that ! 

"extra” £356 of profits; 

— • "created" fot aase^smettt'lWi B 

'■ poses... ‘ 

ttt? »— ■ 1 1 ^c 

ing nscai year penalty on £256, : ^ bet dl 

Actual profits April 6 , 1976- advantage .«fijths«' « 
April 5. 1977 £73. Thi$ ftgiire. Shows, as. tt'TUjlJC! 

7 ” - — — - — difference between the colum ^ 

Actual profits April 6 , 1977- totals in table 1. ^ A 


April 5. 1977 


Actual profits April 6 , 1977. 
April 5, 1978 


Assessments- ..qn^ a. 


Actual profits April 6, J97S- basis are advantageous ‘‘Wfiswil 
June 36, 1978 tbe "doubly .astessad’.’ PTpft 

r —— — — are' sufficiently low. that" 

1W8 " penalty atterfiing to tberi fs l® 
-April », 19 1 9 than the' advantage of ~ -tt 

Profits for 12 months r ram earJier Profits which fall-onL^ 


as before 


30/6/79 146 79/80' 146 Profits for 12 months rram earJ ^ er Profits vhic* -WW? ! 

commencemeut ”• assessment Consider^; 

!— ! — — — stance .what would. ! 

Jfu/si 146 Account? ending jn preced- position had tfre profits ’to. ! 

.. ini fiscal year 30. 1977, been £46 greater. 

Total . £701 £774 those to June 30. 1979i (e«T 

-- • . the same amoqnt The 

' ments would then ' 

-- ■ shown in table 2 . 

TABLE 2 Si ? ce 1118 penalty of 

— assessment Is now onls i -?f« - 

7a/76 £91 as before while the non-assessed-lrififi 

ToW~~ IB ^ ' 

77/78 142 £130 increased hy one quarter of £46 ^ advantage out of harihS^ 

<8/ -- ± as bffore In any middling to large Art . 

78/79 75 £110 decreased by three quarters of £46 ^ 6311 be that a rctm 

i-n Tq ,. — 1 jrr . . — ment, death, or admission M- - 

<9 ' S(A ^ £146 decreased by £46 new partner will present--; 

80/61 100 £146 decreased" "hv £ 4 fi cessation opportunity . 6 v«‘ 

co year. If the . profit pattern do< 

£693 not look "right, the partriftts B 1 

■■■w... ■■■ —— 1 . . i n an election to be treated^ 

. continuiag, and the asessm^ . 

a **!!? j an “ an end ' i ,n ®. ending with a three-month 00 a previous year ^ 

would deny that tiiey all started assessment for the year unaltered. Whenever the pa*WN' 

cninpwntfro nnri m«nt> nt “ * ** est ^ re . ' - 


£146 decreased by £46 


focussed ... . „« u, 

whether the self employed than ever before " oF comln-Tto chari S e - The -"new” partner- hands.’ ind the^nSector-has^ 
really enjoy anv delay in paying an untimely end. But even the ship's assessments start with a go through the cessation « 
their taxes. They pay tax in most ongoing firm is treated by nine-month one from that same commencement rigmarole.- 
two instalments on January l the tax inspector as ceasing and da ' e - However . the significant No. .wonder ■ Sir Willi* 
and July I every year. A new' recommencing every time there factors are: seemed- vexed wherF - 1 

business starting up. or a new is a change in the partners con- • s * ace l t j ,e penultimate and explained all this- to the Fob! ' 
partner iointn? an existing firm, stituting it— unless they them- anterpemiltlmate assessments Accounts Committee. Afld.tlM 
does not have any iS-month or selves choose to ignore the ?Q.L b - e - ? , „’-- p H tnersa, i p ‘ ’ 187ft> were coascious. and vexed.' tb. 
so tax liolidov; all that happens change and be treated as con- ania ar & based on the law had decreed this sipi 

is that tax is based on profits tinuing. actual profits made In those 1927. without either Parlianitf 


hare somewhere, and many of them change up to the dele of tha of P roSts ' PfOMdts the oPP« . ' 

question feel today in greater danger ! • aaie ot tnat tunin*. the i»rtn. n rit ah the . •* 1 


self employed than ever before of coming to chan £ e 


tunitj 1 . the partners Sit oh the.. 


OCCUPATION _ _ _DAT£OF_BIRTH _ 

NAME AND ADDRESS OF USUAL DOCTOR tlo whom felefencpm^v IK m*Je| 


lUniKi «» ffttroi t'per jiion. thdf I n«ii •n>Rdgc >n hd.-rfi Ah ur.. -fli-rf-. puf-.'nl ■ lhal 1 do no! cnRflv.c <n .lbialion rircot ** a Urf- 
D tying pSKfcngpr no rtwngnKal ff>ulen jimJ lhal «. pri^n'^l-in my Mr h*f •Nri hnn «lwrfiely Irralnl [Vou tnu-il rfiw+osc all lael-. 
which jn; MhcJy In tnllunncc I hr a»iscs , .nu*iil nt ihi-. fwop^-.al II you an- <n rt> uW a - 1 » tM fpirvartct- n| any particular inter nution tcu 


r.HnuW dectesa ii i.nlure do may artfci ihp in-ni-ni*. Nv.ihit* i 

Part II I rtn'Mn* ihai inn prrmmnr. will t>c paid by my-jjll -ii my '.piiiiw an*l Ihn n^yoi >.i 
•hi* picmium.-. will be ic.udenl in Ihc UK I *;ruu llu: any dm fjfwlir.n trwilc bh nv in ^jsinocht'-n with 

ttii. piomsal ‘•tlall I* Jlw tiiitiv. >,1 1 tv - 1 nitlt^ l ltr<w.i-cn me anrt MWt lull itvtc inn 1 1«J anr Sfial 

i wi'l at i cgl then i.u-.liiin.if* litini ''1 pinii t • Hj'irc lo iroividr any lurthi-r mlm nrwhco !be >.tinijM'iy 
nwt I'jdLfliL- <A r-no.imrii o> Ihc polit.y hum <: nv.i'Uihlr: t>n icQu>!:>i I 


Mesnbftfh ot (he 


1 1 h? Officer.' Actual ion 


■JGNATURE _ 

I|(|;i ;1BI«1 In 1 upland Nf |I>IH is;> t'n. I-Nla.i- 4... 


.tnl ««4'Wb‘t. f>“.-.' 


1 4 ^ 


VI . 1 i' 


which may have been earned to Pqruiei 
a date 18 months earlier, if the fore pres 
business was then in existence having a 


Partnership changes there- ■J ™? 1 or s »r William and his predecc - 

re present the opportunity of IS*’ JS ^ feeling it necessary to alu 

vina a '‘cessation” for tax- are not a:iSeSie a & ^ These it. 


or on current profits if jt was purposes. Given an appropriate! 


THE M&G GROUP 


If one is on scarcely defen- 


pattern of profits immediately 
before and after-the change, the 



Edited by Denys Svt:nn 

THE WORLD'S LEADING MAGAZINE OF ARTS AND ANTIQUES 


Published monthly price £2.00 Annua! Subscription £25.00 (inland) 

Overseas subscription A2B.00 USA & Canada Air Assisted S56 

Apollo Masazinc. Bracken House. 10. Cannon Strew. London. SC4P 4BY. Tel: 0I-2AJ 8000 


sibie ground, it is usually firm achieves a tax benefit, and 
helpful to divert one’s attacker the Inspector can do nothing to 
with «^)me metaphysical argu- prevent it- 
ment of this kind. Unless he is Recognising, the right date for 
very singleminded. he may a cessation is a recondite skill, 
allow himself to be drawn into but one which is not as complex 
an argument about the moral as it is. sometimes ma4e put to 
rectitude of governments who be. It requires a basic rinder- 
allow inflation, and the recti* standing. of the assessment rules 
tude of taxpayers who mitigate for tlie opening years and- for 
its damage by paying taxes ihe closing years of a business, 

based ou old. and less Inflated, but little more, 
profits. ' 'The effects of these rules in 

But the key phrase used by relation to a cessation at June 
the Comptroller and Auditor 30, 1978, 'Can most easily be wsen; 
General was “.life cycle." He if one postulates stjgadily jisiiig 
had looked at various partner- profits (sec table - . lV- ..... 
ships which he had seen being The-assesarientsoh the'/iold" 
treated as having a beginning, partnership are those above the 


IN 12 WEEKS as 

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DEALING IN 
STOCKS &SHARES... 
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HOW IS THIS POSSIBLE? 

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■ ■■ ■ ; “7 ~ '■" . ' 

* Hnandal ; Times Sararday October 21 1978 


YOUR SAVINGS AND INVESTMENTS 3 




Hi .» 

, %j THE POST OFFICE National 
“ Giro is 10 years old this week 
and trying harder than ever to 
‘ : - look like a fully fledged hank. 

- . L .■»’ But is it a realistic alternative 
. ■■ ■ to the Bis Four? Probably *wt. 
.. unless your baulking needs are 
: - , very ba>>ic. A Giro account may, 
however, make sense if you run 
. it in tandem with an account 

uiih another bank, particularly 
if yuu cannot be bothered lo 
' keep within the financial strait* 
/• jacket mast banks nuw impnsc 
on customers seeking free banfc- 
■ Uta- 

‘ . Despite the plumage Giro has 
sprouted over the years — deposit 
accounts, bn dying loan* and 
j:j -'Va evrn an , - rn hryi)mc form ot over- 
draft have recently been added 
— it is still stuck with the same 
* 1L problem it started with, face* 

; t .. ' le'smvs*. But its strengths too 

‘ - • .are nne> it had from the start: 

'"..it is an effiduDt machine for 

'• ••.transmuting money and 
■.-’customers get the benefit mil 
- - only in Jaw charges hut in con* 
‘ venience. 

* * " As a Giro customer, 1 can vouch 
I for the system's advantages 
• .' in dealing with household bills. 

. National Giro— or National 

. V Girobank as it prefers to be 
■: r - ; . known these days — takes some 
► getting used to for its working? 

r. ...j ! . seem strange to anyone familiar 
with an ordinary bank account. 
..... '.7' Tlie accounts of all 600.000 cus* 
.. | 7 : -toraers are kept at the Giro 
'centre at BootJc. The only per- 
sonal contact ynu have with the 
■■'system is in making cash with- 
drawals rrmn the Post Office. 
Must transactions are done by 
post using Giro transfers, which 
are the heart of the system and 
. . ita basic strength. 

If you want to pay anyone 
within the Giro system you ran 
fill out a transfer form and send 
tt direct tu the Giro centre where 
the transaction is completed in 
, a g j n g| e computer- operation. The 
ultimate instance of Giro’s enn- 
c <* venience is in paying bills from . 
\ official organisations. Gas. 

*- electricity, telephone, water 

television licence and rates bills 
• . • now come with a readymade Giro 
3 transfer slip. All you need do 

js fill in your Giro number and 
the date and add ynur .‘ignature. 

. -Then- send it to the Giro centre 


Bootle HQ: facelieunesi n the problem 

Two-timing your bank 


using the special post-paid pre- 
add ressiul envelopes issued free 

to every' account holder. . 

The big batiks' Bank Giro 
sysirm aims to provide a 
similar service for. biQs..bal H 
does not match National Giro's 
convenience. Big hank ' cus- 
tomers have to go to a bank 
branch tu make a Giro payment 
and they have either to write a 
cheque or hand over. cash. That 
will pro bah Jy mean . queueing 
and yon will have to pay a 
charge for using a cheque if you 
do not qualify for free banking. 
National Giro transfers by con-, 
irast arc completely free. 

Giro customers are. also issued 
wiih ordinary cheqnes— - but for 
these ihere is a charge.. With the 
basic service which is -probably 
the best option for anyone run- 
ning his account as an adjunct 
in an account with the Big Four, 
the cheque charge is usually 6p 
but is sometimes J0p._Ymi can 
open an account by filling in a 
form at any Post Office' and you 
can keep it going by transfer- 
ring money intermittently from 
your main account Tt is very 


BANKING 

EAMONN FINGLETON 


easy lo keep track of your 
balance because one of the 
advantages of the system is that 
yuu get a statement after every 
few transactions. 

The basic service will also 
entitle you to make cash, with- 
drawals f rnm two named : Post 
Offices. And here again, you will 
be enjoying another.' advantage 
for most Post Offices are open 
sue days a week. 

The principal extra you get 
from" the firil Giro service; is a 
cheque guarantee card Which 
provides the usual . backing ’ior. 
cheques up to £50 arid ran i)e 
used for cash withdrawals at any 
Post Office. JFor the full service 
you have to pay a flat charge of 
£2 a year and. have either your 
pay credited to your account 
nr a standing order of at least 
£15(1 a month. 


Cover 
for young 
drivers 


ONE OF ihr problems wjlh 
children — yours, mine or any- 
one eJse’s — is that, unlike Peter 
Pan. thoy grow up. Suddenly 
and so n often seems, without 
reasonable warning, they have 
passed I h rough the Jfl-year-nld 
scooter barrier and are 17 and 
wanting to drive the family, car. 
These days of reckoning come 
lo us all and it is as well to lake 
a clear hard look at the in- 
surance problems involved 
before letting our offspring 
loose on the roads. 

Because insurers offer pre- 
mium di.icounts to policy- 
holder? who buy cover when 
driving is restricted to one or 
two people, there are many, 
perhaps 35-40 per cent of ail 
private motorists, who from 
their own choice have driving 
I restricted to themselves or per- 
haps one other named person. 
Moreover for good underwriting 
reasons insurers sometimes re- 
strict driving to specified 
drivers irrespective of premium 
discount (particularly do they 
do this when covering high- 
powered cars) and so there is a 
further group of motorists who 
have no choice unless they can 
persuade insurers to relax their 
restrictions. 

Either way anyone with a 
driving restriction on his or her 


policy must get that restriction 
remuved hefore letting son or 
daughter il<c‘ The family car. 
Kemovai of a voluntary restric- 
tion, may involve payment of as 
little as 5 or 10 per cent extra 
premium, but removal of a re- 
striction imposed by insurers 
may prove expensive. 

.If you have a policy which has 
no driving . limitation . it is 
unlikely there is any clause in 
your policy expressly requiring 

you to notify insurers that your 

teenage son or daughter is just 
starting lo drive. But the fact 
that an inexperienced teenager 
is to make some use of the car 
if not positively to have lessons, 
then to drive after becoming 
fully licensed — is a positive 
change of risk, a material fact 
about which insurers ought to 
be told; 

Following last year’s agree- 
ment between British insurers 
and the Government, evidenced 
by the Statement of Insurance 
Practice, almost all insurers 
now remind, policyholders by 
warnings on renewal notices or 
other documents that renewal is 
offered on the stated terms sub- 
ject to the material facts of tbe 
risk being the same as pre- 
viously: if the facts have 
changed then the policy-holder 
roust inform insurers and allow 
them to revise the renewal 
terms. 

This duty at renewal covers 
not only past changes which the 
PQticyholder has omitted to 
notify but requires him to look 
ahead to the real probabilities 
that arise from certainties in 
the coming year — such as the 
17th birthday of a member of 
the family. 


Maybe when insurers are told 
they will not appear to be all 
that Interested and in fact will 
take no action either by asking 
for more premium or imposing 
special terms. If so. fine, and 
the policyholder has the satis- 
faction of having done his legal 
insurance duty. if. however, 
insurers do show interest, do 
make different terms for the 


INSURANCE 


JOHN PHILIP 


teenager, then clearly the policy- 
holder not only has done his 
duty but has avoided a substan- 
tial potential cause of dispute if 
the teenager is unfortunate 
enough to have an accident. It 
is better for both parent and 
child, to know where they stand 
at the outset and this is ample 
compensation for any reduction 
in. cover or payment of extra 
premium. 

In all policies providing com- 
prehensive cover insurers have 
in-built excesses that deal with 
young or novice drivers. Most 
insurers have a Two-tier excess, 
for example a £50 excess for 
drivers up to age of 21 and £25 
excess for drivers in the next 
age group up to 25 or for novice 
drivers over age 25: these 
excess levels and age limits vary 
depending on choice of insurer 
but T do not think it is normally 
posable to get an excess free 
policy or pay premium to get 
fully comprehensive cover for a 
17 or 18 year old. 

Incidentally if you have a 


sports car or high performance 
car insured now without any 
driving restriction, insurers may 
want to change your insurance 
onto named driver cover if you 
introduce a son or daughter: 
many insurers take the view 
that while they roust accom- 
modate the' policyholder's family 
they prefer not to get involved 
with juniors friends. 

If you take your car abroad 
on holiday and ask for cover 
for your young son or daughter 
you will probably find that 
insurers will take some under- 
writing action: for example if 
you have a comprehensive 
policy cover may be cut down 
to third party only while he or 
she is driving or you may have 
to bear a substantial accidental 
damage excess. 

Once the young driver gets 
his (or her) own car the best 
course is lo have the insurance 
in his name to give him a posi- 
tive interest in it. to allow him 
to build up credibility with 
insurers, to earn his own no 
claims discount. The terms that 
insurers offer for new young 
drivers insuring on their own 
account are always more expen- 
sive and more restrictive than 

for mature drivers, but this is 
one of the insurance facts of 
life that both young drivers 
and parents have to face. The 
parent who misguidedly thinks 
to “ front ” for his young, by 
insuring in his own name should 
think again, remember the laws 
on materiality and his duty of 
disclosure and remember tbat 
“fronting" may leave son or 
daughter unprotected in tbe 
event of accident 


Howto untangle 
your tax affairs. 

With just a telephone call. 

Afterfive budgets in just over two years, do you 
really know if you’re receiving: all the tax concessions 
and al lowances you're entitled to? 

Professional help is essential - the kind of help 
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. 
AH assessments will be automatically checked 
and aH available reliefs claimed. 

Ring Bill Coulson or Pieter Kunz on 01-629 8252 (or 
alternatively, return the coupon below). We’ll show you 
how to save yourself a lot of lime and worn'. 

And, possibly, a good deal of money as well. 


ROYALTRUST fin] 

The Royal Trust Company of Canada, rTT 

54Jermyn Street, London SW1Y6NQ. 1 © 

Please tend details cifyour services by return. \. / 

without obi igati on. ^ Is — — ' ^ 

Name 

Address — — 

| FT21/1Q 


£500 OR £50,000, 
YOU’LL NEED VERY SOUND 
RE ASONS FOR INVESTING IX 


A high income now 
with prospects of growth 
in income and capital. 



Jr 1 —* - ■ =V . Gartmore High 1 ncome Trust is 

B i primarily invested in L‘ K equities, and 
-9, 0/ i aims to provide a iiiub and tncrcat ing- 

■* / ■£*. / invnme without sacrificing potential tor 
L — ^ capital growth. 

Since the Trustw* hunched in 

- —r April 1 975 die offer price Cit units has 

inen^se d by 143",; compared with a rise of {fo 0 ^ Hi the Financial 
Times Ordinary Share Index. In addition original unitholders have 
lo date received a cross income of £58.05 for every £100 invested. 

Remember drat the price of units and the income from them 
can go down *■. well .1$ up. 

Ynu tJiuuId regard your investment in High Income units as 
a long-term one. 

You can invest any amount ovlt £200. Simply fiQ in the 
coupon and send it tr> Gartmore Fund Managers with your cheque, 
or consult yon*- professional adviser. 

In** w *• -dal l- * ■ v iw t — iw h l 

Ap b cuW w fll tr »iUbi fanva n l cdby 0 * Ifcmyn .whlfaA 

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dwTf^ — vb»r »owiavdiTHi«wi» 

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C A 1.VTji , r"'C A. 

Tit udd h(l/4l4U« |.. . |lt<IVpikd InW. 

Fill in the coupon and send it now. To: Gartmore Fund Managers 
Ltd. 2 Si. Mary Axe, London EC3A 8BP. ;r«*. r.rm i**v*-,. 

I 'V. 'hmjfd liLr liu> f.i irmimr Hich tiKornt.- L'nu‘ lothc^alumt' ' tlffi C^oo) 

~J 1 j| thcoff-x pnw mliiK:onthi:da\ 

/' _ 1 refA-ni-L'n 

I W'c endow a rnnhuncc, paiable to Gartmore Fund Managers Ud. 
*fnr\nur cir.ii-v ,*the irilcr pnve \A Garu:tu:e 1 fit'll Income Lrinswi li/th 
tv-lobtl, |y;l)Uvb'tl6.c|J. 


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!' • ■«! , in 


I O- .1- C* I e. -■ T r St Wa olrfsT g. 

jn*EMi|iirit*lAagii|hahaiabuMadnMW;.l 


iLOXWIL .MR. S IK.- MISS-, 


HNST NAMhit-jIXfL LL. 


SJCAATI.T 1 EIS 1 ~ • 



If you are a company director or executive, 
you can reduce next term's by consulting 
the specialists in tax reduction planning 


Financial Techniques Limited, Hiiigate House, Old Bailey, 
London EC4M 7H$ Telephone: 01-248 6321 


HERE ARE 12. 

1 CAPITAL GROWTH 

The fundamental aim of the Managed Bond is 
to secure worthwhile capital growth foryou to fight 
inflation. 

2 TAX-FREE INCOME 

At any time, you can choose towithdraw upto 
,5% a year of your initial investment as income 
entirely free of any immediate personal tax liability. 
Ip basic rate tax payers this is equivalent to 7 !6 %p^l; 
to higher rate payers it can be equivalent to twice 
that or more. . . 

3 JAAJORTAX BENEFITS 

You have no capital gains or basic rate income 
tax liability. Any liability to higher rate taxes or 
investment income surcharge can only arise on 
death or surrender or on withdrawals above the 5% 
limit and only to those then liable to those taxes at 
that time. ' 

4 EASY WITHDRAWAL 

Your money is not locked away. You can cash-in 
all or part of your investment whenever you like, as 
long as, in the case of partial encashment, your 
investment doesnotfali below £500. 

5 THE STRENGTH OF PROVIDENCE CAPITOL 
Behind your investment is the strength of 
Providence Capitol, a major life office, whi ch has 
well over £70,000,000 total assets and over 60,000 
existing policyholders and pension fund members. 
In addition, it is part of the international Gulf+ 
Westem group, whose gross assets exceed 
£ 2 , 000 , 000 , 000 . 

6 INVESTMENT BY BARING BROTHERS 
Baring Brothers is one of the oldest merchant 
banks inthe City erf London They are acknowledged 
internationally to be one of the best investment 
houses in the country. They manage well over 
£1,000,000,000 of funds on behalf of major 
institutions and companies, pension funds and 
private individuals, and advise on the management 
of several times this amount again Baring Brothers 
are Providence Capitol’s special fund managers 
investing your money. 

7 INVESTMENT SPREAD AND FLEXIBILITY 
The essence of the Managed Bond is.its spread 
and flexibility. Your money is invested in a 
combination of no less than five funds covering 
property, (JK equities, international investments, 
fixed interest and gilt-edged stocks and short-term 
deposits. The balance of thlsinvestment mix is 
altered continuously to reflect changing market 
conditions and opportunities. 

This is achieved through day-today ^active 
investment management by Baring Brothers’ highly 
informed and expert fund managers. 

In this way, your investment receives the same 
quality of investment service provided to those 
with millions of pounds. 

8 INVESTM^O)NTO 

to giveyou control overyourinvestment, 
Providence Capitol enables you to moveyour 
money between funds whenever you want There 
is only a small charge made for this important 
benefit full detailsof which are sent to you as soon 
as we receive your investment . . A 




Pi 



iCE 

L 

iD 


u hi; 

b P,\ Ip 




9 LOW CHARGES 
Providence Caoiti 


Zs Providence Capitol makes one initial charge of 
5% plus a rounding adjustment at the time you 
invest and this is represented by the difference 
between the buying and selling prices of units in 
the Managed Fund. Second, there is an annual 
management charge, maximum 1%, but currently 
only %%, of the selling price of units. 

-J /^GUARANTEED LIFE COVER 
JL \J At no extra cost, you automatically receive 
life assurance cover related to your age at death 
and the bid value of units at that time. 


THE INVESTMENT THAT GIVES YOU 
WHAT YOU WANT 

Today’s private investor wants his capital to 
grow, with a minimum of tax liability. He also wants 
to be able to get at his money whenever he needs it 
And, quite often, he wants a regular income from it- 
tax-free. 

That, in any event is a summary of what we 
have been told by hundreds of investors when we 
researched their needs this summer. 

On September 16th, the Financial Times wrote 
that Providence Capitol has “an impressive range 
of life and pensions contracts”. 

One of these is our Maximum Investment 
Bond linked to our Managed Fund. We suggest it 
comes as close as possible to meeting the needs 
you have stated. 

It’s an impressive contract Reading this 
advertisement has given you 12 very sound 
reasons why. 

Vfe firmly believe that it is the right choice for at 
least part of many thousands of investors’ 
portfolios. 

HOWTOINVEST 

Simply fill in the investment form belowand 
send it to Providence Capitol with your cheque. We 
pay the postage. Your money will then buy units in 
the Managed Fund at the offer price ruling on the 
day we receive your cheque and we will send you 
your Bond document showing the exact number of 
units in your Bond. 


To: investment Division (Bonds), Providence Capitol Life 
Assurance Company Limited, FREEPOST, 

London W12 8BR. 

I wish to invest £ in the Providence Capitol 

Managed Fund (Minimum £500) and I endose a cheque 
for this amount payable to Providence Capitol Life 
Assurance Company Limited. 


n FULL INFORMATION 
From the moment you 


X X From the moment you invest you can see 
exactly what your Bond is worth, since the unit 
prices are published daily in leading national 
newspapers. Each year, you’ll also receive a special 
Managed Fund Report 

-I ry HOWYOORMONEY CAN GROW 
JL cl* The table shows how your investment could 
grow over different time periods and at different 
growth rates. These figures are only illustrative; but 
they show how substantially investors' capital can 
increase, : 


I Surname 

| Mr/Mrs/Miss* 
j First Names- 

I Address 


Occupation. 


BLOCK CAPITALS PUEASE 


I Date of Birth 

I Are you in good physical and mental health and free 
from the effects of any previous illness or a cadent? 

| If not please give details. 


Investment 

period 


Growth of £5,000 investment 
at growth rates of: 


Doyou wish to withdraw regular income YES/NO*. 

I If so. do you want i ncome paid once/twice/three/or four 
[ times* a year? 

I f you wish to withdraw less than 5% p.a„ please state 

I percentage % (Minimum £50) 

i ‘delete as applicable. 



5% 

7lz% 

10% 

5yeara 

£6,062 

£6.819 

£7,650 

lOyears 

£7,737 

£9.790 

£12320 

15years 

£9,875 

£14.055 

£19342 

20 years 

£12,603 

£20,177 

£31,956 

25 years 

£16,085 

£28367 

£51,465 


It must be recognised that as with most investments, the 
price of units could fell as well as rise or increase at a faster or 
slower rate. Over the long term, however, we believe that you 
can lookforwardtoa sound overall return on your money. 


| Signature 

| Date 

I (This oder is not open to icsidi-nls of the Repute of Ireland) 

' When you cnslvin your Bond lu value wit be the number of 

( units held multiplied by the 'bid' (selling) price on (he next 
weekly valuation day following receipt of your written 
| request to cash-m. 

I Registered Office: Providence House, C 
I 30 Oxbridge Road London W12 8PG. V “ 
f Registered Mo. 943621 England. 


:nce 


| a Quff Western Company 


1 








■r . . 


Financial Times Saturday October 21 197 



Working on the 


AVERAGE PRICES OF HOUSES IN CHAINS— {SEPTEMBER 1977 SURVEY) 



Prices shown relate to houses bought up to September. 1977. when the surrey questionnaire 
was issued. They illustrate differentials found between the prices of houses m chains rather 
than purchase prices being paid at September. 1977. 


BY JCE RENNISON 


THOSE OF you v.ho £Pt that 
awful feeling in the pit “i the 
stomach wfion you know that 
your house purchase is depen- 
dent on several other people 
buying and selling can lake 
comfort your nerves will not he 
as frayed as you thought but 
your pocket will suffer. 

.A survey by the Alliance 
Building Society Housing 
Research Unit at Surrey 
University suggests, that up 1o 
three-quarters of all house- 
buyers become involved in a 
chain of buyers and sellers but 
that, contrary to popular belief, 
this causes problems in only a 
minority of cases. 

This finding is just one asject 
of a national investigation by 
the Housing Research Unit 
into how the housebuying pro- 
cess can be improved. The 
survey shows that for buyers 
involved in complicated house- 
buying chains, the rime taken 


to exchange contracts averages 
21 weeks. In contrast, exchange 
of contracts averages 10 weeks 
for those not involved in chains 
and for ali first-time purchasers. 

Over half of those who buy a 
house will be involved in a 
chain of more than three 
buyers. The amount a buyer 
pays for a house, the likelihood 
of buying unsuccessfully on the 
first attempt, and the anxiety 
he experiences during trans- 
actions all increase according to 
the length of the chain in which 
he is involved, and his position 
in that chain. For instance, a 
first-time buyer entering the 
housing market at the bottom 
of a three-link chain could 
expect to pay nearly £2,000 
more than if he were not" 
involved in a chain (see 
Appendix "Average prices of 
houses in chains"!. 

Although most complaints 
about transactions come from 


Length of 
chain 




Average 

price 

1 

2 

3 £ £ 

price 

1 Link 

£10.950 



£10.950 

£10.950 

2 Links 

£12.160 

£15.715 


£27.335 

£13.668 

3 Links 

£12.882 

£11.825 

£16,993 

£44,640 

£14.880 

4 Links 

£11.465 

£15.662 

£19,578 £20.044 

£66.709 

£16.677 

5 Links 

£11.028 

£14.162 

£17.698 £21.313 £22.375 

£86,576 

£17.315 

Average price £11.685 £14.946 £18.089 £20.678 £22^75 £15.747 

There are examples of longer chains Lhan five links but these are few in number and incomplete 
in their details of prices at each position. Hence, these data are not presented in this table. 


those at the top end of a chain, 
those in the middle experience 
most anxiety as they must rely 
on completion of transactions 
below and above them. The 
survey showed that these 
■* middle chain " buyers are 
more likely to emerge as co- 
ordinators to try and speed up 
proceedings, suggesting that 
this is one area of house buying 
that could benfit from improve- 
ment 


First-time buyers, accounting 
for 29 per cent of respondents 
in the survey, will become 
second -time buyers, and hence 
move up the chain as buyers/ 
sellers, sooner than expected — 
within five years. New houses 
are out of the price range of 
the average first-time buyer 
(less than half in the survey 
bought new houses! and are 
more likely to be bought by 
those at the top end of the 


chain. New houses are an essen- 
tial factor in preventing long 
house-buying chains. 

Another interesting finding in 
the survey is that house-buying 
chains differ in structure re- 
gionally. Buyers in Scotland 
and Wales, for instance,, are 
least likely to be involved in 
chains, but those in the counties 
of Eastern England are more 
likely to be involved in long, 
complicated chains. 



Arabian moves 


“The Meadow,” one of the most famous and 
outstandingly successful thoroughbred-horse 
breeding stables in .America and the birth- 
place. in !9?<>. of the illustrious Secretariat 1 * 
is now being offered for sale by Sotheby's 
Realty Corporation for £2.650.000. That is a 
lot of money but when you consider what one 
horse alnne can earn if it is a real gond'un 
maybe not so much. This 2.652-acre property 
if at Doswell. Caroline County, in the beautiful 
Virginian countryside. It lies 22 miles north 
of Richmond and 1 i hours by air from Wash- 
ington and possesses ali the facilities and 
equipment essentia! for a lop-class breeding 
and racing stable. Prime pasture land of 
1,200 acres provides 52 paddocks and the three 
main stabling areas hate stalls for more than 
150 horses. There is ample separate stabling 
for brood marcs, stallions, yearlings and visit- 
ing mares and an enclosed walking ring for 
use in poor weather. The training track, of 


dirt and sand, is a mile long and there are 
three hay barns, two hay driers, a machine 
shed and shop, tack room, office, staff houses 
and garages. 

The handsome main house, parts of which 
date Trom IS 10. has recently been thoroughly 
restored and has been given partial air-condi- 
tioning. In the basement, which is connected 
with the first Moor by a lift, there is a 19-foot 
square Trophy room, office, wine cellar and 
storage room. The living rooms on the ground 
llor include a 2S-ft tag library. On the two 
upper floors are six bedrooms with baths. A 
kidney-shaped swimming pool and tennis court 
lie close to the house. 

v Secretariat was sent to stud in November. 
1973. His syndication fee was a world record 
Sfi.USO.OllO and in hi*-- first season lie was bred 
to 30 mares, in 1977 a coif of his — Canada 
Bound— sold for a world record price or 
Si.500.il0U. 


COULD WE BE seeing the 
beginnings of a move out by 
Arab property owners possibly- 
disappointed by two dreadful 
summers arter the heatwave of 
1976 when their buying spree 
was at its height ? Two deals, 
one completed, one in the 
offing, suggest they might be 
willing to take a profit on their 
transactions. 

John German Ralph Pay are 
seeking a total of around £1.2xn 
fur four flats in Park Towers, a 
modern building off Park Lane 
and all owned by a Middle East- 
ern family. 

The flats, all on $8-year 
leases, are individually priced 
between £2oO,000 and £375.000. 
depending on the standard of 
decoration, furnishing and loca- 
tion in the building. The flats 
hare been decorated to an 

extremely high standard by 
Charles Hammond of Knights- 
bridge and ail furnishings, in- 
cluding stereo equipment and 
colour televisions, are included 
in the sale price. Each fiat pro- 
vides a large double reception 
room, with balcony, three bed- 
room-; with bathroom on suite 
and kitchen. 

There are very few modem 


blocks of fiats like Park Towers 
in central London says Martin 
Carleton Smith of John German 
Ralph Pay and it lies in the 
centre oF a triangle of Harrods, 
the Ritz and the Dorchester. It 
has 24-hour uniformed porterage 
and garaging. The building is 
on 14 floors 3nd there are a 
total of 26 flats. 

On the country house scene. 
Mr. Reg Py croft, chairman and 
managing director of Jetsave. 
Britain’s leading transatlantic 
travel company, has just bought 
a Idth-cemury mill house in 
Sussex. The five-bedroom, five- 
bathroom house, set beside a 
lake in 20 acres of land, was 
sold to Mr. Pycroft by an Arab 
Sheikh from Kuwait. 

Damaged by fire some years 
ago. the house was renovated by 
the Sheikh. The mill, however, 
has not been operated since 
1919 but it- being restored to 
full working order with 
guidance from a team i»r 
historical conservationists. 

Having spent over a quarter 
of a million pounds buying the 
property and with the restora- 
tion costs adding considerably 
in chat figure, it is an expensive 
venture. 


A century of rock gardening 


TWO EVENTS have combined 
to turn my thoughts to rqpk 
gardening, one the autumn show 
of the Alpine Garden Society 
held in London last week, the 
other the publication of Will 
Ingwersen’s long awaited book 
the “ Manual of Alpine Plants.” 
Both serve to emphasise the 
very broad definition we now 
give to the term “ alpine.” It 
long ago ceased to have any 
specific connection with the 
European Alps which were dis- 
covered by the Victorians to be 
by no means the horrid and 
terrifying place they had 
formerly been considered but, 
on the contrary, beautiful, 
exciting and a potential play- 
ground for the well to do. 

Along with the invention, of 
skiing and mountaineering they 
discovered a previously ignored 
flora which offered a complete 
horticultural world in miniature. 
Within a generation rock 
gardens had changed their role 
from essays in the sublime and 
romantic to environments in 
which the new found alpine 
plants could be grown and dis- 
played. However, despite all 
the learned dissertations about 
their construction and manage- 
ment. few proved satisfactory 
for the cultivation of any but 
the easiest of true mountain 
plants most of wbicb required 
degrees of climatic control im- 
possible tn achieve in the British 
Isles in the open. 

Bui to return to the show 
and the Ingwersen book. The 
former was chiefly remarkable, 
as i have already indicated, for 
its non-alpine plants, particu- 
larly the autumn flowering 
cyclamen which were on dis- 
play in great force and beauty. 
They are lovely plants, far more 
satisfactory to the eye than the 
greenhouse varieties which seem 
to get less like cyclamen every 
year. It is difficult to conceive 
how these monster blooms with 
petals splayed at all angles like 
badly damaged propellers have 
really been considered an im- 
provement on the exquisitely 
formed and delicately perfumed 
flowers of Cyclamen persicum. 
Will Ingwersen remarks of 
cyclamen in genera] and C. per- 
sicum in particular that they 
exhibit a persistent refusal to 
be uniform, constantly produc- 
ing, even in the wild, all manner 
of variations in size, colour and 
form of both flowers and leaves. 
It is this that has given breeders 
their opportunity to develop the 
plants, but they seem to have 
chosen the worst possible ideals. 

One solitary plant of Nertera 


depressa riveted my attention 
partly, beeause it is years since 
I saw it but also because It is 
so different from anything else 
one might grow in the rock 
garden or alpine house. . It 
makes an absolutely prostrate 
carpet of bright green as neat 
and minute-leafed as that of 
Arenariq balearica and then, in 
late summer, it covers the whole 
thing in little orange, bead-like 
fruits. .It comes from the 
southern hemisphere and U not 
really hardy, but is a delightful 
little plant for an unheated 
greenhouse or frame, which is 
where so many choice rock 
plants now spend much of their 


GARDENING 


ARTHUR HELLYER 


lives. I team from Mr. 
Iugwersen’s book that it should 
now be called Nertera grana - 
densis. 

Will Ingwersen’s father, 
Walter, was born in Denmark 
but . settled in Britain well 
before the first world war and 
was for a time in charge of 
the new rock garden in the 
Royal Horticultural Society's 
garden at Wisley. After the 
war he joined forces first with 
Clarence Elliot and later with 
Gavin Jones, but in 192S he 
established his own nursery at 
Birch Farm on the Grave tye 
estate of William Robinson, 
who had become his friend. 

There the Ingwersens have 
flourished ever since and the 
eldest son. Will, has acquired 
a world reputation as grower, 
writer, lecturer and exhibitor 
□f rock plants as well as a 
highly skilled constructor of 
rock gardens. He is currently 
engaged in building what I 
believe is the world’s largest, 
and certainly its most expen- 
sive. rock garden for the Shah 
of Iran in the desert between 
Tehran and the Caspian Sea. 

The Ingwersen nursery has 
always issued an admirably 
reliable and informative cata- 
logue and soon after the last 
war Will and his father began 
to produce a genus-by-genus 
guide to alpine plants which 
not only gave even more infor- 
mation than the catalogue but 
also included plants that were 
not actually available for sale. 
I was so Impressed by this that. 


I 'asked that it should be com- 
pleted .as quickly as possible 
and the firm for which I then 
worked should be permitted to 
publish it as a book. Unfortu- 
nately this proved impassible, 
but now the Ingwersen golden 
jubilee has stimulated Will to 
return to the task, complete it 
and publish it himself in 
collaboration with Dunnsprint 
of Eastbourne. Incidentally, 
thnngh i do not suppose that 
any precise date could be 
assigned to it. this must also 
be about rhe centenary of 
serious rock gardening any- 
where in the world. 

The book is every bit as good 
as I had expected and will take 
its place on my bookshelves 
alongside Hilliers Manual of 
Trees and Shrubs. Graham 
Thomas’ Florelegium. and the 
excellent American publication 
Exotica. Together they form 
as comprehensive a reference 
library, respectively to rock 
plants, trees and shrubs, herba- 
ceous plants, and greenhouse 
plants, as any one could wish 
to have. 

Like these other works, the 
Ingwersen Manual follows a 
strictly alphabetical sequence 
so that one is instantly at home 
with it. There is no need for 
an index, not even of popular 
names, which Mr. Ingwersen 
gives short shrift, though he 
does occasionally mention one 
in passing as, for example, that 
Sisyrincftmm angustr/oiium is 
sometimes called Blue-eyed 
Grassland that Hieraetum auran- 
tiacum is commonly known as 
Grim the Collier. This latter is 
new to me and I wonder why 
such a gay orange-red hawkweed 
should acquire such a forbidding 
name. Mr. Ingwersen offers no 
explanation but . these are 
dearly asides of tittle import- 
ance to him and. if you are the 
kind of reader who cannot re- 
member botanical names, this 
is not the book for you. Mr. 
Ingwersen does make it easy 
and interesting by explaining 
what each generic name means 
but says nothing about the speci- 
fic names which are often very 
useful in identifying plants or 
telling one something about 
them. A glossary would be use- 
ful but would probably increase 
the price of the book which, at 
£S.0Q, cannot be regarded as 
cheap. Still, it is clearly not 
intended for a popular market 
and those who require it, as I 
do. will doubtless pay the price 
and be thankful to have such an 
authoritative, .comprehensive 
and convenient guide. 



PER 


Pom EL KANTA0UI3 
THE FS^STGA2^DEN‘PORT 
IN THE ^SiDBTERRANEAN 
BSSft TUNIS. 









“WUi 


; -TS3C- 


• : .i . . :.' r . i i mjir - j /: 

- e c c ■ r-r-r 

■ZZ -VI F.i-f? f 

■■ i •: .> : :r. jm-m- • 

• :«• » j ^ 

• -■ • ' ? : . •••.• •■=. :■ * . 

• a-*. ; — -- m.- - 

. i . v 


KENNETH WARD & Co. 
PORT EL KANTAOUI 


JOHN D. WOOD 


THE RAKE MANOR ESTATE 

MILFORD, SURREY 

■ rUJlnrd mid HirMihi/.'i.' \ mi la. 


• — — — Millard mq: 

■ LonJun-V xci I-n. .Vi tu, nulcu < j miuulj*' toil*?. 

TUDOR RARE MANOR . 

Overlooking and including 2-3cre lake. Reception hall, 
drawing room, dining room, study (to be fitted as 
kiichen). cloakroom. 4 bedroom* and bathroom suites, 
s lener no m. Beautiful matured gardens, swimming pot*!, 
hard tennis eourt site, paddock and woodland. 101 acres. 
RAKE COURT 

uverlnoking Jake. When converted will provide: entrance 
hall, sitting room, dining room, breakfast room, kitenen. 
cloakroom, boiler room, 2 storeroms and garage. Sunerb 
mu.sie/billiards room. 6 bedrooms. 4 bathrooms. U*e of 
part of Lake, lawned garden and woodland. 41 acres. 

Main services. Gas central heating. •' 

Two alractiu- detached lodges. Lake cottage (let!. 
Stable block and 2 llaLs tl let) for conversion to iwo 
houses ivilh paddock and 2 acres. Period barns and 
buildings for residential conversion isubject to planning 
consent ) with i-acre vineyard and 6 acres or paddock. 
Grass fields, paddocks and woodland from 3 to 181 acres. 
Productive vineyard i acre as separate Iol 
VAijANT PvSSESSlti.N icXu.p: i .ovw and fl*;i 
Mi.'ST PLAXXIXG CONSENTS OKT.M.NED 
FREEHOLD FOR SALE BY AUCTION IN M LOTS 
ON lflTH NOVEMBER 1*73 

Aflflly BERKELEY SO CARE OhFICE .R.-i JWB D-'Ml 

23 BERKELEY SQUARE. LONDON. Wl. 01-629 903P 


Highly Valuable Residential 

BUILDING ESTATE 


near lo 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. 

Auction 9 November 1975 tunless previously sold privately) 
at 3.30 pm at Bishop's Stortford 


Illustrated auction particulars and p tan from 
G. E. SWORDER S: SONS 

19 Nortii Street. Bishop's Stortford - Tel: t0279i 52441 


WITH VACANT POSSESSION 

CHATTERIS 

CAMBRIDGESHIRE 

Messrs. GROUNDS & CO. 
are favoured with instructions to Sell by Auction 
in 4 Lots 


at THE CHURCH ROOMS, CHATTERIS 
on FRIDAY, 24th NOVEMBER, 1978 
at 7 o’clock in the evening 


k CAPITAL FENIANS AifiCMAl ESTATE 
containing 860 ACRES in Four Forms 


Descriptive particulars with plans may be obtained from the 
Auctioneers. Messrs. GROUNDS & CO.. Market Place. Marcb 
t 'phone 03542-2502) or the Solicitors. Messrs. J. HUNT & C0- 
1 Wood Street Chatteris (’phone 03543-2212).- 


EAST YORKSHIRE 

Bridlington 2 miles 


1,163 Acres 

York 42 miles 


An outxtintting residential and commercial agricultural 
estate on prime farmland on the edge of the Walds. 
Home Farm— 649 acres Including fine Georgian House, park 
and grounds. 3 farmhouses. 5 houses. 2 cottages, grainsto re 
for 636 tons, 44 acres hardwood plantations, mostly with 
vacant possession. 2 farms and small ho Id tag 513 acres 
together with house and 2 cottages, let to produce £7.909.44. 
Sporting iff hand over the whole. 

In all L163 acres 


As a while or in lots by private treaty. 
SAVTLLS Lortdou Office. .Tel: 01499 8644 
and Lincoln Office. Tel: (0522) 34691 


yi 


\J? 1-499 8644 26, Gromnor Hill, London WlXOHQTdex 263706 J 


BUGKLAIMD 


KNIGHTSBRIDGE 


' Unfurnished Rental Without Premium 
A Very Large Apartment 
(gross area 3 ,850 sq. fti/355m-) has become available m a 
prestige building which for many years has been one of 
London's most coveted addresses. 9 rooms, 3 bathrooms, 
plus staff quarters. A new lease will be granted at £13,500 
p.a_' exclusive, but- inclusive of current services. 


•Estabi.-si-oe) > 


& SONS 


Knight Frank & Rutiey 
Telephone. 01-629 8171 



CHASEMORE 


"Jr, "-red Surveyors- 

WEST SUSSEX — Horsham 3 Miles 
SWALLOW FIELD ESTATE 

A 5mui ReMd-.-.nial o:td A^ncuauril Kits;: 

Substantial Country Residence 

.:l B * SUMi-5 v>f Bifirctorai «Mjl Calhr.vmi-. ; fm-ihir 

Bathroom Oom.rk- Ofllc« Owr SuMc Bloc*. S * SEk 
w jiii.ii Garden. Orvoard 
Bungalow — Two Cottages 
Approx. V. uens .Wnoiiliunl Land a -id jir-.-i lWodland 
ABOUT IDS ACRES IN ALL ° 

AUCTION 22nd NOVEMBER 197S f as a whole or in 8 lots) 

Details: Horshjm Office (MOVHMli or Farm* Dcou Pulborounh (B7<«.3)81) 


FULMER — SOUTH BUCKINGHAMSHIRE 

•Central London 20 mile*. Heatnraw A-rvort 9 miles) 
MAGNIFICENT EARLY GEORGIAN RESIDENCE vrltti 
70 ACRES OF PARK AND WOODLAND. COTTAGE AND FA P M PUILDINGS 



FOR SALE BY AUCTION AS A WHOLE OR IN LOTS 
Bill NOVEMBER. 197B i unless Sold 0/ Private Treaty) 

Auctioneers: Cuckland & Sons. 44 High Street. Slough. Berks. SKwgta 10753) 21307 


V. KING THOMAS. LLOYD- JONES & WILLIAMS 

WEST WALES 


LLWYNDURIS MANSION HOTEL, CARDIGAN. DYFE1I 

r.ompri.inu :< iral-cwiul WVK1 mjir.ivn Iwuu- tnnH wl -ion. m.d»r ,iui.- i-hi-.h 
ha, he<.n :a*ufuli; i »iisvr:c-l so mv. a >-n;np.v i HiK. I il.illMii- jn_ wif 
ciit'.'rin; buliJirs jfijrdnsj Klc.d:iu:i on. a. Li'un--. Far <r » l * 
D.nlns RO'jin Pal [room 77' , .V Kii<.n> n ■lull." he'd- c.iMKrwom . 
7 four p.-rswi rouwv : pv-rson F«lli ■ jH iull> lHI,d »or I'akriiu 

- :i E'cdrunt wait il*(. num- wn» nu:h>siidln^-. 

SET IN 101 ACRES 

mamr-f f round*. nh m.ifinUcvrn ik'«> ovi.-r open counm and bounded by 
6J0 ylf. of sulc liiklM; n,hts (h-.- Kivrr Tcifi 

^ii^’doiau* from- 7 Bridge Street- Lgmucicr. Dyfcd. Tel: fOSTD) C2855 


^0 (ouiinTur Jntim/itional J J roptrtics 


LES ARCS S A VOIR FRANCE 

THE COMPREHENSIVE FAMILY DEVELOPMENT IN THE ALPS 
THREE WAYS TO BUY 

Thu busriah: 1 r^^hvld buy. r -wini ili >i. c ,., n ... . . 

Wl Ih,. J, jr aiMraniL-d rTnsal r,iur-i * USr ' ind MtMindcr 

f , HO MANAGEMENT FEES 

Pr,fts: ?? 

Enqu,ries S W J - 


EXCELLENT COMPANY FLAT 

WESTMINSTER GARDENS 

Good enternlnir.fi space- 3 bedrwm- 

| shower roam, bathroom. Ir. rehen. 
2 »erv*nu roams. Parking space Son 
morning / afternoon. balcony ror 
flowers. 


£70,000 

Ring 01-242 2S32 Ref. CAH 
DURING OFFICE HOURS 



LYMINGTON— HAMPSHIRE 


CHANTILLY 

1 

A mail compact architect 

designed countT> home. «*t in the 
midst of mured parin' ir wooded 

i 

FRANCE 


grounds of some tight aod a half 
acres on che outskirts of thr :own. 


With direct access onto train- 




' Old English " comforts— care- 


■rn suite), three reception rcomi. 
Ficchen and usual offices. cloaVroa.-n 


rakers lodge— 17 ttabi®? for 

■lOrsOj. 


gat -rtr-d central h-.acir.g. sarasirj ij- 
lh.-a r cars. 



Price £72^00 Freehold 


V/.-.te to; 


■infify Jocf sa.i and jorirsof. 


FONCIERE TURIN. 


The House on the Cfn Ojr. 

Li nilfrriOR, Hompjftlrs 


122. boulevard Haussmsnn. 

. 

re’rthonr. IQi'O * 75015. 

; 

75008 PARIS. FRANCE 


COSTA DEL SOL 
AND MAJORCA 
ApparUucnls and Villas from 
£5.060 to *150,000 

Phrase apply: 

SPRATLEY & CO. 

m VI l ^’ 3r: i r “' 1 Surwjori 
rt King si.. Ceveni Garden, W.CJ. 
Tel: 01-53* T373 


HERTFORDSHIRE 

S/shops Stanford 3 miles 

AGRICULTURAL 

INVESTMENT 


305 Acres Arable Land 
with Farmhouse and Buildings. 

Shooting in hand 
Currently yielding £4,995 p.a. 
Revfewabie IJch October. 1979 
to yield an estimated 5:> gross 
ana 42 acres of Woodland 
With Vacant Possession 
FOR SALE - 
BY PRIVATE TREATY 
Offers over £165.000 are invited 


Bi DWELLS, 

Chartered Surrey or: 
Trump m£ ton Road 
'lam Bridie CB2 2LD 
Tel: (022 021 I 3391 


SOUTHAMPTON, NEW YORK 


FR0HT 
ESTATE 


8 I LANDSCAPE ACRES 
OFFERED AT 2.000.000 DOLLARS 




r descriptive Brochure write to: 

Mr. H. F. Grtftp. 
SULZBERGERrJtOLFE, INC., 
654 Madison Avenue, N.Y_ 
N.T. 10021 


NEW FORST— FRIT HAM 
A recently ; modernised and ' rnocb im- 
proved. 100 year old country cottage. 
Work included a rewire, redeclaration 
throughout and oil - fired c-h. Accom- 
modation comprises: 3 beds, bathrm., 
separate sitting 8 dining rooms, kit- 
chen A utility. The garden/ paddock 
extends to 4 acre. 5outhampcon/5alii. 
bury- II m flos cqirfdfa tut. £39,950. 

FOX A SONS. LYMINGTON 
Tel: (U90 ) 75424 Reft M59« 


For Sate by Tender 

DEVONSHIRE 

Freehold Blocked Woodlands onmnns- 
ine approtimotWy ss acres In 4 lots 
in the Taw Valley midway Exerer- 
Sanwaple. Particulars from Hamu- 
rord & South com t*. estate Assn is. 
Ohulmlelsh. North Devon. Tel. Chuitn- 
leuih fOroSSi 25L 


| EASTBOURNE IDffle O* dlStlnCTIOd With 

panoramic slews. Large oak osnedn) 


reception nail, 3 magnificent rec. rsoms, 
s:eu». kltceen etc., d teds. 3 bans, 
gas CH. Conage 2 bods. LAM. kttcMa. 
tarnre-om Garage •» n. Approx. 1.2 
acres. Tel. 0323 30B79. 


F °5itr SA Oa-i 1 ^l a'?'-' 5 Suaieriand. sue 
? % fUnmna Perimss-on for 

f.dM ,or H.I.D.B. Grant 

cc-elMnen: Aost* Renron Fm- 
oS "3sl r Sutherland 


WANTED FOR RENT a cast le-sut elf nomn 
residence In England. Austria or Bavaria 
for z weeks August 1979. An estate 
o' character wiin lull amenities and 
statt is required. Quiot. experienced 
U.5. couple oHct full -ates o' interest- 
ing lu'uruius. common i ous residence. 
Write Box T.4969 Financial Times. 
JO Cannon Street EC«P a BY 


BEDS ATM ROOM ano sell catering accom- 
modation oHercd co business gentleman 
iao> m modern house m prirato roa-3 
off Edwards Sauare w g p w 

n,n> p Ot-BOS 5143 err Stevenage 
oi 2264 


GUERNSEY 


Channing open market bunga- 
low. 3 double beds., large 
luunge and dining room, 
£75.000 nr plus fully furnished 
if required. Write Box T.4982. 
Financial Times. 10, Cannon 

Street, EC4P 4BY. 



l ^esidential 
JProperty 


^Had\t:ktising>==. 


Only S2.00 per line (minimum three lines) 
Reiumlhis coupon \vith details of your 

property together with your cheque and 

publication will take place next Saturdav. . 


. CLASSIFIED ADVERTISEMENT DEPARTMENT 
’ . . FINANCIAL TIMES 
10 CANNON STREET, LONDOX EC-tP 4B Y 
•for.fijTfherinff»n«atio , n emitaei Diane Steward 
‘ TclOJ-248 5284 






ar *«i 




-N 


~T 

dr 


1 


3 : 
• *# 


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r 
















The Financial Times 




_ 'J V 




If it moves, heats or lights, we probably have 
an oil for it And if we haven’t, well develop one 


Esso make more th an 600 different kinds of oil. 

If somebody said to us, “But why so many? 
Wouldn’t it be easier for the customer if there were 
just oneoA in each category?” 

We would -answer; “It depends on the 
circumstances? 

In certain cases, making life simpler for the 
customer is the main priority. The agricultural 
industry is a_ typical example where machine 
maintenance, handling and storage need to be as 
simple as possible. So we produce a single grade of 
oil that will suit the widest range of form machinery. 

But most of our oils are formulated to suit 
individual specifications. And it is through the skill 
and ingenuity of the lubrication scientist that the 
best possible product is designed to suit the work 
it has to do. 

It is a case of horses-or tigers -for courses. 

Here is a selection of some of the work 
functions our oils are designed to perform. 

For hygiene and safety the food industry 

requires special oils. We produce white oils used. 


for example, in dough dividing and as a preservative 
for spraying eggs. 

Staining can be a problem in textile manufac- 
ture or glass moulding. We produce textile oils that 
emulsify and wash out; and glass mould oils that 
evaporate. 

We make mould oils for pipe spinni n g, 
forming bricks, and moulding concrete beams. 

We make oils that form part of the finished 
product- fertilisers, printing ink and paint 

We make oils that resist freezing at low tempera- 
tures; and hydraulic fluids that are fire resistant 

We make quench oils, cutting oils, roll oils. 

And motor oils, diesel oils; heating oils, fuel oils. 

We make oils for calibrating instruments, 
and oils for lubricating the backs of pigs. 

Wt make rust preventives. It is estimated that 
corrosion costs British Industry some £600 milli on 
annually. Our range indudes a preventive to combat 
One of the most surprising causes of rust on polished 
steel -the moisture and salt from fingerprints. 


We produce many aviation and marine oils. 

Here the considerations are extreme temperatures 
and huge engines. But the obvious priority 
is safety; ships and aeroplanes must keep going. 

So Esso’s high standards of quality control 
are vital. 

The range of properties required from 
lubricants continues to extend. Besides the ability 
of the product to do the job, considerations of 
toxicity, safety and the environment have become 
increasingly important. New technologies such as 
computers, nudear power; vacuum technology 
and space exploration have all made new demands 
on lubrication srience. 

Esso have pioneered many of the developments 
in oil technology that have resulted in products 
which serve millions. And it is through a continu- 
ing programme of detailed development and testing 
that new products will be bom. 

We would like to discuss with you any way 
we can work with you to solve a problem or help 
develop your business. Please call our Marketing 
Bureau on 01-834 6677, extension 3207. 











pr< 

ch 

BY MA 


THE pr 
decided It 
allegation 
Wilson ft 
number c 
were coni 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing th« 

affair. Mi 
was, hud 
an orchcs 
himself, t 

Lady Fs 
Marcia W 
The Pr> 
Sir Haro 
drawn soi 
Subseqi 
(old the 
did not 
prietors 
instructed 
round a 
material." 

The Prt 
lo hear 
Sir Haroli 
formal l-o 
O n the 
against t 
council s; 
Royal Cc 
that (her 
Labour hi 
The Pr. 
is one 01 
lished tod 
in ano 
council 
against tl 
Daily Ex. 
picture t 
Henrietta 
death in l 


BY SYLVIE NICKELS 

SOMETIMES in more distant 
jarts of the world, I have heard 
Travellers announce (usually in 
a tone that allowed for no argu- 
ment) that one mountain or 
'temple or folhloric festival is 
really much like another. And 
I've wondered why they ever 
bother to travel at all. All the 
same, it's probably true of many 
of us that the further we go, 
the graver the risk of cramming 
.-too much in, completely missing 
out on the subtleties of places 
-in the process. Time to stop 
and stare is even more 
-important in a totally new 
ethnic setting, and so is a little 
•preliminary reading (for which 
we only fftinfc we haven't hte 
.time). 

That said, the most important 
practical considerations for 
■'most of us are cost, climate and 
precisely what we want for our 
money. Climate, as I have said 
before, is something on which 
most tour operators should 
enlarge much more than they 
do. 

• Average temperatures do not 
indicate humidity or strong 
winds, for example. Last win- 
ter. I met a woman suffering 
from emphysema in the balmy 
but humid parts of the Carib- 
bean who was obliged to spend 
most of the time in her air con- 
ditioned room. It is easy to 
forget, too, tlwt there can be 
considerable variations from 
one part to another of huge 
areas that we tend to lump to- 
gether. like the Caribbean or 
the Far East. National tourist 
.offices can (or should) have 

• proper detailed information. 

By cost I do not mean the 
obvious one of any given tour 
which is there for all to see 
(providing you follow the 
symbols through to the small 
. print), but the cost of extra 
meals, sight-seeing, having fun, 
which may make a cheap tour 
much less of a bargain, and an 
expensive one much better 
value, than at first sight. I'm 
sorry if this sounds obvious, 
but I have heard too many 

• moans about local costs — 
usually from people who insist 
on taking their die-hard habits 
with them — to ignore the basic 
fact that money matters to most 
of us. Thus, if you book on 
half board terms, a common 
feature of long haul tours, you 
manage very much more 
economically if you enjoy ex- 


Ynur weekend E: Austria 26-29, Belgium 
M.25, Frame 830, Italy 1,610. Greece 
70.25. Spain 14030. Switzerland 3JU, IIS. 
1.0950. Source: Thgmas Cook. 







Two ways of relieving the British winter gloom: dancing lessons from Kenyans and pfstol practice from - a Texan sharpshooter. 



peri men ting with local fare. A 
lot of us, however, are much 
less adventurous than we like 
to think. 

So what’s new among some 
of the long haul operators this 
winter? As single travellers 
will know only too well, they 
usually hare to pay heavily for 
the privilege of their status. 
For them there is good news 
from several travel firms, in- 
cluding Thomas Cook. 

They are offering savings of 
up to £170 by eliminating single 
room supplements at certain 
periods in the Seychelles^ Ber- 
muda. Antigua. St. Lucia and 
Kenya. Their . New Meal Deal 
sounds sensible, too. by which 
those who do. not take up their 
full cash entitlement for table 
d'hote meals can use the re- 
mainder to settle bar bills. 


Like several other operators. 
Cook's feature a selection of 
two-week holidays for the price 
of one, or three weeks for the 
price of two for selected hotels 
and dates.. Rankin. Kuhn were 
probably the first to start these 
some years ago, this winter ap- 
plying them to various parts of 
the Caribbean. East and South 
Africa. Indian OCoan islands 
and Thailand. I have always 
found this company one of the 
best on climate guidance as 
well as spelling out the pros 
and cons of different destina- 
tions. For honeymooners they 
guarantee superior rooms in a 
number of hotels and odd ex- 
tras, like a bottle of champagne 
in the Seychelles or rum in 
Tobago. 

Among Kuoni’s new benefits 
in some hotels is a year-round 


20 per cent discount on food and 
drink costs paid locally — of 
special value for those on a 
b-and-b basis. South America 
and the Far East are two of 
their long-established fields of 
operation. In terms of longevity, 
though, no <one can beat Cox 
and Kings who this year cele- 
brate their 220th anniversary 
of operations in India (yes. 
since 1738). Their new India 
selection has some interesting 
circuits, such as the combine 
tion of South -India and Rajas- 
than. and a one-off 23-day Art 
and Architecture Tour of Cen- 
tral India departing 20th Janu- 
ary, 1979, led by Penelope 
Chetwode (Lady Betjeman). 

Cadogan Travel have pro- 
duced their first separate Ber- 
muda programme, featuring 
guest houses and self-catering 


fiats as well as hotels. This 
cosy and verdant comer of the 
world is a strong favourite 
among those who bear in mind 
that here the climate is more 
Mediterranean than Caribbean. 
British Airways’ Speedblrd 
selection is especially strong on 
Kenya, the Far East and North 
America, the latter including 
fly-drive packages from seven 
nights upwards, with unlimited 
mileage and accommodation 
vouchers out of New York, 
Miami, Los Angeles and San 
Francisco. 

Blue Sky Holidays- this win- 
ter launch their first long-haul 
programme to North and South 
America, -and East and West 
Africa. Texas features strongly, 
using sister company British 
Caledonian's services to Hous- 
ton. A Texas Ranger 7- or 14- 
night self-drive arrangement, 
for example, covers car. 150 
free miles s day and accommo- 
dation vouchers at any of 267 
Motor Inns; and there are ranch 
holidays with all the appropri- 
ate activities. 

When it comes to the special 
interest tour. Swan Hellenic 
have brought things to a fine 
art in nearly a quarter-century’ 
of operation, radiating to most 
points of the compass. Their 
24-day Art Treasure tour to 
Mexico and Guatemala, for ex- 
ample. has two departures early 
in 1979; their 17-day Big Game 
and Birds Safaris to Kenya 
score a dozen departures this 
winter. All are accompanied by 
guest lecturers. 

Further information: Thomas 
Cook. Thorpe Wood. Peter- 
borough. PE3 6SB: Rankin 
Kuhn, 19, Queen Street, May- 
fair. London. W1X 8AL. 


on the 


YESTERDAY, . the first of ;a 
hoped-for minimum -750,000 
Motor Show visitors . went 
through the turnstiles at the 
National Exhibition. Centre, 
Birmingham. •' They .’ were 
confronted with a glittering and 
spacious display of anytbing and 
everything to do with ;motor 
transport arranged With .the. 
flair and sheer showmanship 
that it was impossible to achieve 
in the cramped confines of -Earls. 
Court. 

There has never heen;a motor 
show like it in Britain before. 
On display are 328 car$ from 15 
countries, 223 commercial 
vehicles, scores of motor ‘cara- 
vans and every kind of compo- 
nent and accessary from 'truck 
axles to stereo players* If the 
mass of vehicles, becomes op- 
pressive, there - are . open-air 
diversions like firework _ dis- 
plays, parachute drops and 
water skiing on the NEC’s lake. 
Birmingham may-or.may not 
have fieshpots to match , the 
capital’s, but by arranging that 
kind of outdoor extravaganza in 
London, SW5. 

But for most showgoers, it 
is the cars that count. 

Pininfarina, the Italian 
stylist and coachbuilder, . has 
chosen Birmingham as the 
launch pad for a striking soft- 
top sports two-seater based on 
the Jaguar XJS and continuing 
the tradition' started by< the 
Jaguar E-type of blessed 
memory. Though strictly a pro- 
totype, Pininfarina sees 'i the 
car as a potential means of 
adding lustre to BL’s image in 


made in Poland. This fivwtoor family 

early in the New Year. at £2^99 : : i- .■ . ■. } -Vy~. H’:*- - r 

evnnrt markets like’ th«? : USA. it fs fcobwi aa.tt* bWjfeffiibr-'V: ' r 
Features include the obligatory and Monza . respectively vr.ihe 

safety roll bar squashy front Carlton is buik-at Iaiton.-fann ... 

and rear ends like those of German , supplied; tomponeWs. - ' 

the Porsche 928 “that regain The RoyaTes are.rpowered^^ - 
their shape after minor 'feed- 2B litre,] six : wRnder,«ghie^d • 
dents- and digital instrumen- move. Vauxhall father. . 
Sftinr. • ■ * market than , they have- ever- 

At a more down-to-earth been since World_Wat \ :: - • • 

t ■ _i prat arc showing '.the ■ Tbe 115 ppn Royate, wlooo 

Ritm’o, their new front wheel- . costs * Th 

drive family hatchback that is coupe • * 

Sue to go on sale here by (be choice ' 

Sidle of next vear. The Italian transmission,. etectrrc iwiMo^, 

- - — — - Lancia Gamma* ..Pengtotjfiftf k, -~M 

and ..even 

. .. motoring 

: ctii art marshall ■ ' ' indicate that the HasteptEuro-,. * > ; 
STUART marshall. pea ns ,are noC. goitfc 

content .for ]png^^H^S ! 

produce only ~ otisoleskeh*:g^^ - 

premiere here' is thq- reused jUnST ' 

Fiat Xl/9 spo^jjM.- wmch ^yle a 

now has the Ritmos 15 litre door . ha tcbback: -called:. 

engine and five-speed gearbox. PoloneL Underneath it- ia-tbet.' 

Two more Fiats aimed at the old Po jski-Fiat- - 1 125; -slightK^: 

performance minded are .a but.it 

very nicely got up two-Utre p i enty of buyers al £2^93 earii^ 

Super Mirafiori Sport and a 127 - New Yeat • 
with its power boosted to 70 bhp F rom Russia comeartlK-. 

— a real mini-muscle car this jqfaa. .an Im'pireRil^^^ova 
promises to be. . _ . . country car that isdose tabeln^^^^ 

Though Chrysler’s . Horizon a seal edrd own- Raiige'!ffi)v!eir^af"^ 
went into the showrooms last Iess t jj 3n ball the -/f rice; 70r 
week, it will attract a lot of costs a- little nndei ’. 

attention from visitors to the £4.100. Powered, by^a; Lada Flai - - - 
NEC who may be, inclined to j.g litre four-cylinder 
ponder its -similarities with the cann ot begin - to Mttstd! -tht 
Fiat Rkmo. The Citroen -Visa 3j.j i tre . VS Range Covers per-- - 
made a last-minute appearance formance on theToad^BUt ih _ ■: 

at tlie diow. Originally Citroen off-road mobility is_ rigbt up ii - - 
had not intended to -display it the Land-Rover f ; elass. j wh2( - — - 

because British sales are- not riding twice as cdihfqrfably: .•! 
due to start until neat autumn. There >riI^>n(a .:l>e : :ahodlfe: 

Also making its British debut Society of Motor Manufacturer 
was the Colt L4 Super Mini that and Traders motbr. show 
I wrote about last week. _ October. laSOj When it is dii ‘ 
Vauxhall’s two new cars are to return : to thpj'NEC^.Tha . 
the Carlton fan Opel Rekord assumes the'liresetit.oae doe ~ 
with a nose bob that replaces well enough %; justi|y thy - 
the aged VX) and the Royal e. society’s huge ii^stmfDt-in i . 

The latter, which comes -as a — something everyone I bar 
saloon- or coupf, is imported spoken to tliisr-wtefc • fs- takiiq' 
camolete from Germany, where for era nte d 'c r- ‘ . 


TRAVEL 

53 DAY WINTER CRUISE 
Departing SOUTHAMPTON 12 JAN. 

NAVARIN9 CAN SHOW YOU LAS PALMAS, ST. HELENA, 
GAPE TOWN, DURBAN, MAURITIUS AND THE SEYCHELLES, 
AND JUST HOW LUXURIOUS CRUISING GAN BE. 

All cabins 3re outside with full private facilities. The 23.000 ton 
Navarino is fully air-conditioned and stabilised, ensuring maximum 
comfort for 600 first-class passengers. 

•! 

53 day round voyage cruise from £1.665 
Southampton to Capetown only from £530 


Faldo leads at half-way 


ling lustre to BL’s image .in complete from Germany, where for granted > : r_ ' * 


MOTOR CARS 


For full details contact 
>-i ^ your local Travel Agent 

or ring 01-336 8216 

/ Ng&irttO Karageoigis Cruises 

\FaimvrishcBro*. (Trzvs!) Ltd ,3d King Street, London WCJESjSi 


IRELAND CAR HOLIDAYS in ustlcs and;' 
counirv taujei Times. 2a Chester 

Clo.c. London 5WIX 7BQ. 01-Z3SS5I1 

PARIS. AMSTERDAM. BRUSSELS AND . 
BRUGES, individual Inclusive holiday*. I 
Time on Lto . 2». Chester Close. . 

London SW1X 7BQ. 01-235 8070. 

YOU CAN ALSO TAKE YOUR CAR on ! 
o'jr individual inclusive holidays to Lc | 
Tan duel. Boulogne and Dieppe. Time 1 
Oh Ltd.. 3a. Chester Close. London I 
5W1X 7HQ. 0 1-335 8070. 

FER30MAL 1 

✓ — Fast tanning system \ 

UVASusiBsnches 

andSimPaneisi 


■Jr'-ZSa a-1 T.-o'w !' 

NORDIC SAUNAS LTD. 

Des" JBMRoioare. Surrey Tel J94S1 

!>1 s-;a .[,iv s^;.'..| 60n 

: — ;w.FR •- D1 3A7 hs 


kPPY BIRTHDAY. DARLING. LO»e 
Souidgcv. the i.h £nd Solicbctcs James 
and Ross 


HOTELS 

BURNS HOTEL 

Barkston Cardens 
London 5W5 OEN 
NEAR WEST LONDON 
' AIR TERMINAL 
100 rooms private bath/ 
shower, radio. television, 
English breakfast restaurant 
bar — fully licensed. 2 lifts. 
Special terms to companies. 
Detail*: and illustrated 
brochure on request. 

Tel. 01-372 3151 or 7981 


FOREIGN HOTELS 



HOK3E AND 

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EDUCATIONAL 


-WANT TO SPEAK FRENCH?- 

You can. though a unique 4-week programme on the RIVIERA 

COMPLETE ALL-DAY IMMERSION OHLY IK FREHCH: dally S.30-17.C6 trim 
2 m..- a !s. in small.groum. Audlo-rimui »■»«. Ungnagc Ub„ Pnetlcq sewion^ 
niseu«*.on Lusdi. Excursion. Lodging in private apartment, hotel or family 
indud-.e. For begtonen. intermediald and advanced. All ages. 

Mext available course starts October 23, November 2D, 197V. and oil rear. 

INSTITUT DE FRANCAIS FTJ21 
ZJ Are. Gin. Leclerc, Q6ao-VlUcfraMche-wMcr. Tct; flj) S8A6.6I 


CENTRAL 

LONDON 

tenant required 

TO SUPPORT O D.P 
■ 28.500 5Q. FT. 

Central London - Many benefit* 
Writ. Boa 

70 Cannon Street. EC*P 4B* 


OFFICE INVESTMENT 
Refurbished Georgian Building 
with Modem Extension 
Located between 

High Wycombe & Bcaconsfield 
£14,?5lf p-a. ud. 
FREEHOLD FOR SALE 
OFFERS INVITED 
Sole Asenes: NANNET RAFFETT 
P.O. Bo* 1. 36 High Street. Hqh 
Wycombe. Borin . Tel: Qd«4 JT23d 


THE MUTUAL admiration 
society- fornied -over the last two 
days between the American 
favourite, Tom Veiskopf. and 
th ebrilliant 21-year-cld English- 
man. Nick Faldo, as they have 
played together for the first 
time, has stood both men in 
good stead over the first half of 
the £105.000 inaugural European 
Open Championship here at 
Walton Heath. 

Faldo, so inexperienced in 
comparison with his elegant 
rival, who won the 1973 Open 
Championship at Troon, has the 
better of Weiskopf by one stroke 
this evening on 138 — eight 
under par after rounds of 158 
and 70. 

Weiskopf. v.ho has been 
generally absent from the goif 
links for the past month, ha< 
revealed his true golfing pedi- 
gree by producing rounds of b9 
and 70 against par of 73. despue 
(he fact that he has played only 
five rounds in tbe past five 
weeks. 

In third place is the best 
young golfer in Australia. Greg 
Norman, who scored rounds of 
d9 and 72 for a total of 141 — five 
under par. There are eight 
players at 142. six more at 143, 
two more at 144 and 10 at 145 
— and these are the only players 
under par at this stage. The 
qualifying axe has just fallen at 
149 to exclude many famous 
names. 

Weiskopf, who has missed only 
four fairways and three greens 
m two days, is fulsome in his 
oraise of Faldo’s promise. He 
told me this evening: “ He is 
already one of the best long- 
iron players in the world and 
this, at the moment, is the 
strength of his game — IF one dis- 
counts the mental side — in that 
he has all the brash confidence 


ATTENTION! 

ENTREPRENEURS 

If you are seeking finance 
for your projects, we 
may be able to help. 

please contact 
VENTURE CAPITAL REPORT 
2 The Man 

Clifton. Bristol BS8 4DR 
Telephone: (0272) 37222 
for further information. 


of youth that Americans find so 
admirable, and the British are 
a little uneasy about. 

“My one worry is. I believe, 
his own too. He i? hiltinc ton 
many drives sliding out of 
enntro! left lo right out of tbe 
neck of the club. Similarly his 
short-iron play i« not up to world 
class in that he h ton happy to 
hoist the ball high, when it gels 
away from him. 

-When he masters the knock- 
down. short-iron shot there is no 


GOLF 

BEN WRIGHT 


telling what he may accomplish.” 

Faldo, uhn has the good sense 
to have realised how fortunate 
he has heon lo play alongside a 
golfer of such impeccable class 
is displaying increasing maturity. 
He is ^ucli a phlegmatic character 
that I’m c-urc ho will go a long 
way in top-class golf. 

Talking with Weiskopf and his 
countryman Ed Sneed this even- 
ing — and the latter was loud 
in praise of Ken Brown another 
British hopeful, one realises how 
much the young Britishers have 
to learn of the finer points. But 
Sneed says lhat Brown, If only 
he cao put on a few pounds 
weight, could be one of the most 
accomplished golfers in the 
world— and he was not referring 
entirely to the short game. 

Faldo was out in 35 to-day to 
WeiskopTs 34. The American 
went further ahead when he 
matched Faldo’s birdie at the 
10th wilh an even better second 
•'hot and then made a elorius 
birdie at the 507-yard 11th. 

Weiskopf told me that the 


other member of the trio for the 
last two days, Spaniard Manuel 
Tmero n j 2i. had played the 
best four driver shots in succes- 
sion at this bole he has ever 
seen. 

Yesterday Pinero took driver 
from the fairway and pul the 
hall 6 Feet from the bole from 
270 yards— and then very nearly 
took three putts. Today he had 
his revenge with a driver shot 
from the fairway of fully 260 
vards that nulled up a yard frnm 
Ihe hole this time for a well- 
deserved eagle three. 

Things swung in favour of 
Faldo at the 517-yard 14th. where 
Weiskopf tangled with ’ the 
heather and reached the green in 
Tour shots. Faldo was up in two 
for a lovely birdie to the 
American's six. 

Weiskopf hit back with a 
birdie at the 15th. but tlic two 
of them then completed the last 
three holes in level par. 

The inaugural European Open 
has thus got away to a most aus- 
picious start, which is good for 
the game in these parts. A 
rival promoter has tried to 
smash tbe event by luring Tom 
Watson and Lee Trevino with 
large sums of appearance money 
to take part in an eight-man 
jamboree in Paris that clashes 
with this first, bold venture to 
make a great tournament in 
Europe by means of multi- 
sponsorship. 

Thankfully everything is set 
up perfectly here for tbe week- 
end on a venerable golf course 
that has extracted nothing but 
praise front the impressive con- 
tingent of American invaders. If 
they koow anything about goif 
at all, the crowds will flock here 
in considerable numbers before 
the conclusion on Sunday 
evening. 


^<v***> v : ; •«. * 


tdktonespedalists. 

Experience our experience. 

AJUV. Limited F^con Works, 400, London Road, kteworth, Middlesex. 

Telephone 01-SB01011Tsiex 261 135 Also showroom at 

12-16, Madrid Road. GuMford. Surrey. Telephone: Gulcifoftf KM83) 38448/9. 



> i !- • ' 


./ IX BARCLAY OF OXFORD 

Teh0865-59944 


ROLLS-ROYCE 

H78 Series II Saloon. Finished In Moorland over Pewter BeUe hide 
upholstery, recorded mileage BOO. 

1OT7 Senes II Saloon. Finished In Scots Pine With Belse hide upholstery, 
recorded mileage 5.600. 

M76 Silver Shadow 4-door Saloon. Finished In White with Fed hide 
upholstery, recorded mileage I7.0M. 

W76 Silver Shadow Moor Saloon. Finished In Seychelles blue with 
Beige hide upholstery, recorded milease 12 , aw. 

BENTLEY 

im Saln "- Fished In Seychelles Blue with Reiee hid* 

"WAk 1 -r- r n-a .1 m ' lar 17.000 


SELLING 
OR BUYING? 
CONTACT 

FIRST FRONT 

FIRST 

TELOl-735 5952 



* ^ r 

f-' .Vtijs;; 

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JK\ » I i 

SriYtfO:^ 
7 



VP 


For further information contact: 
K. Dean. 

ARBUTHNOT FACTORS LTD. 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424-430824 


I 

I 

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Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There's no need to hunt around the Vfest 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 50+ people. Full 16mm film 
projection faciiities,National Panasonic Vt H colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


FiNAJVCIALTIMES CINEMA 

Al! enquiries fothe Press Officer, 

Financial Times. Bracken House. 10 Cannon Street 
London EC4P 4BY. Tel:01-2<13 SQGQ (exL 7123). ' 


CORVETTE STINGRAY 
1975 split roof 350 mwujl. 20.000 
miles Ofllr- Every extra including iv. 
conditioning. The ultimate tro»»d- 
puiling performance car. combines open 
atr motoring wuh non -rust fibrcfiau 
body and unfussy VS engine. U« to 
20 mpg or 0-60 in 6.5 sc;. Company 
ear forces reluctant sale. 

£5,750 o.n.o. 

Tel: 61-241 4601 (office hours) or 
01-237 4974 («« A weekend) 


HEW ALFAS 
ALWAYS m STOCK 

TS'SSTS -iSW-T 

1977 (SJ Alfa Spvilcr 2000 
Sillier, radtoicaucuc. 7.ooc 
miles 

1977 Alla Spvttef 2000 in red 
radloiCiSiertr.j.i.ooo mil? 

1975 Alb Sovrfer 2000, proto 

lYM. YClim, ig otio m£ 

*977 JIJj GTY 2000 in Mac*' 
bcioe velour, aiiov wn?" 

1977 £!H- CT y 2000 '"“Ce 

bel«e velour, alloy wh 4ii 

197» Alta Sod Script h, “an,< 
ornen. brawn doth. 6 .doc 

miiti ( « r t c«r 

1976 Mom! t.G CTV. or 

yellow. 22.000 mnci. both 

mmi ... ri cq' 

1977 Aucrt* 121 Saloon In 
beech. T 8.000 ntn« sj.figS 

LCA5C OR BUY 


HEXAGON 


CLASSIFIED ADVERTISEMENT RATES 



per 
' Tiitc 

xinflfe 
column ! 
cm. 

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£ 

£ 

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r 2.00 

8.00 

Appointments 

• 4:50 

14.00 ■ : 

Business Ifc Investment Opportunities, 
Corporation Loans. Production Capacity, 



Business for SaleAVanted 

. 535 

3fi.ro i 

Education, Motors. Contracts & Tenders, 


1 

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435 

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Far further details write to: 

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DAIMLER 8 SEATED ; 
LIMOUSINE V 

Kira rcaiirrei} March, 1PT7- PinWW 
in black it irh' tan hide laicnar. RW 
a, r conduioninji. riocirlt dlvlSB^ 

radii) . rriwdiU anticopo^ HH| 
la.’hio from am-. 

Write Pn* 8WB«7. Financial T. 

■ iff- Catuion Strew. BMP OY. 


MORGAN -l- «. .1976. 15.600 J" 

f'Sxal red. imnaculate COKHJ-. 
Maitv enr,,. OfJers around ' X5.f 
.1 Trioubonc 041-884 2327. 


ART GALLEKiES 

"rrSK* 

u.Mingt, , .1 mm "- 

SMAMDC GALLXRY. 6. Cork SlfwTl 
g^-734 4G26. Rote nr Paiutincs • 
|wlptuns tiv- W. f ZAG. ■ 
ai Oct. M on..rn. iq.s.so. -Saa. -i' •, 

Y ‘ OKE MFH EJT, Ncr* drawl"**/' 
MiBtinos. JAMEY lUCh. war nota t * 


\ “I SOCIETY. 148, New BoS; 
flELD ° ,,4J9 5,181 MAJCWELL 

I . 6: owsw s*. • 

! 4 , "S55*-W.i. SIR ALFRED .UiT.r 
1 - fonsotson Gntlw. Ab FetHbumn- 

I ^"ciesjirs. Oueo* to 

October Gallery Heurj Mpndrv to 

SWALE S SALOME. - f>riW{5 
I ® 3, -Gucen s Gco»r. . .IV.W 

1 - Y a 

■ ™*OW»AY GACLSNV. 18. TjjIrijTI 

. ®ARRt»T uirtn 3 prov. . .. . . 




















HOW TO SPEND IT 


vi 





e "dropping 


|^_fi,WATS asi?d to think that the famous 
^^Chrisfnrafrtime popular figure of this “man 
«erjittag» was a myth, an Inven* 
,, t * h®. media. The men in my life always 

to kc jJjort of almost everything so it’s 
heeQ my problem hut . I now have a 
who has been searching desperately' for 
^5.^#^p^ ,osncth ‘ n = t0 S™ the man in her life who 
w <M*Wn*t .you tow, everything (or 

‘ « y®« an? very inventive amt know him 

. ‘v^ly welt yon can presumably find the one 
'■^. roly anginal present which is so precisely 
'• igrht for him that no stranger, and certainly 
«o page like this, could possibly have hit 
. iP° Q it- If you're less inventive. or he's so 
. : isceUc that his wants are. rather few. then 
he answer, perhaps, lies in something 
■ersonaliscd. 

In. her search for something original that 
loesn’t cost too much (for she is rather poor} 


she has "been researching into the subject of 
glassware to be engraved with something 
personal— in this case she's ordered a ship’s 
decanter and some matching tumblers, all to 
be engraved with the name of his yacht! 

- -'I thought at first that she. was being quite 
extraordinarily eflident in doing all tills so 
early but anybody who wants to give this kind 
of present docs need to do It now— by the 
time catalogues have been ordered and arrived, 
and the’ engraving carried out, Christmas will 
be almost upon us. 

Here for those who might like to arrange 
something equally special and individual (after 
all. even men who don’t have everything may 
appreciate something so obviously specially 
for them) is a list of just some of the firms 
who offer this service. Nest week I’ll look into 
the subject of other personalised presents, all 
of which, will also have to be thought about 
and ordered well in advance. 




GULEERKY HALL, Stonegate, collectors’ items and limited 
fork YOl SAW, specialises in editions and they offer as well 
clung by mail a smallish a limited service of glass 
ijllection oE very exclusive engraving, 
ne bone china and crystal. The particular glass photo- 
-uey also sell rather special graphed left is o£ a -simple 
- .... . . ...... v „ traditional design featuring the 

Sy™ • : '"Bl famous Stuart airtwist stem. It 

- ^ ' -£$ is 5* ins high. Orders normally 

_ ' take 12 weeks but Mulberry Hall 

f %'\r' '-JSb' * 1ave promised us that the first 

100 orders received will be dis- 

r- J- }■ : patched within six. weeks of 

?’ egt. -i Ms the day of reccipL Only, simple 

u engravings like initials or 

- ra&t- • • - t&jSsI' emblems can he ordered* The 
1 - ■ * glasses arc* £33.75 each, with 

*; one en " rave ^ iuitiaL - 

; The basic range, they offer to 

r engrave is small, consisting of 

;• . . the goblet photographed, 

■■" another 5 inch-high sobtet (of 

ggfo Sf - ' w hich they have a large number, 

SgS&l engraved with simple initials, in 

• S&«§ ■; stQC k so anybody in a hurry ean 

• |«g§L$ '.he sure of a quick response to 

V' pa-glli an order), a bear tankard and 

J — 1 a brandy goblet. 

•' if you want to order, write 
*■ 1 to the address above for the 

„ ... T catalogue, which is free. 


BARLOW & ASSOCIATES, 
Direct Sales Offices. Williams 
and (ilyn's Bank Chambers, 
Adllngton, Lancashire, 

specialise in personalised 
girts uf all sorts. If you want 
named towels, towelling 
wraps, halhmats or tracksuits 
they are one of the com- 
panies to write to. 

They also do glass and 
besides offering a standard 
range of rather elaborate, but 
nicely so, initials, they also 
offer to do any special orders 
(they have frequently pro- 
duced designs Tor companies, 
like a nice decanter for Andre 
Simon, a tankard for Leyland 
Vehicles). 

A fine ship’s decanter Is 
£19.50 with one illuminated 
initial, a Swedish lead crystal 
square decanter is £49,50 with 
one initial. There are 
standard packs of six French 
lead costal goblets, all with 
one Illuminated initial: £32.50 
for the six. 

Orders normally take about 
3 weeks but like everybody 
else they'd like Christinas 
orders in as quickly as 
possible. 



by Lucia van der Post 


Luscious livers 


BY. PHILIPPA DAVENPORT 


AT BETWEEN 50p and 60p per 
pound, chicken livers are cot 
only delicious but excellent 
value for money. There is little 
wastage and preparation is 
quick and simple: rinse the 
livers, cut away yellowish-green 


bile and stringy white bits* and 
pat dry carefully. 

Only a few livers are needed 
to make a luxurious omelette or 
pancake filling. They also make 
delectable pates and titbits to 
serve on croutons of fried 


bread. Larger quantities make 
a fine base for more substantial 
dishes such as risotto and the 
goug&re and pastirsio recipes. 
And remember that duck and 
turkey livers can be used in 
exactly the same ways. 


CROSTXNI DI FEGATTNI serves 24 


An admirable and very 
quickly made dish which will 
serve 4 as a first course or 2 as 
a lunch dish, in which case 
serve also a good salad such as 
Caesar Salad. 

1 lb chicken livers, 2 oz 
Parma ham. 1 J tablespoonfnls 
well seasoned flour, 3 oz but- 
ter. 1 tahlespoonful olive oil, 

4 thick slices of bread, 2 tea- 
spoonfuls lemon juice. 2 
tablespoonfuls well flavoured 
chicken stock, 2 tablespoon- 


fnls chopped parsley. 

Cat the bread into rounds 
about 3 ins across, using a tea- 
cup as a template. Fry until 
golden in the olive oil and half 
the butter. Drain well and 
keep warm. Cut the prepared 
livers into fairly small pieces 
and dust lightly but thoroughly 
with seasoned flonr. Cut the 
ham into tiny strips. 

Melt the remaining butter in 
a saute pan over moderately 
low heat. Add the livers and 


cook gently, stirring occasion- 
ally, until just coloured all over, 
Add the ham and the liquids. 
Stir until simmering point Is 
reacbed, then reduce beat to 
very low. Cover the pan and 
cook for 10 minutes, shaking 
the pan occasionally. By this 
time the livers should be per- 
fectly cooked and the sauce 
reduced to a sticky syrup. Stir 
in the parsley, check seasoning, 
pile onto the rounds of fried 
bread and serve immediately. 


ENT GLASS, Risehil! Mill. 
„*nt. Scdbergh, Cumbria, not 
. ily produces an exceptionally 
re range of simple glasses 
th simple engraving designs 
it also welcomes any visitors 
n one of the Yorkshire dales, 
st five mile? from exit 37 off 
e M6, it sounds like a lovely 
y out for anybody living in 
e area or passing through). 
Orders usually lake three 
though for a smalt extra 
; they run a special seven day 
rvice by which they guarantee 
dispatch your order to you by 
it class letter post . within 
sen days of receiving it— 
•ugh don't push your luck too 

by leaving it until the week 

u mrrore Christmas. ‘ 

The leaflet is small and simple 
t beautifully produced and 

T^niraMv dear. I liked the very 

shapes — the sturdy Pen 
^ ghent 12 oz tumbler, the 
* './* •* ^^ # :i^.(>frntsieborough plain white wine 

p. ' ! - 1 ^ r 
-5 -• i »■ f 



* -*.*T*i 


WSSW2SS 


glass and file Whernside goblet, 
are particularly attractive to- 
my mind. 

Dent offer a standard range 
of letterings and signs of Ihe 
zodiac but they do really care 
about the art of engraving and 


Laytons 


are delighted to take on any 
special orders. You can send a 
photograph or any other illus- 
tration of bouse, dog, coat of 
arms or whatever and their 
artists will work out a suitable 
design. 

Don’t worry if you can’t draw 
properly — if their designers 
have any difficulty they will 
either write or telephone to sort 
it ouL 

Some of the glass is of high 
quality, heavy lead crystal, but 
there is a choice of other, 
cheaper glass, ail dearly 
labelled in the catalogue. 

The cheaper special value 
purchases start at £5.75 for a 
•4 oz goblet with one initial. In 
the' photograph is a. goblet 
called Lune which is 6 inches, 
high and with two Initials and 
the date (as in the photograph) 
it would cost £15.75 (plus 90p 
p+p). Their plain whisky tumb- 
lers are £7.15 with one initial. 


LESLIE CREASEY nf 121 
London Road. Kncbwonh. 
Hertfordshire, has one of the 
largest ranges of standard 
designs and letterings from 
which to choose and his 
illustrated booklet is one of 
the best. For a catalogue just 
write to Leslie Creasey ar the 
Hertfordshire address: There is 
no need to include a stamped, 
addressed envelope. On Novem- 
ber 20 he will be opening a 
London showroom at 64a South 
Audtey Street, where the whole 
range will he on display. In 
the meantime you can see the 
complcie range at the retail 
shop at Knebworth. 

The collection of standard 
designs he offers (all of which 
are shown clearly in his cata- 
logue) include a selection of 
birds of all sorts, dogs, horses, 
cats, wildlife, flowers, sheep, 
fish, insects, emblems, sports 
and signs of the zodiac. 

Besides the standard glasses 
and carafes that most of such 
firms will engrave. Leslie 
Creasey offers a few more 


unusual items like ice-buckets, 
perfume bottles (both illus- CHICKEN LIVERS WITH GRAPES serves 6 

trated here), bowls, vases, bells, 

candle-hnlders and so on. Here is another excellent first olive oil and about 1} oz of the the croutons. Add the wine to 

All the glass used is Swedish course dish. It takes rather butter until crisp and golden the pan. scrape the pan well and 
lead crystal so prices are not longer to prepare because of on the outsides but still soft bring to the boil. When the 
low. To give you some idea — peeling and pipping the grapes, in the centre. Drain well and wine has bubbled down to a 
goblets and wine glasses start i n, chicken livers, 4 lb large wa ? 1IL MeIt the remaining sticky sauce, add the peeled and 


at £4.49 each and this price whife x £ass dry 

includes one engraving (either white wine, 4$ oz butter, 1J- 


white mnK t drv birtte r in a sautd pan over pipped grapes and a seasoning 

white irfn? A 07 butter 14 medium-high heat When very of salt and pepper. Cook, stir- 

fahipennnnc’nisVo nil cait and hot t * le livers and ssuft?. ring over very gentle heat for 
nen^r^^bieil nf bread turning occasionally, for about a minute or two until the grapes 

pepper, 6 thick slices of bread 3 minutes . are heated through. Pour over 

Cut the bread into rounds Lift them out of the pan with the livers and serve imme- 


zodiac sign or animal or what- 
ever). If you want to hare 
initials added as well, these cost 
£3.flfi per three initials. 


tablespoons olive oiL salt and “ ,u 11U *. 

pepper^ thick slices of bread ab ° U ™ 

£ 3 .fifl per three initials. Cut the bread into rounds Lift them out of the pan with the li' 

The ice-buckets arc 5 ins high about 3 in across. Fry in the a slotted spoon and pile onto diately. 
and cost £32.50. They can be 
ordered plain or with’ a choice 

of 12 different engravings The CHICKEN LIVER GOUGERE serves 44 

engravings cost £ j ..id each and 

initials are £3.00 fn r three. This is a good dish for a party, spoon. Add remaining butter, clean. 


This is a good dish far a party, spoon. Add remaining butter, clean. Crack the eggs into a 
The perfume bcurle is 3j ins The filling can be made well the finely chopped onions, bow] and break up the yolks 
high and costs £19.05. Engrav- ahead: the choux pastry needs crushed garlic and thickly lightly with a fork. Add al] but 
ings cost £7.50 ir you chuose one to be made just before cooking sliced mushrooms. Fry hard, a tablespoon or so of the beaten 
of the more elaborate country — -but it takes no more than 15 turning occasionally, for five eggs to the paste and beat in 
scenes, though initials are at the minutes to make and assemble minutes or so. very thorougbjy. The paste 


standard rate of £3.00 per three the dish for the oven, 
initials. For the filline: I lb 


‘ . . i . 


r r • ■; 


the dish for the oven. Add the roughly chopped should look glossy and smooth; 

For the filling: 1 lb chicken tomatoes and their liquid. Cook if too dry, beat in the remain- 
Ordcrs normally take 23 days livers, 8 oz button m ushr ooms, for about five minutes until the ing egg. Add the cheeses and 
but if you want to order for 2 onions, 1 garlic dove, one sauce has reduced and is fairly beat again until well blended. 

Christinas, it is important to 14 oz wm of tomatoes, 2 oz thick. Remove from the heat. Using two dessertspoons, 

order NOW. butter, salt, pepper and stir in the chicken livers and make the choux pastry into balls 

lemon juice. For the choux season to taste with salt, pepper and arrange them around the 

m pastry: 35 oz plain flour, and lemon juice. edge of a large well-buttered 

good pinch each mustard Sift the flour, salt, cayenne gratin dish or shallow baking 
powder and cayenne, 3 large and mustard powder on to a dish. Spoon the chicken liver 

eggs, 3 oz butter, 72 fluid oz sheet of greaseproof paper. Put mixture into the centre of the 

water, l teaspoon salt, 2 oz the butter and water into a pan, dish. Bake at 425 F, gas mark 
grated Parmesan cheese, 15-2 Place over low heat until the 7 for 45-50 minutes, 
oz mature Cheddar cheese cut butter has melted, then bring The gougere will smell entie- 
into tiny dice quickly to boiling point Remove ing and puff up quite quickly. 

Melt half the butter in a fry- from the heat, shoot the dry but longish cooking trim. 5 S 
ing pa.i over medium-high heat, ingredients quickly into the pan needed to cook and set tile 
When very hot add the pre- and immediately beat vigorously centre of the choux; if removed 
pared chicken livers and saute with a wooden spoon. from the oven too soon those 

for aboat three minutes until Beat until the mixture forms golden puff balls will collapse 
sealed and well browned all a smooth ball of paste which immediately and taste a bit raw 
over. Remove with a slotted leaves the sides of the pan and soggy. 


<r: 


■ . • / *> * 
v: 




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• ■;! ■ ‘ " 

•. \.vr\ •• 

\ . ...:i 


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f direct from the shipper 

f> : BEUTZ CHAMPAGNE of AY, near Epemay 

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• LAST STOCKS before prices leap upwards 

,s; ; You will have read in wine articles that the small vintage in Champagne 

v has immediately sent prices up — 25% likely. 

Sf® f- LAYTONS have shipped th eir last stocks at the old prices and urge 
customers to BUY IMMEDIATELY FOR CHRISTMAS. 

Per-Case 

Quantities strictly limited Inch VAT 

. rii V- 300 Cases OUDINOT N.V. Brat £46-00 

,*> , excellent quality at £3-83 per bottle 

. v - 50 Cases DEUTZ N.V. Brut £5500 

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dry -elegant 

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finest Cuvee available 

'Cash/Cheque with order please. 

v Deliveries FREE U.K. Mainland except 1 case orders charged £1-50 extra. 
To order write or telephone: — 

LAYTONS, 11, Gough Square, EC4A 3JJ. 01^353 1178/9. 


ALGERNON ASPREY, 27, 
Bruton Street, London W1 
has currently an exhibition of 
the work of David Maude- 
Roxby. He specialises In glass 
engraving and has done some 
very splendid and important 
commissions. Including some 
for the Queen, and many illus- 
trious collectors have lent 
pieces for this exhibition. 

His work is in rather a 
different category from that 
of the other people so far 
mentioned, in that it is an 
art-form. It is aiso extremely 
expensive in that prices start 
at £200 and go on up to 
£7,000. Much of his work is 
very elaborate, so much so 
that it has proved impossible 
to photograph well enough to 


SWISS 

FABRICS 

incL finest printed 
WOOLS and JERSEYS 
" at remarkably 
low prices ” 

FINE DRESS FABRICS 

87 Baker Street. W.l 
01-925 5876 


show on this page. I recall in 
particular a complete scene 
of a large house in Bermuda 
and its immediate surround- 
ings all engraved onto one 
glass. There is also a lovely 
goblet with a dipper in full 
sail and, my favourite, a 
thank-you letter written 
round the stem of a glass. 

There Is no catalogue to 
send for. If you wish to buy 
one of the ready-made pieces 
on sale or to place a com- 
mission you must go along 
personally to Algernon 
Asprcy before October 27. 


HARR ODS of Knlghtsbridge 
have started a special ser- 
vice in their glass department 
which transfers a photograph 
onto any drinking glass or 
goblet You can either take in 
your own glass or buy one of 
Harrods own goblets. The 
photograph should preferably 
be black and white, the glass 
must be plain and not cut 
The process, which is not 
engraving, takes between ten 
and 14 days and costs £30 if 
you supply your own glass or 
from £34.50 (depending on 
the glass you choose) if you 
buy one from Harrods. 


PASTJTSIO 
serves 4-6 

Another good dish for an 
informal buffet supper — a cross 
between lasagne and macaroni 
cheese. Everything can be 
cooked well ahead and re-heated 
when needed. 

5 oz macaroni, 2 oz butter, 
1£ oz plain flour, i pint milk, 
i pint natural yoghurt 
nutmeg, salt pepper, 3J oz 
grated Parmesan, 3 table- 
spoons white breadcrumbs. 
For the ffiling: 1 lb chicken 
livers, £ lb streaky bacon, 
1} oz butter, scant 2 teaspoons 
flour, i pint red wine, thyme, 
marjoram, salt and pepper. 

Make a white sauce with the 
butter, flour and milk. Season 
with a good grating of nutmeg, 
salt and pepper. Away from the 
heat blend in the yoghurt then 
stir in the freshly cooked, and 
drained macaroni. 

Melt the butter over medium- 
high heat When hot add the 
prepared livers and saute for 
three minutes to seal and 
brown. Reduce heat to low and 
cook for a further one-two 
minutes. Lift out with a slotted 
spoon. Add the bacon to the 
pan, sprinkle on the flour, pour 
on the wine and simmer, 
stirring, until the wine has 
bubbled up and reduced to a 
thickish sauce. Away from the 
beat season with salt, pepper 
and a good pinch each of thyme 
and marjoram. Stir in the 
chicken livers cut up into 
medium-sized pieces. 

Spread half the chicken liver 
mixture over the bottom of a 
dish, cover with half the 
macaroni and sprinkle on half 
the Parmesan. Repeat the 
layers, this time mixing the 
Parmesan with the bread- 
crumbs. 

Bake at 375F. gas mark 5, for 
one hour to reheat and give a 
golden brown finish. 




daniel hechier 

paris 

isnawopenat 
105 New Bond Street 

London W1. Telephone 01-493 1 153 

Complete collections of 
Women’s Pret-a-porter, 
Men’s clothing and 
Sportswear, Ski clothes 
and Children’s wear. 

Open 9.30 am - 6.00 pm, Thursdays till 7.00 pm 



PERSIAN 81 ORIENTAL CARPETS 


m cost less in London than 
lywhere else in the world 

^more then azty the boti of the bahdmadeCkier^carpetoi4xfitB&4»eRaeit 

he London Bonded Warehouses, prior io Rs world wide dstribuiipa 
4y brokerage arrangement enable you to choose your individual rug of C&peLen&juo 
nodern, from ttK^nazingrange-al prices wfBCh astonish and ds^ght wen my Parent 
nisi 

i Sepfember 74 Lucia van der Post wrote in the Financial Times: "A carpet bought 
xjgft Carofcne wifl work out at about half the price it would be in the shops”, adding in a 
:e recent ariide: .. she is an independent broker, and can irtroduceytudlradJytoany. 
ie importers of these mgs. She takes astraight commission... so small she asks me not 
'nention it for fear of offending the wholesalers.. . Caroline has made ft her business to 
dy the market, to know good quality from bad and to recognise the tricks of the trade. ^ The 
i of knowledge is vtfal to make sure you getlhe best possible value", 
ternbersert tte DipkynaticQxps chrwsfng carpets for iCTdurir^ their stey in the U.K. vfl 
awe fufl dpJornafc pnvteges. Overseas orders, no matter how small, speetfiy and 
stonily despatched. 

o make an appointment or for more Wonration, Including cbpissofbalhlhflFTarficba. 

ase telephone or writs to: 

MOUNEBQStYS 

-7227608 

Princess Hoad, Regenfs F^IcnfeMAfl 





w - 

S : ; 



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i\\\t;ai arma(,nacisa\ 

r ORDINARY FRENCH BRANDY 
AS PATE DE FOIS GRAS 
TRUFFEISAN 
ORDINARY FRFNCII 
SANDWICH SPREAD 1 

y ■ J! 

JantKOu J§f 

(inimlAniM'imic ’ 

Ordinaircitb not 'nil 


norm 



Pr 


pr< 

ch 


BY MA 


THE PF 
decided ic 
ullupalion 
Wilson f« 
number c 
were torn 
paijrn a»ai 
Parly nn 
1H74 Gem 
The foi 
allegation 
lowing th< 
affair. Mi 
was. had 
an orches 

himself. I 
Lady Fff 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Sufoa'eqi 
l old the 
did nol 
prietors 
instructed 
round a 
inaienal." 

The Pri 
lo h^ar 
Sir Harol. 
formal co 
On the 
aeain^'l I 
council i; 
fioyai Cc 
that thor 
Labour hi 
The Pr> 
is one of 
livhed tod 
In ano 
council 
against l! 
Daily Ex 
picture c 
Henrietta 
death in I 


Gascoyne and Joyce 


”-v«: :* I i 


Critics Forum (Radio 3. 
October 14) gave a terrible past- 
in" to Dand Casco tine in Ret.-o- 
apect (Radio 3, October 11). The 
.BBC must be the only organisa- 
tion in the world that pays 
people for knocking its own pro- 
ducts in public and provides 
tuem with the opportunity so to 
do. Three cheers for integrity? 
Well yes. bul it can also get very 
tiresome when all three mem- 
bers of the panel seem to have 
simply loathed tbe programme 
they are considering, and to 
share between (hem and their 

chairman a fair measures of 

ignurahee about its subjecL 


That was the case last Satur- 
day. Unfortunately 1 happen lo 
agree with them that U was a 
rather bad programme. Where i 
differ is over the impression they 
gave that it was bad because 


gramme seems to have been the | .! .[ | ."TIT ” i i -TT i tT™ efTi 
recent discovery and publication j I «*§ 

of a Journal previously 1 n-a-l*. r • ; - L — ^ ;• i ■ - •* » 

lost which Gascoyne kept for two j " ,i.j \ • 

years before rhe second world I fpfljffr ? ■ 
war when be was living mainly ‘ i^oteiiijitefc i tw 
in Paris (David Gascoyne; i JLiiiiai , 

Jowrnaf 1937-1939 EniUiarmon ! T TV i. f I'M: TF T iNvCral 
Press. £4.85 1. For a young mani ■WfWf < 
of 23 it shows a remarkable self-; j rn f 1 ' 1 

awareness and maturity of ex- : ‘’ I i ■ 4.1: i-il 
pression in spite of the black \ >f. j ■ TU ;■. 

anguish not uncommon at that 1 Tf . 

age, and it shows in addition a ! dLhMMmMb i " 

total commitment to the poet’s ( * s 

calling. There Is also, as 1 "H I i i/si ilTixBre '• V=*v 
Lawrence. Durrell Says in bis \ H'Vi'f ''Afe. • . \ • £ 

preface, “a vivid portrait 'of i Lui / y>4IK y TV-. V. a 

Paris as it was — seething with I I \rs -iV* J'" ; - (• 1 

hope and despair— just before '.£• S.'><V 

war came and dispersed us all.” JyvefV’Jv// . . \ 

Amidst the poetry read by Frank ! '< 

Duncan a couple, of passages I Susanr 

from the Journal were spoken | 

in the programme by Gascoyne -- 

himself, but it was not really T Jr _ 

used to much effect. i M -wr 0J 




L . 

ft: vr, 


before ; >■ * .*< V 


an 


Susanna Ross and bn Galey hi “ The Rake's Progress 1 


Glyndehourne at Oxford 


ANTHONY CURTIS 


This was a pity because Hie ^ m w 

Gascoyne™ vv^ £ ceasirfe ^to^be The Glyndehourne Touring On its own terms, of course, bloom, on it and a simple, heart- 
interested in surrealist whose °E*ra is a .company with a dis- the visual ronception is a con- felt directness stamped on Bliss 
nf dZriinnT tinct style, one that was shown tinual pleasure, which here sur- RosS's whole bearing. 


Gascoyne is a bad poet. On the 
couaary 1 ihinK ne is a bn mam. 
aimcuu. profound poet; one of 
the very tew modem Lughau 
puets whose work presents a 
iruty cuaerent view ui inc world 
and oue of blazing originality. 
Wuai we needed was a pro- 
gramme which would uave eiuci- 
uaieu his work ami suown us 
kinsnip to the French aud 
CurinaJ wnteis who have had 
a ucu a lasting influence upon 
uiin; his pueuy has anvays been 
notable for its response to 
Europe and wbat was going on 
tnere. 


Wbat we got from the pro- 
gramme was iLttie mure than a 
poetry-reaumg with chrono- 
logical links spelled out by 
Duugias Cleveraon, the com- 
piler-presenter. Uteveruon was, 
ot course, one of the producers 
much concerned with puetry in 
lue old Third Programme nays. 
Besides commissioning L’nJer 
jvjibt Wood i ruin L>jiau Thuuias 
he persuaded Gascjyne to write 
t\ignl Thoughts — a kind of Waste 
Land for several voices — speci- 
ally for radio. We heard some 
extracts from Cievardon's 1955 
production of this work with the 
resonant presence of Robert 
Harris as the main speaker. But 
on the whole Clcverdon seemed 
much too dose to the poetry to 
get it into any kind of focus 
for today’s Larkin - locked 
listener for whom it is purely 
historical: Gascoyne sadly has 
published almost no poetry since 
Xight Thoughts. 

The occasion for the pro- 


technique of disconnection he tinc * style, one that was shown tinual pleasure, which here sur- RosS s whole hearing. 

had used in his early poems off t0 impressive effect during its vived such passing mishaps as If this was a Rohe m which tbe 

his first book Roman Balcanu was sojourn at the New Theatre, the rumpling of Tom’s town virtues of freshness outweighed 
published when he was lfi^and i Oxford, this week. Two of the house facade and the obscuring the lack of overall polish, the 
was working out for himself ; moal celebrated productions from by the proscenium arch of the Cosi has become a performance 
intellectual] v ss well as exper-' lhe festival. The Rake s Progress madhouse motto. More bother- of rare finesse in its own right a 
iencing spiritually a form of- and Cas ‘ f an mtte - were glvea some were the long delays complete rendering of the opera 
Christian existentialism. For the ! buo >' a °L youthful performances, between scenes intended to pro- such as one seldom finds in more 
full statement of that position in 1 lD both, the tone of the drama cec( j without any interruption, grandly cast productions. From 
prose one needs to go to Ga*-! w « lighter, the vocal ensemble an d the division of a three-act Nottingham Ronald Crichton des- 
cnyne’s essay on Leon Chestov. i l ess mature, than in comparable noera into two long acts; with- CTibed Stewart potter’s touring 
the Russian philosupher and j performances at bussex these nut the excuse of a Glydebourae version of the original Peter Hail 
critic, published in Horizon in ^ obvious points, and a gainst tii nner interval, the damage staging in these columns; it 
October. 1949. and so far as I !*“*“; on r e sels the uncluttered done t0 ^ reiuny l0 nsirui.-ted only remains for me to add that 
know never reprinted. More i clarity of response, the aptness of •> rurta ; as >■ was ra ther more the Mozart conducting of Simon 
accessibly you find his sense of face and form, of young casts in rea diJy in evidence. Rattle, after a rocky, hurtling 

the “Now" sustaining his poem operas wherein the maturing ot overture and first scene, de- 

of the 1950s on the death of Paul ! youth through sometimes bitter But there was some delight- V e loped the ventilated, keen- 
Eluard. This was the only poem | experience forms an important fully precise playing and singing edged, urgent quality of the 
read by the poet himself and subsidiary theme. It cannpt be by the chorus and in minor pam y 0ung Colin Davis— the pacing 
for me at least it redeemed the easy ti) play two such small (^uula WtUiss broad, hennaed of ^ fi na i es was that of a born 
programme. As Clever don said I bouse pieces in a theati-e like Mother Goose Nigel Robsons a conduct or. An that, not- 
there is a “desperate honesty” the New, with its wide, shallow impeccably urbane Sellera); and a g le in a W elJ-b a lanced cast. 


about Gascoyne’s ' work, a refusal iSZ FeUcily Lott ’ s e enUe - unforced 

to settle Tor facile forms and unresonant «if al * a y® Fiordiligi is one of the most 

rbvnhms. but it docs even at its acoustics. On both evenings prob- Raw ns ley maj look a yery_ solid. a( » com oiished portrayals this 


rhythms, but it docs even at its acoustics, un ooin C y ninp. piu»- IOOR a very miuo. accomplished portrayals this 

most tortuous possess a haunt- le ms °f stage and stage manage- not >to_say corpulent kind of ] 0ve |y singer has given us. There 
me eloquence. were kept at bay. if not Shadow, his singing. has force, a mBW y hll JS. A L 


always overcome; one was held, strong attack, and his acting a St^soective^a sheS 

and often one was delighted. thrusting relish of scene and JSf5E 


What it lacks is satirical bite and 


or humour.' Gascoyne fails wbenj J ohn Cox’s production of the situation. Enid Hartle’s Baba is fSnlfnn^mte 0 " daulrt 

I St?ariis& opera (reproduced USTZ JSTJt® 


as- “*a.as* p*i& s. a ^H^ ta LKL 2 ?s 


sung — how witty is her music 




Ranger ( R ad i o 3Toc to ber 15)and travelled, and [travels ^elL; ^ preciiion of characterisation. 

The Curse of A loses- (Radio 3. J ec p nd vie w > n S of ,he s l [ ,0W : Vl hlonde boyishness, is a distinct the emotional veracity of this 
October 19). Terence Tiller has [ eel eve . r iS ore A r ,”” Bly ; 3 ha JJ«* advantage: so too are lan Galey's eloquent production. 


vukugi i-’f. injure iinri lid”* . c A Aehwr ic nnvdr a uv iww “ " 

been arguing' a fascinating case ln °f t tn f # ne 4 ~[ clean tones and sincere manner MAX LOPPERT 

for James Joyce as a fierce icono- juite tna» of the music. ^ne — the role can. seem rather in- ■- 

clastic poet. You will not find fo ™J e 1 r ' “^ raU T®’ substantial - when loo artfully • 

these satiric operas, such as “The quickly and lightly allusive, the poged (the libretto does tempt c ^ 

Holy Office” and “The Gas !aUe r nuggeiy. mLiscular. almost producers _ to mirror its self- Solution to reitUm No. *38 

Burner." in Joyce’s slim volumes piratical in its hoard of stolen conscious cleverness of diction, a » mvV. i bZk »!». b o 

but scattered among the rest of j musif!»I treasure and that the temptation happily resisted by 3 JR -R1 . N-N4. 4 BxN, PxB, 5 .R 

his work. For the jokes to divergence between the two Mr. Cox). Best of all is th«» (3)-KR3 wins arook nr mates, 
detonate effectively they require! grows wider as the evening pro- encbantingly pretty Anne of Solution to Problem No. ,23* 


CHESS SOLUTIONS 
Solution to Position No. 23B 


One year ago on this' .page T 
described the Centre Pompidou, 
then newly opened, though by 
now familiar to most visitors to 
Paris^-aa extraordinary fantasy 
of steel, glass and concrete, bung 
with a. multicoloured Vhh of 
pipes and mhes, which stands at 
the centre of the Plateau 2eau- 
bourg a. few. minutes* walk' from 
Notre Dame: an enormous struc- 
ture five storeys high and four 
deep, each floor the size of. two 
football, pitches, suspended oh. 
gutters entirely from the outside, 
and entered ait each level also 
from the outside by way. of exter- 
na) “pavements In the air n 'con- 
nected by an escalator which 
moves, snake-like. dtagonaQy_up 
the building’s .main facade, 
enclosed in a transparent tube. 

When Georges Pompidou-, an- 
nounced his plans for the centre 
in 1969: be visualised a “ place 
which will be both a museum and 
a -place- of creativeness, where 
the plastic arts will rub 
shoulders with music, the cinema, 
books and audiovisual research.” 
Last year, soon after opening its 
doors, the Centre Pompidou — or 
Centre Beaubourg. as it was first 
christened, and is still popularly 
known — was already an exciting 
place to visit, every floor alive 
with a buzz of activity, new Ideas, 
new schemes.- I called It then a 
bold venture, and a bold achieve- 
ment. More than one year will 
he needed to judge the project 
close! v- The controversies sur 
rounding the Centre— named by 
itj critics variously as ' the 
| Pompidnuteum. a hangar tf an. a 
supermorefed euttuxel — are still 
vigorously debated. Bur - the 
I excitement remains-, and if there 
. is evidently much stilt to do in 
12 months a great deal has 
already been set en more) le. 

The library, with its pro- 
jected million volumes, and 
annexe for records and periodi- 
cals. Is open and much used; the 
Musee d’art modeme. and the 
Centre national d'art contem- 
porain, are settling gradually 
into their new home; the wide 
piazza of granite sets outside, 
sloping gently down from the 
surrounding street level to tbe 
foot of rhe Centre,' la busy 
morning, afternoon and night 
with street-shows, acrobats and 
buskers and two semi-permanent 
tents for theatre . and circus. 
And most notable of all. the 
whole of the top floor of the 
Centre still . houses the magnifi- 
cent exhibition . ParM-Berlxn 
1900-1933 ■ a brilKant oneninc 
tour de force, superbly conceived 
and presented, which runs until 
November^ — worth every penny 
of an IPX instant aft-fare to 
anyone this side of the channel 
free to takp a holiday this week- 
end or next. - 

+ 


under the place which borders 
the lovely 16th-century -church 
of Sairrt-Merri. is another depart- 
ment of the Centre to show 
similarly exciting potential— and 
already substantial achievemwt- 
IRCAM— the Institute de Re- 
cherche et de Coordination- 
Acoustique - Muslque' — 
founded under the direction of 
Pierre Boulez with one all- 
embracing aim: “to create an 
Institute where all the .P^' 
leras of contemporary -muaic 
which do not lend themselves to 
individual solution can be dealt 
with At' IRCAfil. scientists and 
musicians will work together, 
and present to the public. -in the 
form of all manner of different 
performances and events, the 
results of their research.” 


s^otation -'iau tbfr Espoce shott 
he. a concert:; tbe;.flrat Af tv 
programmes deyotedto fought 
wori« commissioned -by lRGA 
this year in. partnership with tf 
Donaueschtegea-F’estiyal/jto, 
by- the’ Institute’s - :l ^re«don 
instrumental • /-ensemble.- -t 

Ensemble lntefContem^o$n. 


just across the way from the 
lop-sided red tent which houses 
another Beaubourg project, the 
deafening and dazzling computer- 
laser Didtope of. Xenakis, a wide 


' Before the; pecfbrnSiic- 
Bbulez ..-offered a 'deatehstc^ 
of the - ch&melepn ^aeotfsti; 
properties .of ; the- Espocer a.-t. 
bars . of ‘ instmmeiiui 
played first 'in. the. “ driest ?.© 
unions .(a rey.orbetatRra -ftme 
: about 0.4 seconds), -pestvie :j 
moat reverberant, and' finally 
conditions which ^-ahsM- 
respectively the. bass.'aa^ tte - 
freqiiencies^eaeh ; one ia -pa 
formation entire of the acmi 
cal character -of, ; tije _: 4 
achieved ini matter 3 of sear 
at tbe touch, nf a switch.' -'^: 


' The acoustics chosen-- for-. 


performances themselves i ! j 
naturally a combihation of W'* 
various conditions ^judged ' 
suited to each WorfeT ArriuSi) 111 
the German composer, y ., 
HiiUer <bJB44>i- ScOrqd^-for-^' - 
instruments and 4-trafck tape, 
a 20-minute '* playr-betWcea v^S 
and e lectr onically triSsfori^^ 
sounds.*?- The ideais^Jms^ig'n 
but Arcris proved fer -bevan * 
ceptio naily attractive .exan 
of the genre, wortaad- 
and imagination, mipp^ted-j: . 
rape-part (prepared with then: .. 
poser's own programme' bti 
lit CAM computer)' nfi -.unman" 
pleasing and “ natural “.-cohe 
quality. . The effect Waft:moW 
judicious combination-. -tima 
opposition or conflict: an. ’. 
larged ' orchestral ;j ' ^-iW 
brilliantly coloured, wove V Y 
much subtle and complex- p 
phony. - 


PARIS MUSIC 


DOMINIC GILL 


Staircase leads down from pave- 
ment level to a well-ordered and 
brightly -Kt (though . as yet 
somewhat imperfectly air- 
conditioned) maze of offices, 
rehearsal rooms and - studios, 
divided into separate but inter- 
linked IRC AM departments, 
each directed by a differ 60 * 
responsible— the electro-acoustic 
department by Luciano Berio, 
the instrumental by Vinko 
Globokar, and the computer- 
rooms by Jean-Clautfe. Rlsset. 
Perhaps most hn<pressire of aLI 
is tbe last section, of IRCAM to 
be completed, the underground 
Espace de projection, which was 
opened to the public for tbe first 
time last weekend — a research 
and performance area with 
mo tor- powered movable walls 
and ceilings, and (eventually) 
movable seating, capable of 
adjustment to almost any size, 
function and acoustical 
character. 


jaunty, joyceful readings from gravity, their wonderful lapidary problem all evening, fail to aid or if B-QS: 2 NxN, or if PxN;; 
Denys* Hawthorne. [seriousness. its projection); but there is 2 QxB. or if N-Q7 ; 2 Q-B3. I 


Invisible from the Beaubourg 
plaza, buried deep in -the ground 


mCAM has Intentionally 
avoided calling this Espace a con- 
cert hall, although indeed one 
of its roles la Just that — a re- 
markably flexible small audi- 
torium seating up to 4DO people. 
But the ball is also an acoustical 
research centre, a theatre, and a 
recording studio: in his brief 
speech of introduction at the in- 
auguration, Boulez called it "the 
brain of IRCAM,” the meeting- 
point and nerve-centre of the 
Institute. . But it was natural 
enough that, the first public pre- 


Wellenspieie fbr Vpla®, - 
instruments and “ digital^ 
processor " by . the Swi®- 1 c. 
poser Balz TrQmpy : - 

m ade still " greater^ && : 
rR CAM’s todmieal'ij^lbi^il ' ' 
piece marked' -the ;■ inocsgs} - 
completion ahd flrit.'u'se bf a t 
ultra-rapid ' -j.digi.tal • ' ,«rrhp« 
synthesiser developed,*! IRC 
capable of -32~nmuezr'bpeBtti • ■■ 
a second; v^hich caD TribSh- 
wunputer language directly i - - 
sound without the dm tor -- 
analogue translation' jfuhril 
intervening: The^'wortri -' 
musically perhaps V «hade :: 
substantial than-ifitier' .-a'.Ti* - 
pretty duet,' -17'' hnii^es k 
between instruments agd V- 
puter. But itS'-?tedftioToE 
implications and. the field 
tentatively lores sre:. v 
large indeM:.v TKe-T^ . . 
numirique ■de-wns^may - ffl 
tually, l suspeefe as . 

of TRCAM’s tnW.revolotion * 
achievement^, J 






5J20-5.25 Nrtrthern Ireland News. 
I2.no News and Weather for 
Northern Ireland. 


BBC J 


BBC 2 


t Indicates programme 
in black and while 

9.05 aoi Cut and Thrust. 9.50 
Multi-Coloured Swap Shop. 12.28 
pm Weather. 

12-30 Grandstand: Football Focus 
(12.35): Hung Gliding (1.05) 
The Allas Express National 
Final: Racing from Kempton 
Park (120, 1.50, 225): Tennis 
(1.40, 2.10, 2.45) The BMW 
Challenge; Rugby League 
(3.00) Forward Chemicals 
Test Series: First Test Match 
— Great Britain v Australia; 
4.40 Final Score: results in 
footbalL racing and rugby. 

5.10 News. 

520 Sport/Reginnal News. 

525 Noel Edmonds’ Lucky 
Numbers. 

620 Dr. Who. 

6.45 Larry Grayson’s Generation 
Game. 

7.40 All Creatures Great and 
Small. 

820 Little and Large. 

9.00 Stnrsky and Hutch. 

9.5D News. 

10.0!) Match of ihe Day. 

11.00 Parkinson. 

All Regions as BBC-1 except at 
the following times: — 

Wales — 8.45 am Cut and Thrust- 
9.10-920 Wir I Chi 520-5.25 pm 
Sport /News for Wale*. 12.00 News 
and Weather for Wales. 

Scotland — 125-5.10 pm Score- 
board. 520-525 Scoreboard. 10.00 
Sportscene. 1020-11.00 Scotch and 
Wry. 12.00 News and Weather for 
Scotland. 

Northern Ireland — 3.00-3.40 pm 
RaMycross (The Texaco Rally- 
cross). 5.00-5.10 Scoreboard. 


pm Saturday Cinema: *’ ft 
Started With A Kiss/’ star- 
-ring Glen Ford and Debbie 
Reynolds. 

Horizon. 

Play Sport. 

Network. 

The Old Grey Whistle Test 
News and Sport. 

My Music. 

In Performance. Wel«h 
National Opera present 
’* The Mbkrnpnulos Case." 
opera in three Acts by 
Janacek (simultaneous with 
Radio 3 stereo). 

Francois Truffaut Season: 
“The Stmy of Artele H," 
starring Isa belie Adjani. 
News on 2. 

Tennis: BMW Challenge 
(highlights). 

Midnight Movie: “ Ride Out 
For Revenge,” starring 
Rory Calhoun. 


Golf: 4.50 Results Service. 
5.95 News Irow ITN. 

- 5.15 Cartoon Time. • 

520 Happy Days. ■ 

6.00 Wind Your Language. 

620 The incredible Hulk. 

725 Bruce Forsyth's Big Night. 
925 The Professionals. 

1025 News. 

1020 Twist in the Tale. 

1125 Saturday Night People. 
1220 am Gnlf — European Open 
(highlights). 

1.05 Close: Pre-Raphaelite paint- 
in-!. Brahms's music. 

All IBA Regions as London 
except at the following times; — 


ANGLIA 


GRANADA 

V20 I4n. Fucttt QD Soct-i-r' 9.4* Srsanie 
S-n - i. tlfl.ffi Saturday • Maiiw.i*: Stun 
Laur?I and Oli**-r Hardy » '* Kotblns 
Bui TrunWe.” MS a.«. How TUe WVst 
Was Won. 6-S5 ilind Tour LanBuoKu. 
10.U0 In' <■ rnau oral Coif . 11.25 An 
Aud'pnrv vvun -Tajper CarroM. tlUB The 
Laic Film: " oi-rondi." starring Roclc 
Hud M>n. 

HTV 

9.B0 ajrn. Piyinr! 9 JO Ten On Saturday. 
9.0 Latsate. UM5 Bainun man It. 1020 
Tlswai. 11JI0 'Riiiman (part 2i. 11.15 

Pop Spot UU20 Siar Maidens U-90 Ten 
on-5a(ix r days- 5.15 p.m. How The West 
'.'.’ns Wan. 6-55 Mind Your Lanmxasc. 
I a. to International Golf. Bamaby 

Joni-s. 

HTV Cymru'Waln — As 3TV General 
S-.-n-lcc csc-fp! i^5-7J5 p.ra. Stun A Sian. 


Ciwwiam Wi'h Death," Carrtnc Gcanre part J- 5JI Ja» Record Request /*'. 
Sia harts- LIS a-m. Faith for IJId. SjOS CrltiCT'. Fonun 6.3S Howard Kcniu- 

VADif’CUnj r sen Oct-.-t played by Nash Enartuhte-fn. 

XUlUVallmt - 7 HO " Liberia lion. Compromise or Co- 

,1M a-m. Thr Amaiisg Chart and tlw* Esmoncc*” ttatk hy John Harrlnrt/. 728 
Chun Clan. M8 Space Ghost and Dlno Mozart: Flue Qnamt in A ijl.-7.4B "Th; 

Boy. 10.15 The- Paper Lada. 1L» Thr MaKrapoiHos Case". Krtoimtoneaua with 

Beachcombers.- 545 p:m. How T1 h- West BBC 2 teluvlaloiK opera m Ubrce Arts by 
Was Woo. 645 Mind Your Lamraaae. Janacck fsi. 9J5 Bomrd Fcmuson At 

moo Golf. XL2S Quincy. 70 «s». 10.30 Haydn: Qiianel in D major. 




WEEKEND 

CHOICE- 


ninth f 247m *0-S8 Sonnda Iniercatinn.fS). ms News. 

KADIVI 1 “*' ,u UJD-1US Tool Uhl's Schubert Sons is.. 

(*> S f ruoptiunk tnadcM _ 

t Medium Wave RADIO 4 

5.00 aLI*. As Radio 2. 8.M Ed Stewart ... _____ ___ _ , 

with Junior CMtce n*. UJO Mm 4 34m,. 330m, 255m and VHF 

PnwHI. L3J p.m. Rock On rs>. 2J0 6 JO a-m. News. 6J2 Farm juj Today. 

Paul Gambacdnl ts). 5J1 It’s Rock "S' tso Yours Faithfully. 6J5 Weather: pro- 








RADrO 4 

434m. 330m, Z85m and VHF 
*Jfl a-m. News. 422 Farm juj Today. 


Rod in. 620 In Concert: B. B. Kina fsi. aramme news. 7.00 News. 7.10 On Your 


7.90-222 a.m. As Radio 2. 


Farm. 7-60 Today's Papers 7.05 Yours 


9.00 a.T7i. Tbe Bubblies. 9.13 Cartoon 
Tim.-. 9.20 The Ni'! W-ck show, lLiO 
Th*- Wrwlv W.Krta*-. *ep show 5 13 to. 
How The Wow Was Won. (25 M-nd Your 
Lanyiuuc. io.ao Golf R-jUiiiahrs. U2S 
ronooti Time. 12-20 B.m. At Tbe End Of 
Tbe Day. 

ATV 


SCOTTISH 


9 DO a.m. Kurrh.v Phan ram. 1120 The 
Sroiiish A^e ■•roup Su-mutum Champlon- 
shtps. 545 p.m. lion The Wow Was Won. 
6.55 M‘wi Yoor Larumaao. 1125 La IP 
Call. 11-00 hearnn- Film: “ Phantom uf 
Hollywood. " '.urTinc Brodorlrk Crawford. 


SOUTHERN 


LONDON 


948 a.m. P»a» C:.ilar IT. 3.35 Focii' 
On Soccer. 1025 The Lost Island. 10.30 
Ttswas. 545 pj»- Spld.-rman. 520 Tbe 
Bionic Woman. 645 Doctor nn Tbe Go. 
6.55 Mind Vimr Lanaunre. 11.25 Saturlur 
Cinema. " RetiW " starriOK Joan 
Collins and J.uu.-fl Booth. 


83 a.m. Tarrsn. U20 ITlue Club. 
1129 R-cmnal Wnaiher Kom-ast. 5.15 
P.m. How Tbi- West Was Won. 625 
"4 md Yuur Lanauacc. 10.40 Golf. 1145 
final hern \i-u-i. 11.45 Saturday Nlsht 

People. 12.20 a.m. Byennm. 

TYNE TEES 


n a TftVn 1500m and VHF f^mifully. 720 It's A Bargain. 725 

KADJU — ^ Wcattien proKramme news. 8.0o News. 

5.00 «.m. News Summary 5.N Tnm 840 Spon On 4 rrom Mwrow. 8J» News. 
Edwards >s> Inclurttnp 043 Racimr BuM<v 8.05 Imemarloaal AssnnuncoL 820 Talk- 
tin. 0.06 As Radio 1 1022 Golf: The Inc Politics. 625 News. Stand 1045 

Rurapean Open »IWP«rO. MAS Tony Dally Service. 1020 Pick Of The Week . s). 
Brandon tsi including 1122 Golf frontier U.20 Time For Verse. 1120 Wildlife, 
report*. HUB p.m. Golf ilaiost news*. 1145 9ofocl On Saturday with Fritz S pi cal 
MJW Two’S Best isi. 1.92 The News 12J» Notes. 1222 pjn. A Bar For Nothlru; 
HoddUnes fs*. 129525 Snort on 2: with Johnny Morrn n>. 1227 The Jason 
Fool ball Lenmc Special (1.30, 2J0. 3.03. Explanation of War fs>. 12.55 Weather: 
S.<5. . 4.42*l , Golf U.M. 2.04. !_M. l.M* prncrtimnw News. VOO News. 145 Any 
Tbn European Open Champtonehlp: Tennis QuesilonsT 2.00 Bookshelf 220 Sa rurd a v- 
■ 1.31*. 2.00. Z.W. a.OJi BMW Cfiallensre afiemonn Theatre Hi. 320 Dues He Take 




9.50 am The Saturday Banana, 
part 1. 9.00 Sesame Street. 9.43 
The Saturday Banana, part 2. 
10.13 The Monkees. 10.45 The 
Saturday Banana, part 3. 11.30 

The Fantastic Four. 

12.00 World of Sport: 12.05 pm 
Headline— indmilm? Golf— 
Eumnean Open from Walton 
Heath. Surrey: 1. 13 News from 
rrv; 120 The (TV Sis— 1J30. 
2.00 and 2.40 from Catterick; 
1.43. 2^3, and 3.00 from New- 
market; 3.10 International 
Snorts Special — Golf: Euro- 
pean Open from Walton 
Heath. Surrey: 3.50 TTalf-time 
Soccer Round-up: 4.00 Inter- 
national Sports Special— 


BORDER 


11.48 a.m. Puffin's PLnl-tP 5.13 p.m. 
How Tbe Vfi’ii Wj* Won. 625 Mind Yuur 
Language. 10.40 Golf U45 U:e Film; 
- Can EUen B..- Sav-HT" 


CHANNEL 


U.4J a m. Puffin's FlaMuc. 5.13 p.m. 
C.irio.m T-.nu-. SJO Ti« Lit<- a:m Tin*-* 
<1 nrzzly Adatn% 6.30 Haus* Day«. 
b.55 Mmd Your LanKtidM*. 10.40 r.rtl 
tPchl-.Ktus. 11.25 F-.-j:un- Film. “A 

Con.rua: W!ih D>'.t*h " 


4.00 a.m 
Birthiay i 
n{ Wlrjn 
1020 The 
1120 Jne 
Was Won 
Knrwsa , 

14S a.m. 


GRAMPIAN 


i. Seen. On Sa'iirdpv melodin; 
Ini.-iim:* ii wl Thr Arrci Liv.-s 

K-.TIT 4.J0 S. Mill.- S!r«'I 

Boachi'ntiitn'rs. 11.00 Lassie. 
M* 545 P-m. How Thi Wugt 
fnlf-jHi d !)v Area **V.iihi-r 
HiL-hlanl L.-a>:iia- au-1 ^Mmv 
625 .Mind Your Languasr. 

K-n.-ctiina. 


4.00 a-m. l.?u - » Loot-m- 025 Hw SIX 
Y.d'.on Driiir Man. 425 Lyn’s Look-In. 
LX. 05 Suiurdar Morning Film: •' Hie 
K.iraiu Kit:> r». ' siamnc Robrn Vanctm 
ar.d Ravid M- Calluni ll^S Lyn's Look-In 
5.15 p.m H<w Th- W,*s: Was Won. 6-S! 

Y' u ir l..in:'uai:c. 10.40 lBtcmaHon.il 
Ilotr. 1145 Durnjby Jones. 1245 a-m. 
Epiioaui... 

LTLSTER 

ltu» a.m. Taran. 1UB Sesame Street. 
5.® p.m. firnirs R-aiffu. S45 11 o*» The 
iv- .t Was Wei 425 Mind Ynur Lanauape. 
10.45 G-lf— Enrop-.-aa Open f^umpiooship. 
1120 Ratf-Ny 

WESTWARD 


1.45. . 442' l. Golf U40. 1.04. 2.M, 3.031 pencr^mow N<-wn. IjOQ Newn. 14S Any HBBHBsBI • .j f ■ 

Th- European Open CbamtHonship: Tennis QucsiionsT 2.00 Bookshelf. 220 Saturdav- 

•1.311. 2.00. 2.38. *.86i BMW Challenge aftemona Theatre '*». 340 Duos He Take SATURDAY: There IS Certainly 
Tum Dimentr RuKby Special <1.30, 2.30, Sonar ’ UI Landlord or Ton am" 4.45 a Choice Of viewino tnnipht- fnr 
3 05. 4.301 Cardiff T. New Zealand plus Emndre WlUiln SM Kaleldoacflp, Eocoro. h mole- *»SJf "* 

rciwnn on Letasicr v. Aneentloa and In 528 Week Ending mi. 525 Weather: Vi l « «Ungr> there IS the 
Rugby Lcamr news of thr Flni Test procramroe mu. 6.00 News. 645 Dcsm Welsh National Opera's versio/1 
ktnh op raf Erltaln and Australia: Island Dlara. 620 stop The Week with of Janacek's The Makronoulos 
Racing from Newmarket run. 240. 2 551: Robert Hoblnaon. 740 The New Pope ■ lje «»aKropouiOS 

plus nrwx of bOTlng— pmriew of the BJO These You Have Lov.jrt i&i. g .30 " """ ' 

Dave "Buy” Orren v. Carlos Pniamlno Sinirday-nighi Theatre. 72S w-aiher. -■■■iff IT* 0 

World wrfwnrelght flghi and Cricket: 10.00 News. 10.15 A Wnrd In Erfcwwaw. TV RAT BrtiGlS 

3.00 Sport* Report: Classified Football UM Llghien Our Dartness. UA5 Newf! ws w 

Checks 5.00 and 5.45: Ruchy Ronnrl-oji 1123 Hie UnforxeuaWes is>. w/a 1 R 

5 2S. 649 Pop Over Europe. 743 Beat t j - W /“ Ul *“ *** 

The pecord. 7 jo Radio : tod tuwe ui. BBC Radio London 

■45 Sbella and CoWn ojav «i!f T ? TK ' 194m and 9541 VHF UK *°* 1 30 fviewurs m m) 

Hi' 1 ^Band^ln "ftaod *Pmde D i0 ° *- m - As Radio 2. 722 Good Flahliw. 5 guranffloi; Street (jaan j (Gran.) IT.fiO 

I™™ 4 !&,”*“« P S2 bk'hw! “ , k ™; BItL I'iT InbJS* 17 *™ s) 

Orcbesnu ffO. 1142 Sports Desk. 11.10 a 8 cLL he Liiirimi Gardener. .4 tSrry Grayson ; s 18,4fl 

K”* 2J " WJn r,0WS 248 p-m. Bob Pmvpll wirh London 5 M»«!red (Thnmcs) - u 

_ ... noumry. 4J0 Marian- Ellbow ivith rj™ OMIuros CrcJ. aml 

RADIO 3 4Mm. Stereo* VHF Up. S40 RoIL kflMZow-: As Radio 2 . rOMmol . (M »•» 


Case with 1 EMzaheffi Sofcixh 
playing tbe Eofe of r tSe j 
old opera singer,; on BBCj*, 
lowed by the' - final ftlmjra- 
Truffaut seasottr the reeenY!- 
Story of Allk 1 Ie/-H;:4lK»»lrW , 
Hugo’s' daughter. Leas effittf; 
be required for tbe. third; 
Forsyth’s . Big , NlgW (bn.^j 
which has-yet to capture, 
of the comedian's' handlii^ 
The Generation Game. -• 
. SUNDAY'; BBC*’ oute a) 
catches the -eye. witb an lr. 
view with- Kmg HuS*e|R .oj.j 
dan, and Ronald -Harwoody 
veiling over Bvelyn 
territory with exeats 
diaries and remfiiiscence|- 
f riends in A Seme ofTffBfc’tj 
reaches all the best bedxWW 
ITV while the new 
ing serial on- BBC-lvis J 
Buchan’s HiratingtAwer>v 


m:. 

y- ' 




1 UK top 28 (vlewars In n,) 

S Coronation Street (Man.) (Gran.) IT.fD 

, 2 5?^° ( T*»«ucs) 17 W 

3 321 (Yorks) la ^ 


4.W) s.m. CircwinajL 1 . 4^ Survival. 
4.50 Ra: nM.it Mornlns Puturc Show: 

otiv.-r r»»rt.“ 1UB Look and S«?. 
1120 Fnu-ui <i-> Sm.-i.vr. U.5S Gm Bam.-y- 
bi’n s Pimi.iya. 5.15 p.m. conoonrlmi-. 
520 Th- Lit- an.i Tunes of Grlzrtv Adams. 
620 Haw Dayi. 625 Mind Your 
t-r.tiKUic.- 10-40 Goi; niKhllRhm fEuro- 
wac nprni. 1145 Feature Film: " A 


7-55 UP- Weather. 648 News. MS I idtt1t)ll Rmsdractino 
Aubadc ■«>. 8.86 News. 8.85 Record IjOI,aoa "‘OaacaSUng 


6 All Crcaliiros Great and 

_ , Small (OCC) 13.30 

7 S^wst (Wed) (Gran) 15 r2 

8 The Rap Tredc (LVfT) 


Auoaoc 1 B l - v.w news, v.m Kccoro 'o « Retum of die' Saint (iwti 

Review is*. »4S Siereo Reiean.- fn. 206m and 94.9 \TTF in neSwwney (raanwai* 

U-00 Robert Mayer Couccn isi. 1245 54# a.m. Moratua Music. 620 a.h.: ' 

p.m. Schubert plnno nuwle .n. 148 weekend oews. reviews, f.-alure*. sports 3 Sopot (ThamVs) 1 

News. L85 Dartok and Moran violin 1048 Jellybone. 140 p.m. Ssiurdar Sport. 15 Crossroads (Wed) CAnri " 

and piano nTital isi. 245 Man of Action: 640 Af'er Six. 620 Hugh and You. 7.00 16 Crossroads fMon) fATvi 

riiarleK WUIIama chooses records iu. Gen Malar-mufllc. inform anon, wmein 17 .Crossroads (Tburs) <atvj 
340 Falla and Rodrigo concert, pan r 1 * 1 . in lllndiuunl. S.D0 Saturday Murtc. 840 18 Lntsttlaaxittwx fTbaiBKi 

dJS Interval Readme. dJ8 concen. NlshHInc. 140 a.m. Niebi Exira. M t5a« y«, 


15 Crossroads (Tuts) (A XV)- r - 

19 Mastormlod (BBC) . -V44s SAL 

20 Brtwe Forsylh'f.BisIKrtt CWfW; 1 
Figures complied by-’AwBfil'-^J 

Briialn for ibe John. ImMWrtftftfW 
for TeJ-.-rtskm AdveHJaMCKS* 
l JICTAR). '^2^'. 

U.S. Top T« 

1 World Sorter . 

same raff thaseball- • 

2 World Scrtos, ” • -• : fa.' 

Same Hirer Cbwse&aH) ?® 10 

3 World Scries. - •• 

Mm two (bascbafll MBO 
-Rdxcue 

.5 Bob Hon salute. World s«rM>V-£^. 
... twteliUQWg 

* i* nrk tel Mindy - . 

7 Three > Company (comedy) (*B« 

■ (wmoffW few---.* 

9 Wonderful World of. Disney , 

, (ra«dai) (lWQ 


g ffvjg 


M Have a Happy B.Khday (Yirfcs.i A NeJIsen rate* 1 . 'STTnoSSw 


U» Lavorue and Shirley - 
. w, „ (comedy) 


ENTERTAINMENT 

GU8DE 


THEATRES ; THEATRES [ THEATRES 

AMBASSADORS. _ CC. OI -83S 1'.71.lDUKE OF YORK'S. CC. 01-336 S12i , CYRtC THEATRE rr n . Mtafi 

Ems. B O °- T |Xmg 4 !olam 5 ' 00 4 B '°° • s,i? p S c, n. Mon ; n , ° 8 £ m - 1 5bs - 8 - 0q - rhu '’"- 3 do! Sai. 5 Si. 020‘ 

i plight 

•■acatha h “c5.r«tI C ' f 2 JTa ^ 6 w * 5«. I LOW i R,c ”f t .lumena f,,,,LAY 

AGATHA CHRISTIE .... j 5.„0 A S SO. I __ b. EdLa.Ot- Oc Mllppo 

1 — ' 1 , _ Ii-M FEUICI7Y CirKiL'O tv FRAMCU ZEKFIRELLI 

APOLLO. CC. 01-437 2663. E*Ci 3.30 COURTENAY KENDALL ! "■ TOTAL 7 RIUm 5T” Ev News * *' AN 

Mats. Thul-s. 3. OP Sal. 5.00 ono 3 00 , CLOUDS i EV3NT TO raLASURE.' D Mil* "MAY 

PAUL DANEMAN LANA MORRIS I A lotvm, !»Y MICHAEL FRAVN IT FILL THE LYBIC FOR A HUMORED 


THEATRES 


CC — Thp«. tjiNlrin accept: certain credit i 
Garda by telephone or it the Bay ante, j 


OPERA & BALLET 


COLISEUM. 01-240 52 S® ; 

Rvieryjtipnt 01-936 3161 
ENGLISH NATIONAL OPERA - I 
Ton's. Tui!*. A Fri. n*r»l 7 00 Don 1 


THEATRES 


THEATRES 


JOAN FRANK 

PLOWRIGHT FINLAY 

FlLUMENA 

6« Edba.tiL- dc Filippo 


j APOLLO. CC. 01-d37 2663. E*C1 3.30. 


Mai*. Tburs. 3.00 Sal. 540 ono 9.00 
PAUL DANEMAN LANA MORRIS I 


a- EQba.ck.- de flllpro 

k, NQA.L , ■ 

A L&T^ehi, by MICHAEL FRAYN • IT V’lLL ' ?HE B LYrVc E FOI?'a M HUMORED 

iRiCK THEATRE. CC oi 'ajb «60l - V6AR5." Su nday Tim e* • | 

MoVUV WEST *GE MMA JONES. 1 N A f A?.Sf^ t THEATRE. 93 B 2252. J 

MfCMAEL FITCHEN. : W 1 * 1 •■R.japMI Ytlpcl: Today 2.A5 a I 

-r HAROLD PINTEP'S 7 s 0 IHE (DOUBLE DEALER PV Con. 

.. THE HOMECOMING on. 7 SO Tho CUrtry OrtPurd. 

NOT TO BE MlfSEO ■ Th? T-niiS > LYTiCLTOn mroicenlum 4ta0i')' TOOly 
LAST WEEK. ENDS SATURDAY i *40 1 J 45 Mon. 7A5 PLENTY new 
-7 — — ■- — -—- 7 ——--— — _ I pI.iy hv D.tyie Hare. 


PALACE. CC. D1-4S7 nil. 

Mon.. Thor. 8.00. Frt. and SaL 6.09 ant] 
_ 0.40. 

- JESUS CHRIST SUPERSTAR 
!r» nm Rice and Andrew Lloyd-WMbeT. 


OENNI5 RAMSOEN. 
CARMEL McSHARHY 
SHUT YOUR EYES AND 
THINK OF ENGLAND 


CaHas Wm. 7 30 loiVih*. Thi-r* 1 ■■ w , c K E dlV clj wij v ■ ■ ■■ 

Sa. T ». W ror-5r , raJ^H , tt! 


10.00 am on dir Ol oert. 


, ARTS THEATRE. 01-936 2132. 

COVENT GARDEN. CC 240 1066. TOM STOPPARD'S 

(Gardencharec Credit Card* B2t> 6903i 1 DIRTY LINEN 

THE ROYAL CALLET . *' H.ivi(u» Kf it. ' Sunday Timm. 

Ton 1 arm Fri 7.30 Serenade, a Month Monday ic Thursday ! SO Friday and 
<n (IK Country. Facade. Tin's. 7.30 Saturday ai 700 and 9.15. 

Mayor lino. Art. 4 nie« 7 SO The — . — — 

ShtoplRB Boaul*. 6S Ampin' avail ASTORIA THEATRE, CC Charing Craai 


'GARRICK THEATRE. CC 05 -336 4601 
5*cn »o» S.OO. Sal 3. SO. 5 30 
| TIMOTHY WEST GEMMA JONES. 


MICHAEL KITCHEN. 


, DIRTY LINEN GARRICK. CC 95-036 4601. Previewi : COTTESLOr -Vn/ali audltnrlumi- To- SP MIC 

H.taridu» m It.' Sunday Tlmn. ; 0«. 24 aro 25 C- On-n Ocr 14 r 7 : nlQhi a; H CO Lat'w^f^ AMERICAN r S J" IS" 1 ?"®, 

irorda’y M ?Kd Vl°5 Fr,da ’'* n<, ! OW'S QUIUXY In IRA LEVIN S QUPKAio □‘avU^n^.^rt'^rt F-T. SEASON 

liurnar (I 7 00 and 9.15. • _ .. DEATHTRAP 1 b.qo r h , vymia t„r»ri iin.ua Dnwn — — : r — 


tsr all oeni. irnin Id jm W day al 
pert 


A Nn, Tbrillre Dlr.-cted irr 
MICHAEL BLAKEMORf 


SADLER'S WELL5 THEATRE. RoaebtST 
Are.. ECt 837 1n72 

ENGLISH MUSIC TMCATRe 


>V M .^91. MDm--7hap. 8 OO Bin ; UOBE THEATRE. CC 01-437 1 592 

.77' HU uuurti‘e Ttw'-l&Ae I fife ■JS.jKt.W.-SM.i-OB. 8.4# 


a. S.OO The World Turned UriIM Down. ] 
Many nmipri cbead walk all 3 Iheatrei 
(Hr ol onrf Car oart Hesunrant 928 | 
2933. Credit card Dooklnes 923 3052 


PICCADILLY. From B.30. am. 437 4506. 
Credit Cards 036 T07l. Mon.-Thura. 
a.00. Friday and sat. 5.00 6 15. Air con. 
"Dominating with unlettered a into and 
humour the BROADWAY STAR." D. Exn. 
SYLVIA MILES 

"Towering Dortormmcn." Dally Mall,, 
vieux Carre 

fv Tnnu-TSiec Williams j 

«SL Drt, _ "*? UMgk." Financial Times, ! 

Third us hardly teen , more satlsrymal 
evenin'! m me ttrsi End ... the BEST 
COMIC WRITING m LONDON." Obi 
_5e« running like an electric current. 
F-T. SEASON ENOS hW IB 


ROYAL COURT. 730 17aS. Eves. a. 00 . 
Sat. S-00 and 8:30. Must end Nov? 4 1 
NICOL WILLIAMSON 
“A *lrt>»OSO aerferm -n -e " □ Tel 
INADMISSIBLE EVIDENCE 
"This is one of the lew gre>t olay* of 
the contury." D. Mail. 


THEATRES 


ROYALTY. CC 01-405 E034 

Monday-Thuredav iwenlngi a.00 Fndav 
3.30 and 3.45 Saturdays 3.00 and 3.00. 


WAREHOUSE Dc-.mar Tnpaira. r-,--, 
Cardw 636 sees, fioyai 
Con-cany. Tent ?.0IJ P-t-r fl-rrm-. 

ar^-Sy 15 ^ 5 r-esS 1 


CINEMAS 


CAMDEN PLAZA. (Ora. -Cumtit 1 - 
REHAI ^5 5 1+43. iff Bon Dyl* 
AND CLARA fAAI^UO 
^ Jean Baer in 4 BPacSi : 
Pr08> - 2 -50 »M 720 dally.- 


- London CrHIn Vole 
BUBBLING BPOWN SUGAR 
Brtl Musical o» 1977 
Tel. booking! aceeofed. Malar eredll 
enrds. Rntaurant res. ot-ios 


WESTJ4IN5TER. CC. 01-8 34~02M.“oeV 
28-Nm>. .3. Tuesday- Friff^y »ij r ' 
. Wednesdsy-and L^turepy s orj 
A MUSI=A t L w ENT A ePTA|NlS.ESi 

_ THE BUNNY AUSTIN STORY 


BEST MUSICAL OF THE YEAR 
ELVIS 

EVENING STANDARD AWARD 


PAUL EDDINGTON. JULIA MrKEN2IE ' ®L«* V'C. 


BLVJAM1N vVHlTnoW in 
ALAN A YCk' BOURN'S New COMedy 


PROSPECT AT THE OLD VIC 
THE. LADY'S NOT FOR BURNING 


PRINCE EDWARD CC. 01-437 6377. 
Evenings 3.00. Maunnus Thundavs and 
Saturdays at 3,00 
„ _ BVITA 

TlW _. | ) | “ * n V Andrew Ltovd- Webber. 
Directed b« Harold Prime. 


cards. Rntsrorant res. oi-4qs 241 b 

SAVOY THJATIWL 01 -83^ 'aB8S. 

Credit cards 754 4772. Tom Co nil in 
WHOM LIF3 ts fT *«W>«y? 

-A MQMCNTUS PLAY. 1 URGE YOU 
TO SEE -IT. Guardian. 

Bex, at 8.00. Fri. and Sat. S.4S and 8 . 45 ., 


WXSTMINTTER THEATRE. 8J4 0233" 
Ucw,j W»bDe 
^55SS.A!!?L THE amazing 
- TECHNtCOLDtl OREeM-3AT 
' , SMlYlnq PAUL JONES. 

' ‘ ■iX.*? Opw* Ncr. 17 

. 'Tckels £2. E3. £d BOOK NOW. 


I 3 ' «■ Dxtord StrML 

U^PT** 0 ** **■ ***■ fiS5 ’ 

7 waySbELRS?- ChlirtTHi <Mir^rie% , 

1 dS *?«¥"?. jP ww * (U ’ 

ca'n wITt^p^ 

I 11 job A? 0 ’ 6 -w- ajo 

I jWIVOIt <A| Progi. 24i 

c ' 3 °- 3 ' d0 - t«e show iiTofl pnt'.-,.' 


SHAPITtSSURY. ^ CC. OI-836 6136-7. 
01-830 42SS. E*«. at 8 15. Mninecs 




Ton't 3 Men. 7 30 Ro^.n' s : 1 1 _ ,, ,... . _ TEN TIMES TABLE 1 Dnrct Jac^ol ‘ easy & elPle auflwrily.'' 

CINDERELLA '■ A bnlliani snow c„ £3? 4 S - 6- an!f 3 * x« C • mu,t 3 * h “_ •’o'ln'est laeWter ,' 1 Utardird. Ellenn Aivini " ri.otlno 

musical hreworas.’ Tms. Also 25 A 27 j Tl|ur - 8 °0 8 30. maaer >n London." O Tm 'An img. Physi.al n u ,oity FinaiK'4' Timwr. 11 A 

9 r, _ !pr* “_-W *?ense s yaudev'Up LA j CW ^ 1T1M ^_ ^ 5!y eoioyabie wen- -w.*' . Sunday T»m« . gem o» a (vriqrmnu-e from Robert 

ssrssidSyf “ C "” D ?saa « maivuwsr^s 

O.noer and ira.pTl ? _yat £9.SO iw .2X2* I king LIAR w.(R amSm£« D'ua*U ^ I 


F S!I! C L7 BM BBBI - Credit , 


ii Wreki oni* 
before Mew Tort^Opens 7 Nov. iprc*. 

ALAN AV « B ^gNS fl ’im { gh.h,t raw 

rNia'cr^-. Ew - 


THEATRES 


FOURTH GREAT YEAR 


COMEDY. CC. 01-930 2573 Red. Price ; 
Prers. October 23 inti 24. 3,00 Opening 


Susan HamDrtiim Jeremy irons. 
Da« iff Rabb. Jamct Taylor ln- 
AN AUCIBNC: CALLED LUOUARD 
bv Dario Pownaii 


LEAR witn Anthony Ouayie opens 
3 THE RIVALS relure* Ort 2G. 


Thondnv 3 00 Sat. 5 OO. 8.30. 
TERENCE STAMP In 
fDWAHD GOREY-S 

with OE RE t^OOFRCV 

.iimmr rar®:* 


| W KiI E Rlm"e, CC - 6692-776? 

F*9t. 8 30 Fr t . ned Sir. « ge- --n n -in 

I PHri Ravtnqno preseeu the S^ouiianni 
sex Reeiur o‘ me Centary ‘ 
DEEP THROAT 
_ . 91n GREAT MONTH. ■ 


' 5 PACE, 337 6969. BUKETT 


A DEL W 1^ THEATRE^ 01 78,1. Wed lOetober & a, JJ0 |SJ S«SJCT5iJrff SS ^ 

Reduced Price Free.ewy ptt. 31 to No.. Tnul BILLIE WHITELAW * i Ma0, w «l 2 S5 V.ci a 30 and S.OO. ” . B P 

8 at 7.30. Nov. 4 « 4 pm T P McK.ENrtA In i GE K «y^RAififff AN .PALLADIUM. CC. 0*-*3T 7373. 


iP^VoR^lE ^ 6 


BTRANO, OT-RW 28CO. EWnlnqs 8,00. 
Wl'M BRITISH 

■MncdWraHte- 


WINDMTLL THEATRE CC. 01 -437 631 Z 
- Twte*^ NrghtW. S.OO am 10 OQ 
Sunday 8.03 W b3jk . 

. 'PAUL RAYMOND arocenn. 


aasi.'4 .'ansTijfe^-siiLr, 

THIRD GREAT TEAR * PW * ! 


PERFORMAI 


w« 


■ ■ -CC ._ 01-836 1443.: 

iHnwn Turn. 2.4S. SaN. 


to- S £?a i r*2 n " 


DEYOND . ' MOLLY 1 

THE RAINBOW u . ciuqu GRAY - 

An EnenanHr.il Now Musical ** • 

BCR OFFiCE NOW OPEN CRITERION. 950 3t16', CC. 836 ,071-3 i 

Credit Card Boofci nv* O’-aJS 7BH- NOW IN ITS SECOND YEAR 

.EERY. C36 3P75 CC lihSi'jlB 1071-3 ^c'nju 1 ^ 

rom 8.30 am. Parly rates Mon.. Jum.. . *n 5lX DFONe • 

V*d. and Fr- 7.45 pm. TIMn. and Sal. ■ ■ • *»ll * HALF-DOZEN LAUGHS I 


ALEERY. C36 3B7U. CC tik?I 336 1071-3 


trom 8.30 am. Parly rates Mon.. Tucs.. 
W-d. and Fr- 7.45 pm. There, and Sat. 
4.30 and 3.00. _ , 


CLIVE FRANCIS 
NIGEL STOCK 
PETER PAUL 

BGWLES HARDVflCK 

and FENELLA TlELDING 
LOOK AFTER LULU 
ny Mod Cowart 
with GARY RAYMOND. 


Tnrjdav No* id for 5 days only. 
MART O'HARA 


MART O'HARA ‘ 

SWINGLE II and CHARLIE SMITH EPS I 

Booking how open 1 


n>» iNrS*VT" J* URACULA 

t T ^, m - -S88 c ^B3«ii? wn? 1 - 1 




niivvnpepi at wi'bjq -jUTn, r 

BgM. ®3S.107, from 8 30 ?m. Mo \„ 
Thurs. BJO Ffl ano SaL 5.19 ana fi.iO 
. • ENORMOUSLY- RICH .’ 

- Er-nn. N«m. 

Mary 0.1'rll-r'i vhim i mmedy 

c .owce-.n Catholic 0 . 

” Supreme xnruuly o» !>■ 'ano - MIOioa ■■ 

"• T* MARES VoU*'sh 5S£E WITH " 
LAUGHTER," w-PKd'an . 


enTMMir 


k MoirarntAp 
5 >-OHGErr EVER RUN 
28HI .YEAR. 




’a “THOUSAND TIMES WELCOME IS j . ^gPNP "HILARIOUS" YE AR. "preynf^iwfw' 7.30 C rMat? , ^«° 20°at j 

-TE HSU WVSfjSfW 3K &A^M?AH s, eS t Y 700 ' ! 

MIRACULOUS MU5I=AL.'- Hr. Tjmej. A CHORUS LINE 8 * * S 0 ° THE NEW MUSICAL. J 


PALLADIUM. CC 0,-437 7373. 
Oocnmo Doc. 20 for a Seaton 
DANNY LA RUE 
41 "Merry" W,dt>-v Twankey In 
ALADDIN 

A LFR L 3 «^. A 1’ !S '» ABANA2ER 
Oi1»t WATLING. Brian MARSHALL 
a »»P WAYNE SLEEP 
Preview Decembpr ,9 at 7.30 


RAV A?®* l Sh*a v SS B ^?' £^-Sh n / 1593 

"SKal OF IROT?d( 

iipfAteTgaa. • 


TALK OF, 
Alr-dOWlI 


OFTHt TOWN. CC 0,-734 SCSI 

BS«jo; Su-em^evue"'""’ 

RA33LC DAZZLE 
AT 11210 PITER OQRDENO 




vv», show - f,v 


THEATRE UPSTAffML 730 3534. Mon. to 
Thur . 7,30- F>1. and .Sat. s. 15 & B is 


n; w i ~ ■ ^T~n -TA DUCHESS. 855 ««. Men. tc Thin': THE ROCKY HORROR SHOW 

22 ixauipAH COMPANY EWfl -" ,ff ' 9 00 i DON TOREAM IT. SEE IT. 


ROYAL SHAKESPEARE COMPANY | OH! CALCUTTA, - - — 

hi repertoire. Today 2.00 * 7 M Mon. j •• Tne nud<iy is stunn-ng." Ball* Ma.i : MAYFAIR- 62° 303fi E»S S _ * 

7 30 Da»ld Mritf l C3USW VLADIMIR » Jm scnuiiMil y#or i 5 30 tm) B .30. Wed. Mats. 3.00, 

A A thoughtful proyor-atiw Bl»>" D. ■ - — , WELSH NATIONAL THEATRE CO. 

Telegraph. With' M'dalreon A Uow'n ' PORTUN*. 836 2233 Eyes, 8. THure. S I DYLAN THOMAS'S 

JS B VCU A UKC it ln/.V Srtjy Sen MW ^S"*l\k^r^ Kc ,P • A flrilgM^Wn^Sn^Ncy 9 


DYLAN THOMAS'S 


a de..gr“&o“ , J t 5n"“5cy 9 «r | 


PHOEWIX- 01-836 2294. fvgs. gt 8,5.1 

Mau Wyo.soo Sat urea vs fi DO afld 8^0: 
_ Jti M BROOKE TYLOR. GRAEME 
GARDEN mnke us Ieu9h.“ Daily Mad I 
_ rift UNVARNISHED TRUTH 
, .Trr.Hit Ciihrdr 0» Rovce Ryton. I 
WHY I THOUGHT I WOULD ■ 
WAVE DIED.' Sunday Times. ■ SHEER ! 


FOURTH GREAT TEAR 


the 2S!» Anmy»* , 'arv Party. snow-Bu!Mi 
Wine EIO. 


CONTINUOUS LAUGHTER - Vm**. 
LAST W&LKS. ENOS NOV. 4. 


R E™% , M ,fl M»S ,rc SS- 01 "J 537 0882-3, 

’J’frSglATAM ER1 CAM 
BACKSTAGE MUSICAL 
'* A little lewrt,*' FlMndal Time*. ' 
5ma rt swell *hgw.« Da „, 

So enjoyable,'* Sunday T.imoa. 
L«H<ca nave more elegance 
then theiu f pr 1VITA. 

Munir more bite 

Wan that at ANNIE." Sunoa. Tefegmon. 
Cremi card 1 OAoIciiVbi—Snu. from 


pin. and Sat. s-is & Bis. 

T rarer* a Th. PrM. Of THE SLAB BOYS ! 
br John Bvrne. 


YOUNG vre 92 B .‘fiTfis Ton't. Mon.'. 
..TIUiri- Fri. 7. 30 HAMLET. 7ee»i! 
jYett- 7 tfi THure. t fla ta-naBo in 
jpart. SWetndare Irtl&vr ACTION- MAN. 


A re*. 

Si^o SSgSSS&Stff' 1 

»;h.. 3, flo, 7 3Q ijM 
*5-1. Ooo^. ooe* 11 .ts- V.n 


YOUNG Vir "vi'Dire "Sr : -Sife3 T- n '-- 


VICTORIA PA LA 


833 473S-B. 


Em. 7.30. Mats .Wed. ami SaL 243: 
• SMASH NTWuSaSSp«a,Mte- 


", -.CWEMAS .' 

' t a af shaftesBury *vt tss 


«ri a af shaftesBury ^ave. tss 

8881 . See P’rn. ALL. seats BKBLE. 
-I; ORltCR lAlt Wj. A Sin. J It SS€ 


. 8-M. • Late; wo*. Tgnljhi . 1'7^0'qMt jj 

rtavs 1 


pn 1 nce "cw 

. te-Aavgffi'.w 
; ft J SM..,n.is7se3rifcB 

4 e“°wi V*L5 chrfoi * frirr-s T-Tlif 
! a. Alan Bates- -J 
An.Unmernetl vromi 
Pr«J. ,.05 J JO E.BOJS. IK. 

t •* Nik <AX- Seh. Pvt* Otv.- 






V rv^ 




\JLLfi 






.'nandal Times Saturday October 21 1978 


JITS/ collecting 


’s sake in East Germany 


f shortage that you will tion — emotional. sentimental, Bowles. She looks much too hkc agreeable ns 


BRIDGE 

E.P.C COTTER 


■■■ thrn .irp not far h»-yond spurt reason for living The dramatic no more decadent Ilian a Hum Altiinunh there is 3 profusion i' P a'dilinn aF*DiA ‘ pcrfecttTrfos 

•' aifoA-e for international pres- style of the acting. completely Ball and the interiors, and the nr rinnu'-iif.- • artistic events the u, s i 1c ... 0 ' snccialo'r T 

mnd^niernaiiona! acceptance. concentrated and realistic. w;..s acting in Fraulein Schneider s isolation of the (TOR nukes ii \ T u i 3 n who cum'hink asnccu piece loans 
Sk «jnu 2 . Berliner icsttage. brought out by the neutral set- rooming, house were on the heavy particularly welcoming 10 over- „t ‘T i1lT -. n „ ., n ,| p aDa ;^ rft ' persona li*v o 


. . B , =■ •»— ...w — „ particularly v.clcumm, ... ~... 

n- in ^srriia in late September liny nf blank while walls and side. For some reason ihc brisk seas companies. The F lander- 

a in (October. bax a distinct briqhL anlisepUn Jiehlinu, bur vonq “Money. Money. Money" Ballet from Antwerp presented 

ptica] oasis. with careful attention to derail was ln«t to this production, while j lively accessible repcrloirc nf 

« U r 15 pot .obtrusive. A :n rhe w a trim pulled against the Ihe Nazi menace was played up *hnri ballets — Onus Vivaldi. Les 


. reason to risk the club finesse. 

W ft "V m JTk -«« waji • He rose with the Ace and led 

isi Kjermanv bridge 

E P. C cotter the Q ueen - and cashed the club 

musleal with text by Rainer Kirscb and Katzer's score for this fable. ’ 5! fc *I?^ ef SI l !lS iSJ'SJK 

usic by Georg Katzer. is based flmilv conducted by Joachim ■ ooc tnclk * " e admire east , s 

1 one of the Soviet writer WillerL is colourful and melod- clever play, but we cannot help 

said Dobrovcnski's rales for ions, allowing no particular feeling sorry for the declarer, 

iildren. called originally concessions to youthful ears. THE AUTUMN' Bridge Con- But the declarer in my next 
Beyond the Violin Clef." Joachnn Herr's animated, inven- gress, sponsored by Cutty Sark, example deserves no sympathy: 

The opera, a biug.-ipici in the llve production makes the plot is being held at the Palace ; 

ibtc tradition of Di- Zttnbar- perfectly clear in U 10 younqesi Hotel Torquav from Friday N" 

. bas a hero the Merry spectator. The success of the \ overa ber 24 to Sutldav. ♦ K J 5 3 

as! ’ cc,s SSL . J!" ' h ? Xovember 26. For entries end ? 9 J 8 


The success of the 
i sJronqlv on the 


tcuinms io over- (lf ^ib Tamin., an, I Papaaer.o- personality of ,bc Merry Musi- rtn'J 

The Flander* one rainy day thi: 51 err v dan: Uwc Pepcr. 3 tenor with a more detailed information. 


X 

♦ K J 5 3 
v Q J S 


Musician buys a hat. winch natural sift for comedy. i» rarely apply to 

promptly, blows .iway i-, the off-stage: through prologue, seven Meraghar. 
storm. Chasing hij ■.•lusive ‘■rones and epilogue be chases Torquay. 


the Secretary, 

Herbert Road. 


w 

♦ 10 9 S 2 
■- 5 

•> K 10 9 3 2 


h - dem “ nd l n ,hc «•! »be old woman, bowed impressive hut tou pointed. How- wa s particularly intense, and this <.nlv through the cars. fully, he loaves Tweivetone— her 

T a "J - DlS K ,u . nnl £ el Ll ' aten - aSM ' m t S ZZ H S P° ,,,ical, i' obvious fresh breeze from Ihe m was jh Bum-Bum. Jim as in the eating habits are too different T USt * * * d 

n ,u t li a Mr Zhiwr V cr>- much VT* 'T* sl r ren « hs * much apprctiaied. Wolfgang BrechUun City of Mah agon nv. it from his for a conventional m his power to pereuade 

? L ^ anderin « notably ihe acting of HaiiSLip per t would dearly love a j s forbidden to s.!n« cheerful hapnv ending declarer to lake the losing 

th^-e wiich Lu.?sh ai Bvi tish presence »t_ihe Berlin songs: the Merry Musician-like Dorthee F.eingardt sings de- option. Let us look first at this: 


to the declarer, one of which + 654 
will succeed while the other 


ad thteager whisper for any Wandering Jew. 
.-vailahjticket as you approach It was a drama 
be th<yc which was reminis- hy all concern c 

semhle 


ESTIVAL 

INY THORNCflOFT 


?«?!?»'“ H fT * ta S“- ll * h ? StSS,’ presi'ni*. at l,.e Berlin “he Mem- Do ,h^ iTeieeardt .i»-s de- 

JemSi Fraidein'schne'ider ^but^I "wish !«*»»>• ^ bl =J'“ m - -H-™! Mahonev-k Ihroan i„, n lightfully a S Tweketooe! ,he ..d | 

Katd siS^^a'S ^’eV W, Mr A°?S; 

TJSs^-m , f “ 8 S PMM 'remind sJTSSS'v as s? 


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r 7 6 3 2 
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brated Singer cave ii safe rather eulturallife is its dcoth A visit ^ ni;llfih 1 ".®“? na) “P e . ra aD ? ur him. and her thr»>e timpanist by K lenient Sin wioezek. an adept 
than sens^io^r ierformanw- to Dresden, one of the most he possibilities, and m eyeing . omrades. Kettledrum. Bass on stilts and suitably menacing 
hut then Mother Courage is so fascinating cities in Europe as ° U F M tha C fi a nancla C | Drotdems r, ™ m and Slde Dn ‘ m _ Taking of voice. As the Spy. Rudolf 
much part of the national ethos it slowly recreates its baroque Y n ' h i iuu ! akps a t0 Twe, V eton e. ^j nus - veteran of innumerable 

fhal it was hard to escape the splendours, turns up a wealth 5J n , because she sings so sweeny and Felsenstem productions corn- 

thought that the audience went or concerts, plays and operas ??l n 7“ f I , I * 1 M l r( her m * rr * h,m - ^ 3 [ r ’. r ? 3bly survives the palace revo- 

for reassurance thnmeh the every nichl of the week. The Crt nipfetcly enthraiiin 0 expert- ruse -to gam the dungeons and iutmn. bubdomunkulus. the 


for ‘ reassurance through the everv night or the week. ^The cnn, P ,etl?, y enthralling ex-pert- ruse -to gain the dungeons and lotirai. Subdomunkulus. the f ^ 

melancholic tale rather than Fidelio at the comfortable encc- . free her friends she agrees, and King's Minister, a mezzo role, is + 9 6 4 

Fresh insights. To western eyes temporary Opera House (the * down in the sewers a battle royal incisively sung by Suzanne 

vent Garden on a gala the sentimentality was rather building bv Semper is being They take the problem of takes place between the forces of Bren n in g. _Hans-Martin _ Xau. 


. night pe arts in rhe ti DR arc facile and the metaphorical con- painstakingly restoredl was of a educating opera audiences of the democracy and those of reaction Friederike Wulff-Apelt and Eva- 

in a hiiy slate (so they should teni tired but there were plenty saiisfyingly high .standard with a future very seriously in East — echoes here of The Magic Maria Baum play Che timpani 

be wii Government oxpeodi- of Teutonic tears at the end and typically political but effective Berlin. At the Komische Oper Flute, as rhe Merry Musician’s ,r ^ 1 ’ their costumes, like the 

■ turc {5Q0m a year, although undoubtedly the experiences of tableau at the end, the Governor an extremely elaborate prntluv mouth-orean sets the police " ,h ?J’ s designed by Eieonare 

this ijmtttedly an impossible the old lady mirrored 100 fw- arriving with masned ranks oF tion of a brand new work fnr guards dancing. After various o'Pibcr. are wittily contrived to 

■ convcpi figure given the fluently ihe past experiences of the liberated, including a sturdv ‘‘•■hildren of all ages" has just adventures good, and music, illustrate the theme nf the opera, 

peculj.xlanding of the G1>E the watchers. For acting skills La Belle France figure. Just as opened. Das Land Bum-Bum. triumph. ELIZABETH FORBES 

niarkjd the Festival in Berlin the w*rfc of Frenxiska- Trnppner 
is lh«jost accessible and most as the sacrificed daughter 
iiopri shop window for a Katrrin w*c hpvond approach. 

widnp id. Swev!ile>s throughout, her p^r- -w- 1 » ~W ~¥ 7 f V 

..4s^.s?srssr'" /.a Lunana at the Wells 

therahind this vesr's festival Mother Courage was a sbmu- S'll-V' f r t'l’C'k/ 

' the?- There' has been u ,3tin ^ rv ncne->ee. os-Hicially as 

condition on drama and the Berliner Ensemble plays in Hans Werner Henze's Ln 
mud (be expense of film and “J (heatre nf such opulence and Cuhaiw. or Rachel: A Life for Art 
the farts hut mainiv hM'siicn dramatic grandeur tfnt.it makes ., n 1 . 


X' 

*73 

? A Q 10 2 
0- K J 9 S 

* 7 5 3 

E 

6 2 * 9 S 1 

S 7 4 
A Q 6 3 
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S 

♦ A 10 5 
r :' K J 6 

10 5 2 

+ A Q J 30 


the [arts hut mainly because l * r va is an inflaled sketch. In brief— 

- thefetors are covered oa w\ b -‘,i whieh is 10 say. in its original 
nthicasions. If there was a l n i lint Vnn the 1973 version f or American tele- 

muj w as a presentation of ~ vision— an aged Cuban . music* 

thtjtre nf socialist countries. I?.-™"-*-*- h ^?^'. dev .j!-* d 1° hall star re-lives the tarnished 


s #v;- . ij> • : && $ T' [ 




and re d i ctahl e anni versary Xnole^^in^/rom Oraheus ^ieVof hVr p^t in flashback 
tri? to Schubert and impervious now as then to the 

j a | The concentration of ^ t0 u S n ^M b ‘tter social strugsle which 

c„}ies from Moscow. Buda- J, ™ ^ ^ b lS. forms the backdrop to her absurd 

pcfl.qrrde and Prague has as J. av -.L’l, «. triumphs. She is a frivolous side- 



wc -mu rrasue uua a.- ,., av h-iverf at twn nv. a uivuiouh >iup- 

mijn dc with currency prob- ntov^s "'on 3 "Chrisfooher 'iaher^ show, and the piece itseir is 
le^in attracting Western "^d’s nre-war Beriin ■ exoer- s, ‘ arcely morc than that. Apart 
thpl groups as with the in th? ctn wh-ro the frum a ^idartlc Chorus of Wit- 

P TL C ,T n L° [ reper ; Sama banned The atrfienre "*««■ ™ °"ly for 

u»| hut the Theatre National , VHS —nainlv nlavino its n-nt ,fte numbers of Rachel and 
PAire from Lynn was on ZRaOTto The Sn^'attbeKir' ^ilow artistes: the rest is 
hivilh irodiutinns of Antony j;., r Wllh a jj exuber- natter - heavily ironic int 


I0]nuiiui- i in*au c .National , va - rprtaintv nlavinn ite n-M i«e iiuhuhts 01 nacnei ana ner 
pH,ir„ from Torn,, wns on The Ki,' lh = I* 

h Jvith irodiutinns of Antony pi,.*, W...K a n P v U ber- natter - °f heavily ironic intent. 
aijCleo'urra. Pericles. . and Jme o[ a natural nfght club , wh “' « m ‘ ,st . l . hin J\ of 
Tp- a pll as the National crow d. and the problems of con- "production values —bits of 

Tjre n Iceland. verting the main characters, an « reus, of Keystone Kops revolu- 

t Rrai attracuon of the American in Berlin to learn Geit-: *12 ni « n *- of leering midit?’. 
- pyal ws the new production man and an English torch sinew. These. I think, attach to the 
nrcctat; .Mother Courage and into ered._ie German sneakers expanded stage version, which 

— f,' (Julren by the Berliner was .effectively managpd. But: stretches the original idea des- 

grablf with perhaps the mdsr oddly enough, despite the lavish-, perately thin. 

— tprate actress in the GDR, ness or the product ion. it failed '' There w'ere boos for Henze, 

t'la My, taking the. title role to come really alive. after the English Music Theatre 

— ft he rst time. It was’ I ex- Part of .the problem -was. the premiere at Sadler's Wells on 
'i'Dl. a ipieal Ensemble produo easting of Maria Malle as Saliv Thursday, bnt perhaps he 
c '* pi — — ■ ihetonacd further back in the 












as Twcltetone: the sad .. With l>oth sides vulnerable 

which she dupes the . _ South dealt and opened the bid- 

S AO 10 o ding with one heart. North 

^s!oS^Lan P Ldept ^KJ9s“ «P u , ed 

nd suitably raenacine * 7 5 3 rebld lw ® dl - mon f d 5- 

As the Spy. Rudolf w E North now gave jump prere^ 

teran of innumerable *KOJ 6 ° *9S4 ence tliree hearts, and 

1 productions com- « Q “ .'■.074 South went four, 

rvives the palace revo- ■ 1 0 fi 3 West's lead of the spade ten, 

Subdomunkulus. the * ' J * K S *» covered bv dummy's Knave and 

sun/ hv ezz °^lfnup S East's Queen, was ruffed in 

Ha ? ns-U'arttn Nau. ♦ A 10 5 hand, and the declarer saw that 

Wulff-Apelt and Eva- r :' K J 6 a crossruff was the right line of 

un play (he timpani 10 5 2 play. Two minor suit Aces, four 

■ costumes, life * 1 the 4 A n J 30 ruffs in hand and three in 

signed by Eieonare dummy, plus the heart Ace, 

■e wittily contrived to -with East-West vulnerable would give him 10 certain tricks, 
ho theme n. the opera. South dea j t and t,jj one n0 ^e cashed the diamond Ace and 

ELIZABETH FORBES trump. >'orth tried a Slayman ruffed a diamond on the tabic. 

two elubs. and after the But when he returned to liis 
opener's rehid of two diamonds own hand with a club to his 
went three no trumps. Ace. Easl false-carded with the 

y "West led the spade King, and King. 

k South held up his Ace until the Scpina the chance nf making 

’ third round. After some all thirteen tricks. South was 

thought he decided 10 attack diverted from his original id pa 
diamonds, led the ten. and ran of crossruffing the hand. He 
it. East had been doing his Tuffcd another diamond in 
homework, and realised that dummy, but followed with four 
South must hold all the missing rounds of trumps in order to 
high card points. He realised, draw all East's teeth, discard- 
too. that if he won with the ing spades from the table and 
Queen, he would force the keening the cluhs intact. Now 

declarer to discontinue he led the eight of clubs and let 

diamonds and switch to clubs, it • run. East produced the 
a change of plan which he knew Knave, and defeated the con- 
would be successful. tract with Ace and two more 

So East won the diamond ten spades, 
not with the Queen, but with South mu=t have seen, or at 
the Ace. and returned the eight least read of. deceptive p’avs. 
of clubs. South, persuaded that Was he prpm>red to give odds 
he was going to make throe nf R to 1 i72fl against 901 lhat 
tricks in diamonds, saw no East was not pulling a fast one? 


■y 




HU 

T 'mi 




■tfi 


S ting Street; 
^James’s (j{f* 
London [i(|v; 

BW1Y6QT1 \te 


.Tcl:0i'839 9060 
Telex 916429 
■Telegrams 
CHRISTIART 


— ■ usual is R-KI at onccl: 13 B-X3, 

B-K1-- 14 P-R4. 

0ne of lhe sharpest counters 
CHESS tQ the Rtty Lopez: Black banks 

00 his bishop pair and active play 
LEONARD BARDEN 10 offset pawn weaknesses which 

White proceeds to attack. If now 
H...P-KN5 both 15 X'-R'J. P-KR4: 
16 Q-Q2 and 15 N-N5!? are 
possible. 

THE BIENNIAL world team 14...N-QR4: 15 KRPxP. X T xB 
championship or chess oljinpiad ( XxP; 36 P-X6. QXxR: 17 PxP.ch, 
is' due to start in Buenos Aires KxP; 18 QxX r ch. K-N2 is un- 
next week, continuing till N’ovem- clear): 16 PxX'J NxR: 37 B-R4. 
her 16. About 50 couotrie* are PxQP tonly defence to the threat 
expected to play a Swiss system NxKPi: 18 Q-Q2 (18 NxP? RxP 

tournament of 13 or 14 rounds should win for Blackl. K-R2? 

for the Hamiltoo-Russell Cup. (risky: 18 ..RxP! 19 QxRP, TtxR 

Teams are four-a-side, with two ch: 20 K-R2. Q-KB1: 21 Q-N5ch, 
it bravely on stilts, and Paul Whit- reserves. K-R1; 22 Q-R5ch. K-N'l; 23 N-N5, 

marsh from a precariously The USSR won everv c-bam- B-K5 draws): 39 X : -N5 ch. K-Nl 


a 

^ 7 ^ 


EXPERIENCE AND EXPERTISE ... 354 


iS' W-' 1 ' ' ’ *■ 

■ -^vVVvvA'v 


firing line. Hans Maanns 
Emenherger's script may nnt be 
as witless and banal as it sounded 
io Bernard Jacobson's trans- 

J^em^ned he when en ft er, was na simg Penelope Mackay. (centre) tournament of 13 or 14 rounds should win 'for Blackl. K-R2? 

fGhomjr. me3'’infrf»«11v: “Ti-is S for the Hamiltoo-Russeti Cup. (risky: 18 ..RxP! 19 QxRP, RxR 

wav wotft do. Nor that either"), ' Teams are four-a-side, with two ch: 20 K-R2. Q-KB1: 21 Q-N5ch, 

but most of it was snoken «-ith no live. long-legged and over- and clumsy to make it bravely on stilts, and Paul Whit- reserves. K-R1; 22 Q-R5ch. K-Nl; 23 N-N5, 

nrnfessional virtue but audibility, parted. At all points she Iooks boomerang marsh from a precariously The USSR won every ebam- B-K5 draws): 39 N-N5 ch. K-Nl 

Dramatic junctures unassorted by like lamb parading as mutlon Steuart Bedford and Nicholas elevated loo; Janice Hooper-Koe pionshio from 1952 to 1974: they (K-X’3? 20 P-K5! and Q-Q3 ch will 

musir — Rachel's reunion with ’a (though she. is tirelessly game) : Kraenwr have prepared ine sings better than she aers. like were absent from Haifa in 1976 wmt; 20 N-B3. K-R2; 21 N-N5 cb, 

mined colleague. h*>r daUring distinguishing the old lady from musical side of the piece with nearly everybody else. The pro- when the U.S. took the gold K-Nl: 22 N-KB. 

with a firebrand student and a her younger incarnations is quite respectable care, and it is hard'.v gramme suggests that the past is medals by a narrow margin from Does 22 Q-B4 win? I was 

Senator — were negotiated wilh beyond her present means, and their fault if it carries insufti- shown "as Rachel recounts it, the Netherlands and England. worried hy Q-Q2; 23 Q-N3 K-Rl! 

uniform ineptitude: the nle+hnra her enthusiatic gauchcrie does cienl weight. The little band of not as it necessarily was." which The Russians should win again but 23 Q-B3NR5 looks strong as 

nf colourful activity in Colin not begin io suggest the profes- "beggar musicians " which makes no sense of the senti- this year, but, particularly if the black queen obstructs Ihe 

Graham's production couM nnt slonal routine— however provin- assists the choruses — ocarina, mental revolutionary stereotypes Karpov does not go thev will king's Bight. 22...R-K4; 23 N-B3 

compensate for that. Here's cial and threadbare — which must jew's-harp and so forth— enjoys we get from such competent per- have a harder task than on for- is the critical line, 

numbers are mmrtlv mild, rather be Rachel's stock-in-trade. La some Henze invention, and Ihe formers as Steven Grives— hat me r occasions. The old guard of 22...RxN! (PxN? 23 QxRP, 

affectionate travesty, not nearly Cubana comes painfully close to Mghr of Hugo D'Alton drifting the whule performance betrays Soviet grandmasrers such as Q-Q2: 24 Q-N6 ch w ins): 23 QxRP. 

vigorous enohgh to carry the being a cheaply snobbish send- benignly about in notional no intention beyond supplying Petrosian, Tal, and Polugaevsky Q-KB1; 24 Q-X T 5 ch, K-Rl: 25 

newlv inflated action. up of provincial entertainment. Cuban-peasnnl garb, strumming Good Entertainment, which as a are all over 40 and no longer Q-R5 ch. K-Nl: 26 Q-N5 ch. 

As. Rachel, who must carry the and enough of the English Music his mandolin, is an authentic sole end is self-def e-ninc. the force thev were in the 1950s Drawn (26 B-X3-R6 is too slow) 

show, Penelope Mackaj 1 is attrac- Theatre production is tentative pleasure. Glyn Davenport siagj DAVID MURRAY and 1960s. The vounser Russian ‘ 






Whatsits and thingummies 


I-: 

' . yJ •< -- .f. & * 


BROWSING unprofitably by the stopper and perhaps scissors. like primitive dentists' drills, cottages seems very far-ferehed. Hungarians bavin? a slight edge, 
solitary junk stall in Alnwick Nowhere in the catalogues with their large wheel handle Not nnlv would chippable Behind them, ihe traditional 

market place last Saturday, 1 though, was there any mention and tube to carry the motive nntrerv have hecn i m ora rti cable ronle ^ rtef ^ f , or »*!« pl i* vps 

could not help Listening in to of a tliing-for-gettins-stones^ut power produced. ? ,? have been impraLticaoie ^ Czechoslovakia. We- Ger- 

I the conversation of the stall- of-horses’-hooves. Maybe that Such objects can of course be / P ur P 0 se. but the rests many. Frinni^ and HnUand 

holder and a customer who was a fleam or a rymer. The fair]y qui i, y identified with a °! tC " lUrD “J? * n P 31 ” or *** n nJh 


many, Pulearia and ITnii.ind 
— but thoro is a dis^inef 
on«ihi»ity that Ene>;» n d, with • h *' 
vouneest and most rnoidiv 


Pair nf Dutch ivory-stocked flintlock 
pistols, signed Johan Louroux. Maastricht, 
circa 1670/SO, J9 r i m Sale, Wedhesduy. 

Moiember I. 

sry-stockert pistnJs arc a distinct and conspicuous group 
nong Dutch firearms. ’ Because of their groat beauty and 
irctty they have become much in demand by museums 
d collectors, and Ibis has led to the manufacture uf 
^ urious copies. 

ost ivory pistols are signed hy gunmakers from Maastricht, 
simply with the name of this city, and can be dated to 
. j limited period— between about 1650 and about J690. They 
re distinguished mainly by the carved pommel, the 
clmeted warrior’s head heing ihe classic form. However, 
.jily tv/o pairs are so Tar recorded in which the whole of 
he stock is carved in one piece without the more usual 
hint in the butt where the pistol is held. The pistols 
Illustrated above are one of these two pairs: the other pair, 
irobably carved by the same master, but bearing a different 
■ runmaJk er's signature, is in a private collection in the 

- ‘jlnited States. 

For further information on Christie's sole of fine Antique 
\rms.on Wednesday, November 1 at 10.30 a.m. as well as 
-)n sales or antique arms and armour, please contact Peter 

- Sawkifl*. at the address above. 


were discussing a staghorn- OED gives rymer (or rimer or hTt]e resea rch: but even the of fo V r ' whlch wou!d argue vouneest and most rnoidiv 
handled pocket knife. They reamer) as "an instrument catalogues 0 f DOt terv items stron 3 , y against such a use. impi-nvimr team in the world, 
were speculating about tlie pur- used to enlarge a. hole." bv Wedgwood and b is Even ,he alternative suggestion enjtid oiitnfirp all thero and fin^h 

poses of one o£ its appendages, '‘Fleam "is bit closer: "A sur- ^,- 1 = in'jhf Hr** ,har lhey were 115011 t0 raise immediately behind the 

a sturdy, simple spike. The gieal instrument ... a lancet d , , P t nririar^. th’e mantel glasses seems shaky, giants. 

stallholder thought it had some- for bleeding horses." Can it be „ u - ■. u,aa , I v. e since most mirrors were either The women's ol.vmniad tat-** 1 ! 


glasses seems shaky, | giants. 


immediately 








& 



1 



fi 

1 


hi> manaotin. is an authentic sole end is self-rteroinnc. the force thev were in thr 1950s Dravra (26 B-X5-R6 is too slow), 

pleasure. Glyn Davenport siagj DAVID MURRAY and 1960s. The vounser Russian 

stars, such as RomanisMn and POhlTIUX Nft. Z.IS 

Balashov, are talented but Jack BlflGX HOnwn) 

the consistency of their prede- TWT T Jd® 

® ces«ors. WM Mi l 

0n i3 r *“ v j°i | ‘* ferm. Hunearv. gf ® ® ] 

Yugoslavia and the U.S. should 

O " "SB a * be contenders for th^ silver ft 

md bronze medals with the — — — j- 1 ^ - 

like primitive dentists' drills, cottages seems very far-ferehed. Hungarians bavin? a slight edse. ft ^ n 


III 


WHITE (T1 men) 

Karpov v. Korchnoi. 22nd match 


stallholder thought it had some- for bleeding horses." Can it be nf «nve most mirrora were cither The women's ol.vmniad !a, !l! l 19 ‘?' ^j Ch h noi JKpS k ',„ l S 

thing to do with guns: the that for generations schoolboys °^J5, L- f CU i!'" made t0 sland directly on the o'ace at th«* f»m» time ai ihe t^nniii^whpn 

customer preferred to believe were deceived in their haoDV ? ari or labie ware. .Occasionally mante | shelfi 0 r were Drorided men's hut alrhnu^h Fnnh.nd w-n »-*» ' n ^1° 


customer preferred to believe were deceived in their happy ? ■ _ “t* “t: % mantel shelf, or were provided men s nu» aironuqn r nfinnn w«*» 

it was a pipe-cleaner. pride that they had about them ^? eaUt,f H ul with their own feet. At this com" 

How quickly people forget 1 Die wherewithal to play mould?* J£nt da l e ]x . " 0l,ld Take ., 3 wel1 .' Euroneon countries wh-re woul 


When I was a child, anyone Androcles to fame horses, and jelly moulds except that informed ghost from the period 
could have told you lhat this would have tD have bled them the oases are carefully pierced t0 pr0 vide a true explanation. 


was the Thing-for-getting-stones instead? 
out-of-horses’-hooves, without xhp n 


with holes. Not even the roost 

historically minded cook has . An earlier, nagging mystery 


ihe silver firfits it Hsif’ ii •••tit White s QP advanced to Q6. Some 
mnm difficult a«->inst th* 3 F.-<t commentalors suygested he 
Euronenn countries wb rtr e would have_ done better to 
women ’c rheso h’*s nex 1 - — — exchange knights, then take the 
rinnai si’ins. How^ve** En n i! 4 nd white KRP. Were Lhey right? 


riwntd finish a<5 No. 0 wnsiorn 
nation heHind th^ Israeli team of 


PROBLEM No. 238 




HUE WHiTELAW 
IR- mcKENNA. 


ART GALLERIES 


ouc-or-norses -nooves, witnoui Xhp noint nf this dieression , , ; * r , ,L a a, W4 "’i^n npmnn mo israen team or 

which no self-ros one tine school- f 0 ™, 01 digression b{jen al)le TQ t0 . me how is The dummy board figure Ktl „i nn PM i ?r ants. 

boy’s pocket-knife was com- u D pocket . k " ,v ® s 16 ° ian . y these were used; or what kind which wa ® popular in the England's teams am «non«;nrprt 

pfele: ^enTl that tfme of b , ySO r T' JUS ‘ be “ use ,. ,n U,e , lr of sweets were .made in those ™ ^ I8th centuries in this hr bantem Denwn 7,^7" wh" 

course horses wore very irifre- daj ^ ey ^ er ® 50 ff r ° other Georgian moulds in which £. l ? untl 2’’ and L ? w ^ountnes. al«m snihrridt^lng the fare nf 
quant in thTcita^mu ind I bc ,aken , for have lef } one pottery pyramid fits inside Th . e "l* 0 ™ that ! h0Se flat * additional team memher in 

dn.tkJ no record or foUc memory of anD ,h er leavin"- onlv a slieht painted figures of humans and ensure the 'auads are no tn fn'l 

voSnn Snther J h! gjp for wh/teve°r “fit™ ™ aniraals were intended as fire T en ^ h : ^ six onminited for 

yOHDg brothers and their gap ror wnawter suostance was ic the m®" < team aro er»ndi 7 ias»«r ? 

fnends ever had the opporttm- to be shaped in them. manvdd Smd houses the? T ^ v sr^n. tj R v 

ily— even if they had possessed Potterj' seems particularly * knnwil to hav _ heen Ke«»ne and Jnhn N»i»» and ?n»«*r- 

the nerve— for such equine COLLECTING productive of such mysteries. a llHL .hed to the walls of rooms, ^tional marinro Wiin-m Hart^- 

chiropody. -Still, that’s what we Were those brown-ware pottery « , hp i r n ,, rnn I n° r ei v anrt J®*»"th»n K 

wsTSr UnderstD0d ,he ‘ pike JANET MARSH feet w.ih neets like candle- ],Z r [xtl. wh, P Jere the suj 

After the Mnwir-fc affair sticks real I) intended as Uie.\ j et . ls no t more exotic than the rinnflf make it. then th*. n e>v 

f hnuch t hL tn ftn.iht oi.ffi ’ ■■■■■■■■*■■■■■« senernll> „ d ^® cr >bed — as Ml 5di er y and maidservants British chamnion. Jon Sped nun. 
though, I began to doubt suffi- boot-warmers? The argument w - niph sr , em i„ have been the h *ie*t in line. 

against it fa Ant they are so most popular figures, to judge The sordid English vidorv 


COLLECTING 

JANET MARSH 


I 

fi 






fi 






WHiTE(12men) 

White mates in two moves, 



JlfTION GRAY , • . 

tOITlEDY THEATPE 

Tei-OJ ■•^026. 7 0,'-. 


:lubs 


IBS. RMant Street. 7M OftST. A la 
■t or All-In Mnmi. Thr« SMttpta; 
■r snows 10.45. 12 43 and 7 .os and 
K of johnny Hawhcswortb * friends. 


8 U 1 NDflN i« T , 31SJ « (lt W 7 j!" “ c l0g “! S 0f “ pOCkCt CUt - ? eir , °T na J STT- rz rare,y found 5n pairs ' -aDd an * v - from examples preserved In at the world youth championship againstanydefence tby L. Lehen,* 

?Mo 3 ?Q 4 n 2 M u«,i 8 i R i« T iu SH , K? OD L*it s - er ^j 5 evem * v . years s?o you decades already the attempt to H *ay are usually made in the museums 0 at Mm,co in Aw"n«t df*mnn. world solving championship 

ri9t * m ' >Qr - ****" could buy; pocket hruves in rediscover what they were has kind 0 f c h ca p ware used in very “ , .. .. _ strated that, even if it is un- 1978). 

Jcrcmv coorin 'ltb., 9 . Ga’c* astounding variety, and bui^ beep the stuff of television po 0r homes where there would Such en, S mas of intMUOn are roalistle to predict medals for The recent FIDE Problem 

Senning rith .accessories and panel games, and for even have been little time for nice- ,C3ion: and for th t coll .ector of England in Buenos Aires, our Congress and world solving 

2S"WPaBP iSS^gSl -W'i Thur " wetras- There were chatelaine's longer has fiUed a weekly page ti es suc h as warm feet bygones, the teasing mexplic- young plavers will be in conipn- championship, sponsored by 

sloane ~~ stre^t diuitRv. ~ r«Tm boys’ knives, anglers* , D Cotitilri/ Life; and siill the . f A ‘ , - P . able objects often give more tion m a few years to hecoma the Lloyds Bank at Canterbury, 

M^Sie urc 8 ro™ i 6 u. s {Sx- knives - sporting knives, the mvstcries remain. As frequently found are the pleasure than the explained and “ the wor!d aiter ^ Proved a great success with 13 

iBth° wo». Mw-Fri? iJs.io. sOt! io- 2 . '‘Emigrant’s" knife (with saw, . so-called furniture rests in explainable. (There are a Jot ^ u ? s,a, J?- u countries, including the Russians 

crane kalman calleries. ire. cnnnn an 'd buttonhook) eham- Naturally enough .these brownware or enamelled of explanations, bv the wav, in an " is P'avmg in and Americans, sending teams 

SrSES“; 0 .K- Sl^T (“Sin'* 5 E « »«««» ■« ^nerally Staffordshire potter,-, dating IS Banks' attraetive ‘new 10 H 'T ?e,e « f »f «.e world .title. 

^ ™d C the »»diW •**» obsolete -crafts from the hist half of the hioe- book. The Magpie's Companion. S hilSiis tew™ J ta™ evem hli^^Fioia^ 

BS7. buttonhook, presumably id ease ^ ^ eenth century. Ceoeral ly they puhlished by Murray at £4.95, , s ,i„ st hTs So^et opoooeot. Thl YuToslavia Jod Umel with the 

ARTS. Ml ' K^s 0 R«d. S.WJ. otissl nf drinking from an actress’s Oll ood candles have bequeathed take the fonn ° r a Jwn or which records a lifetime’s comments are Mestel's own. USSR sucth ; while John Nunn 
Eg f -yoSE?7i& boot); and, a novelty, motorists’ fleets kke w IC k trlramers and human bead (occasionally a pleasure in inconsiderable White: A. J. Mestel (Encland). came second in the individual 

Mi"***. knife. lamp chimney sweepers in primitive portrait of Wellington trifles.) No doubt our own age Black: A. Beivavsky fUSSRt. competition, two points behind. 


A knife -of average com- elusive snapes. uoumry nouse or anoi 

plexity would include “large auctions still occasionally ; turn stands 

blade, pen blade, button hoolc, “P bizarre and unrecognisable plalfori 

corkscrew, gimlet, rymer, fleam, forms of horse harness and The 

EELtiTs gallery, 2 . E,rh wait. Fufto m pick and tweezers,” often With veterinary equipment; or were u 

•Malaga. «wTO W iJMie?! the addition of ‘file, torn screw, perhaps Victorian patent power of . fur 

fan. Op*” 7 fan per w«h io *n *-9 p«- leather borer, pipe pick and horse ' trimmers, which looked flagged 

Sundays Mclutfoo* . f . . 


Georgian any big store? 


P-R3; 12 B-R4, P-N4 (a novelty; 


Solutions TPage 12 



. V — - :• 


=" ' I BEFORE THE U.S. ELECTIONS: BY JUREK MARTIN 

FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON ECU* 4B7 
Telegrams: FLnauilmo, London Pti-L Teles: SS624I/2. SS3S9? 
Telephone: 01-M8 SHOO 

Saturday October 21 197tf 



i 

Financial Times Saturday October 21 

i 

i 

comes ' 


out of * Urk 


J3L <3^ T 7 OUR SHORT months ago, really ran in 19S0. or what V;ce- 

-pg . - jH before conventional poli- President Mondale would do if 

/V/VVRT' If ■ ticaJ wisdom was turned tbe President were to be beaten 

H I E Ifi Mgl on its head by Camp David, the in the primaries or Tail even 

^awll S/1 Vm 1I Vlfl Republican Party could scarcely to run for re-election, has been 

F contain itself about the pros- suddenly silenced. 

. . • AND let's see who ran controls might be used to res- peers for the mid-term con- The follow-through after Comp 
pound the longest. The thoughts trict still further the existing Sessional elections on Nomm- David lias hardly bceu negli- 
of .Sir Walter Scoffs fictional room for manoeuvre are totally ^er 7. giblc. Mr. Carter can indisput- 

partieipam at thr- Battle of misguided: such sanctions are The party thought it had on f«y claim that he gained uiore 
Waterloo have a double-edsed a / ,,i a PP r °P rii| te as a check to its side the conservative mood ^f 11 he lost in the chaont past 
relevance to our situation this monopoly power of era- of the country, the issues In- the s, *!? ee * ss f* 1 ® congressional 


ill A ■ U IUI rt*hli a 111 l. HY I'll ■ ■ . : . 7 Udbical un^CUl ill O i **,«#v»^*-* .. , _ , Vi 

at the cost of much strife: and Government should also have unpopular both nationally and accomplishment not to be : 
the Chancellor has backed this second thoughts about its own within his 0 wn Democratic sneered at. Whereas as 
with the broad sanction of a ?ancl,on * policy against the pn- p^.. Be tter financed and recently as last summer he was 
hard pound, in or out of the val V , A ." aQ . ll ‘» organised than for years and still considered a nonce at putt- 

new enlarged snake The mar- ar> ' Jnanoal poliej- is the only appar e n tiy rid of the shadow of the heat on Congress, he is. 
kets have been impressed, both * a “ l .' on needed for the com- Richard Niron.it was convinced now seen to have learnt his 
with the outspoken resolve of P elltlve se t c ; tor , of H 1 * economy: that it wa about t0 drive the trade and demonstrated his 
Ministers, and with unexpec- 11 '* natively rmslead.ne to bigt , ost Qail in JimJtny carter’s ability to work with, against and * 
tedly g 00d monetary iieures. P n )' ate . " e ? oUatlon coffin as a one-term President, around even h* own party, as 

Tho anri inflafinn stratpnv i- ,nto a battle of wills between s„ well as the Republicans, on 

ine anti-innation strategy 1., Callaghan and Mr Mos^ Today that confidence is in CaDjtoI Hn , F 
now firm and credible: but £ vans " utters. None of the pundits . ‘ . . 


now firm and credible: but 
battles arc lost as well as won. 
We have yet to be sure whose 
Waterloo this is. 


t. 5 ' , . . h ',j „ thp Reoubli- D is relevant to this that the 

However, the basic realism p wi n make substantial While House is now more adept t 
of the Governments present Party vwllraake substantial . ... . . hnth to 




Waterloo this is. 01 u,e . ^ eminent s present into We huge at ™ argument both to 

approach is welcome. This has inroads into tne nu^e countrv and t o th e Congress 
not only been endorsed in the Democratic majorities in both advent nf n*i- rvrairi 

Convergence markers, but there are some houses of Congress (68 Demo- Rafghf)OD who ra ' * . 

Tne most obvious risk is pnli- tentative signs that a little 10 Hopubhcans in th ar j v ^ rt - s ^ rr . ^ ' 

tical: Mr. Callaghan may have realism is beginning to dawn Senate, and to 146. wth 1*0 . n ha s much en h^nced the 

strong policies, but h;s position here and there on the shop vacancies, in the House of Drege i* ation f lh ■ f 

both in Parliament and in his door, and char the rhetoric of Representatives). Some gams P Vf On the lert. Mr. Bill Bradley, who may be presidential timber. O 

own party appears weak. It is percentages does not deceive ®re expeded If tor no - other the President to the pubi c as 

by no means clear, for example, everyone. In the end it is noi - an n! [J? increased its Some say Mr. Rafshoon is Democrat Party have always provide some clues for the 

that he could persuade me enough for the Government to the in ameMo ns been frail. He won th* Pariv’e future of both Dairies, but orob- 



mm§M jr. ^ m 




On the left. Air. Bill Bradley, who may be presidential timber. O n the right Senator Dick Clark, a valuable ally of -Hrjrter. 


Cabinet to suppnn membership 
of the European Monetary 
n\*i»n if -'•■on’, in- 
creasingly doubtful., he wished 
tu do ao. Huweve;, mete are 


creasmgiy aououui. ne w.snea *« w ^ ConVr^men would he organised Mr. Hamilton Jordan «* Patched up for the General essential for both parties, as is 

se rious^doubtV' a bmi / 'whether n Se with St IpSfS what had The White House certainly Election two years ago has been opposition to intrusive “big 

the^EMS in ils proposed form possible^ to check iXi^Thile once seemed a potentially rich seems a tighter and more con- «"*«“. 3 ^ c if strain because government Bui since these are 

tne sm n ns propusea wrm n {" .."“ki ilT harvp«t fident ship these davs traditiona Democrats — Jews, issues common to both -parties, 

is workable, durable or really harvest - sm P ^ da > s ' blacks> Mde unionists , libe r a is, the greatest interest may He in 

worthwhile. rLj^L JEX! “i" *2, ‘*1® l ! There a vaTie ® oi reason ? * T many women, and even some personalities. 

A true step toward intesTa- needed to show the necessny of for the sbift i„ political senti- TTlIPPrtSlin Southerners— have become dis- Mr Rrnwn th „ r,'„vernor 

tion requires more in the way 3 hard financial foundation for ment over and beyond the tJUCCriain flffected f ^ jme j Mr Brawn, thc ^rnor 

of policj- convergence, and a 3n £ anti-inflation policy, the recovery in President Carter’s • ,• has yet to be oroved that Mr ,f 171 the most m- 

mnre sensible and equitable ap- D.S. is now providing it. The ovm political fortunes. One is FCJCCtlOn Carter has lon a presidential ^® rest ' r !" politician on the scene- 

proach to the Community’s own "neiwd decline of the dollar. , he ^ wjth which countless J raat-tails tiTat ran null a national Ac€f, ?S tn * lQCaI ^ he ha ,? 

finsn^, than *enms liicoiv *n ant ^ T he further rise in U.S. in- Democratic candidates are turn- On top of all this, it now looks nartv alon® with him turned the tax payers revolt 


blacks, trade unionists, liberais. the greatest interest may lie in 
many women, and even some personalities. 


Southerners — have become dis- 


Brawn, the Governor 


affected from time to time. It 0 f California, is the most in- 

rplpptinn nas yet to be proved that Mr. te rest in? politician on the scene. 

ICjCUIUU Carter has Iona presidenMa Accnrding tn lacaI poi| s> he has 

On .„p of this, it now ,nn ks S^hlS. 1 ' na “ na ' 


nnaorpi?, Tnqn cpnms hkw ■*»- Democratic canoid a tes are turn- vn mp oi an uus. it now iooks nartv alnnn with him :r . ■ , . r -: , ' 

emerge from the present talks. terest rares - the jnevtiable ing supposedly Republican as though Mr. Carter will be able P . * ' fh . Je ^ ti ' that produced last June s Pro- 

Thc real test of Cabinet support consequence of a policy which j SSue s to their own advantage, to present a second Strategic E j ve n0 c i e ar-cut answer to P°^? lon Thirteen landslide, 
for the Prime Minister's J s sUl1 concerned with symp- This is best exemplified in Cali- Arms Limitation Agreement lhi - n u«tinn hpp»n«n tho cuttm § property taxes, to hts 


strategy is continued restraint toms, not causes. femia. where the incumbent witn tne soviet union by tbe p emi b!iean^ are them^elve-; in M . w " T !T ‘‘rr ,, T 

on public spending, and here the Unfortunately the^ enactmeni ( ; overnor . M r. Jerry . Brown, end of this year, perhaps capping P0 P e disarrav . xiie hearr of the can opponent AnSraey 
initial reports are encouraging. 1,1 *°™/.finu *« ene ^- seems to be in the process of if with another display or sum- RBnilhi; __ n nrrih ,« m ic rhat thp ^ an , ” pp ,, “r „ • 

The more obvious battle wun ® ve " lf u w * rk *‘ ” nl - v d, ■' convincing bis constituents that mitrj'. this. time with President i padpP< .i lio : P I1P h , General Evelle Vnun^er.. tf he 

the trade unions is not. at this exrev« demand inb. so m* hp alvn ^ favoure d reducing Brezhnev. Relations with the “‘ P ™ wins handsomely next mnnrh 


inis IS nest exempi rneu in umi- «green.e..i lhis questjon because the " n a rf- anlfl «. and hai onened l 

femia. where the incumbent with the Soviet Union by the R Pnil hii« n « a rp in . a _ ^? _ ned .f 


XII*.- Ill'll^ 'WVII'US ... villi * HI v IKIg u» raiBiiiunua liioi umi-. uns- uiuc otiiii miucm i QO u Qll _ . , . . 

the trade unions is not. at this excev« demand inb. som- hp alwa „ faroure d reducing Brezhnev. Relations with the ‘ e ^f^' np wins handsomely next mnnrh 

stage, one in which the Govern- othei markcL President Carter s pr0 p Prt y taxes, but It is being Snvier Union appear tn have ini- ' h d the nartv •« ? nd i ' M h Sf r ). er we ^. tn fal1 

ment is directly involved, promised antijjnllalion drae p uplkated elsewhere in the proved appreciably m the Iasi I' 1 ™? 1 * *° rf b, ? d !,l? n par i 2 , ° n ‘ ,mes - hls " a ™ e 

Private employers are in Hi* '! 1 ImIhI couW- On economic matters couple nf months, probably “ will mev.tahlv be mentioned for 

front tine here. The growing t ‘ mlj un a - i>e : and i p " ce _ :, ^ lde ^ at least. Democrats seem intent because the U S. has now chosen f f ^ L ' es ; Republicans are still national nfliee. B.v the same 

gap between the growth of earn- ! ,J cquauy iixcu vaiit as nn proving that they can be just to emphasise ihe SALT turn be ween the right wing and token, it is important, for 

ing and the increase in prices, ""g as no thing is done abou. as consprvativp as Re p U bUcan S . negotiations rather than its moderate factions Mr. Ronald their national ambitions,, that 

and the bidder i.imn in The th * fundamental cause of deficit r human rights rrusade Tr will Rwsan. standard bearer of the Senator Baker and Governor 

rfofini. 1 if ant * potential inflation: ihe ex- But the phenomenon of the ho ~ . tn * Right, is still seen as a probable Thompson, in particular, win 


how far they have already The doIlar crisis . which pro- detected a Carter recovery even « « ■* u,u a tTUn SSJEX* iSSIT hZ 

suffered. Every financial uuh- vokpd the Inov0s awards Euro before the Aliddle East Summit question now is what 1,hr \°‘ s ' a!ra3d y a dec a red ls an ideological conflict bp - 

cator suggests that the growth ppan m nnetan-- cn-operation in at Camp Da\id. (They have also effect the emergence of the new candidate as a Reagin stalking tween two young Turks and 

of output has been bigger than , P hp slImmer . remains a threai discerned some slippage since confident Jimmy Carter will horse Congressman Jack Kemp partly because the strong 

official figures would so far sug- monetarv enntroi every the euphoria that immediately have on an electorate which is from i\ew York (the former foot- favourite, Mr. Bill Bradley, the 

gesL The CBI probably where ^ imerveniion turn's followed the negotiations.) principally concerned with local ball player and joint architect of Democrat, already enjoys a 

comes nearest the mark excess ' dollars into excess sup- But the demonstration of effec- issues and such national prob- the most well known tax cutting national reputation as an nn- 

when it suggests that employers p ]|e a of harder currencies, tive Presidential leadership J e ®5 a s inflation, on which the initiative, the Kemp-Roth Bill), usually articulate professional 

have bought higher productivity There is a widespread market turned a slight upturn into a Presidential record remains far Senate minority leader Howard sportsman (in his case, basket- 

by giving away the normal v iew that a* dollar recovery major leap forward. Democratic f ron> impressive. The safest con- Baker from Tennessee. Mr. Bill ball). He is already being 

cyclical recovery in margins. w0 uld be a risk for sterling, candidates who had previously elusion is that his performance Brock, the Party’s National spoken of as future presidential 

This does mean, though, that This is doubly misguided: oo shunned offere of presidential during the past month has taken Chairman, Mr. Jim Thompson, material (though such accolades 

there is desperately little to give ear iv recovery is likely, and support for their campaigns are away from the Republican Party the Governor of Illinois, plus a are rather loosely given these 

away in the present and more dollar weakness is meanwhile a now soliciting the White House one great issue — his own com- number of others. But they are days). 

turbulent wage round. general threat. Realism in in droves for appearances by petence — but has not neces- all hamstrung while the ageing From a policy standpoint, the 

In these circumstances, sug- Washington as well as nn the Mr. Caner. And the midsummer sarily resolved many others. Goliaths of the party make up re-elecfion fight of Senator Dick 

gestions from the TUC and the shop floor would help counter- gossip about whether or not In spite of the new rapproche- their minds. Clark in Iowa has international 

Price Commission that price inflation policies everywhere. Senator Edward Kennedy would ment, Mr. Carter's ties’ with the The midterm elections may implications. - The leading 


central banks. 


opinion 


as it did a few months back 


Contestants lor the leadership Much attention is also being 
abound — arch-conservative focused on the New Jersey 
Congressman Philip Crane from Senate race partly because it 


authority on African affairs in 
the Congress, he is opposed by 
a hard line conservative. Should 
he lose (the polls give him the 
edge) then the Carter Admin- 
istration will have to do without 
one of its most valuable allies 
on Capitol Hill. 

Students of U.S. politics on 
the other hand, are most 
fascinated by the extraordinary 
happenings in Minnesota, where 
tbe state Democratic - Farm 
Labour Party’s long hegemony 
is threatened races for both 
-the Governor’s Mansion and 
the Two Senate seats. The in- 
cumbent Governor and one 
Senator, Mr. Wendell Anderson, 
were appointed to their posts as 
a result of Walter Mondale's 
elevation t > the Vice-Presidency, 
thus creating a local outcry 
about ** cronyism." And in the 
third race, the late Senator 
Hubert Humphrey's old seat 
which his -widow is about t* 
vacate — -Minnesotans are trying 
to came to terms with the odd 
s./ectacle of a Democratic candi- 
date. Mr. . Robert Short, a . busi- 
nessman who is far more con- 
servative than his Republican 
opponent, Mr. David Duren- 
burer. 


Republican 

Right 

Two Southern stalwarts of the 
Republican Right, Senators 
Strom Thurmond and Jesse 
Helms, of South and North 
Carolina respectively, find them- 
selves in tough re-election 
battles, though both are still 
given the lead. Another pillar 
of Republican politic in Wash- 
ington. Senator John Tower, 
from Texas, is also in a tight 


race. The Repubis are 
making a major effof Texas 
this year at all poIR levels 
and a major brorougb 
against the traditionastrong 
Democratic hi era ret could 
have important natio impli- 
cations in elections tone. 

The Republicans al$pe to 
be able to wrest as mas half 
a dozen Govemorshl from 
Democratic control (t only 
command 12 of tbe State 
Houses at present). Tnor 
Hugh Carey, the Denixxic in- 
cumbent, is nnderjpffligr 
pressure in New Yoikj the 
latest evidence sugg&ts- the 
originally high expefctfc of 
taking such major 1st) & 
Pennsylvania. Floridaiacven 
California .have abafcdme- 
whaL i . 

For the real cognostnhr- 
ginia wins the prize bi^ar. 
In a contest of stagg£iij n _ 
sipidity. Mr. John Wanehe 
Republican sometime!} rj y 
known as Air. ElizabetjTor 
because of his marriagl the 
famous actress, and MrAnw 
Miller, seem to be doit ( r 
best to defeat themselvaine 
contest to succeed Sesair >. 
11am Scott- *. 

There will be enoughjfhflp 
fore, for readers of the ptitii 
runes to mull over \afl 
November 7. But at thl&w, 
of the game, barring the tin?- 
seen, next year’s CongresjrzJ/ 
not be much different froibe 
present one. At the sameae. 
the country will have a ^si- 
dent whose on-the-job tring 
will be well advanced andjin 
barring the unforeseen, ise 
confidence appears to hew- 
ing. Therefore the Anjan 
political mix in the neavo 
years could be signiftjy 
different from the IS rbs 
leading up to the CampHd 
Summit - 


Letters to the Editor 


Trade 

I'rom Mr. Austen Alba 

Sir, — The suggestion unde by 
Mr. Whaltey (October 18) that 
Britain cannot compete in home 
and export markets because or 
tbe competition from low wage 
economies is dangerous in its 
uaditionallv insular implications. 

How is* it that Germany, 
Sweden. Switzerland and Japan 
can succeed where we cannot? 
They all have wages equal to or 
higher than our own. According 
to vour supplement on Germany 
(October 16) it has the highest 
labour costs in the world. How 
is it that a large proportion of 
the goods they sell us cost more, 
not less, than those we produce 
ourselves and that tbe value per 
unit or per ton of. for instance, 
our engineering imports is higher 
than that of our exports" 

Protection of industries pro- 
ducing relatively unsophisticated 
goods with low added value can 
only accelerate our present in- 
dustrial decline. To be rich a 
nation must export goods which 
are technically advanced, reliable 
and fulfil the needs of the 
market. 

A Aibu. 

Science Policy Research l mu 
Unirerntw oi Sussex. 

.".fontell Building 
Palmer. 

Brighton Sussex 

Bonds 

From Mr A. Farmer. 

Sir. — While 1 agree with much 
of what Mr. S. Greens lade says 
(October 18) concerning invest- 
ment bonds, the best way to 
invest in bonds is to have them 
“managed" by taking advantage, 
of the ■'switching" facility. The 
cost is much less than selling 
and re-investina through the 
Stock Exchange and there is no 
capital gains tax liability. 

By switching between funds 
nf the same management 
advantage can be taken of the 
■'am built up in a bond which 
can be capitalised w hen the value 
-begins to faU or is likely to fall 
and invested in another Fund of 
the same company. TTie value 
uf bonds goes up and down ana 
ii is small comfort to those 
approaching retirement and 
ihos* already retired if they are 
withdrawing 5 per cent and me 
hond is depreciating, because 


they are merely eating into 
capital. 

Appreciation of up to 86 per 
cent in one year has been 
achieved by firms who actively 
manage bonds for clients. 

A. J. Farmer. 

5. Fosse Wag. 

Ealing, W13. 


Sterling 


From .Mr. T. Torrance 

Sir. — I’m afraid that it is Mr. 
W. P. Platt (October 16) who 
doesn't understand the con- 
sequences of a non-resident 
hulding sterling. 

A non-resident holder of 
sterling does not- as Mr. Platt 
claims, have a contingent 
liability on the official UK 
foreign currency reserves. If 
such a holder, or for that 
matter a UK resident importer, 
sells pounds for' dollars, then he 
has to dn so at the prevailing 
price unless tbe Bank of England 
steps in as a purchaser of 
sterling to ensure that lie 
receives a superior price. Such 
intervention by the Bank of 
England amounts to the pro- 
vision of a subsidy pure and 
simple to sellers of rierling. and 
it is this wholly unwarranted 
subsidisation, and this alone, 
that results in a drain from the 
UK resertes (which are anywav 
largelv fimdj borrowed from 
foreign governments). 

What Mr. Platt should cam- 
paign for is not the retention of 
exchange controls, which merely 
prevent a genuinely free market 
in sterling, but rather a total end 
to the damaging efforts nf the 
Bank or England to prevent our 
currency trading at its equi- 
librium fi.e.. correct) price. 

Incidentally. what really 
puzzles me is why it is thoueht 
that w-e need official foreign 
currency reserves at all. Why 
not pay off the foreign currency 
debts incurred by the Govern- 
ment with the reserve*, and then 
trade and invest lust the sterling, 
which fbc recipients can then 

retain nr sell at the market price 

a« they wish? 

Thomas S. Torrance. 

56. Watson Street. 

Aberdeen. 


Currency 


From Mr. J. 

Sir, — 1 fear Mr Platt (October 


16) has fallen into the common 
trap of only looking at the nega- 
tive side of a problem. Of course, 
as he says, sterling owned by a 
foreigner represents a contingent 
liability on Britain's foreign 
exchange reserves. 

But he overlonks tbe compen- 
sating factor; tbe Englishmen, 
having acquired his house in 
Spain, now owns overseas assets. 
He Is. other things being equal, 
just as likely <o wish tn reacquire 
sterling at some future date as 
the Spaniard might be to re- 
acquire pesetas. For each 
liability there is a corresponding 
asseT. 

The exchange price of a cur- 
rency is set by forces very much 
larger than those which a 
national government can in- 
fluence hy harsh exchange con- 
trol restrictions British controls. 
u£t ne. would appear to have had 
liitle effect in minimising tbe 
wild fluctuations in The price of 
sterling in recent years. Indeed. 
1 could argue »hat they have been 
idrniter-productive. 

The price of a country's cur- 
rency reflects the slate of its 
economic and political health. 
Except perhaos in the direst 
emergencies, the imposition nr 
exchance controls on the citizens 
of n eountrv indicates rrftsnl3ced 
priorities in its govern ment’? 
nolicies: and Ttiev infringe the 
basic oer«nnal freedom* to which 
its eiti^ptiq should be entitled. 

J. L. Finlay. 

Sou thoats. 

Fulmer Waw. 

G error ds Crns/t. Bucks. 


Rates 

From Mr. S. Green. 

Sir. — His efforts to get the 
Conservative party off tne boo* 
of their pledge to abolish domes- 
tic rates have led Mr. Alison 
(October IS) In a strange 
direction. 

He implies that tbe present 
system is regressive while 
omitting reference to rate relief 
and social security payments 
which separately or together 
ensure that rates are only paid 
by those who can afford them. 

Currently central govern ment 
reimburses, from central taxa- 
tion both direct and indirect, 
slightly less than two thirds of 
local government expenditure. 
Conservative leaders are recom- 
mending a sbift from direct to 


indirect taxation but Mr. Aiison 
does not attempt to pursue this 
line of thought and consider the 
equitable iel alone tbe economic 
arguaients against continuing 
tu finance the balance of local 
government expenditure almost 
wholly through the rating system. 

The inequity of the present 
system is not so much that it is 
only partially related in the 
ability to pay but that it cannot 
distinguish between the con- 
sumers of the services provided 
by local authorities. Mr. Alison 
should address himself less to 
the inequity of the occupier oP 
a £100.01)0 house who in paving, 
say. five times the rates of the 
occupier nr a £20.000 dwelling, 
might be foregoing a lower pro- 
portion nf hi® gross incom*’. 
aUhouah a higher proportion of 
his net. 

Let him. rather, consider the 
inequity of the childless widow 
in a £20.000 semi who could well 
he paying the same rates as the 
family of four in the other half 
whose consumption of local 
authority services may exceed 
hers by a Factor of ten' or more. 
S J. Green. 

261. Sheen f.nne SWI4. 

Metrication 

F mi« Mr. R. Pearce 

Sir. — 1 was very depressed by 
the advertisement on page 13 of 
your October 13 edition showing 
Lincoln ISKM and Leicester 
J01KM. and 1 wonder if other 
readers feel the same” Am 1 
in a minori ry in n<ii looking for- 
ward to metrication as I feet st 
will lose iis something which 
helps in make us British? 

One hears news stories saying 
the weather has acaio been in 
the .sizzling seventies, yet In the 
weather forecast we arc told ’ T 
will continue a very warm 25 
degrees — T hi 5 latter rending 
does not readily bring to mind 
tbe fact that ir is warm at all. 

If the police are loo'tin'' for n 
suspect who is very tall they do 
not say he is 1.98 metres tall, for 
this would be meaningless: in- 
v e are told sensibly he 
is R reet 4 Inches tall. 

Tne same applies now :n the 
ssrden. where insmictions 
to plant seeds so many centi- 
metres apart nreraii. bur if the 
plants will end up 25 centimetres 
tall, is thi; high or nnt? 

Is il too fare to - 0 bac j5 00 a 


commitment to metrication, for 
if we did i feel sure many of 
us would breathe a sigh of 
relief? 

R J Pearce. 

5. Marlborough Road. 

Castle Bromtcich, Birmingham. 

Kettles 

From Mr. L. Boyd 

Sir. — Mr. Rosenfelder (October 
12) has not read sufficiently far 
in his physics book. A material 
o f low thermal conductivity is 
not tbe prime requirement in 
Ihe displacement theory for 
improving the efficiency of boil- 
ing small amounts of water in 
kettles. Thermal conductivity 
is a measure of the rate at which 
beat is transmitted, and in tbe 
small quantities used In a kettle 
il would be assumed (bat the 
material will have time to heat 
right through. 

What Mr. Roote ( October 7> 
requires is a material which is 
sufficiently bulky but needs only 
u small amount nf heat tn raise 
i: from room temperature to 
ino deg. C. Quantities of heat are 
measured in Joules (in the inter- 
national SI svstem). One cubic 
centimetre of water requires 
approximately 4.2 Joules (J) to 
raise the tr-mperaiurc by 

1 deg. C. Th* comparable 

figure Tor .crown glass is 

1.7 J. for marble 2 3 .1. for nylon 

2 0 J and aluminium 2.5 -I. Thus, 
the best material out of these 
would be pieces of crown glass. 

Mr. Boole must be warned 

a’nouT tb? practical dangers of 
putting things in kettles as (he 
water will not be Free to circu- 
late. Local hot spnts may occur 
causing the element to burn out 
prematurely. 

Lawrence Bnyd. 

2. Elizabeth Arrnue. 

Hove, East Sussex. 


Dealing 


F rum Mr. D Damant 
Sir. — Dr. W. G. Scott (October 
17 1 puts Forward a number of 
reasons why an index fund will 
in practice suffer dealing ex- 
penses. from which the index 
itself is entirely free. But this 
consideration applies to an over- 
whelmingly greater extent 10 
a l lively managed funds, wbicb 


deal far more often than an 
index fund. 

Thus the performance of these | 
funds sinks, unless the invest 
ment manager can be successful 
in his share selections to a 
degree which overcomes tbe bigb 
cost element in dealing. What 
evidence is there that fund ; 
managers are successful In this 
aim? One quarter of investment 1 
managers might beat tbe index 
by ebance. but -there is little 
evidence, that any managers per- 
sist in their success through 
superior share selection ' and 
appear consistently in the upper 
quartile. Of course professional 
managers attempt to distinguish 
between growing and declining 
companies, but ft does not need 
many experts of this kind to 
achieve. an efficient market and 
turn investment into something 
worse than a zero sum game. 

An index fund recognises this 
fact. It deals very little and. 
though on some - small deals 
Stock Exchange commission 
rates will be high, .these rates 
apply on small considerations 
and the price effect in the 
market Is very much Jess than 
in moving blocks Df stock under 
conventional management As a 
result the performance of. an 
index Fund Is consistently near 
the upper quartile: this is not 
only good performance, but a 
way of avoiding, volatility' of 
performance, that ‘is risk. 

Of course there are rneffirien- 
cies in tbe market.. Small com- 
panies do not receive institu- 
tional attention and may provide 
bargains. It is indeed possible 
for an experienced investment 
manager to have profitable in- 
sights. but it is extraordinarily 
difficult. The acceptance nf 
indexing for a majority of an 
institutional portfolio recognises 
the efficiency of the market, 
reduces the risks run. and pro- 
vides the means with the balance 
of the fund for the manager to 
pursue such inefficiencies as be 
might discover. It is this accep- 
tance of index matching as g- 
part but not the whole of the 
investment approach which now 
ran be seen in practice in the 
United States. 

D. C. Damant. ■ 

Ciive Investments 
Cambridge, 

/. Royal Exchange At unite. 

EG3 


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1 











U, I 


Financial Times Saturday October 21 1978 


The TV set of the future 


BY DAVID FISH LOCK, Science Editor 


MR. JAMES REDUOXn; direr- 
tnr of engineenuL' at the BBC, 
demonstrated a new kind of 
radio (or TV) receiver his re* 
search laboratories have in- 
vented. before a large audience 
in London on Thursday night. 
He took up. a “light pen "—an 
electronic pen . of the kind now 
appearing ir. Die hands, of you dp 
girl* at the ca>h registers of 
:such stores as Saiasbury’s and 
• John Lewis — and ran it o’.vr a 
specially labelled - program rm- 
guide in a copy of the Radio 
Times.. His receiver memorised 
-the ’.programmes he marked. 
; : For jhe next seven days, when- 
ever a chosen programme was 
due, it would switch itself on 
and select the right channel, ir 
the viewer canuut ; be present 
the set could automatically 
record the programme tu await 
his return. 

The TV set of the future is 
almost with us today, says Mr. 
Redmond. The key to this in- 
vention is the micro pro Lessor, 
the memory nn a chip of silicon 
which — as the Prime Minister 
himself acknowledged this sum- 
mer — is going lo revolutionise 
life for us all. What the BBC 
engineers have demonstrated is 
just how deeply into our private 
lives these minuscule machines 
are going to penetrate. 

The introduction of this TV 
set of the future will require no 
changes in the BBC's transmis- 
sions. it is largely in the hands 
of the receiver makers to de- 
termine how soon they can add 
this latest chip to their re- 
ceivers. For the BBC. the m3 in 
problem will be to persuade the 
Radio Times to print small “bar 
Sables" of coded information be- 
side each programme summary, 
for the light pen to read, frif 
course, the newspapers could 
also provide this service for 
viewers.) 


Mr. Redmond, the BBC's direc- 
tor of engineering for the past 
Ten years and responsible for 
4b annual capital expendituitr 
by the BBC of about was 
.giving his inaugural address as 
the new. president of. the Insti- 
tution of Electrical Engineers. 
Officially his theme was the 
developing technology of broad- 
casting . In lact he was show- 
ing how microminiature elec- 
tronics and microprocessors are 
changing Britain's most popu- 
lar form or entertainment — in 
many rwvs. ahead .’of. develop- 
ment* anywhere else; 1 

Which channel 

Another idea for in-morrow'c 
receivers, both TV. and radio, 
has already reached the stage of 
experimental transmissions in 
Britain.' This is tahave a small 
ancillary electronic display on 
The* set— liquid crystal. OC light 
emitting diode— indicating lo 
which channel the 'rfcceiver is 
tuned. The BBC will begin 
broadcast inc ' the appropriate 
signal around the~ erid of the 
year. •'We could throw in the 
time or the type of programme 
— pop or high brow." says Mr. 
•Redmond. Even pocket and car 
radios could display this in- 
form jt ion for very little extra 
cost. 

Behind ' developments like 
these in the receive! 1 lies, an 
array of electronics afithe trans- 
mi tiiim end." either developed 
r.r spfcitir.d by Mr. Redmond's 
engineers." Some of the new 
broadcasting systems have been 
developed From scratch in his 
iabnrtlnrie* at Kingswnnd -War- 
ren in Surrey, where, the BBC 
-.pends about £ 1.25m a year. 

Take the TV camera, where 

the picture starts- its Jons jour- 
ney 10 the viewer. - -The basic 
workhorse of broadcasting is a 
sturdy machine designed first 
and foremost to generates high- 
quality picture with grear relia- 
bility. The BBC has about 120 
EMI cameras for studio filming 


and 75 Pve r Philip*) camera.* 
for outside broadcasts. What 
producer's wanted, however, was 
a lightweight, much more mobile 
camera that would ' lot Jhem 
burst nut of the studio and Him 
programmes in mure authentic 
seiimgs—say, an »rf irrmi per- 
formance- of Wagner's Ring 
cycle — without sacrificing 
quality. 

To a specification written by 
the BBC. Philips has. produced 
a lightweight ‘'electronic Held 
production" camera with which 

ihe «'orTMirali«in i* welt satisfied, 
says Mr. Redmond. It. has 
bought about 15 and has already 
used them lo film <ueh expen- 
sive productions as The Paltisrrx 

and The Mayor ni Cnairrhnttqr; 
the kind uf series the BBC sells 
widely abroad. 

These now cameras use a lot 
of microminiature electronics 
to achieve tlicir performance, 
although . they stop short of 
microprocessor control. But the 
next generation wijl probably 
have a microprocessor to work 
out the automatic alignment of 
the three camera tubes needed 
for colour TV. 

in the mid I960* the Japanese 
had ideas -of developing an un- 
it canned camera: a robot with 
enough pre-programmed "intelli- 
Renee" to pick out the parts of a 
scene wanted hv the producers. 
The venture may have been a 
shade too ambitious — at least -Tor 
anything but pretty static pre- 
sentations. BBC producers still 
demand a "thinking cameraman*' 
whenever there is action in fol- 
low. Nevertheless the BBC is 
itself far along the road of robot 
camera work for one particular 
yet ubiquitous task. 

Tins is the transmission of 
the slots between programmes, 
when a variety of information, 
mostly about forthcoming pro- 
gramme* — and Including brief 
"trailers" — is interjected in 
rapid succession. In a space of 
only one to two minutes as 
many a« 20 separate items may 
be .presented to viewers. Cur- 


rent practice "requires several 
people concent ruling extremely 
hard to make it so smoothly,'* 
any* Mr. Redmond 
Well advanced in development 
by the BBC, working with "two 
British companies. EMI and 
Pro west, is a presentation auto- 
mation dnk. more popularly 
known as the “event mixer." li 
will bring no fewer than three 
computer* to bear on the prob- 
lem of automatically presenting 
the transmission heiwt-cn pro- 
grammes. at a rate a*, high as 
50 changes a minute. In rlie 
"event mixer** itself will be a 
microprocessor, married in a 
PUP II computer, which m 
turn will mate with the BBC's 
main computer. Each day ;t»e 
trio will be programmed with 
the entire days material for 
programme junctions, tin* term 
used for the slots where one 
programme is automatically 
banded over to The next. When 
it comes into service next year, 
says Mr. Redmond, the viewer 
— if aware of u at all — will he 
aware only because there are 
fewer mistakes in a very tricky 
piece of broadcasting. 


Robot 


Buf ir will not stop there. 
There are other types of pro- 
gramme which leave rlie “Think- 
ing cameraman" rather bored. 
BBC engineers believe it may 
he possible to film these auto- 
matically with the same kind of 
technology as in usnl by the 
"event mixer.*’ They inrlude 
the newscasts, winch are already 
extensively automated. set- 
piece productions such as inter- 
view and quiz programmes, and 
educational programmes. In- 
stead of a film crew, one man af 
a console should be able to 
supervise a pre-programmed 
robot instructing the cameras. 

Another major behind-the- 
scenes cidvanre has been made 
in the ease, accuracy and cost 
with which magnetically re- 


corded programme material c^n 
he edited. Again the key to 
success ha* proved tu he the 
microprocessor. Here the work- 
horse has been an instrument 
railed the quadruples m a chine: 
;i big video recorder made by 
Ampex or RCA. and rusting up 
to £70.000. Tiiu BBC labora- 
tories tried to develop >. simpler 
and cheaper machine, bin 
failed. Sony fir.-t i-rackcrf the 
problem, bur wiiii a machine 
tailored tu Amt-nc.m TV 
uiisiions. 

This <timulai-d tiie BBC it* 
work with its suppliers— mainly 
with Ampex — ■.■!» ;i Kj5-lm** 
version, while *imuiian*-ou«1y 
pressing for a -mcle. inh-r- 
natiunul standard f.ir rJ>.- new 
machine. The restih :.*• a new 
arid significantly cheaper AnipeX 
machine. It. requires only one 
scanning head, where four were 
needed before, and micropro- 
cessor control tn keep the head 
tracking very accurately along 
the video tape. Film, believes 
Mr. Redmond, will not dis- 
appear overnight, but us virtues 
in editing are heing ma'clied 
very rapidly by electronic 
methods for editing tape. 

Where the BBC laboratories 
believe they have recently 
scored a big .suite however, 
is with a way of reriiiejns the 
" graininess’* of the T\' picture. 
The prohh.-m is electronic noise, 
which appears as a moving 
cram forming a hurkiinlh to 
many pictures. The eye is very 
tolerant of this grani:ne.*s when 
the arrjon is r'a>r-muv:na. but ji 
other limes it can he irritating. 
It can he e*p*»*.-ially i muting 
when the light inu is tery in- 
tense. as in ’loud! it snorts 
event* or the Miss World con- 
test. 

The answer lies in an ability 
to store complete pictures in 
digital form in a computer. 
Once this can be done, tlie pic- 
ture signal can be made selec- 
tively stronger than the luck- 
ground noise. The problem for 
the computer — now solved by 


I :hku Aulttrootl 

Mr. James Redmond— selecting programmes fur ait advanced radio. 


the BBC — has been io identify 
pi wisely which moving scenes 
arc important, so that these 
alone can be stored and 
Airengihcned. Pyc has been 
licensed in manufacture this 
" nm.-c reducer.** 

The noise- reducer, with its 
voiiipuu-r-Htored pu-rurus. hu> 
opened the way to another BBC 
invention, for “ freezing ” fast 
arnon on \ideo-iape and replay- 
ing it id slow motion — jusi as 
can he done with film. Tele- 
track — "far from the tliuughis 
of the research engineers when 
they were developing the noise 
reducer '*— can select pictures 
stored in the computer, and 
re-run them as a sequence to 
apply a stroboscopic effect in 
fa*t action. Spurts producer*, 
like it. though they found it 
tricky to use when it was tried 
experimentally in the World 
Cup Series and in tennis broad- 
casts this summer. Where it 
seems to score best is when just 
one portion of the picture is 
moving — the . ball and ' goal- 
keeper tn a penalty shot or just 
the ball in a golf putt, for 
lor example. 


Mr. Redmond, who lias spent 
his life with the BBC since his 
wartime service as a merchant 
navy radio officer, firmly be- 
lieves that broadcast in» must be 
ready io replace the lime- 
honoured channels of communi- 
cation such ns the newspapers 
and the pos;. " a*, rising coils 
drive these out of existence *' 
Already " most people depend 
on broadcasting lor all their 
entertainment " Increasingly, 
lit* adds, they will want informa- 
tion to help adapt to such 
social changes as incroasinc 
leisure and the growing need to 
accept a new career in ni id-life. 

Own service 

For TV the BBC ha* developed 
its own iniurmaimn service, 
called Ceelax. Oracle is it* 
counterpart broadcast by the 
independent TV channel. A 
third “interactive" information 
service. Brest el. developed by 
the Post Office, comes into ser- 
vice next year. A speciality of 
fTc-efax is its ability to cater for 
deaf viewers by using a short- 
hand writing machine in the 
studio to sub-title normal TV 


broadcasts in a selective way 
which the deaf van receive 
without interfering with normal 
transmission. Computer pro- 
cessing promises in speed up 
'hi? Mib-lillm-j to Ihe point 
where it may become fast 
onmigh io cope with conversa- 
tion in live broadcasts. 

Bui dmi't forget radio, warn* 
Jim Redmond. The BBC divides 
it* £2751 n income from licences 
in the ratio 70:31) between TV 
and radio. Sometime early m 
the 19SIU the black and white 
TV -err icc nn 405 lines will 

prob.mly be closed duwn. leav- 
ing Band l 1 4 1 -OS megahertz) 
tree for new ideas. BBC engin- 
eers believe mu- of the must 
rewarding uses uf Band 1 could 
he to improve radio reception 
with ihe iip-and-voimng digital 
(computerised) audio technolo- 
gies. In this way they envisage 
eliminating the tuner from the 
radio receiver — a relatively 
expensive component — by using 
chips to decode and select the 
required signal. Not least of 
The advantages tn rhe listener 
would he a guarantee of perfect 
tuning. 


Son of 
Star Wars 


.. Film producers find strange 
□laces to unveil their wares 
but none streamer than that 
chosen by Star Wars producer 
Gary Kurtz last Sunday to an- 
nounce his newest project. The 
setting was a cross-country rid- 
ing event * near Daventry * in 
Northamptonshire. the an- 
.. nauncement was that the Star 
. Wars team will soon be riding 
.' again on the big screen in a 
s equal called The Empire 
“ Strikes Back. 

- The film starts shooting at 
• Britain's own Elstree Studios 
(home of its 1 forerunner) in 
March, and as a foretaste 1 of 
things to come the makers 
’ "were sponsoring this charity 
horse meeting (proceeds -going 
to Riding For The Disabled). 
.. They organised the competition, 
they provided food and drink, 
and they donated crates full of 
Star tt'ar.«t goodies (badges. T- 
— ' shirts. toys, etc.) to be given 
out as prizes or bought up. by 
eager children. 

In this unlikeliest of locales 
nearly all your favourite. Star 
Wars figures were wi display: 
from flesh-an-biood celebrities 
like Princess' Leia (Carrie 
Fisher). Darth- Vader "(Dave 
Prowse) and Chewhacca (Peter 
Maybe w) to nuts-and-bolts 
superstars like the robot R2-D2. 


There was also a scattering of 
white-a rmoured storm-troopers 
and hirsute mammoths across 
the landscape, looking like the 
advance guard of gome inter- 
steller invasion. : ’ . ' 

Producer Kurtz was busy ex- 
pressing the hope lhat Star 
Wan Two would be both bigger 
and better than Star Wars Oue. 
The largest permanent sound- 
stage in Europe, be announced 
is being specially built for- the 
production, and some. o€ the 
spectacular sets will be wrapped 
in secrecy until their unveiling 
at the film’s premiere: although 
a lucky handful of last Sunday's 
raffle-winning children will be 
allowed special access. 

Hie same youthful stars will 
be starring- iu the Him— Mark 
Ham ill, Carrie Fisher. Harrison 
Ford: the same creator. George 
Lucas.' has written' the film 
{although he will make way as 
director ' for America’s Inin 
Kershner): and R2-D2 and 
C3PO. that matchless robot 
double-act. will again be .in 
harness. 

This is good news not only 
for Star Hors enthusiasts but 
also - for the British film, 
industry. America is clearly 
stepping up interest in Britain 
as a. film-making locale, and the 
5* (or Wars team must be among 
the most welcome investors this 
country could wish to receive. 
May the “ Force " continue lo 
be with them ! 

Union 

rules 

NEXT WEDNESDAY evenfng 
Mr. Hugh . Scnnlon. will retire 
after an 11 -year reign as presi- 
dent of the Amalgamated Union 
of Engineering Workers. 

The rules regarding retire- 


ment. like most other aspects 
of the Union's constitution, are 
^tightly drawn: an official leaves 
On the eve of his 65lh birthday 
and is not allowed lo see ihe 
week out •• 

Scanlon's will not be a 
leisurely retirement — he 
remains chairman of the Engi- 
neering Industry Training Board 
and president of the Confedera- 
tion, of Shipbuilding and Engi- 
neering Unions — but the strict 
retirement rule means that he 
and other, union leaders are 
forced to surrender power at an 
age when people io many areas 
of public life have just reached 
their peak. 

Trade union leaders are some- 
times described as grey men. 
Scanlon is one of the very Iasi 
to whom this could be applied: 
in his private life he is witty 
and entertaining while in ht» 
public office be has been a figure 
of unending controversy. 

His .'last, appearance at the 
Labour Party conference earlier 
this- . month was marked in 
typically Scanlon style with a 
dispute , over his casting of tits 
union’s vote on fbe issues of 
automatic re-selection of ilPs. 
The AUEW more than any 
other big union lives and 


breathes internal democracy 
and disputes over votes, have 
haunted Hugh Scanlon through- 
oin his career. • 

He is guaranteed his place 
in history by his leadership 
the AUEW’s fig-lit against rhe 
Conservative Government’* 1971 
Industrial Relations Aet which 
sought to impose legal controls 
on trade unions. The Act was 
hated throughoul the union 
movement hut the AUEW stood 
alone in intransigent resistance 
to the law even to the point 
seizure of its Funds for con- 
tempt of the Nattunal Industrial 
Relations Court. 

Agreement on Scanlon 
leadership since those famous 
days will be less easily reached 
His old Triends on the Lef 
accuse him of a lurch to the 
Right in his eloquent support 
fw the present Government and 
its recent years of pay policy 
This can be explained partly by 
his fervent conviction from the 
1971 era that the return or 
another Conservative govern 
ment which might again try to 
impose controls on the trade 
union movement was somethin 
to be avoided at all costs and 
partly from the constitutional 
way in which he has interpreted 
his presidential role 

One of the biggest disappoint- 
ments of Scanlon’s presidency 
will be that he has failed in the 
superhuman task of welding the 
AUEW’s four seel iu ns into the 
basis of a single union for the 
engineering industry. On the 
credit side he has. often through 
the sheer force of his person 
ality. kept the AUEW at thi 
centre of the trade union stage 
through some difficult years 
The tradp union movement will 
be losing in Scanlon one of it? 
few great speakers and one of 
its outstanding public personali 
tics. 


House hunting by computer 


Carrie Fisher (PHoccss teia) Mlilfem. M * Star WaiV liummonth. 


Some of the slog could soon be 
taken nut of house-hunting, both 
for the family man who simply 
wants . a new home, and the 
international executive with a 
foreign posting, thanks to Mike 
Jackson’s ** Moving Machine." 

Mr. Jackson! a chubby, person- 
able 29-year-old from Kansas 
City runs a company, called 
Electronic Realty Associates 
(ERA) based, on the simple but 
effective idea that computers and 
facsimile transmission can be 
wed to. sell bouses. By moans uf 
. his franchised- network used by 
2,500 estate agents . in some 
ENUPT-places in the U.S.. ERA 
can . receive and transnnr 
facsimiles with pictures arid 
details -of houses for sale or 
Tent in just about any part -if 
the country 

A house-hunter in. say. New 
Orleans wanting tu move to 
Chicago simply goes to his local 
ERA man and tells him what 
kind of -a home he wants and jC 
what kind of neighbourhood. 
The. information is punched into 
a computer, and within mintiies 
he'll receive a selection of 
typical "houses in his category. 

. So far. Mr. Jackson claims ro 
have transmitted over 600,000 
photos which have resulted in 
sales ' of 8l2bn worth «f 
properties. Now. he is eyeing 
Britain . and the European 
market, where he- sees two 
possibilities. 

like the U.S, Britain's pro- 
perty industry is highly frag- 
mented, with thousands -of 
estate, agents operating with 
scarcely any co-ordination. So 
Mr. Jackson believes that his 
franchising system has some- 
thing TO’ Offer British house- 


hunters too. by putting as much 
of the housing market as pos- 
sible at the end nr a computer 
terminal. 

An emissary from his com- 
pany was recently in London 
talking to estate agents, and 
the results were sufficiently en- 
couraging for him to predict 
that he will set up a British 
offshoot within six lo nine 
months. Other European coun- 
tries would then follow. 

Once an overseas network is 
established. Mr. Jackson be- 
lieves he will be able to offer 
an international service lo 
multi-national companies and 
people whose work sends them 
ahruarl. For example, a German 
posted to New- York, or an 
American posted to London 
would be able tn call up rhe 
ERA computer to sec what kind 
of houses were available. 

Era would probably back this 
.service with an index of inter- 
national housing and living 
costs to enable companies to 
work out how big an allowance 
they should be giving their 
executives. 

As far as &lr. Jackson knows, 
no one else has tried to du this 
but he wants lo move quickly 
because, in the U.S. af least, 
big companies like Merrill 
Lynch, the securities firm, are 
moving into the property sales 
business, and bringing their big 
networks and computer muscle 
along with them. 


Contributors: 

. Nigel Andrews 
Alan Pi&e 
David Lascelles 


TODAY — Ley land management — 
union week-end meetin: tn 
dlsru.se productivity problems — a 
new style conference with Mr. 
Michael Edwardev RL chairman, 
and Mr. Mos* Evans, general 
secretary. Transport and General 
Workers Union. a> joint chairm-n. 
Mrs. Margaret Thatcher. Conserva- 
tive Party Leader, on week-end 
visit to Madrid. 

SUNDAY — Mr Cyrus Vance. U S. 

Secretary of Stale, in Mo-vow for 
two-day Strategic Arms Limita- 
tion 'folk- with Mr. Andrei 
Gromyko Soviet Foreign Minwi'-r. 
National Savings monthly pro- 
gress report i September). Finan- 
cial Time!, two-day conference on 
Finance and Industrial Develop- 
ment in the Gulf, opens in 
Bahrain. 

MONDAY— Joint Cabinet and 


Economic Diary 


Labour National Executive Com- 
miltee meeting a' Downing Street 
to discuss European Monetary 
System • proposal-;. European 
Parliament open- three-day 
se-sion. Luxembourg. TVC 
Finance and General Purpn-rs 
Cmnmiitee meet-.. Congress 
House, lam don. New vehicles 
resist rations (September). Royal 
Opera House annual report. 
Berwick ami East Lothian by- 
elect inn speeches by Mr. Michael 
Foot. Sir-.. Shirley Wiliam* and 
Mr. James Prior. 

TVESIIW— Provisional Oclnher 
iinr-molnyipent .ind unlilled 
v.irancio. Parliament reassemble!, 
a Her the summer rece-v 


President Carter expected to 
unveil his " Phase Two " anti- 
inflation programme. General 
Council of British Shipping reply 
lo .National Union of Seamen 
claim Lord Keariun, i-hairmnn nl 
British National f ill Corporation, 
at Foreign Press Association 
luncheon. 11. Carlton Hnus-.- 
Terrace. London. European Off- 
shore Petroleum conference and 
exhibition opens. Earls Court. 
London. 

WEDNESDAY — Labour Party 
National Executive Committee 
meets. Transport House. London. 
Meeting or TVC General Council. 
Consres* House. London. Bricks 
and pt-ment production i Sep- 


tember). Institutional investment 
(2nd quarter). Mr. David Ennals, 
Social Security Secretary, 
addresses annual congress nf 
Environmental Health Officers 
Association. Bournemouth. Sir 
David McNee. Commissioner. 
Metropolitan Police, at Police 
Federal ion Metropolitan Branch 
meeting. Central Hail. West- 
minster. 

THURSDAY — Mr. Deni* Healey. 
Chancellor of the Exchequer, 
meets representatives of rhe Con- 
federation or British Industry. 
Downing Street. Berwick — East 
Loihian and Pontefract — Castle- 
ford Parliamentary hv-elections 
Church Commissioners annual 
report. Department of Employ- 
ment Garette will include car and 
commercial vehicle production 
(S«*pt. — final) . 


for 


ly £75.oo. 


Suit yoarself ...and save £45 
at the same time 


You’ll save £45 if you buy one of these suits. 
That’s a fact. 

WeVe been selling them ourselves for £120. 

They’re all made in pure new wool. And 
they come in the classic shades of brown, blue 
or grey. In classic Pin and Chalk stripes, checks 
and plains. And a choice of styles. Centre or 
side vents. 

V&Ve hundreds of them. What’s more 
they’re available in a tremendous variation 
of sizes. 

A wide choice of fittings. 

In sizes 36 to 46 ' 

There's short, regular and long 
fittings, in most sizes. 

You could hardly wish for a bigger 
choice. 

How can we do it? 

The answer’s simple. We’ve purchased these 
suits from one of the most famous name 
manufacturers in the business. We can't tell you 
which one, and you won’t find iheir label on the 
suit, but we can guarantee that all the suits are 
absolutely perfect quality. 

And we think you'll agree. 

No label is a small price to pay when you’re 
saving £45. 


Oxford Street, London W1A 1AB. 

Most credit cards are welcome. 

Selfridges: Open Mon. Tues. Weds, Fri & Sat Sam till 5.30pm. 
Thursdays 9.30am fill 7pm. 






Pr 

pr< 

ch 

BY MA 

THE PF 
decided tc 

allegation 
Wilson fi 
number u 
were con* 
p:iign agai 
Party on 
1974 Gem 
The £oi 
allegation 
lowing th> 
affair. Mi 
was. had 
an orches 
himself, t 
Lady Ks 
Marcia \V 
The Pr. 
Sir Haro 
drawn so) 
Subseqi 
told the 
did not 
prietors 
instructed 
round a 
material." 

The Pn 
to hear 
Sir Ha roll 
formal co 
On the 
agjinst I 
council s; 
Royal Gc 
lhat thcr 
Labour \>i 
The Pr. 
is one oj 
lishcd tod 
In a no 
council 
against si 
Daily Ex 
picture c 
Henrietta 
death in t 






16 


Financial Tiines Saturday x , 


COMPANY NEWS 


R. H. Cole falls midway: 
further downturn seen 


FIRST HALF profits before tax Not included in the results are management. Even so they fore- 
of fi. E Cole fell sharply from extraordinary charges of U4t>,lMW cast that measures implemented 
£739,000 to £471.000 and provi- after tax relief, representing then would have their main 
sional third quarter figures indi- £175,000 less £91.000 tax relief impact in the second six months 
rate tiiat the level of performance directly alributable to non-recur- and the indications were for an 
in' the first six months is unlikely ring costs of the relocation of the approach to a break-even trading 
to .be matched in the second half two subsidiaries and £62,000 deficit level by the year end. 
year. against book value on the disposal The half-year results this time 

The profits in the first half of the freehold premises at deluded redundancy and com- 
were materially affected by losses Batford MilL Harpenden. pensation payments of £30.896. 

in the thermoplastics compound- The jyroup also trade in chemical \ft er a ms credit of £1,550 
ins activities, the directors say. manufacturing, electronics, equip- {charges £2,8001 the net loss was 
These were anticipated and were merit and property bolding. £$9,826 (surplus £2,521). 

attributable to the move of Cole 


Plastics and East Anglia Plastics 
to Milton Keynes. 

Continued improvement by the 
other subsidiaries made the over- 
all result possible, the Board 
states. 

The interim dividend is raised 
frqm l.SSp to 1.85p — the total in 
1977 was 3.71 p from pre-tax profits 
of £1.2 9m. 



Six 

Six 


monitu 

months 


IMS 

1BT7 


rooo 

f‘000 

Turnover 

J2.WS 

12.510 

Operabng profit . 

497 

TKt 

Finance obar«es .. 

in 

25 

Associates share .. 


51 

Profit before tax 

m 

789 

Group (ax 

243 

390 

Associates tax 


27 

MinoriUes 

M 

21 

AHrihutablo 

212 

Ut 


S. Sherman 
recovery 
delayed 


Again no dividend is to be paid. 
A payment of 0.635p net per lpp 

share was made for 1973-74 from 
profit of £96.848— the last time the 
company was in the black at full- 
lira e. 


THE EXPECTED return to profit- 
able trading at Samuel Sherman, 


a loss is anticipated 


Peters 

Stores 

higher 


. Interim dividend 


33 


Reduced margins on lower sales a lu , ,. u , 

F £646518 left the company AFTER JUMPING front £121,6K9 
(lowing a £71.376, pre-tax loss for to £384,303 at halftime, pre-tax 
ic first half of 1978. For the six profit of Peters Stores ended the 
-“The SjuTuo at Milton" Keynes months to March 31. 1977, there 52 weeks to June 24, 107t». ahead 

has been disnip ted by problems had been a recovery to a profit from £149.073 g ‘ij™ - 

in commissioning plant and In of £5.321 on turnover of £911.064, over up from £489 m to £6.06m 

industrial relations, the directors but over the following period the The profit f chides surplus 

report, and both these factors group tell hack into deficit to property sales of £8.640 <f~6*S/) 
have disrupted production. How- finish the 15 months to the end and is subject to tax of £248.021 
ever present indications are mere of 1977 with a loss of £244,367. (£97,207). The dividend total is 

encouraging and the anticipated In September the directors said doubled to 2p net with a final of 
profit contribution is expected that during the first hair of 1978 lp - <0.7p) and earnings per lOp 
next year. there had been further ex cep- share are shown at 58p against 

Cash facilities continue at a tional expenses to absorb, par- 1.6p. Dividends absorb £63.932 
satisfactory level and are adequate ticularly those associated with (£28,059) leaving retained profit 
for the group's present needs. factory closure and change of at £123,099 (£23,807). 


BIDS AND DEALS 


PilMngton £25m not 
offer to Sola 




BY ANDREW TAYLOR AND JAMES FORTH 


WITH A downturn .in ' structural 
engineering ..profits Offsetting: 
improvements hy the ' hydraulic 
engineering companies taxable 
profit of ' Chamberlain Group fell 
from £807,000 to £624,000 in: the 
July 1. 1978. half year and 'a 
the 




DIVIDENDS ANNOUNCED 


j- 


. .reduction -on the 1977. total- of- AHeDonc „ 

Pilkington Brothers, the UK The group also has manufactur- 1 £2.01ra is forecast for the fiiiil SJ C Banks 

glass group which pioneered the ing capacity in Singapore, Hongjvear. 


Turnover was H2.48tn 


revolutionary float glass muoufac- Kong. Japan. Brazil, Italy and against flO.Olra last time.- 


turing process, has launched a Ireland as well as a small ‘manu- 
£24.tim agreed cash bid for Sola facluring;unJt in the UK. 


Holdings, 


the 


Australian 


A breakdown shows hydraulic" H. Cole i— 

companies' lu mover at£4,77niGopeng Consolidated 


manufaclurer of plastic lenses for 

snerfaclps and sun-olasses. ceQ . 1 


Dr. Olirer says between 15 perl (£ 4 - 05 m) and profit . at £ 445,000 ■ 


f £305.000), structural engtneering ftvfldhall Property t2j09 

Bar 


£71..m pre-tax profit in the year 1 “j ,% head office activities cuatrUmrino-New Lim 

ended March 31. 197S has been 


all the time, " exnects' Sola’s liead office activities contributing 'New London Props. :..mt 

enaea »iarcn ui. is/a nas crecii _ i’.r* ne expects noias nonfio nmfit iroiODfl) ■ ■ stores 

striving for some time to acquire * . lhe yK Vrl ? F Chamberlin WVri&iuh 


> 0.75- 

[urer P UKO^ Internationa) was -° f . ^' hich . Australia generated gjgrtj" lSS? femot.tadSS Dhfldends sh . owtl P e . nce P«f. irh ‘ u ' e °et ejcept whereothenvn* state* 



‘ Date : 

' Corre- 'latai 

TotaT 

- Current 

. of;.;, 

spontfing r^fbt 

^ last.; . 

• payment 

payment 

cfly, year.v 

/,year : 

.inti (MS -- 

• Feb. 1 

. .-02. •v;: ; — -n'r: 


..... 2.75 

, — 

25 '-Atf 

3.6: 

.itoL- 054 “ 

■ Jan. 2- 

^■0J32r',- \ 

-2.TT - 

id- . . -3^2 

• . — ' 

■: 432 i'j 


..inL L85 

. Dec: 11 

'. ■■lJS&yY rr\ 

" 3 :^ 

hit S& - 

Jan. 5 . 

-;7 -: ll 

••■'15'' 

*2.09 

; •• . • '■. 

■'iM'i 


Nn 

— i 

V W* • ' 


...... 1.05" 

. — - •. .. 

105 ,- 1.05-., 

■■'XOF.i: 

.int. 2.5 

•• -r-' 

^’-2.5 



. Jan. la- 

.03?-.:/ *'=. -'•■ 


“ 0.67 . 

D«.9 

' . 6.66 :' U67- 

- : 0l66:: 

.fnti -0^5 

Nov. 25 

.-NiT\ r — .V:-. 

;0 :«r-‘ 

.Int 1.5 ‘ 

: Dec. 15 

.'■L5 


.ini. - 0.75 

Dec. 12- 

•• . -0.75 > : . -? 

/:X25V - 


■V . *r. 
1 jf*' 


blocked by - the Monopolies around .two-thirds, with the Ui SJ® L "JJSJS®. ’ “talent after -allowing for scrip -^issae.,; t On . 

Commission as being: against the second largest contributor, ^ihi ^ood yea? leased by rights and/or acquisition Issues. “ £ Corrected; iKakaig -7 ..-.:• 

Pro-tav him-acsr clinnori JUU ‘ nOOO year, WUD me-,#.. riniCn\ n-irlst* . - •• 


public interest Pretax profits, however, slipped of'the cmnt inv^fnr^? 12 -^ 1105 ^ ro date - 

Pilki niton's latest offer has the fro® A£L8m (£1.65m) to A&Bm ! 5enetlts of the rece"* investment s*' ^ 


bacidn^of 'the' Sola directors' and (fl-Stoj but that reflected heavy t0 v .- 


the Pank family— the largest expenditure on new technology. 
shareholder— who between them Pilkington which already has a T r °. e - L ™ r> c '“ ra ’ 
control more than 50 per cent of 50 per cent stake in an Australian **“?• i? r uS , ^ 4 . a * 

the shares. Plant and. toughened glass con- •?* i0 P«r cent of Indostiy 

A possible objection to the deal cern. is offering a high price for 5?S£!ff n in mWiu 

could come from the Australian the lens business. The offer worth ?*"**?“ t rfr ■ t C ° i ' 

Foreign Investment Review Board £24.6m is set against Sola's net 
which recently ruled against a tangible assets in the last balance 
£201 m bid from Brooke Bond sheet of 14.5m. lower pro nts. 


tea 


Liebig for the Bushell? tea However, 

business as being against the merchant b 

an executive SSK^Dr. S!lve® «JfSS snT^I^ P™™ *» »• lower than -to ^ ,„"^" J, ^lta»nl^“M*a.e anfflbaa^jlfc:, 

director and deputy chairman of is bidding For a world market! h overall pro fits wjn be SpEtel of Richard Costaln the Sf-i 

Pilkjngton's optical division, says *»**£*}* « «««* tow? llTww me wouW tottod to recom- 


PUkinetan and its I _P'^«o rs ,_ see up immediate 


Dividend 
boost by 
Costain 


the scheme is implemented ;GC ' 
intends to pay m. mid-l-ft79 . a • 
-special interim equivalentrto the - 
further dividend that would fiavV 
been paid In the absence: df -tha, 
scheme. The- total forecast ty GG 
excludes this payment :. . ,. . . 


The' terms: of. the .'acqirisitJdn^of 
the ordinary' are four CO ortin- 


the merchant bank ad.iaers. J. HwS:|P~*E«i (E. ■.SjSE^Sftjr'ramte'tHB impoHd Ml* SfeS-. 


Tebbitt cuts leather losses and 
sees profitability ahead 


ACTION TAKEN to revitalise the came through at £52,786 f£4L217). minority credits of £2.901 (£2,307) 

raerchanting operation of the Owing to an’ agency error attributable profit came to £17,840 

' Tebbitt Group togetber with tbe yesterday’s report on the figures against the £82.558 loss last time. 

~ run-down of the loss-making unit gave the pre-tax profit as being Dividend payments of £16.129 

'and a reduction in indebtedness after tax. 
has begun to show effect with a 
20 per cent cut in losses, before 


redundancy payments of the 
leather division in the half year 
ended June 30. I97S. 

By the end of the year the 
directors anticipate that this 
division will be trading profit- 
ably. Also they feel that the 
group as a whole wifi be well 
placed to commence profitable 
trading and to show growth in from 


AUebone 
in profit 
halftime 


hare been waived. 

Directors say UK Trading has 
been as gloomy as was indicated 
in the chairman's last siatement 
but this has been mnre than offset 
by the re-suits of trading In Saudi 
Arabia. The order book is showing 
improvement and the company 
has secured further work in Saudi 
Arabia and is hopeful lhat more 
will be obtained. 

The group is engaged in the 
of building -and civil engineering 


?ou raged.” He is hopeful the bid expect to pay a good price. n f I reasonable conditions for the this not less than 3p would be 

sa am “ im “7 ; ° r 

Sec Lex lih* <*mnn « m fnoi» ftr*-- An interim of 2^i48p has passu in 

esp^ct of respects vnth the GG ordinary. 


welcomed the deal. 

By far the largest slice of Sola's , 
business is its plastic lens LADBROKE BUYS 
interests— although it also manu- JVfOTOR INN 
factures optical equipment for the , , , 

defence industry. The group Winston Estates has reached 


UP 


the group is ready to move for-.: An interim of ,2.5i 

ward. already been paid .m respect ... 

The interim dividend is G.938p :1978 and is the maximum at pro- The TYeasuty has confirmed 

ner per 25p share asrainsr 0924p sent known to be permitted far that in the event of. con tin nation 

After tax of £278.000 (£323.000) that year. In the absence of the of dividend control in Its praem .. 

in the half year net profit came, scheme it would have been the form, the rate of dividend parable _■ 




Haims'to control 90 per" cent’ of agreement with the Ladbrnke out a ' t £jj.ifi,onn (£484.000); Last' directors^ intention to take advsui- per . CG ordinary-in issue : before 
rho Australian nr«:rrinti/in niasiif firoup whereby a Ladhrokc sub- (imp there was a £28.000 extra- tape of the new dividend control the : . .CG deferred ; bedding 


rhe Australian rtrescription plastic .. . .... . , - ..... ,. — — . .-r-— - 

lens market. 30 per ce^t of the * w,ary w, “ acquire Winstons 4~ [ordinary loss. Eamings-ner share rules and pay such further divi- designated ordinary '-will..; not t be ‘ 
— *" are shown at 2JMp (3.13p). dend as might be permitted. If required to be reduced: » -wi 


sun musses market and 50 per cent 

of rke induatna] safetyglaases tbe mnU™', 00 ”/ 

An 'added attraction for Pilkina- ttSUEfeSSJ* 
ton is Solas overseas manufactur- developed. 

ing capacipt notably in tile U.S., The remaining 51 per cent- of 
the worlds largest and fastest jjj e equity of the Exeter Mercury 
growing market for plastic spec- Motor Inn is -■“eady owned by 
tacle lenses. Dr. Oliver says Sola Leisure and Gneral Holdlnps 
has around 10 per cent of the U.5. which was acquired by Ladbroke 
prescription plastic lens market. earlier this year. 


Rosehaugh soars on back of 
Tannergate contribution 




of’d^Jidendmiymciits r ” UInPti0n BMm. Allebonc indiistn', and pallet anTwooden 

VrLm X’sssib umw. jSuSrfttoTswrssit'S — manufi,c,ure 

tSdiSi iST'ot^Sw («Sui p 193 000 m ^ half ,Mr ended 


lasrx.'-ssss 8Sasrss.su 

items and redundancy payments. Thc manufactoring' division has 
ol £-V . .. .. .a ^ . a full order book for the rest of 

d , J?< 1 t iend payment was t he year aid retail sales since 

L n /- a J*»P roB,s re July have been buoyant, the direc- 

froin £lo4.S06 to £b<,337. [ors repor t. Accordingly profits Tor 

The directors report that the current half year should be 

throughout the period the move satisfactory. In 1977-78, the group „ UD4B . n , „ 

towards marketing has been reported pre-tax profits of £214.000 COMPARED WITH the March 

initiated by revitalising the mer- against £165.239 In the previous forecast of a profit similar lo last 
known as year years record £625.000. Sydney C 


S. C. Banks 
down on 
forecast 


chanting operation known as y ear 


Munt Brothers. This has been Tlie interim dividend is lifted Banks, the grain and seed ernnp. 


merged with a new group William frora'oip Vo '0J3p per share and reports a reduction to £583.000 for 
.SilvA-ter and Sons, to form a final of not less than last year's lh c 


Silvester Munt, a new profit o.Sp is expected, 
centre. Simultaneously, the run- Th h ■ f 

down or tbe loss-making produc- j nr «_ Art nf risoonn in?-?nofn hin . -iseMn uiniwr. me nu"rimn 

lion unit should be substantially JJJJJJ* tax or £ 12 000 aiinS « plain , s lhal anoilng nf the 

u.. ... J -r bernre lax nx againsi Kinea LyT)n sj|os dLirinc the ^ 

const floods in January hart more 


year ended May 31. 1978. the 
second half showing a fail from 
£211.000 to £158 000. 

Mr. Joseph Gofiber. the chj**rnnn 


complete by the end of October, pynoo 
As part of its longer term 
policy, the company has acquired 
Self-Seal Tape and Tape Projects. 

One continue* to achieve the 
profitability evident at the time 
of acquisition, while the other, 
which was showing losses ai the 
time of acquisition, has now 
achieved a break-even trading 
position. 


Stanley Miller 
midway profit 


serious consequences than were 
at first nnticinatcd. And the 
resultant problems together with 
those of a low quality gram 
harvest prevented' the group's 
target being achieved. 

However, he reports that Tor 
the first four months of the 
current year results .show an 


The interim dividend has been 
restored, at 0.3p net per lOp 

"The* net result or this adhesives share, at Stanley Miller Holdings improvement on the correspond- 
divisinn is a small loss for the «£*«*_ a turnround from an ing period of last year and he 

first half nf the year bur the -B84.S6.J loss to a £31.439 profit hopes that this trend will 

Rnnrdanllclpate, lhal tlie division ** e I?r» Oral h.lf of 1A7B. continue. 

..•ill show orofit in the second T* 10 P rofi t follows the return to Providing for lax the nei profit 

win snow prom in ine second g £1740SR surp | us in lhe second emerges at £403.090 against 

half or 19 m which resulted in an £454.090 giving earnings per 2op 

M 5 t IVHJ~IPAI PDHPC overall £89523 profil for that year, share down from 13p to 15.3p. 

r iwrj. An 0.73p final dividend was also The dividend is increased from 
Pre-lax profits of Municipal paid after the interim was 3.6p lo 4n. with a final of 2.75p 

Properties increased Trom £8s4t7 emitted. net. The interim dividend was 

to Etnn.rsfi in the first hair of The half year result is sub i eel waived on 1.409.079 shares and the 

1978 and the net taxed balance to tax of £16,500 iniii and after final on 1.395.519 shares. 


Hansoa makes soothe; 
acquisition in U.S. 


SHARES IN Rosehaugh Company The net interim dividend is 30^ amount to £776,000 achieved -on 
iuraped 19p to 207p yesterday on held at 1.5p — the final for 1977 a. turhover.of fff.OSni.^. 


placement or 9i 
notes with 


H \NSON TRUST is adding to i»s 
U.S. empire with a £3.63m agreed 
eash bid by Carisbrook Industries, 
its textile-orientated subsidiary, 
for Templon Spinning Mills. 

Templon is currently owned by better than 
Standard Prudential Corporation, expected. It 
a New York public enmnanv, that acquisition 
has been forced, under the Bank local con... 
Holding Act Amendments- of 1970. management 
to divest itself of its industrial ment in 
subsidiaries. The consideration operations but 


per cent, 1992 
Prudential 


the 


Insurance Company of America. 

It is pleased with its U.S. per- 
formance which has gone much 


• he npws that its. 20 per cent was 2.975p 
•nterest in Tannergate. the 
property dealing concern, had 
yielded a pre-tax profit of 
*'385324 in the year ended- June 
30. 197S. 

Rosehaugh, in which Mr. 

Godfrey Bradman, tax specialist, 
has a near 50 per cent interest, 
has now been transformed into a 
icash and asset rich property 
holding company. The share 


Helical Bar 

passes 

dividend 


The managing director - states 
that demand for the company!* 
370 systems leasing' packages has 
remained fairly 'flat;: during, lift, 
third quarter of 1978: while estd? 

- lent growth has been made -In' the 
company’s other .leasing activities ~ 
and in the supply : ht second user 
IBM 370 systems m -Tease. . *> 

Net assets a t^ September 
stood at £2.05nL: . :: 


30 


was originally suspension requested in May vas p ro fits before tax of Helical Bar 


k to be satisfied by a £3.25 m pay- finanriaT" conteols' "and "reporting TiUIlAroain ^rlmmaniSt With, first half profits down 

ment r.n enmpletion and the S y“ :e ms report Tannergate opera. fipm £99.000 to' £55,000, no inr 

1 ?® n * s J2 terim was declared and the Board 


balance in 10 equal annual instal- 
ments. 

A socrin'ty knitting vam nro 
ducer with ptan?< in North 
Carolina and Virginia. Temnlon 


will he integrate,! wtih Cari«- 223L "1 

stohii Hi-.-.-'-nn ai sn expc . c . lcd t0 be completed next 


brook's St**bli div*-*nr». also based 
in Virginia, which produces 
double knit yams. 


r M mending a final. " ’ a record £Jfi 7 . 2 ( 5 a;--atr:>ales- u0 

rannerunlc . borrowlns. lo £ 3 rn Ttenovrf j ri r thii « lr- i hwili4 


month. 


In the year to .Tune SO. t^R, 
Temp'nn's s»les tot»l!cd £i6.tin. 
pre-tax profit was fojfl.nofl and 
net assets were ennroximatelv 
E4m Thn latest ^ ear's figures fur 
Cnrisbrnok. which has a Septem- 
ber year end. not yer avail- 
able b'’t in 1979-77 its was 

£5-m and sales rvfi fim. 


BIT Biiuority 
holders appeal 
dismissed 


c? 3 ™% n Vcl n X , WrU’i! to aiim-iompjsrwitrasis: ..*» M WfcM-lgfeXW : 

K .jr.st SjTSS5SSSysa?SSSSgEUSS 


bool! 1 of’lsm 3 ' 71 "' * surplus mr *2%r* &S h mO*i ?S!f_ 


n^V-Tn-t. prom contribu. ** bad to 


of margins but some Improvement 


tinn brings Rosehaugh's total B p fy ui 1 5^ h^re wa^a n art rthfi ta m overall - performance-'tad 
in £401.07! for the year compared attained and a rSSite-s 


The Takeover Panel has up- 
hdd an earlier dcusion by ip, 


with 194 059 for 1976-77. 

The dividend is raised from 
0 68p lo 0.67p. Also it is proposed 


with 


loss of £15J73 compared 
profits of £56.063. 

Basic earnings per 25p share 


attained and' a reasonabla second 
half was forecast: :- - >,-• . '• 

Tax for the .year - ©f HQ7.209 
(£61,400) left warnings per lOp 


C-iriehrook wa*? H-in*ion'« second executive by dismissing an appeal i 
mn mr US. aemdsition and it was from minority shareholders in 
hmiehl from Indtan Itead Inc. in British Investment Trust, \vho| 
October. 1973. to term The bn«e claimed that Black DjamonJ : Hen- 
for the expansion of its industelil *>1°° Funds, the N’aiionul Coal 
services opern»ior»s into the US Board's pension company, had m- 
The first acquisition was in ten* fringed lhe takeover code, 
aeri prod nets field and this s*de Mr. J. C. F. Campbell and Mr. 
has Keen built un more quicklv D. Fawcett, acting on behalf of 
In include, fishing, meat process- themselves and other holders of j 
inc and packing, and food BIT stock, claimed lhat Black 


n. w.oi|i. rt, 3 .j It .O MiuMiisea 3r p chnwn at 03n f2 3n\ an* nan icti . eiUTungs jibj 

to sub divide the 25p shares into p go) °ruTlw* dSufc J ' P ° P sbare «P at 2.0 lp (I.68p). 
five share* of 5p and then to group trades »«= - . Again there is no iliriaenth 


consolidate each two 3r 


3p Shares stockhofdcr lid d^gnt £J3Si has been Paid gtinw I960, and at 
into one share of lOp. Sl2f k ™i2S «tLi^ year-end the arrears af preference _ 


there Is Ho ^iiviaen dr Norte 



was 43JSp (23.000). 


settlers. 

Since acquiring Oarishr'i'ik. 
Hanson has cur back iLs bank 
borrowings quite .sienifirantiy hv 
selling the BuciI1:i ari ncpdi°work 
subsidiary to .\rmour-r>i.-iJ Inc. 
for £Sm cash and by making a 


Diamonds had expressed an mtin- 
lion w hen bidding for BIT to dis- ; 
continue the trust's business and 
transfer its investments io ihe 
National (Jo^J Board i’cnsinu , 
Fund. 


Lower midyear 
at Taylor 
Pallister 


Atlantic 

Computer 


ALFRED HERBERT 
OMITS PREF. DIV. 


ATLAWJC COMPUTER LEASING th’e" dlwtw"!?' 1 AJTrtd^teSi^: 
continued its strong performance are not paying the dividend due 
through the third quarter of 1978 on Oct. 31 in respect of the' 
and profits, before tax. for the 4J% cumulative ( "preference - 
first nine months to September sbanes. p • • • 


due next week 


Though they report pre-tax 
pmiii for the first half of 11)73 
down tenm £130.751 to £125^39. 
ihv directors of Taylor Pallblcr 
and Cn^ engineer and maker of 

marine ancillary equipment, ex- u... ■ ■ •- t*" - »•“> uraw™™ “ r, _ “ 

peel a satisfactory outcome at sharcholders ,n and con- crisis of confidence" .in the com- 

full rime. Last year ihe surplus Sltruc t i P I i 8T°UP. Saint Piran, have pe meeting with the Saint ; . 

was a record £221.273. ’ ' " ' — ' ,M " ' ‘ ■" 

They now 


St. Piran groups join forces 

The three dissatisfied groups' of Mr. Mori-ison has described ax * 

iamnriM0|iC 'SYS rninimv I ' "n-lmi. A r- - > ■ .1 


combined forces.' They have 'Bow'd cannot- take place 

add, however, that a SXeed that Mr. Robert Morrison. Sf:° re ' the end of this month 
while the company has a sntisfac- chairman" of. Planned Savings Life - y one of t 11 ™* - .. 

tnry level of orders in most ser- Assurance will represent them at “ IjJJ 10 !?, 18 ciurently in tbe UTC- 


Thpy argued lhat the iranster 
of BIT* portfolio to the NCBPF 
could not have been done without 
liquidating BIT, which would 
have involved the repaymeni of 
debenture stocks at par. and of 

Major company results are struction side overseas business, ment in the second half. For ihe seem to bo over, ter the moment preference capital at llOp per El 

ihin on the ground nest week, after last year's pick up. should full year analysis anticipate at least. Mine! Holdings, with nominal, while realising the rest- 

Two groups, which have been in remain satisfactory. between £I4n> and £Tfim. com- interim results due on Thursday, dua 1 asseis ter the benefit of the 

the news already this year, lop The UK market, mcanwblie, is pared with £S.49m last lime. is to .some extent insulated from ordinary holders, 

the list of those reporting interim still difficult though housing and Mutfiereurc is the latest in a ihe rather ? lower rales of The Black Diamonds offer was 
figures. One or them. Spillers construction materials have line of stores due to report half- premium growth by its strong closed after an ucccprance level 

<liould now be seeing the benefits apparently dime better. With time figures. Hut whereas the professional indemnity activities of 75. S per cent of the euuitv> 

of earlier bakery disposals while doubts hanging over margins and City has recently seen some and its small exposure to the bad been reached with a snteinn- 1 rions lhe continuing conditions in a meeting wfth the board of Saint n,»t tw is?- 1 * ??° said yesterday 

John Lai ns's profit performance the prospects ter new Middle East excellent result* (notably Marks sluggish marine market. Bui lhe tial minority interest ouisiindin- I worldwide shipmng indicate .hat Piran at the end of this month. i 53 ™* Piran Board should 

w ill influence lhe rating " r il ' «>-il1 ha Inntinn rnr -,nrl Cn.nn.r . 1I nnr |...,-.. ; , . [ i( *_ . " aPPOJnt four nnnjTOAilfmo iliwlA. 

new share.s. Mothcrcare 
in line to announce 
ihe stores sector, 
profits from Min 
at least provide 

i he innurance world. ranee from £9)m-£I 1.25m f£8.7mi The big trouble is the new U.S. 197S compared with 25 per cent continue lo run BIT in iLs nrhin il 

tfuch of the market interest in Spillers. which disposed of its operation, which has turned in plus last year. The first half form. " ‘ 

John Laing centres on the group's bakery business in April, is due to deficits for the last two years, and figure before tax could be around tHp p-«*m mind 
share split which will come into announce first half profits on could lose more in the current £S2m. m ' nt _ r .. 

effect on Monday week. So Wednesday. The results will year. Elsewhere. UK sale- should Dividends ro follow previously ihe party rnakm-a likcirer tad 
Friday's interim results will be Include a residual loss or around advance by 15-20 per cent. But reported interim results ' '■ y M ,aK,n ^ J WKcou.r Did 

closely waf* , " J : M r 1 J J ' 

as already 
be around 
The year 


Scott 
is be 



ter-/" toT'aU^ere^SSd 6 *££ 

San? fh 1 " 16 " 736 ? and ^ Stewart Bell the ShL-SSdeS^ at 5- 

id n tier They want "new non-executives lo EGM Aonoinroi^t 
proli. be. appointed to the Board of “bin, ^JSw S 
hamt Piran as a result of what "unacceptable." lie said. 


in 


j 

up 

9 




suiting 1 in an estimated deficit of up to £7m. Petfoods and milling 


tt,“o V/'" “ Hn J e ,![!r,F, ham . CpuUP Wednesday) securities after the anouncement 
TTie days of explosive growth and William Press and McKechnic of the offer, to lhe possibility that 
the insurance broking sector Bros, ton Thursday). ihn offerer minht in f.in nurciiA •■ 


more than Elm. 


con- are expected to show an Improve- in 


i.'iiruDsny 


FINAL DIVIDENDS 

Pnt'$h Tru«i .. . 

koosvM Prodncts luoipanp > HaldintS' 
Ctr> *nd CoTKiroropn HoMImw .. .. 

dtp and Cnnstruciion lloldmrs 

Puotilo Si*Hs ... 

Fi-t-n flnldinas . 

ItisSIand DKtiIUtw* Company 

M K:chni« Broth v-r* 

MftltlltMon Hotels 

Pttunoo Zocltom? and Co . . 
P-.aiv- »C. ll. • and Sons 

Pr-^sac Ho’diogs 

Stmpimn «S.* 

tinHfd Real P*-no.'riF Trust 

Walker aod Homer 


INTERIM DIVIDENDS 

.\s<wiatyd Leisure 

Ayrshire M«ial Producis - 

Rt-rv Grouo • •• 

r-rkeler Hambm Properir . .. ..... 

pt«*ionsc4ie Trusr 

Rnow and H.v»k"s — 

RnnnKcnr) 1 »nd Sons . ..... 

r no’ii Untvrnaihma] HoldlmssT 

Border Brwenw i Wrexham i ...h.— 

Burrell and Cn - 

rslt.rinnlan Assncmlrd Cinemas 

riavmn Son and Co, iffoldinMi .... 

Continental Union Trust Conmany ■ 

roml Lniourr Croup .. - 

ni,..-nt»hr jc Holdings - •— 

Dnalvrsi ••• ■■■ 

Fnchth Vrfionol infesim<*n* Coro pant 
r>ui» Cnliea inrcstwni Trust • •• 

F dcli-r Radio 

Funris 1ndu>IClcs 

Gcira Cnua »••— • •• - — • •• 


Announcc- 

Dividend ipi* 

mint 

Last year This year 

due 

Ini. 

Final 

lm. 

Wednesday 

n.o 

1 1 .. 

Uat 

Thursday 

Ml 

S.2S75 

to 

Tuesday 

Fridas 

Nil 

623 

Ml 

Tuesday 

1.731 


1 0261 

Friday 

li.fij 

i.b*m 

073 

Alondar 

fi s 

;.ns- 72 

1.0 

Thursdas' 

1 3 

3.45 

1. 7." 

Monday 

1.63 

LU 

? IM 

Tnnsdae 

0K4 

K.070 

5 n 

Monday 

1.IU 

■jjra 

1 317 

Monday 

n..'UM 

LNB 

11.0244 

Thiinidar 

1.3125 

2.3 

1.3123 

Thursday 

1.23 

33 

1.23 

Thirrsday 

(J.4.3 

IM5 

0.45 

Tuesday 


1 7W« 


Friday 

LXH7 

2.I77H 


Friday- 

l.H’51 

5.2IK7 


Thursday 

U» 

n iki 


Monday 

Sit 

4 25 


Thimday 

LJ 

5,37.7 


Thursday 

2.5 

5.0559 


Tuesday 

U<5 

2J075 


Wednesday 

n.w 

2.3W 


Wi'dne'day 

0 429 

0.40.1 


W'cdneaday 

1.0 

2.653 


Frtd.u - 

uon 

3 1944 


Wednesday 

1.0 

2 3 


Thursday 

2 73 

n *.3 


We't'V-wtay 

07 

i ..vi 


Monday 

-.■"lI 

2 «?.! 


Tii"*ilav 

S id 

1 «4 


To«.sday 

l n»»Bj' 

1 nSMMi f, 


Monday 

1.2K 

3.-14 


Friday 

[.« 

1.91 


Thursday 

d-Sli 

LtUBfi 



(kiiiipdiiy 


(till and D'lHuft Crnuv . . . . ., 

(tr>>-nhaiil: lndns:nul Hold ini:' 

HU5 rrtulio. Sns-simcoi Trust 

Ilopt.ifisjQ« Holdirus 

Ho»sTiii_*ham C.roup 

l.sinj • John i and S->n . . 

LUIu<ha|| Cump<«> 

Lindsay and Wiiluina 

l.onduii Br-r|; Company 

•V.ifU'i .. 

Mnwrer 

Mtaa ri-F,.ppaij _ ..1. 

*tn:lN'n.‘ar» 

X.«r1i2n iB aoC L.i 

"iiiwun luv.-srni^ni Trust . . 

T'lmras • Loudon • 

tir.-ss i VVjit.ara • and son 

KnnciDun AVat' T* and «>i 

Seo"» and Roterrsnn . . 

ScsmtsA OniJTio tttevmcnt Cotnpanr 

siunn^iridse Enamnr.na 

Sniller- 

To2.?r KoDuLr and Millboum r Hides. > 

Trust Union 

Turks Holdings _.. ., 

VOili'iniztnn Eneiiuf rm>: Company . .. 

Wire and Plasfii Prortueis 

Youshal Carpets 'Holdmpsi ....„ 


Anii'iuncc- 

nieiu 

dm 

Vcdncsday 

Wrtlir-UiilT 

y.-<*d<p*ai|.«v 

W 'lUli 

w.<mvl.ir 
r nda.r 

W«n)n«*s<1kj- 

Tlronda*- 

Thiirvlay 

Knilav 

Ma« 
Monde y 
Tuesday 
Jtonday 
End ay 
Thursday 
Tuesday 
Tuesday 
Friday 
Thnrsilay 

Wi-dn-sday 

Tui'Pliv 

Thursday 

W'dtnrulnv 

■piiirsfi.iv 

Tlnmnl.iv 

WwliieFday 


(•m-ieiid ipi 

Ijsrj-.ir Tlusv.ar 


inr 


Final 


int. 


Lhe offerer might in foci pursue ti 
different course in the light nf 
the circumstances prevailing after 
the conclusion of the offer.’ 


1 0- 

2-.T5 

"..irilftfi 

n *>on4J 

2.3 

74 

1 .V> 

3 II 

n 75 

1 ..7.1 

123 

1 wSB 

0 i 

1 25 

•1.5 


1 21.72 

l.nnns 

S.M.-’U 

1.27IM 

: .vais 

2 ll 

M — M%f 

2.I--1UC7 

l.nifc 

10UW5 

l ii 


0.7 

7.103 

1.2 

1 32 

0 J 

n 4775 

2 3 

5 a; 

•i. ,| M 

I si 

ft *i , i 

I 423 

2 n 

” Zi 

IV 13 

0 7*i» 

O..12o2 

2 2*02 • 

1.4 

2 0 

— 

■’.7.7 

1 f.7 

2 7«|| 

n w 

1.74 

2 IU5 

Nil 


INTERIM FIGURES 

Crouihi.T i John i Croup 
EIrrfrnnir Mnvhlne Cnmp.inv 
House Praperty Company nf London 

Eavay Hotel 

Xerox Corpora iio-> 


Th*ir«tlay 

Thnrwlay 

Frida* 

Tm-srtar 

Tueaday? 


COMBEN/ORME 

Car! Inn Industries will own 
lew than .10 prr ccnl nf Comben 
Group, the housebuilder, it. as is 
now expected, Comben is able io 
entente the complete purchase nf 
fellow housebuilder Urnie 
Developments, 

Comben yesterday announced 
that ll has received valid accep- 
tances from holders of. 85.2 per 
cent of (Irme shares. But accep- 
tances not yet \uiidaied lake lhe 
level beyond 90 per cent, at 
which point Comben can compul- 
sorily acquire all the rest. When 
Comben does so, it will issue 
sufficient of its mvn shares in 
payment to dilute Carlton's slake 
in Comben just below 50 per cent, 
(.anion is 51.9 per cent owned 
by Hawker Siddeiey Group. 

A l thy ACM of Ortne yesterday 
the resignations ur the previous 
non-executive directors, including 
the nominees of Saint 


Piran, 

- Dividi'iid' tfinwii n.'i pw rvr fli.iri' and -idjust-.d fnr any roi"rrornna smn " cre ROWpied, At a Board Mect- 
I!«u-. ■ loicrtm. i Mae wowm' kovs- flndudlns i-umd and Uiud l n C al Urnie. rep resent a tlv&< of 

un^ran OmCeRdB. Comben were appointed. ^ 


Income funds hold their appeal 


.h‘"rpt;! D U „ n th^d™"^ d „nS 0, ^ r ■nv^on. But hubband abd 

of the unu trust, judging by this ^ 1010 u t Trustfi throu 8h can each take out. a bond, 

week's promotions. a assurance contract, since . Providence Capifaj recently re- 

Three income funds, from the lhe ihvestoc gets "lax" relief, at !?[??? l ® *he market after '.a 
Tyndall, Garimore and Schlesinger Present -I6i per Cent, on the con- w»tw ““Ctrvity , as Slater 
groups, are among the latest tributions. . .It is offering : the .tiJ* A rre.-v Life- 
offers. M and G Regular Investment Plan C r%f ^ ^ an oE tije 

Thu. income idea came strong iy mining monthly outlay and is marfeJin^^f 11 Gro 'i5; 

fashion in 1974. when the ^ mvestor .can link the life JS^SSf “S,? ' fuU m*** 

Plan to one of :«ven trusts U^r^i at3 - C '- ^ pension con 


into 

Stock 


Market 


1974, when 
badly dented 


, 11VU1I1C tuHas spectnm of equity invest- pi ZU'mSTf 2V* 

iln their ooou! raen *- Interested investors should bom? J iffi ■ l i T liS'.J? 1 * ass H r ® l,c 5 - t. V 

hamSteSt no! ? ^ '**JF aomx G00 7bt'SJSS?IL2S^ of ~ ‘ 

fSSr^SS v *nes .be WWil Sl per cent and wide m a . 


cd tiiti p™ "to one or .seven trusts : ,<zzr «on- 

appedl of growth aha rex. The fact *1^* S™** «"ering jLf J fferi ?§ 

. r ■ miTr a wide spectrum of equity invest- i 


that four years on. Income Tunds 
are reckoned to retain 
lanty with investors is 

of their staying power Fnr~Jifh va ™is. between »t per cent and : JM wide SDr#«H ~nt ■2T' - m * 
rerard W h-ah ,a ™ cl A s "th close w ami i“5S 

issiSoAni™ Si 

And" 1 the SSJg 'fejS 


coming in for strong competition Fan fijy.As sur : fleribjHiy- of- investmenrhy' v££ 

from ihe big switch overaeas. “^.Society to offer the Britanttin Ing, the pr ' y 


, -- - , — - Proportions- to maximise 

Barclays Unicorn, meanwhile, is i jr _ 88 rewrns:. 

backing the American trend, reltef on^^oremiiiS'SnS '■ fori^ investors seeking 

pomtibs »u. Jhb, al tbo Us h the ae “ KfitSS 


dollar is still in the 


. . dumps', A^iu-ance a friedd^ aacietv S ^ 

American shares per- .* look 55S!SS“^i 


cheap. Target's offering i s its up^ io wriate limite.’' ButTl .“^s^ara. dfiicussed on 

Pacific fundln voting in Australia, so per cent of The : <™ nIra ?t _ 

and areas of the Far Tfcst ISbe - to •SK'SteV-tfSLffS?- 

Japan, which have recently caught. The limitsL faposed. ter .tas>frae Higher 

investors a itention. statue sm auMo Iau-^ _ £a ?« | '«yers. -snoula- 


out to.investu.-s that the most tax under 


investors’ attention. . • status are <iufte lm*-+ W^rn'chttironY^ 

.?!? wmtm of m peF- mooth- fqr;. t nvesto^- 

of. capitu. 



S&giSlG, 






tW* j-Ji *•*-* i 




M)s 


Financial Times Saturday October 21 1978 


SUMMARY OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers. 

,/v ^ Alfred Preedy has joined the struggle ft t control of Midland 
. ' ’ ~}'\. r 'Educational by making a cash and shares bid of £3.3ffl. This lops 
■ ‘ • the £2.1m cash offer from Pentos and the shares and cash bid 

from Lonsdale Universal worth £2. Urn. Preedv’s offer comprises 
■ . | one nf it* own shares plus 3S7p in cash for every two Midland 

shares. The new bid is currently being considered by the Midland 
board which has already rejected the Pemos and Lonsdale terms. 
Market speculators have driven the share price well above the 
” Preedy terms in anticipation «*f new developments. 1 

Courunlds has abandoned its £11.9m bid for control of 
J. Compton Sons and Webb following VantonaV higher offer. 

Tate and Lyle is negotiating the wile of us remaining malnr 
South African investment — the $i.e per cent stake in African 
• , Products which it inherited with the takeover of Manbre and 
» Canon in 197B. The British sugar group is proposing to sell irs 
■- ' holding to Anglo American Industrial which already baa a 25 -j 
per cent shareholding in the starch and glucose group. Although 
^ hoai terms have yet to be reached because of foreign exchange 

problems the African Products board has indicated -that minority 
'■ shareholders are likely to be made an offer of around R9.80 per 
^ share. 

. . Textile group. U. U. Textiles, is attempting to- solve its 
. / 'financial problems through a merger with a small textile 

_ wholesaler, F. Salbsteln. The deal involves .a complica'ed 
. “financial reorganisation programme which once completed will 

give R. A. Rainer, chairman of Salbstein. and his family, 59.3 
per cent of U. U. Textiles' equity. 

Tootal is planning its first acquisition in the U.S. since it 
bought American Thread in 1914. At that time anti-trust 
legislation forbade Tootal to increase its share of the American 
market even Ihrough diversification. Now, although formal 
"appmvat has not yet been gained for a lifting of the ban, Tnnral 
. ^ is planning tn spend £B.8m ($19.3m) on a New York public 
company called Ups ’n Downs. 


As part of its declared intention to widen its wurldwide 
interests Metal Box is making a cash offer nf $25ra f£12.5m> for 
the Rlsdon Manufacturing Company of the U-S. 

A bid may be in the offing for Com Exchange following the 
announcement that the company is ciirreoly involved in talks. 

Valueof"' Price Value Final 

Company bid per Market before ol bid Acr’fee 

bid for td iarc ** price** b i d l l ni'n*" B id der date 

Uriels in pence unm* otherwise Indicated. 


INTERIM STATEMENTS 


AHda Packaging 

145“ 

138 

108 

46.T 

HnrkwnreGp. I -'ll 

Bambergerx 

80^.5 

84 

85 

7S9 

Inti.Timhrr — 

BoitM-r tns. 

45* 

44 

DR 

2 7U 

Kaye Orison. — 

Bourne & 

Hollingti worth 

233» 

227 

317 

U.2S 

Ray beck — 

Compton Suns & 
Webb 

74* 

73 

- 73 

12fifi 

Tanlona — 

CintomaRlc 

21 

16 

1»4 

1.10 

Moplova In vs. — 

Dawson IntnL 

sous 

207 

J36 

34.73 

IVm. Baird 27-10 

Eastwood (J. R.) 

132* 


no 

31.53 

Cargill — 

Goldrri Fouexrd 

103* 

ino 

78 

2.39 

\thm. Funds — 

Lyons (J.) 

155 

154 

97 

(HI.KS 

Allied P.rows. — 

aihlhorte Wbltefl 

4h* 

47* 

47 

3.6 

\V Wcreldbuve — 

Midland 

Educational 

207S3 

2G3 

ISO 

2.89 

Lon tide Unlv. — 

Midland 

Educational 

150* 

263 

120 

2.10 

Pentos 24*10 

Midland 

Educational 

2354 

263 

230 

3^9 

,V Preedy — 

Mowal (W.) 

22j* 

43 

27 

0J125 

Jenth — 

New Ynrk &- 
Gar 1 more 

47* 

454 

67 

4fi 

3.76 

Brlcomin — 

Plantation Bldgs. 

64*6 

tn 

12.89 

Mu lit- Purpose — 

Tridant Group 
Printers 

85* 

102 

55 

3.72 

Argus Pr*** 1/11 

Tridant Group 
Printers 

J00* 

102 

« 

4J1S 

Sfarwesl Inv. 20/10 

Warw ick Eng- 

41* 

40 

40 

2.46 

Mr. N. Gklne.v — 


* Alt cash offer, t Cash alternative, t Partial hid. S For capiul 
not already held, ff Combined marker capitalisation, it Dare on which 
scheme Is expected to become operative. •■Based on 19 '10 78. 
ft At suspension, tt Estimated, gfi Shares and cash, Based on 
2 n -in. '78 


Hail-year 
Compa ny to 

AMaate lads. July’] 
Allied Plant Grp. June 3fi 
British Home Si rv. Sept. Hi 
K.moli SL Bureau J une Z'J 
Brown & Jackson .lun»- .10 
IlS/5 Inti. .’une sci 

Central & Sherwd. June :sy 
Coates Bros. June an 
l)e Vm llniels hept. 3«i? 
TinbPe.-CmbK.-Mrv. June HO' 
Uuport July 31 

Ra-arr a Produce .1 uni- 30 
Erllh Junta) 

Farm Feed HWrsl July 31 
Pnrness Withy June 30 
Harrison & Sons June 30 
Haw her Harm. Juiv i 
Hawker Sirfdeley Jmfe :;n 
House nf Lerose June 30 
Kodelnt!. July 14 

Li I ley (£. J. C) JmvSl 
Lowland Drapery June JO 
Marks & Spencer s* P t. 30 
Marshall's Unit". June 30 
North (MF) June SO 

Rugby Prtlnd. Cmt..June30 
Senior Engrg. June 30 
Siemssen Hunter June.lf) 
Siplrax-Sarco June in 

Steel Bros. H Idgs. J U n e 30 
Time Products July 31 
UBIH Group Aua. 31 

United Carriers July 29 
United Engru. July 31 
Webster's Pblctus. June 30 
Wetlern Bros. Juno 30 
Wilmoi- Breed on Jun?3(i 
Wood A Sons June HO 
Zenith Curb. June 30 


Fre-lu\ profit 
(£ 000 ) 


1,150 

(i.760i 

4.535 

206 

192) 

04 

10.425 

(S.-H17 

3.1 

738 

(357) 

1.31 

371 

i.-l > 

2.U 

4 S0» 

( 3.207) 

0.916 

2.740 

f2.njo> 

0 675 

5.192 

14.731) 

n.SS5)t 

Util) 

( 770 J 


2.960L 

( 3.71)0 > 

— 

3JM1 

(4.383 > 

2.0T6f 

1J 520 

1 4.0SIJ ) 

1.34 

-iW , J 

(353) 

2.071 1 


June 30 
June 30 
June 30 
July 3 1 
Aua. 31 
July 29 
J Ulv 31 


199 
5,71X1 
I IKS 
9!1 

5(1-1 
fibs 
1.7C0 
121 
72.944 
2.(T5r, 
191 
0277 
2.730 
422 
2. 070 
3.140 
1,090 
3.382 
1 520 
084 
237 
103 
1.824 
241 


(36 iL 
113J20U) 

4 1'JiU 
( 120 ) 

1 4.1,330) 

1 803) 
(4021 
( 1.370) 
(116) 
(32,015) 

( l.b22) 
(Hal 
(3.861 1 
(2,020) 
(37(5 > 
(2.230) 
(3.334) 
(1.430 1 
(1.589) 

(iron) 
(389) 
(161)1 
(91 )L 
(2.819) 

1 214) 
(680) 


Zenith Carb. June 30 346 (880) XU f\U] 

(Ficiires in psrenihenes are for corresponding period.) 
nivifienrt* stinu n net except u here otheniee ctafed. 
■Adjusted for any imervenins scrip issue, 7 Including special 
dividend paid duo to change in tax rale. + Gross. ' Nine months. 
I. I.nss. 


PRELIMINARY RESULTS 


interim dividend* - 

per share (p ) 

4.535 (4.4SS) 

04 «h3> 

3.1 (2J>) 

1.31 (1.173) 

2.U (Nil) 
0.916 (0 7) 

0 675 (0.562) 

AJfiVt 10.775) 
2k2R (1.91)7) 
- (— ) 
2.0761- (1523) 

1.34 (1-321 

2.071 f (I SO”) 

1.34 (Nil) 
2.92 It (3.5) 

1 .487 (1.487) 

1.97 (1.79) 

2. 1387 (1.983) 

1.83 ( 1.826) 

1.842 (l.Sai 
1.117 (1.0) 

1.42 ( 1.3}? 

1.15 (0851 

3.49 (3.125) 

0. 133 (0122) 

1. Maf (1.671) 

0.652 ( 0583) 

1.526 lUK) 

2.1 ( 1.847} 

2.75 (25) 

5.2S7 ( 1.677) 

1.9R4 (1.786) 

0.9K3f (0.688) 

1.35 (Ull) 
OG- (0.536) 
2.067 (Nil) 

1.2 1 12 1 

0.67 ( 0.33) 

XU (XU) 


Company 


Pre-tax profit 
Year to (£000) 


tarn-nii.-- Dividends* 
per share I p) per share (p) 


Bailey (CH.) Mar. 31 
Boulton (Wm.) June 30 

Brooke Bond .1 une 30 
Cfellon Apr. 30 

Daw-nay Day . June 30 
Forward Tech. June 30 
Herberger May 31 

KaUtma'nm Aug. 1 

Londn. Shop. Prop. Apr. 30 
Med minster June 30 

Northern IndL Mar. 31 
Rater Engrg. June 30 
Sandhurst Mrktng. June 30 
Spencer Gears June 20 
Tvrack (IV. A.) July St 
Wranvlr.Clry. Pps. Apr 30 


ti56 

( ISO) 

1JJ 

(0.4 1 

0-239 

<0211 i 

.370 

(918) 

2.7 

(2.7) 

1.219 

f 1.092) 

1.7)8 i 

[49.329) 

sj; 

II2.S) 

3.086 

12.764) 

705L ( 562 j 

_ 

(5.6) 

Nil 

(1.505) 

!,1S0 

(954) 

6.8 

(2.8) 

1.75 

il.U) 

.371) 

(1,4301 

12J 

1 — ) 

b.Ptift 

(2.U) 

217 

(251) 

9.7 

(96) 

3.117 

(1.0) 

!.?20 

(3.2901 

4.7 

14.1 1 

2.162 

(LJtittt 

653 

[538) 

3.5 

(1 :n 

3 032 

I25SII 

atm 

1(37) 

4 1 

(3.6) 

2.027 

il.SlW) 

1*5 

IS4 ) 

4 7 

l 4 6 1 

4 65 

(4J>) 

*><!2 

(S3S) 

1 1 

12.3) 

0.871 

idj7n 

292 

(114) 

5.1 

1 1.8) 

1.591 

(0854) 

390 

(365 1 

8.6 

Cl 8) 

0.H06 

f 0.543) 

541 

(433) 

5.1 

(4.0) 

1.423 

(1274) 

112 

(1SG)L 

3.9 

l — i 

Ml 

i Nil) 


Offers for sale, placings and introductions 

Isle of Anglesey Borough Council: Placing of £5m variable rate 
stock 1983 aL £99.75 per cent. 


Rights Issues 

Time Products: One-for-ten at 155p. 


Scrip Issues 


Sandhurst Marketing: One for two. 


APPOINTMENTS 



H.-i.Bi. 
ar. m 


EUROPEAN OPTIONS EXCHANGE 

J M-1. , J»n. A|t. ' J 

f-cn** ! Vim. i (a-1 X-m. fj%»t T*M. i (JM .] .Slllril 

ABN 

F.iCO: 

i 

; 3.70 1 


I — 1 



FJ562 

AtiZ 

F.E7.&0, 

— 

1 — . 



20 

6.70 

V .30.40 

AJkZ 

P.50i 

67 

1 0.30 : 

it 

2.40 

6 

- 4- 


AKZ 

T, 32.50: 




38 

; 1 70 

140 

a. so 


A KJL 

F.35! 






• j 

12 

1.80 

r.74"90 

A KB 

F. 7B.£TO : 




6 

; i-so ; 


— 

F.K 

MB' 

— 


1 

' 161; 1 

— 

■ — 

*60 

HR' 

*50. 

Z 

! lot.- 

4 

: luii. 

_ 

-A- 

I. 

hK 

860' 

30 


26 

41,1 




ER 

870 

— 


23 

• Ilf 

1 

BTg, 


Gil 

*60* 

13 

i 21; 

— 

\ - 1 


te- 

SBBie 

H« 

P.38.30 

3 

6 





mmm 

pja.70 

HO 

F.37.50' 

4 

i 



Ml- 


H 

HU 

r.45 1 

— 

1 t 

— 

! - i 

25 

2.30 

It 

IBM 

6240i 



i — ' 1 

1 

1 39V 



— 

82761; 

IBM 

S/bu, 

16 

' 16V 



| — « 

1 

28 

It 

IBM 

Sid Bui 

3 

i ȣ' 

9 

; 12 • 

— 

. — 


IBM 

830u! 



3 


8 

Big 

f.IMJO 

hLil 

F. 14)2.90 

10 

10 i 

__ 

— 

— 


RI.M 

Klo . 

16 

3.20 1 

4 

! 13 1 

10 

19 

•• 

KLM 

F 152.40, 

50 

‘ 0.60 

14 

li.Bo ; 

_ 


- op 

M.M 

K.160 



, 

25 

8.60 

2 

12 

*• 

K Lit 

F.iat.sc; 

— 

l — - 

16 

: e.3o 

- 

— 

' JS 

KLM 

F.17CI 


1 1 

27 

5J0 - 

7 

10 


KLM 

F. 171.40 




27 

- 6.20 1 

— 

— 

•• 

KLM 

V.1B1: 

— 

1 ” l 

79 

*3-50 j 

— 

— 

H 

KLM 

F.lUOACj 

- 


58 

; 3.20 , 

— 

• . — - 

> ‘ 

KLM 

P.20B.60 



: — r 

12 

i 0.60 1 

__ 

' 

F 108 

-N.\ 

y-MB.wO; 

3 

1 0.40 . 

— 


— 

- 

KHI 

P.Za.jl ; 

_ 

’ | 

6 

; 4.40 . 

3 

4.90 -i 

FJ36.70 

KHl 

(■-Zl; 

99 

1 : 

31 

1 2.20 ■ 

104 

3.20 


PHI 

F.27.5b! 

M. 

'. 

343 

; 0.90 | 

65 

2.10 


I’di 


— 

— , 

330 

! 0.40 , 

420 

1 


m* 

64u- 

— 

' — 1 

1 

: lam 

1 


PKti 

s&O- 

7 

1 ,,! 

1 

4>jf. 

. 

**. 

- : i 

PHD 

860, 

— 


22 

i . Us> 

- 


•• I 

KU 

F.120I 
K.la ‘ 

14 

• 6 ■ 

20 

( 8.60 ; 

_ 


I.125J60 

Kl> 


/ 

31 

. 3.10 , 

10 

6.10 


KU 

).l«vl 

_ 

— 

21 

■; 0.80 1 


2 


T 

>55 

— 

' — 

10 

f 7i«) 


-• 

5fll»« ' 

L M 

f.iio: 

fl 

10.50 ' 


— 



i- 120 , •' 

l M 

f.izo; 

10 

' 0.60 i 


'■ — - 

12 

6.60 j 


L’\l 

Ki3f>: 

— 

1 — ’ 

10 

1 l-io , 

3 

•• 3 •[ 

;.r i ■ 

XkX 

E50: • 

V 

11. 

3 i - 4Ui 

: .Slav 

SSOiB 

Ba 

*eo; 

S70! 

__ 

1 - : 

6 

’ 7*i 


- 

U61? # 

AS 

11 




10 

5; ( 


a'LB 

iSOl 

4 

1 V* 

— 

i — i 

— 


S-Sb 

| TOTAL Vf»U MB 

IN 

1'Vrk.Ai.rs 

• 

Z502 



Granada TV director 


Royal Worcester Board change 


Mr. Andrew Quinn, general 
manager nf GRANADA TELE- 
VISION. han been appointed to 
the Board He joined Granada 
in 1964 and was head or produc- 
tion services before taking ud the 
position of conerai manager in 
April this year. 

★ 

The northern nreaniBatinn nf 
TARMAC ROADSTONE has made 
a number of senior management 
changes. There are three appoint- 
ments to the Board: Mr. Edward 
Jones, uhnve responsibilities will 
include management of the 
company's Industrial minerals 
business: Mr. Dcs Andrews, as 
direrinr of admirisrratinn: and- 
Mr. Lanham Faulkner. Other new 
posts include Mr. William 
Bnwen-Jnnes in central manacer 
of Tarmac Roadycrete (Northern) 
and Mr. Peier Rlrhnrds as general 
manacer. Scunthorpe Slag 


Mr. Ronald Bailey has joined 
LEE BEESLEY ns financial 
director and Mr. Anthony Allsnp 
ioins that concern as deputy 
director of personnel and prnduc- 
fivifv The fompanv is a mesnher 
of the European Ferries Group. 
* 

Mr. Stephano CoerhlgHa has 
been anpoimed asristani mana«i- 
)ng director. CHAMPION SPARK 
PLUGS EUROPE. Previously, he 
held the position of diri*rtor of 


CLIVE INV LbTSlfcNTS LIMITED 
1 Royal Excoar.gL A ve., London' EC3V 3LU. Tel.: 01-2SS 1101. 
index Guide 4 s at Ortubei 10. J978 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 129.05 

Clive Flyed Inleresl Income 114 JO 


ALLEN MAKVEV & KoSS INVESTMENT MANAGEMENT LTD. 
45 Comhill. LonJ- n EC3V 3PB. Tel.: 01-623 6314. 

Index Guide as at October 19, 1978 

Capital Fixed lnier^-t Portfolio 100.00 

Income Fixed In^rc-tf portfolio 100.00 


manager Europe and taken over 
the previous duties nf Mr. 
Coccbielia Mr. Jim Hiiehrs has 
been made general manager of 
Dario Arman (U.K ) in addition 
to ■ hut present responsibilities. 
Mr. ( Terry Harrison, comnanv 
secretary Tor Champion Spark 
Plugs U.K has been appointed 
to ' the additional position of 
comnany secretary. Dario Arman 
(U.K.). Mr. Stephen Letteh is 
now assistant cpnpral sales 
manager of Champion ^nark Plugs 
U.K. ard Mr. Rrk Why moo is 
field sales manneer. 

4r 

Mr. James Pardoe has joined 
VOS PER THORNYCROFT (UK), a 
member of Britti-h Shipbuilders. 

general manager of the 
Portsmouth shipyards. Mr. Nigel 
TunntrlifFe. the former general 
manacer who hwimte a director 


HowTyndall 
Scottish Income Fund 


1 ; . : • 


Income 

“P 


56^ 


Retail Price 
Index up > 


27 % 


elr * 


\Fhen the most recen t income 
distribution by Tyndall Scottish - 
Income Fund was made on August 
31 it. investors saw their income rise by 
56% in the two years since the T rust 
was managed by Tyndall. This is 
almost twice the increase necessary to 
compensate for inflation, which has 
been .27% as shown by the increase in 
the retail price index over the same 
period. Compare this with a fixed 
interest investment where the real value 
. of your income is constantly falling. 

Investors' capital too has risen 
substantially, the offer price of the 
uniLS having risen by b0% from 29th _ 
July 1976 to 31st August 197S. This 


compares with a rise of 36% in the ' 

F. T. Ordinary Share Index during 
the same period. 

The Fund Managers believe that 
the best policy in present 
circumstances is to remain virtually 
fully invested, predominantly in 
ordinary shares. 

The yield to new investors is S.97% 
gross las atlSthOct. 197S You can 
invest now by using the application 
form below. ‘ 

You should remember that the 
price of units and the income from 
them can go down as well as up. 

You should regard your 
investment as long term. 


APPUCATION FOR UNITS 

. Aitf-itcui/wH -huitj ne JSftf 

' Tyndall Scottish Managers L-td 
24 Castle Street, Iidinbqrgh, 1LH2 3HT 

Tttfphrmr : * .’-w i"^ ’ Ar 

' 1 hr nr ra i n n r. Je iaia>rt' 

lncyw lfa -> Tynduil Scottlsb looome Fimd»r. 

ibeoferpjlccnihocwihc'K'cdiiMdaj i»>UcvinR ■^Uv-apflh^r’a- 

Mifumuza Ln’Mnoar £ TO. «h*>uld be krW pivMv K> Jit* Ty+htt 

Or.vip. rittatman »jf ti% » f*!** u «cw«nheJ kfrrtv 


Snmantgi’Mt. Ali>. 
HintritiVamtSfalMr- 
FuBadJws 


*; fujjrt tltul / J* It. oai Jn «c r^Lba ooaUr ike VK <* SikaiuhJ 

ftpuwt .. . ' ; 

' // vw lirt Jx.jr*zv*i M&aJJtxJdu/J fn"2M<Y>i Wk) 

.v/iOftF, 

m milage v mukstaMihe R^putdlcoilrrinKl- 

ATyndall Group UnitTrust 

frliwttf of ‘he Ciii:JeiM AitCcutior 1 ^ 


Important Derails 

I'nlb, n-hiJure JbiIi in nccLI, mi 
terjBiekhvk «lU he alk^l cJ *■ Ih* 
MrnjwvcniUngijn ihe WtdncJo 
f.Jkntiegnxx%n of yrwjpf}iaoun 

lllr iiBr: piiccnl ISth 

Okirticr l tI 7 v * n»> I7> »r L'nH 
Trtv, anil >iddi arc quned in n*«t 
Ottiunil duty hmniwpcr- .ITiC 
nunumini mVbunem a (W 
T« anrtt. fiU h dw impon »r mh 10 
WBnroladiT-crcT tmii T>l“i*>U 

ArpteHlOW wB be KXn&wIM^d 
ttul wuj artlfidrir wm trirttin Kisw. 
Jt you vtJi u. four leiii. (be 

MaiHBitk ufll puichase ihem w the 
biJprWonHmreeWydciltatti^T 
t*iymem <tiB junuOy tv mate vrnhm 
. wten (fajt nfrtie rtosi* ofwwr 
iQDltiCfidiXnjfiQlL 
OinrtbtidaM nci nx n itv bark 
twexie Bade nnna jearan' SVth 
J'etvaur? lad .Un AubvW- IrnMim 
iW'WMnnnt ihdr hnt datribwnn 
in Fd>ruaf>' 

An inbU DMHtmai Uurgceil to 

(ncteeM m the fcifw* pnwM'tbr 
unlB. A bitf Yearly erf I'i 

iplin VAT' d ihf Pun4H doducmi 
from the Thu) intume. 

11 k Ri?jti) Beni <n tmwrf 

is die TruStc nod hnU • hit the Tntats 
wbuid niMncnitniiL. 
ladihoktet' 1 bduU. 


I in February, has b*?en made 
' mnnagim: director. Puru>moulb 
i Shipbuilding. 

1 + 

Mr. W. R. Pick has be«*n 
i appointed president of the 
FEDERATION OF OILS SEEDS 
AND FATS ASSOCIATIONS. Mr. 
J. E. Anderson has been made 
vice president and Mr. J. 
Rolhulzen, honorary treasurer. 

* 

Dr. A. E. Wright, managing 
director of Rowallnn Creamnrv, 
has joined the Board of FOOD 
SECURITIES. 

★ 

Mr J. N. G. Ma Hinson ha« been 
an noin ted managing director of 
HEAD WKlriHTKON TRRSDAl£. 
He Joins fcom another Davy 
Corporation companv, Davv- 
[j>ewy. uhere he was deputy 
managing director and general 
manager. 

* 

Mr. David Norihwas’, managing 
direclnr or BSA Sintered Com- 
ponents. hah been appointed 
chairman of member company 
BSA METAL POWDERS. He 
joined the Board of »ht? powder 
met a I company in 1976. 

★ 

Mr. Rfrharrf Luff. Corporation 
nf L.*ndon «urveyor. has heeonie 
president ef the ASROCIATION 
OF LOCAL AU'ntOPIT) 
VALUERS AND ESTATE 
SURVEYURS. 

* 

Dr. L. C- F. Blackman has h^r- 
aopomted nenr*ral manager of ih> 
group research and devHonmeo' 
orcBnisatiru of BRITISH 
AMERICAN TOP, Afro C.OM 
PA NY, a member of the BAT 
Industries Groun 
★ 

Sir Rector Lnmg. because of ib*- 
increasing pre«urc of othP' 
comm it mem is, has resigned fran' 

the Board of the ROV Al 
1NSUR.ANCE CO* IP ANY. 

* • • 

Mr. R. E. France has be 01 - 
appointed director of the 
BRITISH TEXTILE MACHINERY 
ASSOCIATION. Manchesier. H*- 
joined the Association a> 
extebitions mannuer in 1970. 

* 

Mr. K. R. Hoidsworth. a senior 
dealer with Hariou- Meyer and 
Co., has been apointed to the 
BoarcU of E. B. MEYhl- 
(BROKERS) and HARLOW 
JONES (FOREIGN EXCHANGE 1 
Harlow Meyer Is a subsidiary ol 
Mills and Allen International. 

* 

Mr. J. W. 1-awrie and Mr. W 
Thornton have been appointed to 
Hoard of HIRAM IV.ALKEK AND 
SONS (SCOTLAND). 

★ 

Mr. Arthur Clement was 
appointed managing director o) 
BAXTERS (BUTCHERS) in -ur 
cession to Mr. Patrick Vigors, who 
is retiring. Baxters is the principal 
company within Brooke Bond 
Liebig's UK meat division. Mr 
Clement was formerly prour 
managing director of Wheatsheof 

Mr. J. Moore has become chair 
man of the BRITISH INTERNAL 

UMBUSTION ENGINE MANU 
FACTURERS’ ASSOUATION and 


Shore promises 
top-level probe 
on Belvoir pits 

MR. PETER SHORE, the En- 
vironment Minister, has pro 
raised h Wlndscale-type inquiry 
Into controversial plans to rainp 
the picturesque value of Belvoir 
in the East Midlands. 

. He has told county council re- 
presentatives from Nottingham- 
shire. Lincolnshire and Leicester- 
shire fhai the inquire scheduled 
for October next year will ex- 
amine all aspects of the Cnal 
Board’s upplic.il ion. including 
The future of coal in national 
energy policies, its place in other 
industries and whether mher 
coal fields should be exploited 
first. 

The representatives were con 
eemed that the inquiry would he 
worried about the effects on the 
Vale. But Mr.- Shore has promised 
•hat the Inspeclor will be of the 
highest calibre and that ihe hair- 
ing will he' similar to ihe Wind- 
scale inquiry. 

Waterway aid 

VOLUNTARY GROUPS with 
plans for conservinjg rivers, 
canals or associated buildings 
will be able to claim £20.U00 
that Is being offered next year 
by Shell in conjunction with the 
Inland Waterways Association 
fur help with approved projects. 


Mr. M. H. L. Louis has been 
appoint ed vice-eh.iirm.in. 

* 

The Prime Minister has approved 
Ihe appointment of Mr. K. D. 
Hit yes. at present u deputy secre- 
tary in the Ministry of Agricul- 
ture. Fisheries and Food, to 
succeed Sir Alan Neale as perma- 
nent secretary on January 1 . iuTfl. 
* 

Mr. Ruben Yiner has been 
appointed president of VINhHS 
and has Been -wt-codcd as chair- 
man by Mr. Roger Vlncr. Mr. 
Leslie (ilatmai: is croup manacmg 
director and Mr. Donald Saunders 
join* the Board as non-ex*eut*ve 

director. Mr Saunders, is indus- 
trial adviser 10 Samuel Montagu 
and Co. 

* 

Mr. John E. Dowling, who joined 
the Board of COALITE AND 
CHEMICAL PRODUCTS a year 
ago. is relinquishing his d'rerinr- 
ships of that company and its 
subsidiaries, ai the end of thU 
month, bv mutual ncreetnent. to 
duvelop hi> own interests. 

+ 

Mt. II. Atkinson ha* been 
appointed •■bief huver Tor the 
honrasier work* of CROMPTON 
PARKINSON', a Hanker Slddelev 

ehmruinv 


Lord Nelson or Stafford has 
been appointed a non-executive 
director of ROYAL WORCESTER. 
Mr. K. H. Chapman, a non- 
executive director for the past 
five years, has retired from the 
Board. 

★ 

Mr. Andrew D. Doyle has been 
appointed marketing director of 
BEULA1R COSMETICS. 


Mr. F. Horrid gc. Mr. E. C. Hart- 
well. Mr. D. F. Herbert and Mr. 
M. R. F. Newman have been 
appointed additional directors of 
DAVIES AND NEWMAN HOLD- 
INGS. 

* 

Mr. Keith V. Percfva! h»* 
been appointed sales director nf 
FASSBTT AND JOHNSON. He 
was previously chipf executive, 
sales with that company and Bell- 
air Cosmetics. 

* 

•Mr. John H. Devlin has bepn 
appointed in the board nr Rn'tll- 
MVNS INTERNATIONAL. He i« 
chairman nf Rothmans nf P.ill 
Mall Canada, winch was recently 
acquired Hv Rothmans Inter, 
national. Mr. Devlin is a director 
of several com panics in Canaria 


including the Bank of Montreal 
as well as the Council for Business 
and the Arts in Canada and the 
World Wildlife Fund. 


Mr. M. H. Jensen has been 
appointed a director of HOGG 
ROBINSON AND GARDNER 
MOUNTAIN INTERNATIONAL. 


Mr. E. H. Shim mm has been 
appointed to the Board of UAC 
INTERNATIONAL as financial 
director. He has been vice- 
chairman of Hindustan Lever in 
Bombay since 1976. 

*■ 

Mr. Peter Hollinga, managing 
director of DUWDING AND 
MILLS, has been elected deputy 
chairman. 

* 

Mr. Roger Gould, financial 
director of the SETON GROUP, 
has been appointed deputy 
managing director. 


Following the sale last month 
nf 50 per cent of British Dredging 
(Sand and Gravel), the group's 
dredging operating company, a 
streamlining of the management 
structure of (he BRITISH DREDG- 


ING COMPANY has been com- 
pleted. Mr. Bryan Clark becomes 
exeruihr.- chairman of the group 
and Mr. Christopher Glover has 
been appointed group managing 
director. 

+ 

Mr. Quinton Hazell, chairman of 
Supra Group and a director of 
Phoenix Assurance, has been 
appointed a director or the 
FOREIGN AND COLONIAL 
INVESTMENT TRUST from 
November 1. 

■* 

Mr. D. H. Taut am has been 
annointed to the board of BCB 
PIPE FREEZING SERVICES. 

★ 

Mr. A. J. Costelloe has been 
appointed a director o r RUSH 
AND TOMPKINS and local manag- 
ing director (south-east region} 
following the resignation of Mr. 
R. G. Russon. Mr. P. D. Titmuv 
has been made a local director 
(south-east division). 

+ 

The Civil Aviation Authority 
has appointed the follouing to 
the AIR TRANSPORT USERS 
COMMITTEE for three years: 
Professor Alan Day, Mrs. D. L\ 
Moody. Mr. W. A- Robbins. Mr. 
N Taylor and Mr. J. L. C. 
Thompson. 



Th# ‘Britannia Dundy Boad'la excitingly different because it 
offers investment with total tax exemption. This is a tremendous 
advantage aver ordinary unit linked policies which are subject to 
both income (ax and capital gains tax. Thai is why the ‘ Brit a nni a 
Family Bend 1 can be expected to grow at a ranch faster rate than the 
taxed funds of other investment plans. 

The 'Braannsa Fhmlly Bond' is a life assurance policy issued by the 
Family Assurance Sociory. a registered ax-exempt friendly sodat* in 
conjunction wilh Britannia TYust Management Limited, a member of tha 
Unn Tnua Assoouhon. Us purpose is 10 allow famihes 10 accumnlaio a 
subsKumal fund by a modest unrestroort of jus: £10 moniWv for only 10 
years IT you am aged 44 or less; £11 a month lor ihe same penodd yon are 
49 or older. 

The tax-free fund can accumulate rhnjughou! tout We or can be 
cashed at any time ah er ID years when you will receive the full bid value of 
mats tax-free and vrithom deduction of any kind. 

If deaih should occur during ihe policy term, the guaranteed sum cf 
£ LflOQ or ihe bid value or uxuts, U greater - will be paid m your dependent 
bena&cury 

Tiber money is managed by Britannia Trust Management Limited, 
one of rho UK's Largest unn trust management companies S0 u i of yoar 
contributions are invested in fixed interest investments. The remaining 
50 u * is invested in the Bntanrua Exempt Trust, an authorised unu trust 1C 
you have a professional adviser you should consult him about the 
‘Britannia Family Bond'. 

TWO BONDS PER AVERAGE FAMILY 

The smrutory rax exemption allows only one tax- free policy to be 
bsued per person. A husband may purchase a 5oad for the benefit of Ins 
chikUnan) and a wife may do so only for her child or children. Thus ihe 
average Lundy can purchase two Bonds. In addition, full hfe assurance 
tax rehef may be claimed by ihe Bondholder on all premiums. The 
'Bntamua Family Bond* is a marveflous opportunity to take advantage of 
those valuable tax concessions. 

TOUR BOND 15 EA5H7 CASHED 

Tour Bond acquires a surrender value in tho second yaaraKhoBoh, 
as wuhoCUfe assurance poheies. a proportion of tax rebel may be loo, 
it less than tour years' premiums have been paid at the tune of surren- 
der. If cashed wnhm the 10 year period, the Bondholder will be ipsidthe 
hill bid value cl units but limned >o the total of gross premiums invested. 

AD Bcecmalated profit s payable only after 10 years or on prior death. In 
This case, higher tax payers would be habla 10 tax on the profit ponton. 

WMT A ‘BRITANNIA FAMILY BOND' COSTS YOU 

Aetico-anly enrolment fee of Ells required for membershfji of , 
tho Fhmfly Assurance Sodetjt la addmon there is a ntanagemeM’ j 

charge at A ihoIlV per month plus the rvonnal unit trust charges on I 

(he pertion of Ihe land which Is invested m the Bntanma Exempt Trust. I 

Timely per cam of ihe Ins year's premium meets all the coats I 

involved, such as policy issue, hfe assurance, management and fl 

a ritnhwarntiwn Tl» hajjmgi* of tha fir-3 y&ar'B PtemMg IS mVB3*.Bd | 

Fterdy Asacacco SoaeT- RcgistHwl srvdc: the Fneuilr Soa«es Aa IK? . 

Bogmued No 929E EoctOTod Oftw 2TxdiJ Sum. Chrimslccd. E ssex CM 1DL 
London Oly Office' 35 "M Wkxship Sroei. Lmdon 


A family savings plan 
which every taxpayer 
and his wife should join 

ESTIMATED VALUES OF UNIT GROWTH AT 10% p A. 


\fcars before 

Premmnsof£12a 

Premiums of £132 

encashment 

■oouafly after tw relief 

annually after lax relief 



Cost 

Value 

Cost 

Mine 

30 


£990 

£1,815 

£1.090 

£2. W0 

15 


£990 

£2.925 

£1.090 

£3.220 

20 


£990 

£4,713 

£1.090 

£5. 180 

25 


£990 

£7.590 

£1.090 

£8.345 

30 


£990 

£12.225 

£1.090 

£13.440 


Premi urns art payable lor only 10 yeats but, alter thispwKW. the 
Units allocated continue to participate fuffy in the ta»-!ree tund until 
eventually cashed. The 10 *. growth rate shown in ihe u&ie atoiw 
woul d tall 14 &.?*■ il the fund sus subver 1 10 income anC capital gai n? 
as are the taxed funds of ordinary Uh lifeassuranr ecampames. 


in the 10 Year Bones Fund and 100°° of all fmure premiums are 
invested in the tile assurance benefit fund. This fund has a bid. offer 
spread of only Ufe. 

When 10 years' premiums have been paid an addioonal sum, 
derived from the 10-year Bonus Fund, will be allocated to the 
Bondboldsc Tha bonus b currently esnmaied to be equal to two 
ntomluf premhuns but may be more or less according to the unn 
value at the relevant Una. 

SAVE A F URTH ER £270 OR MORE 

By taking advantage of the specially arranged Single Premium 

Srl>ami>ynnranai-y»i»an additional Saving on the COSt of JOUT 

Family Bond. How? After pa ying your Ersr year s premium and then 
the remaining 9 in one tump sum. The resulting saving is at least £270. 

AGE OR ILL HEALTH 

Those aged over 60 or m m-heahh are eligible io join the Society 
and enjoy Etdl mvestimni benefit without increase in premium. Any 
iKness or disabihry should be staled in a letter accompanying die 
application. Idle cover maybe restricted m the early years. 




® fta©] 


aged 45 


Yon axe 
ypigeg 



Application for ‘BRITANNIA FAMILY BOND' 

issued by THE FAMIIY ASSURANCE SOCIETY; 

c o3Lcaidon Wall Ba fld i n g H , London W bn , I « o ttdonEC2M5QL- Tel: 0i -538 2777 
(Slock Capitals, Please) / 

SURNAME (Mi) fa 


rORENSME(»). 
ADDRESS 





DATE Or BIRTH ! - 

Do you have any tax exempt Hie Mnmmoi with another Blandly Society? TES/NO (delete nr app ro p ri ate) “ 

BENEFICIARY • — -- _ | 

Uyoxwifihall ytmrchlhlrentobmieHfatiuallyi write “AB my chUdrenequeUr”- _ 

.1 winkle pay premlniw Monthly □TeaxiyQ (Tick appropriate box) ■ 

I enclose cheque for S1I/E12 (tor first tnotdhly) or SU1/E133 (for first atmuaftpreminin which includes B 

race-only £1 MembereMp Fee. Cheque* should be made payable to FflMttY ASSURANCE SOCIETY ■ 

(Delete ax appropriate) " 

□ I wish to take advantage oftbe money savingxfegfe premium scheme. Please send details. H 

□ Please send another application form, | 

IVrti8a(»nIfe^Wfyfc»ii»«rt«riiiPrifl»So^»f,ft«narI*A»aBn8w»B«rif^^ _ 

s^bvtlwbaMritfceecianMtbiitwoeaiae and thaSeeteiy and fhai (hteassamice shall be made snbwct w the Rnlea*iriBi%pi 4 .'w 1 w T . f rf ■ 

thiSocistf te 

Sifectee»u»thabwa(mfbeW:i»tag«icdliaaWiiorth»efwmiUM»M.lhri 1 hw*iiMhanam , Winmi*fl!noss<>vo«ii»ioawiiWntlia * 

lastSpBaK.ftaiitoiwWteetaanyliaiiBdDiffisponiwpursuteititaltfeiwaieageriavanoneiicoMasataBpayMhaii-nD-r™ a 

nmgnB«iaii1]ne3.cid dm no proposal on ntyUe has enr hen advmsalv noted. i-rni— ■ 

Signnrizre — , m Sate n m 10 






Pr 


pr< 

eh 


BY MA 


THE PF 
decided u 
allegation 
Wilson Ti 
number c 
were com 
paicn ayai 
Parly nn 

1974 Gem 
The foi 
allegation 
lowing ihi 

affair, Mi 
was. had 
an arches 

himself, i 
Lady F;. 
Marcia W 
The Pn 
Sir Haro 
drawn sm 
Subseqi 
told the 
did nol 
prictors 
insirucled 
round a 
material.” 

The Pn 
l 'i hoar 
Sir Haroii 
formal co 
On the 
I 

council s; 
Royal Cc 
ihal thor 
Labour hi 
The Pn 
is one o; 
lishcd tod 
In ano 
council 
against l! 
Daily Ex 
picture ■: 
Henrietta 
death in I 


financial Times Saturd^r .Cfcfoficc'5i: 193$' 


WORLD STOCK MARKETS 




’s steepest one-week slide 


INVESTMENT DOLLAR 
PREMIUM 

$3.60 to n-#0]% <S0{%) 

Effective ¥2.0015 381% (3$i%) 
STOCKS TUMBLEED throughout 
the day on Wall Street to close 
sharply lower in active trading, 
completing the steepest one-week 
slide in New York Stock Exchange 
history. 

The Dow’ Jones Industrial 
Average dropped a further 8.40 to 
S3S.01, making a fall or 59.08 on 
the week, while the NYSE All 
Common Index, at $54.76. lost 95 
cents on the day and $4.17 on the 
week. Declines led gains by more 
than a ten-to-one majority, while 
the trading volume sour ted ahead 
11.72m shares to 43.67m. 

Analysts blamed rising interest 
rates, a weak dollar and infla- 
tionary presures for the falL The 
Federal Reserve apparently 
tightened credit another notch. 
The move came a day after a 
report of a steep rise in the money 
supply. 


FRIDAY’S ACTIVE STOCKS 

Change 

Slocks Closing on 
Lradud price day 

Hamada Inns ... 570.400 10 — J 

r<n Am. Airways 617.400 7 - ( 

EXsnn 389 7D0 4W - ; 

Holiday Inns .... 360 GOO 19i — i; 

i-.-.irs Roebuck ... 324.S00 Z!t - l 

Gcm-ral Electric.. 310 SW «: -U 

L'. J L 278.060 325 - t 

I'.iit-rlean Airways 271.600 13( — i 

Pllly MOs. - 267.900 40i + i 

Mi mores 264.100 38 -11 


The Commerce Department 
reported Real Gross National Pro- 
duct rose at an annual rate of 
3.4 per cent in the third quarter 
after an 8.7 per cent jump in 
the second quarter. However, 
analysts said the slowdown was 
not enough to dampen inflation. 

Additionally, the Commerce 
Department said it assumed a 
S2.2bn trade deficit for September 
in preparing the figures. That 
compares with $i.6bn August 
deficit. 

The selling hit smaller capitali- 
sation stocks harder than 
Glamours and Blue Chips. Bur- 
roughs rose SI l to ¥72} and Du 
Pont ¥1} to S130. but Prime Com- 
puter lost ¥24 to ¥30} and Com- 
munity Psychiatric Centres ¥12 to 
S15L 

Goid shares also gained ground. 
Dome Mines added S1J at SR4J and 
Campbell JRetUake ¥14 at $364. 

Mcmorex were off $14 to $36, 
after S31J. despite previously an- 
nounced higher third quarter 
results. 

Seaboard World Airlines gained 
$2-1 to $15 — It asked the Civil 
Aeronautics Board to stop Tiger 
International from buying more 
of its shares. 

THE AMERICAN SE Market Value 
Index lost 5.7S to 152.39, a record 
one-day fall making a drop of 
18.40 on the week. 


CANADA— Further sharp losses 
were recorded In active trading, 
with the Toronto Composite Index 
down 22.4 to 1239.6. 

The Oil and Gas Index dropped 

50.7 to 1576.8. Metals and Minerals 

18.8 to 1079.5, Banks 4.48 to 298.39, 
Papers 3.92 to 145.34 and Utilities 
2.52 to 1S6.4S. Only Golds, up 9.7 
to 1590.S. moved against the 
general trend. 

Texaco Canada fell ¥20 to S46 
on lower third quarter earnings. 

Madaren Power " A " rose S3J 
tn $52 — it plans a special $6 divi- 
dend and capital changes. 

TOKYO— Slightly higher, led by 
Shippings and Textiles. Volume 
610m {5 30m) shares. 

“ Low ” and “ medium-priced n 
shares firmed on active buying, 
but some, “high-priced” Blue 
Chips fell on liquidations, dis- 
couraged by the Margin Trading 
Controls. 

Shippings rose sharply follow- 
ing a recovery of World Tanker 
Market, with Samko Steamship 

rising to Y14 to Y22S and Japan 
Line Y5 to Y103. 

PARIS— Lower with continuing 
fall of dollar and labour unrest 
in France partly weakening con- 
fidence. 

AJ sectors down, except Hotels 
and Chemicals where Rhone 
Ponlenc announced sales 6 per 
cent up for first eight months of 
this year. 


In Foods, BSN Gervais-Danone, 
off Fr 40 to Fr 630, suspended 
due to an influx of selling orders 
after purchase of 5 per cent stake 
by Saudi Arabia. 

U.S. shares weakened in line 
with overnight Wall Street, while 
Germans, Dutch, Oils, Golds and 
Mines slightly lower. 

GERMANY — -Weaker primarily 
in technical reaction to recent 
record highs, with Bundesbank 
decision to increase minimum re- 
serves by 9 per cent apparently 
having little Impact so far. 

Livel y trad ing in Engineerings, 
where KHD gained DM 3.50 to 
DM 203 again st general trend. 

SWITZERLAND — Steady, con- 
solidating Thursday’s advances. 

Among Insurances, National 
Yersicherung rose strongly. 

Industrials mostly steady to 
slightly higher. 

Foreign sector quiet. Dollar 
stocks quoted below New York 
over night levels. 

AUSTRALIA— Weaker for fifth 
successive day with heaviest lasses 
among Mining and- Industrial 
leaders. 

But selected Coals rose with 
White Industries up 5 cents to 
A $4.75, Thiess also 5 cents to 
A $3.25 and Oakbrldge 3 cents to 
AS1.6S offered. 

AMSTERDAM — Prices fell 
following overnight drop on Wall 
Street and further decline in 
dollar. 


Indices 


R.T.S,E 1 ALLC0H3I0JB 

oi. j rw*. [oct. I Oct. }■ 

!» 18 18 17 Hfati 


Rises and Falla 

| Um. SO | Oct. 19 [ Oct 18 


NEW YORK —DOW JOBES 


64.7B 65.7 1| 66.4C| 


0-1. r On. ; nn. 1 17.1. , Oct. ; Uei. 
SO • 19 . 13 ! 17 IF ] lo 


- | '»i<n-t4. cun pHat 'a 

L<xr I High | Low 


* ; liwieumrleri 1,930 1.896 1,866 

Hiati Low Klaoa 159 866 297 

1,558 1.269 1.221 

«■“ Unobao^ed 225 362 368 

(HAD (6i3i New Ui^ha. 4 

New L.jir» _ [_ 41 


M0HTKEAL 


lD<liiitr1nln4 858.01 846.41. 869.67: 889.34.' 875.17' atf.OSr 


H nie d'n-i ■' 87. 7 li 87.72 1 97.06; 38JJ2 1 88.0a} 88.30. 


Tran -tort.... 225.85 220.67| 252. 7 ll 257.441 245.561 24».tl, 


rtiiitic^ ,102.50 105.58| 104 J5j I04.B4| 105.8$: 106.7/| 


Tnv<iDfi «■>.- r I - ‘ i 

•XV-t 145.670, 51.350. 52,140 2B.010, 24.7401 21.920: 


07.74 I 742.12 1 1051./t)j 41.22 
leftjj rtS/2i 1 llil/7 5ltij7ii2) 
0.S6 86.75 — 1 - 

i«‘li ill?) J 

261.48 I- .5 1 279.88 13J22 

i8//i JrtftltSJj [tan.-SZi 

110.1- 102.50 I 105 JS I 10.59 

i5/h (20/10) j(2a/4(6tfpj(2Bj4/4& 


Oct. Oct. Oct. Oct. 
20 13 ! 18 17 


Iniluotrla] 202.68^208.44 2DB.B1. 21 1J0 222.14 01/10) 
Combined 218.52; 2IB.52| 216J2 1 217.58 225^1(12.101 

TORONTO Uimpo-ucTlasaj] WKJBj 1267.4 1278-Si laA2-7 (12/10) 


162J0 1 1**2) 
170.62 (50-11 


JOHAN NEBBORO 

God 

Indn-ij W 


255.4; 255.7 ! 250.4 25 1 J! 
268.9} 268.1 ; 267.8 268.fi 


2/2 J (14/H) 
27 U (lb/91 


185.0 030/4) 
194 J (15/5) 


* Basis of lodes changed from Aug .24 


1 nit. die. yield % 


| On. 6 I 
I 5.39 


• Day** high. 947.37 low 930.47 


Sept. 29 [ (You- Jtgn tppnmri 
0.48 I 5^49 


Oct* 0 Pre- 
20 i vtoua 


STANDARD AND POORS 


AuatraJiartlj 545.71 
Belgium (l)J aa 07 


1 640.34 666.79 41L19 
(22/9) (1/3) 


OeU 

13 

— 

1078 | 

Hieh fair 
— 

116.06 

1 Id./ 1 

-fi.M i 


(tC/91 

(8(3) 

104.ee 

lO&ds 

46.80 ! 


(12(9) 

ItW) 


Denmark ("*, 92.56 


j Oct. IS 1 Ol-U' 11 | l>1, 4 I Year anil (apprtrv.i 


lid <dv. viirld ' 


Franco ftt> 81.8 
Germany)tt)J — 
Holland 86.7 

I 

Hong Kong ! 644.90 
Italy Vs 3 J} W-E2 
Japan (a) 439.72 
Singapore^) 382.49 


)H'i. P-h KaMO 


9.34 | 9.81 j 9.39 


i 97JB8 1101.16 90.43 
(8/6) (23/S) 
92.38 98.95 8238 

(14/6) (19(10) 
8 La 83.0 47.6 

< (4(10) (372) 

883.80 < 863.8 760.4 
i<19fl0) (17/5) 
87.1! 93.1 | 76.0 
j (11(9) (4/S) 

644.46 1 707.70 383.4 
- (4.9) (13(4) 

. 76.40 | 82 .52 ; 6&/45 
' (25/91 ! tlO(l) 

439.69 439.72 364.04 
,(20/10) l4(l0l 
583.10 . 414.00 ! 862.0 
I (3/9) 1 79/1) 



L,ua Lev. Bonn yieai 


ImUce* and bane dates (40 baas values 
140 except NYSE AS Conanon - 50 
Siandanis and Poore — 10 and Toronto 
309—13)00. the Ian named based on 1975) 

+ Excluding bonds. 7 400 industrials 
9 490 industrials. 40 Utilities. 40 Finance 
and 20 Transport- 8 Sidney AD Ordinary 
8 Belgian SE *1/12/8S. : M Copenhagen SF 
1/1/75 tt Parts Bourse 1981. « Commm 
bank Dec. 1953. 99 Amsterdam industrial 
1970. 19 Hang Sens Sank S1/7/W. im Banca 
Commerdale Italians 1972. n Tokyo 
New SB 4/1418. b Straits Time* 1966 
e Closed, d Madrid SB 38/12/77. e Stoek- 
bobn Industrial 1/1/58. 1 Swiss Bank 
Corporanoii. a Unavailable-. 


F.T. CROSSWORD PUZZLE No. 3,802 

A prize of £5 trill be given to each of the senders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in the top left-hand comer of 
the envelope, and addressed to the Financial Times, 10. Cannon 
Street. London* EC4P 4BY. Winners and solution will be given 
next Saturday. 


RACING 


BY DOMINIC WIGAN 


Address 


Champion Stakes 
for France again 



-f.Oct. 
' Stock- - H 180 


It- 


Secion — 

Reynolds Metals. 
Keynnldo R. J. ... 
Ricb'aoB MtrreU 

.Rockwell inter'... 
Rohm £ H«m 


Rocal Dutch.. 

KCB 

Ro» 

Rcder System.,- 
Safeway Slortt..- 
St. Joe Ulnexala. 
St. HeniB Paper... 
Santo re Inds..^ - 

Sul Inrest. 

S&cnn Imls 
Schlif* Brea fag,. 
Sohlvunberger — . 

Sv:3l — 

Scott Peper— «... 
Sau-« Mrs...'. — 
Seudder DooiCap! 


-Bite - Wool wort -issg . sou 

361b Wy)y- VB - ' . 6u 

591s . 5 Hb- fll 

. B35a Bapasa...; Me*. 15U A .. 

-.3578 Zenith Kadto-v- .14 ■ i«Ua Ufi 

36le V^.Treaa.4ZMiS0 m* - ■ , fllii 

■ . tJhTre«a4i^86 tBOlp - ^L. \ 

SOd^kliB. 7.76^7.74« 1* 

CANADA 

’WiB 

AMtftl r»per m ^J. J7Ts 1 is 
' Aimlco'Bajrle^...'.! BSa - fii s 




CANADA 


JmnuiiniD r 58 


t7Ts IS 
”6 5a - fiig 


jma Steel --i 24 - | 
wtoa ‘ r- 


Aabeotos .^ J 44t~ r- 451- 

Bankaf ilontroat' 241a i- 84 5a 


OCi A DHUA W iMOUUOU firMU J- 25 lfSa 

B«nkXovaScoi!3 2Zt| f. 22? 
if Jl Baaie KewnnwaJ- 4-13. j f4.M 
22U UdlTelepQoae-. 395a 16D3B 
■ Bow Valley In^J 383; -f 43^ 


Sea Container. ...< 

Seagram 

Searle (G J).)-._ . 
Sears Roebuck— . 

SBDOO 

Shell Oil. 

SbeD Transport.. 
Signal 

Signode Carp 

Simplicity Pat ... 
Slngw ...— — . - 
Smith Kline.— — 
SoUtron.—...™. 

Southdown. 

Sontbem CuL Bl 
Soutberu Co. — 
S thn. Not.Re~— 
Southern PhcJ Qc. 
SbathemRalhfay 


f 2IV HkTuaii.:. . V7Tg~ ‘ 17S 

SeS Braaam j , 1«5 b- 1? 

13J« Brlncn-.... jaso ;8.5Q 

828g Calgauy Power... 581j 381a 

377. Csnrtmr Ulan... ' lot, 154, 

-3414 Canada Cements 113, i£i t 

4QU' CuudaKWlftiu 91a.- 9i, 

615a CniL.lrap Bk Gq^j 231j 33- 

354 CaiudrrlndnEtJ. .J81 ■ t2I 

It • Cap. ftudtic-.:. 226 b 22T a 

175a C-ixu Pad be Jnv„ 225g 23 

Bli. Can. Super Oil 6U( 62 U 

5 in Calling O'EeeffiC 4,00 4.10 

38 Cualar Astiostos. ftt. 


. TiLpm'ii.... . ;r 17Tg - ‘ 17 

taoui — I 165*. 17 

nen :aao ;8.f 

Igary Power...! 581* - SB 


Cuaslar AsliQBtoa.| 9^ 
Chief wi a ; | 24 


IIS* 12l 4 
. 9ta 9*,- 
29 JS 30 ~ 
t2I 

ZZ&8 .S27 a ' 
22 Js 23 

613a 621* 

4,00 4.10 


j Coniinuo— .n—.l 30 ?b 
- - ^ ■ Coob. Batburat... ■ 35 1 


Coiuianer Ca»;_.l . 173e ( '171, 


Southland — 

S'w't Bauabaras. 

Sparry HuLcb 

Sperry Sand 

Squibb — 

Stands ad Brand. 
Std.OliOallfornia 
Sm. Oil lad tana. 

Stri. OU Ohio. 

Stanff CbenucaL. 
Sterling Drujf. 

Studetater 

Sun Co. 

SunttmKL.M..... 

Syntax 

Tet-.hBicclor.__ 
Tektronix. — 

Teledywa _ 

Telex 

Teneoo— - 


Tesoin PetroJeural 

Texeco 

Trtugi'lf- J 

Texan Baatern._.l 

Toxaa Iaet'm._ I 

Texas OU A Oaa...( 
Te.vu OtUitles.„.l 

Times las. j 

Times Mirror..— I 

Timken | 

Trane ....... j 

T ntMTn^rint ili , 1<1 | 

Twua.h.h... — 
Tran Union.. __ 
Tran- way Iatm_l 
. , Tran Wodd Air. 

249, J 257a Tra veers 

TriC ootlmhlus i 


■ Cusesa Kefjoarres ' 51a 6U 
on ln Cortaiir. — U2Vg .15 

Daon DeveL 127 a 13 

JBl i Deolsoa .Mines .. 771+ . 79 

552 Dome Mines ...... 991,; 97 

Dfime Petra kum Sli* 8S 

a,*, Dominion Bridgej 361 b t26i-> 

Dam tar 31 U 22 U 

51® . Dnpont.-. 13/* 16 

361_ FWcon'aeSIt-keL 325e W 
ford Uolca Carr fc2 82 

Genstajri. ^ 344 ^33, 

GwatleVwltnUc.) 14 144 

GntiOifCanfida-'J 31I fl 32 

464 aa«r*LerSW.Can. 8 ' B4 
307 b HoUlnger - - , 405, I '404 

Home Oil • 4Ua • 434 

4Q4. DndscmDor MtW 1 .' .2l7e 224 

HodbOn Rny 204 214 

®*B Hudson Oil 4 Gas 424 43% 

3Zl * I-AXi 19i, 194 

9U itiiAscoJ. — 364 : : 364 

2 a. Imperial Oil 21 5* j . 214 

313* ln *w 4 A— ' 394 i 194 


Ind»...„. 14 

Inland Nat. Oae:' tlT* . 


mi. (Tnt’p.r Pipe Linet 167, 

"*8 - T« 


Kaiser Resndreesf 15 
kiia louti Fin. CcrtTiJ .8 
Si 1 ® Lrtblaw' Com. ‘iF] 4.50 
MeauTn Blo*l ...i 224 
Tfj® 3lxraey Ferguson T 113, 

J,?! Xi'lnt\Te...t.._ 26 


Mce-rv Curpn j -35Sg 364 

S* Mountain State Rl -3-05 3.15 

og. Nwwula Mine.. .J 334, 34 

£4<I Naix.nn Rnwgy„.! 153, 159* 

Nth. Teiecorn.....] 3B4 ’ SH; 
. . Numur Oil & Gb 4 254 21lf 

61a Oakwnod Petrrnl 3^6 ' 4.10 
364 5*BCilk Copper Mj IJ»5 j -JL9B 


Triton OR k Gao. 

TRW 

20th. Century Fox 

U./LL. 

UARCO 

OGI 

Dnilerer 

Call ever SV.,._, 
Kaion Bancorp... 
Union Carbide—. 
Uninn Commesre 
Union Oil Cal it „ 
Union Pacific 


Pacific Petoleorru 40- 4U«' -3 

IS 8 ® Pad. Can. Pet1n ''54 54^ 

Fariso 204-..3S,. - Vij ^ 

Peoples JDupL. s. . 54 - M 
Place .Con- i.Op. ",^.76 ; lUS;. 


3575-1 PlacetDereHsnt - 35 . 
art*? iTonerOijrporat’n IBTg' 
o? - I Price:. — 2£si) 


m 


Quebec SturKcon 1A5 


54i- 'IVanBerOil f. ^64 


Uni royal 

United Brands.... 

US Bauc.jrp ... 

US Gypsum... _. 

US Sboe-..._ 

US Steel 

US Technologies. 
UV Industries. a.' 
Virginia Elect... -j 
IVaJjtTceb _..l 

WarmrC reninn- 

TVorner-Lanibeit. 
Waste- Man' mend 

Welis-fhrgo 

Western Bancort 
"Western IS. Araer 
Western Union-. 
WesUngh'se Hleo 

Weyaea 

Weyerhaeuser 1 

Whirlpool. — I 

White Con. IndJ 

William Co J 

Wisconsin EJeet..| 


74 {Rip .Ufibm ..j L 357* : 


114 Roys! Bk. of Cam 354 
324 Royal Trust ...... 7| '186a 


324 Royal Trust 
294 v 

955, SceptreBTeoounjei 
354 ocai^anu^ — 

423, Shell Otnada 
BO i- ". Phorritt G-MBrci 
141, Slebens 0. G.:.."£ 
257* Simpsun. 

45 Steel of Canadas 


eResotucen 64 t . 63, 
.".305* 1 .314 


Mda lO . . . .I84 . 
G.MW ; . '64 7lg . 

SK4-.-,^W 

28 . J7ij 


264 i 5te«jrR«iek limur ^ .3585T1H.85.. - 


263, Texaco Canada. J ,4W, .- ". W;;. 
30 3n TotvntwD01n.Bk.1v - ; 214 

284 TtaasCaaPIpeifil 173*- 

337* Trans Mount Opd. ■ .fav 

I9ffl 1’UH'll GlW i, .11 •• : H4 

r^.. Util ShvoeHhiaH. ! 8'.' 84 

fgf4 Walker l.-W* 


rr:-* ; naiaer anajgatUiaaCMK? ; 

f»4 Wwi^ioshtTnyxl .Xlh j ."U4 
V .Sp . 

I. tBRL 




THIS AFTERNOON at New- Fred RimeLl's Klnnersley stable rnM . NY # 
market a filly may triumph once best-known for its high-class f 
again over the colts in the chasers, as enjoying a par-, 

Group I Champion Stakes as ticularly good spell, having 
when, a year ago. Flying Water recently won an apprentice event 
stormed through to score for at Goodwood and Newbury’s 
France. This time I expect to valuable Coral Autumn Cup, 
see another cross-Channel raider. Man Alive, a long-distance I SJ 
Dancing Maid, do the trick. traveller from Gordon Richards's ] «*>■< 

Alec Head's ultra-consistent Penrith establishment, also 
Lyphard filly, a highly creditable obliged last time out, beating 
third behind Alleged and Trillion Albeni by two and a-half lengths 
in the Prix de l'Arc de Tnomphe over a mile and seven furlongs 
over a distance probably beyond on the Sussex course, 
her optimum, has sustained only Piccadilly Line mint favourite 
one defeat this season. At Epsom at ’about 5-l°with 

in June, she faltered inexplicably ^Hmerit tiS 

pnee, but he does not seem to 
Nfc.wiaAKivbr represent the value of Man 

1.45— -Rockery Alive, available at over twice 

2.25 — Dancine Maid*** those odds. 


i PARIS 


NEWMARKET 
1.45 — Rockery 
2.25 — Dancing Maid*** 

3.00 — Man Alive** _ Dick Hem, represented by the 

3J5— Sounding Brass apparently far from resolute 

4J0 — Milford* Admirals Launch in the 

4.40— Mltigator Champion, could well take both 

the Houghton and Snailwell 

close to home after appearing to Stakes through Milford and 
he cantering over her rivals, and Miti gator respectively. It was 
was caught on the line by the in the Houghton Stakes a year 
gam e but inferior Fair Salinia. ago that Admiral's Launch first 
Since then Dancing Maid has established himself as a possible 
gained an easy victory in Evry's Classic contender. 

Prix Cbloe and out classed the 


ACROSS 

1 Breakfast cooker comes to 
flower (7t 

5 Call to total battle f7) 

9 Top 100 before the interval 
(5) 

10 Armed revolutionary at the 
gate (9) 

11 What according to Ko-Ko the 
tittle bird sang (3, fl) 

12 Turn away from a green (5) 
13- Channel is in good condition 

15) 

15 Head in direction of formal 
part of meal (3. 6l 

18 Force perception to bo 
intelligible 14. 5) 

19 He perseveres with judge f5) 
21 Come to stretch of river (5) 
23 Goes maybe from first to 

second variation to eat at 
night {7. 2) 

25 Leading artist to society 's 
upper crust (3. S> 

26 Animal is all right with 
article on page one (5) 

27 Oil producer breaks down in 
Leeds i7> 

28 -Frank is after joining the 
engineers (7) 


5 Sucker for a drink (5) 

6 Play the fool during confusion 
over a boxing match (4, 5) 

7 Oil supplier with many 
branches (5) 

8 Put in case male gets at 
female (7) 

14 Send out Pluto on commission 
<£» 

16 Dictionary, it’s true, bas us 
in disarray (9) 

17 Checks gallery should restore 
to old position (9) 

18 Master unusual trial of mar- 
riage (7) 

20 Salesman with top hat catches 
snake (7) 

22 Like a writer in Poplar (5) 

23 Intimidated by neat newsman 
(5) 

24 Painful sound developed we 
hear f5> 


best of her age and sex (includ- 
ing Fair Salinia) in Longchamp's 
Prix Vermeille. 

IF, as I expect, the former 
French champion. Freddy Head — 
who, contrary to popular opinion, 
rides Newmarket as well as any- 
one — is able to hold Dancing 


Steel fastener 
makers link 


one — is able to hold Dancing Colleen Toomey «-e«eni .vcwm. 

?WM f h r “hi 13 ? £ ha J , « 5C ,® h « STAINLESS STEEL fastening BRUSSa5 / LU ^ggP URG 
should be able to beat Hawaiian distributors in Brihin 

S AS 00 ,be flnal SSSlffiL to “=*■ 20 sr 

Cl Thirt v Ova SI, t u a affecting the industry, such as 

rESSF c?A “ twL " dumping ” of imported stain- 
Champion Stakes? there is j ess stee i nuts and bolte on 

another .ntngaing renewal of UK market and product liability. 

SSI ■fiSLSfif 5 c Z enU } he J** sroup trill be known as 
Tote Cesa re witch. Here two the Association of Stainless 
seem sure to give their backers Fastener Distributors and will 
* C00d run: Piccadilly Lone and have 14 members drawn from 
A I' Te, . leading manufacturers through- 

The first named, sent up from out Britain. 


Solution to Puzzle No. 3J80I 


DOWN 

1 Understood American his- 
torian t“) 

2 Filled with wonder when 
Scots loch came out (9) 

3 Impatient expression over it 
upset music for all (5) 

4 Jabbers away to upset com- 
posure of boy (7. 2) 


HHQHHQ00Q HQIQE1H 

a h sa □ n n n e 
assaaa. on snanaHa 
avia b h n □ □ d 
QQCH nBEiDtin - QQEiQ 
> ' □ □ D B ' 6 C 
00000023 •EDHHESB 
S G’ □ V 0 D fl 

aasHHas EanGnea 
is a e n o h 
H soa -■ EHOHnaciHQn 
0 0 0 3 0 0 E 11 
0Q0SQQBQE1 DHn023 
Ql_U_B Q U 3 a n 


aEsnaa 


SPAIN » 


SOLUTION AND WINNERS 
OF PUZZLE No. 3,796 

Following are the winners of 
last Saturday's prize puzzle: 

Mr. R- J- Highman, IBS 
Maekie Avenue, Brighton, BN1 
S5B. 

Mr. H. M. Loeb, 49 Langley 
Road, • Watford. ^VDI 3PB. 
Herts. 

Mrs. B. White, 26 The Gate- 
way, Woodham, Woking, Surrey, 
GU21 5SL- 


anssasss - soHaaB 

a n n m -m 

S0O@H : . , ' : HS®SSBfflniS 
0 ■ 0 h b - b .a n @ 
aaassnraEs-:' EE^ns 

E: S-' H --!?-. E jjj 

r-" C5 a 

nciESBacr * 00003:0 

D --^ .E3 ' 0 -^0 0 ; 0 H 
EiESSSH. ; 0BQCIB 005SB 
a m h e no n • n • -,ra 
ESESBEn G5Q' nBamsf 
□ eh 0 a s m m 

BEnEBBy- 


(Jrfobcr a Per cent 

Asland 121 

lUncq Bilbao 2S3 

Banco .VlarJTwn n.OOO'i Z3S 

B&m.o Uir.iral ....... 3S4 

Banco Exiertor 267 

Bunco G-.-ih.-Ril 263 

Bunco Granada iLW0> 144 

Banco Hiswim 240 

Banc-o Ind. Cat ‘1XW/ 182 
B. ind. M-jdiTv-rrajKo... I« 

Ranco Madrid 221 

Banco PObtiLir 256 

Banco Santander ■'230» 33ft 
Banco Urquijo (J.OMl 298 

Banco Vlicaj-a 248 

Banco Zurasozano 258 

Banknnlon jaa 

Banns Andalucla - 193 

Babcock Wilcox . — „ 29 

C1C 82 

Dragadoo 245 


Grupo Ve)a2tmr2 <409) Its — 

71 +0.75 

Ih-.Tdcero 75.75 — I2S 

9 b ' Ta — 97 +5 

Pa pek-ras Kcvrtidas ... 3530 — 

Pi’irolibrr uo — 

PoitoI-xjs 1J9 4 j 

Sarrlo Papalera 39 — 

Snlati- (g __ 

Telefonica 79 _ 

Torres Hostcnei) Vt +1 


BRAZIL 


OctnhfrSO 


IYil-c i -fc or lOnjr, ' 

Cnic > — [DIv.! 


inmobanlf — 70 “3 

G. f. Antfooosu 44JD - ISO 

Gspusta yiai- . , sm 

ExpL KJo Tinio 56 +1 

Fecsa U.0OO1 63,75 - 02 

Fenosa ( 1.000- 62 — 

GaL Predadm U — 


Ac«iU......-... r .; 0.94 [-hO.9rO.12j 12.76 

Raw.vdo Bra«l_. 1.89 | + (LBJ 0.108,46 

Banco llau PS„„ 1.42 O.57I20.BS 

Bclp? M ineira Opj 1.15 1-0.01 0.08,6.95 
^'5!!u Arae n n nP -' 1 S' 01 :-0-UB,O.BOj6.64 

SfW-W ! 2.27 I + 0.0 1'Q. 15-5.72 

Pirelli OP. 1-43 UO.OIJO.16 11.18 

^•uraCnii OP _.! a.29 ^0 l22!9.60 

t , p r. — jj S <K> +0.05:0.35 4.63 
Vole Bin IWoPP, l.oa 0.04' i. IB 1 16.5 1 


Turnover Cr.67.im. Velum* 44.Ua. 
snnrco: Rin rtc Jam-tm JJE, 



NOTES: Overseas prices sbmrn below 
exdudu 3 premium. Bcldan dividends 
are after wuhboWuw tax. 

+ DU 30 deaom. unless orbenrise staled. 
Fields based on not dlrtdeods plus tax. 
W Pin 30 b denora. unless otiu-rvlse Rated. 
+ DKr 100 donom. unless oUientls« staled. 
•I* SwFr SW denom. and Bearer shares 
unless oihenrise stared. ' Y50 deDom. 
uuless oiberwisc slamd. s Price at Umc 
of suspensioa. c Florins, b ScbiOinss. 

c Cents, d Dividend »t»er n enrtlna rt phne 


and- or scrip Issue, r Per share, f Franc*, 
o uross dlv. ,. h Assumed divldt-nd afn-r 
scrip and or rtshis issue, k After toca] 
'M«- n - % tax free, n Francs: Including 
UlUlac die. p Nom. « Share split. * Oiv. 
and yield exclude 'pccjol hfdkju. t mdi- 
raxed dxv. u Unofficial (rad ms. r Mhionrr 
noioers only, r» Mercer pcnddlB, * Asked 
t Bid. (Traded. : SeUi-r. c Assumed! 
xr Ex rtxhss. xdEr dividend. xcEx 
senp issue, xa Ex alL a interim since 
Increased. 





































































Financial Times Saturday October 21.1973 


19 


INTERNATIONAL -EmNCIAT, AND ( O.MI’WY.VN 



Budget measures 
boost Kuala Lum 


as financial centre 


jSaudi backer for buying of Ri( : hards 
pur stake in Gervais Danone res gns at 


BY ROBERT MAUTHNER 


PARIS, Ocl. I’O. 


BY WONG SULONG 


KUALA LUMPUR. «cL 20. 


'A KINANCLAL group headed by sector and a heavy investment Afcram Ojjeh. hi:.»d of i |te 
!Mr. Caith R. Pharaon. Saudi programme in tfa'ss were the Luxeniburgbased TAG gruup. 


; Arabian businessman, the son of two main factors behind a sharp who recently :tcri it : red the nce«n 
id iheirjan economic adviser tn King reduction in the company’s liner “ France " nnd who hs« a 
lions. Khalcd of Saudi Arabia, has ac- cun soli da led profiLs lasr year. 5 per renl >iakc- in ;.hr Fri»n.:h 



MALAYSIA IS to take steps to borrow abroad to fund 
promote the growth of Kuala foreign exchange operations. 

mnEraliil finan ?' : ' 1 2nd C0U1 - “Since such Jaiani-i-s, and loans . quircd a 5 per- cent slake for down lo FFr Hm from FFr 48m private hank. Credit Lnmmrraii 
Vp^oro. , s * cnlr «- ^ , are basically short-ierm la i FKr 70m (more tiian S16m» in in 19Tfi Profits dc-rlmed in spiie de France and j 44 

r'!,,r ei * n induced by Terisfcu nature Ifcr m* — L - 

e I® the A! aj ay sian Finance bold lot rav . 

include 
per cent 
interest 
residents' 

and the 
mnneiarv 
acceptances 

Scales 

lf,ld P21 . ,, . aH,ent stit'utions." I - ias7 comfony’” holds ‘abour*!* per WetelMna heavily on ihe group’s The Swiss underiakui". which 1 

u DhhrM.no . 3 away - the To encourage hanks to>he more | ci-nt. has a share or much more finances. Investment last ;,car hati h een m financial difficult!*-: 

■ "? ***“* move mat competitive. Bank Negara. Ihe i than 5 percent in i he capital, exceeded ttr Ibn. compared 1 97.-3. u:l! continue i«. 

r-nvirnnlTit \ “** of c " n1r al bank, would no longer! Mr Phurann was in the news with FFr 927m Mo previous opeiale under the new name nf 

r , n^if i"i„[.! ien,,e «f«»nly Im fix the interest rate. Commercial I recently when his name was J' Mr - Terex Machines SA and wui, a 

onrmrl^Iu??, would he banks would he free to <(Uule - linked hcaviiv wilh an Arab Mr. Pharaon is the snond paid-up capita! of iii-.Fr Him 
min- , q . uole competitive their own rales, although rates ; purchase i»r 10 percent of Mon- Saudi businessman io appear ($6.Bin). It is the aim of rhe 

rC-.. . . for l° ails 10 tbe Government- 1 ic-dison. ihe Italian group. prominently on the French new company tu retain ihe 2L -1 ' 

”1-,:".™' . Wftu,d hl ' lp dt-slKnattfil -priority' 1 sections} A bad year in ihe drinks industrial scene. He joins Mr. jobs. ~l 

promo. c Kuala Lumpur as an t Malays and small business » ‘ ; 

allraclive internalion-di centre would still come under Bank' 

tor eommodi y i radio g. in wew Negara’s vurdeiiaesi 1 

of the -Iflc range nf cumnu.dmi-s Tenaku Rjzaleigh also said ihei 
mn. Malaysia produces. Mrucuu-e of liquidity require-' 

ii e ' : * plJ,r,, - ,d Ihai the felt]]- ruen is for cuiiimerciaJ banks and; 
hiiliim-' lax discouraged Malay- finance companies would bp re- 
sian and foreign hanks from formed m order to give a belter' 

making an international market reflection on the actual slate of 


Kennecott 

Copper 

NEW YORK, Ocl. 20. 

MR. H. EUGENE RICHARDS, 
executive vice-president of 

Ken in-coil Copper Corporation 
has re-iinivd for “ personal 
reasons." (he company an- 


Montedison capital 
increase given go 
ahead from hanks 


BY OUR OWN CORRESPONDENT 


MILAN. Oct. 20. 


Norway’s insurance results rise 


BY FAY GJESTER 


OSLO, uci. 20. 


!iiniiiiium-nii> rrsigualious are 
expected late next year. 

Mr. Miliikcn said in an- 
nouncing I he reNignation or 
Mr. Richards that he would not 
he replaced. -However, a 
number of responsibilities 
under him wnulii he assumed 
by Mr. Vinsur n. Watson, Jr_ 
uiio joined Keunerott this 
week as vice-president coni' 
munica turns. 

Mr. Richards was said to be 
“ unavailable fur immediate 
comment,'* tonight. 

Agencies 


Battle over 
fertiliser group 

By James Forth 

SYDNEY. Ocl. 20. 
THE FIGHT Tor control nT 
Wfsicrn Australia's only ferll- 


Tor the ringgit, mainly because hank liquidity, while merchant THREE OF Norway's leading ship and ng-owning subsidiaries NKr 100m in the six months. 14 

in order to do so effectively, hanks would be brought within insurance companies — including A/S Cusios and A/S Sartorus up cent up un the same period 

jm- . 
market 
_ and 1 

Storebrand expects H results income from other activities at ijrnup-life pniinos. Payouts tu 

for the whole of l his year to show the Nnrden gruup reached polity holder,, including bonuses. ' 

i a significant improvement tollmv- NKr 72S ($145ini in the rose lo NKr 54. Sm. from 

my a first half upturn. Premium six months compared with NKr 49.7m. 

evunm.u : income in tilt nun-life sector rose NKr l,12Sm in the middle of Financial earnings by both ihe 

Br WILLIAM DUU.FORCE STOCKHOLM. Ocl. 20. | iu NKr l.OlTiu (S207mi, from 1977. The non-life companies life and non-life companies )|( 

BALKEN. the Swedish construe- of ihe final 1978 'result. After i - > ' Kr SS5m - witb foreign business in the group hart a total premium showed satisfactory growth. and )Y' m -nufacturcr C.SBP ami 

Don group, shows a profit three years of declining earnings 1 avcounring Tor just over a third income ul NKr 491.2m. com- i he group's djln-pnicessinq subsi-- Farmers ha* been thrown wide 

recovery from SKr 17m in Balken cxpirls io double its pre-- of ,hls . vt - ,jr ' s figure. pared with NKr 714 2m for 1977 diary increased uirnov - - * 

SKr 37m (SS.fimi in its eight- ia\ prrifit this year, returning to SLorebrand's life and pension as a whole, while gross conipen- per cent to NKr 27.Sm 

month interim repon, at the the level achieved in 1975. " [company, I dun, increased nation payments to policy holders Vesta-Hvyea. saj s premium 
same time as turnover advanced The improvement has several 1 P^mium income by 14 per cent reached NKr 299m. against incomes shoved «ai is faclury 

by only ^ per cent \o SKr 2.23bn causes. ARY. Balken's main''** '°0 m t$20.4m>. and ihe NKr £09ni. Hulf-yeur profits for growth m most sectors, a pari 
(5525m). subsidiary, has performed much i company’s financial income rnsu the non-life companies were from marine and transport in- 

The figures are based on the better and the costs Incurred last j ^- v P e r cent to NKr 53m. NKr 10m. up on the figures for surance. Finjneial earning^ and 
management's current estimate year, when ABV- was formed Premium income among the the whnle of tB77 group profit-* tins year are ex- 

from the merger of two subsid- international subsidiaries rose to Nordcn's life insurance com- peeled lo be belter than in 1977. 

iaries. have not been repeated. ■ ^'Kr 4 iin froin_ NKr 55m in pany. Norden Livsforsikring. saw hut Ihe half-year report gives nn 

income rearh over diluiia of either. 


in order in do so effectively, banks would be brought within insurance companies — including A/S Cusios and A/S Sartorus up cent up un the same pc-rio 
oanks abroad n^ded in maintain the legal framework by extend- .' ihe ioduxiry leader. Siorebrand* slipped deeper into the red for a year earlier, ii increased sign 

rinacii balances in Malaysia, ing The banking Act to cover Idun — report improved results the half-year. ficaotiy its sha»-e un the markc 

while Malaysian b.mks had to ihcin. t for the first half of 1978. Gross premium income, plus for both individual pensions an 

Swedish huiider recovers 

>RCE STOCKHOLM. Ocl. 20 . 

construe- uf the final 1978 result. Aden — ^ 

a profit three years of declining earnings accounting for jusi over a third income uf NKr 4912m. com- rho group s djia-pruceising subsi-- 

17m ID Ralkeu oxpirls to double its pre-i of ,hls > ejr ' s figure. pared with NKr 714 2m for 1977 diary increased turnover by 22 


MONTEDISON has given rhe 
1 green light for its long-planned 
[ capital increase and a L37Sbn 
,IS46flini share and bonds issue 
is lo be launched on Monday, a 
banking con-ionium led by 
Mediobanca will back the issue, 
[under which Mnnledisons capital 
will be raised from L152.obn La 

• LSns.Khn. 

j Participating in Lhc bank con- 
: -airliuitt will be Banque Arahe 
jet Internationale d'lnvestisse- 
jment (BAM), the Paris-based 
( bank representing Mnnlcdisnn's 
new Saudi Arabian shareholders, 
whn have acreed i»» lake up a lb 
•per cen; slake in lhc ailing 
[chemical.: companies capital. 

! According in predictions 
[drawn up by ihe banks organis- 
ing the issue. .Montedison crmld 
j be “ in balance “ by 1980. end- 
: ing its recent heavy losses. Bui 
‘ between now and the end of 
, IWO. Montcdisnn i.-. expected tn 
1 lose around L2ti(Jbn on its inrius- 

• trial operations, after deprecia- 
tion of L7fl2bn. A further 
j Lt90bn is expected to be lost 

nn iLs subsidiaries, particularly 
Montefibre, it* crisis-stricken 
fibres subsidiaiy. 

I To cover these losses. Monle- 
: disnn is expecied in rely on 
capital eains. Ii could revalue 
J its oil and gas assets and sell 
j some prime real esiaie and. pua- 
jaihly. its eieciric power plants, 
j But aside from the banking 
j consortium, clear undertakings 
| la subscribe in ihe Montedison 
.capital increase have come from 


only a few of .Montedison's main 
shareholders. The companies 
stale shareholders. E\'l and'IRI. 
are committed in subscribing, 
and Pirelli E. C. is also ex- 
pected to participate. 

But Montedison'.-, main de- 
clared private shareholder; 
Basing!, has already indicated 
that H docs not intend to par- 
ticipate. and Montedison shares 
fell sharply on the Milan Bourse 
today ahead of the operation. 

Meanwhile, banks are still try- 
ing to find a ablution to the 
pressing diihculiies nf rhe 
Liquichimica chemicals croup. 
Siy. Carlo Donat Callin. the In* 
du’siry Minisier. has warned I hat 
he will appoint a special com- 
missioner to run ihe group, if 
banks can no* come to an agree- 
ment quickly io save H from 
threatened bankruptcy 

The stale Tund for industrial 
development in smilhcrn Italy: 
Cass a per ii Mer/nginrnn. has 
given a conditional promise nf 
assistance if banks can come to 
an agreement un the groups 
salvage. But it- agreement to 
untie around LlJbn in stale sub- 
sidies is conditional upon banks 
giving hard guarantees on con- 
tinued fin ii re ■■perm inns at 
Liqtitchimica's Augusta chemi- 
cals plani in Sicily, for which 
the subsidies were originally in- 
tended. 

Banks had been hoping to use 
the Cassas funds to make long- 
overdue v. age payment* to 
Linuicltiinica workers. 


The First Viking 
Commodity Trusts 


Commodity OFFER 39.9 
Trust BID 37.9 

Doable OFFER 64.0 
Option Trust BID 61.0 


CammodiiY & General 
Management Co Ltd 
3 St George's Street 
Douglas Isle ol Man 
Tel; 0624 4632 



NKr 4 4in from NKr 55m 

The exchange losses suffered in | Jaouary-June 1977. The concern's premium 

I9u have also been avoided this , 

year. ! 

Raikcn's order intake rose by; Texas Int. lifts 
14 per cent during the period to 
SKr 2.5hn. of which SKr 470m 
derived from foreign contracts 
ABV won several orders* from 


National stake 

TEXAS INTERNATIONAL AIR- 


FN Herstal acquisitions 


HERSTAL. Oct. 20. 


East Germany. At the end of j LINES said it purchased 174.200 ■ BELGLAN arms and sporting a plant n*,*ir Valencienne, 
August ihe group 'order book additional National Airlines, good manufaclurer, Fabrique employing about 500 persons, 
was valued at SKr 126bn. Liquid .shares in open market Lrnnsac-! Nntionale Herstal, is acquiring Betrand-Vigier is n pure trading 
assets available 'at the end limns on October 17 at a cost ' interest* of 75 per cent each in company for the distribution t.'f 
nf the period totalled Skr 297m i of S4.5m according to a Reuter two French companies. Societe .Lerc fishing - nuipmcnt with 
(S66m>, an increase of SKr 87m. ; report. 'Lure, of Paris, and Bertrand- sales of about FFr 23m < : 55 4m j 

Yigier, of Villefranebe-sur* in 1977 and a staff of about 50 
S.ione. The French Covernnir-Jit Our Financial Staff adds: FN 
had approved the acquisitions. Herstal’s profits dipped sharply 
AP-DJ reports. last year falling from BFr 197m 

Lerc, with 1977 sales of about to BFr 66m (92.2m i. partly due 
FFr 50m. manufacturers fishing to strikes within the group Tor 
rods, radio antennae and a whole most of the third quarter of the 
range of industrial products at financial year. 


V/ARDGArE COMMODITY FUND 

This fund is now listed daily, under The English Association 
entry, in the. Financial Times Offshore B Overseas 
Funds Ou eta cions 


upeu again with the reversal 
•if an earlier decision by the 
Trade Practice* Komimssion. 

The Tl’t has decided lo 
aranl IVrsiralinn Farmers Co- 
nperaiive an authorisation lo 
acquire control uf I'SBP. This 
reverses its decision in a draft 
delerminaiion released Iasi 
moiilh lo reieet the authorisa- 
tion, because there would tie 
nu public benefit hut the acqui- 
sition would he detrimental to 
com petit iuii in fertiliser dislri- 
hutiiiii and si nek and stat ion 
aaouis service in Western 
Australia. 

CSBP is owned equally by 
Cuming Srallii and Co.. 
\Yes(ralian Farmers Super 
phosphate a oil British Petro- 
leum. Wesfarmers has already 
gained just mer 50 per cent 
or Cuming Smith and has 
offered to extend a bid to re- 
maining holders, stibjecl lo 
TPC authorisation. 

The TPC nuihorisaliou does 
not take effect for 21 days, so 
as to allow time for any 
appeals.- 


W. R. Grace earnings up 
22% in third quarter 


BY STEWART FLEMING 

W. K. (.RACE, the U.S. chemicals 
and consumer products group m 
which the Frtedrich FJick group 
of Germany has a 12 per cent 
stake, has announced a 22 per 
cent increase in third quarter 
earnings. 

(Trace said that its third 
quarter net inennie was 942Jm 
up from 934.5m a year ago. 

For the first nine months of 
the year, earnings are 9129m 
1 93.32 a share), compared with 
9112.9m (92.90 a share) in the 
same period of Iasi year. 


NEW YORK. Oct. 29. 

The company is facing ^n 
agreed tender utter from the 
Flick group fur a further 19 per 
cent of its stuck at 935 a share. 

Reuter reports that Grace said 
ii believes that the results for 
the year 1979 will exceed the 
93 71 a share earned on revenues 
of 93.9Shn in 1377. 

The company said there was 
a favourably net effect nn third 
quarter results due to gains on 
divestments partially offset by- 
losses on foreign exchange 
transactions. 


Mi. Index Limited 01-351 3466. One month Gold 229.2-230.7 
29 Lumoiii Boat!, Loudon SWI9 0UK 

1. Tax-free trading on eommodiiy futures. 

2. The commodity futures market for ihe smaller investor. 


GOMMODITIES/Review of the week 

Stockpile defeat boosts tin 



ing decline in prices as a ** senti 
mental reaction." 

Carter Administration officials 
said this week that the possibility 
of “ discretionary action " in 
support of the ISA is being 
studied. It is clear that every 
effort wilt be made to keep the 
Agreement afloat until the new 
year when Congress can make a 
further attempt to reach a 
domestic sugar policy, clearing 
the way for ratification. 

Coffee prices also fell this 
week. Most of the £124.5 decline 
to £1,461 a tonne in the -Tanuary 
futures price was concentrated 
into the last two days. Until then 
values had eased back gradually 
wiping out last week's modest 
rise. . But in late trading on 


BY OUR COMMODITIES STAFF 

TIN PRICES reached record 
levels this week, following the 
defeat in the U.S. Congress of 
legislation authorising the -sale 
of up to 35.000 long tons from 
the U.S. strategic stockpile. 

Prices bad fallen sharply at the 
end of last week on expectations 
that Congress would approve the 
stockpile tin releases. But over 
the weekend the Sugar Pricing 
Bill, to which the tin stockpile 
legislation was added as a last 
dr.pirafc move to get it through 
Congress, was unexpectedly de- 
feated. With Congress going into 
recess, this means that thpre will 
he no stockpile tin releases 
until at least next spring. 

Fared with this sudden turn- 

round, aid news List L*’£ ware* . , , . . . — 

house slocks had fallen to the bel P surplus stocks on the Thursday a heavy wave of specu- 
lowest lc- el since at least the African copperbelt to be shipped lative selling suddenly sent 
early 1960s. the market opened out and offset some of the pre- nearby prices about £50 lower, 
nn Monday with gains of nearly s ® n l lon S delivery delays. Lead Dealers said the fail was partly 
£5nn. Standard grade cash tin Prices fell sharply from recent due to the evaporation of trade 
traded at well nv?r £7.900 a highs as more supplies became support but was also encouraged 
tonne, but subseouantly eased to available and some heavy specu- by news of interna) coffee tax 
ciosc at £7.690 last night, still lative profit-taking sales. Cash reductions in Mexico which are 
£285 up on the week. The three lead closed last night at £39S likely to lead lo reduced export 
months quotation was £430 a tonne, £21 down on rhe week, prices. 

biqher at £7.552.5. World sugar prices lost ground Rubber prices, which have 

i’-opper was hit by some heavy this week in a disappointed been buoyed up by Eastern Bloc 

.-ellinq. nr ' from the U.S*. reaction to the defeat or the pro- and A&ian buying in recent 

where "the rati' in ihe stock mar- posed US. Sugar Bill last Fri- weeks- fell back somewhat this 
krt in creaiing uncertainty about day. The London daily price week. On the Lnndcm physical 
a decline in industrial activity, slipped to £107 on Tuesday and market rhe RSS Nn. l spot price 
C.a-=h vr i rebars closed yesterday ended £4 down on balance at ended 1.5p lower ai BOu a kilo. 
£20 5 down on ihe week at £737 £108 a tonne. London dealers anticipate, how- 

a tonne, de-pile forecasts nf an- The Bill's: defeat in the House ever, that India might shortly be 
other decline in warehouse £»r Representative rules out U.S. in the market for u sizeable lun- 
smeks. ratification of the international nage. Information from Malaysia 

Zambia's move to resume ex- Sugar Agreement (ISA ) this year and Singapore suggests ibal 

ports via Rbodesia and South but London dealers said this in India is looking for about 10.000 

Africa and the plan lo re-open nn way altered the “statistical tonnes of rubber a month from 
rhe BeneueU railway should .situation." They saw the result- November through to March. 


MARKET REPORTS 

BASE METALS 

COPPER— L«t ground. Alter Initially 


SILVER 


KI5.flc. up t^c; and rt-monih up The UK monetary co-filiiionr rnr fhr a*.3M6.3i; uaren n ay t>« 

1 . 4 c. The metal opened at 2SS-2S6P hewnnirw October 23 will remain 68.50; July es.4lMB.90. Weef* hwh-Inw: 

S unrhansed. Doc. S6.31MM.fih: March B7fi.Mi5.78: May 

»»l-aSMci. EEC DAILY IMPORT LEVIES— The HS.M; July 69.20- Sales. fiS US- lots 


■rL50 UK. South Aim on Yellmr Xov.-Dec. qualities as well a* African and Amerl.-an 
tM so UK. KTOwihs moved treely. 

Silver «u fiMd l.25p an ounce lower Barley: EasluOirtocd fob Noe.- S2.50. HOHC KONG— Raw coimn futures for 
at SBfiAi in the London faidUon market MCCA— Locdlion tx-lann spot prices, week ending Ocl 20. The Aimer price 
yesterday U.S. - ouu eoarvalents oT Ihe ° lfwr militaa wheal— nen quoted. Feed trend nontimnd. with sains up In in. 
flaing levels, wert: spin «L%. up o.6c: Wheal— Norfolk M.S0. Devon 84.00 Feed pohus on December delivery, hrlday s 
ihrce-njonth 603.7c. up 8.7c; sra-momh Barley— Nartolk 7C.90. Devon 77.u0 clo&uip prices 'cents per pound' ner. 

rtslOR ID £7US roDowins invenng axuiasr Bio.flc. up IJc; and 12-monih 640.7c. up The t- : k monetary co-ellicicnr for the 66.2M6.JI; March_67.0(Wii j< 0: May <HV- 
Europenn physical business forward _ - — 

metal fell away tn the ■Remoau tn rlowr 
a! n34 reflect inc a much lower than i59i-333Jc 

i.-c peeled opening on Comes. . Turnover. 7 

KUaa mnnes. SILL’KIU Bunion 

, n.m. i+ uTi" pjn. i14-«r r«r llsinji 

LliPPKk! OiAeuii • — | UnaSIciMj — im\-nr. prtiu 

1 ~ 7. '“7“ 5,u« »r„ I . o- Tat *•-*«■• reel ml IM Mt- n?'f nil 

.... *- to "It 5 wheat— 12-Vts. rest nl! H23.1S 

Wnreftum •' 1 . 3 ii4.aiili-. dt 3 9.. —1.4 a03.S5|< r 1.7 0*0— Siia 11 7n: ii7i,: 11 7>. .« 

L«-h ._ ...7d5^-Mva.76, 736.5-7.5 -6 ■•wNillis.918.lp -I.4S - ; nirOM^Ii lit. Barley-W.- 

^ ni-nrii- , 76B.5-6 + t.S' 1B7-.5 -7 ) ' nponlie 389p -1.45 - • "m-h. «,«! ;!, i. “niilrs - 

stfiu’oi'ni. 746 t-23. — 

Cathodes 

734.5 -3.2b 1 725.6-6.5 .. 6.26 
Minuiilr 754.-5 +Z 74»-7 —7 

■euj'f’ni. 734^ +3 : — 

I'.-. •»!■■».' 685 . .. . ■*-71.035 


| f 6 TV “V 111 

S ft-”" nif- {tr 


roUoiviiiR EEC levies and premiums are 
effecuve for October 21 in imns of account 
tonne. In order current levy pins 
Dec and .Ian i<reinliDns ‘with 
wheal— 
Durant 


WOOL FUTURES 

LOHDON—EtuD and featureless. Bache 


■ 7«i'!: rest ml* 


Malic 


LME— Turnover 275 ( 269i lots nf is.OM luhrid Dir seediu^'— K! 14. resi nil H. 
nu MnnUnn. Three months .tlM.l, 3W. resi 01 I 1 . Buckwheat— I 7S. rest ml il.TS: 
4.1. MS.9. 4.1. JtlL Kerhc rest nil > . MIHm — K **• rft-i nil t47tw: 

Thrre months 303.7. 3^. 3JI. -Mi cm non- rest ml >. Crain sorgOum — ;n rest nil 

Thn-r motllu 303.5, 3.4. 3.3. 31R 302 9 i7!».4s: A 41 : oil- U.fil: nilt Floor levies: 


Aioalsaraai'.-d Metal Tradnut rrpnried Jjy,' . » .?■ 4 7N ? , h " 

lhai in lhc mar nine rash v.in-batu irad<.>d ■ 

at £T 4 fi. 45 . 3 . ihcw mouths £ 764 . 63. 63.:,. Cf\Cf\ A 
6 G. Cathodes, three mom bn 1754. 54.5. 

Kerb: Wlrebam. three months £765 . 64 3. Short -■.ovcrlBc and t'oramisipon-honse 


reported. 

•Pence per ftilm 


.\tl-IIMU<ll 
lnW‘i KhU 

+ •s' 
i-i.bt- : — : 

Pii-lln.— 

IV. Hi- 

V.h-Udff ... 

L5*.»-3a.D +10.0 


I 'nTJii'ior .. 


-• 

AJmIi-ii 

fob.U-ac.D 

-* 

He 



In IV 

144.0-43.0 . 

— 

•.Ii.-IiHh-j ... 

«4.lMU-0 

— 

1 l«fin:u.-r ... 

436.D-44.D 

— 

M-*. 

4fiH.O-4/.0 

— 


Platinum up 
with gold: 
cocoa firm 

NEW ViiRK. Ocl jn 

PREi.lrti.-s MET.\I_S di-nlavt.il divergent 
ircmis j . cu Id ralli.-d *■>! rwicu xl ipccu- 
laiive buying fulluuun: ti'i.jknu-*- m ihe 
■li'llar 'fhilc silver ea ail «m trade hc(L.i - 
■.cllir*^ and ncrtMii. -lA-culaliv*- ln}u:da- 
ii- in. O.mpi-r ilr-klini-d <*n micvi'i-d -.prin- 
Ijiivi* Mnp-lrt. . -eUina a-liile ohm and" 
..'tear ralln.d ••11 trarli- bujiua and 
qti-culauvc *hnn cnvi-rina. OHt-c wan 
»c.ikcr. i> jcln repun .. 

Cocoa — Di-i.-. 173.73 -I JO. 73'. JIarch 

174 75 • ]<•.<* 73 1 . May 17.: 7. 1 . Julv 171 
^vpt. 170.1U. Dtc. Itu.fill *a'llj>. Sale-, t .i‘M. 

Coffee — C ‘ »'«uurji.f Di\. IV-.73- 
U> o« . March i::o 75- 1S9 M- 



l lore ■ — 


the Pvnana price. Forward standard 

metal oix-ncd easier at £*.606 hut mnrril 

ahead uutcKIr on hear covert n« whkh 

look the Price up to the day's hl*b nf J 6 -6.7B l- 7B.0-i5.B 

£7. BOO, However, prolit-lakiiip and trade Moicn ■ 88 0 88.0 .a 11.5 ' B6. 61. u 

selllnK pared the price 10 around £7.545 + 13.0 J375 

on the late kort) Turnover. 1300 urnnus. *J5»- S®.0 ;^2S.5 2 -6.0 1218 

a. ur 3OT2.il 05 JJ -+ I-j.O 2006. ■<- 1 75 

7 68.0-65.8 i ia.0 1 60.G 40-u 

llur-h I9SU) ilJ '*-51.6 I&50 j0 


IIN 


H.lll. |+ 'll, F.lll, 

Ofln-iai i — -Lnudlnai 


wX.i 1 

I'rtriHL- j 

l •«■*•• , 

1. 

tjii*nie>^ 

' |Mn» 

\..i 

60.50 60.75 

£0.33-60. 70 


Ii*- 

1 1 4j b2 0 

cl J-.el.7u 

— 

-Is n- Mm 

c5 2I-.6.S 

e6.25-:£ 3s. GJ.20 62.70 

AK-likf 

*5 B0 1 5 55 

•5.7J-.5 £0 

tfi£5-5 0i 

Jv-seH • 

<■8.10- 6.1s 

6S.03-Eo.lD 

"-.la 1.7.40 

1 vr- lie. 

70.15 70 20 

69 /u.i 0 

70.15-65.50 

■1 .tn-Mm 

<2 lb >2 25 

/ 1 S3 72 DO 

i2.U-71.70 

•l;«-4n+: 

(J2+.4 ^5 

*3.93 74.10 

*4.00 

4v-~«|4.; 

76 2 Lffi !5 

H3.DV76.10 

75.50-76.60 

- - _ . 



— 

.. 


MEAT/VEGETABLES Dec ■ 72 On. .tan. 72 4ii. Mjr* h 7.;jn. May 

SMITHFIELD— No carcase meat prut* 74 On. -Inly 74 .<ji »eii* Sales. *.'.(!« Imj. 
QUfflL'd. CollQH — \'fi -J Dili' Tn.7R-o7.Sil r*n iPi, 

WEAT COM M155IOK— Awrajif fJfsiOL'k March IU 10-tiiJA 71 .Uk.71.-lft, 

prices ai reprcscmative markets nn July 71.13-71 .30. iicl «7 3fr*«t 4ii. Dec *4>fir. 
fMloher 2P. CJ. canle TMp per March 
kSJ.iw 1-0.301. Il-K. Sheep I2S> Np 
biMidrv • — j.4 ' -■ C.B. pifrO 07 Op per 
fcs i.w. 6 na land, and Wales — SS.ii. 

Coitle numbers up 7 per" lint, averaae 24S.Su. 


7J1’-U7.7II. Sali- 


,'h Grade C • f : B ! J' Sales: 3.122 t2.84Si lots of JU tonnes. 

,7710-20 .-*■ 50 . 7680-700.4 35 International Cocoa Orsattlutlaii. Daily -l.in-Uni 

595-62D-72.E 7560-85 +37.5 pruv Iu U-S. eems per tb for tier. 16 -Ui-Jn*-: iJ2i-.4/5 *5.9s #’4.i0 /4.D0 6.l» per c cut. averajse price lai.Jp * - r n • : Sales. JP.OOO Int 

SMiiein't- 7720 ,t 50| — j 1T32U> ilfl961«. Indicator prire-- « 

SiandATdi . . t*ct. 30 iJMIay averape luft.a" .jram 

:.'**h 77LO-20 -^50 7680700 - 35 22-dav average 17UJ4 (170.12.. v . , 

s imvti Its.. 7585-80 vn.5i 7550-5 -27.5 /s/sr-rrr ^ ,n,<i ol V 

tcUIwu'i. 1 772U ,-rSD 1 -I... rOFFFF Ph> sual .-Jowna pnws >h<ircn* -.>ere: 

imlisK.. ;*LS70 -10- - tyri EE Spof «p_ 'wine.: Nov. «.12..p (same.; 

N.v Vi.ik - '717 50 -Si-. nnhiKias opened easier hot nmcMv Dec U2 .jp 'Cln. 

- - - • picked up overmen Losses as cnod trade . nr . v ur . r 

SOYABEAN MEAL 

90. r 7. J oin. 7.3m. 7.HUO. 7.5Wi. HD, K-rh 


Cold — del. 

Sl.Tii 


N-it. 

■j::-..;ti 

a. IU 

P«c 

2JB M 

Fen. 

;*•: 79. 

lank 


June 

241.21.'. 

Auu. 

243.911. 

O'. 1. 

• 9u. 

Dec. 


lib 

2j~ mi. 

Ann I. 

.29. 

June 

■J43.sU. 

Aua. 

24I.7H 

•cm. 


Morning: Standard, cagh £7.758. 46, ..fl. hnymg imercsi absorbed all m-'.I or 

thm- months £| .wj._eo 70. BS. «i 63. Tu. prices kcpl relatively steady through >h- 

90. Ri. i.MH. f.-nti. i.mw. i .jH.i. HD. K-rh. day until late oltentiKiu whi n pn- The nurUK was w i-.l'er in jII puhitionv. 

htnndani. three ninwns £7.3S5. 7«. Allcr- weekend long lianldation lauchi-d nil n ports S.N'W L'ommudilles. 

naoir Standard, three moniiis j.7^60. 63. iiimmiscinn -house aeU slops to jiush levels “ ' — " { ^7,T.7»" , ’ ’"..i '■ i'i.-ii»^- 


pig numt-iers down s.r per ceni, average tLard — diik-agn !•■■■■( 24.3u unininai 
once «7.9p i-o Scoiland— Canle nnin- yiY price >ieam :'Kvi*> asked -ro-uO 
bers up 31 .# per cun. average price irjd«l-. 

ta.^sp • — DJh*i: sheep numbers up l-w.3 JMalzc— CKc "js .22«,; .. March 

per lent .aiuiMcc pnee 12-S.lp i-SJ>. 2:!3’-2'l3: ijnfii. Slav .■j.i-.tl. July 24S.. 

COVENT CARDEN— 'Prices in sicrlittg ■.qj." Kept. -.'IS'. Dev j3-i 
P. r cuckauf csccpi where nllu-twtoc "j ... -j i im.-j-. in ,:>■ vi. 

s-aud -imported produce: 

347.741. un. gaiCO-'.’jil.lO. Jjii. HU-355. 7n, 

Anri) 1.313 l-u- 


'Si. 35. 3u. Kerb: Siaitdartl. thm.- tuornhs 
ti.345. «u 43. 47. 

LEAD — A shade firmer. t-'otveasts of 
a lurrUcr Ui-i'llnc ip wiirehnnsr stocks uc 
■orward metal move up frunt £3so lo tin- 
days high ol rtS7 In tin- innnuni: nn^s 
However, prolli-iakms coupled with. Hie 
afrernoon decline m rapper caused the 
price in ease bark to rinse at £.>4.5 on 
the late tL-rb. Turnover, 7.900 tonnes. 


Ihe town. 119 5 to £42.1 <l»wn «|| 

Uiihuiee. 

1 Ye-imlai V~ 


I' 


L-UFI-'KK 


Vlfi«e rir I 


■ ii |w kiiiue ■ 


IUi- llie^ 

Ls-lli. 


l.bAl* 


s-iu. 

Wflu:M! 


j+ •hi 11.111, '+nr 
I — ' rpoirii-ia ; — 


v;:e£LY price changes 


ULwt » 
liner- ;t-h'sr 
Her looae • e-n 
un.r- '*«* 
-«!«■> 


I9ic 


Tp»r 

Apl 


High 


U-w 


UtAM ( . 

> price. iCh'fis - 
;p«r tonne I on ' 
- uniem - week ' 
Motel 


rear 


l»r- 


Higb - Low 


Ssfci 

>2.1*: 


“Sturt: ' £7lv ' - 

tree Uaihri i.ui. .. fcLLiu.40 - Iw-0 SSSU'JO 
Auttntnnt ■d’Aiiii . 

Fnf- 'lartet 'da.T ^.1 Siii'J-C'At — -S KVb 

Cbappr 
Utell Wire 
a ttitli- U tu. 

Co?li Ijtlln* Its- 
Im-iQl'i I*-. ■■ 

C'rf-I prr is-, ... 

Lead ila-.il 
a inniilhh 

FwJI«kcu-.il-K SJ.T4W . - njSDpi'jSju ! blino ! 
Pwiui.no perm...; —(^2 .*12.0 ' laarW.h K « b* 

I'tw Merkel iwr ur I'W 4 *3-* ' ■**•<■* ^• 4 


i!ici -1U.S XSgo.o liilB.S At!? 

JC7.-i.2j -JJ j ; £63h*ii 1 £VJh.is; Lt&.lc 
A'lSh.Ta -?1.0 ; rflfi.s ’ H'iti.n i LfiGtfJ 


.When; 

I No. 1 Ked apruig. 
j Am. Herd 

i Winter iOci.i. ££/ 
Cnc.Muitfli'fiiffvmp) *»l 
Spices _ 

t'to»es ..ffll,- £A.‘4Vb 

It i -pci. whitr.i.i $2.V)Ki 

Htoeh '• (UvXlO 

Oils 


fStt-h —1.8 • JC84 a» 


- £81 


t ia».a 


IN Lo 
£lito 


£80.7-« 

£S9.c 


— IL-.lXSJ l iLa.UJL- £.^UO. 

— | Sj.tea t Sl.du! s&bft. 

— i 5£.a)J | S2.«.; bL6/a 


a**-*?* 3 «s “ 


Seeds 

j i<i|ituil7ulijdiinwii. 

1 Niyahwui- i.L’-Sj...; 


(t'jt.’kiiilvcr iTSlfw.t. SliOa? - 1 SI30/5S k . 

Alnwi-rw 9Ubp — 1* «l» 0^6T 

i * • - * — l ConuuoditiBs 


SESfl 

■+50. D I 

S490 

1 SEbC' l 

Btit.z 

. * 

1 — I 

JS47 

1 £770 

S5B? 

MM 


J3b5 

i tie. 1 

JffiVl 

fbiu 

• j 


. $840 | 

Si:W 

. 

' i 

nxt> 

! 


«i a» 

1 - i 


l 5514 l 



6 nuns I 

Panes — ! 

Hi-.mf Futon- .. ..• 

French .'i'.- Ycitow 
i A r’wwdti' 


£fi.4 


LV:i 1 


^fiiP-l'wrl 

M-A 3 1*., 

: ; ! ! -Uiior !K»«" ' 

£e T.tn fiiiF.Ct- i l.'*iii-*ai N'.. 1 -v-.-.. 

. i (•I'rs uiu»i«.V‘ < 

t fp^ini (nio... , ' 
1 £**,f " Waix'. 


itoto 

— 

l'"su | 

£i.U 

> itoUp ■ 

SM« 

1 — • 

j sLfe ; 


■ S^'i 


-Kb 

! c*r < 

6iJ!a|- 

I -la.ci. 

£176 

I — . 

; L-J96 ' 

£|HU 

iiiii 

haau 

. 

1 Sjpu- i0’ 

Stto ■ 

S720 • 

£106' • 


£» . : 

£11* 

£31 

JllKS 

■ - — 

•• via i 

UlcU 

£lij 

• IrOp 


; lfin I 

lK»r. 

J Ktf. 

-'ll' 

1 ■— 

flbL 

sen 

' •'Or* 

5r7sfi Kin- 

: — 

27 »f. Wfile. ,. 

•» , WiIa{. jA(nL->-is 


lUMWtett- * KonuodJ, - i-MdifiifKtr. 


'■ £ ! £ : 17 1 

f'orti 1400.5 1,1.5.25 397-9 +2 

aiihuillifi-i 3S5.5 6 -+5.25' 5S4-. 5 I » 2 J 
—u’ uii-m ; 401 -*-5 • — .. .. 

l.-.»|jil. ; — .. . i •3b-36 


i>nit«-r . . , 

•laniuin .. . 

31an-ii : 

3U« ■ 

Jnq • 

*•1-111 i-inM-r , 

\..v.-niOrr . 124U-55 —22.5 1855 


1 H.Jw .... 

IV’C-inta-r . 

Kr'imarv .. 


1545-46 I— 42.0 1596 -1 542 .\i.nl 

I460-.62 ,-JT.u:i>Oa-l4S8 June 

1355-60 -3B.0 1408- Ii55 tuau-i .... 
1300 10 .-41.5:1350-1520 . , 

1265 73 :-42.& lSDS-liM 
1266-75., — IS.5 1 - 


ijj-n.-mu | | 

! 1 1 12.00 19.2 -1.55 121.50- 1?. DO 
UO.Dj 20 4 070 120.80-20.10 

.120 5.1-21 2 —1.55 121.10 
120.61-42.5— 1.9& — 

;i;i0i-2JJ!-1.50 

.121.0 ‘-<3.5 — 1.0 

Sales. 70 iifi) iota of 5 tonnes. 


SUGAR 


Italian. new crop jjiw. :4j. 

Snmh .Vfrn-aii: j.uu-7 Cyprus Tray-i 
7IU-3 30: Jaffa: J..in: Turkish- itiw 

Ora uses— Saul 1 1 African - Vali-nria Lah- 'Silver — orr. Sfi.!ii i.7*'i nu*. N.*v. jst.iU 

4.W-5.13- Urazllian- Valencia Loir i..7i: ■■MJfli. Dec .W-.7'l. Jan Stew. Marsh 

Ar^L-nimc. 4 sd-3.4u: Unmnavan 4avj.no -miI.uii. May w^-ju. Julv •il«.M‘. Scpi 

Salsumas — Snanij- Traj-s 4.IUV3 *U Crape- djn 4*. I' 1 *. «.4n.-4t J-in hIJ S*n. March 

fruli— Diiminicdn .1 wi-4.>0: CviintS: 4 .mi: iul -it*. ?.|j> !•■*: SO. .till:- »7.: -Hi. «in. 
ilni'jD 4 IKI-4.2U: Israeli Jalle 4.2U-1 Sal.-. IJ.cnn Im - Hands and 11-irman 

Ennltoo produce: PoLaioes — Per :7> kilns pni biillnm JS 7 vn .,-^s.iiim 
l.in-l.ail. Leliuccs— V-. r 12 round 0.3U. Cos Soyabeans— N-v b7 1 uhr! .. Jan.- 
1.1W. Webbs I I’u. CncumberB— p.-r fray ayt-iKO <l»3i. March ilay i.F4- 

I- M'v new crap S.Jil-iMI. Mushrooms- ■**-.. J t< ;> iiikj. .\uc. UsT;. SeW. C7D. Buy.- 

Pit ib S 53-fi.Wi. Apples — Prr Ih Brnmley mi. 

n 474.110 . Lurd Derby OfVMiC. Ci«'s ..soyobean Meal - im. ITTaW-ITRso' 
rtranse Pippin 0.D54U4 Worceaer Pnar- ... - n , D w-. ofl.iv,- 3n , i/-.»oi ,i a n." 

mnlu D.D54) 07. Kussrto iior-n.io. Pears- « XV S 3ia^ im so-isi ou ' \im 
P». r lb CnoferciKv D.lO-d.14. Plums-Her 

lb BtiHh u*. Marjorie s Sccdlins U.5«. c J .“ tl.'nn isi m 

Dams nns~ Prr lb d.ij. - Tomatoes— Per l-* 1 — n-IM-afl. S. m. 1^ nn. n v i. i&i.no. 

I2II> EuRlLsh 1 JIM. 40. Cabba9es— Per Soyabean Oil— Hit. Co.lkr'jfijn i*5.7fti. 

crate D.hlMI.M. Celery— Per Bead OUT. D. c So.kH-'.'SAj i 'J.7. 77 ■ . Jan. CS.4a-2.x40. . 

if March i7J.Vjj.30 May J3JH. July 24 »J- 

"i.nn. AUSUSI 24.73. Sr' PI. 24.30. Ocl. 


J;* 53 ® <3.704 1 lots of 5'ionrirs. LONDON DAILY PRICE mw sncari 
ICO Indkatar prices for Ocl. 19 iUS nu.. Nov.. Dec. riat-.f® iuhu*. a lounr 
Momma: Cash '“M0l," - «0, — dai.'ihivr mr nm.-Nnv thiptnetll. While Rusar 

nniha ris-s u u es e-. ci -. u ...j_ 4I...081. umvashed jj a fly pner (nr itct.. Nov., Dec. was fixed demand good. Prices per none ar ship's 

D 0^7 itUlu JUJ.jU UIU.3A.. 'ude (Unprocessed!-. Shell rad CaW-HLSO; Straw — Xo. U: Jar. V.T.VS.Sfl «S.63», 

Hooustas ica prices we ne cpniaitKd wiihin a narrow etxJUnss £2JD>.£3.40: lareo haddock £4.S0- March ftOMM i5.«.a-. May 9.17-O.li. July 


GRIMSBY FISH— Supply moderate and -JBr 

lemand aotui Prii-.-s nrr cinne at slun'is 2 i.Hs. 


®* 45 3 - M - Arablcai 154.00 (saotti: 

Kerb: Throe nwnihs LS£. W. >0. Alter- Arab Iras 1JC..T3 <1 54.44 1: 

HOOn* Tnfnp ZnonluS £SM. bfij. SW, M.Jt. TQTil I r v n Ml IAaitipI* Rnhuofnc *>'• > Ihcf ■ |rcra l,c,r *-'**■■»“"■■■“ 7 ■ smuhubo *■ mrwsiv ■ ‘FiDv uowuiR w *-v.arw- miiivu a.vo-» w* '?•'''■■ *'■ 1 '“**■ “ ■ ^uij 

S3. MS. 94. Kerb- Three mnmte iSM tv'ir ,ra to ? ransP 'hroughout the day. reports C. I4JO; medium haddock £3.3 U-HjM: umall njC-B'3 s-di. 9.47-94P. Oct. 9M-9.37. 
sa! ftl. Si” SS.K3. S4.M5 M ,£i04i D " a,,eraCe W-* 1 Ciamlkow. haddock CfiB-n.M. lame plaice M.2U- .Lm. B.65 bid March 10JIM0.24 Sales. 

ZINC-SnaMJy higher but quid. The ’ "iiraii’' 1 1 7’ e<llU °L W r*' W A 40; . “■ or3 - 

KTli^iaT^J^Lllra! GRAINS iffil.’SE iSS'™ 1 a“iSL*2S n-n««a» M .» «... 


utetai ertce up front £TJn to much £362 
before II fell a wav to close nit <he late LONDON FUTURES— (GAFTA •— Crurtf 
kerbjit 1356. Tuntover. 3.673 tonnes. op-ned lOp lower. Wheat valued eased 
: n.iii. n in ii+i.r initially to trade 25J5p lower but Bond 

/iik i 1 ■ ,.r i lomtnerrial ouyntE snunon at thesp tornls 


■ larcet £6.50. medium IB.00: 


t, |«r hdiiiL- 


INDICES 



• i -sscjiR improved slushily In tho alternoon session u*.... ua jja-. 2.&i- t 12 1.15-2 1.2^12 UR 

IW.wcii - - ..*3i.5-4.b • .... d0it . jtMim sready. iSo |0 3p Jujahi B 0.DS.I5-a6.5U - 

UorpiRR CPSb SJ32. three months {M. up un May. Aell reports. : — ■ ■ ■ . . 

fil. W.5. 61. 62. 63. Kfrrfi: Thrci- momhu Sales; 2.3So (3.B43) lots of aU looms. 

CUK^. hi'. «Ia W.3. Afternoon: Thns- WHEAT ’ BARLEY Talr and L»1e ci-r-.lincrs' prifc: tor 

tnofllhil CMi. W. W.5. Kerb: Three a.,. .v-*«i.r - 1 x , araaulaitd ha»» «*K« sopor was CSIJB 

months Elis. sr-h' 1 S* + • IS +w ' Mnw ' il {or hmK ***** and 

ALUMINMJM— Slowly, with forward M ,,,h ' ** ~ , ' l4,st ' ” illU.-V tvrnie. (or .^port. 


meial ntiwins ui> id a day's butb nl 
in lhc fljomlnff pnnr Iv casins bark io v 
dost on ihe Uie Kerb al lePB J. Turnover, 
l.Hin i miner. 

MornJns: liarly January lac, ijirra 
months ten. &IE. A/iemoaq: Early 


Intern atlmal Swaar Agrormcm <I!.S. 


—Cl 15 l,OTU,i PwjJuural full Ji'd stoived i.hnibbran 
— u 15 wn ‘ — Prue> lor Qe:. »■ Daily s. ft, 
(vamei' l.T-Uar avemp* 1 >93 <vaitK*». 

+ o!b 5 WHITE SUGAR— Close '.ill wder_buyvr. 

January fiW.3. W. thrw ' tnonibs £601.5, - BUMiiiess“dmw; Wbeat-Nov." T' T" 1 6fr ' 1 1 

at?. Ml. S. fine. 5*n. Kerb: Thro* monUa Jan. M. 1 3-90-35. March 92 05-92A3, Mpy 4riJr'T ,jU ,„ l „^ Vs.m--. im i«s«£VifetTT 
naut iu .lens mi SMuv imi -i-*". 4 imy i- 3 -""-- , - 3 ". i-*"m-». *- 


88.05 -0.M) 79.60 

90.90 - 0. IB, e2.40. 

92. 50 >0.2fi t6.75 

63.50 *-OJ0! 87. IS 


K»pl. 1?» (te-Tn.SM: ii/: ml Nor. iii.ufl- 


nao w.so-iu uii. Sales, im hub Barley— 

n,l: ' " u - ”1^0: 

Alumin m| ».ni. it+nr 1 _ |,,m. , “■ SJ . , s - "‘■■W-*'.®*- Satot, 1^ > .ipr.'HS.W-IW •<«: nil: nil. Saks. 30. 

tiflhvoi iLiu.ffl.w — "iMPPRTED-WhNl: avRS NO T U- COTTON 


FINANCIAL TIMES 

SOTihS. 19 i Month mge! ' You w 


260.38 iBWjW | SS2.4 ej 2A2.B6 
f Raicp: f«il* I i0tt = lM7 

REUTERS 

0*-i. 20“fiSii7 1 9 T mTTTTTi . VgiijY 

1516-6 11615.7 ; 1476.9 j 148S.3 - 

ibajo: ■MHiirinDM ia i«il — liiui 

OOW JONES 


t Unw 


2£l 


[Aililltli' \(9t. 
| non j «(:■, 


£ 


1' 


Per wnt Nov .-Deo. 93. oft quitted TUhur>‘- 
f. s Dark northnn Surma Nn 'J 14 p<-r 


Set* i — - •. •»uruiB .vh _ i« per LIVERPOOL— SMl find ‘hiDibenl sates 

,t mr.nthi- 602 .5 t./B 599-5 Vs ** ov - * S5 ° Dw: - w so - amouptod w 34" tnnncj. brihaJM fhr wal 

n.S. Hard Wlnier WA per cent \m K.uo. for The w»-ek tn 2 apflrast l.sa tAraie*. 
— ! - -• - -— Dn . e T.75. EFC nlraal unounred. reporiy F. w. Tattersalis. Ren^wfd 

* Crntr pur pninu}. ■ 7 3M pfir mail. Maine; U2>. French f*ct 142 zf > Ea*l purduslos in mani' speeialen . taviee 


•' On prffvtJus un-'OciaJ dose. 


Coasi. h'aufh Afnean White Nov.-Dcc. attracted much attention, Uiddle East 


fpol .... 368.72 366.46378. 1 2a 62.71 
F.iturr-383. 9 6 582-75 :377. 26 02691 
~ IAVBTHU- H-'*-.' , S-2*ri#0i“' - 

MOOOY'S 


Mnndv’li 


IM. 

ftl 


Mi. ‘Mouth; Ynir 
l 11 * i <W’ ' “■!'• 


■■pie (■V.nmntv!97 2.9 .975 .3 .94 6.8 :46.S 
iDrcrm-vr 


"Wheai— Dec. 1 C!7i-3. , »f? >r^D;-. Mjrch 
?144-SU i.Hli;.. M.<> July 319;.' 

So pi. 323;. Dec 33u.. 

WINXIPEC On, 20. v Rye— Ocl. M.4fl 
asked ■. Dec Kllsbrai vmfiiT shrd nl 
bid •99.30 hid>. Nov. li)3.Uy oom. I I02.IX' 
asked*. Dec. lill.lHi bid. May iai.90 bid. 
July 100.21 asked. 

riOals— Oct. bid i7>.r«u ask^di,. 

Die. ii.Wl asked iii.odi. March 73 in bid. 
May 73.&I bid. July 75.40 bid. 

ttflarlcy— iici. 71. wi bid i7S.no bidi, 
Dec. 7.7. iu 1 13 4q hidi. March T3.0u. .May 
75 20 asked. Julv 73 #1 asked 
^Flaxseed -Dei. 271.Uu bid iShaJO l. s i|., 
Nuf. 2 <iO.M bid iKs.Ju ashed i . Dei. 263.90. 
Mjy 267 JH) Dill, July SRI.flu bid * -•-* -. 

l r Wheai— SCW RS vi 3 \r-r ci.-ni pruii-in 
eonn-m rn St. l.auTcttc- l'T.w •sarm-i. 

JU '-..nis per pint iiii ex-n-arelmusp 
imloe, otlH-neiu- staled. * is m-r irny 
nuui-i— mu uuuee low. riueaun |ho<p 
w per luo His— Dept. n| pnws nir- 
rious day. Pnm,* si.-.i»t mu j;y bulk . 
lank rars. Ceni*t i*,-r 50 lb bushei ct- '■ 
warehouse, j.nmi bushel tote. ; ?h per 
Irny oumv inr ju uiiiis of 99.9 fu r 
■s*nr uuriiy delivered \V. V 'A-fiK 'nVr ' ' 
•ruy ounce i't-w jn-huus<-. 1 New j? •• 
eonir-ui in ss j short ion inr lutik ] 0 | R ' 
of loo shon inn*, delivered Inb cars 
'-Tticauu. Tuiedn St. Ijsiiis and Aliorv - 
“ S'-ms mr «9 ib bushel in sippt "• 

if lb ’’-v-u-an bouic. J* Cents pet- 

,n r-v-tvarchauK', 1.000 blUhel 
lois. V. 2 C per loniic. 1 -* 



Pr 


pr< 

ch 


BY MA 


THE PF 
decided tr 
allegation 
Wilson f« 
number c 
were com 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing the 

affair. Mi 
■was, had 
an orches 
himself, t 

Lady Fi 
Marcia W 
The Pr* 
Sir Haro 
drawn sqi 
S ubseqt 
told the 
did not 
prictors 
instructed 
round a 
male vial.’ 1 

The Pr» 
lo hear 
Sir Haroii 
formal co 
On the 
against 1 
council w 
Royal Cc 
that l her 
Lahnur hi 
The Pr. 
is one o: 
lished tod 
In nno 
council 
against t! 
Daily Ex 
picture c 
Henrietta 
death in I 


THE UK TIMBER INDUSTRY 


BY JOHN MOORE! 


' juiaiicSal Times Saturday ^ 


•3 



omethins new in the 



THIS mouth's auQounwTnent 
that two major UK timber com- 
panies — International Timber 
and Bambergers — are planning 
to merge in a deal worth 
£7.6m has caused much specu- 
lation about the likely direction 
rtf the timber industry. 

Is it. some wonder, the be- 
ginning of another spate of 
large, mergers, takeovers and 
regroupings that were sn very 
much in evidence in the late 
1960s and early 1970s ? This, 
after all. has been on the 
cards for some rime now. Fif- 
teen months ago. Mr. John 
Atley. chairman of another 
major timber group. May and 
Hassell, suggested with some 
force that further rationalisa- 
tion within the timber indus- 
try was necessary. 

Id his annual statement to 
shareholders in -July, 19<<. he 
stressed that a weak world econ- 
omy. customers’ bankruptcies, 
inflation and currency prob- 
lems “must surely call for 
rationalisation . . in this 
country the trend has already 
started, and is bound to ac- 
celerate. 

** As a result within the fore- 
seeable future your group is 
more than likely to havn to 
choose between two alterna- 
tives. either to hecome a small 
part of a larger organisation or 
tr take positive ?t«ps to insti- 
gate such rationalisation “ 

Other timber executives have 
not been so convinced that this 


is the only solntinr! to the 
underlying trading prohleras 
of the industry. They 
argue that the most important 
long-term aim is to remove the 
highly cyclical and speculative 
nature of their business 
through a measure of diversifi- 
cation, or a move into manufac- 
turing and retailing of timber 
products. 

The constant worry of the 
industry is the highly volatile 
nature of thp timber trade, 
which in recent year* has 
acquired an unprecedented 
degree of uncertainty. 

Timber companies rely 
heavily oh. imported timber. As 
much a* 90 per cent of total 
deliveries is accounted for by 
imports: and although domestic 
supply is on the increase there, 
has been Tittle appreciable 
chang* since the beginning of 
the 1970s. 


Buying policy 


The timber companies them- 
selves hare developed from tim- 
ber importing bases, with most 
developing into timber whole- 
salers. Much has depended 
upon the shrewdness of the 
individual company's timber 
buying policy. 

Until fairly recently that 
meant that the timber buyer 
had only to assess developments 
in the timber market — such 
as the likely levp] of demand 
from its principal customer, the 


construction industry; which' 
takps around 60 or 70 per 'cent. 
of deliveries. : 

But the nolent movement of 
exchange rates in the past few 
years hac added a new' factor 
to a timber hover’s assessments. 
As Mr. Alexander Ooumteh, 
chairman of Phoenix Timber-, 
pointed out in Im ■ company's 
annual statement, "forecasting 
the rate of exchange at the time., 
of shipment is at -least as : lift* 
portant as buying right/* - 

The timber business is basic-; 
ally a stockholding trade. ’If ttte : 
pound weakened, as it did in 
197R. against the currencies of 
the timber exporting countries, 
then the timber groups.' gained. 
They based thejr selling prices 
on current replacement cfste, 
which gave, them a large 
piemen t nf stock profit In' 
these circumstances, the groups, 
also gained from a large 
element of stock appreciation 

relief. The reverse was true if 
the pound improved: and the 
last set oF poor full-year results 
for 1977.7S from the timber 
groups largely reflected that 
turnround. 

When prices fall, the timber 
groups’ turnover and margins 
are squared and -large-scale 

stock write-offs often have to 
be made as timber bought at 
tftp peak of the eyrie loses value. 

With stock values fluctuating 
sharply in the last few years 
titnher groups have been pre- 
sented «nth another headache 
— relating to the financing of 


. stock purchases. 'With interest 
..ratie -equally aa. volatile as cur- 
tencies timber companies which 
haVe" relied on borrowing for 
stdKfc .purchases have had lo 
-tread a careful path. After a bad 
wp&nence in 1974 when must 
were caught with high storks, 
.the timber groups have been 
proceeding cautiously 
Tft fact many, have erred to n 
much . , on the/ jafe r-ide 
remaining underbought at a 
time when they might have 
; exploited an upturn in demand 
- As the. timber cycle has 
become so susceptible to these 
other factors, .the timber groups 
have been searching for ways 
m .which .to bring some consis- 
tency to their rather wayward 

earnings. They have tackled the 
problem in a number of ways- 
• Ini the late 1960s. hardwood 
and softwood specialists linked 
up to provide a broader timber 
trading base. Hence the mergers 
of William Mallinson with 
Denny Mott and Dickson, and 
the merger of Horsley Smith 
and Jewson with International 
Timber (then called J. Gli- 
sten). 

9 The merger of importers with 
groups that have a manufactur- 
ing and retail capability was 
typified by the merger in- 1975 
of Magnet Joinery and Southern- 
Evans: and by Montague h 
Meyer’s purchase of Gabriel 
Wade and English in May. 1968. 
and its acquisition of Crosbv 
and Co . a large UK door manu- 
facturer in 1972 


9 The establishment of a wide 

spread, distribution/depot net- 
work, was necessitated by the 
decline in. the number of ports 
used. • Such a system allows 
stocks to be shifted quickly. 
Travi? and Arnold recently 
added the 2* depots which made 
up Hie building supplies, divi- 
sion of Ellis and Everard to its 
existing chain ol about 50 
branches 

indeed the. latest bid by 
International Timber for Bam- 
berger* is primarily a nrnve by- 
International to extend its dis- 
tribution network. 

Although the. timber groups 
seem anxious in get nearer their 
nistomers such a desire does 
not necessarily herald an inva- 
sion of the Hish Street. 


Diversification 


Those that argue against 
having a strong High Street 
presence, catering largely for 
the do-it-yourself market, point 
to the relatively higher costs nf 
setting up and running such 
operations. New management 
techniques have to he learnt, 
marketing stratRcies devised, 
and rhe labour force has to be 
increased. 

The advantages "f a depot 
network, based largely n n the 
outskirts of town centres, is 
that it is essentially a low-cost. 
high-volum* sale operation 
requiring little in th* way of 
overheads and selling mainly to 
the buddiuc trade. 


However the new techniques 
and extra capita] required ’ip 
becoming more established' in 
retail markets have not deterred 
some companies. Montague L. 
Meyer, the largest, timber group 
in the UK. is developing retail 
units in town centres on second- 
ary sites. The shops are selling.* 
complete range of building 
materials including some under 
the company’s own name. =, 

Other groups are anxious tp 
step up their manufacturing 
interests to offset the effects! 
of the timber cycle. 

But dominant in both distri- 
bution and manufacturing js 
Magnet and Southerns. When 
Magnet Joinery and Southern-; 
Evans merged in 1975 it linked 
up a manufacturer of specialised 
timber products, such as doors, 
window frames, staircases, and 
kitchen units and a host of 
joinery items with a leading 
timber’ importer. The merger 
produced a combined depot net: 
wnrk of over 200. There is, no 
oth*r chain of comparable size. 

Many of the smaller timber 
groups are. family controlled 
and privately owned. Tax 
considerations often make them 
reluctant to sell their companies 
in return for shares or ‘casta in 
a quoted pro up. 

But m spite of the problems " 
nf acquisition, timber groups 
are likely to pursue a vigorous 
polio of changing their trading 
mix for some rime to come m 
nrrfpr to provide some stability 
tn their profit* grovtth 


; 

' *3" 

V^vtV / 

fr 

*. -i' ; 


A'must’i 


The Family Assurance Soaety is - 
completely exempt.from income tax arid- 
capital a&ins tax, because itis a tax-exempt, \ 
. . ‘Friendly Society This dives the Society an. 
advantage of about 40% over taxed funds. 
The maximuniinvestment allowed is £10 
a month or £120 a year (less tax relief) for 
those aged 44 and under, and £11 a month 
or £!o2’a year (less tax relief) for those aged 




IJi Ul Jw'Ui - W — . - . . . 

45 and over. Bylaw, it is only available to 
f=imilv men and women. 


Possibility, 


proof 


Columbus 


Hi'- w ! ! H ; ; fjin 1 ’ i > - r< j i i m H . J Hi : 

(.Jf )i si Jill it i:: ! ' /< A< Hi,.; 1 1 ;•:! 

i ! ! : J J i i i < • { 1 O \ j f < ) 7 1 SI. 

i \ 1 1 H on ( ) c If >) :■■■: r H )\ b ,, .1 ‘ / / , 
N i'X ’ provjHf-fi < i r,.: n/ii:: : proof 
• i' • i i 1 1 i n< -r:;, soi ! !:H >;< i 
com :-;o- ^ :i . s I j : . in., in ovor o!! n-iiio)::; cl vvinst ! hny nil knnvv 

was possible. At: lNTiH/ i 1 >-A 77 m Atidn'j, ii.S.A., NliC w<is the nrs! 
to aoturijiy sern.i < /' » I < .< r TV n : • : ■ j < -e / voice-.-, e. : :,i < 4 j j r J i,':csim:les <\rx* .<ss H/": 
ocean v i r< a Sin« jjr.* j .» ! i « >n- : : . • ! if- end IN l.hHSA Ns i'.icHic: Cdc'-^sn 

The experts 7/f-m iinj :n<I Ihat Nf:.C J ri v<i n-H its Tokyo cornputei 

tr;jm At i , : nt/ ii.ni Atianta inputs 
prcjcji i in Tokyo with the results 
primed out in Atlanta. And NEC made 
nil i ! s : t w 1 1 I j <■ i rd vv • i r e r.o rrj p u te rs, 
i A ) ( j ! i ( : : ; w i n ■ ! i i i m" i s y s to i n s , I <\ c :d i nil cm, 

,in I Tc i< ;i s' ui' V i' iecj Systems. 



si 


iii- * >■ ( 


N EC e v f. • n j": ! <i k t s < - v < .- r y I < : < ; 
j no i ijc.i i ■'! c j ViHil j'.;<rHj; <ni iiif i v/erki 
firitollito nci wot on Oci' , 

, i t.-c : r: n < > o 1 1 1 o r < ' n i j n y : r 


ii .- r i 1 ) 


iiiii n icci ! i! :-n faeilitiefj, 

<sl ions ,;nd i n ter nation ai 
1 977, i k I f ierHy it w'ds 
'/rid '.‘/I,) y j j a s proven 


■>7“ 


NIC 







snen !•: >11 r ■ 1 - ik.i j n ■ (-.-r n a ! ii c in I <:< nmuti nicauon 

A) • 1 » : ; re 7--:. ' ! r > ■ ■ >' O’ 


-'-tS; 






nn I - 

< -n - uni' E s.oon.or 
Hum some pemj ;i<- rmeijl think. 


pi 



Av 


f: 





Spreading the word to the world. 


: . : . < .- ; :<! 



r 


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%'■ * 

. a-:. v|t- rtc 77 
rH: /s . : iy- 

. / 7 :i m: ■' 

mi! : f:|- V ■ / r 

pCC ./■; f 

^ 0 - rnmm-m 

ey ififfii/f'iii,..,. 

f i fi#;,,,'. 

ffe/cy M'm 

mnm 

id & 


if 


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,i,. • . t- 


& 


' family men and women. 

If you prefer, a lump sum of about 
£1.000 to £1,100 (depending on age) can 
hind your annual investment, at a discount 
of about 25%. 

This is a unique unit-linked investment, . 
but unit prices can fall as well as ns'a ' 
However, the Society estimates that 
because the investment is tax-free, the value ■ 
of units witt be more than double the 
amount of net premiums paid over ten 
years So far, it has performed much better , 
than tins. 


For further details, please fill in the 
coupon below: 


\ L 





m*r 







IVIain Fields: 


B Julian Gibbs Associates Limited, 

! 9 T.fen dreater Square, London Wlt-1 SAB i 
j telechone 01-4374435. 

| Name! 


j Tel Day— 
! TaxRste- 




TAYLOR PALLISTER & GO, LIMITED 

nVTERCVl STATE^fENT 


AttdJted results for the period irt jairaairy to Ist JnJy, 1978 


Feriod 
1 st Jamiary 
to lot July 
1978 


•Period 
l?t Januarr: .. r ' 
to 2nd July - .. 
1977 •••-. 


Group Sales 


Groun Trading Froflt 
Investment and Other Interest 


Group Frefit before Taxation 
Taxation at 5?% 


Group Froflt after Taxation 
f All attrlbutahlB to Taylor, 
Pallister & Co. Ltd.l 
Interim Dividend on Ordinary 
Shares for the year ended. 
3let December, 1078 


£!J.71J»01 

£1,1WJ244 

121J364 

132.077 

3,975 

4.874- 

125339 

138,751 

65^88 

H^25 




£49,848 


Interim Dfriden. 1 ! . . .. .1 . V , ■ 7- - 

Ttae Directors ba’-e declared an Interim DMdend crf .tsp per 
share (6%) on the. ordinary shares which. is at thel same .rata 
as last time. ' . v . ’ ' 

The dividend will be paid on the Ifith December. 1978 4b share- 
holders on the register nf members at the close of bn&new'at 
5 W> pm on the 18th November, 1978. Books closed ail day 
*14th November, KTS. 


A Statement hy Mr. a, if, Taylor, Chairman ■ . . 

Salps is- the first six months were £61.257 higher at £iil71,WI.. 
Frofit margins n-ere under pressure but satisfactory under 
present conditions Direct exports amounted to £443.914 and 
represent 37.81^ of group sales. . 

Whilst we harp a satisfactory level of orders in most Fections 
the continuing conditions in worldwide shipping indicate that 
it will be difficult to maintain such levels in the coming year. 
Subject to no unforeseen circumstances -a satisfactory result 
for the current year is anticipated. 





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For further advertising details please ring 
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3 


FSiandal. Times Ssftti^r'0ftbb€r 2T 197S 



can t 



BY C. P- SNOW 


an interested anmteuir. The only Has Oils had anv discernible 


1 T be Linguistic Allas or England, real difficulty is that most Of ub effect on native speech? 

■ a;U-.3 b> llamid Orion, are unfamiliar with the subtle- x,» a casual nhscm. 

' " iinde ^ n ties of modern phonology. Under explicable muiaiians seem )u 

• Heirn - e»«W- fl) the vowel maps cron u,. f .m or nowhere. The 

-r- "*• H -- *** P».S« need a certuft amount of study. LmguuUc UU » dots not deal 


ul lil,i ps r 


and. if possible, some, phonetic with chances in' stress— which in 

.... : instruction or sound-recordings. „or lancuaim. where heavv 

i-m a bonk in the The consonant maps are much -tresses piav such -i part arc 

“liiic.u;. K’nw, hut a collection simpler.. Here. is a. typical pas- particularly* nuiicveiMi* * The 

Isn't likely to he sage from the excellent inlroduc- American *> rawin' « m«.uad nf 

persons who want tion lo the Attaa, an introduction our research i.s ranidlv t-ikin- 

hours: uncxeding -which ought to-bava teen a Rood over. Mom' toe\i.he:.l'»lv.‘ and! 

Bui for deal _ longer;—- _ _ enrii'inic among triecisiiin 


!i 

l»V 


■ o) :nar;-.. 
pici.«*d in 
d cou^Jir 

reading, li isn't cheap. 

'• with a r-erious interest 

in liur.-iidgc plus local liisiorv. it 
; i.ijuh he the companiun to a new 
Lciicuy. 

!l is ihc result of the life-work 
: \of the Ijiy and much lamented 
. Harold Orton, together with his 
school at Leeds University. The 
researches slaved with full 
. rigour just after the last war. 

.Many patterns of living had been 
■: (jr.lor.it etl for ever. Orton 
. ntiserveri.' .md some Linguistic 
% habits, if n „i properly studied, 
identified, placed, would soon in- 
' •' ?vilabl> vanish. How had 

English .regional speech de- 
■.-••iopen 
;inct: 


'The maps ■ of hand and announcers, is i he stress on ihe| 
henw snow than tbfr initial firs, syllable or :.nv word begin- 
Jspriate. . typically lost In Eng- nmg wiih con. iWiimi. cu.-vru. 
ii>n regional speech, is re- cnijnrin. cu/Lvj'f. cunWiuu 1 . As i 
tamed ib three well-defined thoual, th- speakers were 
areas; the extreme North, an r..rei a „L-rss who !...<] heard .-«r-i 
area from East Anglia to rrvMy that, conirrt. eihitrururxyl 
Aorin Sussex. and -a smaller omirra were pronounced with 
enclave jo the South West. rh.. initial ;ir^. Tu ignore the 
Initial bw in urfute is con- difference is in have nr; fcelme 

fined to the North East tor the dtdicae) «.r the L.n,;n;u:r 

‘ When rad... was in i.s early; 

along the Border mto North days in ihe Krtfk pent.li- were 

in thorite Viton" ^ Rll,l,,nilv Predict Inis Un- rt-alh of 

Th? other three regional speech E-rycne ih,y 


Eden bound 


BY iSOBEL MURRAY 


The Hill 


1 don't think I’m meant to. Unt * 


* “ 1 * world. Front the beautiful elergy- 


Thc flood Husband by Pamela u,an vvhfl «* obsessively pursued- 
Hansford John sun. Macmillan. b\ a friend’s ex-wife to the sturdy 
£4.95, 12T1! pages art i si- m other and her down-to- 

. — rr — “ 77 “ — — earth evaluations of peuple. all-' 

i Newman Mas Old by Cham) the characters arc finely achieved. 1 : 
Bennani. i-.eorgc Mien and allhough l here is an occasional . 
Unwin. i'4.50. 1W7 pages 

i The I'uttiuK Edge b> 

Uillialt. Seeker and Warbur 
Li. 95. 150 pages 


Arianna Stassmopouloi: fighting the good fight 


.Onln 


The Honey Tree 

Elliott. Hudder and Stoughton. 

£4.75, 2-3 pages 


Hidden fires 


BY RACHEL BiLLINGTON 


present no technical problems. unHurm^^unibird k '?n 

non and seined iLs habitats though there are some' odd I lie*. “ "Jt ihe ino? ? br -i ,^d \ 

* ,hc -^ ,e - of Chau<er? ln ^e_symactlad maps we are Lind S' SunJ 


our inner 

The other Revolution b> Ariaunu auvernments. 



-ord, the W dcmJ-S « h “ve assassin :, .-..,1 im-. I sh....!.ln'i 

,boui i Cm.le SiPl ^h * r JS* n ar Jf p!ent >: of S uestions insider ir | u: ,s ,r most or .»,i 

• ^ 1 T ^ S A 4 “ 

Orion Lid down a careful required i< a certain amount of Was i here *vcr •, m,,,-,- ini- T 
..eih.’d f=.r hts 5. Id workt-ia. leisure, a reasonably good ear. able w i„ V, " ^ 

Mr ' 1 areas ‘and 3 ^6cc»rder Wesir- lanpuaiv 1 > rh J :i sin'usu? Or ih 

... . , . l , , *«n d able -but not necessary) and a spiritless whuw- ,.r much ..f ti, 

'"■‘nd Tiino* ■V lk ‘ni ° n ^ Are noS P booi! ; Hote ‘ «“«* W the Midlands" i;5„nl!e isn't JpiriiU-L 
nd. funw .he mays weie snoken language changing in h.it -’.n. 


responsibiii;y to churches, she claims, are now 
Particularly when purely social insmuiiDn.v lilera- 
Siassmnpoulos Michael Joseph, the Western style i,f aoiernraent ture merely a collection ol 
in 95. 240 pages. is a “ collective 1 " kind of enigmatic though meaninglcs.- 

(IciiKicracy tvnich. to her mind. w'ortLs. and art a *’ prejmsternua 
"Since the war we have had is far more threatening than any commercial fantasy" Moreover 
ihe Sm ial Revolution, the good old fashioned despotism, she believes that modern man’s 
-exiuil Revolution, the Black Disillusionment v»ith politics la cR of “inner conviction " noi 

Revolution, the \ouih "evolu- ;(nc | fear of the speading mass of °niy makes impossible the 

inn. and the Drug Revolution, bureaucracy is noi. of course, an creation of great art but al»u 
failed lo fulfill what unpopular position ihese days, limits ius appreciation of the 
! |,L " Indeed Ms. Sta-ininopoulus refers spiritually inspired works of the 
,,ll ‘ to the “ .-inti-cnlloctivisls " tin- past, 
only c ] U ding stirh as Peter Jay i Hcneraiisatiun is the in- 
almost as if they were an alter- evitable trap Tor a writer v.iih 

naiivc (though -he stresses, a single strong pr;,>clvti s m.* 

totally unsucressful, political theme. Whether one decides to 

fnuty. Its leading members, overlook the alremtani di>lur- 
llimugh this tions depends on how far one i- 
bDok (and whose help is persuaded h> (or already tn 


nmised. But they 
round for 
Uevi-lurion, the 
that can transform 
and the world because 
it in based un inner realxies." 

It is impossible not to admire 
\riannj StasKinopouIos's couraye i v j,use words echi 
n wriiing a book 'which, devou-s 


«>dd and bulling quulity to the:-: 

ivnci.c- if the iniagina'liun wafk] 

1 vvi irking too fast for polish. 

The centre of the novel is- 

Toby's marriage with an enig-.' 

Jjniee inane Indy 10 years his senior. 1 
who seem n unusually calm 

and coi: I roiled, but whose ■ 
fear uf age and jealousy, - 
gradual h make her niore- 

■tnd mure siibjed lo Toby. . 
Bui w bat makes the novel so . 
C'od and readable is the imagi- 
native force and range, the [ 
i he suspense, 
tii- rm ant's latest. \oip 
V l'iis Hid. also depend® 1 ' 


•jpeech- 

tv.-idib. 


iUISTER 


. 'ntleci*. d i rum iniervmws in what rural. En-iand" 


il.-elf, without flinching, lu aryu- acknowledged at ihe front) are agreement with* the argument, 
mg the cause of the Human Bernard Levin and Christopher Ms. St as-iinupou lot's hook tsi 
Spirit.^ It is a measure of the ftnoker and even, in ihe revolu- not easy to digest because she 
i author s seriousness i hat neither tinn's more ringing moments, has not made it persons!. It 
nor llic rights of women, ihe great suru himself. Malcolm would he wrung to say it could 
preoccupations Mugge ridge. have been written by a’ computer 



Copper’s lot 


.. .. . »wo fashionable . 

^ 4 e Bailie friend of num-. who speak'l «'^»dered mure appropriate However, Ms. Stassinopoulos because her passionate belief in! 

fov a female writer Lhan politics »,as. as she points nut. a funda- subject conies through so' 
.md economics, scarcely get a men [ a ] disagreement with Mr. clearly. Yet ihe generalisation-! 
mention. ... , Muggeridge. While he believes are supported not by a fluid line 

Ms. Stassinopoulos s first task there can be no hope on earth, nf developing thought, into 
, 10 prove that politics now nil s h{. believes that salvation lies which examples might arrive 
i*e vacuum jofl by the dtssnlu- wi tfiin the reach of anyone who from life or literature, but by a 
lion nf religious belief. She recognises and vynrks to expand series oT quotations showing an 
refers t u. ... his spiritual nature. She writes impressive range of research but 

the illusion or salvation t ^, al modern man's denial of a lack of assimilation at anv 
through technological materia- his t in mortality, of his soul. deeper level. 

, “ m ‘ ,,,H ^ 4V,f,w,M,ft " Th! ‘* “is ihe fundamental meia- Perba P s Ms Stassinopoulos 


~5Y DIAr4A RAWSTRON 

n The f'flicc of Cimstabk': Ati uj 1 / Robert i* * B 
^iit.-iiiin tt'Iw b" >»ir Robert believer in .the- politlcaJ , mde- 

jaas 

Th^ title of this book, taken about; bepause he felt liable to 
•om the Declaration of Service accept Ifte new complaints pro- 
-vnrn by CJ02 Hubert Mark on cedure which be fill undermined 
ntering the Manchester City P<>1 fee a uthority and their consti- 
nhee in September 1937, is apt tutional independence. He sees 
s this is The auiobiography of *«»* function of tbe'potice to, hold 
ie public man. His childhood ihe nog of democratic argument 
nd life before entering the s? ;«»** minorilles can express 
a'.ice force, are dealt with in the lb vir views;' The police rely for 
-■= t chapter'.and there are only their effecUveness dir "ewil- 
" few references" throughout termed standards of those they 
is private life. Is this because defend. He belieyis that tht 
= is none df our business. worst enme of all Is furtherance 
CMtise he thinks we will not be. °f political or industrial aims by 
ite rested or does it reflect his violence. 
rioriltes in lire? . His views oh the black sheep 

Whatever tiie reason, " the hi the legal professions are well 
uhlic achievements of this known but although his rWuct- 
itnoui policeman make enjoy- ance to name those he suspects 
ble 
'icau 

•ays between the pragmatist that.he could gel together wnui chanees "should h,. mjl ,L nn ~,L„ 
nd the theorist. He outlines his the governing bodies of the legal basis of nroneriv 

— -»-»• « ^al- professions to discuss this Issue. e Jidemi thoi r l,ed 

to Disclosure in those circumstances •--- w - md thpr ‘ hu a 



physical lie on which all other IS JSSStVfti^S ^fhTh"* 
line h-ivi. Kaon hood f0 ° personal by the fear that her 
fame as a 
might he a 


mndern lies have been based. 
It is at the source nr the 
reduction of human 
into . exclusively 


confi- 


iism and the conviction that 
through politics and govern- 
nv*m action, through the riaht 
policies of regulation, control, 
allocation and provision, 

suciedy will be made rational 
and just." 

This v leva l ion of politics, she 
•»aim<. raises ludierouslv hiih 

exportations so that the cap 
hi- • wen what h politician claims 
tu do and whal he can do — oven 
if lie had the besb will in 
vurpl — becomes dangerousl 

wide. politics (thankfully?! behind, an argument as here. Even 

In Ms. Sta?*inopnn!ns's view, she discusses the present state those who find he.r thrusting . 

Liberty. Equality .,nd Fraternity of organised religion, art. litcra- dogmatism unacceptable may he ! than him^eir. 
are spiritual conditions, not lure and (loo briefly) education, prodded into questioning the i more likeable, 

material. We cannot abrogate She. finds them all wanting. The asumptioiis of our society. 


media personality' 
heines uukui up a hlncl: tn a proper 
material apprceiatton of her message. Or 
creatures controlled through * M 3 ,ack of ' 

?|1pnwei l fui ri slaie i,, ' Ure b> *" Th, ' t • cerT: * in, >- I'dte un- 



A in os (Jz is ju uximiiely 
talented Hebrew writer, whose 
every bonk wins a well «li-.-,pr\ed 
clutch of literary prizes, ihe Hill 
0 / Knf Counsel is a <y*-le uf 
three lone stories all jet un the inti- rest 
•iiittKirls uf Jeru.-ali-tn m Hie Chaim 
j late fortie-. al the end uf the AViimui,; 

Brnish Mumlaie. un ^e consciousness— and par- 

0/ has a marvellous, ability lo iH-ula.U the \oice— or the 
nansporl ins reader ink. a new pem.-sil character. Sidney New- 
>et nf idea.-, feeling-* and fears, uian is ,m English Jewish 
and make him empaihise with hu-ines.-nian ukn»v imsiUractive 
characters. In the first two v.-ife Dura sninehuw bullies him 
s|orir« this i-> parily achieved by into a retirement he- doesn't 
hating a child zs the central know wlnt in do with. His 
con’ii»u.snes*.. and -howing how ••iiiplu.iL-e- present him with an 
his emotioiial .md jmlil'i'jl ideas »rnriie sjiier cardcn fork, hut he 
are embry umeelly ru:n,t-d by the will n,n >j«enrt In.- retirement in 
experiences described. The "Hill the garden: “English' I am. but 
of Evil Counsel" i.s where the ih.n English I'm nut." 

British Hiyh lainitnissmncr in It (■.inks like a very funny novel 
residenvi*. and she characters of — ihe fid-year-old who almost 
:hai story fare ha'll; lhere. jccidcnially hecomes an over 
The ill ah ■'.■■iiiiiiis-*tonei's night t'.u’-aiiuva i.-* rendered with 
sister-in-lav. faints ai an un- splendid cuii'.cdy. It is a very 
•■asily friend Iv arinivereaiy I'dc- funny novel. Bn; much more, 
illation uf ihc Alli-d -. iclm'y. and Sidney has a lui to learn about 
'ur lack nf a docmt i it ihc house hi in.- elf. hi.-- wife, his children. 
Ilillei's f.i'her. a ; ming Polish and we have tu icarn with him. 
vet. a-isjsis h**r. The Bnlt.sh un- much ihat is funny, much that 
ciinscmusSy tel urn evil fur gund «* ili.-iurbing. 
ijy inviting ihe vet and his wife A'oir AVirmnn UVi* idd seems 
i«» a ball: the vet returns alone, to mo an important novel, written 
Put bald I v here, ii is nothing: w,l *» cunlidviiee. wit. sensitivity. 
«iz |iuls it ha Id I v. and presents 1 iuuk forward impatiently to 
vnuqjt I -fillet ' with fierce Bermaiils next, 

credibility. This, and " Mr. Levi." , Penelope Hi Hiatt’s The Cutting 
with a child again responding to Edge is as expertly written as 
a rich and confusing sei nr J»»c would expect, and particu- 
impressions. arc purlieu Sari v Isriy welcome as her first novel 

suceesful, bm the whole book is II >ear». M'nh a very mrfi- 
tnasicrlv, and has already Vltlu “' ano w '"> *»yle. it creates 
deservedly won more prizes. a v ' ,,rl, I »<* own. condensed, 
Pamela Hansford Johnson's -'pparemly offhand, oddly re- 
new novej The Coni Husbuud is l ' t,cun k‘ , «urs. Peregrine and 
a sequel to her last. The Cr>od Benedick Corbett, known to their 
Listener, although wholly inde- professorial fuilier fnt -me i long 
pendent uf iL to it we encuunter Brother A and Brothei B. are 

haracters — heroes 
(■appropriate term, 
who is ihe Peregrine becomes a contru 
" “ : ' whom many 

scrapes a 
rpsiehord, but 

, J . lTac bment sur- 

pictures, and for 
t ircie of friends mm 
or 


penaent ur il Id it we encuunter ‘'■vv « u 
Tuby Ttohcrls. un the ihresholrl of . l ' hi< 

HO. a selfish and '•uccessful land c . an " 


havin'* a -rtrie vives al! - 'Rcluding separations. 

mre ir<%?est n" 0,,s|:<l fasl'ires. lake-over 

e rtamh . Cn ,,f ;m ex wife - Th ‘’ » r '^e never 
certain 1 , critn faUers _ and , hr sut . ces!l is 


I don't trtwl Toby BoWrtv ond 

Janice Elluut always writes 
.well. The Honey Tree is a 
J *■ jtiric fantasy of sophisticates 
roll ring ri-um the ra> race lo form 
i a self-Minicienl rural ennimune. 
•The situutiun is ripe for comedy 
land sharp observation, and ihe 
I "iinoriuniitcs 3re not lost. That 
I h-ng. hot summer of I97fi starts 
! I hu commune, and is perhaps 
responsible f»r some or the 
goings-on. 


I was most im- 


Ivrru Kir}.- 

Robert Mark: independence of 
police 



s' your 




us policeman mako enjoy- ance io name tnose ue suspects »™ 1,vv j 

reading. This is partly of malpractice is understandable. & one aspt , , of h d : f f1/ m /*§/-% 
ise nf the balance it por- it would be encouraging to think greater oneness m m.i.ih ’Tff-u'^T # J ft ( / 
between the pragmatist that -he could gel together with phauoae k. i ’L/Lf l- C 1 


BY JOHN BOURNE 


"Z — Z Z “ : After Churchill, as Chancellor 

Boolhby; RccoIIecilons of a of ih c Exchequer in 1936. had 
Huithiiison. lb.Sa 2,3 g oh Boolhby his PPS : “I 

pa 3 es remember on several occasions 

being commanded to attend 

Lord Boolhby had close con- Churchill when he was having 

nd Sna*heni House sieves He renin-e as fominissiiinw ' Th» P ? s ? tho . “nsatisfaclory slandard tael with Churchill before, a hath and to make suitable 

ho -fvi his v?cvS^S' the fOTM oolief them onW ° f knowl<? ^ and discussion of during and after the war. Id his nnles or what he said. At 

'iminV| VC nrocess and^the^funre what vou must ” becat^’^Wklu im ,P°rtant issues. If only our latest hook there are some intervals he turned a someriau It. 

in of police to socirty hold Sly what ™ a S r LI 0 “ ld ,ake a ,llumi/,a,inu recollections: exactly like . a . porpoise, and 


Relations with the Press were elevTstog of Parlla ofem " u , v 
Balcombe Street improved during Sir Robert’s ieiev,s . in « of P^rJiamem to ex- 


- rsr 



The Royal X&vy 


'Hi MttxhantNavv 


Tiie 


Mt rites 


OurJ-;d;er;::rn 



Th&rdisabkd 


-Their pt/nshiws.' 
Their jFicfawM 


Their children 








> ^ r : 


i l 


\o 


\ 1 


forSailors 
looks after themall 


In thi> Couritn- of ours, thert is tio-one who is 
not connected wirh.the.sea. . 

Half Ihe food we eat comes from across the saa. 
Many thousands of iis, our relatives or friends arc 
past or present members of .otic of the sea-faring 
services, or of an industry dependent on them. 

There are many charities for seafarers and their 
families. One. only one. however, is the central charity, 
charged with collecting and providing funds for all 
other seafarers’ charities, and with making sure- that 
the money is distributed where it-can be bfmost use. 

That central charity is King George’s Fund for 
Sailors. Launched in 1917 at His Majesty’s personal 
wish, KGFS distributes funds without distinction of 
service, of rank or of creed. The sole criterion is to 
distribute ihe money to the areas of greatest need. 

When you want to remember our seafarers who 
are in need, remember King George’s Fund for 
Sailors. We’ll sec to it that not one penny of your 
money goes to waste. 

Please send your donation to 



Kiris George's Fund for Sailors 
I Chesham St., London SW1X SNF 
HE FUND FOR CH4RIUF5-7KAT -SUPPORT SEAFARERS- IN NEW-AHD.-THHR FAMINES - 


lesson from his book. 

What cumc.c ibrough of the 
man himself? His integrity, fear- 
lessness and determination in the 
face of unpopularity' were ex- 
pected. Less so were his nice 
sense of humour (especially in 
describing the harshness of the 
pre-war police force), his under- 
standing of human nature and 
his corupa&Mun. Nnt all will 
agree with his views but no one 
could doubt his honesty and (he 
sincerity, nf his principles. 


War was his element and when hw head reappeared at the 
power his objective, lri my J 11 her end of the hath, he eon- 
heari I haled both. 1 could J'^ued prensely where he had 
never lake the streak of !?■' fl * musl be admitted 

cruelty in his nature, detected 1 „ ,i h, ' r , c ii 11 - 35 some dan * w . , *J 
in hut portrait by Graham » n th, f .diking, unaccompanied 
Sutherland ... For human ^ustiiiacrt argument; for. un- 
life, he had little regard, least hke Lloyd f-eorge, he was not a 
of all his own. He enjoyed - oa “ listener, 
danger . . . When he sacked Lord Boothby's a need ot age ex- 
oc broke people, and he broke tends in some passable vignettes 
many ... he simply didn't of Somerset Maugham- Sir 
care. And in some cases he Compton Mackenzie and Sir 
did it with relish." Thomas Beecham and also to 

In^ another passage Lord some brighter and more reveal-' he was 



H2L.' RSW* 

a 




.Itlil-'u Ixhn 


Lord Boothby: seeing through Churchill 


consistently right" but conduct ‘'derogatory tu the 
standards expected uf an MP.” 


Battered tots 


Child Abuse by Ruth S. Kempe 
and C. Henry Kempe. Fontana/ 
Open Books Original. £IJ3, 
' 157 pages 


Boolhby recalls telling the ing ones of Lloyd George, for never successful. 

Great Man; “‘Although you whom his admiration is without These include his opposition The hook docs give .-ai me clues 

| saved the British people in 1940. hounds Of Lady Violet Bonham- to Britain’s return lo the Gold about why the darling nf so many 

they never liked you.' I awaited Garter, he painta a corker. When Standard in the 1920s. tu Snmv- radio audiences failed tu reach 

the onslaught, u did not come hmh were in ihe same delesa- den's policy of continued della- high political oilier “Afici the 

Instead he said very quietly: *1 tton to Israel, they were taken tion; in the 1930s, to appease- war 1 cun stilled Lord Wuulion 

I never understood them.'” lu the Church of the Beatitudes mem, our failure to rearm, uur a shrewd old bird, ahum tvhal 1 

And during the war: “He said where Christ is supposed to have betTayal uf Czechoslovakia at might to do. ‘You will never he I Kirclric 

I io me: 'It took Armageddon to preached the Sermon on the Munich, uur unilateral guarantee happy in the corridor*; of chairman 


In Short 


Harding or Pctherton by Field- 
Marshal Lord Carver. Wieden- 
feld and Mien Ison. fS.50. J46 
panes 

F ield-Mar.-ihal Lord Harding 
had all the qualities of a great 
commander — yet today remains 
re Ja lively iml-nuwn. He enm- 
' -tunned ihe famous 7th 

! Arm. iured Division (the “Desert 
! Hals" i until severely wounded, 
ihen became Chief or Staff to 
Alexander in Italy. His post-war 
service took him to the Far East 
ai the time of Malaysian 

j terrorism, the French struggle in 
i Indu-L'hina. and the Korean War. 

: He was Chief of the imperial 
1 General Staff and Governor nf 
C> pros during the EOKA cam- 


j paipn. 

Lord Harding's lime as chair- 
man uf Plcssev saw the company 
•>x;>and its acfiviix 20 per cent. It 
involved the absorpilon of 
Decca's marine division, and the 
ii.iriive hid to acquire General 
He was also the first 
<»f the Horserace 


Most parents cvpene 
moments when ihev Teel like 
walloping their i ..l'drun. Per ...„ 
haps that is why we sometimes j Haigs.’ 
feel a shadow cu shared guilt .as 
well us revulsion wh.-n we read 
about those parents who Oo not 
hold back, but who physically 
assault or psychologically lor 
ment their children. 

The momentous -'aim made in 


make me Prime Minister. But Mn,mt - “Violet was hot. tired of Poland without Russian puiiiiral power.' he said. ■ N 011 1 Rclting Levy Board 
now 1 am there I am determined 3,ld rather cross. She marched support: during ihc war. uur are incapable uf keeping ymrj Lnrd Carver shows how Hard- 
that power shall be in no other 'I"' . ol . V?** and said: ' 1 heira>al of Central and Eastern mouth shui\" j me shared with ur.-ai cenerals 


hands but mine. There will he ^ ,,n 1 believe the Sermon on the Europe m YaHa. Die draco'-ian Also a music teacher tuld him 
no more Kitcheners. Fishers or Mount was preached there, operation of Powers to intern when he was a buy. “Yon have 

' where was n preached? 1 aliens under Regulation 1KB; the best treble voice l have evei 
But not al! is in this vein. The « n f .K S£il- wn at a a n d afterwards his opposition to heard. As you are belli lazy ami 

aulhor is also made of iighier ■S.t.r'vv!?/ r ”!if ,h t Br ® rton Woodsi agreement cuncei red. music will play a givai 

tuff. In this book, unlike his Kuf'alnlr' Jeii^h’ 4ide 10 *} ,cz - .. .. . fan in your life" 

earlier autobiography, he lives iv‘„, ’ , h ’ p n ^i n « ““ He re T e , rs nr>l at a11 )?. hls rela ; , ll '.\vever, apart from winning 

lip to his reputation as a former ' . k ilf ti6ns w,t . h lhe Macmillans, and the school singing prize ai Elun. 

national star on radio and tele- > our ... rel , 1 r, IQn ' Have it where on iy briefly to the incident 11 did not. Lord Bonthhv adiml- 


vision — remember The Bnniu 


vou like 1 


ending his political career early u-dl> 


this -book by the world’s most re- j Trust. l n ihe iVeir-s and Free Of course. Lord Boolhby goes in the war over the affair uf the RPO 

over ail the issues on which, Czech assets. Then a Commons oper; 
during his 34 years as an UP. Select Committee found his pleasure. 


became chairman of the 
and music — particularly 


nowned specialist in the proh- Speech ? — with some engaging over all the issues on which. Czech assets. Then a Commons opera— has given him •■real 
lemuf 1 ild abuse is 1 hut parents character sketches. during hi- "* — — ~ ' " ' ' ' 


who baiter their children can 
predicted from simy'* uhserva- 
lions r de in the 24 hours a j 
childbirth. Using four different 
sernrning procedures with 
mothers who were having their 
first or seeor ! babies 
Colorado Genera! Hospital thi-j 
found they could predict the 
potential batterers with 76.5 per 
cent accuracy. 

In a. year when The NSPCC pro 
djci that 1 i» children a week 
will die at their parenis' hand*- 
the import; • ff these findings 
is dear. There will be discus- 
sion in social work circles about 
whether figures and 


frin 11 cl:i->kai times ihe belief 
ihui viciorv d. -pended mure nn 
■'mail armies and quick action 
Ilian on mere si rengl h of nuni- 
b‘--is. JOHN DUNSTAN 


Uligh hj Gavin Kennedy. 
Duckworth. £8.50. 420 pages 


on! 

1 The crusader strikes again 


BY REX W1NS3URY 

To read Pinchcr literal] v. we 


ah of a person, is to be boring MPs have secret Marxisr or Com- 

Inride Story by Chapman lhcn this bDok s ij Wers with mumst affiliaiinns.” etc., etc.i are under con Mum threat and 
Pmcher. 5idgwick and Jackson, y|rlilt . As such d i which must remain unproven, ihrrcfore’ under constant s ur- 

£6.95. 400 pages . tone vervino unit A«n Por either substeittive evidence veil lance. To read between hi-. , 

iin^uisned, ng serving and eon- < c huprari hi iih»i lines, it is for the ntosi part a I ,,,en of the Bounty to mutiny. 


S»mehod\ unce said that every- 
body m nur history had now 
•■een whip* washed except George 
IV. This has ceased tn apply to 
George IV and now the same 
process has been applied to his 
j cunlemjiuiarj William Bligh. 

I Dr. Kennedy make.*, out a good 
I ca*e for his h«r«, bur he does 
1 prilled a IiHIh too much. With 

I ihe prosheci nf being hanged if 
caught, and of never being able 
tu return tu lheir native land if 
nnt, it is difficult to believe that 
ihe attraction* uf ihe women of 
Tahiti, great as they evidently 
were, were sufficient 10 cause 


^ # ^SrJigSi?i ,, S2S K2-! S!?S If-SSl-SS “r i ch:.A. lh ^^,;,mi «».«« db« se ™vo 

toruiep atienrion — hmh HMG's ters (super for serialisation!. **' or does nol exisiT. in which ' c.il.'*- ^ out 


c»™i™ c =Honrinr J 'hmh^ ‘ T^DeT^or'^HwitonT' it; or i[ doe* n®! eKW. in which played out between j pc mane out mat BHgb was 

tt wr r S Ind dMnitP a flat nrucJitvie U «se one is thrown back on an Peter Sellars figures on cither inadequate rather than cruel. 

whether figures and findings aQ d .the Kl.B One ero^s- and despite a flat prose stjle is e ctfmate of Pincher’s word for mde. raiher than a matter nf which makes it all the more sur- 

from one area in a A fferent fluesUoned me about contacts stuffed full of names, anecdotes, jt Qj Vcn , he lracl£ recnr d 0 f moment to’ the general public.! prising that lie was later 

country can be applied in gen- with Russwnb. on the grounds allegations ultra- ^ D ^ Express, there will no T hero ts not a shred of evidence; appointed Governor or New 

eral. Th- can be no argument that : wus 1 a possible KGB con- toshianable ultra-saleable deni- “ p £ s ‘ l views i boul that British sncietv as a whole i South Wales, 

about the lucid way the Kempes tact The KGB on the other hand monde of spies and con mer-s pies, oe ” r,ous aD0Ul has hcen endangered hv Suvum i As for Fletcher Christian he 

delineate the problem, the pre- apparently barred me from a f Am 1 comforted or confounded . . espionage; r, r if ii has. that j remains a shadnwv figure, not at 

ventive measures They suggest, temporary job in the USSR on by the rerelation that British But this absence of proof and threai surelv Dales into! all the stature lo be exnecteri nf 

the L catmenl they outline' for ihe grounds of being agents have not had a licence to names throws one back on the insignificance compared with uur I ihe leader of the most famous 
abased children as well as for insufficiently pro-Communist. All kill. Bond-style, for some years categories used, the roles into nWT1 home-grown threats like in unuiinv in history, and no more 

abusive parents, and their sad that was many years ago, and as now?) It is at a deeper, his- which . people (unnamed) are nation and low productivity.; like Clark Cable" than Bltoh was 

to® caaL in an effort to judge lbe Here, 1 think, is the danger of -like Charles Laughton Fh the 


but firm rpcomrrr irtation that ii far as I am aware I have never tarico-poiitic 2 l level that 

is essential for the children nf known anything worth either book must remain a puzzle. As validity and significance of what spending a lifetime in”, "or in ' MGM film", 

[he i'muU grour or abusers who side's dirty money (though these the familiar cast-list parades Pincher is trying to tell us. writing about, espionage work 1 “ ’ ' 

cannot he helped to be removed days you can never be quite before us — Burgess. Maclean, “ Communists.'' "agents of You lose perspective, 

permanetnly from their parents sure). So I mention it only to Pbilby. Fucbs. WU1 Owen, sympathy,”' “ traitors," “ secrets " So the bnok shtmld he taken 

into n: : families if th y are tn illustrate how hard it is to form Keeler. Crabb— either the names take their place alongside tele- with a pinch nr salt. But as with 

.grow up comparatively undam- a judgment about Chapman have been named before or phone-tapping, disinformation, many good dinhcs. the effect uf 


aged. 


SARAH PRESTON I 


Pin cher's message. 


This book is excellent reading, 
if only for the picture it paints nf 
ihe navy at the lime of the 
Napoleonic wars and in par- 
ticular of naval battles as exem- 


. Pincher makes anonymous state- positive-veiling and all the other a pinch of salt is to enhance, the jplified bv Camnerdnwn and 

If the ultimate sm of a book, meats ("X number of Labour stereotypes of this half-world. enjoyment, Copenhagen. ALLAN TODD 


pr< 

ch 


BY MA 


THE PF 
decided t r 
allegation 
Wilson fi 
number o 
were com 
paign agai 
Party on 
197-1 Gem 
The foi 
allegation 
lowing i h« 
affair. Mi 
was. had 
an orches 

himself, i 
Lady Fs 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Suhfeqi 
i old the 
did not 
pnetors 
instructed 
round a 
material.'' 

The Pn 
In hear 
Sir Haroh 
furniul i:u 
un the 
against I 
L'ouncil s; 
Royal Cc 
th.'il Iher 
Labour l>i 
The Pr. 
is one n! 
lishcd tod 
In ;ino 
council 
against tl 
Daily E.v 
picture t 
Henrietta 
death in I 




Norfolk Broads ‘may 
become mud flats’ 


BRITISH FUNDS (7W1 


2-HKllnni. )&>■ <a II 7.101 
5oc Bril. Tran». 63' 10® >*50 2» 

S'i *i •'* -a i '*■* - 

2 -roc uans. 20u® >j o i» 

4rc Cens. 31*j® '•■in# 2 't 10 *» 

S ;pt Con* 34 tod -> . , , 

. tdteubcr Ln. lOO-s# I • 


This week’s SE 


C- ' ;FLflanciakTiiiie&. Satorcfey' ^ . .'V 

Norton »nd.WfiBM Crp.- npR» 22& CtBflOl ■ 

•• ■ - - i-.. .... i ■ ’"i t - 7 . d .'-ca- 8 *^rejra: - - ..i* -> 

*-.■■■ ‘ Nurtoh tW ■ t ViM WtoJ I5»J5* L tsPfs. -r. 


Nervic S«3..flOBU. 18W->-.r 


jo 1 : cxcrwsiutr mk. 1981 S6’,~® 


UCtUUlC UiUU iiaid 3,E r „rsi,, 9 »sr I .:' 

bum Exchequer Slit. 92'<# V* 

25-64 

l\ TWO nr three decades the Lake Eire, once regarded a? the 9 ':k exchequer su. im 2 sTs-m® >: v 

Norfolk Broads network could ” Dead Lake " of North America. 9 i^’* Ex ‘ cheqiMr St * 19'ai 94.',*,® 

become an expanse ur mud flats. Phosphates causing algae ^opc E«iw^er stic. > 90'» , i;:® , 4 > « 

h university lecturer predicted growth and gradual silting iv'iwE.cKkuv-r* sti* 85*'. 

vaciprvl'iv were affectin'* the RrnarU 10 ':dc Exehenuer SUt IS'!# f'li '< • 

jesieraaj. A f rp ine - oroaas. 12BC E , crie0uer 5, k . )g9 s 921,® 

The 200 miles of waterways Already Sirumpshaw Broad, of 121* £«thr-quw stk. 99-2002 9« 1.*. 

are among the most severely the River Yare. Norfolk, had if* E*chcouer s<k 2013-17 9 i'-.t 7 

polluted lakes in the world, and become nothing more th3n a {f|:£ RgSgg: |£- -f*. £ £ 

if nothing is done to check it. mud Hat. He added; “Sewage i2=*« Exchequer siit ioi*i«® •«« *'« 

the Broads will be lost, said Dr. effluent is the culprit and must 13 ^ e,ui«iuh- s«. ioz'i.® •« '* 

Brian Moss, a lecturer at the be stopped.” 5 ,';{« ^ '- 1 - L „ 94S ,. 

University of East Anglia in The Anglian Water Authority -1 ipc tunoi.iB Ln. 6*-* i; >• '* ;» '* 

"STnrv.ieh ha? started treating sewage eop/EKdiVui/ ,£a®* 70V •. \ <: '• 

Dr. Moss, who has been study- work < in Stalh'ani to prevent 3 «:pc Funding w*. }< } , 4 

mg the Broads for five veal 1 .?, phosphate reaching ihe water- 2 \s>. 

raid there was more phosphate ways, and Dr. Moss is waiting yuSc.tESSft l": Si!^ ‘i 2 


■ Friday, October 19 4,250 I Wednesday. October 

1 Thursday t October 18 4^26.. | Tuesday. October 17 

"" 1 The lift bciow records alt yesterday's markings and aU« ike Ulost nwrltins* d 
u i Uw date tie parentheses]. 

[ .Th« number of dcalinss nurfrad in each section tollows the " aH l* J*. 

1 * • section. Unless otherwise denoted shares are O tally paid an4 stock CUH tully 
: paid- Stock Exchange sc can lies are quoted In pounds and fractions of pouitfc 
. w In pence and Fractious of pence. . ‘ .. 

, n : The list below sires the prices at which bamins dOM by member* of 

< The Stock - Exchange have hem recorded in The StMk Exchanpe Daily 


eases, and the list eatmut, tfierefere, be' : ro*afd«l as* complete : Ocean WUsegs- Cjjidg* t^OpiBSs ■ - r ,'t ' 

arices at which budness has hr dOM. Oar gains are roconled. tfl the Umcwl j Oce-Vao Der-' O’HMwj Hnaac*-. 9pai]fl>. " 

• Use op to 2JS p.nw only, but later transaction* «n be indudod O^o^“ie™« 0 £i&hies : asu) 'wa • 

day’* Official List No Indication Is available as 10 whether a barBa |"_^^*I?r | oirS Gro^raosu IoSotismIotT"- • '' 


l— SWfst Indian. 


.J3K— SHoim 


0«»en Owen <2SoJ- 125 • 

) Oxlev Prlntlnq Gcp. tlSp) w j- 


in the Eroads' water than in for the results of tests. 


7’jpc Treasury Ln B4i.« Smith. St AuDvn 7pcLn S9--, it8 70i 

8pc TrCiwnr Ln. S6>i«B S"i*» . . ..Standard Chartered 415a 10 7~. 13V 

u'.ik. Treasure Ln. El u>KB 'i '*.» * <•,><' Ln. lot 1 ;! . 

b:.<pc Treasure Ln. 80-82 Si ‘SO s »‘i» 1 Trade Dev. Bank [*usi SOj sUSlD.BB 
1 ,; .i 2 ’n . ! >19 10J 

S-:PC Treasure Ln. 84-06 08 m® '• I Union Discount London 3io 


Post Office answers 
profit criticisms 


-j < >m 9‘il 9 

8 ‘.pi Treasure Ln 75 4 -t S'. 

9D- 1994 77® <i» 7 !>; i, 1 ! '»!<.«« 
9« Treasure Ln. 92-96 77 >« V; 


I'l" i Trade Dev. Bank ftusi SOi sUSio.88':: <20 d> 102-;. ■'<■ 1 19 10> - E.n.f. unions.) >2Sp) 7 17*. TOpi 

! >19 10) Braswar ilOp) 56 .. . ... . - ml.:® npnoj 

■: i Union Discount London 3io j Breeaon Cloud Ndl Ume Works >75pi . Early- rC.) Marriott iWittievJ ilObl 

! ^ 20,,, 73 18 101 B?cn* Lncmicila l"tl." *10 p) 198 >19 lOi • Euf' Lancashire Paner i^5p) 60 (17)107 

•> » I HRPu.'PBH-e ,1-m .Brortt Walker (in' 87 (19 101 ; east M Jo land Allted Presa A i2Spj 7< 

V: : onfinfcKlth IU2I I Erloaend Procmis .5oi 8 - t17 10'- Eastern Proeucc iKlags.j SOpj «bO 8* 

: Allied (25p> S4N 5 1. 4 Si-pcPt. 864 1 Bridon <25pl 112® II. 6'aPCLn. 47'; 9 1 Edwards H. C.) 'Manaresterj iSp) IBs 
. ; tlSJlB].. . SUpcDb. -7Sij tl9;10'. 6UPC *19 10j , u „,. . ! !&£ r L\ M !*«iior 


31. New- 63 1, .lo’IQl. B'lacLn. 19&t 9?.; - . I mc< national Susmess Macnines 1 ( Vc.rvw t».> (2SoV 2S2 -8--5ss.pt' 31. • 

E.n.F. (Niobs.) >25o) T17®. 1(fi»cW. f89>- (19(101 .. tlf-iu) >. , 

u ^ •tnternaiional SKkos 7 jjtlLh. 59 (18(10) ; Peerage of Birmthfltwm OOpJ 6® fittun 

ks fJ5pi Early <.) Marriott iWitncvJ dObt 22 f-u.5' 21 -I/IU* 12 _ , feaier-MaMeitley t2Sp» ’ v€8®'*.(U ttu 

. , . n *16.-101 Imemationai nmber Coro. (2Sp( iaa. 7pcLn. 77 06.19)' •• . ,0 »- • 

I *19 lOi East Lancashire Paoer i2Sp» 68 (IT-IO) - *.17'10> ^ rBc . 27n : Rename Motor Grp. «10p) 13 1Ac- 

east M Inland All^d Prei* A i2SdJ 70 : lnl*rnatio"*l I*12 nT B , . n . j*Sii ??bib S ^ 3* * 6 1 ’10») 109 tSpcto. 160-(17ti<n * 

10- Eastern Pronucc •Mlngs.j SOpi on® 6; Ul 6Sr. Cn*. R<» -f _'46o> 228® 4‘.® 6 I Portrm^lmer 4pcLo.10S - ternt* 

*• 4 “'- * 'towards a. C.) <Mancnesteri >Sp) 16*. fe Invercsk Gp '50pl 66 h ; Perry iMarold) M01P» t2Sp) mriuHn * 

*" • Pethow Hldgs. 10«Pt^ loot^ • • * 


FINANCIAL TIMES REPORTER 

THE HOST OFFICE hit back ves- our supplementary depreciation 

lerday .it criticism of its use of gaOin; «e declared a profit of 


r-.tp latiTm. This provides £lbn for 
accounting methods which take c Ual inTestmem this year, all 

inflation into considt-ration. , jf v - bil . h tf ill be spent in 
Sir. William Barlow, the Post Britain.” 

Ofln'C chairman, described as The accountancy profession 
"unfair and unwarranted” s |, ou |'d persevere tn developing 
allegations ihat the corporation rll [ M acceptable to itself and to 
v.a< .-up pressing its pro Hi figures companies which had to 


<17.10).- 

995®--- 


a 1 t “ 


T- WCDS.-62 


« nmiqj 


spe 6S' ( :®|CUrL (2601 143 ng.10 


h> -fiddliii" with supplementary 0 | K . ra i 0 them. But iallatiun wat 
dcprecialiun.'' no j likely to go away and it 


Far from being a new prae- wuul'J not be made worse because 


Empire Scores iBrJcUord) (ZSpi - 1 04® 
Enriy «5pi- 10 H6 10* 

Energy SemcM 8' Electronics IlOp) tlqa 


I Edward" 'Cflrtrxctorsi «IOo, ’& P ^' , ., D < u f ff 7 r T 0 ^ 001 ™ * * V «***. 

uewercrei ..Op, ; F :k»t|V. f ? 8^ $M*k ' ■ 


« 4e.cCLron.rt IlOp) 19ua| j0 rr.0. J 'V ‘ISrSElf ’ 

- * son. (^ngccni-tsp,:^^^. -so. .-svar- ayopFi : 


invccmpnu HOP. 2S k ShCrtS USOV 78 7 5 4 6 CIS 10- 

.SfV 1 : I • ’£»?> 38 j. r *16 10. : 2ft5^ C «S S3 3? 

; «L , ^ l 2£2Jne-\a».a«" a 


I Greene King Sons -2Spi 308 1C 10 


fiL-v s u pule men ta ry depreciation 0 f change' in accnunring proce-| 1981 95,,, ‘- 1982 i eo® 5g..- : , . 2s 1bpiLn®7B ,P i7 S iS; KJuSf.Sp",’ as® 5 6 


had been applied in its account dure*. war u^n 3i»»i.® 'i» "*- ’• '*• : Highland Din izopi 141® 

since 1H^H. he tolu accountants The only way to run the postal B f)‘, lsh ftJSTfft ^"S* * *“'* ^'.uSS&aJS^J^Joo*^ \o. 

in Leedh Iasi night. service was on a profitable basis, yriwn c»s jk 44 i.® 4:® 4 ® . *, m* 1 ? 1 , 0 " Thompson Evenhed zso 

. ^ - . nKliA ■ irfsn rrec >tgtc 4>>pc 52 cw 1 Mj-ioi 


SrownouK) 'ZSpl _64® 3 09 1#' 


OrKka GToup o! Companies ilOdJ 73 2*1 IB L»9 101 


English Electric S':pcDb. ' 65 ' E17.'t0i. 
7 pc Do 72. 

Er.th tZ5p> 103 <17 101 

Espcrunra Trade and 'Transport _tl z i;p) 


' SrSkn Hl» Ptr *A2» 680 .19 10) . Eucalypias Kilp Mills USp> 5B (17 T0> 

81 I Brwiurore Cast.na Mach. (50) 38 >17 10) |uropL-an Ferries (ZSp) 1.52':® » Z 1's I iel2??Cnardei 7 ‘jpcDU. 60 
'EanT 5 m HW® (’Ob* 29 r,s 10J ) Euretherm International ttOoi 186 I K25 Im p i iiOo) M ■ 

4 . Brook Street Bureau Mavlair »10 d 1 « , £« Industries US»> 1M«L 6pcPt. 34 1 jefinpher 3dcLn.'59 117 iQi 


in JST5. when the Post Office but it was al50 .1 public service. I N«th Scotland Hroro-Elec. S'joc 92 | Scot. Newcastle Orws. COp> BZ--. 3:4 .Brook Street Bi 

I On I £fl06m. nobody suggested It was more than three years N»r?h«?n Ireland 3nc nedampr 4 3'<« >U, U 1 niM^D^ l 7fit. >< iLKlstMt)!Db. eaC® Brooke 0 Bond Li 

ihat 11 should not levy supple- since telecuuimumcauons pneesj hhi id. 1 Dl *' ’“'i a 5 r«ke ' 

Vi idc Breweries i25pj 127 9 8 (1810) ■ - 1 


Q — R — S 


men! ary depreciation. w*crc increased, and nearly 18 

■'The facts are that our normal months since pn«ral prices went 
depreciation was £390m, and up. Sir William said. 


British Rail wants £40m 
to improve services 


CORPORATIONS |«) IJftjHL 1 " 

free of stamp duty 1 sH! 5 

London Coumy 4 'jpc lou op 10;. Jus CumJ*f. 
V. jnt >d- a . 6-]pC 7/-al 87 >:s< (IB 10) 

liaillil. uo. 0^-84 uu. Do. ba.o> 7PCD6. 

6 dc 95 'j 1 1 S lo). b -4pc ta/> a 64'< n 

llO'IU) lOUPCLi 

Lurp. <n London 6 -pc 82 i19,10). 7 -or ]49>< (1 

l4.Vl«lH K 9, ‘ Pt ° 8 '* ,J 119 1ul Whitbrea 
Grcaur Lonoon 6 upc 61 >4 7 J ,pc 89-'« I 


I Brert. COP- 6Z-. 3: 4 irSok. 1 mm «)«>e.u Mavlair *.0ol 88 . Eva Inouttnet (ZSo* 103®. 6pcPt. 34 ’0> c , I gSfcT.H 0 ?*) USTtfiE SP:^^, 4 

1 IjtMtg.Dh V®-'. 1< 6®mV«Mt8 , Dti. 68V® Brooke Bortl t.ebgl *2: 5<>l Qq 4 ? 1 ,90» 49 | g wr eo H<d*^ r2 » 6 »> > i KIwm'-E-r^HIdot. ^2W* 78 P> '• ; -* iPr . 104® 5® >19 101 - * 

| ?2p.r^rTl»5?1Si b *^ ^ •'* "*'\ t0 ,V4®. j, ^SST-fV,’ "H. wf ' CIO®* 52: -t 4,. -®'RC f Htoo. .350, 35 MU-O..' 7«PT, 

' sS 4as. , « , Si 9 ^ 

?SKRn* ,, 7 3.'r' LUb 1 ,* Brown Bros. Con. <10pi 2B H.6 1M _ F.M.C. (ZSp, 65 flfl 10). oam 901 <XB«. -25 p- ZSi® 4S_S7.. 2 1i,B 3 


Construction Grp,' (ZSp) 17 
malm Lawson (2Sp) 66® (19,10) 


LCP MlcM5. >2=0' 94® 901 
LRC Inin*. HOoi 37 : 

LWT HltfflS.' A iI5D> ,5T 


WMtbreao Invest mom >Z5p) 89 'IB- 10) | Bryant Hides. * Zbo) 47® 


6>:PC0b. 59':* (19 10) 


irddL^r LQlindn n Lnr Gib 7 J.nr RQ'. | m m i 6 ■ a DU'Bin ‘M. r.i M ivgu-viy. ' api 

lit. Id). jSpc 94^*. S (18 lO). 9'jiK W ?Se?, rh 5T® , ^i* trfi d 0udlev Breweries Bulmer Lumb 'Hides ) (20o) 57 t 
uu>. IZ'-p.- 19aZ 9s* -» ■« do Isol 2Z. <18 10J BunXI Pulp Paper 'ZSP' 97 5 

100 ' . ,5,oi ] Young A (pOp) >63 2 >1910) ron-vio. Burca Dean <2Sp) 74 S'; 'IB'10 


Bulgin i A. F > A Non-Vig. >5p> 29- Farm Feed Hldgs. 05(3) 75 >16.10) 


tssttsr&TMiW 670 7 sSsSfir nopl 

f’3 }3) Lafna^Jonn, 0 Son (25ni 


189* 9 90 1. 


! Rame Enq. Huts. (1 Op) : i 1 i.-® (19. jor- • 

• Ramar TextUes. >5 b) SJ« (19 VT ‘ 

Rank Orgn.- OSpi ZSl® 49 57. 2 1;,* g 
5 14. BlvocPf. 50- I >19(101. - BacZM 
, P«. 65 >16110). BpcLn B7 (19.10L lO^pc 


19 10) Fdrne(l EloctronWs (20p> 393 ' I ‘r:?}fuo ' ■ 2 5 o I 1 0 3 

'Fashion Gen. Inv. <5p) 120 (TBiTQ) MJJ fi fir. L“i 7 

F (17 l 10)*- £,0Pl 28 t16l,0, ■ A n ®*>» aB timbert Hqw‘aftn Gruud .f20p> 54 

«■ tine On .P^? 5 Grp ,0 M()i?A7 ’.17 JO- 


Laing ijonr.) Son (25ni < 
<2Sp1 205® „ . 

Laird GiOUP *2501 103 
Lake Elliot 25o*. 5-» 7 


210 '18-JO). 


. tn. 76®- ! - 77 7? 

■ ; RrnLs HcVis McOougall iZEo) 54® <. a i . 
A 6|K3PT. 43 (19110). 6i;octrj. 85 ^721®:. " 


BY IAN HARGREAVES. TRANSPORT CORRESPONDENT b 9 . 3 lPC B8 u a 

, ... tf.rnungnarn Corp. 7‘,pc 86',. * 

BRITISH HAIL wants tn spend latest plans for revitalising its (ibiiu; 

between JESOm and £4Qm up- European freight husiness yes- ®j n a-Y5J im , 3«“i oo^jTg! 1 0/ 

eradins its cross-Cbanne] rail "I* ■. »' tSSftAY^.?,,. .... 


Ayr County CourKil 6 ';pc 97 63-64ths 8 luuP' '« >T»10). SpcPI. 101 

Balnei^Corp. 7 *«pc 82 ilSIOi. I2>«pc CANALS AND DOCK? 

>a; U9 lut Bristol Channel Ship Repairers 

Sain (kiiy or, 11 '«dc 93 i19/10) 

paliau Lily Council fa'«pc B8'-« (19 10; Manchester 288®. SpcPI. 39n 
p.rnungnam Carp. 7-,pc 8B>«. gepe 9 j J Mersey Units 36^. S'.pcDb. 7. 

(Iblluj , 6 5 (u»cDb. 42 (1 6(10). G',PCC 

Birnnngnam Dist. Council 12'aoc 102 • 3i»pcDb. 20 


i50p) 125 ilS'10). SpcPI. 1011; (17 101. Burgess Products A Non.Vtg. i2Sp) 43® . 117-10, 


CAN AND DOCKS (5) i Burndene Invests <Sp> 16 r i r 10) i FWdex qooi 33 5 KSrt^Tidis~«HMBO isa(N'ib9®'ia 


-6.'iPcLn. 63. 'TiiP'H.n. 73 :®. BriocUi.' 
66. CsJKLl. 70® 7D - ■ rVr*. 


Federated Land BuHdlitg (25P) 48 
Feedex (IOpi 33 5 


Burrell 'Spl 1 1 : 


Laurence Scott >25pi 107® G® 8'; 


Millard 126 


grading its cross-Cbannel nil umeiaiil^ revisions, 0 simplified tie.®., 

ferry nervices. even though ‘t w tariffs, an improved marketing {ft ■« «»'<k-*so od., 49>,® 

also pressinu the Government to orcanrsaiion and new acroe^- Car 0 .<t core. 7 pc bci. 

' .... . - — • — -- ■ Croydon Cora b-Vpc a6U (19 101 


i Ransoms : Hollmann Poliiud I2Sp) ' 83'<rejL ' 

Rawsomci Suns J**erl« “V78 -nTj-lfii - 
1 Ratclire IF. S.l lids. >».2M 80: • - 

(Kar-ers (Jcwyllers) -1 On,. 68 9 70-iirl(D'. 
iRavbcdr 'IOpi 94® ■(*, 5. Wanwts^lp 
i sub. 65®. IO'ibcM. idff iis-io,-. -V ■; 
1 Roadmit 1 ntnl (50) 44(i® 
t Ready Mixed Concrete (25P) >38. ILh • 


Ready Mixed Concrete <25P>->36. 8>^>c - 
Ln. 100 115.101 -w- '1-'. - 

Recfcltt an® Colm»n- <50p, SQZ® 500"®. 
5pdPt. 40'-. 2 (17/10) - • . : : . 


CO M WJEROAL (2^51) 


Butterfield Harvev '2Sol 77 - 


revive plans to build a Channel ments with French Railways. 

luniK- l . Under the improved system, il 

Two investment options are w jjj jj C ' possible to move good: 
being .studied by British Rail s f rom Glasgow to Basle. Switzer 
Seal ink shipping division: the land> bv rail w itliin 36 hours. 
c«in>l ruction of two large rail 
ferries, or a scheme to increase : 

!iLiS. ,0dUCllVUy Uf tXlSlinS SINGAPORE STOCK 

B-.ith options would require; PYCHA.NGE 
cn.-tly improvements to the; 
terminal at Dover. , 7 

Mr. Henry Sanderson. British! "'-t- ^ * «M.a) s 

R.i i I'.i chief fretghi manager, said, 

jetierday tiial investment in the 1 ladostriaU <treiuTm.r K s.to 

rail ferry- service was justified u»vi'-... - o-jf limcPni.. 

'" wm* of n.cetlns medium- K^'; S i . C2S tS 

leriit demand. 3.P 1 i.iivVhi... ?.;< 

In the lonwr term, ir a tunnel gg* 

was built, the (ernes would be-Hswvnr. t.s* i.b^mnut... -,4.«i 
able in serve other routes. They : h»«iip iu><— i.tn Wii.mJm-u. i.co 
would he designed to cater for : Jj|{| l { e ™ nf> 
lorries and cars as well as rail- lum-cniu'. 12.74 ih.ni,'K«r.^ *7* 

\'.-|J wagons. jUel.IXMD; r:. ,J S (.>.40 

The Government has assured f-?‘ 

F-niish Rail that consideration of f 

the scaled-down. EfiOOin rail-only ! vm. . 

tunnel, will not lie a barrier to -beii s.ivsi uti unm.. . s.2f> 

m vestment in other parts of the I' 1 '"* u,rh ' - ^.40» ... .. 

imornaunmd railway business. I _ 

Thr new ferries would be -imu*. i inn~ i m.i 

three timrs. the size of those in. w.-mj-i... . 7.0 "inm-i.-m 2j.; 

service, with a capacity for 60, - i^njUh Hx,.| ■■ 

railway wacnns. , 

Brui.-h Rail also launched its I 


A.A.H. >25pi 107 


C. H Industrials O DpJ 31'; >19 10) 
Cablelorro Group >Spl 84 >17 101 


Findlay (Andrew R.) Grp. (25ol 45 
Fine Art Devs. (5pJ 65 >i (19 10) 
FlnJan (John) non) 36 Mfi.-iaj 
FlnUy > James I (Z5o> 94® <19,101 
Finnin i25p) 100 '* .’Tfl tOJ 
F Ivons 328 E. 6oc2ndDt>. BS»*. • i 
7 Zed 13b. 62 (17.10). -SfepcLn. 43® 

'• Fitch Lovell UDo] 63 5 


I Rjdtcarn National Clast- «25pf 292®' ..'"i - 
, Red'.fftKion' i25pt 950- '■ . 


Lee i Arthur' Sons «12':pi 22 (19 10« Rfd-Mulion' i25pt 95® • - • .. . 

Leeds and District Dvers and • Finishers Redland ZSoj lsB 8 61 eok: 6b.-6tpcPt 
<2 Spi 73 <16/101 48 7'iRcOb 61 60=1 (19/10) - 

Lelph interests 'Sol 1 ZBO Redman He-Hn Intnl. (100) 61 - 


1 Redman Hkh» Infnl. 


6 W r( CMW — 9i: = A^^MrchtlO.) 1550 5 4 >19.0. 490 ' 7.' ,pc 

ot 

Hertlords/nre County Council SUpt 9 It,. 93 , _ ^ Camfcx <2Do> 5’ 125 t!! ,fll FOrmlnster ibocR: 102'j,: 

S’jpt 7fl'4 8 1I6IO). b-.pc 74 Ah<?r ' om investments .RO.SO- 95 .16 10. canlSan Ovcrsal? Pcko Irds ujt, n t B Fcrtnum Mason 770 (Iff 101 - 

do 10) Aberdeen Construction Gro >25pi 85 ' Cannina -W . i5ii 7?'/tiri'n. S-5S ® Forward Tech nolo tv indust. iSDpi- 136 7. 

isnnaiun Co.n innr oi ima. >».» tK.M.- ,_.V n‘.. rT_™* '4SPI./' (T9 lOi I FOUCO Mlnsep f25p) 154 j ; 


v/i{ ,) B ,00 R!i5\,t?ri!. D, «o, a, „ ! Le(9h Mills <2Spi 20';® , r . „ : Reed ■Austin,. Gro.- i25p)1 00.- A (25p) K 97 ‘ 

I £&,%!%*, m. -MW4S, «« as Itur'w— 5«PI. »i a",-RJ*»J!M!K-TRa!*BB ■ 


'«* -Mieraecn (-onsifuctlon cr o. >Z3pi B5 • Cannina - W ■ >25ini 71 ItQ'in 

S tOI, .^ , ’-J? OC 91 J 1,7 ,0j - 12,4,,c Aberthaw Bristol Channel Port. Cement unlor" AVNcn v ZOp. 41 IblQ. 

-. I4pc luC I.JD 1 Id. 'IB'TOi Cane iiutv >e,i . .Q, ■ Q 

ington an„ Chelsea 1 1 '.ncRed 931. Acrow .250-134 117 10*. A OSp- 99® 1 01 ' Canlan Prb»ie Gro. »10»i Tis' in MS 1Q< 


(1b 101 

IsiingUHi Co>p. lone 91 -a (17 10;. 1 

970. 1 4nt 106 

Kciuinqton an„ Chelsea 1 1 'abcRed 
ilfi.'IOI 

Kent County gi^pcRed 94'; I19j10} 
Lanarksmre CC opc 89 s 
Leicester 'City 011 9b-j.'64ths® >i n o 
L'SMPOO) 'City OIJ13PC lull;. 
I3>;K 101. j tlS'10) 


Faster Bros. Clothing (25pj 170 . 
Fotherglll Harvev (25p). 117® 

Frartls <G. R.I *10nl 46® • 

Francis Inos. (2 Sp, 72 

Franca Parker -IOpi 20 ■19.101' - 


-<lreir»Tmif|! fi.lv 
0..V , I'irnev Put-. 

S'. Ip llr-rhai! 5.0f 

W.7S l . Knumeer* l.?l 


L/.er^l C0^. V.?K 0 45'd M9H0,. 9 ; Aeronautic... Genera, .ns, rum, 

Middlesex CC 5'.pc Red 92';® ! Albrahl'^wilMn 7 1,0c Da 69 • 

"iryswr*- 7 "'' j M;„ shi A,um!“ u n n, 7 :ff.K s , 

Co, '°- 3pcRw4 - S»tR(« I Alexanders mdBV « Sp” ‘ 1 8 ■* 


. *00 _ I Canner- Neill ilOpi BB 

I Adams. G>bbon <2Spi 71 -.18 10 Capssals .-Spi 41:.© 

| Adda fnt. >10p' 53 Caravans Intnl. 20P* 7J(- 19 im 

I Advance Laundries S'ipcPI S8 .- H7 10. • Carclo Eng. Grp. 2 Spi 76 15 10i 

Do., Aowcst Cp. '25p» 306. SeeLn. IBS Cariess Cadel L»«nard (lOr; 33 4 

. ; Aeronautical. General Instruments '2 Sd> Carlton lues. r2Si 221® i19 loi 


Ltndsav and w.ll.ams 25o) 66 .16)10) 'Z501_yi. Hrey.7 

I Ltndustriss «25o) 141 40 ■ ! Reverto* Oremlrals^pr 67? <t! 

Unload Hrdns. '2Sp ( 137. 12PCLn. 101® | '25o, 69^6 *0) 


:io Eng. Gre. 4 2 Sp. 7ff -15 iQi' rTS'inT* lUmaoa SWB> t25B> 3ft 5® 1 t.n.eSd .25®.' SB . • ‘ ! R 7srn> W 7^. ’-*0 - .. 

?.»?%. 1 ”• ,, iopcw F?S iThc ,50B S^v £ N n r^ f J^M ^ ■ 


Carpets intnl. SOp> 63. B'tPCLn S4 
Carr Ji Dnctr.i -25pi 47 (19 TO- 


to,p - 3pcR<?a - *«*«* Al^eVi Hldgs «SpT* 18- , 

Paisley Corp. giuKRn). 88’' ilfi.lOi - Alginate industries >2am 233 
ait- Helens'- 'Meirp. boroupn) 1 1 '•pcRed, ; Aliebone d OB' 26 >1910/ 


Sahord Corp. S'jpcRed 63'. 


! Allen (Edgar' Balfour >25p. S5-t >17M0i 
1 Allen <W G.i < Tipton) Z5 bi- 50. - Hew 


19M0,. Carr'ngtop Viyella i2Sp> 37. 8 -jtpcH. 491- 
1,9 10i. SpcPI. 51 1 19 10>. 4.2ocOb. 
sa>:® :-S®. B^SPCDb. 71 .17 101 
Carr s Mihlefl Inds. i25p« 660 19 1 0' 
Cartiers Superfoods JOpi 96® 9 t02 100 
•IZIlOi ' Caiwr'Bhl R. <10pi 78® -1910' 


Frlcdland Dog*art.Grn. C25o, T01 ClSMO, yo',, .f'm.) 25p) 68*; ' Richards Wall ington flotiT #4 (inoi • 

„ Lo>k?i iTnonus, A Non.Vou 'So' 19 ,,0^, «W:-5‘apbM*i XlW 11 

G— H London Midland" Industrials (25P) 103 3 j - 19(10, - ■- • 

r--e. ■-,«■ . N.wi '25®' IM. _ SncPI. 33 U6 10). Richardson*, Westgartb I50ol_60. '.18,10, 


'.•ft 5butn Tyneside 'Metro, boraugh; 12>«pc >Z5p> 45 ‘17?)0, 

.CO R«W 99 4 Allied Colloids -lOol 72 69 

>-—..4! -.--.voea Corp. 9i«p<Rea 89 >15-10) i Allied Insulators -Z5 p) SSO 6 
Red 96-L i; Allied Plant UOp, 18 ; 17M01 

SOutnena-on-bea Corp. 9 .PcRed 89 < 18*10) Allied Retailers 1IO0) 106® 7 ( : . 9 .ocPI. 
.fiR So u in war k Corp. 1 1 i-iPC Red V 94 <, 4. 105® 


^sfcet «Si -IOpi 34 18 lOr 

S3 IB lUi 


cS w^o T p 7 a 34 .,o us i g 1 oi 7 1 01 V,?-® ; ou i Ji 

C«ISamSpcu¥» »'«ife ,1 V 0, ® 6 119/101 

rili'iJ 9 JS.L -VS5. L 1. 71s JO. 1 979-04 75>; -Io.10) _ 7J«PCV'. 


...... inn. k u.i -caul au 

Gellcr 1 A. J.l (20pi 39® . 


. iZ'-BcMo. 1987 97i4. 12'jPcRed. (Iss. at Allied Suppliers 61 

E99tpc— £ 10 pd) 1987 7'.>« B Allied Textile <ZSpi 1550 

Stirling CC 7-viKHcd 96^ n9;io> 


London provincial Poster 1 50pi 208 
LpraOfi ink i25p, 71-70 2.70^ 
1 14pt Ln. 135><® ij® <19 10) 


Stirling cc 7-spv-Hed 9b^> hs.ibi Alpine Hldgs. (So; 74 MB.lOi 

sR C 5? d B2? , lbg| 7, . 1 s , H 101 ! Alpine Salt Drinks >1001 156® -19,t0» 

5JJ«"fi*8 Corp. auoc Rea 9SL. 1I81IOI ' : Amaloamatea industrials <60 .19 10' 


Cawdaw Inds. Hldgs. -Z5ai 34 
1 ClwoodS Hldgs. 2&P* 143 MS to, 
Cei'stion mds -5a> 33- 


I C<vnenj-Rcadstone Hldgs 


GE, intnl. LZOpJ 9, 3 <-19 10,. lOpcLn. 

Jo-jancr BpcLn. B5.H 6 10, L ? nd0n Bnd NOr, ' M^n, ^ , “ 0, 36 

? 0 | ,0 ‘ 100 9 5 • 1 1 4 'im London provincial Poster 1 50pi 208 M (17-10)^*-.??( lOjjP^). 

Swxi 2 1 ■ •tS£«as*aw > » r-'W's. wrsr 

t- •iSL.'w.sp .11 ut usiiB ;iis; 5 as »" h :R. l hp . 9« ' , n» 

it -’Sir fRUr’ftlS; itifti \SUSTiJ&-ISS » » 


Lone ton- Transport i25n> 74 Il6'10! 
Lonrho i25d1 60';® 4® 2 4'. 4 3, BpC 


' • 1 : UO. 1 979-04 75'; .la.IBJ- r^od.- 

[J , 01 «j_ ,i»lwi. 1 1 - ,bPcrlt-j.b". 98'tui b> 

G.'.i.'tna. 'RadcliRcJ iiOo) 13’. Ma.10; 
. Gr Steiner Hlogs. A >.25p) 1b7® 7 . 

P 9b®. 8 DC v»— «*■•» Duu.cv '-5 bi oO'^B _ _ 


WV - 

R ?4^ R fi c ' f wiji • ■ 


Lures .'Industries S13n -14® . 19 22 20 
lii^Lh 125 : 118 101 lOUoclTii 86. 


IVtelma * in.i 

-*ii|ii |.iiii4 t-.J 2j-5 


Aquascutum A i5oi 4 t.- 
Armitaae Shanks -Z5p) 75 


W Jfa/?oT ,er ' C|IT 0,1 13PCBed 1 00,4 • a™ WB ISSBmenr Noll 63 4 

Ash and Lacy (25«; 142 '19 ID 




SHORT DATED BONDS [ Asso. 

FREE OF STAMP DUTY >19' 

6- .PC 22 11 78 99 ;l >; I J-, n 9 

7- -.PC 20 1278 99 35-64 : ..l* 1 

llpc 11-4 78 101.947 101.952 101.869, rJS 1 

1 01.955 >19.10, Ai A?! 

9-:B>- 16-S 75 99^* M7 10* * J9 

9”PC 23 5 79 991'.; MB 101 Assoi 

g'.pc 30 5 73 99** Ln. 

9-.PC 6 6 79 98 "t *19 70- Atsei 

tOiPC ilolS MiisiHiai VIP 

9 1* PC 20 6 7 9 9flLV "1910; A«a, 


Rathmans im. b llZVtd 63 (19-101 
"olbrk MQpj SS-gf^OJ- 9WPL 95 p,. 

Rawluisoa Const. v n 0(0 '29 /.T7-t« -,Jl f ??T 
4towntree M«ckiriroM-<5|ai_ J9(to ft J t 

fa 5 90 bi: 6Deistrer- 47 (191101. n »l 

Ti¥mo, -• u< l19 “ ,w - 

«V«apr f25pi'169 6. SpcLn. 

104, (19:10) 

gOvco Grp ,(25p) 44 ' . 


Rub-roid (?5o: 43 13.(10' V ‘ 

Riigby Portland Cement -QSdv jgu p 9^, 
6pe' n 50 ij f -<17? 101 


-SH'B, 50<* T itTMO). 7koxLn. 82 ... 
Ryan a.}' Holdings- (5p) -121; ■ 

s _. »"6 U StOrti MZJip) 22'dOl 25pcPf. 
'12 *:oJ. 23i, M9-10) - . 

I SGB <25p-. <75® - . ' -J 

■ vjitin SMI®, HOP) 116 (17-101; 


AiSPt. Communications Corpn. A 25pl 1 Chresler UK 5>;PcDa. 66 >1910- 


wuuun Bros. (2uP) bJ (17 10 


I auutnernj izsp; jpz na 101. New ' Sm«»ii mop) iif <17-10): - 

I Sabah Timber MOpl 36'i .|.17.'10).- 

' Mablnson 6 ’ ,s l0 » 1 t 1 W t Hrt «>4r* (20p, 163 (19-.1& ^ 

I : Z -- 3 [ (25P) 225 .8 -9,5. _ 7pcV*. . 



n- tgT» 


10-»pc 4 7 73 99':» 

10OC 1 8 7 79 99: i« 

1 IPC 24 10 79 10d'|. (18 101 
1 1-«pcBds.Ren. <27-0(811 SSJ*i 
lO'iDcBds.RcB. <16 3 83- 94: 


<Z5p) 225 .8 9 5. _ 7p«VB- . 

SW3£W&22J-"-: 

nwr (25o, 65. _ 6-jpcPf- . 
kdllMT MODl' 42® SC 4- .. 


.-v« -== 




-0*1^ D Ji* A Ji ’fEr *™*’ 




PLHBUC BOARDS (16) Assoc' Pam 

FREE OF STAMP DUTY I 1 ^ s . 

Agn. Mort. Cnn. 4 ;pcD0. 52®. 5 : pc : ” r ' 

i9S0-u5 7 SO -:9 !0>. bcC ba * *15 I0i.. 

£■ uxDa. 63 M3--10). 7-*ip;Db. bS':. gr.pc ‘"ft 

84 ttT-IOr. 9 :pc 19B3-86 84u. 1 0 /pc «« 'P“-* 
S3 Ho 131 li .pc !D2% -19-10* 

Camcnweattn Dev. fin. 5 iPcDb. 62 A “ c,a JJ5*“ 6 
: i to, 7><pcD3. 77 1 , P«- DOPj 

f ndr..c fo- Inpustre :3pcLn. 100; 

J: 1 4scLn. 107*-® Aurora HIP 

Medway Water Bd. 4i ; pe 33 ilC 101 • 

Northern Ireland EiCl- service 5 pc 95*1® *18 10) 

Port o' London Authv. 6:>pc 37 A “i tl Pi * F - 

S—ttis-i Agrl. See. Can. 3 :dcDd. 42-t '19 10, 


loi- . 

. rv®6W ••• 


Automated Security - 
Aulumolire Products 
?, Db. 83; il? 10) 

1 ' Arana Grp. (5u, 59 
KS Aver vs '25ai ,75® 
.yg Aron Riwber l^U ' 


j Aron RjJQcr 1c.li 7'<pcSb 66':® 

■ lAvrsnire Metal Products 25ol 51 >16)101 


,p,. I0.-~.CJM, rwiihami and -^.^Hd, (20o- 1 1 9- « 0>. Bnoc Matth^ ■ Bernard, ,; 5ol 166 3 

ICoJpct Inds noSTsa*- (a ° B> 22 16 101 PI. 47 (1 7.101 I May Hassell 1 2 SB) BO® (19 10) 

• COKAI mn lifiS ?s5 »n. i Hall «M.) <25o» 233 _ . Mean Bres Hid >25o; 15 <17 10. 

66 :® : in Jt'?" , ,5nl 71 - 3 - 7 '*e«Uns. Hallam Slelgn Cheaion (IOpi SB «1o 101 Meat Trade Supds. <2501 fl5 .je-ini 

i 51 >16)10! Cope Sportswear (Sal 48 Molina MOpi «S 6 M8M0» HocPi. I03>.- r.-lni-pr -iodi 3b 

. Copydek (Tom 36 (17 O' MiniPSOfl Inos. (Soi 14*.® I5'j. 6ncLn ■ ■* 'r _ , ' 1L ' n ,x * 'O' 


, * IMUP RUW f J3*| -**» v. 

7-ipcLn. 60 " *- 'i[> w 

ears Roebuck iSuSD.75) 15*i M7M0) - J li flT\ 

w?wjgr ,2s 50 16,1 oi * Aiz5ft i ^Ui>j 

c l2' -, f Y .5 <?r,lc « 132 (19110). / A 




- ----- T£^ - ; ; . -•■ -e^,. 

How to beat 
the index. 


19*1-93 79 *16 10). 7 PC Reg. 87 -j BAT tndiu. ’25P> 2E9® 6® 6 9 9) B6 91 .Corah (25p) 400 cr , _ um. .r„.- 

<17 ICi< B47, Dtp. i25pi 251,® 2: 60, 5 3 7 . Coral Leisure Gru <10 di I lam ta |q- it Hb«Dcr lov. (10p> SO-:® 50® I ja^nimote Mnip >5o> 16® 

Jamaica G>.k 92-. (19 101. 7- 4 ocLn. 99 f, IS IB ' ® " ,5 ‘ 17 Hanson l»t. <Z5 p, 1330 2 3. 6'dKLb lMen«M 'Jgnni .Hldqs.i tipi , 

' !9 10*. B'-peLn. 81'. 09 10.. RaA Gp. I25D- 61 59 Core (Horace ■ 1 5ol 18'? 78': H6 101 i .ij. . 

New Zealand 3::nc 71 ‘a MB 10). S'rpc 80 gjee ioOpi US® 7 4 5 6 . 7pcDb. 7 Hj ; Cosall i2Sn 65 Mardv A I25di 38:< tl 0. 1 0> I M«af Box -43® P 2 30 bat 

M9.10> 7'<pc 1983-92 66 (»: . 7'*ot 70 ! Costa in > Richard ■ (25bl 236® 4 6 H«r.s bhmdon 'Jjoi 52® M9-I0i j *’ ■ -1®.', _ 

1933-56 91 •< '19 10' fl t opal 22® T9;® 25® 2 6 1 Countryside Props. «5o- 42 (17 10' Harrison [Z5pi 114 | ff*la) Closures Gr0UP_(*5pl 104", 

SO 0 thuri Rhode w» Sue SB. S' ';oc 1960-85 0 LM5 bpeUnscd.Ln. 47-.. 7 .;PcUnKd.Ln. I Cniirtsulds (|5o) 1 , 5 1 22 1 ZO 7«Oh 
J 1 'OJ- 67 5 4i:W 6-. (IB. IQ]. 53 KprUrntD Ln 4«jm 9. iig lQi. i 70 , s® I 7D 1 ’?. 7tipcDti. C6*«. 5 1 oc Hjrtlc Mdeuinisr# l^ier. (2^0) Z 5 

5K7b0 7 ?.icUn2:d Ln. 5,0 7 * ' V« i n 46 116 1? ^M*cU^‘i.n. 51® Hawker Slddelre .25oJ 242® 4® 3 

LV.nciev L-rnr-u-c . . Intcntl- '25 b* 63® S 9 2-3PC . •**- 5B'. S '12-101 f S'.-pcPI. 45® 119 10*. 7 

HJREICN STOCKS l — ) 2naPi. 3i H6 ;o . S-'rat-Do. ?i (b B K,1lt, ffS r 7l,pf J? 5i • ns »oi U 6 T.>~ r rn ..n 


May Hasv-ll (2Sp) BO® (19 10) 5C »S -f V . 5 Cr T!Sf* '2SP1 132 (19)10, . 4 

M care Bres Hid *;5 d; IS .17 in. , . S4 ^ 29 * 

Meat Trade Shops. *2301 AS .J6 -iq, 5?»3£P l S r ,So> , 27 '*-l: 87 

e.-lns-e- -IOpi 5b 0J r .IS^mcprlqg MOpj 25 

m- ' i-s: 5-*i 70 , tq ; n, ?«rck iJ5d) 8S'r .- 

iwwi.ns spi 9 *ir iq< K2„5 an £ff rc 'J- 1 'So* 29 *19(T0) 

M^nimote M»ig >501 lb® <20n) 139 4 

Men**^. .Jgnn. .Hldos, *23p, ^2 I JKffi ,■«.)& 

M^, o Bcx 343* P S 30 bPcin 9, j b£J%J£ V/oT 72. , -.- 

5SK gsrvjsrus™ ,oj -' s - .. 


Thg Investors Chronicle News Letter brings you through the 
po5l each Wednesday recommended shares to buy plus other firm 
investment advice on markets, sectors and other areas and subjects 
of vital importance to Ihe successful investor. 


1 HnwKre Go* 
Hawtin (5o 
Hav (IOpi 
Hdzlpwobd* 
Him! 17 *« 
Hehjnd Lor- 
*10 TO). 
Hcndcrion 


IB 1C 

Thorn Ire -Finance E V 7DCC 
Ms. 1 988 102'. 3 4 'j 

(19 10*. 


'j J ® ' , v* , 15/ Ll9 10* r roDPfr fJiimcM rjspi hc 

IrtHum. Elec- Prods 7’ipcDb. 1 f.ro^y Hhima Grp. MQ lQi 

J. ®' 3 Bo u re C - - Crosby Spr'og f nt^nocN MOoi 


Each year the average performance of ihe News Letter's share 
recommendations is tar superior to thatof the market generally, with, 
lor example, the News Letter's 1977 recommendations (as detailed 
in a comprehensive follow-up table appearing in the News Letter on 
July i9j showing an average gain of 54.51.- against a comparable 
S.3N on the FT index (full details will gladly be suppfied on request). 

You may have missed these and olher opportunities 
spotlighted by the IC News Letter, but by subscribing row to Britain's 
leading investment news tetter, now in its 33rd year of publication, 
you can make sure that you do not miss them in future. Its editor, 
Peter Doyc, who drew attention to the buying opportunities available 
nl the end of 1974. when the FT index wss around the ISO mark and 
talked then of it recovering to 500 and possibly 800 on the next bull 
market, believes a time of fresh opportunities has arrived and that ' 
equities now probably offer better value for money than any other 
inveslmeni assets or major alternatives. 

Use the coupon below (no stamp required) io order your 
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FOREIGN CRPS. (— > 
Baku S pc Go ly Ln. 5 :16-I0i 


U L BaCBUf'flBe Bfic.il >rSp> JS« >19 10; 

* BaJltfv 'deni CoiUlcn HUpi !5 Mb 1<U 
EjiIct C M> HOP' 7',* 

Balia iW'IIUrii lui® to 
54k. r Perkins MZUhs IbCpi 117 


lie '0- 10DC.PI. 1fl|:.rt 
frourh (Dweki iJQp 1 1»6 16 10) 

Crouch Gre. riSai 72 4 :ifi in> 
Crown Housi- <73 d- 62 '■ 
fre-M'.u- rH'dqc i (So) J?.’- 


Henlvs <20oi 1)7 ilTlf}' 

Hepworth Ceramic Hloos (25 d> B2(- 
Hepworth (J.l .IOpi 70®. lOutBPl. 3ft 
'.19 I0» 

Herman Smuh 'lap) 1 0 ,-B 
Heron Motor Grp i:sp> 114® 

HcrfDurgpr Brookk (25m 40 (18 10, 
Hcstalr >2501 84 

H7*trtFn-5iu?n f-lmt MODI 73 5® 


Canaflia- 
4ocPrr n .i 
Malawi B 


9 -ai.l R * 


FOREIGN 


RANKS { 14.1) 


, Bjr-u* McpCurn Gp i25ei 42 1. 7 7 3 « 4 

! . 7 *.iS? ,,s 101 1jD£U — ‘- 1 ’* 79 :: -S 5 GVTaJZSo * :0CP ' ,RXi 45 


ra 5 "’ 50& 4 . r at IRSpc L2& pd. ■ 25': *17 ID' 

Do Se-.-rc inous Com 5 ;oePf «R2) 43 HtlJard-, .IOpi 216 18 
S* R .". r ' 3SdI “®9 • MIIIOM FdOIweir i20p' 108 M9 10 

DP vpre Hnlcls R« 25p- 169 70 119*101 Hlntan 1AR1M1 MOpi 97 (16 10' 
Dwnson 'HI30I - MOul 40* Ho*>hsl Fin. lOpcUnwcd Ln <Rtv > 

Dcbenhams r25pi at 90. E'-pcDb 80 lO-iQi 

US !Sl r!*n r D6 62 .» ft -oiu<i 57i : ; HolM»no «5 1 (25oi 8>® 4 i 2 «Ui 
1,9 101. 7 incLn. 59-. <19 Ifli. llpeLn L*i 101 1,7 10> 

1030 *19 101 J ' 8 '- ,,DC1,n Hollas Grp 150167 .19 10« 

□ rtca (25 p> 45b M9 IO1. A Ora. i25o. Modls 5*os E 5 A <25 d' 73 


Mens * r to 6n<Dh «4 ft'ipct n 41- 50 s r,'" ,'. vv ^ ' Son 'HHot. A (SOD, 15f. -.■ 

■16101. &P<i.n 115 c™; [> 'H.T M:a - Ln ' SB M6M0> r' 

MirlM'l iX*Mt.ro Millji -3in> 74 .|n>.tu Wh.iwonh T3 

® , CTJS".;jsr z . W.jws. '' 50d ’ 2os * . w ***' ■ 

, n . zst sfisas'^Tv; iV. 0 . 

Mprriiin . rfOhi 01 Scbrenir .MIpb.I M Dpi 410. Non-vnjXki -. 

y«Jhl 70n* ISOO.IIIO' ! 'CPI 10® ■ ’ 0 77: T 

re-v fnp. Cra. *av» 7t* 1 '9 10. -. So'k-lors- Law SuiieneiV See. CZOpi 63? 

M3*'i*>rrara ■ l.npi *66 ■ 7P ; n 2 19 in. — • 

Mill"! Ch.rlnfte l*>» --.Pn] 7“ - .pmonrlcv Hlriys. i25pi 69 (18(10) ' - 

Y.ren .wm - > 1 0n 4’* 'int, ’ S: 'i , «' > ?2 Parke Prenel Gp, fJSoi 317 -2 

Mfwilmn ( ij'.ni 115 II 11 ! *10l0> 9 >pcPl. 106 

Uoir—vd i258! 2P7 . j >3Ui*d DiRusioft ■ Sp) da® 9® (79-39r. ' 

Mvildicl"" Hftieil -V)b. 245 16 10, . Con,ltn (H Tups. 1 15DI '10. . 

Mvvon Grp <TDp> 52-: MS-IOt ■ 10 10) >-. 

^ . ■ wSr™ J ‘ , ^ , '? n '"•'•'■"if '2Sp< 1JW* -f 


N — O — I* I 1 Bp, 1 8 H7 101 l:., 

, . iSHTir.' 'Si or ?'> *^spi 37 ct7-io7 . 

4nc5to! Dolla. Cm. in r«j *ig ini 3 f{“ A ,2 3°) 33'j 1 4. SocPf. 5 

4p<ry)n*w» 9P.-.PJ. : g Mb 191 ' *• 

'J P. SrtUrt*.-s ‘ ZT.pi 70 . 1 3 1 a, !“* r V ? J H 0 C"«‘1I. (2jbi 189 6 -1I6TI. V... 


9 »Hi NCR 4ne5to! Dolfat Cm 
'• N5S Ny«WT , r-:s 9nr.Pl. n» ■ ? 

(Rlv • I SI mvi ,J P Srtun*,.*s 1 ZT.pi 76 
_ V-than itAM 7SP> BS® 
zocUnu-ca I Maligns' CaTOo»'v«d ■ lOol 17 
: Nrrexcnrf -23P' 4S-® 2\- I 


jUN ; rrrl H 0 ,n .1 2 1 = r» ■ 41 (lft'io) 

BO ®i Wr * PpLtenc- tHlana .) lisp) -1ST- 

, I’.-’k- Irt-rrnjfionji .is B > ill. "« fiailfll 


Bank 01 New Sc-rth V/ales ‘Lnn Ren 
! "!*?■ 609 *19 10» 


(17 10, 
r ■ ^,r*> 


UnV."?n “0 p> nr* 101 

:MMrWnW ' * 0n 1 j DnnhywarP^i ZSo) 1 ^ 109 * * 1 9 ' 01 

' ■ ’’n' 61® 7 DcHsp/t 9 (Kin .no 1. -, <(7101 

:khe«:N ,25a, IT -1ft 1Q1 I Oarvurnn MOp] JG Mft iq- 


Mur 110- 
Home C 

Handi-w 

Hnovw ' 


je •snii' m v m a sv&wiftcr 1 eiwics?- 
- r- ? co irjr ci”: Y-.-ariC32.IBaWnaJ ouladoURi (■tekrtsjcaaij 
I El S M lor 4 S>v reoroha - irlal yjejcrtothjn (£1709 lir-wll 

‘ FleaSO invijrse Iw C19 00- £15 00 (dtfeta a i arflropn.i'iM 
,cloch: letterg pjease] 


Barria vc Bin'* inter 7-peLn EE :® 
Grown Snhllrv Hides 263 
Caiadia" imperial Rank- of Com 

i*C2> £.17'. 

Cale* Ryder 2C7 1I9.IO1 
cnase ManMItan Corp »*U 
4US34 ; *i» 1 19 lO) 

Clive OisfOKRT Hinge '20e* “6 ! : 6 
Cammer.-./al Sari a' Australia 'Lon. 

13AH 198 «17 10, 

OeulKre Bani &'!><■ nocvnlMhatl 1 


Ben lima infly l25ol 4J-. 


D?»out[rr Bros. IHlflos 1 ,25 P , .in .la.IO-l ” . N«wrejo June. *750' 94. 5*" n Simpson a., 

Oe-*H>rst I|, J.l ihio.u I (1 OB' 72 S B tHnsklii* Hnrj^n rzom 173 116 101 Nl!wnlan.rollk•, (*5n> 64 'J Fn 1 0> l Sf.-I o rD , hWk. iJiVi, 

Drwbursl Pan iio b j 1 5 • 1 8M 0» A N.v I M "*'*T (T5o, 153® 5 3 ft 0 , N— *s lrtcrnat*on.1 7prPt. 3' 'l.’lfl. 5KRkn <ZSp. lu e* 

■lOp, 140 119 ;o, s 1B ‘ 10 ‘* * N V J in. 1993-98 49', MEMO) 3 i*kL** Norr*^. (25B' 102-*® 2 3 7**ntLn 82'; ; Sre.nJwp *f B ‘ 


! 0T"1 U03I 22 


1991-98 64'- (18M0) 


118.10) lAceLn. 104 3 M7I1D; 


Isr-Ta-J!! 0 ^? A *25P< 41 MSJ10, 

' H,c ' 0 '- '25PI 198 1 1 KM O' 

. Jlwtl-y I2S0. 184 5 B. ftlaPcDh. 681: 

1 C n ^ tl c «*.-'llp'' ifl’i n o/ioi 

‘«S2. ^3'; {17/10, 


Fraser Anstjafire modi 12<,® Birrnid Oxricavi ';5pi sb« 5 

Gof-'a-r Hat anal Disceu.re '2»3' ' 73 si- 63 r iis.iO> ® s * 1 

GibPj ■ 1 -T*-r-« . HIpBi. *25=' 43 19M0- ■■r-nmqham Mir-. '2 Sdi jaa® 7 
□ en 8.-CS. DiKSunv 216 >15.101 , Biacb ia and c.- ratp. jig 

G->"4l»-s Hip-js. -:sp, ,32 "'*'S rnol-nv, -sop. 9i 

Gu'r-'iss ?"11 Group -25B' 223® 69 "9.1!'“ Arrow Grjiip -SOp- JOj, 1 
S® 7 J2 JO BI*l» >Pc*«-rl Mid-jc. izspi ift5 


■■r-iinqhaiii Mir-. i25pi 14a® 7 ; JJpv-njrliran Hl*>m. *lflpl il , V -7-, 1 ns , Hiintlna Aasoslalrd Indusrrlea (25pl J22C 

Bljcb Arr3^ Cr^iip SOo. jqql i Oflwtv i50o) ?kj TbJlh icr Hgr** tCharl^j 1°) 

BUi.il iPrfffj Hirj-R, [2Sn> i . Dpairii e f ,_ n u .. _ ^ 19 10> 1 HvfnJn il. J) (SpJ 29 ■?. Nflwr iSnl 2B 


°^DP» Cl 7 0 M 7 M 0 i' 2SB ' ” 8 ,17,VQ4 - 
■T 7 ^ni Bd ElwrTrl '" 1 Auolianse > 10 p) 35 


I T- i-ankEr.M-j DEFT. 'N'.-ESTORS CMROMIGte.lCN*. W FFeE®OST LONDON EC« (OJ | 
a rtdrrss Ginv-mm PUr.-- FeHreLans. London fCl A 'ND.Rfj S'p 5iM6» ■ 


Deposits of £1 OOfl fJ25.fKM accepted for fiKed terms of 3-W \ 
years., interest pain gross hatf.i-oajjy. R atPS for deoasits*' 
rocciTod not -telor than *1.11.78. . I0r » 


I— J— K 


ICL 472 J 70 67. 
70U - 


6<aP*.D6. 198 1 -Sh i 


020 30 100 


IMI 1 25(4 599 9 8':- 7'<jxL».' 19B8-B1 
62 1 17: 10, ..... 


T.nrm.s (yciirs) - 4 . J? r*. 
Inlercsi .. il ‘. i I ) I I \ h 
Rntri forfarjHh* .amounts on mtuiwt. 


• - R * V..10 

1-1 -lii Hi TliJ A 

Deposits *to. and further • 


i wanai BB BB 801 S)MW 1 


M-rcu'a Sc* ■ >230' *,) 17 10'. EneLft Bo«fl Si. Fah»>r^ -,0a* 10 17IOi 
71*1.(15 19). o :PtLn fii (19 10) • Bcoker M;C3r.n«! '50p, 292 


Cn-31 a (KDb 

1 -prDh. 6s*. .,6.101 


llnlurk Johncrn (ZSp). >8,® (19.101 
imnnwanr, Morru. t20oi n (19:10). a 
(N on-Yta-I (2001 32 (18 10) 

18)10) Imavf '!<» A Cnv. 9f n.p.v. J1H I17rl0» 


Duninn uim * J2 ‘ 1 . j inovlal Uwmi-ji i-*«>isiri*K Sin I I M- . 

Dunlop Hinge. -SOpi 7*:® 70® 2 1 4. | 9J 4 90 »7-9.-&BcW. «fl!) '171^01 S'-pc 


information' from. Tho Chief. t:.ishnj|-. Finance for indust ry- '• 
Mniitrid. 9 J WpiPrliH) Hoad. LonUnn SKI "fiXP (Oi-fl'JS 7822.. • 

Fxi. 1771. -Cbfrjufs payable to “Rant; of Eastern], a/c FFL" \ * 

fianinanv - 


r'rx*?i 


v - *•- 




vu, 


4 


financial Times Saturday October 31 1978 

Kreetan o* CkrtibnFM flto) £& I17.-1Q) • W«r. Group (2£e.- 115H • 18 20: IT':. • Inns 

•■*5.'5 r 3 . : J-'wCUM#tt*,Ui. Uh JfLtO,- :Lopo 

firoai R.lev Drummond C25|»i 5J.; <19 10», YVeUo Hlsir (Mi 280 1 i M 4 R 

* ‘ ,0a * l? 1 * 'J9;i0* . Wrt1m*n Emi Can. CiSo) £« 1 ; (IQUO,. Mine 


23 


Stvlo Shoes 125HJ ?i 

SufiBW MOD' 14 Ms 10, 

Simvi« CIBHM& <joo. 31 <17.10 

Sum <ia»i uo 6 

S ntor Eiecvicji tSp) 23<z 
>r*n HuiiKr ISi 
Svhr* (?Soi ’*» 

S;iu« cssi i+se iis..io> 


Lon Son HMCTinter SB) 1 ! 8 ® 

: Lanoofl Um. invsn. uap) 1 08 . 

M 4h n 9*w 1 wr.ant MISOS- (20®i 180 3 

Mine! HlaflS. <2Ciii 1789 8 a .30 


i neW’o'oni Inn Tn c*b «s -iSsi sr . Muekfaw fA. J » jBSsi Jiff nniO; , 

117 - 10 ) ! Piwne, Prop. l23p) o5D 7. jkPi 36 -: 1 

' Rdii>x> 1'10 inn. T 5 I. ’SOfl) 19’:;9 * iiK i - ,,e 


SPECIAL LIST 


I CUnf YfflFgwlcnfe CB 43 
1 ‘.lumi'lar. Qb?-, 5 i tti-« 

magnet Metal 30 


Pt. VbOai S; _ .! SlSSJK E5fS , r 0 A .r? & ¥2B?? 2 T i n 9 .Vii , .in Blinov done in securities quoted s^-iwi^M^oS Mtg. JUS59H* 

u — ILI.. . I Maun: lye" SB 



, 0!:er £». 33a 

, Pahjrvo Cam 60 

1 f*eko Waikena 45? 
sourin' n Pacmc Prsoj. 
Swans Trading 178; 

<11840-; 


11 


* SOI _S3<JO > 4 ft* i'l 


.Will* 'George- Sons '!3®> 39 Anoij. Aniti-ijaii s«i. Lpa. USpl tOIOj i| sn,rK liw/iSO®! IS4«i»IO» 

Tourea Jcner nfipriio ^ 

TjE"S. r J'^ M ,?Sdi sj ns »u* 

Kti, ;«“&««« '00 Id _ 

Thon*^ « Ttaij, V «1 7.1 01. S.BVKP). ; 

‘t : , sas^5W - ! fr 

?S a JSSS; «3P» ”<* 35 — - 

Tn’ 7 ?' W -‘ 110*1 "&0 81 119 IB} 

}! ! p^ ^ c«;fc; l .^^ £,o " 9 ,o> : - 1 ■*" 1 c ■ 


RlrRKFR uni 



Au-.iKi.an 


l-r; tjk- Riasen «HWg*-» M2irP* 


Ben* ' Pacific 
• 03 b ; 


1 . SpcDU. 95 117 101 
ntrriMlI. 111 . iLfloi 1000 

(Sicriina unn p. PB .Pf. 

10i 


Tructaev '24m 144-41 J 

inr’rirjielirt • r»n»;(iii *?5irt ill* '1 9'1 0 
s;--' ,r i 'C* T*t. 1.5PI.5. _ . 1 Unif*-d Br.tftn S-cuntlK 'nSBi 1’2 •19;1C«; I 'lo IO 


, Tokyo TruM . 

TrtContinental vUSl 9; 

Wsstan Eoueafo Eigi. 
tP= Western Queen 290 S'H 

.Wneeigek Mzrritn a 49 8 5 jO 

f OCTOBER 17 

lAimrilUn Dev. 49 
. AustHlf*" Oil Su 57® ta S 
.Bezel Pcti. ao®. Da. Nm 23a 
I Brzmalci 765® 

Bncge Oil 9a® 

‘Cons. Canon lJ4 '- 4 O 

Bargains marked in srcuritiirs . i^Aincjn anm. rs 

C- AlriCAii Poncr Llgn __ 

1 Gala Mines ki 1 goodie 07® 
'MpiTirvnke Mines U^i 
.Hon;) Konfl Ko^'lwn WMrf 499 
HuTCMion Whampoa 90:. 

1 JOnei Miic. 3 q 
1 Maihcson inv. T.'.aeCpv. Cl 15® 
iMcllI ti 31 30 
. Nrlhrn Mnq. 120® 

Oik?r'09C >eu 129 
.S.cmenS USi 150 7 <13 10 751 

re;* Co „ a 5S0® 

1 Tnu: Instruments £59:; 
i»Mr» Hiliar wloe S3 
1 Umleier nv Fi roj U» 61® 


RULE 163 (1) (e) 

alns marked in sreui 

faiefa are quoted or listed on an !^Sfc*S?iS«iiS , L» J 2 
overs eas Slock Exchange. 


liss : a? 
NeiV 67® 


Honjjl&na ‘ieUnafi RjoSrr iIOp* 


Time Proda. NDbJ |qg a 3 - „ * 16 10 " ' ~~ " C'lnurtogiie t«r’i 2 So> 18B® 

HOpi 45 6 30 ■*"' * . Wow^oms ;f W < 125#! ?15 BB -O 71 : } ® , Bnrg:r Soulham Stocknoidcn Tit. 

ratfikfn .F, K.i 1501 ?d 1 ^0 - " h . 

Tdotai CZSdi 47. SpcPf,' «7'. riK'tni ■ Waiter AtkiMkM f25a* 


I Unlfeii S’elm General Trull -25i. 1990 


210 6*' rest £Z2:>9 

Gold Mine) hjlccuJ-l r 70S 

Inch Kennetn kauna Rubber nopl 94 Hen; Kbna Lzna : 7-5. 
i Unlle-i Stein Deb.' Corn. T 2Sni "Z® i ' . l,,t ,0 ? „ _ , Jirdme Maine>j- U5S 3J® pCSOo 3 

IQ-, ; JPfDD 77^161101. OB- Ill.iai , *' i Ru6 “'- r £«•»:« 'ICol a? 1 2*5" !t M rtai J. r 

0P . Wlkino Rnou-in >75m 350 5 ■ rt , •** *0* „ , Metol E*. -30 . 

14 Br.0 ??W 4Ur Inv. is,. ” ^ ? f^, 7 ' 1“! : | C ?2^, T 9?^' ' ?° J 74 l,7 ‘ 101 ! ’ BCr,,4fl f ' M1) 74 M«." lUh^?' US ’ “* ** 


600 





i OCTOBER IS 

' Anoio Along C*men: 50;® 

Atherton Artungnr 62® 

| BH South 121 : 2 
I Campbell Reo L;-o C2Siv 
i Cooper l»di- £34 ■: 

1 Fiaetllv PiC. Fund £44 
■Gen. Food; :?9 
IGolo M>"«k Kalflwtic 690 
1 Ntnrn. Mng. 1 12 
North Flinders IS® 

’Rembrandt Grp. 173® 

• Sum Props USS o.SA’:® p5 T - 
i Thom u Nationwide Transport 100 ® 
; Total Peis 995® £10.05 
Walker 'H ram) £22<i h 
(Wneelock Maritime B USs 0.07ii 
< Wool worth HI045. Ord. 208 


,GRA "eCP. T« 14 IS 
jL.rr.nern is-. HxLn. CT •• 7 
. HldlS. 43 

J Ktllr.-li Htpsi. Cnv.kn i 2 no s«r|.l 41 
Kunlck Hiogs. !«.; 14 13- 
h unick Midas. New 14 
I Milling In -. Cpn 52 so 
Nanonwror leisure 9 -4 

• Norton V. liter- Tr.ymph 7 6 
. Rangers FC 750 

; Routlwse Keean Paul BncPf. 100 
St. Pincru Homing Soc. Zitoan. £7 3 
Tea Con. 9 

ITokvo Tk. 5.A. US3 40>: 

• Twlnlcel; 21 

', TwlnlerV 12ocLn. £?B 
Utd- Friendiv insurance 8 73«s S 
Urdd-Ite invs 143 1 
. Weetao-v A N..tle. 62 

OCTOBER 18 

I All England Lawn Tennis Ground £50 Dote. 

• £2 7 50 £2.729 

■ AsSOC Communicsllons 1B0 
. Castletown Erewerv 22S 

1 Channel Hotels 2? - 1 ■; 

[Clvde Petre-eum 112 10 
!fo»v* 7 pep- at jo 

: Dollar tjr.d Ho>d>nni 45 3 

Eleven: Hinas 62 
1 Grjmolsn TV 41 
| Gre/i'ion Trust 11pc5ub-Ln, £5:- 
Grmo Fisner Grouo £19 'a 

■ Guest F’een N«sirtolos (U.K.- 6 :neOM. 

. BbS £'9'. 9 

I Kfsrri ln-.es: US'D to 
1 None Sn assets 700 
j Oldham Brewerv S3 SO 

| OCTOBER 1? 

■Arsenal FC £165 
' Blackpool FC 550 
□aw tra'lev Lion; Raima < ss 
Hvd'o Hole; Eastbsure* 12? 

Je--e. eiertr|.:.Lv 5 PC PI 46 
; Kathleen ln>s 'Australia] >A50 501 190 
i SO 

Kel'OCk HI das. llpcPf. 73 
Le Riches Stores 4S3 76 70 65 
. -ifruujrd Assurance 28 7 
Lovell 'V. J.i .Hloas.i 7ocPt. IF 
, NMW Comou'ers ITS 
■rnsiha-n Esrs. 125 5 41: 

■PMPA Insurance 33 

'Queen S:. Wa-enouse iHIdgs ■ Sh 

i Wadwort.h 325 

OCTOBER IB 


RULE 163 (2) (a) 


Boeder TV A 25 
■ Caledonian OtH core 12 
Cedar Hleu. 5ocPf 45>- 44 

' . .... • Drai-e ana Scut! Hlags. S-JcocP*. 

■ Applications granted for specific, ne , 

l bargains in securities not listed Ks b^. ' !6 si 

■Jersev Gis SocAPf. 16 


on any Stock Exchange. 
OCTOBER SO 


-■19 10 

Union Intern*?. TocPf fii nn in 
Urlt-ct, f I OD. 163 "'a 61 16 


' 1 £'«-s.ne Hau-e In. "<25o 39 
Ei-Ljnj*. i 1 Op- 14 

- _ . FvDlorJtmn So- 26 '17 10 

Utd. Biscuits 1 Hides. i OSp, 770 g a3 - a , F.C finance '25p. 76 .19 10> 


^124 -17M0. 

I Dualveit Cap.Sns. 215® 14 1 1 9.10) 

, bu- are Lonacn .25o) oS ‘IB 1 101 
j Edinburgh American Assets C25P1 121®: «19 10i 

1 — | Gee«* T.n Mines i25p- 



OpeUr^atn. or 
JJ3- S'kM 7 <-ec i iron 72® 

K2- Guuranree rHiegs.i -So) 3S’. 
.161oT Wli " WS l2SB ' 36i - 6o-.Pf. 


C 10- 

. breve im in. Tsc*’!59> 52-; <I7-I0i 
Hjn-ptan Tt: >Sdi to - a 
45 .; , !"•*> ape 371 5 T. 7 r - iirLn. es '19 105 


Eau4v Ca-sorl Dtfl <50P> 147 i]7 107 
Fusr Sccmsn American >25o) 96 3-.pL 

P» J9 -17 ID' Boc In 91 I16ll0< 

Fl'St Union Gen. >RO 25' 43-1* (19-101 


Conriia 'Gcld Fields >25d- 172® 4® 9® Colne’ Valiev 4 9se Ji .e '•.«» »oi * “ 4,lo . r L p ..?. 1 „ t 7 ?j; 

BIS BO® 75® 9 81 BD East Anglian 4 locP? I9f2-e3 7r (17 10» • U f*. 

El Oro M ning Eioloratlon <10p> 59 East Wbr:»sterih're £ ZntPt Co .A , to in. ■ M T-^' £P 

19 10 

. ... T.n Mines i25P- IBS 60 2 '17-10) , i19 101. 4.2pcPf 65' 1 9 i5"‘ Bocbu" S1-;«’2u£5r«..J‘' a r ip. 
R>0 T.nto.Sini Cora. (ISP) 2 = at 9 3 I 65.® I.® C D Parconilnenwt £10 

7 61 1 60 Ord -Of i .?5 p> 767® S i '.®e Vancv ?>iocDt< 64® >19 13: 

Accumulating «25D) 254® 6 <oi:Ln , Mid Kent V/Jl-I 3 £p.- c — 4 tia ..q ln 

7 3D(Mli 37 2 S -IQ i'Oi * 

Mid So<i - he'n SSutCsn;. IJ-.I* .19 ;o 



65 <16*101 
St John D rl P.-V FbO f18 101 
1 Sjint Plran iISdi 79® 52 
Seirctior. Trust '25nl J6T 74 
liUermirei '2 :-bi 4l« 38 
Sn.itr. Croftv r 1 Dpi 6B® 9 New <1 
6B 

Snuthem Klnta Con. (SMD 50) 240 

i19 101 

Sgi-.hern M)l>»an Tin *LM|« 321® 


. 4 *5orP* p4 
I Portvnou;n Water I S‘a.P* ?;o 
: D|rii manswnr* n 7‘-o-Dn 9J*, 

5 St»Porfl«*i.r» 4 9ec E 4J-.ei iigini 
1 2 1 ocPi. 21-:® •<(' * SucPt jjiij 

-19 10) 7ocDb 65:. e "-fl. 7"*ocDB 

Sh-rtds • 5 PC 32 <17 10>. 


PC A £190 
<ahlna |nfS £4 
Shell Oil £33' 

S-rt Q.l Calffare'l ill" 
Sw*e Pat A 1J“I 
Mesthple Kims. 1220 


Usher-Walker tlOp) 71 
VWor C*. <35p) S3® 

ESSESF.Sfc 'i£ p i. 125 riS-IOl 

tWn. 7 if%" “■ SBCW - 

H 9^1 a i:iPl 137® 

w: ioib N fJS 13a ® 09 ,w - ,0 * 

Vlners (10 b) 270 !j 

sssj^oa^ if in oi 40 

Vo* per i?5p) 200 tl9 ioj 

w— y—z 


.giranmiB sv 'a» « 

Kas-TsySrii-iTi.'?*,*.- " s 

■25SSJJ u!X Mr, ?L ,d6 ns io> 

jralker Homer (Sbi 14 r 19-10) 

wauer - — -- -- - 

Vm I 
Walker 


kicvd-s irttisn '2001 94 6 
London Assoc. Inv. JtOpi B '• (IS 10) 
London European Grp. i10d< 31 
' oncton 5 sottish Fm. n oo) 81 
M ltd G (Weldings' >SPI 136® MSklOi 
Manin >H.P.) >5B) 50 
Mills Alien Inr -SO-) 202* 200® 200 
3 200® 5 7 198. Cum.Red.lStPf. 1B84 
'SOD' 75 

Moorga*e Mercantile' HoWmOft dOPl 12 
fi 7101 

Parnmhe ClDg) 10’> 1910* 

Park Place Inv <10p' 42® 

Pror'denf Fin Grp. ijBp) 104.5 (I7H0I 

Rosehaash r29o' 192 117.10)- 

St. Geerga Aic-t* non 11 
SI me | Djrtn> Hldgs. FlOo) 104® 3® 8 9 


. >19 10 

-Irh B-M. :23p; BO 

I Stock Eeehanue £4 JSPtAnn*. >'Re9-l 90 

I 7‘IOf 

j UDT -2So) 42® 1 * 40 1 2- .'fioetn. 137 
( '.Vanon Flrance Con. .25al 43 --- • 

| Western Se'ertlon Dev. *2001.25 •I?.**’} 
Yoikgrecr Invs. (10o) 13’»®. New .Ifloi 

(23« 98 ;?6-, , 0 : Q6 7,V ’ , ' Q '- N0ft - '• V Jo C-mPllOB. *8® 
r *Thom«si Sol 10 >ts ipi . i (j 


Wai|,s Fashion ■ tool 95* 

Jt(J p'MitOW -25n' 97 ns 10] 

%VL ?'® b1 w tig ioi 


gas m 

j AiPance Oi!b»n 900 1 
i Imperial Co«*l«eetat Ga* 367 



SocLn 


Warn. Wriaht , ;■ Britannic Assur ISO' 170 'IE lot 

( 19 TQJ Rowland . 10 a) B.vn j 0 * , c nmm e ft iai union iJSbi 1?6:® B - -:® 41 

Wamer Hobdays t'Ool 33 ... .a. . i 2 38 9 40. • 5eCP? 44)| <16 10) 

SJft nunpa vs I'ool 33 il, 10i. A . Fiole Stir |n.„ranr« l?3o' US 4 3 

V»--l- «.B» -T ) .? 5n ' E S . S ,l" 


Vrtthnm* -250' 310 
Vauon fR Kelnnl '10 p> 103® 

Vans Blake Bearn* .'750". 1 JO t- 
Wearweii New (So) 37'-i ' 

Webster* Publications (5m S 6 -* ‘19 10- 
2«w n S'‘ ■?»•' US® *6 • 19. *0’ 

N**-** '’(In' - S -. -7 m> 


Emma _ F 

*?6 I 

ffijltv 


•nance (U.K ; Qotm. 123 .4 3<< 


rfi 101 

l«w III- rs*i »67® 


Gm—rai Arc'deht F-re Lite *7581 inie'flie 
1 200 1 2. 7'-octn. 641. i17tD- • 
Guard an Pijval Ev-ha-q" 25o' 321* 1 6 
• 2- 7otLn. 63 - 
Hamhro Lite -25rl JK 
He>.-h (C E.» I2DOI 2JR® *19 101 
M*xm RDb)"-nn .25ai 7171 IM 

Le9al General fSni’T'ur® 12 3 


General Scoiush Tu (2So) 87 k!7'l01 
6 ""rnl Stockholders Inv. Tst. (i2>rB> 
I IB® Tllup 

Qasonw Stockholders Tst. (250) 102': 
(18 10 ) 

Glee dev on | nv . Tst. (2SP> 98®. Wrrns, 4 

• 18.101 

Globe |nv. 7st. (25t» I IB 1 * 19. 5'aPcLn. 

96 1® 7',. 6 'jprLn. 1271* |19'101 
Govntt Euroii-an Tst. (25 b1 67® 

Grear Northern inv Tst. ‘2Soi 101 1; 
Guarolan Inv. Tst (25o) 30 ■; (19(10). 
5 pcP». 38® (19 10) 

Ha-nbras Inv, Tsl (25ol 1071* MB. 101 
Hill (PhlUol inv Tst (25 b) 1 95 4 3'a( 
8 *;. 4'jotDb. 75 116-10) 

Hume Hldpv A (25p1 7B® B 1250) 7G« 
Industral Gen. Tsi >25o) S5'<® •:» '< 
4'-n:Dh. 109'j ■19>10< 

Inrnl Inv. Tsi. <2SJ> 25 1 . WrnlS. 37 
M6 101 

Investing In Sucre-s Emfltles (250) IBB 
Investor* Can 7 * 1 , t230> 82'.' 

Jardme Jaoan Inv. Tst. (25 p1 164® S® 


10 ) 


Pi llul 180 


LOCAL AUTHORITY BONDS 


Authority 

(‘telephone number in 
parentheses) 


Annual 

?roR.i 

intern.*: 


ftifpreFT Minimum L*rcof 
payable sum bond 



ft 


£ 

Year 

Barnsley Metro (0226 20S232) 

11 > 

i-year 

250 

5-7 

Bradford (0274 295771 

114 

i-year 

500 


Charley (02572 5«I1> 

113 

?-year 

1.000 

5-7 

Know'sley. (051 54S 6555) 

ll! 

4-year 

1,000 

6-10 

Manchester (031 23C 3777J 

10 

i-year 

jnifr. 

■I 

Poole (02013 5151) 

10i- 

j-year 

500 

2 

PreseJi (0437 4551) 

jo; 

i-year 

1.000 

2 

Presell C0437 4551) 

m 

5-year 

1.000 

5 

Redbridge (01-478 3020) 

11 v 

i-year 

200 

6-7 

Salisbury (0722 24265) 

ill 

4 -year 

100 

5-7 

Southend 10702 49451) 

ioi 

i-year 

250 

3 

Wretln (0952 5050511 

115 

yearly 

1.000 

5-B 


I«W» (vterml Tst. Pt9 
■ 1 6.’ I O' 

Jove ln>. Tm. Inr Mod' 45 6 <j 119 10) 
Can. ( 2 ol 6 -< *. (19. 10' 

<e«slon» Inv. <50n) '4 5'.- 
Lake View |ny Tst. (250) 96 »® 4ocLn. 
120 MB 10) 

Len-»sn>re London Inv. Tsi >25 p1 44® 

Law ^Debenture Coro *250' 102 *'9 10' 
Leo.) invest Tit i 20 d- 38l? *17.-10) 
London H*'lvra-'d Tsl. i2So) llBij *. 5oc 
P*. 39 (17 l(" 

London Lomond Invest T*t *25n) 77’: 
London Moriros** lavrct. Tsi. *230' 193 
Lonnnn 5>r>indvde Tsl. '25 d 1 4 3® 
London Atlantic inresi Tsl *25p) 63 
<T7 101 

London Invest. In. i5o* ?'i *18 10* 
London Merchant sect. • 2 So) 149® 1 19 101 
London Prudential ln«»»l Tsl -25D) 81 
London Tit. Did. t25p) 104® 5i«pcDb. 

LoWland Invest. I2SP) $ 6 <: 7 (19-10) 
KL^fi G. Second Dual Tsi. Cao. Shs. i4o> 

Mcrtantile Inv-it. Tst. i25d> 41i>® * 4 2. 
4'racDn. jet* ns ioi 


Morchanii Tsi ijtoj 74 :.. .19101 
Meiroooirtan Tv. 5ucPt J7M6.-10) 3hpc 
Oh. 66 t. >I9M0) 

Mcnts. invest Tst. *2Rp) 49** 

Montagu Boston Invent. Tst. >10 p) 50 

wrntv. to sub 13 *16 IQ- 

Moorside Tst (25o) io4 • nr 10 ) 

N .ew Throgmorton Tsl. Inc SbS. (ZSe) 
Ln lf - ,l gi. Wrnth to Purchase £1 Op. J 


.. ... . . . ... ._ -rii I BS'i® '.'® 

fr^Tcom "firvest! "i= 0 nl ‘ 1 72* ‘ - » 91 0). 1 , 5 - , SJ'fJf’ ! 

Red Pr. iRp-Cfiml POP) 90 >16 10) ; ’“■OB 

». . . ... 1 5ulton 3 85acPI. -O'.a * 

Rhodesian <4* 


Botswana R5T <Pu2f 23 *19101 
Falcon Mine* (25 d» 170 flB'IQi 
Glebe Phoeniv ii::>s1 64 n 9.1 On 
Mineral* Resources MBDI.dO* 17B® 6 7 
Phoe-l, M iniiM i25o* 22 *17 101 
Rhcdedan Corn MSIp) 15 H9 ID) 

Wankle Colliery *5(le) 32 >I8<101 
Zambia Conner tCRDD 241 lUSa.ZU* 

South African (59) 
Anglo^Lmer. Coal -R0.S0) 600 
Anale Amec. C.-b. 5. Alrica IRO.IO* 557® 
6* 42® SOi.;® 47 6 SO 
Anglo Amcr. Gold Invest. iRd 1700® 
a.2i > It* '0- 

BishoDSgjlc Platinum -RD.lOf 109® 8® 
iao;« £;« la 

Bln co- G-id iRO 25i 303® *U.S 4 55 
Bracken Mine* (R0.90i SU.S.O 96:® 66n | 
.19 »(H ; 

Buffels(on;e*n Gold .Rl» lU-S-l'T :0-*:! 

119-10. ‘ 

Consd Murchtson iRO lOi ;ao H6 10 


West Kent Wit-r 2 Fo-P‘ Z4bD >iq 


OCTOBER IS 

I 1*1 Deb. 1974-79 £9*0 
j Cenoa* Paith: M..-ie-ais J2S® 
Ci Da Ge*jv B'.DcCenv. £350 
Coca Cola *U5<4'.» 

OuAloo Awstra.ia 117 


•Arsenal FC £165 1 
( Alton Villa FC CIS 14 
I Aston Villa FC £1 DO 90 
' Burroug.h ijamcs) 120 
'Cambr^Jse Instruments ;ibs ;. 4 2 

. Camorlcme Mslr-jments 1 tOp) 2J, 
r Cedar hldgs. 18 
i Clyde Pet. 110 
I Dollar Land Hldgs. J3h Z t 
1 Doiosicella Hldgs. 22 U 
- Eld-ioge Pore A 221 20 
! Evchcm Hldgs. 66 5 
l Prop. Tst. I 3-'« 

1 Gale (Gears*) Elba 
Grendon Tst. llocLn. £7 - 7 
1 Hartley Baird 1 > 1 
■enntng* Bros. 85 

J ersey New Waterworks s-^ocO®. £BB 
eiieck Hldgs. 43 

| Kellock Hides. Cnv.Ln. ' 1 st tem.l J 2 
1 Kenmare Oil Evplo-atlon 3o 
. * nnicl Hldgs 14 
. Mid Kent Water 3i;pcDb. £22- 
M Id-Southern Wat-r fipeDb. £37 
I Mnt. Inv. Cpn. 52 
M— inv. Cpn. 53 
: NMW Computers 173 
Nvrignwide Leisure 10 
I Norton Vllllcr* Triumph 7 s 
Olgnam Esis. 177 
1 Queen St. Warehouse > Hldgs .1 X 
• U-onate Invs. 14* 

Uregate Invs. 146 
weeub'k A N.-vtC. 62 

OCTOBER 10 

Cambridge Instrument ."Ib". 2i« *i* 
Cambridge Instrument (lop) 7'- 
Car's MlH-ng Inds. 7i ; pcLn. £37 
Channel Hotels and Prop*. 24 3'-: 2 
Ctalrmoce 22 
Doloswalia H'egs. 22 


• je-*ev Gas 4';pr2ndDb £70 
Je'Jev New wat-rn.'.-ve 9 *-pcDB. £87 
1 Keilcck Hides Ho-Pf. 731; 

: Le Rtehc* Stores 4 _ 5 
- Oidr-am t»t>. '75 J 
IPMPA Insura fie- 35 

Amtell s*t**rv as: 
j Sth-n. Newsoaner* 235 
I Stvlo Barrptt Shoes “rcPt. 46 >s 

I VII- no OH 116 
Wadworth J 1 S 
Winchester London Tss. * 

| RtTaE 163 f3) 

: Bargain* marked for approred 
\ co m pan i pc etijraperl solely 
mineral erploration. 

OCTOBER 19 
rCandecca Resources 36 >: 6 5*i 
1 Siebeni *UK) 328 2 

! OCTOBER I* 

I Slehent *UK 1 326 2 20 

j OCTOBER 17 

ICCP Noin Sea £1 = 

I Cluff 0-1 £4U 

Sirbens 1 U.K - 326 4 2 20 IB 

OCTOBER IS 


in 


324 2 20 IB 17 14 


Cluff O'l £4* 

Slebcns >UKi 

' OCTOBER 13 

. Cluir oil 3B7i- 32 B 525 319 31E 320 
[Sleuers (UK) 120 319 317 316 314 
I .Bu pcmnjuiof] A/ the SKvfe ETarhongd 
\ Coum-iU 



Markets 


UK MONEY MARKET 


EXCHANGES AND BULUON 


Bill rate higher 


. ■ ■■ umIo *ri* 260 ® *19 ;o> : 

Durban Roadepasn Doeo R1 j 350 :17i 10*1 
Salt Dagoaloniem 1 RI 1 >U 5.036: 19.1 0* I 


*R1( UI.S.9.7S1B 


an Dr.rtc.mcin Gold 
9 700 6B7p 75 
Eaxt Rand Consa tlQol IB 
East Rand Gjd -R 0 50 1 1US< 85® 
Ban Rand Prop. :R!i 315 .19 I3i 
E Isburn G.itd R 1 . 1020 4 ;S 
Free Stare Geduld 
F re c^ State SaaiDiaa* 

Gen Mining Fin tR2 
Gold Field* S.A [RD 
Gold 

Gnu 

Haimonr 

HartebeesnontCln 

Jok 

[19 10) 

Kinross ( R 1 1 %U54.|0 119.10) 

K-J30I *Rli 1US7 75 S42 d 


•RO.SC'I 74 (1P/101 


Bank of EnRi-diid .llinimnm 
Leading Rale 10 per cent 
(since June. 1978) 


President Brand iRO 50' SUSISVi® 902p 
Pr-f d-nt vterr. ir.O 301 81 Op 
R.-d - •uric" .RniSi 4j MB 101. N — 
tRO 15) 2 (16 ID. 

Randinnteln £*»'. Wl»*. rR2« 2R16P® 
R-Mcnhurah Plal Hide* iRO.IOl 1 1 1 d® 
4® r® 15 4US1.66" 

St Helena -Pi) d 722 m ® 

_ . I Snnlrust Btpnrlc >R0 10* '94 1 I 8 MO 1 

7?*! C ?IR Twenty- 6 'ght Ipvest. Tst. «25P> | Sth . oirican Land Expln. rR0.?5l 


Both sterling and the U.S. Confidence in the dollar re* 
dollar showed a weaker tendency mained at a low ebb and against 
in the foreign exchange market the West German mark it fell tn 
yesterday in generally mixed an all-time low of DM 1.8075 
_ ...... _ trading. Sterling opened at against Thursday s level of 

Thursday and then fading towards fi].8O05 and touched S2.0050-2.0060 DM 1.SS50 while the Swiss franc 

the end oi ihe week. very early on. Towards noon the also firmed to SwFr 1.5125 from 

Day-to-day credit was m short pound came under some pressure SwFr 15300. Closing spread* 

The Treasurv bill rate rose he su PP'y. a ” d *"• authorities gave with fairly large selling orders were necessarily wide in view of 

ID 10 % ner ctS? lo !» 50 lf ner rent s0me hel ? -? y buy!n r.„ a SI J al1 "'eakeninc the currency generally, the very unsettled conditions. 

'Lif a p n C j CP ,21 amount of Treasury bills and a It was probably at this lime that using Morgan Guaranty fi cures 

t .^ e fiin<|ar aoiount of corporation the Bank of England probably at noon in New York the dear's 

tVo so," su s 2j-- S?1 P com ifaST vii h ^7 51 the 5 I,,S - K / 0tal ■}“ Is Y nCe 5 >v f, some " up P° rt f n . £l sterling s tra d e weighted average depreda 

Gold •Fit ?ui i ao t bm ", ,h i * , described as small and seemed lo decline was reflected in its trade tion widened to a record level of 

„ , bc underdone. Discount houses weighted index which stood at li ? per cent from loI pe7 ceSt 

!?l-‘«3_4_4p® Lo® « « «Jr .J?nt 1 weTC P a - V l^“ 8 ‘ P®C cent . for *52.2 in the morning but eased to previously. P 

and 
close 
and 

replacing maturities of £300rn. overnight loans'o^ned'at weakness" pushed the pound'^ ‘over ”** ° n ^ ***' ° l 

Lbsiis -Ro 657 tuso 78 o.Bi j ; teres t w * r Sm j 7 cent and rose lb 9^-9j per cent. $2 at the close to $2.0015, a rise 

' R ,V i5, s 2* 8 t?,r? 5 ,n mo mi e ^ s,Pr - refleCving Thursdays remaining firm and Touching 9J-10 or 70 points and its highest level 

tvek-nburgh Plat i R 0.iz=?> BOB fc?* * ^Af.r^^nLiLmiS' per cenl hefore easing very late since March. 1976. 

con„. ■ ro 2 a * s,p® SL.S1 j There uoNiappeaT, to be emerg- fD 7 . s per cent . .Against the D-mark, the pound GOLD 

in„ a weekly cycle with tension RafPS rh*> (able below arc was shamly lower at DM 3.62 

against DM 3.6625 previously. ^ 


Hew w,„: tRO 50,112- or 10, v; land rates building up Awards ” snn , p Cflses 


THE POUND SPOT 


Oct. 20 ■ Oct. 19 


Corp .25 b) 92 > 

(17 10) SlwcDb. 6i:< •: .17/10). "*:PC 
kn ’ob;*'.® S '*e 6‘: .19 101 

i?71 0) r,t *** C4n * l,,an , ’ ,y - ,2SbJ 7a ■’* 
Northern American Tst. >25 b) 1 Oo £« 
Ln. B9 - (19(10) 

Northern Sc-V Til. (25p> 138 17 ID) 

Oil and Atsrc. (nv Tst - 2 Sol 5fi:> f 19(101 
6 'rpcLn 79 ': * 1 BI 10 ) 

Outwlth inv. T« j 2 Spi 56 ® 8 ' : .19,10) 
Pwlwm Iny TM. (25 p> 1221 ; (17-101 
Prpnrvssive Sac*. Inv. T«. <50n) 61® 
(19 101 

Provincial CHIP* Tst. I5P) 15': (19-10) 
Raeburn inv. Tsl. (25 p) 124. 4 ;p«Ln. 92 
C19I10) 

River and Morcantile TM *Z5 pI 176 5 
119 10) 

Rlwr Platp and Gen. Inv. Tst. Did. (25p) 
148 I19.*10) 

Bobeto «Br V {FI 50) U&1B3'*® 4:*S £57. 
Sub 5hr*. (Reg. Hal Prov. Bank 
Nominees]) *FI 5) 5701 6 5 
Rofin-o [F* SO) 48. Warrants 10 sub 
P 209®. Sub. Shrv. >ReD Nit Provincial 
Bflnk .Nominee*)* (FI 51 «75 
Romnov TM. 4 - 1 D-Ln. OJ 119 *nt 


BUILDING SOCIETY RATES 



Deposit 

Raie 

Share 

Accnts. 

Sub'pn 

Shares 

Abbey National ' 

6.45% 

B.70% 

7^3% 

Aid to Thrift 

7.00% 

7.50%. 

— 

Alliance 

6.45% 

8-70% 

7.93ft 

Angiia Hastings & Thanet... 

6.45% 

6.70% 

7.95% 

Bradford and Biogley 

6.45ft 

6.70ft 

7.03% 

'Bridgwate- 

6.45% 

6.70% 

8.50% 

Bristol and West 

6.45% 

6.70% 

7.93% 

Bristol Economic 

6.43% 

6.70% 

7.95ft 

Britannia 

6.45ft 

6.70ft 

7^3% 

Burnley 

6.45% 

6.70% 

7J05% 

Cardiff 

6.45% 

723ft 

825% 

Catholic 

6.00% 

•6^0% 

750% 

Chelsea 

6-43% 

6.70% 

725% 

Cheltenham & Gloucester ... 

6.45% 

6.70ft 

7.95% 

Citizens Regency 

6.43ft 

7.03% 

8.25% 

City of London 

6.70% 

7.00% 

7.95% 

. Coventry Economic 

6.45% 

6.70% 

7.95% 

Coventry Provident 

6.43% 

B.70% 

S.70% 

Derbyshire : 

6.45% 

6.70% 

7.20% 

Gateway 

6.45ft 

6.70% 

7.03% 

Guardian • 

6.45% 

6.93% 

7JS6% 

Halifas 

6.43% 

6.70% 

7.95% 

Heart of England 

6.45% 

6.T0% 

7.05% 

Hearts of Oak & Enfield ... 

6.45% 

6.95% 

S.45% 

Hendon 

6.70ft 

7.20% 

— 

Huddersfield & Bradford ... 

6.43% 

6-70% 

7.93% 

Leamington Spa 

6-55% 

6^0% 

9-26% 

Leeds Permanent 

6.45% 

b.70% 

7-93% 

Leicester 

6.45% 

6.70% 

7.95% 

Liverpool 

fi.45% 

6.70ft 

S.15% 

London Goldhawk 

6.tS % 

6.95% 

S.20% 

Melton Mowbray 

6.55% 

tUSOft 

7.05% 

'• Midshires 

8.45ft 

6.70% 

7-95% 

Mornington 

7.25ft 

7.50% 

— 

National Counties 

6.70% 

74)0% 

8.00% 

Nationwide * 

6.45% 

6.70% 

74)3% 

Newcastle Permanent .. — 

6.45% 

6.70% 

SJX>% 

New Cross 

7-25% 

7.30% 

— 

Northern Rock 

6.45ft 

6.70% 

7^5% 


Norwich 8.45% 

P&isiey — 6.45SS 

Peckham Mutual 6.75% 

Portman W5% 

Principality Builds* Sodcty 6.45% 

Progressive 6.709& 

-Property Owners/—; 6.45$o, 

Provincial 6-45°& 

Sklpton 8-48% 

Sussex Mutual 6.45% 

Town and Conntrv ..1 8.43% 

8.45ft 


6.70ft 

6.70ft 

7.25ft 

'6.70ft 

6.70ft 

6J5% 

7^0ft 

6.70ft 

6.70ft 

7-OOft 


&20ft 
720% 

7.55ft 
7.05ft 
7.05ft 
£.45ft 
7JA% 
7.05% 
6,73ft 
6.70ft +10.00ft 
6.70ft 7. Soft 


"Term Shares 
7.70ft S yre., TJiDft 2 yrs. 

7.70ft 3-4 yrs., 7.30ft 2 >ts.. 6.93ft I yr. 
7.70ft 3-4 yrs., 720% 2 yrs*. 6.95ft 1 yr. 
7.70ft 3 yrs.. 7.20ft 2 yn<.. min. 1500 
7.90ft 2J yra., 7.45ft 2 yrs: 

6.95ft 3 months' notice 

7.70ft 3 yrs.. 730ft 2 yrs.. min. £500 

7.70ft 3 yrsu, 730ft 2 yrs. 

— • 7ft over £5,000 

7.45ft min. £500 6 months' notice 
7.70% 3 yrs.,. 7.20ft 2 yrs. {I300-£lo.000) 
S30ft 3 yTs.. 7.55ft l yr» min. £5.000 
8.04ft 3 yrs^ Increment share— min. £500 
7.70ft S yrs. min- 730ft 3 nuhs.' notice 
7.95ft 3 yrs., 6.95ft 2 yrs. 

— up to 730ft 3 months' notiee 
7.70ft Syrs., 730ft 2yrs., min.£500-£15,0tj0 
7.65ft 3 months' notice, £1.000 min. 
7.70ft 3 yrs- 730ft 2 yrs. 

7.70ft 3 yrs- 730ft 3 months' notice 
S3Gft 4 yrs- 735ft 3 yrs., 7.70ft 2 yrs. 
7.70ft 6 months , 

7.70ft 3 yrs- 7.20ft 2 yrs. 

7.55ft 2 yrs., 8.00% I yr. 

7.70ft S yrs- 730%' 2 yrs. min. £7.000 
7.70ft 3 yrs., 730ft 2 yrs.. 6.05ft 3 mths. 
7.60ft " yri- 7.30% 2 yrs.. min. 11.000 
7.95ft 3 jts„ 7.70 2yr&. 7.45 lyr.ra in £1.000 
7 j^ft 2 yrs., min. £2,000 
7 70% 3 yrs., 730% 2 yrs., min. £250 

7.45ft 3 months, min. £1.000 
7*70% 3-4 yrs.. 730% 2 yrs., mm. £500 
S.OOft 3 yrs., 7.70% 2 yrs. 

7.70ft 3 yra, 720ft 2 yrs- mih. £300 
7.70ft 3 yrs., 7.45% 2 yrs- min. £500 
7.70ft 8 yre- 730% 2 yrs., min. £500 

7-70% 3 yrs- 7.45ft 4-yriy- 635% 3 mths. 
7.70ft 34 yrs.. 730% 2 yrs.. min. £500 
7.93ft Syrs- 7.70%2yr8- 7.45 %3niths. not 
7.65ft S mths. not- 5.70ft to limited cos. 
7.70ft S4 yrs- 720% 2 yr*. 

7.70ft Syrs.. 720ft2yr5- 6.95ft 3mths.noL 
S.Oaft 3 yrs,. 7.75% 2 yrs...7.50% t yr. 
7.70% S yr.s* 730% 2 yra. * Max. £250'“ 
730% 2 yrs., 7.70% 3 yrs. 


Woolwich i 

* Rates normally variable in line with changes in ordinary share rates 


tits') *3:« 09(10 
SiMxfvaal Hid?* 'RO.SO* SIO 
Stilfonlan iRa.60' 9US4.3T® 

Tf.nwBal Conw Land Expln. >R1) £l*i.g* 
Tw^fnntgm Utd. COIN- (RD30' 423 

(17*101 

>i r Inv. iRI i 208 (18 '0* 

Unmn Cnn. >R0 06'.) n296® 

Uiffirt GM ntiv 1U52 '19', 01 
Vui Pertc Evoln. iRO SO* SUS18?«: 
Vfnl»f>wi*r R1) pi 990 *19 101 
Voo*.|*iriuibuit FI0.3'*1 63 (1B10) 
wrtVoi-< 'fio.so' tusa so: 
fffi OrJrtonMIn ’Rii p22 33 
Wrt* Rand Conin. 'fll* 1 JS US 10* 
Wvft«m Ar*.*!. fRI ) 149® SUSJ.ISSO 

P1439 8 -19 101 . 

WrtPrt-n Dxon Lcv*li (R2l lUSIIIi® 
Wh'im MldM. *R0 50* SUS29: 
Wmkrthaak iRII aS66 
Wffwalrrirana Ninel r R0.25) 45 MT/IO) 
Zandnan (Pit 196 <US2.95 <18 10) 

West African ( — 1 

Blrtchl HOP) 71} a 7U (16*101 

Gain and Baw M«al *12 iOl 914 (18.10* 

jantar *12'»ni 90 fi9'10* 

, Diamond t'24) 

Anc^d-Arnei*. f n ». TM. fRO.SOi £3?- 4 ® 

Off Beer* DM. (Reg 1 (RO 05) SUSS B2B 
9 62® P596® 4040 353® 94 9 4 00 
vL-SS.74 39G; 9S 400). Da. Br. iRO.OS* 
a77 1 19*10) 

OIL f 1451 

British -Borneo (lOo' ,58 
BrdiMi Pecrolsum 910® 598® 9® 902® 
So?.-®* 9 21. 890 : 6: 8 902 900 8 6 
B , 9 8. 6 90S. tar 69 *r®. 9pc 76 )- 
*18 '01 6 kDH 90 161,0) 

B AS!to. M 6 ,. 5 4 ***•**■ 41*, 2 

KJKffl: ■«*“ 49 7,:peLn - 679 

Conoco SpcLn. GB® 

fe5tf P ( C 2 D S b D -l 7 9 T 6 ' : - 6BtJlb 09 101 

KCA Intnl. (2Spi S7® 6 
London ScottKh Marine (25p' 142® 6 4. 
fVSStS* 1 - <,0 °' 37S BD - ,4 «l-n. BflUB 
O .. 

Premie-; 

Ranger 
Iovji 
S hell 

S ' - 

'- 1 ?1 T °lv„ 5 ':bcP». 44 r j 
1® >19)10) 


Hfiik. 

ll.-l.SD .'*ti* , 


U«v’- 

Hi'iml 


l I'W 


OTHER MARKETS 


L'.-. » 
l uliwhmi S 

l.f K.*l,l'l 

Kp'stun) t 
I hull'll K 
Ll Milk 
P.-ti. tfC. 


I.1S4B 2 CObD '2.0810 2.D0JD 
101, 1 . 6M < 5800 . 780 . 770 

jl r . 135 4. ( i.;6*. 3S6ls 

b ; 7.50 :7.B0 ; ./5J .7.40 
8 10.10 lu L-& 1*. ID Ik. 11 

i ! ).«, 3 ifl s .-fill' ..-Sl2 

13 1 S-.M-H 60; 5.0(89.40 


ik 1 . 70 


£ 


S 


C 

Vote Kar* 


lucii'lii** I %*■*... ; 
Amtlff.li I).' "I. . 
KlII'Hft.l 11, hk». .. 

Hm.-i Lr*i(' 1 * • . • 
I. reek Uia—liinH.. . 
s («i*i. I'es. ! 8 -138.40 1 35 id <138 <0 it.8.50 H hu h..i>- 
(,itx ■ lOifr) I.p 20 l.i 5 jl.riOv l.il 1.' |,vn Rhl . .. . 

Xrnri-n. h. ' / ; O.bO-v.i iij | -.0 .-I Kunm I'Imk.KI * . 

Kren.-h Kr. - 1; 5.38 J.sfi ; 3. 39; -c.59- I j,\. m'-.nr : t'ni.i 

rff-rtiib Ki oW] i-j 2 .bb 1 s2„ r.tij. 1|v .,.n iMie-.. .1 
leu i'5. i« 0 4i‘0 ! ;B5^- tfi ,\ r n X«ff<an>) L'..li.i 

Afivirm nch- 4)j; 26.50,6 00 ! <6 60 Jb.fO .-m,.,; kivi.ii ir-vn 

nvri-fcVr. . 1 i 3.ul*D7 ! o 02 * 03 


1.(77 i,81 6CB-B9G \>,-ii • 

I 7025 1 7*. 95 0.0508 O.B543- » mum 

7.03 7.83 3.90B0 3.9150 tiHnni-ik 

37.90-50.90 10.94- 19.44 l.'iffi.iv 

70.603 72.415 35.32.56.19 1 miiwim 

9.47 9.49 -4.72 7k-4. 751- hlBit 

158 144 70.45-70.75 I«lvii 

0.532 0.54 2 0.25680.2690 ISeihrrtaii.i- _ 

57.30 37.40 . 28.64 20.67 1 

4.55- 4,35 •- J77 -*-):.) 791- I'-i'Hlioi 

1.0035 1.: 625 0.9^6 s- 0.9. OB 1 tain 

6.55- 5.65 i.^985-3. 3000 •Hii/eiini»« 


8B.5-27.5 
60.75-61.75 
10.15- K*. 25 
8.40-3.50 
-J.6tf-p.72 
1610-1670 
304-374 
3.97-4.07 
9.80-9.80 
tt- . 4 
142 147 
2.90-5.Oe 


Gcl.t Bui Ion ib fine: 

Mine** 

S 237 J- 2 S 8 J 8228 WJ 7 

Ttpeninj: 82S7-297I 18217 jrSfflm 

Horn mu fixing .8227 46 8227.80 

(£113 753) -i£1 15.811) 
Altera duo tuln?..... S227 05 S255.66 

i£ 113. SOD) '■ tils. 592) 

Gold Cdtnn 

riemenmlly 

KruRerrand. 823<J.E3B{ .9255435 > 
i£117i-1lt(-i£l 17-113) 

Ne« i56aJ,-ai» 

^ . .i£ 321 - 33 *l 1 (£ 32 - 55 ) 

Old borenngo* — »..Sb24^4i (S62-B41 

- ,. r ,'£31i-32i) i£31j-32i) J 

Inremar lootllr I — — 

Krua*nran*l S264i-23B| ,8232}^i4I 

.!l234i.36j, <£) 183-11721 


Mlianivir*. Ik^lvr...: 4.29ii 2.1510 2.1530 i< u-le** .-lale. . .. i 1.98 75-1.0975 Xe»r ocrewlgns Sblj-bii -881-33 


>.-illh Ai-Icbi* lNu*l- 1.(217 ,..479 0.r.o04-».873o iVniiivlpt *a I 41-43 


[ielRlat- rale is For conrerrible I nines. 
Fiturn-ial franc 30.304, Du 

LONDON MONEY RATES 


Rj-.c swcn For Amcnuna ts Free rale. 


. , £S ) J— 3?i 1 fi£3D^-316i 

L'ld tovereign? S62;-64 s l SB244 

i£31;-iS*» '(£3!{.S2i) 

K3 Male* 5SC6-411 FM2-5BB 

SIOKntr'e* SltS 171 S165-1W 

Ft KbL'Ie, 4- 107- 1 12 SILS-IID 


tici. Hu 
UT 


•i.-n-iot ; 

l erlifhvrtv I InifiFuiiik 
-1 -1etirt.it I 


lv-». 
tfjl|n.| II, 

■1t-|n-U» 


Uffff- 'll*' 
• !»»-. A Irtl.'" 
1.1*1 1 . • 


Fumuc# 
ll- i:-r 
Ik 


-.•■miHiiT 

l'“i*~ii- 


DlHMJII* 

tn.iirt 


ll.--.t5Ur, 

H>li'.J- 


F-.l-jlI-ie ; 

Bank -Kinelra.Je 

l„U>® Hilv-L 


1 ai I jg 111 . 
ii- »i ii:> 


7 10 


. .la) 

I .Irtl V ,.l — f 

. 4.1," n-.iicr.. - arj.gii 

Une iru'fitff .. 9ff9r$r l 9aa 9'i» 

l»-r. ni.niili- . ■ tula ' lul* 1 ‘.i 

IhfM-in.KIliv- 101 ; lusa . IOI; 10 Fa 
■•lx m.rtiili'. . j 10 v IO 34 - 10 ‘i-lt 
Nine iii.'iilh'..- IU^- 10-,'.; | 101,-11 

iinovoM j Hlii-lO.V 10,4-30 

innvfttiv • 


9 0'« 

9 I .- 

101;- 10^1 
( 10i-..10Ja 

I tOi* Ills 

; 111*- 13 


10 lc'- ? 

10 101 

10- IDs: 
10 IQ'; ! 
lOT* 111! 

11 


9 ? i 

K--.j 

lOia 

IJ 

”4? 

114a 

Hit 


9s a 

101s 

1H S 


8 9 )a 


CURRENCY MOVEMENTS 


8i.-9 

i 

f 


91* 

] 0,*-9in 

9;;-9a& : 

101? 

91-- 

i 9: -9-1 ; 

10 1 

101, 

9J; 

- »s-9:l * 

10 r‘- ; 

11 

- 


10's- lG.;.j 

liu 


October 20 


Sink of Morgan 
England Guaranty 
Index changes 




MerlltU! 

V S dullar 

Canadian dollar 
Ausirlan sdiUllne 
P-cWiao franc .... 
Damsb krone .. 
DeuiscJK Mark . 


Local auihomr and finance bouses sewn days’ mum. others seven dam' fixed. • Lonser-terrn local authomy mortjtaB- 
rarrn nominally Uirw wars IJ-liJ per cent: four years l^t-12? Per ®au; five years l-.M-u; per tuns, .p Bank bill rai« in table Franc . 

are buynu? rales (or prime paper. Buying rale for four-momh ban* hills in.ifc-l,'*;., p*r cent: tunr-month trade bills III per cent. ^,* n,lai ir 

innmfimiif vellfne Ine nniunnnfh Treaclirv hills 9S-B7l« DCT rent: and I'V'VpIQnlh 9llia-9> D..T CCUII IbW* IllCnlh 0:Jl> rrcncp IHdlc 



Financial 4‘ipcLn. 


.6)^ . . 

Teraeo Inter national 

540 I*© 

Trtcrnrrgl -V5nl 1Td« 2 S 

Ultramar ,2So) 2311® 3® 3 5 6 8. 7«P!d 

i*»®'i o 

PROPERTY (110) 

AJHanee Prop Hldgs 9>:pcOb. jjkrs 
Allied LOodon (lOp) E>4 B 

AIIimr London (2301 223 07(10} 

AnWWJ Stores iSp> 1]® 11 1 . 

««*» Proos. 1 too) 27B 9 
AflUIS SCCS. (5 p) 21 1: 119,10) 

10 ; W»c£»» **9 « ,17.10) 13at 

00 . 7B:A 

B*mp»n Hid* 


81.92 -di2 

81-27 -1L2 

7B.B —18.7 

1«37 +13.7 

11SJ8 +153 

U8-2S + SA 

150.60 + 42.S 

21037 +97.9 

123.92 +14.8 

98-94 - 6.7 

54.90 — 48.7 

157.43 + 5S.1 

eiKbtcd chansca From 
aereemeni recembei. 1 K 1 
Iadex = 100 f. 


EURO-CURRENCY INTEREST RATES 


0 - 1 . 20 


MW (UK 


l .1. lim'd) 


Lnnv-iun 

lln.'ff, 


['ill lnihOL-' 


'Veil Oei in- 

M-ik 


ftenei, 1 m * I m inn l.iiv 


lldu. BUscLn. 55*i® (19 )□) 

..Hldgs. ‘ 


|10»1 2Ui >1910) 
i25oi e5S|«:® 


>:t® 


Bv. Csnml 

Wisr proot 

Brtlwar _Mld 93 . (25p> 67 (a 
4'rt*n -Perni i25al 180 
fradlwd Prop. Tst <25pl 253® 3 fisrifl) 
BrK. Land (25m 43® 4 ISpclstDb. 
1.07-;. 1 2odn. 170 
Hriutoff tsl 1250, 109 (17.101 
Cap. Counties <2 Sp) 56 5's £. 9 !,pcLa 
73® 

Ccnt.-pvinciai Ests. (20P) W: 1 (19 101 
ao. i 20 at £9® 

ChurihSurv Eats. C2£p> 325 <16 101 
'»* Oh.res i23pi TO 
Caiman %[. aipc) BpcLn. 55>;® 

Central SKI HOP] 42® 40 (j 
■■*n EvchiMir ilOo) J4i 
Count nr Now Town fJOpl 32 c 3. 7 St 

Ln. 100 >17 TQi 

Cotirfv DU’rlct flOp) I 1 ! (19101 

Oaeian Hiom. i;sdi lie® 

Dare* Ests. f.lOn) 20 *19 10' 6:*et'stDb. 
14 (16(10) 

[ffi-imje*. inv. -1 Ob' »7l; H« 'O' 

!ng||ili Prnn. Carp (SOp' 39® 7® 8 7: 
9-1 81; 40. 5'iPcPf 75;. 6 "n«U'rt.Ln. 
7 B (i&-10>. i2oeUW.Ln B3 (17 ipi 
Esatffk and Agencv Hld*J*. (25ol 50 

^nai« and Gen. inverts. (20 p* 19'* _ 
Estates Proo. Invest FJ5 p* 103 MT 1 IO 1 
Great Portland Extatu (Sop, 2 20 
Green iR.* Prpos. tlOpi 39 

Gw-n 5 r.ii Press. 7 Sp» 

GuHtmall Proo. 6pcPF. «2 ft 6' 101 
Hammcrson Prop, and Fnwn. Tst. f2Soi 
622® (19 10) . A Ord. i25h> 625 7 
HMlemnre Estates (10 p 1 248 (17-'10> 
Hoift. Prpp of London fS0*i"175 fi 3 
lntcr?urorv»in Proo HV’o* MOpi 35. lOac 
UtMtg.Db. 79’. > t«7-lB« 

Jermvn Invest. (2Spi 42 '18 FD* 

Land investors (75pl dO'- (19-101 
Land Secs. Invest. Tk. (50p> 229 30 T. 
BKlstMrq.DD. (1979-B2) 82'*, (Iff 10). 
B'raelkt Mrs Db. M 978-83i 78*'# >17.10). 
7l.nc1UMtB.DB. 61. 8'-«U«.Lii. 65*’J 
(19-10). a~>pcUne.Ln. 175':: 5, bUnc 
UntLn. 149+ 5 lOptUm L". 145 . 
Law Land (20»i 49>- 'iB'iOi SkP? 32 
London and Prov. Sires Centres (Hldgs.’ 
. (tom ns 2) 

London Countv Fhld. and Lhld. Pros*. SLpc 
IwMtt Db M*. MS 10' 

London Shas Prop. Tm. <25p1 77i. ivs 101. 

G--eeUD} 1 n in (18 'O' 

WEPC.rfctoi 142 AO OntUns.Ln. 59': 

Srv.Uns Ln 106 * 6 

Mi'ior tsi»t* (?'d* i°'i n* 10* 

Midnursl WMi* Hr Id* no* Cl Obi 4?'; 

Mount view E«S. (5pj 88 


iphi.ii term .... _ 

i -l«, 

M-JHItO 1 

rorff! tm*' lit. 

>ix mnBtiiv... 
One v>»r 


’I 


8--« 9I K 
iO)e io; 4 
11'4 Jl '*6 
12* Id 
HU 135b 

1S>« 13vs 


si,. 9i* - 
g 91 , 
9T; 10 Li 
ioi® lo^e 

lGrg 10-i 

10 ™ 10 -- 


8 •-9-* 

8<: 9 : 
9,^9-i 
9-i-lu-.v 

9 . 10 ?.- 
9,v 10.« 


9.; 10t- 
9!-- 10 'a 
10.} tl)£ 
10*8-103£ 
91 3 »S3 
6=8 B -'5 


Vrt-.ff 

ri r«* 


21; S 
2.-a 3 

AiSpB.'a 

Sih-aii 

3ij 5 : A 


7 71; 
7i s 71* 
BU t*»g 
B?a 9*9 
10U ll*l? 
10T; 1 ij 


8 13 

14I ? -JS1? 9^-9.', 

lb 16 9'f-10 

15)9 16'3 9I.1J9U 

i5i-.-ie>s : 105a 10 '2 
15-17 10)8 101a 


Inpnnese Yen 

Tv 5 > 

2 • s * ■* 

3i 3 -3I a 
3 i-« Arc 
S'.i d.-ic 
SH Arg 


The Eallowlnc nominal rates were Quoted lor London dollar ceraficaies Of deposit: ode momb 9J5-0.S5 per cent: three momba 10 03-10.15 per cent® sis months IS 30- 
10 40 per lent; one year iu.Gu-10.70 per i-hk. ^ .... . . , ... «... 

Lortfi-term Eurodollar deposit*: Two years 0lSi6-lOi|F per cent. Hires rears 01-91 per com: Four rears Sllju-fllii* per cent: five years 9 Ll 1 j. 9 Uis per cent nominal 
dosing rates Short-term rates are call (or siertlns US dollar; and Canadian dollars, two-day call for sufid-irs and Swiss franca. Aslan rates for dosing rates in 


TTTT CONVERTIBLE STOCKS 20/10/28 








Stnlws provktal bjr 






' 

' 











Name and description 

Size 

f£m.) 

Current 

price 

Terms* 

Con- : 
tersion 
dates 

Flat 

yieJd 

Red. 

yield 

Premium! 

Income 

Cheap(+) 

Dear(-)^ 

Current 

Range;; 

Equ.§ 

Conv.S 

Diff.C 

Current 

Associated Paper 9jpc Cv. 63-00 ; 

LAO 


119.00 

2000 

76-79 

8.2 

6.4 

- 0.S 

-JO io 

O 

5.2 

4.6 

- 0.5 

+ 0.4 

Bank of Ireland iOpc Cv. 91-06 

J.20 

107.00 

47.fi 

77-79 

5.1 

1.5 

— 2.7 

- 7 to 

fl 

11.0 

4.S 

- 3.1 

- 0.4 

British Land l2pc Cv. 2002 

1 

r.ri 

168.00 

333.3 

SO-97 

7.1 

6.4 

15.9 

1 (0 

20 

00 

90.0 

62.1 

+46.2 

English Properly fitpc Cv. 08-03 

S.07 


S4.00 

234.0 

76-79 

7.7 

8.0 

- 62 

-10 to 

-4 

t -1 

0.0 

- S.6 

- 1^ 

Enplish Property 12pc Cv. 00-05 

154U 


84.00 

150.0 

"6-S4 

I4J 

14.3 

45-5 

-200 to 

50 

28.4 

44.4 

27.7 

-17.7 

Hanson Trust fljpc C\’. SS-03 

4jl 


78.00 

57.1 

70-S0 

S.4 

9.3 

3.4 

- 1 to 

11 

S.4 

6.0 

- 3.2 

- 6.6 

Hewdcn-Stuart 7pe Cv. 10H5 

. 0.04 

380.00 

564.5 

73*73 



- 9.0 

-30 io 

1 

9.4 

3.4 

- 1.4 

+ 7.6 

Slough Estates IOpc Cv. 87-00 

5.50 

167.00 

125.0 

78-86 

6.1 

1.9 

12.3 

• 5 to 

15 

32.4 

50.8 

12.4 

+ 0.1 

Thorp Electrical 5 pc Cv. BO-94 

10.93 

107.00 

20-1 

75-79 

4.7 

4.4 

- 1.1- 

- 7 to 

3 

5.0 

4.7 

- 0.2 

+ 0.9: 

Tozer, Kemsley Spc Cv. 1081 

0.78 


03.00 

153.0 

74-79 

S.6 

10.7 

14.0 

1 to 

14 

7.4 

3.8 

- 4.4 

- 1S.5- 

Ultramar 7pc Net R Cv. pfd. 

1457 


1-36 

0-5 

76-88 

7ii 

5.9 

10.4 

- 1 to 

19 

0.0 

60.6 

49.2 

+ 38.7. 

AL'ilkinson Match IOpc Cv. 83*98 

11.10 


91.00 

40.0 


11.4 

11.5 

27.8 

24 to 

38 

29.1 

38.4 

1S.1 

-14.7 


■ Niimhvt 01 orainarv siuu-et. itMu which MW nominal of .*911 vert ,Wc viu. k i» uumenitm- • in- ..-1*1 u> mviviKviu in uunivri'bli- i-s pressed a» per cem of flu 
i«si t*f ibv eauity in ibe-eooivrtlble niorK. 1 TlHve-inouib ranu**. « Iii'.i*nie on rummer of urrlinarv >naree nun which rtflu nnni'oal «>! convertible moclt is cotivernhV-" 
This income. nrpri'S&ed ui pern-c. is summed from pri-M*n T tim* un'il ineum*- un ord mart shar-s h. area tor 'hm income on l'yn iwixin.*! of tonwrilhle or tbi final 
cunvertion date whichever (r earlier Income is as«nwnod 10 eniw *" I" per *-vi: 1 i*r 4finum and w pn-iu«m valued ai r ! i*-r r«nr p-’T annum r Income on ‘ino jjf 
iftnvrmwv \nrnnw is summed until >nnn*rslon »ral prewn vitavd a: v* wt tm; per annum ff. Th«% is siiranw o» it* mnwr.iWe \rs< ln.-f.m- pi tin- umi*rtj-tn? *qui| 7 
•he ralup nf rhf underlvme eaui'V '-The rt-ffr-renr*. heur, »n rh- pn-ninini ami imome dlfl-rvnce ,-xpnHiied as per ceni oi the value of 
an 1 iiriir.il ion ul relative i-Fii-aoness - is an mdirailnn of relaiHre it»ariiP-s 


| ripret^rtl a-* p.-c ii-iti 01 
unrt“rl> ms '(iu::r. 



Pr 


pr< 

ch 


BY MA 


THE PF 
decided tc 
allegation 
Wilson ft 
number a 
were com 
paign agai 
Party on 
1974 Gem 
The foi 
allegation 
lowing thi 
affair. Mi 
was, had 
an orches 
himself, t 
Lady Fs 
Marcia W 
The Pr- 
Sir Haro 
drawn sm 
Subseqt 
told the 
did not 
pnetors 
instructed 
round a 
material." 

The Pr« 
to hoar 
Sir Huroli 
formal cn 
On the 
against ! 
council si 
Royal Cc 
that I her 
Labour hi 
The Pr. 
is one m 
lishcd tod 
In ano 
council 
against tl 
Daily Ex 
picture c 
Henrietta 
death in I 


Financial . Times Sa.tiirday October^r ^ 


STOCK EXCHANGE REPORT 


Markets fortified by sterling mid inflation assurances 

Sizeable gains in Gilts— 30-share index rises 4.6 


financial tubes stock wmieesj 

— r— 

wuQ.emtSec^. - i ^ 7t) ^oj 70.88! ^D^Oj -7lA*{ -.79U& 


trowrumeotSeo.. • „ ftj.93- ?DJ)oj 70.88! 70.ttGj ^IlAZ .79 a, 

.jftxed tntarert-.'. ^ 

18. i 5 19.13! 


tfV.; 
' • 

- J ‘S' 


Account Dealing Dates 
Option 

'First Declara- Last Account 
Dealings tious Dealings Day 
Oct 2 Oct 12 Oct 13 Oct 24 
Oct 16 Oct. 26 Oct 27 Not. 7 
Oct 36 Nov. 9 Nov. 10 Nov. 21 

* " New time " dealings may take plan 
from 9 JO A.ITI. two b niseis don earlier. 

The Chancellor's speech at the 
Mansion House reaffirming the 
Government's determination to 
maintain a 'stable rate of ex- 
change and to keep inflation 
under control fortified stock mar- 
kets yesterday. Gill-edged securi- 
ties were especially impressed 
and broke out of their recent 
spell of lethargy, being encour- 
aged also by ihe announcement 
that, despite much comment to 
the contrary, the authorities had 
been making favourable progress 
in their funding programme. 

Interest broadened throughout 
the sector and the longer maturi- 
ties encountered investment 
orders of a size not seen for some 
while. These probably repre- 
sented part of recently built-up 
institutional funds. Stocks with a 
shorter life began in similar vein 
but profit-taking developed which, 
in the process of being absorbed, 
pared the rises. 

The equity sections, began none 
too certainly but pre-opening indi- 
cations that British Funds would 
begin firmly soon, prompted a 
squeeze on bear positions. These 
chiefly centred on leading indus- 
trials which quickly improved and 
held the enhanced levels, 
although the FT 30-share index 
settled a shade below the day's 
highest with a rise of 4.6 to 500.2. 

Many secondary ■stocks con- 
formed with' the pattern set by 
the leaders, but the overall 
volume of business remained ex- 
tremely low with bargains marked 
totalling 4,250. much the same as 
the previous two days. The 
weekly average of 4.4S2 was the 
lowest for three months. 

Corporations took stock of the 
rise in the main funds and 
advanced accordingly. The 
recently. issued Southwark 12 J per 
cent 1987 stock was outstanding, 
rising 1J points to £8; in £10-paiid 
form. Other gains- In the sector 
were restricted to f. Southern 
Rhodesian bonds also improved 
with the 21 per cent 1965-70 i«sue 
closing 3 points up at £57. Else- 
where. Rickmans worth and 
Uxbridge Valley Water 7 per cent 
preference, over 99 per cent of 
which was left with the under- 
writers. made its debut at £9. 
or £1 discount on the £10 payable 
on application. 

Activity was on a reduced 
scalp in the investment currency 
market and the premium, afier 
opening lower on sterlinc con- 
siderations. moved up to S2 per 
cent before reverting to the over- 
night rale or SOI per cent. Yes- 
terday's SE conversion factor was 
0 7217 10.7260 1. 


Conditions in the Traded 
Option market remained quiet 
and the number of contracts 
done, at 371. left the week’s daily 
average at its lowest since the 
week ended September 1. 

Discounts moved higher in an 
idle manking section in sympathy 
with the performance or the gilt- 
edged market. Gains of 10 were 
recorded by Union. Slop, and 
Seccwnbe Marshall, 220p. Keyser 
UHman improved 5 lo a 1978 peak 
of 53p in Merchant. Banks, but 
Idindon Scottish Finance, al 50p. 
gave up 2 of the recent good 
advance on the preliminary figures 
in otherwise Little-changed Hire 
Purchases. The major clearing 
banks usually edged forward a 
couple of pence. 

Richard Costuln jumped 20 to 
252p on the big coital reorganisa- 
tion proposals which, inter alia. 
Will free the resulting new group 
from dividend controls in its first 
two financial years. Other Con- 
tracting and Construction Issues 
held sympathetic gains; Tavlor 
Woodrow finished 15 up at 42 Op 
.V»d Georne Wlmpey 5 to the good 
at Sip. Elsewhere, London Brick 
sained 4 to 74p on buying ahead 
of next Thursday's interim 
dividend announcement. Sharply- 
lower annua! .profits left Hefiral 
Bar 6 down at 28p. 

1CT closed 4 up at 392p after 
a relatively small turnover. Still 
depressed by the lower interim 
profits and the Board’s pessimistic 
statement. Alginate gave up 
another 5 to 235p. 


reflect satisfaction with the half- 
yearly results and improved 4 to 
24Sp making a two-day gain of 
12 on the announcemeiiL Among 
the other Engineering majors, 
John Brown edged up 7 tn 455p, 
while GKN firmed 4 to 272p and 
Vickers a similar amount to 190p. 
Fresh speculative ' demand on 
take-over hopes pushed Mining 
Supplies up to 122p before a 
close of 118p for a rise of 5 on 
the day and IS on the week. 
United Engineering improved an- 
other 3 to 77p on ihe increased 
interim dividend and profits, 
while the forecast or doubled pro- 
fits and restoration of the divi- 
dend prompted a gain of G to 

56 p in Bras way. Babcock and WH- 


laneous - Industrial leaders. 
Unilever firmed 4 to 5iSp. Still 
reflecting the £L96m half-year 
trading loss, Dunbee-Combex fell 
away -further to 06p before re- 
covering to close at 10Qp. down 
li on the day and 24 on the 
week. Scattered selling on an un- 
willing market left Avon Rubber 
6 cheaper at 178p. but Sandhurst 
Marketing continued to reflect the 
good preliminary results and put 
on 2 further to fop. Booker Mc- 
Connell were supported at 294P. 
up fi. while speculative demand 
ItTt British Vitiruo 4 at 122p, after 
T26o. On the other band, lower 
half-yearly profits prompted a fall 
of 2 to 47p in Chamberlain Group. 
ICL revived with a . rise oF 11 to 


and Mills and Allen Internatkmal 
g to 205p. 

Leading Properties maintained a 
firm appearance with gains of a 
penny or so, but interest in the 
main centred on secondary issues. 
Intercuropcan stood out, rising 4 
to 3Sp, and Daejan added 2 to 117p 
for a two-day gain of 9, Others 
notably higher included Chester*, 
field, Sp up at 363p. 



Burton good 



I F.T. INDUSTRIAL 
■ORDINARY INDEX I 


Stores were notable for a 
resurc^nce of speculative buying 
in Burton issues on revived bid 
hopes. Following good demand, 
the ordinary closed 11 up at 195p, 
after 200p: the A rose 7 to 180p. 
after lS3p. and the warrants 3 to 
4Sp. A buoyant market of late 
on hopes that the latest bid. from 
Alfred Preedy. may be bettered. 
Midland Educational encountered 
profit-taking and eased 13 to 245p, 
still 25 up on the week and 9 
above the bid value: Pentos 
hardened a penny to lOOp and 
shares of the other bid contender, 
liODsdale Universal rose 6 to 92 p. 
Elsewhere, rerived investment 
demand lifted Rambers 4 more to 
■174p. and. similarly. Home Charm 
improved a . like amount to 23Gp. 
Wallis found support at 95 p. up 
5. and E. Upton A, in light of the 
mid-way return to profit, rose 7 
to 44p. In contrast, the interim 
loss left S. Sherman J down at 
13p and. despite the sharp annual 
profits increase. Peters declined 
3 to 47p. In Shoos, the interim 
loss left Stylo 4 cheaper at 74p. 

Electrical? edged higher with 
GEC hardening 3 for a two-day 
sain of S to 32Cp, after 330p. Racal 
Electronics revived with a rise 
of 8 to 33Sn. Dnbilicr attracted 
interest and closed 2 harder at 
28}|». 

Hawker Siddeley continued to 




. unrx l.y7G 197.7 197S‘ , ; 


cox rose 5 to a peak for the year 
of 161p. In contrast, CompAir 
were dull at H0p, liwn 4.' 

Foods contributed their share 
of firm spots. Cartiers, which are 
scheduled to report interim 
figures on November 1. rose 8 to 
104p. J. Blbby advanced 10 to 
274p. while buying interest was 
al*o shown in Baileys of York- 
shire, 3 better at S9p. Sidney C. 
Banks closed a penny harder at 
77p following the preliminary 
figures. 

Trust Houses Forte featured 
Hotels and Caterers with a rise 
of 7 to 242 p following an active 
trade fuelled by Press comment 
Queen's Moat Houses, also the sub- 
ject of investment comment-, 
hardened 2 to 444p. 


Piikington move ahead 


News of the agreed A$4J.7m. 
Australian acquisition stimulated 
buying interest in Piikington 
which pushed ahead to close 13 
higher at 3I3p. Beecham. at 681 p. 
up B. became a steadier .market 
after the previous day's reaction 
of 13. Elsewhere, in the miscel- 


474p along. with Ricardo, 4 higher 
at 340p. 

Norton -and. .Wright added 10 
more for a two-day rise of 17 to 
242 p following the chairman's 
remarks at the annual general 
meeting. A good market of late 
on bid hopes. Management Agency 
and Music finned a penny for a 
gain on the week of 10 to 94p. 

The attempt to renpen negotia- 
tions in the deadlocked Ford 
strike gave a boost to underlying 
sentiment In- the Motor see. or s. 
Helped by favourable Press men- 
tion. Lucas were noteworthy for 
a rise of 6 to 321p, after 323 p. in 
Components, where Armstrong 
Equipment hardened a penny to 
64p following the encouraging full 
report Among Garaees and Dis- 
tributors. Tate of Leeds moved 
up 4 to 75p. while Western Motor 
added 2 to 117p and Lookers were 
similarly firmer at 62p. 

A. and C. Black firmed 2 more 
to 132p for a three-da v gain of 20 
nn news that Park Place Invest- 
ments had acquired a 10.0 per cent 
stake. Elsewhere, London and 
Provincial Poster finned 10 to-2tGp 


Oils continue quietly 

. The volume of business in Oils 
remained at a low ebb. but the 
underlying tone was steady 10 
firm. .Apart from an early morn- 
ing flurry on U.S. influences, 
British Petroleum traded quietly 
and closed without alteration at 
«>00p. Shell improved to 57Sp 
before settling al 576p for a rise 
of 4. Elsewhere, occasional specu- 
lative demand left Ultramar 4 
dearer at 238p. 

Overseas Traders were notable 
for renewed interest in Gill and 
Duffics, 4 better at 164p, and 
S- and W. Berisford, 8 to the good 
at 161p. ‘ 

In the Investment Trusts sector, 
CaiNnellla improved 9 to 325p on 
small buying in a restricted 
market. DaJgety made fresn 
headway in Financials, rising 7 
to 321 p for a two-day gain of 
12 In further response to the 
chairman's annual statement. 
Among small-priced issues 
Armour Trust hardened { lo Dip 
and Hampton Trust } to LlJ-p. 

Common Bros*, 0 firm market 
of late on bid hopes, dropped 
19 to I53p on the statement that 
a general offer for the company 
was not likely to be made hy 
Mr. G. A. Common following his 
planned acquisition or the British 
and Commonwealth holding.. 
Elsewhere in Shippings, Furness 
Withy attracted late interest and 
finished 7 -better at 252p. 

Dawson International issues 
both eased a penny to the 
common price of 206p. but Wm. 
Baird firmed 3 more to 185p 
making the cash and share ex- 
change offer worth just over 2Q3p. 
J. Haggas rose 3 further to 134p. 
Elsewhere in Textiles. Vita-Tcx 
improved 3 to GOp while, in 
Tobaccos. Imperial hardened a 
penny to S3p following Press 
mention. 

Soufb African industrials closed 
the week on a qjuietly firm note 
following the nutmme of the 
talks to resolve the Namibia crisis. 

Plantations provided two 
modest . fea hires in Lunuvn.' ID 
better at 223 p on the substanti- 
ally improved asset valuation, and 
Rosehaugh. 17 higher at 205p In 
a restricted market following 
sharply Increased profits and the 
share-split proposal. 


to end. the week on 4 strong note! ■' 
Bishopsgate improved . 7 more- : 
to a 1978 high of 115p w for. a ; 
week's rise of 10, . While Rustcn- 1 
burg added 3 .to 11 5p andfcyden- j 
burg the same . amount .to. S3jr. . \ 
Union Corporation, which' has ! 
a substantial holding irv Bishops- 
gate, climbed 8- to 304]v while 
Johnnies. ..which - has- r a\ salable?: 
interesi in RustenbUTg,. putr>on 
i to £150- 

After losing ground in the. early, 
part of the ' week on fears ’.of 
economic sanctions against' South • 
Africa, Golds staged a- good ;re- ’ 
cov ery over - flie last five - / days * 
fallowing nqws . that .the . five 
Western nations had jea'dMfd-a' 
compromise agreement ; -wRb 
South Africa on the Namibian 

political crisis. ; -i'- 

Although buying demand yes- 
terday wns by no means as' good 
as on the previous day was still 
sufficient to lift the . -Gold Mines - 
index a further 2 & to 180.1: leav- 
ing it only 0.3 easier over '.the. 
week. :: 

Western Holdings were partiou-! 
larly firm and improved |: to 
£20} reflecting satirfactioa - vrith 
the final dividend* announced 
after market hours on Thursday 
e-rening. 

Financials were barely changed, - 
although Gold Fteklsr tended .to 
improve in the late trade to closer 
a penny harder at lSlp reflecting . 
the firmness of the bullion price, 
which was finally 31.50 higher at , 
S22S.125, a rise on -the week of. 
33 23. - \ ; 

Elsewhere, Safnt Pi ran featured 
Tins: following jhc* -proposed 
board changes the shares -roise *7 
to R3p. - ■'. ! : i 

On the other . hand: in Irish/ 1 
Canadians aggressive profit-taking) 


IndoBitiai DVU ‘ 

Bold Min« 160-3 

■Uni. Uw- Yields- 

£T, ?.Z.- ^ 

•“ I0 .!UD49fI >1 ^ 

2 pni- 3U3-3. ' pm yr 

* • Latest Index D1-M6- W2fc . - . . V • 1 . '• "V .*..W 
■ Rased on 52 uer cent rnrpnratioa Aa*-' t > « -.sjT-'- . 

- Basis 100 Cotl 5 pcs. 

'mmSbiS SE Activity , N "--V 

highs ano lows . : S.e._- flcnyFnfe^ 


ICb.ffi' L53.Ti jlMi:4 


v-: - 


Ifcpll .16 
a Ait- -a 


. 1 


- Basi 1 ' 
Minus u:! 


\ f * ‘ 


Hisii [ 


Fixed Ini... 


^ OKL -' SES 


Gohi Mines. 


e ■ 'Sin -w Lowipi<nUnti- {;■ rii T,.' 

'■ ■ -■ — : . - * *-i- -Ort, ; Jv - 0«rt.--- 

- Hull I Low;. , ... WJ.+T 

• — .'j -7- —1 . • ’*r Vi - .,. - :- rjr . 

oo. ?y 137.1 ^8-1°' -- - tj «rv qS '- 

- laid). .ijbUkfi UlirtQV indues, 

JO 74 16-4 iQ.di,. i VpttsuiatJl-t- .'. 

,o.1>i W,lL47t 1 H 1 I 01 J j-:. Qfi.^ f-.oSt 

4SS.1 | j 48.4--- 4. fc-.'jp .t 0f ‘- r tM » Y 

'. j lAmtit lB j iiarS2 : J. .161 .i: .isv^k 

lAQ.i 1 J IS. 8 - Specutebw^J-....‘'45.7!.;.v-.4f* 1 gt 

' li in&bS/i&i.-.l'SS’ IOlHi 1 t*iu,» k IPSJD 57 


OPTIONS 


5 : -vi5=? 


DEALING DATES 
. First - Last Last . For- 
Deal- Deal- Declara- Settle- 
.- ings ings tion “ent^ 
OrtTlO OcL 23 Jan. 11 Jan. 23 
OcL 24 Nov. 6 Jan- 25 Feb. 6 
Nov. 7 Nov. 20 Feb. 8 Feb. 20 
For rote indications see end of. 

Share Information Service • 

■ Honey was given for the call 
'in ; Premier Consolidated Oil,. 
Consolidated Gold Fields, Inter- 


europeam - Properties, Gamnx, ~- 
Mincorp, Mills and Afleh. t ahJ ,; - 
r. Hyman.- E n g l is h : : 

Cadbury. Sdiweppes,, ^ 
Leisure, Maple, v: > 

Law Land. . Cartiers,' AsssSiaSS-- 
Hook / puhfishers and- . 

- IntematioiiM, ; while doubles were 
arranged- .in- Ewsmler .Ctpisofer r . 
dated OiU v SplH«^FlTst ffafenffl(i ^ 
Finance, Mersey Dodts Units. ... .. 
Jntereuropeah .Properties ./--.' r 

•••••' ■ - .. 


left Westfield Minerals 20' tower at I 
240n. An*rIo United 12 off at 230pf 
and Northgate 25. down 'at 3S0p. 


london traded" bPTibNS^il: : 


Contam ination 
found at 
nuclear plant 


October ~ ' t ~ January. >' .- . ‘ •' ' jl 


Uptiun J im- 


7k*m« ' ( Llu-iut 1 -j Cio»tnj}/ 

offer Vof. j Vrt;.| offer - f Vrt.- • f. - J 


Platinums strong 

A. fresh surge in the free mar- 
ket platinum price coupled with 
news that Ruslenhurc had fol- 
lowed Impala’s move on Thursday 
by raising its producer price to 
S28Q an ounce enabled Platinums 


A HEALTH physics- moxlitor at 
the Windscale nuclear power 
plant has been withdrawn from 
work in radiation -areas ' after 
part of his coveratls were -found 
to be contaminated above', the 
control limit. 

British Nuclear . Fuels- said 
yesterday that the. man had been 
working in the magnor fuel 
decanning plant at . Wlndscale. 
The excess contamination was 
discovered after ' a personal 
monitoring check in a change- 
room last Saturday, -i'-: 

The man has been withdrawn 
from work pending investiga- 
tion. 7-v- 

The company said the Nuclear 
Installations Inspectorate,’. staff 
and trade unions "had been- in- 
formed. • ' ' 1 


-5 j 

BP 

Corn L'nlon 
tom t'ntoo | 
C-un) liu *1 j 
CoiiMani'Js I 
C-nurlaul'tB I 
GEC , 

l>KC 

UKU 1 

Grand Mil | 

ICI j 

up 1 Se-*. | 
Land tfets. 
Mark* A. >|i. 

JL .-S|-- 
Marks 4; bp. 
low. Is 


-155-.. 1 

55 & 

B 7 

3 10 


4 

212 51 


s 4 — 
29 10 


25 

-lal - 


2ls! 16 

6. F9 


175 - — : 

92- - 

68 1 
II — 
9l = — - ' 

16 - r 8 
9 - 18 

4 10 

4i .. ; - 
•22 8 \ 
lO - -IS' j 
eij . -57- ; 


ea- 

■ - 2< j. , --a.-. . r 

•••lgis. 'rSH 

■ O' ' - .-r " "'gZ 

- 49-, • - - bsap.-^ 

-18;* - : A 

12 . , . '-e- ■}*}£?< 

89"' !--• J4*? 

14i?j ■ '. ..'BTar.iw; 


*3 — : 

is — 


25-1 • -- 
-10 .4 •' 5 


a 5 '■ 

1 1L . 


-10. :* •• 5 
..4.1' 50' 

, 12 I ' -r 
• 6 \ ' 1 

.2- J 10- 
• - ] 157 


February 


'-.Hpy.'Vd/'.-V'iV? 

-T- • - - i-. ■' .M 


ImperlalGp. 80 


< ImpenalGp- 
i'otals 


10 2 f 

■V! » 

air » 

2 ' 7 “' 

4" — 

37 


ii 


li. \ -21 ■ -tq‘-^8bp 7 “ 

- at r ;-/: ---i-v; 




K • 

RISES AND FALLS 





Yesterday 

On the week 


Up 

Down 

Same 

Up 

Down 

Same 

BriLish Funds 

75 


1 

224 

M 

85 

Corporations, 

9am. and Foreign Bonds 31 

5 

27 

62 

53 

195 

Industrials 

454 

178 

857 

1.423 

1,736 

4.492 

Financial and 

Property 137 

34 

28T 

421 

634 

1311 

Oils 

- 9 

6 

a 

27 

46 

107 

Plantations 

4 

7 

20 

34 

24 

92 

Mines . . . 

54 

30 

55 

250 

241 

209 

Recent Issues 


2 

2D 

51 

41 

IDS 

Totals 

831 

247 

1.329 

2.494 

2J49 

6.796 


NEW HIGHS AND LOWS FOR 1978 


The I oj lowing securities Quoted In Ihe 
Share information Service veMerdiy 
auamed new Highs ana Laws for 19 


NEW HIGHS tS9» 
BANKS HI 

Keyser Oilman 
, L „ , BEERS 11 > 

Irish Distillers 

BUILDINGS 111 


Allied Plant 
HocChst 


CHEMICALS 11} 


NEWSPAPERS ill 
Black ia. & C.j 
, » . PAPER HI 

Chapman iSalhami 

- PROPERTY (111 
Amal Stores j . r-ny e Inv. 

Apex Propa. Lon. Prpv. shop 

Chesterfield Prop. Sec. Ifl»- 

Cliy Offices Second City Praps. 

EiLs. & Agency warnfard Inw. 


FT-ACTUARIES SHARE INDICES 


ACTIVE STOCKS 
YESTERDAY— 


Bambers 
Burton 
Home Charm 
KunicV 
ficsg.ll 


STORES I9> 

.i.nle- 


.i.nlev fA G.» 
Upton it.J 'A 1 
Waring & Gilitw 
Wearwcli 


ELECTRICALS (S) 

Bowthorpe Jcr.is siroud 

Oubilier 

ENGINEERING (9) 

ACE Machinery Mi. imp aunplles 

Babccck & Wilcox Sarllle Gdrdan 

Brasway Ufd Engineering 

Oanka Gowtnim VJ^mbweU Foundry 

Laird Group 

FOODS 131 

Batlrys of Yorkshire Lar.iera 

aibbv U-i 

HOTELS 11} 

Swan Ryan Inti. 

_ INDUSTRIALS (3) 

Alack CP.) Fothergill A Harvey 

British Vita 

INSURANCE 12) . 

Hogg Robwison Provident 'A' 

LEISURE 12) „ t - 

Horizon :>orton & Wright 

MOTORS (21 . , 

Plaxton's Brit. Car Auction 


No. 

Denomina- of 


Stock tion 

BP £1 

Glaxo 50p 

ICI £1 

Rank Org 25p 

Barclays Bank ... £l 

Beecham 25p 

GEC 25p 

Marks & Spencer 25p 

Tilling (T.I 20p 

BATs Defd. 2op 


Closing 


marks price (p) 


Change 
on day 


De Beers Defd. ... RO.O 

Distillers 50p 

Royal Insurance 25p 
Shell Transport ... 25p 
Trust Houses Forte 25p 


The above list of active stocks is based cm tiie number of 
recorded iiestcrdoy m the O.fjicial List am.' under Rule 163(1) 
rciiroduced today in Stock Exchange dealings. 


1978 

low 

720 

51-i 

328 

226 

296 

583 

233 

671 

98 

227 

285 

163 

343 

484 

166 

bargains 
(ej and 


Amal Stores J.rinynlnv. 

Ape* Propa. Lon. Pro*. Sh 

Chesterfield Prop. Sec. Ifl*.- 

Cliy Offices Second City Pr. 

Esls. & Agency warnfard Inw. 

imry Prop- 

SHIPPING (21 

Mersey Deck Units >.llard Darks 
TEXTILES <51 

D'xon ID.} sn d «l Larpets 

Haggas ILI Vlta-Tex 

Reliance Knitwear 

TRUSTS Id) 

Camellia Inrs. ^algeiy 

Common Market Tsi. H;-r>pton Trust 
OILS 11) 

Candetra Resources 

TEAS (1) 

Assam Dooars 
_ .. MINES IS) 

Bishoosgat» PlaL saJr.tPlran 

Mount Lyell South Crafty 

Go peas Cana. 


These indices are the joint compilation of the financial Times, the Institute of Actuaries and the 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


Highs and Lows tndea: 


Comp Hanot) : r 


Plcurm In parmUii-f. 
number of slocks per section. 


NEW LOWS (10) 

_ • ENGINEERING (It 
Lane CP.) 

INDUSTRIALS (G) 

Baxter Trarenol EC Cases 

Dentsely 9 bc Cony. Monument 

1991-96 Until ex 

Dunbee-Combex 

. _ NEWSPAPERS 12) 

Inti. Thomson Ril. Thomson Conv. 

. , TRUSTS II) 

Akroyd & Smltfters 


RECENT ISSUES 


EQUITIES 


ON THE WEEK— 


Dc-nomina- 
Stock tion 

BP £1 

Shell Transport... 2-3 p 

ICI £1 

CEC 25p 

Marks & Spencer 2op 
Beecham 25p 


No. 

of Closing Change 
marks price (p) on week 




^ f i & 


UnU-iiAiiiiii iuni..>«urB5G I+2D 

h't-miiiti Si-m 3B5 U7 

U... .Nil If* i.l 1285. -in +8 

Mnnni Rn-. Slrar*! 32l{[+i2 
lliahm i-nr |ll7 [ + 2 


FIXED INTEREST STOCKS 


De Beers Defd. 

Distillers 

Barclays Bank 

BAT Inds. 

Glaxo 

EMI 

RTZ 

GUS “A" 



Cons. Gold Fields 25p 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd- 10 % 
American Express Bk_ 10 % 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacber 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 % 

Banque du Rhone 10}% 

Barclays Bank 10 % 

Barnett Christie Ltd,... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm't Trust... 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10J% 

■ Charterhouse Japhet... 10 % 

Chonlartons 10 % 

C. E. Coates 10 % 

Consolidated Credits...- 10 % 

Cf*pperative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

Duncan Lawrie 10 % 

The Cyprus Popular Bk. 10 % 

Eagil Trust 10 % 

English TransconL ... 11 % 
First NaL Fin. Corp. ... 11 
First Nat. Secs. Ltd. ... 11 % 

■ Antony Gibbs 10 % 

; Greyhound Guaranty... 10 % 

' GrlndJays Bank S10 % 

■ Guinness Mahon in % 

■ Hambros Bank 10 % 


■ Hill Samuel §10 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullmaun 10 % 

Kuowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11}% 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

P. S. Refson & Co 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinqer Limited -- 10 % 

E. S. Schwab 11}% 

Security Trust Co. Ltd. II % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

TTnxstee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whi teaway Laidlaw ... 10i% 
Williams Jfc Glyn's ... 10 % 
Yorkshire Bank 10 % 

■ Mvn»!w>rs of ihr Acevptine Hou>w 
romnUftw'. 

* 7-day depojifa 7 f i, . l-mirntJ) deposits 


t I d.ir < 1 opo*ini on »nni nf iin.onn 
ami under fiV up id £2a.W0 _ 

And ovor £2j.H08 7)--.. 
i Pall Ogpowie OV-»r II, W0 7"-. 
f Deni.im] rtrirtius 7?"-- 


* El 
“ ; P.P. 
vdp ' ui 

cio i f.r. 
enifii fr'.P. 

: : nil 

£9715 £10 

«,r p.p. 

C99L-, CIO 
“ FJ*. 
C97-.,£XU 


j — I 99ia! Mlv ; Angles Variable 13B3 

iDilL 10{( Uigp|Aii - ..--It- ..v vM-» »*ri ] 

: 44; LU4fi| lu ioiim.- Wgi-ramk- H Pn. liWi 

1 1I2 110 ; 105 ,'HaIhm 11* Cum. PreT 

I a,-: £23 la, £2&l!iHi % mull i l-t uo'.ojUmjd 

1 3 li| ■ |.«! iwl jHiiwiuti iWvB-itam l&t L n-. liuxb-ji 

J — ! -rflifl : +■ Jh'pw-HiuUNi *1' • Cl-'* 'v , ■ ii B j t " 

26/10 £ 26 pm£lfH>ui.Pmv. hnpdrln 12|CnT. | 

j — I B 9 jRjcfem»airwoiih £ Uxliridfp Water 7“ *85! 

— I llfli ICU jHiililniw Iv^Ujov. 1.110, mo 

’ 10<1’ •* 7 ,-wi(irt>ir«rfc Uun I IjtKci. IhBi... 

il7/ll ! 105 103 Vtaor Praia. HZCuita. Prrt. 

1 46-i; Eas« £9is Wew Kent Wntn '1% mt. luui ‘” 


* 1" J ; ..... 

! 109p 

:£2Siai 

:1U1 | 

9fli«l 

laaipml+l 

; 9 I ...... 

ms Ua 
I 8141 + 1*4 
104 pi 


44 RIGHTS” OFFERS 


riJ 

Latent 

finimc. 

1978 j 

If 

Dam 

* 1— — 

High { Low ! 


Closmir 

JW 


£03 , If.P.I B lC'lV Ul 525 

100 , p.p. ; 6110I an; no 


We 

— . - i *»■*»•. « *», 1 lDtJ 'Duiti Bu'naNici&j*unv7tji'»b , 5f 

oa I P.P. | b l0;10ll[ du j ca iHow.ion Qn*ip,...,„ M 

74 ! .Yu 1 da-b <S7-10i Sr-lg: r« llnitia: 

10 I P.P, j - ; — ! 14 lo’i- .r I biii&wk Hunting* 

77 . F.P. ! 11 M’Cf.lOi *.ijiicii;4rin.-lj>* Mnnw. 


77 ' F.P. 
aa ; p.p. 
48 1 F.P. 


F.P. 11 M’df.iOi -*inE x4rni. ! f.ek Tennw? "1 (t,, j , 

P.P.- O.1047.IC! h* 1 *1 ,D«..4 U-iiiuM im ladlg.imi + l* 

F.P. i — i - 1 65 I 4j IPhwwi IW.L.) 

r.l'. ■ C9ib.C"i-li,; •< • 6 -ilalner .4e»plier») 

F.P. : dilL- i'l Ji 5* 'Ifeiiiw Knligw,..'™”"""" 


r.l'. ; CSib.Ci-U,; -i j 6 <rf»i ner .Jewriitro,,! 

F.P. : bilu< d'U: 5* ‘K+i.Biii"p Knlun3»r. M . .™.“ 

K r * CDfbj oll!.i-m I * ;it «riit i n-- ... . """ 

Nil, — 1 — ! Clpm. 37pmT!n» Pnvtnct* ~ 

*■ ^ fO - Hi Mis' v H-r»- 

N* Z7'10 17(11 2 111 , 1i>m Y->i-1i»rw»i._ 



CAPITAL GOODS (171 1 
Building Materials i27) 

CaotiartiHe.OiBfcrattkn(2a 1 

Electricals (14) 

Knguieertng Contractors (14). 
Mechanical Bwoeeringfia. 
8 MetodsaidllelalFomHff#!® — 
CONSUMER GOODS 

11 (DURABLEX53) 

12 UBectnxik*Mo,TVU6) 

13 Rousefacrid Goods (12).. 

14 MbtassiidDistnbiitois(3u 

CONSUMER GOODS 

21 (NON-DURABLE) (172) 

22 Breweries (14). 

23 Wines and Spirits (6) 

24 BntertaiJineil, Catering (ITl 

25 Food Manufacturing (19) 
20 Food Retailing (15)^. 

32 Newspapers, Pubiishingiia. 

33 Packaging and Paper(15)_ 

34 Stores (40) 

35 Textiles (25) 

36 Tobaccos (3) 

37 Toys and Games (6)... 

41 OTHER GROUPS (901 

42 Chemicals (19) 

43 Pharmaceutical Products (T)_ 

44 Office Equipment 16) 

45 Shipping (10) 

46 Miscellaneous (57).... 


J Index* Yial 

I Au- ! X 


id 20-yr. Red. Deb, & Loans 


kemrmnattfin rale •iniaily ia»f niy fur OesiiDu ire* .11 ytuno rimy o Pixara- 
Mrfd nn nrniitiecfUK fc-ibnaie. a Xsaomwl dlvinpiKl iimi yield « PmvcaNt niwidrnd 
mrer fcawri «■ prevmwi yeai-^ earninB!- * Divutunn and meld bawd nn Dnujecui- 
nr nther oSInai mmiaiei tot tots a G r m». 1 Plcures a«raimed t Cover allow- 
fnt ciHraemnn nf -harr* nra now rankins fnr divKtenil nr ranKiim only Mr reatnceo 
rilvidwida. t PlactnK nricv m nubile, rf Prow anlm nrherwtse indicated. ^ u*owi 
m fender '! flllered io holder* of nrdwary shares ay a * rjBhfs." I»uM 
h> way nf canlMluaima 3) Reintroduced. St Issued tn cnooecunn with reoraam-j 
tino tnwa^r ra- lafce-fiver. !|'| Introduction. Q Issued to former orefernice holders 
| AHotffienf i*>r*?rs lor fuily-oiui). • ProvSfflul or partbduid alhKnwm leaers 
4 With warrants. 


Secttm nr Group 
PharmntcuttaU Projects 
Other Crouys 
Overseas Traders 
Enabteerlng Centraaers 
Mechanical EnglBcerlag 
Winns god Spirits 
Tay* and Cimg, 

Office Equipment 


■Hi 


Base Data 
39/12/77 . 
3D 12/74 
31/12/74 
31/12/71 
mum 
isnm 

14/1, -TO 

16a,™ 



Base vai 
2 a.n 
43.75 
KUJ0 
DID 

1S5JM 
144.74 
135" 72 
UUt 


avaitaM ."from . the . PnbUssers. The Flaaaciaf \W. 
Brachia- House, Cwwbn Siren, Loiulut. RC4; 

«» 22p^ .A -fortntyfiily -word elt-seawf-.-j 
sopsiittfM indie**. dJvWemJ Wdde ^arofogadW^ 
.»«» NlUi- - quart oily .filoM ..and lows »r 
uidtees. tt. oMahunie-tewn Pt taihwM -CWkirMk 
W..Brit Coon, LBBdwi. ECfli-M £» Mr eaw,' ' 


























































































25 




IJwU> 



Fteodal Times Satirrdav . October 21 1978 


AUTHORISED UNIT TRUSTS 


Abbey Unit Tst UdCtsl Ltd. la) 1 FrantiivgliH) l- nit Mgl. LM. (a> 

Gatehouse Rd . Avlastuo? naM'-Bei hl.jretjndYanUtt'W *DH. fll-MWWlI 

-Abbey Capital pso Six +02, 

Abiiey 1 Drume_. _|422J 44 71 i-j j| 

■AUiewlBv.TKt I - .| .(J74 JB Bj +G.1, 

‘Afcbm-Cen Tii . <7 5 58 5) -*0 4 

v. to.Jm.1 . 7 isf. 


' CEqaltes fro; 

. - JUlterf RasAro Group# laMgl 
JUmhro U», llunon pre«t« «kL JS., 

, jW-SOB W(1 or Brentwohd iC277, 21143/ 
?Manr*d Prada 


420 ftmpnrrni. ... 
J3 I'iipUBlTJ.... 

. . E7B 

.,.(2384 

ttt 
147 at 

UJ siS 

GS l.-ciS5fT1, 

113 6 

His 

j 

hl-c 

+ 11 tnM'.rawh 

, ..1180 

225.4a 


222 

3.91 Db.VvUKL )U9 6 

33044 

222 


usa«i ♦i'si «.« SiPi^viBS 


-aujmisi iua 

♦HnL lulls Kuna ..,k» 9 
■Crlh.fc I oc. .. _ '57.9 

5K&.V* D*,&6* 

Hupivra Fund fill J 

HnmT.ru Her M._ | l?x» 

PBIldl 

HjshYicMFd — J74 0 
Hlch Imdmi _ Wn a 
Tift. Pi iluc... (Sij. 

J MvrnMlflanl Flash 

nlemariwi3l„ 

SKMirFhnd 

frn. Df Amerirn. _|n 2 
I'-S-.-x. JLi^rapt* „.J55.7 

.‘■J^wn-Ihl Funds 

'-Smaller rn.'flFil !S9l 

SM flmte rn t f<I mo 

Hecoi-ccySit* 1017 

Met Min. & C’div 42 h 
onmibmiMa 60 7 
ExK. Srolr.Co* .+,705 8 


738(051 

nil +cg 

rat? -a* 
38 5s? HJX« 


Frietd*,* FrftidL Unit Tr. Mgr*.# 

rxxhasiLnd IVsrJaa? . 02053051 

Kneads Pror.V?* Jj 594 

Sio-.'jxuni .(WO 6X5 *«] 3 9» 

3j? C.T. Unit Managers ' Ltd-# 

9i7 1«. FiMbru-r Circus SI2M TDD Ol-GPHlr, 


79: 
71 6« 
MG 


*a.; 

tO.2. 


JTTl 

-*9ft 


si j; -.o -,l 
54.9i-rt.7l 
97bt~l_*l 


T. Jaws & tien-pH 
7 95 9" -l K- I rt ;146 7 
fa TS l-T In: J rnnrt |!Wt 
& 3Z fvni- Vil-.f il . .501 

224 G. & A. Trust 

I ct '*. n^ir , hi- ltre 

U . . .pli 



-o.ii 
57 ft- -il jj 
lOa* *0 5; 
<5bo: -o - l 
44% -M3. 
259 M *ti' 


20? 

—54 

443 
450 
e ;s 
592 


liU7I>37TlW 
3631 *0-1] 4 41 


(lartraare Fa ml Managers # faifal 


1 SI -nry Ajf*. E'JW RKP. 
tS-Xnsnru **t?d ,;f49 
■i.Tj At- • _:»J 



:! , „ :'«hu(FKUl> .S'.jsf ..[ 1 W >2 ' 

, ij RrfialnewT-a. j»6 

Anderson Unit Trust Maoaser* Urf. 

158. FVnchureh St. 13>'3M6i , kA. Io» . ]j4M 

Anderson U T [53 9 MOcJ ... . | qsi ln:( F-oraia s *1 _ .W10 

A&sfcKber unit Mgod. Co. Ltd. bdnU-T ■-.(Arc... M3 
1 NohleSL.ECSVTJA. aur-in-i: Gihhs (Antony) Unit TsL MgS. Lid. 

ine.HonthJy FuM.fI75 lGSf - . ■ 928 t.rr«Jirii 1: Pi ..>lii.V*ry.£C2 01-38341(1 

Arbuthnot Securities IJd. tancl ^.‘SSSSi* |S< ^ H 5M 

m.QtmSt UrdniiiT'lSiBV UI-=W!0t| !'kT L. r!‘ . l?&0 2301 1 05 


209) -04 
*4.7 *0 5 
173; ■*!» 
75.C -rill 
mtai +o.4 
67.S tOJ 
at.! <Wi 
1552 -0 07 
91 kf +L1 
353 +<U 


■ami, 

Old 
378 
3. J6 
8 27 
044 
8 72 
689 
3J2 
517 
0.91 


•“Miaft Yield,.. . MSA 
«{ Actum. CniU> . .{MB 
. Income Fd Ilia 6 
High Inc. Kuml .. ,U2 1 
Him L'albt. :5B6 
_i% Wilrvtl UL..4557 
Pme r enct: Fn ndL . |?5 1 
Accum L'nltm [39 0 

TapnalFun'l. .. boc 
TeaBtwdiiy Fund jM 9 
- -4 ■ Xcnm Cirthi , 1928 

564 

s 

45 7 

;o. 

WWrtru.1 LV. V. 1212 
r oraimFd.. _ -.J6*3 
I Amer. & In! Kd]29.1 


5?^ . 

75T 


I'eahei; ■Tube ttWcsL 


h 


■■C. - M%-VdnrU.' 

:5ioAPvrjp.Fcl .. 
i numFuDd—. . 

". ARsm.Unlbl. 
i amrtfc FkiiMt . 
i . Accum Ciki.*> .. . 
-'teaUerra'jFil 
•' :-3srt*»ftTna.Fd..l 


1064 

UMI iftll 1037 ‘JrJlBlV 

«4-!B 8 95 T? ljOiul'.itVi-ll fc.i'2 
£2?r Slisriirtfi |U95 

*7 0l I ^.16 C, ° ■"‘- tu,R * n -' -• l'- 67 7 
«e| I 1216 

let c! ; ™ Griew 


01-HWVEcj 
W7fl! -5 H 191 
... 176b -6^ 3.91 

Hnu'ini: dtry Nm 3. 


6J? *0fl 

99 F -0 7* 
60 fj to; 
19 jj . 

43 » *8.-^ 
SlU-0 jj 

79 Z *3 S| 

473*0=1 
r? i 
29 8) .. . 1 


479 

477 

4.79 

2W 

241 

24| 

2J7 

2J7 

3.E3 

126 

126 

153 

139 


Grievesou Mano^rtneDt Co. Ltd. 


Tf-.r.-c.han,-^ .'.ivT-Pias. 
E.MTI lift 93 r:.-u ill. 12124 
i.VmmL'n:... i2Jt7 
P.i.iri; v.ti.*i. IV..I1E15 

< \c:u-n. VJniL:. .. . I2ie5 
Ei.Jv.iv >'« 1 !7. . i2384 

•Avcun l j ,i-. _]KZb 

firrch LT Oc:.2!: — [97.9 
f Accum l r.ii.': .Si 6 
l.n Strvi- tv-t !8 1725 
■ Accum Loi»m ... 17bA 



Guardian Soysl Sr. Unit Bfgrs. Ltd) 

Pcvli! Ilu-liar.,!!. EC3P3DM- .. • . 01-628 BOH 
i3£>(.UHr.::uliTti-i95 7 99.RMl.9t 4X9 



'•Dealings Fndaj 

trchwny Uait Tit. Mgs. Lld.9 lavci 

37. Uigli * (Olhorn. WCI V 7NL .91 4S1 fi.,1. 

orhonr niML ■ 1060 91 5i : 565 Ucndcnon AdmiRstTatioaV UNcKsI 

7 ices at OcL IB. Ne*t nub. Jay On urt. m, wuhmuhmw, wn-nnf 

turrUys Unicorn LidV (sMcmj?) 


rvrrr, rr I T AJmin , 3 Railelfjh Read. Malum 


Tnlcnrn H*. 702 noodord Rd. ~Ef. n J.SJI.'.Mi 


inlcom America ... 
h> Aa« Act . .. . 

Mi Aust Inc 

hi HapiUkJ . 

F.cemr4T-9 

. Extrii Inromfi 

« Financial. .. 

NIL 500. 

■o General ... 

Mu Gro Jflb rtcc 

■a. Income Ta. .. 

ths. Pef A ns Tm .. 


E20 

Ul 

jn55 

M9 

ii 

11417 


nlltcmi 


roery. , 

o. Trustee Fund. 
esrwwkteTm... 

~ rtaJnJdJuc 

r>_ Accum. .... .. 


34 H -0 fc 
83X1 *V£l . 
65 51 *0a| : 
743 4 

12B 5) -mJ iJ 5 
30Fq.5.J| * 
69.11 -.Rf.| 

C5 7. *-37| 
35H=J *ti7 
47U *0 > 

95 « +0.J1 
1SSA, ' 


193 
ZOt 
J3 
sa 
8 55 
4.75 
557 

:e 

357 

575 

473 


Prices nt SepL 29. Next sub tlar "rt. 31. 


P 1 


503| *0 4 

13Goj ‘ 

67 4. 

77.IJ *05) 


!>rrrrArv>cL L.s<:x. 

V.K. V'iicV» 

:.M«Vl:j«.irry _. 483 

I'-in ■ i'Wi i>-. . ..]4a 4 

Cap 3W 1 ii ,ir. [446 
Intx'ii-ft tsyrtJ' ..[34.9 
IF! "h lnramc rliltd' 

ii«. a i>n*> . HA2 
Ctihvir E\rr.ilpc . . 60.4 
>'»6 u (i>relA('.,:i . 1 
Srclar Funds 
rina.ircl.llTl'. 1*66 

Hilt Vat Hi-s J33J 

Inlcmalianal 
■.'absl.. ........|912 


om-znssa 


\ \ 

Hmslcr Fond Managers Ltd. Provincial Ufe In%’. Co. Lld.¥ Save & Prosper continued 

MinMuriiui. tfthiirsi .a-4. uiJ?ziifi.vi ■.‘s.Bi-hupipate.K'.’.a. ui-MTGKKi Scotbiis Securities LULV 

l*rnl illi- I'u ilH B80 44 lid 'JIB ;ui 

lh|!h lucaau.' {USA it<fl*n7l Tie y^b.K- |»« 

PrudL Portfolio Mngrs. 

1 (album Ban. KCIN2NH 
Pmdf-ntlol .[1315 1385] 


ninCUTOfL IG .. ..1389 
Laron ■( IhL?.. .1005 


540 

535 


4091 .... 

lMSifJ 

ME.A Unit Trust MgemaL Ltd. 

f Hit Out-en .'ilrvct, NW1 ! 1 9JU OI-KtOTTDT. 

UI.rti’ulL,— |463 4874. I 370 

Murray Johnstone U.T. Mgnt.? fa) 


V\£"S *n -4 ill Sc.4biK 384 <1J;+3‘.| 

33*61*0.71 7.12 ji^uurt (54 2 . 

LttLV laHbXcJ gs‘ 2 - * 

oi-joc-an: <uu. e.. yio.'. kg j mi;. 


3 91 
702 

4 39 

2C9 


Target Tsl. Msrs. (Rco'Jand) iouhi 

:s vhnirnf<m' 1*1;' 1 !ni223EC2l3j 
T«rert 4rm*r E.<-.'I(J25 9 27 2.-113) 125 

Tai.cl Tin !■»- mC4 <L6;-0;- 4 5^ 

n«ra Incoifa- FJ . 7 65 Ji *B.l{ 986 


W*” Nana «« nMt c «* w mSSSLSSi * 

MJEurupeaiu . RB ten | ’jj The Hk. live hOTfio.KtSNl HP. 01-004177 1* , ^^? Pea * ^ ’ 

imOHniSv ViiZ. 1 1 5« “cS::‘i 

Mutual ITni! Trort Managers# (8KB1 Wundr ‘ ,nlIn,,on,B -- [i3 * 7 “** 

rumwi Reliance Unit Mgrs. Lid.# 


15 «'"p<h;iH Am. ErsU 7BL'. 
MulV.il An- flu*. M2 J 55 
M«>uj 1 (nr T’t Itl lid ?fc 3: 

.'duiuul Hlii.'i'Mi,. 44.1 47 

Mutual Hub \ld T 59.50 63, 

National 2nd Commercial 


L « «K -Price, ul Sen. S7. Nr',! ^L^.v tor ^ l '. B “ TSt * 

Scblesinger Trust Magrs. Ltd. tanzl TtLT?iJ a*” Is; 2 eisv; ?SS 

■■C.T6<WVWl _ , „ . _ 

23Si^-aji 3 33 Transatlantic arid Gen. Sees. Co.# 

j’TJ-O.; 1.89 di.w<\mi 1.1 <1^.11 F-: •.ficl-e.lordtLNSjjCSl 
28? *ii:! 4 05 



[22.2a 

27 5 

mo 

1772 

30 lid 


;.nnl iliwUi 

lm T-» L'mi'. .. . 

K1 , . „ Ridgefield Manaftencni Ltd. ^NdYiriS^r^r 

II. • Indnrwsnua^ rail jKlljh 031- V41J1S1 .trjo. Kennedy St. MwirhisAPr Wl 2« W.21 Ph'f* *SHI Tru-3 

KKlcenel.l lm IT I1DU 108.01 .( iU PrupMV t-l>sre*-. 

lUdsrtiHd Income. |97 I04.i( 1 9 04 I*»£‘ , ?. , _f 1 M V? 


lm HUM.- a h-l. IH .. 161 4 

'Arum llriiv 22J j 

■--fi (M IK 1294 

i Vvum I nlb'i .. 1506 


iU 

564 

*87 


KiroxHicliVld 
>*eor< MU- 

«KB»i SSSaP.-vrKi 

547 Inf liniWdrol- -.131.9 
, 

Ss 
?,?■ 
pi. 

230 
i».3 


H.irb:«.*n n;L IS 
1 St v uni. L'nlli 


t?53 ■'» : | bit ■ HcuuniL'nlii • 125 6 

<?4i "2 '' o J5 ,,jrn Ei.it. "4-W J7 l 90 9 
321—1 ,1J ri-j.'6-n Tin ('■« .. ;bi 


I K (IrliL Accum 
UK. firtiv DuL 


. 9B7 Rothschild Asset MtuugcmrnL igi 

National Provident Inv. Mngrs. Ltd.# w-WjSaiehmikoHd.Axicsbuiy-. J. Henry Schroder Wagg <L Co. LitLy 


Sih:| 3 jo 

24 5 <J1 

317.' -a ■> <45 
3LLefl *11 i) — 

=4 4H .D :| 2200 

iu >»: si* 

3SJ* -0 :J 2.10 

24^-nJi 5 72 
21 *0 1| 572 


4R.«;mrA,j,urc!i St .EP9P 3(1(1 


■S.CI (SlbllNTM. mi 5031. I 460 

lAfoini l n». ■■ ..[57 7 614J . 1 <60 

NPiu *iu. Tnirt . 1317 1413d... Z25 

i At urn Unltui*'. .11436 152.01 I 22S 

—Pr nil. on Sept rn Nest droliDR Urt. SB, 
-IVlrri on i'k-l 18 N*kt doallnc N«. L 
National %Vestmin6ter# (m 


Ul 023 4201) NIU.KmuIWFUimL. 

N.K1 EniriJRes.Tst. 
N.i'.IncumrFund.., . 
N.l'. (ML Fd. ilnc.ito 0 
hr. lari. Fit i \rr itt6 1 
N.C. Soil I r ldji FcqU8.9 


nn« 

109.6 

1551 


194.4a +I<] 

116.se -oq 

165.0 *0. 
904 -0 
913 -0 
169 Jjh +L 


326 
3 59 
7 07 


f| \% Urn 

51 28 g£. 


1*1. rijeitnMrte. EC5V 0EU. 01-BDfl (Win. 
i .-miiu><Ac<.um'i_. (67.6 7261*0 51 4 22 

f^tm Inc £81 »5i-l.a 

1 Uiaru-Ul (34 5 STB 


iroalli lm... "fan) 

Irciktk- . J7.3 

Irt irtfotin 1 nv. Fil-_ 73 A 
UnivcrulFdad). . 563 


-0JJ 


7.80 

5 <* 


113 41 . 

137 31 .. 
TWO' 
316 4 . 

iSSr 

35 4.5 .. 
T9J1 ... 
1S6 Ij . 

* Niil ... 
SS.9U) 


333 

679 

679 

373 

373 


uni 1‘r.il- • 
■'AlmoO.t B». . .'131 B 
i Ir.-i n l nii c . '161 4 
< unir.lidri M i5C 9 
. 1. i-uni i. ii>.- _ '593 

■ ila-i ■>.-■ f: -.55 5 

*.V • till I u:l. ■ . 7? 3 

Kh-i iT . S?2 

'lii-4-i ras 1 -. .165 1 
Vai iiidh I*-: IT l50 8 

■ \r.-om t Sj l 

\;ir. tli-rifi rr ,737 
\*iii= F 1 ill 1? pui 5 
( linin i. nil • .‘47 5 

(VICKTU.-I | a .*3 2 

i.lrfum I. nit- . >74 7 

Wi«.*l’i <H J)....|T3 5 

lu Accum . ‘SO fl 


i§S Tyndall Managers Lid.# 


ICO.CheaiNde. E.C2 _ _ 

'nimnl Oct 17 — — 1109 S 

. In-urn 1 jl37 5 

larnioc Clrt J? ^_.,|20L7 
1 rtcciun. Unit.' . .13996 
General OrL 18 (691 

Rothschild St Lowndes Mgnt. (a) . ® ~ Ms 2 

Sl. i%*itbin» [Jkne, lAn^EG*. OI«X34a.*» 1 Accum Gnlli.. B70 

Nawr-LEaempt— K3290 B70d[ . . .1 357 -Pnirf 7iaFdSopi26.n8fl 6 
Prices ou Odoaer 10. Next deal! im November -Siw-Fi Oct 10. - 2BiJ ..... .... . 

13. -RecoiwyScpl.lU |Z162 S2S.9U) ,.| 424 

■For lax Cv-miS (uruiv only 

Scottish Equitable Fnd. Mgrs. Ltd.# 

28SI. Andrews Sq ,EdinUu:7ii iFl-.ViSflllil 
litrome Unite—— .158.9 &43id ... .1 SO'. 

1(7 Accum. Unite |59J Glliq ..J 5.01 

.JJJ D*ali=g dny 

3 <9 5eb a# Unit Tsl. Managers Ltd# (a) 

3.49 li'iflm Tilt.Brldbrv Hvc-.Z.' 1 4 >11 106 N.1IIU -4- l'»4lrM. Fdmfatlrrh. 

KebaBOp*tnlFi(..p5 2 364ir«*P4I 3 96 ? -' nL ,nf -i*™ 7 

" ai5 


B2 61 
128 ri 
93 U . 

85 6) . 
JWiC! . 

737 9i -re: 

uoi! -19* 

55 7n? .. 

62 4 .. 

59 1r,‘ . 
7691 .. 

54 6; ... 
MS' .. 

53 6< .. 
6661 ... 

77 b! ... 

47 41 .. 
.'co; . 

65 q> . .. 


OFFSHORE AND 


hr? vies Muir. iJcrw Ud ■ 

*ca undvr C<jn(rnl A«|i MnsL Ltd. 

and uuder Cupdinu l\ • 


:tf. 


Vlnandrr Fur.d 

.TT. rue UMb* Iuim-. JjiccnihiMirc. 

.Mc.vandrrruml ! SVb7 28 | .._[ 

Nt-i a;..*.-: val-uo ixt.Uier 18. . „ 

. „ , King dr Shaxson Mgrc. 

,\Ucn Hanes - 4 Ross lnv. Mg:. ir.I.k nn.innei.'nMs sr iieiifrr.jcrv?-.f'934iT5T4! 

I. Cliarlnil 4 'r«i- %. .S,- Mi-lirr. J -t ri. U.U4-T;fT41 Valley H*e. il. PcU-r Pun f.rniy. iOWI i 24709 
UlRu'ilt Edi l'd .£10.09 10JO1 . . J 1L97 I.TJionia* Struct. Iwusbi' 1(>.M_.. l08£4i4£M 


{Arbuthnot Securities (C.I.) Umilcd 

pM.KricSTJ.Kl (l-lirr.Jcfrv). w*M72:T7 

IC.-.lkTtf iJcMef. 1117.6 JSJOt. ...[ 433 

12 00 


((ISrFun'Iile.'VV). IE8B4 
l ii I! Trust il.OJI i (103 6 
tiiltFniL tiornNilt.S 
Inll. (toil. Sec*. T*J. 


N»-xt ilp.ihnj lUue UiliUM-r J4. 

TrtrtSevr Trt ...|« IDO) 1 

Nii: druliu.* date O'lnher ITI 
|£,Al&liiU.Tt.;i.l>->m :22ri . I 

Nc*t deal in* ilac OrloLur 28 

Australina Selection Fund XV 
Marl et iipp»nyi:iiii^.. ■■ In h 5'ounc U 
I [luthnullc. 127. Kt-nl M.. Svdnm- 
Li^Sl Snaci”. [ il'SI53 ’ i-n05| — 

Xiil flvcl i*luc Ucluln-r 1=. i 


1'irri Slcrlinc 1C17 91 

(llSWOO 


Kifrt Inti .... . 


B8W 

1063 

929<q 

18041 

MOW 


1225 r 
1125 
12 ja 


3M Klein wort Benson Limited 

2H.f-ci«li»rchS4.F-«t 01«SS0N> 


Kunni-c-l. Iaix. K 
liuorsiM*} 1 Inr 
lm \c.ii in 
KBFjtFjiJ Fil 
KHInil. Fun J . . _ 
Kh Jnmn Fund . 

K B. I .N. llwth Fd. 

.sic net KornwdA .. 

*UnllnnH«.llJ|i 


1.172 

-4 

65 7 6994 


52 4 876 


*l'«13.8S 


Sl'SlllO 


5VS4290 


SL^13.OT 


6L'S538 


12020 2! 30j 

-fllO 


asi-iJi 


-M 


95 # +o Bf 1 03 Rowan Unit Trust Magt. Ltd.# fa) 

403d-m3| 646 ntr'imo HW.l-'uwhurySCI.ECn 01 -GOG I0BB 
Sr ,5; AmcrwonOrL T9 „(660 690(4 

60J) -ail 2.40 SccuriHeaOrt 17.. 1790 189.0f 

1SEL Trust Managers Ltd.# laKgl High YidUccai— CT3 ga 

Miiion C uuit, imiiiBir, Suimy . SOU a £3SukL D* * W? 

i Accum. Unitei.__.{U5 1 

Norwich Union Insurance Groap (b) S'j^L^sir^s wf" MgtS ' *^^5*5* SSSWoSSlPdirlki 13 bx; *oJ, 
p n Bo* 4. Norwich, nhi on«: ofloa-BM Xi[2S5 «« V 73 a i Seeuritv SeleeUon Ltd. 

, 2 rr,UP . T ^- Fd -W* ■ 34 *°*»+ ie l 5* MSm:“-“J«4 703 : .: | ?J| 15.mL.nro1n-.rnnncIite.WtT: 

Pearl Trout Managers ik (aKgKti pawm u on. id. Nat deaiins oil 3L 

^ 2>iinhHolteirn.wciV7EB 0l-4O5f»4 1 Save & Prosper Group 

5Si!ru!m? *!“„ K S !i 51 %1\ 3 S 4 * ■'■** R,: TO1, ‘ 

*02] 695 

*03) 0 75 

+o.M 4-7S Save & Prosper Securities Lid-# 

InleCBMlMHl Fuad* 


3S0 

412 19 rjnrn*« BnuL RrteUil 
3 44 IncmiH. Ilrt IT. _ 1105 0 
424 lArium Un>l*-.. 

I bpiUalik-I 19 . 

• .V-cum I'm!- 1 

Eji-nlpl 'fa-1 IR 

1 rt< <mm Unit" 

InL Earn i At. IR . '25C0 
■;wwn I n ..SR 5 
I'm (irl 18 1136 4 

i rtC'.'liiiL L'niU-i . .'134 4 


Bank of America International S-V. 

IX. Doult'i.ini H«»:il l uxcmbonr/ H l> 
iwiiliu-.r.-i In-nim- ltIV.lt* UiW -a 7?f 727. 
pm-i-o jl ihL 12. Next juli. dale Ocl iB. 

Banquc Bruxelles Lambert 
I* Rue De l.J l!cgi-nci- R llPl Rni-.y'li 
Renla Fluid LI R.918 1.9771 +1| 7 79 

Barciaxs Unicorn Int. (Ch. Is.) Ltd. 

I.« nn-inu iYi." M Ih-lirr. J r ». n\K7374l IImv1c , 

faeT-*jiirL-oiTv .'45 7 49il-o.;| 1210 Lloyds Bank lull. Geneva. 


299 
4J5 
4Ji‘ 
1 <5 
190 
031 
0 69 
169 
798 . 


■KB acL an Li-ndoo pa) lac a^enLs on))'- 

LI aids Bk. KM.1 VfT Mgrs. 

!■ O. IWrx !9.' Si llrlirr. Jcrsrf nte4 21381 

Ucjd".T«t (1 'm.v. [60 S 640nf .. | 121 

Next dealing date Xoicmber 15. 


li: n »<n>l.irTniM . Jll'MltM 12H61 


190 4 
.■'131 b 
. .:a(. * 
... )13b 
■1614 


K'n' te»d Tima — llUSULH .'. 8JN l Jm-ris lm i Irowth .JSFTB M 


1.70 I* 


Dov 


438 1311 Genii e (( i Kiri Ucr Ian tf 
J3M . . I 170 

l--204.cn 307.-4) -3 |5(39U0 S?J») | 650 

iBarciaxs Unicorn InL (L 0. Man i Ltd. 

|l TtinnuKNt . fteii^l.v. I.ijJL CKIA^SS M & G Group 


I Unicom Xu-* Eit .lSZJ 
And .Mm . b<l 

| l«n *'.rtr KlTltir . M9 

Po.InU inc«n>e [398 

Po I .( M jiiT.j . .1459 
| ten Manx Muliu.1. . 274 



Three Qunii.ToHcrnill FTan RDQ.0]-(BS438B 


.XiianiieiVi.ai 

A mi F.v I'm si. _ 


CldFA.-lcc (6.4.20 


l-.Land 

l.launb'aiLsi. . 



Nl 'A Cjp IX t *il 

i.Xcruni. f.’iiif •> 


Unxl Ulfc Trt Arc —124 8 
. ULb 


0-711 Queen Ml . EUlnbursh El 13 4NX 
DcalJiute to: OI-5S4 S0BB nr 03I-S26 TVi] 


Pl-arllne .. 1332 35 

Pejrl Umi T« .. IJ7 0 39 

Vci-um. Unit'.. J4J8 51__ 

Prfiean Units Adbnun. Ltd.' (XHx) 

Al I numsin K1 .Manr hcilcr 0CI :£3C5®*S Capllnl .... .137.5 

PrlL-au Units. .. . 189 2 9! M +0 5| AM J> *-*..._ ^ B6 Cat 

Perpetual Unit Trust Mngml.V (n) UraVl AiTOMtl p** - 

■Whart'U-.IIrriliTonTh.imcr. 0491208G8 

'‘(j>.iiGiIiinUlli. .. |43JB 47.0) .... | 3.9b 

Piccadilly Unit Trust laMb) 

Anton) Gibbs Unit Tram Ud. 

ul IiSTuVl k 1 PL,ce ' ,,w Jeww. EC2P. OIID. 

E’.-tmlnriirw (30 D 


’ 78 S +02! n 

HidiSJ 


SntjJlto'xfM . . . 
UapilnlFumL... ._ 
lm F.nv LAioete 

lYI'WC Kuiwi 

Ammillr. I'lmtl .. 
Toihn'>li>iLvFiind 
Fur Eu>i Fit . .. 

Amervran Fuiul. 


410 
452 
472 
M.B 
671 
634 
10 1 
3 8 


32.41 *011 1030 
443 >0H bOO 
488 *0 4 540 


5SS1S3 J,, K 00 (107-9# 1158m *201 

SRAiteOwllLW.1405 504 


398 *01, 
72 5 *0^ 
606* *n V 
32J *D.M 
?57|-0q 


IncrradhC InMne Fund 

HiKh-YieW I55JM 

Hllh toctnie Funds 

HI aIi Rel urn 1696 

Income HJ-8 

l .K. Panda 

UK Equity |45J 

temow FUMbui 
Europe .1931 


791 

47.( 


il»0 

>172.0 

lomlon Walli.ranp 

OJ-8TI. «n6-9 l'jral.Tl»:.-na1!i . 'BF I 
264' . | 2 44 l>i.Ar-iin '89 0 

UflilGUiTst Inc . UXb 23£l .. .1 2 44 Kxtru lr.- Grouit. 1399 

Stewart Unit TsL Managers Ltd. (ai t’** A«un- . «aa 
4rt.n, B rWte«^.&1inh U r,L. w: ^xr.i 1 

IKtrwl .Vaacriean Fond High Inr Pn.. nty *7.8 

Klamlbrrl foils [64 C 69 W ! 140 Inu-mat;o'iu! - 1*19 

A. uuiu I'mte .. . 69 3 743) . . . ) — KpcculKili .125.6 

Wirhdrauhl Unite. (517 55l|_.. _ 

2 23 •Struott Brlllsb ram tel Pond TSR Unit TniiilS t%> 

3 11 RS? l'*i{ I 115 =i '-■taaUjWai.An.li-.^r.HaH* OWiClEf 

201 Accum W. ;< J16J7 a p L8:K, ,| 410 teJ..*,. lu «M BiW 

i!"T. , .E«^'ncraJ .1465 
ihiOa ArruRi . ,|599 

• hi T5blBrj.-iw... jUl 

• l.i ten An (.in — . ib5 B 

TST. SciVrirl, 8 

It-’ Do An-Lin . —194 0 


91 o; *e i 
95 7 -0.1 
02 « 0 ] 
51 31 -01 
17.71 *0’ 
22 0) *0^ 
733 *03, 
55 M -03 
384 *02 


Bishopsgale Commodity Ser. Lid. 

PO Rnx42 tenu,da: loM. 0CI4-I3B11 Samnp * MODtlRU Ldn. AgtS. 

'HnMBm*ISl..K«-2 n|-$eSfi464 

Apollo F.l ivl 1BISI-4280 4645f-2i0| 405 

Japfo* fwi IG. _ 111X43 3531) . .0 83 

I IT Gmipix-l !fl '. . .-1746 UBbj-D <5 199 
l«J«!tM-»f4rL4 C5 61 613.. 0.61 

117J4-CuLK-l.il CU10 1L6B( — 


AR90.4<:-ilrL£. Kl'dlH 39E 
.- xNRHi •" *CVI Z U 098 1 154 

.-OUVr-Mft.2 13 465 2614 


COUNT “I •••!.» |£3 465 2614] "" | 2 01 

onpiiioUv- i nui-.-i *l -Sin *d<j — l LOO. 


; Bridge Management Lid. 

| pn. Bo* fflT Gran*l Cnyrmn. Cjiman If. 
,N-tiOsbi Ocl 2 -- i V17B76 | | — - 

O.PO. Hr.* :®n. IK.OC Knnji 

Nippon FiiUcL I S,_|r.'Sai« 3E| | 878 

Britannia Tst. Mn^niL <CTt Ltd. 


Murrax-. JohixMone (tnx*. Adviser) 


bOM +0-3) 7-14 Sun Alliance Fund Mngt. Ltd. 

Sun Alliance Use., Horslinm. wni6414l 

1+0.4) 810 Evp-Eq T< tvt.ll. .I£277 1 2496) . ■ 3 B5 
[ -b ij 904 VTne Family Frt. |102< 102^ * ii *>( 3.53 

Target TsL Ungrs. Lid.p laHgi 



fau ball. SL. SL Holier. J cn ey. 
IsivrilncL Pronin nated Fds. 


0534 73114 


IKt. Hone Si 

-llupr SL Fd I SI S4253 

•Jlucray Fund | SUS12.43 

NAV tn tuber 15. 


All-221 SSZ1 

i :::::J - 


r.ra-Jiili laicbt 

Intel Fil — . 
Joriw? Erore Tsl.. 
Unit* I 5 Trt. SI:- 


4871+0.6) 4B9 31 tiroshnmSt. D7! 

Tarcel ruauiK»ilI).[39 3 


100 Ij +0 


*114] 545 inu.-r.ajlima! C52 

+Li] 4.95 V. „UA kJ»: 0:1 lU (785 

■ A ‘.I Oicm» 1 uxsK 

*?;l Aiieroij.in J4j a 



Practical Invest. Co. Ltd.# (yMri 

44. JJiKinwJHiry Sri Wll.X 2RA 
PrarticninfL J8_ [155 4 J65.1 

At cum. V nib ._ . . 224 1 


490 

440 

460 

100 

240 


UA |M4 75.11-0 

'Initial launch imni Ocl 23. 

Sfclor Funds 
i.'onuitndiry ......... MOO 

Fwm 1 690 

Flnniirlrtl Secs . ._ [723 
01 <B3BOEI Ulcb.^iinimuin Funds 

■ 4 JS SnteOiiUw* 

25811 . ... 1 4.18 KrtoctlmMM 


3 09 TarcM M oaoclaJ . 
1.50 Tarn*4 Equity- - - 
150 Target Ex. ilrt 18 
0.54 9rm Aw Unit*. . . 
Target Kill Fund. 
Target ijrottJi . .. 

86 Of +0 5! 117 

Mw 13 fe-- 


-!-» 


2C57, 




+84] 




Special Site. . (214 


(606 

fLs 

293 9 
,1166 

$1 

as 

1534 

1612 

|299 

133 


Dealing ocflcriui lister Bank# isi 
42 3* -9 Jj 3 54 xVrtrlnc airrol. t 
“4 Sifl^a •biUtaterilrovirth. 1386 

327 0) 

3023 

123 2. -HJ 1 
31. V -0 : 


rcrt: ::23i 
414) -01! 514 


MS <1 

92 1 9961-1 )| 1.00 

125 6 135 9-44 3.58 

.£2 23 2 351-IUM 100 

Hicb lBLSUu.Trt ,|0«6 0 99) 1212 

U.S. teoJIsr Ueueuiinalrd Fils. 

UnnrLSTM .. IU1SM6 S751-01H — 
Inilli+hlnLT.-a. |0 97 1 Dlj ,...| 890 

Value Ocl 20 Ncvt ilenlmf 1 k-L 23 


2.00 Negii S.A. 


hla Boulo.vtJ Royal, 1 uxcrnhrairir 
MAX* tlcL 13 _J 5LS18B9 | | — 

Nr git Ltd. 

H:i-il. of Bermuda Maori Hon. Ermrla. 

NAVUrLfi... |i703 — | | — 


j iU L'nil Trust Account & Mgnxt. Ltii. 

3 90 Wpk»iIII*IT.M Ex‘4hri\l: OI-GC3 4P 


301*01 
355^ +0 1 
35 # *0 J, 

”11 : 

23 3\ +n 


449 

0 72 
073 

326 

460 

G23 

1210 

4.49 


Frur-.ll-e Fund 
Wider lift L,Fr.d 
Do. Xicutn.. . . 


1167 0 
137 8 
130 5 


Wider Growth Fund 

Kmc Wllli.im u EC-S.RSUl 

Incime Ur.*t* !32 E 

A. mm Uni 1 JBS 


34 ciii 

40 U 


01-8234051 
. .} 439 
1 459 


... |4j a 

4-Ul Kiuvpt.'iui _itt3 

' urtng Brothers St Co. LML# taKxi 

t LflOdenhnll Si, E.r 2. 0 1-383 200 Arri Srn_"L_T(511 

' TBtam T*t [189 6 197 SI . .. I 3«5 Lxcttuy taaite 

teAcnm. (237 6 247^ j 193 {w»E*-.-:aN -- - W»1 

Next sub. day uctntwr a E*f a. oct. 20.(122.1 

Wwpsgate Progressive HgiaL Co.# Hill Sziuuel Unit Tst Mgn.t (ai 


1084) J +72 

1274 4 2-:S2 


Biabopcgue, E.CU 


fiotoPr" OcLIO .. 
tc Ute’*Sept2K. 
yule Inc Ort 17.. 
frantiOd. 17.. 


1969 
IZ34.6- 
.1818 
feU. 8 


ni -5BS f^aj 45 Mwr h Si . ro2P rLX 
... i 324 tbi Brit'.'-hTiL-C . • i!55X 
3 74 «r>(a: , !7ni4.. ..j»9 

. . | ZJJ4 ffiil-ollwTra i . -J75 0 

. i ;jJ4 ihii’jplUITm u tj0 3 

Nctl *ab. day "Oct. 3L •'Oct. 24. IT ruancialTrj»i.J9'l 1 

ridge Fund Managers# tad.c) i&-?S'mn«: T 7?»r4 _ jP« 

-48 Aegis House. Kiaa Wilham Si.. 7IC4R- li>l Hiyi;n*HTit -PI 6 

iR. 01-G343T1. 

nericsn 8 GcnJ.|24 J 25.61 


01-8288011 
FL4J 534 
. . I 2.91 



ipHallnc.t J9.b 

.Xrc T K42 

wnptt 046 0 

MrnU. loci 17 4 

k Acc.f... 394 


mhne Tuco. 


57 4r 

471) 
156 jM 
IBM 
2031 


cd rmuts. 
37.18)18 


i(K Zntrf « (3M2I 

6UJ lOCRnrfonbcrEtbwi.ECa fU-2072«j 

3=| Inlsllm Fund. _ |903 9731+031 6.00 

533 Key Fund Managers Ltd. OHID 

014807070 


25. SJiik Si EfSVtUE. 
Pficra 00. Kt>E4c r Ajln.rd.-133a 
Key Louily & GciO- )742 


ritannia Trust Management (aKg) 

' London Wall Suildinfis. lmnlon V.'alL 
■ndoo EC2M K)L * 

g| 


EncrAjln.rd.-P3 
. Eouily St G<ia.-{ 74— 
.■>Kc»EacnirdIri g752 

■mnn v K«+ p-rted Ini Fil (886 

0 14C3 <K7C-0479 firs amail L'a-sFd,[u2-7 


BB3| +05! 
73£ +0J 
leu ■ J 


531 
455 

, ... 549 

9U( +C-«) 9.01 


. W*. - - 
119.4) .... 


1236 

5* 


■plUU Acc 

nnblwf...... 


mTeSSc? 


•r t r 


* ' \ * 


si 


*.. » V — ' 


lanelalSocs — 
WtGcneral — » 

owJi .. 

'. fc Growth.— 

iTQroath 

cesLTuLSharej- 


8531+03] 

62 6) +051 


SJf+ojj 3 is 

IH 


rwlwoe. 

-wiBAmsilcan — p 
rfcsrfonal. 


npertr Stums —115.0 
-Held... l»ai 


atutChsnae 

d» Energy 


e=I 


340 441.1, 

713 

100 4 +131 
W.0 +(T 
79 7d +0.^ 
78.9 b -0.3 
517 

4i«n +aa 
90bB 4U.3 
4LI +l>3 

m -osj 
581.4 +?tl 
163= +03i 
517 +053 
>74 *03 
363 


449 

558 


NJeiav/ort Bensoa Unit Managers^ 


S8 ; FrorhnrrJiSt. &<•-, . 


KB Vr.it Fit Inc,. 

OK H. f/nilFMAc^. 

K.B PM lm Tsite... 

- KBPrt.7iLT.1lAw.. 
29* Knfcmlrrii'Fillne : . 
432 KTlJmCtr. Fd.rtcc. « 
I.H» HIJh\n.t Fd Inr,. ‘ 
368 Kiji Yld-FcL-rtcc. 
7.42 


01023 «asd 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. ltd. Crusader Insurance Co. Ltd.' London Indemnity & Gnl. Ins. Co. Ltd. Save St Prosper Group# 

1 -3 Suf*uU - n Churchyard, EC4. OI 240BI1I Vincula Hniuo. TwwrPUECS. 01-8268031 1820. The Korhiiiy.Readini;6835ll. 4 ■!( St Helen' Lada. EC+P 3CP. H-551 8829 


Equity Fund 
EquilyAec 

Property Fd 

Propi-rty Acc .. . _ 
Selectirc Fluid . .. 
I'lyivL-rtible Hind . 
VMuwf Fund. 
♦Prop Fri 


§25 
150 0 
160J 

H 

1238 

13U 

1366 


, d Ser A. . 

VKsil FiL Scr 4 . .. 

f Enmte Pd Ser 4 .h63 
1113 8 

Hue 


9Cnuv Fit Scr 4 
lSer.4 
Ocl 1* 


39.0) 

343 
1579 
1687 
985 
IrtOJ 
130.4 
1383 

mi 

38J 
119 8 

.. ... U7.71 . ... 

Volunlina itnrmnlly 


— Glh. Prop. Oct 3..— 1733 


SS-2T I 


Money Mmac cr t 

M.U-KlesMe _.f 

Ftecd Inlemi— 


.. } — BaJ. Im.Kd 1SL7 

— l^rojKmy Fd* .. —159 7 

Eagle Star Insar/Midland Assnr. ‘ “ ■" M1 — rv^tFdt' '.i§l 

I.TUreadneefQeSt-ECa. 01788 1212 The London & Manchester ASS. Gp.# CwnipPror Fdt ..2093 


EaSki/Siid. Unite— [94A 


5681 -....| 


Tup* 


y.Xioney Fit Ser. 4 
Pno.-^ at Ocl 17. 

Albany Life Assurance Co. LtiL 


11WHI4UIC LW. MU. Girt. DeMdl Fil 

31. Old (turllnrlon Si- W.(. 0M375062 UlxcdFd . .. ' 


LM Wi asbile Part. Exeter. 

Etpiity & Law Life Ass. Soc. Ltd.# ^ FtL| 

oExpLin - - - 


— Amenjiinm Road, H I Ch Wycombe 04M 33377 ^RxpLlni. Tst Fd. 


Equity Fd ... 

Property Fil.... 

Freed interest F. ... 


yEgu'ty Fd. Arc .. 
PFli.nfIiii.Air 


199.7 22D2I 


MLO 1C8.1 


126 L 122.1 


1X51 1211 


1105 1263 

,, . 

1723 1813 


2390 <383 


179.8 1893 


1323 1393 


122.9 1293 


1263 1324 


2133 2243 



Ptilii MOm-xFrtAc 
Plot! Mhn KcLAcin 
VProp.Kd A-.-c.. -. 

PirpHni Acr 
Kqull> Pro Fit Acc. 

Finfl I.i'i-n Ace . 

CidMon Pi*n Are 
Inti Mn PnFilAec .. 

. . Pen Acc. . .. 

STpic ln« I'm Aw 

AMEV Life Assurance Ltd.# 

Almc Hw.. Alno Rd, Rdf^Ae. Rm|tat*40IOi. 



+08) — 


Heilblc Fund 

lnv-TnuAFund 

Prapcrty Fund 

Cid-DcrajtFd. ... 

M & G Group# 


240 4 

-Vfl) 

140 4 

-0 G 

963 

+Q.b 

160 2 

-07 

1184 

-12 

144 7 

-20 

050 

+02 

1C1.D 

+<U 


— — SquiLvPens FJ . ...191 8 

"SKrt+UB prop Pens. Fd ■ - 12322 
Lilt Pro Fil - -]95 0 
teepoi Pens Fd * .ilOl 3 

■Pn ce*; nn '.fcipirf'r IT. 
fW'eeWy dealimte- 


1394! 
169 , 
130 1 
1321 
2209 
283 3 
ras-ii 
100.1 
io&t) 


■01 


■i:| 


Schroder Life Group# 
Enlrrnruc Holt PcrLmuu l h_ 


PortfolinFand. .... 


“ Portfolio Capital 


149.9 


General Portfolio Life Ins. C. Ltd.# Tjmeoujri.Ti»ierHiUEC3RfT.Q. 

&i BanhnlomrwCL. WattbatnCrosii. TOM fflSui'.S* 

- , - " “ Corn- Deposit', — 1199 

I — Equity Bond- 1433 

Ex.YleldFd.Bd.' 87.9 

Gresham Life Ass. Soc. Ltd. Efc 

3 Princo of Wales Rd.. 6'moaUL 0202 787B5S Gilt Bond*'* — 1071 




54 ., 
1260 
1511 
92.4 


AMEV Man ar.bd 

AMEV r-VU T»’_ _ 
AMEV Money Fd. ._ 
AMEV EquilrFd-. 


145.5 

1384 

1066 

127.4 


6S2)- ; | q la IAMKV Fixed InL... 918 

' Med Pctv'B' IBS 5 
90.9 


SOT 


2 22 L Sc. C Unit Trust Maaagcment Lld.#J AriJrtiSn..... 


JK 
3 M 
794 
397 
S-9B 
'382 
253 
477 
441 
244 


The Slock ErtmnSF. ElISN !HT 0I R38 28M! 

I*’- In. . Fd. [145.9 150 ( 

L&ClnU>GcnFrt.|i03B 107 3 

Lawmm Secs. L/iL# CaMct 
37. <ruron'i st . London EC4R 1 BY 


3.9S 


■?Aqw bblena!^. . 
3tc ,V rum. IlnltM— .. 
-ilroutii Fund 
•irtccum Unite...- 
+Ti'ili nnd WnrrunL 
t.-'.mencan FA . 
Iif-iKiinl'nit>i 



01 23S523]] 
5.71 
571 


+0fl 


IS 


Deal SMrm. -Tues. -fTWcrt. jThur. 

Legal <b General Tjnuail Fund# 
18 ranpipi Read, Pn.-del. 


177 

0.50 

050 


be British Life Office Ltd# laj 

•D Mice Hm . Tunbri dsn WcUr. KL CRK 2227Z 

Lite— .B2 6 SS 7*1 +0 5) 5 57 

.BalMKVd*— jMJ 54.0 m . .. ( 585 

.nindeur)* fea 4tM . I 932 

■Prices Oct. (8 Next drolme Ocl 25. 

nown Shipley 4 Co. Ltd.# Dux ran. M. 

igra-FoowtenCi-EK: 01-8008520 'AccamjJmtei 

t7j 4 72 

14} ..-.J AZ2 Leonine Administration Ltd. 

OlrtASMSlI 

zo ' ' ” ' 


: VnhsOcL IT 
i«XJOcL17— 

! Trtuls tel <i 


Sb 

wmt 19.4 

CMh Accum.. W98 

OMhlnrvrae.. (384 
^Income 00.4 

t*ir r. 7 ~'.t 

trgeao 10 E 

romaance... (614 

co y tr y L3S 

o=4* Oct. hi |U 2 


1 i aft*. £. Duke SI- London wm tup. 

m 1 i'f* tec^l'iM S 

i*«s .’.Cium— .— - 190 7 95 



0T12.1SMII 
«AS1 . I 460 
El . { 489 

Nrrt sub. day. Nmembcr 15. 






AM 

415 


Lloyds Bk. Unit Tst. Kurts. Ltd# (a) 
Rcji-fraF-. Dept. Gcirlnj-by-Sco, 
■A'orlhlD£.We!4SiUW^ 01823 123*4 

rtei.inccd ..1532 


732 
55 7 

no 


.. laada Life Unit Tst Mngrs. Ltd# 1 k> i Accum). — 

Hlch SL. Potterr Bar. Herts. P Rai-ElIIS V : Mi*lnc«W 

n-CcnDIX. . ...W19 42«+0T) 4 36 

. Gee. .\ecum._fei 51 GJ -0^ <36 

.Inc.Dtet 6u 55n3*OJ?{ 738 

• . Inc. Accum (45.7 atfl -»0J| 728 


TV> Mcruni 
iX'ori.Trti of- 1 ;«in. 

DU. ‘ Accum. ..... ...i: 

Jncnme. (252 

Mi 

Ho '.Accum i 


173.1 



Lloyd's Life Unit Tst. Murts. Ltd. 

7-' W Gale fc cure BA. Ajlmburv 0!9S !*l! 
Equity Arc in .... 1369.0 1779) .. .( 3 78 


(James) MogL Ltd# 

i Wd Broad SL, ECTN ibq rn^aswm " Ct G Group# (yMcKz) 
phftL JBS3 ?Lh ... I < 58 Throe Qwj x Tw+r HIM. EC3R C=«? PHSF «#B 


VjUvi . 

nil 

puevs on Ort 18 NeK dcallnr Nnr. 1. 
riiol Unit Fd. Mfits. Lid# (aMc) 
■bortl House, NrormsUe-Opnn TrnB 

rtlod (694 7L»rf ...J 

Aecum. Unite _(85.4 a7.9i . — I 

HlKhYioW— (428 «3ri . ) 

Accum Unite... [SS 4 57.9J . -1 

Next dcnllPK date Nm-wnhcj- 1. 
arities Official InvesL Fd4 
jondoa Wall. EC2N IDB. 


Xw il-*) Su*k r^tchareic Ui'alini 


Anwlcan 

i Arcum. IJnltxi — 
•XuMr.i’n^an .... 
211*51 i Accum L'uiUi 


omoAiunifitl , 5..114217 — J ... { 6J8 
■nm. Aaptet 15. (27686 —II- 
iDMLh. Only mailable lo Rec. i.Tiarititx. 

•Qurt wb wuf Japhet see Jaws Finlay 


rjjnumxiily 
i.xct-unv fi.it>' 
Ovnpo'ind xiroFlh. 
i.V’nii.-ruon iJrmtlh 

C«n i JL-.“xion int .. 

DicIlVik!..- . - - 

i.Vccnai Unit i 

Ivuroiwuu ....... 

01-803 !6I5 (4iTULll»ls. 


385 
3.S5 
G 42 
6.42 


ieftain Trust Mnucgecs Ltd# (aKs> 


FwraYli-l-L 

i Accum Unite. 

FacEa-l+rn .. . 
i Vrnux Unilsi .. 

Fundfafln TmL. . 

Accum Unite!... 


rSL ECZM4TP 
vriran.. . .. h)>217 
hlseone.— .- OJ _ 
miattoral Trt.- ir)Z59 
Jc Rente. TsL 273 
m. Growl hTgL .184 0 


23 
464 
2b . 
29trt -01 
25>ai*01 


'll 283 2fi32 
2.72 
594 
265 
422 
724 


*4J +04 

ar* 


in utn UniLii . 
Hiul.lnctmw ... 
lAcrnnk Unit'.)-. 

Japan _ 

i rt-cum I'nitij .. 
MH.'nu/n . . 

I Ac. unv L'nUni .. 
x;.(ilan.l . 


nfederotioa Funds MgL Ltd# (a _ 

lancccy Lonip, WC2A tUE 01-142 -m l I'-cum Uu;L-.._._ 
. W>1 484) i 3.4b Pccmcr,- 


•wXb Fund.. 

smopelitan Fund Managers. 

!roiStro*1. London 5WIX»E1 OlCXUVas 
6wpdhi.Glb.Frt [1B.B m 303l • [ 

. i income Fd (50 0 51 M I WOT 

'. • liettumnl Unit Tst. Hgrs. Ltd. 
.'FottnrLaiie. Kax’fiHK M«mree2 

. JihKome 1*7 25 90.7S( J 98S 

•- "th American ...W7.75 « 

. UCtNintHl0htnc.(48.6 K 


LVccum. Unite. 

Si-ctnul . . . 
lA.-rtim irmii. . . 
SnuHcrl'e.. ... 
i Actum. Unit i. . 
KtMirtiwil Funrtfc 
Truitee .: .... . 

■ Accum. Linn*. i. . 

I'lianboo.] Urt. 12. 

Chanm.Ort.20 

i Accum Unite, 

fens. 11\. :irt.2a — 



11561 

“°5 0 323 J!’ 

1086 

155 2 1575 

ir5.7 1-MfJ .,„.( 
1484 154 6) 


oscaat Uait TSL Mgro. Lid OMrj 3V|SaBinLifr Ltd. 

rtvMe erw .Rdinhurgh 3. as i as 4R?i 


'• a Amnr.Fd— t 

S-Intematl hna 

: ..a.Uigb.Dtet.... K82 

-». Heccrm j405 

s e.Tc+yo (25.1 



SHieorec's.Way.SinmnecP. ' ot3H56l0l| 
•ironin Unite. 155.S M.7) -1.3) 433 

Mayflower rusnsiperaent Co. Ltd. 

U.'iBnr*ihai-iSi.M , 2V74U nijanjaano( 
1 nen.-rw* net. Hi . . (lit 8 1111! ••( JH 

Guncrjl ri« 10 1?2.7 7651 J 587 

1....K5.9 . 4SjJ 1 


wrethxiary Unit Fund Managers _ 

/'WomfieldSuECMT.AI* 8I-SW4485 LutrtuU.Urtio 

lnc.6ct.13 11883 2»# •• • f 

F. Winchester Fund (Hagt. i«td 

Jewry. Era OJ-OOGUlffT Mi!ic t3ro.<V;i.lP_ 

■ntWiacheaer-139.0 20fl. ..j 468 Aec UteOcMU . . 
Ttnch'er O'WJvjnJ 22 S{ . .(3 95 M>+c j-ii ■ v-L 18 

• ' sen St Dudley Tst- Stagnant. Ltd Bert Eri-Vp S2S .. 

; ArtineumSt ST.I. niMlB7S3f .\t-cirv l/li. Sow. 28 

“to!j3i n LniteUd-' 3Si B®i fir«r 

see Abbey Unit Trust Bngrs. 


3.00 


Mereary Fund Managers Ltd 

».Crc3iuin.ia.KC2r3EB. OlM<)45SfJ 

408 
4.U8 
2*8 
£58 
413 
4JS 


ZflbO 2192, 


2719 2*3.7 


711 . 767 


777. C2 7 


346.4 . 796.7 


290.7 311 1 

— - 


Unit Trust Managers Lid# (a) 
rcunwnorf HtfL-W. 3 iI«t Stn-vu Hc-id 
utty & Law Un. Tr. R M iaXKMcMt) g£S» JkSi.BM 

errharo Rd. . Hizh Wycombe. 

nty&Law— (686 


CummKJIti &i>n. 
04842337? Do. Accum. 

72 21+0 51 4.M SrS5i»::r“ 


Fiaitt Unit Trust ML ^ 


».4 

360 

5S^ 

Z7.B 


y 


4. Wert Nile Street Glasgow. 
hdayiniernaFL U38 

am. Units- ... !7 J 

tntsylnrasc 34.4 

Inlap KuroFiC- 27 6 
mn. Units— . 3L9 
fatowJiT*. sa« 

rmUnUfl (MR 

Prices ocl la 


Next dentine O-.-L 25. 


«(2MIE1 jwdm,.. (M2 

279 IV? Accum. 63* 

2.79 ImernalioiuJ. (52 

822 Do Accum .—.— 483 

219 inch Yield Wild 

239 DaAccUrx W.l 

408 EquJtvEveniM' .... 104 M 110.5: 
4.08 DaA«uni'. __ 1047 1U.3) 


l+lt. Hcr.fi 

Tri:07fcr»C| 
7ta+<ISj 4,w 
OT_S +0 5 406 
397 +03 
4 it *03 

29.9 +01 
32.6 +0.1 
583 +0.6 
680 +0 5 

48.9 +0.J 
52.1 +or 

»l£ +02 
754 +0.3 


289 
ZEZ 
i. 16 
3. IS 
643 
643 
240 
£40 

u? 

563 

163 


Priwa at Set*. sL Next dtultna Ocl. UL 


CORAL INDEX: Close 493-504 


INSURANCE BASE RATES 

t Property Growth.,- — —,—^lOVfc 

tVanbrugh Guaranteed. — — — 1025% 

t Address shown under Jaaoranc* and Property Bend Table. 


fieri plan — — 

ASn-rV/framliiiKten 


i i i* Cosh Fund 

_ inU FufidT.T |||4! 
U.LPpty. Fund. mi 


CLGll 



InleTTuAnL Bond**. UJ5.1 

rerv rendro***— 2490 

Property Bd** 11652 

Hecocery Fd. Bd.*.. 70 J 
Pnccx on *Dct- 18 * 


1125 
110 5 
647 
1523 

Oc ^ 
Oct 16. 


-03 


-1.S 


■*0«L 


nnultc I... - 
Enuiiy< .. . 

Fixed lnv. 4 . 

»lnnaj!ed + — 

Mono 4 

111 CSWC5V- + . 

ProjKjrtjr+ 

KA SUrt-LSecr. 4 


Growth & Sec. Life Ass. Soc. Ud# 
wrarBank, Etraj-on-Tbanmt. tterte. o«283«284 Merchant luvesten Assurance# 


aa 


taai 
135 6 
IUS5 
0091 

ms 

1593 
,1214 
125 6 
1357 
fe»9 


239.6 


0795 27TM 


Flexible Finwicr... I £1.070 | | — 

Ijudl.nnkSeca 1 5481 . — l — 

LandbjtohScs. AcdlUl liia — 

G.*S.SuperFd._-l £7.982 [ 4 — 


Incmne. - 

1 at. Growth . 

For Arrow Uh Aemawc see 
. PiotMhict Capitol life Asocmcv 
Bari-bys Life Assor. Cd Ltd 
232 Random IUL, E.7. 

Bnrel<bDOd»’-_ . [1289 135 

Foully 1233 130.0 +O.S 

GUi-rdifm— 106.9 114.7 +08 

Property iog.9 1157 

Inte-RuAiwinl 1 1933 98.1 -02 

HonnfiUll.. 112.6 Ha* +0.4 

Money. 1003 105.6 

Man Pew- Acenm. . 10LD 107.2 

rio Initial N82 103.4 

Glh Ericfav-Acc.. .»58 100 4 

Po initial - - N2.7 978 

Money Pens Are . h»27 1082 

l>a. Initial J«7 103-fl _ 

■Ouretn unite inlue October IT. 

Beehive Ufe Absut. Co. Ltd# 


Property 

Property Peru- -_ . . 

EqultJ 

Equity Pens. 

V.frttey MarkM.. _ 
ai MooevMrt Pens .., 

01-2837107 nepnrtt- 

195.4) I — Deposit Pros. 

M a n a g ed 

Hambrn Life Assnrance Limited# iSSlkSSS^T..- “ 

Ol-Kte 5544 701dPark Lane. London. W1 01-4» 0031 InH-ManMud 


— Leon Hse. 233 Hl»tfiSL.Cro> don. 01-rtB88l7l Inv.Pli-.bvncs I 

lnv. Ply Serlox2 


K* 

BS Pen t up _ 

B S. Px-n. Ace .. 

Mocd Pen Cap. B. „ _ . 

MnwL Pen. Ace K 2509 
F Ini. Pen. Cap. R 555 
F. Iju. Kiwi. Xrc B 97 1 
Money- F**i. Cap. R 96.9 
Mo:u\* Pen Art.'. M 93 4 
iTop PcuC^p B. . 102 5 
Frop Pen. Acc B...[1041 

Scottish Widows' Group 
Pu Box bib;. Edinburgh EKtSABU. mi +5S560OT 


Guardian Royal Exchange 
Rnynl Exebanea. E.C 1. 

Property Bonds.. — |l87Jr 


15B1 

+01 

156.3 

+01 

• ire® 

+05 

+15 

J43.1 

+01 

1850 

+03 

1308 

-0.1 

144 0 

+02 

lira 2 

+0 6 

1434 

+0.7 

1012 

-h 7 

10+3 

-45 



1 iiwfL Cash UcL SO . 

Em Ul.Acc Oct-20. . 

Ejt.ULlac.rvL SO . 

Mas rcn. Ocl20 .- 

Solar Life Assurance Limited 

in/|2E!y Place LoiHlon E.C IN6TT 012422905 


71. Lembord St,, RU3. 01+C3 1280 pS.a^Capi.'.^ 1 


Fixed InL Dep. . 

tsquliy— 

Property 

Manaced Cop 

Managed Acc 

(H-croeas. 

rRKEdcod 

Annriran Act 
Pen-FlDopCnp.. - 
Peti.F.I.neii Are. .. 

Pea. Prop Cop 

Pen. Prop .Arc 

Pen. Mon Gap 

Pm. Man Are - ,. 
Ptan.GlIlErtft.Cap-. 

Ed*. Are.. 


1272 
1898 
1MB 
1480 
1835 
127 1 
125 6 
1003 
1293 
1527 
2087 
2736 
2144 
2789 
128.7 
1285 
126.1 
11453 


Rlk.HnrSc.Ort2- j 113.78 J | — Pen. B.KAcc 

Canada Life A Mai ranee Co. Pea d.a.k Can — . 

3d HlrfiKt. Pad pen Bar. Hottr r Bar 51122 rtan. D.A.P. Acc 

Sl3 | I — Hearts of Oak Benefit Society 


103.6 

I860 


133.9 ._.. 
199 0 
1781 
155B 
393-2 
135.8 
1323 
105.4 
1364 
1600 

219.7 
2859 

225.7 
243.6 
1271 
1353 
132.0 
U2.6 


NEL Pensions Ud. 

Miiion Court. l+irUnc. Surrey. 


Nolbx Eq Cap 
NH+* fiq. Accum.. 


(898 

1202 


_ Nelrc Money 1 lip .UU.9 


Kelfv Mon. Acc 


Nelcx Gth luc Cup .153.9 


Nelc.x illh Inc Are 
Nrt Mxd Vd. Cap 
Kel Hid. Fd. Acc.. 




557 

485 

W7 


93 W 
1265 
662 
713 
567 
586 
510 
5ZJ 


-02 


:«e Sub. dajr October 25 


Snlur MnnuBcrt S . 
_ Solar Pr.ipertrS . 

_ .4oldrEquin-S . .. 

Solar F\d InL >. .. 

Solar Co 'Ji s 

-Solar InU S.. 

MU Sulnr Managed H 
_ Solar Pronert . P. 

Solar Equity 1* ... 

Siriar FxiLlnl P-. 

Solar fa-.h r 

„ S- Oar loll. 1* 


U10 
114 0 
173 6 
126 7 
102.0 
931 
1305 
113 7 
,173 1 
1162 
181 7 
43 0 



122 fl +1 Di — 
10SI +03 — 

IW.iJ -0.1 — 


Sun Alliance rand KangmL Ltd. 
sun \JliaaceHcjsc Corxham. 04(1364141 
E-.pMlntnrt.il (£153 2 161 5).. | •— 

lnl Bn Oct 17. I U330 | .._..| — 


NP1 Pennons Management Ltd. 

48 iiracochurch ft- ET3P3HU. oi+U34an Sun AJUauce Linked Life Ins. Lid. 
Monan.sl Fund ...(157.2 163.7) . | — Sun AIIimicoIIOUSG. llor-ii.irri <14113 04141 

ITicct Ocl 2 Next dcalinB Noi . I. Equity Fund - , .(134 3 141 4) +0 51 


Brown Shipley Tst. Co. (Jersey) Ltd. Phoenix Internal ionaT 

Prt BcwMO.Si I lcher. Jersey. 0534 71777 PO Bo* 77. st KeiiT 1-nrL line rr«e+. 

M'.-rimu Bond 1-d . (£9.90 994].. | 1185 imeeDo)LirFund-|KJ39 2JS8) .... 

Butterfield Management Co. Ltd. 

pri Bo-, lap. 1 1 aim J: on. Ccttdui1.i. 

Pulttesv Eqmly jfl;S2« ;57] .... [ 153 


Bullro"--. fiiioim- |St. ,y 19J 205)1 7 87 

rtiL-es ul •:«. 3. Ncu sub. day Nov. 6 

Capdlrcx SA 
Pi l Pot 178 Ikuicva. 


Quest Fond MngmnL (Jersey) Ltd. 

1-1* But 194. Si Hclier. .lend. 0534=7441 
Wuert 'Sile.l'vt lnl |BSB 90JM .... | 12.00 
l4uL-rtl1.ir.Sm.- MU 11)9 .... 3 00 

yum Inll Bd (p/SOO 1 9634 . | 9.00* 

Trice ai OcL IB Next dealt as Ocl 25. 


flnquirrcx 0 l^lfi TOTH 

(2Si2i5*-r:._|i>mS r=£i ,_.. | J 1 

Capital International S.A. 

|“ rue Nobv~ riumr. LuH-mbnurK- 
C-apiUa InL KuQii_ ) SUS19.46 ( . 

Central Assets Management Ltd. 

PO Box SR f* Helier. Jrrrcp. iEnq 0 1 -«W 70T0i. 
Cent Asi.cf.Ca| 

Kcy-^Jwx Ja|xu> 


48 AfhnJ Siren. Lkracl.i'. 1.0 M. 


1 \ .The SIli or Trust. 1114 7 
Ttu-hmond lid Bd. . (1188 
Do. Platinum Rd. 162 7 
Do. Diamond Bd - TOO 
Do. Em. 97,-02 Bd. _. 164.7 



|cent Asi.Cf.Cap. . [03727 137J1J+014J — 


RolhschQd Asset Management (C-I.) 
fnioi 58 Sl Julian* ri.tj-uPTTi»«y.04Bl 38331 
t> l* Eq.Fr SepL 20 



Or Inc Fd Del 2 
m 2483099 nr-.inil Fd.1. 


553 

58.6a . 

.. 276 

162 2 

1715 .. 

.. 6.79 

3134 

142 .. 

.. 1.24 

152.5 

1622a . 

.. 331 

148.9 

15S.4 .. 

. 407 

328 BO 

3052 . 

066 

Z. Next rie.nl* nc Ofl 31. 


9 78| ...._( 1100 
9.68( | 1U» 


1 Trice, un UCL 9. Net dealing Oct a. 


Rothschild Asset Mngt. (Bermuda) 

Pi) B»x 064. Bk. nl Rcrmuda Bid, Bermuda. 
RCrt-no Kd Ill'KSW 10-01) | — 

Price on Ort. 17. Nekl dealing OcL X 


Charterhouse Japhet 

1. PiHernorter IU>u. EC4 

Adiropj | Dim 59 

'Xrilvcrhn - 

Foniluk-— — _ 
k. inrtln . 

Eirperor fund — 

Hispano - . (it Odin 437l| . . ( 2.78 

{Clive Investments ijersexl Ltd. 

B01 ; CO St. Holier. Jcrvey 0M4.7738I. 

.rliicltitlFri iC.I 1 |9 77 
Clue Ulir Fit iJa- 1 [466 

jcorniilU Ins. (Guernsey) Ltd. 

PO Bov 157. St. JVl+r Tort. Cucrnvy 
Intnl. Man. Frt. |177.D 192.5) | — 

Delia Group 

lr<». Bn* anti Nassau. Rahamn+. 

(VK+Inv i+L 18. Ifli&M 21(j-0J.7| — 

Deplscher In vcstment-Trust 
f -ort fitch MB5 BIcbcrsa+teB-IOOliOO Frankfurt. 

Cnn centra IDlQUa 22U|~0jq _ 

InL Kcn1in(nnrts . |(i!«7M M7B|-ai« — 

Dreyfus Intercontinental Inv. Fd. 

PO. Box N3712. Narr.-.u. Bnhnmar.. 

NAVUCLIT |Jl'5Ii41 17 444 4 — 

En»on & Dudley Tst-MgLJrsy.Ltd. 

TC Box 73. SiL Heitor. Jersey. 0534 20591 LTrenncI Cnpitald... 

E.D1U.T -.1128 4 136.8) | 3.00 ‘ 

(The English Association M Depuvft ' _ . .|ioo.6 

]4 Fhec SlreeL EC2 0 1 588 708 1 St -?, VC T ***--•- 't 13 9 

Em* Ai- Sterlinc* (t50 34 

Wardeatc Cm K«T**|flO 44 1087) I — ... 

-Ncrt .leaiioF i xl 23 **Nc*t deaiinR CxL 3L Schlestnger International MngL Ltd. 


Rojal Trust (CD FtL Mgt. Ltd. 

)••• BoxHM.RcjalTld rise . J oreei. 0534 27441 

RT.IniT.rit- . ..W.'S986 1(49) | 3W 

R-TIntl iJ"j .Fd- W90 95 0j ,.| 3.a 

Prices nl 1 ,'icl IT. Nett dealing Ort- 24. 

Save & Prosper iaternational 
Deal in c Co: 

37 Bread St, SL Helier. Jersey 0534-20591 

V JL DoIter-dnuHnutaied Fund* .. 


Dir. r.xd. lnL"|__. 928 
InterruiL Gr.-t _....||L20 
Far Eastern-! . .154 23 
Nnnh Amert can-i . (4 69 

Kopro+rt — _|15.06 

Stcrllnc-draomlnated Funds 
Cbaonel Cnpitald... B45 l6 258 6( +84 

Channel ls)ands*_ (154.0 1622] +0 5 

Cammed.**'! (1366 1433 

100 J +0.1 

•Ptwes o’n“bci. i7T**Ort. 18 "rtieL 


752 


EqtjOtbFdOeL Z . ..[ 
Retmt. Fed. Sept ^ 1 


M Pund - . 
nteresiFd.. 

new £eaiana ins. ul iu.iv .1 lulv Proper^ Fund „ 
Maitland Hnuxe. Knuthend S51 3IR I T7H2 8L355 Jnlernaliona] I'd - 


Cktoop Assurance Ltd.# 
l.L.lyTnptrWy., WemDlcy UAWNB 
117 85 


TClwi Key Inc Mon 


IS- 17. Tavistock llare. WCIHSSXf 01-3875030 Small Co'aFH 


Enutt7 Unite..- .- 

Iror 

Equ 

Pn*— 

Hal Bd TNcr.-Unll 
Deposit Bond - 
Equity Accum . 
Property Areum. 


Property Units.. . . .4CLIL43 

Equity BtHttVExe 

Prop/BOMUEace 


0187 
0370 
03.52 
1129 
186 
032* 
IJU>3 


fi* 

14311 

1185) 


0I-MC887B lleartsofOak - {>72 393) | — 

-03) - . 

HiD Samuel Life Absut. LttL# 
N1 .A.T«t . Addbscombe ltd. Croj 01-a 


+0M 


-0.D1 


♦Property Units 
Property Serin A , 
MannfireJ Unite _. 
Mao need Senes A. 
Unnnnert Reriesr . 
Money Unite 


Kofd Accum 1 8663 -4 Hi! 

2bifQiutiy 197.7 HDrt -0.1 

2nd Property 1873 113.8 

2nd Managed :]ll(72 1050-01 

2nd Deport (981 1033 

SmltilU 95.4 

2nd American ....tea 402 -Od 

SndEq tVtmVA«..po.a 3087 -02| 

SudPruFeun/Are .U123 U9.J 
2nd Msd PnwAcc 16# D 110 1 

i'ndbr^Ptei^AreJlia.s 107 4 
2nd Util PmuJAccNO 7 , 

riKLAiD-Cnib/Aic. 1872 W3 -0.6| 

HEHJ.K 09.5 410 

LiESiF.2 - BBD 30.« 

Current value iVt 17. 

Capital Life Assurance# 

Contvlnn Hmue.CTuqiH Asb Wnon 090228511 houm, Cuildford. 

Kcylnie«Lrit 1 .105 03 ( .... ( — <in fd OctCSO 1763 8321 

ParemakOrtuv Pd i 10741 l 1 - Pet.; 33.~ |703 Tb% 

Charterhouse Magna Gpi# Unit ujtot FonfoUA 

MUwfsmiwmwSiir? 1 c *” tre ' Ule,ehle »'- FkSSiSt.Fdrrrfie -o 

MUina EPynesOSSBWl-.*, .Sretuvrtiqi fd... . |W3_ 102 M +0 


Money Svrtes A— 
Fired lnl. Ser. A..- 
Equilv Series A .... 
JVv Maeaged CSp.. 
I tv- Manar.ed Ace. 
Pns G7te»L Cup— .. 
Pni Tiool Aer. — 
TVns BiullyCap... 
Penn Equity Are 
1’n*V^dJTiLCap.... 
rntridJnUir _ 
Pens. prop. Cap. 

Prm Crop. Ace. 


9612 
2 

mi 

122.5 
»9 
^26. 

95.5 
11460 
1155.6 

(113.9 

(1872 

TUB 

N6.D 

#7.4 

Ml 

M73 


169 Jj 

U07 l 
177 Jr —0 9) 
Ul| -03^ 
100 91 -0 5( 
1290 
104.1 
97jj m 
100M -O ') 


m 

112.3 

114# 

112.9 

ltio 

1026 

1013 

1008 


Technology Fd. . . 
Extrj Inc Frt.. _. 
A turn can Fd 
FarEasiKd 
4356 GiUEdpcd Fd. 

Con Drpnul Fil 


te 4 

1019 
120 5 
1021 
' 1 


163 4) 

1050 +0 5j 
1183 +l.o( 
1025 *0.2 
107 3 -lJ| 
1261 +0 7) 
1186 +41i 
103 2 +01 


neprvul Fund 
Managed Fund 


1362 
113 0 
1058 
963 
113 5 


1314 
103 5 
1195) 


nin +o« 

119 0 


+C 4 
+0.3 


~ Sun Life of Canada (I'.K.) Lid. 

— 2 3.4. Cockspur 

— Maple EJ iTrth 


PcrwL Pn Fd .. - 


SW1Y9EI! ni.KWMOn 

2084 


l 13(9 


1341 


I 2093 

— 


Eurobond Holdings N.V. 

Ilandelslurtc 24. WillrnntM. Cura.-an 
Umden Aeratv Irilrt, 13 Ctartatapber SL, EC. 
Trt. 01-347 IWl Trie* 8R1440R. 

N.XV per share net 20 SCS2000 

IF. & C. IHtrnd. Ltd. Inr. Advisers 
IT. lAUre.nre Poumncj- H1U. EC4R DBA. 

QI-GC3 -KW1 

■-enLrilUrt.il 1 5U.S660 ). ) — 

Fidelity Mgrot. & Res. (Bda.1 Ltd. 

I' n. Box E0. I lam lion, Benmula. 

Fi-k-Hiy Ain Its . I 5UK27.75 
Fidelity InL Fund. ( SUS2333 [-27 

Fidelity Pjc Fd . 5US61.16 

F'ldelili WrldFd..-| 5US15.61 |-0J4| — 

Fidelity Mgmt. Research (Jersey) Ltd. 

Jwalcrtpo Hao, Dim SL. SL Helier, Jersey. 

(atM S7MI 

Srnw A'Intnl l. . . (L3.96 ' 1-0 371 — 

Sene? B.PaclHo .p9B .... I 

Series D. Am Av i |£1810 |...| 

First Tilling Commodity Trusts 
IB SI Cenrui?'.' SL.DauKltK InM 

5B1 Ldn Acte Dunbar A Co. Urt.. 

I Mali. iHindon SW173J 


41. IaMoUe.SL.SL Helier. Jersey. 0534 73388. 


S A LI 

S.A.OL 

Gill Frt...... 

lali F'J Jerrcy 
UmSir 


Intnl Frt Lx mb rj; 
■Far East Fund . 


._..B2 W 4 


101 

1142 

102 


097 
22.6 +0.3, 
id7o ~a 
1102 -O.Dfl 
106 


as* 

464 
1217 
3 43 

Z7B 


Ncu sub. day October 25. 
Schroder Life Group 

, Eiuerpriu? House. Pnctemtmlk. 0TO5Z7T3S 
hlmilhul Punk 


Norwich Union Insurance Group# 
po Ite« <. Norwich NR t3NG. non 222no Target Ufe Assurance Co. Ltd. 


M.m.-i-rd Fund 
Equity Fund 
Property Fund . 
Fixed Iri Fund . 
Ttopmil Fund 
Nor. Unit uct 15. 


Imperial Life Ass. Co. of Canada 


Prop. Equity * Life Ass. Co.# 
1 IS, Oraurtant SiroeL. WIH 2.XS. 

R Kill Proix Bd . [ US 9 
71255 1,0 Equity Bd . - I 782 
-La _ Flex Money Bd. | 1508 

~1A - 


1220 1 23L6) +1 -- Tappet Hou'e. GaJctiouse R.l Aylethurv. 

□631 3B24 -16 - Huc-k? Aylr-ihuryittSWiSMI 

l?52 ?5?2 - .Van Fund Inc 931 103 J 

1510 161 0 +1 1 — Man Fund Acc — - 121 3 ITT 7 

*C7 6 1132 .. — Prop Fd. In.- . 112 9 112 K 

2206 . . — Prop Fd Ac.- . . 144 0 

ITofj Fd Inr...... 11LQ 

Fr ivl lnl Fd Inr ICO 5 

P-iiFd In. 967 

He/ rlun 
ReLFIant*. 

Muii Pen 

M;ui Pen.Fd Cap U7 4 

131.7 

1230 
155« 

15+ 5 
%2 
95.8 
95 B 
953 


- PJi f i. ri.rti inv ru iia* UHii 

in mjrowift P-tiFd In. .967 

110 71 I ReE Plan X-.. Pen. f73 6 

U, T-- — ReLPlani'an Pen 60 9 

HI qJ i J ' Mull Pen Fd.Xre. . Jl2? 1 

"*•+ — Pen.Fd Can 117 4 


Phoenix Assurance Co. Lid. 

4-R. KinpXVilliain SI . EC4P4HR. D!-Q2t>!»78 
Wealth Au. - _ |113 6 119 

EbY.PH .\« .. 8U 

EbT.PhJij.E (79.7 

i.lll Pen FrtA.’p 
i till Pen. Fd i.'ap 

01-4840857 Vrrq-PenKd.Xrc 

Proptren Fd.Cnp. 

UuarJ’en.Fd Ace- 

_ . .'unrPeD KdCnp. 

H.A I'M! Kd Acr . . 

Property Growth Assur. Ca Ltd.# n .vi+n.Fd.f.ip_ 

Loon Haum L'rm-don.CRB 1UI 


— Property Fund 


BK 


404) 

317 
36.0 

l«9 w *9 
151 0 

City of Westminister Assur. Co. Ltd. K££wi 
Rinqdcart JUiu+c, 6 lYliileharec lUnJ. Exempt Man. Fd. . 

018840404. Prop. Mod OrLl - 


Chrdiw? Enwiai . . 

lairthne Money . 

I'briluc. Mnnnred (34.0 
tTirtlivo. Equity ... 
UacnaUkiSor. ... 
Kaonalluabced... 


— Equity Fund ) 

— Irish life AsBurauce Co. Ltd. 
" ILFiDsberj- Square. EC2. 

RJueShn Ofl a)— 


Property Fund. A. 
Asilcullu 


Croydon CR02J A. 
Weiii Prop FUnd 
Manacrd Fund 
Equity Fuwl. ..... 
f arm] nnd. Fund - _ 

Money FuB-i . 

tiili rind-'. 


PULA Fnqd 

RniL Mnfid Cap.'. 


(618 

65.0 


1B4 J 

194 8 


639 

67? 

+8.5 

SL9 

062 


1255 

1321 


62.5 

65 71 

+07 

171.8 

174.4 

■ ■ ■■ 

1243 

1308 


1300 

136.8 


(76 

50.lt 



99B 

32.4 

■ » . 

557 

sa£ 

+1 1 

582 

SS 

+10 



_ Prop UodLGliv. (281.9 


King & Shaxson Ltd. 

62.Cnmhlll.EC3 


cultural Fund 
Aerie FunitiAi 
Ah hey Mat Fund 
AbbevNrt Fd f.x; 
01-4CIISSG Inrertmerrt Fund 
— ..) 500 lnvesuneni Fd.i.\> 

... . I — Equity Fund ... 

. Equity Fund i.X. 

. . | — Moim: Fund . 

I — Moncs- Fund.A. 

AcUiarial l--ui.il . . 
Glli-edcod Fund 
GUl-Ediiril Fill A. 


01-6235423 ORellro Annuity 
Bond Fd. Exempt .110206 103381+01151 — flnwwil Aon'ty 
Nett dealing dale Nov. 1 


_ Laugh am Life Assnrance Co. Ltd. 


Wisp 15 Pj Man 


.KUhd ciiiTt-ntiy eiroed lo newfavaimenL 

rPwfaraj Unite L.| ' 2104 ) .. ..J - 

City of Westminster Assur. Soc. Lid. 

Telephone 01884 0804 

Fire* Unite [1323 138.91.-. | — 

PMptWty Moils |S4.0 56. q ]- i^iniuaj..; 

CMnxicial Union Group inAmin 

Si HeWi, 1, UndcrshhO. EC3. 012837700 - 

VrA»Xrfl«3l I 39 IS J-07U - MralTIuiFij 

Tkj. Annurty Ula.... .j 1683 (.....1 - ST^cum. .' 7 - 

Coafeckradoo Lite Insurance Co. intL loiuai... 

SU.Quwn.+yLano, WC2A1HE cu-sunze ty A ceut a 


Prop, m 

All vrtlwr A. lire 
UMI Weather Cap 
Wav.Fd I’ll . 

LanfihnmHE. Holrabrook Dr, NW4. 01-2OT0S11 ' ' 

Letlghnwi *A* Oau. ..16741 78.3 J - SC ri^Vt* Ut 

S*!"*!Bpnd — 1 - Maa.Prite.rrf: 

an Fd [770 81 0] J — Man. Pena. vnn. d. 

Prop f*™ Fa. 
PropJ'en’iCap I'te 


1887 
1E69 
7874 
730 0 

To 

1BL6 

U0.5 

lOJ 

1424 

117.6 

1213 

122.4 

1832 

1475 


iwl. reitlw & Aarndtl 
- -J363 145.4) 

(1283 13531 

1450 


Legal & General (Unit Atsur.i Lid. ^ ^ r6lL Lt 

Klusm-ood Hmue, Xiogswood. Todwonh. Bid? fA.- cap. UL. 
.Surrey KTTOOEU. ” — 


BUt^bnesUi 68430 

if! I 


1331 

33L2 

m 

lffi 

1224 


01 -68(i M306 Trans international Life Ins. Co. Lid. 


+ 1 9 

-fl 3 
♦oS 


2 Bream Rldjs . 1 NV 


<■1-1036407 


ffTul^>in-.ent Fd 
VTulIp 'daned. Fd . 
VMwi RbDii t'.l . • 
Nan. Pen. F>1 Cup 
Mm Ft- 1 l-'d Xic 
VMnr.d In-. Fd Inll 
OKi.Kd !n\ Fd Acr) 


l«»i 
1185 
122 2 
227 0 
135 5 
103 9 
1016 


Trident Life Assurance Ca Ltd.# 

ppn-ljde llmiie,tiFMicwer 4452 36541 


VcJjully Fund- 
bUsHieed. Fund... 

OFlPFnnd 

P.-iimi Pen. Mncd'- 
StoffgdMncd Pn _ 

nroup Magd. Poo. . 

Kitted Iblpw — -■ 

Eqolry IvnMrei; .■ 

ProprrVi Ptrmon 

CornhiU fneurance C& Lid. 

a^ronihiftEj^A 
. )->!> 15.(135.0 

US Spec. Srqit.l8 -. H.5fc 

MnuSiriiaepLa) -jiiB.s 395 

Credit ft Commerce Insurance 


1738 IKS 
P413 209.9} 

(79.5 ^ K5I 

149.6 Ul1 
207 a 
259.1 
Ull 


Uanagod lalUal 

Ho Areura 

Property Initial 

DixAccua. 

LftfitJ a Cnml i| 
Exempt Cash I nit 
Do Areusi ....... _ 

Exempt Eqtv imi. 

Do. Aruum. ... 

Eiompt nsod Toil 

Do Aucura. 

01-0283410 Eaewpt Mnffd. IniL 

Do. Acc tun. 

Exempt Prop. IniL 
DoAceum. 


ms J : " 1 - 



Providencp Capitol Life Ass. Co. LUL 

30 Uxhrtdce flood WI2BPG 01-7*99111. 

ScJ MU Fd Cap . 

■Sri X1U Fd. Sul . 

I*ni5lnn Equity 
TY-n-rion FSd ini 
De[Meil Fd '.'.it* 

Deponii Frt Are 
Equity- Fd f.'ar 


.Mnnajtert .... . 
Uld Mad . . . 
rrnpci+t 
Equity ..XmcrieAr 
U K Fruity Fond 
1 11-1. Yield-.. - 

tiili E-tiiod. ...... 

Minifij- 

ItilenuiUt.nal . 
Fi'Hl - . 
r.rowth i".ip ... 

Ciiwith Vc 

Penn Uned.Cup . 
Pen* Mnijrt Acc. 
I'eni.lllri ( wp i ap 
rctu.iiMi.DepL.4c'- ■ 
Penr. Ppsy uj .. 
Peni riy. Are .. - 
Trdl Kond . . . 
•Trdt-.'..l Ecnd 


.1251 
,1482 
,1514 
83-1 
;114 7 
,1421 
1122 4 
Uh.B 
103 4 
1128 5 
1282 
133 1 
1166 
124b 
1039 
109 J. 
1134 
1212 
369 


132 « -Ofl 
156.9) * 1 6 
160 


J) 416 

sac -i l 
12131 *10; 

3 :i. 


1M 
129 
Ul 
109. 
136 
135 
140 
125 
13 0| 
110 
U5.I 
1222| 

Sb 




£ Equity. - 

SEquitj . 

(Fixed lnl cm* ... . 

SFixed Interest. 

(Managed 

$Manaqed 


[1139 
1445 
137 6 
1070 
1276 
125.4 



J. Henry Schrader Wage ft Co. Ltd. 

120. Chcapdde. E.C2. 01-588 44X10 


— i neap 

— Troinli 


OieapSOcl 19 

car Sept 20 . 
Asian W ori 16 
l■Hrh^c Fd. i)ri 19 
Japan FXLOrt. 10. _ 


12 01 

-033 

3US137 08 


Il'XEll S« 



5A2M 217 



XUS9B 9.75 



L41 

241 

4TB 

041 


'm Vilt ^blT»l. .079 
.(610 


OI-SOOT8S7 

Fsi.XT; DM Op.Tr* .1610 Irt oj ' 

Fleming Japan Fund S.A. 

77. hip Notre- iiimr, Lniemhourp 
Ftenliii:' Ort. 17 .1 SUS6938 ( | — 

Free World Fund Lid. 

EuilerfleltJ Bide. Hamilton. Bermuda. 

NAVSept | 5i.S19b.25 J J — 

G.T. Msnngement Ltd. 

P:.rt 1(w. 16 Fln'liun I'ircu#. London EC2. 
Tel HI tBR RI51. T1 Jw. 896100 


IxvHlon ,\^eni-- tor 
r'lri'r" 


= no 5e»t7>' Assurance International Ltd. 
4.16 ri) Bnr .726. Hamilton A, Bermuda 

UmucerlFnrd BUSHS 15361 | — 

_ Singer & Friedlander Ldn. Agcnu 
20. i.'nnnon ri . ET4 01-248 B64S 

TVIrafondF . .JDM27D 28901 1 620 

TnXyoTKt.xict.2 — ( 5LS015O [ | \M 


Stronghold Management Limited 
I'O Box 315. tk Hrlire Jersey. 0534-7l4tn 

Commodity Trust .. )%.75 101B4) ) — 


AUclu-r lT Unite -. 
Anchor Ui It Edge 
.\nchgilnt Kn 


515109 

E941n) 

RLS5J3 


Aaelipr In Jsj- Trt p«8 


Gerry ri>: Fd 

.Deny Hoc Style - 

GT A^rnFft. 

CT.ArfisIwFd.. 
n T. Bond Fun.1 
UT rq.lter Vd . 
IT fair iNtrt?. 
r. T P.i'Tlfl-. Fd 


in 

947n 
5 65 
32.1 +t)d 


. 59.91m 

MAUO 
mats « 


IfAlDH - 
3US14 57 
, SI'S 7 ISstf 
F«i[T9 69 ID 08) 
SL^17J7 


*0fld 

-o+g 
-o.hs 
-0!^ 
-0 77 


G T nil!:pp.ae Fit . Bl/TOTS 3179) 

C. art more Invest. Ltd. Ldn. Agls. 


185 

23.41 

1C6 

049 

0.75 

QB2 

1.72 

114 

508 

139 

008 


Sarin vest I Jersey) Ltd- (s) 

Queens Hm. Hon Rd. Si Heher.Jsr 05342TMB 
.imenran lnd.Trt...|£7J9 75S*0.05) — 

I’oppetTniHX. . .. 'UL47 11 75) *005) — 
Jap Index TJ. ... 10140 11.64+023) — 

TSB Unit Trust Managers (C.LI Ltd. 
tvtcnielleRrt.si.Sanour.Jcrwy. 053473*94 

Jersey Fund (50 0 526) I 4 56 

liunmvi Fund . |50 D 52-bJ . [ 4J6 

Fnceh ou ucl IB Next sub. day Ocl a. 


J.St Man 1 Aie.1«n»]on. FXTl. 

Gan pave Fund KtuR. (Far Fasti Ud 
1 5W HuIrhiMm tter-. in lluivoun Ilrt II Kenc 
JIK 4 Par U Trt . JSHM16 


Tokyo Pacific Holdings N.V. 
(■1-3513531 ] n iiml< MaiiuRenirni lo N.V.. ruravao. 

NAV per s-hare Oct. IB SUbTSSS 


Japkin Frt 
N American Trt. . 


H"3317 

'SIM 


. . BUS 

InU HomlFlind . Blr.-UJi 
hi I 

xli.- 

Mi 


ILf 
1195! 

ianmsre Inves t me n t Man. lid. 
y«t Xin.Cl LiiHntlnr^lxM 
ianrwrc Inti Inc ' 

'i.inmcrc-Inll «!rth 


44«*01C1 LOT 

a.:] *a 

UB| . I SW 


^.a 


n«2123(ltl 

I 10 3 
. 1 2.28 


831 

9JJ 

1052 

11L1 

1318 

135.0 

1175 

12L1 

474 

son 

474 

500 

460 

405 

46.0 

. 483 

476 

502 

476 

502 

462 

4&7 

462 

487 

46.6 

491 

45.6 

491 

475 

.SOI 

(47 5 

50.1 


Fquity Frt Vc 
Fvd.fnt x'ap . . 

Fxd lnt Aw. .. 

Intnl Fap 

Inlnl Acc 
Managed fit. Cjp 

Maau^rrtFd Arc 
tTofrt-rry Frt, t'np 
Property Fd .Vv 

Provincial Life Assurance Co. Ltd. 
203, Bi -.hope flrtle. ET2 
Pun Munigeil Kd 


Prop CathKtl . 


11291 
18b ft 
1171 
10L3 
1078 


136.0 

m.8 

123 j +ao| - 
206.7 

113J +03] - 
1021 


-•.'juIi value for tint) prerpium. 

Tyndall AsMirancefPensions# 

l<LC3nyniLcH<arf I 
a Far Ort 10 . 

Equity ixt- la . 

Bond Ort I* . .. 

Property IVt 13 - 
m>pmntt)rt. 19 
.Tt.ni Pn ri'|X.2l .. 
ivmislm ncL id 
M nfn.1 Mfriri 2 . 

T». Equity m.-i 3. 

DaRni»llK>.£. . • 

Do. Prop. Oct 2 

Vanbrugh Life Assurance 

4lrt3MArhinx.tl.Mn WlF.fll-V 014994823 

,151 1 
12161 


1271 

-!P 


173 0 

-7.6 



166 0 

-16, 

— 

ICfl 9 



1299 

+ 02 



1537 ! 


— 

320 

-0 3 


1782 




290 4 


__ 

181 2 


— 

898 

. _. 

— 


Unnsflert Frt 
01-2478633 Equity Pd 


Intnl Fund . 
Fixed mires: ; 


ITonnnj- f •<! 
Cash Fund 


1010 
ilW J 
1880 
tuoa 



iso. 8cKentSL,Madon wilt ofe. ow3fl7i»i * General Pi#p. Fd. Hgre- Ud 

CftCMngd-Fd. fuaLO 132,01 . | — ll.#aeeoYietonaSf,E04N4TP 01-2+fl9T7B EquTtvKunri . „ .... 

Crmvn Life A*«rance Co. Ltd.# L*£iPrp. fh cw. 4.(917 moj)... ! — Fkd tm Fund . |%9 102 1| .. j - Vaohrogh Pensions Lmnied 

! : r™i™vi»i Fcnvioa. I.™.e« ■ 

IibsTi itfl+o3 fcsa Life Assur. Co. of Pennsylvania iroiiwro Bun. ccin'znh • oirtna ara Equii? .. . . ._hwz 115 n +o«! — 

LACOF Unite |W im t - taNiwH Bw «3| -J - Cuaronteed uc 'iru.. Raw Rjie^' Lable. 


Manx'd F.L locrn. „ 
HangVlPd.liilL^.. 
Equity Fd Ac c. _,_ 

EaultrPtLInrflr.i 

Equity Fd-hwl 

Pr^icriy FdAec. J 
Prope ny riLlnoB. 
Property riL luu. .. 
Inv. TM. Frt Acc — . 


1. 

J5w ' 

Xnr. Tst- Fd. tuem, ..(1013- 
lnt.Ttt.Fd IntL- " 
Filed lnl, Fd. Acc. 

PwL lot. Fd Incpi . 
l8fe«'I.Kd,AW._. 

Inter-! Fdlncm.*. 

Mont# Fd Ace. 

Money ril ltK-rti 

Ditt-Fdlnrm. 


tavwt Bit- inVAV-lIMJ — 


1112 +M 
2042 +8.4 
W2S +0.3I 
-*■0.4# 


102.9' 

SS 3 

1184 

B84 

97J 

95.0 

MM.fl 


£ 2 +0.4 
6 ...... 

1806 

, 9J4 „ 

209.7 *0M 
10*1 +0A 
1MJ +0.4 
.1053 -HJw 
2043 +0 j3 
124 6 -0.1 
224.6 
102.4 

2000 +0| 


603 


Prop Urt Mn- 18 (L27J4 

= Lloyds Bk. Unit TsU Kngrs. LUL Reliance Mutual 

7 * 1 71. LtKBbwiI St.. EC3 01-523 1 288 Tonbridge Wells. Kent. 

5JJS Exempt )9M ltHJaf 4 f-71 RtLProp hd. 1 205 3 ] 

~ Rothschild Asset Management Maiirhesicr uronp 

KL&whitei^c uttKkm^jrT 01«B43» Windsor Life Assur. Co. Ltd- 


Lloyds Life Assurance 

20. Olflon «-. EC2A 4MX 


Welfare Insurance Ca Ltd.# 

080223271 \fin-lndcPBrk E»«cr A3S% I )2|6S 

...J — Monr-malcrFrl . | 109 3 1-041 

For other lundi, pl+A+o rriy-r to The I marten It 


1225 

352 

MS 


8.15 nte.VA Mui.0cU2.. 
— oiLyA'OcpcDetn 


£ L‘JLSepLao__ 

3WPr.l5rt.l2 „. 

OfvS-A’EquJct |£.. 

njurAiiy-Ott.iz— 
npJ'A'Ma 


„ 248607 

Q444 


140-5 

135* 

X57.D 

i»3 


1> 
26331 

2U| 

1213 


N.C. Prop [123.6 1283] . ~ 

N+n bub. rta.v December •<a. 


Mclni Platte 

Royal Insurance Group vutitreAvuii'Uia' 

Nr~ Halt Plucv.LttcrpnoL 0H32T44S ni5 U AS?rfrim' h ' r " 
BwB1UmU 1U w |»U 15».«...4- Irlca. hjv.GtwUj Z. 


Ku) Jl Albert H«.. Shuct At.. Windsor 68)44 


74.0 77.9) 

22.00 
43 90 
(26.46 
USB 1U.C 


Hamit ro Pacific Fond Mgnrf. Ltd. 
Clio, r.unmuiithl i.'ciure, Horn; h-.nc 
FwlEa+Ittrt II . . KHKB77 UMd . ) — 
■In pan Fuml . ..Sum 1170 . .. { — 

Hambros Bank (Guernsey! LUL/ 

Bambrm Fd. Mjjrs. (C.l.) Ltd. 

P« Bovtw.iiurrrosey lHHl-3fi5S! 


Tokyo Pacific Mlrijis. (Seaboard) N.V. 
Inlimi-* Mnouccnipni f.i N X' . Curacao. 

NAV per shore Ocl 16 5U553 13 

Tyndall Group 

r.<». Box 1256 Hamilton 8. Benmrfo. 2 S760 
1's.flsflrt IK ...ISUS1I7 
. irruiri Unite. 

.l.Waj lnl ilcL 10 fa-SUS 
2 Neu Sl. M llrlirr. Jerser 


Vtritnd 150 7 160.5). . 3.70 

Intel. Bond S1JS 10975 113.14] . .. a 50 
lnl Equity SUS !2 16 l? .. 2.20 

lnl five* '.V SUS 187 12(3 .. - 

lnl Sirs 5l’S|l24 J_2Jg 

I TIMS' onUPtebcr IS Next dehlmc t k-ioher 25. 

Henderson Baring Fuad Mgrs. Ltd. * 1,u, 'K r ‘ d ri-fi. l- 
(TIP. xianun-jn House. Ilrqif Kimc 
■tLpite F't Uct IH - (Sl-SBK 3« . . 1 - 

Ptisirii-raiHi- . sum 956 J-flOUl — 

UcartFd 'Oct 20 | 5US10.WS (rtJCl — 

Ei dun is of Any prelim, rhintcr. 

HUI-Sumacl & Ca (Gueraseri Ltd. 

n Lc5-X.-b-.re St. Peter rnn. rjoeronoy. ! 


*atn[ - 
6534 ran us 


TOPbLOeLlB. . |£7 35 050 

i Xreum Sliarrwi £12.60 1335 

.Irrn-Ticaji Dei 10.. 595 96( 

i xreuia share*' . . 89 5 96.D 

Far ErcdOcl 1B_ 913 96 0 

lAp.-um stearcsi . 913 98.0 . , 

JftrNcyFd I.TL18 . 2032 215.4 732 

iNoo-J A..r Its 1 . 227.4 304.8 

•lilt Fuml t kri in.. 104 8 206.® 

t Acrum Share-..' 1392 1411 

Video House. Douelas. 1 stent Mao. N24 241 IL 


11362 


143 4) 


I'ld. IninL MngmnL (C.I.! Ud 
14. Mulca-Jcr Wrrrt Si ltrtier. Jnsej. 

V 1 B Fund — liUtama 1M65I I 779 


United Slates Tsl. InU. Adv. Co. 

Rue Aldnniicr. LumrahouTf; 


Net wcvls Oeloher 16, 


5UK1B.22 
5GS7JB 
51-4U3S U+y 

U804 10 o3 .... 


0]-fln04535 
+OOW - 


-.uemxcrTrt ...|355i 165.9) +i. 4) 338 U.S. TsL Fnrl . . | 5MS1078 1-0 14) 0-93 

Hill Samuel Overseas Fiind Srt\. 

(TT. Rue Nure- Uamc. LnembouRi 

I5I5H# 2034)— 0 26) _ 

International Ifeclfic lnv. Mn*t. LUt ST^TSTS 
JT1 Rnr R2T7. .54. lilt Si. Sidney, Au:4. - - - - 

UaiuJinEquilyTKl /J.i2J6 2.48|-ftP7| 

jj.E.T. Managers Jersey! Ltd. 

n> Box KM. Royal Tst Hxe . Jcrsnii334 27441 
iJcrs*. Extrnl Ta . |19lo 204.0) 1 _ 

■X" st T* 29 Neu rtib. riay On. 31. 

|Jar dine Fleming & Ca Ltd. 

k«>i Floor. t.Vniiuiuuhi fenlrv. Hone. Kiwc 


S. G. Warburg ft Co. Ltd. 
30 GresiuniMrcrt.ECi 

. 5US967 

Enc. InL Ocl IS. 

Hr -SL SFd A ur 31. 

Men- Ehtlrirt in 
NcrcSlnyMLIQetlC. 


-0.^ — 
02768 


Warburfi Invest. Mngt Jrsy. Ltd. 

1. Chart ngCmh^L ilrfter.Jar Cl 053473741 


CMFLirt. SepL2H. 


WNU# 


CMT Ltd Stptjfl ....(£1439 


Jnrdlnc bertn Trt 
JaMincJ'tei KiL*. . 
pardino S.t A 

(Jm-rilerFIemlirt. . 
liMi.P80.RCGti(lnr 1 
Da.tArrum.i . 
NAV Ort is 


>00353 70 
HK341833 
5US19.98 
HKT12 48 
KKS15D9 
HKJ15-24 
Equivalent 5US872L 


200 

0.88 

280 


Metals TM.i_.cl 10. 
TUTfJct 13. 


TUT Ltd. Ot-L 13.^.. mil 


£12.90 


Hud 


Ncxl auh Ort. J3 


World Wide Growth Management# 

W*. Roulcrard Royal. Liuanbaurft 
Worldwide Clh Fd) SUS1632 1-0D9| — 


NOTES 


“S S premium. c*t+Tt where ■ rortiralcd 4. and are in pence unless otherwise 

pndirattad. lirtdn % (yhown in lart rolnmni allow Joe oil buying cypcDse*, a Offered dticm - 
>?riiu tf »««WW.b To-doy'a prlrea c Yield bawd n„ oUer Are” eSimSSTtcKSv 
ptrjilnc price h ramrlbuiion tree of 1* K otxe*. (> Periodic premltiinlmuranccDlxnx c 
premium iiuunuirc. « offered price include* all e^pen^ e ^ ranCCpUn5 1 S ' ncle 
6. ^ ric8 Wrfudte all cfepenass If bmisbt IhroucV inuhag 

“ •'.rt ox teut do realised rupitaJ ear nr. unlesr mdirflted b« 4. 9 Cu 

t Yield be! ore Jerae* lax. ) Ex-MibdUittOtu 


f- P Periodic pro mi urn liwu ranee plans i 
Icj all e^penws except rmcnfr comnnsnon 
cht through ituirtMert t Prcxitw." day': 


Prcvlou.1 day's prieA 
oenucy cross, | Smpradod. 


i 



.financial .Tirtfts 


Pr 

pr< 

ch 

BY MA 


THE pr- 
decided tc 
allegation. 
Wilson f« 
number c 
were com 
paign a.gai 
Party on 
1974 Gem 
The foi 
allegation 
lowing Lh> 
affair. Ml 
was. had 
an orches 
himself, f 
Lady Fi 
Marcia W 
The Pr. 
Sir Haro 
drawn soi 
Subseqi 
told the 
did not 
prietnrs 
instructed 


Wall Street 
UK. Equities 
UK. Gilts 

For our latest views and PIMS 
reports write to R.K.T'rmberlakc, 
W Hanover Square, 

London W1A1DU. 


FT SHARE INFORMATION SERVICE 




GKOCERE^-^Gan! 




BONDS & RAILS— Cont. 


ik*. 

High Uw 


BANKS & HP— Continued 

IflW I ' .1 !?■ Wj Djt I IVMI . 

Hi«h Uw I Sorit | Price ) - | Set |cVr|(Src| WB I 

_lexi rk 


CHEMICALS, PLASTICS— Cont. 

13CT I | • - |+«r| Bv I . |TM| 

Sjh Low 1 Sort . ] Price | - | Vl lCir[Grs| 


ENGINEERING— Continued 

fti ^/uhiswa 


BRACKEN HOUSE. 10, CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Advertisements: 883033. Telegrams: Fisantiino, London FS4. 

Telephone: 61-348 8600. 

For Share Index and Business News Summary in London, Birmingham. 

Liverpool and Manchester, Tel: 24$ 862$ 

INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam PO Box 3286. Anuterdam-C. 

Telex 12171 Tel- 240 556 
Birmingham; George House. George ftoad. 

Telex 338850 Tel: 021-454 0922 
sunn: Presshous IL'IW HeuB&allee 210. 

Telex 8889542 Tel. 21W39 
Brussels: 29 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo. P.O. Box 2040. 

Tel. 938510 

Dublin: 8 Fit=wiUiam Square. 

Telex 5434 Tel: 785321 
Edinburgh 37 George Street. 

Telex 72484 Tel- 031-226 4120 
Frankfurt.- Im Ssfhwnlager 13. 

Telex; 416283 TeL 5S5730 
Johannesburg F.u. Box 2128 
Telex 8-6257 Tel: 838-7545 
Lisbon- Praca da Aiegria 50- ID. Lisbon X 
Telex 12533 Tel. 362 808 
Madrid Esprowceda 32. Madrid 3. 

Tel 441 6772 


Manchester. Queen's House. Queen Street. 

Telex 666813 Tel: 061-834 8381 
Moscow- SadovoSamoteebnsy* 13-24. Apt. 15. 

Tdex 7900 Tel: 200 2748 
New York: 75 Rockefeller Plaza, N.Y. 10018. 

Telex 66390 Tel. i213t S41 4625 
Paris 26 Rue du Sen tier, 75002. 

Tdex 220044 TeL 236.5743 
Rio dc Janeiro: A«eflida Pres. Vargas 418-30. 

Tel: 253 4848 

Rome: Via della. Merrede 85. 

Telex 61032 Tel: 678 3314 

Stockholm: c.'o Svcnska Dsgbladet, Rsalanwavagen 1 
Telex 17803 TeL 50 60 88 
Tehran: P.O. Box 11-1870 
Telex 213830 Tel 682608 
Tokyo- 8th Floor. Nihon Keizai Shi mb on 
Building, 1-8-5 Otemacbi, Chlyoda-lua 
Telex J 27104 Teh 241 2820 
Washington: 2nd Flooc. 1325 E. Street, 

N W, Washington D.C. 20004 
Telex 440340 Tel- (202) 347 8678 



(202) 347 8676 


ADVERTISEMENT OFFICES 

Birmingham Ceorcc House. George Road. Manchester. Queen’s House. Queen Street 

Telex 338650 Tel: 021-454 0822 Tele* 666813 Tel: 061-834 9381 

Edinburgh; 37 Geome Street. New York: 75 Rockefeller Plaza. N.Y. 10019 

Telftx 72481 TehO* 1-226 4139 Telex 238409 Tel: (212) 400 8300 

Frankfurt. Im Sachscnlagcr 13. p «rt*- *5®®®- 

Telex 16263 Tel: 554687 Tele* 220044 Tel 2368601 

Leeds*; Permanent House. The Headxow. Toteo Kasahara BnlJdinc. 1-6-10 Urhikanda. 

Tel. Q53g 434S6B thiyoda-ku. Telex J 27 MH TeL- 235 4050 

Oversea* advertisement representatives In 
Central and South America. Africa, the Middle Bast. Asia and the Far East, 

For further details, please contact : 

Overseas Advertisement Department. 

Financial Times, Bracken House. 10. Cannon Street. London EC4P 4BY 

SUBSCRIPTIONS 

• fiisies obtainable from nemmgenu and bookstalls worldwide or on regular subscription from 
^ Subscription Department. Financial Times. London 


tUstbnck Prods 61 +1 2.52 371 3.7J1LO 43 

Vetters Bn* 87b t5.29 0.7 9Z8Z7 42 

,dins?2fisi.. 61 +1 2.61 3.0 9.5 53 156 

VMft'mlfep. 37 1.01 4.3 4.1 6 9 400 

W~!itt:i>n inp 5J1, 1.66 25 70 &S 80 52 

i*/ i tt (Vihm-rocMllj . 344 trt2 54 10J 2.6 57 177 88 

101 } 63 lWintpcy i fieo 81 45 0.69 133 13 8.9 382 260 

106 83 

CHEMICALS, PLASTICS IS k : 

El II4 600 AK39 . £10^8 — — — —I — i« 

302 235 Alpinaielnds 235 -5 ttH437 2J 9.2 66 rfL 

146 84 Alda Park lflp._ 138 .. 4642 11 6.5 87 

90 61 Ail d Colloid lOp 71 -1 L70 3.2 3.6 133 

79 60 AcdrarOienL .. 72a) +1 td472 1< 87 55 

£57 £401; Baser AG. Dili*) £54 . cQIJS 14 2.8 24.1 

275 122 Blaplen Snakes 244 -2 fma 1.9 7.410 5 

•Z18134 anuaChenblup 199 *2 f43.17 60 2.4170 

31 19 Bril. Benzol top- 2912 41 0.6 * 3iH 4 

*66 45 BnLTarPrd top 53 1213 

14J 4 10b Buffdl5p 1H 2 +U 0.93 

41 27 L’ari&Capel top. 34 .... 0.93 

49 41 ' CaCilin 43 290 

E95 £87 CibaTssiVsLi £91 . .. Q7»4 
E99 £86 Da8<tnrt!9l. £86 -» 2 08% 

£98>j £861; DoflcVOn S2.95 £8&l 3 QSVii, 

81 64 Ccalile'Tiein — 74 . L82 

79 59 fadertim . . 77 +1 t236 

78 57 Da A’ NT 74 +1 12.36 

27 19 CaT.Horaw:5p 19 ... M0.75 

65 401; Crodalm-iOp- 60« t2.22 

331; 301; CrodalM- Iwfd. 33 

*40 16 rrrSjtW5p._ 32 . €067 

lllij 69 Elhs&Eirtard.. 100b +b 5 03 
65 42 EnatonPlakini . 65tf . . 4.58 

75 36 Farm Feed 70 mO.67 

394 325 H.’onsSS 330 .. *1304 

27 13>z HalseadiJtlOp 25a;.... 08 

234. 156 Hksn. Welch 50p. 218 TH33I 


115 105 
258 180 
138 104 
111 68 
310 225 
165 148 
65 46 

52i 4 333 h 
172 308 
71 38 

43 32 

146 111 


s £ BSHBS* 


,2712 18J; Astra ImTI.lOp... 

100 79 Aurora Kids 89x5 

J25 -.11 Austin ulamesi... 105 

197 142 Avays. 175, B 

W BabeorfciW ... 161 1+5 ■ *, 

6191; BaUejii..lL — r s +J| J024 9 | 45 


1.0 9J 
3.4 6J 
3J 9.1 
.95 U BJ 
t5.9 3.0 5.1 

,t5.33 28 5.1 


Ifi ^ .yi*uscnpwii.. 

94 70 Ass-Bisruliap!. 

t 78 53 AK.BnLFds.as 

'273 205 A* Dairies...!: 
/I 39 ,i». Fisheries.. . 

, 57*2 AtautuGriwpap 

78 J? gHhiaSS^i 
1M* 11 BartwiftWp. 

85 66 BarriAC: 

% 62 Bamrtc Milling . 

157 119 BassettfGem _ . 
89 48 Batl^VorklOp 

76 561; BcoralOp 

274 182 BlbbjrtJ.iEl ... 
200 150 Bi shop's Storea. 

^ ™. BS: 

159 104 BriL5avar50p_ 

33 23lj 

5% 43 Brooke Bond 
6Uz -48 Cadhuj-B Seh'ps... 
.66 41 fan's 

104 . 71 Cartiers 3tta 

60 42 Clifford Dairies 

52 33 Do 'VN-'V _.- 
153 73 Cullens2to...„ 

152 70 Da*A ,J ap 

125 Danisli Bcn'All 

. 161; 8b EdVdsfLouC.iSu- 

n s' 

14- % «dterfAiSa" 
74 57 Fitch Dm dl 20 p. 

26 20 GtassUhnefSi]., 

105 44 Goldrai Fhucard. 

771; 56 HazJen'Ja P20p. 




















































































































































































Ay>i-\ I 


' « ^ 

S'. 

, '%' 
\ 


"Ttoknrffil Wines Satar&p Oettber Bi I9JB 
INDUSTRIALS— Continued INSITIANCE-Gmtimiec! 


PROPEBTT— Continued — ^ TRUSTS-Continned ^FINANCE, LAND— Continued 


M m |c»I™|he| “I* ta, j “>* ln« 1-1 M W 

(I III S139fS?S pwil for. Crtl.,1 5132! [QSSat 191 


199 > 

Hi 5b bn* i S«k 


+ or Die j Vtt 
Pi ire — Xu (V fir* PIC 


12 7? “ In 30 22 UnWlnd T-iiSp 

&i 5 - 1°. - 272 2il HaJemen; Idp — , 
“ 7? “ 22tfj 87 HKLwdHK&J 

«7a ti ?lwn3W 2SD l nuj property. — 
t9.?4 33 3 1 13.0 to ?c i-w-.JELW 


Stewart 

<?}\y Wrsghtsc 

International 
insurance Brokers 
for the Oil industry 

1C-J mcraB-? Street 
LorccnECSATHI 
TeieptiofwOM&jrSTt- ^ 


cm 


ISnilrhEnM 61 4.99 4> 122] ♦ 

Ismr.PatHKMe +V> — — 5 2, 

KscfiaNTJW. £43 OSy. — 5.9) - I 1978 

rrr4B^lfc.Ti.lp. £11‘2 -S» W43J2 1.6 3-1 1** 

fe'Sa Sdert.atp 25 213 L2 12<)lDJl|- ln „- r 

pTfeldEnclasJ. 52 1.54 4.5 « (ij 

KoHctmW- M 11033 _ 36 2$; 

V-ileiiCalup— 77 -1 1.41 3.8 i.O 9.0 


MINES— Con^nued 
CENTRAL AFRICAN 


+■ or| Dir. nd 
Price — I Nei C*vr fir's 


3-5 *55 I^VjXrl 


>17 hn [mpnCiaThK 312 I ""!:! bln I i 2I 32I39.5 


' — 154 alti fcl :i0 155 FaJrcn Rh 50c 170 . — tjnOc * 214 

11033 “I 3 34? - j 15 F:hi.fM’urp tp.p 1 S>j -l 2 057 71 51 

_¥" i'V, 33 TJ ?a-Is 50 £S ri.vn*.'ons V* .1 74 _ - - 

,1 3.81^0,9.0 ^ UjmLh. i.«,l to- | _ 3m Q9p $ 17 3 


OHS 


17k I 10 [Zam/.prSEIUil .] 


13*1 1 - 1-1 — 


£22 fS’zIjnrhcronsTipc. £114 lOTMi 2Jiffi5j_ 

150 13) p.in}-M.Tldiu4_ 14G 1543 2.7J 1-3 95 j-* 


Gonmercial Vehicles 


SHIPBUILDERS, REPAIRERS 


S3 b2 HawttonjLSflp. 74 ... 

168 125 Scran Hunter £1.. 156 -i 

2j 0 135 Vos per M3 ... 

345 (260 V arrow 50p 337 ... 


-1 6.96 [ 18 6.7(13 0 

<5.0 4.5 3.7f 7.5 

t-Uft 4.7 2J1U 


226 170 
92 59 


DaDeTdSOp- 147 


tfd5to_ 

Flnc.36p_ 


444 226 


i(CJU9.t 324 


D*k & — SO IbUSl 3.4 39.0 


l&Ctar £541n Qti.%1 — 18$- 30 | 23 [ABEL Nigeria 24 .1Z81 13J17.4 

1_ 174 +2 U34 5.1 l3lS.7 «> N AyttHjtamSMl— 365 +5 Q30Cc 0517.7 

238 +4 — — — H 6.7)60 45 BeralcTm . 53 t4.0 4.4 ll.S 


TINS 


34 I...V..T281 


1 55 37 F.iC.BirotnaL 53 L0 

103 J 70 RmaJylni.TsU-. 101 +2 1 145 


284 

1§£ 161 


£13* ) £103 W raaie JCIL 
.U 1 ; Is* Mor.-jnem ila . 


SHIPPING 


112 76>z Fust Scot. An _ 96i 2 +]2 289 10 45 325 {« 

L91fz 130 Foraaiia<L_ 175 +1 r3^3 10 33 463 

E E F_uS^/R02aj. 47 -1 +05^ 12 7.0110 ^ 

391? 55^2 Fhndinvttllnc., 39i 2 T2.44 10 9.216.2 “ 

71 49 Da Cap. 60 -Hr — — — — 

L93 98 h r.T Japan 185 +S 202 1.0 16 903 

57 120 Gen icConm'eL. 14S 5 91 11 60 24.1 


182 LTiramar 238 +4 — _ — 67 60 45 BeraJCTin — 

120 Do.7peCav.U_ 137 +1 796 2451 7.4 _ »5 2W Rermataina 

86 WeetaNatlOcte 165-5 — - 1 - - WO HI Geeror^ — - 
E6 DnPfdLOnL 10e_ 165 -5 Q15V — 47 _ JWzlBh Coldi Basel: 


IWo<x&deA3)c..| 62 |+1 | - |-J-]- 

OVERSEAS TRADERS 


Gold & Base l?2p_ 
GopagL'ms 


245 130 (HcrngVong 
93 78 (Idris 10p_ 


11 7 

84 68 


J attlar 13;p , - , , 
KamnaLne S1W50 
railingkaB 


23G iKalavUredgincWl. 



260 -5 QllOc * 91 

170 ...... 5.04 5i 4.4 

10U _ - _ 

345 +5 11536 0.9 6.8 
245 .._. - - - 

87 412.0 1.6 t 

7S 2 -l" qirirf 23 Ts 

640 Ql* * 19.6 

Sc 03 4.4 


tn* mSssct. ^ ::::: | « 

88 kjThce* awt._ 125«r +1 t4.14 3.g 4.9 8.2 Jfi* f? 

82 OLtex^p 110 +2 t!*3.07 3.fl 42 92 115 * 82 (ZetaBi'A 50p_. 

3? OiMaonelS!^. 21 Q6c 2314.4 IS - GflfiBTCS 3 

3b PJU.(!MiEe-4>- 56 10 5.ll - 80 . 

IQI Parter tncif.V. 123 1*2 5.71 4.4 6.4 95 {63 lAdsnsQWwa. 


a 14 Ptri)!/js toenis. 18 .... B— — 

175 242 Fnoo-MesOp— 353nf -1 6.03 * 

28 211 ftlbarmn Br El. 315 +13 h585 4! 

77 £56 Pliny Bowes La.. £68 CBM 5j 


1 J S3£JP=i 

18 149 PomUDnfiLSOp. 195 io.1 

5 27 PressiVmi5p— - 30 0.B5 

80 154 Prestige Group- 180 +1 5.66 
43 28 PritehardSva.5p 37 -i 2 151 

14 Sb Prov.Lsuntb.5p- 13 0.41 

83 48 R-FU Group lOp 77 -1 16 


49 «l!l% «* JwoodbemKJj— _| 107 +l ‘ 3.86 4 « 54 5E * 

J? §] 115 1 82 Izenia'A'aDp.-. | 84 (+2 1 4 47 | 2.4| 7.9) 7.7 

14.4 is - Ganges and Distributors a 

4.4 tl «K 65 lAdaasGlHjMi-. 7D +2 442 3JH 9.41 57 30 L5J : 

5.5 6.7 21 % AJma*ra5p... 18 - - - 22.0 65 52 

4.0 7 6 105 72 Awdejadap.- ,95 ..... ?d634 25 10.0 7.1 ,8g 

4.3 4 4 *1M 110 ASKamSWor. 115 7.87 25 1D.:-J 45 ip® % 

651 5.9 45», 343, fiS^StiOp flij +i 2 t2J6 3.4 B.W 4.C ,{£ 

85 44l 2 35tj BmdGajup5p_ tL40 4 8 5.4^ 5.8 J 2? ^ 

B— — I — 19.4 95 to BrenaUiC,D.U. 85 . .. cU45 3.1 7.3 4.8 fj 

, 03 * I 2.6 * 51 40 toil Cat AoilWp- 51 +U 2 17.4 2.3 5.9^113 & 3b 

i5 85 4S 28115 26 » CG5B 38p_-- 22L 2 . .... tl.44 22 9.3 7J » 38 

“ - ■ _ 05 - 113 64 CrffrnsSOp 106 +1 b.SC 23 75 63 40 

6.6 7.2 44 2Vi Qtoweba-s..- 33 +»> .J2.«l 1110,^117 “ 46- 1 , 

75 8.0 47l! ?5 CmHeimj— 43 TdL73 4 6 60 3.9 ^ 


SHOES AND LEATHER 


il 1 i S’* | 

- 45-51 21 


- S 3 eg”*- 8 Si !? S “3P8 p5f 

96 226 RmkOrun 256 +5 tat» 36 4.7 6.6 G35 msl DolOpeGi*,-! 

30 392 HakittCdLSOpL. 505 tl0.77 3i 32(9.0) « 72 WnisttCIiariB)-: 


27 262 
80* 42 
S3 102 
14 68 

00 145 

S 15 


s&snS ±m 

araCIasn- 290 +2 F16.O0 

£2 itr iS ” 1 +2 

SlBm zM i SSj 


L02 74 Dzvi^Godfijr- 98K +i 2 3.32 5.8 5.0 39 % 

■80 64 Dorado—: 73 t£.l 2510.4 60 2? « 

54 39 MttftabM. 46 +»? t2B5 3.6 9.6(32) ,?1 1»4 

59 46i 2 Gates (FG.) - 5LPj +L. 155 64 4.6 5J Wf, ^2 

38 29 Oan&idLawr. 33 1.Z7 15 5.7 17.4 32*2 24 

51 21 HuGerlmfi.Mp. 50^ +l 2 d0.47 17.4 14 55 

[26 92 HmT®n(Tr.)_ 113 td4.18 3.8 5.6 7J 

'138 7412 HstmBl 106 t£50 * 9.6 35 

*135 112 BestSSJQp 1271* +H Z 18.71 32 102 5JB „ 

L49 68 HeraalBL&iL. 116 +1 364 3.7 4.7 6.S .B 

E235 £128 DalQwCnv,-- £200 QW% 35.0 S.l _ 635 4M 

95 72 Hmttttarfcs)- 88 — *05 3.010.6 4.7 1« ® 

46 31 lessupslOp— « ...._ 157 5.0 5.6 5.4 ,?7 g 

84 65 Kararnglfe— .7W 2 1421 25 84 69 175 95 


:::::: «• 

67 ...... 4.39 

106 ..._. 7457 
58 ...... 0.73 

107*d 14.97 

77 +1 1230 5 

53 13.22 2. 

56 ._.. 1B4 3. 

56 119 5L 

54 12.81 ‘ 

41 ..... 2.16 
67Q +1 4.73 

74 -4 175 

40 fhl J3 

101 -1 M4.02 
28 fL33 


Do ■B-'ip.i . ... 75 


65 65 Grange Trw4 — 81 ...... till 11 3.W34 4 i’ r 7 

ID 90 QLNoUfeim.. 102> 2 13.43 11 5 724.1 ig r^f 

102 67 Greenlnarlnv.. 99 .... 1.47 12 2 ^55.4 

7012 56 Gresham I nv . 63 ... 2.03 2.5 4.E158 V n % “S 

70 48 Group Inverters 67-1 19 11 4 3313 19Z 

89 tfli 2 GmrfcnlnvTa.. 81 274 1C 51287 J^5 ftuvw 

QO 78 Ham-J res 108 *1 3.81 10 5528.1 ^ SLi 

>04 160 Htll«PiuUi>i .. 1% +1 8.02 10 6.41235 l 4 J ? gnge 

8 s 9BB*-*'- a « I J W? Si itl SRBRd&i 


iPahanj 62 *Q3 75c OB ± 

Per.iLkT.'.ftp 74 6 60 1313.5 

frriirc5»T 260 tCrOc 16 7J 

Saint ?irac S +7 ’M 65 5.6 

arwlhOroSy iup . . ■ 70 -5 419 2-0 8.5 

SnLthK:»uSliOa> 240 *5 jGWe 0.613.0 

|<_-w SAn Mnloyan 1M1 . 335 11 84 

i L4D 134 Sunar.B^iSMl— 220 W65c 5.3 b4 

r I 35 I 55 SuprensCurp JJJI 75 zqiOc — 29 

Tsnjwrflap- . E3 6e0 0.8112- 

T.eiAkii Hrbr 5M1 90 hpaE*. 16 ± 

TroiwtiJMJ 245 fj-Q83cj 16| . | 


COPPER 


35? 107 68 OteanWL^aO? 8« +2 2 92 29^5.2 7.6 1(U . „ + 

i® 235 165 Ptfson-SecUOp. 1S5 4782 75 6.3 I ? 0 (MesanaKOA) ( 76 [ ItQSQcl 1.91 t . 

lg{ 225 160 Do ’A N;V10p _ 175 47.82 73, 6,7 3.0 

III £ £ SSESe a :::::: Sf a J 1° K1SCELLANSOUS i 

T_ 132 44 i&uneDarUylOp Ilia +2 rOS.O q22 17 273 68 35 

rJ — 1250 175 Steel Bros 200 16 5 ( 441. 5.0 6.7 17 9 



931* 62^2 lnre5tDn,T'p._ 83 +^ JL67 
182 103 JardineJ;#,! .. J65 +? 02h 
150 70* Iron? Sec. iiKSl 117a tQ47c 


SOUTH AFRICANS 


65 iKemungl 


25?2 .t«i 


11 


102 ReedlatLIl— 182 +2 tftl2 V 6.« 84 *$h tAURaaSmiroQu. ...... b45 3.7 80 M 

68 JKelronPBWS— 108 -1 4.16 83 5, 7) 117 76 48 Lookers 62 +2 J2.50 55 81 3J 

MS HoSwalatyStt 27C JL Qak * 05 T 87 73^2 *1 4.09 19112 63 

35 BeSKv- 47 *: 3ST 86 3.| 4.0 '38 23 &h^Wp. 32i 2 +t 2 052 63 7.0 3.7 

38 Restaur — Tfttt -Z h!8 56 3i 7J) (Ncfeoc David Sp. : -9i, ....„ — — — 24.1 

87 340 +4 ® 85 33 3Z0 3^ 77 fSwUlMtii.- 115 +1 thl73 75 J.b 40 

36 RopnerHWg^— 42 +1 236 3.4 77 58 W 4s fraleofleedf_ 75 +4 064 27.9 13 30 

32 Dtt'A’.TT—Z 42 +llj 236 3.4 7.7 5.8 5*1* 33 ^adhaaStt.IOp 48 rf ..... *223 2 1 65 84 

37 Botapnntajp 38 299 14 117 (?5i 130 68 Jffcstenilftt-^ 117 +2 223 84{ 25 4.4 

,25 RoHrolBodea. ,31 1134 5.6 64* 3.0 

l “ SSwC “ W<? NEWSPAPEKS, PUBLISHERS 

&,^rt™fe'|00- Eziz “LT QL-tS 3 9 65X24 ^ |*|<j 

95 SateWaw 153*c hS.2 35 5.1 84 »8 165 

19 Sadbantfiartat- 45 +2 3.98 * 14.0 * .fg ^ 

75 SugeroGrp ' M 5.39 17 10.5 85 .w-a 42 Jj 

■'E®!t58 , 3i1Ss 1 

23 Scot. Heritable- 44 M 91 6JJ 3.1 Si, ^ 123 

85 StctfcUn-hws- 123 737 13^ 3« 75 

2W, Sears Hldga. — OO^sl +1 fhl 31 30 4.8104 ™ S 

56 SecHrirtrCp — 152 {254 3.10 2.916.7 « « 

57 Da'A N-V. — 120 *254 35 2.016.5 

68 Saurity&rrfm- 134 ..... 055 4.2 «.0j 86 

67 Da'A'N-V 122 055 4 g 4.0 65 g2 

69 ShanaWareSOp 100 td2.44 7J 26 76 i 4 ? f" 

55 SiebeGomaq— 217 5 67 AW 3.9 82 « 


4.7 65 125 80 

5.1 _ 635 4ffl 

10.6 87 1« ® 

5.6 5.4 ,97 g 

84 89 175 95 

80 4.4 1» 87 

81 33 490 288 


h 66ULe* Service Gtji. M 5 3.7 80 4.4 ^ 87 

i « Lookers 62 +2 f25fl 55 81 31 «0 288 

WiESnSlWl— «1 6.09 19U2 63 102 ,|> 

23 DtovheslefHta- 32<z +t 2 052 63 7.0 3,7 190 130 

4 SJ, Wriooc David 5p. r-4«* ...._ 24.1 .« 58 

4 [Pennine Ifir lip 14-1 — — - _ 6E0 445 

77 frenviaiMW.- 115 +1 1h2.73 7 3 3.6 4.0 72 54 

1 2 26 Wmri-UiJ.IIOp. 42K +l 2 tL67 6.0 5.9 4.2 


95 -5 Q17e * 

500 Q63c l 

110 Q20c * 
PldlP.3jr| 70 ..... Q5c * 
~ 145-5 Q2flc 4> 

102 028c 4* 

375 -15 058c 1 

50 ♦Q5*2C d> 

165 ..... Q2Bc * 
72 . — Qllc * 
500 +5 +Q52c 3.' 
58 ..... QlOliC 1 

TEXTILES 


mmm 


05 75 

44 38 


JerreyBrt.PL lp 180-2 — I — 

Jersey Gee. £I_ Zga -4 «n3.0[ U 

los Holdings 51 239 

fewlnv.liic.10p 46a — 3.55 

to^fcopl 146 2 "I! 809 
Lake View Inv — 97i 2 + 1 2.44 
&tLtaLlnr. 43 +1 1.85 

GwDebentam.. 103 J457 

tanrdStie.ResJp 01% ..... 2.74 


RUBBERS AND SISALS 


nhmCoss.CSl 


57 ..... 

15 ...... - - — 

235 1Q30c 2J> t 

3E0 -25 - — — 

260 95 25 55 

55 _.. t . — — - 

825 -22 — - -{ 

82 4135 * 25* 

155 ..... Q7c 2.9 22. 


^ 185 1978 I 

71 7 ffigh law | 

104 75 

a o 127 65 

»4 17 nta 

wS 65 31 

305 165 


+ ar] Div. TV 
Price — Net Cw Grt 

102 Z79 4.71 4.1 

103 355 * 52 

59 I™. 4173 HQ 44 


NOTES 


* 2ffj 2fl I Da Cap 5p 

* 37 26 /LeVallonalnv- 


\%n i 

« 5-4 4.7 g i£, 
12 112 7.7 & 


l Atlantic 69 3.05 LO 

L*Gart50p_ 78 s051 2 * LC 

119 ..... t3 65 10 4.6 
.A Lennar — 56 ..... hL70 10 ' 

LftLri.lOp— » 0.60 13 

i & Lomond- 79 ..... 1144 11 


... ^ 57 26 

E ^ ^ ^ 

3o| 2 i! a6 22^ S 65 Karasnaslfly.flt. 

ioji LO 50 !35 56ij ffighlandsMSOr 

|f 0 9 jj l S, ? S£S?”Ii 

.... nL/u 197 69 {idn. Sumatra lOp 


56 4bl4 12 3.7 

44 -1 CB.0 4 102 

U> 2 ..... 056 i 72 

353 15.3 16 84 

110 +3 44.0 4 5.6 

115 -1 WaBc - 3.9 

74 -1 qW 15 3j6 

49> a SllJe 02 53 

180 44.06 U 3.4 


— Unless Mtenrtn iadbaM, prices nd net dividends ate In 
4.4 mn and denatainataacs are S5®. KrfwVid prieefecrnlnipa 
L 6 (ration and cavexv are taaed on talest annual report* and actfewnta 
37 od. wbeir possible, m npdaled on half -yearly Ogams. PfEs are 
02 ^ aleulmt aa Ike bads af net iflstrlbailan: bnekeied Btnea 
-tj indicate || per ecu. ar mace difference if nrirtilaird oc HB" 
e a Jutribatfam. Cams an based oa "nr.iliisim" fin riWU n: 
=■7 Vlrbta an tuned oa nddde prices, are anss. adjusted «» ACTo# 
,■2 n per cent and olkne for nbt at declared distrilraiioat ad 
i-’ rights. Securities with denandcarinna other than staling ant 
noted lachtflve ef the hnestmeot dollar prendnn, 


67 +2 hQ15cj 1* 53 1 doUar^ronauin. 
59 -1 40.48| 3.9( 12 p •Top" stock. 


1 1 ®S=1 "Wltjflp | MU £ 

fi S 1 h V*™ V.. n.|sSlu|v4E 

3.6 136 33 


g sm, 79 +144 1145 31 2 83 MalaktfiMSl-.l 

& J57 Z KIKk Z« +l" If * U * J? » 59 |-1 |40.«J 3.91 ISj- -Tup" 

a? S ^ :::::l59 3 iS sill » 37 a 7 |:::::(fe§| iS u t ^ 

34 Lon.tS'fKde— 44ni 1.6 4 5.4 * ' t Interii 

Life 8Wj Lon. Tw. ud. 105 h4.19 1.6 6.0 24.5 T1PAB ^ Tox-Cr 


3.4 L Sterling denooeotded securiUes which in c lude i&iestmeat 


si cj pa*, nacacte- 
17 85 jStd it Un. Invs- 
1% 27V Sears Hide. — 


Sears Hide. - 

SectmnrGu — 
Da'.A'N-VL 


30 20 Bid rfcoood Hart. 25 1082 

35*a 28 Band at. Fob. JQp 29 


70 67 Man.* 


ID 49I,{Sircitfm^l0p„ lC6a[.:'.::(fb2'.71 53| 32) 5.6 59 Wi 
■7*2 « klhanriSWlSp. 51 1-1 332 IB 9.7 77^ 


190 +3 5.90 3.9 4 61 84 35> 2 28 BandSt.Fbb !0p 29 3.6138 33 ^T 4 JJJrffiZglT; 

235 14.00 75 2.6 7.8 42 28 Bnghi Jnhni 33-’ 2 2.46 12 105 81 l2 “ft 

66a -.... 3.2 f 7.2 a 1W< Brifira ? Gro!4i_ 8>, -t 2 45 $ « 

57 237 h 62 17 ID BriiEnkafon 15 ‘S, || 

152 +2 d4.97 3 3 4.9 10.0 5«j 35» 2 BnLKohair— 58i 2 1276 3.7 7.0 5.9 S S uSSSS2r“ 

132 +2 652 23 7.4 9.6 70 41 Unlaw L'iub3)p. 59 336 33 85 4.8 S 2 Si iSTiffiiS: 

146 4.75 25 4 5 73 26 12 C.-urdiDumJcci . , 26 - - . - - S % “rErwri^rJ^ 

145 4.75 19 4.9 7.5 70 39J Z C«pAsinLM«p- W#a +1 tl.67 2A 33 IT2J! ,13 uSSjSSftr-" 

333 -2. 128 1« 5.0 214 4?i 2 34i z CatrttB ITjalfil 3? 1213 23 86 (6.Q, ^ 73 ‘itoKMeln.^. 

69 6210 33 4.6 87 34 28 iWawInd 34 246 19 10.B 72 g? Jg, SSSmsahS” 

85 +3 m268 4.7 4.7 87 « 67 Coats Palqnr fiSij 3.31 3.4 72 4.7 ^ £ S£, vSiw* w " 

7B 1457 28 B.7 63 «‘i Corah 40» 2 tL88 3.9 63 5.0 ,S« IT? 2 

175 -5 16.60 25 5.610.4 131 109 CourtauWs 121 +f 7.67 13 95 017; 

272 blOc sl^Oi 86 £803, £71’, Da 7S, Deb 217 £7H 2 Q7r,202dl« _ « tiu v vilSroSL" 

222 10.5- 35i"f6.7 _ 39 31 Qwcher.J.i— 36 +1 Ol.tbl - 2.7 - g 

130 1737 24 35 75 210 99 DawwiLntL — 206 -1 h>M.O WU 181 55 ,£ 

49^a +» 2 14.43 16133 7.3 210 93 Da ‘A’.. 206 -1 HlRfl 10.1 10.1 55 ^ 

266 ...... W.Q3 4.6 53 64 115 55 LhsmiDcmdi— 115 +2 3.73 4.7 4.B 45 Jifs Z2ff 


M=\* ;1;Tfeg BB iHSSSSSrl 


LliiamFroatieril.l 


14 17 Sil/rthcrtKlOT- 

!0 ,70 StmpvniSi'A. 

136 9P, acchley 

n 57i 2 Srmlliirverii Kip 
!1 . 1J9 |£=uth5lccs.50p. 
>4 [ 48 |5aHc.ljiv20p.- 


130 1737 2 

Wgtf+fe T4.43 l 

266 19.03 4, 

722 80 S 4 


i +f, Z Z H “ 225 l 1J3 Luaurail— 

J 2 ...'. *0.41 05 131347 ■ 

t 2 +1M h2% 20 61 243 

.12.74 LI 4.5 313 620 1390 Eia-r^n?*’., 

h +1 289 L0 43 34.7 185 130 RaiklsUtes. 


Sri Lanka 


W 25i 2 5 oobi 29 +1 2 34, 1.61,12.0 7.7 S 

» 175 ScJKfeyP.B.- 323 ->3 63 37 44^3.9^137 ^ 

;7 ,98 SpxtW'G W.tSp. 98a! *2 13 63 33] 51 ’ 

IB 195 SpsariJWl-. 220 -3 1 90 16 0 L31 66 
* 132 Jubv Pori....- 158 . — 3«S 4a37|87 

330 £270 DaSyeiTbv.Luj £595 3 0 «IW£5.« ~ 

2 (At Staler ini I £i 2 ....- *3 24 0.0 ij 2.C 

8 95 S*aaFurniiiire- 1 13o>3j. . *487 33 53] 83 67l 2 | 46 


PAPER, PRINTING 
ADVERTISING 


34 27 nrg«w1hM.J0a 54 

i2 2b Dn-.vaop 32 

40 26 lngramui' 10p._ 31 

54 42 JerwnarHWg^i- 53a 

72 38 LeedsDrere ,72 

21 15 LaghMiUs 20 


S 7 50 6 1 ^3 » 22 Rights* Iss Cap 31 Z” 0.1 

HS A «.H» it? asias? a a 


'vV« 3-3 7q 3 H £651, H6^lRobeco(&. 1 flSQI5®4ri+^ 1.6 5.417.7 

s S 3 2 11 652 W Da SukJh^ra 502«l +2 Qai'V! U ) 5.417.7 

dl^9 20 98(60* £366 SWmMSl’FW. £Wg 41, f- - - 

£U.-9 Z.0 9hf6Q, 5M 325 uSrtWsPSJflH. -rf s- - - - 


163 123 Rnw Plate D«f.- 149 . .1 16.34 LI 6.4*22.1 


dl.29 2.0 951(60; 


67 I |ij2.2l| 2M 4.9 ' Higha and Lows marked ttma have been a dju s ted to allow . 

87 I KfiL52l L9I 2,6 for right* Issues lor rash. 

11 1 1 t Interim unco increased or resumed. 

t Interim since reduced, passed or deferred, 

TIP AQ ft Tax-free to non-rcshlems on applica t i o n. 

A JLiLsaJ t Figures or report awaited 

_ , - - , , It Unlisted security. 

India and B3Il£13(r?£ll a Price at lime ot suspension. 

5 Indicated dmdend idler pending scrip and/or rights tans 
Xoanil .. 265 +3 49.65 5.9f 5.4 rover relates to previous dividends or (nrecasu. 

: 7uaticr£I. 293«1 10.15 4 4 5.1 * Merger bid or reorganisation In progra m . 

nvs.Il 101 711 3.7 105 * Not centparabte 

•lantsldn, 261’ +!» 6201 16 Hi * Same interim: reduced final andL'or seduced eartrfngn 
P1anu c l 332*" hit _ h ? indicated. 

•Header: 220 -3 ' 13.5 2.6 9J|* COW CJtfainss updatod ^ “ 

1 ic ft a 87 1 men in KoiemeaL 

ffZL“5i-- Li"' xp'i -c 15 i ns C® 1 «" ,or conversion of shares not now ranking tor 

Uds? Wp_ db +i 2 *rL.5 *2 10.4 dividends or ranfcinc only lor restricted dividend. 

; ft CtNur does not alioir (or shares which may also nut* for 

MmsA 163 —1 12B 42111.4 dividend at a tuuuw date. No PIE, ratio usually provided. 

_ . - 9 Excluding a final dividend declaration. . 

bn L DnK a i- Regional price. ! 

. ___ 1 ...... 1 Nr. par value. 

-I - — 1 723 i+lOla.56 J L5| 3.7 j Tat free, b Figures based on prospectus or other official 

A (rim *.1innU.v c Cents, d Dividend rate paid or payable on part 

AUIW c! capital; rmvr hs^ed on dividend on full c np ll- l l. 

( I - . e RcdempUcm yield., f Plat yield. K Assumed dividend and 

... 1 oJ-g I -3 jy./n! 9 ll+J yield, h Assumed dividend and yield alter scrip Issue. 

fcCS 1 ito I-- — 1 *112 I fc.4j ? j r.Tj mcnt from capiud sources, fc Kenya, m Interim higher 

Ihao previous fctaL n Rights issue pending q Earn Inga 
TWnh.YSj’C? hated on pn-llmmary figures, s Dividend and yield «au hide a 

i7hlj3lJCid ‘pcclaL psyiment. I Indicated dividend: cover relates to 

prenoui dindend, P.'E ratio hosed on latest annual 
IklillM IT !>j4TMTh carolncs. n roreeaid dividend: cover bnacd on previous yoaz'i 

iix h ttflu c=rn:ngs v Tax froc up to 2Cp In tho £. w Yield allows for 

. „ . __ . . | . - ninvnqr rirnire y Dividend nod yield bared on merger terms. 

I «P K ;-- j '4- l + ? I — I — I — ; (iTi-idcnd and jield include a special puymenL Cover docs not 

Kl Rp R1 [ 33» 1*5 I — — ■ j — apply :o spec: >1 payment. A Vel dividend and yield. B 

l oEst K2 £32 l+Ig 1035!k 251 65 Prc’crence di’ 1 . dead poised or deferred. C Canadian. E Issue 

Dei HI f 143 1 1 1vL*3c ( 87| 5.4 price V Piriticnd cr,d yield based on pruspectus or other 

official ■'dhr.Ucs. for ISTO-ao C A^remcd dii-idcnd and yield 
' D H I Ititl V to, a ,kTm. alter pending ■enp aulor rights Lo.ua 11 Piri.lcnd and yield 

■■nl rjK.191 itfiLNSJp 6a.d?«l on prospecnis or other olfidal estimates for 

1775-79 R Figuiu< has*. 1 "! on pro.- pectus or other official 

Me 67 Q44g 4» 139.2 cpalmaurt lor liCS. M D(i idend sr.rt yioJd t-osed on prospeenu 

IgaRl 25 ty20c 12(478 or cihcr nttniol ttjimaies (or )P:a N Dividend and nold 

wn -n 343 +5 FDjQc I g, 7 b.-^d on pnmpoclU'. or ut.ier ollicial evbnuu!. lor 1979. P 

:av.J " 1(J4 +2 1iJ19c L«1L6 FlBum. 6 .wed on pro’.r'^ciui or oibcr official esumausr. tor 

91 ~ 3C4 +5 occ,. *L|i»;9W7.i ‘IUhw T Firurc- * -vawd I Pm dead loui I 10 


Africa 


MINES 

CENTRAL RAND 


EASTERN RAND 


67 .... 

25 

343 +5 
1M *2 
3C4 ±5 
56l 2 +4h 
84 +2 
66 *3 


J Iao, ( dale ft Vivid li.'i'Oi on as.^jmpLion 

J W42Jr ncl,MSud u ° !,! mjlun ' lr 01 -AOC6 


Treaiojry Bill Rate Joya 


„ j™ I , I | -T, Abhrcuntions- wt-t nl»ide»i.!. i-tx. scrip i&.-w. we* rights. nu 

ff“ 57?= tldte VpA M -* n cjp<t * 

7 46 — I — I — .. ascent Issues '' and ” Eligifs " Page 34" 

WEST RAND Hiss service is available to ever?" Cocrpanj- dealt in oa 

— — 313 *12 C>fi3c I 1.6(12 5 Slock Escha»S«* Ihruitgbouf the failed Kingdom for a. 

i.< — -P _ 0c l ^ j fes of £480 per anuum fer each vecurily 

i fill 2IB ;: OSOc 23111.2 


muiMT.sy — , aw a* aaj to 55 Buralvpwt — 

7] iTotfuiIl Rn . — - j 45 +2 - ] — J T J 93 63 ^errjTirk lOp - 
36I;[Tme, _ . ..-I _63 (. • .. (<128(44 ^.Et 8.6m, 95 [FicLsIIoiifinpe 


”*«*■ -‘Sf z. wz »>? nriwjwmnwQ- * • 4^ 0.1 ^ t na u:^ 'I*' 

-Z 74 48 SLELTMp 67 ..... 1.84 9.0 4J 3 q 133 69 ScoLWete E-. «i 2 

b#.82 16123 o.t 5J js Scolt Rubertsoo. 45 273 2 3 9 2(5fli 5* "r m 

.. .. K3 05 2110.8 6 fl 40 18 SckmlnL lOp |5 J.53 2.2 66 87 W I^ ^VtmL. |9 

" 2 «ft 20 9.9 (62 73 20 Skm Carpet. lOp . 73 +1 255 L3 5.2 22.0 jV, ill 

J4 93 23 11.0 14 3. 34 20 Shrtub Spin Herr- 26 L66 13 9JU6jis a? 1 

+10 19 85 28 <0 7.5 Ob 34 Sidlswladsjflp 94 +1 611 13 9 710 7 7*9 i fYS r * E Lc^ ?=Z 

+2 114 46 2.6 74 60 68 50 ^ C°ZZZ B5rf +2 d3J5 f 55 J 147 , ^ 

■■-• 324 4.2 4 6 7.8 45 30 Snail* TUmas. « 1203 16 6.7 lia 

+S 80 82 3 6 55 106 27ij Sn.V.scoaL13W- 71 -3^ - _ _ _ ^ .r 4 iita “ 

dhj 07 3 3 5< 9.4 igi 4 fin Pm-. liakt , 42b -2h — _ _ — ^ 15D sILITIm 10p„ 158 

— -ifflte 4 ^ 48 36 SprocerlGeaL- » -...! 125 18 9.8 7.7 JS « ! iS 

• — III? H In 1 ? a 37 26 30 -2 04 a 67 a jil 

S? &2 SI y* » Suwd Riley Wd- 32 . — 152. 5J 7J 3.8 }U x f, SSto&ir im 

-2 tWJ4 4J 3.9 9.6 79 23 renhCcumlate- 77 -1 ,1.67 5.0 3 2 6.7 ™ MS,. 


‘r +hj flu 62 L0[ J Uj XT; 

iff*)'#* SM-OSSvZ *W 2 -2^^? -* Z ~T- »1 Doorolumeinfa. 200’ +2 
218 lal Sec.AllianceTft— 195 +2 6 30 0.9 4.^341 ™ 589 EauDr.eRl 693 +4 

lOOIj 65 Sec. Great NUul. 39 +‘ : 201 10 3 4^43 9 ^0 Ig 3 FLnLudbldA . 224 -2 

97 60 l>i “3" 66-1 _ _ _ ( _ 153 S9 E'.rouniKi .. IV* +3 

2 15 154l a SenciC«T Sc.' 193 +«j Ho 85 1 0 5^30.0 £i& O “*• 

4b0 1300 5Ari-iiakrSliS 425 g25c - 3ffl - ^7 ^38 "j 

l!saRt:9t -r ie i! jajSi IS SffiSfe— : S it 

127 ®4 SnHereliiv 0 ? lS 3 35 11 4^38 J f06 Sr:!^iaii5ftc 311 +5 

h* a. ffltssa- >b - -r- £:% i,: it ,« 

197 145 179 +i" tSJB 10 *9R| ^ *7 18): 

no 76 SocthoMterslsr— 100 12.39 10 3.6^498 77g ?89 ft»OTrwpR2_ 822 +4 


|Hj REGIONAL MARKETS 

J-? “ 4 Tiw following is a .teloeimn or London qucuni ions of '■■hares 
7 , p’vncUMy LMcl only in re Lionel mark 01 Price-* nf Irish 
jJ 5 1 isjue-.. morn o! wlncn art? not v£i'ci«ti;>- listoii id London, 
27 7 4 arc a--. quoic*i on Uie Irish c-chanco. 


8>13c 2^4.^Alb<wo-,inv.29p| 


is 11. ® a.fiasHvh* 


3 42 jWatcrfnrdSp 58ai...'... KJ175 27(3.0)1 25; 

3 »S Wai-Jian-w - 363 ...... 4.03 4-4 20I17JI 


IMS I P 


1M L2 39 1 3 36^498 976 589 WeficnrwpRlJ 822 +4 fCiESri 2 ,d 60 ^llf’DlnronE J5 

toll, Si" 2 d ia M M 213 -1 ♦Vag^EU'scP 3 |S 


3hvi; Rci—hmi ( M I 

SindailiWm. ■....! 112 +2 


108 B6 I Da Cap. Q 102 


rite 96 h4.82 U 7^158 

Growth— 25 20 Llll^U.5 


O.KS. 


iCloicrCrtrfl.. 


I r&' ‘§2 l.'.z BS i]MS 2« pTniTj Tt} iMs a 3? lifflf:: 3 +3"' 

3 I 22 WajeFWt.lOp- 30 j &112 3.0 5« 65 -106 72;; RaUnnurtb 99 13.91 ( 3.4( 59 7.7 49 34 ViAlFImV. 20 d 46 

5 ill Walker Hot 5p.- 34*2 dO.Mj S-£ Zb *1 S^attT7drDiri5p . 15 21 1—1 LO 59 33; Vourhsl 37 




imm ffflnJw4sa.ffi3SSJ <& m*\n i^i s ah 


PROPERTY 


TOBACCOS 


[267 [BATlnrte 290 +2 1L3.23 J33 83 52 }?? 

S7 lekDeW. 255 ...... - - - OS 

330 nuahin.-VllOa- 390 885 5J 3.4 81 I 44 

l 71'j Impenul 83 +1 5.75 18 10J IbJi 

1 45L Rrifaroansiajp. 81 +1 207 88 A A 29 1“ 

i 55 Siemseo Ujl ibp _| 60 1283 29( 7 A ™ 

991 

TRUSTS, FINANCE, LAND 3 So 


itru pit , itr Vi ™ ™ fjg 582 ^ ^ . .. 

117 I 91 nros Union 107 +1 3.45 11 4 E 29 6 ■* J-J2, 1 ?13 u2 * 14 

Hww-QBP-. M* 5 .?? ♦. 51*1iS Xir: 213 Ml - 1 - 1 - 


_ ill 

12.6 Fife Foree . . 52 

- Finlay Pkc 5p.. Zlitf 
10.0 GnugShip £1. . 140 
4.? Kigtoib firuw... 77 
t 1.0 M San. £1 172 


840 +13 WBOvI *1 5 lSHp.-i 1.1 w I ar.p . 256 
761 +4 ul90rf * Itoif.'thii ijOliiiaifh 66 

+a w* * rV w .eH. im 


Conv «"<■ £9(P« +4* 

.Milsncc-tliis...- 90rC 

A.-.v.<: _ 375 

Carroll if J 1 . .. W 

CIonaalh;n G9u 

Concrete Prmir. IZfl 

rlcilvn>!!id£*.) 49 

lU'.Corp... . 150 

In-ji FU-pes ._.. 100 .... 

j Jacob ... 59«d .... 

. r .u:ilK?a:ii 33 +1 

I TM«: 203 


i | 83 [foodHaU 


95 | JJS.40 


a 2 4.0 89 Investment Trusts 

Z Z Z 60 vt AbeRtomlos.. 56 -1 2.39 

i- 171 — 157 118 Aberdeen Trust. 141 #51 

V 2.6(29.41121 951; .ML-aliu 114 +1 486 

12 4.6 273 117 77 AJbfliwelnv 107 3.05 

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t 









Pr 

pr< 

cfa 

BY MA 

THE PF 
decided tc 
allegation 
Wilson f» 
number c 
were coni 
paipn atiai 
Party on 
1974 Gem 
The foi 
allocation 
lowing thi 

affair. Mi 

was. had ■ 
an o relies 

himseir. t 

Lady F i 
Marcia W 
The Pr* 
Sir Haro 
drawn soi 
Suhsi-qi 
1 1 ild the 
did not 
prietors 
instructed 
round a 
material." 

The Pn 
in hear 
Sir Ha roll 
formal en 
On the 
aeainst I 
council <: 

li’uyal Cc 
that lhi-r 

Labour bi 

The Pr. 
is one o: 
lished tod 
In nno 
council 
against ll 
Daily Ex- 
pic: ure t. 
Henrietta 
death in i 










28 






Saturday October 21 1978 




LET 1 HE GIN BE 
HKrH&DMI 



MAN OF THE WEEK 


Gospel 
according 
to St. 
Michael 


BY DAVID CHURCHILL 


ANY RETAILER who can sell 
to English as well as Arabian 
princesses (despite au official 
Arab black-list in the latter's 
caset must be expected to pro- 
duce something special in the 
way of profits. And this week 
the Marks and Spencer seem- 
ingly flawless retailing machine 
duly obliged: Sir Marcus Sieff, 
M and S chairman, announced 
on Wednesday half-year profits 
of almost £73m. up by 40 per 
cent over the same period last 
year. 

For Sir Marcus the company's 
performance — admittedly helped 


; > . . ■■ 



Evans accepts pay 


policy challenge 


BY CHRISTIAN TYLER, LABOUR EDITOR 


THE PRIME MINISTER'S dial- •' Collective bargaining with- commission were inadequul 
tenge to the unions to supply out pay norms should bring in new legislation should be 
u workable alternative to his tbe whole question of prices and introduced. 

5 per cent pay limit — the subject of the contribution that em- - - . , 
of private meetines with the ployers can make to stabilising , Mutisteis are understood to 
TUC — was taken up last night by or reducing - prices over tbe be prepared to discuss tougher 
Mr. Moss Evans, general secre-. period of pay agrements.” P n f e con jroIs as part of an 
tary of the Transport and He cited Ford Motor whBre de [ st £? ,i,rig the n T ^ C < - n 

General Workers Union. the TGWTJ is t he d™S , ba ^ e t0 ke S p ln ” atlon ,n 

me iuwu is tne dominant smg | e figures. But they seem 

Mr. Evans, whose union's un- union involved in a month-long unwilling to change the strategy 
remitting hostility to pay con- pay strike, as an example. Last as shandy as Mr Evans suggests, 
trols is the Government’s biggest year, pay costs per car had risen j 0 h n Elliott writes: The Con- 
worry in Phase Four, set out 5 per cent but profits per car federation of British Industry 
details of the strategy that he had risen more than SOper cent reported last night that 07 per 
and other TUC leaders are cent of 465,000 employees who 

privately urging on tbe Govern- Legislation have so far struck Phase Four 

raenL = pay deals have accepted the 

He called on the Government “Many large firms have a 5 per cent Limit. Some have also 
to go to Parliament for extra degree of monopoly power that negotiated productivity deals, 
powers for the Price Commission has to be accountable. Price •_ flrn . 

if necessary, and to increase changes are the mechanism for 

trade unuion representation on exercising that market power, sn 

the commission. and those changes have to be ' 

The Government hod been »W«< ..>» ^eutlny and oettlemente are Involved, 

tackling inflation “ from the challenge. These include six private- 

wrong end." he told a meeting Controls along the lines given sector national agreements ana 
at Kings Lynn. Norfolk. The to the Price Commission last t* -0 hy wages councils, 
right strategy was to irckj year could do the job. “But our Of 73 elaims reported, four- 

profits accountable, force com- members have to he assured fifths would add more than 

panics to absorb labour costs that price controls cannot he 20 per cent to companies’ wage 
instead of passing them straight manipulated by Government as bills and 50 per cent of them 
to the custom -r. and “face up to a back-door method of pay ca n f 0 r a reduction in tbe stan- 

the opportunities of future mar- controL" If the monitoring and dard working week. Tbe claims 

kefs.” investigative powers oF the cover Um employees. 


BL halts £280m project 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


Sir Marcus Sieff 
Providing value Jor money 


by the current consumer boom — 
is once again living proof that 
the positive policies and philo 
sop by adopted by Marks and 
Sepncer are right not only for 
the company but also, at a higher 
level, for the country itself. 

In the past decade Sir Marcus, 
who is 65, has .broken away 
from the tradition of his pre- 
decessors and adopted a vigorous 
public image, outspokenly 
criticising particular Govern 
ment policies and lambasting 
the attitudes and performance 
of trade unions and top manage 
ment. Such frankness, coming 
as it does from a company that 
is so markedly successful, has 
not surprisingly received con 
siderable public acclaim. 

In 1974 Sir Marcus received 
the Management Centre 
Europe's first award -for “an 
outstanding contribution to the 
social responsibility of business 
in Europe." In 1976, he was 
presented with the Hambro 
award for Businessman of the 
Year. And last .July Sir Marcus 
was named by the Aims free 
enterprise organisation as the 
man who has contributed must 
to free enterprise. 

While not everyone may agree 
with Sir Marcus's forthright 
views, there is no doubt that 
Marks and Spencer are currently 
stronger than ever in their pre- 
eminent position as the country's 
leading retailer. Not only do 
SI & S goods appeal right across 
all social classes and age groups, 
but the company also has 
achieved an almost unassailable 
reputation for value for money. 
It is no wonder that other 
retailers compete fiercely to buy 
sites located nexl door to M & S 
stores: they hope that some of 
the Marks magic will rub off on 
them loo. 


Progressive 


There are many reasons for 
M & S's outstanding success 
since Michael Marks and Thomas 
Spencer first opened their Penny 
Bazaar in Leeds in 1894. They 
include good quality control — 
buying British is not only patrio- 
tic but means you can keep a 
close watch on manufacturers — 
and careful store expansion with- 
in the capacity of both manage- 
ment and financial resources. In 
addition the Marks retailing 
philosophy does not mean that 
its goads' are necessarily the 
cheapest to be found: instead the 
aim is to provide the best value 
jor money and lei this tell Us 
(jwn story- 
- But Sir Marcus leaves little 
doubt that M & S's success in the 
High Street for Ibe past 40 years 
has been due to the company’s 
progressive— some would say 
paternalistic— attitude to its stuff 
and suppliers. 

The gospel according to St. 
Michael is that good human rela- 
tions must be fostered with all 
staff, manufacturers and sup- 
pliers, as well as with customers. 

Apart from his proselytising 
activities on behalf of better 
human relationships in both 
business and social affairs, Sir 
Marcus is also deeply committed 
^charitable and religious activi- 
ties on behalf of the Jewish com- 
tftunity and of Israel. It is no 
bonder that when an Israeli 
Prime Miinster comes to London, 
gTis invariably The views or Sir 
S&rcus and others in his family 
4fiat are among the first sought. 
Again, it ' is reflection on the 
ij and S retailing success that in 
afte of Sir Marcus’s support for 
Israel, so many. Middle Eastern 
customers still flock to Marks’ 
stores. They usually, of course, 
take the St Michael Jabet out 
before going home. 


BL CARS has halted work on however, believes it must now Michael Edward es, BL chairman, 

the £250m programme to double face up to union opposition if that his Board had approved tbe 

output of Land Rover and Range the £280m project is to yield the project for submission to the 

-Rover models until trade unions expected returns- National Enterprise Board, 

agree to work double shifts. Negotiations are continuing. The work baited includes the 

Contractors working on the and if agreement can be reached new assembly line for production 
first £30m phase have been called quickly, the investment freeze of fourrwheel drive vehicles, 
off the Solihull site in Binning- should cause little delay to the Some £30m had been committed 
ham, by Mr. Pratt Thomson, programme. before approval of the main pro- 

managinc director of Jaguar * . gramme to avoid, delay on long 

Rover Triumph. Approved lead items. 

The management is deter- But time is essential to the The £30m should be sufficient 
mined to get necessary pro- Range Rover/Land Rover project, to ensure a 50 per cent increase 
ductivity assurances from the Competition on four-wheel drive in output of the Range Rover 
unions before work can go ahead vehicles is already coming from and a 10 per cent rise in produe- 
on one of the - biggest investments the U.S., Japan and Eastern Euro- tion of Land Rover by next 
ever undertaken by the UIv pean states. The main challenger spring. The full £2S0m pro- 
moter industry- to BL is seen as th** vehicle gramme should double output by 

Workers at Solihull succe-'s- designed jointlv by Mercedes and 1983. 
fully opposed company- efforts Stevt-Daimler-Puch. The management is known to 

last year to introduce a night News of the decision to with- regard Solihull as the best site 
shift on assembly . of Rover draw contractors from Solihull for the expansion, but there Is 
saloons with Uie threat of strike catue within 24 hours of the ample alternative assembly 
action. announcement at the Inter- capacity -available within BL 

The new Rover management, national Motor Show by Mr. Cars. 


Ford deadlock may be broken 


Callaghan 
wins little 


in Bonn on 

monetary 

system 


By Peter Riddell, Economics 

Correspondent 

BRITISH MINISTERS have 
apparently failed to win any 
significant concessions from 
the West German Government 
on key points abont how the 
proposed European Monetary 
System should operale. 

Mr. James Callaghan, the 
Prime Minister, and Mr. Denis 
Healey, the Chancellor, re- 
turned from Bonn little nearer 
to resolution of the differences 
within the EEC abont the 
scheme. 

Consequently, much further 
work will have to be done at 
official and ministerial level 
over the next month before 
tbe beads of government meet 
In Brussels early in December. 

It was being emphasised in 
Loudon yesterday that the 
main achievement of tbe talks 
was the mutual recognition of 
the basic UK position that the 
touchstone for UK participa- 
tion — or not — in the scheme 
will be its implications for tbe 
anti-inflation programme. 

Chancellor Schmidt and bis 
colleagues . apparently sym- 
palhised with that view. 

On the more technical 
features oF the plan, discussed 
by -Mr. Healey and Herr Hans 
Matthoeffer. the German 
Finance Minister, the realistic 
limits to the degree of com 
promise seem to have been 
recognised. 


THE LEX COLUMN 








. - . -J - 


w 


The financial markets ended 


.: still higher ' through, its- opfeb' 

^eek^in much Mwjtt&.index rose 4.6 1& 500.2 “fS SS*iSS. - 5 r 'JSte:f 


than they started. A combina- 
tion of Thursday's money supply: ■ 
figures and official comments at 
the Lord- Mayor’s Mansion House ' 
junket helped soothe the -mam-' 
bets’ frayed nerves. By yester- - 
day morning 7 fears •. of van.- 
imminent rise - in MLR .bad 
evaporated, short-term rates had 
fallen by half a point and at the 
long end of the gilt-edged 
market prices were up to J 
better. Elsewhere the FT Indus- 
trial ' Ordinary share index, 
managed to scrape back above 
the 500 level. 

The first point to emphasise 
is that nothing fundamental has - 
changed. The money supply-' 
figures were much as expected 


110 


100 


50 


80 


Standard & Poors . p 

-COMPOSITE INDEX 'Ji- 
500 STOCKS 




w . 

L 



1 

w 

- L 

1 

r 

* ... 

■ ' 1 « 111 


JSZL 


day its target rate for ‘Federrid ,- 

Funds was thought to; have 

raised to 9 per cent ,:S 
Next week; ..moreover > 
President uniteils his Iafestiairti-V2|; ^ 
inflationary packager .; expected wT 
to. embrace voluntary : wage • 

price guidelines. This raises'; tf£l‘ 
spectre of a profits squeeze^-, 
with companies forced to Mlfa- 
banks to finance inflatioflary ijjj\ 
yentory increases — a ptowah'.? • 
which could only worsen tiie- 
already threatened- , credit 
“crunch.*- The UK investment - 
houses which encouraged (be . 
huge British demand , for .US' • 
equities back in the-gpriftfrtiflj** -- 
price levels to .which the JUST : 
market is now ret«ming-iane7 ‘ 
putting their heads .down! -! X 7 -; ' 


Deviation 


Tyre ‘fault’ pact may 
cost Firestone $200m 


BY JOHN WYLES 


NEW YORK. Oct. 20. 


DEADLOCK IN the pay dispute Union of Engineering Workers, will want to know if Ford is 
at Ford Motor, where 57,000 had written to -the company on sticking to its decision not to 
manual workers have been on Thursday asking for a meeting re-open negotiations until the 
strike for a month, could be “ to discover a way through what strike is called off. 
broken in the next few days, can only be described as a ghastly Ford's last offer, in straight 
writes Christian Tyler. The corn- mess." breach of the Government's 5 per 

pany yesterday agreed to hold The meeting is likely to in- ceiit limit, was to raise pay by 
“exploratory discussions" with volve only -the three senior union S per cent It is also ready to 
leaders of the trade unions, a negotiators and a similar number pay a larger extra sum for efii- 
mave that could lead to resurap- from the company. The company cient working, but says no pro- 
tion of negotiations and efforts will try to find out on what terms duction line speed-ups or man 
to call off the strike. the full negotiating committee, ning changes would be involved 

Developments at Ford ausur which includes leading stewards The unions have claimed a 27 per 
well for Vauxbali. which is faced fro™ all its UK plants, is ready cent pay rise, plus a 35-hour week 
with tbe threat of a strike over to resume bargaining. The unions and other benefits, 
pay in 10 days' time. About 
300 of the 13.000 manual workers 
at Vauxhall's Luton factory 
demonstrated outside the gate 
yesterday to protest at the 
unions' strike call, and demanded 
a secret ballot Instead of the 
meeting planned for Tuesday. 

Union officials and stewards . . 

said this was an unrenresenta- FIRESTONE Tire and Rubber letters offering Firestone s latest 
live minority. They dismissed Company’s trouble over its “721" radial in free replacement, 
claims that threats uf violence allegedly defective “500" steel- Owners of 500s purchased 
liad been uttered against tbe belted radial tyre reached its before March, 1975. will be 
“moderates" as tbe usual rumour- climax to-day with an agreed offered a 50 per cent discount 
mongerlre of a major dispute, settlement with the Carter Ad- on a new “ 721." 

But others saw the protest as a ministration that might cost the It is the largest Govcmmenf- 
symptoui of much wider disaffec- company more than 8200m be- Induced tyre recall and may be 
tion with the union leadership, fore taxes. one of the most costly such 

Luton shop stewards met later. _ . setllemenu, involving any motor 

but decided there was no reason ’^slry manufacturer. The 

to change their plans for a mass an SSOO 000 fine and a com pul- u it,mate cost will depend on 
meeting. sory *! eca ^ might huve in- owner response. 

volved replacing all the 13m The company bus lost sales 
fiha«f!v mpec t>*re s thought to be still in use, because of the controversy, 

IrnsreuY iurc»a> at muC b greater potential cosl wh i ch h as brought allegations of 

The breakthrough at Ford However. Firestone has set np a deaths and injuries caused by 
came when Sir Terence Beckett. S^Whn reserve to cover the cost tyre failures, 
chairman, replied to a letter from °f t*}® Bmited settlement. Consumer groups alleged that 
Mr. Reg Birch, secretary of the w hicn will be charged against its j n today's agreement the Govem- 
union negotiators. He wrote: “ I earamgs in the fourthquarter, men t bad been improperly 
can assure you that the company endl, ]G ? 0n 1 o^n lenient Firestone maintains 

is ready to enter into exploratory pany ^ losses for may conse- that any defects in tbe tyre 
discussions at any time." A date ^uentiy exceeu oiuum, resulted from customer misuse, 

should be set. Owners of the 7*m “500" AEter today's announcement 

Mr. Birch, a senior executive tyres sold between March 1975 Firestone's shares were trading 
member of the Amalgamated and January 1, 1977, will receive at 812C-, down j. 


Plessey merger plan rejected 


BY MAX WILKINSON 


INTERNATIONAL Telephone for nationalisation of the indus- Plessey io ibe industry is not 
and Telegraph has rejected pro- iry, discussions centred on a discernible to ITT." 
posais for a merger between its merger nf the telecommunica- In spite or the rejection, dis- 
UK . subsidiary. Standard tions interests of Standard Tele-' cussions are continuing m an 
Telephones and Cables, and phones and Plessey. attempt to find a way in which 

P1 *®- The British Government had the industry could be ratmnailsed 

International Telephone said the prece dent of the French to meet the demands of the 1980s. 
in New York that it had recently Government’s rationalisation of 9 overnmenT 63,1 exert 

evaluated plans Jr a merger ils j ndustr y when jxT was per- Average on Standard 

between Standard Telephones suade t0 devo i ve contro , of 3 Tetepbones. because the Post 
and Plessey, but concluded that raa j or subsidiary to French Office >s by far Us most impor- 
it was not in the interests of ITT owners hin tant customer for exchange 

shareholders. ....... stalenj(!nt £rom other hand. 

on 


The proposal emerged from id- ai ^rrf l lhe Posl 0ffice is'dcp'endcm 

talks between the National Enter- >ork said. ITT is not st rv oviwii,. «u- — i 


between the National Enter- ; n t er » s ied In a mercer of STC STCs *W rlte for ^ develop- 
prne Board, the Goveraoien and ""=nt of i.oportaot parts or its 


con- 


uMotu. U.V mainr Rritleh cnhclrii-irv J'ujJuruini pans t 

the three telecommunications q “ r , ™^ 30r subslfljar l. new Svstcm X coiuDuter 

equipment manufacturers. STC. » SESSflS trolled ‘exchanges. P 
Plessey and General Electric. a f "l er3er r 5* W8 J an J STC also developed the TXE4 

The Government wants to ® va * uat ^ n? . ce ° ll y aI J fl . wa ® ,0U P^ exchange, which is the only elec- 
bring about a rationalisation of ° b « ^ tnmfc System being or^rcd S 
tbe industry to enable it to com- crests of ITT shareholders, general use by the Post Office 
pete better in world markets “STC has been a part of the The company is a world leader 
when the Post Office’s computer British telecommunications in- in the supply of undersea cables 
controlled exchange equipment dustry for over 90 years as a and associated equipment, which 
is developed in the 1980s. leading exporter, and any advan- is on important source of exports 
After rejection for proposals tage of a merger of STC and for the U.K. 


In particular. West Germany 
looks untikey to be shifted on 
the question of intervention 
which is at the heart of the 
argument about whether there 
will be symmetrical obliga 
tions between stronger and 
weaker currencies and econo- 
mies in the system. 

The UK believes that If a 
currency deviates from the 
approved rauge, as measured 
against a ’-askcl or currencies, 
there should be an ■ .tomatic 
obligation to intervene. West 
Germany believes that the 
basket should be merely an in- 
dicator and that' the main 
emphasis should be on the 
dlrecl relationship J.etween 
currencies, according to the 
so-called parity ; rid. 

The means by. which debts 
are settled is a connected mat- 
ter. 

Tbe Bonn talks certainly do 
not cHse the issue and there 
will be further discussions 
within C".e EEC. since the UK 
Pne was supported at last Mon- 
day's meeting of finance 
ministers by Italy, Ireland and 
Denmark, with a French and 
Belgian compromise also on 
the lahie. 

The British arc more hope- 
fnl about reaching agreement 
on the size of the credit 
facilities. At the finance 
ministers' meeting on Monday, 
the Germans appeared to be 
insisting that the credit facili- 
ties in the scheme should be 
effectively limited to much 
less than the 25bn European 
Units of Account < nearly 
£1?hn) previously agreed. 

However, at the Bonn talks 
the British side was left with 
the impression that German 
ministers. mtsEht eventually not 
oppose a 25bn pool. 



UK TODAY 
EARLY drizzle,’ becoming dry 
with bright periods in most 
places. 

London. E. Anglia, S-. N.E 
Cent. N. England. Midlands, 
Channel Islands, 8. Wales 
Early drizzle, with bright 
periods developing. Max. ItiC 
(61F). 

N. Wales, N.W. England, Lakes 
Drizzle at times with bright 
intervals. Max. 14C (57F>. 

Isle of Han, Scottish Islands, 
Scotland. N. Ireland 

Mainly cloudy, with periods of 
rain. Max. 15C (59F). 

Outlook: Cloudy with bright 
intervals, and rain in the north. 


BUSINESS CENTRES 


AmstnUn. 

Y'doi- 
uihl-day 
rj 13 SSi 

1 

V'day 
mid-day 
»C -F 

At bens 

s 

^2 


Madrid 

S 

15 

59 

Barcelona 

V 

Ti 

uii! 

Manctistr. 

K 

12 

M 

Bellas! 

R 

9 

4 S, Melbourne 

S 

14 


Belgrade 

C 

12 

51 Mnnirpal 

S 

S 

4 B 

Borlin 

c 

12 

Mj 

Munich 

c 

fl 

43 

Binmiim. 

f: 

11 


: Novo.isilo 

g 

11 

33 

BrU.ni! 

h 

l:'i 

Sa 

New York 

C 

11 

5,1 

Brnsw.'ls 

L' 

11 

3'. 1 

[Oslo 

S 

12 

34 

Euriapi“.l 

ll 

IL 

52 

iTarn 

c 

12 

S 4 

B. AlT-e; 

I! 

I> 

r, - .'. 

Perth 

s 

31 

SB 

Calm 

s 

:;i: 

h; 

HtaeiiL 1 

s 

15 

54 

Cardiff 

V 

14 

i»« 

Ficjl.iavik 

K 

1 

38 

Clilcar.n 

s 

l.'i 

59 

flu) dk- J'o 

<: 

1 M 

m 

Ooluaih- 

1 ; 

X 

4 T. 

Rome 

t: 

21 

TO 

CopntMim. 

u 

11 

■il 

Singapore 

s 

no 

Sfi 

Dublin 

1 : 

13 

39 

Stockholm 

R 

in 

50 

Edinbrpb, 

V 

IS 

54 Slrashre. 

F 


43 

! Frankfurt 

F 

1 ! 

4 N 

1 Sydney 

S 

» 

Bit 

Geneva 

r 

n 

Tehran 

s 

24 

75 

Cinssou- 

V 

13 

54 


s 

2 S 

X. 

i Helsinki 

a 

s 

46 

Tokyo 

1 : 

IB 

m 

H. KonR 

s 

2 ? 

7 a 

Toronto 

s 

9 

49 

iJo'tars 

s 

21 

m 

[Vienna 

s 

la 

55 ' 

London 

c 

l-i 

W 

Warsaw 

c 

9 

48 ' 

LuxuUwg. 

c 

U 

4 >S 

Zurich 

c 

6 

4 fl 


HOUDAY RESORTS 


BouIopoc 


Y’day l V Hnv 

mid-day mid-das 

•C Q V\ ®c *F 

AJarcm C la 64; Jeremy c n K 

Aleiurs K » BSlLasPlmf. C 23 72 

Rumi I- - 12 54 1 Loco nuj S 17 O 

Black pool (j 12 54 J Majorca 

Bnrrtnaus. 0 is fujMalar.a 

C H 331 Malta 
Nairobi 

Naples 

Nice 
Nicosia 
Rhodes 
Salzhum 
Tangier 
Tbacnfe 
TUnls 
Valencia 


Casabhic.i. s SO ,6s 
Cap«> Town S 20 W 
Corfu r. 21 70 
HubraiTiik K lfi «l 
FkmjncM C IP M 
Gibraltar s 2i ?n 
Guernsey C 14 23 
lansbrodk Ik 13 53 
Inverness P a 40 
oIMan r. n S2 
Istanbul I-' 2! 70 k Vcmlcc 


V -1* 5# 
S 24 73 
F 24- 73 
S 23 T7 
B M B 
F 21 70 
S 26 78 
S 33 if 
C 8 48 

S .23 ’’S 
C 17 to 
F 20 68 
S ZZ 72 
F IS W 


S— Suuny. F— Fair. C— Cloudy. H— Rain. 


and the ehanrellor’s speech said R . f En 0 i an H’s corset 

“”ea°ra ^ ^ ^ ^ Costain 

edged, market were conceding a PP eari> - 
that perhaps they had worked Wall Qtrpof - 

the rase Ives up into too much of '" a,, *-» l ** : * :i . .... -.nr 

a tizzy about the money supply. A week which began with erehy ^ares^: 


-Richard Gostaih has eothtri^?. 
with a modified version" hf tittr 


The official figure, underlined" U* AOministration claim- tZOK*- 


the fact that the aa^itiee ST 


„ . „ . , a? Bills belatedly pas^d bv foHning-he,- . 

ssimss = SSS 

: fterunj *£ rose 20p b ^p.W ^ 

5h^h“5i^‘ ■ 

After* nlbblln^’penUtently, “if ft 


(roughly £ 200 m below the h r ^' e 900 level whlch do not rank^&rtMiin&- 


monthJy target) but this has ^ b “ e ‘ past C0U pie O £ until ' "83. This;: ^hice for higit 


been matched by -sdles of - lon th S , the DowJones* indu^ rate taxpayehn-jind- eVegpart 


SS” 11 wo trial Average lost a 'straight 60 1 too, since the Treasurir^iaS 
SSV^aSKS^hSS. P? 1 "'? between the opening <in 


been remarkably buoyant. 


Monday and the close yester- controls continue . after Jftgi. 

As it is the monetary aggre- day . Nor have this .year’s (grim thought). Gostaln's ^y; 
gates seem to be well under fashionable second line stocks ment will rot jhaye -ta- he ' 
control after the first five offered any protection, with the adjusted. -to '.qf {he .^ . 

months of the financial year. American Stock Exchange mar- increased jounafe^jtf^ 

So far the authorities havfesnld k e t value index slumping by shares. ^ Tb|a;rW.|$eaittW.'fii'e 
£3bn of gilts and probably need around 9 per cent ‘ deferred are bemg-lseiied^or- a 

to sell another £3bn to bd on Th . market did consideration "^the:v^ting 
the safe side during the rest of h |„ k e " iu eh of the eventual Co ^ busine^larf]^^ 1 ’- • 

t jS m JSS ! icglsladonby tteUme Congress 

Sat 1 “S bad finished with it. But it has - 

given that Institutional cazh Lg.. *ug ciorto nf a ftirther will be 

o^r mn^th^fnd 1 institifrionS i0 the interest - rate s P iraI that 

ffnniMtZ h** Spn nSJ S have set Wall Street shivering funthenewgW^Wtt^^ 

Spfn,rp h Mem fnfinrE' week - For £ome time v,SI 2 n . whi feSEL#P&w! - 

?«£ *S2S Pr 5 traders ' in -the U.S. financial push up it^diridend^^iu^b^ . 

M 1 „„ markets have been . persuading as two-flfths • ^ ' 

£3.5bn £1.0bn up on a year ^^*^5 _th at they were able sh are. . 

a ° n ' to see over the interest rate company - wBt pay at Idast flp^pg; 

However, there remain two hump to the blue skies beyond, share. 
douds on tiie . horizon. The first Now that peak has been lost in course CoStaJn 7 hjB'J|a d 1 t d 
is U.S. interest rates— any the gathering clouds. Shocking produce all ^ds bf conVnicmg 
further rise could torpedo the money suppjy figures released arguments to pwiauade^the ^rea- 
gilt-edged market’s new-found nn Thursday, showing for in- sury that the. JrecoMtriietiOtt 
confidence. The second worry is stance a $3.8bn leap in the nar-. makes sound conutierc^^seffla.'. ■ 
the growth of bank lending row measure Ml over the week, It has been wotltijif^ 
which for the moment seems confirmed the market in the since mid-sunuher f vwhidi _wSs 
to have slowed down, but view that the Federal Reserve when dividend 1 eontrofcr vrerti,:. ^ 
which, adjusting for the Board would have no alterna- extended' — an ■■ eveni- 'YfW^* 6 '* 
distortions introduced by the tive but to. seek to push rates helped to concentrate-tisjoid^..- 


Series 4 LIMITED OFFER 

HIE IDEAL GUARANTEED INCOME BOND 

9r per annum tax-free for 


4 YEARS 

payable half-yearly 

equivalent to 13.4% p.a. gross to basic rate taxpayers 
GIVES YOU FOUR SEPARATE GUARANTEES 



t - ..p>sst 


The ideal investment for persons of all ages up to 85 years to secure a guaranteed inconw Tj wi*t>& 
risks at a time when interest rates are fluctuating and Inflation is still at a high leveL 

1. GUARANTEED PERIOD CONTINUATION OPTION ' ' V 


Your Bond is initially GUARANTEED for a term 
of 4 years. 

2. GUARANTEE OF INCOME 


At the end of the initial 4 year term, the Cpn®anjj[ 
will be phased to provide attractive terr 5. fpr.'dfop 


Your Bond will provide a GUARANTEED IN- 
COME of £9% pa. during the initial 4 ye;r 
term. Your income will be paid half-yearly 
commencing six months from the date of issue 
of the Bond. 


continuation of your investment -at guarantef&RJS* 
that reflect market conditions at that tlm.fc . • 


TAXATION 


GUARANTEED RETURN OF CAPITAL 


At ' the completion of the initial Guarantee 
Period above, the Company wifi provide you 
with a GUARANTEED RETURN of your original 
investment in full- plus any uncashed Additions. 

GUARANTEED DEATH BENEFIT 


Under current legislation, if is the Ideal Insuwin 
Company s understanding that there is ho' fiaMfftJ 
to tax arising from the Bond for Standard fUHjl 
taxpayers and those who are not liable to. th} 
Investment Income Surcharge. Higher iUti 
taxpayers may have their liability to tax reduced 
deferred or apportioned, but are advised to consul) 
their Insurance Broker or Professional Adviser.’.'.. 


LIMITED OFFER 


As your- Bond is a Whole of Life Policy, the 
Company will provide a GUARANTEED DEATH 
BENEFIT equal to your original investment, in 
th.e event of your premature death during the 
initial 4 year term, plus any uncashed Additions. 
GUARANTEED ADDITIONS 


Rate quoted for your Bond are made posslU* 1ft’ • 
1 j xt 1 ** °* >tainab te *>y the Ideal Insurance Co 
Ltd. The Company reserves the right to discontinue 
or revise the terms quoted To the light of fuo»« 
investment conditions. • _ • . 


Instead of receiving the Guaranteed Income each 
half-year, you can arrange for the monies to be 
used to increase your investment In the form of 
GUARANTEED ADDITIONS to the Policy each 
half-year. 


IMPORTANT NOTE 


In order that the Ideal may offer' this high 1 ievei • • . 
or income, the Company must keep ybur uiohd? 
fully invested for four years, and. for' this -rettq*| - . 
it will not be possible to cash in your Bond' bsfoire 
■the Option Date, In 4 years' time. . . • 

* The upper age limhisas high as .85 years, 50 apply now with confidence* ■-•'-— *= - 

• THAT’S IDEAL *K 


TO: 


THE IDEAL INSURANCE CO. LTD; 
PITMASON. MOSELEY. BIRMINGHAM. 

B13 8NG. (Tel. 021-449 5151). 

I wish to invest in The (deal Guaranteed lncome 
Bond for an initial term of 4 years. .1 am over 
•18 years of age and understand that this Applica- 
tion Form shall be the basis of the contract. 
1 am. a resident of the United Kingdom. 

BLOCK CAPITALS PLEASE 


APPLICATION FORM 
(not available in the' 
. Republic of Ireland) 

GUARAN TEE D INCOME FACILITY / ' 

Tour Bond income will normally be pahThtif- 


yearly by cheque to the Address-showp opposite- .- 
•4f you require it paid iff your Bant or' Landing' 
Socrety Account, please complete the fol/ow- 
ing:-^- 


SURNAME (Mr7Mrs./Miss) 


CHRISTIAN NAMES 


ADDRESS 


THE INCOME IS TO BE PAID 

A/c. No. 

NAME OF BANK/BUlLDING SOCIETY 


YOUR DATE OF BIRTH 

I with to take advantage of the. Guaranteed 
Income facility (delete if necessary),: 


address:.,.:.:-;........... 





’•■a 




AMOUNT- OF INITIAL INVESTMENT -■ V _ , 

- (Cheque enclosed SIGNATURE. 


V'* 4 


Registered at tbe 
by (be- Fbuncial Time, 

“ H 





v* ■’ ’ n